SET Announcements

"REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME AND DEFICIT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 REVENUES Sales 122,769 176,570 36,170 27,990 Income from construction 6,759 14,157 - 7,694 Sales and service 6,131 1,831 - - Other income Gain (loss) from the cancelled contracts 14 53,120 (10,816) 6,336 (6,087) Management fee - - 4,083 2,515 Gain on exchange rate - 50,598 - - Interest income 4,566 8,436 29,648 38,677 Others 4,751 7,151 2,275 2,934 Total Revenues 198,096 247,927 78,512 73,723 EXPENSES Cost of sales 98,458 203,291 34,961 35,666 Cost of construction 10,766 20,581 - 9,902 Cost of sales and services 2,051 1,009 - - Selling and administrative expenses 54,377 50,995 35,851 32,813 Loss from cancellation of purchase agreement 32,940 - 32,940 - Loss(gain)from subsidiary companies under equity method - - 52,039 15,074 Interest expenses 133,995 36,490 57,132 43,193 Total Expenses 332,587 312,366 212,923 136,648 .../2 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME AND DEFICIT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE - 2 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 LOSS BEFORE INCOME TAX AND MINORITY INTERESTS (134,491) (64,439) (134,411) (62,925) INCOME TAX - 408 - - LOSS BEFORE MINORITY INTERESTS (134,491) (64,847) (134,411) (62,925) MINORITY INTERESTS 80 1,922 - - NET LOSS (134,411) (62,925) (134,411) (62,925) DEFICIT, BEGINNING OF PERIOD (626,358) (45,852) (626,358) (45,852) DEFICIT, END OF PERIOD (760,769) (108,777) (760,769) (108,777) ========== ========== ========== ========= LOSS PER SHARE (BAHT) (2.44) (1.14) (2.44) (1.14) ========== ========== ========== ========= The accompanying notes to interim financial statements are an integral part of these statements. NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (134,411) (62,925) (134,411) (62,925) Add (less) items not affecting cash Depreciation and amortization 24,900 21,253 16,299 12,146 Loss (gain) on sales property, plant and equipment (377) - (377) - Loss (gain) from the cancelled contracts (53,120) 10,816 (6,336) 6,087 Loss from cancellation of purchase agreement 32,940 - 32,940 - Loss (gain) from subsidiary companies under equity method - - 52,039 10,199 Decrease (increase) in accrued management fee-related companies - - (4,432) (2,765) Decrease (increase) in accrued interest receivable - related companies - - (26,106) (31,002) Decrease (increase) in accrued interest receivable - other company (2,937) (4,377) (2,937) (4,377) Increase (decrease) in accrued interest - related companies - - 661 5,412 Increase (decrease) in accrued interest expenses - other companies 133,995 161,114 56,471 71,766 Minority interests in loss of subsidiaries (81) (1,922) - - Operating profit (loss) before working capital changes 909 123,959 (16,189) 4,541 .../2 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE - 2 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 Operating profit (loss) before working capital changes 909 123,959 (16,189) 4,541 Decrease(increase)in trade accounts receivable 6,441 18,351 1,821 1,172 Decrease(increase)in unbilled completed work 40,882 (5,982) 13,377 (22,185) Decrease(increase)in inventories - 1,511 - - Decrease(increase)in real estate development cost for sales 137,987 138,811 45,393 5,368 Decrease(increase)in construction in progress - net (8) (1,735) - - Decrease(increase)in other current assets Advance to contractors 58 4,886 58 5,765 Others 3,411 (9,923) 7,496 (4,965) Decrease(increase)in other assets Deposit - land - 28,060 - 28,060 Pre-operating expense - (16,248) - (1,278) Others 335 (4,737) 1,017 (5,013) Increase(decrease)in accounts payable - construction Related companies - - - (3,873) Other companies (25,688) (51,993) (7,348) (13,231) Increase(decrease)in deposit and received in advance from customers (33,333) 10,293 (8,378) 3,132 Increase(decrease)in other current liabilities Deferred income tax (8,896) (10,357) - - Accrued expenses (31,013) (68,718) (15,411) (20,833) Others (2,071) (6,311) 328 (8,497) Increase(decrease)in other liabilities - others (186) 60 (186) 60 Cash flows from operating activities-Net 88,828 149,927 21,978 (31,777) .../3 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE - 3 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 CASH FLOWS FROM INVESTING ACTIVITIES: Decrease(increase)in short-term investment - financial institutions 3,472 23,489 9,994 55,705 Decrease(increase)in short-term loans and advance to related companies - - 8,859 55,569 Decrease(increase)in land bank - (41,163) - (1,543) Acquisition in property, plant and equipment (842) (3,920) (434) (13) Proceeds from sales of property,plant and equipment 379 - 379 - Cash flows from investing activities - Net 3,009 (21,594) 18,798 109,718 CASH FLOWS FROM FINANCING ACTIVITIES: Increase(decrease)in banks overdrafts and loans from finacial institutions (13,737) (1,264) 2,299 (13,051) Increase(decrease)in current portion of long-term loans (53,758) (52,514) (25,755) 11,380 Increase(decrease)in loans from related company - - (5,412) (50,376) Increase(decrease)in long - term loans - (39,730) - , Cash flows from financing activities - Net (67,495) (93,508) (28,868) (52,047) INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS 24,342 34,825 11,908 25,894 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 20,887 14,444 8,350 7,292 CASH AND CASH EQUIVALENTS, END OF PERIOD 45,229 49,269 20,258 33,186 ========== ========== ========== ========== .../4 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE - 4 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 ACTIVITIES NOT AFFECTING CASH: Transfer from real estate development cost for sales to investment in land bank - 4,977 - - Decrease(increase)in investment in land bank - (4,977) - - Transfer from long - term loans to current portion of long - term loans - 445,718 - 105,000 Increase(decrease)in long - term loans - (445,718) - (105,000) Transfer from minority interests to other current assets - others - 2,625 - - Decrease (increase) in other current assets - others - (2,625) - - SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Cash paid during the period for Interest expenses 29,557 74,975 12,786 28,877 Income tax - 8 - - The accompanying notes to interim financial statements are an integral part of these statements. NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES NOTES TO INTERIM FINANCIAL STATEMENTS JUNE 30, 1999 AND DECEMBER 31, 1998 1. GENERAL The Company was approved by The Stock Exchange of Thailand to be a listed company in The Stock Exchange of Thailand on November 22, 1996. The stock of the company began trading on June 12, 1997. 2. PRESENTATION OF INTERIM FINANCIAL STATEMENTS The interim financial statements were presented according to the Ministerial Regulation No. 7 (B.E. 2539) declared on October 25, 1996 as empowered under the Public Companies Limited ACT B.E. 2535. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 3.1 Principles of consolidation The consolidated accounts incorporate the accounts of the Company and its majority own (over 50%) subsidiaries either directly or indirectly. Significant intercompany transactions are eliminated. The Company has eight subsidiaries with 64.9% and 99.9% holdings of which is treated 65% and 100% respectively in the consolidation, as follows : Kind of Percentage business of shareholding Bang Plee View Co., Ltd. real estate 99.99 Ban Suk Sabai Co., Ltd. real estate 99.98 Bannsiam Co., Ltd. real estate 99.99 Wipa View Co., Ltd. real estate 99.99 Continental City Co., Ltd. real estate 99.99 World Time Holding Co., Ltd. real estate 99.99 S & P Property Management Co., Ltd. real estate 99.99 (Formerly Noble Property Management Co.,Ltd) Research & Consultant Co.,Ltd. real estate 64.99 The excess of the aggregated cost of the investments in subsidiary companies over the aggregated book value was presented as "Goodwill" in the Consolidated Balance Sheets and amortized on the straight-line method over a period of 10 years. 3.2 Revenue recognition Income on sales of Condominium, Property Development Projects and Income from construction are recognized when the contract was signed, calculated based on the percentage of completion method. Instalment payment due according to the contracts but not yet received is shown as "Accounts receivable". The excess or lower of revenue recognized under the percentage of completion method over or under the amount of instalment payment due according to the contracts is shown as "Unbilled completed work" or "Unearned income" respectively in consolidated balance sheets. Sales and service revenues are recognized when goods are delivered and services are rendered. 3.3 Cost of sales and Cost of construction Cost of sales and Cost of construction included the allocation of the cost of land, development cost and construction cost as expected to be incurred for the whole projects to units of the project calculated on the same basis of income recognition which based on the percentage of completion method. 3.4 Inventories Inventories - machinery are stated at the lower of cost (FIFO) or net realisable value. Supplies for construction are stated at the lower of weighted average cost or net realisable value. 3.5 Real estate development cost Real estate development cost comprised of costs of land development, costs of construction, related interest cost, promotion expenses and other related cost, are stated at cost. As of December 31, 1998, due to the company has suspended the development for an indefinite period, the deferred promotion cost of Baht 86.80 million in the consolidated financial statements and Baht 22.61 million in the company's financial statements were amortized. 3.6 Construction in progress Construction in progress comprised of costs of construction , related interest cost, promotion expenses, project management cost and other related cost, are stated at cost. "REVIEWED" 3.7 Interest capitalization The Company capitalized, as part of the cost of land and land development for sales, interest on loans for the acquisition of the said items. The capitalization will be discontinued when the land is completed for sales. As of December 31, 1998, due to the company has suspended the property development for an indefinite period, the company has thus recorded the 1998 interest of Baht 201.45 million in the consolidated financial statements and Baht 65.65 million in the company's financial statements as expense. 3.8 Investments in related and other companies Investments in related companies are recorded under equity method. Investment in other company is recorded under cost method. 3.9 Land bank Land bank comprised of costs of land development, related interest cost and other related cost, are stated at cost. 3.10 Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method based on the estimated useful lives of 5 - 20 years. (More)