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When compared to the separate financial statements, the increase in net land, buildings and equipment according to the consolidated financial statements was very high due to consolidation of values of land, buildings and equipment owned by 4 subsidiaries, especially G.K. Assembly Co., Ltd., which had land and buildings of its own, while another 2 subsidiaries operated businesses on land sub-let from Mr. Gunkul Dhumrongpiyawut the Company did. Details of land, buildings and equipment of subsidiaries are as follows:- - Gunkul Powergen Co., Ltd. In 2010, the Company purchased land for operating power plant business at the price of 20.10 million baht. It had solar power plant and machinery under construction with a value of 312.59 million baht. Said solar power plant was operational in 2011. In 2011, construction of solar power plant, value of 460.17 million baht, was completed in the fourth quarter. The Company bought land for further construction of power plant project at the price of 11.91 million baht. In 2012, there were 4 solar power plants and machineries under construction, value of 1,646.32 million and capacity of 23.5 mw. The plants were expected to become operational in March 2013. - G-Power Source Co., Ltd. In 2012, the Company sold 4,500,000 common shares of G-Power Source Co., Ltd., totaling 629.92 million baht or equal to 60.00% of total registered capital of said company, to the Electricity Generating Public Company Limited. As a result, investment in subsidiaries item was now recorded as investment in associated companies. Therefore, 2012 consolidated financial statements did not included assets of 1,974.57 million baht. Total liabilities According to the consolidated financial statement, the Company’s total liabilities for the years ended 2010, 2011 and 2012 were 651.46 million baht, 3,440.00 million baht and 3,180.85 million baht respectively. In 2011, the Group 152

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Gunkul 12  
Gunkul 12