Central Pattana Public Company Limited Notes to the Interim Consolidated and Company Financial Statements (Unaudited) For the three-month periods ended 31 March 2001 and 2000 1 Accounting Policies The interim consolidated and company financial statements are prepared in accordance with the accounting principles generally accepted in Thailand and are presented in the condensed format as required by Thai Accounting Standard No. 41, "Interim Financial Reporting" with additional disclosure, in case of the primary financial statements (i.e. balance sheets, statements of income, changes in shareholders' equity, retained earnings and cash flows) based on the format prescribed by the Ministerial Regulation No. 7 (B.E. 2539) in accordance with, as required by the Securities and Exchange Commission and the Stock Exchange of Thailand's requirements. The accounting policies used in the preparation of these interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2000. Costs that are incurred unevenly during the financial year are recognised as expenses or deferred in the interim report only if it would be also appropriate to recognise or defer such costs at the end of the financial year. Income tax expense is recognised based on the best estimate of the weighted average annual income tax rate expected for the full financial year. The estimated average annual tax rate used is 30%. These interim financial statements should be read in conjunction with the 2000 annual financial statements. 2 Segment Information Financial information by business segments - Group For the three-month period ended 31 March 2001 Rental and Food and Consolidated Services Beverage Baht 000 Baht 000 Baht 000 Revenues 613,354 51,850 665,204 Segment result 340,675 13,094 353,769 Unallocated costs 129,188 Operating profit 224,581 For the three-month period ended 31 March 2000 Rental and Food and Consolidated Services Beverage Baht 000 Baht 000 Baht 000 (Restated) (Restated) (Restated) Revenues 538,383 108,046 646,429 Segment result 296,643 24,164 320,807 Unallocated costs 140,343 Operating profit 180,464 Central Pattana Public Company Limited Notes to the Interim Consolidated and Company Financial Statements (Unaudited) For the three-month periods ended 31 March 2001 and 2000 3 Operating Profit The following items of unusual nature have been charged to the operating profit during the interim period: For the three-month period ended 31 March Consolidated Company 2001 2000 2001 2000 Baht 000 Baht 000 Baht 000 Baht 000 Other operating income Gain from redemption of convertible bonds 3,016 - 3,016 - Gain on disposal of subsidiary (Note 13) 15,399 - 13,579 - 4 Earnings Per Share Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares in issue and paid up during the period (2001[current year]: 100,000,000 shares; 2000[prior year]: 100,000,000 shares). In the diluted earnings per share calculation, the net profit is adjusted to eliminate the applicable interest exespense and related expenses of convertible bond less tax effect. For the three-month period ended 31 March 2001, the applicable interest expense and others amounted to Baht 45.0 million (2000[prior year]: Baht 25.5 million) and the weighted average number of shares assuming conversion of all dilutive potential ordinary shares is 106,788,950 shares ([pr2000ior year]: 108,905,750 shares). The diluted earnings per share for the three-month periods ended 31 March 2001 and 2000 based on the above calculation is higher than basic earnings per share. Therefore, basic earnings per share is presented as diluted earnings per share in the statement of income. 5 Trade Accounts Receivable Consolidated Company 31 March 31 December 31 March 31 December 2001 2000 2001 2000 Baht 000 Baht 000 Baht 000 Baht 000 Trade accounts receivable -Related companies (Note 15) 33,217 29,158 33,921 28,501 -Others 91,222 94,606 45,741 44,746 124,439 123,764 79,662 73,247 Less Allowance for doubtful accounts -6,319 -6,428 -649 -781 118,120 117,336 79,013 72,466 Central Pattana Public Company Limited Notes to the Interim Consolidated and Company Financial Statements (Unaudited) For the three-month periods ended 31 March 2001 and 2000 5 Trade Accounts Receivable (Cont'd) Outstanding trade accounts receivable greater than three months can be analysed as follows: Consolidated Consolidated As at 31 March 2001 As at 31 December 2000 Related Others Total Related Others Total Companies Companies Baht 000 Baht 000 Baht 000 Baht 000 Baht 000 Baht 000 3 - 6 months 3,421 3,436 6,857 2,193 12,706 14,899 6 - 12 months 7,417 7,082 14,499 5,039 4,792 9,831 Over 12 months 8,596 10,350 18,946 5,878 11,736 17,614 Total 19,434 20,868 40,302 13,110 29,234 42,344 Customers deposit 1,591 49,668 51,259 4,284 75,377 79,661 Company Company As at 31 March 2001 As at 31 December 2000 Related Others Total Related Others Total Companies Companies Baht 000 Baht 000 Baht 000 Baht 000 Baht 000 Baht 000 3 - 6 months 2,482 1,458 3,940 3,420 3,269 6,689 6 - 12 months 5,715 1,873 7,588 4,461 2,232 6,693 Over 12 months 7,152 2,175 9,327 6,022 2,080 8,102 15,349 5,506 20,855 13,903 7,581 21,484 Customers deposit 1,591 36,779 38,370 3,806 42,768 46,574 6Other Current Assets Consolidated Company 31 March 31 December 31 March 31 December 2001 2000 2001 2000 Baht 000 Baht 000 Baht 000 Baht 000 Accrued income 73,113 65,769 44,835 39,954 Other accounts receivable 30,784 31,170 6,937 6,917 Prepaid expenses 8,084 7,240 3,323 3,366 Accrued interest income 3,048 14,462 3,018 14,435 Inventories 3,000 6,578 - - Advance payments 4,849 5,600 4,461 5,096 Other current assets 364 1,590 - - 123,242 132,409 62,574 69,768 Central Pattana Public Company Limited Notes to the Interim Consolidated and Company Financial Statements (Unaudited) For the three-month periods ended 31 March 2001 and 2000 7 Capital Expenditure and Commitments Consolidated Company For the three-month Property Property Total Property Property Total period ended and under and under 31/3/44 equipment development equipment development Baht 000 Baht 000 Baht 000 Baht 000 Baht 000 Baht 000 Opening net book amount 6,535,425 1,810,276 8,345,701 3,109,879 - 3,109,879 Addition 58,754 75,084 133,838 2,769 - 2,769 Disposal -22,812 -5,912 -28,724 - - - Sales of subsidiary (note 13) -15,958 - -15,958 - - - Depreciation -104,386 -888 -105,274 -43,080 - -43,080 Closing net book amount 6,451,023 1,878,560 8,329,583 3,069,568 - 3,069,568 Commitments as at 31 March 2001 The Group has commitments in respect of further development costs to complete property development projects in progress which the contracts were signed of Baht 147.95 million (as at 31 December 2000: Baht 123.32 million). 8Other Assets Consolidated Company 31 March 31 December 31 March 31 December 2001 2000 2001 2000 Baht 000 Baht 000 Baht 000 Baht 000 Guarantee for leasehold right 365,695 366,467 67,121 67,893 Withholding tax deducted at source 83,424 82,703 56,140 56,140 Deposit and intangible assets 7,268 8,187 2,061 2,055 Euro convertible bond issue cost 247 2,205 247 2,205 456,634 459,562 125,569 128,293 Central Pattana Public Company Limited Notes to the Interim Consolidated and Company Financial Statements (Unaudited) For the three-month periods ended 31 March 2001 and 2000 9Other Current Liabilities Consolidated Company 31 March 31 December 31 March 31 December 2001 2000 2001 2000 Baht 000 Baht 000 Baht 000 Baht 000 Accrued expenses 126,920 154,373 69,429 84,035 Accrued interest expense 94,602 102,248 94,416 101,916 Other accounts payable 87,046 98,695 31,402 49,846 Retention payable 53,463 51,433 4,214 3,799 Contractor payable 76,054 75,869 7,144 11,412 Others 29,962 29,123 14,771 11,654 468,047 511,741 221,376 262,662 10Borrowings Consolidated Company 31 March 31 December 31 March 31 December 2001 2000 2001 2000 Baht 000 Baht 000 Baht 000 Baht 000 Due within one year 281,244 274,062 281,244 274,062 Due between 1-2 years 413,021 414,594 310,835 303,303 Due between 2-5 years 1793925 1915843 1457628 1538671 Total 2488190 2604499 2049707 2116036 The movements in the borrowings can be analysed as follows: For the three-month period ended 31 March 2001 Consolidated Company Baht 000 Baht 000 Opening amount 2,604,499 2,116,036 Repayment of borrowings -116,309 -66,329 Closing amount 2,488,190 2,049,707