11. Financial Status & Business Performance

11.1 Summary of Financial Statements

Balance Sheets

(Unit: Million Baht)

+---------------------------+------+------+------+------+------+------+
|                           | Cons |      |      |      |      |      |
|                           | olid |      |      |      |      |      |
|                           | ated |      |      |      |      |      |
|                           | F    |      |      |      |      |      |
|                           | inan |      |      |      |      |      |
|                           | cial |      |      |      |      |      |
|                           | S    |      |      |      |      |      |
|                           | tate |      |      |      |      |      |
|                           | ment |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|                           | As   |      |      |      |      |      |
|                           | of   |      |      |      |      |      |
|                           | 31   |      |      |      |      |      |
|                           | M    |      |      |      |      |      |
|                           | arch |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|                           | 2010 | % of | 2009 | % of | 2008 | % of |
|                           |      | T    |      | T    |      | T    |
|                           |      | otal |      | otal |      | otal |
|                           |      | As   |      | As   |      | As   |
|                           |      | sets |      | sets |      | sets |
+---------------------------+------+------+------+------+------+------+
| Assets                    |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Cash and cash           | 3    | 4.0% | 61.3 | 0.9% | 1    | 2.3% |
|   equivalents             | 14.4 |      |      |      | 53.9 |      |
+---------------------------+------+------+------+------+------+------+
|   Trade accounts          | 1    | 1.4% | 50.3 | 0.7% | 8.5  | 0.1% |
|   receivable - net        | 06.2 |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Unbilled receivables    | 63.0 | 0.8% | 79.9 | 1.2% | 1    | 2.2% |
|                           |      |      |      |      | 46.8 |      |
+---------------------------+------+------+------+------+------+------+
|   Accounts receivable     | 1    | 2.3% | 2    | 3.8% | -    | 0.0% |
|   from sale of rights of  | 77.6 |      | 57.6 |      |      |      |
|   claim                   |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Short-term loans and    | 6.7  | 0.1% | 8.3  | 0.1% | -    | 0.0% |
|   advances to related     |      |      |      |      |      |      |
|   parties - net           |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Real estate development | 1,0  | 1    | 1,0  | 1    | 1,0  | 1    |
|   costs - net             | 41.4 | 3.3% | 28.4 | 5.2% | 82.7 | 6.3% |
+---------------------------+------+------+------+------+------+------+
|   Assets awaiting         | 2    | 2.9% | 2    | 3.3% | 2    | 3.4% |
|   transfer under          | 25.6 |      | 26.7 |      | 27.9 |      |
|   rehabilitation plan -   |      |      |      |      |      |      |
|   net                     |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Investments in          | 2    | 2.9% | 2    | 3.3% | 2    | 3.4% |
|   subsidiaries awaiting   | 24.3 |      | 24.3 |      | 24.3 |      |
|   transfer under          |      |      |      |      |      |      |
|   rehabilitation plan -   |      |      |      |      |      |      |
|   net                     |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Other current assets    | 1    | 1.4% | 1    | 1.7% | 1    | 1.9% |
|                           | 11.9 |      | 17.9 |      | 23.6 |      |
+---------------------------+------+------+------+------+------+------+
| Total current assets      | 2,2  | 2    | 2,0  | 3    | 1,9  | 2    |
|                           | 71.0 | 9.0% | 54.9 | 0.4% | 67.7 | 9.6% |
+---------------------------+------+------+------+------+------+------+
|   Restricted deposits     | 1    | 1.6% | 3.1  | 0.0% | 3.2  | 0.0% |
|                           | 23.7 |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Cash deposited as       | 2    | 3.8% | 3    | 4.6% | 3    | 4.7% |
|   collateral for debt     | 95.6 |      | 12.8 |      | 12.8 |      |
|   settlement              |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Loans to related        | 7.6  | 0.1% | 4.6  | 0.1% | 2    | 4.4% |
|   parties - net           |      |      |      |      | 92.2 |      |
+---------------------------+------+------+------+------+------+------+
|   Investments in          | 4.7  | 0.1% | 6    | 9.4% | 6    | 9.5% |
|   associates - net        |      |      | 33.5 |      | 35.9 |      |
+---------------------------+------+------+------+------+------+------+
|   Other long-term         | 1    | 1.5% | 1    | 1.9% | 1    | 1.7% |
|   investments - net       | 19.1 |      | 25.5 |      | 12.8 |      |
+---------------------------+------+------+------+------+------+------+
|   Land and projects       | 2,3  | 2    | 1,0  | 1    | 7    | 1    |
|   awaiting development -  | 06.4 | 9.4% | 75.0 | 5.9% | 66.6 | 1.5% |
|   net                     |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Property, plant and     | 2,3  | 3    | 2,2  | 3    | 2,3  | 3    |
|   equipment - net         | 48.2 | 0.0% | 49.2 | 3.2% | 21.7 | 4.9% |
+---------------------------+------+------+------+------+------+------+
|   Leasehold rights - net  | 93.4 | 1.2% | 99.1 | 1.5% | 10.9 | 0.2% |
+---------------------------+------+------+------+------+------+------+
|   Condominiums and        | 2    | 3.0% | 1    | 2.9% | 2    | 3.1% |
|   fixtures for lease -    | 33.3 |      | 95.7 |      | 06.4 |      |
|   net                     |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Retention receivable    | 13.1 | 0.2% | -    | 0.0% | -    | 0.0% |
+---------------------------+------+------+------+------+------+------+
|   Other non-current       | 19.0 | 0.2% | 15.1 | 0.2% | 28.3 | 0.4% |
|   assets                  |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
| Total non-current assets  | 5,5  | 7    | 4,7  | 6    | 4,6  | 7    |
|                           | 64.0 | 1.0% | 14.0 | 9.6% | 90.8 | 0.4% |
+---------------------------+------+------+------+------+------+------+
| Total Assets              | 7,8  | 10   | 6,7  | 10   | 6,6  | 10   |
|                           | 35.0 | 0.0% | 68.5 | 0.0% | 58.4 | 0.0% |
+---------------------------+------+------+------+------+------+------+

Balance Sheets (Continued)

(Unit : Million Baht)

  ---------------------------- -------------- --------- ----------- --------- ----------- ---------
                               Consolidated                                               
                               Financial                                                  
                               Statement                                                  

                               As of 31 March                                             

                               2010           % of      2009        % of      2008        % of
                                              Total                 Total                 Total
                                              Assets                Assets                Assets

  Liabilities & Shareholders’                                                             
  equity                                                                                  

  Short-term loan from         500.0          6.4%      400.0       5.9%      132.2       2.0%
  financial institution                                                                   

  Trade accounts payable       12.4           0.2%      17.5        0.3%      18.5        0.3%

  Accrued costs of             52.1           0.7%      35.7        0.5%      85.8        1.3%
  construction                                                                            

  Deposit payable              80.0           1.0%      -           0.0%      -           0.0%

  Short-term loans & advances  -              0.0%      26.9        0.4%      11.4        0.2%
  from related parties                                                                    

  Current portion of creditors 1,681.6        21.5%     1,971.8     29.1%     1,888.6     28.4%
  per rehabilitation plan                                                                 

  Loan from financial          7.2            0.1%      65.0        1.0%      -           0.0%
  institution                                                                             

  Other current liabilities    449.1          5.7%      226.1       3.3%      187.9       2.8%

  Total current liabilities    2,782.4        35.5%     2,743.0     40.5%     2,324.4     34.9%

  Creditors per rehabilitation 70.9           0.9%      256.6       3.8%      580.3       8.7%
  plan – net of current                                                                   
  portion                                                                                 

  Long term loan – net of      53.0           0.7%      -           0.0%      -           0.0%
  current portion                                                                         

  Loans from directors         -              0.0%      1.4         0.0%      1.4         0.0%

  Loans from related parties   -              0.0%      9.2         0.1%      9.5         0.1%

  Unearned income from related 38.5           0.5%      -           0.0%      -           0.0%
  parties                                                                                 

  Retention payable            24.9           0.3%      70.7        1.0%      72.1        1.1%

  Other non-current            9.7            0.1%      11.5        0.2%      13.7        0.2%
  liabilities                                                                             

  Total non-current            197.1          2.5%      349.4       5.2%      677.1       10.2%
  liabilities                                                                             

  Total Liabilities            2,979.4        38.0%     3,092       45.7%     3,001.5     45.1%

  Shareholders’ equity                                                                    

  Paid-up capital              7,614.4        97.2%     5,813.3     85.9%     5,813.3     87.3%

  Premium on ordinary shares   (735.1)        (9.4%)    134.4       2.0%      134.4       2.0%

  Unrealized gain (loss)                                                                  

  Revaluation surplus on       2,038.8        26.0%     2,019.7     29.8%     2,019.7     30.3%
  Assets                                                                                  

  Revaluation deficit on       (0.4)          0.0%      (0.7)       0.0%      (0.3)       0.0%
  changes in value of                                                                     
  investments                                                                             

  Company’s shares held by     (15.9)         (0.2%)    (15.9)      (0.2%)    (15.9)      (0.2%)
  subsidiaries                                                                            

  Capital reserve on           2.7            0.0%      2.7         0.0%      2.7         0.0%
  consolidation                                                                           

  Translation adjustment       (134.1)        (1.7%)    (134.1)     (2.0%)    (134.1)     (2.0%)

  Deficit                      (3,929.8)      (50.2%)   (4,154.5)   (61.4%)   (4,174.8)   (62.7%)

  Equity attributable to the   4,840.6        61.8%     3,664.9     54.1%     3,645.1     54.7%
  Company’s shareholders                                                                  

  Minority interest – equity   15.0           0.2%      11.2        0.2%      11.9        0.2%
  attributable to minority                                                                
  shareholders of subsidiary                                                              

  Total Shareholders’ Equity   4,855.6        62.0%     3,676.1     54.3%     3,656.9     54.9%

  Total Liabilities &          7,835.0        100.0%    6,768.5     100.0%    6,658.4     100.0%
  Shareholders’ Equity                                                                    
  ---------------------------- -------------- --------- ----------- --------- ----------- ---------

Income Statements

(Unit: Million Baht)

+----------------------------+------+------+------+------+------+------+
|                            | Cons |      |      |      |      |      |
|                            | olid |      |      |      |      |      |
|                            | ated |      |      |      |      |      |
|                            | F    |      |      |      |      |      |
|                            | inan |      |      |      |      |      |
|                            | cial |      |      |      |      |      |
|                            | S    |      |      |      |      |      |
|                            | tate |      |      |      |      |      |
|                            | ment |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|                            | For  |      |      |      |      |      |
|                            | Fi   |      |      |      |      |      |
|                            | scal |      |      |      |      |      |
|                            | Year |      |      |      |      |      |
|                            | e    |      |      |      |      |      |
|                            | nded |      |      |      |      |      |
|                            | 31   |      |      |      |      |      |
|                            | M    |      |      |      |      |      |
|                            | arch |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|                            | 2010 | % of | 2009 | % of | 2008 | % of |
|                            |      | T    |      | T    |      | T    |
|                            |      | otal |      | otal |      | otal |
|                            |      | Rev  |      | Rev  |      | Rev  |
|                            |      | enue |      | enue |      | enue |
+----------------------------+------+------+------+------+------+------+
| Revenues                   |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Revenues from sales of   | 1    | 6.4% | 48.8 | 4.6% | 10.2 | 0.4% |
|   real estate              | 00.9 |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Revenues from land       | -    | -    | -    | 0.0% | 1    | 5.8% |
|   procurement of low-cost  |      |      |      |      | 44.3 |      |
|   residential housing      |      |      |      |      |      |      |
|   projects                 |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Revenues from            | 7    | 4    | 5    | 5    | 8    | 3    |
|   construction services    | 55.5 | 8.0% | 47.4 | 1.1% | 31.7 | 3.4% |
+----------------------------+------+------+------+------+------+------+
|   Rental and services      | 1    | 1    | 1    | 1    | 1    | 5.5% |
|   income                   | 69.4 | 0.8% | 67.9 | 5.7% | 38.2 |      |
+----------------------------+------+------+------+------+------+------+
|   Reserves from hotel      | 34.5 | 2.2% | 36.8 | 3.4% | 37.4 | 1.5% |
|   operations               |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Other income             |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Management income        | 25.4 | 1.6% | 1.4  | 0.1% | -    | 0.0% |
+----------------------------+------+------+------+------+------+------+
| Revenue from sale of       | 59.0 | 3.7% | -    | 0.0% | -    | 0.0% |
| rights of claim            |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Reversal of allowance    | 45.6 | 2.9% | -    | 0.0% | -    | 0.0% |
|   for loss on diminution   |      |      |      |      |      |      |
|   in value of projects     |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Reversal of allowance    | 1    | 1    | -    | 0.0% | -    | 0.0% |
|   for impairment of assets | 67.0 | 0.6% |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Gain on transfer of      | -    | 0.0% | -    | 0.0% | 1,1  | 4    |
|   assets for debt          |      |      |      |      | 49.2 | 6.1% |
|   settlement               |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Gain on cancellation of  | -    | 0.0% | 1    | 1    | -    | 0.0% |
|   guarantees               |      |      | 95.1 | 8.2% |      |      |
+----------------------------+------+------+------+------+------+------+
|   Gain on debt             | 1    | 9.1% | -    | 0.0% | 12.2 | 0.5% |
|   restructuring            | 42.7 |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Interest income          | 2.3  | 0.1% | 1.2  | 0.1% | 5.5  | 0.2% |
+----------------------------+------+------+------+------+------+------+
|   Others                   | 70.5 | 4.5% | 72.3 | 6.7% | 1    | 6.5% |
|                            |      |      |      |      | 62.3 |      |
+----------------------------+------+------+------+------+------+------+
| Total revenues             | 1,5  | 10   | 1,0  | 10   | 2,4  | 10   |
|                            | 72.7 | 0.0% | 70.7 | 0.0% | 91.0 | 0.0% |
+----------------------------+------+------+------+------+------+------+
| Expenses                   |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Costs of sales of real   | 1    | 6.8% | 66.2 | 6.2% | 6.9  | 0.3% |
|   estate                   | 06.3 |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Costs of land            | -    | 0.0% | -    | 0.0% | 1    | 5.8% |
|   procurement of low-cost  |      |      |      |      | 44.8 |      |
|   residential housing      |      |      |      |      |      |      |
|   projects                 |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Costs of construction    | 7    | 4    | 5    | 5    | 8    | 3    |
|   services                 | 01.2 | 4.6% | 36.5 | 0.1% | 45.0 | 3.9% |
+----------------------------+------+------+------+------+------+------+
|   Costs of rentals and     | 1    | 7.3% | 1    | 9.8% | 92.9 | 3.7% |
|   services                 | 14.4 |      | 05.1 |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Costs of hotel           | 10.1 | 0.6% | 23.4 | 2.2% | 21.6 | 0.9% |
|   operations               |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Selling and servicing    | 16.6 | 1.1% | 17.5 | 1.6% | 15.6 | 0.6% |
|   expenses                 |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Administrative expenses  | 2    | 1    | 2    | 2    | 2    | 9.1% |
|                            | 80.0 | 7.8% | 15.9 | 0.2% | 26.1 |      |
+----------------------------+------+------+------+------+------+------+
|   Management remuneration  | 50.0 | 3.2% | 37.8 | 3.5% | 23.5 | 0.9% |
+----------------------------+------+------+------+------+------+------+
|   Loss on provision for    | 25.0 | 1.6% | 10.6 | 1.0% | 19.8 | 0.8% |
|   impairment of assets     |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
| Total expenses             | 1,3  | 8    | 1,0  | 9    | 1,3  | 5    |
|                            | 03.6 | 2.9% | 12.9 | 4.6% | 96.4 | 6.1% |
+----------------------------+------+------+------+------+------+------+

Income Statements (Continued)

(Unit : Million Baht)

  ---------------------------- -------------- --------- -------- --------- --------- ---------
                               Consolidated                                          
                               Financial                                             
                               Statement                                             

                               For Fiscal                                            
                               Year ended 31                                         
                               March                                                 

                               2010           % of      2009     % of      2008      % of
                                              Total              Total               Total
                                              Revenue            Revenue             Revenue

  Income before share of       269.1          17.1%     57.9     5.4%      1,094.7   43.9%
  income (loss) from                                                                 
  investment in associates                                                           

  Share of income (loss) from  0.5            0.0%      (6.4)    (0.6%)    (4.3)     (0.2%)
  investments in associates                                                          

  Income (loss) before         269.7          17.1%     51.5     4.8%      1,090.4   43.8%
  interest expenses and taxes                                                        

  Financial costs              (30.4)         (1.9%)    (23.4)   (2.2%)    (1.4)     0.1%

  Income (loss) before         239.3          15.2%     28.1     2.6%      1,089.1   43.7%
  corporate income tax                                                               

  Corporate income tax         (10.8)         (0.7%)    (8.5)    (0.8%)    -         0.0%

  Net income (loss) for the    228.5          14.5%     19.5     1.8%      1,089.1   43.7%
  year                                                                               
  ---------------------------- -------------- --------- -------- --------- --------- ---------

+----------------------------+------+------+------+------+------+------+
|   Net income (loss)        | 2    | 1    | 20.3 | 1.9% | 1,0  | 4    |
|   attributable to equity   | 24.7 | 4.3% |      |      | 89.4 | 3.7% |
|   holders of the parent    |      |      |      |      |      |      |
+----------------------------+------+------+------+------+------+------+
|   Minority interest of the | 3.8  | 0.2% | (    | (0   | (    | 0.0% |
|   subsidiary               |      |      | 0.7) | .1%) | 0.4) |      |
+----------------------------+------+------+------+------+------+------+
|                            | 2    | 1    | 19.5 | 1.8% | 1,0  | 4    |
|                            | 28.5 | 4.5% |      |      | 89.1 | 3.7% |
+----------------------------+------+------+------+------+------+------+

+----------------------------+-------------+-------------+-------------+
|   Basic Earnings per Share | 0.033       | 0.004       | 0.190       |
|   (Baht)                   |             |             |             |
+----------------------------+-------------+-------------+-------------+
|   Weighted average number  | 6,          | 5,          | 5,          |
|   of ordinary shares       | 768,456,355 | 781,555,421 | 745,347,771 |
|   (Shares)                 |             |             |             |
+----------------------------+-------------+-------------+-------------+

Cash Flow Statements

(Unit : Million Baht)

+---------------------------------+-----------+-----------+-----------+
|                                 | Con       |           |           |
|                                 | solidated |           |           |
|                                 | Financial |           |           |
|                                 | Statement |           |           |
+---------------------------------+-----------+-----------+-----------+
|                                 | For       |           |           |
|                                 | Fiscal    |           |           |
|                                 | Year      |           |           |
|                                 | ended 31  |           |           |
|                                 | March     |           |           |
+---------------------------------+-----------+-----------+-----------+
|                                 | 2010      | 2009      | 2008      |
+---------------------------------+-----------+-----------+-----------+
| Cash flows from operating       |           |           |           |
| activities                      |           |           |           |
+---------------------------------+-----------+-----------+-----------+
| Net income (loss) before tax    | 239.3     | 28.1      | 1,089.1   |
| for the year                    |           |           |           |
+---------------------------------+-----------+-----------+-----------+
| Adjustments to reconcile net    |           |           |           |
| income before tax to net cash   |           |           |           |
| provided by (paid from)         |           |           |           |
| operating activities :-         |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Depreciation and amortization | 50.7      | 43.9      | 30.0      |
+---------------------------------+-----------+-----------+-----------+
|   Share of loss (income) from   | (0.5)     | 6.4       | 4.3       |
|   investments in associates     |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Reversal of liabilities in    | -         | (3.4)     | -         |
|   excess of amounts per         |           |           |           |
|   comptroller’s order           |           |           |           |
+---------------------------------+-----------+-----------+-----------+
| Revenue from sale of rights of  | (59.0)    | -         | -         |
| claim                           |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Gain on debt restructuring    | -         | -         | (12.2)    |
+---------------------------------+-----------+-----------+-----------+
|   Gain on transfer of assets    | -         | -         | (1,149.2) |
|   for debt settlement           |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Gain on sales of short-term   | -         | -         | (1.0)     |
|   investment                    |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Gain on receipt of assets for | -         | (3.9)     | -         |
|   debt settlement               |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Reversal of allowance for     | (12.8)    | (11.8)    | (114.4)   |
|   doubtful debts                |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Withholding tax written-off   | 23.7      | 26.3      | 1.1       |
+---------------------------------+-----------+-----------+-----------+
|   Doubtful debts                | 25.3      | -         | 11.7      |
+---------------------------------+-----------+-----------+-----------+
|   Loss on provision for         | (142.0)   | 10.6      | 19.8      |
|   impairment of assets          |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Loss on provision for loss on | -         | 11.2      | -         |
|   low-cost residential housing  |           |           |           |
|   project                       |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Loss on provision for         | (45.6)    | -         | -         |
|   diminution in value of        |           |           |           |
|   projects                      |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Loss on provision for         | (3.2)     | -         | -         |
|   diminution in value of        |           |           |           |
|   investments                   |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Loss (gain) on sales of       | (0.3)     | 0.8       | (0.5)     |
|   property, plant and equipment |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Gain on cancellation of       | -         | (195.1)   | -         |
|   guarantees                    |           |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Gain on debt settlement       | (142.7)   |           |           |
+---------------------------------+-----------+-----------+-----------+
|   Penalty expense               | 9.9       | -         | -         |
+---------------------------------+-----------+-----------+-----------+
|   Unearned income recognition   | (23.2)    | -         | -         |
+---------------------------------+-----------+-----------+-----------+
|   Dividend income               | (3.3)     | -         | -         |
+---------------------------------+-----------+-----------+-----------+
|   Interest income               | (2.3)     | (1.2)     | (5.5)     |
+---------------------------------+-----------+-----------+-----------+
|   Interest expenses             | 30.4      | 22.8      | 0.5       |
+---------------------------------+-----------+-----------+-----------+
| Loss from operating activities  | (55.5)    | (65.4)    | (126.6)   |
| before changes in operating     |           |           |           |
| assets & liabilities            |           |           |           |
+---------------------------------+-----------+-----------+-----------+

Cash Flow Statements (Continued)

(Unit : Million Baht)

+----------------------------------+-----------+-----------+-----------+
|                                  | Con       |           |           |
|                                  | solidated |           |           |
|                                  | Financial |           |           |
|                                  | Statement |           |           |
+----------------------------------+-----------+-----------+-----------+
|                                  | For       |           |           |
|                                  | Fiscal    |           |           |
|                                  | Year      |           |           |
|                                  | ended 31  |           |           |
|                                  | March     |           |           |
+----------------------------------+-----------+-----------+-----------+
|                                  | 2010      | 2009      | 2008      |
+----------------------------------+-----------+-----------+-----------+
| Decrease (increase) in operating |           |           |           |
| assets :-                        |           |           |           |
+----------------------------------+-----------+-----------+-----------+
|   Trade accounts receivable      | (56.2)    | (41.8)    | 3.0       |
+----------------------------------+-----------+-----------+-----------+
|   Unbilled receivables           | 16.9      | 66.8      | (146.8)   |
+----------------------------------+-----------+-----------+-----------+
|   Real estate development costs  | 82.5      | 54.3      | (7.9)     |
+----------------------------------+-----------+-----------+-----------+
|   Construction in progress       | -         | 26.3      | 110.8     |
+----------------------------------+-----------+-----------+-----------+
|   Advances to contractors        | (29.7)    | (23.2)    | (13.8)    |
+----------------------------------+-----------+-----------+-----------+
|   Other receivables              | 30.7      | 3.7       | (7.7)     |
+----------------------------------+-----------+-----------+-----------+
|   Retention receivables          | (26.7)    | -         | -         |
+----------------------------------+-----------+-----------+-----------+
|   Other current assets           | 4.3       | (1.8)     | 14.4      |
+----------------------------------+-----------+-----------+-----------+
|   Other non-current assets       | (3.8)     | 0.5       | (4.4)     |
+----------------------------------+-----------+-----------+-----------+
| Increase (decrease) in operating |           |           |           |
| liabilities :-                   |           |           |           |
+----------------------------------+-----------+-----------+-----------+
|   Trade accounts payable         | (5.1)     | (1.0)     | 10.2      |
+----------------------------------+-----------+-----------+-----------+
|   Accrued costs of construction  | 16.5      | (50.1)    | 85.8      |
+----------------------------------+-----------+-----------+-----------+
|   Advances received from         | 220.5     | 20.2      | (48.5)    |
|   employer                       |           |           |           |
+----------------------------------+-----------+-----------+-----------+
|   Accrued expenses               | 2.0       | 0.7       | 5.1       |
+----------------------------------+-----------+-----------+-----------+
|   Retention payable              | (38.1)    | (1.5)     | 66.1      |
+----------------------------------+-----------+-----------+-----------+
|   Unearned income                | 100.0     | -         | -         |
+----------------------------------+-----------+-----------+-----------+
|   Other payable                  | (42.2)    | 0.5       | 29.0      |
+----------------------------------+-----------+-----------+-----------+
|   Other current liabilities      | (33.0)    | (23.8)    | 29.6      |
+----------------------------------+-----------+-----------+-----------+
| Cash flows from (used            | 183.0     | (35.5)    | (1.7)     |
| in)operating activities          |           |           |           |
+----------------------------------+-----------+-----------+-----------+
|   Cash paid for interest         | (31.3)    | (21.7)    | (0.5)     |
|   expenses                       |           |           |           |
+----------------------------------+-----------+-----------+-----------+
|   Cash paid for corporate income | (45.6)    | (15.7)    | (12.2)    |
|   tax                            |           |           |           |
+----------------------------------+-----------+-----------+-----------+
|   Cash received for interest     | 2.3       | 1.2       | 5.5       |
|   income                         |           |           |           |
+----------------------------------+-----------+-----------+-----------+
| Net cash from (used in)          | 108.5     | (71.8)    | (8.9)     |
| operating activities             |           |           |           |
+----------------------------------+-----------+-----------+-----------+

Cash Flow Statements (Continued)

+---+---------------------------------+---+-----------+---+----------+-----------+
|   |                                 |   |           |   | (Unit :  |           |
|   |                                 |   |           |   | Million  |           |
|   |                                 |   |           |   | Baht)    |           |
+===+=================================+===+===========+===+==========+===========+
|   |                                 | C |           |   |          |           |
|   |                                 | o |           |   |          |           |
|   |                                 | n |           |   |          |           |
|   |                                 | s |           |   |          |           |
|   |                                 | o |           |   |          |           |
|   |                                 | l |           |   |          |           |
|   |                                 | i |           |   |          |           |
|   |                                 | d |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | t |           |   |          |           |
|   |                                 | e |           |   |          |           |
|   |                                 | d |           |   |          |           |
|   |                                 | F |           |   |          |           |
|   |                                 | i |           |   |          |           |
|   |                                 | n |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | n |           |   |          |           |
|   |                                 | c |           |   |          |           |
|   |                                 | i |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | l |           |   |          |           |
|   |                                 | S |           |   |          |           |
|   |                                 | t |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | t |           |   |          |           |
|   |                                 | e |           |   |          |           |
|   |                                 | m |           |   |          |           |
|   |                                 | e |           |   |          |           |
|   |                                 | n |           |   |          |           |
|   |                                 | t |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
|   |                                 | F |           |   |          |           |
|   |                                 | o |           |   |          |           |
|   |                                 | r |           |   |          |           |
|   |                                 | F |           |   |          |           |
|   |                                 | i |           |   |          |           |
|   |                                 | s |           |   |          |           |
|   |                                 | c |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | l |           |   |          |           |
|   |                                 | Y |           |   |          |           |
|   |                                 | e |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | r |           |   |          |           |
|   |                                 | e |           |   |          |           |
|   |                                 | n |           |   |          |           |
|   |                                 | d |           |   |          |           |
|   |                                 | e |           |   |          |           |
|   |                                 | d |           |   |          |           |
|   |                                 | 3 |           |   |          |           |
|   |                                 | 1 |           |   |          |           |
|   |                                 | M |           |   |          |           |
|   |                                 | a |           |   |          |           |
|   |                                 | r |           |   |          |           |
|   |                                 | c |           |   |          |           |
|   |                                 | h |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
|   |                                 | 2 |           | 2 |          | 2008      |
|   |                                 | 0 |           | 0 |          |           |
|   |                                 | 1 |           | 0 |          |           |
|   |                                 | 0 |           | 9 |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| w |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| g |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
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| i |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | 3 |           | 2 |          | -         |
| a |                                 | 1 |           | 0 |          |           |
| s |                                 | . |           | . |          |           |
| h |                                 | 9 |           | 0 |          |           |
| r |                                 |   |           |   |          |           |
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| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| g |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | - |           | - |          | 47.3      |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
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| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| - |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | ( |           | 0 |          | (0.0)     |
| e |                                 | 1 |           | . |          |           |
| c |                                 | 2 |           | 1 |          |           |
| r |                                 | 0 |           |   |          |           |
| e |                                 | . |           |   |          |           |
| a |                                 | 0 |           |   |          |           |
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| n |                                 |   |           |   |          |           |
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| r |                                 |   |           |   |          |           |
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| c |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
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| i |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| I |                                 | 1 |           | ( |          | -         |
| n |                                 | . |           | 8 |          |           |
| c |                                 | 6 |           | . |          |           |
| r |                                 |   |           | 3 |          |           |
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| s |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
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| l |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
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| d |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | 6 |           | 1 |          | 2.6       |
| e |                                 | . |           | . |          |           |
| c |                                 | 4 |           | 4 |          |           |
| r |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| N |                                 | ( |           | - |          | -         |
| e |                                 | 6 |           |   |          |           |
| t |                                 | 3 |           |   |          |           |
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| a |                                 | 9 |           |   |          |           |
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| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| b |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | - |           | ( |          | (640.2)   |
| e |                                 |   |           | 4 |          |           |
| c |                                 |   |           | . |          |           |
| r |                                 |   |           | 0 |          |           |
| e |                                 |   |           | ) |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| ( |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
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| ) |                                 |   |           |   |          |           |
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| i |                                 |   |           |   |          |           |
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| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | 3 |           | - |          | -         |
| i |                                 | . |           |   |          |           |
| v |                                 | 3 |           |   |          |           |
| i |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | - |           | - |          | 65.0      |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
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| m |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| g |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| I |                                 | - |           | ( |          | (23.5)    |
| n |                                 |   |           | 1 |          |           |
| c |                                 |   |           | 0 |          |           |
| r |                                 |   |           | . |          |           |
| e |                                 |   |           | 9 |          |           |
| a |                                 |   |           | ) |          |           |
| s |                                 |   |           |   |          |           |
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| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | ( |           | ( |          | (48.3)    |
| e |                                 | 2 |           | 2 |          |           |
| c |                                 | 0 |           | 6 |          |           |
| r |                                 | . |           | 4 |          |           |
| e |                                 | 7 |           | . |          |           |
| a |                                 | ) |           | 7 |          |           |
| s |                                 |   |           | ) |          |           |
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| ( |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
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| r |                                 |   |           |   |          |           |
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| ) |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
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| j |                                 |   |           |   |          |           |
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| c |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| g |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
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| l |                                 |   |           |   |          |           |
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| t |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | ( |           | ( |          | (98.3)    |
| a |                                 | 3 |           | 2 |          |           |
| s |                                 | 7 |           | 2 |          |           |
| h |                                 | . |           | . |          |           |
| p |                                 | 2 |           | 3 |          |           |
| a |                                 | ) |           | ) |          |           |
| i |                                 |   |           |   |          |           |
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| c |                                 |   |           |   |          |           |
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| o |                                 |   |           |   |          |           |
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| p |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | - |           | ( |          | -         |
| a |                                 |   |           | 2 |          |           |
| s |                                 |   |           | 5 |          |           |
| h |                                 |   |           | . |          |           |
| p |                                 |   |           | 9 |          |           |
| a |                                 |   |           | ) |          |           |
| i |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| g |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | ( |           | ( |          | (10.3)    |
| a |                                 | 0 |           | 2 |          |           |
| s |                                 | . |           | . |          |           |
| h |                                 | 4 |           | 1 |          |           |
| p |                                 | ) |           | ) |          |           |
| a |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| & |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| x |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
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| l |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | 0 |           | - |          | 0.6       |
| a |                                 | . |           |   |          |           |
| s |                                 | 3 |           |   |          |           |
| h |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
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| c |                                 |   |           |   |          |           |
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| v |                                 |   |           |   |          |           |
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| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
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| m |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
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| s |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| y |                                 |   |           |   |          |           |
| , |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| & |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| q |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| N |                                 | ( |           | ( |          | (705.1)   |
| e |                                 | 1 |           | 3 |          |           |
| t |                                 | 9 |           | 1 |          |           |
| c |                                 | 8 |           | 6 |          |           |
| a |                                 | . |           | . |          |           |
| s |                                 | 6 |           | 7 |          |           |
| h |                                 | ) |           | ) |          |           |
| p |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| ( |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| ) |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| g |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
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| l |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| w |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
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| g |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
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| t |                                 |   |           |   |          |           |
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+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | 1 |           | - |          | 48.2      |
| e |                                 | 7 |           |   |          |           |
| c |                                 | . |           |   |          |           |
| r |                                 | 2 |           |   |          |           |
| e |                                 |   |           |   |          |           |
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| r |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
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| d |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| b |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
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| l |                                 |   |           |   |          |           |
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| m |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| I |                                 | 1 |           | 2 |          | 132.2     |
| n |                                 | 0 |           | 6 |          |           |
| c |                                 | 0 |           | 7 |          |           |
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| e |                                 | 0 |           | 8 |          |           |
| a |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
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| h |                                 |   |           |   |          |           |
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| r |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| I |                                 | ( |           | 6 |          | -         |
| n |                                 | 4 |           | 5 |          |           |
| c |                                 | . |           | . |          |           |
| r |                                 | 8 |           | 0 |          |           |
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| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
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+---+---------------------------------+---+-----------+---+----------+-----------+
| I |                                 | ( |           | 5 |          | -         |
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| c |                                 | 4 |           | 5 |          |           |
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| s |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
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| r |                                 |   |           |   |          |           |
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| - |                                 |   |           |   |          |           |
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| m |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
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| r |                                 |   |           |   |          |           |
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| n |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| I |                                 | 8 |           | - |          | -         |
| n |                                 | 0 |           |   |          |           |
| c |                                 | . |           |   |          |           |
| r |                                 | 0 |           |   |          |           |
| e |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| y |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| b |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | ( |           | ( |          | (0.0)     |
| a |                                 | 2 |           | 0 |          |           |
| s |                                 | . |           | . |          |           |
| h |                                 | 7 |           | 3 |          |           |
| p |                                 | ) |           | ) |          |           |
| a |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
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| d |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| D |                                 | ( |           | 0 |          | (0.1)     |
| e |                                 | 1 |           | . |          |           |
| c |                                 | . |           | 0 |          |           |
| r |                                 | 4 |           |   |          |           |
| e |                                 | ) |           |   |          |           |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
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| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | ( |           | ( |          | (56.6)    |
| a |                                 | 2 |           | 4 |          |           |
| s |                                 | 1 |           | 1 |          |           |
| h |                                 | 4 |           | . |          |           |
| p |                                 | . |           | 9 |          |           |
| a |                                 | 0 |           | ) |          |           |
| i |                                 | ) |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| p |                                 |   |           |   |          |           |
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| h |                                 |   |           |   |          |           |
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| b |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
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| t |                                 |   |           |   |          |           |
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| p |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | 3 |           | - |          | -         |
| a |                                 | 8 |           |   |          |           |
| s |                                 | 3 |           |   |          |           |
| h |                                 | . |           |   |          |           |
| r |                                 | 1 |           |   |          |           |
| e |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| x |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| w |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | - |           | - |          | 614.4     |
| a |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| v |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| m |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| u |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| c |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| f |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| d |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| t |                                 |   |           |   |          |           |
| i |                                 |   |           |   |          |           |
| o |                                 |   |           |   |          |           |
| n |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| l |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
| h |                                 |   |           |   |          |           |
| a |                                 |   |           |   |          |           |
| r |                                 |   |           |   |          |           |
| e |                                 |   |           |   |          |           |
| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | - |           | - |          | 12.3      |
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+---+---------------------------------+---+-----------+---+----------+-----------+
| N |                                 | 3 |           | 2 |          | 750.4     |
| e |                                 | 4 |           | 9 |          |           |
| t |                                 | 3 |           | 6 |          |           |
| c |                                 | . |           | . |          |           |
| a |                                 | 2 |           | 1 |          |           |
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| s |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
|   |                                 | 0 |           | 0 |          | 0.1       |
|   |                                 | . |           | . |          |           |
| I |                                 | 0 |           | 0 |          |           |
| n |                                 |   |           |   |          |           |
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| t |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+
| N |                                 | 2 |           | ( |          | 36.5      |
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+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | 6 |           | 1 |          | 117.3     |
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+---+---------------------------------+---+-----------+---+----------+-----------+
| C |                                 | 3 |           | 6 |          | 153.8     |
| a |                                 | 1 |           | 1 |          |           |
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| r |                                 |   |           |   |          |           |
+---+---------------------------------+---+-----------+---+----------+-----------+

Significant Financial Ratios

  ------------------------------- ------- --------------- --------------- ---------------
                                          Consolidated                    
                                          Financial                       
                                          Statement                       

                                          For Fiscal Year                 
                                          ended 31 March                  

                                          2010            2009            2008

  Liquidity Ratios                                                        

  Liquidity Ratios                x       0.82            0.75            0.85

  Quick Ratios                    x       0.15            0.04            0.07

  Average Collection Period⁽¹⁾    Day     26.57           13.22           3.46

  Average Inventory Period⁽²⁾     Day     3,505.76        5,742.1         2,763.75

  Average Payment Period⁽³⁾       Day     5.77            8.88            4.36

  Cash Cycle                      Day     3,526.56        5,746.40        2,562.86

  Profitability Ratios                                                    

  Gross Profit Margin             %       12.11           8.71            4.34

  Operating Profit Margin⁽⁴⁾      %       (20.58)         (25.16)         (18.48)

  Non-operating Profit / Total    %       32.58           25.21           53.36
  Revenues                                                                

  Net Profit Margin               %       14.53           1.83            43.72

  Return on Equity                %       5.36            0.53            38.89

  Efficiency Ratios                                                       

  Return on Assets                %       3.13            0.29            16.01

  Return on Fixed Assets⁽⁵⁾       %       5.43            1.35            26.19

  Asset Turnover Ratios           x       0.22            0.16            0.37

  Financial Policy Ratios                                                 

  Debt to Equity                  x       0.61            0.84            0.82

  Interest Coverage Ratio         x       5.85            (1.64)          (3.10)

  Contingency Coverage Ratio      x       0.32            (0.19)          (0.01)
  (Cash Basis)                                                            

  Dividend Payout                 %       n.a.            n.a.            n.a.

  Per Share Ratios                                                        

  Outstanding Common Shares       Share   7,614,391,803   5,813,333,333   5,813,333,333

  Par value                       Baht    1.0             1.0             1.0

  Book Value Per Share⁽⁶⁾         Baht    0.72            0.64            0.64

  Earnings Per Share              Baht    0.033           0.004           0.190
  ------------------------------- ------- --------------- --------------- ---------------

Remark ⁽¹⁾ 360 / (Revenue from core business / Average trade account
receivables)

⁽²⁾ 360 / [(Cost from Property development & real estate + cost of land
procurement) / Average real estate development cost]

⁽³⁾ 360 / (Cost of core business / Average trade account payable)

⁽⁴⁾ (Revenue from core business – Cost of sales & services from core
business – SG&A – Directors’ remuneration) / Revenue from core business

⁽⁵⁾ Net income / Average total non-current assets

⁽⁶⁾ Total Shareholders’ equity / weighted average shares outstanding

11.2 Analysis of Operating Result for the Fiscal Years 2010 and 2009

11.2.1 Total Revenues of the Company

In Fiscal Year 2010, the Company’s total revenue amounted to Baht
1,572.7 million, which consisted of revenue from property business,
other revenue and rehabilitation / debt settlement gain in the values of
Baht 1,060.4 million, Baht 369.7 million and Baht 142.7 million,
respectively. Total revenue grew 46.9% from Fiscal Year 2009 due to the
increase in operating revenue and other income. Revenue from property
business was the largest component, accounting for 67.4% of Fiscal Year
2010 total revenue. The remaining 23.5% and 9.1% were generated from
other revenue and rehabilitation / debt settlement gain transactions,
respectively. Other revenue mainly consists of reversal items,
management income from managing the construction of Abstracts
Phahonyothin Park Project, interest income and other revenue, such as
reversal of allowance for doubtful debt.

The operating revenue increased from Baht 800.8 million, in Fiscal Year
2009, to Baht 1,060.4 million, in Fiscal Year 2010, as a result of
progress of construction work. The table below shows the key components
of total revenue in the Fiscal Year 2010 and 2009.

+---------------------------+---------+---------+---------+---------+
| Revenue                   | Conso   |         |         |         |
|                           | lidated |         |         |         |
|                           | Fi      |         |         |         |
|                           | nancial |         |         |         |
|                           | St      |         |         |         |
|                           | atement |         |         |         |
+---------------------------+---------+---------+---------+---------+
|                           | Fiscal  |         |         |         |
|                           | Year    |         |         |         |
|                           | ended   |         |         |         |
|                           | 31      |         |         |         |
|                           | March   |         |         |         |
+---------------------------+---------+---------+---------+---------+
|                           | 2010    |         | 2009    |         |
+---------------------------+---------+---------+---------+---------+
|                           | Million | %       | Million | %       |
|                           | Baht    |         | Baht    |         |
+---------------------------+---------+---------+---------+---------+
| Property business:        |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Revenue from Sale of    | 100.9   | 6.4%    | 48.8    | 4.6%    |
|   Real Estate             |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Revenue from Offices /  | 169.4   | 10.8%   | 167.9   | 15.7%   |
|   Apartments for Rent     |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Revenue from Hotels     | 34.5    | 2.2%    | 36.8    | 3.4%    |
+---------------------------+---------+---------+---------+---------+
|   Revenue from            | 755.5   | 48.0%   | 547.4   | 51.1%   |
|   Construction            |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
| Total revenue from        | 1,060.4 | 67.4%   | 800.8   | 74.8%   |
| property business         |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
| Other income:             |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Revenue from sales of   | 59.0    | 3.7%    | -       | 0.0%    |
|   right of claim          |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Reversal of allowance   | 45.6    | 2.9%    | -       | 0.0%    |
|   for loss of diminutive  |         |         |         |         |
|   in value of projects    |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Reversal of allowance   | 167.0   | 10.6%   | -       | 0.0%    |
|   for impairment of       |         |         |         |         |
|   assets                  |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Other business income   | 98.1    | 6.2%    | 74.8    | 7.0%    |
+---------------------------+---------+---------+---------+---------+
|   Revenue from            | 142.7   | 9.1%    | 195.1   | 18.2%   |
|   rehabilitation plan /   |         |         |         |         |
|   debt settlement         |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
| Total Revenue             | 1,572.7 | 100.0%  | 1,070.7 | 100.0%  |
+---------------------------+---------+---------+---------+---------+

Property Business Revenue

-   Revenue from Property Development / Real Estate Business

In Fiscal Year 2010, the revenue from Property Development / Real Estate
Business is Baht 100.9 million, representing an increase of Baht 52.1
million or 106.8% over the previous year. This increase was the result
of higher sales from the Company’s two actively marketed condominiums
projects, Nouvelle Condominium and King Kaew Condominium, which are part
of the larger Thana City project. The remaining seven Thana City
projects are under the process of renovation and/or repositioning in the
market. The Company has focused on creating attractive marketing
campaigns to increase sales from the completed Nouvelle and King Kaew
Condominiums and to leverage the special property transfer tax privilege
granted by the Thai government. In the same period, the Company also
received Baht 11.2 million in revenue from sales of land plots from its
land bank in Chiang Rai and Bangkok.

-   Revenue from Hotels / Office / Apartments for Rent (Residential
    Apartment)

The revenue from Hotels / Office / Apartments for Rent (Residential
Apartment) can be broken down into revenue from hotels operation and
rental & services operations. In Fiscal Year 2010, the Company operated
U Chiang Mai and Eastin Lakeside Hotel. The rental and services
operations were provided through TST Office, the Royal Place 1 and 2,
the Grand and Thana City Golf and Sports Club.

In Fiscal Year 2010, the Company had total revenue from Hotels / Office
/ Apartments for Rent (Residential Apartment) of Baht 204.0 million, a
slight decrease of Baht 0.7 million or 0.3% compared to the previous
period. The reduction was the result of the end of operations at the
Eastin Lakeside on 31 December 2009 as the leasing contract between one
of the Company’s subsidiaries and Sinnsuptawee Assets Management Company
Limited was terminated. During this fiscal year, the Company had revenue
of Baht 16.9 million, a 20.0% increase over fiscal period ended 31 March
2009, from U Chiang Mai and Baht 17.7 million, a 22.2% decrease over the
same fiscal period, from the nine-month operation of the Eastin
Lakeside. The decline in hotel income during Fiscal Year 2010 was
balanced by a slight increase in revenue from rental & services
business. Revenue from this business unit increased from Baht 167.9
million in Fiscal Year 2009 to Baht 169.4 million, representing a 0.9%
increase, in Fiscal Year 2010. The revenue from rental & services had
the Royal Place 2 project as the key growth driver due to the larger
size of the apartments. On a three year average basis, revenue from the
Hotels / Office / Apartments for Rent (Residential Apartment)
contributes approximately 20.0% to the Company’s total core business
revenue.

-   Revenue from Construction Services

In Fiscal Year 2010, the revenue from Construction Services Business
amounted to Baht 755.5 million, which consisted of Baht 546.2 million
from three Baan Aur-Arthorn projects, and Baht 209.4 million from the
Four Points by Sheraton project. The revenue from Construction Services
increased by 38.0% on a year on year basis due to higher revenue from
Baan Aur-Arthorn projects. The Company also started to realize higher
revenue from the Four Points by Sheraton project.

In Fiscal Year 2010, the revenue from Baan Aur-Arthorn projects has
increased by 24.1% from Fiscal Year 2009 due to construction progress in
Baan Aur-Arthorn Chonburi (Najomtien) and Baan Aur-Arthorn
Prajuabkirikhan (Hua Hin 3), thus realizing higher revenue. Yet, it
declined by 22.6% from Fiscal Year 2008 as, after the Company had
already constructed the whole project piling and foundation in 2007, the
Company did not construct the whole project at the same time and divided
the construction into phases. Also, there was no revenue from land
procurement for the project in Fiscal Year 2010 since that revenue was
fully realized during Fiscal Year 2008. In Fiscal Year 2010, the Company
realized revenue of Baht 300.9 million from Baan Aur-Arthorn Chonburi
(Najomtien), Baht 121.6 million from Baan Aur-Arthorn Prajuabkirikhan
(Hua-Hin 3) and Baht 123.7 million from Baan Aur-Arthorn Saraburi (Kok
Yae). The revenue from these three Baan Aur-Arthorn Projects accounted
for 72.3% of the total Construction Services revenue. The remaining
27.7% came from the Four Points by Sheraton project.

The Construction Business has been the largest contributor to the
Company’s revenue from property business since Fiscal Year 2008. Over
the three year period, this business unit revenue has been in the range
of 68.4% to 84.0% of the property business revenue and it contributes
approximately 74.6% to total revenue from property business on a
three-year average basis.

Other Income

In Fiscal Year 2010, the Company had total other income in the amount of
Baht 512.3 million, consisting of income from other activities in the
amount of Baht 369.7 million and gains from rehabilitation plan / debt
settlement in the amount of Baht 142.7 million. The Baht 294.8 million
or 393.9% increase in Other Income from the Fiscal Year 2009 came mainly
from the reversal of provision item due to the higher than net book
value of real estate development cost which was appraised in 2007, the
reversal of allowance for impairment of some fixed assets and the first
time recognition of management income from the Abstracts Phahonyothin
Park Condominium project. The gains from rehabilitation plan / debt
settlement declined by Baht 52.4 million or 26.9% as the Company has
successfully exited from its rehabilitation plan since the Fiscal Year
2008.

11.2.2 Total Expenses of the Company

The Company’s key expenses are costs of sales and services of the
property business, selling and administrative expenses and directors’
remuneration. During Fiscal Year 2010, total expenses were Baht 1,303.6
million, representing a growth of 28.7% over the previous fiscal year.
The cost of sales and services are major components of total expenses.

+---------------------------+---------+---------+---------+---------+
| Expenses                  | Conso   |         |         |         |
|                           | lidated |         |         |         |
|                           | Fi      |         |         |         |
|                           | nancial |         |         |         |
|                           | St      |         |         |         |
|                           | atement |         |         |         |
+---------------------------+---------+---------+---------+---------+
|                           | Fiscal  |         |         |         |
|                           | Year    |         |         |         |
|                           | ended   |         |         |         |
|                           | 31      |         |         |         |
|                           | March   |         |         |         |
+---------------------------+---------+---------+---------+---------+
|                           | 2010    |         | 2009    |         |
+---------------------------+---------+---------+---------+---------+
|                           | Million | %       | Million | %       |
|                           | Baht    |         | Baht    |         |
+---------------------------+---------+---------+---------+---------+
| Cost of sales & services  |         |         |         |         |
| of property business:     |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Cost of sales of        | 106.3   | 8.2%    | 66.2    | 6.5%    |
|   Property Development /  |         |         |         |         |
|   Real Estate             |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Cost of services of     | 114.4   | 8.8%    | 105.1   | 10.4%   |
|   Offices / Apartments    |         |         |         |         |
|   for Rent                |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Cost of Hotels Services | 10.1    | 0.8%    | 23.4    | 2.3%    |
+---------------------------+---------+---------+---------+---------+
|   Cost of Construction    | 701.2   | 53.8%   | 536.5   | 53.0%   |
|   Services                |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
| Total cost of sales &     | 932.0   | 71.5%   | 731.1   | 72.2%   |
| services of property      |         |         |         |         |
| business                  |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Selling and             | 296.6   | 22.7%   | 233.4   | 23.0%   |
|   administrative expenses |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
|   Directors’ remuneration | 50.0    | 3.8%    | 37.8    | 3.7%    |
+---------------------------+---------+---------+---------+---------+
|   Loss on provision for   | 25.0    | 1.9%    | 10.6    | 1.0%    |
|   impairment of assets    |         |         |         |         |
+---------------------------+---------+---------+---------+---------+
| Total Expenses            | 1,303.6 | 100.0%  | 1,012.9 | 100.0%  |
+---------------------------+---------+---------+---------+---------+

Cost of Sales and Services of Property Business

In Fiscal Year 2010, the Company’s costs of sales and services amounted
to Baht 932.0 million, an increase of Baht 200.9 million or 27.5% over
the previous fiscal year. Since the Company focused on controlling the
cost of each business unit, the Company continued to see improvements in
total gross profit margin that increased from 8.7% in previous fiscal
year to 12.1% in Fiscal Year 2010. This improved performance was mainly
driven by Hotels / Office / Apartments for Rent (Residential Apartment)
and the Construction Services.

-   Costs of Sales of Property Development / Real Estate Business

In Fiscal Year 2010, the Company had Baht 106.3 million cost of sales
from Property Development / Real Estate Business. With revenue from this
business unit of Baht 100.9 million, the Company thus had a negative
gross profit of Baht -5.4 million or a 5.4% negative gross profit
margin. However, these business activities showed a 85.0% improvement in
gross profit margin compared to previous fiscal year that had negative
gross profit and gross profit margin of Baht -17.4 million and -35.7%,
respectively. This was because the Company has been selling down the
older Thana City condominium inventory in some cases below book value in
order to reduce carrying costs and release cash.

-   Costs of Hotels / Office / Apartments for Rent (Residential
    Apartment)

In Fiscal Year 2010, the Hotels / Office / Apartments for Rent
(Residential Apartment) activities had total cost of services of Baht
124.5 million, which resulted in Baht 79.5 million gross profit. The
cost of hotel operating activities reduced to Baht 10.1 million. This
was due to the termination of Eastin Lakeside operation in December
2009. The remaining Baht 114.4 million came from rental and services
business. Total revenue from this business unit declined by 0.3% in
Fiscal Year 2010, while the cost of services declined by 3.1%;
therefore, leaving a higher gross profit margin than Fiscal Year 2009.

-   Costs of Construction Services Business

In Fiscal Year 2010, the Company’s Construction Services Business unit
had a total cost of Baht 701.2 million, resulting in Baht 54.3 million
gross profits. This business unit yielded a 7.2% gross profit margin,
increasing 260.2% over Fiscal Year 2009. During Fiscal Year 2010, costs
of Construction Services came from the three Baan Aur-Arthorn Projects
in the value of Baht 515.8 million and from Four Points by Sheraton
project in the value of Baht 185.4 million. During this period, gross
profit margin from Baan Aur-Arthorn increased from 0.3% to 5.6% while
gross profit margin from Four Points by Sheraton project increased from
9.1% to 11.4%. These increases came from revenue increase, better cost
control system and the nature of profit recognition as construction
progressed.

Selling, Servicing and Administrative Expenses

In Fiscal Year 2010, the Company’s selling, servicing and administrative
expenses were Baht 296.6 million, representing 18.9% of total sales
revenue. The Company experienced a 27.1% growth, an increase of Baht
63.2 million, in selling, servicing and administrative expenses compared
to the Fiscal Year 2009, which amounted to Baht 233.4 million or 21.8%
of the total revenue. The increase was mainly a result of the boost in
activities of the Company’s operating business, leading to an increase
in number of employees for new operations, and hence a rise in employee
remuneration by Baht 21.5 million. In addition, there were also
financial advisory and legal expenses incurred from the issuance of
warrants transaction in the amount of Baht 26.6 million. The remaining
amount was accounted by an increase of other expenses.

Interest Expenses

In Fiscal Year 2010, the Company’s financial costs amounted to Baht 30.4
million, a Baht 7 million or 29.9% increase over Fiscal Year 2009. The
increase in financial cost was a result of more borrowing from financial
institutions for purchase of shares in subsidiary. In general, the
Company incurs financial cost solely from the short-term and long-term
loans from financial institution since according to the rehabilitation
plan; the Company does not have to pay interest on the outstanding
amount.

Corporate Income Tax

One of the Company’s subsidiaries had Baht 10.8 million of corporate
income tax in Fiscal Year 2010 and Baht 8.5 million of corporate income
tax in Fiscal Year 2009. As of 31 March 2010, the Company still has tax
loss carry forward of Baht 786.6 million, which will progressively
expire in the amount of Baht 479.2 million Baht 194.6 million and Baht
112.8 million in March 2011, 2012 and 2014 respectively.

Net Profit

During Fiscal Year 2010, the Company generated a net income of Baht
228.5 million, increasing from Baht 19.5 million in Fiscal Year 2009.
The growth in net profit and net profit margin were due mainly to a
higher growth rate of revenue compared to total expenses, resulting in
higher margin for the Company. Additionally, this revenue growth was
also fueled by the growth in the Company’s property business revenue,
indicating a better operating performance of the Company during Fiscal
Year 2010. Of the net income of Baht 228.5 million in the Fiscal Year
2010, Baht 142.7 million was gain from debt restructuring and Baht 167.0
was gain from allowance for impairment of assets.

11.2.3 Analysis of the Company’s Financial Position

As of 31 March 2010, the Company has total assets valued at Baht 7,835.0
million, financed by equity in the amount of Baht 4,855.6 million and by
liabilities in the amount of Baht 2,979.4 million. Assets grew by 15.8%
over value as of 31 March 2009. This added value came mainly from
increase in cash and land and projects awaiting development.

  11.2.3.1 Liquidity and sources of fund

During Fiscal Year 2010, the Company’s liquidity position showed an
improvement through a higher liquidity ratio and quick ratio compared to
Fiscal Year 2009. As of 31 March 2010, the Company has total current
assets of Baht 2,271.0 million and total current liabilities of Baht
2,782.4 million. The liquidity ratio was 0.82 times and the quick ratio
was 0.15 times. The growth in current assets size was a result of an
increase in cash and cash equivalent position in Fiscal Year 2010.

  11.2.3.2 Assets

As of 31 March 2010, the Company has total assets of Baht 7,835.0
million, a growth of 15.8% or Baht 1,066.5 million over Fiscal Year
2008. This increase was driven by the accumulation of more land &
projects held for development, which would be used in the Property
development / Real estate Business, in the value of Baht 1,233.4
million. In addition, during the Fiscal Year 2010, there was also some
re-appraisal of assets causing an increase of Baht 99.0 million to Baht
2,348.2 million.

  11.2.3.3 Liabilities

As of 31 March 2010, the Company has total liabilities of Baht 2,979.4
million, consisting of Baht 2,782.4 million in current liabilities and
Baht 197.1 million in non-current liabilities. Total liabilities
decreased by Baht 113.0 million or 3.7% comparing to the amount
outstanding as of 31 March 2009 mainly due to the repayment of the
liabilities under the rehabilitation plan during the year. Therefore, as
of 31 March 2010 the outstanding liabilities under creditors per
rehabilitation plan was Baht 1,752.5 million, representing 58.8% of
total liabilities. As of 31 March 2010, the total liabilities under
creditors per the rehabilitation plan can be divided into the current
portion of Baht 1,681 million and the non-current liabilities under
creditors per the rehabilitation plan - net of current portion of Baht
71 million. For the current portion of creditors per the rehabilitation
plan, the Company had a total secured portion of Baht 1,316 million and
a total unsecured portion of Baht 365 million. For the non-current
liabilities under creditors per the rehabilitation - net of current
portion, the whole amount is unsecured. Most of the secured current
portions of creditors per the rehabilitation plan are collateralized by
the Company’s land and real estate assets. The unsecured portion of
creditors per the rehabilitation plan are to be settled with cash and
the conversion of debt to equity.

The table below shows the outstanding obligation under rehabilitation
plan and loan from financial institution term loan.

+----------------------+----------+------+-----------+----------------+
|                      | Out      | Inte | C         | Collateral     |
|                      | standing | rest | onditions |                |
|                      | as at 31 | Rate | and       |                |
|                      | March    |      | R         |                |
|                      | 2010     |      | epayments |                |
+======================+==========+======+===========+================+
| Current portion of   |          |      |           |                |
| creditors per        |          |      |           |                |
| Rehabilitation Plan  |          |      |           |                |
+----------------------+----------+------+-----------+----------------+
| Secured creditors    |          |      |           |                |
+----------------------+----------+------+-----------+----------------+
|   Debts of which the | 859.0    | -    | Secured   | TST Tower and  |
|   Company is an      |          |      | Asset     |                |
|   assets selling     |          |      | Sale for  | Yongsu         |
|   agent              |          |      | debt      | Apartment      |
|                      |          |      | services  |                |
+----------------------+----------+------+-----------+----------------+
|   Debts pending      | 457.2    | -    | Cash and  | Land bank in   |
|   final judgment     |          |      | asset     | Thana City, in |
|                      |          |      | transfer  | Phang-nga,     |
|                      |          |      | for debt  | Chiang Mai,    |
|                      |          |      | services  | Chanthaburi;   |
|                      |          |      |           | and BaanMittra |
|                      |          |      |           | Condominium    |
|                      |          |      |           | and Khing Kaew |
|                      |          |      |           | Condominium    |
+----------------------+----------+------+-----------+----------------+
| Subtotal             | 1,316.2  |      |           |                |
+----------------------+----------+------+-----------+----------------+
| Unsecured creditors  |          |      |           |                |
+----------------------+----------+------+-----------+----------------+
|   Debts pending      | 284.0    | -    | Cash and  | -              |
|   final judgment     |          |      | c         |                |
|                      |          |      | onversion |                |
|                      |          |      | of debt   |                |
|                      |          |      | into      |                |
|                      |          |      | equity    |                |
+----------------------+----------+------+-----------+----------------+
|   Debts dued         | 52.8     | -    | Cash and  | -              |
|                      |          |      | c         |                |
|                      |          |      | onversion |                |
|                      |          |      | of debt   |                |
|                      |          |      | into      |                |
|                      |          |      | equity    |                |
+----------------------+----------+------+-----------+----------------+
|   Undue debts        | 11.4     | -    | Cash      | -              |
+----------------------+----------+------+-----------+----------------+
|   Installment debts  | 17.2     | -    | Cash      | -              |
+----------------------+----------+------+-----------+----------------+
| Subtotal             | 365.4    |      |           |                |
+----------------------+----------+------+-----------+----------------+
| Long-term portion of |          | -    |           |                |
| creditors per        |          |      |           |                |
| rehabilitation plan  |          |      |           |                |
+----------------------+----------+------+-----------+----------------+
| Unsecured creditors  | 70.9     | -    | Cash and  | -              |
|                      |          |      | ordinary  |                |
|                      |          |      | shares of |                |
|                      |          |      | the       |                |
|                      |          |      | Company   |                |
|                      |          |      | received  |                |
|                      |          |      | from the  |                |
|                      |          |      | c         |                |
|                      |          |      | onversion |                |
|                      |          |      | of debt   |                |
|                      |          |      | into      |                |
|                      |          |      | equity    |                |
+----------------------+----------+------+-----------+----------------+
| Long-term and        | 1,752.5  |      |           |                |
| current portion of   |          |      |           |                |
| creditors per        |          |      |           |                |
| Rehabilitation Plan  |          |      |           |                |
+----------------------+----------+------+-----------+----------------+
| Short-term loan from | 500.0    | MLR  | Annual    | Land in        |
| financial            |          |      | review    | Ratchburana    |
| institutions         |          |      |           |                |
+----------------------+----------+------+-----------+----------------+
| Long-term loan from  | 53.0     | MLR- | Payment   | 100% guarantee |
| financial            |          | 1.50 | 76        | by the Company |
| institution          |          |      | ins       |                |
|                      |          |      | tallments |                |
+----------------------+----------+------+-----------+----------------+

  11.2.3.4 Shareholders’ Equity

In Fiscal Year 2010, total shareholders’ equity increased by Baht
1,179.5 million, which was partly due to a lower retained loss due to
net profit of Baht 228.5 million and the issued and paid up new shares
for purchasing the remaining 50% ownership in Kamala Beach Resort &
Hotel Management Company Limited of Baht 1,034.8 million and the
exercise of warrants of Baht 766.3 million.

11.2.4 Analysis of Cash Flows of the Company

Summary of Cash Flow for Fiscal Year 2009 and 2010

  ----------------------------- ---------- ---------- ---------- ----------
                                For the                          
                                Fiscal                           
                                Year Ended                       
                                31 March                         

                                2010                  2009       

                                Million    % Chg.     Million    % Chg.
                                Baht                  Baht       

  Net cash from (used in)       108.5      +251.1%    (71.8)     (706.4%)
  operating activities                                           

  Net cash used in investing    (198.6)    (37.3%)    (316.7)    +55.1%
  activities                                                     

  Net cash from financing       343.2      +15.9%     296.1      (60.5%)
  activities                                                     

  Net increase or decrease in   253.1      373.8%     (92.4)     (353.2%)
  cash                                                           
  ----------------------------- ---------- ---------- ---------- ----------

The Company’s net cash position significantly improved from Baht -92.4
million in Fiscal Year 2009 to Baht 253.1 million, a Baht 345.5 million
increase, in Fiscal Year 2010. This improvement was mainly the result of
a higher net profit that was supported by improved operation of the
Company’s core businesses, thus generating positive net cash from
operation of Baht 108.5 million. Major items causing a higher growth in
cash from operation were the Baht 220.5 million of advances received for
construction of Four Points by Sheraton project from BTS Assets and the
Baht 100 million in unearned income from management fee of Abstracts
Phahonyothin Park Project from Nuvo Line. Since the Company used less
cash in investing activities in Fiscal Year 2010, the net cash used in
these activities decrease by 37.3%, leaving a negative cash flow
position of Baht 198.6 million from this category. Most of the investing
activities mainly incurred from the increase in restricted deposits and
net cash payment for purchase of shares in Kamala Beach Resort & Hotel
Management Co., Ltd. The cash flow from financing activities of Baht
343.2 million was mainly generated from the exercised warrants, the
increase in short-term loan from financial institutions and deposits
payable, which were mainly used to make debt repayment to financial
institutions and creditors under the rehabilitation plan.

11.2.5 Commitment as of 31 March 2010

-   Capital Commitment of the Company and its subsidiaries

+-------------------------------------------+--------------------------+
| Details                                   | Outstanding as of 31     |
|                                           | March 2010               |
|                                           |                          |
|                                           | (Million Baht)           |
+-------------------------------------------+--------------------------+
| Construction contracts of low-cost        | 1,282.4                  |
| residential housing projects⁽¹⁾           |                          |
+-------------------------------------------+--------------------------+
| Agreement of consultation, design and     | 763.9                    |
| construction projects                     |                          |
+-------------------------------------------+--------------------------+
| Construction project with its subsidiary  | 1,687.8                  |
+-------------------------------------------+--------------------------+
| An agreement of project consultation      | Not exceeding HKD 2.9    |
+-------------------------------------------+--------------------------+
| Renovation and development of golf course | 11.8                     |
+-------------------------------------------+--------------------------+
| Total (Converting HKD into Baht at 4.1373 | 3,757.9                  |
| Baht / HKD)                               |                          |
+-------------------------------------------+--------------------------+

Remark: ⁽¹⁾ These are the contracts between the Company and its
contractors. However, Baht 509.3 million was the amount that would not
be contingent upon the Company should the National Housing Authority
cancel the remaining 1,724 unconstructed units of Baan Aur-Arthorn
Saraburi (Kok Yae).

11.3 Auditor’s Remuneration

For Fiscal Year 2010, the Company’s and its subsidiaries’ auditor was
Ernst & Young Office Limited. cial statements was Baht 0.6 million. For
the annual audit of financial statements, the fee stood at Baht 2.9
million. Hence the total audit fee for Fiscal Year 2010 was Baht 3.5
million, which was equal to that of Fiscal Year 2009.