毛 Liquidity The cash flow balance sheet during 2003-2005 are as follows: item Operating cashflow Investment cashflow Financing cashflow Net cashflow increase (decrease)
2003 533.01 (1,940.53) 1,362.50 (45.02)
2004 90.63 (2,199.79) 2,216.68 107.53
(Unit: million baht) 2005 1,041.29 (1,258.73) 368.54 151.10
Consolidated net cashflow were minus Bt45.02 million in 2003 and has improved since 2004 to be in the positive area of Bt107.53 million and Bt151.10 million in 2004 and 2005, respectively. Most of them are loans from financial institutions as well as the sale of secured debentures and unsubordinated convertible debentures. The investment cashflow has been in the negative area, at Bt1,940.53 million, Bt2,99.79 million and Bt1,258.73 million during 2003-2005. This is a result of the company没s land purchases. Moreover, in 2004, the company invested additional Bt150 million in Krungthep Land to maintain the shareholding ratio. In 2005, the company没s advance payments for land purchases increased Bt308.18 million from the 2004 level as well as the land purchases of Bt902.05 million. The cashflow on financing activities stood at Bt1,362.50 million, Bt2,216.68 million, and Bt368.54 million during 20032005. In 2005, the company raised Bt823 million from the issuance of unsubordinated convertible debentures. The company paid dividend of Bt0.40 per share in 2004, totalling Bt312.70 million, as of 6 May 2005. The 2005 gearing ratio was 3.03 times, down from 6.56 in 2004, as Bt1,200 million out of the Bt1,550 million secured debentures issued in 2004 would come due in 2006. Current liabilities thus increased at the end of 2004. Sources of fund 毛 Liabilities Consolidated liabilities in 2005 totalled Bt7,923.73 million (Bt7,476.42 million belonging to the company and Bt447.31 million to subsidiaries), up Bt730.79 million from 2004. Most of the new loans are long-term borrowing and the sale of unsubordinated convertible debentures, which were raised to boost working capital and to develop projects. 50.92% of consolidated liabilities in 2005 was long-term loans, 10.39% as unsubordinated convertible debentures, 19.56% as debentures and 8.18% as loans from creditors in the rehabilitation plan. Details are as follows: -
54 Annual Report 2005
Long-term loans in 2005, long-term loans totalled Bt4,034.92 million: out of that Bt3.,648.73 million are borrowed by the company (and Bt52.39 million is due in a one-year period). The remaining Bt386.19 million are borrowed by subsidiaries. The loans are to finance project development and land purchases. The loan details are: