HEMRAJ : Annual Report 2000 by Piyanuch Meechit

CONTENTS “√∫—≠

1 2 4 6 10 12 14 14 16 18 20 22 40 80 81

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑ 2000 Summary “ åπ®“°§≥–°√√¡°“√∫√‘…—∑ Message from the Board of Directors ¿“«–‡»√…∞°‘®·≈– ¿“æ°“√·¢àß¢—π Economic and Competitive Conditions ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Nature of Business ¢âÕ¡Ÿ≈∑—Ë«‰ª General Information ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ Shareholding Structure & Management √“¬°“√√–À«à“ß°—π Related Transaction ªí®®—¬‡ ’Ë¬ß Risk Factors °“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π Financial Results √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ Audit Committeeûs Report √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’ Auditorûs Report ß∫°“√‡ß‘π Financial Statements À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π Notes to Financial Statements ¢âÕ¡Ÿ≈°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√ The Executive Committee and Management ¢âÕ¡Ÿ≈∑—Ë«‰ª/‚§√ß°“√ General Information/Project Summary

GENERAL INFORMATION/PROJECT SUMMARY

¢âÕ¡Ÿ≈∑—Ë«‰ª/‚§√ß°“√

∫¡®. ‡À¡√“™æ—≤π“∑’Ë¥‘π ‡ªìπºŸâπ”¥â“π°“√æ—≤π“π‘§¡Õÿµ “À°√√¡¢Õß ª√–‡∑»‰∑¬ ¡’ ‘π∑√—æ¬å√«¡ 200 ≈â“π¥Õ≈≈à“√å √Õ. ¡’≈Ÿ°§â“®“°∫√‘…—∑™—Èππ”¢Õß‚≈° ‰¥â·°à øÕ√å¥·≈–¡“ ¥â“, ‡®π‡πÕ√—≈ ¡Õ‡µÕ√å , ®’Õ’ æ≈“ µ‘° å, ‡Õ ‰Õ®’ §Õ¡∫≈‘∫≈ÁÕ°, °≈ÿà¡ ‚µ‚¬µâ“, ´Ÿ¡‘‚µ‚¡, ¡‘µ´ÿ¬, ∫’‡Õ‡Õ ‡Õø, π‘ªªÕπ µ’≈, ‡µµ√â“·æâ§, ∫’‡Õ™æ’, ‡§≈≈ÁÕ°, œ≈œ ‰¥â‡¢â“¡“≈ß∑ÿπµ—Èß∞“π°“√º≈‘µ„ππ‘§¡œ ‡À¡√“™°àÕµ—Èß¢÷Èπ‡¡◊ËÕªï 2531 ·≈–®¥∑–‡∫’¬πÕ¬Ÿà„πµ≈“¥À≈—°∑√—æ¬å·Ààß ª√–‡∑»‰∑¬‡¡◊ËÕªï 2535 π‘§¡Õÿµ “À°√√¡¢Õß∫√‘…—∑œ ∑—ßÈ 3 ·Ààß Õ—π‰¥â·°à π‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ «‘π) π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) ·≈–π‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√πå ´’∫Õ√å¥ (√–¬Õß) µ—ßÈ Õ¬Ÿà∫π∑”‡≈∑’¥Ë ∑’ ’Ë ÿ¥¢Õß™“¬Ωíßò ∑–‡≈¿“§æ◊πÈ µ–«—πÕÕ° ∫π‡π◊ÕÈ ∑’°Ë «à“ 15,000 ‰√à π‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) ‰¥â√—∫°“√¢π“ππ“¡«à“ "¥’∑√Õ¬¥å ·Ààßµ–«—πÕÕ°" ‡π◊ËÕß®“°‡ªìπ»Ÿπ¬å√«¡∑’Ëµ—Èß¢ÕßÕÿµ “À°√√¡¬“π¬πµå∑’Ë„À≠à∑’Ë ÿ¥·Ààß Àπ÷Ëß„π‚≈° °àÕ„Àâ‡°‘¥Õÿµ “À°√√¡µàÕ‡π◊ËÕßÕ’°°«à“ 55 ∫√‘…—∑‰¥â·°à ‡®π‡πÕ√—≈ ¡Õ‡µÕ√å , øÕ√å¥ - ¡“ ¥â“, °≈ÿà¡∫√‘…—∑‚µ‚¬µâ“, ·°π‡π’¬, «‘ ∑’ÕÕπ, ‡¥≈ø“¬, ¥“πà“, ∑’Õ“√å¥—∫ ∫≈‘«, ‚¬‚√´÷, ´—π‚§ ‚°‡´, ®ÕÀåπ —π §Õπ‚∑√≈, ∑“§“‚Õ–, ·´Á°‡´‘≈, ®’‡§‡ÕÁπ, ‡´πµå‚° ‡∫π ´’§‘«√‘∑, ‡ÕÁπ∑’‡ÕÁπ, Õ“√å«‘π ·≈–‡≈’¬√å / ‡ÕÁπ‡Õ™‡§ ‚§√ß°“√π‘§¡Õÿµ “À°√√¡¢π“¥°≈“ß·≈–¢π“¥¬àÕ¡ (SMEs) „π√Ÿª·∫∫ ‚√ßß“π ”‡√Á®√Ÿª∫πæ◊Èπ∑’Ë¢π“¥ 934-3,840 µ“√“ß‡¡µ√ ‡æ◊ËÕ√Õß√—∫Õÿµ “À°√√¡¢ÕßºŸâ ª√–°Õ∫°“√ ‡ªìπ°“√≈ß∑ÿπ∑’Ë§ÿâ¡§à“ ª√–À¬—¥‡«≈“„π°“√∫√‘À“√‚§√ß°“√·≈–∫√‘À“√ °“√‡ß‘π ‡À¡√“™°”≈—ßæ—≤π“‚√ß‰øøÑ“¢π“¥ 840 ‡¡°–«—µµå ¿“¬„µâ™◊ËÕ∫√‘…—∑ ‡Õ™‡æ“‡«Õ√å ®”°—¥ ‚¥¬‰¥â≈ßπ“¡„π —≠≠“√à«¡∑ÿπ°—∫∫√‘…—∑ ‡∑√§∑“‡∫≈ ‡Õ ‡Õ ®”°—¥ (°≈ÿà¡´Ÿ‡Õ´) ´÷Ëß‡ªìπºŸâπ”∑“ß¥â“πÕÿµ “À°√√¡‰øøÑ“·≈–°ä“´®“°‡∫≈‡¬’Ë¬¡ „πÕ—µ√“ à«π 25/75 √«¡∂÷ß°“√„Àâ∫√‘°“√°“√®—¥°“√¥â“π “∏“√≥Ÿª‚¿§„Àâ°—∫ºŸâª√–°Õ∫°“√„π™◊ËÕ∫√‘…—∑ ‡Õ≈‚¬à ‡Õ™ ø“´‘≈’µ’È ·¡‡π®‡¡π∑å ®”°—¥ Hemaraj Land And Development Public Company Limited is Thailand's leading industrial estate developer with assets of USD $ 200 million and international customers including Ford and Mazda, General Motors, GE Plastics, SIG Combibloc, Toyota Group, Sumitomo, Mitsui, BASF, Nippon Steel, Tetra Pak, BHP, Kellogg, and many others. Hemaraj was established in 1988 and listed on the Securities Exchange of Thailand (SET) in 1992. The three industrial estates, namely, the Chonburi Industrial Estate (Bo-Win) in Chonburi, the Eastern Industrial Estate in Map Ta Phut, Rayong and the Eastern Seaboard Industrial Estate (Rayong), Pluakdaeng, Rayong encompass the "Best Locations in the Eastern Seaboard", comprising over 15,000 Rai (6,000 acres) of land under development. Hemaraj's Eastern Seaboard Industrial Estate (Rayong), dubbed the "Detroit of the East", is an internationally integrated automotive complex with over 55 supply line companies including General Motors, Ford and Mazda, Toyota Group, Scania, Visteon, Delphi, Dana, TRW, Yorozu, Sanko Gosei, Johnson Controls, Takao, Zexel, GKN, SaintGobain Sekurit, NTN, Arvin, and Lear/NHK. Hemaraj's mini and micro factory projects are designed for small and medium enterprises (SMEs) who wish to optimize the cost of entry and flexibility with areas of 934-3,840 sq.m. Hemaraj has under development or operation 840 MW of power generation through H-Power, a 25/75 joint venture with Tractebel S.A., part of the Suez Group. Elyo-H Facilities Management Ltd. provides maintenance services for industrial customers.

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ

Reference Persons

π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å

Share Registrar

∫√‘…—∑ »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 ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ The Law Debenture Trust Corporation PLC. Prince House 95 Gresham Street London EC2V 7LY England ºŸâ Õ∫∫—≠™’ ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥ 195 Õ“§“√‡ÕÁ¡‰æ√å ∑“«‡«Õ√å ™—Èπ 21-22 ∂ππ “∏√„µâ ·¢«ß¬“ππ“«“ ‡¢µ “∑√ °√ÿß‡∑æœ 10210 ‚∑√»—æ∑å 677-2000 ‚∑√ “√ 677-2222 - π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2316 - π“¬ ÿæ®πå ‘ßÀå‡ πàÀå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2826 - π“ß “«π‘µ¬“ ‡™…∞‚™µ‘√ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 4439 ∑’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 ∑’Ëª√÷°…“∑“ß°“√‡ß‘π Devonshire Capital Group CDF House, Lake Rajada office Complex 195 Ratchadapisek Rd,. Bangkok 10110 Tel. 661-9576 Fax 661-9579 ∑’Ëª√÷°…“À√◊ÕºŸâ®—¥°“√¿“¬„µâ MCL Management Services —≠≠“°“√®—¥°“√ Penthouse# 02, Ban Chang-Glas Haus Bldg 1., Sukhumvit 25, Klongtoey, Bangkok 10110 Tel. 260-6454 Fax 260-6301

Thailand Securities Depository Co., Ltd. 62 The Stock Exchange of Thailand Bldg. 4th, 6-7th Floor, Rachadapisek Road, Klongtoey, Bangkok 10110 Tel. 359-1200-1 (Trustee) The Law Debenture Trust Corporation PLC. Prince House 95 Gresham Street London EC2V 7LY England Auditor KPMG Audit (Thailand) Ltd. 195 EmpireTower, 21th-22th Floor, South Sathorn, Yannawa, Sathorn Bangkok 10500 Tel. 677-2000 Fax 677-2222 - Mr. Nirand Lilamethwat CPA No. 2316 - Mr. Suphot Singhasaneh CPA No. 2826 - Ms. Nittaya Chetchotiros CPA No. 4439 Attorney Allen & Overy (Thailand) Co., Ltd. 22nd Floor, Sindhorn Building III, 130 Wireless Road, Bangkok 10330 Tel. 263-7600 Financial Advisor Devonshire Capital Group CDF House, Lake Rajada office Complex 195 Ratchadapisek Rd,. Bangkok 10110 Tel. 661-9576 Fax 661-9579 Advisor or manager under MCL Management Services contract management Penthouse# 02, Ban Chang-Glas Haus Bldg 1., Sukhumvit 25, Klongtoey, Bangkok 10110 Tel. 260-6454 Fax 260-6301

‚§√ß°“√

Project Summary ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 / as of 31 December, 2000

π‘§¡Õÿµ “À°√√¡ Industrial Estate

æ◊Èπ∑’Ë¢“¬‰ª·≈â« (‰√à) Cumulative (Rai) Sold

æ◊Èπ∑’ËÕÿµ “À°√√¡ Industrial Area

æ◊Èπ∑’Ë√«¡ (‰√à) Total Area (Rai)

æ—≤π“‡ √Á® ¡∫Ÿ√≥å % of Completion

71% 93%

1,950 541 860* 3,351

2,428 1,099 1,422 4,949

100 100

92%

1,443 423* 1,866

1,948 741 2,689

100% 88% 17%

2,080 1,442 1,155 2,319 6,996

97 97 81

2,582

1,535 1,032 823 1,479* 4,869

5,796

10,086

14,634

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

1380** 503 1,883

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

1,331 1,331

Õ’ ‡∑‘√åπ´’∫Õ√å¥ Eastern Seaboard Industrial Estate (Rayong) Phase I Phase II (A) Phase II (B) Expansion: Total Eastern Seaboard √«¡æ◊Èπ∑’Ë (‰√à) Total Rai

1,535 904 ** 143

* estimate ** includes land lease 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.

2000 SUMMARY ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑ (≈â“π∫“∑/Million Baht) √“¬‰¥â√«¡

(≈â“π∫“∑/Million Baht)

Total Revenue 2000

1,954

1,793

1500 836 818

1000 500 0

2540 2541 2542 2543 1997 1998 1999 2000

°Ì“‰√ ÿ∑∏‘

Net Income 1000

(ªï/Year)

(≈â“π∫“∑/Million Baht)

873

500 0

√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ Sales and Service Income √“¬‰¥â√«¡ Total Revenue °”‰√ ÿ∑∏‘ Net Income ‘π∑√—æ¬å√«¡ Total Assets Àπ’È ‘π√«¡ Total Liabilities à«π¢ÕßºŸâ∂◊ÕÀÿâπ Shareholdersû Equity °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) Earning Per Share (Baht)

2540/1997 2541/1998 2542/1999 2543/2000 1,304

346

804

628

1,954

1,793

836

818

(1,019)

873

(1,010)

(852)

7,381

7,628

6,843

6,689

4,916

4,389

4,577

5,089

2,053

2,831

1,831

1,134

(14.41)

12.33

(14.28)

(12.04)

(500) (852)

(1000)

(1,019)

(1500)

2540 2541 2542 2543 1997 1998 1999 2000

(1,010)

(ªï/Year)

Õ—µ√“ à«π∑“ß°“√‡ß‘π Financial Ratio Õ—µ√“ à«π∑ÿπÀ¡ÿπ‡«’¬π Current Ratio 2.35 Õ—µ√“ à«πÀπ’È ‘π ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Net Debt to Equity 1.88 Õ—µ√“ à«πº≈µÕ∫·∑π µàÕ∑√—æ¬å ‘π√«¡ (%) Return on Total Assets (%) 5.46 Õ—µ√“ à«πº≈µÕ∫·∑π µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ(%) Return on Equity (%) (36.62) Õ—µ√“ à«π°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) Net Profitability Ratio (%) (52.18) ¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’(∫“∑) Book Value per share (Baht) 29.01

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

1.57

1.16

1.10

1.29

1.97

3.09

9.36

(14.25)

(12.18)

30.21

(51.37)

(62.61)

48.66 (126.37) (148.18) 40.01

25.88

16.02

MESSAGE FROM THE BOARD OF DIRECTORS “ åπ®“°§≥–°√√¡°“√∫√‘…—∑

º≈ª√–°Õ∫°“√·≈– ∂“π–∑“ß°“√‡ß‘π¢Õß∫¡®. ‡À¡√“™ · ¥ß„Àâ‡ÀÁπ∂÷ßº≈ –∑âÕπ®“° ¿“«–‡»√…∞°‘® ·≈–µ≈“¥°“√‡ß‘π∑’Ë¬—ß§ß´∫‡´“Õ¬à“ßµàÕ‡π◊ËÕß„πª√–‡∑»‰∑¬ „πªï 2543 ∫√‘…—∑œ ¢“¥∑ÿπ ÿ∑∏‘ 852 ≈â“π∫“∑À√◊Õ 12.04 ∫“∑µàÕÀÿâπ ®“°√“¬√—∫√«¡ ÿ∑∏‘ 818 ≈â“π∫“∑ º≈¢“¥∑ÿπÀ≈—°π—Èπ‡°‘¥®“°°“√∫—π∑÷°º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥®“°Àπ’È ‘π °ÿ≈¥Õ≈≈à“√å √Õ. °“√ª√–‡¡‘π √“§“¢ÕßÀ≈—°∑√—æ¬å„À¡à °“√µ—Èß ”√Õßµ“¡°ÆÀ¡“¬ ·≈–¥Õ°‡∫’È¬®à“¬∑’ËÕ¬Ÿà„π√–¥—∫ Ÿß‡¡◊ËÕ‡∑’¬∫°—∫º≈ª√–°Õ∫°“√ ¢Õß∫√‘…—∑œ ¿“æ√«¡¢Õßµ≈“¥∑’Ë¥‘π‡æ◊ËÕÕÿµ “À°√√¡¢Õß‰∑¬„πªï 2543 · ¥ß∂÷ß¬Õ¥¢“¬‡°‘π°«à“ 1,400 ‰√à „π¢≥–∑’Ë ∫√‘…—∑¡’¬Õ¥¢“¬‡æ’¬ß 179 ‰√à ®“°≈Ÿ°§â“„À¡à 16 √“¬ „ππ‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥‡∑à“π—Èπ ´÷Ëß‰¡à‡ªìπ‰ªµ“¡ ‡ªÑ“∑’Ë«“ß‰«â °≈à“«‰¥â«à“°“√„™â‡«≈“æ‘®“√≥“°“√≈ß∑ÿπ‚§√ß°“√∑’Ë≈à“™â“¢Õß≈Ÿ°§â“„π°≈ÿà¡Õÿµ “À°√√¡ªî‚µ√‡§¡’ àßº≈ °√–∑∫‚¥¬µ√ßµàÕ°“√¢“¬¢Õßπ‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) „πªï 2543 ∫√‘ …— ∑ œ‰¥â ≈ ¥°“√∂◊ Õ Àÿâ π „π∫√‘ …— ∑ ‡Õ™-‡æ“‡«Õ√å ‡ À≈◊ Õ ®”π«π√â Õ ¬≈– 24.999 ‚¥¬∫√‘ …— ∑ ‡∑√§∑“‡∫≈ „π∞“π–ºŸâ∂◊ÕÀÿâπ à«π„À≠à ‰¥â∂◊ÕÀÿâπ‡ªìπ√âÕ¬≈– 75.001 º≈µÕ∫·∑π à«π„À≠à®“°°“√¢“¬Àÿâπ H-Power ‰¥â∂Ÿ°π”‰ª≈ß∑ÿπ„π‚§√ß°“√ Bowin Power ªí®®ÿ∫—π‚§√ß°“√ Bowin Power ‰¥â√—∫°“√ π—∫ πÿπ∑“ß°“√‡ß‘π‡ªìπ∑’Ë ‡√’¬∫√âÕ¬·≈â« ¿“«–‡»√…∞°‘®«‘°ƒµ∑’Ë‡°‘¥¢÷Èπ‰¥â¡’º≈°√–∑∫µàÕ¢’¥§«“¡ “¡“√∂„π°“√ √â“ß√“¬‰¥â„Àâ Õ¥§≈âÕß°—∫°“√™”√– Àπ’È∑’Ë§√∫°”Àπ¥ „πªï∑’Ëºà“π¡“∫√‘…—∑œ‰¥â∑”°“√ª√—∫‚§√ß √â“ßÀπ’È∑’Ë‡ªìπ‡ß‘π °ÿ≈∫“∑ à«π„À≠à‰ª·≈â« ¬—ß§ß‡À≈◊Õ·µà Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’ËÕ¬Ÿà„π‡ß‘π °ÿ≈¥Õ≈≈à“√å √Õ. „πªï 2543 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ‰¥â¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥ ∑–‡∫’¬π¢Õß∫√‘…—∑œ ¥—ß∑’Ë‰¥â°≈à“« √ÿª‰«â·≈â«„π√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ·µàÀπÿâ ∑—ÈßÀ¡¥°Á¬—ß¡‘‰¥âπ”ÕÕ°®”Àπà“¬ ‡√“‡™◊ËÕ«à“°≈¬ÿ∑∏å„π°“√æ—≤π“·≈–„Àâ∫√‘°“√√–∫∫ “∏“√≥Ÿª‚¿§®–‡ªìπ√Ÿª·∫∫∑’Ë°àÕ„Àâ‡°‘¥√“¬‰¥â‡ √‘¡Õ¬à“ß µàÕ‡π◊ËÕß ‚¥¬‡æ‘Ë¡§«“¡ ¡¥ÿ≈¬å·≈–≈¥§«“¡º—πº«π¢Õß°“√æ—≤π“·≈–¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡„ππ‘§¡ √“¬‰¥â À≈—°¢Õß∫√‘…—∑„π√–¬–¬“«®–‡°‘¥®“° ∏ÿ√°‘®æ≈—ßß“π °“√„Àâ∫√‘°“√√–∫∫ “∏“√≥Ÿª‚¿§ °“√¢“¬·≈–„Àâ‡™à“‚√ßß“π ”‡√Á®√Ÿª ´÷Ëß®–√«¡∂÷ß√“¬‰¥â®“°°“√„Àâ∫√‘°“√Õÿµ “À°√√¡¿“¬„µâ∫√‘…—∑√à«¡ Elyo-H Facilities Management ∑’Ë ‡æ‘Ëß‰¥â®—¥µ—Èß¢÷Èπ ®“° ¿“æ‡»√…∞°‘®∑’Ë∑â“∑“¬¥—ß°≈à“« °“√‰¥â√—∫§«“¡ π—∫ πÿπÕ¬à“ß¥’®“°∑’¡ºŸâ∫√‘À“√ æπ—°ß“π ºŸâ∂◊ÕÀÿâπ ≈Ÿ°§â“ ‡®â“Àπ’È µ≈Õ¥®πÀÿâπ à«π∏ÿ√°‘® ≈â«π‡ªìπ°”≈—ß„®∑’Ë¥’„π°“√°â“«µàÕ‰ª¢Õß∫√‘…—∑ „ππ“¡¢Õß§≥–°√√¡°“√ ·≈–§≥–ºŸâ ∫√‘À“√ ∫¡®.‡À¡√“™æ—≤π“∑’Ë¥‘π °√–º¡¢Õ¢Õ∫§ÿ≥¥â«¬§«“¡®√‘ß„® ¥â«¬§«“¡‡§“√æÕ¬à“ß Ÿß

(π“¬‡¥«‘¥ π“√å‚¥π) °√√¡°“√ºŸâ®—¥°“√ 31 ¡’π“§¡ 2544

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

Hemaraj Land And Development PLC financial and operating results reflected the relatively weak economic conditions and financial markets of Thailand. For 2000, Hemaraj reported a Net Loss of Baht 852 million, or a loss of Baht 12.04 per share, on Total Revenue of Baht 818.3 million. The Net Loss was due substantially to losses on foreign exchange rates in relation to USD liabilities, a revaluation to market of securities, the provision of legal reserves, and a high level of expensed interest in comparison to the level of operating activity. The overall Thailand industrial property market in 2000 increased modestly to sales of over 1,400 rai. The Hemaraj performance was disappointing as sales of 179 Rai from 16 new customers were primarily from Eastern Seaboard Industrial Estate only. Petrochemical customers were slow to conclude their decision making process, directly impacting Hemarajâ&#x20AC;&#x2122;s Eastern Industrial Estate at Map Ta Phut. In 2000, Hemaraj reduced its share in H-Power to 24.999% with Tractebel S.A. now in a majority position of 75.001%. Bowin Power, the 713 MW IPP project completed financing in 2000. The HPower share proceeds have substantially funded Hemarajâ&#x20AC;&#x2122;s equity commitment for Bowin Power. The economic conditions prevalent continue to constraint the ability to generate cash in line with the maturity of debt obligations. The U.S. dollar convertible bond remains to be restructured although most other debt restructuring are completed. Although the Board of Directors approved a capital increase in early 2000 as outlined in the financial comments, these shares have not been placed. The strategy of infrastructure development is to generate recurring and complementary income enhancing and balancing the cyclical nature and volatility of our leading industrial estate developments. Complementary areas like power, utility income, industrial services such as our recently formed Elyo-H Facilities Management, and the sale and lease of mini factories will over time provide a balanced and predictable revenue stream. During the challenging economic environment, the support of our management, employees, shareholders, customers, creditors, and business partners have been encouraging. 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 31st March 2001

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

ECONOMIC & COMPETTITIVE CONDITIONS ¿“«–‡»√…∞°‘®·≈–°“√·¢àß¢—π

¿“«–‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬‰¥âøóôπµ—«¢÷Èπ‡≈Á°πâÕ¬®“°®ÿ¥µË” ÿ¥¢Õß ¿“«–«‘°ƒµ‡»√…∞°‘®„πªï 2541 ∑’Ë‰¥â√—∫ º≈°√–∑∫µàÕ‡π◊ËÕß¡“µ—Èß·µàªï 2540 ‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬‰¥â√—∫º≈°√–∑∫®“°°“√™–≈Õµ—«¢Õßµ≈“¥°“√§â“ °“√ ≈ß∑ÿπ„π¿Ÿ¡‘¿“§Õ“‡´’¬π·≈–®“° ¿“«–‡»√…∞°‘®∑’Ëº—πº«π¢Õßª√–‡∑» À√—∞Õ‡¡√‘°“·≈–≠’ËªÿÉπ ´÷Ëß¡’º≈°√–∑∫µàÕ°“√ àß ÕÕ°·≈–°“√≈ß∑ÿπ¢Õßª√–‡∑» º≈‘µ¿—≥±å¡«≈√«¡¿“¬„πª√–‡∑»¢Õßªï 2543 ‰¥â¡’°“√§“¥°“√≥å‰«â«à“®–‡æ‘Ë¡¢÷Èπª√–¡“≥√âÕ¬≈– 4.0 - 4.5 ®“°ªï 2542 ¥—™π’Õÿµ “À°√√¡‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 3.1 °”≈—ß°“√º≈‘µ¢Õß∑—Èßª√–‡∑»Õ¬Ÿà∑’Ë√âÕ¬≈– 57.1 Õÿµ “À°√√¡µà“ßÊ Õ“∑‘ Õ‘‡≈§∑√Õπ‘§, ‡§√◊ËÕß„™â‰øøÑ“ √«¡∂÷ßÕÿµ “À°√√¡¬“π¬πµå·≈–™‘Èπ à«π¬“π¬πµå¡’º≈º≈‘µ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ¥—™π’ºŸâ∫√‘‚¿§ ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 2.9 ®“°ªï∑’Ë·≈â« Õ—µ√“°“√ àßÕÕ°(¥Õ≈≈à“√å √Õ.) ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 19.6 ·µà°“√π”‡¢â“°Á‡æ‘Ë¡¢÷Èπ®“°ªï 2542 √âÕ¬≈– 31.3 ´÷ßË ¡’º≈„Àâ°“√‡°‘π¥ÿ≈¢Õßª√–‡∑»≈¥≈ß ·≈–∂÷ß·¡â«“à ®–¡’°“√‡æ‘¡Ë µâπ∑ÿπæ≈—ßß“π·≈–°“√ÕàÕπµ—«¢Õß§à“‡ß‘π∫“∑ ·µàÕ—µ√“‡ß‘π‡øÑÕ°Á¬—ß§ßÕ¬Ÿà„πÕ—µ√“∑’ËµË” ‚¥¬Õ¬Ÿà∑’Ë√–¥—∫√âÕ¬≈– 1.6 “‡Àµÿ ”§—≠‡π◊ËÕß¡“®“°°”≈—ß°“√º≈‘µ∑’Ë¡“°‡°‘π §«“¡µâÕß°“√·≈–°“√∫√‘‚¿§∑’Ë™–≈Õµ—« „πªï 2543 ‚§√ß°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡®“°§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ¡’®”π«π 1,061 ‚§√ß°“√ ¡’¡Ÿ≈§à“ ‡ß‘π≈ß∑ÿπª√–¡“≥ 317,000 ≈â“π∫“∑ ¬Õ¥¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡ª√–¡“≥ 1,461 ‰√à (∑’Ë¡“ : CB Richard Ellis) ´÷ËßµË”°«à“¬Õ¥¢“¬ Ÿß ÿ¥„π™à«ßªï 2538 - 2539 ª√–¡“≥√âÕ¬≈– 80 „πªí®®ÿ∫—πµ≈“¥Õÿµ “À°√√¡√∂¬πµå‰¥âª√—∫µ—«®“°°“√æ÷ßË æ“µ≈“¥¿“¬„πª√–‡∑» à«π„À≠à¡“‡ªìπ°“√ àßÕÕ°‡æ‘¡Ë ¢÷πÈ ®–‡ÀÁπ‰¥â®“°„πªï 2543 ¡’¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷Èπ¿“¬„πª√–‡∑»®”π«π 270,000 §—π ·≈– àßÕÕ° 175,000 §—π ´÷Ëß‡ª√’¬∫ ‡∑’¬∫®“°¬Õ¥¢“¬¿“¬„πª√–‡∑»ª√–¡“≥ 590,000 §—π „πªï 2539 ·≈–≈¥≈ß‡À≈◊Õ 144,000 §—π „πªï 2541 °≈¬ÿ∑∏å ¢Õß°“√ àßÕÕ°¢Õß‰∑¬„π¥â“πÕÿµ “À°√√¡√∂¬πµåπ’Èª√– ∫§«“¡ ”‡√Á®§àÕπ¢â“ß Ÿß ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß√∂¬πµå¢π“¥∫√√∑ÿ° 1 µ—π ´÷Ëß‰¥â¡’°“√ àßÕÕ°‰ª¬—ßª√–‡∑»ÕÕ ‡µ√‡≈’¬ ·Õø√‘°“ ¬ÿ‚√ª ≠’ËªÿÉπ·≈–Õ’°À≈“¬ª√–‡∑» Õπ“§µ‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬¬—ß§ß ¥„ Õ¬Ÿà‚¥¬¡’Õÿµ “À°√√¡°“√‡°…µ√ Õ‘‡≈§∑√Õπ‘§ å ·≈–Õÿµ “À°√√¡ ¬“π¬πµå‡ªìπÕÿµ “À°√√¡∑’Ë √â“ß√“¬‰¥âÀ≈—°®“°°“√ àßÕÕ°¢Õßª√–‡∑» „π¢≥–∑’Ë°“√¥”‡π‘π°“√‡æ◊ËÕ„Àâ∫√√≈ÿ¢âÕµ°≈ß π∏‘ —≠≠“∑“ß°“√§â“√–À«à“ßª√–‡∑»„πÕ“‡´’¬π ª√–‡∑»‰∑¬®–¬—ß§ßÕ¬Ÿà„π ∂“π–∑’Ë·¢Áß·°√àß∑’Ë ÿ¥„π¿Ÿ¡‘¿“§Õ“‡´’¬π ¡“µ√“°“√∑“ß°“√‡ß‘π°“√§≈—ßµà“ßÊ ¢Õß√—∞∫“≈®–™à«¬°√–µÿâπ°“√∫√‘‚¿§¿“¬„πª√–‡∑»∂÷ß·¡â§à“‡ß‘π∫“∑®–ÕàÕπµ—«≈ß µàÕ‰ª°Áµ“¡ ªí®®—¬∑’Ë‡À≈◊Õ∑’Ë‰¡àÕ“®§“¥‰¥â«à“®–¡’º≈°√–∑∫µàÕª√–‡∑»‰∑¬¡“°πâÕ¬·§à‰Àπ‡°‘¥®“°§«“¡ÕàÕπ·Õ∑“ß ‡»√…∞°‘®¢Õß≠’ËªÿÉπ ·≈–°“√™–≈Õµ—«∑“ß‡»√…∞°‘®¢Õß À√—∞Õ‡¡√‘°“ ·≈–ª√–‡∑»Õ◊ËπÊ ¬—ß§ß¡’§«“¡º—πº«πÕ¬Ÿà

ECONOMIC CHARTS

GDP Growth

(√âÕ¬≈–/Percentage)

9 5.9

4.2 4.0

3 SOURCE : Bank of Thailand

(√âÕ¬≈–/Percentage)

9 6

Agriculture Production Growth

(1.7) (10.2)

2539 2540 2541 2542 2543 1996 1997 1998 1999 2000

(ªï/Year)

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

4.0

2.1 1.6

2539 2540 2541 2542 2543 1996 1997 1998 1999 2000

(0.5) (0.3)

(ªï/Year)

The economic climate in Thailand has been recovering modestly since the bottom in 1998 after the currency and financial meltdown of 1997. The Thailand economy is impacted by the deterioration of the regional ASEAN markets both as trading and investment markets, and by economic uncertainties in key export and investment markets of the U.S. and Japan. For 2000, the GDP growth index was projected to rise by 4.0 to 4.5 percent from the previous year. Manufacturing production growth rose by 3.1 percent with capacity utilization at 57.1 percent. Many industries including electronics and electrical appliances as well as automobile and auto parts showed a major increase in production from the previous year. The Private Consumption Index increased 2.9 percent from a year earlier. Exports in dollar terms rose by 19.6 percent. However, imports also rose by 31.3 percent from the 1999 level, narrowing the trade surplus. The inflation rate remains low at 1.6 percent for the year due to excess capacity and weak consumption despite increases in energy costs and a weak Baht. The Board of Investment (BOI) project approvals are gradually recovering with 1,061 projects approved representing an investment value of Baht 317 billion in 2000. Sales in Thailand of Industrial Land (source CB Richard Ellis) are estimated at 1,461 rai for 2000, still some 80 % below the peak levels of 1995 and 1996. The automotive market, initially dependant on domestic sales of 590,000 vehicles in 1996 dropping

to the low of domestic sales of 144,000 vehicles in 1998, is now stronger and more balanced. In 2000, the modest recovery continued with domestic sales of 270,000 vehicles along with 175,000 vehicle exports. Thailand’s export base strategy, particularly for 1 ton pick up platforms, has been successful with access to markets in Australia, South Africa, Europe, Japan, and many emerging markets. The economic prospects for Thailand remain promising with agriculture, electronics, and automotive generating considerable export earnings. As the ASEAN trading eventually materializes, Thailand remains the strongest positioned in the regional markets. The new government’s fiscal and monetary measures of deficit spending and rural populist programs may modestly increase consumption, although weakening the Baht further. It remains uncertain how disruptive the impact for Thailand will be of the continuing impact of a weak Japanese economy and new softness in the U.S. and other markets.

Industrial Production Growth

(√âÕ¬≈–/Percentage)

12 9

Private Consumption Growth

(√âÕ¬≈–/Percentage)

12 8.4

9 6.5

3.0

2539 2540 2541 2542 2543 1996 1997 1998 1999 2000

(ªï/Year)

6.9

6 3.0 2.9

0.1 (11.6)

(√âÕ¬≈–/Percentage)

6.8

Private Investment Growth

(0.8) (10.6)

2539 2540 2541 2542 2543 1996 1997 1998 1999 2000

(ªï/Year)

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

(20.3) (27.9) (0.7) 0.0 2539 2540 2541 2542 2543 1996 1997 1998 1999 2000

(ªï/Year)

NATURE OF BUSINESS ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® ‚§√ß°“√π‘§¡Õÿµ “À°√√¡

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√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

Industrial Estate Focus Hemaraj has concentrated on the industrial estate development in the Eastern Seaboard Region since the beginning of the Eastern Seaboard Development Program. The Eastern Seaboard Area has a concentrated infrastructure development to supporting the investors with the petrochemical complex, liquid and bulk ports, new highways, deep sea container ports, electricity substations & generations, water supply, communications, international airport, and universities, schools and communities., etc. Hemaraj’s three industrial estates of 6,000 acres (15,000 rai) are jointly managed with the Industrial Estate Authority of Thailand and receive promotion privileges from the Office of the Board of Investment, namely; Chonburi Industrial Estate (Bo Win), Eastern Industrial Estate (Map Ta Phut) and Eastern Seaboard Industrial Estate (Rayong). The infrastructure development of each industrial estate is supporting to the various types of industry. Hemaraj provides and manages the infrastructure on site such as waste water treatment, water supply, in some cases electricity, communications, as well as services of steam, demineralized water, facilities and maintenance services, and supporting mini and micro factories for small and medium enterprises (SMEs). All services enhance the customers achieving the lowest long-term cost of ownership. In 2000, the company’ s environmental achievements continued. The Eastern Seaboard Industrial Estate was the recipient of the Best Environmental Management, EIA Award by the Ministry of Science in 1998 and 2000. The Eastern Industrial Estate was also the recipient of the EIA Award in 2000. The three industrial estates were awarded the ISO 14001 Certification by BVQI. These will further enhance the efficiency of Hemaraj’s for the beneficiary of customers and communities. Chonburi Industrial Estate (Bo Win) is designed for the steel mills, auto parts, electronics, building materials and general industries. There is an export processing zone for export-oriented industry and ready build factory Mini factories. The project area is 4,905 Rai with Phase I and II completed, Phase III is under limited development. Eastern Industrial Estate (Map Ta Phut) is located in the Map Ta Phut Petrochemical Complex and designed for customers mainly from steel, petrochemical, and chemical industries. The infrastructure is designed to serve heavy industries requiring a high water, waste water, and power capabilities including optional utility services such as steam, private power, and de mineralized water. H-Power subsidiary cogeneration power plant (Industrial Power) and a de-mineralized water plant (Industrial Water) are on site. The provision of a pipe rack distribution network is available through subsidiary Eastern Pipeline Services. Eastern Seaboard Industrial Estate (Rayong), a 60/40 joint venture with Siam Food Products PLC, development started in 1995 for automotive and auto parts, building materials, metal processing, consumer goods, electronics, and medium industries. The area of 6,992 Rai is located in Pluak Daeng, Rayong in close proximity to the Chonburi coastal infrastructure, container port, and human and recreational resources.

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

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√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

The Eastern Seaboard Industrial Estate (Rayong) has become one of the most integrated automotive industrial estates in the world and dubbed the “Detroit of the East”. ESIE is home to AutoAlliance (Ford & Mazda Joint Venture), General Motors, along with 6 Toyota group and over 55 automotive related companies to date including glass, plastics, metal processing, steel service centers, forging, chemical and other related activities. This is the heart of integrated automotive suppliers in Thailand.

Infrastructure H-Power Company Limited was formed in 1997 by Hemaraj for the purpose of investing in power projects within the context of the privatization of power to the Electricity Generating Authority of Thailand (EGAT). In September of 1997, Hemaraj partnered equally H-Power with Tractebel S.A., the Belgian electricity and gas utility. In the first quarter of 2000, Hemaraj reduced its stake in H-Power in order to fund the Bowin Power IPP project, with Tractebel subsequently holding 75.001% and Hemaraj 24.999%. H-Power’s registered capital is Baht 1,330 million. Established since November 1994, the H-Power subsidiary Industrial Power Company (IP) project is a gas fired co-generation power plant designed to generate a capacity of 124.4 MW (net electricity) and 100 tons per hour of steam segregated into two phases. IP’s facility provides 110 MW of electricity to EGAT under the Small Power Producer (SPP) program and both electricity, steam, and demineralized water to industrial customers. The plant is located in Hemaraj’s Eastern Industrial Estate, with a total investment of Baht 4,500 million. Bowin Power Company Limited, H-Power subsidiary, is developing a 713 MW natural gas-fired Alstrom combined cycle power plant under EGAT’s Independent Power Producers (IPP) program. Bowin Power is located in Hemaraj’s Chonburi Industrial Estate. Bowin Power signed a 25 year Power Purchase Agreement (PPA) with EGAT and a 25 year Gas Supply Agreement (GSA) with the Petroleum Authority of Thailand (PTT) in 1997. The commercial operation date in supplying power to the EGAT is scheduled for April 1, 2002. The project cost is approximately USD 390 million with project finance completed on July 14, 2001. The IPP projects were included by EGAT in the indexing of the power capacity tariff to 90% of the fluctuations of the U.S. Dollar after the Baht floatation in July 1997. Elyo- H Facilities Management Limited is the joint venture company of Hemaraj, Elyo group of France (a Tractebel subsidiary and part of the worldwide Suez group) and Teo Hong Silom Group (a well known group of supplier/ engineering contractor). Elyo H-FM was registered in July 2000 at Eastern Seaboard Industrial Estate (Rayong). Elyo-H FM was established to serve manufacturer’s need for outsourcing facilities management maintenance and utility management services.

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

GENARAL INFORMATION ¢âÕ¡Ÿ≈∑—Ë« ‰ª ¢âÕ¡Ÿ≈∑—Ë«‰ª/ General Information ∫√‘…—∑ Name ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∑–‡∫’¬π‡≈¢∑’Ë ∫¡®. 141 ∑ÿπ®¥∑–‡∫’¬π 327,000,000 Àÿâπ ∑ÿπ∑’ËÕÕ° 70,790,777 Àÿâπ Hemraj Land And Development Public Company Limited Registration No. 141 Share Capital 327,000,000 shares Issued 70,790,777 shares

∑’ËÕ¬Ÿà

‚§√ß √â“ß√“¬‰¥â/ Revenue Structure

ª√–‡¿∑°‘®°“√

∑ÿπ™”√–·≈â« % (≈â“π∫“∑) °“√≈ß∑ÿπ 2543 Nature of Business Paid Capital % of (Mil.Baht) Investment 2000

Address

‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 ‚∑√»—æ∑å (662) 719-9555 ‚∑√ “√ (662) 719-9546-7 18th Floor, UM Tower, Industrial Estate 9 Ramkhamhaeng Rd., Suanluang, Developer Bangkok 10250 Tel. (662) 719-9555 Fax (662) 719-9546-7 www.hemaraj.com E-mail : sales@hemaraj.com

708

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

138.11

285.02

565.53

% %

∫√‘…—∑¬àÕ¬ SUBSIDIARY COMPANIES Hemaraj International Limited (1)

Richie & Duckworth, 2nd Floor Zephyr House, Mary Street, P.O.Box 709, George Town, Grand Cayman Islands. H-International (BVI) Romasco Place, Wickhams Cay 1, Company Limited (2) P. O. Box 3140, Road Town, Tortola British Virgin Islands. ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Eastern Industrial Estate Co., Ltd. 18th Floor. UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 ∫√‘…—∑ Õ’ ‡∑‘√åπ‰ææå‰≈πå‡´Õ√å«‘ ‡´ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Eastern Pipeline Service Co., Ltd. (3) 18th Floor. UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 ∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Eastern Seabord Industrial Estate 18th Floor. UM Tower, (Rayong) Co., Ltd. 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250

Holding Company

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

$1,000 100 ($1 = 25.29 Baht)

$2,000

100

30.16

20.24

517.08

400

99.99

195.79

145.74

59.36

99.99

16.42

11.60

2.11

358

437.79

373.55

297.27

1,205

24.99

(138.28)

(20)

(6.96)

(1)

352.21

Industrial Estate Developer ∫√‘°“√„Àâ‡™à“«“ß∑àÕ ¢π∂à“¬«—µ∂ÿ Pipe Rack Retal

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Industrial Estate Developer

∫√‘…—∑√à«¡ ASSOCIATED COMPANIES ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

H-Power Company Limited

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

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

¢âÕ¡Ÿ≈∑—Ë«‰ª/ General Information ∫√‘…—∑ Name

∑’ËÕ¬Ÿà Address

∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥

‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Industrial Power 20th Floor. UM Tower, Company Limited (4) 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 H-Infra Company Limited (4) 20th Floor. UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Operation Power Services 20th Floor. UM Tower, Company Limited (4) 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 Pinago Services Limited P. O. Box 957,Offshore Centre, Road Town, Tortola, British Virgin Islands ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Bowin Power Company Limited (4) 20th Floor. UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 ∫√‘…—∑ Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ´—ææ≈“¬ ®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß °√ÿß‡∑æœ 10250 Industrial Water Supply 20th Floor. UM Tower, Company Limited (4) 9 Ramkhamhaeng Road, Suanluang, Bangkok 10250 ∫√‘…—∑ ‡Õ≈‚¬à-‡Õ™ ø“´‘≈’µ’È ‡≈¢∑’Ë 107/1 À¡Ÿà 4 π‘§¡Õÿµ “À°√√¡ ·¡π‡π®‡¡π∑å ®”°—¥ Õ’ ‡∑‘√åπ´’∫Õ√å¥(√–¬Õß) ª≈«°·¥ß √–¬Õß Elyo-H Facilities Management 107/1 Moo 4 Eastern Seaboard Limited. Industrial Estate (Rayong) Pluakdeang, Rayong ¬Õ¥√«¡√“¬‰¥â¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈– ∫√‘…—∑œ¬àÕ¬ Total Revenue : Hemaraj Land And Development PLC. and Subsidiaries À¡“¬‡Àµÿ / Remark 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 ®”°—¥

‚§√ß √â“ß√“¬‰¥â/ Revenue Structure

ª√–‡¿∑°‘®°“√

∑ÿπ™”√–·≈â« % (≈â“π∫“∑) °“√≈ß∑ÿπ 2543 Nature of Business Paid Capital % of (Mil.Baht) Investment 2000 ¢“¬æ≈—ßß“π‰øøÑ“ ·≈–‰ÕπÈ”

788

24.99

Holding Company

24.99

∫√‘À“√·≈–¥Ÿ·≈ ‚√ß‰øøÑ“

24.99

% %

√“¬‰¥â (≈â“π∫“∑) 2542 % Revenue ( Mil.Baht) 1999 %

2541

1998

Co-Generation Power Plant

Operation & Maintenance for Power Plant Holding Company

24.99

11 ºŸâº≈‘µ‰øøÑ“Õ‘ √– (IPP)

733

24.99

º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡ 21

24.99

Independent Power Producer (IPP)

Demineralised Water Plant „Àâ∫√‘°“√‡°’Ë¬«°—∫ √–∫∫ “∏“√≥Ÿª‚¿§

39.99

Facilities Management Services 679.99

1) 2) 3) 4)

Incorporated in the Cayman Islands Incorporated in the Territory of the British Virgin Islands Subsidiary of Eastern Industrial Estate Indirectly held through H-Power

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

100

829.19

100

1,793.56

100

SHAREHOLDING STRUCTURE & MANAGEMENT ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ √“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ≥ «—π∑’Ë 28 ‡¡…“¬π 2543 («—πªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ) First 10 Hemaraj Land And Development’s Shareholders as at 28 April 2000 (The closing date of share register book)

≈”¥—∫∑’Ë

™◊ËÕ °ÿ≈

®”π«πÀÿâπ

% ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥

Item

Shareholders

No. of Shares

% of All Shares

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å Mr. Thongchai Srisomburananonta ∫√‘…—∑ ´—π‡∑§°√ÿäª ®”°—¥ (¡À“™π) Sun Tech Group Public Co., Ltd. π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß Mr. Sawasdi Horrungruang π“¬ —¡ƒ∑∏‘Ï ‡Õ◊ÈÕ‚™µ‘æ≥‘™ Mr. Sumrit Eahchotipanij π“¬∂“«√ Õπ—πµå§Ÿ»√’ Mr. Thavorn Anankusri π. .πÿ™π“√∂ ÀÕ√ÿàß‡√◊Õß Miss Nuchanart Horrungruang HSBC (Singapore) nominees Pte. Ltd. Gamma Capital Fund π“¬Õ¿‘™“µ‘ ‡ß‘πÕ¬Ÿà Mr. Apichad Ngoenyoo π“¬‰ « ÀÕ√ÿàß‡√◊Õß Mr. Savai Horrungruang

12,805,335 12,111,806 7,310,000 3,357,100 2,700,000 2,515,275 2,388,230 2,387,900 1,500,000 1,100,000

18.09 17.11 10.33 4.74 3.90 3.55 3.37 3.37 2.12 1.55

‚§√ß √â“ß°“√®—¥Õß§å°√¢Õß ∫¡®.‡À¡√“™æ—≤π“∑’Ë¥‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 12

The Company's organization structure as of December 31, 2000 ºŸâ∂◊ÕÀÿâπ

Shareholders §≥–°√√¡°“√∫√‘…—∑ Board of Directors §≥–°√√¡°“√∫√‘À“√ Executive Committee

§≥–°√√¡°“√µ√«® Õ∫ Audit Committee

°√√¡°“√ºŸâ®—¥°“√ President & CEO

µ√«® Õ∫¿“¬„π Internal Audit

ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ Senior Vice President ΩÉ“¬°“√µ≈“¥ Corporate Marketing

ΩÉ“¬≈Ÿ°§â“ —¡æ—π∏å Customer Development

ΩÉ“¬æ—≤π“‚§√ß°“√ Development

ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ Senior Vice President ΩÉ“¬ªÆ‘∫—µ‘°“√π‘§¡œ IE. Operations

ΩÉ“¬æ—≤π“∏ÿ√°‘® Business Development

ΩÉ“¬°“√‡ß‘π Finance

ΩÉ“¬∫—≠™’ Account

ΩÉ“¬ “√ π‡∑» Planning & Information Systems

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

§≥–°√√¡°“√∫√‘…—∑ 1. 2. 3. 4. 5.

π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß ª√–∏“π°√√¡°“√ 6. π“¬‡¥«‘¥ √‘™“√å¥ π“√å‚¥π °√√¡°“√ π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å °√√¡°“√ 7. π“¬ªï‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π °√√¡°“√Õ‘ √– π“¬∂“«√ Õπ—πµå§Ÿ»√’ °√√¡°“√ 8. π“ßæ√√≥’ «√«ÿ≤‘®ß ∂‘µ °√√¡°“√Õ‘ √– π“¬ª√–∑’ª ‰µ√‚≈À°– °√√¡°“√ 9. π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ °√√¡°“√ π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’ °√√¡°“√Õ‘ √– - §≥–°√√¡°“√∫√‘…∑— ¡’Õ”π“®Àπâ“∑’®Ë —¥°“√∫√‘…∑— „Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬ «—µ∂ÿª√– ß§å·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…∑— µ≈Õ¥®π¡µ‘¢Õß∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ

§≥–°√√¡°“√µ√«® Õ∫ 1. π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’ ª√–∏“π°√√¡°“√µ√«® Õ∫ 2. π“¬ªï‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π °√√¡°“√µ√«® Õ∫ 3. π“ßæ√√≥’ «√«ÿ≤‘®ß ∂‘µ °√√¡°“√µ√«® Õ∫ - §≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑¡’¢Õ∫‡¢µ Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫·≈–√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑¥—ßµàÕ‰ªπ’È 1. Õ∫∑“π„Àâ∫√‘…—∑¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ 2. Õ∫∑“π„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π (Internal Control) ·≈–°“√µ√«® Õ∫¿“¬„π (Internal Audit) ∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ 3. Õ∫∑“π„Àâ∫√‘…—∑ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å À√◊Õ°ØÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß °—∫∏ÿ√°‘®¢Õß∫√‘…—∑ 4. æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ·µàßµ—Èß·≈–‡ πÕ§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ 5. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑„π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡ ∂Ÿ°µâÕß·≈–§√∫∂â«π 6. ®—¥∑”√“¬ß“π°“√ Õ∫∑“π°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑ √«¡∑—Èß„Àâ§«“¡‡ÀÁπ‡°’Ë¬«°—∫ °√–∫«π°“√®—¥∑”·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π√“¬ß“π∑“ß°“√‡ß‘π ·≈–§«“¡‡ÀÁπ‡°’Ë¬«°—∫√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ≈ßπ“¡‚¥¬ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 7. √“¬ß“π°“√¥”‡π‘πß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫„Àâ§≥–°√√¡°“√¢Õß∫√‘…—∑∑√“∫‡ªìπª√–®” Õ¬à“ßπâÕ¬‰µ√¡“ ≈– 1 §√—Èß 8. √à«¡„Àâ§«“¡‡ÀÁπ„π°“√æ‘®“√≥“°“√·µàßµ—Èß °“√∂Õ¥∂Õπ º≈ß“π·≈–§à“µÕ∫·∑π¢ÕßºŸâµ√«® Õ∫¿“¬„π 9. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑¡Õ∫À¡“¬¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√∫√‘À“√ 1. π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß ª√–∏“π°√√¡°“√∫√‘À“√ 4. π“¬ª√–∑’ª ‰µ√‚≈À°– √Õßª√–∏“π°√√¡°“√∫√‘À“√ 2. π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å √Õßª√–∏“π°√√¡°“√∫√‘À“√ 5. π“¬‡¥«‘¥ √‘™“√å¥ π“√å‚¥π °√√¡°“√∫√‘À“√ 3. π“¬∂“«√ Õπ—πµå§Ÿ»√’ √Õßª√–∏“π°√√¡°“√∫√‘À“√ 6. π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ °√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®Àπâ“∑’Ë∫√‘À“√ß“π §«∫§ÿ¡¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑¡Õ∫À¡“¬ À√◊Õ¡’¡µ‘

§≥–ºŸâ∫√‘À“√ 1. 2. 3. 4.

π“¬‡¥«‘¥ √‘™“√å¥ π“√å‚¥π °√√¡°“√ºŸâ®—¥°“√ 5. π“¬»‘√‘»—°¥‘Ï °‘®√—°…“ π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ 6. π“ß “« ¡„® «™‘√Àâ“ π“¬§”ŒÕß √—»¡’ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√ 7. π“ß “«ªƒ…¥“ ∑Õß«‘‡»…°ÿ≈ π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß ºŸâÕ”π«¬°“√ΩÉ“¬æ—≤π“ 8. π“¬‡ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π - ºŸâ∫√‘À“√¡’Àπâ“∑’Ë®—¥°“√°‘®°“√∑—Èßª«ßµ“¡∑’Ë°√√¡°“√∫√‘À“√¡Õ∫À¡“¬À√◊Õ¡’¡µ‘

√ÕßºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ √ÕßºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥ ºŸâ®—¥°“√ΩÉ“¬ “√ π‡∑»

°“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√ „π°“√ √√À“°√√¡°“√¢Õß∫√‘…—∑ §≥–°√√¡°“√∫√‘…—∑®–‡ªìπºŸâæ®‘ “√≥“·≈–‡ πÕ™◊ËÕ°√√¡°“√„À¡àµàÕ∑’Ëª√–™ÿ¡ºŸâ∂Õ◊ Àÿπâ ‡æ◊ËÕæ‘®“√≥“·µàßµ—Èß ”À√—∫ °“√ √√À“ºŸâ∫√‘À“√¡Õ∫À¡“¬„Àâ°√√¡ºŸâ®—¥°“√‡ªìπºŸâæ‘®“√≥“

§à“µÕ∫·∑πºŸâ∫√‘À“√ §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π §à“µÕ∫·∑π°√√¡°“√∫√‘…—∑ „πªï 2543 √«¡ 12 √“¬ ( ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 ¡’®”π«π 9 √“¬ ) ‡∑à“°—∫ 16,979,443.81 ∫“∑ ‚¥¬‡ªìπ §à“µÕ∫·∑π„π√Ÿª ‡∫’È¬ª√–™ÿ¡ ·≈–∫”‡ÀπÁ®°√√¡°“√ §à“µÕ∫·∑π√«¡°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√ „πªï 2543 √«¡ 10 √“¬ ‡∑à“°—∫ 24,145,597.39 ∫“∑

°“√°”°—∫¥Ÿ·≈°‘®°“√ §≥–°√√¡°“√∫√‘…—∑‰¥â¡’°“√ªØ‘∫—µ‘µ“¡¢âÕæ÷ßªØ‘∫—µ‘∑’Ë¥’ ”À√—∫°√√¡°“√∫√‘…—∑®¥∑–‡∫’¬π (Code of Best Practice) ∑’Ë‡ªìπ‰ªµ“¡·π«∑“ß ¢Õßµ≈“¥À≈—°∑√—æ¬å ‡æ◊ËÕ √â“ß§«“¡‡™◊ËÕ¡—Ëπ·°àºŸâ∂◊ÕÀÿâπ ºŸâ≈ß∑ÿπ ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß

°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π ∫√‘…—∑ ‰¥â·®âß„ÀâºŸâ∫√‘À“√ √—∫∑√“∫‡°’Ë¬«°—∫¢âÕ∫—ß§—∫ À≈—°‡°≥±å ‡ß◊ËÕπ‰¢·≈–«‘∏’°“√ ®—¥∑”·≈–‡ªî¥‡º¬√“¬ß“π°“√∂◊ÕÀ≈—°∑√—æ¬åµàÕ§≥–°√√¡°“√ °”°—∫À≈—°∑√—æ¬åœ ‚¥¬µ“¡¢âÕ∫—ß§—∫¢Õßµ≈“¥À≈—°∑√—æ¬åœ ∫√‘…—∑®– “¡“√∂∑√“∫∂÷ß°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å¢ÕßºŸâ∫√‘À“√¥â«¬

°“√§«∫§ÿ¡¿“¬„π §≥–°√√¡°“√¡’§«“¡‡ÀÁπ«à“ √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ·≈–°“√µ‘¥µ“¡¥Ÿ·≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬„π°“√ªÑÕß°—π∑√—æ¬å ‘π¢Õß ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬Õ—π‡°‘¥®“°°“√∑’ËºŸâ∫√‘À“√π”‰ª„™â‚¥¬¡‘™Õ∫À√◊Õ‚¥¬‰¡à¡’Õ”π“®π—Èπ ¡’√–∫∫∑’Ë‡æ’¬ßæÕ·≈–‡À¡“– ¡æÕ ¡§«√°—∫√–∫∫°“√∫√‘À“√ ®—¥°“√¢Õß∫√‘…—∑„πªí®®ÿ∫—π Õ¬à“ß‰√°Áµ“¡∫√‘…—∑¡ÿàß∑’Ë®–æ—≤π“√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ´÷Ëß„π¢≥–π’ÈÕ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“ √√À“∫ÿ§§≈ ‡æ◊ËÕ∑”Àπâ“∑’Ë‡ªìπ§≥–∑”ß“π°≈—Ëπ°√Õß ‡æ◊ËÕµ√«® Õ∫·≈–§«∫§ÿ¡¥Ÿ·≈°“√ªØ‘∫—µ‘ß“π¿“¬„π∑’Ë ”§—≠¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬Õ’°√–¥—∫Àπ÷Ëß ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

Board of Directors 1.

Mr. Sawasdi Horrungruang

Chairman of the Board of Director

Mr. David Richard Nardone

Mr. Thongchai Srisomburananonta

Director

Mr. Peter John Edmondson

Independent Director

Mr. Thavorn Anankusri

Director

Mrs. Punnee Worawuthichongsathit

Independent Director

Mr. Prateep Trilohaka

Director

Mr. Vivat Jiratikarnsakul

Director

Mr. Sudhipan Charumani

Independent Director

Director

The Board of Directors has the authority and duty to manage the Company in accordance with the laws, objects and Articles of Association, including the resolutions of the shareholders’ meeting.

The Audit Committee 1.

Mr. Sudhipan Charumani

Chairman of the Audit Committee

Mrs. Punnee Worawuthichongsathit

Member

Mr. Peter John Edmondson

Member

The Audit Committee of the Company has the scope of duties and responsibilities, and shall report to the Company’s board of directors as follows: 1.

to conduct a review so that the Company has correct and sufficient financial reports;

to conduct a review so that the Company has appropriate an efficient internal control and internal audit;

to conduct a review so that the Company compiles with the law concerning securities and exchange, the regulations of the Stock Exchange or the laws relating to the Company’s business;

to consider, select and nominate the Company’s auditor and to propose his professional fees;

to consider the disclosure information of the Company in case where there is a connected party transaction which may have a conflict of interest in a correct and complete manner;

to prepare business review of the audit committee to be disclosed in the Company’s annual report including providing opinions concerning the preparation and disclosure information process in a financial report and opinions about the Company’s internal control system. The report shall be signed by a Chairman of the audit committee;

to report the audit committee’s operation to the Company’s Board of Directors at least on quarterly basis;

to co-ordinate providing opinions for consideration of the appointment and removal, work performance and professional fees of an internal auditor; and

to perform any other acts as may be assigned by the Company’s Board of Directors with the approval of the audit committee.

The Executive Committee 1.

Mr. Sawasdi Horrungruang

Chairman of the Board of Director

Mr. Prateep Trilohaka

Vice Chairman of the Board

Mr. Thongchai Srisomburananonta

Vice Chairman of the Board

Mr. David Richard Nardone

Executive Director

Mr. Thavorn Anankusri

Vice Chairman of the Board

Mr. Vivat Jiratikarnsakul

Executive Director

The Executive Directors shall have the duty as assigned by the Board of Directors to supervise the business of the Company.

The Management 1.

Mr. David Richard Nardone

President & Chief Executive Officer

Mr. Sirisak Kijraksa

Mr. Vivat Jiratikarnsakul

Senior Vice President

Ms. Somjai Wachiraha

Deputy Director-Finance

Mr. Khamhoung Ratsamany

Director - Industrial Estate Operations

Ms. Parisada Tongviseskul

Manager- Marketing

Mr. Tanin Subboonrueng

Director-Development

Mr. Paopitaya Smutrakalin

Manager-Planning and Information Systems

Deputy Director-Accounting

The Management shall have the duty as assigned by the Executive Directors to supervise the business of the Company.

Director and Management Selection Procedure The procedure of selection for appointment as director shall be deliberated by the Board of Directors for the Shareholders’ Meeting approval. The management selection is the responsibility of the President & CEO.

Directors’ Remuneration Monetary remuneration In 2000, the total remuneration for 12 directors (9 directors as at 31 December 2000) was Baht 16,979,443.81 which comprises of meeting allowance and directors compensation. In 2000, the total remuneration for 10 management was Baht 24,145,597.39

Business Supervisor The Company’s Board of Director has shown responsibility in compliance with the proper Code of Best Practice for Directors of List Companies in accordance with the guidelines established by The Stock Exchange of Thailand for the confidence of shareholders, investors and other related parties.

Insider Trading Controls The Company informed all executives about the Notification of SET Concerning Rules, Procedures, and Disclosure of securities holdings. With such rules, the Company will always be aware of the securities holdings of any executive

Internal Controls The Board of Directors believed that the current internal control and inspection of the Company and its subsidiaries are sufficient and appropriate to inspect and follow our executives who use the company’s assets without authority or immorally. However, the Company determines to continually develop our internal control and inspection which now being under the search and the selection of the body of Screening Committee.

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

RELATED TRANSACTION

√“¬°“√√–À«à“ß°—π

√“¬°“√√–À«à“ß°—π √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ„πªï∑’Ëºà“π¡“ ‡ªìπ√“¬°“√°Ÿâ¬◊¡‡ß‘π „π«ß‡ß‘π 210 ≈â“π∫“∑ ®“°ºŸâ„Àâ°Ÿâ¬◊¡À≈“¬√“¬´÷Ëß √«¡°√√¡°“√¢Õß∫√‘…—∑¬àÕ¬ ∑—Èßπ’È‡æ◊ËÕπ”‡ß‘π°Ÿâ‰ªæ—≤π“‚§√ß°“√ Mini ·≈– Micro Factory „πÕ—µ√“¥Õ°‡∫’È¬ TFB.MLR + 1 % ‚¥¬„™â∑’Ë¥‘π·≈–Õ“§“√‚√ßß“π ”‡√Á®√Ÿª∫“ß à«π ‡ªìπÀ≈—°ª√–°—πÀπ’È‡ß‘π°Ÿâπ—Èπ Connected Transactions The connected transactions which have arisen during last year were the loans amount of Baht 210 million from various creditors including the directors of its subsidiaries. The said loans were used to fund Mini and Micro factory project with interest rate TFB.MLR+1% and collateralized by industrial land parcels and some mini and micro factories.

RISK FACTORS ªí®®—¬§«“¡‡ ’Ë¬ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ¡’Àπ’È ‘π„π °ÿ≈¥Õ≈≈à“√å √Õ. ®”π«π 48.33 ≈â“π¥Õ≈≈à“√å √Õ. §«“¡º—πº«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, 2000, Hemaraj Land And Development Public Company Limited has USD nominated liabilities of USD 48.33 million. The changes of foreign exchange between Baht and USD will directly effect to local currency book value of these debts.

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

FINANCIAL RESULTS °“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π º≈°“√¥”‡π‘πß“π„πªï 2543 –∑âÕπ„Àâ‡ÀÁπ∂÷ß°“√øóôπµ—«∑“ß‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬∑’Ë‡ªìπ‰ªÕ¬à“ß‡™◊ËÕß™â“·≈– ‰¥â√—∫º≈°√–∑∫∑“ß‡»√…∞°‘®¢Õßª√–‡∑»‡æ◊ËÕπ∫â“π‚¥¬‡©æ“–°“√≈ß∑ÿπ∑’ËµË”≈ß ¬Õ¥¢“¬∑’Ë¥‘π„ππ‘§¡Õÿµ “À°√√¡ „πªï 2543 ¡’∑—Èß ‘Èπ 179 ‰√à ( 0.286 ≈â“πµ“√“ß‡¡µ√ À√◊Õ 72 ‡Õ‡§Õ√å) ‚¥¬ ¡’≈Ÿ°§â“„À¡à 16 √“¬ §‘¥‡ªìπ¡Ÿ≈§à“ 348 ≈â“π∫“∑ ¬Õ¥¢“¬≈¥≈ß 40% ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2542 ®”π«π 207 ‰√à ¡’≈Ÿ°§â“ 10 √“¬ §‘¥‡ªìπ¡Ÿ≈§à“ 577 ≈â“π∫“∑ √“¬‰¥â®“°§à“∫√‘°“√ “∏“√≥Ÿª‚¿§·≈–§à“‡™à“‚√ßß“π„πªï 2543 §‘¥‡ªìπ‡ß‘π 281 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 24% ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 226 ≈â“π∫“∑„πªï 2542 √“¬‰¥â√«¡¢Õßªï 2543 ®”π«π 818 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 836 ≈â“π∫“∑ „πªï 2542 ·≈â«≈¥≈ß√âÕ¬≈– 2 º≈¢“¥∑ÿπ¢Õßªï 2543 §‘¥‡ªìπ‡ß‘π 852 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫º≈¢“¥∑ÿπ¢Õßªï 2542 §‘¥‡ªìπ‡ß‘π 1,011 ≈â“π∫“∑

ß∫¥ÿ≈¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¢Õßªï 2543 √ÿª‰¥â¥—ßπ’È

‘π∑√—æ¬å√«¡„πªï 2543 ®”π«π 6,689 ≈â“π∫“∑ ≈¥≈ß®“° 6,843 ≈â“π∫“∑„πªï 2542 √âÕ¬≈– 2.0 ‘π∑√—æ¬å À¡ÿπ‡«’¬π„πªï 2543 ¡’®”π«π 2,949 ≈â“π∫“∑ à«π„πªï 2542 ¡’®”π«π 3,030 ≈â“π∫“∑ µâπ∑ÿπ∑’Ë¥‘π√Õ°“√æ—≤π“„πªï 2543 ¡’®”π«π 2,668 ≈â“π∫“∑ ≈¥≈ß®“° 2,822 ≈â“π∫“∑‡π◊ËÕß®“°°“√¢“¬ÕÕ°‰ª ‘π∑√—æ¬åÕ◊ËπÊ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ√–¬–¬“«·≈–‡ß‘π„Àâ°Ÿâ 1,156 ≈â“π∫“∑ ‚¥¬ 328 ≈â“π∫“∑ ¡“®“°‡ß‘π ≈ß∑ÿπ„π∫√‘…—∑√à«¡ H-POWER ·≈– 803 ≈â“π∫“∑ ¡“®“°‡ß‘π„Àâ°Ÿâ·°à∫√‘…—∑ H-POWER ∑’Ë¥‘π‡æ◊ËÕ°“√®—¥À“º≈ ª√–‚¬™πå∑’Ë√Õ°“√æ—≤π“ ¡’®”π«π 1,759 ≈â“π∫“∑ Àπ’È ‘π√«¡„πªï 2543 ®”π«π 5,089 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 11.2 ®“° 4,576 ≈â“π∫“∑„πªï 2542 °“√‡æ‘Ë¡¢÷Èπ ¢ÕßÀπ’È ‘π√«¡‡π◊ËÕß®“°°“√ ”√Õßµ“¡°ØÀ¡“¬·≈–Àπ’È ‘π„π °ÿ≈¥Õ≈≈à“√å √Õ. Õ—π‡π◊ËÕß¡“®“°°“√ÕàÕπµ—«¢Õß§à“‡ß‘π∫“∑ à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πªï 2543 ¡’®”π«π 1,134 ≈â“π∫“∑ à«π„πªï 2542 ¡’®”π«π 1,831 ≈â“π∫“∑ ≈¥≈ß‡π◊ËÕß®“° ‡Àµÿ¥—ß∑’Ë‰¥â°≈à“«¡“·≈â«¢â“ßµâπ à«π„À≠à¡“®“°Õ—µ√“·≈°‡ª≈’Ë¬π ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2543 ‰¥âæ‘®“√≥“Õπÿ¡—µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“° 2,770 ≈â“π∫“∑‡ªìπ 3,270 ≈â“π∫“∑

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

The 2000 consolidated financial results continue to reflect the slow recovery of the Thailand economy and the impact of the neighboring economies for a low level of investment. Industrial land sales for 2000, being from the sale of 179 rai and 16 new customers, were Baht 348 million. This represents a decrease in sales of 40 % compared Baht 577 million in sales from 207 rai and 10 new customers in 1999. Service Income from Utilities and Rental Income of Mini Factories increased to Baht 281 million in 2000, reflecting an increase of 24 % compared to Baht 226 million in 1999. Total Revenue in 2000 were Baht 818 million versus Baht 836 million in 1999, a 2% decrease overall. The Net Loss for 2000 was Baht (852) million, as compared to the 1999 Net Loss of Baht (1,011) million. In 2000, the company realized the loss on diminution in the value of investments in securities by Baht 38 million. There was also a loss on exchange rate by Baht 301 million, a loss in an affiliated company, H-Power Company Limited by Baht 138 million due mostly from foreign exchange and the loss on the sale of H-Power shares by Baht 46 million. In addition, the Company has made a full provision for a contingent liability in its 2nd quarter 2000 financial statements by Baht 236 million.

The consolidated Balance Sheet in 2000 were summarized as follows. Total Assets in 2000 were Baht 6,689 million, a 2% decrease from Baht 6,843 million in 1999. Total Current Assets in 2000 were Baht 2,949 million compared to Baht 3,030 million in 1999. Land held for Real Estate development in 2000 were Baht 2,668 million, reduced from Baht 2,822 million due to the land sold. Other Assets include Investments and Loans of Baht 1,156 million being primarily Baht 328 million for shares in affiliate H-Power Company Limited and Baht 803 million for a shareholder loan to H-Power to secure the equity contribution in Bowin Power Company Limited. Land held for commercial purposes not under development were Baht 1,759 million. Total Liabilities in 2000 were Baht 5,089 million, a 11.2 % increase from Baht 4,576 million in 1999. The increase in Total Liabiliteis were due to the legal reserve as noted and the US dollar liabilities as a result of the Baht weakening. Shareholders Equity in 2000 were Baht 1,134 million versus Baht 1,831 million in 1999 due the loss as outlined above, mainly due to currencies. The 2000 Annual General Meeting of Shareholders approved an increase of the registered capital from 2,770 to Baht 3,270 million.

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

AUDIT COMMITTEE’S REPORT √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¢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 ‚¥¬¡’º≈µ—Èß·µà«—π∑’Ë 30 ∏—π«“§¡ 2542 ‡ªìπµâπ‰ª ®”π«π§≥–°√√¡°“√ µ√«® Õ∫∑’Ë¡’Õ¬Ÿà 3 ∑à“π ª√–°Õ∫¥â«¬∫ÿ§§≈µàÕ‰ªπ’È π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’ π“¬ªï‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π π“¬®‘√«‘∑¬å ¡“»√—ß √√§å π“ßæ√√≥’ «√«ÿ≤‘®ß ∂‘µ

(ª√–∏“π·≈–°√√¡°“√Õ‘ √–) (°√√¡°“√Õ‘ √–) (°√√¡°“√¿“¬πÕ°-≈“ÕÕ° ≥ 2 ‘ßÀ“§¡ 2543 ‚¥¬‰¥â√—∫°“√·µàßµ—Èß‡ªìπ∑’Ë ª√÷°…“§≥–°√√¡°“√°“√µ√«® Õ∫·∑π) (°√√¡°“√Õ‘ √–-‡√‘Ë¡µâπ ≥ 3 æƒ»®‘°“¬π 2543)

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(π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’) ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 28 ¡’π“§¡ 2544

√“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

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 November 15, 1999, with effect from December 30, 1999 onwards. Its 3-member composition has been as follows:Mr. Sudhipan Charumani

(CommitteeChairman and Independent Director)

Mr. Peter J. Edmondson

(Independent Director)

Mr. Jirawit Masrangson

(Director resigning August 2, 2000 and appointed as Advisor to the Committee)

Mrs. Punnee Worawuthichongsathit

(Independent Director commencing November 3, 2000)

Since its effective commencement on December 30, 1999, the Committee has held five meetings, roughly on a quarterly basis, to discuss rules and regulations related to its functions and to increasingly acquaint itself with the work and personnel involved and with any other known aspect of importance that would help enhance the performance of its assigned duties. Such meetings would request the attendance of the Committee's formal advisor, the internal auditor and other appropriate persons for information and consultation purposes, with ready cooperation from the Management. An experienced medium-sized audit company has been contracted for internal audit duties on the company and its local subsidiaries, reporting directly to both the Committee and the Management. Actual work began in March 2000 with a preliminary survey and appraisal of the Group's organization structure, work flows, document flows, accounting methods and internal control aspects, which were found to be satisfactory with a concentration of responsibility and authority at the top management level. A departmental audit program was designed and presented for approval during the 3rd Quarter, with systematic test-checking and analyzing work on document flows and safekeeping, correctness and completeness of documents, recording and presentation of data, together with evidencing of authorization, being carried out for the financial year during the October 2000 to January 2001 period on major work aspects of the Accounts, Finance and Legal Departments. Except for minor points of deviations and errors, the internal auditor has within the scope of the above work found the Group's internal control system to be adequate and operative. From the external auditor, a letter of comments dated March 27, 2001 raised a question on departmental conflicts, insufficient understanding of new accounting standards, weakness in the filing of accounting documents and a lack of adequate training and job specifications for junior accounting staff. From careful studies of the financial statements in conjunction with the contents of the external audit report, and from substantial discussions with the Management, senior staff and the out-sourced internal auditor and legal advisor (the external auditor being unavailable), Audit Committee members did not detect any abnormal related or interest-conflicting transaction taking place during the financial year. Moreover all known assets and liabilities with regard to related parties' involvements have been disclosed at the year end and, where necessary, provided with an appropriate loss reserve. Clarity of disclosure could however be improved regarding details and presentation formats of related assets, while the promised "transaction screening committee" has yet to be put into formal operation. To the best of the Committee's knowledge, the relevant financial statements, together with other contents of the Company's "Annual Report 2000", have been fairly presented by the Company and its Management in material aspects. 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 December 2001, at an appropriate remuneration to be agreed upon. This issue will be proposed for shareholders' consideration at the Annual General Meeting on April 30, 2001.

(Sudhipan Charumani) Chairman of the Audit Committee March 28, 2001

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

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¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 ·≈– 2542 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ ß∫°”‰√(¢“¥∑ÿπ) – ¡√«¡ ·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π ¢Õß¢â Õ ¡Ÿ ≈ „πß∫°“√‡ß‘ π ‡À≈à “ π’È à « π¢â “ æ‡®â “ ‡ªì π ºŸâ √— ∫ º‘ ¥ ™Õ∫„π°“√· ¥ß§«“¡‡ÀÁ π µà Õ ß∫°“√‡ß‘ π ¥— ß °≈à “ «®“° º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈– ªØ‘∫—µ‘ß“π ‡æ◊ËÕ„Àâ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«∏‘ ’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—ßÈ ∑’Ë‡ªìπ®”π«π ‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ´÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’È · ¥ß∞“π–°“√‡ß‘π√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 ·≈– 2542 º≈°“√ ¥”‡π‘πß“π√«¡ ·≈–°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï π‘È ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…∑— ‡À¡√“™æ—≤π“∑’¥Ë ‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 ·≈– 2542 º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ‡©æ“– ¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√ „π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬∑’Ë‰¡à‰¥â· ¥ß§«“¡‡ÀÁπÕ¬à“ß¡’‡ß◊ËÕπ‰¢ ¢â“æ‡®â“¢Õ„Àâ —ß‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 1 ‡°’Ë¬«°—∫°“√ ¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈–∫√‘…—∑¬àÕ¬ ´÷ËßÕ“®¬—ß§ß‰¥â√—∫º≈°√–∑∫ ®“°¿“«–‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§‚¥¬√«¡ ·≈–¢Õ„Àâ —ß‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 16 ·≈–∑’Ë 17 ‡°’Ë¬«°—∫°“√∑’Ë∫√‘…—∑º‘¥π—¥™”√–¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡µ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È ·≈–°“√∑’Ë ∫ √‘ …— ∑ ‰¡à “¡“√∂ ‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ„π«—π∑’Ë 9 °—π¬“¬π 2541 ·≈–º‘¥π—¥™”√–¥Õ°‡∫’È¬Àÿâπ°Ÿâ·ª≈ß ¿“æ∑ÿ°ß«¥∑’Ë§√∫°”Àπ¥π—∫·µà«—π∑’Ë 9 °—π¬“¬π 2541 ‡π◊ËÕß®“°∫√‘…—∑ª√– ∫ ªí≠À“ ¿“æ§≈àÕß„π°“√¥”‡π‘πß“π ‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑·®âß«à“ ªí®®ÿ∫—π¬—ßÕ¬Ÿà„π√–À«à“ß‡®√®“‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È ´÷ßË ®π∂÷ß«—π∑’„Ë π√“¬ß“π¢Õß¢â“æ‡®â“¬—ß‰¡à∑√“∫º≈°“√‡®√®“ πÕ°®“°π’¢È Õ„Àâ ß— ‡°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 22 ·≈–∑’Ë 23 ‡°’Ë¬«°—∫°“√∑’Ë∫√‘…—∑µ—Èß ”√Õß‡º◊ËÕº≈‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬„π∞“π–ºŸâ§È”ª√–°—π ·≈–®“° °“√®”π”À≈—°∑√—æ¬å„π∞“π–ºŸâ°Ÿâ√à«¡ ´÷Ëßº≈‡ ’¬À“¬∑’Ë‡°‘¥¢÷Èπ®√‘ßÕ“®µà“ß®“°∑’Ë‰¥âµ—Èß ”√Õß‰«â

(π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå) ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 2316 ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥ °√ÿß‡∑æœ 14 °ÿ¡¿“æ—π∏å 2544 √“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

AUDITORS’ REPORT

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, 2000 and 1999, and the related consolidated statements of income, changes in shareholders’ equity, retained earnings (deficit) 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 periods. 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. 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. In my opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial positions as at December 31, 2000 and 1999, 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 positions as at December 31, 2000 and 1999 and separate results of operations and cash flows of Hemaraj Land and Development Public Company Limited for the same periods, in conformity with generally accepted accounting principles. Without qualifying my opinion, I draw attention to Note 1 to the financial statements. The operations of Hemaraj Land and Development Public Company Limited (”the Company”) and subsidiaries may continue to be influenced by the economic conditions in Thailand and the Asia Pacific Region in general. I also draw attention to Note 16 and Note 17 to the financial statements. Due to the liquidity constraints, the Company has failed to make payments of the restructuring loan interest payable, which was due, and also repayments of the convertible bonds for which the bondholders sought redemption, in accordance with their rights, on September 9, 1998, and all related interest payables due since September 9, 1998. The management have informed me that they have been in the process of negotiating for debt restructuring of which up to date of my report, the results have not yet been determined. In addition, I draw attention to Note 22 and Note 23 to the financial statements. The Company, as a guarantor, has provided reserve for possible loss from lawsuit and as a co-borrower also provided reserve for possible loss from pledge of securities, of which the actual loss could differ from such reserve.

(Nirand Lilamethwat) Certified Public Accountant Registration Number 2316 KPMG Audit (Thailand) Limited Bangkok, February 14, 2001

ANNUAL REPORT 2000 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

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∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®Ì“°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2543 ·≈– 2542

ß∫°“√‡ß‘π√«¡ 2543 2542 ∫“∑ ∫“∑ ‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ (À¡“¬‡Àµÿ 3, 5 ·≈– 28) ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‡ß‘πΩ“°ª√–®” (À¡“¬‡Àµÿ 3, 5, 6 ·≈– 28) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ (À¡“¬‡Àµÿ 3, 6 ·≈– 28) √«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ ≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ (À¡“¬‡Àµÿ 3 ·≈– 7) ≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ÿ∑∏‘ (À¡“¬‡Àµÿ 3) ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π (À¡“¬‡Àµÿ 4 ·≈– 30) µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ (À¡“¬‡Àµÿ 3, 8, 11, 28 ·≈– 30)

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ §à“„™â®à“¬≈à«ßÀπâ“ ‡ß‘π∑¥√Õß®à“¬ Õ◊Ëπ Ê √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (À¡“¬‡Àµÿ 3, 4, 9, 28, 30 ·≈– 31) ‡ß‘π≈ß∑ÿπ ÿ∑∏‘ ‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ √«¡°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π °‘®°“√Õ◊Ëπ (À¡“¬‡Àµÿ 3 ·≈– 9) √«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ÿ∑∏‘ (À¡“¬‡Àµÿ 3, 10 ·≈– 28)

‘π∑√—æ¬å„Àâ‡™à“ ÿ∑∏‘ (À¡“¬‡Àµÿ 3, 8, 11 ·≈– 28) ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ (À¡“¬‡Àµÿ 3 ·≈– 12) ‘π∑√—æ¬åÕ◊Ëπ ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ (À¡“¬‡Àµÿ 13) °Õß∑ÿπ®¡ (À¡“¬‡Àµÿ 14 ·≈– 30) §à“§«“¡π‘¬¡ (À¡“¬‡Àµÿ 3 ·≈– 15) ‡ß‘π¡—¥®”·≈–Õ◊Ëπ Ê √«¡ ‘π∑√—æ¬åÕ◊Ëπ √«¡ ‘π∑√—æ¬å (À¡“¬‡Àµÿ 34)

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ 2543 2542 ∫“∑ ∫“∑

97,703,036.61

40,917,773.82

4,862,865.74

4,113,954.25

46,800,300.04 240,343.20 47,040,643.24 100,499,261.46 4,348,465.24

61,746,183.66 33,194,562.00 94,940,745.66 41,245,924.62 7,007,359.40

2,489,663.54 240,343.20 2,730,006.74 3,591,003.06 1,311,422.26

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

33,760,899.69

43,886,588.55

2,668,722,974.31

2,822,397,237.15

796,467,836.93

741,960,862.12

14,174,694.58 1,826,858.71 15,429,267.10 31,430,820.39 2,949,745,201.25

5,176,732.57 1,777,464.84 16,647,812.05 23,602,009.46 3,030,111,050.11

8,141,289.77 1,201,329.21 7,288,051.50 16,630,670.48 859,354,704.90

2,837,909.08 1,042,843.07 5,925,083.28 9,805,835.43 848,441,405.42

352,235,705.82 803,012,101.70 1,155,247,807.52 1,000,000.00 1,156,247,807.52

967,441,539.90 228,427,604.95 1,195,869,144.85 1,000,000.00 1,196,869,144.85

2,611,861,396.15 986,072,155.78 3,597,933,551.93 3,597,933,551.93

3,268,721,772.00 255,890,527.86 3,524,612,299.86 3,524,612,299.86

1,759,215,660.17 297,477,020.09 244,479,007.75

1,754,069,942.79 232,426,239.61 251,298,731.07

1,486,215,922.38 100,237,140.21 59,057,373.85

1,481,070,205.00 104,361,768.81 59,182,818.10

55,446,472.02 221,599,905.16 1,061,428.91 3,787,319.38 281,895,125.47 6,689,059,822.25

147,014,764.92 220,787,775.73 2,653,572.03 8,036,035.90 378,492,148.58 6,843,267,257.01

69,048,180.80 1,036,217.66 70,084,398.46 6,172,883,091.73

5,104,223.14 61,503,567.11 6,501,469.99 73,109,260.24 6,090,777,757.43

¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π √“¬ß“πª √–®”ªï 254 3 ∫ √‘ …— ∑ ‡ À ¡ √ “ ™æ— ≤ π “ ∑’Ë ¥‘ π ®Ì “ °— ¥ ( ¡ À “ ™π )

BALANCE SHEETS HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES As At December 31, 2000 and 1999

Consolidated 2000 1999 Baht Baht ASSETS CURRENT ASSETS Cash on hand and at banks (Notes 3, 5 and 28) Short-term investments Time deposits (Notes 3, 5, 6 and 28) Investments in securities, net (Notes 3, 6 and 28) Total Short-Term Investments, net Accounts receivable, net (Notes 3 and 7) Accounts receivable - related parties, net (Note 3) Short-term loans and advance to related parties (Notes 4 and 30) Cost of real estate developments, net

The Company 2000 1999 Baht Baht