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9. REAL ESTATE DEVELOPMENT COST BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Land development 1,592,897,474 1,597,874,919 963,123,911 963,123,911 Capitalized interest 618,967,779 577,730,589 124,740,307 122,798,406 Construction in progress 1,949,291,049 1,889,488,885 973,401,862 965,186,198 Mock up and project offices 116,136,582 115,584,120 42,109,810 41,712,989 Promotion expenses 245,954,157 327,252,066 133,907,540 157,649,907 Other related cost 74,954,812 76,017,846 5,821,085 5,010,895 Total 4,598,201,853 4,583,948,425 2,243,104,515 2,255,482,306 Less Transfer to costs of sales (2,996,272,430) (2,830,761,788 (1,597,646,567) (1,581,831,156) Real Estate Developments cost 1,601,929,423 1,753,186,637 645,457,948 673,651,150 The latest appraisal of the real estate development assets was on December31,1995 for Baht 2,175.50 million for the consolidated financial statements and Baht 986.40 million for the company's financial statements, the value is expected to be higher than the present market value.The company has not set up the allowance for the impairment in value of the said assets,because the management believe that it is temporary situation. In the consolidated financial statement,to enable a subsidiary company to transfe 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 BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Construction cost 206,737,405 206,737,405 - - Promotion expenses 16,617,148 16,617,148 - - Project management cost 4,000,000 4,000,000 - - Other related cost 9,394,320 9,394,320 - - Total 236,748,873 236,748,873 - - Less Transfer to cost of construction (231,989,446) (231,989,446) - - Construction in progress - Net 4,759,427 4,759,427 - - 11. OTHER CURRENT ASSETS - SHORT - TERM LOANS TO OTHER COMPANY As of December 31,1998 and 1997, these represented the callable promissory notes and accrued interest as follow: BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Promissory notes (interest rate 11.50%-12.50% p.a. in 1998 and 15.25% - 16.25% p.a.in 1997) 54,292,000 54,292,000 54,292,000 54,292,000 Accrued interest 18,946,364 10,507,344 18,946,364 10,507,344 Total 73,238,364 64,799,344 73,238,364 64,799,344 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 raleted company. 13. INVESTMENTS / LIABILITIES OCCUR FROM THE INVESTMENTS As of December 31, 1998 and 1997, the investments and liabilities occur from the investments in related and other companies as follow: BAHT CONSOLIDATED 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 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 - BAHT CONSOLIDATED 1997 Company's name Type of Relationships Authorized Share Investments Business share capital holding Cost Equity Book value** Dividend (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 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 - ** As of December 31, 1998 and 1997, 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 1 9 9 8 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 6,500,000 2,318,498 2,318,498 - Total 97,928,612 Associated company: N.K. Energy Conservation Light weight Co., Ltd. wall panel " 6.5 49.96 3,247,400 3,247,400 1,953,986 - Total Investments- 101,176,012 related companies Investment-other company: Khonkaenland Development Group Co., Ltd. Real Estate " 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, 1998 and 1997, the book value,based on the latest audited financial statements of subsidiary companies and the latest audited financial statements of associated and other companies. BAHT THE COMPANY ONLY 1997 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 (37,966,329) (29,055,008) - Ban Suk Sabai Co., Ltd. " " 2.0 99.98 1,000,000 (16,865,280) (16,865,280) - Total Liabilities occur from the investments in related companies (54,831,609)* World time Holding Co., Ltd. " " 15.0 99.99 60,000,000 173,139,054 131,756,517 - Bannsiam Co., Ltd. " " 102.0 99.99 102,000,000 99,768,295 102,000,000 - Continental City Co., Ltd. " " 40.0 99.99 42,783,506 13,508,386 (8,189,416) - Wipa View Co., Ltd. " " 200.0 99.99 198,493,000 9,164,474 (11,325,381) - Research & Consultant Co., Ltd. " " 2.5 64.99 1,625,000 201,178 201,177 - Total 295,781,387 Associated company: N.K. Energy Conservation Light weight Co., Ltd. wall panel " 6.5 49.96 3,247,400 3,247,400 2,689,422 - Total Investments- related companies 299,028,787 Investment-other company: Khonkaenland Development Group Co., Ltd. Real Estate " 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, 1998 and 1997, the book value, based on the latest audited financial statements of subsidiary companies and the latest unaudited financial statements of associated and other companies. 14. LAND BANK BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Land cost 404,670,327 404,670,327 107,281,510 107,281,510 Capitalized interest 297,765,546 297,765,546 9,877,277 9,877,277 Other expenses 50,725,826 45,748,381 3,802,202 3,802,202 Total 753,161,699 748,184,254 120,960,989 120,960,989 The latest appraisal of a part of land bank was on December 31,1995 for Baht 788.90 million for the consolidated financial statements and Baht 37.40 million for the company's financial statements,the value is expected to be higher than the present market value. The company has not set up the allowance for the impairment in value of the said assets, because the management believe that it is temporary situation. 15. PROPERTY,PLANT AND EQUIPMENT - NET BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Land 97,468,232 97,468,232 26,532,000 26,532,000 Building and building improvement 14,042,858 14,163,722 - - Infrastructure 93,922,130 93,922,130 68,971,428 68,971,428 Furniture and fixtures 25,389,690 23,954,581 20,817,028 19,430,602 Office equipment 19,701,440 18,752,984 15,314,296 14,254,802 Vehicles 5,346,182 6,849,793 4,583,424 5,567,200 Clubhouse and sport club 47,621,047 21,439,188 31,095,992 21,439,188 Construction in progress 1,898,052 28,657,557 - 11,031,314 Machinery and equipment 116,329 653,698 - - Total 305,505,960 305,861,885 167,314,168 167,226,534 Less Accumulated depreciation (85,130,558) (67,117,092) (58,440,920) (45,669,585) Property,Plant and Equipment-Net 220,375,402 238,744,793 108,873,248 121,556,949 Depreciation charge for the year 19,307,201 19,405,887 13,829,417 14,112,895 Depreciation charge for the year 1998 and 1997 are included in determining earnings. The latest appraisal of a part of property,plant and equipment was on December 31,1995 for Baht 52.30 million for the consolidated and company's financial statements,the value is expected to be higher than the present market value.The company has not set up the allowance for the impairment in value of the said assets, because the management believe that it is temporary situation. 16. OTHER ASSETS - DEPOSIT - LAND Under other assets,in the consolidated financial statements and in the company's financial statement,as of December 31,1998, the contracts to purchase land are dued,the payments have not been made and the company is in the process of getting further extension. 17. OTHER ASSETS - OTHERS Under the other assets,in the consolidated financial statements and in the company's financial statements,as of December 31,1998, included the saving deposit at bank approximately Baht 1.58 million which are pledged to secure loan from bank and promissory notes (approximately 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 approximately Baht 3.12 million and Baht 2.16 million respectively have been pledged to secure customers housing loans. Under the other assets, in the consolidated financial statements and in the company's financial statements,as of December 31,1997,are promissory notes (approximately 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. These notes have been pledged to secure customers housing loans and are not able to change to the negotiable certificate of deposit. (More)