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NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES T H A I L A N D FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 AND AUDITORS REPORT EXPRESSED IN THAI BAHT AUDITOR'S REPORT To The Shareholders of Noble Development Public Company Limited I have audited the accompanying balance sheets of Noble Development Public Company Limited and consolidated subsidiaries as of December 31, 1998 and 1997, and the related statements of changes in shareholders' equity, the statements of income and deficit and cash flows for the years then ended. These financial statements are the responsibility of the Companys management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those Standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements present fairly,in all material respects,the financial position of Noble Development Public Company Limited and consolidated subsidiaries as of December 31, 1998 and 1997 and the changes in shareholders equity, the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles. KESREE NARONGDEJ Certified Public Accountant Registration No. 76 A.M.T. & ASSOCIATES Bangkok, Thailand February 15, 1999. NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS OF 31st DECEMBER BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1998 1997 1998 1997 ASSETS CURRENT ASSETS Cash on hand and at banks 20,887,406 14,444,291 8,350,740 7,292,464 Short-term investment - financial institutions 4 and 18 37,466,637 62,092,124 12,602,648 58,092,124 Accounts receivable - trade 5 17,739,997 50,906,697 8,292,433 8,980,155 Unbilled completed work 6 435,076,218 821,243,946 205,111,131 305,926,667 Short-term loans and advance to related companies 7 - - 800,535,939 819,221,373 Inventories 8 1,972,407 5,173,028 - - Real estate development cost 9,18 and 21 1,601,929,423 1,753,186,637 645,457,948 673,651,150 Construction in progress - net 10 4,759,427 4,759,427 - - Other current assets Short-term loan to other company 11 73,238,364 64,799,344 73,238,364 64,799,344 Accrued management fee - related companies - - 53,285,093 41,890,005 Advance to contractors 1,375,617 6,623,319 1,289,368 7,398,426 Others 12 35,793,542 25,551,897 15,446,516 11,726,933 Total Other Current Assets 110,407,523 96,974,560 143,259,341 125,814,708 Total Current Assets 2,230,239,038 2,808,780,710 1,823,610,180 1,998,978,641 INVESTMENTS - Related companies 13 3,247,400 3,247,400 101,176,012 299,028,787 - Other company 13 5,000,000 5,000,000 5,000,000 5,000,000 LAND BANK 14,18 AND 21 753,161,699 748,184,254 120,960,989 120,960,989 PROPERTY, PLANT AND EQUIPMENT - NET 15, 18 AND 21 220,375,402 238,744,793 108,873,248 121,556,949 OTHER ASSETS Deposit - land 16 58,940,000 87,000,000 58,940,000 87,000,000 Goodwill 73,820,146 85,863,131 - - Pre - operating expenses and deferred charges 3,237,505 84,519,037 2,897,327 48,709,640 Others 17 and 18 41,116,259 55,653,214 28,134,188 32,476,549 Total Other Assets 177,113,910 313,035,382 89,971,515 168,186,189 TOTAL ASSETS 3,389,137,449 4,116,992,539 2,249,591,944 2,713,711,555 The accompanying notes to financial statements are an integral part of these statements. .................DIRECTOR ................ DIRECTOR NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS OF 31st DECEMBER B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1998 1997 1998 1997 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Bank overdrafts and loans from Financial institutions 18 363,857,390 361,386,514 140,743,944 147,508,061 Accounts payable-construction - related company - - 185,991 6,399,500 - others 69,914,542 149,797,502 9,655,590 24,686,317 Current portion of long-term loans 21 1,321,337,491 906,789,035 487,051,673 244,741,961 Current portion of long-term bond 19 500,000,000 500,000,000 500,000,000 500,000,000 Deposit and received in advance from customers 43,200,216 57,691,909 10,290,919 14,782,055 Loan from related company - - 17,944,068 91,239,738 Other current liabilities Deferred income tax 20 103,327,712 106,515,315 38,231,398 38,231,398 Accrued expenses 233,823,915 83,120,243 117,462,974 44,154,020 Others 39,314,931 43,909,835 7,610,338 19,911,036 Total Other Current Liabilities 376,466,558 233,545,393 163,304,710 102,296,454 Total Current Liabilities 2,674,776,197 2,209,210,353 1,329,176,895 1,131,654,086 LONG - TERM LOANS 21 - 614,948,000 - 234,500,000 OTHER LIABILITIES Liabilities occur from the investment in the related companies 13 - - 207,302,219 54,831,609 Others 1,358,345 464,750 1,358,345 464,750 Total Other Liabilities 1,358,345 464,750 208,660,564 55,296,359 Total Liabilities 2,676,134,542 2,824,623,103 1,537,837,459 1,421,450,445 /2 NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS OF 31st DECEMBER - 2 - B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1998 1997 1998 1997 MINORITY INTERESTS 1,248,422 108,326 - - SHAREHOLDERS' EQUITY Share Capital 22 Authorized share capital 55,000,000 ordinary shares of Baht 10.00 each Issued and fully paid up 550,000,000 550,000,000 550,000,000 550,000,000 Premium on share capital 779,938,000 779,938,000 779,938,000 779,938,000 Retained earnings (Deficit) Appropriated - Legal reserve 8,174,869 8,174,869 8,174,869 8,174,869 Unappropriated (626,358,384) (45,851,759) (626,358,384) (45,851,759) Total Shareholders' Equity 711,754,485 1,292,261,110 711,754,485 1,292,261,110 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,389,137,449 4,116,992,539 2,249,591,944 2,713,711,555 The accompanying notes to financial statements are an integral part of these statements. .............. DIRECTOR .............. DIRECTOR NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED 31st DECEMBER B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1998 1997 1998 1997 SHARE CAPITAL Beginning of year 550,000,000 440,000,000 550,000,000 440,000,000 Increase during the year - 110,000,000 - 110,000,000 End of year 550,000,000 550,000,000 550,000,000 550,000,000 PREMIUM ON SHARE CAPITAL Beginning of year 779,938,000 716,338,000 779,938,000 716,338,000 Increase during the year - 63,600,000 - 63,600,000 End of year 779,938,000 779,938,000 779,938,000 779,938,000 RETAINED EARNINGS (DEFICIT) APPROPRIATED LEGAL RESERVE Beginning of year 8,174,869 8,174,869 8,174,869 8,174,869 End of year 8,174,869 8,174,869 8,174,869 8,174,869 UNAPPROPRIATED Beginning of year (45,851,759) 386,002,733 (45,851,759) 386,002,733 Decrease during the year (580,506,625) (431,854,492) (580,506,625) (431,854,492) End of year (626,358,384) (45,851,759) (626,358,384) (45,851,759) TOTAL SHAREHOLDERS' EQUITY 711,754,485 1,292,261,110 711,754,485 1,292,261,110 The accompanying notes to financial statements are an integral part of these statements. 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