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Clarification of the opearting results

BackFeb 18, 2008

SF 062/08

15 February 2008

Subject: Clarification of the operating results different from the same period last year more than 20%

To: President The Stock Exchange of Thailand

As required by The Stock Exchange of Thailand's regulation, Siam Future Development Public Company Limited would like to clarify the operating results for the year 2007 ended 31 December 2007, which differs from the same period last year by more than 20%.

In the year 2007, the Company had 219,021 sq.m. gross leasable area increasing by 30,507 sq.m. or 16% from opening of 2 new shopping centers, The Avenue Pattaya and Kao Yai Market Village, therefore, the rental and service income and cost increased from the same period last year. Moreover, in the year 2006, the Company handover long term leasable area of Esplanade Ratchadapisek which effect high Revenue from finance lease contracts. In the year 2007, the Company handover long term leasable area of The Avenue Pattaya which has less leasable area, then, less Revenue from finance lease contracts. Details in Revenues, Cost & Expenses, and Net Profit are as follows:

1. Revenues
Rental and service income of 774.79 Million Baht increasing by 322.28 Million Baht or 71%, from the same period last year.

Revenue from finance lease contracts of 717.89 Million Baht from the Avenue Pattaya and Esplanade Ratchadapisek project decreasing by 477.93 Million Baht or 40%, from the same period last year.

Total Revenues of 1,590.08 Million Baht decreasing by 84.40 Million Baht or 5%, from the same period last year.

2. Cost and Expenses
Cost of rental and services of 645.87 Million Baht increasing by 267.95 Million Baht or 71%, from the same period last year.

Cost of finance lease contracts of 235.14 Million Baht decreasing by 280.18 Million Baht or 54%, from the same period last year.

Total Cost and Expenses of 1,034.02 Million Baht increasing by 22.75 Million Baht or 2% from the same period last year.

Interest expense of 98.73 Million Baht increasing by 61.52 Million Baht or 165%, from the same period last year because of loan for investing new projects.

3. Net Profit
Net profit of 307.73 Million Baht decreasing by 97.23 Million Baht or 24%, from the same period last year.

Due to all of the reasons mentions above, the operating results for the year 2007 ended 31 December 2007 increased by more than 20% from the same period last year.

Please be informed accordingly.

 

Sincerely Yours,

 

(Mr. Somnuk Pojkasemsin)
President

Attachments

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