“ The successful opening of the new CentralPlaza Chaengwattana shopping complex in November 2008, and the acknowledgment of Top Corporate Governance Report Award, marked 2008 as the year of pride for CPN.” out as planned, facilitated by cash flow from operations and the financing loan from domestic financial institutions. However, for other future projects, they are likely to be postponed and CPN would review their feasibility again as it may be beneficial for CPN to develop them at a lower construction cost. Nonetheless, CPN’s liquidity need to be maintained and the debt-to-equity ratio (D/E) must be kept from high level. The enhancement of current shopping complex projects for added value is still continuing, including external renovation, interior structural redesign, and the change of floor plans and shops’ merchandising mix. In 2008, CPN constructed additional parking space in CentralPlaza Rattanathibet project to support the spiraling volume of shoppers after the revamping and floor plan modification in 2007 was completed. CPN also renovated food center inside CentralPlaza Pinklao and reopened it as “Food Park”. Moveover the new “Center Point” anchor tenant was added into the CentralWorld project. All these enhancing efforts are to ensure that CPN is all-inclusive, modern, facilitating, and responding to the shoppers’ needs. Nevertheless, after considering the performance in 2008, the overall financial status, a preparation a reserved fund for developing projects, and business support in case of the economic downturn with the strong impact on the business, the Board agreed to propose to the Annual General Shareholders’ Meeting to be held on April 30, 2009, to approve a dividend payment of Baht0.33 per share or at a dividend payout ratio of 33% of the net profit of 2008, reflecting a decrease from the dividend payment policy of 40% of the net profit. CPN is confident that amidst the financial crisis, there are still opportunities for business development, especially those of property purchase or acquire shopping center from other operators, not to mention the lower construction cost in line with the decreased construction material price. Hence, CPN is cautiously moving forward to build its business growth.
Organization development under the vision of “The Leading Retail Developer with World-Class Experience” In addition to current project management and business expansion as mentioned above, the year 2008 was also a preparatory one for personnel development and internal operational process, corresponding to the fast-growing CPN business in a few more years. For the work on human resources in the previous year, CPN studied and developed its specific competency of CPN people to set recruitment standards and personnel training and developing courses so that CPN personnel may ultimately suit its business and vision and be able to support CPN’s growth. The Leadership Development Program for the management is also