HEMRAJ : Annual Report 1999 by Piyanuch Meechit

MESSAGE FROM THE BOARD OF DIRECTORS º≈ª√–°Õ∫°“√·≈– ¿“«–°“√‡ß‘π¢Õß∫¡®. ‡À¡√“™ · ¥ß„Àâ‡ÀÁπ∂÷ßº≈ –∑âÕπ®“° ¿“«–‡»√…∞°‘®∑’Ë¬—ß§ß´∫‡´“Õ¬à“ßµàÕ‡π◊ËÕß„πª√– ‡∑»‰∑¬ ”À√—∫ª’ 2542 ∫√‘…—∑œ ¢“¥∑ÿπ ÿ∑∏‘ 1,010.7 ≈â“π∫“∑À√◊Õ‡∑’¬∫‡∑à“ 14.28 ∫“∑µàÕÀÿâπ ®“°√“¬√—∫√«¡ ÿ∑∏‘ 799.8 ≈â“π∫“∑ º≈¢“¥∑ÿπÀ≈—°π—Èπ‡°‘¥®“°°“√∫—π∑÷°º≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“„πÀ≈—°∑√—æ¬å·≈–∑’Ë¥‘π∑’Ë∫√‘…—∑œ ∂◊Õ§√ÕßÕ¬Ÿà·≈–°“√µ—Èß ”√Õß∑’ËÕ“®®– ‡°‘¥¢÷Èπ„πÕπ“§µ πÕ°®“°π’È¿“√–¥â“π§à“„™â®à“¬°ÁÕ¬Ÿà„π√–¥—∫ Ÿß ‡¡◊ËÕ‡∑’¬∫°—∫°“√¥”‡π‘π°“√¢Õß∫√‘…—∑„πªí®®ÿ∫—π √“¬√—∫®“°°“√¢“¬·≈–°“√∫√‘°“√ªï 2542 ®”π«π 803.6 ≈â“π∫“∑π—Èπ¥’¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2541 ®”π«π 343 ≈â“π∫“∑ ¿“æ√«¡¢Õßµ≈“¥∑’Ë¥‘π‡æ◊ËÕÕÿµ “À°√√¡¢Õß‰∑¬„πªï 2542 ´÷Ëß¡’¬Õ¥¢“¬‡°‘π°«à“ 800 ‰√à ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫√–¥—∫∑’ËµË”°«à“ 500 ‰√à„πªï 2541 ·µà¬—ß§ßµË”°«à“¡“°‡¡◊ËÕ‡∑’¬∫°—∫¿“æ√«¡¢Õßªï 2538 ·≈– 2539 ∑’ËÕ¬Ÿà„π√–¥—∫ 8,000 ‰√àµàÕªï ®“°º≈°“√≈ß∑ÿπ„πª√–‡∑»‰∑¬ “¡“√∂™’È‰¥â«à“ ∫√‘…∑— œ ¬—ß§ß‡ªÁπºŸâπ”¥â“ππ‘§¡Õÿµ “À°√√¡„πª’ 2542 ‚¥¬¡’ à«π·∫àßµ≈“¥√âÕ¬≈– 25 ¥â«¬¬Õ¥¢“¬ 210 ‰√à ®“°≈Ÿ°§â“„À¡à 10 √“¬ ‡ªìπ¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷Èπ®“° 90 ‰√à „πªï 2541 ®“°¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷Èπ¢Õßª’ 2542 · ¥ß„Àâ‡ÀÁπ«à“∫√‘…—∑œ‰¥âº≈®“°°“√≈ß∑ÿπ °≈ÿà¡Õÿµ “À°√√¡∫“ß°≈ÿà¡‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß§◊Õ Õÿµ “À°√√¡¬“π¬πµå ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ´÷Ëß‡ªÁπ∫√‘…—∑√à«¡Õ¬Ÿà„π ∂“π–∑’Ëæ√âÕ¡„π°“√¥”‡π‘π°“√·≈–°”≈—ßæ—≤π“‚§√ß°“√º≈‘µ‰øøÑ“´÷Ëß¡’°”≈—ß°“√º≈‘µ√«¡ 840 ‡¡°–«—µµå ª√–°Õ∫¥â«¬ ‚√ßß“πº≈‘µ‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡·≈–‰ÕπÈ” 124 ‡¡°–«—µµå ∑’Ë‰¥â‡ªî¥¥”‡π‘π°“√·≈È«„πª’ 2541 ‚¥¬∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ·≈–‚§√ß°“√º≈‘µ‰øøÈ“Õ‘ √– ¢π“¥ 713 ‡¡°–«—µµå ´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ—≤π“¿“¬„µâ ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ ®– “¡“√∂®”Àπà“¬°√–· ‰øøÑ“‰¥â „π‡¥◊Õπ‡¡…“¬π ªï 2545 ¿“«–‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ¡’º≈°√–∑∫µàÕ¢’¥§«“¡ “¡“√∂„π°“√ √â“ß°√–· ‡ß‘π ¥„Àâ Õ¥§≈âÕß°—∫°“√™”√–Àπ’È∑’Ë§√∫°”Àπ¥ √«¡∂÷ß °“√≈ß∑ÿπ„π∏ÿ√°‘®°“√æ—≤π“æ≈—ßß“π ∂÷ß·¡â«à“∫√‘…—∑œ‰¥â∑”°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë‡ªÁπ‡ß‘π °ÿ≈∫“∑ à«π„À≠à„πªï 2541 ·≈– 2542 ·≈â« ·µà¬—ß¡’Àπ’ÈÕ’°®”π«πÀπ÷Ëß∑’Ë√Õ°“√ √ÿª √«¡∂÷ßÀÿâπ°Ÿâ·ª≈ß ¿“æ´÷ËßÕ¬Ÿà„π‡ß‘π °ÿ≈¥Õ≈≈à“√å √Õ.¥â«¬ „π‰µ√¡“ ·√°¢Õßªï 2543 ∫√‘…—∑œ‰¥â¡’°“√≈¥°“√∂◊ÕÀÿâπ„π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ‡À≈◊Õ®”π«π√âÕ¬≈– 24.999 ‚¥¬Õ¬Ÿà√–À«à“ß√Õ°“√ Õπÿ¡—µ‘®“°Àπà«¬ß“π¢Õß√—∞ à«πºŸâ√à«¡∑ÿπ§◊Õ ∫√‘…—∑ ‡∑√§∑“‡∫≈ ´÷Ëßªí®®ÿ∫—π®–∂◊ÕÀÿâπ‡ªìπ√âÕ¬≈– 75.001 °“√√à«¡∑ÿπ¥—ß°≈à“«®–∑”„Àâ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ‰¡à¡’ª—≠À“„π°“√√–¥¡∑ÿπ ¢âÕµ°≈ß¥—ß°≈à“«‰¥â √â“ß§«“¡¡—Ëπ„®«à“°“√√–¥¡∑ÿπ·≈–¢Õ ‘π‡™◊ËÕ‡æ◊ËÕ‚§√ß°“√¢Õß ∫àÕ«‘π‡æ“‡«Õ√å®–‡ªìπ‰ªµ“¡∑’Ë‰¥â°”Àπ¥‰«â ∫√‘…—∑œ‰¥â¥”‡π‘π°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 141.5 ≈â“πÀÿâπ„πªï 2542 ‡æ◊ËÕ √â“ß§«“¡·¢Áß·°√àß∑“ß°“√‡ß‘π·°à∫√‘…—∑ ·≈– „π‰µ√¡“ ·√°¢Õßªï 2543 §≥–°√√¡°“√‰¥âÕπÿ¡—µ‘„Àâ¡’°“√‡æ‘Ë¡∑ÿπ √«¡ ÿ∑∏‘ 50 ≈â“πÀÿâπ´÷Ëß®–„Àâ¡’°“√æ‘®“√≥“Õπÿ¡—µ‘„π∑’Ëª√–™ÿ¡ “¡—≠ ª√–®”ªï „π«—π∑’Ë 28 ‡¡…“¬π 2543 π’È ‡√“‡™◊ËÕ«à“°≈¬ÿ∑∏å„π°“√æ—≤π“√–∫∫ “∏“√≥Ÿª‚¿§∑’Ë Õ¥§≈âÕß°—ππ—Èπ‰¥â°àÕ„Àâ‡°‘¥√“¬‰¥â‡ √‘¡Õ¬à“ßµàÕ‡π◊ËÕß Õ“∑‘‡™àπ √“¬‰¥â®“°∏ÿ√°‘® æ≈—ßß“π ®“° “∏“√≥Ÿª‚¿§·≈–∫√‘°“√ °“√¢“¬·≈–‡™à“Õ“§“√‚√ßß“π ”‡√Á®√Ÿª πÕ°®“°π’°È ≈¬ÿ∑∏å¥ß— °≈à“«¬—ß àßº≈„Àâ∫√‘…—∑‰¥â‡ªÁπºŸπâ ”∑“ß¥â“π æ—≤π“π‘§¡Õÿµ “À°√√¡Õ’°¥â«¬ ¿“æ‡»√…∞°‘®∑’Ë∑â“∑“¬„πÕπ“§µπ’È‡ªìπ‚Õ°“ ∑’Ë∫√‘…—∑®–‰¥âæ—≤π“‡æ‘Ë¡¢’¥§«“¡ “¡“√∂„π°“√·¢àß¢—π·≈–‡æ‘Ë¡¡Ÿ≈§à“Àÿâπ¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑¬—ß‰¥â√—∫§«“¡ π—∫ πÿπ®“°∑’¡ºŸâ∫√‘À“√ æπ—°ß“π ºŸâ∂◊ÕÀÿâπ ≈Ÿ°§â“ ‡®â“Àπâ“∑’Ë µ≈Õ¥®πÀÿâπ à«π∏ÿ√°‘® „ππ“¡¢Õß§≥–°√√¡°“√ ·≈– §≥–ºŸâ∫√‘À“√ ∫¡®.‡À¡√“™æ—≤π“∑’Ë¥‘π °√–º¡¢Õ¢Õ∫§ÿ≥¥â«¬§«“¡®√‘ß„® ¥â«¬§«“¡‡§“√æÕ¬à“ß Ÿß

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Hemaraj Land And Development PLC financial and operating results continue to reflect the relatively weak economic conditions prevalent in Thailand. For 1999, Hemaraj reported a Net Loss of Baht 1,010.7 million, or a loss of Baht 14.28 per share, on Total Revenue of Baht 799.8 million. The Net Loss was due in large part to a revaluation to market of certain security and property assets and to the provision of reserves deemed prudent in addition to interest expenses being high for the level of operating activity. The Sales and Service Revenue in 1999 of Baht 803.6 million were encouraging in comparison to 1998 Sales and Service Revenue of Baht 343 million. The overall Thailand industrial property market in 1999 has increased modestly to sales of over 800 rai versus under 500 Rai in 1998, still down dramatically from the 8,000 rai per annum levels in 1995 and 1996. Outperforming the investment level indicators in Thailand, Hemaraj posted industrial estate sales of 210 Rai in 1999 and 10 new customers for a 25% market share, up from 90 Rai in 1998. The Sales increase for 1999 have demonstrated that Hemaraj will benefit from certain sectors of investment in the economy, especially automotive. Hemaraj affiliate H-Power is well positioned with 840 MW of power generation operating or under development. The Industrial Power cogeneration units of 124 MW have been in operation since 1998. The Independent Power project Bowin Power of 713 MW is scheduled for commercial operation in April 2002. The economic conditions prevalent have resulted in constraints in our ability to generate cash in line with the maturity of debt obligations and the demanding investments required in power projects. Although Hemaraj restructured most of the Baht denominated debt in 1998 and 1999, more needs to be finalized in this area and with the balance of the U.S. dollar convertible bond. In the first quarter of 2000, Hemaraj reduced its share in H-Power to 24.999% pending certain government approvals. With partner Tractebel now in a majority position of 75.001%, the joint venture H-Power is not constrained for capital in order to take advantage of investment opportunities. The agreement ensures that the equity and financing requirements for Bowin Power can be met. In order to strengthen the capital base of the company, Hemaraj completed the issuance and listing of 141.5 million warrants in 1999. In the first quarter of 2000, the Board of Directors have approved a further capital increase, being a net 50 million shares, to be considered for approval at the Annual Shareholder Meeting on April 28, 2000. We believe that our consistent strategy of infrastructure development to generate recurring and complementary income from areas like power generation, utility income, industrial services, and the sale and lease of mini factories while harvesting our market leading industrial estate development remain the optimal one. Looking ahead, the challenging economic environment will present opportunities for the company to improve its competitiveness and to enhance shareholder value. We remain emboldened by the unwavering support of our management, employees, shareholders, customers, creditors, and business partners. On behalf of the Board of Directors and Management of Hemaraj Land And Development, I would like to express our sincere appreciation. Respectfully submitted,

David R. Nardone President & Chief Executive Officer March 30, 2000

AUDITORS COMMITEE’S REPORT ç§≥–°√√¡°“√µ√«® Õ∫é ¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) æ√âÕ¡°Æ∫—µ√∑’Ëµ√“¢÷Èπ ‰¥â√—∫°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ «‘ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 1/2542 ‡¡◊ËÕ«—π∑’Ë 15 æƒ»®‘°“¬π 2542 ‚¥¬„Àâ¡’º≈µ—Èß·µà«—π∑’Ë 30 ∏—π«“§¡ 2542 ‡ªìπµâπ‰ª ®”π«π°√√¡°“√ 3 §π ª√–°Õ∫¥â«¬ π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’ (ª√–∏“π) π“¬ªï‡µÕ√å ‡®. ‡ÕÁ¥¡—π —π ·≈–π“¬®‘√«‘∑¬å ¡“»√—ß √√§å Õß§π·√°¡’∞“π– ‡ªìπ°√√¡°“√Õ‘ √–¢Õß∫√‘…—∑œ ‡π◊ËÕß®“°‡æ‘Ëß‰¥â‡√‘Ë¡¥”‡π‘πß“π‡¡◊ËÕ«—π∑’Ë 30 ∏—π«“§¡ 2542 §≥–°√√¡°“√µ√«® Õ∫¢“¥§«“¡æ√âÕ¡∑’Ë®– Õ∫∑“π‡™‘ß≈÷°„π¥â“πµà“ßÊ ¢Õßß∫°“√‡ß‘πª√–®”ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ¢Õß∫√‘…—∑œ·≈–°≈ÿà¡°‘®°“√„π‡§√◊Õ¢à“¬ ·µà∑—Èßπ’È§≥–°√√¡°“√µ√«® Õ∫ ‰¥â „Àâ§«“¡„ à„®Õ¬à“ß≈–‡Õ’¬¥√Õ∫§Õ∫µàÕ‡π◊ÈÕÀ“ “√–‚¥¬√«¡¢Õß√à“ß√“¬ß“πª√–®”ªï 2542 ¢Õß∫√‘…∑— œ ·≈–µàÕ§«“¡‡ÀÁπ·≈–¢âÕ —ß‡°µ„π Àπ—ß ◊Õ‡¥◊Õπ°ÿ¡¿“æ—π∏å 2543∑’ËºŸâ Õ∫∫—≠™’¿“¬πÕ°∑”∂÷ß§≥–°√√¡°“√¢Õß∫√‘…—∑œ æ√âÕ¡∑—Èß‰¥â¡’‚Õ°“ À“√◊Õ∂°ª√–‡¥Áπ°—∫ΩÉ“¬®—¥°“√ ºŸâµ√«® Õ∫∫—≠™’ ·≈–∑’Ëª√÷°…“°ÆÀ¡“¬√“¬„À≠à¢Õß∫√‘…—∑œÕ¬à“ß®√‘ß®—ß §«“¡√Ÿâ ÷° (Impression) ∑’Ë‰¥â√—∫∫πæ◊Èπ∞“π§«“¡√Ÿâ (Awareness) ¢Õß§≥–°√√¡°“√µ√«® Õ∫„π™—Èππ’È §◊Õ∑—Èßµ—«∫√‘…—∑œ‡Õß·≈–ΩÉ“¬®—¥°“√‰¥âπ”‡ πÕº≈°“√¥”‡π‘πß“πªï 2542 ¢Õßµπ æ√âÕ¡°“√§“¥°“√≥å Õπ“§µÕ¬à“ß™Õ∫ ¥â«¬‡Àµÿº≈·≈–‚ª√àß„ ·≈–‰¡à¡’√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πÀ√◊Õ√“¬°“√∑’Ë¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå°—∫∫√‘…—∑œ ‡°‘¥¢÷Èπ „πªï∑’Ë°≈à“«∂÷ß πÕ°®“°π’È¡‘‰¥â¡’°“√ª√“°Æ¢âÕ∫°æ√àÕß ”§—≠„¥„π√–∫∫ß“π¢Õß∫√‘…—∑œ ¬°‡«âπ°“√¢“¥ºŸâµ√«® Õ∫¿“¬„π°àÕπÀπâ“π’È ´÷Ëßª—®®ÿ∫—π ‰¥â¡’°“√·µàßµ—Èß¢÷Èπ·≈â« ¡’Àπâ“∑’Ë√“¬ß“π‚¥¬µ√ßµàÕ∑—Èß§≥–°√√¡°“√µ√«®·≈–ΩÉ“¬®—¥°“√‚¥¬¡‘‰¥â¢—¥·¬âß°—∫§«“¡∑’Ë‰¥â°≈à“«‰«â¢â“ßµâπ §≥–°√√¡°“√µ√«® Õ∫¡’ª√–‡¥Áπ∑’Ëª√– ß§å¢¬“¬§«“¡ ≥ ∑’Ëπ’È°≈à“«§◊Õ‡®Á¥‡¥◊Õπ°àÕπ‰¥â√—∫Õπÿ≠“µ‡¢â“µ≈“¥À≈—°∑√—æ¬åœ„π‡¥◊Õπ °√°Æ“§¡ 2535 ∫√‘…—∑œ‰¥â®—¥´◊ÈÕ µäÕ§∑’Ë¥‘π (Land bank) ™‘ÈπÀπ÷Ëß®“°ºŸâ¢“¬¿“¬πÕ° ‚¥¬™”√–∫“ß à«π¢Õß√“§“´◊ÈÕ¥â«¬°“√°Ÿâ¬◊¡∑“ßÕâÕ¡®“°«ß‡ß‘π ∑’Ëπ‘µ‘∫ÿ§§≈ºŸâ¡’§«“¡‡°’Ë¬«‚¬ß¢≥–π—Èπ√“¬Àπ÷Ëß‰¥â√—∫®“°∫√‘…—∑‡ß‘π∑ÿπÀ≈—°∑√—æ¬å·ÀàßÀπ÷Ëß „π°“√µÕ∫ πÕß∫√‘…—∑œ‰¥â®¥®”πÕß∑’Ë¥‘π ¥—ß°≈à“«‡ªìπÀ≈—°ª√–°—π æ√âÕ¡∑—Èß∑”Àπ—ß ◊Õ§È”ª√–°—πª√–‡¿∑‡®“–®ß«ß‡ß‘π„Àâ ‰«â√“¬°“√π’È‰¥â√—∫°“√™”√–‡µÁ¡®”π«πµàÕ¡“„π‡¥◊Õπ°—π¬“¬π 2536 ·≈–∑’Ë¥‘π‰¥â√—∫°“√‰∂à∂Õπ‡ªìπ∑’Ë‡√’¬∫√âÕ¬·µà‡Õ° “√§È”ª√–°—π‰¥â∂Ÿ°≈–‡≈¬¥â«¬§«“¡∫—ß‡Õ‘≠ ´÷Ëß¿“¬À≈—ß‰¥â°≈“¬‡ªìπµâπ‡Àµÿ¢Õß §¥’§«“¡„π™—Èπ»“≈ ‚¥¬∫√‘…—∑‡ß‘π∑ÿπœ´÷Ëßª—®®ÿ∫—π‰¥âÀ¬ÿ¥°‘®°“√·≈â« ‰¥â¬°‡Õ° “√¥—ß°≈à“«¢÷Èπ‡√’¬°√âÕß„π≈—°…≥–¢Õß¿“√–§È”ª√–°—π∑’Ë¬—ß§ß ¿“æ·≈–¡’æ—π∏–§√Õ∫§≈ÿ¡Àπ’È ‘π∑ÿ°√Ÿª·∫∫∑’Ë≈Ÿ°§â“¢Õßµπµ‘¥§â“ß ‚¥¬„™âª√–‚¬™πåÕ¬à“ß‰¡à‡ªÁπ∏√√¡®“°¢âÕ§«“¡ à«π∑’Ë‡ªìπ·∫∫øÕ√å¡¢Õß Àπ—ß ◊Õ§È”ª√–°—π¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡∫√‘…—∑œ°”≈—ßµàÕ Ÿâ§¥’·≈–‰¥â·®âßµàÕµ≈“¥À≈—°∑√—æ¬åœ∂÷ß‡Àµÿ°“√≥åπ’È·≈–°“√µ—Èß ”√Õß§à“‡ ’¬À“¬ ‡æ◊ËÕ§«“¡√Õ∫§Õ∫„π®”π«π‡ß‘π128.40 ≈â“π∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ‡ß‘π®”π«ππ’È‡ªìπ®”π«π‡µÁ¡∑’Ë∫√‘…—∑‡ß‘π∑ÿπœ‡√’¬°√âÕß∂÷ß «—π∑’Ë 2 °ÿ¡¿“æ—π∏å 2541 ‚¥¬¬—ß‰¡à√«¡§à“¥Õ°‡∫’È¬·≈–§à“„™â®à“¬¥â“π°ÆÀ¡“¬¢Õß™à«ß‡«≈“µàÕ¡“ ∫√‘…—∑œ‡Õß∂÷ß·¡â®–‰¡à ∫“¬„®µàÕ ‘Ëß∑’Ë‡°‘¥¢÷Èπ ·µà¡’§«“¡‡™◊ËÕ«à“®– “¡“√∂™π–§¥’∫πæ◊Èπ∞“π¢Õß¢âÕ‡∑Á®®√‘ß Õπ÷Ëß§≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕ·π–µàÕ§≥–°√√¡°“√¢Õß∫√‘…—∑œ«à“ KPMG Audit (Thailand) Limited ¡§«√‰¥â√—∫°“√ ·µàßµ—Èß‡ªìπºŸâ Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…—∑œ ”À√—∫ªï°“√‡ß‘π ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 µàÕ‡π◊ËÕß®“°ªï°àÕπ „πÕ—µ√“º≈µÕ∫·∑π∑’Ë ‡À¡“– ¡´÷Ëß®–¡’°“√µ°≈ß°—πµàÕ‰ª ‡√◊ËÕßπ’È®–‰¥â√∫— °“√π”‡ πÕ Ÿ°à “√æ‘®“√≥“¢ÕßºŸâ∂Õ◊ Àÿâπ¢Õß∫√‘…—∑œ„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï„π«—π∑’Ë 28 ‡¡…“¬π 2543

(π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’) ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 31 ¡’π“§¡ 2543

The Audit Committee of Hemaraj Land And Development Public Company Limited, together with its specific charter, was approved by the Extraordinary General Meeting of Shareholders No. 1/1999 on 15th November 1999, with effects from 30th December 1999 onwards. Its 3member composition includes Mr. Sudhipan Charumani (the Committee Chairman), Mr. Peter J. Edmondson and Mr. Jirawit Masrangson; the first 2 being also independent directors of the company. Due to its recent commencement on 30th December 1999, the committee is unready to review in depth the various aspects of the company's and group companies' financial statements for the year ended 31st December 1999. Nevertheless, the committee has paid careful attention to the overall draft contents of the company's 1999 Annual Report, as well as the view-points and observations stated in the external auditor's letters of February 2000 to the Board of Directors, with an opportunity to seriously discuss matters with the management, the auditors and the principal legal advisor of the company. The derived impression, based on the committee's current awareness, is that both the company and the management have well presented their 1999 performances, together with future forecasts, with validity and transparency, and that no connected-party transaction or conflicting-interest transaction has occurred during the said period. Moreover, no major flaw has been found in the company's internal control system, with the exception of a prior lack of an internal auditor, who has since been installed, reporting directly to both the committee and the management. Notwithstanding the above, there is a subject matter that the committee would like to expound. Seven months prior to its admission into the SET in July 1992, the company acquired from an outside seller a piece of land bank, of which the purchase price was partly funded by an indirect utilization of a related company's credit line from a finance and securities company. In reciprocation, the company mortgaged the said land as collateral, together with providing a guarantee on the particular credit line. The transaction was later paid off in full in September 1993 and the land freed from mortgage, but the guarantee document was accidentally overlooked, leading to a subsequent court litigation, whereby the now defunct finance and securities company is claiming against the document as an operative blanket guarantee on its client's overall indebtedness; taking an unfair advantage of the general wording of the guarantee format. The company is, however, fighting the court case, and has informed the SET of the event and of a prudent provision of Baht 128.40 Million as at 31st December 1999. This amount represents the finance company's full claim as of 2nd February 1998, exclusive of subsequent interest charges and legal expenses thereon. The company, although unhappy about this incident, believes that it could win the case on factual grounds. Lastly the committee has recommended to the Board of Directors that KPMG Audit (Thailand) be re-appointed as the company's external auditor for the financial year ended 31st December 2000, at an appropriate remuneration to be agreed upon. This issue will be proposed for shareholders' consideration at the Annual General Meeting on 28th April 2000.

(Sudhipan Charumani) Chairman of the Audit Committee st

31 March 2000

ECONOMIC AND COMPETITIVE CONDITIONS ¿“«–‡»√…∞°‘®∑’Ë ßà º≈°√–∑∫Õ¬à“ß√ÿπ·√ßµàÕª√–‡∑»‰∑¬µ—Èß·µà ª’ 2540 ‰¥âºà“πæâπ®ÿ¥µË” ÿ¥‰ª·≈â« ‚¥¬„πªï 2542 ‡»√…∞°‘®‰∑¬‰¥â · ¥ß°“√æ◊Èπµ—«Õ¬à“ßµàÕ‡π◊ËÕß„π∫“ß¿“§Õÿµ “À°√√¡ ªï 2542 º≈‘µ¿—≥±å√«¡¿“¬„πª√–‡∑» (GDP) ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 4.2 ¥—™π’°“√º≈‘µ¿“§Õÿµ “À°√√¡‡æ‘¡Ë ¢÷πÈ √âÕ¬≈– 20.6 ‚¥¬¿“æ√«¡ °”≈—ß°“√º≈‘µ∑—Èßª√–‡∑»Õ¬Ÿà√âÕ¬≈– 62 ¥√√™π’ºŸâ∫√‘‚¿§‡æ‘Ë¡¢÷Èπ®“° ªï 2541 √âÕ¬≈– 6 °“√ àßÕÕ° (¥Õ≈≈à“√å À√—∞) √âÕ¬≈– 17.6 √«¡ ∑—Èß°“√π”‡¢â“‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 14 ®“°ªï 2541 Õ—µ√“‡ß‘π‡øÑÕ¬—ß§ß Õ—µ√“µË”∑’Ë√âÕ¬≈– 0.7 ‡π◊ËÕß®“°°”≈—ß°“√º≈‘µ≈âπµ≈“¥ ¡’°“√ À¥µ—« ¢Õß°“√∫√‘‚¿§·≈– ¿“æ§≈àÕß∑“ß°“√‡ß‘π ª√–°Õ∫°—∫ ·¡â«à“√“§“πÈ”¡—π®–‡æ‘Ë¡ Ÿß¢÷Èπ à«πÀπ’È∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥â ¬—ß§ß Õ¬Ÿà„π√–¥—∫∑’Ë√âÕ¬≈– 42 π—Èπ ‰¥â √â“ß¿“«–¢âÕ®”°—¥∑“ß°“√‡ß‘π„Àâ·°à ºŸâª√–°Õ∫°“√‰∑¬‡ªìπ à«π„À≠à µ—«‡≈¢°“√≈ß∑ÿπ∑’Ë‰¥â√—∫°“√ àß‡ √‘¡®“°§≥–°√√¡°“√ àß‡ √‘¡ °“√≈ß∑ÿπ ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ßª√‘¡“≥‡ß‘π≈ß∑ÿπ∑’Ë≈¥≈ßµ“¡≈”¥—∫ ®“° 530 æ—π≈â“π∫“∑„πªï 2538 ¡“‡ªÁπ 157 æ—π≈â“π∫“∑„πªï 2542 ¬Õ¥¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡„πªï 2542 ®”π«π 800 ‰√à‡æ‘Ë¡¢÷Èπ‡≈Á°πâÕ¬®“°ªï∑’Ë·≈â« (∑’Ë¡“ : CB Richard Ellis) ‡π◊ËÕß ¡“®“°°“√∫√‘‚¿§∑’≈Ë ¥≈ß °“√À¥µ—«¢Õß°“√µ≈“¥√–¥—∫¿Ÿ¡¿‘ “§·≈– °“√≈ß∑ÿπ∑’Ë≈¥µË”≈ß ¿“§Õÿµ “À°√√¡¬“π¬πµå∑Ë¡’ ¬’ Õ¥¢“¬≈¥≈ß®“° 590,000 §—π „πª’ 2539 ‡ªìπ 144,000 §—π „πªï 2541 ·≈–‡æ‘Ë¡¢÷πÈ ‡ªÁπ 218,000

§—π àßÕÕ° 120,000 §—π„πªï 2542 „πªï 2543 π—Èπ§“¥«à“®– ¡’¬Õ¥®”Àπà“¬„πª√–‡∑» 280,000 §—π àßÕÕ° 175,000 §—π ®“°ª√‘¡“≥§«“¡µâÕß°“√√∂¬πµå∑’Ë‡æ‘Ë¡¢÷Èπ„π¿Ÿ¡‘¿“§π’È ºŸâ àßÕÕ° ™‘Èπ à«π¬“π¬πµå„πª√–‡∑»‰∑¬‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√¢¬“¬ µ≈“¥ ŸàÕÕ ‡µ√‡≈’¬ ¬ÿ‚√ª, ≠’ËªÿÉπ ·≈–ª√–‡∑»Õ◊ËπÊ „π à«π¿Ÿ¡‘¿“§ Õÿµ “À°√√¡°“√‡°…µ√, ™‘πÈ à«πÕ‘‡≈§∑√Õπ‘§ ·≈–Õÿµ “À°√√¡ ¬“π¬πµå ¬—ß§ß‡ªÁπÕÿµ “À°√√¡∑’Ë √â“ß√“¬‰¥âÀ≈—°®“°°“√ àßÕÕ° ¢Õßª√–‡∑»ª√–‡∑»‰∑¬¬—ß§ß‡ªìπ ª√–‡∑»∑’Ë · ¢Áß ·°√àß∑’ Ë ÿ¥ „π Õÿµ “À°√√¡¬“π¬πµå „π¿Ÿ¡‘¿“§Õ“‡´’¬π Õ—µ√“‡ß‘π‡øÑÕ∑’ËÕ¬Ÿà„π √–¥—∫µË”·≈–Õ—µ√“¥Õ°‡∫’È¬∑’Ëª√—∫µ—«≈¥≈ßæ√âÕ¡∑—Èß¡“µ√“°“√∑“ß °“√‡ß‘π·≈–°“√§≈—ßµà“ßÊ ¢Õß√—∞∫“≈™à«¬°√–µÿâπ°“√∫√‘‚¿§¿“¬„π ª√–‡∑» °Õß∑ÿπ‡æ◊ËÕÕ —ßÀ“√‘¡∑√—æ¬å °“√√à«¡∑ÿπ °“√ªØ‘√ªŸ Õß§å°√ µ≈“¥µ√“ “√Àπ’ È·≈–°“√º—π µ—« ¢Õßµ≈“¥Àÿâπ®–®ÿ¥ ª√–°“¬„Àâ ª√–‡∑»‰∑¬°≈—∫¡“‡ªÁπ·À≈àß¢Õßµ≈“¥∑ÿπÕ’°§√—Èß ‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬‰¥âª√– ∫§«“¡ ”‡√Á®µàÕ°“√®—¥°“√ Àπ’È‡ ’¬·≈–°“√‡ª‘¥ª√–¡Ÿ≈∑√—æ¬å ‘π∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥âµ≈Õ¥®π °ÆÀ¡“¬µà“ßÊ °”≈—ß®–∂Ÿ°ª√—∫ª√ÿß„Àâ‡ªÁπ¡“µ√∞“π “°≈ ‚¥¬ ‡©æ“–°ÆÀ¡“¬‡°’Ë¬«°—∫°“√≈â¡≈–≈“¬·≈–°“√ªØ‘√ŸªÕß§å°√ °“√∑’Ë ª√–‡∑»‰∑¬¡’ ∂“∫—πæ√–¡À“°…—µ√‘¬å ·≈– ¿“«–°“√‡¡◊Õß∑’Ë¡—Ëπ§ß „Àâ‡ªÁπª—®®—¬ ”§—≠∑’Ë™à«¬∫√√‡∑“º≈°√–∑∫ ¿“«–‡»√…∞°‘®∑’Ëµ°µË” Õ¬Ÿà„π¢≥–π’È

The economic climate, which was both shaken and stirred in

in 1996 to the low of 144,000 vehicles in 1998, increasing to 218,000

Thailand since 1997, is past the bottom since 1998, and is demonstrating

vehicles in 1999 with 120,000 exports, and projected at 280,000 vehicles

modest sectoral improvements in 1999.

in 2000, along with 175,000 exports. With a modestly increasing

For 1999, the GDP growth index rose 4.2 percent. Manufacturing

automotive demand in most of the regional markets, Thailand’s export

Production growth rose by 20.6 percent year over year basis with the

base strategy has none the less been successful with access to new

overall capacity utilization at 62 percent. Private Consumption Index

expanded markets in Australia, Europe, Japan, and emerging markets.

increased 6 percent from a year earlier. Exports in dollar terms rose by

The economic prospects for Thailand remain promising with

17.6 percent. Imports also rose by 14 percent from the 1998 level. The

agriculture, electronics, and automotive generating strong export

Inflation rate remains low at only 0.7 percent for the year due to excess

earnings. As the ASEAN scheme takes hold, Thailand remains the

capacity, weak consumption, and financial liquidity despite increases in

strongest positioned in the automotive and other markets. Inflation

petroleum costs. The Non Performing Loans remain a problem at 42

has remained low while declining interest rates with government fiscal

percent and have created financing constraints for most Thai enterprises.

and monetary measures have increased modestly consumption.

The Board of Investment (BOI) Approvals continued to reflect a

Property funds, joint investments, reorganizations, local debt markets

lower level of investment activity, with a reduction from Baht 530 billion

and the reemergence of the stock market will bring back capital for

in 1995 to Baht 157 billion in 1999 respectively. Sales in Thailand of

Thailand. The Thai economy has had some success with bad debts

Industrial Land (source CB Richard Ellis), being impacted by lower

recognized, the sale of non-performing assets, and laws being enacted

consumption, the deterioration in regional markets, and lower

to bring foreclosure bankruptcy and reorganization laws closer to

investment levels are estimated at a slightly improved 800 rai for 1999.

international standards. A revered monarchy and a stable political system

The automotive market has seen sales drop from 590,000 vehicles

have minimized the disruptions of the economic decline.

‚§√ß √â“ß°“√≈ß∑ÿπ·≈–°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ / Investment and Shareholding Structure ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 / As of 31 December 1999 ∫¡®. Õ“À“√ ¬“¡

∫®. Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß)

Siam Food PLC.

Eastern Seaboard Industrial Estate (Rayong) Co.,Ltd.

(π‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß))

∫®. Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ Eastern Pipeline Services Co., Ltd.

∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑

(π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥)) Eastern Industrial Estate Co.,Ltd.

∫®. ‡Õ™-Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (∫’«’‰Õ) ∫¡®. ‡À¡√“™æ—≤π“∑’Ë¥‘π

(π‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π)) Hemaraj Land And Development PLC.

H-International (BVI) Co., Ltd.

∫®. Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ Eastern Fluid Transport Co., Ltd.

∫®. ‡Õ™-Õ‘πø√“ H-Infra Co., Ltd.

∫®. æ≈—ßß“πÕÿµ “À°√√¡ Industrial Power Co., Ltd.

∫®. ‡À¡√“™ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ Hemaraj International Co., Ltd.

∫®. ‡Õ™-‡æ“‡«Õ√å H-Power Co., Ltd.

∫®. ‚Õ‡ªÕ√å‡√™—Ëπ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ Operation Power Services Co., Ltd.

∫®. Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å ´—ææ≈“¬ ®”°—¥ Industrial Water Supply Co., Ltd.

∫®. æ’‡π‚° ‡´Õ√å«‘ ‡´ ∫¡®. »√’√“™“ Œ“√å‡∫Õ√å Sriracha Harbor PLC.

Pinago Services Co., Ltd.

∫®. ∫àÕ«‘π‡æ“‡«Õ√å Bowin Power Co., Ltd.

ECONOMIC CHARTS 6

GDP Growth

Private Consumption Growth

4.5

1999F

2000F

4.0

1998

(10.4)

1997

(1.8)

3.8

1999F

1996

√âÕ¬≈– / Percentage

√âÕ¬≈– / Percentage 2000F

5.5

ªï / Year

3.0

1998

(10.6)

1997

(0.8)

1996

6.5

ªï / Year

2000F

Agriculture Production Growth

1.6

1999F

2.1

1998

(0.3)

1997

(0.5)

1996

2000F 0.0 1999F (0.7)

4.0

ªï / Year

1998

(27.9)

1997

(20.3)

1996

ªï / Year 2000F

7.0

1999F

6.8

1998

(11.6)

1997

0.1

1996

Industrial Production Growth

8.4

ªï / Year

Source : 1) Bank of Thailand Note :

Private Investment Growth

2) FTI 3) BOI 4) CB Richard Eliis

F = Forecast

6.9

1999 SUMMARY 1,000

500

1,500

2,000

2,500

3,000

√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√

≈â“π∫“∑ / Million Baht

Sales and Service Income

1997

1998

1999

1,304

346

804

1,954

1,793

800

(1,019)

873

(1,010)

7,381

7,628

6,843

4,916

4,389

4,577

2,053

2,831

1,831

(14.41)

12.33

(14.28)

1997

1998

1999

2.35

1.57

1.16

1.88

1.29

1.97

√“¬‰¥â√«¡

1999

√“¬‰¥â√«¡

Total Revenue

°”‰√ ÿ∑∏‘ Net Income

800

1998

‘π∑√—æ¬å√«¡

1,793

Total Assets 1,954

1997

Àπ’È ‘π√«¡

1996

Total Liabilities

2,880

1995

à«π¢ÕßºâŸ∂◊ÕÀÿâπ

2,338

Shareholders’ Equity 1994

677

1993

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

1,171

ªï / Year

Õ—µ√“ à«π∑“ß°“√‡ß‘π Financial Ratios 1999

Õ—µ√“ à«π∑ÿπÀ¡ÿπ‡«’¬π

(1,010)

Current Ratio 1998 1997

873

Õ—µ√“ à«πÀπ’È ‘π ÿ∑∏‘ µàÕ à«π¢ÕßºâŸ∂◊ÕÀÿâπ

(1,019)

Net Debt to Equity 1996

601

1995 1994 1993

ªï / Year

Õ—µ√“ à«πº≈µÕ∫·∑π µàÕ∑√—æ¬å ‘π√«¡

561

Return on Total Assets

153

5.46%

9.36% (14.25%)

Õ—µ√“ à«πº≈µÕ∫·∑π µàÕ à«π¢ÕßºâŸ∂◊ÕÀÿâπ

360

°”‰√ ÿ∑∏‘

Return on Equity

Net Income

Õ—µ√“ à«π°”‰√ ÿ∑∏‘ µàÕ√“¬‰¥â√«¡ Net Profitability Ratio

(36.62%)

30.21%

(51.37%)

(52.18%)

48.66% (126.37%)

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

29.01

40.01

25.88

54.53

43.02

¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ µàÕÀÿâπ (∫“∑) Net Asset Value Per Share (Baht) 9

MANAGEMENT DISCUSSION OF FINANCIAL RESULTS º≈°“√¥”‡π‘πß“π„πª’ 2542 ‰¥â· ¥ß∂÷ß¬Õ¥¢“¬„π¥â“π∫«° ∑—Èß∑’Ë‡»√…∞°‘®¿“¬„πª√–‡∑»‡æ‘Ëß®–‡√‘Ë¡ø◊Èπµ—«¢÷Èπ¬Õ¥¢“¬∑’Ë¥‘π „ππ‘§¡Õÿµ “À°√√¡ ·≈–Õ“§“√‚√ßß“π„πªï 2542 ¡’∑—Èß ‘Èπ 210 ‰√à (0.336 ≈â“πµ“√“ß‡¡µ√ À√◊Õ 84 ‡Õ‡§Õ√å) ‚¥¬¡’≈Ÿ°§â“„À¡à 10 √“¬‡ªìπ¡Ÿ≈§à“ 577 ≈â“π∫“∑´÷Ëß· ¥ß„Àâ‡ÀÁπ∂÷ß¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷Èπ √âÕ¬≈– 165 ®“°≈Ÿ°§â“ 8 √“¬ ¬Õ¥¢“¬ 89 ‰√à ·≈– 218 ≈â“π∫“∑„π ¬Õ¥¢“¬ªï 2541 √“¬‰¥â§à“∫√‘°“√¢Õß√–∫∫ “∏“√≥Ÿª‚¿§„ππ‘§¡œ ·≈–√“¬‰¥â®“°°“√‡™à“‚√ßß“π ”‡√Á®√Ÿª¢π“¥°≈“ß‡æ‘Ë¡¢÷Èπ‡ªÁπ ®”π«π 226 ≈â“π∫“∑„πª’ 2542 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 128 ≈â“π∫“∑ „πªï 2541 ·≈â«‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 76 √“¬‰¥â√«¡¢Õßªï 2542 ®”π«π 800 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫ °—∫ 1,794 ≈â“π∫“∑ „πªï 2541 ·≈â«≈¥≈ß√âÕ¬≈– 55 ‚¥¬√“¬‰¥â √«¡¢Õßªï 2541 π—Èπ ‰¥â√«¡°”‰√®“°°“√¢“¬À≈—°∑√—æ¬å 556 ≈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√—∫¢“¥∑ÿπ®“° Õ—µ√“·≈°‡ª≈’Ë¬π„πªï 2542 π—Èπ‡ªìπ‡ß‘π 29 ≈â“π∫“∑ º≈ª√–°Õ∫°“√¢Õßªï 2542 ¡’º≈¢“¥∑ÿπ ÿ∑∏‘ 1,011 ≈â“π∫“∑ à«π„πªï 2541 ¡’º≈°”‰√ ÿ∑∏‘ 873 ≈â“π∫“∑ „πªï 2542 ‰¥â∫—π∑÷°√“§“À≈—°∑√—æ¬åµ“¡√“§“∫—≠™’ À√◊Õ√“§“ µ≈“¥ ∑”„Àâ‡°‘¥º≈¢“¥∑ÿπ®“°¡Ÿ≈§à“≈¥≈ß 57 ≈â“π∫“∑ πÕ°®“°π’È ‰¥âª√—∫¡Ÿ≈§à“¢ÕßÕ —ßÀ“√‘¡∑√—æ¬å∑’Ë∂◊Õ§√Õß„πªï 2542 „Àâ‡ªìπ√“§“ ∑ÿπÀ√◊Õ√“§“µ≈“¥∑’ËµË”°«à“ ∑”„Àâ¡Ÿ≈§à“≈¥≈ß 498 ≈â“π∫“∑ ∫√‘…—∑œ‰¥â∑”°“√°—π ”√Õß¿“√–ºŸ°æ—π∑“ß°ÆÀ¡“¬∑’ËÕ“®‡°‘¥ ¢÷Èπ„πÕπ“§µ „π‰µ√¡“ ∑’Ë 4 ªï 2542 ‡µÁ¡®”π«π ´÷Ëß„π¢≥–π’È ∫√‘…—∑œÕ¬Ÿà„π√–À«à“ß°“√µàÕ Ÿâ „π∑“ß°ÆÀ¡“¬„π™—Èπ»“≈·≈–Õ¬Ÿà √–À«à“ß°“√ ◊∫æ¬“π ¿“√–ºŸ°æ—π∑—ÈßÀ¡¥®”π«π 128 ≈â“π∫“∑À√◊Õ ª√–¡“≥√âÕ¬≈– 1.9 ¢Õß¡Ÿ≈§à“ ‘π∑√—æ¬å√«¡¢Õß∫√‘…—∑ πÕ°‡Àπ◊Õ ®“°§¥’¥—ß°≈à“« ∫√‘…—∑¡‘‰¥â¡’§¥’Õ◊Ëπ„¥ ß∫¥ÿ≈√«¡„πªï 2542 –∑âÕπ„Àâ‡ÀÁπ∂÷ß°“√·¢Áß¢÷Èπ¢Õß§à“‡ß‘π∫“∑ ®“°ªï 2541 ·≈–°“√≈¥≈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 1,272 ≈â“π∫“∑·≈– 7.7 ≈â“π¥Õ≈≈à“√å √Õ. ‡ß‘π°Ÿâµà“ßÊ ‡À≈à“π’È‰¥â∂Ÿ°¢¬“¬‡«≈“°“√™”√–Àπ’È ÕÕ°‰ªæ√âÕ¡∑—Èß·°â ‰¢‡ß◊ËÕπ‰¢µà“ßÊ „π —≠≠“´÷Ëß√«¡∂÷ß°“√™”√–

¥Õ°‡∫’È¬ πÕ°®“°π’È‡ß‘π°Ÿâ¡≈Ÿ §à“ 340 ≈â“π∫“∑·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ √«¡ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ ¡’®”π«π‡ß‘π 1,081 ≈â“π∫“∑Õ¬Ÿà„π √–À«à“ß°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ‘π∑√—æ¬å√«¡„πªï 2542 ®”π«π 6,843 ≈â“π∫“∑ ≈¥≈ß®“° 7,630 ≈â“π∫“∑„πªï 2541 √âÕ¬≈– 10 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π„πªï 2542 ¡’®”π«π 3,030 ≈â“π∫“∑ à«π„πªï 2541 ¡’®”π«π 3,691 ≈â“π∫“∑ ‡ß‘π ¥·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ√«¡∂÷ß≈Ÿ°Àπ’È°“√§â“„πªï 2542 ¡’®”π«π 136 ≈â“π∫“∑ √“¬‰¥â√Õ√—∫√Ÿâ ‘Èπ ÿ¥ªï∫—≠™’¡®’ ”π«π 190 ≈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“ 2,822 ≈â“π∫“∑ Õ¬Ÿà„π√–¥—∫„°≈â‡§’¬ß°—∫ªï°àÕπ§◊Õ 3,311 ≈â“π∫“∑ ‘π∑√—æ¬åÕ◊ËπÊ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ√–¬–¬“«·≈–‡ß‘π„Àâ°Ÿâ 1,197 ≈â“π∫“∑ ‚¥¬ 945 ≈â“π∫“∑ ¡“®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ‡Õ™-‡æ“‡«Õ√å ·≈– 228 ≈â“π∫“∑ ¡“®“°‡ß‘π„Àâ°Ÿâ·°à∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ∑’Ë¥‘π‡æ◊ËÕ°“√®—¥À“º≈ª√–‚¬™πå∑’Ë√Õ°“√æ—≤π“ ¡’ ®”π«π 1,754 ≈â“π∫“∑„πªï 2542 ‡¡◊ËÕ‡∑’¬∫°—∫ 2,193 ≈â“π∫“∑ „πªï 2541 ·≈â«≈¥≈ß ´÷Ëß¡’ “‡Àµÿ¡“®“°°“√ª√—∫¡Ÿ≈§à“∑’Ë¥‘π Àπ’ È π‘ √«¡„πªï 2542 ®”π«π 4,577 ≈â“π∫“∑ ≈¥≈ß®“° 4,391 ≈â“π∫“∑„πªï 2541 √âÕ¬≈– 4.2 ‰¡à¡’√“¬°“√· ¥ß∑’Ë ”§—≠‡«âπ·µà ”√Õß§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“°∑“ß°ÆÀ¡“¬∑’ËÕ“®‡°‘¥¢÷Èπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πªï 2542 ¡’®”π«π 1,831 ≈â“π∫“∑ à«π„πªï 2541 ¡’®”π«π 2,831 ≈â“π∫“∑ „π‡¥◊Õπ‡¡…“¬π 2542 ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï‰¥â æ‘®“√≥“Õπÿ¡—µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®”π«π 2,770 ≈â“π∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ„À¡à®”π«π 196 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ πÕ°®“°π’È ∑’Ëª√–™ÿ¡¬—ß¡’¡µ‘„ÀâÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 141,531,150 Àÿâπ„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡∑’ËÕ—µ√“ à«π 1 Àÿâπ “¡—≠µàÕ 2 „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë√“§“‡ πÕ¢“¬Àπà«¬≈– 0.1 ∫“∑ ∫√‘…∑— œ‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√‡µ√’¬¡§«“¡æ√âÕ¡ ”À√—∫ªï 2000 √–∫∫ªÆ‘∫µ— °‘ “√µà“ßÊ ¢Õß∫√‘…—∑√«¡∑—ßÈ ‡§√◊Õ¢à“¬§Õ¡æ‘«‡µÕ√å √–∫∫ªÆ‘∫—µ‘°“√ ·≈–√–∫∫°“√‡ß‘π¢ÕßÕÕ√“‡§‘≈ ‰¥â√—∫°“√ª√—∫ª√ÿß ‡ªÁπ∑’Ë‡√’¬∫√âÕ¬ ‚¥¬∑ÿ°Ê √–∫∫‰¥âºà“π®ÿ¥ ”§—≠¢Õßªí≠À“«“¬∑Ÿ‡§ ´÷Ëßª√–°Õ∫‰ª¥â«¬«—π∑’Ë 9 °—π¬“¬π 2542, «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– «—π∑’Ë 29 °ÿ¡¿“æ—π∏å 2543 ∫√‘…—∑œ ¡—Ëπ„®«à“ °“√·°âªí≠À“ªï 2000 ‰¥â‡ √Á® ¡∫Ÿ√≥å·≈â«

The 1999 consolidated financial results showed some positive sales

other conditions. Under discussions for restructuring are loans with a

signs despite the slow recovery of the Thailand economy.

nominal value of Baht 340 million, and convertible bonds with a nominal

Industrial land sales and buildings for 1999, representing the sale of

value of Baht 1,081 million.

210 rai from 10 new customers were Baht 577 million. This represents

Total Assets in 1999 were Baht 6,843 million, a 10% decrease from

an increase in sales of 165 % compared to 89 rai from 8 new customers

Baht 7,630 million in 1998. Total Current Assets in 1999 were Baht

and Baht 218 million in 1998 sales. Service Income from recurring

3,030 million compared to Baht 3,691 million in 1998. Cash Investments

utilities and Rental Income from Mini Factories increased to Baht 226

and Receivable were Baht 136 million. Deferred revenue at year-end

million for 1999, or an increase of 76 % compared to Baht 128 million

were Baht 190 million, representing future revenue recognized based

in 1998.

on percent completion of the projects. Land held for Real Estate

Total Revenue for 1999 were Baht 800 million versus Baht 1,794

developments in 1999 were Baht 2,822 million, reduced from Baht

million in 1998, a 55% decrease. However, Total Revenue for 1998

3,311 million due to the higher level of land sold and land the revaluation.

included gains from the sale of securities of Baht 556 million, a profit in

Other Assets include Investments and Loans of Baht 1,197 million

affiliated companies of Baht 352 million due to foreign exchange gains,

being primarily Baht 945 million for shares in affiliate H-Power Company

and a foreign exchange gain of Baht 432 million for Hemaraj and its

Limited and Baht 228 million for a shareholder loan to Industrial Power.

subsidiaries. In 1999, Hemaraj recorded Baht 29 million in foreign

Land held for commercial purposes not under development were Baht

exhange loss.

1,754 million in 1999 versus Baht 2,193 million in 1998 due to the

The Net Income for 1999 was a loss of Baht (1,011) million, as

revaluation of property in 1999.

compared to the 1998 Net Income of Baht 873 million.

Total Liabilities in 1999 were Baht 4,577 million, a 4.2 % increase

In 1999, the company realized the loss on diminution in value of

from Baht 4,391 million in 1998, with no significant changes except the

investment in securities by Baht 57 million. In addition, in marking to

legal reserve noted.

book value or market price, the company appraised all properties and

Shareholders Equity in 1999 was Baht 1,831 million versus Baht

revalued certain property holdings in 1999 to the lower of cost or net

2,831 million in 1998 due mainly to the revaluation and reserves

realizable value, which resulted in a write down of Baht 498 million.

mentioned.

The Company has made a full provision for a contingent legal liability

In April of 1999, the 1999 Annual General Meeting of Shareholders

in its 4th quarter 1999 financial statements, where the company is

approved the increase of the registered capital to Baht 2,770 million by

proceeding with its legal defense in the court which is presently at trial.

an issuance of 196 million new ordinary shares at the par value of Baht

The amount of the claim, Baht 128 million, is approximately 1.9 percent

10 each. In addition, the Meeting approved the issuance of the

of the total value of the assets of the Company. Other than this case

141,531,150 right warrants to the existing shareholders at the ratio of

referenced, the Company is not aware of any legal proceedings taken

1 share to 2 units of warrant at the offering price of Baht 0.10 per unit.

by any person against the Company.

The company was successful with its preparation for Y2K. The

The consolidated Balance Sheet in 1999 reflected the impact of

systems and operations of the company, including the internal networks,

marking to market the decline in value of property holdings and various

operation systems, and the new Oracle financial systems were

legal and other reserves. In 1998 and 1999, the company completed

satisfactory. The computer and operation systems passed every Y2K

the restructuring, revising, or entering of new agreements for debt

trigger dates safely which are September 9, 1999, January 1, 2000, and

obligations being Baht 1,272 million and USD 7.7 million. The

February 29, 2000. The company expects no further Y2K risks

restructuring was accomplished by extending the maturity dates of the

associated with our systems.

debt and with new terms negotiated related to interest reductions and

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

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(π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå) ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 2316 ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥ °√ÿß‡∑æœ 4 °ÿ¡¿“æ—π∏å 2543

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Auditors’ Report AS AT DECEMBER 31, 1999 AND 1998 To the Shareholders of Hemaraj Land and Development Public Company Limited: I have audited the consolidated balance sheets of Hemaraj Land and Development Public Company Limited and subsidiaries as at December 31, 1999 and 1998, and the related consolidated statements of income, changes in shareholders’ equity, retained earnings and cash flows for each of the years then ended, and the separate financial statements of Hemaraj Land and Development Public Company Limited for the same years then ended. The Company’s management are responsible for the correctness and completeness of information presented in these financial statements. My responsibility is to express an opinion on these financial statements based on my audits. Except as discussed in the following paragraphs, I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. 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 in general. I 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 realisable 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 my opinion, except for the effects of such adjustments on the financial statementsfor the year ended December 31, 1998, if any, as might have been necessary relating to the matters described in the third and the fourth paragraphs, the financial statements referred to above present fairly, in all material respects, the consolidated financial position as at December 31, 1999 and 1998, of Hemaraj Land and Development Public Company Limited and subsidiaries, and the consolidated results of their operations and their cash flows for each of the years then ended, and the separate financial position as at December 31, 1999 and 1998 and results of its operations and its cash flows of Hemaraj Land and Development Public Company Limited for the same years then ended, in conformity with generally accepted accounting principles. I draw attention to Note 1 to the financial statements. The operations of Hemaraj Land and Development Public Company Limited and subsidiaries may continue to be affected by the economic conditions in Thailand and the Asia Pacific Region in general. I also draw attention to Note 15 and Note 17 to the financial statements. The Company and a subsidiary have failed to meet repayments in respect of loans and related interest payable which were due, and the Company has failed to repay the convertible bonds for which the bondholders sought redemption, in accordance with their rights, on September 9, 1998, and related interest payable which were due. The management have informed us that they are currently in the process of negotiating for debt restructuring for which the results have not yet been determined.

Nirand Lilamethwat Certified Public Accountant Registration Number 2316 KPMG Audit (Thailand) Limited Bangkok, February 4, 2000 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. 25

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

‘π∑√—æ¬å

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 2,4,25 ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‡ß‘πΩ“°ª√–®” 2,4,5,25 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ 2,5,25 √«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ ≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ 2,6 ≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ÿ∑∏‘ 2 ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 3 µâπ∑ÿπ‚§√ß°“√ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ 2,7,19,25 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ §à“„™â®à“¬≈à«ßÀπâ“ ‡ß‘π∑¥√Õß®à“¬ Õ◊ËπÊ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 2,3,8,25,26 ‡ß‘π≈ß∑ÿπ ÿ∑∏‘ ‡ß‘π„Àâ°ŸÈ¬◊¡ ÿ∑∏‘ √«¡°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π °‘®°“√Õ◊Ëπ 2,8 √«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π ‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ÿ∑∏‘ 2,9,19,25 ‘π∑√—æ¬å „Àâ‡™à“ ÿ∑∏‘ 2,10 ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 2,11,28 ‘π∑√—æ¬åÕ◊Ëπ ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ 12 ‡ß‘π∑ÿπ®¡ 13,26 §à“§«“¡π‘¬¡ 14 §à“„™â®à“¬√Õµ—¥∫—≠™’ 2 ‡ß‘π¡—¥®”·≈–Õ◊ËπÊ √«¡ ‘π∑√—æ¬åÕ◊Ëπ √«¡ ‘π∑√—æ¬å

2542 ∫“∑

ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 ∫“∑

40,917,773.82 121,073,933.32

4,113,954.25

4,243,955.04

61,746,183.66 95,973,532.81 33,194,562.00 41,476,272.00 94,940,745.66 137,449,804.81 41,245,924.62 90,903,213.62 7,007,359.40 5,360,196.79

9,896,701.71 33,194,562.00 43,091,263.71 1,876,789.17 3,706,112.19

3,815,199.07 41,476,272.00 45,291,471.07 5,978,488.36 2,222,624.25

43,886,588.55

26,253,933.92

4,032,641.27

2,822,397,237.15 3,311,016,249.65

741,960,862.12 1,204,324,060.51

5,176,732.57 4,138,878.49 1,777,464.84 3,693,820.62 16,610,292.85 11,658,299.03 23,564,490.26 19,490,998.14 3,030,073,530.91 3,689,327,037.60

2,837,909.08 3,233,556.72 1,042,843.07 1,576,407.57 5,925,083.28 3,707,916.44 9,805,835.43 8,517,880.73 848,441,405.42 1,296,832,413.88

967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10 1,000,000.00 1,000,000.00 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41 232,426,239.61 107,972,967.77 104,361,768.81 251,298,731.07 252,943,064.95 59,182,818.10 58,956,237.90 147,014,764.92 131,163,566.47 5,104,223.14 33,177,411.14 220,787,775.73 193,632,482.50 61,503,567.11 53,799,567.11 2,653,572.03 4,245,715.16 707,111.52 8,036,035.90 2,527,588.13 6,501,469.99 388,400.00 378,492,148.58 332,276,463.78 73,109,260.24 87,365,378.25 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 26

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Balance Sheets AS AT DECEMBER 31, 1999 AND 1998

Consolidated ASSETS

Note

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

CURRENT ASSETS Cash on hand and at banks

2,4,25

40,917,773.82

121,073,933.32

4,113,954.25

4,243,955.04

2,4,5,25

61,746,183.66

95,973,532.81

9,896,701.71

3,815,199.07

2,5,25

33,194,562.00

41,476,272.00

33,194,562.00

41,476,272.00

94,940,745.66

137,449,804.81

43,091,263.71

45,291,471.07

41,245,924.62

90,903,213.62

1,876,789.17

5,978,488.36

7,007,359.40

5,360,196.79

3,706,112.19

2,222,624.25

4,032,641.27

43,886,588.55

26,253,933.92

3,311,016,249.65

741,960,862.12

1,204,324,060.51

Short-term investments Time deposits Investments in securities Total Short-Term Investments Accounts receivable, net Accounts receivable-related parties, net

2,6 2

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

3 2,7,19,25

2,822,397,237.15

Other current assets Prepaid expenses

5,176,732.57

4,138,878.49

2,837,909.08

3,233,556.72

Advance payments

1,777,464.84

3,693,820.62

1,042,843.07

1,576,407.57

Others Total Other Current Assets Total Current Assets

16,610,292.85

11,658,299.03

5,925,083.28

3,707,916.44

23,564,490.26

19,490,998.14

9,805,835.43

8,517,880.73

3,030,073,530.91

3,689,327,037.60

848,441,405.42

1,296,832,413.88

967,466,829.90

831,034,067.47

3,268,721,772.00

3,116,280,270.44

INVESTMENTS AND LOANS, NET Related parties

2,3,8,25,26

Investments, net Loans, net Total Related Parties Other Company

2,8

Total Investments and Loans, net

228,427,604.95

220,810,235.49

255,890,527.86

289,861,866.66

1,195,894,434.85

1,051,844,302.96

3,524,612,299.86

3,406,142,137.10

1,000,000.00

1,196,894,434.85

1,052,844,302.96

3,524,612,299.86

3,406,142,137.10

1,754,069,942.79

2,192,703,465.96

1,481,070,205.00

1,920,817,216.41

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

2,9,19,25 2,10

232,426,239.61

107,972,967.77

104,361,768.81

2,11,28

251,298,731.07

252,943,064.95

59,182,818.10

58,956,237.90

147,014,764.92

131,163,566.47

5,104,223.14

33,177,411.14

13,26

220,787,775.73

193,632,482.50

61,503,567.11

53,799,567.11

2,653,572.03

4,245,715.16

OTHER ASSETS Advances to Provincial Electricity Authority Sinking fund Goodwill

Deferred charges

Deposits and others Total Other Assets Total Assets

707,111.52

8,036,035.90

2,527,588.13

6,501,469.99

388,400.00

378,492,148.58

332,276,463.78

73,109,260.24

87,365,378.25

6,843,255,027.81

7,628,067,303.02

6,090,777,757.43

6,770,113,383.54

See Notes to Financial Statements 27

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 2542 ∫“∑

Àπ’È ‘π·≈– à«π¢ÕßºâŸ∂◊ÕÀÿâπ

Àπ’È ‘πÀ¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡ ®“° ∂“∫—π°“√‡ß‘π ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ µ—Î« —≠≠“„™â‡ß‘π∫ÿ§§≈∏√√¡¥“ ‡®â“Àπ’È°“√§â“ ‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡ ·Ààßª√–‡∑»‰∑¬ √“¬‰¥â√—∫≈à«ßÀπâ“ à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√– ¿“¬„πÀπ÷Ëßª’ 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 ”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬ ®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ ‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß √“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ ”√Õß¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ Õ◊Ëπ Ê √«¡Àπ’È ‘πÕ◊Ëπ √«¡Àπ’È ‘π

ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 ∫“∑

2,4,25 15,18,25,27 9,25

50,042,842.76 24,375,434.22 339,563,071.15 339,563,071.15 40,000,000.00 96,088,586.58 84,395,555.18

33,807,908.78 302,822,739.72 40,000,000.00 18,785,862.74

16,483,099.60 302,822,739.72 6,691,804.76

26 2,16

363,737,269.46 323,777,978.63 173,088,013.46 249,691,378.85

226,198,069.14 1,117,645.06

209,073,518.33 -

18,25 122,042,879.34 51,622,594.00 63,660,000.00 2,17,19,21,23 1,081,393,952.59 1,057,884,765.00 1,081,393,952.59 1,057,884,765.00 14,464,797.46 14,464,797.46 3

40,618,009.92

41,072,406.43

320,905,982.94

291,805,594.10

2,17

245,799,696.35 132,591,739.63 226,309,661.53 116,359,713.19 11,774,605.00 11,774,605.00 11,774,605.00 11,774,605.00 44,132,075.00 21,242,106.29 32,638,497.82 11,859,731.45 301,706,376.35 165,608,450.92 270,722,764.35 139,994,049.64 2,608,281,001.61 2,352,456,431.84 2,359,414,925.32 2,039,220,368.61

3,17 15,18,25 17,19,25

1,518,141.40 1,518,141.40 1,164,441,719.90 1,164,441,719.90 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00 586,117,812.31 555,039,225.99 -

20 2 2

128,399,460.21 19,873,801.12 19,774,615.45

41,982,052.02 8,502,319.90

128,399,460.21 1,050,128.65 -

1,024,949.41 -

59,999,300.00 59,999,300.00 27,942,360.00 2,123,460.00 21,195,000.00 255,989,536.78 112,607,131.92 150,644,588.86 1,024,949.41 4,576,712,681.84 4,388,975,294.40 4,182,246,517.31 3,859,935,737.92

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 28

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Balance Sheets AS AT DECEMBER 31, 1999 AND 1998

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

Note

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

CURRENT LIABILITES Bank overdrafts and loans from 2,4,25

50,042,842.76

24,375,434.22

33,807,908.78

16,483,099.60

Liabilities on immediate demand

financial institutions

15,18,25,27

339,563,071.15

302,822,739.72

Promissory note-ordinary person

9,25

40,000,000.00

Accounts payable

40,000,000.00

96,088,586.58

84,395,555.18

18,785,862.74

6,691,804.76

363,737,269.46

323,777,978.63

226,198,069.14

209,073,518.33

Account payable-Industrial Estate Authority of Thailand

Income received in advance

2,16

173,088,013.46

249,691,378.85

1,117,645.06

Current portion of long-term liabilities

18,25

122,042,879.34

51,622,594.00

63,660,000.00

1,081,393,952.59

1,057,884,765.00

1,081,393,952.59

Convertible bonds

2,17,19,21,23

Loan from director

1,057,884,765.00

14,464,797.46

40,618,009.92

41,072,406.43

320,905,982.94

291,805,594.10

245,799,696.35

132,591,739.63

226,309,661.53

116,359,713.19

11,774,605.00

Short-term loans and advances from related parties

Other current liabilities Accrued interest expense

2,17

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

44,132,075.00

21,242,106.29

32,638,497.82

11,859,731.45

301,706,376.35

165,608,450.92

270,722,764.35

139,994,049.64

2,608,281,001.61

2,352,456,431.84

2,359,414,925.32

2,039,220,368.61

DUE TO AND LOANS FROM RELATED 1,518,141.40

1,518,141.40

1,164,441,719.90

LONG-TERM LIABILITIES

PARTIES

15,18,25

3,17

1,124,806,189.74

1,367,354,363.25

507,745,283.23

655,248,700.00

GUARANTEED BONDS

17,19,25

586,117,812.31

555,039,225.99

128,399,460.21

OTHER LIABILITIES Reserve for uncertain loss from law suit Retention payable Deferred right of use income

19,873,801.12

41,982,052.02

19,774,615.45

8,502,319.90

59,999,300.00 27,942,360.00

1,050,128.65

1,024,949.41

59,999,300.00

2,123,460.00

21,195,000.00

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

255,989,536.78

112,607,131.92

150,644,588.86

1,024,949.41

4,576,712,681.84

4,388,975,294.40

4,182,246,517.31

3,859,935,737.92

See Notes to Financial Statements 29

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ß∫°“√‡ß‘π√«¡ Àπ’È ‘π·≈– à«π¢ÕßºâŸ∂◊ÕÀÿâπ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π 277,000,000 Àÿâπ „πªï 2542 ·≈– 100,000,000 Àÿâπ „πªï 2541 ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ∑ÿπ∑’ËÕÕ° 70,765,977 Àÿâπ „πª’ 2542 ·≈– 70,765,575 Àÿâπ „πª’ 2541 ™”√–‡µÁ¡¡Ÿ≈§à“·≈â« „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ à«π‡°‘π∑ÿπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ °”‰√(¢“¥∑ÿπ) – ¡ ®—¥ √√‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

À¡“¬‡Àµÿ

2542 ∫“∑

2541 ∫“∑

435,176,017.95 408,028,962.78

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541 ∫“∑ ∫“∑

21 2,770,000,000.00 1,000,000,000.00 2,770,000,000.00 1,000,000,000.00

2,5 2

707,659,770.00 707,655,750.00 14,153,074.80 -

707,659,770.00 14,153,074.80

707,655,750.00 -

997,242,633.20 997,242,593.00

997,242,633.20

997,242,593.00

210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07 (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55 (5,120,938.00) (5,120,938.00) (77,164,912.10) (79,114,599.78) 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 30

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Balance Sheets AS AT DECEMBER 31, 1999 AND 1998

Consolidated LIABILITIES AND SHAREHOLDERS’ EQUITY

Note

MINORITY INTERESTS

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

435,176,017.95

408,028,962.78

2,770,000,000.00

1,000,000,000.00

2,770,000,000.00

1,000,000,000.00

707,659,770.00

707,655,750.00

707,659,770.00

707,655,750.00

SHAREHOLDERS’ EQUITY Share capital

Authorised share capital 277,000,000 shares in 1999 and 100,000,000 shares in 1998, Baht 10 par value Issued and fully paid-up share capital 70,765,977 shares in 1999 and 70,765,575 shares in 1998 Warrants

14,153,074.80

Paid-in capital Premium on share capital

997,242,633.20

997,242,593.00

997,242,633.20

997,242,593.00

210,491,426.19

95,340,462.07

(15,894,726.07)

994,787,876.43

99,256,238.05

1,109,938,840.55

Retained earnings (deficit) Appropriated - legal reserve Unappropriated Unrealised loss from changes in carrying amount of investments

2,5

(5,120,938.00)

Adjustment from financial statement translations Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity

(77,164,912.10)

(79,114,599.78)

1,831,366,328.02

2,831,063,045.84

1,908,531,240.12

2,910,177,645.62

7,628,067,303.02

6,090,777,757.43

6,770,113,383.54

6,843,255,027.81

See Notes to Financial Statements 31

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ß∫°“√‡ß‘π√«¡ À¡“¬‡Àµÿ

2542 ∫“∑

2541 ∫“∑

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541 ∫“∑ ∫“∑

√“¬‰¥â 2 √“¬‰¥â®“°°“√¢“¬ 3 577,219,490.44 217,827,264.25 251,436,472.04 103,622.82 √“¬‰¥â§à“∫√‘°“√ 3 226,370,612.87 128,359,406.42 32,090,265.62 31,268,747.38 √“¬‰¥âÕ◊Ëπ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 555,819,766.49 55,819,766.49 °”‰√(¢“¥∑ÿπ)®“°Õ—µ√“·≈°‡ª≈’Ë¬π 23 (29,437,664.25) 432,004,826.63 (29,437,664.25) 432,004,826.63 à«π·∫àß°”‰√(¢“¥∑ÿπ) ®“°∫√‘…—∑„π‡§√◊Õ 3 (6,962,237.57) 352,207,275.47 10,638,644.69 822,676,746.47 ¥Õ°‡∫’È¬√—∫ 3 28,909,540.95 49,342,004.19 18,397,346.75 11,734,006.31 √“¬‰¥â§à“π“¬Àπâ“ 3,26 4,932,131.03 22,207,649.87 Õ◊ËπÊ 3,651,927.10 58,004,299.28 478,674.45 45,023,659.00 √«¡√“¬‰¥âÕ◊Ëπ (3,838,433.77)1,447,378,172.06 5,009,132.67 1,389,466,654.77 √«¡√“¬‰¥â 799,751,669.54 1,793,564,842.73 288,535,870.33 1,420,839,024.97 §à“„™â®à“¬ 2 µâπ∑ÿπ¢“¬ 458,724,974.09 147,152,452.26 328,863,999.83 1,086,121.41 µâπ∑ÿπ∫√‘°“√ 22 161,207,691.71 91,016,920.47 21,972,498.45 24,549,774.02 §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 3,22 177,579,705.30 270,295,825.29 77,120,842.64 106,573,047.11 ¥Õ°‡∫’È¬®à“¬ 3,7,19,26 273,459,291.00 238,130,036.02 182,743,739.83 163,032,049.40 §à“µÕ∫·∑π°√√¡°“√ 22 26,700,771.67 26,188,942.55 3,292,219.79 1,767,011.69 ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ 7,9 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03 ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ „πÀ≈—°∑√—æ¬å 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48 §à“§«“¡π‘¬¡µ—¥∫—≠™’ 14 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12 ”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß °ÆÀ¡“¬ 20 128,399,460.21 128,399,460.21 √«¡§à“„™â®à“¬ 1,782,897,606.06 1,102,806,291.57 1,299,218,472.83 503,244,453.26 °”‰√(¢“¥∑ÿπ)°àÕπ¿“…’‡ß‘π‰¥â (983,145,936.52) 690,758,551.16 (1,010,682,602.50) 917,594,571.71 ¿“…’‡ß‘π‰¥â (389,610.81) °”‰√(¢“¥∑ÿπ)°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ·≈–°àÕπ√“¬°“√æ‘‡»… (983,535,547.33) 690,758,551.16 (1,010,682,602.50) 917,594,571.71 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (27,147,055.17) 6,281,985.15 °”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… (1,010,682,602.50) 697,040,536.31 (1,010,682,602.50) 917,594,571.71 √“¬°“√æ‘‡»… 23 175,630,946.90 (44,923,088.50) °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21 °”‰√(¢“¥∑ÿπ)µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 2,24 °”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… (14.28) 9.85 (14.28) 12.96 √“¬°“√æ‘‡»… 2.48 (0.63) °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (14.28) 12.33 (14.28) 12.33

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Statement of Income FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Consolidated Note

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

REVENUES

Sales

577,219,490.44

217,827,264.25

251,436,472.04

103,622.82

Service income

226,370,612.87

128,359,406.42

32,090,265.62

31,268,747.38

555,819,766.49

(29,437,664.25)

432,004,826.63

(29,437,664.25)

432,004,826.63

(6,962,237.57)

352,207,275.47

10,638,644.69

822,676,746.47

28,909,540.95

49,342,004.19

18,397,346.75

11,734,006.31

3,26

4,932,131.03

22,207,649.87

Other incomes Gain on sales of investments Gain (loss) on exchange rate

55,819,766.49

Share of net income (loss) in affiliated companies Interest income Commission income Others

58,004,299.28

478,674.45

45,023,659.00

(3,838,433.77)

3,651,927.10

1,447,378,172.06

5,009,132.67

1,389,466,654.77

799,751,669.54

1,793,564,842.73

288,535,870.33

1,420,839,024.97

458,724,974.09

147,152,452.26

328,863,999.83

1,086,121.41

161,207,691.71

91,016,920.47

21,972,498.45

24,549,774.02

3,22

177,579,705.30

270,295,825.29

77,120,842.64

106,573,047.11

3,7,19,26

273,459,291.00

238,130,036.02

182,743,739.83

163,032,049.40

Total Other Incomes Total Revenues EXPENSES

Cost of sales Cost of services Selling and administrative expenses Interest expense

Directorsâ&#x20AC;&#x2122; remuneration

26,700,771.67

26,188,942.55

3,292,219.79

1,767,011.69

Loss on projects revaluation

7,9

497,967,796.95

85,577,251.03

497,967,796.95

85,577,251.03

57,265,772.00

242,852,720.83

57,265,772.00

119,067,055.48

1,592,143.12

1,592,143.13

1,592,143.12

Loss on diminution in value of investments in securities Amortisation of goodwill

1,592,143.13

Reserve for uncertain loss from law suit

128,399,460.21

Total Expenses INCOME (LOSS) BEFORE INCOME TAX INCOME TAX

128,399,460.21

1,782,897,606.06

1,102,806,291.57

1,299,218,472.83

503,244,453.26

(983,145,936.52)

690,758,551.16

(1,010,682,602.50)

917,594,571.71

(389,610.81)

INCOME (LOSS) BEFORE MINORITY INTERESTS AND EXTRAORDINARY ITEM MINORITY INTERESTS

(983,535,547.33)

690,758,551.16

(27,147,055.17)

6,281,985.15

(1,010,682,602.50)

697,040,536.31

(1,010,682,602.50) -

917,594,571.71 -

INCOME (LOSS) BEFORE EXTRAORDINARY ITEM EXTRAORDINARY ITEM

NET INCOME (LOSS) BASIC EARNINGS (LOSS) PER SHARE

Extraordinary item

872,671,483.21

917,594,571.71 (44,923,088.50)

(1,010,682,602.50)

872,671,483.21

2,24

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

175,630,946.90

(1,010,682,602.50)

(14.28)

9.85

(14.28)

12.33

2.48

(14.28)

12.96

(14.28)

12.33

(0.63)

See Notes to Financial Statements 33

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2542 ∫“∑

∑ÿπ‡√◊ÕπÀÿâπ Àÿâπ “¡—≠ ¬Õ¥µâπª’ ‡æ‘Ë¡√–À«à“ßª’ ≈¥√–À«à“ßª’ ¬Õ¥ª≈“¬ª’ „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ¬Õ¥µâπª’ ‡æ‘Ë¡√–À«à“ßª’ ≈¥√–À«à“ßª’ ¬Õ¥ª≈“¬ª’ à«π‡°‘π∑ÿπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ ¬Õ¥µâπªï ‡æ‘Ë¡√–À«à“ßªï ≈¥√–À«à“ßªï ¬Õ¥ª≈“¬ªï °”‰√(¢“¥∑ÿπ) – ¡ ®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬ ¬Õ¥µâπª’ ‡æ‘Ë¡√–À«à“ßª’ ≈¥√–À«à“ßª’ ¬Õ¥ª≈“¬ª’ ¬—ß‰¡à‰¥â®—¥ √√ ¬Õ¥µâπª’ ‡æ‘Ë¡(≈¥)√–À«à“ßª’-°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ¬Õ¥ª≈“¬ª’ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å ¬Õ¥µâπª’ ‡æ‘Ë¡√–À«à“ßª’ ≈¥√–À«à“ßª’ ¬Õ¥ª≈“¬ª’ à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ ¬Õ¥µâπª’ ‡æ‘Ë¡√–À«à“ßª’ ≈¥√–À«à“ßª’ ¬Õ¥ª≈“¬ª’ º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π ¬Õ¥µâπª’ ‡æ‘Ë¡√–À«à“ßª’ ≈¥√–À«à“ßª’ ¬Õ¥ª≈“¬ª’ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

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ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 ∫“∑

707,655,750.00 707,655,750.00 4,020.00 707,659,770.00 707,655,750.00 14,153,115.00 (40.20) 14,153,074.80

707,655,750.00 4,020.00 707,659,770.00 14,153,115.00 (40.20) 14,153,074.80"

707,655,750.00 707,655,750.00 -

997,242,593.00 997,242,593.00 40.20 997,242,633.20 997,242,593.00

997,242,593.00 40.20 997,242,633.20

997,242,593.00 997,242,593.00

210,491,426.19 210,491,426.19 210,491,426.19 210,491,426.19

95,340,462.07 95,340,462.07

994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34 (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21 (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55 (5,120,938.00) (5,120,938.00) -

(5,120,938.00) (5,120,938.00)

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

(79,114,599.78) (113,812,188.56) 1,949,687.68 34,697,588.78 (77,164,912.10) (79,114,599.78) 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62 34

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Statements of Changes in Shareholder’ Equity

FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Consolidated Note SHARE CAPITAL Ordinary share Beginning balance Increase during year Decrease during year Ending balance WARRANTS Beginning balance Increase during year Decrease during year Ending balance PAID-IN CAPITAL Premium on share capital Beginning balance Increase during year Decrease during year Ending balance RETAINED EARNINGS (DEFICIT) Appropriated Legal reserve Beginning balance Increase during year Decrease during year Ending balance Unappropriated Beginning balance Increase (decrease) during year-net income (loss) Ending balance UNREALISED LOSS FROM CHANGES IN CARRYING AMOUNT OF INVESTMENTS 2 Beginning balance Increase during year Decrease during year Ending balance DISCOUNT ON CONVERTIBLE BONDS Beginning balance Increase during year Decrease during year Ending balance ADJUSTMENTS FROM FINANCIAL STATEMENT TRANSLATIONS 2 Beginning balance Increase during year Decrease during year Ending balance Total Shareholders’ Equity

1999 Baht

707,655,750.00 4,020.00 707,659,770.00 14,153,115.00 (40.20) 14,153,074.80

The Company 1998 Baht

707,655,750.00 707,655,750.00 -

1999 Baht

1998 Baht

707,655,750.00 4,020.00 707,659,770.00

707,655,750.00 707,655,750.00

14,153,115.00 (40.20) 14,153,074.80

997,242,593.00 40.20 997,242,633.20

997,242,593.00 997,242,593.00

997,242,593.00 40.20 997,242,633.20

997,242,593.00 997,242,593.00

210,491,426.19 210,491,426.19

95,340,462.07 95,340,462.07

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

1,109,938,840.55 (1,010,682,602.50) 99,256,238.05

237,267,357.34 872,671,483.21 1,109,938,840.55

994,787,876.43 (1,010,682,602.50) (15,894,726.07)

(5,120,938.00) (5,120,938.00)

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

(79,114,599.78) 1,949,687.68 (77,164,912.10) 1,831,366,328.02

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

(5,120,938.00) (5,120,938.00) -

1,908,531,240.12

2,910,177,645.62

See Notes to Financial Statements 35

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

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994,787,876.43 122,116,393.22 1,109,938,840.55

237,267,357.34

(1,010,682,602.50) 872,671,483.21 (1,010,682,602.50)

872,671,483.21

(15,894,726.07) 994,787,876.43

99,256,238.05 1,109,938,840.55

210,491,426.19 210,491,426.19 210,491,426.19 210,491,426.19 194,596,700.12 1,205,279,302.62

95,340,462.07 95,340,462.07 95,340,462.07 95,340,462.07 194,596,700.12 1,205,279,302.62

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 36

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Statements of Retained Earnings

FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Consolidated Note

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

UNAPPROPRIATED RETAINED EARNINGS (DEFICIT) Beginning balance

994,787,876.43

122,116,393.22

1,109,938,840.55

237,267,357.34

Less Appropriated income prior year: Legal reserve Dividend Net income (loss) for year

(1,010,682,602.50)

872,671,483.21

(1,010,682,602.50)

872,671,483.21

(15,894,726.07)

994,787,876.43

99,256,238.05

1,109,938,840.55

210,491,426.19

95,340,462.07

Total Unappropriated Retained Earnings (Deficit) APPROPRIATED RETAINED EARNINGS Legal reserve Total Appropriated Retained Earnings

210,491,426.19

95,340,462.07

Total Retained Earnings

194,596,700.12

1,205,279,302.62

194,596,700.12

1,205,279,302.62

See Notes to Financial Statements 37

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°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ √“¬°“√ª√—∫°√–∑∫°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ‡ªÁπ‡ß‘π ¥√—∫(®à“¬)®“°°‘®°√√¡¥”‡π‘πß“π §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å °”‰√(¢“¥∑ÿπ)®“°Õ—µ√“·≈°‡ª≈’Ë¬π à«π·∫àß(°”‰√)¢“¥∑ÿπ®“°∫√‘…—∑„π‡§√◊Õ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å °”‰√®“°°“√®”Àπà“¬Õÿª°√≥å §à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ §à“§«“¡π‘¬¡µ—¥∫—≠™’ ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ √“¬‰¥â§à“ ‘∑∏‘°“√‡™à“µ—¥∫—≠™’ ”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ(≈¥≈ß) √“¬°“√æ‘‡»… °“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π ≈Ÿ°Àπ’È°“√§â“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ 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¡—¥®”(‡æ‘Ë¡¢÷Èπ)≈¥≈ß ‡®â“Àπ’È°“√§â“‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡æ‘Ë¡¢÷Èπ √“¬‰¥â√—∫≈à«ßÀπâ“‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ¥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) √“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’‡æ‘Ë¡¢÷Èπ Àπ’È ‘πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ ‡ß‘π ¥ ÿ∑∏‘®“°(„™â ‰ª„π)°‘®°√√¡¥”‡π‘πß“π

ß∫°“√‡ß‘π√«¡

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(1,010,682,602.50) 872,671,483.21 (1,010,682,602.50)

872,671,483.21

13,085,102.46 (636,645.11) 6,962,237.57 497,967,796.95 57,265,772.00 (263,615.77) 33,565,366.15 1,592,143.13 23,509,187.59 46,057,617.96 (1,203,951.80) 128,399,460.21 27,147,055.17 -

43,986,132.27 7,941,961.45 (555,819,766.49) 5,928,476.66 (352,207,275.47) (10,638,644.69) 85,577,251.03 497,967,796.95 242,852,720.83 57,265,772.00 (202,037.97) (271,931.49) 27,289,134.76 11,710,996.84 1,592,143.12 1,592,143.13 (442,563,019.35) 23,509,187.59 128,399,460.21 (3,712,511.93) (175,630,946.90) -

20,182,893.18 (55,819,766.49) (54,512,863.31) (822,676,746.47) 85,577,251.03 119,067,055.48 (74,284.01) 9,008,562.13 1,592,143.12 (442,563,019.35) 44,923,088.50

43,768,012.91 (8,842,988.98) 295,510,916.80 (1,037,854.08) 1,916,355.78 (4,951,993.82) (5,508,447.77) 11,693,031.40 39,959,290.83 (76,603,365.39) 113,207,956.72 22,889,968.71 (22,108,250.90) 12,476,247.35 25,818,900.00 270,952,703.57

(79,022,581.38) 3,355,564.11 (6,765,210.89) (8,679,314.31) 8,384,134.52 296,814,357.85 760,338.99 395,647.64 1,026,367.73 533,564.50 4,738,837.46 (2,217,166.84) 6,059,030.32 (6,113,069.99) (84,331,879.26) 12,094,057.98 198,841,480.49 17,124,550.81 203,634,405.80 1,117,645.06 76,403,235.07 109,949,948.34 (9,500.00) (32,860,008.50) 20,777,126.78 (30,210,096.93) 25,179.24 4,845,529.90 21,195,000.00 15,327,390.43 179,095,707.32

(2,317,407.92) (4,366,123.77) (7,562,375.11) (243,528.92) 2,337,697.98 1,300,271.20 1,000.00 1,832,958.95 122,684,607.93 70,733,499.79 (9,500.00) (16,265,674.52) (3,260,836.03) (57,759,613.40)

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 38

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Statements of Cash Flows FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Consolidated Note CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Allowance for doubtful accounts Gain on sales of investments (Gain) loss on exchange rate Share of (income) loss in affiliated companies Loss on projects revaluation Loss on diminution in value of investments in securities Gain on sale of equipment Depreciation and amortisation Amortisation of goodwill Increase (decrease) in provision for convertible bond redemption Increase in provision for guaranteed bond redemption Amortisation of deferred right of use income Reserve for uncertain loss from law suit Increase (decrease) in minority interests Extraordinary item Change in operating assets and liabilities (Increase) decrease in accounts receivable (Increase) in accounts receivable - related parties (increase) decrease in cost of real estate developments (Increase) decrease in prepaid expenses Decrease in advance payments (Increase) decrease in other current assets (Increase) decrease in deposits Increase (decrease) in accounts payable Increase in accounts payable-Industrial Estate Authority of Thailand Increase (decrease) in income received in advance Increase in accrued interest expense (Decrease) in accounts payable-building purchase agreement Increase (decrease) in other current liabilities Increase (decrease) in retentions payable Increase in deferred right of use income Increase in Other liabilities Net Cash Provided by (Used in) Operating Activities

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

(1,010,682,602.50)

872,671,483.21

(1,010,682,602.50)

872,671,483.21

13,085,102.46 (636,645.11) 6,962,237.57 497,967,796.95 57,265,772.00 (263,615.77) 33,565,366.15 1,592,143.13

43,986,132.27 (555,819,766.49) (352,207,275.47) 85,577,251.03 242,852,720.83 (202,037.97) 27,289,134.76 1,592,143.12

7,941,961.45 5,928,476.66 (10,638,644.69) 497,967,796.95 57,265,772.00 (271,931.49) 11,710,996.84 1,592,143.13

20,182,893.18 (55,819,766.49) (54,512,863.31) (822,676,746.47) 85,577,251.03 119,067,055.48 (74,284.01) 9,008,562.13 1,592,143.12

23,509,187.59 46,057,617.96 (1,203,951.80) 128,399,460.21 27,147,055.17 -

(442,563,019.35) (3,712,511.93) (175,630,946.90)

23,509,187.59 128,399,460.21 -

(442,563,019.35) 44,923,088.50

43,768,012.91 (8,842,988.98) 295,510,916.80 (1,037,854.08) 1,916,355.78 (4,951,993.82) (5,508,447.77) 11,693,031.40

(79,022,581.38) (6,765,210.89) 8,384,134.52 760,338.99 1,026,367.73 4,738,837.46 6,059,030.32 (84,331,879.26)

3,355,564.1 1 (8,679,314.31) 296,814,357.85 395,647.64 533,564.50 (2,217,166.84) (6,113,069.99) 12,094,057.98

(2,317,407.92) (4,366,123.77) (7,562,375.11) (243,528.92) 2,337,697.98 1,300,271.20 1,000.00 1,832,958.95

39,959,290.83 (76,603,365.39) 113,207,956.72

198,841,480.49 203,634,405.80 76,403,235.07

17,124,550.81 1,117,645.06 109,949,948.34

122,684,607.93 70,733,499.79

22,889,968.71 (22,108,250.90) 12,476,247.35 25,818,900.00

(9,500.00) (32,860,008.50) (30,210,096.93) 4,845,529.90

20,777,126.78 25,179.24 21,195,000.00

(9,500.00) (16,265,674.52) (3,260,836.03) -

270,952,703.57

15,327,390.43

179,095,707.32

(57,759,613.40)

See Notes to Financial Statements 39

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 2542 ∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ ‡ß‘π ¥√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ‡ß‘π≈ß∑ÿπ√–¬– —ÈπÕ◊ËπÊ≈¥≈ß µ—Î«‡ß‘π√—∫°√√¡°“√≈¥≈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„π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈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 ‘π∑√—æ¬å„Àâ‡™à“‡æ‘Ë¡¢÷Èπ ∑’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 ‡ß‘π ¥ ÿ∑∏‘®“°(„™â ‰ª„π)°‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π ‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π≈¥≈ß µ—Î« —≠≠“„™â‡ß‘π∫ÿ§§≈∏√√¡¥“‡æ‘Ë¡¢÷Èπ ‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß Àÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß Àπ’È ‘π√–¬–¬“«≈¥≈ß Àÿâπ°Ÿâ¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ≈¥≈ß ‡ß‘π ¥√—∫®“°°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ ‡ß‘π ¥√—∫®“°°“√¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘ ∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ‡ß‘π ¥ ÿ∑∏‘„™â ‰ª„π°‘®°√√¡®—¥À“‡ß‘π º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏‘

ß∫°“√‡ß‘π√«¡

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

4,032,641.27 (197,500,000.00) (6,980,724.35) (1,257,577.72) (544,358.07) (19,827,819.11) (15,851,198.45) (27,155,293.23) (265,084,329.66)

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 ∫“∑

93,838,725.00 210,920.42 -

(4,032,641.27) (17,632,654.63) 15,235,802.29 24,972.50 (197,500,000.00) 30,807,767.88 34,607,983.91 (1,007,783.07) (144,089.48) (190,126,753.18) (8,555,269.88) (29,585,358.24) 28,073,188.00 (107,945,911.52) (7,704,000.00) 430,299,740.81 (168,854,842.08)

(76,177,260.28) 40,000,000.00 (14,464,797.46) 14,464,797.46

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

40,000,000.00 (14,464,797.46)

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

(208,858,321.45) (484,780.00) (568,609,053.10) (38,557,924.75) 555,039,225.99 (129,991,333.09) -

22,536,906.66 (83,843,416.77) 4,020.00

63,376,454.96 (12,500,000.00) -

14,153,115.00 (159,673,875.73) (453,174,649.22) 13,754,584.63 34,697,588.78 (140,050,917.19) 27,150,070.80

14,153,115.00 (21,614,172.57) (11,373,307.33)

(8,836,007.86) (13,896,752.70)

(454,396.51) (172,127,888.17) (26,783,928.59) 4,020.00

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 40

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Statements of Cash Flows FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Consolidated Note

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

593,838,725.00

93,838,725.00 210,920.42

CASH FLOWS FROM INVESTING ACTIVITIES Cash received from sales of invesments

Decrease in short-term investment-others

210,920.42

Decrease in notes receivable-a director

122,880,000.00

(17,632,654.63)

55,104,239.33

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

4,032,641.27 -

(4,032,641.27)

10,000,000.00

(197,500,000.00)

15,235,802.29 24,972.50

(197,500,000.00)

1,524,962.50

(6,980,724.35)

30,807,767.88

34,607,983.91

(84,552,050.17)

(1,257,577.72)

(1,007,783.07)

(144,089.48)

(1,007,783.07)

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

(544,358.07) (19,827,819.11)

(190,126,753.18)

(8,555,269.88)

(1,797,982.34)

(15,851,198.45)

(29,585,358.24)

28,073,188.00

33,177,404.00

(27,155,293.23)

(107,945,911.52)

(7,704,000.00)

(53,799,567.11)

(265,084,329.66)

430,299,740.81

(168,854,842.08)

52,698,868.56

(Increase) decrease in advances to Provincial Electricity Authority (Increase) in sinking fund Net Cash Provided by (Used in) Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES (Decrease) in loans from financial institutions

(76,177,260.28)

Increase in promissory note-ordinary person

40,000,000.00

Increase (decrease) in loan from director

(14,464,797.46)

(74,177,260.28)

40,000,000.00

14,464,797.46

(14,464,797.46)

14,464,797.46

(208,858,321.45)

22,536,906.66

63,376,454.96

Increase (decrease) in short-term loans and advances from related parties (Decrease) in due to and loans from related parties (Decrease) in convertible bonds held by a subsidiary

(454,396.51) -

(484,780.00)

(568,609,053.10)

(Decrease) in long-term liabilities

(172,127,888.17)

Increase (decrease) in guaranteed bonds

(26,783,928.59)

(Decrease) in discount on convertible bonds Cash received from exercise of warrants Cash received from sales of warrants Net Cash Used in Financing Activities Adjustments from financial statement translations Net increase (decrease) in cash and cash equivalents

4,020.00 14,153,115.00

(38,557,924.75)

(83,843,416.77)

(12,500,000.00)

555,039,225.99

(129,991,333.09)

4,020.00

14,153,115.00

(159,673,875.73)

(453,174,649.22)

(21,614,172.57)

13,754,584.63

34,697,588.78

27,150,070.80

(11,373,307.33)

(13,896,752.70)

(140,050,917.19)

(8,836,007.86)

See Notes to Financial Statements 41

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ß∫°“√‡ß‘π√«¡

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– 2541 ‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π ≥ «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– 2541 ‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ª‘¥‡º¬‡æ‘Ë¡‡µ‘¡ ‡ß‘π ¥®à“¬„π√–À«à“ßª’ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥â

À¡“¬‡Àµÿ

2542 ∫“∑

2541 ∫“∑

2,4

93,831,203.05

32,108,853.51

2,4

98,840,828.86 133,413,107.60

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541 ∫“∑ ∫“∑

(15,106,440.61) 6,682,495.12

(22,899.29) 5,495,706.50

2,4

(74,223,457.81) (98,840,828.86) (12,827,013.36)

(6,682,495.12)

2,4

(21,602,343.09) 93,831,203.05

(32,624,266.18)

(15,106,440.61)

148,013,063.94 298,372,295.66 2,767,712.63 -

68,223,289.14 394,947.56

109,342,680.93 -

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 42

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Statements of Cash Flows FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Consolidated Note

1999 Baht

The Company 1998 Baht

1999 Baht

1998 Baht

Cash and cash equivalents at January 1, 1999 and 1998

2,4

93,831,203.05

32,108,853.51

(15,106,440.61)

(22,899.29),

2,4

98,840,828.86

133,413,107.60

6,682,495.12

5,495,706.50

2,4

(74,223,457.81)

(98,840,828.86)

(12,827,013.36)

(6,682,495.12)

2,4

(21,602,343.09)

93,831,203.05

(32,624,266.18)

(15,106,440.61)

148,013,063.94

298,372,295.66

68,223,289.14

109,342,680.93

Cash at banks pledged as collateral at January 1, 1999 and 1998 Cash at banks pledged as collateral at December 31, 1999 and 1998 Cash and cash equivalents at December 31, 1999 and 1998

2,767,712.63

394,947.56

See Notes to Financial Statements 43

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

Notes to Financial Statements DECEMBER 31, 1999 AND 1998

NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF FINANCIAL STATEMENT PRESENTATION The operations of Hemaraj Land and Development Public Company Limited (“the Company”) and its subsidiaries may continue to be influenced for the foreseeable future by the economic conditions in Thailand and the Asia Pacific Region in general. The consolidated and the Company’s financial statements have been presented in accordance with the Ministerial Regulation No.7 (B.E.2539), under the Public Company Limited Act B.E. 2535 and reflect the management’s current assessment of the impact of current economic conditions on the financial position of the Company and its subsidiaries. However, actual results could differ from the management estimates. The consolidated financial statements for the year ended December 31, consist of the financial statements of Hemaraj Land and Development Public Company Limited and subsidiaries as follows: Type of Business

Holding of Interest (%) 1999

1998

Eastern Industrial Estate Company Limited

Industrial Estate

99.99

Eastern Seaboard Industrial Estate (Rayong) Company Limited

Industrial Estate

60.00

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, 1999 and 1998, since this company had not started commercial operations and the available information was inadequate for purposes of preparing consolidated financial statements. The consolidated financial statements for the years ended December 31, 1999 and 1998 include the financial statements of H-International (BVI) Company Limited, an overseas subsidiary, for each of the years then ended, for which KPMG British Virgin Islands issued unqualified auditor’s report dated January 10, 2000 and January 8, 1999, respectively. The consolidated and the Company’s financial statements for the years ended December 31, 1999 and 1998 include portions of net gain and net loss in the amounts of Baht 0.38 million and Baht 0.80 million, respectively, from Pinago Services Limited, an overseas associated company, based on information from the financial statements which were provided by management and were not audited. In addition, the financial statements for the year ended December 31, 1998 also include portions of net gain in the amounts of Baht 0.77 million from Bowin Power Co., Ltd. and Baht 0.15 million from Operation Power Co., Ltd., other associated companies, based on information from the financial statements audited by another firm of auditors. 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 excluding land cost. Cost of sales is the actual development cost using the ratio of realised sale contracts to total estimated income. Recognition of Service Income Service income is recognised on an accrual basis. Service income represents income received from providing public utilities, water, wastewater processing and 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 In 1999, available-for-sale securities consist of investments in marketable securities, which are stated at fair value. The difference between book value of investment and fair value is included under shareholders’ equity. 45

ª’ 2541 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥ ·≈–‡ß‘π≈ß∑ÿπ„πÀπà«¬≈ß∑ÿπ· ¥ß„π√“§“∑ÿπ√«¡ À√◊Õ√“§“µ≈“¥√«¡∑’ËµË”°«à“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å · ¥ß‰«â „πß∫°”‰√¢“¥∑ÿπ ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“ ª√–°Õ∫¥â«¬ ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π„π‚§√ß°“√ · ¥ß¥â«¬®”π«π‡ß‘πµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ ÿ∑∏‘®“°√“¬‰¥â®“°°“√ºàÕπ™”√–·≈–√“¬‰¥â √Õµ—¥∫—≠™’ ·≈–≈Ÿ°Àπ’È§à“∫√‘°“√ · ¥ß ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°≈Ÿ°Àπ’È§à“∫√‘°“√√“¬‡¥◊Õπ∑’Ë§â“ß™”√–‡°‘π 90 «—π µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ª√–°Õ∫¥â«¬ µâπ∑ÿπ∑’¥Ë ‘π µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√ ¥Õ°‡∫’È¬®à“¬®“°°“√°âŸ¬◊¡‡æ◊ÕË „™â „π°“√æ—≤π“‚§√ß°“√ ·≈–‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß ‚¥¬∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‚Õπ‡ªÁπµâπ∑ÿπ¢“¬‡¡◊ËÕ¡’°“√¢“¬À√◊Õ¡’√“¬‰¥â®“°‚§√ß°“√ „πª’ 2542 · ¥ß„π√“§“∑ÿπ√«¡ À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµË”°«à“ ”À√—∫ª’ 2541 · ¥ß„π√“§“∑ÿπ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â „πß∫°”‰√¢“¥∑ÿπ °“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªÁπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬∫—π∑÷°¥Õ°‡∫’È¬®à“¬·≈–§à“∏√√¡‡π’¬¡¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡°‘¥¢÷Èπ‚¥¬µ√ß°—∫°“√æ—≤π“‚§√ß°“√√«¡‡ªÁπ à«πÀπ÷Ëß ¢Õßµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬®–À¬ÿ¥∫—π∑÷°‡¡◊ËÕ°“√æ—≤π“‚§√ß°“√À¬ÿ¥™–ß—°À√◊Õ‡¡◊ËÕ°“√æ—≤π“‚§√ß°“√·≈â«‡ √Á® ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ‡ß‘π≈ß∑ÿπ °. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¬°‡«âπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡∑’Ë¬—ß‰¡à‡√‘Ë¡¥”‡π‘πß“π· ¥ß„π√“§“∑ÿπ ¢. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß „πª’ 2542 · ¥ß„π√“§“µ“¡¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ”À√—∫ª’ 2541 · ¥ß„π√“§“¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘∑’ËµË”°«à“√“§“∑ÿπ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õß‡ß‘π≈ß∑ÿπ· ¥ß‰«â „πß∫°”‰√¢“¥∑ÿπ §. ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª· ¥ß„π√“§“∑ÿπ ‡ß‘π„Àâ°ŸÈ¬◊¡ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°®”π«π∑’Ë§“¥«à“®–‡√’¬°‡°Á∫‰¡à‰¥â ‚¥¬«‘‡§√“–Àå®“°∞“π–°“√‡ß‘π·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‡ªÁπ‚§√ß°“√∑’Ë√Õ°“√æ—≤π“·≈–‚§√ß°“√∑’ËÀ¬ÿ¥°“√æ—≤π“™—Ë«§√“« ª√–°Õ∫¥â«¬ ‘∑∏‘°“√‡™à“∑’Ë¥‘π µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√·≈–¥Õ°‡∫’È¬®à“¬®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â „π°“√æ—≤π“‚§√ß°“√ „πª’ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®– ‰¥â√—∫√«¡∑’ËµË”°«à“ ”À√—∫ª’ 2541 · ¥ß„π√“§“∑ÿπ ¬°‡«âπ∫“ß‚§√ß°“√· ¥ß„π√“§“∑’Ëª√–‡¡‘π‚¥¬∫√‘…—∑ºŸâ™”π“≠°“√ª√–‡¡‘π√“§“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â „πß∫°”‰√¢“¥∑ÿπ ‘π∑√—æ¬å „Àâ‡™à“ ‘π∑√—æ¬å „Àâ‡™à“¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ · ¥ß„π√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬ª√–¡“≥ 15 ª’ ”À√—∫∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ·≈– 20 ª’ ”À√—∫Õ“§“√§≈—ß ‘π§â“·≈–Õ“§“√‚√ßß“π ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ · ¥ß„π√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬ ª√–¡“≥ 5 ª’ ”À√—∫Õÿª°√≥å ·≈– 20 ª’ ”À√—∫Õ“§“√ √“¬‰¥â√—∫≈à«ßÀπâ“ √“¬‰¥â√—∫≈à«ßÀπâ“ ‡ªÁπ‡ß‘π∑’Ë√—∫™”√–®“° —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘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 Õ“§“√§≈—ß ‘π§â“·≈–Õ“§“√‚√ßß“π °”Àπ¥∫—π∑÷° ∫—≠™’‡ªÁπ√“¬‰¥âµ“¡Õ“¬ÿ —≠≠“‡™à“ ∫—≠™’∑’Ë‡ªÁπ‡ß‘πµ√“µà“ßª√–‡∑» °. ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ·ª≈ß§à“‡ªÁπ‡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 ‘Èπª’ °.2 √“¬‰¥â·≈–§à“„™â®à“¬·ª≈ß§à“‚¥¬„™âÕ—µ√“∂—«‡©≈’Ë¬ °.3 à«π¢ÕßºŸâ∂◊ÕÀÿâπ·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’Ë‡°‘¥√“¬°“√ º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘πµà“ßª√–‡∑» · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ ¢. Àÿâπ°Ÿâ·ª≈ß ¿“æ·≈–√“¬°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ßπ’È ¢.1 Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“µ“¡∑’Ë√–∫ÿ‰«â „πÀπ—ß ◊Õ™’È™«π ¢.2 ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“∑’Ë√–∫ÿ‰«â „πÀπ—ß ◊Õ™’È™«π ¢.3 ¥Õ°‡∫’È¬§â“ß®à“¬Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π ‘Èπª’ 46

In 1998, investments in securities consist of investments in marketable securities and investments in unit trusts, which are stated at the lower of aggregate cost and market value. Loss on diminution in value of investments is included in the statement of income. 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 service 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 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. In 1999, the cost of real estate developments is stated at the lower of aggregate cost and net realisable value. In 1998, the cost of real estate developments is stated at cost. Loss on projects revaluation is included in the statement of income. Capitalisation of Borrowing Costs Interest expense and fees on long-term loans for development projects are capitalised to cost of real estate developments. The capitalisation will be suspended or ceased when the development projects are interrupted or completed. Investments and Loans Investments • Investments in subsidiary and associated companies are recorded using the equity method except for investments in subsidiary and associated companies for which operations have not yet commenced which are accounted for using the cost method. • In 1999, an investment in a related company is stated at net realisable value. In 1998, the investment is stated at the net assets value which is lower than cost. Loss on decline in value of investment is included in the statement of income. • Investments in other securities are stated at cost. Loans 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 receivables 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. In 1999, leasehold land and land held for commercial purposes is stated at lower of aggregate cost and net realisable value. In 1998, leasehold land and land held for commercial purposes 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. Lease Assets Lease assets are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of 15 years for pipe rack and 20 years for warehouse and minifactory. 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 and 20 years for building. Income Received in Advance Income received in advance represents the amounts received from land sale and purchase contracts over the amount of revenues which are recognised using the percentage of completion method. Deferred Right of Use Income Deferred right of use income represents right of use fee received on rental of pipe rack, warehouse and minifactory and is recognised as revenue over the period of rental contract. Accounts in Foreign Currency • The financial statements of an overseas subsidiary company are translated into Baht for consolidation purposes using rates of exchange as follows: • Assets and liabilities are translated at the exchange rate ruling at the end of the year. • Revenues and expenses are translated at average exchange rates. • Share capital is translated at the exchange rate ruling on the transaction date. 47

º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â „πß∫°”‰√¢“¥∑ÿπ §. √“¬°“√∫—≠™’∑’Ë‡ªÁπ‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßª’·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π ∑’Ë‡ªÁπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π ‘Èπª’ ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—ππ—Èπ °”‰√·≈–¢“¥∑ÿπ®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â „πß∫°”‰√¢“¥∑ÿπ °”‰√(¢“¥∑ÿπ)µàÕÀÿâπ ª’ 2542 ¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π §”π«≥‚¥¬À“√¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï∑’Ë‡ªìπ¢ÕßÀÿâπ “¡—≠¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈ ¿“¬πÕ°„π√–À«à“ßª’ ¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥ §”π«≥‚¥¬°“√π”¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ª’∑’Ë‡ªÁπ¢ÕßÀÿâπ “¡—≠À≈—ßª√—∫ª√ÿß¥â«¬º≈°√–∑∫¢ÕßÀÿâπ “¡— ≠ ‡∑’ ¬ ∫‡∑à “ ª√— ∫ ≈¥·≈â « À“√¥â«¬®”π«π√«¡¢Õß®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°„π√–À«à“ßª’·≈–Àÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ ªï 2541 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ª’¥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—¬ ”§—≠

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‘π µ“¡¡Ÿ≈∞“π∑’Ëµ°≈ß√à«¡°—π √–À«à“ß∫√‘…—∑°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π °≈à“«§◊Õ §à“π“¬Àπâ“®“°°“√¢“¬„πÕ—µ√“‰¡à‡°‘π 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“ ·≈–Õ—µ√“ ¥Õ°‡∫’È¬∑’Ë§‘¥®“°‡ß‘π°Ÿâ¬◊¡√–À«à“ß°—π„πÕ—µ√“ 7% ∂÷ß 12.50% ∑—Èßπ’È°“√°Ÿâ¬◊¡‡ªÁπÀπ’È∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®∑’Ë∑”√à«¡°—π ∫√‘…—∑¡’¬Õ¥§ß‡À≈◊Õ°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªÁπ à«πÀπ÷Ëß„πß∫¥ÿ≈‡©æ“–¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ ¥—ßπ’È (Àπà«¬ : ∫“∑) 2542 ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß·°à °. ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ µ—Î« —≠≠“„™â‡ß‘π·≈–¥Õ°‡∫’È¬§â“ß√—∫ §à“π“¬Àπâ“§â“ß√—∫ ‡ß‘π∑¥√Õß®à“¬ ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡ß‘π∑¥√Õß®à“¬ ¢. ∫√‘…—∑√à«¡ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ ‡ß‘π∑¥√Õß®à“¬ ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫

2541

π‚¬∫“¬°“√§‘¥ µâπ∑ÿπ√–À«à“ß°—π

153,197,437.65

212,616,590.78

41,520,076.52 61,173,013.69 27,153,423.38 16,733,165.17

61,781,232.88 22,221,292.65 -

1,340,666.73

12,775,431.03 4,032,641.27

Õ—µ√“¥Õ°‡∫’È¬ 7% -

1,347,945.24

‡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¬◊¡ 320,905,982.94 286,024,470.95 (8.51 ≈â“π¥Õ≈≈“√å À√—∞)(7.75 ≈â“π¥Õ≈≈“√å À√—∞) ‡ß‘π°Ÿâ¬◊¡®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ (30.34 ≈â“π¥Õ≈≈“√å À√—∞) 1,162,923,578.50 1,162,923,578.50 ¢. ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,518,141.40 1,518,141.40 48

Õ—µ√“¥Õ°‡∫’È¬ 12.5% Õ—µ√“¥Õ°‡∫’È¬ 12.5% Õ—µ√“¥Õ°‡∫’È¬ MLR 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“

Õ—µ√“¥Õ°‡∫’È¬ 12.5%

Adjustments from translation of foreign financial statements are included under shareholders’ equity. • Convertible bonds and related transactions are translated into Baht using rates of exchange as follows: • Convertible bonds are translated into Baht at the forward rate of exchange stated in the Bond prospectus. • The provision for redemption of convertible bonds is converted into Baht at the rates stated in the Bond prospectus. • Accrued interest expense on convertible bonds is translated into Baht at the rate of exchange at the end of the year. Adjustments from translation are 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 ofexchange on that date. Gain or loss on translation is included in the statement of income. Earnings (Loss) per Share In 1999 Basic loss per share is computed by dividing net loss attributable to ordinary shareholders for the year by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share is computed by dividing net loss attributable to ordinary shareholders for the year, as adjusted for the effect of dilutive potential ordinary shares, by the weighted average number of ordinary shares outstanding during the year plus the number of potential ordinary shares. In 1998 Basic earnings per share is computed by dividing net income 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 basic earnings per share or if the Company has incurred a loss from operations.

NOTE 3 - TRANSACTIONS WITH RELATED PARTIES The Company has certain transactions with its affiliated and related companies. The effects of these transactions are reflected in the accompanying financial statements on the basis determined by the parties concerned. Commission on sales is maximum 5% of contract price. Interest rates on loans relating to business corporation range from 7.00% - 12.50%. Balances with affiliated and related companies as at December 31, which are shown in the Company’s balance sheets, are as follows: (Amounts:Baht) 1999 Baht Loans and advances to: • Subsidiary companies Eastern Industrial Estate Company Limited Loans and accrued interest income Eastern Seaboard Industrial Estate (Rayong) Company Limited Loans and accrued interest income Promissory note and accrued interest income Accrued commission income Advance payment Eastern Pipeline Services Company Limited Advance payment • Associated companies H-Power Company Limited Loans and accrued interest income Advance payment H-Infra Company Limited Loans and accrued interest income Loans and advances from: • Subsidiary companies Eastern Seaboard Industrial Estate (Rayong) Company Limited Advance received H-International (BVI) Company Limited Loan Loan from repurchase of convertible bonds (US$ 30.34 million) • Related company

1998 Baht

Intercompany Terms

153,197,437.65

212,616,590.78

Interest rate 12.50%

41,520,076.52 61,173,013.69 27,153,423.38 16,733,165.17

61,781,232.88 22,221,292.65 -

Interest rate 12.50% Interest rate MLR 5% of contract price

1,340,666.73

12,775,431.03 4,032,641.27

Interest rate 7.00% -

1,347,945.24

Interest rate 12.50%

5,781,123.15

320,905,982.94 (US$ 8.51 million) 1,162,923,578.50

286,024,470.95 (US$ 7.75 million) 1,162,923,578.50

1,518,141.40

∫√‘…—∑¡’√“¬°“√∫—≠™’°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªÁπ à«πÀπ÷Ëß„πß∫°”‰√¢“¥∑ÿπ‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ¥—ßπ’È (Àπà«¬ : ∫“∑) π‚¬∫“¬°“√§‘¥ 2542 2541 µâπ∑ÿπ√–À«à“ß°—π 7,844.31 68,764.70 Õ—µ√“¥Õ°‡∫’È¬ 12.5% 18,004,308.05 11,012,767.91 Õ—µ√“¥Õ°‡∫’È¬ 7% - 12.5% 4,932,131.03 22,207,649.87 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“ 215,339,593.63 6,611,356.64 11,667,048.80

¥Õ°‡∫’È¬®à“¬ ¥Õ°‡∫’È¬√—∫ √“¬‰¥â§à“π“¬Àπâ“ √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π √“¬‰¥â§à“∫√‘°“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È ∫√‘…—∑

∫√‘…—∑¬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«¡ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ ** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ** ∫√‘…—∑Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å ´—ææ≈“¬ ®”°—¥ ** Pinago Services Limited ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π) √«¡

ª√–‡¿∑°‘®°“√

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

≈—°…≥– §«“¡ —¡æ—π∏Ï

∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ (∫“∑) (%)

ºŸâ∂◊ÕÀÿâπ·≈– 400,000,000.00 99.99 ºŸâ∫√‘À“√√à«¡°—π 358,000,000.00 60.00 é

√“§“∑ÿπ (∫“∑)

‡ß‘π≈ß∑ÿπ °“√‡ª≈’Ë¬π·ª≈ß ÿ∑∏‘ „π à«π‰¥â‡ ’¬ (∫“∑)

à«π‰¥â‡ ’¬ (∫“∑)

399,999,760.00

37,816,457.17

437,816,217.17

214,800,000.00

437,962,029.25

652,762,029.25

(22,323,342.00)

∫√‘°“√„Àâ‡™à“∑“ß «“ß∑àÕ¢π∂à“¬«—µ∂ÿ Holding Company

60,000,000.00 99.99

75,000.00 100.00

75,000.00 1,234,425,063.68 1,234,500,063.68

Holding Company

25,290.00 99.99

25,290.00

Holding Company º≈‘µ‰øøÑ“·≈–‰ÕπÈ” º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ Holding Company ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π

é é é é é

º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡

21,000,000.00 49.99

Holding Company

42.59 49.99

∫√‘°“√∑à“‡∑’¬∫‡√◊Õ

1,000,000,000.00 15.00

1,205,000,000.00 788,000,000.00 100,000,000.00 750,000.00 250,000.00

49.99 49.99 49.99 49.99 49.99

602,499,940.00 2.50 -

25,290.00

(56,639,837.92) 399,323,897.47 (194,419.39) (573,514.99) 468,192.37

545,860,102.08 399,323,897.47 (194,416.89) (573,514.99) 468,192.37

286,406.52

(424,152.66)

2,030,126,779.50

21,195,000.00 3,268,721,772.00

21,195,000.00 1,238,594,992.50

* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ °. H-International (BVI) Company Limited ·≈– Pinago Services Limited ®¥∑–‡∫’¬π„π British Virgin Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ¢. Hemaraj International Company Limited ®¥∑–‡∫’¬π„π Cayman Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ‚¥¬¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ ®÷ß¡‘‰¥âπ”¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ 2542 §. „π√–À«à“ßªï 2542 ‰¡à¡’‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

The Company had transactions with its affiliated and related companies which are included in the Company’s statements of income for the years ended December 31 as follows: (Amounts:Baht) 1999 Baht 7,844.31

1998 Baht 68,764.70

18,004,308.05

11,012,767.91

Interest rate 7 % - 12.5 %

4,932,131.03

22,207,649.87

5% of contract price

Interest expense Interest income Commission income Revenue from land sales

215,339,593.63

Service income

Intercompany Terms Interest rate 12.5 %

6,611,356.64

11,667,048.80

Investments in affiliated and related companies as at December 31, 1999 are as follows:

Company

Type of Business

Relationship

Paid - up

Holding of

Capital

Interest

Cost

Net Change in Equity

Investments Equity

(Baht)

99.99

399,999,760.00

37,816,457.17

437,816,217.17

214,800,000.00

437,962,029.25

652,762,029.25

(22,323,342.00)

(22,323,342.00) 1,234,500,063.68

Subsidiary Companies Eastern Industrial Estate

Industrial Estate

Company Limited Eastern Seaboard Industrial Estate

Co.shareholders and 400,000,000.00 Managements

Industrial Estate

358,000,000.00

60.00

Pipe Rack Rental

60,000,000.00

99.99

Holding Company

75,000.00 100.00

75,000.00

1,234,425,063.68

Holding Company

25,290.00

99.99

25,290.00

Holding Company

1,205,000,000.00

49.99

602,499,940.00

788,000,000.00

49.99

(Rayong) Company Limited Eastern Pipeline Services

Company Limited* H-International (BVI) Company Limited Hemaraj International

25,290.00

Company Limited Associated Companies H-Power Company Limited

Industrial Power Company Limited** Electricity and Steam

(56,639,837.92)

545,860,102.08

399,323,897.47

Power Generation

Bowin Power Company Limited**

Electricity Manufacturer

100,000,000.00

49.99

(194,419.39)

(194,416.89)

H-Infra Company Limited**

Holding Company

750,000.00

49.99

2.50

(573,514.99)

Operation Power Services

Energy Consulting

250,000.00

49.99

468,192.37

Industrial Water Supply

21,000,000.00

49.99

286,406.52

Holding Company

42.59

49.99

(424,152.66)

Port Services

1,000,000,000.00

15.00

21,195,000.00

Company Limited** Industrial Water Supply Limited** Pinago Services Limited** Related Company Sriracha Harbor Public

21,195,000.00

Company Limited Total *

Indirect holding by Eastern Industrial Estate Company Limited

1,238,594,992.50

2,030,126,779.50 3,268,721,772.00

**Indirect holding by H-Power Company Limited

Additional information • H-International (BVI) Company Limited and Pinago Services Limited were registered in British Virgin Islands. (US. currency used for business operation) • Hemaraj International Company Limited was registered in Cayman Islands (US. currency used for business operation) which had not started commercial operations and the available information was inadequate for the purpose of preparing consolidated financial statements for the year ended December 31, 1999. • During 1999, no dividend was received from subsidiary, associated and related companies.

√“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (µàÕ) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È ∫√‘…—∑

∫√‘…—∑¬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«¡ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ ** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ** Pinago Services Limited

ª√–‡¿∑°‘®°“√

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∫√‘°“√„Àâ‡™à“∑“ß«“ß∑àÕ ¢π∂à“¬«—µ∂ÿ Holding Company

≈—°…≥– §«“¡ —¡æ—π∏å

∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ (∫“∑) (%)

ºŸâ∂◊ÕÀÿâπ·≈– 400,000,000.00 99.99 ºŸâ∫√‘À“√√à«¡°—π é 358,000,000.00 60.00 60,000,000.00 99.99 é

√“§“∑ÿπ (∫“∑)

‡ß‘π≈ß∑ÿπ °“√‡ª≈’Ë¬π·ª≈ß ÿ∑∏‘ „π à«π‰¥â‡ ’¬ (∫“∑)

à«π‰¥â‡ ’¬ (∫“∑)

399,999,760.00

5,179,440.42

405,179,200.42

214,800,000.00 -

397,241,358.24 (15,899,122.50)

612,041,358.24 (15,899,122.50)

75,000.00 100.00

75,000.00 1,285,349,792.81 1,285,424,792.81

Holding Company

25,290.00 99.99

25,290.00

Holding Company º≈‘µ‰øøÑ“·≈–‰ÕπÈ” º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ Holding Company ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π

é é é é é

Holding Company

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π)∫√‘°“√∑à“‡∑’¬∫‡√◊Õ √«¡ * ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

810,000,000.00 788,000,000.00 2,500,000.00 250,000.00 250,000.00

49.99 49.99 49.99 49.99 49.99

42.59 49.99

404,999,940.00 2.50 -

25,290.00

(12,405,255.68) 361,714,430.78 771,445.73 (213,721.01) 146,861.56

392,594,684.32 361,714,430.78 771,448.23 (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 ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ é

1,000,000,000.00 15.00

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ °. H-International (BVI) Company Limited ·≈– Pinago Services Limited ®¥∑–‡∫’¬π„π British Virgin Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ¢. Hemaraj International Company Limited ®¥∑–‡∫’¬π„π Cayman Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ‚¥¬¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ ®÷ß¡‘‰¥âπ”¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 §. „π√–À«à“ßª’ 2541 ‰¡à¡’‡ß‘πª—πº≈√—∫®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

À¡“¬‡Àµÿ 4 - ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

‡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∑∏‘

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541 2542 2541 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07 (50,042,842.76) (24,375,434.22) (33,807,908.78) (16,483,099.60) (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12) (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)

Transactions with related parties (continued) Investments in affiliated and related companies as at December 31, 1998 are as follows:

Company

Type of Business

Relationship

Paid - up

Holding of

Capital

Interest

Cost

Net Change in Equity

Investments Equity

(Baht)

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

Subsidiary Companies Eastern Industrial Estate

Industrial Estate

Co.shareholders and 400,000,000.00

Company Limited Eastern Seaboard Industrial Estate

managements Industrial Estate

358,000,000.00

60.00

Pipe Rack Rental

60,000,000.00

99.99

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

H-Power Company Limited

Holding Company

810,000,000.00

49.99

404,999,940.00

Industrial Power

Electricity and Steam ,,

788,000,000.00

49.99

(Rayong) Company Limited Eastern Pipeline Services

Company Limited* H-International (BVI) Company Limited Hemaraj International

25,290.00

Company Limited Associated Companies

Company Limited**

Power Generation

(12,405,255.68)

392,594,684.32

361,714,430.78

Bowin Power Company Limited**

Electricity Manufacturer

2,500,000.00

49.99

771,445.73

771,448.23

H-Infra Company Limited**

Holding Company

250,000.00

49.99

2.50

(213,721.01)

Operation Power Services

Energy 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

75,300,000.00

Company Limited** Pinago Services Limited** Related Company Sriracha Harbor Public

75,300,000.00

Company Limited Total *

Indirect holding by Eastern Industrial Estate Company Limited

1,095,199,992.50

2,021,080,277.94

3,116,280,270.44

**Indirect holding by H-Power Company Limited

Additional information • H-International (BVI) Company Limited and Pinago Services Limited were registered in British Virgin Islands. (US. currency used for business operation) • Hemaraj International Company Limited was registered in Cayman Islands (US. currency used for business operation) and had not started commercial operations and the available information was inadequate for the purpose of preparing consolidated financial statements for the year ended December 31, 1998. • During 1998, no dividend was received from subsidiary, associated and related companies.

NOTE 4 - CASH AND CASH EQUIVALENTS Cash and cash equivalents as at December 31, consisted of: (Amounts:Baht) Consolidated 1999

1998

The Company 1999

1998

Cash on hand and at banks

40,917,773.82

121,073,933.32

4,113,954.25

4,243,955.04

Short-term investments - time deposits

61,746,183.66

95,973,532.81

9,896,701.71

3,815,199.07

Less Bank overdrafts

(50,042,842.76)

(24,375,434.22)

(33,807,908.78)

(16,483,099.60)

Less Cash at banks pledged as collateral

(74,223,457.81)

(98,840,828.86)

(12,827,013.36)

(6,682,495.12)

Cash and Cash Equivalents, net

(21,602,343.09)

93,831,203.05

(32,624,266.18)

(15,106,440.61)

À¡“¬‡Àµÿ 5 - ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬

61,746,183.66

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“– ¢Õß∫√‘…—∑ 9,896,701.71

1,820.00 35,000,000.00 3,053,680.00 260,000.00 38,315,500.00 (5,120,938.00) 33,194,562.00 94,940,745.66

1,820.00 35,000,000.00 3,053,680.00 260,000.00 38,315,500.00 (5,120,938.00) 33,194,562.00 43,091,263.71

95,973,532.81

3,815,199.07

712.21 82,900,000.00 2,089,360.00 300,000.00 85,290,072.21 (43,813,800.21) 41,476,272.00 137,449,804.81

712.21 82,900,000.00 2,089,360.00 300,000.00 85,290,072.21 (43,813,800.21) 41,476,272.00 45,291,471.07

ß∫°“√‡ß‘π√«¡ ‡ß‘πΩ“°ª√–®” ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥ ∫√‘…—∑ ∑“ß¥à«π°√ÿß‡∑æ ®”°—¥ (¡À“™π) ∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) ∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) Àπà«¬≈ß∑ÿπ À—° §à“‡º◊ËÕ°“√≈¥√“§“À≈—°∑√—æ¬å ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ÿ∑∏‘ √«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ª√–°Õ∫¥â«¬ ‡ß‘πΩ“°ª√–®” ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ∫√‘…—∑ ∑“ß¥à«π°√ÿß‡∑æ ®”°—¥ (¡À“™π) ∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) ∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) ‡ß‘π≈ß∑ÿπ„πÀπà«¬≈ß∑ÿπ À—° §à“‡º◊ËÕ°“√≈¥√“§“À≈—°∑√—æ¬å √«¡‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ √«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘

À¡“¬‡Àµÿ 6 - ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ 2542 2541 ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È ‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ À—° √“¬‰¥â√Õµ—¥∫—≠™’ ≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ÿ∑∏‘ ≈Ÿ°Àπ’È§à“∫√‘°“√ §à“∫√‘°“√§â“ß√—∫ À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È§à“∫√‘°“√ ÿ∑∏‘ ≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541

494,414,612.50 (454,765,398.75) 39,649,213.75 (11,206,729.64) 28,442,484.11

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

67,525,750.00 (61,937,875.12) 5,587,874.88 (1,108,584.57) 4,479,290.31

18,692,716.60 (5,889,276.09) 12,803,440.51 41,245,924.62

12,181,863.97 (4,368,682.45) 7,813,181.52 90,903,213.62

4,697,545.70 (2,820,756.53) 1,876,789.17 1,876,789.17

3,573,819.50 (2,074,621.45) 1,499,198.05 5,978,488.36

NOTE 5 - SHORT-TERM INVESTMENTS Short-term investments as at December 31, 1999 consisted of: (Amounts:Baht) Consolidated Time deposits

61,746,183.66

The Company 9,896,701.71

Current investments classified as available-for-sale securities Investments in marketable securities - Bangkok Expressway PCL.

1,820.00

- Nakornthai Strip Mill PCL.

35,000,000.00

3,053,680.00

260,000.00

38,315,500.00

- N.T.S. Steel Group PCL. - Unit trusts Less loss on diminution in value of investments in securities

(5,120,938.00)

Current Investments, net

33,194,562.00

Total Short-term Investments, net

94,940,745.66

43,091,263.71

95,973,532.81

3,815,199.07

- Bangkok Expressway PCL.

712.21

- Nakornthai Strip Mill PCL.

82,900,000.00

2,089,360.00

Short-term investments as at December 31, 1998 consisted of: Time deposits Investments in securities

- N.T.S. Steel Group PCL. - Unit trusts

300,000.00

85,290,072.21

(43,813,800.21)

Less loss on diminution in value of investments in securities Total Investments in Securities, net

41,476,272.00

Total Short-term Investments, net

137,449,804.81

45,291,471.07

NOTE 6 - ACCOUNTS RECEIVABLE Accounts receivable as at December 31, consisted of: (Amounts:Baht) Consolidated 1999

The Company 1998

1999

1998

â&#x20AC;˘ Land sale contracts receivable Land sale contracts

494,414,612.50

243,358,638.00

67,525,750.00

(454,765,398.75)

(141,164,845.12)

(61,937,875.12)

Installments receivable

39,649,213.75

102,193,792.88

5,587,874.88

Less Deferred income

(11,206,729.64)

(19,103,760.78)

(1,108,584.57)

Land sale contracts receivable, net

28,442,484.11

83,090,032.10

4,479,290.31

Accrued service income

18,692,716.60

12,181,863.97

4,697,545.70

3,573,819.50

Less Allowance for doubtful accounts

(5,889,276.09)

(4,368,682.45)

(2,820,756.53)

(2,074,621.45)

Service receivables, net

12,803,440.51

7,813,181.52

1,876,789.17

1,499,198.05

Accounts receivable, net

41,245,924.62

90,903,213.62

1,876,789.17

5,978,488.36

Less Installments received

â&#x20AC;˘ Service receivables

‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“·≈–§à“∫√‘°“√§â“ß√—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·¬°µ“¡Õ“¬ÿÀπ’È∑’Ë§â“ß™”√–‰¥â¥—ßπ’È

‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ ‰¡à‡°‘π 3 ‡¥◊Õπ ¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ ¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª ‡ß‘πß«¥®à“¬‡¡◊ËÕ‚Õπ°√√¡ ‘∑∏‘Ïµ“¡ —≠≠“ √«¡‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ §à“∫√‘°“√§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≠ ≈Ÿ°Àπ’È§à“∫√‘°“√ ÿ∑∏‘

ß∫°“√‡ß‘π√«¡

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

4,657,690.80 34,991,522.95 39,649,213.75

12,911,251.57 584,123.76 1,440,113.07 3,757,228.20 18,692,716.60 (5,889,276.09) 12,803,440.51

1,876,789.17 200,742.81 389,959.52 2,230,054.20 4,697,545.70 (2,820,756.53) 1,876,789.17

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∑÷°‡ªÁπµâπ∑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‡ªÁπµâπ∑ÿπ¢“¬ – ¡ À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541 2542 2541 2,728,573,820.04 2,726,752,695.35 845,411,518.38 850,743,940.11 4,181,940,470.48 4,108,394,167.71 1,028,639,934.99 1,081,163,361.49 1,701,284,877.22 1,679,573,475.47 635,038,950.79 653,786,861.25 4,816,536.00 10,263,267.60 11,063,870.78 10,263,267.60 11,063,870.78 38,174,254.89 8,622,062,435.34 8,568,775,000.20 2,519,353,671.76 2,596,758,033.63 (5,741,588,502.13) (5,257,758,750.55) (1,719,316,113.58) (1,392,433,973.12) 2,880,473,933.21 3,311,016,249.65 800,037,558.18 1,204,324,060.51 (58,076,696.06) (58,076,696.06) 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’¥Ë ‘π ®”°—¥ (¡À“™π) ∫√‘…—∑ Õ’ ‡∑‘√ÏπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ °“√· ¥ß¡Ÿ≈§à“„πß∫°“√‡ß‘π ªï 2542 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµË”°«à“ ‚¥¬„π√–À«à“ßªï 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß Õß ®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“‚¥¬ ∫√‘…—∑ºŸâ‡™’Ë¬«™“≠°“√ª√–‡¡‘π√“§“ ·≈–‰¥â√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ „πß∫°”‰√¢“¥∑ÿπ ªï 2541 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å¢Õß∫√‘…—∑‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬ ≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 1,204.32 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,641.95 ≈â“π∫“∑ µ“¡≈”¥—∫ √«¡®”π«π‡ß‘π 2,846.27 ≈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√–‡∑»‰∑¬·≈– 56

As at December 31, 1999 installments receivable and accrued service income are as follows: (Amounts:Baht) Consolidated

The Company

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

4,657,690.80

34,991,522.95

39,649,213.75

12,911,251.57

1,876,789.17

Accrued service income Less than 3 months Over 3 months to 6 months

584,123.76

200,742.81

Over 6 months to 12 months

1,440,113.07

389,959.52

Over 12 months Less Allowance for doubtful accounts Service receivables, net

3,757,228.20

2,230,054.20

18,692,716.60

4,697,545.70

(5,889,276.09)

(2,820,756.53)

12,803,440.51

1,876,789.17

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

The Company

1999

1998

1999

1998

Land cost - under development

2,728,573,820.04

2,726,752,695.35

845,411,518.38

850,743,940.11

Development project costs

4,181,940,470.48

4,108,394,167.71

1,028,639,934.99

1,081,163,361.49

Interest capitalised

1,701,284,877.22

1,679,573,475.47

Land deposits Additional utility cost Advance for construction costs Less Costs transferred to cost of sales Less Loss on projects revaluation Cost of Real Estate Development, net

10,263,267.60 -

635,038,950.79

653,786,861.25

4,816,536.00

11,063,870.78

10,263,267.60

11,063,870.78

38,174,254.89

8,622,062,435.34

8,568,775,000.20

2,519,353,671.76

2,596,758,033.63

(5,741,588,502.13)

(5,257,758,750.55)

(1,719,316,113.58)

(1,392,433,973.12)

2,880,473,933.21

3,311,016,249.65

800,037,558.18

1,204,324,060.51

(58,076,696.06)

3,311,016,249.65

741,960,862.12

1,204,324,060.51

(58,076,696.06) 2,822,397,237.15

Hemaraj Land and Development Public Company Limited, Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate (Rayong) Company Limited Valuation in the Financial Statements 1999 As at December 31, 1999, the cost of real estate developments of the Company and the two subsidiaries, which has been appraised by an appraisal firm during the year, is stated at the lower of aggregate cost and net realisable value. Loss from appraisal is recognised as expense and included in the statements of income. 1998 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 in the amounts of Baht 1,204.32 million and Baht 1,641.95 million, respectively, totalling Baht 2,846.27 million, 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.

¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√ Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â „πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡‘‰¥â®—¥„Àâ¡’ °“√ª√–‡¡‘π¡Ÿ≈§à“¢Õß‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬ºŸâª√–‡¡‘πÕ‘ √– °“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªÁπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å ß∫°“√‡ß‘π√«¡ ¥Õ°‡∫’¬È ®à“¬ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 40.47 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 99.80 ≈â“π∫“∑ µ“¡≈”¥—∫ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ¥Õ°‡∫’È¬®à“¬ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 9.88 ≈â“π∫“∑ ¿“√–ºŸ°æ—π¢Õß ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß Õß∂Ÿ°®¥®”πÕß‡æ◊ËÕ‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π¿“¬„πª√–‡∑» À≈“¬·Ààß ·≈–∫“ß à«π¬—ß„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.2 ≈â“π ¥Õ≈≈“√å À√—∞

À¡“¬‡Àµÿ 8 - ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ 2542 ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—πª√–°Õ∫¥â«¬ °. ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ∑’Ë· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∑’Ë· ¥ßµ“¡«‘∏’√“§“∑ÿπ ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π √«¡‡ß‘π≈ß∑ÿπ ¢. ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬§â“ß√—∫ ∫√‘…—∑¬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∑—Ë«‰ª„πµ√“ “√∑ÿπ √«¡‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ √«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡

ß∫°“√‡ß‘π√«¡ 2541

(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ 2542 2541

944,746,513.90

754,208,751.47

3,247,501,482.00

3,040,954,980.44

25,290.00 22,695,026.00 967,466,829.90

25,290.00 76,800,026.00 831,034,067.47

25,290.00 21,195,000.00 3,268,721,772.00

25,290.00 75,300,000.00 3,116,280,270.44

260,915,700.48 260,915,700.48 (32,488,095.53) 228,427,604.95

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

255,890,527.86 11,488,095.53 267,378,623.39 (11,488,095.53) 255,890,527.86

275,738,490.39 14,123,376.27 11,488,095.53 301,349,962.19 (11,488,095.53) 289,861,866.66

1,195,894,434.85

1,051,844,302.96

3,524,612,299.86

3,406,142,137.10

1,000,000.00 1,000,000.00 1,196,894,434.85

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

3,524,612,299.86

3,406,142,137.10

√“¬≈–‡Õ’¬¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ‰¥â· ¥ß‰«â „πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 3

Capitalisation of Borrowing Costs Consolidated Interest expenses for the years ended December 31, 1999 and 1998 are capitalised to the cost of real estate developments in the approximate amounts of Baht 40.47 million and Baht 99.80 million, respectively. The Company Interest expense for the year ended December 31, 1998 is capitalised to the cost of real estate developments in the approximate amounts of Baht 9.88 million. Obligation of Assets as at December 31, 1999 The majority of land of the Company and the two subsidiaries were mortgaged as collateral for loans from local financial institutions and the other part was mortgaged as collateral for the issue of Guaranteed Bonds of an overseas affiliated company in the amount of US$ 19.2 million.

NOTE 8 - INVESTMENTS AND LOANS Investments and loans as at December 31, consisted of: (Amounts:Baht) Consolidated 1999

The Company 1998

1999

1998

Investments and loans - related parties, consisted of: - Investments Investments in subsidiary and associated, companies using the equity method

944,746,513.90

754,208,751.47

3,247,501,482.00

3,040,954,980.44

Investments in subsidiary company, using the cost method General investments in related companies Total Investments

25,290.00

22,695,026.00

76,800,026.00

21,195,000.00

75,300,000.00

967,466,829.90

831,034,067.47

3,268,721,772.00

3,116,280,270.44

255,890,527.86

275,738,490.39

- Loans and accrued interest income Subsidiary companies

Associated companies

14,123,376.27

Related companies Less Allowance for doubtful accounts Total Loans

14,123,376.27

260,915,700.48

239,174,954.75

11,488,095.53

260,915,700.48

253,298,331.02

267,378,623.39

301,349,962.19

(32,488,095.53)

(11,488,095.53)

228,427,604.95

220,810,235.49

255,890,527.86

289,861,866.66

1,195,894,434.85

1,051,844,302.96

3,524,612,299.86

3,406,142,137.10

1,000,000.00

1,196,894,434.85

1,052,844,302.96

Total Investments and Loans - Related Parties Investments in other company General investment in security Total Investment in Other Company Total Investments and Loans

3,524,612,299.86

Details of investments in subsidiary, associated and related companies are shown in Note 3 to the financial statements.

3,406,142,137.10

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«¬

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∑÷°‡ªÁπµâπ∑ÿπ‚§√ß°“√ ‘∑∏‘°“√‡™à“∑’Ë¥‘π À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ √«¡

ß∫°“√‡ß‘π√«¡ 2542 2541 10,201,000.00 10,201,000.00 1,404,456,214.30 1,404,434,126.06

272,822,177.87 271,586,688.37 269,172,594.32 556,022,820.04 556,022,820.04 556,022,820.04 77,077,105.71 77,077,105.71 77,077,105.71 2,320,579,317.92 2,319,321,740.18 2,047,579,580.13 (566,509,375.13) (126,618,274.22) (566,509,375.13) 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00

269,028,504.82 556,022,820.04 77,077,105.71 2,047,435,490.63 (126,618,274.22) 1,920,817,216.41

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ °“√· ¥ß¡Ÿ≈§à“„πß∫°“√‡ß‘π ª’ 2542 ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµË”°«à“ ‚¥¬„π√–À«à“ß ª’ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“‚¥¬∫√‘…—∑ºŸâ‡™’Ë¬«™“≠°“√ª√–‡¡‘π√“§“ ·≈–‰¥â√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“ ‚§√ß°“√„πß∫°”‰√¢“¥∑ÿπ ª’ 2541 ‘∑∏‘°“√‡™à“·≈–∑’¥Ë ‘π‡æ◊ÕË ®—¥À“º≈ª√–‚¬™πå¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥π‘ ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫“ß à«π ®”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¢Õß ª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§ ¡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‘ √– ¿“√–ºŸ°æ—π¢Õß ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∂Ÿ°®¥®”πÕß‡æ◊ËÕ‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π¿“¬„πª√–‡∑» À≈“¬·Ààß ·≈–∫“ß à«π¬—ß„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.2 ≈â“π ¥Õ≈≈“√å À√—∞ πÕ°®“°π’È ‘∑∏‘°“√‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑„™â‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π®“°∫ÿ§§≈∏√√¡¥“

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 1999 Land bank

Company 1998

1999

1998

10,201,000.00

Land cost of projects suspended 1,404,456,214.30

1,404,434,126.06

1,135,106,060.06

Suspended development project costs

from development

272,822,177.87

271,586,688.37

269,172,594.32

269,028,504.82

Interest capitalised

556,022,820.04

77,077,105.71

2,320,579,317.92

2,319,321,740.18

Leasehold land Less loss on projects revaluation Total

2,047,579,580.13

2,047,435,490.63

(566,509,375.13)

(126,618,274.22)

(566,509,375.13)

(126,618,274.22)

1,754,069,942.79

2,192,703,465.96

1,481,070,205.00

1,920,817,216.41

Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company Limited Valuation in the Financial Statements 1999 As at December 31, 1999, leasehold land and land held for commercial purposes of the Company and the subsidiary, which has been appraised by an appraisal firm during the year, is stated at the lower of aggregate cost and net realisable value. Loss from appraisal is recognised as expense and included in the statements of income. 1998 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. Obligation of Assets as at December 31, 1999 The majority of land of the Company and the subsidiary were mortgaged as collateral for loans from local financial institutions and the other part was mortgaged as collateral for the issue of Guaranteed Bonds of an overseas affiliated company in the amount of US$ 19.2 million. In addition, leasehold land was used as collateral for the loan from ordinary person.

À¡“¬‡Àµÿ 10 - ‘π∑√—æ¬å „Àâ‡™à“ ‘π∑√—æ¬å„Àâ‡™à“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ª√–°Õ∫¥â«¬ ¬Õ¥µâπª’ ß∫°“√‡ß‘π√«¡ ∑’Ë¥‘π Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß ∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ‘π∑√—æ¬å „Àâ‡™à“ ÿ∑∏‘ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ∑’Ë¥‘π Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß ‘π∑√—æ¬Ï„Àâ‡™à“ ÿ∑∏‘

°“√‡ª≈’Ë¬π·ª≈ß√“§“∑ÿπ ‡æ‘Ë¡¢÷Èπ ®”Àπà“¬/ µ—¥∫—≠™’

25,204,961.96 13,179,293.93 110,065,526.48 102,203,644.55 305,269.27 115,382,938.48 135,575,757.71 -

25,204,961.96 82,267,182.52 107,472,144.48

°“√‡ª≈’Ë¬π·ª≈ß§à“‡ ◊ËÕ¡√“§“ – ¡ ¬Õ¥µâπªï §à“‡ ◊ËÕ¡√“§“ ®”Àπà“¬/ ¬Õ¥ª≈“¬ªï µ—¥∫—≠™’

¬Õ¥ª≈“¬ª’

(Àπà«¬ : ∫“∑) ¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘ ¬Õ¥µâπªï ¬Õ¥ª≈“¬ªï

25,204,961.96 123,244,820.41 443,574.28 4,301,244.69 102,508,913.82 6,966,396.43 6,821,241.18 250,958,696.19 7,409,970.71 11,122,485.87

4,744,818.97 12,735,719.65 13,787,637.61 95,237,248.12 18,532,456.58 107,972,967.77

25,204,961.96 118,500,001.44 88,721,276.21 232,426,239.61

25,204,961.96 82,267,182.52 107,472,144.48

3,110,375.67 3,110,375.67

25,204,961.96 79,156,806.85 104,361,768.81

3,110,375.67 3,110,375.67

ß∫°“√‡ß‘π√«¡ §à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπµâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 11,122,485.87 ∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ §à“‡ ◊ËÕ¡√“§“Õ“§“√ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπµâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 3,110,375.67 ∫“∑

À¡“¬‡Àµÿ 11 - ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ª√–°Õ∫¥â«¬ ¬Õ¥µâπª’

°“√‡ª≈’Ë¬π·ª≈ß√“§“∑ÿπ ‡æ‘Ë¡¢÷Èπ ®”Àπà“¬/ µ—¥∫—≠™’

°“√‡ª≈’Ë¬π·ª≈ß§à“‡ ◊ËÕ¡√“§“ – ¡ ¬Õ¥µâπªï §à“‡ ◊ËÕ¡√“§“ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ µ—¥∫—≠™’

¬Õ¥ª≈“¬ª’

(Àπà«¬ : ∫“∑) ¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘ ¬Õ¥µâπª’ ¬Õ¥ª≈“¬ªï

ß∫°“√‡ß‘π√«¡ ∑’Ë¥‘π 17,277,383.14 17,277,383.14 17,277,383.14 17,277,383.14 Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 199,350,562.71 2,232,535.66 201,583,098.37 12,913,119.52 9,901,778.26 22,814,897.78 186,437,443.19 178,768,200.59 à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 1,415,947.48 1,415,946.48 1,415,946.48 1.00 1.00 ‡§√◊ËÕßµ°·µàß/‡§√◊ËÕß„™â ”π—°ß“π 43,912,377.68 10,318,346.10 119,392.72 54,111,331.06 26,902,015.16 7,019,253.74 95,422.58 33,825,846.32 17,010,362.52 20,285,484.74 ¬“πæ“Àπ– 22,806,504.37 3,522,640.15 2,986,236.00 23,342,908.52 13,390,314.21 4,570,898.53 2,148,115.93 15,813,096.81 9,416,190.16 7,529,811.71 ß“π√–À«à“ß°àÕ √â“ß 19,291,750.51 4,880,003.18 24,171,753.69 19,291,750.51 24,171,753.69 ∑àÕ àßπÈ”¥‘∫ 3,657,573.47 3,657,573.47 147,639.04 243,838.23 391,477.27 3,509,934.43 3,266,096.20 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 307,712,099.36 20,953,525.09 3,105,628.72 325,559,995.73 54,769,034.41 21,735,768.76 2,243,538.51 74,261,264.66 252,943,064.95 251,298,731.07 ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ∑’Ë¥‘π 2,935,589.20 2,935,589.20 2,935,589.20 2,935,589.20 Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 45,348,560.80 45,348,560.80 5,316,217.40 2,191,976.51 7,508,193.91 40,032,343.40 37,840,366.89 à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 1,415,947.48 1,415,946.48 1,415,946.48 1.00 1.00 ‡§√◊ËÕßµ°·µàß/‡§√◊ËÕß„™â ”π—°ß“π 28,102,412.17 7,075,420.66 90,102.72 35,087,730.11 18,684,101.33 4,357,086.64 76,075.51 22,965,112.46 9,418,310.84 12,122,617.65 ¬“πæ“Àπ– 9,792,793.16 2,581,519.22 2,922,236.00 9,452,076.38 7,456,397.91 1,807,719.79 2,106,524.70 7,157,593.00 2,336,395.25 2,294,483.38 ß“π√–À«à“ß°àÕ √â“ß 723,663.78 723,663.78 723,663.78 723,663.78 ∑àÕ àßπÈ”¥‘∫ 3,657,573.47 3,657,573.47 147,639.04 243,838.23 391,477.27 3,509,934.43 3,266,096.20 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 91,976,540.06 9,656,939.88 3,012,338.72 98,621,141.22 33,020,302.16 8,600,621.17 2,182,600.21 39,438,323.12 58,956,237.90 59,182,818.10 ß∫°“√‡ß‘π√«¡ §à“‡ ◊ÕË ¡√“§“Õ“§“√·≈–Õÿª°√≥å ”À√—∫ªï πÈ‘ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπ§à“„™â®“à ¬„π°“√∫√‘À“√®”π«π‡ß‘π 21,404,930.22 ∫“∑ ·≈–µâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 330,838.54 ∫“∑ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ §à“‡ ◊ÕË ¡√“§“Õ“§“√·≈–Õÿª°√≥å ”À√—∫ªï Èπ‘ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 · ¥ß‡ªÁπ§à“„™â®à“¬„π°“√∫√‘À“√®”π«π‡ß‘π 8,303,174.19 ∫“∑ ·≈–µâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 297,446.98 ∫“∑ 62

NOTE 10 - LEASE ASSETS Lease assets as at December 31, 1999 and 1998, consisted of: (Amounts:Baht) Change in Cost Beginning Consolidated Land Building and structure Pipe rack Lease Assets, net The Company Land Building and structure Lease Assets, net

25,204,961.96 13,179,293.93 110,065,526.48 102,203,644.55 305,269.27 115,382,938.48 135,575,757.71 -

Change in Accumulated Depreciation

Addition Sale/Written off

25,204,961.96 82,267,182.52 107,472,144.48

Ending

25,204,961.96 123,244,820.41 102,508,913.82 250,958,696.19

25,204,961.96 82,267,182.52 107,472,144.48

Beginning

Depreciation Sale/Written off

443,574.28 4,301,244.69 6,966,396.43 6,821,241.18 7,409,970.71 11,122,485.87 -

3,110,375.67 3,110,375.67

Net Book Value Ending

Beginning

Ending

25,204,961.96 4,744,818.97 12,735,719.65 118,500,001.44 13,787,637.61 95,237,248.12 88,721,276.21 18,532,456.58 107,972,967.77 232,426,239.61 3,110,375.67 3,110,375.67

25,204,961.96 79,156,806.85 104,361,768.81

Consolidated Depreciation of building and pipe rack for the year ended December 31, 1999 is included in cost of service in the amount of Baht 11,122,485.87. The Company Depreciation of building for the year ended December 31, 1999 is included in cost of service in the amount of Baht 3,110,375.67.

NOTE 11 - PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment as at December 31, 1999 and 1998, consisted of: (Amounts:Baht) Change in Cost Beginning

Change in Accumulated Depreciation

Addition Sale/Written off

Ending

Beginning

Depreciation Sale/Written off

Net Book Value Ending

Beginning

Ending

Consolidated Land Building and structure Building improvements Office equipment and furniture and fixture Vehicles Construction in progress Raw water pipe Property, Plant and Equipment, net The Company Land Building and structure Building improvements Office equipment and furniture and fixture Vehicles Construction in progress Raw water pipe Property, Plant and Equipment, net

17,277,383.14 199,350,562.71 1,415,947.48

2,232,535.66 -

17,277,383.14 201,583,098.37 12,913,119.52 9,901,778.26 1,415,947.48 1,415,946.48 -

17,277,383.14 17,277,383.14 22,814,897.78 186,437,443.19 178,768,200.59 1,415,946.48 1.00 1.00

43,912,377.68 10,318,346.10 22,806,504.37 3,522,640.15 19,291,750.51 4,880,003.18 3,657,573.47 -

119,392.72 54,111,331.06 26,902,015.16 7,019,253.74 2,986,236.00 23,342,908.52 13,390,314.21 4,570,898.53 24,171,753.69 3,657,573.47 147,639.04 243,838.23

95,422.58 33,825,846.32 2,148,115.93 15,813,096.81 391,477.27

307,712,099.36 20,953,525.09

3,105,628.72 325,559,995.73 54,769,034.41 21,735,768.76

2,243,538.51 74,261,264.66 252,943,064.95 251,298,731.07

2,935,589.20 45,348,560.80 1,415,947.48

28,102,412.17 9,792,793.16 723,663.78 3,657,573.47

7,075,420.66 2,581,519.22 -

91,976,540.06

9,656,939.88

2,935,589.20 45,348,560.80 1,415,947.48

5,316,217.402,191,976.51 1,415,946.48 -

20,285,484.74 7,529,811.71 24,171,753.69 3,266,096.20

7,508,193.91 1,415,946.48

2,935,589.20 40,032,343.40 1.00

2,935,589.20 37,840,366.89 1.00

90,102.72 35,087,730.11 18,684,101.33 4,357,086.64 2,922,236.00 9,452,076.38 7,456,397.91 1,807,719.79 723,663.78 3,657,573.47 147,639.04 243,838.23

76,075.51 22,965,112.46 2,106,524.70 7,157,593.00 391,477.27

9,418,310.84 2,336,395.25 723,663.78 3,509,934.43

12,122,617.65 2,294,483.38 723,663.78 3,266,096.20

3,012,338.72 98,621,141.22 33,020,302.16

2,182,600.21 39,438,323.12

58,956,237.90

59,182,818.10

8,600,621.17

17,010,362.52 9,416,190.16 19,291,750.51 3,509,934.43

Consolidated Depreciation of building and equipment for the year ended December 31, 1999 are included in selling and administrative expenses and cost of service in the amount of Baht 21,404,930.22 and Baht 330,838.54, respectively. The Company Depreciation of building and equipment for the year ended December 31, 1999 are included in selling and administrative expenses and cost of service in the amount of Baht 8,303,174.19 and Baht 297,446.98, respectively. 63

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«¬ 2542 5,104,223.14 11,290,857.12 130,619,684.66 147,014,764.92

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

(Àπà«¬ : ∫“∑) 2541 33,177,411.14 15,526,151.12 82,460,004.21 131,163,566.47

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

À¡“¬‡Àµÿ 13 - ‡ß‘π∑ÿπ®¡ ‡ß‘π∑ÿπ®¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ 2542 61,503,567.11 24,892,107.24 134,392,101.38 220,787,775.73

(Àπà«¬ : ∫“∑) 2541 53,799,567.11 20,377,618.60 119,455,296.79 193,632,482.50

∫√‘…—∑ ‡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 26 ∫√‘…—∑ 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‡ª‘¥∫—≠™’‡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“§«“¡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«π15,921,431.39 ∫“∑ ¡’°”Àπ¥µ—¥∫—≠™’ ¿“¬„π 10 ª’ π—∫·µà‡¥◊Õπ°—π¬“¬π 2534

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«“§¡ 2542 ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ ‡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∑’

172,000,000.00 167,563,071.15 339,563,071.15

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) µ—Î« —≠≠“„™â‡ß‘π ∂“∫—π°“√‡ß‘π 2 ·Ààß ´÷Ëßª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ®”π«π‡ß‘π 172 ≈â“π∫“∑ §√∫ °”Àπ¥™”√–§◊π„π√–À«à“ßª’ 2541 ·µà∫√‘…—∑¡‘‰¥â™”√–§◊πµ“¡°”Àπ¥ ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑ª√—∫‚§√ß √â“ßÀπ’È‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®”π«π‡ß‘π 130.82 ≈â“π∫“∑ °—∫ ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß ´÷ËßµàÕ¡“ ‰¥âª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ∫√‘…—∑º‘¥π—¥™”√–¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«„π√–À«à“ßª’ 2542 ¡’º≈„Àâ¡Ÿ≈Àπ’È ∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡‡ß◊ËÕπ‰¢„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È 64

NOTE 12 - ADVANCE TO PROVINCIAL ELECTRICITY AUTHORITY Advance to Provincial Electricity Authority as at December 31, consisted of: (Amounts:Baht) 1999 Hemaraj Land and Development Public Company Limited

5,104,223.14

Eastern Industrial Estate Company Limited Eastern Seaboard Industrial Estate (Rayong) Company Limited Total

1998 33,177,411.14

11,290,857.12

15,526,151.12

130,619,684.66

82,460,004.21

147,014,764.92

131,163,566.47

The Company and the two subsidiaries have advanced to the Provincial Electricity Authority for transmission line 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 line to transmit electricity to the industrial estates. The installments are being made at the maximum rate of 30% of electricity fees that the Provincial Electricity Authority charges to entrepreneurs in the industrial estates.

NOTE 13 - SINKING FUND Sinking fund as at December 31, consisted of: (Amounts:Baht) 1999 Hemaraj Land and Development Public Company Limited

61,503,567.11

Eastern Industrial Estate Company Limited Eastern Seaboard Industrial Estate (Rayong) Company Limited Total

1998 53,799,567.11

24,892,107.24

20,377,618.60

134,392,101.38

119,455,296.79

220,787,775.73

193,632,482.50

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 26 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 (Rayong) Industrial Estate. 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 entrepreneurs within Eastern Seaboard (Rayong) Industrial Estate.

NOTE 14 - 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.

NOTE 15 - LIABILITIES ON IMMEDIATE DEMAND Liabilities on immediate demand as at December 31, 1999, consisted of: (Amounts:Baht) Consolidated Loans from financial institutions on immediate demand

172,000,000.00

The Company 172,000,000.00

Long-term liabilities on immediate demand

167,563,071.15

130,822,739.72

Total Liabilities on Immediate Demand

339,563,071.15

302,822,739.72

Hemaraj Land and Development Public Company Limited The Company failed to meet repayments in respect of promissory notes issued to two financial institutions, which had been closed down in accordance with a notice of the Ministry of Finance, in the amount of Baht 172 million, which were due in 1998. The Company is currently in the process of negotiating for financial restructuring. On March 31, 1999, the Company restructured long-term loan in the amount of Baht 130.82 million with a financial institution, which has subsequently been closed down in accordance with a notice of the Ministry of Finance. During 1999, the Company failed to meet payments of loan interest payable due. According to the loan restructuring agreement, the whole amount of loan has been classified as being immediately payable. 65

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®”π«π‡ß‘π 36.74 ≈â“π∫“∑ ´÷Ëß°Ÿâ®“° ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß∑’Ëª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß °“√§≈—ß §√∫°”Àπ¥™”√–§◊π®”π«π‡ß‘π 9.30 ≈â“π∫“∑ ·µà∫√‘…—∑‰¡à “¡“√∂™”√–§◊πµ“¡°”Àπ¥ ¡’º≈„Àâ¡Ÿ≈Àπ’È∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡∑’Ë √–∫ÿ„π —≠≠“°Ÿâ¬◊¡‡ß‘π ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π

À¡“¬‡Àµÿ 16 - √“¬‰¥â√—∫≈à«ßÀπâ“ √“¬‰¥â√—∫≈à«ßÀπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ ß∫°“√‡ß‘π√«¡ 2542 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“

6,870,236,507.93 (6,863,904,226.93) (179,420,294.46) (173,088,013.46)

7,766,977,912.83 17,857,500.00 (7,755,977,910.83) (17,857,500.00) (260,691,380.85) (1,117,645.06) (249,691,378.85) (1,117,645.06)

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 ∑’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‘π ª√–¡“≥ 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 ‡ °‘ ¥ ®“°°“√°Ÿ â ¬ ◊ ¡ ¥—ß°≈à“«‡ªÁπ 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‡ªÁπÀÿâπ “¡—≠¢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 ∫√‘…—∑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 °“√´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ§◊π „π√–À«à“ßªï 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» ‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–µ“¡‡ß◊ËÕπ‰¢„πÀπ—ß ◊Õ™’È™«πÀÿâπ°Ÿâ·ª≈ß ¿“æ®–∂Ÿ°¬°‡≈‘°‚¥¬π“¬∑–‡∫’¬πÀÿâπ°Ÿâ·ª≈ß ¿“æ ´÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 Àÿâπ°Ÿâ ·ª≈ß ¿“æ∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬¡’®”π«π‡ß‘πª√–¡“≥ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬∫√‘…—∑· ¥ß‰«â „π∫—≠™’‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π®”π«π‡ß‘π ª√–¡“≥ 1,162.92 ≈â“π∫“∑ Àÿâπ°Ÿâ·ª≈ß ¿“æ§ß‡À≈◊Õ·≈–π‚¬∫“¬ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ Àÿâπ°Ÿâ·ª≈ß ¿“æ§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ¡’®”π«π‡ß‘π 24.02 ≈â“π¥Õ≈≈“√å À√—∞ (605.25 ≈â“π∫“∑) ‚¥¬∫√‘…∑— ¡’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 ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ ·ª≈ß ¿“æ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ¡’®”π«π‡ß‘πª√–¡“≥ 476.14 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 452.63 ≈â“π∫“∑ µ“¡≈”¥—∫ °“√º‘¥π—¥‰∂à∂Õπ·≈–°“√º‘¥π—¥®à“¬™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ ∫√‘…—∑º‘¥π—¥‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂Õπ«—π∑’Ë 9 °—π¬“¬π 2541 πÕ°®“°π’È∫√‘…—∑º‘¥π—¥®à“¬™”√– ¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§√∫°”Àπ¥™”√–„π«—π∑’Ë 9 °—π¬“¬π 2542 ·≈– 2541®”π«π‡ß‘π√«¡ 1.98 ≈â“π¥Õ≈≈“√å À√—∞ (74.58 ≈â“π∫“∑) ´÷Ëß®π∂÷ß «—π∑’Ë 31 ∏—π«“§¡ 2542 ¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ§â“ß®à“¬¡’®”π«π∑—Èß ‘Èπ 2.29 ≈â“π¥Õ≈≈“√å À√—∞ (86.23 ≈â“π∫“∑) ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡®√®“ °—∫ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È ´÷Ëß¬—ß‰¡à∑√“∫º≈°“√‡®√®“

Eastern Pipeline Services Company Limited The company failed to meet repayments in respect of installments of long-term loan from a financial institution, which had been closed down in accordance with a notice of the Ministry of Finance, with principal in the amount of Baht 36.74 million, the amount of Baht 9.30 million of which was due. According to the loan agreement, the whole amount of loan has been classified as being immediately payable. The company is currently in the process of negotiating for financial restructuring.

NOTE 16 - INCOME RECEIVED IN ADVANCE Income received in advance as at December 31, consisted of: (Amounts:Baht) Consolidated 1999

The Company 1998

1999

1998

• Land sale contracts receivable Land sale contracts Less Installments received

6,870,236,507.93

7,766,977,912.83

17,857,500.00

(6,863,904,226.93)

(7,755,977,910.83)

(17,857,500.00)

Less Deferred income

(179,420,294.46)

(260,691,380.85)

(1,117,645.06)

Income received in advance

(173,088,013.46)

(249,691,378.85)

(1,117,645.06)

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. 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. Repurchase of Convertible Bonds During 1998 and 1997, an overseas subsidiary repurchased part of the Company’s convertible bonds. According to the Bond prospectus, the repurchased convertible bonds should be cancelled forthwith. As at December 31, 1999 and 1998, repurchased convertible bonds were in the approximate amounts of US$ 30.34 million, which were shown in loan from related parties in the approximate amounts of Baht 1,162.92 million. Remaining Convertible Bonds and Provision for Redemption of Convertible Bonds As at December 31, 1999 and 1998, the remaining convertible bonds were in the amount of US$ 24.02 million (Baht 605.25 million). The Company has based the provision for redemption of the remaining convertible bonds. As at December 31, 1999 and 1998, the Company had reserved provision for redemption of convertible bonds in the approximate amounts of Baht 476.14 million and Baht 452.63 million, respectively, and included these amounts within convertible bonds. Default in Convertible Bonds Redemption and Payment of Interest The Company failed to redeem the convertible bonds which the bondholders sought redemption in accordance with their rights on September 9, 1998, and failed to meet payments of interest on convertible bonds which were due on September 9, 1999 and 1998 in the total amount of US$ 1.98 million (Baht 74.58 million). As at December 31, 1999, accrued interest on convertible bonds totalled US$ 2.29 million (Baht 86.23 million). At present, the Company’s management is in the process of negotiation to restructure debts for which the results have not yet been determined.

À¡“¬‡Àµÿ 18 - Àπ’È ‘π√–¬–¬“« Àπ’È ‘π√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡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 ª’ 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% µàÕª’ µàÕ¡“«—π∑’Ë 30 °—π¬“¬π 2541 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È‡ªÁπ«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 µàÕª’ ¢. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë 30 °—π¬“¬π 2541 ‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªÁπ‡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 µàÕªï §. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 150 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ª’ π—∫·µàª’ 2539 ºàÕπ™”√–§◊π 3 ‡¥◊ÕπµàÕß«¥√«¡ 12 ß«¥ „π®”π«π‡ß‘π∑’Ë‡∑à“°—π Õ—µ√“¥Õ°‡∫’È¬ MLR+1% µàÕª’ µàÕ¡“«—π∑’Ë 14 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â‡®√®“ ª√—∫‚§√ß √â“ßÀπ’È‡ªÁπ«ß‡ß‘π ‘π‡™◊ËÕ 75 ≈â“π∫“∑ ‚¥¬ ¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 5 ª’ §√∫°”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 µàÕªï ß. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë 14 ∏—π«“§¡ 2541 ‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªÁπ‡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 µàÕª’ ®. ‡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% µàÕª’ ‡¡◊ËÕ«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2541 ∫√‘…—∑‰¥â ‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π∂÷ß«—π∑’Ë 20 ∏—π«“§¡ 2541 ·≈–Õ—µ√“¥Õ°‡∫’È¬‡ªÁπ MLR µàÕª’ µàÕ¡“ «—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬ ‚Õπµâπ‡ß‘πµ“¡¿“√–°“√Õ“«—≈µ—Î« —≠≠“„™â‡ß‘π®”π«π‡ß‘π 20.82 ≈â“π∫“∑ ‡ªÁπ‡ß‘π°Ÿâ¬◊¡ √«¡‡ªÁπ‡ß‘π°Ÿâ¬◊¡∑—Èß ‘Èπ ®”π«π‡ß‘π 130.82 ≈â“π∫“∑ ‡ß‘πµâπ°”Àπ¥™”√–§◊π¿“¬„π«—π∑’Ë 28 ∏—π«“§¡ 2544 ‚¥¬ºàÕπ™”√–‡ªÁπ√“¬‡¥◊Õπ®”π«π 12 ß«¥Ê ≈–‰¡àµË”°«à“ 11 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 31 ¡°√“§¡ 2544 ¥Õ°‡∫’È¬®à“¬ ™”√–∑ÿ°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’È¬ MLR+1%-MLR+1.5% µàÕª’ √«¡

ß∫°“√‡ß‘π√«¡ 2542 2541

99,405,283.23

183,248,700.00

99,405,283.23

183,248,700.00

297,000,000.00

75,000000.00

75,000,000.00

100,000,000.00

130,822,739.72 702,228,022.95

110,000,000.00 765,248,700.00

130,822,739.72 702,228,022.95

110,000,000.00 765,248,700.00

NOTE 18 - LONG-TERM LIABILITIES Long-term liabilities as at December 31, consisted of: (Amounts:Baht) Consolidated 1999

The Company 1998

1999

1998

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 per annum,payable monthly.

99,405,283.23

183,248,700.00

99,405,283.23

183,248,700.00

2003. The interest rate is MLR per annum, payable monthly. 297,000,000.00

297,000,000.00

75,000000.00

75,000,000.00

100,000,000.00

130,822,739.72

110,000,000.00

130,822,739.72

110,000,000.00

702,228,022.95

765,248,700.00

702,228,022.95

765,248,700.00

• 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, • 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 restructuring on December 14, 1998, the credit line is changed to Baht 75 million and extended to be repaid quarterly within 5 years due within December, 2003, Baht 10 million per quarter, the first installment due on December 14, 2001. The interest rate is MLR per annum, payable monthly. • 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 per annum, payable monthly. • 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. Subsequently, according to the results of debt restructuring on March 31, 1999, the principal is changed to Baht 130.82 million, of which Baht 20.82 million changed from liability arising from guarantee of promissory note which has not been repaid. The principal is to be repaid monthly from January 31, 2001 to December 28, 2001, in 12 installments,minimum Baht 11 million each. The interest rate is MLR+1% to MLR+1.5% per annum, payable monthly. Total

ß∫°“√‡ß‘π√«¡ 2542 2541 ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å „πª√–‡∑»·ÀàßÀπ÷Ëß ª√–°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‡ªÁπ‡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 µàÕª’ √«¡ ∫√‘…—∑ 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‡¥◊Õπ ¡’π“§¡ 2543 ´÷ËßµàÕ¡“∫√‘…—∑‰¥â¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π ‡ªÁπ¿“¬„π‡¥◊Õπ¡’π“§¡ 2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕª’ ¢. ‡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‡¥◊Õπ °√°Æ“§¡ 2543 ´÷ËßµàÕ¡“∫√‘…—∑‰¥â¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π ‡ªÁπ¿“¬„π‡¥◊Õπ°√°Æ“§¡ 2544 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR µàÕªï √«¡

93,000,000.00 93,000,000.00

430,569,142.35

469,478,257.25

151,874,643.50 582,443,785.85

201,250,000.00 670,728,257.25

∫√‘…—∑ 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™”√–‡ªÁπ√“¬‡¥◊Õπ ®”π«π 72 ß«¥ ‡√‘Ë¡ß«¥·√° 30 ‡¡…“¬π 2541 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR+1% µàÕªï 36,740,331.43 36,740,331.43 √«¡ 36,740,331.43 36,740,331.43 √«¡Àπ’È ‘π√–¬–¬“« 1,414,412,140.23 1,565,717,288.68 702,228,022.95 765,248,700.00 À—° à«π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ (167,563,071.15) (146,740,331.43)(130,822,739.72) (110,000,000.00) À—° à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√– ¿“¬„πÀπ÷Ëßª’· ¥ß‰«â¿“¬„µâÀπ’È ‘πÀ¡ÿπ‡«’¬π(122,042,879.34) (51,622,594.00) (63,660,000.00) √«¡Àπ’È ‘π√–¬–¬“« ÿ∑∏‘ 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00 Àπ’È ‘π¥—ß°≈à“«¢â“ßµâπ¡’À≈—°ª√–°—πµà“ßÊ °—π Àπ’È ‘π √–¬–¬“«¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ «—π ∑’Ë 31 ∏—π «“§¡ 2542 ∑’Ëº ‘¥π—¥°“√®à“¬™”√–·≈–Õ¬Ÿà√ –À«à“ß¥”‡π‘π °“√‡®√®“ª√—∫‚§√ß √â“ß ∑“ß°“√‡ß‘π · ¥ß‡ªÁπ‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ µ“¡∑’Ë°≈à“«‰«â „πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 15 70

(Amounts:Baht) Consolidated 1999

The Company 1998

1999

1998

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 per annum, payable monthly. Total

93,000,000.00

430,569,142.35

469,478,257.25

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 the outstanding amount repayable within March, 2000, subsequently extended to March, 2001, with the interest of MLR per annum, payable monthly. • Loan in the amount of Baht 230 million, repayable as titles are transferred at 50% of land contract price and the outstanding amount repayable within July, 2000, subsequently extended to July, 2001, with the interest of MLR per annum, payable monthly. Total

151,874,643.50

201,250,000.00

582,443,785.85

670,728,257.25

36,740,331.43

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, payable monthly. Total Total Long-Term Liabilities

36,740,331.43

1,414,412,140.23

1,565,717,288.68

702,228,022.95

765,248,700.00

(167,563,071.15)

(146,740,331.43)

(130,822,739.72)

(110,000,000.00)

(122,042,879.34)

(51,622,594.00)

(63,660,000.00)

1,367,354,363.25

507,745,283.23

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

1,124,806,189.74

655,248,700.00

The above liabilities are collateralised. As at December 31, 1999, long-term liabilities of the Company and a subsidiary, in default of payment and under the process of negotiation for financial restructuring, are presented as liabilities on immediate demand as described in Note 15 to the financial statements. 71

À¡“¬‡Àµÿ 19 - 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 2 «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°‡ªÁπ«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% µàÕª’ µ“¡≈”¥—∫ °”Àπ¥™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ‡√‘Ë¡ß«¥·√°«—π ∑’Ë 31 ∏—π «“§¡ 2541 ‡ß‘π µâπ °”Àπ¥‰∂à∂Õπ¿“¬„πª’ 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√— ∞ ·≈–µà Õ ¡“ ∫√‘…—∑‰¥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‡ªÁπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…—∑ π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ∫√‘…—∑¡’π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬§”π«≥µ“¡Õ“¬ÿÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°— π ·≈–· ¥ß√«¡‰«â „πÀÿ â π °Ÿ â ™ π‘ ¥ ¡’À≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’®”π«π‡ß‘π 0.66 ≈â“π¥Õ≈≈“√å À√—∞ (24.92 ≈â“π∫“∑) ·≈–®”π«π‡ß‘π 0.15 ≈â“π¥Õ≈≈“√å À√—∞ (5.46 ≈â“π∫“∑) µ“¡≈”¥—∫ À≈—°ª√–°—π °. ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß √à«¡§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬¡’¢âÕºŸ°æ—π∑’ËµâÕß ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß√«¡∑—Èß∑’Ë¥‘π∫“ß à«π¢Õß∫√‘…—∑¥—ß°≈à“«„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‡ß◊ËÕπ‰¢Õ◊Ëπ¢Õß°“√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∂ÕπÀÿâ π °Ÿâ™π‘¥¡’À≈—°ª√–°—π ∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥â°àÕπ§√∫°”Àπ¥ ·≈–¡’¿“√–µâÕß‰∂à∂ÕπÀÿâπ °Ÿâ ™π‘¥¡’À≈— °ª√–°—π ∫“ß à «π ‡¡◊ËÕ¡’°“√¢“¬∑’Ë¥‘π∑’Ë „™â‡ªÁπÀ≈—°ª√–°—π √“§“‰∂à∂Õπ®–§”π«≥‚¥¬√«¡º≈µÕ∫·∑π„πÕ—µ√“ Yield 7% - 9% µàÕª’ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ™π‘¥¡’ À≈—°ª√–°—π®π∂÷ß«—π∑’Ë ‰∂à∂Õπ

À¡“¬‡Àµÿ 20 - ”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑¡’¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬‡°’Ë¬«°—∫¿“√–§È”ª√–°—π´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈ ‚¥¬∂Ÿ°‡√’¬°√âÕß„Àâ√—∫º‘¥™Õ∫®”π«π 128 ≈â“π∫“∑ ´÷Ëß∫√‘…— ∑∫—π∑÷° ”√Õß§à“‡ ’¬À“¬ Ÿß ÿ¥∑’ËÕ“®‡°‘¥¢÷Èπ¥—ß°≈à“«·≈â«∑—Èß®”π«π

À¡“¬‡Àµÿ 21 - ∑ÿπ‡√◊ÕπÀÿâπ ¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2542 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2542 ¡’¡µ‘‡ªÁπ‡Õ°©—π∑åÕπÿ¡—µ‘„Àâ¥”‡π‘π°“√ ‡°’Ë¬«°—∫∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑·≈–Õπÿ¡—µ‘°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ √ÿª‚¥¬¬àÕ‰¥â¥—ßπ’È °. ≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑®“°‡¥‘¡ 1,000 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ 100 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‡ªÁπ∑ÿπ®¥∑–‡∫’¬π 810 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ 81 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‚¥¬°“√µ—¥Àÿâπ “¡—≠∑’Ë¬—ß¡‘‰¥âπ”ÕÕ° ®”Àπà“¬®”π«π 19 ≈â“πÀÿâπ ¡Ÿ≈§à“ 190 ≈â“π∫“∑ ·≈–„Àâ·°â ‰¢Àπ—ß ◊Õ ∫√‘§≥Àå π∏‘¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 11 æƒ…¿“§¡ 2542 ¢. ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑Õ’°®”π«π 1,960 ≈â“π∫“∑ ®“°∑ÿπ®¥∑–‡∫’¬π 810 ≈â“π∫“∑ ‡ªÁπ∑ÿπ®¥∑–‡∫’¬π 2,770 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ 277 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠®”π«π 196 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ·≈–„Àâ·°â ‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘¢âÕ 4 ¢Õß∫√‘…—∑‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 12 æƒ…¿“§¡ 2542 §. ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”π«π 141,531,150 Àπà«¬ ‡ πÕ¢“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡„πÕ—µ√“ à«π„∫ ”§— ≠ · ¥ß ‘ ∑ ∏‘ ∑ ’ Ë ® –´◊ È Õ À ÿ â π 2 Àπà«¬ µàÕ 1 Àÿâπ‡¥‘¡ √“§“Àπà«¬≈– 0.10 ∫“∑ ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘¿“¬„π 5 ª’ π—∫®“°«—πÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ Õ—µ√“°“√„™â ‘∑∏‘ „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ 1 Àπà«¬ µàÕÀÿâπ “¡—≠ 1 Àÿâπ „π√“§“Àÿâπ≈– 10 ∫“∑ „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ à«π∑’Ë‡À≈◊Õ®“°°“√®—¥ √√ „Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡„Àâ‡ πÕ¢“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß‰¡à‡°‘π 35 √“¬ ·≈–/À√◊Õ π—°≈ß∑ÿπª√–‡¿∑ ∂“∫—π 17 ª√–‡¿∑ µ“¡ª√–°“»¢Õß ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–„Àâ¥”‡π‘π°“√®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å ®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡ß‘π∑’Ë ‰¥â√—∫°“√¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®–π”¡“„™â‡ªÁπ∑ÿπÀ¡ÿπ‡«’¬π¢Õß∫√‘…—∑

NOTE 19 - 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 to a foreign commercial bank which had acquired part of the convertible bonds issued by Hemaraj Land and Development Public Company Limited. 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 issued the first tranche of Guaranteed Bonds in the amount of US$ 11.5 million in the acquisition of 7,700 convertible bonds (US$ 7.7 million) issued by Hemaraj Land and Development Public Company Limited, which were held by the referred bank, at a price of US$ 8.47 million. Subsequently, the company issued the second tranche of Guaranteed Bonds in the amount of US$ 7.7 million for its working capital. Reserve for Redemption of Guaranteed Bonds Reserve for redemption of Guaranteed Bonds is calculated over the period of the Guaranteed Bonds and included in Guaranteed Bonds. As at December 31, 1999 and 1998, reserve for redemption of Guaranteed Bonds were in the amount of US$ 0.66 million (Baht 24.92 million) and US$ 0.15 million (Baht 5.46 million), respectively. Collateral • Hemaraj Land and Development Public Company Limited has co-operated with two affiliated companies to guarantee the issue of Guaranteed Bonds. These companies have obligations to comply with terms and conditions of the issue of the Guaranteed Bonds. • Investments in ordinary shares and certain land of an affiliated company were used as collateral for the issue of Guaranteed Bonds. Other Conditions of Guaranteed Bonds • The Guaranteed Bonds are not and are not capable of being quoted, listed or ordinarily dealt in any stock exchange, over-the-counter 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 may be redeemed early in whole or in part and the Company is mandated to redeem part of the bonds when the mortgaged land is sold. The redemption price is being calculated to give a yield of 7% - 9% per annum from the issuing date to repayment date.

NOTE 20 - RESERVE FOR UNCERTAIN LOSS FROM LAWSUIT Hemaraj Land and Development Public Company Limited A lawsuit relating to the obligation under guarantee has been filed against the Company requiring it to indemnify the amount of Baht 128 million. The lawsuit has been in the jurisdiction process. The Company has reserved the maximum loss that may arise from this case in the financial statements.

NOTE 21 - SHARE CAPITAL Resolutions of the 1999 Annual General Meeting of Shareholders The Annual General Meeting of Shareholders of Hemaraj Land and Development Public Company Limited held on April 30, 1999 unanimously approved the Company to amend its authorised share capital and to issue warrants, summarised as follows: • Decrease authorised share capital from Baht 1,000 million, consisting of 100 million ordinary shares of Baht 10 par value, to authorised share capital of Baht 810 million, consisting of 81 million ordinary shares of Baht 10 par value, by way of revoking the 19 million unissued ordinary shares, amounting to Baht 190 million, and to adapt the Company’s Memorandum of Association No. 4 to conform with this resolution for which the Company registered the decrease of its authorised share capital with the Ministry of Commerce on May 11, 1999. • Increase authorised share capital by an amount of Baht 1,960 million, from the balance of Baht 810 million, to Baht 2,770 million divided into 277 million ordinary shares of Baht 10 par value, by issuing 196 million ordinary shares of Baht 10 par value, and to adapt the Company’s Memorandum of Association No. 4 to conform with this resolution for which the Company registered the increase of its authorised share capital with the Ministry of Commerce on May 12, 1999. • Issue 141,531,150 warrants to be offered to the existing shareholders in the ratio of 2 warrants to 1 old share, at the price of Baht 0.10 per warrant. Warrant holders can then subscribe for new shares in the ratio of 1 new share for each warrant, at a price of Baht 10 per share, with an exercise period of 5 years. The remaining warrants after offering to the existing shareholders will be offered to a maximum of 35 specific investors and/or 17 firm investors classified by a Notice of the Office of Securities and Exchange Commission. The warrants will be registered as listed securities in the Stock Exchange of Thailand. Funds from the subscription of warrants will be utilised as the Company’s working capital.

ß. ®—¥ √√Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ¥—ßπ’È ß.1 ®”π«π 141,531,150 Àÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ß.2 ®”π«π 50,468,850 Àÿâπ ‡æ◊ËÕ‡ πÕ¢“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß‰¡à‡°‘π 35 √“¬ ·≈–/À√◊Õ π—°≈ß∑ÿπ 17 ª√–‡¿∑ µ“¡ª√–°“»¢Õß ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ß.3 ®”π«π 4 ≈â“πÀÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ‘Ë¡‡µ‘¡®“°∑’Ë ‰¥â®—¥ √√‰«â·≈â« µ“¡¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 3/2536 √«¡‡ªÁπÀÿâπ “¡—≠∑’Ë®—¥ √√‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∑—Èß ‘Èπ®”π«π 14,234,425 Àÿâπ °“√ÕÕ°®”Àπà“¬·≈–°“√®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π ∫√‘…—∑ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”Àπà“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡®”π«π 79,965,902 Àπà«¬ ·≈–®”Àπà“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß ®”π«π 61,565,248 Àπà«¬ „π√“§“Àπà«¬≈– 0.1 ∫“∑ ‰¥â√—∫‡ß‘π®“°°“√®”Àπà“¬∑—Èß ‘Èπ ®”π«π‡ß‘πª√–¡“≥ 14.15 ≈â“π∫“∑ ·≈–‰¥â¥”‡π‘π°“√ ®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬πµàÕµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ (µ≈“¥À≈—°∑√—æ¬åœ) ·≈–µ≈“¥À≈—°∑√—æ¬åœ ‰¥âÕπÿ¡—µ‘„Àâ‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π«—π∑’Ë 15 ∏—π«“§¡ 2542 ‡ªÁπµâπ‰ª º≈°√–∑∫®“°°“√„™â ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ·≈–ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ °√≥’∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘·ª≈ß ¿“æ∑—Èß®”π«π·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¡’°“√„™â ‘∑∏‘‡µÁ¡®”π«π ®”π«πÀÿâπ “¡—≠∑—Èß ‘Èπ ∑’Ëæ÷ßÕÕ°®“°°“√„™â ‘∑∏‘¥—ß°≈à“«®–‡∑à“°—∫√âÕ¬≈– 67.17 ¢Õß∑ÿπ‡√◊ÕπÀÿâπÀ≈—ß°“√„™â ‘∑∏‘¥—ß°≈à“«

À¡“¬‡Àµÿ 22 - §à“µÕ∫·∑π §à“µÕ∫·∑π°√√¡°“√ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ 2542 3,292,219.79 1,020,000.00 22,388,551.88 26,700,771.67

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

(Àπà«¬ : ∫“∑) 2541 1,767,011.69 3,825,000.00 20,596,930.86 26,188,942.55

§à“„™â®à“¬æπ—°ß“π´÷Ëß· ¥ß√«¡‡ªÁπ§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√·≈–µâπ∑ÿπ∫√‘°“√„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ª’ ‘Èπ ÿ¥«— π ∑’ Ë 31 ∏— π «“§¡ 2542 ¡’¥—ßπ’È (Àπà«¬ : ≈â“π∫“∑) 48.29 14.35

À¡“¬‡Àµÿ 23 - √“¬°“√æ‘‡»… ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈– H-International (BVI) Company Limited (ç∫√‘…—∑¬àÕ¬„π µà“ßª√–‡∑»é) „π√–À«à“ßª’ 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 „πª’ 2540 ‡ªÁπ®”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‡ªÁπ®”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‡ªÁπ√“¬°“√æ‘‡»… °”‰√®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–¢“¥∑ÿπ®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ „π ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 175.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 44.92 ≈â“π∫“∑ µ“¡≈”¥—∫

• Allocation of the increase ordinary shares is as follows: -

141,531,150 shares are to be reserved for warrant holders.

50,468,850 shares are to be offered to a maximum of 35 specific investors and/ or 17 firm investors classified by a notice of the Office of

4 million shares are to be reserved for additional conversion of convertible bonds. Accordingly, ordinary shares reserved for conversion of

Securities and Exchange Commission. convertible bonds are increased from the amount approved by the Annual General Meeting of Shareholders No. 3/1993 to 14,234,425 shares. Issue of Warrants and Registering as Listed Securities The Company issued 79,965,902 warrants offerred to the existing shareholders and 61,565,248 warrants offerred to specific investors, at the unit price of Baht 0.10. Total cash received from offer of warrants was in the approximate amounts of Baht 14.15 million. The warrants were approved by the Stock Exchange of Thailand to be listed securities from December 15, 1999 onwards. Effect from Exercise of Bondholders and Warrant Holders In case that all the convertible bonds are converted and all warrants are excercised, the shares issuable will be 67.17% of the Company’s issued share capital.

NOTE 22 - REMUNERATION Directors’ remuneration for the years ended December 31, consisted of: (Amounts:Baht) 1999 Hemaraj Land and Development Public Company Limited

1998

3,292,219.79

Eastern Seaboard Industrial Estate (Rayong) Company Limited H-International (BVI) Company Limited Total

1,767,011.69

1,020,000.00

3,825,000.00

22,388,551.88

20,596,930.86

26,700,771.67

26,188,942.55

Staff costs included in selling and administrative expenses and cost of service in the statements of income forthe year ended December 31, 1999 are as follows: (Amounts:Million Baht) Consolidated

48.29

The Company

14.35

NOTE 23 - 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.

À¡“¬‡Àµÿ 24 - °“√§”π«≥¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥ ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ª’ (∫“∑) ¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π ¢“¥∑ÿπ ÿ∑∏‘∑’Ë‡ªÁπ¢ÕßÀÿâπ “¡—≠ (1,010,682,602.50) º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ °. Àÿâπ°Ÿâ·ª≈ß ¿“æ °.1 ∫«°°≈—∫§à“„™â®à“¬∑’Ëª√–À¬—¥‰¥â®“°°“√·ª≈ß ¿“æÀÿâπ°Ÿâ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â 30%) 43,303,742.08 °.2 ®”π«πÀÿâπ “¡—≠∑’Ë‡æ‘Ë¡¢÷Èπ®“°°“√·ª≈ß ¿“æÀÿâπ°Ÿâ ¢. „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ¢.1 ®”π«πÀÿâπ “¡—≠∑’Ë ¡¡µ‘«à“ÕÕ°‚¥¬‰¡à‰¥â√—∫ ‘Ëß µÕ∫·∑π‡π◊ËÕß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡∂—«‡©≈’Ë¬¢Õß Àÿâπ “¡—≠ Ÿß°«à“√“§“∑’Ë°”Àπ¥„π°“√„™â ‘∑∏‘ ¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥ ¢“¥∑ÿπ ÿ∑∏‘∑’Ë‡ªÁπ¢ÕßÀÿâπ “¡—≠‚¥¬ ¡¡µ‘«à“¡’°“√ „™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠·≈–¡’ °“√„™â ‘∑∏‘·ª≈ß ¿“æÀÿâπ°Ÿâ·ª≈ß ¿“æ‡ªÁπÀÿâπ “¡—≠ (967,378,860.42)

®”π«πÀÿâπ (Àÿâπ)

®”π«πµàÕÀÿâπ (∫“∑)

70,765,577

(14.28)

3,242,025

16,834,058

90,841,660

(10.65)

∫√‘…—∑¡‘‰¥â· ¥ß¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ‡π◊ËÕß®“°º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥ ∑”„Àâ¢“¥∑ÿπµàÕÀÿâπ≈¥≈ß®“°¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π

À¡“¬‡Àµÿ 25 - ‘π∑√—æ¬å∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π ‘π∑√—æ¬å∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) °. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 9.9 ≈â“π∫“∑ „™â‡ªÁπÀ≈—°ª√–°—π„π°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π°—∫Õß§å°“√‚∑√»—æ∑å·Ààßª√–‡∑»‰∑¬ °“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ °“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈–∫√‘…—∑Õ◊ËπÊ ·≈–‡ß‘π Ω“°ÕÕ¡∑√—æ ¬å ®”π«π‡ß‘π ª√–¡“≥ 2.93 ≈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‡ªÁπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π®”π«π 10 ≈â“πÀÿâπ „™â‡ªÁπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡ °—∫ ∂“∫—π°“√‡ß‘π §. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ´÷Ëß‡ªÁπ∫√‘…—∑¬àÕ¬®”π«π 9,999,994 Àÿâπ „™â§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥ ¡’À≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» ß. ‡ß‘π ≈ß∑ÿπ „πÀÿâπ “¡—≠ ¢Õß∫√‘…—∑ »√’√ “™“Œ“‡∫Õ√å ®”°—¥ (¡À“™π) ´÷Ëß‡ªÁπ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ®”π«π 15 ≈â“πÀÿâπ ®”π”‡ªÁπ À≈—°ª√–°—π °“√°Ÿâ¬◊¡‡ß‘π„Àâ°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 2 ·Ààß ®. ∑’Ë¥‘π à«π„À≠à „π‚§√ß°“√¢Õß∫√‘…—∑√«¡∑—Èß à«π§«∫ ®¥®”πÕß‡æ◊ËÕ„™â‡ªÁπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡°—∫ ∂“∫—π°“√‡ß‘π„πª√–‡∑» ‘∑∏‘°“√‡™à“„™â‡ªÁπ À≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π®“°∫ÿ§§≈∏√√¡¥“ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ °. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 19.25 ≈â“π∫“∑ „™â‡ªÁπÀ≈—°ª√–°—π„π°“√¢Õ„Àâ∏π“§“√§È”ª√–°—π°“√¢“¬∑’Ë¥‘π„Àâ°—∫∫√‘…—∑ ·≈–°“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ ¢. ∑’Ë¥‘π√Õ°“√æ—≤π“∑—ÈßÀ¡¥·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå à«π„À≠à „π‚§√ß°“√¢Õß∫√‘…—∑∂Ÿ°®¥®”πÕß‡æ◊ËÕ„™â‡ªÁπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«®“°∏π“§“√æ“≥‘™¬å „πª√–‡∑»·≈–„™â§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑» §. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ´÷Ëß‡ªÁπ∫√‘…—∑¬àÕ¬®”π«π 599,993 Àÿâπ „™â‡ªÁπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π¢Õß ∫√‘…—∑¥—ß°≈à“« ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ °. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 32.60 ≈â“π∫“∑ „™â§È”ª√–°—π°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π·≈–∫√‘°“√ “∏“√≥Ÿª‚¿§ ¢. ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√∫√‘…—∑®¥®”πÕß‡æ◊ËÕ§È”ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π°—∫∏π“§“√æ“≥‘™¬å 2 ·Ààß

NOTE 24 - DILUTED LOSS PER SHARE COMPUTATION Consolidated financial statements and the Company’s financial statements for the year ended December 31, 1999: Net Loss for the Year (Baht)

Loss per Share

(Share)

(Baht)

70,765,577

(14.28)

Basic loss per share Net loss attributable to ordinary shareholders

(1,010,682,602.50)

The effect of dilutive potential ordinary shares Convertible bonds - Adding back the expenses that will be saved on the conversion of convertible bonds (net of income tax 30%)

43,303,742.08

- Increase in ordinary shares from conversion of convertible bonds

3,242,025

Warrants - Number of shares that would have been issued for no consideration as the average fair value of ordinary shares exceeds the exercise price

16,834,058

Diluted loss per share Net loss attributable to ordinary shareholders in case of convertible bonds are converted and all warrants are excercised

(967,378,860.42)

90,841,660

(10.65)

Diluted loss per share is not shown in the statements of income for the year ended December 31, 1999 because the amounts resulting from the effect of dilutive potential ordinary shares is lower than basic loss per share.

NOTE 25 - PLEDGED ASSETS Pledged assets as at December 31, 1999 are as follows: Hemaraj Land and Development Public Company Limited • Time deposits of approximately Baht 9.9 million were pledged to local banks against letters of guarantee issued to the Telephone Organisation of Thailand, the Provincial Electricity Authority, the Industrial Estate Authority of Thailand and other companies, and saving deposits of approximately Baht 2.93 million 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, a related company, were used as collateral for loans from a financial institution. • Investments in 9,999,994 ordinary shares of Eastern Industrial Estate Company Limited, a subsidiary company, were used as collateral for the issue of Guaranteed Bonds of an overseas subsidiary company. • Investments in 15 million ordinary shares of Sriracha Harbor Public Company Limited, which is a related company, were used as collateral for loans issued by financial institutions to two related companies. • The majority of land, existing constructions and future developments on the land were mortgaged as collateral for loans from local financial institutions. Leasehold land was used as collateral for the loan from ordinary person. Eastern Industrial Estate Company Limited • Time deposit of approximately Baht 19.25 million was pledged to local banks against security given for performance under sale contracts and utility construction. • All of the company’s land for development and the majority of its land held for commercial purposes were mortgaged as collateral for loans from a local commercial bank and the issue of Guaranteed Bonds of an overseas affiliated company. • Investments in 599,993 ordinary shares of an affiliated company were used as collateral for a loan issued by a financial institution to that subsidiary company.

H-International (BVI) Company Limited ‡ß‘πΩ“°∏π“§“√®”π«π‡ß‘πª√–¡“≥ 0.25 ≈â“π¥Õ≈≈“√å À√—∞ (9.47 ≈â“π∫“∑) ”√Õß‰«â‡æ◊ËÕ®à“¬™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑

À¡“¬‡Àµÿ 26 - ¢âÕºŸ°æ—πµ“¡ —≠≠“ ¢âÕºŸ°æ—πµ“¡ —≠≠“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 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“∫√‘…—∑‡ªÁπºŸâ¥”‡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 „πª’ 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªÁπÀπ÷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 ´÷Ëß∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2542 ‡ªÁπ®”π«π‡ß‘π ª√–¡“≥ 226.20 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’¬È ®à“¬· ¥ß‡ªÁπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’¬È ®à“¬) ·≈–§à“ª√—∫ · ¥ß‡ªÁπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ ¢. ∫√‘…—∑°—∫∫√‘…—∑·ÀàßÀπ÷Ëß (ºŸâ√à«¡≈ß∑ÿπ) √à«¡≈ß∑ÿπ„π∫√‘…—∑√à«¡ 2 ·Ààß §◊Õ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ·≈–∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ µàÕ¡“ºŸâ√à«¡≈ß∑ÿπ‰¥â§È”ª√–°—π°“√∑” —≠≠“ªâÕß°—π§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»„Àâ·°à∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ·≈– ∫√‘…∑— ‰¥â∑” —≠≠“°—∫ºŸ√â «à ¡≈ß∑ÿπ‚¥¬¡’¢Õâ µ°≈ß«à“À“° ∫√‘…∑— √à«¡∑—ßÈ Õß∫√‘…∑— ‰¡à “¡“√∂®à“¬™”√–§à“„™â®“à ¬∑’ÕË “®‡°‘¥¢÷πÈ ®“°°“√§È”ª√–°—π¥—ß°≈à“«‰¥â ∫√‘…—∑®–¡Õ∫ ‘∑∏‘¢Õß∫√‘…—∑„π°“√´◊ÕÈ Àÿâπ‡æ‘Ë¡∑ÿπ„π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ „Àâ·°àºâ√Ÿ «à ¡≈ß∑ÿπ ´÷ËßÕ“® àßº≈°√–∑∫µàÕ —¥ à«π°“√∂◊ÕÀÿâπ„πÕπ“§µ ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡ ¥”‡π‘πß“π ≈ß«—π∑’Ë 27 ∏—π«“§¡ 2532 ´÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªÁπºŸâ¥”‡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 „πª’ 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªÁπÀπ÷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 ´÷Ëß∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫®π∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2542 ‡ªÁπ®”π«π‡ß‘πª√–¡“≥ 106.78 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’È¬®à“¬· ¥ß‡ªÁπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’È¬®à“¬) ·≈–§à“ª√—∫ · ¥ß‡ªÁπ¥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«à“ß ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑¡’¿“√–µâÕß®à“¬ §à“π“¬Àπâ“®“°°“√¢“¬∑’Ë¥‘π §à“π“¬Àπâ“®“°°“√„Àâ∫√‘°“√ “∏“√≥Ÿª‚¿§·≈–§à“π“¬Àπâ“®“°°“√„Àâ‡™à“Õ“§“√‚√ßß“π „Àâ·°à ∫√‘…—∑ ‡À¡√“™ æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡ªÁπÕ—µ√“√âÕ¬≈–¢Õß¬Õ¥√“¬‰¥â

À¡“¬‡Àµÿ 27 - ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ª√–°Õ∫¥â«¬ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) °. ∫√‘…—∑¡’¿“√–§È”ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß®”π«π‡ß‘π 50 ≈â“π∫“∑ ·≈–∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑¬àÕ¬Õ’° 2 ·Ààß ‡æ◊ËÕ§È” ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.20 ≈â“π¥Õ≈≈“√å À√—∞ ¢. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß ª√–‡∑»‰∑¬ °“√°àÕ √â“ß√–∫∫ “∏“√≥Ÿª‚¿§µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π °“√ªØ‘∫—µ‘µ“¡ —≠≠“´◊ÈÕ¢“¬πÈ”¥‘∫ ·≈–Õ◊ËπÊ √«¡∑—Èß°“√¢Õ„Àâ∏π“§“√ ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…∑— √à«¡·ÀàßÀπ÷Ëß„π°“√ªØ‘∫µ— µ‘ “¡ —≠≠“°àÕ √â“ß‚√ß‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ «ß‡ß‘π√«¡ 391.33 ≈â“π∫“∑

Eastern Seaboard Industrial Estate (Rayong) Company Limited • Time deposit of approximately Baht 32.60 million was pledged to local banks against security given for performance under sale contracts and utility construction. • The majority of the company’s land was mortgaged as collateral for loans from two commercial banks. H-International (BVI) Company Limited - Saving deposit of approximately US$ 0.25 million (Baht 9.47 million) was reserved for payment of Guaranteed Bond interest.

NOTE 26 - COMMITMENTS Commitments as at December 31, 1999 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 (Bor Win) Stage I and Stage II, respectively. 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 regarding the status of the amendment of the joint operation agreement in connection with remuneration due to IEAT. At present, this issue is in the process of consideration by the Office of the Attorney-General and Ministry of Finance. The Company has provided a reserve for the remuneration including interest and penalty until December 31, 1999, in the total amount of Baht 226.20 million, of which 60% of interest expense was shown as sinking fund in the balance sheet and the outstanding amount (40% of interest expense) and penalty were included in the statement of income. • The Company and another company (the Co-Investor) have jointly invested in two associated companies, H-Power Company Limited and Bowin Power Company Limited. Subsequently the Co-Investor has guaranteed the foreign currency exchange hedging agreement of Bowin Power Company Limited and the Company has entered into the security agreement with the Co-Investor. The Company has obligation, under the terms of the security agreement, to transfer to the Co-Investor its right to purchase the increased share capital of H-Power Company Limited, in case of the two associated companies could not pay any expenses that may arise from the guarantee, and this may effect the holding of interest in the future. 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 anyexpenses, 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 regarding the status of the amendment of the joint operation agreement in connection with remuneration due to IEAT. At present, this issue is in the process of consideration by the Office of the Attorney-General and Ministry of Finance. The company has provided a reserve for the remuneration including interest and penalty until December 31, 1999, in the total amount of Baht 106.78 million, of which 60% of interest expense was shown as sinking fund in the balance sheet and the outstanding amount (40% of interest expense) and penalty were included in the statement of income. Eastern Seaboard Industrial Estate (Rayong) Company Limited The company has a liability, under a joint-investment agreement with Hemaraj Land and Development Public Company Limited and another company, to pay commission to Hemaraj Land and Development Public Company Limited for sales of land, public utility service providing and lease of factory.

NOTE 27 - COMMITMENTS AND CONTINGENT LIABILITIES Commitments and contingent liabilities as at December 31, 1999 consisted of: Hemaraj Land and Development Public Company Limited • The Company has guaranteed a subsidiary company’s liability amounting to Baht 50 million, and has co-operated with two subsidiaries to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas subsidiary company. • The Company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation agreement with the IEAT, the construction of utility under land sale contract, and its performance under the raw water purchase agreement and 79

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ °. ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂â“ºŸâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡≈ß∑ÿπ·≈–À√◊Õ°“√π‘§¡ Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π ¢. ∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß ‡æ◊ËÕ§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.20 ≈â“π¥Õ≈≈“√å À√—∞ §. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß ª√–‡∑»‰∑¬ °“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ °“√°àÕ √â“ß ∂“π’‰øøÑ“¬àÕ¬„π‚§√ß°“√ ·≈–Õ◊ËπÊ «ß‡ß‘π√«¡ 145.97 ≈â“π∫“∑ ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ °. ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂â“ºŸâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡≈ß∑ÿπ ·≈–À√◊Õ°“√π‘§¡ Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π ¢. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß ª√–‡∑»‰∑¬ °“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ °“√°àÕ √â“ß “¬ àß‰øøÑ“ ∂“π’‰øøÑ“ ·≈–Õ◊ËπÊ «ß‡ß‘π√«¡ 297.74 ≈â“π∫“∑ ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß ‡æ◊ËÕ§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»®”π«π‡ß‘π 19.20 ≈â“π¥Õ≈≈“√å À√—∞

À¡“¬‡Àµÿ 28 - °“√‡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 ‡ªÁπ 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√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‡æ‘Ë¡¢÷Èπ‡ªÁπ®”π«π‡ß‘π 2,819,330.79 ∫“∑ ·≈– 0.04 ∫“∑µàÕÀÿâπ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 29 - ‘∑∏‘·≈–ª√–‚¬™πåµ“¡∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 2 ∫√‘…—∑ ‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡ ‚¥¬ √ÿª‰¥â ¥—ßπ’È ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) °. ‰¥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 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥ √–¬–‡«≈“ 7 ª’ ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ √–¬–‡«≈“°“√‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ °. ‰¥â ‘Èπ ÿ¥≈ß·≈â«·≈–ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√‰¥â√—∫°“√ àß ‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ ¢. ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ °. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 5 ª’ ∂÷ß 8 ª’ 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 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥ √–¬–‡«≈“ 5 ª’ ∂÷ß 8 ª’ ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ √–¬–‡«≈“°“√‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ °. ‰¥â ‘Èπ ÿ¥≈ß·≈â«·≈–ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√‰¥â√—∫°“√ àß ‡ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ ¢. ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ °. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 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 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥ √–¬–‡«≈“ 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«≥¿“…’‡ªÁπ√–¬–‡«≈“ 10 ª’ π—∫·µà«π— ∑’Ë‡√‘Ë¡¡’√“¬‰¥â

others, as well as the letters of guarantee issued by the banks to guarantee the performance of its associated company under the power plant construction agreement with the Electricity Generating Authority of Thailand, in the total amount of Baht 391.33 million.

Eastern Industrial Estate Company Limited • The company has entered into land sale and purchase contracts. Under the terms of the contracts, the company is 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. • The company has co-operated with two affiliated companies to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas affiliated company. • The company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation agreement with the IEAT, the construction of utility and power substation in its industrial estate and others, in the total amount of Baht 145.97 million. Eastern Seaboard Industrial Estate (Rayong) Company Limited • The company has entered into land sale and purchase contracts. Under the terms of the contracts, the company is 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. • The company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation agreement with the IEAT, the construction of utility, transmission lines and power station in its industrial estate and others, in the total amount of Baht 297.74 million. Eastern Pipeline Services Company Limited The company has co-operated with two affiliated companies to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas affiliated company.

NOTE 28 - 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 29 - PROMOTIONAL PRIVILEGES The Company and its two subsidiary companies were granted promotional certificates under the Investment Promotion Act, B.E. 2520 to carry out the industrial estate business. The major privileges are summarised as follows: Hemaraj Land and Development Public Company Limited A.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. B. 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. The promotion period on condition A expired and the Company is currently in the promotion period on condition B. Eastern Industrial Estate Company Limited A.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. B. 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. The promotion period on condition A expired and the Company is currently in the promotion period on condition B.

À¡“¬‡Àµÿ 30 - °“√®”·π°¢âÕ¡Ÿ≈∑“ß°“√‡ß‘πµ“¡ à«πß“π √“¬°“√®—¥ª√–‡¿∑ ‘π∑√—æ¬å¢Õß·µà≈– à«πß“π∑“ß∏ÿ√°‘®„πª√–‡∑»·≈–µà“ßª√–‡∑»„πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ¡’¥—ßπ’È 2542 µâπ∑ÿπæ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π ‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‘π∑√—æ¬å „Àâ‡™à“ ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ ‘π∑√—æ¬åÕ◊Ëπ √«¡ ‘π∑√—æ¬å

„πª√–‡∑» ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ 2,822,397,237.15 1,754,069,942.79 143,704,963.40 237,264,028.47

88,721,276.21 14,034,702.60

µà“ßª√–‡∑» √«¡ „πª√–‡∑» Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 2,822,397,237.15 3,311,016,249.65 -

1,754,069,942.79 232,426,239.61 251,298,731.07 1,783,062,877.19 6,843,255,027.81

2,192,703,465.96 12,735,719.65 241,248,993.77

(Àπà«¬ : ∫“∑) 2541 µà“ßª√–‡∑» √«¡ Õ◊ËπÊ Holding Company 3,311,016,249.65 95,237,248.12 11,694,071.18

2,192,703,465.96 107,972,967.77 252,943,064.95 1,763,431,554.69 7,628,067,303.02

¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°“√¥”‡π‘πß“πµ“¡ª√–‡¿∑ à«πß“π∏ÿ√°‘®„πª√–‡∑»·≈–µà“ßª√–‡∑»„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ¡’¥—ßπ’È (ÀπË«¬ : ∫“∑) 2542 2541 „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®“°°“√¢“¬ 577,219,490.44 577,219,490.44 217,827,264.25 217,827,264.25 √“¬‰¥â§à“∫√‘°“√ 214,791,912.77 11,578,700.10 226,370,612.87 126,298,724.63 2,060,681.79 128,359,406.42 √«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ 803,590,103.31 346,186,670.67 √“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ 55,819,766.49 500,000,000.00 555,819,766.49 √«¡√“¬‰¥â®“°°“√¢“¬·≈– ∫√‘°“√·≈–√“¬‰¥â®“°°“√ ®”Àπà“¬‡ß‘π≈ß∑ÿπ 803,590,103.31 902,006,437.16 °”‰√(¢“¥∑ÿπ)®“°°“√¥”‡π‘πß“π (550,227,890.61) 2,201,056.41 (2,721,145.67) (550,747,979.87) (473,147,930.82) (7,259,627.89) 488,106,916.38 7,699,357.67 √“¬‰¥âÕ◊Ëπ (3,838,433.77) 947,378,172.06 ¥Õ°‡∫’È¬®à“¬ (273,459,291.00) (238,130,036.02) §à“µÕ∫·∑π°√√¡°“√ (26,700,771.67) (26,188,942.55) ”√Õß‡º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑ ∑“ß°ÆÀ¡“¬ (128,399,460.21) ¿“…’‡ß‘π‰¥â (389,610.81) °”‰√(¢“¥∑ÿπ)°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–°àÕπ√“¬°“√æ‘‡»… (983,535,547.33) 690,758,551.16 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (27,147,055.17) 6,281,985.15 °”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… (1,010,682,602.50) 697,040,536.31 √“¬°“√æ‘‡»… 175,630,946.90 °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21

Eastern Seaboard Industrial Estate (Rayong) Company Limited A.exemption from corporate income tax on net income derived from the promoted business for a period of 8 years as from the date when revenues are first earned. B. 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 8 years after the date when revenues are first earned. C.double deduction of transportation expenses, electricity expenses and water supply expenses is allowed for 10 years from the date when the revenues are first earned.

NOTE 30 - SEGMENT INFORMATION As at December 31, segment information in the consolidated balance sheets classified by local and overseas assets are as follows: (Amounts:Baht) 1999 Domestic Industrial Estate Cost of real estate developments

1998 Overseas

Others

Total

Domestic

Holding Company

Industrial Estate

Overseas Others

Total

Holding Company

2,822,397,237.15

3,311,016,249.65

1,754,069,942.79

2,192,703,465.96

Leasehold land and land held for commercial purposes Lease assets, net

143,704,963.40

88,721,276.21

232,426,239.61

12,735,719.65

95,237,248.12

107,972,967.77

Property, plant and equipment, net

237,264,028.47

14,034,702.60

251,298,731.07

241,248,993.77

11,694,071.18

252,943,064.95

Other assets Total Assets

1,783,062,877.19

1,763,431,554.69

6,843,255,027.81

7,628,067,303.02

Operations in the consolidated statements of income classified by local and overseas business for the years ended December 31, are as follows: (Amounts:Baht) 1999 Domestic Industrial Estate

1998 Overseas

Others

Total

Domestic

Holding Company

Industrial Estate

Overseas Others

Total

Holding Company

Sales

577,219,490.44

217,827,264.25

Service income

214,791,912.77

11,578,700.10

226,370,612.87

126,298,724.63

2,060,681.79

128,359,406.42

55,819,766.49

500,000,000.00

555,819,766.49

Total Sales and Service Income Gain on sale of investments

803,590,103.31 -

346,186,670.67

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

803,590,103.31 (550,227,890.61)

2,201,056.41

(2,721,145.67)

(550,747,979.87)

Other income Interest expense DirectorsĂ remuneration Reserve for uncertain loss from lawsuit Income tax

902,006,437.16 (473,147,930.82)

(7,259,627.89) 488,106,916.38

7,699,357.67

(3,838,433.77)

947,378,172.06

(273,459,291.00)

(238,130,036.02)

(26,700,771.67)

(26,188,942.55)

(128,399,460.21)

(389,610.81)

Income (loss) before minority interests and extraordinary item

(983,535,547.33)

Minority interests Income (loss) before extraordinary item

(27,147,055.17)

6,281,985.15

(1,010,682,602.50)

697,040,536.31

Extraordinary item Net income (loss)

690,758,551.16

(1,010,682,602.50)

175,630,946.90 872,671,483.21

À¡“¬‡Àµÿ 31 - °“√®—¥ª√–‡¿∑√“¬°“√„À¡à √“¬°“√∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â®—¥ª√–‡¿∑√“¬°“√„À¡à‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√· ¥ß√“¬°“√ „πß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542

À¡“¬‡Àµÿ 32 - ª—≠À“ª’ §.». 2000 (¬—ß‰¡à‰¥âµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’) ª—≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ª’ §.». 2000 ‡°‘¥®“°°“√„™â§Õ¡æ‘«‡µÕ√å√–∫∫µ—«‡≈¢ ÕßÀ≈—°‡æ◊ËÕ√–∫ÿª’·∑π∑’Ë®–‡ªÁπµ—«‡≈¢ ’ËÀ≈—° ‚¥¬√–∫∫ §Õ¡æ‘«‡µÕ√åÕ“®Õà“πª’ §.». 2000 ‡ªÁπª’Õ◊ËπÊ ∑”„Àâ‡°‘¥¢âÕº‘¥æ≈“¥‡¡◊ËÕ¡’°“√ª√–¡«≈¢âÕ¡Ÿ≈ ¢âÕº‘¥æ≈“¥¥—ß°≈à“«Õ“®¡’º≈µàÕ°“√¥”‡π‘πß“π·≈– °“√√“¬ß“π∑“ß°“√‡ß‘π ´÷ËßÕ“®‡ªÁπ¢âÕº‘¥æ≈“¥∑’Ë‡≈Á°πâÕ¬®π∂÷ß¢—Èπ‡°‘¥§«“¡≈â¡‡À≈«¢Õß√–∫∫ß“π∑’Ë ”§—≠ À“°¡‘‰¥âª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å Õ¬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 ‰¢ª—≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ª’ §.». 2000 ‰¥â∑—ÈßÀ¡¥

NOTE 31 - RECLASSIFICATION OF ACCOUNTS Certain accounts in the financial statements for the year ended December 31, 1998 have been reclassified to conform with the presentation in the financial statements for the year ended December 31, 1999.

NOTE 32 - YEAR 2000 ISSUES (UNAUDITED BY THE AUDITOR) Year 2000 issues arise because many computerised systems use two digits rather four to identify year. Date-sensitive systems may recognise the year 2000 as some other dates, resulting in errors when information using year 2000 dates is processed. Entities may experience the effects of Year 2000 issues, if not addressed properly and timely, on its operations and financial reporting, which may range from minor errors to significant systems failure and could affect any entitiesĂ ability to conduct normal business operations. In addition, it is not possible to be certain that all aspects of Year 2000 issues affecting the entities, including those related to the efforts of customers, suppliers, or other third parties, will be fully resolved.

RISK FACTORS ªí®®—¬‡ ’Ë¬ß ‡Õ™-‡æ“‡«Õ√å „Àâ · °à ∫ √‘ … — ∑ ‡∑√§∑“‡∫≈ ‡Õ ‡Õ·≈–„Àâ ¢ “¬‡ß‘ π °Ÿ â ¬ ◊ ¡ ®“°∫√‘…—∑ H-International (BVI) Company Limited ´÷Ëß„Àâ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥°Ÿâ (‡ªÁπ∫√‘…—∑„π‡§√◊Õ¢Õß∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å) „Àâ · °à ‡ ∑√§∑“‡∫≈ ‡Õ ‡Õ ‡ªÁ π ®”π«π‡ß‘ π ∑— È ß ‘ È π 17,740,000 ¥Õ≈≈à“√å √Õ.º≈¢Õß°“√∑”∏ÿ√ °√√¡¥—ß°≈à“ «∑”„ÀâÕ— µ√“ à«π°“√∂◊ÕÀÿâπ ¢Õß‡À¡√“™„π‡Õ™‡æ“‡«Õ√å≈¥≈ß‡À≈◊Õ√âÕ¬≈– 24.999 On 8th February, 2000, the meeting of the Board of Directors unanimously resolved that the transfer 33,250,002 shares in H-Power to Tractebel S.A. and the sales of its shareholder loans from H - International (BVI) Company Limited advanced to Industrial Power Company Limited (part of the H-Power group), to Tractebel S.A. for a consideration of USD 17,740,000. As a result of the above transaction, Hemaraj's shareholding in H-Power would reduce to 24.999%.

≥ «—π ∑’Ë 31 ∏—π «“§¡ 2542 ∫√‘… —∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ¡’Àπ’È ‘π „π °ÿ≈¥Õ≈≈à“ √å √Õ. ®”π«π 44.21 ≈â“π¥Õ≈≈à “√å √Õ. §«“¡º—π º«π¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π√–À«à “ ß‡ß‘π ∫“∑°— ∫¥Õ≈≈à“ √å √Õ. ®–¡’º≈°√–∑∫‚¥¬µ√ßµàÕ¡Ÿ≈§à“∑“ß∫—≠™’¢ÕßÀπ’È ‘π‡À≈à“π—Èπ As of December 31, 1999, Hemaraj Land And Development Public Company Limited has USD nominated liabilities of USD 44.21 million. The changes of foreign exchange between Baht and USD will directly effect to local currency book value of these debts. °“√‡ª≈’ Ë ¬ π·ª≈ß∑’ Ë ”§— ≠ ∑’ Ë‡ °‘ ¥ ¢÷ È π ¿“¬À≈— ß«— π ∑’ Ë „ πß∫°“√‡ß‘ π ≈à “ ÿ¥ ·≈–º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π CHANGING OF SUBSEQUENT EVENT SIGNIFICANTLY ‡¡◊ Ë Õ«— π ∑’ Ë 8 °ÿ ¡ ¿“æ— π ∏å 2542 ∑’ Ë ª√–™ÿ ¡ §≥–°√√¡°“√∫√‘ … — ∑‰¥— ¡’ ¡ µ‘ ‡ ªÁ π ‡Õ°©— π ∑å „Àâ ¢ “¬Àÿ â π ®”π«π 33,250,002 Àÿ â π ¢Õß∫√‘ … — ∑

∫√‘…—∑¡’æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ‡æ◊ËÕ√Õß√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ¥—ßπ’È The Company has commitment on share issuance for the conversion of Convertible Bonds and exercise of warrants as follows:

À≈—°∑√—æ¬å Securities

1. Àÿâπ°Ÿâ·ª≈ß ¿“æ 60 ≈â“π‡À√’¬≠ √Õ. Convertible Bonds US$ 60,000,000 2. „∫ ”§—≠· ¥ß ‘∑∏‘Ï 141,531,150 Àπà«¬ Warrants 141,531,150 units

®”π«πÀÿâπ “¡—≠∑’Ë√Õß√—∫ √“§“·ª≈ß ¿“æ Õ—µ√“ à«π °“√„™â ‘∑∏‘/·ª≈ß ¿“æ (Àÿâπ) /°“√„™â ‘∑∏‘ (µàÕÀÿâπ) °“√·ª≈ß ¿“æ/ Number of common shares Conversion Price / °“√„™È ‘∑∏‘ reserved for conversion/ Exercise Price Conversion Ratio exercise (shares) (per share) 15,000,000 186 ∫“∑ 1 Àÿâπ°Ÿâ·ª≈ß ¿“æ (Õ—µ√“·≈°‡ª≈’Ë¬π : 135 Àÿâπ “¡—≠ 1 ‡À√’¬≠ √Õ.: 25.203 ∫“∑) 1 Bond : 135 shares Baht 186 (rate of exchange US$ 1.00 = Baht 25.203) 141,531,150

Àÿâπ≈– 10 ∫“∑À√◊Õ√“§“°“√ „™â ‘∑∏‘µ“¡‡ß◊ËÕπ‰¢°“√ª√—∫ ‘∑∏‘/Baht 10 a piece or adjusted price

1 Àπà«¬:1 Àÿâπ “¡—≠ 1 unit:1 share

√–¬–‡«≈“ ·ª≈ß ¿“æ/„™â ‘∑∏‘ Conversion / Exercise Period

º≈°√–∑∫¢Õß°“√ÕÕ°Àÿâπ ∑’Ë¡’µàÕ°”‰√µàÕÀÿâπ Dilution effect

«—π∑”°“√ ÿ¥∑â“¬¢Õß∑ÿ°‡¥◊Õπ „π√–¬–‡«≈“10 ª’ µ—Èß·µà 9 ∏—π«“§¡ 2536 ∂÷ß 9 ‘ßÀ“§¡ 2546 / Last working day of each month for 10 years since December 9, 1993 to August 9, 2003 ∑ÿ° 3 ‡¥◊Õπ„π√–¬–‡«≈“ 5 ªï µ—Èß·µà 15 ∏—π«“§¡ 2542 ∂÷ß 15 °—π¬“¬π 2547 Every 3 month for 5 years since December 15, 1999 to September 15, 2004

5.1

66.67

PROJECT SUMMARY ‚§√ß°“√ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 As of Decenber 31, 1999

π‘§¡Õÿµ “À°√√¡ æ◊Èπ∑’Ë¢“¬‰ª·≈â«(‰√à) Industrial Estate Cumulative (Rai) Sold

æ◊Èπ∑’ËÕÿµ “À°√√¡ æ◊Èπ∑’Ë√«¡(‰√à) æ—≤π“‡ √Á® ¡∫Ÿ√≥å%

Industrial Area Total Area(Rai) % of Completion

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

1,375**

71%

1,950

2,428

100

Phase II (C), (D)

503

93%

541

1,099

100

860*

1,422

Phase III Total Chonburi

1,878

3,351

4,949

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

1,331

92%

423*

Phase II Total Eastern

1,443

1,331

1,866

1,874

815 2,689

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

1,529

100%

1,529

2,075

Phase II (A)

758**

73%

1,032

1,442

Phase II (B)

10%

823

1,155

1,255*

2,319

2,368

4,639

6,991

5,577

9,856

14,629

Expansion: Total Eastern Seaboard

√«¡æ◊Èπ∑’Ë (‰√à) Total Rai

* estimate ** Includes land lease 22 Rai

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

∑’ËÕ¬àŸ Address

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß55 °√ÿß‡∑æœ 10250 Hemaraj Land And Development 18th Floor, UM Tower, Public Company Limited 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250

ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) Nature of Business Register Capital (Mil. Baht) æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

%°“√≈ß∑ÿπ % of Investment

2,770

√“¬‰¥â (≈â“π∫“∑) % 2541 % Revenue (Mil.Baht) 1999 % 1998 % 255.58 32 565.53 32 2542

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,

Holding Company

$ 50,000 ($1 = 25.14 Baht)

100

H-International (BVI) Company Limited (2)

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

Holding Company

$2,000

100

20.24

517.08

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥

‡≈¢∑’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

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

400

99.99

145.74

59.36

99.99

11.60

2.11

358

373.55

297.27

Eastern Industrial Estate Co., Ltd.

Industrial Estate Developer

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

∫√‘°“√„Àâ‡™à“«“ß∑àÕ¢π∂à“¬«—µ∂ÿ

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

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Pipe Rack Rental

Industrial Estate Developer

∫√‘…—∑√à«¡

Associated Company ∫√‘…—∑ Name

∑’ËÕ¬àŸ Address

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

‡≈¢∑’Ë ™—Èπ 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 H-Power Company Limited 20th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250 ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ‡≈¢∑’Ë ™—Èπ 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Industrial Power Company Limited (4) 20th Floor, UM Tower, 9 Ramkhamhaeng Rd., Suanluang, Bangkok 10250 ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ H-Infra Company Limited (4)

∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ Operation Power Services Company Limited (4) Pingo Services Limited (2), (4) (Rayong) Co., Ltd. ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ Bowin Power Company Limited (4)

ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) Nature of Business Register Capital (Mil. Baht)

%°“√≈ß∑ÿπ % of Investment

Holding Company

1,330

49.99

¢“¬æ≈—ßß“π‰øøÑ“·≈– ‰ÕπÈ” Co-Generation Power Plant

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

‡≈¢∑’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 P.O. Box 957, Offshore Center, Road Town, Tortola, British Virgin Islands

99.99

$50,000

100

99.99

∫√‘À“√·≈–¥Ÿ·≈‚√ß‰øøÑ“

1999 (6.96)

√“¬‰¥â (≈â“π∫“∑) % 2541 Revenue (Mil.Baht) % 1998 (1) 352.21

% % 20

Operation & Maintenance for Power Plant Holding Company

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

∫√‘…—∑ Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å ´—ææ≈“¬ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡ ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Industrial Water Supply Company 20th Floor, UM Tower, Demineralised Water Limited (4) 9 Ramkhamhaeng Rd., Plant Suanluang, Bangkok 10250 ¬Õ¥√«¡√“¬‰¥â¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑œ ¬àÕ¬ Total Revenue: Hemaraj Land and Development PLC. and Subsidiaries 1) ®—¥µ—Èß„π Cayman Islands 2) ®—¥µ—ÈßÕ“≥“‡¢µ¢Õß British Virgin Islands 3) ‡ªìπ∫√‘…—∑¬àÕ¬¢Õß ∫√‘…—∑ Õ‘ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 4) ∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

2542

799.75 1) Incomporated in the Cayman Island 2) Incorporated in the Territory of the British Virgin Islands 3) Subsidiary of Eastern Industrial Estate 4) Indirectly held through H-Power

100

1,793.56

100

BOARD OF DIRECTORS §≥–°√√¡°“√·≈–§≥–ºâŸ∫√‘À“√ Board of Directors / §≥–°√√¡°“√ π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß µ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑

Mr. Sawasdi Horrungruang Position Chairman of the Board of Directors

π“¬ª√–∑’ª ‰µ√‚≈À°– µ”·Àπàß °√√¡°“√

Mr. Prateep Trilohaka Position Director

π“¬‡¥«‘¥ π“√å ‚¥π µ”·Àπàß °√√¡°“√

Mr. David Nardone Position Director

π“¬ ÿ∑∏‘æ—π∏å ®“√ÿ¡≥’ µ”·Àπàß °√√¡°“√ (Õ‘ √–), °√√¡°“√µ√«® Õ∫

Mr. Sudhipan Charumani Position Independent Director, Audit Committee

π“ß¿§‘π’ ÿ«√√≥¿—°¥’ µ”·Àπàß °√√¡°“√ (Õ‘ √–)

Mrs. Pakinee Suwanapakdee Position Independent Director

π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å µ”·Àπàß °√√¡°“√

Mr. Thongchai Srisomburananonta Position Director

π“¬∂“«√ Õπ—πµå§Ÿ»√’ µ”·Àπàß °√√¡°“√

Mr. Thavorn Anankusri Position Director

π“¬®‘√«‘∑¬å ¡“»√—ß √√§å µ”·Àπàß °√√¡°“√, °√√¡°“√µ√«® Õ∫

Mr. Jirawit Masrangson Position Director, Audit Committee

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ µ”·Àπàß °√√¡°“√

Mr. Vivat Jiratikarnsakul Position Director

π“¬Õπÿµ√ ®“µ‘°«≥‘™ µ”·Àπàß °√√¡°“√

Mr. Anut Chatikavanij Position Director

π“¬ª’‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π µ”·Àπàß °√√¡°“√ (Õ‘ √–), °√√¡°“√µ√«® Õ∫

Mr. Peter John Edmondson Position Independent Director, Audit Committee

Management / §≥–ºŸâ∫√‘À“√ π“¬‡¥«‘¥ π“√å ‚¥π Mr. David Nardone

°√√¡°“√ºŸâ®—¥°“√ π“ß “« ¡„® «™‘√Àâ“ President and Chief Executive Officer Ms. Somjai Wachiraha

√ÕßºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π Deputy Director-Finance

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ Mr. Vivat Jiratikarnsakul

ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ Senior Vice President

ºŸâ®—¥°“√‚§√ß°“√ Project Manager - Development

π“¬§”ŒÕß √—»¡’ Mr. Khamhoung Ratsamany

ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√ π“ß “«ªƒ…¥“ ∑Õß«‘‡»…°ÿ≈ Director - Industrial Estate Operations Ms. Parisada Tongviseskul

ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥ Manager - Marketing

π“¬π‘√—π¥√å ¢®√√ÿàß»‘≈ªá Mr. Nirand Kajonrungsilp

ºŸâÕ”π«¬°“√ΩÉ“¬¢“¬ Director - Industrial Estate Sales

ºŸâ®—¥°“√ΩÉ“¬«“ß·ºπ√–∫∫¢âÕ¡Ÿ≈ Manager - Planning and Information

π“¬»‘√‘»—°¥‘Ï °‘®√—°…“ Mr. Sirisak Kijraksa

√ÕßºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ Deputy Director-Accounting

π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß Mr. Tanin Subboonrueng

π“¬‡ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π Mr. Paopitaya Smutrakalin Systems

SHAREHOLDERS §à“µÕ∫·∑π°√√¡°“√·≈–ºâŸ∫√‘À“√

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 First 10 Hemaraj Land And Development's Shareholders as at 31 December 1999 ≈”¥—∫∑’Ë ™◊ËÕ - °ÿ≈ ®”π«πÀÿâπ % ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥

Director and Management’s Compensation

1. §à“µÕ∫·∑π√«¡¢Õß§≥–°√√¡°“√¢Õß∫√‘…—∑·≈– ∫√‘…—∑¬àÕ¬ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 21,749,738.87 ∫“∑ The directors remuneration of the company and its subsidiaries for the year 1999 are the total amount of 21,749,738.87 Baht 2. §à“µÕ∫·∑π√«¡¢Õß§≥–ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 22,076,072.21 ∫“∑ The management remuneration of the company and its subsidiaries for the year 1999 are the total amount of 22,076,072.21 Baht 3. §à“µÕ∫·∑π√«¡¢Õß§≥–ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡©æ“– ∑’Ë¡’Õ¬Ÿà√«¡ 10 √“¬ ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 22,076,072.21 ∫“∑ The top ten management remuneration of the company and its subsidiaries for the year 1999 are the total amount of 22,076,072.21 Baht

√“¬≈–‡Õ’¬¥§à“µÕ∫·∑π°√√¡°“√·≈–ºŸÈ∫√‘À“√ ª√–®”ª’ 2542 ·¬°‰¥È¥—ßπ’È 1. §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π/ Remuneration ‡ß‘π‡¥◊Õπ 22,418,296.79 Salary 22,418,296.79 §à“∫”‡ÀπÁ®/‚∫π— /‡∫’È¬ª√–™ÿ¡ 2,057,775.42 Bonus 2,057,775.42 2. §à“µÕ∫·∑πÕ◊Ëπ (∂â“¡’) - ‰¡Ë¡’ Other remuneration - none -

Item

1. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 1

Share Registrar

ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ (Trustee) ºŸâ Õ∫∫—≠™’

Auditor

No. of Shares

% of All Shares

20,479,791

28.94

13,245,335

18.72

12,111,806

17.12

7,310,000

10.33

3,357,100

4.74

2,810,000

3.97

1,567,375

2.21

1,500,000

2.12

1,228,800

1.74

1,100,000

1.55

Thailand Securities Depository Co., Ltd. for Depositor 1

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

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

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

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

6. π“¬∂“«√ Õπ—πµå§Ÿ»√’

∫“∑ Baht ∫“∑ Baht

Mr. Thavorn Anankusri

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

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

9. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 2

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

Shareholders

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬åª√–‡∑»‰∑¬ ™—Èπ 4, 6-7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å 359-1200-1 Thailand Securities Depository Co., Ltd. 62 The Stock Exchange of Thailand Bldg. 4th Floor, 6-7th Floor, Rachadapisek Road, Klongtoey, Bangkok 10110 Tel. 359-1200-1 The Law Debenture Trust Corporation P.L.C. Princes House 95 Gresham Street London EC2V 7LY England ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥ 92 Õ“§“√ “∏√∏“π’ 2 ™—Èπ 9 ∂ππ “∏√‡Àπ◊Õ °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å 2366161-4, 2385172-5 - π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2316 - π“¬ ÿæ®πå ‘ßÀå‡ πàÀå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2826 KPMG Audit (Thailand) Ltd. 92 Sathorn Thani Tower II, 9th Floor, North Sathorn Road, Bangkok 10500 Tel. 236-6161-4, 238-5172-5 - Mr. Nirand Lilamethwat CPA No. 2316 - Mr. Suphot Singhasaneh CPA No. 2826

Thailand Securities Depository Co., Ltd. for Depositor 2

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

1 ºŸâ∂◊ÕÀÿâπ∑’Ë‡ªÁπ§π‰∑¬ (Thai depositor) 2 ºŸÈ∂◊ÕÀÿâπ∑’Ë‡ªìπ§πµà“ß¥â“« (Foreigner depositor)

∑’Ëª√÷°…“°ÆÀ¡“¬

∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥ 130 Õ“§“√ ‘π∏√ 3 ™—Èπ 22 ∂ππ«‘∑¬ÿ °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 263-7600 Attorney Allen & Overy (Thailand) Co., Ltd. 22nd Floor, Sindhorn Building III, 130 Wireless Road, Bangkok 10330 Tel. 263-7600 ∑’Ëª√÷°…“∑“ß°“√‡ß‘π - ‰¡à¡’ Financial Advisor - none∑’Ëª√÷°…“À√◊ÕºŸâ®—¥°“√¿“¬„µâ —≠≠“°“√®—¥°“√ - ‰¡à¡’ Advisor or manager under contract management - none-

SET REGULATIONS √“¬°“√µ√«® Õ∫ À—«¢âÕ 1. ¢âÕ¡Ÿ≈∑—Ë«‰ª 1.1 ∫√‘…—∑ “√∫—≠ 1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 88 1.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 91 2. §”™’È·®ß¢Õßª√–∏“π°√√¡°“√À√◊Õ§≥–°√√¡°“√ 2 3. §”™’È·®ß¢Õß§≥–°√√¡°“√µ√«® Õ∫ 4 4. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑ 4.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π 9 4.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π 9 5. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 5.1 ‚§√ß √â“ß√“¬‰¥â 88 5.2 °“√‡ª≈’Ë¬π·ª≈ß„πª’∑’Ëºà“π¡“ ‰¡à¡’ 6. ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π 6 7. ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 7.1 ºŸâ∂◊ÕÀÿâπ 91 7.2 ºŸâ∫√‘À“√ 90 7.3 §Ë“µÕ∫·∑πºŸâ∫√‘À“√ 91 8. ∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π ‰¡à¡’ 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≈·≈–§«“¡®”‡ªÁπ∑’Ë∑”„Àâ‡°‘π√“¬°“√√–À«à“ß°—π„À¡à ‰¡à¡’ 8.4 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°À√◊ÕºŸâ™”π“≠°“√∑’Ë‡ªÁπÕ‘ √– ‰¡à¡’ ‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π 8.5 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°‡°’Ë¬«°—∫°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑’Ë∫√‘…—∑ ‰¡à¡’ ‰¥â√–∫ÿ‰«â „π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å·≈–√à“ßÀπ—ß ◊Õ™’È™«π 9. ª—®®—¬§«“¡‡ ’Ë¬ß 86 10. ª—®®—¬Õ◊Ëπ∑’ËÕ“®¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„®≈ß∑ÿπ 10.1 ¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 10 10.2 æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ„πÕπ“§µ 86 11. ¢âÕ¡Ÿ≈‡°’Ë¬«°—∫Àÿâπ°ŸâÀ√◊Õµ—Î«‡ß‘π 66 12. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ 12.1 §«“¡‡À¡“– ¡¢Õß‚§√ß √â“ß‡ß‘π∑ÿπ §«“¡‡æ’¬ßæÕ¢Õß ¿“æ§≈àÕß 10 §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 ”§—≠ 10 12.3 √“¬°“√æ‘‡»…À√◊Õ√“¬°“√∑’Ë¡‘‰¥â‡°‘¥®“°°“√¥”‡π‘πß“πµ“¡ª°µ‘ 10 ·≈–¡’º≈µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“πÕ¬à“ß¡’ “√– ”§—≠ 12.4 “‡Àµÿ∑’Ëº≈°“√¥”‡π‘πß“πª’≈à“ ÿ¥·µ°µà“ß®“°ª’°àÕπÀ√◊Õª√–¡“≥°“√ 10 Õ¬à“ß¡’π—¬ ”§—≠ 12.5 °“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠∑’Ë‡°‘¥¢÷Èπ¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π≈à“ ÿ¥·≈– 86 º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π 12.6 º≈°√–∑∫®“°°“√ª√—∫‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π°≈ÿà¡ 86 12.7 °“√§È”ª√–°—π„Àâ∫ÿ§§≈Õ◊Ëπ Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ °“√ºŸ°æ—π°“√≈ß∑ÿπ 76 „π‚§√ß°“√ À√◊Õ¿“√–ºŸ°æ—πÕ◊Ëπ„π≈—°…≥–‡¥’¬«°—π 13. ß∫°“√‡ß‘π 26

Set Regulations 1. General Information 1.1 Company Profile 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) 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 year 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 8.2 In case of the mutual interest persons hold more than 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 reason and necessity of the transaction 8.4 Comment of independent director and financial advisor for transaction in clause 8.1 and 8.2 8.5 Comment of independent director for treatment as 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 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 of forecast 12.5 Changing of subsequent event significantly 12.6 Impact from shareholder restructure 12.7 Pledging to other person, contingent liability 13. Financial Statement

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