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- 11 - Statistical Summary Noble Development Public Company Limited and its subsidiaries "++++++++ In Thousands +++++++++' "+++++++ Baht / Share +++++++' Year Sale Net Profits Earnings Dividend Book Value Payout Ratio (Loss) (Loss) (%) 1995 814,505 72,351 1.81 - 35.48 - 1996 963,447 91,147 2.07 - 35.24 - Q1/1997 250,815 19,373 0.44 - 35.67 - (3 months) * Adjusted to Baht 10 par value for comparison - 12 - Noble Development Public Company Limited For the accounting period of January 1 - December 31 (Unit : Baht thousand) ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++ Audited ++++++++++++ Reviewed Reviewed Mar. Projection 1993 1994 1995 1996 31,1997 1997 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Real estate development cost 444,098 256,564 202,516 326,897 308,515 208,905 Unbilled completed work 779,778 584,541 344,706 373,303 420,334 438,735 Land Bank 69,564 297,878 388,611 337,319 351,102 569,919 Property, plant and equipment 19,277 80,699 134,744 133,042 130,683 117,550 Total assets 1,508,950 2,314,158 2,480,241 2,833,838 2,855,446 3,154,351 Bank overdrafts and loans- 180,616 217,581 276,630 217,293 201,658 132,221 from financial institutions Accounts payable-construction 17,616 45,795 26,579 37,386 39,951 66,602 Current portion of long-term- 590,800 77,691 - - - 500,000 loans Long-term loans 187,800 - 138,690 261,240 318,710 329,221 Total liabilities 1,065,241 967,140 1,060,872 1,283,323 1,285,558 1,204,445 Bond - 500,000 500,000 500,000 500,000 - Issued and paid-up capital 200,000 400,000 400,000 440,000 440,000 550,000 Shareholders equity 443,709 1,347,018 1,419,369 1,550,516 1,569,888 1,949,906 Sales1 950,443 672,552 232,673 166,782 58,403 362,425 Income from subsidiary- - 8,933 32,784 84,848 21,730 71,713 companies under equity method Total revenues 958,158 748,334 363,845 361,542 99,645 555,740 Cost of sales1 710,465 427,990 150,694 127,715 44,909 279,211 Selling and administration- 29,752 56,895 76,065 83,017 18,238 99,673 expenses Interest expenses 69,051 96,920 47,473 56,045 17,125 50,712 Income tax 44,985 48,203 17,262 3,619 - 16,329 Net profit 103,905 121,971 72,351 91,147 19,373 109,815 - 13 - Noble Development Public Company Limited and its subsidiaries For the accounting period of January 1 - December 31 (Unit : Baht thousand) ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ++++ Audited +++ Reviewed Reviewed Mar. Projection 1995 1996 31,1997 1997 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Accounts receivable 15,259 17,054 14,118 355,990 Real estate development cost 964,923 1,120,486 1,101,407 1,097,782 Unbilled completed work 862,829 1,240,875 1,357,476 955,144 Land Bank 1,094,579 920,422 946,750 802,476 Property, plant and equipment 209,527 221,640 220,948 323,470 Total assets 3,686,745 4,109,764 4,179,421 4,169,771 Bank overdrafts and loans- 354,317 314,324 330,412 195,109 from financial institutions Accounts payable - construction 55,858 125,988 183,415 107,346 Current portion of long-term loans 202,170 323,267 241,612 702,170 Long - term loans 895,610 940,871 1,025,345 869,829 Total liabilities 2,267,376 2,559,249 2,608,658 2,217,742 Bond 500,000 500,000 500,000 - Issued and paid-up capital 400,000 440,000 440,000 550,000 Shareholders equity 1,419,369 1,550,516 1,569,888 1,949,906 Sales1 755,995 951,239 248,595 1,148,653 Income from construction and- 58,510 12,208 2,220 33,333 service Total revenues 854,226 1,012,404 254,884 1,226,674 Cost of sales1 515,586 720,196 172,002 725,303 Cost of construction and service 61,583 10,214 - 142,789 Selling and administration- 117,657 110,470 1,920 148,946 expenses Interest expenses 56,147 34,613 29,439 28,864 Income tax 30,902 45,766 15,917 69,709 Net profit 72,351 91,147 19,373 109,815 - 14 - Remark According to the reviewed 1997 projection, funds raised from 11 mil. shares increased capital are based on the assumption that the price per share is Baht 27 and the total proceed from fund raising is Baht 290 mil. However, the price per share has been adjusted to Baht 16 due to the market and economic situation. The total proceed from fund raising has declined to Baht 173 or a Baht 117 mil. decrease. This price change has an impact on the companys projection as follows: The financial status comparison table of Noble Development Plc. between 1997 projection (IPO price Baht 16 per share) and 1997 projection (Reviewed) Unit : Baht thousand +++++++++++++++++++++++'+++++++++++++++++++++++++++++++++'+++++++++++++++++++++ - - 1997 projection - 1997 projection - - - (IPO price Baht 16 per share) - (Reviewed) - "+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++' -Total Assets - 3,086,270 - 3,154,351 - -Total Liabilities - 1,259,391 - 1,204,445 - -Shareholders Equity - 1,826,880 - 1,949,906 - -Sale - 362,425 - 362,425 - -Total Revenue - 554,456 - 555,740 - -Net Profit - 104,764 - 109,815 - +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ The financial status comparison table of Noble Development Plc. and its subsidiaries between 1997 projection (IPO price Baht 16 per share) and 1997 projection (Reviewed) Unit : Baht thousand +++++++++++++++++++++++'+++++++++++++++++++++++++++++++++'+++++++++++++++++++++ - - 1997 projection - 1997 projection - - - (IPO price Baht 16 per share) - (Reviewed) - "+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++' -Total Assets - 4,076,657 - 4,169,771 - -Total Liabilities - 2,247,656 - 2,217,742 - -Shareholders Equity - 1,826,880 - 1,949,906 - -Sale - 1,181,986 - 1,181,986 - -Total Revenue - 1,221,511 - 1,226,674 - -Net Profit - 104,764 - 109,815 - +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Note : Prepared by Noble Dedevelopment Public Company Ltd.