the condominiums until 29 June 2005. Subsequently, on 24 October 2004, the Company bought back 69 condominium units at the price used for the transfer of ownership in settlement of debt, plus interest determined at the rate of 5.75% per annum as from the transfer date to the buy back date. In addition, the Company has successfully negotiated an extension of the buy back option for the remaining condominium units to 31 December 2004. The Company is currently negotiated to extend the option of buy back for the remained units which not yet conclude. 15. DIRECTORSรป REMUNERATION Directorsรป remuneration represents the benefits paid to the Companyรปs directors in accordance with Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable to executive directors. 16. CORPORATE INCOME TAX No corporate income tax was payable on the net earnings for the years 2004 and 2003 since the tax losses brought forward from previous years exceed net earnings for the year. Corporate income tax for the year of the subsidiary company was calculated based on accounting profit after adding back expenses which are non deductible for tax computation purposes, and deducting tax losses brought forward from prior year. 17. DIVIDEND At the Annual General Meeting of the Companyรปs shareholders No. 1/2003 held on 24 April 2003, it was resolved that the Company pay a dividend of Baht 0.15 per share (totaling Baht 18 million) to its shareholders in respect of the 2002 earnings. Such dividend was already paid and recorded in year 2003. At the Annual General Meeting of the Companyรปs shareholders No. 1/2004 held on 29 April 2004, it was resolved that the Company pay a dividend of Baht 0.20 per share (totaling Baht 24 million) to its shareholders in respect of the 2003 earnings. Such dividend was already paid and recorded during the current year. 18. NUMBER OF EMPLOYEES AND RELATED COSTS
(Unit : Baht) CONSOLIDATED
2004
Number of employees at end of year (Persons) Employee costs for the year (Thousand Baht)
63 25,785
2003
50 17,416
THE COMPANY ONLY
2004
52 22,676
2003
50 17,416
19. PROVIDENT FUND The Company, its subsidiary and its employees jointly established a provident fund as approved by the Ministry of Finance in accordance with the Provident Fund Act B.E. 2530. Such fund is monthly contributed by both the employees and the Company at the rate of 5 percent of their basic salaries. The fund is managed by BOA Asset Management Company Limited and will be paid to the employees upon termination in accordance with the rules of the fund. During the current year, Baht 825,806 has been contributed to the fund by the Company and its subsidiary (2003: 210,991 Baht). ANNUAL REPORT
2004 ::: 103