Short-term loans and advance from directors and related parties (8,332) Other current liabilities (1,928) Total 34,818 Less: Net book value of assets attributable to Minority interests (4,615) Net book value of assets attributable to the Group 30,203 Less: Cash received from sale of investment (111,924) Gain from sale of investment (81,721) Cash received from sale of investment 111,924 Less: Cash and cash equivalent of subsidiary (14,356) Net proceeds on disposal of subsidiary 97,568 Company financial statements In 1999, the Company disposed Coffee Partners Company Limited, a subsidiary to another subsidiary, Laungsuan Realty Co., Ltd. The Company had eliminated the gain between the Company and the subsidiary amounting to Baht 19.8 million in accordance with the accounting standard for investment in subsidiary. However, in 2000 the Group disposed Coffee Partners Company Limited to a third party outside the Group. Therefore, the Company recognised the deferred gain from sale of the investment in 2000. 16 Related Party Transactions The following material transactions were carried out with related parties: a) Rental, services and management income For the nine-month period ended Consolidated Company 30 September 2000 1999 2000 1999 Baht' 000 Baht' 000 Baht' 000 Baht' 000 Rental and service income Subsidiaries Central Realty Service Co., Ltd. - - 33,847 33,466 Central Food Avenue Co., Ltd. - - 22,365 27,281 Other subsidiaries - - 5,287 4,344 - - 61,499 65,091 Joint Ventures 3,211 3,450 - - Related companies Central Department Store Group - - 25,183 25,900 Fast Food Group - - 22,171 21,715 Central Plaza Hotel Company Limited - - 4,384 4,152 Retail Group and others - - 52,400 59,580 - - 104,138 111,347 3,211 3,450 165,637 176,438 Management fee Subsidiaries Central Realty Service Co., Ltd. - - 23,916 18,686 Joint Ventures Central Pattana Rama 3 Co., Ltd. (Formally " Namsap Pattana Co., Ltd.") 4,631 936 12,206 1,578 Central Realty Service Rama 3 Co., Ltd. (Formally " Namsap Realty Service Co., Ltd.") 2,408 631 16 1,217 7,039 1,567 12,222 2,795 Related companies Bangna Central Property Co., Ltd. - - 4,336 3,396 Others - - 1,807 583 - - 6,143 3,979 7,039 1,567 42,281 25,460 Rental and service incomes are charged at market price. Management and consultant fees are charged at market rate. Related companies are the companies which have common directors, which could be summarised by Group as follws: Central Department Store Group comprises. Central Department Store Company Limited Rachada Nonsee Department Store Company Limited C.R. Chiangmai (Thailand) Limited Fast Food Group comprises. Central Ice Creme Company Limited Thai KFC Company Limited Thai Franchising Company Limited Thai International Fast Food Company Limited Big C Super Center Group comprises. Big C Super Center Company Limited Central Pattaya Company Limited Udorn Big C Company Limited Big C Fair Company Limited Teparak Big C Company Limited Central Superstore (Nakorn Pratom) Company Limited Retails Group and others comprises. CDS Restaurant Company Limited Central Watson Company Limited S.M.R. Company Limited Kiddy Land Company Limited Cetreck Company Limited CRC A Hold Company Limited Central Trading Company Limited Food and Service Company Limited Thiang Chirathivat Company Limited Big Champ Company Limited Prin Intertrade Company Limited Fabrica Company Limited Fuji Restaurant Company Limited Rakase Leather Company Limited Lord Jim Group (1995) Part. Suwimon Company Limited Sakura Restaurant Company Limited Earth Care Company Limited b) Cost of rental and services For the nine-month period ended Consolidated Company 30 September 2000 1999 2000 1999 Baht' 000 Baht' 000 Baht' 000 Baht' 000 Cost of rental and services Subsidiaries - - 662 17 Joint Ventures 2,863 2,789 - - Related companies Central Department Store Group 11,397 9,569 11,296 9,445 Bangna Central Property Company Limited 842 - 842 - Retails Group and others 8,983 10,896 7,506 10,562 24,085 23,254 19,644 20,007 c) Other income and other expense Consolidated 2000 1999 For the nine-month period ended 30 September Baht' 000 Baht' 000 Joint Ventures Interest income - 233 Other income 1,227 723 Administrative expenses 8,613 3,183 Related companies Interest income 1,397 7,732 Other income 5,778 7,827 Administrative expenses - Central Department Store Group 18,060 94 Company 2000 1999 Baht' 000 Baht' 000 Subsidiaries Interest income 20,767 31,303 Other income 4,224 4,719 Management fee 714 1,997 Related companies Interest income - 4,447 Other income 4,114 6,691 Administrative expenses - Central Department Store Group 18,056 88 d) Outstanding balances arising from rental, services and management fee Consolidated Company As at 30 September 31 December 30 September 31 December 2000 1999 2000 1999 Baht' 000 Baht' 000 Baht' 000 Baht' 000 Accounts receivable Subsidiaries Central Realty Service Co., Ltd. - - 4,978 4,639 Other subsidiaries - - 2,302 1,011 Joint Ventures Central Pattana Rama 3 Co., Ltd. (Formally " Namsap Pattana Co., Ltd.") - - 4,949 1,918 Related companies Central Department Store Company Limited 12,931 5,191 8,118 1,883 Bangna Central Property Company Limited 4,831 4,962 2,162 2,035 Central Plaza Hotel Company Limited 1,012 3,846 1,012 2,067 Cotton and Silk Company Limited - 3,862 - 3,862 Others 8,086 11,846 6,522 7,106 26,860 29,707 30,043 24,521 e) Short-term loans and advances to related parties Consolidated Company As at 30 September 31 December 30 September 31 December 2000 1999 2000 1999 Baht' 000 Baht' 000 Baht' 000 Baht' 000 Short-term loans to related parties Coffee Partners Co., Ltd. - - - 64,659 Food Novelties Co., Ltd. - - 19,417 - Advance to related parties 5,347 5,453 - - 5,347 5,453 19,417 64,659 f) Loans to related parties Consolidated Company As at 30 September 31 December 30 September 31 December 2000 1999 2000 1999 Baht' 000 Baht' 000 Baht' 000 Baht' 000 Subsidiaries Central Pattana Chiangmai Co., Ltd. - - 389,294 241,048 Central Pattana Khon Kaen Co., Ltd. - - 184,977 188,085 Lang Suan Realty Co., Ltd. - - 75,306 165,724 Central Pattana Ko Raj Co., Ltd. - - 60,055 59,408 Focus Holding Co., Ltd. - - 58,710 35,385 Food Novelties Co., Ltd. - - - 16,404 - - 768,342 706,054 Related companies Siam Retail Development Co., Ltd. 162,739 162,739 162,739 162,739 Less : Allowance for doubtful accounts (123,899) (123,899) (123,899) (123,899) 38,840 38,840 38,840 38,840 38,840 38,840 807,182 744,894 The movements in loans to related parties can be analysed as follows: Loans to subsidiaries Beginning balance net allowance for doubtful accounts - - 706,054 554,170 Increase during the period - - 289,005 294,861 Decrease during the period - - (266,717) (142,977) - - 768,342 706,054 Loans to related companies Beginning balance net allowance for doubtful accounts 38,840 118,840 38,840 118,840 Increase during the period - - - - Decrease during the period - - - - Less: Allowance for doubtful accounts during the period - (80,000) - (80,000) 38,840 38,840 38,840 38,840 38,840 38,840 807,182 744,894 Loans to subsidiaries and related companies are unsecured and denominated in Thai Baht, except loan to Central Pattana Khon Kaen Co., Ltd. amounting to Baht 169.2 million (At 31 December 1999: Baht 188.1 million) which is secured by plots of land owned by the subsidiary with net book value of Baht 380 million. The loans are repayable on demand and carry interest at the parent company's borrowing rate. g) Investments in subsidiaries Details of investments in subsidiaries and related companies are as follows: Paid up capital Percentage of holding 30 September 31 December 30 September 31 December 2000 1999 2000 1999 Business Million Baht Million Baht % % Subsidiaries Central Pattana Chiangmai Co., Ltd. (1)and(4) 1,000.0 1,000.0 100.0 100.0 Focus Holding Co., Ltd. (1) 800.0 800.0 100.0 100.0 Langsuan Realty Co., Ltd. (3) 150.0 150.0 100.0 100.0 Central Pattana Ko Raj Co., Ltd. (1) 200.0 200.0 100.0 100.0 Central Realty Service Co., Ltd. (2) 1.0 1.0 100.0 100.0 Central Food Avenue Co., Ltd. (4) 1.0 1.0 100.0 100.0 Central Pattana Khon Kaen Co., Ltd. (1) 260.0 260.0 78.1 78.1 Central Pattana Nine Square Co., Ltd. (1) 402.0 402.0 60.0 60.0 Food Novelties Co., Ltd. (5) - 25.0 - 100.0 Joint Ventures Central Pattana Rama 3 Co., Ltd. (Formerly " Namsap Pattana Co., Ltd.") (1) 300.0 300.0 60.5 60.5 Central Pattana Chonburi Co., Ltd. (1) 315.1 315.1 60.0 60.0 (1) Construction of shopping center buildings for rent. (2) Utilities service in shopping center. (3) Construction of condominium and shop houses for rent. (4) Sale of food and beverage (5) Produce, sales and import of food, biscuits and beverage. Company Investment at Investment at cost method equity method 30 September 31 December 30 September 31 December 2000 1999 2000 1999 Baht' 000 Baht'000 Baht' 000 Baht'000 Investment in Subsidiaries Central Pattana Chiangmai Co., Ltd. 1,000,000 1,000,000 918,025 917,476 Focus Holding Co., Ltd. 800,000 800,000 691,600 692,098 Lang Suan Realty Co., Ltd. 150,000 150,000 118,894 64,829 Central Pattana Ko Raj Co., Ltd. 199,999 199,999 67,396 68,042 Central Realty Service Co., Ltd. 1,000 1,000 34,173 43,737 Central Food Avenue Co., Ltd. 1,000 1,000 18,993 14,591 Central Pattana Khon Kaen Co., Ltd. 203,149 203,149 111,903 143,577 Central Pattana Nine Square Co., Ltd. 241,200 241,200 238,093 238,451 Food Novelties Co., Ltd. - 25,000 - 14,064 Investment in Joint Ventures Central Pattana Rama 3 Co., Ltd. 524,934 524,934 609,101 560,746 Central Pattana Chonburi Co., Ltd. 189,084 189,084 177,427 177,494 3,310,366 3,335,366 2,985,605 2,935,105 All holding are in the ordinary share capital of the undertaking concerned and are unchange from 1999, except for the following investment in the following companies - The Group disposed an investment of share capital of Coffee Partners Co., Ltd. to a third party as details in the note to interim financial statement No. 15. - The Company disposed investment 100% in Food Novelties Co., Ltd. to Lang Suan Realty Co., Ltd. another subsidiary. Therefore, Food Novelties Co., Ltd. is still considered as a subsidiary under the equity method and its financial statements are consolidated in the consolidated financial statements. - The Company signed a joint venture agreement with a foreign company to jointly control an operation and sharing interest in the ratio of 60:40 in Central Pattana Rama 3 Co., Ltd. which formerly was the company's subsidiary. Before 2000, the Company classified an investment in Central Pattana Chonburi Co., Ltd. which is a joint venture with a foreign company in the ratio 60:40 as the Company's subsidiary. In 2000, the Company reclassified the subsidiary as a joint venture in accordance with the Thai Accounting Standard No. 46. "Financial Reporting of interest in Joint Ventures" which was effective on 1 January 2000. h) Other long-term investments Consolidated Company % of 30 September 31 December 30 September 31 December holding 2000 1999 2000 1999 Baht' 000 Baht' 000 Baht' 000 Baht' 000 Investments in related companies Rachada Nonsee Department Store Co., Ltd. 23 41,379 41,379 - - Bangna Central Property Co., Ltd. 20 107,946 107,946 107,946 107,946 Siam Retail Development Co., Ltd. 15 66,250 66,250 66,250 66,250 Ayudhaya Agrocity Co., Ltd. 12 50,397 50,397 50,397 50,397 Square Ritz Plaza Co., Ltd. 12 15,000 15,000 15,000 15,000 Investment, at cost 280,972 280,972 239,593 239,593 Less: Provision for impairment in value (167,095) (167,095) (167,095) (167,095) 113,877 113,877 72,498 72,498 Investments in other companies Bangkok Club Co., Ltd. 0.1 1,000 1,000 1,000 1,000 Deposit at financial institution 46,817 46,817 46,817 46,817 161,694 161,694 120,315 120,315 Although the Group's investments in Rachada Nonsee Department Store Co., Ltd. represent 23% interest in the total registered share capital of the Company, the Group has no significant influence in the company's financial and operating policy decisions. Therefore, the Group does not account for investment in Rachada Nonsee Department Store Co., Ltd. as an associate. The investment is stated at cost. 17 Investment in joint venture The following amount represent the Group's share in the joint ventures and are included in the consolidated financial statements. Consolidated 30 September 31 December 2000 1999 Baht' 000 Baht' 000 Current assets 78,143 70,710 Non-current assets 1,789,240 1,846,788 Current liabilities (87,734) (116,600) Non-current liabilities (974,500) (1,029,720) For the nine-month period ended 30 September Consolidated 2000 1999 Baht' 000 Baht' 000 Revenues 228,573 219,091 Expenses (169,480) (190,745)