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NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME AND DEFICIT FOR THE YEARS ENDED 31st DECEMBER B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1998 1997 1998 1997 REVENUES Sales 344,958,803 477,678,545 81,390,096 86,401,513 Income from construction 29,066,169 36,258,332 13,022,665 17,350,590 Sales and service 7,830,647 8,782,255 - - Sale- machinery 1,070,822 2,150,268 - - Other income Management fee - - 10,363,451 4,937,179 Gain on exchange rate 100,115,733 - - - Interest income 16,594,972 15,296,952 71,899,837 66,714,108 Others 13,827,235 6,483,395 6,255,662 2,838,463 Total Revenues 513,464,381 546,649,747 182,931,711 178,241,853 EXPENSES Cost of sales 435,838,672 372,014,801 90,363,209 72,104,822 Cost of construction 43,059,981 34,962,850 20,882,656 18,461,142 Cost of sales and service 2,599,053 5,737,611 - - Cost of sale machinery 993,329 1,994,657 - - The previous year construction cost Charges - 11,975,354 - - Selling and administrative expenses 115,614,701 119,304,770 70,050,385 76,257,417 Loss from the cancelled contracts 23 45,832,742 113,565,294 13,378,457 33,225,037 Promotion expenses write off 86,804,176 - 22,614,751 - Pre-operating expenses and deferred charges write off 84,157,141 - 42,990,562 - Loss from subsidiary companies under equity method - - 355,198,385 308,124,021 Interest expenses 280,556,115 59,554,946 147,959,931 72,579,271 Total Expenses 1,095,455,910 719,110,283 763,438,336 580,751,710 /2 NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME AND DEFICIT FOR THE YEARS ENDED 31st DECEMBER - 2 - B A H T CONSOLIDATED THE COMPANY ONLY NOTE 1998 1997 1998 1997 LOSS BEFORE INCOME TAX, EXTRAORDINARY ITEM AND MINORITY INTERESTS (581,991,529) (172,460,536) (580,506,625) (402,509,857) INCOME TAX 20 - (25,627,407) - - LOSS BEFORE EXTRAORDINARY ITEM AND MINORITY INTERESTS (581,991,529) (198,087,943) (580,506,625) (402,509,857) EXTRAORDINARY ITEM-FOREIGN CURRENCY TRANSACTION LOSS ARISING FROM THE MANAGED FLOAT SYSTEM (IN THE CONSOLIDATED FINANCIAL STATEMENTS, NET OF INCOME TAX OF BAHT 12,867,304) 25 - (234,533,223) - (29,344,635) NET LOSS BEFORE MINORITY INTERESTS (581,991,529) (432,621,166) (580,506,625) (431,854,492) MINORITY INTERESTS 1,484,904 766,674 - - NET LOSS (580,506,625) (431,854,492) (580,506,625) (431,854,492) UNAPPROPRIATED RETAINED EARNINGS (DEFICIT), BEGINNING OF YEAR (45,851,759) 386,002,733 (45,851,759) 386,002,733 DEFICIT, END OF YEAR (626,358,384) (45,851,759) (626,358,384) (45,851,759) LOSS PER SHARE (BAHT): Loss before extraordinary item (10.55) (3.91) (10.55) (7.98) Extraordinary item - (4.65) - (0.58) Loss per share (10.55) (8.56) (10.55) (8.56) The accompanying notes to financial statements are an integral part of these statements. NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31st DECEMBER B A H T CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES : Net loss (580,506,625) (431,854,492) (580,506,625) (431,854,492) Add (less)items not affecting cash Depreciation and amortization 42,458,420 46,835,923 24,658,060 24,711,036 Promotion expenses write off 86,804,176 - 22,614,751 - Pre-operating and deferred charges write off 84,157,141 - 42,990,562 - Loss(gain) on sales property, plant and equipment (244,610) - (240,300) - Loss from the cancelled contracts 45,832,742 113,565,294 13,378,457 33,225,037 The previous year construction cost charges of subsidiary companies - 11,975,354 - - Loss from subsidiary companies under equity method - - 350,323,386 308,124,021 Decrease (increase) in accrued management fee - related companies - - (11,395,089) (5,424,201) Decrease (increase) in accrued interest receivable - related companies - - (45,759,386) (34,668,912) Decrease (increase) in accrued interest receivable - other company (8,439,020) (8,286,839) (8,439,020) (8,286,839) Increase (decrease) in accrued interest expenses 160,595,515 46,710,015 72,749,164 30,434,916 Gain on exchange rate (100,115,733) - - - Extraordinary item - foreign currency transaction loss arising from the managed float system - 245,735,097 - 28,436,585 Minority interests in loss of subsidiaries (1,484,904) - - - Operating profit (loss) before working capital changes (270,942,898) 24,680,352 (119,626,040) (55,302,849) /2 NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31st DECEMBER - 2 - B A H T CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Operating profit (loss) before working capital changes (270,942,898) 24,680,352 (119,626,040) (55,302,849) Decrease (increase) in accounts receivable - trade 33,166,699 (33,852,565) 687,721 (6,687,555) Decrease (increase) in unbilled completed work 26,137,338 (132,492,158) (7,993,375) (62,029,933) Decrease (increase) in inventories 3,200,621 (5,137,453) - - Decrease (increase) in real estate development cost for sales 371,991,943 23,622,670 99,327,607 (32,808,482) Decrease (increase) in construction in progress- net - (4,759,427) - - Decrease (increase) in other current assets Advance to contractors 5,247,702 16,133,866 6,109,059 9,916,322 Others (7,616,645) 660,112 (3,719,583) 1,538,120 Decrease (increase) in other assets Deposit - land 28,060,000 53,900,000 28,060,000 53,900,000 Pre-operating expense 1,119,339 (55,951,139) 1,122,503 (15,352,831) Others 1,115,071 (2,951,509) (3,105,737) (7,687,189) Increase (decrease) in accounts payable - construction Related companies - - (6,213,509) - Other companies (79,882,959) 23,809,457 (15,030,727) (6,300,050) Increase (decrease) in deposit and received in advance from customers (14,491,693) (51,312,622) (4,491,136) (26,738,146) Increase (decrease) in other current liabilities Deferred income tax (3,187,603) 10,484,447 - - Accrued expenses (9,891,842) 3,167,504 559,790 338,651 Others (4,594,905) (12,980,435) (12,300,697) 2,335,126 Increase (decrease) in other liabilities-others 893,595 573,076 893,595 464,750 Cash flows from operating activities - Net 80,323,763 (142,405,824) (35,720,529) (144,414,066) /3 NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31st DECEMBER - 3 - B A H T CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 CASH FLOWS FROM INVESTING ACTIVITIES : Decrease (increase) in short-term investment - financial institutions 24,625,487 43,907,876 45,489,476 47,907,876 Decrease (increase) in short-term loans and Advance to related companies - - 64,444,820 (130,421,973) Acquisition in investments in related company - (3,247,400) - (4,872,400) Decrease (increase) in land bank - (56,163,344) - (3,149,571) Acquisition in property, plant and equipment (1,084,699) (27,617,239) (1,266,916) (2,627,811) Proceeds from sales of property, plant and equipment 391,500 - 361,500 - Cash flows from investing activities - Net 23,932,288 (43,120,107) 109,028,880 (93,163,879) CASH FLOWS FROM FINANCING ACTIVITIES : Increase (decrease) in bank overdrafts and loans from financial institutions 13,338,609 109,928,546 (6,764,118) 35,215,267 Increase (decrease) in current portion of long - term loans (111,151,545) - 7,809,712 - Increase (decrease) in loans from related company - - (73,295,669) 753,120 Increase (decrease) in long-term loans - (110,632,431) - 24,935,376 Cash received from increase in share capital - 173,600,000 - 173,600,000 Cash flows from financing activities - Net (97,812,936) 172,896,115 (72,250,075) 234,503,763 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,443,115 (12,629,816) 1,058,276 (3,074,182) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 14,444,291 27,074,107 7,292,464 10,366,646 CASH AND CASH EQUIVALENTS, END OF YEAR 20,887,406 14,444,291 8,350,740 7,292,464 /4 NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31st DECEMBER - 4 - B A H T CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 ACTIVITIES NOT AFFECTING CASH : Decrease (increase) in account receivable share subscription (2,625,000) - - - Increase (decrease) in minority interests 2,625,000 - - - Transfer from investment in related companies to liabilities occur from the investment in the related companies - - (131,450,570) (37,966,328) Increase (decrease) in liabilities occur from the investment in the related companies - - 131,450,570 37,966,328 Transfer form real estate development cost for sales to investment in land bank 4,977,445 - - - Decrease (increase) in investment in land bank (4,977,445) - - - Transfer from investment in land bank to real estate development cost for sales - 219,507,741 - 219,507,741 Decrease (increase) in real estate development cost for sales - (219,507,741) - (219,507,741) Transfer from investment in land bank to property, plant and equipment - 8,893,578 - - Decrease (increase) in property, plant and equipment - (8,893,578) - - Transfer from bank overdrafts and loans from financial institutions to long - term loans - (105,000,000) - (105,000,000) Increase (decrease) in long - term loans - 105,000,000 - 105,000,000 Transfer from long-term loans to current portion of long - term loans (525,700,000) - (234,500,000) - Increase (decrease) in current portion of 525,700,000 - 234,500,000 - long-term loans SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION Cash paid during the year for Interest expenses 192,212,134 187,803,144 85,798,931 97,943,880 Income tax 7,875 2,267,718 - - The accompanying notes to financial statements are an integral part of these statements.