SET Announcements

Other companies (22,184,724) (79,882,959) 1,587,722 (15,030,727) Increase(decrease)in deposit and received in advance from customers (37,002,323) (14,491,693) (9,649,019) (4,491,136) Increase(decrease)in other current liabilities Deferred income tax - (3,187,603) - - Accrued expenses (51,097,000) (9,891,842) (17,241,202) 559,790 Others (6,099,217) (4,594,905) 132,784 (12,300,697) Increase(decrease)in other liabilities - others (401,695) 893,595 (401,695) 893,595 Cash flows from operating activities - Net 85,572,101 80,323,763 10,050,516 (35,720,529) .../5 - 5 - NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 CASH FLOWS FROM INVESTING ACTIVITIES: Decrease(increase)in short term investment - financial institutions 37,240,853 24,625,487 12,376,864 45,489,476 Decrease(increase)in short - term loans and advance to related comapny - - (3,793,392) 64,444,820 Acquisition in property,plant and equipment (2,716,243) (1,084,699) (1,975,792) (1,266,916) Proceeds from sales of property, plant and equipment 428,695 391,500 427,200 361,500 Decrease(increase)in other assets - deposit for investment (36,000,000) - (36,000,000) - Cash flows from investing activities-Net (1,046,695) 23,932,288 (28,965,120) 109,028,880 .../6 - 6 - NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 CASH FLOWS FROM FINANCING ACTIVITIES: Increase(decrease)in banks overdrafts and loans from financial institutions 8,968,719 13,338,609 27,530,212 (6,764,118) Increase(decrease)in current portion of long - term bonds (8,235,000) - (8,235,000) - Increase(decrease)in loans from related company - - 10,587,980 (73,295,669) Increase(decrease)in long - term loans (192,850,999) (111,151,545) (119,907,938) 7,809,712 Cash received from increase in share capital 113,400,000 - 113,400,000 - Cash flows from financing activities - Net (78,717,280) (97,812,936) 23,375,254 (72,250,075) INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS 5,808,126 6,443,115 4,460,650 1,058,276 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 20,887,406 14,444,291 8,350,740 7,292,464 CASH AND CASH EQUIVALENTS, END OF YEAR 26,695,532 20,887,406 12,811,390 8,350,740 ============= ============= ============= ============= .../7 - 7 - NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 OPERATING ACTIVITIES NOT AFFECTING CASH: Decrease(increase)in real estate development cost for sales 9,655,590 - 9,655,590 - Increase(decrease)in accounts payable- construction - other companies due to revise total cost project (9,655,590) - (9,655,590) - INVESTING ACTIVITIES NOT AFFECTING CASH Decrease(increase)in other current assets - short-term loan to other company 39,271,000 - 39,271,000 - Decrease(increase)in land bank due to restructured debts (39,271,000) - (39,271,000) - .../8 - 8 - NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 FINANCING ACTIVITIES NOT AFFECTING CASH Decrease(increase)in account receivable share subscription - (2,625,000) - - Increase(decrease)in minority interests - 2,625,000 - - Transfer from bank overdrafts and loans from financial institutions and long term loans to share capital (49,315,130) - (49,315,130) - Transfer from current portion of long term bonds to share capital and premium on share capital capital (427,250,000) - (427,250,000) - Increase(decrease)in share capital due to convertible bonds and restructured debts 179,065,130 - 179,065,130 - Increase(decrease)in premium on share capital due to convertible bonds 297,500,000 - 297,500,000 - Increase(decrease)in share capital 72,000,000 - 72,000,000 - Decrease(increase)in discount on share capital due to increase in share capital (72,000,000) - (72,000,000) - .../9 - 9 - NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 OPERATING AND INVESTING ACTIVITIES NOT AFFECITNG CASH Transfer from real estate development cost for sales to investment in land bank and property, plant and equipment 254,151,298 4,977,445 - - Decrease(increase)in investment in land bank (195,562,268) (4,977,445) - - Decrease(increase)in property, plant and equipment (58,589,030) - - - OPERATING AND FINANCING ACTIVITIES NOT AFFECTING CASH Decrease(increase)in other current assets - Accrued management fee-related companies - - 21,681,137 - Increase(decrease)in loans from related company due to restructured debts - - (21,681,137) - .../10 - 10 - NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 INVESTING AND FINANCING ACTIVITIES NOT AFFECTING CASH Transfer short-term loans and advance to related companies to bank overdrafts and loans from financial institutions - - 39,145,946 - Increase(decrease)in bank overdrafts and loans from financial institutions and long-term loans due to restructured debts - - (39,145,946) - SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Cash paid during the year for Interest expenses 44,601,390 192,212,134 18,694,745 85,798,931 Income tax 11,656 7,875 - - The accompanying notes to financial statements are an integral part of these statements. NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1999 AND 1998 1.GENERAL 1.1 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. 1.2 The subsidiary company (Reserch & Consultant Co., Ltd.) has ceased its operations in 1999. The resumption of the operations is dependent upon the future plan of the management. 2.PRESENTATION OF FINANCIAL STATEMENTS The 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 business Percentage 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. (Formerly Noble Property Management Co., Ltd.) real estate 99.99 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 methold 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 costruction 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, promotion expenses and other related cost, are stated at cost. In 1998, due to the company has suspended the development for an indefinite period, the deferred promotion cost of Baht 86,804,176 in the consolidated financial statements and Baht 22,614,751 in the company's financial statements were amortized. In 1999, the subsidiary company has transferred the real estate development cost to the land bank account of Baht 195,562,268. 3.6 Construction in progress Construction in progress comprised to costs of construction, related interest cost, promotion expenses, project management cost and other related cost, are stated at cost. 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. In 1998, due to the company has suspended the development for an indefinite period, the company has thus recorded the 1998 interest of Baht 201,445,963 in the consolidated financial statements and Baht 65,654,392 in the company's financial statements as expense. B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 The interest capitalized for the year - 41,283,518 - 1,941,901 3.8 Investments in related and other companies Investments in related companies are recorded under equity method. Investment in other company is long-term non listed investment in equity security and held as a general investment is stated at cost. 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. 3.11 Pre-operating expenses and deferred charges Pre-operating expenses and deferred charges are amortized on the straight-line method over a period of 1-5 years. In 1998,due to the company has suspended the development for an indefinite period, the pre-operating expenses and deferred charges of Baht 84,157,141 in the consolidated financial statements and Baht 42,990,562 in the company's finanical statements were amortized. B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Pre-operating expenses and deferred charges write off for the year 9,272,449 95,265,374 8,932,271 53,819,205 3.12 Deferred income tax The Company adopts the generally accepted practice of providing for deferred income tax resulting from time difference between accounting and taxable income. The time difference arise primarily from the accounting income being recognized on the percentage of completion method where as the taxable income are recognized according to the instalment payments dued. 3.13 Foreign currency transaction Foreign currency transactions during the year are converted into Baht at the rates ruling on the transaction dates. Assets and liabilities in foreign currencies at the end of the year are converted into Baht at the bank buying and selling rate on the consolidated balance sheet date. Gain or loss from translation are included in determining earnings. 3.14 Provident fund Under Provident Fund Act. (B.E. 2530) the Company set up a new employee provident fund scheme in October 1994. This fund is managed by an approved finance company. Each employee contributes a fix percentage of the gross salary and the company contributes an amount depending on the employee services. The company had been approved to temporary stop the payment contribute into the provident fund from october 1, 1997 to December 31, 1999, by the registrar of the provident fund on November 26, 1997. 3.15 Loss per share Loss per share is determined by dividing net loss by the weighted average number of shares outstanding. 4. SHORT-TERM INVESTMENT - FINANCIAL INSTITUTIONS Short-term investment are consisted of fixed deposit at banks, short-term promissory notes of a local financial institution with interest at the rate of 1.25% - 2.00% per annum in 1999 and 4.50% - 6.00% per annum in 1998. Fixed deposit at bank are used as a guarantee for letter of guarantee from bank to the Metropolitan Electricity Authority and for customers' housing loan. 5. TRADE ACCOUNTS RECEIVABLE B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Total value of contracts signed 4,042,451,234 4,705,299,410 2,097,494,501 2,333,062,842 ============= ============= ============== ============ The percentage of total sales projects 93.45 78.57 95.07 85.76 ============= ============= ============== ============= Instalments due 3,753,791,094 3,656,797,082 1,991,413,444 1,968,805,112 Less Received (3,746,952,504) (3,639,057,085) (1,985,204,861) (1,960,512,679) Accounts receivable from Instalments dued 6,838,590 17,739,997 6,208,583 8,292,433 ============= ============= ============== ============== 6. UNBILLED COMPLETED WORK B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Recognized as income 3,846,620,326 4,091,873,300 2,071,371,821 2,173,916,243 Less Instalments due (3,753,791,094) (3,656,797,082) (1,991,413,444) (1,968,805,112) Unbilled completed work 92,829,232 435,076,218 79,958,377 205,111,131 ============= ============= ============== ============= 7. SHORT-TERM LOANS AND ADVANCE TO RELATED COMPANIES B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Short-term loans Wipa View Co.,Ltd. - - - 242,250,000 Bannsiam Co.,Ltd. - - 189,814,945 189,814,945 Continental City Co.,Ltd. - - - 62,489,981 Ban Suk Sabai Co.,Ltd. - - 52,100,000 58,600,000 Bang Plee View Co.,Ltd. - - 44,582,906 43,093,863 Research & Consultant Co.,Ltd. - - 2,860,000 2,860,000 Total Short-term loans - - 289,357,851 599,108,789 B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Accrued interest Wipa View Co., Ltd. - - - 68,487,604 Bannsiam Co., Ltd. - - 60,705,017 44,727,899 Continental City Co., Ltd. - - - 19,423,831 Ban Suk Sabai Co., Ltd. - - 12,088,996 9,345,049 Bang Plee View Co., Ltd. - - 20,769,037 17,358,326 Research & Consultant Co., Ltd. - - 534,076 244,060 Total accrued interest - - 94,097,126 159,586,769 Advance Wipa View Co.,Ltd. - - 30,432,781 30,520,854 Bannsiam Co.,Ltd. - - 17,735 15,695 Continental City Co., Ltd. - - - 8,074 Ban Suk Sabai Co.,Ltd. - - 11,194,684 11,196,734 Bang Plee View Co.,Ltd. - - - 31,086 S & P Property Management Co.,Ltd (Formerly Noble Property Management Co.,Ltd.) - - - - World Time Holding Co.,Ltd. - - - - Research & Consultant Co.,Ltd. - - - 67,938 Total advance - - 41,645,200 41,840,381 Total Short-term loans and advance to related companies - - 425,100,177 800,535,939 ============= ============= ============= ============= These loan are callable promissory notes with interest at the rate of 5.00% - 12.75% per annum in 1999 and 5.00%-17.25% per annum in 1998. 8. INVENTORIES B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Merchandise 4,344,240 - - - Supplies for construction 1,945,051 1,972,407 - - Total 6,289,291 1,972,407 - - ============= ============= ============= ============= 9. REAL ESTATE DEVELOPMENT COST B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 Land development 1,497,886,683 1,592,897,474 963,123,911 963,123,911 Capitalized interest 548,334,351 618,967,779 124,740,307 124,740,307 Construction in progress 1,853,214,325 1,949,291,049 964,097,740 973,401,862 Mock up and project offices 115,939,415 116,136,582 42,108,994 42,109,810 Promotion expenses 237,537,415 245,954,157 132,226,242 133,907,540 Project management expenses 20,213,508 - - - Other related cost 47,498,267 74,954,812 3,058,708 5,821,085 Total 4,320,623,964 4,598,201,853 2,229,355,902 2,243,104,515 Less-Transfer to costs of sales (2,944,823,643) (2,996,272,430)(1,566,843,742)(1,597,646,567) -Transfer to reduce debts under debts restructuring agreements 27 (1,066,660,507) - (557,428,795) - Real Estate Development cost 309,139,814 1,601,929,423 105,083,365 645,457,948 ============= ============== ============= ============= In the consolidated financial statement, to enable a subsidiary company to transfer the title deed to the individual customer when the payments are made, the Company has divided some of the big lots of land into small lots by using a middle man. All of the small divided lots which are not transferred are used to replace the previous mortgage with a local bank. 10. CONSTRUCTION IN PROGRESS - NET (more)