THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (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 The Stock Exchange of Thailand
(SET) relating to 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 interim financial statements for the six-month periods ended June 30, 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.
2.
3.
4.
5.
6.
7.
Siam Cement Industry Co., Ltd. and subsidiaries
Cementhai Chemicals Co., Ltd. and subsidiaries
The Siam Pulp and Paper Public Company Limited and subsidiaries
Cementhai Building Products Co., Ltd. and subsidiaries
Cementhai Distribution Co., Ltd. and subsidiaries
Cementhai Holding Co., Ltd. and subsidiaries
Cementhai Property (2001) Public Company Limited and subsidiaries
In the second quarter of 2004, The Siam Pulp and Paper Public Company Limited, - a subsidiary,
purchased 0.696% additional outstanding shares of Thai Cane Paper Public Company Limited for Baht
24 million. As a result, its interest in this Company as at June 30, 2004 becomes 50.686% (percentage of
direct and indirect holding of The Siam Cement Public Company Limited equals to 49.73%). The
interim financial statements for the six-month period ended June 30, 2004 of this company are included
in the consolidated interim financial statements for the six-month period ended June 30, 2004 as the
Company has controlling power in identifying financial management policies and operations.
All significant inter company transactions with subsidiaries included in the consolidated financial
statements have been eliminated.
Significant transactions with associated companies for the six - month periods ended June 30, 2004 and
2003 are as follows:
In Million Baht
2004
2003
Purchases
Sales
Service income and others
Dividend income
10,256
10,259
304
2,936
7,865
7,446
274
2,420
Pricing policy
Market price
Market price
Mainly based on percentage of net sales
Upon declaration
13
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 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.
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 in the
preparation of the interim financial statements for the six-month period ended June 30, 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).
3.
TRADE AND NOTE RECEIVABLES
As at June 30, 2004 and December 31, 2003, the Company and subsidiaries have long outstanding
accounts receivable aged as follows:
In Million Baht
June 30,
December 31,
2004
2003
Over 3 to 6 months
Over 6 to 12 months
Over 1 year
Total
72
31
1,361
1,464
17
9
1,308
1,334
The Company and subsidiaries provided allowances for doubtful accounts amounting to approximately
Baht 1,432 million as at June 30, 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.
14
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
4.
INVESTMENTS IN SHARES OF AND LONG-TERM LOANS TO
ASSOCIATED AND OTHER COMPANIES - Net
Percentage of Direct
and Indirect Holdings
June 30, December 31,
2004
2003
In Million Baht
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
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
Thai Plastic and Chemical Public Company Limited
Siam Mitsui PTA Co., Ltd.
Siam Styrene Monomer Co., Ltd.
Siam Polyethylene Co., Ltd.
Thai MMA Co., Ltd.
Siam Polystyrene Co., Ltd.
Pacific Plastics (Thailand) Co., Ltd.
Grand Siam Composites Co., Ltd.
Siam Synthetic Latex Co., Ltd.
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
Siam Toppan Packaging Co., Ltd.
Thai British Security Printing Public Company Limited
P&S Holding Philippines
Thai Cane Paper Public Company Limited
Building Products
Siam Sanitary Ware Co., Ltd.
Susuco Ceramic Co., Ltd.
The Siam Gypsum Industry Co., Ltd.
The Siam Sanitary Fittings Co. ,Ltd.
The Siam Moulding Plaster Co., Ltd.
Others
50
50
5
5
6
6
25
37
50
50
50
46
50
48
46
50
20
45
50
49
25
25
26
50
50
50
46
50
48
46
50
20
45
50
49
25
4,952
3,932
3,043
2,928
1,352
1,011
428
340
260
214
147
145
101
71
47
44
19,015
4,903
1,919
2,554
3,472
1,181
1,334
442
318
296
290
180
143
104
59
47
50
17,292
287
265
11
563
270
262
12
1,852
2,396
330
295
292
128
61
122
1,228
275
250
293
117
61
168
1,164
49
49
40
-
36
45
29
45
40
49
49
40
50
36
45
29
45
40
-
387
160
322
514
4
2,280
232
160
1,027
617
240
138
59
32
7
2,512
-
-
614
165
96
18
-
24
16
-
24
16
14
7
27
40
7
39
17
6
-
76
81
15
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
Percentage of Direct
and Indirect Holdings
June 30, December 31,
2004
2003
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 Yamato Steel Co., Ltd.
Siam Asahi Technoglass Co. ,Ltd.
Thai CRT Co., Ltd.
Millennium Steel Public Company Limited
The Siam Kubota Industry Co., Ltd.
Musashi Auto Parts Co., Ltd.
Thai Engineering Products Co., Ltd.
The Deves Insurance Public Company Limited
The Siam Industrial Wire Co., Ltd.
Siam Lemmerz Co., Ltd.
Aisin Takaoka Foundry Bangpakong Co., Ltd.
Siam AT Industry Co., Ltd.
Siam Furukawa Co., Ltd.
Others
50
29
48
50
29
48
In Million Baht
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
2004
2003
2004
2003
65
22
17
12
116
60
20
17
8
105
39
45
27
48
38
42
21
30
21
29
30
30
30
29
39
45
27
48
41
42
21
30
21
29
30
30
30
29
2,268
1,912
1,648
1,119
1,070
970
522
336
330
285
230
137
118
80
111
11,136
2,119
1,346
1,569
1,125
742
985
387
286
338
190
229
121
79
87
77
9,680
Cementhai Property
Nawa 84 Co., Ltd.
25
25
293
293
294
294
IT One Co., Ltd.
49
49
72
72
32,428
63
63
31,000
Total Investments in Associated Companies
10
15
-
10
3
18
211
37
175
15
24
22
59
3
546
398
165
175
13
20
20
47
19
857
-
-
2,936
3,484
16
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
Percentage of Direct
and Indirect Holdings
June 30, December 31,
2004
2003
B. Other Companies
- At cost
Cement
Asia Cement Public Company Limited
Holcim (Bangladesh) Co., Ltd.
Petrochemicals
PT .Trans - Pacific Petrochemical Indotama
Bangkok Synthetics Co., Ltd.
PT. Trans - Pacific Polyethylene Indonesia*
PT. Trans – Pacific Polyethylindo*
PT .Trans - Pacific Styrene Indonesia
PT .Trans - Pacific Polypropylene Indonesia
Others
* No existence of significant influence.
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
10
10
17
18
39
39
10
10
10
10
20
18
39
39
10
10
In Million Baht
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
2004
2003
2004
2003
942
361
1,303
942
361
1,303
47
1,976
352
184
131
31
22
18
2,714
2,325
352
184
131
31
22
18
3,063
-
39
-
47
39
-
72
31
-
2
33
72
3
3
18
13
31
18
13
31
-
-
10
20
10
20
299
50
349
299
50
349
-
-
-
7
7
23
5
28
23
5
28
-
Toyota Motor (Thailand) Co., Ltd.
10
10
881
881
-
Siam Toyota Manufacturing Co., Ltd.
4
4
98
98
-
Thai Tokai Carbon Products Co., Ltd.
7
7
48
48
790
790
-
21
21
-
1,838
1,838
42
95
6,305
6,707
10
10
Cementhai Holding
37
1
-
Convertible debenture – Millennium Steel
Public Company Limited
Others
Others
1
37
-
-
120
119
17
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
Percentage of Direct
and Indirect Holdings
June 30, December 31,
2004
2003
Marketable securities - At Fair Value (Available-For-Sale)
The Aromatic (Thailand) Public Company Limited
Thai Olefins Public Company Limited
13
7
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
Total Investments in shares of and long – term loans to
associated and other companies
14
7
In Million Baht
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
2004
2003
2004
2003
6,994
3,277
10,271
49,004
2,291
46,713
8,614
4,124
12,738
50,445
2,613
47,832
3,056
3,056
3,603
3,603
1,225
631
1,856
1,225
526
1,751
-
-
48,569
49,583
3,056
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 June 30, 2004 are as follows:
In Million Baht
Cost
Non-marketable
Marketable
Total
6,305
2,395
8,700
Net Book
Value or Quoted
Market Price
(Closing price)
7,770
10,271
18,041
Allowance for
Decline in
Value of
Investments
Unrealized
Gain on
Investments
in Marketable
Securities
( 2,291)
( 2,291)
7,876
7,876
In the second quarter of 2004, The Siam Cement Public Company Limited purchased investments in
additional shares of Thai Plastic and Chemicals Public Company Limited (TPC) totaling approximately
Baht 1,680 million. This results its interests increasing from 26% to 37%.
5.
ASSETS REVALUATION SURPLUS
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 on property and also minority interest in subsidiaries – from revaluation surplus on
property. Summarized below is the basis for the revaluation:
18
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
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 June 30, 2004, the Company and subsidiaries appraised
their land with a revaluation surplus of Baht 7,403 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.
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.
6.
DEBENTURES
As at June 30, 2004 and December 31, 2003, the Company and a subsidiary issued unsubordinated and
unsecured debentures totalling Baht 86,500 million and Baht 90,500 million, respectively by issuance in
9 placements and 10 placements, respectively, with details as follows:
In Million Baht
June 30,
December 31,
Debentures No.
2004
2003
Debentures - The Siam Cement PCL
No. 1/1999
5,200
No. 2/1999
No. 4/1999
No. 6/1999
No. 1/2000
No. 1/2002
No. 1/2003
No. 2/2003
No. 1/2004
12,000
6,000
25,000
7,500
6,000
10,000
10,000
76,500
Debentures - The Siam Pulp and Paper PCL
No. 1/2001
5,000
No. 2/2001
5,000
10,000
Total
86,500
Less
Debentures
Held by Subsidiary
4,785
Net
81,715
Less: Current Portion
22,636
Net
59,079
8,800
12,000
6,000
25,000
7,500
6,000
10,000
80,500
5,000
5,000
10,000
90,500
Interest Rate (% p.a.)
Term
Maturity Date
Fair Value**
June 30, December 31,
2004
2003
*floating rate+
3.50% p.a.
10.50% p.a.
9.50% p.a.
8.75% p.a.
7.75% p.a. for
first 4 years
And *floating
Rate+2.00% p.a.
for last 2 years
4.50% p.a.
3.50% p.a.
3.25% p.a.
4.25% p.a.
5 years
April 1, 2004
-
1,006
5 years
5.5 years
5 years
6 years
April 1, 2004
April 1, 2005
November 1, 2004
March 31, 2006
1,055
1,036
1,004
1,021
1,081
1,066
999
3 years
4 years
4 years
4 years
October 1, 2005
April 1, 2007
November 1, 2007
April 1, 2008
1,025
1,001
995
1,022
1,027
1,001
984
-
5.50% p.a.
6.50% p.a.
3 years
5 years
October 1, 2004
October 1, 2006
1,009
1,075
1,020
1,070
6,843
83,657
24,405
59,252
* Floating rate is equal to average rate of 12 months fixed deposit of 4 banks
** Latest price (Baht per unit:1 Unit=Baht 1,000) as at June 30, 2004 and December 31, 2003.
19
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
7.
SEGMENT INFORMATION
Information relating to industry segments for the six - month periods ended June 30, 2004 and 2003 are
as follows:
Total Assets
June 30,
2004
Total Consolidated
Business Group
Cement
Petrochemicals
Paper (3)
Building Products
Distribution
Cementhai Holding
Cementhai Property
December 31,
2003
In Million Baht
Net Sales
January 1 January 1 June 30,
June 30,
2004
2003
EBITDA (1)
January 1 January 1 June 30,
June 30,
2004
2003
257,720
249,726
89,367
72,543
25,006
18,989
64,037
75,805
57,038
24,577
8,813
13,916
6,017
64,987
74,490
49,909
23,173
6,902
12,474
6,106
17,918
32,007
18,976
10,505
32,916
185
14,882
25,667
15,547
8,959
28,257
186
7,035
8,983
5,090
2,807
638
557
76
5,736
5,166
4,989
2,115
270
613
95
In Million Baht
Total Consolidated
Business Group
Cement
Petrochemicals
Paper (3)
Building Products
Distribution
Cementhai Holding
Cementhai Property
Operating Profit (Loss) before
Gain (loss) on Investments,
and Assets Sold and Others (2)
January 1 January 1 June 30,
June 30,
2004
2003
14,843
8,638
3,608
6,855
2,233
1,428
420
1,936
(
55)
2,379
3,719
2,382
1,113
91
1,154
(
161)
Net Income (Loss)
January 1 January 1 June 30,
June 30,
2004
2003
15,097
9,109
3,608
6,971
2,233
1,428
420
2,074
(
55)
2,379
3,719
2,382
1,113
91
1,293
( 161)
Depreciation
and Amortization
January 1 January 1 June 30,
June 30,
2004
2003
5,123
4,695
1,271
1,338
1,554
474
51
9
1,213
1,287
1,300
401
70
13
(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
39,208 million and Baht 32,813 million as at June 30, 2004 and December 31, 2003, respectively)
20
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
8.
OPERATIONS OF BUSINESS GROUP
Cement
June 30, December 31,
2004
2003
Business Group (In Million Baht)
Petrochemicals
Paper
June 30,
December 31,
June 30,
December 31,
2004
2003
2004
2003
Building Products
June 30,
December 31,
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
6,600
6,019
14,253
11,167
15,750
11,933
6,788
6,111
1,307
43,952
8,794
3,384
64,037
1,306
44,888
8,672
4,102
64,987
29,807
24,931
5,126
1,688
75,805
30,578
25,794
5,126
1,825
74,490
583
23,035
17,830
( 160)
57,038
2,416
18,423
17,096
41
49,909
1,527
7,732
7,664
866
24,577
1,462
7,355
7,361
884
23,173
Short-term loans
Current liabilities
Long-term loans
Other liabilities
Total liabilities
20,351
3,515
272
795
24,933
25,833
2,740
414
926
29,913
7,339
8,981
22,851
1,745
40,916
12,709
3,493
23,035
1,473
40,710
7,425
3,278
7,738
53
18,494
6,434
2,845
6,415
86
15,780
5,131
3,331
184
380
9,026
5,740
2,796
278
407
9,221
39,104
35,074
34,889
33,780
38,544
34,129
15,551
13,952
64,037
64,987
75,805
74,490
57,038
49,909
24,577
23,173
Total Shareholders’ Equity and
Minority Interest in Subsidiaries
Total Liabilities and Shareholders’
Equity
Distribution
June 30, December 31,
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
(
Business Group (In Million Baht)
Cementhai Holding
Cementhai Property
June 30,
December 31,
June 30,
December 31,
2004
2003
2004
2003
Total Consolidated
June 30,
December 31,
2004
2003
6,267
4,402
295
429
4,852
4,921
46,555
39,216
123
1,086
251
1,086
8,813
115
1,035
271
1,079
6,902
13,596
9
16
13,916
12,035
9
1
12,474
293
617
294
627
255
6,017
264
6,106
48,568
75,911
72,418
14,268
257,720
49,583
72,714
71,009
17,204
249,726
3,594
5,700
28
72
9,394
2,333
4,736
86
7,155
5,627
77
23
5,727
5,166
75
13
5,254
3,623
121
54
3,798
3,954
134
54
4,142
39,333
16,412
71,454
3,280
130,479
46,080
14,018
70,935
3,219
134,252
8,189
7,220
2,219
1,964
127,241
115,474
13,916
12,474
6,017
6,106
257,720
249,726
581)
8,813
(
253)
6,902
-
-
21
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
Cement
January 1January 1June 30,
June 30,
2004
2003
Information from
Statements of Income
Net sales
Cost of sales
Gross margin
Operating expenses
Income (loss) from operations
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)
Building Products
January 1January 1June 30,
June 30,
2004
2003
17,918
(10,881)
7,037
( 1,463)
5,574
14,882
( 9,104)
5,778
( 1,419)
4,359
32,007
(25,894)
6,113
( 952)
5,161
25,667
(22,812)
2,855
( 969)
1,886
18,976
(14,147)
4,829
( 1,404)
3,425
15,547
(10,588)
4,959
( 1,341)
3,618
10,505
( 6,821)
3,684
( 1,505)
2,179
8,959
( 5,920)
3,039
( 1,423)
1,616
(
( 1,127)
164
3,396
( 1,017)
2,379
(
(
610)
230
1,506
(
33)
1,473
(
339)
87
3,173
( 727)
2,446
(
320)
55
3,353
( 668)
2,685
(
292)
78
1,965
( 560)
1,405
(
1
1)
(
770)
2,615
125
2,121
(
(
(
(
744)
190
5,020
( 1,413)
3,607
1
-
(
254)
205
5,112
( 102)
5,010
114)
137
130)
85
6,855
3,719
2,233
2,382
1,428
1,113
3,608
2,379
116
6,971
3,719
2,233
2,382
1,428
1,113
Business Group (In Million Baht)
Cementhai Holding
Cementhai Property
January 1January 1January 1January 1June 30,
June 30,
June 30,
June 30,
2004
2003
2004
2003
28,257
(25,954)
2,303
( 2,304)
(
1)
(
(
35)
35)
(
(
47)
47)
(
(
(
(
113)
46
102)
5)
107)
(
198)
44
201)
6)
207)
(
(
330)
27
2,379
32,916
(30,174)
2,742
( 2,281)
461
(
257)
44
139)
84
1,561
( 403)
1,158
3,608
Distribution
January 1January 1June 30,
June 30,
2004
2003
Information from
Statements of Income
Net sales
Cost of sales
Gross margin
Operating expenses
Income (loss) from operations
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)
Business Group (In Million Baht)
Petrochemicals
Paper
January 1January 1January 1January 1June 30,
June 30,
June 30,
June 30,
2004
2003
2004
2003
90)
116
487
84)
403
67)
191
123
( 130)
(
7)
1)
18
90
8
420
420
-
(
(
(
(
(
(
(
185
105)
80
71)
9
(
1,361
91
1,936
1,154
(
91
138
2,074
139
1,293
(
186
79)
107
76)
31
89,367
(64,874)
24,493
( 8,484)
16,009
72,543
(53,470)
19,073
( 8,201)
10,872
158)
51
76)
84)
160)
( 3,166)
938
13,781
( 2,620)
11,161
( 4,046)
1,002
7,828
( 2,501)
5,327
1)
( 1,183)
4,865
(
(
55)
(
161)
14,843
8,638
55)
(
161)
254
15,097
471
9,109
134)
58
67)
12
55)
(
1)
2,044
-
(
-
Total Consolidated
January 1January 1June 30,
June 30,
2004
2003
-
(
(
(
(
(
(
-
-
*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
22
304)
3,615
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2004 and 2003 (Reviewed)
and December 31, 2003 (Audited)
9.
DIVIDENDS
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.
10.
COMMITMENTS AND CONTINGENT LIABILITIES
As at June 30, 2004, the Company and subsidiaries had:
a)
Contingent liabilities for guarantees on loans of affiliated companies amounting to Baht 10,898
million,
b)
Contingent liabilities for bank guarantees issued by banks to government agencies amounting to
Baht 1,006 million,
c)
Unused letters of credit amounting to Baht 199 million,
d)
Commitments for purchase of raw material contracts amounting to Baht 3,186 million.
11.
SUBSEQUENT EVENT
At the Board of Directors’ meeting held on July 28, 2004 the directors resolved to declare an interim
dividend for 2004 at Baht 5.50 per share, in total amounting to Baht 6,600 million. The payment will be
made on August 26, 2004.
12.
RECLASSIFICATION OF ACCOUNTS
Certain accounts in 2003 were reclassified to conform with those in the 2004 financial statements.
23