Analysis of Financial Position and Operation Results
Most of increase liabilities in 2007 were from the increase of current liabilities. They are bank overdraft and short-term loan from financial institutes, which increased from previous year, of Baht 105.97 million; trade account payable and note payable, increased from the previous year, of Baht 7.88 million; long term due within a year, which increased from the previous year, of Baht 764.20 million; unrecognized revenue, which increased from the previous year, of Baht 186.67 million; retention of contractors, which increased from the previous year, of Baht 30.08 million; and accrued expense of Bath 87.30 million. Similar to the previous year, the increase liabilities were expenses of the Company and subsidiaries for land purchasing and project developments for sale. However, in the same year, the Company and subsidiaries paid for short-term loan–promissory note of Baht 35.55 million, decreased from the previous year. The amount paid to land payable-promissory note decreased from the previous year Baht 12.48 million. The corporate tax was lower than the previous year Bath 57.69 million. The amount paid for other current liabilities dropped from the previous year Bath 39.17 million. Shareholders’ Equity The shareholders’ equity of the Company equaled to Baht 1,448.91 million in 2005, Baht 1,806.13 million in 2006 and Bath 2,227.58 million in 2007, representing an increase of 24.65 percent and 23.33 percent respectively. In 2005, the Company offered the public 155 million increase common shares on 25-27 October 2005 at the price of par value Baht 2.80 per share, total amount of Baht 434 million. The selling of those shares provided the Company capital for cash flows and project development. The Company had paid-up registered capital of Baht 670 million. There was dividend paid in the same year as the Ordinary Shareholders’ Meeting held on April 26, 2005 approved payment of dividend for the performance of the year 2004 at Baht 0.14 per share, totally Baht 72.10 million. The dividend was paid to shareholders on May 25, 2005. The Company and subsidiaries gained additional Baht 304.75 million. In 2006, the Company paid dividend as approved by the Ordinary Shareholders’ Meeting held on April 24, 2006. The resolution was to pay dividend for the performance of the year 2005 at Baht 0.18 per share, totally of Baht 120.60 million. The dividend was paid on May 24, 2006. The Company and subsidiaries gained additional Baht 447.80 million. In 2007, the Company offered additional 335 million ordinary shares of par value Baht 1, at the ratio of two ordinary shares per one new share. The new shares were offered at the price of Baht 1.50 per share, totally of Bath 505.50 million. The proposal of selling shares to the shareholders was to invest more in cash flow and project development. Therefore, the Company currently has its registered capital of Baht 1,340 million and paid up capital of Baht 1,005 million. The dividend was paid in the same year under the resolution of the Ordinary General Meeting of Shareholders for the year 2007, held on March 26, 2007. The meeting approved payment of dividend for the performance of the year 2006 at Baht 0.27 per share, totally Baht 77.98 million. The dividend was paid on April 19, 2007. The Company and subsidiaries gained additional profit of Baht 77.98 million.
Annual Report 2007
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