Page 274

Consolidated financial statements



2010

2009

Separate financial statements 2010

2009

(in thousand Baht) Other current liabilities Subsidiaries Areeya Management Co., Ltd.

-

-

154,875

47,695

White Living Co., Ltd.

-

-

47,800

-

Cool Space Co., Ltd.

-

-

39,822

5,622

Areeya Service Co., Ltd.

-

-

808

461

One Up Company Limited

-

-

416

1,022

Total

-

-

243,721

54,800

Long-term loan Due to the requirements of the Land Development Act B.E. 2543, during 2003 to 2004 the Company transferred the title on certain parcels of land used for entrance ways roading and utilities with a cumulative value at 31 December 2010 of Baht 57.4 million (2009: Baht 57.4 million), to a director for nil consideration so that the director could hold the title of the land on behalf of the Company as a representative for the purposes of entering into any contract in relation to the land. As specified in the agreement, the director may not perform any activities on the land. In addition, the director has registered the land subject to servitudes and restrictions to the projects of the Company for construction of utilities for the projects without any compensation and with no time limit. During 2004 to 2007, the Company transferred the title of certain parcels of land used as site entrance roads of development projects with a cumulative value at 31 December 2010 of Baht 79.1 million (2009: Baht 79.1 million) to a subsidiary, without any compensation for the subsidiary to hold title to such land on behalf of the Company as a representative for the purposes of entering into any contract in relation to the land. In addition, the subsidiary has registered the land subject to servitudes and restrictions to the projects of the Company for construction of the utilities of the projects without any compensation and with no time limit. In addition, in 2009, a subsidiary also transferred the title of certain parcels of land used as site entrance roads of development projects with a cumulative value at 31 December 2010 of Baht 0.4 million (2009: Baht 0.4 million) to a subsidiary, without any compensation for the subsidiary to hold title to such land on behalf of the subsidiary as a representative for the purposes of entering into any contract in relation to the land. In addition, the subsidiary has registered the land subject to servitudes and restrictions to the projects of the subsidiary for construction of the utilities of the projects without any compensation and with no time limit. Contracts with subsidiaries and other related party

274

(a)

In 2010, the Company entered into a sale agreement for projects to a subsidiary at cost with proceeds amounting to Baht 288 million.

(b)

As at 31 December 2010, the Company had outstanding commitments relating to project development contracts with a subsidiary amounting to Baht 181.5 million (2009: Baht 191.7 million).

(c)

The Company entered into a condominium rental agreement with a related person for a period of 3 years from 1 March 2008 to 28 February 2011 at a rental totaling Baht 3.82 million. As a 31 December 2010, the Company has commitment up to the effective date of the said rental agreement amounting to Baht 0.2 million.

(d)

The Company entered into a condominium rental sublease agreement to a subsidiary (tenant) for certain space of such condominium and equipment for a period of 3 years from 1 March 2008 to 28 February 2011 totaling Baht 5.76 million.

AREEYA AWARD WINNING ANNUAL CHIC REPORT 2010

A 10  

A_2010 AREEYA PROPERTY PCL Annual Report 2010

A 10  

A_2010 AREEYA PROPERTY PCL Annual Report 2010

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