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+Ä&#x201A; 6 _6 ; b;EO<=  ¯²²¹ Ă&#x192;ĂŚĂŤĂ&#x17E;ĂŤĂ ĂŚĂ&#x17E;ĂŠĂ&#x2026;ÌäüÊÌäüù¯­ŽŽ Financial Statement ( Thousand Baht ) Total Assets Total Liabilities Shareholdersâ&#x20AC;&#x2122; Equity Net sales Total Revenues Gross Profit Net Profit (Loss)

Ž²Â&#x2013;¤³m¨Â&#x161;Â&#x2DC;ÂłÂ&#x2030;Â&#x192;³¤žÂ&#x2030;ÂľÂ&#x161; Ž²Â&#x2013;¤³m¨Â&#x161;Â&#x192;´Ă&#x201A;¤šÂ&#x2DC;Â&#x2122;Âľ(%) Ž²Â&#x2013;¤³Â?ÂŚÂ&#x2013;ÂŽÂ&#x203A;ÂżÂ&#x2DC;Â&#x161;Â&#x2013;mÂŽÂŤm¨Â&#x161;Â?ÂşnÂ&#x2014;¸ŽšnÂ&#x161; 

Ž²Â&#x2013;¤³Â?ÂŚÂ&#x2013;ÂŽÂ&#x203A;ÂżÂ&#x2DC;Â&#x161;Â&#x2013;mÂŽÂŤÂľÂ&#x161;Â&#x2DC;¤²Â&#x;ÂŁq¤¨¢ 

Â&#x192;´Ă&#x201A;¤šÂ&#x2DC;Â&#x2122;ÂľÂ&#x2013;mŽšnÂ&#x161; Â&#x203A;ÂłÂ&#x2DC;

žÂ&#x2030;ÂľÂ&#x161;Â&#x153;zÂ&#x161;Â?ÂŚÂ&#x2013;mŽšnÂ&#x161; Â&#x203A;ÂłÂ&#x2DC;

Ž²Â&#x2013;¤³m¨Â&#x161;ÂŹÂ&#x161;ÂśĂ&#x2021;ÂŤÂľÂ&#x161;Â&#x2013;mÂŽÂŤm¨Â&#x161;Â?ÂşnÂ&#x2014;¸ŽšnÂ&#x161; žÂ&#x2DC;mÂł

¢ºŒÂ&#x2020;mÂłÂ&#x2013;³¢Â&#x203A;²ÊÂ&#x152;ÂśÂ&#x2013;mŽšnÂ&#x161; Â&#x203A;ÂłÂ&#x2DC;

Financial Ratio Net Profit (Loss) Margin (%) Return on Equity (%) Return on Assets (%) Earning per Share (Baht) Dividend per Share (Baht) Debt to Equity Ratio (Time) Book Value per Share (Baht)

(1.76) (1.68) (0.48) (0.16) 0.06 2.53 7.98

2552 2009 3,506,945 2,280,645 1,226,300 1,067,074 1,127,539 469,493 92,432 8.20 9.58 4.87 0.77 0.04 1.86 8.04

2553/2010 2554/2011

1,226,300 1,096,839 1,173,345

2,000,000 1,500,000

469,493 295,449 367,282

1,000,000 500,000 ÂŤÂ&#x161;ÂľÂ&#x2DC;¤Â&#x;² £¤Ă&#x160;¨¢ Total Assets

=L<"L35=J#dL5úýýß Annual Report 2011

¨Ă&#x2020;Â&#x161;Â&#x201E;ÂŽÂ&#x2030;Â? Â&#x2014;Ă&#x2021;ºŽ¸ Â&#x161;Ă&#x2021;š ¤³£Ă&#x201A;Â&#x2022; Â&#x160;Ă&#x2021;ÂłÂ&#x192;Â&#x192;³¤Â&#x201E;³£ ¤³£Ă&#x201A;Â&#x2022; ¤Ă&#x2021;¨¢ ÂŹ Â&#x161;ÂŤĂ&#x2021;ÂśÂ&#x161;¾¤¨¢ Total Liabilities Shareholdersâ&#x20AC;&#x2122; Equity Net sales Total Revenues

Â&#x192;Ă&#x2039;ÂłĂ&#x201A;¤Â&#x201E;Â&#x161;Ă&#x2021;²Â&#x2013; Â&#x161;Ă&#x2021; Gross Profit

92,432 (6,783) (19,693)

2,500,000

1,127,539 969,687 1,116,550

3,000,000

2

(1.11) (0.98) (0.29) (0.06) 0.04 2.37 7.79

2552/2009

1,067,074 915,170 1,045,252

3,500,000

0

2553 2010 3,695,243 2,598,404 1,096,839 915,170 969,687 295,449 (6,783)

2,280,645 2,598,404 2,968,183

4,000,000

2554 2011 4,141,538 2,968,193 1,173,345 1,045,252 1,116,550 367,282 (19,693)

3,506,945 3,695,243 4,414,538

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ÂŤÂľÂ&#x161;Â&#x2DC;¤²Â&#x;ÂŁq¤¨¢ ÂŹÂ&#x161;ÂśĂ&#x2021;ÂŤÂľÂ&#x161;¤¨¢ ÂŤm¨Â&#x161;Â&#x201E;ÂŽÂ&#x2030;Â?ÂşnÂ&#x2014;¸ŽšnÂ&#x161; ¤³£Ă&#x201A;Â&#x2022;nÂ&#x160;ÂłÂ&#x192;Â&#x192;³¤Â&#x201E;³£Â&#x2020;m³žÂ&#x152;mÂłžžŒ¹Â&#x203A;¤¾Â&#x192;³¤ ¤³£Ă&#x201A;Â&#x2022;n¤¨¢ Â&#x192;´Ă&#x201A;¤Â&#x201E;²Ă&#x2021;Â&#x161;Â&#x2013;nÂ&#x161; Â&#x192;´Ă&#x201A;¤ Â&#x201E;ÂłÂ&#x2022;Â&#x2DC;šÂ&#x161; šÂ&#x2DC;Â&#x2122;Âľ

Â&#x192;´Ă&#x201A;¤ Â&#x201E;ÂłÂ&#x2022;Â&#x2DC;šÂ&#x161; šÂ&#x2DC;Â&#x2122;Âľ Net Profit (Loss)


CHARN ISSARA DEVELOPMENT PUBLIC COMPANY LIMITED

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CHARN ISSARA 4=þCK1%L}GNDD=J.OWA?^G5W;31#dLK.’;EL%3“

Charn Issara Development Public Company Limited

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LTE+T$=ER:T;$EEC$TE Message from The Chairperson of The Board of Directors

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=L<"L35=J#dL5úýýü Annual Report 2011


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Dear Shareholders, Charn Issara Development Public Co., Ltd.

œd˜¶Æm³š¢³¾œ|š®¶ƒœd˜¶Æ£²‰†‰¢¶œz鬳˜³‰•n³š¾©¤ª‘ƒµŠ„®‰À¦ƒ À•£¾‹Ÿ³±˜¨¶œ£¹À¤œ«Ë³¬¤²›œ¤±¾˜©Â˜£¾®‰—·‰¿¢n¨m³œz鬳˜³‰•n³š ƒ³¤¾¢¸®‰Š±†¦¶†Æ ¦³£¦‰Âœ¢³ƒ¿¦n¨ƒÅ–³¢¿–mƒ¦²›–n®‰¾Š®ƒ²›¨µƒ¥–ƒ³¤”q Š³ƒ¡²£™¤¤¢Œ³–µ·‰Æ ¢m†³•†µ•¢³ƒm®šš²šÆ ƒÅ†®¸ ¢¬³®¹˜ƒ¡²£¾¢¸Æ®œ¦³£œd ˜¶Æm³š¢³˜Ë³Á¬n¾©¤ª‘ƒµŠ„®‰œ¤±¾˜©–n®‰¬£¹•Œ±‰²ƒÂœ®£m³‰šn®£ ¾•¸®š À•£¾‹Ÿ³±™¹¤ƒµŠ˜³‰•n³š®«²‰¬³¤µ¢˜¤²Ÿ£q ·Æ‰Â•n¤²›¦ƒ¤±˜› À•£–¤‰˜Ë³Á¬n¾ƒµ•ƒ³¤Œ±¦®ƒ³¤–²•«µšÁŠÂœŸ®«¢†¨¤¿–m®£m³‰Â¤ƒÅ•¶ ›¤µ ª² ˜ š² › ¨m ³ÀŒ†•¶ ˜¶Æ ¿ –m ¦ ±À†¤‰ƒ³¤„®‰›¤µ ª² ˜Â¢m  •n ¤² › ¦ƒ¤±˜› À•£–¤‰¿–m®£m³‰Á• †‰ƒ¤±˜›À•£˜³‰®n®¢ ¾Œmš ƒ³¤–µ•–m®«¸Æ®«³¤ ¿¦±ƒ³¤˜Ë³™¹¤ƒ¤¤¢ƒ²›¦ºƒ†n³–n®‰—ºƒ¾¦¸Æ®š®®ƒÂœ›n³‰

7KHSDVVLQJLVDQRWKHU\HDURIZRUOGtVHFRQRPLFSUREOHP particularly in Europe. For Thailand, although political crisis had been alleviated but the unexpected natural disaster of the ZLGHVSUHDGIORRGLQJKDOWHGWKHHFRQRP\E\DWOHDVWPRQWKV Real estate business in particular had been directly affected resulting LQDFRQVLGHUDEOHGHOD\HGGHFLVLRQIURPFXVWRPHU+RZHYHUWKH Company is considered lucky as each of its projects has not been affected directly, only indirect inconvenience had been experienced such as disrupted communication and postponed contract signing ZLWKFXVWRPHU

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Sincerely,

©¤¶¨¤³®µ««¤± œ¤±™³šƒ¤¤¢ƒ³¤ ›¤µª²˜Œ³é®µ««¤±•¶¾¨¦Å®œ¾¢š˜qŠË³ƒ²• ¢¬³Œš

Srivara Issara Chairperson of The Board of Directors Charn Issara Development Public Co., Ltd.

4=þCK1%L}GNDD=J.OWA?^G5W;31#dLK.’;EL%3“

Charn Issara Development Public Company Limited

5


ETD*T;'5R$EEC$TE7EI+LO< Report from The Audit Committee

6

=L<"L35=J#dL5úýýü Annual Report 2011


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Dear Shareholders, Charn Issara Development Public Co., Ltd.

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1. Review the quarterly financial statements and the financial statements of the fiscal year 2011.7KH$XGLW&RPPLWWHHKDV UHYLHZHGWKHTXDUWHUO\ILQDQFLDOVWDWHPHQWDQGILQDQFLDOVWDWHPHQW RIWKHILVFDO\HDULQFRQMXQFWLRQZLWKWKHUHODWHGPDQDJHPHQW DQGWKH$XGLWRUWRHQVXUHWKHFRPSOHWHQHVVDQGFRUUHFWQHVVRI WKHSUHVHQWDWLRQLQDFFRUGDQFHZLWKWKHJHQHUDOO\DFFHSWHGDFFRXQWLQJ VWDQGDUGLQPDWHULDODVSHFWZLWKDQDGHTXDWHGLVFORVXUH:HKDYH IROORZHGXSWKHSURJUHVVRIDGRSWLQJDQHZDFFRXQWLQJVWDQGDUG,)56 LQWKHILVFDO\HDUDQGDVVHVVLWVDIIHFWRQWKH&RPSDQ\tVEDODQFH VKHHWLQZKLFKFDVHQRVLJQLILFDQWDIIHFWZDVGHWHFWHG

2. Review the internal control system and internal audit in order to appraise the adequacy and efficiency of the internal audit system in respect of an operational support to achieve the planned objectives. :HKDYHUHYLHZHGWKHLQWHUQDOFRQWUROV\VWHPLQFRQMXQFWLRQZLWKWKH $XGLWRUDQGWKHLQWHUQDODXGLWGHSDUWPHQWLQFOXGLQJJLYLQJDQ DSSURYDOWRWKHDQQXDOLQWHUQDODXGLWSODQ7KH$XGLW&RPPLWWHHLV of the opinion that the Company maintains an adequate internal DXGLWV\VWHPIRULWVRSHUDWLRQDQGLWVUHODWHG&RPSDQ\tV7KHV\VWHP ZDVIRXQGWREHHIIHFWLYHDQGVXLWDEOHZLWKRXWPDWHULDOGHIHFWVDQG  «®›˜³šÁ¬n›¤µª² ˜œµ›²–µ–³¢ƒ¬¢³£¨m³•n¨£¬¦²ƒ˜¤²Ÿ£q¿¦± WKDWWKHUHZDVDQDFFXUDWHDGHTXDWHDQGUHOLDEOHGLVFORVXUH

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Charn Issara Development Public Company Limited

9


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Charn Issara Development Public Company Limited

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Investment in the following subsidiares and associated companies 7KH&RPSDQ\tVUHYHQXHFDQEHFODVVLILHGDVIROORZ

&RPSDQ\1DPHV Charn Issara Residence Co., Ltd. &,1(VWDWH&R/WG Bangkok Commercial Property Fund International Resources Development Co., Ltd. &KDUQ,VVDUD9LSDSKRO&R/WG &,9'HYHORSPHQW&R/WG Issara United Co., Ltd.

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&KDUQ,VVDUD5HVLGHQFH&R/WG develops property for sale. It is FXUUHQWO\GHYHORSLQJDPLOOLRQEDKWRQUDLVDQGYLOODSURMHFW NQRZQDVu6ULSDQZDv3KDVHDQGDDQGPLOOLRQEDKW RQDSSUR[LPDWHO\UDLVRIODQGDW&DSH3DQZDLQ3KXNHW7KH FRQVWUXFWLRQRIWKHKRWHOSKDVHKDVQRZEHHQFRPSOHWHGZKLOHWKH FRQVWUXFWLRQRIUHVLGHQFHYLOODVDUHXQGHUZD\7KHVLWHKDVDYLHZ RIWKH2FHDQDQGVXUURXQGLQJ,VODQGV7KHSURMHFWtVWDUJHWFXVWRPHUV DUH7KDLVDQGIRUHLJQHUVZKRHQMR\WKHOLIHVW\OHRI3KXNHWDZRUOG UHQRZQHGUHVRUW

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&,1(VWDWH&R/WG is engage in property development for sale. 7KHFRPSDQ\LVGHYHORSLQJ7KH,VVDUD/DGSUDRZKLFKLVDODUJH VFDOHFRQGRPLQLXPRQUDLVVLWHEHWZHHQODGSUDR6RLDQG6RL 7KH%DKWPLOOLRQSURMHFWFRPSULVHVRIDVWRUH\RI XQLWVZKLFKORFDWHRQO\PHWHUVDZD\IURP/DGSUDR057$7KH &RQVWUXFWLRQRIZKLFKKDVEHHQFRPSOHWHGDQGXQLWVWUDQVIHUWR FXVWRPHUKDVVWDUWHGLQ1RYHPEHU

,QWHUQDWLRQDO5HVRXUFH'HYHORSPHQW&R/WG Is develops SURSHUW\IRUVDOH,WVODQGEDQNRIUDLVLVORFDWHGQHDUWKH 6XYDUQDEKXPL$LUSRUW3DUWRIWKHODQGEDQNRIVRPHUDLVKDV EHHQVROGWR.LQJ3RZHU*URXSZKRGHYHORSWKHODQGLQWRWKHODUJHVW 3ROR&RXUVHLQ7KDLODQG,QDGGLWLRQWKHUHZLOOEHJROIFRXUVHDQG UHVLGHQWLDOGHYHORSPHQWDVZHOO

&,9'HYHORSPHQW&R/WGLVDSURSHUW\GHYHORSHUIRUVDOHZLWKDQ &KDUQ,VVDUD9LSDSKRO&R/WG develops property for sale. There LQYHVWPHQWLQ,VVDUD8QLWHG&R/WGDWWKHUDWLRRI DUHWZRFXUUHQWGHYHORSPHQWVQDPHO\%DDQ&KDDQ7DOD\DQG7KH ,VVDUD9LOODJH,WVGHYHORSPHQWRIDPLOOLRQEDKWu%DDQ&KDDQ ,VVDUD8QLWHG&R/WG is conducting property development for sale 7DOD\vFRQGRPLQLXPUHVRUWSURMHFWKDVEHHQIXOO\FRPSOHWHGDQG FXUUHQWO\GHYHORSLQJ%DDQ7LHZ7DOD\ZKLFKLVDUHVRUWFRQGRPLQLXP XQLWVVROGDUHEHLQJWUDQVIHUUHGWRFXVWRPHU/RFDWHGLQ&KD$P E\WKH&KD$P+XDKLQEHDFKDW.PPDUN$PSKXU&KD$P District, Petchburi Province, this project is a successor to Baan Ploen 7KHUDLVGHYHORSPHQWVLWHZLOOKRXVHWKUHHVWRUH\EXLOGLQJDQG 7DOD\SURMHFWZKLFKLVFRPSOHWHGDQGKDQGHGRYHUWRFXVWRPHUV RQHVWRUH\EXLOGLQJJLYLQJDWRWDORIXQLWV7KH&RPSDQ\LV /RFDWHGRQ.PPDUNRI3HWFKNDVHP5RDG$PSKXU&KD$P DMRLQWYHQWXUHEHWZHHQWKHUHQRZQHGWZRSXEOLFFRPSDQLHVQDPHO\ 3HWFKEXUL3URYLQFHDOX[XULRXVXQLWVLQEXLOGLQJVRIORZULVH Charn Issara Development PLC and ICC International PLC. The UHVLGHQWLDOFRQGRPLQLXPLVRQWUDQTXLOORFDWLRQ7KHUDLVVHD SURMHFWIHDWXUHVIXQFWLRQDODQGEHDXWLIXODUFKLWHFWXUDOGHVLJQZLWK IURQWVLWHFRPPDQGDJHQHURXVPHWHUVVHDIURQWDJHZLWKRXW IXOOIDFLOLWLHV7KLVSURMHFWZDVUHFHQWO\ODXQFKHGLQWKHSDVW-XQH GLYLGLQJURDGEHWZHHQWKHSURSHUW\DQGWKHEHDFK$FOHDQSULYDWH  beach in natural surrounding is becoming a distinct advantage for

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Charn Issara Development Public Company Limited

15


a'E*LE T *$GZ  C <EV KS 9 5°®:S ; IT'C¯²²± Company Groups Structure as of December 31, 2011 ›¤µª²˜Œ³é®µ««¤±•¶¾¨¦Å®œ¾¢š˜qŠË³ƒ²• ¢¬³Œš

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80.043%

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49.995%

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16

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33.3%

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2011

      

      

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2553

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2010

2552 ¤³£Ă&#x201A;Â&#x2022;n     66.6 

      

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2009 5HYHQXH          66.6   

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18

=L<"L35=J#dL5úýýü Annual Report 2011


Risk Factors 5LVNVDVVRFLDWHGZLWKWKHVXFFHVVRIQHZSURMHFWVFUXFLDOWRRXU financial status and performance. 7KHFRPSDQ\LVFXUUHQWO\GHYHORSLQJVL[SURMHFWVQDPHO\,VVDUD# &RQGRPLQLXP7KH,VVDUD/DGSUDR&RQGRPLQLXPERWKRIZKLFKDUH SURMHFWVLQ%DQJNRN3KDVHu6ULSDQZDv9LOODDW&DSH3DQZD 3KXNHWu%DDQ&KDDQ7DOD\vRQ&KD$P%HDFK3HWFKEXUL3URYLQFH ,VVDUD9LOODJH7RZQKRPHSURMHFWDQHZFRQFHSWWRZQKRPHZLWK QDWXUDOVXUURXQGLQJDQGSULYDF\RQWKHEHDFKDW$PSKXU&KD$P 3HWFKEXUL3URYLQFHDQG%DDQ7LHZ7DOD\SURMHFWDUHVLGHQWLDO FRQGRPLQLXPE\WKHEHDFKDW&KD$P7KHYDOXHRIWKHWKRVH SURMHFWVDUHRIDSSUR[LPDWHO\%DKWPLOOLRQ%DKWPLOOLRQ %DKWPLOOLRQ%DKWPLOOLRQ%DKWPLOOLRQDQG%DKW PLOOLRQUHVSHFWLYHO\7KHVXFFHVVRIWKRVHZLOOEHFUXFLDOWR WKHFRPSDQ\tVIXWXUHILQDQFLDOVWDWXVDQGSHUIRUPDQFH+RZHYHU the construction of three residential condominium projects namely ,VVDUD#6XNXPYLW7KH,VVDUD/DGSUDRDQG%DDQ&KDDQ7DOD\ have been completed and those units have already been transferred WRFXVWRPHUV6DOHVIRUWKRVHWKUHHSURMHFWVDUHZHOORYHU7KH FRQVWUXFWLRQRISKDVHDW6ULSDQZDZKLFKDUH%DKWPLOOLRQ RIUHVLGHQWLDOYLOODVLQSKDVHKDYHSURJUHVVHGWRWKHFRPSOHWLRQ RIYLOODV7KH,VVDUD/DGSUDRKDVEHHQFRPSOHWHGDQGWUDQVIHUUHGWR FXVWRPHUVVLQFH1RYHPEHU

FRPPLWPHQWWRDWWDLQLQJWKHIXQGtVWDUJHW7KH0DQDJHPHQWH[SHFWV to manage the space for rent effectively according to the WDUJHWZKLOHWKHOHDVHRI6T0RQ-DODSUDWKDQ&HPHQWEXLOGLQJ ORFDWLQJRQUDLVRIODQGSORWDGMDFHQWWR&KDUQ,VVDUD7RZHU VWLOOZLOOFRPHWRDQHQGLQ)HEUXDU\ 3. Risks associated with the cost of construction materials. 7KHSULFHIRUFRQVWUXFWLRQPDWHULDOVLQWKH\HDUKDVUHPDLQ WKHVDPHDVWKRVHRILQSUHYLRXV\HDUZLWKDQXSZDUGSULFHDGMXVWPHQW trend expected in the year ahead. Its expected price escalation LVFRUUHVSRQGZLWKWKHUHFRYHU\RIWKHZRUOGHFRQRP\7KH&RPSDQ\ LVGHYHORSLQJUHVLGHQWLDOSURSHUWLHVVXFKDVFRQGRPLQLXPZKLFK WDNH\HDUVWRFRQVWUXFW,QVXFKSHULRGWKHLQFUHDVHRIFRQVWUXFWLRQ PDWHULDOVSULFHZLOODGGXSWRWKH&RPSDQ\FRVWUHVXOWLQJLQOHVV SURILW+RZHYHUWKH&RPSDQ\JHQHUDOO\FRQWUDFWVWKHFRQVWUXFWLRQZRUN WRFRQWUDFWRUVZKRLQWXUQDEVRUEVXFKULVNRIDQLQFUHDVHGFRQVWUXFWLRQ materials for the Comnpany.  Risks associated with the acquisition of land at a higher cost than our rivals Since we have no land bank, our future development projects may be at risk. If land prices rise,our land acquisition costs may be higher than those of our rivals.

2. Risks associated with managing rental space. $V0DQDJHURIWKH%DQJNRN&RPPHUFLDO3URSHUW\)XQGDVVHWVFRQVLVWLQJ RIDWRWDOUHQWDOVSDFHRI6TPLQ&KDUQ,VVDUD7RZHU 6TPLQ&KDUQ,VVDUD7RZHUZHDUHERXQGE\RXU

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20

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Shareholder and Management Structure Shareholders

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Responsibilities of the Managing Director 7REHD&KDLUPDQRIDOOPDQDJHUV 7RDSSURYHDOORSHUDWLRQSODQRIHYHU\GHSDUWPHQW )ROORZXSWKHRSHUDWLRQWRFRQIRUPWKHSODQDQGDVVLJQHGSROLF\ 7RDSSURYHDQ\UHTXHVWIURPHYHU\GHSDUWPHQWZKLFKRYHU SRZHURIWKHP 7RDSSURYHLQYHVWLQJSODQRUQHZEXVLQHVVEHIRUHVXEPLWWLQJWRWKH board for approval. 6. To approve annual expense budget and over limit from budget. 7RSDUWLFLSDWHZLWKDQRWKHUPDQDJHUWRGLYLGHUHZDUGZKLFKWR be approved from Board of Directors. 7RFRQVLGHUPHULWDSSRLQWLQJWUDQVIHUULQJSXQLVKPHQWGLVFKDUJLQJ or recruiting managers. +DYHSRZHUWRDVVLJQWRDQ\ERG\DVDWHPSRUDU\UHSUHVHQWDWLYH ZKHQFDQQRWZRUNWRJHWKHUZLWKWKHSRZHUWRDVVLJQWRDQRWKHU person to do as per consideration. 7KHSRZHUWRDXWKRUL]HIRUWKHDERYHPHQWLRQH[FHSWWKH approval of connection transaction as per definition of the office RIWKHVHFXULWLHVDQGH[FKDQJHFRPPLVVLRQ 6(& 

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=L<"L35=J#dL5úýýü Annual Report 2011


Supervision IWLVLPSRUWDQWIRUWKH&RPSDQ\tVRSHUDWLRQWREHHIIHFWLYHWUDQVSDUHQW

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32

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34

=L<"L35=J#dL5úýýü Annual Report 2011


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7RSD\DWWHQWLRQWRFRQIOLFWRILQWHUHVWIRUWKH&RPSDQ\tVDQG VKDUHKROGHUVtEHQHILWV7KHFRPSDQ\WDNHVLWVHULRXVO\RQ SUHYHQWLQJWKHPDQDJHPHQWIURPXVLQJLQVLGHLQIRUPDWLRQIRURQHtV RZQEHQHILWVDQGWKHUHIRUHUHTXLUHVLWV'LUHFWRUWRLPPHGLDWHO\ LQIRUPWKH&RPSDQ\ZKHQWKHIROORZLQJVLWXDWLRQVKDSSHQ +DVLQWHUHVWHLWKHUGLUHFWO\RULQGLUHFWO\LQDQ\FRQWUDFW the Company entered into by describing the nature and SDUWLFXODUVRIVXFKFRQWUDFWDQG'LUHFWRUVtLQWHUHVW +ROGVKDUHVLQWKH&RPSDQ\RULWVVXEVLGLDU\E\UHSRUWLQJ any change of shares held. 7RUHFRJQL]HWKHLPSRUWDQWRILQWHUQDODXGLW7KH%RDUGRI Directors has founded an audit committee to set up an internal audit on operation and compliance on rules and policy to ensure WKDWZRUNVSURFHHGHIIHFWLYHO\RQWKHULJKWGLUHFWLRQ7KH%RDUGRI Directors has caused the auditor to report directly to the audit committee for its independent auditing.

2. Sub Committee 7KH&RPSDQ\tV%RDUGRI'LUHFWRUVKDVGHOHJDWHGDQHIIHFWLYH PDQDJHPHQWDXWKRULW\ZLWKWUDQVSDUHQF\,WKDVIRXQGHGDQ audit committee, remuneration committee and is in the process of appointing a recruitment committee to alleviate the burden of the %RDUGRI'LUHFWRUV7KHUHE\HTXLSSLQJWKH&RPSDQ\ZLWKYDULRXV FRPPLWWHHVZKRKDVFOHDUO\EHHQGHOHJDWHGWRORRNLQWRHDFK VSHFLDOL]HDUHDLQOLQHZLWKJRRGFRUSRUDWHJRYHUQDQFH %RDUGRI'LUHFWRUV0HHWLQJ 7KH&KDLUPDQRIWKH%RDUGRI'LUHFWRUVDQG&KDLUPDQRIWKH 7KH&RPSDQ\UHJXODUO\FDXVHVWKHPHHWLQJRIWKH%RDUGRI $XGLW&RPPLWWHHLVQRWWKHVDPHSHUVRQDVWKH0DQDJLQJ'LUHFWRU Directors by setting up dates for meeting in every quarter for the IRUWKHLULQGHSHQGHQFHZLWKDVHSDUDWLRQRIDXWKRULW\LQ fiscal year cycle. There may be addtional meeting as necessary directing policy and supervision form routine management. There E\JLYLQJDFOHDUDJHQGDLQDGYDQFH1RWLFHRIPHHWLQJZLOOEH LVDFOHDUGLYLVLRQRIDXWKRULW\ZLWKDOLPLWDWLRQIRUHDFK VHQWRXWGD\VLQDGYDQFHWRDOO'LUHFWRUVZKRFDQWKHQSODQWKHLU DWWHQGDQFHDFFRUGLQJO\DVZHOODVJLYLQJHQRXJKWLPHWRVWXG\ 3. Role and responsibility of the Board of Directors WKHPHHWLQJDJHQGD$OO'LUHFWRUVKDVIXOO\FRRSHUDWHGLQDW 7RVHWYLVLRQPLVVLRQVWUDWHJ\WDUJHWWKH&RPSDQ\tV WHQGLQJDOOPHHWLQJV business plan and budget on an annual basis. To arrange ,QWKH%RDUGRI'LUHFWRUV0HHWLQJWKH&KDLUPDQRIWKH%RDUG a regular Board of Directors meeting to monitor the management of Directors has spared enough time for all Directors to thoroughly LQPDQDJLQJEXVLQHVVDFFRUGLQJWREXVLQHVVSODQDVZHOODV discuss important agendas. In some session the Managing Directors WRUHYLHZWKHWDUJHWDFFRUGLQJWRSUHYDLOLQJVLWXDWLRQ has invited the management to attend the meeting to give 7RVHWDSROLF\WRPRQLWRUEXVLQHVVDQGPRUDOHEXVLQHVVHWKLF additional detailed information relating to the agenda. There have 'LUHFWRUVtPRUDOHLQFOXGLQJWKRVHRIPDQDJHPHQWDQGHPSOR\HHIRU EHHQDIROORZXSDJHQGDLQHYHU\TXDUWHUWRWUDFNWKHRSHUDWLRQ DQRSHUDWLQJJXLGHOLQHZLWKLQWKHRUJDQL]DWLRQ 0LQXWHVRIPHHWLQJKDYHEHHQUHFRUGHGLQZULWLQJDQGWKH FHUWLILHGFRS\RIZKLFKZLOOEHSURSHUO\ILOHGIRURWKHU'LUHFWRUV DQGUHODWHGSDUWLHVtUHIHUHQFH 4=þCK1%L}GNDD=J.OWA?^G5W;31#dLK.Â&#x2019;;EL%3Â&#x201C;

Charn Issara Development Public Company Limited

35


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36

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6HOIDSSUDLVDOIRU'LUHFWRUV The Board of Directors has not yet cause the performance appraisal IRUWKH%RDUGDVDZKROHRUVHOHFWLYHO\LQFOXGLQJVHOIDSSUDLVDO H[FHSWIRUWKH$XGLW&RPPLWWHHZKRKDVVWDUWHG7KH%RDUGRI 'LUHFWRUVZLOOORRNLQWRWKHPDWWHULQGXHFRXUVH

1. Organization and Circumstances 7KH&RPSDQ\KDVLQLWLDWHGLWVRUJDQL]DWLRQVWUXFWXUHVFRSHRISRZHUV RIWKHPDQDJHPHQWFOHDUO\LQZULWLQJDQGKDVVHWLWVIXWXUHEXVLQHVV operation targets for joint achievement by the management and VWDIIDWYDULRXVOHYHOVE\HPSKDVL]LQJRQIDLWKIXOQHVVDQGIDLUQHVV WRWKHRUJDQL]DWLRQ+RZHYHULWKDVQRW\HWSUHSDUHGWKH&RGHRI Conduct.Currently, the Company is in the process of drafting its 6. Remuneration 7KH5HPXQHUDWLRQ&RPPLWWHHZLOOIL[DIDLUDQGUHDVRQDEOHUHPXQHUDWLRQ RZQ&RGHRI&RQGXFW IRU'LUHFWRUVDQG8SSHU0DQDJHPHQWZLWKWUDQVSDUHQF\UHODWHGWR WKHRSHUDWLRQRIWKH&RPSDQ\DQGSHUIRUPDQFHRIHDFKLQOLQHZLWK 2. Risk Management LQGXVWULDODYHUDJHDQGDGHTXDWHWRPDLQWDLQ'LUHFWRUVZKRKDVWKH 7KH0DQDJHPHQWPRQLWRUVDVVHVVHVDQGDQDO\]HVWKHLPSDFWVWKDW UHTXLUHGTXDOLILFDWLRQV6XFK'LUHFWRUVtUHPXQHUDWLRQVKDOOEHDSSURYHG may arise from risk factors, both internally and externally, at E\WKH6KDUHKROGHUVt0HHWLQJDQGGLVFORVHGLQWKH$QQXDO5HSRUW all times. It is also prepared to rectify such impacts so that they may yield least effect to the Company possible. GHWDLOVXQGHU0DQDJHPHQWtVUHPXQHUDWLRQ  7. Development of Directors and Management 7KH&RPSDQ\KDVQRW\HWVWDUWHGRQLQWURGXFWLRQWR EXVLQHVVDQGEXVLQHVVJXLGHOLQHIRUQHZGLUHFWRUV1HLWKHU has it started the development and succession plan for the Managing Directors and top management. 7KH%RDUGRI'LUHFWRUVKDVVXSSRUWHGDQGIDFLOLWDWHG training for Directors and audit committee.

Supervision of Internal Information

3. Compliance by the Management $VWKH&RPSDQ\KDVLQLWLDWHGWKHRUJDQL]DWLRQVWUXFWXUHRIWKH 0DQDJHPHQWDQGWKHVFRSHRILWVSRZHUVFOHDUO\LQZULWLQJFRXSOHG ZLWKWKHVHWWLQJXSRIDQDXGLWLQJV\VWHPIRUHDFKGHSDUWPHQWKHQFH LWLVTXLWHFRQILGHQWWKDWWKH0DQDJHPHQWGRHVFRPSO\ZLWKWKHUXOHVDQG UHJXODWLRQVRIWKH&RPSDQ\DVZHOODVWKHODZVDQGUHJXODWLRQVFRQFHUQHG ,QIRUPDWLRQ7HFKQRORJ\DQG&RPPXQLFDWLRQV The Company foresees the importance on the collection and processing of data rapidly and efficiently, therefore, it has made LQYHVWPHQWVE\SURYLGLQJHDFKGHSDUWPHQWZLWKVRSKLVWLFDWHG FRPSXWHUVIRUXVDJHZLWKVXIILFLHQWQXPEHUVRWKDWUHSRUWVPD\EH made to the Management and the Board of Directors for decisions in rectifying problems, particularly accounting and financial data.

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The Company monitors the operations so as to ensure that they be 7KHVLJQLILFDQWLQIRUPDWLRQWKDWPD\DIIHFWWKHSULFHVRIWKH FDUULHGRXWLQDFFRUGDQFHZLWKWKHWDUJHWVVHWIRUWK7KLVLV securities. In regard to financial statements, the Company announces VXPPDUL]HGDVDUHSRUWRIFRPSDULVRQRIWKHRSHUDWLRQVDQGWKH LWVUHVXOWVRIRSHUDWLRQVZLWKLQGD\VIURPWKHHQGRIDTXDUWHU WDUJHWV6KRXOGWKHUHEHDVKRUWFRPLQJSURSRVDOVZLOOEHIRUZDUGHG to the Managing Director for further action in order to achieve the DQGGD\VDIWHUWKHHQGRIWKHDFFRXQWLQJSHULRG FRPSDQ\tVWDUJHWV 7KH&RPSDQ\VHWVWKHUXOHVWKDWWKHH[HFXWLYHVDUHREOLJHGWR 7KH$XGLWRU(UQVW <RXQJ2IILFH/LPLWHGPDGHQRUHPDUNVRQWKH prepare and submit, to the office of Securities and Exchange LQWHUQDOFRQWUROLQUHJDUGWRWKHFRPSDQ\tVDXGLWLQJIRUWKH\HDU Commission, the reports on the holding of shares by them, and by HQGLQJVW'HFHPEHU their spouses and underage children, in the listed companies they are the executives. Auditorâ&#x20AC;&#x2122;s Remuneration

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;TD=ER_IJIZ4VcEIT MR.PRAVESVUDHI RAIVA $EEC$TE Director

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Charn Issara Residence Co., Ltd. &,5

RI&,5tVVKDUHV CIR hires CID on a annual  DUHRZQHGE\&,' basis to manage and and Mr.Songkran Issara, DGYLVH RQ u6UL 3DQZDv ZKRLV&,'tVGLUHFWRU villa resort project in and shareholder is Phuket. &,5tV FKDLUPDQ RI the Board. Loan from CID  5HQWDO (OHFWULFLW\SDLGE\&,5  Interest on Loan payment  Other Expenses  CIR charge another  expenses to CID

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RI&,9tVVKDUHV 3URUDWD/RDQIURP&,' DUH RZQHG E\ &,' and its Board of Electricity payment Directors includes 5HQWDO 6HUYLFHVSD\PHQW Mr.Songkran Issara, Interest payment ZKRLVDOVRD&,' Others Expenses director and &,9UHFHLYHGUHQWDO  shareholder. services

$XGLWFRPPLWWHHDJUHHGDIWHUUHYLHZLQJ DQG H[DPLQLQJ WKH LQWHUFRPSDQ\ transaction that the rental, services DQG HOHFWULFLW\ FKDUJHV ZHUH LQ OLQH ZLWKWKHUDWH&,'QRUPDOO\FKDUJHVLWV customers. Interest received from loans ZHUHSURSRUWLRQRIVKDUHKROGHUVHTXLW\ approved by the Board of Directors at WKHPHHWLQJRQ)HEUXDU\ DQGWKHLQWHUHVWUDWHZDVLQOLQHZLWKWKH PDUNHWDOORIZKLFKKDGEHHQGHHPHG beneficial to the company.

Bangkok Commercial The Company hold %..&3KLUHVWKH&RPSDQ\ Property LQWKHSURSHUW\ WR PDQDJH WKH )XQGtV )XQG %..&3

fund and act as property on revenue property manager for sharing basis through out WKH)XQGtVSURSHUW\ WKH  \HDUV WHUP ZLWK HIIHFWIURP2FWREHU  5HFHLYHGUHQWDO  services

     





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Person who may have Conflict of interest International Resource Development Co., Ltd. ,5'

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&,9'HYHORSPHQW Co., Ltd. &,9'

Issara United Co., Ltd. ,8

C.I. Property Co., Ltd. &,3

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RI,5'tVVKDUHV DUHRZQHGE\&,'DQG its Board of Directors includes Mr.Songkran ,VVDUD ZKR LV DOVR &,'tV GLUHFWRU DQG Shareholder.

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Electricity payment Rental payment Interest payment Other expenses Loan from CID

    

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Issara @ 42 Sukhumvit OV L LER`O9AOEk 7 W h 9 [  LZ % Z C IV 9

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Financial and Operating Results Analysis Operating Results

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89,550,591 121,237,222 25,664,967 2,189,478,779 10,791,276 14,125,947 2,450,848,782

70,961,159 89,039,727 35,710,137 1,810,440,334 8,536,601 407,000 14,516,440 2,029,611,398

22,779,009 85,167,011 28,128,844 22,279,829 181,400,000 2,234,229 341,988,922

29,000,861 38,276,250 101,683,574 109,407,000 2,586,923 280,954,608

4,188,395 384,891,879 148,966,835 214,715,000 924,936,408 12,990,509 1,690,689,026 4,141,537,808

3,987,579 4,700,000 382,586,608 160,830,302 121,152,680 967,665,820 24,708,589 1,665,631,578 3,695,242,976

3,980,239 278,651,800 333,000,000 148,966,835 193,279,000 33,454,016 4,745,038 996,076,928 1,338,065,850

3,919,727 36,000,000 274,652,300 333,000,000 160,830,302 108,166,682 30,438,812 14,927,078 961,934,901 1,242,889,509

10 11 12 9

13 9 14 15 16 17 18

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Charn Issara Development Public Company Limited and its subsidiaries

Statements of Financial Position As at 31 December 2011 and 2010

Assets Current assets Cash and cash equivalents Current investments in bill of exchange Trade and other receivables Costs of property development projects for sales Inventories Short-term loans to related companies Other current assets Total current assets Non-current assets Restricted bank deposits Long-term loans to related companies Investments in subsidiaries Investment in associated company Investment in related company Investment properties Property, plant and equipment Other non-current assets Total non-current assets Total assets

Consolidated financial statements Note 2011 2010 5HVWDWHG

8 10 11 12 9

13 9 14 15 16 17 18

8QLWEDKW

Separate financial statements 2011 2010 5HVWDWHG

89,550,591 121,237,222 25,664,967 2,189,478,779 10,791,276 14,125,947 2,450,848,782

70,961,159 89,039,727 35,710,137 1,810,440,334 8,536,601 407,000 14,516,440 2,029,611,398

22,779,009 85,167,011 28,128,844 22,279,829 181,400,000 2,234,229 341,988,922

29,000,861 38,276,250 101,683,574 109,407,000 2,586,923 280,954,608

4,188,395 384,891,879 148,966,835 214,715,000 924,936,408 12,990,509 1,690,689,026 4,141,537,808

3,987,579 4,700,000 382,586,608 160,830,302 121,152,680 967,665,820 24,708,589 1,665,631,578 3,695,242,976

3,980,239 278,651,800 333,000,000 148,966,835 193,279,000 33,454,016 4,745,038 996,076,928 1,338,065,850

3,919,727 36,000,000 274,652,300 333,000,000 160,830,302 108,166,682 30,438,812 14,927,078 961,934,901 1,242,889,509

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2554

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85,068,614

83,362,465

40,000,000

50,000,000

20

318,729,333

451,034,665

15,505,299

20,106,784

21

5,441,127

3,621,133

2,206,698

1,144,123

22

897,008,967

766,347,800

42,496,192

36,365,214

9

126,700,000 9,000,000

46,000,000 9,000,000

4,700,000 -

9,000,000 -

355,414,901

366,881,806

685,523

9,402,609

97,700,976 28,865,966 30,248,564 1,954,178,448

81,923,470 42,467 25,766,437 1,833,980,243

5,693,026 4,268,717 115,555,455

7,432,497 5,815,880 139,267,107

21

13,463,210

5,842,935

7,824,138

1,715,495

22 9 23

940,124,022 45,129,326 15,297,827 1,014,014,385 2,968,192,833

658,384,421 84,000,000 16,196,158 764,423,514 2,598,403,757

177,768,875 36,960,431 11,502,284 234,055,728 349,611,183

150,825,943 12,401,476 164,942,914 304,210,021

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ÐñÞñâêâëñðìãÃæëÞëàæÞéÍìðæñæìë¥àìëñæëòâᦠ As at 31 December 2011 and 2010 Note Liabilities and shareholders' equity Current liabilities Bank overdraft and short-term loans from financial institutions Trade and other payables Current portion of liabilities under hire-purchase and finance lease agreements Current portion of long-term loans Short-term loans from related parties Short-term loan from other company Deposits and advances received from real estate sales Retention payable Income tax payable Other current liabilities Total current liabilities Non-current liabilities Liabilities under hire-purchase and finance lease agreements - net of current portion Long-term loans - net of current portion Long-term loans from related parties Provision for long-term employee benefits Other non-current liabilities Total non-current liabilities Total liabilities

Consolidated financial statements 2011 2010 5HVWDWHG

8QLWEDKW

Separate financial statements 2011 2010 5HVWDWHG

19

85,068,614

83,362,465

40,000,000

50,000,000

20

318,729,333

451,034,665

15,505,299

20,106,784

21 22 9

5,441,127 897,008,967 126,700,000 9,000,000

3,621,133 766,347,800 46,000,000 9,000,000

2,206,698 42,496,192 4,700,000 -

1,144,123 36,365,214 9,000,000 -

355,414,901

366,881,806

685,523

9,402,609

97,700,976 28,865,966 30,248,564 1,954,178,448

81,923,470 42,467 25,766,437 1,833,980,243

5,693,026 4,268,717 115,555,455

7,432,497 5,815,880 139,267,107

13,463,210 940,124,022 45,129,326 15,297,827 1,014,014,385 2,968,192,833

5,842,935 658,384,421 84,000,000 16,196,158 764,423,514 2,598,403,757

7,824,138 177,768,875 36,960,431 11,502,284 234,055,728 349,611,183

1,715,495 150,825,943 12,401,476 164,942,914 304,210,021

21 22 9 23

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600,000,000 23,780,791

600,000,000 23,780,791

600,000,000 23,780,791

600,000,000 23,780,791

20,903,431 273,610,341 39,369,334 957,663,897 215,681,078 1,173,344,975 4,141,537,808

20,507,980 251,723,549 39,369,334 935,381,654 161,457,565 1,096,839,219 3,695,242,976

20,903,431 343,770,445 988,454,667 988,454,667 1,338,065,850

20,507,980 294,390,717 938,679,488 938,679,488 1,242,889,509

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ÐñÞñâêâëñðìãÃæëÞëàæÞéÍìðæñæìë¥àìëñæëòâᦠAs at 31 December 2011 and 2010 Note Shareholders' equity Share capital Registered, issued and fully paid 120,000,000 ordinary shares of Baht 5 each Share premium Retained earnings Appropriated - statutory reserve 24 Unappropriated Other components of shareholders' equity Equity attributable to owners of the Company Non-controlling interests of the subsidiaries Total shareholders' equity Total liabilities and shareholders' equity

Consolidated financial statements 2011 2010 5HVWDWHG

8QLW%DKW

Separate financial statements 2011 2010 5HVWDWHG

600,000,000 23,780,791

600,000,000 23,780,791

600,000,000 23,780,791

600,000,000 23,780,791

20,903,431 273,610,341 39,369,334 957,663,897 215,681,078 1,173,344,975 4,141,537,808

20,507,980 251,723,549 39,369,334 935,381,654 161,457,565 1,096,839,219 3,695,242,976

20,903,431 343,770,445 988,454,667 988,454,667 1,338,065,850

20,507,980 294,390,717 938,679,488 938,679,488 1,242,889,509

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«m¨š˜¶Æ¾œ|š„®‰ºn—¸®¬¹nš›¤µª²˜° «m¨š˜¶Æ¾œ|š„®‰ºn¢¶«m¨šÂ•n¾«¶£˜¶Æ¢m¢¶®Ë³š³Š †¨›†¹¢„®‰›¤µª²˜£m®£

678,556,797 82,588,130 154,025,059

115,478,204 83,117,846 -

317,207,719 83,094,146 -

20,001,945 14,350,957 10,520,433 4,727,216 21,697,131 1,116,549,900

20,096,489 7,934,585 3,362,057 23,123,884 969,687,001

29,195,984 19,713,600 10,520,433 18,283,467 19,145,582 295,455,116

28,624,401 68,638,500 6,740,588 17,737,417 522,042,771

470,600,612 45,091,132 162,278,186 96,399,661 236,589,078 1,010,958,669

432,987,925 44,536,998 142,196,015 82,759,340 218,141,637 920,621,915

81,322,499 46,598,248 12,500,273 121,883,801 262,304,821

198,877,069 45,371,275 10,731,936 131,352,936 386,333,216

15

105,591,231 22,016,466

49,065,086 24,979,361

33,150,295 -

135,709,555 -

30

127,607,697  

37,484,106  

 

 

74,044,447  

2,035,642  

 

 

33,150,295  

7,909,016 7,909,016 7,909,016

135,709,555  

112,405,930 112,405,930 112,405,930

 

 

7,909,016

112,405,930

7,909,016

112,405,930





14,15 16

12,153,839  

   

26

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712,323,945 85,288,561 247,639,712

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Ă?ĂąĂ&#x17E;ùâêâÍùðĂŹĂŁĂ&#x20AC;ÏêíïâüâÍðÌóâĂ&#x2020;ÍàÏêâ For the years ended 31 December 2011 and 2010 Consolidated financial statements 2011 2010 5HVWDWHG

8QLW%DKW

Separate financial statements 2011 2010 5HVWDWHG

712,323,945 85,288,561 247,639,712

678,556,797 82,588,130 154,025,059

115,478,204 83,117,846 -

317,207,719 83,094,146 -

20,001,945 14,350,957 -

20,096,489 7,934,585 -

29,195,984 19,713,600

28,624,401 68,638,500

10,520,433 4,727,216 21,697,131 1,116,549,900

3,362,057 23,123,884 969,687,001

10,520,433 18,283,467 19,145,582 295,455,116

6,740,588 17,737,417 522,042,771

470,600,612 45,091,132 162,278,186 96,399,661 236,589,078 1,010,958,669

432,987,925 44,536,998 142,196,015 82,759,340 218,141,637 920,621,915

81,322,499 46,598,248 12,500,273 121,883,801 262,304,821

198,877,069 45,371,275 10,731,936 131,352,936 386,333,216

105,591,231

49,065,086

33,150,295

135,709,555

15

22,016,466

24,979,361

-

-

30

127,607,697  

37,484,106  

 

 

74,044,447  

2,035,642  

 

 

33,150,295  

7,909,016 7,909,016 7,909,016

135,709,555  

112,405,930 112,405,930 112,405,930

 

 

12,153,839  

   

7,909,016

112,405,930

 

12,153,839

 



7,909,016

112,405,930

 

 

 

 





Note Revenues Revenue from real estate sales Rental and services income Revenue from hotel operations Other income Services and utilities income from real estate project Management fee income Dividend income Gain from share capital reduction of related company Interest income Others Total revenues Expenses Cost of real estate sales Cost of rental and services Cost of hotel operations Selling expenses Administrative expenses Total expenses Profit before share of income from investment in associated company, finance cost and corporate income tax Share of income from investment in associated company Profit before finance cost and corporate income tax Finance cost Profit before corporate income tax Corporate income tax 3URILW ORVV IRUWKH\HDU Other comprehensive income for the year Total comprehensive income for the year

14,15 16

3URILW ORVV DWWULEXWDEOHWR Equity holders of the Company Non-controlling interests of the subsidiaries 7RWDOFRPSUHKHQVLYHLQFRPHDWWULEXWDEOHWR Equity holders of the Company Non-controlling interests of the subsidiaries Basic earnings per share 3URILW ORVV DWWULEXWDEOHWRHTXLW\KROGHUV of the Company

26

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¾Šn³¬š¶Çƒ³¤†n³¿¦±¾Šn³¬š¶Ç®¸Æš ¾‰µš¢²•ŠË³¤²›Š³ƒ¦ºƒ†n³ ¾‰µšœ¤±ƒ²š¦‰³š†n³‰Šm³£ ¬š¶Ç«µš¬¢¹š¾¨¶£š®¸Æš ¬š¶Ç«µšÂ¢m¬¢¹š¾¨¶£š®¸Æš ¾‰µš«•Š³ƒ ÁŒnœÁš ƒµŠƒ¤¤¢•Ë³¾šµš‰³š •®ƒ¾›¶Ç£¤²› Šm³£•®ƒ¾›¶Ç£ ¾‰µš«•¤²›Š³ƒƒ³¤„®†¸š¡³ª¶¾‰µšÂ•n¬²ƒ”˜¶ÆŠm³£ Šm³£¡³ª¶¾‰µšÂ•nšµ–µ›¹††¦ ¾‰µš«•«¹˜™µŠ³ƒ ÁŒnœÁš ƒµŠƒ¤¤¢•Ë³¾šµš‰³š

37,484,106

2,035,642

7,909,016

112,405,930

67,360,584  

75,557,926 -

7,332,509  

14,336,572 -

 



 

6,147,797 1,710,669  

 

 

4,250,276 64,823  

1,160,469  

 

 

85,419,504

 

1,663,418 535,962 418,356 2,804,185  

 

 

70,075,378

 

 

 

24,608,655

50,687 535,962  

502,447  

 

 

 

21,583,404

151,650,498

103,347,145

 

71,693,933

12,454,662  

 

1,673,586

 

 

6,637,813 3,852,721

13,438,319 79,403,745 442,062 1,589,190

 

194,458,103  

293,049

 

 

15,034,938 4,165,317 61,764  

4,788,902  

12,087,532  

 

 

15,278,902 5,184,824 562,254  

94,843,808 3,247,468  

 

 

 

 

 

1,903,319 61,764 65,768,426 14,923,292  

12,087,532  

64,565,996

 

 

 

 

 

165,748,210 10,644,368  

 

150,161,601

-

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Ă&#x20AC;Ă&#x17E;Ă°ĂĽĂ&#x192;ĂŠĂŹĂ´Ă?ĂąĂ&#x17E;ùâêâÍùð For the years ended 31 December 2011 and 2010 &DVKIORZVIURPRSHUDWLQJDFWLYLWLHV Profit before corporate income tax Adjustments to reconcile profit before corporate income tax to QHWFDVKSURYLGHGE\ SDLGIURP RSHUDWLQJDFWLYLWLHV Depreciation Gain on sales of motor vehicle Increase in fair value of investment properties Share of income from investment in associated company Gain from share capital reduction of related company Provision for long-term employee benefits Amortisation of intangible assets $OORZDQFHIRUGRXEWIXODFFRXQWV UHYHUVDO

Written-off advance payment and deposits  UHYHUVDO

Written-off other assets Reversal of accrued expenses Dividend received from subsidiary and associated company Recognition of unearned income Interest income Interest expenses 3URILW ORVV IURPRSHUDWLQJDFWLYLWLHVEHIRUH changes in operating assets and liabilities ,QFUHDVH GHFUHDVHLQRSHUDWLQJDVVHWV Trade and other receivables Costs of property development projects for sales Other current assets Other non-current assets ,QFUHDVH GHFUHDVH LQRSHUDWLQJOLDELOLWLHV Trade and other payables Deposits received from customers Retention payable Other current liabilities Other non-current liabilities &DVKIORZVIURP XVHGLQ RSHUDWLQJDFWLYLWLHV Interest income Cash paid for interest expenses Cash received from withholding tax refundable Cash paid for corporate income tax 1HWFDVKIURP XVHGLQ RSHUDWLQJDFWLYLWLHV

Consolidated financial statements 2011 2010 5HVWDWHG

8QLW%DKW

Separate financial statements 2011 2010 5HVWDWHG

37,484,106

2,035,642

7,909,016

112,405,930

67,360,584  

 

75,557,926 -

7,332,509  

 

14,336,572 -



 

6,147,797 1,710,669  

 

1,663,418 535,962

 

4,250,276 64,823  

50,687 535,962

1,160,469  

-

418,356 2,804,185  

-

-

 

502,447  

 

 

85,419,504

 

 

70,075,378

 

 

 

24,608,655

 

 

 

21,583,404

151,650,498

103,347,145

 

71,693,933

12,454,662  

 

1,673,586

 

 

6,637,813 3,852,721

13,438,319 79,403,745 442,062 1,589,190

 

194,458,103  

293,049

 

 

15,034,938 4,165,317 61,764  

4,788,902  

12,087,532  

 

 

15,278,902 5,184,824 562,254  

94,843,808 3,247,468  

 

 

 

 

 

1,903,319 61,764 65,768,426 14,923,292  

12,087,532  

64,565,996

 

 

 

 

 

165,748,210 10,644,368  

 

150,161,601

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‰›ƒ³¤¾‰µš¤¨¢ 2554

2553 œ¤²›œ¤¹‰Á¬¢m

ƒ¤±¿«¾‰µš«•Š³ƒƒµŠƒ¤¤¢¦‰˜¹š ¾‰µš¦‰˜¹šŒ²Æ¨†¤³¨Áš–²É¨¿¦ƒ¾‰µš¾ŸµÆ¢„·Çš    

¾‰µšž³ƒ™š³†³¤˜¶¢Æ ¡¶ ³¤±†Ë³Ç œ¤±ƒ²š¾Ÿµ¢Æ „·šÇ  

 

¾‰µšÁ¬nƒºn£¸¢¿ƒm›¤µª²˜˜¶Æ¾ƒ¶Æ£¨„n®‰ƒ²š ¾ŸµÆ¢„·Çš ¦•¦‰ 5,107,000 ¾‰µš«•¤²›Š³ƒƒ³¤¦•˜¹š„®‰›¤µª²˜˜¶Æ¾ƒ¶Æ£¨„n®‰ƒ²š 22,383,900 ¾‰µšœzš¦¤²›Š³ƒ›¤µª²˜£m®£¿¦±›¤µª²˜¤m¨¢ 19,713,600 23,643,000 ¾‰µš¦‰˜¹šÁš›¤µª²˜£m®£¾ŸµÆ¢„·Çš ¸Ç®®¹œƒ¤”q   

¸Ç®«µš˜¤²Ÿ£q¢m¢¶–²¨–š  

 

¾‰µš«•¤²›Š³ƒƒ³¤ŠË³¬šm³££³šŸ³¬š± 1,579,075 ¾‰µš«•«¹˜™µŠ³ƒ ÁŒnœÁš ƒµŠƒ¤¤¢¦‰˜¹š 6,548,134 

ƒ¤±¿«¾‰µš«•Š³ƒƒµŠƒ¤¤¢Š²•¬³¾‰µš ¾‰µš¾›µƒ¾ƒµš›²éŒ¶¿¦±¾‰µšƒºn£¸¢¤±£±«²ÇšŠ³ƒ«—³›²šƒ³¤ 1,706,148 8,362,465 ¾‰µš¾ŸµÆ¢„·Çš ¦•¦‰

¾‰µš«•¤²›Š³ƒ¾‰µšƒºn£¸¢Š³ƒƒµŠƒ³¤˜¶Æ¾ƒ¶Æ£¨„n®‰ƒ²š 24,000,000 84,000,000 ŒË³¤±†¸š¾‰µšƒºn£¸¢Š³ƒƒµŠƒ³¤˜¶Æ¾ƒ¶Æ£¨„n®‰ƒ²š    

¾‰µš«•¤²›Š³ƒ¾‰µšƒºn£¸¢¤±£±«²ÇšŠ³ƒ›¤µª²˜®¸Æš 9,000,000 ¾‰µš«•¤²›Š³ƒ«²éé³¾Œm³ƒ³¤¾‰µš 5,381,855 ŒË³¤±†¸š¾Šn³¬š¶Ç¾Œm³¸Ç®¿¦±¬š¶Ç«µš–³¢«²éé³¾Œm³ƒ³¤¾‰µš  

 

¾‰µš«•¤²›Š³ƒ¾‰µšƒºn£¸¢¤±£±£³¨ 1,200,562,348 401,915,786 ŒË³¤±†¸š¾‰µšƒº£n ¢¸ ¤±£±£³¨    

¾‰µš«•¤²›Š³ƒƒ³¤¾ŸµÆ¢˜¹šŠ³ƒºn¢¶«m¨šÂ•n¾«¶£˜¶Æ¢m¢¶®Ë³š³Š †¨›†¹¢„®‰›¤µª²˜£m®£ 40,000,000 Šm³£¾‰µšœzš¦Á¬nºn¢¶«m¨šÂ•n¾«¶£˜¶Æ¢m¢¶®Ë³š³Š†¨›†¹¢„®‰ 

›¤µª²˜£m®£ Šm³£¾‰µšœzš¦  

 

¾‰µš«•«¹˜™µŠ³ƒ ÁŒnœÁš ƒµŠƒ¤¤¢Š²•¬³¾‰µš 440,596,499 47,247,855 ¾‰µš«•¿¦±¤³£ƒ³¤¾˜¶£›¾˜m³¾‰µš«•¾ŸµÆ¢„·Çš ¦•¦‰

18,589,432  

¾‰µš«•¿¦±¤³£ƒ³¤¾˜¶£›¾˜m³¾‰µš«•–nšœd 70,961,159 179,894,771 ¾‰µš«•¿¦±¤³£ƒ³¤¾˜¶£›¾˜m³¾‰µš«•«µÇšœd 89,550,591 70,961,159 „n®¢º¦ƒ¤±¿«¾‰µš«•¾œc•¾£¾ŸµÆ¢¾–µ¢ ¤³£ƒ³¤˜¶Æ¢m¾œ|š¾‰µš«•œ¤±ƒ®›•n¨£ „³£®¹œƒ¤”q¿¦±¾Œm³ƒ¦²›†¸š 5,381,855 ¤³£ƒ³¤¸Ç®£³šŸ³¬š±˜¶Æ£²‰Â¢m•nŠm³£ŒË³¤± 14,850,682 2,299,000 À®š˜¶Æ•µš¤®ƒ³¤Ÿ²“š³¾œ|š–nš˜¹šÀ†¤‰ƒ³¤Ÿ²“š³ ®«²‰¬³¤µ¢˜¤²Ÿ£q¾Ÿ¸Æ®„³£ 4,179,366 À®š–nš˜¹šÀ†¤‰ƒ³¤Ÿ²“š³®«²‰¬³¤µ¢˜¤²Ÿ£q¾Ÿ¸Æ®„³£ ¾œ|š®³†³¤¿¦±®¹œƒ¤”q 1,381,315 ¬¢³£¾¬–¹œ¤±ƒ®›‰›ƒ³¤¾‰µš¾œ|š«m¨š¬š·Æ‰„®‰‰›ƒ³¤¾‰µšš¶Ç 

86

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¬šm¨£›³˜

‰›ƒ³¤¾‰µš¾‹Ÿ³±›¤µª²˜ 2554 2553 œ¤²›œ¤¹‰Á¬¢m

 

 



22,383,900 19,713,600  

 

1,579,075 

 

 

68,638,500 

 







 

125,000,000 

 

 

92,060,000  

-

-

-

-

-

 

12,132,727  

29,000,861 22,779,009 -

 

 

 

56,153,335 29,000,861 -

9,012,400

2,299,000

-

-

-

-


Charn Issara Development Public Company Limited and its subsidiaries

Ă&#x20AC;Ă&#x17E;Ă°ĂĽĂ&#x192;ĂŠĂŹĂ´Ă?ĂąĂ&#x17E;ùâêâÍùð¼àÏÍùÌÍòâåŒ For the years ended 31 December 2011 and 2010 Consolidated financial statements 2011 2010 5HVWDWHG

&DVKIORZVIURPLQYHVWLQJDFWLYLWLHV Increase in current investment in bills of exchange  

Increase in restricted bank deposits  

,QFUHDVH GHFUHDVHLQORDQVWRUHODWHGFRPSDQLHV 5,107,000 Cash received from share capital reduction of related company 22,383,900 Dividend received from subsidiary and associated company 19,713,600 Increase in investment in subsidiary Acquisition of plant and equipment  

Acquisition of intangible assets  

Proceeds from sales of motor vehicle 1,579,075 1HWFDVKIURP XVHGLQ LQYHVWLQJDFWLYLWLHV 6,548,134 &DVKIORZVIURPILQDQFLQJDFWLYLWLHV ,QFUHDVH GHFUHDVH LQEDQNRYHUGUDIWDQG short-term loans from financial institutions 1,706,148 Cash received from loans from related parties 24,000,000 Repayment of loans from related parties  

Cash received from short-term loan from other company Cash received from liabilities under finance lease agreements Repayment of liabilities under hire-purchase and finance lease agreements  

Cash received from long-term loans 1,200,562,348 Repayment of long-term loans  

Proceeds from increase in investment by non-controlling interests 40,000,000 Dividend paid to non-controlling interests Dividend paid  

1HWFDVKIURP XVHGLQ ILQDQFLQJDFWLYLWLHV 440,596,499 1HWLQFUHDVH GHFUHDVH LQFDVKDQGFDVKHTXLYDOHQWV 18,589,432 Cash and cash equivalents at beginning of year 70,961,159 Cash and cash equivalents at end of year 89,550,591 6XSSOHPHQWDOGLVFORVXUHVRIFDVKIORZVLQIRUPDWLRQ 1RQFDVKWUDQVDFWLRQV Sales and lease back of equipments Purchase of vehicle for which no cash has been paid 14,850,682 Transfer land awaiting future development to costs of property development projects for sales Transfer costs of property development projects for sales to plant and equipment 1,381,315

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Separate financial statements 2011 2010 5HVWDWHG

 

 

-

 

 

 

 

 

23,643,000  

 

 

22,383,900 19,713,600  

 

1,579,075  

68,638,500  

 

 

8,362,465 84,000,000  

9,000,000

 

 

-

 

-

5,381,855

-

-

 

401,915,786  

 

125,000,000  

 

92,060,000  

 

 

47,247,855  

179,894,771 70,961,159 -

 

12,132,727  

29,000,861 22,779,009 -

 

 

 

56,153,335 29,000,861 -

5,381,855 2,299,000

9,012,400

2,299,000

4,179,366

-

-

-

-

-

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Charn Issara Development Public Company Limited

87


88

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Annual Report 2011

23,780,791 23,780,791 23,780,791 23,780,791

600,000,000 600,000,000 600,000,000 600,000,000

¬¢³£¾¬–¹œ¤±ƒ®›‰›ƒ³¤¾‰µš¾œ|š«m¨š¬š·Æ‰„®‰‰›ƒ³¤¾‰µšš¶Ç

£®•†‰¾¬¦¸®”¨²š˜¶Æ ™²š¨³†¢–³¢˜¶¤Æ ³£‰³šÂ¨n¾•µ¢ ¦«±«¢Š³ƒƒ³¤ƒ³¤¾œ¦¶Æ£š¿œ¦‰šÀ£›³£ƒ³¤›²éŒ¶¾ƒ¶Æ£¨ƒ²› ¤³£Â•nŠ³ƒƒ³¤„³£®«²‰¬³¤µ¢˜¤²Ÿ£q ¬¢³£¾¬–¹

¦«±«¢Š³ƒƒ³¤ƒ³¤¾œ¦¶Æ£š¿œ¦‰šÀ£›³£ƒ³¤›²éŒ¶¾ƒ¶Æ£¨ƒ²› ®«²‰¬³¤µ¢˜¤²Ÿ£q¾Ÿ¸Æ®ƒ³¤¦‰˜¹š„®‰›¤µª²˜¤m¨¢ ¬¢³£¾¬–¹

£®•†‰¾¬¦¸®”¨²š˜¶Æ™²š¨³†¢¬¦²‰ƒ³¤œ¤²›œ¤¹‰ ¦«±«¢Š³ƒƒ³¤ƒ³¤¾œ¦¶Æ£š¿œ¦‰šÀ£›³£ƒ³¤›²éŒ¶¾ƒ¶Æ£¨ƒ²› ¦œ¤±À£ŒšqŸš²ƒ‰³š ¬¢³£¾¬–¹

¦«±«¢Š³ƒƒ³¤ƒ³¤¾œ¦¶Æ£š¿œ¦‰šÀ£›³£ƒ³¤›²éŒ¶¾ƒ¶Æ£¨ƒ²› ®«²‰¬³¤µ¢˜¤²Ÿ£q¾Ÿ¸Æ®ƒ³¤¦‰˜¹š„®‰›¤µª²˜° ¿¦±›¤µª²˜£m®£ ¬¢³£¾¬–¹

£®•†‰¾¬¦¸®”¨²š˜¶Æ¢ƒ¤³†¢ À®šƒË³Â¤«±«¢˜¶Æ£²‰Â¢m•nŠ²•«¤¤¾œ|š«Ë³¤®‰–³¢ƒ¬¢³£ ¬¢³£¾¬–¹

«m¨š„®‰º¢n «¶ ¨m šÂ•n¾«¶£˜¶Æ¢m¢®¶ ³Ë š³Š†¨›†¹¢„®‰›¤µª˜² £m®£¾Ÿµ¢Æ „·šÇ Š³ƒƒ³¤¦‰˜¹š¾ŸµÆ¢„®‰›¤µª²˜£m®£ ¬¢³£¾¬–¹

¾‰µšœzš¦Šm³£ ¬¢³£¾¬–¹

ƒË³Â¤„³•˜¹š¾›Å•¾«¤ÅŠ¤¨¢«Ë³¬¤²›œd £®•†‰¾¬¦¸®”¨²š˜¶Æ™²š¨³†¢ -

63,281,171

-

 

-  

-  

20,903,431 273,610,341

395,451

- 83,601,319 20,507,980 298,498,666

-  

-

-

-

-

- 63,281,171  

20,507,980 251,723,549 -

-  

20,507,980 280,498,129

 

 

 

251,723,549

2,672,021 20,507,980

23,780,791

-

- 59,399,084  

17,835,959 265,979,021 -

-  

-

59,399,084

23,780,791

17,835,959 305,724,552

¬šm¨£›³˜

39,369,334

-

39,369,334

-

39,369,334

-

39,369,334

39,369,334

39,369,334

-

39,369,334

-

-

- 40,000,000 40,000,000 -  

-  

-   12,153,839  

39,369,334 957,663,897 215,681,078 1,173,344,975

-

- 83,601,319 4,225,001 87,826,320 39,369,334 982,156,771 163,527,239 1,145,684,010

-      

 

39,369,334 935,381,654 161,457,565 1,096,839,219

-      

102,650,505 1,027,437,405 219,875,778 1,247,313,183

-  

-  

-    

-      

39,369,334 935,381,654 161,457,565 1,096,839,219

 

39,369,334 946,965,105 210,448,780 1,157,413,885

-      

98,768,418 1,046,109,720 240,562,410 1,286,672,130

®‰†qœ¤±ƒ®›®¸Æš„®‰«m¨š„®‰ºn—¸®¬¹nš «m¨š¾ƒµš„®‰¾‰µš¦‰˜¹šÁš ›¤µª²˜£m®£·Æ‰¾ƒµ•Š³ƒƒ³¤ «m¨š„®‰ºn¢¶«m¨š ¤¨¢ ¸Ç®¾‰µš¦‰˜¹šÁš›¤µª²˜£m®£ •n¾«¶£˜¶Æ¢m¢¶ ¾ŸµÆ¢¾–µ¢Áš¤³†³˜¶Æ–ËƳƒ¨m³ ®‰†qœ¤±ƒ®›®¸Æš ¢º¦†m³–³¢›²éŒ¶„®‰›¤µª²˜ „®‰«m¨š„®‰ ¤¨¢«m¨š„®‰ ®Ë³š³Š†¨›†¹¢ ¤¨¢«m¨š„®‰ ºn—¸®¬¹nš ºn—¸®¬¹nš›¤µª²˜° „®‰›¤µª²˜£m®£ ºn—¸®¬¹nš £m®£”¨²š˜¶Æ¸Ç®

‰›ƒ³¤¾‰µš¤¨¢

«m¨š¾ƒµš˜¹šŠ³ƒ ƒ³¤¾œ¦¶Æ£š¿œ¦‰ ƒË³Â¤«±«¢ ¢º¦†m³¾‰µš¦‰˜¹šÁš Š²•«¤¤¿¦n¨ £²‰Â¢m•nŠ²•«¤¤ ®«²‰¬³¤µ¢˜¤²Ÿ£q

«m¨š„®‰ºn—¸®¬¹nš„®‰›¤µª²˜

23,780,791

˜¹š¾¤¸®¬¹nš˜¶Æ®®ƒ ¿¦±ŒË³¤±¾–Å¢ «m¨š¾ƒµš¢º¦†m³ ¢º¦†m³¿¦n¨ ¬¹nš«³¢²é

£®•†‰¾¬¦¸®”¨²š˜¶Æ ™²š��³†¢–³¢˜¶¤Æ ³£‰³šÂ¨n¾•µ¢ 600,000,000 ¦«±«¢Š³ƒƒ³¤ƒ³¤¾œ¦¶Æ£š¿œ¦‰šÀ£›³£ƒ³¤›²éŒ¶¾ƒ¶Æ£¨ƒ²› ¤³£Â•nŠ³ƒƒ³¤„³£®«²‰¬³¤µ¢˜¤²Ÿ£q ¬¢³£¾¬–¹

¦«±«¢Š³ƒƒ³¤ƒ³¤¾œ¦¶Æ£š¿œ¦‰šÀ£›³£ƒ³¤›²éŒ¶¾ƒ¶Æ£¨ƒ²› ®«²‰¬³¤µ¢˜¤²Ÿ£q¾Ÿ¸Æ®ƒ³¤¦‰˜¹š„®‰›¤µª²˜¤m¨¢ ¬¢³£¾¬–¹

£®•†‰¾¬¦¸®”¨²š˜¶Æ™²š¨³†¢¬¦²‰ƒ³¤œ¤²›œ¤¹‰ 600,000,000 À®šƒË³Â¤«±«¢˜¶Æ£²‰Â¢m•nŠ²•«¤¤¾œ|š«Ë³¤®‰–³¢ƒ¬¢³£ ¬¢³£¾¬–¹

¾‰µšœzš¦Šm³£ ¬¢³£¾¬–¹

›¤µª˜² £m®£Šm³£¾‰µšœzš¦ ¬¢³£¾¬–¹

ƒË³Â¤„³•˜¹š¾›Å•¾«¤ÅŠ¤¨¢«Ë³¬¤²›œd œ¤²›œ¤¹‰Á¬¢m

£®•†‰¾¬¦¸®”¨²š˜¶Æ™²š¨³†¢¬¦²‰ƒ³¤œ¤²›œ¤¹‰ 600,000,000

«Ë³¬¤²›œd«šÇµ «¹•¨²š˜¶Æ ™²š¨³†¢¿¦±

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Charn Issara Development Public Company Limited

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89

23,780,791 23,780,791 23,780,791

600,000,000 600,000,000 600,000,000

23,780,791

600,000,000 23,780,791

23,780,791

600,000,000

600,000,000

-

-

600,000,000 -

 

 

 

251,723,549 -

63,281,171

-

 

-  

-  

20,903,431 273,610,341

395,451

- 83,601,319 20,507,980 298,498,666

-  

-

-

-

-

- 63,281,171  

20,507,980 251,723,549 -

-  

20,507,980 280,498,129

2,672,021 20,507,980

- 59,399,084  

17,835,959 265,979,021 -

-  

39,369,334

-

39,369,334

-

39,369,334

-

39,369,334

39,369,334

39,369,334

-

Equity Total equity attributable attributable to Total to the non-controlling owners of interests of shareholdersâ&#x20AC;&#x2122; the Company the subsidiaries equity 1,046,109,720 240,562,410 1,286,672,130

8QLW%DKW

-

-

- 40,000,000 40,000,000 -  

-  

-   12,153,839  

39,369,334 957,663,897 215,681,078 1,173,344,975

-

- 83,601,319 4,225,001 87,826,320 39,369,334 982,156,771 163,527,239 1,145,684,010

-      

 

39,369,334 935,381,654 161,457,565 1,096,839,219

-      

102,650,505 1,027,437,405 219,875,778 1,247,313,183

-  

-  

-    

-      

39,369,334 935,381,654 161,457,565 1,096,839,219

 

39,369,334 946,965,105 210,448,780 1,157,413,885

-      

Consolidated financial statements Equity attributable to owners of the Company Other components of equity Excess of investment in subsidiary arising as Revaluation a result of additional surplus on purchase of investment changes in in the subsidiary at a price Total other value of lower than the net book components of Retained earnings Share investment value of the subsidiary at shareholdersâ&#x20AC;&#x2122; premium Appropriated Unappropriated in properties equity the acquisition date 23,780,791 17,835,959 305,724,552 59,399,084 39,369,334 98,768,418

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%DODQFHDVDW'HFHPEHUDVSUHYLRXVO\UHSRUWHG Cumulative effect of change in accounting policy for UHYHQXHIURPUHDOHVWDWHVDOHV 1RWH

Cumulative effect of change in accounting policy for LQYHVWPHQWSURSHUWLHVRIDVVRFLDWHGFRPSDQ\ 1RWH

%DODQFHDVDW'HFHPEHUDVUHVWDWHG Cumulative effect of change in accounting policy for HPSOR\HHEHQHILWV 1RWH

Cumulative effect of change in accounting policy for investment properties of the Company DQGLWVVXEVLGLDU\ 1RWH

%DODQFHDVDW-DQXDU\ Transfer unappropriated retained earnings to statutory UHVHUYH 1RWH

Increase in equity attribution to non-controlling interests of the subsidiaries from increase in investment by VXEVLGLDU\ 1RWH

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Total comprehensive income for the year %DODQFHDVDW'HFHPEHU

%DODQFHDVDW'HFHPEHUDVSUHYLRXVO\UHSRUWHG Cumulative effect of change in accounting policy for UHYHQXHIURPUHDOHVWDWHVDOHV 1RWH

Cumulative effect of change in accounting policy for LQYHVWPHQWSURSHUWLHVRIDVVRFLDWHGFRPSDQ\ 1RWH

%DODQFHDVDW'HFHPEHUDVUHVWDWHG Transfer unappropriated retained earnings to statutory UHVHUYH 1RWH

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Issued and fully paid share capital

For the years ended 31 December 2011 and 2010

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Charn Issara Development Public Company Limited and its subsidiaries


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23,780,791

17,835,959 248,503,163 890,119,913

23,780,791

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17,835,959 189,456,808 831,073,558

23,780,791

2,672,021 20,507,980

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600,000,000

23,780,791

20,507,980 294,471,563 938,760,334

600,000,000

23,780,791

 

 

20,507,980 294,390,717 938,679,488

-

-

-    

600,000,000

23,780,791

- 79,376,318 79,376,318 20,507,980 341,056,880 985,345,651

600,000,000

23,780,791

395,451  

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7,909,016 7,909,016 20,903,431 343,770,445 988,454,667

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112,405,930 112,405,930 294,390,717 938,679,488


Charn Issara Development Public Company Limited and its subsidiaries

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Separate financial statements

%DODQFHDVDW'HFHPEHUDVSUHYLRXVO\UHSRUWHG Cumulative effect of change in accounting policy for UHYHQXHIURPUHDOHVWDWHVDOHV 1RWH

%DODQFHDVDW'HFHPEHUDVUHVWDWHG Transfer unappropriated retained earnings to statutory UHVHUYH 1RWH

'LYLGHQGSDLG 1RWH

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%DODQFHDVDW'HFHPEHUDVUHVWDWHG %DODQFHDVDW'HFHPEHUDVSUHYLRXVO\UHSRUWHG Cumulative effect of change in accounting policy for UHYHQXHIURPUHDOHVWDWHVDOHV 1RWH

%DODQFHDVDW'HFHPEHUDVUHVWDWHG Cumulative effect of change in accounting policy for HPSOR\HHEHQHILWV 1RWH

Cumulative effect of change in accounting policy for LQYHVWPHQWSURSHUWLHV 1RWH

%DODQFHDVDW-DQXDU\ Transfer unappropriated retained earnings to statutory UHVHUYH 1RWH

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Total comprehensive income for the year %DODQFHDVDW'HFHPEHU

Issued and fully paid share capital

Share premium

600,000,000

23,780,791

17,835,959 248,503,163 890,119,913

600,000,000

23,780,791

-    

17,835,959 189,456,808 831,073,558

600,000,000

23,780,791

2,672,021 20,507,980

600,000,000

23,780,791

20,507,980 294,471,563 938,760,334

600,000,000

23,780,791

 

 

20,507,980 294,390,717 938,679,488

-

-

-    

600,000,000

23,780,791

- 79,376,318 79,376,318 20,507,980 341,056,880 985,345,651

600,000,000

23,780,791

395,451  

-    

7,909,016 7,909,016 20,903,431 343,770,445 988,454,667

Total Retained earnings shareholdersâ&#x20AC;&#x2122; Appropriated Unappropriated equity

 

   

112,405,930 112,405,930 294,390,717 938,679,488

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