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Land & Houses Public Company LimitedAnnual Report 2004

∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π)

‡≈¢∑–‡∫’¬π∑’Ë ∫®¡. 57 Õ“§“√ Q. House Convent ™—Èπ 3-5,

38 ∂.§Õπ·«πµå ’≈¡ °√ÿß‡∑æœ 10500

‚∑√»—æ∑å 0 2237 8900-3 ‚∑√ “√ 0 2237 8860

‚Œ¡‡æ® : www.lh.co.th

Land & Houses Public Company Limited

Reg. No. 57 Q. House Convent Bldg., 3rd-5th Flrs.,

38 Convent Rd., Silom, Bangkok 10500 Thailand

Tel. 66 2237 8900-3 Fax : 66 2237 8860

Home Page : www.lh.co.th

√ “ ¬ ß “ π ª √ – ® ” ªï 2 5 4 7∫ √‘ …— ∑ · ≈ π ¥å · Õ π ¥å ‡ Œâ “ å ® ” °— ¥ ( ¡ À “ ™ π )

√“¬ß“πª√–®”ªï 2547 ∫√ ‘…—∑ ·≈π¥ å ·Õπ¥ å ‡Œâ“ å ®”°—¥ (¡À“™π)Annual R

eport 2004 Land & H

ouses Public Com

pany Limited

Designed by S

TY

LE 0 2945 8051-6

ISBN 947-92860-2-2

“√∫—≠

®ÿ¥‡¥àπ„π√Õ∫ªï 2547 1

2004 HIGHLIGHT

√“¬ß“π®“°ª√–∏“π°√√¡°“√ 2

LETTER FROM THE CHAIRMAN

√“¬ß“π®“°ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 4

REPORT OF THE CHAIRMAN OF THE AUDIT COMMITTEE

¿“æ√«¡°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ 6

OVERALL PICTURE OF BUSINESSES OF THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 8

BUSINESS OPERATION

∂‘µ‘∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡„πªï 2543-2547 9

HOUSING REGISTERED STATISTICS 2000-2004

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ 10

INVESTMENT IN SUBSIDIARIES AND AFFILIATES

ªí®®—¬§«“¡‡ ’Ë¬ß 14

RISK FACTORS

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 24

SHAREHOLDER AND MANAGEMENT

∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π 50

RELATED PARTIES AND CONNECTED TRANSACTIONS

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π 56

EXPLANATIONS AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS

¢âÕ¡Ÿ≈ ∂‘µ‘∑“ß°“√‡ß‘π‡ª√’¬∫‡∑’¬∫ 3 ªï 74

COMPARATIVE 3 YEARS FINANCIAL STATISTICS

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑µàÕ√“¬ß“π∑“ß°“√‡ß‘π 76

THE RESPONSIBILITY FOR THE FINANCIAL REPORTING OF THE BOARD OF DIRECTORS

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ 78

AUDITORûS REPORT

ß∫°“√‡ß‘π 80

FINANCIAL STATEMENTS

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 138

OTHER REFERENCES

√ÿªµ”·Àπàß¢Õß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 „π√“¬ß“πª√–®”ªï 2547 140

CONTENT SUMMARY OF TRANSACTIONS SPECIFIED ACCORDING TO THE FORM 56-2 IN ANNUAL REPORT OF 2004

1 General Information

1.1 Company ................................................................................................................................................................................................................. Back Cover

1.2 Corporate that The Company Held Over 10% Shares .................................................................................................................. 10

1.3 Other References ................................................................................................................................................................................................ 139

2. Summary of The Companyûs Financial Information

2.1 Financial Information ......................................................................................................................................................................................... 1, 75

2.2 Financial Ratios.................................................................................................................................................................................................... 75

3. Business Operation

3.1 Overall picture of businesses of the company and its subsidiaries and affiliates .......................................................... 7

3.2 Revenue Structure.............................................................................................................................................................................................. 8

4. Risk Factors ............................................................................................................................................................................................................................. 14

5. Shareholders and Management

5.1 Shareholders.......................................................................................................................................................................................................... 29

5.2 Executive Officers............................................................................................................................................................................................... 37

5.3 Remuneration for the Executives ............................................................................................................................................................... 43

6. Related Parties and Connected Transactions ......................................................................................................................................................... 51

7. Explanations and Analysis of the Financial Position Operating Results ................................................................................................... 57

8. Financial Statements ........................................................................................................................................................................................................... 81

Pages

CONTENTS

Annual Report 2004Land & Houses Public Company Limited

1

®ÿ¥‡¥àπ„π√Õ∫ªï 25472004 HIGHLIGHT

2547 2546 %

2004 2003 change

º≈°“√¥”‡π‘πß“πOPERATING RESULT

®”π«π‚§√ß°“√∑’Ë¥”‡π‘πß“πNUMBER OF ACTIVE PROJECT 41 25 64.00

§«“¡ “¡“√∂„π°“√∑”°”‰√EARNING ABILITY

Õ—µ√“°”‰√µàÕ¬Õ¥¢“¬RETURN ON SALES 28.66 29.76 (3.70)

®ÿ¥‡¥àπ®“°ß∫°“√‡ß‘π (≈â“π∫“∑)HIGHLIGHT OF THE FINANCIAL STATEMENT (million baht)

√“¬‰¥â√«¡TOTAL REVENUES 21,289 20,450 4.10°”‰√ ÿ∑∏‘NET PROFIT 6,101 6,086 0.25 ‘π§â“§ß‡À≈◊ÕINVENTORIES 25,958 19,847 30.79 ‘π∑√—æ¬å√«¡TOTAL ASSETS 36,845 31,393 17.37 à«π¢ÕßºŸâ∂◊ÕÀÿâπ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬TOTAL SHAREHOLDERSû EQUITY INCLUDING MINORITY INTEREST 22,492 22,764 (1.20)

¢âÕ¡Ÿ≈µàÕÀÿâπPER SHARE DATA

°”‰√ ÿ∑∏‘µàÕÀÿâπEARNING PER SHARE 0.79 0.91 (13.19)¡Ÿ≈§à“µ“¡∫—≠™’BOOK VALUE 2.76 3.20 (13.90)√“§“µ≈“¥ (≥ «—π ‘Èπªï)MARKET PRICE (AT YEAR END) 10.10 12.30 (17.89)

®”π«πÀÿâπ∑’Ë‡√’¬°™”√–·≈â« (≈â“πÀÿâπ)NUMBER OF OUTSTANDING SHARES (million shares) 8,156 7,108 14.75


2

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√“¬ß“π®“°ª√–∏“π°√√¡°“√LETTER FROM THE CHAIRMAN

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‡ªÕ√å‡´Áπµå·≈–ª√‘¡“≥Àπà«¬ ¥—ß®–‡ÀÁπ‰¥â®“°„πµ“√“ß

2547 2546 2545 2544 *2543 **2538

√«¡∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ 62,800 50,600 34,000 34,000 32,000 172,400

·∫àß‡ªìπ ∫â“π®—¥ √√ 42,900 32,000 16,300 14,400 14,000 140,300

√â“ß‡Õß 19,900 18,600 17,700 19,600 18,000 32,100

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3

Yours sincerely,

(Anant Asavabhokhin)

Chairman

Many important events occurred in 2004 which adversely affected economic growth and consumersû confidence,

starting with the bird-flu outbreak early in the year, followed by violence in the three southern provinces that peaked in April

and October. Furthermore, interest rates began to rise for the first time since the 1997 financial crisis. Record-high oil prices

added to the dismal picture and the year drew to a sad close with a tragedy that killed tens of thousands of people in

Phuket, Phang Nga and Krabi, Thailandûs main tourist attractions. Such changes deeply affected the housing industry, as

reflected by slower growth in the number of new house registrations in Bangkok and the vicinities, both in percentage and

unit terms, as follows:

2004 2003 2002 2001 *2000 **1995

Total new house registrations 62,800 50,600 34,000 34,000 32,000 172,400

Housing estate units 42,900 32,000 16,300 14,400 14,000 140,300

Self-built units 19,900 18,600 17,700 19,600 18,000 32,100

** 1995 is the record year of new house registrations in Bangkok and the vicinities

* 2000 is the year when new house registrations were at record low in 18 years

The operating results of Land & Houses Plc. in 2004 are on par with those of 2003, with revenue and profit 10%

short of projections due to the aforementioned negative factors. The delay of the construction of condominiums at four sites,

estimated to be completed in November 2004, also attributed to the lower-than-expected revenue and profits.

The Company, however, is firmly convinced that its pre-built policy, which has been streamlined, gives it an edge

over its competitors for various reasons. Its production cost, both direct and indirect, is lower than the overall industry while

the time required for the construction is much less. More importantly, the quality of the houses is better and the environment

of the projects is noticeably different from those of other operators. The pre-built strategy, however, will benefit only when

research and development is applied to all aspects to keep up with the changes in the market and consumersû behavior.

On behalf of all directors, I would like to thank you, the shareholders, as well as our employees, contractors,

suppliers and financial institutions, for your strong support and contribution to our efforts to build warm families and quality

communities under all Land & Houses projects.


4

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6. Õ∫∑“π·≈–µ‘¥µ“¡‡ß‘π≈ß∑ÿπ„πª√–‡∑»·≈–µà“ßª√–‡∑»Õ¬à“ßµàÕ‡π◊ËÕß ‡æ◊ËÕ‡ πÕ·π–„Àâ§≥–°√√¡°“√∫√‘…—∑œ µ√–Àπ—°∂÷ß°“√

∫√‘À“√‡ß‘π≈ß∑ÿπ·≈–¡’°“√µ‘¥µ“¡Õ¬à“ß„°≈â™‘¥

7. Õ∫∑“π°“√®—¥´◊ÈÕ∑’Ë¥‘π·≈–°“√∂◊Õ§√Õß∑’Ë¥‘π∑’Ë¡’√–¬–‡«≈“¬“«π“π ‡æ◊ËÕ¥”‡π‘π°“√„Àâ∫√‘…—∑µ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß°“√

≈ß∑ÿπ∑’Ë¡’¡Ÿ≈§à“ Ÿß ‚¥¬‡ πÕ·π–„Àâ§≥–°√√¡°“√∫√‘…—∑œ ¡’°“√¥Ÿ·≈·≈–µ‘¥µ“¡Õ¬à“ßµàÕ‡π◊ËÕß

8. ‡√àß¥”‡π‘π°“√„Àâ‡√Á«¢÷Èπ ”À√—∫°“√‡¢â“ Ÿà¡“µ√∞“π°“√°”°—∫°‘®°“√∑’Ë¥’¢Õß∫√‘…—∑œ √â“ß§«“¡√Ÿâ§«“¡‡¢â“„®Õ—ππ”‰ª Ÿà°“√ªØ‘∫—µ‘

∑—Ë«∑—ÈßÕß§å°√ æ√âÕ¡°—ππ’È ‰¥â‡ πÕ·π–„Àâ∫√‘…—∑œ °”Àπ¥¡“µ√°“√ªÑÕß°—π‡√◊ËÕß§«“¡‡ ’Ë¬ß ‡æ◊ËÕ§«∫§ÿ¡·≈–À√◊Õ≈¥§«“¡√ÿπ·√ß∑’ËÕ“®°àÕ„Àâ

‡°‘¥§«“¡‡ ’¬À“¬

§≥–°√√¡°“√µ√«® Õ∫‰¥âªØ‘∫—µ‘Àπâ“∑’ËÕ¬à“ß¡’Õ‘ √–·≈–‰¥â√—∫§«“¡√à«¡¡◊Õ¥â«¬¥’®“°∑ÿ°ΩÉ“¬∑’Ë‡°’Ë¬«¢âÕß

√“¬ß“π®“°ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫REPORT OF THE CHAIRMAN OF THE AUDIT COMMITTEE

(ª√–∑’ª «ß»åπ‘√—π¥√å)ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

«—π∑’Ë 28 °ÿ¡¿“æ—π∏å 2548


5

Dear Shareholders,

The Board of Directors of Land & Houses Plc. nominated the Audit Committee, which consists of three independent

directors: Mr. Pratip Wongnirund, chairman, Mr. Pakhawat Kovithvathanaphong, member, and Dr. Siri Ganjarerndee,

member. The three members of the Audit Committee are not executives or employees of the Company.

In 2004, the Audit Committee performed its duties in compliance with the requirements of the Stock Exchange of

Thailand and as assigned by the Companyûs Board of Directors to monitor and ensure that the Companyûs operations were

in line with the established scope of operations and objectives. The Audit Committee met 5 times, the major points of which

can be summarized as follows:

1. Reviewed the credibility of the Companyûs quarterly and annual financial statements and expressed opinions on

them. Auditors were invited to join every meeting to explain their findings and/or express their opinions, as well as clarify all

points of concern.

2. Reviewed the adequacy of the internal audit system by inviting auditors, managers, internal auditors and related

management to give explanations and exchange views on the internal audit so that all units were fully aware of the

importance of the internal audit. It also reviewed the performance of the internal audit based on the 2004 annual audit plan

and approved the annual audit plan for 2005.

3. Reviewed to ensure that the Company had complied with the Securities and Exchange Act and other laws related

to its businesses and continually follow up on cases or disputes that emerged.

4. Reviewed the transactions between the Company and connected businesses or lists with potential conflicts of

interest to ensure proper and adequate disclosures in an accountable and fair manner.

5. Considered, selected and recommended the nomination of auditors and their remunerations for 2005.

6. Regularly reviewed investments made locally and abroad and made suggestions so that the Board of Directors

recognized the importance of investment management and closely monitored them.

7. Reviewed the procurement and holding of land for lengthy periods to ensure the Company was aware of the

importance of high-value investments by proposing that the Board of Directors keep a close watch on them.

8. Accelerated the adoption of good governance standards by disseminating the knowledge and understanding

which led to the implementation throughout the organization. It also proposed that the Company determined risk-prevention

measures to control or exacerbate the degree of potential damages.

The Committee hereby assured that it had performed its duties independently and received full support from the

Company and all of the related parties.

(Pratip Wongnirund)Chairman Audit Committee

February 27, 2004


6

¿“æ√«¡°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡OVERALL PICTURE OF BUSINESSES OF THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES

(≥ «—π∑’Ë 31 ∏—π«“§¡ 2547)

∫¡®.·≈π¥å ·Õπ¥å ‡Œâ“ å

∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å ∏ÿ√°‘®«— ¥ÿ°àÕ √â“ß ∏ÿ√°‘®∑’Ëª√÷°…“ / ≈ß∑ÿπ ∏ÿ√°‘®‚√ßæ¬“∫“≈

∫¡®.‚Œ¡‚ª√¥—° å ‡ Áπ‡µÕ√å 29.99%

∫¡®.§«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å31.41%

∫®.‡Õ‡™’¬ ·Õ ‡´∑ ·Õ¥‰«‡´Õ√’Ë39.99%

∫®.§“‡¡√Õπ ‚°≈∫Õ≈ ≈‘¡‘‡µÁ¥ 40.00%

∫¡®.∫“ß°Õ°‡™π ŒÕ ªîµÕ≈ 40.00%∫®.·Õµ·≈πµ‘§ ‡√’¬≈‡Õ ‡µ∑ 99.99%

∫®.·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ 99.99%

∫®.·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏ 99.99%

∫®.·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏Õ’ 99.99%

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 249.99%

∫®.·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ 99.99%

∫®. ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È 99.99%

∫®.·Õ≈ ‡Õ™ ·Õ ‡´∑ 99.99%

∫®.·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à 55.00%

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 149.94%

∫®. ¬“¡∏“π’‡√’¬≈‡Õ ‡µ∑ 99.99%

∫¡®.§«Õ≈‘µ’È ‡Œâ“ å 21.87%

Polar Property Holdings 29.48%


7

(At as 31st December, 2004)(At as 31st December, 2004)

Land & Houses Plc.

Property Business Construction MaterialBusiness

Consultancy/InvestmentBusiness Hospital Business

Home Products Center Plc. 29.99%

Quality Construction Products Plc.31.41%

Asia Asset Advisory Co., Ltd. 39.99%

Cameron Global Limited Co., Ltd40.00%

Bangkok Chain Hospital Plc. 40.00%Atlantic Real Estate Co., Ltd. 99.99%

Pacific Real Estate Co., Ltd. 99.99%

Land & Houses North Co., Ltd.99.99%

Land & Houses Northeast Co., Ltd.99.99%

LH Real Estate Co., Ltd. 99.99%

Siam Tanee Property Co., Ltd.99.99%

LH Asset Co., Ltd. 99.99%

LH Muang Mai Co., Ltd. 55.00%

Land & Houses Property Fund 1 49.94%

Siam Tanee Real Estate Co., Ltd.99%

Land & Houses Property Fund 2 49.99%

Quality Houses Plc. 21.87%

Polar Property Holdings 29.48%


8

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®BUSINESS OPERATION

‚§√ß √â“ß√“¬‰¥â / Revenue Structure

1. ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬åReal Estate Business∫â“π‡¥’Ë¬« ∫√‘…—∑ 13,750 85.49 17,023 82.71 14,528 68.24Detached houses The Company

∫√‘…—∑¬àÕ¬ : ∫®. ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ - - 9 0.04 2 0.01Subsidiary: Atlantic Real Estate Co., Ltd.

∫√‘…—∑¬àÕ¬ : ∫®. ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ 4 0.03 - - 1 0.00Subsidiary: Pacific Real Estate Co., Ltd.∫√‘…—∑¬àÕ¬ : ∫®. ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏ 67 0.42 99 0.48 65 0.31

Subsidiary: Land & Houses North Co., Ltd.∫√‘…—∑¬àÕ¬ : ∫®. ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏Õ’ 299 1.86 443 2.15 1,126 5.29

Subsidiary: Land & Houses Northeast Co., Ltd.∫√‘…—∑¬àÕ¬ : ∫®. ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à 332 2.06 400 1.94 338 1.59

Subsidiary: LH Muang Mai Co., Ltd.∫√‘…—∑¬àÕ¬: ∫®. ·Õ≈.‡Õ™.‡√’¬≈‡Õ ‡µ∑ - - - - 664 3.12

Subsidiary: LH Real Estate Co., Ltd.∫√‘…—∑¬àÕ¬ : ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ * 151 0.94 263 1.28 1,128 5.30

Subsidiary: Siam Tanee Real Estate Co., Ltd. *

√«¡√“¬‰¥â∫â“π‡¥’Ë¬« 14,603 90.79 18,237 88.61 17,852 83.86Total revenue from detached houses

∑“«πå‡Œâ“ å ∫√‘…—∑ 7 0.04 333 1.62 - -Townhouses The Company

∫√‘…—∑¬àÕ¬ : ∫®. ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑* 338 2.10 99 0.48 - -Subsidiary: Siam Tanee Real Estate Co., Ltd.*

∫√‘…—∑¬àÕ¬ : ∫®. ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È 145 0.90 - - - -Subsidiary: Siam Tanee Property Co., Ltd.∫√‘…—∑¬àÕ¬ : ∫®. ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏Õ’ 2 0.01 2 0.0 1 0.00

Subsidiary: Land & Houses Northeast Co., Ltd.

√«¡√“¬‰¥â∑“«πå‡Œâ“ å 491 3.05 434 2.11 1 0.00Total revenue from townhouses

§Õπ‚¥¡‘‡π’¬¡ ∫√‘…—∑ - - - - 239 1.12Condominiums The Company

∫√‘…—∑¬àÕ¬ : ∫®. ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑* 7 0.04 - - 199 0.93Subsidiary: Siam Tanee Real Estate Co., Ltd.*

∫√‘…—∑¬àÕ¬ : ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È 2 0.01 - - - -Subsidiary: Siam Tanee Property Co., Ltd.

√«¡√“¬‰¥â§Õπ‚¥¡‘‡π’¬¡ 9 0.05 - - 438 2.06Total revenue from condominiums

√«¡√“¬‰¥â∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 15,103 93.90 18,671 90.72 18,291 85.92Total revenue from real estate business

2. √“¬‰¥âµ“¡«‘∏’ à«π‰¥â‡ ’¬®“°∫√‘…—∑√à«¡ 129 0.80 325 1.58 994 4.67Revenue from subsidiaries using the equity method

3. √“¬‰¥âÕ◊Ëπ** 852 5.30 1,585 7.70 2.004 9.41Other Income

√«¡√“¬‰¥â / Total revenue (1+2+3) 16,084 100.00 20,581 100.00 21,289 100.00

2545 / 2002 2546 / 2003 2547 / 2004º≈‘µ¿—≥±å / Product ¥”‡π‘π°“√‚¥¬ / Operated by ≈â“π∫“∑ % ≈â“π∫“∑

%≈â“π∫“∑

%Million baht Million baht Million baht

À¡“¬‡Àµÿ : * ∫®. ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ‡ªìπ∫√‘…—∑¬àÕ¬¢Õß ∫®. ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È (∂◊ÕÀÿâπ‚¥¬ ∫®. ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È „π —¥ à«π√âÕ¬≈– 99.99)** √“¬‰¥âÕ◊Ëπ ª√–°Õ∫¥â«¬°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ °”‰√®“°°“√°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ ‡ß‘πªíπº≈√—∫ ·≈–§à“Õ◊ËπÊ ‚¥¬°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„πªï 2547 ®”π«π

√«¡ 2,004 ≈â“π∫“∑ à«π„À≠à¡“®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑À≈—°∑√—æ¬å ‡Õ‡´’¬æ≈— ®”°—¥ (¡À“™π) ·≈–„π∫√‘…—∑ ‡Õ‡™’Ë¬πæ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π)* Siam Tanee Real Estate Co., Ltd. is a 99.99% - owned subsidiary of Siam Tanee Property Co., Ltd.** Other income consist of profit from the disposal of investment, profit from the reveral of an impairment loss, dividend receivables and others. Most of the profitof 2,004 million baht from the disposal of investment in 2004 came from the disposal of investment in Asia Plus Securities Plc. and Asian Property Development Plc.


9

ª√–‡¿∑ / TYPEªï / YEAR

2543 / 2000 2544 / 2001 2545 / 2002 2546 / 2003 2547 / 2004

∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ ®”·π°µ“¡ª√–‡¿∑°“√¥”‡π‘π°“√HOUSING REGISTERED BY BUILT TYPE

√â“ß‡Õß / OWNER - BUILT 18,064 19,639 17,693 18,598 19,859®—¥ √√ / DEVELOPER - BUILT 13,964 14,384 16,342 31,996 42,937

√«¡∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡∑—ÈßÀ¡¥TOTAL HOUSING REGISTERED (OWENER & DEVELOPER) 32,028 34,023 34,035 50,594 62,796

∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ ª√–‡¿∑ √â“ß‡Õß ®”·π°µ“¡ª√–‡¿∑∑’ËÕ¬ŸàÕ“»—¬CLASSIFIED BY TYPE - OWNER BUILT

∫â“π‡¥’Ë¬« / DETACHED HOUSE 16,639 18,239 16,369 16,681 17,617∫â“π·Ω¥ / DUPLEX HOUSES 366 123 44 239 184∑“«πå‡Œâ“ å·≈–Õ“§“√æ“≥‘™¬å / TOWNHOUSES 1,043 1,277 1,280 1,678 2,058·ø≈µ·≈–Õ“§“√™ÿ¥ / FLATS & CONDOMINIUMS 16 0 0 0 0

√«¡∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ ª√–‡¿∑ √â“ß‡ÕßTOTAL HOUSING REGISTERED BY OWNER - BUILT 18,064 19,639 17,693 18,598 19,859

∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ ª√–‡¿∑®—¥ √√ ®”·π°µ“¡ª√–‡¿∑∑’ËÕ¬ŸàÕ“»—¬CLASSIFIED BY TYPE - BY DEVELOPER BUILT

∫â“π‡¥’Ë¬« / DETACHED HOUSE 6,489 5,802 8,604 17,911 26,631∫â“π·Ω¥ / DUPLEX HOUSES 173 104 36 905 761∑“«πå‡Œâ“ å·≈–Õ“§“√æ“≥‘™¬å / TOWNHOUSES 1,669 3,785 5,731 11,272 13,360·ø≈µ·≈–Õ“§“√™ÿ¥ / FLATS & CONDOMINIUMS 5,633 4,693 1,971 1,908 2,185

√«¡∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ ª√–‡¿∑®—¥ √√TOTAL HOUSING REGISTERED BY DEVELOPER BUILT 13,964 14,384 16,342 31,996 42,937

∑’Ë¡“ : ∏π“§“√Õ“§“√ ß‡§√“–Àå / SOURCE : HOUSING REGISTERED FROM GOVERNMENT HOUSING BANKÀ¡“¬‡Àµÿ : ∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡ ‡©æ“–„π‡¢µ°√ÿß‡∑æ·≈–ª√‘¡≥±≈ 5 ®—ßÀ«—¥ / GREATER BANGKOK : BANGKOK PROVINCES AND 5 PERIMETER AREA INCLUDED.

Àπà«¬ : À≈—ßUnit : Unit

®”π«π∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡„π°√ÿß‡∑æ¡À“π§√ ·≈–ª√‘¡≥±≈ √–À«à“ßªï 2543 - 2547NUMBER OF HOUSING REGISTERED UNITS IN GREATER BANGKOK DURING 2000- 2004

∂‘µ‘∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡„πªï 2543-2547HOUSING REGISTERED STATISTICS 2000-2004

·ø≈µ·≈–Õ“§“√™ÿ¥FLATS &CONDOMINIUMS

∑“«πå‡Œâ“ å·≈–Õ“§“√æ“≥‘™¬åTOWNHOUSES

∫â“π·Ω¥DUPLEX HOUSES

∫â“π‡¥’Ë¬«DETACHED HOUSE

60000

50000

40000

30000

20000

10000

025442001

25452002

25462003

25472004

Àπà«¬ : À≈—ß / Unit : Unit

32,02

8

34,02

3

34,03

5

50,59

4

Õ—µ√“°“√¢¬“¬µ—« (%) / Percent Change

ªïYear

72.2

1.78.5

17.6

70.7

0.714.8

13.8

73.4

0.2

20.6

5.8

68.4

2.3

25.6

3.7

-4.1 6.2 0.0 48.7 24.1

25432000

70000

62,79

6

70.5

1.5

24.5

3.5


10

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡INVESTMENT IN SUBSIDIARIES AND AFFILIATES

∑ÿπ∑’Ë‡√’¬°™”√– ®”π«πÀÿâπ∑’Ë ¡Ÿ≈§à“ ‡ªÕ√å‡´Áπµå™◊ËÕ∫√‘…—∑ ·≈â« (≈â“π∫“∑) ∂◊Õ§√ÕßÕ¬Ÿà µ“¡∫—≠™’ °“√∂◊ÕÀÿâπ

COMPANY PAID UP CAPITAL HOLDING PAR VALUE %(MIL. BHT.) SHARES HOLD

‡ß‘π≈ß∑ÿπ„π°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π / INVESTMENT IN RELATED PARTIES

∫√‘…—∑∑’Ë®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å / LISTED COMPANY

1. ∫√‘…—∑ §«Õ≈‘µ’È‡Œâ“ å ®”°—¥ (¡À“™π) / QUALITY HOUSES PLC. 6,113 1,335,330,265 1 21.842. ∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªîµÕ≈ ®”°—¥ (¡À“™π) / BANGKOK CHAIN HOSPITAL PLC. 950 244,000,000 1 25.683. ∫√‘…—∑ ‚Œ¡ ‚ª√¥—° å ‡ Áπ‡µÕ√å ®”°—¥ (¡À“™π) / HOME PRODUCT CENTER PLC. 756 225,809,740 1 29.874. ∫√‘…—∑ §«Õ≈‘µ’È §Õπ µ√—§™—Ëπ ‚ª√¥—° å ®”°—¥ (¡À“™π) / QUALITY CONSTRUCTION PRODUCTS PLC. 400 125,624,980 1 31.41

∫√‘…—∑∑’Ë‰¡à‰¥â®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å / NON-LISTED COMPANY

1. POLAR PROPERTY HOLDINGS, CORP. (‡ª‚´ / PESO) 4,149 1,223,102,790 1 29.482. CAMERON GLOBAL LIMITED. (‡À√’¬≠ À√—∞ / US $) 0.001 400 1 40.003. ∫√‘…—∑ ‡Õ‡™’¬ ·Õ ‡´∑ ·Õ¥‰«‡´Õ√’Ë ®”°—¥ / ASIA ASSET ADVISORY CO., LTD. 13 499,994 10 40.004. °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å / LAND AND HOUSES PROPERTY FUND. 876 31,959,720 10 49.945. °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 2 / LAND AND HOUSES PROPERTY FUND. 2 4,225 180,610,000 10 49.996. ∫√‘…—∑ ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ®”°—¥ / L H MUANG MAI CO., LTD. 361 19,843,995 10 55.007. ∫√‘…—∑ ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ / ATLANTIC REAL ESTATE CO., LTD. 15 149,979 100 99.998. ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏ ®”°—¥ / LAND AND HOUSES NORTH CO., LTD. 14 134,998 100 100.009. ∫√‘…—∑ ·ª ‘øî° ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ / PACIFIC REAL ESTATE CO., LTD. 372 3,716,138 100 100.0010. ∫√‘…—∑ ¬“¡∏“π’ æ√ÁÕ∫‡æÕ√åµ’È ®”°—¥ / SIAM TANEE PROPERTY CO., LTD. 100 999,994 100 100.0011. ∫√‘…—∑ ·Õ≈ ‡Õ™ ·Õ ‡´∑ ®”°—¥ / L H ASSET CO., LTD. 100 999,994 100 100.0012. ∫√‘…—∑ ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ / L H REAL ESTATE CO., LTD. 116 1,159,994 100 100.0013. ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏Õ’ ®”°—¥ / LAND AND HOUSES NORTH-EAST CO., LTD. 570 5,699,991 100 100.00

∂◊ÕÀÿâπ‚¥¬ ∫√‘…—∑ ·ª´‘øî° ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ / Holding by PACIFIC REAL ESTATE CO., LTD.1. ∫√‘…—∑ ∫’ æ’ ∑’ Õÿµ “À°√√¡ ®”°—¥ (¡À“™π) / BPT INDUSTRIES PLC. 180 3,594,500 10 19.97

∂◊ÕÀÿâπ‚¥¬ ∫√‘…—∑ ¬“¡∏“π’ æ√ÁÕ∫‡æÕ√åµ’È ®”°—¥ / Holding by SIAM TANEE PROPERTY CO., LTD.1. ∫√‘…—∑ ‡Õ . ∑’. ‡ÕÁπ. ·¡‡π®‡¡âπ∑å ®”°—¥ / S.T.N. MANAGEMENT CO., LTD. 0.6 5,994 100 99.902. ∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ / SIAM TANEE REALESTATE CO., LTD. 475 4,753,461 100 100.00

∂◊ÕÀÿâπ‚¥¬ ∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ / Holding by SIAM TANEE REALESTATE CO., LTD.1. ∫√‘…—∑ ∫â“π «π∏π ®”°—¥ / BANN SUAN THON CO., LTD. 0.1 994 100 99.40

‡ß‘π≈ß∑ÿπ√–¬–¬“« / LONG-TERM INVESTMENTS

∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å / LISTED COMPANY

1. ∫√‘…—∑ §«Õ≈‘µ’È‡Œâ“ å ®”°—¥ (¡À“™π) / QUALITY HOUSES PLC. („∫ ”§—≠· ¥ß ‘∑∏‘ 4 / WARRANT 4) 211,519,9752. ∫√‘…—∑ §«Õ≈‘µ’È‡Œâ“ å ®”°—¥ (¡À“™π) / QUALITY HOUSES PLC. („∫ ”§—≠· ¥ß ‘∑∏‘ 3 / WARRANT 3) 98,636,300

∫√‘…—∑∑’Ë‰¡à‰¥â®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å / NON-LISTED COMPANY

1. ∫√‘…—∑ æ’∑’ Õ‡π°“°√‘¬“ ∫Ÿ¡‘πÿ™“ ®”°—¥ / PT ANEKAGRIYA BUMINUSA CO., LTD. (√Ÿ‡ªï¬ / RUPIAH) 6,000 1,198,800 1,000 19.982. ∫√‘…—∑ æ’∑’ æŸµ√“ ª“√∫Ÿ°√“¬“ ®”°—¥ / PT PUTRA PRABUKARYA CO., LTD. (√Ÿ‡ªï¬ / RUPIAH) 6,000 1,198,800 1,000 19.983. ∫√‘…—∑ æ’∑’ °“π“°“ °√“Œ“»√’ ®”°—¥ / PT KANAKA GRAHAASRI CO., LTD. (√Ÿ‡ªï¬ / RUPIAH) 8,400 1,678,320 1,000 19.984. ∫√‘…—∑ æ’∑’ ‡¡°“πÿ™“ ´‘æµâ“ ®”°—¥ / PT MEKANUSA CIPTA CO., LTD. (√Ÿ‡ªï¬ / RUPIAH) 12,000 2,397,600 1,000 19.985. ∫√‘…—∑ æ’∑’ æ√’¡à“ ’Œ“µ‘ ®”°—¥ / PT PRIMA SEHATI CO., LTD. (√Ÿ‡ªï¬ / RUPIAH) 15,600 3,116,880 1,000 19.98


11

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‚∑√»—æ∑å 0 2832 1000 ‚∑√ “√ 0 2832 1234‡«Á∫‰´µå: www.homepro.co.th

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∫√‘…—∑ §«Õ≈‘µ’È §Õπ µ√—§™—Ëπ ‚ª√¥—° å ®”°—¥ (¡À“™π)‡≈¢∑’Ë 144 À¡Ÿà 16 π‘§¡Õÿµ “À°√√¡∫“ßª–Õ‘π ∂.Õÿ¥¡ √¬ÿ∑∏å

µ.∫“ß°√– —Èπ Õ.∫“ßª–Õ‘π ®.æ√–π§√»√’Õ¬ÿ∏¬“ 13160‚∑√»—æ∑å 0 3522 1271 ‚∑√ “√ 0 3522 1270

‡«Á∫‰´µå: www.qcon.co.th«— ¥ÿ°àÕ √â“ß

Àÿâπ “¡—≠ 400 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

POLAR PROPERTY HOLDINGS, CORP.3rd Floor, Las Pinas Business Center, Alabang-Zapote

Road, Las Pinas City, Philippines ‚∑√»—æ∑å (632) 873-6157æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Àÿâπ “¡—≠ 4,149 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ‡ª‚´

CAMERON GLOBAL LIMITED.Commence Chambers, Road Town,

Tortola, British Virgin Islands.‚∑√»—æ∑å (632) 726-8238 ‚∑√ “√ (632) 726-8233

∏ÿ√°‘®°“√≈ß∑ÿπÀÿâπ “¡—≠ 1 æ—πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ‡À√’¬≠ À√—∞

∫√‘…—∑ ‡Õ‡™’¬ ·Õ ‡´∑ ·Õ¥‰«‡´Õ√’Ë ®”°—¥‡≈¢∑’Ë 38 Õ“§“√§‘«‡Œâ“ å §Õπ·«πµå ™—Èπ 8

∂.§Õπ·«πµå ’≈¡ °∑¡. 10500‚∑√»—æ∑å 0 2230 8238-41 ‚∑√ “√ 0 2237 8904

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°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å‡≈¢∑’Ë 90/42-43 Õ“§“√ “∏√∏“π’ 1 ™—Èπ 16 ∂. “∑√‡Àπ◊Õ

·¢«ß ’≈¡ ‡¢µ∫“ß√—° °∑¡. 10500‚∑√»—æ∑å 0 2636 8248 ‚∑√ “√ 0 2636 6482

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬åÀÿâπ “¡—≠ 87.6 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 2‡≈¢∑’Ë 130-132 ∂ππ«‘∑¬ÿ Õ“§“√ ‘π∏√∑“«‡«Õ√å 3

™—Èπ 15, 17 °∑¡. 10330‚∑√»—æ∑å 0 2688 7777 ‚∑√ “√ 0 2688 7700

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬åÀÿâπ “¡—≠ 422.5 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑

QUALITY HOUSE PLC.21st Flr., Q. House Asoke Bldg., 66 Sukhumvit 21 Road,Watthana, Bangkok 10110Tel. 66 2664 3399, 66 2264 2299 Fax. 66 2664 3396Website: www.qh.co.thPROPERTY DEVELOPMENT6,113 Common million shares OF Baht 1 each

BANGKOK CHAIN HOSPITAL PLC.240/24-25 Moo 1, Pechakasem Rd.,Bang Khae Nueu, Bang Khae, Bangkok 10160Tel. 66 2804 8959, 66 2455 0110 Fax. 66 2454 1914Website: www.kasemrad.co.thHOSPITAL950 Common million shares OF Baht 1 each

HOME PRODUCT CENTER PLC.96/27 Moo 9, Bang Khen, Amphoe Mueang,Nonthaburi 11000 Tel. 66 2832 1000 Fax. 66 2832 1234Website: www.homepro.co.thTRADING OF CONSTRUCTION MATERIAL756 Common million shares OF Baht 1 each

QUALITY CONSTRUCTION PRODUCTS PLC.144 Moo 16, Bang Pa-in Industrial Estate, Udomsorayuth Rd.,Bangkrason Bang Pa-in, Ayutthaya 13160Tel. 66 3522 1271 Fax. 66 3522 1270Website: www.qcon.co.thBUILDING MATERIAL400 Common million shares OF Baht 1 each

POLAR PROPERTY HOLDING, CORP.3rd Floor, Las Pinas Business Center, Alabang-ZapoteRoad, Las Pinas City, Philippines Tel. (632) 873-6157PROPERTY DEVELOPMENT4,149 Common million shares OF Peso 1 each

CAMERON GLOBAL LIMITEDCommence Chambers, Road Town, Tortola,British Virgin IslandsTel. (632) 726-8238 Fax. (632) 726-8233INVESTMENT1 Common thousand shares OF US $ 1 each

ASIA ASSET ADVISORY CO., LTD.8th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2230 8238-41 Fax. 66 2237 8904INVESTMENT ADVISOR1.3 Common million shares OF Baht 10 each

LAND AND HOUSES PROPERTY FUND16th Floor Sathorn Thani Bldg.1, 90/42-43North Sathorn Rd., Silom, Bang Rak, Bangkok 10500Tel. 66 2636 8248 Fax. 66 2636 6482PROPERTY FUND87.6 Common million shares OF Baht 10 each

LAND AND HOUSES PROPERTY FUND 2130-132 Wireless Road, 15th, 17th FloorSindhorn Building Tower III, Bangkok 10330Tel. 66 2688 7777 Fax. 66 2688 7700PROPERTY FUND422.5 Common million shares OF Baht 10 each

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12

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∫√‘…—∑ ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ ®”°—¥‡≈¢∑’Ë 38 Õ“§“√§‘«‡Œâ“ å §Õπ·«πµå ™—Èπ 3-5

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L H MUANG MAI CO., LTD.9/9 Moo 6 Thepkrasadtree, Tumbonratsada,Amphoe Mueang, Phuket ProvinceTel. 66 7638 1150-2 Fax. 66 7638 1111PROPERTY DEVELOPMENT36.1 Common million shares OF Baht 10 each

ATLANTIC REAL ESTATE CO., LTD.3rd - 5th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500.Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT0.15 Common million shares OF Baht 100 each

LAND AND HOUSES NORTH CO., LTD.1 Moo 6 Tambon Nong ChomAmphoe San Sai, Chiang Mai ProvinceTel. 66 5384 4921-6 Fax. 66 5384 4921-6PROPERTY DEVELOPMENT0.14 Common million shares OF Baht 100 each

PACIFIC REAL ESTATE CO., LTD.3rd - 5th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT3.72 Common million shares OF Baht 100 each

SIAM TANEE PROPERTY CO., LTD.4th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT1 Common million shares OF Baht 100 each

L H ASSET CO., LTD.3rd - 5th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT1 Common million shares OF Baht 100 each

L H REAL ESTATE CO., LTD.3rd - 5th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT1.16 Common million shares OF Baht 100 each

LAND AND HOUSES NORTH-EAST CO., LTD.353/1 Mittaphap Road, Tambon Nai Mueang,Amphoe Mueang, Nakhon Ratchasima ProvinceTel. 66 4435 7634-6 Fax. 66 4435 7634-6PROPERTY DEVELOPMENT5.7 Common million shares OF Baht 100 each

B P T INDUSTRIES PLC.36 Moo 14, Bangchan Industrial Estate Seri-Thai Rd.,Min Buri, Bangkok 10510Tel. 66 2517 8592-4 Fax. 66 2517 1448BUILDING MATERIAL18 Common million shares OF Baht 10 each

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13

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∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥‡≈¢∑’Ë 38 Õ“§“√§‘«‡Œâ“ å §Õπ·«πµå ™—Èπ 4

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∫√‘…—∑ ∫â“π «π∏π ®”°—¥‡≈¢∑’Ë 38 Õ“§“√§‘«‡Œâ“ å §Õπ·«πµå ™—Èπ 4

∂.§Õπ·«πµå ’≈¡ °∑¡. 10500‚∑√»—æ∑å 0 2237 8900-3 ‚∑√ “√ 0 2237 8860

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åÀÿâπ “¡—≠ 1 æ—πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 100 ∫“∑

PT ANEKAGRIYA BUMINUSA CO., LTD.Gedung JITC Lt. 7 & 8 Jl.

Mangga Dua Raya-Jakarta 14430‚∑√»—æ∑å (021) 601-9788

æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åÀÿâπ “¡—≠ 6 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1,000 √Ÿ‡ªï¬

PT PUTRA PRABUKARYA CO., LTD.Management Office, Ruko Sentra Eropa Blok F

No. 23-24, Kota Wisata Jl.Transyogi Km. 6, Cibubur-Bogor 16968

‚∑√»—æ∑å (021) 8493-4848 ‚∑√ “√ (021) 8493-4888æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Àÿâπ “¡—≠ 6 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1,000 √Ÿ‡ªï¬

PT KANAKA GRAHAASRI CO., LTD.Management Office, Ruko Sentra Eropa Blok F


‚∑√»—æ∑å (021) 8493-4848 ‚∑√ “√ (021) 8493-4888æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Àÿâπ “¡—≠ 8.4 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1,000 √Ÿ‡ªï¬

PT MEKANUSA CIPTA CO., LTD.Management Office, Ruko Sentra Eropa Blok F


‚∑√»—æ∑å (021) 8493-4848 ‚∑√ “√ (021) 8493-4888æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Àÿâπ “¡—≠ 12 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1,000 √Ÿ‡ªï¬

PT PRIMA SEHATI CO., LTD.Management Office, Ruko Sentra Eropa Blok F

No. 23-24, Kota Wisata Jl. Transyogi Km. 6,Cibubur-Bogor 16968

‚∑√»—æ∑å (021) 8493-4848 ‚∑√ “√ (021) 8493-4888æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Àÿâπ “¡—≠ 15.6 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1,000 √Ÿ‡ªï¬

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™◊ËÕ∫√‘…—∑∑’ËÕ¬Ÿà


COMPANY NAMEADDRESS


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COMPANY NAMEADDRESS


S.T.N. MANAGEMENT CO., LTD.4th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT6 Common thousand shares OF Baht 100 each

SIAM TANEE REAL ESTATE CO., LTD.4th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT4.75 Common million shares OF Baht 100 each

BANN SUAN THON CO., LTD.4th Floor Q. House Convent Bldg.,38 Convent Road, Silom, Bangkok 10500Tel. 66 2237 8900-3 Fax. 66 2237 8860PROPERTY DEVELOPMENT1 Common thousand shares OF Baht 100 each

PT ANEKAGRIYA BUMINUSA CO., LTD.Gedung JITC Lt. 7 & 8 Jl.Mangga Dua Raya-Jakarta 14430Tel. (021) 601-9788PROPERTY DEVELOPMENT6 Common million shares OF Rupiah 1,000 each

PT PUTRA PRABUKARYA CO., LTD.Management Office, Ruko Sentra Eropa Blok FNo. 23-24, Kota Wisata Jl. Transyogi Km. 6,Cibubur - Bogor 16968Tel. (021) 8493-4848 Fax. (021) 8493-4888PROPERTY DEVELOPMENT6 Common million shares OF Rupiah 1,000 each

PT KANAKA GRAHAASRI CO., LTD.Management Office, Ruko Sentra Eropa Blok FNo. 23-24, Kota Wisata Jl. Transyogi Km. 6,Cibubur - Bogor 16968Tel. (021) 8493-4848 Fax. (021) 8493-4888PROPERTY DEVELOPMENT8.4 Common million shares OF Rupiah 1,000 each

PT MEKANUSA CIPTA CO., LTD.Management Office, Ruko Sentra Eropa Blok FNo. 23-24, Kota Wisata Jl. Transyogi Km. 6,Cibubur-Bogor 16968Tel. (021) 8493-4848 Fax. (021) 8493-4888PROPERTY DEVELOPMENT12 Common million shares OF Rupiah 1,000 each

PT PRIMA SEHATI CO., LTD.Management Office, Ruko Sentra Eropa Blok FNo. 23-24, Kota Wisata Jl. Transyogi Km. 6,Cibubur-Bogor 16968Tel. (021) 8493-4848 Fax. (021) 8493-4888PROPERTY DEVELOPMENT15.6 Common million shares OF Rupiah 1,000 each


14

ªí®®—¬§«“¡‡ ’Ë¬ßRISK FACTORS

1. §«“¡‡ ’Ë¬ß„π°“√ª√–°Õ∫∏ÿ√°‘®

§«“¡‡ ’Ë¬ß®“°°“√ √â“ß∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬°àÕπ¢“¬

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬∏ÿ√°‘®À≈—°‡ªìπ°“√ √â“ß∫â“π‡æ◊ËÕ¢“¬ „πªï 2543 ∫√‘…—∑‰¥â‡√‘Ë¡π”π‚¬∫“¬ √â“ß∫â“π°àÕπ¢“¬

¡“„™â·∑π°“√ √â“ß∫â“π‡¡◊ËÕ≈Ÿ°§â“¡“®Õß´◊ÈÕ (À√◊Õ∑’Ë‡√’¬°«à“∫â“π —Ëß √â“ß) °“√ √â“ß∫â“π°àÕπ¢“¬¢Õß∫√‘…—∑¡’ —¥ à«π‡æ‘Ë¡¢÷Èπ„πªï 2544 - 2545 Õ¬à“ßµàÕ‡π◊ËÕß

·≈–„π™à«ßªï 2546 ®π∂÷ßªí®®ÿ∫—π∫√‘…—∑ª√–°Õ∫∏ÿ√°‘® √â“ß∫â“π°àÕπ¢“¬∑—ÈßÀ¡¥ πÕ°®“°π’È„πªï 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âæ—≤π“‚§√ß°“√Õ“§“√™ÿ¥

æ—°Õ“»—¬ √â“ß‡ √Á®°àÕπ¢“¬¿“¬„µâ™◊ËÕ‚§√ß°“√ The Bangkok ®”π«π 4 ‚§√ß°“√ ®“°°“√∑’Ë∫√‘…—∑‰¥â‡ª≈’Ë¬ππ‚¬∫“¬®“°‡¥‘¡∑’Ë à«π„À≠à‡ªìπ∫â“π —Ëß √â“ß

¡“‡ªìπ°“√ √â“ß∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬°àÕπ¢“¬ àßº≈„Àâ∫√‘…—∑µâÕß„™â‡ß‘π∑ÿπ≈à«ßÀπâ“„π°“√°àÕ √â“ß∑’ËÕ¬ŸàÕ“»—¬ Ÿß¡“°¢÷Èπ°«à“‡¥‘¡‡π◊ËÕß®“°‰¡à‰¥â√—∫‡ß‘π

®“°≈Ÿ°§â“¡“‡ªìπ‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π√–À«à“ß°“√°àÕ √â“ß √«¡∑—Èßªí®®—¬∑’ËÕ“®¡’º≈µàÕ°“√µ—¥ ‘π„®´◊ÈÕ∑’ËÕ¬ŸàÕ“»—¬„π√–¬–¢â“ßÀπâ“ ‰¥â·°à

(1) √–¥—∫√“§“ ‘π§â“Õÿª‚¿§∫√‘‚¿§∑’Ë‡æ‘Ë¡ Ÿß¢÷Èπ´÷Ëß‡ªìπº≈¡“®“°√“§“πÈ”¡—π„πµ≈“¥‚≈°∑’Ëª√—∫ Ÿß¢÷Èπ·≈–¡’§«“¡º—πº«π

(2) √“§“∑’ËÕ¬ŸàÕ“»—¬∑’Ë‡æ‘Ë¡¢÷Èπµ“¡¿“√–µâπ∑ÿπ«— ¥ÿ°àÕ √â“ß

(3) ·π«‚πâ¡Õ—µ√“¥Õ°‡∫’È¬∑’Ë‡¢â“ Ÿà™à«ß¢“¢÷Èπ

(4) ·π«‚πâ¡°“√‡®√‘≠‡µ‘∫‚µ¢Õß¿“«–‡»√…∞°‘®∑’Ë™–≈Õµ—«≈ß

ªí®®—¬¥—ß°≈à“«Õ“® àßº≈°√–∑∫µàÕ°”≈—ß´◊ÈÕ·≈–°“√µ—¥ ‘π„®´◊ÈÕ∑’ËÕ¬ŸàÕ“»—¬¢Õß°≈ÿà¡≈Ÿ°§â“‡ªÑ“À¡“¬¢Õß∫√‘…—∑ ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß®“°°“√∑’Ë √â“ß∫â“π

·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬°àÕπ¢“¬‡ √Á®·≈â«‰¡à “¡“√∂¢“¬∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë √â“ß‡ √Á®‰¥â Õ—π®– àßº≈„Àâ∫√‘…—∑¡’¿“√–µâπ∑ÿπ ‘π§â“§ß‡À≈◊Õ„πª√‘¡“≥

Ÿß ´÷Ëß®– àßº≈°√–∑∫µàÕ ¿“æ§≈àÕß·≈–§«“¡ “¡“√∂„π°“√À“°”‰√¢Õß∫√‘…—∑ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑§“¥«à“®– “¡“√∂¢“¬∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë

√â“ß‡ √Á®‰¥â·≈–‰¡à¡’¿“√–µâπ∑ÿπ∑’ËÕ¬ŸàÕ“»—¬∑’Ë √â“ß‡ √Á®§ß‡À≈◊Õ„πª√‘¡“≥ Ÿß‡π◊ËÕß®“°

(1) ∫√‘…—∑‰¥â¡’°“√»÷°…“æƒµ‘°√√¡ºŸâ∫√‘‚¿§‚¥¬ ”√«®§«“¡§‘¥‡ÀÁπ¢Õß≈Ÿ°§â“∑’Ë‡¢â“™¡‚§√ß°“√„π¥â“πß∫ª√–¡“≥√“§“∑’Ëæ—°Õ“»—¬ ·∫∫∑’Ëæ—°Õ“»—¬ ¢π“¥

∑’Ë¥‘π ‡ªìπµâπ √«¡∑—Èß„™â¢âÕ¡Ÿ≈°“√¢“¬‚§√ß°“√„πÕ¥’µ„π°“√«‘‡§√“–Àå§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ àßº≈„Àâ∫√‘…—∑ “¡“√∂ √â“ß∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬°àÕπ

¢“¬‰¥âµ√ß°—∫§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ ·≈– “¡“√∂¢“¬∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë √â“ß°àÕπ¢“¬‰¥â

(2) ªí®®ÿ∫—π≈Ÿ°§â“ à«π„À≠àæ÷ßæÕ„®∑’Ë®–´◊ÈÕ∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬∑’Ë √â“ß‡ √Á®°àÕπ¢“¬‡π◊ËÕß®“°¡—Ëπ„®‰¥â«à“®–‰¥â√—∫ àß¡Õ∫‰¥âµ“¡ —≠≠“ ‡π◊ËÕß®“°

„π™à«ß∑’Ë‡°‘¥¿“«–«‘°ƒµ‡»√…∞°‘®„π™à«ßªï 2540 - 2541 ºŸâª√–°Õ∫°“√À≈“¬√“¬‰¡à “¡“√∂ √â“ß∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬·≈– àß¡Õ∫„Àâ·°à≈Ÿ°§â“‰¥âµ“¡ —≠≠“

(3) ∫√‘…—∑‡ªìπºŸâª√–°Õ∫°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å√“¬„À≠à ·≈–Õ¬Ÿà„πµ≈“¥¡“π“π‡ªìπ√–¬–‡«≈“¡“°°«à“ 20 ªï ®÷ß¡’§«“¡‰¥â‡ª√’¬∫∑—Èß„π¥â“π¢âÕ¡Ÿ≈

∑“ß°“√µ≈“¥·≈–§«“¡‡¢â“„®„π§«“¡µâÕß°“√¢Õß≈Ÿ°§â“°≈ÿà¡‡ªÑ“À¡“¬ ®÷ß “¡“√∂æ—≤π“∑’Ëæ—°Õ“»—¬‰¥âµ√ß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ àßº≈„Àâ ‚§√ß°“√

∑’Ëæ—°Õ“»—¬¢Õß∫√‘…—∑¿“¬„µâµ√“ —≠≈—°…≥å ç·≈π¥å·Õπ¥å‡Œâ“ åé ‰¥â√—∫°“√¬Õ¡√—∫®“°≈Ÿ°§â“°≈ÿà¡‡ªÑ“À¡“¬∑—Èß„π¥â“π§ÿ≥¿“æ·≈–∑”‡≈∑’Ëµ—Èß

(4) ·¡â«à“ªí®®ÿ∫—π®–¡’ªí®®—¬‡ ’Ë¬ßµàÕ°“√µ—¥ ‘π„®´◊ÈÕ∑’ËÕ¬ŸàÕ“»—¬¢ÕßºŸâ∫√‘‚¿§ ·µà°≈ÿà¡≈Ÿ°§â“‡ªÑ“À¡“¬¢Õß∫√‘…—∑¬—ß§ß¡’§«“¡µâÕß°“√ ◊ÈÕ∑’ËÕ¬ŸàÕ“»—¬

∑’Ë¡’§ÿ≥¿“æÕ¬à“ßµàÕ‡π◊ËÕß

2. §«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫°“√º≈‘µ

§«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫°“√¢“¥·§≈π«— ¥ÿ·√ßß“π„π°“√°àÕ √â“ß ·≈–µâπ∑ÿπ«— ¥ÿ„π°“√°àÕ √â“ß∑’Ëª√—∫µ—«‡æ‘Ë¡¢÷Èπ

®“°¿“«–∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å∑’ËºŸâª√–°Õ∫°“√À≈“¬√“¬æ—≤π“‚§√ß°“√„À¡à‡æ‘Ë¡¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß àßº≈„Àâ§«“¡µâÕß°“√«— ¥ÿ·≈–·√ßß“π„π°“√°àÕ √â“ß

‡æ‘Ë¡¢÷Èπ §«“¡µâÕß°“√∑’Ë‡æ‘Ë¡¢÷ÈπÕ“®®π”‰ª Ÿàªí≠À“°“√¢“¥·§≈π«— ¥ÿ·≈–·√ßß“π„π°“√°àÕ √â“ß·≈– àßº≈„Àâ√“§“¢Õß«— ¥ÿ°àÕ √â“ßª√—∫µ—«‡æ‘Ë¡¢÷Èπ πÕ°®“°π’È

√“§“πÈ”¡—π„πµ≈“¥‚≈°∑’Ëª√—∫ Ÿß¢÷Èπ·≈–¡’§«“¡º—πº«π àßº≈„Àâ√“§“«— ¥ÿ°àÕ √â“ßª√—∫µ—« Ÿß¢÷Èπ¥—ß®–‡ÀÁπ‰¥â®“°¥—™π’√“§“¢“¬ àß«— ¥ÿ°àÕ √â“ß ≥ ‘Èπ‡¥◊Õπæƒ»®‘°“¬π

2547 Õ¬Ÿà∑’Ë 152.68 ®ÿ¥ (ªï 2538 ‡ªìπªï∞“π) ª√—∫µ—«‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 12.1 ‡¡◊ËÕ‡∑’¬∫°—∫‡¥◊Õπ∏—π«“§¡ 2546 ¥—ßπ—Èπ ªí≠À“°“√¢“¥·§≈π«— ¥ÿ·≈–·√ßß“π„π°“√

°àÕ √â“ß ·≈–µâπ∑ÿπ«— ¥ÿ„π°“√°àÕ √â“ßª√—∫∑’Ëµ—«‡æ‘Ë¡¢÷Èπ Õ“® àßº≈„Àâ√–¬–‡«≈“°“√æ—≤π“‚§√ß°“√¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ ·≈–µâπ∑ÿπ°“√°àÕ √â“ß‚§√ß°“√¢Õß

∫√‘…—∑‡æ‘Ë¡¢÷Èπ ´÷ËßÕ“® àßº≈°√–∑∫µàÕ ¿“æ§≈àÕß·≈–§«“¡ “¡“√∂„π°“√À“°”‰√¢Õß∫√‘…—∑

Õ¬à“ß‰√°Áµ“¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’‚§√ß°“√∑’Ë¥”‡π‘π°“√Õ¬Ÿà ®”π«π 50 ‚§√ß°“√ ®÷ß∑”„Àâ¡’Õ”π“®µàÕ√Õß°—∫ºŸâ√—∫‡À¡“

·≈–ºŸâ§â“«— ¥ÿ°àÕ √â“ß§àÕπ¢â“ß Ÿß √«¡∑—Èßªí®®ÿ∫—π∫√‘…—∑‰¥â„™âπ‚¬∫“¬ √â“ß∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬°àÕπ¢“¬·∑π°“√ √â“ß‡¡◊ËÕ≈Ÿ°§â“¡“®Õß´◊ÈÕ ´÷Ëßπ‚¬∫“¬

√â“ß∫â“π·≈–Õ“§“√™ÿ¥æ—°Õ“»—¬°àÕπ¢“¬∑”„Àâ∫√‘…—∑·≈–ºŸâ√—∫‡À¡“ “¡“√∂«“ß·ºπ°“√°àÕ √â“ß·≈– —Ëß´◊ÈÕ«— ¥ÿ‰¥â≈à«ßÀπâ“‡ªìπ°“√ªÑÕß°—πªí≠À“°“√¢“¥·§≈π

«— ¥ÿ ·≈–¬—ß “¡“√∂§«∫§ÿ¡µâπ∑ÿπ·≈–√–¬–‡«≈“°àÕ √â“ß‰¥â§àÕπ¢â“ß·πàπÕπ


15

1. Business Risk

Risk incurred by pre-built house and condominium construction

The Company and its subsidiaries operate real-estate development businesses, with house construction for sale being their core

business. In 2000, the Company shifted its policy to completing the construction before selling the houses from building them after

reservations were made (built-to-order house construction). The proportion of pre-built houses rose steadily in 2001-2002 and since 2003,

the Company has operated the business of pre-built house construction. Besides, the Company and its subsidiaries developed in 2004 four

pre-built residential condominium projects called çThe Bangkoké. The shift of policy from built-to-order houses to pre-built houses and

residential condominium units has called for much larger advanced construction budgets since the Company no longer receives advanced

payments from its customers to be used as revolving funds during construction periods. Other potential risks that may affect home-buying

decisions in the future include:

(1) Higher prices of goods as a result of rising, volatile global oil prices

(2) Higher prices of residential units in line with construction material costs

(3) The upward trend of interest rates

(4) A potential economic slowdown

These factors may affect the purchasing power and home-buying decisions of the Companyûs target customer groups. The Company

is thus exposed to the risk of not being able to sell all the houses and residential condominium units after they have been completed,

resulting in a high level of inventory cost and eventually affecting its liquidity and profitability. However, the Company expects it can sell all

pre-built houses and residential condominium units and avoid a heavy burden of inventory due to the following reasons:

(1) The Company has studied the consumer behavior by conducting surveys on the opinions of customers visiting the Companyûs

housing project sites in such areas as budgets, land plot sizes and house plans, etc. Besides, information on its old projects is also taken

into consideration to analyze customersû demand. This enables the Company to construct pre-built houses and residential condominium

units that meet the demand of the customers and sell them.

(2) Most customers today prefer pre-built houses and residential condominium units, as they can rest assured they will be handed

over to them by contractual schedules. During the 1997-1998 financial crisis, several developers failed to build and transfer houses and

residential condominium units by contractual terms.

(3) As a major real-estate developer that has been in the market for over 20 years, the Company has an advantage both in terms of

market information and an insight into the demand of its target customer groups. Therefore, it is able to develop residential units that meet

the demand of the customers, resulting in the residential projects developed under the Land & Houses brand being widely accepted among

the target customer groups both in terms of quality and locations.

(4) While there exist today risk factors influencing the consumersû decisions to buy residential units, demand for quality residential

units among the Companyûs target customer groups remains strong.

2. Production Risk

Risk incurred by shortages of construction materials and labor and higher construction material costs

The steady supply of new projects in the market today has resulted in a higher demand for construction materials and labor. Such an

increase could lead to shortages in construction materials and workers and result in higher material costs. Besides, rising and volatile global

oil prices have pushed up the prices of construction materials. As of the end of November 2004, the material construction wholesale price

index stood at 152.8 points (with 1995 set as the base year), up 12.1% when compared to the December 2003 figure. The potential

shortages of materials and labor, as well as rising material costs, could lengthen the Companyûs project development time. As well, the

higher construction costs could adversely affect its liquidity and profitability.

But as of December 31, 2004, the Company and its subsidiaries had 50 projects under construction, giving them relatively high

bargaining power when dealing with their contractors and material vendors. Besides, the shift in policy to building houses before selling

them instead of after the customers made reservations has enabled the Company and its contractors to plan the construction and place


16

3. §«“¡‡ ’Ë¬ß¥â“π°“√‡ß‘π

3.1 §«“¡‡ ’Ë¬ß®“°°“√∑’Ë∫√‘…—∑¬àÕ¬√“¬∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ ‰¡à “¡“√∂ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢∑’Ë√–∫ÿ„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

„π√–À«à“ßªï 2541 - 2545 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¡’°“√‡®√®“ª√—∫‚§√ß √â“ßÀπ’È°—∫ ∂“∫—π°“√‡ß‘π∑—Èß„π·≈–µà“ßª√–‡∑» ´÷Ëß°“√ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È

ª√–°Õ∫¥â«¬°“√¬◊¥√–¬–‡«≈“™”√–Àπ’È·≈–°“√≈¥Õ—µ√“¥Õ°‡∫’È¬ °“√≈¥Àπ’È ·≈–°“√·ª≈ßÀπ’È‡ªìπÀÿâπ°Ÿâ·ª≈ß ¿“æ ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ·≈–

«—π∑’Ë 31 ∏—π«“§¡ 2547 §ß‡À≈◊ÕÀπ’Èª√—∫‚§√ß √â“ßµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È‡©æ“–¢Õß∫√‘…—∑¬àÕ¬√“¬∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ ÷Ëß∫√‘…—∑∂◊ÕÀÿâπ

„π —¥ à«π√âÕ¬≈– 55 ‚¥¬∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡’Àπ’È∑’Ëª√—∫‚§√ß √â“ß§ß‡À≈◊Õ®”π«π 450.63 ≈â“π∫“∑ ·≈– 408.05 ≈â“π∫“∑ µ“¡≈”¥—∫ (®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

√«¡°—∫ à«π¢ÕßÀπ’È ‘π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ®”π«π√«¡ 4,009.87 ≈â“π∫“∑ ·≈– 6,247.31 ≈â“π∫“∑ µ“¡≈”¥—∫)

√“¬≈–‡Õ’¬¥¥—ßπ’È

¬Õ¥§ß‡À≈◊Õ¢Õß Õ—µ√“ ‡ß◊ËÕπ‰¢°“√™”√–∫√‘…—∑ Àπ’È∑’Ëª√—∫‚§√ß √â“ß (≈â“π∫“∑) ¥Õ°‡∫’È¬ §◊π‡ß‘πµâπ §È”ª√–°—π‚¥¬

31 ∏.§. 2546 31 ∏.§. 2547

∫√‘…—∑¬àÕ¬√“¬ 450.63 408.05 MLR √âÕ¬≈– 55 ¢Õß√“§“¢“¬ ®¥®”πÕß∑’Ë¥‘π

∫√‘…—∑ ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ®”°—¥ ∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß æ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß

¢Õß·µà≈–‚§√ß°“√

∑’Ë‡ πÕ°Ÿâ

∫√‘…—∑¬àÕ¬√“¬∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ ®÷ß¡’§«“¡‡ ’Ë¬ßÀ“°‰¡à “¡“√∂™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬µ“¡‡ß◊ËÕπ‰¢∑’Ë√–∫ÿ„π —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

‚¥¬‡®â“Àπ’È¡’ ‘∑∏‘∑’Ë®–§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ Ÿß ÿ¥ ·≈–¡’ ‘∑∏‘‡√’¬°§◊π‡ß‘πµâπ∑—ÈßÀ¡¥‰¥â∑—π∑’ À√◊ÕÕ“®∑”°“√øÑÕß√âÕß‡æ◊ËÕ¬÷¥À≈—°ª√–°—π‰¥â ´÷Ëß®– àßº≈°√–∑∫

„π∑“ß≈∫µàÕº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â ∑—Èßπ’È ∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ °àÕµ—Èß¢÷Èπ„πªï 2538 ‡æ◊ËÕª√–°Õ∫∏ÿ√°‘®æ—≤π“

Õ —ßÀ“√‘¡∑√—æ¬å„π®—ßÀ«—¥¿Ÿ‡°Áµ ‚¥¬ √â“ß∫â“π‡ √Á®°àÕπ¢“¬¿“¬„µâµ√“ —≠≈—°…≥å ç·≈π¥å ·Õπ¥å ‡Œâ“ å æ“√å§ ¿Ÿ‡°Áµé ∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥

ª√– ∫ªí≠À“«‘°ƒµ‡»√…∞°‘®„πªï 2540 ‡™àπ‡¥’¬«°—∫ºŸâª√–°Õ∫°“√Õ —ßÀ“√‘¡∑√—æ¬å√“¬Õ◊Ëπ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ ‰¥â∑” —≠≠“ª√—∫

‚§√ß √â“ßÀπ’È„πªï 2541 ·≈–ªï 2544 ≈à“ ÿ¥‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ ‰¥â∑” —≠≠“ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È·°â ‰¢‡æ‘Ë¡‡µ‘¡

¢¬“¬√–¬–‡«≈“°“√®à“¬™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬§â“ß®à“¬√«¡®”π«π 576.36 ≈â“π∫“∑ „Àâ‡ √Á® ‘Èπ¿“¬„πªï 2552 ´÷Ëß∑’Ëºà“π¡“∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à

®”°—¥ “¡“√∂™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬‰¥âµ“¡°”Àπ¥ ‚¥¬¡’Àπ’Èª√—∫‚§√ß √â“ß§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π 408.05 ≈â“π∫“∑ πÕ°®“°π’È

º≈°“√¥”‡π‘π¢Õß∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ „π™à«ß√–¬–‡«≈“ 3 ªï∑’Ëºà“π¡“„πªï 2545 ªï 2546 ·≈–ªï 2547 ¡’√“¬‰¥â¥—ßπ’È 333.77 ≈â“π∫“∑ 400.59

≈â“π∫“∑ ·≈– 538.68 ≈â“π∫“∑ µ“¡≈”¥—∫ √«¡∑—Èß¡’º≈°“√¥”‡π‘π∑’Ë¥’¢÷ÈπµàÕ‡π◊ËÕß º≈°“√¥”‡π‘πß“π∑’Ë¡’°”‰√ ÿ∑∏‘„πªï 2545, 2546 ·≈–ªï 2547 ®”π«π 35.56

≈â“π∫“∑ 65.48 ≈â“π∫“∑ ·≈– 20.08 ≈â“π∫“∑ µ“¡≈”¥—∫ ‡¡◊ËÕæ‘®“√≥“∂÷ßº≈°“√¥”‡π‘πß“π·≈–∞“π–∑“ß°“√‡ß‘π √«¡∑—Èß°“√¥”‡π‘π∏ÿ√°‘®µàÕ‡π◊ËÕß„π

√–¬–¬“«¢Õß∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ πà“®– àßº≈„Àâ¡’°√–· ‡ß‘π ¥‡æ’¬ßæÕ∑’Ë®–®à“¬™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬‰¥âµ“¡ —≠≠“ª√—∫‚§√ß √â“ßÀπ’È

3.2 §«“¡‡ ’Ë¬ß®“°°“√≈¥≈ß¢Õß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ√–¬–¬“«

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π 1,656.44 ≈â“π∫“∑ §‘¥‡ªìπ —¥ à«π√âÕ¬≈– 4.50 ¢Õß ‘π∑√—æ¬å√«¡

‚¥¬‡ß‘π≈ß∑ÿπ√–¬–¬“« à«π„À≠à‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ ∑’Ë ”§—≠ª√–°Õ∫¥â«¬

(1) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ®”π«π 539.94 ≈â“π∫“∑ —¥ à«π°“√∂◊ÕÀÿâπ√âÕ¬≈– 6.52 ≥ «—π∑’Ë

31 ∏—π«“§¡ 2547

(2) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ (‰∑¬) ®”°—¥ (¡À“™π) ®”π«π 141.74 ≈â“π∫“∑ —¥ à«π°“√∂◊ÕÀÿâπ√âÕ¬≈– 5.31 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547

(3) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ëª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å„πª√–‡∑»Õ‘π‚¥π’‡ ’¬ ®”π«π 5 ∫√‘…—∑ ®”π«π 622.24 ≈â“π∫“∑ ( ÿ∑∏‘À≈—ß®“°À—°§à“‡º◊ËÕ°“√

¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ·≈â«) ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß®“°°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ ÷Ëß®– àßº≈„Àâ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ≈¥≈ß Õ¬à“ß‰√°Áµ“¡ À“°¡’°“√≈¥≈ß¢Õß¡Ÿ≈§à“

‡ß‘π≈ß∑ÿπ√–¬–¬“«®–‰¡à àßº≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑À“°º≈®“°°“√≈¥≈ß¥—ß°≈à“«‰¡à‡°‘π°«à“°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ¢Õß‡ß‘π≈ß∑ÿπ∑’Ë∫√‘…—∑· ¥ß

Õ¬Ÿà„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π 669.69 ≈â“π∫“∑

∑—Èßπ’È π‚¬∫“¬°“√≈ß∑ÿπ„πµ√“ “√∑ÿπ¢Õß∫√‘…—∑π—Èπ„Àâ§«“¡ ”§—≠°—∫°“√≈ß∑ÿπ„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å·≈–∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑

√«¡∑—Èß∏ÿ√°‘®∑’Ëπà“ π„®·≈–æ‘®“√≥“·≈â««à“πà“®–¡’º≈µÕ∫·∑π∑’Ë‡À¡“– ¡ ‚¥¬°“√µ—¥ ‘π„®≈ß∑ÿπ®–µâÕßºà“π°“√æ‘®“√≥“®“°§≥–°√√¡°“√∫√‘…—∑ ”À√—∫

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ (‰∑¬) ®”°—¥ (¡À“™π) ´÷Ëß®—¥

ª√–‡¿∑‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥ ∫√‘…—∑¥—ß°≈à“«¡’º≈°“√¥”‡π‘πß“π·≈–∞“π–∑“ß°“√‡ß‘π∑’Ë¥’¢÷ÈπµàÕ‡π◊ËÕß πÕ°®“°π’È ‡ß‘π≈ß∑ÿπ„π


17

materials orders in advance. This strategy has helped prevent material shortages and enabled the Company to control the construction

costs and time more accurately.

3. Financial Risks

3.1 Risk incurred by the inability to comply with the terms of the debt-restructuring agreements of subsidiary LH Muang Mai Co., Ltd.

From 1998 to 2002, the Company and its subsidiaries engaged in talks to restructure their debts with local and international financial

institutions through the extension of repayment periods, interest-rate reductions, write-offs and conversion of debts into convertible bonds.

As of December 31, 2003 and December 31, 2004, only LH Muang Mai Co., Ltd., a subsidiary in which the Company has a 55% stake, had

debts under restructuring totaling 450.63 million baht and 408.05 million baht respectively (4,009.87 million in long-term loans and 6,247.31

million baht in debts falling due within one year). The details are as follows:

Outstanding debts under Interest Principal repaymentCompany restructuring (million baht) rate term Collateral

December 31, 2003 December 31, 2004

Subsidiary: 450.63 408.05 MLR 55% of the sale price Land with buildings

LH Muang Mai Co., Ltd. of land with buildings of each project

development

LH Muang Mai Co., Ltd. is thus exposed to the risk if it cannot repay the principal and interest under the terms of its debt-restructuring

agreement, a circumstance under which its creditors have the rights to charge the highest interest rate and demand repayment in full of

the principal, or file lawsuit to confiscate the mortgaged assets. In such an event, the operations of the Company and its subsidiaries may

be adversely affected. Founded in 1995, LH Muang Mai Co., Ltd. develops pre-built housing projects in Phuket under the çLand & Houses

Park Phuketé brand. Like other developers, the company was hard hit by the 1997 financial crisis and entered into agreements to restructure

its debts in 1998 and 2001. On November 1, 2002, LH Muang Mai Co., Ltd. agreed to an additional debt restructuring agreement in which

the repayment periods of the outstanding principals and interest totaling 576.36 million baht were extended to 2009. To date, LH Muang Mai

Co., Ltd. has been able to repay the interest and principals on schedule, resulting outstanding debts under restructuring of 408.05 million

baht as of December 31, 2004. Moreover, the operating results of the company over the last three years improved steadily, with revenue

rising from 333.77 million baht in 2002, 400.59 million baht in 2003 and 538.68 million baht in 2004. Its profitability had also improved, from

a net profit of 35.56 million baht in 2002 to 65.48 million baht in 2003 and 20.08 million baht in 2004. Given the improved operating results

and financial position, as well as its long-term business plan, LH Muang Mai Co., Ltd. should be able to generate enough cash flow to repay

its principals and interest by the terms of the debt-restructuring agreements.

3.2 Risk incurred by the impairments of long-term investments

As of December 31, 2004, the Company and its subsidiaries had long-term investments totaling 1,656.44 million baht, representing

4.50% of total assets. Most of the long-term investments were in equity securities as follows:

(1) 539.94 million baht in Asian Property Development Plc, accounting for 6.52% of its registered capital as of December 31, 2004

(2) 141.74 million baht in Christiani & Nielsen (Thai) Plc., representing 5.31% of its registered capital as of December 31, 2004

(3) 622.24 million baht in five property developers in Indonesia (net after allowances for investment impairments)

While the Company is exposed to the risk incurred by investment impairments, which will result in a lower value of their long-term

investments, its operations will not be affected as long as such a decrease in value does not exceed the unrealized gains from the

investments as shown in the shareholdersû equity, which stood at 669.69 million baht as of December 31, 2004.

When investing in equity securities, the Company focuses primarily on real estate businesses and those related to its core business, as

well as on interesting companies which it deems having the potential to generate appropriate returns. The decisions to do so are subjected

to the scrutiny of the Companyûs Board of Directors. As for its investments in the equities of Asian Property Development Plc. and Christiani

& Nielsen (Thai) Plc., which are regarded as marketable securities, the companies have shown steadily improving operating results. The

Company had also allocated an allowance for the entire amount of its investment in Christiani & Nielsen (Thai) Plc since 2000, as the

company had to rehabilitate its business due to ailing financial position and operating results. But on September 22, 2004, the company


18

∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ (‰∑¬) ®”°—¥ (¡À“™π) ÷Ëß∫√‘…—∑‰¥âµ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ∑—Èß®”π«πµ—Èß·µàªï 2543 ‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«ª√– ∫

ªí≠À“¥â“π∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π·≈–µâÕß∑”°“√øóôπøŸ°‘®°“√ µàÕ¡“„π«—π∑’Ë 22 °—π¬“¬π 2547 ∫√‘…—∑¥—ß°≈à“«‰¥â·°â ‰¢ªí≠À“∞“π–∑“ß

°“√‡ß‘π·≈–°“√¥”‡π‘πß“π·≈â«‡ √Á®·≈–‰¥â°≈—∫¡“´◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬„π°≈ÿà¡Õ —ßÀ“√‘¡∑√—æ¬å·≈–°àÕ √â“ß À¡«¥æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

∫√‘…—∑®÷ß‰¥â‚Õπ°≈—∫√“¬°“√§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ¥—ß°≈à“«µ“¡√“§“µ≈“¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∑”„Àâ¡’√“¬°“√°”‰√®“°°“√°≈—∫∫—≠™’√“¬°“√

¢“¥∑ÿπ®“°°“√¥âÕ¬§à“®”π«π 199.52 ≈â“π∫“∑

”À√—∫‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π∫√‘…—∑∑’Ë¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑‰¥âµ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡ß‘π≈ß∑ÿπ

®”π«π√«¡ 1,456.38 ≈â“π∫“∑ ∑’Ë ”§—≠ª√–°Õ∫¥â«¬§à“‡º◊ËÕ°“√¥âÕ¬§à“‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ëª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 5 ·Ààß„πª√–‡∑»Õ‘π‚¥π’‡´’¬

„π —¥ à«π√âÕ¬≈– 100 §‘¥‡ªìπ¡Ÿ≈§à“∑—Èß ‘Èπ 405.24 ≈â“π∫“∑ ·≈–‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ¥—ß°≈à“« ´÷Ëß¡’ ‘∑∏‘‰¥â√—∫‡ß‘πªíπº≈„πÕ—µ√“ LIBOR +

√âÕ¬≈– 1.5 ∑∫µâπ∑ÿ° 6 ‡¥◊Õπ (∑—Èßπ’È°“√®à“¬‡ß‘πªíπº≈¢÷ÈπÕ¬Ÿà°—∫°√–· ‡ß‘π ¥¢Õß∫√‘…—∑∑—Èß 5 ·Ààß„πÕπ“§µ ¥—ßπ—Èπ∫√‘…—∑®÷ß‰¡à‰¥âµ—Èß‡ß‘πªíπº≈§â“ß√—∫‰«â

‡π◊ËÕß®“°§«“¡‰¡à·πàπÕπ¥—ß°≈à“«) ∫√‘…—∑‰¥âµ—Èß ”√Õß‡º◊ËÕ°“√≈¥§à“¢Õß‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ·Ààß¥—ß°≈à“« „π —¥ à«π√âÕ¬≈– 60 ¢Õß¡Ÿ≈§à“

‡ß‘π≈ß∑ÿπ ‡ªìπ¡Ÿ≈§à“∑—Èß ‘Èπ 935.71 ≈â“π∫“∑ √«¡‡ªìπ ”√Õß‡º◊ËÕ°“√≈¥¢Õß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÕ‘π‚¥π’‡ ’¬ ∑—Èß ‘Èπ 1,340.95 ≈â“π∫“∑ ∑—Èßπ’È °“√µ—Èß§à“‡º◊ËÕ°“√

¥âÕ¬§à“‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ·Ààß¥—ß°≈à“«„π —¥ à«π√âÕ¬≈– 60 ¢Õß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ∫√‘…—∑æ‘®“√≥“«à“¡’§«“¡‡æ’¬ßæÕ ‡π◊ËÕß®“°¡Ÿ≈§à“

‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ·Ààß¥—ß°≈à“«µ“¡«‘∏’√“§“∑ÿπª√—∫≈¥¥â«¬§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ ¡’¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ÿ∑∏‘®”π«π 622.84

≈â“π∫“∑ µË”°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ∂â“§”π«≥µ“¡«‘∏’ à«π‰¥â‡ ’¬µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ¥—ßπ—Èπ ‡ß‘π≈ß∑ÿπ¥—ß°≈à“«„π —¥ à«π∑’Ë‡À≈◊Õ√âÕ¬≈– 40 ∫√‘…—∑

®÷ß‰¡à‰¥âæ‘®“√≥“µ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“ (∫√‘…—∑∫—π∑÷°‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ·Ààß µ“¡«‘∏’√“§“∑ÿπª√—∫≈¥¥â«¬°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ ‡π◊ËÕß®“°

‡ªìπ°“√≈ß∑ÿπ√–¬–¬“«„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥ ·≈–∫√‘…—∑∑—Èß 5 ·Ààß¥—ß°≈à“«‰¡à‰¥â‡ªìπ∫√‘…—∑√à«¡¢Õß∫√‘…—∑)

3.3 §«“¡‡ ’Ë¬ß®“°°“√„Àâ°Ÿâ¬◊¡‡ß‘π·°à∫√‘…—∑¬àÕ¬ ·≈–°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∫√‘…—∑√à«¡

(°) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¡’‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬®”π«π 6 ∫√‘…—∑ ®”π«π‡ß‘π√«¡ 3,803.25 ≈â“π∫“∑ ´÷Ëß‡ªìπ°“√„Àâ°Ÿâ¬◊¡„π√Ÿª¢Õß

µ—Î« —≠≠“„™â‡ß‘π ª≈Õ¥À≈—°∑√—æ¬å§È”ª√–°—π §√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡ ª√–°Õ∫¥â«¬

∫√‘…—∑¬àÕ¬ —¥ à«π°“√∂◊ÕÀÿâπ ‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ Õ—µ√“¥Õ°‡∫’È¬

‚¥¬∫√‘…—∑ (√âÕ¬≈–) (≈â“π∫“∑) (√âÕ¬≈–)

∫√‘…—∑ ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ 99.99 724.00 4

∫√‘…—∑ ·≈π¥å·Õπ¥å‡Œâ“ å πÕ√å∏Õ’ ®”°—¥ 99.99 464.00 4

∫√‘…—∑ ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à ®”°—¥ 55.00 171.75 3.5

∫√‘…—∑ ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ 99.99 96.00 4

∫√‘…—∑ ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ 99.99 1,900.00 4

∫√‘…—∑ ·Õ≈ ‡Õ™ ·Õ ‡´∑ ®”°—¥ 99.99 447.50 4

√«¡ 3,803.25

πÕ°®“°π’È ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑ ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ‰¥â§È”ª√–°—πÀπ’È¢Õß∫√‘…—∑Õ◊Ëπ·ÀàßÀπ÷Ëß §◊Õ

∫√‘…—∑ ‡«ø ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ ®”π«π 28.28 ≈â“π∫“∑

∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß∑’ËÕ“® Ÿ≠‡ ’¬‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬¥—ß°≈à“« ·≈–§«“¡‡ ’Ë¬ß∑’Ë®–µâÕß√—∫™”√–Àπ’È®“°°“√∑’Ë∫√‘…—∑¬àÕ¬ §◊Õ ∫√‘…—∑ ·ª´‘øî§

‡√’¬≈‡Õ ‡µ∑ ®”°—¥ §È”ª√–°—π„Àâ°—∫∫√‘…—∑ ‡«ø ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬∑—ÈßÀ¡¥ª√–°Õ∫∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ·≈– à«π„À≠à¡’

º≈°“√¥”‡π‘πß“π∑’Ë¡’°”‰√ ®÷ß¡’»—°¬¿“æ∑’Ë¡’°√–· ‡ß‘π ¥„π°“√™”√–Àπ’È·≈–¥Õ°‡∫’È¬·°à∫√‘…—∑ ”À√—∫∫√‘…—∑¬àÕ¬∑’Ë¡’º≈°“√¥”‡π‘π¢“¥∑ÿπ ‰¥â·°à ∫√‘…—∑

·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ¬—ß§ß¡’°√–· ‡ß‘π ¥∑’Ë “¡“√∂™”√–§◊πÀπ’È·≈–¥Õ°‡∫’È¬·°à∫√‘…—∑‰¥âµ“¡°”Àπ¥ πÕ°®“°π’È ∫√‘…—∑¡’π‚¬∫“¬∑’Ë„Àâ§«“¡ ”§—≠µàÕ

°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬ ‰¥â·°à °“√ àßµ—«·∑π‡¢â“‡ªìπ°√√¡°“√ °“√°”Àπ¥π‚¬∫“¬·≈–§«∫§ÿ¡¥Ÿ·≈°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑¬àÕ¬Õ¬à“ß„°≈â™‘¥ √«¡∑—Èß

¥Ÿ·≈·≈–µ‘¥µ“¡°“√™”√–§◊πÀπ’È·≈–¥Õ°‡∫’È¬„Àâ·°à∫√‘…—∑µ“¡°”Àπ¥ ∫√‘…—∑®÷ß§“¥«à“‰¡àπà“®–¡’ªí≠À“°“√™”√–§◊πÀπ’È¢Õß∫√‘…—∑¬àÕ¬·≈–‰¡à‰¥âµ—Èß§à“‡º◊ËÕÀπ’È

ß —¬®– Ÿ≠®“°°“√„Àâ°Ÿâ¬◊¡‡ß‘π·°à∫√‘…—∑¬àÕ¬

(¢) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¡’¿“√–§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∑’Ë∑”°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πµà“ßÊ „Àâ°—∫∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥

(¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑√à«¡‡ªìπ®”π«π‡ß‘π 791.00 ≈â“π∫“∑ ÷Ëß°“√§È”ª√–°—π¥—ß°≈à“«‡ªìπ°“√§È”ª√–°—πµ“¡ —¥ à«π°“√∂◊ÕÀÿâπ ·≈–πÕ°®“°π’ÈºŸâ∂◊ÕÀÿâπ

√“¬„À≠à¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‡ªìπ≠“µ‘ π‘∑°—∫π“¬Õπ—πµå Õ—»«‚¿§‘π ´÷Ëß°≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß

∫√‘…—∑ ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß∑’ËµâÕß™”√–Àπ’È·∑π∫√‘…—∑√à«¡¥—ß°≈à“«µ“¡®”π«π‡ß‘π§È”ª√–°—π¢â“ßµâπÀ“°∫√‘…—∑√à«¡¥—ß°≈à“«ª√– ∫ªí≠À“°“√™”√–§◊π‡ß‘π°Ÿâ


19

completed restructuring its finances and operations and its shares were allowed to trade under the Property Development section of the

Property & Construction group on the Stock Exchange of Thailand. As a result, the Company transferred back the impairment allowance for

the investment based on its market value as of December 31, 2004, resulting in a profit of 199.52 million baht from the reversal of losses

from impairment of investment.

In terms of the investments in equity securities of companies with losses as of December 31, 2004, the Company set aside an

allowance for investment impairments totaling 1,456.38 million baht. Of the amount, 405.24 million baht was for 100% of its investments in

the common shares of the five real estate companies in Indonesia and in their preferred stocks, which are entitled to dividends at the rate

of LIBOR + 1.5%, compounded every six months (but as dividend payments depend on the future cash flows of the five companies, which

were uncertain, the Company did not book the amount as accrued dividend receivables). The Company also allocated an allowance for the

impairments of its investments in the preferred stocks of the five companies at 60% of the investments, totaling 935.71 million baht. Total

allowances for the impairments of its investments in Indonesia thus amounted to 1,340.95 million baht. The Company is of the opinion that

the allocation of allowances for the impairments of its investments in the preferred shares of the five companies at the rate of 60% was

adequate since under the cost method, the net value of the investments less the allowances of the impairments of investments stood at

622.84 million baht, which is lower than the value of the investments calculated under the equity method. As a result, the Company did not

allocate allowances for the remaining 40% of the investments (the Company recorded its investments in the preferred shares of the five

companies under the cost method adjusted down by the impairments of the investments because they were long-term investments in

non-marketable equities and the five companies are not the Companyûs associated companies).

3.3 Risk incurred by the lending and guaranteeing made to subsidiaries and associated companies

(a) As of December 31, 2004, the Company extended loans totaling 3,803.25 million baht to six of its subsidiaries in the form of

unsecured promissory notes payable upon demand, the details of which are as follows:

% of shares held Loans extended by Interest rateSubsidiary by the Company

the Company (%)(million baht)

Pacific Real Estate Co., Ltd. 99.99 724.00 4

Land & Houses Northeast Co., Ltd. 99.99 464.00 4

LH Muang Mai Co., Ltd. 55.00 171.75 3.5

Atlantic Real Estate Co., Ltd. 99.99 96.00 4

LH Real Estate Co., Ltd. 99.99 1,900.00 4

LH Asset Co., Ltd. 99.99 447.50 4

Total 3,803.25

In addition, as of December 31, 2004, Pacific Real Estate Co., Ltd., one of the Companyûs subsidiaries, guaranteed loans worth 28.28

million baht for Wave Development Co., Ltd.

The Company is thus exposed to the risk of losing the loans lent to its subsidiaries and of repaying the guarantee made by Pacific Real

Estate for Wave Development Co., Ltd. However, since all of the subsidiaries operate real-estate businesses and most of them post profits,

they have the potential to generate enough cash flows to repay the debts and interest owed to the Company. The only subsidiary with

operating losses; namely Pacific Real Estate Co., Ltd, still has enough cash flow to repay the debts and interest owed to the Company on

schedule. Besides, the Company has a policy to keep a close watch on the operations of its subsidiaries by sending its representatives to

sit on their boards and take part in determining policies and closely monitoring their operations, including prompt repayments of debts and

interest owed to the Company. As a result, the Company believes the subsidiaries are unlikely to face any problem repaying their debts

owed to the Company and has not allocated allowances for doubtful debts for the amount lent to its subsidiaries.

(b) As of December 31, 2004, the Company guaranteed loans worth 791.00 million baht owed to banks and financial institutions

by Bangkok Chain Hospital Plc., one of its associated companies, in proportion to its equity in Bangkok Chain Hospital Plc. The major

shareholders of Bangkok Chain Hospital Plc. are also close relatives of Mr. Anant Assavabhokin, whose group is the major shareholder of


20

Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ¥”‡π‘π∏ÿ√°‘®‚√ßæ¬“∫“≈®”π«π 6 ·Ààß ‚¥¬ºŸâ∫√‘À“√∑’Ë¡’§«“¡‡™’Ë¬«™“≠

¡“¡“°°«à“ 20 ªï ‡ªìπ∑’Ë√Ÿâ®—°¢Õßª√–™“™π∑—Ë«‰ª ¡’ºŸâ„™â∫√‘°“√‡æ‘Ë¡¢÷Èπ ‚√ßæ¬“∫“≈∑’Ë¥”‡π‘π°“√‚¥¬∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‰¥â·°à

‚√ßæ¬“∫“≈‡°…¡√“…Æ√å ∫“ß·§ ‚√ßæ¬“∫“≈‡°…¡√“…Æ√å ª√–™“™◊Ëπ ‚√ßæ¬“∫“≈‡°…¡√“…Æ√å ÿ¢“¿‘∫“≈ 3 ·≈–∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π

ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ®”π«π 2 ∫√‘…—∑ ‰¥â·°à ∫√‘…—∑ ‚√ßæ¬“∫“≈√—µπ“∏‘‡∫»√å ®”°—¥ (∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 69.02) ¥”‡π‘π∏ÿ√°‘®‚√ßæ¬“∫“≈

‡°…¡√“…Æ√å √—µπ“∏‘‡∫»√å ·≈–∫√‘…—∑ √–∫ÿ√’ ‡«™°‘® ®”°—¥ (∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 59.92) ¥”‡π‘π∏ÿ√°‘®‚√ßæ¬“∫“≈‡°…¡√“…Æ√å √–∫ÿ√’ πÕ°®“°π’È

∫√‘…—∑√à«¡ ‰¥â·°à ∫√‘…—∑ »√’∫ÿ√‘π∑√å°“√·æ∑¬å ®”°—¥ (∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 41.47) ¥”‡π‘π∏ÿ√°‘®‚√ßæ¬“∫“≈‡°…¡√“…Æ√å »√’∫ÿ√‘π∑√å

∑’Ëºà“π¡“∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ¡’º≈°“√¥”‡π‘πß“π‡µ‘∫‚µ¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß ‚¥¬¡’√“¬‰¥â√«¡‡∑à“°—∫ 1,785.60

≈â“π∫“∑ ·≈– 2,083.61 ≈â“π∫“∑ „πªï 2545 ·≈–ªï 2546 µ“¡≈”¥—∫ ·≈–¡’°”‰√ ÿ∑∏‘‡∑à“°—∫ 123.63 ≈â“π∫“∑ ·≈– 265.22 ≈â“π∫“∑ „πªï 2545 ·≈–ªï 2546

µ“¡≈”¥—∫ ”À√—∫„πªï 2547 ¡’√“¬‰¥â√«¡‡∑à“°—∫ 2,369.91 ≈â“π∫“∑ §‘¥‡ªìπÕ—µ√“°“√‡µ‘∫‚µ√âÕ¬≈– 48.37 ‡¡◊ËÕ‡∑’¬∫°—∫™à«ß‡¥’¬«°—π¢Õßªï°àÕπ ·≈–¡’

°”‰√ ÿ∑∏‘‡∑à“°—∫ 274.09 ≈â“π∫“∑ „°≈â‡§’¬ß°—∫™à«ß‡¥’¬«°—π¢Õßªï°àÕπ∑’Ë¡’°”‰√ ÿ∑∏‘‡∑à“°—∫ 263.16 ≈â“π∫“∑ ·≈– ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑ ∫“ß°Õ°

‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ¡’ ‘π∑√—æ¬å√«¡®”π«π 4,031.82 ≈â“π∫“∑ Àπ’È ‘π√«¡®”π«π 1,570.48 ≈â“π∫“∑ ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ®”π«π

2,461.33 ≈â“π∫“∑ ∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‰¥â‡æ‘Ë¡∑ÿπ™”√–·≈â«®“°‡¥‘¡ 710 ≈â“π∫“∑ ‡ªìπ 950 ≈â“π∫“∑ ‚¥¬°“√‡ πÕ¢“¬

Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπµàÕª√–™“™π∑—Ë«‰ª®”π«π 240 ≈â“πÀÿâπ √“§“‡ πÕ¢“¬Àÿâπ≈– 3.80 ∫“∑ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑) „π√–À«à“ß«—π∑’Ë 2 - 3 æƒ»®‘°“¬π

2547 ·≈–π”Àÿâπ “¡—≠‡¢â“‡ªìπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π ◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡¡◊ËÕ«—π∑’Ë 10 æƒ»®‘°“¬π 2547 ‡ß‘π∑’Ë‰¥â®“°°“√‡ πÕ¢“¬

Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ¥—ß°≈à“«®”π«πª√–¡“≥ 912 ≈â“π∫“∑ ¡’«—µ∂ÿª√– ß§å°“√„™â‡ß‘π‡æ◊ËÕ™”√–§◊π‡ß‘π°Ÿâ∫“ß à«π®”π«π 729.60 ≈â“π∫“∑ ·≈–‡æ◊ËÕ¢¬“¬°‘®°“√

‚√ßæ¬“∫“≈®”π«π 182.40 ≈â“π∫“∑

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π)·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ¬◊¡√–¬–¬“«´÷Ëß√«¡ à«π¢Õß‡ß‘π°Ÿâ√–¬–¬“«∑’Ë∂÷ß°”Àπ¥

™”√–¿“¬„πÀπ÷Ëßªï®”π«π√«¡ 1,190.95 ≈â“π∫“∑ (‡©æ“– à«π¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ®”π«π√«¡ 898.00 ≈â“π∫“∑) §«“¡

“¡“√∂„π°“√™”√–§◊π‡ß‘π°Ÿâ¥—ß°≈à“«¢÷ÈπÕ¬Ÿà°—∫°“√¥”‡π‘π∏ÿ√°‘®·≈–¿“«–∏ÿ√°‘®Õÿµ “À°√√¡‚√ßæ¬“∫“≈ µ“¡‡ß◊ËÕπ‰¢ —≠≠“°Ÿâ¬◊¡‡ß‘π®“° ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß

¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 2546 ∫√‘…—∑‰¥â‡∫‘°‡ß‘π°Ÿâ¬◊¡¡“‡ªìπ®”π«π 1,337 ≈â“π∫“∑ ®“°«ß‡ß‘π°Ÿâ¬◊¡√«¡ 1,370

≈â“π∫“∑ ‚¥¬¡’√–¬–‡«≈“°“√ºàÕπ™”√–Àπ’È§◊π¿“¬„π 9 ªï ·≈–™”√–¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈– MLR - 0.75 µàÕªï„πªï∑’Ë 1 ∂÷ßªï∑’Ë 3 À≈—ß®“°π—Èπ§‘¥Õ—µ√“¥Õ°‡∫’È¬

„πÕ—µ√“√âÕ¬≈– MLR πÕ°®“°π’È ‡¡◊ËÕ«—π∑’Ë 16 ¡‘∂ÿπ“¬π 2542 ∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‰¥â∑” —≠≠“ª√—∫‚§√ß √â“ßÀπ’È°—∫∏π“§“√

·ÀàßÀπ÷Ëß √«¡¬Õ¥‡ß‘π°Ÿâ¬◊¡∑—ÈßÀ¡¥ ≥ «—π∑” —≠≠“ª√—∫‚§√ß √â“ßÀπ’È®”π«π 1,230.90 ≈â“π∫“∑ ∑—Èßπ’È¬Õ¥‡ß‘π°Ÿâ¬◊¡ à«πÀπ÷Ëß®”π«π 471.89 ≈â“π∫“∑ ‰¥â∑”

°“√ª√—∫‚§√ß √â“ßÀπ’È‚¥¬®à“¬§◊π¬Õ¥‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«‡æ◊ËÕ‰ª∑”°“√°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘πÕ’°·ÀàßÀπ÷Ëß √–¬–‡«≈“°“√™”√–§◊π‡ß‘πµâπ 15 ªï Õ—µ√“¥Õ°‡∫’È¬„π

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∑’Ëºà“π¡“À≈—ß®“°°“√ª√—∫‚§√ß √â“ßÀπ’È·≈â«π—Èπ ∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‰¥â™”√–¥Õ°‡∫’È¬·≈–™”√–§◊π‡ß‘πµâπµ“¡°”Àπ¥ ‡¡◊ËÕ

æ‘®“√≥“∂÷ß·π«‚πâ¡º≈°“√¥”‡π‘πß“π∑’Ëª√—∫µ—«‡æ‘Ë¡¢÷Èπ °“√ª√– ∫º≈ ”‡√Á®„π°“√ª√—∫‚§√ß √â“ßÀπ’È ·≈–°“√‰¥â√—∫‡ß‘π‡æ‘Ë¡∑ÿπ®“°°“√‡ πÕ¢“¬ÀÿâπµàÕª√–™“™π

∑—Ë«‰ª„π‡¥◊Õπæƒ»®‘°“¬π 2547 ∑”„Àâª√–‡¡‘π‰¥â«à“∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) πà“®–¡’§«“¡ “¡“√∂„π°“√™”√–§◊πÀπ’È ∂“∫—π°“√‡ß‘π

‰¥âµ“¡°”Àπ¥ πÕ°®“°π’È ∫√‘…—∑‰¥â àßµ—«·∑π‡¢â“√à«¡‡ªìπ°√√¡°“√„π∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ®”π«π 2 §π ‡æ◊ËÕ√à«¡„π°“√°”Àπ¥

π‚¬∫“¬°“√¥”‡π‘π∏ÿ√°‘®·≈–µ‘¥µ“¡¥Ÿ·≈°“√∑”ß“π¢Õß∫√‘…—∑√à«¡¥—ß°≈à“« ∑—Èßπ’È °√≥’∑’Ë∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‰¡à “¡“√∂™”√–

§◊πÀπ’È·°à ∂“∫—π°“√‡ß‘π‰¥â ∫√‘…—∑¡’¿“√–§È”ª√–°—πÀπ’È ‘π¥—ß°≈à“«∑’Ë®–µâÕß™”√–§◊πÀπ’Èµ“¡∑’Ë§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π)

‡ªìπ®”π«π‡ß‘π 791.00 ≈â“π∫“∑ ´÷ËßÀ“°‡°‘¥°√≥’¥—ß°≈à“«¢÷Èπ ®– àßº≈„Àâ∫√‘…—∑¡’º≈¢“¥∑ÿπ®“°°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«®”π«π 791.00 ≈â“π∫“∑

3.4 §«“¡‡ ’Ë¬ß®“°°“√§È”ª√–°—π‡ß‘π°Ÿâ¢Õß≈Ÿ°§â“

≥ ‘Èπªï 2547 ∫√‘…—∑¡’¿“√–§È”ª√–°—π‡ß‘π°Ÿâ¢Õß≈Ÿ°§â“°—∫ ∂“∫—π°“√‡ß‘π ®”π«π 13.17 ≈â“π∫“∑ ∑—Èßπ’È‡π◊ËÕß®“° „π™à«ß¿“«–«‘°ƒµ‡»√…∞°‘®„πªï 2540 -

2541 ∂“∫—π°“√‡ß‘πµà“ßÊ °”Àπ¥¡“µ√°“√‡¢â¡ß«¥„π°“√Õπÿ¡—µ‘ ‘π‡™◊ËÕ ”À√—∫≈Ÿ°§â“∑’Ë°Ÿâ¬◊¡‡ß‘π‡æ◊ËÕ´◊ÈÕ∑’ËÕ¬ŸàÕ“»—¬ ∫√‘…—∑®÷ß‰¥â‡¢â“§È”ª√–°—π‡ß‘π°Ÿâ‡æ◊ËÕ´◊ÈÕ

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¿“√–§È”ª√–°—π¥—ß°≈à“«‰¥â≈¥≈ßÕ¬à“ßµàÕ‡π◊ËÕß®“°®”π«π 142.86 ≈â“π∫“∑ „πªï 2542 ≈ß‡À≈◊Õ 13.17 ≈â“π∫“∑ ≥ ‘Èπªï 2547 ¿“√–§È”ª√–°—π¥—ß°≈à“«®”·π°

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πÕ°®“°π’È ∫√‘…—∑‰¡à¡’π‚¬∫“¬§È”ª√–°—π„Àâ°—∫≈Ÿ°§â“‡æ‘Ë¡‡µ‘¡ √«¡∑—Èß‰¥âµ‘¥µ“¡¥Ÿ·≈°“√ºàÕπ™”√–Àπ’È¢Õß≈Ÿ°§â“Õ¬à“ßµàÕ‡π◊ËÕß


21

the Company. The Company is thus exposed to the risk of repaying the debts on behalf of the associated company for the aforementioned

guaranteed amount.

However, Bangkok Chain Hospital Plc. and its subsidiaries operate a number of well-known, increasingly popular hospitals, which are

managed by professional teams with more than 20 years of experience. The hospitals operated by Bangkok Chain Hospital Plc. are

Kasemrad Bangkae Hospital, Kasemrad Prachachuen Hospital and Kasemrad Sukapiban 3 Hospital. One of its subsidiaries, the 69.02%-

owned Ratanatibeth General Co., Ltd., operates Kaemrad Rattanatibeth hospital while its 59.92%-subsidiary, Saraburi Wetchakit Co., Ltd.,

runs Kasemrad Saraburi Hospital. Its 41.47%-owned associated company, Sriburin Medical Co., Ltd., also manages Kasemrad Sriburin

Hospital. and as of December 31, 2004, Bangkok Chain Hospital Plc. and its subsidiaries had total assets of 4,031.82 million baht, total

liabilities of 1,570.48 million baht and sharehodersû equity of 2,461.33 million baht.

To date, the operating results of Bangkok Chain Hospital Plc. and its subsidiaries have improved steadily, with consolidated revenue of

1,785.60 million baht in 2002 and 2,083.61 million baht in 2003. The groupûs net profit stood at 123.63 million baht in 2002 and 265.22 million

baht in 2003. In 2004, the groupûs consolidated revenue was 2,369.91 million baht, a 48.37% increase from the previous year, while its net

profit amounted to 274.09 million baht, on par with the 263.16 million it made in the previous year. and as of December 31,2004, Bangkok

Chain Hospital Plc. and its subsidiaries had total assets of 4,031.82 million baht, total liabilities of 1,570.48 million baht and shareholdersû

equity of 2,461.33 million baht. Bangkok Chain Hospital Plc. increased its paid-up capital from 710 million baht to 950 million baht by selling

240 million new ordinary shares of one-baht par to the public at 3.80 baht each on November 2-3, 2004. The ordinary shares were then listed

on the Stock Exchange of Thailand on November 10, 2004. Of the 912 million baht mobilized from selling the new shares, 729.60 million baht

was used to repay a portion of its debts and 182.40 million was for the expansion of the hospital business.

As of December 31, 2004, Bangkok Chain Hospital Plc. and its subsidiaries had long-term debts, including those falling due within one

year, totaling 1,190.95 million baht (898.00 million baht owed by Bangkok Chain Hospital Plc.). Its ability to service the debts depends on

the operations and the overall condition of the hospital industry. According to the terms of a loan contract made with a financial institution,

Bangkok Chain Hospital Plc. drew 1,337 million baht from the credit line of 1,370 million baht as of March 31, 2003, to be repaid in nine

years at the interest rates of MLR -0.75% in the first three years and MLR in subsequent years. Furthermore, on June 16, 1999, Bangkok

Chain Hospital Plc. entered into a debt-restructuring contract with a bank, with outstanding loans totaling 1,230.90 million baht on the date

the contract was made. Of the amount, 471.89 million baht was refinanced, to be repaid in 15 years at the interest rates of 6% in the first

year, 7% in the second year and MLR in subsequent years. In 2003, the rate was revised down to MLR -1% a year.

Since the debt restructuring, Bangkok Chain Hospital Plc. has repaid principals and interest on schedule. Given its improving operating

results and successful debt restructuring and recapitalization by selling new shares to the public in November 2004, Bangkok Chain Hospital

Plc. should be able to repay its debts to financial institutions on schedule. Moreover, the Company sent two representatives to sit on

Bangkok Chain Hospital Plc.ûs Board of Directors to participate in determining business policies and monitor its operations. In the case

where Bangkok Chain Hospital Plc. cannot repay the debts to the financial institutions, the Company has a burden to repay 791.00 million

baht on its behalf, the amount of debts the Company guaranteed for Bangkok Chain Hospital Plc, resulting in a potential loss of 791.00

million baht from guaranteeing the loan.

3.4 Risk incurred by the guaranteeing of loans for customers

As of the end of 2004, the Company guaranteed loans worth 13.17 million baht for its customers who borrowed from financial

institutions. During the 1997-1998 economic crisis, financial institutions applied stringent measures in approving housing loans for

customers. As a result, the Company provided guarantees for clients with sound financial positions and debt serviceability potential. The

guarantee burden has been reduced steadily from 142.86 million baht in 1999 to 13.57 million baht as of the end of 2004. The guarantee

burden can be categorized into five groups: (1) partial guarantees; (2) 3-year guarantees; (3) 4-year guarantees; (4) 5-year guarantees; and

(5) full guarantees (10-20 years). In repaying the debts, the customers have made repayments directly to the financial institutions. The

burden of loan guarantees of types (1)-(4) will be eliminated in due time, thus reducing the risk of the Company. At present, the only

outstanding loans guaranteed by the Company for its customers are of groups (1) to (4). The Company has no policy to guarantee more

loans for its clients and has regularly monitored the repayments of the loans.


22

3.5 §«“¡‡ ’Ë¬ß®“°°“√‰¥â√—∫™”√–Àπ’È®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™ §Õ√åªªÕ‡√™—Ëπ ®”°—¥ ´÷Ëß‡¥‘¡‡ªìπ∫√‘…—∑√à«¡

µ“¡∑’Ë‡¡◊ËÕ«—π∑’Ë 29 °—π¬“¬π 2546 ∫√‘…—∑‰¥â¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™ §Õ√åªªÕ‡√™—Ëπ ®”°—¥ ÷Ëß‡¥‘¡ªìπ∫√‘…—∑√à«¡ (∫√‘…—∑∂◊ÕÀÿâπ„π

—¥ à«π√âÕ¬≈– 40) „πª√–‡∑»øî≈‘ªªîπ å „Àâ·°à Hero Holdings Corporation ´÷Ëß‡ªìπ∫√‘…—∑®”°—¥„πª√–‡∑»øî≈‘ªªîπ å „π√“§“√«¡∑—Èß ‘Èπ 1,223.10 ≈â“π‡ª‚´

§‘¥‡ªìπ‡ß‘π∫“∑‡ªìπ®”π«π 881.04 ≈â“π∫“∑ ‚¥¬∫√‘…—∑®–‰¥â√—∫§à“µÕ∫·∑π‡ªìπ‡ß‘π ¥À√◊ÕÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥„πª√–‡∑»øî≈‘ªªîπ å ®”π«π

1,223.10 ≈â“π‡ª‚´ §‘¥‡ªìπ‡ß‘π∫“∑‡ªìπ®”π«π 881.04 ≈â“π∫“∑ ¿“¬„π«—π∑’Ë 30 °—π¬“¬π 2547 π—Èπ ≥ «—π∑’Ë 30 °—π¬“¬π 2547 ∫√‘…—∑¬—ß‰¡à‰¥â√—∫™”√–

§à“µÕ∫·∑π¥—ß°≈à“« ∫√‘…—∑®÷ß∫—π∑÷°∫—≠™’‡ªìπ≈Ÿ°Àπ’ÈÕ◊Ëπ∑—Èß®”π«π ‚¥¬·ª≈ß§à“‡ªìπ‡ß‘π∫“∑ ‡ªìπ®”π«π 888.74 ≈â“π∫“∑ ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß®“°°“√‰¥â√—∫

™”√–§à“µÕ∫·∑π®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡¥—ß°≈à“«

Õ¬à“ß‰√°Áµ“¡ ≥ «—π∑’Ë 30 °—π¬“¬π 2547 Hero Holdings Corporation ‰¥â¢Õ‡®√®“‡æ◊ËÕ¬◊¥√–¬–‡«≈“™”√–Àπ’ÈÕÕ°‰ªÕ’° 3 ‡¥◊Õπ ‚¥¬¬—ß¡’À≈—°∑√—æ¬å

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Polar Property Holdings Corporation ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë®¥∑–‡∫’¬π„πª√–‡∑»øî≈‘ªªîπ å ®”π«π 1,223,102,790 Àÿâπ √“§“µ“¡¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ‡ª‚´

§‘¥‡ªìπ√âÕ¬≈– 29.48 ¢Õß∑ÿπ™”√–·≈â« ‚¥¬®–™”√–§à“µÕ∫·∑π¥—ß°≈à“«¿“¬À≈—ß°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß Polar Property Holdings Corporation

‡ √Á® ‘Èπ‡√’¬∫√âÕ¬·≈â« ∑—Èßπ’È Polar Property Holdings Corporation ‡¥‘¡™◊ËÕ Polar Mines & Development Corporation ª√–°Õ∫°“√‡À¡◊Õß·√à ·≈–

‡¢â“®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬åøî≈‘ªªîπ å (Philippines Stock Exchange: PSE) µ—Èß·µàªï 2513 µàÕ¡“‰¥âª√—∫∞“π∏ÿ√°‘® Ÿà∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åµ—Èß

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¡’º≈¢“¥∑ÿπ ÿ∑∏‘®”π«π 1.06 ≈â“π‡ª‚´ (§‘¥‡ªìπ‡ß‘π∫“∑®”π«π 0.73 ≈â“π∫“∑) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑‰¥â√—∫™”√–Àπ’È®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑

‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™ §Õ√åªªÕ‡√™—Ëπ ®”°—¥ ‚¥¬‰¥â√—∫§à“µÕ∫·∑π‡ªìπÀÿâπ¢Õß Polar Property Holdings Corporation µ“¡√“¬≈–‡Õ’¬¥¢â“ßµâπ·≈â«

3.6 §«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫§«“¡πà“‡™◊ËÕ∂◊Õ¢Õßµ—«‡≈¢„πß∫°“√‡ß‘π

„π°“√®—¥∑”ß∫°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï 2546 ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘¢Õß∫√‘…—∑√à«¡ 3 ·Ààß ‰¥â·°à (1)

∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (∫√‘…—∑∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 40) (2) ∫√‘…—∑ ‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™ §Õ√åªªÕ‡√™—Ëπ ®”°—¥ (∫√‘…—∑∂◊ÕÀÿâπ„π —¥ à«π

√âÕ¬≈– 40 ‚¥¬∫√‘…—∑‰¥â¥”‡π‘π°“√¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«·≈â«„π«—π∑’Ë 29 °—π¬“¬π 2546 ∑”„Àâ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑‰¡à‰¥â∂◊ÕÀÿâπ„π∫√‘…—∑ ‡ÕÁ¡ ·Õ≈

·Õπ¥å ‡Õ™ §Õ√åªªÕ‡√™—Ëπ ®”°—¥) ·≈– (3) ∫√‘…—∑ §“‡¡√Õπ ‚°≈∫Õ≈ ≈‘¡‘‡µÁ¥ ®”°—¥ (∫√‘…—∑∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 40) ‚¥¬°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘¢Õß∫√‘…—∑√à«¡

3 ·Ààß¥—ß°≈à“«∑’Ëπ”¡“§”π«≥‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬¢Õßß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 ÷Ëß¡’ à«π·∫àßº≈°”‰√√«¡®”π«π 153.58 ≈â“π∫“∑

‰¥â§”π«≥®“°ß∫°“√‡ß‘π∑’Ë®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√∑’Ë¬—ß‰¡àºà“π°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’

πÕ°®“°π’È „π°“√®—¥∑”ß∫°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï 2547 ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘¢Õß∫√‘…—∑√à«¡ 5 ·Ààß

‰¥â·°à (1) °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 1 (∫√‘…—∑∂◊ÕÀπà«¬≈ß∑ÿπ„π —¥ à«π√âÕ¬≈– 49.94) (2) °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 2

(∫√‘…—∑∂◊ÕÀπà«¬≈ß∑ÿπ„π —¥ à«π√âÕ¬≈– 49.99) (3) ∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªîµÕ≈ ®”°—¥ (¡À“™π) (∫√‘…—∑∂◊ÕÀπà«¬≈ß∑ÿπ„π —¥ à«π√âÕ¬≈– 25.68) ·≈–

(4) ∫√‘…—∑ §“‡¡√Õπ ‚°≈∫Õ≈ ≈‘¡‘‡µÁ¥ ®”°—¥ (∫√‘…—∑∂◊ÕÀπà«¬≈ß∑ÿπ„π —¥ à«π√âÕ¬≈– 40) (5) ∫√‘…—∑ ‚æ≈“√å æ√ÁÕ∫‡æÕ√åµ’È ‚Œ≈¥‘Èß §Õ√åªÕ‡√™—Ëπ (∫√‘…—∑

∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 29.48) ‚¥¬°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘¢Õß∫√‘…—∑√à«¡ 5 ·Ààß¥—ß°≈à“«∑’Ëπ”¡“§”π«≥‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬¢Õßß∫°“√‡ß‘π ”À√—∫

ß«¥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ÷Ëß¡’ à«π·∫àßº≈°”‰√√«¡®”π«π 621.52 ≈â“π∫“∑ ‰¥â§”π«≥®“°ß∫°“√‡ß‘π∑’Ë®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√∑’Ë¬—ß‰¡àºà“π°“√

Õ∫∑“π®“°ºŸâ Õ∫∫—≠™’

“‡Àµÿ¥—ß°≈à“«¢â“ßµâπ ◊∫‡π◊ËÕß®“°§«“¡≈à“™â“„π°“√µ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑√à«¡¥—ß°≈à“« ´÷Ëß‡¡◊ËÕπ”ß∫°“√‡ß‘π∑’Ë¬—ß‰¡àºà“π°“√µ√«® Õ∫

À√◊Õ Õ∫∑“π®“°ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑√à«¡ ¡“§”π«≥‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ Õ“®¡’º≈∑”„Àâµ—«‡≈¢∑’Ë· ¥ß„πß∫

°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ‘Èπ ÿ¥ªï 2546 ·≈– ‘Èπ ÿ¥ªï 2547 ¡’§«“¡§≈“¥‡§≈◊ËÕπ‰ª∫â“ß·≈–Õ“®‰¡àµ√ß°—∫∞“π–°“√‡ß‘π∑’Ë·∑â®√‘ß ·µàÕ¬à“ß‰√°Áµ“¡º≈

°“√ª√—∫ª√ÿß∑’ËÕ“®¡’¢÷Èππ—Èπ∫√‘…—∑®–∑”°“√ª√—∫ª√ÿß„πß∫°“√‡ß‘πß«¥∂—¥‰ª ÷Ëß„πß∫°“√‡ß‘πªï°àÕπÊ ∑’Ëºà“π¡“‰¡à¡’º≈µà“ß∑’Ë¡’π—¬ ”§—≠µàÕ°“√‡ª≈’Ë¬π·ª≈ß

ß∫°“√‡ß‘π√«¡


23

3.5 Risk incurred from being paid for the sale of its investment in ML&H Corporation, a former associated company

On September 29, 2003, the Company sold its investment in the Philippines-based ML&H Corporation, formerly one of the associated

companies in which the Company had 40%, to Hero Holdings Corporation of the Philippines for 1,223.10 million pesos or 881.04 million baht

in all. Under the deal, the Company will be paid in cash or marketable securities in the Philippines for the amount of 1,223.10 million pesos

as of September 30, 2004. But as the Company was not paid the amount as of September 30, 2004, it booked the entire amount as other

receivables by converting the amount to 888.74 million baht. The Company is thus exposed to the risk of not being paid for the disposal

of its investment in the associated company.

But as of September 30, 2004, Hero Holdings Corporation sought to extend the payment period by another three months to be

guaranteed by the same bills and the Company agreed. The Company was later informed by Hero Holdings Corporation that it would pay

for the Companyûs investment in ML&H Corporation in the form of marketable securities by handing over to the Company 1,223,102,790

shares of one-peso par of Polar Property Holdings Corporation, a listed company in the Philippines, representing 29.48% of its paid-up

capital. The payment would be made after Polar Property Holdings Corporation completed its capital increase. Formerly Polar Mines &

Development Corporation, Polar Holdings Corporation initially operated a mining business. It listed on the Philippines Stock Exchange in

1970 and diversified into property development in 1988. In 1992, the company faced financial problems and was forced to stop operating.

It later entered a debt-restructuring process and underwent a reorganization to prepare for the resumption of its operations and expand its

property business. As of December 31, 2004, Polar Property Holdings Corporation had consolidated assets totaling 4,103.16 million pesos

(about 2,792.61 million baht) against liabilities of 4.57 million pesos (3.11 million baht), with the shareholdersû equity amounting to 4,098.59

million pesos (2,789.50 million baht). In 2004, the company had yet to book an operating income and had a net loss of 1.06 million pesos

(0.73 million baht). On December 31, 2004, the Company was paid for the disposal of its investment in ML&H Corporation in the form of

shares in Polar Property Holdings Corporation for the aforementioned amount.

3.6 Risk involving the creditability of the financial statements

In preparing the 2003 financial statements of the Company and its subsidiaries ending December 31, 2003, the net profits (losses) of

three associated companies; namely, Bangkok Chain Hospital Co., Ltd., in which the Company holds 40%), ML&H Corporation Ltd., in which

the Company held 40% of shares in the company but sold its investment in it on September 29, 2003 so as of December 31, 2004, the

Company had no shares in ML&H Corporation, and Cameron Global Limited Ltd., in which the Company holds 40% of its shares, were

calculated using the equity method for the year ending December 31, 2003. The Company booked a share of consolidated profit of 153.58

million baht for the year based on the unaudited financial statements prepared by the management.

In preparing the financial statements of the Company and its subsidiaries ending December 31, 2004, the net profits (losses) of five

associated companies; namely, the Land & Houses Property Fund 1, in which the Company holds 49.94%), Land & Houses Property Fund

2, in which the Company held 49.99%, Bangkok Chain Hospital Plc., in which the Company held 25.68%, Cameron Global Limited Ltd., in

which the Company holds 40%, and Polar Property Holodings Corporation, in which the Company held 29.48%, were calculated using the

equity method for the year ending December 31, 2004. The Company booked its share of consolidated profit of 621.52 million baht for the

period based on the unaudited financial statements prepared by the management.

The unaudited/unreviewed financial statements of the associated companies were used because of delays in the auditing and

reviewing of their financial statements. If the audited/reviewed financial statements of the associated companies are calculated using the

same equity method, a discrepancy may exist between the two versions of the financial statements of the Company and its subsidiaries for

the year ending 2003 and the year ending December 31, 2004. However, any discrepancy that may result will be reflected in the financial

statement for the next period. Over the past years, however, such discrepancies did not have a substantial impact on the consolidated

financial statements.


24

‚§√ß √â“ß‡ß‘π∑ÿπ1. À≈—°∑√—æ¬å¢Õß∫√‘…—∑

1.1 Àÿâπ “¡—≠≥ «—π∑’Ë 17 ¡°√“§¡ 2548 ∫√‘…—∑¡’∑ÿπ®¥∑–‡∫’¬π®”π«π 10,806,737,200 ∫“∑ ‡√’¬°™”√–·≈â«®”π«π 8,155,733,577 ∫“∑ ·∫àß‡ªìπÀÿâπ “¡—≠

8,155,733,577 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑®“°¢âÕ¡Ÿ≈ºŸâ∂◊ÕÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë∂◊ÕÀÿâπºà“π∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ ≥ «—π∑’Ë 7 ¡’π“§¡ 2548 ¡’®”π«π 1,521,545,581 Àÿâπ §‘¥‡ªìπ√âÕ¬≈–

18.66 ¢ÕßÀÿâπ “¡—≠∑’Ë™”√–·≈â« ·≈–‡π◊ËÕß¥â«¬Àÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ë∂◊Õ‚¥¬∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ ‰¡à “¡“√∂„™â ‘∑∏‘ÕÕ°‡ ’¬ß„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ(¬°‡«âπ°√≥’°“√„™â ‘∑∏‘ÕÕ°‡ ’¬ß‡æ◊ËÕ≈ß¡µ‘‡°’Ë¬«°—∫°“√‡æ‘°∂ÕπÀÿâπÕÕ°®“°°“√‡ªìπÀ≈—°∑√—æ¬å®¥∑–‡∫’¬π) ‡ªìπº≈∑”„ÀâºŸâ∂◊ÕÀÿâπ„π à«π∑’Ë‰¡à„™àÀÿâπ∑’Ë∂◊Õ‚¥¬∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ ¡’ ‘∑∏‘„π°“√ÕÕ°‡ ’¬ß‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 22.94 ·≈–∑”„ÀâºŸâ∂◊ÕÀÿâπ∑’Ë∂◊ÕÀÿâπ‡æ’¬ß√âÕ¬≈– 20.34 ¢Õß®”π«πÀÿâπ∑’Ë™”√–·≈â« ®–¡’ ‘∑∏‘ÕÕ°‡ ’¬ß∂÷ß√âÕ¬≈– 25 ¢ÕßÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß∑—ÈßÀ¡¥ ∑—Èßπ’È ºŸâ≈ß∑ÿπ “¡“√∂µ√«® Õ∫®”π«πÀÿâπ∑’Ë∂◊ÕÀÿâπºà“π∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ ≈à“ ÿ¥¢Õß∫√‘…—∑‰¥â®“°‡«∫‰´µå¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ §◊Õ www.set.or.th

1.2 „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¡’„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ¥—ßπ’È

(°) „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) §√—Èß∑’Ë 2 (LH-W2) ∑’ËÕÕ°„Àâ°—∫ºŸâ∂◊ÕÀÿâπ‡¥‘¡¢Õß∫√‘…—∑®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘ LH-W2 ∑—ÈßÀ¡¥ 3,076,568,550 Àπà«¬®”π«π∑’Ë„™â ‘∑∏‘®π∂÷ß 30 ∏—π«“§¡ 2547 1,658,183,317 Àπà«¬§ß‡À≈◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 1,418,385,233 Àπà«¬Õ—µ√“°“√„™â ‘∑∏‘´◊ÈÕÀÿâπµàÕ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘ 1.13390 Àÿâπ√“§“„™â ‘∑∏‘´◊ÈÕÀÿâπ Àÿâπ≈– 2.293 ∫“∑√–¬–‡«≈“„™â ‘∑∏‘ ∑ÿ°Ê 3 ‡¥◊Õπ«—πÀ¡¥Õ“¬ÿ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ LH-W2 «—π∑’Ë 2 °—π¬“¬π 2551

(¢) „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) „Àâ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬§√—Èß∑’Ë 3 (ESOP- W3)®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘ ESOP-W3 ∑—ÈßÀ¡¥ 5,994,350 Àπà«¬®”π«π∑’Ë„™â ‘∑∏‘®π∂÷ß 30 ∏—π«“§¡ 2547 5,981,350 Àπà«¬§ß‡À≈◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘ 13,000 Àπà«¬Õ—µ√“°“√„™â ‘∑∏‘´◊ÈÕÀÿâπµàÕ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘ 10.75912 Àÿâπ√“§“„™â ‘∑∏‘´◊ÈÕÀÿâπ Àÿâπ≈– 1 ∫“∑√–¬–‡«≈“„™â ‘∑∏‘ ∑ÿ°Ê 3 ‡¥◊Õπ«—πÀ¡¥Õ“¬ÿ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ ESOP-W3 «—π∑’Ë 8 ¡’π“§¡ 2550

1.3 Àÿâπ°ŸâÀÿâπ°Ÿâ¢Õß∫√‘…—∑∑’Ë¬—ß‰¡à‰¥â ‰∂à∂Õπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 √“¬≈–‡Õ’¬¥¥—ßπ’È(°) Àÿâπ°Ÿâª√–‡¿∑‰¡à¡’À≈—°ª√–°—π §√—Èß∑’Ë 1/2543

™◊ËÕÀÿâπ°Ÿâ : Àÿâπ°Ÿâ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) §√—Èß∑’Ë 1/2543 ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ §√∫°”Àπ¥‰∂à∂Õπªï 2548ª√–‡¿∑Àÿâπ°Ÿâ : √–∫ÿ™◊ËÕºŸâ∂◊Õ ‰¡à¡’À≈—°ª√–°—π ‰¡à¥âÕ¬ ‘∑∏‘ ·≈–‰¡à¡’ºŸâ·∑π∂◊ÕÀÿâπ°Ÿâ‡ πÕ¢“¬µàÕ : ∫ÿ§§≈„π«ß®”°—¥®”π«πÀÿâπ°Ÿâ : 800,000 Àπà«¬ (Àπà«¬≈– 1,000 ∫“∑)®”π«π‡ß‘π : 800 ≈â“π∫“∑Õ“¬ÿ : 5 ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ«—π∑’ËÕÕ°Àÿâπ°Ÿâ : «—π∑’Ë 30 ¡’π“§¡ 2543«—π∑’Ë§√∫°”Àπ¥‰∂à∂Õπ : «—π∑’Ë 30 ¡’π“§¡ 2548Àÿâπ°Ÿâ∑’Ë¬—ß‰¡à‰¥â ‰∂à∂Õπ : 120 ≈â“π∫“∑Õ—µ√“¥Õ°‡∫’È¬Àÿâπ°Ÿâ : ªï∑’Ë 1-2 Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë√âÕ¬≈– 8.5 µàÕªï

ªï∑’Ë 3-5 Õ—µ√“¥Õ°‡∫’È¬ MLR ¢Õß∏π“§“√æ“≥‘™¬å‰∑¬ 3 ·Ààß ≈∫¥â«¬ √âÕ¬≈– 0.25 µàÕªï°“√™”√–¥Õ°‡∫’È¬ : ∑ÿ°Ê 6 ‡¥◊Õπ°“√™”√–‡ß‘πµâπ : ‰∂à∂Õπ∑ÿ°Ê 6 ‡¥◊Õπ ‡ªìπ®”π«π 7 ß«¥ ¥—ßπ’È

«—π∑’Ë 30 ¡’π“§¡ 2545 √âÕ¬≈– 10«—π∑’Ë 30 °—π¬“¬π 2545 √âÕ¬≈– 15«—π∑’Ë 30 ¡’π“§¡ 2546 √âÕ¬≈– 15

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√SHAREHOLDER AND MANAGEMENT


25

Capital Structure1. Equity

1.1 Common SharesAs of January 17, 2005, the Company had registered capital of 10,806,737,200 baht, of which 8,155,733,577 baht was paid up,

divided into 8,155,733,577 common shares with a par value of one baht per share.According to Thai NVDR Co., Ltd.ûs data, 1,521,545,581 of the Companyûs common shares were held by investors investing through

non-voting depository receipts (NVDRs) as of March 7, 2005, representing 18.66% of all paid-up shares. As such shares are not entitled toa voting right (except for a decision to delist the stock), the holders of non-NVDR shares have 22.94% more of the voting right. As a result,holders of only 20.34% of the non-NVDR paid-up common shares will have a voting right equal to 25% of all voting shares. Investors cancheck out the latest number of shares held through NVDR at the Stock Exchange of Thailandûs website at www.set.or.th

1.2 Warrants to purchase common sharesAs of December 31, 2004, the Company has the following warrants which can be exercised to purchase the Companyûs common

shares:(a) LH-W2 issued to existing shareholders of the Company

Total issued 3,076,568,550 UnitsTotal exercised as of December 31, 2004 1,658,183,317 UnitsTotal outstanding 1,418,385,233 UnitsExercise ratio/unit 1.13390 common sharesExercise price/share 2.293 BahtExercise date Every 3 monthsExpiry date September 2, 2008

(b) ESOP-W3 issued to the directors and employees of the Company and its subsidiaries:Total issued 5,994,350 UnitsTotal exercised as of December 31, 2004 5,981,350 UnitsTotal outstanding 13,000 UnitsExercise ratio/unit 10.75912 sharesExercise price/share 1.00 BahtExercise date every 3 monthsExpiry date March 8, 2007

1.3 DebenturesThe Company had the following debentures outstanding as of December 31, 2004:

(a) Unsecured debenture No. 1/2000Name : Land & Houses Plc. Debenture No. 1/2000 Due 2005Type : Registered senior unsecured debenture without trusteeSold to : Private placementTotal number ; 800,000 units (1,000 baht each)Total amount : 800 million bahtMaturity : 5 years from the date of issueDate of issue : March 30, 2000Redemption date : March 30, 2005Outstanding amount : 120 million bahtCoupon rate : Fixed at 8.5% a year for the first and second years

Fixed at MLR of three commercial banks minus 0.25% a year for the third to the fifth yearsCoupon payments : Every 6 monthsPrincipal payments : To be redeemed every 6 months in seven installments:

10% on March 30, 200215% on September 30, 200215% on March 30, 200315% on September 30, 2003


26

«—π∑’Ë 30 °—π¬“¬π 2546 √âÕ¬≈– 15«—π∑’Ë 30 ¡’π“§¡ 2547 √âÕ¬≈– 15«—π∑’Ë 30 °—π¬“¬π 2547 √âÕ¬≈– 15«—π∑’Ë 30 ¡’π“§¡ 2548 √âÕ¬≈– 15

‡ß◊ËÕπ‰¢Õ◊Ëπ∑’Ë ”§—≠ : ∫√‘…—∑µâÕß¥”√ß —¥ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‰«â ‰¡à‡°‘π 1.25 µàÕ 1À≈—°ª√–°—π : ‰¡à¡’°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ : ‰¡à¡’µ≈“¥√Õß¢ÕßÀÿâπ°Ÿâ : »Ÿπ¬å´◊ÈÕ¢“¬µ√“ “√Àπ’È ‰∑¬

(¢) Àÿâπ°Ÿâª√–‡¿∑¡’À≈—°ª√–°—π §√—Èß∑’Ë 1/2544™◊ËÕÀÿâπ°Ÿâ : Àÿâπ°Ÿâ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) §√—Èß∑’Ë 1/2544 ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ §√∫°”Àπ¥‰∂à∂Õπªï 2549ª√–‡¿∑Àÿâπ°Ÿâ : √–∫ÿ™◊ËÕºŸâ∂◊Õ ¡’À≈—°ª√–°—π ‰¡à¥âÕ¬ ‘∑∏‘ ·≈–¡’ºŸâ·∑π∂◊ÕÀÿâπ°Ÿâ‡ πÕ¢“¬µàÕ : ª√–™“™π∑—Ë«‰ª®”π«πÀÿâπ°Ÿâ : 1,500,000 Àπà«¬ (Àπà«¬≈– 1,000 ∫“∑)®”π«π‡ß‘π : 1,500 ≈â“π∫“∑Õ“¬ÿ : 5 ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ«—π∑’ËÕÕ°Àÿâπ°Ÿâ : «—π∑’Ë 4 ∏—π«“§¡ 2544«—π∑’Ë§√∫°”Àπ¥‰∂à∂Õπ : «—π∑’Ë 4 ∏—π«“§¡ 2549Àÿâπ°Ÿâ∑’Ë¬—ß‰¡à‰¥â ‰∂à∂Õπ : 750.00 ≈â“π∫“∑Õ—µ√“¥Õ°‡∫’È¬Àÿâπ°Ÿâ : Õ—µ√“¥Õ°‡∫’È¬ Ÿß ÿ¥¢Õß‡ß‘πΩ“°ª√–‡¿∑‡ß‘πΩ“°ª√–®” 3 ‡¥◊Õπ ´÷Ëß°”Àπ¥‚¥¬∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π)

∫«°¥â«¬Õ—µ√“√âÕ¬≈– 3 µàÕªï°“√™”√–¥Õ°‡∫’È¬ : ∑ÿ°Ê 3 ‡¥◊Õπ°“√™”√–‡ß‘πµâπ : ‰∂à∂Õπß«¥≈–‡∑à“Ê °—π ‚¥¬™”√–§◊π‡ß‘πµâπ∑ÿ°Ê 3 ‡¥◊Õπ ‡ªìπ®”π«π 16 ß«¥ ‡√‘Ë¡µâπµ—Èß·µà«—π∑’Ë 4 ¡’π“§¡ 2546

‚¥¬™”√–§◊π‡ß‘πµâπß«¥≈– 93.75 ≈â“π∫“∑‡ß◊ËÕπ‰¢Õ◊Ëπ∑’Ë ”§—≠ : ∫√‘…—∑µâÕß¥”√ß —¥ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‰«â ‰¡à‡°‘π 1.25 µàÕ 1 „πªï∑’Ë 2-3 ·≈–‰¡à‡°‘π 1 µàÕ 1 „πªï∑’Ë 4-5À≈—°ª√–°—π : ®”πÕß∑’Ë¥‘π‡ªìπÀ≈—°ª√–°—π·°àºŸâ∂◊ÕÀÿâπ°Ÿâ„πÕ—µ√“ à«π¡Ÿ≈§à“À≈—°ª√–°—π µàÕ ¡Ÿ≈§à“Àÿâπ°Ÿâ ‰¡àµË”°«à“ 1.65 ‡∑à“

µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ (∑’Ë¥‘π¡Ÿ≈§à“ª√–¡“≥ 2,550.20 ≈â“π∫“∑)ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ : ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π)°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ : Õ—π¥—∫‡§√¥‘µ A+ ‚¥¬∫√‘…—∑ ∑√‘ ‡√∑µ‘Èß ®”°—¥µ≈“¥√Õß¢ÕßÀÿâπ°Ÿâ : »Ÿπ¬å´◊ÈÕ¢“¬µ√“ “√Àπ’È ‰∑¬ ·≈– µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

(§) Àÿâπ°Ÿâª√–‡¿∑‰¡à¡’À≈—°ª√–°—π §√—Èß∑’Ë 1/2547 ®”π«π 3 ™ÿ¥ √“¬≈–‡Õ’¬¥ ”§—≠¢ÕßÀÿâπ°Ÿâ¥—ßπ’È™◊ËÕ‡©æ“–Àÿâπ°Ÿâ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 „™â™◊ËÕ«à“ çÀÿâπ°Ÿâ ‰¡à¡’ª√–°—π¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) §√—Èß∑’Ë 1/2547 ™ÿ¥∑’Ë 1

§√∫°”Àπ¥‰∂à∂Õπªï 2549é2. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 „™â™◊ËÕ«à“ çÀÿâπ°Ÿâ ‰¡à¡’ª√–°—π¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) §√—Èß∑’Ë 1/2547 ™ÿ¥∑’Ë 2

§√∫°”Àπ¥‰∂à∂Õπªï 2550é3. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 „™â™◊ËÕ«à“ çÀÿâπ°Ÿâ ‰¡à¡’ª√–°—π¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) §√—Èß∑’Ë 1/2547 ™ÿ¥∑’Ë 3

§√∫°”Àπ¥‰∂à∂Õπªï 2551éª√–‡¿∑¢ÕßÀÿâπ°Ÿâ : Àÿâπ°Ÿâ™π‘¥√–∫ÿ™◊ËÕºŸâ∂◊Õ ª√–‡¿∑‰¡à¥âÕ¬ ‘∑∏‘ ‰¡à¡’ª√–°—π ·≈–¡’ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ®”π«πÀÿâπ°Ÿâ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 ®”π«π 1,000,000 Àπà«¬

2. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 ®”π«π 1,000,000 Àπà«¬3. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 ®”π«π 1,000,000 Àπà«¬

¡Ÿ≈§à“∑’Ëµ√“‰«âÀπà«¬≈– : 1,000 ∫“∑¡Ÿ≈§à“Àÿâπ°Ÿâ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 ®”π«π 1,000 ≈â“π∫“∑

2. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 ®”π«π 1,000 ≈â“π∫“∑3. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 ®”π«π 1,000 ≈â“π∫“∑

«‘∏’‡ πÕ¢“¬ : ‡ πÕ¢“¬µàÕπ—°≈ß∑ÿπ∑—Ë«‰ª·≈–π—°≈ß∑ÿπ ∂“∫—π«—π∑’ËÕÕ°Àÿâπ°Ÿâ : «—π∑’Ë 4 ¡’π“§¡ 2547Õ“¬ÿ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 ¡’Õ“¬ÿ 2 ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ

2. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 ¡’Õ“¬ÿ 3 ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ3. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 ¡’Õ“¬ÿ 4 ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ


27

15% on March 30, 200415% on September 30, 200415% on March 30, 2005

Other conditions : The Company must maintain its debt-to-equity ratio at not more than 1.25:1Collateral : NoneRating : NoneSecondary market : Thai Bond Dealing Centre

(b) Secured debenture No. 1/2001Name : Land & Houses Plc. Debenture No. 1/2001 due 2006Type : Registered secured senior amortizing bonds with trusteeSold to : The publicTotal number : 1,500,000 units (1,000 baht each)Total amount : 1,500 million bahtMaturity : 5 years from the date of issueDate of issue : December 4, 2001Redemption date : December 4, 2006Outstanding amount : 750.00 million bahtCoupon rate : The highest interest rate for 3-month fixed deposits of Bangkok Bank Plc plus 3% a yearCoupon payments : Every three monthsPrincipal payments : Principal is gradually repaid every 3 months in 16 equal installments, starting from March 4, 2003.

A total of 93.75 million baht is repaid for each installment.Other conditions : The Company must maintain its debt-to-equity ratio at not more than 1.25:1 in the second and

third years and not more than 1:1 in the fourth and fifth years.Collateral : Mortgaged land worth around 2,550.20 million baht at the collateral value: debenture value ratio

of not less than 1.65 throughout the maturityTrustee : Thai Military Bank Plc.Rating : A+ by TRIS Rating Co., Ltd.Secondary market : Thai Bond Dealing Centre and The Stock Exchange of Thailand

(c) Three lots of unsecured debenture No. 1/2004:Name : 1. The first series is called çLand & Houses Plc. Debenture No. 1 /2004, Series 1 Due 2006é

2. The second lot is called çLand & Houses Plc. Debenture No. 1 /2004, Series 2 Due 2007é3. The third lot is called çLand & Houses Plc. Debenture No. 1 /2004, Series 3 Due 2008é

Type : Registered secured senior amortizing debenture with trusteeTotal number : 1. The first series consists of 1,000,000 units

2. The second series consists of 1,000,000 units3. The third series consists of 1,000,000 units

Face value : 1,000 bahtTotal value : 1. The first series is valued at 1,000 million baht.

2. The second series is valued at 1,000 million baht.3. The third series is valued at 1,000 million baht.

Sold to : The public and institutional investorsDate of issue : March 4, 2004Maturity : 1. The first series matures in 2 years from the date of issue.

2. The second series matures in 3 years from the date of issue.3. The third series matures in 4 years from the date of issue

Redemption date : 1. The first series will be redeemed on March 4, 2006.2. The second series will be redeemed on March 4, 2007.3. The third series will be redeemed on March 4, 2008.

Coupon rate : 1. The first series has a fixed coupon rate 2.80% a year.


28

«—π∑’Ë§√∫°”Àπ¥‰∂à∂Õπ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 §√∫°”Àπ¥‰∂à∂Õπ«—π∑’Ë 4 ¡’π“§¡ 25492. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 §√∫°”Àπ¥‰∂à∂Õπ«—π∑’Ë 4 ¡’π“§¡ 25503. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 §√∫°”Àπ¥‰∂à∂Õπ«—π∑’Ë 4 ¡’π“§¡ 2551

Õ—µ√“¥Õ°‡∫’È¬ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë√âÕ¬≈– 2.80 µàÕªï2. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë√âÕ¬≈– 3.25 µàÕªï3. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 Õ—µ√“¥Õ°‡∫’È¬¥—ßπ’È

”À√—∫ªï∑’Ë 1 ∂÷ßªï∑’Ë 3 Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë√âÕ¬≈– 3.25 µàÕªï ”À√—∫ªï∑’Ë 4 Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë√âÕ¬≈– 4.50 µàÕªï

°”Àπ¥™”√–¥Õ°‡∫’È¬ : ™”√–¥Õ°‡∫’È¬‡ªìπß«¥∑ÿ°Ê 3 ‡¥◊Õππ—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ ‚¥¬®–™”√–∑ÿ°«—π∑’Ë 4 ¡’π“§¡ 4 ¡‘∂ÿπ“¬π 4 °—π¬“¬π·≈– 4 ∏—π«“§¡ ¢Õß∑ÿ°ªïµ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ

°“√™”√–§◊π‡ß‘πµâπ : 1. Àÿâπ°Ÿâ™ÿ¥∑’Ë 1 ™”√–‡ß‘πµâπ„π«—π§√∫°”Àπ¥‰∂à∂Õπ §◊Õ «—π∑’Ë 4 ¡’π“§¡ 25492. Àÿâπ°Ÿâ™ÿ¥∑’Ë 2 ™”√–‡ß‘πµâπ„π«—π§√∫°”Àπ¥‰∂à∂Õπ §◊Õ «—π∑’Ë 4 ¡’π“§¡ 25503. Àÿâπ°Ÿâ™ÿ¥∑’Ë 3 ™”√–‡ß‘πµâπ„π«—π§√∫°”Àπ¥‰∂à∂Õπ §◊Õ «—π∑’Ë 4 ¡’π“§¡ 2551

°“√‰∂à∂Õπ§◊π°àÕπ°”Àπ¥ : ‰¡à¡’‡ß◊ËÕπ‰¢Õ◊Ëπ∑’Ë ”§—≠ : ∫√‘…—∑µâÕß¥”√ß —¥ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‰«â ‰¡à‡°‘π 1.25 µàÕ 1°“√®—¥Õ—π¥—∫§«“¡πà“‡™◊ËÕ∂◊Õ : Õ—π¥—∫‡§√¥‘µ A ‚¥¬∫√‘…—∑ ∑√‘ ‡√∑µ‘Èß ®”°—¥ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ : ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π)π“¬∑–‡∫’¬πÀÿâπ°Ÿâ : ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π)µ≈“¥√Õß¢ÕßÀÿâπ°Ÿâ : »Ÿπ¬å´◊ÈÕ¢“¬µ√“ “√Àπ’È ‰∑¬ ·≈–µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

2. ºŸâ∂◊ÕÀÿâπºŸâ∂◊ÕÀÿâπ∑’Ë∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° ≥ «—πªî¥∑–‡∫’¬π≈à“ ÿ¥ «—π∑’Ë 7 ¡°√“§¡ 2548 ¡’¥—ßπ’È

≈”¥—∫∑’Ë ™◊ËÕ∫ÿ§§≈ / π‘µ‘∫ÿ§§≈ ®”π«πÀÿâπ √âÕ¬≈–¢Õß®”π«πÀÿâπ(≈â“πÀÿâπ) ∑’Ë®”Àπà“¬·≈â«∑—ÈßÀ¡¥

1. π“¬Õπ—πµå Õ—»«‚¿§‘π * 1,807,231,460 22.34

2. ∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ 1,593,457,412 19.69

3. Government of Singapore Investment Corporation 1,138,710,400 14.07

4. ∫√‘…—∑ ‡¡¬å·≈π¥å ®”°—¥ * 495,097,680 6.12

5. π“ß “«‡æ’¬ß„® À“≠æ“≥‘™¬å * 257,650,098 3.18

6. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕºŸâΩ“° 166,956,968 2.06

7. °Õß∑ÿπ‡ªî¥ ‰∑¬æ“≥‘™¬å‰∑¬·≈π¥å√’§—ø‡«Õ√’Ëøíπ¥å 147,198,140 1.82

8. HSBC (Singapore) Nominees PTE LTD 101,923,840 1.26

9. State Street Bank and Trust Company 97,774,152 1.21

10. °Õß∑ÿπ∫”‡ÀπÁ®∫”π“≠¢â“√“™°“√ 85,846,300 1.06

√«¡ 5,891,846,450 72.81

À¡“¬‡Àµÿ : * ºŸâ∂◊ÕÀÿâπ°≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π ∂◊ÕÀÿâπ√«¡°—π„π —¥ à«π√âÕ¬≈– 31.64

3. π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ªí®®ÿ∫—π∫√‘…—∑¡’π‚¬∫“¬∑’Ë®–®à“¬‡ß‘πªíπº≈„Àâ·°àºŸâ∂◊ÕÀÿâπ®“°°”‰√ ÿ∑∏‘„π·µà≈–ªï ∑—Èßπ’È°“√®à“¬‡ß‘πªíπº≈„Àâπ”ªí®®—¬µà“ßÊ ¡“æ‘®“√≥“ª√–°Õ∫¥—ßπ’È ‰¥â·°à

º≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘π¢Õß∫√‘…—∑ ¿“æ§≈àÕß¢Õß∫√‘…—∑ °“√¢¬“¬∏ÿ√°‘® ·≈–ªí®®—¬Õ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß„π°“√∫√‘À“√ß“π¢Õß∫√‘…—∑ ´÷Ëß°“√®à“¬‡ß‘πªíπº≈¥—ß°≈à“«¢â“ßµâπ®–µâÕß‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√∫√‘…—∑ ·≈–/À√◊Õ ®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ µ“¡¡µ‘∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 1/2547‡¡◊ËÕ«—π∑’Ë 26 ¡°√“§¡ 2547 ‰¥â¡’¡µ‘„Àâ·°â ‰¢¢âÕ∫—ß§—∫∫√‘…—∑¢âÕ∑’Ë 42 ‡√◊ËÕß°“√®à“¬ªíπº≈‡ªìπ¥—ßπ’È

¢âÕ∫—ß§—∫ ¢âÕ 42 ‡√◊ËÕß °“√®à“¬‡ß‘πªíπº≈ ç„Àâ®à“¬‡ß‘πªíπº≈®“°º≈°”‰√¢Õß∫√‘…—∑ „π°√≥’∑’Ë∫√‘…—∑¬—ß¡’¬Õ¥¢“¥∑ÿπ – ¡Õ¬ŸàÀâ“¡¡‘„Àâ∫√‘…—∑®à“¬‡ß‘πªíπº≈„π°√≥’∑’Ë∫√‘…—∑¡’°”‰√„Àâ§≥–°√√¡°“√¢Õß∫√‘…—∑‡ πÕ·π–„Àâ·∫àßº≈°”‰√¢Õß∫√‘…—∑ ‡æ◊ËÕ®à“¬‡ªìπ‡ß‘πªíπº≈µ√“∫‡∑à“∑’Ë‰¡à‡ ’¬À“¬µàÕ∑ÿπ¢Õß∫√‘…—∑é

”À√—∫π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑¬àÕ¬π—Èπ ∫√‘…—∑¬àÕ¬®–®à“¬‡ß‘πªíπº≈„Àâ∫√‘…—∑®“°°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ ∑—Èßπ’È°“√®à“¬ªíπº≈„Àâπ”ªí®®—¬µà“ßÊ¡“æ‘®“√≥“ª√–°Õ∫¥—ßπ’È ‰¥â·°à º≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘π¢Õß∫√‘…—∑ ¿“æ§≈àÕß¢Õß∫√‘…—∑ °“√¢¬“¬∏ÿ√°‘® ·≈–ªí®®—¬Õ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß„π°“√∫√‘À“√ß“π¢Õß∫√‘…—∑


29

2. The second series has a fixed coupon rate 3.25% a year.3. The third series has the following coupon rates:

Fixed at 3.25% a year in the first to the third years Fixed at 4% a year in the fourth year

Coupon payments : Every three months from the date the debenture was issued, payable on March 4, June 4,September 4 and December 4 of every year throughout its maturity

Principal payments : 1. The principal of the first series will be paid on the redemption date of March 4, 20062. The principal of the second series will be paid on the redemption date of March 4, 20073. The principal of the third series will be paid on the redemption date of March 4, 2008

Call/Put option : NoneOther conditions : The Company must maintain its debt-to-equity ratio at not more than 1.25:1.Rating : A by TRIS Rating Co., Ltd.Trustee : The Siam Commercial Bank Plc.Registrar : The Siam Commercial Bank Plc.Secondary market : Thai Bond Dealing Centre and The Stock Exchange of Thailand

2. ShareholdersAs of the latest register book closing date on January 7, 2005, the 10 largest shareholders of the Company are:

Rank Individual/Juristic Person No. of shares Percentage of holdingheld in all sold shares

1. Mr. Anant Asavabhokhin * 1,807,231,460 22.34

2. Thai NVDR Co., Ltd. 1,593,457,412 19.69

3. Government of Singapore Investment Corporation 1,138,710,400 14.07

4. Mayland Co., Ltd. * 495,097,680 6.12

5. Ms. Piangjai Harnpanij * 257,650,098 3.18

6. The Thailand Securities Depository Co., Ltd. 166,956,968 2.06

7. Siam Commercial Bankûs Thailand Recovery Fund 147,198,140 1.82

8. HSBC (Singapore) Nominees Pte. Ltd. 101,923,840 1.26

9. State Street Bank and Trust Company 97,774,152 1.21

10. Government Pension Fund 85,846,300 1.06

Total 5,891,846,450 72.81

* The shareholders under Mr. Anant Asavabhokhinûs group hold a combined 31.64%.

3. Dividend payment policyAt present, the Company has a policy to pay dividends to its shareholders each year. In considering the payments, the following

factors are to be taken into consideration: the Companyûs operating results and financial position, liquidity, expansion plans and othermanagement-related factors. Any dividend payment is also subjected to the approval(s) of the Companyûs Board of Directors and/orshareholders. The shareholdersû meeting No. 1/2547 on January 26, 2004 resolved to amend regulation No. 42 on dividend paymentsas follows:

Under regulation No. 42 on Dividend Payments: çDividends shall be paid from the Companyûs profit. In the event that the Company hasan accumulated loss, dividends shall not be paid. In the event the Company has a profit, the Board of Directors shall propose a dividendpayment in an amount that will not cause damages to the Companyûs capitalé.

As for the dividend payment policies of its subsidiaries, the subsidiaries shall pay the Company dividends from their netprofits, taking into consideration their operating results and financial positions, liquidity, expansion plans and other management-related factors.


30

·ºπº—ß°“√®—¥Õß§å°√¢Õß‡®â“Àπâ“∑’Ë√–¥—∫∫√‘À“√∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π)

√Õß°√√¡°“√ºŸâ®—¥°“√( “¬ªØ‘∫—µ‘°“√)

(π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠)

√Õß°√√¡°“√ºŸâ®—¥°“√( “¬ π—∫ πÿπ)

(π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈)

ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√¥Ÿ·≈°‘®°“√µ‘¥µàÕ√“™°“√

(π“ß “« ÿ¿“ ¿‘≠‚≠ª∂—¡¿å)

ºŸâ®—¥°“√°≈ÿà¡‚§√ß°“√ 1-10

ºŸâ®—¥°“√ΩÉ“¬°àÕ √â“ß

ºŸâ®—¥°“√ΩÉ“¬¡“µ√∞“πß“π°àÕ √â“ß

ºŸâ®—¥°“√ΩÉ“¬æ—≤π“∏ÿ√°‘®

ºŸâ®—¥°“√ΩÉ“¬ÕÕ°·∫∫

ºŸâ®—¥°“√ΩÉ“¬∫√‘°“√·≈–≈Ÿ°§â“ —¡æ—π∏å

ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√¥Ÿ·≈°‘®°“√∫√‘…—∑¬àÕ¬·≈–√à«¡(π“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß)

ºŸâ®—¥°“√ΩÉ“¬∫ÿ§§≈

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ºŸâ®—¥°“√ΩÉ“¬∫—≠™’

ºŸâ®—¥°“√ΩÉ“¬Corporate Communication

§≥–°√√¡°“√µ√«® Õ∫

ºŸâ®—¥°“√ΩÉ“¬µ√«® Õ∫¿“¬„π·≈–æ—≤π“√–∫∫

§≥–°√√¡°“√∫√‘…—∑

°√√¡°“√ºŸâ®—¥°“√(π“¬Õπ—πµå Õ—»«‚¿§‘π)


31

Senior Executive Vice President(Operations)

(Mr. Naporn Sunthornchitcharoen)

Senior Executive Vice President(Support)

(Mr. Adisorn Thananun-narapool)

Executive Vice PresidentGovernment Agency Relations

(Miss Supa Pinyopatump)

Vice President, Project Group 1-10

Vice President,Construction Department

Vice President,Quality Control Department

Vice President, BusinessDevelopment Department

Vice President, ProductDevelopment Department

Vice President, Service &Customer Relations Department

Executive Vice PresidentSubsidiary and Affiliate

(Mr. Chalerm Kiettitanabumroong)

Vice President,Personnel Department

Vice President,Computer Department

Vice President,Legal Department

Vice President,Financial Department

Vice President,Accounting Department

Vice President, CorporateCommunication Department

Audit Committee

Internal Audit and SystemDevelopment Vice President

Board of Directors

Chief Executive Officer(Mr. Anant Asavabhokhin)

The Organization Plan of Executive OfficersLand & Houses Plc.


32

°“√®—¥°“√

1. ‚§√ß √â“ß°“√®—¥°“√

‚§√ß √â“ß°√√¡°“√∫√‘…—∑ ≥ «—π∑’Ë 21 ¡°√“§¡ 2548 ª√–°Õ∫¥â«¬§≥–°√√¡°“√ 3 ™ÿ¥ ‰¥â·°à §≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√µ√«® Õ∫ ·≈–

§≥–°√√¡°“√∫√‘À“√ ‚¥¬¡’√“¬™◊ËÕ·≈–¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¥—ßπ’È

(°) §≥–°√√¡°“√∫√‘…—∑ ª√–°Õ∫¥â«¬°√√¡°“√ ®”π«π 11 ∑à“π ¥—ßπ’È

1. π“¬Õπ—πµå Õ—»«‚¿§‘π ª√–∏“π°√√¡°“√

2. π“¬ª√–∑’ª «ß»åπ‘√—π¥√å °√√¡°“√ ª√–∏“π°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–

3. π“¬¿§«—µ ‚°«‘∑«—≤πæß»å °√√¡°“√ °√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–

4. ¥√. »‘√‘ °“√‡®√‘≠¥’ °√√¡°“√ °√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–

5. ¥√. ’§ ß’ Œ«¥ °√√¡°“√

6. π“¬≈‘¡ «’°«π °√√¡°“√

7. π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå °√√¡°“√

8. π“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß °√√¡°“√

9. π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ °√√¡°“√

10. π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ °√√¡°“√

11. π“¬Õ¥‘»—°¥‘Ï Õ∏‘√“…Ø√å°ÿ≈ °√√¡°“√ ·≈–‡≈¢“πÿ°“√∫√‘…—∑

°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡·∑π∫√‘…—∑

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‡°’¬√µ‘∏π–∫”√ÿß §π„¥§πÀπ÷Ëß‡ªìπºŸâ≈ßπ“¡ºŸ°æ—π∫√‘…—∑‰¥â

Õ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑

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§«“¡´◊ËÕ —µ¬å ÿ®√‘µ·≈–√–¡—¥√–«—ß√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…—∑ √«¡∑—Èß°”Àπ¥‡ªÑ“À¡“¬ ·π«∑“ß π‚¬∫“¬ ·ºπß“π ·≈–ß∫ª√–¡“≥¢Õß∫√‘…—∑ §«∫§ÿ¡

°”°—∫¥Ÿ·≈°“√∫√‘À“√·≈–°“√®—¥°“√¢Õß§≥–°√√¡°“√∫√‘À“√„Àâ‡ªìπ‰ªµ“¡π‚¬∫“¬∑’Ë‰¥â√—∫¡Õ∫À¡“¬ ‡«âπ·µà‡√◊ËÕß¥—ßµàÕ‰ªπ’È§≥–°√√¡°“√µâÕß‰¥â√—∫Õπÿ¡—µ‘

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‘π∑√—æ¬å∑’Ë¡’µ—«µπ ÿ∑∏‘µ“¡ß∫°“√‡ß‘π√«¡≈à“ ÿ¥ ·≈– (3) °“√‰¥â¡“À√◊Õ®”Àπà“¬‰ª´÷Ëß ‘π∑√—æ¬å∑’Ë ”§—≠∑’Ë¡’¡Ÿ≈§à“‡°‘π°«à“√âÕ¬≈– 50 ¢Õß ‘π∑√—æ¬å√«¡µ“¡

ß∫°“√‡ß‘π√«¡≈à“ ÿ¥

(¢) §≥–°√√¡°“√µ√«® Õ∫ ®”π«π 3 ∑à“π ¥—ßπ’È

1. π“¬ª√–∑’ª «ß»åπ‘√—π¥√å ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

2. π“¬¿§«—µ ‚°«‘∑«—≤πæß»å °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

3. ¥√. »‘√‘ °“√‡®√‘≠¥’ °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √–

‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫ π“¬æ√™—¬ ‡°’¬√µ‘¢®√«‘√—™ ºŸâ®—¥°“√ΩÉ“¬µ√«® Õ∫·≈–æ—≤π“√–∫∫

§≥–°√√¡°“√µ√«® Õ∫™ÿ¥ªí®®ÿ∫—π ¡’«“√–°“√¥”√ßµ”·Àπàß 3 ªï ‚¥¬®– ‘Èπ ÿ¥≈ß„π«—π∑’Ë 2 ∏—π«“§¡ 2548

Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ ¡’¢Õ∫‡¢µ Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫·≈–√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑ ¥—ßπ’È

1. Õ∫∑“π„Àâ∫√‘…—∑¡’√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß·≈–‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ

2. Õ∫∑“π„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π·≈–°“√µ√«® Õ∫¿“¬„π∑’Ë¡’§«“¡‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈

3. Õ∫∑“π°“√ªÆ‘∫—µ‘¢Õß∫√‘…—∑„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑

4. æ‘®“√≥“§—¥‡≈◊Õ°·≈–‡ πÕ·µàßµ—ÈßºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ √«¡∂÷ßæ‘®“√≥“‡ πÕ§à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’

5. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑„π°√≥’∑’Ë‡°‘¥√“¬°“√‡°’Ë¬«‚¬ßÀ√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡∂Ÿ°µâÕß§√∫∂â«π

6. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑¡Õ∫À¡“¬·≈–§≥–°√√¡°“√µ√«® Õ∫‡ÀÁπ™Õ∫¥â«¬

7. ®—¥∑”√“¬ß“π°‘®°√√¡¢Õß§≥–°√√¡°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑ ´÷Ëß√“¬ß“π¥—ß°≈à“«≈ßπ“¡‚¥¬ª√–∏“π

°√√¡°“√µ√«® Õ∫


33

Management1. Management Organization

As of January 21, 2005, the Company had three committees: the Board of Directors, the Audit Committee and the Executive Board.

(a) The Board of Directors consists of 11 members:1. Mr. Anant Asavabhokhin Chairman2. Mr. Pratip Wongnirund Director, Chairman of the Audit Committee and Independent Director3. Mr. Pakhawat Kovithvathanaphong Director, Member of the Audit Committee and Independent Director4. Dr. Siri Ganjarerndee Director, Member of the Audit Committee and Independent Director5. Dr. Seek Ngee Huat Director6. Mr. Lim Swe Guan Director7. Mr. Payont Sakdejyont Director8. Mr. Chalerm Kiettitanabumroong Director9. Mr. Adisorn Thananun-narapool Director10. Mr. Naporn Sunthornchitcharoen Director11. Mr. Adisak Atiratkul Director and Company Secretary

Authorized SignatoriesOne of the following directors may sign to commit the Company: Mr. Anant Asavabhokhin, Mr. Payont Sakdejyont, Mr. Adisorn

Thananun-narapool, Mr. Naporn Sunthornchitcharoen or Mr. Chalerm Kiettitanabumroong.

Authority and scope of duties of the Board of DirectorsThe Board of Directors has the authority and duties to manage the Company in compliance with its objectives, regulations and

resolutions of legitimate shareholdersû meetings with integrity and care to protect the interests of the Company. It also has the duties todetermine the objectives, guidelines, policies, work plans and budgets of the Company and monitor the administration and management ofthe Executive Board to ensure full compliance with the assigned policies, except in the following issues in which the Board of Directorsmust seek prior approval from the shareholders before implementation: (1) issues stipulated by law that shareholdersû resolutions must besought; (2) connected transactions of which values exceed 3% of the Companyûs net tangible assets as stated in the latest financialstatement, and; (3) acquisitions or disposals of important assets of which values exceed 50% of the Companyûs total assets as stated inthe latest financial statement.

(b) The Audit Committee consists of three members as follows:1. Mr. Pratip Wongnirund chairman and independent director2. Mr. Pakhawat Kovithvathanaphong member and independent director3. Dr. Siri Ganjarerndee member and independent director

Mr Pornchai Kiatkachornvirat, manager of the Audit and System Development Department, is the secretary of the Audit Committee.The incumbent Audit Committee is serving a 3-year term, ending December 2, 2005.

Scope of duties of the Audit CommitteeThe Audit Committee has the following duties and responsibilities to report to the Board of Directors:

1. Review the Companyûs financial statements to ensure accuracy and adequate disclosure2. Review the Companyûs internal control and audit system to ensure appropriateness and effectiveness3. Review the operations of the Company to ensure they are in compliance with the laws on securities and stock exchange or

those relating to the Companyûs businesses4. Recommend to the Company the nomination of auditors and their remuneration5. Determine proper and adequate disclosure of the Companyûs information in cases of connected transactions or lists with

potential conflicts of interest6. Perform other duties as assigned by the Board of Directors and approved by the Audit Committee7. Prepare reports on the activities of the Audit Committee to be included in the Companyûs annual reports. The reports must be

signed by the chairman of the Audit Committee.


34

®”π«π°“√‡¢â“ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫„πªï 2547 ¡’¥—ßπ’È

√“¬™◊ËÕ°√√¡°“√µ√«® Õ∫ µ”·Àπàß°“√‡¢â“√à«¡ª√–™ÿ¡/

°“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß)

1. π“¬ª√–∑’ª «ß»åπ‘√—π¥√å ª√–∏“π°√√¡°“√µ√«® Õ∫ 5/5

2. π“¬¿§«—µ ‚°«‘∑«—≤πæß»å °√√¡°“√µ√«® Õ∫ 3/5

3. π“¬»‘√ °“√‡®√‘≠¥’ °√√¡°“√µ√«® Õ∫ 5/5

(§) §≥–°√√¡°“√∫√‘À“√ ®”π«π 5 ∑à“π ¥—ßπ’È

1. π“¬Õπ—πµå Õ—»«‚¿§‘π ª√–∏“π°√√¡°“√∫√‘À“√

2. π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ °√√¡°“√∫√‘À“√

3. π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ °√√¡°“√∫√‘À“√

4. π“¬≈‘¡ «’ °«π °√√¡°“√∫√‘À“√

5. π“¬«‘∑¬å µ—πµ‘«√«ß»å °√√¡°“√∫√‘À“√

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√∫√‘À“√´÷Ëß√«¡∂÷ß°√√¡°“√ºŸâ®—¥°“√ ¡’Õ”π“®Àπâ“∑’Ë„π°“√∫√‘À“√ß“π„π‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫°“√¥”‡π‘πµ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑ ∑—Èßπ’È

°“√Õπÿ¡—µ‘√“¬°“√Õ◊Ëπ„¥∑’Ë¡’§«“¡¢—¥·¬âß·¬âß¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥°—∫∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬ ®–µâÕß‡ πÕµàÕ

∑’Ëª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫·≈–∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘√“¬°“√∑’Ë‡°‘¥¢÷Èπ¥—ß°≈à“«∑ÿ°§√—Èß

®”π«π§√—Èß∑’Ë‡¢â“√à«¡ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√¢Õß°√√¡°“√∫√‘À“√„πªï 2547 ¡’¥—ßπ’È

√“¬™◊ËÕ°√√¡°“√∫√‘À“√ µ”·Àπàß°“√‡¢â“√à«¡ª√–™ÿ¡/

°“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß)

1. π“¬Õπ—πµå Õ—»«‚¿§‘π °√√¡°“√∫√‘À“√ 11/11

2. π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ °√√¡°“√∫√‘À“√ 11/11

3. π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ °√√¡°“√∫√‘À“√ 11/11

4. π“¬«‘∑¬å µ—πµ‘«√«ß»å °√√¡°“√∫√‘À“√ 11/11

5. π“¬≈‘¡ «’ °«π °√√¡°“√∫√‘À“√ 4/11

(ß) °“√¡Õ∫Õ”π“®Àπâ“∑’Ë®“°§≥–°√√¡°“√∫√‘…—∑

§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâæ‘®“√≥“°”Àπ¥‡ªÑ“À¡“¬ ·π«∑“ß π‚¬∫“¬ ·ºπß“π ·≈–ß∫ª√–¡“≥¢Õß∫√‘…—∑ √«¡∑—Èß§«∫§ÿ¡°”°—∫¥Ÿ·≈°“√∫√‘À“√

·≈–°“√®—¥°“√¢Õß§≥–°√√¡°“√∫√‘À“√„Àâ‡ªìπ‰ªµ“¡π‚¬∫“¬∑’Ë‰¥â√—∫¡Õ∫À¡“¬ ‚¥¬§≥–°√√¡°“√∫√‘À“√®–ªØ‘∫—µ‘µ“¡π‚¬∫“¬ ·ºπß“π ·≈–ß∫ª√–¡“≥

∑’Ë‰¥â√—∫¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑

„π°“√µ—¥ ‘π„®„π‡√◊ËÕß∑’Ë ”§—≠ ‰¥â·°à °“√®—¥´◊ÈÕ∑’Ë¥‘π °“√æ—≤π“‚§√ß°“√ ·≈–°“√≈ß∑ÿπ ‡ªìπµâπ §≥–°√√¡°“√∫√‘À“√®–π”‡ πÕ‡æ◊ËÕ¢ÕÕπÿ¡—µ‘µàÕ

§≥–°√√¡°“√∫√‘…—∑‡ªìπ°√≥’Ê ‰ª

”À√—∫°“√¡Õ∫Õ”π“®∑“ß°“√‡ß‘π‡°’Ë¬«°—∫°“√¥”‡π‘πß“πµ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑ °√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡·∑π∫√‘…—∑ ‰¥â·°à π“¬Õπ—πµå Õ—»«‚¿§‘π

À√◊Õπ“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå À√◊Õπ“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ À√◊Õπ“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ À√◊Õπ“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß §π„¥§πÀπ÷Ëß‡ªìπºŸâ≈ßπ“¡ºŸ°æ—π

∫√‘…—∑‰¥â ‚¥¬°“√Õπÿ¡—µ‘√“¬°“√¥—ß°≈à“«®–µâÕß‰¡à√«¡∂÷ß°“√Õπÿ¡—µ‘√“¬°“√∑’ËµπÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß

∑“ßº≈ª√–‚¬™πåÕ◊Ëπ„¥°—∫∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬


35

Meeting attendance records of the Audit Committee in 2004

Name PositionAttendance/number

of all meetings (times)

1. Mr. Pratip Wongnirund Chairman 5/5

2. Mr. Pakhawat Kovithvathanaphong Member 3/5

3. Dr. Siri Ganjarerndee Member 5/5

(c) The Executive Board consists of:

1. Mr. Anant Asavabhokhin Chief Executive Officer

2. Mr. Adisorn Thananun-narapool Executive Director

3. Mr. Naporn Sunthornchitcharoen Executive Director

4. Mr. Lim Swe Guan Executive Director

5. Mr. Wit Tantiworawong Executive Director

Scope of duties of the Executive Board

The Executive Board, which includes the managing director, handles the Companyûs routine operations. Any other transaction

which might result in a conflict of interest with the Company or its subsidiaries, or affect the Companyûs interests in any manner, must be

submitted to the Audit Committee and the Board of Directors for approval.

Meeting attendance record of the Executive Board in 2004

Name PositionAttendance/number

of all meeting

1. Mr. Anant Asavabhokhin Executive director 11/11

2. Mr. Adisorn Thananun-narapool Executive director 11/11

3. Mr. Naporn Sunthornchitcharoen Executive director 11/11

4. Mr. Wit Tantiworawong Executive director 11/11

5. Mr. Lim Swe Guan Executive director 4/11

(d) Delegation of authority and duties by the Board of Directors

The Board of Directors determines the objectives, guidelines, policies, work plans and budgets of the Company. It also monitors

the administration and the management of the Executive Board to ensure compliance with the approved policies. The Executive Board

complies with the policies, work plans and budgets approved by the Board of Directors.

For important decisions such as land acquisitions, project development and investments, the Executive Board shall seek the

approval to the Board of Directors on a case-by-case basis.

As for delegation of financial authority involving the normal operations of the Company, the signatory directors-either

Mr. Anant Asavabhokin, Mr. Payont Sakdejyont, Mr. Adisorn Thananun-narapool, Mr. Naporn Sunthornchitcharoen or

Mr. Chalerm Kiettitanabumroong-can sign to commit the Company, provided there is no conflict of interest in the approved transactions.

Annual Report 2004Land & Houses Public Com

pany Limited

36

ºŸâ∫√‘À“√EXECUTIVE OFFICERS

™◊ËÕ §ÿ≥«ÿ≤‘∑“ß°“√»÷°…“Õ“¬ÿ —¥ à«π°“√∂◊Õ

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π“¬Õπ—πµå Õ—»«‚¿§‘π 55 «‘»«°√√¡»“ µ√∫—≥±‘µ (‚¬∏“) 22.34 ‰¡à¡’ 2528 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åª√–∏“π°√√¡°“√ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2531 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π M.S. Industrial Engineering, 2537 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ∫“ß°Õ°‡™πŒÕ ªîµÕ≈ ‚√ßæ¬“∫“≈°√√¡°“√ºŸâ®—¥°“√ Illinois Institute of technology, 2537 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å º≈‘µ«— ¥ÿ°àÕ √â“ß

Chicago, USA 2538 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ‚Œ¡‚ª√¥—° å‡ Áπ‡µÕ√å §â“ª≈’°«— ¥ÿ°àÕ √â“ßMBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å 2538 - 2546 °√√¡°“√ ∫®. ‡ÕÁ¡·Õ≈·Õπ¥å‡Õ™ §Õ√åªÕ‡√™—Ëπ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°“√Õ∫√¡®“° ¡“§¡ àß‡ √‘¡ 2543 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ‡Õ‡´’¬·Õ ‡´∑·Õ¥‰«‡´Õ√’Ë ∑’Ëª√÷°…“ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) 2526 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. §«Õ≈‘µ’È‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åÀ≈—° Ÿµ√ DCP √ÿàπ∑’Ë 52/2004 °.¬. 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

æ.§. 2547 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ·Õ ‡´∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åπ“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå 59 «‘»«°√√¡»“ µ√∫—≥±‘µ (‚¬∏“) - - 2526 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2543 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—° å º≈‘µ«— ¥ÿ°àÕ √â“ß

MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫®. æ’´’‡ÕÁ¡§Õπ µ√—µ™—Ëπ‚ª√¥—° å º≈‘µ«— ¥ÿ°àÕ √â“ß°“√Õ∫√¡®“° ¡“§¡ àß‡ √‘¡ 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ‡Õ‡™’Ë¬πæ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡π∑å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) 2544 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. §√‘ ‡µ’¬π’ & π’≈‡ Áπ (‰∑¬) æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åÀ≈—° Ÿµ√ DAP √ÿàπ∑’Ë 27/2004 2536 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ‡¡¬å·≈π¥å ∏ÿ√°‘®≈ß∑ÿπ

2544 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ‡¡◊Õß„À¡à æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å2531 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

π“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß 52 «‘»«°√√¡»“ µ√∫—≥±‘µ (‚¬∏“) 0.11 - ªí®®ÿ∫—π ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ΩÉ“¬¥Ÿ·≈°‘®°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡·≈–ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ MBA ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2532 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

2537 - 2545 °√√¡°“√ ∫¡®. ‡Õ‡™’Ë¬πæ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡π∑å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å2544 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ‡¡◊Õß„À¡à æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°.¬. 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åæ.§. 2547 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ·Õ ‡´∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ 51 ∫—≠™’∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å 0.41 - ªí®®ÿ∫—π °√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å “¬ π—∫ πÿπ·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ °“√Õ∫√¡®“° ¡“§¡ àß‡ √‘¡ 2535 - 2544 ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ ∫√√…—∑µ≈“¥√Õß ‘π‡™◊ËÕ∑’ËÕ¬ŸàÕ“»—¬ ∏π“§“√À≈—° Ÿµ√ DAP √ÿàπ∑’Ë 7/2004, 2542 - ªí®®ÿ∫—π °√√¡°“√ ∫®. §“‡¡√Õπ ‚°≈∫Õ≈ ≈‘¡‘‡µÁ¥ °“√≈ß∑ÿπÀ≈—° Ÿµ√ DCP √ÿàπ∑’Ë 41/2004 2544 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ‡¡◊Õß„À¡à æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

2546 - ªí®®ÿ∫—π °√√¡°“√ °Õß∑ÿπÕ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å ·Õπ¥å ‡Œâ“ å °Õß∑ÿπÕ —ßÀ“√‘¡∑√—æ¬å°.¬. 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åæ.§. 2547 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ·Õ ‡´∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ ∫¡®. ‡ÕÁ¡‡Õø ’ ·Õ ‡´∑ ·¡π‡π®‡¡âπ∑å

π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ 46 «‘»«°√√¡»“ µ√å∫—≥±‘µ (‚¬∏“) 0.20 - 2545 - ªí®®ÿ∫—π °√√¡°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π ¡À“«‘∑¬“≈—¬‡™’¬ß„À¡à “¬ªØ‘∫—µ‘°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√ MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å 2534 - 2544 ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

°“√Õ∫√¡®“° ¡“§¡ àß‡ √‘¡ 2538 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·≈π¥å·Õπ¥å‡Œâ“ åπÕ√å∏Õ’ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) 2538 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·≈π¥å·Õπ¥å‡Œâ“ åπÕ√å∏ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åÀ≈—° Ÿµ√ DAP √ÿàπ∑’Ë 25/2004 2538 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ‡¡◊Õß„À¡à æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

2537 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ∫“ß°Õ°‡™πŒÕ ªîµÕ≈ ‚√ßæ¬“∫“≈2538 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ ‡´∑ æ≈— ‡ß‘π∑ÿπÀ≈—°∑√—æ¬å2537 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å º≈‘µ«— ¥ÿ°àÕ √â“ß2538 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ‚Œ¡‚ª√¥—° å‡´Áπ‡µÕ√å §â“ª≈’°«— ¥ÿ°àÕ √â“ß°.¬. 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åæ.§. 2547 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ·Õ≈‡Õ™ ·Õ ‡´∑ æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å


pany Limited

37

Name EducationAges% of

Shareholdingas 06/01/04

RelationshipWorking Experience

Period Position Company Type of Business

MR. ANANT ASAVABHOKHIN 55 Bachelor of Civil Engineering 22.34 - 1985 - Present President Land and Houses Plc. Real EstatePresident Chulalongkorn University 1988 - Present Chief Executive Officer Land and Houses Plc. Real EstateDirector and authorized signatory M.S. Industrial Engineering, 1994 - Present Director Bangkok Chain Hospital Plc. HospitalChief Executive Officer Illinois Institute of technology, 1994 - Present Director Quality Construction Products Plc. Building Material

Chicago, USA 1995 - Present Director Home Product Center Plc. Trading of construction materialsMBA Thammasat University 1995 - 2003 Director M L & H Corporation Ltd. Real EstateDirector Accreditation Program 2000 - Present Director Asia Asset Advisory Co., Ltd. AdvisorDCP 52/2004 by Thai Institute 1983 - Present Director Quality Houses Plc. Real EstateOf Directors (IOD) Sep 2003 - Present Director LH Realestate Co., Ltd. Real Estate

May 2004 - Present Director LH Asset Co., Ltd. Real EstateMR. PAYONT SAKDEJYONT 59 Bachelor of Civil Engineering - - 1983 - Present Director Land and Houses Plc. Real EstateDirector and authorized signatory Chulalongkorn University 2000 - Present Chief Executive Officer Quality Construction Products Plc. Building Material

MBA Thammasat University 2003 - Present Director PCM Construction Product Co., Ltd. Building MaterialDirector Accreditation Program 2003 - Present Director The Asian Property Development Plc. Real EstateDAP 27/2004 by Thai Institute 2001 - Present Director Christiani & Nielsen (Thai) Plc. Real EstateOf Directors (IOD) 1993 - Present Director Mayland Co., Ltd. Investment Business

2001 - Present Director LH Muang Mai Co., Ltd. Real Estate1988 - Present Director Atlantic Realestate Co., Ltd. Real Estate

MR. CHALERM 52 Bachelor of Civil Engineering 0.11 - Present Executive Vice President Subsidiary Land and Houses Plc. Real EstateKIETTITANABUMROONG Chulalongkorn University & Affiliates SupervisionDirector and authorized signatory MBA Chulalongkorn University 1989 - Present Director Land and Houses Plc. Real Estate& Executive Vice President 1994 - 2002 Director The Asian Property Development Plc. Real Estate

2001 - Present Director LH Muang Mai Co., Ltd. Real EstateSep 2003 - Present Director LH Realestate Co., Ltd. Real EstateMay 2004 - Present Director LH Asset Co., Ltd. Real Estate

MR. ADISORN 51 Bachelor of Accounting 0.41 - Present Director & Senior Executive Land and Houses Plc. Real EstateTHANANUN-NARAPOOL Thammasat University Vice President SupportDirector and authorized signatory MBA Thammasat University 1992 - 2001 Executive Vice President Land and Houses Plc. Real Estate& Senior Executive Vice President Director Accreditation Program Present Director &The Member of Secondary Mortgage Corporation Bank

DAP 7/2004, DCP 41/2004 by The Audit CommitteeThai Institute Of Directors (IOD) 1999 - Present Director Cameron Global Limited Investment Business

2001 - Present Director LH Muang Mai Co., Ltd. Real Estate2003 - Present Director Land and Houses Property Fund Property FundSep 2003 - Present Director LH Realestate Co., Ltd. Real EstateMay 2004 - Present Director LH Asset Co., Ltd. Real EstatePresent Director & The Member of MFC Asset Management Plc.

The Audit CommitteeMR. NAPORN 46 Bachelor of Civil Engineering 0.20 - 2002 - Present Director & Senior Executive Land and Houses Plc. Real EstateSUNTHORNCHITCHAROEN Chiangmai University Vice President OperationDirector and authorized signatory MBA Thammasat University 1991 - 2001 Executive Vice President Land and Houses Plc. Real Estate& Senior Executive Vice President Director Accreditation Program 1995 - Present Director Land and Houses Northest Co., Ltd. Real Estate

DAP 25/2004 by Thai Institute 1995 - Present Director Land and Houses North Co., Ltd. Real EstateOf Directors (IOD) 1995 - Present Director LH Muang Mai Co., Ltd. Real Estate

1994 - Present Director Bangkok Chain Hospital Plc. Hospital1995 - Present Director Asset Plus Securities Co., Ltd. Finance & Securities1994 - Present Director Quality Construction Products Plc. Building Material1995 - Present Director Home Product Center Plc. Trading of construction materialsSep 2003 - Present Director LH Realestate Co., Ltd. Real EstateMay 2004 - Present Director LH Asset Co., Ltd. Real Estate


pany Limited

38

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2526 - 2544 ºŸâ®—¥°“√ΩÉ“¬ß“π√“™°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åπ“¬Õ¥‘»—°¥å Õ∏‘√“…Æ√å°ÿ≈ 46 π‘µ‘»“ µ√∫—≥∑‘µ ‡πµ‘∫—≥±‘µ‰∑¬ 0.01 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å 2533 - ªí®®ÿ∫—π ºŸâ®—¥°“√ΩÉ“¬°ÆÀ¡“¬ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

π“¬ª√–∑’ª «ß»åπ‘√—π¥√å 70 ”‡√Á®°“√»÷°…“∑“ß¥â“π∫—≠™’ 0.004 - 2543 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√µ√«® Õ∫ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åª√–∏“π°√√¡°“√µ√«® Õ∫ ®“° School of Commerce, ·≈–°√√¡°“√Õ‘ √–·≈–°√√¡°“√Õ‘ √– Sydney Technical College, 2546 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√µ√«® Õ∫ ∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å º≈‘µ«— ¥ÿ°àÕ √â“ß

New South Wales, Australia ·≈–°√√¡°“√Õ‘ √–°“√Õ∫√¡®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π 2540 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫¡®. ¬“¡æ“≥‘™¬å≈’ ‘Ëß ∏ÿ√°‘®‡™à“´◊ÈÕ°√√¡°“√∫√‘…—∑‰∑¬ (IOD) À≈—° Ÿµ√ 2545 - 31 ¡.§. 2547 ª√–∏“π°√√¡°“√ ∫≈. ∫’∑’ ®°. À≈—°∑√—æ¬åDCP Program √ÿàπ∑’Ë 36/2003 2541 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫¡®. Õ‘π∑√ª√–°—π¿—¬ ª√–°—π¿—¬

π“¬¿§«—µ ‚°«‘∑«—≤πæß»å 55 ª√‘≠≠“‚∑∫√‘À“√∏ÿ√°‘® 0.001 - 2538 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√µ√«® Õ∫ ¥â“π°“√µ≈“¥·≈–°“√‡ß‘π 2544 - ªí®®ÿ∫—π ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ∫¡®. ∑√’π‘µ’È«—≤π“ ∑’Ëª√÷°…“°“√≈ß∑ÿπ·≈–°√√¡°“√Õ‘ √– MBA In Marketing & Finance, 2546 - ªí®®ÿ∫—π °√√¡°“√ ¡“§¡∫√‘…—∑®¥∑–‡∫’¬π

The Wharton School, University 2543 - ªí®®ÿ∫—π Õπÿ°√√¡°“√æ‘®“√≥“ª√–‡¡‘πº≈ ”π—°ß“π§≥–°√√¡°“√π‚¬∫“¬√—∞«‘ “À°‘®of Pennsylvania, USA °“√¥”‡π‘πß“π√—∞«‘ “À°‘® °√–∑√«ß°“√§≈—ßª√‘≠≠“µ√’‡»√…∞»“ µ√∫—≥±‘µ 2530 - 2543 ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ∫≈. ‡Õ°∏”√ß ®°. (¡À“™π) À≈—°∑√—æ¬å(‡°’¬√µ‘π‘¬¡¥’¡“°) 2532 - 2544 °√√¡°“√ µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å°“√Õ∫√¡®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) À≈—° Ÿµ√DAP Program √ÿàπ∑’Ë 4/2003ª√‘≠≠“∫—µ√«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√√ÿàπ∑’Ë 344

¥√. »‘√‘ °“√‡®√‘≠¥’ 56 ª√‘≠≠“µ√’ - B.Ec. (Hons.) - 0.0006 - 2544 - ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√µ√«® Õ∫ Economic Statistics, æ.¬. 2545 - ¡’.§. 2546 √—°…“°“√°√√¡°“√ºŸâ®—¥°“√„À≠à ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√·≈–°√√¡°“√Õ‘ √– University of Sydney, Australia ‡¡.¬. 2546 - °.§. 2546 °√√¡°“√ºŸâ®—¥°“√„À≠à ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√

ª√‘≠≠“‚∑ - M.Ec. - Economic ‡¡.¬. 2546 - ªí®®ÿ∫—π °√√¡°“√ ∫®. ‰∑¬‡√µµ‘Èß·Õπ¥åÕ‘πøÕ√å‡¡™—Ëπ‡´Õ√å«‘ ∫√‘°“√Statistics and Monetary Economics, µ.§. 2546 - ªí®®ÿ∫—π §≥–°√√¡°“√®—¥∑”∫—π∑÷°¢âÕµ°≈ß·≈– ”π—°ß“π§≥–°√√¡°“√π‚¬∫“¬√—∞«‘ “À°‘®University of Sydney, Australia ª√–‡¡‘πº≈°“√¥”‡π‘πß“π√—∞«‘ “À°‘® °√–∑√«ß°“√§≈—ßª√‘≠≠“‡Õ° - Ph.D. - Monetary (√“¬ “¢“)Economics, and Econometrics &Operations Research, MonashUniversity, Australia

¥√. ’§ ß’ Œ«¥ 54 Bachelor of Science in - - 2544 - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ Estate Management 2542 - ªí®®ÿ∫—π ª√–∏“π GIC Real Estate Pte., Ltd. æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

Master of Business Administration 2539 - ªí®®ÿ∫—π Director of Real Estate Government of Singapore Investment Corporation °“√≈ß∑ÿπ(Urban Land Economics), 2526 - 2538 Director Jones Lang Wootton, Australia ∏ÿ√°‘®°“√ª√–‡¡‘π√“§“British Columbia, Canada 2524 - 2526 Senior Research Officer Department of Housing and ConstructionDoctor of Philosophy in Urban 2518 - 2520 Lecturer Department of Building and Estate,Research, Australian National University of SingaporeUniversity

π“¬≈‘¡ «’ °«π 49 Chartered Financial Analyst (CFA) - - ªí®®ÿ∫—π °√√¡°“√ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√ Master of Business Administration, 2540 - ªí®®ÿ∫—π Executive Vice President GIC Real Estate Pte., Ltd. æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

The Colgate Darden Graduate 2538 - 2540 Portfolio Manager Property SUNCORP Investment Management ∏ÿ√°‘®°“√≈ß∑ÿπ„πÕ —ßÀ“√‘¡∑√—æ¬åSchool of Business, University Limited SUNCORP-METWAY QIDC Groupof Virginia, USA 2529 - 2538 Last Position Director Research & Consultancy Jones Lang ∏ÿ√°‘®°“√ª√–‡¡‘π√“§“BSc. (Hons.) (Est. Man.), Wootton AustraliaUniversity of Singapore


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MISS SUPA PINYOPATUMP 56 Vocational Certificate (Accounting) 0.005 - 2002 - Present Executive Vice President Government Land and Houses Plc. Real EstateExecutive Vice President Agency Relations

1983 - 2001 Vice President, Land and Houses Plc. Real EstatePermission Process Departrment

MR. ADISAK ATIRATKUL 46 Bachelor of Law, Barrister at Law 0.01 - Present Director Land and Houses Plc. Real EstateDirector MBA Thammasat University 1990 - Present Vice President, Legal Department Land and Houses Plc. Real Estate

MR. PRATIP WONGNIRUND 70 School of Commerce, 0.004 - 2000 - Present The Chairman of The Audit Committee Land and Houses Plc. Real EstateThe Chairman of The Audit Committee Sydney Technical College, & Independent Director& Independent Director New South Wales, Australia 2003 - Present The Chairman of The Audit Committee Quality Construction Products Plc. Building Material

Director Accreditation Program & Independent DirectorDCP 36/2003 by Thai Institute 1997 - Present Independent Director & Siam Panich Leasing Plc. LeasingOf Directors (IOD) The Member of The Audit Committee

2002 - 31 Jan 2004 Chairman BT Securities Co., Ltd. Securities1998 - Present Chairman Indra Insurance Plc. Insurance

MR. PAKHAWAT 55 MBA In Marketing & Finance, 0.001 - 1995 - Present Independent Director & Land and Houses Plc. Real EstateKOVITHVATHANAPHONG The Wharton School, The Member of The Audit CommitteeIndependent Director & University of Pennsylvania, USA 2001 - Present Chief Executive Officer Trinity Watthana Plc. Investment AdvisorThe Member of The Audit Committee B.A. in Economics (First Class 2003 - Present Director Listed Companies Association

Honors), Thammasat University 2000 - Present Performance Agreement Committee State Enterpise Policy Office Ministry of FinanceDirector Accreditation Program 1987 - 2000 President & CEO Securities One Plc. Securities(DAP) Class 4/2003 by 1989 - 2001 Governor Stock Exchange of ThailandThai Institute of Directors (IOD)Defense College Class 344

SIRI GANJARERNDEE 56 Economic Statistics, University 0.0006 - 2001 - Present Director & The Member of Land and Houses Plc. Real EstateIndependent Director & of Sydney, Australia The Audit CommitteeThe Member of The Audit Committee M.Ec.-Economic Statistics and Nov 2002 - Mar 2003 Acting President Thai Military Bank Plc. Bank

Monetary Economics, University Apr 2003 - Jul 2003 President & Chief Executive Officer Thai Military Bank Plc. Bankof Sydney, Australia Apr 2003 - Present Board Member Thai Rating Information Service Co., Ltd. ServicePh.D. - Monetary Economics, Oct 2003 - Present Performance Agreement Committee State Enterprise Policy Office, Ministry of Financeand Econometrics & Operations (Sector)Research, MonashUniversity Australia

MR. SEEK NGEE HUAT 54 Bachelor of Science in - - 2001 - Present Director Land and Houses Plc. Real EstateDirector Estate Management 1999 - Present President GIC Real Estate Pte., Ltd. Real Estate

Master of Business Administration 1996 - Present Director of Real Estate Government of Singapore Investment Corporation Investment Business(Urban Land Economics), 1983 - 1996 Director Jones Lang Wootton, Australia AppraisalBritish Columbia, Canada 1981 - 1984 Senior Research Officer Department of Housing and ConstructionDoctor of Philosophy in Urban 1975 - 1978 Lecturer Department of Building and Estate,Research, Australian National University of SingaporeUniversity

MR. LIM SWE GUAN 49 Chartered Financial Analyst (CFA) - - Present Director Land and Houses Plc. Real EstateDirector Master of Business Administration, 1997 - Present Executive Vice President GIC Real Estate Pte., Ltd. Real Estate

The Colgate Darden Graduate 1995 - 1997 Portfolio Manager Property SUNCORP Investment Management Realestate InvestmentSchool of Business, Limited SUNCORP-METWAY QIDC GroupUniversity of Virginia, USA 1986 - 1995 Last Position Director Research & Consultancy Jones Lang AppraisalBSc. (Hons.) (Est. Man.), Wootton AustraliaUniversity of Singapore


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¢âÕ¡Ÿ≈°“√¥”√ßµ”·Àπàß¢ÕßºŸâ∫√‘À“√„π∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß

√“¬™◊ËÕ∫√‘…—∑ ∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ∫√‘…—∑Õ◊Ëπ

√“¬™◊ËÕ LH AR PF LHN LHNE SN SR LHR LT LHM KH Q-CON HMPRO CGL AAA LH PF 1 LH PF 2 QH AP

π“¬Õπ—πµå Õ—»«‚¿§‘π X, /, // / / / / / /, X /, X /, X / / / /, //

π“¬ª√–∑’ª «ß»åπ‘√—π¥√å /// ///

π“¬¿§«—µ‘ ‚°«‘∑«—≤πæß»å ///

¥√. »‘√‘ °“√‡®√‘≠¥’ ///

¥√. ´’§ ß’ Œ«¥ /

π“¬≈‘¡ «’ °«π /, // /

π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå / / / /, // /

π“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß / / / / / / /

π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ /, // / / / / / / / / / / / /

π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ /, // / / / / / / / / /, // /, // /, // / /

π“¬Õ¥‘»—°¥‘Ï Õ∏‘√“…Æ√å°ÿ≈ / / / /

π“¬«‘∑¬å µ—πµ‘«√«ß»å // /

À¡“¬‡Àµÿ / = °√√¡°“√ X = ª√–∏“π°√√¡°“√ // = °√√¡°“√∫√‘À“√ /// = °√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–

LH = ∫¡®.·≈π¥å ·Õπ¥å ‡Œâ“ å SN = ∫®. ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È KH = ∫¡®.∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ LH PF 1 = °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 1AR = ∫®.·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ SR = ∫®. ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ Q-CON = ∫¡®.§«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å LH PF 2 = °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 2PF = ∫®.·ª ‘øî§ ‡√’¬≈‡Õ ‡µ∑ LHR = ∫®.·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ HMPRO = ∫¡®.‚Œ¡‚ª√¥—° å ‡ Áπ‡µÕ√å QH = ∫¡®.§«Õ≈‘µ’È ‡Œâ“ åLHN = ∫®.·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏ LT = ∫®.·Õ≈ ‡Õ™ ·Õ ‡´∑ CGL = ∫®.§“‡¡√Õπ ‚°≈∫Õ≈ ≈‘¡‘‡µÁ¥ AP = ∫¡®.‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑åLHNE = ∫®.·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏Õ’ LHM = ∫®.·Õ≈. ‡Õ™. ‡¡◊Õß„À¡à AAA = ∫®.‡Õ‡™’¬ ·Õ ‡´∑ ·Õ¥‰«‡´Õ√’Ë

π“¬«‘∑¬å µ—πµ‘«√«ß»å 45 ª√‘≠≠“µ√’ ∫√‘À“√∏ÿ√°‘®∫—≥±‘µ 0.00003 - 2534 - ªí®®ÿ∫—π ºŸâ®—¥°“√ΩÉ“¬°“√‡ß‘π ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å°√√¡°“√∫√‘À“√·≈– ¡À“«‘∑¬“≈—¬°√ÿß‡∑æºŸâ®—¥°“√ΩÉ“¬°“√‡ß‘π MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

π“¬∏’√– ‡∫≠®»‘≈“√—°…å 45 «‘∑¬“»“ µ√å∫—≥±‘µ (°“√∫—≠™’) 0.03 - 2534 - ªí®®ÿ∫—π ºŸâ®—¥°“√ΩÉ“¬∫—≠™’ ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬åºŸâ®—¥°“√ΩÉ“¬∫—≠™’ ¡À“«‘∑¬“≈—¬‡°…µ√»“ µ√å

MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

™◊ËÕ §ÿ≥«ÿ≤‘∑“ß°“√»÷°…“Õ“¬ÿ —¥ à«π°“√∂◊Õ

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™à«ß‡«≈“ µ”·Àπàß ∫√‘…—∑ ª√–‡¿∑∏ÿ√°‘®


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MR. WIT TANTIWORAWONG 45 Bachelor of Administration 0.00003 - 1991 - Present Vice President Financial Department Land and Houses Plc. Real EstateExecutive Director & Bangkok UniversityVice President Financial Department MBA Thammasat University

MR. TEERA BENJASILARAK 45 Bachelor of Science 0.03 - 1991 - Present Vice President Accounting Department Land and Houses Plc. Real EstateVice President Accounting Kasetsart UniversityDepartment MBA Thammasat University

Details of the Executives of the Company, Subsidiaries, Affiliates and Related company

Company Name The Subsidiaries Affiliates RelatedCompany

Name of the Executives LH AR PF LHN LHNE SN SR LHR LT LHM KH Q-CON HMPRO CGL AAA LH PF 1 LH PF 2 QH AP

MR. ANANT ASAVABHOKHIN X, /, // / / / / / /, X /, X /, X / / / /, //

MR. PRATIP WONGNIRUND /// ///

MR. PAKHAWAT KOVITHVATHANAPHONG ///

SIRI GANJARERNDEE ///

MR. SEEK NGEE HUAT /

MR. LIM SWE GUAN /, // /

MR. PAYONT SAKDEJYONT / / / /, // /

MR. CHALERM KIETTITANABUMROONG / / / / / / /

MR. ADISORN THANANUN-NARAPOOL /, // / / / / / / / / / / / /

MR. NAPORN SUNTHORNCHITCHAROEN /, // / / / / / / / / /, // /, // /, // / /

MR. ADISAK ATIRATKUL / / / /

MR. WIT TANTIWORAWONG // /

/ = Director X = Chairman // = Executive Director /// = The Audit Committee & Independent Director

LH = Land & Houses Plc. SN = Siam Tanee Property Co., Ltd. KH = Bangkok Chain Hospital Plc. LH PF 1 = Land and Houses Property Fund 1AR = Atlantic Real Estate Co., Ltd. SR = Siam Tanee Real Estate Co., Ltd. Q-CON = Quality Construction Products Plc. LH PF 2 = Land and Houses Property Fund 2PF = Pacific Real Estate Co., Ltd. LHR = LH Real Estate Co., Ltd. HMPRO = Home Product Center Plc. QH = Quality Housess Plc.LHN = Land & Houses North Co., Ltd. LT = LH Real Asset Co., Ltd. CGL = Cameron Global Limited AP = The Asian Property Development Plc.LHNE = Land & Houses Northeast Co., Ltd. LHM = LH Muang Mai Co., Ltd. AAA = Asia Asset Advisory Co.,Ltd.






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2. °“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√(°) °“√ √√À“°√√¡°“√∫√‘À“√

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°Á„ÀâÕÕ°‚¥¬®”π«π„°≈â∑’Ë ÿ¥°—∫ à«π 1 „π 3°√√¡°“√∑’Ë®–µâÕßÕÕ°®“°µ”·Àπàß„πªï·√°·≈–ªï∑’Ë Õß¿“¬À≈—ß®¥∑–‡∫’¬π∫√‘…—∑π—Èπ „Àâ®—∫ ≈“°°—π«à“ºŸâ„¥®–ÕÕ° à«πªïÀ≈—ßÊ µàÕ‰ª„Àâ°√√¡°“√

§π∑’ËÕ¬Ÿà„πµ”·Àπàßπ“π∑’Ë ÿ¥π—Èπ‡ªìπºŸâÕÕ°®“°µ”·Àπàß °√√¡°“√∑’ËÕÕ°µ“¡«“√–π—ÈπÕ“®∂Ÿ°‡≈◊Õ°‡¢â“¡“¥”√ßµ”·Àπàß„À¡à°Á‰¥â(¢) ®”π«π°√√¡°“√∑’Ë¡“®“°ºŸâ∂◊ÕÀÿâπ√“¬„À≠à

®”π«π°√√¡°“√∑’Ë¡“®“°ºŸâ∂◊ÕÀÿâπ√“¬„À≠à¡’®”π«π 6 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë¡“®“°°≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π ‰¥â·°à π“¬Õπ—πµå Õ—»«‚¿§‘π π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå π“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß π“¬Õ¥‘»√

∏ππ—π∑åπ√“æŸ≈ π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ ·≈–π“¬Õ¥‘»—°¥‘Ï Õ∏‘√“…Æ√å°ÿ≈°√√¡°“√∑’Ë¡“®“° Government of Singapore Investment Corporation ‰¥â·°à ¥√.´’§ ß’ Œ«¥ ·≈– π“¬≈‘¡ «’°«π

3. §à“µÕ∫·∑πºŸâ∫√‘À“√(°) §à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π

- §à“µÕ∫·∑π°√√¡°“√

‡∫’È¬ª√–™ÿ¡ ·≈–∫”‡ÀπÁ®°√√¡°“√ ªï 2546 ªï 2547(≈â“π∫“∑) (≈â“π∫“∑)

1. π“¬ª√–∑’ª «ß»åπ‘√—π¥√å 1.20 1.442. π“¬¿§«—µ ‚°«‘∑«—≤πæß»å 0.96 1.083. π“¬»‘√‘ °“√‡®√‘≠¥’ 0.96 1.08

√«¡* 3.12 3.60

À¡“¬‡Àµÿ : * ‡ªìπ§à“µÕ∫·∑π‡©æ“–°√√¡°“√µ√«® Õ∫®”π«π 3 √“¬

°√√¡°“√∫√‘…—∑®”π«π 3 √“¬ §◊Õ π“¬≈‘¡ «’°«π ¥√.´’§ ß’ Œ«¥ ·≈–π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå ‰¡à‰¥â√—∫§à“µÕ∫·∑π„¥Ê°√√¡°“√∑’Ë‡À≈◊Õ®”π«π 5 √“¬ ‰¡à‰¥â√—∫§à“µÕ∫·∑π„π∞“π–°√√¡°“√∫√‘…—∑ ·µà‰¥â√—∫§à“µÕ∫·∑π„π∞“π–∑’Ë‡ªìπºŸâ∫√‘À“√·≈–æπ—°ß“π¢Õß∫√‘…—∑

- §à“µÕ∫·∑πºŸâ∫√‘À“√ (§à“µÕ∫·∑πºŸâ∫√‘À“√ ®”π«π 5 √“¬ ‰¥â·°à °√√¡°“√ºŸâ®—¥°“√ ·≈–ºŸâ∫√‘À“√ 4 √“¬·√°µàÕ®“°°√√¡°“√ºŸâ®—¥°“√≈ß¡“)

ªï 2546 ªï 2547®”π«π√“¬ ®”π«π‡ß‘π√«¡ ®”π«π√“¬ ®”π«π‡ß‘π√«¡

(≈â“π∫“∑) (≈â“π∫“∑)

‡ß‘π‡¥◊Õπ 5 18.56 5 20.04‚∫π— 5 8.64 5 13.81

√«¡ 5 27.20 5 33.85

πÕ°®“°π’È ºŸâ∫√‘À“√ 5 √“¬¥—ß°≈à“« ‰¥â√—∫§à“µÕ∫·∑πÕ◊Ëπ„π√Ÿª„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ ®”π«π√«¡ 1.85 ≈â“πÀπà«¬„πªï 2545 ®”π«π 1.658 ≈â“πÀπà«¬„πªï 2546 ·≈–®”π«π 1.686 ≈â“πÀπà«¬„πªï 2547 („∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ„π√“§“Àÿâπ≈– 1 ∫“∑)


43

(e) The Companyûs executives as of January 21, 2005 are:1. Mr. Anant Asavabhokhin Chief Executive Officer2. Mr. Adisorn Thananun-narapool Senior Executive Vice President3. Mr. Naporn Sunthornchitcharoen Senior Executive Vice President4. Mr. Chalerm Kiettitanabumroong Executive Vice President5. Miss Supa Pinyopatump Executive Vice President6. Mr. Teera Benjasilarak Accounting Vice President7. Mr. Wit Tantiworawong Finance Vice President

2. Selection of Committee Members and Executives(a) Selection of Executive Board membersThe Company does not have a nominating committee. The procedure to select candidates to be appointed members of the Board of

Directors and Executive Board is as follows:(1) The five or more members of the Board of Directors are elected by the shareholders using the majority votes based on the

following criteria and method:1.1) One share is entitled to one vote.1.2) Shareholders vote to elect the candidates proposed to be nominated directors and committee members one by one.1.3) The candidates are ranked in descending order from the highest number of votes to the lowest, and are appointed as

directors in that order until the director positions are filled. Where the votes of candidates are tied, the Chairman has the casting vote.2) At each annual ordinary shareholdersû meeting, one third of the directors shall be removed from duties. If the number of

directors to be removed is not exactly one third, the closest number shall apply.As for directors who are to resign in the first and second years after registering the Company, a draw will be held to select who will

resign. In each subsequent year, the longest-serving directors shall resign. The directors who resign after fulfilling their terms may beelected to resume the positions.

(b) The number of directors representing major shareholdersSix directors represent the major shareholders. Those representing Mr Anant Asavabhokinûs group are Mr. Anant Asavabhokin,

Mr. Payont Sakdejyont, Mr. Chalerm Kiettitanabumroong, Mr. Adisorn Thananun-narapool, Mr. Naporn Sunthornchitcharoen andMr. Adisak Atiratkul.

The Government of Singapore Investment Corporation is represented by Dr. Seek Ngee Huat and Mr. Lim Swe Guan.3. Remuneration of the Management

(a) Cash remuneration- Remuneration for directors

Meeting allowances and 2003 2004remuneration for directors (million baht) (million baht)

1. Mr. Pratip Wongnirund 1.20 1.442. Mr. Pakhawat Kovithvathanaphong 0.96 1.083. Dr. Siri Ganjarerndee 0.96 1.08

Total* 3.12 3.60* Compensation paid only to the three members of the Audit Commitee

Three members of the board of directors-Mr. Lim Swe Guan, Dr. Seek Ngee Huat and Mr. Payont Sakdejyont-did not receiveany compensation.

The remaining five members of the Board of Directors did not get compensated in their capacity as members of the Boardof Directors but were paid in their capacity as executives and employees of the Company.

- Remuneration for executives (for the five executives-the managing director and the next four executives in command)

2003 2004Number of Total remuneration Number of Total remunerationexecutives (million baht) executives (million baht)

Salary 5 18.56 5 20.04Bonus 5 8.64 5 13.81

Total 5 27.20 5 33.85

The five executives also received remuneration in the form of warrants totaling 1.85 million units in 2003, 1.658 million units in 2003and 1.686 million units in 2004 (one warrant can be exercised for 10 common shares at one baht per share).

(b) Non-cash RemunerationThe Company set up a provident fund for its employees to which the employees and the Company voluntarily contribute an

equal amount of 3-5% of the employeesû salaries each month. Registered and managed by a licensed fund manager, the fund is incompliance with the Act on Provident Funds B.E. 2542


44

(¢) §à“µÕ∫·∑πÕ◊ËπÊ (∑’Ë‰¡à„™à‡ß‘π)∫√‘…—∑‰¥â®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’ææπ—°ß“π ‚¥¬∑’Ëæπ—°ß“π àß‡ß‘π‡¢â“‡ªìπ‡ß‘π – ¡¢Õß°Õß∑ÿπ‚¥¬ ¡—§√„®„πÕ—µ√“√âÕ¬≈– 3-5 ¢Õß‡ß‘π‡¥◊Õπ

·≈–∫√‘…—∑®à“¬ ¡∑∫„πÕ—µ√“√âÕ¬≈– 3-5 ¢Õß‡ß‘π‡¥◊Õπ ‡ß‘π°Õß∑ÿπ∑’Ë®¥∑–‡∫’¬π∫√‘À“√‚¥¬ºŸâ®—¥°“√°Õß∑ÿπ√—∫Õπÿ≠“µ·ÀàßÀπ÷Ëß ‚¥¬ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥¢Õßæ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2542

4. °“√°”°—∫¥Ÿ·≈°‘®°“√∫√‘…—∑‰¥âªØ‘∫—µ‘µ“¡À≈—°°“√¢Õß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ µ“¡·π«∑“ß¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬¡’√“¬≈–‡Õ’¬¥·µà≈–¢âÕ¥—ßπ’È(1) π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√

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§≥–°√√¡°“√‰¥â¡’ à«π√à«¡„π°“√°”Àπ¥π‚¬∫“¬ ‡ªÑ“À¡“¬ ·ºπ∏ÿ√°‘® ·≈–ß∫ª√–¡“≥¢Õß∫√‘…—∑ µ≈Õ¥®π°”°—∫¥Ÿ·≈„ÀâΩÉ“¬∫√‘À“√¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡·ºπ·≈–ß∫ª√–¡“≥∑’Ë°”Àπ¥‰«âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈

(6) §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå∫√‘…—∑‰¥âªÑÕß°—π§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå∑’ËÕ“®‡°‘¥¢÷Èπ ‚¥¬‰¥â¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√µ√«® Õ∫æ‘®“√≥“∂÷ß§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√

∑”√“¬°“√√–À«à“ß°—πµ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å πÕ°®“°π’È °“√Õπÿ¡—µ‘√“¬°“√Õ◊Ëπ„¥∑’Ë¡’§«“¡¢—¥·¬âß¡’ à«π‰¥â‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥°—∫∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬ ®–µâÕß‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫·≈–∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘√“¬°“√∑’Ë‡°‘¥¢÷Èπ¥—ß°≈à“«∑ÿ°§√—Èß

(7) ®√‘¬∏√√¡∏ÿ√°‘®∫√‘…—∑‰¥âÕÕ°¢âÕæ÷ßªØ‘∫—µ‘‡°’Ë¬«°—∫®√√¬“∫√√≥¢Õß§≥–°√√¡°“√ ΩÉ“¬®—¥°“√ ·≈–æπ—°ß“π ‡æ◊ËÕ„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕß¬÷¥∂◊Õ‡ªìπ·π«∑“ß„π°“√ªØ‘∫—µ‘

Àπâ“∑’Ëµ“¡¿“√°‘®¢Õß∫√‘…—∑¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ·≈–µ‘¥µ“¡°“√ªØ‘∫—µ‘µ“¡·π«∑“ß¥—ß°≈à“«‡ªìπª√–®” √«¡∂÷ß°”Àπ¥∫∑≈ß‚∑…∑“ß«‘π—¬‰«â¥â«¬(8) °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√

§≥–°√√¡°“√¢Õß∫√‘…—∑¡’®”π«π 11 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√ ®”π«π 5 ∑à“π°√√¡°“√∑’Ë‰¡à‰¥â‡ªìπºŸâ∫√‘À“√ ®”π«π 3 ∑à“π°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– ®”π«π 3 ∑à“π¥—ßπ—Èπ ∫√‘…—∑¡’°√√¡°“√∑’Ë‡ªìπÕ‘ √–∑—ÈßÀ¡¥ 3 ∑à“π §‘¥‡ªìπ —¥ à«πª√–¡“≥ 1 „π 3 ¢Õß§≥–°√√¡°“√∑—ÈßÀ¡¥

π‘¬“¡¢Õß°√√¡°“√Õ‘ √–°√√¡°“√Õ‘ √– À¡“¬∂’ß ∫ÿ§§≈∑’Ë¡’§ÿ≥ ¡∫—µ‘§√∫∂â«π ·≈–¡’§«“¡‡ªìπÕ‘ √–µ“¡∑’Ëµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‰¥â°”Àπ¥ §◊Õ 1) ∂◊ÕÀÿâπ‰¡à‡°‘π

√âÕ¬≈– 5 ¢Õß∑ÿπ™”√–·≈â«¢Õß∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß 2) ‡ªìπ°√√¡°“√∑’Ë‰¡à¡’ à«π√à«¡„π°“√∫√‘À“√ß“π ‰¡à‡ªìπ≈Ÿ°®â“ß æπ—°ß“πÀ√◊Õ∑’Ëª√÷°…“∑’Ë‰¥â√—∫‡ß‘π‡¥◊Õπª√–®”®“°∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 3) ‡ªìπ°√√¡°“√∑’Ë‰¡à¡’º≈ª√–‚¬™πåÀ√◊Õ


45

4. SupervisionThe Company has complied with the 15 principles of good corporate governance laid down by the Stock Exchange of Thailand,

the details of which are as follows:(1) Policies on Corporate Governance

The Company recognizes the importance of good corporate governance, focusing on the Board of Directors, transparency ofthe operations and disclosure to keep investors and the public informed of its operations and enable them to review them.

(2) Rights of shareholdersIn 2004, the Company held two shareholdersû meetings, one ordinary and the other extraordinary. In doing so, the Company

had sent seven days in advance written notices of the meetings, which included information relating to each agenda, including opinions ofthe board. Meeting minutes were recorded accurately and adequately. In cases where the shareholders were unable to attend the meetings,the Company arranged for the independent directors to be authorized to act on their behalf, starting from the first ordinary shareholdersûmeeting of 2003 onwards. Starting from the extraordinary shareholdersû meeting No. 1/2548, the Company arranged for the three membersof the Audit Committee-- Mr. Prathip Wongnirund or Mr. Pakhawat Kovithvathanaphong or Dr. Siri Garnjarerndee-to be authorized byshareholders who cannot attend meetings.

(3) Rights of stakeholdersThe Company valued the rights of all stakeholders such as its employees, executives, subsidiaries, as well as outsiders such

as trading partners, the public sector and related agencies to ensure a long-term success. The details are as follows:- Employees: The Company has treated its employees fairly and paid them appropriately.- Trading partners: In purchasing goods and services its trading partners, the Company has complied with trade terms and

fulfilled its contractual obligations.- Creditors: The Company has complied with the terms of lending agreements.- Customers: The Company has taken good care of and acted responsibly to its customers. It has produced quality and

standard products, maintained customer information confidentiality and set up a unit exclusively to deal with them. The Company has alsolistened to recommendations and opinions provided by its customers.

- Competitors: The Company has competed within the framework of good competition and complied with all related rules andregulations so that the rights of all stakeholders are well-protected.

(4) Shareholdersû meetingsAt shareholdersû meetings, the chairman of the meetings have provided an equal opportunity for all groups of its shareholders

to review the Companyûs operations, raise questions and express opinions and suggestions. The key points of the discussions and opinionshave also been recorded in the meetingsû minutes.

(5) Leadership and visionThe board has actively participated in determining the policies, objectives, business plans and budgets of the Company, as

well as supervised the management to ensure the business has been implemented in line with the laid-down plans and budgets in anefficient and effective manner.

(6) Conflict of interestThe Company has prevented potential conflicts of interest by assigning its Audit Committee to examine and consider the

rationality of connected transactions based on the criteria of the Stock Exchange of Thailand. Furthermore, in approving any othertransaction which may result in a conflict of interests with the Company or its subsidiaries, the transaction shall be submitted to the AuditCommittee and the meeting of the Board of Directors for approval every time.

(7) Business ethicsThe Company has issued a code of ethics for its Board of Directors, management and employees so that the related parties

can use it as guidelines in performing their duties according to the Companyûs missions with integrity. The Company also follows up on thecompliance of the code regularly and imposes disciplinary punishments.

(8) Balance of power for non-executive directorsThe Companyûs Board of Directors consists of:Executive directors 5Non-executive directors 3Audit directors 3Therefore, the Company has three independent directors or about one third of all directors.

Definition of independent directorsAn independent director is a fully-qualified person who is independent as defined by the Securities and Exchange Commission as

follows: (1) does not hold shares exceeding 0.5% of the paid-up capital of the Company, subsidiaries, associated companies and relatedcompanies; (2) is a director who is not involved with management and is not an employee, staff member or advisor who receives a regularsalary from of the Company, subsidiaries, associated companies, related companies or major shareholders; (3) is a director who has no conflictof interest, whether directly or indirectly, both in terms of financial issues and management of the Company, subsidiaries, associatedcompanies and related companies; (4) is a director who is not related to management or major shareholders or is their close relatives; (5)


46

à«π‰¥â‡ ’¬‰¡à«à“∑“ßµ√ßÀ√◊Õ∑“ßÕâÕ¡∑—Èß„π¥â“π°“√‡ß‘π·≈–°“√∫√‘À“√ß“π„π∫√‘…—∑ ∫√‘…—∑„π‡§√◊Õ ∫√‘…—∑√à«¡ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß 4) ‡ªìπ°√√¡°“√∑’Ë‰¡à„™à‡ªìπºŸâ‡°’Ë¬«¢âÕßÀ√◊Õ≠“µ‘ π‘∑¢ÕßºŸâ∫√‘À“√À√◊ÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 5) ‡ªìπ°√√¡°“√∑’Ë‰¡à‰¥â√—∫°“√·µàßµ—Èß¢÷Èπ‡ªìπµ—«·∑π‡æ◊ËÕ√—°…“º≈ª√–‚¬™πå¢Õß°√√¡°“√∫√‘…—∑ºŸâ∂◊ÕÀÿâπ„À≠à À√◊ÕºŸâ∂◊ÕÀÿâπ´÷Ëß‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à

πÕ°®“°π’È·≈â« ¬—ßµâÕß “¡“√∂· ¥ß§«“¡‡ÀÁπÀ√◊Õ√“¬ß“π‰¥âÕ¬à“ß‡ √’µ“¡¿“√°‘®∑’Ë‰¥â¡Õ∫À¡“¬ ‚¥¬‰¡àµâÕß§”π÷ß∂÷ßº≈ª√–‚¬™πå„¥Ê ∑’Ë‡°’Ë¬«°—∫∑√—æ¬å ‘πÀ√◊Õµ”·ÀπàßÀπâ“∑’Ë ·≈–‰¡àµ°Õ¬Ÿà„µâÕ‘∑∏‘æ≈¢Õß∫ÿ§§≈À√◊Õ°≈ÿà¡∫ÿ§§≈„¥ √«¡∂÷ß‰¡à¡’ “π°“√≥å„¥Ê ∑’Ë®–¡“∫’∫∫—ß§—∫„Àâ ‰¡à “¡“√∂· ¥ß§«“¡‡ÀÁπ‰¥âµ“¡∑’Ëæ÷Ëß®–‡ªìπ

(9) °“√√«¡À√◊Õ·¬°µ”·Àπàßª√–∏“π°√√¡°“√‡ªìπµ—«·∑π¢Õß°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à´÷Ëß∂◊ÕÀÿâπ√«¡°—π„π —¥ à«π√âÕ¬≈– 31.64 (≥ «—π∑’Ë 7 ¡°√“§¡ 2548) ¢ÕßÀÿâπ∑’Ë‡√’¬°

™”√–·≈â«∑—ÈßÀ¡¥ ‚¥¬ª√–∏“π°√√¡°“√‡ªìπ∫ÿ§§≈‡¥’¬«°—∫°√√¡°“√ºŸâ®—¥°“√ Õ¬à“ß‰√°Áµ“¡ °“√∑”√“¬°“√µà“ßÊ ∑’Ë‰¡à„™à°“√¥”‡π‘πß“πµ“¡ª°µ‘¢Õß∫√‘…—∑®–ºà“π°“√æ‘®“√≥“®“°§≥–°√√¡°“√∫√‘…—∑ ´÷Ëß¡’°√√¡°“√∑’Ë‡ªìπÕ‘ √–√à«¡Õ¬Ÿà¥â«¬ª√–¡“≥ 1 „π 3 ¢Õß§≥–°√√¡°“√∑—ÈßÀ¡¥

(10) §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√∫√‘…—∑‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√ „π√–¥—∫„°≈â‡§’¬ß°—∫Õÿµ “À°√√¡ ÷ËßÕ¬Ÿà„π√Ÿª¢Õß∫”‡ÀπÁ®°√√¡°“√ ·≈–§à“µÕ∫·∑πºŸâ∫√‘À“√µ“¡

º≈°“√¥”‡π‘πß“π∫√‘…—∑·≈–º≈°“√ªØ‘∫—µ‘ß“π¢ÕßºŸâ∫√‘À“√·µà≈–∑à“π ‚¥¬Õ¬Ÿà„π√Ÿª¢Õß‡ß‘π‡¥◊Õπ ‚∫π— ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑∫√‘…—∑‰¥â¢ÕÕπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈–Àπà«¬ß“π∑’Ë‡°’Ë¬«¢âÕß·≈â«

(11) °“√ª√–™ÿ¡§≥–°√√¡°“√‚¥¬ª°µ‘ §≥–°√√¡°“√∫√‘…—∑®–¡’°“√ª√–™ÿ¡∑ÿ°Ê 3 ‡¥◊Õπ ·≈–¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡‡µ‘¡µ“¡§«“¡®”‡ªìπ ‚¥¬¡’°“√°”Àπ¥«“√–™—¥‡®π

≈à«ßÀπâ“ ·≈–¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π‡ªìπª√–®” ·≈–¡’°“√®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“ª√–¡“≥ 7 «—π

§≥–°√√¡°“√∫√‘À“√¢Õß∫√‘…—∑®–¡’°“√ª√–™ÿ¡∑ÿ°‡¥◊Õπ ‡æ◊ËÕæ‘®“√≥“‡√◊ËÕß∑’ËµâÕßµ—¥ ‘π„®‚¥¬§≥–°√√¡°“√∫√‘À“√ ”À√—∫‡√◊ËÕß∑’ËµâÕß„Àâ§≥–°√√¡°“√∫√‘…—∑µ—¥ ‘π„® §≥–°√√¡°“√∫√‘À“√°Á®– àßµàÕ„Àâ§≥–°√√¡°“√∫√‘…—∑ª√–™ÿ¡µàÕ‰ª

„πªï 2546 §≥–°√√¡°“√∫√‘…—∑¡’°“√ª√–™ÿ¡√«¡∑—Èß ‘Èπ 13 §√—Èß ·≈–„πªï 2547 §≥–°√√¡°“√∫√‘…—∑¡’°“√ª√–™ÿ¡√«¡∑—Èß ‘Èπ 11 §√—Èß ÷Ëß‡≈¢“πÿ°“√§≥–°√√¡°“√®–®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ æ√âÕ¡∑—Èß√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡„Àâ§≥–°√√¡°“√≈à«ßÀπâ“‡æ◊ËÕ„Àâ§≥–°√√¡°“√¡’‡«≈“»÷°…“¢âÕ¡Ÿ≈°àÕπ‡¢â“√à«¡°“√ª√–™ÿ¡ ‚¥¬°√√¡°“√∑ÿ°∑à“π “¡“√∂· ¥ß§«“¡‡ÀÁπ‰¥âÕ¬à“ßÕ‘ √–·≈–‰¡à¢÷Èπ°—∫∫ÿ§§≈À√◊Õ°≈ÿà¡∫ÿ§§≈„¥ ·≈–¡’°“√∫—π∑÷°°“√ª√–™ÿ¡·≈–§«“¡§‘¥‡ÀÁπ¢Õß°√√¡°“√Õ¬à“ß™—¥‡®π·≈–‡ªìπ≈“¬≈—°…≥åÕ—°…√ √“¬≈–‡Õ’¬¥¢Õß°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√¡’¥—ßπ’È

°“√‡¢â“√à«¡ª√–™ÿ¡ /√“¬™◊ËÕ µ”·Àπàß °“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß)

ªï 2546 ªï 25471. π“¬Õπ—πµå Õ—»«‚¿§‘π ª√–∏“π°√√¡°“√ 12 / 13 11 / 112. π“¬ª√–∑’ª «ß»åπ‘√—π¥√å °√√¡°“√ ª√–∏“π°√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– 12 / 13 10 / 113. π“¬¿§«—µ‘ ‚°«‘∑«—≤πæß»å °√√¡°“√ °√√¡°“√µ√«® Õ∫ ·≈–°√√¡°“√Õ‘ √– 11 / 13 7 / 114. ¥√. »‘√‘ °“√‡®√‘≠¥’ °√√¡°“√ ·≈–°√√¡°“√µ√«® Õ∫ 9 / 13 10 / 115. ¥√. ’§ ß’ Œ«¥ °√√¡°“√ 0 / 13 0 / 116. π“¬≈‘¡ «’ °«π °√√¡°“√ 5 / 13 3 / 117. π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå °√√¡°“√ 6 / 13 4 / 118. π“¬‡©≈‘¡ ‡°’¬√µ‘∏π–∫”√ÿß °√√¡°“√ 13 / 13 11 / 119. π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈ °√√¡°“√ 12 / 13 11 / 1110. π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ °√√¡°“√ 12 / 13 11 / 1111. π“¬Õ¥‘»—°¥‘Ï Õ∏‘√“…Æ√å°ÿ≈ °√√¡°“√ 12 / 13 11 / 11

(12) §≥–Õπÿ°√√¡°“√∫√‘…—∑‰¥â¡’°“√·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëß¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ‡æ◊ËÕ™à«¬„π°“√°”°—∫¥Ÿ·≈°‘®°“√ √“¬≈–‡Õ’¬¥µ“¡¢âÕ 1 (¢)

(13) √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π- √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π : ∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π∑—Èß„π√–¥—∫∫√‘À“√ ·≈–√–¥—∫ªØ‘∫—µ‘ß“π∑’Ë¡’

ª√– ‘∑∏‘¿“æ ®÷ß‰¥â°”Àπ¥¿“√–Àπâ“∑’Ë Õ”π“®°“√¥”‡π‘π°“√¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√ ¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√„™â∑√—æ¬å ‘π¢Õß∫√‘…—∑„Àâ‡°‘¥ª√–‚¬™πå ·≈–¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“π ºŸâµ‘¥µ“¡§«∫§ÿ¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π ‡æ◊ËÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È ¬—ß¡’ΩÉ“¬µ√«® Õ∫¿“¬„π·≈–æ—≤π“√–∫∫ ‡æ◊ËÕ∑”Àπâ“∑’Ëµ√«® Õ∫°“√ªØ‘∫—µ‘ß“π¢Õß·µà≈– à«πß“π«à“‡ªìπ‰ªµ“¡√–‡∫’¬∫«‘∏’ªØ‘∫—µ‘·≈–À≈—°‡°≥±å∑’Ë∫√‘…—∑°”Àπ¥‰«âÀ√◊Õ‰¡à ´÷Ëß®–√“¬ß“πµ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫

- °“√∫√‘À“√§«“¡‡ ’Ë¬ß : §≥–°√√¡°“√∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫°“√∫√‘À“√§«“¡‡ ’Ë¬ß‡ªìπÕ¬à“ß¡“° ∫√‘…—∑‰¥â¡’°“√°”Àπ¥·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß¢Õß°‘®°“√ ¡’°“√°”Àπ¥¡“µ√°“√ªÑÕß°—π·≈–®—¥°“√§«“¡‡ ’Ë¬ß ´÷Ëß√«¡∂÷ß§«“¡‡ ’Ë¬ß∑’Ë¡’º≈µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑µ“¡∑’Ë√–∫ÿ‰«â„π¢âÕ 1ªí®®—¬§«“¡‡ ’Ë¬ß ¢Õß·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈°“√‡ πÕ¢“¬À≈—°∑√—æ¬å

(14) √“¬ß“π¢Õß§≥–°√√¡°“√§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï

À


47

is not a director who has been appointed as representative to protect the interest of directors, major shareholders or shareholders relatedto the major shareholders.

He must also be able to express his opinions or report freely within the scope of his responsibilities without regard to any interest inconnection with assets or positions and must not be under the influence of any person or group. He must not be subjected to anycircumstance that may prevent him from expressing his opinions.

(9) Aggregation or segregation of positionsThe Chairman of the Board of Directors represents the group of major shareholders, who together hold 31.64% of all paid-up

shares (as of January 7, 2005), and serves as the managing director. However, all non-routine transactions are considered by the Board ofDirectors, of which one third of all members are independent directors.

(10) Remuneration for directors and the managementThe Company has laid down a policy on remuneration for directors at a level comparable to the industry. It includes

allowances for directors and compensation for executives based on the Companyûs operating results and the performance of eachexecutive. The compensation comes in the form of salaries, bonuses and warrants. In any case, the Company has sought approval fromthe shareholderû meetings and related agencies.

(11) Board of Directorsû meetingsAs a rule, the Companyûs board of directors meets every three months. An extraordinary meeting may be held as necessary

in which case the agenda shall be clearly defined in advance and a session to follow up on the progress of the implementation is alwaysincluded. Written notices for the meetings, complete with agendas, have been sent to them about seven days in advance.

The Companyûs Executive Board meets every month to consider issues pending its decisions. The issues to be decided by theBoard of Directors have been forwarded by the Executive Board to the Board of Directors.

The Board of Directors met 13 times in 2003 and 11 times in 2004. Ahead of all meetings, the secretary of the board sentinvitations, as well as meeting agenda and related documents, to the directors so that they had ample time to study the information beforeattending the meetings. All directors could express their opinions freely and were not under the influence of any person or group. Meetingminutes and the opinions of the directors were recorded clearly in writing. The details of the attendance of directors to the meetingsare as follows:

Attendance / NumberName Position of all meetings (times)

2003 20041. Mr. Anant Asavabhokhin Chairman 12 / 13 11 / 112. Mr. Pratip Wongnirund Director, Chairman of the Audit Committee 12 / 13 10 / 11

and Independent Director3. Mr. Pakhawat Kovithvathanaphong Director, Member of the Audit Committee 11 / 13 7 / 11

and Independent Director4. Dr. Siri Ganjarerndee Director and Member of the Audit Committee 9 / 13 10 / 115. Dr. Seek Ngee Huat Director 0 / 13 0 / 116. Mr. Lim Swe Guan Director 5 / 13 3 / 117. Mr. Payont Sakdejyont Director 6 / 13 4 / 118. Mr. Chalerm Kiettitanabumroong Director 13 / 13 11 / 119. Mr. Adisorn Thananun-narapool Director 12 / 13 11 / 1110. Mr. Naporn Sunthornchitcharoen Director 12 / 13 11 / 1111. Mr. Adisak Atiratkul Director 12 / 13 11 / 11

(12) CommitteesThe Company appointed an Audit Committee, serving a three-year term, to help supervise and monitor its operations, the

details of which are under Item 1.(13) Controlling System and Internal Audit

- Controlling System and Internal Audit: Recognizing the importance to an efficient controlling system within the Company,both at the management and operational levels, the Company defined the missions and duties and authority of operators and executivesin writing. The utilization of the Companyûs assets has been monitored to ensure maximum benefits and the duties of operators, supervisorsand appraisers were clearly separated to establish an appropriate check-and-balance system. Besides, the Internal Audit and SystemDevelopment Department was set up to check whether the operation of each division is in line with operational regulations and criteriadefined by the Company. The department reports directly to the Audit Committee.

- Risk management: The Companyûs board of directors recognizes the importance of risk management and has determinedand evaluated risks of the business. Measures were applied to prevent and manage the risks, including those affecting the Companyûsoperations as detailed under Item 1 Risk factors of the security offer form.

(14) Directorsû reportingThe Companyûs board of directors is responsible for the consolidated financial statement of the Company and its subsidiaries


48

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6. ∫ÿ§≈“°√(°) ®”π«πæπ—°ß“π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’æπ—°ß“πª√–®” ®”π«π 529 §π ·≈–æπ—°ß“π™—Ë«§√“«®”π«π∑—Èß ‘Èπ 128 §π

√«¡‡ªìπæπ—°ß“π∑—Èß ‘Èπ 657 §π ‚¥¬·¬°‡ªìπ·µà≈– “¬ß“πÀ≈—°¥—ßµàÕ‰ªπ’È

æπ—°ß“πª√–®” (§π) æπ—°ß“π™—Ë«§√“« (§π) √«¡ (§π)ª√–®”‚§√ß°“√ 320 117 437 “¬ π—∫ πÿπß“π°àÕ √â“ß 94 10 104ª√–®” ”π—°ß“π„À≠à 130 1 131

√«¡ 544 128 672

(¢) ¢âÕæ‘æ“∑∑“ß¥â“π·√ßß“π„π ªï∑’Ëºà“π¡“ ‰¡à¡’(§) º≈µÕ∫·∑π√«¡·≈–≈—°…≥–º≈µÕ∫·∑π∑’Ë„Àâ°—∫æπ—°ß“π

º≈µÕ∫·∑π√«¡¢Õßæπ—°ß“π·¬°µ“¡≈—°…≥–º≈µÕ∫·∑π¥—ßπ’È

≈—°…≥–º≈µÕ∫·∑πªï 2546 ªï 2547

(≈â“π∫“∑) (≈â“π∫“∑)‡ß‘π‡¥◊Õπ / §à“≈à«ß‡«≈“ 220.14 236.97‚∫π— 90.67 136.16

√«¡ 310.81 373.13

πÕ°®“°π’È ∫√‘…—∑‰¥â®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑ ®”π«π√«¡ 5.9715 ≈â“πÀπà«¬ „πªï 2545 ®”π«π√«¡ 6.006≈â“πÀπà«¬„πªï 2546 ·≈–®”π«π√«¡ 5.994 ≈â“πÀπà«¬„πªï 2547 „Àâ°—∫æπ—°ß“π¿“¬„µâ‚§√ß°“√°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘„Àâ·°à°√√¡°“√·≈–æπ—°ß“πµ“¡∑’Ë‰¥â√—∫Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ („∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ „π√“§“Àÿâπ≈– 1 ∫“∑)

(ß) π‚¬∫“¬„π°“√æ—≤π“∫ÿ§≈“°√∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠„π°“√æ—≤π“∫ÿ§≈“°√ ´÷Ëß‡ªìπ∑√—æ¬“°√∑’Ë¡’§à“¢Õß∫√‘…—∑ π‚¬∫“¬„π°“√æ—≤π“æπ—°ß“π ∫√‘…—∑‰¥â®—¥„Àâ¡’°“√Õ∫√¡

¿“¬„πÕ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ‡ªìπ°“√æ—≤π“æπ—°ß“π √«¡∑—Èß‰¥â¡’°“√®—¥ àßæπ—°ß“π‰ªÕ∫√¡¿“¬πÕ°∑—Èß∑’Ë‡ªìπ°“√Õ∫√¡∑’Ë‡ªìπ§√—Èß§√“« ·≈–°“√Õ∫√¡∑’Ë‡ªìπÀ≈—° Ÿµ√ ‡™àπ °“√ Õ∫√¡ Mini MBA À√◊Õ MBA ‡ªìπµâπ

°“√§«∫§ÿ¡¿“¬„π„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ §√—Èß∑’Ë 4/2547 ‡¡◊ËÕ«—π∑’Ë 22 ¡’π“§¡ 2547 ‚¥¬¡’°√√¡°“√µ√«® Õ∫ ®”π«π 3 ∑à“π ‡¢â“√à«¡ª√–™ÿ¡¥â«¬

§≥–°√√¡°“√‰¥âª√–‡¡‘π√–∫∫°“√§«∫§ÿ¡¿“¬„π ‚¥¬°“√´—°∂“¡¢âÕ¡Ÿ≈®“°ΩÉ“¬∫√‘À“√ ·≈â« √ÿª‰¥â«à“ ®“°°“√ª√–‡¡‘π√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑¥â“πµà“ßÊ 5 à«π §◊Õ Õß§å°√·≈– ¿“æ·«¥≈âÕ¡ °“√∫√‘À“√§«“¡‡ ’Ë¬ß °“√§«∫§ÿ¡°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√√–∫∫ “√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈·≈–√–∫∫°“√µ‘¥µ“¡ §≥–°√√¡°“√∫√‘…—∑‡ÀÁπ«à“ ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π„π‡√◊ËÕß°“√∑”∏ÿ√°√√¡°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à °√√¡°“√ ºŸâ∫√‘À“√ À√◊ÕºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫∫ÿ§§≈¥—ß°≈à“«Õ¬à“ß‡æ’¬ßæÕ·≈â« ‚¥¬°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫‰¡à¡’§«“¡‡ÀÁπ·µ°µà“ß®“°§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√πÕ°®“°π’È°√√¡°“√µ√«® Õ∫®–°”°—∫‡√◊ËÕß°“√‡ªìπÕß§å°√∑’Ë¡’°√–∫«π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ (Good Corporate Governance) „Àâ¡“°¢÷Èπ¥â«¬

”À√—∫°“√§«∫§ÿ¡¿“¬„π„πÀ—«¢âÕÕ◊ËπÕ◊Ëπ §≥–°√√¡°“√‡ÀÁπ«à“∫√‘…—∑¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ·≈â«‡™àπ°—π


49

and financial information as appeared in annual reports. The financial statements were prepared based on generally accepted accountingstandards. The board, which also includes the Audit Committee, was of the opinion that the Companyûs overall internal control system wassatisfactory and can create reasonable confidence in relation to the credibility of the financial statements of the Company and itssubsidiaries. Besides, the Audit Committee co-operated with the Companyûs Internal Control Department and the management in draftingrisk management measures.

(15) Relations with investorsThe Companyûs Board of Directors has forged a close relationship with its customers and investors by disclosing accurate,

complete and transparent information about its background and financial reports, as well as significant information that affects its stockprices through the Stock Exchange of Thailand and its web sites at www.lh.co.th and www.homedd.com.

5. Supervision of the use of insider informationThe Company adopted the following policies and methods in monitoring the use of insider information by its executives for their

own interests:(1) Informing its executives of their duty to report their holdings of the Companyûs shares and related penalties as stipulated under the

Act on Securities and Stock Exchange Act B.E. 2535 and the regulations of the Stock Exchange of Thailand.(2) Requiring that its executives report on the changes in their holdings of the Companyûs shares to the Securities and Exchange

Commission as provided under Section 59 of the Act on Securities and Stock Exchange B.E. 2535 and submit a copy to the Company onthe same day it is sent to the Securities and Exchange Commission and the Stock Exchange of Thailand

(3) Sending a circular letter informing the management that those who have learned of insider information of significance that will affectthe stock prices must refrain from trading the shares for one month before the financial statement or the information is made public. TheCompany also informs parties related to the inside information that they may not disclose it to others until it is reported to the StockExchange of Thailand.

Failures to comply with the aforementioned measures shall result in serious disciplinary actions to be determined by theCompany, including verbal warning, written warning, pay cut, suspension, termination of employment without compensation and legal action.

6. Personnel(a) As of December 31, 2004, the Company has 529 full-time employees and 128 temporary employees, totaling 657 employees. The

details are as follows:

Full-time Temporary Subtotal

Projects 320 117 437Construction support 94 10 104Head office 130 1 131

Total 544 128 672

(b) Labor disputes over the last years. -None-(c) Total remuneration and types of remuneration paid to employees

The total remuneration of employees may be categorized as follows:

Type of remuneration 2003 2004(million baht) (million baht)

Salaries / Overtime payments 220.14 236.97Bonus 90.67 136.16

Total 310.81 373.13

In addition, the Company allocated a total of 5.9715 million warrants in 2002, 6.006 million in 2003 and 5.994 million in 2004 to itsemployees under a program to allocate warrants to directors and employees approved at a shareholdersû meeting (one warrant can beexercised to buy 10 common shares at one baht per share).

(d) Human resources development policyThe Company recognizes the importance of developing its human resource, a highly valuable asset to the Company. Under its

human resource development policy, the Company regularly holds internal trainings to upgrade the competency of its employees. It alsosends some employees to receive trainings outside the Company, both occasionally and in courses, such as Mini MBA or MBA, etc.

Internal controlsAt the Companyûs Board of Directorsû meeting No. 4/2547 on March 22, 2004, which was attended by all 3 members of the

Audit Committee, the board evaluated the internal control of the Company by enquiring the management. After reviewing the Companyûsinternal controls in five key areas-organization and environments, risk management, management control, information technology andcommunications, and the follow-up mechanism, the board was of the opinion that the Company had adequate internal controls in termsof transactions with major shareholders, board members, executives and parties related to them. The Audit Committee also shared theopinions of the Board of Directors and pledged to step up its monitoring to ensure good corporate governance.

As for internal controls in other areas, the board members concluded that they were adequate.


50

√“¬°“√√–À«à“ß°—π1. √“¬°“√√–À«à“ß°—π„πªï 2546 ·≈–ªï 2547

(1) √“¬°“√√–À«à“ß°—π°—∫∫√‘…—∑ §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ®”°—¥ (¡À“™π) (Q-CON)≈—°…≥–§«“¡ —¡æ—π∏å- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß Q-CON „π —¥ à«π√âÕ¬≈– 31.41 (≥ «—π∑’Ë 31 ∏—π«“§¡ 2547)- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈– Q-CON ¡’°√√¡°“√√à«¡°—π ®”π«π 4 §π ‰¥â·°à π“¬Õπ—πµå Õ—»«‚¿§‘π π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå

π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠ ·≈–π“¬ª√–∑’ª «ß»åπ‘√—π¥√å („π∞“π–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ ·≈–°√√¡°“√µ√«® Õ∫¢Õß Q-CON)√“¬≈–‡Õ’¬¥√“¬°“√

(Àπà«¬ : ≈â“π∫“∑) ªï 2546 ªï 2547 À¡“¬‡Àµÿ

´◊ÈÕ ‘π§â“ 236.61 280.43 ‘π§â“∑’Ë∫√‘…—∑´◊ÈÕ®“° Q-CON ‡ªìπ√“§“·≈–‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∑“ß∏ÿ√°‘®∑’Ë Q-CON ¢“¬„Àâ°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

‡®â“Àπ’È°“√§â“ 17.68 23.34 ‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∏ÿ√°‘®∑’ËQ-CON ¢“¬ ‘π§â“„Àâ°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‰¥â∑”°“√´◊ÈÕ ‘π§â“ ÷Ëß‡ªìπª√–‡¿∑«— ¥ÿ°àÕ √â“ß®“° ∫√‘…—∑ §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ®”°—¥ (¡À“™π)

§‘¥‡ªìπ¡Ÿ≈§à“√«¡∑—Èß ‘Èπ 236.61 ≈â“π∫“∑ „πªï 2546 À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 1.27 ¢Õß¬Õ¥¢“¬√«¡„πªï 2546 ·≈–ªï 2547 ¡’¡Ÿ≈§à“√«¡‡∑à“°—∫ 280.43 ≈â“π∫“∑À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 1.53 ¢Õß¬Õ¥¢“¬√«¡ „πªï 2547 √“¬°“√¥—ß°≈à“«‡ªìπ°“√´◊ÈÕ¢“¬µ“¡ª°µ‘¢Õß∏ÿ√°‘®∑’Ë¡’√“§“µ≈“¥Õâ“ßÕ‘ß

(2) √“¬°“√√–À«à“ß°—π°—∫∫√‘…—∑ ‚Œ¡‚ª√¥—° å ‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) (HMPRO)≈—°…≥–§«“¡ —¡æ—π∏å- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß HMPRO „π —¥ à«π√âÕ¬≈– 29.87 (≥ «—π∑’Ë 31 ∏—π«“§¡ 2547)- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈– HMPRO ¡’°√√¡°“√√à«¡°—π ®”π«π 2 §π ‰¥â·°à π“¬Õπ—πµå Õ—»«‚¿§‘π ·≈–π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠√“¬≈–‡Õ’¬¥√“¬°“√

(Àπà«¬ : ≈â“π∫“∑) ªï 2546 ªï 2547 À¡“¬‡Àµÿ

´◊ÈÕ ‘π§â“ 343.77 311.16 ‘π§â“∑’Ë∫√‘…—∑´◊ÈÕ®“° HMPRO ‡ªìπ√“§“·≈–‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∑“ß∏ÿ√°‘®∑’Ë HMPRO ¢“¬„Àâ°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

‡®â“Àπ’È°“√§â“ 23.18 29.29 ‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∏ÿ√°‘®∑’ËHMPRO ¢“¬ ‘π§â“„Àâ°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‰¥â∑”°“√ ◊ÈÕ ‘π§â“´÷Ëß‡ªìπª√–‡¿∑«— ¥ÿ°àÕ √â“ß®“° HMPRO §‘¥‡ªìπ¡Ÿ≈§à“√«¡∑—Èß ‘Èπ 343.77

≈â“π∫“∑„πªï 2546 À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 1.84 ¢Õß¬Õ¥¢“¬√«¡„πªï 2546 ·≈–ªï 2547 ¡’¡Ÿ≈§à“√«¡‡∑à“°—∫ 311.16 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 1.70¢Õß¬Õ¥¢“¬√«¡ ªï 2547 √“¬°“√¥—ß°≈à“«‡ªìπ°“√´◊ÈÕ¢“¬µ“¡ª°µ‘¢Õß∏ÿ√°‘®∑’Ë¡’√“§“µ≈“¥Õâ“ßÕ‘ß

(3) √“¬°“√√–À«à“ß°—π°—∫∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å®”°—¥ (¡À“™π) (AP) ·≈–∫√‘…—∑¬àÕ¬≈—°…≥–§«“¡ —¡æ—π∏å- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß AP „π —¥ à«π√âÕ¬≈– 6.52 (≥ «—π∑’Ë 31 ∏—π«“§¡ 2547)- π“¬Õπÿæß…å Õ—»«‚¿§‘π (´÷Ëß‡ªìππâÕß™“¬¢Õßπ“¬Õπ—πµå Õ—»«‚¿§‘π ‚¥¬°≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å

®”°—¥ (¡À“™π) „π —¥ à«π√âÕ¬≈– 31.64 ≥ «—π∑’Ë 7 ¡°√“§¡ 2548) ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à„π AP „π —¥ à«π√âÕ¬≈– 24.37 (≥ «—π∑’Ë 9 ‡¡…“¬π 2547)- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈– AP ¡’°√√¡°“√√à«¡°—π ®”π«π 1 §π ‰¥â·°à π“¬æ¬πµå »—°¥‘Ï‡¥™¬πµå√“¬≈–‡Õ’¬¥√“¬°“√

(Àπà«¬ : ≈â“π∫“∑) ªï 2546 ªï 2547 À¡“¬‡Àµÿ

´◊ÈÕ ‘π§â“ 51.06 38.88 ‘π§â“∑’Ë∫√‘…—∑´◊ÈÕ®“° AP ·≈–∫√‘…—∑¬àÕ¬ ‡ªìπ√“§“

·≈–‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∑“ß∏ÿ√°‘®∑’Ë AP

·≈–∫√‘…—∑¬àÕ¬ ¢“¬„Àâ°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

‡®â“Àπ’È°“√§â“ 4.54 1.08 ‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∏ÿ√°‘®∑’Ë AP

·≈–∫√‘…—∑¬àÕ¬ ¢“¬ ‘π§â“„Àâ°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—πRELATED PARTIES AND CONNECTED TRANSACTIONS


51

Connected Transactions1. Connected transactions in 2003 and 2004

(1) Connected transactions with Quality Construction Products Plc. (Q-CON)Nature of relationship- Land & Houses Plc. is a major shareholder of Q-CON, with 31.41% (as of December 31, 2004).- Land & Houses Plc. and Q-CON shared four directors-Mr. Anant Asavabhokin, Mr. Payont Sakdejyont, Mr. Naporn Sunthornchitcharoen

and Mr. Prathip Wongnirund (in his capacity as an audit director of both the Company and Q-CON).Details of connected transactions

(unit: million baht) 2003 2004 Remarks

Product purchases 236.61 280.43 Products were bought from Q-CON at the normal pricesand terms that Q-CON offers to its other customers

Commercial creditor 17.68 23.34 The payment terms are normal, in line with what Q-CONoffers to its other customers

Opinions of the Audit Committee on the connected transactionsLand & Houses Plc. bought goods, mostly construction materials, from Q-CON totaling 236.61 million baht, or 1.27% of total sales

in 2003. In 2004, the figure stood at 280.43 million baht or 1.53% of total sales in the same period. Such transactions are normal and in linewith prevailing market prices.

(2) Connected transactions with Home Products Center Plc (HMPRO)Nature of relationship- Land & Houses Plc is a major shareholder of HMPRO, with 29.87% (as of December 31, 2004).- Land & Houses Plc. and HMPRO share two directors-Mr. Anant Asavabhokhin and Mr. Naporn Sunthornchitcharoen.Details of connected transactions


Product purchases 343.77 311.16 Products were bought from HMPRO at the normal pricesand terms that HMPRO offers to other customers

Commercial creditor 23.18 29.29 The payment terms are normal, in line what HMPROoffers to other customers

Opinions of the Audit Committee on the connected transactionsLand & Houses Plc. bought construction materials from HMPRO totaling 343.77 million baht, or 1.84% of total sales in 2003, and

311.16 million baht, or 1.70% of total sales in 2004. Such transactions are normal and in line with prevailing market prices.(3) Connected transactions with Asian Property Development Plc (AP) and its subsidiaries

Nature of relationship- Land & Houses Plc. is a major shareholder of AP, with 6.52% (as of December 31, 2004).- Mr. Anupong Asavabhokhin, a major shareholder of AP with 31.64% (as of January 7, 2005), is Mr. Anant Asavabhokhinûs brother

and Mr. Anantûs group is a major shareholder of Land & Houses Plc., with 24.37% (as of April 9, 2004).- Land & Houses Plc and AP share one director-Mr. Payont Sakdejyont.Details of connected transactions


Product purchases 51.06 38.88 Products were bought from AP and its subsidiaries at

the normal prices and terms that AP and its

subsidiaries offer to other customers

Commercial creditor 4.54 3.08 The payment terms are normal, in line what AP

and its subsidiaries offer to other customers


52

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‰¥â∑”°“√ ◊ÈÕ ‘π§â“ ÷Ëß‡ªìπª√–‡¿∑«— ¥ÿ°àÕ √â“ß®“° AP ·≈–∫√‘…—∑¬àÕ¬ §‘¥‡ªìπ¡Ÿ≈§à“√«¡∑—Èß ‘Èπ

51.06 ≈â“π∫“∑„πªï 2546 À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 0.27 ¢Õß¬Õ¥¢“¬√«¡„πªï 2546 ·≈–ªï 2547 ¡’¡Ÿ≈§à“√«¡‡∑à“°—∫ 38.88 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 0.21¢Õß¬Õ¥¢“¬√«¡„πªï 2547 √“¬°“√¥—ß°≈à“«‡ªìπ°“√´◊ÈÕ¢“¬µ“¡ª°µ‘¢Õß∏ÿ√°‘®∑’Ë¡’√“§“µ≈“¥Õâ“ßÕ‘ß

(4) √“¬°“√√–À«à“ß°—π°—∫∫√‘…—∑ §«Õ≈‘µ’È‡Œâ“ å ®”°—¥ (¡À“™π) (QH)≈—°…≥–§«“¡ —¡æ—π∏å- °“√¡’°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à√à«¡°—π §◊Õ °≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π ‚¥¬°≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π (ª√–°Õ∫¥â«¬∫ÿµ√ §◊Õ π“ß “«Õ≈‘ “ Õ—»«‚¿§‘π /

π“¬Õ“™π—π Õ—»«‚¿§‘π / ·≈–π“¬Õ“™«‘≥ Õ—»«‚¿§‘π) ∂◊ÕÀÿâπ QH √«¡°—π„π —¥ à«π√âÕ¬≈– 7.53 ≥ «—π∑’Ë 10 ¡’π“§¡ 2547 ¢≥–‡¥’¬«°—π°≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π (ª√–°Õ∫¥â«¬π“¬Õπ—πµå Õ—»«‚¿§‘π / ∫√‘…—∑ ‡¡¬å·≈π¥å ®”°—¥ / ·≈–π“ß “«‡æ’¬ß„® À“≠æ“≥‘™¬å) ∂◊ÕÀÿâπ„π∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å®”°—¥ (¡À“™π) √«¡°—π„π —¥ à«π√âÕ¬≈– 31.64 ≥ «—π∑’Ë 7 ¡°√“§¡ 2548

- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à„π QH ‚¥¬∂◊ÕÀÿâπ QH „π —¥ à«π√âÕ¬≈– 21.84 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈– QH ¡’°√√¡°“√√à«¡°—π ®”π«π 2 §π ‰¥â·°à π“¬Õπ—πµå Õ—»«‚¿§‘π ·≈–π“¬Õ¥‘»√ ∏ππ—π∑åπ√“æŸ≈√“¬≈–‡Õ’¬¥√“¬°“√

(Àπà«¬ : ≈â“π∫“∑) ªï 2546 ªï 2547 À¡“¬‡Àµÿ

§à“‡™à“Õ“§“√ 16.94 16.73 ∫√‘…—∑ ·≈π¥å·Õπ¥å‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬‡™à“æ◊Èπ∑’Ë°“√√—∫∫√‘°“√ ·≈–Õ◊ËπÊ Õ“§“√§‘«‡Œâ“ å §Õπ·«πµå ‡æ◊ËÕ„™â‡ªìπ∑’Ëµ—Èß ”π—°ß“π„À≠à ‚¥¬‡™à“

®“° QH ·≈–°“√®à“¬§à“‡™à“Õ“§“√ °“√√—∫∫√‘°“√·≈–§à“∫√‘°“√Õ◊ËπÊ ®“°°“√‡™à“Õ“§“√§‘«‡Œâ“ å §Õπ·«πµå —≠≠“‡™à“Õ“¬ÿ 3 ªï√–¬–‡«≈“ ‘Èπ ÿ¥ —≠≠“ «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2548

‡®â“Àπ’È°“√§â“ - 1.78 ‡ß◊ËÕπ‰¢°“√™”√–‡ß‘πµ“¡ª°µ‘∏ÿ√°‘®∑’Ë QH„Àâ‡™à“°—∫≈Ÿ°§â“√“¬Õ◊Ëπ

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ‰¥â‡™à“Õ“§“√®“° QH §à“‡™à“ ¥—ß°≈à“«‡ªìπ°“√‡™à“µ“¡ª°µ‘¢Õß∏ÿ√°‘®∑’Ë¡’√“§“

µ≈“¥Õâ“ßÕ‘ß ·≈–‡ªìπ√“§“„°≈â‡§’¬ß°—∫√“§“§à“‡™à“∑’Ë QH „Àâ‡™à“°—∫≈Ÿ°§â“√“¬Õ◊Ëπ(5) √“¬°“√√–À«à“ß°—π°—∫∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) (KH) ·≈–∫√‘…—∑¬àÕ¬

KH ª√–°Õ∫∏ÿ√°‘®‚√ßæ¬“∫“≈ ‰¥â·°à ‚√ßæ¬“∫“≈‡°…¡√“…Æ√å ∫“ß·§ / ‚√ßæ¬“∫“≈‡°…¡√“…Æ√å ª√–™“™◊Ëπ / ·≈–‚√ßæ¬“∫“≈‡°…¡√“…Æ√å ÿ¢“¿‘∫“≈ 3 πÕ°®“°π’È KH ∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬ 2 ∫√‘…—∑ ·≈–∫√‘…—∑√à«¡ 1 ∫√‘…—∑ ´÷Ëßª√–°Õ∫∏ÿ√°‘®‚√ßæ¬“∫“≈ ‰¥â·°à

(°) ∫√‘…—∑ ‚√ßæ¬“∫“≈√—µπ“∏‘‡∫»√å ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ (KH ∂◊ÕÀÿâπ√âÕ¬≈– 69.02) ª√–°Õ∫∏ÿ√°‘®‚√ßæ¬“∫“≈‡°…¡√“…Æ√å √—µπ“∏‘‡∫»√å(¢) ∫√‘…—∑ √–∫ÿ√’ ‡«™°‘® ®”°—¥ (SBH) ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ (KH ∂◊ÕÀÿâπ√âÕ¬≈– 59.92) ª√–°Õ∫∏ÿ√°‘®‚√ßæ¬“∫“≈‡°…¡√“…Æ√å √–∫ÿ√’(§) ∫√‘…—∑ »√’∫ÿ√‘π∑√å°“√·æ∑¬å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑√à«¡ (KH ∂◊ÕÀÿâπ√âÕ¬≈– 41.47) ª√–°Õ∫∏ÿ√°‘®‚√ßæ¬“∫“≈‡°…¡√“…Æ√å »√’∫ÿ√‘π∑√å≈—°…≥–§«“¡ —¡æ—π∏å- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à„π KH „π —¥ à«π√âÕ¬≈– 25.68 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 (≥ «—π∑’Ë 5 æƒ»®‘°“¬π

2547 KH ‡ πÕ¢“¬Àÿâπ‡æ‘Ë¡∑ÿπµàÕª√–™“™π§√—Èß·√°®”π«π 240 ≈â“πÀÿâπ ·≈–∫√‘…—∑‡ πÕ¢“¬Àÿâπ‡¥‘¡∑’Ë∂◊ÕÕ¬Ÿà„π KH ®”π«π 40 ≈â“πÀÿâπ µàÕª√–™“™π∑—Ë«‰ª„π√–À«à“ß«—π∑’Ë 2 - 3 æƒ»®‘°“¬π 2547)

- °≈ÿà¡π“¬Õπ—πµå Õ—»«‚¿§‘π (ª√–°Õ∫¥â«¬π“¬Õπ—πµå Õ—»«‚¿§‘π / ∫√‘…—∑ ‡¡¬å·≈π¥å ®”°—¥ / ·≈–π“ß “«‡æ’¬ß„® À“≠æ“≥‘™¬å) ∂◊ÕÀÿâπ„π∫√‘…—∑·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) √«¡°—π„π —¥ à«π√âÕ¬≈– 31.64 ≥ «—π∑’Ë 7 ¡°√“§¡ 2548 ·≈–≠“µ‘ π‘∑¢Õßπ“¬Õπ—πµå Õ—»«‚¿§‘π ‰¥â·°àπ“¬‡©≈‘¡ À“≠æ“≥‘™¬å / ·≈–π“ß ¡æ√ À“≠æ“≥‘™¬å (§Ÿà ¡√ ¢Õßπ“¬‡©≈‘¡ À“≠æ“≥‘™¬å) ‚¥¬π“¬‡©≈‘¡ À“≠æ“≥‘™¬å ·≈–§Ÿà ¡√ ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à„πKH „π —¥ à«π√âÕ¬≈– 44.84 ≥ «—π∑’Ë 5 æƒ»®‘°“¬π 2547

- ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈– KH ¡’°√√¡°“√√à«¡°—π ®”π«π 2 §π ‰¥â·°à π“¬Õπ—πµå Õ—»«‚¿§‘π ·≈–π“¬πæ√ ÿπ∑√®‘µµå‡®√‘≠√“¬≈–‡Õ’¬¥√“¬°“√

(Àπà«¬ : ≈â“π∫“∑) 31 ∏.§. 2546 31 ∏.§. 2547 À¡“¬‡Àµÿ

‡ß‘π„Àâ°Ÿâ¬◊¡·°à KH 72.50 - °“√„Àâ°Ÿâ¬◊¡„π√Ÿªµ—Î« —≠≠“„™â‡ß‘π ª≈Õ¥À≈—°∑√—æ¬å§È”ª√–°—π§√∫°”Àπ¥„π‡¥◊Õπ ¡°√“§¡ 2551 ºàÕπ™”√–§◊π‡¥◊Õπ≈–1.25 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 5.75 ‚¥¬„π‰µ√¡“ ∑’Ë 1ªï 2547 ∫√‘…—∑‰¥â√—∫§◊π‡ß‘π°Ÿâ®“° KH ∑—Èß®”π«π

§È”ª√–°—π‡ß‘π°Ÿâ KH 855.10 791.00 §È”ª√–°—π‡ß‘π°Ÿâ¬◊¡„Àâ°—∫ KH(§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ (§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ ´÷Ëß‡ªìπ∫√‘…—∑√à«¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ

°ÿ≈‡ß‘π∫“∑) °ÿ≈‡ß‘π∫“∑)


53

Opinions of the Audit Committee on the connected transactionsLand & Houses Plc. bought construction materials from AP and its subsidiaries totaling 51.06 million baht, or 0.27% of their total

sales, in 2003, and 38.88 million baht, or 0.21% of their total sales, in 2004. Such transactions are normal and in line with prevailing marketprices.

(4) Connected transactions with Quality Houses Plc. (QH)Nature of relationship- Land & Houses Plc. and QH have major shareholder groups led by the same person-Mr. Anant Asavabhokhin. A group comprising

Mr. Anant and his children-Ms. Alisa, Mr. Achanan and Mr. Achavin Asavabhokin-holds 7.53% in QH as of March 10, 2004. Meanwhile,a group, comprising Mr. Anant, Mayland Co., Ltd. and Ms. Piangjai Harnpanich, holds 31.64% in Land & Houses Plc. as of January 7, 2005.

- Land & Houses Plc is a major shareholder of QH, with 21.84% as of December 31, 2004.- Land & Houses Plc. and QH share two directors-Mr. Anant Asavabhokhin and Mr. Adisorn Thananun-narapool.Details of connected transactions


Building rentals and services 16.94 16.73 Land & Houses Plc. and its subsidiaries have rented space°“√√—∫∫√‘°“√ ·≈–Õ◊ËπÊ at the Q House Convent Building for their head offices

from QH. The rentals, services and other fees are chargedby QH under three-year contracts ending June 30, 2005.

Commercial creditor - 1.78 The payment terms are normal, in line what QHoffer its other customers

Opinions of the Audit Committee on the connected transactionsLand & Houses Plc. and its subsidiaries have rented space at QH’s building. The rentals are normal and in line with prevailing market

prices and comparable to the rentals QH offers to other customers.(5) Connected transactions with Bangkok Chain Hospital (KH) and its subsidiaries

KH operates the Kasemrad Bangkae Hospital, Kasemrad Prachachuen Hospital and Kasemrad Sukapiban 3 Hospital. It also hasshares in two subsidiaries and one associated company, which also operate hospitals:

(a) The Ratanatibeth Hospital Co., Ltd., a 69.02% subsidiary of KH, operates the Kasemrad Ratanatibeth Hospital.(b) Saraburi Wetchakit Co., Ltd., a 59.92% of KH, operates the Kasemraj Saraburi Hospital.(c) Sriburin Medical Co., Ltd., a 41.47% associated company of KH, operates the Kasemrad Sriburin Hospital.Nature of relationship- Land & Houses Plc. is a major shareholder of KH, with 25.68% as of December 31, 2004. On November 5, 2004, its holding was

reduced to 25.68% after KH had sold 240 million new shares to the public in an initial public offering and the Company had sold 40 millionof its shares in KH to the public on November 2-3, 2004.

- A group led by Mr. Anant Asavabhokhin (comprising Mr. Anant, Mayland Co., Ltd., and Ms. Piangjai Harnpanij) holds 31.64% inLand & Houses as of January 7, 2005. Close relatives to Mr Anant-Mr Chalerm Harnpanich and his wife Mrs. Somporn-are majorshareholders of BCH, with a combined 44.84% as of November 5, 2004.

- Land & Houses Plc. and KH share two directors- Mr. Anant Asavabhokhin and Mr. Naporn Sunthornchitcharoen.Details of connected transactions

(unit: million baht) December 31, 2003 December 31, 2004 Remarks

Lending to BCH 72.50 - The lending was in the form of unsecured promissorynotes due in January 2008, repaid in monthly installments of 1.25 million baht each at the interest rate of 5.75%.In the first quarter of 2004, KH repaid the Company in full.

Guaranteeing KHûs loans 855.10 791.00 The Company guaranteed BCHûs loans(in baht (in baht in proportion to its holding in the associated company

denomination) denomination)


54

(Àπà«¬ : ≈â“π∫“∑) 31 ∏.§. 2546 31 ∏.§. 2547 À¡“¬‡Àµÿ

§È”ª√–°—π‡ß‘π°Ÿâ SBH §È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ - §È”ª√–°—π‡ß‘π°Ÿâ¬◊¡„Àâ°—∫ SBH ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß KH °ÿ≈‡ß‘π‡¬π ®”π«π µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ ·≈– ≥ 30 °—π¬“¬π 2547

68.34 ≈â“π‡¬π ‰¥â¬°‡≈‘°¿“√–§È”ª√–°—π¥—ß°≈à“«·≈â«(‡∑’¬∫‡∑à“‡ß‘π∫“∑ª√–¡“≥ 25.73≈â“π∫“∑ ‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π37.6481 ∫“∑µàÕ 100 ‡¬π)

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π§≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“°“√„Àâ°Ÿâ¬◊¡‡ß‘π·≈–√“¬°“√§È”ª√–°—π¥—ß°≈à“«‡ªìπ√“¬°“√∑’Ë ¡‡Àµÿ ¡º≈ ‡π◊ËÕß®“°‡ªìπ°“√„Àâ°Ÿâ¬◊¡‡ß‘π

·≈–°“√§È”ª√–°—πµ“¡ —¥ à«π∑’Ë„°≈â‡§’¬ß°—∫°“√∂◊ÕÀÿâπ√–À«à“ß ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–°≈ÿà¡π“¬‡©≈‘¡ À“≠æ“≥‘™¬å ∑’Ë‡ªìπ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß

πÕ°®“°π’È∫√‘…—∑¬—ß¡’°“√„Àâ‡ß‘π°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬®”π«π 6 ∫√‘…—∑ ‘Èπ ÿ¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π√«¡ 3,803.24 ≈â“π∫“∑ µ“¡∑’Ë∫√‘…—∑‰¥â°≈à“«‰«â„π‡√◊ËÕßªí®®—¬§«“¡‡ ’Ë¬ß¢âÕ 3.3

2. §«“¡®”‡ªìπ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß√“¬°“√√–À«à“ß°—π°“√∑”√“¬°“√√–À«à“ß°—π‡ªìπ§«“¡®”‡ªìπ·≈–¡’§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√‡æ◊ËÕ°àÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ ‚¥¬§≥–°√√¡°“√

µ√«® Õ∫‰¥â„Àâ§«“¡‡ÀÁπ«à“‡ªìπ‰ªµ“¡≈—°…≥–∏ÿ√°‘®∑—Ë«‰ª∑’Ë∑”°—∫≈Ÿ°§â“√“¬Õ◊Ëπ ·≈–∫√‘…—∑‰¥â√—∫·≈–®à“¬§à“µÕ∫·∑π„π√“§“µ≈“¥∑’Ë‡À¡“– ¡3. ¡“µ√°“√À√◊Õ¢—ÈπµÕπ°“√Õπÿ¡—µ‘°“√∑”√“¬°“√√–À«à“ß°—π

°“√∑”√“¬°“√√–À«à“ß°—π®–µâÕßºà“π°“√æ‘®“√≥“®“°§≥–°√√¡°“√∫√‘…—∑∑’Ë¡’§≥–°√√¡°“√µ√«® Õ∫‡¢â“√à«¡ª√–™ÿ¡ ·≈–ºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ µ“¡·µà°√≥’ §≥–°√√¡°“√∫√‘…—∑À√◊ÕºŸâ ‰¥â√—∫¡Õ∫Õ”π“®®“°§≥–°√√¡°“√∫√‘…—∑®–µâÕß‰¡àÕπÿ¡—µ‘√“¬°“√„¥Ê ∑’ËµπÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß¡’ à«π‰¥â‡ ’¬À√◊Õ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥°—∫∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑®–µâÕßªØ‘∫—µ‘„Àâ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ∫—ß§—∫ ª√–°“» §” —Ëß À√◊Õ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ √«¡µ≈Õ¥∂÷ß°“√ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥‡°’Ë¬«°—∫°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈°“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–°“√‰¥â¡“À√◊Õ®”Àπà“¬‰ª´÷Ëß ‘π∑√—æ¬å

4. π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π∫√‘…—∑¡’π‚¬∫“¬„π°“√∑”√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ„πªí®®ÿ∫—πµàÕ‰ª„πÕπ“§µ ‚¥¬®–¡’°“√°”Àπ¥‡ß◊ËÕπ‰¢µà“ßÊ „Àâ‡ªìπ‰ªµ“¡≈—°…≥–°“√¥”‡π‘π°“√§â“

ª°µ‘ „π√“§“µ≈“¥ ÷Ëß “¡“√∂‡ª√’¬∫‡∑’¬∫‰¥â°—∫√“§“∑’Ë‡°‘¥¢÷Èπ°—∫∫ÿ§§≈¿“¬πÕ° ∑—Èßπ’È ∫√‘…—∑®–‰¥â„Àâ§≥–°√√¡°“√µ√«® Õ∫À√◊ÕºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑À√◊ÕºŸâ‡™’Ë¬«™“≠Õ‘ √– æ‘®“√≥“µ√«® Õ∫·≈–„Àâ§«“¡‡ÀÁπ∂÷ß§«“¡‡À¡“– ¡¢Õß√“§“ ·≈–§«“¡ ¡‡Àµÿ ¡º≈¢Õß°“√∑”√“¬°“√¥â«¬

∑—Èßπ’È À“°¡’√“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬‡°‘¥¢÷Èπ°—∫∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ¡’ à«π‰¥â à«π‡ ’¬ À√◊ÕÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„πÕπ“§µ ∫√‘…—∑®–‰¥â„Àâ§≥–°√√¡°“√µ√«® Õ∫‡ªìπºŸâ„Àâ§«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡®”‡ªìπ·≈–§«“¡‡À¡“– ¡¢Õß√“¬°“√π—ÈπÊ „π°√≥’∑’Ë§≥–°√√¡°“√µ√«® Õ∫‰¡à¡’§«“¡™”π“≠„π°“√æ‘®“√≥“√“¬°“√√–À«à“ß°—π∑’ËÕ“®‡°‘¥¢÷Èπ ∫√‘…—∑®–‰¥â„ÀâºŸâ‡™’Ë¬«™“≠Õ‘ √–À√◊ÕºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑‡ªìπºŸâ„Àâ§«“¡‡ÀÁπ‡°’Ë¬«°—∫√“¬°“√√–À«à“ß°—π¥—ß°≈à“«‡æ◊ËÕπ”‰ª„™âª√–°Õ∫°“√µ—¥ ‘π„®¢Õß§≥–°√√¡°“√ À√◊ÕºŸâ∂◊ÕÀÿâπµ“¡·µà°√≥’ ∑—Èßπ’È∫√‘…—∑®–‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π∑’Ë‰¥â√—∫°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑

5. ‡Àµÿº≈∑’Ë∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬À√◊Õ∫√‘…—∑√à«¡‡°‘π√âÕ¬≈– 5≥ «—π∑’Ë 30 °—π¬“¬π 2547 ∫√‘…—∑∂◊ÕÀÿâπ„π∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) „π —¥ à«π√âÕ¬≈– 40 ( —¥ à«π°“√∂◊ÕÀÿâπ¥—ß°≈à“«≈¥≈ß‡À≈◊Õ

√âÕ¬≈– 25.68 ≥ «—π∑’Ë 5 æƒ»®‘°“¬π 2547 ´÷Ëß‡ªìπº≈®“°°“√∑’Ë∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπµàÕª√–™“™π§√—Èß·√°®”π«π 240 ≈â“πÀÿâπ ·≈–∫√‘…—∑‡ πÕ¢“¬Àÿâπ‡¥‘¡∑’Ë∂◊ÕÕ¬Ÿà„π∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ®”π«π 40 ≈â“πÀÿâπ µàÕª√–™“™π∑—Ë«‰ª„π√–À«à“ß«—π∑’Ë 2 - 3 æƒ»®‘°“¬π 2547) ∫√‘…—∑¥—ß°≈à“«¡’∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ‰¥â·°à π“¬‡©≈‘¡ À“≠æ“≥‘™¬å (≠“µ‘ π‘∑¢Õßπ“¬Õπ—πµå Õ—»«‚¿§‘π) /·≈–π“ß ¡æ√ À“≠æ“≥‘™¬å (§Ÿà ¡√ ¢Õßπ“¬‡©≈‘¡ À“≠æ“≥‘™¬å) ‚¥¬π“¬‡©≈‘¡ À“≠æ“≥‘™¬å ·≈–§Ÿà ¡√ ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à„π∫√‘…—∑ ∫“ß°Õ°‡™πŒÕ ªîµÕ≈ ®”°—¥ „π —¥ à«π√âÕ¬≈– 44.84 (≥ «—π∑’Ë 5 æƒ»®‘°“¬π 2547) °“√∂◊ÕÀÿâπ„π∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) π—Èπ ‡ªìπ°“√≈ß∑ÿπµ“¡ª°µ‘¢Õß∫√‘…—∑ (√“¬≈–‡Õ’¬¥µ“¡ à«π∑’Ë 2 ¢âÕ 5.3 π‚¬∫“¬°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡) ‚¥¬„πªï 2537 ∫√‘…—∑‰¥â‡¢â“≈ß∑ÿπ„π∫√‘…—∑ ∫“ß°Õ°‡™πŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ´÷Ëßª√–°Õ∫∏ÿ√°‘®‚√ßæ¬“∫“≈ Õ—π‰¡à‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑ ‡π◊ËÕß®“°„π™à«ß‡«≈“π—Èπ∏ÿ√°‘®‚√ßæ¬“∫“≈¡’·π«‚πâ¡°“√¥”‡π‘πß“π∑’Ë¥’ ∫√‘…—∑®÷ß‡¢â“‰ª≈ß∑ÿπ‡æ◊ËÕ‡ªìπ°“√°√–®“¬§«“¡‡ ’Ë¬ß„π°“√≈ß∑ÿπ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¡’¡“µ√°“√„π°“√∑”√“¬°“√√–À«à“ß°—π∑’ËÕ“®®–‡°‘¥¢÷Èπ ‚¥¬√“¬°“√√–À«à“ß°—π∑’Ë®–‡°‘¥¢÷Èππ—Èπ®–µâÕßºà“π°“√æ‘®“√≥“®“°§≥–°√√¡°“√∫√‘…—∑·≈–§≥–°√√¡°“√µ√«® Õ∫ ·≈–/À√◊Õ ºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπµ“¡·µà°√≥’ §≥–°√√¡°“√∫√‘…—∑√“¬ π“¬Õπ—πµå Õ—»«‚¿§‘π ÷Ëß¡’§«“¡ —¡æ—π∏å°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥(¡À“™π) ®–µâÕß‰¡àÕπÿ¡—µ‘√“¬°“√„¥Ê ∑’ËµπÀ√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß¡’ à«π‰¥â‡ ’¬À√◊Õ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„π≈—°…≥–Õ◊Ëπ„¥°—∫∫√‘…—∑À√◊Õ∫√‘…—∑¬àÕ¬ √«¡∑—Èß∫√‘…—∑¡’π‚¬∫“¬°”Àπ¥‡ß◊ËÕπ‰¢√“¬°“√√–À«à“ß°—π„Àâ‡ªìπ‰ªµ“¡≈—°…≥–°“√¥”‡π‘π°“√§â“ª°µ‘ „π√“§“µ≈“¥´÷Ëß “¡“√∂‡ª√’¬∫‡∑’¬∫‰¥â°—∫√“§“∑’Ë‡°‘¥¢÷Èπ°—∫∫ÿ§§≈¿“¬πÕ°


55

(unit: million baht) December 31, 2003 December 31, 2004 Remarks

Guaranteeing SBHûs loans 68.34 million yen - The Company guaranteed loans for SBH, a subsidiary(equivalent to of KH, in proportion to its holding and as

25.73 million baht of September 30, 2004, the burden was canceled.based on the

exchange rate of37.6481 baht to

100 yen) 37.6481 ∫“∑

Opinions of the Audit Committee on the connected transactionsIn our opinion, the lending and loan guaranteeing were reasonable, as they were made in proportion to the holdings of Land &

Houses Plc. and Mr Chalerm Harnpanijs group, the party with a potential conflict of interest.The Company also lent 3,803.24 million baht to its six subsidiaries as of December 31, 2004, the details of which are in Item 3.3

of Risk Factors.2. Necessity and accountability of the transactions

The connected transactions were necessary and accountable and were done in the best interests of the Company. The AuditCommittee was of the opinion that they were in line with general business practices and consistent with other customers, and that theCompany received and paid compensations at fair market prices.

3. Measures/Procedures of approving connected transactionsA connected transaction must be considered at a meeting of the Board of Directors attended by audit directors and approved at

shareholdersû meetings, depending on the case. The Board of Directors or those authorized by it may not approve any transaction with itsmembers or parties with potential conflicts of interests with the Company or its subsidiaries. It must also be in compliance with laws onsecurities and stock exchange, regulations, notifications, orders and requirements of the Stock Exchange of Thailand and the requirementspursuant to disclosure of connected transactions and the acquisitions and disposals of assets.

4. Policy or trend of connected transactionsThe Company has a policy to continue to make the existing connected transactions in the future. It also plans to keep the terms

consistent with normal trade practices and the prices comparable with those offered by other suppliers. In any case, the Company will havethe Audit Committee, its auditors or independent experts examine all connected transactions and give opinions on appropriate prices andthe accountability of the transactions.

If the Company or its subsidiaries are to make connected transactions with parties with potential conflicts of interest or stakeholdersin the future, it will seek the opinions of the Audit Committee on the necessity and appropriateness in doing so. In a case where the AuditCommittee has no expertise in considering the future transactions, the Company will seek the opinions of independent experts or itsauditors. The opinions will subsequently be used in making related decisions by the Board of Directors or shareholders. In any case, theCompany will also include such transactions in the notes to the audited financial statement.

5. Reasons why parties with potential conflicts of interests hold more than 5% of shares in the subsidiaries or affiliated companiesAs of September 30, 2004, the Company held 40% of all shares in Bangkok Chain Hospital Plc (on November 5, 2004, its holding was

reduced to 25.68% after KH had sold 240 million new shares to the public in an initial public offering and the Company had sold 40 millionof its shares in KH to the public on November 2-3, 2004). The parties with potential conflicts of interest are Mr Chalerm Harnpanich (a closerelative of Mr. Anant Asavabhokhin) and Mrs. Somporn Harnpanij (Mr Chalermûs wife). Mr. Chalerm and his wife are the major shareholdersof Bangkok Chain Hospital Plc., with a combined 44.84% (as of November 5, 2004). The holding in Bangkok Chain Hospital Plc is a normalinvestment of the Company. In 1994, the Company invested in Bangkok Chain Hospital Plc., which operates hospitals, a business unrelatedto the Companyûs core business, because at that time the hospital business had bright prospects and the Company could distribute therisk in its investments. However, the Company set a standard in entering into potential connected transactions. Any potential connected listmust be scrutinized by the Companyûs Board of Directors and the Audit Committee and/or approved at a shareholdersû meeting, whicheveris applicable. Mr. Anant Asavabhokhin, which is related to the major shareholders of Bangkok Chain Hospital Plc., must not approve anytransaction in which he or anyone may have potential conflict of interest in any form with the Company or its subsidiaries. The Companyalso has a policy for the terms of connected transactions to be in line with normal business practices and at market prices comparable toprices offered by/to a third party.


56

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(°) ¿“æ√«¡¢Õß°“√¥”‡π‘πß“π∑’Ëºà“π¡“º≈°“√¥”‡π‘πß“π

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57

(a) Overall picture of past performancesOperating results

The operating results of the Company and its subsidiaries after the financial crisis in 1997 have improved markedly, with total salesrising steadily from 15,102.56 million baht in 2002 and 18,670.46 million baht in 2003. In 2004, sales revenue of the Company and itssubsidiaries slowed down to 18,290.87 million baht, comparable to 18,670.46 million baht in 2003. The improved performances of theCompany and its subsidiaries were in line with the recovering property sector and improved economy. They were also the result of theCompanyûs success in becoming the leading pre-built house developer in 2000, a policy which was well received by customers. Othersupporting factors were low interest rates in 2002 and 2003, an incentive for more home purchases, and the governmentûs measures tostimulate the property sector which ended at the end of 2003. They were: (1) the extension of the reduction of land mortgage registrationfee from 1% to 0.01% (2) the extension of the reduction of the property ownership transfer registration fee from 2% of the appraised pricesto 1%; and (3) the extension of the reduction of the special business tax on immovable asset sale income from 3.3% to 0.11%. Theslowdown in sales of the Company in 2004 was largely the result of lower purchasing power due to the termination of the governmentûsmeasures to stimulate the property sector which ended in 2003, the Bank of Thailandûs measures to control the extension of housing loans,and higher house prices as a result of higher construction material prices.

Meanwhile, the Company and its subsidiaries steadily earned more profits, from a net profit of 3,820.12 million baht in 2002 to6,085.65 million baht in 2003. The higher profits were largely due to a gradual increase in house prices to be more in line with the overallbusiness situation and the launches of new projects with relatively low land costs. Moreover, the construction of a large number of pre-builthouses resulted in an economy of scale, as reflected by the Companyûs rising gross profit margin, from 37.61% in 2002 to 38.29% in 2003.In 2004, the Company and its subsidiaries made a net profit of 6,100.74 million baht, with a gross profit margin of 37.92%, on par with the38.29% recorded in 2003.

The continual recovery in the property business prompted the government to lift the measures to stimulate the sector, effectiveJanuary 1, 2004. As a result, the property ownership transfer registration fee now stands at 2% of appraised prices from 0.01%. The specialbusiness tax on immovable asset sale incomes is now at 3.3% from 0.11% as of the end of 2003. Besides, the Bank of Thailand imposeda new measure to limit the extension of loans for the purchases of houses priced at over 10 million baht each at not more than 70% ofthe real purchase prices. Financial institutions are also required to report their housing loan approvals quarterly for any debtor with acombined credit line exceeding 100 million baht. Other factors that may affect future home-buying decisions are: (1) the rising prices ofgoods and commodities as a result of higher, more volatile oil prices which may dampen the purchasing power of homebuyers (2) theprices of housing units have increased in line with construction material costs (3) interest rates are on an upward trend which, when takinginto account the previous factors, undermines the capability of consumers to own housing units (4) the economy is beginning to slowdown. To cope with these adverse effects, the Company has a policy to underscore the pre-built house construction strategy to meet thedemand of customers and adopts new marketing strategies, including analyzing the demand of target customer groups, choosing primelocations for its projects, building quality houses, selling pre-built houses and houses at prices based on previously low costs. Such policieshave popularized the Companyûs products. In addition, the Bank of Thailandûs measures make it possible to keep track of changes in theproperty business more closely, which should benefit the expansion of the industry in the long run and decrease speculation in the housingmarket.

Past performance of each business groupFrom 2002 to 2003, over 90% of consolidated revenue of the Company and its subsidiaries came from the real-estate business.

In 2004, the figures stood at 85.92%, as other incomes made up a larger proportion, at 14.08% of consolidated revenue. During the year,the Company recorded a profit from the disposal of its long-term investments, primarily the offload of its investments in Asset PlusSecurities Plc. and Asian Property Development Plc. Details about revenue are as follows:

Sales Revenue : Sales revenue consists of revenue from the development of land and construction of immovable assets for sale.The revenue is realized when construction work has been completed by contractual terms and ownerships have been transferred to buyers.Over 90% total sales revenue came from the sales of detached houses. The proportion of detached-house sales has been on the rise, from94.37% of total sales revenue in 2001 to 97.69% in 2002 and 97.68% in 2003. In 2004, revenue from detached-house sales was 97.60%of total sales revenue. Although the Company and its subsidiaries stress the importance of building detached houses for sale, they alsobuild for sale townhouses and condominiums to further meet consumersû demand. The Company and its subsidiaries opened sales of twocondominium projects under çThe Bangkoké project in December 2004.

Sales revenue in 2002 was 15,102.56 million baht, an increase of 45.08% from the previous year while in 2003, the figure rosefurther by 23.63% to 18,670.46 million baht. In 2004, sales revenue was on par with the previous year, at 18,290.87 million baht. Theincreasing sales revenue was the result of the reduced number of developers in the market and lower lending rates, which helped boostthe customersû purchasing power. Furthermore, the Companyûs pre-built house construction strategy helped build up confidence among


58

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Àÿâπ∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ (‰∑¬) ®”°—¥ (¡À“™π) ´÷Ëß∫√‘…—∑‰¥âµ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ∑—Èß®”π«πµ—Èß·µàªï 2543 µàÕ¡“„π‡¥◊Õπ°—π¬“¬π 2547

∫√‘…—∑¥—ß°≈à“«‰¥â°≈—∫¡“ ◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑®÷ß‰¥â‚Õπ°≈—∫√“¬°“√§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ¥—ß°≈à“«µ“¡√“§“µ≈“¥

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∑”„Àâ¡’√“¬°“√°”‰√®“°°“√°≈—∫∫—≠™’√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ (3) ‡ß‘πªíπº≈√—∫ ®”π«π 197.19 ≈â“π∫“∑ (4) à«π·∫àß

°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ®”π«π 994.07 ≈â“π∫“∑ ®“°º≈ª√–°Õ∫°“√∑’Ë¥’¢÷Èπ¢Õß∫√‘…—∑√à«¡ ·≈– (5) √“¬‰¥âÕ◊Ëπ ®”π«π 440.99 ≈â“π∫“∑

µâπ∑ÿπ¢“¬ : µâπ∑ÿπ¢“¬„π ªï 2545 ªï 2546 ·≈– 2547 ®”π«π 9,422.33 ≈â“π∫“∑ 11,521.99 ≈â“π∫“∑ ·≈– 11,355.88 ≈â“π∫“∑ µ“¡≈”¥—∫

Õ—µ√“°”‰√¢—Èπµâπ¢Õß∫√‘…—∑ª√—∫µ—«¥’¢÷Èπ„πªï 2546 ·≈–‡√‘Ë¡≈¥≈ßª√–¡“≥√âÕ¬≈– 1 „πªï 2547 („πªï 2546 ·≈– 2547 ∫√‘…—∑‰¥â®—¥ª√–‡¿∑√“¬°“√„À¡à‚¥¬

°“√§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√„π à«π∑’Ë‡°’Ë¬«¢âÕß°—∫‡ß‘π‡¥◊Õπ·≈–º≈µÕ∫·∑π¢Õß‚ø√å·¡π ºŸâ®—¥°“√‚§√ß°“√ à«πß“π°àÕ √â“ß·≈–§à“ÕÕ°·∫∫ ®”π«π

√«¡ 582.75 ≈â“π∫“∑ ·≈– 457.61 ≈â“π∫“∑ µ“¡≈”¥—∫ ‰ª· ¥ß‡ªìπµâπ∑ÿπ¢“¬) ∫√‘…—∑„Àâ§«“¡ ”§—≠°—∫°“√§«∫§ÿ¡µâπ∑ÿπ¢“¬„ÀâÕ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡‚¥¬∫√‘…—∑‰¥â∑¬Õ¬ª√—∫√“§“¢“¬∫â“π„Àâ‡À¡“– ¡°—∫¿“«–∏ÿ√°‘®‚¥¬√«¡ ·≈–°“√‡ªî¥‚§√ß°“√„À¡à∑’Ë¡’µâπ∑ÿπ∑’Ë¥‘π‰¡à Ÿß¡“°π—° √«¡∑—Èß°“√ √â“ß∫â“π°àÕπ¢“¬

„π®”π«π¡“°°àÕ„Àâ‡°‘¥°“√ª√–À¬—¥‚¥¬¢π“¥ Õ¬à“ß‰√°Áµ“¡„πªï 2547 °“√·¢àß¢—π‡√‘Ë¡¡’¡“°¢÷Èπ‡π◊ËÕß®“°¡’ºŸâª√–°Õ∫°“√¡“°¢÷Èπ

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ : §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√„πªï 2545 ªï 2546 ·≈–ªï 2547 ®”π«π 1,144.92 ≈â“π∫“∑ 1,449.46 ≈â“π∫“∑

·≈– 1,480.54 ≈â“π∫“∑ µ“¡≈”¥—∫ (‚¥¬„πªï 2546 ·≈– 2547 ‰¥â®—¥ª√–‡¿∑√“¬°“√‡À¡◊Õπ°—∫ªï 2545 ‡æ◊ËÕ„Àâ “¡“√∂‡ª√’¬∫‡∑’¬∫‰¥â ‚¥¬π”µâπ∑ÿπ

∫“ß à«π∑’Ë¡’°“√®—¥ª√–‡¿∑√“¬„À¡à„πªï 2546 ·≈– 2547 ¡“∫«°°≈—∫‡ªìπ§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ ®”π«π 582.75 ≈â“π∫“∑ ·≈– 457.61 ≈â“π∫“∑µ“¡≈”¥—∫) §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√∑’Ëª√—∫µ—« Ÿß¢÷Èπ‡ªìπº≈®“°¬Õ¥¢“¬¢Õß∫√‘…—∑∑’Ë‡æ‘Ë¡¢÷Èπ Õ¬à“ß‰√°Áµ“¡‡¡◊ËÕæ‘®“√≥“ —¥ à«π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√µàÕ√“¬‰¥â√«¡ „πªï 2545, ªï 2546 ·≈– 2547 ∑’Ëª√—∫ª√ÿß„Àâ‡À¡◊Õπ°—∫ªï 2545 ·≈â« ¡’ —¥ à«π∑’Ë„°≈â‡§’¬ß°—π §◊Õ √âÕ¬≈– 7.12, √âÕ¬≈– 6.95

·≈–√âÕ¬≈– 7.09 µ“¡≈”¥—∫ ∑—Èßπ’È ‡ªìπº≈®“°°“√∑’Ë∫√‘…—∑¡’°“√§«∫§ÿ¡§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√„ÀâÕ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡

¿“…’∏ÿ√°‘®‡©æ“–·≈–§à“∏√√¡‡π’¬¡°“√‚Õπ : ¿“…’∏ÿ√°‘®‡©æ“–·≈–§à“∏√√¡‡π’¬¡°“√‚Õπ „πªï 2545 ªï 2546 ·≈–ªï 2547 ®”π«π 18.06 ≈â“π∫“∑

21.84 ≈â“π∫“∑ ·≈– 704.67 ≈â“π∫“∑ µ“¡≈”¥—∫ ¿“…’∏ÿ√°‘®‡©æ“– ·≈–§à“∏√√¡‡π’¬¡°“√‚Õπ‰¥âª√—∫µ—« Ÿß¢÷Èπ„πªï 2547 ‡ªìπº≈®“°°“√∑’Ë¡“µ√°“√°√–µÿâπÕ —ßÀ“√‘¡∑√—æ¬å¢Õß∑“ß°“√„π°“√≈¥¿“…’∏ÿ√°‘®‡©æ“–·≈–§à“∏√√¡‡π’¬¡°“√‚Õπ ‘Èπ ÿ¥≈ß‡¡◊ËÕ ‘Èπªï 2546

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0.06 ≈â“π∫“∑ ·≈– 0.80 ≈â“π∫“∑ µ“¡≈”¥—∫

¢“¥∑ÿπ®“°°“√¬°‡≈‘°‚§√ß°“√ : „πªï 2546 ∫√‘…—∑¢“¥∑ÿπ®“°°“√¬°‡≈‘°‚§√ß°“√ ®”π«π 71.54 ≈â“π∫“∑ ‡ªìπº≈®“°°“√¬°‡≈‘°‚§√ß°“√∫√‘‡«≥

ª√–™“π‘‡«»πå´÷Ëß∫√‘…—∑‰¥â«“ß‡ß‘π¡—¥®”‰«â·≈â«·µàª√– ∫ªí≠À“‡π◊ËÕß®“°¡’ºŸâ∫ÿ°√ÿ°„π∑’Ë¥‘π ´÷Ëß∫√‘…—∑‰¥â¥”‡π‘π°“√øÑÕß√âÕßºŸâ‡ªìπ‡®â“¢Õß∑’Ë¥‘π„Àâ™¥„™â§«“¡‡ ’¬À“¬¥—ß°≈à“«„Àâ·°à∫√‘…—∑


59

the customers, who were assured of getting the houses and land that they had decided to buy. Moreover, many customers had put offbuying houses for several years because they were not certain land and house prices had bottomed out. When other operators startedraising their prices, the customers began shopping for houses and land again, convinced that the prices would not fall any further. Thesefactors contributed to the rising sales revenue from 2001 to 2003. The termination of tax breaks and of the reduction in immovable assetownership transfer fee, which expired in 2003, as well as an anticipated rise in land appraised prices in 2004, prompted homebuyers to buyand transfer houses by 2003 to take advantage of the stimulating measures. In 2004, sales revenue dropped 2.03% from the previous yearto 18,290.87 million baht. The slowdown in sales growth was the result of the fact that consumers took a longer time to make a home-buying decision due to more supply of housing projects in the market. Other factors that might have affected their decisions were higherprices of goods and commodities as a result of higher, more volatile oil prices, higher prices of housing units which increased in line withconstruction material costs, an upward trend of interest rates and slower economic growth. However, the Company develops qualityprojects to constantly meet the demand of its target customer groups and has adopted marketing strategies such as the analysis of thedemand of its target customer groups. It also selects only prime locations for its projects, builds quality pre-built houses and sells somehouses whose prices are based on previously low costs. Therefore, its sales are likely to grow steadily, albeit at a slightly slower pacecompared to the rates seen over the past three years.

Other incomes : Other incomes consist of the share of profit from investments in associated companies, profits from the disposalof investments, accrued dividend receivables and equity shares in the associated companies, among others. Other incomes totaled 981.07million in 2002, 1,910.69 million baht in 2003 and 2,998.33 million baht in 2004

Of other incomes of 981.07 million baht in 2002, 625.46 million baht came from profit from the disposal of investments.

In 2003, other incomes were 1,910.69 million baht, largely from the profit from disposal of investments of 926.43 million baht, largershares of profits from associated companies of 413.02 million baht, dividend receivables totaling 273.37 million baht and other incomes of385.71 million baht.

In 2004, other incomes of 2,998.33 million baht mostly came from (1) profit from the disposal of investment of 1,166.56 million baht,primarily from the sale of investment in Asset Plus Securities Plc., Asian Property Development Plc. and Christiani & Nielsen Plc; (2) profitfrom the reversal of impairment loss worth 199.53 million baht for its investment in Christiani & Nielsen Plc. in which the Company hadallocated an allowance for the impairment of its entire investment in 2000 but in September 2004, shares of the company were allowed totrade on the Stock Exchange of Thailand, enabling the Company to book the reversal of the impairment based on its market price as ofDecember 31, 2004; (3) dividend receivables of 197.19 million baht; (4) share of profits from its investments in the associated companiesof 994.07 million baht due to improved operating results of the associated companies; and (5) other incomes of 440.99 million baht.

Cost of sales : Sales costs were 9,422.33 million baht in 2002, 11,521.99 million baht in 2003 and 11,355.88 million baht in 2004.The Companyûs gross profit margin improved in 2003 and began to slow by 1% in 2004. In 2003 and 2004, the Company re-categorizedits lists by booking sales and management costs related to salaries and compensation for foremen, project managers, construction anddesign fees totalling 582.75 million baht and 457.61 million baht respectively as sales costs. The Company, however, has always emphasized on controlling sales costs at appropriate levels by increasing the selling prices to be more in line with the overall businessenvironment and launching new projects with relatively low land costs. Its pre-built house construction policy in which houses were builtin large volume before being sold also resulted in an economy of scale. But in 2004, competition intensified due to a higher number ofoperators in the industry.

Selling and administrative expenses : Sales and management expenses totaled 1,144.92 million baht in 2002, 1,449.46 millionbaht in 2003 and 1,480.54 million baht in 2004. In 2003 and 2004, the categorization was the same as in 2002 for comparison purpose(parts of the costs that had been re-categorized in 2003 and 2004, 582.75 million baht and 457.61 million baht respectively, were added tosales and management expenses). While the sales and management expenses increased in line with higher sales, its proportions in totalrevenue in 2002, 2003 and 2004, which were adjusted using the same categorization as in 2002, were comparable, at 7.12%, 6.95% and7.09% respectively, thanks to efforts to control the sales and management expenses at appropriate levels.

Specific business tax and transfer fees : Special business taxes and transfer fees were 18.06 million baht in 2002, 21.84 millionbaht in 2003 and 704.67 million baht in 2004. The taxes and fees were higher in 2004, as the governmentûs measures to stimulate theproperty sector by reducing the special business taxes and transfer fee ended in 2003.

Equity loss from investment in subsidiaries and affiliates : The share of losses from investments in associated companies stoodat 10.13 million baht in 2002, 0.06 million baht in 2003 and 0.80 million baht in 2004.

Loss from cancel of project : In 2003, the Company booked a loss of 71.54 million baht from its decision to cancela project in the Prachanives area in which it had paid an advance. The project was cancelled because of a land trespassing problem andthe Company has filed lawsuit against the land owner, demanding compensation for the damages.


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(Àπà«¬ : ≈â“π∫“∑)

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‡ß‘π≈ß∑ÿπÕ◊Ëπ 119.34 - -

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√“¬°“√æ‘‡»… : √“¬°“√æ‘‡»…∑’Ë ”§—≠ ®”π«π 303.43 ≈â“π∫“∑ „πªï 2545 ‡°‘¥®“°°”‰√®“°°“√ª√—∫‚§√ß √â“ßÀπ’È‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ‰¥â·°à ∫√‘…—∑ ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ®”π«π 76.38 ≈â“π∫“∑ ∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ®”π«π 48.37 ≈â“π∫“∑ ·≈–∫√‘…—∑§«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ®”°—¥ (¡À“™π) ®”π«π 178.68 ≈â“π∫“∑

°”‰√ ÿ∑∏‘ : º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’°”‰√ ÿ∑∏‘‡æ‘Ë¡¢÷ÈπµàÕ‡π◊ËÕß „πªï 2545 ·≈–ªï 2546 ®”π«π 3,820.12 ≈â“π∫“∑ ·≈–6,085.65 ≈â“π∫“∑ µ“¡≈”¥—∫ ªï 2547 ¡’°”‰√ ÿ∑∏‘®”π«π 6,100.74 ≈â“π

®“°º≈°“√¥”‡π‘πß“π∑’Ë°≈à“«¡“¢â“ßµâπ ‡¡◊ËÕæ‘®“√≥“∂÷ßÕ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√∑”°”‰√¢Õß∫√‘…—∑„πªï 2545 ·≈–ªï 2546 ∫√‘…—∑¡’Õ—µ√“°”‰√¢—Èπµâπ¥’¢÷ÈπµàÕ‡π◊ËÕß ‡∑à“°—∫√âÕ¬≈– 37.61 ·≈–√âÕ¬≈– 38.29 µ“¡≈”¥—∫ „π¢≥–∑’Ë¡’Õ—µ√“°”‰√ ÿ∑∏‘ ‡∑à“°—∫ √âÕ¬≈– 23.75 ·≈–√âÕ¬≈– 29.76µ“¡≈”¥—∫ ”À√—∫ªï 2547 Õ—µ√“°”‰√¢—Èπµâπ ·≈–Õ—µ√“°”‰√ ÿ∑∏‘ ‡∑à“°—∫ √âÕ¬≈– 37.92 ·≈–√âÕ¬≈– 28.66 µ“¡≈”¥—∫

‡ß‘πªíπº≈®à“¬ : ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 1/2544 ‡¡◊ËÕ«—π∑’Ë 20 ∏—π«“§¡ 2544 ‰¥â¡’¡µ‘„Àâ∫√‘…—∑‚Õπ∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬®”π«π 162.24≈â“π∫“∑ ·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ ®”π«π 2,500.14 ≈â“π∫“∑ ‰ª™¥‡™¬¢“¥∑ÿπ – ¡∑’Ëª√“°Ø„πß∫¥ÿ≈¢Õß∫√‘…—∑ ·≈–®“°°“√∑’Ëªï 2544 ∫√‘…—∑¡’°”‰√ ÿ∑∏‘®”π«π 1,551.32 ≈â“π∫“∑ àßº≈„Àâ¡’º≈„Àâ°”‰√ – ¡ ≥ ‘Èπªï 2544 ‡∑à“°—∫ 224.88 ≈â“π∫“∑ ®“°º≈°“√¥”‡π‘πß“π∑’Ë¥’¢÷ÈπµàÕ‡π◊ËÕß ∫√‘…—∑‰¥âæ‘®“√≥“®à“¬‡ß‘πªíπº≈ ”À√—∫º≈°“√¥”‡π‘πß“π ”À√—∫ªï 2545 ªï 2546 ·≈–ß«¥ 6 ‡¥◊Õπ·√°¢Õßªï 2547 ¥—ßπ’È

®”π«π‡ß‘πªíπº≈ (≈â“π∫“∑) «—π∑’Ë®à“¬‡ß‘πªíπº≈

‡ß‘πªíπº≈®à“¬ ”À√—∫º≈°“√¥”‡π‘πß“πªï 2545 441.23 12 °—π¬“¬π 2545661.86 28 æƒ…¿“§¡ 2546

‡ß‘πªíπº≈®à“¬ ”À√—∫º≈°“√¥”‡π‘πß“πªï 2546 1,350.28 12 °—π¬“¬π 25461,749.95 12 ∏—π«“§¡ 25465,434.44 27 æƒ…¿“§¡ 2547

‡ß‘πªíπº≈®à“¬ ”À√—∫º≈°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ·√°ªï 2547 2,418.32 13 °—π¬“¬π 2547


61

Loss from impairment : Losses from impairments were 790.00 million baht in 2002, 357.31 million baht in 2003 and 35.24million baht in 2004. Most of the losses were due to impairments of its long-term investments, investments in associated companies andother assets, the details of which are as follows:.

(Unit: million baht)

Losses from impairment 2002 2003 2004

Investment in associated companiesML&H Corporation Co., Ltd. - 298.91 -

Long-term investmentInvestment in equity securities and 661.27 58.40 -debt securities of Mass Transit System Plc.

Other investments 119.34 - -

Other assets 9.39 - 35.24

Total 790.00 357.31 35.24

The Company sold all of its investment in associated company ML&H Corporation Co., Ltd in September, 2003. As for itsinvestment in the equity and debt securities of Mass Transit System Plc., the Company sold the subordinated convertible debentures andordinary shares to Siam Tanee Real Estate Co., Ltd, one of its subsidiaries, in the second quarter of 2003.

Doubtful accounts : In 2002, doubtful accounts of 60.32 million baht were allowances for loans lent to Mass Transit System Plc.(30.82 million baht) and to other companies that the Company had bought when it had purchased land to develop projects (40 million baht).The Company was repaid 10.50 million baht from Bangkok Chain Hospital Co. Ltd. and Quality Construction Products Plc. during the year.

Profit before interest expenses and income tax : Profit before interest and income tax stood at 4,637.88 million baht in 2002,7,610.41 million baht in 2003 and 8,169.69 million baht in 2004. Interest fell from 206.39 million in 2002 to 52.02 million baht in 2003 but roseto 121.12 million baht in 2004 since the outstanding debts of the Company fell continually from 2002 to 2003 and lending rates alsodeclined. As a result, profit from ordinary items increased continually, from 3,516.69 million baht in 2002 and 6,085.65 million baht in 2003.In 2004, the interest expenses rose on higher outstanding debts borrowed to expand the business. Profit from ordinary items in 2004 was6,100.74 million baht, up from 6,085.65 million baht in 2003.

Extraordinary items : The extraordinary item of 303.43 million baht in 2002 was profits from the debt restructuring of theCompanyûs subsidiaries and associated companies-Pacific Real Estate Co., Ltd. (76.38 million baht), Siam Tanee Real Estate Co., Ltd. (48.37million baht) and Quality Construction Products Plc. (178.68 million baht).

Net profits : The Company and its subsidiaries enjoyed a steady increase in their net profits, from 3,820.12 million baht in 2002 to6,085.65 million baht in 2003. In 2004, the Company made a net profit of 6,100.74 million baht.

Given such performances, when considering the Companyûs profitability ratio, its gross profit margin rose steadily from 37.61% in2002 to 38.29% 2003 while its net profit margin surged from 23.75% in 2002 to 29.76% in 2003. In 2004, its gross profit margin and netprofit margin were 37.92% and 28.66% respectively.

Dividend payables : The extraordinary shareholdersû meeting No. 1/2544 on December 20, 2001 resolved to transfer a statutoryreserve of 162.24 million baht and a premium on common shares worth 2,500.14 million baht to clear the retained deficits as shown in theCompanyûs balance sheets. As in 2001 the Company made a net profit of 1,551.32 million baht, it showed retained earnings as of the endof the year of 224.88 million baht. Due to the steady improvement in its performance, the Company approved dividend payments for itsoperations in 2002, 2003 and in the first six months of 2004 as follows:

Amount (million baht) Date of payment

Dividend for 2002 operating results 441.23 September 12, 2002661.86 May 28, 2003

Dividend for 2003 operating results 1,350.28 September 12, 20031,749.95 December 12, 20035,434.44 May 27, 2004

Dividend for operating results of the first six months of 2004 2,418.32 September 13, 2004

In 2002, the Company paid a dividend for its operations in the first half of the year at the rate of 0.70 baht a share (at par valueof 10 baht), totaling 441.23 million baht, and a dividend for its operations in the latter half of the year at 0.10 baht a share (at par value of


62

„πªï 2545 ∫√‘…—∑®à“¬‡ß‘πªíπº≈ ”À√—∫º≈°“√¥”‡π‘πß“π§√÷Ëßªï·√°„πÕ—µ√“Àÿâπ≈– 0.70 ∫“∑ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 10 ∫“∑) §‘¥‡ªìπ‡ß‘πªíπº≈√«¡441.23 ≈â“π∫“∑ ·≈–‡ß‘πªíπº≈ ”À√—∫º≈°“√¥”‡π‘πß“π§√÷ËßªïÀ≈—ß „πÕ—µ√“Àÿâπ≈– 0.10 ∫“∑ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑) √«¡‡ß‘πªíπº≈ ”À√—∫º≈¥”‡π‘πß“πªï 2545 ‡∑à“°—∫ 0.17 ∫“∑µàÕÀÿâπ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬ ®”π«π 1,103.09 ≈â“π∫“∑ §‘¥‡ªìπÕ—µ√“°“√®à“¬‡ß‘πªíπº≈ ”À√—∫ªï 2545 „π —¥ à«π√âÕ¬≈– 28.88 ¢Õß°”‰√ ÿ∑∏‘

°“√®à“¬‡ß‘πªíπº≈ ”À√—∫º≈°“√¥”‡π‘πß“πªï 2546 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 9/2546 ‡¡◊ËÕ«—π∑’Ë 14 ‘ßÀ“§¡ 2546 ¡’¡µ‘„Àâ®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫º≈°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ·√°¢Õßªï 2546 „πÕ—µ√“Àÿâπ≈– 0.20 ∫“∑ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑) ‡ªìπ®”π«π‡ß‘π 1,350.28 ≈â“π∫“∑·≈–∑’Ëª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 12/2546 ‡¡◊ËÕ«—π∑’Ë 14 æƒ»®‘°“¬π 2546 ¡’¡µ‘„Àâ®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫º≈°“√¥”‡π‘πß“πß«¥ 9 ‡¥◊Õπ·√°¢Õßªï 2546 ‡æ‘Ë¡‡µ‘¡Õ’°„πÕ—µ√“Àÿâπ≈– 0.25 ∫“∑ ‡ªìπ®”π«π‡ß‘π 1,749.95 ≈â“π∫“∑ √«¡∑—Èß∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 1/2547 ‡¡◊ËÕ«—π∑’Ë 27 ‡¡…“¬π 2547¡’¡µ‘„Àâ®à“¬‡ß‘πªíπº≈ª√–®”ªï 2546 ‡æ‘Ë¡‡µ‘¡„πÕ—µ√“Àÿâπ≈– 0.70 ∫“∑ ‡ªìπ®”π«π‡ß‘π 5,434.44 ≈â“π∫“∑ √«¡‡ªìπ‡ß‘πªíπº≈®à“¬ ®”π«π 8,534.67 ≈â“π∫“∑§‘¥‡ªìπÕ—µ√“°“√®à“¬‡ß‘πªíπº≈ ”À√—∫ªï 2546 „π —¥ à«π√âÕ¬≈– 137.86 ¢Õß°”‰√ ÿ∑∏‘ ( à«π∑’Ë‡°‘π®“°°”‰√ ÿ∑∏‘‡ªìπ°“√®à“¬®“°°”‰√ – ¡¢Õß∫√‘…—∑)

°“√®à“¬‡ß‘πªíπº≈ ”À√—∫º≈°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ·√°¢Õßªï 2547 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 8/2547 ‡¡◊ËÕ«—π∑’Ë 13 ‘ßÀ“§¡ 2547¡’¡µ‘„Àâ®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫º≈°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ·√°¢Õßªï 2547 „πÕ—µ√“Àÿâπ≈– 0.30 ∫“∑ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑) ‡ªìπ®”π«π‡ß‘π 2,418.32 ≈â“π∫“∑

(¢) ∞“π–°“√‡ß‘π ‘π∑√—æ¬å

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å√«¡ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï 2547 ®”π«π 27,096.56 ≈â“π∫“∑ 31,392.67 ≈â“π∫“∑ ·≈– 36,845.26≈â“π∫“∑ µ“¡≈”¥—∫ ‡π◊ËÕß®“°∫√‘…—∑ª√–°Õ∫∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‚¥¬°“√ √â“ß∫â“π°àÕπ¢“¬·≈–¡’°“√∑¬Õ¬‡ªî¥‚§√ß°“√„À¡àÕ¬à“ßµàÕ‡π◊ËÕß ‘π∑√—æ¬å∑’Ë ”§—≠®÷ßÕ¬Ÿà„π√Ÿª ‘π§â“§ß‡À≈◊Õ ´÷Ëßª√–°Õ∫¥â«¬∑’Ë¥‘π·≈–ß“π√–À«à“ß°àÕ √â“ß πÕ°®“°π—Èπ ‘π∑√—æ¬å∑’Ë ”§—≠¢Õß∫√‘…—∑„π≈”¥—∫µàÕ‰ª ‰¥â·°à ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‡ß‘π≈ß∑ÿπ√–¬–¬“« ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ √“¬≈–‡Õ’¬¥¢Õß ‘π∑√—æ¬å¢Õß∫√‘…—∑ ¥—ßπ’È

‘π§â“§ß‡À≈◊Õ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπ ÿ¥ ªï 2547 18,226.23 ≈â“π∫“∑ 19,847.34 ≈â“π∫“∑ ·≈– 25.958.35 ≈â“π∫“∑ §‘¥‡ªìπ —¥ à«πµàÕ ‘π∑√—æ¬å√«¡√âÕ¬≈– 67.26 √âÕ¬≈– 63.22 ·≈–√âÕ¬≈– 70.45 µ“¡≈”¥—∫ ‚¥¬ ‘π§â“§ß‡À≈◊Õ ≥ ‘Èπªï 2547 ¡’®”π«π‡æ‘Ë¡¢÷Èπ ∑’Ë ”§—≠‡π◊ËÕß®“°∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’°“√æ—≤π“‚§√ß°“√∑’ËÕ¬ŸàÕ“»—¬‡æ‘Ë¡¢÷Èπ®÷ß¡’°“√®—¥´◊ÈÕ∑’Ë¥‘π ·≈–°àÕ √â“ß∫â“π·≈–§Õπ‚¥¡‘‡π’¬¡‡æ‘Ë¡¢÷Èπ

‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ ‘Èπªï 2545 ·≈– ‘Èπªï 2546 ®”π«π 550 ≈â“π∫“∑ ·≈– 1,500 ≈â“π∫“∑ §‘¥‡ªìπ —¥ à«πµàÕ ‘π∑√—æ¬å√«¡√âÕ¬≈–– 2.03 ·≈–√âÕ¬≈– 4.78 µ“¡≈”¥—∫ ‚¥¬∫√‘…—∑¡’π‚¬∫“¬≈ß∑ÿπ√–¬– —Èπ„π ‘π∑√—æ¬å∑’Ë¡’ ¿“æ§≈àÕß Ÿß·≈–¡’§«“¡‡ ’Ë¬ß„π√–¥—∫µË” ‚¥¬‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≥ ‘Èπªï 2545·≈– 2546 ª√–°Õ∫¥â«¬µ—Î«‡ß‘π§≈—ß∑—Èß®”π«π ´÷Ëß‡ß‘π≈ß∑ÿπ√–¬– —Èπ¥—ß°≈à“«‰¥â§√∫°”Àπ¥‰∂à∂Õπ„π™à«ß 9 ‡¥◊Õπ·√°¢Õßªï 2547 ·≈– „πªï 2547 ∫√‘…—∑‰¥â≈ß∑ÿπ‡æ‘Ë¡‡µ‘¡„πµ—Î«‡ß‘π§ß§≈—ß ®”π«π 600 ≈â“π∫“∑

≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫ - ÿ∑∏‘ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπ ÿ¥ªï 2547 ®”π«π 178.50 ≈â“π∫“∑ 200.28 ≈â“π∫“∑ ·≈– 360.80 ≈â“π∫“∑§‘¥‡ªìπ —¥ à«πµàÕ ‘π∑√—æ¬å√«¡√âÕ¬≈– 0.66 √âÕ¬≈– 0.64 ·≈–√âÕ¬≈– 0.98 µ“¡≈”¥—∫ ‚¥¬ à«π„À≠à®–‡ªìπ‡™Á§Ω“°√–À«à“ß∑“ß¢Õß≈Ÿ°§â“∑’Ë¡“‚Õπ∫â“π≥ «—πß«¥∫—≠™’¢Õß·µà≈–ß«¥ ∫√‘…—∑‰¡à¡’≈Ÿ°Àπ’È°“√§â“∑’Ë¡’ªí≠À“™”√–Àπ’È

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π·≈–∫√‘…—∑Õ◊Ëπ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπ ªï 2547 √“¬≈–‡Õ’¬¥¥—ßπ’È(Àπà«¬ : ≈â“π∫“∑)

≥ 31 ∏.§. 2545 ≥ 31 ∏.§. 2546 ≥ 31 ∏.§. 2547

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡∫¡®.∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ 87.50 72.50 0.00∫¡®.§«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å 0.00 0.00 0.00À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (87.50) (72.50) 0.00

√«¡‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡ 0.00 0.00 0.00

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑Õ◊Ëπ∫¡®.√–∫∫¢π àß¡«≈™π°√ÿß‡∑æ 18.22 18.22 0.00À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (18.22) (18.22) 0.00

√«¡‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑Õ◊Ëπ 0.00 0.00 0.00

√«¡‡ß‘π„Àâ°Ÿâ¬◊¡·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π·≈–∫√‘…—∑Õ◊Ëπ 0.00 0.00 0.00

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡√“¬∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ∫√‘…—∑‰¥â√—∫§◊π‡ß‘π„Àâ°Ÿâ¬◊¡¥—ß°≈à“«·≈â«„π√–À«à“ßªï 2545 ∂÷ß‰µ√¡“ 1ªï 2547

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡√“¬∫√‘…—∑ §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ®”°—¥ (¡À“™π) ∫√‘…—∑‰¥â√—∫§◊π‡ß‘π„Àâ°Ÿâ¬◊¡¥—ß°≈à“«·≈â«„πªï 2545


63

one baht). The dividends paid for its operations for the whole of 2002 thus totaled 0.17 baht a share, or 1,103.09 million baht in all, or28.88% of its net profit.

The Board of Directorsû meeting No. 9/2546 on August 14, 2003 also resolved to pay an interim dividend for the Companyûsoperations in the first six months of 2003 at the rate of 0.20 baht per share (at par value of one baht), totaling 1,350.28 million baht. Theresolution No. 12/2546 of the Companyûs Board of Directors also approved another interim dividend payment at the rate of 0.25 baht pershare, totaling 1,749.95 million baht. The ordinary shareholdersû meeting No. 1/2547 on April 27, 2004 approved an additional annualdividend payment for the 2003 operating results at the rate of 0.70 baht a share, totaling 5,434.44 million baht. The total dividends paid forthe 2003 operating results therefore amounted to 8,534.67 million baht, or 137.86% of net profit.

As for the dividend paid for the operating results of the first six months of 2004, the Board of Directors approved at its 8/2547meeting on August 13, 2004 to pay an interim dividend for the operating results of the first six months of 2004 at the rate of 0.30 baht ashare (of one-baht par), totaling 2,418.32 million baht.

(b) Financial positionAssets

The Company and its subsidiaries had total assets of 27,096.56 million baht as of the end of 2002, 31,392.67 million baht as of theend of 2003 and 36,845.26 million baht as of the end of 2004. Since the Company operates the business of developing real estate bybuilding houses before selling them and launches new projects regularly, its core assets are in the form of inventory, comprising land andprojects under development. Next in importance are assets in the form of short-term investments, long-term investments and investmentsin its subsidiaries and associated companies. The details of its assets are as follows:

Inventory was valued at 18,226.23 million baht as of the end of 2002, 19,847.34 million baht as of the end of 2003, and 25,958.35million baht as of the end of 2004, representing 67.26%, 63.22% and 70.45% of total assets in the respective periods. The inventory as ofthe end of 2004 increased because the Company and its subsidiaries developed more housing projects, resulting in the procurement ofmore land, and construction of more houses and condominiums.

Short-term investments were valued at 550 million baht as of the end of 2002 and 1,500 million baht as of the end of 2003,representing 2.03% and 4.78% of total assets in the respective years. The Company had a policy to make short-term investments in assetswith high liquidity and low risks. Its short-term investments as of the end of 2002 and 2003 were entirely in the form of treasury bills. TheCompany redeemed these short-term investments when they matured in the first nine months of 2004 and invested in another 600 millionbaht in treasury bills in 2004.

Accounts and notes receivable amounted to 178.50 million baht as of the end of 2002, 200.28 million baht as of the end of 2003,and 360.80 million baht as of the end of 2004, representing 0.66%, 0.64% and 0.98% of total assets respectively. Most of the accounts andnotes receivable were in the form of checks paid by customers who were transferred houses on the last day of each year. The Companyhad no accounts receivable with repayment problems.

Short-term loans to connected businesses and other companies as of the end of 2002, 2003 and 2004 are as follows:(Unit: million baht)

As of As of As ofDecember 31, 2002 December 31, 2003 December 31, 2004

Lending to associated companiesBangkok Chain Hospital Plc. 87.50 72.50 0.00Quality Construction Products Plc. 0.00 0.00 0.00Less: Allowances for doubtful debts (87.50) (72.50) 0.00

Total lent to associated companies 0.00 0.00 0.00

Lending to other companiesMass Transit System Plc. 18.22 18.22 0.00Less: Allowance for doubtful debts (18.22) (18.22) 0.00

Total lent to other companies 0.00 0.00 0.00

Total lent to connected businesses and other companies 0.00 0.00 0.00

The Company was repaid the amount it had lent to associated company Bangkok Chain Hospital Plc. between 2003 and the firstquarter of 2004.

The Company was repaid the amount it had lent to Quality Construction Products Plc. in 2002.


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‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑Õ◊Ëπ√“¬∫√‘…—∑ √–∫∫¢π àß¡«≈™π°√ÿß‡∑æ ®”°—¥ (¡À“™π) ‡ªìπ°“√„Àâ°Ÿâ¬◊¡µ“¡ —¥ à«π¢Õß°“√≈ß∑ÿπ∑’Ë∂◊Õ§√Õß‚¥¬ÕÕ°‡ªìπµ—Î« —≠≠“„™â‡ß‘π ª≈Õ¥À≈—°∑√—æ¬å§È”ª√–°—π Õ—µ√“¥Õ°‡∫’È¬ MLR+2% „π√–À«à“ß‰µ√¡“ 2 ªï 2546 ∫√‘…—∑‰¥â¢“¬≈Ÿ°Àπ’È‡ß‘π„Àâ°Ÿâ¬◊¡∫√‘…—∑¥—ß°≈à“«„Àâ·°à∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 99 ‚¥¬∂◊Õºà“π∫√‘…—∑¬àÕ¬√“¬∫√‘…—∑ ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È ®”°—¥

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï 2547 ®”π«π 1,523.43 ≈â“π∫“∑ 3,079.25 ≈â“π∫“∑ ·≈– 6,989.02≈â“π∫“∑ §‘¥‡ªìπ —¥ à«πµàÕ ‘π∑√—æ¬å√«¡√âÕ¬≈– 5.62 √âÕ¬≈– 9.81 ·≈–√âÕ¬≈– 18.97 µ“¡≈”¥—∫ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ≥ ‘Èπªï 2546≈¥≈ß®“°ªï 2545 ®”π«π 688.22 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“°„π‰µ√¡“ 3 ¢Õßªï 2546 ∫√‘…—∑‰¥â¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡√“¬∫√‘…—∑ ‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™§Õ√åªªÕ‡√™—Ëπ ®”°—¥ „π√“§“ 881.04 ≈â“π∫“∑ ∑”„Àâ¡’°”‰√ ÿ∑∏‘®“°°“√¢“¬‡ß‘π≈ß∑ÿπ®”π«π 14.25 ≈â“π∫“∑ ÷Ëß∫√‘…—∑®–‰¥â√—∫™”√–‡ªìπ‡ß‘π ¥À√◊ÕÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥„πª√–‡∑»øî≈‘ªªîπ å ¿“¬„π 1 ªï ∫√‘…—∑‰¥â∫—π∑÷°‰«â‡ªìπ≈Ÿ°Àπ’ÈÕ◊Ëπ∑—Èß®”π«π‡π◊ËÕß®“°∫√‘…—∑¬—ß‰¡à‰¥â√—∫™”√– Õ¬à“ß‰√°Áµ“¡„π‡¥◊Õπ∏—π«“§¡ 2547 ∫√‘…—∑‰¥â√—∫™”√–Àπ’È®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™ §Õ√åªªÕ‡√™—Ëπ ®”°—¥ ‚¥¬‰¥â√—∫§à“µÕ∫·∑π‡ªìπÀÿâπ¢Õß Polar Property Holdings Corporation ·≈â«

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ≥ ‘Èπªï 2547 ‡æ‘Ë¡¢÷Èπ‡ªìπ 6,989.02 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“°

(1) „πªï 2547 ∫√‘…—∑‰¥â·°â ‰¢¢âÕº‘¥æ≈“¥„π°“√∫—π∑÷°∫—≠™’‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å ·Õπ¥å ‡Œâ“ å 1 ·≈– 2 ®“°‡¥‘¡∑’Ë∂◊Õ«à“‡ªìπ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ¡“‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ‡π◊ËÕß®“°∫√‘…—∑∂◊ÕÀπà«¬≈ß∑ÿπ„π°Õß∑ÿπ¥—ß°≈à“«√âÕ¬≈– 49.99 ·≈–ΩÉ“¬∫√‘À“√‡ÀÁπ«à“¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠ ∫√‘…—∑‰¥âª√—∫ª√ÿßß∫°“√‡ß‘π¬âÕπÀ≈—ß‰ª„πªï°àÕπÊ ¥â«¬ ‡ ¡◊ÕπÀπ÷Ëß«à“‰¥â∫—π∑÷°∫—≠™’µ“¡«‘∏’ à«π‰¥â‡ ’¬¡“µ—Èß·µàµâπ ®“°°“√ª√—∫ª√ÿß¥—ß°≈à“«∑”„Àâ à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ´÷Ëß· ¥ß„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ß«¥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡∑à“°—∫ 994.06≈â“π∫“∑ ·≈– 413.02 ≈â“π∫“∑ µ“¡≈”¥—∫ ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å ·Õπ¥å ‡Œâ“ å 1·≈– 2 ‡∑à“°—∫ 451.27 ≈â“π∫“∑ ·≈– 2,163.93 ≈â“π∫“∑ µ“¡≈”¥—∫

(2) „π√–À«à“ß‰µ√¡“ 2 ·≈– 3 ªï 2547 ∫√‘…—∑´◊ÈÕÀÿâπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ‡æ‘Ë¡‡µ‘¡®π∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ®“°«—π∑’Ë 31 ¡’π“§¡ 2547 ®“°√âÕ¬≈– 18.65 ‡ªìπ√âÕ¬≈– 21.84 ∫√‘…—∑®÷ß‰¥â‡ª≈’Ë¬π·ª≈ß°“√π”‡ πÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π)®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ‡ªìπ∫√‘…—∑√à«¡µ—Èß·µà‰µ√¡“ 2 ¢Õßªï 2547 ‡ªìπµâπ‰ª ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬„π∫√‘…—∑§«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ‡∑à“°—∫ 2,120.99 ≈â“π∫“∑

„πªï 2545 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡√“§“∑ÿπ∑—ÈßÀ¡¥‡∑à“°—∫ 3,867.34 ≈â“π∫“∑ ·≈–‡¡◊ËÕ§”π«≥µ“¡«‘∏’ à«π‰¥â‡ ’¬®–¡’¡Ÿ≈§à“≈¥≈ß‚¥¬¡’¡Ÿ≈§à“√«¡‡∑à“°—∫ 2,286.59 ≈â“π∫“∑ „πªï 2545 ∫√‘…—∑‰¥â‡ª≈’Ë¬π·ª≈ß°“√π”‡ πÕ‡ß‘π≈ß∑ÿπ„π ∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å®”°—¥ (¡À“™π) ·≈–∫√‘…—∑À≈—°∑√—æ¬å ·Õ ‡´∑æ≈— ®”°—¥ (¡À“™π) ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡‰ª‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ ‡π◊ËÕß®“°„πªï 2545 ∫√‘…—∑‰¥â≈¥ —¥ à«π‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ≈ß‡À≈◊Õ√âÕ¬≈– 17.80 (®“°√âÕ¬≈– 24.99 ≥ ‘Èπªï 2544) ·≈–„πªï2545 ∫√‘…—∑À≈—°∑√—æ¬å ·Õ ‡´∑æ≈— ®”°—¥ (¡À“™π) ‰¥â‡æ‘Ë¡∑ÿπ™”√–·≈â«®“° 225 ≈â“π∫“∑ ‡ªìπ 300 ≈â“π∫“∑ ‚¥¬°“√‡ πÕ¢“¬Àÿâπ‡æ‘Ë¡∑ÿπ„Àâ·°àª√–™“™π∑—Ë«‰ª ®“°°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑≈¥≈ß‡À≈◊Õ√âÕ¬≈– 19.63 (®“°√âÕ¬≈– 26.18 ≥ ‘Èπªï 2544)

„πªï 2546 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡√“§“∑ÿπ∑—ÈßÀ¡¥‡∑à“°—∫ 4,348.49 ≈â“π∫“∑ ·≈–‡¡◊ËÕ§”π«≥µ“¡ à«π‰¥â‡ ’¬®–¡’¡Ÿ≈§à“≈¥≈ß‚¥¬¡’¡Ÿ≈§à“√«¡‡∑à“°—∫ 4,181.36 ≈â“π∫“∑ ‚¥¬„π‰µ√¡“ 2 ªï 2546 ∫√‘…—∑´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‡æ‘Ë¡®”π«π2.4 ≈â“πÀÿâπ ‡ªìπ®”π«π‡ß‘π 5.38 ≈â“π∫“∑ ∑”„Àâ —¥ à«π‡ß‘π≈ß∑ÿπ‡æ‘Ë¡¢÷Èπ®“°‡¥‘¡√âÕ¬≈– 36.07 ‡ªìπ√âÕ¬≈– 40 πÕ°®“°π’È —¥ à«π‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡√“¬∫√‘…—∑ §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ®”°—¥ (¡À“™π) ≈¥≈ß®“°√âÕ¬≈– 40.08 ‡À≈◊Õ√âÕ¬≈– 31.41 ‡π◊ËÕß®“°∫√‘…—∑√à«¡¥—ß°≈à“«‡æ‘Ë¡∑ÿπ®“° 320≈â“π∫“∑ ‡ªìπ 400 ≈â“π∫“∑ ‚¥¬‡ πÕ¢“¬Àÿâπ‡æ‘Ë¡∑ÿπ·°àª√–™“™π∑—Ë«‰ª„π‰µ√¡“ 4 ªï 2546 ®”π«π 80 ≈â“πÀÿâπ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑)

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ªï 2547 µ“¡«‘∏’√“§“∑ÿπ ‡∑à“°—∫ 7,377.36 ≈â“π∫“∑ ·≈–µ“¡«‘∏’ à«π‰¥â‡ ’¬‡∑à“°—∫ 8,672.50 ≈â“π∫“∑‡æ‘Ë¡¢÷Èπ®“° ‘Èπªï 2546 ∑’Ë‡∑à“°—∫ 4,181.36 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“° (1) „πªï 2547 ∫√‘…—∑‰¥â·°â ‰¢¢âÕº‘¥æ≈“¥„π°“√∫—π∑÷°∫—≠™’‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å ·Õπ¥å ‡Œâ“ å 1 ·≈– 2 ®“°‡¥‘¡∑’Ë∂◊Õ«à“‡ªìπ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ (‡ß‘π≈ß∑ÿπ√–¬–¬“«) ¡“‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡‡π◊ËÕß®“°∫√‘…—∑∂◊ÕÀπà«¬≈ß∑ÿπ„π°Õß∑ÿπ¥—ß°≈à“«√âÕ¬≈– 49.99 ·≈–ΩÉ“¬∫√‘À“√‡ÀÁπ«à“¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠ ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å ·Õπ¥å ‡Œâ“ å 1 ·≈– 2 ‡∑à“°—∫ 451.27 ≈â“π∫“∑ ·≈– 2,163.93 ≈â“π∫“∑ µ“¡≈”¥—∫ (2)„π√–À«à“ß‰µ√¡“ 2 ·≈– 3 ªï 2547 ∫√‘…—∑´◊ÈÕÀÿâπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ‡æ‘Ë¡‡µ‘¡®π∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑‡æ‘Ë¡¢÷Èπ®“°«—π∑’Ë31 ¡’π“§¡ 2547 ®“°√âÕ¬≈– 18.65 ‡ªìπ√âÕ¬≈– 21.84 ∫√‘…—∑®÷ß‰¥â‡ª≈’Ë¬π·ª≈ß°“√π”‡ πÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ‡ªìπ∫√‘…—∑√à«¡µ—Èß·µà‰µ√¡“ 2 ¢Õßªï 2547 ‡ªìπµâπ‰ª ‚¥¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬„π∫√‘…—∑§«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ‡∑à“°—∫ 2,120.99 ≈â“π∫“∑

„π√–À«à“ß«—π∑’Ë 2 - 3 æƒ»®‘°“¬π 2547 ∫√‘…—∑√à«¡√“¬∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ‰¥â‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 240≈â“πÀÿâπ µàÕª√–™“™π∑—Ë«‰ª ∫√‘…—∑‰¥âπ”Àÿâπ¢Õß∫√‘…—∑√à«¡¥—ß°≈à“«∑’Ë∫√‘…—∑∂◊ÕÕ¬Ÿà∫“ß à«π®”π«π 40 ≈â“πÀÿâπ ¡“√à«¡‡ πÕ¢“¬µàÕª√–™“™π∑—Ë«‰ª„π√–¬–‡«≈“¥—ß°≈à“«¥â«¬ ¡’º≈„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 5 æƒ»®‘°“¬π 2547 ≈¥≈ß‡À≈◊Õ —¥ à«π√âÕ¬≈–25.68 ®“°‡¥‘¡∑’Ë∫√‘…—∑∂◊ÕÀÿâπÕ¬Ÿà„π —¥ à«π√âÕ¬≈– 40


65

The lending to other companies; namely Mass Transit System Plc., was in proportion to its investment. It was in the form ofunsecured promissory notes with an interest rate of MLR+2%. In the second quarter of 2003, the Company sold the debt to Siam TaneeReal Estate Co., Ltd, in which it holds 99% through subsidiary Siam Tanee Property Co., Ltd.

Investments in subsidiaries and affiliates stood at 1,523.43 million baht as of the end of 2002, 3,079.25 million baht as of the endof 2003, and 6,989.02 million baht as of the end of 2004, representing 5.62%, 9.81% and 18.97% of total assets respectively. Theinvestments in subsidiaries and associated companies as of the end of 2003 dropped by 688.22 million baht from the figure as of the endof 2002 primarily because in the third quarter of 2003 the Company sold its investment in ML&H Corporation, an associated company, for881.04 baht, resulting in a net gain of 14.25 million baht from the disposal of investment. The Company would be paid in cash or marketablesecurities in the Philippines within one year. The Company thus booked the whole amount as other accounts receivable as it had yet to bepaid. However, the Company was paid for the investment in ML&H Corporation in December 2004 in the form of shares in Polar PropertyHoldings Corporation.

Investment in subsidiaries and associated companies as of the end of 2004 rose to 6,989.02 million baht, mainly because:(1) In 2004, the Company corrected a mistake in booking its investment in Land & Houses Property Funds 1 and 2 by moving the

list from investment in securities available for sale to investment in associated companies, as the Company held 49.99% of units in thefunds, the level management viewed as having substantial influence. The financial statements of the previous years were also adjusted inretrospect accordingly so that the list was booked under the equity method from the start. As a result of the changes, its shares of profitsfrom associated companies were shown in the profit/loss statements as of the end of December 31, 2004 and 2003 at 994.06 million bahtand 413.02 million baht respectively. As of the end of 2004, the Companyûs investment in Land & Houses Property Funds 1 and 2 underthe equity method stood at 451.27 million baht and 2,163.93 million baht respectively.

(2) In the second and third quarters of 2004, the Company bought more shares of Quality Houses Plc, resulting in its shareholdingon the company rising from 18.65% as of March 31, 2004 to 21.84%. The Company has thus booked it as investment in associatedcompanies instead of investment in other companies since the second quarter of 2004. As of December 31, 2004, its investment in QualityHouses Plc. under the equity method was valued at 2,120.99 million baht.

In 2002, the investments in subsidiaries and associated companies under the cost method were 3,867.34 million baht. Whencalculated using the equity method, the amount was reduced to 2,286.59 million baht. During the year, the Company booked its investmentsin Asian Property Development Plc. and Asset Plus Securities Plc. as investments in other companies instead of those in associatedcompanies. This was due to the fact that the Company had reduced its investment in Asian Property Development Plc. to 17.80% (from24.99% as of the end of 2001) and in that year Asset Plus Securities Plc. had increased its paid-up capital from 225 million baht to 300million baht through public offering, resulting the Companyûs holding in Asset Plus Securities Plc diluted to 19.63% (from 26.18% as of theend of 2001).

In 2003, the investments in subsidiaries and associated companies under the cost method stood at 4,348.49 million baht under thecost method. When calculating using the equity method, their combined value was reduced to 4,181.36 million baht. In the second quarterof 2003, the Company invested more in Bangkok Chain Hospital Plc. by purchasing an additional 2.4 million shares costing 5.38 million bahtin the company, raising the cost of the investment from 36.07% to 40%. Besides, its investment in associated company Quality House Plc.was reduced from 40.08% to 31.41%, as the company had raised its capital from 320 million baht to 400 million baht by selling 80 millionnew shares (of one-baht par) to the public in the fourth quarter of 2003.

The investments in subsidiaries and associated companies in 2004 stood at 7,377.36 million baht under the cost method and8,672.50 million baht under the equity method, up substantially from the 4,181.36 million baht as of the end of 2003, mainly because:

(1) In 2004, the Company corrected a mistake in booking its investment in Land & Houses Property Funds 1 and 2, frominvestment in available-for-sale securities to investment in associated companies, as the Company held 49.99% of units in the funds, a levelmanagement viewed as having substantial influence. As of the end of 2004, the Companyûs investment in Land & Houses Property Funds1 and 2 under the equity method stood at 451.27 million baht and 2,163.93 million baht respectively.

(2) In the second and third quarters of 2004, the Company bought more shares of Quality Houses Plc, resulting in its shareholdingon the company rising from 18.65% as of March 31, 2004 to 21.84%. The Company has thus booked it as investment in associatedcompanies instead of investment in other companies since the second quarter of 2004. As of December 31, 2004, its investment in QualityHouses Plc. under the equity method was valued at 2,120.99 million baht.

On November 2-3, 2004, associated company Bangkok Chain Hospital Plc. sold 240 million new recapitalization shares to thepublic. The Company also sold 40 million of the shares it held in the associated company to the public at the same time, resulting in itsholding in Bangkok Chain Hospital Plc. as of November 5, 2004 falling to 25.68% from 40%.


66

π‚¬∫“¬°“√≈ß∑ÿπ ∫√‘…—∑®–‡πâπ°“√≈ß∑ÿπ„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬åÕ—π‡ªìπ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑ ´÷Ëß∫√‘…—∑¡’§«“¡™”π“≠„π∏ÿ√°‘®π’È‡ªìπÕ¬à“ß¥’‚¥¬„π°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬π—Èπ ∫√‘…—∑®–‡¢â“‰ª∂◊ÕÀÿâπ√–À«à“ß√âÕ¬≈– 51 ∂÷ß√âÕ¬≈– 99.99 ¢Õß∑ÿπ™”√–·≈â«„π∫√‘…—∑¬àÕ¬π—ÈπÊ à«π°“√≈ß∑ÿπ„π∫√‘…—∑√à«¡∫√‘…—∑®–‡¢â“‰ª≈ß∑ÿπ„π∏ÿ√°‘®∑’Ë∫√‘…—∑‡≈Áß‡ÀÁπ«à“®–°àÕ„Àâ‡°‘¥ª√–‚¬™πå°—∫∑“ß∫√‘…—∑ ·≈–®– √â“ßº≈°”‰√„Àâ°—∫∑“ß∫√‘…—∑µàÕ‰ª„πÕπ“§µ

‡ß‘π≈ß∑ÿπ√–¬–¬“« ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï 2547 ®”π«π 5,030.61 ≈â“π∫“∑ 4,650.70 ≈â“π∫“∑ ·≈– 1,656.44 ≈â“π∫“∑ µ“¡≈”¥—∫§‘¥‡ªìπ —¥ à«πµàÕ ‘π∑√—æ¬å√«¡√âÕ¬≈–≈– 18.57 √âÕ¬≈– 14.81 ·≈–√âÕ¬≈– 4.50 µ“¡≈”¥—∫ ‚¥¬‡ß‘π≈ß∑ÿπ√–¬–¬“«„πªï 2545 ‡æ‘Ë¡ Ÿß¢÷Èπ®“°ªï 2544 ®”π«π2,346.93 ≈â“π∫“∑ ◊∫‡π◊ËÕß®“°„πªï 2545 ∫√‘…—∑‰¥â≈ß∑ÿπ„π‡ß‘π≈ß∑ÿπ√–¬–¬“«ª√–‡¿∑µ√“ “√∑ÿπ‡æ‘Ë¡¢÷Èπ ®”π«π 1,885.59 ≈â“π∫“∑ ´÷Ëß à«π„À≠à‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®”π«π 1,387.20 ≈â“π∫“∑ ·≈–„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å °Õß 2 ®”π«π 250 ≈â“π∫“∑„πªï 2546 ‡æ‘Ë¡¢÷Èπ®“°ªï 2545 ®”π«π 1,865.68 ≈â“π∫“∑ à«π„À≠à‡ªìπ°“√≈ß∑ÿπ‡æ‘Ë¡„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å °Õß 2 ®”π«π 1,146.74≈â“π∫“∑ ·≈–„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®”π«π 290.1 ≈â“π∫“∑ à«π∑’Ë‡À≈◊Õ¡“®“°√“§“Àÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ‚¥¬∫√‘…—∑‰¥â∫—π∑÷°‰«â‡ªìπ°”‰√¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ· ¥ß‰«â„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

≥ ‘Èπªï 2546 ‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π 6,896.29 ≈â“π∫“∑ ‚¥¬‡ß‘π≈ß∑ÿπ√–¬–¬“« à«π„À≠à‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ ‰¥â·°à ‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈– ‘∑∏‘‡√’¬°√âÕß·≈π¥å ·Õπ¥å ‡Œâ“ å °Õß 1 ·≈–°Õß 2 ®”π«π 2,246.40 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ®”π«π 1,294.85 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®”π«π 1,512.37 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑À≈—°∑√—æ¬å ·Õ ‡´∑ æ≈— ®”°—¥ (¡À“™π) ®”π«π 792 ≈â“π∫“∑ ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ëª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å„πª√–‡∑»Õ‘π‚¥π’‡ ’¬®”π«π 5 ∫√‘…—∑ ®”π«π 622.24 ≈â“π∫“∑ ( ÿ∑∏‘À≈—ß®“°À—°§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ·≈â«)

≥ ‘Èπªï 2547 ‡ß‘π≈ß∑ÿπ√–¬–¬“«≈¥≈ß‡À≈◊Õ 1,656.44 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑‰¥â‡ª≈’Ë¬π°“√∫—π∑÷°‡ß‘π∫—≠™’‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ‡Œâ“ å °Õß 1 ·≈– 2 ‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π 1,656.44 ≈â“π∫“∑ à«π„À≠à‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ ‰¥â·°à‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ®”π«π 539.94 ≈â“π∫“∑ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ëª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å„πª√–‡∑»Õ‘π‚¥π’‡´’¬ ®”π«π 5 ∫√‘…—∑ ®”π«π 622.24 ≈â“π∫“∑ ( ÿ∑∏‘À≈—ß®“°À—°§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ·≈â«) ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ ®”°—¥ (¡À“™π) ®”π«π 141.74 ≈â“π∫“∑

π‚¬∫“¬°“√≈ß∑ÿπ„πµ√“ “√∑ÿπ¢Õß∫√‘…—∑π—Èπ„Àâ§«“¡ ”§—≠°—∫°“√≈ß∑ÿπ„π∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å·≈–∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑ √«¡∑—Èß∏ÿ√°‘®∑’Ëπà“ π„®·≈–æ‘®“√≥“·≈â««à“πà“®–¡’º≈µÕ∫·∑π∑’Ë‡À¡“– ¡ ‚¥¬°“√µ—¥ ‘π„®≈ß∑ÿπ®–µâÕßºà“π°“√æ‘®“√≥“®“°§≥–°√√¡°“√∫√‘…—∑ ”À√—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ ®”°—¥ (¡À“™π) ´÷Ëß®—¥ª√–‡¿∑‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥ ∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈ ≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π) ¡’º≈°“√¥”‡π‘πß“π∑’Ë¥’¢÷ÈπµàÕ‡π◊ËÕß√“§“Àÿâπ®÷ßª√—∫µ—«‡æ‘Ë¡¢÷Èπ ∫√‘…—∑®÷ß¡’º≈°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®“°°“√≈ß∑ÿπ„π∫√‘…—∑¥—ß°≈à“« ®”π«π 669.94 ≈â“π∫“∑ ”À√—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ (‰∑¬) ®”°—¥ (¡À“™π) ∫√‘…—∑‰¥âµ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ∑—Èß®”π«πµ—Èß·µàªï 2543 µàÕ¡“„π«—π∑’Ë22 °—π¬“¬π 2547 ∫√‘…—∑¥—ß°≈à“«‰¥â°≈—∫¡“´◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑®÷ß‰¥â‚Õπ°≈—∫√“¬°“√§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ¥—ß°≈à“«µ“¡√“§“µ≈“¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∑”„Àâ¡’√“¬°“√°”‰√®“°°“√°≈—∫∫—≠™’√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“®”π«π 199.53 ≈â“π∫“∑ ”À√—∫‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π∫√‘…—∑∑’Ë¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑‰¥âµ—Èß§à“µ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡ß‘π≈ß∑ÿπ ®”π«π√«¡ 1,456.39≈â“π∫“∑ ∑’Ë ”§—≠ª√–°Õ∫¥â«¬§à“‡º◊ËÕ°“√¥âÕ¬§à“‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑∑’Ëª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 5 ·Ààß„πª√–‡∑»Õ‘π‚¥π’‡ ’¬ √âÕ¬≈– 100§‘¥‡ªìπ¡Ÿ≈§à“∑—Èß ‘Èπ 405.24 ≈â“π∫“∑ ·≈–‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ¥—ß°≈à“« πÕ°®“°π’È∫√‘…—∑‰¥âµ—Èß ”√Õß‡º◊ËÕ°“√≈¥§à“¢Õß‡ß‘π≈ß∑ÿπ„πÀÿâπ∫ÿ√‘¡ ‘∑∏‘¢Õß∫√‘…—∑∑—Èß 5 ·Ààß¥—ß°≈à“« „π —¥ à«π√âÕ¬≈– 60 ¢Õß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ ‡ªìπ¡Ÿ≈§à“∑—Èß ‘Èπ 935.72 ≈â“π∫“∑ √«¡‡ªìπ ”√Õß‡º◊ËÕ°“√≈¥¢Õß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÕ‘π‚¥π’‡´’¬∑—Èß ‘Èπ 1,340.96 ≈â“π∫“∑

∑’Ë¥‘πµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¡’¡Ÿ≈§à“ ÿ∑∏‘∑“ß∫—≠™’ ®”π«π 226 ≈â“π∫“∑ (À≈—ßÀ—°§à“‡º◊ËÕ°“√¥âÕ¬§à“ ®”π«π 56.45≈â“π∫“∑) ◊∫‡π◊ËÕß®“°„πªï 2535 ∫√‘…—∑‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π°—∫∫√‘…—∑·ÀàßÀπ÷Ëß·≈–‰¥â®à“¬™”√–‡ß‘π§√∫∂â«π·≈â« ®”π«π 282.45 ≈â“π∫“∑ ‚¥¬„π —≠≠“√–∫ÿ«à“®–‚Õπ°√√¡ ‘∑∏‘Ï À≈—ß®“°¡’°“√¥”‡π‘π°“√°àÕ √â“ß∫“ß à«π„Àâ·≈â«‡ √Á®¿“¬„π 36 ‡¥◊Õππ—∫®“°«—π∑” —≠≠“ À“°∫√‘…—∑‰¡à “¡“√∂¥”‡π‘π°“√‰¥â∫√‘…—∑·Ààßπ—Èπ “¡“√∂∫Õ°‡≈‘° —≠≠“·≈–§◊π‡ß‘π®”π«π√âÕ¬≈– 70 ¢Õß√“§“ ◊ÈÕ ·µàÕ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬—ß‰¡à‰¥â¥”‡π‘π°“√°àÕ √â“ß¥—ß°≈à“« „πªï 2543∫√‘…—∑‰¥âª√–‡¡‘π§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß —≠≠“¥—ß°≈à“« ®”π«π 56.45 ≈â“π∫“∑

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π 324.60 ≈â“π∫“∑ ª√–°Õ∫¥â«¬Õ“§“√ ”π—°ß“πµ“¡‚§√ß°“√µà“ßÊ ®”π«π26.07 ≈â“π∫“∑ ‚¡ √ √–«à“¬πÈ” ·≈– π“¡‡∑ππ‘ ®”π«π 169.62 ≈â“π∫“∑ ‡§√◊ËÕßµ°·µàß ”π—°ß“π·≈– ‚¡ √ ®”π«π 44.08≈â“π∫“∑ ‡§√◊ËÕß„™â ”π—°ß“π®”π«π 32.91 ≈â“π∫“∑ ∑√—æ¬å ‘π√–À«à“ß°àÕ √â“ß ®”π«π 14.64 ≈â“π∫“∑ ‘∑∏‘°“√‡™à“ ®”π«π 0.85 ≈â“π∫“∑ ·≈–∑√—æ¬å ‘πÕ◊Ëπ ®”π«π 36.43 ≈â“π∫“∑

§ÿ≥¿“æ¢Õß ‘π∑√—æ¬å

≥ ‘Èπªï 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âµ—Èß§à“‡º◊ËÕÀπ’È ß —¬ ·≈–§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å √“¬≈–‡Õ’¬¥¥—ßπ’È

(1) ≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫ ®”π«π 360.80 ≈â“π∫“∑ ª√–°Õ∫¥â«¬≈Ÿ°Àπ’È®“°°“√¢“¬∫â“π·≈–∑’Ë¥‘π ‡™Á§√–À«à“ßπ”Ω“° ·≈–≈Ÿ°Àπ’Èµ“¡ —≠≠“√—∫‡À¡“°àÕ √â“ß à«π„À≠à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â¿“¬„π 3 ‡¥◊Õππ—∫®“°«—π∑’Ë¡’°“√‚Õπ ¥—ßπ—Èπ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ®÷ß‰¡à¡’≈Ÿ°Àπ’È∑’Ë¡’ªí≠À“„π°“√™”√–


67

Investment policy : The Company has focused its investments on real estate development, its core business in which it hasexpertise. To invest in its subsidiaries, the Company buys stakes of 51% to 99.99% of their paid-up capital. As for associated companies,the strategy is to invest in businesses that have potential to benefit the Company and will generate profits in the future.

Long-term investments were valued at 5,030.61 million baht as of the end of 2002, 4,650.70 million baht as of the end of 2003,and 1,656.44 million baht as of the end of 2004, accounting for 18.57%, 14.81% and 4.50% of its total assets respectively. The long-terminvestments in 2002 increased by 2,346.93 million baht from 2001 because in 2002 the Company invested 1,885.59 million baht more inequity securities, of which 1,387.20 million baht was in Quality Houses Plc. and 250 million baht in Land & Houses Property Fund 2. Thelong-term investments rose by 1,865.68 million baht in 2003 from 2002, of which 1,146.74 million baht was additional investments in theLand & Houses Property Fund 2, 290.1 million baht in Quality Houses Plc. and the rest capital gains booked as unrealized gains in theshareholdersû equity.

As of the end of 2003, the long-term investments amounted to 6,896.29 million baht, most of which was investments in equitysecurities. Of the amount, 2,246.40 million baht was in the Land & Houses Property Funds 1 and 2, 1,294.85 million baht was in AsianProperty Development Plc, 1,512.37 million baht in Quality Houses Plc., 792 million baht in Asset Plus Securities Plc. and 622.24 million bahtin five real-estate development companies in Indonesia (net after allowances for investment impairments).

As of the end of 2004, long-term investments dropped to 1,656.44 million baht after the Company booked its investments in Land& Houses Property Funds 1 and 2 as investments in associated companies. Most of the 1,656.44 million baht in long-term investments werein equities securities; namely investment in Asian Property Development Plc. (539.94 million baht), investments in five real-estatedevelopment companies in Indonesia (622.24 million baht, net after allowances for impairment) and investment in Christiani & Nielsen Plc.(141.74 million baht).

In investing in equity securities, the Company has a policy to focus on real estate businesses and those related its core business,as well as interesting companies which it deems having potential to generate appropriate returns. The decisions to invest must beconsidered by the Board of Directors. Its investments in Asian Property Development Plc. and in Christiani & Nielsen Plc. are consideredmarketable securities and the two companies steadily show improved performances with higher share prices. The Company thus hadunrealized gains of 669.94 million baht from its investments in the two companies as of December 31, 2004. As for its investment inChristiani & Nielsen Plc., the Company had allocated an impairment allowance for the entire amount since 2000. But on September 22,2004, the companyûs shares were allowed to trade on the Stock Exchange of Thailand. This enabled the Company to base the impairmentallowance on market price as of December 31, 2004, resulting in the reversal into profit of 199.53 million baht of the impairment loss. Asfor its investment in the equity securities of companies with losses as of December 31, 2004, the Company allocated allowances for assetimpairments totaling 1,456.39 million baht, primarily for the impairments of its investments in common shares of the five real estatecompanies in Indonesia at 100%, or 405.24 million, and its investments in their preferred shares at 60%, or 935.72 million baht. The totalallowances for the impairments of the Companyûs investments in Indonesia were 1,340.96 million baht.

Land under contracts to buy and to sell : The land under a sales-purchase contract had a combined net accounting value of 226million baht as of December 31, 2004 (after impairments of 56.45 million baht). In 1992, the Company made a land sale contract to buy aplot with a company and already paid 282.45 million for it. Under the terms of the contract, the ownership will be transferred after someof the construction work has been completed within 36 months after the date the contract was made. If the Company fails to abide by theterm, the selling company will have the right to cancel the contract and return 70% of the purchase price to it. However, the Company hasnot proceeded with the construction on the plot. In 2000, it evaluated the allowances for the impairment of the value of the contract at 56.45million baht.

Property, plant and equipment - net had a net value of 324.60 million baht net as of December 31, 2004. Of the amount, 26.07million baht was office buildings at projects, 169.62 million baht was clubs, swimming pools and tennis courts, 44.08 million baht wasdecorations at the offices and clubs, 32.91 million baht was office equipment, 14.64 million baht was assets under construction, 0.85million baht was lease rights and 36.43 million baht other assets.

Asset Quality

As of the end of 2004, the Company and its subsidiaries allocated allowances for doubtful accounts and asset impairments as follows:

(1) Accounts and notes receivable worth 360.80 million baht consist of debtors from the sales of houses and land, checks in theprocess of clearing and debtors under the construction work contracts. Most of these were payable at call within three months after theownership was transferred. Therefore, the Company and its subsidiaries have no debtor with repayment problems.

(2) Inventory was valued at 27,059.80 million baht. The Company allocated allowances for impairments of 1,101.45 million bahtagainst the net accounting value of 25,958.35 million baht.


68

(2) ‘π§â“§ß‡À≈◊Õ ®”π«π√«¡ 27,059.80 ≈â“π∫“∑ ‰¥âµ—Èß§à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“ ®”π«π 1,101.45 ≈â“π∫“∑ ‘π§â“§ß‡À≈◊Õ¡’¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘ ®”π«π 25,958.35 ≈â“π∫“∑

(3) ‡ß‘π≈ß∑ÿπ√–¬–¬“«

(Àπà«¬ : ≈â“π∫“∑) À≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª √«¡

µ√“ “√Àπ’È∑’Ë®–∂◊Õ®π§√∫°”Àπ¥¢Õß ∫¡®.√–∫∫¢π àß¡«≈™π°√ÿß‡∑æ - 150.00 150.00µ√“ “√∑ÿπ 456.05 2,104.49 2,560.54∫«° : §à“‡º◊ËÕ°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ 402.28 - 402.28À—° : §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡ß‘π≈ß∑ÿπ (76.27) (1,380.11) (1,456.38)

√«¡ 782.06 874.38 1,656.44

∫√‘…—∑‰¥âµ—Èß§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π√«¡ 1,456.38 ≈â“π∫“∑

¿“æ§≈àÕß„πªï∑’Ëºà“π¡“ °√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‡ªìπ∫«°¡“µ≈Õ¥ ”À√—∫ªï 2547 °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“πµ‘¥≈∫∑’Ë ”§—≠‡π◊ËÕß®“°

∫√‘…—∑¡’°“√≈ß∑ÿπ‡æ‘Ë¡„π∑’Ë¥‘π·≈–°“√°àÕ √â“ß∑’ËÕ¬ŸàÕ“»—¬‡æ‘Ë¡‡µ‘¡‡æ◊ËÕ√Õß√—∫§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬¢Õß≈Ÿ°§â“°≈ÿà¡‡ªÑ“À¡“¬ √“¬≈–‡Õ’¬¥¢Õß°√–· ‡ß‘π ¥¥—ßπ’È

(Àπà«¬ : ≈â“π∫“∑) ªï 2545 ªï 2546 ªï 2547

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π 4,188.35 4,112.57 (2,117.62)

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ (1,479.43) (1,354.40) 2,078.87

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π (2,364.37) (2,792.89) 50.55

‡ß‘π ¥∑’Ë‰¥â®“°°“√¥”‡π‘πß“π ∫√‘…—∑‰¥â„™âÕ¬à“ß√–¡—¥√–«—ß‡æ◊ËÕ√—°…“ ¿“æ§≈àÕß¢Õß∫√‘…—∑ ‚¥¬æ‘®“√≥“≈ß∑ÿπ„π‚§√ß°“√∑’ËÕ¬ŸàÕ“»—¬ ‡™àπ ®—¥´◊ÈÕ∑’Ë¥‘π·≈–°àÕ √â“ß‚§√ß°“√‡æ‘Ë¡‡µ‘¡„Àâ‡À¡“– ¡°—∫ ¿“æ·«¥≈âÕ¡°“√¥”‡π‘π∏ÿ√°‘® √«¡∑—Èß‰¥âπ”‰ª™”√–§◊πÀπ’È ‘π ¡’º≈„Àâ —¥ à«πÀπ’È ‘πµàÕ∑ÿπ¢Õß∫√‘…—∑„π√–À«à“ßªï 2545 ·≈– 2546 ≈¥≈ßÕ¬à“ßµàÕ‡π◊ËÕß àßº≈„Àâ∫√‘…—∑¡’§«“¡¡—Ëπ§ß¢÷Èπ ∫√‘…—∑¡’π‚¬∫“¬∫√‘À“√‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥„Àâ‡À¡“– ¡µ“¡ ¿“«–°“√¥”‡π‘π∏ÿ√°‘® ‚¥¬¡’‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï 2547 ®”π«π 401.77 ≈â“π∫“∑ 367.05 ≈â“π∫“∑ ·≈– 378.85≈â“π∫“∑ µ“¡≈”¥—∫ πÕ°®“°π’È °√≥’¡’‡ß‘π ¥‡À≈◊Õ∫√‘…—∑®–æ‘®“√≥“≈ß∑ÿπ√–¬– —Èπ„Àâ‡À¡“– ¡ ‚¥¬‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‘Èπ ÿ¥ªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï2547 ¡’®”π«π 550 ≈â“π∫“∑ 1,500 ≈â“π∫“∑ µ“¡≈”¥—∫ ·≈– 600 µ“¡≈”¥—∫ ‡π◊ËÕß®“°∫√‘…—∑¡’π‚¬∫“¬∫√‘À“√‡ß‘π≈ß∑ÿπ√–¬– —Èπ‡æ◊ËÕ∫√‘À“√ ¿“æ§≈àÕß¢Õß∫√‘…—∑®÷ß∑”„Àâ¬Õ¥¥—ß°≈à“«¡’°“√‡æ‘Ë¡¢÷Èπ·≈–≈¥≈ßµ“¡§«“¡‡À¡“– ¡

°”‰√ ÿ∑∏‘ªï 2545 ∫√‘…—∑¡’°”‰√ ÿ∑∏‘ ®”π«π 3,820.12 ≈â“π∫“∑ ·≈–°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¡’®”π«π 4,188.34 ≈â“π∫“∑∑’Ë ”§—≠®“°°“√∑’Ë ‘π§â“§ß‡À≈◊Õ≈¥≈ß®”π«π 519.23 ≈â“π∫“∑ ‡π◊ËÕß®“°°“√¢“¬∑’ËÕ¬ŸàÕ“»—¬∑’Ë √â“ß‡ √Á®ÕÕ°‰ª

ªï 2546 ∫√‘…—∑¡’°”‰√ ÿ∑∏‘®”π«π 6,085.65 ≈â“π∫“∑ ·≈–°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ‡∑à“°—∫ 4,112.57 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“°„πªï 2546 ∫√‘…—∑¡’°“√≈ß∑ÿπ ‘π§â“§ß‡À≈◊Õ‡æ‘Ë¡¢÷Èπ®”π«π 1,603.25 ≈â“π∫“∑ (‡ªìπ°“√≈ß∑ÿπ„π∑’Ë¥‘π‡æ‘Ë¡)

ªï 2547 ¡’°”‰√ ÿ∑∏‘®”π«π 6,100.74 ≈â“π∫“∑ ·µà°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πµ‘¥≈∫®”π«π 2,117.62 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“°∫√‘…—∑¡’°“√≈ß∑ÿπ‡æ‘Ë¡„π∑’Ë¥‘π·≈–°“√°àÕ √â“ß∑’ËÕ¬ŸàÕ“»—¬‡æ‘Ë¡‡µ‘¡‡æ◊ËÕ√Õß√—∫§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬¢Õß≈Ÿ°§â“°≈ÿà¡‡ªÑ“À¡“¬ ‚¥¬¡’°“√≈ß∑ÿπ„π ‘π§â“§ß‡À≈◊Õ‡æ‘Ë¡¢÷Èπ®”π«π 6,198.99 ≈â“π∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ„πªï 2545 µ‘¥≈∫®”π«π 1,479.42 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“°∫√‘…—∑¡’‡ß‘π ¥®à“¬„π°“√ ◊ÈÕ‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π1,687.24 ≈â“π∫“∑ ´÷Ëß∑’Ë ”§—≠ª√–°Õ∫¥â«¬°“√≈ß∑ÿπ„π∫√‘…—∑ ∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®”π«π 1,387.21 ≈â“π∫“∑ ·≈–‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å °Õß 2 ®”π«π 250 ≈â“π∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ„πªï 2546 µ‘¥≈∫®”π«π 1,354.40 ≈â“π∫“∑ ∑’Ë ”§—≠‡π◊ËÕß®“°∫√‘…—∑®à“¬´◊ÈÕ‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π 1,780.94≈â“π∫“∑ ÷Ëß∑’Ë ”§—≠ª√–°Õ∫¥â«¬°“√≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å·Õπ¥å‡Œâ“ å °Õß 2 ®”π«π 1,146.74 ≈â“π∫“∑ ·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑§«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®”π«π 290.1 ≈â“π∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ„πªï 2547 ‡ªìπ∫«°®”π«π 2,078.87 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑¡’°“√∫√‘À“√ ¿“æ§≈àÕß‡æ◊ËÕ™¥‡™¬°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π∑’Ëµ‘¥≈∫ ‚¥¬¡’°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ√–¬– —Èπ ®”π«π 1,500 ≈â“π∫“∑ √«¡∑—Èß°“√¢“¬‡ß‘π≈ß∑ÿπ√–¬–¬“« ®”π«π 1,307.67 ≈â“π∫“∑‚¥¬ à«π„À≠à‡ªìπ°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑À≈—°∑√—æ¬å ·Õ ‡´∑ æ≈— ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ¥’‡«≈≈Õª‡¡âπ∑å ®”°—¥ (¡À“™π)

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π„π ªï 2545 ·≈–ªï 2546 µ‘¥≈∫®”π«π 2,364.37 ≈â“π∫“∑ ·≈– 2,792.89 ≈â“π∫“∑ µ“¡≈”¥—∫ ∑’Ë ”§—≠‡π◊ËÕß®“°∫√‘…—∑‰¥â®à“¬™”√–§◊πÀÿâπ°Ÿâ ·≈–™”√–§◊π‡ß‘π°Ÿâ¬◊¡ „π™à«ß‡«≈“¥—ß°≈à“«‡ªìπ®”π«π‡ß‘π√«¡ 2,631.15 ≈â“π∫“∑ ·≈– 945.68 ≈â“π∫“∑ µ“¡≈”¥—∫πÕ°®“°π’È ∫√‘…—∑®à“¬‡ß‘πªíπº≈„πªï 2545 ·≈–ªï 2546 ®”π«π‡ß‘π√«¡ 441.26 ≈â“π∫“∑ ·≈– 3,765.03 ≈â“π∫“∑ µ“¡≈”¥—∫ Õ¬à“ß‰√°Áµ“¡ „πªï 2545 ·≈–ªï 2546 ∫√‘…—∑¡’‡ß‘π√—∫®“°°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”π«π 457.90 ≈â“π∫“∑ ·≈– 1,579.52 ≈â“π∫“∑ µ“¡≈”¥—∫


69

(3) Long-term investments

(unit: million baht)Securities available

General investments Sub-totalfor sale

Held-to-maturity debt security: Bangkok Mass Transit System Plc. - 150.00 150.00Equity securities 456.05 2,104.49 2,560.54Plus: allowances for unrealized profit 402.28 - 402.28Less: allowances for investment asset impairments (76.27) (1,380.11) (1,456.38)

Total 782.06 874.38 1,656.44

The Company allocated allowances for the impairments of its long-term investment assets totaling 1,456.38 million baht.

LiquidityOver the last three years, the Companyûs operating cash flow was positive. But in 2004, the operating cash flow became negative,

mainly because the Company invested more in land and construction of more housing units to meet the demand of its target customergroups. The details are as follows:

(unit: million baht) 2002 2003 2004

Cash flow from operating activities 4,188.35 4,112.57 (2,117.62)

Cash flow from investing activities (1,479.43) (1,354.40) 2,078.87

Cash flow from financing activities (2,364.37) (2,792.89) 50.55

Cash flow from operating activities : The Company was prudent in its spending in order to maintain its liquidity by investing inhousing projects, such as land purchases and construction of more projects, which suited the business environment. It also repaid debts,resulting in a steadily declining debt-to-equity ratio from 2002 to 2003 and a stronger financial position. The Company had a policy tomanage its cash and cash equivalents to match the operating environment. Its cash and cash equivalents totaled 401.77 million baht as ofthe end of 2002, 367.05 million baht as of the end of 2003 and 378.85 million baht as of the end of 2004. If there was extra cash flow, theCompany considered making appropriate short-term investments. The short-term investments stood at 550 million baht as of the end of2002, 1,500 million baht as of the end of 2003 and 600 million baht as of the end of 2004. As the Company actively managed its liquidity,the amount varied depending on the circumstances.

Net profit stood at 3,820.12 million baht in 2002 and operating cash flow amounted to 4,188.34 million baht, mainly due to thereduction of the inventory by 519.23 million baht after sales were completed.

In 2003, the Company made a net profit of 6,085.65 million baht while operating cash flow was 4,112.57 million baht, mainlybecause it invested 1,603.25 million baht more in inventory (mostly land).

In 2004, the Company booked a net profit of 6,100.74 million baht but operating cash flow dropped to minus 2,117.62 million baht,primarily because the Company invested in more land and the construction of more housing units to meet the demand of its customergroups. Inventory investment thus increased by 6,198.99 million baht.

Cash flow from investing activities: In 2002, the cash flow from investing activities was minus 1,479.42 million baht due to cashoutflow for long-term investments totaling 1,687.24 million baht in Quality Houses Plc (1,387.21 million baht) and Land & Houses PropertyFund 2 (250 million baht).

In 2003, the cash flow from investing activities was minus 1,354.40 million baht, as the Company made long-term investmentstotaling 1,780.94 million baht, of which 1,146.74 million baht was in Land & Houses Property Fund 2, and 290.1 million baht in QualityHouses Plc.

In 2004, the cash flow from investing activities stood at 2,078.87 million baht since the Company managed its liquidity tocompensate for the negative operating cash flow by disposing of 1,500 million baht in short-term investments and 1,307.67 million baht inlong-term investments, mostly by selling its investments in Asset Plus Securities Plc. and Asian Property Development Plc.

Cash flow from financing activities: The cash flow from financing activities was minus 2,364.37 million baht in 2002 and minus2,792.89 million baht in 2003, largely the result of the repayment of its bonds and loans totaling 2,631.15 million baht in 2002, 945.68 millionbaht in 2003. The Company also paid dividends totaling 441.26 million baht in 2002 and 3,765.03 million baht in 2003. Nonetheless, in 2002and 2003, the Company booked income from the exercise of warrants totaling 457.90 million baht and 1,579.52 million baht respectively.

In 2004, the cash flow from financing activities was positive, at 50.55 million baht, as the Company booked cash receivables of3,000 million baht from bond issues, 1,923.66 million from more long-term loans and 2,454.73 million baht from the exercise of warrants. Italso paid dividends totaling 7,692.30 million baht during the period.


70

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π„πªï 2547 ‡ªìπ∫«°®”π«π 50.55 ≈â“π∫“∑ ‚¥¬∫√‘…—∑¡’‡ß‘π ¥√—∫®“°°“√ÕÕ°Àÿâπ°Ÿâ®”π«π 3,000 ≈â“π∫“∑®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë‡æ‘Ë¡¢÷Èπ®”π«π 1,923.66 ≈â“π∫“∑ ·≈–‡ß‘π√—∫®“°°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠®”π«π 2,454.73 ≈â“π∫“∑ ·≈–„πªï 2547 ∫√‘…—∑®à“¬‡ß‘πªíπº≈®”π«π√«¡ 7,692.30 ≈â“π∫“∑

Õ—µ√“ à«π ¿“æ§≈àÕß∑’Ë ”§—≠

Õ—µ√“ à«π ¿“æ§≈àÕß ”À√—∫ªï 2545 ªï 2546 ·≈– ªï 2547 ‡∑à“°—∫ 5.32 ‡∑à“ 4.92 ‡∑à“ ·≈– 4.55 ‡∑à“ µ“¡≈”¥—∫ Õ—µ√“ à«π ¿“æ§≈àÕßÀ¡ÿπ‡√Á«„π√–¬–‡«≈“¥—ß°≈à“« ‡∑à“°—∫ 0.30 ‡∑à“ 0.44 ‡∑à“ ·≈– 0.22 ‡∑à“ µ“¡≈”¥—∫ Õ—µ√“ à«π ¿“æ§≈àÕß¡’·π«‚πâ¡≈¥≈ß®“°Àπ’È ‘πÀ¡ÿπ‡«’¬π∑’Ë‡æ‘Ë¡¢÷Èπ Õ¬à“ß‰√°Áµ“¡∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬∑’Ëæ—°Õ“»—¬¡“‡ √‘¡ √â“ß ¿“æ§≈àÕß‰¥â‡æ’¬ßæÕ

Õ—µ√“ à«πÀ¡ÿπ‡«’¬π‡®â“Àπ’È„πªï 2546 ·≈– ‘Èπªï 2547 ‡∑à“°—∫ 29.43 ‡∑à“ ·≈– 20.79 ‡∑à“ µ“¡≈”¥—∫ ≈¥≈ß®“°ªï 2545 ∑’Ë‡∑à“°—∫ 43.01 ‡∑à“‡ªìπº≈®“°π‚¬∫“¬°“√®à“¬™”√–‡ß‘π„Àâ·°àºŸâ√—∫‡À¡“®“°‡¥◊Õπ≈– 1 §√—Èß‡ªìπ‡¥◊Õπ≈– 2 §√—Èß ´÷Ëß∑”„Àâß“π°àÕ √â“ß‡√Á«¢÷Èπ°«à“‡¥‘¡ ·≈–®“°°“√´◊ÈÕ«— ¥ÿ°àÕ √â“ß®“°√â“π§â“·≈–°“√°àÕ √â“ß∑’Ë‡æ‘Ë¡¡“°¢÷Èπ

√–¬–‡«≈“§√∫°”Àπ¥¢ÕßÀπ’È√–¬– —Èπ ≥ ‘Èπªï 2545 Àπ’È√–¬– —ÈπÀ≈—ß®“°À—°‡ß‘π√—∫≈à«ßÀπâ“·≈â« ®”π«π 3,386.84 ≈â“π∫“∑ ‚¥¬Àπ’È√–¬– —Èπ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°Àπ’È√–¬–¬“«∑’Ë§√∫°”Àπ¥„π 1 ªï ·≈–µ—Î«‡ß‘π®à“¬‡æ‘Ë¡¢÷Èπ®”π«π 614.15 ≈â“π∫“∑ ·≈–®“°¿“…’‡ß‘π‰¥â§â“ß®à“¬®”π«π 615.54 ≈â“π∫“∑ ‡π◊ËÕß®“°ªï 2545 ∫√‘…—∑‡√‘Ë¡¡’°”‰√∑“ß¿“…’ ´÷Ëß¿“…’¥—ß°≈à“«®–µâÕß™”√–„π‡¥◊Õπæƒ…¿“§¡ 2546 ·≈–ªï 2546 Àπ’È√–¬– —ÈπÀ≈—ß®“°À—°‡ß‘π√—∫≈à«ßÀπâ“ ®”π«π4,411.23 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2545 ‡∑à“°—∫ 939.49 ≈â“π∫“∑ ‡π◊ËÕß®“°‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√ ·≈– à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥„π 1 ªï ‡æ‘Ë¡¢÷Èπ ·≈–§à“„™â®à“¬§â“ß®à“¬∑’Ë‡æ‘Ë¡¢÷Èπ ”À√—∫ªï 2547 Àπ’È√–¬– —ÈπÀ≈—ß®“°À—°‡ß‘π√—∫≈à«ßÀπâ“ ®”π«π 5,730.27 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2546 ‡∑à“°—∫1,319.04 ≈â“π∫“∑ ‡π◊ËÕß®“°‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√ ·≈– à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥„π 1 ªï ‡æ‘Ë¡¢÷Èπ ·≈–§à“„™â®à“¬§â“ß®à“¬∑’Ë‡æ‘Ë¡¢÷Èπ

√“¬®à“¬≈ß∑ÿπ„π√–¬– 3 ªï∑’Ëºà“π¡“ ∫√‘…—∑≈ß∑ÿπ‡æ‘Ë¡„π∑’Ë¥‘π∑’Ë¡’»—°¬¿“æ„π√–¥—∫√“§“∑’Ë‡À¡“– ¡‡æ◊ËÕπ”¡“æ—≤π“‚§√ß°“√∑’ËÕ¬ŸàÕ“»—¬´÷Ëß‡ªìπ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑

πÕ°®“°π’È ∫√‘…—∑‰¥â≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å ®”π«π 2 °Õß ´÷Ëß‡ªìπ°Õß∑ÿπÕ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ·°â ‰¢ªí≠À“ ∂“∫—π°“√‡ß‘π ‰¥â·°à °Õß∑ÿπÕ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å °Õß 1 ®”π«π 555 ≈â“π∫“∑ „πªï 2543 ·≈–°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å °Õß 2 ®”π«π 250 ≈â“π∫“∑„πªï 2545 ‚¥¬∫√‘…—∑¡’ —¥ à«π°“√∂◊ÕÀπà«¬≈ß∑ÿπ∑—Èß 2 °Õß∑ÿπ „π —¥ à«π√âÕ¬≈– 49.99 ¢Õß·µà≈–°Õß∑ÿπ „πªï 2546 ∫√‘…—∑¬—ß§ß‡πâπ°“√≈ß∑ÿπ„π°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å °Õß 2 Õ¬à“ßµàÕ‡π◊ËÕß √«¡∑—Èß°“√®—¥À“∑’Ë¥‘π¡“æ—≤π“‡æ‘Ë¡‡µ‘¡¥â«¬ ”À√—∫„πªï 2547 ∫√‘…—∑≈ß∑ÿπ‡æ‘Ë¡„π∫√‘…—∑§«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ‡æ‘Ë¡‡µ‘¡∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑‡æ‘Ë¡‡ªìπ√âÕ¬≈– 21.84 ≥ ‘Èπªï 2547

·À≈àß∑’Ë¡“¢Õß‡ß‘π∑ÿπ

Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï 2547 ‡∑à“°—∫ 0.50 ‡∑à“ 0.38 ‡∑à“ ·≈– 0.64 ‡∑à“ µ“¡≈”¥—∫ ‚¥¬Õ¬Ÿà„π√–¥—∫µË”‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫∫√‘…—∑Õ◊Ëπ∑’Ëª√–°Õ∫∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¡’·π«‚πâ¡≈¥≈ß„πªï 2545 ·≈–ªï 2546‡π◊ËÕß®“°Àπ’È ‘π√«¡¢Õß∫√‘…—∑≈¥≈ß®“°°“√™”√–§◊π‡ß‘π°Ÿâ¬◊¡ ·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“°º≈ª√–°Õ∫°“√∑’Ë¡’°”‰√ ÿ∑∏‘µàÕ‡π◊ËÕß √«¡∑—Èß®“°°“√„™â ‘∑∏‘·ª≈ß ¿“æ‡ªìπÀÿâπ “¡—≠¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘„πªï 2545 ·≈– ªï 2546 ‚¥¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ ‘Èπªï 2545 ·≈– ‘Èπªï 2546 ®”π«π 17,995.50 ≈â“π∫“∑·≈– 22,629.38 ≈â“π∫“∑ µ“¡≈”¥—∫ ”À√—∫ªï 2547 Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß∫√‘…—∑¡’‡ß‘π°Ÿâ¬◊¡‡æ‘Ë¡¢÷Èπ‡æ◊ËÕ≈ß∑ÿπ‡æ‘Ë¡„π‚§√ß°“√∑’Ëæ—°Õ“»—¬‡æ◊ËÕ¢“¬ √«¡∑—Èß à«π¢ÕßºŸâ∂◊ÕÀÿâπ≈¥≈ß‡À≈◊Õ 22,325.61 ≈â“π∫“∑ ®“°°“√®à“¬‡ß‘πªíπº≈

„πªï 2545 ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„ÀâºŸâ∂◊ÕÀÿâπ‡¥‘¡ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„Àâæπ—°ß“π „™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ ®”π«π 21,396,204 Àÿâπ(¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 10 ∫“∑) √«¡‡ªìπ®”π«π‡ß‘π 457.90 ≈â“π∫“∑ àßº≈„Àâ∑ÿπ™”√–·≈â«‡æ‘Ë¡¢÷Èπ ®”π«π 213.96 ≈â“π∫“∑ ‡ªìπ∑ÿπ™”√–·≈â« ≥ ‘Èπªï 2545®”π«π 6,450.14 ≈â“π∫“∑ „πªï 2546 ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„ÀâºŸâ∂◊ÕÀÿâπ‡¥‘¡ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„Àâæπ—°ß“π „™â ‘∑∏‘ ◊ÈÕÀÿâπ “¡—≠ ®”π«π657,424,843 Àÿâπ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑) √«¡‡ªìπ®”π«π‡ß‘π 1,579.52 ≈â“π∫“∑ àßº≈„Àâ∑ÿπ™”√–·≈â«‡æ‘Ë¡¢÷Èπ ®”π«π 657.43 ≈â“π∫“∑ ‡ªìπ∑ÿπ™”√–·≈â« ≥ ‘Èπªï 2546 ®”π«π 7,107.57 ≈â“π∫“∑ ·≈–„πªï 2547 ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„ÀâºŸâ∂◊ÕÀÿâπ‡¥‘¡ ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„Àâæπ—°ß“π „™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ ®”π«π 1,107,570,000 Àÿâπ (¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑) √«¡‡ªìπ®”π«π‡ß‘π 2,354.73 ≈â“π∫“∑ àßº≈„Àâ∑ÿπ™”√–·≈â«‡æ‘Ë¡¢÷Èπ ®”π«π 1,107.57 ≈â“π∫“∑ ‡ªìπ∑ÿπ™”√–·≈â« ≥ ‘Èπªï 2547 ®”π«π 8,155.73 ≈â“π∫“∑

≥ ‘Èπªï 2546 à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ®”π«π 22,629.38 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° ‘Èπªï 2545 ∑’Ë‡∑à“°—∫ 17,995.49 ≈â“π∫“∑ ‚¥¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“°°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ‡ªìπ®”π«π‡ß‘π 1,579.52 ≈â“π∫“∑ (∑ÿπ™”√–·≈â«‡æ‘Ë¡¢÷Èπ 657.43 ≈â“π∫“∑ / à«π‡°‘π¡Ÿ≈§à“Àÿâπ‡æ‘Ë¡¢÷Èπ 922.09 ≈â“π∫“∑) ·≈–º≈ª√–°Õ∫°“√∑’Ë¡’°”‰√ ÿ∑∏‘ ®”π«π 6,085.65 ≈â“π∫“∑ √«¡∑—Èß ≥ ‘Èπªï 2546 ∫√‘…—∑¡’ à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π¢Õß∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑√à«¡ ®”π«π 132.31 ≈â“π∫“∑ ·≈–¡’°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ ®”π«π 1,952.48 ≈â“π∫“∑

≥ ‘Èπªï 2547 à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ®”π«π 22,325.61 ≈â“π∫“∑ „°≈â‡§’¬ß°—∫ ‘Èπªï 2546 ∑’Ë‡∑à“°—∫ 22,629.38 ≈â“π∫“∑ ·¡â«à“∫√‘…—∑®–¡’∑ÿπ™”√–·≈â«‡æ‘Ë¡¢÷Èπ®”π«π 1,048.16 ≈â“π∫“∑ ·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ‡æ‘Ë¡¢÷Èπ®”π«π 1,406.56 ≈â“π∫“∑ ®“°°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ √«¡∑—Èß¡’°”‰√ ÿ∑∏‘ 6,100.74 ≈â“π∫“∑ °“√∑’Ë à«π¢ÕßºŸâ∂◊ÕÀÿâπ≈¥≈ß‡π◊ËÕß®“°°“√®à“¬‡ß‘πªíπº≈„π™à«ß√–¬–‡«≈“¥—ß°≈à“«®”π«π√«¡ 7,692.30 ≈â“π∫“∑

Àπ’È ‘πÀπ’È ‘π√«¡¢Õß∫√‘…—∑ ≥ ‘Èπªï 2545 ‘Èπªï 2546 ·≈– ‘Èπªï 2547 ®”π«π√«¡ 8,995.64 ≈â“π∫“∑ 8,628.37 ≈â“π∫“∑ ·≈– 14,353.17 ≈â“π∫“∑

µ“¡≈”¥—∫ ‚¥¬ ≥ ‘Èπªï 2547 Àπ’È ‘π√«¡∑’Ë ”§—≠ª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®”π«π 4,849.23 ≈â“π∫“∑ Àÿâπ°Ÿâ ®”π«π 3,375.00 ≈â“π∫“∑ à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ®”π«π 1,398.08 ≈â“π∫“∑ ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ®”π«π 1,815.27≈â“π∫“∑ ‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ ®”π«π 937.14 ≈â“π∫“∑ ∑’Ëºà“π¡“∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â™”√–§◊πÀπ’Èµ“¡°”Àπ¥


71

Important liquidity ratiosThe liquidity ratios were 5.32 in 2002, 4.92 in 2003 and 4.55 as of the end of 2004. The quick ratios were 0.30 in 2002, 0.44 in 2003

and 0.22 in 2004. While the liquidity ratio tended to decrease due to higher current liabilities, the Company had enough revenue from salesof housing units to maintain its liquidity.

The creditor ratios stood at 29.43 as of the end of 2003 and 20.79 as of the end of 2004, down from 43.01 in 2002, due to a policyto repay contractors twice instead of once a month, which helped speed up construction work, more construction material purchases fromshops and increased construction works.

Maturities of short-term debts: As of the end of 2002, short-termed debts after advances amounted to 3,386.84 million baht. Therise in short-term debts was the result of the current portion of long-term debts and notes payable increasing by 614.15 million baht andof income taxes payable of 615.54 million baht, as the Company started to have tax profit in 2002 that had to be paid in May 2003. In 2003,the short-term debts after advances amounted to 4,411.23 million baht, up 939.49 million baht from 2002 due to increases in bank overdraft,bank loans, current portion of long-term debts and accrued expenses payable. In 2004, short-term liabilities after advances were 5,730.27million baht, up 1,319.04 million baht from 2003 due to rising overdraft, bank loans, current portion of long-term debts and accruedexpenses payable.

Investment expensesThe last three years, the Company invested more in land plots with high potential but at reasonable prices to be developed

into housing projects, which is its core business. Besides, the Company also invested in two property funds set up to help rehabilitate thefinancial sector: 555 million baht in the Land & Houses Property Fund 1 in 2000 and 250 million baht in the Land & Houses Propertyl Fund2 in 2002. The Company held 49.99% each in the two funds in 2003 and continued to focus on investing in the Land & Houses PropertyFund 2 and sought more land for development. In 2004, the Company invested more in Quality Houses Plc, raising its shareholding thecompany to 21.84% as of the end of 2004..

Fund sourcesThe Companyûs debt-to-equity ratio stood at 0.50 as of the end of 2002, 0.38 as of the end of 2003, and 0.64 as of the end of 2004,

which was considered low by industry standard. The ratio fell in 2002 and 2003, as loan repayments helped bring down total liabilities andthe profitable operating results lifted the shareholdersû equity. Another contributor was the exercise of warrants into common shares in 2002and 2003. The shareholdersû equity stood at 17,995.50 million baht as of the end of 2002, and 22,629.38 million baht as of the end of 2003.As of the end of 2004, the debt-to-equity ratio rose because the Company borrowed to invest more in housing projects for sale. Theshareholdersû equity fell to 22,325.61 million baht as a result of dividend payments.

In 2002, holders of warrants allocated for existing shareholders and employees exercised them for 21,396,204 common shares (parvalue 10 baht), totaling 457.90 million baht. This resulted in paid-up capital increasing by 213.96 million baht to 6,450.14 million baht as ofthe end of the year. In 2003, holders of warrants allocated to existing shareholders and employees exercised them for 657,424,843 commonshares (par value of one baht), totaling 1,579.52 million baht, resulting the paid-up capital rising by 657.43 million baht to 7,107.57 millionbaht as of the end of the year. In 2004, holders of warrants allocated to existing shareholders and those issued to employees exercised theright to buy 1,107,570,000 common shares (at one-baht par), totaling 2,354.73 million baht. As a result, registered capital increased by1,107.57 million baht to 8,155.73 million baht as of the end of 2004.

As of the end of 2003, the Companyûs shareholdersû equity stood at 22,629.38 million baht from 17,995.49 million baht as of the endof 2002. Of the increase, 1,579.52 million baht came from the exercise of the warrants (paid-up capital increased by 657.43 million baht andthe premium on share capital rose by 922.09 million baht), 6,085.65 million baht from net profits, 132.31 million baht from the appraisalsurplus of associated company Bangkok Chain Hospital Plc.ûs assets and 1,952.48 million baht from the unrealized gains frominvestments.

As of the end of 2004, the shareholdersû equity stood at 22,325.61 million baht, comparable to the 22,629.38 million baht in theprevious year despite a 1,048.16 million baht increase in registered capital, a 1,406.56 million baht rise in premium on ordinary shares fromthe exercise of warrants and a 6,100.74 million baht net profit. The decline was the result of dividend payments during the period of7,692.30 million baht.

LiabilitiesThe Companyûs total liabilities stood at 8,995.64 million baht as of the end of 2002, 8,628.37 million baht as of the end of 2003 and

14,353.17 million baht as of the end of 2004. Of total liabilities as of the end of 2004, 4,849.23 million baht was long-term loans, 3,375 millionbaht bonds, 1,398.08 million baht the current portion of long-term debts, 1,815.27 million baht bank overdraft and short-term loans fromfinancial institutions, 937.14 million baht trade accounts payable and notes payable which the Company and its subsidiaries had to daterepaid on time.


72

µ“√“ß√“¬≈–‡Õ’¬¥Àπ’È ‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547

∫√‘…—∑ ª√–‡¿∑Àπ’È ‘π °ÿ≈‡ß‘π ®”π«π‡ß‘π (≈â“π∫“∑) Õ—µ√“¥Õ°‡∫’È¬ À≈—°ª√–°—π √–¬–‡«≈“§√∫°”Àπ¥

LH ‡ß‘π‡∫‘°‡°‘π∫—≠™’ ∫“∑ 3.29 MLR ‰¡à¡’ ™”√–§◊π‡¡◊ËÕ∑«ß∂“¡

µ—Î« B/E ∫“∑ 2,695.23 3.00-3.9 ‰¡à¡’ ™”√–§◊π¿“¬„π 1 ªï

µ—Î« B/E ∫“∑ 3,548.31 3.00-3.9 ‰¡à¡’ ™”√–§◊πµ—Èß·µà 1 - 3 ªï

Àÿâπ°Ÿâ„πª√–‡∑» ∫“∑ 120.00 2 ªï·√° 8.5% ‰¡à¡’ ™”√–§◊π 10% „π«—π∑’Ë 30 ¡’.§. 2545

§√—Èß∑’Ë 1/2543 3 ªïÀ≈—ß ™”√–§◊π 15% 6 ß«¥∑ÿ°Ê 6 ‡¥◊Õπ

MLR-0.25% µ—Èß·µà«—π∑’Ë 30 °.¬. 2545

Àÿâπ°Ÿâ„πª√–‡∑» ∫“∑ 750.00 ¥Õ°‡∫’È¬‡ß‘πΩ“° ∑’Ë¥‘π„π‡¢µ°√ÿß‡∑æœ ™”√–§◊π‡ß‘πµâπ‡∑à“Ê °—π∑ÿ° 3 ‡¥◊Õπ

§√—Èß∑’Ë 1/2544 ª√–®” + 3.00% ·≈–ª√‘¡≥±≈ ‡ªìπ‡«≈“ 16 ß«¥ ‡√‘Ë¡«—π∑’Ë 4 ¡’π“§¡ 2546

Àÿâπ°Ÿâ„πª√–‡∑» ∫“∑ 3,000.00 ™ÿ¥∑’Ë 1 = 2.80% ‰¡à¡’ ™ÿ¥∑’Ë 1 ‰∂à∂Õπ «—π∑’Ë 4 ¡’π“§¡ 2549

§√—Èß∑’Ë 1/2547 (™ÿ¥≈– 1,000 ™ÿ¥∑’Ë 2 = 3.25% ™ÿ¥∑’Ë 2 ‰∂à∂Õπ «—π∑’Ë 4 ¡’π“§¡ 2550

™ÿ¥∑’Ë 1, 2 ·≈– 3 ≈â“π∫“∑) ™ÿ¥∑’Ë 3 = 3.25% - 4.25% ™ÿ¥∑’Ë 3 ‰∂à∂Õπ «—π∑’Ë 4 ¡’π“§¡ 2551

LHM ‡ß‘π‡∫‘°‡°‘π∫—≠™’ ∫“∑ 19.83 MOR+0.25% ‰¡à¡’ ™”√–§◊π‡¡◊ËÕ∑«ß∂“¡

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ∫“∑ 408.05 MLR ∑’Ë¥‘π„π¿Ÿ‡°Áµ ·≈– ™”√–§◊π‡¡◊ËÕ¡’°“√‡∫‘°‚©π¥

ÿ√“…Æ√å∏“π’

PF ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ∫“∑ 397.00 3.75%-5.75% ∑’Ë¥‘π §√∫°”Àπ¥™”√–„πªï 2550

LR ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ∫“∑ 495.87 Fix+2.75% ∑’Ë¥‘π §√∫°”Àπ¥™”√–„πªï 2551

√«¡Àπ’È ‘π 11,437.58

LH = ∫¡®. ·≈π¥å·Õπ¥å‡Œâ“ å LHM = ∫®. ·Õ≈.‡Õ™. ‡¡◊Õß„À¡à LR = ∫®. ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ PF = ∫®. ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑

°“√ª√—∫‚§√ß √â“ßÀπ’È¢Õß∫√‘…—∑¬àÕ¬ ¡’‡ß◊ËÕπ‰¢„Àâ∫√‘…—∑™”√–¥Õ°‡∫’È¬·≈–‡ß‘πµâπµ“¡°”Àπ¥‡«≈“∑’Ëµ°≈ß°—π‰«â ≥ ‘Èπªï 2547 §ß‡À≈◊Õ‡ß‘π°Ÿâ¿“¬„µâ°“√ª√—∫‚§√ß √â“ßÀπ’È‡©æ“–¢Õß∫√‘…—∑¬àÕ¬√“¬∫√‘…—∑ ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ®”°—¥ ®”π«π 408.05 ≈â“π∫“∑ §‘¥‡ªìπ —¥ à«π√âÕ¬≈– 4.22 ¢ÕßÀπ’È√«¡

(§) ªí®®—¬·≈–Õ‘∑∏‘æ≈À≈—°∑’ËÕ“®¡’º≈µàÕ°“√¥”‡π‘πß“πÀ√◊Õ∞“π–°“√‡ß‘π„πÕπ“§µ(1) ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ¿“¬Àπâ“

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¡’¿“√–§È”ª√–°—π∑’Ë∑”°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πµà“ßÊ „Àâ°—∫∫√‘…—∑√à«¡√“¬∫√‘…—∑ ∫“ß°Õ° ‡™π ŒÕ ªî∑Õ≈®”°—¥ (¡À“™π) ®”π«π 791.00 ≈â“π∫“∑

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π‡æ◊ËÕ°“√æ—≤π“‚§√ß°“√·≈–°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ‡ªìπ®”π«π‡ß‘π 1,773.85 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¡’°“√æ—≤π“‚§√ß°“√‡æ◊ËÕ¢“¬Õ¬à“ßµàÕ‡π◊ËÕß √«¡∑—Èß∑’Ëºà“π¡“‚§√ß°“√¢Õß∫√‘…—∑ “¡“√∂®”Àπà“¬‰¥â¥â«¬¥’ ®÷ß‰¡à‡ªìπ‡Àµÿ„Àâ‡™◊ËÕ‰¥â«à“∫√‘…—∑®–ª√– ∫ªí≠À“®“°¿“√–ºŸ°æ—π¥—ß°≈à“«

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑§È”ª√–°—π‡ß‘π°Ÿâ¢Õß≈Ÿ°§â“ ∂“∫—π°“√‡ß‘π®”π«π 13.17 ≈â“π∫“∑ ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß®“°¿“√–§È”ª√–°—π¥—ß°≈à“«∫√‘…—∑ ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ‰¥â§È”ª√–°—πÀπ’È¢Õß∫√‘…—∑Õ◊Ëπ·ÀàßÀπ÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π

28.28 ≈â“π∫“∑ ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ß®“°°“√∑’Ë∫√‘…—∑¬àÕ¬‡¢â“§È”ª√–°—π¥—ß°≈à“«(2) ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å √“¬‰¥âÀ≈—° ¡“®“°°“√ √â“ß∑’ËÕ¬ŸàÕ“»—¬‡æ◊ËÕ¢“¬ °“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

¡’§«“¡ —¡æ—π∏å°—∫¿“«–‡»√…∞°‘®·≈–¿“«–Õ —ßÀ“√‘¡∑√—æ¬å „π ¿“æ°“√≥å∑’Ë¿“«–‡»√…∞°‘®·≈–¿“«–Õ —ßÀ“√‘¡∑√—æ¬åª√—∫µ—«„π∑‘»∑“ß∑’Ë¥’¢÷Èπ àßº≈µàÕ‡π◊ËÕß„Àâ§«“¡µâÕß°“√∑’ËÕ¬ŸàÕ“»—¬‡æ‘Ë¡¢÷Èπ Õ—π àßº≈¥’µàÕº≈°“√¥”‡π‘πß“π·≈–∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑ Õ¬à“ß‰√°Áµ“¡„π°√≥’∑’Ë¿“«–‡»√…∞°‘®·≈–¿“«–Õ —ßÀ“√‘¡∑√—æ¬åª√—∫µ—«‰ª„π∑‘»∑“ß∑’Ë≈¥≈ß ¬àÕ¡ àßº≈°√–∑∫„π·ßà≈∫µàÕ°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ Õ¬à“ß‰√°Áµ“¡ °“√∑’Ë∫√‘…—∑ “¡“√∂∑’Ë®–ª√—∫‚§√ß √â“ß„π™à«ß«‘°ƒµ‡»√…∞°‘®∑’Ëºà“π¡“ ·≈– “¡“√∂∑’Ë®–°≈—∫¡“®–¥”‡π‘π∏ÿ√°‘®∑’Ë¡’º≈°“√¥”‡π‘πß“π∑’Ë¥’¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß·≈–√—°…“§«“¡‡ªìπºŸâπ”„π∏ÿ√°‘®¿“¬„µâ∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å∑’Ë¡’§«“¡º—πº«π·≈–°“√·¢àß¢—π§àÕπ¢â“ß Ÿß ¬àÕ¡‡ªìπ ‘Ëß∑’Ëæ‘ Ÿ®πå∂÷ßª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘π∏ÿ√°‘®∑’Ëºà“π¡“ ∑—Èßπ’È∫√‘…—∑¡’π‚¬∫“¬∑’Ë®–Õ“»—¬°“√«‘®—¬·≈–æ—≤π“‚§√ß°“√Õ¬à“ßµàÕ‡π◊ËÕß °“√§«∫§ÿ¡µâπ∑ÿπ„π°“√º≈‘µ‚¥¬‡©æ“–°“√ √â“ß∫â“π°àÕπ¢“¬„ÀâÕ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡ °“√π”°≈¬ÿ∑∏å°“√µ≈“¥¡“„™â‡æ◊ËÕ‡¢â“∂÷ß≈Ÿ°§â“°≈ÿà¡‡ªÑ“À¡“¬ °“√√—°…“§«“¡·¢Áß·°√àß¢Õßµ√“ —≠≈—°…≥å¢Õß∫√‘…—∑ ‡ªìπ°≈¬ÿ∑∏å¢Õß∫√‘…—∑„π°“√¥”‡π‘π∏ÿ√°‘®µàÕ‰ª„πÕπ“§µ

(ß) §à“µÕ∫·∑π¢Õßºÿâ Õ∫∫—≠™’§à“µÕ∫·∑π®“°°“√ Õ∫∫—≠™’ (audit fee)

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬ §à“µÕ∫·∑π°“√ Õ∫∫—≠™’„Àâ·°à ”π—°ß“π Õ∫∫—≠™’ ¥’‰Õ‡Õ ´÷Ëß‡ªìπ ”π—°ß“π∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥ „π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 2,085,000 ∫“∑

§à“∫√‘°“√Õ◊Ëπ (non-audit fee)∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬ §à“µÕ∫·∑π¢Õßß“π∫√‘°“√Õ◊Ëπ ´÷Ëß‰¥â·°à°“√µ√«® Õ∫æ‘‡»…‡°’Ë¬«°—∫‡ß‘π§â“ß™”√–¢Õß‚§√ß°“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥

30 °—π¬“¬π 2547 „Àâ·°à ”π—°ß“π Õ∫∫—≠™’ ¥’‰Õ‡Õ ´÷ËßºŸâ Õ∫∫—≠™’’ —ß°—¥ „π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 47,000 ∫“∑(®) ¢âÕ¡Ÿ≈Õ◊Ëπ∑’Ë‡°’Ë¬«¢âÕß -‰¡à¡’-


73

Liabilities of the Company and its subsidiaries as of December 31, 2004

CompanyType of

CurrencyAmount

Interest rate Collateral Due dateliabilities (million baht)

LH Bank overdraft Baht 3.29 MLR None Payable at callBills of exchange Baht 2,695.23 3.00-3.9 None To be repaid in one yearBills of exchange Baht 3,548.31 3.00-3.9 None To be repaid in 1-3 yearsLocal bonds issue Baht 120.00 8.5% in first two None 10% to be repaid on March 30, 2002,

No. 1/2543 years, MLR-0.25% 15% in six installments every in next three years six months starting September 30, 2002

Local bonds issue Baht 750.00 Fixed deposit Land in Bangkok Principal to be repaid in equal amountNo. 1/2544 rate + 3.00% and the vicinities every three months in 16 installments

starting from March 4, 2003Local bonds issue Baht 3,000.00 Lot 1 = 2.80% None Lot 1 to be redeemed on

March 4, 2006No. 1/2547 (1,000 million Lot 2 = 3.25% Lot 2 to be redeemed on

March 4, 2007Lots 1, 2 and 3 for each lot) Lot 3 = 3.25% - 4.25% Lot 3 to be redeemed on

March 4, 2008LHM Bank overdraft Baht 19.83 MOR+0.25% None Payable at call

Long-term loans Baht 408.05 MLR Land in Phuket To be repaid when the landand Surat Thani titles are withdrawn

PF Long-term loans Baht 397.00 3.75%-5.75% Land To be repaid in 2007LR Short-term loans Baht 495.87 Fix+2.75% Land To be repaid in 2008

Total liabilities 11,437.58

LH = Land & Houses Plc., LHM = LH Muang Mai Co., Ltd., LR = LH Real Estate Co., Ltd., PF = Pacific Real Estate Co., Ltd.

Under the debt restructuring agreements of the Company and its subsidiaries, the Company is required to pay interests andprincipals on the agreed date. As of the end of 2004, the remaining debts under restructuring were those of subsidiary LH Muang MaiCo., Ltd., which totaled 408.05 million baht, representing 4.22% of total liabilities.

(c) Major factors and influences on future operations or financial position(1) Future obligations and liabilities

As of December 31, 2004, the Company had a burden in the form of loan guarantees for associated company Bangkok ChainHospital Plc. totaling 791.00 million baht

As of December 31, 2004, the Company had obligations and liabilities resulting from requesting banks to issue guarantee lettersfor its project development and operations totaling 1,773.85 million baht. Nonetheless, the Company constantly develops projects for salewhich to date has sold well. Therefore, there are no grounds to believe that such obligations will cause trouble for the Company.

As of December 31, 2004, the Company guaranteed a loan of a financial-institution customer worth 13.17 million baht. TheCompany thus has the risk from such a guarantee burden.

Pacific Real Estate Co., Ltd., one of the Companyûs subsidiaries, guaranteed a loan for a company, worth 28.28 million baht asof December 31, 2004. The Company was thus has the risk from such a guarantee made by its subsidiary.

(2) Since the Company and its subsidiaries operate real estate businesses, their revenue was from building houses and residences forsale. Their operations are closely related to the economy and the property sector. In the scenario in which the economy and the propertysector are improving, spurring demand for housing, their operations and financial positions will benefit from the uptrend. In the event theeconomy and the property are on the downtrend, their operations will be adversely affected. However, the fact that the Companymanaged to successfully restructure itself during the recent financial crisis and recovered with steadily improving performances and hasmaintained its leadership in the volatile and highly competitive real estate development industry is the proof of its operating efficiencies.Besides, its future policies will focus on continued research and development, production cost controls, especially those of pre-builthouses, at appropriate levels, effective marketing strategies to reach target customer groups and the strengths of its logo.

(d) Remunerations for auditorsAudit fee

The Company and its subsidiaries paid 2,085,000 baht in audit fee to DIA, an auditing company for which the auditors work, in thelast accounting year.

Non-audit feeThe Company and its subsidiaries paid 47,000 baht last year in non-audit fee to DIA, an audit company for which the auditors work,

for additional auditing of outstanding payments of the projects of the Company and its subsidiaries as of September 30, 2004.(e) Other related information -None-


74

¢âÕ¡Ÿ≈ ∂‘µ‘∑“ß°“√‡ß‘π‡ª√’¬∫‡∑’¬∫ 3 ªïCOMPARATIVE 3 YEARS FINANCIAL STATISTICS

8000

7000

6000

5000

4000

3000

2000

1000

0

30

25

20

15

10

5

0

20000

15000

10000

5000

0

35000

30000

25000

20000

15000

10000

5000

0

25452002

25462003

25472004

25452002

25462003

25472004

ªïYear

ªïYear

25452002

25462003

25472004

ªïYear

25452002

25462003

25472004

ªïYear

®”π«πÀÿâπ∑’Ë‡√’¬°™”√–·≈â« (≈â“πÀÿâπ)Number of Outstanding Shares (Million Shares)

≈â“πÀÿâπ(Million Shares)

¡Ÿ≈§à“µ“¡∫—≠™’Book Values

∫“∑(Baht)

º≈°“√¥”‡π‘πß“π (≈â“π∫“∑)Result of Operation (Million Baht)

‘π∑√—æ¬å√«¡·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπTotal Assets and Shareholdersû Equity

°”‰√¢—Èπµâπ / Gross Profit

√“¬‰¥â®“°°“√¢“¬ / Sales

‘π∑√—æ¬å√«¡ / Total Assets

à«π¢ÕßºŸâ∂◊ÕÀÿâπ / Shareholdersû Equity

6,4507,108

3.2

5,680

15,103

7,148

18,670

27,097

18,101

31,393

22,764

8,156

2.8

6,935

18,29136,845

22,492

2.8

≈â“π∫“∑(Million Baht)

≈â“π∫“∑(Million Baht)


75

‘π∑√—æ¬å (≈â“π∫“∑)ASSETS (MILLION BAHT)

‘π∑√—æ¬å√«¡ / TOTAL ASSETS 36,845 31,393 27,097 ‘π§â“§ß‡À≈◊Õ / INVENTORIES 25,958 19,847 18,226‡ß‘π≈ß∑ÿπ / INVESTMENT 8,645 7,730 6,554

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ (≈â“π∫“∑)LIABILITIES AND SHAREHOLDERSû EQUITY (MILLION BAHT)

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ / SHORT TERM LOAN 4,152 2,974 2,310‡ß‘π°Ÿâ¬◊¡√–¬–¬“« / LONG TERM LOAN 4,849 3,002 3,684Àπ’È ‘π√«¡ / TOTAL LIABILITIES 14,353 8,628 8,996∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« / PAID UP SHARE CAPITAL 8,156 7,108 6,450 à«π¢ÕßºŸâ∂◊ÕÀÿâπ / SHAREHOLDERSû EQUITY 22,492 22,764 18,101

º≈°“√¥”‡π‘πß“π (≈â“π∫“∑)RESULT OF OPERATION (MILLION BAHT)

√“¬‰¥â®“°°“√¢“¬ / SALES 18,291 18,670 15,103√“¬‰¥â√«¡ / TOTAL REVENUES 21,289 20,450 16,084°”‰√¢—Èπµâπ / GROSS PROFIT 6,935 7,148 5,680°”‰√ ÿ∑∏‘ / NET PROFIT 6,101 6,086 3,820

‡∑’¬∫‡ªìπÕ—µ√“µàÕÀÿâπ (∫“∑)PER SHARE FIGURE (BAHT)

¡Ÿ≈§à“µ“¡∫—≠™’ / BOOK VALUES 2.8 3.2 2.8°”‰√ ÿ∑∏‘ / EARNING 0.7 0.9 0.6

Õ—µ√“ à«π∑“ß°“√‡ß‘πRATIO

Õ—µ√“ à«π ¿“æ§≈àÕß / CURRENT RATIO 4.55 4.92 5.32Õ—µ√“ à«π ¿“æ§≈àÕßÀ¡ÿπ‡«’¬π‡√Á« / QUICK RATIO 0.22 0.44 0.30

Õ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√À“°”‰√PROFITABILITY RATIO

Õ—µ√“°”‰√¢—Èπµâπ / GROSS PROFIT MARGIN 37.9% 38.3% 37.6%Õ—µ√“°”‰√®“°°“√¥”‡π‘πß“π / OPERATION PROFIT MARGIN 28.5% 33.5% 29.9%Õ—µ√“°”‰√ ÿ∑∏‘ / NET PROFIT MARGIN 28.7% 29.8% 23.8%Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ / RETURN ON EQUITIES 36.2% 30.0% 24.7%

Õ—µ√“ à«πª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“πEFFICIENCY RATIO

Õ—µ√“º≈µÕ∫·∑π®“°∑√—æ¬å ‘π / RETURN ON ASSETS 23.8% 20.8% 14.8%

Õ—µ√“ à«ππ‚¬∫“¬∑“ß°“√‡ß‘πFINANCIAL POLICY RATIO

Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ / DEBT / EQUITIES RATIO 0.64 0.38 0.50Õ—µ√“ à«π§«“¡ “¡“√∂™”√–¥Õ°‡∫’È¬ / INTEREST COVERAGE RATIO -0.12 15.24 9.56

®”π«πÀÿâπ∑’Ë‡√’¬°™”√–·≈â« (≈â“πÀÿâπ)NUMBER OF OUTSTANDING SHARES (millon shares) 8,156 7,108 6,450

2547 2546 25452004 2003 2002


76

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑µàÕ√“¬ß“π∑“ß°“√‡ß‘πTHE RESPONSIBILITY FOR THE FINANCIAL REPORTING OF THE BOARD OF DIRECTORS

(π“¬Õπ—πµå Õ—»«‚¿§‘π)

ª√–∏“π°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√

ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ‰¥â®—¥∑”¢÷Èπ¿“¬„µâπ‚¬∫“¬¢Õß§≥–°√√¡°“√∫√‘…—∑œ

´÷Ëß°”Àπ¥„ÀâªØ‘∫—µ‘µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ µ≈Õ¥®π

¡’°“√æ‘®“√≥“∂÷ß§«“¡ ¡‡Àµÿ ¡º≈Õ¬à“ß√Õ∫§Õ∫„π°“√®—¥∑”ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ –∑âÕπº≈°“√¥”‡π‘πß“π∑’Ë‡ªìπ®√‘ß¢Õß∫√‘…—∑œ

§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥„Àâ¡’·≈–¥”√ß√—°…“‰«â´÷Ëß√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥âÕ¬à“ß¡’‡Àµÿº≈«à“ °“√∫—π∑÷°

¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â´÷Ëß∑√—æ¬å ‘π ·≈–‡æ◊ËÕ„Àâ∑√“∫®ÿ¥ÕàÕπ ‡æ◊ËÕªÑÕß°—π‰¡à„Àâ‡°‘¥°“√∑ÿ®√‘µ

À√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠

„π°“√π’È §≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ ‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫

‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π ·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’Èª√“°Ø„π

√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëß· ¥ß‰«â„π√“¬ß“πª√–®”ªïπ’È·≈â«

§≥–°√√¡°“√∫√‘…—∑œ ¡’§«“¡‡ÀÁπ«à“ √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ‚¥¬√«¡Õ¬Ÿà„π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡

‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈µàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547


77

The financial statements of Land & Houses Plc. and its subsidiaries have been prepared under the policy of the

directors to comply with generally accepted accounting standards. In preparing the financial statements, the Company and

its subsidiaries have used appropriate accounting policies, consistently applied and supported by reasonable and prudent

judgments and estimates, and that all applicable accounting standards have been followed to give a true and fair view of the

state of affairs of the Company and its subsidiaries.

The Board of Directors also set up and maintained an effective internal audit system to ensure that the Company and

its subsidiaries keep accounting records which disclose with reasonable accuracy, completeness and adequacy the financial

positions of the Company and its subsidiaries to safeguard the assets of the Company and its subsidiaries and to prevent

and detect fraud and other substantial irregularities.

In so doing, the Board of Directors appointed the Audit Committee, which consists of non-executive directors,

to supervise and take responsibility of the quality of the financial statements and the internal audit system. The opinions of

the Audit Committee are stated in the report of the Audit Committee in this annual report.

The Board of Directors is of the opinion that the Companyûs internal audit system is generally satisfactory and

should enhance the creditability of the consolidated financial statements of the Company and its subsidiaries as of

December 31, 2004.

(Anant Asavabhokhin)Chairman and managing director


78

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µAUDITORûS REPORT

‡ πÕ ºŸâ∂◊ÕÀÿâπ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π)

¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡·≈–ß∫¥ÿ≈‡©æ“–∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ß∫°”‰√¢“¥∑ÿπ√«¡·≈–ß∫°”‰√¢“¥∑ÿπ

‡©æ“–∫√‘…—∑ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡·≈–ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡©æ“–∫√‘…—∑ ·≈–ß∫°√–· ‡ß‘π ¥√«¡

·≈–ß∫°√–· ‡ß‘π ¥‡©æ“–∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

·≈–¢Õß‡©æ“–∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’‡¥’¬«°—π ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡

∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫

¢Õß¢â“æ‡®â“

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

·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß

°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√

∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡

¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß

§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“

µ“¡À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 7.2 °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘¢Õß∫√‘…—∑∫√‘…—∑√à«¡ 5 ·Ààß ∑’Ëπ”¡“§”π«≥‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬¢Õß

ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ´÷Ëß¡’ à«π·∫àßº≈°”‰√√«¡®”π«π 621.52 ≈â“π∫“∑ (ªï 2546 ®”π«π 5 ·Ààß ¡’ à«π·∫àß¢“¥∑ÿπ

√«¡®”π«π 241.41 ≈â“π∫“∑) ‰¥â§”π«≥®“°ß∫°“√‡ß‘π∑’Ë®—¥∑”‚¥¬ΩÉ“¬∫√‘À“√∑’Ë¬—ß‰¡àºà“π°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’

¢â“æ‡®â“‡ÀÁπ«à“ ¬°‡«âπº≈¢Õß√“¬°“√ª√—∫ª√ÿß∑’ËÕ“®¡’µàÕ√“¬°“√‡ß‘π≈ß∑ÿπ·≈– à«π‰¥â‡ ’¬®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ∂â“ß∫°“√‡ß‘π¢Õß∫√‘…—∑

√à«¡µ“¡∑’Ë°≈à“«„π¬àÕÀπâ“∑’Ë “¡ ‰¥âºà“π°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’·≈â« ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π√«¡

·≈–∞“π–°“√‡ß‘π‡©æ“–∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 º≈°“√¥”‡π‘πß“π√«¡·≈–º≈°“√¥”‡π‘πß“π‡©æ“–∫√‘…—∑·≈–°√–· ‡ß‘π ¥

√«¡·≈–°√–· ‡ß‘π ¥‡©æ“–∫√‘…—∑ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß ·µà≈–ªï¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–ß∫

°“√‡ß‘π‡©æ“–∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

”π—°ß“π Õ∫∫—≠™’ ¥’ ‰Õ ‡Õ

(π“ß ÿ«‘¡≈ °ƒµ¬“‡°’¬√≥å)ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ∑–‡∫’¬π‡≈¢∑’Ë 2982

«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2548


79

To The Shareholders of LAND AND HOUSES PUBLIC COMPANY LIMITED

I have audited the consolidated balance sheets of LAND AND HOUSES PUBLIC COMPANY LIMITED AND SUBSIDIARIESand the balance sheets of LAND AND HOUSES PUBLIC COMPANY LIMITED as at 31st December 2004 and 2003, the relatedof consolidated statements of income and statements of income, consolidated statements of changes in shareholdersû equityand statements of changes in shareholdersû equity, and consolidated statements of cash flows and statements of cash flowsof LAND AND HOUSES PUBLIC COMPANY LIMITED AND SUBSIDIARIES and of LAND AND HOUSES PUBLIC COMPANYLIMITED for the years then ended. These financial statements are the responsibility of the Companyûs management as to theircorrectness and completeness of the presentation. My responsibility is to express an opinion on these financial statementsbased on my audits.

Except for the stated in following paragraph, I conducted my audits in accordance with generally accepted auditingstandards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statements presentation. I believe that my audit providesa reasonable basis for my opinion.

As mentioned in notes to financial statements no 7.2, net profit (loss) for the year ended 31st December 2004 of fiveaffiliates which were brought into the computation of investments under the equity method which had profit of Baht 621.52 million(in 2003 of five affiliates which were brought into the computation of investments under the equity method which had loss ofBaht 241.41 million), were taken from their unaudited financial statements.

In my opinion, except for the effect of the adjustment on the investment and equity from investment in affiliates as ifthe financial statements of affiliates as described in the third paragraph have been audited by the auditor, the consolidatedfinancial statements and the financial statements referred to above present fairly, in all material respects, the consolidatedfinancial position and the financial position of LAND AND HOUSES PUBLIC COMPANY LIMITED AND SUBSIDIARIES and ofLAND AND HOUSES PUBLIC COMPANY LIMITED as at 31st December 2004 and 2003, the results of their operations andits operations and their cash flows and its cash flows for the years then ended in conformity with generally acceptedaccounting principles.

Office of D I A International Auditing

(Mrs. Suvimol Krittayakiern)C.P.A. (Thailand)

Registration No. 2982

25th February 2005


80

ß∫¥ÿ≈BALANCE SHEETS

∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546(ª√—∫ª√ÿß„À¡à) (ª√—∫ª√ÿß„À¡à)

À¡“¬‡Àµÿ

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 378,854 367,054 155,861 188,977‡ß‘π≈ß∑ÿπ√–¬– —Èπ 3 600,000 1,500,000 600,000 1,500,000≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫ ÿ∑∏‘ 4 360,805 200,282 274,927 185,396‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√

∑’Ë‡°’Ë¬«¢âÕß°—π 5 0 0 3,803,245 2,323,535 ‘π§â“§ß‡À≈◊Õ 6 25,958,346 19,847,335 19,247,089 15,726,430 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

¥Õ°‡∫’È¬§â“ß√—∫ - ÿ∑∏‘ 0 12 76,501 13,849¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈À—° ≥ ∑’Ë®à“¬ 32,961 53,121 0 31,099≈Ÿ°Àπ’ÈÕ◊Ëπ 7.2.6 0 864,525 0 864,525Õ◊ËπÊ 232,778 244,166 119,386 208,663

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 27,563,744 23,076,495 24,277,009 21,042,474 ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ 7 6,989,020 3,079,247 8,672,503 4,181,365‡ß‘π≈ß∑ÿπ√–¬–¬“« 8 1,656,437 4,650,698 1,430,652 4,424,839∑’Ë¥‘πµ“¡ —≠≠“®– ◊ÈÕ®–¢“¬ 9 226,000 226,000 226,000 226,000∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 10 324,599 237,032 244,194 189,650 ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 85,458 123,199 7,800 22,318

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 9,281,514 8,316,176 10,581,149 9,044,172√«¡ ‘π∑√—æ¬å 36,845,258 31,392,671 34,858,158 30,086,646


81

AssetsCurrent assets

Cash and cash equivalents 378,854 367,054 155,861 188,977Short-term investments 3 600,000 1,500,000 600,000 1,500,000Trade accounts and notes

receivable - net 4 360,805 200,282 274,927 185,396Short-term loans to related parties 5 0 0 3,803,245 2,323,535Inventories 6 25,958,346 19,847,335 19,247,089 15,726,430Other current assets

Accrued interest income - net 0 12 76,501 13,849Withholding income tax 32,961 53,121 0 31,099Other receivables 7.2.6 0 864,525 0 864,525Others 232,778 244,166 119,386 208,663

Total current assets 27,563,744 23,076,495 24,277,009 21,042,474Non-current assets

Investments in subsidiaries and affiliates 7 6,989,020 3,079,247 8,672,503 4,181,365Long-term investments 8 1,656,437 4,650,698 1,430,652 4,424,839Land under contracts to buy and to sell 9 226,000 226,000 226,000 226,000Property, plant and equipment - net 10 324,599 237,032 244,194 189,650Other non-current assets 85,458 123,199 7,800 22,318

Total non-current assets 9,281,514 8,316,176 10,581,149 9,044,172Total assets 36,845,258 31,392,671 34,858,158 30,086,646

LAND AND HOUSES PUBLIC COMPANY LIMITED AND SUBSIDIARIESAS AT 31st DECEMBER 2004 AND 2003

Consolidated Parent company

2004 (Thousand Baht) 2003 2004 (Thousand Baht) 2003(Adjustment) (Adjustment)

Note

Notes to financial statements are parts of these financial statements.


82


ß∫¥ÿ≈ (µàÕ)BALANCE SHEETS (Cont.)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑


À¡“¬‡Àµÿ

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπÀπ’È ‘πÀ¡ÿπ‡«’¬π

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π 11 1,815,267 1,445,393 1,795,437 1,439,581

‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬ 937,141 519,345 550,451 386,649 à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥

™”√–¿“¬„πÀπ÷Ëßªï 13, 14 1,398,082 1,008,135 1,398,082 1,008,135‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 12 1,025 1,025 285,000 0Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

√“¬‰¥â√—∫≈à«ßÀπâ“ 329,731 282,078 238,400 273,893¿“…’‡ß‘π‰¥â§â“ß®à“¬ 795,211 682,579 710,784 675,705Õ◊ËπÊ 783,547 754,754 584,703 688,632

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 6,060,004 4,693,309 5,562,857 4,472,595Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 13 4,849,229 3,001,733 3,548,303 2,100,737Àÿâπ°Ÿâ„πª√–‡∑» 14 3,375,000 870,000 3,375,000 870,000Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ

º≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ 7.1.2 0 0 46,388 13,932

Õ◊ËπÊ 68,936 63,331 0 0√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 8,293,165 3,935,064 6,969,691 2,984,669√«¡Àπ’È ‘π 14,353,169 8,628,373 12,532,548 7,457,264



83




Note


Liabilities and shareholdersû equityCurrent liabilities

Banks overdraft and short-term loansfrom financial institutions 11 1,815,267 1,445,393 1,795,437 1,439,581

Trade accounts and notes payable 937,141 519,345 550,451 386,649Current portion of long-term debts 13, 14 1,398,082 1,008,135 1,398,082 1,008,135Short-term loans from related parties 12 1,025 1,025 285,000 0Other current liabilities

Unearned revenue 329,731 282,078 238,400 273,893Accrued income tax 795,211 682,579 710,784 675,705Others 783,547 754,754 584,703 688,632

Total current liabilities 6,060,004 4,693,309 5,562,857 4,472,595Non-current liabilities

Long-term loans 13 4,849,229 3,001,733 3,548,303 2,100,737Domestic debentures 14 3,375,000 870,000 3,375,000 870,000Other non-current liabilities

Excess loss from investmentsin subsidiaries and affiliates 7.1.2 0 0 46,388 13,932

Others 68,936 63,331 0 0Total non-current liabilities 8,293,165 3,935,064 6,969,691 2,984,669Total liabilities 14,353,169 8,628,373 12,532,548 7,457,264


84


ß∫¥ÿ≈ (µàÕ)BALANCE SHEETS (Cont.)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑


À¡“¬‡Àµÿ

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ

∑ÿπ®¥∑–‡∫’¬π

Àÿâπ “¡—≠ 10,806,737,200 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ 10,806,737 10,806,737 10,806,737 10,806,737

∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â«

Àÿâπ “¡—≠ 8,155,734,577 Àÿâπ

Àÿâπ≈– 1 ∫“∑ 8,155,734 8,155,734

Àÿâπ “¡—≠ 7,107,565,933 Àÿâπ

Àÿâπ≈– 1 ∫“∑ 7,107,566 7,107,566

à«π‡°‘π∑ÿπ

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 8,792,576 7,386,019 8,792,576 7,386,019

°”‰√ – ¡

®—¥ √√·≈â«

”√Õßµ“¡°ÆÀ¡“¬ 16 805,585 500,548 805,585 500,548

¬—ß‰¡à‰¥â®—¥ √√ 3,605,733 5,550,466 3,605,733 5,550,466

à«π‡°‘π∑ÿπÕ◊Ëπ

à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π 17 130,717 132,305 130,717 132,305

à«π‡°‘π¡Ÿ≈§à“Àÿâπ¢Õß∫√‘…—∑√à«¡ 7.2.2 165,571 0 165,571 0

°”‰√ (¢“¥∑ÿπ) ∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ 18 669,694 1,952,478 669,694 1,952,478

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 22,325,610 22,629,382 22,325,610 22,629,382

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 166,479 134,916 0 0

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ·≈–

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 22,492,089 22,764,298 22,325,610 22,629,382

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 36,845,258 31,392,671 34,858,158 30,086,646



85




Note


Liabilities and shareholdersû equity (cont.)Shareholdersû equity

Share capitalAuthorized share capital

10,806,737,200 common sharesof Baht 1 each 10,806,737 10,806,737 10,806,737 10,806,737

Issued and paid-up share capital8,155,734,577 common shares

of Baht 1 each 8,155,734 8,155,7347,107,565,933 common shares

of Baht 1 each 7,107,566 7,107,566Paid-in capital

Premium on share capital 8,792,576 7,386,019 8,792,576 7,386,019Retained earnings

AppropriatedLegal reserve 16 805,585 500,548 805,585 500,548

Unappropriated 3,605,733 5,550,466 3,605,733 5,550,466Other paid-in capital

Revaluation increment in assets 17 130,717 132,305 130,717 132,305Premium on share capital of

affiliates 7.2.2 165,571 0 165,571 0Unrealized gain (loss) of

investments 18 669,694 1,952,478 669,694 1,952,478Total shareholdersû equity 22,325,610 22,629,382 22,325,610 22,629,382

Minority interest 166,479 134,916 0 0Total shareholdersû equity and minority interest 22,492,089 22,764,298 22,325,610 22,629,382

Total liabilities and shareholdersû equity 36,845,258 31,392,671 34,858,158 30,086,646


86

√“¬‰¥â√“¬‰¥â®“°°“√¢“¬·≈–√—∫®â“ß 18,290,868 18,670,455 14,768,184 17,355,708√“¬‰¥âÕ◊Ëπ

°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 1,166,565 926,428 1,166,560 910,678°”‰√®“°°“√°≈—∫√“¬°“√¢“¥∑ÿπ

®“°°“√¥âÕ¬§à“ 8.1 199,526 0 199,526 0‡ß‘πªíπº≈√—∫ 197,188 141,276 197,112 119,684Õ◊ËπÊ 440,990 298,681 545,706 332,508

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ 994,067 413,018 1,754,899 654,245

√«¡√“¬‰¥â 21,289,204 20,449,858 18,631,987 19,372,823§à“„™â®à“¬

µâπ∑ÿπ¢“¬·≈–√—∫®â“ß 11,355,879 11,521,992 9,073,925 10,520,034§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 1,022,934 866,705 877,473 816,319 à«π·∫àß¢“¥∑ÿπ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

·≈–∫√‘…—∑√à«¡ 798 55 89,464 24,987¿“…’∏ÿ√°‘®‡©æ“–·≈–§à“∏√√¡‡π’¬¡‚Õπ 704,667 21,843 568,667 19,510¢“¥∑ÿπ®“°°“√¬°‡≈‘°‚§√ß°“√ 0 71,543 0 71,543¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ 21 35,235 357,312 0 357,312

√«¡§à“„™â®à“¬ 13,119,513 12,839,450 10,609,529 11,809,705°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 8,169,691 7,610,408 8,022,458 7,563,118¥Õ°‡∫’È¬®à“¬ (121,116) (52,018) (154,464) (49,429)¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ (1,938,775) (1,443,240) (1,767,257) (1,428,036)°”‰√À≈—ß¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 6,109,800 6,115,150 6,100,737 6,085,653°”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (9,063) (29,497) 0 0°”‰√ ÿ∑∏‘ 6,100,737 6,085,653 6,100,737 6,085,653

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π (∫“∑/Àÿâπ) 23°”‰√ ÿ∑∏‘ 0.79 0.91 0.79 0.91

°”‰√µàÕÀÿâπª√—∫≈¥ (∫“∑/Àÿâπ) 23°”‰√ ÿ∑∏‘ 0.68 0.70 0.68 0.70

∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


ß∫°”‰√¢“¥∑ÿπSTATEMENTS OF INCOME

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546À¡“¬‡Àµÿ



87

LAND AND HOUSES PUBLIC COMPANY LIMITED AND SUBSIDIARIESFOR THE YEARS ENDED 31st DECEMBER 2004 AND 2003


2004 (Thousand Baht) 2003 2004 (Thousand Baht) 2003Note


RevenuesSales and hire of works 18,290,868 18,670,455 14,768,184 17,355,708Other income

Gain from sales of investments 1,166,565 926,428 1,166,560 910,678Gain on reversal of impairment loss 8.1 199,526 0 199,526 0Dividend income 197,188 141,276 197,112 119,684Others 440,990 298,681 545,706 332,508

Equity gain from investments insubsidiaries and affiliates 994,067 413,018 1,754,899 654,245

Total revenues 21,289,204 20,449,858 18,631,987 19,372,823Expenses

Cost of sales and hire of works 11,355,879 11,521,992 9,073,925 10,520,034Selling and administrative expenses 1,022,934 866,705 877,473 816,319Equity loss from investments

in subsidiaries and affiliates 798 55 89,464 24,987Specific business tax and transfer fee 704,667 21,843 568,667 19,510Loss from cancel of project 0 71,543 0 71,543Loss from impairment 21 35,235 357,312 0 357,312

Total expenses 13,119,513 12,839,450 10,609,529 11,809,705Profit before interest expenses and income tax 8,169,691 7,610,408 8,022,458 7,563,118Interest expenses (121,116) (52,018) (154,464) (49,429)Income tax (1,938,775) (1,443,240) (1,767,257) (1,428,036)Profit after income tax 6,109,800 6,115,150 6,100,737 6,085,653Net profit of minority interest (9,063) (29,497) 0 0Net profit 6,100,737 6,085,653 6,100,737 6,085,653

Basic earnings per share (Baht/share) 23Net profit 0.79 0.91 0.79 0.91

Diluted earnings per share (Baht/share) 23Net profit 0.68 0.70 0.68 0.70


pany Limited

88

STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

°”‰√∑’Ë¬—ß‰¡à‡°‘¥∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ”√Õß °”‰√ (¢“¥∑ÿπ) à«π‡°‘π ¢ÕßÀ≈—°∑√—æ¬åÀ¡“¬‡Àµÿ·≈–‡√’¬°™”√–·≈â«

à«π‡°‘π¡Ÿ≈§à“Àÿâπµ“¡°ÆÀ¡“¬ – ¡ ∑ÿπÕ◊Ëπ „π§«“¡µâÕß°“√

√«¡

µ≈“¥-‰¡àÀ¡ÿπ‡«’¬π


ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2546 6,450,141 6,463,926 191,006 3,412,733 117,161 1,360,527 17,995,494ª√—∫ª√ÿßº≈ – ¡ 24 0 0 0 62,760 0 69,343 132,103¬Õ¥§ß‡À≈◊ÕÀ≈—ßª√—∫ª√ÿß 6,450,141 6,463,926 191,006 3,475,493 117,161 1,429,870 18,127,597 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π 0 0 0 0 15,144 0 15,144°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢ÕßÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 0 0 0 0 0 522,608 522,608‡ß‘πªíπº≈®à“¬ 23 0 0 0 (3,675,030) 0 0 (3,675,030)¿“…’‡ß‘π‰¥â®“°‡ß‘πªíπº≈∑’Ë‰¡à‰¥â®à“¬ 23 0 0 0 (26,108) 0 0 (26,108)°”‰√ ÿ∑∏‘ 0 0 0 6,085,653 0 0 6,085,653„∫ ”§—≠· ¥ß ‘∑∏‘ - ◊ÈÕÀÿâπ “¡—≠ 657,425 922,093 0 0 0 0 1,579,518®—¥ √√ ”√Õßµ“¡°ÆÀ¡“¬ 0 0 309,542 (309,542) 0 0 0¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 7,107,566 7,386,019 500,548 5,550,466 132,305 1,952,478 22,629,382¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 7,107,566 7,386,019 500,548 5,531,970 132,305 1,972,524 22,630,932ª√—∫ª√ÿßº≈ – ¡ 24 0 0 0 18,497 0 (20,046) (1,549)¬Õ¥§ß‡À≈◊ÕÀ≈—ßª√—∫ª√ÿß 7,107,566 7,386,019 500,548 5,550,467 132,305 1,952,478 22,629,383 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π 0 0 0 0 (1,588) 0 (1,588) à«π‡°‘π¡Ÿ≈§à“Àÿâπ¢Õß∫√‘…—∑√à«¡ 0 0 0 0 165,571 0 165,571°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢ÕßÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 0 0 0 0 0 (1,282,784) (1,282,784)‡ß‘πªíπº≈®à“¬ 23 0 0 0 (7,692,298) 0 0 (7,692,298)¿“…’‡ß‘π‰¥â®“°‡ß‘πªíπº≈∑’Ë‰¡à‰¥â®à“¬ 23 0 0 0 (48,136) 0 0 (48,136)°”‰√ ÿ∑∏‘ 0 0 0 6,100,737 0 0 6,100,737„∫ ”§—≠· ¥ß ‘∑∏‘ - ◊ÈÕÀÿâπ “¡—≠ 1,048,168 1,406,557 0 0 0 0 2,454,725®—¥ √√ ”√Õßµ“¡°ÆÀ¡“¬ 0 0 305,037 (305,037) 0 0 0¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 8,155,734 8,792,576 805,585 3,605,733 296,288 669,694 22,325,610

(Àπà«¬ : æ—π∫“∑)



pany Limited

89

Issued andUnrealized gain

paid-up

Premium on Legal Retained earnings Other paid-in on non-currentNote

share capitalshare capital reserve (Deficit) capital marketable

Total

securities


Parent companyBalance as at 1st January 2003 6,450,141 6,463,926 191,006 3,412,733 117,161 1,360,527 17,995,494Cumulative adjustment 24 0 0 0 62,760 0 69,343 132,103Balance after adjustment 6,450,141 6,463,926 191,006 3,475,493 117,161 1,429,870 18,127,597Revaluation increment in assets 0 0 0 0 15,144 0 15,144Unrealized gain on securities available for sales 0 0 0 0 0 522,608 522,608Dividend paid 23 0 0 0 (3,675,030) 0 0 (3,675,030)Income tax from unpaid dividend 23 0 0 0 (26,108) 0 0 (26,108)Net profit 0 0 0 6,085,653 0 0 6,085,653Warrants - exercised to purchase ordinary shares 657,425 922,093 0 0 0 0 1,579,518Legal reserve 0 0 309,542 (309,542) 0 0 0Balance as at 31st December 2003 7,107,566 7,386,019 500,548 5,550,466 132,305 1,952,478 22,629,382Balance as at 1st January 2004 7,107,566 7,386,019 500,548 5,531,970 132,305 1,972,524 22,630,932Cumulative adjustment 24 0 0 0 18,497 0 (20,046) (1,549)Balance after adjustment 7,107,566 7,386,019 500,548 5,550,467 132,305 1,952,478 22,629,383Revaluation increment in assets 0 0 0 0 (1,588) 0 (1,588)Premium on share capital of affiliates 0 0 0 0 165,571 0 165,571Unrealized gain on securities available for sales 0 0 0 0 0 (1,282,784) (1,282,784)Dividend paid 23 0 0 0 (7,692,298) 0 0 (7,692,298)Income tax from unpaid dividend 23 0 0 0 (48,136) 0 0 (48,136)Net profit 0 0 0 6,100,737 0 0 6,100,737Warrants - exercised to purchase ordinary shares 1,048,168 1,406,557 0 0 0 0 2,454,725Legal reserve 0 0 305,037 (305,037) 0 0 0Balance as at 31st December 2004 8,155,734 8,792,576 805,585 3,605,733 296,288 669,694 22,325,610

(Unit : Thousand Baht)



pany Limited

90


ß∫°“√‡ß‘π√«¡¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2546 6,450,141 6,463,926 191,006 3,412,733 117,161 1,360,527 105,419 18,100,913ª√—∫ª√ÿßº≈ – ¡ 24 0 0 0 62,760 0 69,343 0 132,103¬Õ¥§ß‡À≈◊ÕÀ≈—ßª√—∫ª√ÿß 6,450,141 6,463,926 191,006 3,475,493 117,161 1,429,870 105,419 18,233,016 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π 0 0 0 0 15,144 0 0 15,144°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢ÕßÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 0 0 0 0 0 522,608 0 522,608‡ß‘πªíπº≈®à“¬ 23 0 0 0 (3,675,030) 0 0 0 (3,675,030)¿“…’‡ß‘π‰¥â®“°‡ß‘πªíπº≈∑’Ë‰¡à‰¥â®à“¬ 23 0 0 0 (26,108) 0 0 0 (26,108)°”‰√ ÿ∑∏‘ 0 0 0 6,085,653 0 0 29,497 6,115,150„∫ ”§—≠· ¥ß ‘∑∏‘ - ◊ÈÕÀÿâπ “¡—≠ 657,425 922,093 0 0 0 0 0 1,579,518®—¥ √√ ”√Õßµ“¡°ÆÀ¡“¬ 0 0 309,542 (309,542) 0 0 0 0¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 7,107,566 7,386,019 500,548 5,550,466 132,305 1,952,478 134,916 22,764,298¬Õ¥¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 7,107,566 7,386,019 500,548 5,531,970 132,305 1,972,524 134,916 22,765,848ª√—∫ª√ÿßº≈ – ¡ 24 0 0 0 18,497 0 (20,046) 0 (1,549)¬Õ¥§ß‡À≈◊ÕÀ≈—ßª√—∫ª√ÿß 7,107,566 7,386,019 500,548 5,550,467 132,305 1,952,478 134,916 22,764,299 à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π 0 0 0 0 (1,588) 0 0 (1,588) à«π‡°‘π¡Ÿ≈§à“Àÿâπ¢Õß∫√‘…—∑√à«¡ 0 0 0 0 165,571 0 0 165,571°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢ÕßÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 0 0 0 0 0 (1,282,784) 0 (1,282,784)‡ß‘πªíπº≈®à“¬ 23 0 0 0 (7,692,298) 0 0 0 (7,692,298)¿“…’‡ß‘π‰¥â®“°‡ß‘πªíπº≈∑’Ë‰¡à‰¥â®à“¬ 23 0 0 0 (48,136) 0 0 0 (48,136)°”‰√ ÿ∑∏‘ 0 0 0 6,100,737 0 0 9,063 6,109,800Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ - à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 0 0 0 0 0 0 22,500 22,500„∫ ”§—≠· ¥ß ‘∑∏‘ - ◊ÈÕÀÿâπ “¡—≠ 1,048,168 1,406,557 0 0 0 0 0 2,454,725®—¥ √√ ”√Õßµ“¡°ÆÀ¡“¬ 0 0 305,037 (305,037) 0 0 0 0¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 8,155,734 8,792,576 805,585 3,605,733 296,288 669,694 166,479 22,492,089

(Àπà«¬ : æ—π∫“∑)

°”‰√∑’Ë¬—ß‰¡à‡°‘¥∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ”√Õß °”‰√ (¢“¥∑ÿπ) à«π‡°‘π ¢ÕßÀ≈—°∑√—æ¬å à«π¢ÕßºŸâ∂◊ÕÀÿâπÀ¡“¬‡Àµÿ·≈–‡√’¬°™”√–·≈â«

à«π‡°‘π¡Ÿ≈§à“Àÿâπµ“¡°ÆÀ¡“¬ – ¡ ∑ÿπÕ◊Ëπ „π§«“¡µâÕß°“√ à«ππâÕ¬

√«¡

µ≈“¥-‰¡àÀ¡ÿπ‡«’¬π


STATEMENTS OF CHANGES IN SHAREHOLDERSû EQUITYß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ


pany Limited

91

Issued andUnrealized gain

paid-up

Premium on Legal Retained earnings Other paid-in on non-current MinorityNote

share capitalshare capital reserve (Deficit) capital marketable interest

Total

securities


ConsolidatedBalance as at 1st January 2003 6,450,141 6,463,926 191,006 3,412,733 117,161 1,360,527 105,419 18,100,913Cumulative adjustment 24 0 0 0 62,760 0 69,343 0 132,103Balance after adjustment 6,450,141 6,463,926 191,006 3,475,493 117,161 1,429,870 105,419 18,233,016Revaluation increment in assets 0 0 0 0 15,144 0 0 15,144Unrealized gain on securities available for sales 0 0 0 0 0 522,608 0 522,608Dividend paid 23 0 0 0 (3,675,030) 0 0 0 (3,675,030)Income tax from unpaid dividend 23 0 0 0 (26,108) 0 0 0 (26,108)Net profit 0 0 0 6,085,653 0 0 29,497 6,115,150Warrants - exercised to purchase

ordinary shares 657,425 922,093 0 0 0 0 0 1,579,518Legal reserve 0 0 309,542 (309,542) 0 0 0 0Balance as at 31st December 2003 7,107,566 7,386,019 500,548 5,550,466 132,305 1,952,478 134,916 22,764,298Balance as at 1st January 2004 7,107,566 7,386,019 500,548 5,531,970 132,305 1,972,524 134,916 22,765,848Cumulative adjustment 24 0 0 0 18,497 0 (20,046) 0 (1,549)Balance after adjustment 7,107,566 7,386,019 500,548 5,550,467 132,305 1,952,478 134,916 22,764,299Revaluation increment in assets 0 0 0 0 (1,588) 0 0 (1,588)Premium on share capital of affiliates 0 0 0 0 165,571 0 0 165,571Unrealized gain on securities available for sales 0 0 0 0 0 (1,282,784) 0 (1,282,784)Dividend paid 23 0 0 0 (7,692,298) 0 0 0 (7,692,298)Income tax from unpaid dividend 23 0 0 0 (48,136) 0 0 0 (48,136)Net profit 0 0 0 6,100,737 0 0 9,063 6,109,800Increase ordinary shares - minority interest 0 0 0 0 0 0 22,500 22,500Warrants - exercised to purchase

ordinary shares 1,048,168 1,406,557 0 0 0 0 0 2,454,725Legal reserve 0 0 305,037 (305,037) 0 0 0 0Balance as at 31st December 2004 8,155,734 8,792,576 805,585 3,605,733 296,288 669,694 166,479 22,492,089

(Unit : Thousand Baht)



92



ß∫°√–· ‡ß‘π ¥STATEMENTS OF CASH FLOWS

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘ 6,100,737 6,085,653 6,100,737 6,085,653

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 9,063 29,497 0 0

ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬)

®“°°‘®°√√¡¥”‡π‘πß“π

§à“‡ ◊ËÕ¡√“§“ 130,654 132,869 102,796 114,265

¿“…’‡ß‘π‰¥â∂Ÿ°À—° ≥ ∑’Ë®à“¬µ—¥®à“¬ 31,099 0 31,099 0

‡ß‘πªíπº≈√—∫ (197,188) (141,276) (197,113) (119,684)

à«π·∫àß (°”‰√) ¢“¥∑ÿπ®“°°“√≈ß∑ÿπ

„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ (993,269) (412,963) (1,665,435) (629,258)

¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (‚Õπ°≈—∫) (199,526) 357,312 (199,526) 357,312

¢“¥∑ÿπ®“°°“√µ’√“§“ ‘π§â“≈¥≈ß 35,235 0 0 0

Àπ’È ß —¬®– Ÿ≠ (72,500) (15,000) (72,500) (15,000)

(°”‰√) ¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ (1,166,565) (926,428) (1,166,560) (910,678)

(°”‰√) ¢“¥∑ÿπ®“°°“√¢“¬∑√—æ¬å ‘π (1,376) 13,646 (1,702) 13,897

(°”‰√) ¢“¥∑ÿπÕ—µ√“·≈°‡ª≈’Ë¬π

∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß (2,324) 16,512 (2,324) 16,512

≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫ (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß (160,523) (21,778) (89,531) (15,029)

‘π§â“§ß‡À≈◊Õ (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß (6,198,986) (1,603,252) (3,520,659) 363,255

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß (33,479) 146,241 (7,313) 160,390

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß 37,741 (49,367) 14,518 (6,290)

‡®â“Àπ’È°“√§â“·≈–µ—Î«‡ß‘π®à“¬°“√§â“‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 417,797 255,562 163,802 182,140

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 140,942 249,045 (152,480) 308,292

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 4,847 (3,700) 0 0

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) „π°‘®°√√¡¥”‡π‘πß“π (2,117,621) 4,112,573 (662,191) 5,905,777


ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546À¡“¬‡Àµÿ


93



Cash flows from operating activitiesNet profit (loss) 6,100,737 6,085,653 6,100,737 6,085,653Minority interest 9,063 29,497 0 0Adjustments of net profit to cash receipt (disbursement) from operations

Depreciation 130,654 132,869 102,796 114,265Amortization of withholding income tax 31,099 0 31,099 0Dividend income (197,188) (141,276) (197,113) (119,684)Equity (gain) loss from investments

in subsidiaries and affiliates (993,269) (412,963) (1,665,435) (629,258)Loss from impairment of assets (199,526) 357,312 (199,526) 357,312Loss from devaluation of inventories 35,235 0 0 0Doubtful accounts (72,500) (15,000) (72,500) (15,000)(Gain) Loss from sales of investments (1,166,565) (926,428) (1,166,560) (910,678)(Gain) Loss from sales of assets (1,376) 13,646 (1,702) 13,897Unrealized (gain) from exchange rate (2,324) 16,512 (2,324) 16,512Decrease (Increase) in accounts

and notes receivable (160,523) (21,778) (89,531) (15,029)Decrease (Increase) in inventories (6,198,986) (1,603,252) (3,520,659) 363,255Decrease (Increase) in other current assets (33,479) 146,241 (7,313) 160,390Decrease (Increase) in other non-current assets 37,741 (49,367) 14,518 (6,290)Increase (Decrease) in accounts

and notes payables 417,797 255,562 163,802 182,140Increase (Decrease) in other current liabilities 140,942 249,045 (152,480) 308,292Increase (Decrease) in other

non-current liabilities 4,847 (3,700) 0 0Net cash provided by (used in) operating activities (2,117,621) 4,112,573 (662,191) 5,905,777




94

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ√–¬– —Èπ (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß 900,000 (947,440) 900,000 (947,441)

‡ß‘π„Àâ°Ÿâ¬◊¡·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß 72,500 15,000 (1,407,210) (1,657,490)

¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ 205,813 296,988 205,813 296,988

´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ (305,281) (173,412) (332,781) (236,146)

‡ß‘πªíπº≈√—∫®“°∫√‘…—∑√à«¡ 254,892 149,668 404,891 149,668

‡ß‘π‡æ‘Ë¡∑ÿπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 22,500 0 0 0

‡ß‘πªíπº≈√—∫®“°‡ß‘π≈ß∑ÿπ√–¬–¬“« 197,188 141,276 197,113 119,684

¢“¬‡ß‘π≈ß∑ÿπ√–¬–¬“« 1,307,669 937,971 1,307,590 1,162,971

‡ß‘π ¥√—∫®“°°“√≈¥Àπà«¬„π‡ß‘π≈ß∑ÿπ√–¬–¬“« 0 100,896 0 52,736

´◊ÈÕ‡ß‘π≈ß∑ÿπ√–¬–¬“« (358,935) (1,780,937) (358,935) (1,880,069)

¢“¬Õ“§“√·≈–Õÿª°√≥å 1,853 72,723 1,853 72,431

´◊ÈÕÕ“§“√·≈–Õÿª°√≥å (219,329) (167,132) (157,491) (152,594)

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) „π°‘®°√√¡≈ß∑ÿπ 2,078,870 (1,354,399) 760,843 (3,019,262)

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π 364,465 248,145 350,447 262,870

‡ß‘π ¥√—∫®“°°“√ÕÕ°Àÿâπ°Ÿâ 3,000,000 0 3,000,000 0

‡ß‘π ¥®à“¬§◊πÀÿâπ°Ÿâ (615,000) (819,952) (615,000) (819,952)

‡ß‘π°Ÿâ¬◊¡®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ 0 157 285,000 0

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (≈¥≈ß) 2,538,659 (125,731) 2,085,358 (308,353)

„∫ ”§—≠· ¥ß ‘∑∏‘ - „™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ 2,454,725 1,579,518 2,454,725 1,579,518

‡ß‘πªíπº≈®à“¬ (7,692,298) (3,675,030) (7,692,298) (3,675,030)

‡ß‘π ¥√—∫ ÿ∑∏‘‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ®“°°‘®°√√¡®—¥À“‡ß‘π 50,551 (2,792,893) (131,768) (2,960,947)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 11,800 (34,719) (33,116) (74,432)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπß«¥ 367,054 401,773 188,977 263,409

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘Èπß«¥ 378,854 367,054 155,861 188,977

¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡

‡ß‘π ¥®à“¬„π√–À«à“ßªï

¥Õ°‡∫’È¬®à“¬ 473,418 368,074 417,704 326,410

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 1,805,595 819,417 1,698,331 778,439



ß∫°√–· ‡ß‘π ¥ (µàÕ)STATEMENTS OF CASH FLOWS (Cont.)


ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546À¡“¬‡Àµÿ


95



Cash flows from investing activities

Decrease (Increase) in short-term investments 900,000 (947,440) 900,000 (947,441)

Decrease (Increase) in loans to related parties 72,500 15,000 (1,407,210) (1,657,490)

Sales of investments in subsidiaries

and affiliates 205,813 296,988 205,813 296,988

Purchase of investments in affiliates (305,281) (173,412) (332,781) (236,146)

Dividend received from affiliates 254,892 149,668 404,891 149,668

Increase share capital of minority interest 22,500 0 0 0

Dividend received from long-term investments 197,188 141,276 197,113 119,684

Sales of long-term investments 1,307,669 937,971 1,307,590 1,162,971

Cash received from decrease in

long-term investments unit 0 100,896 0 52,736

Purchase of long-term investments (358,935) (1,780,937) (358,935) (1,880,069)

Sales of building and equipment 1,853 72,723 1,853 72,431

Purchase of building and equipment (219,329) (167,132) (157,491) (152,594)

Net cash provided by (used in) investing activities 2,078,870 (1,354,399) 760,843 (3,019,262)

Cash flows from financing activities

Increase (Decrease) in banks overdraft

and loans from financial institutions 364,465 248,145 350,447 262,870

Cash received from debentures 3,000,000 0 3,000,000 0

Cash paid for debentures (615,000) (819,952) (615,000) (819,952)

Increase on loans from related parties 0 157 285,000 0

Increase (Decrease) in long-term loans 2,538,659 (125,731) 2,085,358 (308,353)

Warrants - exercised to purchase ordinary shares 2,454,725 1,579,518 2,454,725 1,579,518

Dividend paid (7,692,298) (3,675,030) (7,692,298) (3,675,030)

Net cash provided by (used in) financing activities 50,551 (2,792,893) (131,768) (2,960,947)

Net increase in cash and cash equivalents 11,800 (34,719) (33,116) (74,432)

Cash and cash equivalents, beginning of the period 367,054 401,773 188,977 263,409

Cash and cash equivalents, end of the period 378,854 367,054 155,861 188,977

Additional disclosure of cash flows information

Cash paid during the period

Interest expenses 473,418 368,074 417,704 326,410

Corporate income tax 1,805,595 819,417 1,698,331 778,439




96

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘πNOTES TO FINANCIAL STATEMENTS

‡°≥±å°“√‡ πÕß∫°“√‡ß‘π

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ‰¥â®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬·≈–· ¥ß√“¬°“√µ“¡ª√–°“»°√¡

∑–‡∫’¬π°“√§â“ ≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ‡√◊ËÕß ç°”Àπ¥√“¬°“√¬àÕ∑’ËµâÕß¡’„πß∫°“√‡ß‘πé

1. À≈—°‡°≥±å°“√∑”ß∫°“√‡ß‘π√«¡

1.1 ß∫°“√‡ß‘π√«¡π’È ‰¥â√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ÷Ëß∂◊ÕÀ≈—°‡°≥±å°“√√«¡‡©æ“–∫√‘…—∑¬àÕ¬

´÷Ëß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ¡’Õ”π“®„π°“√§«∫§ÿ¡‚¥¬√“¬™◊ËÕ¢Õß∫√‘…—∑¬àÕ¬„π°≈ÿà¡‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿ¢âÕ 7

1.2 °“√µ—¥∫—≠™’√“¬°“√√–À«à“ß∫√‘…—∑ ”À√—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µ“¡ à«π‰¥â‡ ’¬°—∫ à«π¢ÕßºŸâ∂◊ÕÀÿâπ ‚¥¬∂◊ÕÀ≈—°°“√µ—¥∫—≠™’‡ªìπ‡ß‘π≈ß∑ÿπ

√âÕ¬≈– 100 à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ√“¬Õ◊Ëπ· ¥ß‡ªìπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

1.3 º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡ ‡√‘Ë¡®“°«—π∑’Ë‡¢â“§«∫§ÿ¡®π∂÷ß«—π∑’Ë∫√‘…—∑œ ‰¡à‰¥â§«∫§ÿ¡∫√‘…—∑¥—ß°≈à“«Õ’°µàÕ‰ª

1.4 ß∫°“√‡ß‘π√«¡π’È®—¥∑”¢÷Èπ‚¥¬„™âπ‚¬∫“¬∑“ß∫—≠™’‡¥’¬«°—π ”À√—∫√“¬°“√∫—≠™’‡À¡◊Õπ°—π À√◊Õ‡Àµÿ°“√≥å∑“ß∫—≠™’∑’Ë§≈â“¬§≈÷ß°—π

2. √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

2.1 °“√∫—π∑÷°√“¬‰¥â·≈–§à“„™â®à“¬

2.1.1 ∫√‘…—∑œ ∫—π∑÷°√“¬‰¥â·≈–§à“„™â®à“¬µ“¡‡°≥±å§ß§â“ß ¬°‡«âπ√“¬°“√ 2.1.2 ∂÷ß 2.1.3

2.1.2 √“¬‰¥â®“°°“√√—∫‡À¡“°àÕ √â“ß∫—π∑÷°µ“¡Õ—µ√“ à«π¢Õßß“π∑’Ë∑”‡ √Á®

2.1.3 √“¬‰¥â®“°°“√æ—≤π“∑’Ë¥‘π·≈–°àÕ √â“ßÕ —ßÀ“√‘¡∑√—æ¬å‡æ◊ËÕ¢“¬ √—∫√Ÿâ‡ªìπ√“¬‰¥â‡¡◊ËÕß“π°àÕ √â“ß‡ √Á®·≈–¡’°“√‚Õπ°√√¡ ‘∑∏‘Ï·°àºŸâ´◊ÈÕ

‡√’¬∫√âÕ¬·≈â«

2.2 ‘π§â“§ß‡À≈◊Õ

∫√‘…—∑œ µ’√“§“ ‘π§â“§ß‡À≈◊Õµ“¡√“§“∑ÿπÀ√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ·≈â«·µà√“§“„¥®–µË”°«à“ ‚¥¬¡’√“¬≈–‡Õ’¬¥°“√§”π«≥√“§“∑ÿπ

¥—ßπ’È

2.2.1 ∑’Ë¥‘π‡æ◊ËÕ¢“¬∫√‘…—∑œ ∫—π∑÷°µ“¡√“§“∑ÿπ∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (·¬°∑’Ë¥‘πµ“¡·µà≈–‚§√ß°“√)

2.2.2 ¥Õ°‡∫’È¬®à“¬√Õ°“√µ—¥∫—≠™’

∫√‘…—∑œ ∫—π∑÷°¥Õ°‡∫’È¬®à“¬¢Õß∑’Ë¥‘π∑’Ë ◊ÈÕ¡“‡æ◊ËÕ¢“¬‡ªìπ¥Õ°‡∫’È¬®à“¬√Õµ—¥µ—Èßæ—°‰«â ‚¥¬∫—π∑÷°‡ªìπ à«πÀπ÷Ëß¢Õß ‘π§â“§ß‡À≈◊Õ·≈–

®–√—∫√Ÿâ‡ªìπµâπ∑ÿπ‡¡◊ËÕ¡’°“√‚Õπ°√√¡ ‘∑∏‘Ï„π∑’Ë¥‘π ‚¥¬«‘∏’∂—«‡©≈’Ë¬µ“¡æ◊Èπ∑’Ë (·¬°∑’Ë¥‘πµ“¡·µà≈–‚§√ß°“√)

2.2.3 §à“ “∏“√≥Ÿª‚¿§

∫√‘…—∑œ ∫—π∑÷°√“¬®à“¬‡°’Ë¬«°—∫°“√°àÕ √â“ß∂ππ ‰øøÑ“ ª√–ª“ ·≈– “∏“√≥Ÿª‚¿§ à«π°≈“ßÕ◊Ëπ Ê ‰«â„π∫—≠™’§à“ “∏“√≥Ÿª‚¿§

´÷Ëß∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õß ‘π§â“§ß‡À≈◊Õ ‚¥¬®–µ—¥®à“¬‡ªìπµâπ∑ÿπ¢“¬µ“¡ —¥ à«π¢Õß∑’Ë¥‘π∑’Ë‚Õπ¢“¬

2.2.4 §à“„™â®à“¬æ—≤π“‚§√ß°“√√Õµ—¥∫—≠™’

ª√–°Õ∫¥â«¬ √“¬®à“¬∑’Ë‡°’Ë¬«¢âÕß°—∫°“√‡µ√’¬¡°“√·≈–æ—≤π“‚§√ß°“√°àÕπ‡ªî¥¢“¬ ∫—π∑÷°‡ªìπ à«πÀπ÷Ëß¢Õß ‘π§â“§ß‡À≈◊Õ

‚¥¬µ—¥®à“¬‡ªìπµâπ∑ÿπµ“¡ —¥ à«π¢Õß∑’Ë¥‘π∑’Ë‚Õπ¢“¬

2.3 Õ“§“√·≈–Õÿª°√≥å·≈–°“√µ—¥§à“‡ ◊ËÕ¡√“§“

Õ“§“√·≈–Õÿª°√≥å∫—π∑÷°¥â«¬√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡

§à“‡ ◊ËÕ¡√“§“§”π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¢Õß ‘π∑√—æ¬å ‡ªìπ√–¬–‡«≈“ª√–¡“≥ 5 ªï ¬°‡«âπ ‚¡ √

√–«à“¬πÈ”·≈– π“¡‡∑ππ‘ ∫√‘…—∑œ µ—¥®à“¬µ“¡º≈ª√–‚¬™πå‡™‘ß‡»√…∞°‘®∑’Ë§“¥«à“®–‰¥â√—∫®“°°“√„™â ‘π∑√—æ¬å (µ“¡ —¥ à«πæ◊Èπ∑’Ë¢“¬

·µà≈–‚§√ß°“√)



97


FINANCIAL STATEMENTS PREPARATION BASIS

These financial statements have been prepared in conformity with the generally accepted accounting principles and presentedunder the Department of Commercial Registration Notification dated 14th September 2001 regarding çThe abbreviate items must beshown in the financial statementsé.

1. CONSOLIDATED FINANCIAL STATEMENTS

1.1 These financial statements are consolidated by including the financial statements of Land and Houses Public CompanyLimited and its subsidiaries which controlled by Land and Houses Public Company Limited. Names of those subsidiariesare stated in note 7.

1.2 Transactions between Land and Houses Public Company Limited and its subsidiaries have been eliminated under theequity method as if Land and Houses Public Company Limited owns 100 per cent shareholding in those subsidiaries, andthe interest of other shareholders is shown as çMinority Interesté.

1.3 The results of operation of subsidiaries are included in the consolidated financial statements from the control date to theselling date.

1.4 The consolidated financial statements have been prepared in conformity with the same accounting policy for the accountsand accounting events of the Company and subsidiaries.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Income and Expense recognition2.1.1 Revenues and expenditures are recorded on an accrual basis except for items no. 2.1.2 - 2.1.3.2.1.2 Revenue from construction work is recorded on the percentage of completed work.2.1.3 Revenue from land development and construction of real estate for sale is recognized when construction work

is completed and ownership is transferred.2.2 Inventories

Inventories are valued at the lower of cost or net realizable value. The cost calculation are detailed as follows :2.2.1 Land for sales

Land purchased for sales is valued at cost by using the weighted average basis, (calculated separately for each project).2.2.2 Deferred interest

Interest expenses relating to land purchased for sales are recorded as deferred interest as a part of inventories.Such deferred interest is recognized as cost of sales in accordance with the size of the land transferred (calculatedseparately for each project).

2.2.3 Central utilitiesThe cost of construction for utilities, such as road, electricity system, water supply system and other central

utilities are recorded under çutilities accounté as a part of inventories and recognized as cost of sales in accordancewith the size of land transferred.

2.2.4 Preparation costsProject development costs and preparation costs before sales are recorded as preparation cost as a part of

inventories. Such costs are recognized as cost of sales in accordance with the size of the land transferred.2.3 Building and equipment, and depreciation

Building and equipment are recorded at cost less accumulated depreciation.

Assets are depreciated on a straight-line basis over the estimated useful life of the assets for a period ofapproximately 5 years except for club, swimming pool and tennis court are depreciated on the expected economicbenefits taken from those assets based on proportion of space sold in each project.


98

2.4 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡∫—π∑÷°µ“¡«‘∏’ à«π‰¥â‡ ’¬

2.5 ‡ß‘π≈ß∑ÿπ„πµ√“ “√Àπ’È·≈–µ√“ “√∑ÿπ

2.5.1 ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“· ¥ß¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡

2.5.2 ‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√Àπ’È∑’Ë‡ªìπÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬· ¥ß¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑œ √—∫√Ÿâ°“√‡ª≈’Ë¬π·ª≈ß

¡Ÿ≈§à“‡ªìπ√“¬°“√·¬°µà“ßÀ“°„π à«π¢Õß‡®â“¢Õß ·≈–®–∫—π∑÷°„πß∫°”‰√¢“¥∑ÿπ ‡¡◊ËÕ∫√‘…—∑œ ‰¥â®”Àπà“¬‡ß‘π≈ß∑ÿππ—Èπ ‡ß‘π≈ß∑ÿπ

√–¬–¬“«∑’Ë‡ªìπµ√“ “√Àπ’È∑’Ë®–∂◊Õ®π§√∫°”Àπ¥· ¥ß¥â«¬√“§“∑ÿπµ—¥®”Àπà“¬

2.5.3 ‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥ ÷Ëß∫√‘…—∑œ ∂◊Õ‡ªìπÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬· ¥ß¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡

º≈µà“ß√–À«à“ß√“§“µ“¡∫—≠™’°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡ · ¥ß‡ªìπ°”‰√·≈–¢“¥∑ÿπ∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ®–√—∫√Ÿâº≈µà“ß

¥—ß°≈à“«„πß∫°”‰√¢“¥∑ÿπ‡¡◊ËÕ¡’°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ

2.5.4 ‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë‡ªìπ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥ ÷Ëß∫√‘…—∑œ ∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª · ¥ß¥â«¬

√“§“∑ÿπª√—∫≈¥¥â«¬§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ (∂â“¡’)

2.5.5 µâπ∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ√–¬– —Èπ·≈–‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë®”Àπà“¬„π√–À«à“ßß«¥ §”π«≥‚¥¬„™â«‘∏’∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°

2.6 §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠

∫√‘…—∑œ µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠‚¥¬°“√æ‘®“√≥“¢ÕßΩÉ“¬∫√‘À“√ ‡©æ“–≈Ÿ°Àπ’È∑’Ë§â“ß™”√–‡°‘π°”Àπ¥·≈–§“¥«à“®–‡°Á∫‡ß‘π‰¡à‰¥â

2.7 ‘π∑√—æ¬å∑’Ë‰¡à¡’µ—«µπ

§à“§«“¡π‘¬¡√Õµ—¥∫—≠™’ ´÷Ëß‡ªìπ à«π‡°‘π¢Õß√“§“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡∑’Ë‡°‘π°«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å ÿ∑∏‘

¢Õß∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ≥ «—π∑’Ë≈ß∑ÿπ ‚¥¬· ¥ß‰«â‡ªìπ§à“§«“¡π‘¬¡·≈–µ—¥®à“¬¥â«¬«‘∏’‡ âπµ√ß„π√–¬–‡«≈“ 10 ªï

2.8 √“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»

√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ∫√‘…—∑œ ∫—π∑÷°¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“

µà“ßª√–‡∑»∑’Ë§ß‡À≈◊ÕÕ¬Ÿà ≥ «—π∑’Ë„πß∫¥ÿ≈ ∫—π∑÷°¥â«¬Õ—µ√“∂—«‡©≈’Ë¬∑’Ë∏π“§“√æ“≥‘™¬å´◊ÈÕ·≈–¢“¬ ´÷Ëß∏π“§“√·Ààßª√–‡∑»‰∑¬§”π«≥‰«â

¬°‡«âπ√“¬°“√∑’Ë¡’ —≠≠“´◊ÈÕ¢“¬≈à«ßÀπâ“„™âÕ—µ√“µ“¡ —≠≠“

°”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ßÕ—µ√“·≈°‡ª≈’Ë¬π‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

2.9 ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

∫√‘…—∑œ ∫—π∑÷°¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈®“°°”‰√ ÿ∑∏‘∑“ß¿“…’„π√Õ∫√–¬–‡«≈“∑’Ë‡°‘¥√“¬°“√π—Èπ

2.10 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥„π¡◊Õ·≈–‡ß‘πΩ“°∏π“§“√∑ÿ°ª√–‡¿∑ ·µà‰¡à√«¡‡ß‘πΩ“°ª√–‡¿∑∑’ËµâÕß®à“¬§◊π

‡¡◊ËÕ ‘Èπ√–¬–‡«≈“∑’Ë°”Àπ¥ ·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ∑’Ë¡’ ¿“æ§≈àÕß ´÷Ëß¡’§«“¡‡ ’Ë¬ßµàÕ°“√‡ª≈’Ë¬π·ª≈ß„π¡Ÿ≈§à“πâÕ¬

2.11 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π §”π«≥‚¥¬π”°”‰√(¢“¥∑ÿπ) ÿ∑∏‘À“√¥â«¬®”π«πÀÿâπ∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° µ“¡√–¬–‡«≈“∑’Ë‰¥â√—∫™”√–§à“Àÿâπ∑’Ë

¡’°“√ÕÕ°·≈–‡√’¬°™”√–·≈â« ∫√‘…—∑œ ®–ª√—∫ª√ÿß®”π«πÀÿâπ “¡—≠∑’Ë„™â„π°“√§”π«≥°”‰√µàÕÀÿâπ ”À√—∫ß∫°“√‡ß‘π∑ÿ°ß«¥∑’Ëπ”‡ πÕµ“¡

—¥ à«π∑’Ë‡ª≈’Ë¬π‰ª‡¡◊ËÕ®”π«πÀÿâπ‡æ‘Ë¡À√◊Õ≈¥‚¥¬‰¡à∑”„Àâ∑√—æ¬“°√¢Õß∫√‘…—∑œ ‡ª≈’Ë¬π·ª≈ß‰ª ‚¥¬„™âÕ—µ√“ª√—∫®”π«πÀÿâπ´÷Ëß§”π«≥®“°

¡Ÿ≈§à“¬ÿµ‘∏√√¡µàÕÀÿâπ°àÕπ°“√„™â ‘∑∏‘À“√¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡µàÕÀÿâπ∑’Ë§«√‡ªìπÀ≈—ß°“√„™â ‘∑∏‘

°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘µàÕÀÿâπª√—∫≈¥ §”π«≥‚¥¬°“√π”°”‰√(¢“¥∑ÿπ) ÿ∑∏‘À≈—ß®“°ª√—∫ª√ÿß¥â«¬√“¬°“√√“¬‰¥âÀ√◊Õ§à“„™â®à“¬∑’Ë‡°’Ë¬«¢âÕß

´÷Ëß ÿ∑∏‘®“°¿“…’‡ß‘π‰¥â À“√¥â«¬º≈√«¡‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’ËÕÕ°®”Àπà“¬·≈â«„π√–À«à“ßß«¥ ∫«°¥â«¬®”π«πÀÿâπ “¡—≠∑’Ë∫√‘…—∑œ

µâÕßÕÕ°‡æ◊ËÕ·ª≈ßµ√“ “√Àπ’È‡À≈à“π—Èπ„Àâ‡ªìπÀÿâπ “¡—≠


99

2.4 Investments in subsidiaries and affiliatesInvestments in subsidiaries and affiliates are recorded under the equity method.

2.5 Investments in debt and equity securities2.5.1 Short-term investments are stated at fair value.2.5.2 Long-term investments in debt security available for sales are stated at fair value. The change in value is separately

shown under shareholdersû equity and gain or loss will be realized when they are disposed. Long-term investmentsin debt security held to maturity are stated at amortized cost.

2.5.3 Long-term investments in marketable equity securities available for sales are stated at fair value. The differencesbetween book value and fair value are stated as unrealized gain or loss in shareholdersû equity. The Company willrecognize such different in statements of income when investments were disposed.

2.5.4 Long-term investments in non-marketable equity securities represents as other investments are stated at cost lessprovision for impairment of investment (if any).

2.5.5 Cost of short-term and long-term investments which were sold during the period are calculated on a weightedaverage method.

2.6 Allowance for doubtful accountsThe Company provided an allowance for doubtful accounts receivables that have been considered by the

management as inactive and uncollectable.2.7 Intangible assets

Deferred goodwill was incurred from the excess of investments in subsidiaries and affiliates over than fair value ofnet assets value of subsidiaries and affiliates at the investment date are presented as goodwill and amortized ona straight-line method within 10 years.

2.8 Foreign currency transactionsForeign currency transactions are recorded at the exchange rate prevailing on the transaction date. The balance of

foreign currency assets and liabilities as at the balance sheets date are valued at the average rate of the buying and sellingrates prevailing by the Bank of Thailand, except for those covered under forward contracts on which the forward contractrates are applied.

Gains/loss from currency exchange rates are included in the results of operations.2.9 Corporate income tax

The Company recorded corporate income tax as expense from net profit incurred in the fiscal period.2.10 Cash and cash equivalents

Cash and cash equivalents mean cash on hand and all type of bank deposit excluding deposit which held to maturityand liquid short-term investments that had slightly risk in changing valuation.

2.11 Basic earnings per shareBasic earnings (loss) per share are calculated by dividing the net profit (loss) attributable to ordinary shareholders by

the weighted average number of ordinary shares outstanding during the year. The Company adjust the weighted averagenumber of ordinary shares outstanding during the period and for all periods presented should be adjusted for events, otherthan the conversion of potential ordinary shares, that have changed the number of ordinary shares outstanding, withouta corresponding change in resources. The rate of adjusted number of ordinary shares is calculated by fair value per shareprior to the exercise of right divided by theoretical ex-rights fair value per share.

Diluted earnings (loss) per share is calculated by using profit (loss) after adjust related revenue or expense which netof income taxes divided by the weighted average number of ordinary shares outstanding during the period plus thenumber of ordinary share issued in the conversion of debt securities to ordinary shares.


100

2.12 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

∫√‘…—∑œ æ‘®“√≥“°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬åª√–‡¿∑‡ß‘π≈ß∑ÿπ ∑’Ë¥‘π Õ“§“√ Õÿª°√≥å·≈– ‘π∑√—æ¬å∑’Ë‰¡à¡’µ—«µπ ‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“√“§“

µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å¥—ß°≈à“« Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ‚¥¬®–æ‘®“√≥“·µà≈–√“¬°“√ À√◊Õæ‘®“√≥“®“°Àπà«¬ ‘π∑√—æ¬å∑’Ë°àÕ„Àâ‡°‘¥

‡ß‘π ¥ ·≈â«·µà°√≥’

„π°√≥’∑’Ë√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ∫√‘…—∑œ ®–√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑œ

®–∫—π∑÷°°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“µàÕ‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√¥âÕ¬§à“¥—ß°≈à“«‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ª À√◊Õ¬—ß§ß¡’Õ¬Ÿà·µà‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß

‚¥¬∫—π∑÷°„π∫—≠™’ ç√“¬‰¥âÕ◊Ëπé

3. ‡ß‘π≈ß∑ÿπ√–¬– —Èπ

‡ß‘π≈ß∑ÿπ√–¬– —Èπª√–°Õ∫¥â«¬µ—Î«‡ß‘π§≈—ß∑—Èß®”π«π

4. ≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫ - ÿ∑∏‘

≈Ÿ°Àπ’È°“√§â“·≈–µ—Î«‡ß‘π√—∫ª√–°Õ∫¥â«¬ ≈Ÿ°Àπ’È®“°°“√¢“¬∫â“π·≈–∑’Ë¥‘π ·≈–µ—Î«‡ß‘π√—∫√–À«à“ßπ”Ω“° à«π„À≠à “¡“√∂‡√’¬°‡°Á∫‡ß‘π‰¥â¿“¬„π

3 ‡¥◊Õππ—∫®“°«—π∑’Ë¡’°“√‚Õπ ¥—ßπ—Èπ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à¡’≈Ÿ°Àπ’È∑’Ë¡’ªí≠À“„π°“√™”√–

5. ‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ 0 0 3,803,245 2,323,535

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡ 0 72,500 0 72,500

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∫√‘…—∑√à«¡ 0 (72,500) 0 (72,500)

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ - ÿ∑∏‘ 0 0 3,803,245 2,323,535

5.1 ‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬

2546 2547

Õ—µ√“ Õ—µ√“

®”π«π ¥Õ°‡∫’È¬ ‡æ‘Ë¡¢÷Èπ ≈¥≈ß

®”π«π ¥Õ°‡∫’È¬

(æ—π∫“∑)

√âÕ¬≈– (æ—π∫“∑)

√âÕ¬≈–

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ :-

∫®. ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ 187,200 4 536,800 0 724,000 4

∫®. ·≈π¥å·Õπ¥å‡Œâ“ å πÕ√å∏Õ’ 390,000 4 387,000 313,000 464,000 4

∫®. ·≈π¥å·Õπ¥å‡Œâ“ å πÕ√å∏ 13,000 4 0 13,000 0 -

∫®. ·Õ≈.‡Õ™.‡¡◊Õß„À¡à 171,745 3.5 0 0 171,745 3.5

∫® ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ 74,500 5 96,000 74,500 96,000 4

∫® ¬“¡∏“π’ æ√äÕæ‡æÕ√åµ’È 322,000 4 30,000 352,000 0 -

∫® ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ 1,165,090 4-5 2,260,000 1,525,090 1,900,000 4

∫® ·Õ≈ ‡Õ™ ·Õ ‡´∑ 0 - 447,500 0 447,500 4

√«¡ 2,323,535 3,757,300 2,277,590 3,803,245

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ ‡ªìπ°“√„Àâ°Ÿâ¬◊¡„π√Ÿª¢Õßµ—Î« —≠≠“„™â‡ß‘π ª≈Õ¥À≈—°∑√—æ¬å§È”ª√–°—π §√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡


101

2.12 Impairment of assets

The Company has considered the impairment of investment, property, plant, equipment and intangible assets

whenever events or changes indicate that the carrying amount of an asset exceeds its net realizable value. The Company

will consider the impairment for each asset item or each asset unit generating cash flows, whichever is practical.

In case the carry amount of an asset exceeds its net realizable value, the Company will recognize an impairment loss

in the statements of income. The Company will reverse the impairment loss whenever there is an indication that there is

no longer impairment or reduction in impairment as çother incomeé.

3. SHORT-TERM INVESTMENTS

Short-term investments are in form of treasury bill.

4. TRADE ACCOUNTS AND NOTES RECEIVABLE - NET

Trade accounts and notes receivable consist of the receivables from sales of land and houses, cheque in transit and

receivables from construction contracts which mostly collected within three months from the transferring date, therefore,

the Company and subsidiaries have not the delinquent receivables.

5. SHORT-TERM LOANS TO RELATED PARTIES


2004 (Thousand Baht) 2003 2004 (Thousand Baht) 2003

Loans to subsidiaries 0 0 3,803,245 2,323,535

Loans to affiliates 0 72,500 0 72,500

Less Allowance for doubtful accounts - affiliates 0 (72,500) 0 (72,500)

Short-term loans - net 0 0 3,803,245 2,323,535

5.1 Loans to subsidiaries :-

2003 2004

Amount of Rate of Amount of Rate of (Thousand interest Increase Decrease (Thousand interest Baht) % Baht) %

Loans to subsidiaries :-

Pacific Real Estate Co., Ltd. 187,200 4 536,800 0 724,000 4

Land and Houses Northeast Co., Ltd. 390,000 4 387,000 313,000 464,000 4

Land and Houses North Co., Ltd. 13,000 4 0 13,000 0 -

L H Muangmai Co., Ltd. 171,745 3.5 0 0 171,745 3.5

Atlantic Real Estate Co., Ltd. 74,500 5 96,000 74,500 96,000 4

Siamtanee Property Co., Ltd. 322,000 4 30,000 352,000 0 -

L H Real Estate Co., Ltd. 1,165,090 4-5 2,260,000 1,525,090 1,900,000 4

L H Assets Co., Ltd. 0 - 447,500 0 447,500 4

Total 2,323,535 3,757,300 2,277,590 3,803,245

Loans to subsidiaries are in form of promissory notes without collateral which are due at call.


102

5.2 ‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡

2546 2547

Õ—µ√“ Õ—µ√“

®”π«π ¥Õ°‡∫’È¬ ‡æ‘Ë¡¢÷Èπ ≈¥≈ß

®”π«π ¥Õ°‡∫’È¬

(æ—π∫“∑)

√âÕ¬≈– (æ—π∫“∑)

√âÕ¬≈–

∫®. ∫“ß°Õ°‡™π ŒÕ ªîµÕ≈ 72,500 5.75 0 72,500 0 5.75

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠∫√‘…—∑√à«¡ (72,500) 0 (72,500) 0

√«¡ 0 0 0

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡ ‡ªìπ°“√„Àâ°Ÿâ¬◊¡„π√Ÿª¢Õßµ—Î« —≠≠“„™â‡ß‘π ª≈Õ¥À≈—°∑√—æ¬å§È”ª√–°—π §√∫°”Àπ¥‡¡◊ËÕ∑«ß∂“¡„π√–À«à“ß‰µ√¡“

∑’Ë 1 ªï 2547 ∫√‘…—∑œ ‰¥â√—∫§◊π‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑√à«¡∑—Èß®”π«π

5.3 „πªï 2545 ∫√‘…—∑œ ¡’‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑Õ◊Ëπ‡ªìπ°“√„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑ √–∫∫¢π àß¡«≈™π°√ÿß‡∑æ ®”°—¥ µ“¡ —¥ à«π¢Õß°“√≈ß∑ÿπ

∑’Ë∂◊Õ§√Õß‚¥¬ÕÕ°‡ªìπµ—Î« —≠≠“„™â‡ß‘π ª≈Õ¥À≈—°∑√—æ¬å§È”ª√–°—π Õ—µ√“¥Õ°‡∫’È¬ MLR+2% „π√–À«à“ß‰µ√¡“ 2 ªï 2546 ∫√‘…—∑œ

‰¥â¢“¬≈Ÿ°Àπ’È‡ß‘π„Àâ°Ÿâ¬◊¡∫√‘…—∑¥—ß°≈à“«æ√âÕ¡¥Õ°‡∫’È¬§â“ß√—∫‚¥¬°“√ª√–¡Ÿ≈„Àâ·°à∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ µ“¡À¡“¬‡Àµÿ 8.2

6. ‘π§â“§ß‡À≈◊Õ

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546

∑’Ë¥‘π 13,883,485 12,467,313 10,751,736 9,579,789

§à“∂¡¥‘π 1,322,669 953,201 966,531 876,247

ß“π√–À«à“ß°àÕ √â“ß 6,720,268 2,583,132 4,480,764 2,121,126

¥Õ°‡∫’È¬®à“¬√Õ°“√µ—¥∫—≠™’ 3,433,186 3,894,929 2,968,701 3,449,106

§à“ “∏“√≥Ÿª‚¿§ 1,627,764 1,157,125 1,063,935 874,519

§à“„™â®à“¬æ—≤π“‚§√ß°“√√Õµ—¥∫—≠™’ 35,103 46,717 10,695 14,613

∫â“π√Õ°“√¢“¬ 37,321 4,306 0 0

√«¡ 27,059,796 21,106,723 20,242,362 16,915,400

À—° §à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“ (1,101,450) (1,259,388) (995,273) (1,188,970)

§ß‡À≈◊Õ 25,958,346 19,847,335 19,247,089 15,726,430

∑’Ë¥‘π∫“ß à«π‰¥âπ”‰ª®¥®”πÕß§È”ª√–°—π‡ß‘π°Ÿâ µ“¡À¡“¬‡Àµÿ 11 ·≈– 13

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âª√–¡“≥§à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“§ß‡À≈◊Õ¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‚¥¬∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

®–µ—¥®à“¬§à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß ‘π§â“§ß‡À≈◊Õµ“¡æ◊Èπ∑’Ë¢“¬


103

5.2 Loans to affiliates :-

2003 2004

Amount of Rate of Amount of Rate of (Thousand interest Increase Decrease (Thousand interest

Baht) % Baht) %

Bangkok Chain Hospital Co., Ltd. 72,500 5.75 0 72,500 0 5.75

Less Allowance for doubtful accounts - affiliates (72,500) 0 (72,500) 0

Total 0 0 0

Loans to affiliates are in form of promissory notes without collateral which are due at call. In the first quarter of 2004,the Company has received the payment of loans to affiliates in whole amount.

5.3 In 2002, the Company has loans to other companies - domestic which is a lending to Bangkok Mass Transit SystemPublic Co., Ltd. in proportion to the shareholding percentage. The lending is by way of promissory notes bearing interestat MLR+2%. During the second quarter of 2003, the Company has sold by bidding receivable and loans to othercompanies and accrued interest income to Siam Tanee Real Estate Co., Ltd. as stated in note 8.2.

6. INVENTORIES



Land 13,883,485 12,467,313 10,751,736 9,579,789

Land improvements 1,322,669 953,201 966,531 876,247

Construction in progress 6,720,268 2,583,132 4,480,764 2,121,126

Deferred interest 3,433,186 3,894,929 2,968,701 3,449,106

Central utilities 1,627,764 1,157,125 1,063,935 874,519

Preparation cost 35,103 46,717 10,695 14,613

Houses for sales 37,321 4,306 0 0

Total 27,059,796 21,106,723 20,242,362 16,915,400

Less Allowance for declining value of inventories (1,101,450) (1,259,388) (995,273) (1,188,970)

Balance 25,958,346 19,847,335 19,247,089 15,726,430

Some of land are mortgaged as guarantee for loans as mentioned in note 11 and 13.

The Company and subsidiary have estimated provision for diminution in inventories of the Company and a subsidiary.The Company and subsidiary will amortize the allowance for declining in value of inventories according to the area sold.


pany Limited

104

7. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ √“¬≈–‡Õ’¬¥¥—ßπ’È

(≈â“π∫“∑) (√âÕ¬≈–) (æ—π∫“∑) (æ—π∫“∑) (æ—π∫“∑)

™◊ËÕ°‘®°“√ ª√–‡¿∑°‘®°“√ ∑ÿπ™”√–·≈â« —¥ à«π‡ß‘π≈ß∑ÿπ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ ‡ß‘πªíπº≈

2547 2546 2547 2546 2547 2546 2547 2546 2547 2546

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ :-

- ∫®. ·Õµ·≈πµ‘° ‡√’¬≈‡Õ ‡µ∑ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 15.00 15.00 99.99 99.99 14,998 14,998 29,319 68,768 0 0

- ∫®. ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 371.62 371.62 99.99 99.99 371,614 371,614 0 0 0 0

- ∫®. ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 13.50 13.50 99.99 99.99 13,500 13,500 45,404 57,675 24,999 0

- ∫®. ·≈π¥å ·Õπ¥å ‡Œâ“ å πÕ√å∏Õ’ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 570.00 570.00 99.99 99.99 569,999 569,999 610,368 365,127 0 0

- ∫®. ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È ·≈–∫√‘…—∑¬àÕ¬ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 100.00 100.00 99.99 99.99 64,859 64,859 522,422 349,018 124,999 0

- ∫®. ·Õ≈ ‡Õ™ ‡√’¬≈‡Õ ‡µ∑ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 116.00 116.00 99.99 99.99 50,000 50,000 237,365 43,950 0 0

- ∫®. ·Õ≈ ‡Õ™ ·Õ ‡´∑ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 100.00 100.00 99.99 99.99 52,734 52,734 35,216 52,734 0 0

- ∫®. ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 360.80 310.80 55.00 55.00 198,440 170,940 203,389 164,846 0 0

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 1,336,144 1,308,644 1,683,483 1,102,118 149,998 0

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ :-

- ∫®. ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ‚√ßæ¬“∫“≈ 950.00 610.00 25.68 40.00 517,839 454,731 553,462 171,166 0 0

- ∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ ‚ª√¥—§ å º≈‘µ«— ¥ÿ°àÕ √â“ß 400.00 400.00 31.41 31.41 265,981 265,981 361,367 277,142 25,125 0

- ∫¡®. ‚Œ¡‚ª√¥—° å‡´Áπ‡µÕ√å §â“ª≈’°«— ¥ÿ°àÕ √â“ß 756.09 753.00 29.87 30.72 264,360 270,841 459,748 379,846 27,097 13,178

- ∫®. §“‡¡√Õπ ‚°≈∫Õ≈ ≈‘¡‘‡µÁ¥ ∏ÿ√°‘®°“√≈ß∑ÿπ 0.04 0.04 40.00 40.00 15 15 74 115 0 0

- ∫®. ‡Õ‡™’¬ ·Õ ‡´∑ ·Õ¥‰«‡´Õ√’Ë ∑’Ëª√÷°…“≈ß∑ÿπ 12.50 12.50 39.99 39.99 4,999 4,999 11,331 6,936 4,953 4,400

- °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 1 ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 639.94 683.70 49.94 49.94 328,452 350,910 451,275 449,919 20,143 132,090

- °Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 2 ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 3,613.00 3,380.00 49.99 49.99 1,808,872 1,692,372 2,163,928 1,794,123 177,575 0

- ∫¡®. §«Õ≈‘µ’È ‡Œâ“ å ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 6,113.24 0.00 21.84 0.00 1,983,854 0 2,120,986 0 0 0

- ∫®. ‚æ≈“√å æ√äÕ∫‡æÕ√åµ’È‚Œ≈¥‘Èß §Õ√åªÕ‡√™—Ëπ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 2,810.17 0.00 29.48 0.00 866,849 0 866,849 0 0 0

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ 6,041,221 3,039,849 6,989,020 3,079,247 254,893 149,668

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ 7,377,365 4,348,493 8,672,503 4,181,365 404,891 149,668


pany Limited

105

7. INVESTMENT IN SUBSIDIARIES AND AFFILIATES is consisted of common share as follows :

(Million Baht) (Thousand Baht) (Thousand Baht) (Thousand Baht)

Type of business Paid-up capital % of investment Cost method Equity method Dividend

2004 2003 2004 2003 2004 2003 2004 2003 2004 2003

Investments in subsidiaries :-

- Atlantic Real Estate Co., Ltd. Real Estate 15.00 15.00 99.99 99.99 14,998 14,998 29,319 68,768 0 0- Pacific Real Estate Co., Ltd. Real Estate 371.62 371.62 99.99 99.99 371,614 371,614 0 0 0 0- Land and Houses North Co., Ltd. Real Estate 13.50 13.50 99.99 99.99 13,500 13,500 45,404 57,675 24,999 0- Land and Houses Northeast Co., Ltd. Real Estate 570.00 570.00 99.99 99.99 569,999 569,999 610,368 365,127 0 0- Siamtanee Property Co., Ltd.

and subsidiaries Real Estate 100.00 100.00 99.99 99.99 64,859 64,859 522,422 349,018 124,999 0- L H Real Estate Co., Ltd. Real Estate 116.00 116.00 99.99 99.99 50,000 50,000 237,365 43,950 0 0- L H Asset Co., Ltd. Real Estate 100.00 100.00 99.99 99.99 52,734 52,734 35,216 52,734 0 0- L H Muangmai Co., Ltd. Real Estate 360.80 310.80 55.00 55.00 198,440 170,940 203,389 164,846 0 0

Total investments in subsidiaries 1,336,144 1,308,644 1,683,483 1,102,118 149,998 0 Investments in affiliates :-

- Bangkok Chain Hospital Co., Ltd. Hospital 950.00 610.00 25.68 40.00 517,839 454,731 553,462 171,166 0 0- Quality Construction Products Plc. Building material 400.00 400.00 31.41 31.41 265,981 265,981 361,367 277,142 25,125 0- Home Products Center Plc. Trading of construction

materials 756.09 753.00 29.87 30.72 264,360 270,841 459,748 379,846 27,097 13,178- Cameron Global Limited Investment business 0.04 0.04 40.00 40.00 15 15 74 115 0 0- Asia Assets Advisory Co., Ltd. Investment advisor 12.50 12.50 39.99 39.99 4,999 4,999 11,331 6,936 4,953 4,400- Land and Houses Property Fund I Real Estate 639.94 683.70 49.94 49.94 328,452 350,910 451,275 449,919 20,143 132,090- Land and Houses Property Fund II Real Estate 3,613.00 3,380.00 49.99 49.99 1,808,872 1,692,372 2,163,928 1,794,123 177,575 0- Quality Houses Plc. Real Estate 6,113.24 0.00 21.84 0.00 1,983,854 0 2,120,986 0 0 0- Polar Property Holdings Corporation Real Estate 2,810.17 0.00 29.48 0.00 866,849 0 866,849 0 0 0

Total investments in affiliates 6,041,221 3,039,849 6,989,020 3,079,247 254,893 149,668 Total investments in subsidiaries and affiliates 7,377,365 4,348,493 8,672,503 4,181,365 404,891 149,668


106

7.1 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

7.1.1 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¢â“ßµâπ∑’Ëπ”¡“®—¥∑”ß∫°“√‡ß‘π√«¡ ·≈– à«π·∫àßº≈°”‰√¢Õß∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

2547 ·≈– 2546 ∑’Ëπ”¡“√«¡§”π«≥µ“¡«‘∏’ à«π‰¥â‡ ’¬π—Èπ ‡ªìπß∫°“√‡ß‘π∑’Ëºà“π°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’·≈â«

7.1.2 ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¢Õß∫√‘…—∑ ·ª ‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ÷Ëß¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπ

‡°‘π∑ÿπ ∫√‘…—∑œ ‰¥â∫—π∑÷°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬‡∑à“°—∫»Ÿπ¬å∫“∑ ·≈–√—∫√Ÿâº≈¢“¥∑ÿπ – ¡ à«π∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

‡ªìπÀπ’È ‘πÕ◊Ëπ„π™◊ËÕ∫—≠™’ çº≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡é ®”π«π 46.38 ≈â“π∫“∑ ·≈– 13.93 ≈â“π∫“∑

µ“¡≈”¥—∫ ‚¥¬¡’ à«π·∫àß¢“¥∑ÿπ¢Õßªï 2547 ·≈– 2546 ®”π«π 32.46 ≈â“π∫“∑ ·≈– 18.88 ≈â“π∫“∑ µ“¡≈”¥—∫

7.1.3 ‡¡◊ËÕ«—π∑’Ë 17 °√°Æ“§¡ 2546 ∫√‘…—∑œ ‰¥â´◊ÈÕÀÿâπ¢Õß∫√‘…—∑ Àâ«¬·°â«Õ“‡¢µ 2545 ®”°—¥ ®”π«π 1,059,994 Àÿâπ§‘¥‡ªìπ√âÕ¬≈– 99.9

¢Õß∑ÿπ™”√–·≈â« „π√“§“ 40 ≈â“π∫“∑ à«π‡°‘π¢Õß√“§“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë‡°‘π°«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å ÿ∑∏‘¢Õß∫√‘…—∑

¬àÕ¬ ≥ «—π´◊ÈÕ ®”π«π 39.70 ≈â“π∫“∑ · ¥ß‰«â‡ªìπ §à“§«“¡π‘¬¡ ·≈–‰¥â‡æ‘Ë¡∑ÿπÕ’° 1 · πÀÿâπ Àÿâπ≈– 100.00 ∫“∑ ‡ªìπ‡ß‘π

10 ≈â“π∫“∑ ‡¡◊ËÕ«—π∑’Ë 24 °—π¬“¬π 2546 √«¡‡ªìπ‡ß‘π∑—Èß ‘Èπ 50 ≈â“π∫“∑ µàÕ¡“‰¥â‡ª≈’Ë¬π™◊ËÕ‡ªìπ∫√‘…—∑ ·Õ≈‡Õ™ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥

‡¡◊ËÕ«—π∑’Ë 25 °—π¬“¬π 2546

7.1.4 ‡¡◊ËÕ«—π∑’Ë 24 ∏—π«“§¡ 2546 ∫√‘…—∑œ ‰¥â´◊ÈÕÀÿâπ¢Õß∫√‘…—∑ Àâ«¬·°â« ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ®”π«π 991,994 Àÿâπ §‘¥‡ªìπ√âÕ¬≈– 99.9

¢Õß∑ÿπ™”√–·≈â« „π√“§“ 52.73 ≈â“π∫“∑ µàÕ¡“‰¥â‡ª≈’Ë¬π™◊ËÕ‡ªìπ ∫√‘…—∑ ·Õ≈‡Õ™ ·Õ ‡´∑ ®”°—¥ ‡¡◊ËÕ«—π∑’Ë 10 æƒ…¿“§¡ 2547

à«π‡°‘π¢Õß√“§“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë‡°‘π°«à“¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π´◊ÈÕ ®”π«π 37.55 ≈â“π∫“∑

· ¥ß‰«â‡ªìπ§à“§«“¡π‘¬¡

7.1.5 ‡¡◊ËÕ«—π∑’Ë 26 ¡°√“§¡ 2547 ∫√‘…—∑ ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ®”°—¥ ¡’¡µ‘„Àâ‡√’¬°™”√–§à“Àÿâπ‡æ‘Ë¡®“°‡¥‘¡Àÿâπ≈– 7.77 ∫“∑ ‡ªìπÀÿâπ≈– 9.02

∫“∑ ‡ªìπ∑ÿπ∑’Ë‡√’¬°‡æ‘Ë¡Àÿâπ≈– 1.25 ∫“∑ √«¡‡ªìπ‡ß‘π§à“Àÿâπ∑’Ë‡√’¬°‡æ‘Ë¡ 50 ≈â“π∫“∑ ≥ «—π∑’Ë 30 °—π¬“¬π 2547 ‰¥â√—∫™”√–§à“Àÿâπ

§√∫∂â«π·≈â«

7.1.6 ∫√‘…—∑ ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ¡’‚§√ß √â“ß°≈ÿà¡∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¥—ßπ’È

∫√‘…—∑¬àÕ¬

ª√–‡¿∑°‘®°“√ —¥ à«π°“√≈ß∑ÿπ

2547 2546

- ∫®. ‡Õ .∑’.‡ÕÁπ. ·¡‡π®‡¡âπ∑å ∫√‘À“√ß“πÕ“§“√™ÿ¥ - 99.99%

- ∫®. ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å 99.99% 99.99%

∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥

- ∫®. ∫â“π «π∏π ∏ÿ√°‘®Õ —ßÀ“√‘¡∑√—æ¬å - 99.99%

ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ¬“¡∏“π’ æ√äÕ∫‡æÕ√åµ’È ®”°—¥ ¢â“ßµâπ∑’Ëπ”¡“®—¥∑”ß∫°“√‡ß‘π√«¡ ·≈– à«π·∫àßº≈

°”‰√¢Õß∫√‘…—∑¬àÕ¬ „πªï 2547 ·≈– 2546 ∑’Ëπ”¡“√«¡§”π«≥µ“¡«‘∏’ à«π‰¥â‡ ’¬π—Èπ ‡ªìπß∫°“√‡ß‘π∑’Ëºà“π°“√µ√«® Õ∫‚¥¬

ºŸâ Õ∫∫—≠™’·≈â«

7.1.6.1 µ“¡√“¬ß“π°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡Õ .∑’.‡ÕÁπ ·¡‡π®‡¡âπ∑å ®”°—¥ §√—Èß∑’Ë 1/2547 ·≈–§√—Èß∑’Ë 2/2547 ≈ß«—π∑’Ë

13 ‘ßÀ“§¡ 2547 ·≈–«—π∑’Ë 31 ‘ßÀ“§¡ 2547 µ“¡≈”¥—∫ ∑’Ëª√–™ÿ¡¡’¡µ‘‡ªìπ‡Õ°©—π∑å„Àâ∫√‘…—∑¥—ß°≈à“« ‡≈‘°°‘®°“√·≈–π”

¡µ‘∑’Ëª√–™ÿ¡‰ª®¥∑–‡∫’¬π‡≈‘°∫√‘…—∑œ °—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2547

7.1.6.2 µ“¡√“¬ß“π°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ∫â“π «π∏π ®”°—¥ §√—Èß∑’Ë 1/2547 ·≈–§√—Èß∑’Ë 2/2547 ≈ß«—π∑’Ë 13 ‘ßÀ“§¡

2547 ·≈–«—π∑’Ë 31 ‘ßÀ“§¡ 2547 µ“¡≈”¥—∫ ∑’Ëª√–™ÿ¡¡’¡µ‘‡ªìπ‡Õ°©—π∑å„Àâ∫√‘…—∑¥—ß°≈à“« ‡≈‘°°‘®°“√·≈–π”¡µ‘∑’Ëª√–™ÿ¡‰ª

®¥∑–‡∫’¬π‡≈‘°∫√‘…—∑œ °—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 10 °—π¬“¬π 2547


107

7.1 Investments in subsidiaries

7.1.1 The financial statements of the aforementioned subsidiaries which were brought into the preparation for consolidated

financial statements and net profit of subsidiaries for the year ended 31st December 2004 and 2003 were brought

into the computation of investments under the equity method, were taken from their respective audited financial statements.

7.1.2 The financial statements for the year ended 31st December 2004 and 2003 of Pacific Real Estate Co., Ltd. which was

brought into the computation of investments under equity method, had capital deficiency. The Company recorded

the investments balance equal to zero and recognized the excess of loss over investments in subsidiaries of Baht

46.38 million and Baht 13.93 million as other liabilities in çexcess loss from investments in subsidiaries and affiliatesé

and had equity loss in year 2004 and 2003 of Baht 32.46 million and Baht 18.88 million, respectively.

7.1.3 In 17th July, 2003, the Company has purchased 1,059,994 shares of Huaw Kaew Aket 2545 Co., Ltd. equal to 99.9%

of the paid-up share capital at the price of Baht 40 million. The excess of investment in subsidiary over than fair value

of net assets of subsidiary at the purchasing date of Baht 39.70 million was presented as goodwill and purchased

the increased share capital for 1 hundred thousand shares of Baht 100.00 each for amounting to Baht 10 million on

24th September 2003. Total purchasing share capital is Baht 50 million. Later on 25th September 2003, such

subsidiary has changed its title name to L H Real Estate Co., Ltd..

7.1.4 On 24th December 2003, the Company has purchased 991,994 shares of Huay Kaew Real Estate Co., Ltd. equal to

99.9% of the paid-up share capital at the price of Baht 52.73 million. Later, such company changed its title name to

çL H Asset Co., Ltd.é. On 10th May 2004, the excess of investment in subsidiary over than fair value of net assets

value of subsidiary at the purchasing date of Baht 37.55 million are presented as goodwill.

7.1.5 On 26th January 2004, L H Muangmai Co., Ltd. passed the resolution to call for payment of increase share capital

from Baht 7.77 per share to Baht 9.02 per share by calling for payment of Baht 1.25 per share amounting to Baht 50

million. As at 30th September 2004, the fully payment was received.

7.1.6 The company under the holding of Siamtanee Property Co., Ltd., a subsidiary are as following :

Type of business Percentage of investments

2004 2003

- S.T.N. Management Co., Ltd. Condominium

management - 99.99%

- Siam Tanee Real Estate Co., Ltd. Real Estate 99.99% 99.99%

Subsidiary of Siam Tanee Real Estate Co., Ltd.

- Bann Suanthon Co., Ltd. Real Estate - 99.99%

The financial statements of the aforementioned subsidiaries of Siamtanee Property Co., Ltd. which were brought

into the preparation for consolidated financial statements and net profit of the subsidiaries in 2004 and 2003 were

brought the computation of investments under the equity method, were taken from their respective audited

financial statements.

7.1.6.1 According to the minutes of shareholdersû extraordinary meeting of S.T.N. Management Co., Ltd. no. 1/2004

held on 13th August 2004 and no. 2/2004 held on 31st August 2004, unanimously passed the resolution to

dissolve its business and registered the resolution with the Ministry of Commerce on 10th September 2004.

7.1.6.2 According to the minutes of shareholdersû extraordinary meeting of Bann Suanthon Co., Ltd. no. 1/2004 held

on 13th August 2004 and no. 2/2004 held on 31st August 2004, unanimously passedthe resolution to dissolve

its business and registered the resolution with the Ministry of Commerce on 10th September 2004.


108

7.2 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡

7.2.1 °”‰√ (¢“¥∑ÿπ) ¢Õß∫√‘…—∑√à«¡ ∑’Ëπ”¡“§”π«≥ à«π·∫àß√“¬‰¥âµ“¡«‘∏’ à«π‰¥â‡ ’¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

‡ªìπ°”‰√ (¢“¥∑ÿπ) ®“°ß∫°“√‡ß‘π∑’Ëºà“π°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’·≈â« ¬°‡«âπ∫“ß à«π‰¥â§”π«≥®“°ß∫°“√‡ß‘π∑’Ë¬—ß‰¡àºà“π°“√

µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’¡’ à«π·∫àß√“¬‰¥âµ“¡«‘∏’ à«π‰¥â‡ ’¬¥—ßπ’È

2547 (æ—π∫“∑) 2546

∫®. ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ 136,368 101,306

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 1 30,279 79,966

°Õß∑ÿπ√«¡Õ —ßÀ“√‘¡∑√—æ¬å·≈π¥å·Õπ¥å‡Œâ“ å 2 454,917 7,861

∫®. ‡ÕÁ¡ ·Õ≈ ·Õπ¥å ‡Õ™ §Õ√åªÕ‡√™—Ëπ 0 52,330

∫®. §“‡¡√Õπ ‚°≈∫Õ≈ (41) (55)

∫®. ‚æ≈“√å æ√äÕ∫‡æÕ√åµ’È‚Œ≈¥‘Èß §Õ√åªÕ‡√™—Ëπ 0 -

√«¡ à«π·∫àß√“¬‰¥âµ“¡«‘∏’ à«π‰¥â‡ ’¬¢Õß∫√‘…—∑√à«¡ 621,523 241,408

7.2.2 ‡¡◊ËÕ«—π∑’Ë 9 ¡’π“§¡ 2547 ∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ¡’¡µ‘æ‘‡»…„Àâ‡ª≈’Ë¬π‡ªìπ∫√‘…—∑¡À“™π·≈–„Àâ‡æ‘Ë¡∑ÿπ®“°

‡¥‘¡ ®”π«π 610 ≈â“π∫“∑ Õ’°®”π«π 100.00 ≈â“π∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à ®”π«π 100 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑

·≈–‡ πÕ¢“¬„Àâ°—∫ºŸâ∂◊ÕÀÿâπ‡¥‘¡„π√“§“Àÿâπ≈– 3.70 ∫“∑ ∫√‘…—∑œ ‰¥â„™â ‘∑∏‘®Õß´◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπµ“¡ ‘∑∏‘Ï∑’Ë‰¥â√—∫∑—Èß®”π«π ‡ªìπ®”π«π

‡ß‘π√«¡ 148 ≈â“π∫“∑ ·≈–‚¥¬∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) §√—Èß∑’Ë 2/2547 ‡¡◊ËÕ«—π∑’Ë

9 ‡¡…“¬π 2547 ¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬πÕ’°®”π«π 240 ≈â“π∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ„À¡à®”π«π 240 ≈â“πÀÿâπ ¡Ÿ≈§à“

Àÿâπ≈– 1.00 ∫“∑ ·≈–‡ πÕ¢“¬„Àâ·°àª√–™“™π °√√¡°“√ ºŸâ∫√‘À“√·≈–æπ—°ß“π¢Õß∫√‘…—∑„π√“§“ Àÿâπ≈– 3.80 ∫“∑ √«¡‡ªìπ∑ÿπ

®¥∑–‡∫’¬π 950 ≈â“π∫“∑ æ√âÕ¡°—∫°“√‡ πÕ¢“¬Àÿâπ “¡—≠¢Õß∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) §√—Èßπ’È∫√‘…—∑œ ‰¥â

‡ πÕ¢“¬Àÿâπ à«π∑’Ë∫√‘…—∑œ ∂◊ÕÕ¬Ÿà‡¥‘¡®”π«π 40 ≈â“πÀÿâπ „Àâ·°àª√–™“™π∑—Ë«‰ª „π√“§“ 152 ≈â“π∫“∑ ∑”„Àâ —¥ à«π‡ß‘π≈ß∑ÿπ¢Õß

∫√‘…—∑œ ≈¥≈ß®“°‡¥‘¡√âÕ¬≈– 36.07 ‡ªìπ√âÕ¬≈– 25.68 ®“°°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“« ∑”„Àâ∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π)

¡’ à«π‡°‘π∑ÿπÀÿâπ “¡—≠ ®”π«π 644.64 ≈â“π∫“∑ ∫√‘…—∑œ ∫—π∑÷°√—∫√Ÿâµ“¡ —¥ à«π‡ß‘π≈ß∑ÿπ ®”π«π 165.57 ≈â“π∫“∑ ‚¥¬· ¥ß

‡ªìπ à«π‡°‘π¡Ÿ≈§à“Àÿâπ¢Õß∫√‘…—∑√à«¡„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπ„π ∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ®”°—¥ (¡À“™π) ÷Ëß‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„π

µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¡’√“§“µ≈“¥√«¡ ®”π«π 697.84 ≈â“π∫“∑

7.2.3 „π‰µ√¡“ 1 ªï 2547 ∫√‘…—∑œ ¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‚Œ¡‚ª√¥—° å ‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ÷Ëß‡ªìπ∫√‘…—∑√à«¡®”π«π 5.54

≈â“πÀÿâπ ·≈–„π√–À«à“ßªï¡’ºŸâ∂◊Õ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ “¡—≠¡“„™â ‘∑∏‘·ª≈ß ¿“æ∑”„Àâ¡’Àÿâπ “¡—≠®¥∑–‡∫’¬π‡æ‘Ë¡¢÷Èπ®”π«π

3.09 ≈â“πÀÿâπ ¡’º≈∑”„Àâ —¥ à«π‡ß‘π≈ß∑ÿπ≈¥≈ß®“°‡¥‘¡√âÕ¬≈– 30.72 ‡ªìπ√âÕ¬≈– 29.87

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‚Œ¡‚ª√¥—° å ‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„π

µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¡’√“§“µ≈“¥√«¡ ®”π«π 1,007.11 ≈â“π∫“∑ (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ¡’√“§“µ≈“¥√«¡®”π«π

505.16 ≈â“π∫“∑)

7.2.4 „π«—π∑’Ë 22 æƒ…¿“§¡ 2546 ∫√‘…—∑ §«Õ≈‘µ’È §Õπ µ√—§™—Ëπ ‚ª√¥—§ å ®”°—¥ ‰¥â‡ª≈’Ë¬π ¿“æ‡ªìπ∫√‘…—∑¡À“™π ®”°—¥ ·≈–„π‡¥◊Õπ

°√°Æ“§¡ 2546 ‰¥â‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 154.375 ≈â“π∫“∑ ‡ªìπ 400 ≈â“π∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 245.625

≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑ ‚¥¬Àÿâπ®”π«π 154.375 ≈â“πÀÿâπ ®—¥ √√„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡µ“¡ —¥ à«π°“√∂◊ÕÀÿâπ„πÕ—µ√“ 1 Àÿâπ‡¥‘¡

µàÕ 1 Àÿâπ„À¡à „π√“§“‡ πÕ¢“¬Àÿâπ≈– 1.00 ∫“∑ ∫√‘…—∑œ ‰¥â„™â ‘∑∏‘®Õß´◊ÈÕÀÿâπ “¡—≠„À¡à®”π«π 61.87 ≈â“πÀÿâπ ·≈–Àÿâπ “¡—≠„À¡à


109

7.2 Investments in affiliates

7.2.1 Net profit (loss) of affiliates for the year ended 31st December 2004 and 2003 which were brought into the

computation of investment under equity method, were taken from their respective audited financial statements

except for the certain of net profit (loss) were computed from unaudited financial statements, the equity gain (loss)

are as follows :2004 (Baht : Thousand) 2003

Bangkok Chain Hospital Co., Ltd. 136,368 101,306

Land and Houses Property Fund I 30,279 79,966

Land and Houses Property Fund II 454,917 7,861

M L & H Corporation 0 52,330

Cameron Global Limited (41) (55)

Polar Property Holdings Corporation 0 -

Total equity gain of affiliates under equity method 621,523 241,408

7.2.2 As at 9th March 2004, Bangkok Chain Hospital Plc. passed the special resolution to change to public company and

increase its share capital for the amount of Baht 610 million and Baht 100.00 million by ssuing new 100 ordinary

shares of Baht 1.00 each and offering to the existing shareholders at Baht 3.70 per share. The Company exercised

right to subscribe such increasing shares in total in the amount of Baht 148 million and the shareholdersû

extraordinary meeting of Bangkok Chain Hospital Plc. no. 2/2004 held on 9th April 2004, passed the resolution to

increase its share capital of Baht 240 million by issuing common shares for 240 million shares of Baht 1.00 each and

offer to the public, directors, administrator and the employees at Baht 3.80 each, total authorized share capital of

Baht 950 million. This offering common shares of Bangkok Chain Hospital Plc., the Company also offer common

share which the Company held for 40 million shares to the public at Baht 152 million, resulted the percentage of

investment of the Company reduced from 36.07% to 25.68%. From this increase share capital, Bangkok Chain

Hospital Plc. has premium on common shares of Baht 644.64 million. The company recognized the percentage of

investment of Baht 165.57 million which presented as premium on share capital of affiliated in shareholdersû equity.

As at 31st December 2004, investments in Bangkok Chain Hospital Plc., a listed company in the Stock Exchange

of Thailand had total market value of Baht 697.84 million.

7.2.3 In the first quarter of 2004, the Company has sold investment in Home Products Center Public Company Limited,

an affiliate for 5.54 million shares and during the year, the warrantholders exercised right to purchase common

shares resulting to increase in common shares by 3.09 million shares, therefore, the percentage of investments was

decreased from 30.72% to 29.87%.

As at 31st December 2004, investments in Home Products Center Public Company Limited, a listed company in

the Stock Exchange of Thailand, had total market value of Baht 1,007.11 million (as at 31st December 2003,

had market value of Baht 505.16 million).

7.2.4 On 22nd May 2003, Quality Construction Product Co., Ltd. has changed its title to Quality Construction Products

Public Company Limited and in July 2003 it has increased its share capital from Baht 154.375 million to Baht 400

million by issuing new 245.625 million common shares of Baht 1.00 each. For 154.375 million shares will be allotted

to the existing shareholders in proportion of 1 shares for 1 new share at the offering price of Baht 1.00 each. The


110

®”π«π 11.25 ≈â“πÀÿâπ ®—¥ √√„Àâ°—∫°√√¡°“√¢Õß∫√‘…—∑ §«Õ≈‘µ’È §Õπ µ√—§™—Ëπ ‚ª√¥—§ å ®”°—¥ (¡À“™π) „π√“§“¢“¬Àÿâπ≈–

2.00 ∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ¡’∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« ®”π«π 320 ≈â“π∫“∑ à«πÀÿâπ∑’Ë‡À≈◊Õ®”π«π 80 ≈â“πÀÿâπ

”√Õß‰«â‡ πÕ¢“¬„Àâ·°àª√–™“™π∑—Ë«‰ª „π‰µ√¡“ 4 ∫√‘…—∑œ ◊ÈÕ‡ß‘π≈ß∑ÿπ‡æ‘Ë¡Õ’°®”π«π 1.875 ≈â“πÀÿâπ ‡ªìπ‡ß‘π®”π«π 15 ≈â“π∫“∑ ¡’

º≈∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‡ª≈’Ë¬π®“°√âÕ¬≈– 40.08 ‡ªìπ√âÕ¬≈– 31.41

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È §Õπ µ√—§™—Ëπ ‚ª√¥—§ å ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„π

µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¡’√“§“µ≈“¥√«¡ ®”π«π 1,407 ≈â“π∫“∑

7.2.5 „π√–À«à“ß‰µ√¡“ 2 ·≈– 3 ªï 2547 ∫√‘…—∑œ ´◊ÈÕÀÿâπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ‡æ‘Ë¡‡µ‘¡®π∑”„Àâ —¥ à«π°“√∂◊ÕÀÿâπ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¢Õß∫√‘…—∑œ ‡æ‘Ë¡¢÷Èπ®“° ≥ «—π∑’Ë 31 ¡’π“§¡ 2547 ®“°√âÕ¬≈– 18.65 ‡ªìπ√âÕ¬≈– 21.87 ∫√‘…—∑œ ®÷ß

‰¥â‡ª≈’Ë¬π·ª≈ß°“√π”‡ πÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ‡ªìπ∫√‘…—∑√à«¡·≈–√—∫√Ÿâ

√“¬‰¥âµ“¡«‘∏’ à«π‰¥â‡ ’¬„πªï 2547

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ §«Õ≈‘µ’È ‡Œâ“ å ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å

·Ààßª√–‡∑»‰∑¬ ¡’√“§“µ≈“¥√«¡ ®”π«π 1,562.34 ≈â“π∫“∑ (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ¡’√“§“µ≈“¥√«¡ ®”π«π 1,512.37 ≈â“π∫“∑)

7.2.6 µ“¡√“¬ß“π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ §√—Èß∑’Ë 10/2546 ≈ß«—π∑’Ë 26 °—π¬“¬π 2546 ¡’¡µ‘„Àâ¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡„π

ª√–‡∑»øî≈‘ªªîπ å§◊Õ ML&H Corporation „π√“§“√«¡∑—Èß ‘Èπ 1,223.10 ≈â“π‡ª‚´ ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‡ªìπ®”π«π 881.04

≈â“π∫“∑ À√◊ÕÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥„πª√–‡∑»øî≈‘ªªîπ å ®”π«π 1,223.10 ≈â“π‡ª‚´ „π«—π∑’Ë 29 °—π¬“¬π 2546

∫√‘…—∑œ ‰¥â¥”‡π‘π°“√¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«·≈â«·µà ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∫√‘…—∑œ ¬—ß‰¡à‰¥â√—∫™”√–®÷ß∫—π∑÷°‡ªìπ≈Ÿ°Àπ’ÈÕ◊Ëπ∑—Èß

®”π«π ‚¥¬≈Ÿ°Àπ’ÈÕ◊Ëπ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑ ‡ªìπ®”π«π 864.52 ≈â“π∫“∑

„πªï 2547 ∫√‘…—∑œ ‰¥â√—∫™”√–Àπ’È¥—ß°≈à“«·≈â«‡ªìπÀÿâπ‡æ‘Ë¡∑ÿπ¢Õß∫√‘…—∑ ‚æ≈“√å æ√äÕ∫‡æÕ√åµ’È‚Œ≈¥‘Èß §Õ√åªÕ‡√™—Ëπ ®”°—¥ ®”π«π

1,223,182,790 Àÿâπ „π√“§“æ“√åÀÿâπ≈– 1 ‡ª‚´ √«¡¡Ÿ≈§à“ 1,223.10 ≈â“π‡ª‚´ (¡’¡Ÿ≈§à“‡ªìπ‡ß‘π∫“∑ ‡∑à“°—∫ 866.85 ≈â“π∫“∑)

§‘¥‡ªìπ√âÕ¬≈– 29.48 ¢Õß∑ÿπ™”√–·≈â«¢Õß∫√‘…—∑ ‚æ≈“√å æ√äÕ∫‡æÕ√åµ’È ‚Œ≈¥‘Èß §Õ√åªÕ‡√™—Ëπ ®”°—¥ ·≈–‰¥â¡’°“√‡´Áπ —≠≠“´◊ÈÕ¢“¬

Àÿâπ‡¡◊ËÕ‡¥◊Õπæƒ»®‘°“¬π 2547 ‚¥¬ªí®®ÿ∫—πÀÿâπ®”π«π¥—ß°≈à“«Õ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√¬◊Ëπ®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å

·Ààßª√–‡∑»øî≈‘ªªîπ å

8. ‡ß‘π≈ß∑ÿπ√–¬–¬“«

ªï 2547

ß∫°“√‡ß‘π√«¡ (æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

À≈—°∑√—æ¬å ‡ß‘π≈ß∑ÿπ√«¡

À≈—°∑√—æ¬å ‡ß‘π≈ß∑ÿπ√«¡

‡º◊ËÕ¢“¬ ∑—Ë«‰ª ‡º◊ËÕ¢“¬ ∑—Ë«‰ª

µ√“ “√Àπ’È∑’Ë®–∂◊Õ®π§√∫°”Àπ¥

∫¡®. √–∫∫¢π àß¡«≈™π °√ÿß‡∑æ 0 150,000 150,000 0 0 0

µ√“ “√∑ÿπ 456,051 2,104,486 2,560,537 456,051 2,028,701 2,484,752

À—° §à“‡º◊ËÕ°”‰√ (¢“¥∑ÿπ) ∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ 402,285 0 402,285 402,285 0 402,285

§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å - ‡ß‘π≈ß∑ÿπ (76,277) (1,380,108) (1,456,385) (76,277) (1,380,108) (1,456,385)

√«¡ 782,059 874,378 1,656,437 782,059 648,593 1,430,652


111

Company exercised the right to subscribe 61.87 million common shares. For new 11.25 million shares will be allotted

to the directors of Quality Construction Products Public Company Limited at the offering price of Baht 2.00 each.

Therefore, as at 31st December 2003, the issued and paid -up share capital is Baht 320 million and the remaining 80

million shares will be reserved for offering to the public. In the fourth quarter, the Company has additionally

purchased investments for 1.875 million shares amounting to Baht 15 million, the proportion of shareholding of the

Company changed from 40.08% to 31.41%.

As at 31st December 2004, investments in Quality Construction Products Public Company Limited, a listed

company in the Stock Exchange of Thailand had total market value of Baht 1,407 million.

7.2.5 In the second and third quarter of 2004, the Company has additionally purchased share capital of Quality House

Public Company Limited, thus, the percentage of shareholding of the Company ncreased from 31st March 2004 at

18.65 to 21.87. The Company, therefore, changed the presentation of investments in Quality House Public Company

Limited from çinvestment in other companiesé to çinvestments in affiliatesé and recognized gain under equity method

in 2004.

As at 31st December 2004, investments in Quality House Public Company Limited, a listed company in the Stock

Exchange of Thailand, had total market value of Baht 1,562.34 million (as at 31st December 2003, had market value

of Baht 1,512.37 million).

7.2.6 According to the minutes of Board of directorsû meeting no. 10/2003 held on 26th September 2003, the Company

has sold investments in ML&H Corporation, an affiliate to Hero Holding Corporation which was incorporated in The

Republic of The Philippines at the selling price of Peso 1,223.10 million in worth Baht 881.04 million. The Company

will receive the payment by cash or marketable securities in The Republic of The Philipines of Peso 1,223.10 million.

The Company has proceeded to sell those investment on 29th September 2003 but as at 31st December 2003 still

not received the payment, thus, recorded such amount as other receivables in whole. Such other receivables were

converted into Baht 864.52 million

In 2004, the Company has already received the payment of such debt by receiving increase share capital of Polar

Property Holdings Corporation for 1,223,182,790 shares at par value of Peso 1, totalling Peso 1,223.10 million

(in worth Baht 866.85 million) equal to 29.48% of paid-up share capital of Polar Property Holdings Corporation.

The contract to buy such shares was signed in November 2004. At present, such shares are under the process of

lising in the Stock Exchange of Philippines.

8. LONG-TERM INVESTMENTS

For year 2004Consolidated (Thousand Baht) Parent Company

Securities Other Securities Otherheld for investments Total held for investments Totalsales sales

Debt securities held for maturityBangkok Mass Transit System Public Plc. 0 150,000 150,000 0 0 0

Equity security 456,051 2,104,486 2,560,537 456,051 2,028,701 2,484,752Less Provision for unrealized

gain (loss) of investment 402,285 0 402,285 402,285 0 402,285Provision for impairment of assets - investment (76,277) (1,380,108) (1,456,385) (76,277) (1,380,108) (1,456,385)

Total 782,059 874,378 1,656,437 782,059 648,593 1,430,652


112

ªï 2546

ß∫°“√‡ß‘π√«¡ (æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

À≈—°∑√—æ¬å ‡ß‘π≈ß∑ÿπ√«¡

À≈—°∑√—æ¬å ‡ß‘π≈ß∑ÿπ√«¡

‡º◊ËÕ¢“¬ ∑—Ë«‰ª ‡º◊ËÕ¢“¬ ∑—Ë«‰ª

µ√“ “√Àπ’È∑’Ë®–∂◊Õ®π§√∫°”Àπ¥

∫¡®. √–∫∫¢π àß¡«≈™π °√ÿß‡∑æ 0 150,000 150,000 0 0 0

µ√“ “√∑ÿπ 3,647,364 2,106,960 5,754,324 3,647,364 2,031,101 5,678,465

À—° §à“‡º◊ËÕ°”‰√ (¢“¥∑ÿπ) ∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ 402,285 0 402,285 402,285 0 402,285

§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å - ‡ß‘π≈ß∑ÿπ (275,803) (1,380,108) (1,655,911) (275,803) (1,380,108) (1,655,911)

√«¡ 3,773,846 876,852 4,650,698 3,773,846 650,993 4,424,839

8.1 ∫√‘…—∑œ ¡’‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬µ√“ “√∑ÿπ¢Õß∫√‘…—∑ §√‘ ‡µ’¬π’·≈–π’≈‡ Áπ (‰∑¬) ®”°—¥ (¡À“™π) ´÷Ëß∫√‘…—∑œ ‰¥âµ—Èß§à“‡º◊ËÕ°“√

¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ∑—Èß®”π«π µ—Èß·µàªï 2543 µàÕ¡“„π«—π∑’Ë 22 °—π¬“¬π 2547 ∫√‘…—∑¥—ß°≈à“«‰¥â°≈—∫¡“´◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààß

ª√–‡∑»‰∑¬„πÀ¡«¥Õ —ßÀ“√‘¡∑√—æ¬å·≈–°àÕ √â“ß ∫√‘…—∑œ ®÷ß‰¥â‚Õπ°≈—∫√“¬°“√§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ¥—ß°≈à“« µ“¡√“§“µ≈“¥

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∑”„Àâ¡’√“¬°“√°”‰√®“°°“√°≈—∫∫—≠™’√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“®”π«π 199.53 ≈â“π∫“∑

8.2 „π‰µ√¡“ 2 ªï 2546 ∫√‘…—∑œ ‰¥â¢“¬≈Ÿ°Àπ’È‡ß‘π°Ÿâ Àÿâπ°Ÿâ·ª≈ß ¿“æ¥âÕ¬ ‘∑∏‘ ·≈–Àÿâπ “¡—≠¢Õß∫√‘…—∑ ¢π àß¡«≈™π°√ÿß‡∑æ ®”°—¥

∑—Èß®”π«π ‚¥¬°“√ª√–¡Ÿ≈„Àâ·°à∫√‘…—∑ ¬“¡∏“π’ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬„π√“§“√«¡∑—Èß ‘Èπ 233 ≈â“π∫“∑ ¡’°”‰√®“°

°“√¢“¬√«¡ 8 ≈â“π∫“∑ ·µàÕ¬à“ß‰√°Áµ“¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡∫√‘…—∑œ ‰¥âµ—¥√“¬°“√√–À«à“ß°—π·≈â«

9. ∑’Ë¥‘πµ“¡ —≠≠“®– ◊ÈÕ®–¢“¬

„πªï 2535 ∫√‘…—∑œ ‰¥â∑” —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π°—∫∫√‘…—∑·ÀàßÀπ÷Ëß·≈–‰¥â®à“¬™”√–‡ß‘π§√∫∂â«π·≈â« ®”π«π 282.45 ≈â“π∫“∑ ‚¥¬„π

—≠≠“√–∫ÿ«à“®–‚Õπ°√√¡ ‘∑∏‘Ï À≈—ß®“°¡’°“√¥”‡π‘π°“√°àÕ √â“ß∫“ß à«π„Àâ·≈â«‡ √Á®¿“¬„π 36 ‡¥◊Õππ—∫®“°«—π∑” —≠≠“ À“°∫√‘…—∑œ ‰¡à “¡“√∂

¥”‡π‘π°“√‰¥â ∫√‘…—∑·Ààßπ—Èπ “¡“√∂∫Õ°‡≈‘° —≠≠“ ·≈–§◊π‡ß‘π®”π«π√âÕ¬≈– 70 ¢Õß√“§“´◊ÈÕ ·µàÕ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ¬—ß‰¡à‰¥â¥”‡π‘π°“√°àÕ √â“ß¥—ß°≈à“«

∫√‘…—∑œ ‰¥âª√–‡¡‘π§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß —≠≠“¥—ß°≈à“«‰«â®”π«π 56.45 ≈â“π∫“∑

10. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘

ß∫°“√‡ß‘π√«¡ (Àπà«¬ : æ—π∫“∑)

31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2547

√“§“∑ÿπ :

Õ“§“√ ”π—°ß“π 55,838 0 0 55,838

‡§√◊ËÕß„™â ”π—°ß“π 76,052 15,066 3,960 87,158

‡§√◊ËÕßµ°·µàß ”π—°ß“π·≈– ‚¡ √ 83,520 20,138 2,188 101,470

‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 1,157 116 0 1,273

¬“πæ“Àπ– 19,631 23,716 3,820 39,527

‚√ß‡√’¬πÕπÿ∫“≈ 931 0 0 931

‡√◊Õπ‡æ“–™” 75 21 0 96


113

For year 2003Consolidated (Thousand Baht) Parent Company

Securities Other Securities Otherheld for investments Total held for investments Totalsales sales

Debt securities held for maturity

Bangkok Mass Transit System Public Plc. 0 150,000 150,000 0 0 0

Equity security 3,647,364 2,106,960 5,754,324 3,647,364 2,031,101 5,678,465

Less Provision for unrealized

gain (loss) of investment 402,285 0 402,285 402,285 0 402,285

Provision for impairment

of assets - investment (275,803) (1,380,108) (1,655,911) (275,803) (1,380,108) (1,655,911)

Total 3,773,846 876,852 4,650,698 3,773,846 650,993 4,424,839

8.1 The Company has investment in equity securities of Christiani & Nielsen (Thai) Public Company Limited of which was

provided the provision for impairment of investments in whole amount since the year 2000. Later on 22nd September 2004,

such company returned to resume trading of its securities under property and construction sector. The Company,

therefore, reversed the provision for impairment of such investments at market value as at 31st December 2004, resulted

gain on reversal of impairment loss of Baht 199.53 million.

8.2 In the second quarter of 2003, the Company has sold loan receivables, subordinated convertible debentures and total

ordinary shares of Bangkok Mass Transit System Public Company Limited by bidding to Siam Tanee Real Estate Co., Ltd.,

a subsidiary, in the total amount of Baht 233 million, resulted gain on sales of Baht 8 million. However, the Company has

eliminated such amount in the preparation of consolidated financial statements.

9. LAND UNDER CONTRACTS TO BUY AND TO SELL

In 1992, the Company has entered into an agreement to buy or to sell a piece of land and has already made full payment

amount of Baht 282.45 million. It is conditioned in the agreement that the ownership will be transferred after a completion of

some construction on the land within 36 months from the agreement date, and if the Company cannot fulfill the condition, the

seller can cancel the agreement and return 70 per cent of the purchase price to the purchaser. However, the Company has not

yet proceeded such construction. In 2000, the Company, determined the provision for impairment of that agreement of Baht

56.45 million.

10. PROPERTY, PLANT AND EQUIPMENT - NET

Consolidated (Baht : Thousand)

31st December 2003 Increase Decrease 31st December 2004

Cost :

Office building 55,838 0 0 55,838

Office equipment 76,052 15,066 3,960 87,158

Office and club furnitures 83,520 20,138 2,188 101,470

Machinery and equipment 1,157 116 0 1,273

Vehicles 19,631 23,716 3,820 39,527

Kindergarten 931 0 0 931

Nursery garden 75 21 0 96


114

(Àπà«¬ : æ—π∫“∑)

31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2547

‚¡ √ √–«à“¬πÈ” π“¡‡∑ππ‘ 743,754 162,366 0 906,120

‘∑∏‘°“√‡™à“ 26,658 0 0 26,658

‘π∑√—æ¬åÕ◊Ëπ 27,835 2,802 674 29,963

∑√—æ¬å ‘π√–À«à“ß°àÕ √â“ß 19,537 18,569 23,465 14,641

√«¡ 1,054,988 242,794 34,107 1,263,675

§à“‡ ◊ËÕ¡√“§“ – ¡ :

Õ“§“√ ”π—°ß“π 26,557 2,035 0 28,592

‡§√◊ËÕß„™â ”π—°ß“π 41,436 16,521 3,713 54,244

‡§√◊ËÕßµ°·µàß ”π—°ß“π·≈– ‚¡ √ 46,369 12,580 1,557 57,392

‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 1,104 18 0 1,122

¬“πæ“Àπ– 10,746 5,517 3,710 12,553

‚√ß‡√’¬πÕπÿ∫“≈ 467 47 0 514

‡√◊Õπ‡æ“–™” 73 5 0 78

‚¡ √ √–«à“¬πÈ” π“¡‡∑ππ‘ 641,034 88,474 0 729,508

‘∑∏‘°“√‡™à“ 23,447 2,368 0 25,815

‘π∑√—æ¬åÕ◊Ëπ 18,556 3,089 554 21,091

√«¡ 809,789 130,654 9,534 930,909

§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß∑√—æ¬å ‘π :

Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß 1,178 0 0 1,178

‚¡ √ √–«à“¬πÈ” π“¡‡∑ππ‘ 6,989 0 0 6,989

√«¡ 8,167 0 0 8,167

¡Ÿ≈§à“ ÿ∑∏‘∑“ß∫—≠™’ 237,032 324,599

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

(Àπà«¬ : æ—π∫“∑)

31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2547

√“§“∑ÿπ :

Õ“§“√ ”π—°ß“π 37,587 0 0 37,587

‡§√◊ËÕß„™â ”π—°ß“π 65,819 13,345 32 79,132

‡§√◊ËÕßµ°·µàß ”π—°ß“π·≈– ‚¡ √ 61,602 19,568 0 81,170

¬“πæ“Àπ– 16,062 21,206 3,819 33,449

‚√ß‡√’¬πÕπÿ∫“≈ 931 0 0 931

‡√◊Õπ‡æ“–™” 59 0 0 59

‚¡ √ √–«à“¬πÈ” π“¡‡∑ππ‘ 612,931 106,513 0 719,444


115

(Baht : Thousand)


Club houses, swimming pool and tennis court 743,754 162,366 0 906,120

Leasehold 26,658 0 0 26,658

Other assets 27,835 2,802 674 29,963

Assets in progress 19,537 18,569 23,465 14,641

Total 1,054,988 242,794 34,107 1,263,675

Accumulated depreciation :

Office building 26,557 2,035 0 28,592

Office equipment 41,436 16,521 3,713 54,244

Office and club furnitures 46,369 12,580 1,557 57,392

Machinery and equipment 1,104 18 0 1,122

Vehicles 10,746 5,517 3,710 12,553




Leasehold 23,447 2,368 0 25,815

Other assets 18,556 3,089 554 21,091

Total 809,789 130,654 9,534 930,909

Provision for impairment of assets :

Building and construction 1,178 0 0 1,178

Club houses, swimming pool and tennis court 6,989 0 0 6,989

Total 8,167 0 0 8,167

Net book value 237,032 324,599

Parentûs financial statements

(Baht : Thousand)


Cost :

Office building 37,587 0 0 37,587

Office equipment 65,819 13,345 32 79,132

Office and club furnitures 61,602 19,568 0 81,170

Vehicles 16,062 21,206 3,819 33,449





116

(Àπà«¬ : æ—π∫“∑)

31 ∏—π«“§¡ 2546 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2547

‘∑∏‘°“√‡™à“ 25,475 0 0 25,475

‘π∑√—æ¬åÕ◊Ëπ 20,537 2,115 16 22,636

∑√—æ¬å ‘π√–À«à“ß°àÕ √â“ß 12,860 11,533 16,789 7,604

√«¡ 853,863 174,280 20,656 1,007,487

§à“‡ ◊ËÕ¡√“§“ – ¡ :

Õ“§“√ ”π—°ß“π 10,059 1,885 0 11,944

‡§√◊ËÕß„™â ”π—°ß“π 32,111 15,597 4 47,704

‡§√◊ËÕßµ°·µàß ”π—°ß“π·≈– ‚¡ √ 28,601 11,266 0 39,867

¬“πæ“Àπ– 9,244 4,668 3,709 10,203

‚√ß‡√’¬πÕπÿ∫“≈ 467 47 0 514

‡√◊Õπ‡æ“–™” 56 3 0 59

‚¡ √ √–«à“¬πÈ” π“¡‡∑ππ‘ 548,741 64,229 0 612,970

‘∑∏‘°“√‡™à“ 23,119 2,330 0 25,449

‘π∑√—æ¬åÕ◊Ëπ 11,815 2,771 3 14,583

√«¡ 664,213 102,796 3,716 763,293

¡Ÿ≈§à“ ÿ∑∏‘∑“ß∫—≠™’ 189,650 244,194

‘π∑√—æ¬å∂“«√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‰¡à‰¥âµ‘¥¿“√–§È”ª√–°—π„¥Ê

Õ“§“√·≈–Õÿª°√≥å √“§“µ“¡∫—≠™’°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡∑’Ë∫√‘…—∑œ À—°§à“‡ ◊ËÕ¡√“§“À¡¥·≈â«∑—Èß®”π«π ·µà¬—ß§ß„™âß“π ≥ «—π∑’Ë

31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ªìπ®”π«π 57.63 ≈â“π∫“∑ ·≈– 32.01 ≈â“π∫“∑ µ“¡≈”¥—∫

11. ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ª√–°Õ∫¥â«¬

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ 23,115 32,708 3,285 26,896

µ—Î«·≈°‡ß‘π 1,792,152 1,412,685 1,792,152 1,412,685

√«¡ 1,815,267 1,445,393 1,795,437 1,439,581

„πªï 2547 ·≈– 2546 ∫√‘…—∑œ ¡’«ß‡ß‘π‡∫‘°‡°‘π∫—≠™’ ®”π«π 81 ≈â“π∫“∑ ·≈–∫√‘…—∑¬àÕ¬ ¡’®”π«π 88 ≈â“π∫“∑ ·≈– 77 ≈â“π∫“∑

µ“¡≈”¥—∫ °—∫∏π“§“√„πª√–‡∑»À≈“¬·Ààß ·≈–µ—Î«·≈°‡ß‘π §√∫°”Àπ¥¿“¬„π 3 ‡¥◊Õπ ∂÷ß 1 ªï

µ—Î«·≈°‡ß‘π∫“ß à«π§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß ( ‘π§â“§ß‡À≈◊Õ) ¢Õß∫√‘…—∑œ

12. ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ¡’‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬ - µ—Î« —≠≠“„™â‡ß‘π ®”π«π 285 ≈â“π∫“∑ ‚¥¬°“√ÕÕ°µ—Î« —≠≠“„™â‡ß‘π §√∫

°”Àπ¥‡¡◊ËÕ∑«ß∂“¡·≈–‰¡à¡’À≈—°∑√—æ¬å§È”ª√–°—π Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4 µàÕªï


117

(Baht : Thousand)


Leasehold 25,475 0 0 25,475

Other assets 20,537 2,115 16 22,636

Assets in progress 12,860 11,533 16,789 7,604

Total 853,863 174,280 20,656 1,007,487

Accumulated depreciation :

Office building 10,059 1,885 0 11,944

Office equipment 32,111 15,597 4 47,704

Office and club furnitures 28,601 11,266 0 39,867

Vehicles 9,244 4,668 3,709 10,203




Leasehold 23,119 2,330 0 25,449

Other assets 11,815 2,771 3 14,583

Total 664,213 102,796 3,716 763,293

Net book value 189,650 244,194

Fixed assets of the Company and subsidiaries are not used as collaterals.

As at 31st Decenber 2004 and 2003, plant and equipment which were fully depreciated amounting to Baht 57.63 million

and Baht 32.01 million, respectively are still being operated.

11. BANKS OVERDRAFT AND LOANS FROM FINANCIAL INSTITUTIONS



Banks overdraft 23,115 32,708 3,285 26,896

Bill of exchange 1,792,152 1,412,685 1,792,152 1,412,685

Total 1,815,267 1,445,393 1,795,437 1,439,581

In 2004 and 2003, the Company has overdraft facility of Baht 81 million and subsidiariesû overdraft facilities of of Baht 88

million and Baht 77 million, respectively with several local banks and bill of exchange which are due within 3 months to 1 year.

Bill of exchange are guaranteed by mortgaging land and construction (inventories) of the Company.

12. SHORT-TERM LOANS FROM SUBSIDIARIES - PROMISSORY NOTES

As at 31st December 2004, the Company have loans from subsidiaries - promissory notes of Baht 285 million by issuing

promissory notes due at call at the interest rate of 4% per annum without collaterals.


118

13. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 5,752,311 3,394,868 4,451,385 2,493,872

À—° à«π¢ÕßÀπ’È ‘π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï (903,082) (393,135) (903,082) (393,135)

√«¡ 4,849,229 3,001,733 3,548,303 2,100,737

13.1 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«¢Õß∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π„πª√–‡∑»¥—ßµàÕ‰ªπ’È

∂“∫—π2547 (≈â“π∫“∑) 2546

°“√™”√–§◊π‡ß‘πµâπ §È”ª√–°—π‚¥¬¬Õ¥Àπ’È ¥Õ°‡∫’È¬ % ¬Õ¥Àπ’È ¥Õ°‡∫’È¬ %

∏π“§“√·ÀàßÀπ÷Ëß 2,084.08 3 - 3.90 1,168.93 3 ™”√–§◊π√–À«à“ß‡¥◊Õπµÿ≈“§¡ -

2548 ∂÷ßæƒ»®‘°“¬π 2550

∫√‘…—∑°“√‡ß‘π 2,367.31 2.94 - 3.97 1,324.94 2.43 - 3.97 ™”√–§◊π√–À«à“ß -

„πª√–‡∑» ‡¥◊Õπ‡¡…“¬π 2547

∂÷ß¡‘∂ÿπ“¬π 2550

√«¡ 4,451.39 2,493.87

13.2 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«¢Õß∫√‘…—∑¬àÕ¬ ª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π„πª√–‡∑»¥—ßµàÕ‰ªπ’È

¬Õ¥§ß‡À≈◊Õ Õ—µ√“∫√‘…—∑ °Ÿâ¬◊¡®“° (≈â“π∫“∑) ¥Õ°‡∫’È¬ °“√™”√–§◊π‡ß‘πµâπ §È”ª√–°—π‚¥¬

2547 2546 %

1. ∫®. ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ∏π“§“√ 408.05 450.63 MLR √âÕ¬≈– 55 ¢Õß√“§“¢“¬∑’Ë¥‘π ®¥®”πÕß∑’Ë¥‘πæ√âÕ¡

æ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß ‘Ëßª≈Ÿ° √â“ß¢Õß·µà≈–‚§√ß°“√


2. ∫®. ·ª´‘øî§ ∏π“§“√ 397.00 397.00 3.75 - 5.75 §√∫°”Àπ¥™”√–„πªï 2551 ®¥®”πÕß∑’Ë¥‘πæ√âÕ¡

‡√’¬≈‡Õ ‡µ∑ ‘Ëßª≈Ÿ° √â“ß¢Õß·µà≈–‚§√ß°“√


3. ∫®. ·Õ≈ ‡Õ™ ∫√‘…—∑ - 53.36 MLR §√∫°”Àπ¥™”√–µ—Èß·µà ®¥®”π”µ—Î« —≠≠“„™â‡ß‘π·≈–

·Õ ‡´∑ °“√‡ß‘π ªï 2547 ‡ªìπµâπ‰ª ®¥®”πÕß∑’Ë¥‘πæ√âÕ¡

‘Ëßª≈Ÿ° √â“ß¢Õß∫√‘…—∑œ

4. ∫®. ·Õ≈ ‡Õ™ ∏π“§“√ 495.87 - Fix + 2.75 §√∫°”Àπ¥™”√–„πªï 2551 ®¥®”πÕß∑’Ë¥‘πæ√âÕ¡

‡√’¬≈‡Õ ‡µ∑ ‘Ëßª≈Ÿ° √â“ß¢Õß·µà≈–‚§√ß°“√


√«¡ 1,300.92 900.99

√«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«¢Õß

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ 5,752.31 3,394.86

‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ∫√‘…—∑ ·Õ≈ ‡Õ™ ‡¡◊Õß„À¡à ®”°—¥ ‰¥â∑” —≠≠“ª√—∫ª√ÿß‚§√ß √â“ßÀπ’È°—∫∏π“§“√ºŸâ„Àâ°Ÿâ ‚¥¬·°â ‰¢‡æ‘Ë¡‡µ‘¡

¢¬“¬√–¬–‡«≈“°“√®à“¬™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬§â“ß®à“¬√«¡ ®”π«π 576.36 ≈â“π∫“∑ „Àâ‡ √Á® ‘Èπ¿“¬„πªï 2552


119

13. LONG-TERM LOANS



Long-term loans 5,752,311 3,394,868 4,451,385 2,493,872

Less Current portion due within 1 year (903,082) (393,135) (903,082) (393,135)

Total 4,849,229 3,001,733 3,548,303 2,100,737

13.1 Long-term loans of Land and Houses Public Company Limited consist of borrowing from domestic and foreign financial

institutions as follows :

2004 (Million Baht) 2003Institute Credit Interest Credit Interest Repayment conditions Guarantee by

amount amount

One bank 2,084.08 3 - 3.90 1,168.93 3 Repayment from October -

2005 to November 2007

Finance 2,367.31 2.94 - 3.97 1,324.94 2.43 - 3.97 Repayment from April -

companies 2004 to June 2007

Total 4,451.39 2,493.87

13.2 The subsidiariesû long-term loans consist of loans from domestic financial institutions as follows :

Balance InterestCompany Creditors (Million Baht) rate Repayment conditions Guarantee by

2004 2003 % 1.

L H Muangmai Co.,Ltd. Bank 408.05 450.63 MLR 55% of selling price of Mortgage land and

land and construction construction of

each project

2. Pacific Real Estate Bank 397.00 397.00 3.75 - 5.75 Due repayment in 2008 Mortgage land and

Estate Co., Ltd. construction of

each project

3. L H Asset Co., Ltd. Finance - 53.36 MLR Due repayment Pledge promissory notes

company in 2004 onwards and mortgage land and

construction of the

Company

4. L H Real Estate Co., Ltd. Bank 495.87 - Fix + 2.75 Due repayment in 2008 Mortgage land and

construction of

each project

Total 1,300.92 900.99

Total long-term loans

of the Company

and subsidiaries 5,752.31 3,394.86

On 1st November 2002, L H Muangmai Co., Ltd. has amended the debt restructuring agreement to change and extend the

period of principal and accrued interest repayment of Baht 576.36 million to be completed in 2009.


120

14. Àÿâπ°Ÿâ - „πª√–‡∑»

®”π«πÀÿâπ (Àÿâπ) ®”π«π‡ß‘π (æ—π∫“∑)

À¡“¬‡Àµÿ 2547 2546 2547 2546

Àÿâπ°Ÿâª√–‡¿∑‰¡à¡’À≈—°ª√–°—π

- §√—Èß∑’Ë 1/2543 14.1 800,000 800,000 120,000 360,000

- §√—Èß∑’Ë 1/2547

- ™ÿ¥∑’Ë 1 14.2 1,000,000 0 1,000,000 0

- ™ÿ¥∑’Ë 2 14.2 1,000,000 0 1,000,000 0

- ™ÿ¥∑’Ë 3 14.2 1,000,000 0 1,000,000 0

Àÿâπ°Ÿâª√–‡¿∑¡’À≈—°ª√–°—π

- §√—Èß∑’Ë 1/2544 14.1 1,500,000 1,500,000 750,000 1,125,000

§ß‡À≈◊Õ 5,300,000 2,300,000 3,870,000 1,485,000

À—° à«π¢ÕßÀπ’È ‘π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï (495,000) (615,000)

§ß‡À≈◊Õ 3,375,000 870,000

14.1 µ“¡√“¬ß“π°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2540 ‡¡◊ËÕ«—π∑’Ë 26 æƒ…¿“§¡ 2540 ‰¥âÕπÿ¡—µ‘„Àâ∫√‘…—∑œ ÕÕ°·≈–‡ πÕ¢“¬Àÿâπ°Ÿâ‡ªìπ

‡ß‘πµ√“µà“ßª√–‡∑» À√◊Õ‡ß‘π∫“∑‡∑’¬∫‡∑à“„π«ß‡ß‘π‰¡à‡°‘π 3 æ—π≈â“π∫“∑ Õ“¬ÿ 5 ªï ‚¥¬‡ πÕ¢“¬∑—ÈßÀ¡¥§√“«‡¥’¬«À√◊ÕÀ≈“¬§√“«„Àâ·°à

ª√–™“™π∑—Ë«‰ª À√◊ÕºŸâ≈ß∑ÿπ ∂“∫—π‰∑¬À√◊ÕºŸâ≈ß∑ÿπ ∂“∫—πµà“ßª√–‡∑»„π«—π∑’Ë 30 ¡’π“§¡ 2543 ∫√‘…—∑œ ‰¥â¢“¬Àÿâπ°Ÿâ à«π·√° ®”π«π

800 ≈â“π∫“∑ ·≈– à«π∑’Ë 2 ‡¡◊ËÕ«—π∑’Ë 4 ∏—π«“§¡ 2544 ®”π«π 1,500 ≈â“π∫“∑ ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

çÀÿâπ°Ÿâ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) çÀÿâπ°Ÿâ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π)™◊ËÕ¢ÕßÀÿâπ°Ÿâ §√—Èß∑’Ë 1/2543 ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ §√—Èß∑’Ë 1/2544 ™π‘¥∑¬Õ¬§◊π‡ß‘πµâπ

§√∫°”Àπ¥‰∂à∂Õπªï 2548é §√∫°”Àπ¥‰∂à∂Õπªï 2549é

®”π«π‡ß‘π 800 ≈â“π∫“∑ 1,500 ≈â“π∫“∑

Õ“¬ÿ 5 (Àâ“) ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ 5 (Àâ“) ªï π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ

«—π∑’ËÕÕ°Àÿâπ°Ÿâ «—π∑’Ë 30 ¡’π“§¡ 2543 «—π∑’Ë 4 ∏—π«“§¡ 2544

«—π§√∫°”Àπ¥‰∂à∂Õπ «—π∑’Ë 30 ¡’π“§¡ 2548 «—π∑’Ë 4 ∏—π«“§¡ 2549

Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– ªï∑’Ë 1 ·≈– 2 ¢ÕßÕ“¬ÿÀÿâπ°Ÿâ, Õ—µ√“√âÕ¬≈– 8.5 Õ—µ√“¥Õ°‡∫’È¬ Ÿß ÿ¥¢Õß‡ß‘πΩ“°ª√–‡¿∑‡ß‘πΩ“°

ª√–®” 3 ( “¡) ‡¥◊Õπ ´÷Ëß°”Àπ¥‚¥¬∏π“§“√

ªï∑’Ë 3 ∂÷ß 5 ¢ÕßÕ“¬ÿÀÿâπ°Ÿâ Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡ °√ÿß‡∑æ ®”°—¥ (¡À“™π) ∫«°¥â«¬Õ—µ√“√âÕ¬≈–

¢—ÈπµË” (∏π“§“√ 3 ·Ààß) - 0.25 3.00 µàÕªï

√–¬–‡«≈“°“√™”√– ∑ÿ°À°‡¥◊Õπ „π‡¥◊Õπ°—π¬“¬π·≈–¡’π“§¡ ∑ÿ° “¡‡¥◊Õπ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâµ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ

¥Õ°‡∫’È¬ ¢Õß∑ÿ°ªï

°“√™”√–‡ß‘πµâπ ‰∂à∂Õπ∑ÿ°Ê 6 ‡¥◊Õπ ‡ªìπ®”π«π 7 ß«¥ ‰∂à∂Õπß«¥≈–‡∑à“Ê °—π ∑ÿ° Ê 3 ‡¥◊Õπ ‡ªìπ®”π«π

‡√‘Ë¡µ—Èß·µà«—π∑’Ë 30 ¡’π“§¡ 2545 16 ß«¥ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 4 ¡’π“§¡ 2546 ‡ªìπµâπ‰ª

À≈—°ª√–°—π - ‰¡à¡’ - ∑’Ë¥‘π ®”π«π 15 ·Ààß „π‡¢µ°√ÿß‡∑æ¡À“π§√·≈–

ª√‘¡≥±≈ ´÷Ëßª√–‡¡‘π‚¥¬ºŸâª√–‡¡‘πÕ‘ √–∑’Ë‰¥â√—∫

Õπÿ≠“µ®“° ”π—°ß“π °.≈.µ. ¡’√“§“ª√–‡¡‘π ≥

«—π∑’Ë 22 ‘ßÀ“§¡ 2544 ‡∑à“°—∫ 2,550.20 ≈â“π∫“∑


121

14. DEBENTURES - DOMESTIC

Number of debenture (shares) Amount (Thousand Baht)

Note 2004 2003 2004 2003

Unsecured debentures

- # 1/2000 14.1 800,000 800,000 120,000 360,000

- # 1/2004

- # 1 14.2 1,000,000 0 1,000,000 0

- # 2 14.2 1,000,000 0 1,000,000 0

- # 3 14.2 1,000,000 0 1,000,000 0

Secured debentures

- # 1/2001 14.1 1,500,000 1,500,000 750,000 1,125,000

Balance 5,300,000 2,300,000 3,870,000 1,485,000

Less Current portion of liabilitiesû (495,000) (615,000)

Balance 3,375,000 870,000

14.1 According to the shareholdersû extraordinary meeting no. 1/1997 held on 26th May 1997, the shareholders passed the

resolution that the Company to issue and offer debentures with maturity of 5 years in foreign currencies or Baht

equalization in the amount not over Baht 3 thousand million by offering to the individual or institute investors both Thai and

foreigner. On 30th March 2000, the Company issued the first portion of debentures amounting to Baht 800 million and the

second portion amounting to Baht 1,500 million on 4th December 2001 as detailed following :

çLand and Houses Plc.ûs debentures çLand and Houses Plc.ûs debenturesName of debentures No. 1/2000 with gradually made principal No. 1/2001 with gradually made principal

repayment which redeemed in 2005" repayment which redeemed in 2006"

Amount of Baht Baht 800 million Baht 1,500 million

Period 5 (five) years from issuance date 5 (five) years from issuance date

Issuance date 30th March 2000 4th December 2001

Maturity date 30th March 2000 4th December 2006

Interest rate 1st-2nd year, at 8.5% The maximum rate of 3 (three) months fixed

3rd-5th year, at MLR-0.25% of 3 banks deposit add 3% per annum, indicated by

Bangkok Bank Plc.

Terms of interest Pay every September and March Pay every three months, from the issuance date

payment

Principal repayment Repay every 6 months by 7 installments, Repay in equally installments every 3 months by

commencing on 30th March 2002 16 installments, commencing on 4th March 2003.

Collateral - None - 15 plots of land in Bangkok and perimeter which

appraised by the independent appraiser certified

by the Securities and Exchange Commission.

The appraised value as at 22nd August 2001 equal

to Baht 2,550.20 million.


122

14.2 µ“¡¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2547 ‡¡◊ËÕ«—π∑’Ë 27 ‡¡…“¬π 2547 ¡’¡µ‘æ‘®“√≥“Õπÿ¡—µ‘°“√ÕÕ°·≈–‡ πÕ¢“¬Àÿâπ°Ÿâ¿“¬„π

«ß‡ß‘π‰¡à‡°‘π 5,000 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“„π‡ß‘π °ÿ≈Õ◊Ëπ ª√–‡¿∑Àÿâπ°Ÿâ¥âÕ¬ ‘∑∏‘ ·≈–/À√◊Õ Àÿâπ°Ÿâ ‰¡à¥âÕ¬ ‘∑∏‘ ¡’ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ ·≈–/À√◊Õ

‰¡à¡’ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ ¡’ª√–°—π ·≈–/À√◊Õ ‰¡à¡’ª√–°—π À√◊ÕÀÿâπ°Ÿâª√–‡¿∑„¥Ê ‡ªìπ °ÿ≈‡ß‘π∫“∑ ·≈–/À√◊Õ °ÿ≈‡ß‘πÕ◊Ëπ Õ“¬ÿ‰¡à‡°‘π 10 ªï

‡ πÕ¢“¬µàÕºŸâ≈ß∑ÿπ„πª√–‡∑» ·≈–/À√◊Õ „πµà“ßª√–‡∑» ‚¥¬°“√‡ πÕ¢“¬µàÕª√–™“™π∑—Ë«‰ª ·≈–/À√◊Õ ‡ πÕ¢“¬µàÕºŸâ≈ß∑ÿπ‡©æ“–‡®“–®ß

·≈–/À√◊Õ ºŸâ≈ß∑ÿπª√–‡¿∑ ∂“∫—π À√◊Õ∑’Ë¡’≈—°…≥–µ“¡ª√–°“»§≥–°√√¡°“√ °.≈.µ. ‚¥¬Õ“®®–ÕÕ°·≈–‡ πÕ¢“¬Àâπ°Ÿâ∑—Èß®”π«πÀ√◊Õ

∫“ß à«π§√“«‡¥’¬« À√◊ÕÀ≈“¬§√“«‰¥âµ“¡∑’Ë‡ÀÁπ ¡§«√

çÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π¢Õß∫√‘…—∑ çÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π¢Õß∫√‘…—∑ çÀÿâπ°Ÿâ‰¡à¡’À≈—°ª√–°—π¢Õß∫√‘…—∑

™◊ËÕ¢ÕßÀÿâπ°Ÿâ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π)

§√—Èß∑’Ë 1/2547 ™ÿ¥∑’Ë 1 §√∫°”Àπ¥ §√—Èß∑’Ë 1/2547 ™ÿ¥∑’Ë 2 §√∫°”Àπ¥ §√—Èß∑’Ë 1/2547 ™ÿ¥∑’Ë 3 §√∫°”Àπ¥

‰∂à∂Õπªï 2549é ‰∂à∂Õπªï 2550é ‰∂à∂Õπªï 2551é

®”π«π‡ß‘π 1,000 ≈â“π∫“∑ 1,000 ≈â“π∫“∑ 1,000 ≈â“π∫“∑

Õ“¬ÿ 2 ( Õß) ªïπ—∫®“°«—πÕÕ°Àÿâπ°Ÿâ 3 ( “¡) ªïπ—∫®“°«—πÕÕ°Àÿâπ°Ÿâ 4 ( ’Ë) ªïπ—∫®“°«—πÕÕ°Àÿâπ°Ÿâ

«—π∑’ËÕÕ°Àÿâπ°Ÿâ 4 ¡’π“§¡ 2547 4 ¡’π“§¡ 2547 4 ¡’π“§¡ 2547

«—π§√∫°”Àπ¥‰∂à∂Õπ 4 ¡’π“§¡ 2549 4 ¡’π“§¡ 2550 4 ¡’π“§¡ 2551

Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë √âÕ¬≈– 2.80 µàÕªï Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë √âÕ¬≈– 3.25 µàÕªï ”À√—∫ªï∑’Ë 1 ∂÷ßªï∑’Ë 3 Õ—µ√“¥Õ°‡∫’È¬

µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ §ß∑’Ë√âÕ¬≈– 3.25 µàÕªï ”À√—∫ªï∑’Ë 4

Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë √âÕ¬≈– 4.50 µàÕªï

√–¬–‡«≈“°“√™”√– ∑ÿ° “¡‡¥◊Õπ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ ∑ÿ° “¡‡¥◊Õπ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ ∑ÿ° “¡‡¥◊Õπ π—∫®“°«—π∑’ËÕÕ°Àÿâπ°Ÿâ

¥Õ°‡∫’È¬ µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ µ≈Õ¥Õ“¬ÿÀÿâπ°Ÿâ

‡√‘Ë¡ß«¥·√° 4 ¡‘∂ÿπ“¬π 2547 4 ¡‘∂ÿπ“¬π 2547 4 ¡‘∂ÿπ“¬π 2547

°“√™”√–‡ß‘πµâπ „π«—π§√∫°”Àπ¥‰∂à∂Õπ§◊Õ«—π∑’Ë „π«—π§√∫°”Àπ¥‰∂à∂Õπ§◊Õ«—π∑’Ë „π«—π§√∫°”Àπ¥‰∂à∂Õπ§◊Õ«—π∑’Ë

4 ¡’π“§¡ 2549 4 ¡’π“§¡ 2550 4 ¡’π“§¡ 2551

À≈—°ª√–°—π - ‰¡à¡’ - - ‰¡à¡’ - - ‰¡à¡’ -

15. „∫ ”§—≠· ¥ß ‘∑∏‘

15.1 „∫ ”§—≠· ¥ß ‘∑∏‘∑’ËÕÕ°„ÀâºŸâ∂◊ÕÀÿâπ‡¥‘¡

∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2546 ‡¡◊ËÕ«—π∑’Ë 20 ¡°√“§¡ 2546 ‰¥â¡’¡µ‘„Àâ‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â¢Õß∫√‘…—∑œ ®“°Àÿâπ≈–

10.00 ∫“∑ ‡ªìπÀÿâπ≈– 1.00 ∫“∑ ´÷Ëß∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°—∫°√–∑√«ßæ“≥‘™¬å‡√’¬∫√âÕ¬·≈â«„π«—π∑’Ë 22 ¡°√“§¡ 2546 ¥—ßπ—Èπ∫√‘…—∑œ

‰¥â‡æ‘Ë¡®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â ‚¥¬‡æ‘Ë¡®“°®”π«π 307,656,855 Àπà«¬ ‡ªìπ

3,076,568,550 Àπà«¬ ·≈–ª√—∫√“§“„™â ‘∑∏‘„À¡à‡ªìπ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘ ◊ÈÕÀÿâπ “¡—≠‰¥â 1.00757 Àÿâπ „π√“§“Àÿâπ≈– 2.5805 ∫“∑

µàÕ¡“„π«—π∑’Ë 13 ¡’π“§¡ 2546 ∫√‘…—∑œ ‰¥âª√—∫√“§“„™â ‘∑∏‘‡ªìπ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1.01563 Àÿâπ

„π√“§“Àÿâπ≈– 2.560 ∫“∑ ‡π◊ËÕß®“°°“√∑’Ë∫√‘…—∑œ ‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘„Àâæπ—°ß“π ®”π«π 6,006,000 Àπà«¬ (À¡“¬‡Àµÿ 19.2)

«—π∑’Ë 10 ¡’π“§¡ 2547 ∫√‘…—∑œ ‰¥âª√—∫√“§“„™â ‘∑∏‘„∫ ”§—≠· ¥ß ‘∑∏‘®“° 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1.04725

Àÿâπ ‡ªìπ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1.04725 Àÿâπ „π√“§“®“°‡¥‘¡Àÿâπ≈– 2.500 ∫“∑ ‡ªìπ„π√“§“Àÿâπ≈– 2.483 ∫“∑ ‡π◊ËÕß®“°°“√∑’Ë∫√‘…—∑œ

‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘„Àâæπ—°ß“π ®”π«π 5,994,350 Àπà«¬


123

14.2 According to the minutes of shareholdersû ordinary meeting no. 1/2004 held on 27th April 2004, the Company passed the

resolution to issue and offer debentures, subordinated and/or un-subordinated with and/or without debentureholdersû representative,

secured and/or unsecured or other debentures in Thai Baht and/or other currencies not over Baht 5,000 million or equivalents in

other currencies with term not more than 10 years by offering to the localinvestors and/or overseas investors, the public and/or

private placement, and/or institute investors or parties whose have character in accordance with the SECûs notification. The total or

parts of debentures will be issued and offered at the one time or at intervals.

çLand and Houses Plc.ûs çLand and Houses Plc.ûs çLand and Houses Plc.ûs

Name of unsecured debentures No. 1/2004 unsecured debentures No. 1/2004 unsecured debentures No. 1/2004

debentures (1) principal repayment which (2) principal repayment which (3) principal repayment whichredeemed in 2006" redeemed in 2007" redeemed in 2008"

Amount of Baht Baht 1,000 million Baht 1,000 million Baht 1,000 million

Period 2 (two) years from issuance date 3 (three) years from issuance date 4 (four) years from issuance date

Issuance date 4th March 2004 4th March 2004 4th March 2004

Maturity date 4th March 2006 4th March 2007 4th March 2008

Interest rate At fixed rate of 2.80% per annum At fixed rate of 3.25% per annum At fixed rate of 3.25% per annum

all periods of debentures all periods of debentures for the 1st-3rd year and 4.5% per

annum for the 4th year

Terms of interest Quarterly from issuance date Quarterly from issuance date Quarterly from issuance date

payment

First period 4th June 2004 4th June 2004 4th June 2004

Principal repayment On the redemption date On the redemption date On the redemption date

4th March 2006 4th March 2007 4th March 2008

Collateral - None - - None - - None -

15. WARRANTS

15.1 Warrants issuance to the existing shareholders

The shareholdersû extraordinary meeting no. 1/2003 held on 20th January 2003, passed the resolution to change the

par value of ordinary share from Baht 10.00 to Baht 1.00 each. The Company has registered such resolution with the

Ministry of Commerce on 22nd January 2003. The Company, therefore, increased the number of warrants to conform to

the changing of par value from 307,656,855 units to 3,076,568,550 units and changed the exercise price to be 1 unit of

warrant has a right to purchase 1.00757 ordinary shares at Baht 2.5805 each.

Later on 13th March 2003, the Company changed the exercise price to be 1 unit of warrant has a right to

purchase 1.01563 ordinary shares at Baht 2.560 each. The Company has also issued 6,006,000 units of warrants to the

employees (note 19.2).

On 10th March 2004, the Company changed the exercise price to be 1 unit of warrant has a right to purchase

1.04725 ordinary shares from Baht 2.500 each to Baht 2.483 each. The Company has also issued 5,994,350 units ofwarrants to the employees.


124

µ“¡∑’Ë∫√‘…—∑œ ‰¥âª√–°“»®à“¬‡ß‘πªíπº≈µ“¡À¡“¬‡Àµÿ¢âÕ 23 ‡ªìπ°“√®à“¬‡°‘π°«à“√âÕ¬≈– 30 ¢Õß°”‰√ ÿ∑∏‘ ∑”„Àâ¡’º≈°√–∑∫µàÕ√“§“

°“√„™â ‘∑∏‘·≈–Õ—µ√“°“√„™â ‘∑∏‘„À¡à‡ªìπ 1 Àπà«¬ „∫ ”§—≠· ¥ß ‘∑∏‘ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1.13390 Àÿâπ „π√“§“Àÿâπ≈– 2.293 ∫“∑

µ—Èß·µà«—π∑’Ë 30 °—π¬“¬π 2547 ‡ªìπµâπ‰ª

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 „∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“« ¡’¬Õ¥§ß‡À≈◊Õ¥—ßπ’È

®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘∑—Èß ‘Èπ 3,076,568,550 Àπà«¬

®”π«π∑’Ë„™â ‘∑∏‘®π∂÷ß 31 ∏—π«“§¡ 2547 1,658,183,317 Àπà«¬

§ß‡À≈◊Õ®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘ 1,418,385,233 Àπà«¬

15.2 „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ ”À√—∫æπ—°ß“π (√«¡∑—Èß°√√¡°“√∑’Ë‡ªìπæπ—°ß“π)

‡¡◊ËÕ«—π∑’Ë 13 ¡’π“§¡ 2546 ∫√‘…—∑œ ‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ”À√—∫æπ—°ß“π (§√—Èß∑’Ë 2) µ“¡¡µ‘∑’Ë

ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2544 ‚¥¬∫√‘…—∑œ ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 6,028,500 Àπà«¬ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’

‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ „π√“§“Àÿâπ≈– 1.00 ∫“∑ ¡’√–¬–‡«≈“°“√„™â ‘∑∏‘∑ÿ°Ê 3 ‡¥◊Õπ ∫√‘…—∑œ ®—¥ √√‰ª‰¥â®”π«π 6,006,000 Àπà«¬

‡¡◊ËÕ«—π∑’Ë 3 ¡’π“§¡ 2547 ∫√‘…—∑œ ‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ”À√—∫æπ—°ß“π (§√—Èß∑’Ë 3) µ“¡¡µ‘∑’Ë

ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2544 ‚¥¬∫√‘…—∑œ ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘ ®”π«π 6,022,500 Àπà«¬ 1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘

¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ „π√“§“Àÿâπ≈– 1.00 ∫“∑ ¡’√–¬–‡«≈“°“√„™â ‘∑∏‘∑ÿ°Ê 3 ‡¥◊Õπ ∫√‘…—∑œ ®—¥ √√‰ª‰¥â®”π«π 5,994,350 Àπà«¬

µ“¡∑’Ë∫√‘…—∑œ ‰¥âª√–°“»®à“¬‡ß‘πªíπº≈ µ“¡À¡“¬‡Àµÿ¢âÕ 23 π—Èπ ∑”„Àâ¡’º≈°√–∑∫µàÕÕ—µ√“°“√„™â ‘∑∏‘„À¡à‡ªìπ 1 Àπà«¬„∫ ”§—≠

· ¥ß ‘∑∏‘ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10.75912 Àÿâπ „π√“§“Àÿâπ≈– 1.00 ∫“∑ µ—Èß·µà«—π∑’Ë 30 °—π¬“¬π 2547 ‡ªìπµâπ‰ª

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ “¡—≠ ”À√—∫æπ—°ß“π (√«¡∑—Èß°√√¡°“√∑’Ë‡ªìπæπ—°ß“π) ∑—Èß 2 §√—Èß

¡’¬Õ¥§ß‡À≈◊Õ¥—ßπ’È

®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘∑—Èß ‘Èπ 17,971,850 Àπà«¬

®”π«π∑’Ë„™â ‘∑∏‘®π∂÷ß 31 ∏—π«“§¡ 2547 17,958,850 Àπà«¬

§ß‡À≈◊Õ®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘ 13,000 Àπà«¬

16. ”√Õßµ“¡°ÆÀ¡“¬

µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ ∫√‘…—∑œ ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï‰«â‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß

°”‰√ ÿ∑∏‘ª√–®”ªï À—°¥â«¬¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“ ”√Õßπ’È®–¡’¬Õ¥‡ªìπ√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π

17. à«π‡°‘π∑ÿπÕ◊Ëπ

à«π‡°‘π∑ÿπ®“°°“√µ’√“§“∑√—æ¬å ‘π ®”π«π 130.72 ≈â“π∫“∑ (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®”π«π 132.31 ≈â“π∫“∑) ·≈– à«π‡°‘π¡Ÿ≈§à“

Àÿâπ¢Õß∫√‘…—∑√à«¡ „πªï 2547 ®”π«π 165.57 ≈â“π∫“∑ ‡ªìπ à«π‡°‘π¢Õß∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªî∑Õ≈ ®”°—¥ ∑’Ë∫√‘…—∑œ √—∫√Ÿâµ“¡ à«π‰¥â‡ ’¬

¢Õß∫√‘…—∑œ

18. °”‰√ (¢“¥∑ÿπ) ∑’Ë¬—ß‰¡à‡°‘¥¢Õß‡ß‘π≈ß∑ÿπ

‡ªìπº≈µà“ß√–À«à“ß√“§“µ“¡∫—≠™’°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡ß‘π≈ß∑ÿπ‡º◊ËÕ¢“¬ ”À√—∫ß«¥ ª√–°Õ∫¥â«¬

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546

‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑√à«¡ 267,409 182,263 267,409 182,263

‡ß‘π≈ß∑ÿπ¢Õß∫√‘…—∑œ 402,285 1,770,215 402,285 1,770,215

√«¡ 669,694 1,952,478 669,694 1,952,478


125

As the Companyûs declaration to pay dividend in note 23, the dividend payment is higher than 30% of net profit, as

a result, the exercise price and ratio is to be 1 unit of warrant has a right to purchase 1.13390 ordinary shares at Baht 2.293 per

share since 30th September 2004 onwards.

As at 31st December 2004, the remaining warrants are as follows :

Number of total warrants 3,076,568,550 units

The number of exercised warrants up to 30th September 2004 1,658,183,317 units

Balance number of warrants 1,418,385,233 units

15.2 Warrants to the employees (including directors who is an employee)

On 13th March 2003, the Company issued 6,028,500 units of warrants (the second) to the employees according to

the resolution of the shareholdersû ordinary meeting no. 1/2001. Each unit of warrant has a right to purchase 10 ordinary

shares at Baht 1.00 each and exercise period is on every three months. The 6,006,000 units of warrants have been

allocated.

On 3th March 2004, the Company issued 6,022,500 units of warrants (the third) to the employees according to the

resolution of the shareholdersû ordinary meeting no. 1/2001. Each unit of warrant has a right to purchase 10 ordinary shares

at Baht 1.00 each and exercise period is on every three months. The 5,994,350 units of warrants have been allocated.

As the Companyûs declaration to pay dividend in note 23, resulted to the new exercise ratio to be 1 unit of warrant

has a right to purchase 10.75912 ordinary shares at Baht 1.00 per share since 30th September 2004 onwards.

As at 31st December 2004, the remaining warrants for the employees (including the directors who is an employee)

are as follows :

Number of total warrants 17,971,850 units

The number of exercised warrants up to 31st December 2004 17,958,850 units

Balance number of warrants 13,000 units

16. LEGAL RESERVE

According to the Public Company Limited Act, the Company has to appropriate its reserve as a legal reserve not less

than 5% of the annual net profit after deduction with deficit brought forward (if any) as legal reserve until the reserve

reaches 10% of authorized share capital.

17. OTHER PAID-IN CAPITAL

Revaluation increment in assets of Baht 130.72 million (as at 31st December 2003, of Baht 132.31 million) and premium on

share capital of affiliates in 2004 of Baht 165.57 million is belong to Bangkok Chain Hospital Plc. in which the Company

recognized under the equity method.

18. UNREALIZED GAIN (LOSS) OF INVESTMENTS

The difference between book value and fair value of investments available for sales are as follows :



Affiliatesû investment 267,409 182,263 267,409 182,263

Companyûs investment 402,285 1,770,215 402,285 1,770,215

Total 669,694 1,952,478 669,694 1,952,478


126

19. ∑ÿπ®¥∑–‡∫’¬π

®“°°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 1/2546 ‡¡◊ËÕ«—π∑’Ë 20 ¡°√“§¡ 2546 ‰¥â¡’¡µ‘¥—ßµàÕ‰ªπ’È

19.1 Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ·µ°¡Ÿ≈§à“Àÿâπ ®“°‡¥‘¡Àÿâπ≈– 10.00 ∫“∑ ‡À≈◊ÕÀÿâπ≈– 1.00 ∫“∑ √«¡∑—Èß·°â ‰¢Àπ—ß ◊Õ∫√‘§≥Àå π∏‘¢Õß∫√‘…—∑¢âÕ 4

„Àâ Õ¥§≈âÕß°—∫°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ¥—ß°≈à“« ‚¥¬∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°—∫°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 22 ¡°√“§¡ 2546

°“√·µ°¡Ÿ≈§à“Àÿâπ∑”„Àâ‡°‘¥º≈°√–∑∫¥—ßµàÕ‰ªπ’È

1. ∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ‡ª≈’Ë¬π®“°®”π«π 1,080,673,720 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10.00 ∫“∑ ‡ªìπ®”π«π 10,806,737,200 Àÿâπ ¡Ÿ≈§à“

Àÿâπ≈– 1.00 ∫“∑

2. ∑ÿπ™”√–·≈â«¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 22 ¡°√“§¡ 2546 ®”π«π 645,014,115 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10.00 ∫“∑ ‡ª≈’Ë¬π‡ªìπ 6,450,141,150 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1.00 ∫“∑

3. „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠§√—Èß∑’Ë 2 (LH-W2) ´÷Ëß∫√‘…—∑œ ‰¥âÕÕ°‰ª®”π«π 307,656,855 Àπà«¬ ·≈– ≥ «—π∑’Ë 22 ¡°√“§¡

2546 §ß‡À≈◊ÕÕ¬Ÿà®”π«π 292,338,719 Àπà«¬ ‡ª≈’Ë¬π‡ªìπ 2,923,387,190 Àπà«¬ ‚¥¬√“§“·≈–Õ—µ√“°“√„™â ‘∑∏‘‡ª≈’Ë¬π®“°‡¥‘¡¥—ßπ’È

1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1.00757 Àÿâπ „π√“§“Àÿâπ≈– 25.805 ∫“∑ ‡ªìπ

1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1.00757 Àÿâπ „π√“§“Àÿâπ≈– 2.5805 ∫“∑

‚¥¬¡’º≈∫—ß§—∫„™âµ—Èß·µàß«¥°“√·ª≈ß ¿“æ„π‡¥◊Õπ¡’π“§¡ 2546 ‡ªìπµâπ‰ª

4. „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ “¡—≠ ”À√—∫æπ—°ß“π §√—Èß∑’Ë 1 ∑’Ë§ß‡À≈◊ÕÕ¬Ÿà®”π«π 9,300 Àπà«¬ √“§“ ·≈–Õ—µ√“°“√„™â ‘∑∏‘

‡ª≈’Ë¬π·ª≈ß®“°‡¥‘¡¥—ßπ’È

1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“Àÿâπ≈– 10.00 ∫“∑ ‡ªìπ

1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ „π√“§“Àÿâπ≈– 1.00 ∫“∑

‚¥¬¡’º≈∫—ß§—∫„™âµ—Èß·µàß«¥°“√·ª≈ß ¿“æ„π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2546 ‡ªìπµâπ‰ª

5. „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ ”À√—∫æπ—°ß“π §√—Èß∑’Ë 2 ®”π«π 6 ≈â“πÀπà«¬ ∑’Ë®–ÕÕ°®”Àπà“¬‡¡◊ËÕ‰¥â√—∫Õπÿ¡—µ‘®“° ”π—°ß“π

°.≈.µ. √“§“·≈–Õ—µ√“°“√„™â ‘∑∏‘‡ª≈’Ë¬π·ª≈ß®“°‡¥‘¡

1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“Àÿâπ≈– 10.00 ∫“∑ ‡ªìπ

1 Àπà«¬„∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ „π√“§“Àÿâπ≈– 1.00 ∫“∑

19.2 Õπÿ¡—µ‘„Àâ®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ „Àâ·°à°√√¡°“√∑’Ë‡ªìπæπ—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ (ESOP) ®”π«π

1,770,000 Àπà«¬ „πªï∑’Ë 2 µ“¡∑’Ë‰¥â√—∫Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡„À≠à “¡—≠§√—Èß∑’Ë 1/2544 ∑’Ë„Àâ®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß

∫√‘…—∑œ „Àâ·°à°√√¡°“√∑’Ë‡ªìπæπ—°ß“π ·≈–æπ—°ß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ®”π«π 30 ≈â“πÀπà«¬ Õ“¬ÿ‚§√ß°“√ 5 ªï ∑¬Õ¬®—¥ √√ªï≈–

6 ≈â“πÀπà«¬ 1 „∫ ”§—≠· ¥ß ‘∑∏‘¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 10 Àÿâπ „π√“§“Àÿâπ≈– 1.00 ∫“∑

20. º≈µÕ∫·∑π°√√¡°“√

§à“µÕ∫·∑π°√√¡°“√ ‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ·°à°√√¡°“√

∫√‘À“√

º≈µÕ∫·∑π∑—ÈßÀ¡¥¢Õß§≥–°√√¡°“√¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¡’®”π«π‡ß‘π 3.60

≈â“π∫“∑ ·≈– 3.12 ≈â“π∫“∑ µ“¡≈”¥—∫


127

19. SHARE CAPITAL

According to the shareholdersû extraordinary meeting no. 1/2003 held on 20th January 2003, the Company passed the

resolution as follows:

19.1 To approve the changing par value of ordinary share from Baht 10.00 each to Baht 1.00 each together with amended the

memorandum of association no. 4 to conform with the changing of par value. The Company has registered such resolution

with the Ministry of Commerce on 22nd January 2003, the changing would be caused as following:

1. The Companyûs share capital was changed from 1,080,673,720 shares of Baht 10.00 each to 10,806,737,200 shares

of Baht 1.00 each.

2. The Companyûs paid-up share capital was changed from 645,014,115 shares of Baht 10.00 each to 6,450,141,150

shares of Baht 1.00 each.

3. The Companyûs 307,656,855 units of warrants (the second) (LH-W2) was issued. On 22nd January 2003, the remaining

292,338,719 units of warrants was altered to 2,923,387,190 units.

The exercise ratio was changed from 1 unit of warrants has a right to purchase 1.00757 ordinary shares at Baht

25.805 each to 1 unit of warrants has a right to purchase 1.00757 ordinary shares at Baht 2.5805 of which became

effective from March 2003 onwards.

4. The exercise ratio of remaining 9,300 units of ESOP warrants (the first) will be changed from 1 unit of warrants has

a right to purchase 1ordinary share at Baht 10.00 each to 1 unit of warrants has a right to purchase 10 ordinary shares

at Baht 1.00 each of which became effective in February 2003 onwards.

5. The exercise ratio of 6,000,000 units of ESOP warrants (the second) will be issued after the SEC have approved. It will

be changed from 1 unit of warrants has a right to purchase 1 ordinary shares at Baht 10.00 each to 1 unit of warrants

has a right to purchase to 10 ordinary shares at Baht 1.00 each.

19.2 To approve the allotment 1,770,000 units of warrants to directors which are being employees of the Company

and subsidiaries (ESOP) in the second year in accordance with the approval of the shareholdersû ordinary meeting

no. 1/2001, passed to allot warrants to purchase ordinary shares to the directors which are being employees of

the Company and subsidiaries of Baht 30 million units with the exercise period of 5 years and gradually alloted at

6 million units per year. 1 unit of warrants has a right to purchase10 ordinary shares at Baht 1.00 each.

20. DIRECTORûS REMUNERATION

Directorûs remuneration are benefits paid to the Companyûs directors by excluding salaries and benefits which paid to the

executive directors.

Total remuneration of the Board of Director of the Company and subsidiaries for the year ended 31st December 2004

and 2003 is Baht 3.60 million and Baht 3.12 million, respectively.


128

21. ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ª√–°Õ∫¥â«¬

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 (æ—π∫“∑) 2546 2547 (æ—π∫“∑) 2546

- ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡

- ∫®. ‡ÕÁ¡·Õ≈·Õπ¥å‡Õ™ §Õ√åªªÕ‡√™—Ëπ 0 298,911 0 298,911

- ‡ß‘π≈ß∑ÿπ√–¬–¬“«

‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ·≈–µ√“ “√Àπ’È¢Õß

∫¡®. √–∫∫¢π àß¡«≈™π°√ÿß‡∑æ 0 58,401 0 58,401

- ‘π∑√—æ¬åÕ◊Ëπ 35,235 - 0 0

√«¡ 35,235 357,312 0 357,312

22. °”‰√µàÕÀÿâπ

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547

°”‰√ (æ—π∫“∑)®”π«πÀÿâπ (Àÿâπ)

®”π«πµàÕÀÿâπ (∫“∑)∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√ ÿ∑∏‘∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ 6,100,737 7,760,533,583 0.79

º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

- ‘∑∏‘∑’Ë®–‡≈◊Õ°´◊ÈÕÀÿâπ 1,243,299,572 -

°”‰√µàÕÀÿâπª√—∫≈¥

°”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡µ‘«à“¡’°“√

‡ª≈’Ë¬π·ª≈ß‡ªìπÀÿâπ “¡—≠ 6,100,737 9,003,833,155 0.68

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546

°”‰√ (æ—π∫“∑)®”π«πÀÿâπ (Àÿâπ)

®”π«πµàÕÀÿâπ (∫“∑)∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√ ÿ∑∏‘∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ 6,085,653 6,708,647,118 0.91

º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

- ‘∑∏‘∑’Ë®–‡≈◊Õ°´◊ÈÕÀÿâπ 1,936,883,491 -

°”‰√µàÕÀÿâπª√—∫≈¥

°”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ ¡¡µ‘«à“¡’°“√

‡ª≈’Ë¬π·ª≈ß‡ªìπÀÿâπ “¡—≠ 6,085,653 8,645,530,609 0.70


129

21. LOSS FROM IMPAIRMENT

For the year ended 31st December, loss from impairment of assets consist of :



- Investment in affiliate

- ML&H Corporation 0 298,911 0 298,911

- Long-term investment

Investments in equity and debt securities of

- Bangkok Mass Transit System Plc. 0 58,401 0 58,401

- Other assets 35,235 - 0 0

Total 35,235 357,312 0 357,312

22. EARNINGS PER SHARE

Consolidated and parentûs financial statements

For the year ended 31st December 2004

Profit Number of shareBaht/share(Thousand Baht) weight average

Basic earnings per share

Net profit of common share 6,100,737 7,760,533,583 0.79

Effects of diluted potential common share

- Exercise rights 1,243,299,572 -

Diluted earnings per share

Profit of common shareholders assumed

as conversion to common share 6,100,737 9,003,833,155 0.68

Consolidated and parentûs financial statements

For the year ended 31st December 2003

Profit Number of shareBaht/share(Thousand Baht) weight average

Basic earnings per share

Net profit of common share 6,085,653 6,708,647,118 0.91

Effects of diluted potential common share

- Exercise rights 1,936,883,491 -

Diluted earnings per share

Profit of common shareholders assumed

as conversion to common share 6,085,653 8,645,530,609 0.70


130

23. °“√®—¥ √√°”‰√·≈–‡ß‘πªíπº≈®à“¬

23.1 µ“¡√“¬ß“π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ §√—Èß∑’Ë 8/2547 ‡¡◊ËÕ«—π∑’Ë 13 ‘ßÀ“§¡ 2547 ¡’¡µ‘„Àâ®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ”À√—∫

º≈°“√¥”‡π‘πß“πß«¥ 6 ‡¥◊Õπ·√°¢Õßªï 2547 „πÕ—µ√“Àÿâπ≈– 0.30 ∫“∑ ‡ªìπ‡ß‘π®”π«π√«¡ 2,418.32 ≈â“π∫“∑ ‚¥¬∫√‘…—∑œ ®à“¬‡ß‘πªíπº≈

‡¡◊ËÕ«—π∑’Ë 13 °—π¬“¬π 2547 ‡ªìπ®”π«π 2,378.45 ≈â“π∫“∑ à«π∑’Ë‡À≈◊ÕÕ’°®”π«π 39.87 ≈â“π∫“∑‡ªìπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ∑’Ë‰¡à¡’ ‘∑∏‘‰¥â√—∫

‡ß‘πªíπº≈

23.2 µ“¡√“¬ß“π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 1/2547 ≈ß«—π∑’Ë 27 ‡¡…“¬π 2547 ¡’¡µ‘®—¥ √√°”‰√‚¥¬°“√®à“¬‡ß‘πªíπº≈ª√–®”ªï 2546

‡æ‘Ë¡‡µ‘¡„πÕ—µ√“Àÿâπ≈– 0.70 ∫“∑µàÕÀÿâπ ‡ªìπ‡ß‘π®”π«π 5,434.44 ≈â“π∫“∑ ‚¥¬∫√‘…—∑œ ®à“¬‡ß‘πªíπº≈ ‡¡◊ËÕ«—π∑’Ë 27 æƒ…¿“§¡ 2547

‡ªìπ®”π«π 5,313.89 ≈â“π∫“∑ ”À√—∫ à«π∑’Ë‡À≈◊ÕÕ’° 120.55 ≈â“π∫“∑ ‡ªìπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ∑’Ë‰¡à¡’ ‘∑∏‘‰¥â√—∫‡ß‘πªíπº≈ ‡¡◊ËÕ√«¡°—∫

‡ß‘πªíπº≈√–À«à“ß°“≈ Õ—µ√“Àÿâπ≈– 0.45 ∫“∑µàÕÀÿâπ ∑’Ë§≥–°√√¡°“√∫√‘…—∑œ ‰¥âÕπÿ¡—µ‘®à“¬ ”À√—∫º≈°“√¥”‡π‘πß“πß«¥ 9 ‡¥◊Õπ·√° ´÷Ëß

‰¥â®à“¬‰ª·≈â«‡¡◊ËÕ«—π∑’Ë 14 ‘ßÀ“§¡ 2546 ·≈–«—π∑’Ë 14 æƒ»®‘°“¬π 2546 √«¡‡ªìπ‡ß‘πªíπº≈®à“¬ ”À√—∫º≈°“√¥”‡π‘πß“π¢Õßªï 2546

‡∑à“°—∫ 1.15 ∫“∑µàÕÀÿâπ

24. °“√ª√—∫ª√ÿß°”‰√ – ¡

„πªï 2547 ∫√‘…—∑œ ‰¥â·°â ‰¢¢âÕº‘¥æ≈“¥„π°“√∫—π∑÷°∫—≠™’‡ß‘π≈ß∑ÿπ„π°Õß∑ÿπÕ —ßÀ“√‘¡∑√—æ¬å ·≈π¥å ·Õπ¥å ‡Œâ“ å 1 ·≈– 2 ®“°‡¥‘¡∂◊Õ«à“

‡ªìπ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ¡“‡ªìπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ‡π◊ËÕß®“°∫√‘…—∑œ ∂◊ÕÀπà«¬≈ß∑ÿπ„π°Õß∑ÿπœ √âÕ¬≈– 49.99 ·≈–ΩÉ“¬∫√‘À“√

‡ÀÁπ«à“¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠ ∫√‘…—∑œ ‰¥âª√—∫ª√ÿßß∫°“√‡ß‘π¬âÕπÀ≈—ß‰ª„πªï°àÕπÊ ¥â«¬ ‡ ¡◊ÕπÀπ÷Ëß«à“‰¥â„™â«‘∏’°“√∫—π∑÷°∫—≠™’µ“¡«‘∏’

à«π‰¥â‡ ’¬¡“µ—Èß·µàµâπ ®“°°“√ª√—∫ª√ÿß¥—ß°≈à“«∑”„Àâ à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ÷Ëß· ¥ß„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë

31 ∏—π«“§¡ 2547 ·≈– 2546 ‡æ‘Ë¡¢÷Èπ®”π«π 287.48 ≈â“π∫“∑ ·≈– 46.26 ≈â“π∫“∑ µ“¡≈”¥—∫ ·≈–∑”„Àâ°”‰√ (¢“¥∑ÿπ) ∑’Ë¬—ß‰¡à‡°‘¥¢Õß

‡ß‘π≈ß∑ÿπ∑’Ë· ¥ß„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ¡’®”π«π≈¥≈ß 20.05 ≈â“π∫“∑ ·≈–°”‰√ – ¡¬°¡“ ≥ «—π∑’Ë 1 ¡°√“§¡ 2547 ·≈– 2546

¡’®”π«π‡æ‘Ë¡¢÷Èπ®”π«π 18.49 ≈â“π∫“∑ ·≈–62.76 ≈â“π∫“∑ µ“¡≈”¥—∫

25. √“¬°“√√–À«à“ß°—π

∫√‘…—∑œ ¡’√“¬°“√ ÷Ëß‡ªìπ‰ªµ“¡ª°µ‘∑“ß∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑Õ◊Ëπ´÷Ëß‡°’Ë¬«¢âÕß°—π ‚¥¬°“√∂◊ÕÀÿâπÀ√◊Õ°“√¡’ºŸâ∂◊ÕÀÿâπ

À√◊Õ°√√¡°“√∫“ß à«π√à«¡°—π ¡’¥—ßπ’È

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

‡°’Ë¬«¢âÕß‚¥¬ 2547 (≈â“π∫“∑) 2546 2547 (≈â“π∫“∑) 2546

°“√ ◊ÈÕ ‘π§â“

∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π 280.43 236.61 225.57 214.35

∫¡®. ‚Œ¡‚ª√¥—° å ‡´Áπ‡µÕ√å ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π 311.16 343.77 248.77 302.19

∫¡®. ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π

¥’‡«≈≈Õª‡¡âπ∑å ·≈–∫√‘…—∑¬àÕ¬ 38.88 51.06 34.46 51.06

√«¡ 630.47 631.44 508.80 567.60

°“√√—∫∫√‘°“√

∫¡®. §«Õ≈‘µ’È‡Œâ“ å ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π 16.73 16.94 15.96 16.09

√«¡ 16.73 16.94 15.96 16.09


131

23. APPROPRIATION OF RETAINED EARNINGS AND DIVIDENDS

23.1 According to the minutes of Board of directors no. 8/2004 held on 13th September 2004, the Company passed theresolution to pay interim dividend for the results of operation for the first six months of 2004 at Baht 0.30 per share,amounting to Baht 2,418.32 million. The payment of dividend is made on 13th September 2004 for the amount of Baht2,378.45 million, the remaining of Baht 39.87 million belonging to the shareholders whose have not a right toreceive dividend.

23.2 According to the minutes of shareholdersû ordinary meeting no. 1/2004 held on 27th April 2004, the Company passed theresolution to appropriate net profit by paying additional dividends from the result of its operations for the year 2003 at Baht0.70 per share, amounting to Baht 5,434.44 which was paid on 27th May 2004 for the amount of Baht 5,313.89 million andthe amount of Baht 120.55 million belonging to the shareholders whose have not a right to receive dividend, included withthe interim dividend payment for the first nine months operation which was paid on 14th August 2003 and on 14thNovember 2003 at Baht 0.45 per share, so the dividend payment for the result of its operations of year 2003 is Baht1.15 per share.

24. RETAINED EARNINGS ADJUSTMENT

In 2004, the Company corrected the errors of accounting method of investment in Land and Houses PropertyI and II fromrecorded as investment in available for sale securities to be investment in affiliates since the Company held the fundûs unit trustat 49.99% and the management believes that the holding is material influence. The Company has made retroactive adjustmentthe previous year as similar to use the equity method for investment since the beginning. As a result, the equity gain frominvestment in affiliates in the statements of income for the year ended 31st December 2004 and 2003 would be increased byBaht 287.48 million and Baht 46.26 million, respectively and unrealized gain (loss) of investments in balance sheets as at 31stDecember 2003 would be decreased by Baht 20.05 million and retained earnings brought forward as at 1st January 2004 and2003 would be increased by Baht 18.49 million and Baht 62.76 million, respectively.

25. TRANSACTION WITH ITS RELATED PARTIES

The Company has significantly transactions in normal course of business with its subsidiaries and other companies whichare related through common shareholding or co-shareholder or directorship as follows :

Consolidated Parent companyRelated by 2004 (Million Baht) 2003 2004 (Million Baht) 2003

Purchase goodsQuality Construction Products Plc. Common shareholders

and directorship 280.43 236.61 225.57 214.35Home Products Center Plc. Common shareholders

and directorship 311.16 343.77 248.77 302.19Asian Property Development Plc. Common shareholders

and subsidiaries 38.88 51.06 34.46 51.06 Total 630.47 631.44 508.80 567.60

ServicesQuality Houses Plc. Common shareholders

and directorship 16.73 16.94 15.96 16.09 Total 16.73 16.94 15.96 16.09


132

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

‡°’Ë¬«¢âÕß‚¥¬ 2547 (≈â“π∫“∑) 2546 2547 (≈â“π∫“∑) 2546

‡®â“Àπ’È°“√§â“

∫¡®. §«Õ≈‘µ’È§Õπ µ√—§™—Ëπ‚ª√¥—§ å ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π 23.34 17.68 16.38 16.47

∫¡®. ‚Œ¡‚ª√¥—° å ‡´Áπ‡µÕ√å ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π 29.29 23.18 20.87 19.30

∫¡®. §«Õ≈‘µ’È‡Œâ“ å ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π 1.78 0.00 0.00 0.00

∫¡®. ‡Õ‡™’Ë¬π æ√ÁÕæ‡æÕ√åµ’È ∂◊ÕÀÿâπ, °√√¡°“√√à«¡°—π

¥’‡«≈≈Õª‡¡âπ∑å ·≈–∫√‘…—∑¬àÕ¬ 3.08 4.54 3.07 4.48

√«¡ 57.49 45.40 40.32 40.25

26. §¥’øÑÕß√âÕß

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ ‰¡à¡’§¥’øÑÕß√âÕß∑’Ë¡’π—¬ ”§—≠

27. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫∏ÿ√°‘® à«πß“π∑“ß∏ÿ√°‘® à«π„À≠à∑“ß∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ·≈–¡’ à«πß“π∑“ß¿Ÿ¡‘»“ µ√å‡æ’¬ß à«πß“π

‡¥’¬«„πª√–‡∑»‡∑à“π—Èπ

28. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“

28.1 ∫√‘…—∑œ ¡’¿“√–§È”ª√–°—π∑’Ë∑”°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πµà“ßÊ „Àâ°—∫∫√‘…—∑ ∫“ß°Õ°‡™π ŒÕ ªîµÕ≈ ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑√à«¡

¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ªìπ®”π«π 791 ≈â“π∫“∑ ·≈– 855.1 ≈â“π∫“∑ µ“¡≈”¥—∫ °“√§È”ª√–°—ππ’È

‡ªìπ°“√§È”ª√–°—πµ“¡ —¥ à«π°“√∂◊ÕÀÿâπ

28.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ§È”ª√–°—π‡æ◊ËÕ

°“√æ—≤π“‚§√ß°“√·≈–°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‡ªìπ®”π«π‡ß‘π 1,773.85 ≈â“π∫“∑ (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®”π«π 1,394.75

≈â“π∫“∑)

28.3 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ §È”ª√–°—π‡ß‘π°Ÿâ¢Õß≈Ÿ°§â“°—∫ ∂“∫—π°“√‡ß‘π ®”π«π 13.17 ≈â“π∫“∑ (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546

®”π«π 17.11 ≈â“π∫“∑)

28.4 ∫√‘…—∑ ·ª´‘øî§ ‡√’¬≈‡Õ ‡µ∑ ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ‰¥â§È”ª√–°—πÀπ’È¢Õß∫√‘…—∑Õ◊Ëπ·ÀàßÀπ÷Ëß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π

28.28 ≈â“π∫“∑ (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®”π«π 26.63 ≈â“π∫“∑)

28.5 ¿“√–ºŸ°æ—πµ“¡ ‘∑∏‘°“√‡™à“

∫√‘…—∑œ ‰¥â∑” —≠≠“‡™à“¥”‡π‘πß“π√–¬–¬“«„π ‘∑∏‘°“√‡™à“∑’Ë¥‘π·≈–Õ“§“√ ¥—ßπ’È

≈”¥—∫∑’Ë «—π∑’Ë∑” —≠≠“ Õ“¬ÿ —≠≠“ «—π ‘Èπ ÿ¥ —≠≠“ Õ—µ√“§à“‡™à“

1. ∑’Ë¥‘π 1 °—π¬“¬π 2537 30 ªï 31 ‘ßÀ“§¡ 2567 - ªï∑’Ë 6 - 10 ™”√–ªï≈– 2.70 ≈â“π∫“∑

- ªï∑’Ë 11 - 15 ™”√–ªï≈– 4.05 ≈â“π∫“∑

- ªï∑’Ë 16 - 20 ™”√–ªï≈– 8.08 ≈â“π∫“∑

- ªï∑’Ë 21 - 25 ™”√–ªï≈– 9.11 ≈â“π∫“∑

- ªï∑’Ë 26 - 30 ™”√–ªï≈– 10.97 ≈â“π∫“∑


133


Related by 2004 (Million Baht) 2003 2004 (Million Baht) 2003

Trade accounts payable

Quality Construction Common shareholders

Products Plc. and directorship 23.34 17.68 16.38 16.47

Home Products Center Plc. Common shareholders

and directorship 29.29 23.18 20.87 19.30

Quality Houses Plc. Common shareholders

and directorship 1.78 0.00 0.00 0.00

Asian Property Development Plc. Common shareholders

and subsidiaries and directorship 3.08 4.54 3.07 4.48

Total 57.49 45.40 40.32 40.25

26. LITIGATION

As at 31st December 2004 and 2003, the Company has no material litigation.

27. FINANCIAL INFORMATION BY SEGMENT

The Companyûs and subsidiariesû operations involve virtually a single real estate development business in onegeographical segment since the Company and subsidiaries only have operated in domestic.

28. COMMITMENT AND CONTINGENT LIABILITIES

28.1 The Company has contingent liabilities to several financial institutions for acting as a guarantor for Bangkok Chain HospitalPlc. an affiliate as at 31st December 2004 and 2003 for the amount of Baht 791 million and Baht 855.1 million, respectively.This guarantee is based on the proportion of shareholding.

28.2 As at 31st December 2004, the Company and subsidiary have commitment and contingent liabilities from bankûs issuanceof letter of guarantee for project development and Companyûs operation for an amount of Baht 1,773.85 million (as at 31stDecember 2003, the amount was Baht 1,394.75 million).

28.3 As at 31st December 2004, the Company has guaranteed customersû loans to financial institutions of Baht 13.17 million(as at 31st December 2003, the amount was Baht 17.11 million).

28.4 Pacific Real Estate Co., Ltd., a subsidiary, has guaranteed the another companyûs debts of Baht 28.28 million as at 31stDecember 2004 (as at 31st December 2003, the amount was Baht 26.63 million).

28.5 Commitment under leasehold agreement

The Company has entered into long-term operation lease of leasehold land and building as follows :

No. Date of agreement Term Maturity date Rental fee

1. Land 1st Sep. 1994 30 years 31st Aug. 2024 - The 6th - 10th year, annual fee of Baht 2.70 million.

- The 11th - 15th year, annual fee of Baht 4.05 million.- The 16th - 20th year, annual fee of Baht 8.08 million.- The 21st - 25th year, annual fee of Baht 9.11 million.- The 26th - 30th year annual fee of Baht 10.97 million.


134

29. ¿“√–®“°°“√æ—≤π“‚§√ß°“√∑’Ë¥”‡π‘π°“√Õ¬Ÿà

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2547 2546 2547 2546

®”π«π‚§√ß°“√∑’Ë¥”‡π‘π°“√Õ¬Ÿàµâπß«¥ 31 30 23 23

®”π«π‚§√ß°“√∑’Ëªî¥·≈â« (10) (13) (7) (11)

®”π«π‚§√ß°“√∑’Ë‡ªî¥„À¡à 15 14 10 11

®”π«π‚§√ß°“√∑’Ë¥”‡π‘π°“√Õ¬Ÿà ‘Èπß«¥ 36 31 26 23

¡Ÿ≈§à“ ◊ÈÕ¢“¬∑’Ë‰¥â∑” Ì≠≠“·≈â«∑—Èß ‘Èπ (≈â“π∫“∑) 44,085 37,397 38,143 33,521

§‘¥‡ªìπ√âÕ¬≈–¢Õß¬Õ¥¢“¬√«¡¢Õß‚§√ß°“√∑’Ë‡ªî¥¥”‡π‘π°“√Õ¬Ÿà 56.95% 54.09% 60.52% 56.68%

∫√‘…—∑œ ¡’¢âÕºŸ°æ—π∑’Ë®–µâÕß∑”°“√æ—≤π“‚§√ß°“√„π à«π¢Õß “∏“√≥Ÿª‚¿§ à«π°≈“ßÕ’° ‡ªìπ¡Ÿ≈§à“ 727.42 ≈â“π∫“∑ ”À√—∫‚§√ß°“√

∑’Ë¥”‡π‘π°“√Õ¬Ÿà (≥ «—π∑’Ë 31 ∏—π«“§¡ 254 ®”π«π 701.13 ≈â“π∫“∑)

30. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’ææπ—°ß“π

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ®—¥°Õß∑ÿπ ”√Õß‡≈’È¬ß™’ææπ—°ß“π‚¥¬∑’Ëæπ—°ß“π àß‡¢â“‡ªìπ‡ß‘π – ¡¢Õß°Õß∑ÿπ‚¥¬ ¡—§√„® „πÕ—µ√“√âÕ¬≈– 3-5

¢Õß‡ß‘π‡¥◊Õπ·≈–‡ß‘π∑’Ë∫√‘…—∑œ ®à“¬ ¡∑∫ „πÕ—µ√“√âÕ¬≈– 3-5 ¢Õß‡ß‘π‡¥◊Õπ ‡ß‘π°Õß∑ÿπ∑’Ë®¥∑–‡∫’¬π∫√‘À“√‚¥¬ºŸâ®—¥°“√°Õß∑ÿπ√—∫Õπÿ≠“µ

·ÀàßÀπ÷Ëß ‚¥¬ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥¢Õßæ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2542

31. √“¬°“√∑’Ë‰¡à°√–∑∫‡ß‘π ¥

31.1 „πªï 2546 ∫√‘…—∑œ ‰¥â¡’°“√‚Õπ ‘π∑√—æ¬å∂“«√ - ‡øÕ√åπ‘‡®Õ√å∫â“πµ—«Õ¬à“ß∫“ß à«π‰ª‡ªìπ ‘π§â“‡æ◊ËÕ¢“¬ ¡Ÿ≈§à“ ÿ∑∏‘¢Õß‡øÕ√åπ‘‡®Õ√å„π

ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ®”π«π 17.85 ≈â“π∫“∑ ·≈–®”π«π 9.37 ≈â“π∫“∑ µ“¡≈”¥—∫

31.2 „πªï 2547 ∫√‘…—∑œ √—∫™”√–≈Ÿ°Àπ’ÈÕ◊Ëπ∑—Èß®”π«π¥â«¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‚æ≈“√å æ√äÕ∫‡æÕ√åµ’È‚Œ≈¥‘Èß §Õ√åªÕ‡√™—Ëπ ®”°—¥ (µ“¡À¡“¬‡Àµÿ 7.2.6)

32. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

32.1 π‚¬∫“¬°“√∫—≠™’

√“¬≈–‡Õ’¬¥¢Õßπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ «‘∏’°“√∑’Ë„™â´÷Ëß√«¡∂÷ß‡°≥±å„π°“√√—∫√Ÿâ·≈–«—¥¡Ÿ≈§à“∑’Ë‡°’Ë¬«°—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘π

∑“ß°“√‡ß‘π·µà≈–ª√–‡¿∑ ‰¥â‡ªî¥‡º¬‰«â·≈â«„πÀ¡“¬‡Àµÿ¢âÕ 2

32.2 §«“¡‡ ’Ë¬ß®“°°“√‰¡àªØ‘∫—µ‘µ“¡ —≠≠“

§«“¡‡ ’Ë¬ß®“°°“√‰¡àªØ‘∫—µ‘µ“¡ —≠≠“‡°‘¥®“°°“√∑’Ë§Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥„π —≠≠“ ´÷Ëß°àÕ„Àâ‡°‘¥§«“¡‡ ’¬À“¬·°à∫√‘…—∑œ

·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ ‘π∑√—æ¬å∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å À≈—ß®“°À—°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ∂◊Õ‡ªìπ¡Ÿ≈§à“

Ÿß ÿ¥¢Õß§«“¡‡ ’Ë¬ß∑’Ë‡°‘¥®“°°“√‰¡àªØ‘∫—µ‘µ“¡ —≠≠“

32.3 §«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫Õ—µ√“¥Õ°‡∫’È¬

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬Õ“®¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬¢Õß‡ß‘π∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ‡π◊ËÕß®“° —≠≠“

‡ß‘π°Ÿâ¬◊¡∫“ß à«π´÷Ëß¡’¬Õ¥§ß‡À≈◊Õ ”À√—∫ß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π 143.12 ≈â“π∫“∑

·≈– 1,047.56 ≈â“π∫“∑ µ“¡≈”¥—∫ π—Èπ°”Àπ¥Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« À“°Õ—µ√“¥Õ°‡∫’È¬‡ª≈’Ë¬π·ª≈ßÕ“® àßº≈°√–∑∫µàÕ∫√‘…—∑œ ·≈–

∫√‘…—∑¬àÕ¬‰¥â (≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ®”π«π 2,345.39 ≈â“π∫“∑ ·≈– 1,491.95 ≈â“π∫“∑ µ“¡≈”¥—∫)

32.4 §«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫Õ—µ√“·≈°‡ª≈’Ë¬π


135

29. OBLIGATION AND COMMITMENT TO COMPLETE PROJECTS ON HAND


2004 2003 2004 2003

Number of project on hand, beginning of the period 31 30 23 23

Number of closing project (10) (13) (7) (11)

Number of new project 15 14 10 11

Number of project on hand, ending of the period 36 31 26 23

Contracted sales value (million Baht) 44,085 37,397 38,143 33,521

% Sales value of project on hand 56.95% 54.09% 60.52% 56.68%

The Company has obligation and commitment to complete all central utilities of developing projects on hand in the amount

of Baht 727.42 million. (as at 31st December 2003, the amount was Baht 701.13 million).

30. PROVIDENT FUND

The Company established provident fund. The fund is contributed both by the employees and the Company at the rate

of 3-5% of employeesû salaries. The fund managed by a certified fund manager which complied with the determination of

Provident Fund Act B.E. 2542.

31. NON-CASH TRANSACTIONS

31.1 In 2003, the Company transferred fixed assets - furnitures of sample houses to be goods for sales. The net value of

furnitures in the consolidated and parent financial statements is Baht 17.85 million and Baht 9.37 million, respectively.

31.2 In 2004, the Company received the payment of other receivables by receiving investments in Polar Property Holdings

Corporation (as stated in note 7.2.6).

32. DISCLOSURE AND PRESENTATION OF FINANCIAL INSTRUMENTS

32.1 Accounting policy

The significant accounting policies and method adopted the basis of recognition and measurement relating to each

class of financial assets and liabilities have been disclosed as stated in note 2.

32.2 Credit risk

Credit risk derives from failure by counterparties to discharge their obligations resulting in financial loss to the

Company and subsidiaries. Financial assets shown in balance sheets at the book value deducted by allowance for doubtful

accounts is maximum value of credit risk.

32.3 Interest rate risk

Interest rate risk from changes in interest rate due to the Company and subsidiaries have loans from financial

institutions resulting in financial loss to the Company and subsidiaries because of the certain of agreement as at 31st

December 2004 for the consolidated and the Company financial statements in the amount of Baht 143.12 million and Baht

1,047.56 million, respectively, indicated the floating interest rate (as at 31st December 2003, the amounts were Baht

2,345.39 million and Baht 1,491.95 million, respectively).


136

∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑» ‡π◊ËÕß®“° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ¡’≈Ÿ°Àπ’ÈÕ◊Ëπ ®”π«π 1,223.10

≈â“π‡ª‚´ ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‰¥â®”π«π 864.53 ≈â“π∫“∑ ∫√‘…—∑œ ¡‘‰¥â∑” —≠≠“ªÑÕß°—π§«“¡‡ ’Ë¬ß¢Õß≈Ÿ°Àπ’È®”π«π¥—ß°≈à“«

32.5 √“§“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

‘π∑√—æ¬å∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬ ‡ß‘π ¥ ‡ß‘πΩ“°∏π“§“√ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≈Ÿ°Àπ’È°“√§â“µ—Î«‡ß‘π√—∫ ‡ß‘π„Àâ°Ÿâ¬◊¡

√–¬– —Èπ·≈–√–¬–¬“«·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π·≈–‡ß‘π≈ß∑ÿπ Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬ ‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡

√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π µ—Î«‡ß‘π®à“¬°“√§â“ ‡®â“Àπ’È°“√§â“·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“° ∂“∫—π

°“√‡ß‘π Àÿâπ°Ÿâ·≈–Àÿâπ°Ÿâ·ª≈ß ¿“æ

√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¡’¡Ÿ≈§à“„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡

‚¥¬ª√–¡“≥ ¬°‡«âπ√“¬°“√‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ®”π«π 2,732.85 ≈â“π∫“∑ ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 3,664.03 ≈â“π∫“∑ ·≈–Àÿâπ°Ÿâ®”π«π

3,750 ≈â“π∫“∑ ∑’Ë∫√‘…—∑œ °Ÿâ¬◊¡‚¥¬®à“¬¥Õ°‡∫’È¬„πÕ—µ√“∑’ËµË”°«à“Õ—µ√“∑âÕßµ≈“¥ À“°§‘¥Õ—µ√“¥Õ°‡∫’È¬µ“¡Õ—µ√“¥Õ°‡∫’È¬∑âÕßµ≈“¥∑’Ë 5.7%

®π∂÷ß«—π™”√–Àπ’È ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«®–¡’¡Ÿ≈§à“¬ÿµ‘∏√√¡‡∑à“°—∫ 2,704.13 ≈â“π∫“∑ 3,492.57 ≈â“π∫“∑ ·≈– 3,635.13 ≈â“π∫“∑ µ“¡≈”¥—∫

πÕ°®“°π’ÈºŸâ∫√‘À“√‡™◊ËÕ«à“∫√‘…—∑œ ‰¡à¡’§«“¡‡ ’Ë¬ß®“°‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë¡’π—¬ ”§—≠

33. √“¬°“√®—¥ª√–‡¿∑∫—≠™’

ß∫°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 ∑’Ëπ”¡“‡ª√’¬∫‡∑’¬∫‰¥â®—¥ª√–‡¿∑∫—≠™’„À¡à ‡æ◊ËÕª√–‚¬™πå„π°“√‡ª√’¬∫‡∑’¬∫¥—ßπ’È

33.1 ∫√‘…—∑œ ‰¥â‚Õπ¥Õ°‡∫’È¬®à“¬≈à«ßÀπâ“ ´÷Ëß‡¥‘¡· ¥ß‡ªìπ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ‰ª≈¥¬Õ¥‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π à«π¢ÕßÀπ’È ‘π

√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ·≈–‡ß‘π°Ÿâ√–¬–¬“«

33.2 ∫√‘…—∑œ ‰¥â‚Õπ‡ß‘π‡¥◊Õπ·≈–º≈µÕ∫·∑π à«π¢Õßæπ—°ß“π∑’Ë‡°’Ë¬«°—∫°“√°àÕ √â“ß‚¥¬µ√ß ´÷Ëß‡¥‘¡· ¥ß‡ªìπ§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√

‰ª√«¡‡ªìπµâπ∑ÿπ¢“¬

ß∫°“√‡ß‘π√«¡ (æ—π∫“∑) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

„À¡à ‡°à“ „À¡à ‡°à“

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 244,166. 435,071 208,663 399,569

‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π (1,445,393) (1,473,113) (1,439,581) (1,467,301)

à«π¢ÕßÀπ’È ‘π√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (1,008,135) (1,015,000) (1,008,135) (1,015,000)

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (3,001,733) (3,158,053) (2,100,737) (2,257,058)

µâπ∑ÿπ¢“¬·≈–√—∫®â“ß 11,521,992 10,939,238 10,520,034 9,995,785

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 866,705 1,449,459 816,319 1,340,568

√«¡ 7,177,602 7,177,602 6,996,563 6,996,563

34. ¢âÕ¡Ÿ≈∑—Ë«‰ª

34.1 ∫√‘…—∑œ ®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π®”°—¥ ·≈–‡ªìπ∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬ ”π—°ß“π„À≠àµ—ÈßÕ¬Ÿà‡≈¢∑’Ë

38 ∂ππ§Õπ·«πµå ·¢«ß ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æ¡À“π§√

34.2 ∫√‘…—∑œ ª√–°Õ∫∏ÿ√°‘®æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å

34.3 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ ¡’æπ—°ß“πª√–®”·≈–™—Ë«§√“« √«¡®”π«π 606 §π ·≈– 573 §π µ“¡≈”¥—∫ ∫√‘…—∑œ

·≈–∫√‘…—∑¬àÕ¬ ®”π«π 672 §π ·≈– 644 §π µ“¡≈”¥—∫

34.4 „πªï 2547 ·≈– 2546 ∫√‘…—∑œ ¡’§à“„™â®à“¬æπ—°ß“π ®”π«π 345.99 ≈â“π∫“∑ ·≈– 287.29 ≈â“π∫“∑ µ“¡≈”¥—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

®”π«π 373.13 ≈â“π∫“∑ ·≈– 310.81 ≈â“π∫“∑ µ“¡≈”¥—∫


137

32.4 Foreign currencies exchange rate riskThe Company has a risk on foreign exchange rate since the Company do not make foreign exchange rate risk

hedging for other receivables. As at 31st December 2003, the Company and subsidiaries have other receivables of PHP1,223.10 million in worth Baht 864.53 million which the Company has exchange rate risk from such amount.

32.5 Fair value of financial instrumentsFinancial assets shown in balance sheets consist of cash, deposit at bank, short-term investments, trade accounts

receivable, notes receivable, short-term and long-term loans to related companies and investments. Financial liabilitiesshown in balance sheets consist of bank overdrafts, short-term loans from financial institutions, notes payable, tradeaccounts payables, short-term loans from related companies, long-term loans from financial institutions, debentures andconvertible debentures.

The book value of financial assets and liabilities as at 31st December 2004 are close to their estimated fair value.Except for short-term loans of Baht 2,732.85 million, long-term loans of Baht 3,664.03 million and debentures of Baht3,750 million, were charged interest at the fixed rate which is lower than market rate, if those loans were charged interestat market rate of 5.7% until the repayment date, the fair value of such loans are equal to Baht 2,704.13 million, Baht3,492.57 million and Baht 3,635.13 million, respectively. Furthermore, the management believes that there is no material riskfinancial instruments.

33. RECLASSIFICATION

The financial statements as at 31st December 2003 have been reclassified for comparison purpose as follows :33.1 The Company transferred prepaid interest which was presented as other current assets to reduce short-term loans from

financial institutions, current portion of long-term liabilities and long-term loans.33.2 To transfer the employeesû salaries and remuneration which directly related to construction and were presented in selling

and administrative expenses to be cost of sales.

Consolidated (Thousand Baht) Parent company

New Old New Old

Other current assets 244,166 435,071 208,663 399,569

Bank overdrafts and short-term loans

from financial institutions (1,445,393) (1,473,113) (1,439,581) (1,467,301)

Current portion of long-term liabilities (1,008,135) (1,015,000) (1,008,135) (1,015,000)

Long-term loans (3,001,733) (3,158,053) (2,100,737) (2,257,058)

Cost of sales and hire of work 11,521,992 10,939,238 10,520,034 9,995,785

Selling and administrative expenses 866,705 1,449,459 816,319 1,340,568

Total 7,177,602 7,177,602 6,996,563 6,996,563

34. OTHER INFORMATIONS

34.1 The Company was registered as a public company limited and listed in the Stock Exchange of Thailand which is locatedat 38, Convent Road, Silom, Bangrak, Bangkok.

34.2 The Company engaged in real estate business.34.3 As at 31st December 2004 and 2003, the Company has 606 and 573 staff, respectively, the Company and subsidiaries

have 672 and 644 staff, respectively.34.4 In 2004 and 2003, the Companyûs staff expenses was Baht 345.99 million and Baht 287.29 million, respectively,

the Company and subsidiariesû staff expenses were Baht 373.13 million and Baht 310.81 million, respectively.


138

ºŸâ Õ∫∫—≠™’

π“ß ÿ«‘¡≈ °ƒµ¬“‡°’¬√≥å

‡≈¢∑–‡∫’¬πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ 2982

”π—°ß“π Õ∫∫—≠™’ ¥’ ‰Õ ‡Õ

316/32 ´Õ¬ ÿ¢ÿ¡«‘∑ 22 ∂ππ ÿ¢ÿ¡«‘∑ ·¢«ß§≈Õß‡µ¬ °√ÿß‡∑æœ 10110

‚∑√. 0 2259 5300-2 ‚∑√ “√ 0 2260 1553, 259 8956

π“¬∑–‡∫’¬πÀÿâπ°Ÿâª√–‡¿∑‰¡à¡’À≈—°ª√–°—π§√—Èß∑’Ë 1/2543 ®”π«π 800,000 Àπà«¬

∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬)

62 ™—Èπ 4, 6-7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110

‚∑√. 0 2359 1200-1 ‚∑√ “√ 0 2359 1259

π“¬∑–‡∫’¬πÀÿâπ°Ÿâª√–‡¿∑¡’À≈—°ª√–°—π§√—Èß∑’Ë 1/2544 ®”π«π 1,500,000 Àπà«¬

∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π)

333 ∂ππ ’≈¡ °√ÿß‡∑æœ 10500

‚∑√. 0 2631 2315 ‚∑√ “√ 0 2236 0501

π“¬∑–‡∫’¬πÀÿâπ°Ÿâª√–‡¿∑‰¡à¡’À≈—°ª√–°—π§√—Èß∑’Ë 1/2547 ®”π«π 3,000,000 Àπà«¬

∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π)

9 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900

‚∑√. 0 2544 3872, 0 2544 3927

∑’Ëª√÷°…“°ÆÀ¡“¬

∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥

™—Èπ 22 Õ“§“√ ‘π∏√ 3 130 ∂ππ«‘∑¬ÿ °√ÿß‡∑æœ 10330

‚∑√. 0 2263 7600 ‚∑√ “√ 0 2263 7699-9

∑’Ëª√÷°…“∑“ß°“√‡ß‘π

∫√‘…—∑ ¬Ÿ‰π‡µÁ¥ ·ÕÁ¥‰«‡´Õ√’Ë ‡´Õ√å«‘ ®”°—¥

1550 Õ“§“√·°√π¥åÕ—¡√‘π∑√å ∑“«‡«Õ√å ™—Èπ 6 ∂ππ‡æ™√∫ÿ√’µ—¥„À¡à

·¢«ß¡—°°– —π ‡¢µ√“™‡∑«’ °√ÿß‡∑æœ 10320

‚∑√. 0 2652 8735-6 ‚∑√ “√ 0 2653 8738

∫√‘…—∑ª√–‡¡‘π√“§“

∫√‘…—∑ ´’ ∫’ √‘™“√å¥ ‡Õ≈≈‘ (ª√–‡∑»‰∑¬) ®”°—¥

‡≈¢∑’Ë 313 Õ“§“√´’æ’ ∑“«‡«Õ√å ™—Èπ 26 ∂ππ ’≈¡

‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500

‚∑√. 0 2231 0123 ‚∑√ “√ 0 2231 0134-5

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊOTHER REFERENCES


139

Auditor

Mrs. Suvimol Krittayakiern

C.P.A. (Thailand) Registration No. 2982

316/32 Sukhumvit Soi 22 Sukhumvit Road, Klongtoey, Bangkok 10110

Thailand

Tel. 66 2259 5300-2 Fax 66 2260 1553, 259 8956

Debenture Registrar: Number of Unsecured Debentures No. 1/2000 800,000 units

Thailand Securities Depository Co., Ltd.

62 The Stock Exchange of Thailand, 4, 6-7th Floor, Rachadapisek Road, Klongtoey,

Bangkok 10110 Thailand

Tel. 66 2359 1200-1 Fax 66 2359 1259

Debenture Registrar: Number of secured Debentures No. 1/2001 1,500,000 units

Bangkok Bank Public Company Limited

333 Silom Road, Bangkok 10500 Thailand

Tel. 66 2631 2315 Fax 66 2236 0501

Debenture Registrar: Number of Unsecured Debentures No. 1/2004 3,000,000 units

Siam Commercial Bank Public Company Limited

9 Rutchadapisek Rd., Ladyao, Jatujak, Bangkok 10900

Tel. 66 2544 3872, 66 2544 3927

Legal Advisor

Alien & Overy (Thailand) Co., Ltd.

22nd Floor, Sindhorn Building III 130 Wireless Road, Bangkok 10330 Thailand

Tel. 66 2263 7600 Fax 66 2263 7699-9

Financial Advisor

United Advisor Services Co., Ltd.

1550 6th Floor, Grand Amarin Tower, New Petchburi Road, Makkasan, Rachtavee,

Bangkok 10320 Thailand

Tal. 66 2652 8735-6 Fax 66 2653 8738

Appraisal Company

CB Richard Eills (Thailand) Co., Ltd.

C.P. Tower 26th Floor, 313 Silom Road, Bangkok 10500 Thailand

Tel. 66 2231 0123 Fax 66 2231 0134-5


140

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

1.1 ∫√‘…—∑ ............................................................................................................................................................................................................................... ª°À≈—ß

1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª.................................................................................................................................................... 10

1.3 ∫ÿ§§≈Õâ“ßÕ‘ß .................................................................................................................................................................................................................. 138

2. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑œ

2.1 ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π ................................................................................................................................................................................................... 1, 75

2.2 Õ—µ√“ à«π∑“ß°“√‡ß‘π ................................................................................................................................................................................................. 75

3. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

3.1 ¿“æ√«¡°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ ................................................................................................................. 6

3.2 ‚§√ß √â“ß√“¬‰¥â ........................................................................................................................................................................................................... 8

4. ªí®®—¬§«“¡‡ ’Ë¬ß .............................................................................................................................................................................................................................. 15

5. ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√

5.1 ºŸâ∂◊ÕÀÿâπ ........................................................................................................................................................................................................................... 28

5.2 ºŸâ∫√‘À“√ .......................................................................................................................................................................................................................... 36

5.3 §à“µÕ∫·∑πºŸâ∫√‘À“√ ................................................................................................................................................................................................... 42

6. ∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π................................................................................................................................................................ 50

7. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π ...................................................................................................................................... 56

8. ß∫°“√‡ß‘π .......................................................................................................................................................................................................................................... 80

Àπâ“

√ÿªµ”·Àπàß¢Õß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 „π√“¬ß“πª√–®”ªï 2547CONTENT SUMMARY OF TRANSACTIONS SPECIFIED ACCORDING TO THE FORM 56-2 INANNUAL REPORT OF 2004

“√∫—≠

®ÿ¥‡¥àπ„π√Õ∫ªï 2547 1

2004 HIGHLIGHT

√“¬ß“π®“°ª√–∏“π°√√¡°“√ 2

LETTER FROM THE CHAIRMAN

√“¬ß“π®“°ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 4

REPORT OF THE CHAIRMAN OF THE AUDIT COMMITTEE

¿“æ√«¡°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡ 6

OVERALL PICTURE OF BUSINESSES OF THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 8

BUSINESS OPERATION

∂‘µ‘∫â“π®¥∑–‡∫’¬π‡æ‘Ë¡„πªï 2543-2547 9

HOUSING REGISTERED STATISTICS 2000-2004

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ 10

INVESTMENT IN SUBSIDIARIES AND AFFILIATES

ªí®®—¬§«“¡‡ ’Ë¬ß 14

RISK FACTORS

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 24

SHAREHOLDER AND MANAGEMENT

∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π 50

RELATED PARTIES AND CONNECTED TRANSACTIONS

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–∑“ß°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π 56

EXPLANATIONS AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS

¢âÕ¡Ÿ≈ ∂‘µ‘∑“ß°“√‡ß‘π‡ª√’¬∫‡∑’¬∫ 3 ªï 74

COMPARATIVE 3 YEARS FINANCIAL STATISTICS

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑µàÕ√“¬ß“π∑“ß°“√‡ß‘π 76

THE RESPONSIBILITY FOR THE FINANCIAL REPORTING OF THE BOARD OF DIRECTORS

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ 78

AUDITORûS REPORT

ß∫°“√‡ß‘π 80

FINANCIAL STATEMENTS

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 138

OTHER REFERENCES

√ÿªµ”·Àπàß¢Õß√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 „π√“¬ß“πª√–®”ªï 2547 140

CONTENT SUMMARY OF TRANSACTIONS SPECIFIED ACCORDING TO THE FORM 56-2 IN ANNUAL REPORT OF 2004

1 General Information

1.1 Company ................................................................................................................................................................................................................. Back Cover

1.2 Corporate that The Company Held Over 10% Shares .................................................................................................................. 10

1.3 Other References ................................................................................................................................................................................................ 139

2. Summary of The Companyûs Financial Information

2.1 Financial Information ......................................................................................................................................................................................... 1, 75

2.2 Financial Ratios.................................................................................................................................................................................................... 75

3. Business Operation

3.1 Overall picture of businesses of the company and its subsidiaries and affiliates .......................................................... 7

3.2 Revenue Structure.............................................................................................................................................................................................. 8

4. Risk Factors ............................................................................................................................................................................................................................. 14

5. Shareholders and Management

5.1 Shareholders.......................................................................................................................................................................................................... 29

5.2 Executive Officers............................................................................................................................................................................................... 37

5.3 Remuneration for the Executives ............................................................................................................................................................... 43

6. Related Parties and Connected Transactions ......................................................................................................................................................... 51

7. Explanations and Analysis of the Financial Position Operating Results ................................................................................................... 57

8. Financial Statements ........................................................................................................................................................................................................... 81

Pages

CONTENTS

Land & Houses Public Company LimitedAnnual Report 2004

∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π)

‡≈¢∑–‡∫’¬π∑’Ë ∫®¡. 57 Õ“§“√ Q. House Convent ™—Èπ 3-5,

38 ∂.§Õπ·«πµå ’≈¡ °√ÿß‡∑æœ 10500

‚∑√»—æ∑å 0 2237 8900-3 ‚∑√ “√ 0 2237 8860

‚Œ¡‡æ® : www.lh.co.th

Land & Houses Public Company Limited

Reg. No. 57 Q. House Convent Bldg., 3rd-5th Flrs.,

38 Convent Rd., Silom, Bangkok 10500 Thailand

Tel. 66 2237 8900-3 Fax : 66 2237 8860

Home Page : www.lh.co.th

√ “ ¬ ß “ π ª √ – ® ” ªï 2 5 4 7∫ √‘ …— ∑ · ≈ π ¥å · Õ π ¥å ‡ Œâ “ å ® ” °— ¥ ( ¡ À “ ™ π )

√“¬ß“πª√–®”ªï 2547 ∫√ ‘…—∑ ·≈π¥ å ·Õπ¥ å ‡Œâ“ å ®”°—¥ (¡À“™π)Annual R

eport 2004 Land & H

ouses Public Com

pany Limited

Designed by S

TY

LE 0 2945 8051-6

ISBN 947-92860-2-2

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