MIRA INFORM REPORT

 

 

Report Date :

17.12.2011

 

IDENTIFICATION DETAILS

 

Name :

g steel public company limited

 

 

Registered Office :

SSP Tower 3, Floor 18 88 Silom Road, Suriyawong Bangrak Bangkok, 10500

 

 

Country :

Thailand

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

October 1995

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacturer and distributor of hot rolled coils and slabs

 

 

No. of Employees :

644

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Thailand

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

Top of Form

 

 

G Steel Public Company Limited

                                                                                                                                                    

 

SSP Tower 3, Floor 18

88 Silom Road, Suriyawong

Bangrak

Bangkok, 10500

Thailand

 

 

Tel:

66-2-6342222

Fax:

66-2-6344114

 

www.gsteel.com

 

Employees:

644

Company Type:

Public Independent

Traded:

Stock Exchange of Thailand (Bangkok):

GSTEEL

Incorporation Date:

Oct-1995

Auditor:

KPMG LLP

Financials in:

USD (mill)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

Thai Baht

Annual Sales:

722.0  1

Net Income:

(318.8)

Total Assets:

1,507.6  2

Market Value:

195.4

 

(25-Nov-2011)

                                      

Business Description       

 

G Steel Public Company Limited is a Thailand-based manufacturer and distributor of hot rolled coils and slabs. Besides manufacturing and sales of hot rolled coils (HRC) and slabs, the Company also provides consulting services and invests in other companies. The Company’s products are used as raw materials for various downstream industries, such as cold rolled steel sheets, galvanized steel, steel pipes, steel products for construction, oil or gas containers, automobile and parts, electrical appliances and furniture. As of December 31, 2010, it had a production factory in Rayong province with a total capacity of 1.8 million tons per annum. The Company’s direct subsidiaries are Siam Professional Holdings Company Limited, which is a holding company, G S Notes Holding Company Limited, which was established for bonds exchange program, and G J Steel Public Company Limited, which is engaged in the production of hot rolled coils. For the six months ended 30 June 2011, G Steel Public Company Limited's revenues for the period increased 47% to BAH16.12B. Net loss for the period decreased 89% to BAH774.0M. Revenues reflect an increase in income from sales of goods. Lower net loss for the period also benefited from a decrease in administrative expenses, as well as decreased other expenses. G Steel Public Company Limited is a manufacturer and distributor.

          

Industry                                                                                                                                      

 

Industry

Construction - Supplies and Fixtures

ANZSIC 2006:

2110 - Iron Smelting and Steel Manufacturing

NACE 2002:

2732 - Cold rolling of narrow strip

NAICS 2002:

331221 - Rolled Steel Shape Manufacturing

UK SIC 2003:

2732 - Cold rolling of narrow strip

US SIC 1987:

3316 - Cold-Rolled Steel Sheet, Strip, and Bars

 

 

 

 

 

                      

Key Executives           

   

 

Name

Title

Ryuzo Ogino

Co-Chief Executive Officer, Executive Director, Director

Wutthichai Setthabut

Chief Administrative Officer

Nakun Sakunchotkarot

Chief Operating Officer

Oscar Miguel Ojeda Luna

Executive Vice President

Kannikar Soykeeree

Executive Vice President

   

Significant Developments                                                                                      

 

Topic

#*

Most Recent Headline

Date

Mergers / Acquisitions

3

G J Steel PCL to Issue Shares in Debt to Equity Conversion with G Steel PCL

8-Mar-2011

Accounting Issues/SEC Inquiries

1

G Steel PCL Misses Filing of FY 2010 Statements-SET

3-Mar-2011

Officer Changes

1

G Steel PCL Announces Resignation of Co-CEO and CFO

17-Jun-2011

Equity Financing / Related

1

G Steel PCL to Issue Shares in Debt to Equity Conversion

1-Jun-2011

Equity Investments

1

ArcelorMittal Acquires 40% Stake In G Steel Public Company Limited

2-Mar-2011

 

      News                                     

 

Title

Date

ArcelorMittal Reports First Quarter 2011 Results
Business Wire (17076 Words)

11-May-2011

ArcelorMittal to Invest in a Leading Thai Steel Producer G Steel Public Company Limited ("G Steel")
Daily Pak Banker (Pakistan) (369 Words)

6-Mar-2011

ArcelorMittal buys 40pc stake in Thailand's Steel
Daily Pak Banker (Pakistan) (204 Words)

4-Mar-2011

ArcelorMittal buys 40pc stake in Thailand's G Steel
Press Trust of India (262 Words)

2-Mar-2011

ArcelorMittal to invest in G Steel Public Company (TheFlyOnTheWall)
The Fly on the Wall - Live News Feed (93 Words)

2-Mar-2011

 

       Financial Summary                                                                                                                 

 

As of 30-Sep-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.27

2.95

Quick Ratio (MRQ)

0.05

1.63

Debt to Equity (MRQ)

0.42

0.67

Sales 5 Year Growth

0.62

8.01

Net Profit Margin (TTM) %

-22.22

0.49

Return on Assets (TTM) %

-14.46

0.76

Return on Equity (TTM) %

-47.06

-0.76

 

 

 

  Stock Snapshot                                  

 

Traded: Stock Exchange of Thailand (Bangkok): GSTEEL

 

As of 25-Nov-2011

   Financials in: THB

Recent Price

0.36

 

EPS

0.09

52 Week High

0.87

 

Price/Sales

0.27

52 Week Low

0.30

 

Price/Book

0.60

Avg. Volume (mil)

68.84

 

Beta

1.61

Market Value (mil)

6,130.28

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-2.70%

-2.09%

13 Week

-37.93%

-33.44%

52 Week

-47.83%

-46.26%

Year to Date

-47.83%

-44.29%

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = THB 31.72462
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.145


Corporate Overview

 

Location
SSP Tower 3, Floor 18
88 Silom Road, Suriyawong
Bangrak
Bangkok, 10500
Thailand

 

Tel:

66-2-6342222

Fax:

66-2-6344114

 

www.gsteel.com

Quote Symbol - Exchange

GSTEEL - Stock Exchange of Thailand (Bangkok)

Sales THB(mil):

22,904.3

Assets THB(mil):

45,445.7

Employees:

644

Fiscal Year End:

31-Dec-2010

 

Industry:

Construction - Supplies and Fixtures

Incorporation Date:

Oct-1995

Company Type:

Public Independent

Quoted Status:

Quoted

 

Co-Chief Executive Officer, Executive Director, Director:

Ryuzo Ogino

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Financial Information

Home Page

 

News Releases

Products/Services

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

 

 

 

Industry Codes

 

ANZSIC 2006 Codes:

6999

-

Other Professional, Scientific and Technical Services Not Elsewhere Classified

6240

-

Financial Asset Investing

2110

-

Iron Smelting and Steel Manufacturing

 

NACE 2002 Codes:

7487

-

Other business activities not elsewhere classified

2732

-

Cold rolling of narrow strip

7415

-

Management activities of holding companies

 

NAICS 2002 Codes:

331221

-

Rolled Steel Shape Manufacturing

561990

-

All Other Support Services

551112

-

Offices of Other Holding Companies

 

US SIC 1987:

7389

-

Business Services, Not Elsewhere Classified

6719

-

Offices of Holding Companies, Not Elsewhere Classified

3316

-

Cold-Rolled Steel Sheet, Strip, and Bars

 

UK SIC 2003:

7415

-

Management activities of holding companies

7487

-

Other business activities not elsewhere classified

2732

-

Cold rolling of narrow strip

 

 

Business Description

G Steel Public Company Limited is a Thailand-based manufacturer and distributor of hot rolled coils and slabs. Besides manufacturing and sales of hot rolled coils (HRC) and slabs, the Company also provides consulting services and invests in other companies. The Company’s products are used as raw materials for various downstream industries, such as cold rolled steel sheets, galvanized steel, steel pipes, steel products for construction, oil or gas containers, automobile and parts, electrical appliances and furniture. As of December 31, 2010, it had a production factory in Rayong province with a total capacity of 1.8 million tons per annum. The Company’s direct subsidiaries are Siam Professional Holdings Company Limited, which is a holding company, G S Notes Holding Company Limited, which was established for bonds exchange program, and G J Steel Public Company Limited, which is engaged in the production of hot rolled coils. For the six months ended 30 June 2011, G Steel Public Company Limited's revenues for the period increased 47% to BAH16.12B. Net loss for the period decreased 89% to BAH774.0M. Revenues reflect an increase in income from sales of goods. Lower net loss for the period also benefited from a decrease in administrative expenses, as well as decreased other expenses. G Steel Public Company Limited is a manufacturer and distributor.

 

 

More Business Descriptions

Production of sheet steel

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

THB(mil)

 

Revenue:

22,904.3

Net Income:

-10,113.8

Assets:

45,445.7

Long Term Debt:

670.9

 

Total Liabilities:

35,608.6

 

Working Capital:

6.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

4.3%

NA

-19.3%

 

 

Market Data

Quote Symbol:

GSTEEL

Exchange:

Stock Exchange of Thailand (Bangkok)

Currency:

THB

Stock Price:

0.4

Stock Price Date:

11-25-2011

52 Week Price Change %:

-47.8

Market Value (mil):

6,130,281.0

 

SEDOL:

B0WGSD4

ISIN:

TH0891010009

 

Equity and Dept Distribution:

IPO:1/25/2006. Share prior to IPO are pro forma shares based on outstanding shares on listing date. FY'04 Q's are reclassified. FY'05 Q's are reclassified. All Financials are non-consolidated. Company started announcing consolidated report in 9/06. FY'07 & 08 Q's are being reclassified and restated.

 

 

 

Subsidiaries

Company

Percentage Owned

Country

GS Notes Holdings Co Ltd

100%

THAILAND

Siam Professional Holdings Co Ltd

100%

THAILAND

 

 

 

 

 

Shareholders

 

 

Major Shareholders

Superior Overseas (Thailand) Ltd (26%); Ample Vision Group Ltd (16.72%); Ms Patama Chiachuabsilp (10.94%)

 

 

 

 

 

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG LLP, KPMG Poomchai Audit Ltd

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

 

Somsak Leeswadtrakul

 

Vice Chairman

Chairman

Wichit Suphinit

 

Chairman of the Board

Chairman

 

Mr. Wichit Suphinit has been Chairman of the Board of G Steel Public Company Limited since February 8, 2006. He has also served as a Director for TMB Bank PCL since 2008. He has a Bachelor's degree in Economics from the University of Manchester, the United Kingdom, and a Master's degree in Economics from Yale University, the United States.


Education

M Economics, Yale University
B Economics, University of Manchester

Vijit Supinit

 

Chairman

Chairman

 

Somsak Lisawattrakun

 

Vice Chairman of the Board

Vice-Chairman

 

 

Dr. Somsak Lisawattrakun has served as Vice Chairman of the Board for G Steel PCL since February 4, 2010. He had been its Chief Executive Officer, Chairman of the Executive Board and Director from 1995 until February 4, 2010. He also serves on the boards of several companies, including G J Steel PCL and Thailand Iron Works PCL. He holds a Bachelor of Arts in Economics and a Masters of Business Administration from Ramkhamhaeng University, Thailand. He also holds a Ph.D in Management from Kasetsart University, Thailand, and a Ph.D in Industrial Management from University of the Americas, the United States.


Education

PHD Management, Kasetsart University
PHD Industrial Management, University of the Americas
MBA , Ramkhamhaeng University

Chuchat Kambhu Na Ahudya

 

Independent Director

Director/Board Member

 

Chuchat Kamphu Na Ayutthaya

 

Director

Director/Board Member

 

 

Gen. Chuchat Kamphu Na Ayutthaya has been Director of G Steel Public Company Limited since 2004. He has also been a member of the Remuneration Committee in the Company since 2006. He also serves as Chairman of the Board of Singha Paratech PCL and Independent Director of Thai Beverage PCL. He holds a Doctorate of Medicine from Georg-August-Universitaet Goettingen, Germany.


Education

MD , Georg-August-Universitaet Goettingen

Yanyong Khurowat

 

Executive Director, Director

Director/Board Member

 

 

 

Mr. Yanyong Khurowat has served as Executive Director and Director of G Steel Public Company Limited since 2004. He has also been Chairman of the Risk Management Committee and a member of the Nominating Committee in the Company. He has a Bachelor's degree in Politics from Chulalongkorn University, Thailand.


Education

B Politics, Chulalongkorn University

Sittichai Leeswadtrakul

 

Director

Director/Board Member

 

Khunying Leeswadtrakul

 

Director

Director/Board Member

 

Patthama Lisawattrakun

 

Chief of Corporate Social Responsibility, Director

Director/Board Member

 

 

Khun Ying Patthama Lisawattrakun has been Chief of Corporate Social Responsibility and Director of G Steel PCL since February 4, 2010. She had been Vice Chairman of the Board, President and Assistant Chief Executive Officer from since 2003 until then. She has a Bachelor's degree in Economics, a Masters of Business Administration and a Ph.D in General Management from Ramkhamhaeng University, Thailand.


Education

PHD General Management, Ramkhamhaeng University
MBA , Ramkhamhaeng University
B Economics, Ramkhamhaeng University

Sittichai Lisawattrakun

 

Executive Director, Director

Director/Board Member

 

 

 

Mr. Sittichai Lisawattrakun has served as Executive Director and Director of G Steel Public Company Limited since July 2, 2009. He has also served as Director and Managing Director of Millcon Steel Industries PCL since 2004. He holds a Bachelor of Arts in Business Administration from Mahidol University, Thailand and a Master of Arts in Economics and Law from Chulalongkorn University, Thailand. He also holds a Master's degree in Engineering Management from University of Warwick, the United Kingdom.


Education

M Engineering Management, University of Warwick
MA Economics, Chulalongkorn University
BA Business Administration, Mahidol University

Chainarong Monthianvichianchai

 

Independent Director

Director/Board Member

 

 

 

Mr. Chainarong Monthianvichianchai has been Independent Director of G Steel Public Company Limited since 2000. He has also been a member of the Nominating Committee in the Company since 2006. He holds a Bachelor of Business Administration from Chulalongkorn University, Thailand and a Master's degree in Management from Asian Institute of Management, Thailand.


Education

M Management, Asian Institute of Management
BBA , Chulalongkorn University

Ryuzo Ogino

 

Co-Chief Executive Officer, Executive Director, Director

Director/Board Member

 

 

 

Mr. Ryuzo Ogino has served as Co-Chief Executive Officer, Executive Director and Director of G Steel Public Company Limited since February 4, 2010. Previously, he had been its Managing Director since 2005. He holds a Bachelor's degree in Economics from Keio University, Japan.


Education

B Economics, Keio University

Pricha Prakopkit

 

Independent Director

Director/Board Member

 

 

 

Mr. Pricha Prakopkit has served as Independent Director of G Steel Public Company Limited since 2003. He has also been a member of the Audit Committee in the Company. He has also been Managing Director of Amway (Thailand) Co., Ltd. since 1988. He holds a Bachelor of Business Administration from Roosevelt University, the United States.


Education

BBA , Roosevelt University

Paichit Rochanawanit

 

Independent Director

Director/Board Member

 

 

 

Prof. Paichit Rochanawanit has served as Independent Director of G Steel Public Company Limited since 2004. He has also been Chairman of the Audit Committee in the Company. He has experience as an Independent Director for MBK PCL and Muramoto Electron (Thailand) PCL. He holds a Bachelor's degree in Law from Thammasat University, Thailand and a Master's degree in Public Finance from Pennsylvania University, the United States.


Education

M Public Finance, Pennsylvania University
B Law, Thammasat University

Paichit Rojanavanich

 

Independent Director

Director/Board Member

 

Prakart Sataman

 

Executive Director, Director

Director/Board Member

 

 

Lt. Gen. Prakart Sataman has served as Executive Director and Director of G Steel Public Company Limited since 2004. He has also been a member of the Remuneration Committee in the Company since 2006. He holds a Bachelor's degree in Law from Thammasat University, Thailand.


Education

B Law, Thammasat University

Prapanpong Vechachiva

 

Independent Director

Director/Board Member

 

Praphanphong Wetchachiwa

 

Independent Director

Director/Board Member

 

 

Asst. Prof. Praphanphong Wetchachiwa has served as Independent Director of G Steel Public Company Limited since 2004. He is also Chairman of the Remuneration Committee and a member of the Audit Committee in the Company. He has experience as Vice Chairman of the Board for Media of Medias PCL. He holds a Bachelor's degree in Politics from Chulalongkorn University, Thailand and a Master's degree in Sociology from Stockholms Universitet, Sweden.


Education

M Sociology, Stockholms universitet
B Politics, Chulalongkorn University

Komon Wongaphai

 

Director

Director/Board Member

 

 

 

Asst. Prof. Komon Wongaphai has served as Director of G Steel Public Company Limited since March 23, 2009. He has also been member of the Nominating Committee in the Company. He holds a Bachelor's degree in English Understudies from Srinakharinwirot University, Thailand and a Master of Arts in English Teaching from Ball State University, the United States.


Education

MA English, Ball State University
B English, Srinakharinwirot University

 

Executives

 

Name

Title

Function

Ryuzo Ogino

 

Co-Chief Executive Officer, Executive Director, Director

Chief Executive Officer

Reuters Biography (G Steel Public Company Limited)

Mr. Ryuzo Ogino has served as Co-Chief Executive Officer, Executive Director and Director of G Steel Public Company Limited since February 4, 2010. Previously, he had been its Managing Director since 2005. He holds a Bachelor's degree in Economics from Keio University, Japan.


Education

B Economics, Keio University

Oscar Luna

 

Senior Managing Director

Managing Director

 

 

 

Mr. Oscar Luna has been Senior Managing Director of G Steel Public Company Limited since 2007. He has a Ph.D. in Metallurgy from Sheffield City Polytechnic, now know as Sheffield Hallam University, the United Kingdom.


Education

PHD Metallurgy, Sheffield Hallam University

Kannika Soikhiri

 

Managing Director

Managing Director

 

 

 

Ms. Kannika Soikhiri has been Managing Director of G Steel Public Company Limited since 2008. Previously, she had served the Company as Senior Managing Director and Acting Managing Director of Accounting since 2006. She holds a Bachelor of Arts from Chandrakasem Rajabhat University, Thailand and a Masters of Business Administration from University of the Thai Chamber of Commerce, Thailand.


Education

MBA , University of the Thai Chamber of Commerce
BA , Chandrakasem Rajabhat University

Nakun Sakunchotkarot

 

Chief Operating Officer

Operations Executive

 

 

 

Mr. Nakhun Sakunchotkarot has served as Chief Operating Officer of G Steel Public Company Limited since 2009. Previously, he had served the Company as Senior Managing Director since 2008. He has a Bachelor's degree in Politics from Chulalongkorn University, Thailand and a Masters of Business Administration from Notre Dame College, the United States.


Education

MBA , Notre Dame College
B Politics, Chulalongkorn University

Oscar Miguel Ojeda Luna

 

Executive Vice President

Administration Executive

 

Wutthichai Setthabut

 

Chief Administrative Officer

Administration Executive

 

 

Mr. Wutthichai Setthabut serves as Chief Administrative Officer of G Steel Public Company Limited. He holds a Bachelor's degree in Economics and International Finance from Chulalongkorn University, Thailand and a Bachelor of Arts from University of San Diego, the United States.


Education

B Economics, Chulalongkorn University
BA , University of San Diego

Kannikar Soykeeree

 

Executive Vice President

Administration Executive

 

 

 

 Significant Developments

 

 

 

 

G Steel PCL Announces Resignation of Co-CEO and CFO

Jun 17, 2011


G Steel PCL announced that Mr. Ahab G. Garas has resigned from Co-Chief Executive Officer and Mr. Ariel Seth Levy has resigned from Chief Financial Officer, effective from June 17, 2011.

G Steel PCL Launches Notes Purchase Offer

Jun 09, 2011


G Steel PCL announced it has launched a purchase offer for cash in respect of its outstanding USD 68 million 3.0% notes due 2015, to all eligible holders of the notes. The purchase consideration is USD 0.70 in exchange for every USD 1.00 outstanding principal amount of the notes validly tendered. The purchase offer expires at 5 p.m. Bangkok time on June 30, 2011 unless extended in accordance with the terms of the purchase offer memorandum.

G Steel PCL to Issue Shares in Debt to Equity Conversion

Jun 01, 2011


G Steel PCL announced that the Company's Board has approved the increase of the Company's registered capital from the existing of THB 16,481,695,198 to THB 29,789,589,773 by issuing 13,316,894,575 newly issued ordinary shares with the par value of THB 1 each. The shares will be offered to Kwang Sogo Investment Company Limited with the offering price of THB 0.63 per share, and Pacific Harbor Advisors Pte. Ltd. with the offering price of THB 1 per share in a debt to equity conversion scheme. The allotment is also made to Arcelor Mittal Netherlands B.V. with the offering price not lower than THB 0.63 per share.

G Steel PCL Not to Pay FY 2010 Dividend

Mar 22, 2011


G Steel PCL announced it won't be paying a dividend for fiscal year 2010.

G J Steel PCL to Issue Shares in Debt to Equity Conversion with G Steel PCL

Mar 08, 2011


G J Steel PCL announced it is to increase its registered capital from THB 40,478,051,204.94 to THB 55,557,426,204.94 by issuing 21,854,166,667 ordinary shares of par value THB 0.69. The shares will be offered to G Steel PCL and Oriental Access Co., Ltd. in a debt to equity conversion scheme. The offering price will be up to THB 0.24 per share. The move follows news of G Steel PCL's plans to increase its stake in the Company to around 51%.

G Steel PCL Misses Filing of FY 2010 Statements-SET

Mar 03, 2011


The Stock Exchange of Thailand announced G Steel PCL has failed to submit its financial statements for fiscal year 2010 by the prescribed deadline.

G Steel PCL to Up Stake in G J Steel PCL Upon ArcelorMittal Acquisition-Bangkok Post

Mar 03, 2011


Bangkok Post reported G Steel PCL is to pay THB 3.6 billion for 15 billion new shares in G J Steel PCL, raising its ownership from 44% to more than 51%. This comes upon the recent acquisition of a 40% stake in G Steel PCL by ArcelorMittal.

ArcelorMittal Acquires 40% Stake In G Steel Public Company Limited

Mar 02, 2011


ArcelorMittal announced that is it has signed agreements to invest new capital resulting in a shareholding of 40% in G Steel Public Company Limited (G Steel), a company listed on the Stock Exchange of Thailand. G Steel is producers of hot-rolled coils. Financial details were not disclosed.

G Steel PCL Launches Debt-to-Equity Swap with Creditors

Mar 02, 2011


G Steel PCL announced it will launch a debt-to-equity swap in answer to some of its liabilities with Kwang Sogo Investment Company Limited and Pacific Harbor Advisors Pte. Ltd. It will allocate 1,396,894,575 newly issued ordinary shares of THB 1.00 to the two creditors at a price of THB 1.00 each.

G Steel PCL Announces Additional Details on ArcelorMittal's Share Acquisition; ArcelorMittal to Loan Cash; Company Appoints IFA

Mar 02, 2011


G Steel PCL announced it is to increase its registered capital and allocate up to 11.92 billion newly issued ordinary shares of par value THB 1.00 to ArcelorMittal at a price of THB 0.63 per share. It has not been decided by the acquirer whether it wants to make a tender offer for all remaining shares. ArcelorMittal has agreed to inject new cash into the Company, including a USD 500 million credit facility. The Company has also announced it has appointed IV Global Securities Public Company Limited as an independent financial advisor on the above transactions.

 

 

 

 

 

 

ArcelorMittal to Invest in a Leading Thai Steel Producer G Steel Public Company Limited ("G Steel")

                                                                                                                                                                                          

Daily Pak Banker (Pakistan)
06 March 2011                                                                                                                                                                

 

 

[What follows is the full text of the news story.]

Karachi, March 06 -- ArcelorMittal today announces that it has signed agreements to invest new capital resulting in a shareholding of 40 percent in G Steel Public Company Limited ("G Steel"), a company listed on the Stock Exchange of Thailand. G Steel and its subsidiary GJ Steel Public Company Limited ("GJ Steel"), which is also listed on the Stock Exchange of Thailand, are leading producers of hot-rolled coils. G Steel has an EAF-based medium slab rolling facility in Rayong and GJ Steel has an EAF-based thin slab rolling facility in Chonburi, with a combined annual capacity of over 2.5 million tonnes per annum. The companies together have over 1,400 employees. ArcelorMittal is partnering with a group of major shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel. ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family who will remain associated with the companies. ArcelorMittal has also signed a credit facility agreement with G Steel and GJ Steel for USD 500 million for working capital, capital expenditure and other corporate purposes. Aditya Mittal, CFO and Member of the Group Management Board of ArcelorMittal said: "G Steel is an important component of our overall emerging markets strategy and will provide ArcelorMittal with a major manufacturing presence in Thailand and the ASEAN region where we expect steel demand to continue growing. Dr. Somsak Leeswadtrakul has built a high quality operation. We are confident that our global expertise and investment will develop the company's potential and will facilitate an operational, financial and commercial turnaround." The investment by ArcelorMittal in G Steel is part of a broader plan by G Steel to strengthen its and GJ Steel's financial position. The amount of capital to be invested by ArcelorMittal will be determined closer to the completion of the transaction. Completion of the transaction is conditional on a reduction in the outstanding liabilities of G Steel and GJ Steel and a range of other conditions, including regulatory approvals and approval of the shareholders of G Steel and GJ Steel Published by HT Syndication with permission from Daily Pak Banker. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

 

 

ArcelorMittal buys 40pc stake in Thailand's Steel

                                                                                                                                                                                          

Daily Pak Banker (Pakistan)
04 March 2011                                                                                                                                                                

 

[What follows is the full text of the news story.]

New Delhi, March 04 -- Steel giant ArcelorMittal said it has acquired 40 per cent stake in Thailand-based HR coils maker G Steel Public Company for an undisclosed sum. "ArcelorMittal is partnering with a group of major shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel," the Luxemburg- based steel makers said. G Steel and its subsidiary G J Steel Public Company have a combined capacity of over 2.5 million tonnes per annum. ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family and said the founding family would remain associated with the firms. The company has also signed a credit facility agreement with G Steel and GJ Steel for USD 500 million for working capital, capital expenditure and other corporate purposes. The investment by ArcelorMittal in G Steel is part of a broader plan by G Steel to strengthen its and GJ Steel's financial position. The amount of capital to be invested by ArcelorMittal would be determined closer to the completion of the transaction, the statement added Published by HT Syndication with permission from Daily Pak Banker. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

 

 

ArcelorMittal buys 40pc stake in Thailand's G Steel

                                                                                                                                                                                          

Press Trust of India
02 March 2011                                                                                                                                                                

 

[What follows is the full text of the news story.]

New Delhi, March 03 2011 (PTI) -- Steel major ArcelorMittal today said it has acquired 40 per cent stake in Thailand-based HR coils maker G Steel Public Company for an undisclosed sum.

"ArcelorMittal is partnering with a group of major shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel," the Luxemburg- based steel makers said in a statement.

G Steel and its subsidiary G J Steel Public Company have a combined capacity of over 2.5 million tonnes per annum.

ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family and said the founding family would remain associated with the firms.

The company has also signed a credit facility agreement with G Steel and GJ Steel for USD 500 million for working capital, capital expenditure and other corporate purposes.

"G Steel is an important component of our overall emerging markets strategy and will provide ArcelorMittal with a major manufacturing presence in Thailand and the ASEAN region where we expect steel demand to continue growing. Somsak Leeswadtrakul has built a high quality operation.

"We are confident that our global expertise and investment will develop the company's potential and will facilitate an operational, financial and commercial turnaround," ArcelorMittal Chief Financial Officer Aditya Mittal said.

The investment by ArcelorMittal in G Steel is part of a broader plan by G Steel to strengthen its and GJ Steel's financial position. The amount of capital to be invested by ArcelorMittal would be determined closer to the completion of the transaction, the statement added. PTI SSR MR 03031853

(THROUGH ASIA PULSE)

03-03 2011

 

 

ArcelorMittal to invest in G Steel Public Company (TheFlyOnTheWall)

                                                                                                                                                                                          

The Fly on the Wall - Live News Feed
02 March 2011                                                                                                                                                                

 

[What follows is the full text of the news story.]

ArcelorMittal has signed agreements to invest new capital resulting in a shareholding of 40% in G Steel Public Company Limited, a company listed on the Stock Exchange of Thailand. ArcelorMittal is partnering with a group of major shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel. ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family who will remain associated with the companies. ArcelorMittal has also signed a credit facility agreement with G Steel and GJ Steel for $500M for working capital, capital expenditure and other corporate purposes.

 

 

ArcelorMittal to Invest in a Leading Thai Steel Producer G Steel Public Company Limited (�G Steel�)

                                                                                                                                                                                          

Business Wire
02 March 2011                                                                                                                                                                

 

[What follows is the full text of the news story.]

LUXEMBOURG--(BUSINESS WIRE)-- Regulatory News:

ArcelorMittal today announces that it has signed agreements to invest new capital resulting in a shareholding of 40 percent in G Steel Public Company Limited (�G Steel�), a company listed on the Stock Exchange of Thailand. G Steel and its subsidiary GJ Steel Public Company Limited (�GJ Steel�), which is also listed on the Stock Exchange of Thailand, are leading producers of hot-rolled coils. G Steel has an EAF-based medium slab rolling facility in Rayong and GJ Steel has an EAF-based thin slab rolling facility in Chonburi, with a combined annual capacity of over 2.5 million tonnes per annum. The companies together have over 1,400 employees.

ArcelorMittal is partnering with a group of major shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel. ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family who will remain associated with the companies. ArcelorMittal has also signed a credit facility agreement with G Steel and GJ Steel for USD 500 million for working capital, capital expenditure and other corporate purposes.

Aditya Mittal, CFO and Member of the Group Management Board of ArcelorMittal said: "G Steel is an important component of our overall emerging markets strategy and will provide ArcelorMittal with a major manufacturing presence in Thailand and the ASEAN region where we expect steel demand to continue growing. Dr. Somsak Leeswadtrakul has built a high quality operation. We are confident that our global expertise and investment will develop the company�s potential and will facilitate an operational, financial and commercial turnaround.�

The investment by ArcelorMittal in G Steel is part of a broader plan by G Steel to strengthen its and GJ Steel�s financial position. The amount of capital to be invested by ArcelorMittal will be determined closer to the completion of the transaction. Completion of the transaction is conditional on a reduction in the outstanding liabilities of G Steel and GJ Steel and a range of other conditions, including regulatory approvals and approval of the shareholders of G Steel and GJ Steel.

About ArcelorMittal

ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.

ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.

Through its core values of Sustainability, Quality and Leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.

In 2010, ArcelorMittal had revenues of $78.0 billion and crude steel production of 90.6 million tonnes, representing approximately 8 per cent of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal visit: www.arcelormittal.com

Contact information ArcelorMittal Investor Relations
Europe +325 4792 2484
Americas +1 312 899 3569
Retail +44 203 214 2417
SRI +44 203 214 2854
Bonds/Credit +33 171 92 10 26
or
Contact information ArcelorMittal Corporate Communications
E-mail: press@arcelormittal.com
Phone: +352 4792 5000
or
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Lynn Robbroeckx +44 20 3214 2991
or
United Kingdom
Maitland Consultancy:
Rebecca Mitchell / Martin Leeburn + 44 20 7379 5151
or
France
Image 7
Sylvie Dumaine / Anne-Charlotte Creach +33 1 5370 7470

 

 

 

ArcelorMittal may buy into Thai G Steel today

                                                                                                                                                                                          

M&A Navigator
02 March 2011                                                                                                                                                                

 

[What follows is the full text of the news story.]

Global steelmaker ArcelorMittal (AMS:MT) may seal a USD250m (EUR182m) deal today to buy 40% in Thai steel company G Steel (BAK:GSTEEL), the Bangkok Post cited on Wednesday a G Steel executive as saying.

According to the paper, ArcelorMittal may take the stake in a capital hike at G Steel and become its largest shareholder.

G Steel is controlled by businessman Somsak Leeswadtrakul.

Country: Thailand,

Sector: Metals/Mining

Target: G Steel Public Company Limited

Buyer: ArcelorMittal

Deal size in USD: 250m

Type: Stakebuilding

Status: Talks

Comment: Deal size is speculated.

((Comments on this story may be sent to info@m2.com))

 

 

 

 

 

ArcelorMittal to Invest in G Steel Public Company Limited

                                                                                                                                                                                          

Professional Services Close-Up
10 March 2011                                                                                                                                                                

 

[What follows is the full text of the article.]

ArcelorMittal announced that it has signed agreements to invest new capital resulting in a shareholding of 40 percent in G Steel Public Company Limited ("G Steel"), a company listed on the Stock Exchange of Thailand. G Steel and its subsidiary GJ Steel Public Company Limited ("GJ Steel"), which is also listed on the Stock Exchange of Thailand, are producers of hot-rolled coils.

According to a release, G Steel has an EAF-based medium slab rolling facility in Rayong and GJ Steel has an EAF-based thin slab rolling facility in Chonburi, with a combined annual capacity of over 2.5 million tonnes per annum. The companies together have over 1,400 employees.

ArcelorMittal is partnering with a group of shareholders represented by the Leeswadtrakul family which is the founding shareholder of G Steel. ArcelorMittal has signed a shareholders agreement with the Leeswadtrakul family who will remain associated with the companies. ArcelorMittal has also signed a credit facility agreement with G Steel and GJ Steel for USD 500 million for working capital, capital expenditure and other corporate purposes.

Aditya Mittal, CFO and Member of the Group Management Board of ArcelorMittal said: "G Steel is an important component of our overall emerging markets strategy and will provide ArcelorMittal with a major manufacturing presence in Thailand and the ASEAN region where we expect steel demand to continue growing. Dr. Somsak Leeswadtrakul has built a high quality operation. We are confident that our global expertise and investment will develop the company's potential and will facilitate an operational, financial and commercial turnaround."

ArcelorMittal is a steel company, with operations in more than 60 countries and in several steel markets including automotive, construction, household appliances and packaging.

More Information:

arcelormittal.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))


COPYRIGHT 2011 Close-Up Media, Inc.

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG Phoomchai Audit Ltd.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

722.0

639.4

1,098.7

656.7

477.8

Revenue

722.0

639.4

1,098.7

656.7

477.8

Total Revenue

722.0

639.4

1,098.7

656.7

477.8

 

 

 

 

 

 

    Cost of Revenue

734.3

902.4

1,253.9

594.4

421.6

Cost of Revenue, Total

734.3

902.4

1,253.9

594.4

421.6

Gross Profit

-12.3

-263.0

-155.1

62.3

56.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

53.2

79.5

111.7

23.5

21.9

    Labor & Related Expense

2.4

2.0

2.2

-

-

Total Selling/General/Administrative Expenses

55.6

81.4

113.9

23.5

21.9

        Interest Income - Operating

-

-

-

-6.0

-4.6

        Investment Income - Operating

-64.9

-22.9

2.5

-19.1

-19.0

    Interest/Investment Income - Operating

-64.9

-22.9

2.5

-25.1

-23.6

Interest Expense (Income) - Net Operating Total

-64.9

-22.9

2.5

-25.1

-23.6

    Impairment-Assets Held for Use

355.2

50.0

21.6

0.0

-

    Loss (Gain) on Sale of Assets - Operating

-

-

-

0.0

-

    Other Unusual Expense (Income)

1.8

31.9

-

-

-

Unusual Expense (Income)

357.0

81.9

21.6

0.0

-

    Other Operating Expense

102.1

56.9

0.0

-

-

    Other, Net

-149.5

-126.0

-139.4

-9.9

-1.7

Other Operating Expenses, Total

-47.5

-69.0

-139.4

-9.9

-1.7

Total Operating Expense

1,034.5

973.8

1,252.4

583.0

418.2

 

 

 

 

 

 

Operating Income

-312.6

-334.4

-153.6

73.7

59.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-71.0

-59.9

-36.6

-22.9

-16.0

    Interest Expense, Net Non-Operating

-71.0

-59.9

-36.6

-22.9

-16.0

Interest Income (Expense) - Net Non-Operating Total

-71.0

-59.9

-36.6

-22.9

-16.0

Income Before Tax

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

    Minority Interest

64.7

93.9

94.2

-0.1

0.0

Net Income Before Extraord Items

-318.8

-300.4

-96.0

50.6

43.7

    Extraord Items

-

-

-

-

0.6

Total Extraord Items

-

-

-

-

0.6

Net Income

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-318.8

-300.4

-96.0

50.6

43.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,047.7

Basic EPS Excl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Basic/Primary EPS Incl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-318.8

-300.4

-96.0

50.6

44.3

Diluted Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,066.4

Diluted EPS Excl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Diluted EPS Incl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

8.2

8.1

10.2

Interest Expense, Supplemental

71.0

59.9

36.6

22.9

16.0

Interest Capitalized, Supplemental

0.0

-7.5

-16.1

-13.9

-10.8

Depreciation, Supplemental

39.6

39.9

45.6

24.3

15.7

Total Special Items

357.0

81.9

21.6

0.0

-

Normalized Income Before Tax

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

38.2

-218.5

-74.4

50.6

43.7

 

 

 

 

 

 

Basic Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Diluted Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Amort of Intangibles, Supplemental

0.1

0.3

4.2

0.1

0.1

Rental Expenses

0.4

0.4

0.9

0.6

-

Normalized EBIT

-20.4

-275.4

-129.6

48.6

36.0

Normalized EBITDA

19.3

-235.2

-79.9

73.0

51.7

Defined Contribution Expense - Domestic

0.6

0.5

0.3

0.2

0.1

Total Pension Expense

0.6

0.5

0.3

0.2

0.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.145

33.34

34.78

33.685

36.15

Auditor

KPMG LLP

KPMG LLP

KPMG Phoomchai Audit Ltd.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

2.5

1.8

4.5

6.6

45.3

    Short Term Investments

0.2

0.1

0.0

0.1

0.0

Cash and Short Term Investments

2.7

1.9

4.5

6.8

45.3

        Accounts Receivable - Trade, Gross

75.7

72.9

113.8

55.3

-

        Provision for Doubtful Accounts

-54.3

-40.2

-27.9

0.0

-

    Trade Accounts Receivable - Net

21.4

32.7

85.8

60.3

72.6

    Other Receivables

2.8

2.0

92.7

0.0

11.4

Total Receivables, Net

24.1

34.7

178.5

60.3

84.0

    Inventories - Finished Goods

47.0

15.1

74.3

16.1

22.3

    Inventories - Raw Materials

70.9

63.4

195.3

212.7

165.1

    Inventories - Other

1.9

-26.0

-135.9

10.3

9.6

Total Inventory

119.8

52.5

133.7

239.1

196.9

Prepaid Expenses

7.0

10.3

-

-

11.0

    Other Current Assets

14.1

8.1

50.3

45.1

10.9

Other Current Assets, Total

14.1

8.1

50.3

45.1

10.9

Total Current Assets

167.6

107.6

367.0

351.3

348.1

 

 

 

 

 

 

        Buildings

314.5

284.4

209.0

60.3

56.0

        Land/Improvements

52.8

47.8

45.7

21.8

20.3

        Machinery/Equipment

1,317.1

1,189.9

1,023.3

564.8

514.2

        Construction in Progress

507.6

416.0

425.1

211.2

124.9

    Property/Plant/Equipment - Gross

2,192.1

1,938.0

1,703.1

858.1

715.4

    Accumulated Depreciation

-884.9

-503.3

-397.5

-201.7

-159.4

Property/Plant/Equipment - Net

1,307.2

1,434.7

1,305.6

656.4

556.0

    Intangibles - Gross

9.0

10.2

7.2

-

-

    Accumulated Intangible Amortization

-7.1

-7.4

-4.2

-

-

Intangibles, Net

1.9

2.8

3.0

1.2

1.3

    LT Investments - Other

-

-

0.7

142.0

58.2

Long Term Investments

-

-

0.7

142.0

58.2

Note Receivable - Long Term

2.3

2.1

2.0

0.0

-

    Restricted Cash - Long Term

6.8

6.0

15.7

20.6

20.4

    Other Long Term Assets

21.8

136.5

173.5

148.8

167.4

Other Long Term Assets, Total

28.5

142.5

189.2

169.5

187.7

Total Assets

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

Accounts Payable

359.4

292.6

215.4

75.7

68.7

Accrued Expenses

127.4

81.7

30.9

16.4

8.4

Notes Payable/Short Term Debt

41.9

21.3

49.2

0.0

120.4

Current Portion - Long Term Debt/Capital Leases

70.7

234.4

30.7

25.5

0.3

    Customer Advances

119.1

101.0

102.6

37.3

7.4

    Other Payables

59.7

52.9

-

14.7

23.6

    Other Current Liabilities

102.0

67.8

27.0

1.3

0.0

Other Current liabilities, Total

280.8

221.7

129.6

53.3

31.0

Total Current Liabilities

880.2

851.7

455.8

170.9

228.8

 

 

 

 

 

 

    Long Term Debt

22.2

0.0

215.0

243.5

166.6

    Capital Lease Obligations

0.0

0.0

-

-

-

Total Long Term Debt

22.3

0.0

215.0

243.5

166.6

Total Debt

134.8

255.7

294.8

269.0

287.3

 

 

 

 

 

 

Minority Interest

261.2

267.6

349.3

0.4

0.0

    Other Long Term Liabilities

17.6

28.6

31.6

21.6

20.5

Other Liabilities, Total

17.6

28.6

31.6

21.6

20.5

Total Liabilities

1,181.2

1,147.9

1,051.7

436.4

416.0

 

 

 

 

 

 

    Common Stock

546.7

412.7

395.6

329.5

307.1

Common Stock

546.7

412.7

395.6

329.5

307.1

Additional Paid-In Capital

44.8

65.5

62.8

82.2

76.6

Retained Earnings (Accumulated Deficit)

-265.3

63.5

357.5

472.3

351.7

Unrealized Gain (Loss)

-

-

0.1

0.0

-

Total Equity

326.3

541.7

816.0

884.0

735.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Total Common Shares Outstanding

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Employees

644

676

722

738

729

Accumulated Intangible Amort, Suppl.

7.1

7.4

4.2

-

-

Deferred Revenue - Current

119.1

101.0

102.6

37.3

7.4

Total Long Term Debt, Supplemental

32.4

31.4

32.3

-

-

Long Term Debt Maturing within 1 Year

2.4

2.1

2.2

-

-

Long Term Debt Maturing in Year 2

2.3

2.1

2.0

-

-

Long Term Debt Maturing in Year 3

2.3

2.1

2.0

-

-

Long Term Debt Maturing in Year 4

2.3

2.1

2.0

-

-

Long Term Debt Maturing in Year 5

2.3

2.1

2.0

-

-

Long Term Debt Maturing in 2-3 Years

4.7

4.2

4.1

-

-

Long Term Debt Maturing in 4-5 Years

4.7

4.2

4.1

-

-

Long Term Debt Matur. in Year 6 & Beyond

20.7

20.8

22.0

-

-

Total Operating Leases, Supplemental

1.2

0.7

1.0

-

1.1

Operating Lease Payments Due in Year 1

0.3

0.2

0.3

-

0.2

Operating Lease Payments Due in Year 2

0.5

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 3

0.2

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 4

0.2

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 5

0.2

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 6

-

-

-

-

0.2

Operating Lease Pymts. Due in 2-3 Years

0.6

0.2

0.3

-

0.4

Operating Lease Pymts. Due in 4-5 Years

0.3

0.2

0.3

-

0.4

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

-

0.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Restated Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG Phoomchai Audit Ltd.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-383.5

-394.4

-190.2

50.7

44.3

    Depreciation

44.8

48.2

57.4

24.5

18.2

Depreciation/Depletion

44.8

48.2

57.4

24.5

18.2

    Unusual Items

379.7

78.3

-119.7

-7.2

-0.6

    Equity in Net Earnings (Loss)

-

-

-13.2

1.1

1.1

    Other Non-Cash Items

-86.7

5.0

241.6

-0.2

-16.9

Non-Cash Items

293.0

83.2

108.7

-6.3

-16.4

    Accounts Receivable

-6.9

9.2

16.1

16.9

-11.5

    Inventories

-30.2

195.3

80.0

-27.3

-92.7

    Other Assets

-6.8

20.3

-43.2

1.7

-18.0

    Accounts Payable

61.3

79.5

109.0

-2.2

53.0

    Accrued Expenses

5.9

24.8

-4.3

6.8

0.1

    Other Liabilities

30.0

4.9

53.8

30.5

0.0

    Other Operating Cash Flow

0.0

0.0

-0.9

-33.7

-

Changes in Working Capital

53.2

334.0

210.5

-7.4

-69.2

Cash from Operating Activities

7.5

71.1

186.4

61.5

-23.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.7

-7.3

-150.9

-68.5

-84.4

    Purchase/Acquisition of Intangibles

-0.8

0.0

-

-

0.0

Capital Expenditures

-3.5

-7.3

-150.9

-68.5

-84.4

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

-

    Sale/Maturity of Investment

10.4

0.6

5.6

0.0

-

    Investment, Net

-0.2

10.0

10.5

1.1

-8.0

    Purchase of Investments

-

-

-

-9.5

-

    Other Investing Cash Flow

0.2

0.1

0.7

3.8

-124.1

Other Investing Cash Flow Items, Total

10.4

10.8

16.8

-4.5

-132.1

Cash from Investing Activities

6.9

3.5

-134.1

-73.0

-216.5

 

 

 

 

 

 

    Other Financing Cash Flow

-7.9

-37.2

-51.5

0.0

70.1

Financing Cash Flow Items

-7.9

-37.2

-51.5

0.0

70.1

    Cash Dividends Paid - Common

-

-

-8.2

-8.1

-10.2

Total Cash Dividends Paid

-

-

-8.2

-8.1

-10.2

        Sale/Issuance of Common

0.0

0.0

-

0.0

63.3

    Common Stock, Net

0.0

0.0

-

0.0

63.3

    Warrants Converted

-

-

0.0

-

-

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

0.0

63.3

        Short Term Debt Issued

64.9

65.3

33.6

0.0

118.2

        Short Term Debt Reduction

-60.1

-93.4

-22.7

-21.2

0.0

    Short Term Debt, Net

4.8

-28.1

10.9

-21.2

118.2

        Long Term Debt Reduction

-10.8

-12.0

-5.5

-0.3

-1.4

    Long Term Debt, Net

-10.8

-12.0

-5.5

-0.3

-1.4

Issuance (Retirement) of Debt, Net

-6.0

-40.1

5.5

-21.6

116.8

Cash from Financing Activities

-13.9

-77.3

-54.3

-29.7

240.0

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

-

-

Net Change in Cash

0.5

-2.8

-2.0

-41.3

0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

1.9

4.6

6.7

47.8

42.8

Net Cash - Ending Balance

2.4

1.8

4.7

6.5

43.2

Cash Interest Paid

9.8

37.2

51.5

33.4

17.2

Cash Taxes Paid

0.0

0.0

0.9

0.3

-

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Qualified

Qualified

 

 

 

 

 

 

    Revenues from Sales

722.0

639.4

1,093.5

643.6

474.8

    Service Income

0.0

0.0

5.3

13.1

3.0

Total Revenue

722.0

639.4

1,098.7

656.7

477.8

 

 

 

 

 

 

    Cost of Goods Sold

734.3

902.4

1,104.9

594.4

421.6

    Selling and Administrative Expenses

-

-

-

-

21.9

    Selling Expense

8.8

9.0

17.0

16.0

-

    Admin Expense

44.4

40.5

47.7

7.5

-

    Management Benefit Expenses

2.4

2.0

2.2

-

-

    Loss on Foreign Exchange

-

-

15.7

0.0

-

    Bad Debt & Doubtful Accounts

0.0

30.0

47.0

0.0

-

    Loss fr. Diminution of Inventories

-

-

149.0

0.0

-

    Loss on confirmed purchase orders

0.0

13.9

-

-

-

    Loss on Performance Guaranntee

1.8

18.1

-

-

-

    Loss from Assets Write-Off

-

-

-

0.0

-

    Loss on Investment in Associated Co.

-

-

-

-

1.1

    Loss on Impairment of Assets

355.2

50.0

21.6

0.0

-

    Other Expenses

102.1

56.9

0.0

-

-

    Gain from Debt Restructuring

-100.5

0.0

-

-

-

    Gain on Foreign Exchange

-64.9

-22.9

0.0

-20.2

-20.1

    Rev. Purch. Inferior Raw Material

-11.0

0.0

-

-

-

    Reversal of bad and doubtful debts expen

-4.2

0.0

-

-

-

    Reversal of Allw. Defaulted Inventories

-28.5

-113.3

0.0

-

-

    Interest Income

-

-

-

-6.0

-4.6

    Other Revenues

-5.4

-12.7

-4.6

-2.6

-1.7

    Excess of Interest - Net Assets Value

-

-

-134.8

-7.3

-

    Share of Income from Invest.-Associates

-

-

-13.2

1.1

-

Total Operating Expense

1,034.5

973.8

1,252.4

583.0

418.2

 

 

 

 

 

 

    Interest Expenses

-71.0

-59.9

-36.6

-22.9

-16.0

Net Income Before Taxes

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

    Minority Interest

64.7

93.9

94.2

-0.1

0.0

Net Income Before Extra. Items

-318.8

-300.4

-96.0

50.6

43.7

    Gain from Rehabilitation

-

-

-

-

0.6

Net Income

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-318.8

-300.4

-96.0

50.6

43.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Basic Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,047.7

Basic EPS Excluding ExtraOrdinary Items

-0.02

-0.02

-0.01

0.00

0.00

Basic EPS Including ExtraOrdinary Items

-0.02

-0.02

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-318.8

-300.4

-96.0

50.6

44.3

Diluted Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,066.4

Diluted EPS Excluding ExtraOrd Items

-0.02

-0.02

-0.01

0.00

0.00

Diluted EPS Including ExtraOrd Items

-0.02

-0.02

-0.01

0.00

0.00

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

8.2

8.1

10.2

Normalized Income Before Taxes

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

38.2

-218.5

-74.4

50.6

43.7

 

 

 

 

 

 

Basic Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Diluted Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Interest Expense

71.0

59.9

36.6

22.9

16.0

Amortization of Intangibles

0.1

0.3

4.2

0.1

0.1

Interest Capitalised

0.0

-7.5

-16.1

-13.9

-10.8

Depreciation

39.6

39.9

45.6

24.3

15.7

Rental Expenses

0.4

0.4

0.9

0.6

-

Defined Contribution Expense - Domestic

0.6

0.5

0.3

0.2

0.1

Total Pension Expense

0.6

0.5

0.3

0.2

0.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.145

33.34

34.78

33.685

36.15

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Qualified

Qualified

 

 

 

 

 

 

    Cash and Cash Equivalents

2.5

1.8

4.5

6.6

45.3

    Short Term Investment

0.2

0.1

0.0

0.1

0.0

    Trade Accounts Receivable

-

-

-

-

58.7

    Trade Receivables-Related

-

-

-

-

0.6

    Trade Receivables-Other,gross

55.8

48.5

103.0

24.8

-

    Trade Receivables-Related,gross

7.8

9.1

0.0

7.1

-

    T/A receivable-Business Alliances

12.0

15.4

10.8

23.4

-

    Allowance fr. Doubtful Accounts

-54.3

-40.2

-27.9

0.0

-

    Amount Due from Related Party

-

-

0.0

5.0

13.3

    Finished Goods

47.0

15.1

74.3

16.1

22.3

    Raw Materials

53.2

44.5

159.1

201.3

154.1

    Spare Parts

17.7

19.0

36.3

11.4

10.9

    Consumable

4.0

4.1

3.1

6.8

7.3

    Others

5.3

3.6

5.4

3.8

2.5

    Allowance for Devaluation Inventories

-7.4

-33.8

-144.4

-0.3

-0.3

    Other Receivables

1.5

1.9

-

-

6.1

    Other Receivables fr. Scraps Sale

-

-

92.7

0.0

-

    Refundable VAT

1.3

0.1

-

-

4.8

    Suspense Value Added Tax

8.3

6.2

-

-

1.5

    Prepaid Expenses/Advance for Purchase

7.0

10.3

-

-

11.0

    Interest Receivable

-

-

-

-

0.6

    Deposit for Purchases of Investment

-

-

-

-

9.0

    Other Current Assets

5.7

1.9

50.3

45.1

0.4

    Rounding Adj.

0.0

0.0

-

-

-

Total Current Assets

167.6

107.6

367.0

351.3

348.1

 

 

 

 

 

 

    Collateral Deposits

6.8

6.0

15.7

20.6

20.4

    Investments

-

-

0.0

142.0

58.2

    Loans to and Interest Rcvbl.

2.3

2.1

2.0

0.0

-

    Other LT. Invst.

-

-

0.7

0.0

-

    Land

52.8

47.8

45.7

21.8

20.3

    Building and Improvement

314.5

284.4

209.0

60.3

56.0

    Machinery and Equipment

1,303.3

1,177.2

1,011.9

546.8

504.6

    Office Equipment

13.4

12.3

11.1

-

-

    Office Equipment, Furniture and Fixture

-

-

-

4.3

3.8

    Vehicles

0.4

0.4

0.4

0.3

0.3

    Tools and Equipment

-

-

-

13.4

5.5

    Assets under Construction

507.6

416.0

425.1

211.2

124.9

    Accumulated Depreciation

-438.9

-359.6

-305.4

-131.6

-94.1

    Impairment

-446.0

-143.7

-92.1

-70.1

-65.3

    Computer Software

-

-

-

1.2

1.3

    Software,gross

7.6

8.9

-

-

-

    Licence,gross

1.4

1.2

-

-

-

    Other intangibles, gross

0.0

0.0

-

-

-

    Intangible, Gross

-

-

7.2

-

-

    Accumulated Amortisation

-7.1

-7.4

-4.2

-

-

    Rights Claim over Secured Convert. Debt

-

-

0.0

97.1

110.4

    Prepaid for Raw Materials

-

-

-

-

25.5

    Deposit for Purchase of Assets

5.0

118.1

124.7

-

30.6

    Deposits and Others

-

-

-

-

0.9

    Tax Benefit

-

-

27.3

0.0

-

    Other Asset-Related

-

-

-

0.1

-

    Other Assets

16.7

18.3

21.6

51.6

-

    Adjustment

0.0

0.0

-

-

-

Total Assets

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

    ST Loans from Financial Institutions

6.7

6.9

46.9

0.0

120.3

    Other Short Term Loan

21.8

14.4

2.3

0.0

0.1

    Trade Account Payable

359.4

292.6

215.4

66.8

63.0

    T/A payable-Business Alliances

-

-

-

8.8

-

    Trade Payable-Other

-

-

-

0.1

-

    Trade Payable-Related

-

-

-

-

5.7

    Other Payable

-

-

-

14.7

14.6

    Bonds

12.3

170.0

0.0

-

-

    Payable on Purchase of Investments

-

-

-

-

9.0

    Loan from Shareholder

13.4

0.0

-

-

-

    Advance-Customers

119.1

101.0

102.6

37.3

7.4

    Advance from Related Party

-

-

-

1.3

0.0

    Current Portion of Long Term Loan

45.7

64.0

30.3

25.1

0.0

    Cur. Port. Liab. Debt Restr/Former Rehab

12.7

0.5

0.4

0.4

0.3

    Accrued Interest

80.7

46.7

12.2

7.5

5.4

    Accrued Expenses

46.7

35.0

18.7

8.9

3.0

    Provisions

96.1

59.3

-

-

-

    Tax Related and Other Paybles

59.7

52.9

-

-

-

    Other Current Liabilities

5.9

8.5

27.0

-

-

    Adjustment

0.0

0.0

-

-

-

Total Current Liabilities

880.2

851.7

455.8

170.9

228.8

 

 

 

 

 

 

    Finance lease liabilities

0.0

0.0

-

-

-

    Bonds

22.2

0.0

169.6

168.0

166.6

    Long Term Loan

-

-

45.4

75.4

0.0

Total Long Term Debt

22.3

0.0

215.0

243.5

166.6

 

 

 

 

 

 

    Liab. under Debt Restructuring/ Rehab

17.6

28.6

31.6

21.6

20.5

    Minority Interest

261.2

267.6

349.3

0.4

0.0

Total Liabilities

1,181.2

1,147.9

1,051.7

436.4

416.0

 

 

 

 

 

 

    Share Capital

546.7

412.7

395.6

329.5

307.1

    Share Premium

38.0

59.3

56.8

76.0

70.9

    Premium on Capital Decrease

6.8

6.2

5.9

6.1

5.7

    Unrealize G-Reval. Surplus on Invst.

-

-

0.1

0.0

-

    Legal Reserve

25.3

22.9

22.0

22.7

18.9

    Unppropriate

-290.6

40.6

335.5

449.7

332.8

Total Equity

326.3

541.7

816.0

884.0

735.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

    S/O-Common Stock

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Total Common Shares Outstanding

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Advance-Customers

119.1

101.0

102.6

37.3

7.4

Accumulated Intangible Amort, Suppl.

7.1

7.4

4.2

-

-

Full-Time Employees

644

676

722

738

729

Long Term Debt Maturing within 1 Year

2.4

2.1

2.2

-

-

Long Term Debt Maturing in Year 5

9.4

8.5

8.1

-

-

Long Term Debt Dued after 5 Yr.

20.7

20.8

22.0

-

-

Total Long Term Debt, Supplemental

32.4

31.4

32.3

-

-

Operating Lease Due Within 1 Year

0.3

0.2

0.3

-

0.2

Operating Lease Due Within 2-5 Years

0.5

0.5

0.7

-

-

Operating Lease Due Within 2-6 Years

-

-

-

-

0.9

Optg leases-year 2

0.5

-

-

-

-

Total Operating Leases

1.2

0.7

1.0

-

1.1

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Restated Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Qualified

Qualified

 

 

 

 

 

 

Net Income

-383.5

-394.4

-190.2

50.7

44.3

    Depreciation

44.8

48.2

57.4

24.5

18.2

    Amort. Expenses

-

-

-

-

0.0

    Amortization of Discount of Bonds

-

-

-

-

0.1

    Amort. of Deferred Bond Arrange. Fees

-

-

-

0.9

0.8

    Consulting fee for bonds restructuring

2.8

0.0

-

-

-

    Gain from debt restructuring

-100.5

0.0

-

-

-

    Interest Income

-0.2

-0.1

-0.6

-6.0

-

    Interest Expenses

71.0

59.9

36.6

21.7

-

    Loss on purchase of inferior raw materia

3.2

0.0

-

-

-

    Assets Write-Off

2.2

0.2

2.9

0.0

-

    Disposal of Assets

-

-

0.0

0.1

0.0

    (Reversal of) bad and doubtful debts exp

-4.2

30.0

47.0

0.0

-

    Allow for Diminution in Value of Inven.

-28.5

-113.3

149.0

0.0

0.0

    Impairment of Assets

355.2

50.0

21.6

0.0

-

    Loss on Confirmed Purch. Material

-11.0

13.9

0.0

-

-

    Unrealized Gain on Exchange Rate

-53.1

-22.6

9.6

-16.9

-17.7

    Share of Loss from Invest. in Assoc. Co.

-

-

-13.2

1.1

1.1

    Excess of Interest

-

-

-134.8

-7.3

-

    Minority Interest

-

-

-

-

0.0

    Loss on Write-off Tax Benefit

0.0

27.6

0.0

-

-

    Provision for tax - related liabilities

25.9

23.4

-

-

-

    Loss on contract termination

9.1

0.0

-

-

-

    Loss from sale of investment in subsidia

19.3

0.0

-

-

-

    Gain fr. Sale of other LT investment

0.0

-0.1

0.0

-

-

    Loss on Performance Guarantees

1.8

18.1

-

-

-

    Gain from Rehabilitation

0.0

-3.7

-9.3

0.0

-0.6

    Trade Receivables

-6.8

0.0

11.0

7.9

1.7

    Trade Receivables-Related Party

-

-

-

-

0.0

    Receivables-Related

0.0

0.0

5.0

9.0

-13.2

    Inventories

-30.2

195.3

80.0

-27.3

-92.7

    Receivable fr. Scrap Sales

0.0

9.2

0.0

-

-

    Receivables from others

0.0

0.0

-

-

-

    Other Current Assets

-3.9

24.9

-80.9

-7.9

-21.6

    Other Assets

-2.9

-4.7

37.7

9.6

3.6

    Trade Payables

61.3

79.5

109.0

1.9

31.7

    Trade Payables-Related

-

-

-

-

5.4

    Other Payable

-

-

-

-4.2

15.9

    Advance from Customers

7.1

-5.8

49.0

29.2

0.0

    Advance from Related Party

-

-

-

1.3

-

    Accrued Interest

-

-

-

-

1.1

    Accrued Expenses

5.9

24.8

-4.3

6.8

-1.0

    Other Current Liabilities

22.9

10.7

4.8

-

-

    Interest Paid

-

-

-

-33.4

-

    Income Tax Recovered

0.0

0.0

0.0

-

-

    Tax Paid

0.0

0.0

-0.9

-0.3

-

Cash from Operating Activities

7.5

71.1

186.4

61.5

-23.1

 

 

 

 

 

 

    Collateral Deposits

-0.1

10.1

5.8

1.2

-8.0

    Incr/decr Short-term/Curren Investment

-0.1

-0.1

4.7

-0.1

0.0

    Cash Received fr. Interest Income

0.2

0.1

0.7

3.8

-

    Advance for Purchase PPE

-1.5

-4.2

0.0

-1.9

4.8

    Sales of Fixed Assets

0.0

0.0

0.0

0.0

-

    Capital Expenditures

-1.2

-3.1

-150.9

-66.6

-89.2

    Acq. in Rights of Claim in Sec. Convert

-

-

-

-

-124.1

    Cash Received fr. Invst. in Sub.

-

-

5.5

0.0

-

    Increase in Intangible

-0.8

0.0

-

-

0.0

    Purchase of Investment

-

-

-

-9.5

-

    Proceeds from sales of investment in sub

10.4

0.0

-

-

-

    Sale Other LT. Invst.

0.0

0.6

0.0

-

-

Cash from Investing Activities

6.9

3.5

-134.1

-73.0

-216.5

 

 

 

 

 

 

    Finance Costs Paid

-9.8

-37.2

-51.5

-

-

    Cash fr. ST Loan fr Finan. Institutions

0.0

30.2

31.2

0.0

118.1

    Decreas ST Loan fr. fr Finan. Institutio

-0.3

-70.5

-22.7

-0.1

-

    Increas ST Loan fr. Other Parties

64.9

35.1

2.4

-

0.1

    Decreas ST Loan fr. Other Parties

-59.8

-22.8

0.0

-21.2

0.0

    Proceeds from issue of warrants of subsi

1.9

0.0

-

-

-

    Proceeds from issue of ordinary shares o

0.0

0.0

-

-

-

    Repayment of finance lease liabilities

0.0

0.0

-

-

-

    Repayment of LT. Loans fr Finan. Institu

-10.6

-11.6

0.0

-

-

    Capital Increase

-

-

-

0.0

63.3

    Minority Interest

-

-

0.0

0.0

0.0

    Expense on Capital Increase

-

-

-

0.0

-2.3

    Subscription of Bond

-

-

-

0.0

73.9

    Deferred Bond Management Fees

-

-

-

0.0

-1.5

    Decrease Liab. under Debt Restructuring

-0.2

-0.4

-5.5

-0.3

-1.4

    Proceeds fr. Conversion Warrants

-

-

0.0

-

-

    Dividend Paid

-

-

-8.2

-8.1

-10.2

Cash from Financing Activities

-13.9

-77.3

-54.3

-29.7

240.0

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

-

-

Net Change in Cash

0.5

-2.8

-2.0

-41.3

0.4

 

 

 

 

 

 

Net Cash-Beginning Balance

1.9

4.6

6.7

47.8

42.8

Net Cash-Ending Balance

2.4

1.8

4.7

6.5

43.2

    Cash Interest Paid

9.8

37.2

51.5

33.4

17.2

    Cash Taxes Paid

0.0

0.0

0.9

0.3

-

 

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

273.0

45.12%

722.0

4.34%

0.61%

0.62%

Operating Income1 (?)

-28.7

-

-312.6

-

-

-

Income Available to Common Excl Extraord Items1 (?)

-27.8

-

-318.8

-

-

-

Basic EPS Excl Extraord Items1 (?)

0.00

-

-0.02

-

-

-

Capital Expenditures2 (?)

2.5

-10.12%

3.5

-55.40%

-63.73%

-48.39%

Cash from Operating Activities2 (?)

12.1

259.82%

7.5

-90.28%

-51.70%

-25.72%

Free Cash Flow (?)

9.3

1,700.43%

4.2

-94.28%

-

-

Total Assets3 (?)

1,397.5

-14.24%

1,507.6

-19.33%

0.72%

9.96%

Total Liabilities3 (?)

1,118.9

-12.40%

1,181.2

-6.96%

34.30%

39.60%

Total Long Term Debt3 (?)

22.3

48,844.95%

22.3

-

-56.59%

-29.86%

Employees3 (?)

-

-

644

-4.73%

-4.44%

-2.15%

Total Common Shares Outstanding3 (?)

16,481.7

19.78%

16,481.0

19.77%

14.08%

11.18%

1-ExchangeRate: THB to USD Average for Period

30.136505

 

31.724617

 

 

 

2-ExchangeRate: THB to USD Average for Period

30.310418

 

31.724617

 

 

 

3-ExchangeRate: THB to USD Period End Date

31.085000

 

30.145000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin (?)

-1.71%

-41.13%

-14.12%

9.48%

11.78%

Operating Margin (?)

-43.29%

-52.30%

-13.98%

11.22%

12.48%

Pretax Margin (?)

-53.12%

-61.68%

-17.31%

7.72%

9.14%

Net Profit Margin (?)

-44.16%

-46.99%

-8.74%

7.70%

9.14%

Financial Strength

Current Ratio (?)

0.19

0.13

0.81

2.06

1.52

Long Term Debt/Equity (?)

0.07

0.00

0.26

0.28

0.23

Total Debt/Equity (?)

0.41

0.47

0.36

0.30

0.39

Management Effectiveness

Return on Assets (?)

-23.91%

-22.33%

-11.60%

4.03%

4.74%

Return on Equity (?)

-72.51%

-44.42%

-11.01%

6.15%

6.88%

Efficiency

Receivables Turnover (?)

24.30

5.96

8.90

8.88

6.78

Inventory Turnover (?)

8.69

9.68

6.59

2.68

2.98

Asset Turnover (?)

0.45

0.36

0.67

0.52

0.52

 

 

 

Market Valuation USD (mil)

Enterprise Value2 (?)

549.0

.

Price/Sales (TTM) (?)

0.20

Enterprise Value/Revenue (TTM) (?)

0.56

.

Price/Book (MRQ) (?)

0.69

Market Cap as of 25-Nov-20111 (?)

195.4

.

 

 

1-ExchangeRate: THB to USD on 25-Nov-2011

31.370000

 

 

 

2-ExchangeRate: THB to USD on 30-Sep-2011

31.085000

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 



 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio (?)

0.19

0.13

0.81

2.06

1.52

Quick/Acid Test Ratio (?)

0.03

0.04

0.40

0.39

0.57

Working Capital1 (?)

-712.7

-744.2

-88.8

180.3

119.3

Long Term Debt/Equity (?)

0.07

0.00

0.26

0.28

0.23

Total Debt/Equity (?)

0.41

0.47

0.36

0.30

0.39

Long Term Debt/Total Capital (?)

0.05

0.00

0.19

0.21

0.16

Total Debt/Total Capital (?)

0.29

0.32

0.27

0.23

0.28

Payout Ratio (?)

0.00%

0.00%

-8.18%

16.03%

24.29%

Effective Tax Rate (?)

-

-

-

0.00%

0.00%

Total Capital1 (?)

461.2

797.5

1,110.8

1,153.0

1,022.6

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

0.45

0.36

0.67

0.52

0.52

Inventory Turnover (?)

8.69

9.68

6.59

2.68

2.98

Days In Inventory (?)

41.98

37.69

55.41

136.00

122.41

Receivables Turnover (?)

24.30

5.96

8.90

8.88

6.78

Days Receivables Outstanding (?)

15.02

61.25

41.02

41.11

53.81

Revenue/Employee2 (?)

1,179,820

973,992

1,460,014

904,758

687,507

Operating Income/Employee2 (?)

-510,768

-509,431

-204,158

101,478

85,791

EBITDA/Employee2 (?)

-445,865

-448,157

-138,039

135,119

108,415

 

 

 

 

 

 

Profitability

Gross Margin (?)

-1.71%

-41.13%

-14.12%

9.48%

11.78%

Operating Margin (?)

-43.29%

-52.30%

-13.98%

11.22%

12.48%

EBITDA Margin (?)

-37.79%

-46.01%

-9.45%

14.93%

15.77%

EBIT Margin (?)

-43.29%

-52.30%

-13.98%

11.22%

12.48%

Pretax Margin (?)

-53.12%

-61.68%

-17.31%

7.72%

9.14%

Net Profit Margin (?)

-44.16%

-46.99%

-8.74%

7.70%

9.14%

COGS/Revenue (?)

101.71%

141.13%

114.12%

90.52%

88.22%

SG&A Expense/Revenue (?)

7.70%

12.74%

10.36%

3.59%

4.59%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

-23.91%

-22.33%

-11.60%

4.03%

4.74%

Return on Equity (?)

-72.51%

-44.42%

-11.01%

6.15%

6.88%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

0.00

0.00

0.00

0.00

-0.01

Operating Cash Flow/Share 2 (?)

0.00

0.01

0.01

0.01

0.00

1-ExchangeRate: THB to USD Period End Date

30.145

33.34

34.78

33.685

36.15

2-ExchangeRate: THB to USD Average for Period

30.145

33.34

34.78

33.685

36.15

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

-1.22

Market Cap/Equity (MRQ) (?)

0.71

Market Cap/Revenue (TTM) (?)

0.20

Market Cap/EBIT (TTM) (?)

-1.13

Market Cap/EBITDA (TTM) (?)

-1.35

Enterprise Value/Earnings (TTM) (?)

-3.39

Enterprise Value/Equity (MRQ) (?)

1.97

Enterprise Value/Revenue (TTM) (?)

0.56

Enterprise Value/EBIT (TTM) (?)

-3.14

Enterprise Value/EBITDA (TTM) (?)

-3.76

 

 

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG Phoomchai Audit Ltd.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

722.0

639.4

1,098.7

656.7

477.8

Revenue

722.0

639.4

1,098.7

656.7

477.8

Total Revenue

722.0

639.4

1,098.7

656.7

477.8

 

 

 

 

 

 

    Cost of Revenue

734.3

902.4

1,253.9

594.4

421.6

Cost of Revenue, Total

734.3

902.4

1,253.9

594.4

421.6

Gross Profit

-12.3

-263.0

-155.1

62.3

56.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

53.2

79.5

111.7

23.5

21.9

    Labor & Related Expense

2.4

2.0

2.2

-

-

Total Selling/General/Administrative Expenses

55.6

81.4

113.9

23.5

21.9

        Interest Income - Operating

-

-

-

-6.0

-4.6

        Investment Income - Operating

-64.9

-22.9

2.5

-19.1

-19.0

    Interest/Investment Income - Operating

-64.9

-22.9

2.5

-25.1

-23.6

Interest Expense (Income) - Net Operating Total

-64.9

-22.9

2.5

-25.1

-23.6

    Impairment-Assets Held for Use

355.2

50.0

21.6

0.0

-

    Loss (Gain) on Sale of Assets - Operating

-

-

-

0.0

-

    Other Unusual Expense (Income)

1.8

31.9

-

-

-

Unusual Expense (Income)

357.0

81.9

21.6

0.0

-

    Other Operating Expense

102.1

56.9

0.0

-

-

    Other, Net

-149.5

-126.0

-139.4

-9.9

-1.7

Other Operating Expenses, Total

-47.5

-69.0

-139.4

-9.9

-1.7

Total Operating Expense

1,034.5

973.8

1,252.4

583.0

418.2

 

 

 

 

 

 

Operating Income

-312.6

-334.4

-153.6

73.7

59.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-71.0

-59.9

-36.6

-22.9

-16.0

    Interest Expense, Net Non-Operating

-71.0

-59.9

-36.6

-22.9

-16.0

Interest Income (Expense) - Net Non-Operating Total

-71.0

-59.9

-36.6

-22.9

-16.0

Income Before Tax

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

    Minority Interest

64.7

93.9

94.2

-0.1

0.0

Net Income Before Extraord Items

-318.8

-300.4

-96.0

50.6

43.7

    Extraord Items

-

-

-

-

0.6

Total Extraord Items

-

-

-

-

0.6

Net Income

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-318.8

-300.4

-96.0

50.6

43.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,047.7

Basic EPS Excl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Basic/Primary EPS Incl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-318.8

-300.4

-96.0

50.6

44.3

Diluted Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,066.4

Diluted EPS Excl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Diluted EPS Incl Extraord Items

-0.02

-0.02

-0.01

0.00

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

8.2

8.1

10.2

Interest Expense, Supplemental

71.0

59.9

36.6

22.9

16.0

Interest Capitalized, Supplemental

0.0

-7.5

-16.1

-13.9

-10.8

Depreciation, Supplemental

39.6

39.9

45.6

24.3

15.7

Total Special Items

357.0

81.9

21.6

0.0

-

Normalized Income Before Tax

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

38.2

-218.5

-74.4

50.6

43.7

 

 

 

 

 

 

Basic Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Diluted Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Amort of Intangibles, Supplemental

0.1

0.3

4.2

0.1

0.1

Rental Expenses

0.4

0.4

0.9

0.6

-

Normalized EBIT

-20.4

-275.4

-129.6

48.6

36.0

Normalized EBITDA

19.3

-235.2

-79.9

73.0

51.7

Defined Contribution Expense - Domestic

0.6

0.5

0.3

0.2

0.1

Total Pension Expense

0.6

0.5

0.3

0.2

0.1

 

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

6 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Reclassified Special
30-Sep-2011

Reclassified Calculated
30-Jun-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

30.136505

30.401066

30.538187

29.992258

31.651263

 

 

 

 

 

 

    Net Sales

273.0

530.1

269.5

209.0

179.1

Revenue

273.0

530.1

269.5

209.0

179.1

Total Revenue

273.0

530.1

269.5

209.0

179.1

 

 

 

 

 

 

    Cost of Revenue

279.2

532.6

262.7

214.0

186.4

Cost of Revenue, Total

279.2

532.6

262.7

214.0

186.4

Gross Profit

-6.2

-2.5

6.7

-4.9

-7.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

13.4

24.9

11.3

-8.2

34.4

    Labor & Related Expense

-

-

-

0.7

0.6

Total Selling/General/Administrative Expenses

13.4

24.9

11.3

-7.6

35.0

        Investment Income - Operating

4.2

10.3

2.7

-28.1

-36.2

    Interest/Investment Income - Operating

4.2

10.3

2.7

-28.1

-36.2

Interest Expense (Income) - Net Operating Total

4.2

10.3

2.7

-28.1

-36.2

    Impairment-Assets Held for Use

-

-1.5

0.0

205.5

0.4

    Loss (Gain) on Sale of Assets - Operating

-

-

-

-38.8

6.6

    Other Unusual Expense (Income)

7.0

-4.2

0.0

-8.2

1.5

Unusual Expense (Income)

7.0

-5.7

0.0

158.6

8.5

    Other Operating Expense

3.9

5.0

1.0

108.0

-

    Other, Net

-5.9

-19.4

-10.2

-114.6

-25.9

Other Operating Expenses, Total

-2.0

-14.5

-9.2

-6.6

-25.9

Total Operating Expense

301.7

547.6

267.6

330.3

167.8

 

 

 

 

 

 

Operating Income

-28.7

-17.5

1.9

-121.3

11.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-5.0

-16.8

-9.4

-37.0

-11.8

    Interest Expense, Net Non-Operating

-5.0

-16.8

-9.4

-37.0

-11.8

Interest Income (Expense) - Net Non-Operating Total

-5.0

-16.8

-9.4

-37.0

-11.8

Income Before Tax

-33.7

-34.3

-7.5

-158.2

-0.5

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

-33.7

-34.3

-7.5

-158.2

-0.5

 

 

 

 

 

 

    Minority Interest

5.9

8.8

3.7

58.1

2.2

Net Income Before Extraord Items

-27.8

-25.5

-3.7

-100.1

1.7

Net Income

-27.8

-25.5

-3.7

-100.1

1.7

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-27.8

-25.5

-3.7

-100.1

1.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-27.8

-25.5

-3.7

-100.1

1.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

16,482.0

16,482.0

16,482.0

14,446.7

13,760.4

Basic EPS Excl Extraord Items

0.00

0.00

0.00

-0.01

0.00

Basic/Primary EPS Incl Extraord Items

0.00

0.00

0.00

-0.01

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-27.8

-25.5

-3.7

-100.1

1.7

Diluted Weighted Average Shares

16,482.0

16,482.0

16,482.0

14,446.7

13,760.4

Diluted EPS Excl Extraord Items

0.00

0.00

0.00

-0.01

0.00

Diluted EPS Incl Extraord Items

0.00

0.00

0.00

-0.01

0.00

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

5.0

16.8

9.4

37.0

11.8

Depreciation, Supplemental

17.6

-

-

12.1

10.7

Total Special Items

7.0

-5.7

0.0

158.6

8.5

Normalized Income Before Tax

-26.7

-40.0

-7.5

0.3

8.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Tax

-26.7

-40.0

-7.5

0.3

8.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-20.8

-31.1

-3.7

58.4

10.2

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.00

0.00

0.00

Diluted Normalized EPS

0.00

0.00

0.00

0.00

0.00

Normalized EBIT

-17.5

-12.9

4.6

9.2

-16.4

Normalized EBITDA

0.1

-12.9

4.6

21.3

-5.7

Interest Cost - Domestic

0.0

0.0

0.0

-

-

Service Cost - Domestic

0.1

0.1

0.1

-

-

Transition Costs - Domestic

0.1

0.2

0.1

-

-

Domestic Pension Plan Expense

0.2

0.4

0.2

-

-

Total Pension Expense

0.2

0.4

0.2

-

-

Discount Rate - Domestic

4.00%

-

4.00%

-

-

Compensation Rate - Domestic

7.00%

-

7.00%

-

-

Total Plan Interest Cost

0.0

0.0

0.0

-

-

Total Plan Service Cost

0.1

0.1

0.1

-

-

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.145

33.34

34.78

33.685

36.15

Auditor

KPMG LLP

KPMG LLP

KPMG Phoomchai Audit Ltd.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

2.5

1.8

4.5

6.6

45.3

    Short Term Investments

0.2

0.1

0.0

0.1

0.0

Cash and Short Term Investments

2.7

1.9

4.5

6.8

45.3

        Accounts Receivable - Trade, Gross

75.7

72.9

113.8

55.3

-

        Provision for Doubtful Accounts

-54.3

-40.2

-27.9

0.0

-

    Trade Accounts Receivable - Net

21.4

32.7

85.8

60.3

72.6

    Other Receivables

2.8

2.0

92.7

0.0

11.4

Total Receivables, Net

24.1

34.7

178.5

60.3

84.0

    Inventories - Finished Goods

47.0

15.1

74.3

16.1

22.3

    Inventories - Raw Materials

70.9

63.4

195.3

212.7

165.1

    Inventories - Other

1.9

-26.0

-135.9

10.3

9.6

Total Inventory

119.8

52.5

133.7

239.1

196.9

Prepaid Expenses

7.0

10.3

-

-

11.0

    Other Current Assets

14.1

8.1

50.3

45.1

10.9

Other Current Assets, Total

14.1

8.1

50.3

45.1

10.9

Total Current Assets

167.6

107.6

367.0

351.3

348.1

 

 

 

 

 

 

        Buildings

314.5

284.4

209.0

60.3

56.0

        Land/Improvements

52.8

47.8

45.7

21.8

20.3

        Machinery/Equipment

1,317.1

1,189.9

1,023.3

564.8

514.2

        Construction in Progress

507.6

416.0

425.1

211.2

124.9

    Property/Plant/Equipment - Gross

2,192.1

1,938.0

1,703.1

858.1

715.4

    Accumulated Depreciation

-884.9

-503.3

-397.5

-201.7

-159.4

Property/Plant/Equipment - Net

1,307.2

1,434.7

1,305.6

656.4

556.0

    Intangibles - Gross

9.0

10.2

7.2

-

-

    Accumulated Intangible Amortization

-7.1

-7.4

-4.2

-

-

Intangibles, Net

1.9

2.8

3.0

1.2

1.3

    LT Investments - Other

-

-

0.7

142.0

58.2

Long Term Investments

-

-

0.7

142.0

58.2

Note Receivable - Long Term

2.3

2.1

2.0

0.0

-

    Restricted Cash - Long Term

6.8

6.0

15.7

20.6

20.4

    Other Long Term Assets

21.8

136.5

173.5

148.8

167.4

Other Long Term Assets, Total

28.5

142.5

189.2

169.5

187.7

Total Assets

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

Accounts Payable

359.4

292.6

215.4

75.7

68.7

Accrued Expenses

127.4

81.7

30.9

16.4

8.4

Notes Payable/Short Term Debt

41.9

21.3

49.2

0.0

120.4

Current Portion - Long Term Debt/Capital Leases

70.7

234.4

30.7

25.5

0.3

    Customer Advances

119.1

101.0

102.6

37.3

7.4

    Other Payables

59.7

52.9

-

14.7

23.6

    Other Current Liabilities

102.0

67.8

27.0

1.3

0.0

Other Current liabilities, Total

280.8

221.7

129.6

53.3

31.0

Total Current Liabilities

880.2

851.7

455.8

170.9

228.8

 

 

 

 

 

 

    Long Term Debt

22.2

0.0

215.0

243.5

166.6

    Capital Lease Obligations

0.0

0.0

-

-

-

Total Long Term Debt

22.3

0.0

215.0

243.5

166.6

Total Debt

134.8

255.7

294.8

269.0

287.3

 

 

 

 

 

 

Minority Interest

261.2

267.6

349.3

0.4

0.0

    Other Long Term Liabilities

17.6

28.6

31.6

21.6

20.5

Other Liabilities, Total

17.6

28.6

31.6

21.6

20.5

Total Liabilities

1,181.2

1,147.9

1,051.7

436.4

416.0

 

 

 

 

 

 

    Common Stock

546.7

412.7

395.6

329.5

307.1

Common Stock

546.7

412.7

395.6

329.5

307.1

Additional Paid-In Capital

44.8

65.5

62.8

82.2

76.6

Retained Earnings (Accumulated Deficit)

-265.3

63.5

357.5

472.3

351.7

Unrealized Gain (Loss)

-

-

0.1

0.0

-

Total Equity

326.3

541.7

816.0

884.0

735.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Total Common Shares Outstanding

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Employees

644

676

722

738

729

Accumulated Intangible Amort, Suppl.

7.1

7.4

4.2

-

-

Deferred Revenue - Current

119.1

101.0

102.6

37.3

7.4

Total Long Term Debt, Supplemental

32.4

31.4

32.3

-

-

Long Term Debt Maturing within 1 Year

2.4

2.1

2.2

-

-

Long Term Debt Maturing in Year 2

2.3

2.1

2.0

-

-

Long Term Debt Maturing in Year 3

2.3

2.1

2.0

-

-

Long Term Debt Maturing in Year 4

2.3

2.1

2.0

-

-

Long Term Debt Maturing in Year 5

2.3

2.1

2.0

-

-

Long Term Debt Maturing in 2-3 Years

4.7

4.2

4.1

-

-

Long Term Debt Maturing in 4-5 Years

4.7

4.2

4.1

-

-

Long Term Debt Matur. in Year 6 & Beyond

20.7

20.8

22.0

-

-

Total Operating Leases, Supplemental

1.2

0.7

1.0

-

1.1

Operating Lease Payments Due in Year 1

0.3

0.2

0.3

-

0.2

Operating Lease Payments Due in Year 2

0.5

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 3

0.2

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 4

0.2

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 5

0.2

0.1

0.2

-

0.2

Operating Lease Payments Due in Year 6

-

-

-

-

0.2

Operating Lease Pymts. Due in 2-3 Years

0.6

0.2

0.3

-

0.4

Operating Lease Pymts. Due in 4-5 Years

0.3

0.2

0.3

-

0.4

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

-

0.2

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Reclassified Normal
30-Jun-2011

Updated Normal
30-Sep-2010

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

31.085

30.725

30.245

30.145

30.35

 

 

 

 

 

 

    Cash & Equivalents

4.6

1.7

3.7

2.5

3.1

    Short Term Investments

0.2

0.2

0.2

0.2

0.1

Cash and Short Term Investments

4.8

1.9

3.9

2.7

3.2

        Accounts Receivable - Trade, Gross

44.0

55.8

56.7

75.7

87.3

        Provision for Doubtful Accounts

-36.3

-39.3

-43.7

-54.3

-50.7

    Trade Accounts Receivable - Net

7.7

16.4

13.0

21.4

36.7

Total Receivables, Net

7.7

16.4

13.0

21.4

36.7

    Inventories - Finished Goods

48.9

63.2

50.3

47.0

14.0

    Inventories - Raw Materials

67.9

90.8

61.4

70.9

47.2

    Inventories - Other

-0.6

2.3

17.2

1.9

-6.7

Total Inventory

116.2

156.3

128.9

119.8

54.5

    Other Current Assets

15.8

22.1

15.1

23.8

20.5

Other Current Assets, Total

15.8

22.1

15.1

23.8

20.5

Total Current Assets

144.4

196.7

160.9

167.6

115.0

 

 

 

 

 

 

Property/Plant/Equipment - Net

1,224.5

1,254.6

1,287.0

1,307.2

1,495.9

Intangibles, Net

1.7

1.8

1.9

1.9

1.9

Note Receivable - Long Term

2.3

2.3

2.3

2.3

2.3

    Restricted Cash - Long Term

6.5

6.5

6.6

6.8

6.7

    Other Long Term Assets

18.1

18.1

17.8

21.8

47.2

Other Long Term Assets, Total

24.6

24.6

24.5

28.5

53.9

Total Assets

1,397.5

1,479.9

1,476.6

1,507.6

1,669.0

 

 

 

 

 

 

Accounts Payable

188.8

222.1

162.5

359.4

304.7

Payable/Accrued

54.0

56.4

-

60.4

-

Accrued Expenses

36.7

34.3

88.3

80.7

122.3

Notes Payable/Short Term Debt

22.9

23.9

22.9

41.9

43.3

Current Portion - Long Term Debt/Capital Leases

70.8

70.9

70.7

70.7

217.5

    Customer Advances

46.8

55.5

57.2

119.1

118.4

    Other Current Liabilities

119.7

111.7

112.8

148.1

156.7

Other Current liabilities, Total

166.5

167.2

170.0

267.2

275.1

Total Current Liabilities

539.8

574.9

514.4

880.2

962.9

 

 

 

 

 

 

    Long Term Debt

22.3

22.2

22.2

22.2

-

    Capital Lease Obligations

0.0

0.0

0.0

0.0

0.0

Total Long Term Debt

22.3

22.3

22.3

22.3

0.0

Total Debt

116.0

117.1

115.9

134.8

260.8

 

 

 

 

 

 

Minority Interest

240.5

249.1

258.2

261.2

314.8

    Pension Benefits - Underfunded

0.6

0.4

0.2

0.0

-

    Other Long Term Liabilities

315.7

324.2

345.7

17.6

30.4

Other Liabilities, Total

316.3

324.6

345.9

17.6

30.4

Total Liabilities

1,118.9

1,170.9

1,140.8

1,181.2

1,308.2

 

 

 

 

 

 

    Common Stock

530.2

536.4

544.9

546.7

453.4

Common Stock

530.2

536.4

544.9

546.7

453.4

Additional Paid-In Capital

43.5

44.0

44.7

44.8

71.9

Retained Earnings (Accumulated Deficit)

-309.1

-285.4

-268.1

-265.3

-164.5

    Other Equity

13.9

14.1

14.3

0.0

-

Other Equity, Total

13.9

14.1

14.3

0.0

-

Total Equity

278.6

309.1

335.8

326.3

360.8

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,397.5

1,479.9

1,476.6

1,507.6

1,669.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

16,481.7

16,481.7

16,481.7

16,481.0

13,760.4

Total Common Shares Outstanding

16,481.7

16,481.7

16,481.7

16,481.0

13,760.4

Deferred Revenue - Current

46.8

55.5

57.2

119.1

118.4

Total Long Term Debt, Supplemental

29.7

30.7

31.7

32.4

32.8

Long Term Debt Maturing within 1 Year

2.3

2.3

2.3

2.4

2.3

Long Term Debt Maturing in Year 2

2.3

2.3

2.3

2.3

2.3

Long Term Debt Maturing in Year 3

2.3

2.3

2.3

2.3

2.3

Long Term Debt Maturing in Year 4

2.3

2.3

2.3

2.3

2.3

Long Term Debt Maturing in Year 5

2.3

2.3

2.3

2.3

2.3

Long Term Debt Maturing in 2-3 Years

4.5

4.6

4.7

4.7

4.7

Long Term Debt Maturing in 4-5 Years

4.5

4.6

4.7

4.7

4.7

Long Term Debt Matur. in Year 6 & Beyond

18.4

19.2

20.0

20.7

21.1

Total Operating Leases, Supplemental

0.5

0.6

0.7

0.8

0.8

Operating Lease Payments Due in Year 1

0.3

0.3

0.3

0.3

0.3

Operating Lease Payments Due in Year 2

0.0

0.1

0.1

0.1

0.1

Operating Lease Payments Due in Year 3

0.0

0.1

0.1

0.1

0.1

Operating Lease Payments Due in Year 4

0.0

0.1

0.1

0.1

0.1

Operating Lease Payments Due in Year 5

0.0

0.1

0.1

0.1

0.1

Operating Lease Pymts. Due in 2-3 Years

0.1

0.1

0.2

0.2

0.2

Operating Lease Pymts. Due in 4-5 Years

0.1

0.1

0.2

0.2

0.2

Oper. Lse. Pymts. Due in Year 6 & Beyond

0.0

0.0

0.0

0.0

0.0

Unfunded Plan Obligations

2.4

2.3

2.3

-

-

Total Funded Status

-2.4

-2.3

-2.3

-

-

Discount Rate - Domestic

4.00%

4.00%

4.00%

-

-

Compensation Rate - Domestic

7.00%

7.00%

7.00%

-

-

Accrued Liabilities - Domestic

-0.6

-0.4

-0.2

-

-

Other Assets, Net - Domestic

-1.8

-1.9

-2.1

-

-

Net Assets Recognized on Balance Sheet

-2.4

-2.3

-2.3

-

-

Total Plan Obligations

2.4

2.3

2.3

-

-

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Restated Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG Phoomchai Audit Ltd.

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

-383.5

-394.4

-190.2

50.7

44.3

    Depreciation

44.8

48.2

57.4

24.5

18.2

Depreciation/Depletion

44.8

48.2

57.4

24.5

18.2

    Unusual Items

379.7

78.3

-119.7

-7.2

-0.6

    Equity in Net Earnings (Loss)

-

-

-13.2

1.1

1.1

    Other Non-Cash Items

-86.7

5.0

241.6

-0.2

-16.9

Non-Cash Items

293.0

83.2

108.7

-6.3

-16.4

    Accounts Receivable

-6.9

9.2

16.1

16.9

-11.5

    Inventories

-30.2

195.3

80.0

-27.3

-92.7

    Other Assets

-6.8

20.3

-43.2

1.7

-18.0

    Accounts Payable

61.3

79.5

109.0

-2.2

53.0

    Accrued Expenses

5.9

24.8

-4.3

6.8

0.1

    Other Liabilities

30.0

4.9

53.8

30.5

0.0

    Other Operating Cash Flow

0.0

0.0

-0.9

-33.7

-

Changes in Working Capital

53.2

334.0

210.5

-7.4

-69.2

Cash from Operating Activities

7.5

71.1

186.4

61.5

-23.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.7

-7.3

-150.9

-68.5

-84.4

    Purchase/Acquisition of Intangibles

-0.8

0.0

-

-

0.0

Capital Expenditures

-3.5

-7.3

-150.9

-68.5

-84.4

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

-

    Sale/Maturity of Investment

10.4

0.6

5.6

0.0

-

    Investment, Net

-0.2

10.0

10.5

1.1

-8.0

    Purchase of Investments

-

-

-

-9.5

-

    Other Investing Cash Flow

0.2

0.1

0.7

3.8

-124.1

Other Investing Cash Flow Items, Total

10.4

10.8

16.8

-4.5

-132.1

Cash from Investing Activities

6.9

3.5

-134.1

-73.0

-216.5

 

 

 

 

 

 

    Other Financing Cash Flow

-7.9

-37.2

-51.5

0.0

70.1

Financing Cash Flow Items

-7.9

-37.2

-51.5

0.0

70.1

    Cash Dividends Paid - Common

-

-

-8.2

-8.1

-10.2

Total Cash Dividends Paid

-

-

-8.2

-8.1

-10.2

        Sale/Issuance of Common

0.0

0.0

-

0.0

63.3

    Common Stock, Net

0.0

0.0

-

0.0

63.3

    Warrants Converted

-

-

0.0

-

-

Issuance (Retirement) of Stock, Net

0.0

0.0

0.0

0.0

63.3

        Short Term Debt Issued

64.9

65.3

33.6

0.0

118.2

        Short Term Debt Reduction

-60.1

-93.4

-22.7

-21.2

0.0

    Short Term Debt, Net

4.8

-28.1

10.9

-21.2

118.2

        Long Term Debt Reduction

-10.8

-12.0

-5.5

-0.3

-1.4

    Long Term Debt, Net

-10.8

-12.0

-5.5

-0.3

-1.4

Issuance (Retirement) of Debt, Net

-6.0

-40.1

5.5

-21.6

116.8

Cash from Financing Activities

-13.9

-77.3

-54.3

-29.7

240.0

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

-

-

Net Change in Cash

0.5

-2.8

-2.0

-41.3

0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

1.9

4.6

6.7

47.8

42.8

Net Cash - Ending Balance

2.4

1.8

4.7

6.5

43.2

Cash Interest Paid

9.8

37.2

51.5

33.4

17.2

Cash Taxes Paid

0.0

0.0

0.9

0.3

-

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

9 Months

6 Months

3 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Reclassified Normal
30-Sep-2011

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

30.310418

30.401066

30.538187

31.724617

32.311345

 

 

 

 

 

 

Net Income/Starting Line

-67.9

-34.3

-7.5

-383.5

-229.7

    Depreciation

52.8

35.1

17.4

44.8

32.7

Depreciation/Depletion

52.8

35.1

17.4

44.8

32.7

    Unusual Items

-0.8

-3.6

1.7

290.3

179.6

    Other Non-Cash Items

27.9

10.3

-2.1

2.7

-21.8

Non-Cash Items

27.0

6.7

-0.4

293.0

157.8

    Accounts Receivable

10.1

11.5

14.3

-6.9

-7.3

    Inventories

-1.7

-39.0

-8.9

-30.2

23.1

    Other Assets

-1.0

-6.2

2.2

-6.8

-2.1

    Accounts Payable

9.3

40.7

-3.3

61.3

12.9

    Accrued Expenses

-

-

-

5.9

-

    Other Liabilities

-16.5

-9.9

-9.9

30.0

15.8

    Other Operating Cash Flow

-0.1

0.0

0.0

0.0

0.0

Changes in Working Capital

0.1

-2.9

-5.6

53.2

42.3

Cash from Operating Activities

12.1

4.7

4.0

7.5

3.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.5

-1.8

-0.4

-2.7

-2.0

    Purchase/Acquisition of Intangibles

0.0

0.0

0.0

-0.8

-0.7

Capital Expenditures

-2.5

-1.8

-0.4

-3.5

-2.7

    Sale of Fixed Assets

0.1

0.0

0.0

0.0

0.0

    Sale/Maturity of Investment

0.0

0.0

-

10.4

10.2

    Investment, Net

0.1

0.1

0.1

-0.2

-0.1

    Other Investing Cash Flow

0.0

0.0

0.0

0.2

1.5

Other Investing Cash Flow Items, Total

0.2

0.2

0.2

10.4

11.6

Cash from Investing Activities

-2.4

-1.6

-0.2

6.9

8.9

 

 

 

 

 

 

    Other Financing Cash Flow

-7.5

-3.3

-1.0

-7.9

-10.7

Financing Cash Flow Items

-7.5

-3.3

-1.0

-7.9

-10.7

        Sale/Issuance of Common

1.7

-

-

0.0

-

    Common Stock, Net

1.7

-

-

0.0

-

Issuance (Retirement) of Stock, Net

1.7

-

-

0.0

-

        Short Term Debt Issued

10.1

3.5

-

64.9

34.0

        Short Term Debt Reduction

-11.5

-4.0

-1.6

-60.1

-15.4

    Short Term Debt, Net

-1.5

-0.5

-1.6

4.8

18.6

        Long Term Debt Reduction

-0.2

0.0

0.0

-10.8

-19.0

    Long Term Debt, Net

-0.2

0.0

0.0

-10.8

-19.0

Issuance (Retirement) of Debt, Net

-1.7

-0.5

-1.6

-6.0

-0.4

Cash from Financing Activities

-7.5

-3.8

-2.6

-13.9

-11.0

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

2.3

-0.7

1.2

0.5

1.0

 

 

 

 

 

 

Net Cash - Beginning Balance

2.5

2.5

2.5

1.9

1.9

Net Cash - Ending Balance

4.7

1.8

3.7

2.4

2.9

Cash Interest Paid

-

4.9

2.7

9.8

-

Cash Taxes Paid

0.1

0.0

0.0

0.0

0.0

 

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Updated Normal
31-Dec-2006

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Qualified

Qualified

 

 

 

 

 

 

    Revenues from Sales

722.0

639.4

1,093.5

643.6

474.8

    Service Income

0.0

0.0

5.3

13.1

3.0

Total Revenue

722.0

639.4

1,098.7

656.7

477.8

 

 

 

 

 

 

    Cost of Goods Sold

734.3

902.4

1,104.9

594.4

421.6

    Selling and Administrative Expenses

-

-

-

-

21.9

    Selling Expense

8.8

9.0

17.0

16.0

-

    Admin Expense

44.4

40.5

47.7

7.5

-

    Management Benefit Expenses

2.4

2.0

2.2

-

-

    Loss on Foreign Exchange

-

-

15.7

0.0

-

    Bad Debt & Doubtful Accounts

0.0

30.0

47.0

0.0

-

    Loss fr. Diminution of Inventories

-

-

149.0

0.0

-

    Loss on confirmed purchase orders

0.0

13.9

-

-

-

    Loss on Performance Guaranntee

1.8

18.1

-

-

-

    Loss from Assets Write-Off

-

-

-

0.0

-

    Loss on Investment in Associated Co.

-

-

-

-

1.1

    Loss on Impairment of Assets

355.2

50.0

21.6

0.0

-

    Other Expenses

102.1

56.9

0.0

-

-

    Gain from Debt Restructuring

-100.5

0.0

-

-

-

    Gain on Foreign Exchange

-64.9

-22.9

0.0

-20.2

-20.1

    Rev. Purch. Inferior Raw Material

-11.0

0.0

-

-

-

    Reversal of bad and doubtful debts expen

-4.2

0.0

-

-

-

    Reversal of Allw. Defaulted Inventories

-28.5

-113.3

0.0

-

-

    Interest Income

-

-

-

-6.0

-4.6

    Other Revenues

-5.4

-12.7

-4.6

-2.6

-1.7

    Excess of Interest - Net Assets Value

-

-

-134.8

-7.3

-

    Share of Income from Invest.-Associates

-

-

-13.2

1.1

-

Total Operating Expense

1,034.5

973.8

1,252.4

583.0

418.2

 

 

 

 

 

 

    Interest Expenses

-71.0

-59.9

-36.6

-22.9

-16.0

Net Income Before Taxes

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-383.5

-394.4

-190.2

50.7

43.7

 

 

 

 

 

 

    Minority Interest

64.7

93.9

94.2

-0.1

0.0

Net Income Before Extra. Items

-318.8

-300.4

-96.0

50.6

43.7

    Gain from Rehabilitation

-

-

-

-

0.6

Net Income

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-318.8

-300.4

-96.0

50.6

43.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-318.8

-300.4

-96.0

50.6

44.3

 

 

 

 

 

 

Basic Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,047.7

Basic EPS Excluding ExtraOrdinary Items

-0.02

-0.02

-0.01

0.00

0.00

Basic EPS Including ExtraOrdinary Items

-0.02

-0.02

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-318.8

-300.4

-96.0

50.6

44.3

Diluted Weighted Average Shares

13,932.0

13,760.0

13,098.8

11,100.0

10,066.4

Diluted EPS Excluding ExtraOrd Items

-0.02

-0.02

-0.01

0.00

0.00

Diluted EPS Including ExtraOrd Items

-0.02

-0.02

-0.01

0.00

0.00

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

8.2

8.1

10.2

Normalized Income Before Taxes

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-26.5

-312.5

-168.7

50.7

43.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

38.2

-218.5

-74.4

50.6

43.7

 

 

 

 

 

 

Basic Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Diluted Normalized EPS

0.00

-0.02

-0.01

0.00

0.00

Interest Expense

71.0

59.9

36.6

22.9

16.0

Amortization of Intangibles

0.1

0.3

4.2

0.1

0.1

Interest Capitalised

0.0

-7.5

-16.1

-13.9

-10.8

Depreciation

39.6

39.9

45.6

24.3

15.7

Rental Expenses

0.4

0.4

0.9

0.6

-

Defined Contribution Expense - Domestic

0.6

0.5

0.3

0.2

0.1

Total Pension Expense

0.6

0.5

0.3

0.2

0.1

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Reclassified Calculated
30-Jun-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Reclassified Normal
30-Jun-2011

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

30.267151

30.538187

29.992258

31.651263

32.37836

 

 

 

 

 

 

    Revenues from Sales

260.6

269.5

209.0

179.1

180.8

Total Revenue

260.6

269.5

209.0

179.1

180.8

 

 

 

 

 

 

    Cost of Goods Sold

270.0

262.7

214.0

186.4

181.0

    Selling.

2.2

2.8

2.1

1.8

3.2

    Admin.

11.3

8.5

-10.3

13.8

10.6

    Management Benefit Expenses

-

-

0.7

0.6

-

    Loss on Foreign Exchange

7.6

2.7

-

-

0.0

    Loss on Impairment of Assets

-

-

205.5

0.4

-

    Loss on Sale of Scrap with Soil

-

-

-38.8

6.6

-

    Loss on Contact Termination

-

-

-6.3

-

-

    Loss Purch. Inferior Material

-

-

-2.3

-

-

    Bad Debt & Doubtful Accounts

-

-

0.0

18.8

-

    Losses Related to Performance Guarantees

0.0

-

0.4

1.5

0.3

    Loss on Purch. Undelivered Material

0.0

0.0

0.0

-

9.7

    Loss from Write-Off Tax Benefits

-

-

0.0

0.0

-

    Loss on Sale of Investment

-

-

-20.4

-

-

    Reversal of Impairment of Assets

-1.5

0.0

-

-

0.0

    Other expenses

4.1

1.0

108.0

-

63.4

    Reversal of devaluation of inventories

0.0

-0.1

-8.5

-8.4

-5.5

    Reversal fr. Confirmed Purch. Orders

-6.7

2.5

9.7

-16.4

0.0

    Rev. Purch. Inferior Raw Material

0.0

0.0

-11.7

-0.6

-0.3

    Rev. Losses Performance Gurantee

-

-

0.0

0.0

-

    Reversal of Allw. Defaulted Contracts

-1.3

-0.7

-

-

0.0

    Reversal of Bad and Doubtful Debts

-3.8

-11.1

3.4

-

-20.3

    Gain from Debt Restructuring

-

-

-106.3

-

-

    Gain on Exchange

0.0

0.0

-7.7

-36.2

-5.6

    Other Revenues

-1.9

-0.8

-1.2

-0.4

-1.9

Total Operating Expense

280.0

267.6

330.3

167.8

234.6

 

 

 

 

 

 

    Interest Expenses

-7.4

-9.4

-37.0

-11.8

-11.9

Net Income Before Taxes

-26.9

-7.5

-158.2

-0.5

-65.7

 

 

 

 

 

 

Provision for Income Taxes

0.0

0.0

0.0

0.0

0.0

Net Income After Taxes

-26.9

-7.5

-158.2

-0.5

-65.7

 

 

 

 

 

 

    Minority Interests

5.1

3.7

58.1

2.2

8.0

Net Income Before Extra. Items

-21.8

-3.7

-100.1

1.7

-57.7

Net Income

-21.8

-3.7

-100.1

1.7

-57.7

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

-21.8

-3.7

-100.1

1.7

-57.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-21.8

-3.7

-100.1

1.7

-57.7

 

 

 

 

 

 

Basic Weighted Average Shares

16,482.0

16,482.0

14,446.7

13,760.4

13,760.0

Basic EPS Excluding ExtraOrdinary Items

0.00

0.00

-0.01

0.00

0.00

Basic EPS Including ExtraOrdinary Items

0.00

0.00

-0.01

0.00

0.00

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-21.8

-3.7

-100.1

1.7

-57.7

Diluted Weighted Average Shares

16,482.0

16,482.0

14,446.7

13,760.4

13,760.0

Diluted EPS Excluding ExtraOrd Items

0.00

0.00

-0.01

0.00

0.00

Diluted EPS Including ExtraOrd Items

0.00

0.00

-0.01

0.00

0.00

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-28.5

-7.5

0.3

8.0

-55.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.0

0.0

0.0

Normalized Income After Taxes

-28.5

-7.5

0.3

8.0

-55.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-23.3

-3.7

58.4

10.2

-47.7

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.00

0.00

0.00

Diluted Normalized EPS

0.00

0.00

0.00

0.00

0.00

Interest Expense

7.4

9.4

37.0

11.8

11.9

Depreciation and Amortisation

17.7

17.4

12.1

10.7

11.2

Transitional obligation recognised

0.1

0.1

-

-

-

Service Cost - Domestic

0.1

0.1

-

-

-

Interest Cost - Domestic

0.0

0.0

-

-

-

Domestic Pension Plan Expense

0.2

0.2

-

-

-

Total Pension Expense

0.2

0.2

-

-

-

Discount Rate - Domestic

4.00%

4.00%

-

-

-

Future salary increases rate

7.00%

7.00%

-

-

-

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Restated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.145

33.34

34.78

33.685

36.15

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Qualified

Qualified

 

 

 

 

 

 

    Cash and Cash Equivalents

2.5

1.8

4.5

6.6

45.3

    Short Term Investment

0.2

0.1

0.0

0.1

0.0

    Trade Accounts Receivable

-

-

-

-

58.7

    Trade Receivables-Related

-

-

-

-

0.6

    Trade Receivables-Other,gross

55.8

48.5

103.0

24.8

-

    Trade Receivables-Related,gross

7.8

9.1

0.0

7.1

-

    T/A receivable-Business Alliances

12.0

15.4

10.8

23.4

-

    Allowance fr. Doubtful Accounts

-54.3

-40.2

-27.9

0.0

-

    Amount Due from Related Party

-

-

0.0

5.0

13.3

    Finished Goods

47.0

15.1

74.3

16.1

22.3

    Raw Materials

53.2

44.5

159.1

201.3

154.1

    Spare Parts

17.7

19.0

36.3

11.4

10.9

    Consumable

4.0

4.1

3.1

6.8

7.3

    Others

5.3

3.6

5.4

3.8

2.5

    Allowance for Devaluation Inventories

-7.4

-33.8

-144.4

-0.3

-0.3

    Other Receivables

1.5

1.9

-

-

6.1

    Other Receivables fr. Scraps Sale

-

-

92.7

0.0

-

    Refundable VAT

1.3

0.1

-

-

4.8

    Suspense Value Added Tax

8.3

6.2

-

-

1.5

    Prepaid Expenses/Advance for Purchase

7.0

10.3

-

-

11.0

    Interest Receivable

-

-

-

-

0.6

    Deposit for Purchases of Investment

-

-

-

-

9.0

    Other Current Assets

5.7

1.9

50.3

45.1

0.4

    Rounding Adj.

0.0

0.0

-

-

-

Total Current Assets

167.6

107.6

367.0

351.3

348.1

 

 

 

 

 

 

    Collateral Deposits

6.8

6.0

15.7

20.6

20.4

    Investments

-

-

0.0

142.0

58.2

    Loans to and Interest Rcvbl.

2.3

2.1

2.0

0.0

-

    Other LT. Invst.

-

-

0.7

0.0

-

    Land

52.8

47.8

45.7

21.8

20.3

    Building and Improvement

314.5

284.4

209.0

60.3

56.0

    Machinery and Equipment

1,303.3

1,177.2

1,011.9

546.8

504.6

    Office Equipment

13.4

12.3

11.1

-

-

    Office Equipment, Furniture and Fixture

-

-

-

4.3

3.8

    Vehicles

0.4

0.4

0.4

0.3

0.3

    Tools and Equipment

-

-

-

13.4

5.5

    Assets under Construction

507.6

416.0

425.1

211.2

124.9

    Accumulated Depreciation

-438.9

-359.6

-305.4

-131.6

-94.1

    Impairment

-446.0

-143.7

-92.1

-70.1

-65.3

    Computer Software

-

-

-

1.2

1.3

    Software,gross

7.6

8.9

-

-

-

    Licence,gross

1.4

1.2

-

-

-

    Other intangibles, gross

0.0

0.0

-

-

-

    Intangible, Gross

-

-

7.2

-

-

    Accumulated Amortisation

-7.1

-7.4

-4.2

-

-

    Rights Claim over Secured Convert. Debt

-

-

0.0

97.1

110.4

    Prepaid for Raw Materials

-

-

-

-

25.5

    Deposit for Purchase of Assets

5.0

118.1

124.7

-

30.6

    Deposits and Others

-

-

-

-

0.9

    Tax Benefit

-

-

27.3

0.0

-

    Other Asset-Related

-

-

-

0.1

-

    Other Assets

16.7

18.3

21.6

51.6

-

    Adjustment

0.0

0.0

-

-

-

Total Assets

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

    ST Loans from Financial Institutions

6.7

6.9

46.9

0.0

120.3

    Other Short Term Loan

21.8

14.4

2.3

0.0

0.1

    Trade Account Payable

359.4

292.6

215.4

66.8

63.0

    T/A payable-Business Alliances

-

-

-

8.8

-

    Trade Payable-Other

-

-

-

0.1

-

    Trade Payable-Related

-

-

-

-

5.7

    Other Payable

-

-

-

14.7

14.6

    Bonds

12.3

170.0

0.0

-

-

    Payable on Purchase of Investments

-

-

-

-

9.0

    Loan from Shareholder

13.4

0.0

-

-

-

    Advance-Customers

119.1

101.0

102.6

37.3

7.4

    Advance from Related Party

-

-

-

1.3

0.0

    Current Portion of Long Term Loan

45.7

64.0

30.3

25.1

0.0

    Cur. Port. Liab. Debt Restr/Former Rehab

12.7

0.5

0.4

0.4

0.3

    Accrued Interest

80.7

46.7

12.2

7.5

5.4

    Accrued Expenses

46.7

35.0

18.7

8.9

3.0

    Provisions

96.1

59.3

-

-

-

    Tax Related and Other Paybles

59.7

52.9

-

-

-

    Other Current Liabilities

5.9

8.5

27.0

-

-

    Adjustment

0.0

0.0

-

-

-

Total Current Liabilities

880.2

851.7

455.8

170.9

228.8

 

 

 

 

 

 

    Finance lease liabilities

0.0

0.0

-

-

-

    Bonds

22.2

0.0

169.6

168.0

166.6

    Long Term Loan

-

-

45.4

75.4

0.0

Total Long Term Debt

22.3

0.0

215.0

243.5

166.6

 

 

 

 

 

 

    Liab. under Debt Restructuring/ Rehab

17.6

28.6

31.6

21.6

20.5

    Minority Interest

261.2

267.6

349.3

0.4

0.0

Total Liabilities

1,181.2

1,147.9

1,051.7

436.4

416.0

 

 

 

 

 

 

    Share Capital

546.7

412.7

395.6

329.5

307.1

    Share Premium

38.0

59.3

56.8

76.0

70.9

    Premium on Capital Decrease

6.8

6.2

5.9

6.1

5.7

    Unrealize G-Reval. Surplus on Invst.

-

-

0.1

0.0

-

    Legal Reserve

25.3

22.9

22.0

22.7

18.9

    Unppropriate

-290.6

40.6

335.5

449.7

332.8

Total Equity

326.3

541.7

816.0

884.0

735.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,507.6

1,689.6

1,867.6

1,320.4

1,151.2

 

 

 

 

 

 

    S/O-Common Stock

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Total Common Shares Outstanding

16,481.0

13,760.0

13,760.4

11,100.0

11,100.0

Advance-Customers

119.1

101.0

102.6

37.3

7.4

Accumulated Intangible Amort, Suppl.

7.1

7.4

4.2

-

-

Full-Time Employees

644

676

722

738

729

Long Term Debt Maturing within 1 Year

2.4

2.1

2.2

-

-

Long Term Debt Maturing in Year 5

9.4

8.5

8.1

-

-

Long Term Debt Dued after 5 Yr.

20.7

20.8

22.0

-

-

Total Long Term Debt, Supplemental

32.4

31.4

32.3

-

-

Operating Lease Due Within 1 Year

0.3

0.2

0.3

-

0.2

Operating Lease Due Within 2-5 Years

0.5

0.5

0.7

-

-

Operating Lease Due Within 2-6 Years

-

-

-

-

0.9

Optg leases-year 2

0.5

-

-

-

-

Total Operating Leases

1.2

0.7

1.0

-

1.1

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Reclassified Normal
30-Jun-2011

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate

30.725

30.245

30.145

30.35

32.39

 

 

 

 

 

 

    Cash and Cash Equivalents

1.7

3.7

2.5

3.1

2.4

    ST Investment

0.2

0.2

0.2

0.1

0.1

    Trade Receivables, Gross

55.8

56.7

75.7

87.3

75.6

    Doubtful Accounts

-39.3

-43.7

-54.3

-50.7

-30.2

    Amount Due fr. Related

-

-

-

0.1

0.1

    Finished Goods

63.2

50.3

47.0

14.0

28.3

    Raw Materials

73.4

44.0

53.2

28.8

30.1

    Spare Parts

17.4

17.4

17.7

18.4

16.6

    Consumables

5.1

4.4

4.0

3.4

3.7

    Others

5.8

19.6

5.3

5.7

6.3

    Allowance for Devalutation Inventories

-8.7

-6.8

-7.4

-15.8

-23.0

    Other Current Assets

22.1

-

23.8

20.5

23.6

    Other Current Assets, Others

-

8.7

-

-

-

    Other Current Assets, Receivables

-

10.3

-

-

-

    Other Current Assets, Allowance

-

-3.9

-

-

-

    Rounding Adj.

0.0

0.0

0.0

-

-

Total Current Assets

196.7

160.9

167.6

115.0

133.6

 

 

 

 

 

 

    Collateral Deposits

6.5

6.6

6.8

6.7

6.4

    LT Loans to&Rcvbl. from Others

2.3

2.3

2.3

2.3

2.2

    Property, Plant and Equipment, Net

1,254.6

1,287.0

1,307.2

1,495.9

1,410.8

    Intangible Assets

1.8

1.9

1.9

1.9

1.6

    Deposits for Purchase of Assets

5.9

5.4

5.0

28.7

27.2

    Other Asset

12.1

12.5

16.7

18.5

16.4

Total Assets

1,479.9

1,476.6

1,507.6

1,669.0

1,598.3

 

 

 

 

 

 

    ST Loan fr Finan. Inst.

6.6

6.6

6.7

6.7

6.9

    Trade Payable

222.1

162.5

359.4

304.7

325.3

    Cur. Port. Liab. Debt Restr/Former Rehab

12.9

12.6

12.7

0.6

0.6

    Current Portion of Long Term Loan

45.7

45.7

45.7

45.8

45.7

    Bonds

12.3

12.4

12.3

171.2

170.7

    Other ST Loan

17.3

16.3

21.8

23.2

18.7

    Other Payables&Accrued Expenses

56.4

-

60.4

-

-

    Accrued Expenses

-

59.1

-

51.5

83.2

    Loan from Shareholder

0.0

0.0

13.4

13.3

12.2

    Current Portion of Finance Lease

-

-

-

0.0

0.0

    Accrued Interest

34.3

29.2

80.7

70.8

60.2

    Advance-Customers

55.5

57.2

119.1

118.4

95.0

    Provision fr. Loss on Purch. Order

0.0

6.7

4.2

6.1

21.8

    Provision for Loss on Purch Material

0.0

0.0

3.3

2.3

2.8

    Provision for Contact Termination

2.2

3.6

9.6

6.2

5.8

    Provision fr. Losses Performance Guarant

0.0

0.0

22.5

21.9

19.1

    Tax Related Provision

60.4

57.7

56.5

-

-

    Other Current Liabilities

49.1

44.8

52.0

120.1

68.0

    Adjustment

0.0

0.0

0.0

-

-

Total Current Liabilities

574.9

514.4

880.2

962.9

936.0

 

 

 

 

 

 

    Finance Lease Liabilities

0.0

0.0

0.0

0.0

0.0

    Bonds

22.2

22.2

22.2

-

-

Total Long Term Debt

22.3

22.3

22.3

0.0

0.0

 

 

 

 

 

 

    Other payables and accrued expenses

22.8

23.8

0.0

-

-

    Accrued interest expenses

61.7

62.4

0.0

-

-

    Trade accounts payable

222.9

242.2

0.0

-

-

    Employee benefit obligations

0.4

0.2

0.0

-

-

    Liab. under Debt Restructuring/ Rehab

16.8

17.3

17.6

30.4

28.7

    Minority Interest

249.1

258.2

261.2

314.8

297.1

Total Liabilities

1,170.9

1,140.8

1,181.2

1,308.2

1,261.8

 

 

 

 

 

 

    Share Capital

536.4

544.9

546.7

453.4

424.8

    Share Premium on Ordinary Shares

37.3

37.9

38.0

65.1

61.0

    Premium on Capital Decrease

6.7

6.8

6.8

6.8

6.4

    Legal Reserve

24.9

25.3

25.3

25.2

23.6

    Unppropriated

-310.3

-293.4

-290.6

-189.7

-179.4

    Other equity

14.1

14.3

0.0

-

-

Total Equity

309.1

335.8

326.3

360.8

336.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,479.9

1,476.6

1,507.6

1,669.0

1,598.3

 

 

 

 

 

 

    S/O-Common Stock

16,481.7

16,481.7

16,481.0

13,760.4

13,760.4

Total Common Shares Outstanding

16,481.7

16,481.7

16,481.0

13,760.4

13,760.4

Advance-Customers

55.5

57.2

119.1

118.4

95.0

Long Term Debt Maturing within 1 Year

2.3

2.3

2.4

2.3

2.2

Long Term Debt Maturing in Year 5

9.2

9.4

9.4

9.3

8.7

Long Term Debt after 5 years

19.2

20.0

20.7

21.1

20.4

Total Long Term Debt, Supplemental

30.7

31.7

32.4

32.8

31.3

Operating Lease due Within 1 Year

0.3

0.3

0.3

0.3

0.3

Operating Lease due Within 2-5 Years

0.3

0.3

0.5

0.4

0.5

Total Operating Leases

0.6

0.7

0.8

0.8

0.8

Unfunded Plan Obligations

2.3

2.3

-

-

-

Total Funded Status

-2.3

-2.3

-

-

-

Discount Rate - Domestic

4.00%

4.00%

-

-

-

Future salary increases rate

7.00%

7.00%

-

-

-

Unrecognised transitional obligation

-1.9

-2.1

-

-

-

Employee benefit obligations

-0.4

-0.2

-

-

-

Net Assets Recognized on Balance Sheet

-2.3

-2.3

-

-

-

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2008

Restated Normal
31-Dec-2007

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

31.724617

34.331774

33.367913

34.251325

37.915929

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Qualified

Qualified

 

 

 

 

 

 

Net Income

-383.5

-394.4

-190.2

50.7

44.3

    Depreciation

44.8

48.2

57.4

24.5

18.2

    Amort. Expenses

-

-

-

-

0.0

    Amortization of Discount of Bonds

-

-

-

-

0.1

    Amort. of Deferred Bond Arrange. Fees

-

-

-

0.9

0.8

    Consulting fee for bonds restructuring

2.8

0.0

-

-

-

    Gain from debt restructuring

-100.5

0.0

-

-

-

    Interest Income

-0.2

-0.1

-0.6

-6.0

-

    Interest Expenses

71.0

59.9

36.6

21.7

-

    Loss on purchase of inferior raw materia

3.2

0.0

-

-

-

    Assets Write-Off

2.2

0.2

2.9

0.0

-

    Disposal of Assets

-

-

0.0

0.1

0.0

    (Reversal of) bad and doubtful debts exp

-4.2

30.0

47.0

0.0

-

    Allow for Diminution in Value of Inven.

-28.5

-113.3

149.0

0.0

0.0

    Impairment of Assets

355.2

50.0

21.6

0.0

-

    Loss on Confirmed Purch. Material

-11.0

13.9

0.0

-

-

    Unrealized Gain on Exchange Rate

-53.1

-22.6

9.6

-16.9

-17.7

    Share of Loss from Invest. in Assoc. Co.

-

-

-13.2

1.1

1.1

    Excess of Interest

-

-

-134.8

-7.3

-

    Minority Interest

-

-

-

-

0.0

    Loss on Write-off Tax Benefit

0.0

27.6

0.0

-

-

    Provision for tax - related liabilities

25.9

23.4

-

-

-

    Loss on contract termination

9.1

0.0

-

-

-

    Loss from sale of investment in subsidia

19.3

0.0

-

-

-

    Gain fr. Sale of other LT investment

0.0

-0.1

0.0

-

-

    Loss on Performance Guarantees

1.8

18.1

-

-

-

    Gain from Rehabilitation

0.0

-3.7

-9.3

0.0

-0.6

    Trade Receivables

-6.8

0.0

11.0

7.9

1.7

    Trade Receivables-Related Party

-

-

-

-

0.0

    Receivables-Related

0.0

0.0

5.0

9.0

-13.2

    Inventories

-30.2

195.3

80.0

-27.3

-92.7

    Receivable fr. Scrap Sales

0.0

9.2

0.0

-

-

    Receivables from others

0.0

0.0

-

-

-

    Other Current Assets

-3.9

24.9

-80.9

-7.9

-21.6

    Other Assets

-2.9

-4.7

37.7

9.6

3.6

    Trade Payables

61.3

79.5

109.0

1.9

31.7

    Trade Payables-Related

-

-

-

-

5.4

    Other Payable

-

-

-

-4.2

15.9

    Advance from Customers

7.1

-5.8

49.0

29.2

0.0

    Advance from Related Party

-

-

-

1.3

-

    Accrued Interest

-

-

-

-

1.1

    Accrued Expenses

5.9

24.8

-4.3

6.8

-1.0

    Other Current Liabilities

22.9

10.7

4.8

-

-

    Interest Paid

-

-

-

-33.4

-

    Income Tax Recovered

0.0

0.0

0.0

-

-

    Tax Paid

0.0

0.0

-0.9

-0.3

-

Cash from Operating Activities

7.5

71.1

186.4

61.5

-23.1

 

 

 

 

 

 

    Collateral Deposits

-0.1

10.1

5.8

1.2

-8.0

    Incr/decr Short-term/Curren Investment

-0.1

-0.1

4.7

-0.1

0.0

    Cash Received fr. Interest Income

0.2

0.1

0.7

3.8

-

    Advance for Purchase PPE

-1.5

-4.2

0.0

-1.9

4.8

    Sales of Fixed Assets

0.0

0.0

0.0

0.0

-

    Capital Expenditures

-1.2

-3.1

-150.9

-66.6

-89.2

    Acq. in Rights of Claim in Sec. Convert

-

-

-

-

-124.1

    Cash Received fr. Invst. in Sub.

-

-

5.5

0.0

-

    Increase in Intangible

-0.8

0.0

-

-

0.0

    Purchase of Investment

-

-

-

-9.5

-

    Proceeds from sales of investment in sub

10.4

0.0

-

-

-

    Sale Other LT. Invst.

0.0

0.6

0.0

-

-

Cash from Investing Activities

6.9

3.5

-134.1

-73.0

-216.5

 

 

 

 

 

 

    Finance Costs Paid

-9.8

-37.2

-51.5

-

-

    Cash fr. ST Loan fr Finan. Institutions

0.0

30.2

31.2

0.0

118.1

    Decreas ST Loan fr. fr Finan. Institutio

-0.3

-70.5

-22.7

-0.1

-

    Increas ST Loan fr. Other Parties

64.9

35.1

2.4

-

0.1

    Decreas ST Loan fr. Other Parties

-59.8

-22.8

0.0

-21.2

0.0

    Proceeds from issue of warrants of subsi

1.9

0.0

-

-

-

    Proceeds from issue of ordinary shares o

0.0

0.0

-

-

-

    Repayment of finance lease liabilities

0.0

0.0

-

-

-

    Repayment of LT. Loans fr Finan. Institu

-10.6

-11.6

0.0

-

-

    Capital Increase

-

-

-

0.0

63.3

    Minority Interest

-

-

0.0

0.0

0.0

    Expense on Capital Increase

-

-

-

0.0

-2.3

    Subscription of Bond

-

-

-

0.0

73.9

    Deferred Bond Management Fees

-

-

-

0.0

-1.5

    Decrease Liab. under Debt Restructuring

-0.2

-0.4

-5.5

-0.3

-1.4

    Proceeds fr. Conversion Warrants

-

-

0.0

-

-

    Dividend Paid

-

-

-8.2

-8.1

-10.2

Cash from Financing Activities

-13.9

-77.3

-54.3

-29.7

240.0

 

 

 

 

 

 

Foreign Exchange Effects

0.0

-0.1

0.0

-

-

Net Change in Cash

0.5

-2.8

-2.0

-41.3

0.4

 

 

 

 

 

 

Net Cash-Beginning Balance

1.9

4.6

6.7

47.8

42.8

Net Cash-Ending Balance

2.4

1.8

4.7

6.5

43.2

    Cash Interest Paid

9.8

37.2

51.5

33.4

17.2

    Cash Taxes Paid

0.0

0.0

0.9

0.3

-

 

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

THB

THB

THB

THB

THB

Exchange Rate (Period Average)

30.401066

30.538187

31.724617

32.311345

32.647227

 

 

 

 

 

 

Net Income

-34.3

-7.5

-383.5

-229.7

-226.8

    Depreciation

35.1

17.4

44.8

32.7

22.0

    Consulting fee for bonds restructuring

-

-

2.8

-

-

    Gain from debt restructuring

-

-

-100.5

-

-

    Written-Off Plant/Equipment

-

-

2.2

0.0

-

    Interest Income

0.0

0.0

-0.2

-1.5

-0.2

    Interest Expense

16.8

9.4

71.0

35.4

23.6

    Unrealized Gain on Exchange Rate

6.8

-1.4

-53.1

-48.9

-11.1

    (Reversal of) bad and doubtful debts exp

-14.9

-11.1

-4.2

-7.3

-25.4

    Allow for Diminution in Value of Inven

-0.1

-0.6

-28.5

-20.1

-11.8

    Loss on Purch. Inferior Material

0.0

-

3.2

2.1

2.7

    Reversal on Purch. Undili. Material

-

2.5

-

-9.0

-

    Discount fr. Liabilities - Former Rehab.

-

-

-

0.0

-

    Loss fr. Sale of Scrap with Soil

-

-

-

0.0

-

    Loss on write-off of tax benefits

-

-

0.0

0.0

-

    (Gain) loss on disposal of equipment

0.0

-

-

-

-

    Impairment of Assets

-1.5

-

355.2

157.9

155.9

    Provision for tax - related liabilities

5.5

1.4

25.9

-

-

    Employee benefit obligations

0.4

0.2

-

-

-

    Loss on Contact Termination

-2.0

-0.7

9.1

5.8

5.8

    Loss from sale of investment in subsidia

-

-

19.3

-

-

    Gain on Sale of Other L/T Invst.

-

-

0.0

0.0

0.0

    Share of Loss from Invest. in Assoc. Co.

-

-

-

19.0

-

    Loss Related Performance Guarntees

0.0

-

1.8

1.4

-0.1

    Disposal of Assets

0.0

0.0

-

2.3

2.2

    Gain on Revalue of Investments

-

-

-

-

0.0

    Provision on loss on confirmed orders

-4.2

-

-11.0

-

7.0

    Sale of Invst. in Subs

0.0

-

-

-

18.8

    Gain from Rehabilitation

-

-

0.0

-

-

    Trade Receivables

11.4

14.2

-6.8

-7.1

-11.5

    Amounts Due fr Related Parties

0.0

0.0

0.0

-0.1

-0.1

    Inventories

-39.0

-8.9

-30.2

23.1

3.9

    Receivables from Scrap Sales

0.1

0.1

0.0

0.0

1.0

    Receivables from others

-

-

0.0

-

-

    Other Current Assets

-4.2

3.0

-3.9

0.6

-2.0

    LT. Loans/Interest Rcvbl. fr. Other

0.0

-

-

0.0

0.0

    Other Non Current Assets

-2.0

-0.7

-2.9

-2.7

0.2

    Trade Payables

43.1

1.0

61.3

8.1

27.6

    Other Payable

-2.4

-4.4

-

-

-

    Advance from Customers

-9.9

-9.1

7.1

7.0

-8.9

    Accrued Interest

-

-

-

5.7

-

    Accrued Expense

-

-

5.9

-

11.7

    Provision for Tax-related Lia. Paid

-0.5

-

-

-

-

    Other Current Liabilities

0.6

-0.8

22.9

28.5

15.9

    Income Tax Received

-

-

0.0

0.0

0.0

    Income Tax Paid

0.0

0.0

0.0

0.0

0.0

Cash from Operating Activities

4.7

4.0

7.5

3.1

0.4

 

 

 

 

 

 

    Interest received

-

0.0

-

1.5

0.1

    Increase/decr. ST/Current Investment

0.0

0.0

-0.1

0.0

0.0

    Collateral Deposits

0.1

0.1

-0.1

-0.1

-0.2

    Cash Received fr. Interest Income

0.0

-

0.2

-

-

    Deposits for Purchase of Investment

-

-

-

-

0.0

    Capital Expenditures

-0.8

0.0

-1.2

-1.1

-1.2

    Advance Purchase Machine

-1.0

-0.3

-1.5

-0.8

-0.7

    Increase in Intangible

0.0

0.0

-0.8

-0.7

-0.8

    Sales of Fixed Assets

0.0

0.0

0.0

0.0

-

    Proceeds from sales of investment in sub

-

-

10.4

-

-

    Proceed fr. Sale Other L/T Invst.

-

-

0.0

0.0

0.0

    Cash Received fr.Investing in Subsidiary

0.0

-

-

10.2

10.1

Cash from Investing Activities

-1.6

-0.2

6.9

8.9

7.3

 

 

 

 

 

 

    Interest Paid

-4.9

-2.7

-9.8

-6.6

-4.8

    Decr Liab. under Debt Restr/Former Rehab

0.0

-

-0.2

-0.2

-0.2

    Cash fr. ST Loan fr Finan. Institutions

-

-

-

0.0

-

    Decr. ST Loan fr Finan. Institutions

-0.1

-0.1

-0.3

-0.3

0.0

    Increas ST Loan fr. Other Parties

3.5

-

64.9

21.5

8.2

    Decreas ST Loan fr. Other Parties

-4.0

-1.5

-59.8

-15.1

-4.2

    Proceeds from issue of warrants of subsi

-

-

1.9

-

-

    Proceeds from issue of ordinary shares o

-

-

0.0

-

-

    Repayment of Finance Lease Liabilities

0.0

0.0

0.0

0.0

0.0

    Incr. Short Term Loans

-

-

0.0

-

-

    Repayment of LT. Loans fr. Fin. Inst.

0.0

-

-10.6

-10.4

-18.6

    Decrease ST Loans from Directors

-

-

-

0.0

-

    Incr. ST Loans from Directors

0.0

-

-

0.0

12.4

    Minority Interest

1.7

1.6

-

-

-

Cash from Financing Activities

-3.8

-2.6

-13.9

-11.0

-7.1

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

0.0

0.0

Net Change in Cash

-0.7

1.2

0.5

1.0

0.5

 

 

 

 

 

 

Net Cash-Beginning Balance

2.5

2.5

1.9

1.9

1.9

Net Cash-Ending Balance

1.8

3.7

2.4

2.9

2.4

    Cash Interest Paid

4.9

2.7

9.8

6.6

4.8

    Cash Taxes Paid

0.0

0.0

0.0

0.0

0.0

 

 

 

 

Geographic Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Local Sales

698.3

96.7 %

590.4

92.3 %

841.2

76.6 %

505.9

78.6 %

446.4

93.4 %

Export Sales

23.7

3.3 %

48.9

7.7 %

257.5

23.4 %

137.7

21.4 %

31.5

6.6 %

Segment Total

722.0

100 %

639.4

100 %

1,098.7

100 %

643.6

100 %

477.8

100 %

Consolidated Total

722.0

100 %

639.4

100 %

1,098.7

100 %

643.6

100 %

477.8

100 %

Exchange Rate: THB to USD

31.724617

 

34.331774

 

33.367913

 

34.251325

 

37.915929

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Local Sales

698.3

96.7 %

590.4

92.3 %

841.2

76.6 %

505.9

78.6 %

446.4

93.4 %

Export Sales

23.7

3.3 %

48.9

7.7 %

257.5

23.4 %

137.7

21.4 %

31.5

6.6 %

Segment Total

722.0

100 %

639.4

100 %

1,098.7

100 %

643.6

100 %

477.8

100 %

Consolidated Total

722.0

100 %

639.4

100 %

1,098.7

100 %

643.6

100 %

477.8

100 %

Exchange Rate: THB to USD

31.724617

 

34.331774

 

33.367913

 

34.251325

 

37.915929

 

 

Gross Profit   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

Local Sales

-14.5

117.4 %

-242.9

92.3 %

-5.9

96.7 %

Export Sales

2.1

-17.4 %

-20.1

7.7 %

-0.2

3.3 %

Segment Total

-12.3

100 %

-263.0

100 %

-6.1

100 %

Consolidated Total

-12.3

100 %

-263.0

100 %

-6.1

100 %

Exchange Rate: THB to USD

31.724617

 

34.331774

 

33.367913

 

Gross Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

Local Sales

-2.1

-

-41.1

-

-0.7

-

Export Sales

9.0

-

-41.1

-

-0.1

-

Segment Total

-1.7

-

-41.1

-

-0.6

-

Consolidated Total

-1.7

-

-41.1

-

-0.6

-

 

 

 

 

 

Geographic Segments

Financials in: As Reported (mil)

 

Interim

 

 

External Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Local Sales

273.0

100 %

260.6

100 %

263.6

97.8 %

209.0

100 %

170.6

95.2 %

Export Sales

0.0

0 %

0.0

0 %

5.9

2.2 %

0.0

0 %

8.5

4.8 %

Segment Total

273.0

100 %

260.6

100 %

269.5

100 %

209.0

100 %

179.1

100 %

Consolidated Total

273.0

100 %

260.6

100 %

269.5

100 %

209.0

100 %

179.1

100 %

Exchange Rate: THB to USD

30.136505

 

30.267151

 

30.538187

 

29.992258

 

31.651263

 

Total Revenue   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Local Sales

273.0

100 %

260.6

100 %

263.6

97.8 %

209.0

100 %

170.6

95.2 %

Export Sales

0.0

0 %

0.0

0 %

5.9

2.2 %

0.0

0 %

8.5

4.8 %

Segment Total

273.0

100 %

260.6

100 %

269.5

100 %

209.0

100 %

179.1

100 %

Consolidated Total

273.0

100 %

260.6

100 %

269.5

100 %

209.0

100 %

179.1

100 %

Exchange Rate: THB to USD

30.136505

 

30.267151

 

30.538187

 

29.992258

 

31.651263

 

 

Gross Profit   USD (mil)

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Local Sales

-4.3

100 %

-9.4

100 %

6.0

88.3 %

-4.9

99.7 %

-7.7

106 %

Export Sales

0.0

0 %

0.0

0 %

0.8

11.7 %

0.0

0.3 %

0.4

-6 %

Segment Total

-4.3

100 %

-9.4

100 %

6.7

100 %

-4.9

100 %

-7.3

100 %

Consolidated Total

-4.3

100 %

-9.4

100 %

6.7

100 %

-4.9

100 %

-7.3

100 %

Exchange Rate: THB to USD

30.136505

 

30.267151

 

30.538187

 

29.992258

 

31.651263

 

Gross Margin (%)  

 

30-Sep-11

30-Jun-11

31-Mar-11

31-Dec-10

30-Sep-10

Local Sales

-1.6

-

-3.6

-

2.3

-

-2.4

-

-4.5

-

Export Sales

-

-

-

-

13.4

-

124.4

-

5.1

-

Segment Total

-1.6

-

-3.6

-

2.5

-

-2.4

-

-4.0

-

Consolidated Total

-1.6

-

-3.6

-

2.5

-

-2.4

-

-4.0

-

 

 

 

 

 

Business Segments

Financials in: As Reported (mil)

Annual

 

 

 

External Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

639.4

100 %

1,093.5

99.5 %

643.5

98 %

474.8

99.4 %

Consulting Services

0.0

0 %

5.3

0.5 %

13.1

2 %

3.0

0.6 %

Holding Company

-

-

-

-

0.0

0 %

0.0

0 %

Segment Total

639.4

100 %

1,098.7

100 %

656.6

100 %

477.8

100 %

Consolidated Total

639.4

100 %

1,098.7

100 %

656.6

100 %

477.8

100 %

Exchange Rate: THB to USD

34.331774

 

33.367913

 

34.251325

 

37.915929

 

Intersegment Revenue   USD (mil)

 

31-Dec-08

31-Dec-07

Manufacture and Sold of Hot Rolled Coils

4.8

19.8 %

0.0

0 %

Consulting Services

19.6

80.2 %

11.9

100 %

Segment Total

24.4

100 %

11.9

100 %

Unallocated Amount

-24.4

-100 %

-11.9

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

Exchange Rate: THB to USD

33.367913

 

34.251325

 

 

Total Revenue   USD (mil)

 

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

639.4

100 %

1,093.5

99.5 %

643.5

96.3 %

474.8

99.4 %

Consulting Services

0.0

0 %

5.3

0.5 %

25.0

3.7 %

3.0

0.6 %

Holding Company

-

-

-

-

0.0

0 %

0.0

0 %

Segment Total

639.4

100 %

1,098.7

100 %

668.5

100 %

477.8

100 %

Unallocated Amount

-

-

-24.4

-2.2 %

-11.9

-1.8 %

-

-

Consolidated Total

639.4

100 %

1,098.7

100 %

656.6

98.2 %

477.8

100 %

Exchange Rate: THB to USD

34.331774

 

33.367913

 

34.251325

 

37.915929

 

Gross Profit   USD (mil)

 

31-Dec-09

31-Dec-08

Manufacture and Sold of Hot Rolled Coils

-263.0

100 %

-11.4

186 %

Consulting Services

0.0

0 %

5.3

-86 %

Segment Total

-263.0

100 %

-6.1

100 %

Consolidated Total

-263.0

100 %

-6.1

100 %

Exchange Rate: THB to USD

34.331774

 

33.367913

 

 

Gross Margin (%)  

 

31-Dec-09

31-Dec-08

Manufacture and Sold of Hot Rolled Coils

-41.1

-

-1.0

-

Consulting Services

-

-

100.0

-

Segment Total

-41.1

-

-0.6

-

Consolidated Total

-41.1

-

-0.6

-

Operating Income/Loss   USD (mil)

 

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

14.1

52.1 %

49.2

79 %

45.3

93.7 %

Consulting Services

13.0

47.9 %

13.1

21 %

3.0

6.3 %

Holding Company

-

-

0.0

0 %

0.0

0 %

Segment Total

27.2

100 %

62.2

100 %

48.4

100 %

Unallocated Amount

-22.3

-82.2 %

0.1

0.1 %

-

-

Consolidated Total

4.8

17.8 %

62.3

100.1 %

48.4

100 %

Exchange Rate: THB to USD

33.367913

 

34.251325

 

37.915929

 

 

Operating Margin (%)  

 

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

1.3

-

7.6

-

9.5

-

Consulting Services

52.3

-

52.3

-

100.0

-

Segment Total

2.4

-

9.3

-

10.1

-

Unallocated Amount

91.4

-

-0.5

-

-

-

Consolidated Total

0.4

-

9.5

-

10.1

-

Long Lived Assets   USD (mil)

 

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

1,418.5

100 %

656.4

100 %

556.0

100 %

Consulting Services

0.0

0 %

0.0

0 %

-

-

Segment Total

1,418.5

100 %

656.4

100 %

556.0

100 %

Consolidated Total

1,418.5

100 %

656.4

100 %

556.0

100 %

Exchange Rate: THB to USD

34.780000

 

33.685000

 

36.150000

 

 

Total Assets   USD (mil)

 

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

1,418.5

100 %

656.4

100 %

556.0

100 %

Consulting Services

0.0

0 %

0.0

0 %

-

-

Segment Total

1,418.5

100 %

656.4

100 %

556.0

100 %

Unallocated Amount

496.4

35 %

664.0

101.2 %

595.3

107.1 %

Consolidated Total

1,914.9

135 %

1,320.4

201.2 %

1,151.2

207.1 %

Exchange Rate: THB to USD

34.780000

 

33.685000

 

36.150000

 

Operating Return on Assets (%)  

 

31-Dec-08

31-Dec-07

31-Dec-06

Manufacture and Sold of Hot Rolled Coils

1.0

-

7.6

-

8.6

-

Segment Total

1.8

-

9.6

-

9.1

-

Unallocated Amount

-4.3

-

0.0

-

-

-

Consolidated Total

0.2

-

4.8

-

4.4

-

 

Bottom of Form

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.