HEMRAJ : Annual Report 1998 by Piyanuch Meechit

MESSAGE FROM THE BOARD OF DIRECTORS “ åπ®“°§≥–°√√¡°“√∫√‘…—∑ º≈ª√–°Õ∫°“√·≈– ¿“«–°“√‡ß‘π¢Õß∫¡®. ‡À¡√“™ · ¥ß„Àâ‡ÀÁπ∂÷ßº≈°√–∑∫¢Õß ¿“«–‡»√…∞°‘®„π ª√–‡∑»‰∑¬ ‡Õ‡´’¬·≈–µ≈“¥Õ◊ËπÊ °”‰√ ÿ∑∏‘¢Õß∫√‘…—∑œ 879.9 ≈â“π∫“∑À√◊Õ‡∑’¬∫‡∑à“ 12.43 ∫“∑µàÕÀÿâπ ®“°√“¬√—∫√«¡ ÿ∑∏‘ 1,839.8 ≈â“π∫“∑ ‡π◊ËÕß¡“®“°º≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ·≈–°“√¢“¬Àÿâπ¢Õß∫√‘…—∑œ ÕÕ°‰ª ´÷Ëß‰¡à‰¥â‡°‘¥®“°º≈°“√¥”‡π‘π°“√ª°µ‘ √“¬√—∫®“°°“√¢“¬·≈–°“√∫√‘°“√ªï 2541 ®”π«π 343 ≈â“π ∫“∑ ´÷Ëß‰¡à‡ªìπ∑’Ëπà“æÕ„® ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ß√–¥—∫°“√≈ß∑ÿπµ≈Õ¥®π°“√∫√‘‚¿§„πª√–‡∑»∑’Ë≈¥≈ß ∏ÿ√°‘®„π¥â“π°“√æ—≤π“æ≈—ßß“πª√– ∫§«“¡ ”‡√Á®‡ªìπ‰ªµ“¡·ºπß“π¥â“π°“√ √â“ß√“¬‰¥â∑’Ë ¡Ë”‡ ¡Õ ®“°°“√„Àâ∫√‘°“√¥â“π “∏“√≥Ÿª‚¿§ ‡Õ™-æ“«‡«Õ√å ´÷Ëß‡ªìπ∫√‘…—∑„π‡§√◊ÕÕ¬Ÿà„π ∂“π–∑’Ëæ√âÕ¡„π°“√¥”‡π‘π °“√·≈–æ—≤π“‚§√ß°“√º≈‘µ‰øøÑ“¢π“¥°”≈—ßº≈‘µ√«¡ 840 ‡¡°–«—µµå ´÷Ëßª√–°Õ∫¥â«¬ ‚√ßß“πº≈‘µ‰øøÑ“ æ≈—ß§«“¡√âÕπ√à«¡·≈–‰ÕπÈ” 124 ‡¡°–«—µµå ∑’Ë‰¥â‡ªî¥¥”‡π‘π°“√·≈â«„πªï 2541 ¿“¬„µâ∫√‘…—∑¬àÕ¬ ™◊ËÕ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ·≈–‚§√ß°“√º≈‘µ‰øøÑ“Õ‘ √– ¢π“¥ 713 ‡¡°–«—µµå ´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ—≤π“ ¿“¬„µâ∫√‘…—∑¬àÕ¬ ™◊ËÕ∫√‘…—∑ ∫àÕ«‘πæ“«‡«Õ√å ®”°—¥ ´÷Ëß‰¥â¡’°“√≈ßπ“¡ —≠≠“´◊ÈÕ¢“¬°ä“´·≈–‰øøÑ“„πªï 2540 ·≈–Õ¬Ÿà√–À«à“ß°“√‡µ√’¬¡®—¥À“·À≈àß‡ß‘π∑ÿπ‡æ◊ËÕ°“√°àÕ √â“ß„Àâ·≈â«‡ √Á® ‡æ◊ËÕ “¡“√∂¥”‡π‘π°“√‰¥â„πªï 2545 ¬Õ¥¢“¬¢Õßæ◊Èπ∑’ËÕÿµ “À°√√¡„πªï 2541 ‰¥â≈¥Œ«∫≈ßµË”°«à“ 500 ‰√à ®“°√–¥—∫∑’Ë¡’°“√¢“¬‰¥â¡“°°«à“ 8,000 ‰√à µàÕªï „πªï 2538 ·≈–ªï 2539 ·≈– 3,500 ‰√à „πªï 2540 ·¡â·µà‡À¡√“™ ´÷Ëß‡ªìπºŸâπ”¥â“ππ‘§¡ Õÿµ “À°√√¡„πªï 2541 ‚¥¬¡’ à«π·∫àßµ≈“¥√âÕ¬≈– 20 ¥â«¬¬Õ¥¢“¬ 89 ‰√à ®“°≈Ÿ°§â“„À¡à 8 √“¬ °Á‡ªìπ¬Õ¥ ¢“¬∑’Ë≈¥≈ß∂÷ß√âÕ¬≈– 90 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¬Õ¥¢“¬‡©≈’Ë¬¢Õß 3 ªï ∑’Ëºà“π¡“ ¿“«–‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ¡’º≈°√–∑∫·≈–‡ªìπÕÿª √√§µàÕ°“√À“√“¬‰¥â„ÀâæÕ‡æ’¬ß‡æ◊ËÕ™”√–Àπ’È∑’Ë∂÷ß°”Àπ¥ ®“° ¿“«–¥—ß°≈à“«∫√‘…—∑œ ‰¥âª√—∫‡ª≈’Ë¬π‚§√ß √â“ßÀπ’È®”π«π 1,525 ≈â“π∫“∑„πªï 2541 √«¡¬Õ¥Àπ’È ‘π∑’Ë ‰¥â¡’°“√ª√—∫ª√ÿß‰ª·≈â«®”π«π 2,104 ≈â“π∫“∑ Àπ’È ‘π à«π∑’Ë‡À≈◊Õ∑’Ë√Õ°“√ª√—∫ª√ÿßª√–°Õ∫¥â«¬Àπ’È∑’ËÕ¬Ÿà„π ∂“∫—π°“√‡ß‘π∑’Ë∂Ÿ°ªî¥·≈â«®”π«π 208 ≈â“π∫“∑ ·≈–Àπ’È®“°Àÿâπ°Ÿâ·ª√ ¿“æÕ’° 1,058 ≈â“π∫“∑ ‡ß‘π ¥·≈–·À≈àß‡ß‘π∑ÿπ‡ªìπ ‘Ëß∑’ËÀ“¬“°¡“°„π™à«ß√–¬–«‘°ƒµπ’È Àπ’È ‘π√–¬– —Èπ∑’Ë≈¥≈ßÕ¬à“ß‡ÀÁπ‰¥â™—¥ · ¥ß∂÷ß§«“¡ “¡“√∂„π°“√ª√—∫ª√ÿß ∂“π–°“√‡ß‘π¢Õß∫√‘…—∑œ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®¥â“πæ≈—ßß“π¢Õß∫√‘…—∑œ °Á¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß„™â‡ß‘π≈ß∑ÿπ®”π«π¡“°„π√–¬– 2-3 ªï ¢â“ßÀπâ“ ‡√“‡™◊ËÕ«à“°≈¬ÿ∑∏å„π°“√æ—≤π“√–∫∫ “∏“√≥Ÿª‚¿§Õ—π°àÕ„Àâ‡°‘¥√“¬‰¥â‡ √‘¡À√◊Õ‡æ‘Ë¡‡µ‘¡§«∫§Ÿà‰ª°—∫√“¬ ‰¥â∑’Ë‡°‘¥®“°°“√æ—≤π“π‘§¡Õÿµ “À°√√¡ “¡“√∂∑”„Àâ∫√‘…—∑œ Õ¬Ÿà„π ¿“«–∑’Ëæ√âÕ¡®–‰¥âª√–‚¬™πå∑’Ë¥’°«à“ ‡¡◊ËÕ‡»√…∞°‘®æ◊Èπµ—«°≈—∫¡“Õ’°§√—Èß ·¡â«à“º≈°√–∑∫®“° ¿“«–«‘°ƒµ‡»√…∞°‘®¬—ß¡’Õ¬Ÿà ∫√‘…—∑œ °Á¬—ß§ß¡’°”≈—ß„®®“°°“√∑’Ë‰¥â√—∫§«“¡ π—∫ πÿπÕ¬à“ßµàÕ‡π◊ÕË ß®“°æπ—°ß“π ºŸ∂â Õ◊ Àÿπâ ≈Ÿ°§â“ ‡®â“Àπâ“∑’Ë µ≈Õ¥®πÀÿπâ à«π∏ÿ√°‘® „ππ“¡¢Õß§≥–°√√¡°“√ ·≈–§≥–ºŸâ∫√‘À“√ °√–º¡¢Õ¢Õ∫§ÿ≥¥â«¬§«“¡®√‘ß„® ¥â«¬§«“¡‡§“√æÕ¬à“ß Ÿß

‡¥«‘¥ π“√å‚¥π °√√¡°“√ºŸâ®—¥°“√ 19 ¡’π“§¡ 2542 2

The 1998 Hemaraj Land And Development PLC financial and operating results continued to reflect the economic conditions in Thailand, Asia, and other emerging markets. Hemaraj reported Net Income of Baht 879.9 million, or Baht 12.43 per share, on Total Revenue of Baht 1,839.8 million. The record Net Income was due to currency gains and from the sale of securities as opposed to operating performance. Sales and Service Revenue for 1998 of Baht 343 million, although unsatisfactory, mirrored the decline in domestic consumption and the corresponding fall off of investment levels in Thailand. Our power development business advanced successfully in line with our strategy of generating recurring utility income. Hemaraj affiliate H-Power is well positioned with 840 MW of power generation operating or under development. The Industrial Power co-generation units of 124 MW commenced commercial operation in 1998. The Independent Power project Bowin Power of 713 MW is under development. For Bowin Power, the gas supply and power purchase agreements were signed in 1997 with financing now in progress in order for the plant to be in commercial operation in 2002. The Thailand industrial property market in 1998 has fallen to sales of below 500 rai from levels of over 8,000 rai per annum in 1995 and 1996 and 3,500 rai in 1997. While Hemaraj continued in 1998 as the market leader with a 20% share with 89 rai and 8 new customers, this level reflected a 90% decline in sales in comparison with our average sales over the last 3 years. The economic conditions prevalent have resulted in constraints in our ability to match revenue and cash generation with the maturity of debt obligations. Accordingly, we have restructured and modified loan agreements of Baht 1,525 million in 1998 and through this date for a value of Baht 2,104 million in total. Remaining to be restructured and under negotiation are three loans from closed finance companies with a total value of Baht 208 million and the remaining balance of convertible bonds where the company was unable to meet the September 1998 put redemption option of Baht 1,058 million. Cash generation and access to capital are critical objectives during this unprecedented period. Short-term liabilities have decreased markedly to reflect our efforts in improving the financial structure of the company. However, the companyâ&#x20AC;&#x2122;s power activity requires substantial investments over the next few years. We believe that our infrastructure development strategy to generate recurring and complementary income along with our market leading industrial estate development strategy have left us positioned to benefit from any modest resumption of growth in the economy. While the short-term economic environment will continue to be a challenge to our resources, we remain encouraged by the consistent support of our employees, shareholders, customers, creditors, and business partners. On behalf of the Board of Directors and Management, I would like to express our sincere appreciation. Respectfully submitted,

David R. Nardone President March 19, 1999

ECONOMIC AND COMPETITIVE CONDITIONS ¿“«–‡»√…∞°‘®·≈– ¿“æ°“√·¢àß¢—π ¿“«–«‘°ƒµ‡»√…∞°‘®‰¥â àßº≈°√–∑∫Õ¬à“ß√ÿπ·√ßµàÕª√–‡∑»‰∑¬·≈– ª√–‡∑»Õ◊Ëπ Ê „π¿Ÿ¡‘¿“§‡Õ‡™’¬µ—Èß·µàªï 2540 ·≈–‰¥â·æ√à°√–®“¬‰ª¬—ß ¿Ÿ¡‘¿“§Õ◊Ëπ∑—Ë«‚≈° ¿“«–°“√≥å¥—ß°≈à“«‰¥â°àÕ„Àâ‡°‘¥§«“¡‡ ’Ë¬ß´÷Ëß‡ªìπÕÿª √√§ µàÕÕß§å°√∑—ÈßÀ≈“¬„πª√–‡∑»„π°“√∑’Ë®–‡æ‘Ë¡∑ÿπ¥â«¬°“√À“·À≈àß‡ß‘π∑ÿπ®“° µà“ßª√–‡∑» ‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬„πªï 2541 ª√– ∫°—∫°“√≈¥≈ß¢Õß º≈‘µ¿—≥±å√«¡¿“¬„πª√–‡∑» (GDP) √âÕ¬≈– 8 ®“°ªï 2540 ·¡â«à“®–¡’°“√ ·∑√°·´ß®“° IMF ‚¥¬„Àâ√—∞∫“≈‰∑¬µ—Èßß∫ª√–¡“≥¢“¥¥ÿ≈‡æ◊ËÕ°√–µÿâπ ‡»√…∞°‘®·≈â«°Áµ“¡ ªí≠À“‡»√…∞°‘®¢Õß‰∑¬¬—ß§ß¡’Õ¬Ÿà‚¥¬‡ÀÁπ‰¥â®“°°“√ªî¥ °‘®°“√¢Õß ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß·≈–Àπ’È∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥â¢Õß∏π“§“√ µà“ßÊ ¡’º≈°√–∑∫µàÕ°“√ª≈àÕ¬ ‘π‡™◊ËÕ„À¡à·°à¿“§°“√º≈‘µ Õ’°∑—Èßª√‘¡“≥°“√ à ß ÕÕ°∑’Ë ≈ ¥≈ß·≈–ª√‘ ¡ “≥°“√∫√‘ ‚ ¿§¿“¬„πª√–‡∑»∑’Ë ´ ∫‡´“¬— ß §ß¡’ Õ ¬Ÿà ¡’Õß§å°√®”π«π¡“°∑’ËÕ¬Ÿà√–À«à“ß¥”‡π‘π°“√ª√—∫‚§√ß √â“ßÀ√◊ÕÕ¬Ÿà√–À«à“ß°“√ æ‘®“√≥“‡æ◊ËÕª√—∫‚§√ß √â“ß „π¢≥–∑’Ë°“√≈ß∑ÿπ„À¡à®“°µà“ßª√–‡∑»„π¿“§ °“√º≈‘µ¡’πÕâ ¬¡“°·≈–°“√‡æ‘¡Ë ∑ÿπ„À¡à®“°·À≈àß‡ß‘π„πµ≈“¥∑ÿπ°Á‡ªìπ‰ª‰¥â¬“° µ—«‡≈¢¢Õß°“√≈ß∑ÿπ∑’Ë‰¥â√—∫°“√ àß‡ √‘¡®“° BOI ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ß ª√‘¡“≥¢Õß‡ß‘π≈ß∑ÿπ∑’≈Ë ¥≈ßµ“¡≈”¥—∫®“° 582 æ—π≈â“π∫“∑„πªï 2538 ¡“‡ªìπ 262 æ—π≈â“π„πªï 2541 ¬Õ¥¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡„πªï 2541 ¡’‡æ’¬ß 481 ‰√à ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¬Õ¥¢“¬®”π«π 3,500 ‰√à„πªï 2540 ·≈– 8,500 ‰√àµàÕªï„πªï 2538 ·≈– ªï 2539 ¿“§Õÿµ “À°√√¡¬“π¬πµå¡’¬Õ¥¢“¬≈¥≈ßµ“¡≈”¥—∫®“° 590,000 §—π „πªï 2539 ‡ªìπ 360,000 §—π„πªï 2540 ·≈– 140,000 §—π„πªï 2541 ®“°°“√∑’Ë§«“¡µâÕß°“√¢Õßµ≈“¥√∂¬πµå„π¿Ÿ¡‘¿“§ à«π„À≠àπ’È≈¥≈ß ‰¥â‡°‘¥ º≈°√–∑∫µà Õ ª√–‡∑»‰∑¬´÷Ë ß ‡ªì π ∞“π°“√º≈‘ µ Õÿ µ “À°√√¡¬“π¬πµå ‡ æ◊Ë Õ °“√ àßÕÕ° ∫√‘…∑— º≈‘µ√∂¬πµå Õ“∑‘‡™àπ øÕ√å¥-¡“ ¥â“ ·≈–‡®π‡πÕ√—≈ ¡Õ‡µÕ√å

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The economic crisis, which has severely impacted Thailand

regional markets, Thailandâ&#x20AC;&#x2122;s regional export base strategy has

and other countries in Asia since 1997, has now spread to other

weakened. New players in the market, Ford and Mazda, and

regions of the world as well. This trend has tended to raise the risk

GM in 2000 have chosen expanded markets to export to from

premium and aversion to emerging markets for Thai corporations

Thailand. Mitsubishi and more recently Toyota and Honda have

attracting capital.

continued to export more products. Automotive part suppliers

The Thai economy in 1998 reflected increasing negative GDP

in Thailand are competitive at current exchange rates and out

performance of (8%). This has been despite the IMF sanctioned

of necessity are building an export business to Japan, U.S.,

Thai government deficit spending to boost the prospects of the

Europe in addition to the regional markets. In the automotive

economy. Problems in the Thai economy still exist with the

sector, similar to chemical, steel and other manufacturing

closure of financial institutions and the non-performing loans of

sectors in Thailand, foreign investors have increased their

banks choking new lending to the real sector. A slight decline in

shareholding.

exports in real terms and continued weak domestic consump-

Although short-term economic relief remains elusive, longer

tion remain. There have been numerous corporate restructuring

term the economic prospects for Thailand remain promising.

in many sectors proposed or in process. Despite this, there has

Agriculture provides a cushion for employment and generates

been only limited success in new foreign direct investments in

strong export earnings. Thailand remains the strongest positioned

the real sector as well as limited options for raising new capital in

in the automotive and other markets in the ASEAN region.

the restricted capital markets.

Inflation has remained low and declining interest rates with

The Board of Investment (BOI) Approvals continued to reflect

government fiscal and monetary measures will eventually spur

a lower level of investment activity, with a reduction from Baht

consumption. Property funds, joint investments, reorganizations,

582 billion in 1995 to Baht 262 billion in 1998 respectively. Sales in

local debt markets and the reemergence of a robust stock

Thailand of Industrial Land in 1998, being impacted by lower

market activity over time will bring back capital market options

consumption, the deterioration in regional markets, and lower

for Thailand. The Thai economy is being liberalized with bad debts

investment levels are estimated at only 481 rai. This compares

recognized and the sale of non-performing assets being

rather dramatically with sales of 3,500 rai in 1997 and robust

completed. Laws are being enacted to bring foreclosure

levels of 8,500 rai in 1995 and 1996.

bankruptcy and reorganization laws closer to international

The automotive market has seen sales drop from 590,000

standards. A revered monarchy and a stable system of political

vehicles in 1996 to 360,000 in 1997 down to 140,000 vehicles in

change have minimized the confrontations caused by the

1998. With a declining automotive demand in most of the

economic decline.

1998 SUMMARY √ÿªº≈ªï 2541 1996

1997

1998

2,880

1,954

1,793

601

(1,019)

873

7,923

7,381

7,630

3,126

2,053

2,831

8.50

(14.41)

12.33

≈â“π∫“∑ / Million Baht

√“¬‰¥â√«¡ Total Revenue

°”‰√ ÿ∑∏‘ Net Income

‘π∑√—æ¬å√«¡ Total Assets

à«π¢ÕßºŸâ∂◊ÕÀÿâπ Shareholder’s Equity

°”‰√µàÕÀÿâπ(∫“∑) Earning Per Share (Baht)

≈â“π∫“∑ / Million Baht

√“¬‰¥â√«¡

°”‰√ ÿ∑∏‘

Total Revenue

Net Income

986 1992

1,171 1993

677 1994

2,338 1995

2,880 1996

1,954 1997

352 1992

1,793 1998

360 1993

153 1994

561 1995

601 1996

ªï / Year

(1,019) 1997

873 1998

ªï / Year

Õ—µ√“ à«π∑“ß°“√‡ß‘π Financial Ratios

1996

1997

1998

0.66

2.35

1.57

1.13

1.88

1.29

11.44%

5.46%

9.36%

19.62%

(36.62%)

30.21%

44.16

29.01

40.01

Õ—µ√“ à«π∑ÿπÀ¡ÿπ‡«’¬π Current Ratio

Õ—µ√“ à«πÀπ’È ‘π ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Net Debt to Equity

Õ—µ√“ à«πº≈µÕ∫·∑πµàÕ∑√—æ¬å ‘π√«¡ Return on Total Assets

Õ—µ√“ à«πº≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Return on Equity

¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’(∫“∑) Book Value per share(Baht)

MANAGEMENT DISCUSSION OF FINANCIAL RESULTS °“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ ·≈– ∂“π¿“æ∑“ß°“√‡ß‘π º≈°“√¥”‡π‘πß“π„πªï 2541 ‰¥â√—∫º≈°√–∑∫Õ¬à“ßµàÕ‡π◊ËÕß®“°«‘°ƒµ ‡»√…∞°‘®¿“¬„πª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§ ¬Õ¥¢“¬∑’Ë¥‘π„ππ‘§¡Õÿµ “À°√√¡ „πªï 2541 ¡’∑—Èß ‘Èπ 89 ‰√à (0.142 ≈â“πµ“√“ß‡¡µ√ À√◊Õ 36 ‡Õ‡§Õ√å) ‚¥¬¡’ ≈Ÿ°§â“„À¡à 8 √“¬ à«π„πªï 2540 ¡’¬Õ¥¢“¬ 608 ‰√à ·≈–®”π«π≈Ÿ°§â“„À¡à 20 √“¬ ·≈–„πªï 2539 ¡’¬Õ¥¢“¬ 1,294 ‰√à ·≈–®”π«π≈Ÿ°§â“„À¡à 39 √“¬ „πªï 2541 √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π„ππ‘§¡Õÿµ “À°√√¡ ‡∑à“°—∫ 218 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 1,217 ≈â“π∫“∑ „πªï 2540 ·≈â«≈¥≈ß√âÕ¬≈– 82 à«π°”‰√¢—Èπµâπ¢Õßªï 2541 ≈¥≈ß‡À≈◊Õ√âÕ¬≈– 31 ®“°√âÕ¬≈– 50 „πªï 2540 ‡π◊Ë Õ ß®“°ª√— ∫ ª√–¡“≥°“√µâ π ∑ÿ π ¢“¬ ‡æ◊Ë Õ „Àâ Õ¥§≈â Õ ß°— ∫ °“√¢“¬∑’Ë ‰¥â√—∫º≈°√–∑∫®“° ¿“«–‡»√…∞°‘® ”À√—∫√“¬‰¥â§à“∫√‘°“√¢Õß√–∫∫ “∏“√≥Ÿª‚¿§„ππ‘§¡œ 125 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 87 ≈â“π∫“∑ „πªï 2540 ·≈â«‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 44 √“¬‰¥â√«¡¢Õßªï 2541 ®”π«π 1,794 ≈â“π∫“∑ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫ 1,954 ≈â“π∫“∑ „πªï 2540 ·≈â«≈¥≈ß√âÕ¬≈– 8 ‚¥¬√“¬‰¥â√«¡¢Õßªï 2541 ‰¥â√«¡ °”‰√®“°°“√¢“¬À≈—°∑√—æ¬å 556 ≈â“π∫“∑ ´÷ßË ‡ªìπ°“√¢“¬À≈—°∑√—æ¬å„π∫√‘…∑— ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ „Àâ°—∫∫√‘…—∑„π‡§√◊Õ 500 ≈â“π∫“∑ ·≈–°”‰√®“°°“√ ¢“¬À≈—°∑√—æ¬åÕ◊Ëπ 55 ≈â“π∫“∑ πÕ°®“°π’È¬—ß‰¥â√«¡°”‰√®“°∫√‘…—∑„π‡§√◊Õ ´÷Ëß‡°‘¥®“°Õ—µ√“·≈°‡ª≈’Ë¬π 352 ≈â“π∫“∑ ·≈–°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß ∫√‘…—∑ ‡À¡√“™œ·≈–∫√‘…—∑¬àÕ¬ 432 ≈â“π∫“∑ ”À√—∫°”‰√®“°Õ—µ√“ ·≈°‡ª≈’Ë¬π‡°‘¥®“°§à“‡ß‘π∫“∑∑’Ë·¢Áßµ—«¢÷Èπ ®“° 48 ∫“∑µàÕ 1 ¥Õ≈≈“√å √Õ. „πªï 2540 ‡ªìπ 36.89 ∫“∑µàÕ 1 ¥Õ≈≈“√å √Õ. ≥ «—π ‘Èπªï 2541 º≈ª√–°Õ∫°“√ ¢Õßªï 2541 ¡’°”‰√ ÿ∑∏‘ 872.7 ≈â“π∫“∑ à«π„πªï 2540 ¡’º≈¢“¥∑ÿπ ÿ∑∏‘ 1,019.5 ≈â“π∫“∑ „πªï 2541 ‰¥â∫—π∑÷°√“§“À≈—°∑√—æ¬åµ“¡√“§“∫—≠™’ À√◊Õ√“§“µ≈“¥ ∑”„Àâ‡°‘¥º≈¢“¥∑ÿπ®“°¡Ÿ≈§à“≈¥≈ß 275 ≈â“π∫“∑ πÕ°®“°π’È‰¥âª√—∫¡Ÿ≈§à“ ¢ÕßÕ —ßÀ“√‘¡∑√—æ¬å∑∂’Ë Õ◊ §√Õß„πªï 2541 „Àâ‡ªìπ√“§“∑ÿπÀ√◊Õ√“§“µ≈“¥∑’µË Ë”°«à“ ∑”„Àâ¡Ÿ≈§à“≈¥≈ß 86 ≈â“π∫“∑ „π√–À«à“ßªï 2541 ‰¥â¬°‡≈‘°Àÿâπ°Ÿâ·ª≈ß ¿“æ ∑’´Ë Õ◊È ‚¥¬∫√‘…∑— ¬àÕ¬ ‡ªìπº≈„Àâ‡°‘¥°”‰√∑’·Ë ¥ß‡ªìπ√“¬°“√æ‘‡»… 175 ≈â“π∫“∑ ß∫¥ÿ≈√«¡„πªï 2541 –∑âÕπ„Àâ‡ÀÁπ∂÷ß°“√·¢Áß¢÷πÈ ¢Õß§à“‡ß‘π∫“∑®“°ªï 2540 ·≈–°“√≈¥≈ß¢ÕßÀπ’È ‘π√–¬– —Èπ´÷Ëß¡’º≈¡“®“°°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ∫√‘…∑— ª√– ∫º≈ ”‡√Á®„π°“√‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‡ªìπ®”π«π‡ß‘π∂÷ß 1,525 ≈â“π∫“∑ ‡ß‘π°Ÿâµà“ßÊ‡À≈à“π’È‰¥â∂Ÿ°¢¬“¬‡«≈“°“√™”√–Àπ’ÈÕÕ°‰ªæ√âÕ¡∑—Èß ·°â‰¢‡ß◊ËÕπ‰¢µà“ßÊ „π —≠≠“´÷Ëß√«¡∂÷ß°“√™”√–¥Õ°‡∫’È¬ πÕ°®“°π’È¡’‡ß‘π°Ÿâ ®“° ∂“∫—π°“√‡ß‘π¿“¬„µâ°“√¥Ÿ·≈¢Õß ª√ . ®”π«π 3 √“¬ ®”π«π‡ß‘π 208 ≈â“π∫“∑ Õ¬Ÿà„π√–À«à“ß°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ·≈–‡ß‘π°Ÿâ®“° ∂“∫—π°“√‡ß‘π 2 √“¬ ®”π«π‡ß‘π 130 ≈â“π ´÷ßË ª√—∫‚§√ß √â“ß·≈â«‡ √Á®„π‰µ√¡“ 1 ªï 2542 ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ√«¡ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ ¡’®”π«π‡ß‘π 1,058 ≈â“π∫“∑ ‚¥¬„πªí®®ÿ∫—π∫√‘…—∑¬—ß‰¡à‰¥â√—∫·®âß°“√º‘¥π—¥™”√–Àπ’È·µà Õ¬à“ß„¥®“° ∂“∫—π°“√‡ß‘π 8

‘π∑√—æ¬å√«¡„πªï 2541 ®”π«π 7,630 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° 7,382 ≈â“π∫“∑„πªï 2540 √âÕ¬≈– 3.4 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π„πªï 2541 ¡’®”π«π 3,691 ≈â“π∫“∑ à«π„πªï 2540 ¡’®”π«π 7,382 ≈â“π∫“∑ ‡ß‘π ¥·≈–‡ß‘π≈ß∑ÿπ √–¬– —Èπ√«¡∂÷ß≈Ÿ°Àπ’È°“√§â“„πªï 2541 ¡’®”π«π 234 ≈â“π∫“∑ √“¬‰¥â√Õ√—∫√Ÿâ ‘Èπ ÿ¥ªï∫—≠™’¡’®”π«π 280 ≈â“π∫“∑ · ¥ß„Àâ‡ÀÁπ∂÷ß√“¬‰¥â„πÕπ“§µ∑’Ë√Õ °“√∫—π∑÷°µ“¡Õ—µ√“ à«π¢Õßß“π∑’·Ë ≈â«‡ √Á® µâπ∑ÿπæ—≤π“‚§√ß°“√æ—≤π“ 3,311 ≈â“π∫“∑ Õ¬Ÿà„π√–¥—∫„°≈â‡§’¬ß°—∫ªï°àÕπ§◊Õ 3,319 ≈â“π∫“∑ ‘π∑√—æ¬åÕ◊ËπÊ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ√–¬–¬“«·≈–‡ß‘π„Àâ°Ÿâ 1,053 ≈â“π ∫“∑ ‚¥¬ 754 ≈â“π∫“∑ ¡“®“°‡ß‘π≈ß∑ÿπ„π∫√‘…∑— √à«¡ ‡Õ™-‡æ“‡«Õ√å ·≈– 207 ≈â“π∫“∑ ¡“®“°‡ß‘π„Àâ°Ÿâ·°à∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ∑’Ë¥‘π‡æ◊ËÕ°“√®—¥À“ º≈ª√–‚¬™πå∑’Ë√Õ°“√æ—≤π“ ¡’®”π«π 2,193 ≈â“π∫“∑„πªï 2541 ‡¡◊ËÕ‡∑’¬∫°—∫ 2,277 ≈â“π∫“∑ „πªï 2540 ·≈â«≈¥≈ß ´÷Ëß “‡Àµÿ®“°°“√ª√—∫¡Ÿ≈§à“∑’Ë¥‘π Àπ’È ‘π√«¡„πªï 2541 ®”π«π 4,391 ≈â“π∫“∑ ≈¥≈ß®“° 4,916 ≈â“π ∫“∑„πªï 2540 √âÕ¬≈– 10.7 Àπ’È ‘πÀ¡ÿπ‡«’¬π≈¥≈ß®“° 4,082 ≈â“π∫“∑„πªï 2540 ¡“‡ªìπ 2,355 ≈â“π∫“∑„πªï 2541 –∑âÕπ· ¥ß„Àâ‡Àâπ∂÷ß°“√≈¥ —¥ à«π≈ß¢ÕßÀπ’È ‘π√–¬– —ÈπÕ—π‡ªìπº≈¡“®“°°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ´÷Ëß‰¥â°≈à“«¡“·≈â«¢â“ßµâπ Àπ’È ‘π√–¬– —Èπ„π à«π∑’Ë‡æ‘Ë¡¢÷Èπ¡“®“°§à“∏√√¡‡π’¬¡ ¥Õ°‡∫’È¬§â“ß®à“¬·°à°“√π‘§¡Õÿµ “À°√√¡·≈–√“¬‰¥â√—∫≈à«ßÀπâ“ ”À√—∫Àÿâπ°Ÿâ ·ª≈ß ¿“æ„πªï 2541 ¡’®”π«π 1,058 ≈â“π∫“∑ ´÷Ëß≈¥≈ß®“° 2,245 ≈â“π ∫“∑„πªï 2540 ‰¥â§√∫°”Àπ¥°“√‰∂à∂Õπ„π ‡¥◊Õπ°—π¬“¬π 2541 ·≈– ∫√‘…—∑¬—ß‰¡à‰¥â™”√–§◊π Àπ’È ‘π√–¬–¬“«„πªï 2541 ‡æ‘Ë¡¢÷Èπ‡ªìπ 1,367 ≈â“π∫“∑ ®“° 755 ≈â“π ∫“∑„πªï 2540 ‡ªìπº≈®“°°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π Àÿπâ °Ÿ™â π‘¥¡’À≈—°ª√–°—π ¡’®”π«π 555 ≈â“π∫“∑ µ“¡∑’Ë‰¥âÕ∏‘∫“¬„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 20 ´÷ßË ª√–°Õ∫¥â«¬‡ß‘π°Ÿ®â ”π«π„À¡à·≈–°“√ª√—∫‚§√ß √â“ß¢ÕßÀÿπâ °Ÿ·â ª≈ß ¿“æ à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πªï 2541 ¡’®”π«π 2,831 ≈â“π∫“∑ à«π„πªï 2540 ¡’ ®”π«π 2,054 ≈â“π∫“∑ Õ—µ√“ à«π¢ÕßÀπ’È ‘π ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π ‘Èπªï 2541 ª√—∫µ—«¢÷Èπ¡“ Ÿà√–¥—∫ 1.29 µàÕ 1 ®“°Õ—µ√“ à«π 1.88 µàÕ 1 „πªï 2540 „π‡¥◊Õπ¡’π“§¡ 2540 ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ‰¥âæ‘®“√≥“Õπÿ¡—µ‘„Àâ¢“¬ Àÿπâ ‡æ‘¡Ë ∑ÿπµ“¡∑’§Ë ≥–°√√¡°“√∫√‘…∑— ‡ πÕ„Àâ¢“¬Àÿπâ ‡æ‘¡Ë ∑ÿπ®”π«π 15 ≈â“πÀÿπâ ´÷Ëß∑’Ë‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¡“·≈â«„πªï 2536 ·µà¥â«¬§«“¡‰¡à·πàπÕπ¢Õß ¿“«–‡»√…∞°‘®·≈–Õ—µ√“·≈°‡ª≈’Ë¬π∫√‘…—∑œ®÷ß‰¥â‡≈◊ËÕπ°”Àπ¥°“√¢“¬Àÿâπ ‡æ‘Ë¡∑ÿπÕÕ°‰ª ∫√‘…—∑œ‰¥âµ√–Àπ—°∂÷ßº≈°√–∑∫¢Õßªï 2000 ·≈–‰¥â¡’°“√¥”‡π‘π°“√‡æ◊ËÕ „Àâ‡°‘¥§«“¡æ√âÕ¡ ”À√—∫ªï 2000 ‚¥¬∑’Ë√–∫∫·≈–°“√ªØ‘∫—µ‘°“√µà“ßÊ ¿“¬„ππ‘§¡œ ¢Õß∫√‘…—∑®–¬—ß§ß„™âß“π‰¥âÕ¬Ÿà „π¢≥–∑’Ë√–∫∫ “∏“√≥Ÿª‚¿§ ∫“ßÕ¬à“ß Õ“∑‘‡™àπ ‰øøÑ“ ·≈–°“√ ◊ÕË “√´÷ßË Õ¬Ÿπà Õ°‡Àπ◊Õ°“√§«∫§ÿ¡¢Õß∫√‘…∑— œ °”≈—ß‰¥â√—∫°“√ª√—∫ª√ÿß®“°∑“ß√—∞∫“≈

The 1998 consolidated financial results continued to be

Total Assets in 1998 were Baht 7,630 million, a 3.4% increase

negatively influenced by Thailand, regional, and global economies.

from Baht 7,382 million in 1997. Total Current Assets in 1998 were

Industrial Estate land sales for 1998 were 89 rai (0.142 million

Baht 3,691 million compared to Baht 3,790 million in 1997. Cash

square meters or 36 acres) with 8 new customers. This compares to

Investments and Receivable were Baht 234 million. Deferred

sales of 608 rai in 1997 with 20 new customers and 1,294 rai in 1996

revenue at year-end were Baht 280 million, representing future

with 39 new customers.

revenue recognized based on percent completion of the projects.

Sales for 1998 were lower by 82 % to Baht 218 million versus Baht 1,217 million in 1997. The Sales gross margin for 1998 decreased

Land held for Real Estate developments were Baht 3,311 million at a comparable level to Baht 3,319 million in 1997.

to 31 % from 50 % in 1997, due to cost adjustments to reflect a

Other Assets include Investments and Loans of Baht 1,053 million

lower short-term level of sales. Service Income from recurring

being primarily Baht 754 million for shares in affiliate H-Power and

utilities were Baht 125 million compared to Baht 87 million in 1997,

Baht 207 million for a shareholder loan to Industrial Power. Land held

a 44 % increase.

for commercial purposes not under development were Baht 2,193

Total Revenue for 1998 were Baht 1,794 million versus Baht 1,954 million in 1997, a decrease of 8 %. Total Revenue for 1998 included

million in 1998 versus Baht 2,277 million in 1997, down slightly due to revaluation.

gains from the sale of securities of Baht 556 million. The gains were

Total Liabilities in 1998 were Baht 4,391 million, a 10.7 %

due to the sale of shares in Bowin Power Company Limited to an

decrease from Baht 4,916 million in 1997. Current Liabilities decreased

affiliated company (Baht 500 million) and from the sale of shares in

from Baht 4,082 million in 1997 to Baht 2,355 million in 1998.

securities (Baht 55 million). Total Revenue also included profit in

This reflects a lower level of short-term loans as a result of the revised

affiliated companies of Baht 352 million due to foreign exchange

agreements referenced above, a higher payable level related to

gains as well as a foreign exchange gain of Baht 432 million for

IEAT interest and fees and a higher level of sales proceeds received

Hemaraj and its subsidiaries. The foreign exchange gains were from

in advance of completion. The Convertible Debenture balance,

the Baht appreciation, to Baht 36.89 to 1 $USD versus the year-end

reduced from Baht 2,245 million in 1997 to Baht 1,058 million in 1998,

1997 rate of Baht 48 to 1 $USD.

being due in September 1998, includes principal and accrued put

Net Income for 1998 was a gain of Baht 872.7 million, as compared to the 1997 Net Loss of Baht 1,019.5 million.

premium, which have not been paid. Long-term loans increased in 1998 to Baht 1,367 million from

In 1998, in marking to book value or market price, the company

Baht 755 million in 1997 consistent with the restructured loans.

realized the loss in the market value of securities by Baht 275

Guaranteed Bonds of Baht 555 million, explained further in Note 20,

million and also revalued certain property holdings in 1998 to the

consist of a new long-term debt reflecting new funding and the

lower of cost or market value, which resulted in a write down of

restructuring of certain Convertible Bonds.

Baht 86 million. During 1998, the company cancelled Convertible Bonds purchased by a subsidiary, resulting in a Baht 175 million extraordinary gain.

Shareholders Equity in 1998 was Baht 2,831 million versus Baht 2,054 million in 1997. Net Debt to Equity ratio at year end 1998 has improved to 1.29 to 1 as compared to 1.88 to 1 in 1997. In March of 1997, the Board of Directors authorized and the

The consolidated Balance Sheet in 1998 reflected the

Shareholders approved the issuance of up to 15 million shares

strengthening of the Baht from year-end 1997 levels and a lower level

registered previously under the 1993 capital increase. The

of short term debt obligations as a result of new or revised loan

continued economic uncertainties have made it difficult to increase

agreements. The company has completed the restructuring,

equity or to conclude a strategic equity investment to date.

revising, or entering of new agreements for a significant portion of its

The company has reviewed additional risks associated with

debt obligations being Baht 1,525 million. This has been accom-

its preparation for Y2K. The systems and operations of the

plished, in part, by extending the maturity dates of the debt

company will be available and are primarily ready now to perform

and with new terms negotiated related to interest and other

satisfactorily. Certain utilities that the company is dependent on,

conditions. Under discussions for restructuring are three loans with a

such as public power and communications being beyond the

total value of Baht 208 million being from local financial

control of the company, are under review for compliance.

institutions under FRA, two loans with a total value of Baht 130 million with local financial institutions (restructured in quarter 1 1999), and convertible bonds with a value of Baht 1,058 million. The company has not been declared in default of any debt obligation.

PROJECT SUMMARY ‚§√ß°“√ π‘§¡Õÿµ “À°√√¡

æ◊Èπ∑’Ë¢“¬‰ª·≈â« (‰√à)

æ◊Èπ∑’ËÕÿµ “À°√√¡

æ◊Èπ∑’Ë√«¡ (‰√à)

æ—≤π“‡ √Á® ¡∫Ÿ√≥å %

Industrial Estate

Cumulative (Rai) Sold

Industrial Area

Total Area (Rai)

% of Completion

1,354

69%

1,959

2,428

100

436

92%

474

800

100

860*

1,827

3,293

5,055

1,451

2,205

400*

503

1,851

2,708

™≈∫ÿ√’ Chonburi Industrial Estate (Bo-Win) Phase I, II (A,B) Phase II (C) Phase III Total Chonburi

1,790

µ–«—πÕÕ° Eastern Industrial Estate (Map Ta Phut) Phase I

1,323

91%

Phase II Total Eastern

1,323

Õ’ ‡∑‘√åπ´’∫Õ√å¥ Eastern Seaboard Industrial Estate (Rayong) Phase I

1,496

98%

1,529

2,156

Phase II (A)

735

72%

1,027

1,604

Phase II (B)

841

1,299

1,255*

2,320

2,264

4,652

7,379

5,377

9,796

15,142

Expansion: Total Eastern Seaboard

√«¡æ◊Èπ∑’Ë (‰√à) Total Rai

* estimate

À¡“¬‡Àµÿ: 1 ‰√à ‡∑à“°—∫ 1,600 µ“√“ß‡¡µ√ À√◊Õª√–¡“≥ 0.4 ‡Õ‡§Õ√å Note:

1 Rai =1,600 sq. meters or approx. 0.4 acres.

HEMARAJ LAND AND DEVELOPMENT PCL. AND SUBSIDIARIES ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) / ∫√‘…—∑œ ¬àÕ¬ ∫√‘…—∑ Name

∑’ËÕ¬Ÿà Address

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Hemaraj Land And Development 18th Floor, UM Tower, Public Company Limited 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

√“¬‰¥â (≈â“π∫“∑) ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) % °“√≈ß∑ÿπ 2540 % 2539 % Nature of Business Register Capital % of Revenue(Mil. Baht) (Mil. Baht) Investment 1998 % 1997 % æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 1,000 565.53 32 (433.72) (22)

Industrial Estate Developer

°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ Subsidiary Companies Hemaraj International Ltd. (1)

Ritchie & Duckworth, 2nd Floor, Zephyr House, Mary Street, P.O.Box 709, George Town, Grand Cayman Islands, British West Indies

H-International (BVI) Company Limited (2)

Romasco Place, Wickhams Cay 1, Holding Company P.O.Box 3140, Road Town, Tortola, British Virgin Islands

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Eastern Industrial Estate Co., Ltd. 18th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250 ∫√‘…—∑ Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Eastern Pipeline Services Co., Ltd. (3) 18th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ Eastern Seaboard Industrial Estate (Rayong) Co., Ltd.

‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 18th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

Holding Company

$ 50,000 ($1 = 25.14 Baht)

100

$2,000

100

517.08 29

584.98

400

99.99

59.36

224.32 11

99.99

2.11

358

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Industrial Estate Developer

∫√‘°“√„Àâ‡™à“«“ß∑àÕ¢π∂à“¬«—µ∂ÿ

1.16

Pipe Rack Rental

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Industrial Estate Developer

297.27 17

1,580.20 81

∫√‘…—∑√à«¡ Associated Companies ∫√‘…—∑ Name

∑’ËÕ¬Ÿà Address

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 20th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

H-Power Co., Ltd.

∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥

Industrial Power Co., Ltd. (4)

∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥

H-INFRA Co., Ltd. (4)

ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) % °“√≈ß∑ÿπ √“¬‰¥â (≈â“π∫“∑) 2539 % Nature of Business Register Capital % of 2540 % Revenue(Mil. Baht) (Mil. Baht) Investment 1998 % 1997 % Holding Company 810 49.99 352.21 20 (3.00) (0)

‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ¢“¬æ≈—ßß“π‰øøÑ“·≈–‰ÕπÈ” ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 20th Floor, UM Tower, Co-Generation Power Plant 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

800

99.99

‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å Holding Company ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 20th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

99.99

∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥

‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∫√‘À“√·≈–¥Ÿ·≈‚√ß‰øøÑ“ 1 ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Operation Power Services Co., Ltd. (4) 20th Floor, UM Tower, Power Plant Operation & Maintenance 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

99.99

Pinago Services Limited (2),(4)

P.O.Box 957, Offshore Center, Road Town, Tortola, British Virgin Islands

100

∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥

‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ºŸâº≈‘µ‰øøÑ“Õ‘ √– (IPP) 10 ∂. √“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 20th Floor, UM Tower, Independent Power Producer (IPP) 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

Bowin Power Co., Ltd. (5)

Holding Company

TOTAL REVENUE : HEMARAJ LAND AND DEVELOPMENT PLC. AND SUBSIDIARIES ¬Õ¥√«¡√“¬‰¥â ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) / ∫√‘…—∑œ ¬àÕ¬

(1) ®—¥µ—Èß„π Cayman Islands (2) ®—¥µ—Èß„πÕ“≥“‡¢µ¢Õß British Virgin Islands (3) ∫√‘…∑— Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡ªìπ∫√‘…—∑¬àÕ¬¢Õß ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ (4) ∂◊ÕÀÿâπ∑“ßµ√ß‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ (5) ∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

$50,000

99.99

1,793.56 100 1,953.94 100

(1) Incorporated in the Cayman Islands (2) Incorporated in the Territory of the British Virgin Islands (3) Eastern Pipeline Services Co., Ltd. is a subsidiary company of Eastern Industrial Estate Co., Ltd. (4) Directly Held by H-Power Co., Ltd. (5) Indirectly Held by H-Power Co., Ltd. 23

AUDITORSû REPORT √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’ ‡ πÕ ºŸâ∂◊ÕÀÿâπ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ ß∫°”‰√ – ¡√«¡·≈–ß∫ °√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“ ∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π ´÷ËßºŸâ∫√‘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“ πÕ°®“°∑’Ë®–°≈à“«„π«√√§∂—¥‰ª ¢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“ µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 7 ·≈–∑’Ë 9 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å·≈– ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå „πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 2,846.27 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,721.68 ≈â“π∫“∑ µ“¡≈”¥—∫ ”À√—∫ß∫°“√‡ß‘π√«¡ ·≈–®”π«π‡ß‘π 1,204.32 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,721.68 ≈â“π∫“∑ µ“¡≈”¥—∫ ”À√—∫ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑· ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√– ∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§„πªí®®ÿ∫—π ª√–°Õ∫°—∫µ—Èß·µà‡¥◊Õπ°√°Æ“§¡ ªï 2540 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡‘‰¥â®—¥ „Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å·≈– ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå¥—ß°≈à“«‚¥¬ºŸâª√–‡¡‘πÕ‘ √–„Àâ‡ªìπ¡Ÿ≈§à“ªí®®ÿ∫—π ∑”„Àâ¢â“æ‡®â“‰¡à “¡“√∂µ√«® Õ∫„Àâ‡ªìπ∑’ËæÕ„®„π¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫¢Õß ‘π∑√—æ¬å¥—ß°≈à“«´÷ËßÕ“®µË”°«à“√“§“∑’Ë· ¥ß‰«â„πß∫°“√‡ß‘π ‡æ◊ËÕπ”¡“ª√—∫ª√ÿß·≈– ‡ªî¥‡º¬„Àâ‡ªìπ‰ªµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 1 ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â√«¡ à«π·∫àß º≈°”‰√®”π«π‡ß‘π 0.92 ≈â“π∫“∑ ¢Õß∫√‘…—∑√à«¡ 2 ·Ààß ´÷Ëßµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ πÕ°®“°π’È¬—ß√«¡ à«π·∫àßº≈¢“¥∑ÿπ®”π«π‡ß‘π 0.80 ≈â“π∫“∑ ¢Õß ∫√‘…—∑√à«¡Õ’°Àπ÷Ëß·Ààß„πµà“ßª√–‡∑» ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ë®—¥∑”¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√ ·≈–‰¡àºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’ ¢â“æ‡®â“‡ÀÁπ«à“ ¬°‡«âπº≈¢Õß√“¬°“√ª√—∫ª√ÿß´÷ßË Õ“®®”‡ªìπµàÕß∫°“√‡ß‘π®“°‡√◊ÕË ß∑’°Ë ≈à“«„π «√√§∑’ Ë “¡·≈–«√√§∑’ Ë ’Ë ß∫°“√‡ß‘π¢â“ßµâππ’È · ¥ß∞“π–°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 º≈°“√¥”‡π‘πß“π√«¡ ·≈–°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï πÈ‘ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…∑— ‡À¡√“™æ—≤π“∑’¥Ë π‘ ®”°—¥ (¡À“™π) ·≈– ∫√‘…∑— ¬àÕ¬ ·≈–∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥ «—π‡¥’¬«°—π ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ¢â“æ‡®â“¢Õ„Àâ —ß‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 1 ´÷Ëß°≈à“«∂÷ßº≈°√–∑∫®“° ¿“«–‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§‚¥¬√«¡µàÕ°“√ ¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ º≈°√–∑∫µàÕß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ®“°§«“¡‰¡à·πàπÕπ¢Õß‡√◊ËÕß¥—ß°≈à“«∑’ËÕ“®®–¡’¢÷ÈπµàÕ‰ª ¬—ß‰¡àÕ“®ª√–¡“≥‰¥â„πªí®®ÿ∫—π πÕ°®“°π’È¢Õ„Àâ —ß‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 15 ·≈–∑’Ë 17 ´÷Ëß°≈à“«∂÷ß°“√∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¡à “¡“√∂™”√–§◊π‡ß‘π°Ÿâ¬◊¡∑’Ë§√∫ °”Àπ¥™”√–§◊π„πªï 2541 √«¡∑—Èß¥Õ°‡∫’È¬∑’Ë‡°’Ë¬«¢âÕß ·≈–°≈à“«∂÷ß°“√∑’Ë∫√‘…—∑‰¡à “¡“√∂‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ „™â ‘∑∏‘‡√’¬°„Àâ ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ„π«—π∑’Ë 9 °—π¬“¬π 2541 ·≈–º‘¥π—¥™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§√∫°”Àπ¥„π«—π‡¥’¬«°—π ‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑·®âß«à“ ªí®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡®√®“‡æ◊ËÕª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ß∫°“√‡ß‘π ”À√—∫ªï πÈ‘ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2540 ¢Õß∫√‘…∑— ‡À¡√“™æ—≤π“∑’¥Ë π‘ ®”°—¥ (¡À“™π) ∑’πË ”¡“· ¥ß‡ª√’¬∫‡∑’¬∫ µ√«® Õ∫‚¥¬¢â“æ‡®â“ ´÷ßË ¢â“æ‡®â“ ‰¥â· ¥ß§«“¡‡ÀÁπÕ¬à“ß¡’‡ß◊ËÕπ‰¢µàÕß∫°“√‡ß‘π¥—ß°≈à“« µ“¡√“¬ß“π≈ß«—π∑’Ë 6 °ÿ¡¿“æ—π∏å 2541 «à“¢÷ÈπÕ¬Ÿà°—∫§«“¡∂Ÿ°µâÕß¢Õß¢âÕ¡Ÿ≈∑’Ë®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√

(π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå) ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 2316 ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥ °√ÿß‡∑æœ 4 °ÿ¡¿“æ—π∏å 2542 24

To the Shareholders of Hemaraj Land and Development Public Company Limited: We have audited the consolidated balance sheet of Hemaraj Land and Development Public Company Limited and subsidiaries as at December 31, 1998, and the related consolidated statements of income, changes in shareholders’ equity, retained earnings and cash flows for the year then ended, and the separate financial statements of Hemaraj Land and Development Public Company Limited for the year then ended. The Company’s management are responsible for the correctness and completeness of information presented in these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraphs, we conducted our audit in accordance with generally accepted auditing standards. Those standards require that we 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. We believe that our audit provides a reasonable basis for our opinion. As described in Note 7 and Note 9 to the financial statements, as at December 31, 1998, real estate developments and leasehold land and land held for commercial purposes are stated at cost in the amounts of Baht 2,846.27 million and Baht 1,721.68 million, respectively, in the consolidated balance sheet and Baht 1,204.32 million and Baht 1,721.68 million, respectively, in the Company’s balance sheet, and have not been appraised by an independent appraiser since July 1997. In addition, the real estate business has been affected by the adverse economic conditions in Thailand and the Asia Pacific Region. We cannot determine whether these assets are stated in accordance with generally accepted accounting standards which require them to be stated at the lower of cost or net realizable value. As described in Note 1 to the financial statements, the consolidated financial statements and the Company’s financial statements for the year ended December 31, 1998 include share of net income in the amount of Baht 0.92 million of two associated companies, which were audited by another firm of auditors, and include losses in the amount of Baht 0.80 million of an overseas associated company based on information provided by the management that was not audited. In our opinion, except for the validity of the value of the assets described in the third paragraph and the accuracy of the results of the associated companies described in the fourth paragraph, the financial statements referred to above present fairly, in all material respects, the consolidated financial position as at December 31, 1998, of Hemaraj Land and Development Public Company Limited and subsidiaries, and the consolidated results of their operations and their cash flows for the year then ended, and the separate financial position as at December 31, 1998 and results of its operations and its cash flows of Hemaraj Land and Development Public Company Limited for the year then ended, in conformity with generally accepted accounting principles. We draw attention to Note 1 to the financial statements. The operations of the Company and subsidiaries have been affected and will continue to be affected for the foreseeable future by the adverse economic conditions in Thailand and the Asia Pacific Region in general. The ultimate effect that these uncertainties will have on the financial statements for the year ended December 31, 1998 cannot presently be determined. In addition, we also draw attention to Note 15 and Note 17 to the financial statements. The Company and a subsidiary failed to meet repayments in respect of loans and related interest payable which were due in 1998, and the Company failed to meet the redemption and payments of the convertible bonds for which the bondholders sought redemption, in accordance with their rights on September 9, 1998, and related interest payable on the same date. Management have informed us that they are currently in the process of negotiating for debt restructuring. The financial statements of Hemaraj Land and Development Public Company Limited for the year ended December 31, 1997, shown for comparative purposes, were also audited by us. Our report, dated February 6, 1998, expressed an opinion that was qualified subject to the accuracy of the information of an overseas subsidiary supplied by the management.

Nirand Lilamethwat Certified Public Accountant Registration Number 2316 KPMG Audit (Thailand) Limited Bangkok, February 4, 1999 The accompanying financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand. The standards, procedures and practices to audit such financial statements are those generally accepted and applied in Thailand.

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2540 ∫“∑

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121,073,933.32

41,177,511.77

4,243,955.04

8,741,583.82

95,973,532.81 41,476,272.00 137,449,804.81 96,562,392.59 -

131,125,514.41 112,648,673.84 210,920.42 243,985,108.67 21,464,476.79 122,880,000.00

3,815,199.07 41,476,272.00 45,291,471.07 10,003,558.86 -

2,762,673.19 86,362,285.99 210,920.42 89,335,879.60 10,212,378.57 -

5,536,105.34 3,311,016,249.65

26,253,933.92 3,319,400,384.17 1,204,324,060.51

81,358,173.25 1,196,761,685.40

4,138,878.49 3,693,820.62 11,658,299.03 19,490,998.14 3,691,129,483.85

15,235,802.29 4,899,217.48 3,233,556.72 4,720,188.35 1,576,407.57 16,397,136.49 3,707,916.44 41,252,344.61 8,517,880.73 3,790,159,826.01 1,298,634,860.13

10,000,000.00 2,990,027.80 3,914,105.55 5,008,187.64 21,912,320.99 1,408,322,021.63

831,034,067.47 220,810,235.49 1,051,844,302.96 1,000,000.00 1,052,844,302.96 2,192,703,465.96 360,916,032.72

628,551,742.00 284,615,276.99 913,167,018.99 1,000,000.00 914,167,018.99 2,277,272,933.92 197,364,566.07

3,116,280,270.44 289,861,866.66 3,406,142,137.10 3,406,142,137.10 1,920,817,216.41 58,956,237.90

2,408,920,629.59 217,356,458.26 2,626,277,087.85 2,626,277,087.85 2,005,386,684.37 66,092,533.68

4,245,715.16 131,163,566.47 193,632,482.50 707,111.52 2,527,588.13 332,276,463.78 7,629,869,749.27

5,837,858.28 101,578,208.23 33,177,411.14 85,686,570.98 53,799,567.11 1,218,921.78 8,586,618.45 388,400.00 202,908,177.72 87,365,378.25 7,381,872,522.71 6,771,915,829.79

66,354,815.14 389,400.00 66,744,215.14 6,172,822,542.67

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

BALANCE SHEET

AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

Consolidated

ASSETS

Notes

The Company

1998

1997

1998

1997

Baht

CURRENT ASSETS Cash on hand and at banks

2, 4, 26

121,073,933.32

41,177,511.77

4,243,955.04

8,741,583.82

Time deposits

4, 5, 26

95,973,532.81

131,125,514.41

3,815,199.07

2,762,673.19

Investments in securities

2, 5, 26

41,476,272.00

112,648,673.84

41,476,272.00

86,362,285.99

Short-term investments

Others

Total Short-Term Investments Accounts receivable

2, 6, 22

Note receivable

210,920.42

137,449,804.81

243,985,108.67

45,291,471.07

89,335,879.60

96,562,392.59

21,464,476.79

10,003,558.86

10,212,378.57

122,880,000.00

Short-term loans and advance to related parties Cost of real estate developments

3 2, 7, 20, 26

5,536,105.34 3,311,016,249.65

3,319,400,384.17

26,253,933.92

81,358,173.25

1,204,324,060.51

1,196,761,685.40

Other current assets Cheques discounted receivable

15,235,802.29

10,000,000.00

Prepaid expenses

4,138,878.49

4,899,217.48

3,233,556.72

2,990,027.80

Advances

3,693,820.62

4,720,188.35

1,576,407.57

3,914,105.55

Others

11,658,299.03

16,397,136.49

3,707,916.44

5,008,187.64

19,490,998.14

41,252,344.61

8,517,880.73

21,912,320.99

3,691,129,483.85

3,790,159,826.01

1,298,634,860.13

1,408,322,021.63

Investments

831,034,067.47

628,551,742.00

3,116,280,270.44

2,408,920,629.59

Loans

220,810,235.49

284,615,276.99

289,861,866.66

217,356,458.26

1,051,844,302.96

913,167,018.99

3,406,142,137.10

2,626,277,087.85

1,000,000.00

1,052,844,302.96

914,167,018.99

3,406,142,137.10

2,626,277,087.85

2,192,703,465.96

2,277,272,933.92

1,920,817,216.41

2,005,386,684.37

360,916,032.72

197,364,566.07

58,956,237.90

66,092,533.68

Total Other Current Assets Total Current Assets INVESTMENTS AND LOANS Related parties

2, 3, 8, 26

Total Related Parties Other company

2, 8

Total Investments and Loans

LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL FOR COMMERCIAL PURPOSES PROPERTY, PLANT AND EQUIPMENT, NET

2, 9, 20, 26 2, 10

OTHER ASSETS Goodwill

4,245,715.16

5,837,858.28

Advances to Provincial Electricity Authority

131,163,566.47

101,578,208.23

33,177,411.14

Sinking fund

13, 27

193,632,482.50

85,686,570.98

53,799,567.11

Deferred charges

2, 14

707,111.52

1,218,921.78

2,527,588.13

8,586,618.45

388,400.00

389,400.00

332,276,463.78

202,908,177.72

87,365,378.25

66,744,215.14

7,629,869,749.27

7,381,872,522.71

6,771,915,829.79

6,172,822,542.67

Deposits and others Total Other Assets Total Assets

66,354,815.14 -

See Notes to Financial Statement

ß∫¥ÿ≈

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ®“° ∂“∫—π°“√‡ß‘π ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ ‡®â“Àπ’È§à“°àÕ √â“ß·≈–æ—≤π“∑’Ë¥‘π ‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ √“¬‰¥â√—∫≈à«ßÀπâ“ à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√– ¿“¬„πÀπ÷Ëßªï Àÿâπ°Ÿâ·ª≈ß ¿“æ ‡ß‘π°Ÿâ¬◊¡°√√¡°“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ ¥Õ°‡∫’È¬§â“ß®à“¬ ‡®â“Àπ’È§à“´◊ÈÕÕ“§“√™ÿ¥ Õ◊ËπÊ √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π Àπ’È ‘π√–¬–¬“« Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π Àπ’È ‘πÕ◊Ëπ ‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß √“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ ”√Õß¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ „πÀ≈—°∑√—æ¬å Õ◊Ëπ Ê √«¡Àπ’È ‘πÕ◊Ëπ √«¡Àπ’È ‘π

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

À¡“¬‡Àµÿ

2,4,26 15,19 27 2,16 16,26 17,25

2541 ∫“∑

24,375,434.22 339,563,071.15 84,395,555.18 323,777,978.63 249,691,378.85 51,622,594.00 1,057,884,765.00 14,464,797.46

41,072,406.43

132,591,739.63 11,774,605.00 23,044,552.54 167,410,897.17 2,354,258,878.09 1,518,141.40 1,367,354,363.25 555,039,225.99

3,18 15,19,26 20

2 2

41,982,052.02 8,502,319.90 59,999,300.00 2,123,460.00 112,607,131.92 4,390,777,740.65

2540 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑

16,483,099.60 302,822,739.72 6,691,804.76 209,073,518.33 -

670,031,449.80 110,000,000.00 4,858,845.81 86,388,910.40 -

249,452,092.00 2,244,687,784.35 1,057,884,765.00 14,464,797.46

245,748,700.00 2,244,687,784.35 -

291,805,594.10

283,500,548.69

56,188,504.56 116,359,713.19 11,784,105.00 11,774,605.00 54,102,114.79 13,662,177.70 122,074,724.35 141,796,495.89 4,081,647,299.28 2,041,022,814.86 2,002,921.40 1,164,441,719.90 754,823,121.43 655,248,700.00 -

45,626,213.40 11,784,105.00 28,125,405.97 85,535,724.37 3,730,751,963.42 375,278,631.40 25,000,000.00 -

1,024,949.41 -

4,285,785.44 -

5,780,250.00 77,972,398.95 1,024,949.41 4,916,445,741.06 3,861,738,184.17

4,285,785.44 4,135,316,380.26

765,781,065.07 110,000,000.00 168,727,434.44 124,936,498.14 46,056,973.05

249,930,727.88

72,192,148.95 -

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

BALANCE SHEET

AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

Consolidated

LIABILITIES AND SHAREHOLDERSâ&#x20AC;&#x2122; EQUITY

Notes

The Company

1998

1997

1998

1997

Baht

CURRENT LIABILITIES Bank overdrafts and loans from financial institutions

2, 4, 26

24,375,434.22

765,781,065.07

16,483,099.60

670,031,449.80

15, 19

339,563,071.15

110,000,000.00

302,822,739.72

110,000,000.00

84,395,555.18

168,727,434.44

6,691,804.76

4,858,845.81

323,777,978.63

124,936,498.14

209,073,518.33

86,388,910.40

Income received in advance

2, 16

249,691,378.85

46,056,973.05

Current portion of long-term liabilities

16, 26

51,622,594.00

249,452,092.00

Convertible bonds

17, 25

1,057,884,765.00

2,244,687,784.35

Liabilities on immediate demand

Construction and land development costs payable Account payable - Industrial Estate Authority of Thailand

Loan from a director

14,464,797.46

1,057,884,765.00

245,748,700.00 2,244,687,784.35

14,464,797.46

Short-term loans and advances from related parties

41,072,406.43

249,930,727.88

291,805,594.10

283,500,548.69

132,591,739.63

56,188,504.56

116,359,713.19

45,626,213.40

11,774,605.00

11,784,105.00

11,774,605.00

11,784,105.00

Other current liabilities Accrued interest expense

Accounts payable - buildings purchase agreement Others Total Other Current Liabilities Total Current Liabilities

23,044,552.54

54,102,114.79

13,662,177.70

28,125,405.97

167,410,897.17

122,074,724.35

141,796,495.89

85,535,724.37

2,354,258,878.09

4,081,647,299.28

2,041,022,814.86

3,730,751,963.42

1,518,141.40

2,002,921.40

1,164,441,719.93

75,278,631.40

1,367,354,363.27

754,823,121.43

655,248,700.00

25,000,000.00

DUE TO AND LOANS FROM RELATED PARTIES

3, 18

LONG-TERM LIABILITIES

15, 19, 26

GUARANTEED BONDS

555,039,225.99

OTHER LIABILITIES Retention payable Deferred right of use income

41,982,052.02

72,192,148.95

1,024,949.41

4,285,785.44

8,502,319.90

59,999,300.00

Reserve for loss on revaluation of investment in security Others Total Other Liabilities Total Liabilities

2,123,460.00

5,780,250.00

112,607,131.92

77,972,398.95

1,024,949.41

4,285,785.44

4,390,777,740.65

4,916,445,741.06

3,861,738,184.17

4,135,316,380.26

See Notes to Financial Statement

ß∫¥ÿ≈

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

À¡“¬‡Àµÿ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ 21 ∑ÿπ®¥∑–‡∫’¬π 100,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ∑ÿπ∑’ËÕÕ° 70,765,575 Àÿâπ ™”√–‡µÁ¡¡Ÿ≈§à“·≈â« à«π‡°‘π∑ÿπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ °”‰√ – ¡ ®—¥ √√‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2 à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ 2 º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ 2 √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑ 408,028,962.78

1,000,000,000.00 707,655,750.00 997,242,593.00 210,491,426.19 994,787,876.43 (79,114,599.78) 2,831,063,045.84 7,629,869,749.27

2540 ∫“∑ 411,741,474.71

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑ -

1,000,000,000.00 1,000,000,000.00 707,655,750.00 707,655,750.00

1,000,000,000.00 707,655,750.00

997,242,593.00

210,491,426.19 95,340,462.07 122,116,393.22 1,109,938,840.55 129,991,333.09 (113,812,188.56) 2,053,685,306.94 2,910,177,645.62 7,381,872,522.71 6,771,915,829.79

95,340,462.07 237,267,357.34 2,037,506,162.41 6,172,822,542.67

997,242,593.00

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

BALANCE SHEET

AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

Consolidated

LIABILITIES AND SHAREHOLDERS’ EQUITY

Notes

MINORITY INTERESTS

The Company

1998

1997

1998

1997

Baht

408,028,962.78

411,741,474.71

1,000,000,000.00

707,655,750.00

997,242,593.00

Appropriated - legal reserve

210,491,426.19

95,340,462.07

Unappropriated

994,787,876.43

122,116,393.22

1,109,938,840.55

237,267,357.34

SHAREHOLDERS’ EQUITY Share capital

Authorised share capital 100,000,000 shares, Baht 10 par value Issued and fully paid-up share capital 70,765,575 shares Paid-in capital Premium on share capital Retained earnings

Loss on diminution in value of investments in securities Discount on convertible bonds

129,991,333.09

Adjustments from financial statement translations

(79,114,599.78)

(113,812,188.56)

Total Shareholders’ Equity

2,831,063,045.84

2,053,685,306.94

2,910,177,645.62

2,037,506,162.41

Total Liabilities and Shareholders’ Equity

7,629,869,749.27

7,381,872,522.71

6,771,915,829.79

6,172,822,542.67

See Notes to Financial Statement

ß∫°”‰√¢“¥∑ÿπ

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ √“¬‰¥â √“¬‰¥â®“°°“√¢“¬ 2,22 √“¬‰¥â§à“∫√‘°“√ 2 √“¬‰¥âÕ◊Ëπ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π 25 à«π¢Õß°”‰√(¢“¥∑ÿπ)¢Õß∫√‘…—∑„π‡§√◊Õ 3 ¥Õ°‡∫’È¬√—∫ 3 √“¬‰¥â§à“π“¬Àπâ“ 3,27 Õ◊ËπÊ √«¡√“¬‰¥âÕ◊Ëπ √«¡√“¬‰¥â §à“„™â®à“¬ µâπ∑ÿπ¢“¬ 2,22 µâπ∑ÿπ∫√‘°“√ §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 2,3 §à“§«“¡π‘¬¡µ—¥∫—≠™’ 11 ¥Õ°‡∫’È¬®à“¬ 2,3,7,20 §à“µÕ∫·∑π°√√¡°“√ 23 ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π‚§√ß°“√ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ „πÀ≈—°∑√—æ¬å 2 √«¡§à“„™â®à“¬ °”‰√°àÕπ¿“…’‡ß‘π‰¥â ¿“…’‡ß‘π‰¥â °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–°àÕπ °“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« ·≈–°àÕπ√“¬°“√æ‘‡»… à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√°àÕπ°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« ·≈–°àÕπ√“¬°“√æ‘‡»… ¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« 2,24 °”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… √“¬°“√æ‘‡»… 25 °”‰√(¢“¥∑ÿπ) ÿ∑∏‘

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑ 217,827,264.25 124,561,395.55 555,819,766.49 432,004,826.63 352,207,275.47 49,342,004.19 61,802,310.15 1,451,176,182.93 1,793,564,842.73

2540 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑ 103,622.82 27,470,736.51

(497,911,297.26) 29,675,285.23

578,477,408.18 55,819,766.49 432,004,826.63 (2,998,466.50) 822,676,746.47 53,319,282.43 11,734,006.31 22,207,649.87 21,355,875.96 48,821,669.87 650,154,100.07 1,393,264,665.64 1,953,937,743.65 1,420,839,024.97

3,097,967.84 928,401,000.76 39,374,512.81 69,790,332.97 4,708,171.44 1,045,371,985.82 577,135,973.79

1,217,112,403.08 86,671,240.50

147,152,452.26 91,016,920.47 270,295,825.29 1,592,143.12 238,130,036.02 26,188,942.55 85,577,251.03

618,999,445.55 30,740,766.04 331,923,848.46 1,592,143.12 329,622,175.11 14,313,402.99 41,041,023.19

1,086,121.41 24,549,774.02 106,573,047.11 1,592,143.12 163,032,049.40 1,767,011.69 85,577,251.03

(264,297,538.88) 12,822,933.81 122,841,032.25 1,592,143.12 322,174,177.04 7,350,000.00 41,041,023.19

242,852,720.83 1,102,806,291.57 690,758,551.16 -

136,035,908.25 1,504,268,712.71 449,669,030.94 (6,258,820.30)

119,067,055.48 503,244,453.26 917,594,571.71 -

136,035,908.25 379,559,678.78 197,576,295.01 -

690,758,551.16 6,281,985.15

443,410,210.64 (192,953,915.63)

917,594,571.71 -

197,576,295.01 -

697,040,536.31

250,456,295.01

917,594,571.71

197,576,295.01

697,040,536.31 175,630,946.90 872,671,483.21

(1,269,989,589.82) (1,019,533,294.81) (1,019,533,294.81)

(1,217,109,589.82) 917,594,571.71 (1,019,533,294.81) (44,923,088.50) 872,671,483.21 (1,019,533,294.81)

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF INCOME (LOSS) Consolidated

Notes

The Company

1998

1997

1998

1997

Baht

REVENUES Sales

2, 22

217,827,264.25

124,561,395.55

555,819,766.49

Service income

1,217,112,403.0

103,622.82

(497,911,297.26)

86,671,240.50

27,470,736.51

29,675,285.23

578,477,408.18

55,819,766.49

3,097,967.84

Other income Gain on sale of shares Gain on exchange rate

432,004,826.63

companies

352,207,275.47

(2,998,466.50)

822,676,746.47

928,401,000.76

Interest income

49,342,004.19

53,319,282.43

11,734,006.31

39,374,512.81

22,207,649.87

69,790,332.97

Share of net income (loss) in affiliated

Commission income

3, 27

Others

61,802,310.15

21,355,875.96

48,821,669.87

4,708,171.44

Total Other Income

1,451,176,182.93

650,154,100.07

1,393,264,665.64

1,045,371,985.82

Total Revenues

1,793,564,842.73

1,953,937,743.64

1,420,839,024.97

577,135,973.79

147,152,452.26

618,999,445.55

1,086,121.41

(264,297,538.88)

91,016,920.47

30,740,766.04

24,549,774.02

12,822,933.81

EXPENSES Cost of sales

2, 22

Cost of services Selling and administrative expenses

2, 3

270,295,825.29

331,923,848.46

106,573,047.11

122,841,032.25

Amortisation of goodwill

1,592,143.12

2, 3, 7, 20

238,130,036.02

329,622,175.11

163,032,049.40

322,174,177.04

26,188,942.55

14,313,402.99

1,767,011.69

7,350,000.00

85,577,251.03

41,041,023.19

85,577,251.03

41,041,023.19

242,852,720.83

136,035,908.25

119,067,055.48

136,035,908.25

1,102,806,291.57

1,504,268,712.71

503,244,453.26

379,559,678.78

690,758,551.16

449,669,030.94

917,594,571.71

197,576,295.01

Interest expense Directorsâ&#x20AC;&#x2122; remuneration Loss on projects revaluation Loss on diminution in value of investments in securities

Total Expenses Income before income tax Income tax

(6,258,820.30)

Income before minority interests and exchange loss on change to the managed float system and extraordinary item

690,758,551.16

Minority interests

6,281,985.15

443,410,210.64 (192,953,915.63)

917,594,571.71

197,576,295.01

Income before exchange loss on change to the managed float system and extraordinary item

697,040,536.31

250,456,295.01

917,594,571.71

197,576,295.01

Exchange loss on change to the managed float system

2, 24

Income (loss) before extraordinary item Extraordinary item Net Income (loss)

697,040,536.31

175,630,946.90 872,671,483.21

(1,269,989,589.82) (1,019,533,294.81) (1,019,533,294.81)

917,594,571.71

(1,217,109,589.82) (1,019,533,294.81)

(44,923,088.50) 872,671,483.21

(1,019,533,294.81)

See Notes to Financial Statement

ß∫°”‰√¢“¥∑ÿπ

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ °”‰√(¢“¥∑ÿπ)µàÕÀÿâπ 2 °”‰√°àÕπ°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« ·≈–°àÕπ√“¬°“√æ‘‡»… ¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« °”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… √“¬°“√æ‘‡»… °”‰√(¢“¥∑ÿπ) ÿ∑∏‘

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑

2540 ∫“∑

9.85 9.85 2.48 12.33

3.54 (17.95) (14.41) (14.41)

12.96 12.96 (0.63) 12.33

2.79 (17.20) (14.41) (14.41)

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF INCOME (LOSS) Consolidated

Notes Earnings (loss) per share

The Company

1998

1997

1998

1997

Baht

Income before exchange loss on change to the managed float system and extraordinary item

9.85

3.54

12.96

2.79

Exchange loss on change to the managed float system

(17.95)

(17.20)

Income (loss) before extraordinary item

9.85

(14.41)

12.96

(14.41)

Extraordinary item

2.48

(0.63)

Net Income (loss)

12.33

(14.41)

12.33

(14.41)

See Notes to Financial Statement

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ ∑ÿπ‡√◊ÕπÀÿâπ Àÿâπ “¡—≠ ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï à«π‡°‘π∑ÿπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï °”‰√ – ¡ ®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬ ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï ¬—ß‰¡à‰¥â®—¥ √√ ¬Õ¥µâπªï ª√—∫ª√ÿß°”‰√ – ¡µâπªï ¬Õ¥µâπªïÀ≈—ß√“¬°“√ª√—∫ª√ÿß ‡æ‘Ë¡(≈¥)√–À«à“ßªï - °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ - ”√Õßµ“¡°ÆÀ¡“¬ - ‡ß‘πªíπº≈ ¬Õ¥ª≈“¬ªï ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑

2540 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑

707,655,750.00 707,655,750.00

997,242,593.00 997,242,593.00

210,491,426.19 210,491,426.19

162,317,727.34 48,173,698.85 210,491,426.19

95,340,462.07 95,340,462.07

65,266,763.22 30,073,698.85 95,340,462.07

122,116,393.22 122,116,393.22 872,671,483.21 994,787,876.43

1,308,191,570.99 237,267,357.34 1,405,242,535.11 23,162,965.89 23,162,965.89 1,331,354,536.88 237,267,357.34 1,428,405,501.00 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81) (48,173,698.85) (30,073,698.85) (141,531,150.00) (141,531,150.00) 122,116,393.22 1,109,938,840.55 237,267,357.34

2 -

(49,780,809.70) 49,780,809.70 -

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF CHANGES IN SHAREHOLDERS没 EQUITY Consolidated

Notes

The Company

1998

1997

1998

1997

Baht

SHARE CAPITAL Ordinary share Beginning balance

707,655,750.00

Increase during year

Decrease during year

Ending balance

707,655,750.00

997,242,593.00

PAID-IN CAPITAL Premium on share capital Beginning balance Increase during year

Decrease during year

Ending balance

997,242,593.00

210,491,426.19

162,317,727.34

95,340,462.07

65,266,763.22

RETAINED EARNINGS Appropriated Legal reserve Beginning balance Increase during year

Decrease during year

Ending balance

48,173,698.85 -

30,073,698.85

210,491,426.19

95,340,462.07

122,116,393.22

1,308,191,570.99

237,267,357.34

1,405,242,535.11

Unappropriated Beginning balance Adjustments of retained earnings at beginning of year

Beginning balance after adjustments

23,162,965.89

122,116,393.22

1,331,354,536.88

237,267,357.34

1,428,405,501.00

872,671,483.21

(1,019,533,294.81)

872,671,483.21

(1,019,533,294.81)

Increase (decrease) during year - Net income (loss) - Legal reserve - Dividend

Ending balance

(48,173,698.85)

(30,073,698.85)

(141,531,150.00 )

(141,531,150.00)

994,787,876.43

122,116,393.22

1,109,938,840.55

237,267,357.34

LOSS ON DIMINUTION IN VALUE OF INVESTMENTS IN SECURITIES

Beginning balance

Increase during year

Decrease during year

Ending balance

(49,780,809.70) 49,780,809.70 -

(49,780,809.70)

49,780,809.70

See Notes to Financial Statement

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑

2540 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑

2 129,991,333.09 (129,991,333.09) -

129,991,333.09 129,991,333.09

2 (113,812,188.56) 34,697,588.78 (79,114,599.78) 2,831,063,045.84

(113,812,188.56) (113,812,188.56) 2,053,685,306.94 2,910,177,645.62

2,037,506,162.41

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITY Consolidated

Notes DISCOUNT ON CONVERTIBLE BONDS

The Company

1998

1997

1998

1997

Baht

Beginning balance

129,991,333.09

Increase during year

Decrease during year

(129,991,333.09)

Ending balance

129,991,333.09 129,991,333.09

ADJUSTMENTS FROM FINANCIAL STATEMENT TRANSLATIONS Beginning balance Increase during year Decrease during year Ending balance Total Shareholders’ Equity

2 (113,812,188.56) 34,697,588.78 (79,114,599.78) 2,831,063,045.84

(113,812,188.56) (113,812,188.56) 2,053,685,306.94

2,910,177,645.62

2,037,506,162.41

See Notes to Financial Statement

ß∫°”‰√ – ¡

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ °”‰√ – ¡ à«π∑’Ë¬—ß‰¡à‰¥â®—¥ √√ ¬Õ¥¬°¡“®“°ªï°àÕπ ∫«° ª√—∫ª√ÿß°”‰√ – ¡¬°¡“®“°ªï°àÕπ °”‰√ – ¡¬°¡“À≈—ß√“¬°“√ª√—∫ª√ÿß À—° ®—¥ √√°”‰√ ÿ∑∏‘ªï°àÕπ : ”√Õßµ“¡°ÆÀ¡“¬ ‡ß‘πªíπº≈ °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ªï √«¡°”‰√ – ¡ à«π∑’Ë¬—ß‰¡à‰¥â®—¥ √√ °”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√·≈â« : ”√Õßµ“¡°ÆÀ¡“¬ √«¡°”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√·≈â« √«¡°”‰√ – ¡

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑

2540 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑

122,116,393.22 122,116,393.22

1,308,191,570.99 23,162,965.89 1,331,354,536.88

872,671,483.21 994,787,876.43

(48,173,698.85) (30,073,698.85) (141,531,150.00) (141,531,150.00) (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81) 122,116,393.22 1,109,938,840.55 237,267,357.34

210,491,426.19 210,491,426.19 1,205,279,302.62

237,267,357.34 237,267,357.34

210,491,426.19 95,340,462.07 210,491,426.19 95,340,462.07 332,607,819.41 1,205,279,302.62

1,405,242,535.11 23,162,965.89 1,428,405,501.00

95,340,462.07 95,340,462.07 332,607,819.41

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF RETAINED EARNINGS Consolidated

Notes

The Company

1998

1997

1998

1997

Baht

UNAPPROPRIATED RETAINED EARNINGS Beginning balance

122,116,393.22

1,308,191,570.99

237,267,357.34

1,405,242,535.11

Add adjustments of retained earnings at beginning of year

Beginning balance after adjustments

122,116,393.22

23,162,965.89 1,331,354,536.88

237,267,357.34

23,162,965.89 1,428,405,501.00

Less Appropriated income prior year: Legal reserve Dividend Net income (loss) for year Total Unappropriated Retained Earnings

872,671,483.21

(48,173,698.85) (141,531,150.00) (1,019,533,294.85)

872,671,483.21

(30,073,698.85) (141,531,150.00) (1,019,533,294.81)

994,787,876.43

122,116,393.22

1,109,938,840.55

237,267,357.34

210,491,426.19

95,340,462.07

210,491,426.19

95,340,462.07

1,205,279,302.62

332,607,819.41

1,205,279,302.62

332,607,819.41

APPROPRIATED RETAINED EARNINGS Legal reserve Total Appropriated Retained Earning Total Retained Earnings

See Notes to Financial Statement

ß∫°√–· ‡ß‘π ¥

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ √“¬°“√ª√—∫°√–∑∫°”‰√(¢“¥∑ÿπ) ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫(®à“¬) ®“°°‘®°√√¡¥”‡π‘πß“π §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ à«π¢Õß(°”‰√)¢“¥∑ÿπ¢Õß∫√‘…—∑„π‡§√◊Õ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ¢“¥∑ÿπ®“°°“√‚Õπ‡ß‘π≈ß∑ÿπ√–¬–¬“« ‡ªìπ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ (°”‰√)¢“¥∑ÿπ®“°°“√®”Àπà“¬Õÿª°√≥å §à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ §à“§«“¡π‘¬¡µ—¥∫—≠™’ ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π √“¬°“√æ‘‡»… °“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π ≈Ÿ°Àπ’È°“√§â“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å(‡æ‘Ë¡¢÷Èπ)≈¥≈ß §à“„™â®à“¬≈à«ßÀπâ“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡ß‘π∑¥√Õß®à“¬≈¥≈ß ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡ß‘π¡—¥®”≈¥≈ß ‡®â“Àπ’È§à“°àÕ √â“ß·≈–æ—≤π“∑’Ë¥‘π·≈–‡®â“Àπ’È°“√π‘§¡ Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡æ‘Ë¡¢÷Èπ(≈¥≈ß) √“¬‰¥â√—∫≈à«ßÀπâ“‡æ‘Ë¡¢÷Èπ ¥Õ°‡∫’È¬§â“ß®à“¬‡æ‘Ë¡¢÷Èπ ‡®â“Àπ’È§à“´◊ÈÕÕ“§“√™ÿ¥≈¥≈ß Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß‡æ‘Ë¡¢÷Èπ(≈¥≈ß) Àπ’È ‘πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ ‡ß‘π ¥ ÿ∑∏‘®“°(„™â ‰ª„π)°‘®°√√¡¥”‡π‘πß“π

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑

2540 ∫“∑

872,671,483.21

(1,019,533,294.81)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑ 872,671,483.21 (1,019,533,294.81)

43,986,132.27 (555,819,766.49) (352,207,275.47) 242,852,720.83

20,182,893.18 (578,477,407.68) (55,819,766.49) 2,998,466.50 (822,676,746.47) 36,946,744.73 119,067,055.48

(3,097,967.34) (928,401,000.76) 36,946,744.73

85,577,251.03 (202,037.97) 27,289,134.76 1,592,143.12 (442,563,019.35) 34,697,588.78 (175,630,946.90)

99,057,124.34 41,041,023.19 85,577,251.03 (76,938.27) (74,284.01) 56,572,992.56 9,008,562.13 1,592,143.12 1,592,143.12 819,545,464.63 (442,563,019.35) (113,812,188.56) (54,512,863.31) 44,923,088.50

99,057,124.34 41,041,023.19 32,039.18 48,569,586.01 1,592,143.12 1,193,305,954.63 -

(86,086,774.45) 8,384,134.52 760,338.99 1,026,367.73 4,738,837.46 6,059,030.32

709,804,681.79 (742,306,458.96) 2,624,109.41 5,566,980.75 (9,328,652.80) 1,371,769.30

(8,485,977.94) (7,562,375.11) (243,528.92) 2,337,697.98 1,300,271.20 1,000.00

316,186,313.18 (320,503,719.29) 3,898,061.06 1,806,897.05 (1,563,954.76) 1,382,660.00

114,509,601.23 203,634,405.80 76,403,235.07 (9,500.00) (31,057,562.25) (30,210,096.93) 4,845,529.90 55,240,955.21

(213,195,430.98) 27,778,435.82 10,753,377.72 10,944,392.99 24,492,220.96 294,000.00 (825,346,444.25)

124,517,566.88 70,733,499.79 (9,500.00) (14,463,228.27) (3,260,836.03) (57,759,613.40)

(30,342,753.52) 16,071,984.48 17,459,092.18 1,783,051.91 (524,310,015.42)

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF CASH FLOWS Consolidated

Notes

The Company

1998

1997

1998

1997

Baht

CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss)

872,671,483.21

(1,019,533,294.81)

872,671,483.21

(1,019,533,294.81)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Allowance for doubtful accounts

43,986,132.27

Gain on sale of investments

(555,819,766.49)

Share of net (income) loss in affiliated companies

(352,207,275.47)

242,852,720.83

(578,477,407.68)

20,182,893.18

(55,819,766.49)

(3,097,967.34)

2,998,466.50

(822,676,746.47)

(928,401,000.76)

36,946,744.73

119,067,055.48

36,946,744.73

Loss on diminution in value of short-term investments Loss on reclassification of long-term investments to short-term investments Loss on projects revaluation (Gain) loss on sale of equipment Depreciation and amortisation Amortisation of goodwill Provision for convertible bonds redemption

85,577,251.03 (202,037.97)

99,057,124.34 41,041,023.19 (76,938.27)

85,577,251.03

99,057,124.34 41,041,023.19

(74,284.01)

32,039.18

27,289,134.76

56,572,992.56

9,008,562.13

48,569,586.01

1,592,143.12

(442,563,019.35)

819,545,464.63

34,697,588.78

(113,812,188.56)

(442,563,019.35)

1,193,305,954.63

Losses from translation of foreign financial statements Gain on exchange rate Extraordinary item

(175,630,946.90)

(54,512,863.31)

44,923,088.50

Change in operating assets and liabilities (Increase) decrease in accounts receivable (Increase) decrease in cost of real estate developments (Increase) decrease in prepaid expenses

(86,086,774.45)

709,804,681.79

(8,485,977.94)

316,186,313.18

8,384,134.52

(742,306,458.96)

(7,562,375.11)

(320,503,719.29)

(243,528.92)

3,898,061.06

760,338.99

2,624,109.41

Decrease in advance payments

1,026,367.73

5,566,980.75

2,337,697.98

1,806,897.05

(Increase) decrease in other current assests

4,738,837.46

(9,328,652.80)

1,300,271.20

(1,563,954.76)

Decrease in deposits

6,059,030.32

1,371,769.30

1,000.00

1,382,660.00

Increase (decrease) in constructions and land development costs and Industrial Estate Authority of Thailand payable Increase in income received in advance Increase in accrued interest expense

114,509,601.23

(213,195,430.98)

203,634,405.80

27,778,435.82

76,403,235.07

10,753,377.72

124,517,566.88

(30,342,753.52)

70,733,499.79

16,071,984.48

(Decrease) in accounts payable - building purchase agreement

(9,500.00)

Increase (decrease) in other current liabilities

(31,057,562.25)

10,944,392.99

(14,463,228.27)

17,459,092.18

Increase (decrease) in retentions payable

(30,210,096.93)

24,492,220.96

(3,260,836.03)

1,783,051.91

Increase in other liabilities Net Cash Provided by (Used in) Operating Activities

4,845,529.90 55,240,955.21

294,000.00 (825,346,444.25)

(57,759,613.40)

(524,310,015.42)

See Notes to Financial Statement

ß∫°√–· ‡ß‘π ¥

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ °√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ µ—Î«‡ß‘π√—∫∫√‘…—∑°“√‡ß‘π≈¥≈ß ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πÀ≈—°∑√—æ¬å(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡ß‘π≈ß∑ÿπ√–¬– —ÈπÕ◊ËπÊ≈¥≈ß µ—Î«‡ß‘π√—∫°√√¡°“√(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (‡æ‘Ë¡¢÷Èπ)≈¥≈ß ≈Ÿ°Àπ’È¢“¬≈¥‡™Á§≈¥≈ß ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å≈¥≈ß ‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å‡æ‘Ë¡¢÷Èπ ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡ß‘π∑ÿπ®¡‡æ‘Ë¡¢÷Èπ §à“„™â®à“¬√Õµ—¥∫—≠™’‡æ‘Ë¡¢÷Èπ ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑„π‡§√◊Õ ‡ß‘π ¥ ÿ∑∏‘®“°°‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π ‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√‡æ‘Ë¡¢÷Èπ(≈¥≈ß) µ—Î«‡ß‘π®à“¬∫√‘…—∑°“√‡ß‘π≈¥≈ß Àÿâπ°Ÿâ·ª≈ß ¿“æ≈¥≈ß ‡ß‘π°Ÿâ¬◊¡°√√¡°“√‡æ‘Ë¡¢÷Èπ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) µ—Î«‡ß‘π®à“¬∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß ‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß Àπ’È ‘π√–¬–¬“«‡æ‘Ë¡¢÷Èπ(≈¥≈ß) Àÿâπ°Ÿâ¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬(‡æ‘Ë¡¢÷Èπ)≈¥≈ß à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ®à“¬‡ß‘πªíπº≈ ‡ß‘π ¥ ÿ∑∏‘®“°(„™â ‰ª„π)°‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏‘

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

2541 ∫“∑

2540 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 ∫“∑ ∫“∑

593,838,725.00 210,920.42 122,880,000.00

227,035,792.69 (35,592,493.27) (122,880,000.00)

93,838,725.00 210,920.42 -

117,035,792.69 (9,306,105.42) -

(5,536,105.34) 15,235,802.29 24,972.50 30,807,767.88 (1,007,783.07) (190,126,753.18) (29,585,358.24) (107,945,911.52) 428,796,276.74

(239,479,112.62) 4,815,896.14 611,753,148.55 (24,766,854.10) 64,428,066.35 (68,146,105.20) (6,372,485.59) (85,686,570.98) (1,197,386.78) 323,911,895.19

55,104,239.33 10,000,000.00 1,524,962.50 (84,552,050.17) (1,007,783.07) (1,797,982.34) 33,177,404.00 (53,799,567.11) 52,698,868.56

325,482,943.84 4,804,657.34 10,012,320.36 (196,987,147.99) 64,428,066.35 (18,344,002.42) 3,151,292.50 171,839,960.00 472,117,777.25

(2,000,000.00) (74,177,260.28) (568,609,053.10) 14,464,797.46

39,250,000.00 (61,000,000.00) -

(74,177,260.28) 14,464,797.46

107,550,000.00 (61,000,000.00) -

(208,858,321.45) (484,780.00) (38,557,924.75) 555,039,225.99 (3,712,511.93) (129,991,333.09) (456,887,161.15) 27,150,070.80

249,930,727.88 (285,577,043.75) 484,780.04 529,506,203.85 75,824,402.41 129,991,333.09 (141,531,150.00) 536,879,253.52 35,444,704.46

63,376,454.96 (12,500,000.00) (8,836,007.86) (13,896,752.70)

203,146,579.34 (37,500,000.00) (141,531,150.00) 70,665,429.34 18,473,191.17

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF CASH FLOWS Consolidated

Notes

The Company

1998

1997

1998

1997

Baht

CASH FLOWS FROM INVESTING ACTIVITIES Decrease in notes receivable - finance companies

227,035,792.69

117,035,792.69

(Increase) decrease in short-term investments in securities Decrease in other short-term investments (Increase) decrease in notes receivable

593,838,725.00 210,920.42 122,880,000.00

(35,592,493.27) (122,880,000.00)

93,838,725.00

(9,306,105.42)

210,920.42

(Increase) decrease in short-term loan and advances to related parties Decrease in cheques discounted receivable Decrease in investments in securities (Increase) decrease in loans to related parties

(5,536,105.34)

(239,479,112.62)

55,104,239.33

325,482,943.84

15,235,802.29

4,815,896.14

10,000,000.00

4,804,657.34

24,972.50

611,753,148.55

1,524,962.50

10,012,320.36

30,807,767.88

(24,766,854.10)

(84,552,050.17)

(196,987,147.99)

(1,007,783.07)

64,428,066.35

(1,007,783.07)

64,428,066.35

(68,146,105.20)

(1,797,982.34)

(18,344,002.42)

3,151,292.50

(Increase) decrease in leasehold land and land held for commercial purposes (Increase) in property, plant and equipment

(190,126,753.18)

(Increase) decrease in advances to Provincial Electricity Authority (Increase) in sinking fund

(29,585,358.24)

(6,372,485.59)

33,177,404.00

(107,945,911.52)

(85,686,570.98)

(53,799,567.11)

(Increase) in deferred expenses

Dividend income from affiliated companies

Net Cash Provided by Investing Activities

428,796,276.74

(1,197,386.78) 323,911,895.19

52,698,868.56

171,839,960.00 472,117,777.25

CASH FLOWS FROM FINANCING ACTIVITIES Increase (decrease) in loans from banks (Decrease) in notes payable - finance companies

(2,000,000.00)

39,250,000.00

(74,177,260.28)

(61,000,000.00)

(Decrease) in convertible bonds

(568,609,053.10)

Increase in loan from a director

14,464,797.46

(74,177,260.28)

107,550,000.00 (61,000,000.00)

14,464,797.46

Increase (decrease) in short-term loans and advances from related parties (Decrease) in note payable - related parties

(208,858,321.45) -

249,930,727.88 (285,577,043.75)

63,376,454.96

203,146,579.34

Increase (decrease) in due to and loans from related parties

(484,780.00)

484,780.04

Increase (decrease) in long-term liabilities

(38,557,924.75)

529,506,203.85

(Increase) in guaranteed bonds

555,039,225.99

(Increase) decrease in minority interests Increase (decrease) in discount on convertible bonds Payment of dividend

(12,500,000.00)

(37,500,000.00)

(3,712,511.93)

75,824,402.41

(129,991,333.09)

129,991,333.09

(141,531,150.00)

Net Cash Provided by (Used in) Financing Activities Net Increase (Decrease) In Cash and Cash Equivalents

(456,887,161.15)

536,879,253.52

(8,836,007.86)

70,665,429.34

27,150,070.80

35,444,704.46

(13,896,752.70)

18,473,191.17

See Notes to Financial Statement

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ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 1 ¡°√“§¡ 2541 ·≈– 2540 2,4 ‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π ≥ «—π∑’Ë 1 ¡°√“§¡ 2541 ·≈– 2540 2,4 ‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 2,4 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 2,4 ¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡ ‡ß‘π ¥®à“¬„π√–À«à“ßªï ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥â

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32,108,853.51

34,252,598.71

(22,899.29)

(20,147,972.40)

133,413,107.60

95,824,657.94

5,495,706.50

7,147,588.44

(98,840,828.86)

(133,413,107.60)

(6,682,495.12)

(5,495,706.50)

93,831,203.05

32,108,853.51

(15,106,440.61)

(22,899.29)

331,628,379.43 1,160,945.13

109,342,680.93 -

220,470,428.72 -

298,372,295.6 -

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES AS AT DECEMBER 31, 1998 AND 1997

STATEMENTS OF CASH FLOWS Consolidated

Not es

The Company

1998

1997

1998

1997

Baht

Cash and cash equivalents at January 1, 1998 and 1997

2, 4

32,108,853.51

34,252,598.71

(22,899.29)

(20,147,972.40)

133,413,107.60

95,824,657.94

5,495,706.50

7,147,588.44

2, 4

(98,840,828.86)

(133,413,107.60)

(6,682,495.12)

(5,495,706.50)

2, 4

93,831,203.05

32,108,853.51

(15,106,440.61)

(22,899.29)

298,372,295.66

331,628,379.43

109,342,680.93

Cash at bank pledged as collateral at January 1, 1998 and 1997

2, 4

Cash at bank pledged as collateral at December 31, 1998 and 1997 Cash and cash equivalents at December 31, 1998 and 1997

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the years for: Interest Income tax

1,160,945.13

220,470,428.72

See Notes to Financial Statement

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À¡“¬‡Àµÿ 2 - √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ °“√√—∫√Ÿâ√“¬‰¥â·≈–µâπ∑ÿπ®“°°“√¢“¬ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬‡¡◊ËÕ‰¥â¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬ ·≈–√—∫‡ß‘π¡—¥®”·≈â«‚¥¬«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á® ´÷Ëß§”π«≥‚¥¬ ‡ª√’¬∫‡∑’¬∫µâπ∑ÿπ°“√æ—≤π“∑’Ë‡°‘¥¢÷Èπ·≈â«°—∫µâπ∑ÿπ∑—ÈßÀ¡¥∑’Ëª√–¡“≥«à“®–„™â„π°“√æ—≤π“‚¥¬‰¡à√«¡µâπ∑ÿπ∑’Ë¥‘π à«πµâπ∑ÿπ¢“¬‡ªìπµâπ∑ÿπ°“√æ—≤π“∑’Ë‡°‘¥¢÷Èπ ·≈â« §”π«≥µ“¡Õ—µ√“ à«π¢Õß√“§“¢“¬µ“¡ —≠≠“∑’Ë‡°‘¥¢÷Èπ·≈â«°—∫ª√–¡“≥°“√√“§“¢“¬∑—ÈßÀ¡¥¢Õß‚§√ß°“√ „π‰µ√¡“ ∑’Ë 3 ªï 2540 ∫√‘…—∑∑”°“√ª√—∫ª√ÿßª√–¡“≥°“√√“§“¢“¬·≈–ª√–¡“≥°“√µâπ∑ÿπ¢“¬„À¡à ‡æ◊ËÕ„Àâ√“§“¢“¬·≈–µâπ∑ÿπ¢“¬∑’Ëª√–¡“≥¢÷Èπ„À¡à „°≈â‡§’¬ß°—∫§«“¡‡ªìπ®√‘ß¡“°¢÷Èπ ´÷Ëß¡’º≈°√–∑∫µàÕ√“¬‰¥â·≈–µâπ∑ÿπ¢“¬¢Õß∫√‘…—∑‚¥¬√«¡

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES DECEMBER 31, 1998 AND 1997

NOTES TO FINANCIAL STATEMENTS

NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF PRESENTATION Economic Environment Since 1997, certain Asia Pacific countries, including Thailand, have been experiencing economic difficulties relating to currency devaluation and slowdown in growth. Accordingly, the Thai government sought assistance from the International Monetary Fund to alleviate the economic crisis and improve the economy over time. The financial statements for the years ended December 31, 1998 and 1997 reflect the assessment of the possible impact of this economic situation on the financial position of the Company and subsidiaries. In addition, the ultimate effect on the companies’ financial position of these uncertainties cannot presently be determined.

Basis of Presentation The financial statements are presented in compliance with prescribed formats of balance sheet and profit and loss account as required by the Commerce Ministerial Regulation, No.7 (B.E.2539) issued by the Ministry of Commerce under the Public Limited Company Act, B.E.2535. The consolidated financial statements for the year ended December 31, consist of the financial statements of Hemaraj Land and Development Public Company Limited (“the Company”) and subsidiaries as follows: Type of Business Eastern Industrial Estate Company Limited

Holding of Interest (%) 1998

1997

Industrial Estate

99.99

Industrial Estate

60.00

Eastern Seaboard Industrial Estate (Rayong) Company Limited Eastern Pipeline Services Company Limited

Pipe Rack Rental

99.99

H-International (BVI) Company Limited

Holding Company

100.00

The results of a subsidiary of which the Company holds 99.99% are not included in the consolidated financial statements for the years ended December 31, 1998 and 1997 and the results of two other subsidiaries of which the Company holds 99.99% and 51% are not included in the consolidated financial statements for the year ended December 31, 1997, since those companies had not started commercial operations and available information was inadequate for purposes of preparing consolidated financial statements. The consolidated financial statements for the year ended December 31, 1998 included the financial statements of H-International (BVI) Company Limited, an overseas subsidiary for which KPMG British Virgin Islands issued an unqualified auditors’ report dated January 8, 1999, and the consolidated financial statements for the year ended December 31, 1997 include the financial statements of this subsidiary which were provided by the management and were not audited. The consolidated financial statements and the company’s financial statements for the year ended December 31, 1998 include a portion of net income from Bowin Power Company Limited and Operation Power Services Company Limited, which are associated companies, based on information from the financial statements audited by another firm of auditors and also include a portion of net loss from Pinago Services Limited, an overseas associated company, based on information from the financial statements which were provided by the management and were not audited. The consolidated results for years ended before December 31, 1997 have been restated for comparative purposes since the Company decreased its percentage of holding in Industrial Power Company Limited from 85.00% to 49.99% in the third quarter of 1997. The result of the restatement is to increase the beginning balance of retained earnings as at January 1, 1997 by an amount of Baht 23.16 million. Significant intercompany transactions are eliminated from the consolidated financial statements.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recognition of Revenues and Cost of Sales Revenue from sales is recognised upon signing of contract and receiving of deposits by the percentage of completion method, using the ratio of actual costs incurred to estimated total cost. Cost of sales is the actual development cost using the ratio of realised sale contracts to total estimated income.

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In the third quarter of 1997, the Company revised its total estimated sales and total estimated costs to reflect corrections to estimated selling prices and costs and this affected the result of sales and cost of sales.

Recognition of Service Income Service income is recognised on an accrual basis. Service income represents income received from providing public utilities, water, waste water processing, garbage collection services and rental services in respect of warehouse, factory and pipe rack to the Industrial Estate.

Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and at banks net of bank overdrafts and cash at banks pledged as collateral.

Short-term Investments Short-term investments consist of investments in marketable securities and investments in unit trusts, which are stated at the lower of aggregate cost or market value. Loss on diminution in value of investments is included in the statements of income except for an investment in a related company in the consolidated financial statements in the year of 1997 which is stated at cost.

Accounts Receivable Accounts receivable consist of land sale contracts receivable which represent the amount of contract prices net of installments received and deferred income, and public utility services receivables which are shown net of allowance for doubtful accounts for billings overdue by more than 90 days.

Cost of Real Estate Developments Cost of real estate developments is stated at cost which consists of land costs, development costs and capitalised interest on loans for development project including advances and deposits for construction costs. These costs are transferred to cost of sales when revenue from sales is recognised.

Capitalisation of Assets Interest expense and fees on long-term loans for development projects are capitalised to cost of real estate developments.

Investments and Loans Investments -

Investments in subsidiary and associated companies are recorded using the equity method except investment in subsidiary and

associated companies for which operations have not yet commenced which are accounted for using the cost method. -

In 1998, an investment in a related company is stated at the net assets value which is lower than cost. Loss on permanent decline in

value of investment is included in the statement of income. In 1997 the investment is stated at cost because available information was inadequate for purposes of determining the net assets value. -

Investments in non-current marketable securities are stated at the lower of aggregate cost or market value. Loss on diminution in

value of investment in marketable securities is shown as a deduction against shareholdersâ&#x20AC;&#x2122; equity. -

Investments in non-current unit trusts are stated at the lower of aggregate cost or market value. Loss on diminution in value of

investments in unit trusts is shown as a deduction against shareholdersâ&#x20AC;&#x2122; equity. Loans Loans to related companies are shown net of allowance for doubtful accounts. Allowance for doubtful accounts is an estimate of those amounts which may prove to be uncollectible, based on a review of the current status and the ability of related companies to repay.

Leasehold Land and Land Held for Commercial Purposes Leasehold land and land held for commercial purposes consists of land leasehold, land costs, development costs and capitalised interest on loans of undeveloped projects and projects which were suspended from development, and is stated at cost except for certain projects which are stated at amounts evaluated by an appraisal firm. Loss on projects revaluation is included in the statement of income.

Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of 5 years for equipment, 15 years for pipe rack and 20 years for building and long-term lease asset.

§à“„™â®à“¬√Õµ—¥∫—≠™’ §à“„™â®à“¬√Õµ—¥∫—≠™’¢Õß∫√‘…—∑ ‰¥â·°à °. §à“„™â®à“¬„π°“√ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬¿“¬„π√–¬–‡«≈“ 10 ªï µ—Èß·µàµÿ≈“§¡ 2536 ·≈–µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬∑—Èß®”π«π „πªï 2540 §à“„™â®à“¬√Õµ—¥∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ ‰¥â·°à °. §à“„™â®à“¬„π°“√®—¥µ—Èß∫√‘…—∑ °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬¿“¬„π 5 ªï π—∫·µàªï 2537 ¢. §à“„™â®à“¬„π°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡ °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬¿“¬„π 3 ªï π—∫·µà‡¥◊Õπ°—π¬“¬π 2538 §. §à“„™â®à“¬°àÕπ‡√‘Ë¡¥”‡π‘πß“π °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬ ¿“¬„π√–¬–‡«≈“ 5 ªï π—∫·µà¡°√“§¡ 2540 √“¬‰¥â√—∫≈à«ßÀπâ“ √“¬‰¥â√—∫≈à«ßÀπâ“ ‡ªìπ‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–µ“¡ —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π„π à«π∑’Ë‡°‘π°«à“√“¬‰¥â∑’Ë√—∫√Ÿâµ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á® √“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ √“¬‰¥â§“à ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’‰¥â·°à §à“ ‘∑∏‘°“√‡™à“√—∫®“°°“√„Àâ‡™à“∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ¢Õß∫√‘…∑— ¬àÕ¬·ÀàßÀπ÷ßË °”Àπ¥∫—π∑÷°∫—≠™’√∫— √Ÿ‡â ªìπ√“¬‰¥âµ“¡ Õ“¬ÿ —≠≠“‡™à“ à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ°”Àπ¥µ—¥∫—≠™’µ“¡Õ“¬ÿ¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ ∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» °. ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‡æ◊ËÕ°“√∑”ß∫°“√‡ß‘π√«¡‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ßπ’È °.1 ‘π∑√—æ¬å·≈–Àπ’È ‘π·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π ‘Èπªï °.2 √“¬‰¥â·≈–§à“„™â®à“¬·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’Ë‡°‘¥√“¬°“√ °.3 à«π¢ÕßºŸâ∂◊ÕÀÿâπ·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’Ë‡°‘¥√“¬°“√ º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ß∫°“√‡ß‘πµà“ßª√–‡∑» · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ ¢. Àÿπâ °Ÿ·â ª≈ß ¿“æ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’¬Ë π≈à«ßÀπâ“µ“¡∑’√Ë –∫ÿ‰«â„πÀπ—ß ◊Õ™’™È «π ¬°‡«âπÀÿπâ °Ÿ·â ª≈ß ¿“æ∑’´Ë ÕÈ◊ ‚¥¬∫√‘…∑— ¬àÕ¬ ·ª≈ß§à“µ“¡ ¢âÕµ°≈ßµ“¡ —≠≠“√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑¬àÕ¬ º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ §. ¥Õ°‡∫’È¬§â“ß®à“¬Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π ‘Èπªï º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ ß. ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π ®. √“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßªï·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π ‘Èπªï·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—ππ—Èπ °”‰√·≈–¢“¥∑ÿπ®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ ©. „πªï 2540 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«∑—Èß®”π«π„πß«¥°“√∫—≠™’∑’Ë‡°‘¥¢÷Èπ ‚¥¬ · ¥ß‡ªìπ√“¬°“√ ç¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«é „πß∫°”‰√¢“¥∑ÿπ °”‰√(¢“¥∑ÿπ)µàÕÀÿâπ °”‰√(¢“¥∑ÿπ)µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√(¢“¥∑ÿπ) ÿ∑∏‘¥â«¬®”π«πÀÿâπ∑’ËÕÕ°®”Àπà“¬·≈â« ≥ «—π ‘Èπªï ∫√‘…—∑‰¡à· ¥ß°”‰√µàÕÀÿâπ≈¥≈ß‡µÁ¡∑’Ë À“°¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπÀ√◊Õº≈°“√§”π«≥°”‰√µàÕÀÿâπ≈¥≈ß‡µÁ¡∑’Ë¡’®”π«π·µ°µà“ß‰¡à‡°‘π√âÕ¬≈– 10 ¢Õß°”‰√ µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ´÷Ëß∂◊Õ«à“‰¡à¡’π—¬ ”§—≠

Deferred Charges Deferred charges of the Company consist of: -

Costs of issuing convertible bonds which were being amortised over the lives of the bonds of 10 years from October 1993 onward, but written off to expenditure in full in 1997.

Deferred charges of subsidiary companies consist of: -

Organisation expenses which are being amortised over a period of 5 years from 1994.

Initial administrative expenses of the Industrial Estate which are being amortised over a period of 3 years as from September 1995.

Pre-operating expenses which are being amortised over a period of 5 years as from January 1997.

Income Received in Advance Income received in advance represents the amount of installments received over the amount of revenues which are recognised using the percentage of completion method.

Discount on Convertible Bonds Discount on convertible bonds is amortised over the lives of the convertible bonds.

Accounts in Foreign Currency -

The financial statements of an overseas subsidiary company are translated into Baht for consolidation purposes using rates of ex-

change as follows: -

Assets and liabilities are translated at the exchange rate ruling at the end of the year.

Revenues and expenses are translated at exchange rates ruling on the transaction dates.

Share capital is translated at the exchange rate ruling on the transaction date.

Gains and losses from translation of foreign financial statements are included under shareholdersâ&#x20AC;&#x2122; equity. -

Convertible bonds are translated into Baht at the forward rate of exchange stated in the Bond prospectus except for convertible

bonds purchased by a subsidiary company which is converted into Baht at the rate stated in an agreement between the Company and that subsidiary. Gain or loss on translation is included in the statement of income. -

Accrued interest expense on convertible bonds is translated into Baht at the rate of exchange at the end of the year. Gain or loss on

translation is included in the statement of income. -

The provision for redemption of convertible bonds is converted into Baht at the rates stated in the Bond prospectus. Gain or loss on

translation is included in the statement of income. -

Foreign currency transactions during the year are converted into Baht at the rates prevailing on the dates of the transactions. Assets

and liabilities at the end of the year are converted into Baht at the rates of exchange on that date. Gain or loss on translation is included in the statement of income. -

The Company and a subsidiary have recognised an exchange loss arising from the change to the managed float system in 1997,

and presented it as â&#x20AC;&#x153;Exchange loss on change to the managed float systemâ&#x20AC;? in the statement of income.

Earnings (loss) per Share Primary earnings (loss) per share is computed by dividing net income (loss) for the year by the number of shares outstanding at the end of the year. Fully diluted earnings per share is not shown if it does not differ by more than 10% of primary earnings per share or if the Company has incurred a loss from operations.

À¡“¬‡Àµÿ 3 - √“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…∑— ¡’√“¬°“√∫—≠™’∫“ß à«π°—∫∫√‘…∑— „π‡§√◊Õ·≈–∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π º≈¢Õß√“¬°“√‡À≈à“π’‰È ¥â· ¥ß‰«â„πß∫°“√‡ß‘πµ“¡¡Ÿ≈∞“π∑’µË °≈ß√à«¡°—π√–À«à“ß∫√‘…∑— °—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π °≈à“«§◊Õ Õ—µ√“§à“π“¬Àπâ“§”π«≥®“°°“√¢“¬ 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“ ·≈–Õ—µ√“¥Õ°‡∫’È¬∑’Ë§‘¥®“°‡ß‘π°Ÿâ¬◊¡ √–À«à“ß°—π„πÕ—µ√“ 7.50% - 15.50% ∑—Èßπ’È°“√°Ÿâ¬◊¡‡ªìπÀπ’È∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®∑’Ë∑”√à«¡°—π ∫√‘…—∑¡’¬Õ¥§ß‡À≈◊Õ°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªìπ à«πÀπ÷Ëß„πß∫¥ÿ≈‡©æ“–¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ ¥—ßπ’È ®”π«π‡ß‘π 2541 2540 π‚¬∫“¬°“√§‘¥ ∫“∑ ∫“∑ µâπ∑ÿπ√–À«à“ß°—π ‡ß‘π„Àâ°Ÿâ¬◊¡ °. ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡ 212,616,590.78 190,765,604.17 Õ—µ√“¥Õ°‡∫’È¬ 12.50% ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ §à“π“¬Àπâ“§â“ß√—∫ 22,221,292.65 81,358,173.25 5%¢Õß√“§“¢“¬µ“¡ —≠≠“ ‡ß‘π„Àâ°Ÿâ¬◊¡ 61,781,232.88 Õ—µ√“¥Õ°‡∫’È¬11.00-15.00% ‡ß‘π∑¥√Õß®à“¬ 1,114,022.99 ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡ß‘π∑¥√Õß®à“¬ 1,340,666.73 1,340,666.73 ¢. ∫√‘…—∑√à«¡ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡ 12,775,431.03 Õ—µ√“¥Õ°‡∫’È¬ 7.00% ‡ß‘π∑¥√Õß®à“¬ 4,032,641.27 ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡ 1,347,945.24 Õ—µ√“¥Õ°‡∫’È¬ 12.50% §. ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π) ‡ß‘π„Àâ°Ÿâ¬◊¡ 24,136,164.37 Õ—µ√“¥Õ°‡∫’È¬ 15.50% ‡ß‘π°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß®“° °. ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ‡ß‘π∑¥√Õß√—∫ 5,781,123.15 H-International (BVI) Company Limited ‡ß‘π°Ÿâ¬◊¡ 286,024,470.95 ‡ß‘π°Ÿâ¬◊¡®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ 1,162,923,578.50 ¢. ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,518,141.40 „π√–À«à“ßªï∫√‘…—∑¡’√“¬°“√∫—≠™’°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È ¥Õ°‡∫’È¬®à“¬ 68,764.70 ¥Õ°‡∫’È¬√—∫ 11,012,767.91 √“¬‰¥â§à“π“¬Àπâ“ 20,201,175.13

69,752,989.97

213,747,558.72 373,760,490.00 1,518,141.40

7,222,002.72 23,090,919.04 Õ—µ√“¥Õ°‡∫’È¬ 7.00-15.50% 60,022,587.39 5%¢Õß√“§“¢“¬µ“¡ —≠≠“

NOTE 3 - TRANSACTIONS WITH RELATED PARTIES The Company has certain transactions with its related parties. The effects of these transactions are reflected in the accompanying financial statements on the basis determined by the parties concerned. Commission income is 5% of contract price. Interest rates on loans range from 7.50% - 15.50%. Balances with related companies as at December 31, which are shown in the Companyâ&#x20AC;&#x2122;s balance sheet are as follows: (Amounts:Baht) 1998

1997

Intercompany

(Baht)

Terms

212,616,590.78

190,765,604.17

Interest rate 12.50%

Accrued commission income

22,221,292.65

81,358,173.25

5% of contract price

Loan to

61,781,232.88

Loans and advances to:

Subsidiary companies

Eastern Industrial Estate Company Limited Loan to Eastern Seaboard Industrial Estate (Rayong) Company Limited

Advance payment

Interest rate 11.00%-15.00%

1,114,022.99

Eastern Pipeline Services Company Limited Advance payment

1,340,666.73

Associated companies

H-Power Company Limited Loan to Advance payment

12,775,431.03

Interest rate 7.00%

4,032,641.27

1,347,945.24

Interest rate 12.50%

H-Infra Company Limited Loan to

Related companies

Sriracha Harbor Public Company Limited Loan to

24,136,164.37

Interest rate 15.50%

5,781,123.15

69,752,989.97

286,024,470.95

213,747,558.72

1,162,923,578.50

373,760,490.00

1,518,141.40

Loans and advances from:

Subsidiary companies

Eastern Seaboard Industrial Estate (Rayong) Company Limited Advance received H-International (BVI) Company Limited Advance from Loan from repurchase of convertible bonds

Related company

During the year, the Company had transactions with its related parties as follows: Interest expense

68,764.70

7,222,002.72

Interest income

11,012,767.91

23,090,919.04

Interest rate 7.00%-15.50%

Commission income

20,201,175.13

60,022,587.39

5% of contract price

√“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (µàÕ) „πªï 2541 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È ∫√‘…—∑ ª√–‡¿∑°‘®°“√

≈—°…≥– §«“¡ —¡æ—π∏å

∑ÿπ™”√–·≈â« (∫“∑)

∫√‘…—∑¬àÕ¬ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑®”°—¥ ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ * ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ H-International (BVI) Company Limited Hemaraj International Company Limited

—¥ à«π ‡ß‘π≈ß∑ÿπ (%)

æ—≤π“ ºŸâ∂◊ÕÀÿâπ·≈– Õ —ßÀ“√‘¡∑√—æ¬åå ºŸâ∫√‘À“√√à«¡°—π 400,000,000.00 99.99 æ—≤π“ Õ —ßÀ“√‘¡∑√—æ¬å é 358,000,000.00 60.00 ∫√‘°“√„Àâ‡™à“∞“π «“ß∑àÕ¢π∂à“¬«—µ∂ÿ é 60,000,000.00 99.99

√«¡ (∫“∑)

399,999,760.00

5,179,440.42

405,179,200.42

214,800,000.00

397,241,358.24

612,041,358.24

(15,899,122.50)

(15,899,122.50) 1,285,424,792.81

Holding Company

75,000.00 100.00

75,000.00 1,285,349,792.81

Holding Company

25,290.00 99.99

25,290.00

∫√‘…—∑√à«¡ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company ºŸâ∂◊ÕÀÿâπ√à«¡°—π 810,000,000.00 49.99 ** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” é 800,000,000.00 49.99 ** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ ªÑÕππ‘§¡Õÿµ “À°√√¡ é 2,500,000.00 49.99 ** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 250,000.00 49.99 ** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ∫√‘°“√ª√÷°…“ ‡´Õ√å«‘ ‡´ ®”°—¥ ¥â“πæ≈—ßß“π é 250,000.00 49.99 ** Pinago Services Limited Holding Company é 42.59 49.99 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π) ∫√‘°“√∑à“‡∑’¬∫‡√◊Õ é √«¡ * ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

√“§“∑ÿπ (∫“∑)

‡ß‘π≈ß∑ÿπ à«π·∫àß°”‰√ (¢“¥∑ÿπ) (∫“∑)

1,000,000,000.00 15.00

25,290.00

404,999,940.00 -

(12,405,255.68) 361,714,430.78

392,594,684.32 361,714,430.78

2.50 -

771,445.73 (213,721.01)

771,448.23 (213,721.01)

146,861.56 (804,952.41)

75,300,000.00 75,300,000.00 1,095,199,992.50 2,021,080,277.94 3,116,280,270.44

Transactions with related parties (continued) Investments in related parties as at December 31, 1998 are as follows: Paid - up Holding of Company

Type of Business Relationship Z

Investments

Capital

Interest

Cost

Equity

Total

(Baht)

Subsidiary Companies Eastern Industrial Estate Company Limited

Industrial

Co.shareholders and

Estate

managements 400,000,000.00

99.99

399,999,760.00

5,179,440.42

405,179,200.42

214,800,000.00

397,241,358.24

612,041,358.24

(15,899,122.50)

Eastern Seaboard Industrial Estate (Rayong) Company Limited Industrial Estate

358,000,000.00

60.00

60,000,000.00

99.99

Eastern Pipeline Services Company Limited*

Pipe Rack Rental

H-International (BVI) Company Limited (British Virgin Islands) Holding Company

75,000.00 100.00

75,000.00

25,290.00

99.99

25,290.00

Co.shareholders 810,000,000.00

49.99

404,999,940.00

1,285,349,792.81

1,285,424,792.81

Hemaraj International Company Limited

Holding Company

25,290.00

Associated Companies H-Power Company Limited

Holding

(12,405,255.68)

392,594,684.32

361,714,430.78

Company Industrial Power Company Limited** Bowin Power Company Limited** H-Infra Company Limited**

Electricity and Steam Power Generation

800,000,000.00

49.99

Electricity

2,500,000.00

49.99

2.50

771,445.73

771,448.23

Holding Company

250,000.00

49.99

(213,721.01)

Power Consulting

250,000.00

49.99

146,861.56

Holding Company

42.59

49.99

(804,952.41)

Port Services

1,000,000,000.00

15.00

Manufacturer

Operation Power Services Company Limited** Pinago Services Limited** Related Company Sriracha Harbor Public Company Limited Total *

75,300,000.00

1,095,199,992.50 2,021,080,277.94 3,116,280,270.44

Indirect holding by Eastern Industrial Estate Company Limited

** Indirect holding by H-Power Company Limited

√“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (µàÕ) „πªï 2540 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È ∫√‘…—∑ ª√–‡¿∑°‘®°“√

≈—°…≥– §«“¡ —¡æ—π∏å

∑ÿπ™”√–·≈â« (∫“∑)

—¥ à«π ‡ß‘π≈ß∑ÿπ (%)

√“§“∑ÿπ (∫“∑)

∫√‘…—∑¬àÕ¬ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“ ºŸâ∂◊ÕÀÿâπ·≈– ‡Õ ‡µ∑ ®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å ºŸâ∫√‘À“√√à«¡°—π 400,000,000.00 99.99 399,999,760.00 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈ æ—≤π“ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å é 358,000,000.00 60.00 214,800,000.00 * ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ∫√‘°“√„Àâ‡™à“∞“π ‡´Õ√å«‘ ‡´ ®”°—¥ ∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ é 60,000,000.00 99.99 H-International (BVI) Holding Company Company Limited é 75,000.00 100.00 75,000.00 ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ ªÑÕππ‘§¡Õÿµ “À°√√¡ é 2,500,000.00 51.00 1,274,982.50 ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 250,000.00 99.99 249,982.50 Hemaraj International Holding Company Company Limited é 25,290.00 99.99 25,290.00 ∫√‘…—∑√à«¡ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company ** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π) √«¡

é é

810,000,000.00 49.99 800,000,000.00 49.99

404,999,940.00 -

∫√‘°“√∑à“‡∑’¬∫‡√◊Õ ºŸâ∂◊ÕÀÿâπ√à«¡°—π 1,000,000,000.00 15.00

187,500,000.00

‡ß‘π≈ß∑ÿπ à«π·∫àß°”‰√ (¢“¥∑ÿπ) (∫“∑)

√«¡ (∫“∑)

206,332,810.92

606,332,570.92

406,663,919.94

621,463,919.94

(277,527.10)

590,274,937.33

590,349,937.33

1,274,982.50 249,982.50

25,290.00

(9,808,753.63) 6,810,287.13

395,191,186.37 6,810,287.13

187,500,000.00

1,208,924,955.00 1,199,995,674.59 2,408,920,629.59

* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ „π√–À«à“ßªï 2540 ∫√‘…—∑ √—∫‡ß‘πªíπº≈®“°∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ®”π«π‡ß‘π 171.84 ≈â“π∫“∑

À¡“¬‡Àµÿ 4 - ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ - ‡ß‘πΩ“°ª√–®” À—° ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ À—° ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–ºŸ°æ—π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ÿ∑∏‘

2541 2540 121,073,933.32 41,177,511.77 95,973,532.81 131,125,514.41 (24,375,434.22) (6,781,065.07) (98,840,828.86) (133,413,107.60) 93,831,203.05 32,108,853.51

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 4,243,955.04 8,741,583.82 3,815,199.07 2,762,673.19 (16,483,099.60) (6,031,449.80) (6,682,495.12) (5,495,706.50) (15,106,440.61) (22,899.29)

Transactions with related parties (continued) Investments in related parties as at December 31, 1997 are as follows: Paid - up Holding of Company

Type of Business Relationship

Investments

Capital

Interest

Cost

Equity

Total

(Baht)

Subsidiary Companies Eastern Industrial Estate Company Limited

Industrial

Co.shareholders and

Estate

managements 400,000,000.00

99.99

399,999,760.00

206,332,810.92

606,332,570.92

214,800,000.00

406,663,919.94

621,463,919.94

Eastern Seaboard Industrial Estate (Rayong) Company Limited Industrial Estate

358,000,000.00

60.00

Pipe Rack Rental

60,000,000.00

99.99

Holding Company

Eastern Pipeline Services Company Limited*

(277,527.10)

H-International (BVI) Company Limited Bowin Power Company Limited H-Infra Company Limited

75,000.00 100.00

75,000.00

590,274,937.33

590,349,937.33

Electricity Manufacturer

2,500,000.00

51.00

1,274,982.50

Holding Company

250,000.00

99.99

249,982.50

Holding Company

25,290.00

99.99

25,290.00

Holding Company

810,000,000.00

49.99

404,999,940.00

Electricity and Steam ,,

800,000,000.00

49.99

Hemaraj International Company Limited Associated Companies H-Power Company Limited Industrial Power Company Limited**

(9,808,753.63) 6,810,287.13

395,191,186.37 6,810,287.13

Power Generation

Related Company Sriracha Harbor Public Company Limited

Port Services Co.shareholders1,000,000,000.00 15.00

Total *

187,500,000.00

1,208,924,955.00 1,199,995,674.59

187,500,000.00 2,408,920,629.59

Indirect holding by Eastern Industrial Estate Company Limited

** Indirect holding by H-Power Company Limited During 1997 the Company received dividend from Eastern Seaboard Industrial Estate (Rayong) Company Limited in the amount of Baht 171.84 million.

NOTE 4 - CASH AND CASH EQUIVALENTS Cash and cash equivalents as at December 31, consisted of: (Amounts:Baht) Consolidated 1998 Cash on hand and at banks Short-term investments - time deposits

The Company 1997

121,073,933.32

41,177,511.77

95,973,532.81

131,125,514.41

1998

1997

4,243,955.04

8,741,583.82

3,815,199.07

2,762,673.19

(16,483,099.60)

(6,031,449.80)

(133,413,107.60)

(6,682,495.12)

(5,495,706.50)

32,108,853.51

(15,106,440.61)

(22,899.29)

Less Bank overdrafts

(24,375,434.22)

(6,781,065.07)

Less Cash at banks pledged as collateral

(98,840,828.86)

Cash and Cash Equivalents, net

93,831,203.05

À¡“¬‡Àµÿ 5 - ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ ‡ß‘πΩ“°ª√–®” ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - ∫√‘…—∑ ∑“ß¥à«π°√ÿß‡∑æ ®”°—¥ (¡À“™π) - ∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) - ∫√‘…—∑ Õ’ ‡∑‘√åπ «Õ‡µÕ√å ®”°—¥ (¡À“™π) - ∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ·≈–„πÀπà«¬≈ß∑ÿπ À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π √“§“À≈—°∑√—æ¬å √«¡‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å Õ◊ËπÊ √«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 3,815,199.07 2,762,673.19

2541 95,973,532.81

2540 131,125,514.41

712.21 82,900,000.00 2,089,360.00 300,000.00 85,290,072.21

37,962,670.72 82,900,000.00 57,000.00 28,375,747.85 300,000.00 149,595,418.57

712.21 82,900,000.00 2,089,360.00 300,000.00 85,290,072.21

37,962,670.72 82,900,000.00 57,000.00 2,089,360.00 300,000.00 123,309,030.72

(43,813,800.21) 41,476,272.00 137,449,804.81

(36,946,744.73) 112,648,673.84 210,920.42 243,985,108.67

(43,813,800.21) 41,476,272.00 45,291,471.07

(36,946,744.73) 86,362,285.99 210,920.42 89,335,879.60

À¡“¬‡Àµÿ 6 - ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È §à“ß«¥§â“ß√—∫µ“¡ —≠≠“ À—° √“¬‰¥â√Õµ—¥∫—≠™’ ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ÿ∑∏‘ ≈Ÿ°Àπ’È§à“∫√‘°“√ “∏“√≥Ÿª‚¿§ §à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È§à“∫√‘°“√ “∏“√≥Ÿª‚¿§ ÿ∑∏‘ ≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘

2541

2540

243,358,638.00 (141,164,845.12) 102,193,792.88 (19,103,760.78) 83,090,032.10

4,745,895,153.26 (4,560,999,578.04) (184,895,575.22) (178,495,445.92) 6,400,129.30

24,461,219.14 (10,988,858.65) 13,472,360.49 96,562,392.59

15,064,347.49 15,064,347.49 21,464,476.79

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 67,525,750.00 867,316,058.09 (61,937,875.12) (861,728,370.12) 5,587,874.88 5,587,687.97 (1,108,584.57) (3,446,690.59) 4,479,290.31 2,140,997.38 14,219,066.20 (8,694,797.65) 5,524,268.55 10,003,558.86

8,071,381.19 8,071,381.19 10,212,378.57

§à“ß«¥§â“ß√—∫µ“¡ —≠≠“·≈–§à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·¬°µ“¡Õ“¬ÿÀπ’È∑’Ë§â“ß™”√–‰¥â¥—ßπ’È

§à“ß«¥§â“ß√—∫µ“¡ —≠≠“

‰¡à‡°‘π 3 ‡¥◊Õπ ¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ ¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª §à“ß«¥®à“¬‡¡◊ËÕ‚Õπ°√√¡ ‘∑∏‘Ïµ“¡ —≠≠“

√«¡§à“ß«¥§â“ß√—∫µ“¡ —≠≠“ §à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ ‰¡à‡°‘π 3 ‡¥◊Õπ ¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ ¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ §à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ 60

ß∫°“√‡ß‘π√«¡ 80,583,568.00 15,000,000.00 6,610,224.88 102,193,792.88 13,483,589.09 2,076,853.55 2,663,644.50 6,237,132.00 24,461,219.14 (10,988,858.65) 13,472,360.49

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 5,587,874.88 5,587,874.88 4,974,964.85 1,910,922.75 2,283,848.60 5,049,330.00 14,219,066.20 (8,694,797.65) 5,524,268.55

NOTE 5 - SHORT-TERM INVESTMENTS Short-term investments as at December 31, consisted of:

(Amounts:Baht) Consolidated 1998

Time deposits

The Company 1997

1998

1997

95,973,532.81

131,125,514.41

3,815,199.07

2,762,673.19

712.21

37,962,670.72

712.21

37,962,670.72

82,900,000.00

Investments in securities - Bangkok Expressway PCL. - Nakornthai Strip Mill PCL. - Eastern Water PCL.

- N.T.S. Steel Group PCL.

2,089,360.00

- Other companies and unit trusts Less Loss on diminution in value

57,000.00

28,375,747.85

57,000.00

2,089,360.00

300,000.00

85,290,072.21

149,595,418.57

85,290,072.21

123,309,030.72

(43,813,800.21)

(36,946,744.73)

(43,813,800.21)

(36,946,744.73)

41,476,272.00

112,648,673.84

41,476,272.00

86,362,285.99

of investments in securities Total Investments in Securities Others

Total Short-term Investments

137,449,804.81

210,920.42

243,985,108.67

210,920.42

45,291,471.07

89,335,879.60

NOTE 6 - ACCOUNTS RECEIVABLE Accounts receivable as at December 31, consisted of: (Amounts:Baht) Consolidated 1998

The Company 1997

1998

1997

- Land sale contracts receivable Land sale contracts Less Installments received

243,358,638.00

4,745,895,153.26

67,525,750.00

867,316,058.09

(141,164,845.12)

(4,560,999,578.04)

(61,937,875.12)

(861,728,370.12)

Installments receivable

102,193,792.88

(184,895,575.22)

5,587,874.88

5,587,687.97

Less Deferred income

(19,103,760.78)

(178,495,445.92)

(1,108,584.57)

(3,446,690.59)

83,090,032.10

6,400,129.30

4,479,290.31

2,140,997.38

Accrued public utility service income

24,461,219.14

15,064,347.49

14,219,066.20

8,071,381.19

Less Allowance for doubtful accounts

(10,988,858.65)

Land sale contracts receivable, net - Public utility services receivable

(8,694,797.65)

Accrued public utility service income, net

13,472,360.49

15,064,347.49

5,524,268.55

8,071,381.19

Accounts Receivable, net

96,562,392.59

21,464,476.79

10,003,558.86

10,212,378.57

As at December 31, 1998 installments receivable and accrued public utility services income are as follows: (Amounts:Baht) Consolidated Installments receivable

Less than 3 months Over 3 months to 6 months Over 6 months to 12 months Over 12 months Installments paid on date of transfer title deed

Total Installments Receivable

80,583,568.00 15,000,000.00

The Company -

6,610,224.88

5,587,874.88

102,193,792.88

5,587,874.88

Accrued public utility services income Less than 3 months

13,483,589.09

4,974,964. 85

Over 3 months to 6 months

2,076,853.55

1,910,922.75

Over 6 months to 12 months

2,663,644.50

2,283,848.60

Over 12 months Less Allowance for doubtful accounts Accrued Public Utility Services Income , net

6,237,132.00

5,049,330.00

24,461,219.14

14,219,066.20

(10,988,858.65)

(8,694,797.65)

13,472,360.49

5,524,268.55

À¡“¬‡Àµÿ 7 - µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

µâπ∑ÿπ∑’Ë¥‘π°”≈—ßæ—≤π“ µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√ ¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ‚§√ß°“√ ‡ß‘π¡—¥®”§à“∑’Ë¥‘π ß“π‡æ◊Ë¡‡µ‘¡√–∫∫ß“π “∏“≥Ÿª‚¿§ ‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß À—°®”π«π∑’Ë√—∫√Ÿâ‡ªìπµâπ∑ÿπ¢“¬ – ¡ √«¡

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 2541 2540 2,726,752,695.35 2,530,555,467.43 850,743,940.11 850,767,114.80 4,108,394,167.71 4,088,067,635.25 1,081,163,361.49 1,082,340,326.90 1,679,573,475.47 1,580,495,941.23 653,786,861.25 644,626,152.00 4,816,536.00 133,361,666.50 11,063,870.78 10,970,033.59 11,063,870.78 10,970,033.50 38,174,254.89 87,542,528.63 392,500.00 8,568,775,000.20 8,430,993,272.63 2,596,758,033.63 2,589,096,127.20 (5,257,758,750.55) (5,111,592,888.46) (1,392,433,973.12) (1,392,334,441.80) 3,311,016,249.65 3,319,400,384.17 1,204,324,060.51 1,196,761,685.40

ß∫°“√‡ß‘π√«¡ ¥Õ°‡∫’È¬®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«πª√–¡“≥ 99.80 ≈â“π∫“∑·≈– 140.01 ≈â“π∫“∑ µ“¡≈”¥—∫ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ¥Õ°‡∫’È¬®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«πª√–¡“≥ 9.88 ≈â“π∫“∑·≈– 45.34 ≈â“π ∫“∑ µ“¡≈”¥—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬§◊Õ∫√‘…—∑ Õ’ ‡∑‘√åπ´’ ∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ®”π«π‡ß‘π 1,204.32 ≈â“π∫“∑·≈– 1,641.95≈â“π∫“∑µ“¡≈”¥—∫ · ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ß¥â“π°“√‡ß‘π¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§„πªí®®ÿ∫—π ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√ ‡ πÕ¢“¬‚§√ß°“√Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â„πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡‘‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“¢Õß‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬ ºŸâª√–‡¡‘πÕ‘ √–

À¡“¬‡Àµÿ 8 - ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ‡ß‘π≈ß∑ÿπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π °. ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ‡©æ“– à«π∑’Ë· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ª√–‡¿∑∏ÿ√°‘® ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ (Àπà«¬ ≈â“π∫“∑) 2541 2540 ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 400 400 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 215 215 * ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘°“√„Àâ‡™à“∑“ß«“ß∑àÕ¢π∂à“¬«—µ∂ÿ H-International (BVI) Company Limited Holding Company 0.075 0.075 ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company 405 405 **∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” **∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ **∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company **∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π **Pinago Services Limited Holding Company * ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ **∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈– 2541 99.99 60.00 99.99 100.00 49.99 49.99 25.50 49.99 49.99 49.99

2540 99.99 60.00 99.99 100.00 49.99 49.99 -

NOTE 7 - COST OF REAL ESTATE DEVELOPMENT Cost of real estate development as at December 31, consisted of: (Amounts:Baht) Consolidated 1998

The Company 1997

1998

1997

Land cost - under development

2,726,752,695.35

2,530,555,467.43

850,743,940.11

850,767,114.80

Development project costs

4,108,394,167.71

4,088,067,635.25

1,081,163,361.49

1,082,340,326.90

Interest capitalised

1,679,573,475.47

1,580,495,941.23

653,786,861.25

644,626,152.00

Land deposits

4,816,536.00

133,361,666.50

Additional utility cost

11,063,870.78

10,970,033.59

Advance for construction costs Less Costs transferred to cost of sales Total

11,063,870.78

38,174,254.89

87,542,528.63

8,568,775,000.20

8,430,993,272.63

(5,257,758,750.55)

(5,111,592,888.46)

3,311,016,249.65

3,319,400,384.17

10,970,033.50

2,596,758,033.63

392,500.00 2,589,096,127.20

(1,392,433,973.12) (1,392,334,441.80) 1,204,324,060.51

1,196,761,685.40

Consolidated Interest expense for the years ended December 31, 1998 and 1997 are capitalised to cost of real estate developments in the approximate amounts of Baht 99.80 million and Baht 140.01 million, respectively. The Company Interest expense for the years ended December 31, 1998 and 1997, are capitalised to cost of real estate developments in the approximate amounts of Baht 9.88 million and Baht 45.34 million, respectively. As at December 31, 1998, cost of real estate developments of Hemaraj Land and Development Public Company Limited and Eastern Seaboard Industrial Estate (Royong) Company Limited, a subsidiary company, in the amounts of Baht 1,204.32 million and Baht 1,641.95 million, respectively, are stated at cost and have not been appraised by an independent appraiser. In addition, the real estate business has been affected by the adverse economic conditions in Thailand and the Asia Pacific Region. The net realisable values of these assets may be lower than the values stated in the balance sheets.

NOTE 8 - INVESTMENTS AND LOANS Investments in related companies - Investments in securities, using equity method as at December 31, comprise: Type of Business

Value of Investment

Holding of Interest

(Amounts:Million Baht)

1998

1997

1998

1997

Eastern Industrial Estate Company Limited

Industrial Estate

400

99.99

Eastern Seaboard Industrial Estate

Industrial Estate

215

60.00

Eastern Pipeline Services Company Limited*

Pipe Rack Rental

99.99

H-International (BVI) Company Limited

Holding Company

0.075

100.00

Holding Company

405

49.99

Electricity and Steam

49.99

Electricity Manufacturer

25.50

Holding Company

49.99

Operation Power Services Company Limited**

Power Consulting

49.99

Pinago Services Limited**

Holding Company

49.99

(Rayong) Company Limited

H-Power Company Limited Industrial Power Company Limited**

Power Generation Bowin Power Company Limited** H-Infra Company Limited**

Indirect holding by Eastern Industrial Estate Company Limited

** Indirect holding by H-Power Company Limited

¢. ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å∑’Ë· ¥ß„π√“§“∑ÿπ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ª√–‡¿∑∏ÿ√°‘®

∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Hemaraj International Co., Ltd.

∫√‘°“√∑à“‡∑’¬∫‡√◊Õ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ Holding Company Holding Company

¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ (Àπà«¬ ≈â“π∫“∑) 2541 2540 75.30 187.50 1.27 0.25 0.025 0.025

∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈– 2541 15.00 99.99

2540 15.00 51.00 99.99 99.99

„π‰µ√¡“ ∑’Ë 3 ß«¥ 2540 ∫√‘…—∑‰¥â≈¥ —¥ à«π°“√≈ß∑ÿπ„π∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ®“°‡¥‘¡∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 85 ‡ªìπÕ—µ√“√âÕ¬≈– 49.99 ·≈– ∫√‘…—∑∑”°“√ª√—∫ß∫°“√‡ß‘πß«¥°àÕπÊ„À¡à ¡’º≈„Àâ°”‰√ – ¡¬°¡“µâπß«¥ 2540 ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π‡ß‘π 23.16 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ„π Hemaraj International Co., Ltd. ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈–99.99 · ¥ß„π√“§“∑ÿπ ‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈– ‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ „πªï 2540 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ·≈–∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 99.99 ·≈– 51 µ“¡≈”¥—∫· ¥ß„π √“§“∑ÿπ ‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕµàÕ¡“„πªï 2541 ∫√‘…—∑‰¥â¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¥—ß°≈à“«„Àâ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑√à«¡ ·≈–‰¥â∫—π∑÷°∫—≠™’µ“¡«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ 2541 ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πª√–°Õ∫¥â«¬ °. ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å∑’Ë· ¥ßµ“¡«‘∏’√“§“∑ÿπ √«¡‡ß‘π≈ß∑ÿπ ¢. ‡ß‘π„Àâ°Ÿâ¬◊¡ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ √«¡‡ß‘π„Àâ°Ÿâ¬◊¡ √«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ „π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠∫√‘…—∑Õ◊Ëπ √«¡‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ √«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡

754,208,751.47 76,825,316.00 831,034,067.47

2540

402,001,509.50 3,040,954,980.44 2,219,870,374.59 226,550,232.50 75,325,290.00 189,050,255.00 628,551,742.00 3,116,280,270.44 2,408,920,629.59

14,123,376.27 239,174,954.75 253,298,331.02 (32,488,095.53) 220,810,235.49 1,051,844,302.96

275,738,490.39 239,479,112.62 14,123,376.27 45,136,164.37 11,488,095.53 284,615,276.99 301,349,962.19 (11,488,095.53) 284,615,276.99 289,861,866.66 913,167,018.99 3,406,142,137.10

1,000,000.00 1,000,000.00 1,052,844,302.96

1,000,000.00 1,000,000.00 914,167,018.99 3,406,142,137.10 2,626,277,087.85

193,220,293.89 24,136,164.37 217,356,458.26 217,356,458.26 2,626,277,087.85

- Investments in securities, using cost method as at December 31, comprises: Type of Business

Sriracha Harbor Public Company Limited Bowin Power Company Limited

Value of Investment

Holding of Interest

(Amounts:Million Baht)

1998

1997

1998

1997

Port Services

75.30

187.50

15.00

Electricity Manufacturer

1.27

51.00

H-Infra Company Limited

Holding Company

0.25

99.99

Hemaraj International Co., Ltd.

Holding Company

0.025

99.99

The consolidated results for years ended before December 31, 1997 have been restated for comparative purposes since the Company decreased its percentage of holding in Industrial Power Company Limited from 85.00% to 49.99% in the third quarter of 1997. The result of the restatement is to increase the beginning balance of retained earnings as at January 1, 1997 by an amount of Baht 23.16 million. Investments in Hemaraj International Company Limited, of which the Company holds 99.99%, is accounted for using the cost method because operations have not yet commenced and available information is inadequate. In 1997, investments in Bowin Power Company Limited and H-Infra Company Limited, of which the Company holds 99.99% and 51%, respectively, are accounted for using the cost method because operations have not yet commenced and available information is inadequate. Subsequently, in 1998, the two companies were sold to H-Power Company Limited, an associated company, and are now accounted for using the equity method. Investments and loans as at December 31, consisted of: (Amounts:Baht) Consolidated 1998

The Company 1997

1998

1997

Investments and loans - related parties, consisted of: - Investments Investments in securities, using equity method Investments in securities, using cost method Total Investments

754,208,751.47

402,001,509.50

3,040,954,980.44

2,219,870,374.59

76,825,316.00

226,550,232.50

75,325,290.00

189,050,255.00

831,034,067.47

628,551,742.00

3,116,280,270.44

2,408,920,629.59

275,738,490.39

193,220,293.89

- Loans Subsidiary companies Associated companies Related companies Less Allowance for doubtful accounts Total Loans

14,123,376.27

239,479,112.62

14,123,376.27

239,174,954.75

45,136,164.37

11,488,095.53

24,136,164.37

253,298,331.02

284,615,276.99

301,349,962.19

217,356,458.26

(32,488,095.53)

(11,488,095.53)

220,810,235.49

284,615,276.99

289,861,866.66

217,356,458.26

1,051,844,302.96

913,167,018.99

3,406,142,137.10

2,626,277,087.85

Total Investments and Loans - Related Parties

Investments in other company Investment in security Total Investment in Other Company Total Investments and Loans

1,000,000.00

1,052,844,302.96

914,167,018.99

3,406,142,137.10

2,626,277,087.85

À¡“¬‡Àµÿ 9 - ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ µâπ∑ÿπ∑’Ë¥‘π√Õ°“√æ—≤π“ µâπ∑ÿπ∑’Ë¥‘π‚§√ß°“√∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« ¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ‚§√ß°“√ ‘∑∏‘°“√‡™à“∑’Ë¥‘π À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ √«¡

2541 2540 10,201,000.00 10,201,000.00 1,404,434,126.06 1,404,434,126.06 271,586,688.37 270,578,905.30 556,022,820.04 556,022,820.04 77,077,105.71 77,077,105.71 2,319,321,740.18 2,318,313,957.11 (126,618,274.22) (41,041,023.19) 2,192,703,465.96 2,277,272,933.92

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 10,201,000.00 10,201,000.00 1,135,106,060.06 1,135,106,060.06 269,028,504.82 268,020,721.75 556,022,820.04 556,022,820.04 77,077,105.71 77,077,105.71 2,047,435,490.63 2,046,427,707.56 (126,618,274.22) (41,041,023.19) 1,920,817,216.41 2,005,386,684.37

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 1,721.68 ≈â“π∫“∑ · ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ß¥â“π°“√‡ß‘π¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§ ‡Õ‡´’¬·ª´‘øî§„πªí®®ÿ∫—π ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â„πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑¡‘‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“‚§√ß°“√‚¥¬ ºŸâª√–‡¡‘πÕ‘ √–

À¡“¬‡Àµÿ 10 - ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å - ÿ∑∏‘ ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ ∑’Ë¥‘π Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß à«πª√—∫ª√ÿßÕ“§“√ ‡§√◊ËÕßµ°·µàß·≈–‡§√◊ËÕß„™â ”π—°ß“π ¬“πæ“Àπ– ß“π√–À«à“ß°àÕ √â“ß ‘π∑√—æ¬å„Àâ‡™à“ ∑àÕ àßπÈ”¥‘∫ ∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ À—° §à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ – ¡ ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘

2541 17,277,383.14 199,350,562.71 1,415,947.48 43,912,377.68 22,806,504.37 19,291,750.51 13,179,293.93 3,657,573.47 102,203,644.55 423,095,037.84 (62,179,005.12) 360,916,032.72

2540 3,754,881.20 57,857,969.80 1,415,947.48 38,962,470.43 23,627,759.75 6,091,240.73 102,527,310.55 234,237,579.94 (36,873,013.87) 197,364,566.07

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 2,935,589.20 2,935,589.20 45,348,560.80 45,348,560.80 1,415,947.48 1,415,947.48 28,102,412.17 25,991,004.79 9,792,793.16 10,149,144.00 723,663.78 5,261,884.73 3,657,573.47 91,976,540.06 91,102,131.00 (33,020,302.16) (25,009,597.32) 58,956,237.90 66,092,533.68

§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–Õÿª°√≥å¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„πß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ¡’®”π«π 26.78 ≈â“π∫“∑ ·≈– ®”π«π 13.69 ≈â“π∫“∑ µ“¡≈”¥—∫ §à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–Õÿª°√≥å¢Õß∫√‘…—∑ „πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ¡’®”π«π 9.01 ≈â“π∫“∑ ·≈– ®”π«π 8.98 ≈â“π∫“∑ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 11 - §à“§«“¡π‘¬¡ §à“§«“¡π‘¬¡ ‰¥â·°à®”π«π ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë‡°‘π¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ ≥ «—π´◊ÈÕÀÿâπ ®”π«π 15,921,431.39 ∫“∑ ¡’°”Àπ¥µ—¥∫—≠™’¿“¬„π 10 ªï π—∫·µà‡¥◊Õπ°—π¬“¬π 2534

NOTE 9 - LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL PURPOSES Leasehold land and land held for commercial purposes as at December 31, consisted of: (Amounts:Baht) Consolidated 1998

The Company 1998

1997

10,201,000.00

1,404,434,126.06

1,135,106,060.06

Suspended development project costs

271,586,688.37

270,578,905.30

269,028,504.82

268,020,721.75

Interest capitalised

556,022,820.04

77,077,105.71

2,319,321,740.18

2,318,313,957.11

2,047,435,490.63

2,046,427,707.56

Land bank Land cost of projects suspended from development

Land leasehold Less Loss on projects revaluation Total

1997

(126,618,274.22) 2,192,703,465.96

(41,041,023.19) 2,277,272,933.92

(126,618,274.22) 1,920,817,216.41

(41,041,023.19) 2,005,386,684.37

As at December 31, 1998, leasehold land and land held for commercial purposes of Hemaraj Land and Development Public Company Limited in the amount of Baht 1,721.68 million is stated at cost and has not been appraised by an independent appraiser. In addition, the real estate business has been affected by the adverse economic conditions in Thailand and the Asia Pacific Region. The net realisable value of this asset may be lower than the value stated in the balance sheets.

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment as at December 31, consisted of: (Amounts:Baht) Consolidated 1998 Land Building Building improvements Office furniture and fixture

The Company 1998

1997

17,277,383.14

3,754,881.20

1997

2,935,589.20

199,350,562.71

57,857,969.80

45,348,560.80

1,415,947.48

43,912,377.68

38,962,470.43

28,102,412.17

25,991,004.79

Vehicles

22,806,504.37

23,627,759.75

9,792,793.16

10,149,144.00

Construction in progress

19,291,750.51

6,091,240.73

723,663.78

5,261,884.73

Lease assets

13,179,293.93

Raw water pipe Pipe rack Less Accumulated depreciation and amortisation Property, Plant and Equipment, net

3,657,573.47

3,657,573.47 -

102,203,644.55

102,527,310.55

423,095,037.84

234,237,579.94

91,976,540.06

91,102,131.00

(62,179,005.12)

(36,873,013.87)

(33,020,302.16)

(25,009,597.32)

360,916,032.72

197,364,566.07

58,956,237.90

66,092,533.68

Depreciation of building and equipment in the consolidated financial statements for the years ended December 31, 1998 and 1997 amounted to Baht 26.78 million and Baht 13.69 million, respectively. Depreciation of building and equipment in the Companyâ&#x20AC;&#x2122;s financial statements for the years ended December 31, 1998 and 1997 amounted to Baht 9.01 million and Baht 8.98 million, respectively.

NOTE 11 - GOODWILL Goodwill represents the excess of acquisition cost over net assets of investments in subsidiary companies at the date of acquisition in the amount of Baht 15,921,431.39, and is being amortised over a ten-year period as from September 1991.

À¡“¬‡Àµÿ 12 - ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑) 2541 33,177,411.14 15,526,151.12 82,460,004.21 131,165,566.47

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ √«¡

2540 66,354,815.14 18,209,028.00 17,014,365.09 101,578,208.23

∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬∑—ßÈ 2 ·Ààß ”√Õß®à“¬§à“°àÕ √â“ß “¬ àß‰øøÑ“„ππ‘§¡Õÿµ “À°√√¡„Àâ·°à°“√‰øøÑ“ à«π¿Ÿ¡¿‘ “§·≈–¡’‡ß◊ÕË π‰¢„π°“√√—∫‡ß‘π¥—ß°≈à“«§◊π‚¥¬ °“√ºàÕπ™”√–¿“¬„π√–¬–‡«≈“‰¡àµË”°«à“ 3 ªï ‚¥¬‰¡à¡’¥Õ°‡∫’È¬ π—∫·µà¡’°“√®à“¬°√–· ‰øøÑ“®“° “¬ àß¥—ß°≈à“« ∑—Èßπ’È„πÕ—µ√“‰¡à‡°‘π√âÕ¬≈– 30 ¢Õß§à“‰øøÑ“∑’Ë °“√‰øøÑ“ à«π¿Ÿ¡‘¿“§‡√’¬°‡°Á∫®“°ºŸâª√–°Õ∫°“√„ππ‘§¡

À¡“¬‡Àµÿ 13 - ‡ß‘π∑ÿπ®¡ ‡ß‘π∑ÿπ®¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ 2541 53,799,567.11 20,377,618.60 119,455,296.79 193,632,482.50

(Àπà«¬ : ∫“∑) 2540 85,686,570.98 85,686,570.98

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∫—π∑÷°∫—≠™’‡ß‘π∑ÿπ®¡µ“¡·π«∑“ß∑’Ë‰¥âÀ“√◊Õ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡√◊ËÕßª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π µ“¡ ∑’Ë°≈à“«„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 27 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ∫√‘…—∑‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡¥”‡π‘πß“π ≈ß «—π∑’Ë 4 °—π¬“¬π 2539 ´÷Ëß√–∫ÿ«à“∫√‘…—∑µâÕß‡ªî¥∫—≠™’‡ß‘πΩ“°ª√–®”°—∫∏π“§“√·ÀàßÀπ÷Ëß·≈–¬°°√√¡ ‘∑∏‘Ï„Àâ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬¡’ «—µ∂ÿª√– ß§å‡æ◊ËÕ„™â„π°“√∫”√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§„Àâ°—∫ºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡

À¡“¬‡Àµÿ 14 - §à“„™â®à“¬√Õµ—¥∫—≠™’ §à“„™â®à“¬√Õµ—¥∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

§à“„™â®à“¬°àÕπ‡√‘Ë¡¥”‡π‘πß“π §à“„™â®à“¬Õ◊Ëπ√Õµ—¥∫—≠™’ √«¡

ß∫°“√‡ß‘π√«¡ 2541 2540 224,545.17 299,393.57 482,566.35 919,528.21 707,111.52 1,218,921.78

À¡“¬‡Àµÿ 15 - ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ ≥ «—π∑’Ë ∏—π«“§¡ 2541 ª√–°Õ∫¥â«¬

‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ √«¡‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’

ß∫°“√‡ß‘π√«¡ 192,822,739.72 146,740,331.43 339,563,071.15

NOTE 12 - ADVANCE TO PROVINCIAL ELECTRICITY AUTHORITY Advance to Provincial Electricity Authority as at December 31, consisted of: (Amounts:Baht) 1998 Hemaraj Land and Development Public Company Limited

1997

33,177,411.14

66,354,815.14

Eastern Industrial Estate Company Limited

15,526,151.12

18,209,028.00

Eastern Seaboard Industrial Estate (Rayong) Company Limited

82,460,004.21

17,014,365.09

131,165,566.47

101,578,208.23

Total

The Company and the two subsidiaries have advanced to the Provincial Electricity Authority for wire construction costs supporting electricity in their industrial estates under the condition of recovering those costs without interest, by way of receiving installments in the period not less than 3 years from the date of using the wire to distribute electricity to the industrial estates. The installments are being made quarterly at the rate of 30% of electricity fees that the Provincial Electricity Authority charge to consumers.

NOTE 13 - SINKING FUND Sinking fund as at December 31, consisted of: (Amounts:Baht) 1998

1997

Hemaraj Land and Development Public Company Limited

53,799,567.11

Eastern Industrial Estate Company Limited

20,377,618.60

Eastern Seaboard Industrial Estate (Rayong) Company Limited Total

119,455,296.79

85,686,570.98

193,632,482.50

85,686,570.98

Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company Limited The Company and the subsidiary have accounted for sinking fund in accordance with the discussion with IEAT in respect of planning for resolving the joint operation agreements as described in note 27 to the financial statements.

Eastern Seaboard Industrial Estate (Rayong) Company Limited The company has entered into a contract dated September 4, 1996 with The Industrial Estate Authority of Thailand (IEAT) to establish Eastern Seaboard Industrial Estate (Rayong). The Company was obligated to set aside a fixed deposit at a bank and to transfer withdrawal rights to IEAT to pay for maintaining and constructing utility systems for customers within Eastern Seaboard Industrial Estate (Rayong).

NOTE 14 - DEFERRED CHARGES Deferred charges as at December 31, consisted of: (Amounts:Baht) Consolidated

The Company

1998

1997

1998

1997

Pre-operating expenses

224,545.17

299,393.57

Other deferred charges

482,566.35

919,528.21

707,111.52

1,218,921.78

Total

NOTE 15 - LIABILITIES ON IMMEDIATE DEMAND Liabilities on immediate demand as at December 31, 1998, consisted of: (Amounts:Baht) Consolidated

The Company

Loans from financial institutions on immediate demand

192,822,739.72

Long-term liabilities on immediate demand

146,740,331.43

110,000,000.00

339,563,071.15

302,822,739.72

Total Liabilities on Immediate Demand

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) µ—Î« —≠≠“„™â‡ß‘π ∂“∫—π°“√‡ß‘π 3 ·Ààß (2 ·Ààßªî¥°‘®°“√‡ªìπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß) ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√ ‡ß‘π·ÀàßÀπ÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 192.82 ≈â“π∫“∑ ·≈– ®”π«π‡ß‘π 110 ≈â“π∫“∑ µ“¡≈”¥—∫ §√∫°”Àπ¥™”√–§◊π√–À«à“ßªï 2541 ªí®®ÿ∫—π ∫√‘…—∑Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 36.74 ≈â“π∫“∑ ´÷Ëß°Ÿâ®“° ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß∑’Ëªî¥°‘®°“√‡ªìπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’ «à“°“√°√–∑√«ß°“√§≈—ß §√∫°”Àπ¥™”√–§◊π„π√–À«à“ßªï 2541 ®”π«π‡ß‘π 3.70 ≈â“π∫“∑ ·µà∫√‘…—∑‰¡à “¡“√∂™”√–§◊πµ“¡°”Àπ¥ ¡’º≈„Àâ¡Ÿ≈Àπ’È∑—ÈßÀ¡¥§√∫ °”Àπ¥™”√–§◊π∑—π∑’µ“¡∑’Ë√–∫ÿ„π —≠≠“°Ÿâ¬◊¡‡ß‘π ªí®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡µ√’¬¡·ºπ‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π

À¡“¬‡Àµÿ 16 - √“¬‰¥â√—∫≈à«ßÀπâ“ √“¬‰¥â√—∫≈à«ßÀπâ“ „πß∫°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑) 2541 ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È À—° √“¬‰¥â√Õµ—¥∫—≠™’ √“¬‰¥â√—∫≈à«ßÀπâ“

7,766,977,912.83 (7,755,977,910.83) (260,691,380.85) (249,691,378.85)

2540 2,973,601,920.50 (2,973,601,918.50) (46,056,975.05) (46,056,973.05)

À¡“¬‡Àµÿ 17 - Àÿâπ°Ÿâ·ª≈ß ¿“æ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ¡Ÿ≈§à“ 60 ≈â“π¥Õ≈≈“√å À√—∞ ‡¡◊ËÕ«—π∑’Ë 9 °—π¬“¬π 2536 ¥Õ°‡∫’È¬Õ—µ√“ 3.5% ÿ∑∏‘®“°¿“…’À—° ≥ ∑’Ë®à“¬ °”Àπ¥®à“¬ªï≈–§√—Èß‡√‘Ë¡ µ—Èß·µà«—π∑’Ë 9 °—π¬“¬π 2537 ·≈–™”√–§◊π„π«—π∑’Ë 9 °—π¬“¬π 2546 ´÷Ëß∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 11/2536 ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2536 ¡’¡µ‘„Àâ∫√‘…—∑ ®—¥ √√‡ß‘π∑’Ë‰¥â®“°°“√ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ®”π«π‡ß‘πª√–¡“≥ 1,512.18 ≈â“π∫“∑ „™â‡æ◊ËÕ°“√æ—≤π“ “∏“√≥Ÿª‚¿§ ”À√—∫∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ·≈–„Àâ ∫√‘…—∑∫—π∑÷°¥Õ°‡∫’È¬®à“¬∑’Ë‡°‘¥®“°°“√°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ¢Õß‚§√ß°“√∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‡ß◊ËÕπ‰¢°“√·ª≈ß ¿“æ Àÿâπ°Ÿâ·µà≈–Àÿâπ¡’ ‘∑∏‘·ª≈ß ¿“æ‡ªìπÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë™”√–§à“Àÿâπ‡µÁ¡®”π«π·≈â«‰¥â 135 Àÿâπ µ—Èß·µà«—π∑’Ë 9 ∏—π«“§¡ 2536 ∂÷ß«—π∑’Ë 9 ‘ßÀ“§¡ 2546 À“° ¡’°“√·ª≈ß ¿“æÀÿâπ°Ÿâ∑—Èß ‘Èπ ®”π«πÀÿâπ∑—Èß ‘Èπ∑’Ëæ÷ßÕÕ°®“°°“√·ª≈ß ¿“æ®–‡∑à“°—∫ 10.4% ¢Õß∑ÿπ‡√◊ÕπÀÿâπÀ≈—ß®“°·ª≈ß ¿“æ·≈â« ∫√‘…—∑Õ“®‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥âµ—Èß·µà«—π∑’Ë 9 °—π¬“¬π 2539 ‡ªìπµâπ‰ª„π√“§“√–À«à“ß 109.28% ∂÷ß 116.50% ¢Õß¡Ÿ≈§à“Àÿâπ°Ÿâ ·ª≈ß ¿“æ ·≈–ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¡’ ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ‰¥â„π«—π∑’Ë 9 °—π¬“¬π 2541 „π√“§“ 116.50% ¢Õß¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ π‚¬∫“¬ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ ∫√‘…—∑¡’π‚¬∫“¬µ—Èß ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§ß‡À≈◊ÕÕ¬Ÿà∑—Èß®”π«π ‚¥¬· ¥ß√«¡ ‰«â„πÀÿâπ°Ÿâ·ª≈ß ¿“æ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ¡’®”π«π‡ß‘πª√–¡“≥ 452.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 1,248.67 ≈â“π∫“∑ µ“¡≈”¥—∫ °“√´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ§◊π „π√–À«à“ßªï 2541 ·≈– 2540 H-International (BVI) Company Limited ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬¡’¡Ÿ≈§à“ª√–¡“≥ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ ∑’Ëª√–™ÿ¡ §≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 3 ‘ßÀ“§¡ 2541 ¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑∑” —≠≠“™”√–§◊π‡ß‘π§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„Àâ·°à∫√‘…—∑¬àÕ¬¥—ß°≈à“«„π√“§“µ“¡¡Ÿ≈§à“ Àÿâπ°Ÿâ‡ªìπ®”π«π‡ß‘π 30.34 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘πª√–¡“≥ 1,163 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑· ¥ß‰«â„π∫—≠™’‡ß‘π°Ÿâ¬◊¡®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ªí®®ÿ∫—π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√¬°‡≈‘°Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë´◊ÈÕ§◊π∑—ÈßÀ¡¥µ“¡‡ß◊ËÕπ‰¢∑’Ë√–∫ÿ„πÀπ—ß ◊Õ™’È™«π °“√º‘¥π—¥°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ ∫√‘…—∑¡‘‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂Õπ„π«—π∑’Ë 9 °—π¬“¬π 2541 πÕ°®“°π’È∫√‘…—∑¡‘‰¥â®à“¬™”√–¥Õ°‡∫’È¬ Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§√∫°”Àπ¥™”√–„π«—π‡¥’¬«°—π ®”π«π‡ß‘π 0.99 ≈â“π¥Õ≈≈“√å À√—∞ (36.48 ≈â“π∫“∑) ªí®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡®√®“°—∫ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È ´÷Ëß¬—ß‰¡à∑√“∫º≈°“√‡®√®“ 70

Hemaraj Land and Development Public Company Limited As at December 31, 1998, the Company had failed to meet repayments in respect of promissory notes issued to 3 financial institutions (2 of those financial institutions have been closed down in accordance with a notice of the Ministry of Finance) and a long-term loan from another financial institution in the amounts of Baht 192.82 million and Baht 110 million, respectively, which were due in the year 1998. The Company is in the process of negotiating for debt restructuring.

Eastern Pipeline Services Company Limited As at December 31, 1998, the company had failed to meet repayments in respect of installments of long-term loan from a financial institution which has been closed down in accordance with a notice of the Ministry of Finance, with principal in the amount of Baht 36.74 million, of which Baht 3.70 million was due in the year 1998. According to the loan agreement, the whole amount of loan is consequently placed on immediate demand. The company is in the process of negotiating for debt restructuring.

NOTE 16 - INCOME RECEIVED IN ADVANCE Income received in advance in the consolidated financial statements as at December 31, consisted of: (Amounts:Baht) 1998

1997

Land sale contracts receivable Land sale contracts Less Installments received Less Deferred income Income Received in Advance

7,766,977,912.83

2,973,601,920.50

(7,755,977,910.83)

(2,973,601,918.50)

(260,691,380.85)

(46,056,975.05)

(249,691,378.85)

(46,056,973.05)

NOTE 17 - CONVERTIBLE BONDS Hemaraj Land and Development Public Company Limited The US$ 60 million convertible bonds, issued on September 9, 1993, bear interest at the rate of 3.5 percent per annum, net of withholding tax, payable annually commencing on September 9, 1994, and will be redeemed on September 9, 2003. On September 10, 1993 a resolution was passed by the Board of Directors Meeting No.11/1993 to approve the Company to manage funds from convertible bonds in the amount of Baht 1,512.18 million for developing land for commercial purposes and to record the interest from convertible bonds as a part of land development cost.

Conversion and Option for Redemption As from December 9, 1993 up to August 9, 2003, each convertible bond may be converted into 135 fully paid shares of the Company and, if all the convertible bonds were converted, the shares issuable on conversion would amount to approximately 10.4 percent of the Companyâ&#x20AC;&#x2122;s issued share capital following conversion. The convertible bonds may be redeemed, in whole or in part, by the Company as from September 9, 1996 at varying percentages of the principal amount from 109.28 percent to 116.50 percent. At the option of the bondholders, the Company must redeem such convertible bonds on September 9, 1998 at 116.50 percent of principal amount.

Reserve for Redemption of Convertible Bonds The Company has based the provision for redemption of convertible bonds on outstanding convertible bonds. As at December 31, 1998 and 1997, the Company had reserved provision for redemption of convertible bonds in the approximate amounts of Baht 452.63 million and Baht 1,248.67 million, respectively, and included this amount within convertible bonds.

Repurchase of Convertible Bonds During 1998 and 1997, H-International (BVI) Company Limited, an overseas subsidiary, repurchased part of the Companyâ&#x20AC;&#x2122;s convertible bonds. According to the Bond prospectus, the repurchased convertible bonds should be cancelled forthwith. As at December 31, 1998, approximately US$ 30.34 million of convertible bonds have been repurchased, equivalent to Baht 1,163.00 million which is shown in loan from related parties in accordance with a resolution passed by a Board of Directors Meeting on August 3, 1998, approving the Company to refund the purchase cost of convertible bonds to the subsidiary at nominal value. Repurchased convertible bonds are in the process of cancellation in accordance with the Bond prospectus.

À¡“¬‡Àµÿ 18 - ‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ≥ 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π √«¡

2541 1,518,141.40 1,518,141.40

2540 484,780.00 1,518,141.40 2,002,921.40

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540 1,162,923,578.50 373,760,490.00 1,518,141.40 1,518,141.40 1,164,441,719.90 375,278,631.40

À¡“¬‡Àµÿ 19 - Àπ’È ‘π√–¬–¬“« Àπ’È ‘π√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2541 2540

ß∫°“√‡ß‘π√«¡ 2541 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑» 2 ·Ààß ·≈– ∂“∫—π°“√‡ß‘π„πª√–‡∑»Àπ÷Ëß·Ààß °. ‡ß‘π°Ÿâ¬◊¡ «ß‡ß‘π 1,200 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ªï π—∫µ—Èß·µà«—π∑’Ë 28 °—π¬“¬π 2537 ºàÕπ™”√–§◊π‡¡◊ËÕ¡’ °“√ª≈Õ¥®”πÕß‚©π¥∑’Ë¥‘π„πÕ—µ√“√âÕ¬≈– 60 ¢Õß√“§“¢“¬∑’Ë¥‘π Õ—µ√“¥Õ°‡∫’È¬ MLR+1% µàÕ¡“«—π∑’Ë 30 °—π¬“¬π 2541 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‡ªìπ«ß‡ß‘π ‘π‡™◊ËÕ 228.25 ≈â“π∫“∑ ‚¥¬¢¬“¬√–¬–‡«≈“ ™”√–§◊πÕ’° 4 ªï §√∫°”Àπ¥™”√–§◊π «—π∑’Ë 28 °—π¬“¬π 2544 ¿“¬„µâ‡ß◊ËÕπ‰¢°“√ºàÕπ™”√–‡¥‘¡ ¥Õ°‡∫’È¬®à“¬™”√– ∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 183,248,700.00 ¢. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È«—π∑’Ë 30 °—π¬“¬π 2541 ‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªìπ‡ß‘π°Ÿâ¬◊¡ √–¬–¬“««ß‡ß‘π 297 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 18 ‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—π¬“¬π 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ®”π«π 14 ß«¥ ‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 297,000,000.00 §. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 150 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ªï π—∫·µàªï 2539 ºàÕπ™”√–§◊π 3 ‡¥◊ÕπµàÕß«¥ √«¡ 12 ß«¥ „π®”π«π‡ß‘π∑’Ë‡∑à“°—π Õ—µ√“¥Õ°‡∫’È¬ MLR+1% µàÕ¡“«—π∑’Ë 14 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â‡®√®“ ª√—∫‚§√ß √â“ßÀπ’È‡ªìπ«ß‡ß‘π ‘π‡™◊ËÕ 75 ≈â“π∫“∑ ‚¥¬¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 5 ªï §√∫°”Àπ¥™”√–§◊π ¿“¬„π‡¥◊Õπ∏—π«“§¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ß«¥≈– 10 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—π«“§¡ 2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 75,000000.00 ß. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È«—π∑’Ë 14 ∏—π«“§¡ 2541 ‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªìπ‡ß‘π°Ÿâ¬◊¡ √–¬–¬“««ß‡ß‘π 100 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 36 ‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ∏—π«“§¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ®”π«π 8 ß«¥Ê ≈– 12.5 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—π«“§¡ 2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 100,000,000.00 72

2540

183,248,700.00

87,500,000.00

183,248,700.00 183,248,700.00

297,000,000.00

75,000,000.00

100,000,000.00

87,500,000.00

Default in Convertible Bonds Redemption The Company failed to redeem the convertible bonds for which the bondholders sought redemption in accordance with their rights on September 9, 1998, and failed to meet payments of interest on convertible bonds due as at that date in the amount of US$ 0.99 million (Baht 36.48 million). At present, management is in the process of negotiation to restructure debts for which the results have not been determined.

NOTE 18 - DUE TO AND LOANS FROM RELATED PARTIES Due to and loans from related parties as at December 31, consisted of (Amounts:Baht) Consolidated 1998 Subsidiary companies

1997 -

Related company Total

The Company 1998

484,780.00

1997

1,162,923,578.50

373,760,490.00

1,518,141.40

2,002,921.40

1,164,441,719.90

375,278,631.40

NOTE 19 - LONG-TERM LIABILITIES Long-term liabilities as at December 31, consisted of: (Amounts:Baht) Consolidated

The Company

1998

1997

1998

183,248,700.00

1997

Hemaraj Land and Development Public Company Limited Loans from two local banks and a local financial institution -

Loan with credit line of Baht 1,200 million, to be repaid within 3 years as from September 28, 1994. Payment, when no Mortgage is at the rate of 60% of Transferred land price.The interest rate is MLR+1% per annum. According to the results of debt restructuring On September 30, 1998, the credit line is changed to Baht 228.25 million and extended to be repaid within 4 years due on September 28, 2001. Payment is made under the old policy. The interest rate is MLR, payable monthly.

183,248,700.00

Loan with credit line of Baht 297 million and grace period of 18 months, which changed from promissory note from debt restructuring on September 30, 1998, to be repaid within 14 quarters from June, 2000 to September, 2003. The interest rate is MLR, payable monthly.

297,000,000.00

Loan in the amount of Baht 150 million, to be repaid within 12 quarters, in 3 years from 1996. The interest rate is MLR+1% per annum. According to the results of debt restructing on December 14, 1998, the credit line is changed to Baht 75 million and extended to be repaid quarterly within 5 years due within 2003, the first installment due on December 14, 2001. Interest is MLR, payable monthly.

75,000000.00

87,500,000.00

75,000,000.00

87,500,000.00

Loan with credit line of Baht 100 million and grace period of 36 months, which changed from promissory note from debt restructuring on December 14,1998, to be repaid quarterly from December 14, 2001 to December 2003 in 8 installments, Baht 12.5 million each. The interest rate is MLR, payable monthly.

100,000,000.00

ß∫°“√‡ß‘π√«¡ 2541 ®. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 110 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 20 ‡¥◊Õπ π—∫µ—Èß·µà«—π∑’Ë 13 °ÿ¡¿“æ—π∏å 2539 Õ—µ√“¥Õ°‡∫’È¬ MLR+0.5% µàÕ¡“«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2541 ∫√‘…—∑‰¥â‡®√®“ ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π∂÷ß«—π∑’Ë 20 ∏—π«“§¡ 2541·≈–Õ—µ√“¥Õ°‡∫’È¬‡ªìπ MLR 110,000,000.00 √«¡ 765,248,700.00 ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑»·ÀàßÀπ÷Ëßª√–°Õ∫¥â«¬ °. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë 30 °—π¬“¬π 2541 ‰¥â‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π ‡ªìπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« «ß‡ß‘π 93 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π ‡ß‘πµâπ 18 ‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—π¬“¬π 2544 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ®”π«π 6 ß«¥ ‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 93,000,000.00 √«¡ 93,000,000.00 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑» 2 ·Ààß ª√–°Õ∫¥â«¬ °. ‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 550 ≈â“π∫“∑ °”Àπ¥™”√–§◊π 50 % ¢Õß√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√‡¡◊ËÕ¡’°“√ ‚Õπ°√√¡ ‘∑∏‘Ï∑’Ë¥‘π ·≈– à«π∑’Ë‡À≈◊Õ °”Àπ¥™”√–§◊π ¿“¬„π 3 ªï π—∫·µà«—π°Ÿâ¬◊¡ ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 469,478,257.25 ¢. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 230 ≈â“π∫“∑°”Àπ¥™”√–§◊π 50% ¢Õß√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√ ‡¡◊ËÕ¡’°“√‚Õπ °√√¡ ‘∑∏‘Ï∑’Ë¥‘π·≈– à«π∑’Ë‡À≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π 3 ªï π—∫·µà«—π°Ÿâ¬◊¡ ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 201,250,000.00 √«¡ 670,728,257.25

2540

110,000,000.00 380,748,700.00

110,000,000.00 110,000,000.00 765,248,700.00 380,748,700.00

467,036,182.00

229,750,000.00 696,786,182.00

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑‡ß‘π∑ÿπ·ÀàßÀπ÷Ëß ª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 50 ≈â“π∫“∑ °”Àπ¥™”√–§◊π ¿“¬„π«—π∑’Ë 31 ¡’π“§¡ 2547 ‚¥¬ºàÕπ™”√–‡ªìπ√“¬‡¥◊Õπ ®”π«π 72 ß«¥‡√‘Ë¡ß«¥·√° 30 ‡¡…“¬π 2541 Õ—µ√“¥Õ°‡∫’È¬ MLR+1% 36,740,331.43 36,740,331.43 √«¡ 36,740,331.43 36,740,331.4 √«¡Àπ’È ‘π√–¬–¬“« 1,565,717,288.68 1,114,275,213.43 À—° à«π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ (146,740,331.43) (110,000,000.00) À—° à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√– ¿“¬„πÀπ÷Ëßªï· ¥ß‰«â¿“¬„µâÀπ’È ‘πÀ¡ÿπ‡«’¬π (51,622,594.00) (249,452,092.00) √«¡Àπ’È ‘π√–¬–¬“« ÿ∑∏‘ 1,367,354,363.25 754,823,121.43

765,248,700.00 380,748,700.00 (110,000,000.00) (110,000,000.00) - (245,748,700.00) 655,248,700.00 25,000,000.00

Àπ’È ‘π¥—ß°≈à“«¢â“ßµâπ¡’À≈—°ª√–°—πµà“ßÊ °—π Àπ’È ‘π√–¬–¬“«¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π 74

(Amounts:Baht) Consolidated -

The Company

1998

1997

1998

1997

110,000,000.00

765,248,700.00

380,748,700.00

765,248,700.00

380,748,700.00

93,000,000.00

467,036,182.00

201,250,000.00

229,750,000.00

670,728,257.25

696,786,182.00

36,740,331.43

1,565,717,288.68

1,114,275,213.43

765,248,700.00

380,748,700.00

(146,740,331.43)

(110,000,000.00)

(51,622,594.00)

(249,452,092.00)

(245,748,700.00)

1,367,354,363.25

754,823,121.43

655,248,700.00

25,000,000.00

Loan in the amount of Baht 110 million, to be repaid within 20 months as from February 13, 1996. The interest rate is MLR+0.5% per annum. According to the results of debt restructuring on June 24, 1998, the principal is extended to be repaid on December 20, 1998 and the interest rate is changed to MLR per annum. Total

Eastern Industrial Estate Company Limited Loan from a local bank, consisted of: -

Loan with credit line of Baht 93 million and grace period of 18 months, which changed from promissory note from debt restructuring on September 30, 1998, to be repaid within 6 quarters from June, 2000 to September, 2001. The interest rate is MLR, payable monthly Total

Eastern Seaboard Industrial Estate (Rayong) Company Limited Loans from two local banks, consisted of: -

Loan with credit line of Baht 550 million, repayable as titles are transferred, at 50% of land contract price, and outstanding amount repayable within 3 years from borrowing date with interest at the rate of MLR, payable monthly

469,478,257.25

Loan in the amount of Baht 230 million, repayable as titles are transferred, at 50% of land contract price, and outstanding amount repayable within 3 years from borrowing date with interest at the rate of MLR, payable monthly. Total

Eastern Pipeline Services Company Limited Loan from a finance company consisted of: -

Loan with credit line of Baht 50 million, to be repaid over 72 months from April 30, 1998 to March 31, 2004. The interest rate is MLR+1% per annum. Total Total Long-Term Liabilities Less Long-term liabilities on immediate demand shown under current liabilities Less Current portions of long-term liabilities shown under current liabilities Long-Term Liabilities, net

The above liabilities are collateralised. As at December 31, 1998, part of long-term liabilities of the Company and a subsidiary are under the process of negotiation for financial restructuring.

À¡“¬‡Àµÿ 20 - Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π H-International (BVI) Company Limited ∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 5/2541 ‡¡◊ËÕ«—π∑’Ë 25 °—π¬“¬π 2541 ¡’¡µ‘„Àâ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π«ß‡ß‘π√«¡ 19.2 ≈â“π¥Õ≈≈“√å À√—∞°—∫∏π“§“√ æ“≥‘™¬å·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» ´÷Ëß∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‚¥¬·∫àßÕÕ°‡ªìπ«ß‡ß‘π 11.5 ≈â“π¥Õ≈≈“√å À√—∞ ·≈–«ß‡ß‘π 7.7 ≈â“π¥Õ≈≈“√å À√—∞ Õ—µ√“¥Õ°‡∫’È¬ ( ÿ∑∏‘®“°¿“…’À—° ≥ ∑’Ë®à“¬) 1% ·≈– 5% µàÕªï µ“¡≈”¥—∫ °”Àπ¥™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ‡√‘Ë¡ß«¥·√°«—π∑’Ë 31 ∏—π«“§¡ 2541 ‡ß‘πµâπ°”Àπ¥‰∂à∂Õπ¿“¬„πªï 2548 ‚¥¬ºàÕπ™”√–§◊π∑ÿ°ß«¥ 6 ‡¥◊Õπ ®”π«π 8 ß«¥ ‡√‘Ë¡ß«¥·√°«—π∑’Ë 31 ¡’π“§¡ 2545 «—π∑’Ë 30 °—π¬“¬π 2541 ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π«ß‡ß‘π 11.5 ≈â“π¥Õ≈≈“√å À√—∞ ‡æ◊ËÕ™”√–§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’ËÕÕ°‚¥¬∫√‘…—∑ ‡À¡√“™æ—≤π“ ∑’Ë¥‘π ®”°—¥ (¡À“™π) ®”π«π 7,700 Àÿâπ ¡Ÿ≈§à“ 7.70 ≈â“π¥Õ≈≈“√å À√—∞ ®“°∏π“§“√¥—ß°≈à“«„π√“§“ 8.47 ≈â“π¥Õ≈≈“√å À√—∞ ·≈–µàÕ¡“∫√‘…—∑‰¥âÕÕ°Àÿâπ°Ÿâ ™π‘¥¡’À≈—°ª√–°—πÕ’°®”π«πÀπ÷Ëß«ß‡ß‘π 7.7 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬‡ß‘π∑’Ë‰¥â√—∫®–π”¡“„™â‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…—∑ π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ∫√‘…∑— ¡’π‚¬∫“¬µ—ßÈ ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿπâ °Ÿ™â π‘¥¡’À≈—°ª√–°—π ‚¥¬§”π«≥µ“¡«‘∏‡’ âπµ√ßµ“¡Õ“¬ÿÀπâÿ °Ÿ™â π‘¥¡’À≈—°ª√–°—π·≈–· ¥ß√«¡‰«â„πÀÿπâ °Ÿâ ™π‘¥¡’À≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’®”π«π‡ß‘π 5.46 ≈â“π∫“∑ ‡ß◊ËÕπ‰¢°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π °. Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‰¡à “¡“√∂π”‡¢â“®¥∑–‡∫’¬πÀ√◊Õ®”Àπà“¬„πµ≈“¥À≈—°∑√—æ¬åÀ√◊Õµ≈“¥´◊ÈÕ¢“¬À≈—°∑√—æ¬åÕ◊Ëπ„¥·≈–‰¡à “¡“√∂‚Õπ„Àâ∫ÿ§§≈„¥ πÕ°®“°∫√‘…—∑„π‡§√◊Õ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ¢. ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß √«¡∑—Èß∑’Ë¥‘π∫“ß à«π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥ ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑ ‚¥¬∫√‘…—∑¡’¢âÕºŸ°æ—π∑’ËµâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π §. ∫√‘…∑— ¡’ ∑‘ ∏‘‰∂à∂ÕπÀÿπâ °Ÿ™â π‘¥¡’À≈—°ª√–°—π∫“ß à«πÀ√◊Õ∑—ßÈ À¡¥‰¥â°Õà π§√∫°”Àπ¥„π√“§“√«¡º≈µÕ∫·∑π´÷ßË §”π«≥‚¥¬ Trustee ¥â«¬Õ—µ√“ Yield 7% - 9% µàÕªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π®π∂÷ß«—π∑’Ë‰∂à∂Õπ

À¡“¬‡Àµÿ 21 - ∑ÿπ‡√◊ÕπÀÿâπ·≈–°“√®—¥ √√°”‰√ ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 12 ¡’π“§¡ 2540 ‰¥â¡’¡µ‘Õπÿ¡—µ‘®à“¬‡ß‘πªíπº≈„πÕ—µ√“Àÿâπ≈– 2 ∫“∑ ·≈–¡’¡µ‘„Àâ®—¥ √√Àÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë ¬—ß‰¡à‰¥â®—¥ √√Õ’°®”π«π 20 ≈â“πÀÿâπ ‚¥¬ 15 ≈â“πÀÿâπ ‡ πÕ¢“¬„Àâ°—∫°≈ÿà¡ºÿâ≈ß∑ÿπ∑’Ë®—¥Õ¬Ÿà„π 17 ª√–‡¿∑ µ“¡ª√–°“»§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈– µ≈“¥À≈—°∑√—æ¬å 1 ≈â“πÀÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ·≈–Õ’° 4 ≈â“πÀÿâπ æ‘®“√≥“®—¥ √√„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π‚Õ°“ µàÕ‰ª

À¡“¬‡Àµÿ 22 - √“¬‰¥â®“°°“√¢“¬·≈–µâπ∑ÿπ¢“¬ √“¬‰¥â®“°°“√¢“¬·≈–µâπ∑ÿπ¢“¬¢Õß∫√‘…∑— „πªï 2540 · ¥ß¥â«¬®”π«π ÿ∑∏‘®“°°“√¬°‡≈‘° —≠≠“®–´◊ÕÈ ®–¢“¬√–À«à“ß∫√‘…∑— °—∫≈Ÿ°Àπ’È ‚¥¬¡’¡≈Ÿ §à“µ“¡ —≠≠“ ®”π«π‡ß‘π 551.23 ≈â“π∫“∑ ´÷ßË ∫√‘…∑— ∫—π∑÷°√—∫√Ÿ√â “¬‰¥â®“°°“√¢“¬·≈–µâπ∑ÿπ¢“¬·≈â« ‡ªìπ®”π«π‡ß‘π 551.23 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 324.51 ≈â“π∫“∑ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 23 - §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ 2541 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 1,767,011.69 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 3,825,000.00 H-International (BVI) Company Limited 20,596,930.86 √«¡ 26,188,942.55 §à“µÕ∫·∑π°√√¡°“√‰¥â·°à ‡ß‘π‡¥◊Õπ·≈–‚∫π— ∑’Ë®à“¬„Àâ°—∫°√√¡°“√¢Õß∫√‘…—∑‡æ◊ËÕ‡ªìπ§à“µÕ∫·∑π„π°“√∫√‘À“√ß“π

(Àπà«¬ : ∫“∑) 2540 7,350,000.00 6,963,402.99 14,313,402.99

À¡“¬‡Àµÿ 24 - ¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« ¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2540 √ÿª‰¥â¥—ßπ’È

¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ·≈â« ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ √«¡ 76

ß∫°“√‡ß‘π√«¡ 156,080,000.00 1,113,909,589.82 1,269,989,589.82

NOTE 20 - GUARANTEED BONDS H-International (BVI) Company Limited On September 25, 1998, a resolution was passed by the Board of Directors Meeting No. 5/1998 to approve the company to issue, in two tranches, US$ 19.2 million Guaranteed Bonds Due 2005 to a foreign commercial bank which had acquired part of the convertible bonds issued by the parent company. The principal amounts are US$ 11.5 million for the first tranche and US$ 7.7 million for the second tranche, to be repaid within 2005 in 8 semi-annual installments, with the first installment due on March 31, 2002. The interest rates (net of withholding tax) are 1% per annum and 5% per annum, respectively, payable quarterly as from December 31, 1998. On September 30, 1998 the company utilised the first tranche in the acquisition of 7,700 convertible bonds (US$ 7.7 million) issued by the parent company at a price of US$ 8.47 million. Subsequently, the company utilised the second tranche for its working capital. Reserve for Redemption of Guaranteed Bonds Due 2005 Reserve for Redemption of Guaranteed Bonds is calculated by using the straight-line method over the period of the Guaranteed Bonds and included in Guaranteed Bonds as at December 31, 1998 in the amount of Baht 5.46 million. Conditions of Guaranteed Bonds Due 2005 -

The Guaranteed Bonds are not and are not capable of being quoted, listed or ordinarily dealt in on any stock exchange, over-thecounter or other organised securities market and may not be transferred to any person other than to an affiliate of the registered holder.

The Guaranteed Bonds are collectively guaranteed by the parent company, two other affiliated companies and by part of an

The Guaranteed Bonds may be repaid early in whole or in part, with the principal amount of repayment being calculated by the

affiliated company’s land. The company has obligations to comply with terms and conditions of the issue of the Guaranteed Bonds. Trustee to give a yield of 7%-9% per annum from the issuing date to repayment date.

NOTE 21 - SHARE CAPITAL AND APPROPRIATION OF EARNINGS The Ordinary General Meeting of Shareholders held on March 12, 1997 approved the declaration of dividend at Baht 2 per share and approved to reserve 20 million registered shares, of which 15 million shares are to be reserved for 17 investors classified by a Notice of the Securities and Exchange Commission, 1 million shares are to be reserved for conversion of convertible bonds and 4 million shares are to be reserved for decisions taken at the next Shareholder’s Meeting.

NOTE 22 - SALES AND COST OF SALES Consolidated and The Company Income from sales and cost of sales of the Company in 1997 include adjustments arising from cancelled sale contracts of Baht 551.23 million for which the Company had recognised income from sales and cost of sales amounting to Baht 551.23 million and Baht 324.51 million, respectively.

NOTE 23 - DIRECTORS’ REMUNERATION Directors’ remuneration for the year ended December 31, consisted of: (Amounts:Baht) 1998

1997

Hemaraj Land and Development Public Company Limited

1,767,011.69

7,350,000.00

Eastern Seaboard Industrial Estate (Rayong) Company Limited

3,825,000.00

6,963,402.99

H-International (BVI) Company Limited Total

20,596,930.86 26,188,942.55

14,313,402.99

Directors’ remuneration represents salary and bonus paid to the directors in respect of administrative duties.

NOTE 24 - EXCHANGE LOSS ON CHANGE TO THE MANAGED FLOAT SYSTEM Exchange loss on change to the managed float system for the year ended December 31, 1997, is summarised as follows: (Amounts:Baht) Consolidated

The Company

Loss on exchange Realised Unrealised Total

156,080,000.00

103,200,000.00

1,113,909,589.82

1,269,989,589.82

1,217,109,589.82

À¡“¬‡Àµÿ 25 - √“¬°“√æ‘‡»… ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈– H-International (BVI) Company Limited (ç∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»é) „π√–À«à“ßªï 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¢Õß∫√‘…—∑ ®”π«π√«¡ 30,335 Àÿâπ ¡Ÿ≈§à“ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ „π√“§“ 24.75 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 942.37 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑∫—π∑÷°∫—≠™’Àÿâπ°Ÿâ®”π«π¥—ß°≈à“«‰«â„πªï 2540 ‡ªìπ®”π«π‡ß‘π 1,118 ≈â“π∫“∑ µàÕ¡“∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 3 ‘ßÀ“§¡ 2541 ¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑∑” —≠≠“™”√–§◊π‡ß‘π§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„Àâ·°à∫√‘…—∑¬àÕ¬¥—ß°≈à“«„π √“§“µ“¡¡Ÿ≈§à“Àÿâπ°Ÿâ‡ªìπ®”π«π‡ß‘π 30.34 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 1,163 ≈â“π∫“∑ º≈®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ· ¥ß‡ªìπ√“¬°“√æ‘‡»… °”‰√®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–¢“¥∑ÿπ®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ „πß∫°“√‡ß‘π √«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 175.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 44.92 ≈â“π∫“∑ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 26 - ‘π∑√—æ¬å∑’Ë„™â‡ªìπÀ≈—°ª√–°—π ‘π∑√—æ¬å∑’Ë„™â‡ªìπÀ≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ª√–°Õ∫¥â«¬ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) °. ‡ß‘πΩ“°ª√–®”®”π«π‡ß‘πª√–¡“≥ 3.19 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 2.76 ≈â“π∫“∑ §È”ª√–°—π°—∫Õß§å°“√‚∑√»—æ∑å·Ààßª√–‡∑»‰∑¬ °“√‰øøÑ“ à«π¿Ÿ¡‘¿“§·≈–°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ·≈–‡ß‘πΩ“°ÕÕ¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 2.87 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 2.73 ≈â“π∫“∑ ‡æ◊ËÕ®—¥À“¬“πæ“Àπ–·≈–«— ¥ÿÕÿª°√≥å‡æ◊ËÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ®”π«π 10 ≈â“πÀÿâπ ‰¥â„™â‡ªìπÀ≈—°ª√–°—π‡ß‘π°“√°Ÿâ ¬◊¡°—∫∫√‘…—∑‡ß‘π∑ÿπ·ÀàßÀπ÷Ëß - ∑’Ë¥‘π∫“ß à«πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∑’Ë¡’Õ¬Ÿà·≈â«·≈–∑’Ë®–¡’¢÷ÈπµàÕ‰ª„π¿“¬Àπâ“æ√âÕ¡∑’Ë¥‘π„™â‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑» ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ °. ‡ß‘πΩ“°ª√–®”®”π«π‡ß‘πª√–¡“≥ 29 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 39.70 ≈â“π∫“∑ ‡ªìπÀ≈—°ª√–°—π·°à∏π“§“√ „π°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π°“√ æ—≤π“∑’Ë¥‘π·≈–°“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ ¢. ∑’Ë¥‘π√Õ°“√æ—≤π“∑—ÈßÀ¡¥·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå∫“ß à«π¢Õß‚§√ß°“√∂Ÿ°®¥®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∏π“§“√æ“≥‘™¬å„πª√–‡∑»·≈–„™â„π°“√§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» §. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß ®”π«π‡ß‘π 59.99 ≈â“π∫“∑ ‰¥â®”π”‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡¢Õß∫√‘…—∑„π‡§√◊Õ¥—ß°≈à“« ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ °. ‡ß‘πΩ“°∏π“§“√®”π«π‡ß‘πª√–¡“≥ 62.83 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 63.50 ≈â“π∫“∑ „™â§È”ª√–°—π°“√¢“¬∑’Ë¥‘π·≈–∫√‘°“√ “∏“√≥Ÿª‚¿§ ¢. ∑’Ë¥‘π„π‚§√ß°“√¢Õß∫√‘…—∑®¥®”πÕß‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡°—∫∏π“§“√æ“≥‘™¬å 2 ·Ààß

À¡“¬‡Àµÿ 27 - ¢âÕºŸ°æ—πµ“¡ —≠≠“ ¢âÕºŸ°æ—πµ“¡ —≠≠“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ª√–°Õ∫¥â«¬ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π) √–¬–∑’Ë 1 ·≈–√–¬–∑’Ë 2 °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“ √à«¡¥”‡π‘πß“π ≈ß«—π∑’Ë 5 °√°Æ“§¡·≈–«—π∑’Ë 29 ∏—π«“§¡ 2532 µ“¡≈”¥—∫ ´÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªìπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π °“√·≈â«‡ √Á®µ“¡‚§√ß°“√„π à«π„¥ à«πÀπ÷Ëß µâÕß‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°„π à«π∑’Ë ·≈â«‡ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥¬°‡«âπ„π à«π∑’Ë®–¢“¬„Àâ·°àºŸâ´◊ÈÕ „πªï 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªìπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ °“√ª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π ‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡°’Ë¬«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕß¥—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“¢Õß ”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈– °√–∑√«ß°“√§≈—ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫‡ªìπ®”π«π‡ß‘πª√–¡“≥ 209.07 ≈â“π∫“∑ ‚¥¬ Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’È¬®à“¬· ¥ß‡ªìπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’È¬®à“¬) ·≈–§à“ª√—∫· ¥ß‡ªìπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬„πß∫ °”‰√¢“¥∑ÿπ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ∫√‘…∑— ‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—ßÈ π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡¥”‡π‘πß“π ≈ß «—π∑’Ë 27 ∏—π«“§¡ 2532 ´÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªìπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈â«‡ √Á®µ“¡‚§√ß°“√„π à«π„¥ à«πÀπ÷Ëß ∫√‘…—∑ ®–µâÕß®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“·≈–‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°„π à«π∑’Ë·≈â«‡ √Á®π—Èπ „Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥ ¬°‡«âπ„π à«π∑’Ë®–¢“¬„Àâ·°àºŸâ´◊ÈÕ 78

NOTE 25- EXTRAORDINARY ITEM Hemaraj Land and Development Public Company Limited (the Company) and H-International (BVI) Company Limited (an overseas subsidiary) During the year 1998 and 1997, an overseas subsidiary purchased 30,335 of the Company’s convertible bonds (US$ 30.34 million) at a price of US$ 24.75 million equal to Baht 942.37 million for which the Company had recorded those bonds as at December 31, 1997 in the amount of Baht 1,118 million. On August 3, 1998, a resolution was passed by a Board of Directors Meeting approving the Company to refund the nominal value of convertible bonds of US$ 30.34 million equal to Baht 1,163 million. The results of repurchases of convertible bonds, as shown under extraordinary item, include gain on repurchase of convertible bonds in the consolidated financial statements and loss on repurchase of convertible bonds in the Company’s financial statements for the year ended December 31,1998, in the amounts of Baht 175.63 million and Baht 44.92 million, respectively.

NOTE 26- PLEDGED ASSETS Pledged assets as at December 31, 1998 and 1997 are as follows:

Hemaraj Land and Development Public Company Limited -

Fixed deposits of approximately Baht 3.19 million and Baht 2.76 million, respectively, were pledged to the Telephone Organisation of

Thailand, the Provincial Electricity Authority and Industrial Estate Authority of Thailand and savings deposits of approximately Baht 2.87 million and Baht 2.73 million, respectively, were pledged for the purpose of acquiring vehicles and equipment for use by the Industrial Estate Authority of Thailand. -

Investments in 10 million ordinary shares of Nakornthai Strip Mill Public Company Limited, which is a related company, were used as

collateral for loan from a financial institution. -

Part of land, existing constructions and future developments on the land were used as collateral for loans from local banks.

Eastern Industrial Estate Company Limited -

Fixed deposits of approximately Baht 29 million and Baht 39.70 million, respectively, were pledged to local banks against security

given for performance under projects development and utility construction. -

All of the company’s land for developments and part of its land held for commercial purposes were mortgaged as collateral for

loans from a commercial bank and used to guarantee the issue of guaranteed bonds of an overseas affiliated company. -

Investment in an affiliated company amounting to Baht 59.99 million was used as collateral for a loan issued by a finance company

to that affiliated company.

Eastern Seaboard Industrial Estate (Rayong) Company Limited -

Fixed deposits of approximately Baht 62.83 million and Baht 63.50 million, respectively, were pledged to local banks against security

given for performance under sale contracts and utilities services. -

Part of the company’s land was mortgaged as collateral for loans from two commercial banks.

NOTE 27 - COMMITMENTS Commitments as at December 31, 1998 are as follows:

Hemaraj Land and Development Public Company Limited The Company has agreements with the Industrial Estate Authority of Thailand (IEAT) dated July 5 and December 29, 1989 for the joint operations of Chonburi Industrial Estate (Bo-Win) Stage I and Stage II. Under the agreements the Company has to develop its land and pay to IEAT for remuneration and, after completion of any portions, transfer the title of immovable property, component parts, equipment, utilities and facilities to IEAT without charging for compensation or any expenses, with the exception of the portions transferred to buyers. In 1996, the Thai Industrial Estate Association, of which the Company is a member, presented a letter to the IEAT questioning the Company’s status over the joint operations with IEAT in connection with remuneration due to IEAT. At present, this issue is in the process of consideration by the Public Prosecutor and the Finance Minister. As at December 31, 1998, the Company has reserved for the remuneration including interest and penalty in the total amount of Baht 209.07 million, of which 60% of interest is shown as sinking fund in the balance sheet and the outstanding amount (40% of interest) and penalty are included in the statement of income.

„πªï 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªìπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ°“√ª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π ‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡°’Ë¬«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕß¥—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“¢Õß ”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈– °√–∑√«ß°“√§≈—ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫‡ªìπ®”π«π‡ß‘πª√–¡“≥ 96 ≈â“π∫“∑ ‚¥¬Õ—µ√“ √âÕ¬≈– 60 ¢Õß¥Õ°‡∫’¬È ®à“¬· ¥ß‡ªìπ°Õß∑ÿπ®¡ à«π∑’‡Ë À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’¬È ®à“¬) ·≈–§à“ª√—∫· ¥ß‡ªìπ¥Õ°‡∫’¬È ®à“¬·≈–§à“„™â®“à ¬„πß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“√à«¡≈ß∑ÿπ°—∫ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß ‚¥¬¡’¿“√–µâÕß®à“¬§à“π“¬Àπâ“®“°°“√¢“¬ ∑’Ë¥‘π·≈–§à“π“¬Àπâ“®“°°“√„Àâ‡™à“Õ“§“√‚√ßß“π„Àâ·°à ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡ªìπÕ—µ√“√âÕ¬≈–¢Õß¬Õ¥¢“¬ ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ °. ∫√‘…—∑∑” —≠≠“√à«¡∑ÿπ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈–∫√‘…—∑‡Õ°™πÕ’° 5 ∫√‘…—∑ ‡æ◊ËÕ√à«¡°—π®—¥µ—Èß∫√‘…—∑√à«¡∑ÿπ™◊ËÕ ç∫√‘…—∑ Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ®”°—¥é ‚¥¬¡’«—µ∂ÿª√– ß§åª√–°Õ∫∏ÿ√°‘®‡°’Ë¬«°—∫√–∫∫·≈–‚§√ß √â“ß ”À√—∫«“ß∑àÕ PIPE RACK ´÷Ëß‡™◊ËÕ¡‚¬ß√–À«à“ßπ‘§¡Õÿµ “À°√√¡ ¡“∫µ“æÿ¥·≈–π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) ∫√‘…—∑√à«¡∑ÿπ„À¡à®–¡’∑ÿπ®¥∑–‡∫’¬π 175 ≈â“π∫“∑ ‚¥¬∫√‘…—∑®–≈ß∑ÿπ∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 15 ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ®”π«π 26.25 ≈â“π∫“∑ ¢. ‡¡◊ËÕ«—π∑’Ë 30 µÿ≈“§¡ 2541 ∫√‘…—∑∑” —≠≠“¡Õ∫À¡“¬„Àâ∫√‘…—∑ Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ®”°—¥ (ºŸâ√—∫¡Õ∫À¡“¬) ‡ªìπºŸâ¥”‡π‘π°“√ ®—¥°“√ ·≈– ∫”√ÿß√—°…“‚§√ß √â“ß ”À√—∫«“ß∑àÕ —≠≠“¡’°”Àπ¥ 15 ªï ¿“¬„µâ‡ß◊ËÕπ‰¢¢Õß —≠≠“ ºŸâ√—∫¡Õ∫À¡“¬®–‡ªìπºŸâ√—∫º‘¥™Õ∫§à“„™â®à“¬„π°“√¥”‡π‘π°“√¥—ß°≈à“«·µà ‡æ’¬ßºŸâ‡¥’¬« ‚¥¬∫√‘…—∑µ°≈ß„ÀâºŸâ√—∫¡Õ∫À¡“¬‡¢â“∑” —≠≠“„Àâ∫√‘°“√·≈–‡√’¬°‡°Á∫§à“∫√‘°“√°—∫ºŸâ‡™à“∞“π«“ß∑àÕ„πÕ—µ√“¡“µ√∞“π∑’Ë°“√π‘§¡Õÿµ “À°√√¡·Ààß ª√–‡∑»‰∑¬‡ÀÁπ™Õ∫

À¡“¬‡Àµÿ 28 - ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑¡’¿“√–§È”ª√–°—πÀπ’È ‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ªìπ®”π«π‡ß‘π 50 ≈â“π∫“∑ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ∫√‘…∑— ∑—ßÈ 2 ‰¥â∑” —≠≠“®–´◊ÕÈ ®–¢“¬∑’¥Ë π‘ ‚¥¬¡’‡ß◊ÕË π‰¢«à“∂â“ºŸ®â –´◊ÕÈ ¡‘‰¥â√∫— °“√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡≈ß∑ÿπ ·≈–À√◊Õ°“√π‘§¡Õÿµ “À°√√¡ ·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑∑—Èß 2 ®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π

À¡“¬‡Àµÿ 29 - °“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√∑“ß∫—≠™’ „π‰µ√¡“ ∑’Ë 2 ß«¥ 2541 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢ÕßÕ“§“√®“°‡¥‘¡ 10 ªï ‡ªìπ 20 ªï ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫ Õ“¬ÿ°“√„™âß“π®√‘ß °“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢Õß∑√—æ¬å ‘π¥—ß°≈à“« ¡’º≈„Àâ°”‰√ ÿ∑∏‘·≈–°”‰√µàÕÀÿâπ„πß∫°“√‡ß‘π√«¡ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…— ∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π‡ß‘π 2,819,330.79 ∫“∑ ·≈– 0.04 ∫“∑µàÕÀÿâπ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 30 - ‘∑∏‘·≈–ª√–‚¬™πåµ“¡∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡‚¥¬‰¥â √—∫ ‘∑∏‘æÕ —ß‡¢ª¥—ßπ’È - ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 7 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ ª√–°Õ∫°‘®°“√π—Èπ - ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ªï π—∫®“°«—π∑’Ëæπâ °”Àπ¥ √–¬–‡«≈“ 7 ªï ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ∫√‘…—∑∑—Èß 2 ‰¥â√—∫°“√ àß‡ √‘¡°“√≈ßµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡ ‚¥¬ √ÿª√«¡¥—ßµàÕ‰ªπ’È - ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 5 - 8 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“° °“√ª√–°Õ∫°‘®°“√π—Èπ - ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ªï π—∫®“°«—π∑’Ëæπâ °”Àπ¥ √–¬–‡«≈“ 5 - 8 ªï ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ - ‰¥â√—∫Õπÿ≠“µ„ÀâÀ—°§à“¢π àß §à“‰øøÑ“ ·≈–§à“πÈ”ª√–ª“ Õß‡∑à“¢Õß§à“„™â®à“¬¥—ß°≈à“« „π°“√§”π«≥¿“…’‡ªìπ√–¬–‡«≈“ 10 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â

Eastern Industrial Estate Company Limited The company has an agreement with the IEAT dated December 27, 1989 for the joint operations of Eastern Industrial Estate (Map Ta Phut). Under this agreement the company has to develop its land and pay to IEAT for remuneration and, after completion of any portions, transfer the title of immovable property, component parts, equipment, utilities and facilities to IEAT without charging for compensation or any expenses, with the exception of the portions transferred to buyers. In 1996, the Thai Industrial Estate Association, of which the company is a member, presented a letter to the IEAT questioning the company’s status over the joint operations with IEAT in connection with remuneration due to IEAT. At present, this issue is in the process of consideration by the Public Prosecutor and the Finance Minister. As at December 31, 1998, the Company has reserved for the remuneration including interest and penalty in the total amount of Baht 96 million, of which 60% of interest is shown as sinking fund in the balance sheet and the outstanding amount (40% of interest) and penalty are included in the statement of income.

Eastern Seaboard Industrial Estate (Rayong) Company Limited The company has a liability under a joint-investment agreement with the Company and another company to pay commission to the Company for sales of land and lease of factory.

Eastern Pipeline Services Company Limited -

The company has entered into an agreement with the IEAT and 5 companies to establish a joint venture company named “Eastern

Fluid Transport Company Limited” to connect and operate the piping support system between the Map Ta Phut Industrial Estate and the Eastern Industrial Estate (Map Ta Phut). The registered capital of the joint venture company will initially be Baht 175 million, and the company will acquire 15 percent of the share capital in the amount of Baht 26.25 million. -

On October 30, 1998, the company signed an agreement with Eastern Fluid Transport Company Limited which is assigned to man-

age, implement and maintain pipe rack operation for 15 years. Under the terms of the agreement, the assignee is responsible for all operating expenses and is allowed to enter into service agreements with pipe rack leasees with the right to collect service fees at rates within IEAT standards.

NOTE 28 - COMMITMENTS AND CONTINGENT LIABILITIES Hemaraj Land and Development Public Company Limited The Company has guaranteed a subsidiary company’s liability amounting to Baht 50 million.

Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate (Rayong) Company Limited The two companies have entered into land sale and purchase contracts. Under the terms of the contracts, the companies are contingently liable to repay deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or IEAT to set up operations and, consequently, obliged to cancel contracts.

NOTE 29 - CHANGE IN ACCOUNTING ESTIMATION In the second quarter of 1998, the Company and a subsidiary changed the rate of depreciation of building from a period of 10 years to a period of 20 years to conform with revised estimated useful lives of building. The results of the change in estimated useful lives of assets referred to above is to increase net income and earnings per share in the consolidated financial statements and the Company’s financial statements for the year ended December 31, 1998 in the amounts of Baht 2,819,330.79 and Baht 0.04 per share, respectively.

NOTE 30 - PROMOTIONAL PRIVILEGES Hemaraj Land and Development Public Company Limited The Company was granted a promotional certificate under the Investment Promotion Act, B.E. 2520 to carry on industrial estate business. The major privileges granted to the Company are as follows: -

Exemption from corporate income tax on net income derived from the promoted business for a period of 7 years as from the date

when revenues are first earned. -

Reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the

expiry date of 7 years after the date when revenues are first earned.

Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate (Rayong) Company Limited Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate (Rayong) Company Limited were granted

À¡“¬‡Àµÿ 31 - °“√®”·π°¢âÕ¡Ÿ≈∑“ß°“√‡ß‘πµ“¡ à«πß“π √“¬°“√®—¥ª√–‡¿∑ ‘π∑√—æ¬å¢Õß·µà≈– à«πß“π∑“ß∏ÿ√°‘®„πª√–‡∑»·≈–µà“ßª√–‡∑» ≥ «—π∑’Ë 31 ∏—π«“§¡ (Àπà«¬:∫“∑) 2541

µâπ∑ÿπæ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π ‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ ‘π∑√—æ¬åÕ◊Ëπ √«¡ ‘π∑√—æ¬å

„πª√–‡∑» ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ 3,311,016,249.65 -

2540

µà“ßª√–‡∑» √«¡ „πª√–‡∑» Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ - 3,311,016,249.65 3,319,400,384.17 -

2,192,703,465.96 253,984,713.42 106,931,319.30

µà“ßª√–‡∑» √«¡ Holding Company 3,319,400,384.17

2,192,703,465.96 2,277,272,933.92 360,916,032.72 94,234,107.84 103,130,458.23 1,765,234,000.94 7,629,869,749.27

2,277,272,933.92 197,364,566.07 1,587,834,638.55 7,381,872,522.71

¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°“√¥”‡π‘πß“πµ“¡ª√–‡¿∑ à«πß“π∏ÿ√°‘®„πª√–‡∑»·≈–µà“ßª√–‡∑»„πß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ¡’¥—ßµàÕ‰ªπ’È (Àπà«¬:∫“∑) 2541

2540

„πª√–‡∑» µà“ßª√–‡∑» √«¡ „πª√–‡∑» µà“ßª√–‡∑» √«¡ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company √“¬‰¥â®“°°“√¢“¬ 217,827,264.25 217,827,264.25 1,217,112,403.08 1,217,112,403.08 √“¬‰¥â§à“∫√‘°“√ 122,500,713.76 2,060,681.79 124,561,395.55 86,671,240.50 86,671,240.50 √«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ 342,388,659.80 1,303,783,643.58 √“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ 55,819,766.49 500,000,000.00 555,819,766.49 3,097,967.84 575,379,440.34 578,477,408.18 √«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ ·≈–√“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ 898,208,426.29 1,882,261,051.76 °”‰√(¢“¥∑ÿπ)®“°°“√¥”‡π‘πß“π (476,945,941.69) (7,259,627.89) 488,106,916.38 3,901,346.80 146,097,647.12 (1,437,523.90) 574,169,826.09 718,829,949.31 √“¬‰¥âÕ◊Ëπ 951,176,182.93 74,774,659.73 ¥Õ°‡∫’È¬®à“¬ (238,130,036.02) (329,622,175.11) §à“µÕ∫·∑π°√√¡°“√ (26,188,942.55) (14,313,402.99) ¿“…’‡ß‘π‰¥â (6,258,820.30) °”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–°àÕπ°“√„™—√–∫∫Õ—µ√“ ·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«·≈–°àÕπ√“¬°“√æ‘‡»… 690,758,551.16 443,410,210.64 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 6,281,985.15 (192,953,915.63) °”‰√°àÕπ°“√„™—√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«·≈–°àÕπ√“¬°“√æ‘‡»… 697,040,536.31 250,456,295.01 ¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« (1,269,989,589.82) °”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… 697,040,536.31 (1,019,533,294.81) √“¬°“√æ‘‡»… 175,630,946.90 °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ 872,671,483.21 (1,019,533,294.81)

promotional certificates under the Investment Promotion Act, B.E. 2520 to carry on industrial estate business. Collectively, the privileges granted to the two companies are as follows: -

Exemption from corporate income tax on net income derived from the promoted business for a period of 5 - 8 years as from the date

when revenues are first earned. -

Reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the

expiry date of 5 - 8 years after the date when revenues are first earned. -

Double deduction of transportation expenses, electricity expenses and water supply expenses is allowed for 10 years from the day

the business begins earning its income.

NOTE 31 - SEGMENT INFORMATION As at December 31, segment information in the consolidated financial statements classified by local and overseas assets are as follows: (Amounts:Baht) 1998 Thailand Industrial Estate

1997 Overseas

Total

Thailand

Others Holding Company

Industrial Estate

Overseas

Total

Others

Holding Company

Cost of real estate developments

3,311,016,249.65

3,311,016,249.65 3,319,400,384.17

3,319,400,384.17

2,192,703,465.96

2,192,703,465.96 2,277,272,933.92

2,277,272,933.92

197,364,566.07

Leasehold land and land held for commercial purposes Property, plant and equipment, net

253,984,713.42 106,931,319.30

Other assets Total Assets

360,916,032.72

94,234,107.84 103,130,458.23

1,765,234,000.94

1,587,834,638.55

7,629,869,749.27

7,381,872,522.71

Operations in the consolidated financial statements classified by local and overseas business for the year ended December 31, are as follows: (Amounts:Baht) 1998 Thailand Industrial Estate Sales

217,827,264.25

Service income

122,500,713.76

1997 Overseas

Thailand

Others Holding Company

Industrial Estate

Overseas Others

2,060,681.79

124,561,395.55

86,671,240.50

1,217,112,403.08 -

342,388,659.80 55,819,766.49

500,000,000.00 555,819,766.49

3,097,967.84

Total

Holding Company

217,827,264.25 1,217,112,403.08

Total Sales and Service Income Gain on sale of shares

Total

86,671,240.50

1,303,783,643.58

575,379,440.34 578,477,408.18

Total Sales and Service Income and Gain on Sale of Shares Gain (loss) from operations

(476,945,941.69) (7,259,627.89) 488,106,916.38

898,208,426.29

1,882,261,051.76

3,901,346.80

146,097,647.12 (1,437,523.90) 574,169,826.09 718,829,949.31

Other income

951,176,182.93

74,774,659.73

Interest expense

(238,130,036.02)

(329,622,175.11)

(26,188,942.55)

(14,313,402.99)

Directorsâ&#x20AC;&#x2122; remuneration Income tax

(6,258,820.30)

Income before minority interests and exchange loss on change to the managed float system and extraordinary item Minority interests

690,758,551.16

443,410,210.64

6,281,985.15

(192,953,915.63)

697,040,536.31

250,456,295.01

Income before exchange loss on change to the managed float system and extraordinary item Exchange loss on change to the managed float system

Income (loss) before extraordinary item

697,040,536.31

Extraordinary item

175,630,946.90

Net Income (loss)

872,671,483.21

(1,269,989,589.82) (1,019,533,294.81) (1,019,533,294.81)

À¡“¬‡Àµÿ 32 - °“√®—¥ª√–‡¿∑√“¬°“√„À¡à √“¬°“√∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ªï πÈ‘ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2540 ‰¥â®¥— ª√–‡¿∑√“¬°“√„À¡à‡æ◊ÕË „Àâ Õ¥§≈âÕß°—∫°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541

À¡“¬‡Àµÿ 33 - ªí≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ªï §.». 2000 ·≈–°“√·°â ‰¢ª√—∫ª√ÿß (‰¡à‰¥âµ√«® Õ∫·≈–‰¡à‰¥â‡ªìπ à«πÀπ÷Ëß¢Õß√“¬ß“π°“√ Õ∫∫—≠™’) ªí≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ªï §.». 2000 ‡°‘¥®“°°“√„™â§Õ¡æ‘«‡µÕ√å√–∫∫µ—«‡≈¢ ÕßÀ≈—°‡æ◊ËÕ√–∫ÿªï·∑π∑’Ë®–‡ªìπµ—«‡≈¢ ’ËÀ≈—° ‚¥¬√–∫∫§Õ¡æ‘«‡µÕ√å Õ“®Õà“πªï §.». 2000 ‡ªìπªïÕ◊ËπÊ ∑—Èßπ’È√–∫∫∑’Ë„™â¥—ß°≈à“«Õ“®∑”„Àâ‡°‘¥¢âÕº‘¥æ≈“¥‡¡◊ËÕ¡’°“√ª√–¡«≈¢âÕ¡Ÿ≈∑’Ë„™â«—π∑’Ë°àÕπ „πÀ√◊ÕÀ≈— ß«—π∑’Ë 1 ¡°√“§¡ 2543 ¢âÕº‘¥æ≈“¥¥—ß°≈à“«Õ“®¡’µàÕ°“√¥”‡π‘πß“π·≈–°“√√“¬ß“π∑“ß°“√‡ß‘π ´÷ËßÕ“®‡ªìπ¢âÕº‘¥æ≈“¥∑’Ë‡≈Á°πâÕ¬®π∂÷ß¢—Èπ‡°‘¥§«“¡≈â¡‡À≈«¢Õß√–∫∫ß“π∑’Ë ”§—≠ À“°¡‘‰¥âª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√åÕ¬à“ß‡À¡“– ¡·≈–∑—π°“≈ ·≈–Õ“®¡’º≈°√–∑∫µàÕ§«“¡ “¡“√∂¢Õß°‘®°“√„π°“√¥”‡π‘π∏ÿ√°‘®µ“¡ª°µ‘ πÕ°®“°π’È¬—ß‰¡àÕ“® ¡—Ëπ„®‰¥â«à“°‘®°“√ µ≈Õ¥®πºŸâ´◊ÈÕ ‘π§â“ ºŸâ¢“¬ ‘π§â“·≈–°‘®°“√Õ◊Ëπ∑’Ë¥”‡π‘π∏ÿ√°‘®¥â«¬®– “¡“√∂·°â‰¢ªí≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ªï §.». 2000 ‰¥â∑—ÈßÀ¡¥ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âπ”√–∫∫§Õ¡æ‘«‡µÕ√å¡“™à«¬∑”°“√ª√–¡«≈º≈„π¢Õ∫‡¢µ®”°—¥ ‚¥¬‡√‘Ë¡¥”‡π‘π°“√·°â‰¢·≈–ª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å ‡æ◊ËÕ·°â‰¢ ªí≠À“ªï §.». 2000 µ—Èß·µà‰µ√¡“ ∑’Ë 1 ß«¥ 2541 §“¥«à“®–°”Àπ¥‡ √Á®°àÕπ ‘Èπªï 2542 ·≈–¡’√“¬®à“¬∑—Èß ‘Èπ‰¡à‡°‘π 10 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®– ∫—π∑÷°∫—≠™’‡ªìπ ‘π∑√—æ¬å∂“«√„πß«¥∑’Ë‡°‘¥¢÷Èπ Õ¬à“ß‰√°Áµ“¡ ·¡â∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬§“¥«à“®– “¡“√∂∑”°“√·°â‰¢ª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å‰¥â∑—π‡¡◊ËÕ∂÷ß ªï §.». 2000 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¬—ß§ß¡’§«“¡‡ ’Ë¬ßµàÕ°“√∑’Ë∫√‘…—∑Õ◊Ëπ∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π∏ÿ√°‘®¥â«¬®–‰¡à “¡“√∂·°â‰¢ª√—∫ª√ÿß√–∫∫‰¥â∑—π°“≈ ´÷ËßÕ“®¡’º≈°√–∑∫°—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈–¬—ß‰¡à “¡“√∂ª√–¡“≥º≈‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ‰¥â„π¢≥–π’È

NOTE 32 - RECLASSIFICATION OF ACCOUNTS Certain accounts in the financial statements for the year ended December 31, 1997 have been reclassified to conform with the presentation in the financial statements for the year ended December 31, 1998.

NOTE 33 - YEAR 2000 COMPUTER COMPLIANCE ISSUES AND REMEDIATION PLAN (BEING UNAUDITED AND NOT FORMING PART OF AUDITORS’ REPORT) The Year 2000 problem arises because many computerized systems use two digits rather than four to identify a year. Date sensitive systems may recognize the year 2000 as some other date, resulting in errors when information using year 2000 dates is processed. Entities may experience the effects of the Year 2000 problem before, on, or after January 1, 2000, and the effects on operations and financial reporting, if not addressed and repaired properly and timely, may range from minor errors to significant systems failure which could affect an entity’s ability to conduct normal business operations. In addition, it is not possible to be certain that all aspects of the Year 2000 problem affecting the entity, including those related to the efforts of customers, suppliers, or other third parties, will be fully resolved. The Company and its subsidiaries’ computer system is only being used for limited functions. In the first quarter of 1998, the Company and its subsidiaries commenced their plan to improve the computerised system in respect of resolving the Year 2000 compliance problem. The plan is expected to be completed within the year 1999. The expected cost of remedying the problem does not exceed Baht 10 million, and these costs will be recorded as fixed assets by the Company and its subsidiaries in the period in which they occur. Although the Company and its subsidiaries expect to have remedied the problem by the time year 2000 occurs, the Company and its subsidiaries’ operations would still remain at risk from other entities with which the Company and its subsidiaries undertake business if those entities are unable to remedy their own problems in time.

BOARD OF DIRECTORS & MANAGEMENT §≥–°√√¡°“√·≈–ºŸâ∫√‘À“√ §≥–°√√¡°“√ Board of Directors π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß

Mr. Sawasdi Horrungruang

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

ª√–∏“π°√√¡°“√∫√‘…—∑ ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ ´—π‡∑§°√ÿäª ®”°—¥ (¡À“™π) ª√–∏“π°√√¡°“√∫√‘…—∑ ∫√‘…—∑ ‡ÕÁπ. ∑’. ‡Õ . µ’≈°√ÿäª ®”°—¥ (¡À“™π) ∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π)

Chairman of the Board of Directors Chairman of the Executive Board : Suntech Group Company Limited Chairman of the Board N.T.S. Steel Group Public Company Limited Nakornthai Strip Mill Public Company Limited

π“¬ª√–∑’ª ‰µ√‚≈À°–

Mr. Prateep Trilohaka

µ”·Àπàß ª√– ∫°“√≥å

°√√¡°“√ °√√¡°“√ ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥, ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥

Position Experience

°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√ ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥, ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥

Position Experience

π“¬‡¥«‘¥ π“√å‚¥π µ”·Àπàß ª√– ∫°“√≥å

Director Director : Industrial Power Co., Ltd., ; Bowin Power Co., Ltd.

Mr. David Nardone Managing Director Director : Industrial Power Co., Ltd., ; Bowin Power Co., Ltd.

π“¬ ÿ∑∏‘æ—π∏å ®“√ÿ¡≥’

Mr. Sudhipan Charumani

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√Õ‘ √– °√√¡°“√√ÕßºŸâÕ”π«¬°“√ ∫√‘…—∑ ‡ß‘π∑ÿπÀ≈—°∑√—æ¬å √à«¡‡ √‘¡°‘® ®”°—¥ (¡À“™π)

Independent Director Executive Deputy Director : Union Asia Finance Public Company Limited

π“ß¿§‘π’ ÿ«√√≥¿—°¥’

Ms. Pakinee Suwanapakdee

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√Õ‘ √– √Õß°√√¡°“√ºŸâ®—¥°“√ ∏π“§“√¡À“π§√ ®”°—¥ (¡À“™π)

Independent Director Vice President : First Bangkok City Bank Public Company Limited

π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å

Mr. Thongchai Srisomburananonta

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√ ª√–∏“π°√√¡°“√ ∫√‘…—∑„π‡§√◊Õπ‘¡‘µ

Director Chairman of the Board : Nimit Group

π“¬∂“«√ Õπ—πµå§Ÿ»√’

Mr. Thavorn Anankusri

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√ ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‡√’¬≈ √‘™ ®”°—¥

Director Chairman of the Board : Real Rich Co., Ltd.

π“¬®‘√«‘∑¬å ¡“»√—ß √√§å

Mr. Jirawit Masrangson

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√ ºŸâÕ”π«¬°“√ΩÉ“¬ ∫√‘…—∑ °√’π«—≈‡≈à°√ÿäª ®”°—¥

Director Department Director : Green Valley Group Co., Ltd.

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈

Mr. Vivat Jiratikarnsakul

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√ °√√¡°“√∫√‘…—∑ Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ®”°—¥

Director Director : Eastern Fluid Transport Co., Ltd.

π“¬Õπÿµ√ ®“µ‘°«≥‘™

Mr. Anut Chatikavanij

µ”·Àπàß ª√– ∫°“√≥å

Position Experience

°√√¡°“√ °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥, ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥

Director President : Industrial Power Co., Ltd., ; Bowin Power Co., Ltd.

§≥–ºŸâ∫√‘À“√ Management π“¬‡¥«‘¥ π“√å‚¥π Mr. David Nardone π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ Mr. Vivat Jiratikarnsakul π“¬π‘√—π¥√å ¢®√√ÿàß»‘≈ªá Mr. Nirand Kajonrungsilp π“¬§”ŒÕß √—»¡’ Mr. Khamhoung Ratsamany π“¬»‘√‘»—°¥‘Ï °‘®√—°…“ Mr. Sirisak Kijraksa 86

°√√¡°“√ºŸâ®—¥°“√ President ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ Senior Vice President ºŸâÕ”π«¬°“√ΩÉ“¬¢“¬ Director-Industrial Estate Sales ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√ Director-Industrial Estate Operations √ÕßºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ Deputy Director-Accounting

π“ß “« ¡„® «™‘√Àâ“ Ms. Somjai Wachiraha π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß Mr. Tanin Subboonrueng π“ß√—µπ“∑‘æ¬å Ÿµ–∫ÿµ√ Mrs. Rattanathip Sutabutr π“ß “«ªƒ…¥“ ∑Õß«‘‡»…°ÿ≈ Ms. Parisada Tongviseskul π“¬‡ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π Mr. Paopitaya Smutrakalin

√ÕßºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π Deputy Director-Finance ºŸâ®—¥°“√‚§√ß°“√ Project Manager Development ºŸâ®—¥°“√‚§√ß°“√ Project Manager Development ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥ Manager-Marketing ºŸâ®—¥°“√ΩÉ“¬«“ß·ºπ√–∫∫¢âÕ¡Ÿ≈ Manager-Planning and Information Systems

SHAREHOLDERS AND MANAGEMENT ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√ √“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 First 10 Hemaraj Land And Developmentûs Shareholders as at December 31, 1998 ≈”¥—∫∑’Ë

™◊ËÕ - °ÿ≈

®”π«πÀÿâπ

% ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“°1 Thailand Securities Depository Co., Ltd. for Depositor1

19,789,241

27.96

π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å / Mr. Thongchai Srisomburananonta

13,245,335

18.72

∫√‘…—∑ ´—π‡∑§°√ÿäª ®”°—¥ (¡À“™π) / Sun Tech Group Public Company Limited

9,045,600

12.78

π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß / Mr. Sawasdi Horrungruang

7,330,000

10.36

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“°2 Thailand Securities Depository Co., Ltd. for Depositor2

4,970,506

7.02

π“¬ —¡ƒ∑∏‘Ï ‡Õ◊ÈÕ‚™µ‘æ≥‘™ / Mr. Sumrit Eahchotipanij

3,357,100

4.74

π“¬∂“«√ Õπ—πµå§Ÿ»√’ / Mr. Thavorn Anankusri

2,810,000

3.97

π. .πÿ™π“√∂ ÀÕ√ÿàß‡√◊Õß / Miss Nuchanart Horrungruang

1,569,225

2.22

π“¬Õ¿‘™“µ‘ ‡ß‘πÕ¬Ÿà / Mr. Apichad Ngoenyoo

1,500,000

2.12

10.

π“¬‰ « ÀÕ√ÿàß‡√◊Õß / Mr. Savai Horrungruang

1,100,000

1.55

1 ºŸâ∂◊ÕÀÿâπ∑’Ë‡ªìπ§π‰∑¬ (Thai depositor) 2 ºŸâ∂◊ÕÀÿâπ∑’Ë‡ªìπ§πµà“ß™“µ‘ (Foreigner depositor)

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ / Reference Persons π“¬∑–‡∫’¬πÀÿâπ

Share Registrar

ºŸâ Õ∫∫—≠™’

Auditor

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 132 Õ“§“√ ‘π∏√ 3 ™—Èπ 22 ∂. «‘∑¬ÿ ·¢«ß≈ÿ¡æ‘π’ ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 263-3851-77 ‚∑√ “√ 263-3880 Thailand Securities Depository Co., Ltd. 22nd Floor, Sinthorn Tower 3, 132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Tel. 263-3851 Fax 263-3880 π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑’Ë 2316 ∫√‘…—∑ ”π—°ß“π æ’∑¡“√å«‘§ ÿ∏’ ®”°—¥ Õ“§“√ “∏√∏“π’ ∑“«‡«Õ√å 2 ™—Èπ 9 ‡≈¢∑’Ë 92 “∏√‡Àπ◊Õ °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å 236-6161-4 Mr. Nirand Lilamethwat Certified Public Accountant Peat Marwick Suthee Limited 9th Floor, Sathorn Thani Tower II, 92 North Sathorn Road, Bangkok 10500 Tel. 236-6161-4

∑’Ëª√÷°…“∑“ß°ÆÀ¡“¬ ∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥ ™—Èπ 22 Õ“§“√ ‘π∏√ 3 ‡≈¢∑’Ë 130 ∂. «‘∑¬ÿ °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 263-7600 ‚∑√ “√ 263-7699 Attorney Allen & Overy (Thailand) Co., Ltd. 22nd Floor, Sindhorn Building III, 130 Wireless Road Bangkok 10330 Tel. 263-7600 Fax 263-7699 ∑’Ëª√÷°…“∑“ß°“√‡ß‘π (‰¡à¡’) Financial Advisor (None)

§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ (1) §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π ‡ß‘π‡¥◊Õπ §à“∫”‡ÀπÁ®/‚∫π— (2) §à“µÕ∫·∑πÕ◊Ëπ

8,528,000 1,426,660 (‰¡à¡’)

∫“∑ ∫“∑

Director and Management’s Compensation

(1) Remuneration Salary Bonus (2) Others Remuneration

8,528,000 1,426,660 (None)

Baht Baht 87

SET REGULATIONS √“¬°“√µ√«® Õ∫ √“¬°“√µ√«® Õ∫ Àπâ“∑’Ë 1. ¢âÕ¡Ÿ≈∑—Ë«‰ª 1.1 ∫√‘…—∑ “√∫—≠ 1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 22 1.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 87 2. §”™’È·®ß¢Õßª√–∏“π°√√¡°“√À√◊Õ§≥–°√√¡°“√ 2 3. §”™’È·®ß¢Õß§≥–°√√¡°“√µ√«® Õ∫ ‰¡à¡’ 4. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑ 4.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π 7 4.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π 7 5. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 5.1 ‚§√ß √â“ß√“¬‰¥â 22 5.2 °“√‡ª≈’Ë¬π·ª≈ß„πªï∑’Ëºà“π¡“ ‰¡à¡’ 6. ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π 4 7. ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 7.1 ºŸâ∂◊ÕÀÿâπ 87 7.2 ºŸâ∫√‘À“√ 86 7.3 §à“µÕ∫·∑πºŸâ∫√‘À“√ 87 8. ∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π 8.1 √“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡ ‰¡à¡’ 8.2 √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ‰¡à¡’ „π°√≥’∑’Ë∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑√à«¡ ‡°‘π°«à“√âÕ¬≈– 5 ¢Õß®”π«πÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß¢Õß∫√‘…—∑π—Èπ 8.3 ‡Àµÿº≈·≈–§«“¡®”‡ªìπ∑’Ë∑”„Àâ‡°‘π√“¬°“√√–À«à“ß°—π„À¡à ‰¡à¡’ 8.4 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°À√◊ÕºŸâ™”π“≠°“√∑’Ë‡ªìπÕ‘ √– ‰¡à¡’ ‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π 8.5 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°‡°’Ë¬«°—∫°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢ ‰¡à¡’ ∑’Ë∫√‘…—∑‰¥â√–∫ÿ‰«â„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å·≈–√à“ßÀπ—ß ◊Õ™’È™«π 9. ªí®®—¬§«“¡‡ ’Ë¬ß 8 10. ªí®®—¬Õ◊Ëπ∑’ËÕ“®¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„®≈ß∑ÿπ 10.1 ¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ ‰¡à¡’ 10.2 æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ„πÕπ“§µ ‰¡à¡’ 11. ¢âÕ¡Ÿ≈‡°’Ë¬«°—∫Àÿâπ°ŸâÀ√◊Õµ—Î«‡ß‘π 70 12. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ 12.1 §«“¡‡À¡“– ¡¢Õß‚§√ß √â“ß‡ß‘π∑ÿπ §«“¡‡æ’¬ßæÕ¢Õß ¿“æ§≈àÕß 8 §ÿ≥¿“æ ‘π∑√—æ¬å §«“¡ “¡“√∂„π°“√∑”°”‰√ ·≈–ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π 12.2 “‡Àµÿ¢Õß°“√‡ª≈’Ë¬π·ª≈ß√“¬°“√À√◊ÕÕ—µ√“ à«π∑’Ë ”§—≠ 8 12.3 √“¬°“√æ‘‡»…À√◊Õ√“¬°“√∑’Ë¡‘‰¥â‡°‘¥®“°°“√¥”‡π‘πß“πµ“¡ª°µ‘ 8 ·≈–¡’º≈µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“πÕ¬à“ß¡’ “√– ”§—≠ 12.4 “‡Àµÿ∑’Ëº≈°“√¥”‡π‘πß“πªï≈à“ ÿ¥·µ°µà“ß®“°ªï°àÕπÀ√◊Õª√–¡“≥°“√ 8 Õ¬à“ß¡’π—¬ ”§—≠ 12.5 °“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠∑’Ë‡°‘¥¢÷Èπ¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π≈à“ ÿ¥·≈– ‰¡à¡’ º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π 12.6 º≈°√–∑∫®“°°“√ª√—∫‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π°≈ÿà¡ ‰¡à¡’ 12.7 °“√§È”ª√–°—π„Àâ∫ÿ§§≈Õ◊Ëπ Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ °“√ºŸ°æ—π°“√≈ß∑ÿπ 80 „π‚§√ß°“√ À√◊Õ¿“√–ºŸ°æ—πÕ◊Ëπ„π≈—°…≥–‡¥’¬«°—π 13. ß∫°“√‡ß‘π 26 88

SET REGULATIONS

Page

1. General Information 1.1 Company profile

content

1.2 Other company which held by the company more than 10%

1.3 Reference persons i.e. registrar, auditor, financial advisor, attorney

2. Message from Director

3. Message from Audit Committee (if any)

none

4. Summary of Financial (highlight) 4.1 Information from financial statement i.e. total asset, total liability,

equity, sale, total revenue, revenue, gross margin, and net profit. 4.2 Financial ratio

5. Types of Business 5.1 Structure of revenue

5.2 Changing from previous years

none

6. Industry Situation and Competition

7. Shareholders and Management 7.1 Shareholders who hold more than 10%

7.2 Management team by presented name, experience

7.3 Management remuneration

8. Mutual interest Person and Connected Transaction 8.1 Present name of person who be mutual interest person

none

8.2 In case of the mutual interest persons hold more than

none

5% of voting right in subsidiary and associated company 8.3 In clause of 8.1 and 8.2 if occur in previous year, present

none

reason and necessity of the transaction 8.4 Comment of independent director and financial advisor

none

for transaction in clause 8.1 and 8.2 8.5 Comment of independent director for treatment as

none

commitment and condition in prospectus 9. Risk Factors

10. Other factors that may impact to investment decision 10.1 legal disputes 10.2 commitment on share issuance in the future 11. Information of Convertible Bond and Bill of Exchange

none none 70

12. Management Discussion 12.1 Capital structure suitability, liquidity, asset quality,

profitability and performance 12.2 Cause of changing of significant ratios

12.3 Extra items impact to financial position and

performance significantly 12.4 Cause of significant deviation of performance

from previous year or forecast 12.5 Changing of subsequent event significantly

none

12.6 Impact from shareholder restructure

none

12.7 Pledging to other person, contingent liability 13. Financial Statement

80 26