THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
1. BASIS FOR FINANCIAL STATEMENTS
AND PRINCIPLES OF CONSOLIDATION
The accompanying interim financial statements have been prepared in accordance with the Accounting
Standard No. 41 “Interim Financial Reporting” and Regulations of Stock Exchange of Thailand (SET)
relating to the accounting.
The interim financial statements are prepared as additional information to financial statements for the
year ended December 31, 2002 with the emphasis on the more current information about activities,
events and situations, not a duplicate of information previously reported. These interim financial
statements should therefore be read in conjunction with the financial statements for the year ended
December 31, 2002.
The Company maintains its official accounting records in Thai Baht and prepares its statutory 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 the convenience of the readers, an English translation of financial statements has been prepared from
the statutory Thai language financial statements which are issued for domestic reporting purposes.
The Company owns 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 other companies.
The consolidated financial statements for the three-month periods ended March 31, 2003 and 2002,
include the accounts of The Siam Cement Public Company Limited and subsidiaries. Subsidiaries which
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
In the first quarter of 2003 the Company purchased additional outstanding shares (9.48%) of The Siam
Pulp and Paper Public Company Limited at total Baht 2,890 million. As a result, the Company’s interest
in this company becomes 96.89%. The Company adjusted its minority interest in subsidiary to present
the amount as percentage of interest at the present.
In March 2003, The Siam Pulp and Paper Public Company Limited - a subsidiary purchased all newly
issued common shares of Thai Cane Paper Public Company Limited at Baht 1,000 million, representing
40% of total shares. As at March 31, 2003, the Company accounted for the investment at cost since the
Company had no significant influence in the management in that company.
All significant intercompany transactions with subsidiaries included in the consolidated financial
statements have been eliminated.
12
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Significant transactions with associated companies for the three - month periods ended March 31, 2003
and 2002 are as follows:
Purchases
Sales
Service income and others
In Million Baht
2003
2002
4,211
2,299
3,284
2,629
117
114
Pricing policy
Market price
Market price
Mainly based on percentage of net sales
No transactions of purchases, sales, guarantees and commitment are made to individual related party who
may have the interest in the Company.
2.
SIGNIFICANT ACCOUNTING POLICIES
The accompanying interim financial statements have been prepared in accordance with generally
accepted accounting principles. The significant accounting policies that have been applied to the
preparation of the interim financial statements for the three-month period ended March 31, 2003 are
similar to those have been applied to the financial statements for the year ended December 31, 2002.
Basic Earnings per Share
Basic earnings per share is determined by dividing the net income by the weighted average number of
shares outstanding during the period (120,000,000 shares for 2003 and 2002). (See Note 9)
3.
TRADE AND NOTE RECEIVABLES
As at March 31, 2003 and December 31, 2002, the Company and subsidiaries have long outstanding
accounts receivable aged as follows:
In Million Baht
March 31,
December 31,
2003
2002
Over 3 to 6 months
Over 6 to 12 months
Over 1 year
Total
9
20
835
864
65
337
676
1,078
The Company and subsidiaries provided the allowance for doubtful accounts amounted to approximately
Baht 835 million as at March 31, 2003 and Baht 849 million as at December 31, 2002, which are
adequate to absorb possible losses and comply with the accounting policy for allowance for doubtful
accounts.
13
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
4.
INVESTMENTS IN SHARES AND LONG-TERM LOANS TO
ASSOCIATED AND OTHER COMPANIES - Net
Percentage of Direct
and Indirect Holdings
2003
2002
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.
Siam Synthetic Latex Co., Ltd.
Grand Siam Composites Co., Ltd.
Pacific Plastics (Thailand) Co., Ltd.
Thai Pet Rasin Co., Ltd.
PT. Trans-Pacific Petrochemical Indotama
Thai MFC Co., Ltd.
PT. Siam Maspion Terminal
SD Group Service Co., Ltd.
Tianjin Cementhai Plastic Products Co., Ltd.
Others
Paper
United Pulp and Paper Co., Inc.
Thai British Security Printing Public Company Limited
Siam Toppan Packaging Co., Ltd.
P&S Holding Phillipines
Building Products
Sosuco Ceramic Co., Ltd.
Mariwasa Manufacturing., Inc.
The Siam Gypsum Industry Co., Ltd.
Siam Sanitary Ware Co., Ltd.
The Siam Sanitary Fittings Co. ,Ltd.
The Siam Moulding Plaster Co., Ltd.
Lafarge Siam Roofing Co., Ltd.
Others
In Million Baht
Investment
Dividend
2003
2002
2003
2002
50
50
3
3
3
3
-
-
26
50
50
26
46
50
50
50
46
48
20
20
45
50
49
25
26
50
50
26
46
50
50
50
46
48
20
45
50
49
25
4,747
3,388
3,081
1,935
1,114
1,070
377
323
285
265
181
174
161
107
82
52
50
17,392
4,540
3,170
2,534
1,765
957
1,011
376
316
241
257
174
151
107
82
53
48
15,782
-
206
247
103
205
65
11
837
37
49
49
40
37
49
49
40
715
257
238
42
1,252
729
243
228
43
1,243
-
-
45
46
29
36
45
40
25
45
46
29
36
45
40
-
253
213
193
180
109
52
44
58
1,102
242
297
170
150
100
49
58
1,066
-
32
13
45
14
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Percentage of Direct
and Indirect Holdings
2003
2002
Distribution
Thai Prosperity Terminal Co., Ltd.
Siam Pulsawat Lighter Co., Ltd.
Survey Marine Service Co., Ltd.
Others
Cementhai Holding
Siam Yamato Steel Co., Ltd.
Michelin Siam Group Co., Ltd.
Siam Asahi Technoglass Co. ,Ltd.
Thai CRT Co., Ltd.
The Siam Kubota Industry Co., Ltd.
Millennium Steel Public Company Limited
Musashi Auto Parts Co., Ltd.
The Deves Insurance Public Co., Ltd.
Thai Engineering Products Co., Ltd.
Siam Lemmerz Co., Ltd.
The Siam Industrial Wire Co., Ltd.
Aisin Takaoka Foundry Bangpakong Co., Ltd.
Siam Furukawa Co., Ltd.
Thai Tokai Carbon Product Co., Ltd.
Others
50
29
48
46
39
27
48
42
45
21
21
30
30
29
30
29
-
50
29
48
46
39
27
48
42
45
21
21
30
30
29
30
29
22
In Million Baht
Investment
Dividend
2003
2002
2003
2002
63
19
18
15
115
65
18
18
16
117
10
2,718
1,997
1,475
1,317
1,054
503
364
313
207
203
131
106
86
86
10,560
2,533
1,838
1,370
1,343
991
415
301
325
181
177
111
105
82
196
67
10,035
-
10
20
20
Cementhai Property
Nawa 84 Co., Ltd.
25
25
294
294
295
295
-
IT One Co., Ltd.
49
49
52
52
30,770
41
41
28,582
-
Total Investments in Associates
15
15
624
98
175
13
20
7
937
-
30
15
1,834
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Percentage of Direct
and Indirect Holdings
2003
2002
In Million Baht
Investment
Dividend
2003
2002
2003
2002
B. Associated Company
- At cost
Paper
Thai Cane Paper Public Company Limited
40
-
1,000
1,000
C. Other Companies
- At cost
Cement
Asia Cement Public Company Limited
Holcim (Bangladesh) Co., Ltd.
10
10
10
10
1,255
361
1,616
1,255
361
1,616
-
10
18
10
10
10
18
10
10
1,133
352
31
22
18
1,556
1,133
352
31
22
18
1,556
-
299
50
349
299
50
349
-
-
Petrochemicals
Thai Olefins Co., Ltd.
Bangkok Synthetic Co., Ltd.
PT .Trans - Pacific Styrene Indonesia
PT .Trans - Pacific Polypropylene Indonesia
Others
Building Products
Finfloor S.R.L.
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 Co., Ltd.
Investment in convertible debenture – Millennium Steel
Public Company Limited
Others
Others
10
20
10
20
-
-
-
59
4
63
3
3
2
2
7
7
23
5
28
23
5
28
-
-
10
4
7
10
4
-
881
98
48
881
98
-
-
-
790
27
1,844
84
5,477
790
28
1,797
123
5,469
-
68
16
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Percentage of Direct
and Indirect Holdings
2003
2002
Marketable securities -At fair value (Available-for-sale)
The Aromatic (Thailand) Public Company Limited
Warrant – Millennium Steel Public Company Limited
13
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
United Pulp and Paper Co., Inc.
Millennium Steel Public Company Limited
IT One Co., Ltd.
Total Long-term loans to associated and other companies
Total Investments in shares of and long – term loans to
associated and other companies
13
In Million Baht
Investment
Dividend
2003
2002
2003
2002
1,650
410
2,060
39,307
382
38,925
665
64
729
34,780
381
34,399
-
1,225
160
420
1,805
1,225
161
9
1,395
-
40,730
35,794
1,902
1,902
30
30
30
1,902
The aggregate values of the above investments in shares of other companies, based on the latest available
audited/reviewed statements or the quoted market prices in the Stock Exchange as at March 31, 2003 are
as follows:
Cost
Non-Marketable
Marketable
Total
5.
5,477
1,222
6,699
In Million Baht
Allowance for
Net Book
decline in
Value/ quoted
value of
Market Price
investments
5,354
2,060
7,414
Unrealized
gain on
investments
in securities
( 382)
( 382)
838
838
DEBENTURES
As at March 31, 2003, the Company and subsidiary issued unsubordinated and unsecured debentures
totalling of Baht 92,500 million by issuance in 10 placements, the details are as follows:
Debentures
Debentures
The Siam Cement PCL
No. 1/1999
No. 2/1999
No. 3/1999
No. 4/1999
No. 5/1999
No. 6/1999
In Million Baht
5,200
8,800
12,000
12,000
6,000
6,000
Interest rate
(% p.a.)
*floating rate+
3.50
10.50
8.00
9.50
8.00
8.75
Term
Maturity date
Fair Value**
5 years
April 1, 2004
1,031
5 years
3.5 years
5.5 years
4 years
5 years
April 1, 2004
April 1, 2003
April 1, 2005
November 1, 2003
November 1, 2004
1,083
1,019
1,164
1,049
1,115
17
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Debentures
No. 1/2000
25,000
No. 1/2002
7,500
82,500
Debentures
The Siam Pulp and Paper PCL
No. 1/2001
No. 2/2001
Total
Less Debentures
held by subsidiary
Net
Less : Current portion
Net
Interest rate
(% p.a.)
In Million Baht
5,000
5,000
10,000
92,500
Term
Maturity date
Fair Value**
7.75 for
first 4 years
and *floating
rate +2.00
for last 2 years
4.50
6 years
March 31, 2006
1,083
3 years
October 1, 2005
1,053
5.50
6.50
3 years
5 years
October 1, 2004
October 1, 2006
1,049
1,142
1,244
91,256
17,638
73,618
* 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, 2003.
6.
SEGMENT INFORMATION
Information relation to industry segment for the three – months periods ended March 31, 2003 and 2002
are as follows:
Total Assets
March 31,
2003
Total Consolidated
Business Group
Cement
Petrochemicals
Paper (3)
Building Products
Distribution
Cementhai Holding
Cementhai Property
December 31,
2002
In Million Baht
Net Sales
January 1 January 1 March 31,
March 31,
2003
2002
Total EBITDA (1)
January 1 January 1 March 31,
March 31
2003
2002
243,854
235,644
36,498
30,866
9,485
7,189
65,285
67,422
45,984
23,169
7,689
13,482
6,233
65,630
64,122
44,443
22,592
7,144
13,082
6,273
7,352
13,713
7,772
4,654
13,836
85
6,360
9,836
7,054
4,069
13,231
2,015
68
2,883
2,140
2,494
1,116
238
144
42
1,682
1,600
2,278
854
294
290
33
18
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
In Million Baht
Operating Profit before
Gain (loss) on Investments,
and Assets Sold and Others (2)
January 1 January 1 March 31,
March 31,
2003
2002
Total Consolidated
Business Group
Cement
Petrochemicals
Paper (3)
Building Products
Distribution
Cementhai Holding
Cementhai Property
Net Income (Loss)
January 1 January 1 March 31,
March 31
2003
2002
5,128
2,165
5,533
2,320
1,187
2,693
1,182
539
115
642
( 68)
8
1,017
913
410
163
553
( 60)
1,187
2,693
1,182
539
115
714
( 68)
8
1,022
913
410
163
703
( 60)
Depreciation
and Amortization
January 1 January 1 March 31,
March 31
2003
2002
2,326
2,555
601
639
665
202
35
8
628
604
718
250
27
106
15
(1)
Represents income before income tax, interest expense and financial charges, depreciation and amortization, includes
dividend from associated and other companies and cash gain from divestment.
(2)
Represents income (loss) before gain (loss) on investments and assets sold for restructuring and provision for decline in
value of investments.
(3)
Includes the assets revaluation surplus (in case of excluding the assets revaluation surplus, total assets will be Baht
30,261 million and Baht 28,720 million as at March 31, 2003 and December 31, 2002, respectively)
7.
OPERATIONS OF BUSINESS GROUP
Business Group (In Million Baht)
Cement
Petrochemicals
Paper
March 31, December 31, March 31, December 31, March 31, December 31,
2003
2002
2003
2002
2003
2002
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 Loan
Current Liabilities
Long-Term Loan
Other Liabilities
Total Liabilities
Total
Shareholders’ Equity and Minority
Interest in Subsidiaries
Total Liabilities and Shareholders’
Equity
Building Products
March 31, December 31,
2003
2002
6,408
6,145
13,727
12,448
11,039
9,937
6,970
6,620
3,617
46,456
5,006
3,798
65,285
3,617
47,016
5,006
3,846
65,630
20,474
27,273
3,963
1,985
67,422
17,882
27,749
3,963
2,080
64,122
2,413
16,455
15,723
354
45,984
1,403
16,941
15,723
439
44,443
1,401
6,939
6,938
921
23,169
1,366
6,575
6,957
1,074
22,592
34,288
2,974
699
670
38,631
36,349
2,620
701
715
40,385
12,554
4,493
16,393
1,706
35,146
12,288
4,637
15,635
1,753
34,313
372
4,939
10,647
71
16,029
678
2,140
10,712
81
13,611
6,953
3,297
436
395
11,081
7,253
2,873
461
405
10,992
26,654
25,245
32,276
29,809
29,955
30,832
12,088
11,600
65,285
65,630
67,422
64,122
45,984
44,443
23,169
22,592
19
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Business Group (In Million Baht)
Distribution
Cementhai Holding
Cementhai Property
March 31, December 31, March 31, December 31, March 31, December 31,
2003
2002
2003
2002
2003
2002
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 Loan
Current Liabilities
Long-Term Loan
Other Liabilities
Total Liabilities
Total
Shareholders’ Equity and
Minority Interest in Subsidiaries
Total Liabilities and
Shareholders’ Equity
5,344
4,858
411
1,352
4,973
4,980
45,382
40,576
123
124
13,055
11,715
294
295
40,730
35,794
1,109
280
833
7,689
1,138
280
744
7,144
648
8
13,482
7
13,082
325
6,233
350
6,273
73,715
65,019
19,008
243,854
75,024
65,562
18,688
235,644
2,688
4,531
68
7,287
1,910
4,639
64
6,613
7,794
59
15
7,868
8,042
220
15
8,277
5,049
200
25
5,274
5,023
227
5,250
34,792
19,324
97,308
3,127
154,551
36,069
14,523
93,887
3,234
147,713
402
531
5,614
4,805
959
1,023
89,303
87,931
7,689
7,144
13,482
13,082
6,233
6,273
243,854
235,644
Cement
January 1- January 1March 31, March 31,
2003
2002
Information from
Statements of Income
Net Sales
Cost of Sales
Gross Margin
Operating Expenses
Income from Operation
Interest Expense and
Financial Charges
Other Income
Income before Tax
Income Tax
Income after Tax
Minority Interest in Net Earnings
of Subsidiaries
Equity in Associated Companies
Income before
Gain (Loss) on Investments and
Assets Sold and Others
Gain (Loss) on Investments and
Assets Sold and Others*
Net Income
Consolidated
March 31, December 31,
2003
2002
8
8
-
641
-
-
-
Business Group (In Million Baht)
Petrochemicals
Paper
January 1January 1January 1January 1March 31,
March 31,
March 31,
March 31,
2003
2002
2003
2002
Building Products
January 1- January 1March 31,
March 31,
2003
2002
7,352
( 4,398)
2,954
( 741)
2,213
6,360
( 4,782)
1,578
( 570)
1,008
13,713
(11,810)
1,903
( 496)
1,407
9,836
( 8,760)
1,076
( 427)
649
7,772
( 5,312)
2,460
( 654)
1,806
7,054
( 4,739)
2,315
( 781)
1,534
4,654
( 3,068)
1,586
( 724)
862
4,069
( 2,843)
1,226
( 685)
541
(
(
(
(
336)
71
384
4)
380
(
164)
22
1,664
( 333)
1,331
(
234)
26
1,326
( 314)
1,012
(
111)
52
803
216)
587
(
( 167)
18
(
(
(
58)
10
(
581)
69
1,701
( 515)
1,186
1
-
(
789)
48
267
258)
9
(
1,187
(
(
28
1,443
149
488
8
2,693
1,017
1,182
913
539
410
2,693
5
1,022
1,182
913
539
-
8
-
71)
28)
(
67)
63
537
15)
522
1)
-
1,187
258)
94
1,243
(
21)
1,222
20
131)
19
410
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
Distribution
January 1 - January 1 March 31, March 31,
2003
2002
Information from
Statements of Income
Net Sales
Cost of Sales
Gross Margin
Operating Expenses
Income from Operation
Interest Expense and Financial
Charges
Other Income
Income(Loss) before Tax
Income Tax
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*
Net Income (Loss)
13,836
(12,728)
1,108
( 999)
109
(
(
31)
84
162
62)
100
6
9
13,231
(11,982)
1,249
( 1,052)
197
(
(
(
34)
70
233
73)
160
1)
4
Business Group (In Million Baht)
Cementhai Holding
Cementhai Property
January 1 - January 1 - January 1 - January 1 March 31,
March 31,
March 31,
March 31,
2003
2002
2003
2002
(
(
11)
11)
(
98)
10
99)
2)
101)
(
(
(
2,015
( 1,689)
326
( 136)
190
(
(
177)
57
70
17)
53
85
39)
46
32)
14
(
(
(
80)
20
46)
21)
67)
(
(
(
(
(
(
(
(
(
(
743
500
(
1)
68)
(
68)
(
115
163
642
553
(
115
163
72
714
150
703
(
68
42)
26
27)
1)
36,498
(26,449)
10,049
( 3,994)
6,055
30,866
(23,058)
7,808
( 3,960)
3,948
59)
19
41)
29)
70)
( 2,122)
473
4,406
( 1,286)
3,120
( 2,582)
476
1,842
( 510)
1,332
10
(
(
-
-
Consolidated
January 1 - January 1 March 31,
March 31,
2003
2002
226)
2,234
159)
992
60)
5,128
2,165
60)
405
5,533
155
2,320
-
*Gain (Loss) on investments and assets sold and others represents gain (loss) on investments and assets sold for restructurings
and provision for decline in value of investments-net of income tax
8.
DIVIDENDS
At the ordinary shareholders’ meeting held on March 26, 2003, the shareholders have resolved to declare
dividend for the 2002 at Baht 30 per share, totalling amounting to Baht 3,600 million. The payment is
made on April 23, 2003.
9.
SHARE CAPITAL
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 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, 2003, the issued and fully paid share capital
is 120,000,000 shares, totalling Baht 1,200 million.
21
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
NOTES TO INTERIM FINANCIAL STATEMENTS (Continued)
MARCH 31, 2003 AND 2002 (REVIEWED)
AND DECEMBER 31, 2002 (AUDITED)
10.
COMMITMENTS AND CONTINGENT LIABILITIES
As at March 31, 2003, the Company and subsidiaries had:
a)
Contingent liabilities for guaranteed on loans of affiliated companies amounting to Baht 14,116
million,
b)
Contingent liabilities for Bank guarantee issued by banks to government agencies amounting to
Baht 1,322 million,
c)
Unused letters of credit amounting to Baht 1,024 million,
d)
Commitment for purchase of raw material contracts amounting to Baht 2,919 million, and
e)
Contingent liability arising from assessment of valued added tax and special business tax for the
transfer of Lampang plant project which was under construction to a subsidiary company amounting to
Baht 202 million. The Company is contesting the assessment to the Supreme Court. The ultimate
outcome of this can not be determined presently. However, no provision for possible loss on such
assessment has been made in the accounts.
11.
RECLASSIFICATION OF ACCOUNTS
Certain accounts in 2002 were reclassified to conform with those in the 2003 financial statements.
22