ข่าวแจ้งตลาดหลักทรัพย์

Depreciation and amortization 109,199,323.34 239,591,182.72 66,327,615.13 143,376,706.59 Allowance for doubtful debts 254,462,759.59 10,889,648.12 247,878,303.05 4,226,855.37 Allowance for diminution in value of investments 12,936,745.59 20,000,000.00 12,936,745.59 - Allowance for diminution in value of property development 481,406,556.59 32,103,780.07 83,408,571.72 4,644,562.59 Allowance for diminution in value of land under development for sale and rent 1,176,698.25 - - - Gain on construction cancellation (42,275,724.34) - (42,275,724.34) - Allowance for diminution in value of leasehold 29,998,536.04 - 29,998,536.04 - Leasehold revenue amortization (31,918,080.72) (31,918,080.72) - - Gain on exchange rate - (2,941,450.00) - (2,491,450.00) Gain on sales of investments (2,453,973.94) (7,558,194.28) (909,857.74) - Gain on disposal of assets (127,125.57) (617,687.80) (121,922.31) (617,687.80) Unrealized gain on investments (585,282.95) - (504,690.40) - Unrealized gain on investments in parent company held by subsidiaries (2,103,298.57) - - - Loss on assets transferred in settlement of debts 231,528,225.92 502,871,781.03 198,079,958.60 406,839,201.03 Share of net loss in subsidiaries and associated companies 215,739.20 - 561,179,734.17 540,998,669.44 DECREASE (INCREASE) IN OPERATING ASSETS : Fixed deposits with commitment 3,585,066.50 (7,858,986.50) (456,720.00) (1,968,900.00) Accounts, notes receivable and unbilled completed work 19,941,547.90 282,898,081.01 1,074,929.59 130,997,017.07 Property development for sale 85,865,006.70 1,762,827,130.23 11,775,731.56 1,212,705,982.63 Advance payment for construction 31,967,014.39 4,869,679.93 - 7,988,246.46 Other current assets (14,427,413.77) (22,842,406.61) (14,631,239.57) (88,492,245.91) Other assets (6,627,981.32) (116,255,731.16) 321,827.87 (78,998,123.01) INCREASE (DECREASE) IN OPERATING LIABILITIES Construction payable (54,676,509.07) 34,211,387.50 (454,750.00) (11,416,040.91) Decoration payable 244,970.53 224,816.00 - - Construction retention (41,488,988.54) (4,844,860.20) (2,281,512.65) (3,799,281.47) Deposits, advance received and unearned income from customers (23,542,166.96) (98,189,941.18) (14,169,126.47) (64,932,090.26) Other current liabilities 92,213,693.71 155,179,790.97 (1,794,281.64) 84,691,465.99 Other liabilities 1,107,160.32 84,456.97 1,833,884.32 (641,767.03) Net cash provided by (used in) operating activities (157,930,542.67) 1,142,507,571.65 (156,337,028.97) 672,894,296.33 See notes to financial statements (Amounts in Baht) Consolidated The Company 1999 1998 1999 1998 CASH FLOWS FROM INVESTING ACTIVITIES : Increase in advance payment for land (20,000,000.00) - (20,000,000.00) - Decrease (Increase) in short term investments (16,725,115.64) 10,588,973.73 15,202,296.60 3,017,800.00 Increase in loans to related parties - - (34,367,362.52) (14,400,000.01) Increase in cost of property development for rent (60,096,874.52) (55,435,187.32) (59,799,222.00) (893,206.47) Increase in investments in related parties (184,930,374.42) - (191,930,374.42) (3,000,000.00) Proceed from sales of equipment 287,952.09 2,356,556.36 282,745.83 2,356,556.36 Payment on purchase of leasehold, building and equipment (5,632,350.71) (2,228,860.75) (4,878,675.15) (1,182,287.76) Net cash provided by (used in) investing activities (287,096,763.20) (44,718,517.98) (295,490,591.66) (14,101,137.88) CASH FLOWS FROM FINANCING ACTIVITIES : Decrease in loans from finance institutions (22,726,458.60) (73,872,147.26) (15,661,424.90) (68,940,736.30) Decrease in margin loans for purchasing securities (2,314,755.25) - - - Decrease in long-term debts (458,938.87) (1,129,607,894.57) (458,938.87) (720,390,132.55) Decrease in minority interest - (10,675.59) - - Increase in share capital 1,053,461,865.20 51,875,060.00 1,053,461,865.20 51,875,060.00 Decrease in equity in parent company held by subsidiaries (154,243.62) (3,727,845.97) - - Net cash provided by (used in) financing activities 1,027,807,468.86 (1,155,343,503.39) 1,037,341,501.43 (737,455,808.85) Net increase (Decrease) in cash and cash equivalent 582,780,162.99 (57,554,449.72) 585,513,880.80 (78,662,650.40) Cash and cash equivalent at January 1, 1999 and 1998 (Note 5) (26,237,477.72) 31,316,972.00 (43,336,194.93) 35,326,455.47 Cash and cash equivalent at December 31, 1999 and 1998 (Note 5) 556,542,685.27 (26,237,477.72) 542,177,685.87 (43,336,194.93) SUPPLEMENTARY CASH FLOWS INFORMATION : Cash paid during the year: Interest expenses 72,406,155.51 176,465,908.87 71,420,877.66 106,075,612.86 Income taxes 5,835,268.03 27,184,028.61 3,267,542.23 17,017,467.14 See notes to financial statements SANSIRI PUBLIC COMPANY LIMITED AND SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF PRESENTATION The operation of Sansiri Public Company Limited and subsidiaries may continue to be influenced for the foreseeable by the economic conditions in Thailand and the Asia Pacific Region in general. The financial statements of the companies reflect the management' s current assessment of the impact of current economic conditions on the financial position of the Companies. However, actual results could differ from the management estimates. The financial statements of the Company have been presented in accordance with the Ministerial Regulation No. 7 (B.E.2539), under the Public Company Limited Act B.E. 2535 and in conformity with generally accepted accounting principles practiced in Thailand, and are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand. The financial statements of Sansiri Public Company Limited and subsidiaries for the years ended December 31, 1999 and 1998 have been presented on a going concern basis. The companies' ability to continue business as going concerns depends on the success of improvement plans being implemented to increase revenues, to reduce costs and to negotiate the extension for repayment of debts and restructuring debts and acquire new investors, etc. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or classification of liabilities that might be necessary if the companies were not successful to continue its business. NOTE 2 - RELATED PARTY TRANSACTIONS The Company has significant transactions with its related parties. The financial statements reflect the effects of these transactions on the basis determined by the companies concerned under normal business terms. The following significant transactions occurred between the Company and its related parties for the years ended December 31, 1999 and 1998 as follows: (Amounts in Baht) 1999 1998 Subsidiaries Related Companies Subsidiaries Related Companies Cheque on hand 39,934.97 - - - Receivable from service and commission 19,350,261.16 1,665,861.65 19,329,312.70 3,314,485.99 Advances 2,690,532.25 - 2,539,232.25 - Other receivables - - 167,420.00 - Loans to subsidiaries 554,871,595.32 - 556,260,079.03 - Allowance for doubtful debts (250,000,000.00) - - - Allowance for diminution in value of investments (12,936,745.59) - - - (Amounts in Baht) 1999 1998 Subsidiaries Related Companies Subsidiaries Related Companies Retention - 459,394.56 - - Interest receivable 13,637,193.34 - 22,039,901.19 - Interest income 1,450,250.96 - 87,760,488.71 - Revenue from business management 934,364.00 607,344.00 18,101,260.65 200,000.00 Rental income 940,800.00 478,620.00 1,666,800.00 - Selling and administrative expenses 5,214,448.56 - 2,220,000.00 - Other income 1,818.18 - - - Interest expenses 84,098.63 - - - Accrued expenses 335,620.00 - - - Cost of sales 943,839.44 - - - The Company charged interest to subsidiaries at the rate of 8 - 16.75% per annum and transferred assets for settlement of inter company debts (See notes 14 and 15 to financial statements) and had the investments (See note 11 to financial statements) In 1999 and 1998 loans to subsidiaries resulting from converting interest payable into promissory notes amount to Baht 91.44 million and 96.07 million, respectively and are without interest. In the third quarter of 1998, Chanachai Limited, as guarantor, transferred certain rights of condominium and land under development stated at Baht 190.96 million in settlement of the Company's and related parties' debts amounting to Baht 94.93 million, causing the subsidiary to recognize a loss of Baht 96.03 million. In the fourth quarter of 1998 the Board of Directors' Meeting held on December 17, 1998 resolved to reserve against total amounts in investment of Baht 20 million, loan to subsidiary and interest receivable of Baht 5 million of Regency One Company Limited. The Company and its subsidiaries had commitments as guarantors of loans of related parties with domestic financial institutions. NOTE 3 - BASIS FOR CONSOLIDATION AND OTHER INFORMATION Sansiri Public Company Limited and its 5 subsidiaries engage in the real estate development business. The parent company is located at 475 18th Floor Siripinyo Building , Sri Ayutthaya Road, Payathai Rajthevi , Bangkok. The consolidated financial statements of Sansiri Public Company Limited and subsidiaries are prepared in accordance with generally accepted accounting principles, on a going concern basis, and Ministerial Regulation No.7 (B.E. 2539) dated October 25, 1996. The consolidated financial statements for the year ended December 31, 1999 consisted of the financial statements of the parent company, Sansiri Public Company Limited, and the 99% subsidiary companies held by the parent company which are Chanachai Limited, Sanpinyo Limited, Prakarn Limited, Jainad Limited and Sansiri Property Plus Limited (Formerly : Plus Property Management Limited) The consolidated financial statements for the year ended December 31, 1998 consisted of the financial statements of the parent company, Sansiri Public Company Limited, and the 99% subsidiary companies held by the parent company which are Chanachai Limited, Sanpinyo Limited, Prakarn Limited, Jainad Limited and Plus Property Management Limited which was acquired in July and December 1998. The financial statements for the year ended December 31, 1999 of two subsidiary companies, which are Chanachai Limited and Jainad Limited, were examined by an auditor with disclaimed opinion due to the uncertainty of the continuation business as going concern. In the consolidated and the Company's financial statements for the year ended December 31, 1999, the investments in two associated companies at cost value of Baht 6 million and Baht 178.93 million, which were calculated by using the equity method and to which the share of profit (loss) was attributable in the amount of Baht 0.40 million, according to the financial statements audited by other auditor and (7.75) million, was based on the financial statements for the nine month period ended September 30, 1999 prepared by the management and not audited by an auditor, respectively. The financial statements for the year ended December 31, 1998 of four subsidiary companies were examined by an auditor whose auditors' reports stated that the audit opinion was, except for the effects of such adjustments on the financial statements on devaluation of property development and/or, land under development. In addition, the financial statements of another subsidiary were examined by an audit of whose auditors' report stated that the audit opinion was qualified except for the effects of such adjustments on the financial statements of reply confirmations of loans from financial institutions and construction payable which had not been obtained. The financial statements for the year ended December 31, 1998 of two subsidiary companies, which are Chanachai Limited and Jainad Limited, have been prepared on the going concern basis, which assumes that they will continue in existence. The validity of this assumption is dependent upon the companies' ability to maintain present financing and the success of future operations. If the companies were unable to continue in existence, adjustments would have to be made to reduce the value of assets to reflect their recoverable amounts and to provide for any further liabilities that might arise. All significant inter company transactions are eliminated in preparing the consolidated financial statements. NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF MEASUREMENT Revenues and Expenses Recognition Revenues and expenses are recognized on an accrual basis. Revenues and costs of construction in progress are recognized on the percentage of completion method which is based on the actual development cost compared to the total estimated development costs, not including cost of land. Deferred leasehold rights is recognized as revenue over the period of lease agreement. Leasehold and development costs are recognized as expenses over the period of lease agreement. Interest income is recognized on the accrual basis, except for overdue interest income expected to be uncollectable which is recognized as it is received. Dividend income is recorded on the date it accrued. Gain (loss) on sale of securities is recognized on the date of sale. Investments in Securities Trading investments in securities are stated at fair value. Other investments are stated at cost. Unrealized gain or loss arising on the revaluation of securities is reflected in the statement of income. Cost of sales on securities is determined by moving average method. Allowance for Doubtful Accounts Allowance for doubtful accounts is an estimate of those amounts which are expected to be uncollectable. Cost of Property Development Cost of property development is stated at the lower of cost , net of allowance of diminution in value or net realizable value which consists of acquisition cost of land and leasehold rights, development expenses and direct expenses of projects including interest expenses during the construction period which occurred from loans for land and development project. As at December 31, 1999, provision for loss on diminution in value of property development was Baht 513.51 million and Baht 88.05 million in the consolidated and the Company's financial statements, respectively. Investments in Related Parties Investments in subsidiary and associated companies are accounted for by the equity method. Investments in related companies are stated at cost, net of allowance of diminution in value. Land under Development for Sales and Rent Land for development is stated at cost including cost of land and related expenses and interest expenses, net of allowance of diminution in value or net realizable value. In 1998, two subsidiary companies entered into the lease agreements for a period of two years which will expire in November, 2000. Land under development of parent company and subsidiary companies was revalued (see note 10 to financial statements). Leasehold, Building and Equipment Leasehold is stated at cost, net of allowance of diminution in value. Building and equipment are stated at cost. Leasehold right is amortized according to the period of leasehold agreement. Depreciation is computed by the straight-line method over the estimated useful lives of assets of 5-20 years. Interest Capitalization Interest expenses related to financing construction and project expenses have been capitalized as project costs up to the completion of construction or until the project development is suspended. Deferred Charges Deferred charges are presented in other assets which consists of deferred interest on hire - purchase of vehicles which are amortized by the straight-line method according to the period of contracts. Business taxes and promotion expenses are amortized by the percentage of completion method. In 1999, deferred charges are amortized as expenses in the total amount of Baht 5.4 million and Baht 1.8 million in the consolidated and the Company' s financial statements, respectively. Foreign Currency Transactions Foreign currency transactions during the year are translated at the approximate rates of exchange ruling on the transaction dates. Foreign currency balances at the balance sheet date are translated at the exchange rates ruling on that date unless such assets or liabilities are covered by forward exchange contract for which, in that case, the forward exchange contract is used. Exchange gains and losses are included in determining income. Basic Loss per Share Basic loss per share is computed by dividing the net loss by the weighted average number of fully paid shares outstanding at the end of the years. Number of shares 1999 1998 Weighted average number of ordinary shares used in calculating basic loss per share 173,776,725 67,100,951 NOTE 5 - CASH AND CASH EQUIVALENTS Cash and cash equivalents at December 31, consisted of : Consolidated 1999 1998 1997 Baht Baht Baht Cash and cash at banks 135,702,986.53 69,384,330.49 11,112,520.56 Short term investments-fixed deposits 12,200,380.52 7,860,167.77 133,501,070.18 -promissory notes 427,182,177.00 - - Less Bank overdrafts (14,268,938.78) (95,622,989.48) (113,296,618.74) Short term investments-fixed deposits with commitment (4,273,920.00) (7,858,986.50) - Cash and cash equivalents 556,542,685.27 (26,237,477.72) 31,316,972.00 The Company 1999 1998 1997 Baht Baht Baht Cash and cash at banks 128,900,153.95 17,935,091.74 7,495,348.04 Short term investments - fixed deposits 2,426,860.56 1,970,081.27 95,001,070.18 - promissory notes 427,182,177.00 - - Less Bank overdrafts (13,905,885.64) (61,272,467.94) (67,169,962.75) Short term investments-fixed deposits with commitment (2,425,620.00) (1,968,900.00) - Cash and cash equivalents 542,177,685.87 (43,336,194.93) 35,326,455.47 As at December 31, 1999 and 1998 fixed deposits with commitment are pledged to secure letters of guarantees issued by bank. NOTE 6 - SHORT - TERM INVESTMENTS - NET Short - term investments - net as at December 31,1999, consisted of: (Amounts in Baht) Consolidated Capital Unrealized Allowances Fair Value securities gain on for diminution of capital capital securities in value securities Trading Securities 19,359,715.46 585,282.95 - 19,944,998.41 The Company Capital Unrealized Allowances Fair Value securities gain on for diminution of capital capital securities in value securities Trading Securities 15,998,347.62 504,690.40 - 16,503,038.02 Short - term investments - others as at December 31,1998, consisted of: Consolidated The Company Other securities 430,400.00 330,400.00 Less Allowance for diminution - - Total investments in securities 430,400.00 330,400.00 Total short term investments - others 430,400.00 330,400.00 In 1999, gain on sale of investments are in the amount of Baht 2.45 million and Baht 0.91 million, in consolidated and the Company's financial statements, respectively. As at December 31, 1999 certain investments in securities are pledged to secure loans from financial institutions. NOTE 7 - ACCOUNTS, NOTE RECEIVABLES AND UNBILLED COMPLETED WORK - NET Consolidated The Company 1999 1998 1999 1998 Baht Baht Baht Baht The sales value which has been Under the agreements 2,665,260,864.21 3,136,958,756.31 1,155,365,952.07 1,661,535,307.17 Total project sales 2,676,799,039.21 3,259,066,871.31 1,166,904,127.07 1,673,063,482.17 The ratio of sales value which Has been under the agreements And total project sales 99.57 % 96.25 % 99.01 % 99.31 % Unbilled completed work and unearned income. Consolidated The Company 1999 1998 1999 1998 (more)