THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
1.
BASIS OF INTERIM FINANCIAL STATEMENTS PREPARATION
The interim financial statements have been prepared in Thai Baht and in Thai language in conformity with
generally accepted accounting principles in Thailand. The interim financial statements are intended solely
to present the financial position, results of operations and cash flows in accordance with accounting
principles and practices generally accepted in Thailand.
The interim financial statements have been prepared to provide an update on the financial statements for the
year ended December 31, 2004. They focus on new activities, events and circumstances to avoid repetition
of information previously reported. Accordingly, these interim financial statements should be read in
conjunction with the financial statements for the year ended December 31, 2004.
For convenience of the readers, an English translation of the financial statements has been prepared from
the statutory Thai language financial statements which are issued for domestic financial reporting purposes.
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 six-month periods ended June 30, 2005 and 2004, 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.
Cementhai Chemicals Co., Ltd. and subsidiaries
The Siam Pulp and Paper Public Company Limited and subsidiaries
The Concrete Products and Aggregate Co., Ltd. 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 first quarter of 2005, Cementhai Holding Co.,Ltd. - a subsidiary, purchased 17.13% additional
outstanding shares of Thai CRT Co., Ltd. for Baht 15 million. As a result, its interest in this company as at
March 31, 2005 becomes 64.88%. The consolidated interim financial statements for the six-month period
ended June 30, 2005 included the interim financial statements for the six-month period ended June 30, 2005
of that company, as the Company has controlling power in identifying its financial management policies and
operations.
All significant intercompany transactions with subsidiaries included in the consolidated financial
statements have been eliminated.
11
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
Significant transactions with associated companies for the six - month periods ended June 30, 2005 and
2004 are as follows:
In Million Baht
2005
2004
Purchases
Sales
Service income and others
Management fee and others
Dividend income
2.
10,238
13,582
254
147
3,935
10,256
10,259
220
304
2,936
Pricing policy
Market price
Market price
Market price
Mainly based on percentage of net sales
Upon declaration
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, 2005 are similar to those which have
been applied to the financial statements for the year ended December 31, 2004.
Basic Earnings per Share
Basic earnings per share is calculated by dividing the net profit by the weighted average number of shares
outstanding during the period (1,200,000,000 shares).
3.
TRADE AND NOTE RECEIVABLES - NET
As at June 30, 2005 and December 31, 2004, the Company and subsidiaries have long outstanding accounts
receivable aged as follows:
In Million Baht
June 30,
December 31,
2005
2004
Over 3 to 6 months
Over 6 to 12 months
Over 1 year
Total
64
79
1,325
1,468
71
86
1,368
1,525
The Company and subsidiaries provided allowance for doubtful accounts amounting to approximately Baht
1,277 million as at June 30, 2005 and Baht 1,371 million as at December 31, 2004.
12
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
4.
INVESTMENTS
4.1
INVESTMENTS USING THE EQUITY METHOD
Percentage of Direct
and Indirect Holdings
In Million Baht
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
June 30,
December 31,
2005
2004
2005
2004
2005
2004
National Petrochemical Public Company Limited
34
25
8,355
5,631
Thai Plastic and Chemical Public Company Limited
40
40
4,593
Siam Mitsui PTA Co., Ltd.
50
50
3,345
Siam Styrene Monomer Co., Ltd.
50
50
Siam Polyethylene Co., Ltd.
50
Thai MMA Co., Ltd.
Siam Polystyrene Co., Ltd.
Petrochemicals
697
387
4,811
589
256
4,041
1,077
322
2,663
2,781
-
995
50
1,333
1,211
-
-
46
46
1,282
1,292
579
614
50
50
572
465
-
-
Pacific Plastics (Thailand) Co., Ltd.
48
48
441
374
-
-
Siam Synthetic Latex Co., Ltd.
50
50
271
238
-
Grand Siam Composites Co., Ltd.
46
46
197
395
360
165
MEHR Petrochemical Co., Ltd.
41
-
142
-
-
-
Thai MFC Co., Ltd.
45
45
138
155
Thai Pet Resin Co., Ltd.
20
20
134
117
-
-
PT. Siam Maspion Terminal
50
50
100
105
-
-
SD Group Service Co., Ltd.
49
49
77
77
-
-
Tianjin Cementhai Plastic Products Co., Ltd.
25
25
48
48
-
57
55
1
4
23,748
21,796
3,326
2,857
-
-
Others
96
23
18
-
Paper
Siam Toppan Packaging Co., Ltd.
49
49
304
298
Thai British Security Printing Public Company Limited
49
49
263
280
32
24
567
578
32
24
Cement
Aalborg Siam White Cement Pte., Ltd.
50
50
4
5
-
-
Sosuco Ceramic Co., Ltd.
45
45
502
470
-
Siam Sanitary Ware Co., Ltd.
36
36
459
408
29
14
The Siam Gypsum Industry Co., Ltd.
29
29
329
298
13
55
The Siam Sanitary Fittings Co. ,Ltd.
45
45
160
156
26
17
PT M Class Industry
28
28
101
106
The Siam Moulding Plaster Co., Ltd.
40
40
63
67
136
98
1,750
1,603
Building Products
Others
45
-
8
-
6
-
76
137
13
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
Percentage of Direct
In Million Baht
and Indirect Holdings
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
June 30,
December 31,
2005
2004
2005
2004
2005
2004
Thai Prosperity Terminal Co., Ltd.
50
50
64
61
Siam Pulsawat Lighter Co., Ltd.
29
29
24
23
-
-
Survey Marine Service Co., Ltd.
48
48
17
17
-
-
-
Distribution
Others
15
14
120
115
10
15
10
15
Cementhai Holding
Siam Yamato Steel Co., Ltd.
45
45
2,806
2,146
-
Millennium Steel Public Company Limited
40
40
2,239
1,965
-
Siam Asahi Technoglass Co. ,Ltd.
27
27
1,675
1,749
46
84
The Siam Kubota Industry Co., Ltd.
40
40
954
958
166
175
Musashi Auto Parts Co., Ltd.
21
21
669
549
27
15
Thai Engineering Products Co., Ltd.
30
30
500
416
49
24
The Deves Insurance Public Company Limited
21
21
335
347
23
23
Siam Lemmerz Co., Ltd.
30
30
291
306
82
Aisin Takaoka Foundry Bangpakong Co., Ltd.
30
30
178
161
Siam AT Industry Co., Ltd.
30
30
176
162
25
-
The Nawaloha Industries Co., Ltd.
30
30
142
109
11
-
The Siam Nawaloha Foundry Co., Ltd.
25
25
84
36
-
Siam Furukawa Co., Ltd.
29
29
67
66
-
3
Michelin Siam Group Co., Ltd.
-
39
-
2,345
-
427
Thai CRT Co., Ltd.
-
48
-
1,193
-
-
The Siam Industrial Wire Co., Ltd.
-
29
-
312
-
Others
366
-
-
59
-
-
58
14
37
62
-
10,130
12,857
491
1,234
Cementhai Property
Nawa 84 Co., Ltd.
25
25
293
293
-
-
IT One Co., Ltd.
39
49
84
89
-
-
36,696
37,336
3,935
4,267
Total investments using the equity method
14
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
4.2
OTHER LONG–TERM INVESTMENTS
Percentage of Direct
and Indirect Holdings
June 30,
December 31,
2005
2004
a) At Cost
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
20
18
39
39
10
10
17
18
39
39
10
10
In Million Baht
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
2005
2004
2005
2004
2,002
352
184
131
31
22
18
2,740
1,976
352
184
131
31
22
18
2,714
-
545
-
134
-
545
134
* No existence of significant influence
Paper
AB Capital & Investment Corp.
Others
Cement
Asia Cement Public Company Limited
Holcim (Bangladesh) Co., Ltd.
Building Products
Finfloor S.P.A.
Ya-Hua Building Material Co., Ltd.
Distribution
Ek Chor Advance paint Co., Ltd.
Rai Pai Tong Co., Ltd.
Advance Paint & Chemical (Thailand) Public
Company Limited
Cementhai Holding
Siam Michelin Group Co., Ltd.
Toyota Motor Thailand Co., Ltd.
Siam Toyota Manufacturing Co., Ltd.
Thai Tokai Carbon Product Co., Ltd.
Convertible debenture – Millennium Steel
Public Company Limited
3
3
18
13
31
18
13
31
-
10
10
10
10
942
361
1,303
942
361
1,303
-
299
50
349
299
50
349
-
4
1
4
1
-
-
5
23
28
-
-
10
20
10
20
10
7
10
7
-
-
17
10
4
6
10
4
7
-
1,179
881
98
48
-
-
70
47
-
70
16
16
47
-
1,662
511
7
1
-
881
98
48
200
1,227
38
5,690
2,181
2,812
-
Others
Total
200
2,406
25
6,859
Less allowance for decline in value of investments
2,647
2,615
Net
4,212
3,075
2,812
94
6
1
101
282
282
15
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
Percentage of Direct
In Million Baht
and Indirect Holdings
Investment
Dividend
June 30,
December 31,
June 30,
December 31,
June 30,
December 31,
2005
2004
2005
2004
2005
2004
b) At Fair Value (Available - For - Sale)
Marketable securities
The Aromatic (Thailand) Public Company Limited
8
8
3,860
4,684
225
-
Thai Olefins Public Company Limited
7
7
3,245
3,781
169
-
Total other long-term investments
7,105
8,465
394
11,317
11,540
3,206
282
The aggregate values of the above investments, based on the latest available audited/reviewed financial
statements or the quoted market prices (Closing price) on the Stock Exchange of Thailand as at June 30,
2005 are as follows:
In Million Baht
Cost
Non-marketable
Marketable
Total
6,859
1,869
8,728
Net book
value or quoted
market price
(Closing price)
10,366
7,105
17,471
Allowance for
decline in
value of
investments
(2,647)
-
(2,647)
Revaluation
Increase from
changes in valuation
of available - for sale investments in
marketable securities
5,236
5,236
According to the corporate restructuring plan of The Siam Cement Group, in the 1st quarter and 2nd quarter
of 2005, the Company and subsidiaries sold its investments in shares of The Siam Industrial Wire Co., Ltd.
and sold portion of its investment in shares of IT One Co., Ltd. and SIL Industrial Land Co., Ltd. The
company and subsidiary also sold parcels of land at Bangkhaen, Bangkok and at Sanambinnam, Nonthaburi
to a third party. In addition, subsidiaries provided provisions for decline in value of investments in other
long-term investments. The above transactions have reflected net gain on investments and assets sold and
others of approximately Baht 1,444 million under “Gains on investments and assets sold for restructuring,
provisions for decline in value of investments and others” in the accompanying consolidated statement of
income.
16
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
5.
LONG-TERM LOANS TO ASSOCIATED AND OTHER COMPANIES
June 30,
2005
Associated company
Millennium Steel Public Company Limited
Other company
The Aromatic (Thailand) Public Company Limited
Total
6.
In Million Baht
December 31,
2004
837
731
1,224
2,061
1,224
1,955
DEBENTURES
As at June 30, 2005 and December 31, 2004, the Company and a subsidiary issued unsubordinated and
unsecured debentures totalling Baht 83,500 million and Baht 85,500 million, respectively, as follows:
Debentures No.
In Million Baht
June 30,
December 31,
2005
2004
Debentures - The Siam Cement PCL
No. 4/1999
No. 1/2000
25,000
12,000
25,000
No. 1/2002
No. 1/2003
No. 2/2003
No. 1/2004
7,500
6,000
10,000
10,000
No. 2/2004
No. 1/2005
Interest Rate (% p.a.)
Term
Maturity Date
Fair Value**
June 30,
December 31,
2005
2004
5.5 years
6 years
April 1, 2005
March 31, 2006
1,002
1,042
1,002
7,500
6,000
10,000
10,000
9.50% 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.
3 years
4 years
4 years
4 years
October 1, 2005
April 1, 2007
November 1, 2007
April 1, 2008
1,005
1,009
999
1,010
1,024
1,004
996
10,000
10,000
4.50% p.a.
4 years
November 1, 2008
1,025
1,020
10,000
-
4.75% p.a.
4 years
April 1, 2009
1,025
78,500
80,500
6.50% p.a.
5 years
October 1, 2006
1,040
Debentures - The Siam Pulp and Paper PCL
No. 2/2001
5,000
Total
83,500
Less Debentures
Held by Subsidiary
900
Net
82,600
Less: Current Portion
32,238
Net
50,362
5,000
85,500
1,013
-
1,066
3,399
82,101
19,223
62,878
* Floating rate is equal to the average of the 12 months fixed deposit rates of 4 banks.
** Latest price (Baht per unit:1 Unit = Baht 1,000) as at June 30, 2005 and December 31, 2004.
17
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
7.
SEGMENT INFORMATION
Information relating to industry segments for the six - month periods ended June 30, 2005 and 2004 are as
follows:
Total Assets
June 30,
2005
Total Consolidated
Business Group
Petrochemicals
Paper
Cement
Building Products
Distribution
Cementhai Holding
Cementhai Property
December 31,
2004
In Million Baht
Net Sales
January 1 January 1 June 30,
June 30,
2005
2004
EBITDA (1)
January 1 January 1 June 30,
June 30,
2005
2004
271,840
265,682
110,904
89,367
32,299
25,006
83,754
56,178
64,947
27,090
9,736
20,321
3,719
82,017
55,899
64,674
26,036
8,041
15,102
3,321
42,937
19,862
20,510
11,816
39,170
2,738
743
32,007
18,976
17,918
10,505
32,916
185
13,599
5,111
6,995
2,912
824
2,927
386
8,983
5,090
7,035
2,807
638
557
76
In Million Baht
Operating Profit (Loss) before
Gain (Loss) on Investments
and Assets Sold and Others (2)
January 1 January 1 June 30,
June 30,
2005
2004
Total Consolidated
Business Group
Petrochemicals
Paper
Cement
Building Products
Distribution
Cementhai Holding
Cementhai Property
Net Profit (Loss)
January 1 January 1 June 30,
June 30,
2005
2004
Depreciation
and Amortization
January 1 January 1 June 30,
June 30,
2005
2004
17,611
14,843
18,718
15,097
5,471
5,123
8,629
2,088
4,206
1,552
523
2,099
244
6,855
2,233
3,608
1,428
420
1,936
(
55)
8,584
2,088
4,202
1,874
523
2,469
333
6,971
2,233
3,608
1,428
420
2,074
(
55)
1,269
1,669
1,071
628
41
398
9
1,338
1,554
1,271
474
51
9
(1)
Represents profit before gain (loss) on investments and assets sold and others, interest expense and financial charges, income
tax , depreciation and amortization, and includes dividend from associated companies.
(2)
Represents profit (loss) before gain (loss) on investments and assets sold for restructuring, provision for decline in value of
investments and others - net of income tax.
18
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
8.
OPERATIONS OF BUSINESS GROUP
Petrochemicals
June 30,
December 31,
2005
2004
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 non-current assets
Total Assets
Short-term loans
Current liabilities
Long-term loans
Other non-current liabilities
Total liabilities
Total Shareholders’ Equity and
Minority Interests in Subsidiaries
Total Liabilities and Shareholders’
Equity
Short-term loans
Current liabilities
Long-term loans
Other non-current liabilities
Total Liabilities
Total Shareholders’ Equity and
Minority Interests in Subsidiaries
Total Liabilities and
Shareholders’ Equity
Building Products
June 30,
December 31,
2005
2004
22,401
20,360
13,168
13,668
8,708
7,606
7,436
6,946
31,355
30,782
584
595
974
981
2,050
1,903
23,567
5,089
1,342
83,754
24,309
5,089
1,477
82,017
24,037
16,755
1,634
56,178
23,176
16,771
1,689
55,899
43,137
9,922
2,206
64,947
43,164
9,873
3,050
64,674
9,313
7,456
835
27,090
8,326
7,968
893
26,036
6,598
16,244
20,481
1,351
44,674
8,764
5,826
20,082
1,950
36,622
6,229
3,530
6,689
43
16,491
7,909
3,402
6,923
61
18,295
13,472
4,245
633
18,350
17,924
3,456
664
22,044
5,121
3,500
32
392
9,045
5,765
2,971
40
385
9,161
39,080
45,395
39,687
37,604
46,597
42,630
18,045
16,875
83,754
82,017
56,178
55,899
64,947
64,674
27,090
26,036
Distribution
June 30,
December 31,
2005
2004
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 non-current assets
Total Assets
Business Group (In Million Baht)
Paper
Cement
June 30, December 31,
June 30,
December 31,
2005
2004
2005
2004
Business Group (In Million Baht)
Cementhai Holding
Cementhai Property
June 30, December 31,
June 30,
December 31,
2005
2004
2005
2004
Total Consolidated
June 30,
December 31,
2005
2004
7,042
5,357
1,793
259
2,714
2,179
56,386
51,927
127
121
13,373
14,818
293
293
50,074
50,832
1,150
276
1,141
9,736
1,135
276
1,152
8,041
5,046
109
20,321
9
16
15,102
589
123
3,719
608
241
3,321
80,904
71,863
12,613
271,840
75,227
72,858
14,838
265,682
2,057
6,224
29
90
8,400
1,137
5,658
27
84
6,906
7,464
1,196
1,175
26
9,861
5,188
67
22
5,277
269
462
731
707
105
53
865
45,283
21,337
59,083
2,671
128,374
32,042
18,143
72,422
3,377
125,984
1,336
1,135
10,460
9,825
2,988
2,456
143,466
139,698
9,736
8,041
20,321
15,102
3,719
3,321
271,840
265,682
-
19
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
Petrochemicals
January 1January 1June 30,
June 30,
2005
2004
Information from
Statements of Income
Net sales
Cost of sales
Gross margin
Operating expenses
Profit (loss) from operations
Interest expense and financial
Charges
Gain (loss) on investments and
assets sold and others*
Other income
Profit (loss) before income tax
Income tax
Profit (loss) after income tax
Net profit of minority interests
in subsidiaries
Share of profits from investments in
associated companies
using the equity method
Net profit (loss)
42,937
(33,831)
9,106
( 1,215)
7,891
32,007
(25,894)
6,113
( 952)
5,161
(
(
112)
(
254)
19,862
(14,902)
4,960
( 1,638)
3,322
( 435)
20,510
(13,157)
7,353
( 1,640)
5,713
17,918
(10,881)
7,037
( 1,463)
5,574
11,816
( 8,105)
3,711
( 1,639)
2,072
10,505
( 6,821)
3,684
( 1,505)
2,179
(
339)
(
(
(
(
-
(
116
205
5,228
( 102)
5,126
88
2,975
( 756)
2,219
87
3,173
( 727)
2,446
( 2,380)
(
( 152)
(
2,281
8,584
770)
-
2,615
6,971
21
2,088
(
(
35)
35)
(
(
(
(
113)
(
(
3)
14
523
116
487
(
84)
403
(
190
5,020
( 1,413)
3,607
(
1
1)
4,202
3,608
Business Group (In Million Baht)
Cementhai Holding
Cementhai Property
January 1January 1January 1January 1June 30,
June 30,
June 30,
June 30,
2005
2004
2005
2004
2,738
( 2,717)
21
( 244)
( 223)
176
751
239)
512
744)
-
44
2,233
32,916
(30,174)
2,742
( 2,281)
461
90)
402)
6)
211
5,516
( 1,313)
4,203
257)
39,170
(36,055)
3,115
( 2,518)
597
22)
176)
370
599
570
( 312)
258
1)
351
18
420
1,860
2,469
Building Products
January 1January 1June 30,
June 30,
2005
2004
18,976
(14,147)
4,829
( 1,404)
3,425
45)
1,113
8,847
( 164)
8,683
Distribution
January 1January 1June 30,
June 30,
2005
2004
Information from
Statements of Income
Net sales
Cost of sales
Gross margin
Operating expenses
Profit (loss) from operations
Interest expense and financial
Charges
Gain (loss) on investments
and assets sold and others*
Other income
Profit (loss) before income tax
Income tax
Profit (loss) after income tax
Net profit of minority interests
in subsidiaries
Share of profits from investments in
associated companies
using the equity method
Net profit (loss)
Business Group (In Million Baht)
Paper
Cement
January 1January 1January 1January 1June 30,
June 30,
June 30,
June 30,
2005
2004
2005
2004
-
(
(
743
363)
380
( 132)
248
(
138
46
36
5)
31
1)
2,044
2,074
(
(
(
30)
124
129
471
119)
352
(
(
333
461
136
2,504
( 709)
1,795
78
1,965
( 560)
1,405
(
(
118)
197
1,874
114)
137
1,428
Total Consolidated
January 1January 1June 30,
June 30,
2005
2004
110,904
(82,387)
28,517
( 9,795)
18,722
89,367
(64,874)
24,493
( 8,484)
16,009
134)
( 2,337)
( 3,166)
58
67)
12
55)
1,444
2,509
20,338
( 3,644)
16,694
254
938
14,035
( 2,620)
11,415
( 2,360)
( 1,183)
4,384
18,718
4,865
15,097
(
(
-
(
292)
185
105)
80
71)
9
(
19)
165)
55)
*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.
20
THE SIAM CEMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES
Notes to Interim Financial Statements (Continued)
June 30, 2005 and 2004 (Reviewed)
and December 31, 2004 (Audited)
9.
DIVIDENDS
At the Ordinary Shareholders’ Meeting held on March 23, 2005, the shareholders resolved to declare total
dividends for the year 2004 at Baht 15.00 per share, totalling Baht 18,000 million. On July 28, 2004, the
Board of Directors resolved to declare the 2004 interim dividend at Baht 5.50 per share, totalling Baht 6,600
million. This interim dividend was paid on August 26, 2004. The final dividend was therefore at Baht 9.50
per share, totalling Baht 11,400 million. The payment was made on April 19, 2005.
10.
COMMITMENTS AND CONTINGENT LIABILITIES
As at June 30, 2005, the Company and subsidiaries had:
a)
Contingent liabilities for guarantees on loans of related companies amounting to Baht 9,759 million.
b)
Contingent liabilities for bank guarantees issued by banks to government agencies amounting to Baht
992 million.
c)
Unused letters of credit amounting to Baht 2,327 million.
d)
Commitments for purchase of raw material contracts amounting to Baht 38,797 million.
11.
SUBSEQUENT EVENT
At the Board of Directors’ meeting held on July 27, 2005, the directors resolved to declare an interim
dividend for 2005 at Baht 7.50 per share, in total amounting to Baht 9,000 million. The payment will be
made on August 23, 2005.
12.
RECLASSIFICATION OF ACCOUNTS
Certain accounts in 2004 were reclassified to conform with those in the 2005 financial statements.
21