SET Announcements

B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Construction cost 231,547,394 231,547,394 - - Promotion expenses 17,526,830 17,526,830 - - Project management cost 4,000,000 4,000,000 - - Other related cost 9,394,320 9,394,320 - - Total 262,468,544 262,468,544 - - Less Transfer to cost of construction(262,468,544) (257,709,117) - - Construction in progress - net - 4,759,427 - - ============= ============= ============= ============= 11. OTHER CURRENT ASSETS - SHORT - TERM LOANS TO OTHER COMPANY As of December 31,1999 and 1998,these represented the callable promissory notes and accrued interest as follow: B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Promissory notes (interest rate 8.25% - 9.25 % p.a. in 1999 and 11.50% - 12.50% p.a. in 1998) 15,021,000 54,292,000 15,021,000 54,292,000 Accrued interest 23,801,602 18,946,364 23,801,602 18,946,364 Total 38,822,602 73,238,364 38,822,602 73,238,364 ========== ========== ========== ========== 12. OTHER CURRENT ASSETS - OTHERS In the consolidated financial statements and in the company's financial statements as of December 31, 1998, including an amount of Baht 7.2 million , advance to a director to guarantee the loan from bank of a related company. 13. LONG-TERM LOANS TO RELATED COMPANIES B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 LONG-TERM LOANS - Wipa View Co., Ltd. (bearing interest at the rate of 5.00% p.a., repayable in monthly instalments commencing after a grace period of 24 months with the final payment due in 2002) - - 75,525,000 - - Continental City Co., Ltd. (bearing interest at the rate of 5.00% p.a., repayable in monthly instalments with the final payment due in 2001) - - 5,068,807 - Total - - 80,593,807 - ACCRUED INTEREST Wipa View Co., Ltd. - - 631,099 - Continental City Co., Ltd. - - 35,412 - Total - - 666,511 - Total long - term loans and accrued interest to related companies - - 81,260,318 - ============= ============= ============= =========== 14 INVESTMENTS / LIABILITIES OCCUR FROM THE INVESTMENTS As of December 31, 1999 and 1998, the investments and liabilities occur from the investments in related and other companies as follow: B A H T CONSOLIDATED 1999 Company's name Type of Relationships Authorized Share Investments Business share capital holding Cost Equity Book value**Dividend (Million Baht) % method method Investments - related companies Associated company: N.K. Energy Conservation Light weight Co.,Ltd. wall panel Hold shares 6.5 49.96 3,247,400 3,247,400 1,804,605 - ========= Investment - other company Khonkaenland Development Group Co., Ltd. Real Estate Hold shares 250.0 2.00 5,000,000 - 4,760,436 - ========= B A H T CONSOLIDATED 1998 Company's name Type of Relationships Authorized Share Investments Book value** Dividend Business share capital holding Cost Equity (Million Baht) % method method Investments - related company Associated company N.K. Energy Conservation Light weight Co.,Ltd. wall panel Hold shares 6.5 49.96 3,247,400 3,247,400 1,953,986 - ========= Investment - other company Khonkaenland Development Group Co., Ltd. Real Estate Hold shares 250.0 2.00 5,000,000 - 4,760,436 - ========= ** As of December 31, 1999 and 1998, the book value, based on the latest audited financial statements of subsidiary companies and the latest unaudited financial statements of associated and other companies. B A H T THE COMPANY ONLY 1999 Company's name Type of Relationships Authorized Share Investments Business share capital holding Cost Equity Book value** Dividend (Million Baht) % method method Investments - related companies: Subsidiary companies: Bang Plee View Co., Ltd. Real Estate Hold shares 10.0 99.99 12,963,000 (79,886,604)(78,349,039) - Ban Suk Sabai Co., Ltd. " " 2.0 99.98 1,000,000(23,717,596)(23,717,596) - Bannsiam Co., Ltd. " " 102.0 99.99 102,000,000(326,194,070)(326,194,070) - Wipa View Co., Ltd. " " 200.0 99.99 199,493,000 (64,929,267)(78,961,773) - World time Holding Co., Ltd. " " 15.0 99.99 60,000,000 (35,601,137)(66,617,711) - Total Liabilities occur from the investments in related companies (530,328,674)* =========== Continental City Co., ltd. Real Estate Hold shares 40.0 99.99 42,783,506 14,371,131 (701,006) - Research & Consultant Co., Ltd. " " 10.0 64.99 6,500,000 1,874,850 1,874,850 - Total 16,245,981 B A H T THE COMPANY ONLY 1999 Company's name Type of Relationships Authorized Share Investments Business share capital holding Cost Equity Book value** Dividend (Million Baht) % method method Associated company: N.K. Energy Conservation Light weight Co., Ltd. wall panel Hold shares 6.5 49.96 3,247,400 3,247,400 1,804,605 - Total Investments- related companies 19,493,381 =========== Investment - other company Khonkaenland Development Group Co., Ltd. Real Estate Hold shares 250.0 2.00 5,000,000 - 4,760,436 - =========== * These are liabilities of the parent company for guarantee on the amount of deficiency over the capital of the related companies. ** As of December 31, 1999 and 1998, the book value, based on the latest audited financial statements of subsidiary companies and the latest unaudited financial statements of associated and other companies. B A H T THE COMPANY ONLY 1998 Company's name Type of Relationships Authorized Share Investments Business share capital holding Cost Equity Book value** Dividend (Million Baht) % method method Investments-related companies: Subsidiary companies: Bang Plee View Co., Ltd. Real Estate Hold shares 10.0 99.99 12,963,000 (55,704,702)(50,053,661) - Ban Suk Sabai Co., Ltd. " " 2.0 99.98 1,000,000 (20,146,946) (20,146,946)- Bannsiam Co., Ltd. " " 102.0 99.99 102,000,000 (49,261,566)(47,029,861) - Wipa View Co., Ltd. " " 200.0 99.99 198,493,000 (82,189,005)(99,218,689) - Total Liabilities occur from the investments in related companies (207,302,219)* - =========== World time Holding Co., Ltd. Real Estate Hold shares 15.0 99.99 60,000,000 89,927,740 53,728,184 - Continental City Co., Ltd. " " 40.0 99.99 42,783,506 5,682,374 (12,702,596) - Research & Consultant Co., Ltd. " " 10.0 64.99 1,625,000 2,318,498 2,318,498 - Total 97,928,612 B A H T THE COMPANY ONLY 1998 Company's name Type of Relationships Authorized Share Investments Business share capital holding Cost Equity Book value** Dividend (Million Baht) % method method Associated company: N.K. Energy Conservation Light weight Co., Ltd. wall panel Hold shares 6.5 49.96 3,247,400 3,247,400 1,953,986 - Total Investments- related companies 101,176,012 =========== Investment - other company Khonkaenland Development Group Co., Ltd Real Estate hold shares 250.0 2.0 5,000,000 - 4,760,436 - =========== * These are liabilities of the parent company for guarantee on the amount of deficiency over the capital of the related companies. ** As of December 31, 1999 and 1998, the book value, based on the latest audited financial statements of subsidiary companies and the latest unaudited financial statements of associated and other companies. 15. LAND BANK - NET B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 Land cost 532,459,494 404,670,327 146,552,510 107,281,510 Capitalized interest 366,240,152 297,765,546 9,877,277 9,877,277 Other expenses 87,063,616 50,725,826 3,802,202 3,802,202 Total 985,763,262 753,161,699 160,231,989 120,960,989 Less Transfer to reduce debts under debts restructuring agreements 27 (404,530,190) - - - 581,233,072 753,161,699 160,231,989 120,960,989 Less Allowance for impairment 28 (284,645,893) - (79,197,207) - Land bank-net 296,587,179 753,161,699 81,034,782 120,960,989 ============= ============= ============= ============ 16. PROPERTY,PLANT AND EQUIPMENT - NET CONSOLIDATED B A H T 1998 INCREASE DECREASE 1999 COST :- Land 97,468,232 9,068,109 - 106,536,341 Building and building improvement 14,042,858 - - 14,042,858 Infrastructure 93,922,130 6,225,445 - 100,147,575 Furniture and fixtures 25,389,690 - - 25,389,690 Office equipment 19,701,440 1,782,787 (6,262) 21,477,965 Vehicles 5,346,182 1,459 (2,085,400) 3,262,241 Clubhouse and sport club 47,621,047 44,227,472 (383,628) 91,464,891 Construction in progress 1,898,052 - - 1,898,052 Machinery and equipment 116,329 - - 116,329 Total 305,505,960 61,305,272 (2,475,290) 364,335,942 CONSOLIDATED B A H T NOTE 1998 INCREASE DECREASE 1999 ACCUMULATED DEPRECIATION :- Building and building improvement (10,463,372) (256,408) - (10,719,780) Infrastructure (33,438,838) (10,017,441) - (43,456,279) Furniture and fixtures (18,291,334) (3,237,723) - (21,529,057) Office equipment (13,122,223) (3,122,691) 2,931 (16,241,983) Vehicles (4,799,352) (243,429) 2,072,646 (2,970,135) Clubhouse and sport club (4,981,721) (4,148,365) 19,181 (9,110,905) Machinery and equipment (33,718) (23,266) - (56,984) Total (85,130,558) (21,049,323) 2,094,758 (104,085,123) Less Allowance for impairment-land 28 - (29,974,908) Property,Plant and Equipment-Net 220,375,402 230,275,911 ============= ============= Depreciation charge for the year amounted to Baht 21,049,323 in 1999 and Baht 19,307,201 in 1998 are included in determining earnings. THE COMPANY ONLY B A H T 1998 INCREASE DECREASE 1999 COST :- Land 26,532,000 - - 26,532,000 Infrastructure 68,971,428 - - 68,971,428 Furniture and fixtures 20,817,028 - - 20,817,028 Office equipment 15,314,296 1,594,597 - 16,908,893 Vehicles 4,583,424 - (2,042,700) 2,540,724 Clubhouse and sport club 31,095,992 381,195 - 31,477,187 Total 167,314,168 1,975,792 (2,042,700) 167,247,260 ACCUMULATED DEPRECIATION :- Infrastructure (25,007,455) (6,899,826) - (31,907,281) Furniture and fixtures (15,397,361) (2,714,465) - (18,111,826) Office equipment (9,906,059) (2,559,247) - (12,465,306) Vehicles (4,090,717) (213,782) 2,040,628 (2,263,871) Clubhouse and sport club (4 039,328) (1,564,714) - (5,604,042) Total (58,440,920) (13,952,034) 2,040,628 (70,352,326) Property,Plant and Equipment - Net 108,873,248 96,894,934 ============= ============= Depreciation charge for the year amounted to Baht 13,952,034 in 1999 and Baht 13,829,417 in 1998 are included in determining earnings. 17. OTHER ASSETS - DEPOSIT - LAND In the consolidated financial statements and in the company's financial statement, in 1999,due to the economic crisis, the company was unable to make payment when a contract to purchase land was dued, hence the deposit of Baht 32.94 million had been forfeited. Under other assets,in the consolidated financial statements and in the company's financial statement, as of December 31, 1999 and 1998, the contracts to purchase land are dued, the payments have not been made and the company is in the process of getting further extension. 18. OTHER ASSETS - DEPOSIT FOR INVESTMENT B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Deposit for investment - Financial institution Deposit 21,050,033 - 21,050,033 - Promissory note (at call with interest at the rate of 0.50% p.a.) 3,949,967 - 3,949,967 - 25,000,000 - 25,000,000 - - Other company 11,000,000 - 11,000,000 - Total 36,000,000 - 36,000,000 - ============= ============= ============= ============ In 1999, deposit for investment is deposit with a financial institution and the company had transfered the real estate development cost to the financial institution under the debts restructuring agreement to build the infrastructure of the project.If the financial institution is apporved to operate the real estate project from the authority, the company agree to join in the project as per the management agreement on November 15, 1999. However, if the financial institution is not approved to do the project, the company has to compensate to the financial institution for the amount of Baht 12.50 million. In 1999, deposit for investment with other company is deposit in a fund to bid in business loan from the Financial Sector Restructuring Authority. The company shall invest 10% of the purchase price or at the minimum amount of Baht 37.50 million. 19. OTHER ASSETS - OTHERS Under the other assets,in the consolidated financial statements and in the company's financial statements, as of December 31, 1999 and 1998, included the saving deposit at bank approximately Baht 25.77 million and Baht 1.58 million respectively which are pledged to secure loan from bank and promissory notes (amounted to Baht 3.93 million and Baht 2.64 million respectively) of a financial institution which was ordered to cease its operation on December 8, 1997 by the Ministry of Finance.The said promissory notes are not able to change to the negotiable certificate of deposit and being hold for liquidation settlement. Promissory notes of Baht 3.12 million and Baht 2.16 million respectively have been pledged to secure customers' housing loans. 20. BANK OVERDRAFTS AND LOANS FROM FINANCIAL INSTITUTIONS B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Banks overdrafts 22,623,905 41,717,541 17,595,465 15,065.253 Short-term loans - financial institutions - Notes payable 60,000,000 48,647,091 40,000,000 28,647,092 - Overdue notes payable - 74,975,140 - - - Loans 81,486,019 101,486,019 - - - Overdue loans - 97,031,599 - 97,031.599 Total 164,109,924 363,857,390 57,595,465 140,743,944 ============= ============= ============= ============= In the consolidated financial statements - The company and its subsidiaries have credit lines with local banks of Baht 22.73 million in 1999 which are secured by saving deposit at bank and the mortgage of land and land development and amounted to Baht 42.73 millin in 1998, which are secured by the mortgage of land and land development. - Notes payable are short-term promissory notes of local financial institutions with interest at the rate of 5.00% and 0.5%+MOR per annum in 1999 which are secured by saving deposit at bank and the mortgage of land bank and land development and 14.25%-21.00% per annum in 1998, which are secured by the mortgage of land bank, land development together with the guarantee by a director. As of December 31, 1998, the subsidiary company has short-term promissory notes of a local financial institution which was ordered to cease its operation on December 8, 1997 by the Ministry of Finance amounted to Baht 24.98 million. In 1999, the total overdued promissory notes amount of Baht 74.98 million was included in the debts restructuring. - Loans are loans from local financial institutions with interest at the rate of 5.00% per annum, which are secured by saving deposit at bank and the mortgage of land development in 1999 and 12.25%-18.00% per annum in 1998, which are secured by saving and fixed deposit at bank and the mortgage of land development together with the guarantee by a director. In 1999, the total overdued loans amount of Baht 97.03 million was included in the debts restructuring. In the company's financial statements - The company has credit lines with local banks amounted to Baht 17.73 million in 1999 and 1998, which are secured by the mortgage of land and land development. - Notes payable are short-term promissory notes of a local financial institution with interest at the rate of 0.50%+MOR per annum in 1999 and 14.25% per annum in 1998, which are secured by the mortgage of land bank. - Overdue loans are loans from a local financial institution with interest at the rate of 15.75% per annum in 1998, which are secured by saving deposit at bank and the mortgage of land development, a related company's land development together with the guaranteed by a director. In 1999, the total overdued loans amount of Baht 97.03 million was included in the debts restructuring. 21. CURRENT PORTION OF LONG-TERM BOND According to the resolution of the extraordinary meeting of the shareholders on June 6, 1994, the company had issued a 4 year 8% non-convertible bond, totalling Baht 500 million,par value of Baht 1,000.00 each. Interest shall be paid semi-annually, the company has not made any payment when the bond became dued on June 15, 1998. As of December 31, 1999, the company had issued the convertible bonds to pay for the June 6, 1994 non-convertible bonds. 425,000 convertible bonds of Baht 425 million had converted into 12.75 million common sharas. As of December 31, 1999, after the restructuring of debts of Baht 440 million and off-set the non convertible bonds of Baht 30 million, the non-convertible bonds still outstanding in the amount of Baht 30 million. 22 LOAN FROM RELATED RELATED COMPANY B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 World Time Holding Co., ltd. Loan - - 8,034,809 17,000,000 Accrued interest - - 9,080 944,068 - - 8,043,889 17,944,068 ============= ============= ============= ============= Loan is callable promissory note with interest at the rate of 8.25% per annum in 1999 and 12.25% per annum in 1998. 23. DEFERRED INCOME TAX AND INCOME TAX B A H T CONSOLIDATED THE COMPANY ONLY 1999 1998 1999 1998 Income tax for the year-Per tax - 3,187,667 - - ============= ============= ============= ============= Income tax for the year-Per book - - - - ============= ============= ============= ============= Deferred income tax - Beginning of year 103,327,712 106,515,315 38,231,398 38,231,398 Adjustment for the year (11,105,735) (3,187,603) - - Deferred income tax - End of year (more)