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Land & Development

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

Contents “√∫—≠

Financial Highlights 3 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π 75

Message from the Board of Directors 4 “ åπ®“°§≥–°√√¡°“√∫√‘…—∑œ 76

Economic & Competitive Condition 5¿“«–‡»√…∞°‘®·≈–°“√·¢àß¢—π 78

The Company’s Business Profile 6≈—°…≥–°“√¥Ì“‡π‘π∏ÿ√°‘® 79

Major/Significant Events in 2005 9‚§√ß°“√∑’Ë Ì“§—≠„πªï 2548 83

Management Analysis 11∫∑√“¬ß“π·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬∫√‘À“√ 85

Management Structure 13‚§√ß √â“ß√–∫∫°“√®—¥°“√ 87

Audit Committee’s Report 19√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ 93

Independent Certified Public Accountants’ Report 20√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ 94

Financial Statements & Notes to Financial Statements 21ß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 95

Shareholding & Organization Structure 68

‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–‚§√ß √â“ßÕß§å°√ 146

General Information 69

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑œ 147

Information of Board of Directors, Audit Committee and Management 70

¢âÕ¡Ÿ≈¢Õß§≥–°√√¡°“√∫√‘…—∑œ §≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–ºŸâ∫√‘À“√ 148

Checklist to the SEC 56-2 From 72

√ÿª√“¬°“√∑’Ë°Ì“Àπ¥µ“¡·∫∫ 56-2 ¢Õß °.≈.µ 150

Project Summary & Other References 73

√ÿªº≈‚§√ß°“√·≈–¢âÕ¡Ÿ≈Õâ“ßÕ‘ßÕ◊ËπÊ 151

3


Financial Highlights

Key Financial Figures(Million Baht) 2003 2004 2005Sales and Services Revenue 1,529 2,414 2,930

Industrial Land Sales 854 1,481 1,117

Industrial Estate Utilities 377 430 458

SME Factory (Rent) 95 122 153

SME Factory (Sales) 93 23 201

Other Utility Industrial Services 110 46 94

Project Residential Sales - 311 907

Sales of Undeveloped Property - 1,071 -

Total Revenue 2,050 3,734 3,010

Net Income 1,383 951 637

Total Assets 7,061 8,062 8,960

Total Liabilities 2,532 2,822 3,390

Total Shareholder’s Equity 4,529 5,240 5,570

Earning Per Share (Baht) 0.35 0.17 0.11

Par (Baht) 1 1 1

Key Financial Ratios2003 2004 2005

Current Ratio (Times) 3.40 4.91 4.86

Net Debt to Equity (Times) 0.32 0.35 0.41

Return on Assets 22% 12% 7%

Return on Equity 42% 19% 12%

Net Profit Margin 67% 26% 21%

Book Value per Share (Baht) 0.84 0.90 0.91

No. of Shares Outstanding(Million Shares) 5,416.57 5,831.79 6,090.75

2003 2004 2005

1.00

0.75

0.50

0.25

0.00

0.32 0.350.41

Year

Times

Net Debt To Equity

2003 2004 2005

2,000

1,500

1,000

500

0Year

MillionBaht

Net Income

1,383

951

637

2003 2004 2005

10,000

7,500

5,000

2,500

0Year

MillionBaht

Total Assets And Total Liabilities

7,061

2,532

8,062

2,822

8,960

3,390

Total AssetsTotal Liabilities

2003 2004 2005

4,000

3,000

2,000

1,000

0Year

MillionBaht

Total Revenue Composition

Operating RevenueOther Revenues

1,529

521

2,050249

2,414

1,071

3,734

2,930

80

3,010

Sale of Undeveloped Property

http://www.hemaraj.com

4

Message from the Board of DirectorsHEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

We are pleased to report that Hemaraj Land And Development Public Company Limited had a strong overall 2005 operating performance. For the Year 2005, Hemaraj Total Operating Revenue from core businesses was Baht 2,930 million versus Baht 2,414 million in 2004, or a 21 % improvement. Total Revenue reported for the Year 2005 was Baht 3,010 million versus Baht 3,734 million, a decrease of 19%. However, for the Year 2004, Total Revenue included Baht 1,071 million from the sale of undeveloped land, which was mainly property in Phuket.

2005 Net Income was Baht 637 million, a decrease of 33% in total from the previous year. However, Net Operating Income, excluding non-operating items and one time gain from sales of assets, was Baht 584 million, representing a 20% improvement over the previous year. Operating Gross Margins was 41 % with adjusted EBITDA margins at 29 %, both levels exceeding average industry margins.

Financially, Hemaraj has maintained a strong balance sheet and cash flexibility to fund our growth plans. Hemaraj reported 2005 Year-end Total Assets of Baht 8,960 million including Baht 1,092 million in cash. Total Liabilities were Baht 3,390 million with Total Shareholders Equity of Baht 5,570 million. The Net Debt to Equity ratio was 0.41 to 1.

Hemaraj continued to broaden the revenue base from complementary property platform customer solutions. This has shown success in 2005 with the SME factory area under sales and rental expanding by 22%, and the residential revenue, contributed by The Park Chidlom, growing by 191%. The Park Chidlom sales through 2005 were 158 units with a value of Baht 4,071 million of which Baht 1,218 million in revenue was realized through 2005. Completion is in 2006 with title transfers from the fourth quarter of 2006.

The 2005 sale and lease of industrial land were 716 rai with a record high 51 contract and 23 new customers. Hemaraj customersare now 312 with 103 customers in our “Detroit of the East” automotive cluster. The year 2005 also witnessed continued petrochemical investments as well as food products, electronics, logistics, metal, plastics and others.

During mid 2005, we entered a joint venture with The Siam Cement Public Company Limited subsidiary by purchasing a 25 % share with options to expand this in S I L Industrial Land, thus expanding Hemaraj’s multiple industrial estate locations to Saraburi and in Rayong. We also signed an exclusive power development joint venture with Glow Energy, our long time Tractebel Suez partner, and established Glow Hemaraj Energy Company to enter the Thailand IPP power bids upcoming.

The Hemaraj strategy is to develop complementary property utility and infrastructure customer solutions that have predictablegrowing revenue and superior profit opportunities in order to optimize shareholder value. The Management and the Board of Directors are grateful to our stakeholders for entrusting us with this responsibility.

David R. NardonePresident & Chief Executive Officer

27 March 2006

Sawasdi HorrungruangChairman of the Board of Directors

27 March 2006


5


Economic & Competitive Condition

The 2005 Thai economy grew modestly as witnessed by the strong Foreign Direct Investment inflow amid several negative effects such as tsunami, disaster, drought, rising oil price, interest rate upward trend, and inflation. The 2005 Gross Domestic Production (GDP) grew by 4.5% compared to 6.2% in 2004.

In 2005, the Private Consumption Index expanded only by 4.4% while Manufacturing production continued to grow by 11.2% and the capacity utilization rate slightly increased to 72.7%. For the year 2005, the Private Investment Index continuously grew by 11.2%. Export volumes for Thailand were increased to US$ 109.21 billion, a 14% increase. Imports increased by 25% to US$ 117.79 billion mainly resulting from the rising of crude oil price, the increasing of raw materials and capital goods. Service, income and transfer account remained surplus, which narrowed the current account deficit to US$ 3.71 billion. The balance of payments was US$ 5.42 billion surplus.

The 2005 property market sales were in general very good. However, condominium sales especially the Grade A in CBD area of Bangkok continued to grow, despite higher costs. The industrial property market sector grew significantly by 49% year over year as a result of the continued expanding economy and significant increased in Foreign Direct Investment (FDI), especially in automotive and petrochemical industries. Sales of industrial land were 4,008 rai in 2005. The Board of Investment (BOI) project approval has set the new record with the number of approved projects increased to 1,254 projects in 2005.

Thailand remained a growing regional production hub in the ASEAN automotive industry, particularly for one-ton pickups, with the production exceeding one million vehicles per year in 2006. Vehicle sales continued to grow despite the rising oil price and interest rate. Domestic vehicle sale in 2005 continued to growth with more than 700,000 vehicles and 440,000 vehiclesfor export.

2002 2003 2004

8.0

6.0

4.0

2.0

0.0Year

%

GDP

4.8

6.96.2

2005

4.5

Total

2002 2003 2004

110

30

20

%

2005P

40

50

60

70

80

90

100

Exports

2002 2003 2004

1,200

0

Thailand’s Auto Market

2005

200

400

600

800

1,000

Local Demand ProductionImports

2001200019991998

Vehicles (ù000) units

*

* *

*

* * *

* *

Capacity Utilization %

Year

Vehicles & Parts Petrochemical

Year

Source: Global Insight Automotive, August 2005 Bank of Thailand, February 2006

1.0

3.0

5.0

7.0


6

Hemaraj Land And Development Public Company Limited was established in 1988 and listed on the Stock Exchange of Thailand in 1992. Hemaraj, Thailand’s leading industrial estates, utilities, property, and infrastructure customer solutions, has 4 Industrial Estates and 2 Industrial Zones (from April 2005) under development and management namely Hemaraj Chonburi Industrial Estate, Eastern Seaboard Industrial Estate (Rayong), Hemaraj Eastern Industrial Estate (Map Ta Phut), Hemaraj Eastern Seaboard Industrial Estate, S I L Industrial Land (Saraburi), and Rayong Industrial Land.

Hemaraj sees promising continued opportunities in integrated infrastructure development that will be complementary to industrial estates. These are industrial estate utilities, SME factories for rent and sale, and other utilities and industrial services. Hemaraj has broadened into condominium development, “The Park Childom”, the exclusive high-rise residential condominium with projected revenue over Baht 5,850 Million.

Industrial Estate Development

Hemaraj Chonburi Industrial Estate in Chonburi, Hemaraj Eastern Industrial Estate in Map Ta Phut, Rayong, and Eastern Seaboard Industrial Estate in Rayong (ESIE), and Hemaraj Eastern Seaboard Industrial Estate in Rayong and Chonburi are developed by Hemaraj and located on the Eastern Seaboard of Thailand. With a combined land area of 22,123 rai, 248 industrial customers and a comprehensive infrastructure, Hemaraj is positioned as a supplier of premium industrial estates.

Hemaraj Chonburi Industrial Estate (“Hemaraj CIE”) with total area of 3,993 rai and BOI Zone II privileges has a customer base of steel and power industry with some auto parts, electronics, building materials and general industries. Customers include Honeywell, Wearnes, Chonburi Steel Mill Services, Nakornthai Strip Mill (NSM), Millennium Steel (MS), Bangkok Industrial Gas, Kitagawa, Toei Denshi, Fuji Xerox, and Glow IPP.

Hemaraj Eastern Industrial Estate (“Hemaraj EIE”) with total area of 2,865 rai and BOI zone III privileges is located adjacent to the Map Ta Phut Petrochemical Complex and designed for heavy industry including steel, petrochemical and chemical industries. Hemaraj EIE customers include Siam Mitsui PTA, PTT Chemical, PTT Phenol, PTT Utility, Glow SPP, Solutia Chemical, BlueScope Steel, Siam United Steel and DOW Chemical. The petrochemical expansion has continued as witnessed from the various project expansions and new investments in recent years. Eastern Seaboard Industrial Estate (“ESIE”) with total area of 8,305 rai BOI Zone III privileges is a 60:40 joint venture with Siam Food Products Plc. Renown as the “Detroit of the East” for its world-class integrated industrial environment, ESIE is home to over 92 automotive supply-line companies, including GM, Ford, Mazda and 9 of the world’s top 10 automotive suppliers as well as 25 Toyota group companies. The ESIE prospect as an integrated automotive hub remains bright in clustering for the automotive industry in the region.

Hemaraj Eastern Seaboard Industrial Estate (“Hemaraj ESIE”) comprises 6,960 rai with an option to buy 2 parcels of adjacent land with an aggregate area of 2,516 rai, or 9,476 rai of land in total, most of which is BOI Zone III privileges in Rayong while the rest is BOI Zone II privileges in Chonburi.


The Company’s Business Profile

1995 1997 2001

8,000

6,000

4,000

2,000

0

Hemaraj’s Increasing Land Sales

20051994 1996 1999 2003 2004200220001998

1,000

3,000

5,000

7,000

Hemaraj EIE ESIE Rayong IL S I LHemaraj CIE

Cumulative Land Sales (rai)

1 Rai = 1,600 Sq.m. or 0.4 acres *Included S I L/Rayong IL from 1 May 2005

Steel/Metal, 22 (7%)

Number of Customers by Industry Total thru 2005 = 312 customers

Auto, 103 (33%)

Bldg. Material, 36(12%)

Consumer,47 (15%)

Electronics,26 (8%)

Logistics, 10 (3%)

Others, 27 (9%)

Petrochemical,41 (13%)

*Included S I L/Rayong IL Industrial Customers from May 1, 2005


7 HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED

Annual Report 2005

This location is in the heart of the area selected for automotive, metal, electronics, plastics, and consumer products while expanding our customer base further in these areas and continuing the “Detroit of the East” auto cluster.

In April 2005, Hemaraj has entered into an industrial property joint venture agreement with Cementhai Property, a subsidiary of The Siam Cement Public Company Limited to acquire shares in S I L Industrial Land Co., Ltd. The acquisition continues Hemaraj’s strategy to expand industrial estates in multiple strategic locations by adding over 7,000 rai of land under development and so industrial customers from two industrial zones, S I L Industrial Land (Saraburi) and Rayong Industrial Land.

S I L Industrial Land (Saraburi), (“S I L”), with total area of 3,622 rai and BOI Zone II privileges, is in Nong Khae District Saraburi Province only 70 kilometers north of Bangkok with excellent logistic access being on Thailand’s main Highway 1. S I L thus provides an ideallocation for north, east, southern and airport transportation. S I L is home to 45 customers including a number of Siam Cement Group companies and joint ventures from multiple countries.

Rayong Industrial Land (“Rayong IL”), with total area of 3,468 rai and BOI Zone III privileges, is in Ban Khai Rayong Province approximately 22 kilometers from the Map Ta Phut deep-sea port. Rayong IL is home to 19 customers including a number of Siam Cement Group companies and joint ventures with high quality infrastructure provided. Industrial Estate Utilities

Industrial Estate Utility Revenues are through the sale of raw water, treated potable water/clearified water, gray water, waste water treatment, and general maintenance fees. This utility provision and infrastructure services are 100% operated, managed, and owed by Hemaraj to ensure the growing recurring income. The Asset base has been amortized in the cost of industrial land development. The revenue basis is mostly cost plus, which provides consistent gross margin.

Revenue from Industrial Estate Utilities has been increasing significantly over the past 6 years, from Baht 222 million in 2000 to Baht 458 million in 2005. The utility revenues are more recurring, and more predictable income stream. Hemaraj has unique exposure to petrochemical, steel, power, and major utility users with highest revenue in the industry. Increasing new customers as well as expanding business of the current customers significantly contributes to utility consumption growth. Total water consumption (raw + clearified) has been increasing from 12.75 million cubic meters (mcm.) in 2000 to 27.91 million cubic meters (mcm.) in 2005, representing a 119% increase over the past 6 years.

2001 2003

30

20

10

0

MCM

20052000 2002

5

15

25

2004

12.75

13.0816.44

23.9027.02

27.91

Total Water Consumption



Annual Report 2005

The attractiveness of Hemaraj SME factories for sales or rent is continuing. Hemaraj with a concept of expandable SME factories gives more flexibility to SME customers. Sizing from 750 square meters to 6,000 square meters offers manufacturers various alternatives to fit their needs for ready or ready to build factories with a quick entry, a low inital investment cost and flexibility for expansion.

Under the competitive market, locating in the industrial estates with a fully integrated infrastructure SME factories provides advantage to the clustering of the industry for the supply chain management and ease to expand. As of December 31, 2005, 25 units or 56,537 square meters were sold and 39 units of 77,460 square meters were leased.

Other Utilities and Industrial Services

Hemaraj also invests and extends industrial utilities and services for both inside and outside Hemaraj’s industrial estates by investing 40% in Elyo-H Facilities Management - a joint venture with Tractebel Suez, 100% in Eastern Pipeline Services, 100% inH-Construction Management and Engineering, 15% in Eastern Fluid Transport and holding 5% directly in GLOW IPP. In 2005, Hemaraj established Glow Hemaraj Energy, a 50/50 joint venture with Glow Energy to develop potential Independent Power Producer (“IPP”) projects to supply power to the Electricity Generating Authority of Thailand (“EGAT”). Also, in 2005, Hemaraj established “Hemaraj Water Company Limited” to produce, operate, and manage the industrial water to supply to customers both inside and outside our industrial estates and “SME Factory Company Limited” to manage and operate SME factory for rent and sales. These services provide Hemaraj’s revenue to be more predictable and more recurring to complement business growth.

Niche Selective Property Projects

The Park Chidlom is located on five and one half rai at the prime residential area between Soi Somkid and Chidlom, including two rai of landscape pool and recreation space. The two residential towers: the 35-storey Somkid Tower and the 28-storey ChidlomTower, with a total of 219 units comprise 87,000 gross square meters and 53,000 net square meters. The project has various unit types including 2 bedrooms of 140 to 148 square meters and 3 plus 1 bedrooms of 257 to 310 square meters as well as duplex penthouse units. Total Project Value is projected over Baht 5,850 million. The Park Chidlom with the Art Deco crowns of the two towers - is reminiscent of the luxury residences of New York and other international global markets. The buildings with the combination of luxury, privacy and harmony with nature feature lighting and designs that will provide an enduring landmark on the Bangkok skyline. Architectural and engineering standards, including the structural, security and environmental considerations, are based on the standards used in some of the world’s best residences.

2003 2004 2005

200,000

150,000

100,000

50,000

-

CUMULATIVE RENT AND SALES IN SQUARE METERS

45,492

34,536

73,396

36,317

77,460

Sales

80,028, +15%

109,713, +37%

133,997, +22%

56,537

Rent

m2

SME Factories for Rent and Sales


9

Joint Development Agreement with Glow Energy

In March 2005, Hemaraj and Glow Energy PCL (Thailand’s largest private power producer with 1,670 MW) have entered into a Joint Development and Venture Agreement in order to develop potential Independent Power Producer (IPP) projects. The project aimed to supply part of the future power demand that will arise between 2011 and 2015 to the Electricity Generating Authority of Thailand (EGAT).

As a result of the agreement, a joint development company, called Glow Hemaraj Energy Co., Ltd., was set up and 50:50 equity shares from Hemaraj and Glow Energy.

Major/Significant Events in 2005HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

In 2005, major/significant events are summarized as follows:

“The PARK CHIDLOM” Progress

Launched in early 2004, the 219-units or 53,068-square-meters luxury condominium – The Park Chidlom – has received an impressive market response. Over 2 years since the project commenced, its target revenue has increased to Baht 5,850 million in December 2005.

Up to December 2005, Hemaraj has realized Baht 1,218 million of revenue from 158 units sold (approximately 70% of the total sellable area), with sales contract value amounting to Baht 4,071 million. The construction has progressed and the project is planned to start transferring at the end of 2006.

Joint Venture with Siam Cement’s Industrial Park Subsidiary

In April 2005, Hemaraj acquired 25% of the issued capital shares of S I L Industrial Land Co., Ltd. (S I L), with an option to acquirethe remaining 75% by way of a joint venture with Cementhai Property (2001) Public Company Limited (“CPPC”), a subsidiary of The Siam Cement Public Company Limited (“SCC”).

S I L is an industrial park developer, having approximately 7,000 rai of land under development and management – 3,600 railocated in Saraburi province and 3,500 rai in Rayong province. As such, the acquisition allowed Hemaraj to expand industrial estates in multiple strategic locations in Thailand, added 50 new customers plus potential new customers from the Siam Cementgroup, and provided Hemaraj opportunities for further utility and SME factory development.



Annual Report 2005

H-ESIE Development

In December 2005, Hemaraj signed a contract with Thai Military Bank PCL. to secure Baht 1,060 million Credit Facilities Agreement aiming to fund its huge expansion and development of Hemaraj Eastern Seaboard Industrial Estate (H-ESIE). With a brightened outlook, H-ESIE is a continuation of the Eastern Seaboard Industrial Estate (ESIE) or “Detroit of the East” auto cluster. The 2,000 rai area of the first phase development is currently under development and to be available for sale in the early of 2006, with 700 rai allocated for a Customs Duty Free Zone.

Hemaraj EIE Expansion

In 2005, Hemaraj acquired an additional area to support the expected future expansion of the petrochemical industry in the Eastern Industrial Estate (EIE) area.

Credit Rating By TRIS

In September 2005, Hemaraj received the company rating of “BBB+” and the rating outlook of “stable” from TRIS Rating.According to TRIS, “The (‘BBB+’) rating reflects the company’s proven record in industrial estate development, recurring incomefrom utilities sales, and a satisfactory balance sheet. The rating also takes into consideration the fluctuation of industrial estatedevelopment, the company’s business expansion into the residential condominium market and substantial investments during the next 2-3 years.” TRIS also stated “The ‘stable’ outlook reflects an expectation that Hemaraj will be able to maintain its strongposition in industrial estate development to generate revenue from land sales and recurring income...”


11

Operating Performance For the Year 2005, Hemaraj reported Total Net Income of Baht 637 million, a decrease of 33% compare with the same period of last year. However, Net Operating Earnings was Baht 584 million, representing an increase of 20%, compared with the same period of last year, due to an increase of Rental and Sales of SME factories as well as an increase in revenue from condominium sales. The decrease in Total Net Income of Baht 314 million was due only to a decrease in non-operating earnings of Baht 270 million, realized in 2004 through sales of securities, debt restructuring, property revaluation and the profit from sales of undeveloped land of Baht 141 million.

Total Revenue was Baht 3,010 million compared with Baht 3,734 million of the same period of 2004, representing a 19% decrease. Total Operating Revenue from core businesses was Baht 2,930 million, increasing by 21% from the same period of 2004. In 2004, Total Revenue included the sales of 2 parcels of undeveloped land in Phuket and in Map Ta Phut Rayong, for total consideration of Baht 1,071 million.

Industrial Land Sales for the Year 2005 were Baht 1,117 million, a 25% decrease from the previous year, being impacted by government water distribution constraints at mid year that are now resolved. Industrial land sales were from the sale and lease of 716 rai. Revenue from Utilities increased to Baht 458 million, reflecting an increase of 7% compared to Baht 430 million in 2004. The Income from the Sales and Rental of Mini Factories were Baht 354 million compared to Baht 145 million in 2004, an increase of 144%. In 2005, contracts were signed with 13 factories rented and 7 factories sold. Revenue contribution from the Park in 2005 was Baht 907 million from total contract value of Baht 4,071 million, representing a 191% increase, compared with those in 2004 of Baht 311 million from total contract value of Baht 2,600 million.

Financial Status

The consolidated Balance Sheet in 2005 is summarized as follows.

Total Assets in 2005 were Baht 8,960 million, a 11% increase from Baht 8,062 million in 2004. Total Current Assets in 2005 were Baht 6,897 million compared to Baht 6,370 million in 2004. This includes Cash on Hand of Baht 1,092 million, Account Receivable of Baht 699 million and Land held for Real Estate development of Baht 4,995 million.

Other Assets were Baht 2,062 million in 2005. This includes Land held for commercial purposes not under development of Baht 281 million, assets for rent of Baht 929 million, sinking funds of Baht 62 million, and long-term investment in other companies of Baht 447 million which includes the joint investment in S I L Industrial Land Co., Ltd. with the company in Siam Cement Group.

Total Liabilities in 2005 were Baht 3,390 million a 20% increase from Baht 2,822 million in 2004.

Total Shareholders Equity in 2005 was Baht 5,570 million versus Baht 5,240 million in 2004, or a 6% increase. The 2005 Net Debt to Equity ratio remained low at 0.41 to 1.

Risk Factors & Others

External Risks

The company faces investment and management risks associated with the government and Bank of Thailand policies, external political and economic environment in Thailand as well as in neighboring and other countries. In addition Foreign Direct Investment, rising oil price, interest rates, land cost, and construction cost are factors affecting the company businesses. The company is well aware of the risks and effects associated with such factors by having a systematic monitoring and analytical measurement to prevent and minimize such risks.

Management Analysis HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005



Annual Report 2005

Financial Risks

An appropriate and sufficient source of funds with a reasonable cost of capital will support the company’s competitiveness. Since the economic crisis, the company’s financial structure has been continuously strengthening resulting in improving in net debt to equity ratio. In 2005 the company has the net debt to equity ratio of 0.41 to 1. The operating performance, financial status, economic environment in Thailand and other countries, an access to financial and capital market, and interest rates are factors to the company financial management.

New Projects

In accordance with Thailand’s Power Development Plan 2004, 12,755 MW of net new electricity generating capacity is expected to come on line between 2011 and 2015. It is expected that part of this new capacity would be tendered for bidding byprivate IPPs, who would supply power to EGAT under long-term agreements. Glow and Hemaraj have entered into an exclusiveagreement to develop any such IPPs and set up a joint development company for this purpose. The company is called Glow Hemaraj Energy Company Limited. Hemaraj have a 50% stake in projects of 350 MW and a 35-40% stake in larger projects. Glow has been in charge of the general and operational management of the new project companies and of the construction supervision. (The Power Development Plan 2004 was endorsed by EGAT’s board of directors in May 2004 and received Cabinet approval in August 2004)


13

Management StructureHEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

Board of Directors

1. Mr. Sawasdi Horrungruang Chairman of the Board of Directors 2. Mr. Thavorn Anankusri Director 3. Mr. David Richard Nardone Managing Director 4. Mr. Sudhipan Charumani Independent Director 5. Mr. Peter John Edmondson Independent Director 6. Mrs. Punnee Worawuthichongsathit Independent Director 7. Mr. Vivat Jiratikarnsakul Director 8. Ms. Pattama Horrungruang Director 9. Ms. Somphong Wanapha Director

The Board of Directors has the authority in formulating visions, policies and strategies of the company being pursued to continue in increasing shareholders values including in reviewing the company business plan, and management control in accordance with the laws, SET’s and SEC’s rules and regulations, objectives, restrictions, regulations, the resolutions of the shareholder’s meeting, and 15 guidelines of Good Corporate Governance.

Executive Committee

1. Mr. Sawasdi Horrungruang Chairman of the Board of Directors 2. Mr. Thavorn Anankusri Vice Chairman of the Board 3. Mr. David Richard Nardone Executive Director 4. Mr. Vivat Jiratikarnsakul Executive Director 5. Ms. Pattama Horrungruang Executive Director

The Executive Directors shall have the duty as assigned by the Board of Directors in formulating and reviewing specific strategic or policy issues in lieu of committees or reviewing the company business plan, budget, and investment prior to submission to the Board of Directors or other issues as assigned by the Board of Directors.

Audit Committee

1. Mr. Sudhipan Charumani Chairman of the Audit Committee 2. Mr. Peter John Edmondson Member of the Audit Committee 3. Mrs. Punnee Worawuthichongsathit Member of the Audit Committee

The Audit Committee has the following duties and responsibilities to the Company’s Board of Directors:

1. To review that the Company’s Financial reports are correct and sufficient; 2. To review that the Company has appropriate and efficient internal control and internal audit systems; 3. To review that the Company complies with laws relating to securities and securities markets, as well as with SET’s rules and regulations and any other law relating to the Company’s business; 4. To consider, select and propose the appointment of the Company’s statutory auditor and to propose his professional fees; 5. To consider whether the Company discloses correct and adequate information with regards to third party transactions or any transactions with a conflict-of-interest tendency; 6. To include in the Company’s annual report the Audit committee’s own review result, expressing opinion on the Company’s internal control system, as well as on the preparatory procedure and data disclosure of the financial statements. This review report shall be signed by the audit committee chairman; 7. To report the Audit Committee’s performance to the Company’s Board of Directors at least on quarterly basis; 8. To participate in the appointment, removal, work assessment and remuneration granting of the internal auditor; and 9. To perform any other work that the Audit Committee agrees to, as may be assigned by the Company’s Board of Directors.



Annual Report 2005

Remuneration Committee

The Company has not formed a Remuneration Committee to date. Compensations for general staff below the top-executive level are determined by the Management, taking into account such factors as the basic in-house rates under the Executive Board’s guidline, the prevailing employment environments, actual work performance or contribution, as well as the degree of dedication shown to the Company. These consideration factors, which provide necessary encouragement to quality and key staff, are also utilized by the Executive Board in its consideration of top executives’ employments. The compensation to the Board of Directors are considered and proposed by the Board of Directors for Shareholders’ formal approved at the Company’s Annual General Meeting, as in relevent cases of joint-venture or subsidiary companies. The objective in assessing the compensation level of Directors is to be generally in line with the market and to compensate based on contribution and the performance and financial position of the Company.

Good Corporate Governance Committee

Although the company does not set up a specific GCG Committee, the Company’s Board of Directors has given the importance to the promotion and effective application of GCG principles, especially with regard to equitable treatment and fairness to all stakeholders, correct and adequate information disclosure and transparency of operation. Such stakeholders, apart from individual shareholders, would includes the Company’s own management personnel and employees, customers, suppliers, outside organizations and businesses, joint-venture partners, creditors, regulatory bodies, as well as the communities in which it has operations.

Company Management

1. Mr. David Richard Nardone President & Chief Executive Officer 2. Mr. Vivat Jiratikarnsakul Executive Vice President 3. Ms. Pattama Horrungruang Senior Vice President & Chief Financial Officer 4. Mr. Khamhoung Ratsamany Director - Industrial Estate Operations 5. Mr. Tanin Subboonrueng Director - Development 6. Mr. Sirisak Kijraksa Director - Accounting 7. Ms. Somjai Wachiraha Director - Finance 8. Mr. Niphone Harnpatanapanich Director - Residential Project Planning 9. Mr. Paopitaya Smutrakalin Director - Planning and Investor Relations 10. Ms. Jinnapat Tongviseskul Director - Residential Customer Development 11. Ms. Ladda Rojanavilaivudh Director - Industrial Customer Development 12. Ms. Anchalee Parsertchand Director - Industrial Customer Development 13. Ms. Chantana Hinkaew Director - Corporate Marketing 14. Mr. Apichat Trongsukson Assistant Director - Information System & Services

The Management shall have the responsibilities as appropriately assigned by the President & CEO in order to manage the business of the company and to implement the strategies and policies as approved by the Board of Directors of the company.

Selection of Company’s Director and Management

The Company has not appointed a Nomination Committee to date. The recommendation of new Directors to serve on the Board shall be deliberated by the Board of Directors. A Director nominee will be proposed by, any Directors, shareholders, or others for consideration. The objective in selecting Directors is to be able to attract knowledgeable experienced members with visions and reputations. After approval, the Board of Directors shall propose the candidates to the Shareholders Meeting for approval. According to the company rules, one third or nearly to one third of the Board of Directors who completed their terms shall be retired by rotation in the Shareholders Meeting every year but can be reelected regard to the company guidelines.



Annual Report 2005

Remuneration for Director and Management

The total remuneration for 9 Directors in 2005 was Baht 16,230,000.00 The total remuneration for 17 Executive Committee and Management in 2005 was Baht 111,441,275.11

Good Corporate Governance The Board of Directors are collectively responsible for the Good Corporate Governance of the Company, and in their role to direct monitor and supervise the strategy policy and control of the Company provide this direction to the Management of the Company to be adhered to. Good Corporate Governance is developed in conformity with the 15 guidelines of the SET’s Code of Best Practices.

1. Good Corporate Governance Policy The Company policy is to fully embrace the principles of Good Corporate Governance and this is the responsibility of the Board of Directors specifically to ensure its full adherence within the organization and by practice within the management and organization of the Company. The underlying principles of good corporate governance relies on the principles of equitable treatment and fairness of all stakeholders, the full and meaningful disclosure, and the transparency of the Company its operations and information.

2. Rights and Equitable Treatment to Shareholders All shareholders are invited to the annual shareholder’s meeting. The company would send out an invitation letter and agenda of each meeting to the shareholders prior to the meeting for their consideration. Shareholders have voting rights equal to the number of shares owned and must exercise all eligible votes to safeguard their investment in voting for a resolution, an opinion for a significant decision making, for example, regulations amendment, capital increase. All shareholders have right to receive correct, up-to-date, fully disclosed information. Shareholders wishing to appoint a proxy representation may appoint any person or may elect to appoint the Independent Director and Chairman of the Audit Committee as recommended by the SEC.

3. Rights of Various Groups of Stakeholders The company realizes and respects the rights of various groups of stakeholders, including shareholders, minority shareholders, employees, customers, creditors, vendors, the public and communities through various procedures such as the Shareholders’ Meeting, providing information on employee’s rights concerning welfare benefits, receiving all inquiries from customers and nearby communities, environmental education and community programs in the areas where we operate, contracts with customers and ongoing dialogue, and contracts entered with vendors and suppliers.

4. Shareholders’ Meeting A Shareholders’ Meeting is to be held at least once a year. Prior to the meeting, not only does the company send an invitation letter along with the Shareholder’s Meeting agenda in advance, but also publish the meeting in the local media to ensure the full disclosure of the scheduled meeting. During the meeting, the Board of Director provides Shareholders’ information and gives opportunity to Shareholders to raise any concerns and/or issues related to the company’s operation. The Board of Director will also directly monitor and supervise the company’s management to efficiently operate and manage as the business plan. Additionally Shareholders could contact the company anytime through the Investor Relations Department and the company website.

5. Leadership & Vision The company’s Board of Directors, selected to have a broad experience level, formulates the company’s vision, strategy, oversight of its business plan, and oversees a level of control and risk management of its operation. The Board of Directors objective is to maximize the return to shareholders in a controlled way and according to the goodcorporate governance.



Annual Report 2005

6. Conflict of Interest Conflict of Interest The Company’s Board of Directors and Management have been acknowledged and realized the importance of legal and ethical conflict of interest and related transactions guidelines. The company has disclosed, in accordance with the regulations of Stock Exchange of Thailand, such information, detail and reason/necessity, if any in the company’s Annual Report and the 56-1 Form. The Company further uses the Audit Committee, internal auditors, external auditors, and external lawyers to review compliance.

Insider Trading Controls The Company’s Board of Directors and Management uses a number of safeguards to prevent the risks that may occur as recommended by the Audit Committee, the outsourced internal auditor, external auditor, and professional legal advisors. The Company has set an internal control system to follow SET’s rules and regulations in preventing internal information disclosure to outsiders prior to the company press release. The Company also informs the Board of Directors and Management about the notification of SET and SEC concerning rules, procedures and disclosure of securities holdings and changes in holdings.

7. Business Ethics The Company policy from the Board of Directors, communicated through top management to both management and employees in the employee handbook is to conduct business with sound ethics toward the company, all stakeholders, and the public.

8. Balance of Power for non-management Directors The company’s Board of Directors consists of 9 directors which are: Executive Directors 5 persons Independent Directors 3 persons Directors 1 person

Therefore, the company has 3 independent directors and the other 1 director, who are not involved in the daily operations of the company.

9. Aggregation or Segregation of Positions The company’s Chairman of the Board of Directors is not the same person as the President & CEO and the structure of the Board of Directors consists of three Independent Directors with highly experience and knowledge in accounting, finance, and other businesses. This creates a balance between the interests and representation of the shareholders and the management as well as independent persons whom could review the company’s business plans, controls, and create a balanced view according to the company Audit Committee Charter.

10. Remuneration for Director and Management The remuneration of the company’s Directors has been considered and proposed for approval in the Shareholders Meeting. The Remuneration Compensation is in order to be competitive in the market in attracting highly qualified individuals, to reflect the contributions and performance of the individuals in meeting the company objectives, and consistent with the performance of the Company.

11. Board of Directors’ Meeting During 2005, from January to December, the company held 8 Board of Directors’ Meetings. There were calls for regular meetings and/or for emergency meetings when need of the directors/committee’s consideration, opinion and decision by sending out prior notice, invitation and agenda to all directors and committee.



Annual Report 2005

Name of Directors Position Number of Attendance/Total Meetings

Mr. Sawasdi Horrungruang Chairman of the Board of Directors 8/8

Mr. Thavorn Anankusri Director 8/8

Mr. David Richard Nardone Managing Director 8/8

Mr. Sudhipan Charumani Independent Director 7/8

Mr. Peter John Edmondson Independent Director 4/8

Mrs. Punnee Worawuthichongsathit Independent Director 6/8

Mr. Vivat Jiratikarnsakul Director 8/8

Ms. Pattama Horrungruang Director 8/8

Mr. Somphong Wanapha Director 6/8

12. Committee The authority and responsibility of the Board of Directors and Committee are clearly defined. The report of the Board and Committees’ meeting as well as any items for further consideration are reviewed by the related Committee for the accuracy and completeness before distributing out for further action.

13. Controlling System & Internal Audit The Audit Committee is appointed to be responsible to analyze, review, follow, and discuss with the external auditor, the outsourced internal audit, and the management for the accuracy, completeness and accountability of the financial statements and the company internal control system effectiveness including giving the observation notes according to related laws, regulations of the Government and SET, General Accepted Accounting Principles and Good Corporate Governance. The Audit Committee meets and reports to the Board of Directors at least quarterly and has an annual Audit Committee Report as included in the Company Annual Report.

14. Report from the Board of Directors on the company’s Financial Statements With a thoroughly consideration and carefully review the company’s financial statements, the Board of Directors will ensure its follow the Generally Accepted Accounting Standard. The company has regularly exercised an appropriate accounting policy and standard. In addition, the Board of Directors as the plan recommends by the Audit Committee and Management to appoint the outsiders to be the internal Auditors, to observe the company’s internal control system and to verify the completeness and accuracy of the company’s financial statements.

15. Relations with Investors Investor Relations Department has been established for individual investors or stockholders benefits and interests as the company sees the significant of their investments and values. The analyst meetings are held consistently to meet with investors and analysts to provide on the updated company financial results and businesses. A site visit or company visit are always welcome by contacting the Investor Relations Department. The company information and press releases can also be found in the company website at www.hemaraj.com. Or email any concerns to [email protected].

Dividend Policy

After having considered investment plan and cash flow, the company will pay a minimum of 50% of net profit for dividend payment on each year, when the company has not accumulated loss. In addition, dividend policy of the subsidiary companies is based on the business performance and cash flow in each year.



Annual Report 2005

Related Party Transactions

1. Related Party Transactions during the year During the year of 2005 and 2004, the Company had certain transactions with its subsidiaries associated companies and related companies relating to normal business operations (please see Note to financial statement No.4) 2. The Necessity and appropriateness of Transactions Transactions with related parties occurred during the year were relating to the Company’s normal business operations with fair and reasonable market price and were considered and approved by Board of Directors, Executive Committee or top management, as the cases may be, including reviewing by the Audit Committee according to the regulations as noted in the Company’s Articles of Association.

3. Policy and Criteria in approving related party transactions. Transactions with related parties occurred and will occur in the future will be proposed and approved by top management, Executive Board, Board of Directors or Shareholders’ Meeting, as the case may be, according to as noted in the Company Articles of Association. The Company has the policy for related party transactions as follows:

- Transactions with related parties are related to normal business operations with fair and reasonable price. - The Audit Committee will review those related party transactions to be compliance with the regulations as the Company’s Articles of Association. - The Company will disclose those related party transactions according to the related Rules and Guideline of the Stock Exchange of Thailand and The Securities and Exchanges Commission of Thailand and according to the generally accepted accounting principles.


19

Audit Committee’s ReportHEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

The Audit Committee of Hemaraj Land And Development PLC was set up in accordance with the resolution of Extraordinary General Meeting of Shareholders No. 1/1999 The Committee comprises the following members :- 1) Mr. Sudhipan Charumani Committee Chairman and Independent Director 2) Mr. Peter J. Edmondson Independent Director 3) Mrs. Punnee Worawuthichongsathit Independent Director The Audit Committee held four formal meetings during 2005 to review the quarterly financial statements of the Company and its consolidated position, as well as to monitor good governance practice and assess internal control reliability. Particular attention was paid to issues of related party transactions and contingent liabilities, together with the adequacy of information disclosure and provisions thereon. Reports were received from and meetings held with the external auditor, the outsourced internal auditor, the external legal advisor and Company management. The Company obtained for 2005 an unqualified Auditor’s Report for its financial statements and internal control matters. Moreover, the company received a “BBB+” rating from TRIS based on a mid-2005 financial assessment, as well as achieving a 2nd quatile ranking amongst the Thai listed companied, as published in the 2005 Corporate Governance Report under the National CG Committee’s patronage. Such occurrences could be deemed attributable to the Company’s continued effort to formalize its corporate governance practice. A competent outsourced audit firm continued to be employed for the Company’s and its subsidiaries’ internal audits, with detailed work programs and remuneration being jointly considered and approved by the Audit Committee and the Management on an annual basis. No significant weaknesses were detected during the 2005 internal audit work with regard to accounting procedures and records, financial presentation, compliance with relevant law and regulations, safekeeping of assets, or any aspects of internal control. To the best of the Committee’s knowledge, the financial statements presented in the Company’s 2005 Annual Report are fair and accurate. The Committee has recommended to the Board of Directors, for proposal to the Annual General Meeting of Shareholders, that Professor Kesree Narongdej of A.M.T & Associates be re-appointed as the Company’s external auditor for the Financial Year ending 31 December 2006, at a remuneration of 6.20% above that in 2005 due to increased work volume.

(Sudhipan Charumani) Chairman of the Audit Committee

24 February 2006


20


Independent Certified Public Accountants’ Report

To the Shareholders of Hemaraj Land and Development Public Company Limited I have audited the consolidated balance sheets of Hemaraj Land and Development Public Company Limited and its subsidiaries as of December 31, 2005 and 2004, and the related consolidated statements of changes in shareholders’ equity, income and cash flows for the years then ended. I have also audited the financial statements for the same periods of Hemaraj Land and Development Public Company Limited. These financial statements are the responsibility of the Company’s management as to their correctness and completeness of the presentation. 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 statements presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hemaraj Land and Development Public Company Limited and its subsidiaries and of Hemaraj Land and Development Public Company Limited as of December 31, 2005 and 2004, the results of their operations, and 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 14, 2006


21

Balance SheetsHEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESAnnual Report 2005

ASSETS NOTE

BAHT

CONSOLIDATED THE COMPANY ONLY

As of 31 st December, 2005




CURRENT ASSETS

Cash and deposits at financial institutions 5 761,520,077.63 572,723,102.91 493,179,611.34 307,334,496.20

Current investments

Time deposits 5, 6 and 28 330,472,529.31 30,325,817.34 322,968,295.34 22,968,285.32

Promissory notes - financial institutions 5 and 6 - 400,000,000.00 - 400,000,000.00

Marketable securities 6 73,358,697.02 131,993,832.87 73,358,697.02 131,993,832.87

Trade account receivables 7

Related parties, net 1,913,782.19 - 1,491,438.76 -

Other parties, net 697,130,273.32 551,556,427.09 176,765,754.51 8,791,802.86

Short - term loans and advance to related parties 4 5,108,142.82 2,179,164.80 765,205,421.50 666,666,375.71

Cost of real estate developments, net 9, 28 and 29 4,995,426,423.49 4,657,410,909.00 1,555,750,702.68 1,209,233,372.26

Other current assets 33,011,421.00 23,358,107.50 22,913,593.14 9,840,081.85

Total Current Assets 6,897,941,346.78 6,369,547,361.51 3,411,633,514.29 2,756,828,247.07

NON - CURRENT ASSETS

Investments for using the equity method 2, 4 and 28 270,693,466.78 14,733,157.47 3,635,164,982.96 3,348,673,842.04

Other long - term investments

Related parties, net 4 and 28 1,500,000.00 1,500,000.00 - -

Other parties, net 10 and 28 175,283,002.50 176,000,002.50 175,000,002.50 175,000,002.50

Long - term loans to other parties 12,264,871.47 11,199,558.22 12,264,871.47 11,199,558.22

Property, plant and equipment, net 11 303,578,100.66 166,171,132.78 37,884,237.08 29,059,354.80

Assets for rent, net 12 and 28 928,613,784.91 797,134,486.34 50,595,056.46 51,769,726.06

Other non - current assets

Leasehold land and land held for

commercial purposes, net 13 and 28 281,064,250.00 281,064,250.00 281,064,250.00 281,064,250.00

Sinking fund, net 14 and 29 62,235,152.50 197,836,827.69 27,328,047.99 129,902,023.93

Others 26,849,124.95 45,587,491.56 20,014,950.94 26,639,320.96

Total Non - Current Assets 2,062,081,753.77 1,691,226,906.56 4,239,316,399.40 4,053,308,078.51

TOTAL ASSETS 8,960,023,100.55 8,060,774,268.07 7,650,949,913.69 6,810,136,325.58


22

LIABILITIES AND SHAREHOLDERS’ EQUITY NOTE

BAHT






CURRENT LIABILITIES

Bank overdrafts and short-term loans from financial institutions 28 635,000,000.00 400,669,236.80 385,000,000.00 300,000,000.00

Trade account payables

Related parties, net 341,914.22 - 1,630,680.00 -

Other parties, net 308,863,189.00 272,860,013.39 133,825,993.38 100,321,405.19

Current portion of long - term loans

Related person 4 and 17 31,399,999.92 21,891,999.93 - -

Others 18 and 28 95,046,249.98 27,429,000.01 - -

Short - term loans and advance from related parties 4 32,041,424.66 40,039,482.05 51,557,130.43 24,462,416.08

Other current liabilities

Income received in advance 8 125,673,285.53 363,900,208.00 22,802,980.11 239,380,754.63

Accrued interest expenses 8,275,479.47 12,666,917.78 3,317,808.23 2,585,753.44

Account payable shares purchase - 20,000,000.00 - 20,000,000.00

Other account payable 4,999,616.39 14,181,548.41 1,085,636.39 1,341,509.49

Accrued specific business tax and transfer fee 66,603,797.16 42,806,081.82 44,813,030.63 12,283,026.60

Others 109,007,181.43 74,037,091.02 73,053,649.71 52,549,042.83

Total Current Liabilities 1,417,252,137.76 1,290,481,579.21 717,086,908.88 752,923,908.26

NON - CURRENT LIABILITIES

Long - term loans from related party 4 and 16 - - 1,276,109,788.82 1,153,469,462.92

Long - term loans from related persons 4 and 17 9,752,000.09 21,144,000.07 - -

Other long - term loans 18 and 28 1,549,551,255.31 1,143,127,150.06 391,600,000.00 11,400,000.00

Provisions 19 242,520,547.95 224,520,547.95 242,520,547.95 224,520,547.95

Other non - current liabilities

Retention payables 69,609,949.01 58,831,231.71 33,128,074.07 15,190,072.58

Guarantee Received 74,934,516.00 57,962,479.17 5,036,500.00 5,782,900.00

Deferred leasehold right income 11,529,745.97 12,548,446.64 - -

Others 14,037,041.86 12,141,194.35 10,868,923.66 4,767,309.01

Total Non - Current Liabilities 1,971,935,056.19 1,530,275,049.95 1,959,263,834.50 1,415,130,292.46

TOTAL LIABILITIES 3,389,187,193.95 2,820,756,629.16 2,676,350,743.38 2,168,054,200.72



23

NOTE

BAHT



As of 31 st December,2004



SHAREHOLDERS’ EQUITY

Share capital - Baht 1 par value

Authorized share capital

Common stocks 15,000,000,000 shares in 2005 and Common stocks 13,000,000,000 shares in 2004 20 and 21 15,000,000,000.00 13,000,000,000.00 15,000,000,000.00 13,000,000,000.00

Issued and paid-up share capital

Common stocks 6,090,749,424 shares for the year 2005 and 5,831,793,766 shares for the year 2004

6,090,749,424.00 5,831,793,766.00 6,090,749,424.00 5,831,793,766.00

Warrants 20 and 21 10,249,352.11 10,982,820.20 10,249,352.11 10,982,820.20

Premium (discount) on common stocks, net 20 and 21 (2,803,105,284.71) (2,618,167,546.01) (2,803,105,284.71) (2,618,167,546.01)

Unrealized gain (loss) from changes in carrying amount of available-for-sale securities (18,588,060.17) 28,058,104.49 (18,588,060.17) 28,058,104.49

Currency translation differences (24,922,881.78) (27,155,313.03) (24,922,881.78) (27,155,313.03)

Retained earnings

Appropriated - legal reserve 22 327,238,668.17 295,396,979.53 212,087,704.05 180,246,015.41

Earnings 1,392,977,952.69 1,121,173,313.68 1,508,128,916.81 1,236,324,277.80

Total Equity of Parent Company’s Shareholders 4,974,599,170.31 4,642,082,124.86 4,974,599,170.31 4,642,082,124.86

Minority interest 596,236,736.29 597,935,514.05 - -

Total Shareholders’ Equity 5,570,835,906.60 5,240,017,638.91 4,974,599,170.31 4,642,082,124.86

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 8,960,023,100.55 8,060,774,268.07 7,650,949,913.69 6,810,136,325.58



24

FOR

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04Statements Of Changes In Shareholders’ Equity Consolidated

HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIESAnnual Report 2005

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cogn

ized

in th

e in

com

e st

atem

ent

- -

- (7

5,50

3,47

6.95

) (3

41,5

65.5

4) -

- -

(75,

845,

042.

49)

Net

pro

fit

- -

- -

- -

950

,643

,440

.31

- 9

50,6

43,4

40.3

1

Min

ority

inte

rest

-

- -

- -

- -

92,

969,

311.8

5 9

2,96

9,31

1.85

Appr

opria

ted

- leg

al re

serv

e 22

- -

- -

- 4

7,532

,172.

02

(47,5

32,17

2.02

) -

-

Divi

dend

22

- -

- -

- -

(288

,195,

639.

35)

(85,

919,

594.

48)

(374

,115

,233

.83)

Exer

cise

of W

arra

nts

21 4

15,2

23,7

05.0

0 (1

,176,

072.

60)

(296

,539

,322

.80)

- -

- -

- 11

7,508

,309

.60

Endi

ng b

alan

ce a

s of

Dec

embe

r 31,

200

4 5

,831

,793

,766.

00

10,9

82,8

20.2

0 (2

,618

,167

,546

.01)

28,

058,

104.

49

(27,1

55,3

13.0

3) 2

95,3

96,9

79.5

3 1,

121,

173,

313.

68

597

,935

,514

.05

5,2

40,0

17,6

38.9

1


25

FOR

THE

YEAR

S EN

DED

DECE

MBE

R 31

, 200

5 AN

D 20

04Statements Of Changes In Shareholders’ Equity The Company Only


NOT

E

BAH

T

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ed a

nd

pai

d-up

s

hare

cap

ital

War

rant

s

Pre

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m

(dis

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on

com

mon

s

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s

Unr

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ed

gai

n (lo

ss)

from

c

hang

es in

c

arry

ing

amou

nt o

f a

vaila

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s

ecur

ities

Cur

renc

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ansl

atio

n d

iffer

ence

s

Ret

aine

d ea

rnin

gs (d

efici

t)

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al

App

ropr

iate

d

Leg

al re

serv

e E

arni

ngs

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cit)

Begi

nnin

g ba

lanc

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of J

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ry 1,

200

5 5

,831

,793

,766.

00

10,9

82,8

20.2

0 (2

,618

,167,5

46.0

1) 2

8,05

8,10

4.49

(2

7,155

,313

.03)

180,

246,

015.

41

1,23

6,32

4,27

7.80

4,64

2,08

2,12

4.86

Unre

aliz

ed g

ain

(loss

) fro

m c

hang

es in

car

ryin

g am

ount

of

a

vaila

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sale

sec

uriti

es

- -

- (4

6,64

6,16

4.66

) -

- -

(46,

646,

164.

66)

Curr

ency

tran

slat

ion

diffe

renc

es

- -

- -

2,2

32,4

31.2

5 -

- 2

,232

,431

.25

Net

gai

n (lo

ss) n

ot re

cogn

ized

in th

e in

com

e st

atem

ent

- -

- (4

6,64

6,16

4.66

) 2

,232

,431

.25

- -

(44,

413,

733.

41)

Net

pro

fit

- -

- -

- -

636

,833

,772

.82

636

,833

,772

.82

Appr

opria

ted

- leg

al re

serv

e 22

-

- -

- -

31,8

41,6

88.6

4 (3

1,841

,688

.64)

-

Divi

dend

22

-

- -

- -

- (3

33,1

87,4

45.17

) (3

33,1

87,4

45.17

)

Exer

cise

of W

arra

nt

21

258

,955

,658

.00

(733

,468

.09)

(184

,937

,738

.70)

- -

- -

73,

284,

451.

21

Endi

ng b

alan

ce a

s of

Dec

embe

r 31,

200

5 6,

090,

749,

424.

00

10,2

49,3

52.1

1 (2

,803

,105,

284.

71)

(18,

588,

060.

17)

(24,

922,

881.7

8) 2

12,0

87,7

04.0

5 1,

508,

128,

916.

81

4,9

74,5

99,17

0.31

Begi

nnin

g ba

lanc

e as

of J

anua

ry 1,

200

4 5

,416

,570

,061

.00

12,1

58,8

92.8

0 (2

,321

,628

,223

.21)

103,

561,

581.4

4 (2

6,81

3,74

7.49)

132,

713,

843.

39

621

,408

,648

.86

3,9

37,9

71,0

56.7

9

Unre

aliz

ed g

ain

(loss

) fro

m c

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car

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g am

ount

of

a

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sale

sec

uriti

es

- -

- (7

5,50

3,47

6.95

) -

- -

(75,

503,

476.

95)

Curr

ency

tran

slat

ion

diffe

renc

es

- -

- -

(341

,565

.54)

- -

(341

,565

.54)

Net

gai

n (lo

ss) n

ot re

cogn

ized

in th

e in

com

e st

atem

ent

- -

- (7

5,50

3,47

6.95

) (3

41,5

65.5

4) -

- (7

5,84

5,04

2.49

)

Net

pro

fit

- -

- -

- -

950

,643

,440

.31

950

,643

,440

.31

Appr

opria

ted

- leg

al re

serv

e 22

-

- -

- -

47,5

32,17

2.02

(4

7,532

,172.

02)

-

Divi

dend

22

-

- -

- -

- (2

88,19

5,63

9.35

) (2

88,19

5,63

9.35

)

Exer

cise

of W

arra

nts

21

415

,223

,705

.00

(1,17

6,07

2.60

) (2

96,5

39,3

22.8

0) -

- -

- 11

7,508

,309

.60

Endi

ng b

alan

ce a

s of

Dec

embe

r 31,

200

4 5

,831

,793

,766.

00

10,9

82,8

20.2

0 (2

,618

,167,5

46.0

1) 2

8,05

8,10

4.49

(2

7,155

,313

.03)

180,

246,

015.

41

1,23

6,32

4,27

7.80

4,64

2,08

2,12

4.86


26


Statements Of IncomeFOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

NOTE

BAHT CONSOLIDATED THE COMPANY ONLY

2005 2004 2005 2004REVENUES Sales of land 31 1,116,933,266.63 2,548,643,833.44 53,375,337.50 916,491,225.00

Sales of pre-fabricated factory 31 201,536,063.08 26,206,689.35 27,630,000.00 4,290,000.00

Sales of condominium 31 907,290,731.07 311,280,904.95 907,290,731.07 311,280,904.95

Service income 4 and 31 710,446,104.70 602,419,985.81 148,968,667.85 120,006,303.50

Income from increase of salable area 23 - 43,875,602.00 - 43,875,602.00

Other income

Profits from sales of investments 23,012,815.81 77,488,146.44 23,012,815.81 77,488,146.44

Interest income 4 8,460,771.79 13,065,187.18 42,323,176.54 34,764,281.96

Management income 4 2,380,916.63 - 22,980,109.91 12,896,612.73

Commission income 4 - - 44,214,166.16 39,873,761.93

Gain on dividend 12,730,341.32 3,549,513.00 12,280,344.32 3,549,513.00

Gain on exchange rate 477,477.89 - 477,477.89 -

Adjustment of loss on decline in value of estate development cost 9 and 13 - 74,651,518.64 - 74,651,518.64

Guarantee income - 21,195,000.00 - 21,195,000.00

Others 25,714,681.46 9,879,075.30 15,240,049.17 3,818,795.07

Share of profits from investments for using the equity method - subsidiary companies 2 and 4 - - 269,215,072.52 556,016,936.99 Share of profits from investments for using the equity method - associated companies 2 and 4 960,339.31 1,559,628.03 960,339.31 1,559,628.03

Total Revenues 3,009,943,509.69 3,733,815,084.14 1,567,968,288.05 2,221,758,230.24

EXPENSES Cost of land sales 680,885,637.34 1,665,990,946.64 35,833,248.33 839,664,763.87

Cost of pre-fabricated factory sales 153,453,568.46 21,792,621.41 22,212,758.74 4,439,715.84

Cost of condomonium sales 486,719,168.03 173,159,452.98 486,719,168.03 173,159,452.98

Cost of services 4 447,078,298.94 403,899,223.04 110,049,086.76 79,915,305.97

Selling and administrative expenses 4 and 24 442,163,707.64 449,555,225.85 233,445,256.28 244,001,563.35

Other expenses

Estimated loss on possible loss from lawsuit 19 18,000,000.00 18,049,315.07 18,000,000.00 18,049,315.07

Loss on exchange rate - 109,883.28 - 116,824.29

Loss on investment revaluation 717,000.00 21,195,000.00 - 21,195,000.00

Total Expenses 2,229,017,380.41 2,753,751,668.27 906,259,518.14 1,380,541,941.37

PROFIT BEFORE INTEREST AND INCOME TAX EXPENSES 780,926,129.28 980,063,415.87 661,708,769.91 841,216,288.87

INTEREST EXPENSES 4 27,303,660.60 42,117,541.39 12,715,119.18 16,489,959.31

INCOME TAX EXPENSES 35,527,385.42 20,250,233.07 12,159,877.91 -

PROFIT AFTER TAX 718,095,083.26 917,695,641.41 636,833,772.82 824,726,329.56

MINORITY INTEREST (81,261,310.44) (92,969,311.85) - -

PROFIT FROM ORDINARY ACTIVITIES 636,833,772.82 824,726,329.56 636,833,772.82 824,726,329.56

EXTRAORDINARY ITEMS 25

- Gain from compromising debt - 125,760,821.92 - 125,760,821.92

- Gain from convertible bond repurchases - 156,288.83 - 156,288.83

NET PROFIT 636,833,772.82 950,643,440.31 636,833,772.82 950,643,440.31


27

FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

NOTE

BAHT


2005 2004 2005 2004

BASIC EARNINGS PER SHARE (BAHT)

Profit from ordinary activities 0.11 0.15 0.11 0.15

Extraordinary item, net 0.00 0.02 0.00 0.02

Net profit 26 0.11 0.17 0.11 0.17

DILUTED EARNINGS PER SHARE (BAHT)

Profit from ordinary activities 0.07 0.10 0.07 0.10

Extraordinary item, net 0.00 0.01 0.00 0.01

Net profit 26 0.07 0.11 0.07 0.11


Statements Of Income


28


Statements Of Cash FlowsFOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004

BAHT


2005 2004 2005 2004

CASH FLOW FROM OPERATING ACTIVITIES

Net profits 636,833,772.82 950,643,440.31 636,833,772.82 950,643,440.31

Adjustments to reconcile net profit to net cash

provided by (used in)

Allowance for doubtful accounts 1,041,056.92 (6,414,739.69) 459,672.00 (4,881,396.72)

Share of profits from investments for using the equity method - subsidiaries companies - - (269,215,072.52) (556,016,936.99)

Share of profit from investments for using the equity method - associated companies (960,339.31) (1,559,628.03) (960,339.31) (1,559,628.03)

Loss on investment revaluation 717,000.00 21,195,000.00 - 21,195,000.00

Adjustment of loss on decline in value of estate development cost - (74,651,518.64) - (74,651,518.64)

(Gain) loss on exchange rate (477,477.89) 127,716.44 (477,477.89) 127,716.44

Gain from sales of equipment (448,483.39) - (160,737.47) -

Gain from sales of investments (23,012,815.81) (76,457,040.44) (23,012,815.81) (76,457,040.44)

Depreciation and amortization 73,731,334.68 67,905,718.47 15,270,221.98 14,125,671.11

Amortization of goodwill - 745,120.79 - 745,120.79

Gain from compromising debt - (125,760,821.92) - (125,760,821.92)

Gain from convertible bonds repurchases - (156,288.83) - (156,288.83)

Increase in estimated loss from lawsuit 18,000,000.00 18,049,315.07 18,000,000.00 18,049,315.07

Realization of deferred leasehold right income (29,762,192.85) (22,681,696.82) - -

Net profit of minority interests 81,261,310.44 92,969,311.85 - -

(Increase) in account receivables - related parties (1,913,782.19) 1,795,319.33 (1,491,438.76) 1,795,319.33

(Increase) decrease in account receivables - other parties (146,614,903.15) (308,383,238.53) (168,433,623.65) 5,084,838.39

(Increase) in cost of real estate developments (514,106,824.98) (321,069,230.60) (212,988,371.41) (378,442,776.01)

(Increase) decrease in other current assets 6,879,419.98 (2,432,605.70) 3,792,715.49 (4,281,837.23)

Decrease in leasehold land and land held for commercial purposes - 840,389,748.69 - 840,389,748.69

(Increase) decrease in other non - current assets 18,738,366.61 (11,472,232.90) 6,624,370.02 (12,795,055.64)

Increase in account payables - related parties 341,914.22 - 1,630,680.00 -

Increase in trade account payables 36,003,175.61 25,138,753.51 33,504,588.19 78,641,648.34

Increase (decrease) in income received in advance (238,226,922.47) (97,143,013.51) (216,577,774.52) 238,822,367.17

Increase (decrease) in accrued interest expense (4,391,438.31) 7,502,535.49 732,054.79 (1,740,272.68)

Increase (decrease) in other account payables (9,181,932.02) 12,480,926.54 (255,873.10) 1,341,509.49

Increase in other current liabilities 58,767,805.75 45,970,188.44 53,034,610.91 26,356,975.29

Increase in retention payables 10,778,717.30 23,512,960.81 17,938,001.49 12,871,045.20

Increase in deferred leasehold right income 28,743,492.18 21,507,930.64 - -

Increase (decrease) in guarantee payable 16,972,036.83 12,343,704.92 (746,400.00) -

Increase (decrease) in other non - current liabilities 1,895,847.51 (17,602,422.16) 6,101,614.65 (21,710,291.00)

Net Cash Provided by (Used in) Operating Activities 21,608,138.48 1,076,493,213.53 (100,397,622.10) 951,735,851.49


29


NOTE

BAHT


2005 2004 2005 2004

CASH FLOWS FROM INVESTING ACTIVITIES

(Increase) in current investments in securities (110,402,400.00) (12,911,870.00) (110,402,400.00) (12,911,870.00)

(Increase) in short - term loans and advance to related parties (2,928,978.02) (4,148.97) (98,539,045.79) (119,668,366.55)

(Increase) in investments for using the equity method (254,999,970.00) (674,885,653.97) (251,632,598.74) (674,885,653.97)

Decrease in account payable shares purchase (20,000,000.00) - (20,000,000.00) -

(Increase) in long - term loans to other parties (587,835.36) (319,030.54) (587,835.36) (319,030.54)

Dividend received from subsidiary companies - - 281,439,876.80 718,879,712.00

Cash received from sales of building and equipment 96,157,173.69 - 559,882.02 -

Cash received from sale of the investments in securities 127,660,839.96 126,516,546.00 127,660,839.96 126,516,546.00

(Increase) in building and equipment (94,954,388.50) (17,929,429.24) (20,156,337.47) (11,915,116.98)

(Increase) in assets for rent (28,315,790.67) (16,023,566.96) (139,827.60) -

(Increase) decrease in sinking fund (2,152,513.02) 107,636,914.98 - (107,154.78)

Net Cash Provided by (Used in) Investing Activities (290,523,861.92) (487,920,238.70) (91,797,446.18) 25,589,065.18

CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in bank overdrafts and short-term loans from financial institutions 234,330,763.20 (1,056,644.72) 85,000,000.00 (50,738,219.53)

Cash paid for convertible bond redemption - (1,326,829.10) - (1,326,829.10)

Cash paid for compromising debt - (130,500,000.00) - (130,500,000.00)

(Decrease) in short - term loans and advance from related parties (7,998,057.39) (20,537,504.25) (6,006,562.60) (15,381,108.32)

Increase (decrease) in long - term loans from related party - - 78,749,750.00 (285,289,719.90)

(Decrease) in long - term loans from related persons (1,883,999.99) (106,048,000.00) - -

Increase (decrease) in other long - term loans 474,041,355.22 (178,502,763.01) 380,200,000.00 (50,605,859.72)

Proceeds from exercise of warrants 73,284,451.21 117,508,309.60 73,284,451.21 117,508,309.60

Cash paid for dividend (333,187,445.17) (288,195,639.35) (333,187,445.17) (288,195,639.35)

Dividend paid to minority interests (82,960,123.20) (85,920,288.00) - -

Net Cash Provided by (Used in) Financing Activities 355,626,943.88 (694,579,358.83) 278,040,193.44 (704,529,066.32)

Currency translation differences 2,232,431.25 (341,565.54) - -

Minority interest 35.00 - - -

Increase (Decrease) in cash and cash equivalents, net 88,943,686.69 (106,347,949.54) 85,845,125.16 272,795,850.35

Cash and cash equivalents, beginning of years 5 972,735,009.14 1,095,899,419.61 707,334,496.20 457,506,931.17

Cash at banks pledged as collateral, beginning of years 5 30,313,911.11 13,497,450.18 22,968,285.32 -

Cash at banks pledged as collateral, end of years 5 and 28 (30,446,907.96) (30,313,911.11) (22,967,276.00) (22,968,285.32)

Cash and cash equivalents, end of years 5 1,061,545,698.98 972,735,009.14 793,180,630.68 707,334,496.20


Statements Of Cash Flows


30


BAHT


2005 2004 2005 2004

OPERATING ACTIVITIES, INVESTING ACTIVITIES AND FINANCING ACTIVITIES NOT AFFECTING CASH

Decrease in unrealised gain from changes in

carrying amount of available-for-sale securities 46,646,164.66 76,885,002.15 46,646,164.66 76,885,002.15

Decrease in surplus from available-for-sale securities by above (46,646,164.66) (76,885,002.15) (46,646,164.66) (76,885,002.15)

Decrease in cost of real estate development by transfer to assets for rent and property, plant and equipment 309,620,269.21 247,543,830.96 - -

Increase in assets for rent by above (238,899,127.08) (247,543,830.96) - -

Increase in property, plant and equipment by above (70,721,142.13) - - -

Increase in investments in subsidiary company - (20,000,000.00) - (20,000,000.00)

Increase in account payable share purchase - 20,000,000.00 - 20,000,000.00

Increase in cost of real estate development from land received for sinking fund return from the Industrial Estate Authority of Thailand 133,528,959.01 - 133,528,959.01 -

Increase in short-term loan and advance from related parties by above - - (33,101,276.95) -

Decrease in sinking fund by above (133,528,959.01) - 100,427,682.06 -

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

Cash paid during the period for :

Interest expenses 113,798,976.13 54,705,370.63 13,064,027.64 16,900,279.75

Income tax expenses 35,653,357.58 30,285,641.32 7,235,945.94 13,102,186.23


Statements Of Cash Flows


31


Notes to Financial StatementsDECEMBER 31, 2005 AND 2004

1. GENERAL INFORMATION

On August 15, 1988, Hemaraj Land and Development Public Company Limited (“the Company”) was incorporated under the Civil and Commercial Code of Thailand and was subsequently listed on the Stock Exchange of Thailand and trans formed as a Public Company Limited on July 10, 1992 and July 12, 1993, respectively.

The Company, which is the parent company of Hemaraj Group, operates its business as a real estate developer as follows :

1. Industrial estate development projects located in the Eastern Seaboard of Thailand. The projects are operating under the joint operation agreements with the Industrial Estate Authority of Thailand, in the names of the Company and its 3 subsidiaries as follows:

Company Name Industrial Estate Site Location

Hemaraj Land and Development Plc. Hemaraj Chonburi Sriracha district, Chonburi province

Eastern Industrial Estate Co., Ltd. Hemaraj Eastern (Map Ta Phut) Muang district, Rayong province

Eastern Seaboard Industrial Estate (Rayong) Co., Ltd.

Eastern Seaboard (Rayong) Pluak Daeng district, Rayong province

Hemaraj Eastern Seaboard Industrial Estate Co., Ltd.

Hemaraj Eastern Seaboard Pluak Daeng district, Rayong province

2. A condominium for sale being developed under the Company’s name is called “The Park of Chidlom”, which located at Chidlom Road, Bangkok.

3. Service business related to the mentioned industrial estates consisting of service providing for public utilities, prefabricated factory for sale and lease, land rental, commercial plaza rental, pipe rack rental in Industrial Estates, building contractor and others.

Hemaraj Group’s head office is located at 18th floor, UM Tower, 9 Ramkhamhaeng Road, Suanluang subdistrict, Suanluang district, Bangkok, Thailand 10250.

As at December 31, 2005 and 2004, Hemaraj Group employs 199 and 168 staffs, respectively.

2. BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION

2.1 Basis for preparation and presentation of financial statements

The financial statements of the Company have been presented in accordance with the Department of Business Development’s announcement on September 14, 2001, regarding the brief items to be presented in the financial statements B.E. 2544 and in conformity with generally accepted accounting standards. The Company’s financial statements are prepared in the Thai language as required by Thai law, and translated into English for the convenience of a reader of the financial statements. Certain amounts in the financial statements for the year ended December 31, 2004 have been reclassified to conform to the current year classification, with no effect on previously reported net profit or shareholders’ equity.



Annual Report 2005

Basis of consolidated financial statement presentation (continued)

2.2 Basis for preparation and presentation of consolidated financial statements

The consolidated accounts incorporate the accounts of the Company and its majorities owned directly or indirectly (over 50%) subsidiaries as at December 31, are as follows:

TYPE OF BUSINESSHOLDING OF INTEREST (%)

2005 2004

Eastern Industrial Estate Company Limited Industrial Estate Development 99.99 99.99

Eastern Seaboard Industrial Estate (Rayong) Company Limited

Industrial Estate Development 60.00 60.00

Hemaraj Eastern Seaboard Industrial Estate Co., Ltd. * Industrial Estate Development 99.99 99.99

Eastern Pipeline Services Company Limited Pipe Rack Rental 99.99 99.99

H-International (BVI) Company Limited Holding Company 100.00 100.00

Hemaraj International Limited ** Holding Company 100.00 100.00

H-Construction Management and Engineering Company Limited

Design and Construction Supervision Service 99.99 99.99

The Park Residence Company Limited Real Estate Development and Service Management 99.99 99.99

Hemaraj Water Company Limited *** Water Resources Development and Management 99.99 -

SME Factory Company Limited *** Sale and Lease of Factory 99.99 -

* As a subsidiary of the Company since November 5, 2004 ** As an oversea subsidiary, used information from the financial statements were provided by the management and have not been audited. However, the total assets and net profit as show in these financial statements were not material to the consolidated financial statements as a whole. *** As subsidiaries of the Company since June 29, 2005, which were registered and setup. Significant inter-company transactions are eliminated from the consolidated financial statements.

All subsidiaries were incorporated in Thailand except H-International (BVI) Company Limited and Hemaraj International Limited which were incorporated in British Virgin Islands and Cayman Islands, respectively. In addition, the consolidated and the Company’s financial statements for the years ended December 31, include share of profits (losses) from associated companies as follows:

MILLION BAHT

2005 2004

Elyo-H Facilities Management Limited * 2.14 1.56

S I L Industrial Land Company Limited ** (1.02) -

Glow Hemaraj Energy Company Limited ** (0.16) -

* Based on information from the financial statements which were provided by the management and were not audited by an auditor.

** Based on information from the financial statements which were audited by other auditor.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3.1 The Measurement Bases Used in Preparing the Financial Statements

Other than those disclosed in other topics, significant accounting policies and other notes to the financial statements, the financial statements are prepared on the historical cost basis.



Annual Report 2005

3.2 Cash and Cash Equivalents

Cash and cash equivalents represent cash on hand and at banks, and temporary investments net of cash at banks pledged as collateral.

3.3 Current Investments

Available-for-sale securities consist of investments in marketable securities, which are stated at fair value (net of allowance for investments revaluation).

Gain (loss) on investment revaluation is included in the equity.

3.4 Trade Account Receivables and Allowance for Doubtful Accounts

Trade account receivables represent real estate sale contract receivables under contract price net of installments received and deferred income. Public utilities service receivables are presented net of allowance for doubtful accounts. Allowance for doubtful accounts is based on receivables which are overdue by more than 90 days.

3.5 Cost of Real Estate Developments

Cost of real estate developments consists of land costs, development costs, pre-fabricated factory costs, condominium construction costs, interest expenses on loans for projects development, pre-fabricated factory, condominium construction, land deposits and advances for construction costs. These costs are transferred to cost of sales when revenue from sales is recognized.

Cost of real estate developments is stated at the lower of aggregate cost or net realizable value.

Loss on projects revaluation is included in the statements of income.

3.6 Capitalization of Borrowing Costs

The Company and its subsidiaries have accounting policy to record interest expenses and fees on long-term loans and loan from related persons for development projects by capitalizing to cost of real estate developments. The capitalization will be suspended or ceased when the development projects are interrupted or completed.

3.7 Investments and Loans

Investments

A. Investments in subsidiary and associated companies are recorded by using the equity method.

B. Other investments represent investments in related and other companies which are stated at cost net of provision for impairment loss. Impairment loss on other investments is included in the statements of income.

Loans

The Company and its subsidiaries have recorded allowance for doubtful debts by using uncollectible amounts, based on a review of the current financial status and the repayment ability. The recognition of interest income is ceased when overdue of more than 180 days.

3.8 Property, Plant and Equipment

Land is stated at cost. Property, plant and equipment are stated at cost less accumulated depreciation and provision for impairment loss. Motor vehicles under financial lease are stated at fair value less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of 5 years for equipment and 20 years for building and structures. No depreciation is provided for land.

Summary of signification accounting policies (continued)



Annual Report 2005


3.9 Assets for Rent

Land for rent is stated at cost. Assets for rent, except land, are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method over the estimated useful lives of the assets of 15 years for pipe rack and 20 years for building. No depreciation is provided for land for rent.

3.10 Leasehold Right and Land Held for Commercial Purposes

Leasehold right and land held for commercial purposes consist of land leasehold right, land costs, development costs and capitalized interest on loans for undeveloped projects and projects which were temporarily suspended from development. Leasehold land and land held for commercial purposes are stated at the lower of aggregate cost or net realizable value.

Loss on projects revaluation is included in the statements of income.

3.11 Sinking Fund The Company and its subsidiaries have recorded a fund for the major maintenance and replacement of utilities systems and facilities for the customers in the industrial estate, under the joint operating agreements with the Industrial Estate Authority of Thailand (“IEAT”) to be Deferred Sinking Fund and has recorded amortization to be cost of services by the straight-line method over 20 years of useful lives.

3.12 Deferred Interest Expense on Hire-Purchase Agreement

Deferred interest expense on hire-purchase agreement, which is amortized over the period of agreements, presented net from hire-purchase payable.

3.13 Impairment of Assets

The Company and its subsidiaries have evaluated the impairment of properties, plant and equipment and other assets when the event is occurred or there is the situational change, which indicates that the recoverable amount of assets will be lower than their book value. The Company and its subsidiaries will recognize the loss from impairment as an expense in the statements of income.

3.14 Income Received in Advance

Income received in advance represents the amounts received from real estate and condominium sales contracts, which are recognized by using the percentage of completion method, and from utilities and rental income, received in advance.

3.15 Deferred Leasehold Right Income

Deferred leasehold right income represents leasehold right received from rental of land, building and pipe rack, and is recognized as revenue over the period of rental contract.

3.16 Revenue and Expense Recognition

Other than those disclosed in other topics, the policy of the Company and its subsidiaries on revenue and expense recognition are as follows:

A. Recognition of Revenue and Cost of Land Sales

Revenue from land sales are recognized upon signing of contract and receiving of installments by the percentage of completion method, using the ratio of actual development costs incurred to total estimated development costs for each projects excluding land cost. Cost of sales is calculated from the realized sales contracts based on the ratio of total estimated project costs to total estimated project sales.

Total estimated costs and sales of each project shall be revised when there are significant changes in the estimated costs and expected sales price of each project.

B. Recognition of Revenue and Cost of pre-fabricated Factory Sales Revenue and cost of pre-fabricated factory sales are recognized upon signing of sales contract.



Annual Report 2005


C. Recognition of Revenue and Cost of Condominium Sales

The Company recognizes the revenue and cost of condominium sales by the percentage of completed work which is based on the proportion of actual costs (excluding cost of land) to the total estimated costs which are estimated by the Companyís engineer advisor. The Company recognizes revenue when sales contracts have been executed not less than 40% of the area opened for sales and collection received exceeds 20% of each contract value, and the progress of completed construction work is more than 10%.

D. Recognition of Income and Cost of Services

Income and cost of services are recognised on the accrual basis. Service income represents income received from providing of public utilities, potable water, raw water and reused water, waste water treatment processing, additional work in building construction and rental services in respect of land, commercial plaza, warehouse, factory, resident and pipe rack to the Industrial Estate, training center and business center. Cost of services represents cost incurred from providing of such services.

Revenue and cost from mini and micro pre-fabricated factory construction are recognized upon signing of contract and receiving of installments by the percentage of completion method.

The recognition of income from public utilities service is ceased when the customers cease their business operations and has payment difficulty.

E. Gain from Compromising Debt (Hemaraj Land and Development Public Company Limited)

The Company has recorded the difference between the aggregate amount of loan and related accrued interest expense, which have been compromised under the Restructuring Agreements, as revenue in the statements of income in full on the signing date of the Restructuring Agreement.

F. Other Incomes and Expenses.

Other incomes and expenses are recognized on the accrual basis.

3.17 Accounts in Foreign Currency

A. The financial statements of our overseas subsidiary company are translated into Baht for consolidation purposes using rates of exchange as follows:

A.1 Assets and liabilities are translated at the average selling and purchasing price of exchange rate at the end of the year.

A.2 Revenues and expenses are translated at the average selling and purchasing price of exchange rate at the end of each month. A.3 Share capital is translated at the exchange rate on the transaction date. Adjustments from translation of foreign financial statements are included under shareholders’ equity.

B. Other foreign currency transactions occurring during the year are converted into Baht at the rates prevailing on the dates of the transactions. Assets and liabilities at the end of the year are converted into Baht at the rates of exchange on that date. Gain and loss on exchange rate is included in the statements of income. 3.18 Corporate Income Tax

Corporate income tax for each year is recognized on the accrual basis, which is based on the taxable profit for the year.

3.19 Earning per Share

Basic earning per share is computed by dividing net profit attributable to ordinary shareholders for the year by the weighted average number of ordinary shares outstanding during the year.



Annual Report 2005

Diluted earning per share is computed by dividing net income attributable to ordinary shareholders for the year, as adjusted for the effect of dilutive ordinary shares, by the weighted average number of ordinary shares outstanding during the year plus the number of dilutive ordinary shares

4. TRANSACTIONS WITH RELATED PARTIES

The Company has certain transactions with its related parties. Intercompany terms are determined at the rate not exceeding 5% - 10% of contracted price for commission on sales of land, not exceeding 5% management fees of service income received, and 4.5% - 10% as the reasonable market rate at that time for interest on loans from/to related parties relating to business operation.

Enterprises that directly or indirectly through one or more intermediaries, control, or are under common control with the Company by through same shareholder and management or director as at December 31 are as follows:

COMPANY NAME TYPE OF BUSINESS RELATIONSHIPPERCENTAGE OF

HOLDING

2005 2004

Subsidiary Companies

Eastern Industrial Estate Company Limited Industrial Estate Development Common shareholders and management

99.99 99.99


Industrial Estate Development ,, 60.00 60.00

Hemaraj Eastern Seaboard Industrial Estate Co., Ltd. Industrial Estate Development ,, 99.99 99.99

Eastern Pipeline Services Company Limited * Pipe Rack Rental ,, 99.99 99.99

H-International (BVI) Company Limited Holding Company ,, 100.00 100.00

Hemaraj International Limited Holding Company ,, 100.00 100.00

H-Construction Management and Engineering Company Limited

Design and Construction Supervision Service ,, 99.99 99.99

The Park Residence Company Limited Real Estate Development and Service Management ,, 99.99 99.99

Hemaraj Water Company Limited Water Resources Development and Management ,, 99.99 -

SME Factory Company Limited Sale and Lease of Factory ,, 99.99 -

Associated Companies

Elyo-H Facilities Management Limited Facilities Management Service Common shareholders and management

39.99 39.99

Glow Hemaraj Energy Company Limited Electricity and Power Generation ,, 49.99 -

S I L Industrial Land Company Limited Industrial Estate Development ,, 25.00 -

Rayong Industrial Land Company Limited ** Industrial Estate Development ,, 25.00 -




Annual Report 2005

Transactions with related parties (continued)

COMPANY NAME TYPE OF BUSINESS RELATIONSHIPPERCENTAGE OF

HOLDING

2005 2004

Related Companies

Sriracha Harbour Public Company Limited Port Service and Transportation Common shareholders and co-directors

6.4 9.54

Nakornthai Strip Mill Public Company Limited Steel Manufacturer and Distributor ,, 0.11 0.17

Sun Tech Group Public Company Limited Agriculture and Scrap Steel Business Common directors - -

N.T.S. Steel Group Public Company Limited Steel Manufacturer and Distributor ,, - -

Eastern Fluid Transport Company Limited Pipe Rack Maintenance ,, 15.00 15.00

Steel Top Company Limited Steel Manufacturer and Distributor ,, - -

Metal Star Company Limited Steel Manufacturer and Distributor Relationship with directors - -

Siam Food Products Public Company Limited Processing Agriculture Producer Co-investors - -

Teo Hong Silom Company Limited Facilities Management Service ,, - -

Cementhai Property (2001) Public Company Limited Holding Company ,, - -

Glow Energy Public Company Limited Energy ,, - -

Tractebel Asia Company Limited *** Energy ,, - -

Related Person - Directors and shareholders - - * 74.99% directly held by the Company and 25% indirectly held by Eastern Industrial Estate Company Limited.

** 25% directly held by the Company in S I L Industrial Land Company Limited that has held 99.99% in Rayong Industrial Land Company Limited.

*** Changed from former co-investor, Elyo South Asia PTE. Ltd.



Annual Report 2005


As at December 31, balances with related parties are presented in the balance sheets as follows:

Assets

THOUSAND BAHTINTERCOMPANY

TERMSCONSOLIDATED THE COMPANY ONLY

2005 2004 2005 2004Short - term loans and advance to related parties:Subsidiary companies:

Eastern Industrial Estate Company Limited - - 260,139 395,349 MLR +1%

Eastern Seaboard Industrial Estate (Rayong) Company Limited - - 51,382 196,664 5%-10% of contract price, 5% of service income received and 4.5%

interest rate

Hemaraj Eastern Seaboard Industrial Estate Company Limited - - 343,149 - MLR +1%

Eastern Pipeline Services Company Limited - - 91,176 71,081 MLR +1%

H-Construction Management and Engineering Company Limited - - 14,238 1,393 MLR +1%

Hemaraj Water Company Limited - - 7 - -

SME Factory Company Limited - - 6 - -

Associated companies:

Elyo-H Facilities Management Company Limited 2,182 2,179 2,182 2,179 MLR

S I L Industrial Land Company Limited 2,839 - 2,839 - 5% of service income received and MLR -1%

Rayong Industrial Land Company Limited 87 - 87 - 5% of service income received

Related company:

Sriracha Harbour Public Company Limited * 11,355 11,355 11,355 11,355

Total 16,463 13,534 776,560 678,021

Less: Allowance for doubtful debts (11,355) (11,355) (11,355) (11,355)

Total 5,108 2,179 765,205 666,666

The Company provided the provision for doubtful debt in full amount as the Company’s basis. This company entered into the Business Reorganization Plan under the Bankruptcy Court, and now is under the process of the Business Reorganization Plan. The Company has not yet adjusted the provision for the receivable under the Business Reorganization Plan and will adjust accordingly when obtaining the settlement from it as the Plan.

Balance of Assets with related parties and its movement for the year 2005 are as follows:

THOUSAND BAHTBEGINNING INCREASE DECREASE ENDING

ConsolidatedShort - term loans and advance to related parties:

Associated companies 2,179 3,115 (186) 5,108

Total short – term loans and advance to related parties 2,179 3,115 (186) 5,108

The Company OnlyShort - term loans and advance to related parties:

Subsidiary companies 664,487 404,993 (309,383) 760,097

Associated companies 2,179 3,115 (186) 5,108

Total short – term loans and advance to related parties 666,666 408,108 (309,569) 765,205



Annual Report 2005

Liabilities

THOUSAND BAHT INTERCOMPANYTERMSCONSOLIDATED THE COMPANY ONLY

2005 2004 2005 2004Short - term loans and advance from related parties:Subsidiary companies:

Eastern Industrial Estate Company Limited - - 33,101 - -

Eastern Seaboard Industrial Estate (Rayong) Company Limited - - 18,456 24,462 -

Related company:

Siam Food Products Public Company Limited 32,041 40,039 - - 4.5% and 5.25%

Total 32,041 40,039 51,557 24,462

Long - term loans from related party:Subsidiary company :

H-International (BVI) Company Limited - - 1,276,110 1,153,469 -

Long - term loans from related person: Current portion of long-term loans 31,400 21,892 - - 4.25%, MLR (KBANK) +1%

Long-term loans 9,752 21,144 - - and MLR (KBANK)

Total 41,152 43,036 - -

Balance of Liabilities with related parties and its movement for the year 2005 are as follows:

THOUSAND BAHTBEGINNING INCREASE DECREASE ENDING

ConsolidatedShort - term loans and advance from related parties 40,039 32,919 (40,917) 32,041

Long – term from related persons 43,036 20,000 (21,884) 41,152

The Company OnlyShort - term loans and advance from related parties:

Subsidiary companies 24,462 69,244 (42,149) 51,557

Long - term loans from related party:

Subsidiary company 1,153,469 122,741 (100) 1,276,110

The significant transactions with related parties for the years ended December 31, are as follows:

MILLION BAHTINTERCOMPANY

COST POLICYCONSOLIDATED THE COMPANY ONLY

2005 2004 2005 2004Service income 20.09 19.54 19.11 18.57 Market price

Interest income 0.89 0.50 36.81 29.13 MLR +1%, 4.5%, MLR and MLR –1%

Commission and management income 2.38 - 67.19 52.77 5% - 10% of contract price and 5% of service income received

Cost of service 8.50 7.88 1.34 1.62 Market price

Interest expenses 0.92 2.51 - - 4.5% and 5.25%




Annual Report 2005

Tran

sact

ions

with

rela

ted

part

ies

(con

tinue

d)

As

at D

ecem

ber

31, 2

005

the

Com

pany

’s in

vest

men

t for

usi

ng th

e eq

uity

met

hod

are

as fo

llow

s:

Com

pany

Type

of B

usin

ess

Rela

tions

hip

Paid

-up

Capi

tal

(Mill

ion

Baht

)

Hol

ding

of

Inve

smen

t(%

)

Inve

stm

ents

Cost

(Mill

ion

Baht

)

Net

Ch

ange

in

Equ

ity(M

illio

n Ba

ht)

Equi

ty(M

illio

n Ba

ht)

Subs

idia

ry C

ompa

nies

Ea

ster

n In

dust

rial

Est

ate

Com

pany

Lim

ited

Indu

stri

al E

stat

e D

evel

opm

ent

Com

mon

sha

reho

lder

s an

d m

anag

emen

t40

0.00

99.

99 4

00.0

0 1

44.4

7

544.

47

Ea

ster

n Se

aboa

rd In

dust

rial

Est

ate

(Ray

ong)

Com

pany

Lim

ited

Indu

stri

al E

stat

e D

evel

opm

ent

,,

358.

00 6

0.00

214.

80 6

71.1

7

885.

97

Hem

araj

Eas

tern

Sea

boar

d In

dust

rial

Est

ate

Com

pany

Lim

ited

Indu

stri

al E

stat

e D

evel

opm

ent

,,

595.

00 9

9.99

683

.87

(

20.2

4)

663.

63

East

ern

Pipe

line

Serv

ices

Com

pany

Lim

ited

*Pi

pe R

ack

Rent

al,,

3.75

99.

99

2.

81

(22

.74)

(19.

93)

H

-Inte

rnat

iona

l (BV

I) Co

mpa

ny L

imite

dH

oldi

ng C

ompa

ny,,

0.0

810

0.00

0.08

1,29

8.35

1,29

8.43

H

emar

aj In

tern

atio

nal L

imite

dH

oldi

ng C

ompa

ny,,

0.0

310

0.00

0.03

0.01

0.0

4

H-C

onst

ruct

ion

Man

agem

ent a

nd E

ngin

eeri

ng C

ompa

ny L

imite

dD

esig

n an

d Co

nstr

uctio

n Su

perv

isio

n Se

rvic

es,,

0.2

5 9

9.99

0.25

(9.0

5)

(8.

80)

Th

e Pa

rk R

esid

ence

Com

pany

Lim

ited

Real

Est

ate

Dev

elop

men

t and

Se

rvic

e M

anag

emen

t,,

0.2

5 9

9.99

0.25

(0.0

5)

0

.19

H

emar

aj W

ater

Com

pany

Lim

ited

Wat

er R

esou

rces

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elop

men

t an

d M

anag

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t,,

0.25

99.

99

0.

25

(0

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3

SM

E Fa

ctor

y Co

mpa

ny L

imite

dSa

le a

nd L

ease

of F

acto

ry,,

0.25

99.

99

0.

25

(0

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0.2

3

Ass

ocia

ted

Com

pani

es

Elyo

-H F

acili

ties

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agem

ent L

imite

dFa

cilit

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Man

agem

ent S

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Com

mon

sha

reho

lder

s an

d Co

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ctor

s

50.

00 3

9.99

2

0.00

(3.1

2)

16

.88

Gl

ow H

emar

aj E

nerg

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mpa

ny L

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dEl

ectr

icity

and

Pow

er G

ener

atio

n,,

1

0.00

49.

99

5.

00

(0

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4.8

4

S I L

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and

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pany

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**In

dust

rial

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ate

Dev

elop

men

t,,

500

.00

25.

00 2

50.0

0

(1

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24

8.98

Ra

yong

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and

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pany

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***

Indu

stri

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stat

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evel

opm

ent

,,1,0

00.0

0 2

5.00

- -

-

Tot

al In

vest

men

ts fo

r U

sing

the

Equi

ty M

etho

d 1,

577.

592,

057.

573,

635.

16

*

74.9

9% d

irect

ly h

eld

by th

e Co

mpa

ny a

nd 2

5% in

dire

ctly

hel

d by

Eas

tern

Indu

stri

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stat

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mpa

ny L

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d.

**

Th

e Co

mpa

ny a

cqui

red

25%

inve

stm

ent f

rom

the

shar

ehol

ders

’ equ

ity in

the

amou

nt o

f Bah

t 1,0

00 m

illio

n pr

esen

ted

in th

e Pr

ofor

ma

Bala

nce

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t

as

at A

pril

30, 2

005

whi

ch w

as re

gula

rly

prep

ared

by

the

man

agem

ent o

f S I

L In

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Lan

d Co

mpa

ny L

imite

d. L

ater

, the

Com

pany

obt

aine

d th

e

re

view

ed f

inan

cial

sta

tem

ents

as

at A

pril

30,2

005

revi

ewed

by

othe

r au

dito

r w

hich

pre

sent

ed t

he s

hare

hold

ers’

equ

ity in

the

am

ount

of

Baht

91

5.10

mill

ion.

The

dis

crep

ancy

of t

he s

hare

hold

ers’

equ

ity is

on

the

proc

ess

in d

iscu

ssio

n w

ith C

emen

thai

Pro

pert

y (2

001)

Pub

lic C

ompa

ny L

imite

d.

**

* 25

% d

irect

ly h

eld

by th

e Co

mpa

ny in

S I

L In

dust

rial

Lan

d Co

mpa

ny L

imite

d th

at h

as h

eld

99.9

9% in

Ray

ong

Indu

stri

al L

and

Com

pany

Lim

ited.

Ad

ditio

nal i

nfor

mat

ion

A

. H

-Inte

rnat

iona

l (BV

I) Co

mpa

ny L

imite

d w

as re

gist

ered

in th

e Br

itish

Virg

in Is

land

s (U

S. c

urre

ncy

is u

sed

for

busi

ness

ope

ratio

n).

B.

H

emar

aj In

tern

atio

nal L

imite

d w

as re

gist

ered

in th

e Ca

yman

Isla

nds

(US.

cur

renc

y is

use

d fo

r bu

sine

ss o

pera

tion)

.

C.

In t

he y

ear

of 2

005,

the

Com

pany

rec

eive

d di

vide

nd f

rom

Eas

tern

Sea

boar

d In

dust

rial

Est

ate

(Ray

ong)

Com

pany

Lim

ited

in a

mou

nt o

f Ba

ht

124.

44 m

illio

n an

d Ea

ster

n In

dust

rial

Est

ate

Com

pany

Lim

ited

in a

mou

nt o

f Bah

t 157

mill

ion.



Annual Report 2005

Tran

sact

ions

with

rela

ted

part

ies

(con

tinue

d)

As

at D

ecem

ber

31, 2

004

the

Com

pany

’s in

vest

men

t for

usi

ng th

e eq

uity

met

hod

are

as fo

llow

s:

Com

pany

Type

of B

usin

ess

Rela

tions

hip

Paid

-up

Capi

tal

(Mill

ion

Baht

)

Hol

ding

of

Inve

stm

ent

(%)

Inve

stm

ents

Cost

(Mill

ion

Baht

)

Net

Cha

nge

in E

quity

(Mill

ion

Baht

)

Equi

ty(M

illio

n Ba

ht)

Subs

idia

ry C

ompa

nies

Ea

ster

n In

dust

rial

Est

ate

Com

pany

Lim

ited

Indu

stri

al E

stat

e D

evel

opm

ent

Com

mon

sha

reho

lder

s an

d m

anag

emen

t40

0.00

99.

99

400.

00

120.

72

520

.72

Ea

ster

n Se

aboa

rd In

dust

rial

Est

ate

(Ray

ong)

Com

pany

Lim

ited

Indu

stri

al E

stat

e D

evel

opm

ent

,,35

8.00

60.

00 2

14.8

0

673.

42

888.

22

H

emar

aj E

aste

rn S

eabo

ard

Indu

stri

al E

stat

e

C

ompa

ny L

imite

dIn

dust

rial

Est

ate

Dev

elop

men

t,,

595.

00 9

9.99

688

.48

(

16.7

7)

671

.71

Ea

ster

n Pi

pelin

e Se

rvic

es C

ompa

ny L

imite

d *

Pipe

Rac

k Re

ntal

,,

3.7

5 9

9.99

2.8

1

(1

8.28

)

(1

5.47

)

H

-Inte

rnat

iona

l (BV

I) Co

mpa

ny L

imite

dH

oldi

ng C

ompa

ny,,

0

.08

100.

00

0

.08

1,26

8.04

1,26

8.12

H

emar

aj In

tern

atio

nal L

imite

dH

oldi

ng C

ompa

ny,,

0

.03

100.

00

0

.03

0.01

0.0

4

H

-Con

stru

ctio

n M

anag

emen

t and

Eng

inee

ring

Com

pany

Lim

ited

Des

ign

and

Cons

truc

tion

Supe

rvis

ion

Serv

ices

,,

0.2

5 9

9.99

0.2

5

0.

14

0

.39

Th

e Pa

rk R

esid

ence

Com

pany

Lim

ited

Real

Est

ate

Dev

elop

men

t and

Se

rvic

e M

anag

emen

t,,

0

.25

99.

99

0

.25

(0.0

4)

0

.21

Ass

ocia

ted

Com

pany

El

yo-H

Fac

ilitie

s M

anag

emen

t Lim

ited

Faci

litie

s M

anag

emen

t Ser

vice

sCo

mm

on s

hare

hold

ers

and

Co-d

irect

ors

50.

00 3

9.99

2

0.00

(5.2

7)

14

.73

Tot

al In

vest

men

ts fo

r U

sing

the

Equi

ty

M

etho

d1,

326.

702,

021.9

73,

348.

67

*

74.9

9% d

irect

ly h

eld

by th

e Co

mpa

ny a

nd 2

5% in

dire

ctly

hel

d by

Eas

tern

Indu

stria

l Est

ate

Com

pany

Lim

ited.

Ad

ditio

nal i

nfor

mat

ion

A.

H

-Inte

rnat

iona

l (BV

I) Co

mpa

ny L

imite

d w

as re

gist

ered

in th

e Br

itish

Virg

in Is

land

s (U

S. c

urre

ncy

is u

sed

for b

usin

ess

oper

atio

n).

B.

H

emar

aj In

tern

atio

nal L

imite

d w

as re

gist

ered

in th

e Ca

yman

Isla

nds

(US.

cur

renc

y is

use

d fo

r bus

ines

s op

erat

ion)

.

C.

Du

ring

the

year

200

4, th

e Co

mpa

ny r

ecei

ved

divi

dend

from

Eas

tern

Sea

boar

d In

dust

rial E

stat

e (R

ayon

g) C

ompa

ny L

imite

d in

am

ount

of B

aht 1

28.8

8

m

illio

n, E

aste

rn In

dust

rial E

stat

e Co

mpa

ny L

imite

d in

am

ount

of B

aht 4

30 m

illio

n an

d H

-Inte

rnat

iona

l (BV

I) Co

mpa

ny L

imite

d in

am

ount

of B

aht 1

60

mill

ion.

D.

In

200

4, th

e Co

mpa

ny e

nter

ed in

to a

gree

men

t to

purc

hase

sha

res

of H

emar

aj E

aste

rn S

eabo

ard

Indu

stria

l Est

ate

Com

pany

Lim

ited

in a

mou

nt o

f Bah

t

68

8.48

mill

ion.



Annual Report 2005


Other long-term investments - related parties, net

THOUSAND BAHT


2005 2004 2005 2004

Investments in related parties

Sriracha Harbour Public Company Limited 75,300 75,300 75,300 75,300

Eastern Fluid Transport Company Limited 1,500 1,500 - -

Total 76,800 76,800 75,300 75,300

Less Provision for impairment loss on investments (75,300) (75,300) (75,300) (75,300)

Other Long-term Investments - Related Parties, net 1,500 1,500 - -

5. CASH AND CASH EQUIVALENTS

For the purpose of preparation of the statements of cash flows in accordance with the relevant Thai Accounting Standard, as at December 31, cash and cash equivalents consisted of:

THOUSAND BAHT


2005 2004 2005 2004

Cash and deposits at financial institutions 761,520 572,723 493,180 307,334

Temporary investments

Time deposits 330,473 30,326 322,968 22,968

Promissory notes - financial institutions - 400,000 - 400,000

Less Cash at banks pledged as collateral and deposits

with maturity dates longer than 3 months (30,447) (30,314) (22,968) (22,968)

Cash and Cash Equivalents 1,061,546 972,735 793,180 707,334

6. CURRENT INVESTMENTS

As at December 31, current investments consisted of:

THOUSAND BAHT


2005 2004 2005 2004

Time deposits 330,472 30,326 322,968 22,968

Promissory notes - financial institutions - 400,000 - 400,000

Marketable securities

Available-for-sale securities - Equity securities

Nakornthai Strip Mill Public Company Limited 85,150 85,150 85,150 85,150

Other companies and unit trusts 52,536 64,525 52,536 64,525

Total Marketable securities 137,686 149,675 137,686 149,675

Less Allowance for investments revaluation (64,327) (17,681) (64,327) (17,681)

Marketable securities, net 73,359 131,994 73,359 131,994

Total Current Investments 403,831 562,320 396,327 554,962



Annual Report 2005

7. TRADE ACCOUNT RECEIVABLES, NET

As at December 31, trade account receivables, net consisted of:

THOUSAND BAHTCONSOLIDATED THE COMPANY ONLY

2005 2004 2005 2004Related parties Service receivables Accrued service income 26,028 27,740 18,200 20,335

Less Allowance for doubtful accounts (24,114) (27,740) (16,709) (20,335)

Trade Account Receivables-Related Parties, net 1,914 - 1,491 -

Other partiesReal estate sales contracts receivables Real estate sales contracts 4,844,041 900,407 3,838,264 -

Less Installments received (1,557,981) (302,658) (1,045,092) - Installment receivables 3,286,060 597,749 2,793,172 -

Less Deferred income (2,634,325) (86,590) (2,623,740) -

Real Estate Sales Contracts Receivables, net 651,735 511,159 169,432 -

Service receivables Accrued service income 49,261 43,920 8,218 9,219

Less Allowance for doubtful accounts (3,866) (3,523) (884) (427) Service Receivables, net 45,395 40,397 7,334 8,792

Trade Account Receivables-Other Parties, net 697,130 551,556 176,766 8,792

As at December 31, 2005, real estate sales contracts receivables in the consolidated and company only financial statements were included receivables, whose installments were due but not received, in amount of Baht 18.19 million and 12.62 million, respectively.

For the allowance for doubtful accounts of related party receivables, which obtain facility services in the industrial estate provided and charged by the Company. With the economic crisis in 1997 in Thailand, these companies have encountered with operation problem and the Company provided the provision for doubtful debt in full amount as the Company’s basis. Later, these companies entered into the Debt Restructure under CDRAC or Business Reorganization Plan under the Bankruptcy Court. The Company has not yet adjusted the provision for these receivables under the Business Reorganization Plan until obtaining the settlement as the Plan or debt restructure from each receivable.

As at December 31, the real estate sales contracts receivables and accrued service income classified by aging are as follows:

THOUSAND BAHTCONSOLIDATED THE COMPANY ONLY

2005 2004 2005 2004Real estate sales contracts receivables Undue installments 3,267,867 597,749 2,780,546 - Less than 3 months 18,193 - 12,626 - Over 3 months to 12 months - - - - Over 12 months - - - - Installments paid on date of transfer of title deed - - - - Less Deferred income (2,634,325) (86,590) (2,623,740) - Total real estate sales contracts receivables 651,735 511,159 169,432 -

Accrued service income Less than 3 months 45,359 40,397 7,333 8,792 Over 3 months to 6 months 496 12 460 - Over 6 months to 12 months 221 60 - 37 Over 12 months 3,185 3,451 425 390

49,261 43,920 8,218 9,219 Less Allowance for doubtful accounts (3,866) (3,523) (884) (427) Accrued service income, net 45,395 40,397 7,334 8,792



Annual Report 2005

8. INCOME RECEIVED IN ADVANCE

As at December 31, income received in advance consisted of:

THOUSAND BAHT


2005 2004 2005 2004

Income received in advance – Land and condominium

Land and condominium sale contracts 8,638,527 10,147,308 301,896 2,661,194

Less Installments received (8,461,884) (8,118,001) (152,838) (649,549)

Installment receivables 176,643 2,029,307 149,058 2,011,645

Less Deferred income (288,823) (2,389,247) (163,962) (2,251,026)

Income received in advance – Land and condominium (112,180) (359,940) (14,904) (239,381)

Income received in advance – Service and Rental (13,493) (3,960) (7,899) -

Total income received in advance (125,673) (363,900) (22,803) (239,381)

9. COST OF REAL ESTATE DEVELOPMENTS, NET

As at December 31, cost of real estate developments, net consisted of:

THOUSAND BAHT


2005 2004 2005 2004

Land cost - under development 5,989,029 5,251,500 1,686,459 1,335,061

Development project costs 7,509,137 6,617,363 1,834,073 1,370,956

Interest expenses capitalized 2,074,601 1,980,703 642,543 639,599

Additional utility cost 8,028 7,402 7,534 7,248

Advance for construction costs 123,069 52,478 115,614 44,845

15,703,864 13,909,446 4,286,223 3,397,709

Less Accumulated costs transferred to cost of land sales (9,621,118) (8,380,780) (2,586,634) (2,044,638)

Accumulated costs transferred to Assets for rent (943,482) (727,417) - -

Accumulated costs transferred for Debt settlement (143,838) (143,838) (143,838) (143,838)

Cost of Real Estate Developments, net 4,995,426 4,657,411 1,555,751 1,209,233

Information of cost of real estate developments of Hemaraj Land and Development Public Company Limited, Eastern Industrial Estate Company Limited, Eastern Seaboard Industrial Estate (Rayong) Company Limited and Hemaraj Eastern Seaboard Industrial Estate Company Limited is as follow:-

Valuation Stated in the Financial Statements

Cost of real estate developments is stated at the lower of aggregate cost and net realisable value for the projects in the same area of each company. During the year 2004, the Company and the 3 subsidiaries had obtained appraisal reports by an independent appraisal company. Surplus from assets appraisal were recorded as adjustment of loss on decline in value of real estate development cost in amount of Baht 38.48 million, as in the year of 2002, the Company’s and its subsidiaries’ cost of real estate development were appraised and deficit from appraisal was recorded as loss on decline in value of real estate development cost in 2002.

Obligation of Assets as at December 31, 2005

The portion of land in the projects of the Company and the subsidiaries has been mortgaged as collateral for loans from local financial institutions, other companies and related persons and portion of land has been pledged as collateral in the court.



Annual Report 2005

Cost of real estate developments, net (continued)

Capitalization of Borrowing Costs

Consolidated

For the years ended December 31, 2005 and 2004, interest expenses were capitalised to the cost of real estate developments in the approximate amounts of Baht 83.97 million and 20.89 million, respectively.

The Company Only

For the years ended December 31, 2005 and 2004, interest expenses were capitalised to the cost of condominium in the approximate amount of Baht 2.94 million and 0.13 million, respectively.

10. OTHER LONG-TERM INVESTMENTS, NET

THOUSAND BAHT


2005 2004 2005 2004

Glow IPP Company Limited (Formerly : Bowin Power Company Limited) 175,000 175,000 175,000 175,000

Other company 1,000 1,000 - -

Total 176,000 176,000 175,000 175,000

Less Provision for impairment loss on investment (717) - - -

Other Long-Term Investments, net 175,283 176,000 175,000 175,000



Annual Report 2005

11.

PRO

PERT

Y, P

LAN

T A

ND

EQ

UIP

MEN

T, N

ET

As

at D

ecem

ber

31, 2

005

and

2004

, pro

pert

y, p

lant

and

equ

ipm

ent,

net c

onsi

sted

of:

(A

mou

nts:

Mill

ion

Baht

)

Cha

nges

in C

ost

Chan

ges

in A

ccum

ulat

ed D

epre

ciat

ion

Net

Boo

k Va

lue

Begi

nnin

gAd

ditio

nD

ispo

sal

Endi

ngBe

ginn

ing

Dep

reci

atio

nD

ispo

sal

Endi

ngBe

ginn

ing

Endi

ngCo

nsol

idat

edLa

nd

17.2

8-

-

17.

28-

--

-

17.2

8

17.

28

Build

ing

and

stru

ctur

e20

4.38

70

.72

- 2

75.1

0 6

5.52

8.4

8-

74.

00 1

38.8

620

1.10

Build

ing

impr

ovem

ents

7

.40

--

7.40

3.

51 0

.87

-

4.3

8

3.8

9

3.0

2

Offi

ce e

quip

men

t, fu

rnitu

re a

nd fi

xtur

e 8

4.81

4

.87

(0.

65)

8

9.03

68.1

1

7.00

(0.

65)

74.

46 1

6.70

14

.57

Vehi

cles

53.

93

30.1

0 (1

1.89

)

72.

14 3

0.09

10.9

5(1

1.17

) 2

9.87

23

.84

42

.27

Cons

truc

tion

in p

rogr

ess

10.

67

59.9

9-

7

0.66

--

--

10.

67

70.6

6

Raw

wat

er p

ipe

3

.66

-

-

3.66

1

.61

0.2

4

-

1.8

5

2.0

5

1.8

1

To

tal

382.

13 1

65.6

8(1

2.54

) 5

35.2

716

8.84

27.

54 (1

1.82

)18

4.56

213

.29

350.

71

Le

ss R

eser

ve fo

r im

pair

men

t los

s of

ass

ets

(10

.17)

(1

0.17

)

Le

ss R

eser

ve fo

r po

ssib

le lo

ss o

f titl

e

of l

and

and

offic

e bu

ildin

g

(36.

96)

(3

6.96

)

Pro

pert

y, P

lant

and

Equ

ipm

ent,

net

166.

16 3

03.5

8

The

Com

pany

Onl

yLa

nd

2.9

3-

-

2.

93-

--

-

2.9

3

2.9

3

Build

ing

and

stru

ctur

e 4

5.35

--

4

5.35

11.

60 0

.36

-

11.9

6 3

3.75

33

.39

Build

ing

impr

ovem

ents

3

.22

--

3.22

1

.42

--

1

.42

1

.80

1.80

Offi

ce e

quip

men

t, fu

rnitu

re a

nd fi

xtur

e 4

8.49

2

.96

(0.

65)

5

0.80

39.

27 3

.56

(0.

65)

42.

18

9.2

2

8.6

2

Vehi

cles

34.

07

12.7

6 (5

.75)

4

1.08

17.9

8 6

.77

(5.

35)

19.

40

16.0

9

21.

68

Cons

truc

tion

in p

rogr

ess

0.

91

4.4

3-

5.34

--

--

0

.91

5.34

Raw

wat

er p

ipe

3

.65

-

-

3.65

1.

61 0

.24

-

1

.85

2

.04

1.8

0

To

tal

138.

62 2

0.15

(6.

40)

152

.37

71.

8810

.93

(6.

00)

76.

81 6

6.74

75

.56

Le

ss R

eser

ve fo

r im

pair

men

t los

s of

ass

ets

(

0.72

)

(0.

72)

Le

ss R

eser

ve fo

r po

ssib

le lo

ss o

f titl

e

of l

and

and

offic

e bu

ildin

g

(36.

96)

(3

6.96

)

Pro

pert

y, P

lant

and

Equ

ipm

ent,

net

29

.06

3

7.88



Annual Report 2005

Property, plant and equipment, net (continued)

Consolidated

For the year ended December 31, 2005, depreciation of building and equipment were included in selling and administrative expenses and cost of services in the amounts of Baht 17.15 million and 10.40 million, respectively.

As at December 31, 2005 and 2004, the property, plant and equipment of the Company and its subsidiaries have been fully depreciated but are still in use. The original cost, before deducting accumulated depreciation, of those assets was in the amounts of Baht 59.29 million and 57.13 million, respectively.

The Company Only

For the year ended December 31, 2005, depreciation of building and equipment were included in selling and administrative expenses and cost of services in the amounts of Baht 10.56 million and 0.37 million, respectively.

As at December 31, 2005 and 2004, the property, plant and equipment of the Company have been fully depreciated but are still in use. The original cost, before deducting accumulated depreciation, of those assets was in the amounts of Baht 36.15 million and 10.28 million, respectively.

Hemaraj Land and Development Public Company Limited

As at December 31, 2005 and 2004, the Company has provided reserve for loss of the possessive right over the land and office building in the amount of Baht 36.96 million as the management of the Company viewed that the Company might not receive the transfer of such possessive right.



Annual Report 2005

12.

ASSE

TS F

OR

REN

T, N

ET

As a

t Dec

embe

r 31,

200

5 an

d 20

04, a

sset

s fo

r ren

t, ne

t con

sist

ed o

f:

(A

mou

nts:

Mill

ion

Baht

)

Co

nsol

idat

ed

As

at D

ecem

ber

31, 2

005

and

2004

, por

tions

of l

and

and

build

ing

for

rent

, whi

ch h

ad b

een

tran

sfer

red

from

the

cost

of r

eal e

stat

e de

velo

pmen

ts,

w

ere

in th

e ac

cum

ulat

ed a

mou

nts

of B

aht 9

06.8

4* m

illio

n an

d 76

9.76

* m

illio

n, re

spec

tivel

y.

D

epre

ciat

ion

of b

uild

ing

and

pipe

rack

for

the

year

end

ed D

ecem

ber

31, 2

005

was

incl

uded

in c

ost o

f ser

vice

s.

Th

e Co

mpa

ny O

nly

D

epre

ciat

ion

of b

uild

ing

for

the

year

end

ed D

ecem

ber

31, 2

005

was

tota

lly in

clud

ed in

cos

t of s

ervi

ces.

Chan

ges

in C

ost

Chan

ges

in A

ccum

ulat

ed D

epre

ciat

ion

Net

Boo

k Va

lue

Begi

nnin

gAd

ditio

nTr

ansf

erEn

ding

Begi

nnin

gD

epre

ciat

ion

Tran

sfer

Endi

ngBe

ginn

ing

Endi

ng

Cons

olid

ated

La

nd

153.

94 *

44.

66 (

22.8

4)

175

.76 *

--

--

153.

94 17

5.76

Bu

ildin

g 6

15.8

2 *

194.

60 (

79.3

4)

73

1.08

*

6.0

9 3

1.28

(9.6

1) 8

1.76

555.

7364

9.32

Im

prov

emen

t Bui

ldin

g-

4

.80

(2

.43)

2.3

7 -

0.

03-

0

.03

-

2.3

4

Pi

pe ra

ck 12

7.46

35.

49-

16

2.95

52.

32

9.4

4-

61.7

6 7

5.14

101.

19

Co

nstr

uctio

n in

pro

gres

s

12.3

2

-

(12.

32)

-

-

-

-

-

12.3

2

-

Tot

al90

9.54

279.

55(1

16.9

3)1,0

72.1

611

2.41

40.7

5(9

.61)

143.

5579

7.13

928.

61

The

Com

pany

Onl

y

La

nd 2

8.06

--

28.0

6-

--

-

28.0

6

28.0

6

Bu

ildin

g 2

6.24

--

2

6.24

2.

53

1.31

-

3.8

4 2

3.71

22

.40

Im

prov

emen

t Bui

ldin

g

-

0.14

-

0.14

-

-

-

-

-

0

.14

Tot

al 5

4.30

0.

14

-

54.

44

2.53

1.3

1

-

3.8

4 5

1.77

50

.60



Annual Report 2005

13. LEASEHOLD LAND AND LAND HELD FOR COMMERCIAL PURPOSES, NET

As at December 31, leasehold land and land held for commercial purposes, net consisted of:

THOUSAND BAHT


2005 2004 2005 2004

Land bank 10,201 10,201 10,201 10,201

Land cost of projects suspended from development 1,135,711 1,135,711 1,135,711 1,135,711

Suspended development project costs 268,034 268,034 268,034 268,034

Interest expenses capitalized 556,119 556,119 556,119 556,119

Leasehold land 77,077 77,077 77,077 77,077

2,047,142 2,047,142 2,047,142 2,047,142

Less Accumulated costs transferred for debt settlement (645,413) (645,413) (645,413) (645,413)

Accumulated Cost of sales (841,514) (841,514) (841,514) (841,514)

Loss on projects evaluation (279,151) (279,151) (279,151) (279,151)

Leasehold Land and Land Held for Commercial Purposes, net 281,064 281,064 281,064 281,064

Information of leasehold land and land held for commercial purpose of Hemaraj Land and Development Public Company Limited, Eastern Industrial Estate Company Limited, Eastern Seaboard Industrial Estate (Rayong) Company Limited and Hemaraj Eastern Seaboard Industrial Estate Company Limited is as follow:-

Valuation Stated in the Financial Statements

Leasehold land and land held for commercial purposes are stated at the lower of aggregate cost and net realizable value. During the year 2004, the Company and the subsidiary had obtained appraisal reports by an independent appraisal company. Surplus from assets appraisal were recorded as adjustment of loss on decline in value of real estate development cost in amount of Baht 36.17 million, as in the year of 2002, the Company’s and its subsidiary’s leasehold land and land held for commercial purposes were appraised and deficit from appraisal was recorded as loss on decline in value of real estate development cost.

Obligation of Assets as at December 31, 2005

Portion of land in the projects of the Company and the subsidiary has been mortgaged as collateral for loans from local financial institutions.

14. SINKING FUND, NET

The Company and its subsidiaries had entered into the joint operating agreements with the Industrial Estate Authority of Thailand (“IEAT”) (as disclosed in the Note 29 to the financial statements). The Company and its subsidiaries are committed to be a provider and to set up a fund (“Sinking Fund”) for the major maintenance and replacement of utilities systems and facilities for the customers in the industrial estate. The Company and its subsidiaries had made the payment by cash and by transferring of partial piece of land for the Sinking Fund, and in addition, the Company and its subsidiaries had transferred the withdrawal rights over the Sinking Fund to the IEAT per the terms and conditions of such agreements. The Company and its subsidiaries have recorded the cash paid and land transferred to IEAT for Sinking Fund to Sinking Fund. The amortization period of 20 years is applied on the useful future economic life of Sinking Fund under the joint contract agreements with IEAT. The Company and its subsidiaries have recorded the interest income from the said Sinking Fund to the other assets because the Company and its subsidiaries have the right to withdraw these interest income for the major maintenance and replacement of the utilities systems and facilities.



Annual Report 2005

On June 22, 2004, the Notification of IEAT’s Board of Directors No.1/2547 had amended the joint operating agreement conditions to cap the Sinking Fund amount not exceeding Baht 60 million. Later on August 27, 2004, the IEAT’s Board of Directors resolved that it would allow the Company and its subsidiaries to combine two joint operating agreements to one agreement. In the third quarter of 2004, a subsidiary of the Company had provided the amendment of mentioned agreement with IEAT. As the result of the amendment, the Sinking Fund had decreased in amount of Baht 113.51 million.

On March 29, 2005, the Company and another subsidiary had provided the amendment of the agreement with IEAT resulting in a decrease in the Sinking Fund in amount of Baht 99.55 million and 32.77 million, respectively.

As at December 31, sinking fund, net consisted of:

THOUSAND BAHT


2005 2004 2005 2004

Sinking Fund 275,383 273,231 151,955 151,955

Less Refund of Sinking Fund from IEAT (132,318) - (99,550) -

Sinking Fund balance 143,065 273,231 52,405 151,955

Less Accumulated amortization (80,830) (75,394) (25,077) (22,053)

Sinking Fund, net 62,235 197,837 27,328 129,902

15. CONVERTIBLE BONDS Hemaraj Land and Development Public Company Limited issued the US$ 60 million convertible bonds, divided into 60,000 unit convertible bonds of US$ 1,000 per unit, which bear interest at the rate of 3.5 percent per annum on September 9, 1993 by proposing to sell all the convertible bonds for foreign investor and the bonds would be redeemed on September 9, 2003.

The Company had repurchased convertible bonds processed the cancellation by the trustee as stipulated by the Prospectus. During the year 2004, the Company has repurchased convertible bonds processed the cancellation for the all last portion. As at December 31, 2004, the Company had no convertible bonds outstanding.

16. LONG-TERM LOANS TO RELATED PARTY

As at December 31,2005 and 2004, Hemaraj Land and Development Public Company Limited had loan with an overseas subsidiary company, H-International Company Limited, in the amount of Baht 1,276.11 million and 1,153.47 million, respectively, which did not have the maturity date and interest charge.

Sinking fund, net (Continued)



Annual Report 2005

17.

LON

G-TE

RM L

OAN

S FR

OM

REL

ATED

PER

SON

S

Ea

ster

n Se

aboa

rd In

dust

rial

Est

ate

(Ray

ong)

Com

pany

Lim

ited

As a

t Dec

embe

r 31,

long

-ter

m lo

ans

from

rela

ted

pers

ons

cons

iste

d of

:

(

Amou

nts:

Mill

ion

Baht

)

Cred

it Li

ne(M

illio

n Ba

ht)

Cred

itPe

riod

Curr

ent C

ondi

tions

Inte

rest

Pay

men

tBa

lanc

es

Term

Tota

lIn

stal

lmen

tsPr

inci

pal R

epay

men

tPe

riod

Rate

(%)

2005

20

04

A. L

oan

from

dire

ctor

s

A.1

P

rom

isso

ry n

ote

of w

ith g

race

per

iod

of

1

year

80.

00N

ovem

ber

2000

toAp

ril 2

005

Qua

rter

ly4

Tota

l of t

he fi

rst 3

per

iods

, whi

ch a

ppro

xim

ates

25

of p

rinc

ipal

of

eac

h pr

omis

sory

not

e fo

r Ba

ht 8

0 m

illio

n lo

anw

ill,a

fter

gra

cepe

riod

, be

repa

id e

qual

ly, a

nd th

e re

mai

ning

will

be

repa

id in

the

last

per

iod.

48

mon

ths

equa

l ins

tallm

ents

be

repa

id fo

r Ba

ht 1

0 m

illio

n lo

an, a

fter

gra

ce p

erio

d.

Mon

thly

MLR

+1%

of

KBAN

K-

4.0

0

10.

00Au

gust

200

2 to

Augu

st 2

007

Mon

thly

12M

onth

ly”

4.

18 6

.67

A.2

U

nder

the

agre

emen

t dat

ed

Ja

nuar

y 30

, 200

3 2

5.00

Mar

ch 2

003

toD

ecem

ber

2007

Qua

rter

ly4

5 ye

ars

equa

l ins

tallm

ents

be

repa

id o

r be

fully

repa

id a

fter

the

se

cond

yea

r, w

hen

the

lend

er c

all.

Mon

thly

MLR

of

KBAN

K 1

0.00

15.

00

A.3

P

rom

isso

ry n

ote

date

d Au

gust

10,

200

5 1

4.00

Augu

st 2

005

toM

ay 2

006

--

Repa

ying

the

tota

l am

ount

whe

n pr

omis

sory

not

e is

due

.M

onth

ly4.

25%

14.

00-

B. L

oan

from

2 s

hare

hold

ers

B. 1

Pr

omis

sory

not

e w

ith g

race

per

iod

of 1

yea

r

-

Und

er th

e ag

reem

ent d

ated

Oct

ober

31,

200

0 an

d Ju

ly 2

4, 2

002

20.

00 1

0.00

May

200

0 to

July

200

7Q

uart

erly

Mon

thly

4 12To

tal o

f the

firs

t 3 p

erio

ds, w

hich

app

roxi

mat

es 2

5% o

f pri

ncip

al

of e

ach

prom

isso

ry n

ote

for

Baht

20

mill

ion

loan

will

, aft

er g

race

pe

riod

be

repa

id e

qual

ly, a

nd th

e re

mai

ning

will

be

repa

id in

the

last

per

iod

and

48

mon

ths

equa

l ins

tallm

ents

be

repa

id fo

r Ba

ht

10 m

illio

n lo

an, a

fter

gra

ce p

erio

d.

Mon

thly

MLR

+1%

of

KBAN

K-

4.1

7 2

.66

6.6

7

-

Und

er th

e ag

reem

ent d

ated

M

ay 2

, 200

1 2

0.00

May

200

1 to

July

200

5Q

uart

erly

4To

tal o

f the

firs

t 3 p

erio

ds, w

hich

app

roxi

mat

es 2

5% o

f pri

ncip

al

of e

ach

prom

isso

ry n

ote

will

, aft

er g

race

per

iod,

be

repa

id

equa

lly, a

nd th

e re

mai

ning

will

be

repa

id in

the

last

per

iod.

Mon

thly

MLR

+1%

of

KBAN

K-

3.8

3

B.2

U

nder

the

agre

emen

t dat

ed

Ja

nuar

y 30

, 200

3

7.0

0M

arch

200

3 to

Dec

embe

r 20

07Q

uart

erly

45

year

s eq

ual i

nsta

llmen

ts b

e re

paid

or

be fu

lly re

paid

aft

er th

e

seco

nd y

ear,

whe

n th

e le

nder

cal

l.M

onth

lyM

LR o

fKB

ANK

2.

80 4

.20

B.3

Pr

omis

sory

not

e da

ted

Augu

st 1

0, 2

005

6.

00Au

gust

200

5 to

Dec

embe

r 20

07-

-Re

payi

ng th

e to

tal a

mou

nt w

hen

prom

isso

ry n

ote

is d

ue.

Mon

thly

4.25

%

6.00

-

Tota

l Loa

ns fr

om R

elat

ed P

erso

ns19

2.00

41.

1543

.03

Less

Cur

rent

por

tion

of lo

ng-t

erm

loan

sho

wn

un

der

curr

ent l

iabi

litie

s

(31.4

0) (2

1.89

)

Long

-ter

m L

oans

from

Rel

ated

Per

sons

, net

9.

7521

.14

Th

e ab

ove

men

tione

d su

bsid

iary

com

pany

obt

aine

d lo

ans

from

its

rela

ted

pers

on fo

r fin

anci

ng th

e co

nstr

uctio

n of

min

i pre

-fab

rica

ted

fact

orie

s an

d

mic

ro p

re-f

abri

cate

d fa

ctor

ies

for

sale

and

rent

. Pa

rt o

f lan

d an

d fa

ctor

ies

has

been

mor

tgag

ed a

s co

llate

ral f

or s

uch

loan

s.



Annual Report 2005

18.

OTH

ER L

ON

G-TE

RM L

OAN

S

As

at D

ecem

ber 3

1, o

ther

long

-ter

m lo

ans

cons

iste

d of

:

(Am

ount

s: M

illio

n Ba

ht)

Curr

ent C

ondi

tions

Bala

nces

Cred

it Li

ne(M

illio

n Ba

ht)

Cred

itPe

riod

Prin

cipa

l Rep

aym

ent

Inte

rest

Pay

men

tCo

nsol

idat

ed T

he C

ompa

ny

Onl

y

Peri

odRa

te (%

)20

0520

0420

0520

04

Hem

araj

Lan

d an

d D

evel

opm

ent P

ublic

Com

pany

Lim

ited

A. L

oans

from

loca

l com

mer

cial

ban

ks

A

.1 L

oan

with

cre

dit l

ine

of B

aht 1

,800

mill

ion

for

cond

omin

ium

pro

ject

.1,

800.

00Ju

ne 2

004

to Ju

ne 2

008

Repa

ymen

t on

mor

tgag

e re

leas

e da

te a

t

60 %

of c

ondo

min

ium

con

trac

t pri

ce.

Mon

thly

3.85

% in

1st

yea

rM

LR-1

.75

%in

2nd

–3rd

yea

rM

LR-1

.5%

in 4

th y

ear

391.

6011

.40

391.

6011

.40

To

tal

1,80

0.00

391.

6011

.40

391.

6011

.40

East

ern

Indu

stri

al E

stat

e Co

mpa

ny L

imite

dA

. Loa

n w

ith c

redi

t lin

e of

720

mill

ion,

fully

repa

y w

ithin

5 y

ears

and

3 m

onth

s fr

om th

e si

gn a

gree

men

t dat

e.

720.

00O

ctob

er 2

003

to Ja

nuar

y20

09

Und

er g

race

per

iod

for

18 m

onth

s,In

200

5, n

ot le

ss th

an B

aht 1

5 m

illio

n ea

ch.

In 2

006,

not

less

than

Bah

t 30

mill

ion

each

.In

200

7, no

t les

s th

an B

aht 4

5 m

illio

n ea

ch.

In 2

008,

not

less

than

Bah

t 50

mill

ion

each

.Pa

y qu

arte

rly

Mon

thly

Pers

onal

fixe

d de

posit

1 ye

ar ra

te+3

.75%

4.5%

onl

y 1s

t yea

r4.

75%

onl

y 2n

d ye

ar

25.

18

1.0

0-

-

To

tal

72

0.00

25.

18

1.0

0-

-

East

ern

Seab

oard

Indu

stri

al E

stat

e (R

ayon

g) C

ompa

ny L

imite

dA

. Loa

ns fr

om lo

cal c

omm

erci

al b

anks

con

sist

ed o

f:

A

.1 L

oan

in th

e am

ount

of B

aht 2

70 m

illio

n, re

paya

ble

with

in

7

yea

rs fr

om th

e fir

st w

ithdr

awal

.

270.

00M

arch

200

2to

Mar

ch

2009

Min

imum

Bah

t 4 m

illio

n pe

r m

onth

, co

mm

enci

ng th

e fir

st p

aym

ent i

n Se

ptem

ber

2004

.

Mon

thly

MLR

M

LR-0

.5%

, onl

y 1s

t yea

r

17.6

9-

--

A

.2 L

oan

in th

e am

ount

of B

aht 3

20 m

illio

n, re

paya

ble

with

in

4 ye

ars

from

the

first

with

draw

al.

32

0.00

Febr

uary

20

03to

Feb

ruar

y 20

07

Min

imum

30%

of t

he re

paym

ent a

mou

nt.

In c

ase

of m

ortg

age

rele

ase,

not

less

th

an B

aht 0

.85

mill

ion

per r

ai b

y de

duct

ing

from

the

amou

nt th

at a

lread

y re

paid

.

Mon

thly

MLR

MLR

-0.5

%, o

nly

1st y

ear

122.

3211

3.73

--

A

.3 L

oan

in th

e am

ount

of B

aht 3

00 m

illio

n, re

paya

ble

with

in

5 ye

ars

from

the

first

with

draw

al.

30

0.00

Dec

embe

r 20

03To

Dec

embe

r 20

08

Repa

ymen

t on

date

of m

ortg

age

rele

ase,

no

t les

s th

an B

aht 0

.28

mill

ion

per

rai.

Mon

thly

MLR

-2%

, in

1st

-3rd

yea

r.M

LR-1

%, i

n 4t

h-5t

h ye

ar.

137.

52 8

2.98

--

A

.4 L

oan

in th

e am

ount

of B

aht 3

25 m

illio

n, re

paya

ble

with

in

4 ye

ars

from

the

first

with

draw

al.

32

5.00

Dec

embe

r 20

04to

Dec

embe

r 20

08

Repa

ymen

t on

date

of m

ortg

age

rele

ase,

no

t les

s th

an 5

0% fr

om la

nd s

ellin

g pr

ice,

bu

t not

less

than

Bah

t 1m

illio

n pe

r ra

i

Mon

thly

MLR

-2%

,in

1st

-2nd

yea

r.M

LR-1

%, i

n 3r

d ye

ar

onw

ards

113.

6512

4.02

--



Annual Report 2005

Oth

er lo

ng-t

erm

loan

s (c

ontin

ued)

ts

: Mill

ion

Baht

)

Curr

ent C

ondi

tions

Bala

nces

Cred

it Li

ne(M

illio

n Ba

ht)

Cred

itPe

riod

Prin

cipa

l Rep

aym

ent

Inte

rest

Pay

men

tCo

nsol

idat

ed T

he C

ompa

ny

Onl

y

Peri

odRa

te (%

)20

0520

0420

0520

04

A

.5 L

oan

in th

e am

ount

of B

aht 1

21 m

illio

n, re

paya

ble

with

in

6 ye

ars

from

the

first

with

draw

al.

12

1.00

Mar

ch 2

005

to M

arch

201

160

mon

ths

equa

l ins

tallm

ents

be

repa

id

Baht

2.0

2 m

illio

n co

mm

enci

ng fr

om th

e 13

th m

onth

aft

er th

e fir

st w

ithdr

awal

,an

d th

e re

mai

ning

will

be

repa

id in

the

last

per

iod.

Mon

thly

F/D

+2.

75%

in 1

st-3

rd y

ears

,F/

D +3

.75%

onw

ards

5

9.00

--

-

A

.6 L

oan

in th

e am

ount

of B

aht 5

0 m

illio

n, re

paya

ble

with

in

6 ye

ars

from

the

first

with

draw

al.

5

0.00

July

200

5to

July

201

160

mon

ths

equa

l ins

tallm

ents

be

repa

id

Baht

0.8

4 m

illio

n co

mm

enci

ng fr

om th

e 13

th m

onth

aft

er th

e fir

st w

ithdr

awal

,an

d th

e re

mai

ning

will

be

repa

id in

the

last

per

iod.

Mon

thly

MLR

-1.7

5%,

in 1

st-2

nd y

ear

MLR

-1.2

5%,

in 3

rd-4

thye

arM

LR-1

%,

in 5

th-6

th y

ear.

33

.00

- -

-

B. L

oans

from

oth

er p

erso

n co

nsis

ted

of:

B

.1 U

nder

the

agre

emen

t dat

ed O

ctob

er 3

1, 2

000

165

.00

Nov

embe

r 20

00to

Aug

ust

2005

Tota

l of t

he fi

rst 3

per

iods

, whi

ch

appr

oxim

ates

25%

of p

rinc

ipal

of e

ach

prom

isso

ry n

ote,

aft

er g

race

per

iod,

be

repa

id e

qual

ly, a

nd th

e re

mai

ning

will

be

repa

id in

the

last

per

iod.

Mon

thly

MLR

+1%

KBA

NK

-

22.4

3-

-

B

.2 U

nder

the

agre

emen

t dat

ed Ja

nuar

y 30

, 200

3

25.

00M

arch

200

3to

Mar

ch

2008

5 ye

ars

equa

l ins

tallm

ents

be

repa

id o

r be

fully

repa

id a

fter

the

seco

nd y

ear,

whe

n th

e le

nder

cal

ls.

Mon

thly

MLR

+1%

KBA

NK

1

0.00

1

5.00

--

B

.3 U

nder

the

agre

emen

t dat

ed S

epte

mbe

r 1,

200

5

63.

00Se

ptem

ber

2005

to D

ecem

ber

2007

Equa

l ins

tallm

ents

be

repa

id fo

r Ba

ht 5

m

illio

n, fi

rst r

epay

men

t in

Janu

ary

2006

.M

onth

lyAv

erag

e M

LR-0

.5%

of

thre

e m

ajor

com

mer

cial

ban

ks

63

.00

--

-

B

.4 P

rom

isso

ry n

ote

date

d Au

gust

10,

200

5

30.0

0Au

gust

200

5to

May

200

6Re

payi

ng th

e to

tal a

mou

nt w

hen

prom

isso

ry n

ote

is d

ue.

Mon

thly

4.25

%

30.0

0-

--

To

tal

1,66

9.00

586.

1835

8.16

- -



Annual Report 2005

Oth

er lo

ng-t

erm

loan

s (c

ontin

ued)

ts

: Mill

ion

Baht

)

Curr

ent C

ondi

tions

Bala

nces

Cred

it Li

ne(M

illio

n Ba

ht)

Cred

itPe

riod

Prin

cipa

l Rep

aym

ent

Inte

rest

Pay

men

tCo

nsol

idat

ed T

he C

ompa

ny

Onl

y

Peri

odRa

te (%

)20

0520

0420

0520

04

Hem

araj

Eas

tern

Sea

boar

d In

dust

rial

Est

ate

Com

pany

Lim

ited

A. L

oan

from

oth

er c

ompa

nies

con

sist

ed o

f:

A

.1 L

oan

in th

e am

ount

of B

aht 8

00 m

illio

n

800.

00N

ovem

ber

2004

to N

ovem

ber

2011

Repa

ymen

t whe

n ab

le to

sel

l any

plo

t of

land

at B

aht 0

.20

mill

ion

per r

ai o

r 10

perio

ds fo

r eac

h 6

mon

ths

in a

mou

nt o

fBa

ht 8

0 m

illio

n, fi

rst p

aym

ent d

ue in

May

200

7.

Mon

thly

MLR

+1%

45

1.63

800

.00

--

B. L

oan

from

loca

l com

mer

cial

ban

k co

nsis

ted

of:

B

.1 L

oan

in th

e am

ount

of B

aht 8

00 m

illio

n

800.

00De

cem

ber

2005

to D

ecem

ber

2010

Repa

ymen

t whe

n ab

le to

sel

l any

plo

t of

land

, eac

h no

t les

s th

an 5

0% o

f sal

eco

ntra

ct p

rice,

but

not

less

than

Bah

t 1 m

illio

n pe

r rai

.

Mon

thly

MLR

-1%

190.

00-

- -

Tot

al1,6

00.0

0

641.6

3 8

00.0

0-

-

Tota

l Oth

er L

oans

5,7

89.0

01,6

44.5

91,

170.

5639

1.60

11.4

0

Less

Cur

rent

por

tions

of

othe

r lon

g-te

rm lo

ans

show

n un

der c

urre

nt li

abili

ties

(95.

05)

(

27.4

3) (

-

) (

-

)

Oth

er L

ong-

Term

Loa

ns, n

et1,

549.

541,

143.

1339

1.60

11.4

0



Annual Report 2005

19. PROVISIONS

As at December 31, 2005 and 2004, the Company has recorded the maximum loss reserve, which may arise from entering into security pledged agreement for a related party before the Company being listed in Securities Exchange of Thailand in 1992, in the amount of Baht 242.52 million and 224.52 million, respectively.

In the year of 2004, the Company entered into a debt compromising agreement in relation to security pledged agreements resulting in a gain from compromising debt as disclosed in Note 25.

20. SHARE CAPITAL

The 2005 Annual General Meeting of Shareholders of Hemaraj Land and Development Public Company Limited on 29 April 2005 had resolved as follows:

20.1 A reduction of the registered capital by canceling 2,957,820,750 unissued shares at the par value of Baht 1 amounting to Baht 2,957,820,750 reserved for private placement (2,827,820,750 shares) and for the exercise of convertible debentures (130,000,000 shares) from the existing registered capital of Baht 13,000,000,000 be Baht 10,042,179,250 registered capital divided into 10,042,179,250 shares at the par value of Baht 1. The Company had registered the decrease of its authorized share capital with the Ministry of Commerce on May 6, 2005.

20.2 An increase of the registered capital of the Company by another Baht 4,957,820,750 by an issue of 4,957,820,750 new ordinary shares at the par value of Baht 1 each from the existing registered capital of Baht 10,042,179,250 to be the new registered capital of Baht 15,000,000,000 divided into 15,000,000,000 ordinary shares at the par value of Baht 1. The Company registered the increase of its authorized share capital with the Ministry of Commerce on May 9, 2005 in accordance with the following allotment:

- 750,000,000 shares will be allotted at the offering price per share to be calculated by reference to the weighted average price of the Company’s shares traded on the SET for a consecutive period of 30 trading days before the offering date, subject to a cap of 10% higher or lower of the “market price” to Cementhai Property (2001) Public Company Limited paid for the investment in S I L Industrial Land Co.,Ltd.

- 4,207,820,750 shares will be alloted by way of private placement in accordance with the SEC notification no.KorJor. 12/2543 regarding the application and permission for offer of new shares.

21. WARRANTS

According to the resolutions of the Annual General Meeting of Shareholders dated April 30, 1999, the Company issued 141,531,150 warrants to the existing shareholders and specific investors, at the unit price of Baht 0.1. Total cash received from offer of warrants was in the approximate amount of Baht 14.15 million. The Company registered its warrants with the Stock Exchange of Thailand (“SET”) as listed securities and the warrants were approved by the SET to be listed securities from December 15, 1999 onwards.

The Extraordinary Meeting of Shareholders No. 1/2001 of the Company held on December 28, 2001 approved the extension of exercised period to 10 years from the issuing date, which will end within September 30, 2009 and for the adjustment of exercised price to Baht 3 per share.

Subsequently, the Board of Directors’ Meeting No. 1/2002 held on February 20, 2002 approved the adjustment to the numbers of the existing warrants with the additional ratio of 2.33333 units per each 1 existing warrant, in accordance with announcement of the Office of the Securities and Exchange Commission regarding guidelines on the adjustment to the exercise price/exercise ratio of warrants. The warrants after the adjustment are 471,686,471 units with the exercise ratio of 1 ordinary share per each warrant and exercise price of Baht 3 per share.



Annual Report 2005

The Board of Directors’ Meeting No. 7/2003 held on September 15, 2003 had passed the resolution in accordance with the provision for the adjustments of warrant exercise ratio as stipulated by the Prospectus that would be changed from 1:1 to be one warrant exercisable to 1.05918 ordinary shares. The Company shall not adjust the exercise price, however the Company shall bring forward the adjustment to be included in the following adjustment of rights. The above adjustments would take effect upon the first date of the ordinary shares offering.

Later, the Extra-Ordinary Meeting of Shareholders held on October 16, 2003 had passed the resolution of the adjustments of the Company’s par value, resulting in the exercise ratio changing from 1 : 1.05918 to be one warrant exercisable to 10.5918 ordinary shares at the exercise price of Baht 0.283 per share. According to the SEC’s Notification regarding guideline relating to adjustments of the exercise price/ratio of warrants, it permits the Company to adjust the number of warrants rather than to adjust the exercise ratio. Therefore, the Company chose to adjust the number of warrants which resulting that the number of warrants increased from 427,084,638 to 4,527,831,794. Consequently, the warrants have the same exercise ratio at one warrant exercisable to purchase one ordinary share at Baht 0.283 per share.

22. STATUTORY RESERVE AND DIVIDEND

Statutory Reserve

Under the Public Limited Company Act B.E. 2535, the Company is required to set aside as a statutory reserve at least 5% of its net profit after deducting accumulated deficit brought forward (if any) until the reserve reaches 10% of the registered share capital. The statutory reserve is not available for dividend distributions.

Dividend

The 2005 Annual General Meeting of Shareholders on 29 April, 2005 approved the distribution of dividends at the rate of Baht 0.035 per share, total sum amount of Baht 211.51 million. The Board of Directors’ Meeting No. 7/2005 held on November 14, 2005 approved the distribution of interim dividends deriving from the operating results of the first half year 2005 at the rate of Baht 0.02 per one ordinary share, amounting to Baht of 121.68 million, totaling dividend amounting to Baht 333.19 million.

The Annual General Meeting of the shareholders of the Company of the year 2004 held on April 23, 2004 approved the distribution of dividends at the rate of Baht 0.03 per one ordinary share, amounting to Baht 172.92 million. The Board of Directors’ Meeting No. 5/2004 held on August 19, 2004 approved the distribution of interim dividends deriving from the operating results of the first half year 2004 at the rate of Baht 0.02 per one ordinary share, amounting to Baht of 115.28 million, totaling dividend amounting to Baht 288.20 million.

23. INCOME FROM INCREASE OF SALABLE AREA

In the year of 2004, the Company had recorded income from the increase of approved salable area which was realized as revenue and cost in the past in amount of Baht 43.88 million. As the result of this change, the over cost realization in previous accounting period has been adjusted in present account period and the impact was presented in the statements of income.

24. DIRECTORS’ REMUNERATION AND PERSONNEL EXPENSES

For the years ended December 31, directors’ remuneration which consisting of meeting fee and annual compensation are as follows:

MILLION BAHT

2005 2004

Hemaraj Land and Development Public Company Limited 16.27 15.01

Eastern Seaboard Industrial Estate (Rayong) Company Limited 9.88 10.07

Total 26.15 25.08

Warrants (Continued)



Annual Report 2005

Directors’ Remuneration and Personnel Expenses (Continued)

For the years ended December 31, personnel expenses included in selling and administrative expenses and cost of services in the statements of income are as follows:

MILLION BAHT

2005 2004

Consolidated statements of income 175.05 157.89

The Company’s statements of income 77.92 84.81

25. EXTRAORDINARY ITEMS

25.1 Gain from compromising debt

In the year of 2004, the Company entered into a debt compromising agreement with a creditor. As referred in the agreement, the principal shall be Baht 130.50 million to be paid equally in 18 monthly installments bearing interest at the rate of 3.5 percent per annum, from the seventh installment. The Company has recorded the gain from debt compromising of Baht 125.76 million.

25.2 Gain from convertible bond repurchases

In the year of 2004, the Company has repurchased its convertible bonds from the bondholders of 26 units, resulting in Baht 0.16 million gain from convertible bonds repurchase.



Annual Report 2005

26. E

ARN

INGS

PER

SH

ARE

COM

PUTA

TIO

N

Ea

rnin

gs p

er s

hare

com

puta

tion

in th

e co

nsol

idat

ed fi

nanc

ial s

tate

men

ts fo

r th

e y

ears

end

ed D

ecem

ber 3

1, c

onsi

sted

of:

20

0520

04

Thou

sand

Bah

tN

umbe

rO

f Sha

re(T

hous

and

shar

e)

Baht

Thou

sand

Bah

tN

umbe

rO

f Sha

re(T

hous

and

shar

e)

Baht

Net

pro

fit fo

r th

e Ye

arEa

rnin

gs p

er s

hare

Net

pro

fit fo

r th

e Ye

arEa

rnin

gs p

er s

hare

Basi

c ea

rnin

gs (l

oss)

per

sha

re

N

et p

rofit

att

ribu

tabl

e to

ord

inar

y

S

hare

hold

ers

636,

834

6,01

5,42

30.

1195

0,64

35,

686,

046

0.17

The

effe

ct o

f pot

entia

l ord

inar

y sh

ares

W

arra

nts

Num

ber o

f sha

res

that

wou

ld h

ave

been

issu

ed

with

out c

onsid

erat

ion

price

as t

he a

vera

ge fa

ir

val

ue o

f ord

inar

y sh

ares

exc

eeds

the

e

xerc

ise

pric

e2,

505,

514

2,81

2,19

8

Earn

ings

per

sha

re a

fter

adj

ustm

ent b

y

the

effe

ct o

f pot

entia

l ord

inar

y sh

ares

Net

pro

fit a

ttri

buta

ble

to o

rdin

ary

shar

ehol

ders

in

cas

e of

all

war

rant

s be

ing

exer

cise

d63

6,83

48,

520,

937

0.07

950,

643

8,49

8,24

40.

11



Annual Report 2005

27.

BUSI

NES

S SE

GMEN

T IN

FORM

ATIO

N

As

at D

ecem

ber 3

1, b

usin

ess

segm

ent i

nfor

mat

ion

in th

e co

nsol

idat

ed b

alan

ce s

heet

s cl

assi

fied

by d

omes

tic a

nd o

vers

eas

busi

ness

are

as

follo

ws:

MIL

LIO

N B

AH

T

2005

2004

Dom

estic

Ove

rsea

sTo

tal

Dom

estic

Ove

rsea

sTo

tal

Indu

stri

al

Esta

teO

ther

sH

oldi

ng

Com

pany

Indu

stri

al

Esta

teO

ther

sH

oldi

ng

Com

pany

Cost

of r

eal e

stat

e de

velo

pmen

ts, n

et4,

995.

43-

-4,

995.

434,

657.4

1-

- 4

,657

.41

Leas

ehol

d la

nd a

nd la

nd h

eld

for

Co

mm

erci

al p

urpo

ses,

net

2

81.0

6-

-

281

.06

2

81.0

6-

-

281

.06

Asse

ts fo

r re

nt, n

et

827.4

110

1.2

-

928.

61

709.

6887

.45

-

797

.13

Prop

erty

, pla

nt a

nd e

quip

men

t, ne

t

302.

85

0.

73-

30

3.58

1

65.2

2 0

.95

-

166

.17

Oth

er a

sset

s 2

,419

.57

9.3

822

.39

2,4

51.3

42,

036.

72

7.64

114.

64 2

,159

.00

Tot

al A

sset

s8,

826.

32

111.

3122

.39

8,96

0.02

7,85

0.09

96.0

411

4.64

8,06

0.77



Annual Report 2005

Busi

ness

seg

men

t inf

orm

atio

n (c

ontin

ued)

Fo

r the

yea

rs e

nded

Dec

embe

r 31,

ope

ratio

n in

the

cons

olid

ated

sta

tem

ents

of i

ncom

e cl

assi

fied

by d

omes

tic a

nd o

vers

eas

busi

ness

are

as

follo

ws:

MIL

LIO

N B

AH

T

2005

2004

Dom

estic

Ove

rsea

sTo

tal

Dom

estic

Ove

rsea

sTo

tal

Indu

stri

al

Esta

teO

ther

sH

oldi

ngCo

mpa

nyIn

dust

rial

Es

tate

Oth

ers

Hol

ding

Com

pany

Sale

s of

lan

d1,

116.

93-

-1,

116.

932,

548.

64-

-2,

548.

64

Sale

s of

pre

-fab

rica

ted

fact

ory

20

1.54

--

201.

5426

.21

--

2

6.21

Sale

s of

con

dom

iniu

m 9

07.2

9-

-90

7.29

311.

28-

-

311

.28

Serv

ice

inco

me

680

.79

29.6

6-

710.

4557

9.27

23.1

5-

60

2.42

Inco

me

from

incr

ease

of s

alab

le a

rea

--

--

43.8

4-

-

43.

84

Tot

al S

ales

and

Ser

vice

s in

com

e2,

906.

5529

.66

-2,

936.

213,

509.

2423

.15

-3,

532.

39

Profi

t (lo

ss) f

rom

ope

ratio

ns 7

50.1

2 (8

.02)

(16.

2)72

5.90

842.

58 (

7.69)

(16.

86)

81

8.03

Oth

er in

com

e

48.1

6 0

.74

0

.39

4

9.29

47.

27 0

.36

0.0

7

47

.70

Gain

on

sale

of i

nves

tmen

t

23.

01-

-

23.

01

77.4

9-

-

77

.49

Adju

stm

ent o

f los

s on

dec

line

in v

alue

of e

stat

e

deve

lopm

ent c

ost

--

--

74.

65-

-

74.

65

Gain

(los

s) o

n ex

chan

ge ra

te

0.

48-

-

0.

48

(0.1

1)-

-

(0

.11)

Shar

e of

gai

n fr

om in

vest

men

ts fo

r u

sing

th

e eq

uity

met

hod

- ass

ocia

ted

com

pani

es

0.

96-

-

0.

96

1.5

6-

-

1

.56

Oth

er e

xpen

ses

- est

imat

ed lo

ss o

n po

ssib

le lo

ss fr

om la

wsu

it

(18

.00)

--

(

18.0

0) (

18.0

5)-

-

(1

8.05

)

-

loss

on

inve

stm

ent r

eval

uatio

n

(0

.72)

--

(0.7

2) (

21.2

0)-

-

(2

1.20

)

Inte

rest

exp

ense

s

(27

.28)

(0.0

2)-

(

27.3

0) (4

2.10

) (

0.02

)-

(

42.1

2)

Inco

me

tax

expe

nses

(3

5.53

)-

-

(35.

53)

(20.

25)

--

(

20.2

5)

Profi

t (lo

ss) a

fter

tax

(7

41.2

0) (

7.30

) (

15.8

1)

718.

0994

1.84

(7.

35)

(16.

79)

9

17.7

0

Net

pro

fit o

f min

ority

inte

rest

(

81.2

6)

(92

.97)

Profi

t fro

m o

rdin

ary

activ

ities

636

.83

824

.73

Extr

aord

inar

y ite

m, n

et

- Gai

n fr

om c

ompr

omis

ing

debt

-

125

.76

- Gai

n fr

om c

onve

rtib

le b

ond

repu

rcha

ses

-

0

.15

Net

pro

fit 6

36.8

3

950.

64



Annual Report 2005

28. PLEDGED ASSETS

As at December 31, 2005, pledged assets are as follows:

Hemaraj Land and Development Public Company Limited 1. The partial land and attachments have been mortgaged as collateral for loans from local commercial banks and financial institutions and partial land have been pledged as collateral in the court.

2. 15 million ordinary shares of Sriracha Harbour Public Company Limited, which is a related company, have been pledged in the court.

3. The ordinary shares of Hemaraj Eastern Seaboard Industrial Estate Company Limited, which is a subsidiary company, have been pledged with 2 lenders secured for loans obtained by that subsidiary.

4. 17.5 million ordinary shares of Glow IPP Company Limited have been pledged with the lender secured for loan obtained by that company.

5. Time deposit of approximate Baht 22.97 million has been pledged with bank to secure letter of guarantee issued by bank in respect of certain course of business of a subsidiary.

Eastern Industrial Estate Company Limited

1. Time deposit of approximate Baht 7.43 million has been pledged to local banks against security given for performance under utility construction.

2. The majority of the Company’s land held for commercial purposes has been mortgaged as collateral for long-term loans from local commercial banks.

Eastern Seaboard Industrial Estate (Rayong) Company Limited 1. The majority of the Company’s land has been mortgaged as collateral for overdrafts and loans from one commercial bank.

2. Partial land, mini and micro pre-fabricated factories of the company have been mortgaged as collateral for loans from related persons.

3. Time deposit of Baht 0.05 million has been pledged as security for public utility services.

Hemaraj Eastern Seaboard Industrial Estate Company Limited

1. The Company’s partial land title deeds have been pledged with 2 lenders for loan security.

2. The Company’s partial land has been mortgaged as collateral for long-term loans from local commercial banks.

29. COMMITMENTS UNDER AGREEMENTS

As at December 31, 2005, commitments under agreements are as follows:


1. The Company has participated in the project establishment of Chonburi Industrial Estate (Bor Win) in Phase 1 and Phase 2 with the Industrial Estate Authority of Thailand (“IEAT”) according to the joint operation agreements dated July 5 and December 29, 1989, respectively. Later on October 31, 2001, the Company entered into the amendment to such joint operation agreements with IEAT. The major conditions are summarized as follows:

1) The Company shall provide utilities systems and facilities to the entrepreneurs in the industrial estate with payment of expenses on its participation in the procedures to the IEAT.

2) The Company shall not transfer assets, component part and equipment as well as utilities systems and facilities to the IEAT.



Annual Report 2005

3) The Company shall provide a fund for the maintenance and construction of utilities systems and facilities in the industrial estate (“Sinking Fund”). 2. The Company acquired 5% investment in amount of Baht 175 million in Glow IPP Co., Ltd. and has to maintain the 5% investment ration to comply with the conditions with Electricity Generating Authority of Thailand.

3. The Company has commitment under construction, infrastructure and equipment installation contracts with 8 contractors for the Company’s condominium project, with the remaining commitment balance amounting to Baht 1,345.29 million.

4. The Company has commitment under construction contracts with 2 contractors to construct mini pre-fabricated with the remaining commitment balance amounting to Baht 15.47 million.

5. The Company has entered a purchase and sale contract agreement in a project in amount of Baht 629 million, and has obliged to buy not over 10 April 2006. The Company has already paid Baht 47 million deposits.


1. The Company has participated in the establishment project of Eastern Industrial Estate (Map Ta Phut) with the IEAT according to the joint operation agreement dated December 27, 1989. On October 31, 2001 and later on March 29, 2005, the Company entered into the amendment to such joint operation agreement with IEAT. The major conditions are summarized as follows:

1) The Company shall provide utilities systems and facilities to the entrepreneurs in the industrial estates with payment of expenses on its participation in the procedures to the IEAT.


3) The Company shall provide a fund for the maintenance and construction of utilities systems and facilities in the industrial estate (“Sinking Fund”).

2. The Company has commitment under construction contracts with 3 contractors to construct utilities system of the Company’s project, with the remaining commitment balance amounting to Baht 7 million.


1. The Company has participated in the establishment project of Eastern Seaboard Industrial Estate (Rayong) with the IEAT according to the joint operation agreement No. 1/2539 and 1/2540 (in the third quarter of 2004, two agreements were combined to one). The major conditions are summarized as follows:

1) The Company shall provide utilities systems and facilities to the entrepreneurs in the industrial estate with payment of expenses on its participation in the procedures to the IEAT.


3) The Company shall provide a fund for the maintenance and construction of utilities systems and facilities in the industrial estate (“Sinking Fund”).

2. The Company has obligations, under a joint-investment agreement with Hemaraj Land and Development Public Company Limited and another company, that the Company has to pay commission on sale of land and management fee to Hemaraj Land and Development Public Company Limited based on revenues from sales of land, public utility service providing and lease of factory.

3. The Company has commitment under construction contracts with 2 contractors to construct mini pre-fabricated and micro pre-fabricated factories, with the remaining commitment balance amounting to Baht 69.02 million.

4. The Company has commitment under construction contracts with 5 contractors to construct utilities system of the Company’s project, with the remaining commitment balance amounting to Baht 26.44 million.

Commitments under agreements (Continued)



Annual Report 2005


1. The Company has commitment under construction contracts with 3 contractors to construct utilities system of the Company’s project, with the remaining commitment balance amounting to Baht 219.24 million.

30. COMMITMENTS AND CONTINGENT LIABILITIES

As at December 31, 2005, commitments and contingent liabilities consisted of:


1. The Company has obligations under condition of the letters of guarantee issued by the banks for its performance under the joint operation agreements with the Industrial Estate Authority of Thailand, the construction of utilities under land sale contract, and its performance under the raw water purchase agreement and others, as well as the letters of guarantee issued by the banks for the performance of its associated company under the power plant construction agreement with the Electricity Generating Authority of Thailand, in the total amount of Baht 26.87 million.

2. Company has obligations regarding guarantee of the hire purchase agreements of its 3 related companies in the total credit line of Baht 8.12 million.


1. The Company has entered into land sale and purchase contracts. Under the terms of the contracts, the Company is contingently liable to repay deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or the IEAT to set up operations.

2. The Company has obligations regarding guarantee of the hire purchase agreements of its 3 related companies in the total credit line of Baht 28.90 million.

3. The Company has obligation, under condition of the letters of guarantee issued by the banks for its performance under the joint operation agreement with the IEAT, under the raw water purchase agreement, and others in the total amount of Baht 37.22 million.


1. The Company has entered into land sale and purchase contracts. Under the terms of the contracts, the Company is contingently liable to repay deposits and installments in the event that buyers are unable to obtain satisfactory approval from the Board of Investment and/or the IEAT to set up operations.

2. The Company has obligation under condition of the letters of guarantee issued by banks to guarantee its performance under the joint operation agreement with the IEAT, the construction of utility, transmission lines, power station and sale of land in its industrial estate, and others in the total amount of Baht 95.74 million.


1. The Company has obligation, under condition of the letters of guarantee issued by a bank for its performance under the joint operation agreement with the IEAT, in the total amount of Baht 22.97 million.

31. PROMOTIONAL PRIVILEGES

The Company and its 3 subsidiary companies have been granted promotional certificates under the Investment Promotion Act, B.E. 2520 as follows:

Commitments under agreements (Continued)



Annual Report 2005


A. Industrial Estate Business

A.1 On December 29, 1988, obtaining the approval of promotional privilege for the development area of 1,500 Rais.

A.2 On February 15, 1990, obtaining the approval of promotional privilege for the development area of 2,000 Rais.

A.3 On July 25, 2001, obtaining the approval of promotional privilege for the development area of 1,282 Rais.

B. Industrial Factory Development Business

B.1 On June 21, 2000, obtaining the approval of promotional privilege for the development of industrial factories for sale or of rent, 11 units for micro factory.

Major Privileges

1. Exemption from corporate income tax on net income derived from the promoted business for a period of 7 years as from the date when revenues are first earned.

2. Reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date of the privilege No.1 under condition A.1.

The promotion period under condition A.1 and A.2 expired and the Company is currently in the promotion period under condition B.1. For A.3, the Company has not earned the revenues yet.



A.1 On May 8, 1989, obtaining the approval of promotional privilege for the development area of 626 Rais. Later, on September 23, 1992, obtaining the approval of the development area extension from 626 Rais to 1,850 Rais. A.2 On November 27, 2002, obtaining the approval of promotional privilege for the development area of 565 Rais.

Major Privileges

1. Exemption from corporate income tax on net income derived from the promoted business for a period of 5 and 8 years as from the date when revenues are first earned.

2. Reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date under the privilege No.1.

The promotion period under condition A.1 expired and the Company is currently in the promotion period under condition A.2.



A.1 On June 21, 1995, obtaining the promotional privilege for the development area of 2,063 Rais, which subsequently, extended to be 3,595 Rais on August 9, 1995.

A.2 On October 27, 1997, obtaining the promotional privilege for the development area of 2,466 Rais, which subsequently, extended to be 2,791 Rais on August 26, 2003.

A.3 On July 25, 2001, obtaining the promotional privilege for the development area of 716 Rais.

A.4 On December 8, 2004, obtaining the promotional privilege for the development area of 680 Rais.

B. Industrial Factory Development Business

B.1 On January 19, 2000, obtaining the promotional privilege for the development of industrial factories for sale and rent, 5 units for mini factories and 17 units for micro factories.

B.2 On June 21, 2000, obtaining the promotional privilege for the development of industrial factories for sale and rent, 7 units for mini factories and 6 units for micro factories.

Promotional Privileges (Continued)



Annual Report 2005

B.3 On November 29, 2000, obtaining the promotional privilege for the development of industrial factories for sale and rent, 11 units for mini factories and 1 unit for micro factory.

B.4 On January 16, 2002, obtaining the promotional privilege for the development of industrial factories for sale and rent, 1 unit for mini factory and 50 units for micro factories.

B.5 On March 27, 2002, obtaining the promotional privilege for the development of industrial factories for sale and rent, 22 units for mini factories. Major Privileges

1. Exemption from corporate income tax on net income derived from the promoted business for a period of 8 and 7 years as from the date when revenues are first earned.

2. Reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date under the privilege No.1.

3. Double deduction of transportation expenses, electricity expenses and water supply expenses is allowed for 10 years from the date when the revenues are first earned.

The promotion period under the privilege No.1 for condition A.1 and A.2 expired and the Company is currently in the promotion period under the privilege No.2.

Hemaraj Eastern Seaboard Industrial Estate Company Limited A. Industrial Estate Business

A.1 On May 22, 1997, obtaining the promotional privilege for the development area of 1,407 Rais.

A.2 On May 22, 1997, obtaining the promotional privilege for the development area of 1,375 Rais. A.3 On May 22, 1997, obtaining the promotional privilege for the development area of 1,485 Rais. A.4 On September 26, 1996, obtaining the promotional privilege for the development area of 1,332 Rais.

Major Privileges

1. Exemption from corporate income tax on net income derived from the promoted business for a period of 8 years as from the date when revenues are first earned.

2. Reduction of 50% of the normal rate of corporate income tax on net income derived from the promoted business for 5 years from the expiry date the privilege No.1. 3. Double deduction of transportation expenses, electricity expenses and water supply expenses is allowed for 10 years from the date when the revenues are first earned.




Annual Report 2005

For the years ended December 31, domestic revenues are classified into the promoted and the non-promoted businesses as follows:

MILLION BAHT

The promoted The non-promoted Total

2005 2004 2005 2004 2005 2004

Consolidated Revenue from sales 1,137.88 1,498.64 1,087.88 1,431.32 2,225.76 2,929.96

Service income 285.75 381.09 424.70 200.21 710.45 581.29

Total 1,423.63 1,879.73 1,512.58 1,631.53 2,936.21 3,511.26

The Company OnlyRevenue from sales - - 988.30 1,275.90 988.30 1,275.90

Service income

Public utilities - - 15.56 27.83 15.56 27.83

Potable Water - - 20.93 15.51 20.93 15.51

Raw Water - - 47.88 45.89 47.88 45.89

Waste water treatment - - 5.51 4.89 5.51 4.89

Rental 2.15 3.31 12.80 13.09 14.95 16.40

Construction - - 43.17 8.47 43.17 8.47

Others - - 0.96 1.01 0.96 1.01

Total service income 2.15 3.31 146.81 116.69 148.96 120.00

Total 2.15 3.31 1,135.11 1,392.59 1,137.26 1,395.90

32. FINANCIAL INSTRUMENTS

Risk Management Policy

Exposure to interest rate and currency risk arises in the normal course of the Hemaraj Group’s business. These are subject to the risk of market rates changing subsequent to transaction date.

The Hemaraj Group’s policy on interest rate risk and currency risk hedging is as follows:

A. Maintaining proportions of domestic and foreign borrowings.

B. Borrowing loans at fixed and floating interest rates.

C. Pledging assets as collateral against loans.

The Hemaraj Group has no policy to speculate on or engage in the trading of any off-balance-sheet derivative financial statements.

Fair Value of Financial Instruments

Except as disclosed in Note 3 to the financial statements, fair value of significant financial instruments consists of:

A. Fair value of cash and cash equivalents, deposits for investment, account receivables, bank overdrafts and loans from financial institutions, account payables and accrued expenses approximate the carrying amount because of short maturity of these instruments.

B. Fair value of short-term investments in available-for-sale securities is equal to the market value.

C. Fair value of short-term loans and advances to related parties, loans to related parties, short-term loans and advances from related parties, due to and loans from related parties could not be determined since the repayment period is not determined.




Annual Report 2005

33. PROVIDENT FUND

The Company and its 4 subsidiaries which are Eastern Industrial Estate Company Limited, Eastern Seaboard Industrial Estate (Rayong) Company Limited, Eastern Pipeline Services Company Limited and H - Construction Management and Engineering Company Limited, jointly established the provident fund under the Provident Fund Act B.E. 2530, named “Hemaraj Provident Fund”, to provide membership for their employees. According to regulations of the fund, member and the Company contributes 4% - 10% of employees’ monthly salaries, depending on the working period. Members are entitled to their whole contributions plus net benefit thereon, and the Company’s contributions plus benefits thereon at the rates, depending on their working period. 34. APPROVAL OF FINANCIAL STATEMENTS

These financial statements for the year ended December 31, 2005, have been accepted on February 14, 2006 by an authorized person designated by the Company for proposing to the Company’s Board of Directors for approval for issue.

1. Audit Fee

The company and its subsidiaries have paid for the audit fee in the amount of baht 2,740,000 to A.M.T. & Associates for the fiscal year 2005, which includes baht 30,000 of the audit fee for its subsidiaries established in 2005.

2. Non-Audit Fee

The company and its subsidiaries have paid for other accounting services, BOI report for example, in the amount of baht 40,000 to A.M.T. & Associates for the fiscal year 2005.

Certified Public Accounting Fee


68

Shareholding & Organization StructureHEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

Top Ten of Hemaraj Land and Development’s Shareholders as of 30/11/05

No. Major Shareholders No. of Shares % of Total Issued Share

1 Thai NVDR Co., Ltd. 359,966,100 5.92%

2 Miss Phenpunnee Horrungruang 352,540,770 5.79%

3 Mr. Sumeth Horrungruang 314,723,120 5.17%

4 SOMERS (U.K.) LIMITED 278,642,200 4.58%

5 MORGAN STANLEY & CO INTERNATIONAL LIMITED 227,664,300 3.74%

6 Mr. Chan Bulakul 221,737,909 3.64%

7 Miss Jaruwon Chaisupawon 183,335,360 3.01%

8 Miss Kornkanok Tongme 152,500,010 2.51%

9 HSBC (SINGAPORE) NOMINEES PTE LTD. 130,000,000 2.14%

10 Mrs. Siriwon Darakorn Na Ayudaya 97,500,000 1.60%

Organization Structure of Hemaraj Land And Development Public Company Limited as of January 2006

CustomerDevelopment

I.E. OperationsPlanning &

InvestorRelations

Information SYS &

ServicesDevelopment

CorporateMarketing

ResidentialProject

Planning

ResidentialCustomer

DevelopmentFinance Account Legal

Senior Vice PresidentExecutive Vice President

Internal Audit

President & CEO

Executive Committee

Board of Directors

Shareholders

Audit Committee


69

General Information HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

Name AddressNature of Business

Paid Capital

(Mil.Baht)

% ofInvesment

Revenue (Mil. Baht)

2005 % 2004 % 2003 %

Hemaraj Land And DevelopmentPublic Company LimitedRegistration No. Bormorjor. 0107536000676 Share Capital 15,000,000,000 sharesIssued 6,090,749,424 shares

18th Floor, UM Tower,9 Ramkhamhaeng Rd., Suanluang,Bangkok 10250, ThailandTel.(662) 719-9555Fax (662) 719-9546-7www.hemaraj.comE-mail: [email protected]

Industrial Estate Developer

6,091 1,197.06 40% 1,582.71 42% 644.98 31%

Subsidiary Companies

Hemaraj International Limited (1) Scotia Centre, 4th FloorP.O. Box 2804, George Town,Grand Cayman, Cayman Islands

Holding Company

0.03 100

H-International (BVI) Company Limited (2)

Romasco Place, Wickhams Cay 1,P.O. Box 3140, Road Town, TortolaBritish Virgin Islands.

Holding Company

0.08 100 0.39 0% 0.07 0% 52.02 3%


18th Floor, UM Tower,9 Ramkhamhaeng Road,Suanluang, Bangkok 10250, Thailand


400 99.99 709.30 24% 1,135.27 30% 444.05 22%

Eastern Pipeline Services Company Limited (3)

18th Floor, UM Tower,9 Ramkhamhaeng Road, Suanluang, Bangkok 10250, Thailand

Pipe Rack Rental 3.75 99.99 30.00 1% 23.04 1% 21.53 1%

Eastern Seaboard Industrial Estate(Rayong) Company Limited



358 60 1,066.38 35% 989.78 27% 887.86 43%

H-Construction Managementand Engineering Company Limited


Supervision Service

0.25 99.99 0.40 0% 0.47 0%

The Park Residence Company Limited 18th Floor, UM Tower,9 Ramkhamhaeng Road, Suanluang, Bangkok 10250, Thailand

Property Development

and Marketing and ServiceManagement

0.25 99.99

Hemaraj Eastern Seaboard IndustrialEstate Company Limited



595 99.99 5.45 0% 0.91 0%

Hemaraj Water Company Limited 18th Floor, UM Tower,9 Ramkhamhaeng Road, Suanluang, Bangkok 10250, Thailand

Industrial Water Distributor

0.25 99.99

SME Factory Company Limited 18th Floor, UM Tower,9 Ramkhamhaeng Road, Suanluang, Bangkok 10250, Thailand

Factory Sale and Rental

0.25 99.99

Associated Companies

Elyo-H Facilities Management Limited 107/1 Moo 4, Eastern SeaboardIndustrial Estate (Rayong),Pluakdeang, Rayong, Thailand

Facilities Management

Services

50 40 2.14 0% 1.56 0% (2.15) 0%

Rayong Industrial Land Company Limited (4)

1 Siam Cement Road, BangsueBangkok 10800, Thailand


1,000 25

S I L Industrial Land (Saraburi)Company Limited

111 Moo 7, Nong Pla Mao Sub-DistrictNong Khae District, Saraburi18140, Thailand


500 25 (1.02) 0%

Glow Hemaraj Energy Company Limited 195 Empire Tower, 38th FloorPark Wing, South Sathorn RoadBangkok 10120, Thailand

Electricity and Power

Generation

10 49.99 (0.16) 0%

Related Companies

Eastern Fluid Transport Company Limited

618 Nimom Makkasan RoadMakkasan, RatchthewiBangkok 10400, Thailand

Management and Maintenance

of Pipe Rack

10 15

Total Revenue : Hemaraj Land And Development PLC. and Subsidiaries 3,009.94 100% 3,733.81 100% 2,048.29 100%

Remark

1) Incorporated in the Cayman Islands

2) Incorporated in the Territory of the British Virgin Islands

3) Held 74.99% directly and 25% indirectly through Eastern Industrial Estate Company Limited

4) Held 25% directly in S I L Industrial Land (Saraburi) Company Limited and also S I L held 99.99% in Rayong Industrial Land Company Limited


70

Information of Board of Directors, Audit Committee and ManagementHEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

Name / Position Age Education

Present Position - Others Stocks held by Directors/

Management(%) as of

31/12/2005Position Sector / Company

1 Mr. Sawasdi HorrungruangChairman of the BoardChairman of the Executive Board

65 Honorary Doctorate DegreeBachelor Degree of Business

Administration HumanityFaculty, Burapha University

PresidentChairmanChairmanChairmanChairmanChairmanChairman

ChairmanVice Chairman / Executive Director

and DirectorDirectorChairmanDirectorChairmanChairmanChairman

Thai Industrial Estate Association.Nakornthai Strip Mill PCL.Millennium Steel PCL.Sun Tech Group PCL.Sriracha Harbour PCL.The Park Residence Co., Ltd.Hemaraj Eastern Seaboard Industrial

Estate Co., Ltd.Eastern Industrial Estate Co., Ltd.Eastern Seaboard Industrial Estate

(Rayong) Co., Ltd.Eastern Pipeline Services Co., Ltd.Hemaraj International Co., Ltd.H-International (BVI) Co., Ltd.Hemaraj Water Co., Ltd.SME Factory Co., Ltd.Glow Hemaraj Energy Co., Ltd.

1.16

2 Mr. Thavorn AnankusriDirector / Vice Chaiman of the Executive Board

64 - Director Eastern Industrial Estate Co., Ltd. 0.26

3 Mr. David Richard NardoneDirector / Executive Director / Managing Director

50 MBA Northeastern University

Boston, USA

ChairmanChairmanChairman

DirectorExecutive Director and Director

DirectorDirector

DirectorDirectorDirectorDirectorDirectorDirectorDirectorDirector

Elyo-H Facilities Management Ltd.Eastern Pipeline Services Co., Ltd.H-Construction Management and

Engineering Co., LtdThe Park Residence Co., Ltd.Eastern Seaboard Industrial Estate

(Rayong) Co., Ltd.Eastern Industrial Estate Co., Ltd.Hemaraj Eastern Seaboard Industrial

Estate Co., Ltd.Glow Co., Ltd.Hemaraj International Co., Ltd.H-International (BVI) Co., Ltd.Hemaraj Water Co., Ltd.SME Factory Co., Ltd.Rayong Industrial Land Co., Ltd.S I L Industrial Land (Saraburi) Co., Ltd.Glow Hemaraj Energy Co., Ltd.

0.56

4 Mr. Sudhipan CharumaniIndependent Director / Chairman of the Audit Committee

62 Charter Accountant Institutes(Britian and Wales)

Independent Director

Director

Hemaraj Eastern Seaboard Industrial Estate Co., Ltd.

Vasupak Associates Co., Ltd.

-

5 Mr. Peter John EdmondsonIndependent Director / Member of the Audit Committee

55 Bachelor of Science in in Chemistry (Honor)

University of Sheffield, England

Investor Consultant Private Sector 0.06

6 Mrs. Punnee WorawuthichongsathitIndependent Director / Member of the Audit Committee

54 Master in AccountingChulalongkorn University

Independent Director / Member of the Audit Comittee

Independent Director / Member of the Audit Committee

Independent Director / Member of the Audit Committee

TT&T PCL.

Nakornthai Strip Mill PCL.

The Brooker Group PCL.

-

7 Mr. Vivat JiratikarnsakulDirector / Executive Director / Deputy Managing Director

50 Bachelor of SanitaryFaculty of Engineering

Chulalongkorn University

DirectorDirectorExecutive Director and Director

Director

DirectorDirector

DirectorDirectorDirectorDirectorDirectorDirector DirectorDirectorDirector

Eastern Fluid Transport Co., Ltd.Eastern Industrial Estate Co., Ltd.Eastern Seaboard Industrial Estate

(Rayong) Co., Ltd.Hemaraj Eastern Seaboard Industrial

Estate Co., Ltd.Elyo-H Facilities Management Ltd.H-Construction Management and

Engineering Co., LtdThe Park Residence Co., Ltd.Eastern Pipeline Services Co., Ltd.Hemaraj International Co., Ltd.H-International (BVI) Co., Ltd.Hemaraj Water Co., Ltd.SME Factory Co., Ltd.Rayong Industrial Land Co., Ltd.S I L Industrial Land (Saraburi) Co., Ltd.Glow Hemaraj Energy Co., Ltd.

0.14

8 Ms. Pattama HorrungruangDirector / Executive Director / Deputy Managing Director

43 MBAThammasat University

DirectorDirector

Executive Director and Director

DirectorDirectorDirectorDirectorDirector

Eastern Industrial Estate Co., Ltd.Hemaraj Eastern Seaboard Industrial

Estate Co., Ltd.Eastern Seaboard Industrial Estate

(Rayong) Co., Ltd.The Park Residence Co., Ltd.Millennium Steel PCL.Nakornthai Strip Mill PCL.Hemaraj Water Co., Ltd.SME Factory Co., Ltd.

-


Name / Position Age Education

Present Position - Others Stocks held by Directors/

Management(%) as of

31/12/2005Position Sector / Company

9 Mr. Somphong Wanapha Director

61 MBA, FinanceMichigan State University, USA

(Royal Thai Government Scholarship)

Independent Chairman and DirectorDirector

ChairmanDirector

Director

Government Savings BankIntegrated Pilot Research Projects,

National Research CoucilExecutive Board on M.B.A. Program, ThammasatState Enterprise Performance agreement

Evaluation Committee, State Enterprise Policy Office, Ministry of Finance

Sahapatana Interholding PCL.

-

10 Mr. Khamhoung RatsamanyDirector - Industrial Estate Operations

39 MBABangkok University

- - -

11 Mr. Tanin SubboonruengDirector - Development

42 MBA, Business AdministrationAssumption University

Director H-Construction Management and Engineering Co., Ltd.

-

12 Mr. Sirisak KijruksaDirector - Accounting

45 Bachelor of AccountingBangkok University

Director H-Construction Management and Engineering Co., Ltd.

-

13 Ms. Somjai WachirahaDirector - Finance

45 Bachelor of Business Administration

General Affairs, Ramkhamhaeng University

- - -

14 Mr. Niphone HarnpatanapanichDirector - Residential Project Planning

49 MBAChulalongkorn University

- - -

15 Mr. Paopitaya SmutrakalinDirector - Planning & Investor Relations

35 MS, FinanceDrexel University,Philadelphia, USA

- - -

16 Ms. Jinnapat TongviseskulDirector - Residential Customer Development

36 MBA, Economic & Administration

Chulalongkorn University

- - -

17 Ms. Ladda RojanavilaivudhDirector - Industrial Customer Development

38 MBA, Bangkok UniversityMA, Japanese Nara Women

University, Nara,Japan

- - -

18 Ms. Anchalee ParsertchandDirector - Industrial Customer Development

36 MBA, Assumption UniversityMA, Japanese

Keio University, Tokyo, Japan

- - -

19 Ms. Chantana HinkaewDirector - Corporate Marketing

36 MBAUniversity of Nottingham, UK

- - -

71

Information of Board of Directors, Audit Committee and Management (Continued)



72

Checklist to the SEC 56-2 Form HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

Page1. General Information

1.1 Financial Highlights 3

1.2 Shareholding & Organization Structure 68

1.3 General Information – The Company & its Subsidiaries 69

1.4 Information of Board of Directors, Audit Committee and Management 70

1.5 Project Summary 73

1.6 Other References 73

2. Message from the Board of Directors 4

3. The Company’s Business Profile3.1 Nature of Business 6

3.2 Core and Related Business 6

3.3 Revenue Structure by Business Line 3

4. Economic and Competitive Conditions 5

5. Management Analysis5.1 Operating Performance 11

5.2 Financial Status 11

5.3 Risk Factors & Others 11

5.4 New Projects 12

6. Management Structure6.1 Board of Directors and Executive Committee 13

6.2 Audit Committee 13

6.3 Company Management and Structure 14

7. Selection of Company’s Directors and Management 14

8. Remuneration for Directors and Management 15

9. Report of Securities held by Directors / Management 70

10. Good Corporate Governance 15

11. Report of Certified Public Accountant 20

12. Financial Statements and Notes to Financial Statements 21


73

Project Summary & Other References HEMARAJ LAND AND DEVELOPMENT PUBLIC COMPANY LIMITED Annual Report 2005

As of December 31, 2005

Industrial EstateTotal Area

(Rai)Hemaraj Chonburi Industrial Estate 3,993

Hemaraj Eastern Industrial Estate (Map Ta Phut) 2,865

Eastern Seaboard Industrial Estate (Rayong) 8,305

Hemaraj Eastern Seaboard Industrial Estate 6,960

S I L Industrial Land (Saraburi) 3,622

Rayong Industrial Land 3,468

Grand Total 29,213

Other References

Reference PersonsShare Registrar Thailand Securities Depository Co., Ltd.

62 The Stock Exchange of Thailand Bldg. 4th Floor 6-7th Floor, Rachadapisek Road, Klongtoey Bangkok 10110, Thailand Tel. 0-2359-1200-1

Auditor A.M.T & Associates491/27 Silom Plaza, Silom Road, Bangruk, Bangkok 10500, ThailandTel. 0-2234-1676, 0-2234-1678Fax 0-2237-2133- Kesree Narongdej CPA No. 76

Attorney Allen & Overy (Thailand) Co., Ltd.130 Sindhorn Building III, 22nd Floor, Wireless RoadBangkok 10330, Thailand Tel. 0-2263-7600

Financial Advisor Per Project

Advisor or Manager and under contract management

The Brooker Group16th Floor, Harindhorn Building, 54 North Sathorn Road, Bangrak,Bangkok 10500, ThailandTel. 0-2267-9222 Fax 0-2632-2606


75

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80 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

√“¬ß“πª√–®”ªï 2548

π‘§¡Õÿµ “À°√√¡‡À¡√“™Õ’ ‡∑‘√åπ´’∫Õ√å¥ (çHemaraj ESIEé) Õ¬Ÿà√–À«à“ß°“√æ—≤π“ ¡’æ◊Èπ∑’Ë√«¡®Ì“π«π 6,960 ‰√à ‡¡◊ËÕ√«¡ ‘∑∏‘ „π°“√´◊ÈÕ∑’Ë¥‘πÕ’°®Ì“π«π 2 ·ª≈ßæ◊Èπ∑’Ë 2,516 ‰√à ∑’Ëµ—ÈßÕ¬Ÿàµ‘¥°—π √«¡‡ªìπ‡π◊ÈÕ∑’Ë∑—ÈßÀ¡¥ 9,476 ‰√à ‚¥¬∑’Ë¥‘π„π®—ßÀ«—¥√–¬Õß à«π„À≠à ‰¥â√—∫ ‘∑∏‘∫—µ√°“√ àß‡ √‘¡°“√≈ß∑ÿπ BOI ‚´π 3 ·≈– ∑’Ë¥‘π„π®—ßÀ«—¥™≈∫ÿ√’‰¥â√—∫ ‘∑∏‘ª√–‚¬™πå®“° BOI ‚´π 2 ´÷Ëß‡ªìπ°“√ π—∫ πÿπ °“√≈ß∑ÿπ„ππ‘§¡π’È ∑’Ë¥‘π¥—ß°≈à“«π’Èµ—ÈßÕ¬Ÿà„®°≈“ßæ◊Èπ∑’Ë∑’Ë‡ªìπ»Ÿπ¬å√«¡¢Õß°≈ÿà¡≈Ÿ°§â“„πÕÿµ “À°√√¡√∂¬πµå ‡À≈Á° Õ‘‡≈Á°∑√Õπ‘§ å æ≈“ µ‘°·≈–º≈‘µ¿—≥±å ‡æ◊ËÕ°“√Õÿª‚¿§∫√‘‚¿§ ∑’Ë¡’°“√¢¬“¬∞“π≈Ÿ°§â“Õ¬à“ßµàÕ‡π◊ËÕß ·≈–™à«¬ àß‡ √‘¡∞“π≈Ÿ°§â“ ç¥’∑√Õ¬å·Ààßµ–«—πÕÕ°·Ààß∑’Ë 2é ‡¡◊ËÕ‡¥◊Õπ‡¡…“¬π ªï 2548 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®Ì“°—¥ (¡À“™π) √à«¡∑ÿπ°—∫ ∫√‘…—∑ ´’‡¡πµå‰∑¬ æ√ÁÕæ‡æÕ√åµ’È ®Ì“°—¥ ∫√‘…—∑„π‡§√◊Õ¢Õß∫√‘…—∑ ªŸπ´’‡¡πµå‰∑¬ ®”°—¥ (¡À“™π) ´◊ÈÕÀÿâπ¢Õß∫√‘…—∑‡Õ ‰Õ ·Õ≈ ∑’Ë¥‘πÕÿµ “À°√√¡ ®Ì“°—¥ ‡æ◊ËÕ¢¬“¬æ◊Èπ∑’Ë¢Õß π‘§¡Õÿµ “À°√√¡„Àâ§√Õ∫§≈ÿ¡„πÀ≈“¬æ◊Èπ∑’Ë ‚¥¬¡’°“√‡æ‘Ë¡¢÷Èπ¢Õß∑’Ë¥‘π®Ì“π«πª√–¡“≥ 7,000 ‰√à ®“°‡¢µª√–°Õ∫°“√Õÿµ “À°√√¡ ‡Õ ‰Õ ·Õ≈ ( √–∫ÿ√’) ·≈–‡¢µª√–°Õ∫°“√Õÿµ “À°√√¡ √–¬Õß Õ‘π¥— ‡µ√’¬≈·≈π¥å √«¡∑—Èß®Ì“π«π≈Ÿ°§â“∑’Ë‡æ‘Ë¡¢÷Èπ®“°°“√√à«¡∑ÿπ

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‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π 5 761,520,077.63 572,723,102.91 493,179,611.34 307,334,496.20

‡ß‘π≈ß∑ÿπ™—Ë«§√“«

‡ß‘πΩ“°ª√–®” 5, 6 ·≈– 28 330,472,529.31 30,325,817.34 322,968,295.34 22,968,285.32

µ—Î« —≠≠“„™â‡ß‘π - ∂“∫—π°“√‡ß‘π 5 ·≈–6 - 400,000,000.00 - 400,000,000.00

À≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥ ÿ∑∏‘ 6 73,358,697.02 131,993,832.87 73,358,697.02 131,993,832.87

≈Ÿ°Àπ’È°“√§â“ 7

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Õ◊ËπÊ ÿ∑∏‘ 697,130,273.32 551,556,427.09 176,765,754.51 8,791,802.86

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 4 5,108,142.82 2,179,164.80 765,205,421.50 666,666,375.71

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ÿ∑∏‘ 9, 28 ·≈– 29 4,995,426,423.49 4,657,410,909.00 1,555,750,702.68 1,209,233,372.26

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 33,011,421.00 23,358,107.50 22,913,593.14 9,840,081.85

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 6,897,941,346.78 6,369,547,361.51 3,411,633,514.29 2,756,828,247.07

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 2, 4 ·≈– 28 270,693,466.78 14,733,157.47 3,635,164,982.96 3,348,673,842.04

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°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ÿ∑∏‘ 4 ·≈– 28 1,500,000.00 1,500,000.00 - -

Õ◊ËπÊ ÿ∑∏‘ 10 ·≈– 28 175,283,002.50 176,000,002.50 175,000,002.50 175,000,002.50

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«Õ◊ËπÊ 12,264,871.47 11,199,558.22 12,264,871.47 11,199,558.22

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ÿ∑∏‘ 11 303,578,100.66 166,171,132.78 37,884,237.08 29,059,354.80

‘π∑√—æ¬å „Àâ‡™à“ ÿ∑∏‘ 12 ·≈– 28 928,613,784.91 797,134,486.34 50,595,056.46 51,769,726.06

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ÿ∑∏‘ 13 ·≈– 28 281,064,250.00 281,064,250.00 281,064,250.00 281,064,250.00

°Õß∑ÿπ®¡ ÿ∑∏‘ 14 ·≈– 29 62,235,152.50 197,836,827.69 27,328,047.99 129,902,023.93

Õ◊ËπÊ 26,849,124.95 45,587,491.56 20,014,950.94 26,639,320.96

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 2,062,081,753.77 1,691,226,906.56 4,239,316,399.40 4,053,308,078.51

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96

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Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

√“¬‰¥â√—∫≈à«ßÀπâ“ 8 125,673,285.53 363,900,208.00 22,802,980.11 239,380,754.63

¥Õ°‡∫’È¬§â“ß®à“¬ 8,275,479.47 12,666,917.78 3,317,808.23 2,585,753.44

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Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ

‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß 69,609,949.01 58,831,231.71 33,128,074.07 15,190,072.58

‡ß‘π§È”ª√–°—π√—∫ 74,934,516.00 57,962,479.17 5,036,500.00 5,782,900.00

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ 11,529,745.97 12,548,446.64 - -

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√«¡Àπ’È ‘π 3,389,187,193.95 2,820,756,629.16 2,676,350,743.38 2,168,054,200.72


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à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - ∫√‘…—∑¬àÕ¬ - - (269,215,072.52) (556,016,936.99)

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπµ“¡«‘∏’ à«π‰¥â‡ ’¬ - ∫√‘…—∑√à«¡ (960,339.31) (1,559,628.03) (960,339.31) (1,559,628.03)

¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ 717,000.00 21,195,000.00 - 21,195,000.00

ª√—∫ª√ÿßº≈¢“¥∑ÿπ®“°°“√≈¥¡Ÿ≈§à“‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å - (74,651,518.64) - (74,651,518.64)

(°”‰√)¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π (477,477.89) 127,716.44 (477,477.89) 127,716.44

°”‰√®“°°“√¢“¬Õÿª°√≥å (448,483.39) - (160,737.47) -

°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ (23,012,815.81) (76,457,040.44) (23,012,815.81) (76,457,040.44)

§à“‡ ◊ËÕ¡√“§“·≈–√“¬°“√µ—¥∫—≠™’ 73,731,334.68 67,905,718.47 15,270,221.98 14,125,671.11

§à“§«“¡π‘¬¡µ—¥∫—≠™’ - 745,120.79 - 745,120.79

°”‰√®“°°“√ª√–πÕ¡Àπ’È - (125,760,821.92) - (125,760,821.92)

°”‰√®“°°“√´◊ÈÕ§◊πÀÿâπ°Ÿâ·ª≈ß ¿“æ - (156,288.83) - (156,288.83)

ª√–¡“≥º≈‡ ’¬À“¬®“°§¥’§«“¡‡æ‘Ë¡¢÷Èπ 18,000,000.00 18,049,315.07 18,000,000.00 18,049,315.07

√“¬‰¥â§à“ ‘∑∏‘°“√‡™à“µ—¥∫—≠™’ (29,762,192.85) (22,681,696.82) - -

°”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 81,261,310.44 92,969,311.85 - -

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (1,913,782.19) 1,795,319.33 (1,491,438.76) 1,795,319.33

≈Ÿ°Àπ’È°“√§â“°‘®°“√Õ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (146,614,903.15) (308,383,238.53) (168,433,623.65) 5,084,838.39

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å(‡æ‘Ë¡¢÷Èπ) (514,106,824.98) (321,069,230.60) (212,988,371.41) (378,442,776.01)

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 6,879,419.98 (2,432,605.70) 3,792,715.49 (4,281,837.23)

‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå≈¥≈ß - 840,389,748.69 - 840,389,748.69

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ(‡æ‘Ë¡¢÷Èπ)≈¥≈ß 18,738,366.61 (11,472,232.90) 6,624,370.02 (12,795,055.64)

‡®â“Àπ’È°“√§â“∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß‡æ‘Ë¡¢÷Èπ 341,914.22 - 1,630,680.00 -

‡®â“Àπ’È°“√§â“Õ◊Ëπ‡æ‘Ë¡¢÷Èπ 36,003,175.61 25,138,753.51 33,504,588.19 78,641,648.34

√“¬‰¥â√—∫≈à«ßÀπâ“‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (238,226,922.47) (97,143,013.51) (216,577,774.52) 238,822,367.17

¥Õ°‡∫’È¬§â“ß®à“¬‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (4,391,438.31) 7,502,535.49 732,054.79 (1,740,272.68)

‡®â“Àπ’ÈÕ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) (9,181,932.02) 12,480,926.54 (255,873.10) 1,341,509.49

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 58,767,805.75 45,970,188.44 53,034,610.91 26,356,975.29

‡ß‘πª√–°—πº≈ß“π°àÕ √â“ß‡æ‘Ë¡¢÷Èπ 10,778,717.30 23,512,960.81 17,938,001.49 12,871,045.20

√“¬‰¥â ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’‡æ‘Ë¡¢÷Èπ 28,743,492.18 21,507,930.64 - -

‡ß‘π§È”ª√–°—π√—∫‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 16,972,036.83 12,343,704.92 (746,400.00) -

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 1,895,847.51 (17,602,422.16) 6,101,614.65 (21,710,291.00)

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) ®“°°‘®°√√¡¥”‡π‘πß“π 21,608,138.48 1,076,493,213.53 (100,397,622.10) 951,735,851.49


103

Ì“À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ √“¬ß“πª√–®”ªï 2548

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ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

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°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ™—Ë«§√“«„πÀ≈—°∑√—æ¬å(‡æ‘Ë¡¢÷Èπ) (110,402,400.00) (12,911,870.00) (110,402,400.00) (12,911,870.00)

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π(‡æ‘Ë¡¢÷Èπ) (2,928,978.02) (4,148.97) (98,539,045.79) (119,668,366.55)

‡ß‘π≈ß∑ÿπ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬(‡æ‘Ë¡¢÷Èπ) (254,999,970.00) (674,885,653.97) (251,632,598.74) (674,885,653.97)

‡®â“Àπ’È§à“Àÿâπ≈¥≈ß (20,000,000.00) - (20,000,000.00) -

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬–¬“«·°à°‘®°“√Õ◊Ëπ(‡æ‘Ë¡¢÷Èπ) (587,835.36) (319,030.54) (587,835.36) (319,030.54)

‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ - - 281,439,876.80 718,879,712.00

‡ß‘π ¥√—∫®“°°“√¢“¬Õ“§“√·≈–Õÿª°√≥å 96,157,173.69 - 559,882.02 -

‡ß‘π ¥√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 127,660,839.96 126,516,546.00 127,660,839.96 126,516,546.00

Õ“§“√·≈–Õÿª°√≥å(‡æ‘Ë¡¢÷Èπ) (94,954,388.50) (17,929,429.24) (20,156,337.47) (11,915,116.98)

‘π∑√—æ¬å„Àâ‡™à“(‡æ‘Ë¡¢÷Èπ) (28,315,790.67) (16,023,566.96) (139,827.60) -

°Õß∑ÿπ®¡(‡æ‘Ë¡¢÷Èπ)≈¥≈ß (2,152,513.02) 107,636,914.98 - (107,154.78)

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) ®“°°‘®°√√¡≈ß∑ÿπ (290,523,861.92) (487,920,238.70) (91,797,446.18) 25,589,065.18

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π

‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 234,330,763.20 (1,056,644.72) 85,000,000.00 (50,738,219.53)

‡ß‘π ¥®à“¬‡ªìπ°“√‰∂à∂ÕπÀÿâπ°Ÿâ·ª≈ß ¿“æ - (1,326,829.10) - (1,326,829.10)

‡ß‘π ¥®à“¬§◊π„π°“√ª√–πÕ¡Àπ’È - (130,500,000.00) - (130,500,000.00)

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π(≈¥≈ß) (7,998,057.39) (20,537,504.25) (6,006,562.60) (15,381,108.32)

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ(≈¥≈ß) - - 78,749,750.00 (285,289,719.90)

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π(≈¥≈ß) (1,883,999.99) (106,048,000.00) - -

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«Õ◊Ëπ‡æ‘Ë¡¢÷Èπ(≈¥≈ß) 474,041,355.22 (178,502,763.01) 380,200,000.00 (50,605,859.72)

‡ß‘π ¥√—∫®“°°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ 73,284,451.21 117,508,309.60 73,284,451.21 117,508,309.60

‡ß‘π ¥®à“¬ªíπº≈ (333,187,445.17) (288,195,639.35) (333,187,445.17) (288,195,639.35)

‡ß‘πªíπº≈®à“¬ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (82,960,123.20) (85,920,288.00) - -

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“ („™â‰ª) ®“°°‘®°√√¡®—¥À“‡ß‘π 355,626,943.88 (694,579,358.83) 278,040,193.44 (704,529,066.32)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 2,232,431.25 (341,565.54) - -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 35.00 - - -

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ(≈¥≈ß) ÿ∑∏‘ 88,943,686.69 (106,347,949.54) 85,845,125.16 272,795,850.35

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 5 972,735,009.14 1,095,899,419.61 707,334,496.20 457,506,931.17

‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—πµâπªï 5 30,313,911.11 13,497,450.18 22,968,285.32 -

‡ß‘πΩ“°∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—πª≈“¬ªï 5 ·≈– 28 (30,446,907.96) (30,313,911.11) (22,967,276.00) (22,968,285.32)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 5 1,061,545,698.98 972,735,009.14 793,180,630.68 707,334,496.20


104

Ì“À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2548 ·≈– 2547

∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 2547 2548 2547

°‘®°√√¡¥”‡π‘πß“π °‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡®—¥À“‡ß‘π∑’Ë‰¡à°√–∑∫‡ß‘π ¥

§à“‡º◊ËÕ°“√ª√—∫¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬≈¥≈ß 46,646,164.66 76,885,002.15 46,646,164.66 76,885,002.15

à«π‡°‘π∑ÿπ®“°‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬≈¥≈ß

‡π◊ËÕß®“°°“√∫—π∑÷°∫—≠™’¢â“ßµâπ (46,646,164.66) (76,885,002.15) (46,646,164.66) (76,885,002.15)

µâπ∑ÿπ°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å≈¥≈ß

‡π◊ËÕß®“°°“√‚Õπ‡ªìπ ‘π∑√—æ¬å„Àâ‡™à“·≈–∑’Ë¥‘πÕ“§“√·≈–Õÿª°√≥å 309,620,269.21 247,543,830.96 - -

‘π∑√—æ¬å„Àâ‡™à“‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°°“√‚Õπ∫—≠™’¢â“ßµâπ (238,899,127.08) (247,543,830.96) - -

∑’Ë¥‘πÕ“§“√·≈–Õÿª°√≥å‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°°“√‚Õπ∫—≠™’¢â“ßµâπ (70,721,142.13) - - -

‡ß‘π≈ß∑ÿπ∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ - (20,000,000.00) - (20,000,000.00)

‡®â“Àπ’È§à“Àÿâπ‡æ‘Ë¡¢÷Èπ - 20,000,000.00 - 20,000,000.00

µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°

°“√‰¥â√—∫§◊π‡ß‘π°Õß∑ÿπ®¡‡ªìπ∑’Ë¥‘π®“°°“√π‘§¡·Ààßª√–‡∑»‰∑¬ 133,528,959.01 - 133,528,959.01 -

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π∑¥√Õß®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ

®“°°“√√—∫‚Õπ∑’Ë¥‘π¢â“ßµâπ - - (33,101,276.95) -

°Õß∑ÿπ®¡≈¥≈ß‡π◊ËÕß®“°°“√√—∫‚Õπ∑’Ë¥‘π¢â“ßµâπ (133,528,959.01) - 100,427,682.06 -

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¥Õ°‡∫’È¬®à“¬ 113,798,976.13 54,705,370.63 13,064,027.64 16,900,279.75

¿“…’‡ß‘π‰¥â 35,653,357.58 30,285,641.32 7,235,945.94 13,102,186.23

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3. √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë Ì“§—≠ 3.1 ‡°≥±å°“√«—¥§à“„π°“√®—¥∑Ì“ß∫°“√‡ß‘π πÕ°®“°∑’Ë‡ªî¥‡º¬‰«â„πÀ—«¢âÕÕ◊ËπÊ „π √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë Ì“§—≠ ·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘πÕ◊ËπÊ ‡°≥±å„π°“√· ¥ß ¡Ÿ≈§à“„πß∫°“√‡ß‘π„™â√“§“∑ÿπ‡¥‘¡ 3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‰¥â·°à ‡ß‘π ¥ ‡ß‘πΩ“°∏π“§“√ µ—Î«‡ß‘πΩ“° ·≈–‡ß‘π≈ß∑ÿπ™—Ë«§√“« · ¥ß ÿ∑∏‘®“°‡ß‘πΩ“° ∏π“§“√∑’Ëµ‘¥¿“√–ºŸ°æ—π 3.3 ‡ß‘π≈ß∑ÿπ™—Ë«§√“« ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ‰¥â·°à ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥ · ¥ß„π¡Ÿ≈§à“¬ÿµ‘∏√√¡ ( ÿ∑∏‘®“° §à“‡º◊ËÕ°“√ª√—∫¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ) °Ì“‰√ (¢“¥∑ÿπ) ®“°°“√ª√—∫¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ· ¥ß‰«â„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 3.4 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ ª√–°Õ∫¥â«¬ ≈Ÿ°Àπ’ÈÕ —ßÀ“√‘¡∑√—æ¬å„π‚§√ß°“√· ¥ß¥â«¬®Ì“π«π‡ß‘πµ“¡ —≠≠“®–´◊ÈÕ®–¢“¬ ÿ∑∏‘®“°√“¬‰¥â®“° °“√ºàÕπ™Ì“√–·≈–√“¬‰¥â√Õµ—¥∫—≠™’ ·≈–≈Ÿ°Àπ’È§à“∫√‘°“√ · ¥ß ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠¢Õß≈Ÿ°Àπ’È§à“∫√‘°“√∑’Ë§â“ß™Ì“√–‡°‘π 90 «—π 3.5 µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ª√–°Õ∫¥â«¬ µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√ µâπ∑ÿπ„π°“√°àÕ √â“ßÕ“§“√ ‚√ßß“πÕÿµ “À°√√¡ Ì“‡√Á®√Ÿª µâπ∑ÿπ„π°“√°àÕ √â“ßÕ“§“√™ÿ¥ ¥Õ°‡∫’È¬®à“¬®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π°“√æ—≤π“‚§√ß°“√°àÕ √â“ß Õ“§“√‚√ßß“πÕÿµ “À°√√¡ Ì“‡√Á®√Ÿª ·≈–°àÕ √â“ßÕ“§“√™ÿ¥ ‡ß‘π¡—¥®Ì“§à“∑’Ë¥‘π ·≈–‡ß‘π®à“¬≈à«ßÀπâ“§à“°àÕ √â“ß ·≈–®–‚Õπ‡ªìπ µâπ∑ÿπ¢“¬‡¡◊ËÕ¡’°“√¢“¬À√◊Õ¡’√“¬‰¥â®“°‚§√ß°“√¥—ß°≈à“« µâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡·≈â«·µà√“§“„¥®–µÌË“°«à“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°Ì“‰√¢“¥∑ÿπ 3.6 °“√√«¡µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ªìπ√“§“∑ÿπ¢Õß ‘π∑√—æ¬å ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬∫—π∑÷°¥Õ°‡∫’È¬®à“¬·≈–§à“∏√√¡‡π’¬¡¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«·≈–‡ß‘π°Ÿâ¬◊¡®“°∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π ∑’Ë‡°‘¥¢÷Èπ‚¥¬µ√ß°—∫°“√æ—≤π“‚§√ß°“√√«¡‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ‚§√ß°“√æ—≤π“Õ —ßÀ“√‘¡∑√—æ¬å ‚¥¬®–À¬ÿ¥∫—π∑÷°‡¡◊ËÕ°“√ æ—≤π“‚§√ß°“√À¬ÿ¥™–ß—°À√◊Õ‡¡◊ËÕ°“√æ—≤π“‚§√ß°“√·≈â«‡ √Á® 3.7 ‡ß‘π≈ß∑ÿπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡ ‡ß‘π≈ß∑ÿπ °. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡· ¥ßµ“¡«‘∏’ à«π‰¥â‡ ’¬ ¢. ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª‰¥â·°à ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ · ¥ß„π√“§“∑ÿπ ÿ∑∏‘®“°§à“‡º◊ËÕ°“√ ¥âÕ¬§à“ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ∑—Ë«‰ª· ¥ß‰«â„πß∫°Ì“‰√¢“¥∑ÿπ


108 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

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‡ß‘π„Àâ°Ÿâ¬◊¡ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠®“°®Ì“π«π∑’Ë§“¥«à“®–‡√’¬°‡°Á∫‰¡à‰¥â ‚¥¬«‘‡§√“–Àå®“°∞“π–°“√‡ß‘π·≈–§«“¡ “¡“√∂„π°“√™Ì“√–Àπ’È ‚¥¬¡’π‚¬∫“¬À¬ÿ¥√—∫√Ÿâ√“¬‰¥â¥Õ°‡∫’È¬‡¡◊ËÕ§â“ß™Ì“√–‡°‘π 180 «—π 3.8 ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ∑’Ë¥‘π· ¥ß„π√“§“∑ÿπ Õ“§“√ ·≈–Õÿª°√≥å · ¥ß„π√“§“∑ÿπ À—°§à“‡ ◊ËÕ¡√“§“ – ¡ ·≈–§à“‡º◊ËÕ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“ ¬“πæ“Àπ–¿“¬„µâ —≠≠“‡™à“∑“ß°“√‡ß‘π· ¥ßµ“¡√“§“¬ÿµ‘∏√√¡À≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“§Ì“π«≥‚¥¬«‘∏’ ‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬ª√–¡“≥ 5 ªï Ì“À√—∫Õÿª°√≥å ·≈– 20 ªï Ì“À√—∫Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß ‰¡à¡’°“√ §Ì“π«≥§à“‡ ◊ËÕ¡√“§“ Ì“À√—∫∑’Ë¥‘π 3.9 ‘π∑√—æ¬å„Àâ‡™à“ ∑’Ë¥‘π„Àâ‡™à“· ¥ß„π√“§“∑ÿπ ‘π∑√—æ¬å„Àâ‡™à“Õ◊ËππÕ°‡Àπ◊Õ®“°∑’Ë¥‘π · ¥ß„π√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“ §Ì“π«≥‚¥¬«‘∏’‡ âπµ√ßµ“¡‡°≥±åÕ“¬ÿ°“√„™â ‘π∑√—æ¬å‚¥¬ª√–¡“≥ 15 ªï Ì“À√—∫∞“π«“ß∑àÕ¢π∂à“¬«—µ∂ÿ ·≈– 20 ªï Ì“À√—∫ Õ“§“√ ‰¡à¡’°“√§Ì“π«≥§à“‡ ◊ËÕ¡√“§“ Ì“À√—∫∑’Ë¥‘π„Àâ‡™à“ 3.10 ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå ‡ªìπ‚§√ß°“√∑’Ë√Õ°“√æ—≤π“·≈–‚§√ß°“√∑’ËÀ¬ÿ¥°“√æ—≤π“™—Ë«§√“« ª√–°Õ∫¥â«¬ ‘∑∏‘°“√‡™à“∑’Ë¥‘π µâπ∑ÿπ∑’Ë¥‘π µâπ∑ÿπ„π°“√æ—≤π“‚§√ß°“√·≈–¥Õ°‡∫’È¬®à“¬®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π°“√æ—≤π“‚§√ß°“√ ‘∑∏‘°“√‡™à“·≈–∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå · ¥ß„π√“§“∑ÿπ√«¡À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫√«¡∑’ËµÌË“°«à“ ¢“¥∑ÿπ®“°°“√ª√–‡¡‘π√“§“‚§√ß°“√· ¥ß‰«â„πß∫°Ì“‰√¢“¥∑ÿπ 3.11 °Õß∑ÿπ®¡ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°°Õß∑ÿπ‡æ◊ËÕ∫Ì“√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°„ππ‘§¡ Õÿµ “À°√√¡ µ“¡‡ß◊ËÕπ‰¢„π —≠≠“√à«¡¥Ì“‡π‘πß“π°—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ (°πÕ.) ‡ªìπ°Õß∑ÿπ®¡√Õµ—¥®à“¬ ·≈–µ—¥®à“¬‡ªìπµâπ∑ÿπ∫√‘°“√µ“¡«‘∏’‡ âπµ√ß‡ªìπ√–¬–‡«≈“ 20 ªï

3.12 ¥Õ°‡∫’È¬µ“¡ —≠≠“‡™à“´◊ÈÕ√Õµ—¥∫—≠™’ ¥Õ°‡∫’È¬µ“¡ —≠≠“‡™à“´◊ÈÕ√Õµ—¥∫—≠™’ °Ì“Àπ¥µ—¥∫—≠™’µ“¡Õ“¬ÿ —≠≠“‡™à“´◊ÈÕ‚¥¬· ¥ß ÿ∑∏‘®“°‡®â“Àπ’È‡™à“´◊ÈÕ 3.13 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’°“√ª√–‡¡‘π°“√¥âÕ¬§à“¢Õß∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ·≈–∑√—æ¬å ‘πÕ◊ËπÊ ‡¡◊ËÕ¡’‡Àµÿ°“√≥åÀ√◊Õ¡’°“√ ‡ª≈’Ë¬π·ª≈ß ¿“æ°“√≥å∑’Ë∑Ì“„Àâ‡°‘¥¢âÕ∫àß™’È«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å¡’®Ì“π«πµÌË“°«à“√“§“µ“¡∫—≠™’ ¢Õß ‘π∑√—æ¬åπ—Èπ ‚¥¬∫√‘…—∑®–√—∫√Ÿâ√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡ªìπ§à“„™â®à“¬„πß∫°Ì“‰√¢“¥∑ÿπ 3.14 √“¬‰¥â√—∫≈à«ßÀπâ“ √“¬‰¥â√—∫≈à«ßÀπâ“ ª√–°Õ∫¥â«¬‡ß‘π∑’Ë√—∫™Ì“√–®“° —≠≠“®–´◊ÈÕ®–¢“¬∑’Ë¥‘π·≈–Õ“§“√™ÿ¥ à«π∑’Ë‡°‘π°«à“√“¬‰¥â∑’Ë√—∫√Ÿâµ“¡«‘∏’ Õ—µ√“ à«π¢Õßß“π∑’Ë·≈â«‡ √Á® √«¡∑—Èß‡ß‘π√—∫≈à«ßÀπâ“®“°§à“∫√‘°“√ “∏“√≥Ÿª‚¿§ ·≈–§à“‡™à“

√ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë Ì“§—≠ (µàÕ)


109 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

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114 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

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28. ‘π∑√—æ¬å∑’Ë„™â‡ªìπÀ≈—°ª√–°—π ‘π∑√—æ¬å∑’Ë „™â‡ªìπÀ≈—°ª√–°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ª√–°Õ∫¥â«¬ ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®Ì“°—¥ (¡À“™π) 1. ∑’Ë¥‘π∫“ß à«π„π‚§√ß°“√¢Õß∫√‘…—∑√«¡∑—Èß à«π§«∫‰¥âπÌ“‰ª®¥®Ì“πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡°—∫∏π“§“√æ“≥‘™¬å·≈– ∂“∫—π°“√‡ß‘π„πª√–‡∑» ·≈–∫“ß à«ππÌ“‰ª‡ªìπÀ≈—°ª√–°—πµàÕ Ÿâ§¥’„π™—Èπ»“≈ 2. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ »√’√“™“Œ“√å‡∫Õ√å ®Ì“°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß ®Ì“π«π 15 ≈â“πÀÿâπ πÌ“‰ª‡ªìπ À≈—°ª√–°—πµàÕ Ÿâ§¥’„π™—Èπ»“≈ 3. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ ‡À¡√“™ Õ’ ‡∑‘√åπ ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®Ì“°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ®Ì“πÌ“‡ªìπÀ≈—°ª√–°—π °“√°Ÿâ¬◊¡‡ß‘π°Ÿâ√–¬–¬“«·°à‡®â“Àπ’È 2 √“¬„Àâ°—∫∫√‘…—∑¬àÕ¬¥—ß°≈à“« 4. ‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑‚°≈«å ‰Õæ’æ’ ®Ì“°—¥ ®Ì“π«π 17.5 ≈â“πÀÿâπ ‰¥â¡’°“√®Ì“πÌ“‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘π„Àâ°—∫ ∫√‘…—∑¥—ß°≈à“« 5. ‡ß‘πΩ“°ª√–®Ì“®Ì“π«π‡ß‘πª√–¡“≥ 22.97 ≈â“π∫“∑ „™â‡ªìπÀ≈—°ª√–°—π°“√ÕÕ°Àπ—ß ◊Õ§ÌÈ“ª√–°—π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß µàÕ∏π“§“√·ÀàßÀπ÷Ëß ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®Ì“°—¥ 1. ‡ß‘πΩ“°ª√–®Ì“ ®Ì“π«π‡ß‘πª√–¡“≥ 7.43 ≈â“π∫“∑ „™â‡ªìπÀ≈—°ª√–°—π„π°“√°àÕ √â“ß “∏“√≥Ÿª‚¿§„π‚§√ß°“√ 2. ∑’Ë¥‘π‡æ◊ËÕ®—¥À“º≈ª√–‚¬™πå à«π„À≠à„π‚§√ß°“√¢Õß∫√‘…—∑‰¥âπÌ“‰ª®¥®Ì“πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§ÌÈ“ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®“°∏π“§“√æ“≥‘™¬å„πª√–‡∑» ∫√‘…—∑ Õ’ ‡∑‘√åπ ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®Ì“°—¥ 1. ∑’Ë¥‘π à«π„À≠à„π‚§√ß°“√∫√‘…—∑‰¥âπÌ“‰ª®¥®Ì“πÕß‡æ◊ËÕ§È”ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡°—∫∏π“§“√æ“≥‘™¬å·ÀàßÀπ÷Ëß 2. ∑’Ë¥‘π∫“ß à«π·≈–Õ“§“√‚√ßß“πÕÿµ “À°√√¡ Ì“‡√Á®√Ÿª¢π“¥‡≈Á°·≈–¢π“¥°≈“ß¢Õß∫√‘…—∑®¥®Ì“πÕß‡ªìπÀ≈—°ª√–°—π‡ß‘π°Ÿâ¬◊¡ ®“°∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß°—π 3. ‡ß‘πΩ“°ª√–®Ì“®Ì“π«π‡ß‘πª√–¡“≥ 0.05 ≈â“π∫“∑ „™â§ÌÈ“ª√–°—π°“√∫√‘°“√ “∏“√≥Ÿª‚¿§ ∫√‘…—∑ ‡À¡√“™ Õ’ ‡∑‘√åπ ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®Ì“°—¥ 1. ∫√‘…—∑‰¥â¡Õ∫‚©π¥∑’Ë¥‘π∫“ß à«π„π‚§√ß°“√‰«â‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘πµàÕ‡®â“Àπ’È‡ß‘π°Ÿâ¬◊¡ 2 √“¬ 2. ∑’Ë¥‘π∫“ß à«π„π‚§√ß°“√¢Õß∫√‘…—∑‰¥âπÌ“‰ª®¥®Ì“πÕß‡æ◊ËÕ‡ªìπÀ≈—°ª√–°—π°“√°Ÿâ¬◊¡‡ß‘πµàÕ∏π“§“√æ“≥‘™¬å·ÀàßÀπ÷Ëß 29. ¢âÕºŸ°æ—πµ“¡ —≠≠“ ¢âÕºŸ°æ—πµ“¡ —≠≠“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2548 ª√–°Õ∫¥â«¬


139 ∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π)

√“¬ß“πª√–®”ªï 2548

∫√‘…—∑ ‡À¡√“™ Õ’ ‡∑‘√åπ ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®Ì“°—¥ 1. µ“¡∑’Ë∫√‘…—∑‰¥â‡¢â“√à«¡¥Ì“‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡™≈∫ÿ√’ (∫àÕ«‘π) √–¬–∑’Ë 1 ·≈–√–¬–∑’Ë 2 °—∫°“√π‘§¡Õÿµ “À°√√¡ ·Ààßª√–‡∑»‰∑¬ (ç°πÕ.é) µ“¡ —≠≠“√à«¡¥Ì“‡π‘πß“π ≈ß«—π∑’Ë 5 °√°Æ“§¡ ·≈–«—π∑’Ë 29 ∏—π«“§¡ 2532 µ“¡≈Ì“¥—∫ ´÷Ëß∫√‘…—∑ ‰¥â·°â‰¢ —≠≠“√à«¡¥Ì“‡π‘πß“π¥—ß°≈à“«°—∫ °πÕ. ‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2544 µàÕ¡“‡¡◊ËÕ«—π∑’Ë 29 ¡’π“§¡ 2548 ‰¥â√«¡ —≠≠“ ∑—Èß 2 ©∫—∫‡ªìπ©∫—∫‡¥’¬« ‚¥¬‡ß◊ËÕπ‰¢∑’Ë Ì“§—≠ √ÿª‰¥â¥—ßπ’È 1) ∫√‘…—∑‡ªìπºŸâ „Àâ∫√‘°“√√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°·°àºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡ ‚¥¬µâÕß®à“¬ §à“„™â®à“¬„π°“√√à«¡¥Ì“‡π‘πß“π·°à °πÕ. 2) ∫√‘…—∑‰¡àµâÕß‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°·°à °πÕ. 3) ∫√‘…—∑µâÕß®—¥„Àâ¡’°Õß∑ÿπ‡æ◊ËÕ°“√∫Ì“√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°„ππ‘§¡ Õÿµ “À°√√¡ (ç°Õß∑ÿπ®¡é) 2. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‚°≈«å ‰Õæ’æ’ ®Ì“°—¥ ®Ì“π«π 175 ≈â“π∫“∑ ∫√‘…—∑‡¢â“∂◊Õ§√Õß„πÕ—µ√“ à«π√âÕ¬≈– 5 ‡æ◊ËÕ√—°…“ —¥ à«π°“√ ∂◊ÕÀÿâπ„Àâ‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢∑’ËµâÕßªØ‘∫—µ‘µàÕ°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ 3. ∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“ß“π°àÕ √â“ß ß“π√–∫∫ ·≈– —≠≠“√—∫‡À¡“µ‘¥µ—ÈßÕÿª°√≥å‚§√ß°“√Õ“§“√™ÿ¥æ—°Õ“»—¬°—∫∫√‘…—∑ 8 ·Ààß §‘¥‡ªìπ®Ì“π«π‡ß‘π§ß‡À≈◊Õµ“¡ —≠≠“ 1,345.29 ≈â“π∫“∑ 4. ∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“ß“π°àÕ √â“ß‚√ßß“π Ì“‡√Á®√Ÿª°—∫∫√‘…—∑ 2 ·Ààß §‘¥‡ªìπ®Ì“π«π‡ß‘π§ß‡À≈◊Õµ“¡ —≠≠“ 15.47 ≈â“π∫“∑ 5. ∫√‘…—∑‰¥â∑Ì“ —≠≠“´◊ÈÕ¢“¬∑’Ë¥‘π„π‚§√ß°“√Àπ÷Ëß‡ªìπ®Ì“π«π‡ß‘π 629 ≈â“π∫“∑ ‚¥¬®à“¬§à“‡ß‘π¡—¥®Ì“ 47 ≈â“π∫“∑ ´÷Ëß¡’°Ì“Àπ¥ √–¬–‡«≈“´◊ÈÕ¢“¬‰¡à‡°‘π«—π∑’Ë 10 ‡¡…“¬π 2549 ∫√‘…—∑ Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ®Ì“°—¥ 1. µ“¡∑’Ë∫√‘…—∑‰¥â‡¢â“√à«¡¥Ì“‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡µ–«—πÕÕ° (¡“∫µ“æÿ¥) °—∫ °πÕ. µ“¡ —≠≠“√à«¡¥Ì“‡π‘πß“π ≈ß«—π∑’Ë 27 ∏—π«“§¡ 2532 π—Èπ ∫√‘…—∑‰¥â·°â‰¢ —≠≠“√à«¡¥Ì“‡π‘πß“π¥—ß°≈à“«°—∫ °πÕ. ‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2544 µàÕ¡“‡¡◊ËÕ «—π∑’Ë 29 ¡’π“§¡ 2548 ‰¥â¡’°“√·°â‰¢ —≠≠“ ‚¥¬‡ß◊ËÕπ‰¢∑’Ë Ì“§—≠ √ÿª‰¥â¥—ßπ’È 1) ∫√‘…—∑‡ªìπºŸâ „Àâ∫√‘°“√√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°·°àºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡ ‚¥¬µâÕß®à“¬§à“ „™â®à“¬„π°“√√à«¡¥Ì“‡π‘πß“π·°à °πÕ. 2) ∫√‘…—∑‰¡àµâÕß‚ÕπÕ —ßÀ“√‘¡∑√—æ¬å à«π§«∫·≈–Õÿª°√≥å µ≈Õ¥®π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°·°à °πÕ. 3) ∫√‘…—∑µâÕß®—¥„Àâ¡’°Õß∑ÿπ‡æ◊ËÕ°“√∫Ì“√ÿß√—°…“·≈– √â“ß∑¥·∑π√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°„ππ‘§¡ Õÿµ “À°√√¡ (ç°Õß∑ÿπ®¡é) 2. ∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡ —≠≠“ß“π°àÕ √â“ß√–∫∫ “∏“√≥Ÿª‚¿§°—∫∫√‘…—∑ 3 ·Ààß §‘¥‡ªìπ®Ì“π«π‡ß‘π§ß‡À≈◊Õµ“¡ —≠≠“ 7 ≈â“π∫“∑ ∫√‘…—∑ Õ’ ‡∑‘√åπ ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈ ‡Õ ‡µ∑ (√–¬Õß) ®Ì“°—¥ 1. ∫√‘…—∑‰¥â‡¢â“√à«¡¥Ì“‡π‘πß“π‚§√ß°“√®—¥µ—Èßπ‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) °—∫°“√π‘§¡Õÿµ “À°√√¡·Ààßª√–‡∑»‰∑¬ (°πÕ.) µ“¡ —≠≠“√à«¡¥Ì“‡π‘πß“π‡≈¢∑’Ë 1/ 2539 ·≈–‡≈¢∑’Ë 1/2540 (´÷ËßµàÕ¡“„π‰µ√¡“ 3 ªï 2547 ‰¥â√«¡ —≠≠“∑—Èß 2 ©∫—∫ ‡ªìπ©∫—∫‡¥’¬«) ‚¥¬¡’‡ß◊ËÕπ‰¢∑’Ë Ì“§—≠ √ÿª‰¥â¥—ßπ’È 1) ∫√‘…—∑‡ªìπºŸâ „Àâ∫√‘°“√√–∫∫ “∏“√≥Ÿª‚¿§·≈– ‘ËßÕÌ“π«¬§«“¡ –¥«°·°àºŸâª√–°Õ∫°“√„ππ‘§¡Õÿµ “À°√√¡ ‚¥¬µâÕß®à“¬ §à“„™â®à“¬„π°“√√à«¡¥Ì“‡π‘πß“π·°à °πÕ.

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π“¬° ¡“§¡ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ √Õßª√–∏“π°√√¡°“√ / °√√¡°“√∫√‘À“√ ·≈–

°√√¡°“√ °√√¡°“√ ª√–∏“π°√√¡°“√ °√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√

¡“§¡π‘§¡Õÿµ “À°√√¡‰∑¬ ∫¡®. π§√‰∑¬ µ√‘ª¡‘≈ ∫¡®. ¡‘≈‡≈π‡π’¬¡ µ’≈ ∫¡®. ´—π‡∑§°√ÿäª ∫¡®. »√’√“™“ Œ“√å‡∫Õ√å ∫®. ‡¥Õ–æ“√å§‡√ ´‘‡¥π´å ∫®. ‡À¡√“™Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ∫®. Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ Hemaraj International Co., Ltd. H-International (BVI) Co., Ltd. ∫®. ‡À¡√“™ «Õ‡µÕ√å ∫®. ‡Õ ‡ÕÁ¡Õ’ ·ø§∑Õ√’Ë ∫®. ‚°≈«å ‡À¡√“™ æ≈—ßß“π

1.16

2 π“¬∂“«√ Õπ—πµå§Ÿ»√’ 64 - °√√¡°“√ ∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ 0.26

°√√¡°“√ / √Õßª√–∏“π°√√¡°“√∫√‘À“√

3 π“¬‡¥«‘¥ √‘™“√å¥ π“√å‚¥π °√√¡°“√ / °√√¡°“√∫√‘À“√ ·≈– °√√¡°“√ºŸâ®—¥°“√

50 ª√‘≠≠“‚∑∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬πÕ√å∑Õ’ ‡∑Õ√åπ ∫Õ µ—π À√—∞Õ‡¡√‘°“

ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√ °√√¡°“√ °√√¡°“√∫√‘À“√·≈–°√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√

∫®. ‡Õ≈‚¬à-‡Õ™ ø“´‘≈‘µ’È ·¡π‡π®‡¡π∑å ∫®. Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ ∫®. ‡Õ™-§Õπ µ√—§™—Ëπ ·¡π‡π∑‡¡π∑å ·Õπ¥å

‡ÕÁπ®‘‡π’¬√‘Ëß ∫®. ‡¥Õ–æ“√å§‡√ ´‘‡¥π´å ∫®. Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. ‡À¡√“™Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. ‚°≈«å Hemaraj International Co., Ltd. H-International (BVI) Co., Ltd. ∫®. ‡À¡√“™ «Õ‡µÕ√å ∫®. ‡Õ ‡ÕÁ¡Õ’ ·ø§∑Õ√’Ë ∫®. √–¬Õß∑’Ë¥‘πÕÿµ “À°√√¡ ∫®. ‡Õ ‰Õ ·Õ≈ ∑’Ë¥‘πÕÿµ “À°√√¡ ∫®. ‚°≈«å ‡À¡√“™ æ≈—ßß“π

0.56

4 π“¬ ÿ∑∏‘æ—π∏ÿå ®“√ÿ¡≥’ °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫

62 «‘™“°“√∫—≠™’™—Èπ Ÿß (FCA) ®“° ∂“∫—π™“√å‡µÕ√å·Õ§‡§â“·∑π∑å (Õ—ß°ƒ…·≈–‡«≈≈å)

°√√¡°“√Õ‘ √– °√√¡°“√

∫®. ‡À¡√“™Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. « ÿ¿—§·Õ ‚´´‘‡Õ∑ å

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5 π“¬ªï‡µÕ√å ®ÕÀåπ ‡ÕÁ¥¡—π —π °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫

55 ª√‘≠≠“µ√’‡°’¬√µ‘π‘¬¡‡§¡’ ¡À“«‘∑¬“≈—¬‡™æøî≈≈å Õ—ß°ƒ…

∑’Ëª√÷°…“¥â“π°“√≈ß∑ÿπ Àπà«¬ß“π¿“§‡Õ°™πµà“ßÊ 0.06

6 π“ßæ√√≥’ «√«ÿ≤‘®ß ∂‘µ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫

54 ª√‘≠≠“‚∑∫—≠™’ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫

∫¡®. ∑’∑’·Õπ¥å∑’ ∫¡®. π§√‰∑¬ µ√‘ª¡‘≈ ∫¡®. ∫√Ÿä§‡§Õ√å °√ÿäª

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7 π“¬«‘«—≤πå ®‘√—∞µ‘°“≈ °ÿ≈ °√√¡°“√ / °√√¡°“√∫√‘À“√·≈– √Õß°√√¡°“√ºŸâ®—¥°“√

50 ª√‘≠≠“µ√’§≥–«‘»«°√√¡»“ µ√å ¿“§«‘™“ ÿ¢“¿‘∫“≈ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

°√√¡°“√ °√√¡°“√ °√√¡°“√∫√‘À“√·≈–°√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√

∫®. Õ’ ‡∑‘√åπø≈ŸÕ‘¥ ∑√“π ªÕ√åµ ∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ∫®. ‡À¡√“™Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. ‡Õ≈‚¬à-‡Õ™ ø“´‘≈‘µ’È ·¡π‡π®‡¡π∑å ∫®. ‡Õ™-§Õπ µ√—§™—Ëπ ·¡π‡π∑‡¡π∑å ·Õπ¥å

‡ÕÁπ®‘‡π’¬√‘Ëß ∫®. ‡¥Õ–æ“√å§‡√ ´‘‡¥π´å ∫®. Õ’ ‡∑‘√åπ‰ææå‰≈πå ‡´Õ√å«‘ ‡´ Hemaraj International Co., Ltd. H-International (BVI) Co., Ltd. ∫®. ‡À¡√“™ «Õ‡µÕ√å ∫®. ‡Õ ‡ÕÁ¡Õ’ ·ø§∑Õ√’Ë ∫®. √–¬Õß∑’Ë¥‘πÕÿµ “À°√√¡ ∫®. ‡Õ ‰Õ ·Õ≈ ∑’Ë¥‘πÕÿµ “À°√√¡ ∫®. ‚°≈«å ‡À¡√“™ æ≈—ßß“π

0.14

8 π“ß “«ªí∑¡“ ÀÕ√ÿàß‡√◊Õß °√√¡°“√ / °√√¡°“√∫√‘À“√·≈– √Õß°√√¡°“√ºŸâ®—¥°“√

43 ª√‘≠≠“‚∑∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

°√√¡°“√ °√√¡°“√ °√√¡°“√∫√‘À“√·≈–°√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√ °√√¡°“√

∫®. Õ’ ‡∑‘√åπÕ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. ‡À¡√“™Õ’ ‡∑‘√åπ´’∫Õ√å¥ Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ ∫®. Õ’ ‡∑‘√åπ´’∫Õ√å¥Õ‘π¥— ‡µ√’¬≈‡Õ ‡µ∑ (√–¬Õß) ∫®. ‡¥Õ–æ“√å§‡√ ´‘‡¥π´å ∫¡®. ¡‘≈‡≈π‡π’¬¡ µ’≈ ∫¡®. π§√‰∑¬ µ√‘ª¡‘≈ ∫®. ‡À¡√“™ «Õ‡µÕ√å ∫®. ‡Õ ‡ÕÁ¡Õ’ ·ø§∑Õ√’Ë

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149

™◊ËÕ- °ÿ≈ / µ”·Àπàß Õ“¬ÿ «ÿ≤‘∑“ß°“√»÷°…“

ª√–«—µ‘°“√∑”ß“πÕ◊Ëπ„πªí®®ÿ∫—π °“√∂◊Õ§√Õß À≈—°∑√—æ¬å¢Õß

°√√¡°“√ºŸâ∫√‘À“√ (%)

≥ «—π∑’Ë 31/12/48

µ”·Àπàß ™◊ËÕÀπà«¬ß“π / ∫√‘…—∑

9 π“¬ ¡æß…å «π“¿“ °√√¡°“√

61 ª√‘≠≠“‚∑∫√‘À“√∏ÿ√°‘® (°“√‡ß‘π) ¡À“«‘∑¬“≈—¬¡‘™‘·°π‡ µ∑ À√—∞Õ‡¡√‘°“ (∑ÿπ °.æ.)

ª√–∏“π°√√¡°“√Õ‘ √–·≈–°√√¡°“√ °√√¡°“√ ª√–∏“π °√√¡°“√ °√√¡°“√

∏π“§“√ÕÕ¡ ‘π ‚§√ß°“√«‘®—¬∫Ÿ√≥“°“√π”√àÕß πß. §≥–°√√¡°“√«‘®—¬·Ààß™“µ‘ §≥–°√√¡°“√∫√‘À“√‚§√ß°“√ª√‘≠≠“‚∑

¥â“π∫√‘À“√∏ÿ√°‘® ¡. ∏√√¡»“ µ√å §≥–°√√¡°“√®—¥∑Ì“∫—π∑÷°¢âÕµ°≈ß·≈–

ª√–‡¡‘πº≈°“√¥Ì“‡π‘πß“π¢Õß√—∞«‘ “À°‘® πß. §≥–°√√¡°“√π‚¬∫“¬√—∞«‘ “À°‘®

°√–∑√«ß°“√§≈—ß ∫¡®. Àæ—≤π“Õ‘π‡µÕ√å‚Œ≈¥‘Èß

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10 π“¬§”ŒÕß √—»¡“π’ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√π‘§¡Õÿµ “À°√√¡

39 ª√‘≠≠“‚∑∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬°√ÿß‡∑æ

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11 π“¬∏π‘π∑√å ∑√—æ¬å∫ÿ≠‡√◊Õß ºŸâÕ”π«¬°“√ΩÉ“¬æ—≤π“‚§√ß°“√

42 ª√‘≠≠“‚∑∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬Õ— —¡™—≠

°√√¡°“√ ∫®. ‡Õ™-§Õπ µ√—§™—Ëπ ·¡π‡π∑‡¡π∑å ·Õπ¥å ‡ÕÁπ®‘‡π’¬√‘Ëß

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12 π“¬»‘√‘»—°¥‘Ï °‘®√—°…“ ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’

45 ª√‘≠≠“µ√’§≥–∫—≠™’ ¡À“«‘∑¬“≈—¬°√ÿß‡∑æ

°√√¡°“√ ∫®. ‡Õ™-§Õπ µ√—§™—Ëπ ·¡π‡π∑‡¡π∑å ·Õπ¥å ‡ÕÁπ®‘‡π’¬√‘Ëß

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13 π“ß “« ¡„® «™‘√Àâ“ ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π

45 ª√‘≠≠“µ√’ “¢“°“√∫√‘À“√ß“π∑—Ë«‰ª §≥–∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬√“¡§”·Àß

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14 π“¬π‘æπ∏å À“≠æ—≤πæ“π‘™¬å ºŸâÕ”π«¬°“√ΩÉ“¬«“ß·ºπ‚§√ß°“√∑’Ëæ—°Õ“»—¬

49 ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

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15 π“¬‡ºà“æ‘∑¬“ ¡ÿ∑√°≈‘π ºŸâÕ”π«¬°“√ΩÉ“¬«“ß·ºπ·≈–π—°≈ß∑ÿπ —¡æ—π∏å

35 ª√‘≠≠“‚∑¥â“π°“√‡ß‘π ¡À“«‘∑¬“≈—¬‡¥√°‡´≈ À√—∞Õ‡¡√‘°“

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16 π“ß “«®‘≥≥æ—µ ∑Õß«‘‡»…°ÿ≈ ºŸâÕ”π«¬°“√ΩÉ“¬≈Ÿ°§â“ —¡æ—π∏å‚§√ß°“√∑’Ëæ—°Õ“»—¬

36 ª√‘≠≠“‚∑ “¢“‡»√…∞»“ µ√å∏ÿ√°‘®·≈–°“√®—¥°“√ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

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17 π“ß “«≈—¥¥“ ‚√®π“«‘‰≈«ÿ≤‘ ºŸâÕ”π«¬°“√ΩÉ“¬≈Ÿ°§â“ —¡æ—π∏åπ‘§¡Õÿµ “À°√√¡

38 ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬°√ÿß‡∑æ

ª√‘≠≠“‚∑¥â“π¿“…“≠’ËªÿÉπ ¡À“«‘∑¬“≈—¬ µ√’π“√“, π“√“, ≠’ËªÿÉπ

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18 π“ß “«Õ—≠™≈’ ª√–‡ √‘∞®—π∑√å ºŸâÕ”π«¬°“√ΩÉ“¬≈Ÿ°§â“ —¡æ—π∏åπ‘§¡Õÿµ “À°√√¡

36 ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬Õ— —¡™—≠

ª√‘≠≠“‚∑¥â“π¿“…“≠’ËªÿÉπ ¡À“«‘∑¬“≈—¬‡§‚Õ, ‚µ‡°’¬«, ≠’ËªÿÉπ

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19 π“ß “«©—π∑π“ À‘π·°â« ºŸâÕ”π«¬°“√ΩÉ“¬°“√µ≈“¥

36 ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬πÕµµ‘Èß·Œ¡ Õ—ß°ƒ…

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20 π“¬Õ¿‘™“µ‘ µ√ß ÿ¢ √√§å ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬√–∫∫¢âÕ¡Ÿ≈·≈–∫√‘°“√

41 ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å

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∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) √“¬ß“πª√–®”ªï 2548

¢âÕ¡Ÿ≈¢Õß§≥–°√√¡°“√∫√‘…—∑œ §≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–ºŸâ∫√‘À“√ (µàÕ)


150

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) √“¬ß“πª√–®”ªï 2548

√ÿª√“¬°“√∑’Ë°Ì“Àπ¥µ“¡·∫∫ 56-2 ¢Õß °.≈.µ.

Àπâ“

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

1.1 ®ÿ¥‡¥àπ∑“ß°“√‡ß‘π„π√Õ∫ªï 75

1.2 ‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ·≈–‚§√ß √â“ßÕß§å°√ 146

1.3 ¢âÕ¡Ÿ≈∑—Ë«‰ª‡°’Ë¬«°—∫∫√‘…—∑œ ·≈–∫√‘…—∑„π°≈ÿà¡ 147

1.4 ¢âÕ¡Ÿ≈¢Õß§≥–°√√¡°“√∫√‘…—∑œ §≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–ºŸâ∫√‘À“√ 148

1.5 √ÿªº≈‚§√ß°“√ 151

1.6 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 151

2. “ åπ®“°§≥–°√√¡°“√∫√‘…—∑œ 76

3. ≈—°…≥–°“√¥”‡π‘π∏ÿ√°‘®

3.1 ‚§√ß √â“ß°“√¥”‡π‘π∏ÿ√°‘® 79

3.2 ∏ÿ√°‘®À≈—°·≈–∏ÿ√°‘®∑’Ë‡°’Ë¬«‡π◊ËÕß 79

3.3 ‚§√ß √â“ß√“¬‰¥â 75

4. ¿“«–‡»√…∞°‘®·≈–°“√·¢àß¢—π 78

5. ∫∑√“¬ß“π·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬∫√‘À“√

5.1 º≈°“√¥”‡π‘πß“π 85

5.2 ∞“π–∑“ß°“√‡ß‘π 85

5.3 ªí®®—¬‡ ’Ë¬ß·≈–Õ◊ËπÊ 86

5.4 ‚§√ß°“√„πÕπ“§µ 86

6. ‚§√ß √â“ß√–∫∫°“√®—¥°“√

6.1 §≥–°√√¡°“√∫√‘…—∑œ ·≈–§≥–°√√¡°“√∫√‘À“√ 87

6.2 §≥–°√√¡°“√µ√«® Õ∫ 87

6.3 ºŸâ∫√‘À“√·≈–‚§√ß √â“ß°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ 88

7. °“√ √√À“§≥–°√√¡°“√ 89

8. §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ 89

9. ¢âÕ¡Ÿ≈·≈–°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å¢Õß°√√¡°“√/ºŸâ∫√‘À“√ 148

10. °“√°”°—∫¥Ÿ·≈°‘®°“√ 89

11. √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’Õπÿ≠“µ 94

12. ß∫°“√‡ß‘π·≈–À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π 95


151

∫√‘…—∑ ‡À¡√“™æ—≤π“∑’Ë¥‘π ®”°—¥ (¡À“™π) √“¬ß“πª√–®”ªï 2548

√ÿªº≈‚§√ß°“√·≈–¢âÕ¡Ÿ≈Õâ“ßÕ‘ßÕ◊ËπÊ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2548

π‘§¡Õÿµ “À°√√¡ æ◊Èπ∑’Ë√«¡

(‰√à)

π‘§¡Õÿµ “À°√√¡‡À¡√“™™≈∫ÿ√’ 3,993

π‘§¡Õÿµ “À°√√¡‡À¡√“™µ–«—πÕÕ° (¡“∫µ“æÿ¥) 2,865

π‘§¡Õÿµ “À°√√¡Õ’ ‡∑‘√åπ´’∫Õ√å¥ (√–¬Õß) 8,305

π‘§¡Õÿµ “À°√√¡ ‡À¡√“™ Õ’ ‡∑‘√åπ´’∫Õ√å¥ 6,960

‡¢µª√–°Õ∫°“√Õÿµ “À°√√¡ ‡Õ ‰Õ ·Õ≈ ( √–∫ÿ√’) 3,622

‡¢µª√–°Õ∫°“√Õÿµ “À°√√¡ √–¬Õß Õ‘π¥— ‡µ√’¬≈·≈π¥å 3,468

√«¡æ◊Èπ∑’Ë 29,213 ¢âÕ¡Ÿ≈Õâ“ßÕ‘ßÕ◊ËπÊ

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ

π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬åª√–‡∑»‰∑¬ ™—Èπ 4, 6-7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110, ª√–‡∑»‰∑¬ ‚∑√»—æ∑å 0-2359-1200-1

ºŸâ Õ∫∫—≠™’ ”π—°ß“π ‡Õ.‡ÕÁ¡.∑’ ·Õ ‚´´‘‡Õ∑ 491/27 ’≈¡æ≈“´à“ ∂ππ ’≈¡ ‡¢µ∫“ß√—° °√ÿß‡∑æœ 10500, ª√–‡∑»‰∑¬ ‚∑√»—æ∑å 0-2234-1676, 0-2234-1678 ‚∑√ “√ 0-2237-2133 - »“ µ√“®“√¬å ‡°…√’ ≥√ß§å‡¥™ CPA No. 76

∑’Ëª√÷°…“°ÆÀ¡“¬ ∫√‘…—∑ Õ—≈‡≈π ·Õπ¥å ‚Õ‡«Õ√’Ë (ª√–‡∑»‰∑¬) ®”°—¥ 130 Õ“§“√ ‘π∏√ 3 ™—Èπ 22 ∂ππ«‘∑¬ÿ °√ÿß‡∑æœ 10330, ª√–‡∑»‰∑¬ ‚∑√»—æ∑å 0-2263-7600

∑’Ëª√÷°…“∑“ß°“√‡ß‘π æ‘®“√≥“∑’≈–‚§√ß°“√

∑’Ëª√÷°…“À√◊ÕºŸâ®—¥°“√¿“¬„µâ —≠≠“°“√®—¥°“√

The Brooker Group ™—Èπ 16 Õ“§“√À√‘π∏√ 54 ∂ππ “∏√‡Àπ◊Õ ∫“ß√—° °√ÿß‡∑æœ 10500, ª√–‡∑»‰∑¬ ‚∑√»—æ∑å 0-2267-9222 ‚∑√ “√ 0-2632-2606


Land & Development - · PDF fileand in Rayong. We also signed an ... ESIE is home to over 92...

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Transcript of Land & Development - · PDF fileand in Rayong. We also signed an ... ESIE is home to over 92...