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Annual Report

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Page 1: Annual Report 2008
Page 2: Annual Report 2008

2 ÃÒ§ҹ»ÃШӻ� 2551 l ºÃÔÉÑ· ¤ÃÔÊàµÕ¹ÕáÅйÕÅàÊç¹ (ä·Â) ¨Ó¡Ñ´ (ÁËÒª¹)

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㹪�ǧ»ÅÒ»� 2551 ¹âºÒÂãËÁ�ä �àÃÔèÁ¹ÓÁÒãª� â´Âà¹�¹·Õè¨ÐãË�à¡Ô´¤ÇÒÁà»ÅÕè¹á»Å§ ѧ¹Õé¤×Í»ÃѺ»Ãا¡ÒúÃÔËÒçҹãË�ÁÕ¤ÇÒÁÃ�ÇÁÁ×Í㹡Ò÷ӧҹÁÒ¡¢Öé¹ ·ÓãË�à¡Ô´¤ÇÒÁªÑ´à¨¹ã¹µÓá˹�§Ë¹�Ò·ÕèáÅФÇÒÁÃѺ¼Ô´ªÍºã¹¡ÒúÃÔËÒçҹ à¢�Á§Ç´ã¹¡ÒÃãª�¨�ÒÂã¹â¤Ã§¡Òá�ÍÊÃ�Ò§ ¤Çº¤ØÁ¡ÒÃãª�¨�Ò·ÃѾÂÒ¡ÃÍÂ�Ò§ÁÕ»ÃÐÊÔ·¸ÔÀÒ¾ÁÒ¡·ÕèÊØ´ ¡ÒÃà»ÅÕè¹á»Å§¹âºÒºÃÔËÒùÕéÁ�اËÇѧ¨ÐãË�ÁÕ¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹à¾ÔèÁÁÒ¡¢Öé¹ ã¹»� 2552 ¹Õé ºÃÔÉÑ·Ï ¨Ð´Óà¹Ô¹¡ÒÃãË�ÁÕ¡ÒäǺ¤ØÁ¤ÇÒÁàÊÕè§㹠ØáԨ·ÕèÁÕ»ÃÐÊÔ·¸ÔÀÒ¾à¾×èÍ·Õè ÐãË�ÁÑè¹ã¨Ç�ÒºÃÔÉÑ·Ï ÐÁռŻÃСͺ¡Ò÷Õè Õ¢Ö鹹Ѻáµ�¹Õéà»�¹µ�¹ä»

¤ÇÒÁÊÓàÃ稢ͧºÃÔÉÑ·Ï ¨Ðà¡Ô´¢Öé¹äÁ�ä´�ËÒ¡»ÃÒȨҡ¤ÇÒÁÃ�ÇÁÁ×ÍÃ�ÇÁ㨢ͧ¾¹Ñ¡§Ò¹·Ø¡æ ¤¹áÅзÕèÊӤѭ·ÕèÊØ ºÃÔÉÑ·Ï ¢Í¢Íº¤Ø³ÍÂ�Ò§¨Ãԧ㨵�ͼ�Ù¶×ÍË�ع ÅÙ¡¤�Ò áÅФ�Ù¤�ҢͧºÃÔÉÑ·Ï ·ÕèãË�¡ÒÃʹѺʹع´�Ç´յÅÍ´ÁÒ

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Page 3: Annual Report 2008

3Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

[ ÃÒ§ҹ ]¤ÇÒÁÃѺ¼Ô ªÍº¢Í§¤³Ð¡ÃÃÁ¡Òà µ�ÍÃÒ§ҹ·Ò§¡ÒÃà§Ô¹

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Page 4: Annual Report 2008

4 ÃÒ§ҹ»ÃШӻ� 2551 l ºÃÔÉÑ· ¤ÃÔÊàµÕ¹ÕáÅйÕÅàÊç¹ (ä·Â) ¨Ó¡Ñ´ (ÁËÒª¹)

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1) Êͺ·Ò¹§º¡ÒÃà§Ô¹ÃÒÂäµÃÁÒÊáÅЧº¡ÒÃà§Ô¹»ÃШӻ� â´Âä´�Êͺ¶ÒÁáÅÐÃѺ¿�§¤ÓªÕéᨧ¨Ò¡¼�ÙºÃÔËÒÃáÅм�ÙÊͺºÑ­ªÕ ã¹àÃ×èͧ¤ÇÒÁ¶Ù¡µ�ͧ ¤Ãº¶�ǹ¢Í§§º¡ÒÃà§Ô¹ áÅФÇÒÁà¾Õ§¾Í㹡ÒÃà»� à¼Â¢�ÍÁÙÅ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺàª×èÍÁÑè¹Ç�Ò§º¡ÒÃà§Ô¹¢Í§ºÃÔÉÑ·Ï ä´� Ñ ·Ó¢Öé¹ÍÂ�Ò§¶Ù¡µ�ͧ ¤Ãº¶�ǹµÒÁ·Õè¤ÇÃã¹ÊÒÃÐÊӤѭ áÅÐÁÕ¡ÒÃà»�´à¼Â¢�ÍÁÙÅÍÂ�Ò§à¾Õ§¾Í à»�¹ä»µÒÁÁҵðҹ¡ÒúѭªÕ·ÕèÃѺÃͧ·ÑèÇä»

2) ãË�¤ÇÒÁàË繪ͺἹ¡ÒõÃǨÊͺÀÒÂã¹»ÃШӻ� ¢Í§½�ÒµÃǨÊͺáÅСӡѺ´ÙáÅ ãË�» ԺѵԧҹµÃǨÊͺà»�¹ä»µÒÁá¼¹§Ò¹ ÃѺ·ÃÒº áÅоԨÒóÒÃÒ§ҹ¡ÒõÃǨÊͺ˹�ǧҹµ�Ò§æ¢Í§½�ÒµÃǨÊͺ ¾Ã�ÍÁ·Ñé§ãË�¤Óá¹Ð¹Óá¹Ç·Ò§ ¡ÒûÃѺ»Ãا¢�ͼԴ¾ÅÒ´·Õ辺¨Ò¡¡ÒõÃǨÊͺµÅÍ´¨¹µÔ µÒÁ¡ÒûÃѺ»Ãا á¡�ä¢ µÒÁ¢�ÍÊѧࡵ áÅТ�ÍàʹÍá¹Ð¢Í§¡ÃÃÁ¡ÒõÃǨÊͺ

3) Êͺ·Ò¹Ãкº¤Çº¤ØÁÀÒÂ㹡Ѻ½�ÒµÃǨÊͺÀÒÂã¹ à¾×èÍ»ÃÐàÁÔ¹»ÃÐÊÔ· Ô¼ÅáÅФÇÒÁà¾Õ§¾Í¢Í§Ãкº¤Çº¤ØÁÀÒÂã¹ ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ä´�ÃѺÃÒ§ҹ¨Ò¡¼�ÙÊͺºÑ­ªÕÇ�ÒÃкº¤Çº¤ØÁÀÒÂ㹢ͧºÃÔÉÑ·Ï à¾Õ§¾Í àËÁÒÐÊÁáÅÐÁÕ»ÃÐÊÔ·¸Ô¼Å

4) Êͺ·Ò¹ãË�ºÃÔÉÑ·Ï »¯ÔºÑµÔµÒÁ¡®ËÁÒÂÇ�Ò �ÇÂËÅÑ¡·ÃѾÂ� áÅТ�Í¡Ó˹´¢Í§µÅÒ´ËÅÑ¡·ÃѾÂ�áË�§»ÃÐà·Èä·Â áÅС®ËÁÒÂÍ×è¹·Õèà¡ÕèÂÇ¢�ͧ¡Ñº¸ØÃ¡Ô ¢Í§ºÃÔÉÑ· �Ç¡ÒÃÊͺ¶ÒÁáÅÐµÔ µÒÁÍÂ�Ò§µ�Íà¹×èͧ¨Ò¡¼Å¡ÒõÃǨÊͺËÃ×ÍµÔ µÒÁµ�Ò§æ

5) Êͺ·Ò¹¡Ò÷ӸØáÃÃÁ¢Í§ºÃÔÉÑ·Ï ¡Ñº¡Ô ¡Ò÷Õèà¡ÕèÂÇ⧡ѹ ËÃ×ÍÃÒ¡Ò÷ÕèÍÒ¨ÁÕ¤ÇÒÁ¢Ñ áÂ�§·Ò§¼Å»ÃÐ⪹� à¾×èÍʹѺʹعãË�ÁÕ¡ÒÃà»� à¼Â¢�ÍÁÙÅÍÂ�Ò§¶Ù¡µ�ͧ ¤Ãº¶�ǹ ÊÁà˵ØÊÁ¼Å â´Âä´�¤Ó¹Ö§¶Ö§»ÃÐ⪹�¢Í§¼�ÙÁÕÊ�ǹä´�àÊÕÂ

6) ¾Ô ÒÃ³Ò ¤Ñ àÅ×Í¡ áÅÐàʹÍáµ�§µÑ駼�ÙÊͺºÑ­ªÕ »ÃШӻ� 2551 ÃÇÁ·Ñé§¾Ô ÒóҤ�ҵͺ᷹¢Í§¼�ÙÊͺºÑ­ªÕ

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Page 5: Annual Report 2008

5Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

7) ¤³Ð¡ÃÃÁ¡ÒõÃǨÊͺ ä �ʹѺʹعãË�ÁÕ¡ÒúÃÔËÒäÇÒÁàÊÕ觢Öé¹ã¹ºÃÔÉÑ· ¾Ã�ÍÁ·Ñé§àʹÍá¹ÐãË�ÁÕ¡ÒÃͺÃÁãË�¤ÇÒÁÃ�Ùàº×éͧµ�¹ áÅÐ Ñ´µÑ駤³Ð¡ÃÃÁ¡ÒäÇÒÁàÊÕè§ áÅÐä �ÁͺËÁÒÂãË�¹ÒÂÇԹѠÇÒÁÇÒ³ÔªÂ� (¡ÃÃÁ¡ÒõÃǨÊͺ) à»�¹¼�Ù»ÃÐÊÒ¹§Ò¹áÅÐµÔ µÒÁ¤ÇÒÁ¤×ºË¹�Ò ¡ÒôÓà¹Ô¹¡ÒÃàÃ×èͧ¡ÒúÃÔËÒäÇÒÁàÊÕè§

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Page 6: Annual Report 2008

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¡Ô¨¡Ò÷ÕèäÁ�à¡ÕèÂÇ¢�ͧ¡Ñ¹ - ÊØ·¸Ô 7 872,671,221 881,838,889 865,332,818 871,831,554Å١˹ÕéµÒÁÊÑ­­Ò¡�ÍÊÃ�Ò§ - ÊØ·¸Ô 872,671,221 881,838,889 870,515,336 872,028,219§Ò¹ÃÐËÇ�Ò§¡�ÍÊÃ�Ò§µÒÁÊÑ­­Ò 906,086,732 861,496,699 902,758,177 866,851,271ÊÔ¹¤�Ò¤§àËÅ×Í - ÊØ·¸Ô 2,199,763 9,894,851 1,882,445 1,647,943ÊÔ¹·ÃѾÂ�ËÁعàÇÕ¹Í×è¹ÀÒÉÕà§Ô¹ä �ËÑ¡ ³ ·Õè �Ò 432,456,166 467,128,517 431,520,874 466,655,653à§Ô¹ �ÒÂÅ�ǧ˹�Ò¤�Ò¡�ÍÊÃ�Ò§ 113,856,785 41,742,951 113,719,655 41,742,951Í×è¹æ 38,619,496 36,707,230 36,917,622 34,590,203

ÃÇÁÊÔ¹·ÃѾÂ�ËÁعàÇÕ¹Í×è¹ 584,932,447 545,578,698 582,158,151 542,988,807ÃÇÁÊÔ¹·ÃѾÂ�ËÁعàÇÕ¹ 2,723,490,867 2,494,770,576 2,693,011,207 2,415,133,636ÊÔ¹·ÃѾÂ�äÁ�ËÁعàÇÕ¹à§Ô¹½Ò¡·ÕèÁÕ¢�Í¨Ó¡Ñ ã¹¡ÒÃãª� 6 282,949,919 162,539,648 196,905,919 162,539,648à§Ô¹Å§·Ø¹ã¹ºÃÔÉÑ·Â�Í - ÊØ·¸Ô 8 - 1 - 1 106,740,250 335,999,930à§Ô¹Å§·Ø¹ã¹¡Ô¨¡Ò÷Õè¤Çº¤ØÁÃ�ÇÁ¡Ñ¹ 9 - 1 - 1 1,800,000 1,800,000à§Ô¹Å§·Ø¹ã¹ºÃÔÉÑ·Ã�ÇÁáÅкÃÔÉÑ·Í×è¹ - ÊØ·¸Ô 10 3,068,125 2,818,125 850,000 600,000Å١˹ÕéáÅÐà§Ô¹ãË�¡�ÙÂ×Áá¡�¡Ô ¡Ò÷Õèà¡ÕèÂÇ¢�ͧ¡Ñ¹ - ÊØ·¸Ô 11 1,336,695 1,048,772 5,785,449 6,542,185ÍÒ¤ÒÃáÅÐÍØ»¡Ã³� - ÊØ·¸Ô 12 181,779,138 196,394,819 181,728,024 196,394,818ÊÔ¹·ÃѾÂ�ÊØ·¸Ô¢Í§Ë¹�ǧҹ·ÕèàÅÔ¡´Óà¹Ô¹¸ØáԨ 14 17,986,383 327,361,645 - 1 - 1ÊÔ¹·ÃѾÂ�äÁ�ËÁعàÇÕ¹Í×è¹à§Ô¹Å§·Ø¹ã¹ÍÊѧËÒÃÔÁ·ÃѾÂ� - ÊØ·¸Ô 15 103,231,000 103,231,000 103,231,000 103,231,000à§Ô¹ÊÓÃͧà¾×èÍ¡ÒêÓÃÐ˹Õé 13 4,319,918 4,319,918 4,319,918 4,319,918à§Ô¹¨�ÒÂÅ�ǧ˹�Ò¤�Òàª�Ò·Õè Ô¹ 20,000,000 9,012,339 20,000,000 9,012,339

ÃÇÁÊÔ¹·ÃѾÂ�äÁ�ËÁعàÇÕ¹Í×è¹ 127,550,918 116,563,257 127,550,918 116,563,257ÃÇÁÊÔ¹·ÃѾÂ�äÁ�ËÁعàÇÕ¹ 614,671,178 806,726,266 621,360,560 820,439,838ÃÇÁÊÔ¹·ÃѾÂ� 3,338,162,045 3,301,496,842 3,314,371,767 3,235,573,474

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˹ÕéÊÔ¹áÅÐÊ�ǹ¢Í§¼�Ù¶×ÍË�ع˹ÕéÊÔ¹ËÁعàÇÕ¹à§Ô¹àºÔ¡à¡Ô¹ºÑ­ªÕáÅÐà§Ô¹¡�ÙÂ×ÁÃÐÂÐÊÑ鹨ҡ¸¹Ò¤Òà 16 44,141,091 36,727,074 44,141,091 36,727,074à �Ò˹Õé¡Òä�ÒáÅе�¹·Ø¹§Ò¹¡�ÍÊÃ�Ò§¤�Ò§ �Ò 1,055,180,856 1,063,643,199 1,055,137,183 1,057,935,582à§Ô¹ÃѺÅ�ǧ˹�Ò¨Ò¡ÅÙ¡¤�Ò 315,926,293 196,139,476 314,382,556 192,046,295à¨�Ò˹ÕéáÅÐà§Ô¹¡�ÙÂ×Á¨Ò¡ºÃÔÉÑ·Í×è¹ 1,522,110 2,056,749 611,293 849,133Ê�ǹ¢Í§Ë¹ÕéÊÔ¹µÒÁÊÑ­­Òàª�Ò«×éÍáÅÐàª�Ò¡ÒÃà§Ô¹·Õè¶Ö§¡Ó˹´ªÓÃÐÀÒÂã¹Ë¹Ö觻� 17 7,687,914 10,120,829 7,687,914 10,120,829

»ÃÐÁÒ³¡ÒÃ˹ÕéÊÔ¹ÃÐÂÐÊÑé¹»ÃÐÁÒ³¡Òä�Òãª� �ÒÂÊÓËÃѺâ¤Ã§¡Òá�ÍÊÃ�Ò§ 452,528,000 536,625,000 452,528,000 536,625,000»ÃÐÁÒ³¡ÒÃ˹ÕéÊÔ¹¨Ò¡ÀÒÃФéÓ»ÃСѹ áÅÐ˹ÕéÊÔ¹Í×è¹ 13 69,087,338 69,087,338 69,087,338 69,087,338ÊÓÃͧ¤�Òãª� �ÒÂÍ×è¹ 66,168,111 66,168,111 66,168,111 66,168,111

ÃÇÁ»ÃÐÁÒ³¡ÒÃ˹ÕéÊÔ¹ÃÐÂÐÊÑé¹ 587,783,449 671,880,449 587,783,449 671,880,449˹ÕéÊÔ¹ËÁعàÇÕ¹Í×蹤�Òãª� �Ò¤�Ò§¨�Ò 11,939,186 8,573,827 11,487,538 8,211,153Í×è¹ æ 76,523,820 60,805,740 73,862,357 57,865,811

ÃÇÁ˹ÕéÊÔ¹ËÁعàÇÕ¹Í×è¹ 88,463,006 69,379,567 85,349,895 66,076,964ÃÇÁ˹ÕéÊÔ¹ËÁعàÇÕ¹ 2,100,704,719 2,049,947,343 2,095,093,381 2,035,636,326˹ÕéÊÔ¹äÁ�ËÁعàÇÕ¹˹ÕéÊÔ¹µÒÁÊÑ­­Òàª�Ò«×éÍáÅÐàª�Ò¡ÒÃà§Ô¹ - ÊØ·¸Ô¨Ò¡Ê�ǹ·Õè¶Ö§¡Ó˹´ªÓÃÐÀÒÂã¹Ë¹Ö觻� 17 7,130,792 13,018,600 7,130,792 13,018,600

»ÃÐÁÒ³¡ÒÃ˹ÕéÊÔ¹ÃÐÂÐÂÒÇ - ÊÓÃͧ¼Å»ÃÐ⪹�¾¹Ñ¡§Ò¹ 219,294,507 220,334,697 219,294,507 220,334,697

ÃÇÁ˹ÕéÊÔ¹äÁ�ËÁعàÇÕ¹ 226,425,299 233,353,297 226,425,299 233,353,297ÃÇÁ˹ÕéÊÔ¹ 2,327,130,018 2,283,300,640 2,321,518,680 2,268,989,623Ê�ǹ¢Í§¼�Ù¶×ÍË�ع·Ø¹àÃ×͹Ë�ع 18 401,161,682 401,161,682 401,161,682 401,161,682¼Å¡Óä÷ÕèÂѧäÁ�à¡Ô ¢Ö鹨ÃÔ§Ê�ǹà¡Ô¹·Ø¹¨Ò¡¡ÒõÕÃÒ¤ÒÊÔ¹·ÃѾÂ� 8,214,107 8,998,006 8,214,107 8,998,006

¼Åµ�Ò§¨Ò¡¡ÒÃá»Å§¤�Ò§º¡ÒÃà§Ô¹ (19,739,498) (48,225,440) - 1 - 1¡ÓäÃÊÐÊÁÑ´ÊÃÃáÅ�Ç - ÊÓÃͧµÒÁ¡®ËÁÒ 19 32,053,261 28,694,856 32,053,261 28,694,856ÂѧäÁ�ä´� Ñ ÊÃà 602,894,932 641,119,555 551,424,037 527,729,307

Ê�ǹ¢Í§¼�Ù¶×ÍË�ع¢Í§ºÃÔÉÑ·Ï 1,024,584,484 1,031,748,659 992,853,087 966,583,851Ë�ع¢Í§ºÃÔÉÑ·Ï·Õè¶×Íâ´ÂºÃÔÉÑ·Â�Í 20 (13,552,457) (13,552,457) - -ÃÇÁÊ�ǹ¢Í§¼�Ù¶×ÍË�ع 1,011,032,027 1,018,196,202 992,853,087 966,583,851ÃÇÁ˹ÕéÊÔ¹áÅÐÊ�ǹ¢Í§¼�Ù¶×ÍË�ع 3,338,162,045 3,301,496,842 3,314,371,767 3,235,573,474

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ÃÒÂä´�Í×è¹â͹¡ÅѺà �Ò˹Õé¡Òä�Ò 33,124,437 - 1 33,124,437 - 1

à§Ô¹»�¹¼ÅÃѺ 8, 9, 10 4,278,172 14,217,000 270,352,790 2,000,000 ´Í¡àºÕéÂÃѺ 5,271,971 5,757,149 4,929,820 5,097,171 ¡ÓäèҡÍѵÃÒáÅ¡à»ÅÕè¹ 15,360,080 1,251,938 16,171,153 239,309 Í×è¹æ 2,113,764 6,630,226 2,173,764 6,750,227ÃÇÁÃÒÂä´�Í×è¹ 60,148,424 27,856,313 326,751,964 14,086,707ÃÇÁÃÒÂä � 5,072,079,433 6,338,806,473 5,327,083,979 6,320,126,656¤�Òãª� �Òµ�¹·Ø¹§Ò¹¡�ÍÊÃ�Ò§ 4,731,804,010 6,047,007,922 4,722,195,582 6,042,905,855¤�Òãª� �ÒÂ㹡ÒúÃÔËÒà 184,318,356 153,088,218 183,221,568 153,370,319¤�ÒàÊ×èÍÁÃÒ¤Ò 12 44,362,227 42,727,229 44,362,227 42,727,229˹ÕéʧÊѨÐÊÙ­ 62,628,181 - 1 63,410,181 - 1¢Ò´·Ø¹¨Ò¡¡Òà �ͤ�Ңͧà§Ô¹Å§·Ø¹ã¹ºÃÔÉÑ·Â�Í 8 - 1 - 1 238,300,000 - 1ÃÇÁ¤�Òãª� �Ò 5,023,112,774 6,242,823,369 5,251,489,558 6,239,003,403¡Óäá�͹¤�Òãª� �Ò·ҧ¡ÒÃà§Ô¹ ¼Å¡ÒôÓà¹Ô¹§Ò¹¢Í§Ë¹�ǧҹ·ÕèàÅÔ¡´Óà¹Ô¹¸ØáԨ áÅÐÀÒÉÕà§Ô¹ä �¹ÔµÔºØ¤¤Å 48,966,659 95,983,104 75,594,421 81,123,253

¤�Òãª� �Ò·ҧ¡ÒÃà§Ô¹ (8,745,061) (3,508,173) (8,426,329) (3,469,937)¡Óäá�͹¼Å¡ÒôÓà¹Ô¹§Ò¹¢Í§Ë¹�ǧҹ·ÕèàÅÔ¡´Óà¹Ô¹¸ØáԨ áÅÐÀÒÉÕà§Ô¹ä �¹ÔµÔºØ¤¤Å 40,221,598 92,474,931 67,168,092 77,653,316

¼Å¡ÒôÓà¹Ô¹§Ò¹¢Í§Ë¹�ǧҹ·ÕèàÅÔ¡´Óà¹Ô¹¸ØÃ¡Ô (35,709,191) 24,944,963 - 1 - 1¡Óäá�͹ÀÒÉÕà§Ô¹ä´�¹ÔµÔºØ¤¤Å 4,512,407 117,419,894 67,168,092 77,653,316ÀÒÉÕà§Ô¹ä´�¹ÔµÔºØ¤¤Å 22 (618,914) (240,772) - 1 - 1¡ÓäÃÊØ·¸ÔÊÓËÃѺ»� 3,893,493 117,179,122 67,168,092 77,653,316¡ÒÃáº�§»�¹¡ÓäÃÊØ·¸ÔÊ�ǹ·Õèà»�¹¢Í§¼�Ù¶×ÍË�عºÃÔÉÑ·ãË­� 3,893,493 117,179,122 67,168,092 77,653,316

3,893,493 117,179,122 67,168,092 77,653,316¡Óäõ�ÍË�ع 23¡Óäõ�ÍË�ع¢Ñé¹¾×é¹°Ò¹¡ÓäÃÊØ·¸ÔÊ�ǹ·Õèà»�¹¢Í§¼�Ù¶×ÍË�عºÃÔÉÑ·ãË­� 0.01 0.30 0.17 0.19¨Ó¹Ç¹Ë�عÊÒÁÑ­¶ÑÇà©ÅÕè¶�ǧ¹éÓ˹ѡ (Ë�ع) 387,609,225 387,609,225 401,161,682 401,161,682

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2551 2550¡ÃÐáÊà§Ô¹Ê´¨Ò¡¡Ô ¡ÃÃÁ´Óà¹Ô¹§Ò¹¡ÓäÃÊØ· Ô¡�͹ÀÒÉÕ 4,512,407 117,419,894 67,168,092 77,653,316ÃÒ¡ÒûÃѺ¡ÃзºÂÍ´¡ÓäÃÊØ·¸Ô¡�͹ÀÒÉÕà»�¹à§Ô¹Ê´ÃѺ (¨�ÒÂ) ¨Ò¡¡Ô¨¡ÃÃÁ´Óà¹Ô¹§Ò¹ :-¤�ÒàÊ×èÍÁÃÒ¤Ò 44,362,227 42,727,229 44,362,227 42,727,229¤�ÒµÑ ¨Ó˹�Ò 4,618,486 4,580,065 4,372,914 4,580,065

˹ÕéʧÊѨÐÊÙ­ 62,628,181 - 1 63,410,181 1,650,000¢Ò´·Ø¹¨Ò¡¡Òà �ͤ�ҢͧÍÒ¤ÒÃáÅÐÍØ»¡Ã³� (â͹¡ÅѺ) 5,200,000 (972,374) 5,200,000 (972,374)â͹¡ÅѺ¤�Òà¼×èÍ¡Òô�ͤ�Ңͧà§Ô¹Å§·Ø¹ã¹ÍÊѧËÒÃÔÁ·ÃѾÂ� - 1 (9,141,000) - 1 (9,141,000)¢Ò´·Ø¹¨Ò¡¡Òà �ͤ�Ңͧà§Ô¹Å§·Ø¹ã¹ºÃÔÉÑ·Â�Í - 1 - 1 238,300,000 - 1»ÃÐÁÒ³¡Òä�Òãª� �ÒÂÊÓËÃѺâ¤Ã§¡Òá�ÍÊÃ�Ò§ (â͹¡ÅѺ) (84,097,000) 146,745,000 (84,097,000) 146,745,000¢Ò´·Ø¹ (¡ÓäÃ) Ò¡¡ÒèÓ˹�ÒÂÍÒ¤ÒÃáÅÐÍØ»¡Ã³� 2,098,775 (14,442) 2,098,775 (14,442)â͹¡ÅѺà �Ò˹Õé¡Òä�Ò (33,124,437) - 1 (33,124,437) - 1â͹¡ÅѺ˹ÕéÊÔ¹ËÁعàÇÕ¹Í×è¹ (806,952) - 1 (806,952) - 1à§Ô¹»�¹¼ÅÃѺ (4,278,172) (14,217,000) (270,352,790) (2,000,000)¤�Òãª� �Ò´͡àºÕé 8,030,165 2,898,221 8,030,165 2,898,202

¡Óäèҡ¡ÒôÓà¹Ô¹§Ò¹¡�͹¡ÒÃà»ÅÕè¹á»Å§ã¹ÊÔ¹·ÃѾÂ�áÅÐ˹ÕéÊÔ¹´Óà¹Ô¹§Ò¹ 9,143,680 290,025,593 44,561,175 264,125,996

ÊÔ¹·ÃѾÂ�´Óà¹Ô¹§Ò¹Å´Å§ (à¾ÔèÁ¢Öé¹) :-Å١˹ÕéµÒÁÊÑ­­Ò¡�ÍÊÃ�Ò§ (52,999,737) (110,786,547) (60,654,522) (100,975,877)§Ò¹ÃÐËÇ�Ò§¡�ÍÊÃ�Ò§µÒÁÊÑ­­Ò (44,590,033) 183,807,211 (35,906,906) 178,452,639ÊÔ¹¤�Ò¤§àËÅ×Í 7,695,088 (8,410,326) (234,502) (163,418)ÊÔ¹·ÃѾÂ�ËÁعàÇÕ¹Í×è¹æ (78,363,684) (22,519,508) (78,396,137) (20,690,339)

˹ÕéÊÔ¹´Óà¹Ô¹§Ò¹à¾ÔèÁ¢Öé¹ (Ŵŧ) :-à �Ò˹Õé¡Òä�ÒáÅе�¹·Ø¹§Ò¹¡�ÍÊÃ�Ò§¤�Ò§ �Ò 26,543,449 41,827,855 32,207,393 36,163,912ÃÒÂä �§Ò¹¡�ÍÊÃ�Ò§ÃѺÅ�ǧ˹�Ò - 1 (7,809,516) - 1 (7,809,516)à§Ô¹ÃѺÅ�ǧ˹�Ò¨Ò¡ÅÙ¡¤�Ò 119,786,817 (78,469,135) 122,336,261 (82,562,316)à¨�Ò˹ÕéáÅÐà§Ô¹¡�ÙÂ×Á¨Ò¡ºÃÔÉÑ·Í×è¹ (534,639) 9,975 (237,840) 71,373˹ÕéÊÔ¹ËÁعàÇÕ¹Í×è¹ 19,938,919 18,888,780 20,128,411 18,749,429ÊÓÃͧ¼Å»ÃÐ⪹�¾¹Ñ¡§Ò¹ (1,040,190) 28,902,511 (1,040,190) 28,902,511

à§Ô¹Ê´¨Ò¡¡Ô ¡ÃÃÁ´Óà¹Ô¹§Ò¹ 5,579,670 335,466,893 42,763,143 314,264,394�Ò´͡àºÕé (8,078,693) (2,897,718) (8,078,692) (2,897,698)�ÒÂÀÒÉÕà§Ô¹ä´� (142,470,046) (176,433,976) (141,388,704) (176,994,274)ÃѺ¤×¹ÀÒÉÕà§Ô¹ä �ËÑ¡ ³ ·Õè �Ò 176,523,483 1,016,050 176,523,483 - 1

à§Ô¹Ê´ÊØ·¸Ô¨Ò¡¡Ô¨¡ÃÃÁ´Óà¹Ô¹§Ò¹ 31,554,414 157,151,249 69,819,230 134,372,422

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2551 2550¡ÃÐáÊà§Ô¹Ê´¨Ò¡¡Ô ¡ÃÃÁŧ·Ø¹à§Ô¹½Ò¡·ÕèÁÕ¢�Í¨Ó¡Ñ ã¹¡ÒÃãª�à¾ÔèÁ¢Öé¹ (120,410,271) (22,953,110) (34,366,271) (22,953,110)Å١˹ÕéáÅÐà§Ô¹ãË�¡�ÙÂ×Áá¡�¡Ô¨¡Ò÷Õèà¡ÕèÂÇ¢�ͧ¡Ñ¹à¾ÔèÁ¢Öé¹ (287,923) (1,048,772) (25,264) (4,484,353)à§Ô¹Å§·Ø¹ã¹ºÃÔÉÑ·Â�ÍÂà¾ÔèÁ¢Öé¹ - 1 - 1 (9,040,320) - 1à§Ô¹Å§·Ø¹ã¹ºÃÔÉÑ·Í×è¹à¾ÔèÁ¢Öé¹ (250,000) (500,000) (250,000) (2,300,000)«×éÍÍÒ¤ÒÃáÅÐÍØ»¡Ã³� (38,990,987) (56,910,843) (38,939,873) (56,910,843)à§Ô¹Ê´ÃѺ¨Ò¡¡ÒèÓ˹�ÒÂÍÒ¤ÒÃáÅÐÍØ»¡Ã³� 1,651,872 3,640,570 1,651,872 3,640,570ÊÔ¹·ÃѾÂ�ÊØ·¸Ô¢Í§Ë¹�ǧҹ·ÕèàÅÔ¡´Óà¹Ô¹¸ØáԨŴŧ (à¾ÔèÁ¢Öé¹) 309,375,262 (20,621,400) - 1 - 1à§Ô¹¨�ÒÂÅ�ǧ˹�Ò¤�Òàª�Ò·Õè Ô¹à¾ÔèÁ¢Öé¹ (12,000,000) (7,965,633) (12,000,000) (7,965,633)à§Ô¹»�¹¼ÅÃѺ 4,278,172 14,217,000 270,352,790 2,000,000à§Ô¹Ê´ÊØ·¸Ô¨Ò¡ (ãª�ä»ã¹) ¡Ô¨¡ÃÃÁŧ·Ø¹ 143,366,125 (92,142,188) 177,382,934 (88,973,369)¡ÃÐáÊà§Ô¹Ê´¨Ò¡¡Ô ¡ÃÃÁ¨Ñ ËÒà§Ô¹à§Ô¹àºÔ¡à¡Ô¹ºÑ­ªÕáÅÐà§Ô¹¡�ÙÂ×ÁÃÐÂÐÊÑ鹨ҡ¸¹Ò¤ÒÃà¾ÔèÁ¢Öé¹ 7,414,017 29,591,623 7,414,017 29,591,623à§Ô¹Ê´¨�Ò¤׹˹ÕéÊÔ¹ÀÒÂãµ�ÊÑ­­Òàª�Ò¡ÒÃà§Ô¹áÅÐàª�Ò«×éÍ (10,421,522) (11,338,687) (10,421,522) (11,338,687)à§Ô¹»�¹¼Å¨�Ò (38,759,711) (19,379,852) (40,114,957) (20,057,475)à§Ô¹Ê´ÊØ·¸Ôãª�ä»ã¹¡Ô¨¡ÃÃÁ¨Ñ´ËÒà§Ô¹ (41,767,216) (1,126,916) (43,122,462) (1,804,539)

133,153,323 63,882,145 204,079,702 43,594,514¼Åµ�Ò§¨Ò¡¡ÒÃá»Å§¤�Ò§º¡ÒÃà§Ô¹ 28,485,942 (21,694,671) - 1 - 1à§Ô¹Ê´áÅÐÃÒ¡ÒÃà·Õºà·�Òà§Ô¹Ê´à¾ÔèÁ¢Öé¹ÊØ·¸Ô 161,639,265 42,187,474 204,079,702 43,594,514à§Ô¹Ê´áÅÐÃÒ¡ÒÃà·Õºà·�Òà§Ô¹Ê´µ�¹»� 195,961,439 153,773,965 131,617,396 88,022,882à§Ô¹Ê´áÅÐÃÒ¡ÒÃà·Õºà·�Òà§Ô¹Ê´ÊÔé¹»� (ËÁÒÂà赯 6) 357,600,704 195,961,439 335,697,098 131,617,396

¢�ÍÁÙÅ¡ÃÐáÊà§Ô¹Ê´à»� à¼Âà¾ÔèÁàµÔÁÃÒ¡Ò÷ÕèäÁ�à¡ÕèÂÇ¢�ͧ¡Ñºà§Ô¹Ê´ÊÔ¹·ÃѾÂ�«×éÍÀÒÂãµ�ÊÑ­­Òàª�Ò·Ò§¡ÒÃà§Ô¹ 490,105 6,965,003 490,105 6,965,003µÕÃÒ¤ÒÊÔ¹·ÃѾÂ�à¾ÔèÁ - 1 9,668,077 - 1 9,668,077¤�ÒàÊ×èÍÁÃҤҢͧÊÔ¹·ÃѾÂ�Ê�ǹ·ÕèµÕÃÒ¤Òà¾ÔèÁ 783,899 670,071 783,899 670,071

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Page 25: Annual Report 2008

25Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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ÂÍ´¤§àËÅ×Í ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2549 401,161,682 - 1 (26,530,769) 24,812,190 547,202,951 946,646,054 (13,552,457) 933,093,597ÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·ÕèÃѺÃ�Ùã¹Ê�ǹ¢Í§¼�Ù¶×ÍË�ع¼Å¡Óäèҡ¡ÒõÕÃÒ¤ÒÊÔ¹·ÃѾÂ� - 1 9,668,077 - 1 - 1 - 1 9,668,077 - 1 9,668,077µÑ ¨Ó˹�Ò¼šÓäèҡ¡ÒõÕÃÒ¤ÒÊÔ¹·ÃѾÂ�ÊÓËÃѺ»� - 1 (670,071) - 1 - 1 - 1 (670,071) - 1 (670,071)

¼Åµ�Ò§¨Ò¡¡ÒÃá»Å§¤�Ò§º¡ÒÃà§Ô¹ - 1 - 1 (21,694,671) - 1 - 1 (21,694,671) - 1 (21,694,671)ÃÇÁÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·ÕèÃѺÃ�Ùã¹Ê�ǹ¢Í§¼�Ù¶×ÍË�ع - 1 8,998,006 (21,694,671) - 1 - 1 (12,696,665) - 1 (12,696,665)¡ÓäÃÊØ·¸ÔÊÓËÃѺ»� - 1 - 1 - 1 - 1 117,179,122 117,179,122 - 1 117,179,122ÃÇÁÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·Ñé§ÊÔé¹·ÕèÃѺÃ�ÙÊÓËÃѺ»� - 1 8,998,006 (21,694,671) - 1 117,179,122 104,482,457 - 1 104,482,457à§Ô¹»�¹¼Å¨�Ò 24 - 1 - 1 - 1 - 1 (19,379,852) (19,379,852) - 1 (19,379,852)â͹¡ÓäÃÊÐÊÁ·ÕèÂѧäÁ�ä � Ñ´ÊÃÃà»�¹ÊÓÃͧµÒÁ¡®ËÁÒ - 1 - 1 - 1 3,882,666 (3,882,666) - 1 - 1 - 1

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Page 26: Annual Report 2008

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ÂÍ´¤§àËÅ×Í ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2550 401,161,682 8,998,006 (48,225,440) 28,694,856 641,119,555 1,031,748,659 (13,552,457) 1,018,196,202ÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·ÕèÃѺÃ�Ùã¹Ê�ǹ¢Í§¼�Ù¶×ÍË�عµÑ ¨Ó˹�Ò¼šÓäèҡ¡ÒõÕÃÒ¤ÒÊÔ¹·ÃѾÂ�ÊÓËÃѺ»� - 1 (783,899) - 1 - 1 - 1 (783,899) - 1 (783,899)

¼Åµ�Ò§¨Ò¡¡ÒÃá»Å§¤�Ò§º¡ÒÃà§Ô¹ - 1 - 1 28,485,942 - 1 - 1 28,485,942 - 1 28,485,942ÃÇÁÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·ÕèÃѺÃ�Ùã¹Ê�ǹ¢Í§¼�Ù¶×ÍË�ع - 1 (783,899) 28,485,942 - 1 - 1 27,702,043 - 1 27,702,043¡ÓäÃÊØ·¸ÔÊÓËÃѺ»� - 1 - 1 - 1 - 1 3,893,493 3,893,493 - 1 3,893,493ÃÇÁÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·Ñé§ÊÔé¹·ÕèÃѺÃ�ÙÊÓËÃѺ»� - 1 (783,899) 28,485,942 - 1 3,893,493 31,595,536 - 1 31,595,536à§Ô¹»�¹¼Å �Ò 24 - 1 - 1 - 1 - 1 (38,759,711) (38,759,711) - 1 (38,759,711)â͹¡ÓäÃÊÐÊÁ·ÕèÂѧäÁ�ä �¨Ñ´ÊÃÃà»�¹ÊÓÃͧµÒÁ¡®ËÁÒ - 1 - 1 - 1 3,358,405 (3,358,405) - 1 - 1 - 1

ÂÍ´¤§àËÅ×Í ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2551 401,161,682 8,214,107 (19,739,498) 32,053,261 602,894,932 1,024,584,484 (13,552,457) 1,011,032,027

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Page 27: Annual Report 2008

27Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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ÂÍ´¤§àËÅ×Í ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2549 401,161,682 - 1 24,812,190 474,016,132 899,990,004ÃÒÂä´� (¤�Òãª�¨�ÒÂ) ·ÕèÃѺÃ�Ùã¹Ê�ǹ¢Í§¼�Ù¶×ÍË�ع¼Å¡Óäèҡ¡ÒõÕÃÒ¤ÒÊÔ¹·ÃѾÂ� - 1 9,668,077 - 1 - 1 9,668,077µÑ ¨Ó˹�Ò¼šÓäèҡ¡ÒõÕÃÒ¤ÒÊÔ¹·ÃѾÂ�ÊÓËÃѺ»� - 1 (670,071) - 1 - 1 (670,071)ÃÇÁÃÒÂä´�(¤�Òãª�¨�ÒÂ)·ÕèÃѺÃ�Ùã¹Ê�ǹ¢Í§¼�Ù¶×ÍË�ع - 1 8,998,006 - 1 - 1 8,998,006¡ÓäÃÊØ·¸ÔÊÓËÃѺ»� - 1 - 1 - 1 77,653,316 77,653,316ÃÇÁÃÒÂä �(¤�Òãª�¨�ÒÂ)·Ñé§ÊÔé¹·ÕèÃѺÃ�ÙÊÓËÃѺ»� - 1 8,998,006 - 1 77,653,316 86,651,322à§Ô¹»�¹¼Å¨�Ò 24 - 1 - 1 - 1 (20,057,475) (20,057,475)â͹¡ÓäÃÊÐÊÁ·ÕèÂѧäÁ�ä´� Ñ´ÊÃÃà»�¹ÊÓÃͧµÒÁ¡®ËÁÒ - 1 - 1 3,882,666 (3,882,666) - 1ÂÍ´¤§àËÅ×Í ³ Çѹ·Õè 31 ¸Ñ¹ÇÒ¤Á 2550 401,161,682 8,998,006 28,694,856 527,729,307 966,583,851

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Page 28: Annual Report 2008

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35Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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45Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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Page 47: Annual Report 2008

47Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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Page 57: Annual Report 2008

57Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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Page 58: Annual Report 2008

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Page 59: Annual Report 2008

59Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

To the Shareholders ofChristiani & Nielsen (Thai) Public Company Limited

I have audited the accompanying consolidated balance sheet of Christiani & Nielsen(Thai) Public Company Limited, its subsidiaries, and joint ventures as at 31 December 2008,the related consolidated statements of income, changes in shareholders' equity and cash flowsfor the year then ended, and the separate financial statements of Christiani & Nielsen (Thai)Public Company Limited for the same period. These financial statements are the responsibilityof the management of the Company, its subsidiaries, and joint ventures as to their correctnessand the completeness of the presentation. My responsibility is to express an opinion on thesefinancial statements based on my audit. The consolidated financial statements of Christiani &Nielsen (Thai) Public Company Limited, its subsidiaries and joint ventures and of Christiani &Nielsen (Thai) Public Company Limited for the year ended 31 December 2007, as presentedherein for comparative purposes, were audited in accordance with generally accepted auditingstandards by another auditor of our firm, who, based on her audit and the report of otherauditors, expressed an unqualified opinion on those financial statements under her reportdated 26 February 2008.

I did not audit the financial statements of the joint venture as included in the consoli-dated financial statements, the total assets of which as included in the consolidated balancesheet as at 31 December 2008 amounted to approximately Baht 29 million or 0.9% of theconsolidated assets and its total revenue included in the consolidated income statement for theyear then ended amounted to approximately Baht 47 million or 0.9% of the consolidatedrevenue. The financial statements of the joint venture were audited by its auditor and I havealready received the audit report from that auditor. My opinion expressed on the 2008 financialstatements as presented herein, insofar as it related to the amounts included for the jointventure, is based solely upon the report of the other auditor.

[ Report ]of Independent Auditor

Page 60: Annual Report 2008

60 ÃÒ§ҹ»ÃШӻ� 2551 l ºÃÔÉÑ· ¤ÃÔÊàµÕ¹ÕáÅйÕÅàÊç¹ (ä·Â) ¨Ó¡Ñ´ (ÁËÒª¹)

I conducted my audit in accordance with generally accepted auditing standards. Thosestandard require that I plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement. An audit includes examin-ing, on a test basis, evidence supporting the amounts and disclosures in the financial state-ments. An audit also includes assessing the accounting principles used and significant esti-mates made by management, as well as evaluating the overall financial statement presentation.I believe that my audit provides a reasonable basis for my opinion.

In my opinion, based on my audit and the report of the other auditor, the financialstatements referred to above present fairly, in all material respects, the financial position ofChristiani & Nielsen (Thai) Public Company Limited, its subsidiaries and joint ventures and ofChristiani & Nielsen (Thai) Public Company Limited as at 31 December 2008, the results oftheir operations and cash flows for the year then ended in accordance with generally acceptedaccounting principles.

Kamontip LertwitworatepCertified Public Accountant (Thailand) No. 4377

Ernst & Young Office LimitedBangkok: 26 February 2009

[ Report of Independent Auditor ]

Page 61: Annual Report 2008

61Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

Christiani & Nielsen (Thai) Public Company Limited,its subsidiaries and joint ventures

[ Balance sheets ]As at 31 December 2008 and 2007

Note2551 2550

AssetsCurrent assetsCash and cash equivalents 6 357,600,704 195,961,439 335,697,098 131,617,396Construction contract debtors

Related party 7, 11 - 1 - 1 5,182,518 196,665 Unrelated parties - net 7 872,671,221 881,838,889 865,332,818 871,831,554Construction contract debtors - net 872,671,221 881,838,889 870,515,336 872,028,219Construction contracts in progress 906,086,732 861,496,699 902,758,177 866,851,271Inventories - net 2,199,763 9,894,851 1,882,445 1,647,943Other current assets

Withholding tax deducted at source 432,456,166 467,128,517 431,520,874 466,655,653Advances for construction 113,856,785 41,742,951 113,719,655 41,742,951Others 38,619,496 36,707,230 36,917,622 34,590,203

Total other current assets 584,932,447 545,578,698 582,158,151 542,988,807Total current assets 2,723,490,867 2,494,770,576 2,693,011,207 2,415,133,636Non-current assetsRestricted deposits 6 282,949,919 162,539,648 196,905,919 162,539,648Investments in subsidiaries - net 8 - 1 - 1 106,740,250 335,999,930Investments in joint ventures 9 - 1 - 1 1,800,000 1,800,000Investments in associate and

other companies - net 10 3,068,125 2,818,125 850,000 600,000Amounts due from and loans to

related parties - net 11 1,336,695 1,048,772 5,785,449 6,542,185Plant and equipment - net 12 181,779,138 196,394,819 181,728,024 196,394,818Net assets of discontinued operation units 14 17,986,383 327,361,645 - 1 - 1Other non-current assets

Investments in real estate - net 15 103,231,000 103,231,000 103,231,000 103,231,000Cash reserved for debt settlement 13 4,319,918 4,319,918 4,319,918 4,319,918Advance payment for land lease 20,000,000 9,012,339 20,000,000 9,012,339

Total other non-current assets 127,550,918 116,563,257 127,550,918 116,563,257Total non-current assets 614,671,178 806,726,266 621,360,560 820,439,838Total assets 3,338,162,045 3,301,496,842 3,314,371,767 3,235,573,474

Consolidatedfinancial statements

(Unit: Baht)

***The accompanying notes are an integral part of the financial statements.

2551 2550

Separatefinancial statements

Page 62: Annual Report 2008

62 ÃÒ§ҹ»ÃШӻ� 2551 l ºÃÔÉÑ· ¤ÃÔÊàµÕ¹ÕáÅйÕÅàÊç¹ (ä·Â) ¨Ó¡Ñ´ (ÁËÒª¹)

Note2551 2550

Consolidatedfinancial statements

(Unit: Baht)

2551 2550

Separatefinancial statements

***The accompanying notes are an integral part of the financial statements.

Christiani & Nielsen (Thai) Public Company Limited,its subsidiaries and joint ventures

Liabilities and shareholders' equityCurrent liabilitiesBank overdrafts and short-term bank loans 16 44,141,091 36,727,074 44,141,091 36,727,074Accounts payable and accrued 1,055,180,856 1,063,643,199 1,055,137,183 1,057,935,582

construction costsAdvances from customers 315,926,293 196,139,476 314,382,556 192,046,295Amounts due to and loans from other

companies 1,522,110 2,056,749 611,293 849,133Current portion of liabilities under hire-

purchase and finance lease agreements 17 7,687,914 10,120,829 7,687,914 10,120,829Short-term provisions

Estimated expenses for construction projects 452,528,000 536,625,000 452,528,000 536,625,000Estimated liabilities for guarantee obligations and other payables 13 69,087,338 69,087,338 69,087,338 69,087,338Provision for other expenses 66,168,111 66,168,111 66,168,111 66,168,111

Total short-term provisions 587,783,449 671,880,449 587,783,449 671,880,449Other current liabilities

Accrued expenses 11,939,186 8,573,827 11,487,538 8,211,153Others 76,523,820 60,805,740 73,862,357 57,865,811

Total other current liabilities 88,463,006 69,379,567 85,349,895 66,076,964Total current liabilities 2,100,704,719 2,049,947,343 2,095,093,381 2,035,636,326Non-current liabilitiesLiabilities under hire-purchase and finance

lease agreements - net of current portion 17 7,130,792 13,018,600 7,130,792 13,018,600Long-term provision - provision for

employees' benefits 219,294,507 220,334,697 219,294,507 220,334,697Total non-current liabilities 226,425,299 233,353,297 226,425,299 233,353,297Total liabilities 2,327,130,018 2,283,300,640 2,321,518,680 2,268,989,623Shareholders' equityShare capital 18 401,161,682 401,161,682 401,161,682 401,161,682Unrealised gain

Revaluation surplus on assets 8,214,107 8,998,006 8,214,107 8,998,006Translation adjustments (19,739,498) (48,225,440) - 1 - 1Retained earnings

Appropriated - statutory reserve 19 32,053,261 28,694,856 32,053,261 28,694,856Unappropriated 602,894,932 641,119,555 551,424,037 527,729,307

Equity attributable to the Company's shareholders 1,024,584,484 1,031,748,659 992,853,087 966,583,851Own shares held by the subsidiary 20 (13,552,457) (13,552,457) - -Total shareholders' equity 1,011,032,027 1,018,196,202 992,853,087 966,583,851Total liabilities and shareholders' equity 3,338,162,045 3,301,496,842 3,314,371,767 3,235,573,474

[ Balance sheets (continued) ]As at 31 December 2008 and 2007

Page 63: Annual Report 2008

63Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

Note2551 2550

Consolidatedfinancial statements

(Unit: Baht)

2551 2550

Separatefinancial statements

RevenuesConstruction income 5,011,931,009 6,301,809,160 5,000,332,015 6,296,898,949Reversal of allowance for impairment loss

of investments in real estate 15 - 1 9,141,000 - 1 9,141,000Other income

Write back of accounts payable 33,124,437 - 1 33,124,437 - 1Dividend income 8, 9, 10 4,278,172 14,217,000 270,352,790 2,000,000Interest income 5,271,971 5,757,149 4,929,820 5,097,171Gain on exchange 15,360,080 1,251,938 16,171,153 239,309Others 2,113,764 6,630,226 2,173,764 6,750,227

Total other income 60,148,424 27,856,313 326,751,964 14,086,707Total revenues 5,072,079,433 6,338,806,473 5,327,083,979 6,320,126,656ExpensesCosts of construction 4,731,804,010 6,047,007,922 4,722,195,582 6,042,905,855Administrative expenses 184,318,356 153,088,218 183,221,568 153,370,319Depreciation 12 44,362,227 42,727,229 44,362,227 42,727,229Doubtful debts 62,628,181 - 1 63,410,181 - 1Impairment loss of investment in subsidiary 8 - 1 - 1 238,300,000 - 1Total expenses 5,023,112,774 6,242,823,369 5,251,489,558 6,239,003,403Income before finance cost, results of

discontinued operation units andcorporate income tax 48,966,659 95,983,104 75,594,421 81,123,253

Finance cost (8,745,061) (3,508,173) (8,426,329) (3,469,937)Income before results of discountinued

operation units and corporate income tax 40,221,598 92,474,931 67,168,092 77,653,316Results of discontinued operation units (35,709,191) 24,944,963 - 1 - 1Income before corporate income tax 4,512,407 117,419,894 67,168,092 77,653,316Corporate income tax 22 (618,914) (240,772) - 1 - 1Net income for the year 3,893,493 117,179,122 67,168,092 77,653,316Net income attributable to

Equity holders of the parent 3,893,493 117,179,122 67,168,092 77,653,3163,893,493 117,179,122 67,168,092 77,653,316

Earnings per share 23Basic earnings per share

Net income attributable to equityholders of the parent 0.01 0.30 0.17 0.19

Weighted average number of ordinaryshares (shares) 387,609,225 387,609,225 401,161,682 401,161,682

***The accompanying notes are an integral part of the financial statements.

Christiani & Nielsen (Thai) Public Company Limited,its subsidiaries and joint ventures

[ Income statements ]For the years ended 31 December 2008 and 2007

Page 64: Annual Report 2008

64 ÃÒ§ҹ»ÃШӻ� 2551 l ºÃÔÉÑ· ¤ÃÔÊàµÕ¹ÕáÅйÕÅàÊç¹ (ä·Â) ¨Ó¡Ñ´ (ÁËÒª¹)

Christiani & Nielsen (Thai) Public Company Limited,its subsidiaries and joint ventures

***The accompanying notes are an integral part of the financial statements.

2551 2550Cash flows from operating activitiesNet income before tax 4,512,407 117,419,894 67,168,092 77,653,316Adjustments to reconcile net income before tax to net

cash provided by (used in) operating activities :-Depreciation 44,362,227 42,727,229 44,362,227 42,727,229Amortisation 4,618,486 4,580,065 4,372,914 4,580,065

Doubtful debts 62,628,181 - 1 63,410,181 1,650,000Impairment loss of plant and equipment (reversal) 5,200,000 (972,374) 5,200,000 (972,374)Reversal of allowance for impairment loss of investments in real estate - 1 (9,141,000) - 1 (9,141,000)Impairment loss of investment in subsidiary - 1 - 1 238,300,000 - 1Estimated expenses for construction projects (reversal) (84,097,000) 146,745,000 (84,097,000) 146,745,000Loss (gain) from disposals of plant and equipment 2,098,775 (14,442) 2,098,775 (14,442)Write back of accounts payable (33,124,437) - 1 (33,124,437) - 1Reversal of other current liabilities (806,952) - 1 (806,952) - 1Dividend income (4,278,172) (14,217,000) (270,352,790) (2,000,000)Interest expenses 8,030,165 2,898,221 8,030,165 2,898,202

Income from operating activities before changes inoperating assets and liabilities 9,143,680 290,025,593 44,561,175 264,125,996

Decrease (increase) in operating assets :-Construction contract debtors (52,999,737) (110,786,547) (60,654,522) (100,975,877)Construction contract in progress (44,590,033) 183,807,211 (35,906,906) 178,452,639Inventories 7,695,088 (8,410,326) (234,502) (163,418)Other current assets (78,363,684) (22,519,508) (78,396,137) (20,690,339)

Increase (decrease) in operating liabilities :-Accounts payable and accrued construction costs 26,543,449 41,827,855 32,207,393 36,163,912Deferred construction revenues - 1 (7,809,516) - 1 (7,809,516)Advances from customers 119,786,817 (78,469,135) 122,336,261 (82,562,316)Amounts due to and loans from other companies (534,639) 9,975 (237,840) 71,373Other current liabilities 19,938,919 18,888,780 20,128,411 18,749,429Provision for employees' benefits (1,040,190) 28,902,511 (1,040,190) 28,902,511

Cash from operating activities 5,579,670 335,466,893 42,763,143 314,264,394Cash paid for interest expenses (8,078,693) (2,897,718) (8,078,692) (2,897,698)Cash paid for corporate income tax (142,470,046) (176,433,976) (141,388,704) (176,994,274)Refund of withholding tax deducted at source 176,523,483 1,016,050 176,523,483 - 1

Net cash from operating activities 31,554,414 157,151,249 69,819,230 134,372,422

§º¡ÒÃà§Ô¹ÃÇÁ2551 2550§º¡ÒÃà§Ô¹à©¾ÒÐ¡Ô ¡ÒÃ

(˹�Ç : ºÒ·)

[ Statements of cash flows ]For the years ended 31 December 2008 and 2007

Page 65: Annual Report 2008

65Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

Christiani & Nielsen (Thai) Public Company Limited,its subsidiaries and joint ventures

***The accompanying notes are an integral part of the financial statements.

2551 2550Cash flows from investing activitiesIncrease in restricted deposits (120,410,271) (22,953,110) (34,366,271) (22,953,110)Increase in amounts due from and loans to related parties (287,923) (1,048,772) (25,264) (4,484,353)Increase in investment in subsidiaries - 1 - 1 (9,040,320) - 1Increase in investments in other companies (250,000) (500,000) (250,000) (2,300,000)Purchases of plant and equipment (38,990,987) (56,910,843) (38,939,873) (56,910,843)Proceeds from disposals of plant and equipment 1,651,872 3,640,570 1,651,872 3,640,570Decrease (increase) in net assets of discontinued

operation units 309,375,262 (20,621,400) - 1 - 1Increase in advance payment for land lease (12,000,000) (7,965,633) (12,000,000) (7,965,633)Dividend received 4,278,172 14,217,000 270,352,790 2,000,000Net cash from (used in) investing activities 143,366,125 (92,142,188) 177,382,934 (88,973,369)Cash flows from financing activitiesIncrease in bank overdrafts and short-term bank loans 7,414,017 29,591,623 7,414,017 29,591,623Cash paid for liabilities under finance lease agreements (10,421,522) (11,338,687) (10,421,522) (11,338,687)Dividend paid (38,759,711) (19,379,852) (40,114,957) (20,057,475)Net cash used in financing activities (41,767,216) (1,126,916) (43,122,462) (1,804,539)

133,153,323 63,882,145 204,079,702 43,594,514Translation adjustments 28,485,942 (21,694,671) - 1 - 1Net increase in cash and cash equivalents 161,639,265 42,187,474 204,079,702 43,594,514Cash and cash equivalents at beginning of year 195,961,439 153,773,965 131,617,396 88,022,882Cash and cash equivalents at end of year (Note 6) 357,600,704 195,961,439 335,697,098 131,617,396

Supplemental disclosure of cash flows informationNon-cash related transactions

Assets acquired under finance lease agreements 490,105 6,965,003 490,105 6,965,003Revaluation of assets - 1 9,668,077 - 1 9,668,077Depreciation of the revalued portion of assets 783,899 670,071 783,899 670,071

§º¡ÒÃà§Ô¹ÃÇÁ2551 2550§º¡ÒÃà§Ô¹à©¾ÒÐ¡Ô ¡ÒÃ

(˹�Ç : ºÒ·)

[ Statements of cash flows (continued) ]For the years ended 31 December 2008 and 2007

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Revaluationsurplus on

assetsAppropriated -

statutory reserve

Retained earningsTotalTranslation

adjustments

Equity attributable to the Company's shareholders

NoteIssued and

paid upshare capital

Total equityattributable tothe Company'sshareholdersUnappropriated

Own sharesheld by

the subsidiary

Christiani & Nielsen (Thai) Public Company Limited, its subsidiaries and joint ventures

Balance as at 31 December 2006 401,161,682 - 1 (26,530,769) 24,812,190 547,202,951 946,646,054 (13,552,457) 933,093,597Income and expenses recognised

directly in equity:Gain from revaluation of assets - 1 9,668,077 - 1 - 1 - 1 9,668,077 - 1 9,668,077Amortisation of gain from revaluation of

assets for the year - 1 (670,071) - 1 - 1 - 1 (670,071) - 1 (670,071)Translation adjustments - 1 - 1 (21,694,671) - 1 - 1 (21,694,671) - 1 (21,694,671)Net income and expenses recognised

directly in equity - 1 8,998,006 (21,694,671) - 1 - 1 (12,696,665) - 1 (12,696,665)Net income for the year - 1 - 1 - 1 - 1 117,179,122 117,179,122 - 1 117,179,122Total income and expenses for the year - 1 8,998,006 (21,694,671) - 1 117,179,122 104,482,457 - 1 104,482,457Dividend paid 24 - 1 - 1 - 1 - 1 (19,379,852) (19,379,852) - 1 (19,379,852)Unappropriated retained earnings - 1 - 1 - 1 3,882,666 (3,882,666) - 1 - 1 - 1

transferred to statutory reserveBalance as at 31 December 2007 401,161,682 8,998,006 (48,225,440) 28,694,856 641,119,555 1,031,748,659 (13,552,457) 1,018,196,202

***The accompanying notes are an integral part of the financial statements.

(Unit: Baht)Consolidated financial statements

[Statements of changes in shareholders' equity ]For the years ended 31 December 2008 and 2007

Page 67: Annual Report 2008

67Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

Revaluationsurplus on

assetsAppropriated -

statutory reserve

Retained earningsTotalTranslation

adjustments

Equity attributable to the Company's shareholders

NoteIssued and

paid upshare capital

Total equityattributable tothe Company'sshareholdersUnappropriated

Own sharesheld by

the subsidiary

Christiani & Nielsen (Thai) Public Company Limited, its subsidiaries and joint ventures

Balance as at 31 December 2007 401,161,682 8,998,006 (48,225,440) 28,694,856 641,119,555 1,031,748,659 (13,552,457) 1,018,196,202Income and expenses recognised

directly in equity:Amortisation of gain from revaluation of

assets for the year - 1 (783,899) - 1 - 1 - 1 (783,899) - 1 (783,899)Translation adjustments - 1 - 1 28,485,942 - 1 - 1 28,485,942 - 1 28,485,942Net income and expenses recognised

directly in equity - 1 (783,899) 28,485,942 - 1 - 1 27,702,043 - 1 27,702,043Net income for the year - 1 - 1 - 1 - 1 3,893,493 3,893,493 - 1 3,893,493Total income and expenses for the year - 1 (783,899) 28,485,942 - 1 3,893,493 31,595,536 - 1 31,595,536Dividend paid 24 - 1 - 1 - 1 - 1 (38,759,711) (38,759,711) - 1 (38,759,711)Unappropriated retained earnings

transferred to statutory reserve - 1 - 1 - 1 3,358,405 (3,358,405) - 1 - 1 - 1Balance as at 31 December 2008 401,161,682 8,214,107 (19,739,498) 32,053,261 602,894,932 1,024,584,484 (13,552,457) 1,011,032,027

***The accompanying notes are an integral part of the financial statements.

(Unit: Baht)Consolidated financial statements

[Statements of changes in shareholders' equity (continued) ]For the years ended 31 December 2008 and 2007

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***The accompanying notes are an integral part of the financial statements.

Christiani & Nielsen (Thai) Public Company Limited, its subsidiaries and joint ventures

Balance as at 31 December 2006 401,161,682 - 1 24,812,190 474,016,132 899,990,004Income and expenses recognised directly in equity :Gain from revaluation of assets - 1 9,668,077 - 1 - 1 9,668,077Amortisation of gain from revaluation of assets for the year - 1 (670,071) - 1 - 1 (670,071)Net income and expenses recognised directly in equity - 1 8,998,006 - 1 - 1 8,998,006Net income for the year - 1 - 1 - 1 77,653,316 77,653,316Total income and expenses for the year - 1 8,998,006 - 1 77,653,316 86,651,322Dividend paid 24 - 1 - 1 - 1 (20,057,475) (20,057,475)Unappropriated retained earnings transferred to statutory reserve - 1 - 1 3,882,666 (3,882,666) - 1Balance as at 31 December 2007 401,161,682 8,998,006 28,694,856 527,729,307 966,583,851

Revaluationsurplus on

assetsAppropriated -

statutory reserve Unappropriated

Retained earningsTotal

(Unit: Baht)Separate financial statements

NoteIssued and

paid upshare capital

Balance as at 31 December 2007 401,161,682 8,998,006 28,694,856 527,729,307 966,583,851Income and expenses recognised directly in equity :Amortisation of gain from revaluation of assets for the year - 1 (783,899) - 1 - 1 (783,899)Net income and expenses recognised directly in equity - 1 (783,899) - 1 - 1 (783,899)Net income for the year - 1 - 1 - 1 67,168,092 67,168,092Total income and expenses for the year - 1 (783,899) - 1 67,168,092 66,384,193Dividend paid 24 - 1 - 1 - 1 (40,114,957) (40,114,957)Unappropriated retained earnings transferred to statutory reserve - 1 - 1 3,358,405 (3,358,405) - 1Balance as at 31 December 2008 401,161,682 8,214,107 32,053,261 551,424,037 992,853,087

[Statements of changes in shareholders' equity (continued) ]For the years ended 31 December 2008 and 2007

Page 69: Annual Report 2008

69Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

1. General information1.1 Corporate information

Christiani & Nielsen (Thai) Public Company Limited ("the Company") is a limitedcompany incorporated under Thai laws and domiciled in Thailand and was transformed to be apublic company under the Public Limited Companies Act on 26 November 1992. Its parentcompany is CPB Equity Company Limited, a company also incorporated in Thailand. TheCompany operates in Thailand and is principally engaged in the construction business. Itsregistered address and head office is at No. 451, La Salle Road (Sukhumvit 105), KwaengBangna, Khet Bangna, Bangkok.

The Company has various local and overseas subsidiary companies and jointventures as detailed in Note 2.2.

1.2 Economic crisisThe financial crisis experienced by the United States of America over the past year

has had far reaching adverse effect on the global economy as evidenced by sharp falls in shareprices worldwide, tight squeeze on credit including interbank lending, failures of large financialinstitutions and reduced consumer confidence. The crisis has affected substantially businessand financial plans of Thailand enterprises and asset value. Despite efforts made by govern-ments of many countries to contain the crisis, it remains uncertain as to when the globaleconomy will return to its normalcy. These financial statements have been prepared on thebases of facts currently known to the Company, and on estimates and assumptions currentlyconsidered appropriate. However, they could be adversely affected by an array of future events.

1.3 Discontinued operation informationAs part of the Company's rehabilitation plan approved by the Stock Exchange of

Thailand on 19 November 1996, the Company has discontinued the operations of certain units.The net assets/liabilities and operating results of the discontinued operation units have beenseparately shown in the consolidated balance sheets and income statements as at and for theyears ended 31 December 2008 and 2007.

[ Notes to consolidated financial statements ]For the years ended 31 December 2008 and 2007

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[ Notes to consolidated financial statements ]

2. Basis of preparation2.1 The financial statements have been prepared in accordance with accounting

standards enunciated under the Accounting Profession Act B.E. 2547 and their presentationhas been made in compliance with the stipulations of the Notification of the Department ofBusiness Development dated 14 September 2001, issued under the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financialstatements of the Company. The financial statements in English language have been translatedfrom such financial statements in Thai language.

The financial statements have been prepared on a historical cost basis exceptwhere otherwise disclosed in the accounting policies.

2.2 Basis of consolidationa) The consolidated financial statements incorporate the financial statements of

Christiani & Nielsen (Thai) Public Company Limited (the "Company"), its subsidiary companies(the "subsidiaries"), and the joint ventures as follows:

CurrencyPercentage of

shareholding by the group

***The accompanying notes are an integral part of the financial statements.

2007

Paid-up share capital

2008(Unit: Thousand)

Country ofincorporation

Construction businessHeld by the CompanyChristiani & Nielsen Construction (Thai) Thailand Baht 1,000 1,000 100.0 100.0

Company LimitedNWR, ITD, CNT & AS Joint Venture Thailand Baht 8,000 8,000 25.0 25.0PAN ASIA - CNT Joint Venture Thailand Baht 4,000 4,000 45.0 45.0Holding companiesHeld by the CompanyCNT Holdings Limited Thailand Baht 2,600,000 2,600,000 100.0 100.0Held by the Company and

through the subsidiaryIndochina Investments Ltd. Bermuda

Islands USD 120 12 100.0 100.0Harmony Property Group Ltd. British Virgin

Islands USD 200 50 100.0 100.0Property DevelopmentHeld through the subsidiaryCN Place Silom Development Ltd. Thailand Baht 69,063 69,063 100.0 100.0Plan AdministratorHeld by the CompanyCN Advisory Company Limited Thailand Baht 1,000 1,000 100.0 100.0

2008Percent

2007Percent

Page 71: Annual Report 2008

71Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

The subsidiaries are those companies in which the Group holds both directlyand indirectly the voting rights and has effective control of their activities.

In situations where a decision has been made to close down or dispose of aninvestment in a subsidiary operation, provision has been made for all necessary closure costs.

Since 2002, the Company entered into a joint venture agreement with NawaratPatanakarn Public Company Limited, Italian Thai Development Public Company Limited andA.S. Associate Engineering (1964) Company Limited, forming a joint venture namely "NWR,ITD, CNT & AS Joint Venture", to construct the Waste Water Treatment System Phase IV inBangkok for the Bangkok Metropolitan Administration. Each party has 25% interest in thisjoint venture.

During the year 2007, the Company entered into a joint venture agreement withPan Asia Engineering & Construction (Thailand) Co., Ltd., forming a joint venture namely "PANASIA - CNT Joint Venture" to construct the civil work of HMC PDH petrochemical plant. TheCompany has invested in 45% interest in this joint venture.

The consolidated financial statements as at 31 December 2008 and 2007 andfor the years then ended had therefore included the proportion of the assets, liabilities, rev-enues and expenses of those joint ventures.

b) Subsidiaries are fully consolidated as from the date of acquisition, being the dateon which the Company obtains control, and continue to be consolidated until the effective datewhen such control ceases.

c) The financial statements of the subsidiaries and the joint ventures are preparedfor the same reporting period as the parent company, using consistent significant accountingpolicies.

d) The financial statements of overseas subsidiaries are translated into Thai Baht atthe average exchange rate ruling on the balance sheet date as to assets and liabilities and at theaverage exchange rate for the year as to revenues and expenses. The resultant differences areshown under the caption of "Translation adjustments" in the shareholders' equity.

e) Material balances and transactions and investments in the subsidiaries and thejoint ventures in the Company's accounts, the subsidiaries' share capital and capital of the jointventures are eliminated from the consolidated financial statements.

f) The financial statements of the overseas subsidiaries for the years ended 31December 2008 and 2007 included in the consolidated financial statements were prepared bythe management of those subsidiaries and have not been audited by their auditors. Theiraggregate assets were approximately Baht 29 million and Baht 377 million or 1% and 11% ofthe consolidated assets as at 31 December 2008 and 2007 respectively and their aggregatedrevenues were approximately Baht 1 million and Baht 1.2 million or 0.02% and 0.02% of theconsolidated revenues for the years then ended respectively.

[ Notes to consolidated financial statements ]

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2.3 The separate financial statements, which present investments in subsidiaries andjoint ventures under the cost method, have been prepared solely for the benefit of the public.

3. Adoption of new accounting standards3.1 Accounting standards which are effective for the current year

The Federation of Accounting Professions has issued Notification No. 9/2550, 38/2550 and 62/2550 mandating the use of the following new accounting standards.

TAS 25 (revised 2007) Cash Flow StatementsTAS 29 (revised 2007) LeasesTAS 31 (revised 2007) InventoriesTAS 33 (revised 2007) Borrowing CostsTAS 35 (revised 2007) Presentation of Financial StatementsTAS 39 (revised 2007) Accounting Policies, Changes in Accounting Estimates and

ErrorsTAS 41 (revised 2007) Interim Financial ReportingTAS 43 (revised 2007) Business CombinationsTAS 49 (revised 2007) Construction ContractsTAS 51 Intangible AssetsThese accounting standards became effective for the financial statements for fiscal

years beginning on or after 1 January 2008. The management has assessed the effect of thesestandards and believes that TAS 33 and TAS 43 are not relevant to the business of theCompany, while the other standards do not have any significant impact on the financial state-ments for the current year.

3.2 Accounting standards which are not effective for the current yearThe Federation of Accounting Professions has also issued Notification No. 86/2551

mandating the use of the following new accounting standards.TAS 36 (revised 2007) Impairment of AssetsTAS 54 (revised 2007) Non-current Assets Held for Sale and Discontinued OperationsThese accounting standards will become effective for the financial statements for

fiscal years beginning on or after 1 January 2009. The management has assessed the effect ofthese standards and believes that they will not have any significant impact on the financialstatements for the year in which they are initially applied.

[ Notes to consolidated financial statements ]

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73Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

4. Significant accounting policies4.1 Revenue recognition

Construction incomeRevenues from construction contracts, excluding value added tax, are recognised

on the percentage-of-completion method based on the assessment of the project management.Provision for the total anticipated loss on construction projects will be made in the accounts assoon as the possibility of loss is ascertained.

Interest incomeInterest income is recognised on an accrual basis based on the effective interest rate.DividendsDividends are recognised when the right to receive the dividends is established.

4.2 Cash and cash equivalentsCash and cash equivalents include cash and deposits at banks and finance

companies, and all highly liquid investments with an original maturity of 3 months or less andnot subject to withdrawal restrictions.

4.3 Construction contract debtors and allowance for doubtful accountsConstruction contract debtors are stated at the net realisable value. Allowance for

doubtful accounts is provided for the estimated losses that may be incurred in collection ofreceivables. The allowance is generally based on collection experience and analysis of debt aging.

4.4 Construction contracts in progress and deferred constructionrevenues

The costs of construction contracts comprise the costs of materials, labour, sub-contractors' charges, other services and overheads.

Contracts of which construction cost plus attributable profit exceeds amounts billedare shown as "Construction contracts in progress" under current assets in the balance sheets.Contracts of which amounts billed exceed construction cost plus attributable profit are shownas "Deferred construction revenues" under current liabilities in the balance sheets.

4.5 InventoriesInventories, which comprise construction materials and spare parts, are valued at

the lower of cost (average method) and net realisable value.Allowance for diminution in inventory value is made for deteriorated inventories.

4.6 InvestmentsInvestments in subsidiaries and joint ventures are accounted for in the separate

financial statements under the cost method.

[ Notes to consolidated financial statements ]

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Investments in associate is accounted for under the cost method. The manage-ment believes that equity interest in the associate is immaterial to the Group and the Company.

Investments in other companies are stated at cost. Allowance for impairment losswill be made when the net realisable value is lower than the cost of investments.

4.7 Plant and equipmentPlant and equipment are stated at cost or revalued amount less accumulated

depreciation and allowance for impairment loss.All items of plant and equipment are initially recorded at cost on acquisition dates.

Buildings are subsequently revalued, by independent professional valuer, to their fair value.Revaluations are made with sufficient regularity to ensure that their carrying amount does notdiffer materially from their fair value at the balance sheet date.

Differences arising from the revaluation are dealt with in the financial statements asfollows:

- When an asset's carrying amount is increased as a result of a revaluation of theCompany's assets, the increase is credited directly to equity under the heading of "Revaluationsurplus on assets". However, a revaluation increase will be recognised as income to the extentthat it reverses a revaluation decrease of the same asset previously recognised as an expense.

- When an asset's carrying amount is decreased as a result of a revaluation ofthe Company's assets, the decrease is recognised as an expense in the income statement.However, a revaluation decrease is to be charged directly against the related "Revaluationsurplus on assets" to the extent that the decrease does not exceed the amount held in the"Revaluation surplus on assets" in respect of those same assets. Any excess amount is to berecognised as an expense in the income statement.

4.8 DepreciationDepreciation of plant and equipment is calculated by reference to their costs or the

revalued amounts on the straight-line basis over the following estimated useful lives:Building on leasehold land - period of leaseConstruction machinery and equipment - 3 - 10 yearsFurniture, fixtures and equipment - 3 - 6 yearsMotor vehicles - 3 - 6 yearsDepreciation of revaluation of buildings is calculated on the straight-line basis over

the remaining lease period.The depreciation is dealt with in the financial statements as follows:- Depreciation attributed to the original cost portion is included in determining income.- Depreciation attributed to the surplus portion is deducted against revaluation

surplus in the shareholders' equity.

[ Notes to consolidated financial statements ]

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75Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

4.9 Investments in real estateInvestments in real estate are stated at cost. If the fair value of the real estate

declines to significantly less than its cost, the investments in real estate are stated at cost netallowance for impairment loss.

4.10 Related party transactionsRelated parties comprise enterprises and individuals that control, or are controlled

by, the Company, whether directly or indirectly, or which are under common control with theCompany.

They also include associated companies and individuals which directly or indirectlyown a voting interest in the Company that gives them significant influence over the Company,key management personnel, directors and officers with authority in the planning and directionof the Company's operations.

4.11 Long-term leasesLeases of equipment which transfer substantially all the risks and rewards of

ownership are classified as finance leases. Finance leases are capitalised at the lower of the fairvalue of the leased assets and the present value of the minimum lease payments. Theoutstanding rental obligations, net of finance charges, are included in other long-term payables,while the interest element is charged to the income statements over the lease period. The assetacquired under finance leases is depreciated over the shorter of the useful life of the asset andthe lease period.

Leases of equipment which all the risks and rewards of ownership remain with theleasing company are accounted for as operating leases. Rentals applicable to such operatingleases are charged to the income statement on a straight-line basis over the lease period.

4.12 Provident fund and employees' benefitsThe Company has a provident fund scheme to provide benefits to employees upon

retirement or resignation. The scheme's assets are managed by separate trustee administeredfund. In addition, the Company has other welfares to its employees including retirement,resignation and termination, in which provision has been made based on the estimation of themanagement.

Salaries, wages, bonuses and contributions to the social security fund and provi-dent fund are recognised as expenses when incurred.

4.13 Foreign currenciesTransactions in foreign currencies are translated into Baht at the exchange rate

ruling at the date of the transaction. Monetary assets and liabilities denominated in foreigncurrencies are translated into Baht at the exchange rate ruling at the balance sheet date.

Gains and losses on exchange are included in determining income.

[ Notes to consolidated financial statements ]

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4.14 Impairment of assetsAt each reporting date, the Company performs impairment reviews in respect of the

plant and equipment whenever events or changes in circumstances indicate that an asset maybe impaired. An impairment loss is recognised when the recoverable amount of an asset, whichis the higher of the asset's fair value less costs to sell and its value in use, is less than thecarrying amount. In determining value in use, the estimated future cash flows are discounted totheir present value using a pre-tax discount rate that reflects current market assessments of thetime value of money and the risks specific to the asset. In determining fair value less costs tosell, an appropriate valuation model is used. These calculations are corroborated by a valuationmodel that, based on information available, reflects the amount that the Company could obtainfrom the disposal of the asset in an arm's length transaction between knowledgeable, willingparties, after deducting the costs of disposal.

An impairment loss is recognised in the income statement. However in cases where plantwas previously revalued and the revaluation was taken to equity, a part of such impairment isrecognised in equity up to the amount of the previous revaluation.

4.15 ProvisionsProvisions are recognised when the Company has a present obligation as a result

of a past event, it is probable that an outflow of resources embodying economic benefits will berequired to settle the obligation, and a reliable estimate can be made of the amount of theobligation.

4.16 Income TaxIncome tax is provided in the accounts based on taxable profits determined in

accordance with tax legislation.

5. Significant accounting judgments and estimatesThe preparation of financial statements in conformity with generally accepted

accounting principles at times requires management to make subjective judgments andestimates regarding matters that are inherently uncertain. These judgments and estimates affectreported amounts and disclosures and actual results could differ. Significant judgments andestimates are as follows:

[ Notes to consolidated financial statements ]

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77Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

5.1 LeasesIn determining whether a lease is to be classified as an operating lease or finance

lease, the management is required to use judgment regarding whether significant risk andrewards of ownership of the leased asset has been transferred, taking into consideration termsand conditions of the arrangement.

5.2 Allowance for doubtful accountsIn determining an allowance for doubtful accounts, the management needs to make

judgment and estimates based upon, among other things, past collection history, aging profileof outstanding debts and the prevailing economic condition.

5.3 Impairment of investmentsThe Company treats other investments as impaired when the management judges

that there has been a significant or prolonged decline in the fair value below their cost or whereother objective evidence of impairment exists. The determination of what is "significant" or"prolonged" requires judgment.

5.4 Plant and equipment and depreciationIn determining depreciation of plant and equipment, the management is required to

make estimates of the useful lives and salvage values of the Company's plant and equipmentand to review estimate useful lives and salvage values when there are any changes.

The Company measures buildings at revalued amounts. Such amounts are deter-mined by the independent valuer using the market approach. The valuation involves certainassumptions and estimates.

In addition, the management is required to review plant and equipment for impair-ment on a periodical basis and record impairment losses in the period when it is determinedthat their recoverable amount is lower than the carrying amount. This requires judgmentsregarding forecast of future revenues and expenses relating to the assets subject to the review.

5.5 Post-retirement benefitsIn determining post-retirement benefit costs, the management is required to make

estimates. Inherent within these estimates are assumptions as to the length of employeesservices and average remuneration of the employees, among others.

5.6 LitigationThe Company has contingent liabilities as a result of litigation. The Company's

management has used judgment to assess of the results of the litigation and believes thatprovisions as recorded as at the balance sheet date is adequate.

[ Notes to consolidated financial statements ]

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2551 2550

Consolidatedfinancial statements

2551

Separatefinancial statements

(Unit: Baht)

2550

6. Cash and cash equivalents/Restricted depositsCash and cash equivalents as at 31 December 2008 and 2007 as reflected in the

statements of cash flows consist of the following:

As at 31 December 2008, the Company and its subsidiaries had pledged their bankdeposits of approximately Baht 282.9 million (2007: Baht 162.5 million) with banks to securethe bank overdrafts and the letters of guarantees issued by the banks on behalf of the Group(the Company only: Baht 196.9 million (2007: Baht 162.5 million)).

7. Construction contract debtorsThe balance included amounts receivable from several construction projects of

which the developers have experienced financial difficulties and delayed payments for theconstruction services provided and some of these projects have been subject to legal actionstaken by the Company.

The balance of construction contract debtors as at 31 December 2008 and 2007aged on the basis of due dates are summarised below.

Cash and deposits at banks 206,997,299 271,874,767 190,693,693 208,530,724Fixed deposits at banks 427,953,324 85,626,320 341,909,324 85,626,320Deposits at finance companies 5,600,000 1,000,000 - 1 - 1Total 640,550,623 358,501,087 532,603,017 294,157,044Less: Restricted deposits (282,949,919) (162,539,648) (196,905,919) (162,539,648)Cash and cash equivalents 357,600,704 195,961,439 335,697,098 131,617,396

[ Notes to consolidated financial statements ]

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79Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

2551 2550

Consolidatedfinancial statements

2551

Separatefinancial statements

(Unit: Baht)

2550

The Company has transferred the calling right for the collections from theconstruction contract debtors of certain projects to a bank to secure the credit facilities ofthe Company granted by that bank.

Age of receivablesRelated partyPast due

Not over 3 months - 1 - 1 3,210,019 - 1Total - 1 - 1 3,210,019 - 1Retention payment under construction contracts - 1 - 1 1,972,499 196,665Construction contract debtors - related party - 1 - 1 5,182,518 196,665

Unrelated partiesNot yet due 309,309,675 311,100,847 306,609,142 301,938,568Past due

Not over 3 months 122,028,597 167,146,553 122,028,597 167,146,5533 - 6 months 94,204,479 18,057,126 94,204,479 18,057,1266 - 12 months 32,922,598 24,184,296 32,922,598 24,184,296Over 12 months 93,918,602 82,726,244 93,918,602 82,726,244

Total 652,383,951 603,215,066 649,683,418 594,052,787Retention payment under construction contracts 387,452,734 386,546,494 382,814,864 385,701,438Total 1,039,836,685 989,761,560 1,032,498,282 979,754,225Less: Allowance for doubtful accounts (167,165,464) (107,922,671) (167,165,464) (107,922,671)Construction contract debtors - unrelated parties 872,671,221 881,838,889 865,332,818 871,831,554

Construction contract debtors - net 872,671,221 881,838,889 870,515,336 872,028,219

[ Notes to consolidated financial statements ]

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(ä·Â)¨Ó¡Ñ´(ÁËÒª¹)

8.Investments in subsidiariesDetail of investments in subsidiaries as presented in the separate financial state-

ments are as follows:

2008Percent

2007Percent

Shareholdingpercentage

(Unit: Baht)Separate financial statements

2008 2007

Investment value undercost method

2008 2007

Allowance for impairmentof investments

2008 2007

Carrying amounts basedon cost method - net

2008 2007

Dividend receivedduring for year

Construction businessChristiani & Nielsen Construction (Thai)

Company Limited 100.0 100.0 1,000,000 1,000,000 (1,000,000) (1,000,000) - 1 - 1 - 1 - 1Holding companiesCNT Holdings Limited 100.0 100.0 2,599,999,930 2,599,999,930 (2,503,300,000) (2,265,000,000) 96,699,930 334,999,930 - 1 - 1Indochina Investments Ltd. 90.0 - 1 3,784,320 - 1 - 1 - 1 3,784,320 - 1 39,970,022 - 1Harmony Property Group Ltd. 75.0 - 1 5,256,000 - 1 - 1 - 1 5,256,000 - 1 230,382,768 - 1Plan administratorCN Advisory Company Limited 100.0 100.0 1,000,000 1,000,000 - 1 - 1 1,000,000 1,000,000 - 1 - 1Total investments in subsidiaries 2,611,040,250 2,601,999,930 (2,504,300,000) (2,266,000,000) 106,740,250 335,999,930 270,352,790 - 1

[Notes to consolidated financial statements ]

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81Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

In November 2008, the Company invested in Harmony Property Group Limitedand Indochina Investments Limited, foreign subsidiaries (held by CNT Holdings Limited, asubsidiary of the Company) of USD 150,000 and USD 108,000, respectively, as a result of theincrease in registered capital of those two companies.

During 2008, the Company had set additional allowance for impairment loss ofinvestment in CNT Holdings Limited of Baht 238 million, which was separately shown in theseparate income statements.

The Company has pledged the shares of Christiani & Nielsen Construction (Thai)Company Limited and CNT Holdings Limited with a bank to secure the credit facilities of theCompany granted by that bank.

9. Investments in joint ventures9.1 Detail of investments in joint ventures

Investments in joint ventures represent investments in entities which are jointlycontrolled by the Company and other companies. Details of these investments are as follows:

Since 2002, the Company had invested Baht 2 million, representing 25% interest ofNWR, ITD, CNT & AS Joint Venture, and had received its return from investment during the year2007. The joint venture is in the liquidation process.

[ Notes to consolidated financial statements ]

2008 2007

Investment value undercost method

2008

Dividend received for theyear ended 31 December

(Unit: Baht)

20072008Percent

2007Percent

ShareholdingpercentageJointly controlled entities

Separate financial statements

Construction businessNWR, ITD, CNT & AS Joint Venture 25.0 25.0 - 1 - 1 - 1 2,000,000PAN ASIA - CNT Joint Venture 45.0 45.0 1,800,000 1,800,000 - 1 - 1Total investments in joint ventures 1,800,000 1,800,000 - 1 2,000,000

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9.2 Summarised financial information of joint venturesa) NWR, ITD, CNT & AS Joint Venture

The Company's proportionate shares of the assets of NWR, ITD, CNT & ASJoint Venture according to proportion under joint venture agreement are as follows:

Current assets 1 1Net assets 1 1

2008As at 31 December

(Unit: Million Baht)

2007

b) PAN ASIA - CNT Joint VentureThe Company's proportionate shares of the assets, liabilities, revenue, and

expenses of PAN ASIA - CNT Joint Venture according to proportion under joint ventureagreement are as follows:

[ Notes to consolidated financial statements ]

Current assets 32 31Current liabilities (28) (29)Net assets 4 2

Construction income 47 19Cost of construction (43) (17)Administrative expenses (2) (1)Income before corporate 2 1 income taxCorporate income tax (1) -Net income 1 1

2008As at 31 December

(Unit: Million Baht)

2007

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83Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

10.Investments in associate and other companiesInvestments in associate and other companies consist of investments in the ordi-

nary shares of the following companies:

2008Percent

Shareholdingpercentage

2007Percent 2008 2007 2008 2007

Investment in associateInternational Machinery Supplies Co., Ltd. 31.94 31.94 7,500,000 7,500,000 - -Total 7,500,000 7,500,000 - -Less: Allowance for impairment of investment (7,500,000) (7,500,000) - -Investment in associate - net - - - -Investments in other companiesSaturn Inc. 13.11 13.11 2,218,125 2,218,125 - -Phuket Land Development Co., Ltd. 15.00 15.00 3,000,000 3,000,000 - -Thai Worldwide Contractors Co., Ltd. 2.94 2.94 100,000 100,000 100,000 100,000Thai Contractors Asset Co., Ltd. 0.20 0.20 750,000 500,000 750,000 500,000Total 6,068,125 5,818,125 850,000 600,000Less: Allowance for impairment of investment (3,000,000) (3,000,000) - -Investments in other companies - net 3,068,125 2,818,125 850,000 600,000Total investments in associate and 3,068,125 2,818,125 850,000 600,000 other companies - net

Consolidatedfinancial statements

Separatefinancial statements

(Unit: Baht)

During 2008, CNT Holdings Limited received a dividend of approximately Baht 4million (2007: Baht 14 million) from Saturn Inc., which was shown in the consolidated incomestatements.

According to the unaudited financial statements of Saturn Inc., the net worth attrib-utable to the subsidiary's investment as at 31 December 2008 was approximately Baht 2million (2007: Baht 5 million, audited).

[ Notes to consolidated financial statements ]

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2008

Consolidatedfinancial

statements2007 2008 2007

Transactions with the subsidiariesRental and service income - 1 - 1 0.1 0.1 Based on the prices agreed

between the parties, whichapproximate the market prices

Interest income - 1 - 1 0.8 0.8 Interest rate at MOR plus0.25% per annum

Dividend income - 1 - 1 270.4 - 1 At the declared rate

Transactions with the joint venturesService income - 1 4.4 35.3 18.2 Cost plus marginOperating cost reimbursement 0.5 2.5 2.9 3.5 Cost plus marginInterest income - 1 - 1 0.1 - 1 Interest rate at 3.75% per annumDividend income - 1 - 1 - 1 2.0 At the declared rate

Transfer pricing andlending policy

(Unit: Million Baht)Separatefinancial

statements

As at 31 December 2008 and 2007, the balances of the accounts between theCompany and those related parties are as follows:

11.Related party transactionsDuring the years, the Company, its subsidiaries and joint ventures had significant

business transactions with related parties. Such transactions, which are summarised below,arose in the ordinary course of business and were concluded on commercial terms and basesagreed upon between the Company and those related parties.

[ Notes to consolidated financial statements ]

2008 2007Construction contract debtors - related partyJoint venturePAN ASIA - CNT Joint Venture - 1 - 1 5,182,518 196,665Total construction contract debtors - related party - 1 - 1 5,182,518 196,665

Consolidated financialstatements

2008

Separate financialstatements

(Unit: Baht)

2007

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85Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

2008 2007

Consolidated financialstatements

2008

Separate financialstatements

(Unit: Baht)

2007Amounts due from and loans to related partiesAmounts due from the subsidiaries and joint ventureCNT Holdings Limited - 1 - 1 890 - 1Christiani & Nielsen Construction (Thai) Company Limited - 1 - 1 20,932,551 20,152,573CN Advisory Company Limited - 1 - 1 16,050 32,100PAN ASIA - CNT Joint Venture 1,336,695 1,048,772 3,067,958 3,807,512Total 1,336,695 1,048,772 24,017,449 23,992,185Less: Allowance for doubtful accounts - 1 - 1 (20,932,000) (20,150,000)Total amounts due from the subsidiaries 1,336,695 1,048,772 3,085,449 3,842,185

and joint venture - net

Loans to subsidiary and joint ventureChristiani & Nielsen Construction (Thai) Company Limited - 1 - 1 10,300,000 10,300,000PAN ASIA - CNT Joint Venture - 1 - 1 2,700,000 2,700,000Total - 1 - 1 13,000,000 13,000,000Less: Allowance for doubtful accounts - 1 - 1 (10,300,000) (10,300,000)Total loans to subsidiary and joint venture - net - 1 - 1 2,700,000 2,700,000Total amounts due from and loans to 1,336,695 1,048,772 5,785,449 6,542,185

related parties - net

Advances from customersJoint venturePAN ASIA - CNT Joint Venture - 1 - 1 6,711,506 10,263,174Total advances from customers - joint venture - 1 - 1 6,711,506 10,263,174

During the year ended 31 December 2008, there was no movement of loans tosubsidiary and joint venture.

Directors and management's remunerationDuring the year ended 31 December 2008, the Company paid salaries, bonus,

meeting allowances and gratuities to their directors and management totaling approximatelyBaht 36.3 million (2007: Baht 35.5 million).

Guarantee obligations with related partiesThe Company has outstanding guarantee obligations with its related parties, as

described in Note 29.

[ Notes to consolidated financial statements ]

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12.Plant and equipment

Cost/Revalued amountAs at 31 December 2007 71,540,068 580,849,611 76,002,305 108,828,606 837,220,590Additions 1,449,214 25,775,267 11,010,461 1,246,149 39,481,091Disposals - 1 (6,328,576) (5,872,358) (3,155,618) (15,356,552)As at 31 December 2008 72,989,282 600,296,302 81,140,408 106,919,137 861,345,129Accumulated depreciationAs at 31 December 2007 51,761,138 435,109,636 56,002,042 77,638,158 620,510,974Depreciation for the year (on cost) 939,220 27,011,673 8,744,909 7,666,425 44,362,227Depreciation on revalued portion 783,899 - 1 - 1 - 1 783,899Depreciation on disposals - 1 (3,658,865) (5,250,033) (2,697,008) (11,605,906)As at 31 December 2008 53,484,257 458,462,444 59,496,918 82,607,575 654,051,194Allowance for impairment lossAs at 31 December 2007 - 1 19,603,495 690,302 21,000 20,314,797Increase during the year - 1 1,200,000 4,000,000 - 1 5,200,000As at 31 December 2008 - 1 20,803,495 4,690,302 21,000 25,514,797Net book valueAs at 31 December 2007 19,778,930 126,136,480 19,309,961 31,169,448 196,394,819As at 31 December 2008 19,505,025 121,030,363 16,953,188 24,290,562 181,779,138Depreciation for the year2007 42,727,2292008 44,362,227

Constructionmachinery and

equipment

(Unit: Baht)

Cost basis

TotalBuildings onleasehold

land

Furniture,fixtures andequipment

Motorvehicles

Consolidated financial statementsRevaluation

basis

[ Notes to consolidated financial statements ]

Page 87: Annual Report 2008

87Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

Constructionmachinery and

equipment

(Unit: Baht)

Cost basis

TotalBuildings onleasehold

land

Furniture,fixtures andequipment

Motorvehicles

Revaluationbasis

Cost/Revalued amountAs at 31 December 2007 71,540,068 580,849,611 75,997,305 108,828,606 837,215,590Additions 1,449,214 25,724,154 11,010,461 1,246,149 39,429,978Disposals - 1 (6,328,576) (5,872,358) (3,155,618) (15,356,552)As at 31 December 2008 72,989,282 600,245,189 81,135,408 106,919,137 861,289,016Accumulated depreciationAs at 31 December 2007 51,761,138 435,109,636 55,997,043 77,638,158 620,505,975Depreciation for the year (on cost) 939,220 27,011,673 8,744,909 7,666,425 44,362,227Depreciation on revalued portion 783,899 - 1 - 1 - 1 783,899Depreciation on disposals - 1 (3,658,865) (5,250,033) (2,697,008) (11,605,906)As at 31 December 2008 53,484,257 458,462,444 59,496,919 82,607,575 654,046,195Allowance for impairment lossAs at 31 December 2007 - 1 19,603,495 690,302 21,000 20,314,797Increase during the year - 1 1,200,000 4,000,000 - 1 5,200,000As at 31 December 2008 - 1 20,803,495 4,690,302 21,000 25,514,797Net book valueAs at 31 December 2007 19,778,930 126,136,480 19,309,960 31,169,448 196,394,818As at 31 December 2008 19,505,025 120,979,250 16,953,187 24,290,563 181,728,024Depreciation for the year2007 42,727,2292008 44,362,227

Separate financial statements

As at 31 December 2008, the Company had equipment under finance leaseagreements with net book value amounting to Baht 21.8 million (2007: Baht 27.6 million).

As at 31 December 2008, certain plant and equipment items have been fullydepreciated but are still in use. The original cost of those assets amounted to approximatelyBaht 577 million (2007: Baht 556 million).

During the year 2007, the Company arranged for an independent professionalvaluer to reappraise the value of its buildings. The revaluation was conducted on 23 February2007 using the market approach, the result of which showed a Baht 9.7 million increase in thebook value of the buildings. The Company recorded the revaluation increase of buildings asthe "Revaluation surplus on assets" in the shareholders' equity, and reversed to the incomestatement the previously recorded allowance for impairment loss of Baht 0.97 million.

[ Notes to consolidated financial statements ]

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The revaluation surplus can neither be offset against deficit nor be used for divi-dend payment.

Breakdown of buildings on leasehold land carried on the revaluation basis and theiraccumulated depreciation is as follows.

In October 2006, the Federation of Accounting Professions issued Notification No.25/2006 allowing entities which carry their property, plant and equipment at revalued amountsto calculate depreciation to be charged to the income statements based on the historical costsof the assets instead of on the revalued amounts. The Company has decided to follow thenotification. However, had the depreciation charge been calculated based on the revaluedamounts, net income and earnings per share would have been changed to the following:

13.Estimated liabilities for guarantee obligationsand other payables

During the year 2003, the Company had recorded reserve for potential loss of Baht112 million from guarantee obligations and other payables which were claimed by the creditorsunder the Company's rehabilitation plan. The reserve was estimated at the rate of 3% ofguarantee obligations and payables claimed, which included guarantee payables of the Group'sloans, the Group's and the Company's bank guarantees, the specified and non-specifiedvalue of letter of guarantees in respect of performance bonds for the construction projects ofthe Group and the Company, the Revenue Department creditors, and other payables. Themanagement believes that such reserve will cover losses and besides such obligations therewill be no significant liabilities to be incurred.

[ Notes to consolidated financial statements ]

Original cost 56,472,463 55,023,249Surplus from revaluation 16,516,819 16,516,819Revalued amount 72,989,282 71,540,068

Accumulated depreciation on original cost 45,181,545 44,242,325Accumulated depreciation on surplus from

revaluation 8,302,712 7,518,813Accumulated depreciation on revalued amount 53,484,257 51,761,138

Net book value 19,505,025 19,778,930

2008(Unit: Baht)

2007

2008 2007Net income (Million Baht) 3.11 116.51 66.38 76.98Basic earnings per share (Baht per share) 0.01 0.30 0.17 0.19

Consolidatedfinancial statements

2008

Separatefinancial statements

2007

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89Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

2008 2007

Consolidatedfinancial statements

2008

Separatefinancial statements

2007

During the year 2004 until 2006, as ordered by the Comptroller of Bankruptcy, theCompany was forgiven certain liabilities of approximately Baht 24 million and repaid the debtsof totaling approximately Baht 19 million, and there were outstanding estimated liabilities ofBaht 69 million as at 31 December 2008 and 2007.

The Court had on 1 September 2005 ordered the release from the rehabilitationplan, whereby, the Company had reserved cash of approximately Baht 4 million with theCentral Office of Deposit of Property, the Legal Execution Department, for settlement of debtsthat the final order has not been made.

14.Net assets of discontinued operation units

Total assets 18,034,859 330,264,495Total liabilities (48,476) (48,250)Net assets before allowance 17,986,383 330,216,245Less: Allowance for diminution in value of assets - 1 (2,854,600)Net assets 17,986,383 327,361,645

2008 (Unit: Baht)2007

The net assets of discontinued operation units represent the net assets of HarmonyProperty Group Limited and CN Place Silom Development Limited.

15.Investments in real estateInvestments in real estate consist of investments in the following assets:

Land 107,007,464 107,007,464 107,007,464 107,007,464Condominium units 9,313,950 9,313,950 9,313,950 9,313,950Total 116,321,414 116,321,414 116,321,414 116,321,414Less: Allowance for impairment loss (13,090,414) (13,090,414) (13,090,414) (13,090,414)Investments in real estate - net 103,231,000 103,231,000 103,231,000 103,231,000

(Unit: Baht)

During the year 2007, the Company reversed allowance for impairment loss of landand condominium units of Baht 9.1 million to the income statement.

[ Notes to consolidated financial statements ]

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The Company has mortgaged its 3 plots of land of Baht 14.6 million (2007: Baht14.6 million) with a bank to secure the bank overdrafts granted by that bank as discussed inNote 16.

16.Bank overdrafts and short-term bank loans

The Company's bank overdrafts are secured by the pledge of bank deposits, thetransfer of the calling right for the collections from the construction contract debtors of certainprojects, the pledge of the subsidiaries' shares, and the mortgage of the Company's land.

17. Liabilities under hire-purchase and finance lease agreements

The Company entered into finance lease agreements with leasing companies forlease of vehicles for use in its operations, whereby it is committed to pay rental on a monthlybasis. The terms of the agreements are generally 4 years and such agreements are non-cancellable.

As at 31 December 2008, future minimum lease payments required under the hire-purchase and finance lease agreements were as follows:

Future minimum lease payments 8.7 7.7 16.4Less: Deferred interest expense (1.0) (0.6) (1.6)Present value of future minimum lease payments 7.7 7.1 14.8

1 - 2 years(Unit: Million Baht)

Less than 1 year Total

[ Notes to consolidated financial statements ]

2008Bank overdrafts MOR 2,847,170 16,727,074 2,847,170 16,727,074Short-term bank loan 7.25 41,293,921 20,000,000 41,293,921 20,000,000Total 44,141,091 36,727,074 44,141,091 36,727,074

Consolidatedfinancial statements

2008

Separate financialstatements

(Unit: Baht)Interest rate

(percentper annum) 2007 2007

2008 2007

Consolidatedfinancial statements

2008

Separatefinancial statements

2007

(Unit: Baht)

Liabilities under hire-purchase and finance lease 16,427,361 26,348,297 16,427,361 26,348,297agreements

Less: Deferred interest expenses (1,608,655) (3,208,868) (1,608,655) (3,208,868)14,818,706 23,139,429 14,818,706 23,139,429

Less: Portion due within one year (7,687,914) (10,120,829) (7,687,914) (10,120,829)Liabilities under hire-purchase and finance lease

agreements - net of current portion 7,130,792 13,018,600 7,130,792 13,018,600

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91Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

18.Share capital

19.Statutory reservePursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the

Company is required to set aside to a statutory reserve at least 5 percent of its net income afterdeducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent ofthe registered capital. The statutory reserve is not available for dividend distribution.

20.Own shares held by the subsidiaryOwn shares held by the subsidiary represented the cost of 13.55 million ordinary

shares of Baht 1 each, totaling Baht 13.55 million, issued by the Company following its capitalrestructuring plan and held by the subsidiary. This holding has been treated in the balancesheets as a deduction in the shareholders' equity to determine the net equity attributable to theCompany's shareholders.

21.Expenses by natureSignificant expenses by nature are as follows:

Authorised and registered401,162,888 ordinary shares of Baht 1 each 401,162,888 401,162,888

Issued and fully paid up401,161,682 ordinary shares of Baht 1 each 401,161,682 401,161,682

2008(Unit: Baht)2007

[ Notes to consolidated financial statements ]

2008 2007

Consolidatedfinancial statements

2008

Separatefinancial statements

2007

(Unit: Baht)

Construction material costs 1,733,820,195 1,901,211,979 1,718,884,077 1,887,849,563Subcontractor costs 1,636,535,236 2,280,494,699 1,616,203,840 2,274,286,653Salary and wages and other employee benefits 878,743,839 1,060,583,827 878,003,775 1,060,583,827Depreciation 44,362,227 42,727,229 44,362,227 42,727,229Impairment loss of investment - 1 - 1 238,300,000 - 1Doubtful debts 62,628,181 - 1 63,410,181 - 1

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22.Corporate income taxThe Company is not liable to corporate income tax for the years 2008 and 2007

due to tax loss brought forward.

23.Earnings per shareEarnings per share as presented in the income statements is the basic earnings per

share which is calculated by dividing net income for the year by the weighted average numberof ordinary shares in issue during the year, which is presented net of own shares held by thesubsidiary in the consolidated financial statements, as detailed below.

24.Dividend paid

Weighted average number of ordinary shares (separate financial statements) 401,161,682 401,161,682Less: The Company's shares held by the subsidiary (13,552,457) (13,552,457)Weighted average number of ordinary shares - net (consolidated financial statements) 387,609,225 387,609,225

2551(Unit: Shares)

2550

25.Supplementary information of the construction contractsThe total construction costs after being adjusted realized gains or losses of the

construction contracts up to 31 December 2008 were approximately Baht 14,967 million (theCompany only: Baht 14,951 million). The Company and the joint ventures had already billed forthe contract in progress to project owners of approximately Baht 14,118 million (the Companyonly: Baht 14,069 million).

[ Notes to consolidated financial statements ]

Consolidatedfinancial

statementsSeparatefinancial

statementsFinal dividends Annual General Meetingfor 2007 of the shareholders No. 75

on 10 April 2008 38,759,711 40,114,957 0.10 9 May 2008Total dividendsfor 2008 38,759,711 40,114,957 0.10

Final dividends Annual General Meetingfor 2006 of the shareholders No. 74

on 23 April 2007 19,379,852 20,057,475 0.05 21 May 2007Total dividendsfor 2007 19,379,852 20,057,475 0.05

Total dividendsPayment date

(Unit: Baht)

Approved byDividends Dividendper share

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93Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

26.Provident fundThe Company and its employees have jointly established a provident fund in

accordance with the Provident Fund Act B.E. 2530. Both employees and the Companycontribute to the fund monthly at the rate of 5 percent of basic salary. The fund, which ismanaged by Siam Commercial Bank Asset Management Co., Ltd., will be paid to employeesupon termination in accordance with the fund rules. During the year 2008, the Companycontributed Baht 9.6 million (2007: Baht 8.9 million) to the fund.

27.Financial information by segmentThe Company's, its subsidiaries' and joint ventures' operations involve virtually a

single industry segment, i.e. construction business, which is carried on both in Thailand andforeign countries.

Geographical segment information of the Company, its subsidiaries and jointventures for the years ended 31 December 2008 and 2007 was as follows:

Revenue from external customers 5,012 - - 5,012 6,298Inter-segment revenue 35 - (35) - 1 4Total revenues 5,047 - (35) 5,012 6,302Segment operating income 280 - - 280 255Results of discontinued

operation units - (36) - (36) 25Unallocated income and expenses:

Other income 60 37Administrative expenses (291) (196)Finance cost (8) (4)Corporate income tax (1) - 1

Net income 4 117

2008Total

(Unit: Million Baht)

Thailand

Consolidated financial statements for the years ended 31 DecemberOther

countries inAsia

Eliminated2007

[ Notes to consolidated financial statements ]

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2008Total

(Unit: Million Baht)

Thailand

Consolidated as at 31 DecemberOther

countries inAsia

Eliminated2007

Construction contract debtors - net 878 - (5) 873 882Construction contracts in progress 919 - (13) 906 861Plant and equipment - net 182 - - 182 196Other assets 5,656 48 (4,327) 1,377 1,362Total assets 7,635 48 (4,345) 3,338 3,301

Transfer prices between business segments are set out in Note 11.

28.Operating lease commitmentsAs at 31 December 2008, the Group and the Company had operating lease

commitments as follows:(a) Commitment in respect of long-term lease of land on which the Group's and

Company's office and warehouse are located, for 20 years ending 14 June2009.On 30 August 2007, the Company renewed the lease agreement for another 10years from 15 June 2009 to 14 June 2019. The future rental payable under thislease agreement is approximately Baht 156.2 million.As at 31 December 2008, future minimum lease payments required under thesenon-cancellable operating leases contracts were as follows.

Payable within:Less than 1 year 10.01 to 5 years 52.0More than 5 years 94.2

156.2

Million Baht

(b) Commitments under lease agreements for lease of vehicles of approximatelyBaht 6.5 million.

[ Notes to consolidated financial statements ]

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95Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

29.Contingent liabilitiesAs at 31 December 2008, the Group and the Company had contingent liabilities

other than those disclosed in other notes as follows:(a) The Company had issued letters of guarantees, mainly in respect of contractual

payments, performance bonds and finance facilities of approximately Baht 50million (2007: Baht 134 million). Furthermore, the Company had issued bothspecified and non-specified value of letters of guarantees in respect ofperformance bonds for the construction projects of the overseas subsidiarycompanies. Since 2003, the Company recorded liabilities in respect of theseguarantee obligations, which were estimated based on the maximum guaranteesclaimed by the creditors under the Company's rehabilitation plan.

(b) The Company had outstanding bank guarantees of approximately Baht 2,181million (2007: Baht 1,782 million) issued by the banks on behalf of the Companyin respect of certain performance bonds as required in the normal course ofbusiness of the Company. These included letters of guarantee as follows:

Type of guaranteeContractual performance 727 598Advances 685 554Project tender 188 305Payment due to creditors 217 186Retention 364 139

2,181 1,782

2008(Unit: Million Baht)

2007

Furthermore, the Group had bank guarantees of approximately Baht 1,121million issued by the banks on behalf of the Group in which the Companyrecorded liabilities in respect of these guarantee obligations, which wereestimated based on the maximum guarantees claimed by the creditors underthe Company's rehabilitation plan.On 16 August 2006, the Company received notification from an agency, withwhich the Company had expressed its intention to join the bidding for aconstruction project, advising that it had to retain the Company's bid guaranteeof Baht 168 million since the Company had not complied with certain biddingconditions. Subsequently on 21 August 2006, the Company wrote a letter to thechairman of the Bidding Authorities to explain the reasons and request for a

[ Notes to consolidated financial statements ]

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96 ÃÒ§ҹ»ÃШӻ� 2551 l ºÃÔÉÑ· ¤ÃÔÊàµÕ¹ÕáÅйÕÅàÊç¹ (ä·Â) ¨Ó¡Ñ´ (ÁËÒª¹)

review of certain construction project bidding procedures. On 5 February 2007,the Company made a countercharge to the Central Administration Court torepeal an order to retain the bid guarantee. Later on 12 February 2007, theCompany received notification from an Authority, to which the Company wrote aletter, stating that the retention of the bid guarantee was in accordance withbidding conditions and requirements and could not be exempted. However, on18 December 2008, the Central Administration Court announced a judgementresulting in the agency to return the Company's bid guarantee of Baht 168million and reduction of penalty to Baht 16.8 million. As at 31 December 2008,the Company had recorded such liabilities included in other current liabilities inthe balance sheet.

(c) The Company has guaranteed to a local bank for the credit and guaranteefacilities granted by that bank to an overseas associated company at themaximum facilities of DKK 103 million. However, the Company has obtainedletter of guarantee from the major shareholder of that associated company forfuture contingent liabilities. Under the agreement between the bank and thatassociated company, no additional credit facilities are to be granted and theremaining guarantee will gradually reduce over the period of letter of guarantee.The management of the Company believes that the said guarantee will be endedwithin 5 years from April 2001. The Company had recorded liability in respect ofthis guarantee obligation, which was estimated based on the maximumguarantee claimed by the creditor under the Company's rehabilitation plan.

(d) During the year 2002, the Company filed an application for a refund of with-holding tax deducted at source of the year 1999 - 2001 totaling approximatelyBaht 67 million with the Revenue Department. The subsequent investigation ofthe tax authorities resulted the Company in the additional tax assessmentbeing made against corporate income tax, withholding tax, specific businesstax and stamp duty totalling approximately Baht 118 million and the changes intax losses brought forward of the same periods. On 17 October 2002, theCompany appealed the tax assessment with the Tax Appeal Board and on 18March 2005, the Company received the appeal result from the Tax Appeal Boardwith a reduction of certain tax assessments whereby total tax assessmentsincluding penalties and surcharges were reduced to Baht 93 million. On 5 April2005, the Comptroller issued an order regarding the amount of Baht 118 million,being of the opinion that the creditor is entitled to offset such amount with therefundable withholding tax, and therefore ordering that the creditor received onlyapproximately Baht 61 million. However, on 12 April 2005, the Company filed apetition to overrun the Tax Appeal Board's judgement, and on 19 April 2005filed a petition oppositing the order of the Comptroller. Subsequently on 23

[ Notes to consolidated financial statements ]

Page 97: Annual Report 2008

97Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

June 2006, the Central Revenue Court announced a judgment and on 22September 2006, the Company received a copy of the Central Revenue Court'sjudgment which was in favour of the Company on certain matters resulting in areduction of tax assessments to Baht 16 million. The management believes thatthere will be no significant liabilities to be incurred from such event and generalprovision set aside in the accounts is adequate.

30.Financial instruments30.1 Financial risk management

The Company's and the subsidiaries' financial instruments, as defined under ThaiAccounting Standard No. 48 "Financial Instruments: Disclosure and Presentations", principallycomprise cash and cash equivalents, trade accounts receivable, and investments. The financialrisks associated with these financial instruments and how they are managed is describedbelow.

Credit riskThe Company is exposed to credit risk primarily with respect to construction

contract debtors. The Company manages the risk by adopting appropriate credit controlpolicies and procedures and therefore does not expect to incur material financial losses. Inaddition, the Company does not have high concentration of credit risk since it has a largecustomer base and the majority of construction services are made to creditworthy customers.The maximum exposure to credit risk is limited to the carrying amount of receivables lessallowance for doubtful accounts as stated in the balance sheet.

Interest rate riskThe Company's and the subsidiaries' exposure to interest rate risk relates primarily

to its cash at banks and bank overdrafts. However, since most of the Company's and thesubsidiaries' financial assets and liabilities bear floating interest rates or fixed interest rateswhich are close to the market rate, the interest rate risk is expected to be minimal.

Significant financial assets and liabilities as at 31 December 2008 classified by typeof interest rates are summarised in the table below, with those financial assets and liabilities thatcarry fixed interest rates further classified based on the maturity date, or the repricing date ifthis occurs before the maturity date.

[ Notes to consolidated financial statements ]

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Floatinginterest

rate(Million Baht)

Fixed interest rates

1-5 years

Separate financial statements

Interest rate(% p.a.)Total

Non-interestbearingWithin

1 year

Financial assetsCash and cash equivalents 236 -0 87 13 336 0.125 - 2.60Construction contract debtors -0 -0 -0 871 871 -Restricted deposits 106 -0 91 -0 197 0.50 - 3.50Loans to related parties -0 13 -0 -0 13 3.75, MOR

plus 0.25342 13 178 884 1,417

Financial liabilitiesBank overdrafts and short-term bank loan 41 -0 3 -0 44 7.10 - 8.25Accounts payable and accrued -0 -0 -0 1,055 1,055 -

construction costsLiabilities under hire-purchase and financial -0 15 -0 -0 15 3.64 - 8.50

lease agreements41 15 3 1,055 1,114

Financial assetsCash and cash equivalents 242 -0 101 14 357 0.05 - 3.875Construction contract debtors -0 -0 -0 873 873 -Restricted deposits 166 26 91 -0 283 0.50 - 3.50Net assets of discontinued operation units 4 -0 13 1 18 0.21 - 1.18

412 26 205 888 1,531Financial liabilitiesBank overdrafts and short-term bank loan 41 -0 3 -0 44 7.10 - 8.25Accounts payable and accrued -0 -0 -0 1,055 1,055 -

construction costsLiabilities under hire purchase and -0 15 -0 -0 15 3.64 - 8.50

financial lease agreements41 15 3 1,055 1,114

Floatinginterest

rate(Million Baht)

Fixed interest rates

1-5 years

Consolidated financial statements

Interest rate(% p.a.)Total

Non-interestbearingWithin

1 year

[ Notes to consolidated financial statements ]

Page 99: Annual Report 2008

99Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

Foreign currency riskThe Company's and the subsidiaries' exposure to foreign currency risk arises

mainly from investments and service payment transactions that are denominated in foreigncurrencies, which are currently not hedged by any derivative financial instruments. However,the balances of financial assets and liabilities denominated in foreign currencies are not signifi-cant, the foreign currency risk is expected to be minimal.

30.2 Fair values of financial instrumentsSince the majority of the Company's and the subsidiaries' financial instruments are

short-term in nature or bear interest rates close to market rates, their fair value is not expectedto be materially different from the amounts presented in the balance sheets.

A fair value is the amount for which an asset can be exchanged or a liability settledbetween knowledgeable, willing parties in an arm's length transaction. The fair value is deter-mined by reference to the market price of the financial instrument or by using an appropriatevaluation technique, depending on the nature of the instrument.

31.Capital managementThe primary objective of the Company's capital management is to ensure that it has

an appropriate financial structure and preserves the ability to continue its business as a goingconcern.

According to the balance sheet as at 31 December 2008, the Group's debt-to-equity ratiowas 2.3:1 (2007: 2.2:1) and the Company's was 2.3:1 (2007: 2.4:1).

32.Subsequent eventOn 26 February 2009, the meeting of the Board of Directors of the Company No.

382 passed a resolution approving the payment of dividend from the 2008 income to theCompany's shareholders at Baht 0.08 per share or a total dividend payment of approximatelyBaht 32 million. The payment of dividend will later be proposed for approval in the AnnualGeneral Meeting of the Company's shareholders.

33.Approval of financial statementsThese financial statements were authorised for issue by the Board of Directors of

the Company on 26 February 2009.

[ Notes to consolidated financial statements ]

Page 100: Annual Report 2008

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101Christiani & Nielsen (Thai) Public Company Limited l Annual Report 2008

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