ข่าวแจ้งตลาดหลักทรัพย์

management and not audited by an auditor, respectively. As at December 31, 1999, the financial statements 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. 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. The cost consists of acquisition cost of land and leasehold rights, development expenses and direct expenses of project includingg interest expenses during the construction period, which occurred from loans for land, leasehold rights and development projects. In 1999 the parent company and subsidiaries revalued project development by independent appraisers approved by the Stock Exchange Committee. As at June 30, 2000, provision for loss on diminution in value of property development was Baht 590.49 million and Baht 10.87 million in the consolidated and the Company's financial statements, respectively 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. Investment in related company is 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. Land under development of parent company and subsidiary companies was revalued (see note 8 to financial statements). In 1998, two subsidiary companies entered into the lease agreements for a period of two years which will expire in November, 2000. (see note 11 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 into Baht at the rates of exchange ruling on the transaction dates. Foreign currency balances at the balance sheet date are translated into Baht 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 and expenses. Income Tax The Company calculated income tax in accordance with the Revenue Code. Estimation Preparation of financial statements in conformity with generally accepted accounting principles in Thailand requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Actual results may differ from those estimates. Basic Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing the net profit (loss) by the weighted average number of fully paid shares outstanding at the end of the periods. Number of shares June 30,2000 June 30,1999 Weighted average number of ordinary shares used in calculating basic earnings (loss) per share 264,883,236 93,046,454 NOTE 5 - CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of : (Amounts: Thousand Baht) Consolidated June 30, December 31, 2000 1999 1999 1998 Cash and cash at banks 156,720 808,133 135,703 69,384 Short term investments - fixed deposits 183,629 4,625 12,200 7,860 - promissory notes - - 427,182 - Less Bank overdrafts (17,365) (76,248) (14,269) (95,623) Short term investments - fixed deposits with commitment (6,717) (4,011) (4,274) (7,858) Cash and cash equivalents 316,267 732,499 556,542 (26,237) The Company June 30, December 31, 2000 1999 1999 1998 Cash and cash at banks 134,738 785,094 128,900 17,935 Short term investments - fixed deposits 173,757 2,428 2,427 1,970 - promissory notes - - 427,182 - Less Bank overdrafts (17,032) (46,405) (13,906) (61,272) Short term investments - fixed deposits with commitment (2,694) (2,426) (2,425) (1,969) Cash and cash equivalents 288,769 738,691 542,178 (43,336) Fixed deposits with commitment are pledged to secure letters of guarantees issued by banks. NOTE 6 - ACCOUNTS, NOTE RECEIVABLES AND UNBILLED COMPLETED WORK - NET (Amounts: Thousand Baht) Consolidated The Company June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999 The sales value which has been under the agreements 2,665,261 2,665,261 1,155,366 1,155,366 Total project sales 2,676,799 2,676,799 1,166,904 1,166,904 The ratio of sales value which has been under the agreements and total project sales 99.57% 99.57% 99.01% 99.01% Unbilled Completed Work and Unearned Income: Consolidated The Company June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999 Installments due 2,665,553 2,665,553 1,171,590 1,171,590 Less : cash received (2,662,089) (2,662,089) (1,171,590) (1,171,590) Installment account receivables 3,464 3,464 - - Accounts, note receivables and unbilled completed work- net, consisted of: Consolidated The Company June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999 Installments due 2,665,553 2,665,553 1,171,590 1,171,590 Less sales recognized to date (2,678,165) (2,678,165) (1,171,590) (1,171,590) Add revenues from contract 12,612 12,612 - - cancellation - - - - The balance consisted of: Unbilled completed work - - - - Unearned income - - - - - - - - Installment accounts receivable 3,464 3,464 - - Unbilled completed work - 308 - - Service receivables 13,835 9,461 24,343 24,834 Total accounts, notes receivable and unbilled completed work 17,299 13,233 24,343 24,834 Less Allowance for doubtful accounts (5,804) (7,058) (1,323) (2,105) Total Accounts and Notes Receivable and Unbilled Completed Work - Net 11,495 6,175 23,020 22,729 Accounts, note receivables and unbilled completed work - net classified by aging receivable are as follows: (Amounts: Thousand Baht) Consolidated The Company June 30, December 31, June 30, December 31, 2000 1999 2000 1999 Unbilled completed work - 308 - - Over 1- 3 months 10,638 5,719 3,405 3,260 Over 3- 6 months 531 467 44 - Over 6- 12 months 455 278 - - Over 12 months 5,675 6,461 20,894 21,574 Less Allowance for doubtful accounts (5,804) (7,058) (1,323) (2,105) Net 11,495 6,175 23,020 22,729 NOTE 7 - LOAN TO RELATED PARTIES - NET Loan to related parties- net consisted of: (Amounts: Thousand Baht) Consolidated The Company June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999 Subsidiary companies - Chanachai Limited - - 239,849 129,649 - Sanpinyo Limited - - 141,012 141,012 - Prakarn Limited - - 51,263 51,263 - Jainad Limited - - 254,643 232,948 - Sansiri Property Plus Limited - - - - Related company - Regency One Co., Ltd. 5,000 5,000 - - Total 5,000 5,000 686,767 554,872 Less Allowance for doubtful accounts (5,000) (5,000) (250,000) (250,000) Net ___-__ ___-__ 436,767 304,872 The Company charges interest to subsidiaries at the rate of MLR percent per annum. Loan to related company represents that a subsidiary, which is Chanachai Co., Ltd., has given loan to related company with interest at the rate MLR per annum. As at June 30, 2000, the Company had loans to related parties and interest receivable classified by the aging receivable as follows: (Amounts: Thousand Baht) Consolidated The Company Principal Interest receivable Principal Interest receivable At call - - 686,767 - Over 1 - 3 months - - - - Over 3 - 6 months - - - - Over 6 -12 months - - - - Over 12 months 5,000 333 - 13,637 Less Allowance for doubtful accounts (5,000) (333) (250,000) - Net - - 436,767 13,637 As at December 31, 1999 , the Company had loans to related parties and interest receivable classified by the aging receivable as follows: (Amounts: Thousand Baht) Consolidated The Company Principal Interest receivable Principal Interest receivable At call - - 554,872 - Over 1 - 3 months - - - - Over 3 - 6 months - - - - Over 6 -12 months - - - 1,556 Over 12 months 5,000 333 - 12,081 Less Allowance for doubtful accounts (5,000) (333) (250,000) - Net ___-__ - 304,872 13,637 NOTE 8 - LAND UNDER DEVELOPMENT REVALUATION In 1999, the parent company and subsidiaries revalued land under development using market approach method by an independent appraiser approved by the Stock Exchange Committee. Assets revaluation was as follows: Original Revalued Revaluation Book value amount surplus Baht Baht Baht Land under development: Sansiri Public Company Limited 8,197,823.44 37,548,000.00 29,350,176.56 Less Assets transferred in settlement of debts (8,197,823.44) (37,548,000.00) (29,350,176.56) Total - - - Land under development: Sanpinyo Limited 110,406,452.36 609,600,000.00 499,193,547.64 Prakarn Limited 33,373,390.00 126,420,000.00 93,046,610.00 143,779,842.36 736,020,000.00 592,240,157.64 Less Assets transferred in settlement of debts (See note 11 to financial statements) (143,779,842.36) (736,020,000.00) (592,240,157.64) Total - - - In 1999, a subsidiary company revalued land under development, which resulted in a decrease in value, as follows: Original Revalued Loss on Book value amount appraisal value Baht Baht Baht Land under development of Chanachai Limited 108,483,464.44 107,231,300.00 1,252,164.44 Less Assets transferred in settlement of debts (69,951,266.19) (69,875,800.00) (75,466.19) 38,532,198.25 37,355,500.00 1,176,698.25 Less Allowance for devaluation (See note 21 to financial statements) ( - ) (26,170,817.87) 26,170,817.87 Total 38,532,198.25 11,184,682.13 27,347,516.12 NOTE 9 - INVESTMENTS IN RELATED PARTIES - NET Investments in related parties-net as at June 30, 2000 and December 31, 1999 consisted of: (Amounts : Thousand Baht) Investments Deficit on Paid up Capital Percentage of Cost Method Equity Method Investments Subsidiaries 2000 1999 Shareholding 2000 1999 2000 1999 2000 1999 Sanpinyo Limited 11,000 11,000 99% 14,490 14,490 220,547 456,362 - - Property Lease Chanachai Limited 90,000 90,000 99% 101,524 101,524 - - (800,572) (626,232) Property Development Jainad Limited 30,000 30,000 99% 51,950 51,950 - - (327,225) (347,465) Property Development Prakarn Limited 1,000 1,000 99% 1,000 1,000 23,543 75,353 - - Property Lease Sansiri Property Plus Limited 10,000 10,000 99% 10,000 10,000 11,331 9,785 - - Office and condominium management Internet services and Point Asia Access Co., Ltd. 10,000 - 55% 5,500 - 5,222 - - - telecommunication Total investments in subsidiaries 184,464 178,964 260,643 541,500 (1,127,797) (973,697) Associated companies Cathay Asset Management Co., Ltd. 25,000 25,000 20% 6,000 6,000 11,884 6,400 - - Financial and investment advisory services Starwood Thailand Property Fund1 604,421 701,194 25% 150,862 178,930 94,975 171,177 - - Property Fund managed assets of financial Total investments in associated companies 156,862 184,930 106,859 177,577 - - institutio Related company Regency One Co., Ltd 200,000 200,000 10% 20,000 20,000 - - - - Less Allowance for diminution in value (20,000) (20,000) - - - - Total investments inrelated company- net - - - - - - Total investments in related parties- net 341,326 363,894 367,502 719,077 - - The Company has relationship through shareholdings and/or same directors. On February 16, 2000, Plus Property Management Limited registered the change of its company name to Sansiri Property Plus Limited. At the Board of Directors' Meeting held on June 22,1999, it was resolved to invest in the Starwood Thailand Property Fund I. On September 8, 1999, the Company invested in the mentioned fund for 25% of total fund in the amount of Baht 178.93 million. The Fund was established with the objective to purchase or lease the real estate, invest in the right of claim arising from the business operation of the financial institutions under which the real estate is pledged as collateral, and manage the benefits arising from the real estate or such right of claim. At present, the Fund has outbid the FRA's auction of asset group No. 12, which has current unpaid principal balance of Baht 2,244 million at the price of Baht 680.63 million. On February 22, 2000, the mentioned fund has reduced the unit of fund. As the result, the Company's unit in this fund was reduced 2.42 million units and the Company received cash from the reduction of units amounting to Baht 33.59 million on April 21, 2000. On February 26, 2000, the mentioned fund has reduced the unit of fund. As the result, the Company's unit (more)