THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
The accompanying interim financial statements have been prepared in accordance with the Accounting
Standard No. 41 “Interim Financial Reporting” and Regulations of The Stock Exchange of Thailand
(SET) relating to the accounting.
The consolidated interim financial statements are prepared as updated information to the consolidated financial statements for the year ended December 31, 2003 with the emphasis on the more current information about activities, events and situations, not a duplicate of information previously reported.
These consolidated interim financial statements should therefore be read in conjunction with the consolidated financial statements for the year ended December 31, 2003.
The Company owns a substantial portion of the capital shares of the companies in The Siam Cement
Group. A substantial portion of the Company’s business is represented by transactions with subsidiaries, associated and related companies.
The consolidated financial statements for the three-month periods ended March 31, 2004 and 2003, include the accounts of The Siam Cement Public Company Limited and subsidiaries. Subsidiaries included in the consolidated financial statements are as follows:
1. Siam Cement Industry Co., Ltd. and subsidiaries
2. Cementhai Chemicals Co., Ltd. and subsidiaries
3. The Siam Pulp and Paper Public Company Limited and subsidiaries
4. Cementhai Building Products Co., Ltd. and subsidiaries
5. Cementhai Distribution Co., Ltd. and subsidiaries
6. Cementhai Holding Co., Ltd. and subsidiaries
7. Cementhai Property (2001) Public Company Limited and subsidiaries
All significant intercompany transactions with subsidiaries included in the consolidated financial statements have been eliminated.
Significant transactions with associated companies for the three - month periods ended March 31, 2004 and 2003 are as follows:
In Million Baht
Purchases
Sales
Service income and others
2004
6,032
4,609
149
2003
4,211
3,284
117
Market price
Market price
Pricing policy
Mainly based on percentage of net sales
11

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
No purchases, sales, guarantees or commitments have been made with any individual related party who may have an interest in the Company.
The Company maintains its official accounting records in Thai Baht and prepares its financial statements in the Thai language in conformity with financial accounting standards in Thailand, which may differ from generally accepted accounting principles in other countries. Accordingly, the users of these financial statements should have sufficient knowledge about Thai accounting principles and practices.
For convenience of the readers, an English translation of the financial statements has been prepared from the Thai language financial statements which are issued for domestic financial reporting purposes.
The accompanying interim financial statements have been prepared in accordance with generally accepted accounting principles. The significant accounting policies that have been applied in the preparation of the interim financial statements for the three-month period ended March 31, 2004 are similar to those which have been applied to the financial statements for the year ended December 31,
2003.
Basic Earnings per Share
Basic earnings per share is calculated by dividing the net income by the weighted average number of shares outstanding during the period (1,200,000,000 shares for 2004). Basic earnings per share in 2003 has been adjusted for the change in par value of common shares in March, 2003. (See Note 10).
As at March 31, 2004 and December 31, 2003, the Company and subsidiaries have long outstanding accounts receivable aged as follows:
In Million Baht
March 31, December 31,
2004 2003
Over 3 to 6 months
Over 6 to 12 months
Over 1 year
Total
35
19
1,284
1,338
17
9
1,308
1,334
The Company and subsidiaries provided the allowance for doubtful accounts amounting to approximately Baht 1,288 million as at March 31, 2004 and Baht 1,296 million as at December 31, 2003, which are adequate to absorb possible losses and comply with the accounting policy for allowance for doubtful accounts.
12

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Percentage of Direct In Million Baht
and Indirect Holdings Investment Dividend
March 31, December 31, March 31, December 31, March 31, December 31,
2004 2003 2004 2003 2004 2003
Investments in shares
A. Associated Companies
- At Equity
Cement
Aalborg Siam White Cement Pte., Ltd.
Petrochemicals
National Petrochemical Public Company Limited
Siam Styrene Monomer Co., Ltd.
Siam Mitsui PTA Co., Ltd.
Thai Plastic and Chemical Public Company Limited
Thai MMA Co., Ltd.
Siam Polyethylene Co., Ltd.
Siam Polystyrene Co., Ltd.
Grand Siam Composites Co., Ltd.
Pacific Plastics (Thailand) Co., Ltd.
Siam Synthetic Latex Co., Ltd.
PT. Trans-Pacific Petrochemical Indotama
Thai Pet Resin Co., Ltd.
Thai MFC Co., Ltd.
PT. Siam Maspion Terminal
SD Group Service Co., Ltd.
Tianjin Cementhai Plastic Products Co., Ltd.
Others
Paper
Thai Cane Paper Public Company Limited
Siam Toppan Packaging Co., Ltd.
Thai British Security Printing Public Company Limited
P&S Holding Philippines
Building Products
The Siam Gypsum Industry Co., Ltd.
Siam Sanitary Ware Co., Ltd.
Susuco Ceramic Co., Ltd.
The Siam Sanitary Fittings Co. ,Ltd.
The Siam Moulding Plaster Co., Ltd.
Others
50
45
40
29
36
45
49
49
40
50
45
50
49
25
48
50
20
20
46
50
50
46
26
50
50
26
45
40
29
36
45
49
49
40
50
45
50
49
25
48
50
20
20
46
50
50
46
26
50
50
26
50
1,852
270
262
12
2,396
293
174
180
143
104
59
47
53
17,469
2,554
1,919
1,334
1,181
442
296
318
290
6
6
4,903
3,472
275
250
117
61
168
1,164
-
-
-
-
-
-
-
-
-
-
24
-
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,853
281
250
12
2,396
315
174
158
154
103
59
47
48
18,674
2,937
2,324
1,482
1,296
418
359
330
300
5
5
5,098
3,387
311
273
130
65
122
1,216
-
-
32
-
-
-
7
2,512
-
-
16
-
16
40
-
-
232
617
1,027
160
240
-
-
138
-
59
7
27
7
-
-
81
13

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Percentage of Direct In Million Baht
and Indirect Holdings Investment Dividend
March 31, December 31, March 31, December 31, March 31, December 31,
Distribution
Thai Prosperity Terminal Co., Ltd.
Siam Pulsawat Lighter Co., Ltd.
Survey Marine Service Co., Ltd.
Others
Cementhai Holding
Michelin Siam Group Co., Ltd.
Siam Asahi Technoglass Co. ,Ltd.
Siam Yamato Steel Co., Ltd.
Thai CRT Co., Ltd.
The Siam Kubota Industry Co., Ltd.
Millennium Steel Public Company Limited
Musashi Auto Parts Co., Ltd.
Thai Engineering Products Co., Ltd.
The Deves Insurance Public Company Limited
Siam Lemmerz Co., Ltd.
The Siam Industrial Wire Co., Ltd.
Aisin Takaoka Foundry Bangpakong Co., Ltd.
Siam AT Industry Co., Ltd.
Siam Furukawa Co., Ltd.
Others
Cementhai Property
Nawa 84 Co., Ltd.
IT One Co., Ltd.
Total Investments in Associated Companies
49
25
42
38
21
30
39
27
45
48
2004 2003 2004 2003 2004 2003
50
29
50
29
60
21
60
20 -
10
-
15
48 48 17
9
107
17
8
105
-
-
10
-
3
18
39
27
45
48
42
41
21
30
2,295
1,652
1,621
1,105
1,047
1,002
464
326
2,119
1,569
1,346
1,125
985
742
387
286
-
-
-
-
-
-
-
-
398
165
-
-
175
-
13
20
21
30
29
30
30
29
21
30
29
30
30
29
25
49
318
258
228
127
98
81
88
10,710
293
293
69
69
33,470
338
229
190
121
79
87
77
9,680
294
294
63
63
31,177
-
-
-
-
-
-
-
-
-
23
3
26
60
20
47
-
-
-
-
19
857
-
-
-
-
3,484
14

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Percentage of Direct In Million Baht
and Indirect Holdings Investment Dividend
March 31, December 31, March 31, December 31, March 31, December 31,
B. Other Companies
- At cost
Cement
Asia Cement Public Company Limited
Holcim (Bangladesh) Co., Ltd.
Petrochemicals
Bangkok Synthetics Co., Ltd.
PT .Trans - Pacific Styrene Indonesia
PT .Trans - Pacific Polypropylene Indonesia
Others
Paper
AB Capital & Investment Corp.
Others
Building Products
Finfloor S.P.A.
Ya-Hua Building Material Co., Ltd.
Distribution
Advance Paint & Chemical (Thailand) Public
Company Limited
Others
Cementhai Holding
Toyota Motor (Thailand) Co., Ltd.
Siam Toyota Manufacturing Co., Ltd.
Thai Tokai Carbon Products Co., Ltd.
Convertible debenture – Millennium Steel
Public Company Limited
Others
Others
4
7
10
7
10
20
3
18
10
10
2004 2003 2004 2003 2004 2003
10
10
10
10
942
361
1,303
942
361
1,303
-
-
-
-
39
39
18
10
10
3
352
31
22
18
423
18
13
352
31
22
18
423
18
13
-
-
-
-
-
72
72
-
-
31
2
33
-
-
10
20
7
10
4
7
31
299
50
349
23
5
28
881
98
48
790
21
1,838
62
4,034
31
299
50
349
23
5
28
881
98
48
790
21
1,838
95
4,067
-
-
-
-
-
-
-
-
-
-
-
1
1
-
73
-
10
-
10
-
-
-
37
-
-
-
-
37
-
119
15

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Percentage of Direct In Million Baht
and Indirect Holdings Investment Dividend
March 31, December 31, March 31, December 31, March 31, December 31,
Marketable securities - At Fair Value (Available-For-Sale)
The Aromatic (Thailand) Public Company Limited
Thai Olefins Public Company Limited
Total
Less allowance for decline in value of investments
Investments in Associated and Other Companies - net
Long-term loans to associated and other companies
The Aromatic (Thailand) Public Company Limited
Millennium Steel Public Company Limited
Total Long-term loans to associated and other companies
2004 2003 2004 2003 2004 2003
14 14 6,244 8,614 - -
7 7 3,135
9,379
46,883
150
4,124
12,738
47,982
150
-
-
-
133
-
-
3,603
-
46,733
1,225
579
1,804
47,832
1,225
526
1,751
133
-
-
-
3,603
-
-
-
Total Investments in shares of and long – term loans to associated and other companies 48,537 49,583 133 3,603
The aggregate values of the above investments in shares of other companies, based on the latest available audited/reviewed financial statements or the quoted market prices (Closing price) on the Stock Exchange as at March 31, 2004 are as follows:
Non-marketable
Marketable
Total
Cost
4,034
2,419
6,453
In Million Baht
4,709
9,379
14,088
Net Book Allowance for Gain on
Value or Quoted Decline in Investments
Market Price Value of in Marketable
(Closing price) Investments Securities
( 150)
-
( 150)
Unrealized
-
6,960
6,960
Starting in the 1997 accounting period, the Company and subsidiaries adopted a policy to present 3 classes of assets which have carrying values substantially lower than the replacement costs. This includes land, buildings and machinery and equipment. The Company engaged American Appraisal
Company (Thailand) Limited, an independent appraiser to appraise the value of buildings and machinery and equipment. The Company also has a policy to revalue assets every year without presenting the revaluation surplus in the consolidated statement of income. The revaluation surplus will be presented in the consolidated balance sheet as assets revaluation surplus, and under the Shareholders’ equity as
Revaluation surplus in property and also Minority interest in subsidiaries – from revaluation surplus on property. Summarized below is the basis for the revaluation:
In the first quarter of the year 2004, the Company and subsidiaries revalued their land at appraised value of the Land Department, revised in 2004. As at March 31, 2004, the Company and subsidiaries appraised their land with a revaluation surplus of Baht 7,373 million. The revaluation surplus is presented in the consolidated balance sheet as assets revaluation surplus, and under the shareholders’ equity as revaluation surplus on property and also Minority interest in subsidiaries-from revaluation surplus on property.
16

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
As at December 31, 2003, the Company and subsidiaries appraised their property, plant and equipment as follows:
- Land - at appraised value of the Land Department with a revaluation surplus of Baht 6,720 million.
- Buildings, machinery and equipment - at appraised value (fair value basis) reported by an independent appraiser dated January 13, 2004 with a revaluation surplus of Baht 64,289 million as at
December 31, 2003 consisting of Baht 6,287 million for buildings and Baht 58,002 million for machinery and equipment.
As at March 31, 2004 and December 31, 2003, the Company and a subsidiary issued unsubordinated and unsecured debentures totalling Baht 90,500 million, respectively by issuance in 10 placements, with details as follows:
In Million Baht Fair Value**
March 31 December 31,
Debentures No. 2004 2003 Interest Rate (% p.a.) Term Maturity Date
March 31 December 31,
2004 2003
Debentures - The Siam Cement PCL
No. 1/1999 5,200
No. 2/1999 8,800
No. 4/1999
No. 6/1999
No. 1/2000
12,000
6,000
25,000
5,200 *floating rate+
3.50% p.a.
8,800 10.50% p.a.
12,000 9.50% p.a.
6,000 8.75% p.a.
25,000 7.75% p.a. for first 4 years
No. 1/2002 7,500 and *floating rate+2.00% p.a. for last 2 years
7,500 4.50% p.a.
No. 1/2003
No. 2/2003
6,000
10,000
6,000 3.50% p.a.
10,000 3.25% p.a.
Debentures - The Siam Pulp and Paper PCL
No. 1/2001 5,000 5,000 5.50% p.a.
No. 2/2001
Total
Less
Debentures
Held by
Subsidiary
Net
Less: Current
Portion
Net
5,000
10,000
90,500
6,025
84,475
24,496
59,979
5,000 6.50% p.a.
10,000
90,500
24,405
59,252
6,843
83,657
5 years
3 years
4 years
4 years
3 years
5 years
5 years
5.5 years
5 years
6 years
April 1, 2004
April 1, 2004
April 1, 2005
November 1, 2004
March 31, 2006
October 1, 2005
April 1, 2007
November 1, 2007
October 1, 2004
October 1, 2006 1,089
1,029
1,011
1,007
1,029
1,009
1,024
1,070
1,052
1,000
1,070
1,006
1,021
1,081
1,066
999
1,027
1,001
984
1,020
* Floating rate is equal average rate of 12 months fixed deposit of 4 banks
** Latest price (Baht per unit:1 Unit=Baht 1,000) as at March 31, 2004 and December 31, 2003.
17

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Information relating to industry segments for the three - month periods ended March 31, 2004 and 2003 are as follows:
In Million Baht
Total Consolidated
Business Group
Cement
Petrochemicals
Paper (3)
Building Products
Distribution
Cementhai Holding
Cementhai Property
Total Assets Net Sales
January 1 -
March 31, December 31, March 31,
January 1 -
March 31,
EBITDA (1)
January 1 -
March 31,
January 1 -
March 31
2004
258,883
2003
249,726
2004
43,717
2003
36,498
2004
10,571
2003
8,884
64,862
75,071
51,531
64,987
74,490
49,909
9,059
15,436
9,019
7,352
13,713
7,772
3,629
2,820
2,504
2,883
2,140
2,494
24,105
8,740
13,397
5,999
23,173
6,902
12,474
6,106
5,375
16,468
-
95
4,654
13,836
-
85
1,356
313
30
33
1,116
238
19
42
Total Consolidated
Business Group
Cement
Petrochemicals
Paper (3)
Building Products
In Million Baht
Operating Profit (Loss) before
Gain (loss) on Investments, and Assets Sold and Others (2) Net Income (Loss)
January 1 - January 1 -
Depreciation
and Amortization
January 1 - January 1 - January 1 - January 1 -
March 31,
2004
March 31,
2003
March 31,
2004
March 31,
2003
March 31,
2004
March 31
2003
7,184
1,844
3,229
1,159
718
5,128
1,187
2,693
1,182
539
7,355
1,844
3,262
1,159
718
5,533
1,187
2,693
1,182
539
2,501
637
684
708
228
2,326
601
639
665
202
Distribution
Cementhai Holding
215
1,031
115
642
215
1,169
115
714
27
-
35
-
Cementhai Property ( 34) ( 68) ( 34) ( 68) 5 8
(1) Represents income before income tax, interest expense and financial charges, depreciation and amortization, includes dividend from associated and other companies.
(2) Represents income (loss) before gain (loss) on investments and assets sold for restructuring, provision for decline in value of investments and others.
(3) Includes the assets revaluation surplus (in case of excluding the assets revaluation surplus, total assets will be Baht
34,444 million and Baht 32,813 million as at March 31, 2004 and December 31, 2003, respectively)
18

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Business Group (In Million Baht)
Building Products Cement Petrochemicals Paper
March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31,
2004 2003 2004 2003 2004 2003 2004 2003
Information from Balance Sheets
Current assets
Investments in shares of and
Long-term loans to associated and other companies - net
Property, plant and equipment - net
Asset revaluation surplus
Other assets
Total Assets
Short-term loans
Current liabilities
Long-term loans
Other liabilities
Total liabilities
Total Shareholders’ Equity and
Minority Interest in Subsidiaries
Total Liabilities and Shareholders’
Equity
Information from Balance sheets
Current assets
Investments in shares of and
Long-term loans to associated and other companies - net
Property, plant and equipment - net
Asset revaluation surplus
Other assets
Total Assets
Short-term loans
Current liabilities
Long-term loans
Other liabilities
Total liabilities
Total Shareholders’ Equity and
Minority Interest in Subsidiaries
Total Liabilities and
Shareholders’ Equity
6,627
1,306
44,398
8,794
3,737
64,862
23,116
3,265
422
844
27,647
37,215
64,862
6,019
1,306
44,888
8,672
4,102
64,987
25,833
2,740
414
926
29,913
35,074
64,987
14,471
28,424
25,319
5,126
1,731
75,071
10,519
5,069
21,336
1,724
38,648
36,423
75,071
11,167
30,578
25,794
5,126
1,825
74,490
12,709
3,493
23,035
1,473
40,710
33,780
74,490
14,089
2,415
17,937
17,087
3
51,531
6,450
3,521
6,388
55
16,414
35,117
51,531
11,933
2,416
18,423
17,096
41
49,909
6,434
2,845
6,415
86
15,780
34,129
49,909
6,598
1,514
7,455
7,664
874
24,105
5,302
3,168
273
392
9,135
14,970
24,105
Business Group (In Million Baht)
Distribution Cementhai Holding Cementhai Property Total Consolidated
March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31,
2004 2003 2004 2003 2004 2003 2004 2003
6,227 4,402 260 429 4,831 4,921 51,857 39,216
115
1,046
251
1,101
8,740
3,315
5,760
115
1,035
271
1,079
6,902
2,333
4,736
13,118
-
9
10
13,397
5,035
79
12,035
-
9
1
12,474
5,166
75
-
293
622
253
5,999
3,906
89
-
294
627
264
6,106
3,954
134
48,537
71,347
71,658
15,484
258,883
40,785
21,902
49,583
72,714
71,009
17,204
249,726
46,080
14,018
27
70
9,172
-
86
7,155
-
22
5,136
( 432) ( 253) 8,261
8,740 6,902 13,397
-
13
5,254
7,220
12,474
-
54
4,049
1,950
5,999
-
54
4,142
1,964
6,106
77,153
3,297
143,137
115,746
258,883
70,935
3,219
134,252
115,474
249,726
6,111
1,462
7,355
7,361
884
23,173
5,740
2,796
278
407
9,221
13,952
23,173
19

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
Business Group (In Million Baht)
Cement Petrochemicals Paper Building Products
January 1- January 1- January 1- January 1- January 1- January 1- January 1- January 1-
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2004 2003 2004 2003 2004 2003 2004 2003
Information from
Statements of Income
Net sales
Cost of sales
Gross margin
Operating expenses
Income (loss) from operations
9,059
( 5,415)
3,644
( 720)
2,924
Interest expense and financial charges ( 400)
7,352
( 4,398)
2,954
( 741)
2,213
( 581)
15,436
(12,969)
2,467
( 475)
1,992
( 177)
13,713
(11,810)
1,903
( 496)
1,407
( 258)
9,019
( 6,621)
2,398
( 678)
1,720
( 142)
7,772
( 5,312)
2,460
( 654)
1,806
(164)
5,375
( 3,527)
1,848
( 755)
1,093
( 102)
4,654
( 3,068)
1,586
( 724)
862
( 111)
Other income
Income (loss) before tax
Income tax
Income (loss) after tax
68
2,592
( 748)
1,844
69
1,701
( 515)
1,186
144
1,959
( 63)
1,896
94
1,243
( 21)
1,222
52
1,630
( 386)
1,244
22
1,664
( 333)
1,331
35
1,026
( 289)
737
52
803
( 216)
587
Minority interest in net earnings of subsidiaries
Equity in associated companies
Income (loss) before gain (loss) on
-
- investments and assets sold and others 1,844
Gain (loss) on investments and assets sold and others*
Net income (loss)
-
1,844
-
1,187
-
1
1,187
( 73)
1,406
3,229
33
3,262
28
1,443
2,693
-
2,693
( 109)
24
1,159
-
1,159
( 167)
18
1,182
-
1,182
( 71)
52
718
-
718
( 58)
10
539
-
539
Information from
Statements of Income
Net sales
Business Group (In Million Baht)
Distribution Cementhai Holding Cementhai Property Total Consolidated
January 1 - January 1 - January 1 - January 1 - January 1 - January 1 - January 1 - January 1 -
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2004 2003 2004 2003 2004 2003 2004 2003
16,468 13,836 - - 95 85 43,717 36,498
Cost of sales
Gross margin
Operating expenses
Income (loss) from operations
(15,167)
1,301
( 1,120)
181
Interest expense and financial charges ( 39)
Other income 95
Income (loss) before tax
Income tax
237
( 32)
(12,728)
1,108
( 999)
109
( 31)
84
162
( 62)
-
-
( 18)
( 18)
( 55)
22
( 51)
( 2)
-
-
10
( 11)
( 11)
( 98)
( 99)
( 2)
( 53)
42
( 39)
3
( 68)
25
( 40)
6
( 39)
46
( 32)
14
( 80)
20
( 46)
( 21)
(32,008)
11,709
( 4,217)
7,492
( 1,722)
518
6,288
( 1,412)
(26,449)
10,049
( 3,994)
6,055
( 2,122)
473
4,406
( 1,286)
3,120 Income (loss) after tax
Minority interest in net earnings of subsidiaries
Equity in associated companies
Income (loss) before gain (loss) on investments and assets sold and others
Gain (loss) on investments and assets sold and others*
205
-
10
215
-
100
6
9
115
-
( 53)
-
1,084
1,031
138
( 101)
-
743
642
72
( 34)
-
-
( 34)
-
( 67) 4,876
- ( 274)
( 1) 2,582
( 68) 7,184
- 171
( 226)
2,234
5,128
405
Net income (loss) 215 115 1,169 714 ( 34) ( 68) 7,355 5,533
*Gain (loss) on investments and assets sold and others represents gain (loss) on investments and assets sold for restructuring and provision for decline in value of investments and others-net of income tax
20

THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
March 31, 2004 and 2003 (Reviewed) and December 31, 2003 (Audited)
At the Ordinary Shareholders’ meeting held on March 24, 2004, the shareholders resolved to declare dividend for the year 2003 at Baht 6 per share, in total amounting to Baht 7,200 million. However, the
Board of Directors resolved the 2003 interim dividend payment at the rate of Baht 2.50 per share, in total amounting to Baht 3,000 million on August 28, 2003. The final dividend was at the rate of Baht 3.50 per share, in total amounting to Baht 4,200 million and was paid on April 21, 2004.
At the Ordinary Shareholders’ meeting held on March 26, 2003, the shareholders unanimously approved to change the par value of common shares of the Company from Baht 10 per share divided into
160,000,000 shares to be Baht 1 per share divided into 1,600,000,000 shares. The change was registered with the Ministry of Commerce on April 17, 2003. As at March 31, 2004, the issued and fully paid share capital is 1,200,000,000 shares, totaling Baht 1,200 million.
On April 1, 2004, the Company redeemed its debentures No. 1/1999 of Baht 5,200 million and No.
2/1999 of Baht 8,800 million. The Company issued and offered to sell debentures No. 1/2004 of Baht
10,000 million for a period of 4 years at fixed interest rate of 4.25% p.a.
As at March 31, 2004, the proceeds from subscribed debentures of Baht 4,812 million has already been obtained from the subscribers.
As at March 31, 2004, the Company and subsidiaries had: a) Contingent liabilities for guarantees on loans of affiliated companies amounting to Baht 10,138 million, b) Contingent liabilities for bank guarantees issued by banks to government agencies amounting to
Baht 1,311 million, c) Unused letters of credit amounting to Baht 672 million, d) Commitments for purchase of raw material contracts amounting to Baht 1,635 million.
Certain accounts in 2003 were reclassified to conform with those in the 2004 financial statements.
21