HEMRAJ : Annual Report 1998

2

º≈ª√–°Õ∫°“√·≈– ¿“«–°“√‡ß‘π¢Õß∫¡®. ‡À¡√“™ · ¥ß„Àâ‡ÀÁπ∂÷ßº≈°√–∑∫¢Õß ¿“«–‡»√…∞°‘®„πª√–‡∑»‰∑¬ ‡Õ‡´’¬·≈–µ≈“¥Õ◊ËπÊ °”‰√ ÿ∑∏‘¢Õß∫√‘…—∑œ 879.9 ≈â“π∫“∑À√◊Õ‡∑’¬∫‡∑à“ 12.43 ∫“∑µàÕÀÿâπ®“°√“¬√—∫√«¡ ÿ∑∏‘ 1,839.8 ≈â“π∫“∑ ‡π◊ËÕß¡“®“°º≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ·≈–°“√¢“¬Àÿâπ¢Õß∫√‘…—∑œÕÕ°‰ª ´÷Ëß‰¡à‰¥â‡°‘¥®“°º≈°“√¥”‡π‘π°“√ª°µ‘ √“¬√—∫®“°°“√¢“¬·≈–°“√∫√‘°“√ªï 2541 ®”π«π 343 ≈â“π∫“∑ ´÷Ëß‰¡à‡ªìπ∑’Ëπà“æÕ„® ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ß√–¥—∫°“√≈ß∑ÿπµ≈Õ¥®π°“√∫√‘‚¿§„πª√–‡∑»∑’Ë≈¥≈ß

∏ÿ√°‘®„π¥â“π°“√æ—≤π“æ≈—ßß“πª√– ∫§«“¡ ”‡√Á®‡ªìπ‰ªµ“¡·ºπß“π¥â“π°“√ √â“ß√“¬‰¥â∑’Ë ¡Ë”‡ ¡Õ®“°°“√„Àâ∫√‘°“√¥â“π “∏“√≥Ÿª‚¿§ ‡Õ™-æ“«‡«Õ√å ´÷Ëß‡ªìπ∫√‘…—∑„π‡§√◊ÕÕ¬Ÿà„π ∂“π–∑’Ëæ√âÕ¡„π°“√¥”‡π‘π°“√·≈–æ—≤π“‚§√ß°“√º≈‘µ‰øøÑ“¢π“¥°”≈—ßº≈‘µ√«¡ 840 ‡¡°–«—µµå ´÷Ëßª√–°Õ∫¥â«¬ ‚√ßß“πº≈‘µ‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡·≈–‰ÕπÈ” 124 ‡¡°–«—µµå ∑’Ë‰¥â‡ªî¥¥”‡π‘π°“√·≈â«„πªï 2541 ¿“¬„µâ∫√‘…—∑¬àÕ¬ ™◊ËÕ∫√‘…—∑æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ·≈–‚§√ß°“√º≈‘µ‰øøÑ“Õ‘ √– ¢π“¥ 713 ‡¡°–«—µµå ´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ—≤π“¿“¬„µâ∫√‘…—∑¬àÕ¬ ™◊ËÕ∫√‘…—∑ ∫àÕ«‘πæ“«‡«Õ√å ®”°—¥ ´÷Ëß‰¥â¡’°“√≈ßπ“¡ —≠≠“´◊ÈÕ¢“¬°ä“´·≈–‰øøÑ“„πªï 2540·≈–Õ¬Ÿà√–À«à“ß°“√‡µ√’¬¡®—¥À“·À≈àß‡ß‘π∑ÿπ‡æ◊ËÕ°“√°àÕ √â“ß„Àâ·≈â«‡ √Á® ‡æ◊ËÕ “¡“√∂¥”‡π‘π°“√‰¥â„πªï 2545

¬Õ¥¢“¬¢Õßæ◊Èπ∑’ËÕÿµ “À°√√¡„πªï 2541 ‰¥â≈¥Œ«∫≈ßµË”°«à“ 500 ‰√à ®“°√–¥—∫∑’Ë¡’°“√¢“¬‰¥â¡“°°«à“8,000 ‰√à µàÕªï „πªï 2538 ·≈–ªï 2539 ·≈– 3,500 ‰√à „πªï 2540 ·¡â·µà‡À¡√“™ ´÷Ëß‡ªìπºŸâπ”¥â“ππ‘§¡Õÿµ “À°√√¡„πªï 2541 ‚¥¬¡’ à«π·∫àßµ≈“¥√âÕ¬≈– 20 ¥â«¬¬Õ¥¢“¬ 89 ‰√à ®“°≈Ÿ°§â“„À¡à 8 √“¬ °Á‡ªìπ¬Õ¥¢“¬∑’Ë≈¥≈ß∂÷ß√âÕ¬≈– 90 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¬Õ¥¢“¬‡©≈’Ë¬¢Õß 3 ªï ∑’Ëºà“π¡“

¿“«–‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ¡’º≈°√–∑∫·≈–‡ªìπÕÿª √√§µàÕ°“√À“√“¬‰¥â„ÀâæÕ‡æ’¬ß‡æ◊ËÕ™”√–Àπ’È∑’Ë∂÷ß°”Àπ¥®“° ¿“«–¥—ß°≈à“«∫√‘…—∑œ ‰¥âª√—∫‡ª≈’Ë¬π‚§√ß √â“ßÀπ’È®”π«π 1,525 ≈â“π∫“∑„πªï 2541 √«¡¬Õ¥Àπ’È ‘π∑’Ë‰¥â¡’°“√ª√—∫ª√ÿß‰ª·≈â«®”π«π 2,104 ≈â“π∫“∑ Àπ’È ‘π à«π∑’Ë‡À≈◊Õ∑’Ë√Õ°“√ª√—∫ª√ÿßª√–°Õ∫¥â«¬Àπ’È∑’ËÕ¬Ÿà„π ∂“∫—π°“√‡ß‘π∑’Ë∂Ÿ°ªî¥·≈â«®”π«π 208 ≈â“π∫“∑ ·≈–Àπ’È®“°Àÿâπ°Ÿâ·ª√ ¿“æÕ’° 1,058 ≈â“π∫“∑

‡ß‘π ¥·≈–·À≈àß‡ß‘π∑ÿπ‡ªìπ ‘Ëß∑’ËÀ“¬“°¡“°„π™à«ß√–¬–«‘°ƒµπ’È Àπ’È ‘π√–¬– —Èπ∑’Ë≈¥≈ßÕ¬à“ß‡ÀÁπ‰¥â™—¥· ¥ß∂÷ß§«“¡ “¡“√∂„π°“√ª√—∫ª√ÿß ∂“π–°“√‡ß‘π¢Õß∫√‘…—∑œ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®¥â“πæ≈—ßß“π¢Õß∫√‘…—∑œ°Á¡’§«“¡®”‡ªìπ∑’Ë®–µâÕß„™â‡ß‘π≈ß∑ÿπ®”π«π¡“°„π√–¬– 2-3 ªï ¢â“ßÀπâ“

‡√“‡™◊ËÕ«à“°≈¬ÿ∑∏å„π°“√æ—≤π“√–∫∫ “∏“√≥Ÿª‚¿§Õ—π°àÕ„Àâ‡°‘¥√“¬‰¥â‡ √‘¡À√◊Õ‡æ‘Ë¡‡µ‘¡§«∫§Ÿà‰ª°—∫√“¬‰¥â∑’Ë‡°‘¥®“°°“√æ—≤π“π‘§¡Õÿµ “À°√√¡ “¡“√∂∑”„Àâ∫√‘…—∑œ Õ¬Ÿà„π ¿“«–∑’Ëæ√âÕ¡®–‰¥âª√–‚¬™πå∑’Ë¥’°«à“‡¡◊ËÕ‡»√…∞°‘®æ◊Èπµ—«°≈—∫¡“Õ’°§√—Èß

·¡â«à“º≈°√–∑∫®“° ¿“«–«‘°ƒµ‡»√…∞°‘®¬—ß¡’Õ¬Ÿà ∫√‘…—∑œ °Á¬—ß§ß¡’°”≈—ß„®®“°°“√∑’Ë‰¥â√—∫§«“¡ π—∫ πÿπÕ¬à“ßµàÕ‡π◊ËÕß®“°æπ—°ß“π ºŸâ∂◊ÕÀÿâπ ≈Ÿ°§â“ ‡®â“Àπâ“∑’Ë µ≈Õ¥®πÀÿâπ à«π∏ÿ√°‘® „ππ“¡¢Õß§≥–°√√¡°“√·≈–§≥–ºŸâ∫√‘À“√ °√–º¡¢Õ¢Õ∫§ÿ≥¥â«¬§«“¡®√‘ß„®

¥â«¬§«“¡‡§“√æÕ¬à“ß Ÿß

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

MESSAGE FROM THEBOARD OF DIRECTORS

“ åπ®“°§≥–°√√¡°“√∫√‘…—∑

3

The 1998 Hemaraj Land And Development PLC financial and operating results continued to

reflect the economic conditions in Thailand, Asia, and other emerging markets. Hemaraj reported Net

Income of Baht 879.9 million, or Baht 12.43 per share, on Total Revenue of Baht 1,839.8 million. The

record Net Income was due to currency gains and from the sale of securities as opposed to operating

performance. Sales and Service Revenue for 1998 of Baht 343 million, although unsatisfactory, mirrored

the decline in domestic consumption and the corresponding fall off of investment levels in Thailand.

Our power development business advanced successfully in line with our strategy of generating

recurring utility income. Hemaraj affiliate H-Power is well positioned with 840 MW of power generation

operating or under development. The Industrial Power co-generation units of 124 MW commenced

commercial operation in 1998. The Independent Power project Bowin Power of 713 MW is under

development. For Bowin Power, the gas supply and power purchase agreements were signed in 1997

with financing now in progress in order for the plant to be in commercial operation in 2002.

The Thailand industrial property market in 1998 has fallen to sales of below 500 rai from levels of over

8,000 rai per annum in 1995 and 1996 and 3,500 rai in 1997. While Hemaraj continued in 1998 as the

market leader with a 20% share with 89 rai and 8 new customers, this level reflected a 90% decline in

sales in comparison with our average sales over the last 3 years.

The economic conditions prevalent have resulted in constraints in our ability to match revenue and

cash generation with the maturity of debt obligations. Accordingly, we have restructured and modified

loan agreements of Baht 1,525 million in 1998 and through this date for a value of Baht 2,104 million

in total. Remaining to be restructured and under negotiation are three loans from closed finance

companies with a total value of Baht 208 million and the remaining balance of convertible bonds where

the company was unable to meet the September 1998 put redemption option of Baht 1,058 million.

Cash generation and access to capital are critical objectives during this unprecedented period.

Short-term liabilities have decreased markedly to reflect our efforts in improving the financial structure

of the company. However, the company’s power activity requires substantial investments over

the next few years.

We believe that our infrastructure development strategy to generate recurring and complementary

income along with our market leading industrial estate development strategy have left us positioned to

benefit from any modest resumption of growth in the economy.

While the short-term economic environment will continue to be a challenge to our resources,

we remain encouraged by the consistent support of our employees, shareholders, customers, creditors,

and business partners. On behalf of the Board of Directors and Management, I would like to express

our sincere appreciation.

Respectfully submitted,

David R. Nardone

President

March 19, 1999

4

¿“«–«‘°ƒµ‡»√…∞°‘®‰¥â àßº≈°√–∑∫Õ¬à“ß√ÿπ·√ßµàÕª√–‡∑»‰∑¬·≈–ª√–‡∑»Õ◊Ëπ Ê „π¿Ÿ¡‘¿“§‡Õ‡™’¬µ—Èß·µàªï 2540 ·≈–‰¥â·æ√à°√–®“¬‰ª¬—ß¿Ÿ¡‘¿“§Õ◊Ëπ∑—Ë«‚≈° ¿“«–°“√≥å¥—ß°≈à“«‰¥â°àÕ„Àâ‡°‘¥§«“¡‡ ’Ë¬ß´÷Ëß‡ªìπÕÿª √√§µàÕÕß§å°√∑—ÈßÀ≈“¬„πª√–‡∑»„π°“√∑’Ë®–‡æ‘Ë¡∑ÿπ¥â«¬°“√À“·À≈àß‡ß‘π∑ÿπ®“°µà“ßª√–‡∑» ‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬„πªï 2541 ª√– ∫°—∫°“√≈¥≈ß¢Õßº≈‘µ¿—≥±å√«¡¿“¬„πª√–‡∑» (GDP) √âÕ¬≈– 8 ®“°ªï 2540 ·¡â«à“®–¡’°“√·∑√°·´ß®“° IMF ‚¥¬„Àâ√—∞∫“≈‰∑¬µ—Èßß∫ª√–¡“≥¢“¥¥ÿ≈‡æ◊ËÕ°√–µÿâπ‡»√…∞°‘®·≈â«°Áµ“¡ ªí≠À“‡»√…∞°‘®¢Õß‰∑¬¬—ß§ß¡’Õ¬Ÿà‚¥¬‡ÀÁπ‰¥â®“°°“√ªî¥°‘®°“√¢Õß ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß·≈–Àπ’È∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥â¢Õß∏π“§“√µà“ßÊ ¡’º≈°√–∑∫µàÕ°“√ª≈àÕ¬ ‘π‡™◊ËÕ„À¡à·°à¿“§°“√º≈‘µ Õ’°∑—Èßª√‘¡“≥°“√ àßÕÕ°∑’Ë≈¥≈ß·≈–ª√‘¡“≥°“√∫√‘‚¿§¿“¬„πª√–‡∑»∑’Ë´∫‡´“¬—ß§ß¡’Õ¬Ÿà¡’Õß§å°√®”π«π¡“°∑’ËÕ¬Ÿà√–À«à“ß¥”‡π‘π°“√ª√—∫‚§√ß √â“ßÀ√◊ÕÕ¬Ÿà√–À«à“ß°“√æ‘®“√≥“‡æ◊ËÕª√—∫‚§√ß √â“ß „π¢≥–∑’Ë°“√≈ß∑ÿπ„À¡à®“°µà“ßª√–‡∑»„π¿“§°“√º≈‘µ¡’πâÕ¬¡“°·≈–°“√‡æ‘Ë¡∑ÿπ„À¡à®“°·À≈àß‡ß‘π„πµ≈“¥∑ÿπ°Á‡ªìπ‰ª‰¥â¬“°

µ—«‡≈¢¢Õß°“√≈ß∑ÿπ∑’Ë‰¥â√—∫°“√ àß‡ √‘¡®“° BOI ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ßª√‘¡“≥¢Õß‡ß‘π≈ß∑ÿπ∑’Ë≈¥≈ßµ“¡≈”¥—∫®“° 582 æ—π≈â“π∫“∑„πªï 2538 ¡“‡ªìπ262 æ—π≈â“π„πªï 2541 ¬Õ¥¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡„πªï 2541 ¡’‡æ’¬ß481 ‰√à ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¬Õ¥¢“¬®”π«π 3,500 ‰√à„πªï 2540 ·≈– 8,500‰√àµàÕªï„πªï 2538 ·≈– ªï 2539

¿“§Õÿµ “À°√√¡¬“π¬πµå¡’¬Õ¥¢“¬≈¥≈ßµ“¡≈”¥—∫®“° 590,000 §—π„πªï 2539 ‡ªìπ 360,000 §—π„πªï 2540 ·≈– 140,000 §—π„πªï 2541®“°°“√∑’Ë§«“¡µâÕß°“√¢Õßµ≈“¥√∂¬πµå„π¿Ÿ¡‘¿“§ à«π„À≠àπ’È≈¥≈ß ‰¥â‡°‘¥º≈°√–∑∫µàÕª√–‡∑»‰∑¬´÷Ëß‡ªìπ∞“π°“√º≈‘µÕÿµ “À°√√¡¬“π¬πµå‡æ◊ËÕ°“√ àßÕÕ° ∫√‘…—∑º≈‘µ√∂¬πµå Õ“∑‘‡™àπ øÕ√å¥-¡“ ¥â“ ·≈–‡®π‡πÕ√—≈ ¡Õ‡µÕ√å

‰¥â‡≈◊Õ°∑’Ë®–¢¬“¬µ≈“¥‡æ◊ËÕ°“√ àßÕÕ°®“°ª√–‡∑»‰∑¬ „π¢≥–∑’Ë¡‘µ´Ÿ∫‘™‘,‚µ‚¬µâ“ ·≈– ŒÕπ¥â“ °Á‰¥â‡æ‘Ë¡ª√‘¡“≥°“√ àßÕÕ°Õ¬à“ßµàÕ‡π◊ËÕß ®“°Õ—µ√“·≈°‡ª≈’Ë¬π„πªí®®ÿ∫—π ºŸâº≈‘µ™‘Èπ à«π¬“π¬πµå„πª√–‡∑»‰∑¬ “¡“√∂·¢àß¢—π°—∫µ≈“¥∑—Ë«‚≈°‰¥â´÷Ëß√«¡∂÷ßµ≈“¥≠’ËªÿÉπ À√—∞ ·≈–¬ÿ‚√ª πÕ°‡Àπ◊Õ‰ª®“°µ≈“¥„π¿Ÿ¡‘¿“§·Ààßπ’È π—°≈ß∑ÿπµà“ß™“µ‘‰¥â‡¢â“¡“≈ß∑ÿπ¡“°¢÷Èπ„π¿“§Õÿµ “À°√√¡¬“π¬πµå‡™àπ‡¥’¬«°—π°—∫Õÿµ “À°√√¡‡À≈Á° ‡§¡’¿—≥±å ·≈–Õÿµ “À°√√¡Õ◊ËπÊ „πª√–‡∑»‰∑¬

·¡â«à“°“√øóôπøŸ‡»√…∞°‘®√–¬– —Èπ¬—ß‰¡à‡°‘¥¢÷Èπ‡µÁ¡∑’Ë ·µà¿“æ√«¡¢Õß‡»√…∞°‘®‰∑¬„π√–¬–¬“«¬—ß§ß¡’·π«‚πâ¡∑’Ë ¥„ Õ¬Ÿà °≈à“«‰¥â«à“¿“§°“√‡°…µ√‰¥â™à«¬æ¬ÿß¿“«–‡»√…∞°‘®‚¥¬°àÕ„Àâ‡°‘¥°“√®â“ßß“π·≈–√“¬‰¥â®“°°“√ àßÕÕ°Õ¬à“ß¡“° ª√–‡∑»‰∑¬¬—ß§ßÕ¬Ÿà „π ∂“π–∑’Ë·¢Áß·°√àß∑’Ë ÿ¥„πµ≈“¥Õÿµ “À°√√¡¬“π¬πµå·≈–Õÿµ “À°√√¡Õ◊ËπÊ „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°“√∫√‘‚¿§„πª√–‡∑»°Õß∑ÿπ‡æ◊ËÕÕ —ßÀ“√‘¡∑√—æ¬å °“√√à«¡∑ÿπ °“√ªØ‘√ŸªÕß§å°√ µ≈“¥µ√“ “√Àπ’È·≈–°“√øóôπµ—«¢Õßµ≈“¥Àÿâπ®–®ÿ¥ª√–°“¬„Àâª√–‡∑»‰∑¬°≈—∫¡“‡ªìπ·À≈àß¢Õßµ≈“¥∑ÿπÕ’°

‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬°”≈—ß‡ªî¥‰ª Ÿà‡ √’¡“°¢÷Èπ Àπ’È‡ ’¬°”≈—ß‰¥â√—∫°“√®—¥°“√·≈–°“√‡ªî¥ª√–¡Ÿ≈∑√—æ¬å ‘π∑’Ë‰¡à°àÕ„Àâ‡°‘¥√“¬‰¥â°”≈—ß®–‡ √Á® ¡∫Ÿ√≥å°ØÀ¡“¬µà“ßÊ °”≈—ß®–∂Ÿ°ª√—∫ª√ÿß„Àâ‡ªìπ¡“µ√∞“π “°≈‚¥¬‡©æ“–°ÆÀ¡“¬‡°’Ë¬«°—∫°“√≈â¡≈–≈“¬·≈–°“√ªØ‘√ŸªÕß§å°√ °“√∑’Ëª√–‡∑»‰∑¬¡’ ∂“∫—πæ√–¡À“°…—µ√‘¬å´÷Ëß‡ªìπ∑’Ë‡∑‘¥∑Ÿπ¢Õßª√–™“™π∑—Èßª√–‡∑»·≈–°“√¡’ ¿“«–°“√‡¡◊Õß∑’Ë¡’§«“¡¡—Ëπ§ß ®–‡ªìπªí®®—¬∑’Ë “¡“√∂™à«¬∫√√‡∑“º≈°√–∑∫®“° ¿“«–‡»√…∞°‘®µ°µË”∑’Ë∑ÿ°§π°”≈—ß‡º™‘≠Õ¬Ÿà„π¢≥–π’È‰¥â

ECONOMICAND COMPETITIVE CONDITIONS¿“«–‡»√…∞°‘®·≈– ¿“æ°“√·¢àß¢—π

5

The economic crisis, which has severely impacted Thailand

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

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

premium and aversion to emerging markets for Thai corporations

attracting capital.

The Thai economy in 1998 reflected increasing negative GDP

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

Thai government deficit spending to boost the prospects of the

economy. Problems in the Thai economy still exist with the

closure of financial institutions and the non-performing loans of

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

exports in real terms and continued weak domestic consump-

tion remain. There have been numerous corporate restructuring

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

been only limited success in new foreign direct investments in

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

the restricted capital markets.

The Board of Investment (BOI) Approvals continued to reflect

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

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

Thailand of Industrial Land in 1998, being impacted by lower

consumption, the deterioration in regional markets, and lower

investment levels are estimated at only 481 rai. This compares

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

levels of 8,500 rai in 1995 and 1996.

The automotive market has seen sales drop from 590,000

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

1998. With a declining automotive demand in most of the

regional markets, Thailand’s regional export base strategy has

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

GM in 2000 have chosen expanded markets to export to from

Thailand. Mitsubishi and more recently Toyota and Honda have

continued to export more products. Automotive part suppliers

in Thailand are competitive at current exchange rates and out

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

Europe in addition to the regional markets. In the automotive

sector, similar to chemical, steel and other manufacturing

sectors in Thailand, foreign investors have increased their

shareholding.

Although short-term economic relief remains elusive, longer

term the economic prospects for Thailand remain promising.

Agriculture provides a cushion for employment and generates

strong export earnings. Thailand remains the strongest positioned

in the automotive and other markets in the ASEAN region.

Inflation has remained low and declining interest rates with

government fiscal and monetary measures will eventually spur

consumption. Property funds, joint investments, reorganizations,

local debt markets and the reemergence of a robust stock

market activity over time will bring back capital market options

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

recognized and the sale of non-performing assets being

completed. Laws are being enacted to bring foreclosure

bankruptcy and reorganization laws closer to international

standards. A revered monarchy and a stable system of political

change have minimized the confrontations caused by the

economic decline.

7

≈â“π∫“∑ / Million Baht

1996 1997 1998Õ—µ√“ à«π∑ÿπÀ¡ÿπ‡«’¬πCurrent Ratio 0.66 2.35 1.57

Õ—µ√“ à«πÀπ’È ‘π ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπNet Debt to Equity 1.13 1.88 1.29

Õ—µ√“ à«πº≈µÕ∫·∑πµàÕ∑√—æ¬å ‘π√«¡Return on Total Assets 11.44% 5.46% 9.36%

Õ—µ√“ à«πº≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπReturn on Equity 19.62% (36.62%) 30.21%

¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’(∫“∑)Book Value per share(Baht) 44.16 29.01 40.01

1996 1997 1998√“¬‰¥â√«¡Total Revenue 2,880 1,954 1,793

°”‰√ ÿ∑∏‘Net Income 601 (1,019) 873

‘π∑√—æ¬å√«¡Total Assets 7,923 7,381 7,630

à«π¢ÕßºŸâ∂◊ÕÀÿâπShareholder’s Equity 3,126 2,053 2,831

°”‰√µàÕÀÿâπ(∫“∑)Earning Per Share (Baht) 8.50 (14.41) 12.33

Õ—µ√“ à«π∑“ß°“√‡ß‘π

Financial Ratios

√“¬‰¥â√«¡Total Revenue

°”‰√ ÿ∑∏‘Net Income

1992 1993 1994 1995 1996 1997 1998 1992 1993 1994 1995 1996 1997 1998986 1,171 677 2,338 2,880 1,954 1,793 352 360 153 561 601 (1,019) 873


ªï / Year ªï / Year

1998 SUMMARY √ÿªº≈ªï 2541


8

º≈°“√¥”‡π‘πß“π„πªï 2541 ‰¥â√—∫º≈°√–∑∫Õ¬à“ßµàÕ‡π◊ËÕß®“°«‘°ƒµ‡»√…∞°‘®¿“¬„πª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§ ¬Õ¥¢“¬∑’Ë¥‘π„ππ‘§¡Õÿµ “À°√√¡„πªï 2541 ¡’∑—Èß ‘Èπ 89 ‰√à (0.142 ≈â“πµ“√“ß‡¡µ√ À√◊Õ 36 ‡Õ‡§Õ√å) ‚¥¬¡’≈Ÿ°§â“„À¡à 8 √“¬ à«π„πªï 2540 ¡’¬Õ¥¢“¬ 608 ‰√à ·≈–®”π«π≈Ÿ°§â“„À¡à20 √“¬ ·≈–„πªï 2539 ¡’¬Õ¥¢“¬ 1,294 ‰√à ·≈–®”π«π≈Ÿ°§â“„À¡à 39 √“¬

„πªï 2541 √“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π„ππ‘§¡Õÿµ “À°√√¡ ‡∑à“°—∫ 218≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 1,217 ≈â“π∫“∑ „πªï 2540 ·≈â«≈¥≈ß√âÕ¬≈– 82 à«π°”‰√¢—Èπµâπ¢Õßªï 2541 ≈¥≈ß‡À≈◊Õ√âÕ¬≈– 31 ®“°√âÕ¬≈– 50 „πªï 2540‡π◊ËÕß®“°ª√—∫ª√–¡“≥°“√µâπ∑ÿπ¢“¬ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√¢“¬∑’Ë‰¥â√—∫º≈°√–∑∫®“° ¿“«–‡»√…∞°‘® ”À√—∫√“¬‰¥â§à“∫√‘°“√¢Õß√–∫∫ “∏“√≥Ÿª‚¿§„ππ‘§¡œ 125 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 87 ≈â“π∫“∑„πªï 2540 ·≈â«‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 44

√“¬‰¥â√«¡¢Õßªï 2541 ®”π«π 1,794 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 1,954≈â“π∫“∑ „πªï 2540 ·≈â«≈¥≈ß√âÕ¬≈– 8 ‚¥¬√“¬‰¥â√«¡¢Õßªï 2541 ‰¥â√«¡°”‰√®“°°“√¢“¬À≈—°∑√—æ¬å 556 ≈â“π∫“∑ ÷Ëß‡ªìπ°“√¢“¬À≈—°∑√—æ¬å„π∫√‘…—∑∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ „Àâ°—∫∫√‘…—∑„π‡§√◊Õ 500 ≈â“π∫“∑ ·≈–°”‰√®“°°“√¢“¬À≈—°∑√—æ¬åÕ◊Ëπ 55 ≈â“π∫“∑ πÕ°®“°π’È¬—ß‰¥â√«¡°”‰√®“°∫√‘…—∑„π‡§√◊Õ´÷Ëß‡°‘¥®“°Õ—µ√“·≈°‡ª≈’Ë¬π 352 ≈â“π∫“∑ ·≈–°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß∫√‘…—∑ ‡À¡√“™œ·≈–∫√‘…—∑¬àÕ¬ 432 ≈â“π∫“∑ ”À√—∫°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡°‘¥®“°§à“‡ß‘π∫“∑∑’Ë·¢Áßµ—«¢÷Èπ ®“° 48 ∫“∑µàÕ 1 ¥Õ≈≈“√å √Õ.„πªï 2540 ‡ªìπ 36.89 ∫“∑µàÕ 1 ¥Õ≈≈“√å √Õ. ≥ «—π ‘Èπªï 2541

º≈ª√–°Õ∫°“√ ¢Õßªï 2541 ¡’°”‰√ ÿ∑∏‘ 872.7 ≈â“π∫“∑ à«π„πªï 2540¡’º≈¢“¥∑ÿπ ÿ∑∏‘ 1,019.5 ≈â“π∫“∑

„πªï 2541 ‰¥â∫—π∑÷°√“§“À≈—°∑√—æ¬åµ“¡√“§“∫—≠™’ À√◊Õ√“§“µ≈“¥∑”„Àâ‡°‘¥º≈¢“¥∑ÿπ®“°¡Ÿ≈§à“≈¥≈ß 275 ≈â“π∫“∑ πÕ°®“°π’È‰¥âª√—∫¡Ÿ≈§à“¢ÕßÕ —ßÀ“√‘¡∑√—æ¬å∑’Ë∂◊Õ§√Õß„πªï 2541 „Àâ‡ªìπ√“§“∑ÿπÀ√◊Õ√“§“µ≈“¥∑’ËµË”°«à“∑”„Àâ¡Ÿ≈§à“≈¥≈ß 86 ≈â“π∫“∑ „π√–À«à“ßªï 2541 ‰¥â¬°‡≈‘°Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë ◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬ ‡ªìπº≈„Àâ‡°‘¥°”‰√∑’Ë· ¥ß‡ªìπ√“¬°“√æ‘‡»… 175 ≈â“π∫“∑

ß∫¥ÿ≈√«¡„πªï 2541 –∑âÕπ„Àâ‡ÀÁπ∂÷ß°“√·¢Áß¢÷Èπ¢Õß§à“‡ß‘π∫“∑®“°ªï 2540·≈–°“√≈¥≈ß¢ÕßÀπ’È ‘π√–¬– —Èπ´÷Ëß¡’º≈¡“®“°°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π∫√‘…—∑ª√– ∫º≈ ”‡√Á®„π°“√‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‡ªìπ®”π«π‡ß‘π∂÷ß 1,525≈â“π∫“∑ ‡ß‘π°Ÿâµà“ßÊ‡À≈à“π’È‰¥â∂Ÿ°¢¬“¬‡«≈“°“√™”√–Àπ’ÈÕÕ°‰ªæ√âÕ¡∑—Èß·°â‰¢‡ß◊ËÕπ‰¢µà“ßÊ „π —≠≠“´÷Ëß√«¡∂÷ß°“√™”√–¥Õ°‡∫’È¬ πÕ°®“°π’È¡’‡ß‘π°Ÿâ®“° ∂“∫—π°“√‡ß‘π¿“¬„µâ°“√¥Ÿ·≈¢Õß ª√ . ®”π«π 3 √“¬ ®”π«π‡ß‘π 208≈â“π∫“∑ Õ¬Ÿà„π√–À«à“ß°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ·≈–‡ß‘π°Ÿâ®“° ∂“∫—π°“√‡ß‘π 2 √“¬ ®”π«π‡ß‘π 130 ≈â“π ÷Ëßª√—∫‚§√ß √â“ß·≈â«‡ √Á®„π‰µ√¡“ 1 ªï 2542 ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ√«¡ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ ¡’®”π«π‡ß‘π1,058 ≈â“π∫“∑ ‚¥¬„πªí®®ÿ∫—π∫√‘…—∑¬—ß‰¡à‰¥â√—∫·®âß°“√º‘¥π—¥™”√–Àπ’È·µàÕ¬à“ß„¥®“° ∂“∫—π°“√‡ß‘π

‘π∑√—æ¬å√«¡„πªï 2541 ®”π«π 7,630 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° 7,382≈â“π∫“∑„πªï 2540 √âÕ¬≈– 3.4 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π„πªï 2541 ¡’®”π«π 3,691≈â“π∫“∑ à«π„πªï 2540 ¡’®”π«π 7,382 ≈â“π∫“∑ ‡ß‘π ¥·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ√«¡∂÷ß≈Ÿ°Àπ’È°“√§â“„πªï 2541 ¡’®”π«π 234 ≈â“π∫“∑ √“¬‰¥â√Õ√—∫√Ÿâ ‘Èπ ÿ¥ªï∫—≠™’¡’®”π«π 280 ≈â“π∫“∑ · ¥ß„Àâ‡ÀÁπ∂÷ß√“¬‰¥â„πÕπ“§µ∑’Ë√Õ°“√∫—π∑÷°µ“¡Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á® µâπ∑ÿπæ—≤π“‚§√ß°“√æ—≤π“ 3,311≈â“π∫“∑ Õ¬Ÿà„π√–¥—∫„°≈â‡§’¬ß°—∫ªï°àÕπ§◊Õ 3,319 ≈â“π∫“∑

‘π∑√—æ¬åÕ◊ËπÊ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ√–¬–¬“«·≈–‡ß‘π„Àâ°Ÿâ 1,053 ≈â“π∫“∑ ‚¥¬ 754 ≈â“π∫“∑ ¡“®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ‡Õ™-‡æ“‡«Õ√å ·≈– 207≈â“π∫“∑ ¡“®“°‡ß‘π„Àâ°Ÿâ·°à∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ∑’Ë¥‘π‡æ◊ËÕ°“√®—¥À“º≈ª√–‚¬™πå∑’Ë√Õ°“√æ—≤π“ ¡’®”π«π 2,193 ≈â“π∫“∑„πªï 2541 ‡¡◊ËÕ‡∑’¬∫°—∫2,277 ≈â“π∫“∑ „πªï 2540 ·≈â«≈¥≈ß ´÷Ëß “‡Àµÿ®“°°“√ª√—∫¡Ÿ≈§à“∑’Ë¥‘π

Àπ’È ‘π√«¡„πªï 2541 ®”π«π 4,391 ≈â“π∫“∑ ≈¥≈ß®“° 4,916 ≈â“π∫“∑„πªï 2540 √âÕ¬≈– 10.7 Àπ’È ‘πÀ¡ÿπ‡«’¬π≈¥≈ß®“° 4,082 ≈â“π∫“∑„πªï2540 ¡“‡ªìπ 2,355 ≈â“π∫“∑„πªï 2541 –∑âÕπ· ¥ß„Àâ‡Àâπ∂÷ß°“√≈¥ —¥ à«π≈ß¢ÕßÀπ’È ‘π√–¬– —ÈπÕ—π‡ªìπº≈¡“®“°°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π´÷Ëß‰¥â°≈à“«¡“·≈â«¢â“ßµâπ Àπ’È ‘π√–¬– —Èπ„π à«π∑’Ë‡æ‘Ë¡¢÷Èπ¡“®“°§à“∏√√¡‡π’¬¡¥Õ°‡∫’È¬§â“ß®à“¬·°à°“√π‘§¡Õÿµ “À°√√¡·≈–√“¬‰¥â√—∫≈à«ßÀπâ“ ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ„πªï 2541 ¡’®”π«π 1,058 ≈â“π∫“∑ ´÷Ëß≈¥≈ß®“° 2,245 ≈â“π∫“∑„πªï 2540 ‰¥â§√∫°”Àπ¥°“√‰∂à∂Õπ„π ‡¥◊Õπ°—π¬“¬π 2541 ·≈–∫√‘…—∑¬—ß‰¡à‰¥â™”√–§◊π

Àπ’È ‘π√–¬–¬“«„πªï 2541 ‡æ‘Ë¡¢÷Èπ‡ªìπ 1,367 ≈â“π∫“∑ ®“° 755 ≈â“π∫“∑„πªï 2540 ‡ªìπº≈®“°°“√ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’®”π«π 555 ≈â“π∫“∑ µ“¡∑’Ë‰¥âÕ∏‘∫“¬„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ20 ÷Ëßª√–°Õ∫¥â«¬‡ß‘π°Ÿâ®”π«π„À¡à·≈–°“√ª√—∫‚§√ß √â“ß¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πªï 2541 ¡’®”π«π 2,831 ≈â“π∫“∑ à«π„πªï 2540 ¡’®”π«π 2,054 ≈â“π∫“∑ Õ—µ√“ à«π¢ÕßÀπ’È ‘π ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π ‘Èπªï 2541 ª√—∫µ—«¢÷Èπ¡“ Ÿà√–¥—∫ 1.29 µàÕ 1 ®“°Õ—µ√“ à«π 1.88 µàÕ 1 „πªï2540

„π‡¥◊Õπ¡’π“§¡ 2540 ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ‰¥âæ‘®“√≥“Õπÿ¡—µ‘„Àâ¢“¬Àÿâπ‡æ‘Ë¡∑ÿπµ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑‡ πÕ„Àâ¢“¬Àÿâπ‡æ‘Ë¡∑ÿπ®”π«π 15 ≈â“πÀÿâπ´÷Ëß∑’Ë‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¡“·≈â«„πªï 2536 ·µà¥â«¬§«“¡‰¡à·πàπÕπ¢Õß ¿“«–‡»√…∞°‘®·≈–Õ—µ√“·≈°‡ª≈’Ë¬π∫√‘…—∑œ®÷ß‰¥â‡≈◊ËÕπ°”Àπ¥°“√¢“¬Àÿâπ‡æ‘Ë¡∑ÿπÕÕ°‰ª

∫√‘…—∑œ‰¥âµ√–Àπ—°∂÷ßº≈°√–∑∫¢Õßªï 2000 ·≈–‰¥â¡’°“√¥”‡π‘π°“√‡æ◊ËÕ„Àâ‡°‘¥§«“¡æ√âÕ¡ ”À√—∫ªï 2000 ‚¥¬∑’Ë√–∫∫·≈–°“√ªØ‘∫—µ‘°“√µà“ßÊ¿“¬„ππ‘§¡œ ¢Õß∫√‘…—∑®–¬—ß§ß„™âß“π‰¥âÕ¬Ÿà „π¢≥–∑’Ë√–∫∫ “∏“√≥Ÿª‚¿§∫“ßÕ¬à“ß Õ“∑‘‡™àπ ‰øøÑ“ ·≈–°“√ ◊ËÕ “√´÷ËßÕ¬ŸàπÕ°‡Àπ◊Õ°“√§«∫§ÿ¡¢Õß∫√‘…—∑œ°”≈—ß‰¥â√—∫°“√ª√—∫ª√ÿß®“°∑“ß√—∞∫“≈

MANAGEMENT DISCUSSIONOF FINANCIAL RESULTS°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√·≈– ∂“π¿“æ∑“ß°“√‡ß‘π

9

The 1998 consolidated financial results continued to be

negatively influenced by Thailand, regional, and global economies.

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

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

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

with 39 new customers.

Sales for 1998 were lower by 82 % to Baht 218 million versus

Baht 1,217 million in 1997. The Sales gross margin for 1998 decreased

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

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

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

a 44 % increase.

Total Revenue for 1998 were Baht 1,794 million versus Baht 1,954

million in 1997, a decrease of 8 %. Total Revenue for 1998 included

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

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

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

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

affiliated companies of Baht 352 million due to foreign exchange

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

Hemaraj and its subsidiaries. The foreign exchange gains were from

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

1997 rate of Baht 48 to 1 $USD.

Net Income for 1998 was a gain of Baht 872.7 million, as

compared to the 1997 Net Loss of Baht 1,019.5 million.

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

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

million and also revalued certain property holdings in 1998 to the

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

Baht 86 million.

During 1998, the company cancelled Convertible Bonds

purchased by a subsidiary, resulting in a Baht 175 million extraordi-

nary gain.

The consolidated Balance Sheet in 1998 reflected the

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

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

agreements. The company has completed the restructuring,

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

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

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

and with new terms negotiated related to interest and other

conditions. Under discussions for restructuring are three loans with a

total value of Baht 208 mill ion being from local financial

institutions under FRA, two loans with a total value of Baht

130 million with local financial institutions (restructured in quarter 1

1999), and convertible bonds with a value of Baht 1,058 million.

The company has not been declared in default of any debt

obligation.

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

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

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

Investments and Receivable were Baht 234 million. Deferred

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

revenue recognized based on percent completion of the projects.

Land held for Real Estate developments were Baht 3,311 million at a

comparable level to Baht 3,319 million in 1997.

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

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

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

for commercial purposes not under development were Baht 2,193

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

revaluation.

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

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

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

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

agreements referenced above, a higher payable level related to

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

in advance of completion. The Convertible Debenture balance,

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

being due in September 1998, includes principal and accrued put

premium, which have not been paid.

Long-term loans increased in 1998 to Baht 1,367 million from

Baht 755 million in 1997 consistent with the restructured loans.

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

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

restructuring of certain Convertible Bonds.

Shareholders Equity in 1998 was Baht 2,831 million versus Baht

2,054 million in 1997. Net Debt to Equity ratio at year end 1998 has

improved to 1.29 to 1 as compared to 1.88 to 1 in 1997.

In March of 1997, the Board of Directors authorized and the

Shareholders approved the issuance of up to 15 million shares

registered previously under the 1993 capital increase. The

continued economic uncertainties have made it difficult to increase

equity or to conclude a strategic equity investment to date.

The company has reviewed additional risks associated with

its preparation for Y2K. The systems and operations of the

company will be available and are primarily ready now to perform

satisfactorily. Certain utilities that the company is dependent on,

such as public power and communications being beyond the

control of the company, are under review for compliance.

16

π‘§¡Õÿµ “À°√√¡ æ◊Èπ∑’Ë¢“¬‰ª·≈â« (‰√à) æ◊Èπ∑’ËÕÿµ “À°√√¡ æ◊Èπ∑’Ë√«¡ (‰√à) æ—≤π“‡ √Á® ¡∫Ÿ√≥å %

Industrial Estate Cumulative (Rai) Sold % Industrial Area Total Area (Rai) % of Completion

™≈∫ÿ√’ Chonburi Industrial Estate (Bo-Win)Phase I, II (A,B) 1,354 69% 1,959 2,428 100

Phase II (C) 436 92% 474 800 100

Phase III 860* 1,827

Total Chonburi 1,790 3,293 5,055

µ–«—πÕÕ° Eastern Industrial Estate (Map Ta Phut)Phase I 1,323 91% 1,451 2,205 99

Phase II 400* 503

Total Eastern 1,323 1,851 2,708

Õ’ ‡∑‘√åπ´’∫Õ√å¥ Eastern Seaboard Industrial Estate (Rayong)Phase I 1,496 98% 1,529 2,156 97

Phase II (A) 735 72% 1,027 1,604 90

Phase II (B) 33 4% 841 1,299 72

Expansion: 1,255* 2,320

Total Eastern Seaboard 2,264 4,652 7,379

√«¡æ◊Èπ∑’Ë (‰√à)

Total Rai 5,377 9,796 15,142

* estimate

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

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

PROJECT SUMMARY‚§√ß°“√

22

Hemaraj International Ltd. (1) Ritchie & Duckworth, 2nd Floor, Holding Company $ 50,000 100Zephyr House, Mary Street, ($1 = 25.14 Baht)P.O.Box 709, George Town,Grand Cayman Islands,British West Indies

H-International (BVI) Romasco Place, Wickhams Cay 1, Holding Company $2,000 100 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 æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 400 99.99∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

Eastern Industrial Estate Co., Ltd. 18th Floor, UM Tower, Industrial Estate Developer9 Ramkhamhaeng Rd.,Suanluang, Bangkok 10250

∫√‘…—∑ Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∫√‘°“√„Àâ‡™à“«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 60 99.99∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

Eastern Pipeline Services Co., Ltd. (3) 18th Floor, UM Tower, Pipe Rack Rental9 Ramkhamhaeng Rd.,Suanluang, Bangkok 10250

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 358 60 Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ∂. √“¡§”·Àß «πÀ≈«ß

°√ÿß‡∑æœ 10250Eastern Seaboard Industrial Estate 18th Floor, UM Tower, Industrial Estate Developer (Rayong) Co., Ltd. 9 Ramkhamhaeng Rd.,

Suanluang, Bangkok 10250

°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬Subsidiary Companies

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

∫√‘…—∑œ ¬àÕ¬

59.36 3 224.32 11

297.27 17 1,580.20 81

2.11 0 1.16 0

517.08 29 584.98 30

∫√‘…—∑ ∑’ËÕ¬Ÿà ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) % °“√≈ß∑ÿπName Address Nature of Business Register Capital % of

(Mil. Baht) Investment

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 1,000∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

Hemaraj Land And Development 18th Floor, UM Tower, Industrial Estate Developer Public Company Limited 9 Ramkhamhaeng Rd.,

Suanluang, Bangkok 10250

√“¬‰¥â (≈â“π∫“∑)2540 % 2539 %

Revenue(Mil. Baht)1998 % 1997 %

565.53 32 (433.72) (22)

23

∫√‘…—∑√à«¡Associated Companies

∫√‘…—∑ ∑’ËÕ¬Ÿà ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) % °“√≈ß∑ÿπName Address Nature of Business Register Capital % of

(Mil. Baht) Investment

∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å Holding Company 810 49.99∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

H-Power Co., Ltd. 20th Floor, UM Tower,9 Ramkhamhaeng Rd., Suanluang,Bangkok 10250

∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ¢“¬æ≈—ßß“π‰øøÑ“·≈–‰ÕπÈ” 800 99.99∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

Industrial Power Co., Ltd. (4) 20th Floor, UM Tower, Co-Generation Power Plant9 Ramkhamhaeng Rd., Suanluang,Bangkok 10250

∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å Holding Company 1 99.99∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

H-INFRA Co., Ltd. (4) 20th Floor, UM Tower,9 Ramkhamhaeng Rd., Suanluang,Bangkok 10250

∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ∫√‘À“√·≈–¥Ÿ·≈‚√ß‰øøÑ“ 1 99.99 ‡´Õ√å«‘ ‡´ ®”°—¥ ∂. √“¡§”·Àß «πÀ≈«ß

°√ÿß‡∑æœ 10250Operation Power Services Co., Ltd. (4) 20th Floor, UM Tower, Power Plant Operation & Maintenance

9 Ramkhamhaeng Rd., Suanluang,Bangkok 10250

Pinago Services Limited (2),(4) P.O.Box 957, Offshore Center, Holding Company $50,000 100Road Town, Tortola,British Virgin Islands

∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å ºŸâº≈‘µ‰øøÑ“Õ‘ √– (IPP) 10 99.99∂. √“¡§”·Àß «πÀ≈«ß°√ÿß‡∑æœ 10250

Bowin Power Co., Ltd. (5) 20th Floor, UM Tower, Independent Power Producer (IPP)9 Ramkhamhaeng Rd., Suanluang,Bangkok 10250

352.21 20 (3.00) (0)

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

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

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

1,793.56 100 1,953.94 100

√“¬‰¥â (≈â“π∫“∑)2540 % 2539 %

Revenue(Mil. Baht)1998 % 1997 %

24

‡ πÕ ºŸâ∂◊ÕÀÿâπ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ ß∫°”‰√ – ¡√«¡·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“

πÕ°®“°∑’Ë®–°≈à“«„π«√√§∂—¥‰ª ¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫—µ‘

ß“π‡æ◊ËÕ„Àâ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π °“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“

µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 7 ·≈–∑’Ë 9 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å·≈– ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå „πß∫¥ÿ≈

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 2,846.27 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,721.68 ≈â“π∫“∑ µ“¡≈”¥—∫ ”À√—∫ß∫°“√‡ß‘π√«¡ ·≈–®”π«π‡ß‘π 1,204.32≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,721.68 ≈â“π∫“∑ µ“¡≈”¥—∫ ”À√—∫ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑· ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§„πªí®®ÿ∫—π ª√–°Õ∫°—∫µ—Èß·µà‡¥◊Õπ°√°Æ“§¡ ªï 2540 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡‘‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å·≈– ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå¥—ß°≈à“«‚¥¬ºŸâª√–‡¡‘πÕ‘ √–„Àâ‡ªìπ¡Ÿ≈§à“ªí®®ÿ∫—π∑”„Àâ¢â“æ‡®â“‰¡à “¡“√∂µ√«® Õ∫„Àâ‡ªìπ∑’ËæÕ„®„π¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫¢Õß ‘π∑√—æ¬å¥—ß°≈à“«´÷ËßÕ“®µË”°«à“√“§“∑’Ë· ¥ß‰«â„πß∫°“√‡ß‘π ‡æ◊ËÕπ”¡“ª√—∫ª√ÿß·≈–

‡ªî¥‡º¬„Àâ‡ªìπ‰ªµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ªµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 1 ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â√«¡ à«π·∫àß

º≈°”‰√®”π«π‡ß‘π 0.92 ≈â“π∫“∑ ¢Õß∫√‘…—∑√à«¡ 2 ·Ààß ´÷Ëßµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ πÕ°®“°π’È¬—ß√«¡ à«π·∫àßº≈¢“¥∑ÿπ®”π«π‡ß‘π 0.80 ≈â“π∫“∑ ¢Õß∫√‘…—∑√à«¡Õ’°Àπ÷Ëß·Ààß„πµà“ßª√–‡∑» ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ë®—¥∑”¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√ ·≈–‰¡àºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’

¢â“æ‡®â“‡ÀÁπ«à“ ¬°‡«âπº≈¢Õß√“¬°“√ª√—∫ª√ÿß´÷ËßÕ“®®”‡ªìπµàÕß∫°“√‡ß‘π®“°‡√◊ËÕß∑’Ë°≈à“«„π «√√§∑’Ë “¡·≈–«√√§∑’Ë ’Ë ß∫°“√‡ß‘π¢â“ßµâππ’È · ¥ß∞“π–°“√‡ß‘π√«¡

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 º≈°“√¥”‡π‘πß“π√«¡ ·≈–°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈– ∫√‘…—∑¬àÕ¬·≈–∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

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ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2540 ¢Õß∫√‘…—∑‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∑’Ëπ”¡“· ¥ß‡ª√’¬∫‡∑’¬∫ µ√«® Õ∫‚¥¬¢â“æ‡®â“ ÷Ëß¢â“æ‡®â“‰¥â· ¥ß§«“¡‡ÀÁπÕ¬à“ß¡’‡ß◊ËÕπ‰¢µàÕß∫°“√‡ß‘π¥—ß°≈à“« µ“¡√“¬ß“π≈ß«—π∑’Ë 6 °ÿ¡¿“æ—π∏å 2541 «à“¢÷ÈπÕ¬Ÿà°—∫§«“¡∂Ÿ°µâÕß¢Õß¢âÕ¡Ÿ≈∑’Ë®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√

(π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå)ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 2316

∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥°√ÿß‡∑æœ 4 °ÿ¡¿“æ—π∏å 2542

AUDITORSû REPORT√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’

25

To the Shareholders of Hemaraj Land and Development Public Company Limited:

We have audited the consolidated balance sheet of Hemaraj Land and Development Public Company Limited and subsidiaries as at December

31, 1998, and the related consolidated statements of income, changes in shareholders’ equity, retained earnings and cash flows for the year thenended, and the separate financial statements of Hemaraj Land and Development Public Company Limited for the year then ended. The Company’smanagement are responsible for the correctness and completeness of information presented in these financial statements. Our responsibility is toexpress an opinion on these financial statements based on our audit.

Except as discussed in the following paragraphs, we conducted our audit in accordance with generally accepted auditing standards. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basis for our opinion.

As described in Note 7 and Note 9 to the financial statements, as at December 31, 1998, real estate developments and leasehold land and

land held for commercial purposes are stated at cost in the amounts of Baht 2,846.27 million and Baht 1,721.68 million, respectively, in theconsolidated balance sheet and Baht 1,204.32 million and Baht 1,721.68 million, respectively, in the Company’s balance sheet, and have notbeen appraised by an independent appraiser since July 1997. In addition, the real estate business has been affected by the adverse economicconditions in Thailand and the Asia Pacific Region. We cannot determine whether these assets are stated in accordance with generally acceptedaccounting standards which require them to be stated at the lower of cost or net realizable value.

As described in Note 1 to the financial statements, the consolidated financial statements and the Company’s financial statements for the yearended December 31, 1998 include share of net income in the amount of Baht 0.92 million of two associated companies, which were audited byanother firm of auditors, and include losses in the amount of Baht 0.80 million of an overseas associated company based on information providedby the management that was not audited.

In our opinion, except for the validity of the value of the assets described in the third paragraph and the accuracy of the results of the associated

companies described in the fourth paragraph, the financial statements referred to above present fairly, in all material respects, the consolidatedfinancial position as at December 31, 1998, of Hemaraj Land and Development Public Company Limited and subsidiaries, and the consolidatedresults of their operations and their cash flows for the year then ended, and the separate financial position as at December 31, 1998 and results ofits operations and its cash flows of Hemaraj Land and Development Public Company Limited for the year then ended, in conformity with generally

accepted accounting principles.We draw attention to Note 1 to the financial statements. The operations of the Company and subsidiaries have been affected and will continue

to be affected for the foreseeable future by the adverse economic conditions in Thailand and the Asia Pacific Region in general. The ultimate effectthat these uncertainties will have on the financial statements for the year ended December 31, 1998 cannot presently be determined.

In addition, we also draw attention to Note 15 and Note 17 to the financial statements. The Company and a subsidiary failed to meet

repayments in respect of loans and related interest payable which were due in 1998, and the Company failed to meet the redemption andpayments of the convertible bonds for which the bondholders sought redemption, in accordance with their rights on September 9, 1998, and relatedinterest payable on the same date. Management have informed us that they are currently in the process of negotiating for debt restructuring.

The financial statements of Hemaraj Land and Development Public Company Limited for the year ended December 31, 1997, shown forcomparative purposes, were also audited by us. Our report, dated February 6, 1998, expressed an opinion that was qualified subject to the

accuracy of the information of an overseas subsidiary supplied by the management.

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 practicesgenerally accepted in countries and jurisdictions other than Thailand. The standards, procedures and practices to audit such financial statements are those generally accepted andapplied in Thailand.

Nirand LilamethwatCertified Public Accountant Registration Number 2316

KPMG Audit (Thailand) LimitedBangkok, February 4, 1999

26 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540 ‘π∑√—æ¬å À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 2,4,26 121,073,933.32 41,177,511.77 4,243,955.04 8,741,583.82‡ß‘π≈ß∑ÿπ√–¬– —Èπ

‡ß‘πΩ“°ª√–®” 4,5,26 95,973,532.81 131,125,514.41 3,815,199.07 2,762,673.19‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 2,5,26 41,476,272.00 112,648,673.84 41,476,272.00 86,362,285.99

Õ◊ËπÊ 5 - 210,920.42 - 210,920.42√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ 137,449,804.81 243,985,108.67 45,291,471.07 89,335,879.60

≈Ÿ°Àπ’È°“√§â“ 2,6,22 96,562,392.59 21,464,476.79 10,003,558.86 10,212,378.57µ—Î«‡ß‘π√—∫ - 122,880,000.00 - -‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

3 5,536,105.34 - 26,253,933.92 81,358,173.25µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 2,7,20,26 3,311,016,249.65 3,319,400,384.17 1,204,324,060.51 1,196,761,685.40 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

≈Ÿ°Àπ’È¢“¬≈¥‡™Á§ - 15,235,802.29 - 10,000,000.00§à“„™â®à“¬≈à«ßÀπâ“ 4,138,878.49 4,899,217.48 3,233,556.72 2,990,027.80

‡ß‘π∑¥√Õß®à“¬ 3,693,820.62 4,720,188.35 1,576,407.57 3,914,105.55Õ◊ËπÊ 11,658,299.03 16,397,136.49 3,707,916.44 5,008,187.64

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 19,490,998.14 41,252,344.61 8,517,880.73 21,912,320.99√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 3,691,129,483.85 3,790,159,826.01 1,298,634,860.13 1,408,322,021.63

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 2,3,8,26‡ß‘π≈ß∑ÿπ 831,034,067.47 628,551,742.00 3,116,280,270.44 2,408,920,629.59‡ß‘π„Àâ°Ÿâ¬◊¡ 220,810,235.49 284,615,276.99 289,861,866.66 217,356,458.26√«¡°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 1,051,844,302.96 913,167,018.99 3,406,142,137.10 2,626,277,087.85

°‘®°“√Õ◊Ëπ 2,8 1,000,000.00 1,000,000.00 - -

√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ 1,052,844,302.96 914,167,018.99 3,406,142,137.10 2,626,277,087.85 ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå 2,9,20,26 2,192,703,465.96 2,277,272,933.92 1,920,817,216.41 2,005,386,684.37∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 2,10 360,916,032.72 197,364,566.07 58,956,237.90 66,092,533.68 ‘π∑√—æ¬åÕ◊Ëπ

§à“§«“¡π‘¬¡ 11 4,245,715.16 5,837,858.28 - -

‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ 12 131,163,566.47 101,578,208.23 33,177,411.14 66,354,815.14‡ß‘π∑ÿπ®¡ 13,27 193,632,482.50 85,686,570.98 53,799,567.11 -§à“„™â®à“¬√Õµ—¥∫—≠™’ 2,14 707,111.52 1,218,921.78 - -‡ß‘π¡—¥®”·≈–Õ◊ËπÊ 2,527,588.13 8,586,618.45 388,400.00 389,400.00

√«¡ ‘π∑√—æ¬åÕ◊Ëπ 332,276,463.78 202,908,177.72 87,365,378.25 66,744,215.14

√«¡ ‘π∑√—æ¬å 7,629,869,749.27 7,381,872,522.71 6,771,915,829.79 6,172,822,542.67

ß∫¥ÿ≈

27See Notes to Financial Statement

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

AND SUBSIDIARIES

AS AT DECEMBER 31, 1998 AND 1997

Consolidated The Company

1998 1997 1998 1997

ASSETS Notes Baht Baht Baht Baht

CURRENT ASSETS

Cash on hand and at banks 2, 4, 26 121,073,933.32 41,177,511.77 4,243,955.04 8,741,583.82

Short-term investments

Time deposits 4, 5, 26 95,973,532.81 131,125,514.41 3,815,199.07 2,762,673.19

Investments in securities 2, 5, 26 41,476,272.00 112,648,673.84 41,476,272.00 86,362,285.99

Others 5 - 210,920.42 - 210,920.42

Total Short-Term Investments 137,449,804.81 243,985,108.67 45,291,471.07 89,335,879.60

Accounts receivable 2, 6, 22 96,562,392.59 21,464,476.79 10,003,558.86 10,212,378.57

Note receivable - 122,880,000.00 - -

Short-term loans and advance to

related parties 3 5,536,105.34 - 26,253,933.92 81,358,173.25

Cost of real estate developments 2, 7, 20, 26 3,311,016,249.65 3,319,400,384.17 1,204,324,060.51 1,196,761,685.40

Other current assets

Cheques discounted receivable - 15,235,802.29 - 10,000,000.00

Prepaid expenses 4,138,878.49 4,899,217.48 3,233,556.72 2,990,027.80

Advances 3,693,820.62 4,720,188.35 1,576,407.57 3,914,105.55

Others 11,658,299.03 16,397,136.49 3,707,916.44 5,008,187.64

Total Other Current Assets 19,490,998.14 41,252,344.61 8,517,880.73 21,912,320.99

Total Current Assets 3,691,129,483.85 3,790,159,826.01 1,298,634,860.13 1,408,322,021.63

INVESTMENTS AND LOANS

Related parties 2, 3, 8, 26

Investments 831,034,067.47 628,551,742.00 3,116,280,270.44 2,408,920,629.59

Loans 220,810,235.49 284,615,276.99 289,861,866.66 217,356,458.26

Total Related Parties 1,051,844,302.96 913,167,018.99 3,406,142,137.10 2,626,277,087.85

Other company 2, 8 1,000,000.00 1,000,000.00 - -

Total Investments and Loans 1,052,844,302.96 914,167,018.99 3,406,142,137.10 2,626,277,087.85

LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL

FOR COMMERCIAL PURPOSES 2, 9, 20, 26 2,192,703,465.96 2,277,272,933.92 1,920,817,216.41 2,005,386,684.37

PROPERTY, PLANT AND EQUIPMENT, NET 2, 10 360,916,032.72 197,364,566.07 58,956,237.90 66,092,533.68

OTHER ASSETS

Goodwill 11 4,245,715.16 5,837,858.28 - -

Advances to Provincial Electricity Authority 12 131,163,566.47 101,578,208.23 33,177,411.14 66,354,815.14

Sinking fund 13, 27 193,632,482.50 85,686,570.98 53,799,567.11 -

Deferred charges 2, 14 707,111.52 1,218,921.78 - -

Deposits and others 2,527,588.13 8,586,618.45 388,400.00 389,400.00

Total Other Assets 332,276,463.78 202,908,177.72 87,365,378.25 66,744,215.14

Total Assets 7,629,869,749.27 7,381,872,522.71 6,771,915,829.79 6,172,822,542.67

BALANCE SHEET

28 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ®“° ∂“∫—π°“√‡ß‘π 2,4,26 24,375,434.22 765,781,065.07 16,483,099.60 670,031,449.80‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 15,19 339,563,071.15 110,000,000.00 302,822,739.72 110,000,000.00‡®â“Àπ’È§à“°àÕ √â“ß·≈–æ—≤π“∑’Ë¥‘π 84,395,555.18 168,727,434.44 6,691,804.76 4,858,845.81‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ 27 323,777,978.63 124,936,498.14 209,073,518.33 86,388,910.40

√“¬‰¥â√—∫≈à«ßÀπâ“ 2,16 249,691,378.85 46,056,973.05 - - à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√– ¿“¬„πÀπ÷Ëßªï 16,26 51,622,594.00 249,452,092.00 - 245,748,700.00Àÿâπ°Ÿâ·ª≈ß ¿“æ 17,25 1,057,884,765.00 2,244,687,784.35 1,057,884,765.00 2,244,687,784.35‡ß‘π°Ÿâ¬◊¡°√√¡°“√ 14,464,797.46 - 14,464,797.46 -

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 3 41,072,406.43 249,930,727.88 291,805,594.10 283,500,548.69Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

¥Õ°‡∫’È¬§â“ß®à“¬ 2 132,591,739.63 56,188,504.56 116,359,713.19 45,626,213.40

‡®â“Àπ’È§à“´◊ÈÕÕ“§“√™ÿ¥ 11,774,605.00 11,784,105.00 11,774,605.00 11,784,105.00Õ◊ËπÊ 23,044,552.54 54,102,114.79 13,662,177.70 28,125,405.97

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 167,410,897.17 122,074,724.35 141,796,495.89 85,535,724.37√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 2,354,258,878.09 4,081,647,299.28 2,041,022,814.86 3,730,751,963.42

‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 3,18 1,518,141.40 2,002,921.40 1,164,441,719.90 375,278,631.40

Àπ’È ‘π√–¬–¬“« 15,19,26 1,367,354,363.25 754,823,121.43 655,248,700.00 25,000,000.00Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π 20 555,039,225.99 - - -Àπ’È ‘πÕ◊Ëπ

‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß 41,982,052.02 72,192,148.95 1,024,949.41 4,285,785.44√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ 2 8,502,319.90 - - -

”√Õß¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 2 59,999,300.00 - - -

Õ◊Ëπ Ê 2,123,460.00 5,780,250.00 - -√«¡Àπ’È ‘πÕ◊Ëπ 112,607,131.92 77,972,398.95 1,024,949.41 4,285,785.44√«¡Àπ’È ‘π 4,390,777,740.65 4,916,445,741.06 3,861,738,184.17 4,135,316,380.26

ß∫¥ÿ≈



AND SUBSIDIARIES



1998 1997 1998 1997

LIABILITIES AND SHAREHOLDERS’ EQUITY Notes Baht Baht Baht Baht

CURRENT LIABILITIES

Bank overdrafts and loans from

financial institutions 2, 4, 26 24,375,434.22 765,781,065.07 16,483,099.60 670,031,449.80

Liabilities on immediate demand 15, 19 339,563,071.15 110,000,000.00 302,822,739.72 110,000,000.00

Construction and land development costs payable 84,395,555.18 168,727,434.44 6,691,804.76 4,858,845.81

Account payable - Industrial Estate

Authority of Thailand 27 323,777,978.63 124,936,498.14 209,073,518.33 86,388,910.40

Income received in advance 2, 16 249,691,378.85 46,056,973.05 - -

Current portion of long-term liabilities 16, 26 51,622,594.00 249,452,092.00 - 245,748,700.00

Convertible bonds 17, 25 1,057,884,765.00 2,244,687,784.35 1,057,884,765.00 2,244,687,784.35

Loan from a director 14,464,797.46 - 14,464,797.46 -

Short-term loans and advances from

related parties 3 41,072,406.43 249,930,727.88 291,805,594.10 283,500,548.69

Other current liabilities

Accrued interest expense 2 132,591,739.63 56,188,504.56 116,359,713.19 45,626,213.40

Accounts payable - buildings purchase agreement 11,774,605.00 11,784,105.00 11,774,605.00 11,784,105.00

Others 23,044,552.54 54,102,114.79 13,662,177.70 28,125,405.97

Total Other Current Liabilities 167,410,897.17 122,074,724.35 141,796,495.89 85,535,724.37

Total Current Liabilities 2,354,258,878.09 4,081,647,299.28 2,041,022,814.86 3,730,751,963.42

DUE TO AND LOANS FROM RELATED

PARTIES 3, 18 1,518,141.40 2,002,921.40 1,164,441,719.93 75,278,631.40

LONG-TERM LIABILITIES 15, 19, 26 1,367,354,363.27 754,823,121.43 655,248,700.00 25,000,000.00

GUARANTEED BONDS 20 555,039,225.99 - - -

OTHER LIABILITIES

Retention payable 41,982,052.02 72,192,148.95 1,024,949.41 4,285,785.44

Deferred right of use income 2 8,502,319.90 - - -

Reserve for loss on revaluation of investment

in security 2 59,999,300.00 - - -

Others 2,123,460.00 5,780,250.00 - -

Total Other Liabilities 112,607,131.92 77,972,398.95 1,024,949.41 4,285,785.44

Total Liabilities 4,390,777,740.65 4,916,445,741.06 3,861,738,184.17 4,135,316,380.26

BALANCE SHEET

30 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 408,028,962.78 411,741,474.71 - - à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ 21

∑ÿπ®¥∑–‡∫’¬π 100,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00∑ÿπ∑’ËÕÕ° 70,765,575 Àÿâπ ™”√–‡µÁ¡¡Ÿ≈§à“·≈â« 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

à«π‡°‘π∑ÿπ

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00°”‰√ – ¡

®—¥ √√‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07¬—ß‰¡à‰¥â®—¥ √√ 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2 - - - - à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ 2 - 129,991,333.09 - -º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ 2 (79,114,599.78) (113,812,188.56) - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 2,831,063,045.84 2,053,685,306.94 2,910,177,645.62 2,037,506,162.41√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 7,629,869,749.27 7,381,872,522.71 6,771,915,829.79 6,172,822,542.67

ß∫¥ÿ≈



AND SUBSIDIARIES



1998 1997 1998 1997

LIABILITIES AND SHAREHOLDERS’ EQUITY Notes Baht Baht Baht Baht

MINORITY INTERESTS 408,028,962.78 411,741,474.71 - -

SHAREHOLDERS’ EQUITY

Share capital 21

Authorised share capital 100,000,000 shares,

Baht 10 par value 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00

Issued and fully paid-up share capital

70,765,575 shares 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

Paid-in capital

Premium on share capital 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00

Retained earnings

Appropriated - legal reserve 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Unappropriated 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

Loss on diminution in value of investments

in securities 2 - - - -

Discount on convertible bonds 2 - 129,991,333.09 - -

Adjustments from financial statement

translations 2 (79,114,599.78) (113,812,188.56) - -

Total Shareholders’ Equity 2,831,063,045.84 2,053,685,306.94 2,910,177,645.62 2,037,506,162.41

Total Liabilities and Shareholders’ Equity 7,629,869,749.27 7,381,872,522.71 6,771,915,829.79 6,172,822,542.67

BALANCE SHEET

32 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

√“¬‰¥â

√“¬‰¥â®“°°“√¢“¬ 2,22 217,827,264.25 1,217,112,403.08 103,622.82 (497,911,297.26)

√“¬‰¥â§à“∫√‘°“√ 2 124,561,395.55 86,671,240.50 27,470,736.51 29,675,285.23√“¬‰¥âÕ◊Ëπ

°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 555,819,766.49 578,477,408.18 55,819,766.49 3,097,967.84°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π 25 432,004,826.63 - 432,004,826.63 - à«π¢Õß°”‰√(¢“¥∑ÿπ)¢Õß∫√‘…—∑„π‡§√◊Õ 3 352,207,275.47 (2,998,466.50) 822,676,746.47 928,401,000.76

¥Õ°‡∫’È¬√—∫ 3 49,342,004.19 53,319,282.43 11,734,006.31 39,374,512.81√“¬‰¥â§à“π“¬Àπâ“ 3,27 - - 22,207,649.87 69,790,332.97Õ◊ËπÊ 61,802,310.15 21,355,875.96 48,821,669.87 4,708,171.44

√«¡√“¬‰¥âÕ◊Ëπ 1,451,176,182.93 650,154,100.07 1,393,264,665.64 1,045,371,985.82√«¡√“¬‰¥â 1,793,564,842.73 1,953,937,743.65 1,420,839,024.97 577,135,973.79

§à“„™â®à“¬

µâπ∑ÿπ¢“¬ 2,22 147,152,452.26 618,999,445.55 1,086,121.41 (264,297,538.88)µâπ∑ÿπ∫√‘°“√ 91,016,920.47 30,740,766.04 24,549,774.02 12,822,933.81§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 2,3 270,295,825.29 331,923,848.46 106,573,047.11 122,841,032.25

§à“§«“¡π‘¬¡µ—¥∫—≠™’ 11 1,592,143.12 1,592,143.12 1,592,143.12 1,592,143.12¥Õ°‡∫’È¬®à“¬ 2,3,7,20 238,130,036.02 329,622,175.11 163,032,049.40 322,174,177.04§à“µÕ∫·∑π°√√¡°“√ 23 26,188,942.55 14,313,402.99 1,767,011.69 7,350,000.00¢“¥∑ÿπ®“°°“√ª√–‡¡‘π‚§√ß°“√ 85,577,251.03 41,041,023.19 85,577,251.03 41,041,023.19¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ

„πÀ≈—°∑√—æ¬å 2 242,852,720.83 136,035,908.25 119,067,055.48 136,035,908.25√«¡§à“„™â®à“¬ 1,102,806,291.57 1,504,268,712.71 503,244,453.26 379,559,678.78

°”‰√°àÕπ¿“…’‡ß‘π‰¥â 690,758,551.16 449,669,030.94 917,594,571.71 197,576,295.01¿“…’‡ß‘π‰¥â - (6,258,820.30) - -°”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–°àÕπ

°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«

·≈–°àÕπ√“¬°“√æ‘‡»… 690,758,551.16 443,410,210.64 917,594,571.71 197,576,295.01 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 6,281,985.15 (192,953,915.63) - -°”‰√°àÕπ°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«

·≈–°àÕπ√“¬°“√æ‘‡»… 697,040,536.31 250,456,295.01 917,594,571.71 197,576,295.01

¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«

2,24 - (1,269,989,589.82) - (1,217,109,589.82)°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… 697,040,536.31 (1,019,533,294.81) 917,594,571.71 (1,019,533,294.81)√“¬°“√æ‘‡»… 25 175,630,946.90 - (44,923,088.50) -°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)

ß∫°”‰√¢“¥∑ÿπ



AND SUBSIDIARIES



1998 1997 1998 1997

Notes Baht Baht Baht Baht

REVENUES

Sales 2, 22 217,827,264.25 1,217,112,403.0 103,622.82 (497,911,297.26)

Service income 2 124,561,395.55 86,671,240.50 27,470,736.51 29,675,285.23

Other income

Gain on sale of shares 555,819,766.49 578,477,408.18 55,819,766.49 3,097,967.84

Gain on exchange rate 25 432,004,826.63 - 432,004,826.63 -

Share of net income (loss) in affiliated

companies 3 352,207,275.47 (2,998,466.50) 822,676,746.47 928,401,000.76

Interest income 3 49,342,004.19 53,319,282.43 11,734,006.31 39,374,512.81

Commission income 3, 27 - - 22,207,649.87 69,790,332.97

Others 61,802,310.15 21,355,875.96 48,821,669.87 4,708,171.44

Total Other Income 1,451,176,182.93 650,154,100.07 1,393,264,665.64 1,045,371,985.82

Total Revenues 1,793,564,842.73 1,953,937,743.64 1,420,839,024.97 577,135,973.79

EXPENSES

Cost of sales 2, 22 147,152,452.26 618,999,445.55 1,086,121.41 (264,297,538.88)

Cost of services 91,016,920.47 30,740,766.04 24,549,774.02 12,822,933.81

Selling and administrative expenses 2, 3 270,295,825.29 331,923,848.46 106,573,047.11 122,841,032.25

Amortisation of goodwill 11 1,592,143.12 1,592,143.12 1,592,143.12 1,592,143.12

Interest expense 2, 3, 7, 20 238,130,036.02 329,622,175.11 163,032,049.40 322,174,177.04

Directors’ remuneration 23 26,188,942.55 14,313,402.99 1,767,011.69 7,350,000.00

Loss on projects revaluation 85,577,251.03 41,041,023.19 85,577,251.03 41,041,023.19

Loss on diminution in value of investments

in securities 2 242,852,720.83 136,035,908.25 119,067,055.48 136,035,908.25

Total Expenses 1,102,806,291.57 1,504,268,712.71 503,244,453.26 379,559,678.78

Income before income tax 690,758,551.16 449,669,030.94 917,594,571.71 197,576,295.01

Income tax - (6,258,820.30) - -

Income before minority interests and exchange

loss on change to the managed float system

and extraordinary item 690,758,551.16 443,410,210.64 917,594,571.71 197,576,295.01

Minority interests 6,281,985.15 (192,953,915.63) - -

Income before exchange loss on change to

the managed float system and extraordinary item 697,040,536.31 250,456,295.01 917,594,571.71 197,576,295.01

Exchange loss on change to

the managed float system 2, 24 - (1,269,989,589.82) - (1,217,109,589.82)

Income (loss) before extraordinary item 697,040,536.31 (1,019,533,294.81) 917,594,571.71 (1,019,533,294.81)

Extraordinary item 25 175,630,946.90 - (44,923,088.50) -

Net Income (loss) 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)

STATEMENTS OFINCOME (LOSS)

34 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ 2

°”‰√°àÕπ°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« ·≈–°àÕπ√“¬°“√æ‘‡»… 9.85 3.54 12.96 2.79¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« - (17.95) - (17.20)°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… 9.85 (14.41) 12.96 (14.41)√“¬°“√æ‘‡»… 2.48 - (0.63) -

°”‰√(¢“¥∑ÿπ) ÿ∑∏ ‘ 12.33 (14.41) 12.33 (14.41)

ß∫°”‰√¢“¥∑ÿπ



AND SUBSIDIARIES



1998 1997 1998 1997


Earnings (loss) per share 2

Income before exchange loss on change to

the managed float system and extraordinary item 9.85 3.54 12.96 2.79

Exchange loss on change to the managed float system - (17.95) - (17.20)

Income (loss) before extraordinary item 9.85 (14.41) 12.96 (14.41)

Extraordinary item 2.48 - (0.63) -

Net Income (loss) 12.33 (14.41) 12.33 (14.41)

STATEMENTS OFINCOME (LOSS)

36 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

∑ÿπ‡√◊ÕπÀÿâπ

Àÿâπ “¡—≠¬Õ¥µâπªï 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00‡æ‘Ë¡√–À«à“ßªï - - - -≈¥√–À«à“ßªï - - - -¬Õ¥ª≈“¬ªï 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

à«π‡°‘π∑ÿπ

à«π‡°‘π¡Ÿ≈§à“Àÿâπ¬Õ¥µâπªï 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00‡æ‘Ë¡√–À«à“ßªï - - - -≈¥√–À«à“ßªï - - - -

¬Õ¥ª≈“¬ªï 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00°”‰√ – ¡

®—¥ √√·≈â« ”√Õßµ“¡°ÆÀ¡“¬

¬Õ¥µâπªï 210,491,426.19 162,317,727.34 95,340,462.07 65,266,763.22‡æ‘Ë¡√–À«à“ßªï - 48,173,698.85 - 30,073,698.85≈¥√–À«à“ßªï - - - -¬Õ¥ª≈“¬ªï 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

¬—ß‰¡à‰¥â®—¥ √√

¬Õ¥µâπªï 122,116,393.22 1,308,191,570.99 237,267,357.34 1,405,242,535.11ª√—∫ª√ÿß°”‰√ – ¡µâπªï 8 - 23,162,965.89 - 23,162,965.89¬Õ¥µâπªïÀ≈—ß√“¬°“√ª√—∫ª√ÿß 122,116,393.22 1,331,354,536.88 237,267,357.34 1,428,405,501.00‡æ‘Ë¡(≈¥)√–À«à“ßªï - °”‰√(¢“¥∑ÿπ) ÿ∑∏‘ 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)

- ”√Õßµ“¡°ÆÀ¡“¬ - (48,173,698.85) - (30,073,698.85)

- ‡ß‘πªíπº≈ 21 - (141,531,150.00) - (141,531,150.00)¬Õ¥ª≈“¬ªï 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2 ¬Õ¥µâπªï - (49,780,809.70) - (49,780,809.70) ‡æ‘Ë¡√–À«à“ßªï - - - -

≈¥√–À«à“ßªï - 49,780,809.70 - 49,780,809.70 ¬Õ¥ª≈“¬ªï - - - -

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



AND SUBSIDIARIES



1998 1997 1998 1997


SHARE CAPITAL

Ordinary share

Beginning balance 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

Increase during year - - - -

Decrease during year - - - -

Ending balance 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00

PAID-IN CAPITAL

Premium on share capital




Ending balance 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00

RETAINED EARNINGS

Appropriated

Legal reserve


Increase during year - 48,173,698.85 - 30,073,698.85


Ending balance 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Unappropriated

Beginning balance 122,116,393.22 1,308,191,570.99 237,267,357.34 1,405,242,535.11

Adjustments of retained earnings at

beginning of year 8 - 23,162,965.89 - 23,162,965.89

Beginning balance after adjustments 122,116,393.22 1,331,354,536.88 237,267,357.34 1,428,405,501.00

Increase (decrease) during year

- Net income (loss) 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)

- Legal reserve - (48,173,698.85) - (30,073,698.85)

- Dividend 21 - (141,531,150.00 ) - (141,531,150.00)

Ending balance 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

LOSS ON DIMINUTION IN VALUE OF

INVESTMENTS IN SECURITIES 2

Beginning balance - (49,780,809.70) - (49,780,809.70)


Decrease during year - 49,780,809.70 - 49,780,809.70

Ending balance - - - -

STATEMENTS OF CHANGESIN SHAREHOLDERSû EQUITY

38 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ 2 ¬Õ¥µâπªï 129,991,333.09 - - - ‡æ‘Ë¡√–À«à“ßªï - 129,991,333.09 - - ≈¥√–À«à“ßªï (129,991,333.09) - - - ¬Õ¥ª≈“¬ªï - 129,991,333.09 - -

º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ 2 ¬Õ¥µâπªï (113,812,188.56) - - - ‡æ‘Ë¡√–À«à“ßªï - (113,812,188.56) - - ≈¥√–À«à“ßªï 34,697,588.78 - - - ¬Õ¥ª≈“¬ªï (79,114,599.78) (113,812,188.56) - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 2,831,063,045.84 2,053,685,306.94 2,910,177,645.62 2,037,506,162.41

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



AND SUBSIDIARIES



1998 1997 1998 1997


DISCOUNT ON CONVERTIBLE BONDS 2

Beginning balance 129,991,333.09 - - -

Increase during year - 129,991,333.09 - -

Decrease during year (129,991,333.09) - - -

Ending balance - 129,991,333.09 - -

ADJUSTMENTS FROM FINANCIAL STATEMENT

TRANSLATIONS 2

Beginning balance (113,812,188.56) - - -

Increase during year - (113,812,188.56) - -

Decrease during year 34,697,588.78 - - -

Ending balance (79,114,599.78) (113,812,188.56) - -

Total Shareholders’ Equity 2,831,063,045.84 2,053,685,306.94 2,910,177,645.62 2,037,506,162.41

STATEMENTS OF CHANGESIN SHAREHOLDERSû EQUITY

40 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540

À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

°”‰√ – ¡ à«π∑’Ë¬—ß‰¡à‰¥â®—¥ √√

¬Õ¥¬°¡“®“°ªï°àÕπ 122,116,393.22 1,308,191,570.99 237,267,357.34 1,405,242,535.11∫«° ª√—∫ª√ÿß°”‰√ – ¡¬°¡“®“°ªï°àÕπ 8 - 23,162,965.89 - 23,162,965.89°”‰√ – ¡¬°¡“À≈—ß√“¬°“√ª√—∫ª√ÿß 122,116,393.22 1,331,354,536.88 237,267,357.34 1,428,405,501.00À—° ®—¥ √√°”‰√ ÿ∑∏‘ªï°àÕπ :

”√Õßµ“¡°ÆÀ¡“¬ - (48,173,698.85) - (30,073,698.85)‡ß‘πªíπº≈ 21 - (141,531,150.00) - (141,531,150.00)°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ªï 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)

√«¡°”‰√ – ¡ à«π∑’Ë¬—ß‰¡à‰¥â®—¥ √√ 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34°”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√·≈â« :

”√Õßµ“¡°ÆÀ¡“¬ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07√«¡°”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√·≈â« 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07√«¡°”‰√ – ¡ 1,205,279,302.62 332,607,819.41 1,205,279,302.62 332,607,819.41

ß∫°”‰√ – ¡



AND SUBSIDIARIES



1998 1997 1998 1997


UNAPPROPRIATED RETAINED EARNINGS

Beginning balance 122,116,393.22 1,308,191,570.99 237,267,357.34 1,405,242,535.11

Add adjustments of retained earnings at

beginning of year 8 - 23,162,965.89 - 23,162,965.89

Beginning balance after adjustments 122,116,393.22 1,331,354,536.88 237,267,357.34 1,428,405,501.00

Less Appropriated income prior year:

Legal reserve - (48,173,698.85) - (30,073,698.85)

Dividend 21 - (141,531,150.00) - (141,531,150.00)

Net income (loss) for year 872,671,483.21 (1,019,533,294.85) 872,671,483.21 (1,019,533,294.81)

Total Unappropriated Retained Earnings 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34

APPROPRIATED RETAINED EARNINGS

Legal reserve 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Total Appropriated Retained Earning 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07

Total Retained Earnings 1,205,279,302.62 332,607,819.41 1,205,279,302.62 332,607,819.41

STATEMENTS OFRETAINED EARNINGS

42 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π

°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)√“¬°“√ª√—∫°√–∑∫°”‰√(¢“¥∑ÿπ) ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫(®à“¬)

®“°°‘®°√√¡¥”‡π‘πß“π§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 43,986,132.27 - 20,182,893.18 -°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ (555,819,766.49) (578,477,407.68) (55,819,766.49) (3,097,967.34) à«π¢Õß(°”‰√)¢“¥∑ÿπ¢Õß∫√‘…—∑„π‡§√◊Õ (352,207,275.47) 2,998,466.50 (822,676,746.47) (928,401,000.76)¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 242,852,720.83 36,946,744.73 119,067,055.48 36,946,744.73

¢“¥∑ÿπ®“°°“√‚Õπ‡ß‘π≈ß∑ÿπ√–¬–¬“« ‡ªìπ‡ß‘π≈ß∑ÿπ√–¬– —Èπ - 99,057,124.34 - 99,057,124.34¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ 85,577,251.03 41,041,023.19 85,577,251.03 41,041,023.19(°”‰√)¢“¥∑ÿπ®“°°“√®”Àπà“¬Õÿª°√≥å (202,037.97) (76,938.27) (74,284.01) 32,039.18§à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ 27,289,134.76 56,572,992.56 9,008,562.13 48,569,586.01

§à“§«“¡π‘¬¡µ—¥∫—≠™’ 1,592,143.12 1,592,143.12 1,592,143.12 1,592,143.12 ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ (442,563,019.35) 819,545,464.63 (442,563,019.35) 1,193,305,954.63º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 34,697,588.78 (113,812,188.56) - -°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π - - (54,512,863.31) -√“¬°“√æ‘‡»… (175,630,946.90) - 44,923,088.50 -

°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π≈Ÿ°Àπ’È°“√§â“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (86,086,774.45) 709,804,681.79 (8,485,977.94) 316,186,313.18µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 8,384,134.52 (742,306,458.96) (7,562,375.11) (320,503,719.29)§à“„™â®à“¬≈à«ßÀπâ“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 760,338.99 2,624,109.41 (243,528.92) 3,898,061.06‡ß‘π∑¥√Õß®à“¬≈¥≈ß 1,026,367.73 5,566,980.75 2,337,697.98 1,806,897.05

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 4,738,837.46 (9,328,652.80) 1,300,271.20 (1,563,954.76)‡ß‘π¡—¥®”≈¥≈ß 6,059,030.32 1,371,769.30 1,000.00 1,382,660.00‡®â“Àπ’È§à“°àÕ √â“ß·≈–æ—≤π“∑’Ë¥‘π·≈–‡®â“Àπ’È°“√π‘§¡ Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 114,509,601.23 (213,195,430.98) 124,517,566.88 (30,342,753.52)√“¬‰¥â√—∫≈à«ßÀπâ“‡æ‘Ë¡¢÷Èπ 203,634,405.80 27,778,435.82 - -

¥Õ°‡∫’È¬§â“ß®à“¬‡æ‘Ë¡¢÷Èπ 76,403,235.07 10,753,377.72 70,733,499.79 16,071,984.48‡®â“Àπ’È§à“´◊ÈÕÕ“§“√™ÿ¥≈¥≈ß (9,500.00) - (9,500.00) -Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (31,057,562.25) 10,944,392.99 (14,463,228.27) 17,459,092.18‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (30,210,096.93) 24,492,220.96 (3,260,836.03) 1,783,051.91Àπ’È ‘πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 4,845,529.90 294,000.00 - -

‡ß‘π ¥ ÿ∑∏‘®“°(„™â ‰ª„π)°‘®°√√¡¥”‡π‘πß“π 55,240,955.21 (825,346,444.25) (57,759,613.40) (524,310,015.42)

ß∫°√–· ‡ß‘π ¥



AND SUBSIDIARIES



1998 1997 1998 1997


CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss) 872,671,483.21 (1,019,533,294.81) 872,671,483.21 (1,019,533,294.81)

Adjustments to reconcile net income (loss) to

net cash provided by (used in) operating activities:

Allowance for doubtful accounts 43,986,132.27 - 20,182,893.18 -

Gain on sale of investments (555,819,766.49) (578,477,407.68) (55,819,766.49) (3,097,967.34)

Share of net (income) loss in affiliated companies (352,207,275.47) 2,998,466.50 (822,676,746.47) (928,401,000.76)

Loss on diminution in value of

short-term investments 242,852,720.83 36,946,744.73 119,067,055.48 36,946,744.73

Loss on reclassification of long-term investments

to short-term investments - 99,057,124.34 - 99,057,124.34

Loss on projects revaluation 85,577,251.03 41,041,023.19 85,577,251.03 41,041,023.19

(Gain) loss on sale of equipment (202,037.97) (76,938.27) (74,284.01) 32,039.18

Depreciation and amortisation 27,289,134.76 56,572,992.56 9,008,562.13 48,569,586.01

Amortisation of goodwill 1,592,143.12 1,592,143.12 1,592,143.12 1,592,143.12

Provision for convertible bonds redemption (442,563,019.35) 819,545,464.63 (442,563,019.35) 1,193,305,954.63

Losses from translation of foreign

financial statements 34,697,588.78 (113,812,188.56) - -

Gain on exchange rate - - (54,512,863.31) -

Extraordinary item (175,630,946.90) - 44,923,088.50 -

Change in operating assets and liabilities

(Increase) decrease in accounts receivable (86,086,774.45) 709,804,681.79 (8,485,977.94) 316,186,313.18

(Increase) decrease in cost of real estate developments 8,384,134.52 (742,306,458.96) (7,562,375.11) (320,503,719.29)

(Increase) decrease in prepaid expenses 760,338.99 2,624,109.41 (243,528.92) 3,898,061.06

Decrease in advance payments 1,026,367.73 5,566,980.75 2,337,697.98 1,806,897.05

(Increase) decrease in other current assests 4,738,837.46 (9,328,652.80) 1,300,271.20 (1,563,954.76)

Decrease in deposits 6,059,030.32 1,371,769.30 1,000.00 1,382,660.00

Increase (decrease) in constructions and land

development costs and Industrial Estate

Authority of Thailand payable 114,509,601.23 (213,195,430.98) 124,517,566.88 (30,342,753.52)

Increase in income received in advance 203,634,405.80 27,778,435.82 - -

Increase in accrued interest expense 76,403,235.07 10,753,377.72 70,733,499.79 16,071,984.48

(Decrease) in accounts payable - building

purchase agreement (9,500.00) - (9,500.00) -

Increase (decrease) in other current liabilities (31,057,562.25) 10,944,392.99 (14,463,228.27) 17,459,092.18

Increase (decrease) in retentions payable (30,210,096.93) 24,492,220.96 (3,260,836.03) 1,783,051.91

Increase in other liabilities 4,845,529.90 294,000.00 - -

Net Cash Provided by (Used in) Operating Activities 55,240,955.21 (825,346,444.25) (57,759,613.40) (524,310,015.42)

STATEMENTS OFCASH FLOWS

44 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ

µ—Î«‡ß‘π√—∫∫√‘…—∑°“√‡ß‘π≈¥≈ß - 227,035,792.69 - 117,035,792.69 ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πÀ≈—°∑√—æ¬å(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 593,838,725.00 (35,592,493.27) 93,838,725.00 (9,306,105.42) ‡ß‘π≈ß∑ÿπ√–¬– —ÈπÕ◊ËπÊ≈¥≈ß 210,920.42 - 210,920.42 - µ—Î«‡ß‘π√—∫°√√¡°“√(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 122,880,000.00 (122,880,000.00) - - ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (5,536,105.34) (239,479,112.62) 55,104,239.33 325,482,943.84 ≈Ÿ°Àπ’È¢“¬≈¥‡™Á§≈¥≈ß 15,235,802.29 4,815,896.14 10,000,000.00 4,804,657.34 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å≈¥≈ß 24,972.50 611,753,148.55 1,524,962.50 10,012,320.36 ‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 30,807,767.88 (24,766,854.10) (84,552,050.17) (196,987,147.99) ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (1,007,783.07) 64,428,066.35 (1,007,783.07) 64,428,066.35

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å‡æ‘Ë¡¢÷Èπ (190,126,753.18) (68,146,105.20) (1,797,982.34) (18,344,002.42) ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (29,585,358.24) (6,372,485.59) 33,177,404.00 3,151,292.50 ‡ß‘π∑ÿπ®¡‡æ‘Ë¡¢÷Èπ (107,945,911.52) (85,686,570.98) (53,799,567.11) - §à“„™â®à“¬√Õµ—¥∫—≠™’‡æ‘Ë¡¢÷Èπ - (1,197,386.78) - - ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑„π‡§√◊Õ - - - 171,839,960.00

‡ß‘π ¥ ÿ∑∏‘®“°°‘®°√√¡≈ß∑ÿπ 428,796,276.74 323,911,895.19 52,698,868.56 472,117,777.25°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π

‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (2,000,000.00) 39,250,000.00 - 107,550,000.00µ—Î«‡ß‘π®à“¬∫√‘…—∑°“√‡ß‘π≈¥≈ß (74,177,260.28) (61,000,000.00) (74,177,260.28) (61,000,000.00)Àÿâπ°Ÿâ·ª≈ß ¿“æ≈¥≈ß (568,609,053.10) - - -

‡ß‘π°Ÿâ¬◊¡°√√¡°“√‡æ‘Ë¡¢÷Èπ 14,464,797.46 - 14,464,797.46 - ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√

∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (208,858,321.45) 249,930,727.88 63,376,454.96 203,146,579.34µ—Î«‡ß‘π®à“¬∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß - (285,577,043.75) - -‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (484,780.00) 484,780.04 - -

Àπ’È ‘π√–¬–¬“«‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (38,557,924.75) 529,506,203.85 (12,500,000.00) (37,500,000.00)Àÿâπ°Ÿâ¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ 555,039,225.99 - - - à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (3,712,511.93) 75,824,402.41 - - à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (129,991,333.09) 129,991,333.09 - -®à“¬‡ß‘πªíπº≈ - (141,531,150.00) - (141,531,150.00)

‡ß‘π ¥ ÿ∑∏‘®“°(„™â ‰ª„π)°‘®°√√¡®—¥À“‡ß‘π (456,887,161.15) 536,879,253.52 (8,836,007.86) 70,665,429.34‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏‘ 27,150,070.80 35,444,704.46 (13,896,752.70) 18,473,191.17

ß∫°√–· ‡ß‘π ¥



AND SUBSIDIARIES



1998 1997 1998 1997


CASH FLOWS FROM INVESTING ACTIVITIES

Decrease in notes receivable - finance companies - 227,035,792.69 - 117,035,792.69

(Increase) decrease in short-term investments

in securities 593,838,725.00 (35,592,493.27) 93,838,725.00 (9,306,105.42)

Decrease in other short-term investments 210,920.42 - 210,920.42 -

(Increase) decrease in notes receivable 122,880,000.00 (122,880,000.00) - -

(Increase) decrease in short-term loan and

advances to related parties (5,536,105.34) (239,479,112.62) 55,104,239.33 325,482,943.84

Decrease in cheques discounted receivable 15,235,802.29 4,815,896.14 10,000,000.00 4,804,657.34

Decrease in investments in securities 24,972.50 611,753,148.55 1,524,962.50 10,012,320.36

(Increase) decrease in loans to related parties 30,807,767.88 (24,766,854.10) (84,552,050.17) (196,987,147.99)

(Increase) decrease in leasehold land and

land held for commercial purposes (1,007,783.07) 64,428,066.35 (1,007,783.07) 64,428,066.35

(Increase) in property, plant and equipment (190,126,753.18) (68,146,105.20) (1,797,982.34) (18,344,002.42)

(Increase) decrease in advances to

Provincial Electricity Authority (29,585,358.24) (6,372,485.59) 33,177,404.00 3,151,292.50

(Increase) in sinking fund (107,945,911.52) (85,686,570.98) (53,799,567.11) -

(Increase) in deferred expenses - (1,197,386.78) - -

Dividend income from affiliated companies - - - 171,839,960.00

Net Cash Provided by Investing Activities 428,796,276.74 323,911,895.19 52,698,868.56 472,117,777.25

CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in loans from banks (2,000,000.00) 39,250,000.00 - 107,550,000.00

(Decrease) in notes payable - finance companies (74,177,260.28) (61,000,000.00) (74,177,260.28) (61,000,000.00)

(Decrease) in convertible bonds (568,609,053.10) - - -

Increase in loan from a director 14,464,797.46 - 14,464,797.46 -

Increase (decrease) in short-term loans and

advances from related parties (208,858,321.45) 249,930,727.88 63,376,454.96 203,146,579.34

(Decrease) in note payable - related parties - (285,577,043.75) - -

Increase (decrease) in due to and loans from

related parties (484,780.00) 484,780.04 - -

Increase (decrease) in long-term liabilities (38,557,924.75) 529,506,203.85 (12,500,000.00) (37,500,000.00)

(Increase) in guaranteed bonds 555,039,225.99 -

(Increase) decrease in minority interests (3,712,511.93) 75,824,402.41 - -

Increase (decrease) in discount on convertible bonds (129,991,333.09) 129,991,333.09 - -

Payment of dividend - (141,531,150.00) - (141,531,150.00)

Net Cash Provided by (Used in) Financing

Activities (456,887,161.15) 536,879,253.52 (8,836,007.86) 70,665,429.34

Net Increase (Decrease) In Cash and Cash Equivalents 27,150,070.80 35,444,704.46 (13,896,752.70) 18,473,191.17


46 ¥ŸÀ¡“¬‡Àµÿª√–°Õ∫°“√‡ß‘π

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

≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

2541 2540 2541 2540À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 1 ¡°√“§¡

2541 ·≈– 2540 2,4 32,108,853.51 34,252,598.71 (22,899.29) (20,147,972.40)

‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π ≥ «—π∑’Ë 1 ¡°√“§¡

2541 ·≈– 2540 2,4 133,413,107.60 95,824,657.94 5,495,706.50 7,147,588.44‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π ≥ «—π∑’Ë 31 ∏—π«“§¡

2541 ·≈– 2540 2,4 (98,840,828.86) (133,413,107.60) (6,682,495.12) (5,495,706.50)‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡

2541 ·≈– 2540 2,4 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29)¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡

‡ß‘π ¥®à“¬„π√–À«à“ßªï

¥Õ°‡∫’È¬®à“¬ 298,372,295.6 331,628,379.43 109,342,680.93 220,470,428.72¿“…’‡ß‘π‰¥â - 1,160,945.13 - -

ß∫°√–· ‡ß‘π ¥



AND SUBSIDIARIES



1998 1997 1998 1997

Not es Baht Baht Baht Baht

Cash and cash equivalents at January 1, 1998

and 1997 2, 4 32,108,853.51 34,252,598.71 (22,899.29) (20,147,972.40)

Cash at bank pledged as collateral at January 1, 1998

and 1997 2, 4 133,413,107.60 95,824,657.94 5,495,706.50 7,147,588.44

Cash at bank pledged as collateral at December 31, 1998

and 1997 2, 4 (98,840,828.86) (133,413,107.60) (6,682,495.12) (5,495,706.50)

Cash and cash equivalents at December 31, 1998

and 1997 2, 4 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29)

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the years for:

Interest 298,372,295.66 331,628,379.43 109,342,680.93 220,470,428.72

Income tax - 1,160,945.13 - -


48

À¡“¬‡Àµÿ 1 - ¿“æ·«¥≈âÕ¡∑“ß‡»√…∞°‘®·≈–‡°≥±å„π°“√∑”ß∫°“√‡ß‘π ¿“æ·«¥≈âÕ¡∑“ß‡»√…∞°‘®„πªï 2540 ®π∂÷ßªí®®ÿ∫—π ª√–‡∑»‰∑¬·≈–∫“ßª√–‡∑»„π‡¢µ¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§ª√– ∫ªí≠À“§«“¡¬ÿàß¬“°∑“ß‡»√…∞°‘® Õ—π‡°’Ë¬«‡π◊ËÕß°—∫°“√≈¥≈ß¢Õß

¡Ÿ≈§à“¢ÕßÀπà«¬‡ß‘πµ√“·≈–°“√≈¥≈ß¢Õß§«“¡‡®√‘≠‡µ‘∫‚µ∑“ß‡»√…∞°‘®¢Õßª√–‡∑» ¡’º≈„Àâ√—∞∫“≈‰∑¬µâÕß¢Õ§«“¡™à«¬‡À≈◊Õ®“°°Õß∑ÿπ°“√‡ß‘π√–À«à“ßª√–‡∑»‡æ◊ËÕºàÕπ§≈“¬·≈–·°â‰¢«‘°ƒµ°“√≥å∑“ß‡»√…∞°‘® ß∫°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ‰¥â∑”¢÷Èπ®“°°“√ª√–‡¡‘πº≈ ¿“«–‡»√…∞°‘® §«“¡‰¡à·πàπÕπ¥—ß°≈à“«∑’ËÕ“®¡’µàÕß∫°“√‡ß‘πµàÕ‰ª¬—ß‰¡àÕ“®ª√–¡“≥‰¥â„πªí®®ÿ∫—π

‡°≥±å„π°“√∑”ß∫°“√‡ß‘πß∫°“√‡ß‘π· ¥ß√“¬°“√µ“¡·∫∫ß∫¥ÿ≈·≈–∫—≠™’°”‰√¢“¥∑ÿπ ∑’Ë°”Àπ¥„π°Æ°√–∑√«ß©∫—∫∑’Ë 7 (æ.». 2539) ‚¥¬°√–∑√«ßæ“≥‘™¬å ÷ËßÕÕ°µ“¡§«“¡„π æ√–

√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈–∫√‘…—∑¬àÕ¬

À≈“¬·Ààß ¥—ßπ’Èª√–‡¿∑∏ÿ√°‘® ∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈–

2541 2540∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 99.99 99.99∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 60.00 60.00∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘°“√„Àâ‡™à“∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 99.99 99.99H-International (BVI) Company Limited Holding Company 100.00 100.00

ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ¡‘‰¥â√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 99.99 ·≈–ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2540 ¡‘‰¥â√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬ 2 ·Ààß´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„π·µà≈–·ÀàßÕ—µ√“√âÕ¬≈– 99.99 ·≈–Õ’° 1 ·Ààß ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈– 51 ‡π◊ËÕß®“°„πß«¥¥—ß°≈à“«∫√‘…—∑¬àÕ¬·µà≈–·Ààß¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π√«¡ ”À√—∫ß«¥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß H-International (BVI) Company Limited∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ´÷Ëß KPMG British Virgin Islands ‡ πÕ√“¬ß“π°“√ Õ∫∫—≠™’‚¥¬‰¡à¡’‡ß◊ËÕπ‰¢µ“¡√“¬ß“π≈ß«—π∑’Ë 8 ¡°√“§¡ 2542 ·≈–ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2540 ‰¥â√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«∑’Ë®—¥∑”¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√·≈–‰¡àºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ‰¥â√«¡ à«π·∫àßº≈°”‰√¢Õß ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ·≈– ∫√‘…—∑‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑√à«¡ ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ëµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ πÕ°®“°π’È¬—ß√«¡ à«π·∫àßº≈¢“¥∑ÿπ¢ÕßPinago Services Limited ´÷Ëß‡ªìπ∫√‘…—∑√à«¡Õ’°Àπ÷Ëß·Ààß„πµà“ßª√–‡∑» ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ë®—¥∑”¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√·≈–‰¡àºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’

„π‰µ√¡“ ∑’Ë 3 ªï 2540 ∫√‘…—∑‰¥â≈¥ —¥ à«π°“√≈ß∑ÿπ„π∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ®“°‡¥‘¡∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 85 ‡ªìπÕ—µ√“√âÕ¬≈– 49.99 ·≈–∫√‘…—∑∑”°“√ª√—∫ß∫°“√‡ß‘πß«¥°àÕπÊ„À¡à ¡’º≈„Àâ°”‰√ – ¡¬°¡“µâπªï 2540 ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π‡ß‘π 23.16 ≈â“π∫“∑

√“¬°“√∫—≠™’√–À«à“ß°—π∑’Ë‡ªìπ “√– ”§—≠‰¥âµ—¥ÕÕ°·≈â«„π°“√∑”ß∫°“√‡ß‘π√«¡

À¡“¬‡Àµÿ 2 - √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠°“√√—∫√Ÿâ√“¬‰¥â·≈–µâπ∑ÿπ®“°°“√¢“¬∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬‡¡◊ËÕ‰¥â¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬ ·≈–√—∫‡ß‘π¡—¥®”·≈â«‚¥¬«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á® ´÷Ëß§”π«≥‚¥¬

‡ª√’¬∫‡∑’¬∫µâπ∑ÿπ°“√æ—≤π“∑’Ë‡°‘¥¢÷Èπ·≈â«°—∫µâπ∑ÿπ∑—ÈßÀ¡¥∑’Ëª√–¡“≥«à“®–„™â„π°“√æ—≤π“‚¥¬‰¡à√«¡µâπ∑ÿπ∑’Ë¥‘π à«πµâπ∑ÿπ¢“¬‡ªìπµâπ∑ÿπ°“√æ—≤π“∑’Ë‡°‘¥¢÷Èπ·≈â« §”π«≥µ“¡Õ—µ√“ à«π¢Õß√“§“¢“¬µ“¡ —≠≠“∑’Ë‡°‘¥¢÷Èπ·≈â«°—∫ª√–¡“≥°“√√“§“¢“¬∑—ÈßÀ¡¥¢Õß‚§√ß°“√

„π‰µ√¡“ ∑’Ë 3 ªï 2540 ∫√‘…—∑∑”°“√ª√—∫ª√ÿßª√–¡“≥°“√√“§“¢“¬·≈–ª√–¡“≥°“√µâπ∑ÿπ¢“¬„À¡à ‡æ◊ËÕ„Àâ√“§“¢“¬·≈–µâπ∑ÿπ¢“¬∑’Ëª√–¡“≥¢÷Èπ„À¡à„°≈â‡§’¬ß°—∫§«“¡‡ªìπ®√‘ß¡“°¢÷Èπ ´÷Ëß¡’º≈°√–∑∫µàÕ√“¬‰¥â·≈–µâπ∑ÿπ¢“¬¢Õß∫√‘…—∑‚¥¬√«¡

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

31 ∏—π«“§¡ 2541 ·≈– 2540

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

49

NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF PRESENTATIONEconomic EnvironmentSince 1997, certain Asia Pacific countries, including Thailand, have been experiencing economic difficulties relating to currency devalu-

ation and slowdown in growth. Accordingly, the Thai government sought assistance from the International Monetary Fund to alleviate the

economic crisis and improve the economy over time. The financial statements for the years ended December 31, 1998 and 1997 reflect the

assessment of the possible impact of this economic situation on the financial position of the Company and subsidiaries. In addition, the

ultimate effect on the companies’ financial position of these uncertainties cannot presently be determined.

Basis of PresentationThe financial statements are presented in compliance with prescribed formats of balance sheet and profit and loss account as required

by the Commerce Ministerial Regulation, No.7 (B.E.2539) issued by the Ministry of Commerce under the Public Limited Company Act,

B.E.2535.

The consolidated financial statements for the year ended December 31, consist of the financial statements of Hemaraj Land and

Development Public Company Limited (“the Company”) and subsidiaries as follows:

Type of Business Holding of Interest (%)

1998 1997

Eastern Industrial Estate Company Limited Industrial Estate 99.99 99.99

Eastern Seaboard Industrial Estate (Rayong)

Company Limited Industrial Estate 60.00 60.00

Eastern Pipeline Services Company Limited Pipe Rack Rental 99.99 99.99

H-International (BVI) Company Limited Holding Company 100.00 100.00

The results of a subsidiary of which the Company holds 99.99% are not included in the consolidated financial statements for the years

ended December 31, 1998 and 1997 and the results of two other subsidiaries of which the Company holds 99.99% and 51% are not included

in the consolidated financial statements for the year ended December 31, 1997, since those companies had not started commercial

operations and available information was inadequate for purposes of preparing consolidated financial statements.

The consolidated financial statements for the year ended December 31, 1998 included the financial statements of H-International (BVI)

Company Limited, an overseas subsidiary for which KPMG British Virgin Islands issued an unqualified auditors’ report dated January 8, 1999,

and the consolidated financial statements for the year ended December 31, 1997 include the financial statements of this subsidiary which

were provided by the management and were not audited.

The consolidated financial statements and the company’s financial statements for the year ended December 31, 1998 include a portion

of net income from Bowin Power Company Limited and Operation Power Services Company Limited, which are associated companies,

based on information from the financial statements audited by another firm of auditors and also include a portion of net loss from Pinago

Services Limited, an overseas associated company, based on information from the financial statements which were provided by the

management and were not audited.

The consolidated results for years ended before December 31, 1997 have been restated for comparative purposes since the Company

decreased its percentage of holding in Industrial Power Company Limited from 85.00% to 49.99% in the third quarter of 1997. The result of the

restatement is to increase the beginning balance of retained earnings as at January 1, 1997 by an amount of Baht 23.16 million.

Significant intercompany transactions are eliminated from the consolidated financial statements.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESRecognition of Revenues and Cost of SalesRevenue from sales is recognised upon signing of contract and receiving of deposits by the percentage of completion method, using the

ratio of actual costs incurred to estimated total cost. Cost of sales is the actual development cost using the ratio of realised sale contracts to

total estimated income.


AND SUBSIDIARIES

DECEMBER 31, 1998 AND 1997

NOTES TO FINANCIALSTATEMENTS

50

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°“√¢“¬πÈ”ª√–ª“ √“¬‰¥â®“°°“√∫”∫—¥πÈ”‡ ’¬ √“¬‰¥â®“°°“√°”®—¥¢¬– ·≈–√“¬‰¥â®“°°“√„Àâ‡™à“§≈—ß ‘π§â“ Õ“§“√‚√ßß“π·≈–∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ„ππ‘§¡Õÿµ “À°√√¡

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°“√∫—π∑÷°µâπ∑ÿπ„π°“√°Ÿâ¬◊¡‡ªìπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¥Õ°‡∫’È¬®à“¬·≈–§à“∏√√¡‡π’¬¡¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡°‘¥¢÷Èπ‚¥¬µ√ß°—∫°“√æ—≤π“‚§√ß°“√‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ°“√æ—≤π“

Õ —ßÀ“√‘¡∑√—æ¬å

‡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 „πªï 2541 · ¥ß„π√“§“¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘∑’ËµË”°«à“√“§“∑ÿπ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“Õ¬à“ß∂“«√¢Õß‡ß‘π≈ß∑ÿπ

· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ „πªï 2540 · ¥ß„π√“§“∑ÿπ ‡π◊ËÕß®“°¡’¢âÕ¡Ÿ≈‰¡à‡æ’¬ßæÕ„π°“√· ¥ß√“§“¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘§. ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥ª√–‡¿∑‰¡àÀ¡ÿπ‡«’¬π · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ√“§“µ≈“¥√«¡∑’ËµË”°«à“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“

‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥· ¥ß‡ªìπ√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπß. ‡ß‘π≈ß∑ÿπ„πÀπà«¬≈ß∑ÿπª√–‡¿∑‰¡àÀ¡ÿπ‡«’¬π · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ√“§“µ≈“¥√«¡∑’ËµË”°«à“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ· ¥ß‡ªìπ

√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡ß‘π„Àâ°Ÿâ¬◊¡∫√‘…—∑·≈–∫√‘…—∑¬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¢Õß∫√‘…—∑ ‡ªìπ‚§√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°“√· ¥ß„π√“§“∑ÿπ ¬°‡«âπ∫“ß‚§√ß°“√· ¥ß„π√“§“∑’Ëª√–‡¡‘π‚¥¬∫√‘…—∑ºŸâ™”π“≠°“√ª√–‡¡‘π√“§“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ

∑’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 ªï

”À√—∫Õÿª°√≥å 15 ªï ”À√—∫∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 20 ªï ”À√—∫Õ“§“√ ·≈– ‘π∑√—æ¬å„Àâ‡™à“µ“¡ —≠≠“‡™à“√–¬–¬“«

51

In the third quarter of 1997, the Company revised its total estimated sales and total estimated costs to reflect corrections to estimated

selling prices and costs and this affected the result of sales and cost of sales.

Recognition of Service IncomeService income is recognised on an accrual basis. Service income represents income received from providing public utilities, water,

waste water processing, garbage collection services and rental services in respect of warehouse, factory and pipe rack to the Industrial

Estate.

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

Short-term InvestmentsShort-term investments consist of investments in marketable securities and investments in unit trusts, which are stated at the lower of

aggregate cost or market value. Loss on diminution in value of investments is included in the statements of income except for an investment

in a related company in the consolidated financial statements in the year of 1997 which is stated at cost.

Accounts ReceivableAccounts receivable consist of land sale contracts receivable which represent the amount of contract prices net of installments re-

ceived and deferred income, and public utility services receivables which are shown net of allowance for doubtful accounts for billings

overdue by more than 90 days.

Cost of Real Estate DevelopmentsCost of real estate developments is stated at cost which consists of land costs, development costs and capitalised interest on loans for

development project including advances and deposits for construction costs. These costs are transferred to cost of sales when revenue from

sales is recognised.

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

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

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

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

value of investment is included in the statement of income. In 1997 the investment is stated at cost because available information was

inadequate for purposes of determining the net assets value.

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

value of investment in marketable securities is shown as a deduction against shareholders’ equity.

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

investments in unit trusts is shown as a deduction against shareholders’ equity.

Loans

Loans to related companies are shown net of allowance for doubtful accounts. Allowance for doubtful accounts is an estimate of those

amounts which may prove to be uncollectible, based on a review of the current status and the ability of related companies to repay.

Leasehold Land and Land Held for Commercial PurposesLeasehold land and land held for commercial purposes consists of land leasehold, land costs, development costs and capitalised

interest on loans of undeveloped projects and projects which were suspended from development, and is stated at cost except for certain

projects which are stated at amounts evaluated by an appraisal firm. Loss on projects revaluation is included in the statement of income.

Property, Plant and EquipmentProperty, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives

of the assets of 5 years for equipment, 15 years for pipe rack and 20 years for building and long-term lease asset.

52

§à“„™â®à“¬√Õµ—¥∫—≠™’§à“„™â®à“¬√Õµ—¥∫—≠™’¢Õß∫√‘…—∑ ‰¥â·°à°. §à“„™â®à“¬„π°“√ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬¿“¬„π√–¬–‡«≈“ 10 ªï µ—Èß·µàµÿ≈“§¡ 2536 ·≈–µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬∑—Èß®”π«π

„πªï 2540§à“„™â®à“¬√Õµ—¥∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ ‰¥â·°à°. §à“„™â®à“¬„π°“√®—¥µ—Èß∫√‘…—∑ °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬¿“¬„π 5 ªï π—∫·µàªï 2537¢. §à“„™â®à“¬„π°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡ °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬¿“¬„π 3 ªï π—∫·µà‡¥◊Õπ°—π¬“¬π 2538§. §à“„™â®à“¬°àÕπ‡√‘Ë¡¥”‡π‘πß“π °”Àπ¥µ—¥∫—≠™’‡ªìπ§à“„™â®à“¬ ¿“¬„π√–¬–‡«≈“ 5 ªï π—∫·µà¡°√“§¡ 2540

√“¬‰¥â√—∫≈à«ßÀπâ“√“¬‰¥â√—∫≈à«ßÀπâ“ ‡ªìπ‡ß‘π§à“ß«¥∑’Ë∂÷ß°”Àπ¥™”√–µ“¡ —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π„π à«π∑’Ë‡°‘π°«à“√“¬‰¥â∑’Ë√—∫√Ÿâµ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á®

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’‰¥â·°à §à“ ‘∑∏‘°“√‡™à“√—∫®“°°“√„Àâ‡™à“∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß °”Àπ¥∫—π∑÷°∫—≠™ ’√—∫√Ÿâ‡ªìπ√“¬‰¥âµ“¡

Õ“¬ÿ —≠≠“‡™à“

à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ°”Àπ¥µ—¥∫—≠™’µ“¡Õ“¬ÿ¢ÕßÀÿâπ°Ÿâ·ª≈ß ¿“æ

∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»°. ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‡æ◊ËÕ°“√∑”ß∫°“√‡ß‘π√«¡‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π¥—ßπ’È

°.1 ‘π∑√—æ¬å·≈–Àπ’È ‘π·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π ‘Èπªï°.2 √“¬‰¥â·≈–§à“„™â®à“¬·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’Ë‡°‘¥√“¬°“√°.3 à«π¢ÕßºŸâ∂◊ÕÀÿâπ·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’Ë‡°‘¥√“¬°“√º≈¢“¥∑ÿπ®“°°“√·ª≈ß§à“ß∫°“√‡ß‘πµà“ßª√–‡∑» · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

¢. Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“µ“¡∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π ¬°‡«âπÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë ◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬ ·ª≈ß§à“µ“¡¢âÕµ°≈ßµ“¡ —≠≠“√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑¬àÕ¬ º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ

§. ¥Õ°‡∫’È¬§â“ß®à“¬Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π ‘Èπªï º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπß. ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π®. √“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßªï·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ

‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π ‘Èπªï·ª≈ß§à“‡ªìπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—ππ—Èπ °”‰√·≈–¢“¥∑ÿπ®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ©. „πªï 2540 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«∑—Èß®”π«π„πß«¥°“√∫—≠™’∑’Ë‡°‘¥¢÷Èπ ‚¥¬

· ¥ß‡ªìπ√“¬°“√ ç¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«é „πß∫°”‰√¢“¥∑ÿπ

°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√(¢“¥∑ÿπ) ÿ∑∏‘¥â«¬®”π«πÀÿâπ∑’ËÕÕ°®”Àπà“¬·≈â« ≥ «—π ‘Èπªï∫√‘…—∑‰¡à· ¥ß°”‰√µàÕÀÿâπ≈¥≈ß‡µÁ¡∑’Ë À“°¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπÀ√◊Õº≈°“√§”π«≥°”‰√µàÕÀÿâπ≈¥≈ß‡µÁ¡∑’Ë¡’®”π«π·µ°µà“ß‰¡à‡°‘π√âÕ¬≈– 10 ¢Õß°”‰√

µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ´÷Ëß∂◊Õ«à“‰¡à¡’π—¬ ”§—≠

53

Deferred ChargesDeferred charges of the Company consist of:

- Costs of issuing convertible bonds which were being amortised over the lives of the bonds of 10 years from October 1993 onward, but

written off to expenditure in full in 1997.

Deferred charges of subsidiary companies consist of:

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

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

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

Income Received in AdvanceIncome received in advance represents the amount of installments received over the amount of revenues which are recognised using

the percentage of completion method.

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

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

change as follows:

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

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

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

Gains and losses from translation of foreign financial statements are included under shareholders’ equity.

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

bonds purchased by a subsidiary company which is converted into Baht at the rate stated in an agreement between the Company and

that subsidiary. Gain or loss on translation is included in the statement of income.

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

translation is included in the statement of income.

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

translation is included in the statement of income.

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

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

the statement of income.

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

and presented it as “Exchange loss on change to the managed float system” in the statement of income.

Earnings (loss) per SharePrimary earnings (loss) per share is computed by dividing net income (loss) for the year by the number of shares outstanding at the end

of the year.

Fully diluted earnings per share is not shown if it does not differ by more than 10% of primary earnings per share or if the Company has

incurred a loss from operations.

54

À¡“¬‡Àµÿ 3 - √“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑¡’√“¬°“√∫—≠™’∫“ß à«π°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π º≈¢Õß√“¬°“√‡À≈à“π’È‰¥â· ¥ß‰«â„πß∫°“√‡ß‘πµ“¡¡Ÿ≈∞“π∑’Ëµ°≈ß√à«¡°—π√–À«à“ß∫√‘…—∑

°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π °≈à“«§◊Õ Õ—µ√“§à“π“¬Àπâ“§”π«≥®“°°“√¢“¬ 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“ ·≈–Õ—µ√“¥Õ°‡∫’È¬∑’Ë§‘¥®“°‡ß‘π°Ÿâ¬◊¡√–À«à“ß°—π„πÕ—µ√“ 7.50% - 15.50% ∑—Èßπ’È°“√°Ÿâ¬◊¡‡ªìπÀπ’È∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®∑’Ë∑”√à«¡°—π

∫√‘…—∑¡’¬Õ¥§ß‡À≈◊Õ°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªìπ à«πÀπ÷Ëß„πß∫¥ÿ≈‡©æ“–¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ ¥—ßπ’È®”π«π‡ß‘π

2541 2540 π‚¬∫“¬°“√§‘¥∫“∑ ∫“∑ µâπ∑ÿπ√–À«à“ß°—π

‡ß‘π„Àâ°Ÿâ¬◊¡°. ∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥‡ß‘π„Àâ°Ÿâ¬◊¡ 212,616,590.78 190,765,604.17 Õ—µ√“¥Õ°‡∫’È¬ 12.50%

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥§à“π“¬Àπâ“§â“ß√—∫ 22,221,292.65 81,358,173.25 5%¢Õß√“§“¢“¬µ“¡ —≠≠“‡ß‘π„Àâ°Ÿâ¬◊¡ 61,781,232.88 - Õ—µ√“¥Õ°‡∫’È¬11.00-15.00%‡ß‘π∑¥√Õß®à“¬ - 1,114,022.99

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥‡ß‘π∑¥√Õß®à“¬ 1,340,666.73 1,340,666.73 -

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

‡ß‘π„Àâ°Ÿâ¬◊¡ 12,775,431.03 - Õ—µ√“¥Õ°‡∫’È¬ 7.00%‡ß‘π∑¥√Õß®à“¬ 4,032,641.27 - -

∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥‡ß‘π„Àâ°Ÿâ¬◊¡ 1,347,945.24 - Õ—µ√“¥Õ°‡∫’È¬ 12.50%

§. ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π)

‡ß‘π„Àâ°Ÿâ¬◊¡ - 24,136,164.37 Õ—µ√“¥Õ°‡∫’È¬ 15.50%

‡ß‘π°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß®“°°. ∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥‡ß‘π∑¥√Õß√—∫ 5,781,123.15 69,752,989.97 -

H-International (BVI) Company Limited‡ß‘π°Ÿâ¬◊¡ 286,024,470.95 213,747,558.72 -‡ß‘π°Ÿâ¬◊¡®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ 1,162,923,578.50 373,760,490.00 -

¢. ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,518,141.40 1,518,141.40 -

„π√–À«à“ßªï∫√‘…—∑¡’√“¬°“√∫—≠™’°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¥—ßπ’È¥Õ°‡∫’È¬®à“¬ 68,764.70 7,222,002.72 -¥Õ°‡∫’È¬√—∫ 11,012,767.91 23,090,919.04 Õ—µ√“¥Õ°‡∫’È¬ 7.00-15.50%√“¬‰¥â§à“π“¬Àπâ“ 20,201,175.13 60,022,587.39 5%¢Õß√“§“¢“¬µ“¡ —≠≠“

55

NOTE 3 - TRANSACTIONS WITH RELATED PARTIESThe Company has certain transactions with its related parties. The effects of these transactions are reflected in the accompanying

financial statements on the basis determined by the parties concerned. Commission income is 5% of contract price. Interest rates on loans

range from 7.50% - 15.50%.

Balances with related companies as at December 31, which are shown in the Company’s balance sheet are as follows:

(Amounts:Baht)

1998 1997 Intercompany

(Baht) (Baht) Terms

Loans and advances to:

- Subsidiary companiesEastern Industrial Estate Company Limited

Loan to 212,616,590.78 190,765,604.17 Interest rate 12.50%

Eastern Seaboard Industrial Estate

(Rayong) Company Limited

Accrued commission income 22,221,292.65 81,358,173.25 5% of contract price

Loan to 61,781,232.88 - Interest rate 11.00%-15.00%

Advance payment - 1,114,022.99

Eastern Pipeline Services Company Limited

Advance payment 1,340,666.73 1,340,666.73 -

- Associated companiesH-Power Company Limited

Loan to 12,775,431.03 - Interest rate 7.00%

Advance payment 4,032,641.27 - -

H-Infra Company Limited

Loan to 1,347,945.24 - Interest rate 12.50%

- Related companiesSriracha Harbor Public Company Limited

Loan to - 24,136,164.37 Interest rate 15.50%

Loans and advances from:

- Subsidiary companiesEastern Seaboard Industrial Estate


Advance received 5,781,123.15 69,752,989.97 -

H-International (BVI) Company Limited

Advance from 286,024,470.95 213,747,558.72 -

Loan from repurchase of

convertible bonds 1,162,923,578.50 373,760,490.00 -

- Related company 1,518,141.40 1,518,141.40

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

Interest expense 68,764.70 7,222,002.72 -

Interest income 11,012,767.91 23,090,919.04 Interest rate 7.00%-15.50%

Commission income 20,201,175.13 60,022,587.39 5% of contract price

56

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

∫√‘…—∑ ª√–‡¿∑°‘®°“√ ≈—°…≥– ∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ§«“¡ —¡æ—π∏å ‡ß‘π≈ß∑ÿπ √“§“∑ÿπ à«π·∫àß°”‰√ (¢“¥∑ÿπ) √«¡

(∫“∑) (%) (∫“∑) (∫“∑) (∫“∑)

∫√‘…—∑¬àÕ¬∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“ ºŸâ∂◊ÕÀÿâπ·≈– ‡Õ ‡µ∑®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬åå ºŸâ∫√‘À“√√à«¡°—π 400,000,000.00 99.99 399,999,760.00 5,179,440.42 405,179,200.42∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ æ—≤π“ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å é 358,000,000.00 60.00 214,800,000.00 397,241,358.24 612,041,358.24

* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ∫√‘°“√„Àâ‡™à“∞“π ‡´Õ√å«‘ ‡´ ®”°—¥ «“ß∑àÕ¢π∂à“¬«—µ∂ÿ é 60,000,000.00 99.99 - (15,899,122.50) (15,899,122.50)H-International (BVI) Company Limited Holding Company é 75,000.00 100.00 75,000.00 1,285,349,792.81 1,285,424,792.81Hemaraj International Company Limited Holding Company é 25,290.00 99.99 25,290.00 - 25,290.00

∫√‘…—∑√à«¡∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company ºŸâ∂◊ÕÀÿâπ√à«¡°—π 810,000,000.00 49.99 404,999,940.00 (12,405,255.68) 392,594,684.32

** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” é 800,000,000.00 49.99 - 361,714,430.78 361,714,430.78 ** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“

ªÑÕππ‘§¡Õÿµ “À°√√¡ é 2,500,000.00 49.99 2.50 771,445.73 771,448.23 ** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 250,000.00 49.99 - (213,721.01) (213,721.01) ** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ∫√‘°“√ª√÷°…“

‡´Õ√å«‘ ‡´ ®”°—¥ ¥â“πæ≈—ßß“π é 250,000.00 49.99 - 146,861.56 146,861.56 ** Pinago Services Limited Holding Company é 42.59 49.99 - (804,952.41) (804,952.41)

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ (¡À“™π) ∫√‘°“√∑à“‡∑’¬∫‡√◊Õ é 1,000,000,000.00 15.00 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’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

57

Transactions with related parties (continued)

Investments in related parties as at December 31, 1998 are as follows:

Paid - up Holding of Investments

Company Type of Business Relationship Capital Interest Cost Equity Total

Z (Baht) % (Baht) (Baht) (Baht)

Subsidiary Companies

Eastern Industrial Estate Industrial Co.shareholders and

Company Limited Estate managements 400,000,000.00 99.99 399,999,760.00 5,179,440.42 405,179,200.42


(Rayong) Company Limited Industrial Estate ,, 358,000,000.00 60.00 214,800,000.00 397,241,358.24 612,041,358.24

Eastern Pipeline Services

Company Limited* Pipe Rack Rental ,, 60,000,000.00 99.99 - (15,899,122.50) (15,899,122.50)

H-International (BVI) Company

Limited (British Virgin Islands) Holding Company ,, 75,000.00 100.00 75,000.00 1,285,349,792.81 1,285,424,792.81

Hemaraj International

Company Limited Holding Company ,, 25,290.00 99.99 25,290.00 - 25,290.00

Associated Companies

H-Power Company Limited Holding Co.shareholders 810,000,000.00 49.99 404,999,940.00 (12,405,255.68) 392,594,684.32

Company

Industrial Power Electricity and Steam

Company Limited** Power Generation ,, 800,000,000.00 49.99 - 361,714,430.78 361,714,430.78

Bowin Power Electricity ,, 2,500,000.00 49.99 2.50 771,445.73 771,448.23

Company Limited** Manufacturer

H-Infra Company Limited** Holding Company ,, 250,000.00 49.99 - (213,721.01) (213,721.01)

Operation Power Services

Company Limited** Power Consulting ,, 250,000.00 49.99 - 146,861.56 146,861.56

Pinago Services Limited** Holding Company ,, 42.59 49.99 - (804,952.41) (804,952.41)

Related Company

Sriracha Harbor Public

Company Limited Port Services ,, 1,000,000,000.00 15.00 75,300,000.00 - 75,300,000.00

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

* Indirect holding by Eastern Industrial Estate Company Limited

** Indirect holding by H-Power Company Limited

58

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

∫√‘…—∑ ª√–‡¿∑°‘®°“√ ≈—°…≥– ∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ§«“¡ —¡æ—π∏å ‡ß‘π≈ß∑ÿπ √“§“∑ÿπ à«π·∫àß°”‰√ (¢“¥∑ÿπ) √«¡

(∫“∑) (%) (∫“∑) (∫“∑) (∫“∑)

∫√‘…—∑¬àÕ¬∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“ ºŸâ∂◊ÕÀÿâπ·≈– ‡Õ ‡µ∑ ®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å ºŸâ∫√‘À“√√à«¡°—π 400,000,000.00 99.99 399,999,760.00 206,332,810.92 606,332,570.92∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈ æ—≤π“ ‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å é 358,000,000.00 60.00 214,800,000.00 406,663,919.94 621,463,919.94

* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ∫√‘°“√„Àâ‡™à“∞“π ‡´Õ√å«‘ ‡´ ®”°—¥ ∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ é 60,000,000.00 99.99 - (277,527.10) (277,527.10)H-International (BVI) Holding Company Company Limited é 75,000.00 100.00 75,000.00 590,274,937.33 590,349,937.33∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“

ªÑÕππ‘§¡Õÿµ “À°√√¡ é 2,500,000.00 51.00 1,274,982.50 - 1,274,982.50∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 250,000.00 99.99 249,982.50 - 249,982.50Hemaraj International Holding Company Company Limited é 25,290.00 99.99 25,290.00 - 25,290.00

∫√‘…—∑√à«¡∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company é 810,000,000.00 49.99 404,999,940.00 (9,808,753.63) 395,191,186.37

** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” é 800,000,000.00 49.99 - 6,810,287.13 6,810,287.13

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ∫√‘°“√∑à“‡∑’¬∫‡√◊Õ ºŸâ∂◊ÕÀÿâπ√à«¡°—π 1,000,000,000.00 15.00 187,500,000.00 - 187,500,000.00 ®”°—¥ (¡À“™π)

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

* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

„π√–À«à“ßªï 2540 ∫√‘…—∑ √—∫‡ß‘πªíπº≈®“°∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ®”π«π‡ß‘π 171.84 ≈â“π∫“∑

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

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

2541 2540 2541 2540‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 121,073,933.32 41,177,511.77 4,243,955.04 8,741,583.82‡ß‘π≈ß∑ÿπ√–¬– —Èπ - ‡ß‘πΩ“°ª√–®” 95,973,532.81 131,125,514.41 3,815,199.07 2,762,673.19À—° ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ (24,375,434.22) (6,781,065.07) (16,483,099.60) (6,031,449.80)À—° ‡ß‘πΩ“°∏π“§“√∑’Ë¡’¿“√–ºŸ°æ—π (98,840,828.86) (133,413,107.60) (6,682,495.12) (5,495,706.50)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ÿ∑∏‘ 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29)

59

Transactions with related parties (continued)

Investments in related parties as at December 31, 1997 are as follows:

Paid - up Holding of Investments

Company Type of Business Relationship Capital Interest Cost Equity Total

(Baht) % (Baht) (Baht) (Baht)

Subsidiary Companies

Eastern Industrial Estate Industrial Co.shareholders and

Company Limited Estate managements 400,000,000.00 99.99 399,999,760.00 206,332,810.92 606,332,570.92


(Rayong) Company Limited Industrial Estate ,, 358,000,000.00 60.00 214,800,000.00 406,663,919.94 621,463,919.94

Eastern Pipeline Services

Company Limited* Pipe Rack Rental ,, 60,000,000.00 99.99 - (277,527.10) (277,527.10)

H-International (BVI)

Company Limited Holding Company ,, 75,000.00 100.00 75,000.00 590,274,937.33 590,349,937.33

Bowin Power Electricity

Company Limited Manufacturer ,, 2,500,000.00 51.00 1,274,982.50 - 1,274,982.50

H-Infra Company Limited Holding Company ,, 250,000.00 99.99 249,982.50 - 249,982.50

Hemaraj International

Company Limited Holding Company ,, 25,290.00 99.99 25,290.00 - 25,290.00

Associated Companies

H-Power Company Limited Holding Company ,, 810,000,000.00 49.99 404,999,940.00 (9,808,753.63) 395,191,186.37

Industrial Power Electricity and Steam ,, 800,000,000.00 49.99 - 6,810,287.13 6,810,287.13

Company Limited** Power Generation

Related Company

Sriracha Harbor Public

Company Limited Port Services Co.shareholders1,000,000,000.00 15.00 187,500,000.00 - 187,500,000.00

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



During 1997 the Company received dividend from Eastern Seaboard Industrial Estate (Rayong) Company Limited in the amount of Baht 171.84

million.

NOTE 4 - CASH AND CASH EQUIVALENTSCash and cash equivalents as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Cash on hand and at banks 121,073,933.32 41,177,511.77 4,243,955.04 8,741,583.82

Short-term investments - time deposits 95,973,532.81 131,125,514.41 3,815,199.07 2,762,673.19

Less Bank overdrafts (24,375,434.22) (6,781,065.07) (16,483,099.60) (6,031,449.80)

Less Cash at banks pledged as collateral (98,840,828.86) (133,413,107.60) (6,682,495.12) (5,495,706.50)

Cash and Cash Equivalents, net 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29)

60

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

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

‡ß‘πΩ“°ª√–®” 95,973,532.81 131,125,514.41 3,815,199.07 2,762,673.19‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å- ∫√‘…—∑ ∑“ß¥à«π°√ÿß‡∑æ ®”°—¥ (¡À“™π) 712.21 37,962,670.72 712.21 37,962,670.72- ∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) 82,900,000.00 82,900,000.00 82,900,000.00 82,900,000.00- ∫√‘…—∑ Õ’ ‡∑‘√åπ «Õ‡µÕ√å ®”°—¥ (¡À“™π) - 57,000.00 - 57,000.00- ∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) 2,089,360.00 28,375,747.85 2,089,360.00 2,089,360.00‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ·≈–„πÀπà«¬≈ß∑ÿπ 300,000.00 300,000.00 300,000.00 300,000.00

85,290,072.21 149,595,418.57 85,290,072.21 123,309,030.72À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π

√“§“À≈—°∑√—æ¬å (43,813,800.21) (36,946,744.73) (43,813,800.21) (36,946,744.73)√«¡‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 41,476,272.00 112,648,673.84 41,476,272.00 86,362,285.99

Õ◊ËπÊ - 210,920.42 - 210,920.42√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ 137,449,804.81 243,985,108.67 45,291,471.07 89,335,879.60

À¡“¬‡Àµÿ 6 - ≈Ÿ°Àπ’È°“√§â“≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑)

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

≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ 243,358,638.00 4,745,895,153.26 67,525,750.00 867,316,058.09À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È (141,164,845.12) (4,560,999,578.04) (61,937,875.12) (861,728,370.12)§à“ß«¥§â“ß√—∫µ“¡ —≠≠“ 102,193,792.88 (184,895,575.22) 5,587,874.88 5,587,687.97À—° √“¬‰¥â√Õµ—¥∫—≠™’ (19,103,760.78) (178,495,445.92) (1,108,584.57) (3,446,690.59)≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π ÿ∑∏‘ 83,090,032.10 6,400,129.30 4,479,290.31 2,140,997.38

≈Ÿ°Àπ’È§à“∫√‘°“√ “∏“√≥Ÿª‚¿§§à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ 24,461,219.14 15,064,347.49 14,219,066.20 8,071,381.19À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (10,988,858.65) - (8,694,797.65) -≈Ÿ°Àπ’È§à“∫√‘°“√ “∏“√≥Ÿª‚¿§ ÿ∑∏‘ 13,472,360.49 15,064,347.49 5,524,268.55 8,071,381.19≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ 96,562,392.59 21,464,476.79 10,003,558.86 10,212,378.57

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

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑§à“ß«¥§â“ß√—∫µ“¡ —≠≠“ ‰¡à‡°‘π 3 ‡¥◊Õπ 80,583,568.00 -

¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ - -¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ - -¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 15,000,000.00 -§à“ß«¥®à“¬‡¡◊ËÕ‚Õπ°√√¡ ‘∑∏‘Ïµ“¡ —≠≠“ 6,610,224.88 5,587,874.88

√«¡§à“ß«¥§â“ß√—∫µ“¡ —≠≠“ 102,193,792.88 5,587,874.88§à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ ‰¡à‡°‘π 3 ‡¥◊Õπ 13,483,589.09 4,974,964.85

¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ 2,076,853.55 1,910,922.75¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ 2,663,644.50 2,283,848.60¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 6,237,132.00 5,049,330.00

24,461,219.14 14,219,066.20À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (10,988,858.65) (8,694,797.65)§à“∫√‘°“√ “∏“√≥Ÿª‚¿§§â“ß√—∫ 13,472,360.49 5,524,268.55

61

NOTE 5 - SHORT-TERM INVESTMENTSShort-term investments as at December 31, consisted of: (Amounts:Baht)


1998 1997 1998 1997

Time deposits 95,973,532.81 131,125,514.41 3,815,199.07 2,762,673.19

Investments in securities

- Bangkok Expressway PCL. 712.21 37,962,670.72 712.21 37,962,670.72

- Nakornthai Strip Mill PCL. 82,900,000.00 82,900,000.00 82,900,000.00 82,900,000.00

- Eastern Water PCL. - 57,000.00 - 57,000.00

- N.T.S. Steel Group PCL. 2,089,360.00 28,375,747.85 2,089,360.00 2,089,360.00

- Other companies and unit trusts 300,000.00 300,000.00 300,000.00 300,000.00

85,290,072.21 149,595,418.57 85,290,072.21 123,309,030.72

Less Loss on diminution in value (43,813,800.21) (36,946,744.73) (43,813,800.21) (36,946,744.73)

of investments in securitiesTotal Investments in Securities 41,476,272.00 112,648,673.84 41,476,272.00 86,362,285.99

Others - 210,920.42 - 210,920.42

Total Short-term Investments 137,449,804.81 243,985,108.67 45,291,471.07 89,335,879.60

NOTE 6 - ACCOUNTS RECEIVABLEAccounts receivable as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

- Land sale contracts receivable

Land sale contracts 243,358,638.00 4,745,895,153.26 67,525,750.00 867,316,058.09

Less Installments received (141,164,845.12) (4,560,999,578.04) (61,937,875.12) (861,728,370.12)

Installments receivable 102,193,792.88 (184,895,575.22) 5,587,874.88 5,587,687.97

Less Deferred income (19,103,760.78) (178,495,445.92) (1,108,584.57) (3,446,690.59)

Land sale contracts receivable, net 83,090,032.10 6,400,129.30 4,479,290.31 2,140,997.38

- Public utility services receivable

Accrued public utility service income 24,461,219.14 15,064,347.49 14,219,066.20 8,071,381.19

Less Allowance for doubtful accounts (10,988,858.65) - (8,694,797.65) -

Accrued public utility service income, net 13,472,360.49 15,064,347.49 5,524,268.55 8,071,381.19

Accounts Receivable, net 96,562,392.59 21,464,476.79 10,003,558.86 10,212,378.57

As at December 31, 1998 installments receivable and accrued public utility services income are as follows:

(Amounts:Baht)


Installments receivable Less than 3 months 80,583,568.00 -

Over 3 months to 6 months - -

Over 6 months to 12 months - -

Over 12 months 15,000,000.00 -

Installments paid on date of transfer title deed 6,610,224.88 5,587,874.88

Total Installments Receivable 102,193,792.88 5,587,874.88

Accrued public utility services income

Less than 3 months 13,483,589.09 4,974,964.85

Over 3 months to 6 months 2,076,853.55 1,910,922.75

Over 6 months to 12 months 2,663,644.50 2,283,848.60

Over 12 months 6,237,132.00 5,049,330.00

24,461,219.14 14,219,066.20

Less Allowance for doubtful accounts (10,988,858.65) (8,694,797.65)

Accrued Public Utility Services Income , net 13,472,360.49 5,524,268.55

62

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

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

2541 2540 2541 2540µâπ∑ÿπ∑’Ë¥‘π°”≈—ßæ—≤π“ 2,726,752,695.35 2,530,555,467.43 850,743,940.11 850,767,114.80µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√ 4,108,394,167.71 4,088,067,635.25 1,081,163,361.49 1,082,340,326.90¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ‚§√ß°“√ 1,679,573,475.47 1,580,495,941.23 653,786,861.25 644,626,152.00‡ß‘π¡—¥®”§à“∑’Ë¥‘π 4,816,536.00 133,361,666.50 - -ß“π‡æ◊Ë¡‡µ‘¡√–∫∫ß“π “∏“≥Ÿª‚¿§ 11,063,870.78 10,970,033.59 11,063,870.78 10,970,033.50‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß 38,174,254.89 87,542,528.63 - 392,500.00

8,568,775,000.20 8,430,993,272.63 2,596,758,033.63 2,589,096,127.20À—°®”π«π∑’Ë√—∫√Ÿâ‡ªìπµâπ∑ÿπ¢“¬ – ¡ (5,257,758,750.55) (5,111,592,888.46) (1,392,433,973.12) (1,392,334,441.80)

√«¡ 3,311,016,249.65 3,319,400,384.17 1,204,324,060.51 1,196,761,685.40

ß∫°“√‡ß‘π√«¡¥Õ°‡∫’È¬®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«πª√–¡“≥ 99.80 ≈â“π∫“∑·≈– 140.01

≈â“π∫“∑ µ“¡≈”¥—∫

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑¥Õ°‡∫’È¬®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«πª√–¡“≥ 9.88 ≈â“π∫“∑·≈– 45.34 ≈â“π

∫“∑ µ“¡≈”¥—∫≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬§◊Õ∫√‘…—∑ Õ’ ‡∑‘√åπ´’

∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ ®”π«π‡ß‘π 1,204.32 ≈â“π∫“∑·≈– 1,641.95≈â“π∫“∑µ“¡≈”¥—∫ · ¥ß„π√“§“∑ÿπ Õ¬à“ß‰√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ß¥â“π°“√‡ß‘π¢Õßª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘øî§„πªí®®ÿ∫—π ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â„πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡‘‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π¡Ÿ≈§à“¢Õß‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬ºŸâª√–‡¡‘πÕ‘ √–

À¡“¬‡Àµÿ 8 - ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡‡ß‘π≈ß∑ÿπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π°. ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ‡©æ“– à«π∑’Ë· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

ª√–‡¿∑∏ÿ√°‘® ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈–

(Àπà«¬ ≈â“π∫“∑)2541 2540 2541 2540

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 400 400 99.99 99.99∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 215 215 60.00 60.00

* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘°“√„Àâ‡™à“∑“ß«“ß∑àÕ¢π∂à“¬«—µ∂ÿ - - 99.99 99.99H-International (BVI) Company Limited Holding Company 0.075 0.075 100.00 100.00∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company 405 405 49.99 49.99

**∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” - - 49.99 49.99 **∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ - - 25.50 - **∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company - - 49.99 - **∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π - - 49.99 - **Pinago Services Limited Holding Company - - 49.99 -

* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ **∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥

63

NOTE 7 - COST OF REAL ESTATE DEVELOPMENTCost of real estate development as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Land cost - under development 2,726,752,695.35 2,530,555,467.43 850,743,940.11 850,767,114.80

Development project costs 4,108,394,167.71 4,088,067,635.25 1,081,163,361.49 1,082,340,326.90

Interest capitalised 1,679,573,475.47 1,580,495,941.23 653,786,861.25 644,626,152.00

Land deposits 4,816,536.00 133,361,666.50 - -

Additional utility cost 11,063,870.78 10,970,033.59 11,063,870.78 10,970,033.50

Advance for construction costs 38,174,254.89 87,542,528.63 - 392,500.00

8,568,775,000.20 8,430,993,272.63 2,596,758,033.63 2,589,096,127.20

Less Costs transferred to cost of sales (5,257,758,750.55) (5,111,592,888.46) (1,392,433,973.12) (1,392,334,441.80)

Total 3,311,016,249.65 3,319,400,384.17 1,204,324,060.51 1,196,761,685.40

ConsolidatedInterest expense for the years ended December 31, 1998 and 1997 are capitalised to cost of real estate developments in the

approximate amounts of Baht 99.80 million and Baht 140.01 million, respectively.

The CompanyInterest expense for the years ended December 31, 1998 and 1997, are capitalised to cost of real estate developments in the approxi-

mate amounts of Baht 9.88 million and Baht 45.34 million, respectively.

As at December 31, 1998, cost of real estate developments of Hemaraj Land and Development Public Company Limited and Eastern

Seaboard Industrial Estate (Royong) Company Limited, a subsidiary company, in the amounts of Baht 1,204.32 million and Baht 1,641.95

million, respectively, are stated at cost and have not been appraised by an independent appraiser. In addition, the real estate business has

been affected by the adverse economic conditions in Thailand and the Asia Pacific Region. The net realisable values of these assets may be

lower than the values stated in the balance sheets.

NOTE 8 - INVESTMENTS AND LOANSInvestments in related companies

- Investments in securities, using equity method as at December 31, comprise:

Type of Business Value of Investment Holding of Interest

(Amounts:Million Baht) %

1998 1997 1998 1997

Eastern Industrial Estate Company Limited Industrial Estate 400 400 99.99 99.99

Eastern Seaboard Industrial Estate Industrial Estate 215 215 60.00 60.00


Eastern Pipeline Services Company Limited* Pipe Rack Rental - - 99.99 99.99

H-International (BVI) Company Limited Holding Company 0.075 0.075 100.00 100.00

H-Power Company Limited Holding Company 405 405 49.99 49.99

Industrial Power Company Limited** Electricity and Steam - - 49.99 49.99

Power GenerationBowin Power Company Limited** Electricity Manufacturer - - 25.50 -

H-Infra Company Limited** Holding Company - - 49.99 -

Operation Power Services Company Limited** Power Consulting - - 49.99 -

Pinago Services Limited** Holding Company - - 49.99 -



64

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

(Àπà«¬ ≈â“π∫“∑)2541 2540 2541 2540

∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å ®”°—¥ ∫√‘°“√∑à“‡∑’¬∫‡√◊Õ 75.30 187.50 15.00 15.00∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ - 1.27 - 51.00∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company - 0.25 - 99.99Hemaraj International Co., Ltd. Holding Company 0.025 0.025 99.99 99.99

„π‰µ√¡“ ∑’Ë 3 ß«¥ 2540 ∫√‘…—∑‰¥â≈¥ —¥ à«π°“√≈ß∑ÿπ„π∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ®“°‡¥‘¡∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 85 ‡ªìπÕ—µ√“√âÕ¬≈– 49.99 ·≈–∫√‘…—∑∑”°“√ª√—∫ß∫°“√‡ß‘πß«¥°àÕπÊ„À¡à ¡’º≈„Àâ°”‰√ – ¡¬°¡“µâπß«¥ 2540 ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π‡ß‘π 23.16 ≈â“π∫“∑

‡ß‘π≈ß∑ÿπ„π Hemaraj International Co., Ltd. ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈–99.99 · ¥ß„π√“§“∑ÿπ ‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ

„πªï 2540 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ·≈–∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 99.99 ·≈– 51 µ“¡≈”¥—∫· ¥ß„π√“§“∑ÿπ ‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕµàÕ¡“„πªï 2541 ∫√‘…—∑‰¥â¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¥—ß°≈à“«„Àâ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑√à«¡ ·≈–‰¥â∫—π∑÷°∫—≠™’µ“¡«‘∏’ à«π‰¥â‡ ’¬

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬ (Àπà«¬ : ∫“∑)

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

‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πª√–°Õ∫¥â«¬°. ‡ß‘π≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ 754,208,751.47 402,001,509.50 3,040,954,980.44 2,219,870,374.59‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å∑’Ë· ¥ßµ“¡«‘∏’√“§“∑ÿπ 76,825,316.00 226,550,232.50 75,325,290.00 189,050,255.00

√«¡‡ß‘π≈ß∑ÿπ 831,034,067.47 628,551,742.00 3,116,280,270.44 2,408,920,629.59¢. ‡ß‘π„Àâ°Ÿâ¬◊¡

∫√‘…—∑¬àÕ¬ - - 275,738,490.39 193,220,293.89∫√‘…—∑√à«¡ 14,123,376.27 239,479,112.62 14,123,376.27 -∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 239,174,954.75 45,136,164.37 11,488,095.53 24,136,164.37

253,298,331.02 284,615,276.99 301,349,962.19 217,356,458.26À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (32,488,095.53) - (11,488,095.53) -

√«¡‡ß‘π„Àâ°Ÿâ¬◊¡ 220,810,235.49 284,615,276.99 289,861,866.66 217,356,458.26√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ 1,051,844,302.96 913,167,018.99 3,406,142,137.10 2,626,277,087.85 „π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ ª√–°Õ∫¥â«¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠∫√‘…—∑Õ◊Ëπ 1,000,000.00 1,000,000.00 - -

√«¡‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ 1,000,000.00 1,000,000.00 - -√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ 1,052,844,302.96 914,167,018.99 3,406,142,137.10 2,626,277,087.85

65

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

Type of Business Value of Investment Holding of Interest

(Amounts:Million Baht) %

1998 1997 1998 1997

Sriracha Harbor Public Company Limited Port Services 75.30 187.50 15.00 15.00

Bowin Power Company Limited Electricity Manufacturer - 1.27 - 51.00

H-Infra Company Limited Holding Company - 0.25 - 99.99

Hemaraj International Co., Ltd. Holding Company 0.025 0.025 99.99 99.99

The consolidated results for years ended before December 31, 1997 have been restated for comparative purposes since the Company

decreased its percentage of holding in Industrial Power Company Limited from 85.00% to 49.99% in the third quarter of 1997. The result of the

restatement is to increase the beginning balance of retained earnings as at January 1, 1997 by an amount of Baht 23.16 million.

Investments in Hemaraj International Company Limited, of which the Company holds 99.99%, is accounted for using the cost method

because operations have not yet commenced and available information is inadequate.

In 1997, investments in Bowin Power Company Limited and H-Infra Company Limited, of which the Company holds 99.99% and 51%,

respectively, are accounted for using the cost method because operations have not yet commenced and available information is

inadequate. Subsequently, in 1998, the two companies were sold to H-Power Company Limited, an associated company, and are now

accounted for using the equity method.

Investments and loans as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Investments and loans - related parties, consisted of:

- Investments

Investments in securities, using equity method 754,208,751.47 402,001,509.50 3,040,954,980.44 2,219,870,374.59

Investments in securities, using cost method 76,825,316.00 226,550,232.50 75,325,290.00 189,050,255.00

Total Investments 831,034,067.47 628,551,742.00 3,116,280,270.44 2,408,920,629.59

- Loans

Subsidiary companies - - 275,738,490.39 193,220,293.89

Associated companies 14,123,376.27 239,479,112.62 14,123,376.27 -

Related companies 239,174,954.75 45,136,164.37 11,488,095.53 24,136,164.37

253,298,331.02 284,615,276.99 301,349,962.19 217,356,458.26

Less Allowance for doubtful accounts (32,488,095.53) - (11,488,095.53) -

Total Loans 220,810,235.49 284,615,276.99 289,861,866.66 217,356,458.26

Total Investments and Loans

- Related Parties 1,051,844,302.96 913,167,018.99 3,406,142,137.10 2,626,277,087.85

Investments in other companyInvestment in security 1,000,000.00 1,000,000.00 - -

Total Investment in Other Company 1,000,000.00 1,000,000.00 - -

Total Investments and Loans 1,052,844,302.96 914,167,018.99 3,406,142,137.10 2,626,277,087.85

66

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«¬

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

2541 2540 2541 2540µâπ∑ÿπ∑’Ë¥‘π√Õ°“√æ—≤π“ 10,201,000.00 10,201,000.00 10,201,000.00 10,201,000.00

µâπ∑ÿπ∑’Ë¥‘π‚§√ß°“√∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« 1,404,434,126.06 1,404,434,126.06 1,135,106,060.06 1,135,106,060.06µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« 271,586,688.37 270,578,905.30 269,028,504.82 268,020,721.75¥Õ°‡∫’È¬®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ‚§√ß°“√ 556,022,820.04 556,022,820.04 556,022,820.04 556,022,820.04 ‘∑∏‘°“√‡™à“∑’Ë¥‘π 77,077,105.71 77,077,105.71 77,077,105.71 77,077,105.71

2,319,321,740.18 2,318,313,957.11 2,047,435,490.63 2,046,427,707.56À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ (126,618,274.22) (41,041,023.19) (126,618,274.22) (41,041,023.19)

√«¡ 2,192,703,465.96 2,277,272,933.92 1,920,817,216.41 2,005,386,684.37

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

À¡“¬‡Àµÿ 10 - ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å - ÿ∑∏‘∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

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

2541 2540 2541 2540∑’Ë¥‘π 17,277,383.14 3,754,881.20 2,935,589.20 2,935,589.20Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 199,350,562.71 57,857,969.80 45,348,560.80 45,348,560.80 à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 1,415,947.48 1,415,947.48 1,415,947.48‡§√◊ËÕßµ°·µàß·≈–‡§√◊ËÕß„™â ”π—°ß“π 43,912,377.68 38,962,470.43 28,102,412.17 25,991,004.79¬“πæ“Àπ– 22,806,504.37 23,627,759.75 9,792,793.16 10,149,144.00ß“π√–À«à“ß°àÕ √â“ß 19,291,750.51 6,091,240.73 723,663.78 5,261,884.73 ‘π∑√—æ¬å„Àâ‡™à“ 13,179,293.93 - - -∑àÕ àßπÈ”¥‘∫ 3,657,573.47 - 3,657,573.47 -∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 102,203,644.55 102,527,310.55 - -

423,095,037.84 234,237,579.94 91,976,540.06 91,102,131.00À—° §à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ – ¡ (62,179,005.12) (36,873,013.87) (33,020,302.16) (25,009,597.32)

∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 360,916,032.72 197,364,566.07 58,956,237.90 66,092,533.68

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

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

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

ªï π—∫·µà‡¥◊Õπ°—π¬“¬π 2534

67

NOTE 9 - LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL PURPOSESLeasehold land and land held for commercial purposes as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Land bank 10,201,000.00 10,201,000.00 10,201,000.00 10,201,000.00

Land cost of projects suspended from development 1,404,434,126.06 1,404,434,126.06 1,135,106,060.06 1,135,106,060.06

Suspended development project costs 271,586,688.37 270,578,905.30 269,028,504.82 268,020,721.75

Interest capitalised 556,022,820.04 556,022,820.04 556,022,820.04 556,022,820.04

Land leasehold 77,077,105.71 77,077,105.71 77,077,105.71 77,077,105.71

2,319,321,740.18 2,318,313,957.11 2,047,435,490.63 2,046,427,707.56

Less Loss on projects revaluation (126,618,274.22) (41,041,023.19) (126,618,274.22) (41,041,023.19)

Total 2,192,703,465.96 2,277,272,933.92 1,920,817,216.41 2,005,386,684.37

As at December 31, 1998, leasehold land and land held for commercial purposes of Hemaraj Land and Development Public Company

Limited in the amount of Baht 1,721.68 million is stated at cost and has not been appraised by an independent appraiser. In addition, the

real estate business has been affected by the adverse economic conditions in Thailand and the Asia Pacific Region. The net realisable value

of this asset may be lower than the value stated in the balance sheets.

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT, NETProperty, plant and equipment as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Land 17,277,383.14 3,754,881.20 2,935,589.20 2,935,589.20

Building 199,350,562.71 57,857,969.80 45,348,560.80 45,348,560.80

Building improvements 1,415,947.48 1,415,947.48 1,415,947.48 1,415,947.48

Office furniture and fixture 43,912,377.68 38,962,470.43 28,102,412.17 25,991,004.79

Vehicles 22,806,504.37 23,627,759.75 9,792,793.16 10,149,144.00

Construction in progress 19,291,750.51 6,091,240.73 723,663.78 5,261,884.73

Lease assets 13,179,293.93 - - -

Raw water pipe 3,657,573.47 - 3,657,573.47 -

Pipe rack 102,203,644.55 102,527,310.55 - -

423,095,037.84 234,237,579.94 91,976,540.06 91,102,131.00

Less Accumulated depreciation and amortisation (62,179,005.12) (36,873,013.87) (33,020,302.16) (25,009,597.32)

Property, Plant and Equipment, net 360,916,032.72 197,364,566.07 58,956,237.90 66,092,533.68

Depreciation of building and equipment in the consolidated financial statements for the years ended December 31, 1998 and 1997

amounted to Baht 26.78 million and Baht 13.69 million, respectively.

Depreciation of building and equipment in the Company’s financial statements for the years ended December 31, 1998 and 1997

amounted to Baht 9.01 million and Baht 8.98 million, respectively.

NOTE 11 - GOODWILLGoodwill 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.

68

À¡“¬‡Àµÿ 12 - ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)2541 2540

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 33,177,411.14 66,354,815.14∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 15,526,151.12 18,209,028.00∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 82,460,004.21 17,014,365.09

√«¡ 131,165,566.47 101,578,208.23

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

À¡“¬‡Àµÿ 13 - ‡ß‘π∑ÿπ®¡‡ß‘π∑ÿπ®¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)2541 2540

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 53,799,567.11 -∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 20,377,618.60 -∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 119,455,296.79 85,686,570.98

√«¡ 193,632,482.50 85,686,570.98

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∫—π∑÷°∫—≠™’‡ß‘π∑ÿπ®¡µ“¡·π«∑“ß∑’Ë‰¥âÀ“√◊Õ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡√◊ËÕßª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π µ“¡

∑’Ë°≈à“«„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 27

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥∫√‘…—∑‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡¥”‡π‘πß“π ≈ß

«—π∑’Ë 4 °—π¬“¬π 2539 ´÷Ëß√–∫ÿ«à“∫√‘…—∑µâÕß‡ªî¥∫—≠™’‡ß‘πΩ“°ª√–®”°—∫∏π“§“√·ÀàßÀπ÷Ëß·≈–¬°°√√¡ ‘∑∏‘Ï„Àâ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ„™â„π°“√∫”√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§„Àâ°—∫ºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡

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

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

2541 2540 2541 2540§à“„™â®à“¬°àÕπ‡√‘Ë¡¥”‡π‘πß“π 224,545.17 299,393.57 - -§à“„™â®à“¬Õ◊Ëπ√Õµ—¥∫—≠™’ 482,566.35 919,528.21 - -

√«¡ 707,111.52 1,218,921.78 - -

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

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

‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 192,822,739.72 192,822,739.72‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 146,740,331.43 110,000,000.00

√«¡‡ß‘π°Ÿâ¬◊¡∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 339,563,071.15 302,822,739.72

69

NOTE 12 - ADVANCE TO PROVINCIAL ELECTRICITY AUTHORITYAdvance to Provincial Electricity Authority as at December 31, consisted of:

(Amounts:Baht)

1998 1997

Hemaraj Land and Development Public Company Limited 33,177,411.14 66,354,815.14

Eastern Industrial Estate Company Limited 15,526,151.12 18,209,028.00

Eastern Seaboard Industrial Estate (Rayong) Company Limited 82,460,004.21 17,014,365.09

Total 131,165,566.47 101,578,208.23

The Company and the two subsidiaries have advanced to the Provincial Electricity Authority for wire construction costs supporting

electricity in their industrial estates under the condition of recovering those costs without interest, by way of receiving installments in the

period not less than 3 years from the date of using the wire to distribute electricity to the industrial estates. The installments are being made

quarterly at the rate of 30% of electricity fees that the Provincial Electricity Authority charge to consumers.

NOTE 13 - SINKING FUNDSinking fund as at December 31, consisted of:

(Amounts:Baht)

1998 1997

Hemaraj Land and Development Public Company Limited 53,799,567.11 -

Eastern Industrial Estate Company Limited 20,377,618.60 -


Total 193,632,482.50 85,686,570.98

Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company LimitedThe Company and the subsidiary have accounted for sinking fund in accordance with the discussion with IEAT in respect of planning for

resolving the joint operation agreements as described in note 27 to the financial statements.

Eastern Seaboard Industrial Estate (Rayong) Company LimitedThe company has entered into a contract dated September 4, 1996 with The Industrial Estate Authority of Thailand (IEAT) to establish

Eastern Seaboard Industrial Estate (Rayong). The Company was obligated to set aside a fixed deposit at a bank and to transfer withdrawal

rights to IEAT to pay for maintaining and constructing utility systems for customers within Eastern Seaboard Industrial Estate (Rayong).

NOTE 14 - DEFERRED CHARGESDeferred charges as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Pre-operating expenses 224,545.17 299,393.57 - -

Other deferred charges 482,566.35 919,528.21 - -

Total 707,111.52 1,218,921.78 - -

NOTE 15 - LIABILITIES ON IMMEDIATE DEMANDLiabilities on immediate demand as at December 31, 1998, consisted of:

(Amounts:Baht)


Loans from financial institutions on immediate demand 192,822,739.72 192,822,739.72

Long-term liabilities on immediate demand 146,740,331.43 110,000,000.00

Total Liabilities on Immediate Demand 339,563,071.15 302,822,739.72

70

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)µ—Î« —≠≠“„™â‡ß‘π ∂“∫—π°“√‡ß‘π 3 ·Ààß (2 ·Ààßªî¥°‘®°“√‡ªìπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß) ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π°“√

‡ß‘π·ÀàßÀπ÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 192.82 ≈â“π∫“∑ ·≈– ®”π«π‡ß‘π 110 ≈â“π∫“∑ µ“¡≈”¥—∫ §√∫°”Àπ¥™”√–§◊π√–À«à“ßªï 2541 ªí®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 36.74 ≈â“π∫“∑ ´÷Ëß°Ÿâ®“° ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß∑’Ëªî¥°‘®°“√‡ªìπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’

«à“°“√°√–∑√«ß°“√§≈—ß §√∫°”Àπ¥™”√–§◊π„π√–À«à“ßªï 2541 ®”π«π‡ß‘π 3.70 ≈â“π∫“∑ ·µà∫√‘…—∑‰¡à “¡“√∂™”√–§◊πµ“¡°”Àπ¥ ¡’º≈„Àâ¡Ÿ≈Àπ’È∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡∑’Ë√–∫ÿ„π —≠≠“°Ÿâ¬◊¡‡ß‘π ªí®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡µ√’¬¡·ºπ‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π

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

(Àπà«¬ : ∫“∑)2541 2540

≈Ÿ°Àπ’È§à“´◊ÈÕ∑’Ë¥‘π≈Ÿ°Àπ’Èµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ 7,766,977,912.83 2,973,601,920.50À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È (7,755,977,910.83) (2,973,601,918.50)À—° √“¬‰¥â√Õµ—¥∫—≠™’ (260,691,380.85) (46,056,975.05)

√“¬‰¥â√—∫≈à«ßÀπâ“ (249,691,378.85) (46,056,973.05)

À¡“¬‡Àµÿ 17 - Àÿâπ°Ÿâ·ª≈ß ¿“æ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ¡Ÿ≈§à“ 60 ≈â“π¥Õ≈≈“√å À√—∞ ‡¡◊ËÕ«—π∑’Ë 9 °—π¬“¬π 2536 ¥Õ°‡∫’È¬Õ—µ√“ 3.5% ÿ∑∏‘®“°¿“…’À—° ≥ ∑’Ë®à“¬ °”Àπ¥®à“¬ªï≈–§√—Èß‡√‘Ë¡

µ—Èß·µà«—π∑’Ë 9 °—π¬“¬π 2537 ·≈–™”√–§◊π„π«—π∑’Ë 9 °—π¬“¬π 2546 ´÷Ëß∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 11/2536 ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2536 ¡’¡µ‘„Àâ∫√‘…—∑®—¥ √√‡ß‘π∑’Ë‰¥â®“°°“√ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ®”π«π‡ß‘πª√–¡“≥ 1,512.18 ≈â“π∫“∑ „™â‡æ◊ËÕ°“√æ—≤π“ “∏“√≥Ÿª‚¿§ ”À√—∫∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ·≈–„Àâ∫√‘…—∑∫—π∑÷°¥Õ°‡∫’È¬®à“¬∑’Ë‡°‘¥®“°°“√°Ÿâ¬◊¡¥—ß°≈à“«‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ¢Õß‚§√ß°“√∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå

‡ß◊ËÕπ‰¢°“√·ª≈ß ¿“æÀÿâπ°Ÿâ·µà≈–Àÿâπ¡’ ‘∑∏‘·ª≈ß ¿“æ‡ªìπÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë™”√–§à“Àÿâπ‡µÁ¡®”π«π·≈â«‰¥â 135 Àÿâπ µ—Èß·µà«—π∑’Ë 9 ∏—π«“§¡ 2536 ∂÷ß«—π∑’Ë 9 ‘ßÀ“§¡ 2546 À“°

¡’°“√·ª≈ß ¿“æÀÿâπ°Ÿâ∑—Èß ‘Èπ ®”π«πÀÿâπ∑—Èß ‘Èπ∑’Ëæ÷ßÕÕ°®“°°“√·ª≈ß ¿“æ®–‡∑à“°—∫ 10.4% ¢Õß∑ÿπ‡√◊ÕπÀÿâπÀ≈—ß®“°·ª≈ß ¿“æ·≈â«∫√‘…—∑Õ“®‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥âµ—Èß·µà«—π∑’Ë 9 °—π¬“¬π 2539 ‡ªìπµâπ‰ª„π√“§“√–À«à“ß 109.28% ∂÷ß 116.50% ¢Õß¡Ÿ≈§à“Àÿâπ°Ÿâ

·ª≈ß ¿“æ ·≈–ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¡’ ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ‰¥â„π«—π∑’Ë 9 °—π¬“¬π 2541 „π√“§“ 116.50% ¢Õß¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ

π‚¬∫“¬ ”√Õß‡º◊ËÕ°“√‰∂à∂Õπ∫√‘…—∑¡’π‚¬∫“¬µ—Èß ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§ß‡À≈◊ÕÕ¬Ÿà∑—Èß®”π«π ‚¥¬· ¥ß√«¡ ‰«â„πÀÿâπ°Ÿâ·ª≈ß ¿“æ ≥ «—π∑’Ë 31

∏—π«“§¡ 2541 ·≈– 2540 ”√Õß‡º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ¡’®”π«π‡ß‘πª√–¡“≥ 452.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 1,248.67 ≈â“π∫“∑ µ“¡≈”¥—∫

°“√´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ§◊π„π√–À«à“ßªï 2541 ·≈– 2540 H-International (BVI) Company Limited ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑» ‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑

‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬¡’¡Ÿ≈§à“ª√–¡“≥ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 3 ‘ßÀ“§¡ 2541 ¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑∑” —≠≠“™”√–§◊π‡ß‘π§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„Àâ·°à∫√‘…—∑¬àÕ¬¥—ß°≈à“«„π√“§“µ“¡¡Ÿ≈§à“Àÿâπ°Ÿâ‡ªìπ®”π«π‡ß‘π 30.34 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘πª√–¡“≥ 1,163 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑· ¥ß‰«â„π∫—≠™’‡ß‘π°Ÿâ¬◊¡®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ªí®®ÿ∫—π∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà√–À«à“ß¥”‡π‘π°“√¬°‡≈‘°Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë´◊ÈÕ§◊π∑—ÈßÀ¡¥µ“¡‡ß◊ËÕπ‰¢∑’Ë√–∫ÿ„πÀπ—ß ◊Õ™’È™«π

°“√º‘¥π—¥°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ∫√‘…—∑¡‘‰¥â‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’ËºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„™â ‘∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂Õπ„π«—π∑’Ë 9 °—π¬“¬π 2541 πÕ°®“°π’È∫√‘…—∑¡‘‰¥â®à“¬™”√–¥Õ°‡∫’È¬

Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’Ë§√∫°”Àπ¥™”√–„π«—π‡¥’¬«°—π ®”π«π‡ß‘π 0.99 ≈â“π¥Õ≈≈“√å À√—∞ (36.48 ≈â“π∫“∑) ªí®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß‡®√®“°—∫ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È ´÷Ëß¬—ß‰¡à∑√“∫º≈°“√‡®√®“

71

Hemaraj Land and Development Public Company LimitedAs at December 31, 1998, the Company had failed to meet repayments in respect of promissory notes issued to 3 financial institutions

(2 of those financial institutions have been closed down in accordance with a notice of the Ministry of Finance) and a long-term loan from

another financial institution in the amounts of Baht 192.82 million and Baht 110 million, respectively, which were due in the year 1998. The

Company is in the process of negotiating for debt restructuring.

Eastern Pipeline Services Company LimitedAs at December 31, 1998, the company had failed to meet repayments in respect of installments of long-term loan from a financial

institution which has been closed down in accordance with a notice of the Ministry of Finance, with principal in the amount of Baht 36.74

million, of which Baht 3.70 million was due in the year 1998. According to the loan agreement, the whole amount of loan is consequently

placed on immediate demand. The company is in the process of negotiating for debt restructuring.

NOTE 16 - INCOME RECEIVED IN ADVANCEIncome received in advance in the consolidated financial statements as at December 31, consisted of:

(Amounts:Baht)

1998 1997

Land sale contracts receivable

Land sale contracts 7,766,977,912.83 2,973,601,920.50

Less Installments received (7,755,977,910.83) (2,973,601,918.50)

Less Deferred income (260,691,380.85) (46,056,975.05)

Income Received in Advance (249,691,378.85) (46,056,973.05)

NOTE 17 - CONVERTIBLE BONDSHemaraj Land and Development Public Company LimitedThe 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 RedemptionAs from December 9, 1993 up to August 9, 2003, each convertible bond may be converted into 135 fully paid shares of the Company

and, if all the convertible bonds were converted, the shares issuable on conversion would amount to approximately 10.4 percent of the

Company’s issued share capital following conversion.

The convertible bonds may be redeemed, in whole or in part, by the Company as from September 9, 1996 at varying percentages of the

principal amount from 109.28 percent to 116.50 percent. At the option of the bondholders, the Company must redeem such convertible

bonds on September 9, 1998 at 116.50 percent of principal amount.

Reserve for Redemption of Convertible BondsThe Company has based the provision for redemption of convertible bonds on outstanding convertiblebonds. As at December 31, 1998

and 1997, the Company had reserved provision for redemption of convertible bonds in the approximate amounts of Baht 452.63 million and

Baht 1,248.67 million, respectively, and included this amount within convertible bonds.

Repurchase of Convertible BondsDuring 1998 and 1997, H-International (BVI) Company Limited, 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, 1998,

approximately US$ 30.34 million of convertible bonds have been repurchased, equivalent to Baht 1,163.00 million which is shown in loan from

related parties in accordance with a resolution passed by a Board of Directors Meeting on August 3, 1998, approving the Company to re-

fund the purchase cost of convertible bonds to the subsidiary at nominal value. Repurchased convertible bonds are in the process of

cancellation in accordance with the Bond prospectus.

72

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

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

2541 2540 2541 2540∫√‘…—∑¬àÕ¬ - 484,780.00 1,162,923,578.50 373,760,490.00∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,518,141.40 1,518,141.40 1,518,141.40 1,518,141.40

√«¡ 1,518,141.40 2,002,921.40 1,164,441,719.90 375,278,631.40

À¡“¬‡Àµÿ 19 - Àπ’È ‘π√–¬–¬“«Àπ’È ‘π√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

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

2541 2540 2541 2540∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑» 2 ·Ààß ·≈– ∂“∫—π°“√‡ß‘π„πª√–‡∑»Àπ÷Ëß·Ààß°. ‡ß‘π°Ÿâ¬◊¡ «ß‡ß‘π 1,200 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π

3 ªï π—∫µ—Èß·µà«—π∑’Ë 28 °—π¬“¬π 2537 ºàÕπ™”√–§◊π‡¡◊ËÕ¡’°“√ª≈Õ¥®”πÕß‚©π¥∑’Ë¥‘π„πÕ—µ√“√âÕ¬≈– 60¢Õß√“§“¢“¬∑’Ë¥‘π Õ—µ√“¥Õ°‡∫’È¬ MLR+1%µàÕ¡“«—π∑’Ë 30 °—π¬“¬π 2541 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È‡ªìπ«ß‡ß‘π ‘π‡™◊ËÕ 228.25 ≈â“π∫“∑ ‚¥¬¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 4 ªï §√∫°”Àπ¥™”√–§◊π «—π∑’Ë 28 °—π¬“¬π2544 ¿“¬„µâ‡ß◊ËÕπ‰¢°“√ºàÕπ™”√–‡¥‘¡ ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 183,248,700.00 183,248,700.00 183,248,700.00 183,248,700.00

¢. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È«—π∑’Ë 30 °—π¬“¬π 2541‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªìπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“««ß‡ß‘π 297 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ18 ‡¥◊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°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’È¬ MLR 297,000,000.00 - 297,000,000.00 -

§. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 150 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π3 ªï π—∫·µàªï 2539 ºàÕπ™”√–§◊π 3 ‡¥◊ÕπµàÕß«¥√«¡ 12 ß«¥ „π®”π«π‡ß‘π∑’Ë‡∑à“°—π Õ—µ√“¥Õ°‡∫’È¬ MLR+1%µàÕ¡“«—π∑’Ë 14 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È‡ªìπ«ß‡ß‘π ‘π‡™◊ËÕ 75 ≈â“π∫“∑‚¥¬¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 5 ªï §√∫°”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ∏—π«“§¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπß«¥≈– 10 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—π«“§¡ 2544¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 75,000000.00 87,500,000.00 75,000,000.00 87,500,000.00

ß. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È«—π∑’Ë 14 ∏—π«“§¡ 2541‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªìπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“««ß‡ß‘π 100 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ36 ‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ∏—π«“§¡ 2546‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ®”π«π 8 ß«¥Ê ≈–12.5 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—π«“§¡ 2544¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’È¬ MLR 100,000,000.00 - 100,000,000.00 -

73

Default in Convertible Bonds RedemptionThe Company failed to redeem the convertible bonds for which the bondholders sought redemption in accordance with their rights

on September 9, 1998, and failed to meet payments of interest on convertible bonds due as at that date in the amount of US$ 0.99 million

(Baht 36.48 million). At present, management is in the process of negotiation to restructure debts for which the results have not been

determined.

NOTE 18 - DUE TO AND LOANS FROM RELATED PARTIESDue to and loans from related parties as at December 31, consisted of

(Amounts:Baht)


1998 1997 1998 1997

Subsidiary companies - 484,780.00 1,162,923,578.50 373,760,490.00

Related company 1,518,141.40 1,518,141.40 1,518,141.40 1,518,141.40

Total 1,518,141.40 2,002,921.40 1,164,441,719.90 375,278,631.40

NOTE 19 - LONG-TERM LIABILITIESLong-term liabilities as at December 31, consisted of:

(Amounts:Baht)


1998 1997 1998 1997

Hemaraj Land and Development Public Company Limited

Loans from two local banks and a local financial institution

- Loan with credit line of Baht 1,200 million, to be repaid

within 3 years as from September 28, 1994. Payment,

when no Mortgage is at the rate of 60% of Transferred

land price.The interest rate is MLR+1% per annum.

According to the results of debt restructuring On

September 30, 1998, the credit line is changed to

Baht 228.25 million and extended to be repaid within

4 years due on September 28, 2001. Payment is made

under the old policy. The interest rate is MLR,

payable monthly. 183,248,700.00 183,248,700.00 183,248,700.00 183,248,700.00

- Loan with credit line of Baht 297 million and grace

period of 18 months, which changed from promissory

note from debt restructuring on September 30, 1998,

to be repaid within 14 quarters from June, 2000 to

September, 2003. The interest rate is MLR,

payable monthly. 297,000,000.00 - 297,000,000.00 -

- Loan in the amount of Baht 150 million, to be repaid

within 12 quarters, in 3 years from 1996. The interest rate

is MLR+1% per annum. According to the results of debt

restructing on December 14, 1998, the credit line is

changed to Baht 75 million and extended to be repaid

quarterly within 5 years due within 2003, the first installment

due on December 14, 2001. Interest is MLR,

payable monthly. 75,000000.00 87,500,000.00 75,000,000.00 87,500,000.00

- Loan with credit line of Baht 100 million and grace period

of 36 months, which changed from promissory note from

debt restructuring on December 14,1998, to be repaid

quarterly from December 14, 2001 to December 2003 in

8 installments, Baht 12.5 million each. The interest rate is

MLR, payable monthly. 100,000,000.00 - 100,000,000.00 -

74

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

2541 2540 2541 2540®. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 110 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π

20 ‡¥◊Õπ π—∫µ—Èß·µà«—π∑’Ë 13 °ÿ¡¿“æ—π∏å 2539 Õ—µ√“¥Õ°‡∫’È¬MLR+0.5% µàÕ¡“«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2541 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π∂÷ß«—π∑’Ë 20∏—π«“§¡ 2541·≈–Õ—µ√“¥Õ°‡∫’È¬‡ªìπ MLR 110,000,000.00 110,000,000.00 110,000,000.00 110,000,000.00

√«¡ 765,248,700.00 380,748,700.00 765,248,700.00 380,748,700.00

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑»·ÀàßÀπ÷Ëßª√–°Õ∫¥â«¬°. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡¡◊ËÕ«—π∑’Ë 30 °—π¬“¬π

2541 ‰¥â‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π‡ªìπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« «ß‡ß‘π 93 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 18 ‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—π¬“¬π2544 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ®”π«π 6 ß«¥‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543 ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’È¬ MLR 93,000,000.00 - - -

√«¡ 93,000,000.00 - - -

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑» 2 ·Ààß ª√–°Õ∫¥â«¬°. ‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 550 ≈â“π∫“∑ °”Àπ¥™”√–§◊π 50 %

¢Õß√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√‡¡◊ËÕ¡’°“√‚Õπ°√√¡ ‘∑∏‘Ï∑’Ë¥‘π ·≈– à«π∑’Ë‡À≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π 3 ªï π—∫·µà«—π°Ÿâ¬◊¡ ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’È¬ MLR 469,478,257.25 467,036,182.00 - -

¢. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 230 ≈â“π∫“∑°”Àπ¥™”√–§◊π 50%¢Õß√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√ ‡¡◊ËÕ¡’°“√‚Õπ°√√¡ ‘∑∏‘Ï∑’Ë¥‘π·≈– à«π∑’Ë‡À≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π 3 ªïπ—∫·µà«—π°Ÿâ¬◊¡ ¥Õ°‡∫’È¬®à“¬™”√–∑ÿ°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’È¬ MLR 201,250,000.00 229,750,000.00 - -

√«¡ 670,728,257.25 696,786,182.00 - -

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑‡ß‘π∑ÿπ·ÀàßÀπ÷Ëß ª√–°Õ∫¥â«¬

‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 50 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π«—π∑’Ë 31 ¡’π“§¡ 2547 ‚¥¬ºàÕπ™”√–‡ªìπ√“¬‡¥◊Õπ®”π«π 72 ß«¥‡√‘Ë¡ß«¥·√° 30 ‡¡…“¬π 2541Õ—µ√“¥Õ°‡∫’È¬ MLR+1% 36,740,331.43 36,740,331.43 - -

√«¡ 36,740,331.43 36,740,331.4 - -√«¡Àπ’È ‘π√–¬–¬“« 1,565,717,288.68 1,114,275,213.43 765,248,700.00 380,748,700.00

À—° à«π∑’Ë‡®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ (146,740,331.43) (110,000,000.00) (110,000,000.00) (110,000,000.00)À—° à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„πÀπ÷Ëßªï· ¥ß‰«â¿“¬„µâÀπ’È ‘πÀ¡ÿπ‡«’¬π (51,622,594.00) (249,452,092.00) - (245,748,700.00)√«¡Àπ’È ‘π√–¬–¬“« ÿ∑∏ ‘ 1,367,354,363.25 754,823,121.43 655,248,700.00 25,000,000.00

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

75

(Amounts:Baht)


1998 1997 1998 1997

- 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. 110,000,000.00 110,000,000.00 110,000,000.00 110,000,000.00

Total 765,248,700.00 380,748,700.00 765,248,700.00 380,748,700.00

Eastern Industrial Estate Company Limited

Loan from a local bank, consisted of:

- Loan with credit line of Baht 93 million and grace

period of 18 months, which changed from

promissory note from debt restructuring on

September 30, 1998, to be repaid within 6 quarters

from June, 2000 to September, 2001. The interest

rate is MLR, payable monthly 93,000,000.00 - - -

Total 93,000,000.00 - - -

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

- Loan with credit line of Baht 550 million, repayable

as titles are transferred, at 50% of land contract price,

and outstanding amount repayable within 3 years

from borrowing date with interest at the rate of

MLR, payable monthly 469,478,257.25 467,036,182.00 - -

- Loan in the amount of Baht 230 million, repayable

as titles are transferred, at 50% of land contract price,

and outstanding amount repayable within 3 years

from borrowing date with interest at the rate of MLR,

payable monthly. 201,250,000.00 229,750,000.00 - -

Total 670,728,257.25 696,786,182.00 - -

Eastern Pipeline Services Company LimitedLoan 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. 36,740,331.43 36,740,331.43 - -

Total 36,740,331.43 36,740,331.43 - -

Total Long-Term Liabilities 1,565,717,288.68 1,114,275,213.43 765,248,700.00 380,748,700.00

Less Long-term liabilities on immediate

demand shown under current liabilities (146,740,331.43) (110,000,000.00) (110,000,000.00) (110,000,000.00)

Less Current portions of long-term liabilities

shown under current liabilities (51,622,594.00) (249,452,092.00) - (245,748,700.00)

Long-Term Liabilities, net 1,367,354,363.25 754,823,121.43 655,248,700.00 25,000,000.00

The above liabilities are collateralised.

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

restructuring.

76

À¡“¬‡Àµÿ 20 - Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—πH-International (BVI) Company Limited∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 5/2541 ‡¡◊ËÕ«—π∑’Ë 25 °—π¬“¬π 2541 ¡’¡µ‘„Àâ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π«ß‡ß‘π√«¡ 19.2 ≈â“π¥Õ≈≈“√å À√—∞°—∫∏π“§“√

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«—π∑’Ë 30 °—π¬“¬π 2541 ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π«ß‡ß‘π 11.5 ≈â“π¥Õ≈≈“√å À√—∞ ‡æ◊ËÕ™”√–§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’ËÕÕ°‚¥¬∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ®”π«π 7,700 Àÿâπ ¡Ÿ≈§à“ 7.70 ≈â“π¥Õ≈≈“√å À√—∞ ®“°∏π“§“√¥—ß°≈à“«„π√“§“ 8.47 ≈â“π¥Õ≈≈“√å À√—∞ ·≈–µàÕ¡“∫√‘…—∑‰¥âÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—πÕ’°®”π«πÀπ÷Ëß«ß‡ß‘π 7.7 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬‡ß‘π∑’Ë‰¥â√—∫®–π”¡“„™â‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…—∑

π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∫√‘…—∑¡’π‚¬∫“¬µ—Èß ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬§”π«≥µ“¡«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π·≈–· ¥ß√«¡‰«â„πÀÿâπ°Ÿâ

™π‘¥¡’À≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ”√Õßº≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’®”π«π‡ß‘π 5.46 ≈â“π∫“∑

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πÕ°®“°∫√‘…—∑„π‡§√◊Õ¢ÕßºŸâ∂◊ÕÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢. ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß √«¡∑—Èß∑’Ë¥‘π∫“ß à«π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥

¡’À≈—°ª√–°—π¢Õß∫√‘…—∑ ‚¥¬∫√‘…—∑¡’¢âÕºŸ°æ—π∑’ËµâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π§. ∫√‘…—∑¡’ ‘∑∏‘‰∂à∂ÕπÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥â°àÕπ§√∫°”Àπ¥„π√“§“√«¡º≈µÕ∫·∑π ÷Ëß§”π«≥‚¥¬ Trustee ¥â«¬Õ—µ√“ Yield 7%

- 9% µàÕªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π®π∂÷ß«—π∑’Ë‰∂à∂Õπ

À¡“¬‡Àµÿ 21 - ∑ÿπ‡√◊ÕπÀÿâπ·≈–°“√®—¥ √√°”‰√∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 12 ¡’π“§¡ 2540 ‰¥â¡’¡µ‘Õπÿ¡—µ‘®à“¬‡ß‘πªíπº≈„πÕ—µ√“Àÿâπ≈– 2 ∫“∑ ·≈–¡’¡µ‘„Àâ®—¥ √√Àÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë

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

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

®”π«π‡ß‘π 551.23 ≈â“π∫“∑ ÷Ëß∫√‘…—∑∫—π∑÷°√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬·≈–µâπ∑ÿπ¢“¬·≈â« ‡ªìπ®”π«π‡ß‘π 551.23 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 324.51 ≈â“π∫“∑ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 23 - §à“µÕ∫·∑π°√√¡°“√§à“µÕ∫·∑π°√√¡°“√ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ª√–°Õ∫¥â«¬

(Àπà«¬ : ∫“∑)2541 2540

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 1,767,011.69 7,350,000.00∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 3,825,000.00 6,963,402.99H-International (BVI) Company Limited 20,596,930.86 -

√«¡ 26,188,942.55 14,313,402.99§à“µÕ∫·∑π°√√¡°“√‰¥â·°à ‡ß‘π‡¥◊Õπ·≈–‚∫π— ∑’Ë®à“¬„Àâ°—∫°√√¡°“√¢Õß∫√‘…—∑‡æ◊ËÕ‡ªìπ§à“µÕ∫·∑π„π°“√∫√‘À“√ß“π

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

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

¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ·≈â« 156,080,000.00 103,200,000.00¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ 1,113,909,589.82 1,113,909,589.82

√«¡ 1,269,989,589.82 1,217,109,589.82

77

NOTE 20 - GUARANTEED BONDSH-International (BVI) Company LimitedOn September 25, 1998, a resolution was passed by the Board of Directors Meeting No. 5/1998 to approve the company to issue, in two

tranches, US$ 19.2 million Guaranteed Bonds Due 2005 to a foreign commercial bank which had acquired part of the convertible bonds

issued by the parent company. The principal amounts are US$ 11.5 million for the first tranche and US$ 7.7 million for the second tranche, to

be repaid within 2005 in 8 semi-annual installments, with the first installment due on March 31, 2002. The interest rates (net of withholding tax)

are 1% per annum and 5% per annum, respectively, payable quarterly as from December 31, 1998.

On September 30, 1998 the company utilised the first tranche in the acquisition of 7,700 convertible bonds (US$ 7.7 million) issued by the

parent company at a price of US$ 8.47 million. Subsequently, the company utilised the second tranche for its working capital.

Reserve for Redemption of Guaranteed Bonds Due 2005

Reserve for Redemption of Guaranteed Bonds is calculated by using the straight-line method over the period of the Guaranteed Bonds

and included in Guaranteed Bonds as at December 31, 1998 in the amount of Baht 5.46 million.

Conditions of Guaranteed Bonds Due 2005

- The Guaranteed Bonds are not and are not capable of being quoted, listed or ordinarily dealt in on any stock exchange, over-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 are collectively guaranteed by the parent company, two other affiliated companies and by part of an

affiliated company’s land. The company has obligations to comply with terms and conditions of the issue of the Guaranteed Bonds.

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

Trustee to give a yield of 7%-9% per annum from the issuing date to repayment date.

NOTE 21 - SHARE CAPITAL AND APPROPRIATION OF EARNINGSThe Ordinary General Meeting of Shareholders held on March 12, 1997 approved the declaration of dividend at Baht 2 per share and

approved to reserve 20 million registered shares, of which 15 million shares are to be reserved for 17 investors classified by a Notice of the

Securities and Exchange Commission, 1 million shares are to be reserved for conversion of convertible bonds and 4 million shares are to be

reserved for decisions taken at the next Shareholder’s Meeting.

NOTE 22 - SALES AND COST OF SALESConsolidated and The CompanyIncome from sales and cost of sales of the Company in 1997 include adjustments arising from cancelled sale contracts of Baht 551.23

million for which the Company had recognised income from sales and cost of sales amounting to Baht 551.23 million and Baht 324.51 million,

respectively.

NOTE 23 - DIRECTORS’ REMUNERATIONDirectors’ remuneration for the year ended December 31, consisted of:

(Amounts:Baht)

1998 1997

Hemaraj Land and Development Public Company Limited 1,767,011.69 7,350,000.00


H-International (BVI) Company Limited 20,596,930.86 -

Total 26,188,942.55 14,313,402.99

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

NOTE 24 - EXCHANGE LOSS ON CHANGE TO THE MANAGED FLOAT SYSTEMExchange loss on change to the managed float system for the year ended December 31, 1997, is summarised as follows:

(Amounts:Baht)


Loss on exchange

Realised 156,080,000.00 103,200,000.00

Unrealised 1,113,909,589.82 1,113,909,589.82

Total 1,269,989,589.82 1,217,109,589.82

78

À¡“¬‡Àµÿ 25 - √“¬°“√æ‘‡»…∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈– H-International (BVI) Company Limited (ç∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»é)„π√–À«à“ßªï 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¢Õß∫√‘…—∑ ®”π«π√«¡ 30,335 Àÿâπ ¡Ÿ≈§à“ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ „π√“§“

24.75 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 942.37 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑∫—π∑÷°∫—≠™’Àÿâπ°Ÿâ®”π«π¥—ß°≈à“«‰«â„πªï 2540 ‡ªìπ®”π«π‡ß‘π 1,118 ≈â“π∫“∑µàÕ¡“∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 3 ‘ßÀ“§¡ 2541 ¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑∑” —≠≠“™”√–§◊π‡ß‘π§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„Àâ·°à∫√‘…—∑¬àÕ¬¥—ß°≈à“«„π

√“§“µ“¡¡Ÿ≈§à“Àÿâπ°Ÿâ‡ªìπ®”π«π‡ß‘π 30.34 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 1,163 ≈â“π∫“∑º≈®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ· ¥ß‡ªìπ√“¬°“√æ‘‡»… °”‰√®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–¢“¥∑ÿπ®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ „πß∫°“√‡ß‘π

√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541 ®”π«π‡ß‘π 175.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 44.92 ≈â“π∫“∑ µ“¡≈”¥—∫

À¡“¬‡Àµÿ 26 - ‘π∑√—æ¬å∑’Ë„™â‡ªìπÀ≈—°ª√–°—π ‘π∑√—æ¬å∑’Ë„™â‡ªìπÀ≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ·≈– 2540 ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)°. ‡ß‘πΩ“°ª√–®”®”π«π‡ß‘πª√–¡“≥ 3.19 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 2.76 ≈â“π∫“∑ §È”ª√–°—π°—∫Õß§å°“√‚∑√»—æ∑å·Ààßª√–‡∑»‰∑¬ °“√‰øøÑ“

à«π¿Ÿ¡‘¿“§·≈–°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ·≈–‡ß‘πΩ“°ÕÕ¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 2.87 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 2.73 ≈â“π∫“∑‡æ◊ËÕ®—¥À“¬“πæ“Àπ–·≈–«— ¥ÿÕÿª°√≥å‡æ◊ËÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬

¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ®”π«π 10 ≈â“πÀÿâπ ‰¥â„™â‡ªìπÀ≈—°ª√–°—π‡ß‘π°“√°Ÿâ¬◊¡°—∫∫√‘…—∑‡ß‘π∑ÿπ·ÀàßÀπ÷Ëß

- ∑’Ë¥‘π∫“ß à«πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∑’Ë¡’Õ¬Ÿà·≈â«·≈–∑’Ë®–¡’¢÷ÈπµàÕ‰ª„π¿“¬Àπâ“æ√âÕ¡∑’Ë¥‘π„™â‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑»

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥°. ‡ß‘πΩ“°ª√–®”®”π«π‡ß‘πª√–¡“≥ 29 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 39.70 ≈â“π∫“∑ ‡ªìπÀ≈—°ª√–°—π·°à∏π“§“√ „π°“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π°“√

æ—≤π“∑’Ë¥‘π·≈–°“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√¢. ∑’Ë¥‘π√Õ°“√æ—≤π“∑—ÈßÀ¡¥·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå∫“ß à«π¢Õß‚§√ß°“√∂Ÿ°®¥®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°

∏π“§“√æ“≥‘™¬å„πª√–‡∑»·≈–„™â„π°“√§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ßª√–‡∑»§. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß ®”π«π‡ß‘π 59.99 ≈â“π∫“∑ ‰¥â®”π”‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡¢Õß∫√‘…—∑„π‡§√◊Õ¥—ß°≈à“«

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥°. ‡ß‘πΩ“°∏π“§“√®”π«π‡ß‘πª√–¡“≥ 62.83 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 63.50 ≈â“π∫“∑ „™â§È”ª√–°—π°“√¢“¬∑’Ë¥‘π·≈–∫√‘°“√ “∏“√≥Ÿª‚¿§¢. ∑’Ë¥‘π„π‚§√ß°“√¢Õß∫√‘…—∑®¥®”πÕß‡æ◊ËÕ§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡°—∫∏π“§“√æ“≥‘™¬å 2 ·Ààß

À¡“¬‡Àµÿ 27 - ¢âÕºŸ°æ—πµ“¡ —≠≠“¢âÕºŸ°æ—πµ“¡ —≠≠“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ª√–°Õ∫¥â«¬

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π) √–¬–∑’Ë 1 ·≈–√–¬–∑’Ë 2 °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ µ“¡ —≠≠“

√à«¡¥”‡π‘πß“π ≈ß«—π∑’Ë 5 °√°Æ“§¡·≈–«—π∑’Ë 29 ∏—π«“§¡ 2532 µ“¡≈”¥—∫ ´÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªìπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈â«‡ √Á®µ“¡‚§√ß°“√„π à«π„¥ à«πÀπ÷Ëß µâÕß‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°„π à«π∑’Ë·≈â«‡ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥¬°‡«âπ„π à«π∑’Ë®–¢“¬„Àâ·°àºŸâ´◊ÈÕ

„πªï 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªìπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ °“√ª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡°’Ë¬«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕß¥—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“¢Õß ”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈–°√–∑√«ß°“√§≈—ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫‡ªìπ®”π«π‡ß‘πª√–¡“≥ 209.07 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’È¬®à“¬· ¥ß‡ªìπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’È¬®à“¬) ·≈–§à“ª√—∫· ¥ß‡ªìπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—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“∫√‘…—∑‡ªìπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈â«‡ √Á®µ“¡‚§√ß°“√„π à«π„¥ à«πÀπ÷Ëß ∫√‘…—∑®–µâÕß®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“·≈–‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°„π à«π∑’Ë·≈â«‡ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥ ¬°‡«âπ„π à«π∑’Ë®–¢“¬„Àâ·°àºŸâ´◊ÈÕ

79

NOTE 25- EXTRAORDINARY ITEMHemaraj Land and Development Public Company Limited (the Company) and H-International (BVI) Company Limited (an over-

seas subsidiary)During the year 1998 and 1997, an overseas subsidiary purchased 30,335 of the Company’s convertible bonds (US$ 30.34 million) at a

price of US$ 24.75 million equal to Baht 942.37 million for which the Company had recorded those bonds as at December 31, 1997 in the

amount of Baht 1,118 million.

On August 3, 1998, a resolution was passed by a Board of Directors Meeting approving the Company to refund the nominal value of

convertible bonds of US$ 30.34 million equal to Baht 1,163 million.

The results of repurchases of convertible bonds, as shown under extraordinary item, include gain on repurchase of convertible bonds in

the consolidated financial statements and loss on repurchase of convertible bonds in the Company’s financial statements for the year

ended December 31,1998, in the amounts of Baht 175.63 million and Baht 44.92 million, respectively.

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

Hemaraj Land and Development Public Company Limited- Fixed deposits of approximately Baht 3.19 million and Baht 2.76 million, respectively, were pledged to the Telephone Organisation of

Thailand, the Provincial Electricity Authority and Industrial Estate Authority of Thailand and savings deposits of approximately Baht 2.87 million

and Baht 2.73 million, respectively, were pledged for the purpose of acquiring vehicles and equipment for use by the Industrial Estate

Authority of Thailand.

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

collateral for loan from a financial institution.

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

Eastern Industrial Estate Company Limited- Fixed deposits of approximately Baht 29 million and Baht 39.70 million, respectively, were pledged to local banks against security

given for performance under projects development and utility construction.

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

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

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

to that affiliated company.

Eastern Seaboard Industrial Estate (Rayong) Company Limited- Fixed deposits of approximately Baht 62.83 million and Baht 63.50 million, respectively, were pledged to local banks against security

given for performance under sale contracts and utilities services.

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

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

Hemaraj Land and Development Public Company LimitedThe Company has agreements with the Industrial Estate Authority of Thailand (IEAT) dated July 5 and December 29, 1989 for the joint

operations of Chonburi Industrial Estate (Bo-Win) Stage I and Stage II. Under the agreements the Company has to develop its land and pay

to IEAT for remuneration and, after completion of any portions, transfer the title of immovable property, component parts, equipment, utilities

and facilities to IEAT without charging for compensation or any expenses, with the exception of the portions transferred to buyers.

In 1996, the Thai Industrial Estate Association, of which the Company is a member, presented a letter to the IEAT questioning the

Company’s status over the joint operations with IEAT in connection with remuneration due to IEAT. At present, this issue is in the process of

consideration by the Public Prosecutor and the Finance Minister. As at December 31, 1998, the Company has reserved for the remuneration

including interest and penalty in the total amount of Baht 209.07 million, of which 60% of interest is shown as sinking fund in the balance sheet

and the outstanding amount (40% of interest) and penalty are included in the statement of income.

80

„πªï 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªìπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ°“√ª√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡°’Ë¬«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕß¥—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“¢Õß ”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈–°√–∑√«ß°“√§≈—ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541 ∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’È¬·≈–§à“ª√—∫‡ªìπ®”π«π‡ß‘πª√–¡“≥ 96 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õß¥Õ°‡∫’È¬®à“¬· ¥ß‡ªìπ°Õß∑ÿπ®¡ à«π∑’Ë‡À≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õß¥Õ°‡∫’È¬®à“¬) ·≈–§à“ª√—∫· ¥ß‡ªìπ¥Õ°‡∫’È¬®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ

∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“√à«¡≈ß∑ÿπ°—∫ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß ‚¥¬¡’¿“√–µâÕß®à“¬§à“π“¬Àπâ“®“°°“√¢“¬

∑’Ë¥‘π·≈–§à“π“¬Àπâ“®“°°“√„Àâ‡™à“Õ“§“√‚√ßß“π„Àâ·°à ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡ªìπÕ—µ√“√âÕ¬≈–¢Õß¬Õ¥¢“¬

∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥°. ∫√‘…—∑∑” —≠≠“√à«¡∑ÿπ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬·≈–∫√‘…—∑‡Õ°™πÕ’° 5 ∫√‘…—∑ ‡æ◊ËÕ√à«¡°—π®—¥µ—Èß∫√‘…—∑√à«¡∑ÿπ™◊ËÕ ç∫√‘…—∑ Õ’ ‡∑‘√åπ

ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ®”°—¥é ‚¥¬¡’«—µ∂ÿª√– ß§åª√–°Õ∫∏ÿ√°‘®‡°’Ë¬«°—∫√–∫∫·≈–‚§√ß √â“ß ”À√—∫«“ß∑àÕ PIPE RACK ´÷Ëß‡™◊ËÕ¡‚¬ß√–À«à“ßπ‘§¡Õÿµ “À°√√¡¡“∫µ“æÿ¥·≈–π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) ∫√‘…—∑√à«¡∑ÿπ„À¡à®–¡’∑ÿπ®¥∑–‡∫’¬π 175 ≈â“π∫“∑ ‚¥¬∫√‘…—∑®–≈ß∑ÿπ∂◊ÕÀÿâπ„πÕ—µ√“√âÕ¬≈– 15¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ®”π«π 26.25 ≈â“π∫“∑

¢. ‡¡◊ËÕ«—π∑’Ë 30 µÿ≈“§¡ 2541 ∫√‘…—∑∑” —≠≠“¡Õ∫À¡“¬„Àâ∫√‘…—∑ Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ®”°—¥ (ºŸâ√—∫¡Õ∫À¡“¬) ‡ªìπºŸâ¥”‡π‘π°“√ ®—¥°“√ ·≈–∫”√ÿß√—°…“‚§√ß √â“ß ”À√—∫«“ß∑àÕ —≠≠“¡’°”Àπ¥ 15 ªï ¿“¬„µâ‡ß◊ËÕπ‰¢¢Õß —≠≠“ ºŸâ√—∫¡Õ∫À¡“¬®–‡ªìπºŸâ√—∫º‘¥™Õ∫§à“„™â®à“¬„π°“√¥”‡π‘π°“√¥—ß°≈à“«·µà‡æ’¬ßºŸâ‡¥’¬« ‚¥¬∫√‘…—∑µ°≈ß„ÀâºŸâ√—∫¡Õ∫À¡“¬‡¢â“∑” —≠≠“„Àâ∫√‘°“√·≈–‡√’¬°‡°Á∫§à“∫√‘°“√°—∫ºŸâ‡™à“∞“π«“ß∑àÕ„πÕ—µ√“¡“µ√∞“π∑’Ë°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬‡ÀÁπ™Õ∫

À¡“¬‡Àµÿ 28 - ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)∫√‘…—∑¡’¿“√–§È”ª√–°—πÀπ’È ‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ªìπ®”π«π‡ß‘π 50 ≈â“π∫“∑

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥∫√‘…—∑∑—Èß 2 ‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂â“ºŸâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ àß‡ √‘¡≈ß∑ÿπ ·≈–À√◊Õ°“√π‘§¡Õÿµ “À°√√¡

·Ààßª√–‡∑»‰∑¬·≈â« ∫√‘…—∑∑—Èß 2 ®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π

À¡“¬‡Àµÿ 29 - °“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√∑“ß∫—≠™’„π‰µ√¡“ ∑’Ë 2 ß«¥ 2541 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢ÕßÕ“§“√®“°‡¥‘¡ 10 ªï ‡ªìπ 20 ªï ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫

Õ“¬ÿ°“√„™âß“π®√‘ß°“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢Õß∑√—æ¬å ‘π¥—ß°≈à“« ¡’º≈„Àâ°”‰√ ÿ∑∏‘·≈–°”‰√µàÕÀÿâπ„πß∫°“√‡ß‘π√«¡ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

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

À¡“¬‡Àµÿ 30 - ‘∑∏‘·≈–ª√–‚¬™πåµ“¡∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)∫√‘…—∑‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ µ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡‚¥¬‰¥â √—∫ ‘∑∏‘æÕ —ß‡¢ª¥—ßπ’È

- ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 7 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

- ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ªï π—∫®“°«—π∑’Ëæâπ°”Àπ¥√–¬–‡«≈“ 7 ªï ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥∫√‘…—∑∑—Èß 2 ‰¥â√—∫°“√ àß‡ √‘¡°“√≈ßµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡ ‚¥¬ √ÿª√«¡¥—ßµàÕ‰ªπ’È

- ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡¡’°”Àπ¥‡«≈“ 5 - 8 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

- ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ªï π—∫®“°«—π∑’Ëæâπ°”Àπ¥√–¬–‡«≈“ 5 - 8 ªï ®“°«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ

- ‰¥â√—∫Õπÿ≠“µ„ÀâÀ—°§à“¢π àß §à“‰øøÑ“ ·≈–§à“πÈ”ª√–ª“ Õß‡∑à“¢Õß§à“„™â®à“¬¥—ß°≈à“« „π°“√§”π«≥¿“…’‡ªìπ√–¬–‡«≈“ 10 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â

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Eastern Industrial Estate Company LimitedThe company has an agreement with the IEAT dated December 27, 1989 for the joint operations of Eastern Industrial Estate (Map Ta

Phut). Under this agreement the company has to develop its land and pay to IEAT for remuneration and, after completion of any portions,

transfer the title of immovable property, component parts, equipment, utilities and facilities to IEAT without charging for compensation or any

expenses, with the exception of the portions transferred to buyers.

In 1996, the Thai Industrial Estate Association, of which the company is a member, presented a letter to the IEAT questioning the company’s

status over the joint operations with IEAT in connection with remuneration due to IEAT. At present, this issue is in the process of consideration

by the Public Prosecutor and the Finance Minister. As at December 31, 1998, the Company has reserved for the remuneration including

interest and penalty in the total amount of Baht 96 million, of which 60% of interest is shown as sinking fund in the balance sheet and the

outstanding amount (40% of interest) and penalty are included in the statement of income.

Eastern Seaboard Industrial Estate (Rayong) Company LimitedThe company has a liability under a joint-investment agreement with the Company and another company to pay commission to the

Company for sales of land and lease of factory.

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

Fluid Transport Company Limited” to connect and operate the piping support system between the Map Ta Phut Industrial Estate and the

Eastern Industrial Estate (Map Ta Phut). The registered capital of the joint venture company will initially be Baht 175 million, and the company

will acquire 15 percent of the share capital in the amount of Baht 26.25 million.

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

age, implement and maintain pipe rack operation for 15 years. Under the terms of the agreement, the assignee is responsible for all operat-

ing expenses and is allowed to enter into service agreements with pipe rack leasees with the right to collect service fees at rates within IEAT

standards.

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

Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate (Rayong) Company LimitedThe two companies have entered into land sale and purchase contracts. Under the terms of the contracts, the companies are contin-

gently liable to repay deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of

Investment and/or IEAT to set up operations and, consequently, obliged to cancel contracts.

NOTE 29 - CHANGE IN ACCOUNTING ESTIMATIONIn the second quarter of 1998, the Company and a subsidiary changed the rate of depreciation of building from a period of 10 years to

a period of 20 years to conform with revised estimated useful lives of building.

The results of the change in estimated useful lives of assets referred to above is to increase net income and earnings per share in the

consolidated financial statements and the Company’s financial statements for the year ended December 31, 1998 in the amounts of Baht

2,819,330.79 and Baht 0.04 per share, respectively.

NOTE 30 - PROMOTIONAL PRIVILEGESHemaraj Land and Development Public Company LimitedThe Company was granted a promotional certificate under the Investment Promotion Act, B.E. 2520 to carry on industrial estate business.

The major privileges granted to the Company are as follows:

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

when revenues are first earned.

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

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

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

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

(Àπà«¬:∫“∑)2541 2540

„πª√–‡∑» µà“ßª√–‡∑» √«¡ „πª√–‡∑» µà“ßª√–‡∑» √«¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company

µâπ∑ÿπæ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 3,311,016,249.65 - - 3,311,016,249.65 3,319,400,384.17 - - 3,319,400,384.17 ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π ‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå 2,192,703,465.96 - - 2,192,703,465.96 2,277,272,933.92 - - 2,277,272,933.92∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 253,984,713.42 106,931,319.30 - 360,916,032.72 94,234,107.84 103,130,458.23 - 197,364,566.07 ‘π∑√—æ¬åÕ◊Ëπ 1,765,234,000.94 1,587,834,638.55

√«¡ ‘π∑√—æ¬å 7,629,869,749.27 7,381,872,522.71

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

2541 2540„πª√–‡∑» µà“ßª√–‡∑» √«¡ „πª√–‡∑» µà“ßª√–‡∑» √«¡

∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company

√“¬‰¥â®“°°“√¢“¬ 217,827,264.25 217,827,264.25 1,217,112,403.08 1,217,112,403.08√“¬‰¥â§à“∫√‘°“√ 122,500,713.76 2,060,681.79 - 124,561,395.55 86,671,240.50 - - 86,671,240.50

√«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ 342,388,659.80 1,303,783,643.58√“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ 55,819,766.49 - 500,000,000.00 555,819,766.49 3,097,967.84 - 575,379,440.34 578,477,408.18

√«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ ·≈–√“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ 898,208,426.29 1,882,261,051.76

°”‰√(¢“¥∑ÿπ)®“°°“√¥”‡π‘πß“π (476,945,941.69) (7,259,627.89) 488,106,916.38 3,901,346.80 146,097,647.12 (1,437,523.90) 574,169,826.09 718,829,949.31√“¬‰¥âÕ◊Ëπ 951,176,182.93 74,774,659.73¥Õ°‡∫’È¬®à“¬ (238,130,036.02) (329,622,175.11)§à“µÕ∫·∑π°√√¡°“√ (26,188,942.55) (14,313,402.99)¿“…’‡ß‘π‰¥â - (6,258,820.30)°”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬·≈–°àÕπ°“√„™—√–∫∫Õ—µ√“ ·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«·≈–°àÕπ√“¬°“√æ‘‡»… 690,758,551.16 443,410,210.64 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 6,281,985.15 (192,953,915.63)°”‰√°àÕπ°“√„™—√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«·≈–°àÕπ√“¬°“√æ‘‡»… 697,040,536.31 250,456,295.01¢“¥∑ÿπ®“°°“√„™â√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—« - (1,269,989,589.82)°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√æ‘‡»… 697,040,536.31 (1,019,533,294.81)√“¬°“√æ‘‡»… 175,630,946.90 -°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ 872,671,483.21 (1,019,533,294.81)

83

promotional certificates under the Investment Promotion Act, B.E. 2520 to carry on industrial estate business. Collectively, the privileges

granted to the two companies are as follows:

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

when revenues are first earned.

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

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

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

the business begins earning its income.

NOTE 31 - SEGMENT INFORMATIONAs at December 31, segment information in the consolidated financial statements classified by local and overseas assets are as follows:

(Amounts:Baht)

1998 1997

Thailand Overseas Total Thailand Overseas Total

Industrial Estate Others Holding Company Industrial Estate Others Holding Company

Cost of real estate

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

Leasehold land and land held

for commercial purposes 2,192,703,465.96 - - 2,192,703,465.96 2,277,272,933.92 - - 2,277,272,933.92

Property, plant and

equipment, net 253,984,713.42 106,931,319.30 - 360,916,032.72 94,234,107.84 103,130,458.23 - 197,364,566.07

Other assets 1,765,234,000.94 1,587,834,638.55

Total Assets 7,629,869,749.27 7,381,872,522.71

Operations in the consolidated financial statements classified by local and overseas business for the year ended December 31, are as

follows:

(Amounts:Baht)

1998 1997

Thailand Overseas Total Thailand Overseas Total

Industrial Estate Others Holding Company Industrial Estate Others Holding Company

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

Service income 122,500,713.76 2,060,681.79 - 124,561,395.55 86,671,240.50 - - 86,671,240.50

Total Sales and Service Income 342,388,659.80 - 1,303,783,643.58

Gain on sale of shares 55,819,766.49 - 500,000,000.00 555,819,766.49 3,097,967.84 - 575,379,440.34 578,477,408.18

Total Sales and Service Income

and Gain on Sale of Shares 898,208,426.29 1,882,261,051.76

Gain (loss) from operations (476,945,941.69) (7,259,627.89) 488,106,916.38 3,901,346.80 146,097,647.12 (1,437,523.90) 574,169,826.09 718,829,949.31

Other income 951,176,182.93 74,774,659.73

Interest expense (238,130,036.02) (329,622,175.11)

Directors’ remuneration (26,188,942.55) (14,313,402.99)

Income tax - (6,258,820.30)

Income before minority interests and exchange loss on

change to the managed float system and extraordinary item 690,758,551.16 443,410,210.64

Minority interests 6,281,985.15 (192,953,915.63)

Income before exchange loss on change to the managed float

system and extraordinary item 697,040,536.31 250,456,295.01

Exchange loss on change to the managed float system - (1,269,989,589.82)

Income (loss) before extraordinary item 697,040,536.31 (1,019,533,294.81)

Extraordinary item 175,630,946.90 -

Net Income (loss) 872,671,483.21 (1,019,533,294.81)

84

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

ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2541

À¡“¬‡Àµÿ 33 - ªí≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ªï §.». 2000 ·≈–°“√·°â‰¢ª√—∫ª√ÿß(‰¡à‰¥âµ√«® Õ∫·≈–‰¡à‰¥â‡ªìπ à«πÀπ÷Ëß¢Õß√“¬ß“π°“√ Õ∫∫—≠™’)ªí≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ªï §.». 2000 ‡°‘¥®“°°“√„™â§Õ¡æ‘«‡µÕ√å√–∫∫µ—«‡≈¢ ÕßÀ≈—°‡æ◊ËÕ√–∫ÿªï·∑π∑’Ë®–‡ªìπµ—«‡≈¢ ’ËÀ≈—° ‚¥¬√–∫∫§Õ¡æ‘«‡µÕ√å

Õ“®Õà“πªï §.». 2000 ‡ªìπªïÕ◊ËπÊ ∑—Èßπ’È√–∫∫∑’Ë„™â¥—ß°≈à“«Õ“®∑”„Àâ‡°‘¥¢âÕº‘¥æ≈“¥‡¡◊ËÕ¡’°“√ª√–¡«≈¢âÕ¡Ÿ≈∑’Ë„™â«—π∑’Ë°àÕπ „πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2543¢âÕº‘¥æ≈“¥¥—ß°≈à“«Õ“®¡’µàÕ°“√¥”‡π‘πß“π·≈–°“√√“¬ß“π∑“ß°“√‡ß‘π ´÷ËßÕ“®‡ªìπ¢âÕº‘¥æ≈“¥∑’Ë‡≈Á°πâÕ¬®π∂÷ß¢—Èπ‡°‘¥§«“¡≈â¡‡À≈«¢Õß√–∫∫ß“π∑’Ë ”§—≠À“°¡‘‰¥âª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√åÕ¬à“ß‡À¡“– ¡·≈–∑—π°“≈ ·≈–Õ“®¡’º≈°√–∑∫µàÕ§«“¡ “¡“√∂¢Õß°‘®°“√„π°“√¥”‡π‘π∏ÿ√°‘®µ“¡ª°µ‘ πÕ°®“°π’È¬—ß‰¡àÕ“®¡—Ëπ„®‰¥â«à“°‘®°“√ µ≈Õ¥®πºŸâ´◊ÈÕ ‘π§â“ ºŸâ¢“¬ ‘π§â“·≈–°‘®°“√Õ◊Ëπ∑’Ë¥”‡π‘π∏ÿ√°‘®¥â«¬®– “¡“√∂·°â‰¢ªí≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«°—∫ªï §.». 2000 ‰¥â∑—ÈßÀ¡¥

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âπ”√–∫∫§Õ¡æ‘«‡µÕ√å¡“™à«¬∑”°“√ª√–¡«≈º≈„π¢Õ∫‡¢µ®”°—¥ ‚¥¬‡√‘Ë¡¥”‡π‘π°“√·°â‰¢·≈–ª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å ‡æ◊ËÕ·°â‰¢ªí≠À“ªï §.». 2000 µ—Èß·µà‰µ√¡“ ∑’Ë 1 ß«¥ 2541 §“¥«à“®–°”Àπ¥‡ √Á®°àÕπ ‘Èπªï 2542 ·≈–¡’√“¬®à“¬∑—Èß ‘Èπ‰¡à‡°‘π 10 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–∫—π∑÷°∫—≠™’‡ªìπ ‘π∑√—æ¬å∂“«√„πß«¥∑’Ë‡°‘¥¢÷Èπ Õ¬à“ß‰√°Áµ“¡ ·¡â∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬§“¥«à“®– “¡“√∂∑”°“√·°â‰¢ª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å‰¥â∑—π‡¡◊ËÕ∂÷ßªï §.». 2000 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¬—ß§ß¡’§«“¡‡ ’Ë¬ßµàÕ°“√∑’Ë∫√‘…—∑Õ◊Ëπ∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π∏ÿ√°‘®¥â«¬®–‰¡à “¡“√∂·°â‰¢ª√—∫ª√ÿß√–∫∫‰¥â∑—π°“≈´÷ËßÕ“®¡’º≈°√–∑∫°—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈–¬—ß‰¡à “¡“√∂ª√–¡“≥º≈‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ‰¥â„π¢≥–π’È

85

NOTE 32 - RECLASSIFICATION OF ACCOUNTSCertain accounts in the financial statements for the year ended December 31, 1997 have been reclassified to conform with the presen-

tation in the financial statements for the year ended December 31, 1998.

NOTE 33 - YEAR 2000 COMPUTER COMPLIANCE ISSUES AND REMEDIATION PLAN(BEING UNAUDITED AND NOT FORMING PART OF AUDITORS’ REPORT)

The Year 2000 problem arises because many computerized systems use two digits rather than four to identify a year. Date sensitive

systems may recognize the year 2000 as some other date, resulting in errors when information using year 2000 dates is processed. Entities may

experience the effects of the Year 2000 problem before, on, or after January 1, 2000, and the effects on operations and financial reporting,

if not addressed and repaired properly and timely, may range from minor errors to significant systems failure which could affect an entity’s

ability to conduct normal business operations. In addition, it is not possible to be certain that all aspects of the Year 2000 problem affecting

the entity, including those related to the efforts of customers, suppliers, or other third parties, will be fully resolved.

The Company and its subsidiaries’ computer system is only being used for limited functions. In the first quarter of 1998, the Company and

its subsidiaries commenced their plan to improve the computerised system in respect of resolving the Year 2000 compliance problem. The

plan is expected to be completed within the year 1999. The expected cost of remedying the problem does not exceed Baht 10 million, and

these costs will be recorded as fixed assets by the Company and its subsidiaries in the period in which they occur. Although the Company

and its subsidiaries expect to have remedied the problem by the time year 2000 occurs, the Company and its subsidiaries’ operations would

still remain at risk from other entities with which the Company and its subsidiaries undertake business if those entities are unable to remedy

their own problems in time.

86

π“¬‡¥«‘¥ π“√å‚¥π °√√¡°“√ºŸâ®—¥°“√Mr. David Nardone President

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√Mr. Vivat Jiratikarnsakul Senior Vice President

π“¬π‘√—π¥√å ¢®√√ÿàß»‘≈ªá ºŸâÕ”π«¬°“√ΩÉ“¬¢“¬Mr. Nirand Kajonrungsilp Director-Industrial Estate Sales

π“¬§”ŒÕß √—»¡’ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√Mr. Khamhoung Ratsamany Director-Industrial Estate Operations

π“¬»‘√‘»—°¥‘Ï °‘®√—°…“ √ÕßºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’Mr. Sirisak Kijraksa Deputy Director-Accounting

§≥–ºŸâ∫√‘À“√ Managementπ“ß “« ¡„® «™‘√Àâ“ √ÕßºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘πMs. Somjai Wachiraha Deputy Director-Finance

π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß ºŸâ®—¥°“√‚§√ß°“√Mr. Tanin Subboonrueng Project Manager Development

π“ß√—µπ“∑‘æ¬å Ÿµ–∫ÿµ√ ºŸâ®—¥°“√‚§√ß°“√Mrs. Rattanathip Sutabutr Project Manager Development

π“ß “«ªƒ…¥“ ∑Õß«‘‡»…°ÿ≈ ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥Ms. Parisada Tongviseskul Manager-Marketing

π“¬‡ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π ºŸâ®—¥°“√ΩÉ“¬«“ß·ºπ√–∫∫¢âÕ¡Ÿ≈Mr. Paopitaya Smutrakalin Manager-Planning and Information Systems

§≥–°√√¡°“√ Board of Directors

BOARD OF DIRECTORS& MANAGEMENT

§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√

π“¬ «— ¥‘Ï ÀÕ√ÿàß‡√◊Õß Mr. Sawasdi Horrungruangµ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑ Position Chairman of the Board of Directorsª√– ∫°“√≥å ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ ´—π‡∑§°√ÿäª ®”°—¥ (¡À“™π) Experience Chairman of the Executive Board : Suntech Group Company Limited

ª√–∏“π°√√¡°“√∫√‘…—∑ Chairman of the Board ∫√‘…—∑ ‡ÕÁπ. ∑’. ‡Õ . µ’≈°√ÿäª ®”°—¥ (¡À“™π) N.T.S. Steel Group Public Company Limited ∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) Nakornthai Strip Mill Public Company Limited

π“¬ª√–∑’ª ‰µ√‚≈À°– Mr. Prateep Trilohakaµ”·Àπàß °√√¡°“√ Position Directorª√– ∫°“√≥å °√√¡°“√ ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥, ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ Experience Director : Industrial Power Co., Ltd., ; Bowin Power Co., Ltd.

π“¬‡¥«‘¥ π“√å‚¥π Mr. David Nardoneµ”·Àπàß °√√¡°“√ºŸâ®—¥°“√ Position Managing Directorª√– ∫°“√≥å °√√¡°“√ ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥, ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ Experience Director : Industrial Power Co., Ltd., ; Bowin Power Co., Ltd.

π“¬ ÿ∑∏‘æ—π∏å ®“√ÿ¡≥’ Mr. Sudhipan Charumaniµ”·Àπàß °√√¡°“√Õ‘ √– Position Independent Directorª√– ∫°“√≥å °√√¡°“√√ÕßºŸâÕ”π«¬°“√ ∫√‘…—∑ ‡ß‘π∑ÿπÀ≈—°∑√—æ¬å √à«¡‡ √‘¡°‘® ®”°—¥ (¡À“™π) Experience Executive Deputy Director : Union Asia Finance Public Company Limited

π“ß¿§‘π’ ÿ«√√≥¿—°¥’ Ms. Pakinee Suwanapakdeeµ”·Àπàß °√√¡°“√Õ‘ √– Position Independent Directorª√– ∫°“√≥å √Õß°√√¡°“√ºŸâ®—¥°“√ ∏π“§“√¡À“π§√ ®”°—¥ (¡À“™π) Experience Vice President : First Bangkok City Bank Public Company Limited

π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å Mr. Thongchai Srisomburananontaµ”·Àπàß °√√¡°“√ Position Directorª√– ∫°“√≥å ª√–∏“π°√√¡°“√ ∫√‘…—∑„π‡§√◊Õπ‘¡‘µ Experience Chairman of the Board : Nimit Group

π“¬∂“«√ Õπ—πµå§Ÿ»√’ Mr. Thavorn Anankusriµ”·Àπàß °√√¡°“√ Position Directorª√– ∫°“√≥å ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‡√’¬≈ √‘™ ®”°—¥ Experience Chairman of the Board : Real Rich Co., Ltd.

π“¬®‘√«‘∑¬å ¡“»√—ß √√§å Mr. Jirawit Masrangsonµ”·Àπàß °√√¡°“√ Position Directorª√– ∫°“√≥å ºŸâÕ”π«¬°“√ΩÉ“¬ ∫√‘…—∑ °√’π«—≈‡≈à°√ÿäª ®”°—¥ Experience Department Director : Green Valley Group Co., Ltd.

π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ Mr. Vivat Jiratikarnsakulµ”·Àπàß °√√¡°“√ Position Directorª√– ∫°“√≥å °√√¡°“√∫√‘…—∑ Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ®”°—¥ Experience Director : Eastern Fluid Transport Co., Ltd.

π“¬Õπÿµ√ ®“µ‘°«≥‘™ Mr. Anut Chatikavanijµ”·Àπàß °√√¡°“√ Position Directorª√– ∫°“√≥å °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥, ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ Experience President : Industrial Power Co., Ltd., ; Bowin Power Co., Ltd.

87

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ / Reference Persons

π“¬∑–‡∫’¬πÀÿâπ ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥

132 Õ“§“√ ‘π∏√ 3 ™—Èπ 22 ∂. «‘∑¬ÿ ·¢«ß≈ÿ¡æ‘π’ ‡¢µª∑ÿ¡«—π

°√ÿß‡∑æœ 10330

‚∑√»—æ∑å 263-3851-77 ‚∑√ “√ 263-3880

Share Registrar Thailand Securities Depository Co., Ltd.

22nd Floor, Sinthorn Tower 3, 132 Wireless Road, Lumpini,

Pathumwan, Bangkok 10330

Tel. 263-3851 Fax 263-3880

ºŸâ Õ∫∫—≠™’ π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå

ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑’Ë 2316

∫√‘…—∑ ”π—°ß“π æ’∑¡“√å«‘§ ÿ∏’ ®”°—¥

Õ“§“√ “∏√∏“π’ ∑“«‡«Õ√å 2 ™—Èπ 9 ‡≈¢∑’Ë 92 “∏√‡Àπ◊Õ

°√ÿß‡∑æœ 10500

‚∑√»—æ∑å 236-6161-4

Auditor Mr. Nirand Lilamethwat

Certified Public Accountant

Peat Marwick Suthee Limited

9th Floor, Sathorn Thani Tower II, 92 North Sathorn Road,

Bangkok 10500

Tel. 236-6161-4

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

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

Thailand Securities Depository Co., Ltd. for Depositor1

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

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

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

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

Thailand Securities Depository Co., Ltd. for Depositor2

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

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

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

19,789,241

13,245,335

9,045,600

7,330,000

4,970,506

3,357,100

2,810,000

1,569,225

1,500,000

1,100,000

27.96

18.72

12.78

10.36

7.02

4.74

3.97

2.22

2.12

1.55

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

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2541First 10 Hemaraj Land And Developmentûs Shareholders as at December 31, 1998

§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

(1) §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π‡ß‘π‡¥◊Õπ 8,528,000 ∫“∑§à“∫”‡ÀπÁ®/‚∫π— 1,426,660 ∫“∑

(2) §à“µÕ∫·∑πÕ◊Ëπ (‰¡à¡’)

Director and Management’s Compensation(1) Remuneration

Salary 8,528,000 BahtBonus 1,426,660 Baht

(2) Others Remuneration (None)

≈”¥—∫∑’Ë ™◊ËÕ - °ÿ≈ ®”π«πÀÿâπ % ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥

∑’Ëª√÷°…“∑“ß°ÆÀ¡“¬ ∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥

™—Èπ 22 Õ“§“√ ‘π∏√ 3 ‡≈¢∑’Ë 130 ∂. «‘∑¬ÿ °√ÿß‡∑æœ 10330

‚∑√»—æ∑å 263-7600 ‚∑√ “√ 263-7699

Attorney Allen & Overy (Thailand) Co., Ltd.

22nd Floor, Sindhorn Building III, 130 Wireless Road

Bangkok 10330

Tel. 263-7600 Fax 263-7699

∑’Ëª√÷°…“∑“ß°“√‡ß‘π (‰¡à¡’)

Financial Advisor (None)

SHAREHOLDERS AND MANAGEMENTºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√

88

SET REGULATIONS Page

1. General Information

1.1 Company profile content

1.2 Other company which held by the company more than 10% 22

1.3 Reference persons i.e. registrar, auditor, financial advisor, attorney 87

2. Message from Director 2

3. Message from Audit Committee (if any) none

4. Summary of Financial (highlight)

4.1 Information from financial statement i.e. total asset, total liability, 7

equity, sale, total revenue, revenue, gross margin, and net profit.

4.2 Financial ratio 7

5. Types of Business

5.1 Structure of revenue 22

5.2 Changing from previous years none

6. Industry Situation and Competition 4

7. Shareholders and Management

7.1 Shareholders who hold more than 10% 87

7.2 Management team by presented name, experience 86

7.3 Management remuneration 87

8. Mutual interest Person and Connected Transaction

8.1 Present name of person who be mutual interest person none

8.2 In case of the mutual interest persons hold more than none

5% of voting right in subsidiary and associated company

8.3 In clause of 8.1 and 8.2 if occur in previous year, present none

reason and necessity of the transaction

8.4 Comment of independent director and financial advisor none

for transaction in clause 8.1 and 8.2

8.5 Comment of independent director for treatment as none

commitment and condition in prospectus

9. Risk Factors 8

10. Other factors that may impact to investment decision

10.1 legal disputes none

10.2 commitment on share issuance in the future none

11. Information of Convertible Bond and Bill of Exchange 70

12. Management Discussion

12.1 Capital structure suitability, liquidity, asset quality, 8

profitability and performance

12.2 Cause of changing of significant ratios 8

12.3 Extra items impact to financial position and 8

performance significantly

12.4 Cause of significant deviation of performance 8

from previous year or forecast

12.5 Changing of subsequent event significantly none

12.6 Impact from shareholder restructure none

12.7 Pledging to other person, contingent liability 80

13. Financial Statement 26

SET REGULATIONS√“¬°“√µ√«® Õ∫

√“¬°“√µ√«® Õ∫ Àπâ“∑’Ë

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª1.1 ∫√‘…—∑ “√∫—≠1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 221.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 87

2. §”™’È·®ß¢Õßª√–∏“π°√√¡°“√À√◊Õ§≥–°√√¡°“√ 23. §”™’È·®ß¢Õß§≥–°√√¡°“√µ√«® Õ∫ ‰¡à¡’4. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑

4.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π 74.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π 7

5. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®5.1 ‚§√ß √â“ß√“¬‰¥â 225.2 °“√‡ª≈’Ë¬π·ª≈ß„πªï∑’Ëºà“π¡“ ‰¡à¡’

6. ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π 47. ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√

7.1 ºŸâ∂◊ÕÀÿâπ 877.2 ºŸâ∫√‘À“√ 867.3 §à“µÕ∫·∑πºŸâ∫√‘À“√ 87

8. ∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π 8.1 √“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡ ‰¡à¡’ 8.2 √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ‰¡à¡’

„π°√≥’∑’Ë∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑√à«¡ ‡°‘π°«à“√âÕ¬≈– 5 ¢Õß®”π«πÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß¢Õß∫√‘…—∑π—Èπ

8.3 ‡Àµÿº≈·≈–§«“¡®”‡ªìπ∑’Ë∑”„Àâ‡°‘π√“¬°“√√–À«à“ß°—π„À¡à ‰¡à¡’8.4 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°À√◊ÕºŸâ™”π“≠°“√∑’Ë‡ªìπÕ‘ √– ‰¡à¡’

‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π8.5 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°‡°’Ë¬«°—∫°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢ ‰¡à¡’

∑’Ë∫√‘…—∑‰¥â√–∫ÿ‰«â„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å·≈–√à“ßÀπ—ß ◊Õ™’È™«π9. ªí®®—¬§«“¡‡ ’Ë¬ß 810. ªí®®—¬Õ◊Ëπ∑’ËÕ“®¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„®≈ß∑ÿπ 10.1 ¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ ‰¡à¡’ 10.2 æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ„πÕπ“§µ ‰¡à¡’11. ¢âÕ¡Ÿ≈‡°’Ë¬«°—∫Àÿâπ°ŸâÀ√◊Õµ—Î«‡ß‘π 7012. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√

12.1 §«“¡‡À¡“– ¡¢Õß‚§√ß √â“ß‡ß‘π∑ÿπ §«“¡‡æ’¬ßæÕ¢Õß ¿“æ§≈àÕß 8 §ÿ≥¿“æ ‘π∑√—æ¬å §«“¡ “¡“√∂„π°“√∑”°”‰√ ·≈–ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π

12.2 “‡Àµÿ¢Õß°“√‡ª≈’Ë¬π·ª≈ß√“¬°“√À√◊ÕÕ—µ√“ à«π∑’Ë ”§—≠ 812.3 √“¬°“√æ‘‡»…À√◊Õ√“¬°“√∑’Ë¡‘‰¥â‡°‘¥®“°°“√¥”‡π‘πß“πµ“¡ª°µ‘ 8

·≈–¡’º≈µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“πÕ¬à“ß¡’ “√– ”§—≠12.4 “‡Àµÿ∑’Ëº≈°“√¥”‡π‘πß“πªï≈à“ ÿ¥·µ°µà“ß®“°ªï°àÕπÀ√◊Õª√–¡“≥°“√ 8

Õ¬à“ß¡’π—¬ ”§—≠12.5 °“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠∑’Ë‡°‘¥¢÷Èπ¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π≈à“ ÿ¥·≈– ‰¡à¡’

º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π12.6 º≈°√–∑∫®“°°“√ª√—∫‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π°≈ÿà¡ ‰¡à¡’12.7 °“√§È”ª√–°—π„Àâ∫ÿ§§≈Õ◊Ëπ Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ °“√ºŸ°æ—π°“√≈ß∑ÿπ 80

„π‚§√ß°“√ À√◊Õ¿“√–ºŸ°æ—πÕ◊Ëπ„π≈—°…≥–‡¥’¬«°—π13. ß∫°“√‡ß‘π 26

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HEMRAJ : Annual Report 1998