(TRANSLATION)
Ref: CNT/SEC/001/2009
26 February 2009
Subject: Explanation
of the year 2008’s operating result which has varied by 20 %
over
or under that of the preceding year
To: The
Secretary
The
Office of the Securities and Exchange Commission
Christiani & Nielsen Thai PCL. would like to
explain the reasons for the actual operating result varying by 20% from the
preceding year.
The
Company would like to inform that for the year ended 31 December 2008, the Consolidated
net profit of Baht 4 million decreased from the previous year by Baht 113million.
As in year 2008, the economic downturn worldwide due to the financial crisis in
the United States of America, the weakness of all foreign currencies which
resulted in a decreased of Baht 61 million for discontinued operation units. Administrative
expenses and interest expenses increased from the previous year by Baht 31
million and Baht 5 million, respectively. In addition, the Company has
increased doubtful debts by Baht 63 million. However, the Company has increased
gross profit & other income from the previous year by Baht 25 million and
Baht 23 million, respectively.
For
the separate financial statements, the net profit of Baht 67 million decreased
from the previous year by Baht 11 million due to an increase of dividend income
from the Subsidiaries of Baht 268 million, since the Company received the said
dividend, therefore the net realizable value of the said investment was lower
than the carrying amount, the Company had set allowance for impairment loss of
the said investment of Baht 238 million. In addition, the Company increased
doubtful debts, administrative expenses and interest expenses of Baht 63
million, Baht 30 million and Baht 5 million, respectively. However, the Company
has increased gross profit of Baht 24 million and wrote back of accounts
payable of Baht 33 million.
Please be informed
accordingly.
Yours faithfully,
Christiani & Nielsen (Thai) Public Company
Limited
Signature –
(Mr. Danuch Yontararak)
Director and Company Secretary
CC: Vice
President, Listed Company Department
The
Stock Exchange of