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HEMRAJ : Annual Report 1999
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2
MESSAGE FROM THE BOARD OF DIRECTORS
º≈ª√–°Õ∫°“√·≈– ¿“«–°“√‡ß‘π¢Õß∫¡®. ‡À¡√“™ · ¥ß„Àâ‡ÀÁπ∂÷ߺ≈ –∑âÕπ®“° ¿“«–‡»√…∞°‘®∑’ˬ—ߧߴ∫‡´“Õ¬à“ßµàÕ‡π◊ËÕß„πª√–
‡∑»‰∑¬ ”À√—∫ª’ 2542 ∫√‘…—∑œ ¢“¥∑ÿπ ÿ∑∏‘ 1,010.7 ≈â“π∫“∑À√◊Õ‡∑’¬∫‡∑à“ 14.28 ∫“∑µàÕÀÿâπ ®“°√“¬√—∫√«¡ ÿ∑∏‘ 799.8 ≈â“π∫“∑
º≈¢“¥∑ÿπÀ≈—°π—Èπ‡°‘¥®“°°“√∫—π∑÷°º≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“„πÀ≈—°∑√—æ¬å·≈–∑’Ë¥‘π∑’Ë∫√‘…—∑œ ∂◊Õ§√ÕßÕ¬Ÿà·≈–°“√µ—Èß ”√Õß∑’ËÕ“®®–
‡°‘¥¢÷Èπ„πÕ𓧵 πÕ°®“°π’È¿“√–¥â“π§à“„™â®à“¬°ÁÕ¬Ÿà„π√–¥—∫ Ÿß ‡¡◊ËÕ‡∑’¬∫°—∫°“√¥”‡π‘π°“√¢Õß∫√‘…—∑„πªí®®ÿ∫—π
√“¬√—∫®“°°“√¢“¬·≈–°“√∫√‘°“√ªï 2542 ®”π«π 803.6 ≈â“π∫“∑π—Èπ¥’¢÷Èπ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2541 ®”π«π 343 ≈â“π∫“∑
¿“æ√«¡¢Õßµ≈“¥∑’Ë¥‘π‡æ◊ËÕÕÿµ “À°√√¡¢Õ߉∑¬„πªï 2542 ÷Ëß¡’¬Õ¥¢“¬‡°‘π°«à“ 800 ‰√à ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫√–¥—∫∑’˵˔°«à“ 500 ‰√à„πªï
2541 ·µà¬—ߧߵ˔°«à“¡“°‡¡◊ËÕ‡∑’¬∫°—∫¿“æ√«¡¢Õߪï 2538 ·≈– 2539 ∑’ËÕ¬Ÿà„π√–¥—∫ 8,000 ‰√àµàÕªï ®“°º≈°“√≈ß∑ÿπ„πª√–‡∑»‰∑¬
“¡“√∂™’ȉ¥â«à“ ∫√‘…—∑œ ¬—ߧ߇ªÁπºŸâπ”¥â“ππ‘§¡Õÿµ “À°√√¡„πª’ 2542 ‚¥¬¡’ à«π·∫àßµ≈“¥√âÕ¬≈– 25 ¥â«¬¬Õ¥¢“¬ 210 ‰√à ®“°≈Ÿ°§â“„À¡à
10 √“¬ ‡ªìπ¬Õ¥¢“¬∑’ˇæ‘Ë¡¢÷Èπ®“° 90 ‰√à „πªï 2541 ®“°¬Õ¥¢“¬∑’ˇæ‘Ë¡¢÷Èπ¢Õߪ’ 2542 · ¥ß„Àâ‡ÀÁπ«à“∫√‘…—∑œ‰¥âº≈®“°°“√≈ß∑ÿπ
°≈ÿà¡Õÿµ “À°√√¡∫“ß°≈ÿà¡‚¥¬‡©æ“–Õ¬à“߬‘Ëߧ◊Õ Õÿµ “À°√√¡¬“π¬πµå
∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ÷Ë߇ªÁπ∫√‘…—∑√à«¡Õ¬Ÿà„π ∂“π–∑’Ëæ√âÕ¡„π°“√¥”‡π‘π°“√·≈–°”≈—ßæ—≤𓂧√ß°“√º≈‘µ‰øøÑ“ ÷Ëß¡’°”≈—ß°“√º≈‘µ√«¡
840 ‡¡°–«—µµå ª√–°Õ∫¥â«¬ ‚√ßß“πº≈‘µ‰øøÑ“æ≈—ߧ«“¡√âÕπ√à«¡·≈–‰ÕπÈ” 124 ‡¡°–«—µµå ∑’ˉ¥â‡ªî¥¥”‡π‘π°“√·≈È«„πª’ 2541 ‚¥¬∫√‘…—∑
æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ·≈–‚§√ß°“√º≈‘µ‰øøÈ“Õ‘ √– ¢π“¥ 713 ‡¡°–«—µµå ´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ—≤π“¿“¬„µâ ∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å
®”°—¥ ®– “¡“√∂®”Àπà“¬°√–· ‰øøÑ“‰¥â „π‡¥◊Õπ‡¡…“¬π ªï 2545
¿“«–‡»√…∞°‘®∑’ˇ°‘¥¢÷Èπ¡’º≈°√–∑∫µàÕ¢’¥§«“¡ “¡“√∂„π°“√ √â“ß°√–· ‡ß‘𠥄Àâ Õ¥§≈âÕß°—∫°“√™”√–Àπ’È∑’˧√∫°”Àπ¥ √«¡∂÷ß
°“√≈ß∑ÿπ„π∏ÿ√°‘®°“√æ—≤π“æ≈—ßß“π ∂÷ß·¡â«à“∫√‘…—∑œ‰¥â∑”°“√ª√—∫‚§√ß √â“ßÀπ’È∑’ˇªÁπ‡ß‘π °ÿ≈∫“∑ à«π„À≠à„πªï 2541 ·≈– 2542 ·≈â«
·µà¬—ß¡’Àπ’ÈÕ’°®”π«πÀπ÷Ëß∑’Ë√Õ°“√ √ÿª √«¡∂÷ßÀÿâπ°Ÿâ·ª≈ß ¿“æ´÷ËßÕ¬Ÿà„π‡ß‘π °ÿ≈¥Õ≈≈à“√å √Õ.¥â«¬
„π‰µ√¡“ ·√°¢Õߪï 2543 ∫√‘…—∑œ‰¥â¡’°“√≈¥°“√∂◊ÕÀÿâπ„π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ‡À≈◊Õ®”π«π√âÕ¬≈– 24.999 ‚¥¬Õ¬Ÿà√–À«à“ß√Õ°“√
Õπÿ¡—µ‘®“°Àπ૬ߓπ¢Õß√—∞ à«πºŸâ√à«¡∑ÿπ§◊Õ ∫√‘…—∑ ‡∑√§∑“‡∫≈ ´÷Ëßªí®®ÿ∫—π®–∂◊ÕÀÿâπ‡ªìπ√âÕ¬≈– 75.001 °“√√à«¡∑ÿπ¥—ß°≈à“«®–∑”„Àâ
∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√剡ࡒª—≠À“„π°“√√–¥¡∑ÿπ ¢âÕµ°≈ߥ—ß°≈à“«‰¥â √â“ߧ«“¡¡—Ëπ„®«à“°“√√–¥¡∑ÿπ·≈–¢Õ ‘π‡™◊ËÕ‡æ◊ËÕ‚§√ß°“√¢Õß
∫àÕ«‘π‡æ“‡«Õ√å®–‡ªìπ‰ªµ“¡∑’ˉ¥â°”À𥉫â
∫√‘…—∑œ‰¥â¥”‡π‘π°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 141.5 ≈â“πÀÿâπ„πªï 2542 ‡æ◊ËÕ √â“ߧ«“¡·¢Áß·°√àß∑“ß°“√‡ß‘π·°à∫√‘…—∑ ·≈–
„π‰µ√¡“ ·√°¢Õߪï 2543 §≥–°√√¡°“√‰¥âÕπÿ¡—µ‘„Àâ¡’°“√‡æ‘Ë¡∑ÿπ √«¡ ÿ∑∏‘ 50 ≈â“πÀÿâπ´÷Ëß®–„Àâ¡’°“√æ‘®“√≥“Õπÿ¡—µ‘„π∑’˪√–™ÿ¡ “¡—≠
ª√–®”ªï „π«—π∑’Ë 28 ‡¡…“¬π 2543 π’È
‡√“‡™◊ËÕ«à“°≈¬ÿ∑∏å„π°“√æ—≤π“√–∫∫ “∏“√≥Ÿª‚¿§∑’Ë Õ¥§≈âÕß°—ππ—Èπ‰¥â°àÕ„À⇰‘¥√“¬‰¥â‡ √‘¡Õ¬à“ßµàÕ‡π◊ËÕß Õ“∑‘‡™àπ √“¬‰¥â®“°∏ÿ√°‘®
æ≈—ßß“π ®“° “∏“√≥Ÿª‚¿§·≈–∫√‘°“√ °“√¢“¬·≈–‡™à“Õ“§“√‚√ßß“π ”‡√Á®√Ÿª πÕ°®“°π’È°≈¬ÿ∑∏套߰≈à“«¬—ß àߺ≈„Àâ∫√‘…—∑‰¥â‡ªÁπºŸâπ”∑“ߥâ“π
æ—≤π“π‘§¡Õÿµ “À°√√¡Õ’°¥â«¬
¿“懻√…∞°‘®∑’Ë∑â“∑“¬„πÕ𓧵π’ȇªìπ‚Õ°“ ∑’Ë∫√‘…—∑®–‰¥âæ—≤π“‡æ‘Ë¡¢’¥§«“¡ “¡“√∂„π°“√·¢àߢ—π·≈–‡æ‘Ë¡¡Ÿ≈§à“Àÿâπ¢ÕߺŸâ∂◊ÕÀÿâπ
∫√‘…—∑¬—߉¥â√—∫§«“¡ π—∫ πÿπ®“°∑’¡ºŸâ∫√‘À“√ æπ—°ß“π ºŸâ∂◊ÕÀÿâπ ≈Ÿ°§â“ ‡®â“Àπâ“∑’Ë µ≈Õ¥®πÀÿâπ à«π∏ÿ√°‘® „ππ“¡¢Õߧ≥–°√√¡°“√ ·≈–
§≥–ºŸâ∫√‘À“√ ∫¡®.‡À¡√“™æ—≤π“∑’Ë¥‘π °√–º¡¢Õ¢Õ∫§ÿ≥¥â«¬§«“¡®√‘ß„®
¥â«¬§«“¡‡§“√æÕ¬à“ß Ÿß
‡¥«‘¥ π“√å‚¥π
°√√¡°“√ºŸâ®—¥°“√
30 ¡’π“§¡ 2543
3
Hemaraj Land And Development PLC financial and operating results continue to reflect the relatively weak economic conditions prevalent in
Thailand.
For 1999, Hemaraj reported a Net Loss of Baht 1,010.7 million, or a loss of Baht 14.28 per share, on Total Revenue of Baht 799.8 million. The
Net Loss was due in large part to a revaluation to market of certain security and property assets and to the provision of reserves deemed prudent
in addition to interest expenses being high for the level of operating activity.
The Sales and Service Revenue in 1999 of Baht 803.6 million were encouraging in comparison to 1998 Sales and Service Revenue of Baht 343
million.
The overall Thailand industrial property market in 1999 has increased modestly to sales of over 800 rai versus under 500 Rai in 1998, still down
dramatically from the 8,000 rai per annum levels in 1995 and 1996. Outperforming the investment level indicators in Thailand, Hemaraj posted
industrial estate sales of 210 Rai in 1999 and 10 new customers for a 25% market share, up from 90 Rai in 1998. The Sales increase for 1999 have
demonstrated that Hemaraj will benefit from certain sectors of investment in the economy, especially automotive.
Hemaraj affiliate H-Power is well positioned with 840 MW of power generation operating or under development. The Industrial Power co-
generation units of 124 MW have been in operation since 1998. The Independent Power project Bowin Power of 713 MW is scheduled for
commercial operation in April 2002.
The economic conditions prevalent have resulted in constraints in our ability to generate cash in line with the maturity of debt obligations and
the demanding investments required in power projects. Although Hemaraj restructured most of the Baht denominated debt in 1998 and 1999,
more needs to be finalized in this area and with the balance of the U.S. dollar convertible bond.
In the first quarter of 2000, Hemaraj reduced its share in H-Power to 24.999% pending certain government approvals. With partner Tractebel
now in a majority position of 75.001%, the joint venture H-Power is not constrained for capital in order to take advantage of investment opportunities.
The agreement ensures that the equity and financing requirements for Bowin Power can be met.
In order to strengthen the capital base of the company, Hemaraj completed the issuance and listing of 141.5 million warrants in 1999. In the first
quarter of 2000, the Board of Directors have approved a further capital increase, being a net 50 million shares, to be considered for approval at the
Annual Shareholder Meeting on April 28, 2000.
We believe that our consistent strategy of infrastructure development to generate recurring and complementary income from areas like power
generation, utility income, industrial services, and the sale and lease of mini factories while harvesting our market leading industrial estate development
remain the optimal one.
Looking ahead, the challenging economic environment will present opportunities for the company to improve its competitiveness and to
enhance shareholder value. We remain emboldened by the unwavering support of our management, employees, shareholders, customers, creditors,
and business partners.
On behalf of the Board of Directors and Management of Hemaraj Land And Development, I would like to express our sincere appreciation.
Respectfully submitted,
David R. Nardone
President & Chief Executive Officer
March 30, 2000
4
AUDITORS COMMITEE’S REPORT
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«—π∑’Ë 2 °ÿ¡¿“æ—π∏å 2541 ‚¥¬¬—߉¡à√«¡§à“¥Õ°‡∫’Ȭ·≈–§à“„™â®à“¬¥â“π°ÆÀ¡“¬¢Õß™à«ß‡«≈“µàÕ¡“ ∫√‘…—∑œ‡Õß∂÷ß·¡â®–‰¡à ∫“¬„®µàÕ ‘Ëß∑’ˇ°‘¥¢÷Èπ
·µà¡’§«“¡‡™◊ËÕ«à“®– “¡“√∂™π–§¥’∫πæ◊Èπ∞“π¢ÕߢâÕ‡∑Á®®√‘ß
Õπ÷Ëߧ≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕ·π–µàÕ§≥–°√√¡°“√¢Õß∫√‘…—∑œ«à“ KPMG Audit (Thailand) Limited ¡§«√‰¥â√—∫°“√
·µàßµ—È߇ªìπºŸâ Õ∫∫—≠™’¿“¬πÕ°¢Õß∫√‘…—∑œ ”À√—∫ªï°“√‡ß‘π ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2543 µàÕ‡π◊ËÕß®“°ªï°àÕπ „πÕ—µ√“º≈µÕ∫·∑π∑’Ë
‡À¡“– ¡ ÷Ëß®–¡’°“√µ°≈ß°—πµàÕ‰ª ‡√◊ËÕßπ’È®–‰¥â√—∫°“√𔇠πÕ Ÿà°“√æ‘®“√≥“¢ÕߺŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï„π«—π∑’Ë 28
‡¡…“¬π 2543
(𓬠ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’)
ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫
31 ¡’π“§¡ 2543
5
The Audit Committee of Hemaraj Land And Development Public Company Limited, together with its specific charter, was approved by the
Extraordinary General Meeting of Shareholders No. 1/1999 on 15th November 1999, with effects from 30th December 1999 onwards. Its 3-
member composition includes Mr. Sudhipan Charumani (the Committee Chairman), Mr. Peter J. Edmondson and Mr. Jirawit Masrangson; the first 2
being also independent directors of the company.
Due to its recent commencement on 30th December 1999, the committee is unready to review in depth the various aspects of the company's
and group companies' financial statements for the year ended 31st December 1999. Nevertheless, the committee has paid careful attention to the
overall draft contents of the company's 1999 Annual Report, as well as the view-points and observations stated in the external auditor's letters of
February 2000 to the Board of Directors, with an opportunity to seriously discuss matters with the management, the auditors and the principal
legal advisor of the company. The derived impression, based on the committee's current awareness, is that both the company and the management
have well presented their 1999 performances, together with future forecasts, with validity and transparency, and that no connected-party transaction
or conflicting-interest transaction has occurred during the said period. Moreover, no major flaw has been found in the company's internal control
system, with the exception of a prior lack of an internal auditor, who has since been installed, reporting directly to both the committee and the
management.
Notwithstanding the above, there is a subject matter that the committee would like to expound. Seven months prior to its admission into the
SET in July 1992, the company acquired from an outside seller a piece of land bank, of which the purchase price was partly funded by an indirect
utilization of a related company's credit line from a finance and securities company. In reciprocation, the company mortgaged the said land as
collateral, together with providing a guarantee on the particular credit line. The transaction was later paid off in full in September 1993 and the land
freed from mortgage, but the guarantee document was accidentally overlooked, leading to a subsequent court litigation, whereby the now defunct
finance and securities company is claiming against the document as an operative blanket guarantee on its client's overall indebtedness; taking an
unfair advantage of the general wording of the guarantee format. The company is, however, fighting the court case, and has informed the SET of the
event and of a prudent provision of Baht 128.40 Million as at 31st December 1999. This amount represents the finance company's full claim as of
2nd February 1998, exclusive of subsequent interest charges and legal expenses thereon. The company, although unhappy about this incident,
believes that it could win the case on factual grounds.
Lastly the committee has recommended to the Board of Directors that KPMG Audit (Thailand) be re-appointed as the company's external
auditor for the financial year ended 31st December 2000, at an appropriate remuneration to be agreed upon. This issue will be proposed for
shareholders' consideration at the Annual General Meeting on 28th April 2000.
(Sudhipan Charumani)
Chairman of the Audit Committee
31st
March 2000
6
ECONOMIC AND COMPETITIVE CONDITIONS
¿“«–‡»√…∞°‘®∑’Ë àߺ≈°√–∑∫Õ¬à“ß√ÿπ·√ßµàÕª√–‡∑»‰∑¬µ—Èß·µà
ª’ 2540 ‰¥âºà“πæâπ®ÿ¥µË” ÿ¥‰ª·≈â« ‚¥¬„πªï 2542 ‡»√…∞°‘®‰∑¬‰¥â
· ¥ß°“√æ◊Èπµ—«Õ¬à“ßµàÕ‡π◊ËÕß„π∫“ß¿“§Õÿµ “À°√√¡
ªï 2542 º≈‘µ¿—≥±å√«¡¿“¬„πª√–‡∑» (GDP) ‡æ‘Ë¡¢÷Èπ√âÕ¬≈–
4.2 ¥—™π’°“√º≈‘µ¿“§Õÿµ “À°√√¡‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 20.6 ‚¥¬¿“æ√«¡
°”≈—ß°“√º≈‘µ∑—Èߪ√–‡∑»Õ¬Ÿà√âÕ¬≈– 62 ¥√√™π’ºŸâ∫√‘‚¿§‡æ‘Ë¡¢÷Èπ®“°
ªï 2541 √âÕ¬≈– 6 °“√ àßÕÕ° (¥Õ≈≈à“√å À√—∞) √âÕ¬≈– 17.6 √«¡
∑—Èß°“√π”‡¢â“‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 14 ®“°ªï 2541 Õ—µ√“‡ß‘π‡øÑÕ¬—ߧß
Õ—µ√“µË”∑’Ë√âÕ¬≈– 0.7 ‡π◊ËÕß®“°°”≈—ß°“√º≈‘µ≈âπµ≈“¥ ¡’°“√
À¥µ—«¢Õß°“√∫√‘‚¿§·≈– ¿“æ§≈àÕß∑“ß°“√‡ß‘π ª√–°Õ∫°—∫
·¡â«à“√“§“πÈ”¡—π®–‡æ‘Ë¡ Ÿß¢÷Èπ à«πÀπ’È∑’ˉ¡à°àÕ„À⇰‘¥√“¬‰¥â ¬—ߧß
Õ¬Ÿà„π√–¥—∫∑’Ë√âÕ¬≈– 42 π—È𠉥â √â“ß¿“«–¢âÕ®”°—¥∑“ß°“√‡ß‘π„Àâ·°à
ºŸâª√–°Õ∫°“√‰∑¬‡ªìπ à«π„À≠à
µ—«‡≈¢°“√≈ß∑ÿπ∑’ˉ¥â√—∫°“√ à߇ √‘¡®“°§≥–°√√¡°“√ à߇ √‘¡
°“√≈ß∑ÿπ ‰¥â –∑âÕπ„Àâ‡ÀÁπ∂÷ߪ√‘¡“≥‡ß‘π≈ß∑ÿπ∑’Ë≈¥≈ßµ“¡≈”¥—∫
®“° 530 æ—π≈â“π∫“∑„πªï 2538 ¡“‡ªÁπ 157 æ—π≈â“π∫“∑„πªï
2542 ¬Õ¥¢“¬∑’Ë¥‘π‡æ◊ËÕ°“√Õÿµ “À°√√¡„πªï 2542 ®”π«π 800
‰√à‡æ‘Ë¡¢÷Èπ‡≈Á°πâÕ¬®“°ªï∑’Ë·≈â« (∑’Ë¡“ : CB Richard Ellis) ‡π◊ËÕß
¡“®“°°“√∫√‘‚¿§∑’Ë≈¥≈ß °“√À¥µ—«¢Õß°“√µ≈“¥√–¥—∫¿Ÿ¡‘¿“§·≈–
°“√≈ß∑ÿπ∑’Ë≈¥µË”≈ß
¿“§Õÿµ “À°√√¡¬“π¬πµå∑’Ë¡’¬Õ¥¢“¬≈¥≈ß®“° 590,000 §—π
„πª’ 2539 ‡ªìπ 144,000 §—π „πªï 2541 ·≈–‡æ‘Ë¡¢÷Èπ‡ªÁπ 218,000
§—π àßÕÕ° 120,000 §—π„πªï 2542 „πªï 2543 π—È𧓥«à“®–
¡’¬Õ¥®”Àπà“¬„πª√–‡∑» 280,000 §—π àßÕÕ° 175,000 §—π
®“°ª√‘¡“≥§«“¡µâÕß°“√√∂¬πµå∑’ˇæ‘Ë¡¢÷Èπ„π¿Ÿ¡‘¿“§π’È ºŸâ àßÕÕ°
™‘Èπ à«π¬“π¬πµå„πª√–‡∑»‰∑¬‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√¢¬“¬
µ≈“¥ ŸàÕÕ ‡µ√‡≈’¬ ¬ÿ‚√ª, ≠’˪ÿÉπ ·≈–ª√–‡∑»Õ◊ËπÊ „π à«π¿Ÿ¡‘¿“§
Õÿµ “À°√√¡°“√‡°…µ√, ™‘Èπ à«πÕ‘‡≈§∑√Õ𑧠·≈–Õÿµ “À°√√¡
¬“π¬πµå ¬—ߧ߇ªÁπÕÿµ “À°√√¡∑’Ë √â“ß√“¬‰¥âÀ≈—°®“°°“√ àßÕÕ°
¢Õߪ√–‡∑»ª√–‡∑»‰∑¬¬—ߧ߇ªìπª√–‡∑»∑’Ë·¢Áß·°√àß∑’ Ë ÿ¥„π
Õÿµ “À°√√¡¬“π¬πµå „π¿Ÿ¡‘¿“§Õ“‡´’¬π Õ—µ√“‡ß‘π‡øÑÕ∑’ËÕ¬Ÿà„π
√–¥—∫µË”·≈–Õ—µ√“¥Õ°‡∫’Ȭ∑’˪√—∫µ—«≈¥≈ßæ√âÕ¡∑—Èß¡“µ√“°“√∑“ß
°“√‡ß‘π·≈–°“√§≈—ßµà“ßÊ ¢Õß√—∞∫“≈™à«¬°√–µÿâπ°“√∫√‘‚¿§¿“¬„π
ª√–‡∑» °Õß∑ÿπ‡æ◊ËÕÕ —ßÀ“√‘¡∑√—æ¬å °“√√à«¡∑ÿπ °“√ªØ‘√ŸªÕߧå°√
µ≈“¥µ√“ “√Àπ’ È·≈–°“√º—πµ—«¢Õßµ≈“¥Àÿâπ®–®ÿ¥ª√–°“¬„Àâ
ª√–‡∑»‰∑¬°≈—∫¡“‡ªÁπ·À≈àߢÕßµ≈“¥∑ÿπÕ’°§√—Èß
‡»√…∞°‘®¢Õߪ√–‡∑»‰∑¬‰¥âª√– ∫§«“¡ ”‡√Á®µàÕ°“√®—¥°“√
Àπ’ȇ ’¬·≈–°“√‡ª‘¥ª√–¡Ÿ≈∑√—æ¬å ‘π∑’ˉ¡à°àÕ„À⇰‘¥√“¬‰¥âµ≈Õ¥®π
°ÆÀ¡“¬µà“ßÊ °”≈—ß®–∂Ÿ°ª√—∫ª√ÿß„À⇪Áπ¡“µ√∞“π “°≈ ‚¥¬
‡©æ“–°ÆÀ¡“¬‡°’ˬ«°—∫°“√≈â¡≈–≈“¬·≈–°“√ªØ‘√ŸªÕߧå°√ °“√∑’Ë
ª√–‡∑»‰∑¬¡’ ∂“∫—πæ√–¡À“°…—µ√‘¬å ·≈– ¿“«–°“√‡¡◊Õß∑’Ë¡—Ëπ§ß
„À⇪Áπª—®®—¬ ”§—≠∑’˙૬∫√√‡∑“º≈°√–∑∫ ¿“«–‡»√…∞°‘®∑’˵°µË”
Õ¬Ÿà„π¢≥–π’È
7
The economic climate, which was both shaken and stirred in
Thailand since 1997, is past the bottom since 1998, and is demonstrating
modest sectoral improvements in 1999.
For 1999, the GDP growth index rose 4.2 percent. Manufacturing
Production growth rose by 20.6 percent year over year basis with the
overall capacity utilization at 62 percent. Private Consumption Index
increased 6 percent from a year earlier. Exports in dollar terms rose by
17.6 percent. Imports also rose by 14 percent from the 1998 level. The
Inflation rate remains low at only 0.7 percent for the year due to excess
capacity, weak consumption, and financial liquidity despite increases in
petroleum costs. The Non Performing Loans remain a problem at 42
percent and have created financing constraints for most Thai enterprises.
The Board of Investment (BOI) Approvals continued to reflect a
lower level of investment activity, with a reduction from Baht 530 billion
in 1995 to Baht 157 billion in 1999 respectively. Sales in Thailand of
Industrial Land (source CB Richard Ellis), being impacted by lower
consumption, the deterioration in regional markets, and lower
investment levels are estimated at a slightly improved 800 rai for 1999.
The automotive market has seen sales drop from 590,000 vehicles
in 1996 to the low of 144,000 vehicles in 1998, increasing to 218,000
vehicles in 1999 with 120,000 exports, and projected at 280,000 vehicles
in 2000, along with 175,000 exports. With a modestly increasing
automotive demand in most of the regional markets, Thailand’s export
base strategy has none the less been successful with access to new
expanded markets in Australia, Europe, Japan, and emerging markets.
The economic prospects for Thailand remain promising with
agriculture, electronics, and automotive generating strong export
earnings. As the ASEAN scheme takes hold, Thailand remains the
strongest positioned in the automotive and other markets. Inflation
has remained low while declining interest rates with government fiscal
and monetary measures have increased modestly consumption.
Property funds, joint investments, reorganizations, local debt markets
and the reemergence of the stock market will bring back capital for
Thailand. The Thai economy has had some success with bad debts
recognized, the sale of non-performing assets, and laws being enacted
to bring foreclosure bankruptcy and reorganization laws closer to
international standards. A revered monarchy and a stable political system
have minimized the disruptions of the economic decline.
∫¡®. Õ“À“√ ¬“¡
Siam Food PLC.
∫¡®. ‡À¡√“™æ—≤π“∑’Ë¥‘π(π‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π))
Hemaraj Land And Development PLC.
∫®. Õ’ ‡∑‘√åπ ’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß)(π‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ ’∫Õ√å¥ (√–¬Õß))
Eastern Seaboard Industrial Estate (Rayong) Co.,Ltd.
∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑(π‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥))
Eastern Industrial Estate Co.,Ltd.
∫®. ‡Õ™-Õ‘π‡µÕ√å‡π™—Ëπ·π≈ (∫’«’‰Õ)
H-International (BVI) Co., Ltd.
∫®. ‡À¡√“™ Õ‘π‡µÕ√å‡π™—Ëπ·π≈
Hemaraj International Co., Ltd.
∫®. ‡Õ™-‡æ“‡«Õ√å
H-Power Co., Ltd.
∫¡®. »√’√“™“ Œ“√å‡∫Õ√å
Sriracha Harbor PLC.
∫®. Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´
Eastern Pipeline Services Co., Ltd.
∫®. Õ’ ‡∑‘√åπ ø≈ŸÕ‘¥ ∑√“π ªÕ√åµ
Eastern Fluid Transport Co., Ltd.
∫®. ‡Õ™-Õ‘πø√“
H-Infra Co., Ltd.
∫®. æ≈—ßß“πÕÿµ “À°√√¡
Industrial Power Co., Ltd.
∫®. ‚Õ‡ªÕ√å‡√™—Ëπ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´
Operation Power Services Co., Ltd.
∫®. Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å —ææ≈“¬ ®”°—¥
Industrial Water Supply Co., Ltd.
∫®. æ’‡π‚° ‡´Õ√å«‘ ‡´
Pinago Services Co., Ltd.
∫®. ∫àÕ«‘π‡æ“‡«Õ√å
Bowin Power Co., Ltd.
‚§√ß √â“ß°“√≈ß∑ÿπ·≈–°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ / Investment and Shareholding Structure≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 / As of 31 December 1999
8
ECONOMIC CHARTS
GDP Growth
1999F
3 6 9 12 15
√âÕ¬≈– / Percentage
1998
1996
4.0
(10.4)
(1.8)
5.5
ªï / Year
2000F 4.5
Agriculture
Production Growth
1999F
1996
2.1
(0.3)
(0.5)
4.0
ªï / Year
2000F 1.6
Industrial
Production
Growth1999F
1996
6.8
(11.6)
0.1
8.4
ªï / Year
2000F 7.0
Private Consumption
Growth
1999F
3 6 9 12 15
1996
3.0
(10.6)
(0.8)
6.5
ªï / Year
2000F 3.8
Private Investment
Growth
1996
(0.7)
(27.9)
(20.3)
6.9
ªï / Year
2000F 0.0
Source : 1) Bank of Thailand 2) FTI 3) BOI 4) CB Richard Eliis
Note : F = Forecast
1997
1998
1997
1998
1997
1998
1997
1999F
1998
1997
√âÕ¬≈– / Percentage
9
1999 SUMMARY
1997 1998 1999
√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√
Sales and Service Income 1,304 346 804
√“¬‰¥â√«¡
Total Revenue 1,954 1,793 800
°”‰√ ÿ∑∏‘
Net Income (1,019) 873 (1,010)
‘π∑√—æ¬å√«¡
Total Assets 7,381 7,628 6,843
Àπ’È ‘π√«¡
Total Liabilities 4,916 4,389 4,577
à«π¢ÕߺâŸ∂◊ÕÀÿâπ
Shareholders’ Equity 2,053 2,831 1,831
°”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑)
Earning Per Share (Baht) (14.41) 12.33 (14.28)
1997 1998 1999
Õ—µ√“ à«π∑ÿπÀ¡ÿπ‡«’¬π
Current Ratio 2.35 1.57 1.16
Õ—µ√“ à«πÀπ’È ‘π ÿ∑∏‘
µàÕ à«π¢ÕߺâŸ∂◊ÕÀÿâπ
Net Debt to Equity 1.88 1.29 1.97
Õ—µ√“ à«πº≈µÕ∫·∑π
µàÕ∑√—æ¬å ‘π√«¡
Return on Total Assets 5.46% 9.36% (14.25%)
Õ—µ√“ à«πº≈µÕ∫·∑π
µàÕ à«π¢ÕߺâŸ∂◊ÕÀÿâπ
Return on Equity (36.62%) 30.21% (51.37%)
Õ—µ√“ à«π°”‰√ ÿ∑∏‘
µàÕ√“¬‰¥â√«¡
Net Profitability Ratio (52.18%) 48.66% (126.37%)
¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’ (∫“∑)
Book Value Per Share (Baht) 29.01 40.01 25.88
¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘
µàÕÀÿâπ (∫“∑)
Net Asset Value
Per Share (Baht) 54.53 43.02
Õ—µ√“ à«π∑“ß°“√‡ß‘π
Financial Ratios
√“¬‰¥â√«¡
Total Revenue
°”‰√ ÿ∑∏‘
Net Income
1999
500 1,000 1,500 2,000 2,500 3,000
≈â“π∫“∑ / Million Baht
1998
1997
1996
1995
1994
1993
1998
1996
1995
1994
1993
800
1,793
1,954
2,880
2,338
677
1,171
873
(1,019)
601
561
153
360
ªï / Year
ªï / Year
1997
(1,010)1999
10
MANAGEMENT DISCUSSION OF FINANCIAL RESULTS
º≈°“√¥”‡π‘πß“π„πª’ 2542 ‰¥â· ¥ß∂÷߬ե¢“¬„π¥â“π∫«°
∑—Èß∑’ˇ»√…∞°‘®¿“¬„πª√–‡∑»‡æ‘Ëß®–‡√‘Ë¡ø◊Èπµ—«¢÷Èπ¬Õ¥¢“¬∑’Ë¥‘π
„ππ‘§¡Õÿµ “À°√√¡ ·≈–Õ“§“√‚√ßß“π„πªï 2542 ¡’∑—Èß ‘Èπ 210
‰√à (0.336 ≈â“πµ“√“߇¡µ√ À√◊Õ 84 ‡Õ‡§Õ√å) ‚¥¬¡’≈Ÿ°§â“„À¡à 10
√“¬‡ªìπ¡Ÿ≈§à“ 577 ≈â“π∫“∑´÷Ëß· ¥ß„Àâ‡ÀÁπ∂÷߬ե¢“¬∑’ˇæ‘Ë¡¢÷Èπ
√âÕ¬≈– 165 ®“°≈Ÿ°§â“ 8 √“¬ ¬Õ¥¢“¬ 89 ‰√à ·≈– 218 ≈â“π∫“∑„π
¬Õ¥¢“¬ªï 2541 √“¬‰¥â§à“∫√‘°“√¢Õß√–∫∫ “∏“√≥Ÿª‚¿§„ππ‘§¡œ
·≈–√“¬‰¥â®“°°“√‡™à“‚√ßß“π ”‡√Á®√Ÿª¢π“¥°≈“߇æ‘Ë¡¢÷Èπ‡ªÁπ
®”π«π 226 ≈â“π∫“∑„πª’ 2542 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ 128 ≈â“π∫“∑
„πªï 2541 ·≈⫇æ‘Ë¡¢÷Èπ√âÕ¬≈– 76
√“¬‰¥â√«¡¢Õߪï 2542 ®”π«π 800 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫
°—∫ 1,794 ≈â“π∫“∑ „πªï 2541 ·≈â«≈¥≈ß√âÕ¬≈– 55 ‚¥¬√“¬‰¥â
√«¡¢Õߪï 2541 π—È𠉥â√«¡°”‰√®“°°“√¢“¬À≈—°∑√—æ¬å 556 ≈â“π
∫“∑ πÕ°®“°π’Ȭ—߉¥â√«¡°”‰√®“°∫√‘…—∑„π‡§√◊Õ ´÷Ë߇°‘¥®“°Õ—µ√“
·≈°‡ª≈’ˬπ 352 ≈â“π∫“∑ ·≈–°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ¢Õß
∫√‘…—∑ ‡À¡√“™œ·≈–∫√‘…—∑¬àÕ¬ 432 ≈â“π∫“∑ ”À√—∫¢“¥∑ÿπ®“°
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2000 ‰¥â‡ √Á® ¡∫Ÿ√≥å·≈â«
11
The 1999 consolidated financial results showed some positive sales
signs despite the slow recovery of the Thailand economy.
Industrial land sales and buildings for 1999, representing the sale of
210 rai from 10 new customers were Baht 577 million. This represents
an increase in sales of 165 % compared to 89 rai from 8 new customers
and Baht 218 million in 1998 sales. Service Income from recurring
utilities and Rental Income from Mini Factories increased to Baht 226
million for 1999, or an increase of 76 % compared to Baht 128 million
in 1998.
Total Revenue for 1999 were Baht 800 million versus Baht 1,794
million in 1998, a 55% decrease. However, Total Revenue for 1998
included gains from the sale of securities of Baht 556 million, a profit in
affiliated companies of Baht 352 million due to foreign exchange gains,
and a foreign exchange gain of Baht 432 million for Hemaraj and its
subsidiaries. In 1999, Hemaraj recorded Baht 29 million in foreign
exhange loss.
The Net Income for 1999 was a loss of Baht (1,011) million, as
compared to the 1998 Net Income of Baht 873 million.
In 1999, the company realized the loss on diminution in value of
investment in securities by Baht 57 million. In addition, in marking to
book value or market price, the company appraised all properties and
revalued certain property holdings in 1999 to the lower of cost or net
realizable value, which resulted in a write down of Baht 498 million.
The Company has made a full provision for a contingent legal liability
in its 4th quarter 1999 financial statements, where the company is
proceeding with its legal defense in the court which is presently at trial.
The amount of the claim, Baht 128 million, is approximately 1.9 percent
of the total value of the assets of the Company. Other than this case
referenced, the Company is not aware of any legal proceedings taken
by any person against the Company.
The consolidated Balance Sheet in 1999 reflected the impact of
marking to market the decline in value of property holdings and various
legal and other reserves. In 1998 and 1999, the company completed
the restructuring, revising, or entering of new agreements for debt
obligations being Baht 1,272 million and USD 7.7 million. The
restructuring was accomplished by extending the maturity dates of the
debt and with new terms negotiated related to interest reductions and
other conditions. Under discussions for restructuring are loans with a
nominal value of Baht 340 million, and convertible bonds with a nominal
value of Baht 1,081 million.
Total Assets in 1999 were Baht 6,843 million, a 10% decrease from
Baht 7,630 million in 1998. Total Current Assets in 1999 were Baht
3,030 million compared to Baht 3,691 million in 1998. Cash Investments
and Receivable were Baht 136 million. Deferred revenue at year-end
were Baht 190 million, representing future revenue recognized based
on percent completion of the projects. Land held for Real Estate
developments in 1999 were Baht 2,822 million, reduced from Baht
3,311 million due to the higher level of land sold and land the revaluation.
Other Assets include Investments and Loans of Baht 1,197 million
being primarily Baht 945 million for shares in affiliate H-Power Company
Limited and Baht 228 million for a shareholder loan to Industrial Power.
Land held for commercial purposes not under development were Baht
1,754 million in 1999 versus Baht 2,193 million in 1998 due to the
revaluation of property in 1999.
Total Liabilities in 1999 were Baht 4,577 million, a 4.2 % increase
from Baht 4,391 million in 1998, with no significant changes except the
legal reserve noted.
Shareholders Equity in 1999 was Baht 1,831 million versus Baht
2,831 million in 1998 due mainly to the revaluation and reserves
mentioned.
In April of 1999, the 1999 Annual General Meeting of Shareholders
approved the increase of the registered capital to Baht 2,770 million by
an issuance of 196 million new ordinary shares at the par value of Baht
10 each. In addition, the Meeting approved the issuance of the
141,531,150 right warrants to the existing shareholders at the ratio of
1 share to 2 units of warrant at the offering price of Baht 0.10 per unit.
The company was successful with its preparation for Y2K. The
systems and operations of the company, including the internal networks,
operation systems, and the new Oracle financial systems were
satisfactory. The computer and operation systems passed every Y2K
trigger dates safely which are September 9, 1999, January 1, 2000, and
February 29, 2000. The company expects no further Y2K risks
associated with our systems.
24
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«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
º≈°“√¥”‡π‘πß“π ·≈–°√–· ‡ß‘π ¥ ‡©æ“–¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ”À√—∫ª’ ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ª’ ‚¥¬∂Ÿ°µâÕßµ“¡∑’˧«√
„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª
¢â“懮ⓢՄÀ⠗߇°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 1 ‡°’ˬ«°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ÷ËßÕ“®
¬—ߧ߉¥â√—∫º≈°√–∑∫®“°¿“«–‡»√…∞°‘®¢Õߪ√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡ ’¬·ª ‘ø‘§‚¥¬√«¡ πÕ°®“°π’È¢Õ„À⠗߇°µÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 15 ·≈–
∑’Ë 17 ÷Ëß°≈à“«∂÷ß°“√∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ë߉¡à “¡“√∂™”√–§◊π‡ß‘π°Ÿâ¬◊¡∑’˧√∫°”Àπ¥™”√–§◊π √«¡∑—Èߥհ‡∫’Ȭ§â“ß®à“¬∑’ˇ°’ˬ«¢âÕß ·≈–°≈à“«∂÷ß°“√∑’Ë
∫√‘…—∑‰¡à “¡“√∂‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’˺Ÿâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“愙⠑∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ„π«—π∑’Ë 9 °—𬓬π 2541 ·≈–º‘¥π—¥
™”√–¥Õ°‡∫’ȬÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’˧√∫°”Àπ¥™”√– ‚¥¬ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·®âß«à“ ª—®®ÿ∫—π∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«Õ¬Ÿà√–À«à“߇®√®“ ‡æ◊ËÕ
ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π ÷Ëß®π∂÷ß«—π∑’Ë√“¬ß“π¬—߉¡à∑√“∫º≈°“√‡®√®“
(π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå)
ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 2316
∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥
°√ÿ߇∑æœ 4 °ÿ¡¿“æ—π∏å 2543
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
25
Auditors’ ReportAS AT DECEMBER 31, 1999 AND 1998
To the Shareholders of Hemaraj Land and Development Public Company Limited:
I have audited the consolidated balance sheets of Hemaraj Land and Development Public Company Limited and subsidiaries as at December
31, 1999 and 1998, and the related consolidated statements of income, changes in shareholders’ equity, retained earnings and cash flows for
each of the years then ended, and the separate financial statements of Hemaraj Land and Development Public Company Limited for the same
years then ended. The Company’s management are responsible for the correctness and completeness of information presented in these
financial statements. My responsibility is to express an opinion on these financial statements based on my audits.
Except as discussed in the following paragraphs, I conducted my audits in accordance with generally accepted auditing standards. Those
standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.
As described in Note 7 and Note 9 to the financial statements, as at December 31, 1998, real estate developments and leasehold land and
land held for commercial purposes are stated at cost in the amounts of Baht 2,846.27 million and Baht 1,721.68 million, respectively, in the
consolidated balance sheet, and Baht 1,204.32 million and Baht 1,721.68 million, respectively, in the Company’s balance sheet, and have not
been appraised by an independent appraiser since July 1997. In addition, the real estate business has been affected by the adverse economic
conditions in Thailand and the Asia Pacific Region in general. I cannot determine whether these assets are stated in accordance with generally
accepted accounting standards which require them to be stated at the lower of cost or net realisable value.
As described in Note 1 to the financial statements, the consolidated financial statements and the Company’s financial statements for the
year ended December 31, 1998 include share of net income in the amount of Baht 0.92 million of two associated companies, which were
audited by another firm of auditors, and include losses in the amount of Baht 0.80 million of an overseas associated company based on
information provided by the management that was not audited.
In my opinion, except for the effects of such adjustments on the financial statementsfor the year ended December 31, 1998, if any, as
might have been necessary relating to the matters described in the third and the fourth paragraphs, the financial statements referred to above
present fairly, in all material respects, the consolidated financial position as at December 31, 1999 and 1998, of Hemaraj Land and Development
Public Company Limited and subsidiaries, and the consolidated results of their operations and their cash flows for each of the years then ended,
and the separate financial position as at December 31, 1999 and 1998 and results of its operations and its cash flows of Hemaraj Land and
Development Public Company Limited for the same years then ended, in conformity with generally accepted accounting principles.
I draw attention to Note 1 to the financial statements. The operations of Hemaraj Land and Development Public Company Limited and
subsidiaries may continue to be affected by the economic conditions in Thailand and the Asia Pacific Region in general. I also draw attention to
Note 15 and Note 17 to the financial statements. The Company and a subsidiary have failed to meet repayments in respect of loans and related
interest payable which were due, and the Company has failed to repay the convertible bonds for which the bondholders sought redemption, in
accordance with their rights, on September 9, 1998, and related interest payable which were due. The management have informed us that they
are currently in the process of negotiating for debt restructuring for which the results have not yet been determined.
Nirand Lilamethwat
Certified Public Accountant
Registration Number 2316
KPMG Audit (Thailand) Limited
Bangkok, February 4, 2000
The accompanying financial statements are not intended to present the financial position and results of operations and cash flows in
accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand. The standards,
procedures and practices to audit such financial statements are those generally accepted and applied in Thailand.
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
26
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2542
‘π∑√—æ¬å ∫“∑ ∫“∑
‘π∑√—æ¬åÀ¡ÿπ‡«’¬π
‡ß‘π ¥·≈–‡ß‘πΩ“°∏𓧓√ 2,4,25 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04
‡ß‘π≈ß∑ÿπ√–¬– —Èπ
‡ß‘πΩ“°ª√–®” 2,4,5,25 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07
‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ 2,5,25 33,194,562.00 41,476,272.00 33,194,562.00 41,476,272.00
√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ 94,940,745.66 137,449,804.81 43,091,263.71 45,291,471.07
≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ 2,6 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36
≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ÿ∑∏‘ 2 7,007,359.40 5,360,196.79 3,706,112.19 2,222,624.25
‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß
·°à°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 3 - 4,032,641.27 43,886,588.55 26,253,933.92
µâπ∑ÿπ‚§√ß°“√
æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ 2,7,19,25 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51
‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ
§à“„™â®à“¬≈à«ßÀπâ“ 5,176,732.57 4,138,878.49 2,837,909.08 3,233,556.72
‡ß‘π∑¥√Õß®à“¬ 1,777,464.84 3,693,820.62 1,042,843.07 1,576,407.57
Õ◊ËπÊ 16,610,292.85 11,658,299.03 5,925,083.28 3,707,916.44
√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 23,564,490.26 19,490,998.14 9,805,835.43 8,517,880.73
√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 3,030,073,530.91 3,689,327,037.60 848,441,405.42 1,296,832,413.88
‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘
°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 2,3,8,25,26
‡ß‘π≈ß∑ÿπ ÿ∑∏‘ 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44
‡ß‘π„ÀⰟȬ◊¡ ÿ∑∏‘ 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66
√«¡°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10
°‘®°“√Õ◊Ëπ 2,8 1,000,000.00 1,000,000.00 - -
√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ÿ∑∏‘ 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π
‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ÿ∑∏‘ 2,9,19,25 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41
‘π∑√—æ¬å„Àâ‡™à“ ÿ∑∏‘ 2,10 232,426,239.61 107,972,967.77 104,361,768.81 -
∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 2,11,28 251,298,731.07 252,943,064.95 59,182,818.10 58,956,237.90
‘π∑√—æ¬åÕ◊Ëπ
‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ 12 147,014,764.92 131,163,566.47 5,104,223.14 33,177,411.14
‡ß‘π∑ÿπ®¡ 13,26 220,787,775.73 193,632,482.50 61,503,567.11 53,799,567.11
§à“§«“¡π‘¬¡ 14 2,653,572.03 4,245,715.16 - -
§à“„™â®à“¬√Õµ—¥∫—≠™’ 2 - 707,111.52 - -
‡ß‘π¡—¥®”·≈–Õ◊ËπÊ 8,036,035.90 2,527,588.13 6,501,469.99 388,400.00
√«¡ ‘π∑√—æ¬åÕ◊Ëπ 378,492,148.58 332,276,463.78 73,109,260.24 87,365,378.25
√«¡ ‘π∑√—æ¬å 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫¥ÿ≈
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
27
Balance SheetsAS AT DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
ASSETS Note Baht Baht Baht Baht
CURRENT ASSETS
Cash on hand and at banks 2,4,25 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04
Short-term investments
Time deposits 2,4,5,25 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07
Investments in securities 2,5,25 33,194,562.00 41,476,272.00 33,194,562.00 41,476,272.00
Total Short-Term Investments 94,940,745.66 137,449,804.81 43,091,263.71 45,291,471.07
Accounts receivable, net 2,6 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36
Accounts receivable-related parties, net 2 7,007,359.40 5,360,196.79 3,706,112.19 2,222,624.25
Short-term loans and advance to
related parties 3 - 4,032,641.27 43,886,588.55 26,253,933.92
Cost of real estate developments, net 2,7,19,25 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51
Other current assets
Prepaid expenses 5,176,732.57 4,138,878.49 2,837,909.08 3,233,556.72
Advance payments 1,777,464.84 3,693,820.62 1,042,843.07 1,576,407.57
Others 16,610,292.85 11,658,299.03 5,925,083.28 3,707,916.44
Total Other Current Assets 23,564,490.26 19,490,998.14 9,805,835.43 8,517,880.73
Total Current Assets 3,030,073,530.91 3,689,327,037.60 848,441,405.42 1,296,832,413.88
INVESTMENTS AND LOANS, NET
Related parties 2,3,8,25,26
Investments, net 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44
Loans, net 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66
Total Related Parties 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10
Other Company 2,8 1,000,000.00 1,000,000.00 - -
Total Investments and Loans, net 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10
LEASEHOLD LAND AND LAND HELD
FOR COMMERCIAL PURPOSES, NET 2,9,19,25 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41
LEASE ASSETS, NET 2,10 232,426,239.61 107,972,967.77 104,361,768.81 -
PROPERTY, PLANT AND EQUIPMENT, NET 2,11,28 251,298,731.07 252,943,064.95 59,182,818.10 58,956,237.90
OTHER ASSETS
Advances to Provincial Electricity Authority 12 147,014,764.92 131,163,566.47 5,104,223.14 33,177,411.14
Sinking fund 13,26 220,787,775.73 193,632,482.50 61,503,567.11 53,799,567.11
Goodwill 14 2,653,572.03 4,245,715.16 - -
Deferred charges 2 - 707,111.52 - -
Deposits and others 8,036,035.90 2,527,588.13 6,501,469.99 388,400.00
Total Other Assets 378,492,148.58 332,276,463.78 73,109,260.24 87,365,378.25
Total Assets 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
28
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2542
Àπ’È ‘π·≈– à«π¢ÕߺâŸ∂◊ÕÀÿâπ ∫“∑ ∫“∑
Àπ’È ‘πÀ¡ÿπ‡«’¬π
‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡
®“° ∂“∫—π°“√‡ß‘π 2,4,25 50,042,842.76 24,375,434.22 33,807,908.78 16,483,099.60
‡ß‘π°Ÿâ¬◊¡∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 15,18,25,27 339,563,071.15 339,563,071.15 302,822,739.72 302,822,739.72
µ—Ϋ —≠≠“„™â‡ß‘π∫ÿ§§≈∏√√¡¥“ 9,25 40,000,000.00 - 40,000,000.00 -
‡®â“Àπ’È°“√§â“ 96,088,586.58 84,395,555.18 18,785,862.74 6,691,804.76
‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡
·Ààߪ√–‡∑»‰∑¬ 26 363,737,269.46 323,777,978.63 226,198,069.14 209,073,518.33
√“¬‰¥â√—∫≈à«ßÀπâ“ 2,16 173,088,013.46 249,691,378.85 1,117,645.06 -
à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–
¿“¬„πÀπ÷Ëߪ’ 18,25 122,042,879.34 51,622,594.00 63,660,000.00 -
Àÿâπ°Ÿâ·ª≈ß ¿“æ 2,17,19,21,23 1,081,393,952.59 1,057,884,765.00 1,081,393,952.59 1,057,884,765.00
‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√ - 14,464,797.46 - 14,464,797.46
‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß
®“°°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 3 40,618,009.92 41,072,406.43 320,905,982.94 291,805,594.10
Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ
¥Õ°‡∫’Ȭ§â“ß®à“¬ 2,17 245,799,696.35 132,591,739.63 226,309,661.53 116,359,713.19
‡®â“Àπ’餈ҫ◊ÈÕÕ“§“√™ÿ¥ 11,774,605.00 11,774,605.00 11,774,605.00 11,774,605.00
Õ◊ËπÊ 44,132,075.00 21,242,106.29 32,638,497.82 11,859,731.45
√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 301,706,376.35 165,608,450.92 270,722,764.35 139,994,049.64
√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 2,608,281,001.61 2,352,456,431.84 2,359,414,925.32 2,039,220,368.61
‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°°‘®°“√
∑’ˇ°’ˬ«¢âÕß°—π 3,17 1,518,141.40 1,518,141.40 1,164,441,719.90 1,164,441,719.90
Àπ’È ‘π√–¬–¬“« 15,18,25 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00
Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π 17,19,25 586,117,812.31 555,039,225.99 - -
Àπ’È ‘πÕ◊Ëπ
”√Õ߇º◊ËÕ§«“¡‡ ’¬À“¬
®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 20 128,399,460.21 - 128,399,460.21 -
‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß 19,873,801.12 41,982,052.02 1,050,128.65 1,024,949.41
√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ 2 19,774,615.45 8,502,319.90 - -
”√Õߢ“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“
‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ 2 59,999,300.00 59,999,300.00 - -
Õ◊Ëπ Ê 27,942,360.00 2,123,460.00 21,195,000.00 -
√«¡Àπ’È ‘πÕ◊Ëπ 255,989,536.78 112,607,131.92 150,644,588.86 1,024,949.41
√«¡Àπ’È ‘π 4,576,712,681.84 4,388,975,294.40 4,182,246,517.31 3,859,935,737.92
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫¥ÿ≈
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
29
Balance SheetsAS AT DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
LIABILITIES AND SHAREHOLDERS’ EQUITY Note Baht Baht Baht Baht
CURRENT LIABILITES
Bank overdrafts and loans from
financial institutions 2,4,25 50,042,842.76 24,375,434.22 33,807,908.78 16,483,099.60
Liabilities on immediate demand 15,18,25,27 339,563,071.15 339,563,071.15 302,822,739.72 302,822,739.72
Promissory note-ordinary person 9,25 40,000,000.00 - 40,000,000.00 -
Accounts payable 96,088,586.58 84,395,555.18 18,785,862.74 6,691,804.76
Account payable-Industrial Estate
Authority of Thailand 26 363,737,269.46 323,777,978.63 226,198,069.14 209,073,518.33
Income received in advance 2,16 173,088,013.46 249,691,378.85 1,117,645.06 -
Current portion of long-term liabilities 18,25 122,042,879.34 51,622,594.00 63,660,000.00 -
Convertible bonds 2,17,19,21,23 1,081,393,952.59 1,057,884,765.00 1,081,393,952.59 1,057,884,765.00
Loan from director - 14,464,797.46 - 14,464,797.46
Short-term loans and advances from
related parties 3 40,618,009.92 41,072,406.43 320,905,982.94 291,805,594.10
Other current liabilities
Accrued interest expense 2,17 245,799,696.35 132,591,739.63 226,309,661.53 116,359,713.19
Accounts payable-buildings
purchase agreement 11,774,605.00 11,774,605.00 11,774,605.00 11,774,605.00
Others 44,132,075.00 21,242,106.29 32,638,497.82 11,859,731.45
Total Other Current Liabilities 301,706,376.35 165,608,450.92 270,722,764.35 139,994,049.64
Total Current Liabilities 2,608,281,001.61 2,352,456,431.84 2,359,414,925.32 2,039,220,368.61
DUE TO AND LOANS FROM RELATED
PARTIES 3,17 1,518,141.40 1,518,141.40 1,164,441,719.90 1,164,441,719.90
LONG-TERM LIABILITIES 15,18,25 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00
GUARANTEED BONDS 17,19,25 586,117,812.31 555,039,225.99 - -
OTHER LIABILITIES
Reserve for uncertain loss from law suit 20 128,399,460.21 - 128,399,460.21 -
Retention payable 19,873,801.12 41,982,052.02 1,050,128.65 1,024,949.41
Deferred right of use income 2 19,774,615.45 8,502,319.90 - -
Reserve for loss on revaluation of investment
in affiliated company 2 59,999,300.00 59,999,300.00 - -
Others 27,942,360.00 2,123,460.00 21,195,000.00 -
Total Other Liabilities 255,989,536.78 112,607,131.92 150,644,588.86 1,024,949.41
Total Liabilities 4,576,712,681.84 4,388,975,294.40 4,182,246,517.31 3,859,935,737.92
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
30
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
Àπ’È ‘π·≈– à«π¢ÕߺâŸ∂◊ÕÀÿâπ À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 435,176,017.95 408,028,962.78 - -
à«π¢ÕߺŸâ∂◊ÕÀÿâπ
∑ÿπ‡√◊ÕπÀÿâπ 21
∑ÿπ®¥∑–‡∫’¬π 277,000,000 Àÿâπ
„πªï 2542 ·≈– 100,000,000 Àÿâπ
„πªï 2541 ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ 2,770,000,000.00 1,000,000,000.00 2,770,000,000.00 1,000,000,000.00
∑ÿπ∑’ËÕÕ° 70,765,977 Àÿâπ
„πª’ 2542 ·≈– 70,765,575 Àÿâπ
„πª’ 2541 ™”√–‡µÁ¡¡Ÿ≈§à“·≈â« 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00
„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 21 14,153,074.80 - 14,153,074.80 -
à«π‡°‘π∑ÿπ
à«π‡°‘π¡Ÿ≈§à“Àÿâπ 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00
°”‰√(¢“¥∑ÿπ) – ¡
®—¥ √√‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
¬—߉¡à‰¥â®—¥ √√ (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2,5 (5,120,938.00) - (5,120,938.00) -
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 2 (77,164,912.10) (79,114,599.78) - -
√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62
√«¡Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫¥ÿ≈
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
31
Balance SheetsAS AT DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
LIABILITIES AND SHAREHOLDERS’ EQUITY Note Baht Baht Baht Baht
MINORITY INTERESTS 435,176,017.95 408,028,962.78 - -
SHAREHOLDERS’ EQUITY
Share capital 21
Authorised share capital 277,000,000
shares in 1999 and 100,000,000
shares in 1998, Baht 10 par value 2,770,000,000.00 1,000,000,000.00 2,770,000,000.00 1,000,000,000.00
Issued and fully paid-up share capital
70,765,977 shares in 1999
and 70,765,575 shares in 1998 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00
Warrants 21 14,153,074.80 - 14,153,074.80 -
Paid-in capital
Premium on share capital 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00
Retained earnings (deficit)
Appropriated - legal reserve 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
Unappropriated (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55
Unrealised loss from changes in carrying
amount of investments 2,5 (5,120,938.00) - (5,120,938.00) -
Adjustment from financial statement
translations 2 (77,164,912.10) (79,114,599.78) - -
Total Shareholders’ Equity 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62
Total Liabilities and Shareholders’ Equity 6,843,255,027.81 7,628,067,303.02 6,090,777,757.43 6,770,113,383.54
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
32
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑
√“¬‰¥â 2
√“¬‰¥â®“°°“√¢“¬ 3 577,219,490.44 217,827,264.25 251,436,472.04 103,622.82
√“¬‰¥â§à“∫√‘°“√ 3 226,370,612.87 128,359,406.42 32,090,265.62 31,268,747.38
√“¬‰¥âÕ◊Ëπ
°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - 555,819,766.49 - 55,819,766.49
°”‰√(¢“¥∑ÿπ)®“°Õ—µ√“·≈°‡ª≈’ˬπ 23 (29,437,664.25) 432,004,826.63 (29,437,664.25) 432,004,826.63
à«π·∫àß°”‰√(¢“¥∑ÿπ)
®“°∫√‘…—∑„π‡§√◊Õ 3 (6,962,237.57) 352,207,275.47 10,638,644.69 822,676,746.47
¥Õ°‡∫’Ȭ√—∫ 3 28,909,540.95 49,342,004.19 18,397,346.75 11,734,006.31
√“¬‰¥â§à“π“¬Àπâ“ 3,26 - - 4,932,131.03 22,207,649.87
Õ◊ËπÊ 3,651,927.10 58,004,299.28 478,674.45 45,023,659.00
√«¡√“¬‰¥âÕ◊Ëπ (3,838,433.77)1,447,378,172.06 5,009,132.67 1,389,466,654.77
√«¡√“¬‰¥â 799,751,669.54 1,793,564,842.73 288,535,870.33 1,420,839,024.97
§à“„™â®à“¬ 2
µâπ∑ÿπ¢“¬ 458,724,974.09 147,152,452.26 328,863,999.83 1,086,121.41
µâπ∑ÿπ∫√‘°“√ 22 161,207,691.71 91,016,920.47 21,972,498.45 24,549,774.02
§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 3,22 177,579,705.30 270,295,825.29 77,120,842.64 106,573,047.11
¥Õ°‡∫’Ȭ®à“¬ 3,7,19,26 273,459,291.00 238,130,036.02 182,743,739.83 163,032,049.40
§à“µÕ∫·∑π°√√¡°“√ 22 26,700,771.67 26,188,942.55 3,292,219.79 1,767,011.69
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ 7,9 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ
„πÀ≈—°∑√—æ¬å 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48
§à“§«“¡π‘¬¡µ—¥∫—≠™’ 14 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12
”√Õ߇º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß
°ÆÀ¡“¬ 20 128,399,460.21 - 128,399,460.21 -
√«¡§à“„™â®à“¬ 1,782,897,606.06 1,102,806,291.57 1,299,218,472.83 503,244,453.26
°”‰√(¢“¥∑ÿπ)°àÕπ¿“…’‡ß‘π‰¥â (983,145,936.52) 690,758,551.16 (1,010,682,602.50) 917,594,571.71
¿“…’‡ß‘π‰¥â (389,610.81) - - -
°”‰√(¢“¥∑ÿπ)°àÕπ à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬
·≈–°àÕπ√“¬°“√摇»… (983,535,547.33) 690,758,551.16 (1,010,682,602.50) 917,594,571.71
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (27,147,055.17) 6,281,985.15 - -
°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√摇»… (1,010,682,602.50) 697,040,536.31 (1,010,682,602.50) 917,594,571.71
√“¬°“√摇»… 23 - 175,630,946.90 - (44,923,088.50)
°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 2,24
°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√摇»… (14.28) 9.85 (14.28) 12.96
√“¬°“√摇»… - 2.48 - (0.63)
°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (14.28) 12.33 (14.28) 12.33
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫°”‰√¢“¥∑ÿπ
”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
33
Statement of IncomeFOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
Note Baht Baht Baht Baht
REVENUES 2
Sales 3 577,219,490.44 217,827,264.25 251,436,472.04 103,622.82
Service income 3 226,370,612.87 128,359,406.42 32,090,265.62 31,268,747.38
Other incomes
Gain on sales of investments - 555,819,766.49 - 55,819,766.49
Gain (loss) on exchange rate 23 (29,437,664.25) 432,004,826.63 (29,437,664.25) 432,004,826.63
Share of net income (loss) in affiliated
companies 3 (6,962,237.57) 352,207,275.47 10,638,644.69 822,676,746.47
Interest income 3 28,909,540.95 49,342,004.19 18,397,346.75 11,734,006.31
Commission income 3,26 - - 4,932,131.03 22,207,649.87
Others 3,651,927.10 58,004,299.28 478,674.45 45,023,659.00
Total Other Incomes (3,838,433.77) 1,447,378,172.06 5,009,132.67 1,389,466,654.77
Total Revenues 799,751,669.54 1,793,564,842.73 288,535,870.33 1,420,839,024.97
EXPENSES 2
Cost of sales 458,724,974.09 147,152,452.26 328,863,999.83 1,086,121.41
Cost of services 22 161,207,691.71 91,016,920.47 21,972,498.45 24,549,774.02
Selling and administrative expenses 3,22 177,579,705.30 270,295,825.29 77,120,842.64 106,573,047.11
Interest expense 3,7,19,26 273,459,291.00 238,130,036.02 182,743,739.83 163,032,049.40
Directors’ remuneration 22 26,700,771.67 26,188,942.55 3,292,219.79 1,767,011.69
Loss on projects revaluation 7,9 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03
Loss on diminution in value of
investments in securities 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48
Amortisation of goodwill 14 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12
Reserve for uncertain loss from law suit 20 128,399,460.21 - 128,399,460.21 -
Total Expenses 1,782,897,606.06 1,102,806,291.57 1,299,218,472.83 503,244,453.26
INCOME (LOSS) BEFORE INCOME TAX (983,145,936.52) 690,758,551.16 (1,010,682,602.50) 917,594,571.71
INCOME TAX (389,610.81) - - -
INCOME (LOSS) BEFORE MINORITY
INTERESTS AND EXTRAORDINARY ITEM (983,535,547.33) 690,758,551.16 (1,010,682,602.50) 917,594,571.71
MINORITY INTERESTS (27,147,055.17) 6,281,985.15 - -
INCOME (LOSS) BEFORE
EXTRAORDINARY ITEM (1,010,682,602.50) 697,040,536.31 (1,010,682,602.50) 917,594,571.71
EXTRAORDINARY ITEM 23 - 175,630,946.90 - (44,923,088.50)
NET INCOME (LOSS) (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
BASIC EARNINGS (LOSS) PER SHARE 2,24
Income (loss) before extraordinary item (14.28) 9.85 (14.28) 12.96
Extraordinary item - 2.48 - (0.63)
Net income (loss) (14.28) 12.33 (14.28) 12.33
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
34
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2542
∫“∑ ∫“∑
∑ÿπ‡√◊ÕπÀÿâπ
Àÿâπ “¡—≠
¬Õ¥µâπª’ 707,655,750.00 707,655,750.00 707,655,750.00 707,655,750.00
‡æ‘Ë¡√–À«à“ߪ’ 4,020.00 - 4,020.00 -
≈¥√–À«à“ߪ’ - - - -
¬Õ¥ª≈“¬ª’ 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00
„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠
¬Õ¥µâπª’ - - - -
‡æ‘Ë¡√–À«à“ߪ’ 14,153,115.00 - 14,153,115.00 -
≈¥√–À«à“ߪ’ (40.20) - (40.20) -
¬Õ¥ª≈“¬ª’ 14,153,074.80 - 14,153,074.80" -
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“ߪï 40.20 - 40.20 -
≈¥√–À«à“ߪï - - - -
¬Õ¥ª≈“¬ªï 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00
°”‰√(¢“¥∑ÿπ) – ¡
®—¥ √√·≈â«
”√Õßµ“¡°ÆÀ¡“¬
¬Õ¥µâπª’ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
‡æ‘Ë¡√–À«à“ߪ’ - - - -
≈¥√–À«à“ߪ’ - - - -
¬Õ¥ª≈“¬ª’ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
¬—߉¡à‰¥â®—¥ √√
¬Õ¥µâπª’ 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34
‡æ‘Ë¡(≈¥)√–À«à“ߪ’-°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
¬Õ¥ª≈“¬ª’ (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“À≈—°∑√—æ¬å 2
¬Õ¥µâπª’ - - - -
‡æ‘Ë¡√–À«à“ߪ’ (5,120,938.00) - (5,120,938.00) -
≈¥√–À«à“ߪ’ - - - -
¬Õ¥ª≈“¬ª’ (5,120,938.00) - (5,120,938.00) -
à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ
¬Õ¥µâπª’ - 129,991,333.09 - -
‡æ‘Ë¡√–À«à“ߪ’ - - - -
≈¥√–À«à“ߪ’ - (129,991,333.09) - -
¬Õ¥ª≈“¬ª’ - - - -
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 2
¬Õ¥µâπª’ (79,114,599.78) (113,812,188.56) - -
‡æ‘Ë¡√–À«à“ߪ’ - - - -
≈¥√–À«à“ߪ’ 1,949,687.68 34,697,588.78 - -
¬Õ¥ª≈“¬ª’ (77,164,912.10) (79,114,599.78) - -
√«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß
„π à«π¢ÕߺâŸ∂◊ÕÀÿâπ ”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
35
Statements of Changes inShareholder’ Equity
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
Note Baht Baht Baht Baht
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 4,020.00 - 4,020.00 -
Decrease during year - - - -
Ending balance 707,659,770.00 707,655,750.00 707,659,770.00 707,655,750.00
WARRANTS
Beginning balance - - - -
Increase during year 14,153,115.00 - 14,153,115.00 -
Decrease during year (40.20) - (40.20) -
Ending balance 14,153,074.80 - 14,153,074.80 -
PAID-IN CAPITAL
Premium on share capital
Beginning balance 997,242,593.00 997,242,593.00 997,242,593.00 997,242,593.00
Increase during year 40.20 - 40.20 -
Decrease during year - - - -
Ending balance 997,242,633.20 997,242,593.00 997,242,633.20 997,242,593.00
RETAINED EARNINGS (DEFICIT)
Appropriated
Legal reserve
Beginning balance 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
Increase during year - - - -
Decrease during year - - - -
Ending balance 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
Unappropriated
Beginning balance 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34
Increase (decrease) during year-net income (loss) (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
Ending balance (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55
UNREALISED LOSS FROM CHANGES IN
CARRYING AMOUNT OF INVESTMENTS 2
Beginning balance - - - -
Increase during year (5,120,938.00) - (5,120,938.00) -
Decrease during year - - - -
Ending balance (5,120,938.00) - (5,120,938.00) -
DISCOUNT ON CONVERTIBLE BONDS
Beginning balance - 129,991,333.09 - -
Increase during year - - - -
Decrease during year - (129,991,333.09) - -
Ending balance - - - -
ADJUSTMENTS FROM FINANCIAL
STATEMENT TRANSLATIONS 2
Beginning balance (79,114,599.78) (113,812,188.56) - -
Increase during year - - - -
Decrease during year 1,949,687.68 34,697,588.78 - -
Ending balance (77,164,912.10) (79,114,599.78) - -
Total Shareholders’ Equity 1,831,366,328.02 2,831,063,045.84 1,908,531,240.12 2,910,177,645.62
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
36
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2542
∫“∑ ∫“∑
°”‰√(¢“¥∑ÿπ) – ¡ à«π∑’ˬ—߉¡à‰¥â®—¥ √√
¬Õ¥¬°¡“®“°ª’°àÕπ 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34
À—° ®—¥ √√°”‰√ ÿ∑∏‘ª’°àÕπ
”√Õßµ“¡°ÆÀ¡“¬ - - - -
‡ß‘πª—πº≈ - - - -
°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ ”À√—∫ª’ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
√«¡°”‰√(¢“¥∑ÿπ) – ¡
à«π∑’ˬ—߉¡à‰¥â®—¥ √√ (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55
°”‰√ – ¡ à«π∑’ˉ¥â®—¥ √√·≈â«
”√Õßµ“¡°ÆÀ¡“¬ 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
√«¡°”‰√ – ¡ à«π∑’ˉ¥â®—¥ √√·≈â« 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
√«¡°”‰√ – ¡ 194,596,700.12 1,205,279,302.62 194,596,700.12 1,205,279,302.62
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫°”‰√ – ¡
”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
37
Statements of RetainedEarnings
FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
Note Baht Baht Baht Baht
UNAPPROPRIATED RETAINED EARNINGS (DEFICIT)
Beginning balance 994,787,876.43 122,116,393.22 1,109,938,840.55 237,267,357.34
Less Appropriated income prior year:
Legal reserve - - - -
Dividend - - - -
Net income (loss) for year (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
Total Unappropriated Retained
Earnings (Deficit) (15,894,726.07) 994,787,876.43 99,256,238.05 1,109,938,840.55
APPROPRIATED RETAINED EARNINGS
Legal reserve 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
Total Appropriated Retained Earnings 210,491,426.19 210,491,426.19 95,340,462.07 95,340,462.07
Total Retained Earnings 194,596,700.12 1,205,279,302.62 194,596,700.12 1,205,279,302.62
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
38
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2542
∫“∑ ∫“∑
°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π
°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
√“¬°“√ª√—∫°√–∑∫°”‰√(¢“¥∑ÿπ) ÿ∑∏‘
‡ªÁπ‡ß‘π ¥√—∫(®à“¬)®“°°‘®°√√¡¥”‡π‘πß“π
§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 13,085,102.46 43,986,132.27 7,941,961.45 20,182,893.18
°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - (555,819,766.49) - (55,819,766.49)
°”‰√(¢“¥∑ÿπ)®“°Õ—µ√“·≈°‡ª≈’ˬπ (636,645.11) - 5,928,476.66 (54,512,863.31)
à«π·∫àß(°”‰√)¢“¥∑ÿπ®“°∫√‘…—∑„π‡§√◊Õ 6,962,237.57 (352,207,275.47) (10,638,644.69) (822,676,746.47)
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48
°”‰√®“°°“√®”Àπà“¬Õÿª°√≥å (263,615.77) (202,037.97) (271,931.49) (74,284.01)
§à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ 33,565,366.15 27,289,134.76 11,710,996.84 9,008,562.13
§à“§«“¡π‘¬¡µ—¥∫—≠™’ 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12
”√Õ߇º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 23,509,187.59 (442,563,019.35) 23,509,187.59 (442,563,019.35)
”√Õ߇º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ 46,057,617.96 - - -
√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“µ—¥∫—≠™’ (1,203,951.80) - - -
”√Õ߇º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 128,399,460.21 - 128,399,460.21 -
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 27,147,055.17 (3,712,511.93) - -
√“¬°“√摇»… - (175,630,946.90) - 44,923,088.50
°“√‡ª≈’ˬπ·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘𥔇π‘πß“π
≈Ÿ°Àπ’È°“√§â“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 43,768,012.91 (79,022,581.38) 3,355,564.11 (2,317,407.92)
≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π‡æ‘Ë¡¢÷Èπ (8,842,988.98) (6,765,210.89) (8,679,314.31) (4,366,123.77)
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 295,510,916.80 8,384,134.52 296,814,357.85 (7,562,375.11)
§à“„™â®à“¬≈à«ßÀπâ“(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (1,037,854.08) 760,338.99 395,647.64 (243,528.92)
‡ß‘π∑¥√Õß®à“¬≈¥≈ß 1,916,355.78 1,026,367.73 533,564.50 2,337,697.98
‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (4,951,993.82) 4,738,837.46 (2,217,166.84) 1,300,271.20
‡ß‘π¡—¥®”(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (5,508,447.77) 6,059,030.32 (6,113,069.99) 1,000.00
‡®â“Àπ’È°“√§â“‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 11,693,031.40 (84,331,879.26) 12,094,057.98 1,832,958.95
‡®â“Àπ’È°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬‡æ‘Ë¡¢÷Èπ 39,959,290.83 198,841,480.49 17,124,550.81 122,684,607.93
√“¬‰¥â√—∫≈à«ßÀπⓇæ‘Ë¡¢÷Èπ(≈¥≈ß) (76,603,365.39) 203,634,405.80 1,117,645.06 -
¥Õ°‡∫’Ȭ§â“ß®à“¬‡æ‘Ë¡¢÷Èπ 113,207,956.72 76,403,235.07 109,949,948.34 70,733,499.79
‡®â“Àπ’餈ҫ◊ÈÕÕ“§“√™ÿ¥≈¥≈ß - (9,500.00) - (9,500.00)
Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 22,889,968.71 (32,860,008.50) 20,777,126.78 (16,265,674.52)
‡ß‘πª√–°—πº≈ß“π°àÕ √â“߇æ‘Ë¡¢÷Èπ(≈¥≈ß) (22,108,250.90) (30,210,096.93) 25,179.24 (3,260,836.03)
√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’‡æ‘Ë¡¢÷Èπ 12,476,247.35 - - -
Àπ’È ‘πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 25,818,900.00 4,845,529.90 21,195,000.00 -
‡ß‘π ¥ ÿ∑∏‘®“°(„™â‰ª„π)°‘®°√√¡¥”‡π‘πß“π 270,952,703.57 15,327,390.43 179,095,707.32 (57,759,613.40)
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫°√–· ‡ß‘π ¥
”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
39
Statements of Cash FlowsFOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
Note Baht Baht Baht Baht
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) (1,010,682,602.50) 872,671,483.21 (1,010,682,602.50) 872,671,483.21
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities:
Allowance for doubtful accounts 13,085,102.46 43,986,132.27 7,941,961.45 20,182,893.18
Gain on sales of investments - (555,819,766.49) - (55,819,766.49)
(Gain) loss on exchange rate (636,645.11) - 5,928,476.66 (54,512,863.31)
Share of (income) loss in affiliated companies 6,962,237.57 (352,207,275.47) (10,638,644.69) (822,676,746.47)
Loss on projects revaluation 497,967,796.95 85,577,251.03 497,967,796.95 85,577,251.03
Loss on diminution in value of investments in securities 57,265,772.00 242,852,720.83 57,265,772.00 119,067,055.48
Gain on sale of equipment (263,615.77) (202,037.97) (271,931.49) (74,284.01)
Depreciation and amortisation 33,565,366.15 27,289,134.76 11,710,996.84 9,008,562.13
Amortisation of goodwill 1,592,143.13 1,592,143.12 1,592,143.13 1,592,143.12
Increase (decrease) in provision for
convertible bond redemption 23,509,187.59 (442,563,019.35) 23,509,187.59 (442,563,019.35)
Increase in provision for guaranteed bond redemption 46,057,617.96 - - -
Amortisation of deferred right of use income (1,203,951.80) - - -
Reserve for uncertain loss from law suit 128,399,460.21 - 128,399,460.21 -
Increase (decrease) in minority interests 27,147,055.17 (3,712,511.93) - -
Extraordinary item - (175,630,946.90) - 44,923,088.50
Change in operating assets and liabilities
(Increase) decrease in accounts receivable 43,768,012.91 (79,022,581.38) 3,355,564.1 1 (2,317,407.92)
(Increase) in accounts receivable - related parties (8,842,988.98) (6,765,210.89) (8,679,314.31) (4,366,123.77)
(increase) decrease in cost of real estate developments 295,510,916.80 8,384,134.52 296,814,357.85 (7,562,375.11)
(Increase) decrease in prepaid expenses (1,037,854.08) 760,338.99 395,647.64 (243,528.92)
Decrease in advance payments 1,916,355.78 1,026,367.73 533,564.50 2,337,697.98
(Increase) decrease in other current assets (4,951,993.82) 4,738,837.46 (2,217,166.84) 1,300,271.20
(Increase) decrease in deposits (5,508,447.77) 6,059,030.32 (6,113,069.99) 1,000.00
Increase (decrease) in accounts payable 11,693,031.40 (84,331,879.26) 12,094,057.98 1,832,958.95
Increase in accounts payable-Industrial Estate
Authority of Thailand 39,959,290.83 198,841,480.49 17,124,550.81 122,684,607.93
Increase (decrease) in income received in advance (76,603,365.39) 203,634,405.80 1,117,645.06 -
Increase in accrued interest expense 113,207,956.72 76,403,235.07 109,949,948.34 70,733,499.79
(Decrease) in accounts payable-building
purchase agreement - (9,500.00) - (9,500.00)
Increase (decrease) in other current liabilities 22,889,968.71 (32,860,008.50) 20,777,126.78 (16,265,674.52)
Increase (decrease) in retentions payable (22,108,250.90) (30,210,096.93) 25,179.24 (3,260,836.03)
Increase in deferred right of use income 12,476,247.35 - - -
Increase in Other liabilities 25,818,900.00 4,845,529.90 21,195,000.00 -
Net Cash Provided by (Used in)
Operating Activities 270,952,703.57 15,327,390.43 179,095,707.32 (57,759,613.40)
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
40
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2542
∫“∑ ∫“∑
°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ
‡ß‘π ¥√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å - 593,838,725.00 - 93,838,725.00
‡ß‘π≈ß∑ÿπ√–¬– —ÈπÕ◊ËπÊ≈¥≈ß - 210,920.42 - 210,920.42
µ—Ϋ‡ß‘π√—∫°√√¡°“√≈¥≈ß - 122,880,000.00 - -
‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√
∑’ˇ°’ˬ«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 4,032,641.27 (4,032,641.27) (17,632,654.63) 55,104,239.33
≈Ÿ°Àπ’È¢“¬≈¥‡™Á§≈¥≈ß - 15,235,802.29 - 10,000,000.00
‡ß‘π≈ß∑ÿπ„π°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (197,500,000.00) 24,972.50 (197,500,000.00) 1,524,962.50
‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (6,980,724.35) 30,807,767.88 34,607,983.91 (84,552,050.17)
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå‡æ‘Ë¡¢÷Èπ (1,257,577.72) (1,007,783.07) (144,089.48) (1,007,783.07)
‘π∑√—æ¬å„Àâ‡™à“‡æ‘Ë¡¢÷Èπ (544,358.07) - - -
∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å‡æ‘Ë¡¢÷Èπ (19,827,819.11) (190,126,753.18) (8,555,269.88) (1,797,982.34)
‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (15,851,198.45) (29,585,358.24) 28,073,188.00 33,177,404.00
‡ß‘π∑ÿπ®¡‡æ‘Ë¡¢÷Èπ (27,155,293.23) (107,945,911.52) (7,704,000.00) (53,799,567.11)
‡ß‘π ¥ ÿ∑∏‘®“°(„™â‰ª„π)°‘®°√√¡≈ß∑ÿπ (265,084,329.66) 430,299,740.81 (168,854,842.08) 52,698,868.56
°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π
‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π≈¥≈ß - (76,177,260.28) - (74,177,260.28)
µ—Ϋ —≠≠“„™â‡ß‘π∫ÿ§§≈∏√√¡¥“‡æ‘Ë¡¢÷Èπ 40,000,000.00 - 40,000,000.00 -
‡ß‘π°Ÿâ¬◊¡®“°°√√¡°“√‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (14,464,797.46) 14,464,797.46 (14,464,797.46) 14,464,797.46
‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√
∑’ˇ°’ˬ«¢âÕß°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (454,396.51) (208,858,321.45) 22,536,906.66 63,376,454.96
‡®â“Àπ’È·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π≈¥≈ß - (484,780.00) - -
Àÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬≈¥≈ß - (568,609,053.10) - -
Àπ’È ‘π√–¬–¬“«≈¥≈ß (172,127,888.17) (38,557,924.75) (83,843,416.77) (12,500,000.00)
Àÿâπ°Ÿâ¡’À≈—°ª√–°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (26,783,928.59) 555,039,225.99 - -
à«πµË”°«à“¡Ÿ≈§à“Àÿâπ°Ÿâ≈¥≈ß - (129,991,333.09) - -
‡ß‘π ¥√—∫®“°°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ 4,020.00 - 4,020.00 -
‡ß‘π ¥√—∫®“°°“√¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘
∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 14,153,115.00 - 14,153,115.00 -
‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π (159,673,875.73) (453,174,649.22) (21,614,172.57) (8,836,007.86)
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 13,754,584.63 34,697,588.78 - -
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏ ‘ (140,050,917.19) 27,150,070.80 (11,373,307.33) (13,896,752.70)
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫°√–· ‡ß‘π ¥
”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
41
Statements of Cash FlowsFOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
Note Baht Baht Baht Baht
CASH FLOWS FROM INVESTING ACTIVITIES
Cash received from sales of invesments - 593,838,725.00 - 93,838,725.00
Decrease in short-term investment-others - 210,920.42 - 210,920.42
Decrease in notes receivable-a director - 122,880,000.00 - -
(Increase) decrease in short-term loans and
advances to related parties 4,032,641.27 (4,032,641.27) (17,632,654.63) 55,104,239.33
Decrease in cheques discounted receivable - 15,235,802.29 - 10,000,000.00
(Increase) decrease in investments in related parties (197,500,000.00) 24,972.50 (197,500,000.00) 1,524,962.50
(Increase) decrease in loans to related parties (6,980,724.35) 30,807,767.88 34,607,983.91 (84,552,050.17)
(Increase) in leasehold land and
land held for commercial purposes (1,257,577.72) (1,007,783.07) (144,089.48) (1,007,783.07)
(Increase) in lease assets (544,358.07) - - -
(Increase) in property, plant and equipment (19,827,819.11) (190,126,753.18) (8,555,269.88) (1,797,982.34)
(Increase) decrease in advances to
Provincial Electricity Authority (15,851,198.45) (29,585,358.24) 28,073,188.00 33,177,404.00
(Increase) in sinking fund (27,155,293.23) (107,945,911.52) (7,704,000.00) (53,799,567.11)
Net Cash Provided by (Used in) Investing Activities (265,084,329.66) 430,299,740.81 (168,854,842.08) 52,698,868.56
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) in loans from financial institutions - (76,177,260.28) - (74,177,260.28)
Increase in promissory note-ordinary person 40,000,000.00 - 40,000,000.00 -
Increase (decrease) in loan from director (14,464,797.46) 14,464,797.46 (14,464,797.46) 14,464,797.46
Increase (decrease) in short-term loans and
advances from related parties (454,396.51) (208,858,321.45) 22,536,906.66 63,376,454.96
(Decrease) in due to and loans from related parties - (484,780.00) - -
(Decrease) in convertible bonds held by a subsidiary - (568,609,053.10) - -
(Decrease) in long-term liabilities (172,127,888.17) (38,557,924.75) (83,843,416.77) (12,500,000.00)
Increase (decrease) in guaranteed bonds (26,783,928.59) 555,039,225.99 - -
(Decrease) in discount on convertible bonds - (129,991,333.09) - -
Cash received from exercise of warrants 4,020.00 - 4,020.00 -
Cash received from sales of warrants 14,153,115.00 - 14,153,115.00 -
Net Cash Used in Financing Activities (159,673,875.73) (453,174,649.22) (21,614,172.57) (8,836,007.86)
Adjustments from financial statement translations 13,754,584.63 34,697,588.78 - -
Net increase (decrease) in cash and cash equivalents (140,050,917.19) 27,150,070.80 (11,373,307.33) (13,896,752.70)
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
42
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
À¡“¬‡Àµÿ ∫“∑ ∫“∑ ∫“∑ ∫“∑
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥
≥ «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– 2541 2,4 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29)
‡ß‘πΩ“°∏𓧓√∑’˵‘¥¿“√–ºŸ°æ—π
≥ «—π∑’Ë 1 ¡°√“§¡ 2542 ·≈– 2541 2,4 98,840,828.86 133,413,107.60 6,682,495.12 5,495,706.50
‡ß‘πΩ“°∏𓧓√∑’˵‘¥¿“√–ºŸ°æ—π
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 2,4 (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 2,4 (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)
¢âÕ¡Ÿ≈°√–· ‡ß‘𠥇ª‘¥‡º¬‡æ‘Ë¡‡µ‘¡
‡ß‘π ¥®à“¬„π√–À«à“ߪ’
¥Õ°‡∫’Ȭ®à“¬ 148,013,063.94 298,372,295.66 68,223,289.14 109,342,680.93
¿“…’‡ß‘π‰¥â 2,767,712.63 - 394,947.56 -
¥ŸÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
ß∫°√–· ‡ß‘π ¥
”À√—∫ªï ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
43
Statements of Cash FlowsFOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998
See Notes to Financial Statements
Consolidated The Company
1999 1998 1999 1998
Note Baht Baht Baht Baht
Cash and cash equivalents at
January 1, 1999 and 1998 2,4 93,831,203.05 32,108,853.51 (15,106,440.61) (22,899.29),
Cash at banks pledged as collateral at
January 1, 1999 and 1998 2,4 98,840,828.86 133,413,107.60 6,682,495.12 5,495,706.50
Cash at banks pledged as collateral at
December 31, 1999 and 1998 2,4 (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)
Cash and cash equivalents at
December 31, 1999 and 1998 2,4 (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)
148,013,063.94 298,372,295.66 68,223,289.14 109,342,680.93
2,767,712.63 - 394,947.56 -
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
44
À¡“¬‡Àµÿ 1 - ¿“æ·«¥≈âÕ¡∑“߇»√…∞°‘®·≈–‡°≥±å„π°“√𔇠πÕß∫°“√‡ß‘π
°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈–∫√‘…—∑¬àÕ¬ ∑’Ë®–¥”‡π‘πµàÕ‰ª¢â“ßÀπâ“ Õ“®¬—ߧ߉¥â√—∫º≈°√–∑∫®“°
¿“«–∑“߇»√…∞°‘®¢Õߪ√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§‚¥¬√«¡ ß∫°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ‰¥â∑”¢÷Èπµ“¡∑’Ë°”Àπ¥„π°Æ°√–∑√«ß©∫—∫∑’Ë 7
(æ.». 2539) ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ‚¥¬ –∑âÕπ∂÷ߺ≈°√–∑∫®“° ¿“«–∑“߇»√…∞°‘®„πªí®®ÿ∫—π ´÷Ëß
ª√–‡¡‘π‚¥¬ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ Õ¬à“߉√°Áµ“¡ º≈°√–∑∫∑’Ë®–‡°‘¥¢÷Èπ®√‘ßÕ“®µà“ß®“°∑’ˉ¥âª√–¡“≥‰«â
ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥(¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ¥—ßπ’È
ª√–‡¿∑∏ÿ√°‘® ∂◊ÕÀÿâπÕ—µ√“√âÕ¬≈–
2542 2541
∫√‘…—∑ 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«‘ ‡´ ®”°—¥ ∫√‘°“√„À⇙à“∞“π«“ß 99.99 99.99
∑àÕ¢π∂à“¬«—µ∂ÿ
H-International (BVI) Company Limited Holding Company 100.00 100.00
ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ¡‘‰¥â√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß´÷Ëß∫√‘…—∑∂ ◊ÕÀ ÿ âπ„πÕ —µ√“√ âÕ¬≈– 99.99
‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡
ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ‰¥â√«¡ß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ª’¢Õß H-International (BVI)
Company Limited ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»´÷Ëß KPMG British Virgin Islands ‡ πÕ√“¬ß“π°“√ Õ∫∫ —≠™ ’ ‚¥¬‰¡ à¡ ’ ‡ß ◊ ËÕπ‰¢µ“¡√“¬ß“π
≈ß«—π∑’Ë 10 ¡°√“§¡ 2543 ·≈–«—π∑’Ë 8 ¡°√“§¡ 2542 µ“¡≈”¥—∫
ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ‰¥â√«¡ à«π ·∫àߺ≈°”‰√·≈–¢“¥∑ÿπ®”π«π‡ß‘π
0.38 ≈â“π∫“∑·≈–®”π«π‡ß‘π 0.80 ≈â“π∫“∑µ“¡≈”¥—∫¢Õß Pinago Services Limited ´÷Ë߇ªÁπ∫√‘…—∑√à«¡„πµà“ߪ√–‡∑» ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’Ë
®—¥∑”¢÷Èπ‚¥¬ΩÉ“¬∫√‘À“√·≈–‰¡àºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’ πÕ°®“°π’È ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2541 ¬—ß√«¡ à«π·∫àߺ≈°”‰√¢Õß∫√‘…—∑ ∫àÕ«‘π
‡æ“‡«Õ√å ®”°—¥·≈–∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ®”°—¥ ®”π«π‡ß‘π 0.77 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 0.15 ≈â“π∫“∑µ“¡≈”¥—∫ ´÷Ë߇ªÁπ
∫√‘…—∑√à«¡ ‚¥¬„™â¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π∑’˵√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ
√“¬°“√∫—≠™’√–À«à“ß°—π∑’ˇªÁπ “√– ”§—≠‰¥âµ—¥ÕÕ°·≈â«„π°“√∑”ß∫°“√‡ß‘π√«¡
À¡“¬‡Àµÿ 2 - √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠
°“√√—∫√Ÿâ√“¬‰¥â·≈–µâπ∑ÿπ®“°°“√¢“¬
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬‡¡◊ËÕ¡’°“√∑” —≠≠“®–´◊ÈÕ®–¢“¬ ·≈–√—∫‡ß‘π¡—¥®”·≈â«‚¥¬«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈⫇ √Á® ÷Ëߧ”π«≥‚¥¬
‡ª√’¬∫‡∑’¬∫µâπ∑ÿπ°“√æ—≤π“∑’ˇ°‘¥¢÷Èπ·≈â«°—∫µâπ∑ÿπ∑—ÈßÀ¡¥∑’˪√–¡“≥«à“®–„™â„π°“√æ—≤π“‚¥¬‰¡à√«¡µâπ∑ÿπ∑’Ë¥‘π à«πµâπ∑ÿπ¢“¬‡ªÁπµâπ∑ÿπ°“√æ—≤π“
∑’ˇ°‘¥¢÷Èπ·≈â« §”π«≥µ“¡Õ—µ√“ à«π¢Õß√“§“¢“¬µ“¡ —≠≠“∑’ˇ°‘¥¢÷Èπ·≈â«°—∫ª√–¡“≥°“√√“§“¢“¬∑—ÈßÀ¡¥¢Õß‚§√ß°“√
°“√√—∫√Ÿâ√“¬‰¥â§à“∫√‘°“√
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â§à“∫√‘°“√µ“¡‡°≥±å ‘∑∏‘ √“¬‰¥â§à“∫√‘°“√ª√–°Õ∫¥â«¬ √“¬‰¥â§à“∫√‘°“√ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕ”π«¬§«“¡ –¥«°
√“¬‰¥â®“°°“√¢“¬πÈ”ª√–ª“ √“¬‰¥â®“°°“√∫”∫—¥πÈ”‡ ’¬ √“¬‰¥â®“°°“√°”®—¥¢¬– ·≈–√“¬‰¥â®“°°“√„À⇙à“Õ“§“√§≈—ß ‘π§â“ Õ“§“√‚√ßß“π·≈–
∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ„ππ‘§¡Õÿµ “À°√√¡
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‰¥â·°à ‡ß‘π ¥·≈–‡ß‘πΩ“°∏𓧓√ ÿ∑∏‘®“°‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√·≈–®“°‡ß‘πΩ“°∏𓧓√∑’˵‘¥¿“√–ºŸ°æ—π
‡ß‘π≈ß∑ÿπ√–¬– —Èπ
ªï 2542 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„𧫓¡µâÕß°“√¢Õßµ≈“¥ · ¥ß„π√“§“¬ÿµ‘∏√√¡ à«πµà“ß√–À«à“ß
√“§“µ“¡∫—≠™’¢Õ߇ߑπ≈ß∑ÿπ°—∫√“§“¬ÿµ‘∏√√¡ · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬
À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541
45
HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
DECEMBER 31, 1999 AND 1998
NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF FINANCIAL STATEMENT PRESENTATION
The operations of Hemaraj Land and Development Public Company Limited (“the Company”) and its subsidiaries may continue to be influenced for the
foreseeable future by the economic conditions in Thailand and the Asia Pacific Region in general. The consolidated and the Company’s financial statements
have been presented in accordance with the Ministerial Regulation No.7 (B.E.2539), under the Public Company Limited Act B.E. 2535 and reflect the
management’s current assessment of the impact of current economic conditions on the financial position of the Company and its subsidiaries. However,
actual results could differ from the management estimates.
The consolidated financial statements for the year ended December 31, consist of the financial statements of Hemaraj Land and Development Public
Company Limited and subsidiaries as follows:
Type of Business Holding of Interest (%)
1999 1998
Eastern Industrial Estate Company Limited Industrial Estate 99.99 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, 1999 and 1998, since this company had not started commercial operations and the available information was inadequate for purposes of preparing
consolidated financial statements.
The consolidated financial statements for the years ended December 31, 1999 and 1998 include the financial statements of H-International (BVI)
Company Limited, an overseas subsidiary, for each of the years then ended, for which KPMG British Virgin Islands issued unqualified auditor’s report dated
January 10, 2000 and January 8, 1999, respectively.
The consolidated and the Company’s financial statements for the years ended December 31, 1999 and 1998 include portions of net gain and net loss in the
amounts of Baht 0.38 million and Baht 0.80 million, respectively, from Pinago Services Limited, an overseas associated company, based on information from
the financial statements which were provided by management and were not audited. In addition, the financial statements for the year ended December 31,
1998 also include portions of net gain in the amounts of Baht 0.77 million from Bowin Power Co., Ltd. and Baht 0.15 million from Operation Power Co.,
Ltd., other associated companies, based on information from the financial statements audited by another firm of auditors.
Significant intercompany transactions are eliminated from the consolidated financial statements.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Recognition of Revenues and Cost of Sales
Revenue from sales is recognised upon signing of contract and receiving of deposits by the percentage of completion method, using the ratio of actual
costs incurred to estimated total cost excluding land cost. Cost of sales is the actual development cost using the ratio of realised sale contracts to total
estimated income.
Recognition of Service Income
Service income is recognised on an accrual basis. Service income represents income received from providing public utilities, water, wastewater processing
and garbage collection services and rental services in respect of warehouse, factory and pipe rack to the Industrial Estate.
Cash and Cash Equivalents
Cash and cash equivalents represent cash on hand and at banks net of bank overdrafts and cash at banks pledged as collateral.
Short-Term Investments
In 1999, available-for-sale securities consist of investments in marketable securities, which are stated at fair value. The difference between book value
of investment and fair value is included under shareholders’ equity.
Notes to Financial Statements
46
ª’ 2541 ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ª√–°Õ∫¥â«¬ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„𧫓¡µâÕß°“√¢Õßµ≈“¥ ·≈–‡ß‘π≈ß∑ÿπ„πÀπ૬≈ß∑ÿπ· ¥ß„π√“§“∑ÿπ√«¡
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≈Ÿ°Àπ’È°“√§â“
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√Õµ—¥∫—≠™’ ·≈–≈Ÿ°Àπ’ȧà“∫√‘°“√ · ¥ß ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°≈Ÿ°Àπ’ȧà“∫√‘°“√√“¬‡¥◊Õπ∑’˧â“ß™”√–‡°‘π 90 «—π
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ª√–°Õ∫¥â«¬ µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤𓂧√ß°“√ ¥Õ°‡∫’Ȭ®à“¬®“°°“√°âŸ¬◊¡‡æ◊ËÕ„™â„π°“√æ—≤𓂧√ß°“√
·≈–‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß ‚¥¬∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‚Õπ‡ªÁπµâπ∑ÿπ¢“¬‡¡◊ËÕ¡’°“√¢“¬À√◊Õ¡’√“¬‰¥â®“°‚§√ß°“√ „πª’ 2542 · ¥ß„π√“§“∑ÿπ√«¡
À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’˵˔°«à“ ”À√—∫ª’ 2541 · ¥ß„π√“§“∑ÿπ
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ
°“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªÁπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬∫—π∑÷°¥Õ°‡∫’Ȭ®à“¬·≈–§à“∏√√¡‡π’¬¡¢Õ߇ߑπ°Ÿâ¬◊¡√–¬–¬“«∑’ˇ°‘¥¢÷Èπ‚¥¬µ√ß°—∫°“√æ—≤𓂧√ß°“√√«¡‡ªÁπ à«πÀπ÷Ëß
¢Õßµâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬®–À¬ÿ¥∫—π∑÷°‡¡◊ËÕ°“√æ—≤𓂧√ß°“√À¬ÿ¥™–ß—°À√◊Õ‡¡◊ËÕ°“√æ—≤𓂧√ß°“√·≈⫇ √Á®
‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡
‡ß‘π≈ß∑ÿπ
°. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¬°‡«âπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡∑’ˬ—߉¡à‡√‘Ë¡¥”‡π‘πß“π· ¥ß„π√“§“∑ÿπ
¢. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π·ÀàßÀπ÷Ëß „πª’ 2542 · ¥ß„π√“§“µ“¡¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π ”À√—∫ª’ 2541 · ¥ß„π√“§“¡Ÿ≈§à“ ‘π∑√—æ¬å
ÿ∑∏‘∑’˵˔°«à“√“§“∑ÿπ ¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“¢Õ߇ߑπ≈ß∑ÿπ· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ
§. ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª· ¥ß„π√“§“∑ÿπ
‡ß‘π„ÀⰟȬ◊¡
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°®”π«π∑’˧“¥«à“®–‡√’¬°‡°Á∫‰¡à‰¥â ‚¥¬«‘‡§√“–À宓°∞“π–°“√‡ß‘π·≈–§«“¡ “¡“√∂„π°“√™”√–Àπ’È
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‡ªÁπ‚§√ß°“√∑’Ë√Õ°“√æ—≤π“·≈–‚§√ß°“√∑’ËÀ¬ÿ¥°“√æ—≤π“™—Ë«§√“« ª√–°Õ∫¥â«¬ ‘∑∏‘°“√‡™à“∑’Ë¥‘π
µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤𓂧√ß°“√·≈–¥Õ°‡∫’Ȭ®à“¬®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π°“√æ—≤𓂧√ß°“√ „πª’ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–
‰¥â√—∫√«¡∑’˵˔°«à“ ”À√—∫ª’ 2541 · ¥ß„π√“§“∑ÿπ ¬°‡«âπ∫“ß‚§√ß°“√· ¥ß„π√“§“∑’˪√–‡¡‘π‚¥¬∫√‘…—∑ºŸâ™”π“≠°“√ª√–‡¡‘π√“§“
¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°”‰√¢“¥∑ÿπ
‘π∑√—æ¬å„À⇙à“
‘π∑√—æ¬å„Àâ‡™à“¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ · ¥ß„π√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬ª√–¡“≥
15 ª’ ”À√—∫∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ·≈– 20 ª’ ”À√—∫Õ“§“√§≈—ß ‘π§â“·≈–Õ“§“√‚√ßß“π
∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å
∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ · ¥ß„π√“§“∑ÿπ §à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬
ª√–¡“≥ 5 ª’ ”À√—∫Õÿª°√≥å ·≈– 20 ª’ ”À√—∫Õ“§“√
√“¬‰¥â√—∫≈à«ßÀπâ“
√“¬‰¥â√—∫≈à«ßÀπâ“ ‡ªÁπ‡ß‘π∑’Ë√—∫™”√–®“° —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π à«π∑’ˇ°‘π°«à“√“¬‰¥â∑’Ë√—∫√Ÿâµ“¡«‘∏’Õ—µ√“ à«π¢Õßß“π∑’Ë·≈⫇ √Á®
√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’
√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ ‰¥â·°à §à“ ‘∑∏‘°“√‡™à“√—∫®“°°“√„À⇙à“∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ Õ“§“√§≈—ß ‘π§â“·≈–Õ“§“√‚√ßß“π °”Àπ¥∫—π∑÷°
∫—≠™’‡ªÁπ√“¬‰¥âµ“¡Õ“¬ÿ —≠≠“‡™à“
∫—≠™’∑’ˇªÁπ‡ß‘πµ√“µà“ߪ√–‡∑»
°. ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑» ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑‡æ◊ËÕ°“√∑”ß∫°“√‡ß‘π√«¡‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ¥—ßπ’È
°.1 ‘π∑√—æ¬å·≈–Àπ’È ‘π·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π ‘Èπª’
°.2 √“¬‰¥â·≈–§à“„™â®à“¬·ª≈ß§à“‚¥¬„™âÕ—µ√“∂—«‡©≈’ˬ
°.3 à«π¢ÕߺŸâ∂◊ÕÀÿâπ·ª≈ß§à“‚¥¬„™âÕ—µ√“ ≥ «—π∑’ˇ°‘¥√“¬°“√
º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘πµà“ߪ√–‡∑» · ¥ß√«¡Õ¬Ÿà„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ
¢. Àÿâπ°Ÿâ·ª≈ß ¿“æ·≈–√“¬°“√∫—≠™’∑’ˇ°’ˬ«¢âÕß ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ¥—ßπ’È
¢.1 Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’ˬπ≈à«ßÀπ⓵“¡∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π
¢.2 ”√Õ߇º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“∑’Ë√–∫ÿ‰«â„πÀπ—ß ◊Õ™’È™«π
¢.3 ¥Õ°‡∫’Ȭ§â“ß®à“¬Àÿâπ°Ÿâ·ª≈ß ¿“æ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—π ‘Èπª’
47
In 1998, investments in securities consist of investments in marketable securities and investments in unit trusts, which are stated at the lower of
aggregate cost and market value. Loss on diminution in value of investments is included in the statement of income.
Accounts Receivable
Accounts receivable consist of land sale contracts receivable which represent the amount of contract prices net of installments received and deferred
income, and service receivables which are shown net of allowance for doubtful accounts for billings overdue by more than 90 days.
Cost of Real Estate Developments
Cost of real estate developments consists of land costs, development costs and capitalised interest on loans for development project including advances
and deposits for construction costs. These costs are transferred to cost of sales when revenue from sales is recognised.
In 1999, the cost of real estate developments is stated at the lower of aggregate cost and net realisable value. In 1998, the cost of real estate
developments is stated at cost.
Loss on projects revaluation is included in the statement of income.
Capitalisation of Borrowing Costs
Interest expense and fees on long-term loans for development projects are capitalised to cost of real estate developments. The capitalisation will be
suspended or ceased when the development projects are interrupted or completed.
Investments and Loans
Investments
• Investments in subsidiary and associated companies are recorded using the equity method except for investments in subsidiary and associated
companies for which operations have not yet commenced which are accounted for using the cost method.
• In 1999, an investment in a related company is stated at net realisable value. In 1998, the investment is stated at the net assets value which is lower
than cost. Loss on decline in value of investment is included in the statement of income.
• Investments in other securities are stated at cost.
Loans
Allowance for doubtful accounts is an estimate of those amounts which may prove to be uncollectible, based on a review of the current status and the
ability of receivables to repay.
Leasehold Land and Land Held for Commercial Purposes
Leasehold land and land held for commercial purposes consists of land leasehold, land costs, development costs and capitalised interest on loans of
undeveloped projects and projects which were suspended from development.
In 1999, leasehold land and land held for commercial purposes is stated at lower of aggregate cost and net realisable value. In 1998, leasehold land and
land held for commercial purposes is stated at cost except for certain projects which are stated at amounts evaluated by an appraisal firm.
Loss on projects revaluation is included in the statement of income.
Lease Assets
Lease assets are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of 15 years for pipe
rack and 20 years for warehouse and minifactory.
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of
5 years for equipment and 20 years for building.
Income Received in Advance
Income received in advance represents the amounts received from land sale and purchase contracts over the amount of revenues which are recognised
using the percentage of completion method.
Deferred Right of Use Income
Deferred right of use income represents right of use fee received on rental of pipe rack, warehouse and minifactory and is recognised as revenue over
the period of rental contract.
Accounts in Foreign Currency
• The financial statements of an overseas subsidiary company are translated into Baht for consolidation purposes using rates of exchange as follows:
• Assets and liabilities are translated at the exchange rate ruling at the end of the year.
• Revenues and expenses are translated at average exchange rates.
• Share capital is translated at the exchange rate ruling on the transaction date.
48
º≈µà“ß®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ
§. √“¬°“√∫—≠™’∑’ˇªÁπ‡ß‘πµ√“µà“ߪ√–‡∑»∑’ˇ°‘¥¢÷Èπ„π√–À«à“ߪ’·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’ˇ°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π
∑’ˇªÁπ‡ß‘πµ√“µà“ߪ√–‡∑» ≥ «—π ‘Èπª’ ·ª≈ß§à“‡ªÁπ‡ß‘π∫“∑µ“¡Õ—µ√“·≈°‡ª≈’ˬπ ≥ «—ππ—Èπ °”‰√·≈–¢“¥∑ÿπ®“°°“√·ª≈ß§à“· ¥ß√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ
°”‰√(¢“¥∑ÿπ)µàÕÀÿâπ
ª’ 2542
¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“𠧔π«≥‚¥¬À“√¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï∑’ˇªìπ¢ÕßÀÿâπ “¡—≠¥â«¬®”π«π∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈
¿“¬πÕ°„π√–À«à“ߪ’
¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥ §”π«≥‚¥¬°“√π”¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ª’∑’ˇªÁπ¢ÕßÀÿâπ “¡—≠À≈—ߪ√—∫ª√ÿߥ⫬º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥·≈â«
À“√¥â«¬®”π«π√«¡¢Õß®”π«π∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°„π√–À«à“ߪ’·≈–Àÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥
ªï 2541
°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ª’¥â«¬®”π«πÀÿâπ∑’ËÕÕ°®”Àπà“¬·≈â« ≥ «—π ‘Èπªï
∫√‘…—∑‰¡à· ¥ß°”‰√µàÕÀÿâπ≈¥≈߇µÁ¡∑’Ë À“°¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπÀ√◊Õº≈°“√§”π«≥°”‰√µàÕÀÿâπ≈¥≈߇µÁ¡∑’Ë¡’®”π«π·µ°µà“߉¡à‡°‘π√âÕ¬≈– 10
¢Õß°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ´÷Ëß∂◊Õ«à“‰¡à¡’π—¬ ”§—≠
À¡“¬‡Àµÿ 3 - √“¬°“√∫—≠™’°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π
∫√‘…—∑¡’√“¬°“√∫—≠™’∫“ß à«π°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π º≈¢Õß√“¬°“√‡À≈à“π’ȉ¥â· ¥ß‰«â„πß∫°“√‡ß‘𠵓¡¡Ÿ≈∞“π∑’˵°≈ß√à«¡°—π
√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π °≈à“«§◊Õ §à“π“¬Àπâ“®“°°“√¢“¬„πÕ—µ√“‰¡à‡°‘π 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“ ·≈–Õ—µ√“
¥Õ°‡∫’Ȭ∑’˧‘¥®“°‡ß‘π°Ÿâ¬◊¡√–À«à“ß°—π„πÕ—µ√“ 7% ∂÷ß 12.50% ∑—Èßπ’È°“√°Ÿâ¬◊¡‡ªÁπÀπ’È∑’ˇ°’ˬ«‡π◊ËÕß°—∫∏ÿ√°‘®∑’Ë∑”√à«¡°—π
∫√‘…—∑¡’¬Õ¥§ß‡À≈◊Õ°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªÁπ à«πÀπ÷Ëß„πß∫¥ÿ≈‡©æ“–¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—𫓧¡ ¥—ßπ’È
(Àπ૬ : ∫“∑) π‚¬∫“¬°“√§‘¥
2542 2541 µâπ∑ÿπ√–À«à“ß°—π
‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß·°à
°. ∫√‘…—∑¬àÕ¬
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’Ȭ§â“ß√—∫ 153,197,437.65 212,616,590.78 Õ—µ√“¥Õ°‡∫’Ȭ 12.5%
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’Ȭ§â“ß√—∫ 41,520,076.52 - Õ—µ√“¥Õ°‡∫’Ȭ 12.5%
µ—Ϋ —≠≠“„™â‡ß‘π·≈–¥Õ°‡∫’Ȭ§â“ß√—∫ 61,173,013.69 61,781,232.88 Õ—µ√“¥Õ°‡∫’Ȭ MLR
§à“π“¬Àπⓧâ“ß√—∫ 27,153,423.38 22,221,292.65 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“
‡ß‘π∑¥√Õß®à“¬ 16,733,165.17 -
∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥
‡ß‘π∑¥√Õß®à“¬ - 1,340,666.73 -
¢. ∫√‘…—∑√à«¡
∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥
‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’Ȭ§â“ß√—∫ - 12,775,431.03 Õ—µ√“¥Õ°‡∫’Ȭ 7%
‡ß‘π∑¥√Õß®à“¬ - 4,032,641.27 -
∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥
‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’Ȭ§â“ß√—∫ - 1,347,945.24 Õ—µ√“¥Õ°‡∫’Ȭ 12.5%
‡ß‘π°Ÿâ¬◊¡·≈–‡ß‘π∑¥√Õß®“°
°. ∫√‘…—∑¬àÕ¬
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
‡ß‘π∑¥√Õß√—∫ - 5,781,123.15 -
H-International (BVI) Company Limited
‡ß‘π°Ÿâ¬◊¡ 320,905,982.94 286,024,470.95 -
(8.51 ≈â“π¥Õ≈≈“√å À√—∞)(7.75 ≈â“π¥Õ≈≈“√å À√—∞)
‡ß‘π°Ÿâ¬◊¡®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ
(30.34 ≈â“π¥Õ≈≈“√å À√—∞) 1,162,923,578.50 1,162,923,578.50 -
¢. ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π 1,518,141.40 1,518,141.40 -
49
Adjustments from translation of foreign financial statements are included under shareholders’ equity.
• Convertible bonds and related transactions are translated into Baht using rates of exchange as follows:
• Convertible bonds are translated into Baht at the forward rate of exchange stated in the Bond prospectus.
• The provision for redemption of convertible bonds is converted into Baht at the rates stated in the Bond prospectus.
• Accrued interest expense on convertible bonds is translated into Baht at the rate of exchange at the end of the year.
Adjustments from translation are included in the statement of income.
• Foreign currency transactions during the year are converted into Baht at the rates prevailing on the dates of the transactions. Assets and liabilities
at the end of the year are converted into Baht at the rates ofexchange on that date. Gain or loss on translation is included in the statement of income.
Earnings (Loss) per Share
In 1999
Basic loss per share is computed by dividing net loss attributable to ordinary shareholders for the year by the weighted average number of ordinary
shares outstanding during the year.
Diluted loss per share is computed by dividing net loss attributable to ordinary shareholders for the year, as adjusted for the effect of dilutive potential
ordinary shares, by the weighted average number of ordinary shares outstanding during the year plus the number of potential ordinary shares.
In 1998
Basic earnings per share is computed by dividing net income for the year by the number of shares outstanding at the end of the year.
Fully diluted earnings per share is not shown if it does not differ by more than 10% of basic earnings per share or if the Company has incurred a loss from
operations.
NOTE 3 - TRANSACTIONS WITH RELATED PARTIES
The Company has certain transactions with its affiliated and related companies. The effects of these transactions are reflected in the accompanying
financial statements on the basis determined by the parties concerned. Commission on sales is maximum 5% of contract price. Interest rates on loans
relating to business corporation range from 7.00% - 12.50%.
Balances with affiliated and related companies as at December 31, which are shown in the Company’s balance sheets, are as follows:
(Amounts:Baht)
1999 1998 Intercompany
Baht Baht Terms
Loans and advances to:
• Subsidiary companies
Eastern Industrial Estate Company Limited
Loans and accrued interest income 153,197,437.65 212,616,590.78 Interest rate 12.50%
Eastern Seaboard Industrial Estate (Rayong) Company Limited
Loans and accrued interest income 41,520,076.52 - Interest rate 12.50%
Promissory note and accrued interest income 61,173,013.69 61,781,232.88 Interest rate MLR
Accrued commission income 27,153,423.38 22,221,292.65 5% of contract price
Advance payment 16,733,165.17 -
Eastern Pipeline Services Company Limited
Advance payment - 1,340,666.73 -
• Associated companies
H-Power Company Limited
Loans and accrued interest income - 12,775,431.03 Interest rate 7.00%
Advance payment - 4,032,641.27 -
H-Infra Company Limited
Loans and accrued interest income - 1,347,945.24 Interest rate 12.50%
Loans and advances from:
• Subsidiary companies
Eastern Seaboard Industrial Estate (Rayong) Company Limited
Advance received - 5,781,123.15 -
H-International (BVI) Company Limited
Loan 320,905,982.94 286,024,470.95 -
(US$ 8.51 million) (US$ 7.75 million)
Loan from repurchase of convertible bonds 1,162,923,578.50 1,162,923,578.50 -
(US$ 30.34 million)
• Related company 1,518,141.40 1,518,141.40 -
50
∫√‘…—∑¡’√“¬°“√∫—≠™’°—∫∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ´÷Ëß· ¥ß√«¡‡ªÁπ à«πÀπ÷Ëß„πß∫°”‰√¢“¥∑ÿπ‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë
31 ∏—𫓧¡ ¥—ßπ’È
(Àπ૬ : ∫“∑) π‚¬∫“¬°“√§‘¥
2542 2541 µâπ∑ÿπ√–À«à“ß°—π
¥Õ°‡∫’Ȭ®à“¬ 7,844.31 68,764.70 Õ—µ√“¥Õ°‡∫’Ȭ 12.5%
¥Õ°‡∫’Ȭ√—∫ 18,004,308.05 11,012,767.91 Õ—µ√“¥Õ°‡∫’Ȭ 7% - 12.5%
√“¬‰¥â§à“π“¬Àπâ“ 4,932,131.03 22,207,649.87 5% ¢Õß√“§“¢“¬µ“¡ —≠≠“
√“¬‰¥â®“°°“√¢“¬∑’Ë¥‘π 215,339,593.63 -
√“¬‰¥â§à“∫√‘°“√ 6,611,356.64 11,667,048.80
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π¥—ßπ’È
∫√‘…—∑ ª√–‡¿∑°‘®°“√ ≈—°…≥– ∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ
§«“¡ —¡æ—π∏Ï ‡ß‘π≈ß∑ÿπ √“§“∑ÿπ °“√‡ª≈’ˬπ·ª≈ß ÿ∑∏‘ à«π‰¥â‡ ’¬
(∫“∑) (%) (∫“∑) „π à«π‰¥â‡ ’¬ (∫“∑) (∫“∑)
∫√‘…—∑¬àÕ¬
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ºŸâ∂◊ÕÀÿâπ·≈– 400,000,000.00 99.99 399,999,760.00 37,816,457.17 437,816,217.17
‡Õ ‡µ∑ ®”°—¥ ºŸâ∫√‘À“√√à«¡°—π
∫√‘…—∑ Õ’ ‡∑‘√åπ ’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å é 358,000,000.00 60.00 214,800,000.00 437,962,029.25 652,762,029.25
‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ∫√‘°“√„À⇙à“∑“ß é 60,000,000.00 99.99 - (22,323,342.00) (22,323,342.00)
‡´Õ√å«‘ ‡´ ®”°—¥ «“ß∑àÕ¢π∂à“¬«—µ∂ÿ
H-International (BVI) Holding Company é 75,000.00 100.00 75,000.00 1,234,425,063.68 1,234,500,063.68
Company Limited
Hemaraj International Holding Company é 25,290.00 99.99 25,290.00 - 25,290.00
Company Limited
∫√‘…—∑√à«¡
∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company é 1,205,000,000.00 49.99 602,499,940.00 (56,639,837.92) 545,860,102.08
** ∫√‘…—∑ æ≈—ßß“π Õÿµ “À°√√¡ ®”°—¥ º≈‘µ‰øøÑ“·≈–‰ÕπÈ” é 788,000,000.00 49.99 - 399,323,897.47 399,323,897.47
** ∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ º≈‘µ‰øøÑ“ªÑÕππ‘§¡Õÿµ “À°√√¡ é 100,000,000.00 49.99 2.50 (194,419.39) (194,416.89)
** ∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ Holding Company é 750,000.00 49.99 - (573,514.99) (573,514.99)
** ∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ∫√‘°“√ª√÷°…“¥â“πæ≈—ßß“π é 250,000.00 49.99 - 468,192.37 468,192.37
‡´Õ√å«‘ ‡´ ®”°—¥
** ∫√‘…—∑Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡ é 21,000,000.00 49.99 - 286,406.52 286,406.52
—ææ≈“¬ ®”°—¥
** Pinago Services Limited Holding Company é 42.59 49.99 - (424,152.66) (424,152.66)
∫√‘…—∑∑’ˇ°’ˬ«¢âÕß
∫√‘…—∑ »√’√“™“ Œ“‡∫Õ√å
®”°—¥ (¡À“™π) ∫√‘°“√∑à“‡∑’¬∫‡√◊Õ é 1,000,000,000.00 15.00 21,195,000.00 - 21,195,000.00
√«¡ 1,238,594,992.50 2,030,126,779.50 3,268,721,772.00
* ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ** ∂◊Õ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥
¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡
°. H-International (BVI) Company Limited ·≈– Pinago Services Limited ®¥∑–‡∫’¬π„π British Virgin Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®)
¢. Hemaraj International Company Limited ®¥∑–‡∫’¬π„π Cayman Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ‚¥¬¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ
®÷ß¡‘‰¥âπ”¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ª’ ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—𫓧¡ 2542
§. „π√–À«à“ߪï 2542 ‰¡à¡’‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π
51
The Company had transactions with its affiliated and related companies which are included in the Company’s statements of income for the years ended
December 31 as follows:
(Amounts:Baht)
1999 1998 Intercompany
Baht Baht Terms
Interest expense 7,844.31 68,764.70 Interest rate 12.5 %
Interest income 18,004,308.05 11,012,767.91 Interest rate 7 % - 12.5 %
Commission income 4,932,131.03 22,207,649.87 5% of contract price
Revenue from land sales 215,339,593.63 -
Service income 6,611,356.64 11,667,048.80
Investments in affiliated and related companies as at December 31, 1999 are as follows:
Paid - up Holding of Investments
Company Type of Business Relationship Capital Interest Cost Net Change in Equity Equity
(Baht) % (Baht) (Baht) (Baht)
Subsidiary Companies
Eastern Industrial Estate Industrial Estate Co.shareholders and 400,000,000.00 99.99 399,999,760.00 37,816,457.17 437,816,217.17
Company Limited Managements
Eastern Seaboard Industrial Estate Industrial Estate ,, 358,000,000.00 60.00 214,800,000.00 437,962,029.25 652,762,029.25
(Rayong) Company Limited
Eastern Pipeline Services Pipe Rack Rental ,, 60,000,000.00 99.99 - (22,323,342.00) (22,323,342.00)
Company Limited*
H-International (BVI) Holding Company ,, 75,000.00 100.00 75,000.00 1,234,425,063.68 1,234,500,063.68
Company Limited
Hemaraj International Holding Company ,, 25,290.00 99.99 25,290.00 - 25,290.00
Company Limited
Associated Companies
H-Power Company Limited Holding Company ,, 1,205,000,000.00 49.99 602,499,940.00 (56,639,837.92) 545,860,102.08
Industrial Power Company Limited** Electricity and Steam ,,
Power Generation 788,000,000.00 49.99 - 399,323,897.47 399,323,897.47
Bowin Power Company Limited** Electricity Manufacturer ,, 100,000,000.00 49.99 2.50 (194,419.39) (194,416.89)
H-Infra Company Limited** Holding Company ,, 750,000.00 49.99 - (573,514.99) (573,514.99)
Operation Power Services Energy Consulting ,, 250,000.00 49.99 - 468,192.37 468,192.37
Company Limited**
Industrial Water Supply Industrial Water Supply ,, 21,000,000.00 49.99 - 286,406.52 286,406.52
Limited**
Pinago Services Limited** Holding Company ,, 42.59 49.99 - (424,152.66) (424,152.66)
Related Company
Sriracha Harbor Public Port Services ,, 1,000,000,000.00 15.00 21,195,000.00 - 21,195,000.00
Company Limited
Total 1,238,594,992.50 2,030,126,779.50 3,268,721,772.00
* Indirect holding by Eastern Industrial Estate Company Limited **Indirect holding by H-Power Company Limited
Additional information
• H-International (BVI) Company Limited and Pinago Services Limited were registered in British Virgin Islands. (US. currency used for business operation)
• Hemaraj International Company Limited was registered in Cayman Islands (US. currency used for business operation) which had not started commercial
operations and the available information was inadequate for the purpose of preparing consolidated financial statements for the year ended December
31, 1999.
• During 1999, no dividend was received from subsidiary, associated and related companies.
52
√“¬°“√∫—≠™’°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π (µàÕ)
≥ «—π∑’Ë 31 ∏—𫓧¡ 2541 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑„π‡§√◊Õ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π¥—ßπ’È
∫√‘…—∑ ª√–‡¿∑°‘®°“√ ≈—°…≥– ∑ÿπ™”√–·≈â« —¥ à«π ‡ß‘π≈ß∑ÿπ
§«“¡ —¡æ—π∏å ‡ß‘π≈ß∑ÿπ √“§“∑ÿπ °“√‡ª≈’ˬπ·ª≈ß ÿ∑∏‘ à«π‰¥â‡ ’¬
(∫“∑) (%) (∫“∑) „π à«π‰¥â‡ ’¬ (∫“∑) (∫“∑)
∫√‘…—∑¬àÕ¬
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ºŸâ∂◊ÕÀÿâπ·≈– 400,000,000.00 99.99 399,999,760.00 5,179,440.42 405,179,200.42
‡Õ ‡µ∑®”°—¥ ºŸâ∫√‘À“√√à«¡°—π
∫√‘…—∑ Õ’ ‡∑‘√åπ ’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å é
‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 358,000,000.00 60.00 214,800,000.00 397,241,358.24 612,041,358.24
* ∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ∫√‘°“√„À⇙à“∑“ß«“ß∑àÕ é 60,000,000.00 99.99 - (15,899,122.50) (15,899,122.50)
‡´Õ√å«‘ ‡´ ®”°—¥ ¢π∂à“¬«—µ∂ÿ
H-International (BVI) Holding Company é 75,000.00 100.00 75,000.00 1,285,349,792.81 1,285,424,792.81
Company Limited
Hemaraj International Holding Company é 25,290.00 99.99 25,290.00 - 25,290.00
Company Limited
∫√‘…—∑√à«¡
∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ Holding Company é 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 788,000,000.00 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√÷°…“¥â“πæ≈—ßß“π é 250,000.00 49.99 - 146,861.56 146,861.56
‡´Õ√å«‘ ‡´ ®”°—¥
** Pinago Services Limited Holding Company é 42.59 49.99 - (804,952.41) (804,952.41)
∫√‘…—∑∑’ˇ°’ˬ«¢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 ®”°—¥
¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡
°. H-International (BVI) Company Limited ·≈– Pinago Services Limited ®¥∑–‡∫’¬π„π British Virgin Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®)
¢. Hemaraj International Company Limited ®¥∑–‡∫’¬π„π Cayman Islands („™â °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞„π°“√¥”‡π‘π∏ÿ√°‘®) ‚¥¬¬—ß¡‘‰¥â‡√‘Ë¡¥”‡π‘πß“π·≈–‰¡à¡’¢âÕ¡Ÿ≈‡æ’¬ßæÕ
®÷ß¡‘‰¥âπ”¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2541
§. „π√–À«à“ߪ’ 2541 ‰¡à¡’‡ß‘πª—πº≈√—∫®“°∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π
À¡“¬‡Àµÿ 4 - ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
‡ß‘π ¥·≈–‡ß‘πΩ“°∏𓧓√ 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04
‡ß‘π≈ß∑ÿπ√–¬– —Èπ - ‡ß‘πΩ“°ª√–®” 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07
À—° ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏𓧓√ (50,042,842.76) (24,375,434.22) (33,807,908.78) (16,483,099.60)
À—° ‡ß‘πΩ“°∏𓧓√∑’Ë¡’¿“√–ºŸ°æ—π (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)
‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ÿ∑∏‘ (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)
53
Transactions with related parties (continued)
Investments in affiliated and related companies as at December 31, 1998 are as follows:
Paid - up Holding of Investments
Company Type of Business Relationship Capital Interest Cost Net Change in Equity Equity
(Baht) % (Baht) (Baht) (Baht)
Subsidiary Companies
Eastern Industrial Estate Industrial Estate Co.shareholders and 400,000,000.00 99.99 399,999,760.00 5,179,440.42 405,179,200.42
Company Limited managements
Eastern Seaboard Industrial Estate Industrial Estate ,, 358,000,000.00 60.00 214,800,000.00 397,241,358.24 612,041,358.24
(Rayong) Company Limited
Eastern Pipeline Services Pipe Rack Rental ,, 60,000,000.00 99.99 - (15,899,122.50) (15,899,122.50)
Company Limited*
H-International (BVI) Holding Company ,, 75,000.00 100.00 75,000.00 1,285,349,792.81 1,285,424,792.81
Company Limited
Hemaraj International Holding Company ,, 25,290.00 99.99 25,290.00 - 25,290.00
Company Limited
Associated Companies
H-Power Company Limited Holding Company ,, 810,000,000.00 49.99 404,999,940.00 (12,405,255.68) 392,594,684.32
Industrial Power Electricity and Steam
Company Limited** Power Generation ,, 788,000,000.00 49.99 - 361,714,430.78 361,714,430.78
Bowin Power Company Limited** Electricity Manufacturer ,, 2,500,000.00 49.99 2.50 771,445.73 771,448.23
H-Infra Company Limited** Holding Company ,, 250,000.00 49.99 - (213,721.01) (213,721.01)
Operation Power Services Energy Consulting ,, 250,000.00 49.99 - 146,861.56 146,861.56
Company Limited**
Pinago Services Limited** Holding Company ,, 42.59 49.99 – (804,952.41) (804,952.41)
Related Company
Sriracha Harbor Public Port Services ,, 1,000,000,000.00 15.00 75,300,000.00 - 75,300,000.00
Company Limited
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
Additional information
• H-International (BVI) Company Limited and Pinago Services Limited were registered in British Virgin Islands. (US. currency used for business operation)
• Hemaraj International Company Limited was registered in Cayman Islands (US. currency used for business operation) and had not started commercial
operations and the available information was inadequate for the purpose of preparing consolidated financial statements for the year ended December
31, 1998.
• During 1998, no dividend was received from subsidiary, associated and related companies.
NOTE 4 - CASH AND CASH EQUIVALENTS
Cash and cash equivalents as at December 31, consisted of:
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
Cash on hand and at banks 40,917,773.82 121,073,933.32 4,113,954.25 4,243,955.04
Short-term investments - time deposits 61,746,183.66 95,973,532.81 9,896,701.71 3,815,199.07
Less Bank overdrafts (50,042,842.76) (24,375,434.22) (33,807,908.78) (16,483,099.60)
Less Cash at banks pledged as collateral (74,223,457.81) (98,840,828.86) (12,827,013.36) (6,682,495.12)
Cash and Cash Equivalents, net (21,602,343.09) 93,831,203.05 (32,624,266.18) (15,106,440.61)
54
À¡“¬‡Àµÿ 5 - ‡ß‘π≈ß∑ÿπ√–¬– —Èπ
‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–
¢Õß∫√‘…—∑
‡ß‘πΩ“°ª√–®” 61,746,183.66 9,896,701.71
‡ß‘π≈ß∑ÿπ™—Ë«§√“«
‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬
‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„𧫓¡µâÕß°“√¢Õßµ≈“¥
∫√‘…—∑ ∑“ߥà«π°√ÿ߇∑æ ®”°—¥ (¡À“™π) 1,820.00 1,820.00
∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) 35,000,000.00 35,000,000.00
∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) 3,053,680.00 3,053,680.00
Àπ૬≈ß∑ÿπ 260,000.00 260,000.00
38,315,500.00 38,315,500.00
À—° §à“‡º◊ËÕ°“√≈¥√“§“À≈—°∑√—æ¬å (5,120,938.00) (5,120,938.00)
‡ß‘π≈ß∑ÿπ™—Ë«§√“« ÿ∑∏‘ 33,194,562.00 33,194,562.00
√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ 94,940,745.66 43,091,263.71
‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2541 ª√–°Õ∫¥â«¬
‡ß‘πΩ“°ª√–®” 95,973,532.81 3,815,199.07
‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å
∫√‘…—∑ ∑“ߥà«π°√ÿ߇∑æ ®”°—¥ (¡À“™π) 712.21 712.21
∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) 82,900,000.00 82,900,000.00
∫√‘…—∑ ‡ÕÁπ ∑’ ‡Õ µ’≈ °√ÿäª ®”°—¥ (¡À“™π) 2,089,360.00 2,089,360.00
‡ß‘π≈ß∑ÿπ„πÀπ૬≈ß∑ÿπ 300,000.00 300,000.00
85,290,072.21 85,290,072.21
À—° §à“‡º◊ËÕ°“√≈¥√“§“À≈—°∑√—æ¬å (43,813,800.21) (43,813,800.21)
√«¡‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å ÿ∑∏‘ 41,476,272.00 41,476,272.00
√«¡‡ß‘π≈ß∑ÿπ√–¬– —Èπ ÿ∑∏‘ 137,449,804.81 45,291,471.07
À¡“¬‡Àµÿ 6 - ≈Ÿ°Àπ’È°“√§â“
≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
≈Ÿ°Àπ’餈ҫ◊ÈÕ∑’Ë¥‘π
≈Ÿ°Àπ’ȵ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ 494,414,612.50 243,358,638.00 - 67,525,750.00
À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È (454,765,398.75) (141,164,845.12) - (61,937,875.12)
‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ 39,649,213.75 102,193,792.88 - 5,587,874.88
À—° √“¬‰¥â√Õµ—¥∫—≠™’ (11,206,729.64) (19,103,760.78) - (1,108,584.57)
≈Ÿ°Àπ’餈ҫ◊ÈÕ∑’Ë¥‘π ÿ∑∏‘ 28,442,484.11 83,090,032.10 - 4,479,290.31
≈Ÿ°Àπ’ȧà“∫√‘°“√
§à“∫√‘°“√§â“ß√—∫ 18,692,716.60 12,181,863.97 4,697,545.70 3,573,819.50
À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (5,889,276.09) (4,368,682.45) (2,820,756.53) (2,074,621.45)
≈Ÿ°Àπ’ȧà“∫√‘°“√ ÿ∑∏‘ 12,803,440.51 7,813,181.52 1,876,789.17 1,499,198.05
≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36
55
NOTE 5 - SHORT-TERM INVESTMENTS
Short-term investments as at December 31, 1999 consisted of:
(Amounts:Baht)
Consolidated The Company
Time deposits 61,746,183.66 9,896,701.71
Current investments classified as available-for-sale securities
Investments in marketable securities
- Bangkok Expressway PCL. 1,820.00 1,820.00
- Nakornthai Strip Mill PCL. 35,000,000.00 35,000,000.00
- N.T.S. Steel Group PCL. 3,053,680.00 3,053,680.00
- Unit trusts 260,000.00 260,000.00
38,315,500.00 38,315,500.00
Less loss on diminution in value
of investments in securities (5,120,938.00) (5,120,938.00)
Current Investments, net 33,194,562.00 33,194,562.00
Total Short-term Investments, net 94,940,745.66 43,091,263.71
Short-term investments as at December 31, 1998 consisted of:
Time deposits 95,973,532.81 3,815,199.07
Investments in securities
- Bangkok Expressway PCL. 712.21 712.21
- Nakornthai Strip Mill PCL. 82,900,000.00 82,900,000.00
- N.T.S. Steel Group PCL. 2,089,360.00 2,089,360.00
- Unit trusts 300,000.00 300,000.00
85,290,072.21 85,290,072.21
Less loss on diminution in value
of investments in securities (43,813,800.21) (43,813,800.21)
Total Investments in Securities, net 41,476,272.00 41,476,272.00
Total Short-term Investments, net 137,449,804.81 45,291,471.07
NOTE 6 - ACCOUNTS RECEIVABLE
Accounts receivable as at December 31, consisted of:
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
• Land sale contracts receivable
Land sale contracts 494,414,612.50 243,358,638.00 - 67,525,750.00
Less Installments received (454,765,398.75) (141,164,845.12) - (61,937,875.12)
Installments receivable 39,649,213.75 102,193,792.88 - 5,587,874.88
Less Deferred income (11,206,729.64) (19,103,760.78) - (1,108,584.57)
Land sale contracts receivable, net 28,442,484.11 83,090,032.10 - 4,479,290.31
• Service receivables
Accrued service income 18,692,716.60 12,181,863.97 4,697,545.70 3,573,819.50
Less Allowance for doubtful accounts (5,889,276.09) (4,368,682.45) (2,820,756.53) (2,074,621.45)
Service receivables, net 12,803,440.51 7,813,181.52 1,876,789.17 1,499,198.05
Accounts receivable, net 41,245,924.62 90,903,213.62 1,876,789.17 5,978,488.36
56
‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“·≈–§à“∫√‘°“√§â“ß√—∫ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·¬°µ“¡Õ“¬ÿÀπ’È∑’˧â“ß™”√–‰¥â¥—ßπ’È
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–
¢Õß∫√‘…—∑
‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“
‰¡à‡°‘π 3 ‡¥◊Õπ - -
¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ - -
¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ - -
¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 4,657,690.80 -
‡ß‘πß«¥®à“¬‡¡◊ËÕ‚Õπ°√√¡ ‘∑∏‘ϵ“¡ —≠≠“ 34,991,522.95 -
√«¡‡ß‘πß«¥§â“ß√—∫µ“¡ —≠≠“ 39,649,213.75 -
§à“∫√‘°“√§â“ß√—∫
‰¡à‡°‘π 3 ‡¥◊Õπ 12,911,251.57 1,876,789.17
¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ 584,123.76 200,742.81
¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ 1,440,113.07 389,959.52
¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 3,757,228.20 2,230,054.20
18,692,716.60 4,697,545.70
À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (5,889,276.09) (2,820,756.53)
≈Ÿ°Àπ’ȧà“∫√‘°“√ ÿ∑∏‘ 12,803,440.51 1,876,789.17
À¡“¬‡Àµÿ 7 - µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
µâπ∑ÿπ∑’Ë¥‘π°”≈—ßæ—≤π“ 2,728,573,820.04 2,726,752,695.35 845,411,518.38 850,743,940.11
µâπ∑ÿπ„π°“√æ—≤𓂧√ß°“√ 4,181,940,470.48 4,108,394,167.71 1,028,639,934.99 1,081,163,361.49
¥Õ°‡∫’Ȭ®à“¬∑’Ë∫—π∑÷°‡ªÁπµâπ∑ÿπ‚§√ß°“√ 1,701,284,877.22 1,679,573,475.47 635,038,950.79 653,786,861.25
‡ß‘π¡—¥®”§à“∑’Ë¥‘π - 4,816,536.00 - -
ß“π‡æ‘Ë¡‡µ‘¡√–∫∫ß“π “∏“√≥Ÿª‚¿§ 10,263,267.60 11,063,870.78 10,263,267.60 11,063,870.78
‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß - 38,174,254.89 - -
8,622,062,435.34 8,568,775,000.20 2,519,353,671.76 2,596,758,033.63
À—° ®”π«π∑’Ë√—∫√Ÿâ‡ªÁπµâπ∑ÿπ¢“¬ – ¡ (5,741,588,502.13) (5,257,758,750.55) (1,719,316,113.58) (1,392,433,973.12)
2,880,473,933.21 3,311,016,249.65 800,037,558.18 1,204,324,060.51
À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ (58,076,696.06) - (58,076,696.06) -
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ∫√‘…—∑ Õ’ ‡∑‘√ÏπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑
(√–¬Õß) ®”°—¥
°“√· ¥ß¡Ÿ≈§à“„πß∫°“√‡ß‘π
ªï 2542
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’˵˔°«à“ ‚¥¬„π√–À«à“ߪï 2542
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß Õß ®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“‚¥¬ ∫√‘…—∑ºŸâ‡™’ˬ«™“≠°“√ª√–‡¡‘π√“§“ ·≈–‰¥â√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√
„πß∫°”‰√¢“¥∑ÿπ
ªï 2541
µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å¢Õß∫√‘…—∑‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß)
®”°—¥ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2541 ®”π«π‡ß‘π 1,204.32 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 1,641.95 ≈â“π∫“∑ µ“¡≈”¥—∫ √«¡®”π«π‡ß‘π 2,846.27 ≈â“π∫“∑
· ¥ß„π√“§“∑ÿπ Õ¬à“߉√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ߥâ“π°“√‡ß‘π¢Õߪ√–‡∑»‰∑¬·≈–
57
As at December 31, 1999 installments receivable and accrued service income are as follows:
(Amounts:Baht)
Consolidated The Company
Installments receivable
Less than 3 months - -
Over 3 months to 6 months - -
Over 6 months to 12 months - -
Over 12 months 4,657,690.80 -
Installments paid on date of transfer title deed 34,991,522.95 -
Total Installments Receivable 39,649,213.75 -
Accrued service income
Less than 3 months 12,911,251.57 1,876,789.17
Over 3 months to 6 months 584,123.76 200,742.81
Over 6 months to 12 months 1,440,113.07 389,959.52
Over 12 months 3,757,228.20 2,230,054.20
18,692,716.60 4,697,545.70
Less Allowance for doubtful accounts (5,889,276.09) (2,820,756.53)
Service receivables, net 12,803,440.51 1,876,789.17
NOTE 7 - COST OF REAL ESTATE DEVELOPMENT
Cost of real estate development as at December 31, consisted of:
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
Land cost - under development 2,728,573,820.04 2,726,752,695.35 845,411,518.38 850,743,940.11
Development project costs 4,181,940,470.48 4,108,394,167.71 1,028,639,934.99 1,081,163,361.49
Interest capitalised 1,701,284,877.22 1,679,573,475.47 635,038,950.79 653,786,861.25
Land deposits - 4,816,536.00 - -
Additional utility cost 10,263,267.60 11,063,870.78 10,263,267.60 11,063,870.78
Advance for construction costs - 38,174,254.89 - -
8,622,062,435.34 8,568,775,000.20 2,519,353,671.76 2,596,758,033.63
Less Costs transferred to cost of sales (5,741,588,502.13) (5,257,758,750.55) (1,719,316,113.58) (1,392,433,973.12)
2,880,473,933.21 3,311,016,249.65 800,037,558.18 1,204,324,060.51
Less Loss on projects revaluation (58,076,696.06) - (58,076,696.06) -
Cost of Real Estate Development, net 2,822,397,237.15 3,311,016,249.65 741,960,862.12 1,204,324,060.51
Hemaraj Land and Development Public Company Limited, Eastern Industrial Estate Company Limited and Eastern Seaboard Industrial Estate
(Rayong) Company Limited
Valuation in the Financial Statements
1999
As at December 31, 1999, the cost of real estate developments of the Company and the two subsidiaries, which has been appraised by an appraisal firm
during the year, is stated at the lower of aggregate cost and net realisable value. Loss from appraisal is recognised as expense and included in the statements
of income.
1998
As at December 31, 1998, cost of real estate developments of Hemaraj Land and Development Public Company Limited and Eastern Seaboard Industrial
Estate (Royong) Company Limited in the amounts of Baht 1,204.32 million and Baht 1,641.95 million, respectively, totalling Baht 2,846.27 million, are stated
at cost and have not been appraised by an independent appraiser. In addition, the real estate business has been affected by the adverse economic
conditions in Thailand and the Asia Pacific Region. The net realisable values of these assets may be lower than the values stated in the balance sheets.
58
¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√ Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â„πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡‘‰¥â®—¥„Àâ¡’
°“√ª√–‡¡‘π¡Ÿ≈§à“¢Õß‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬ºŸâª√–‡¡‘πÕ‘ √–
°“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªÁπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å
ß∫°“√‡ß‘π√«¡
¥Õ°‡∫’Ȭ®à“¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 40.47 ≈â“π∫“∑
·≈–®”π«π‡ß‘πª√–¡“≥ 99.80 ≈â“π∫“∑ µ“¡≈”¥—∫
ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
¥Õ°‡∫’Ȭ®à“¬ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2541 ‰¥â√«¡Õ¬Ÿà„πµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å®”π«π‡ß‘πª√–¡“≥ 9.88 ≈â“π∫“∑
¿“√–ºŸ°æ—π¢Õß ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542
∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß Õß∂Ÿ°®¥®”πÕ߇æ◊ËÕ‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π¿“¬„πª√–‡∑»
À≈“¬·Ààß ·≈–∫“ß à«π¬—ß„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»®”π«π‡ß‘π 19.2 ≈â“π
¥Õ≈≈“√å À√—∞
À¡“¬‡Àµÿ 8 - ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡
‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π°‘®°“√
∑’ˇ°’ˬ«¢âÕß°—πª√–°Õ∫¥â«¬
°. ‡ß‘π≈ß∑ÿπ
‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡
∑’Ë· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ 944,746,513.90 754,208,751.47 3,247,501,482.00 3,040,954,980.44
‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬
∑’Ë· ¥ßµ“¡«‘∏’√“§“∑ÿπ 25,290.00 25,290.00 25,290.00 25,290.00
‡ß‘π≈ß∑ÿπ∑—Ë«‰ª„π∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π 22,695,026.00 76,800,026.00 21,195,000.00 75,300,000.00
√«¡‡ß‘π≈ß∑ÿπ 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44
¢. ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–¥Õ°‡∫’Ȭ§â“ß√—∫
∫√‘…—∑¬àÕ¬ - - 255,890,527.86 275,738,490.39
∫√‘…—∑√à«¡ - 14,123,376.27 - 14,123,376.27
∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π 260,915,700.48 239,174,954.75 11,488,095.53 11,488,095.53
260,915,700.48 253,298,331.02 267,378,623.39 301,349,962.19
À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (32,488,095.53) (32,488,095.53) (11,488,095.53) (11,488,095.53)
√«¡‡ß‘π„Àâ°Ÿâ¬◊¡ 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66
√«¡‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡„π
°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10
‡ß‘π≈ß∑ÿπ„π°‘®°“√Õ◊Ëπ ª√–°Õ∫¥â«¬
‡ß‘π≈ß∑ÿπ∑—Ë«‰ª„πµ√“ “√∑ÿπ 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¬◊¡ 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10
√“¬≈–‡Õ’¬¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 3
59
Capitalisation of Borrowing Costs
Consolidated
Interest expenses for the years ended December 31, 1999 and 1998 are capitalised to the cost of real estate developments in the approximate amounts
of Baht 40.47 million and Baht 99.80 million, respectively.
The Company
Interest expense for the year ended December 31, 1998 is capitalised to the cost of real estate developments in the approximate amounts of Baht 9.88
million.
Obligation of Assets as at December 31, 1999
The majority of land of the Company and the two subsidiaries were mortgaged as collateral for loans from local financial institutions and the other part
was mortgaged as collateral for the issue of Guaranteed Bonds of an overseas affiliated company in the amount of US$ 19.2 million.
NOTE 8 - INVESTMENTS AND LOANS
Investments and loans as at December 31, consisted of:
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
Investments and loans - related parties,
consisted of:
- Investments
Investments in subsidiary and associated,
companies using the equity method 944,746,513.90 754,208,751.47 3,247,501,482.00 3,040,954,980.44
Investments in subsidiary company,
using the cost method 25,290.00 25,290.00 25,290.00 25,290.00
General investments in related companies 22,695,026.00 76,800,026.00 21,195,000.00 75,300,000.00
Total Investments 967,466,829.90 831,034,067.47 3,268,721,772.00 3,116,280,270.44
- Loans and accrued interest income
Subsidiary companies - - 255,890,527.86 275,738,490.39
Associated companies - 14,123,376.27 - 14,123,376.27
Related companies 260,915,700.48 239,174,954.75 11,488,095.53 11,488,095.53
260,915,700.48 253,298,331.02 267,378,623.39 301,349,962.19
Less Allowance for doubtful accounts (32,488,095.53) (32,488,095.53) (11,488,095.53) (11,488,095.53)
Total Loans 228,427,604.95 220,810,235.49 255,890,527.86 289,861,866.66
Total Investments and Loans
- Related Parties 1,195,894,434.85 1,051,844,302.96 3,524,612,299.86 3,406,142,137.10
Investments in other company
General investment 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 1,196,894,434.85 1,052,844,302.96 3,524,612,299.86 3,406,142,137.10
Details of investments in subsidiary, associated and related companies are shown in Note 3 to the financial statements.
60
À¡“¬‡Àµÿ 9 - ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
µâπ∑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«§√“« 1,404,456,214.30 1,404,434,126.06 1,135,106,060.06 1,135,106,060.06
µâπ∑ÿπ„π°“√æ—≤𓂧√ß°“√
∑’ËÀ¬ÿ¥æ—≤π“™—Ë«§√“« 272,822,177.87 271,586,688.37 269,172,594.32 269,028,504.82
¥Õ°‡∫’Ȭ®à“¬∑’Ë∫—π∑÷°‡ªÁπµâπ∑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
2,320,579,317.92 2,319,321,740.18 2,047,579,580.13 2,047,435,490.63
À—° ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√ (566,509,375.13) (126,618,274.22) (566,509,375.13) (126,618,274.22)
√«¡ 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
°“√· ¥ß¡Ÿ≈§à“„πß∫°“√‡ß‘π
ª’ 2542
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’˵˔°«à“ ‚¥¬„π√–À«à“ß
ª’ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“‚¥¬∫√‘…—∑ºŸâ‡™’ˬ«™“≠°“√ª√–‡¡‘π√“§“ ·≈–‰¥â√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“
‚§√ß°“√„πß∫°”‰√¢“¥∑ÿπ
ª’ 2541
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 31 ∏—𫓧¡ 2541 ∫“ß à«π ®”π«π‡ß‘π 1,721.68
≈â“π∫“∑ · ¥ß„π√“§“∑ÿπ Õ¬à“߉√°Áµ“¡∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å‰¥â√—∫º≈°√–∑∫Õ¬à“ß¡“°®“°¿“«–‡»√…∞°‘®·≈–«‘°ƒµ°“√≥å∑“ߥâ“π°“√‡ß‘π¢Õß
ª√–‡∑»‰∑¬·≈–¿Ÿ¡‘¿“§‡Õ‡´’¬·ª´‘ø‘§ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫®“°°“√‡ πÕ¢“¬‚§√ß°“√Õ“®µË”°«à“¡Ÿ≈§à“∑’Ë· ¥ß‰«â „πß∫¥ÿ≈ ´÷Ëß∫√‘…—∑¡‘‰¥â®—¥„Àâ¡’°“√
ª√–‡¡‘π¡Ÿ≈§à“‚§√ß°“√‚¥¬ºŸâª√–‡¡‘πÕ‘ √–
¿“√–ºŸ°æ—π¢Õß ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542
∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∂Ÿ°®¥®”πÕ߇æ◊ËÕ‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π¿“¬„πª√–‡∑»
À≈“¬·Ààß ·≈–∫“ß à«π¬—ß„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»®”π«π‡ß‘π 19.2 ≈â“π
¥Õ≈≈“√å À√—∞ πÕ°®“°π’È ‘∑∏‘°“√‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑„™â‡ªÁπÀ≈—°ª√–°—π„π°“√°Ÿâ¬◊¡‡ß‘π®“°∫ÿ§§≈∏√√¡¥“
61
NOTE 9 - LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL PURPOSES
Leasehold land and land held for commercial purposes as at December 31, consisted of:
(Amounts:Baht)
Consolidated Company
1999 1998 1999 1998
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 1,404,456,214.30 1,404,434,126.06 1,135,106,060.06 1,135,106,060.06
Suspended development project costs 272,822,177.87 271,586,688.37 269,172,594.32 269,028,504.82
Interest capitalised 556,022,820.04 556,022,820.04 556,022,820.04 556,022,820.04
Leasehold land 77,077,105.71 77,077,105.71 77,077,105.71 77,077,105.71
2,320,579,317.92 2,319,321,740.18 2,047,579,580.13 2,047,435,490.63
Less loss on projects revaluation (566,509,375.13) (126,618,274.22) (566,509,375.13) (126,618,274.22)
Total 1,754,069,942.79 2,192,703,465.96 1,481,070,205.00 1,920,817,216.41
Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company Limited
Valuation in the Financial Statements
1999
As at December 31, 1999, leasehold land and land held for commercial purposes of the Company and the subsidiary, which has been appraised by an
appraisal firm during the year, is stated at the lower of aggregate cost and net realisable value. Loss from appraisal is recognised as expense and included in
the statements of income.
1998
As at December 31, 1998, leasehold land and land held for commercial purposes of Hemaraj Land and Development Public Company Limited in the
amount of Baht 1,721.68 million is stated at cost and has not been appraised by an independent appraiser. In addition, the real estate business has been
affected by the adverse economic conditions in Thailand and the Asia Pacific Region. The net realisable value of this asset may be lower than the value stated
in the balance sheets.
Obligation of Assets as at December 31, 1999
The majority of land of the Company and the subsidiary were mortgaged as collateral for loans from local financial institutions and the other part was
mortgaged as collateral for the issue of Guaranteed Bonds of an overseas affiliated company in the amount of US$ 19.2 million. In addition, leasehold land
was used as collateral for the loan from ordinary person.
62
À¡“¬‡Àµÿ 10 - ‘π∑√—æ¬å„À⇙à“
‘π∑√—æ¬å„Àâ‡™à“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
°“√‡ª≈’ˬπ·ª≈ß√“§“∑ÿπ °“√‡ª≈’ˬπ·ª≈ß§à“‡ ◊ËÕ¡√“§“ – ¡ ¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘
¬Õ¥µâπª’ ‡æ‘Ë¡¢÷Èπ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ ¬Õ¥µâπªï §à“‡ ◊ËÕ¡√“§“ ®”Àπà“¬/ ¬Õ¥ª≈“¬ªï ¬Õ¥µâπªï ¬Õ¥ª≈“¬ªï
µ—¥∫—≠™’ µ—¥∫—≠™’
ß∫°“√‡ß‘π√«¡
∑’Ë¥‘π - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96
Õ“§“√·≈– ‘Ëߪ≈Ÿ° √â“ß 13,179,293.93 110,065,526.48 - 123,244,820.41 443,574.28 4,301,244.69 - 4,744,818.97 12,735,719.65 118,500,001.44
∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ 102,203,644.55 305,269.27 - 102,508,913.82 6,966,396.43 6,821,241.18 - 13,787,637.61 95,237,248.12 88,721,276.21
‘π∑√—æ¬å „Àâ‡™à“ ÿ∑∏‘ 115,382,938.48 135,575,757.71 - 250,958,696.19 7,409,970.71 11,122,485.87 - 18,532,456.58 107,972,967.77 232,426,239.61
ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
∑’Ë¥‘π - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96
Õ“§“√·≈– ‘Ëߪ≈Ÿ° √â“ß - 82,267,182.52 - 82,267,182.52 - 3,110,375.67 - 3,110,375.67 - 79,156,806.85
‘π∑√—æ¬Ï„Àâ‡™à“ ÿ∑∏‘ - 107,472,144.48 - 107,472,144.48 - 3,110,375.67 - 3,110,375.67 - 104,361,768.81
ß∫°“√‡ß‘π√«¡
§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 · ¥ß‡ªÁπµâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 11,122,485.87 ∫“∑
ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
§à“‡ ◊ËÕ¡√“§“Õ“§“√ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 · ¥ß‡ªÁπµâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 3,110,375.67 ∫“∑
À¡“¬‡Àµÿ 11 - ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å
∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
°“√‡ª≈’ˬπ·ª≈ß√“§“∑ÿπ °“√‡ª≈’ˬπ·ª≈ß§à“‡ ◊ËÕ¡√“§“ – ¡ ¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘
¬Õ¥µâπª’ ‡æ‘Ë¡¢÷Èπ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ ¬Õ¥µâπªï §à“‡ ◊ËÕ¡√“§“ ®”Àπà“¬/ ¬Õ¥ª≈“¬ª’ ¬Õ¥µâπª’ ¬Õ¥ª≈“¬ªï
µ—¥∫—≠™’ µ—¥∫—≠™’
ß∫°“√‡ß‘π√«¡
∑’Ë¥‘π 17,277,383.14 - - 17,277,383.14 - - - - 17,277,383.14 17,277,383.14
Õ“§“√·≈– ‘Ëߪ≈Ÿ° √â“ß 199,350,562.71 2,232,535.66 - 201,583,098.37 12,913,119.52 9,901,778.26 - 22,814,897.78 186,437,443.19 178,768,200.59
à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00
‡§√◊ËÕßµ°·µàß/‡§√◊ËÕß„™â ”π—°ß“π 43,912,377.68 10,318,346.10 119,392.72 54,111,331.06 26,902,015.16 7,019,253.74 95,422.58 33,825,846.32 17,010,362.52 20,285,484.74
¬“πæ“Àπ– 22,806,504.37 3,522,640.15 2,986,236.00 23,342,908.52 13,390,314.21 4,570,898.53 2,148,115.93 15,813,096.81 9,416,190.16 7,529,811.71
ß“π√–À«à“ß°àÕ √â“ß 19,291,750.51 4,880,003.18 - 24,171,753.69 - - - - 19,291,750.51 24,171,753.69
∑àÕ àßπÈ”¥‘∫ 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20
∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 307,712,099.36 20,953,525.09 3,105,628.72 325,559,995.73 54,769,034.41 21,735,768.76 2,243,538.51 74,261,264.66 252,943,064.95 251,298,731.07
ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
∑’Ë¥‘π 2,935,589.20 - - 2,935,589.20 - - - - 2,935,589.20 2,935,589.20
Õ“§“√·≈– ‘Ëߪ≈Ÿ° √â“ß 45,348,560.80 - - 45,348,560.80 5,316,217.40 2,191,976.51 - 7,508,193.91 40,032,343.40 37,840,366.89
à«πª√—∫ª√ÿßÕ“§“√ 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00
‡§√◊ËÕßµ°·µàß/‡§√◊ËÕß„™â ”π—°ß“π 28,102,412.17 7,075,420.66 90,102.72 35,087,730.11 18,684,101.33 4,357,086.64 76,075.51 22,965,112.46 9,418,310.84 12,122,617.65
¬“πæ“Àπ– 9,792,793.16 2,581,519.22 2,922,236.00 9,452,076.38 7,456,397.91 1,807,719.79 2,106,524.70 7,157,593.00 2,336,395.25 2,294,483.38
ß“π√–À«à“ß°àÕ √â“ß 723,663.78 - - 723,663.78 - - - - 723,663.78 723,663.78
∑àÕ àßπÈ”¥‘∫ 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20
∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 91,976,540.06 9,656,939.88 3,012,338.72 98,621,141.22 33,020,302.16 8,600,621.17 2,182,600.21 39,438,323.12 58,956,237.90 59,182,818.10
ß∫°“√‡ß‘π√«¡
§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–Õÿª°√≥å ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 · ¥ß‡ªÁπ§à“„™â®à“¬„π°“√∫√‘À“√®”π«π‡ß‘π 21,404,930.22 ∫“∑ ·≈–µâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 330,838.54 ∫“∑
ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
§à“‡ ◊ËÕ¡√“§“Õ“§“√·≈–Õÿª°√≥å ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 · ¥ß‡ªÁπ§à“„™â®à“¬„π°“√∫√‘À“√®”π«π‡ß‘π 8,303,174.19 ∫“∑ ·≈–µâπ∑ÿπ∫√‘°“√®”π«π‡ß‘π 297,446.98 ∫“∑
63
NOTE 10 - LEASE ASSETS
Lease assets as at December 31, 1999 and 1998, consisted of:
(Amounts:Baht)
Change in Cost Change in Accumulated Depreciation Net Book Value
Beginning Addition Sale/Written off Ending Beginning Depreciation Sale/Written off Ending Beginning Ending
Consolidated
Land - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96
Building and structure 13,179,293.93 110,065,526.48 - 123,244,820.41 443,574.28 4,301,244.69 - 4,744,818.97 12,735,719.65 118,500,001.44
Pipe rack 102,203,644.55 305,269.27 - 102,508,913.82 6,966,396.43 6,821,241.18 - 13,787,637.61 95,237,248.12 88,721,276.21
Lease Assets, net 115,382,938.48 135,575,757.71 - 250,958,696.19 7,409,970.71 11,122,485.87 - 18,532,456.58 107,972,967.77 232,426,239.61
The Company
Land - 25,204,961.96 - 25,204,961.96 - - - - - 25,204,961.96
Building and structure - 82,267,182.52 - 82,267,182.52 - 3,110,375.67 - 3,110,375.67 - 79,156,806.85
Lease Assets, net - 107,472,144.48 - 107,472,144.48 - 3,110,375.67 - 3,110,375.67 - 104,361,768.81
Consolidated
Depreciation of building and pipe rack for the year ended December 31, 1999 is included in cost of service in the amount of Baht 11,122,485.87.
The Company
Depreciation of building for the year ended December 31, 1999 is included in cost of service in the amount of Baht 3,110,375.67.
NOTE 11 - PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment as at December 31, 1999 and 1998, consisted of:
(Amounts:Baht)
Change in Cost Change in Accumulated Depreciation Net Book Value
Beginning Addition Sale/Written off Ending Beginning Depreciation Sale/Written off Ending Beginning Ending
Consolidated
Land 17,277,383.14 - - 17,277,383.14 - - - - 17,277,383.14 17,277,383.14
Building and structure 199,350,562.71 2,232,535.66 - 201,583,098.37 12,913,119.52 9,901,778.26 - 22,814,897.78 186,437,443.19 178,768,200.59
Building improvements 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00
Office equipment and furniture
and fixture 43,912,377.68 10,318,346.10 119,392.72 54,111,331.06 26,902,015.16 7,019,253.74 95,422.58 33,825,846.32 17,010,362.52 20,285,484.74
Vehicles 22,806,504.37 3,522,640.15 2,986,236.00 23,342,908.52 13,390,314.21 4,570,898.53 2,148,115.93 15,813,096.81 9,416,190.16 7,529,811.71
Construction in progress 19,291,750.51 4,880,003.18 - 24,171,753.69 - - - - 19,291,750.51 24,171,753.69
Raw water pipe 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20
Property, Plant
and Equipment, net 307,712,099.36 20,953,525.09 3,105,628.72 325,559,995.73 54,769,034.41 21,735,768.76 2,243,538.51 74,261,264.66 252,943,064.95 251,298,731.07
The Company
Land 2,935,589.20 - - 2,935,589.20 - - - - 2,935,589.20 2,935,589.20
Building and structure 45,348,560.80 - - 45,348,560.80 5,316,217.402,191,976.51 - 7,508,193.91 40,032,343.40 37,840,366.89
Building improvements 1,415,947.48 - - 1,415,947.48 1,415,946.48 - - 1,415,946.48 1.00 1.00
Office equipment and furniture
and fixture 28,102,412.17 7,075,420.66 90,102.72 35,087,730.11 18,684,101.33 4,357,086.64 76,075.51 22,965,112.46 9,418,310.84 12,122,617.65
Vehicles 9,792,793.16 2,581,519.22 2,922,236.00 9,452,076.38 7,456,397.91 1,807,719.79 2,106,524.70 7,157,593.00 2,336,395.25 2,294,483.38
Construction in progress 723,663.78 - - 723,663.78 - - - - 723,663.78 723,663.78
Raw water pipe 3,657,573.47 - - 3,657,573.47 147,639.04 243,838.23 - 391,477.27 3,509,934.43 3,266,096.20
Property, Plant
and Equipment, net 91,976,540.06 9,656,939.88 3,012,338.72 98,621,141.22 33,020,302.16 8,600,621.17 2,182,600.21 39,438,323.12 58,956,237.90 59,182,818.10
Consolidated
Depreciation of building and equipment for the year ended December 31, 1999 are included in selling and administrative expenses and cost of service in the
amount of Baht 21,404,930.22 and Baht 330,838.54, respectively.
The Company
Depreciation of building and equipment for the year ended December 31, 1999 are included in selling and administrative expenses and cost of service in the
amount of Baht 8,303,174.19 and Baht 297,446.98, respectively.
64
À¡“¬‡Àµÿ 12 - ‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§
‡ß‘π∑¥√Õß®à“¬°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
2542 2541
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 5,104,223.14 33,177,411.14
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 11,290,857.12 15,526,151.12
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 130,619,684.66 82,460,004.21
√«¡ 147,014,764.92 131,163,566.47
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß 2 ·Ààß ”√Õß®à“¬§à“°àÕ √â“ß “¬ à߉øøÑ“„ππ‘§¡Õÿµ “À°√√¡¢Õß·µà≈–∫√‘…—∑ „Àâ·°à°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ·≈–¡’‡ß◊ËÕπ‰¢
„π°“√√—∫‡ß‘π¥—ß°≈à“«§◊π‚¥¬°“√ºàÕπ™”√–¿“¬„π√–¬–‡«≈“‰¡àµË”°«à“ 3 ª’ ‚¥¬‰¡à¡’¥Õ°‡∫’Ȭ π—∫·µà¡’°“√®à“¬°√–· ‰øøÑ“®“° “¬ àߥ—ß°≈à“« ∑—Èßπ’È„π
Õ—µ√“‰¡à‡°‘π√âÕ¬≈– 30 ¢Õß§à“‰øøÑ“∑’Ë°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§‡√’¬°‡°Á∫®“°ºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡
À¡“¬‡Àµÿ 13 - ‡ß‘π∑ÿπ®¡
‡ß‘π∑ÿπ®¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
2542 2541
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 61,503,567.11 53,799,567.11
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 24,892,107.24 20,377,618.60
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 134,392,101.38 119,455,296.79
√«¡ 220,787,775.73 193,632,482.50
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«∫—π∑÷°∫—≠™’‡ß‘π∑ÿπ®¡µ“¡·π«∑“ß∑’ˉ¥âÀ“√◊Õ°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ ‡√◊ËÕߪ√—∫ª√ÿß —≠≠“√à«¡¥”‡π‘πß“π
µ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 26
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
∫√‘…—∑‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡
¥”‡π‘πß“π ≈ß«—π∑’Ë 4 °—𬓬π 2539 ´÷Ëß√–∫ÿ«à“∫√‘…—∑µâÕ߇ª‘¥∫—≠™’‡ß‘πΩ“°ª√–®”°—∫∏𓧓√·ÀàßÀπ÷Ëß·≈–¬°°√√¡ ‘∑∏‘Ï„Àâ°—∫°“√π‘§¡Õÿµ “À°√√¡
·Ààߪ√–‡∑»‰∑¬ ‚¥¬¡’«—µ∂ÿª√– ߧå‡æ◊ËÕ„™â „π°“√∫”√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§„Àâ°—∫ºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡
À¡“¬‡Àµÿ 14 - §à“§«“¡π‘¬¡
§à“§«“¡π‘¬¡ ‰¥â·°à®”π«π ÿ∑∏‘¢Õ߇ߑπ≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’ˇ°‘π¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ ≥ «—π´◊ÈÕÀÿâπ ®”π«π15,921,431.39 ∫“∑ ¡’°”Àπ¥µ—¥∫—≠™’
¿“¬„π 10 ª’ π—∫·µà‡¥◊Õπ°—𬓬π 2534
À¡“¬‡Àµÿ 15 - ‡ß‘π°Ÿâ¬◊¡∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’
‡ß‘π°Ÿâ¬◊¡∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ ≥ «—π∑’Ë ∏—𫓧¡ 2542 ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–
¢Õß∫√‘…—∑
‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 172,000,000.00 172,000,000.00
‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 167,563,071.15 130,822,739.72
√«¡‡ß‘π°Ÿâ¬◊¡∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ 339,563,071.15 302,822,739.72
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
µ—Ϋ —≠≠“„™â‡ß‘π ∂“∫—π°“√‡ß‘π 2 ·Ààß ´÷Ëߪ‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ®”π«π‡ß‘π 172 ≈â“π∫“∑ §√∫
°”Àπ¥™”√–§◊π„π√–À«à“ߪ’ 2541 ·µà∫√‘…—∑¡‘‰¥â™”√–§◊πµ“¡°”Àπ¥ ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ߥ”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π
‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑ª√—∫‚§√ß √â“ßÀπ’ȇߑπ°Ÿâ¬◊¡√–¬–¬“«®”π«π‡ß‘π 130.82 ≈â“π∫“∑ °—∫ ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß ´÷ËßµàÕ¡“
‰¥âª‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ∫√‘…—∑º‘¥π—¥™”√–¥Õ°‡∫’Ȭ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«„π√–À«à“ߪ’ 2542 ¡’º≈„Àâ¡Ÿ≈Àπ’È
∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡‡ß◊ËÕπ‰¢„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È
65
NOTE 12 - ADVANCE TO PROVINCIAL ELECTRICITY AUTHORITY
Advance to Provincial Electricity Authority as at December 31, consisted of:
(Amounts:Baht)
1999 1998
Hemaraj Land and Development Public Company Limited 5,104,223.14 33,177,411.14
Eastern Industrial Estate Company Limited 11,290,857.12 15,526,151.12
Eastern Seaboard Industrial Estate (Rayong) Company Limited 130,619,684.66 82,460,004.21
Total 147,014,764.92 131,163,566.47
The Company and the two subsidiaries have advanced to the Provincial Electricity Authority for transmission line construction costs supporting
electricity in their industrial estates under the condition of recovering those costs without interest, by way of receiving installments in the period not less
than 3 years from the date of using the line to transmit electricity to the industrial estates. The installments are being made at the maximum rate of 30%
of electricity fees that the Provincial Electricity Authority charges to entrepreneurs in the industrial estates.
NOTE 13 - SINKING FUND
Sinking fund as at December 31, consisted of:
(Amounts:Baht)
1999 1998
Hemaraj Land and Development Public Company Limited 61,503,567.11 53,799,567.11
Eastern Industrial Estate Company Limited 24,892,107.24 20,377,618.60
Eastern Seaboard Industrial Estate (Rayong) Company Limited 134,392,101.38 119,455,296.79
Total 220,787,775.73 193,632,482.50
Hemaraj Land and Development Public Company Limited and Eastern Industrial Estate Company Limited
The Company and the subsidiary have accounted for sinking fund in accordance with the discussion with IEAT in respect of planning for resolving the
joint operation agreements as described in Note 26 to the financial statements.
Eastern Seaboard Industrial Estate (Rayong) Company Limited
The company has entered into a contract dated September 4, 1996 with The Industrial Estate Authority of Thailand (IEAT) to establish Eastern
Seaboard (Rayong) Industrial Estate. The Company was obligated to set aside a fixed deposit at a bank and to transfer withdrawal rights to IEAT to pay for
maintaining and constructing utility systems for entrepreneurs within Eastern Seaboard (Rayong) Industrial Estate.
NOTE 14 - GOODWILL
Goodwill represents the excess of acquisition cost over net assets of investments in subsidiary companies at the date of acquisition in the amount of
Baht 15,921,431.39, and is being amortised over a ten-year period as from September 1991.
NOTE 15 - LIABILITIES ON IMMEDIATE DEMAND
Liabilities on immediate demand as at December 31, 1999, consisted of:
(Amounts:Baht)
Consolidated The Company
Loans from financial institutions on immediate demand 172,000,000.00 172,000,000.00
Long-term liabilities on immediate demand 167,563,071.15 130,822,739.72
Total Liabilities on Immediate Demand 339,563,071.15 302,822,739.72
Hemaraj Land and Development Public Company Limited
The Company failed to meet repayments in respect of promissory notes issued to two financial institutions, which had been closed down in accordance
with a notice of the Ministry of Finance, in the amount of Baht 172 million, which were due in 1998. The Company is currently in the process of negotiating
for financial restructuring.
On March 31, 1999, the Company restructured long-term loan in the amount of Baht 130.82 million with a financial institution, which has subsequently
been closed down in accordance with a notice of the Ministry of Finance. During 1999, the Company failed to meet payments of loan interest payable due.
According to the loan restructuring agreement, the whole amount of loan has been classified as being immediately payable.
66
∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥
‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®”π«π‡ß‘π 36.74 ≈â“π∫“∑ ´÷Ëß°Ÿâ®“° ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß∑’˪‘¥°‘®°“√‡ªÁπ°“√∂“«√µ“¡ª√–°“»√—∞¡πµ√’«à“°“√°√–∑√«ß
°“√§≈—ß §√∫°”Àπ¥™”√–§◊π®”π«π‡ß‘π 9.30 ≈â“π∫“∑ ·µà∫√‘…—∑‰¡à “¡“√∂™”√–§◊πµ“¡°”Àπ¥ ¡’º≈„Àâ¡Ÿ≈Àπ’È∑—ÈßÀ¡¥§√∫°”Àπ¥™”√–§◊π∑—π∑’µ“¡∑’Ë
√–∫ÿ„π —≠≠“°Ÿâ¬◊¡‡ß‘π ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ߥ”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß∑“ß°“√‡ß‘π
À¡“¬‡Àµÿ 16 - √“¬‰¥â√—∫≈à«ßÀπâ“
√“¬‰¥â√—∫≈à«ßÀπâ“ ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
≈Ÿ°Àπ’餈ҫ◊ÈÕ∑’Ë¥‘π
≈Ÿ°Àπ’ȵ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ 6,870,236,507.93 7,766,977,912.83 17,857,500.00 -
À—° ‡ß‘π√—∫ºàÕπ™”√–®“°≈Ÿ°Àπ’È (6,863,904,226.93) (7,755,977,910.83) (17,857,500.00) -
À—° √“¬‰¥â√Õµ—¥∫—≠™’ (179,420,294.46) (260,691,380.85) (1,117,645.06) -
√“¬‰¥â√—∫≈à«ßÀπâ“ (173,088,013.46) (249,691,378.85) (1,117,645.06) -
À¡“¬‡Àµÿ 17 - Àÿâπ°Ÿâ·ª≈ß ¿“æ
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ¡Ÿ≈§à“ 60 ≈â“π¥Õ≈≈“√å À√—∞ ‡¡◊ËÕ«—π∑’Ë 9 °—𬓬π 2536 ¥Õ°‡∫’Ȭ՗µ√“ 3.5% ÿ∑∏‘®“°¿“…’ À—° ≥ ∑’ Ë® à“¬ °”Àπ¥®à“¬
ªï≈–§√—È߇√‘Ë¡µ—Èß·µà«—π∑’Ë 9 °—𬓬π 2537 ·≈–™”√–§◊π„π«—π∑’Ë 9 °—𬓬π 2546
∑’˪√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 11/2536 ‡¡◊ËÕ«—π∑’Ë 10 °—𬓬π 2536 ¡’¡µ‘„Àâ∫√‘…—∑®—¥ √√‡ß‘π∑’Ë ‰¥â®“°°“√ÕÕ°Àÿâπ°Ÿâ·ª≈ß ¿“æ®”π«π‡ß‘π
ª√–¡“≥ 1,512.18 ≈â“π∫“∑ „™â‡æ◊ËÕ°“√æ—≤π“ “∏“√≥Ÿª‚¿§ ”À√—∫∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ·≈–„Àâ∫√ ‘…—∑∫—π∑÷°¥Õ°‡∫’ Ȭ®à“¬∑’ ˇ° ‘¥®“°°“√°Ÿ ⬠◊¡
¥—ß°≈à“«‡ªÁπ à«πÀπ÷ËߢÕßµâπ∑ÿπ¢Õß‚§√ß°“√∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå
‡ß◊ËÕπ‰¢°“√·ª≈ß ¿“æ
Àÿâπ°Ÿâ·µà≈–Àÿâπ¡’ ‘∑∏‘·ª≈ß ¿“懪ÁπÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë™”√–§à“Àÿâπ‡µÁ¡®”π«π·≈⫉¥â 135 Àÿâπ µ—Èß·µà«—π∑’Ë 9 ∏—𫓧¡ 2536 ∂÷ß«—π∑’Ë 9 ‘ßÀ“§¡
2546
∫√‘…—∑Õ“®‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥âµ—Èß·µà«—π∑’Ë 9 °—𬓬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 ¿“扥⠄π«—π∑’Ë 9 °—𬓬π 2541 „π√“§“ 116.50% ¢Õß
¡Ÿ≈§à“Àÿâπ°Ÿâ·ª≈ß ¿“æ
°“√´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ§◊π
„π√–À«à“ߪï 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑» ‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
·≈–µ“¡‡ß◊ËÕπ‰¢„πÀπ—ß ◊Õ™’È™«πÀÿâπ°Ÿâ·ª≈ß ¿“æ®–∂Ÿ°¬°‡≈‘°‚¥¬π“¬∑–‡∫’¬πÀÿâπ°Ÿâ·ª≈ß ¿“æ ´÷Ëß ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 Àÿâπ°Ÿâ
·ª≈ß ¿“æ∑’Ë´◊ÈÕ‚¥¬∫√‘…—∑¬àÕ¬¡’®”π«π‡ß‘πª√–¡“≥ 30.34 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬∫√‘…—∑· ¥ß‰«â„π∫—≠™’‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π®”π«π‡ß‘π
ª√–¡“≥ 1,162.92 ≈â“π∫“∑
Àÿâπ°Ÿâ·ª≈ß ¿“æ§ß‡À≈◊Õ·≈–π‚¬∫“¬ ”√Õ߇º◊ËÕ°“√‰∂à∂Õπ
Àÿâπ°Ÿâ·ª≈ß ¿“æ§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ¡’®”π«π‡ß‘π 24.02 ≈â“π¥Õ≈≈“√å À√—∞ (605.25 ≈â“π∫“∑) ‚¥¬∫√‘…—∑¡’π‚¬∫“¬
µ—Èß ”√Õ߇º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ ”À√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ∑’˧߇À≈◊ÕÕ¬Ÿà∑—Èß®”π«π·≈–· ¥ß√«¡‰«â„πÀÿâπ°Ÿâ·ª≈ß ¿“æ ”√Õ߇º◊ËÕ°“√‰∂à∂ÕπÀÿâπ°Ÿâ
·ª≈ß ¿“æ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ¡’®”π«π‡ß‘πª√–¡“≥ 476.14 ≈â“π∫“∑ ·≈–®”π«π‡ß‘πª√–¡“≥ 452.63 ≈â“π∫“∑ µ“¡≈”¥—∫
°“√º‘¥π—¥‰∂à∂Õπ·≈–°“√º‘¥π—¥®à“¬™”√–¥Õ°‡∫’ȬÀÿâπ°Ÿâ·ª≈ß ¿“æ
∫√‘…—∑º‘¥π—¥‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ à«π∑’˺Ÿâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“愙⠑∑∏‘‡√’¬°„Àâ∫√‘…—∑‰∂à∂Õπ«—π∑’Ë 9 °—𬓬π 2541 πÕ°®“°π’È∫√‘…—∑º‘¥π—¥®à“¬™”√–
¥Õ°‡∫’ȬÀÿâπ°Ÿâ·ª≈ß ¿“æ∑’˧√∫°”Àπ¥™”√–„π«—π∑’Ë 9 °—𬓬π 2542 ·≈– 2541®”π«π‡ß‘π√«¡ 1.98 ≈â“π¥Õ≈≈“√å À√—∞ (74.58 ≈â“π∫“∑) ´÷Ëß®π∂÷ß
«—π∑’Ë 31 ∏—𫓧¡ 2542 ¥Õ°‡∫’ȬÀÿâπ°Ÿâ·ª≈ß ¿“æ§â“ß®à“¬¡’®”π«π∑—Èß ‘Èπ 2.29 ≈â“π¥Õ≈≈“√å À√—∞ (86.23 ≈â“π∫“∑) ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“߇®√®“
°—∫ºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ◊ËÕª√—∫‚§√ß √â“ßÀπ’È ´÷Ë߬—߉¡à∑√“∫º≈°“√‡®√®“
67
Eastern Pipeline Services Company Limited
The company failed to meet repayments in respect of installments of long-term loan from a financial institution, which had been closed down in
accordance with a notice of the Ministry of Finance, with principal in the amount of Baht 36.74 million, the amount of Baht 9.30 million of which was due.
According to the loan agreement, the whole amount of loan has been classified as being immediately payable. The company is currently in the process of
negotiating for financial restructuring.
NOTE 16 - INCOME RECEIVED IN ADVANCE
Income received in advance as at December 31, consisted of:
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
• Land sale contracts receivable
Land sale contracts 6,870,236,507.93 7,766,977,912.83 17,857,500.00 -
Less Installments received (6,863,904,226.93) (7,755,977,910.83) (17,857,500.00) -
Less Deferred income (179,420,294.46) (260,691,380.85) (1,117,645.06) -
Income received in advance (173,088,013.46) (249,691,378.85) (1,117,645.06) -
NOTE 17 - CONVERTIBLE BONDS
Hemaraj Land and Development Public Company Limited
The US$ 60 million convertible bonds, issued on September 9, 1993, bear interest at the rate of 3.5 percent per annum, net of withholding tax, payable
annually commencing on September 9, 1994, and will be redeemed on September 9, 2003.
On September 10, 1993 a resolution was passed by the Board of Directors Meeting No.11/1993 to approve the Company to manage funds from
convertible bonds in the amount of Baht 1,512.18 million for developing land for commercial purposes and to record the interest from convertible bonds as
a part of land development cost.
Conversion and Option for Redemption
As from December 9, 1993 up to August 9, 2003, each convertible bond may be converted into 135 fully paid shares of the Company.
The convertible bonds may be redeemed, in whole or in part, by the Company as from September 9, 1996 at varying percentages of the principal
amount from 109.28 percent to 116.50 percent. At the option of the bondholders, the Company must redeem such convertible bonds on September 9,
1998 at 116.50 percent of principal amount.
Repurchase of Convertible Bonds
During 1998 and 1997, an overseas subsidiary repurchased part of the Company’s convertible bonds. According to the Bond prospectus, the repurchased
convertible bonds should be cancelled forthwith. As at December 31, 1999 and 1998, repurchased convertible bonds were in the approximate amounts of
US$ 30.34 million, which were shown in loan from related parties in the approximate amounts of Baht 1,162.92 million.
Remaining Convertible Bonds and Provision for Redemption of Convertible Bonds
As at December 31, 1999 and 1998, the remaining convertible bonds were in the amount of US$ 24.02 million (Baht 605.25 million). The Company has
based the provision for redemption of the remaining convertible bonds. As at December 31, 1999 and 1998, the Company had reserved provision for
redemption of convertible bonds in the approximate amounts of Baht 476.14 million and Baht 452.63 million, respectively, and included these amounts
within convertible bonds.
Default in Convertible Bonds Redemption and Payment of Interest
The Company failed to redeem the convertible bonds which the bondholders sought redemption in accordance with their rights on September 9, 1998,
and failed to meet payments of interest on convertible bonds which were due on September 9, 1999 and 1998 in the total amount of US$ 1.98 million (Baht
74.58 million). As at December 31, 1999, accrued interest on convertible bonds totalled US$ 2.29 million (Baht 86.23 million). At present, the Company’s
management is in the process of negotiation to restructure debts for which the results have not yet been determined.
68
À¡“¬‡Àµÿ 18 - Àπ’È ‘π√–¬–¬“«
Àπ’È ‘π√–¬–¬“« ≥ «—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√æ“≥‘™¬å „πª√–‡∑» 2 ·Ààß
·≈– ∂“∫—π°“√‡ß‘π„πª√–‡∑»Àπ÷Ëß·Ààß
°. ‡ß‘π°Ÿâ¬◊¡ «ß‡ß‘π 1,200 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ª’
π—∫µ—Èß·µà«—π∑’Ë 28 °—𬓬π 2537 ºàÕπ™”√–§◊π‡¡◊ËÕ¡’°“√
ª≈Õ¥®”πÕß‚©π¥∑’Ë¥‘π„πÕ—µ√“√âÕ¬≈– 60 ¢Õß√“§“¢“¬∑’Ë¥‘π
Õ—µ√“¥Õ°‡∫’Ȭ MLR+1% µàÕª’ µàÕ¡“«—π∑’Ë 30 °—𬓬π 2541
∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’ȇªÁπ«ß‡ß‘π ‘π‡™◊ËÕ 228.25
≈â“π∫“∑ ‚¥¬¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 4 ªï §√∫°”Àπ¥
™”√–§◊π«—π∑’Ë 28 °—𬓬π 2544 ¿“¬„µâ‡ß◊ËÕπ‰¢°“√ºàÕπ™”√–
‡¥‘¡ ¥Õ°‡∫’Ȭ®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕª’ 99,405,283.23 183,248,700.00 99,405,283.23 183,248,700.00
¢. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’ȇ¡◊ËÕ«—π∑’Ë 30 °—𬓬π
2541 ‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Ϋ —≠≠“„™â‡ß‘π‡ªÁπ‡ß‘π°Ÿâ¬◊¡
√–¬–¬“««ß‡ß‘π 297 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 18 ‡¥◊Õπ
°”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—𬓬π 2546 ‚¥¬ºàÕπ™”√–
∑ÿ°ß«¥ 3 ‡¥◊Õπ®”π«π 14 ß«¥ ‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543
¥Õ°‡∫’Ȭ®à“¬ ™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕªï 297,000,000.00 297,000,000.00 297,000,000.00 297,000,000.00
§. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 150 ≈â“π∫“∑ °”Àπ¥™”√–§◊π¿“¬„π 3 ª’
π—∫·µàª’ 2539 ºàÕπ™”√–§◊π 3 ‡¥◊ÕπµàÕß«¥√«¡
12 ß«¥ „π®”π«π‡ß‘π∑’ˇ∑à“°—π Õ—µ√“¥Õ°‡∫’Ȭ MLR+1%
µàÕª’ µàÕ¡“«—π∑’Ë 14 ∏—𫓧¡ 2541 ∫√‘…—∑‰¥â‡®√®“
ª√—∫‚§√ß √â“ßÀπ’ȇªÁπ«ß‡ß‘π ‘π‡™◊ËÕ 75 ≈â“π∫“∑ ‚¥¬
¢¬“¬√–¬–‡«≈“™”√–§◊πÕ’° 5 ª’ §√∫°”Àπ¥™”√–§◊π
¿“¬„π‡¥◊Õπ∏—𫓧¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ
ß«¥≈– 10 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—𫓧¡ 2544
¥Õ°‡∫’Ȭ®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕªï 75,000000.00 75,000,000.00 75,000,000.00 75,000,000.00
ß. ‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’ȇ¡◊ËÕ«—π∑’Ë 14 ∏—𫓧¡ 2541
‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π√Ÿªµ—Ϋ —≠≠“„™â‡ß‘π‡ªÁπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«
«ß‡ß‘π 100 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 36 ‡¥◊Õπ °”Àπ¥
™”√–§◊π¿“¬„π‡¥◊Õπ∏—𫓧¡ 2546 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ
®”π«π 8 ß«¥Ê ≈– 12.5 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 14 ∏—𫓧¡
2544 ¥Õ°‡∫’Ȭ®à“¬™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕª’ 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00
®. ‡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°‡∫’Ȭ
MLR+0.5% µàÕª’ ‡¡◊ËÕ«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2541 ∫√‘…—∑‰¥â
‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π∂÷ß«—π∑’Ë
20 ∏—𫓧¡ 2541 ·≈–Õ—µ√“¥Õ°‡∫’Ȭ‡ªÁπ MLR µàÕª’ µàÕ¡“
«—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ßÀπ’È ‚¥¬
‚Õπµâπ‡ß‘πµ“¡¿“√–°“√Õ“«—≈µ—Ϋ —≠≠“„™â‡ß‘π®”π«π‡ß‘π 20.82
≈â“π∫“∑ ‡ªÁπ‡ß‘π°Ÿâ¬◊¡ √«¡‡ªÁπ‡ß‘π°Ÿâ¬◊¡∑—Èß ‘Èπ ®”π«π‡ß‘π
130.82 ≈â“π∫“∑ ‡ß‘πµâπ°”Àπ¥™”√–§◊π¿“¬„π«—π∑’Ë 28 ∏—𫓧¡
2544 ‚¥¬ºàÕπ™”√–‡ªÁπ√“¬‡¥◊Õπ®”π«π 12 ß«¥Ê ≈–‰¡àµË”°«à“
11 ≈â“π∫“∑ ‡√‘Ë¡ß«¥·√° 31 ¡°√“§¡ 2544 ¥Õ°‡∫’Ȭ®à“¬
™”√–∑ÿ°‡¥◊ÕπÕ—µ√“¥Õ°‡∫’Ȭ MLR+1%-MLR+1.5% µàÕª’ 130,822,739.72 110,000,000.00 130,822,739.72 110,000,000.00
√«¡ 702,228,022.95 765,248,700.00 702,228,022.95 765,248,700.00
69
NOTE 18 - LONG-TERM LIABILITIES
Long-term liabilities as at December 31, consisted of:
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
Hemaraj Land and Development Public Company Limited
Loans from two local banks and a local financial institution
• Loan with credit line of Baht 1,200 million, to be repaid within
3 years as from September 28, 1994. Payment, when no
mortgage, is at the rate of 60% of transferred land price.
The interest rate is MLR+1% per annum.
According to the results of debt restructuring on September
30, 1998, the credit line is changed to Baht 228.25 million
and extended to be repaid within 4 years due on September
28, 2001. Payment is made under the old policy.
The interest rate is MLR per annum,payable monthly. 99,405,283.23 183,248,700.00 99,405,283.23 183,248,700.00
• 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 per annum, payable monthly. 297,000,000.00 297,000,000.00 297,000,000.00 297,000,000.00
• 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 restructuring
on December 14, 1998, the credit line is changed to
Baht 75 million and extended to be repaid quarterly
within 5 years due within December, 2003, Baht 10 million
per quarter, the first installment due on December 14, 2001.
The interest rate is MLR per annum, payable monthly. 75,000000.00 75,000,000.00 75,000,000.00 75,000,000.00
• 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 per annum, payable monthly. 100,000,000.00 100,000,000.00 100,000,000.00 100,000,000.00
• Loan in the amount of Baht 110 million, to be repaid
within 20 months as from February 13, 1996.
The interest rate is MLR+0.5% per annum. According to
the results of debt restructuring on June 24, 1998, the
principal is extended to be repaid on December 20, 1998
and the interest rate is changed to MLR per annum. Subsequently,
according to the results of debt restructuring on March 31, 1999,
the principal is changed to Baht 130.82 million, of which Baht
20.82 million changed from liability arising from guarantee of
promissory note which has not been repaid. The principal is
to be repaid monthly from January 31, 2001 to December
28, 2001, in 12 installments,minimum Baht 11 million each.
The interest rate is MLR+1% to MLR+1.5%
per annum, payable monthly. 130,822,739.72 110,000,000.00 130,822,739.72 110,000,000.00
Total 702,228,022.95 765,248,700.00 702,228,022.95 765,248,700.00
70
(Àπ૬ : ∫“∑)
ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑
2542 2541 2542 2541
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√æ“≥‘™¬å „πª√–‡∑»·ÀàßÀπ÷Ëß
ª√–°Õ∫¥â«¬
‡ß‘π°Ÿâ¬◊¡®“°°“√ª√—∫‚§√ß √â“ßÀπ’ȇ¡◊ËÕ«—π∑’Ë
30 °—𬓬π 2541 ‰¥â‡ª≈’Ë¬π®“°‡ß‘π°Ÿâ¬◊¡„π
√Ÿªµ—Ϋ —≠≠“„™â‡ß‘π‡ªÁπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«
«ß‡ß‘π 93 ≈â“π∫“∑ ª≈Õ¥™”√–§◊π‡ß‘πµâπ 18
‡¥◊Õπ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ°—𬓬π
2544 ‚¥¬ºàÕπ™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ ®”π«π 6
ß«¥ ‡√‘Ë¡ß«¥·√° ¡‘∂ÿπ“¬π 2543 ¥Õ°‡∫’Ȭ®à“¬
™”√–∑ÿ°‡¥◊Õπ Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕª’ 93,000,000.00 93,000,000.00 - -
√«¡ 93,000,000.00 93,000,000.00 - -
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
‡ß‘π°Ÿâ¬◊¡®“°∏𓧓√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∑’ˇÀ≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ
¡’π“§¡ 2543 ´÷ËßµàÕ¡“∫√‘…—∑‰¥â¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π
‡ªÁπ¿“¬„π‡¥◊Õπ¡’π“§¡ 2544 ¥Õ°‡∫’Ȭ®à“¬™”√–∑ÿ°‡¥◊Õπ
Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕª’ 430,569,142.35 469,478,257.25 - -
¢. ‡ß‘π°Ÿâ¬◊¡®”π«π‡ß‘π 230 ≈â“π∫“∑ °”Àπ¥™”√–§◊π 50%
¢Õß√“§“µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√ ‡¡◊ËÕ¡’°“√‚Õπ
°√√¡ ‘∑∏‘Ï∑’Ë¥‘π·≈– à«π∑’ˇÀ≈◊Õ °”Àπ¥™”√–§◊π¿“¬„π‡¥◊Õπ
°√°Æ“§¡ 2543 ´÷ËßµàÕ¡“∫√‘…—∑‰¥â¢Õ¢¬“¬√–¬–‡«≈“™”√–§◊π
‡ªÁπ¿“¬„π‡¥◊Õπ°√°Æ“§¡ 2544 ¥Õ°‡∫’Ȭ®à“¬™”√–∑ÿ°‡¥◊Õπ
Õ—µ√“¥Õ°‡∫’Ȭ MLR µàÕªï 151,874,643.50 201,250,000.00 - -
√«¡ 582,443,785.85 670,728,257.25 - -
∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥
‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑‡ß‘π∑ÿπ·ÀàßÀπ÷Ëß ª√–°Õ∫¥â«¬
‡ß‘π°Ÿâ¬◊¡«ß‡ß‘π 50 ≈â“π∫“∑ °”Àπ¥™”√–§◊π ¿“¬„π«—π∑’Ë 31
¡’π“§¡ 2547 ‚¥¬ºàÕπ™”√–‡ªÁπ√“¬‡¥◊Õπ ®”π«π 72 ß«¥
‡√‘Ë¡ß«¥·√° 30 ‡¡…“¬π 2541 ¥Õ°‡∫’Ȭ®à“¬™”√–∑ÿ°‡¥◊Õπ
Õ—µ√“¥Õ°‡∫’Ȭ MLR+1% µàÕªï 36,740,331.43 36,740,331.43 - -
√«¡ 36,740,331.43 36,740,331.43 - -
√«¡Àπ’È ‘π√–¬–¬“« 1,414,412,140.23 1,565,717,288.68 702,228,022.95 765,248,700.00
À—° à«π∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ (167,563,071.15) (146,740,331.43)(130,822,739.72) (110,000,000.00)
À—° à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–
¿“¬„πÀπ÷Ëߪ’· ¥ß‰«â¿“¬„µâÀπ’È ‘πÀ¡ÿπ‡«’¬π(122,042,879.34) (51,622,594.00) (63,660,000.00) -
√«¡Àπ’È ‘π√–¬–¬“« ÿ∑∏‘ 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00
Àπ’È ‘π¥—ß°≈à“«¢â“ßµâπ¡’À≈—°ª√–°—πµà“ßÊ °—π
Àπ’È ‘π√–¬–¬“«¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ∑’˺‘¥π—¥°“√®à“¬™”√–·≈–Õ¬Ÿà√–À«à“ߥ”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ß
∑“ß°“√‡ß‘π · ¥ß‡ªÁπ‡ß‘π°Ÿâ¬◊¡∑’ˇ®â“Àπ’È “¡“√∂‡√’¬°§◊π‰¥â∑—π∑’ µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë 15
71
(Amounts:Baht)
Consolidated The Company
1999 1998 1999 1998
Eastern Industrial Estate Company Limited
Loan from a local bank, consisted of:
• Loan with credit line of Baht 93 million and
grace period of 18 months, which changed
from promissory note from debt restructuring
on September 30, 1998, to be repaid within
6 quarters from June, 2000 to September, 2001.
The interest rate is MLR per annum,
payable monthly. 93,000,000.00 93,000,000.00 - -
Total 93,000,000.00 93,000,000.00 - -
Eastern Seaboard Industrial Estate (Rayong) Company Limited
Loans from two local banks, consisted of:
• Loan with credit line of Baht 550 million,
repayable as titles are transferred at 50%
of land contract price and the outstanding
amount repayable within March, 2000,
subsequently extended to March, 2001,
with the interest of MLR per annum,
payable monthly. 430,569,142.35 469,478,257.25 - -
• Loan in the amount of Baht 230 million,
repayable as titles are transferred at 50%
of land contract price and the outstanding
amount repayable within July, 2000,
subsequently extended to July, 2001,
with the interest of MLR per annum,
payable monthly. 151,874,643.50 201,250,000.00 - -
Total 582,443,785.85 670,728,257.25 - -
Eastern Pipeline Services Company Limited
Loan from a finance company consisted of:
• Loan with credit line of Baht 50 million,
to be repaid over 72 months from
April 30, 1998 to March 31, 2004.
The interest rate is MLR+1% per annum,
payable monthly. 36,740,331.43 36,740,331.43 - -
Total 36,740,331.43 36,740,331.43 - -
Total Long-Term Liabilities 1,414,412,140.23 1,565,717,288.68 702,228,022.95 765,248,700.00
Less Long-term liabilities on immediate
demand shown under current liabilities (167,563,071.15) (146,740,331.43) (130,822,739.72) (110,000,000.00)
Less current portions of long-term liabilities
shown under current liabilities (122,042,879.34) (51,622,594.00) (63,660,000.00) -
Long-Term Liabilities, net 1,124,806,189.74 1,367,354,363.25 507,745,283.23 655,248,700.00
The above liabilities are collateralised.
As at December 31, 1999, long-term liabilities of the Company and a subsidiary, in default of payment and under the process of negotiation for financial
restructuring, are presented as liabilities on immediate demand as described in Note 15 to the financial statements.
72
À¡“¬‡Àµÿ 19 - Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π
H-International (BVI) Company Limited
∑’˪√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 5/2541 ‡¡◊ËÕ«—π∑’Ë 25 °—𬓬π 2541 ¡’¡µ‘„Àâ∫√‘…—∑ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π 2 «ß‡ß‘π √«¡ 19.2 ≈â“π¥Õ≈≈“√å
À√—∞ °—∫∏𓧓√æ“≥‘™¬å·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑» ÷Ëß∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∫“ß à«π¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‚¥¬·∫àßÕÕ°‡ªÁπ«ß‡ß‘π 11.5
≈â“π¥Õ≈≈“√å À√—∞ ·≈–«ß‡ß‘π 7.7 ≈â“π¥Õ≈≈“√å À√—∞ Õ—µ√“¥Õ°‡∫’Ȭ ( ÿ∑∏‘®“°¿“…’À—° ≥ ∑’Ë®à“¬) 1% ·≈– 5% µàÕª’ µ“¡≈”¥—∫ °”Àπ¥™”√–∑ÿ°ß«¥ 3 ‡¥◊Õπ
‡√‘Ë¡ß«¥·√°«—π∑’Ë 31 ∏—𫓧¡ 2541 ‡ß‘πµâπ°”Àπ¥‰∂à∂Õπ¿“¬„πª’ 2548 ‚¥¬°“√ºàÕπ™”√–§◊π∑ÿ°ß«¥ 6 ‡¥◊Õπ ®”π«π 8 ß«¥ ‡√‘Ë¡ß«¥·√°
«—π∑’Ë 31 ¡’π“§¡ 2545
«—π∑’Ë 30 °—𬓬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√—∞ ®“°∏𓧓√¥—ß°≈ à“«„π√“§“ 8.47 ≈ â“π¥Õ≈≈“√ å À√ —∞ ·≈–µàÕ¡“
∫√‘…—∑‰¥âÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—πÕ’°®”π«πÀπ÷Ë߫߇ߑπ 7.7 ≈â“π¥Õ≈≈“√å À√—∞ ‚¥¬‡ß‘π∑’ˉ¥â√—∫®–π”¡“„™â‡ªÁπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π∫√‘…—∑
π‚¬∫“¬µ—Èß ”√Õߺ≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π
∫√‘…—∑¡’π‚¬∫“¬µ—Èß ”√Õߺ≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬§”π«≥µ“¡Õ“¬ÿÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π·≈–· ¥ß√«¡‰« â „πÀ ÿ âπ°Ÿ â™π ‘¥
¡’À≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ·≈– 2541 ”√Õߺ≈µÕ∫·∑π®“°°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¡’®”π«π‡ß‘π 0.66 ≈â“π¥Õ≈≈“√å À√—∞ (24.92
≈â“π∫“∑) ·≈–®”π«π‡ß‘π 0.15 ≈â“π¥Õ≈≈“√å À√—∞ (5.46 ≈â“π∫“∑) µ“¡≈”¥—∫
À≈—°ª√–°—π
°. ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß √à«¡§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π ‚¥¬¡’¢âÕºŸ°æ—π∑’˵âÕß
ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π
¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß√«¡∑—Èß∑’Ë¥‘π∫“ß à«π¢Õß∫√‘…—∑¥—ß°≈à“«„™â‡ªÁπÀ≈—°ª√–°—π„π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π
‡ß◊ËÕπ‰¢Õ◊Ëπ¢Õß°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π
°. Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π‰¡à “¡“√∂π”‡¢â“®¥∑–‡∫’¬πÀ√◊Õ®”Àπà“¬„πµ≈“¥À≈—°∑√—æ¬åÀ√◊Õµ≈“¥´◊ÈÕ¢“¬À≈—°∑√—æ¬åÕ◊Ëπ„¥·≈–‰¡à “¡“√∂‚Õπ„Àâ∫ÿ§§≈
„¥πÕ°®“°∫√‘…—∑„π‡§√◊Õ¢ÕߺŸâ∂◊ÕÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π
¢. ∫√‘…—∑¡’ ‘∑∏‘‰∂à∂ÕπÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π∫“ß à«πÀ√◊Õ∑—ÈßÀ¡¥‰¥â°àÕπ§√∫°”Àπ¥ ·≈–¡’¿“√–µâÕ߉∂à∂ÕπÀÿâπ°Ÿâ ™π‘¥¡’À≈—°ª√–°—π∫“ß à«π
‡¡◊ËÕ¡’°“√¢“¬∑’Ë¥‘π∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π √“§“‰∂à∂Õπ®–§”π«≥‚¥¬√«¡º≈µÕ∫·∑π„πÕ—µ√“ Yield 7% - 9% µàÕª’ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ™π‘¥¡’
À≈—°ª√–°—π®π∂÷ß«—π∑’ˉ∂à∂Õπ
À¡“¬‡Àµÿ 20 - ”√Õ߇º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
∫√‘…—∑¡’¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬‡°’ˬ«°—∫¿“√–§È”ª√–°—π´÷ËßÕ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈ ‚¥¬∂Ÿ°‡√’¬°√âÕß„Àâ√—∫º‘¥™Õ∫®”π«π 128 ≈â“π∫“∑ ´÷Ëß∫√‘…—
∑∫—π∑÷° ”√Õß§à“‡ ’¬À“¬ Ÿß ÿ¥∑’ËÕ“®‡°‘¥¢÷Èπ¥—ß°≈à“«·≈â«∑—Èß®”π«π
À¡“¬‡Àµÿ 21 - ∑ÿπ‡√◊ÕπÀÿâπ
¡µ‘∑’˪√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2542
∑’˪√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2542 ¡’¡µ‘‡ªÁπ‡Õ°©—π∑åÕπÿ¡—µ‘„À⥔‡π‘π°“√
‡°’ˬ«°—∫∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑·≈–Õπÿ¡—µ‘°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ √ÿª‚¥¬¬àÕ‰¥â¥—ßπ’È
°. ≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑®“°‡¥‘¡ 1,000 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ 100 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‡ªÁπ∑ÿπ®¥∑–‡∫’¬π 810 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ
81 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‚¥¬°“√µ—¥Àÿâπ “¡—≠∑’ˬ—ß¡‘‰¥âπ”ÕÕ° ®”Àπà“¬®”π«π 19 ≈â“πÀÿâπ ¡Ÿ≈§à“ 190 ≈â“π∫“∑ ·≈–„Àⷰ≢Àπ—ß ◊Õ
∫√‘§≥Àå π∏‘¢âÕ 4 ¢Õß∫√‘…—∑ ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√≈¥∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â®¥∑–‡∫’¬π≈¥∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 11 情¿“§¡
2542
¢. ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑Õ’°®”π«π 1,960 ≈â“π∫“∑ ®“°∑ÿπ®¥∑–‡∫’¬π 810 ≈â“π∫“∑ ‡ªÁπ∑ÿπ®¥∑–‡∫’¬π 2,770 ≈â“π∫“∑ ·∫àßÕÕ°‡ªÁπ
277 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠®”π«π 196 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ·≈–„Àⷰ≢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘¢âÕ 4
¢Õß∫√‘…—∑‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π ´÷Ëß∫√‘…—∑‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 12 情¿“§¡ 2542
§. ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”π«π 141,531,150 Àπ૬ ‡ πÕ¢“¬„Àⷰຟâ∂◊ÕÀÿâπ‡¥‘¡„πÕ—µ√“ à«π„∫ ”§ —≠· ¥ß ‘ ∑∏ ‘ ∑ ’ Ë ® –´ ◊ È Õ À ÿ â π
2 Àπ૬ µàÕ 1 Àÿâπ‡¥‘¡ √“§“Àπ૬≈– 0.10 ∫“∑ ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘¿“¬„π 5 ª’ π—∫®“°«—πÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ Õ—µ√“°“√„™â ‘∑∏‘
„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ 1 Àπ૬ µàÕÀÿâπ “¡—≠ 1 Àÿâπ „π√“§“Àÿâπ≈– 10 ∫“∑ „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ à«π∑’ˇÀ≈◊Õ®“°°“√®—¥ √√
„Àⷰຟâ∂◊ÕÀÿâπ‡¥‘¡„À⇠πÕ¢“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß‰¡à‡°‘π 35 √“¬ ·≈–/À√◊Õ π—°≈ß∑ÿπª√–‡¿∑ ∂“∫—π 17 ª√–‡¿∑ µ“¡ª√–°“»¢Õß
”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–„À⥔‡π‘π°“√®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å
®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‡ß‘π∑’ˉ¥â√—∫°“√¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®–π”¡“„™â‡ªÁπ∑ÿπÀ¡ÿπ‡«’¬π¢Õß∫√‘…—∑
73
NOTE 19 - GUARANTEED BONDS
H-International (BVI) Company Limited
On September 25, 1998, a resolution was passed by the Board of Directors Meeting No. 5/1998 to approve the company to issue, in two tranches, US$
19.2 million Guaranteed Bonds to a foreign commercial bank which had acquired part of the convertible bonds issued by Hemaraj Land and Development
Public Company Limited. The principal amounts are US$ 11.5 million for the first tranche and US$ 7.7 million for the second tranche, to be repaid within
2005 in 8 semi-annual installments, with the first installment due on March 31, 2002. The interest rates (net of withholding tax) are 1% per annum and 5%
per annum, respectively, payable quarterly as from December 31, 1998.
On September 30, 1998 the company issued the first tranche of Guaranteed Bonds in the amount of US$ 11.5 million in the acquisition of 7,700
convertible bonds (US$ 7.7 million) issued by Hemaraj Land and Development Public Company Limited, which were held by the referred bank, at a price of
US$ 8.47 million. Subsequently, the company issued the second tranche of Guaranteed Bonds in the amount of US$ 7.7 million for its working capital.
Reserve for Redemption of Guaranteed Bonds
Reserve for redemption of Guaranteed Bonds is calculated over the period of the Guaranteed Bonds and included in Guaranteed Bonds. As at
December 31, 1999 and 1998, reserve for redemption of Guaranteed Bonds were in the amount of US$ 0.66 million (Baht 24.92 million) and US$ 0.15
million (Baht 5.46 million), respectively.
Collateral
• Hemaraj Land and Development Public Company Limited has co-operated with two affiliated companies to guarantee the issue of Guaranteed
Bonds. These companies have obligations to comply with terms and conditions of the issue of the Guaranteed Bonds.
• Investments in ordinary shares and certain land of an affiliated company were used as collateral for the issue of Guaranteed Bonds.
Other Conditions of Guaranteed Bonds
• The Guaranteed Bonds are not and are not capable of being quoted, listed or ordinarily dealt in any stock exchange, over-the-counter or other
organised securities market and may not be transferred to any person other than to an affiliate of the registered holder.
• The Guaranteed Bonds may be redeemed early in whole or in part and the Company is mandated to redeem part of the bonds when the mortgaged
land is sold. The redemption price is being calculated to give a yield of 7% - 9% per annum from the issuing date to repayment date.
NOTE 20 - RESERVE FOR UNCERTAIN LOSS FROM LAWSUIT
Hemaraj Land and Development Public Company Limited
A lawsuit relating to the obligation under guarantee has been filed against the Company requiring it to indemnify the amount of Baht 128 million. The
lawsuit has been in the jurisdiction process. The Company has reserved the maximum loss that may arise from this case in the financial statements.
NOTE 21 - SHARE CAPITAL
Resolutions of the 1999 Annual General Meeting of Shareholders
The Annual General Meeting of Shareholders of Hemaraj Land and Development Public Company Limited held on April 30, 1999 unanimously approved
the Company to amend its authorised share capital and to issue warrants, summarised as follows:
• Decrease authorised share capital from Baht 1,000 million, consisting of 100 million ordinary shares of Baht 10 par value, to authorised share capital
of Baht 810 million, consisting of 81 million ordinary shares of Baht 10 par value, by way of revoking the 19 million unissued ordinary shares,
amounting to Baht 190 million, and to adapt the Company’s Memorandum of Association No. 4 to conform with this resolution for which the
Company registered the decrease of its authorised share capital with the Ministry of Commerce on May 11, 1999.
• Increase authorised share capital by an amount of Baht 1,960 million, from the balance of Baht 810 million, to Baht 2,770 million divided into 277
million ordinary shares of Baht 10 par value, by issuing 196 million ordinary shares of Baht 10 par value, and to adapt the Company’s Memorandum
of Association No. 4 to conform with this resolution for which the Company registered the increase of its authorised share capital with the Ministry
of Commerce on May 12, 1999.
• Issue 141,531,150 warrants to be offered to the existing shareholders in the ratio of 2 warrants to 1 old share, at the price of Baht 0.10 per warrant.
Warrant holders can then subscribe for new shares in the ratio of 1 new share for each warrant, at a price of Baht 10 per share, with an exercise
period of 5 years. The remaining warrants after offering to the existing shareholders will be offered to a maximum of 35 specific investors and/or 17
firm investors classified by a Notice of the Office of Securities and Exchange Commission. The warrants will be registered as listed securities in the
Stock Exchange of Thailand. Funds from the subscription of warrants will be utilised as the Company’s working capital.
74
ß. ®—¥ √√Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ¥—ßπ’È
ß.1 ®”π«π 141,531,150 Àÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠
ß.2 ®”π«π 50,468,850 Àÿâπ ‡æ◊ËÕ‡ πÕ¢“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß‰¡à‡°‘π 35 √“¬ ·≈–/À√◊Õ π—°≈ß∑ÿπ 17 ª√–‡¿∑ µ“¡ª√–°“»¢Õß
”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å
ß.3 ®”π«π 4 ≈â“πÀÿâπ ‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕߺŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ‡æ‘Ë¡‡µ‘¡®“°∑’ˉ¥â®—¥ √√‰«â·≈â« µ“¡¡µ‘∑’˪√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ
§√—Èß∑’Ë 3/2536 √«¡‡ªÁπÀÿâπ “¡—≠∑’Ë®—¥ √√‰«â‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘·ª≈ß ¿“æ¢ÕߺŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ∑—Èß ‘Èπ®”π«π 14,234,425 Àÿâπ
°“√ÕÕ°®”Àπà“¬·≈–°“√®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π
∫√‘…—∑ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”Àπà“¬„Àⷰຟâ∂◊ÕÀÿâπ‡¥‘¡®”π«π 79,965,902 Àπ૬ ·≈–®”Àπà“¬·°àπ—°≈ß∑ÿπ‚¥¬‡©æ“–‡®“–®ß
®”π«π 61,565,248 Àπ૬ „π√“§“Àπ૬≈– 0.1 ∫“∑ ‰¥â√—∫‡ß‘π®“°°“√®”Àπà“¬∑—Èß ‘Èπ ®”π«π‡ß‘πª√–¡“≥ 14.15 ≈â“π∫“∑ ·≈–‰¥â¥”‡π‘π°“√
®¥∑–‡∫’¬π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠‡ªÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬πµàÕµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ (µ≈“¥À≈—°∑√—æ¬åœ) ·≈–µ≈“¥À≈—°∑√—æ¬åœ
‰¥âÕπÿ¡—µ‘„À⇪ÁπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π«—π∑’Ë 15 ∏—𫓧¡ 2542 ‡ªÁπµâπ‰ª
º≈°√–∑∫®“°°“√„™â ‘∑∏‘¢ÕߺŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“æ·≈–ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠
°√≥’∑’˺Ÿâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß ¿“愙⠑∑∏‘·ª≈ß ¿“æ∑—Èß®”π«π·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¡’°“√„™â ‘∑∏‘‡µÁ¡®”π«π ®”π«πÀÿâπ “¡—≠∑—Èß ‘Èπ
∑’Ëæ÷ßÕÕ°®“°°“√„™â ‘∑∏‘¥—ß°≈à“«®–‡∑à“°—∫√âÕ¬≈– 67.17 ¢Õß∑ÿπ‡√◊ÕπÀÿâπÀ≈—ß°“√„™â ‘∑∏‘¥—ß°≈à“«
À¡“¬‡Àµÿ 22 - §à“µÕ∫·∑π
§à“µÕ∫·∑π°√√¡°“√ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ ª√–°Õ∫¥â«¬
(Àπ૬ : ∫“∑)
2542 2541
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) 3,292,219.79 1,767,011.69
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥ 1,020,000.00 3,825,000.00
H-International (BVI) Company Limited 22,388,551.88 20,596,930.86
√«¡ 26,700,771.67 26,188,942.55
§à“„™â®à“¬æπ—°ß“π´÷Ëß· ¥ß√«¡‡ªÁπ§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√·≈–µâπ∑ÿπ∫√‘°“√„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ª’ ‘Èπ ÿ¥« —π∑’ Ë 31 ∏—𫓧¡ 2542
¡’¥—ßπ’È
(Àπ૬ : ≈â“π∫“∑)
ß∫°”‰√¢“¥∑ÿπ√«¡ 48.29
ß∫°”‰√¢“¥∑ÿπ‡©æ“–¢Õß∫√‘…—∑ 14.35
À¡“¬‡Àµÿ 23 - √“¬°“√摇»…
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ·≈– H-International (BVI) Company Limited (ç∫√‘…—∑¬àÕ¬„π
µà“ߪ√–‡∑»é)
„π√–À«à“ߪ’ 2541 ·≈– 2540 ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»‰¥â´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ¢Õß∫√‘…—∑ ®”π«π√«¡ 30,335 Àÿâπ ¡Ÿ≈§à“ 30.34 ≈â“π¥Õ≈≈“√å
À√—∞ „π√“§“ 24.75 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 942.37 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑∫—π∑÷°∫—≠™’Àÿâπ°Ÿâ®”π«π¥—ß°≈à“«‰«â„πª’ 2540 ‡ªÁπ®”π«π‡ß‘π
1,118 ≈â“π∫“∑
µàÕ¡“∑’˪√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 3 ‘ßÀ“§¡ 2541 ¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑∑” —≠≠“™”√–§◊π‡ß‘π§à“´◊ÈÕÀÿâπ°Ÿâ·ª≈ß ¿“æ„Àâ·°à∫√‘…—∑¬àÕ¬
¥—ß°≈à“«„π√“§“µ“¡¡Ÿ≈§à“Àÿâπ°Ÿâ‡ªÁπ®”π«π‡ß‘π 30.34 ≈â“π¥Õ≈≈“√å À√—∞ À√◊Õ®”π«π‡ß‘π 1,163 ≈â“π∫“∑
º≈®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ· ¥ß‡ªÁπ√“¬°“√摇»… °”‰√®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–¢“¥∑ÿπ®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ „π
ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2541 ®”π«π‡ß‘π 175.63 ≈â“π∫“∑ ·≈–®”π«π‡ß‘π 44.92 ≈â“π∫“∑
µ“¡≈”¥—∫
75
• Allocation of the increase ordinary shares is as follows:
- 141,531,150 shares are to be reserved for warrant holders.
- 50,468,850 shares are to be offered to a maximum of 35 specific investors and/ or 17 firm investors classified by a notice of the Office of
Securities and Exchange Commission.
- 4 million shares are to be reserved for additional conversion of convertible bonds. Accordingly, ordinary shares reserved for conversion of
convertible bonds are increased from the amount approved by the Annual General Meeting of Shareholders No. 3/1993 to 14,234,425 shares.
Issue of Warrants and Registering as Listed Securities
The Company issued 79,965,902 warrants offerred to the existing shareholders and 61,565,248 warrants offerred to specific investors, at the unit price
of Baht 0.10. Total cash received from offer of warrants was in the approximate amounts of Baht 14.15 million. The warrants were approved by the Stock
Exchange of Thailand to be listed securities from December 15, 1999 onwards.
Effect from Exercise of Bondholders and Warrant Holders
In case that all the convertible bonds are converted and all warrants are excercised, the shares issuable will be 67.17% of the Company’s issued share
capital.
NOTE 22 - REMUNERATION
Directors’ remuneration for the years ended December 31, consisted of:
(Amounts:Baht)
1999 1998
Hemaraj Land and Development Public Company Limited 3,292,219.79 1,767,011.69
Eastern Seaboard Industrial Estate (Rayong) Company Limited 1,020,000.00 3,825,000.00
H-International (BVI) Company Limited 22,388,551.88 20,596,930.86
Total 26,700,771.67 26,188,942.55
Staff costs included in selling and administrative expenses and cost of service in the statements of income forthe year ended December 31, 1999 are
as follows:
(Amounts:Million Baht)
Consolidated 48.29
The Company 14.35
NOTE 23 - EXTRAORDINARY ITEM
Hemaraj Land and Development Public Company Limited (the Company) and H-International (BVI) Company Limited (an overseas
subsidiary)
During the year 1998 and 1997, an overseas subsidiary purchased 30,335 of the Company’s convertible bonds (US$ 30.34 million) at a price of US$
24.75 million equal to Baht 942.37 million for which the Company had recorded those bonds as at December 31, 1997 in the amount of Baht 1,118 million.
On August 3, 1998, a resolution was passed by a Board of Directors Meeting approving the Company to refund the nominal value of convertible bonds
of US$ 30.34 million equal to Baht 1,163 million.
The results of repurchases of convertible bonds, as shown under extraordinary item, include gain on repurchase of convertible bonds in the consolidated
financial statements and loss on repurchase of convertible bonds in the Company’s financial statements for the year ended December 31, 1998, in the
amounts of Baht 175.63 million and Baht 44.92 million, respectively.
76
À¡“¬‡Àµÿ 24 - °“√§”π«≥¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥
ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542
¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ª’ ®”π«πÀÿâπ ®”π«πµàÕÀÿâπ
(∫“∑) (Àÿâπ) (∫“∑)
¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π
¢“¥∑ÿπ ÿ∑∏‘∑’ˇªÁπ¢ÕßÀÿâπ “¡—≠ (1,010,682,602.50) 70,765,577 (14.28)
º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥
°. Àÿâπ°Ÿâ·ª≈ß ¿“æ
°.1 ∫«°°≈—∫§à“„™â®à“¬∑’˪√–À¬—¥‰¥â®“°°“√·ª≈ß
¿“æÀÿâπ°Ÿâ ( ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â 30%) 43,303,742.08
°.2 ®”π«πÀÿâπ “¡—≠∑’ˇæ‘Ë¡¢÷Èπ®“°°“√·ª≈ß ¿“æÀÿâπ°Ÿâ 3,242,025
¢. „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠
¢.1 ®”π«πÀÿâπ “¡—≠∑’Ë ¡¡µ‘«à“ÕÕ°‚¥¬‰¡à‰¥â√—∫ ‘Ëß
µÕ∫·∑π‡π◊ËÕß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡∂—«‡©≈’ˬ¢Õß
Àÿâπ “¡—≠ Ÿß°«à“√“§“∑’Ë°”Àπ¥„π°“√„™â ‘∑∏‘ 16,834,058
¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥
¢“¥∑ÿπ ÿ∑∏‘∑’ˇªÁπ¢ÕßÀÿâπ “¡—≠‚¥¬ ¡¡µ‘«à“¡’°“√
„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠·≈–¡’
°“√„™â ‘∑∏‘·ª≈ß ¿“æÀÿâπ°Ÿâ·ª≈ß ¿“懪ÁπÀÿâπ “¡—≠ (967,378,860.42) 90,841,660 (10.65)
∫√‘…—∑¡‘‰¥â· ¥ß¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542 ‡π◊ËÕß®“°º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥
∑”„À⢓¥∑ÿπµàÕÀÿâπ≈¥≈ß®“°¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π
À¡“¬‡Àµÿ 25 - ‘π∑√—æ¬å∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π
‘π∑√—æ¬å∑’Ë„™â‡ªÁπÀ≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ª√–°Õ∫¥â«¬
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
°. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 9.9 ≈â“π∫“∑ „™â‡ªÁπÀ≈—°ª√–°—π„π°“√¢Õ„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π°—∫Õߧ尓√‚∑√»—æ∑å·Ààߪ√–‡∑»‰∑¬
°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ °“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬·≈–∫√‘…—∑Õ◊ËπÊ ·≈–‡ß‘πΩ“°ÕÕ¡∑√—æ¬å ®”π«π‡ß‘πª√–¡“≥ 2.93 ≈â“π∫“∑ ‡æ◊ËÕ
®—¥À“¬“πæ“Àπ–·≈–«— ¥ÿÕÿª°√≥å‡æ◊ËÕ°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬
¢. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ π§√‰∑¬ µ√‘ª¡‘≈ ®”°—¥ (¡À“™π) ´÷Ë߇ªÁπ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π®”π«π 10 ≈â“πÀÿâπ „™â‡ªÁπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡
°—∫ ∂“∫—π°“√‡ß‘π
§. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ ´÷Ë߇ªÁπ∫√‘…—∑¬àÕ¬®”π«π 9,999,994 Àÿâπ „™â§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥
¡’À≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»
ß. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ »√’√“™“Œ“‡∫Õ√å ®”°—¥ (¡À“™π) ´÷Ë߇ªÁπ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π®”π«π 15 ≈â“πÀÿâ𠮔𔇪ÁπÀ≈—°ª√–°—π
°“√°Ÿâ¬◊¡‡ß‘π„Àâ°—∫∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π 2 ·Ààß
®. ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑√«¡∑—Èß à«π§«∫ ®¥®”πÕ߇æ◊ËÕ„™â‡ªÁπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡°—∫ ∂“∫—π°“√‡ß‘π„πª√–‡∑» ‘∑∏‘°“√‡™à“„™â‡ªÁπ
À≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π®“°∫ÿ§§≈∏√√¡¥“
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
°. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 19.25 ≈â“π∫“∑ „™â‡ªÁπÀ≈—°ª√–°—π„π°“√¢Õ„Àâ∏𓧓√§È”ª√–°—π°“√¢“¬∑’Ë¥‘π„Àâ°—∫∫√‘…—∑ ·≈–°“√°àÕ √â“ß
“∏“√≥Ÿª‚¿§„π‚§√ß°“√
¢. ∑’Ë¥‘π√Õ°“√æ—≤π“∑—ÈßÀ¡¥·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑∂Ÿ°®¥®”πÕ߇æ◊ËÕ„™â‡ªÁπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡
√–¬–¬“«®“°∏𓧓√æ“≥‘™¬å „πª√–‡∑»·≈–„™â§È”ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»
§. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå ‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥ ´÷Ë߇ªÁπ∫√‘…—∑¬àÕ¬®”π«π 599,993 Àÿâπ „™â‡ªÁπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π¢Õß
∫√‘…—∑¥—ß°≈à“«
∫√‘…—∑ Õ’ ‡∑‘√åπ ’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
°. ‡ß‘πΩ“°ª√–®” ®”π«π‡ß‘πª√–¡“≥ 32.60 ≈â“π∫“∑ „™â§È”ª√–°—π°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π·≈–∫√‘°“√ “∏“√≥Ÿª‚¿§
¢. ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√∫√‘…—∑®¥®”πÕ߇æ◊ËէȔª√–°—π°“√°Ÿâ¬◊¡‡ß‘π°—∫∏𓧓√æ“≥‘™¬å 2 ·Ààß
77
NOTE 24 - DILUTED LOSS PER SHARE COMPUTATION
Consolidated financial statements and the Company’s financial statements for the year ended December 31, 1999:
Net Loss for the Year Shares Loss per Share
(Baht) (Share) (Baht)
Basic loss per share
Net loss attributable to ordinary shareholders (1,010,682,602.50) 70,765,577 (14.28)
The effect of dilutive potential ordinary shares
Convertible bonds
- Adding back the expenses that will be saved
on the conversion of convertible bonds
(net of income tax 30%) 43,303,742.08
- Increase in ordinary shares from
conversion of convertible bonds 3,242,025
Warrants
- Number of shares that would have been issued
for no consideration as the average fair value
of ordinary shares exceeds the exercise price 16,834,058
Diluted loss per share
Net loss attributable to ordinary shareholders in
case of convertible bonds are converted and
all warrants are excercised (967,378,860.42) 90,841,660 (10.65)
Diluted loss per share is not shown in the statements of income for the year ended December 31, 1999 because the amounts resulting from the effect
of dilutive potential ordinary shares is lower than basic loss per share.
NOTE 25 - PLEDGED ASSETS
Pledged assets as at December 31, 1999 are as follows:
Hemaraj Land and Development Public Company Limited
• Time deposits of approximately Baht 9.9 million were pledged to local banks against letters of guarantee issued to the Telephone Organisation of
Thailand, the Provincial Electricity Authority, the Industrial Estate Authority of Thailand and other companies, and saving deposits of approximately
Baht 2.93 million were pledged for the purpose of acquiring vehicles and equipment for use by the Industrial Estate Authority of Thailand.
• Investments in 10 million ordinary shares of Nakornthai Strip Mill Public Company Limited, a related company, were used as collateral for loans from
a financial institution.
• Investments in 9,999,994 ordinary shares of Eastern Industrial Estate Company Limited, a subsidiary company, were used as collateral for the issue
of Guaranteed Bonds of an overseas subsidiary company.
• Investments in 15 million ordinary shares of Sriracha Harbor Public Company Limited, which is a related company, were used as collateral for loans
issued by financial institutions to two related companies.
• The majority of land, existing constructions and future developments on the land were mortgaged as collateral for loans from local financial institutions.
Leasehold land was used as collateral for the loan from ordinary person.
Eastern Industrial Estate Company Limited
• Time deposit of approximately Baht 19.25 million was pledged to local banks against security given for performance under sale contracts and utility
construction.
• All of the company’s land for development and the majority of its land held for commercial purposes were mortgaged as collateral for loans from a
local commercial bank and the issue of Guaranteed Bonds of an overseas affiliated company.
• Investments in 599,993 ordinary shares of an affiliated company were used as collateral for a loan issued by a financial institution to that subsidiary
company.
78
H-International (BVI) Company Limited
‡ß‘πΩ“°∏𓧓√®”π«π‡ß‘πª√–¡“≥ 0.25 ≈â“π¥Õ≈≈“√å À√—∞ (9.47 ≈â“π∫“∑) ”√Õ߉«â‡æ◊ËÕ®à“¬™”√–¥Õ°‡∫’ȬÀÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑
À¡“¬‡Àµÿ 26 - ¢âÕºŸ°æ—πµ“¡ —≠≠“
¢âÕºŸ°æ—πµ“¡ —≠≠“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ª√–°Õ∫¥â«¬
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
°. ∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π) √–¬–∑’Ë 1 ·≈–√–¬–∑’Ë 2 °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬
µ“¡ —≠≠“√à«¡¥”‡π‘πß“π ≈ß«—π∑’Ë 5 °√°Æ“§¡·≈–«—π∑’Ë 29 ∏—𫓧¡ 2532 µ“¡≈”¥—∫ ´÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªÁπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“
∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈⫇ √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·≈⫇ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥
¬°‡«âπ„π à«π∑’Ë®–¢“¬„Àⷰຟâ´◊ÈÕ
„πª’ 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªÁπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ°“√ª√—∫ª√ÿß —≠≠“
√à«¡¥”‡π‘πß“π‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬‡°’ˬ«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕߥ—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“
¢Õß ”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈–°√–∑√«ß°“√§≈—ß ÷Ëß∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’Ȭ·≈–§à“ª√—∫®π∂÷ß«—π∑’Ë 31 ∏—𫓧¡ 2542
‡ªÁπ®”π«π‡ß‘π ª√–¡“≥ 226.20 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õߥհ‡∫’Ȭ®à“¬· ¥ß‡ªÁπ°Õß∑ÿπ®¡ à«π∑’ˇÀ≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õߥհ‡∫’Ȭ®à“¬)
·≈–§à“ª√—∫ · ¥ß‡ªÁπ¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ
¢. ∫√‘…—∑°—∫∫√‘…—∑·ÀàßÀπ÷Ëß (ºŸâ√à«¡≈ß∑ÿπ) √à«¡≈ß∑ÿπ„π∫√‘…—∑√à«¡ 2 ·Ààß §◊Õ ∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ·≈–∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥
µàÕ¡“ºŸâ√à«¡≈ß∑ÿπ‰¥â§È”ª√–°—π°“√∑” —≠≠“ªâÕß°—𧫓¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘πµ√“µà“ߪ√–‡∑»„Àâ·°à∫√‘…—∑ ∫àÕ«‘π ‡æ“‡«Õ√å ®”°—¥ ·≈–
∫√‘…—∑‰¥â∑” —≠≠“°—∫ºŸâ√à«¡≈ß∑ÿπ‚¥¬¡’¢âÕµ°≈ß«à“À“° ∫√‘…—∑√à«¡∑—Èß Õß∫√‘…—∑‰¡à “¡“√∂®à“¬™”√–§à“„™â®à“¬∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√§È”ª√–°—π¥—ß°≈à“«‰¥â
∫√‘…—∑®–¡Õ∫ ‘∑∏‘¢Õß∫√‘…—∑„π°“√ ◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπ„π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ „Àⷰຟâ√à«¡≈ß∑ÿπ ÷ËßÕ“® àߺ≈°√–∑∫µàÕ —¥ à«π°“√∂◊ÕÀÿâπ„πÕ𓧵
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
∫√‘…—∑‰¥â‡¢â“√à«¡¥”‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ µ“¡ —≠≠“√à«¡
¥”‡π‘πß“π ≈ß«—π∑’Ë 27 ∏—𫓧¡ 2532 ÷Ëß√–∫ÿ«à“∫√‘…—∑‡ªÁπºŸâ¥”‡π‘π°“√ª√—∫ª√ÿß·≈–æ—≤π“∑’Ë¥‘π¢Õß∫√‘…—∑ ‡¡◊ËÕ‰¥â¥”‡π‘π°“√·≈⫇ √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·≈⫇ √Á®π—Èπ„Àâ·°à°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ ‚¥¬‰¡à§‘¥§à“µÕ∫·∑πÀ√◊Õ§à“„™â®à“¬„¥ ¬°‡«âπ„π à«π∑’Ë
®–¢“¬„Àⷰຟâ´◊ÈÕ
„πª’ 2539 ¡“§¡π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬ ´÷Ëß∫√‘…—∑‡ªÁπÀπ÷Ëß„π ¡“™‘°‰¥â‡ πÕ¢âÕÀ“√◊Õ„π‡√◊ËÕß ∂“π¿“æ°“√ª√—∫ª√ÿß —≠≠“√à«¡
¥”‡π‘πß“π‡ πÕµàÕ°“√π‘§¡Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬‡°’ˬ«°—∫°“√®à“¬§à“µÕ∫·∑πµ“¡ —≠≠“ ‚¥¬‡√◊ËÕߥ—ß°≈à“«Õ¬Ÿà√–À«à“ß°“√æ‘®“√≥“¢Õß
”π—°ß“πÕ—¬°“√ Ÿß ÿ¥·≈–°√–∑√«ß°“√§≈—ß ´÷Ëß∫√‘…—∑‰¥â ”√Õß§à“µÕ∫·∑π¥—ß°≈à“« æ√âÕ¡¥Õ°‡∫’Ȭ·≈–§à“ª√—∫®π∂÷ß«—π∑’Ë 31 ∏—𫓧¡ 2542
‡ªÁπ®”π«π‡ß‘πª√–¡“≥ 106.78 ≈â“π∫“∑ ‚¥¬Õ—µ√“√âÕ¬≈– 60 ¢Õߥհ‡∫’Ȭ®à“¬· ¥ß‡ªÁπ°Õß∑ÿπ®¡ à«π∑’ˇÀ≈◊Õ (Õ—µ√“√âÕ¬≈– 40 ¢Õߥհ‡∫’Ȭ®à“¬)
·≈–§à“ª√—∫ · ¥ß‡ªÁπ¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“√à«¡≈ß∑ÿπ√–À«à“ß ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑¡’¿“√–µâÕß®à“¬
§à“π“¬Àπâ“®“°°“√¢“¬∑’Ë¥‘π §à“π“¬Àπâ“®“°°“√„Àâ∫√‘°“√ “∏“√≥Ÿª‚¿§·≈–§à“π“¬Àπâ“®“°°“√„À⇙à“Õ“§“√‚√ßß“π „Àâ·°à ∫√‘…—∑ ‡À¡√“™
æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ‡ªÁπÕ—µ√“√âÕ¬≈–¢Õ߬ե√“¬‰¥â
À¡“¬‡Àµÿ 27 - ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“
¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ„π¿“¬Àπâ“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ª√–°Õ∫¥â«¬
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
°. ∫√‘…—∑¡’¿“√–§È”ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß®”π«π‡ß‘π 50 ≈â“π∫“∑ ·≈–∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑¬àÕ¬Õ’° 2 ·Ààß ‡æ◊ËէȔ
ª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑¬àÕ¬Õ’°·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»®”π«π‡ß‘π 19.20 ≈â“π¥Õ≈≈“√å À√—∞
¢. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß
ª√–‡∑»‰∑¬ °“√°àÕ √â“ß√–∫∫ “∏“√≥Ÿª‚¿§µ“¡ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π °“√ªØ‘∫—µ‘µ“¡ —≠≠“´◊ÈÕ¢“¬πÈ”¥‘∫ ·≈–Õ◊ËπÊ √«¡∑—Èß°“√¢Õ„Àâ∏𓧓√
ÕÕ°Àπ—ß ◊էȔª√–°—π∫√‘…—∑√à«¡·ÀàßÀπ÷Ëß„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“°àÕ √â“ß‚√߉øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààߪ√–‡∑»‰∑¬ «ß‡ß‘π√«¡ 391.33 ≈â“π∫“∑
79
Eastern Seaboard Industrial Estate (Rayong) Company Limited
• Time deposit of approximately Baht 32.60 million was pledged to local banks against security given for performance under sale contracts and utility
construction.
• The majority of the company’s land was mortgaged as collateral for loans from two commercial banks.
H-International (BVI) Company Limited
- Saving deposit of approximately US$ 0.25 million (Baht 9.47 million) was reserved for payment of Guaranteed Bond interest.
NOTE 26 - COMMITMENTS
Commitments as at December 31, 1999 are as follows:
Hemaraj Land and Development Public Company Limited
• The Company has agreements with the Industrial Estate Authority of Thailand (IEAT) dated July 5 and December 29, 1989 for the joint operations
of Chonburi Industrial Estate (Bor Win) Stage I and Stage II, respectively. Under the agreements, the Company has to develop its land and pay to
IEAT for remuneration and, after completion of any portions, transfer the title of immovable property, component parts, equipment, utilities and
facilities to IEAT without charging for compensation or any expenses, with the exception of the portions transferred to buyers.
In 1996, the Thai Industrial Estate Association, of which the Company is a member, presented a letter to the IEAT regarding the status of the
amendment of the joint operation agreement in connection with remuneration due to IEAT. At present, this issue is in the process of consideration
by the Office of the Attorney-General and Ministry of Finance. The Company has provided a reserve for the remuneration including interest and
penalty until December 31, 1999, in the total amount of Baht 226.20 million, of which 60% of interest expense was shown as sinking fund in the
balance sheet and the outstanding amount (40% of interest expense) and penalty were included in the statement of income.
• The Company and another company (the Co-Investor) have jointly invested in two associated companies, H-Power Company Limited and Bowin
Power Company Limited. Subsequently the Co-Investor has guaranteed the foreign currency exchange hedging agreement of Bowin Power Company
Limited and the Company has entered into the security agreement with the Co-Investor. The Company has obligation, under the terms of the
security agreement, to transfer to the Co-Investor its right to purchase the increased share capital of H-Power Company Limited, in case of the two
associated companies could not pay any expenses that may arise from the guarantee, and this may effect the holding of interest in the future.
Eastern Industrial Estate Company Limited
The company has an agreement with the IEAT dated December 27, 1989 for the joint operations of Eastern Industrial Estate (Map Ta Phut). Under this
agreement, the company has to develop its land and pay to IEAT for remuneration and, after completion of any portions, transfer the title of immovable
property,component parts, equipment, utilities and facilities to IEAT without charging for compensation or anyexpenses, with the exception of the
portions transferred to buyers.
In 1996, the Thai Industrial Estate Association, of which the company is a member, presented a letter to the IEAT regarding the status of the amendment
of the joint operation agreement in connection with remuneration due to IEAT. At present, this issue is in the process of consideration by the Office of
the Attorney-General and Ministry of Finance. The company has provided a reserve for the remuneration including interest and penalty until December
31, 1999, in the total amount of Baht 106.78 million, of which 60% of interest expense was shown as sinking fund in the balance sheet and the
outstanding amount (40% of interest expense) and penalty were included in the statement of income.
Eastern Seaboard Industrial Estate (Rayong) Company Limited
The company has a liability, under a joint-investment agreement with Hemaraj Land and Development Public Company Limited and another company,
to pay commission to Hemaraj Land and Development Public Company Limited for sales of land, public utility service providing and lease of factory.
NOTE 27 - COMMITMENTS AND CONTINGENT LIABILITIES
Commitments and contingent liabilities as at December 31, 1999 consisted of:
Hemaraj Land and Development Public Company Limited
• The Company has guaranteed a subsidiary company’s liability amounting to Baht 50 million, and has co-operated with two subsidiaries to guarantee
the issue of the US$ 19.20 million Guaranteed Bonds of an overseas subsidiary company.
• The Company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation
agreement with the IEAT, the construction of utility under land sale contract, and its performance under the raw water purchase agreement and
80
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
°. ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂⓺Ÿâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ à߇ √‘¡≈ß∑ÿπ·≈–À√◊Õ°“√π‘§¡
Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬·≈â« ∫√‘…—∑®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π
¢. ∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß ‡æ◊ËէȔª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»®”π«π‡ß‘π 19.20
≈â“π¥Õ≈≈“√å À√—∞
§. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß
ª√–‡∑»‰∑¬ °“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ °“√°àÕ √â“ß ∂“π’‰øøÑ“¬àÕ¬„π‚§√ß°“√ ·≈–Õ◊ËπÊ «ß‡ß‘π√«¡ 145.97 ≈â“π∫“∑
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
°. ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π ‚¥¬¡’‡ß◊ËÕπ‰¢«à“∂⓺Ÿâ®–´◊ÈÕ¡‘‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπ®“°§≥–°√√¡°“√ à߇ √‘¡≈ß∑ÿπ ·≈–À√◊Õ°“√π‘§¡
Õÿµ “À°√√¡·Ààߪ√–‡∑»‰∑¬·≈â« ∫√‘…—∑®–µâÕß®à“¬§◊π‡ß‘π§à“ß«¥·≈–‡ß‘π¡—¥®”·°àºŸâ®–´◊ÈÕ∑’Ë¥‘π
¢. ∫√‘…—∑¡’¿“√–ºŸ°æ—π®“°°“√¢Õ„Àâ∏𓧓√ÕÕ°Àπ—ß ◊էȔª√–°—π∫√‘…—∑„π°“√ªØ‘∫—µ‘µ“¡ —≠≠“√à«¡¥”‡π‘πß“π·°à°“√π‘§¡Õÿµ “À°√√¡·Ààß
ª√–‡∑»‰∑¬ °“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ °“√°àÕ √â“ß “¬ à߉øøÑ“ ∂“π’‰øøÑ“ ·≈–Õ◊ËπÊ «ß‡ß‘π√«¡ 297.74 ≈â“π∫“∑
∫√‘…—∑ Õ’ ‡∑‘√åπ ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ®”°—¥
∫√‘…—∑‡¢â“√à«¡°—∫∫√‘…—∑„π‡§√◊ÕÕ’° 2 ·Ààß ‡æ◊ËէȔª√–°—π°“√ÕÕ°Àÿâπ°Ÿâ™π‘¥¡’À≈—°ª√–°—π¢Õß∫√‘…—∑„π‡§√◊Õ·ÀàßÀπ÷Ëß„πµà“ߪ√–‡∑»®”π«π‡ß‘π 19.20
≈â“π¥Õ≈≈“√å À√—∞
À¡“¬‡Àµÿ 28 - °“√‡ª≈’ˬπ·ª≈ߪ√–¡“≥°“√∑“ß∫—≠™’
„π‰µ√¡“ ∑’Ë 2 ß«¥ 2541 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ª≈’ˬπ·ª≈ߪ√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢ÕßÕ“§“√®“°‡¥‘¡ 10 ªï ‡ªÁπ 20 ªï ‡æ◊ËÕ„Àâ
Õ¥§≈âÕß°—∫Õ“¬ÿ°“√„™âß“π®√‘ß
°“√‡ª≈’ˬπ·ª≈ߪ√–¡“≥°“√Õ“¬ÿ°“√„™âß“π¢Õß∑√—æ¬å ‘π¥—ß°≈à“« ¡’º≈„Àâ°”‰√ ÿ∑∏‘·≈–°”‰√µàÕÀÿâπ„πß∫°“√‡ß‘π√«¡ ·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß
∫√‘…—∑ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2541 ‡æ‘Ë¡¢÷Èπ‡ªÁπ®”π«π‡ß‘π 2,819,330.79 ∫“∑ ·≈– 0.04 ∫“∑µàÕÀÿâ𠵓¡≈”¥—∫
À¡“¬‡Àµÿ 29 - ‘∑∏‘·≈–ª√–‚¬™π嵓¡∫—µ√ à߇ √‘¡°“√≈ß∑ÿπ
∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ 2 ∫√‘…—∑ ‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπµ“¡æ√–√“™∫—≠≠—µ‘ à߇ √‘¡°“√≈ß∑ÿπ æ.». 2520 „π°‘®°“√‡¢µÕÿµ “À°√√¡ ‚¥¬ √ÿª‰¥â
¥—ßπ’È
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)
°. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’ˉ¥â®“°°“√ª√–°Õ∫°‘®°“√∑’ˉ¥â√—∫°“√ à߇ √‘¡¡’°”À𥇫≈“ 7 ªï π—∫·µà«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â®“°
°“√ª√–°Õ∫°‘®°“√π—Èπ
¢. ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’ˉ¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥
√–¬–‡«≈“ 7 ª’ ®“°«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ
√–¬–‡«≈“°“√‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ °. ‰¥â ‘Èπ ÿ¥≈ß·≈â«·≈–ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ ¢.
∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥
°. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’ˉ¥â®“°°“√ª√–°Õ∫°‘®°“√∑’ˉ¥â√—∫°“√ à߇ √‘¡¡’°”À𥇫≈“ 5 ª’ ∂÷ß 8 ª’ π—∫·µà«—π∑’ˇ√‘ Ë¡
¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ
¢. ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’ˉ¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥
√–¬–‡«≈“ 5 ª’ ∂÷ß 8 ª’ ®“°«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ
√–¬–‡«≈“°“√‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ °. ‰¥â ‘Èπ ÿ¥≈ß·≈â«·≈–ª—®®ÿ∫—π∫√‘…—∑Õ¬Ÿà√–À«à“ß°“√‰¥â√—∫°“√ à߇ √‘¡°“√≈ß∑ÿπµ“¡‡ß◊ËÕπ‰¢ ¢.
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ®”°—¥
°. ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’ˉ¥â®“°°“√ª√–°Õ∫°‘®°“√∑’ˉ¥â√—∫°“√ à߇ √‘¡¡’°”À𥇫≈“ 8 ªï π—∫·µà«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â
®“°°“√ª√–°Õ∫°‘®°“√π—Èπ
¢. ‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’ˉ¥â√—∫®“°°“√≈ß∑ÿπ„πÕ—µ√“√âÕ¬≈– 50 ¢ÕßÕ—µ√“ª°µ‘ ¡’°”Àπ¥ 5 ª’ π—∫®“°«—π∑’Ëæâπ°”Àπ¥
√–¬–‡«≈“ 8 ªï ®“°«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ
§. ‰¥â√—∫Õπÿ≠“µ„ÀâÀ—°§à“¢π àß §à“‰øøÑ“ ·≈–§à“πÈ”ª√–ª“ Õ߇∑à“¢Õß§à“„™â®à“¬¥—ß°≈à“« „π°“√§”π«≥¿“…’‡ªÁπ√–¬–‡«≈“ 10 ª’ π—∫·µà«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â
81
others, as well as the letters of guarantee issued by the banks to guarantee the performance of its associated company under the power plant construction
agreement with the Electricity Generating Authority of Thailand, in the total amount of Baht 391.33 million.
Eastern Industrial Estate Company Limited
• The company has entered into land sale and purchase contracts. Under the terms of the contracts, the company is contingently liable to repay
deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or IEAT to set up
operations and, consequently, obliged to cancel contracts.
• The company has co-operated with two affiliated companies to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas
affiliated company.
• The company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation
agreement with the IEAT, the construction of utility and power substation in its industrial estate and others, in the total amount of Baht 145.97
million.
Eastern Seaboard Industrial Estate (Rayong) Company Limited
• The company has entered into land sale and purchase contracts. Under the terms of the contracts, the company is contingently liable to repay
deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or IEAT to set up
operations and, consequently, obliged to cancel contracts.
• The company has obligation, under condition of the letters of guarantee issued by the banks to guarantee its performance under the joint operation
agreement with the IEAT, the construction of utility, transmission lines and power station in its industrial estate and others, in the total amount of
Baht 297.74 million.
Eastern Pipeline Services Company Limited
The company has co-operated with two affiliated companies to guarantee the issue of the US$ 19.20 million Guaranteed Bonds of an overseas affiliated
company.
NOTE 28 - CHANGE IN ACCOUNTING ESTIMATION
In the second quarter of 1998, the Company and a subsidiary changed the rate of depreciation of building from a period of 10 years to a period of 20
years to conform with revised estimated useful lives of building.
The results of the change in estimated useful lives of assets referred to above is to increase net income and earnings per share in the consolidated
financial statements and the Company’s financial statements for the year ended December 31, 1998 in the amounts of Baht 2,819,330.79 and Baht 0.04 per
share, respectively.
NOTE 29 - PROMOTIONAL PRIVILEGES
The Company and its two subsidiary companies were granted promotional certificates under the Investment Promotion Act, B.E. 2520 to carry out the
industrial estate business. The major privileges are summarised as follows:
Hemaraj Land and Development Public Company Limited
A.exemption from corporate income tax on net income derived from the promoted business for a period of 7 years as from the date when revenues
are first earned.
B. reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date
of 7 years after the date when revenues are first earned.
The promotion period on condition A expired and the Company is currently in the promotion period on condition B.
Eastern Industrial Estate Company Limited
A.exemption from corporate income tax on net income derived from the promoted business for a period of 5 - 8 years as from the date when revenues
are first earned.
B. reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date
of 5 - 8 years after the date when revenues are first earned.
The promotion period on condition A expired and the Company is currently in the promotion period on condition B.
82
À¡“¬‡Àµÿ 30 - °“√®”·π°¢âÕ¡Ÿ≈∑“ß°“√‡ß‘πµ“¡ à«πß“π
√“¬°“√®—¥ª√–‡¿∑ ‘π∑√—æ¬å¢Õß·µà≈– à«πß“π∑“ß∏ÿ√°‘®„πª√–‡∑»·≈–µà“ߪ√–‡∑»„πß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ ¡’¥—ßπ’È
(Àπ૬ : ∫“∑)
2542 2541
„πª√–‡∑» µà“ߪ√–‡∑» √«¡ „πª√–‡∑» µà“ߪ√–‡∑» √«¡
∏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 2,822,397,237.15 - - 2,822,397,237.15 3,311,016,249.65 - - 3,311,016,249.65
‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π
‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå 1,754,069,942.79 - - 1,754,069,942.79 2,192,703,465.96 - - 2,192,703,465.96
‘π∑√—æ¬å „Àâ‡™à“ 143,704,963.40 88,721,276.21 - 232,426,239.61 12,735,719.65 95,237,248.12 - 107,972,967.77
∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ÿ∑∏‘ 237,264,028.47 14,034,702.60 - 251,298,731.07 241,248,993.77 11,694,071.18 - 252,943,064.95
‘π∑√—æ¬åÕ◊Ëπ 1,783,062,877.19 1,763,431,554.69
√«¡ ‘π∑√—æ¬å 6,843,255,027.81 7,628,067,303.02
¢âÕ¡Ÿ≈‡°’ˬ«°—∫°“√¥”‡π‘πß“πµ“¡ª√–‡¿∑ à«πß“π∏ÿ√°‘®„πª√–‡∑»·≈–µà“ߪ√–‡∑»„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ ¡’¥—ßπ’È
(ÀπË«¬ : ∫“∑)
2542 2541
„πª√–‡∑» µà“ߪ√–‡∑» √«¡ „πª√–‡∑» µà“ߪ√–‡∑» √«¡
∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ◊ËπÊ Holding Company
√“¬‰¥â®“°°“√¢“¬ 577,219,490.44 - - 577,219,490.44 217,827,264.25 217,827,264.25
√“¬‰¥â§à“∫√‘°“√ 214,791,912.77 11,578,700.10 - 226,370,612.87 126,298,724.63 2,060,681.79 - 128,359,406.42
√«¡√“¬‰¥â®“°°“√¢“¬·≈–∫√‘°“√ 803,590,103.31 - 346,186,670.67
√“¬‰¥â®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ - - - - 55,819,766.49 - 500,000,000.00 555,819,766.49
√«¡√“¬‰¥â®“°°“√¢“¬·≈–
∫√‘°“√·≈–√“¬‰¥â®“°°“√
®”Àπà“¬‡ß‘π≈ß∑ÿπ 803,590,103.31 902,006,437.16
°”‰√(¢“¥∑ÿπ)®“°°“√¥”‡π‘πß“π (550,227,890.61) 2,201,056.41 (2,721,145.67) (550,747,979.87) (473,147,930.82) (7,259,627.89) 488,106,916.38 7,699,357.67
√“¬‰¥âÕ◊Ëπ (3,838,433.77) 947,378,172.06
¥Õ°‡∫’Ȭ®à“¬ (273,459,291.00) (238,130,036.02)
§à“µÕ∫·∑π°√√¡°“√ (26,700,771.67) (26,188,942.55)
”√Õ߇º◊ËÕ§«“¡‡ ’¬À“¬®“°¢âÕæ‘æ“∑
∑“ß°ÆÀ¡“¬ (128,399,460.21) -
¿“…’‡ß‘π‰¥â (389,610.81) -
°”‰√(¢“¥∑ÿπ)°àÕπ à«π¢ÕߺŸâ∂◊ÕÀÿâπ
à«ππâÕ¬·≈–°àÕπ√“¬°“√摇»… (983,535,547.33) 690,758,551.16
à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (27,147,055.17) 6,281,985.15
°”‰√(¢“¥∑ÿπ)°àÕπ√“¬°“√摇»… (1,010,682,602.50) 697,040,536.31
√“¬°“√摇»… - 175,630,946.90
°”‰√(¢“¥∑ÿπ) ÿ∑∏‘ (1,010,682,602.50) 872,671,483.21
83
Eastern Seaboard Industrial Estate (Rayong) Company Limited
A.exemption from corporate income tax on net income derived from the promoted business for a period of 8 years as from the date when revenues
are first earned.
B. reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date
of 8 years after the date when revenues are first earned.
C.double deduction of transportation expenses, electricity expenses and water supply expenses is allowed for 10 years from the date when the
revenues are first earned.
NOTE 30 - SEGMENT INFORMATION
As at December 31, segment information in the consolidated balance sheets classified by local and overseas assets are as follows:
(Amounts:Baht)
1999 1998
Domestic Overseas Total Domestic Overseas Total
Industrial Estate Others Holding Company Industrial Estate Others Holding Company
Cost of real estate developments 2,822,397,237.15 - - 2,822,397,237.15 3,311,016,249.65 - - 3,311,016,249.65
Leasehold land and land held for
commercial purposes 1,754,069,942.79 - - 1,754,069,942.79 2,192,703,465.96 - - 2,192,703,465.96
Lease assets, net 143,704,963.40 88,721,276.21 - 232,426,239.61 12,735,719.65 95,237,248.12 - 107,972,967.77
Property, plant and equipment, net 237,264,028.47 14,034,702.60 - 251,298,731.07 241,248,993.77 11,694,071.18 - 252,943,064.95
Other assets 1,783,062,877.19 1,763,431,554.69
Total Assets 6,843,255,027.81 7,628,067,303.02
Operations in the consolidated statements of income classified by local and overseas business for the years ended December 31, are as follows:
(Amounts:Baht)
1999 1998
Domestic Overseas Total Domestic Overseas Total
Industrial Estate Others Holding Company Industrial Estate Others Holding Company
Sales 577,219,490.44 - - 577,219,490.44 217,827,264.25 - - 217,827,264.25
Service income 214,791,912.77 11,578,700.10 - 226,370,612.87 126,298,724.63 2,060,681.79 - 128,359,406.42
Total Sales and Service Income 803,590,103.31 346,186,670.67
Gain on sale of investments - - - - 55,819,766.49 - 500,000,000.00 555,819,766.49
Total Sales and Service Income
and Gain on Sale of Investments 803,590,103.31 902,006,437.16
Gain (loss) from operations (550,227,890.61) 2,201,056.41 (2,721,145.67) (550,747,979.87) (473,147,930.82) (7,259,627.89) 488,106,916.38 7,699,357.67
Other income (3,838,433.77) 947,378,172.06
Interest expense (273,459,291.00) (238,130,036.02)
Directorsí remuneration (26,700,771.67) (26,188,942.55)
Reserve for uncertain loss from lawsuit (128,399,460.21) -
Income tax (389,610.81) -
Income (loss) before minority
interests and extraordinary item (983,535,547.33) 690,758,551.16
Minority interests (27,147,055.17) 6,281,985.15
Income (loss) before extraordinary item (1,010,682,602.50) 697,040,536.31
Extraordinary item - 175,630,946.90
Net income (loss) (1,010,682,602.50) 872,671,483.21
84
À¡“¬‡Àµÿ 31 - °“√®—¥ª√–‡¿∑√“¬°“√„À¡à
√“¬°“√∫“ß√“¬°“√„πß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2541 ‰¥â®—¥ª√–‡¿∑√“¬°“√„À¡à‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√· ¥ß√“¬°“√
„πß∫°“√‡ß‘π ”À√—∫ª’ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2542
À¡“¬‡Àµÿ 32 - ª—≠À“ª’ §.». 2000 (¬—߉¡à‰¥âµ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’)
ª—≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’ˇ°’ˬ«°—∫ª’ §.». 2000 ‡°‘¥®“°°“√„™â§Õ¡æ‘«‡µÕ√å√–∫∫µ—«‡≈¢ ÕßÀ≈—°‡æ◊ËÕ√–∫ÿª’·∑π∑’Ë®–‡ªÁπµ—«‡≈¢ ’ËÀ≈—° ‚¥¬√–∫∫
§Õ¡æ‘«‡µÕ√åÕ“®Õà“πª’ §.». 2000 ‡ªÁπª’Õ◊ËπÊ ∑”„À⇰‘¥¢âÕº‘¥æ≈“¥‡¡◊ËÕ¡’°“√ª√–¡«≈¢âÕ¡Ÿ≈ ¢âÕº‘¥æ≈“¥¥—ß°≈à“«Õ“®¡’º≈µàÕ°“√¥”‡π‘πß“π·≈–
°“√√“¬ß“π∑“ß°“√‡ß‘π ´÷ËßÕ“®‡ªÁπ¢âÕº‘¥æ≈“¥∑’ˇ≈Á°πâÕ¬®π∂÷ߢ—Èπ‡°‘¥§«“¡≈⡇À≈«¢Õß√–∫∫ß“π∑’Ë ”§—≠ À“°¡‘‰¥âª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å
Õ¬à“߇À¡“– ¡·≈–∑—π°“≈ ·≈–Õ“®¡’º≈°√–∑∫µàÕ§«“¡ “¡“√∂¢Õß°‘®°“√„π°“√¥”‡π‘π∏ÿ√°‘®µ“¡ª°µ‘ πÕ°®“°π’Ȭ—߉¡àÕ“®¡—Ëπ„®‰¥â«à“°‘®°“√
µ≈Õ¥®πºŸâ´◊ÈÕ ‘π§â“ ºŸâ¢“¬ ‘π§â“·≈–°‘®°“√Õ◊Ëπ∑’Ë¥”‡π‘π∏ÿ√°‘®¥â«¬®– “¡“√∂·°â‰¢ª—≠À“√–∫∫§Õ¡æ‘«‡µÕ√å∑’ˇ°’ˬ«°—∫ª’ §.». 2000 ‰¥â∑—ÈßÀ¡¥
85
NOTE 31 - RECLASSIFICATION OF ACCOUNTS
Certain accounts in the financial statements for the year ended December 31, 1998 have been reclassified to conform with the presentation in the
financial statements for the year ended December 31, 1999.
NOTE 32 - YEAR 2000 ISSUES (UNAUDITED BY THE AUDITOR)
Year 2000 issues arise because many computerised systems use two digits rather four to identify year. Date-sensitive systems may recognise the year
2000 as some other dates, resulting in errors when information using year 2000 dates is processed. Entities may experience the effects of Year 2000 issues,
if not addressed properly and timely, on its operations and financial reporting, which may range from minor errors to significant systems failure and could
affect any entitiesí ability to conduct normal business operations. In addition, it is not possible to be certain that all aspects of Year 2000 issues affecting the
entities, including those related to the efforts of customers, suppliers, or other third parties, will be fully resolved.
86
RISK FACTORS
ªí®®—¬‡ ’ˬß
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥
(¡À“™π) ¡’Àπ’È ‘π„π °ÿ≈¥Õ≈≈à“√å √Õ. ®”π«π 44.21 ≈â“π¥Õ≈≈à“√å
√Õ. §«“¡º—πº«π¢ÕßÕ—µ√“·≈°‡ª≈’ˬπ√–À«à“߇ߑπ∫“∑°—∫¥Õ≈≈à“√å
√Õ. ®–¡’º≈°√–∑∫‚¥¬µ√ßµàÕ¡Ÿ≈§à“∑“ß∫—≠™’¢ÕßÀπ’È ‘π‡À≈à“π—Èπ
As of December 31, 1999, Hemaraj Land And Development Public
Company Limited has USD nominated liabilities of USD 44.21 million.
The changes of foreign exchange between Baht and USD will directly
effect to local currency book value of these debts.
°“√‡ª≈’ ˬπ·ª≈ß∑’ Ë ”§—≠∑’ ˇ°‘¥¢÷ Èπ¿“¬À≈—ß«—π∑’ Ë„πß∫°“√‡ß‘π≈à“ ÿ¥
·≈–º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π
CHANGING OF SUBSEQUENT EVENT SIGNIFICANTLY
‡¡◊ ËÕ«—π∑’ Ë 8 °ÿ¡¿“æ—π∏å 2542 ∑’ ˪√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‰¥—
¡ ’¡µ ‘ ‡ª Áπ‡Õ°©—π∑å „À ⢓¬Àÿ âπ®”π«π 33,250,002 Àÿ âπ¢Õß∫√‘… —∑
∫√‘…—∑¡’æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ‡æ◊ËÕ√Õß√—∫Àÿâπ°Ÿâ·ª≈ß ¿“æ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ¥—ßπ’È
The Company has commitment on share issuance for the conversion of Convertible Bonds and exercise of warrants as follows:
À≈—°∑√—æ¬å ®”π«πÀÿâπ “¡—≠∑’Ë√Õß√—∫ √“§“·ª≈ß ¿“æ Õ—µ√“ à«π √–¬–‡«≈“ º≈°√–∑∫¢Õß°“√ÕÕ°Àÿâπ
Securities °“√„™â ‘∑∏‘/·ª≈ß ¿“æ (Àÿâπ) /°“√„™â ‘∑∏‘ (µàÕÀÿâπ) °“√·ª≈ß ¿“æ/ ·ª≈ß ¿“æ/„™â ‘∑∏‘ ∑’Ë¡’µàÕ°”‰√µàÕÀÿâπ
Number of common shares Conversion Price / °“√„™È ‘∑∏‘ Conversion / Dilution effect
reserved for conversion/ Exercise Price Conversion Ratio Exercise Period
exercise (shares) (per share)
1. Àÿâπ°Ÿâ·ª≈ß ¿“æ 15,000,000 186 ∫“∑ 1 Àÿâπ°Ÿâ·ª≈ß ¿“æ «—π∑”°“√ ÿ¥∑⓬¢Õß∑ÿ°‡¥◊Õπ 5.1
60 ≈â“π‡À√’¬≠ √Õ. (Õ—µ√“·≈°‡ª≈’ˬπ : 135 Àÿâπ “¡—≠ „π√–¬–‡«≈“10 ª’ µ—Èß·µà
Convertible 1 ‡À√’¬≠ √Õ.: 25.203 ∫“∑) 1 Bond : 135 shares 9 ∏—𫓧¡ 2536 ∂÷ß 9 ‘ßÀ“§¡ 2546 /
Bonds US$ Baht 186 (rate of exchange Last working day of each month
60,000,000 US$ 1.00 = Baht 25.203) for 10 years since December 9, 1993
to August 9, 2003
2. „∫ ”§—≠· ¥ß ‘∑∏‘Ï 141,531,150 Àÿâπ≈– 10 ∫“∑À√◊Õ√“§“°“√ 1 Àπ૬:1 Àÿâπ “¡—≠ ∑ÿ° 3 ‡¥◊Õπ„π√–¬–‡«≈“ 5 ªï µ—Èß·µà 66.67
141,531,150 Àπ૬ „™â ‘∑∏‘µ“¡‡ß◊ËÕπ‰¢°“√ª√—∫ 1 unit:1 share 15 ∏—𫓧¡ 2542 ∂÷ß 15 °—𬓬π 2547
Warrants ‘∑∏‘/Baht 10 a piece or Every 3 month for 5 years since
141,531,150 units adjusted price December 15, 1999 to
September 15, 2004
‡Õ™-‡æ“‡«Õ√ å „Àâ·°à∫√ ‘… —∑‡∑√§∑“‡∫≈ ‡Õ ‡Õ·≈–„À⢓¬‡ß ‘π°Ÿ â¬ ◊¡
®“°∫√‘…—∑ H-International (BVI) Company Limited ´÷Ëß„Àâ∫√‘…—∑
æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥°Ÿâ (‡ªÁπ∫√‘…—∑„π‡§√◊Õ¢Õß∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å)
„À â·°à ‡∑√§∑“‡∫≈ ‡Õ ‡Õ ‡ªÁπ®”π«π‡ß ‘π∑— Èß ‘ Èπ 17,740,000
¥Õ≈≈à“√å √Õ.º≈¢Õß°“√∑”∏ÿ√°√√¡¥—ß°≈à“«∑”„ÀâÕ—µ√“ à«π°“√∂◊ÕÀÿâπ
¢Õ߇À¡√“™„π‡Õ™‡æ“‡«Õ√å≈¥≈߇À≈◊Õ√âÕ¬≈– 24.999
On 8th February, 2000, the meeting of the Board of Directors
unanimously resolved that the transfer 33,250,002 shares in H-Power
to Tractebel S.A. and the sales of its shareholder loans from
H - International (BVI) Company Limited advanced to Industrial Power
Company Limited (part of the H-Power group), to Tractebel S.A. for a
consideration of USD 17,740,000. As a result of the above transaction,
Hemaraj's shareholding in H-Power would reduce to 24.999%.
87
PROJECT SUMMARY
‚§√ß°“√
π‘§¡Õÿµ “À°√√¡ æ◊Èπ∑’Ë¢“¬‰ª·≈â«(‰√à)%
æ◊Èπ∑’ËÕÿµ “À°√√¡ æ◊Èπ∑’Ë√«¡(‰√à) æ—≤𓇠√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) 1,375** 71% 1,950 2,428 100
Phase II (C), (D) 503 93% 541 1,099 100
Phase III 860* 1,422
Total Chonburi 1,878 3,351 4,949
µ–«—πÕÕ° Eastern Industrial Estate (Map Ta Phut)
Phase I 1,331 92% 1,443 1,874 99
Phase II 423* 815
Total Eastern 1,331 1,866 2,689
Õ’ ‡∑‘√åπ ’∫Õ√å¥ Eastern Seaboard Industrial Estate (Rayong)
Phase I 1,529 100% 1,529 2,075 98
Phase II (A) 758** 73% 1,032 1,442 97
Phase II (B) 81 10% 823 1,155 75
Expansion: 1,255* 2,319
Total Eastern Seaboard 2,368 4,639 6,991
√«¡æ◊Èπ∑’Ë (‰√à)
Total Rai 5,577 9,856 14,629
* estimate
** Includes land lease 22 Rai
À¡“¬‡Àµÿ : 1 ‰√à ‡∑à“°—∫ 1,600 µ“√“߇¡µ√ À√◊Õª√–¡“≥ 0.4 ‡Õ‡§Õ√å
Note : 1 Rai = 1,600 sq. meters or approx. 0.4 acres.
≥ «—π∑’Ë 31 ∏—𫓧¡ 2542
As of Decenber 31, 1999
88
∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)/∫√‘…—∑œ ¬àÕ¬
∫√‘…—∑ ∑’ËÕ¬àŸ ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) %°“√≈ß∑ÿπ
Name 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 2,770 255.58 32 565.53 32
∂.√“¡§”·Àß «πÀ≈«ß55
°√ÿ߇∑æœ 10250
Hemaraj Land And Development 18th Floor, UM Tower, Industrial Estate Developer
Public Company Limited 9 Ramkhamhaeng Rd.,
Suanluang, Bangkok 10250
°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬Subsidiary Companies
Hemaraj International Ltd. (1) Ritchie & Duckworth, 2nd Floor, Holding Company $ 50,000 100
Zephyr House, Mary Street, ($1 = 25.14 Baht)
P.O.Box 709, George Town,
Grand Cayman Islands,
H-International (BVI) Romasco Place, Wickhams Cay 1, Holding Company $2,000 100 20.24 3 517.08 29
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 99.99 145.74 18 59.36 3
∂.√“¡§”·Àß «πÀ≈«ß
°√ÿ߇∑æœ 10250
Eastern Industrial Estate Co., Ltd. 18th Floor, UM Tower, Industrial Estate Developer
9 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 11.60 1 2.11 0
∂.√“¡§”·Àß «πÀ≈«ß
°√ÿ߇∑æœ 10250
Eastern Pipeline Service Co., Ltd. (3) 18th Floor, UM Tower, Pipe Rack Rental
9 Ramkhamhaeng Rd.,
Suanluang, Bangkok 10250
∫√‘…—∑ Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ‡≈¢∑’Ë 9 ™—Èπ 18 Õ“§“√¬Ÿ‡ÕÁ¡∑“«‡«Õ√å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å 358 60 373.55 47 297.27 17
(√–¬Õß) ®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß
°√ÿ߇∑æœ 10250
Eastern Seaboard Industrial Estate 18th Floor, UM Tower, Industrial Estate Developer
(Rayong) Co., Ltd. 9 Ramkhamhaeng Rd.,
Suanluang, Bangkok 10250
√“¬‰¥â (≈â“π∫“∑)
2542 % 2541 %
Revenue (Mil.Baht)
1999 % 1998 %
HEMARAJ LAND ANDDEVELOPMENT PLC. AND SUBSIDIARIES
89
∫√‘…—∑√à«¡Associated Company
∫√‘…—∑ ∑’ËÕ¬àŸ ª√–‡¿∑°‘®°“√ ∑ÿπ®¥∑–‡∫’¬π (≈â“π∫“∑) %°“√≈ß∑ÿπ
Name Address Nature of Business Register Capital % of
(Mil. Baht) Investment
∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë ™—Èπ 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å Holding Company 1,330 49.99 (6.96) (1) 352.21 20
∂.√“¡§”·Àß «πÀ≈«ß °√ÿ߇∑æœ 10250
H-Power Company Limited 20th Floor, UM Tower,
9 Ramkhamhaeng Rd.,
Suanluang, Bangkok 10250
∫√‘…—∑ æ≈—ßß“πÕÿµ “À°√√¡ ®”°—¥ ‡≈¢∑’Ë ™—Èπ 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ¢“¬æ≈—ßß“π‰øøÑ“·≈– 800 99.99
∂.√“¡§”·Àß «πÀ≈«ß °√ÿ߇∑æœ 10250 ‰ÕπÈ”
Industrial Power Company Limited (4) 20th Floor, UM Tower, Co-Generation Power
9 Ramkhamhaeng Rd., Plant
Suanluang, Bangkok 10250
∫√‘…—∑ ‡Õ™-Õ‘πø√“ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å Holding Company 1 99.99
∂.√“¡§”·Àß «πÀ≈«ß °√ÿ߇∑æœ 10250
H-Infra Company Limited (4) 20th Floor, UM Tower,
9 Ramkhamhaeng Rd.,
Suanluang, Bangkok 10250
∫√‘…—∑ ‚Õ‡ªÕ√å‡√™—Ëπ ‡æ“‡«Õ√å ‡´Õ√å«‘ ‡´ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ∫√‘À“√·≈–¥Ÿ·≈‚√߉øøÑ“ 1 99.99
®”°—¥ ∂.√“¡§”·Àß «πÀ≈«ß °√ÿ߇∑æœ 10250
Operation Power Services Company 20th Floor, UM Tower, Operation & Maintenance
Limited (4) 9 Ramkhamhaeng Rd., for Power Plant
Suanluang, Bangkok 10250
Pingo Services Limited (2), (4) P.O. Box 957, Offshore Center, Holding Company $50,000 100
(Rayong) Co., Ltd. Road Town, Tortola,
British Virgin Islands
∫√‘…—∑ ∫àÕ«‘π‡æ“‡«Õ√å ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å ºÈ⟺≈‘µ‰øøÑ“Õ‘ √– (IPP) 1 99.99
∂.√“¡§”·Àß «πÀ≈«ß °√ÿ߇∑æœ 10250
Bowin Power Company Limited (4) 20th Floor, UM Tower, Independent Power
9 Ramkhamhaeng Rd., Producer (IPP)
Suanluang, Bangkok 10250
∫√‘…—∑ Õ‘π¥— ‡µ√’¬≈ «Õ‡µÕ√å ´—ææ≈“¬ ®”°—¥ ‡≈¢∑’Ë 9 ™—Èπ 20 Õ“§“√¬Ÿ‡ÕÁ¡ ∑“«‡«Õ√å º≈‘µπÈ”‡æ◊ËÕ°“√Õÿµ “À°√√¡ 1 99.99
∂.√“¡§”·Àß «πÀ≈«ß °√ÿ߇∑æœ 10250
Industrial Water Supply Company 20th Floor, UM Tower, Demineralised Water
Limited (4) 9 Ramkhamhaeng Rd., Plant
Suanluang, Bangkok 10250
¬Õ¥√«¡√“¬‰¥â¢Õß∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑œ ¬àÕ¬ 799.75 100 1,793.56 100
Total Revenue: Hemaraj Land and Development PLC. and Subsidiaries
√“¬‰¥â (≈â“π∫“∑)
2542 % 2541 %
Revenue (Mil.Baht)
1999 % 1998 %
1) ®—¥µ—Èß„π Cayman Islands 1) Incomporated in the Cayman Island
2) ®—¥µ—ÈßÕ“≥“‡¢µ¢Õß British Virgin Islands 2) Incorporated in the Territory of the British Virgin Islands
3) ‡ªìπ∫√‘…—∑¬àÕ¬¢Õß ∫√‘…—∑ Õ‘ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®”°—¥ 3) Subsidiary of Eastern Industrial Estate
4) ∂◊ÕÀÿâπ∑“ßÕâÕ¡‚¥¬ºà“π∫√‘…—∑ ‡Õ™-‡æ“‡«Õ√å ®”°—¥ 4) Indirectly held through H-Power
90
BOARD OF DIRECTORS
§≥–°√√¡°“√·≈–§≥–ºâŸ∫√‘À“√
𓬠«— ¥‘Ï ÀÕ√ÿà߇√◊Õß Mr. Sawasdi Horrungruang
µ”·Àπàß ª√–∏“π°√√¡°“√∫√‘…—∑ Position Chairman of the Board of Directors
𓬪√–∑’ª ‰µ√‚≈À°– Mr. Prateep Trilohaka
µ”·Àπàß °√√¡°“√ Position Director
𓬇¥«‘¥ π“√å ‚¥π Mr. David Nardone
µ”·Àπàß °√√¡°“√ Position Director
𓬠ÿ∑∏‘æ—π∏å ®“√ÿ¡≥’ Mr. Sudhipan Charumani
µ”·Àπàß °√√¡°“√ (Õ‘ √–), °√√¡°“√µ√«® Õ∫ Position Independent Director, Audit Committee
π“ß¿§‘π’ ÿ«√√≥¿—°¥’ Mrs. Pakinee Suwanapakdee
µ”·Àπàß °√√¡°“√ (Õ‘ √–) Position Independent Director
π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å Mr. Thongchai Srisomburananonta
µ”·Àπàß °√√¡°“√ Position Director
π“¬∂“«√ Õπ—πµå§Ÿ»√’ Mr. Thavorn Anankusri
µ”·Àπàß °√√¡°“√ Position Director
𓬮‘√«‘∑¬å ¡“»√—ß √√§å Mr. Jirawit Masrangson
µ”·Àπàß °√√¡°“√, °√√¡°“√µ√«® Õ∫ Position Director, Audit Committee
𓬫‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ Mr. Vivat Jiratikarnsakul
µ”·Àπàß °√√¡°“√ Position Director
π“¬Õπÿµ√ ®“µ‘°«≥‘™ Mr. Anut Chatikavanij
µ”·Àπàß °√√¡°“√ Position Director
𓬪’‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π Mr. Peter John Edmondson
µ”·Àπàß °√√¡°“√ (Õ‘ √–), °√√¡°“√µ√«® Õ∫ Position Independent Director, Audit Committee
𓬇¥«‘¥ π“√å ‚¥π °√√¡°“√ºŸâ®—¥°“√
Mr. David Nardone President and Chief Executive Officer
𓬫‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√
Mr. Vivat Jiratikarnsakul Senior Vice President
𓬧”ŒÕß √—»¡’ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√
Mr. Khamhoung Ratsamany Director - Industrial Estate Operations
π“¬π‘√—π¥√å ¢®√√ÿàß»‘≈ªá ºŸâÕ”π«¬°“√ΩÉ“¬¢“¬
Mr. Nirand Kajonrungsilp Director - Industrial Estate Sales
𓬻‘√‘»—°¥‘Ï °‘®√—°…“ √ÕߺŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’
Mr. Sirisak Kijraksa Deputy Director-Accounting
π“ß “« ¡„® «™‘√Àâ“ √ÕߺŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π
Ms. Somjai Wachiraha Deputy Director-Finance
π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß ºŸâ®—¥°“√‚§√ß°“√
Mr. Tanin Subboonrueng Project Manager - Development
π“ß “«ªƒ…¥“ ∑Õß«‘‡»…°ÿ≈ ºŸâ®—¥°“√ΩÉ“¬°“√µ≈“¥
Ms. Parisada Tongviseskul Manager - Marketing
𓬇ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π ºŸâ®—¥°“√ΩÉ“¬«“ß·ºπ√–∫∫¢âÕ¡Ÿ≈
Mr. Paopitaya Smutrakalin Manager - Planning and Information
Systems
Management / §≥–ºŸâ∫√‘À“√
Board of Directors / §≥–°√√¡°“√
91
SHAREHOLDERS
∑’˪√÷°…“°ÆÀ¡“¬ ∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥
130 Õ“§“√ ‘π∏√ 3 ™—Èπ 22 ∂ππ«‘∑¬ÿ °√ÿ߇∑æœ 10330
‚∑√»—æ∑å 263-7600
Attorney Allen & Overy (Thailand) Co., Ltd.
22nd Floor, Sindhorn Building III, 130 Wireless Road,
Bangkok 10330 Tel. 263-7600
∑’˪√÷°…“∑“ß°“√‡ß‘π - ‰¡à¡’ -
Financial Advisor - none-
∑’˪√÷°…“À√◊ÕºŸâ®—¥°“√¿“¬„µâ —≠≠“°“√®—¥°“√ - ‰¡à¡’ -
Advisor or manager under contract management - none-
√“¬≈–‡Õ’¬¥§à“µÕ∫·∑π°√√¡°“√·≈–ºŸÈ∫√‘À“√
ª√–®”ª’ 2542 ·¬°‰¥È¥—ßπ’È
1. §à“µÕ∫·∑π∑’ˇªìπµ—«‡ß‘π/ Remuneration
‡ß‘π‡¥◊Õπ 22,418,296.79 ∫“∑
Salary 22,418,296.79 Baht
§à“∫”‡ÀπÁ®/‚∫π— /‡∫’Ȭª√–™ÿ¡ 2,057,775.42 ∫“∑
Bonus 2,057,775.42 Baht
2. §à“µÕ∫·∑πÕ◊Ëπ (∂â“¡’) - ‰¡Ë¡’ -
Other remuneration - none -
∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ / Reference Persons
π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥
62 Õ“§“√µ≈“¥À≈—°∑√—æ¬åª√–‡∑»‰∑¬ ™—Èπ 4, 6-7
∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õ߇µ¬ ‡¢µ§≈Õ߇µ¬ °√ÿ߇∑æœ 10110
‚∑√»—æ∑å 359-1200-1
Share Registrar Thailand Securities Depository Co., Ltd.
62 The Stock Exchange of Thailand Bldg. 4th Floor,
6-7th Floor, Rachadapisek Road, Klongtoey,
Bangkok 10110 Tel. 359-1200-1
ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ·ª≈ß The Law Debenture Trust Corporation P.L.C.
¿“æ (Trustee) Princes House 95 Gresham Street
London EC2V 7LY England
ºŸâ Õ∫∫—≠™’ ∫√‘…—∑ ‡§æ’‡ÕÁ¡®’ ÕÕ¥‘∑ (ª√–‡∑»‰∑¬) ®”°—¥
92 Õ“§“√ “∏√∏“π’ 2 ™—Èπ 9 ∂ππ “∏√‡Àπ◊Õ °√ÿ߇∑æœ 10500
‚∑√»—æ∑å 2366161-4, 2385172-5
- π“¬π‘√—π¥√å ≈’≈“‡¡∏«—≤πå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2316
- 𓬠ÿæ®πå ‘ßÀå‡ πàÀå ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 2826
Auditor KPMG Audit (Thailand) Ltd.
92 Sathorn Thani Tower II, 9th Floor, North Sathorn Road,
Bangkok 10500 Tel. 236-6161-4, 238-5172-5
- Mr. Nirand Lilamethwat CPA No. 2316
- Mr. Suphot Singhasaneh CPA No. 2826
1. §à“µÕ∫·∑π√«¡¢Õߧ≥–°√√¡°“√¢Õß∫√‘…—∑·≈–
∫√‘…—∑¬àÕ¬ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 21,749,738.87 ∫“∑
The directors remuneration of the company and its subsidiaries
for the year 1999 are the total amount of 21,749,738.87 Baht
2. §à“µÕ∫·∑π√«¡¢Õߧ≥–ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬
ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 22,076,072.21 ∫“∑
The management remuneration of the company and its subsidiaries
for the year 1999 are the total amount of 22,076,072.21 Baht
3. §à“µÕ∫·∑π√«¡¢Õߧ≥–ºŸâ∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡©æ“–
∑’Ë¡’Õ¬Ÿà√«¡ 10 √“¬ ª√–®”ª’ 2542 ∑’Ë¡’√“¬‰¥â‡ªìπµ—«‡ß‘π 22,076,072.21 ∫“∑
The top ten management remuneration of the company and its
subsidiaries for the year 1999 are the total amount of 22,076,072.21 Baht
§à“µÕ∫·∑π°√√¡°“√·≈–ºâŸ∫√‘À“√
Director and Management’s Compensation
1. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å
(ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 1 20,479,791 28.94
Thailand Securities Depository Co., Ltd. for Depositor 1
2. π“¬∏ß™—¬ »√’ ¡∫Ÿ√≥“ππ∑å 13,245,335 18.72
Mr. Thongchai Srisomburananonta
3. ∫√‘…—∑ ´—π‡∑§°√ÿäª ®”°—¥ (¡À“™π) 12,111,806 17.12
Sun Tech Group Public Company Limited
4. 𓬠«— ¥‘Ï ÀÕ√ÿà߇√◊Õß 7,310,000 10.33
Mr. Sawasdi Horrungruang
5. 𓬠—¡ƒ∑∏‘Ï ‡Õ◊ÈÕ‚™µ‘æ≥‘™ 3,357,100 4.74
Mr. Sumrit Eahchotipanij
6. π“¬∂“«√ Õπ—πµå§Ÿ»√’ 2,810,000 3.97
Mr. Thavorn Anankusri
7. π. .πÿ™π“√∂ ÀÕ√ÿà߇√◊Õß 1,567,375 2.21
Miss Nuchanart Horrungruang
8. π“¬Õ¿‘™“µ‘ ‡ß‘πÕ¬Ÿà 1,500,000 2.12
Mr. Apichad Ngoenyoo
9. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å
(ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 2 1,228,800 1.74
Thailand Securities Depository Co., Ltd. for Depositor 2
10 𓬉 « ÀÕ√ÿà߇√◊Õß 1,100,000 1.55
Mr. Savai Horrungruang
1 ºŸâ∂◊ÕÀÿâπ∑’ˇªÁπ§π‰∑¬ (Thai depositor)
2 ºŸÈ∂◊ÕÀÿâπ∑’ˇªìπ§πµà“ߥ⓫ (Foreigner depositor)
≈”¥—∫∑’Ë ™◊ËÕ - °ÿ≈ ®”π«πÀÿâπ % ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥Item Shareholders No. of Shares % of All Shares
√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ≥ «—π∑’Ë 31 ∏—𫓧¡ 2542
First 10 Hemaraj Land And Development's Shareholders as at 31 December 1999
92
SET REGULATIONS
√“¬°“√µ√«® Õ∫Set Regulations Page
1. General Information
1.1 Company Profile content
1.2 Other company which held by the company more than 10% 88
1.3 Reference persons i.e. registrar, auditor, financial advisor, attorney 91
2. Message from Director 2
3. Message from Audit Committee (if any) 4
4. Summary of Financial (highlight)
4.1 Information from financial statement i.e. total asset, total liability, 9
equity, sale, total revenue, revenue, gross margin, and net profit
4.2 Financial ratio 9
5. Types of Business
5.1 Structure of revenue 88
5.2 Changing from previous year none
6. Industry Situation and Competition 6
7. Shareholders and Management
7.1 Shareholders who hold more than 10% 91
7.2 Management team by presented name, experience 90
7.3 Management remuneration 91
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 5%
of voting right in subsidiary and associated company none
8.3 In clause of 8.1 and 8.2 if occur in previous year, present
reason and necessity of the transaction none
8.4 Comment of independent director and financial advisor
for transaction in clause 8.1 and 8.2 none
8.5 Comment of independent director for treatment as commitment
and condition in prospectus none
9. Risk Factors 86
10. Other factors that may impact to investment decision
10.1 Legal disputes 10
10.2 Commitment on share issuance in the future 86
11. Information of Convertible Bond and Bill of Exchange 66
12. Management Discussion
12.1 Capital structure suitability, liquidity, asset quality,
profitability and performance 10
12.2 Cause of changing of significant ratios 10
12.3 Extra items impact to financial position and
performance significantly 10
12.4 Cause of significant deviation of performance
from previous year of forecast 10
12.5 Changing of subsequent event significantly 86
12.6 Impact from shareholder restructure 86
12.7 Pledging to other person, contingent liability 76
13. Financial Statement 26
À—«¢âÕ
1. ¢âÕ¡Ÿ≈∑—Ë«‰ª
1.1 ∫√‘…—∑ “√∫—≠
1.2 𑵑∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 88
1.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 91
2. §”™’È·®ß¢Õߪ√–∏“π°√√¡°“√À√◊Õ§≥–°√√¡°“√ 2
3. §”™’È·®ß¢Õߧ≥–°√√¡°“√µ√«® Õ∫ 4
4. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑
4.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π 9
4.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π 9
5. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®
5.1 ‚§√ß √â“ß√“¬‰¥â 88
5.2 °“√‡ª≈’ˬπ·ª≈ß„πª’∑’˺à“π¡“ ‰¡à¡’
6. ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àߢ—π 6
7. ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√
7.1 ºŸâ∂◊ÕÀÿâπ 91
7.2 ºŸâ∫√‘À“√ 90
7.3 §Ë“µÕ∫·∑πºŸâ∫√‘À“√ 91
8. ∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π ‰¡à¡’
8.1 √“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡ ‰¡à¡’
8.2 √“¬°“√√–À«à“ß°—π∑’ˇ°‘¥¢÷Èπ√–À«à“ß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ‰¡à¡’
„π°√≥’∑’Ë∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑√à«¡
‡°‘π°«à“√âÕ¬≈– 5 ¢Õß®”π«πÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß¢Õß∫√‘…—∑π—Èπ
8.3 ‡Àµÿº≈·≈–§«“¡®”‡ªÁπ∑’Ë∑”„À⇰‘π√“¬°“√√–À«à“ß°—π„À¡à ‰¡à¡’
8.4 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°À√◊ÕºŸâ™”π“≠°“√∑’ˇªÁπÕ‘ √– ‰¡à¡’
‡°’ˬ«°—∫√“¬°“√√–À«à“ß°—π
8.5 §«“¡‡ÀÁπ¢Õß°√√¡°“√∫ÿ§§≈¿“¬πÕ°‡°’ˬ«°—∫°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑’Ë∫√‘…—∑ ‰¡à¡’
‰¥â√–∫ÿ‰«â„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å·≈–√à“ßÀπ—ß ◊Õ™’È™«π
9. ª—®®—¬§«“¡‡ ’Ë¬ß 86
10. ª—®®—¬Õ◊Ëπ∑’ËÕ“®¡’º≈°√–∑∫µàÕ°“√µ—¥ ‘π„®≈ß∑ÿπ
10.1 ¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ 10
10.2 æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ„πÕ𓧵 86
11. ¢âÕ¡Ÿ≈‡°’ˬ«°—∫Àÿâπ°ŸâÀ√◊Õµ—Ϋ‡ß‘π 66
12. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√
12.1 §«“¡‡À¡“– ¡¢Õß‚§√ß √â“߇ߑπ∑ÿ𠧫“¡‡æ’¬ßæÕ¢Õß ¿“æ§≈àÕß 10
§ÿ≥¿“æ ‘π∑√—æ¬å §«“¡ “¡“√∂„π°“√∑”°”‰√ ·≈–ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π
12.2 “‡Àµÿ¢Õß°“√‡ª≈’ˬπ·ª≈ß√“¬°“√À√◊ÕÕ—µ√“ à«π∑’Ë ”§—≠ 10
12.3 √“¬°“√摇»…À√◊Õ√“¬°“√∑’Ë¡‘‰¥â‡°‘¥®“°°“√¥”‡π‘πß“πµ“¡ª°µ‘ 10
·≈–¡’º≈µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“πÕ¬à“ß¡’ “√– ”§—≠
12.4 “‡Àµÿ∑’˺≈°“√¥”‡π‘πß“πª’≈à“ ÿ¥·µ°µà“ß®“°ª’°àÕπÀ√◊Õª√–¡“≥°“√ 10
Õ¬à“ß¡’π—¬ ”§—≠
12.5 °“√‡ª≈’ˬπ·ª≈ß∑’Ë ”§—≠∑’ˇ°‘¥¢÷Èπ¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π≈à“ ÿ¥·≈– 86
º≈°√–∑∫∑’ËÕ“®¡’µàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π
12.6 º≈°√–∑∫®“°°“√ª√—∫‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π°≈ÿà¡ 86
12.7 °“√§È”ª√–°—π„Àâ∫ÿ§§≈Õ◊Ëπ Àπ’È ‘π∑’ËÕ“®®–‡°‘¥¢÷Èπ °“√ºŸ°æ—π°“√≈ß∑ÿπ 76
„π‚§√ß°“√ À√◊Õ¿“√–ºŸ°æ—πÕ◊Ëπ„π≈—°…≥–‡¥’¬«°—π
13. ß∫°“√‡ß‘π 26