ข่าวแจ้งตลาดหลักทรัพย์ฯ

3.5 Real estate development cost Real estate development cost are stated at cost and includes costs of land development, cost of construction, promotion expenses and other related cost. 3.6 Construction in progress Construction in progress are stated at cost and includes the construction cost, cost of interest, promotion expenses, project management cost and other related 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, However, in 1997, in the consolidated financial statements the land development of a subsidiary company had been suspended, the interest amount of Baht 22,070,813.03 had been recorded as deferred expenses. B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 The interest capitalized for the year 188,855,453 187,691,284 58,750,425 35,995,671 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 is stated at cost and related interest 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. B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Pre-operating expenses and deferred charges for the year 15,387,051 6,964,345 10,598,141 6,102,437 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 installment 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. 3.15 Earnings (loss) per share Earnings (loss) per share is determined by dividing net income (loss) by weighted average of shares outstanding. 4. SHORT-TERM INVESTMENT - FINANCIAL INSTITUTIONS Short-term investment are consisted of fixed deposit at bank, short-term and callable promissory notes of local financial institutions with interest at the rate of 10.50%-15.75% per annum in 1997 and short-term promissory notes of local financial institutions with interest at the rate of 12.00% - 12.75% per annum in 1996. In 1996, all promissory notes are pledged to secure short-term loans. In 1997, fixed deposit at bank are used as a guarantee for letter of guarantee from bank to the Metropolitan Electricity Authority. 5. ACCOUNTS RECEIVABLE B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Total value of contracts signed 4,818,561,943 5,183,590,622 2,420,169,251 2,440,432,061 ============= ============= ============= ============= The percentage of total sales projects 77.95 85.71 87.10 93.31 ============= ============= ============= ============= Installments due 3,351,583,728 1,754,567,501 1,906,980,685 647,784,458 Less Received (3,300,677,031)(1,737,513,369) (1,898,000,530) (645,491,858) Accounts receivable from Installments dued 50,906,697 17,054,132 8,980,155 2,292,600 ============= ============= ============= ============= 6. UNBILLED COMPLETED WORK/UNEARNED INCOME B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Recognized as income 4,195,631,650 4,221,671,006 2,212,907,352 2,245,374,965 Less Installments due (3,374,387,704) (2,980,795,664) (1,906,980,685)(1,872,072,397) 821,243,946 1,240,875,342 305,926,667 373,302,568 ============= ============= ============== ============= The transactions are composed of: Unbilled completed work 821,243,946 1,240,875,342 305,926,667 373,302,568 Unearned income - - - 821,243,946 1,240,875,342 305,926,667 373,302,568 ============= ============= ============== ============= 7. SHORT-TERM LOANS AND ADVANCE TO RELATED COMPANIES B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Short-term loans to related companies Wipa View Co.,Ltd. - - 262,850,000 238,300,000 Bannsiam Co.,Ltd. - - 184,573,645 141,052,145 Continental City Co.,Ltd. - - 83,729,290 51,573,009 Ban Suk Sabai Co.,Ltd. - - 73,367,609 65,779,521 Bang Plee View Co.,Ltd. - - 51,850,000 35,000,000 Research & Consultant Co.,Ltd. - - 7,230,000 - Total Short-term loans to related companies - - 663,600,544 531,704,675 Accrued interest receivable from related companies Wipa View Co., Ltd. - - 50,209,741 34,308,061 Bannsiam Co., Ltd. - - 28,870,542 15,022,998 Continental City Co., Ltd. - - 14,618,515 9,301,213 Ban Suk Sabai Co., Ltd. - - 5,885,035 8,388,088 Bang Plee View Co., Ltd. - - 14,243,549 12,138,110 Total accrued interest receivable from related companies - - 113,827,382 79,158,470 B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Advance to related companies Wipa View Co.,Ltd. - - 30,432,781 30,463,765 Bannsiam Co.,Ltd. - - - 37,511 Ban Suk Sabai Co.,Ltd. - - 11,201,903 12,754,519 Bang Plee View Co.,Ltd. - - 50,000 2,929 Noble Property Management Co.,Ltd. - - 87,472 - World Time Holding Co.,Ltd. - - 21,243 8,619 Research & Consultant Co.,Ltd. - - 48 - Total advance to related companies - - 41,793,447 43,267,343 Total Short-term loans and advance to related companies - - 819,221,373 654,130,488 ============= ============= ============= ============= These callable loan bear interest at the rate of 5.50% - 19.75% per annum in 1997 and 5.50%-14.25% per annum in 1996. 8. INVENTORIES B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Merchandise 993,329 - - - Supplies for construction 4,179,699 35,575 - - Total 5,173,028 35,575 - - ============= ============= ============= ============= 9. REAL ESTATE DEVELOPMENT COST B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Land development 1,591,982,219 1,391,595,713 957,231,211 763,326,120 Capitalized interest 570,882,981 431,781,776 122,798,406 41,399,684 Construction in progress 1,896,336,493 1,563,414,494 965,186,198 923,656,934 Mock up and project offices 115,584,120 215,473,388 41,712,989 34,428,276 Promotion expenses 327,252,066 314,399,336 157,649,907 149,652,459 Other related cost 81,910,546 69,095,172 10,903,595 1,879,657 Total 4,583,948,425 3,985,759,879 2,255,482,306 1,914,343,130 Less Transfer to costs of sales (2,830,761,788)(2,865,273,562) (1,581,831,156)(1,587,445,989) Real Estate Developments cost 1,753,186,637 1,120,486,317 673,651,150 326,897,141 ============= ============= ============== ============= 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 in to 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 B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Construction cost 206,737,405 228,182,908 - - Promotion expenses 16,617,148 17,526,829 - - Project management cost 4,000,000 4,000,000 - - Other related cost 9,394,320 9,394,320 - - Total 236,748,873 259,104,057 - - Less Transfer to cost of construction (231,989,446) (259,104,057) - - Construction in progress - net 4,759,427 - - - ============= ============= ============= ============= 11. OTHER CURRENT ASSETS - SHORT - TERM LOANS TO OTHER COMPANY As of December 31,1997 and 1996,these represented the callable promissory notes and accrued interest receivable as follow: B A H T CONSOLIDATED THE COMPANY ONLY 1997 1996 1997 1996 Promissory notes (interest rate 15.25% - 16.25% p.a. in 1997 and 13.25% - 14.25% p.a. in 1996) 54,292,000 53,900,000 54,292,000 53,900,000 Accrued interest receivable 10,507,344 2,612,505 10,507,344 2,612,505 Total 64,799,344 56,512,505 64,799,344 56,512,505 ========== ========== ========== ========== 12. INVESTMENTS / LIABILITIES OCCUR FROM THE INVESTMENTS IN THE RELATED COMPANIES. As of December 31, 1997 and 1996, the investments and liabilities occur from the investments in related and other companies as follow: B A H T CONSOLIDATED 1997 Company's name Type of Relationships Authorized Share Investments Book value**Dividend Business share capital holding Cost Equity (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 2,869,422 - ========= ========= ========= ========= Investment-other company: Khonkaenland Development Group Co., Ltd. Real Estate Hold shares 250.0 2.00 5,000,000 - 4,760,436 - (More)