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4OTAL

  

     

4OTALMEETINGS "OOVBM3FQPSU 

TIMES

 

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      TIMES


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 0RESENT  0RESENT  0RESENT    0RESENT    0RESENT  0RESENT      0RESENT  0RESENT    0RESENT  0RESENT  0RESENT  0RESENT  0RESENT

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3HARES 2ELATIONSHIP (ELD BETWEEN  -ANAGEMENT

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3HARES 2ELATIONSHIP BETWEEN (ELD  -ANAGEMENT

 0RESENT        0RESENT    0RESENT            0RESENT  0RESENT  0RESENT  0RESENT

 0RESENT  0RESENT   0RESENT

0ERIOD

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3HARES 2ELATIONSHIP (ELD BETWEEN  -ANAGEMENT

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3HARES 2ELATIONSHIP (ELD BETWEEN  -ANAGEMENT

 0RESENT  0RESENT  0RESENT  0RESENT  0RESENT  0RESENT  0RESENT  0RESENT

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3HARES 2ELATIONSHIP (ELD BETWEEN  -ANAGEMENT

 0RESENT  0RESENT

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5NIT"AHT 4HE#OMPANY/NLY  

                                                                                                                                                                                                                                                                         

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5NIT"AHT 4HE#OMPANY/NLY                                                                                                                 







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  !TTHECONTRACTUALPRICE   !TTHECONTRACTUALPRICE  !GREEDPRICES

     

    

 !TTHECONTRACTUALPRICE   !TTHECONTRACTUALPRICE   !TTHECONTRACTUALPRICE

)NTERESTEXPENSES







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4HEOUTSTANDINGBALANCESOFTHEABOVETRANSACTIONSASAT$ECEMBERANDHAVEBEEN PRESENTEDASSEPARATEITEMSINTHEBALANCESHEETSASFOLLOWS 5NIT"AHT #ONSOLIDATED 4HE#OMPANY/NLY     )NTERESTRECEIVABLE RELATEDPARTIES 3UBSIDIARIES !SIAN0ROPERTY+RUNGTHEP #O ,TD         !SIAN0ROPERTY4HONGLOR #O ,TD         !SIAN0ROPERTY2ATCHAVIPA #O ,TD         4HONGLOR2ESIDENCE#O ,TD       3IGNATURE!DVISORY0ARTNERS,TD        "ANGKOK#ITI3MART#O ,TD      4RILLION$EVELOPMENT#O ,TD      4OTALINTERESTRECEIVABLE RELATEDPARTIES         3HORT TERMLOANSTORELATEDPARTIES 3UBSIDIARIES !SIAN0ROPERTY+RUNGTHEP #O ,TD !SIAN0ROPERTY2ATCHAVIPA #O ,TD !SIAN0ROPERTY4HONGLOR #O ,TD 4HONGLOR2ESIDENCE#O ,TD 3IGNATURE!DVISORY0ARTNERS,TD "ANGKOK#ITI3MART#O ,TD 4RILLION$EVELOPMENT#O ,TD 4OTALSHORT TERMLOANSTORELATEDPARTIES

"OOVBM3FQPSU 

       

                                                    


4RADEACCOUNTSPAYABLE RELATEDPARTIES !SSOCIATES 0RE "UILT0UBLIC#O ,TD 0#-#ONSTRUCTION-ATERIAL#O ,TD 2ELATEDCOMPANY 1UALITY#ONSTRUCTION0RODUCTS0UBLIC#O ,TD 4OTALTRADEACCOUNTSPAYABLE RELATEDPARTIES

#ONSOLIDATED  

5NIT"AHT 4HE#OMPANY/NLY  

     

     

    

    

    

    

    

    

)NTERESTPAYABLE RELATEDPARTIES 3UBSIDIARIES !SIAN0ROPERTY#O ,TD !SIAN0ROPERTY,ADPHRAO #O ,TD 4OTALINTERESTPAYABLE RELATEDPARTIES

  

  

        

  

3HORT TERMLOANSFROMRELATEDPARTIES 3UBSIDIARIES !SIAN0ROPERTY,ADPHRAO #O ,TD !SIAN0ROPERTY#O ,TD 4OTALSHORT TERMLOANSFROMRELATEDPARTIES

  

  

        

  

     

     

     

     

2ETENTIONPAYABLE RELATEDPARTY !SSOCIATE 0RE "UILT0UBLIC#O ,TD 4OTALRETENTIONPAYABLE RELATEDPARTY



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$URINGTHEYEAR THEMOVEMENTSOFLOANSTOANDLOANSFROMRELATEDPARTIESWEREASFOLLOWS 3HORT TERMLOANSTORELATEDPARTIES

#OMPANYNAME

!SIAN0ROPERTY+RUNGTHEP #O ,TD !SIAN0ROPERTY2ATCHAVIPA #O ,TD !SIAN0ROPERTY4HONGLOR #O ,TD 4HONGLOR2ESIDENCE#O ,TD 3IGNATURE!DVISORY0ARTNERS,TD "ANGKOK#ITI3MART#O ,TD 4RILLION$EVELOPMENT#O ,TD 4OTALSHORT TERMLOANSTORELATEDPARTIES 3HORT TERMLOANSFROMRELATEDPARTIES

#OMPANYNAME

5NIT"AHT "ALANCEASAT $URINGTHEYEAR "ALANCEASAT *ANUARY )NCREASE $ECREASE $ECEMBER

                                                                                             "ALANCEASAT

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5NIT"AHT

$URINGTHEYEAR "ALANCEASAT )NCREASE $ECREASE $ECEMBER

!SIAN0ROPERTY,ADPHRAO #O ,TD           !SIAN0ROPERTY#O ,TD           4RILLION$EVELOPMENT#O ,TD         #ITY!SSETSFUND         4OTALSHORT TERMLOANSFROMRELATEDPARTIES           4HESE LOANS FROM AND LOANS TO RELATED PARTIES ARE IN THE FORM OF PROMISSORY NOTES WHICH ARE UNCOLLATERISEDANDDUEATCALL

"OOVBM3FQPSU 


$IRECTORS}ANDMANAGEMENT}SREMUNERATION )N THE#OMPANYANDITSSUBSIDIARIESPAIDSALARIES MEETINGALLOWANCESANDGRATUITIESTOTHEIR DIRECTORSANDMANAGEMENTTOTALING"AHTMILLION4HE#OMPANY/NLY"AHTMILLION "AHT MILLION 4HE#OMPANY/NLY"AHTMILLION  )N ADDITION DURING THE YEAR THE #OMPANY HAS ALLOCATED  MILLION WARRANTS TO ITS EMPLOYEES INCLUDING DIRECTORS WITHOUT CHARGE 4HE DETAILS OF THE WARRANTS ARE PRESENTED IN .OTE  TO THE FINANCIALSTATEMENTS 'UARANTEEOBLIGATIONSWITHRELATEDPARTIES 4HE#OMPANYHASOUTSTANDINGGUARANTEEOBLIGATIONSWITHITSRELATEDPARTIES ASDESCRIBEDIN.OTE A TOTHEFINANCIALSTATEMENTS 2%342)#4%$"!.+$%0/3)43 4HESEREPRESENTBANKDEPOSITSTHATTHE#OMPANYANDITSSUBSIDIARIESHAVEPLACEDWITHBANKSTO SECURE LETTERS OF GUARANTEE ISSUED BY THE BANKS ON BEHALF OF THE #OMPANY AND ITS SUBSIDIARIES



"OOVBM3FQPSU


"OOVBM3FQPSU 

#OMPANYNAME

"AHT

        

                       



"AHT

"AHT

"AHT

)NVESTMENTVALUEUNDER EQUITYMETHOD  

"AHT

  

"AHT

$IVIDENDRECEIVED  

  

                               

          

 

 

                                      

 

 

  

                                             

                               

"AHT

#OSTOFINVESTMENT  

                                                     

 

 









0ERCENTAGEOF SHAREHOLDING  

  

"AHT

.ATUREOFBUSINESS 0AID UPSHARECAPITAL  

3UBSIDIARIES !SIAN0ROPERTY#OMPANY,IMITED 2EALESTATE ANDITSSUBSIDIARIES DEVELOPMENT    $EFERREDGOODWILL 4OTAL !SIAN0ROPERTY,ADPHRAO #OMPANY,IMITED 2EALESTATE DEVELOPMENT    $EFERREDGOODWILL 4OTAL !SIAN0ROPERTY+RUNGTHEP #OMPANY,IMITED 2EALESTATE DEVELOPMENT    $EFERREDGOODWILL 4OTAL 4HONGLOR2ESIDENCE#OMPANY,IMITED 2EALESTATE ANDITSSUBSIDIARIES DEVELOPMENT    4RILLION$EVELOPMENT#OMPANY,IMITED 2EALESTATEDEVELOPMENT   !SIAN0ROPERTY4HONGLOR #OMPANY,IMITED 2EALESTATE DEVELOPMENT    #ITY!SSETS&UND 0ROPERTYFUND  !SIAN0ROPERTY2ATCHAVIPA 2EALESTATE #OMPANY,IMITED DEVELOPMENT    "ANGKOK#ITI3MART#OMPANY,IMITED 3ERVICE    4OTALINVESTMENTSINSUBSIDIARIES

).6%34-%.43).35"3)$)!2)%3!.$!33/#)!4%!##/5.4%$&/25.$%2%15)49-%4(/$




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#OMPANYNAME

!SSOCIATE 0RE "UILT0UBLIC#OMPANY,IMITED ANDITSSUBSIDIARY "ECAMEASSOCIATEON!UGUST 4OTALINVESTMENTINASSOCIATE 4OTALINVESTMENTS #ONSOLIDATED!SSOCIATE 4HE#OMPANY/NLY 3UBSIDIARIESAND!SSOCIATE

"AHT

     

"AHT

#ONSTRUCTION

.ATUREOFBUSINESS 0AID UPSHARECAPITAL  









0ERCENTAGEOF SHAREHOLDING  

"AHT

"AHT

        

                 

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)NVESTMENTVALUEUNDER EQUITYMETHOD  

"AHT

     

           

"AHT

$IVIDENDRECEIVED  

                    

  

     

"AHT

#OSTOFINVESTMENT  


)NVESTMENTINTHEASSOCIATE 0RE "UILT0UBLIC#OMPANY,IMITED ANDITSSUBSIDIARYISPRESENTEDUNDER THEEQUITYMETHODCALCULATEDBASEDONTHEASSOCIATE}SFINANCIALSTATEMENTSWHICHWEREAUDITEDBYITSAUDITOR $URINGTHEYEARENDED$ECEMBER THE#OMPANYRECOGNISEDSHAREOFLOSSFROMINVESTMENTINTHIS ASSOCIATEACCOUNTEDFORUNDEREQUITYMETHODOFAPPROXIMATELY"AHTMILLIONSHAREOFINCOMEOF APPROXIMATELY"AHTMILLION  !SIAN0ROPERTY#O ,TDHASINVESTMENTSINORDINARYSHARESOFTWOSUBSIDIARYCOMPANIESASFOLLOWS 0AID UP0ERCENTAGE)NVESTMENTVALUEUNDER .ATUREOFOFSHAREOF#OSTOFINVESTMENT #OMPANYNAMEBUSINESSCAPITALSHAREHOLDING   "AHT  "AHT "AHT

)NVESTMENTSINSUBSIDIARIES #ITI3MART3ERVICE#O ,TD 3ERVICE    !SIAN0ROPERTY !SSETS   (OLDING#O ,TD -ANAGEMENT 4OTAL

EQUITYMETHOD





"AHT

"AHT

 

                     

           

0RE "UILT0UBLIC#OMPANY,IMITEDHASINVESTMENTINORDINARYSHARESOFASUBSIDIARYASFOLLOW 0AID UP0ERCENTAGE)NVESTMENTVALUEUNDER .ATUREOFOFSHAREOF#OSTOFINVESTMENT #OMPANYNAMEBUSINESSCAPITALSHAREHOLDING   "AHT  "AHT "AHT

0#-#ONSTRUCTION -ATERIAL#O ,TD 4OTAL

-ANUFACTURING   OFPRECASTFLOOR

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"AHT

"AHT

         

        

4HE EQUITY OF THE INVESTMENT IN SUBSIDIARY OF THE ASSOCIATE FOR THE YEAR  AND  WAS CALCULATEDBASEDONTHEAUDITEDFINANCIALSTATEMENTSOFTHATSUBSIDIARY 4HE%XTRAORDINARY'ENERAL-EETINGOFSHAREHOLDERSOF0RE "UILT0UBLIC#OMPANY,IMITED HELDON *ULY PASSEDARESOLUTIONAPPROVINGAPAYMENTOFINTERIMDIVIDENDAT"AHTPERSHARE TOTALING "AHTMILLION WHICHWASPAIDON!UGUST4HE#OMPANYRECEIVEDATTRIBUTABLEDIVIDENDINTHE AMOUNTOF"AHTMILLION /N!UGUST THE#OMPANYAND!SIAN0ROPERTY#O ,TDSOLDMILLIONORDINARYSHARESOF 0RE "UILT0UBLIC#OMPANY,IMITEDOROFITSINVESTMENTINTHEAMOUNTOF"AHTMILLION ANDINCURRED GAINONSALESOFINVESTMENTOF"AHTMILLION4HE#OMPANY}SSHAREHOLDINGIN0RE "UILT0UBLIC#OMPANY ,IMITEDHADTHEREFOREREDUCEDFROMTO HENCE THESTATUSOF0RE "UILT0UBLIC#OMPANY,IMITED WASCHANGEDFROMSUBSIDIARYTOBEAFFILIATEOFTHE#OMPANY4HECONSOLIDATEDINCOMESTATEMENT INCLUDEDTHESTATEMENTOFINCOMEOF0RE "UILT0UBLIC#OMPANY,IMITEDANDITSSUBSIDIARYUPTOTHEDATE "OOVBM3FQPSU 


THAT INVESTMENT WAS SOLD /N  .OVEMBER  0RE "UILT 0UBLIC #OMPANY ,IMITED OFFERED  MILLION ORDINARYSHARESTOTHEPUBLICANDTHE#OMPANYALSOSOLDMILLIONORDINARYSHARESOFTHEASSOCIATEATTHE PRICE OF "AHT  EACH WITH GAIN ON SALES OF INVESTMENT OF "AHT  MILLION AND PREMIUM ON SELLING SHARESEXCEEDINGTHEPARVALUEOF"AHTMILLION!SARESULTOFTHIS THEPERCENTAGEOFSHAREHOLDINGIN 0RE "UILT0UBLIC#OMPANY,IMITEDWASCHANGEDFROMTO4HE#OMPANYRECORDEDSUCHPREMIUM ASPREMIUMFROMINVESTMENTINAFFILIATEINTHESHAREHOLDERS}EQUITY  /N  !UGUST  THE #OMPANY HAD ADDITIONALLY PURCHASED ORDINARY SHARES OF 4RILLION $EVELOPMENT#O ,TDFROM0RE "UILT0UBLIC#OMPANY,IMITEDAT"AHTPERSHARE AMOUNTINGTO"AHT MILLION THEPERCENTAGEOFSHAREHOLDINGINCREASEDFROMTO4HEFINANCIALSTATEMENTSOF4RILLION $EVELOPMENT#O ,TDHAVEBEENCONSOLIDATEDTOTHE#OMPANY}SFINANCIALSTATEMENTSSINCETHEBEGINNING OF THE PERIOD BECAUSE SUCH COMPANY WAS A SUBSIDIARY OF 0RE "UILT #O ,TD BEFORE THE #OMPANY INCREASEDITSSHAREHOLDING 4HE%XTRAORDINARY'ENERAL-EETINGOFSHAREHOLDERSOF!SIAN0ROPERTY4HONGLOR #O ,TD HELDON-AYAND-AY PASSEDTHESPECIALRESOLUTIONAPPROVINGANINCREASEOFITS REGISTERED CAPITAL OF "AHT       ORDINARY SHARES OF "AHT  EACH THUS TOTAL AUTHORISED SHARE CAPITAL IS "AHT       ORDINARY SHARES OF "AHT  EACH  4HE #OMPANYPURCHASEDALLADDITIONALSHARESON-AY 4HE%XTRAORDINARY'ENERAL-EETINGOFSHAREHOLDERSOF4HONGLOR2ESIDENCE#O ,TD HELDON *UNEAND*UNE PASSEDTHESPECIALRESOLUTIONAPPROVINGANINCREASEOFITSREGISTEREDCAPITAL OF "AHT     ORDINARY SHARES OF "AHT  EACH THUS TOTAL AUTHORISED SHARE CAPITAL IS "AHT    ORDINARYSHARESOF"AHTEACH 4HE#OMPANYPURCHASEDALLADDITIONALSHARESON*UNE /N-ARCH THE#OMPANYSOLD ORDINARYSHARESOF!SIAN0ROPERTY2ATCHAVIPA #O ,TDTO!SIAN0ROPERTY,ADPHRAO #O ,TDAND!SIAN0ROPERTY+RUNGTHEP #O ,TDATBOOKVALUEOF"AHT EACH TOTALING"AHT  4HE%XTRAORDINARY'ENERAL-EETINGOFSHAREHOLDERSOF!SIAN0ROPERTY,ADPHRAO #O ,TDHELD ON!UGUST PASSEDTHERESOLUTIONAPPROVINGAPAYMENTOFINTERIMDIVIDENDAT"AHTPERSHARE FORMILLIONSHARESORATOTALOF"AHTMILLION4HE#OMPANYRECEIVEDDIVIDENDOF"AHTMILLIONON !UGUST )N THE#OMPANYPURCHASED ORDINARYSHARESOF"ANGKOK#ITI3MART#O ,TDAT"AHT PERSHAREORATOTALOF"AHTMILLION  )N THE#OMPANYPURCHASEDMILLIONUNITTRUSTSOF#ITY!SSETS&UNDATBOOKVALUEOF "AHT  AND "AHT  PER UNIT AT THE PURCHASING DATE OR IN TOTAL OF "AHT  MILLION !SAT$ECEMBER THEREWEREMILLIONUNITTRUSTSOF"AHTEACHEQUALTO"AHT  MILLION 

"OOVBM3FQPSU


 /N  *ANUARY  AND  *ANUARY  THE %XTRAORDINARY 'ENERAL -EETING OF THE SHAREHOLDERSOF!SIAN0ROPERTY+RUNGTHEP #O ,TDPASSEDASPECIALRESOLUTIONTOINCREASEITSREGISTERED CAPITALBY"AHT    ORDINARYSHARESOF"AHTEACH SUCHTHATTOTALAUTHORISEDSHARE CAPITALIS"AHT    ORDINARYSHARESOF"AHTEACH 4HE#OMPANYRECEIVEDALLOFTHE ADDITIONALSHARESASLOANSSETTLEMENTON&EBRUARY  /N-ARCHAND!PRIL THE%XTRAORDINARY'ENERAL-EETINGOFSHAREHOLDERSOF !SIAN0ROPERTY2ATCHAVIPA #O ,TDPASSEDASPECIALRESOLUTIONTOINCREASEITSREGISTEREDCAPITALBY"AHT     ORDINARYSHARESOF"AHTEACH SUCHTHATTOTALAUTHORISEDSHARECAPITALIS"AHT       ORDINARY SHARES OF "AHT  EACH  4HE #OMPANY RECEIVED ALL OF THE ADDITIONAL SHARES AS LOANS SETTLEMENT ON  -AY  !S A RESULT OF THE RECEIPT OF ADDITIONAL SHARES OF !SIAN 0ROPERTY2ATCHAVIPA #O ,TD THE#OMPANY}SSHAREHOLDINGINCREASEDFROMTOANDTHEEQUITY INTEREST OF THE #OMPANY IN THIS SUBSIDIARY INCREASED BY "AHT  MILLION 4HE #OMPANY RECORDED SUCH AMOUNTASl3URPLUSONCHANGEINSHAREHOLDINGINSUBSIDIARYmUNDERSHAREHOLDERS}EQUITYINTHEBALANCESHEET  /N  *ULY  AND  *ULY  THE %XTRAORDINARY 'ENERAL -EETING OF THE SHAREHOLDERS OF 4HONGLOR2ESIDENCE#O ,TDPASSEDASPECIALRESOLUTIONTOINCREASEITSREGISTEREDCAPITALBY"AHT     ORDINARYSHARESOF"AHTEACH SUCHTHATTOTALAUTHORISEDSHARECAPITALIS"AHT     ORDINARYSHARESOF"AHTEACH 4HESUBSIDIARYCOMPANYRECEIVEDTHEFULLPAYMENTFORSHARECAPITALINCREASE ON!UGUST /N!UGUSTAND!UGUST THE%XTRAORDINARY'ENERAL-EETINGOFSHAREHOLDERSOF 4RILLION $EVELOPMENT #O ,TD PASSED A SPECIAL RESOLUTION TO DECREASE ITS REGISTERED CAPITAL BY "AHT       ORDINARY SHARES OF "AHT  EACH SUCH THAT TOTAL AUTHORISED SHARE CAPITAL IS "AHT     ORDINARYSHARESOF"AHTEACH 4HESUBSIDIARYREGISTEREDTHESHARECAPITALDECREASE WITHTHE-INISTRYOF#OMMERCEON$ECEMBER ANDPAIDBACKTOTHESHAREHOLDERS /N3EPTEMBER THE#OMPANYSOLDMILLIONUNITSOFITSINVESTMENTIN#ITY!SSETS&UND TO!SIAN0ROPERTY2ATCHAVIPA #O ,TD AOWNSUBSIDIARY ATAPRICEOF"AHTPERUNIT FORA TOTALOF"AHT MILLION WITHGAINONDISPOSALOFINVESTMENTOFAPPROXIMATELY"AHTMILLION /N3EPTEMBER THE#OMPANYANDITSSUBSIDIARIESSOLDMILLIONUNITSOFINVESTMENTIN #ITY!SSETS&UNDTOATHIRDPARTYFORATOTALOF"AHT MILLIONWITHGAINONDISPOSALOFINVESTMENTOF APPROXIMATELY"AHTMILLION  /N  /CTOBER  THE %XTRAORDINARY 'ENERAL -EETING OF SHAREHOLDERS OF !SIAN 0ROPERTY ,ADPHRAO #O ,TDPASSEDTHERESOLUTIONTOAPPROVEAPAYMENTOFINTERIMDIVIDENDAT"AHTEACH TOTALING "AHT  MILLION WHICH WAS PAID ON  .OVEMBER  4HE #OMPANY RECEIVED ATTRIBUTABLE DIVIDENDOF"AHTMILLION /N$ECEMBER THEMEETINGOFTHE"OARDOF$IRECTORSOF!SIAN0ROPERTY2ATCHAVIPA #O ,TD PASSEDTHERESOLUTIONTOAPPROVEAPAYMENTOFINTERIMDIVIDENDAT"AHTEACH TOTALING"AHTMILLION WHICHWASPAIDON$ECEMBER4HE#OMPANYRECEIVEDATTRIBUTABLEDIVIDENDOF"AHTMILLION "OOVBM3FQPSU 


/N$ECEMBER THE MEETING OF THE "OARDOF $IRECTORS OF !SIAN 0ROPERTY+RUNGTHEP #O ,TDPASSEDTHERESOLUTIONTOAPPROVEAPAYMENTOFINTERIMDIVIDENDAT"AHTEACH TOTALING"AHT MILLION WHICHWASPAIDON$ECEMBER4HE#OMPANYRECEIVEDATTRIBUTABLEDIVIDENDOF"AHT MILLION /4(%2,/.' 4%2-).6%34-%.4 5NIT"AHT #ONSOLIDATED 4HE#OMPANY/NLY     2ELATEDCOMPANY 1UALITY#ONSTRUCTION0RODUCTS0LC #OST             !DD5NREALISEDGAINLOSS FROM CHANGEINVALUEOFINVESTMENT             4OTAL             $URINGTHEYEAR THE#OMPANYRECEIVEDDIVIDENDOF"AHTMILLIONFROMINVESTMENTIN1UALITY #ONSTRUCTION0RODUCTS0LCANDNODIVIDENDWASRECEIVEDDURINGTHEYEAR $URING THE YEAR  THE #OMPANY SOLD INVESTMENT IN 1UALITY #ONSTRUCTION 0RODUCT 0LC AT THE AMOUNTOF"AHTMILLION RESULTEDINGAINFROMSALESOFINVESTMENTOF"AHTMILLION4HE#OMPANY RECORDEDGAINFROMSALESOFINVESTMENTASREVENUEINTHEINCOMESTATEMENT ,!.$!.$#/34/&02/*%#4(%,$&/2$%6%,/0-%.4 5NIT"AHT #ONSOLIDATED 4HE#OMPANY/NLY     ,AND         $EFERREDINTERESTEXPENSES         $EFERREDEXPENSES       4OTAL         ,ESS!LLOWANCEFORIMPAIRMENTLOSS         ,ANDANDCOSTOFPROJECTHELDFOR DEVELOPMENT NET         4HESUBSIDIARIESHAVEMORTGAGEDLAND WITHTOTALNETBOOKVALUEASAT$ECEMBEROF"AHT MILLION WITHBANKSASCOLLATERALFORTHEIROVERDRAFTSANDLONG TERMLOANS ASDESCRIBEDIN.OTEAND 02/0%249 0,!.4!.$%15)0-%.4  "OOVBM3FQPSU


"OOVBM3FQPSU 

#ONSOLIDATED

                             

                            

#LUBHOUSES 3AMPLE SWIMMINGPOOL &URNITURES ,ANDAND "UILDINGSAND HOUSESAND AND FIXTURESAND IMPROVEMENT CONSTRUCTIONS SALESOFFICE PLAYGROUND EQUIPMENT

#OST !SAT$ECEMBER          !DDITIONS    4RANSFERINOUT    !SAT$ECEMBER          !CCUMULATEDDEPRECIATION !SAT$ECEMBER          $EPRECIATIONFORTHEYEAR      !SAT$ECEMBER          !LLOWANCEFORIMPAIRMENTLOSS !SAT$ECEMBER       )NCREASEDDURINGTHEYEAR       !SAT$ECEMBER        .ETBOOKVALUE !SAT$ECEMBER          !SAT$ECEMBER         $EPRECIATIONFORTHEYEAR INCLUDEDINTHESELLINGANDADMINISTRATIVEEXPENSES INCLUDEDINTHESELLINGANDADMINISTRATIVEEXPENSES

   

  

      

       

6EHICLES

     

  

        

          

/THERFIXED ASSETS

4OTAL

5NIT"AHT

     

  

  

     

     

        

        

                     

!SSETSUNDER INSTALLATION




"OOVBM3FQPSU

4HE#OMPANY/NLY

&URNITURES ,ANDAND "UILDINGSAND FIXTURESAND /THERFIXED !SSETSUNDER IMPROVEMENT CONSTRUCTIONS EQUIPMENT -OTORVEHICLES ASSETS INSTALLATION

4OTAL

5NIT"AHT

#OST !SAT$ECEMBER                   !DDITIONS                !SAT$ECEMBER                     !CCUMULATEDDEPRECIATION !SAT$ECEMBER                   $EPRECIATIONFORTHEYEAR                !SAT$ECEMBER                   !LLOWANCEFORIMPAIRMENTLOSS !SAT$ECEMBER             )NCREASEDDURINGTHEYEAR             !SAT$ECEMBER              .ETBOOKVALUE !SAT$ECEMBER                   !SAT$ECEMBER                    $EPRECIATIONFORTHEYEAR INCLUDEDINTHESELLINGANDADMINISTRATIVEEXPENSES    INCLUDEDINTHESELLINGANDADMINISTRATIVEEXPENSES    ! SAT$ECEMBER THEREWEREUNUSEDLANDANDBUILDINGSHELDFORSALESWITHTHENETBOOKVALUEOF"AHTMILLION"AHTMILLION  (OWEVER THE#OMPANYHADRECORDEDALLOWANCEFORIMPAIRMENTLOSSOF"AHTMILLION"AHTMILLION 


'//$7),, 5NIT"AHT #ONSOLIDATED 4HE#OMPANY/NLY     'OODWILL         ,ESS!CCUMULATEDAMORTISATION         'OODWILL NET         !MORTISATIONEXPENSESINCLUDEDIN THEINCOMESTATEMENTSFORTHEYEAR         "!.+/6%2$2!&43!.$3(/24 4%2-,/!.3&2/-&).!.#)!,).34)454)/.3 "ANKOVERDRAFTSANDSHORT TERMLOANSFROMFINANCIALINSTITUTIONSASAT$ECEMBERAND COMPRISEDTHEFOLLOWING 5NIT"AHT )NTERESTRATE PERCENTPER #ONSOLIDATED 4HE#OMPANY/NLY ANNUM     "ANKOVERDRAFTS -/2           3HORT TERMLOANSFROM FINANCIALINSTITUTIONS              ,ESS0REPAIDINTERESTEXPENSES           4OTAL             " ANKOVERDRAFTSANDSHORT TERMLOANSFROMFINANCIALINSTITUTIONSOFTHE#OMPANYANDITSSUBSIDIARIES ARE SECURED BY THE MORTGAGE OF CERTAIN PROJECT LAND OF THE #OMPANY AND ITS SUBSIDIARIES AND ARE GUARANTEEDBYTHE#OMPANYANDSOMESUBSIDIARIES ,/.' 4%2-,/!.3 ,ONG TERMLOANSASAT$ECEMBERANDCANBESUMMARISEDASFOLLOWS

"OOVBM3FQPSU 




"OOVBM3FQPSU

3IGNIFICANTTERMSANDCONDITIONSOFLOANAGREEMENT

  



  

  

  

  

      

  

  

/UTSTANDINGLONG TERMLOANAMOUNT )NTERESTRATEPER .ON CURRENT ANNUM #URRENTPORTION PORTION 4OTAL  "AHT "AHT "AHT

#REDIT .O ,ENDER FACILITIES 2EPAYMENTTERM #OLLATERAL 4HOUSAND"AHT  4HE#OMPANY/NLY  "ANK    !T PERCENTOF 4HEMORTGAGEOFLANDAND      SELLINGPRICEUPON CONSTRUCTIONTHEREON REDEMPTIONOFTHE -,2  MORTGAGE TO-,2   /PENFUND   4OBEMADEWITHIN .OTSUBJECTTORESTRICTION     YEAR  4OTALLOANSOFTHE#OMPANY    3UBSIDIARIES !SIAN0ROPERTY,ADPHRAO #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT-,2   PRICEUPONTHEREDEMPTIONLANDANDGUARANTEE -,2  OFTHEMORTGAGEANDDUE PROVIDEDBY!SIAN0ROPERTY WITHINYEARSCOMMENCING$EVELOPMENT0UBLIC#O ,TD FROMTHEWITHDRAWALOFLOAN ASPERTHISCONTRACT !SIAN0ROPERTY+RUNGTHEP #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT-,2   PRICEUPONTHEREDEMPTIONLANDANDGUARANTEE TO-,2  OFTHEMORTGAGEAND PROVIDEDBY!SIAN0ROPERTY DUEWITHIN YEARS $EVELOPMENT0UBLIC#O ,TD


"OOVBM3FQPSU 

3IGNIFICANTTERMSANDCONDITIONSOFLOANAGREEMENT

/UTSTANDINGLONG TERMLOANAMOUNT )NTERESTRATEPER .ON CURRENT ANNUM #URRENTPORTION PORTION 4OTAL  "AHT "AHT "AHT

#REDIT .O ,ENDER FACILITIES 2EPAYMENTTERM #OLLATERAL 4HOUSAND"AHT !SIAN0ROPERTY2ATCHAVIPA #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHE  -,2       PRICEUPONTHEREDEMPTIONPROJECTLANDANDGUARANTEE OFTHEMORTGAGEANDDUE PROVIDEDBY!SIAN0ROPERTY WITHIN $EVELOPMENT0UBLIC#O ,TD 4OTALLOANSOFTHESUBSIDIARIES        4OTALLOANSOFTHE#OMPANYANDITSSUBSIDIARIES            4HE#OMPANY/NLY  "ANK    !T PERCENTOF 4HEMORTGAGEOFLAND           SELLINGPRICEUPON ANDCONSTRUCTION -,2  REDEMPTIONOFTHE THEREON TO-,2  MORTGAGE  /PENFUND   4OBEMADEWITHIN .OTSUBJECTTORESTRICTION TO          YEAR» 4OTALLOANSOFTHE#OMPANY            3UBSIDIARIES !SIAN0ROPERTY,ADPHRAO #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT -,2         PRICEUPONTHEREDEMPTIONLANDANDGUARANTEE TO-,2  OFTHEMORTGAGEANDDUE PROVIDEDBY!SIAN0ROPERTY WITHINYEARSCOMMENCING $EVELOPMENT0UBLIC#O ,TD FROMTHEWITHDRAWALOFLOAN ASPERTHISCONTRACT




"OOVBM3FQPSU

3IGNIFICANTTERMSANDCONDITIONSOFLOANAGREEMENT

/UTSTANDINGLONG TERMLOANAMOUNT )NTERESTRATEPER .ON CURRENT ANNUM #URRENTPORTION PORTION 4OTAL  "AHT "AHT "AHT

#REDIT .O ,ENDER FACILITIES 2EPAYMENTTERM #OLLATERAL 4HOUSAND"AHT !SIAN0ROPERTY+RUNGTHEP #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT -,2           PRICEUPONTHEREDEMPTIONLANDANDGUARANTEE TO-,2  OFTHEMORTGAGEAND PROVIDEDBY!SIAN0ROPERTY DUEWITHIN.OVEMBER$EVELOPMENT0UBLIC#O ,TD AND$ECEMBER !SIAN0ROPERTY2ATCHAVIPA #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT -,2 TO      PRICEUPONTHEREDEMPTIONLANDANDGUARANTEE -,2  OFTHEMORTGAGEANDDUE PROVIDED"Y!SIAN0ROPERTY WITHIN $EVELOPMENT0UBLIC#O ,TD !SIAN0ROPERTY4HONGLOR #O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT-,2         PRICEUPONTHEREDEMPTION LANDANDGUARANTEE TO-,2  OFTHEMORTGAGEANDDUEPROVIDEDBY!SIAN0ROPERTY WITHINYEARSCOMMENCING$EVELOPMENT0UBLIC#O ,TD THEWITHDRAWALOFLOANAS PERTHISCONTRACT 4RILLION$EVELOPMENT#O ,TD  "ANK   !TPERCENTOFSELLING 4HEMORTGAGEOFTHEPROJECT&IX         PRICEUPONTHEREDEMPTION LANDANDGUARANTEE -,2  OFTHEMORTGAGEANDDUE PROVIDEDBYPROPORTION TO-,2  WITHINYEARS OFSHAREHOLDERS 4OTALLOANSOFTHESUBSIDIARIES          4OTALLOANSOFTHE#OMPANYANDITSSUBSIDIARIES           


$%"%.452%3 5NIT"AHT #ONSOLIDATED 4HE#OMPANY/NLY     $EBENTURES                 ,ESS#URRENTPORTION           $EBENTURES NETOFCURRENTPORTION                  /N*ULY THE#OMPANYISSUEDANDOFFEREDDEBENTURESACCORDINGTOTHERESOLUTIONOF THE"OARDOFDIRECTORS}MEETINGHELDON-ARCHANDACCORDINGTOTHERESOLUTIONOFTHE!NNUAL 'ENERAL-EETINGOFTHESHAREHOLDERSHELDON!PRILBYISSUINGANDOFFERINGUNSUBORDINATEDDEBENTURES WITHPERIODICPAYMENTS UNSECUREDANDWITHOUTDEBENTUREHOLDERS}REPRESENTATIVEFORMILLIONUNITSATTHE OFFERINGPRICEOF"AHT EACH AMOUNTINGTO"AHT MILLIONFORTHEMATURITYPERIODOFYEARS MONTHSDAYSATTHEINTERESTRATEOFPERANNUM3UCHDEBENTURESWEREOFFEREDTOTHEINSTITUTIONAL INVESTORS4HEINTERESTPAYMENTHASBEENPAIDEVERY*ANUARYAND*ULY COMMENCINGON*ANUARY 4HEFIRSTPRINCIPALWILLBEREPAIDON*ANUARYANDTHELASTPRINCIPALWILLBEREDEEMEDON *ULY4HE#OMPANYHASREGISTEREDSUCHDEBENTURESWITHTHE4HAI"OND$EALING#ENTREON*ULY /N-AY THE#OMPANYISSUEDANDOFFEREDDEBENTURESACCORDINGTOTHERESOLUTIONOF THE!NNUAL'ENERAL-EETINGOFTHESHAREHOLDERSHELDON!PRILBYISSUINGANDOFFERINGUNSUBORDINATED DEBENTURES UNSECUREDANDWITHDEBENTUREHOLDER}SREPRESENTATIVEFORMILLIONUNITSATTHEOFFERINGPRICEOF "AHT EACH AMOUNTINGTO"AHT MILLION WITHTHE YEARTERMATTHEFIXEDINTERESTRATEOF PERANNUM3UCHDEBENTURESWEREOFFEREDTOTHEPUBLICANDINSTITUTIONALINVESTORS4HEINTERESTPAYMENT ISPAIDQUARTERLY COMMENCINGON!UGUSTANDTHEDEBENTURESWILLBEREDEEMEDON-AY 4HE#OMPANYREGISTEREDSUCHDEBENTURESWITHTHE4HAI"OND$EALING#ENTREON-AY /N$ECEMBER THE#OMPANYISSUEDANDOFFEREDUNSECUREDDEBENTURES NAMED UNSUBORDINATED ANDWITHDEBENTUREHOLDER}SREPRESENTATIVEFORUNITATTHEOFFERINGPRICEOF"AHTMILLIONPERUNIT AMOUNTING TO"AHTMILLIONFORTHEMATURITYPERIODOFYEARSANDDAYSATTHEINTERESTRATEOFPERANNUM 3UCHDEBENTUREWASOFFEREDTOPRIVATEPLACEMENT4HEINTERESTPAYMENTISPAIDQUARTERLY COMMENCINGON *ANUARYANDTHEDEBENTURESWILLBEREDEEMEDON*ANUARY /N!PRIL THE!NNUAL'ENERAL-EETINGOFTHE#OMPANY}SSHAREHOLDERSAPPROVEDTHEADDITIONAL ISSUANCEANDOFFEROFDEBENTURESAMOUNTINGTONOTMORETHAN"AHT MILLION WITHTHEDETAILSOFSUCH DEBENTURESIETYPE SECURITY CURRENCY FACEVALUE TENOR OFFERPRICE INTERESTRATE EARLYREDEMPTIONRIGHTS TO BEDETERMINEDBYTHE"OARDOF$IRECTORSANDORANYAUTHORISEDPERSONSASSIGNEDBYTHE"OARDOF$IRECTORS (OWEVER THE#OMPANYDIDNOTISSUEANDOFFERSUCHADDITIONALDEBENTURESDURINGTHEYEAR "OOVBM3FQPSU 


$)6)$%.$0!9-%.4 $URINGTHEYEARENDED$ECEMBERAND THE#OMPANYHADDIVIDENDPAYMENTASFOLLOWS $IVIDEND !PPROVEDBY 4OTALDIVIDENDS PERSHARE -ILLION"AHT "AHT 9EAR $IVIDENDONINCOME !NNUAL'ENERAL-EETINGOF THESHAREHOLDERSON!PRIL   9EAR $IVIDENDONINCOME !NNUAL'ENERAL-EETINGOF THESHAREHOLDERSON!PRIL   3(!2%#!0)4!, /N!PRIL THE!NNUAL'ENERAL-EETINGOFTHE#OMPANY}SSHAREHOLDERSPASSEDTHERESOLUTIONS ASFOLLOWS !PPROVEDANINCREASEOFTHE#OMPANY}SREGISTEREDCAPITALFROM"AHT       ORDINARYSHARESOF"AHTEACH TO"AHT      ORDINARYSHARESOF"AHTEACH BYTHE ALLOTMENTOF  NEWORDINARYSHARESATPARVALUEOF"AHTEACHASFOLLOWS  NEWORDINARYSHARESWILLBERESERVEDFORTHEEXERCISEOFWARRANTSISSUEDTOTHEEXISTING SHAREHOLDERSOFTHE#OMPANY!0 7 WHICHMAYBEEFFECTEDFROMADJUSTMENTOFANEXERCISE RIGHTACCORDINGTOTHETERMSANDCONDITIONSSPECIFIEDINTHEPROSPECTUS    NEW ORDINARY SHARES WILL BE OFFERED TO EMPLOYEES OF THE #OMPANY AND ITS SUBSIDIARIES WHICH THE #OMPANY HOLDS MORE THAN  EQUITY INTEREST ACCORDING TO THE %MPLOYEE3TOCK/PTION0LAN%3/0 OFTHE#OMPANYANDITSSUBSIDIARIES   NEWORDINARYSHARESWILLBERESERVEDFORTHEEXERCISEOF%3/0WARRANTSOFFEREDTO EMPLOYEESOFTHE#OMPANYANDITSSUBSIDIARIES 4HE#OMPANYREGISTEREDTHECHANGEOFITSSHARECAPITALWITHTHE-INISTRYOF#OMMERCEON-AY !PPROVEDANISSUANCEOF  UNITSOFWARRANTOFFEREDTOEMPLOYEESOFTHE#OMPANYANDITS SUBSIDIARIES WHICHTHE#OMPANYHOLDSMORETHANEQUITYINTEREST !CCORDINGTOTHE%MPLOYEE3TOCK/PTION0LANOFTHE#OMPANYANDITSSUBSIDIARIES THE#OMPANYHAD ON$ECEMBERISSUEDANDSOLD  NEWORDINARYSHARESTOITSEMPLOYEESATTHEOFFERINGPRICE OF"AHTPERSHARE4HE#OMPANYRECEIVEDTOTALSHARESUBSCRIPTIONOF"AHTMILLIONON$ECEMBER ANDREGISTEREDTHESHARECAPITALINCREASEWITHTHE-INISTRYOF#OMMERCEON$ECEMBER 

"OOVBM3FQPSU


7!22!.43 7ARRANTSOFFEREDTOTHEEXISTINGSHAREHOLDERS!0 7 /N-ARCH THE#OMPANYOFFEREDMILLIONUNITSOFWARRANTSTOTHEEXISTINGSHAREHOLDERS WHOEXERCISEDTHERIGHTTOSUBSCRIBETONEWORDINARYSHARES ATFREEOFCHARGE INARATIOOFWARRANTSFOR EACHORDINARYSHARE ASDETAILEDBELOW %XERCISERIGHTS  /NEWARRANTCANBEEXERCISEDTOPURCHASEONEORDINARYSHAREATANEXERCISE PRICEOF"AHTEACH 4ERM  YEARSFROMTHEISSUANCEDATE %XERCISEPERIOD  %VERYMONTHS COMMENCINGFROM*UNEANDMATURINGON-ARCH .UMBEROFUNITS   7ARRANTSISSUEDASAT-ARCH       ,ESS#UMULATIVENUMBEROFEXERCISEDWARRANTS BEGINNINGOFYEAR       .UMBEROFWARRANTSEXERCISEDDURINGTHEYEAR      #UMULATIVENUMBEROFEXERCISEDWARRANTS ENDOFYEAR       "ALANCEOFWARRANTSATTHEENDOFTHEYEAR       !CCORDINGTOTHECRITERIAANDCONDITIONSINDICATEDINTHEPROSPECTUSFORTHE!0 7WARRANTSAND NEWORDINARYSHARESTOBERESERVEDFORTHE!0 7WARRANTSTOTHEEXISTINGSHAREHOLDERS EFFECTIVEFROM -ARCH THEEXERCISEPRICEBEFOREADJUSTMENTIS"AHTPERSHAREANDTHEEXERCISERATIOISWARRANT TOORDINARYSHARE4HE#OMPANYHADADJUSTEDTHESEDETAILSTOBEANEXERCISEPRICEOF"AHTPERSHARE ANDANEXERCISERATIOOFWARRANTTOORDINARYSHARES /N$ECEMBER THE#OMPANYHADADJUSTEDOFEXISTINGEXCERCISEPRICEANDEXEREISERATIOTO BEANEXERCISEPRICEOF"AHTPERSHAREANDEXERCISERATIOOFWARRANTTOORDINARYSHARES 7ARRANTSOFFEREDTOEMPLOYEES%3/0 7 /N&EBRUARY THE#OMPANYISSUEDANDOFFEREDMILLIONUNITSOFWARRANTSTOPURCHASEORDINARY SHARESTOTHEEMPLOYEESOFTHE#OMPANYANDITSSUBSIDIARIES ASDETAILEDBELOW %XERCISERATIO  /NEWARRANTCANBEEXERCISEDTOPURCHASEONEORDINARYSHAREATANEXERCISE PRICEOF"AHTEACH 4ERM  YEARSFROMTHEISSUANCEDATE "OOVBM3FQPSU 


%XERCISEDATE  /NTHETHOF&EBRUARY -AY !UGUSTAND.OVEMBER THEFIRSTEXERCISEDATE ISON&EBRUARYANDTHELASTDATEISON&EBRUARY 0ERCENTAGEOFEXERCISE  4HESTYEAR NOTMORETHANOFALLOTTEDWARRANTS 4HENDYEAR NOTMORETHANOFALLOTTEDWARRANTS 4HERDYEAR NOTMORETHANOFALLOTTEDWARRANTS .UMBEROFUNITS   7ARRANTSISSUEDASAT&EBRUARY     ,ESS.UMBEROFWARRANTSEXERCISEDDURINGTHEYEAR     "ALANCEOFWARRANTSATTHEENDOFTHEYEAR     4HE#OMPANYREGISTEREDTHECHANGESOFITSISSUEDANDPAID UPSHARECAPITALASRESULTOFTHEEXERCISEOF WARRANTSWITHTHE-INISTRYOF#OMMERCEON*ANUARY )NORDERTOCOMPLYWITHTHERIGHTADJUSTMENTSPECIFIEDINTHEPROSPECTUSFOR%3/0 7WARRANTSAND NEWORDINARYSHARESTOBERESERVEDFOR%3/0 7WARRANTS EFFECTIVEON$ECEMBER THE#OMPANY HADADJUSTEDTHEEXISTINGEXERCISEPRICEOF"AHTPERSHAREANDEXERCISERATIOOFWARRANTTOORDINARY SHARETOBEANEXERCISEPRICEOF"AHTPERSHAREANDANEXERCISERATIOOFWARRANTTOORDINARYSHARES 34!454/292%3%26% 0URSUANTTO3ECTIONOFTHE0UBLIC,IMITED#OMPANIES!CT"% THE#OMPANYISREQUIREDTO SETASIDETOASTATUTORYRESERVEATLEASTPERCENTOFITSNETINCOMEAFTERDEDUCTINGACCUMULATEDDEFICIT BROUGHT FORWARD IF ANY UNTIL THE RESERVE REACHES  PERCENT OF THE REGISTERED CAPITAL 4HE STATUTORY RESERVEISNOTAVAILABLEFORDIVIDENDDISTRIBUTION #/20/2!4%).#/-%4!8 4HE#OMPANYANDITSSUBSIDIARIESCALCULATEDCORPORATEINCOMETAXFORTHEYEARSENDED$ECEMBER ANDONNETINCOMEAFTERADJUSTINGSHAREOFINCOMELOSS FROMINVESTMENTSACCOUNTEDFORUNDER EQUITYMETHODANDADDINGBACKCERTAINEXPENSESWHICHAREDISALLOWEDFORTAXCOMPUTATIONPURPOSES %!2.).'30%23(!2% "ASICEARNINGSPERSHAREISCALCULATEDBYDIVIDINGNETINCOMEFORTHEYEARBYTHEWEIGHTEDAVERAGE NUMBEROFORDINARYSHARESINISSUEDURINGTHEYEAR $ILUTEDEARNINGSPERSHAREISCALCULATEDBYDIVIDINGNETINCOMEFORTHEYEARBYTHEWEIGHTEDAVERAGE NUMBEROFORDINARYSHARESINISSUEDURINGTHEYEARPLUSTHEWEIGHTEDAVERAGENUMBEROFORDINARYSHARES WHICH WOULD NEED TO BE ISSUED TO CONVERT ALL DILUTIVE POTENTIAL ORDINARY SHARES INTO ORDINARY SHARES 4HE CALCULATIONASSUMESTHATTHECONVERSIONTOOKPLACEONTHEDATETHEPOTENTIALORDINARYSHARESWEREISSUED 

"OOVBM3FQPSU


2ECONCILIATIONBETWEENBASICEARNINGSPERSHAREANDDILUTEDEARNINGSPERSHAREISPRESENTEDBELOW

.ETINCOME

&ORTHEYEARSENDED$ECEMBERAND





7EIGHTEDAVERAGE NUMBEROFORDINARY SHARES





4HOUSAND 4HOUSAND 4HOUSAND 4HOUSAND "AHT "AHT SHARES SHARES

%ARNINGSPERSHARE





"AHT

"AHT

"ASICEARNINGSPERSHARE .ETINCOME              %FFECTOFDILUTIVEPOTENTIALORDINARYSHARES 7ARRANTS!0 7    %3/0 7     $ILUTEDEARNINGSPERSHARE .ETINCOMEOFORDINARYSHAREHOLDERS ASSUMINGTHECONVERSIONOFWARRANTS TOORDINARYSHARES              .5-"%2/&%-0,/9%%3!.$2%,!4%$#/343 #ONSOLIDATED 4HE#OMPANY/NLY     .UMBEROFEMPLOYEESATENDOFYEARPERSONS     %MPLOYEECOSTSFORTHEYEAR4HOUSAND"AHT         &).!.#)!,).&/2-!4)/."93%'-%.4 4HE#OMPANYANDITSSUBSIDIARIESOPERATEEXCLUSIVELYIN4HAILAND WITHTHEPRINCIPALACTIVITIESBEING REAL ESTATE DEVELOPMENT   INCLUDING SALES AND INSTALLATION SERVICES AND THE CONSTRUCTION BUSINESS  2EVENUES AND OPERATING INFORMATION BY BUSINESS SEGMENT FOR THE YEARS ENDED  $ECEMBER  AND  WEREASFOLLOWS

"OOVBM3FQPSU 


5NIT-ILLION"AHT &ORTHEYEARSENDED$ECEMBERAND 2EALESTATE3ALESANDINSTALLATION DEVELOPMENT SERVICES #ONSTRUCTION

%LIMINATED ENTRIES

4OTAL

          2EVENUEFROMEXTERNALCUSTOMERS               )NTER SEGMENTREVENUES           4OTALREVENUES               3EGMENTOPERATINGINCOME               5NALLOCATEDINCOMEEXPENSES  /THERINCOME   3ELLINGANDADMINISTRATIVEEXPENSES   3HAREOFINCOMELOSS FROMINVESTMENTINASSOCIATE   )NTERESTEXPENSES   #ORPORATEINCOMETAX   -INORITYINTERESTS   .ETINCOME   

2EALESTATE3ALESANDINSTALLATION DEVELOPMENT SERVICES #ONSTRUCTION

5NIT-ILLION"AHT %LIMINATED ENTRIES

4OTAL

          0ROPERTY PLANTANDEQUIPMENT           5NALLOCATEDASSETS               4OTALASSETS              

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"OOVBM3FQPSU


#/--)4-%.43!.$#/.4).'%.4,)!"),)4)%3 !SAT$ECEMBER THE#OMPANYANDITSSUBSIDIARIESHADTHESIGNIFICANTOUTSTANDINGCOMMITMENTS ANDCONTINGENTLIABILITIESASFOLLOWS #APITALCOMMITMENTS A 4HE#OMPANYANDITSSUBSIDIARIESHADENTEREDINTOAGREEMENTSWITHTHIRDPARTIESFORPURCHASEOF LANDWITHTHEAMOUNTPAYABLEINTHEFUTUREOFAPPROXIMATELY"AHTMILLIONTHE#OMPANY/NLY"AHT MILLION  B 4HE#OMPANYHADOUTSTANDINGCOMMITMENTSINRESPECTOFTHEPURCHASEOFCOMPUTEREQUIPMENT INCLUDINGRELATEDSERVICESPAYABLEINTHEFUTUREOFAPPROXIMATELY"AHTMILLION 'UARANTEES A #ONTINGENTLIABILITIESINRESPECTOFGUARANTEESPROVIDEDBETWEENTHE#OMPANYANDITSSUBSIDIARIES INRESPECTOFLOANSANDCREDITFACILITIESFROMBANKSWEREASFOLLOWS 5NIT-ILLION"AHT 'UARANTORS !SIAN0ROPERTY$EVELOPMENT 'UARANTEES 0UBLIC#O ,TD !SIAN0ROPERTY#O ,TD  !SIAN0ROPERTY$EVELOPMENT0UBLIC#O ,TD     !SIAN0ROPERTY+RUNGTHEP #O ,TD      !SIAN0ROPERTY2ATCHAVIPA #O ,TD       4RILLION$EVELOPMENT#O ,TD     !SIAN0ROPERTY,ADPHRAO #O ,TD     !SIAN0ROPERTY4HONGLOR #O ,TD     4HONGLOR2ESIDENCE#O ,TD     #ITI3MART3ERVICE#O ,TD     4OTAL       B 4HE#OMPANYANDITSSUBSIDIARIESHAVECOMMITMENTSANDCONTINGENTLIABILITIESINRESPECTOFPROJECT DEVELOPMENTSANDLETTERSOFGUARANTEEISSUEDBYBANKS ASFOLLOWS

"OOVBM3FQPSU 


5NIT-ILLION"AHT #ONTINGENTLIABILITIESUNDER #OMMITMENTS LETTERSOFGUARANTEEISSUED UNDERCONTRACTSTOFUND BYBANKSTOGOVERNMENT #OMPANYNAME PROJECTDEVELOPMENT AGENCIESANDINDIVIDUALS !SIAN0ROPERTY$EVELOPMENT0UBLIC#O ,TD    !SIAN0ROPERTY+RUNGTHEP #O ,TD   !SIAN0ROPERTY,ADPHRAO #O ,TD   4HONGLOR2ESIDENCE#O ,TD   !SIAN0ROPERTY2ATCHAVIPA #O ,TD   !SIAN0ROPERTY4HONGLOR #O ,TD   4RILLION$EVELOPMENT#O ,TD   !SIAN0ROPERTY#O ,TD   4OTAL    &).!.#)!,).3425-%.43 &INANCIALRISKMANAGEMENT 4HE #OMPANY}S AND THE SUBSIDIARIES} FINANCIAL INSTRUMENTS AS DEFINED UNDER 4HAI !CCOUNTING 3TANDARD.Ol&INANCIAL)NSTRUMENTS$ISCLOSUREAND0RESENTATIONSm PRINCIPALLYCOMPRISECASHANDCASH EQUIVALENTS TRADE ACCOUNTS RECEIVABLE LOANS INVESTMENTS AND SHORT TERM AND LONG TERM LOANS 4HE FINANCIALRISKSASSOCIATEDWITHTHESEFINANCIALINSTRUMENTSANDHOWTHEYAREMANAGEDISDESCRIBEDBELOW #REDITRISK 4HE#OMPANYANDITSSUBSIDIARIESAREEXPOSEDTOCREDITRISKPRIMARILYWITHRESPECTTOTRADEACCOUNTS RECEIVABLEANDLOANS4HE#OMPANYANDITSSUBSIDIARIESMANAGETHERISKBYADOPTINGAPPROPRIATECREDIT CONTROLPOLICIESANDPROCEDURESANDTHEREFOREDONOTEXPECTTOINCURMATERIALFINANCIALLOSSES)NADDITION THE #OMPANY AND ITS SUBSIDIARIES DO NOT HAVE HIGH CONCENTRATION OF CREDIT RISK SINCE IT HAS A LARGE CUSTOMERBASE4HEMAXIMUMEXPOSURETOCREDITRISKISLIMITEDTOTHECARRYINGAMOUNTSOFRECEIVABLESAND LOANSSTATEDINTHEBALANCESHEET )NTERESTRATERISK 4HE#OMPANY}SANDITSSUBSIDIARIES}EXPOSURETOINTERESTRATERISKRELATESPRIMARILYTOITSCASHATBANKS BANK OVERDRAFTS DEBENTURES AND SHORT TERM AND LONG TERM BORROWINGS (OWEVER SINCE MOST OF THE #OMPANY}SANDITSSUBSIDIARIES}FINANCIALASSETSANDLIABILITIESBEARFLOATINGINTERESTRATESORFIXEDINTEREST RATESWHICHARECLOSETOTHEMARKETRATE THEINTERESTRATERISKISEXPECTEDTOBEMINIMAL



"OOVBM3FQPSU


3IGNIFICANTFINANCIALASSETSANDLIABILITIESASAT$ECEMBERCLASSIFIEDBYTYPEOFINTERESTRATES ARESUMMARIZEDINTHETABLEBELOW WITHTHOSEFINANCIALASSETSANDLIABILITIESTHATCARRYFIXEDINTERESTRATES FURTHERCLASSIFIEDBASEDONTHEMATURITYDATE ORTHEREPRICINGDATEIFTHISOCCURSBEFORETHEMATURITYDATE #ONSOLIDATED &IXEDINTERESTRATE&LOATING.ON 7ITHIN INTEREST INTEREST YEAR  YEARS RATE BEARING 4OTAL )NTERESTRATE -ILLION"AHT PA &INANCIALASSETS #ASHANDCASHEQUIVALENTS        3HORT TERMINVESTMENTS       )NVESTMENTSINASSOCIATEACCOUNTED FORUNDEREQUITYMETHOD      /THERLONG TERMINVESTMENTS            &INANCIALLIABILITIES "ANKOVERDRAFTSANDSHORT TERM      -/2  LOANSFROMFINANCIALINSTITUTIONS 4RADEACCOUNTSPAYABLE      ,ONG TERMLOANS        -,2 TO -,2  $EBENTURES           2ETENTIONPAYABLE               "OOVBM3FQPSU 


4HE#OMPANY/NLY &IXEDINTERESTRATE&LOATING.ON 7ITHIN INTEREST INTEREST YEAR  YEARS RATE BEARING 4OTAL )NTERESTRATE -ILLION"AHT PA &INANCIALASSETS #ASHANDCASHEQUIVALENTS        3HORT TERMINVESTMENTS       ,OANSTORELATEDPARTIES         )NVESTMENTSINSUBSIDIARIESANDASSOCIATE ACCOUNTEDFORUNDEREQUITYMETHOD       ,ONG TERMLOANSTORELATEDCOMPANIES              &INANCIALLIABILITIES "ANKOVERDRAFTSANDSHORT TERM LOANSFROMFINANCIALINSTITUTIONS      -/2  4RADEACCOUNTSPAYABLE      ,OANSFROMRELATEDPARTIES       ,ONG TERMLOANS        -,2 TO -,2  $EBENTURES           2ETENTIONPAYABLE               &AIRVALUESOFFINANCIALINSTRUMENTS 3INCETHEMAJORITYOFTHE#OMPANY}SANDITSSUBSIDIARIES}FINANCIALINSTRUMENTSARESHORT TERMINNATURE ORBEARFLOATINGINTERESTRATES THEIRFAIRVALUEISNOTEXPECTEDTOBEMATERIALLYDIFFERENTFROMTHEAMOUNTS PRESENTEDINTHEBALANCESHEETS ! FAIR VALUE IS THE AMOUNT FOR WHICH AN ASSET CAN BE EXCHANGED OR A LIABILITY SETTLED BETWEEN KNOWLEDGEABLE WILLINGPARTIESINANARM}SLENGTHTRANSACTION4HEFAIRVALUEISDETERMINEDBYREFERENCETO THEMARKETPRICEOFTHEFINANCIALINSTRUMENTORBYUSINGANAPPROPRIATEVALUATIONTECHNIQUE DEPENDINGON THENATUREOFTHEINSTRUMENT 35"3%15%.4%6%.4 /N&EBRUARY THEMEETINGOFTHE"OARDOF$IRECTORSOFTHE#OMPANY.OPASSEDA RESOLUTIONAPPROVINGTHEPAYMENTOFDIVIDENDFORTOTHE#OMPANY}SSHAREHOLDERSAT"AHTPER SHARE4HEPAYMENTOFDIVIDENDWILLLATERBEPROPOSEDFORAPPROVALINTHE!NNUAL'ENERAL-EETINGOFTHE #OMPANY}SSHAREHOLDERS



"OOVBM3FQPSU


2%#,!33)&)#!4)/. #ERTAIN AMOUNTS IN THE FINANCIAL STATEMENTS FOR THE YEAR ENDED  $ECEMBER  HAVE BEEN RECLASSIFIED TO CONFORM TO THE CURRENT YEAR}S CLASSIFICATIONS WITH NO EFFECT ON PREVIOUSLY REPORTED NET INCOMEORSHAREHOLDERS}EQUITY !002/6!,/&&).!.#)!,34!4%-%.43 4HESEFINANCIALSTATEMENTSWEREAUTHORISEDFORISSUEBYTHE"OARDOF$IRECTORSON&EBRUARY

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"OOVBM3FQPSU 



AP: Annual Report 2006