The Audit Committee reviewed Sansiri's financial statements and internal control system in 2009 and found them to be in conformity with accounting standards and providing accurate and reliable disclosures. The Committee met 4 times during the year and consulted with management and internal auditors as needed. Overall, the Committee concluded Sansiri maintained an effective internal control system and prepared its financial reports in accordance with regulatory requirements.

1. Seamless Integration
Annual Report 2009
!!!"#$%#&'&"()*

3. Annual Report 2009
1
CONTENTS
Financial Highlights 3
Message from Chairman 5
Message from the Chief Executive Officer 8
Board of Directors and Executive Committee 12
Report on Corporate Governance by the Audit Committee 16
Investment Structure of Sansiri Group 19
General Information of the Company and its Subsidiaries 20
Other References 24
Type of Business 25
Revenue Structure 28
Milestone during the Year 30
Type of Products and Services 33
Marketing and Competition 35
Product Procurement 44
Risk Factors 46
Shareholders Structure and Management 52
Details on the Directors and Management 86
Inter- Related Transactions 98
Table of Key Financial Ratios 99
Management Discussion and Analysis 100
Financial Statement 112
Summary of Transactions Specified According to 174
the Form 56-2 in Annual Report 2009

4. BRILLIANT VISIONS
CREATE IMPRESSIONISTIC
SERVICES

5. Annual Report 2009
3
FINANCIAL
HIGHLIGHTS
2007 2008 2009
Total Revenue THB Million 13,889 15,178 17,497
Net Profit THB Million 708 914 1,608
Total Asset THB Million 21,032 23,492 25,375
Total Shareholdes Equity THB Million 8,346 8,955 10,124
Gross Margin (Core Revenue) % 28.77 30.04 30.29
Net Profit Margin % 5.10 6.02 9.19
Debt to Equity Times 1.43 1.54 1.44
Net Gearing Ratio Times 0.68 0.88 0.70
Earnings per Share Baht 0.48 0.62 1.09
Book Value per Share Baht 5.66 6.08 6.87
Remark: Financial figures are based on the consolidated financial statements.
2007
THBMILLION
2008 2009 2007
THBMILLION
2008 2009 2007
THBMILLION
2008 2009 2007
THBMILLION
2008 2009
TOTAL REVENUE REVENUE FROM
PROJECT SALE
NET PROFIT TOTAL ASSET
13,889
15,178
17,497
12,910
14,395
16,629
21,032
23,492
25,375
708
914
1,608

7. Annual Report 2009
5
MESSAGE
FROM
CHAIRMANThe Thai economy in 2009 slowed down further
especially during the first quarter of the year as a
result of the global economic downturn. However,
the economic outlook in the second half of 2009
turned positive with clearer signals of economic
recovery including export growth in December,
increase in the consumer confidence index, lower
unemployment rate, recovering tourism, and the
implementation of the economic stimulus “Strong
Thailand Scheme”. Despite these positive indications,
Thai economy was still vulnerable to many factors
such as political uncertainty, and the suspension
of projects in Map Ta Phut Industrial Estate, which
raisedconcernsnotonlyoverinvestmentopportunities
by foreign investors but also over business operation
and expansion among Thai entrepreneurs.
Overall real estate market in 2009 was stable with
the sluggish overall demand in the first half of the
year that improved in the latter half of the year
thanks to recovering consumer confidence, property-
related taxes cut by the Government, and low mortgage
rate. With commercial banks still prudent on lending
to small and medium developers, as well as large
developers postponing new launches and scaling
down constructions, housing supply in the first six
months was limited in response to the softer demand
in that period. However, the demand recovered well
in the second half resulting in more launches and
heavier marketing spending.
Sansiri group has managed to grow its total revenues
by 15%, and increase its net profit by 76% leveraging
off its unique fully-integrated business model.
Sansiri not only develops all types of residential
properties in every segment, but also provides a
full range of property services to customers. Sansiri
also improved profitability through cost efficiency
and effective inventory management. Nevertheless,
Sansiri model continues to stress on customer’s
satisfaction through strict controls on quality and
cost while uncompromising in its maintenance of
high standards of corporate governance and social
responsibilities.Overall,Sansiriexpectstherealestate
market in 2010 will continue to improve in line with
economic recovery with the condominium demand
along the BTS and MRT standing out meeting the
need for convenient transportation and changing
lifestyle of urban community.
Sansiri Public Company Limited would like to express
our sincere appreciation to our shareholders, bond-
holders, customers, financial institutions, the media
and business partners for their supports, along
with every member of the management and staff
for their dedication to strengthen Sansiri’s market
leadership and be ahead of the competition.
Kovit Poshyananda
Chairman

8. AN ARRAY OF EXPERTISE INTERWOVEN
TO ACHIEVE ULTIMATE SUCCESS

10. Annual Report 2009
8
MESSAGE
FROM
THE CHIEF
EXECUTIVE
OFFICER
In 2009, despite Thailand’s economic slowdown
and political uncertainties, Sansiri has managed
to achieve its growth in both the revenues and net
profits. Sansiri owes this success to customer’s
brand loyalty and to Sansiri products and services,
Sansiri’s commitment to deliver quality projects
and prudent inventory and cost management.
Capitalizing on its fully-integrated business model,
Sansiri outpaced competitors with capability to
serve consumers’ demand for property projects
and services in every segment.
With commercial banks limiting their funding only
to large developers and growing consumer preference
towards more established brands, Sansiri has
strengthened its grip as a leader in a market tended

11. 9
tofavourthestrongest.Furthermore,incooperation with
its business partners, Sansiri continued to build its
long term brand loyalty by launching innovative
products and services to meet evolving consumer
lifestyle.
In 2009, Sansiri reported total revenue of 17,497 million
baht, a 15% growth over 2008, with net profit of 1,608
million baht, representing an earning per share of
1.09 baht. Revenue from property sales of 16,629
million baht contributed 95% of total revenue. Of
the total revenue from project sales in 2009, 8,829
million baht (53%) derived from condominium
projects, 5,292 million baht (32%) derived from single-
detached house projects, and the balance of 2,479
million baht (15%) derived from townhouse projects.
In 2010, the economic situation is anticipated to
improve and property market to prosper. With our
competitive strengths, and dedicated commitment
of management and staff, Sansiri will continue to
grow its sales and profitability to remain one of the
strongest leaders in Thailand’s property market.
Apichart Chutrakul
Chief Executive Officer

12. THE INTEGRAL REPUTATION RISING TOWARDS
WORLD RECOGNITION.

13. FROM A FOUNDATION OF PERFECTION,
BUILDING TOWARDS ICONIC OF LIVING
FROM A FOUNDATION OF PERFECTION,
BUILDING TOWARDS ICONIC OF LIVING

14. Annual Report 2009
12
BOARD OF
DIRECTORS
1. Chairman of the Board
(Independent Director)
Mr. Kovit Poshyananda
2. Vice-Chairman
Chief Executive Officer
Mr. Apichart Chutrakul
3. Independent Director
Mr. Mana Noppun
4. Independent Director
Mr. Jesadavat Priebjrivat
5. Independent Director
Mr. Wirat Uanarumit
6. Director / President
Mr. Srettha Thavisin
7. Director / Chief Operating Officer
Mr. Wanchak Buranasiri
8. Director
Mr. Kriengkrai Thiennukul
9. Director
Mrs. Nujchanart Panthawangkun
10. Independent Director
Mr. Porntat Amatavivadhana
1
4
7
10
2
5
8
3
6
9

15. 13
EXECUTIVE
COMMITTEE
1. Chairman of the Executive Committee
Mr. Apichart Chutrakul
2. Deputy Chairman
of the Executive Committee
Mr. Srettha Thavisin
3. Member of the Executive Committee
Mr. Wanchak Buranasiri
4. Member of the Executive Committee
Mr. Thalin Aeimtitiwat
5. Member of the Executive Committee
Mr. Monthian Soisuwan
6. Member of the Executive Committee
Mr. Uthai Uthaisangsuk
7. Member of the Executive Committee
Mr. Nopporn Boonthanom
8. Member of the Executive Committee
Mr. Metha Angwatanapanich
9. Member of the Executive Committee
Mr. Somchai Charntanawet
10. Member of the Executive Committee
Mr. Manu Trakulwattanakit
11. Member of the Executive Committee
and Secretary to the Executive Committee
Mrs. Anongluk Rathprasert
1
4
7
10 11
2
5
8
3
6
9

16. Annual Report 2009
14
AUDIT
COMMITTEE
1. Chairman of the Audit Committee
Mr. Mana Noppun
2. Member of the Audit Committee
Mr. Jesadavat Priebjrivat
3. Member of the Audit Committee
Mr. Wirat Uanarumit
1
2
3

18. Annual Report 2009
16
REPORT ON
CORPORATE
GOVERNANCE
BY THE AUDIT
COMMITTEE
FOR 2009The Audit Committee is constituted in such a way as to be independent of the Company’s
management. All members of the Audit Committee are qualified individuals and independent
directors who possess the qualifications stipulated by the Stock Exchange of Thailand.
Presently, the Audit Committee is composed of Mr. Mana Noppun as a Chairman of the Audit
Committee with other 2 members, Mr. Jesadavat Priebjrivat and Mr. Wirat Uanarumit.
The Audit Committee performs the tasks assigned to it by the Board of Directors. It acts
independently, however, and is unconstrained in its access to information and always
receives good co-operation from the Company, in conformity to regulations of the Stock
Exchange of Thailand. In 2008, the present Audit Committee met 4 times, in which the
Chairman and all members of Audit Committee have attended all meetings in full. Moreover,
the Audit Committee also consulted with the Management and the internal audit officer as
deemed appropriate. Meetings with the internal audit officer were free of direction from
the Management. The findings of the Audit Committee are summarized as follows:
1. Review of financial statements : Prior to submission of quarterly and annual financial
statements that were reviewed and audited by the independent auditor to the Board of
Directors for approval, the Audit Committee had reviewed these statements based on
its queries and explanations provided by the management. The review shows that these
financial reports were in conformity with generally accepted accounting principles as well
as provided sufficient disclosure of accurate and reliable information in the timely manner
without any significant adjustment from auditor during or after the reviews.
2. Review of internal control system : The Audit Committee, in cooperation with the internal
audit officer, has not only regularly reviewed the Company’s internal control system in
order to assess the effectiveness and sufficiency of the system, but also has made
suggestions on improving effectiveness. The review shows that the Company’s internal

19. 17
control system is sufficient, appropriate and being regularly updated to cope with the
changing environment and serve the business operations to achieve the objectives while
conforming to the pertinent regulations. The Audit Committee did not find any significant
constraints or deficiency leading to impediment to business operations. In addition, the
Audit Committee has emphasized that the Management must continue improving the
internal control system to be highly effective at all times.
3. Review of disclosure of connected transactions and potential conflicts of interest : Prior
to the approval by the Board of Directors for any connected transactions and potential
conflicts of interest, the Audit Committee had reviewed and commented on such
transactions to ensure the transparency and conformity to the rules and regulations of the
Stock Exchange of Thailand. In this regard, the Audit Committee did not find any significant
issues regarding the violation of the regulation of Stock Exchange of Thailand concerning
connected transactions or any potential conflicts of interest.
4. Compliance with laws and regulations: The Audit Committee had reviewed the processes
and procedures to ensure compliance with regulations regarding securities and the Stock
Exchange of Thailand, guidelines by the Stock Exchange of Thailand, and other related
business acts. The review shows that the Company has always acted in compliance with
laws and regulations. In this regard, the Audit Committee did not find any significant
issues regarding the violation of regulations, guidelines, and obligations with any external
parties.
5. Overseeing and monitoring the internal control matters : The Audit Committee, in
cooperation with the internal audit officer, has reviewed the report on internal control
matters on quarterly basis. The information technology system was also developed and
fully utilized to support the auditing work. The review shows that the internal control
was conducted in the independent, sufficient, and effective manners with the sufficiently
elaborate information security safeguards. Moreover, the summary of findings and the
guidelines to prevent or mitigate any potential risks were sent to the involved parties for
their further actions.
6. Good corporate governance : The Company realizes the importance of good corporate
governance and has focused our operations to ensure the efficiency, transparency, and
good business ethics, resulting in our integrity known among shareholders, investors, and
all parties involved.
7. Selecting, appointing and proposing remunerations for the auditor : The Audit Committee
has reviewed the performance, the independency and the appropriation of the
remunerations of the auditor, and agreed to continue the appointment of Ernst & Young
Office Limited as the Company’s auditor for the accounting period ended 31 December
2010. The appointment of auditor will be proposed for further approval at the Annual
General Meeting 2010.
Considering the overall operations of the Company, the Audit Committee has performed
the tasks assigned to it by the Board of Directors and is convinced that the Company
adheres to good business ethics, that its internal control systems and internal audit
systems are effective, that its risk management systems are sufficiently protective, that
its corporate governance is based on the principles including transparency, integrity,

20. Annual Report 2009
18
accountability, competitiveness, and credibility, and that its financial reports are in
conformity with generally accepted accounting principles with sufficient disclosure of
accurate and reliable information. The Company has always acted in compliance with
all related regulations. The Audit Committee also believes that the Company has shown
strong determination to continuously improve its operational processes, leading to
the transparent and effective management with good corporate governance. Thus, the
Management’s performances could be examined to ensure the best interest of all
stakeholders.
On behalf of the Audit Committee,
(Mr. Mana Noppun)
Chairman of the Audit Committee
2 March 2010

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22. Annual Report 2009
20
SUBSIDIARIES IN WHICH SANSIRI DIRECTLY
HOLDS SHARES
CHANACHAI LIMITED Property 90,000,000 baht 100
475 Sri Ayutthaya Road, Thanon Phayathai Development consisting of 90,000
Sub-district, Rajthevi District, Bangkok 10400 ordinary shares with
Tel. (662) 201-3905-6 Fax. (662) 201-3904 a par value of
1,000 baht each
Company / Head Office address Type of Paid-up Capital % of
Business shareholding
GENERAL
INFORMATION
OF THE COMPANY
AND ITS
SUBSIDIARIES
Sansiri Public Company Limited (the “Company” or “Sansiri”), registration number
0107538000665, with the security symbol “SIRI” on the Stock Exchange of Thailand, was
establishedin1984toengageinrealestatebusiness.TheCompanyconvertedtobeapublic
company limited in 1995 and has been listed on the Stock Exchange of Thailand since 1996
As at 22 February 2010, the Company’s registered capital is 15,991,205,802.64 baht consisting
of 3,736,263,038 ordinary shares at the par value of 4.28 baht, with issued and paid-up
capital of 6,307,130,801.76 baht.
The Company’s head office is located at 16th Floor, 475 Sri Ayutthaya Road, Thanon
Phayathai Sub-district, Rajthevi District, Bangkok 10400, Telephone number : (662) 201-3905
and (662) 201-3906, Fax : (662) 201-3904, Home Page : www.sansiri.com
The Company’s subsidiaries are as follows :

23. 21
ROJNARUEMIT LIMITED Property 4,875,000 baht 100
12th Floor, 475 Sri Ayutthaya Road, Development consisting of 780,000
Thanon Phayathai Sub-district, ordinary shares with
Rajthevi District, Bangkok 10400 a par value of
Tel. (662) 201-3905-6 Fax. (662) 201-3904 6.25 baht each
ARNAWAT LIMITED Property 10,000,000 baht 100
12th Floor, 475 Sri Ayutthaya Road, Development consisting of 1,000,000
Thanon Phayathai Sub-district, ordinary shares with
Rajthevi District, Bangkok 10400 a par value of
Tel. (662) 201-3905-6 Fax. (662) 201-3904 10 baht each
PIWATTANA LIMITED Property 1,000,000 baht 100
12th Floor, 475 Sri Ayutthaya Road, Development consisting of 100,000
Thanon Phayathai Sub-district, ordinary shares with
Rajthevi District, Bangkok 10400 a par value of
Tel. (662) 201-3905-6 Fax. (662) 201-3904 10 baht each
RED LOTUS PROPERTIES LIMITED
16th Floor, 475 Si Ayutthaya Road, Property 20,000,000 baht 100
Thanon Phayathai Sub-district, Development consisting of 2,000,000
Rajthevi District, Bangkok 10400 ordinary shares with
Tel. (662) 201-3905-6 Fax. (662) 201-3904 a par value of
10 baht each
SANSIRI VENTURE CO.,LTD. Property 3,000,000 baht 100
475 Sri Ayutthaya Road, Thanon Phayathai Development consisting of 300,000
Sub-district, Rajthevi District, Bangkok 10400 ordinary shares with
Tel. (662) 201-3905-6 Fax. (662) 201-3904 a par value of
10 baht each
PACIFIC CHALLENGE HOLDING CO.,LTD. Property 2,500,000 baht 85
2/2, Bhakdi Building, Wireless Road, Development consisting of 250,000
Lumpini District, Pathumwan Sub-district, ordinary shares with
Bangkok 10330 a par value of
Tel. (662) 253-1010 Fax. (662) 253-9625 10 baht each
S.U.N. MANAGEMENT CO., LTD. Property 10,000,000 baht 51
16th Floor, 475 Sri Ayutthaya Road, Development consisting of 1,000,000
Thanon Phayathai Sub-district, ordinary shares with
Rajthevi District, Bangkok 10400 a par value of
Tel. (662) 201-3905-6 Fax. (662) 201-3904 10 baht each
Company / Head Office address Type of Paid-up Capital % of
Business shareholding

24. Annual Report 2009
22
PAPANAN LIMITED Medical Service, 20,000,000 baht 100
2/2, Bhakdi Building, Wireless Road, Aesthetics, consisting of 2,000,000
Lumpini District, Pathumwan Sub-district, Health Care and ordinary shares with
Bangkok 10330 Medical Spa a par value of
Tel. (662) 253-1010 Fax. (662) 253-9625 10 baht each
NATIONAL EDUCATION DEVELOPMENT CO., LTD. Educational 40,000,000 baht 100
380 Panya-Indra Road, West Samwa Business named consisting of 400,000
Sub-district, Klong Samwa District, “SATIT Pattana ordinary shares with
Bangkok 10510 School”) a par value of
Tel. (662) 915-5390-2 Fax. (662) 915-5501 100 baht each
SATIT PATTANA PERSONEL CENTER LIMITED Consultancy 1,000,000 baht 100
380 Panya-Indra Road, West Samwa and Advisory consisting of 100,000
Sub-district, Klong Samwa District, Services ordinary shares with
Bangkok 10510 Pertaining to a par value of
Tel. (662) 915-5390-2 Fax. (662) 915-5501 Business 10 baht each
Administration
PLUS PROPERTY CO., LTD. Property 600,000,000 baht 100
10th Floor, 163 Rajchapark Buliding, Development consisting of 60,000,000
Sukhumvit 21 (Asoke), North Klongtoey District, ordinary shares with
Wattana Sub-district, Bangkok 10110 a par value of
Tel. (662) 661-7555 Fax. (662) 661-6633 10 baht each
SUBSIDIARIES IN WHICH SANSIRI
INDIRECTLY HOLDS SHARES THROUGH
PLUS PROPERTY CO., LTD.
SANSIRI LAND LIMITED Property 1,000,000 baht 100
11th Floor, 475 Sri Ayutthaya Road, Development consisting of 100,000
Thanon Phayathai Sub-district, ordinary shares with
Rajthevi District, Bangkok 10400 a par value of
Tel. (662) 201-3905-6 Fax. (662) 201-3904 10 baht each
TOUCH PROPERTY CO., LTD. Building 5,000,000 baht 100
14th Floor, 163 Rajchapark Buliding, Inspection, consisting of 500,000
Sukhumvit 21 (Asoke), North Klongtoey District, Brokerage, Sale ordinary shares with
Wattana Sub-district, Bangkok 10110 Management, a par value of
Tel. (662) 661-7555 Fax. (662) 661-6633 Property 10 baht each
Management
Company / Head Office address Type of Paid-up Capital % of
Business shareholding

25. 23
PLUS PROPERTY VENTURE CO., LTD. Property 10,000,000 baht 100
16th Floor, 163 Rajchapark Building, Development consisting of 1,000,000
Sukhumvit 21 (Asoke), North Klongtoey District, ordinary shares with
Wattana Sub-district , Bangkok 10110 a par value of
Tel. (662) 661-7555 Fax. (662) 661-6633 10 baht each
PLUS PROPERTY SPACE CO., LTD. Property 10,000,000 baht 100
16th Floor, 163 Rajchapark Building, Development consisting of 1,000,000
Sukhumvit 21 (Asoke), North Klongtoey, ordinary shares with
Wattana Sub-district , Bangkok 10110 a par value of
Tel. (662) 661-7555 Fax. (662) 661-6633 10 baht each
SUBSIDIARIES IN OVERSEAS COUNTRIES
SANSIRI GLOBAL INVESTMENT PTE LTD Holding 50,000 Singapore 100
(registered in Singapore) Company Dollars consisting of
3 PHILLIP STREET #18-00 COMMERCE POINT 50,000 ordinary shares
SINGAPORE (048693)
SUBSIDIARIES IN WHICH SANSIRI
INDIRECTLY HOLDS SHARES THROUGH
SANSIRI GLOBAL INVESTMENT PTE LTD
SANSIRI GUERNSEY (2009) LIMITED Real Estate 10,000 Pounds 100
(registered in Guernsey) Development consisting of 10,000
La Tonnelle House Les Banques St Sampson for Sale and ordinary shares
GUERNSEY GY1 3HS Lease in
United Kingdom
Company / Head Office address Type of Paid-up Capital % of
Business shareholding

26. Annual Report 2009
24
OTHER
REFERENCES
SECURITIES REGISTRATION
Thailand Securities Depository Co.,Ltd
Capital Market Academy Building, Stock Exchange of Thailand
2/1 Moo 4 (North park) Vipavadee – Rangsit Road KM. 27
Thungsonghong , Laksi, Bangkok 10210
Telephone : (662) 596-9000
Facsimile : (662) 832-4994- 5
and
Thailand Securities Depository Co.,Ltd
62 Rachadapisek Road , Klongtoey,
Klongtoey, Bangkok 10110
Telephone : (662) 229-2800
Facsimile : (662) 359-1259
THE AUDITOR
Mr. Sophon Permsirivallop
Certified Public Accountant (Thailand) No. 3182
Ernst & Young Office Limited
193/136-137 33rd Floor, Lake Rajada Office Complex
Rajadapisek Road, Klongtoey, Klongtoey, Bangkok 10110
Telephone : (662) 264-0777
Facsimile : (662) 264-0790

27. 25
TYPE OF
BUSINESS
OPERATIONAL STRUCTURE OF THE COMPANY AND SUBSIDIARIES
Sansiri Group is made up of Sansiri Public Company Limited as a parent company with a
broad range of eighteen subsidiaries, thirteen of which are directly held by Sansiri Public
Company Limited while five of which are indirectly held through the subsidiaries.
Currently, core business of Sansiri Group could be summarized as follows:
1. Property Development consists of:
1.1 Property Development for Sale includes single detached house, detached house,
townhouse, and condominium projects, being operated through:
Property Development for Sale
Company Name Divisions of Operations within the Group
1. Sansiri Public Company Limited Development of single-detached house and
condominium projects for middle to high-end consumers
2. Plus Property Company Limited Development of condominium and townhouse projects
for middle-end consumers
3. Piwattana Limited Development of single-detached house, detached house
condominium and townhouse projects for middle-end,
and middle to low-end consumers
4. Red Lotus Properties Limited Development of single-detached house and townhouse
projects for foreign consumers
5. Sansiri Venture Company Limited Development of condominium projects for
high-end consumers
6. Sansiri Land Limited Development of townhouse projects operated and
managed by Plus Property Company Limited
7. Plus Property Venture Company Limited Development of condominium and townhouse projects
for middle-end consumers and managed by Plus
Property Company Limited
8. Plus Property Space Company Limited Development of condominium and townhouse projects
for middle-end consumers and managed by Plus
Property Company Limited
9. Chanachai Company Limited Development of single-detached house and
condominium projects for middle to high-end consumers

28. Annual Report 2009
26
1.2 Property Development for Rent includes office buildings, apartment and leasehold
commercial building
Property Development for Rent
Company Name Divisions of Operations within the Group
1. Sansiri Public Company Limited Investment in office building and apartment for rent
with monthly rental fee in return
2. Pacific Challenge Holding Company Investment in office building with monthly rental fee
Limited (PCH) in return, only one investment in Bhakdi Building at
present
3. S.U.N. Management Company Limited Development of commercial building for leasehold
(SUN) agreement
2. Property Services consist of :
Company Name Divisions of Operations within the Group
1. Plus Property Company Limited Property and asset management, property brokerage
services, property sales management, property
development consultancy, and property management
2. Touch Property Company Limited Housing procurement service such as furniture and
home appliance under the brand “TouchDirect” and
building inspection
3. Sansiri Public Company Limited Hotel business development, generating recurring
income to the total revenues
4. Papanan Limited Medical spa services under the brand “S Medical Spa”
5. National Education Development Limited Educational business under the name
“Satit Pattana School”
6. Satit Pattana Personnel Center Limited Personnel management for Satit Pattana School

29. 27
3. International Investment consists of :
Company Name Divisions of Operations within the Group
1. Sansiri Global Investment Offshore investment in property development for sales
Private Company Limited and/or for lease/rent
2. Sansiri Guernsey (2009) Limited Property development for sale and/or for lease/rent in
the United Kingdom
4. Other Investment
Sansiri Public Company Limited not only operates 3 business groups but also invests in
other assets as follows:
Investments in available for sales securities – Property Fund
Sansiri Public Company Limited holds a 12.91 percent interest of Baan Sansiri Property
Fund (SIRIPF). The investment is recorded under “Long-term investments in available
for sales securities-Property Fund (Please see notes to consolidated financial statements
no.22)

30. Annual Report 2009
28
REVENUE
STRUCTURERevenue structure classified by business groups during 2007 – 2009, is as follows:
1)Property Development
Property for sale
- Condominium SIRI, PLUS, - , 100, 8,829 50 6,641 44 3,606 26
CC, SV 100, 100
- Single-detached house SIRI, PP, - , 100, 5,292 30 5,766 38 6,856 49
RED, CC 100, 100
- Townhouse PLUS, 100, 2,479 14 1,986 13 2,436 18
PPV, CC 100, 100
- Other PLUS, TOUCH 100,100 29 0 2 0 12 0
Property for rent
- Projects for rent SIRI, CC, PCH - , 100, 85 186 1 195 1 217 2
- Leasehold rights written off CC, SUN 100, 51 43 0 43 0 42 0
2) Property Services SIRI, PLUS, - , 100, 491 3 405 3 381 3
TOUCH, PPN, 100, 100,
NED,SPC 100, 100
3) Other Revenues 148 1 141 1 339 2
- Interest income 14 0 31 0 48 0
- Revenue from common 48 0 40 0 24 0
property charges
- Revenue from forfeiture of 56 0 21 0 45 0
down payment and
changed contract fee
- Other income 30 0 49 0 59 0
- Gain on sale of investments - - - - 163 1
in related parties
Total Revenue 17,497 100 15,178 100 13,889 100
% increase (decrease) in revenue 15 9 21
Products/Services Operated by % Year Ending Year Ending Year Ending
Shares held 2009 2008 2007
by Sansiri Million % Million % Million %
Baht Baht Baht

31. 29
Remark - SIRI means Sansiri Public Company Limited
PLUS means Plus Property Company Limted
CC means Chanachai Limited
SV means Sansiri Venture Company Limited
PP means Piwattana Limited
RED means Red Lotus Properties Limited
PPV means Plus Property Venture Company Limited
PCH means Pacific Challenge Holding Company Limited
SUN means S.U.N. Management Company Limited
TOUCH means Touch Property Company Limited
PPN means Papanan Limited
NED means National Education Development Limited
SPC means Satit Pattana Personnel Center Limited
(formerly known as “Club House Property Limited”)

32. Annual Report 2009
30
MILESTONE
DURING
THE YEAR
May 2009! "! #$%$&'(&!)*+,'(-!./0!-1'!2334!/)'0*-$(5!0'678-6!9*6!,*&'!*-!-1'!
rate of 0.30 Baht (Thirty Stang) per share
July 2009!!!! "! :1'!;/*0&!/.!#$0'<-/06!*))0/%'&!-1'!'6-*=8$61,'(-!/.!*!('9!67=6$&$*0+!
in Singapore with the registered capital of 50,000 Singapore Dollars.
The objective is to expand property development for sale and/or for
rent/lease business offshore, and to invest in other businesses
potentially benefiting overall performance of Sansiri Group. The
structure of the company is follows:
(1) To establish a new subsidiary in Singapore-“Sansiri Global
InvestmentPte.Ltd.”,whollyownedbySansiri,plannedtooversee
offshore investment business.
(2) To set up the wholly-owned subsidiary of “Sansiri Global
Investment Pte Ltd.” in Guernsey, named “Sansiri Guernsey (2009)
Limited” with the registered capital of 10,000 Pounds, to engage
in real estate development for sale and/or for rent/lease business
in the United Kingdom.
The Board of Directors approved the acquisition through share
purchase of National Education Development Co., Ltd., an educational
business operating “Satit Pattana School” in order to earn recurring
income from the educational business, and to create an opportunity
to expand business and synergy with property development business,
as the Satit Pattana School is located near several residential projects
of Sansiri Group.

33. 31
August 2009!!!!!!!!!"! #$%!&'(&)*)+,-.!/0'($1'&%!2,13%,4-!5)6)4%*.!7+&!,%8+6%*!41!9:+4)4!
Pattana Personnel Center Limited”
November 2009! "! #$%! ;<4,+1,*)8+,-! =%%4)8>! 1?! :$+,%$10*%,&! @1A! BCDEEF! $%0*! 18! G!
November 2009 passed the significant resolutions as summarized
below:
(1) To approve the new allotment of newly issued shares of Sansiri
by allocating the 1,473 million ordinary shares (which were
approved by the resolution of the Extraordinary Meeting of
Shareholders No. 1/2007 held on 18 January 2007) on a Private
Placement basis according to the relevant laws and/or rules
and/or regulations. The allotment and offer of such new ordinary
shares may be made in whole at one time or divided into several
parts to be offered and sold from time to time, at the offering
price which is not less than 4.28 Baht per share and not less
than 90 percent of the Market Price, calculated according to the
relating rules and regulations, prior to the offering date by mean
of Private Placement, and to approve the Board of Directors or
any person assigned by the Board of Directors shall be authorized
to allocate such new ordinary shares, locally and/or internationally.
(2) To approve the issuance of the Share Warrants of Sansiri Public
Company Limited No. 1 (SIRI-W1) totaling of 736,814,346 units to
the Company’s existing shareholders on a pro rata basis (right
offering), without a charge, at the ratio of 2 existing ordinary
shares to 1 unit of the warrant, at the exercise price of 5.20 Baht
per share.

34. Annual Report 2009
32
February 2010! "! #$%!&'()*!+,)$-./%!(0!#$-12-.3!4&+#5!-667(8%3!'$%!219'1./!(0!9$-7%!
warrants of Sansiri Public Company Limited #1 (SIRI-W1) on 3
February 2010. In this regard, the SIRI-W1 totaling of 736,792,026
units has been traded on SET since 3 February 2010.
! "! :!;$-./%!1.!<-=(7!9$-7%$(23%79
Sansiri has been informed by the major shareholder, Trendy Plan
Investments Limited, of the transfer of its holding in SIRI in the
number of 178,274,400 shares, representing 12.09 percent of Sansiri’s
issued and paid-up capital to Majestic Heart Limited who subsequently
sold the same to T.S. Star Company Limited at the price of 5.00 baht
per share on 2 February 2010.
T.S. Star Company Limited, is the holding company wholly owned
by Mr. Srettha Thavisin, who is also the director. Following the sale
transaction, Mr. Srettha Thavisin Group (consists of T.S. Star Company
Limited and Mr. Srettha Thavisin) became the major shareholder of
Sansiri. As of 2 February 2010, Mr. Srettha Thavisin Group held total
amount of 215,439,784 shares in Sansiri, representing 14.61 percent
of Sansiri’s issued and paid-up capital.

35. 33
TYPE OF PRODUCTS
OR SERVICESCore operations of Sansiri Group include two businesses namely 1) Property Development,
and 2) Property Services. The detailed descriptions of each product or service category are
as follows:
1 PROPERTY DEVELOPMENT
1.1 Property Development for Sale
!"#$%&'()*(+,-.(/"0123( – Sansiri has developed more projects to serve the
middle income consumers focusing on high quality according to Sansiri
standards. In 2008, Sansiri launched a new single-detached house brand-
“Habitia” with the unit price range between 3.6-4.7 million baht to serve middle
income consumers. In 2009, Sansiri launched 5 new single-detached house
projects with the project value of approximately 6,000 million baht.
!"*(+,-.(/"0123( – Sansiri has developed the detached house projects through
its subsidiary, Piwattana Limited, formerly named Prompt Pattana Property
Limited. The first project was launched in 2006 under the brand “Baan Promptpatt
Ramindra”. Currently, Sansiri has 3 detached house projects under “Baan
Promptpatt” brand.
!"415%.123( – Sansiri has developed townhouse projects focusing on the middle
income consumers through Plus Property Company Limited (“Plus”) and its
subsidiaries. In 2006, Plus successfully launched the projects under the brands
“Plus Citypark” and “Plus Park Avenue” with the unit price between 3.3 – 5.4
million baht. In 2008, Plus launched “Town Plus” brand to extend its coverage
of the middle income consumers. In 2009, Sansiri launched a new brand-
“Town Plus X”, which are Town Plus X Prachachuen and Town Plus X Ladprao
with the average unit price between 3.5-5.0 million baht. Currently, Plus has
10 projects under “Town Plus” brand with total value of approximately 7,400
million baht.
!"61%/17$%$27 – Focusing on the middle and high income consumers, Sansiri
chooses to develop its projects in the business districts with close proximity to
the sky train and underground train routes, as well as in the prime resort area
such as Hua Hin. In 2008, Sansiri launched 3 projects with total project value of
approximately 3,500 million baht under the brand “HIVE” locating along sky

36. Annual Report 2009
34
train routes, and one project in Hua Hin district with project value ofapproximately
2,000 million baht. Focusing on its strategic locations along the sky train stations,
Sansiri launched 3 condominium projects namely “Quattro by Sansiri”, The Vertical
Aree”, and “Blocs77” at the total value of approximately 7,000 billion baht in 2009.
1.2 Property Development for Rent
Sansiri has recurring income from properties for rent including two office buildings ;
Siripinyo Building and Bhakdi Building, an apartment “Siri Apartment” on
Wireless Road, and a leasehold commercial building in Silom area named “Sun
Square Silom”.
2 PROPERTY SERVICES
2.1 Property Services Property service business suitably complemented to Sansiri’s
core business- property development for sale by not only increasing customers’
satisfaction of fully-integrated services and expanding its sources of recurring
incomes, but also allowing it to capitalize upon its database to further improve
its property development projects corresponding to the market demand. Provided
by Plus Property Company Limited (“Plus”) and Touch Property Company Limited,
the full range of services include not only the sale, purchase, and lease of
properties and property management but also the consulting services of project
feasibility studies, market surveys and analysis, financial feasibility analysis,
and the rehabilitation plan of derelict properties. Currently, Plus and its subsidiary
manages over 200 residential and commercial projects covering the area of 7.4
million square meters (31 December 2009).
2.2 Educational Business Sansiri has operated a school under the name “Satit Pattana
School” for recurring income from the educational business, and creating an
opportunity to expand business and synergy to several of Sansiri’s property projects
for sale located nearby.
2.3 HotelBusinessAt present, Sansiri operates a 46-key hotel named “Casa del Mare”,
locating on the area of 3 Rai 2 Ngan and 51 Square Wah in Hua Hin District of
Prachuap Kiri Khan province.
2.4 Medical Spa Business Sansiri has operated medical spa business through its
subsidiary, Papanan Limited under the brand “S Medical Spa”, locating at
Bhakdi Building on Wireless Road. Furthermore, “S Medical Spa” expands its
business opportunity by launching “seaSpa”, a one-stop spa service center at
Casa del Mare Hotel, in October 2007. It can be viewed that Sansiri has fully
utilized its existing businesses to create synergy and truly add more value to the
hospitality business.

37. 35
MARKET AND
COMPETITION1.MARKETING
Despite the global economic downturn and political instability at the beginning of 2009,
the economic outlook in the second half of 2009 turned positive with clearer signals
of economic recovery including an increase in the consumer confidence index, the
implementation of the economic stimulus by the government, low interest rate, and
increasing housing demand, especially for housing located along BTS sky train and MRT
subway lines. Experienced developers with strong brand recognition and successful track
record are likely to gain not only market shares but also pricing power whereas marketing
activities will help stimulate housing purchase.
PRODUCT STRATEGIES
Sansiri has a collection of housing projects for sale; single-detached houses, detached
houses, townhouses and condominiums, especially in business area and resort area, for
both medium-income and high-income customers, with different product strategy as follows:
!"#$%&'(&)*+,&-./012& Sansiri has successfully launched midsized single houses under
three brands, including “Setthasiri” with average selling price per unit of 6 to 10 million
baht, “Burasiri” with average selling price per unit of 5 to 8 million baht, and “Saransiri”
with average selling price per unit of 3 to 5 million baht. In 2008, Sansiri launched a new
brand “Habitia”, using the prefabrication construction technology for housing projects
with average price per unit of 3 to 4 million baht. In 2009 Sansiri launched several midsized
single-detached houses projects in high potential areas under various brands including
Burasiri Ngamwongwan-Prachachuen, Saransiri Prachauthit-Suksawas, Habitia Bangyai,
and Habitia Panyaindra.
Condominium Sansiri has developed high-end and medium-end condominiums locating
along the BTS sky train or close to express way in the business districts of Sukhumvit and
Aree areas, with average selling price of 80,000 to 160,000 baht per square meter. Key success
factors are uniquely modern architecture, high-quality construction materials and good
value properties for customers.
In 2009, Sansiri launched three mid-to-high-end condominium projects locating along
BTS sky train routes namely “Quattro by Sansiri”, “The Vertical Aree”, and “Blocs 77”.
The impressive selling rate of “The Vertical Aree”, which was already sold out, reflected
market acceptance for Sansiri’s Project regardless of the economic slowdown.

38. Annual Report 2009
36
!"#$%"&'( In 2006, Sansiri launched the medium-priced townhouse projects under the
brand “Plus Citypark” and “Plus Park Avenue”. In 2007, Sansiri successfully launched
townhouse projects under the new brand, “TownPlus”, with average selling price per unit
of 2.6 to 4.3 million baht, Sansiri successfully launched 10 townhouse projects with total
project value of approximately 7,000 million baht (as of 31 December 2009).
Detached House Sansiri has expanded business further by successfully penetrating the
new market of detached houses through the launch of new brand, “Baan Promptpatt”,
which is developed by the subsidiary named Piwattana Limited, (formerly known as
Prompt Pattana Property Limited). Targeting at new family group, Sansiri successfully
launched 3 detached house projects under brand “Baan Promptpatt”.
MARKETING ACTIVITIES
The economic slowdown in 2008 and the political instability at the beginning of 2009
resulted in the delays in new property launches and marketing activities. However, Sansiri
opted to build brand awareness amid sluggish market situation, while the market supplies
were limited with consumers tend to truly realize the importance of brand, reputation and
credibility of developers. Sansiri’s marketing strategies in 2009 emphasized on synergies
through co-promotion with strategic partners, optimizing accessibility to target clientele
through appropriate communication channels, and continuous development of innovative
communication; while the efficiency and effectiveness of each marketing activities were
closely monitored.
In 1Q2009 Sansiri cooperated with many strategic partners such as Siam Commercial Bank
to organize “Living in Style 2009” at Royal Paragon Hall, Siam Paragon, in which various
marketing activities and sales promotions were provided to Sansiri customers. Sansiri
also launched several projects simultaneously in order to provide customers with variety
of products while Sansiri got economies of scales from decreasing marketing cost per
project. Projects launched at this event included 3 condominium projects, which are Quattro
by Sansiri, The Vertical Aree, and Blocs 77, and 8 townhouse projects under TownPlus
brand. The feedback from this event exceeded the expectation with sales amount as high
as 2,000 million baht. In order to sustain sales momentum following the Living in Style
2009, Sansiri launched new TV commercial advertisement under the concept of “Share the
happiness across the fences”, and other TV commercial advertisements to stimulate sales
of some specific projects such as Quattro by Sansiri and Blocs 77.
Capitalizing on the positive feedback from Living in Style 2009, Sansiri organized similar
activities at various leading department stores convenient to visit to stimulate housing
sales upon the expiring tax privileges as well as to provide the property market update
including product and services of Sansiri to customers. The Sansiri Best Buy event, for
example, was the four-day event at Siam Paragon, which Sansiri offered ready-to-move-in
residential units at special prices.

39. 37
In 2009, Sansiri cooperated with several strategic partners creating business synergy in
terms of innovative marketing activities to increase customer satisfaction. In 1Q2009,
Sansiri cooperated with business partners to organize Family, Rhythm & Harmony concert
for our customers and tenants at Impact Arena, Muang Thong Thani, to show our
appreciation for their support. The feedback was very positive with over 10,000 audiences
participating in this concert. Moreover, Sansiri, in cooperation with Siam Commercial
Bank, launched SCB Sansiri Platinum Credit Card under the concept of Privileged Living,
providing various benefits and special services for living for the cardholders. The launch of
credit card marked a major milestone of the real estate industry with SCB Sansiri Platinum
Card as the first credit card for ultimate living.
Sansiri also determines to develop innovative marketing communication not only to
increase the accessibility to the consumer, but also to explore alternative cost effective
marketing channels. In this regard, Sansiri is the first property developer to launch digital
marketing channel, and create social network. In 2009, Sansiri re-launched website and
developed Sansiri on Mobile to provide property information to customer through mobile
phone services.
Sansiri has arranged several customer relationship management activities for Sansiri
customers and tenants, for example One-Sabuy-Sapai-Glong-Tong-Wattanatham activity
(1-day trip activity for cultural photography), and Pitsanulok cultural and historical flashback
activities. Moreover, Sansiri also conducted corporate social responsibility activities such
as “Phee Pa Nong Tiew” activities, in which Sansiri hosted a field trip to outreach kids.
Sansiri also supported educational activities, including “Future Living”, a residential design
contest co-hosted by Sansiri and King Mongkut’s University of Technology Thonburi, and
a contest hosted by Sansiri in cooperation with CasaViva Magazine to promote educational
activities.
In 2010, Sansiri plans to conduct research and development in great detail of current and
future lifestyles of customer in order to develop products and services to provide the best
alternatives for Sansiri customers under “The Iconic Living” concept.

40. Annual Report 2009
38
2. SUMMARY OF PROPERTY MARKET IN 2009
SITUATION OF LOW RISE RESIDENTIAL UNITS
Therecoveryofseveraleconomicindicatorstogetherwiththeimprovementinsocialstability
since 3Q2009 resulted in an improvement in consumer confidence. Government real estate
stimulus package such as property tax incentive and reduction in transfer fee directly
benefited middle to lower income market segments especially in pre-built detached
house and townhouse segments. Ability of developers to control the number of new
launched projects, resulting in reduction in the remaining supply, and stable absorption
rate. However, the size of housing units could be smaller as developers would like to
control the selling price at the affordable level for middle to lower income segments.
!"#$%&'(&)*+,&(-,./!&-0*12&)
The number of single-detached house supply in the latter half of 2009 amounted to 17,134
units from 394 projects, decreased by 1 percent or 203 units from that of the first half of
the year. Overall single-detached house units available for sales in 2009 compared to
that of 2008 dropped due to the reduction in remaining supply and limited number of
new launched projects. The contraction of supply occurred in Northeastern, Northern and
Eastern Bangkok at the rate of 36 percent, 21 percent and 14 percent respectively. The
supply in Southern Bangkok, however, has increased by 16 percent due to the investment
in transportation projects such as industrial ring-road, and the Southern outer ring road
increasing the convenience to commute to central business district. The area with
highest number of single-detached house supply remained in Northern and Western
Bangkok, accounted for 27 percent and 26 percent of total single-detached house supply
respectively
In the second half of 2009, the number of sold units amounted to 7,060 units, a 14 percent
or 865 units increase from that of the first half with a slight improvement in absorption
rate to 41 percent. The number of the remaining units at the end of 2009 was at 10,074
units, decreased by 16 percent compared to that of last year, lowering the possibility of
oversupply. The absorption rate of single-detached house was highest at 50 percent in
Western Bangkok area. Total number of unit sold in such area was at 2,251 units,
accounted for 32 percent of total single detached house sales in latter half 2009, resulting
from strong demand for new projects with matching selling prices.

41. 39
Based on housing supply in the latter half of 2009, single-detached house with average
price of 3 to 5 million baht per unit dominated the market with total available for sale of
8,202 units representing 48 percent of total units available for sale in the market, followed
by house with average price of less than 3 million baht per unit with 3,283 units available
for sale or 19 percent market share and houses with average price of 5 to 7 million baht
per unit with, 2,717 units available for sale or 16 percent market share. Due to low level
of supply and a suitable match between available supply and customers’ demand, the
absorption rate of single detached house with average price of 10 to 20 million baht
was the highest at 53 percent. However, the single-detached houses in the mid-market
segment still dominated the housing supply in the market, similar to that of last year.
!"#$%&'()'*+,-%./"-0'12/&'-3'4"0#5&67&/289&:';-$,&,'"0'<20#=-='20:'>"8"0"/"&,'+?'@%"8&'A&B&5,
Source: Research & Development Department, Plus Property Co., Ltd.
Source: Research & Development Department, Plus Property Co., Ltd.
C2+5&'()'*+,-%./"-0'12/&'-3'4"0#5&67&/289&:';-$,&,'"0'<20#=-='20:'>"8"0"/"&,'"0'DEEF'+?'A-82/"-0
10,000
7,500
5,000
2,500
0
60%
45%
30%
5%
0%
Units
Lower than 3 Upper than 207-10 10-203-5 5-7
Units Offered in 2H-2008
Units Offered in 1H-2009
Units Offered in 2H-2009
% Units Sold in 2H-2008
% Units Sold 1H-2009
% Units Sold 2H-2009
Unit Price (Million Baht)
42%42%
45%45%41%41%
36%36%
41%41%
43%43%
36%36% 36%36%
42%42%
42%42%
53%53%
42%42%
26%26%
5%5%
35%35%
54%54%
35%35%
24%24%
3,932
2,802
3,283
9,385
8,642
8,202
3,952
3,472
2,717
2,178
1,538
2,064
387
760
773
175175
123123
9595
' ' (;6DEEF' (;6DEEF
Total Total % Sold Average Total Total % Sold Average
Area Units Units Unit Sold Units Units Unit Sold
Offered Sold /Month/ Offered Sold /Month/
Project Project
Northern 5,658 1,900 34% 2.6 4,644 1,806 39% 2.7
Northeastern 2,928 800 27% 2.1 2,920 915 31% 2.5
Eastern 2,579 705 27% 0.2 3,040 1,353 45% 3.3
Western 4,553 2,228 49% 3.2 4,491 2,251 50% 3.5
Southern 1,619 562 35% 2.1 2,039 735 36% 2.8
Total 17,337 6,195 36% 2.5 17,134 7,060 41% 3.0

42. Annual Report 2009
40
TOWNHOUSE MARKET
In the latter half of 2009, the number of townhouse supply amounted to 17,591 units, a 10
percent increase from that of the first half due to the economic recovery in 3Q2009, The
highest number of supply was in Northern Bangkok area at 6,070 units or 35 percent of
total supply. Major developers have been competing more actively in townhouse market,
controlling 55 percent of total available for sale units. In terms of total units available for
sale by major developers, Pruksa Real Estate Company Limited held the highest market
share of 44 percent with 4,218 units from 49 projects, followed by Sansiri Public Company
Limited with 21 percent market share or 2,002 units from 14 projects and Supalai Public
Company Limited with 7 percent market share or 639 units from 10 projects.
Sales of townhouse in the second half of 2009 amounted to 8,298 units from the totalsupply
of 17,591 units representing 47 percent absorption rate with an 8 percent increase from
that of the first half due to the improvement in consumer confidence. In the second half
of 2009, townhouse sales significantly improved from that of the first half with average
selling units per month rose to 5.1 units. The highest absorption rate was in Western
Bangkok, at 51 percent with average sales per month per project at 5.9 units due to
convenient transportation and matching selling price of below 3 million baht per unit.
In terms of housing supply, the middle to lower-end segment still led the market in the
second half of 2009 with townhouses in the 1 to 3 million baht segment held the highest
market share of 70 percent or 12,308 units, mostly located in the Western Bangkok due
to the extension plan of BTS routes in the area. Townhouse with the price range over 5
million baht has the highest absorption rate at 63 percent due to low level of supply and
available projects located in right location, followed by 3 to 5 million baht segment with
the absorption rate of 50 percent.
!"#$%&'(&)#*+,-./+0&1".%&+2&!+304+5*%&60/.*&/0&7"089+9&"0:&;/</0/./%*&/0&'==>&#?&@+<"./+0*&
Source: Research & Development Department, Plus Property Co., Ltd.
& & ABC'==>& ABC'==>
Total Total % Sold Average Total Total % Sold Average
Area Units Units Unit Sold Units Units Unit Sold
Offered Sold /Month/ Offered Sold /Month/
Project Project
Northern 5,870 2,692 46% 6.0 6,070 3,010 50% 6.0
Northeastern 1,630 644 40% 3.3 2,051 853 42% 3.7
Eastern 3,040 1,103 36% 3.9 2,980 1,230 41% 3.9
Western 3,399 1,236 36% 3.3 4,617 2,345 51% 5.9
Southern 2,090 593 28% 3.8 1,873 860 46% 4.9
Total 16,029 6,268 39% 4.3 17,591 8,298 47% 5.1

43. 41
!"#$%&'()''*+,-%./"-0'12/&'-3'4-506-$,&'"0'720#8-8'209':";"0"/"&,'+<'=%";&'>&?&@,
SITUATION OF HIGH RISE RESIDENTIAL UNITS
The sluggish economy and political uncertainties in 2009 only temporarily restrained
overall residential supply and demand. In the second half of 2009, the signs of economic
recovery were clearly seen from the improvement in consumer confidence index. In
2010, real estate sector is expected to recuperate as a result of several supportive
factors for property development and the expansion of mass transportation to suburban
areas such as extension of BTS routes, leading to an increase in new supply in the areas.
Housing demand is forecasted to rise at least by 2 to 3 percent resulting in lower than 5
months of market absorption rate for the remaining available units for sale in 2009, while
the average selling price is expected to rise by approximately 10 to 15 percent.
CONDOMINIUM MARKET
Despite the recovery signs in the latter half of 2009, the number of condominium units
available for sale of total 8 areas in 2009 decreased by 18 percent or by 7,697 units to
35,727 units from that of 2008 due to the delay of new project launches in the first half
of 2009. The number of condominium supply in Ratchadapisek area decreased at the
highest rate of 34 percent down to 7,814 units, resulting from the reduction in the number
of new launches to avoid excess supply, and the low level of the remaining unsold
units. The supply in Phayathai area has decreased by 31 percent down to 1,264 units.
Only Sukhumvit and central business district areas such as Ploenchit-Chidlom and
Silom-Sathornareasshowanincreaseinnumberofcondominiumunitsavailableforsaleby
13 percent to 5,988 units and 12 percent to 2,662 units respectively.
Source: Research & Development Department, Plus Property Co., Ltd.
40%
33%
26%
2,1052,105
1,4801,480
1,4221,422
10,068
11,725
12,308
2,1822,182
2,4442,444
3,5343,534
326
355
327
47%
50%
63%
36%
34%
47%
37%
44%
40%
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
100%
75%
50%
25%
0%
Units
Lower than 1 3-5 More than 51-3
Units Offered in 2H-2008
Units Offered in 1H-2009
Units Offered in 2H-2009
% Units Sold 2H-2008
% Units Sold 1H-2009
% Units Sold 2H-2009
Unit Price (Million Baht)

44. Annual Report 2009
42
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
TotalUnitsSold
2004 2005 2006 2007 2008 2009
6,143 8,620 22,969 27,992 26,652 20,477
CBD1
1 1
1
1
1
1
Sukhumvit Rama III Phayathai Phaholyothin Ratchadapisek Thonburi Outer Sukhumvit2
2
2
2
2
2
2
3
3
3
3
3
3 3
4
4
4 4
4
4
4
5
5 5
5 5
5 5
6
6
6
6
6
6
7
7 7
7
7
7
7
8
8
8
8
8
Figure 3: Annual Damand of Condominium Units in 2004 to 2009
Total number of condominium units sold in all 8 areas during the second half of the 2009
stood at 15,395 units, 2.03 times higher than that of the first half at 5,082 units. Total number
of condominium units sold in 2009 amounted to 20,477 units, a 23 percent decrease from
that of 2008. The percentage of number of units sold to supply has decreased by 4 percent
from last year to 57 percent mainly due to the economic slowdown.
The area with the highest sales drop compared to that of last year was Ratchadapisek
area which decreased by 46 percent down to only 4,597 units due to demand approaching
saturation as well as projects in better location has been absorbed during the last few years.
The second biggest sales drop area was Thonburi with a 43 percent decrease to 3,850 units.
The sales in central business districts area was still strong with a 28 percent increase to
1,484 units because of the location advantages and project concepts, which match affluent
consumers, resulting in continuous sales growth. The second highest sales growth area
was Sukhumvit area with a 25 percent increase in sales to 3,678 units. Ratchadapisek area
still had the highest sales at 4,579 units, followed by outer Sukhumvit area at 3,888 units.
Source: Research & Development Department, Plus Property Co., Ltd.

45. 43
140,000
130,000
120,000
110,000
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
Price(Baht/Sq.m.)
2004 2005 2006 2007 2008 2009
CBD Sukhumvit1
1
1
1
1
1
1
76,968
87,772
91,198
103,557
85,021
100,671
130,313
135,522
109,309
95,169
85,010
76,33677,445
80,628
86,741
81,667
70,625
64,671
83,103
75,280
53,406
54,040
75,285
56,000
50,300
51,891
72,694
54,000
45,933
47,731
Rama III3
3 3 3
3
3 3
Phayathai4
4 4
4
4
4
4
Phaholyothin5
5
5
5
5
5 5
2
2
2
2
2
2
2
Figure 4: Asking Price of Condominium Units by Area in 2004 to 2009
The average selling price of condominium in 2009 went up by 6 percent compared with
that of last year or increased by 5,798 Baht per square meter to 100,214 Bath per square
meter. Phayathai area had the highest growth with a 15 percent increase to 95,169 Baht per
square meter, due to the high potential of the new launched projects in prime location with
high quality materials and innovative designs. Sukhumvit area was the second highest
price increase area with the price raised by 9 percent compared to that of last year to
109,309 Baht per square meter. Average price of condominium units in Phaholyothin area
increased by 5 percent to 85,010 Baht per square meter, and that of the Central Business
Districts went up by 4 percent to 135,522 Baht per square meter.
Source: Research & Development Department, Plus Property Co., Ltd.

46. Annual Report 2009
44
PRODUCT
PROCUREMENT
1. SELECTION OF LOCATIONS FOR PROJECT DEVELOPMENT
Sansiri has the dedicated business development division which focuses on selecting the
locations for our project developments. To select suitable locations for development, this
division works closely with our brokerage network and with Plus Property Company Limited
and also relies upon site surveys compiled by the business development team. The business
development division, in cooperation with other departments, including government
affairs, legal, product development, project development, and marketing, analyzes and
studies the feasibility of the project development as well as selects the right product
among single-detached houses, condominiums, and townhouses, for each location. Our
business development division, together with our legal and government affairs team
undertakes feasibility studies regarding matters such as the height of the buildings and
set-back areas, while our product development and marketing teams select the product
suitable for that particular plot of land and decide on the target customer group for that
project. At this stage, the project development team completes a feasibility study on the
construction costs. Finally, in order to establish an accurate and realistic sales forecast,
the business development team reviews relevant market information in consultation with
the sales and marketing teams.
2. PROCUREMENT OF CONSTRUCTION MATERIALS
Sansiri has transparent and clear procedure of construction material procurement process
to optimize purchasing price according to the high standard set forth. Bidding process to
procure construction materials allows Sansiri to compare the price versus the quality.
Sansiri also gained economies of scale from consolidating volume, and negotiating in
bulk with the manufacturers. Construction material price volatility has been mitigated by
assigning specific teams to closely monitor key construction material price change.
Sansiri copes with the fluctuation of construction materials for single-detached houses
and townhouse projects by purchasing the materials directly from the manufacturers,
which accounts for approximately 30-40 percents of the total project construction costs.
Sansiri also purchases some materials for condominium projects on a lump sum amount
and enjoys the benefits from economies of scale, and mitigates risk of increasing material
cost through the turnkey construction contract with contractors.

47. 45
In order to select the qualified suppliers, Sansiri considers not only competitive price and
production capacity but also the raw material sourcing capability to ensure the timely
delivery of construction materials. Sansiri regularly updates the qualified supplier list by
closely monitoring and evaluating the timely delivery of every supplier on a semi-annual
basis.
3. SELECTION OF CONTRACTORS
The ability to procure the services of quality and dependable contractors is important
to real estate business. Sansiri mitigates the risk of contractor shortage by establishing
good relationship with a group of contractors. In recent periods, Sansiri has not
encountered any material difficulty procuring the services of contractors. Following
the preliminary selection process, Sansiri evaluates the construction capability to
ensure timely construction. Having several small contractors for a single project provides
more flexibility, Sansiri has been able to manage coordination among contractors through
rigorousqualitycontrolmonitoring.Sansirialsohas alistofqualifiedcontractors,including
more than 50 medium and large contractors, to ensure high-standard housing projects.
Since 2008, Sansiri has held the QC Award ceremony to motivate contractors to deliver
high quality and timely construction.

48. Annual Report 2009
46
RISK
FACTORS
!"#$%&'(&))*+,#-.+/.0*+*10(
Selling condominiums before commencing construction not only reduces the market risk
while giving Sansiri more flexibility in developing these products to cope with the changing
market conditions, it also provides Sansiri with a working capital. Nonetheless, pre-sales
of condominiums bear the risk of unexpected construction costs that cannot be passed
on to the buyers, as the sales prices have already been finalized. Therefore, lower gross
profit is an inevitable consequence of higher construction costs. Sansiri has mitigated the
risk by negotiating turnkey construction contracts with contractors, enabling Sansiri to
control construction costs effectively and to protect profits from the uncertainties of rising
construction material costs. The construction of condominium projects normally lasts 14
to 26 months. It is the responsibility of Sansiri to ensure the timely construction progress
as well as project completion and delivery to customers as scheduled. Since Sansiri has
many years of considerable skill and experience in condominium construction and
always works closely with contractors, problems of this sort can be handled smoothly.
Consequently, constructions have always been completed on time.
In addition, pre-selling condominiums bears the market risk of having unsold units upon
the construction completion should the condominium projects were not well-received
from customers. Sansiri has mitigated the inventory risk by doing in-depth research to
develop condominium projects suitable for each customer group, as well as initiating
attractive sale promotions prior to the construction completion to stimulate the sales.
Generally, down payment and installments for condominium projects are set at 10 to
20% of the selling prices with the balance to be paid upon condominium unit transfer. In
this regard, there is a risk that some customers may forfeit their deposits. Sansiri has
mitigated the speculative buying risk by requiring high down payment and installments at
25 to 35% of the selling prices together with introducing the “NPV campaign” to stimulate
the higher down payment and installments. Customers who join the NPV campaign will
get the cash discount should they opt to pay the 100% of selling price all at once or pay
all the installments at once instead of paying installments over the construction period.
Essentially, the NPV campaign is initiated to discourage speculative buying, and will result
in the condominium unit transfer to customers as scheduled. As of 31 December 2009, the
number of customers who join the NPV program was high at 24% of total condominium
customers.

49. 47
2. LAND PROCUREMENT
Obtaining land plots in prime locations at reasonable prices is the first priority of Sansiri’s
land procurement team. We have different strategies depending on the type of product.
For condominium projects, we generally choose mid-city locations near key business
areas, mainly close to both the BTS Sky Train and MRT subway lines (or in areas where
extensions of transit lines have been approved and construction has commenced). The
risk of not getting prime locations for condominium projects has been mitigated through
the extensive network of brokers as well as the large database of “Plus Agency”, operated
by the wholly-owned subsidiary named Plus Property Company Limited (“Plus”). Being
Thailand’s leading property management and brokerage firm, “Plus” is the valuable source
of property information or “market intelligence” for Sansiri Group. To reduce dependence
on condominium market and to provide further opportunities for future growth, Sansiri
has expanded the businesses and successfully penetrated the single-detached house and
townhouse markets in recent years. Sansiri acquired land along the city’s Outer Ring
Road and in suburbs that offer numerous advantages for single home development while
locating townhouse projects on routes with easy access to the city center.
3. FLUCTUATION IN CONSTRUCTION MATERIAL PRICES
In 2009, the price index of construction materials decreased by 13.1 percent compared
to that of 2008 (Source: Bureau of Trade and Economic Indices, Ministry of Commerce),
mainly resulted from the economic slowdown and the decreasing price index of steel and
steel products. However, some construction materials price index such as sanitary ware,
wood and wooden product, and paint, also rose in 2009 compared to that of 2008. These
construction materials are key components for project development, thus the construction
material price volatility will directly impact cost of project development.
Sansiri is aware of construction material price volatility risk and has carefully planned
to mitigate the risk by purchasing directly from the manufacturers through the bidding
process and pre-agreeing the delivery prices. In this regard, Sansiri has focused on
increasing our bargaining power and negotiating deeper discounts on large volume
purchases for several projects under construction. Direct procurement of some construction
materials for single-detached house and townhouse projects such as pile and roof tiles
has been increasing to 40% of total 2009 construction cost. For the condominium project
development, direct procurement has been used for several items such as tiles, sanitary
ware, and air conditioner. In addition, Sansiri also mitigated the risk of higher material
cost of condominium project through the turn-key construction contract with contractors,
resulting in better cost and quality control.

50. Annual Report 2009
48
Special units has been established to closely monitor, and to promptly react when the
price of major construction material categories changes. These reactions include but not
limited to re-negotiate the future contract price with the manufacturers or contractors
when the construction material price significantly decreases. Sansiri usually gets
cooperation from the manufacturers or contractors, resulting from being a valuable
business partner, good reputation, and long experience in real estate business.
In order to select qualified suppliers, Sansiri considers not only the competitive price
and production capacity but also the sourcing capability to ensure the timely delivery of
construction materials. Sansiri regularly updates the qualified supplier lists by closely
monitoring and evaluating performance of every supplier on a semi-annual basis.
4. A SHORTAGE OF CONTRACTORS
Sansiri and subsidiaries have successfully launched housing projects in various locations,
leading to several active projects in progress. Sansiri mitigates the risk of contractor
shortage by establishing good relationship with a group of contractors to create a valuable
database. Following the preliminary selection process, Sansiri evaluates the construction
capability to ensure the right and timely construction. Having several small contractors
for a single project provides more flexibility but introduces some difficulties in coordination
with the associated risk of late or wrong construction delivery. Sansiri mitigates these
risks through the closely monitoring and meticulously inspecting by Quality Control
Department to ensure the high standard of every housing project. Banking on our
efficientoperationalsystemandtransparentselectionprocess,Sansirihasalistofqualified
contractors, including more than 50 medium and large contractors to ensure high
standard housing projects.
Since 2008, Sansiri has held the annual QC Award ceremony to motivate contractors to
deliver high quality and timely construction. The award-winning contractor will receive
certain privilege, such as the reduction in retention amount.
5. A CHANGE IN INTEREST RATES AND ACCESSIBILITY TO SOURCES OF FUND
Interest rate in 2009 remained low with the slight decrease from that of 2008 as a result
of both the global and local economic slowdown, whereas commercial banks maintain
prudent lending policy, making it difficult for some developers to obtain project-financing
loans. Sansiri has established strong relationship with various commercial banks and
always negotiates to get the competitive pricing of project financing loans. In any case, all
of current projects are secured by project financing loans and other credit facilities made
available by domestic financial institutions.

51. 49
The low interest rate in 2009 had positive impact on Sansiri’s cost of fund as all of project
financing loan are carrying floating interest rate. However, in order to provide alternative
source of fund, and reduce the dependence on long-term project financing loan as well
as diversify financing portfolio with the fixed rate credit facilities, Sansiri has issued
unsecured debentures in 2009 with cost of fund close to other unsecured financing loans.
Successful placement of the debentures provides Sansiri another alternative source
of fund for future project development. Moreover, Sansiri might consider entering into
financial derivative contracts with commercial banks to mitigate interest rate risk.
6. UNSOLD UNITS
Currently, Sansiri plans construction progress based on sales forecast, which has been
regularly updated by sales and marketing team. However, the economic slowdown could
lead to decreasing sales and temporary unsold housing stock. Sansiri has mitigated the
inventory risk through the efficient inventory management. To enhance the ability to cope
with the changing environment, the single-detached house and townhouse projects have
been phased with both pre-built houses and semi pre-built houses available for sale.
Consequently, Sansiri could adjust the construction plan correspondingly to the softer
housing demand as well as to modify the housing projects in the next phase to satisfy
the changing consumer preferences and affordability. Currently, Sansiri has 18 single-
detached house projects under construction and available for sale with total project
value of 22,821 million baht, 13,977 million baht or 61 percent of which were sold. Of
the total project value of 9,478 million baht from 13 active townhouse projects under
construction and available for sale, 4,793 million baht or 51 percent of total project value
were sold. Consequently, Sansiri has finished but unsold housing stock of 459 units worth
approximately of 2,261 million baht as of 31 December 2009.
For condominium projects, Sansiri always conducts the in-depth research on consumer
behavior before launching any projects and initiates the attractive sales promotion to
stimulate sales transaction. Currently, Sansiri has 11 condominium projects available for
sale with total project value of 16,740 million baht, 13,580 million baht or 81 percent of
which were sold. As of 31 December 2009, Sansiri has finished but unsold condominium
stock of 20 units, worth approximately of 110 million baht.
7. ACCOUNTING PRACTICE CHANGE
Sansiri anticipated that Federation of Accounting Profession (FAP) together with the
Securities and Exchange Commission (SEC) might require changing in accounting
policy of revenue recognition method for real estate business in order to comply with the
International Financial Reporting Standards (IFRS). Currently, revenue recognition of real
estate business shall be recognized by 1) The whole amount when property rights are

52. Annual Report 2009
50
transferred or 2) Percentage of completion when certain criteria are met or 3) Installment
due when certain criteria are met. Under the new accounting system, real estate
revenue of all entities shall be realized only by the whole amount when property rights are
transferred, which is expected to be applicable to companies registered in SET50
first, followed by companies registered in SET100. The revision of this accounting rule
will impact financial performance of Sansiri, which currently registered in SET100 and
recognizes the revenue of real estate sales using the percentage of completion method.
The significant criteria required to recognize revenues under current method are 1) Sales
agreements have been finalized. In the case of condominium projects, sales agreements
have been finalized for a minimum of 40 percent of total area offered for sales, 2) A
non-refundable deposit has been finalized of at least 20 percent of the value of sales
agreement have been received, and 3) Development progress has completed at a
minimum of 10 percent (as measured by construction costs incurred compared with total
budgeted construction cost)
The accounting policy change in revenue recognition into the method of fully recognition
when the property rights are transferred will not have significant impact on revenue
realization of single-detached house and townhouse projects, constituting approximately
50 to 60 percent of total revenue of Sansiri. Followed the market practice, single-detached
house and townhouse projects require down payment deposit less than 20 percent of the
contract price, making it not qualified for revenue recognition as percentage of completion.
Consequently, sales of single-detached houses and townhouses are practically realized
when the property rights are transferred, which is similar to the new accounting method.
Sales of condominium projects, which currently qualify for revenue recognition as
percentage of completion, are expected to have greater impact if there is any discrepancy
in revenue recognition between the values of transferred property in particular year and
the expected revenues applying the percentage of completion method. In other words,
Sansiri shall record higher profit when the value of transferred property in particular year
is higher than the expected revenues applying the percentage of completion method. On
the other hand, Sansiri shall record lower profit when the value of transferred property in
particular year is lower than the expected revenues applying the percentage of completion
method. The realized profit during the previous years will be adjusted through the
item “retained earnings”. Notwithstanding, Sansiri has assessed the impact and set
measurement to keep up with the accounting policy change by closely monitoring
the construction progress of project development and managing the transfer period of
condominium projects to smooth out revenue streams. However, this accounting policy
change will not have any impacts on the normal operations of property development.

53. 51
The change in accounting practice of revenue recognition method will impact not only on
the income before tax from the alteration in revenue, but also on the corporate income tax
due to discrepancy between taxable income as defined by accounting policy and by the
Revenue Department. In summary, taxable income and corporate income tax payable to
the Revenue Department will be based on revenue recognition as percentage of completion
whereas revenue recognition as reported on income statements will be based on transfer
basis. Thus, if the forecasted revenues applying percentage of completion method (current
method) is higher than the value of transferred property in particular year, Sansiri will have
higher taxable income, compared to income before tax as appeared on income statement,
causing the effective tax rate (referred to corporate income tax as a percentage of income
before tax) to be higher than 30 percent. On the other hand, if the forecasted revenues
assuming percentage of completion method (current method) is lower than the value of
transferred property in particular year, Sansiri will have lower taxable income, compared
to income before tax as appeared on income statement, causing the effective tax rate to
be lower than 30 percent. Therewith, such discrepancies will become less in the future as
new projects will apply new method of revenue realization (at the property right transfer),
making revenue realization for tax purpose and for accounting purpose be the same.
8. ENVIRONMENTAL IMPACT ASSESSMENT (EIA) REPORT APPROVAL
There are several projects under the development of Sansiri and subsidiaries, which
required Sansiri to prepare environment impact assessment report prior to receiving
permissionfromtheEnvironmentalImpactEvaluationBureau,MinistryofNatureResources
and Environment. In this regard, Sansiri has worked closely with professional consultant
company, registered with Ministry of Nature Resources and Environment, to prepare EIA
report in compliance with rules and regulations under National Environmental Quality Act
(NEQA) 1992. The projects which required EIA approvals are condominium projects with
more than 79 units; while single-detached house and townhouse projects are not required
to get EIA approval.
Sansiri and subsidiaries comply with all EIA rules and regulations for all projects which
required approval from the Environmental Impact Evaluation Bureau. In this regard, Sansiri
and subsidiaries work closely with contractors to ensure that the construction is carried
out pursuant to specifications approved by EIA committee to reduce controversy, claims
and litigations, and thus no additional environmental investment is required. Sansiri closely
monitors the progress and expects that all projects would receive approval from the
Environmental Impact Evaluation Bureau according to schedule.

54. Annual Report 2009
52
SHAREHOLDERS
STRUCTURE AND
MANAGEMENT
SHAREHOLDERS STRUCTURE
1. THE COMPANY’S SECURITIES : ORDINARY SHARES
The Company’s registered capital, as of 22 February 2010, is 15,991,205,802.64 baht, with
issued and paid-up capital of 6,307,130,801.76 baht, consisting of 1,473,628,692 ordinary
shares at the par value of 4.28 baht per share.
2. OTHER SECURITIES
(A) ESOP Warrants offering to the Directors and Employees of the Company and its
Subsidiaries (ESOP # 5/2006)
The Annual General Meeting of Shareholders # 11/2006 held on 20 April 2006 had approved
the Employee Stock Ownership Plan to Issue and Offer the ESOP Warrants to the directors
and employees of Sansiri Public Company Limited and its subsidiaries # 5 (ESOP # 5/2006),
summarized as follows:
1. Total number of warrants offered : 52,820,000 units
2. Exercise ratio : 1 unit per 1 ordinary share
3. Exercising price : 5 baht per 1 ordinary share
4. Total number of shares reserved : 52,820,000 shares
for exercising right
5. Maturity : 5 years from the closing date of
issuance warrants
In this regard, the Company had notified to the SEC of its intention to comply with the new
regulation regarding the Permission and the Offer for Sale of Securities pursuant to the
Notification of the Capital Market Supervisory Board No. ThorChor 32/2008. The Company
already issued and offered the new securities to directors and employees under the ESOP
# 5/2006 on 30 June 2009.
!"#$%&'()$*'(('+,-$./01$!%2324*1#$
The Extraordinary Meeting of Shareholders No. 1/2009 held on 6 November 2009 passed
the resolution to approve the issuance and allocation of the share warrants No. 1 of Sansiri

55. 53
Public Company Limited (SIRI-W1), totalling of 736,814,346 units to the Company’s existing
shareholders on a pro rata basis (right offering), without a charge, at the ratio of 2 existing
ordinary shares to 1 unit of the warrant, at the exercise price of 5.20 Baht per share. The
warrants are exercisable on the last business day of every quarter of each calendar year
(March, June, September and December) throughout the maturity of the Warrant after the
second anniversary of the issuance and offering date of the Warrants has elapsed. The
Stock Exchange of Thailand (SET) approved the listing of share warrants of Sansiri Public
Company Limited No. 1 (SIRI-W1) on 3 February 2010.
3. SHAREHOLDERS
The ten largest shareholders as of 22 February 2010 which are adjusted according to the
registry of shareholders on the latest closing date of the shares register book on 12 October
2009 (the closing date of the shares register book for determining the rights to attend the
Extraordinary Meeting of Shareholders No. 1/2009) are as follows:
Proportion of
No. Name of Shareholder Number of shares shares holding
% of
! ! ! ! "#$%&'"!(#"$)#*
1 MR. SRETTHA THAVISIN GROUP 1 215,439,784 14.62%
2 UOB KAY HIAN PRIVATE LIMITED 129,083,333 8.76%
3 RAFFLES NOMINEES (PTE) LIMITED A/C 1
(Major NVDR Holder) 2 118,033,300 8.01%
4 CHASE NOMINEES LIMITED 42 109,035,200 7.40%
5 VIRIYAH INSURANCE CO., LTD. 95,398,600 6.47%
6 NATURAL PARK PUBLIC COMPANY LIMITED 62,721,231 4.26%
7 FINANSA LIFE ASSURANCE CO., LTD. 53,572,800 3.64%
8 UBS AG SINGAPORE,BRANCH-PB SECURITIES
CLIENT CUSTODY 45,182,100 3.07%
9 KASIKORN BANK PUBLIC COMPANY LIMITED 20,661,487 1.40%
10 MRS. JARUNEE CHINWONGWORAKUL 20,000,000 1.36%
10 TRENDY PLAN INVESTMENT LIMITED 20,000,000 1.36%
Total 889,127,835 60.34%
Remark 1 Mr. Srettha Thavisin Group consists of (1) T.S. Star Company Limited (the holding company wholly owned by
Mr. Srettha Thavisin who is also the director), holding 178,274,400 shares, equivalent to 12.09% of the Company’s issued and paid-up
capital and (2) Mr. Srettha Thavisin who hold 37,165,384 shares, equivalent to 2.52% of the Company’s issued and paid-up capital.
2 Thai NVDR Co., Ltd., a wholly owned subsidiary of the SET, is responsible for executing the purchase or sale of those
listed Company shares whose investors wish to trade through NVDRs. This service is offered to all, irrespective of the number
of securities held or the holder’s nationality. NVDR holders receive the same full financial benefits as they would receive by
investmentdirectlyinshares(i.e.dividends,rights,andwarrants).However,therearenovotingrightsforNVDRholdersexceptinmotions
involving delisting. The investor can find the report of investment in securities of Thai NVDR Co., Ltd. at www.set.or.th/nvdr/,
that shown the proportion of investment as at the end of the working day prior to the date on which the investor’s checking.

56. Annual Report 2009
54
4.DIVIDEND PAYMENT POLICY
The Company’s dividend policy is to pay dividend at the rate of approximately 50% of
its consolidated net income after deduction of all reserves as required by laws and the
Company. However, such dividend payment shall be conformed to the law and the
Articles of Association of the Company as well as subject to the Company and its
affiliates’ cash flow and investment plans, including justifications and other future
considerations as deemed appropriate.

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58. Annual Report 2009
56
1. MANAGEMENT STRUCTURE
The Company’s management structure consists of the Board of Directors, the Audit Committee,
the Compensation Committee, and the Executive Committee, which are described below:
(A) BOARD OF DIRECTORS, Consists Of 10 Directors, Namely:
(as of 22 February, 2010)
Board Members Positions
1. Mr. Kovit Poshyananda Chairman of the Board (Independent Director)
2. Mr. Apichart Chutrakul Vice-Chairman
3. Mr. Mana Noppun Independent Director
4. Mr. Jesadavat Priebjrivat Independent Director
5. Mr. Wirat Uanarumit Independent Director
6. Mr. Srettha Thavisin Director
7. Mr. Wanchak Buranasiri Director
8. Mr. Kriengkrai Thiennukul Director
9. Mrs. Nujchanart Panthawangkun Director
10. Mr. Porntat Amatavivadhana Independent Director
AUTHORIZED DIRECTORS
As of 22 February, 2010, the directors of the Company whose signatures binding the
Company shall be Mr. Apichart Chutrakul, Mr. Srettha Thavisin, Mr. Wanchak Buranasiri,
two of three directors co-sign with the Company’s seal affixed.
SCOPE OF AUTHORITY AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS
According to corporate regulations, the Board of Directors is authorized to make decisions
and ensure that the activities of the Company conform to the objectives and rules of the
Company, resolutions of shareholders meetings, and all relevant laws. This decision-making
power does not include matters that the law and regulations of the Securities Exchange
Commission and the Stock Exchange of Thailand specify must first be approved by a
meeting of shareholders. The corporate regulations permit the Board of Directors to
appointanExecutiveCommitteethatcontrolsthedailyaffairsoftheCompanyinaccordance
with the policies and budget approved by the Board of Directors and any other matters
assigned to it by the Board. Included in these activities are operations that fall within the
scope of responsibility assigned to the Executive Committee and screening of other matters
beyond that scope for the Board of Directors to consider. The corporate regulations,
moreover, authorize the Board of Directors to appoint other committees to assist the Board
in its managerial responsibilities.

59. 57
SELECTION OF INDEPENDENT DIRECTOR
The Company specifies the qualifications of its independent director in accordance with
the requirements of the Office of the Securities and Exchange Commission and the Stock
Exchange of Thailand, as follows:
1. Holds shares not exceeding 1% of the total voting shares of the Company, its parent
company, subsidiaries, associates, major shareholders, and controlling parties of the
Company, provided that the shares held by the related parties of such independent director
shall be included.
2. Is not or has never been an executive director, employee, staff, advisor who receives
salary, nor controlling parties of the Company, its parent company, subsidiaries, associates,
same-level subsidiaries, major shareholders, or controlling parties of the Company.
3. Is not the person who has relationship by means of descent or legal registration under
the status of father, mother, spouse, brothers and sisters, and children. The prohibitive
persons also include spouses of daughters and sons of management, major shareholders,
controlling party or the person who is in the process of nomination to be the management
or controlling party of the Company or its subsidiary.
4. Have no or never had business relationship with the Company, its parent company,
subsidiaries, associates, major shareholders, or controlling parties of the Company in
respect of controlling which may harm the independent decision-making, including not
being or never been the significant shareholder, or controlling parties of any person having
business relationship with the Company, its parent company, subsidiaries, associates,
major shareholders, or controlling parties of the Company
5. Is not or has never been the auditor of the Company, its parent company, subsidiaries,
associates, major shareholders, or controlling parties of Company, and is not the significant
shareholder, controlling parties, or partner of the auditing firm which employs such auditor
of the Company, its parent company, subsidiaries, associates, major shareholders, or
controlling parties of the Company.
6. Is not or has never been the professional service provider, including but not limited to
legal service or financial advisor with received the service fee more than 2 million baht per
year from the Company, its parent company, subsidiaries, associates, major shareholders,
or controlling parties, and is not the significant shareholder, controlling parties, or partner
of the above mentioned service firms.
7. Is not the director who is nominated to be the representative of directors of the
Company,majorshareholders,oranyothershareholdersrelatedtothemajorshareholders.

60. Annual Report 2009
58
8. Do not operate the same and competitive business with the business of the Company,
or its subsidiaries, or is not a significant partner of the partnership, or is not an executive
director, employee, staff, advisor who receives salary, nor holds share of more than 1%
of the total voting shares of any other company which operates same and competitive
business with the business of the Company, or its subsidiaries.
9. Is not any otherwise which is unable to have the independent opinion regarding the
business operation of the Company.
After being appointed as the independent director in accordance with the conditions under
the article (1) - (9), such independent director may be assigned by the board of directors to
make decision in respect of collective decision on business operation of the Company, its
parent company, subsidiaries, associates, same-level subsidiaries, major shareholders,
or controlling parties of Company.
The definition of independent director of the Company is equal to the minimum requirement
of the Securities and Exchange Commission and the Stock Exchange of Thailand.
(B) AUDIT COMMITTEE
The Audit Committee is constituted in such a way as to be independent of the Company’s
management. AllmembersoftheAuditCommitteearequalifiedindividualsandindependent
directors who possess the qualifications stipulated by the Stock Exchange of Thailand.
Presently, the Audit Committee consists of 3 directors who are not taking part in the
management of the Company or majority shareholder of the Company, and 1 secretary,
namely:
(as of 22 February, 2010)
Name Positions
1. Mr. Mana Noppun Chairman of the Audit Committee
2. Mr. Jesadavat Priebjrivat Member of the Audit Committee
3. Mr. Wirat Uanarumit Member of the Audit Committee
Remark : Secretary to the Audit Committee is Mr. Thalin Aeimtitiwat

61. 59
SCOPE OF AUTHORITY AND RESPONSIBILITIES OF THE AUDIT COMMITTEE
The Audit Committee of the Company has the scope of duties and responsibilities to the
Board of Directors on the following matters:
(1) to review the Company’s financial reporting process to ensure that it is accurate and
adequate;
(2) to review the Company’s internal control system and internal audit system to ensure
that they are suitable and efficient, to determine an internal audit unit’s independence, as
well as to approve the appointment, transfer and dismissal of the chief of an internal audit
unit;
(3) to review the Company’s compliance with the law on securities and exchange, the
Stock Exchange of Thailand’s regulations, and the laws relating to the Company’s business;
(4) to consider, select and nominate an independent person to be the Company’s auditor,
and to propose such person’s remuneration, as well as to attend a non-management
meeting with an auditor at least once a year;
(5) to review the Connected Transactions, or the transactions that may lead to conflicts
of interests, to ensure that they are in compliance with the laws and the Stock Exchange
of Thailand’s regulations, and are reasonable and for the highest benefit of the Company;
(6) to prepare, and to disclose in the Company’s annual report, an audit committee’s report
which must be signed by the audit committee’s chairman and consist of at least the
following information:
(a) an opinion on the accuracy, completeness and creditability of the Company’s
financial report,
(b) an opinion on the adequacy of the Company’s internal control system,
(c) an opinion on the compliance with the law on securities and exchange, the
Exchange’s regulations, or the laws relating to the Company’s business,
(d) an opinion on the suitability of an auditor,
(e) an opinion on the transactions that may lead to conflicts of interests,
(f) the number of the audit committee meetings, and the attendance of such meetings
by each committee member,
(g) an opinion or overview comment received by the audit committee from its
performance of duties in accordance with the charter, and
(h) other transactions which, according to the audit committee’s opinion, should be
known to the shareholders and general investors, subject to the scope of duties
and responsibilities assigned by the Company’s board of directors; and

62. Annual Report 2009
60
(7) to perform any other act as assigned by the Company’s Board of Directors, with the
approval of the Audit Committee.
In its performance of duties as described above, the Audit Committee must be directly
responsible to the Company’s Board of Directors, while the Company’s Board of Directors
shall remain responsible to third parties for the operations of the Company.
The term of office for the Chairman of the Audit Committee and members of the Audit
Committee is 3 years (including the additional appointment to and removal from the Audit
Committee). Furthermore, the members of the Audit Committee who retired by the
expiration of the term of the appointment may be re-elected for another term, if the board
of directors or the shareholders’ meeting deems it appropriate.
In this regard, the Chairman of the Audit Committee and all members have adequate
expertise and experience to audit creditability of the Company’s financial reports.
(C) COMPENSATION COMMITTEE
Presently, the Compensation Committee consists of 3 non-executive directors and 1
secretary, namely:
(as of 22 February, 2010)
Name Positions
1. Mr. Mana Noppun Chairman of the Compensation Committee
2. Mr. Jesadavat Priebjrivat Member of the Compensation Committee
3. Mr. Porntat Amatavivadhana Member of the Compensation Committee
Remark : Secretary to the Compensation Committee is Mr. Wanchak Buranasiri

63. 61
SCOPE OF AUTHORITY AND RESPONSIBILITIES OF
COMPENSATION COMMITTEE ARE AS FOLLOWS:
1. To provide recommendation to the Board of Directors with respect to the policy and
criteria for determining annual remuneration, in the form of both cash and non-cash reward,
to be given to the directors. By considering the justifiable, reasonable and appropriate for
the scope of duties and responsibilities of the directors and can be comparable with the
remuneration rate of other companies in the same industry level. Provided, however, that
such remuneration is submitted for approval in the shareholders meeting.
2. To consider the annual remuneration, annual salary adjustment, change in salary rates,
and other remuneration according to the positions, benefits, as well as the terms and
conditions of employment, to the Chief Executive Officer and the President.
3. To provide recommendation to the Board of Directors with respect to the policy and
criteria for determining annual remuneration and other benefits to be given to the senior
executives, according to their positions.
4. To consider and provide opinions in the event that the Company would like to issue and
allot warrants to directors and executive employees of the Company and/or its subsidiaries
which are more than 5% of the total warrants issued in each lot of allocation, as well as
determine the name of directors and executive employees who being entitled to purchase
warrants of more than 5% and number of warrants to be issued to each of them, subject
to the relevant laws, rules and regulations.
5. To perform any other act as assigned by the Company’s Board of Directors in relation to
the determination of significant compensation.

64. Annual Report 2009
62
(D) EXECUTIVE COMMITTEE
The Executive Committee is appointed by the Board of Directors to supervise and control
the daily affairs of the Company. Selected from a list of the Company’s Top Management,
members of the Executive Committee must not be the directors of the Company (except
the member of Executive Committee no. 1-3 in the below list). Therefore, they are not
“Director and Management” according to the definition of the Notification of the Office of
SEC.
The Executive Committee, presently consists of:
(as of February 22, 2010)
Name Positions
1. Mr. Apichart Chutrakul Chairman of the Executive Committee
2. Mr. Srettha Thavisin Deputy Chairman of the
Executive Committee
3. Mr. Wanchak Buranasiri Member of the Executive Committee
4. Mr. Thalin Aeimtitiwat Member of the Executive Committee
5. Mr. Monthian Soisuwan Member of the Executive Committee
6. Mr. Uthai Uthaisangsuk Member of the Executive Committee
7. Mr. Nopporn Boonthanom Member of the Executive Committee
8. Mr. Metha Angwatanapanich Member of the Executive Committee
9. Mr. Manu Trakulwattanakit Member of the Executive Committee
10. Mr. Somchai Charntanawet Member of the Executive Committee
11. Mrs. Anongluk Rathprasert Member of the Executive Committee
and Secretary to the Executive Committee
Moreover, in 2009, the changing of the Executive Committee are as follows:
The member of Executive Committee who resigned from his office
1.Mr. Piyabutr Lertdumrikarn resigned from a member of the Executive Committee since 2 February 2009.
2.Mr. Mayta Chanchamcharat resigned from a member of the Executive Committee since 9 April 2009.
3.Mr. Wirote Kappiyajanya resigned from a member of the Executive Committee since 15 October 2009.

65. 63
SCOPE OF AUTHORITY AND RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE
1. Supervising and controlling the daily affairs of the Company so that they conform to the
policies and budget approved for them by the Board of Directors. This includes making
business plans, directions, strategies, and organizational structures, and managing the
Company’s operations. Corporate expenditures must conform to the economic conditions
and the competition encountered by the Company, according to the said policies and
budget. The Committee must also monitor the results of corporate operations and ensure
that they accord with the approved business plan of the Company.
2. Conducting any other affairs assigned to it by the Board of Directors, including
authorization of whatever operations fall within the scope of authority assigned to the
Committee by the Board of Directors, which authority is subject to periodic review.
3. Screening other matters beyond the Committee’s scope of authority before passing
them to the Board of Directors for consideration.
However such authorization assigned by the Board of Directors shall not cause the
Executive Committee, President or any proxy to approve the transactions that he or
potentially conflicted persons may involve directly or indirectly in advantage/disadvantage.
And that involvement cause in conflict of interest to the Company or any related transaction
which referred by the Articles of Association of the Company and the SEC’s regulations,
except the normal business transactions such as buying or selling goods or products of
the Company in accordance with the policy, rules and budgeting which assigned by the
Board of Directors.

66. Annual Report 2009
64
(E) THE MANAGEMENT according to the definition under the Notification of the Office of
SEC, presently consist of the person, namely:
(as of 1 March, 2010)
Name Positions
1. Mr. Apichart Chutrakul Chief Executive Officer
2. Mr. Srettha Thavisin President
3. Mr. Wanchak Buranasiri Chief Operating Officer
4. Mr. Thalin Aeimtitiwat Senior Executive Vice President,
Accounting Department
5. Mr. Uthai Uthaisangsuk Senior Executive Vice President, Business
Development and Project Development
Division (High Rise)
6. Mr. Metha Angwatanapanich Senior Executive Vice President, Business
Development and Project Development
Division (Low Rise)
7. Mr. Somchai Charntanawet Senior Vice President, Finance
Note : Information of the directors and management of the Company are explained in detail under
the topic “Details on the Directors and Management”
(F) COMPANY SECRETARY
Mr. Nopporn Boonthanom was appointed by the Board of Directors, to be the Company
Secretary effective from 13 August 2008 with the preliminary Duty and Scope of
Responsibilities as specified by the Securities and Exchange Acts (No.4) B.E. 2551.

67. 65
2. SELECTION OF DIRECTORS AND MANAGEMENT
Selection of Company directors must receive approval from a general meeting of
shareholders, unless a position falls vacant for some other reasons than the normal
expiry of a director’s term of office. The Board of Directors may then elect a
replacement at its next meeting to fill that position only for the remainder of that term,
unless the period remaining is less than two months. Appointment of independent
directors and audit committee directors will be made by the Board of Directors from a list
of qualified persons generally accepted by the business sector and appropriate academic
realm and nominated by the Chief Executive Officer and the President for that purpose, or
proposed for appointment at a meeting of shareholders, as is the case with directors of the
Board whose names are proposed jointly by the Chief Executive Officer and the President.
Method of Election of Directors at a Meeting of Shareholders
The Company’s regulations differ from the method stipulated by Article 70, Clause 1 of the
Public Companies Act of B.E. 2535. The Company’s regulations require that the Board of
Directors must be approved by a majority of votes in a meeting of shareholders, with one
vote allotted to each share. Election may be of individuals or of groups, as the meeting of
shareholders deems appropriate. No shareholder may divide his/her votes among several
individuals or groups. At each Annual General Meeting of Shareholders, one third of the
positions on the Board become vacant, and those whose terms have expired may be
re-elected for another term of office.
3.MANAGEMENT REMUNERATION
3.1 CASH REMUNERATION
(A) Total Cash Remuneration for the directors and members of the Audit Committee in
2009 – ten persons in all – amounted to 7,720,000 baht, which was in the form of meeting
allowances, special remuneration to the non-executive directors and salary to the Audit
Committee. The details are as follows:
The remuneration to the Audit Committee paid in form of salary (at the same rate of the
previous year), i.e. 50,000 Baht per month for the Chairman and 30,000 Baht per month
for other members.

68. Annual Report 2009
66
Remuneration for the directors for the year 2009
Special Total
Meeting remuneration (baht/
No. Name allowances to the non- year)
(baht / year) executive
directors
(baht / year)
1. Mr. Kovit Poshyananda 180,000 1,000,000 1,180,000
2. Mr. Apichart Chutrakul 180,000 - 180,000
3. Mr. Mana Noppun 180,000 600,000 780,000
4. Mr. Jesadavat Priebjrivat 180,000 600,000 780,000
5. Mr. Wirat Uanarumit 180,000 600,000 780,000
6. Mr. Srettha Thavisin 180,000 - 180,000
7. Mr. Wanchak Buranasiri 180,000 - 180,000
8. Mr. Kriengkrai Thiennukul 180,000 600,000 780,000
9. Mrs. Nujchanart Panthawangkun 180,000 600,000 780,000
10. Mr. Porntat Amatavivadhana 180,000 600,000 780,000
Total 6,400,000
The remuneration to the Audit Committee paid in form of salary (at the same rate of the
previous year), i.e. 50,000 Baht per month for the Chairman and 30,000 Baht per month for
other members.
No. Name Salary
(baht / year)
1. Mr. Mana Noppun 600,000
2. Mr. Jesadavat Priebjrivat 360,000
3. Mr. Wirat Uanarumit 360,000
Total 1,320,000

69. 67
(B) Cash Remuneration for the Management member was in the form of salaries, and
bonus as follows:
Remuneration for the Management
The year 2009
No. of Top Amount (baht)
Type of remuneration Managements
Total Salary 6 43,500,000
Total bonus 6 134,400,000
Total 177,900,000
Remark : “The Management” in the table above mean the Management according to the definition
under the Notification of the Office of SEC (excluding Senior Vice President, Finance), i.e.
Mr. Apichart Chutrakul, Mr. Srettha Thavisin, Mr. Wanchak Buranasiri, Mr. Thalin Aeimtitiwat,
Mr. Uthai Uthaisangsuk and Mr. Metha Angwatanapanich.
3.2 OTHER REMUNERATION
3.2.1 The Plan to issue and offer the Ordinary Share-Purchase Warrants to the Directors
and its subsidiaries i.e. ESOP # 5/2006 Plan
Remark : Please see the details of warrants under ESOP # 5/2006 Plan in the topic“Shareholder Structure”
under the heading “2. Other Securities”.
The details of warrants under ESOP Plan which allotted to the directors of the Company
are as follows:
Warrants
under ESOP# 5/2006
The name of directors (at present) No. of warrants % of the Plan
1. Mr. Kovit Poshyananda 1,000,000 1.89
2. Mr. Apichart Chutrakul 2,600,000 4.92
3. Mr. Srettha Thavisin 2,600,000 4.92
4. Mr. Wanchak Buranasiri 2,600,000 4.92
3.2.2 Contributions to the Pension Fund : In 2009, the Company had not paid any
contributions to the pension funds of directors, except for directors and executives
who also holding the status as Company employee, to which the Company had
contributed to their provident fund as follow:
The year 2009
Type of remuneration No. of person Amount (baht)
Contributions to the Pension Fund 6 5,373,600

70. Annual Report 2009
68
4. CORPORATE GOVERNANCE
The Company regards corporate governance as a system essential to the processes and
structures of leadership and control. It facilitates responsibility for one’s position through
transparency and enhances corporate competitiveness as a mean to preserving capital
and adding value to shareholders’ equity in the long term. Corporate governance is a
code of business ethics that protects various interested parties and society as a whole.
To this end, the Company has established an Audit Committee, composed of individuals
independent of the Company, and free of managerial control. The Audit Committee meets
every three months to examine the stewardship of the Company in terms of transparency,
integrity, accountability, and competitiveness.
In addition, since some of the Company’s joint venture partners and shareholders are
foreigners who need to have prompt and accurate knowledge of the Company, the
Company is aware of the importance of corporate governance as a factor in determining
whether an investor will choose to invest in the Company. For this reason, the Company
has modernized its information, accounting, and management systems to ensure fast and
accurate reports, and established an Investor Relations Office to co-ordinate communication
with investors.
The progress made by the Company in implementing all 5 sections contained in the
Principles of Good Corporate Governance for Listed Companies laid down by the Stock
Exchange of Thailand is herewith explained as follows:
1. RIGHT OF SHAREHOLDERS
To increase transparency, competitive advantage and the confidence of shareholders,
investors and all stakeholders in the Company, the Board of Directors has set the
guideline for protection of fundamental rights of the shareholders (such as the right to
trade and transfer shares, to receive dividend from profits of the Company, to receive
sufficient news and information from the Company, to attend and exercise their voting
rights in the shareholders meeting, etc.) including the following principles:
(a) The Company provides the information about the shareholders meeting by
sending the notice summoning the meeting along with the agenda for the
meeting within sufficient timeframe (14 days prior to the meeting date). The notice
summoning the meeting and the agenda for the meeting contained the details of
the meeting inclusive of date, time, venue, agenda of the meeting and other
necessary information required for decision making process together with the
comments from the directors for each agenda, and proxy form for the shareholders
who are unable to attend the meeting, etc. Furthermore, the Company also
advertised these information in the Company website before sending them to the
shareholders.

71. 69
(b) Chairman of the meeting allocates sufficient and appropriate time and carries out
the meeting according to the agenda. And during the meeting, the Chairman
allows the shareholders to freely express their opinion and raise their questions in
relation to the Company business.
(c) Chairman of the Board, the Chairman of the sub-committee, and all directors
(unless with reasonable cause) are to attend the meeting and answer the
questions from the shareholders.
(d) To ensure efficiency, transparency, accountability, and sufficient information
disclosure of the business operations for the utmost benefits of the shareholders
and stakeholders.
2. EQUITABLE TREATMENT OF SHAREHOLDERS
(1) GENERAL RIGHTS
The Company realizes of its duty to protect the rights and benefits of the
shareholders and to place importance on fair and equal treatment for all
shareholders. It is the Company policy to disclose information in relevant to
Company business operation with accuracy and transparency, including the rights
in which the shareholders are entitled to, or any issues that could impact the
Company business such as shareholders’ participation in the shareholder’s
meeting to exercise their voting rights, the right to receive dividend, decrease or
increase capital, etc.
(2) SHAREHOLDER’S MEETING
The Company has established the policy to hold the shareholder’s meeting in
accordance with the applicable laws and regulations of the Stock Exchange of
Thailand, including the summoning of the meeting, notification of the agenda,
sending of the notice summoning the meeting, recording of minutes of the
meeting, and also to facilitate the shareholders in each shareholder’s meeting.
! ! "! #$%&'$!()$!*$$(+,-
In 2009, the Company held shareholder’s meeting for 2 times, i.e. a Annual
General Meeting of Shareholders on 29 April 2009 and a Extraordinary Meeting
of Shareholders on 6 November 2009. The Company sent the notice summoning
the meeting along with the agenda of the meeting to the shareholders not
less than 14 days prior to the date of the meeting. To provide the opportunity
to the shareholders to study the materials for the meeting before receiving the
information in forms of documents, the Company also publicized the
information in the Company website for approximately 27 days prior to the
meeting date and had informed the SET of such broadcasting.

72. Annual Report 2009
70
The Company has provided the shareholders with the following information to
help them in decision making process:
- Facts and reason along with the opinion of the Board of Directors for each
agenda
- Important information such as the biography of the person being appointed
as a director (for the agenda to appoint the new director as a replacement
the director who retired upon completion of their term), details of
remuneration for directors and sub committee, etc.
- Proxy of the shareholders in which the Company has provided another
alternative for the shareholders to propose at least 1 independent director
to be their proxy to attend the meeting and to vote, in case that the
shareholder is unable to attend the meeting.
At present the Company has the policy to improve the information in the
materials for the shareholder’s meeting to be more detailed. The Company
realizes the importance of the shareholder’s right to access the Company
information; therefore, will add more details of the important agenda to be
considered, reasons for necessity, and the positive and negative impacts of
that agenda.
Furthermore, the Company has facilitated the shareholders and their proxy at
each shareholders meeting by arranging the barcode registration system and
the voting form for each agenda.
! ! "! #$%&'(!)*+!,++)&'(
In the shareholder’s meeting held in 2009, the Chairman of the Board of
Directors acted as Chairman of the meeting with the Chairman of the sub-
committee and the Company and the directors attended the meeting (the
names were shown in the minutes of meeting) to report or to answer to any
questions from the shareholders. Before proceeded with the agenda of the
meeting, the Chairman of the meeting explained to the meeting the procedure
of voting for each agenda and informed the meeting of the voting result after
completing the consideration of each agenda.
The Company carried out the meeting according to the agenda stated in the
notice summoning the meeting, and allowed the shareholders to vote for the
new director according to the agenda to appoint the new director. Furthermore,
the Company holds on to the principle in which to give the opportunity to the
shareholders to study the information before making decision, and the
Company will not add any agenda without informing the shareholders in advance.

73. 71
During the meeting, the Chairman gave equal opportunity for the shareholders
to examine the Company business operations, to ask questions, and to express
their opinion and suggestions. All shareholders, minor and major shareholders,
received the same and equal information about the Company business
operations and financial information, including equal rights to receive dividend.
! ! "! #$%&'!%(&!)&&%*+,
The Company has completely and accurately recorded the minutes of meeting,
voting of each agenda and the issues or questions and any opinion from the
shareholders. The minutes of shareholders meeting held in 2009 had been
submitted to the SET within 14 days after the meeting date, and also publicized
in the Company website, www.sansiri.com, for information and examination
by the shareholders
3. ROLES OF THE STAKEHOLDERS
The Company places importance on all group of its stakeholders regardless if they are
internal stakeholders such as employees and management of the Company and its
subsidiary companies, or external stakeholders such as shareholders, customers,
competitors, and creditors. The Company is fully aware that supports from all these
stakeholders will enable the Company to build the competitive advantage and create
profits for the Company which will benefit the long term success of the Company.
For such purpose, the Company provides fair, transparent, and timely disclosure of the
important information to ensure that all stakeholders are treated equally.
(1) SHAREHOLDERS
The Company aims to ensure that the shareholders receive appropriate returns
for their investment by ensuring sound business operation results and continued
business development. The Company also implements effective and efficient
internal control system to ensure that the benefits of the Company and the
shareholders are protected.
(2) CUSTOMERS
The Company recognizes the importance of the customers and therefore,
determines to build customers’ satisfaction appropriately by offering high quality
products and services in response to the customers’ needs professionally.

74. Annual Report 2009
72
(3) EMPLOYEES
The Company recruits and retains the potential and experienced employees with
determination to continuously develop and increase the skills of the employees
and to encourage the employees’ success and secure in their profession. The
Company treats every employees equally, provides the employees with
reasonable welfares and other benefits such as provident fund, health and life
insurance, etc.
(4) MANAGEMENT
The Company recognizes the importance of the management who is an important
factor to the Company business success and therefore, has arranged for the
appropriate structure of remuneration for the management.
(5) CREDITORS AND TRADE PARTNERS
The Company operates and deals business with its creditors and all groups of its
trade partners on the principles of fairness and ethical manners by complying
with the laws and regulations and on the agreed terms and conditions.
(6) TRADE COMPETITORS
The Company treats its trade competitors fairly and does not seek for any
information of the competitors dishonestly.
(7) RESPONSIBILITIES TO THE COMMUNITY, SOCIETY, AND ENVIRONMENT
The Company operates its business base on responsibilities, care, and concerns
to the overall community, society, and the environment, and also to comply with
all relevant laws and regulations.
4. INFORMATION DISCLOSURE AND TRANSPARENCY
The Company places importance on the disclosure of information accurately, completely,
transparently and freely both for financial statements and general information, and also
other information that would impact the price of the Company property. To ensure that the
investors and all other related parties have free access to the information, this information
is to be publicized through different media channels such as website of the SET, form 56-1,
annual reports, and at the Annual General Shareholders Meeting, etc.
Moreover, the Company information which has been reported to the SET, shareholders
and the investors will be publicized in both Thai and English language in the Company
website www.sansiri.com. This is another communication channel which is very timely
and enables easy access for the users. The Company has set up the Investor Relations
Department to be responsible for the communication and provision of the Company
information and activities to the shareholders, analysts and other investors, fairly

75. 73
and equally. The role of the Investor Relations also includes to create and to ensure
positiveimage,attitude,andconfidencefromtheanalystandinvestors.Theinvestorsorany
interest parties can contact the Investor Relations at the telephone number (662) 201-3905
or at the e-mail address : IR@sansiri.com.
The important information of the Company consists of financial statements and other
non-financial information in accordance with the regulations of SEC and SET, and also
other relevant information. The Company financial statement which has been reported to
SET, has been checked and examined by the Company auditor and has been approved by
the Company Board of Directors. The Board of Directors is responsible for the budget of
the Company and its subsidiaries and the financial information that appears in the Annual
Report. The financial statements are produced according to accounting principles generally
accepted in Thailand and capable of being applied and implemented on a regular basis.
The said statements require great care and circumspection, and must disclose all
significant information related to them in the Notes to the Financial Statements.
Furthermore, the Board of Directors has instituted an effective system of internal
controls to ensure the reasonable accuracy, completeness and adequacy for the purpose of
maintaining the Company’s assets. They must also identify weak points vulnerable to
significant occurrences of fraud and dishonest business practices. For this reason,
the Board of Directors has appointed an Audit Committee consisting of non-executive
directors to examine the quality of the Company’s financial reports and system of internal
controls. Their opinions in this regard are compiled in the Report of the Audit Committee,
which appears in the Annual Report and Form 56-1.
5. RESPONSIBILITY OF THE BOARD OF DIRECTORS
(1) STRUCTURE OF BOARD OF DIRECTORS
(1.1) COMPOSITION OF THE BOARD OF DIRECTORS
The Company Board of Directors has been elected from the Annual General
Meeting of the Shareholders in accordance with the Company Article of
Association. At present, the Company has total of 10 directors which is
appropriate to the size of business. The Company’s Board of Directors
comprises of 3 executive directors, outside directors who are non-executive
directors, along with audit committee totaling 7 persons. There are 5
independent directors on the board which is more than one third (1/3) of the
total numbers of directors on board.

76. Annual Report 2009
74
However, non-executive directors and audit committee of the Company hold
the knowledgeable with high experience in business, professional managers
independent of executive influence. Thus the executive management of the
Company is guided and supervised impartially by non-executive directors and
audit committee, providing sufficient balance in the opinion of the Company.
The Board of Directors clearly determines and distinguishes the duties and
responsibilities of the Board itself, its committees, and the management of the
Company, as explained in detail under the topic “1. Management Structure”
whose subject heading is “Management”. These duties and responsibilities are
regularly communicated to the directors, management, and staff of the
Company as well.
(1.2) QUALIFICATIONS OF INDEPENDENT DIRECTORS
Independent director refers to a director whose qualifications match with the
requirements of the Office of the Securities and Exchange Commission and the
Stocks Exchange of Thailand, as follows:
1. Holds shares not exceeding 1 percent of the total shares with voting right
of the Company, its parent company, subsidiaries, associates, major
shareholders, and controlling parties of the Company, provided that the
shares held by the related parties of such independent director shall be
included.
2. Is not or has never been an executive director, employee, staff, advisor who
receives salary, nor controlling parties of the Company, its parent company,
subsidiaries, associates, same-level subsidiaries, major shareholders, or
controlling parties of the Company.
3. Is not the person who has relationship by means of descent or legal
registration under the status of father, mother, spouse, brothers and
sisters, and children. The prohibitive persons also include spouses of
daughters and sons of management, major shareholders, controlling party
or the person who is in the process of nomination to be the management or
controlling party of the Company or its subsidiaries.
4. Have no or never had business relationship with the Company, its parent
company, subsidiaries, associates, major shareholders, or controlling
parties of the Company in respect of holding the power which may cause
the obstacle of the independent decision, including not being or never been
the significant shareholder, or controlling parties of any person having

77. 75
business relationship with the Company, its parent company, subsidiaries,
associates, major shareholders, or controlling parties of the Company
5. Is not or has never been the auditor of the Company, its parent company,
subsidiaries, associates, major shareholders, or controlling parties of
Company, and is not the significant shareholder, controlling parties, or
partner of the auditing firm which employs such auditor of the Company, its
parent company, subsidiaries, associates, major shareholders, or
controlling parties of the Company.
6. Is not or has never been the professional service provider, including but
not limited to legal service or financial advisor with received the service
fee more than 2 million per year from the Company, its parent company,
subsidiaries, associates, major shareholders, or controlling parties, and is
not the significant shareholder, controlling parties, or partner of the above
mentioned service firms.
7. Is not the director who is nominated to be the representative of directors of
the Company, major shareholders, or any other shareholder related to the
major shareholders.
8. Do not operate the same and competitive business with the business of the
Company, or its subsidiaries, or is not a significant partner of the
partnership, or is not an executive director, employee, staff, advisor who
receives salary, nor holds share for more than 1 percent of the total shares
with voting right of any other companies which operate same and
competitive business with the business of the Company, or its subsidiaries.
9. Is not any otherwise which is unable to have the independent opinion
regarding the business operation of the Company.
After being appointed as the independent director in accordance with the
conditions under the article (1) - (9), such independent director may be
assigned by the Board of Directors to make decision in respect of collective
decision on business operation of the Company, its parent company,
subsidiaries, associates, same-level subsidiaries, major shareholders, or
controlling parties of Company.
The definition of independent director of the Company is equal to the minimum
requirement of the Securities and Exchange Commission and the Stock
Exchange of Thailand.

78. Annual Report 2009
76
(1.3) SEPARATION OF POWER FOR CHAIRMAN OF THE BOARD AND MANAGING DIRECTOR
From the Company structure, the Board of Directors has elected the independent
director who has no relation with the management to be Chairman of the
Board. The Company determines that the Chairman of the Board of Directors is
not the same person as the Managing Director in order to separate duty of
making policy and management of the Company daily business operations.
The Chairman of the Board has leadership and important role in overseeing
to ensure that the management manages the Company in accordance with the
policy, including to assist, advise, and support the operations of the
management. However, the Chairman of the Board of Directors has no
participating in the business operations under the responsibilities of the
management while the Chief Executive Officer and the President will be
responsible for the management of business as appointed and approved by the
Board of Directors. Moreover, the Chairman of the Board is also the
chairman of the Board of Directors’ meeting and the Shareholders’ meeting, to
ensure that the meetings are carried out smoothly and successfully and also
encourage all directors to participate in the meeting.
(1.4) COMPANY SECRETARY
The Company has the policy to comply with the new amendment of the
Securities and Exchange Act and the good corporate governance principles
for the listed Company, by providing the company secretary to be in charge of
all corporate secretarial and other related tasks with more efficiency and
systematic approach. At present, Mr. Nopporn Boonthanom, the General
Counsel Legal Office and Secretary to the Board is appointed by the Board as
the Company secretary, taking care on the Company secretary area who is in
charge of keeping the Board informed of any necessary laws and regulations
and also to manage and ensure that the Board of Directors meeting and
Shareholders meeting are carried out smoothly and efficiently.
(2) SUB-COMMITTEE
The Board of Directors has appointed three committees to assist in corporate
administration and supervision. The three committees consist of (1) the Audit
Committee (2) the Compensation Committee and (3) the Executive Committee.
Detailsoftheroles,responsibilities,andcompositionofeachcommitteecanbefound
under the topic “(1) Management Structure”, whose heading is “Management”. The
Chairman of the Board is neither a chairman nor a member of any committee to
ensure independence of the committees.

79. 77
3) ROLE, DUTY, AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS
The Board of Directors has the obligation and responsibility to perform its duty
in accordance with the law, objectives, regulations, code of conducts, and the
resolution of the shareholders meeting, including to consider and approve the
Company policy and management direction, financial target, and budget. The
Board of Directors also oversees and monitors to ensure that the business
operations are managed effectively and according to the policy for the utmost
benefits of the shareholders under the ethical standards with honestly and
carefulness.
(3.1) BUSINESS ETHICS
The Board of Directors has clear policies on business ethics, which have
been communicated to management and employees on a regular basis.
All concerned individuals are expected to adopt these policies and
implement them with integrity, honesty, and fairness in their dealings with
the Company, interested parties, the public, and society. Interactions
between the individuals concerned and other parties are constantly
monitored. The Company has compiled and published a code of
professional ethics for staff and determined penalties for violating the
said code.
(3.2) CONFLICTS OF INTEREST
To avoid conflicts of interest, the Board of Directors is careful to review
any item that could be construed as a conflict of interest, and to establish
written policies and procedures for the authorization of transactions
between related parties. The Article of Association of the Company and its
subsidiaries were revised to stipulate that if any transaction is agreed to
between various members of the Company and its subsidiaries, or any
asset of the Company or its subsidiaries is acquired or relinquished as per
the relevant guidelines of the Stock Exchange of Thailand, then the
Company and its subsidiaries must comply with the said guidelines. The
Company also established policies and procedures by which to prevent
the managements and related parties from deriving personal benefit from
the Company’s inside information.

80. Annual Report 2009
78
The Board of Directors is aware of each incidence of a potential conflict of
interest or related-party transaction and considers the appropriateness
of each occurrence. The Company complies with the principles of the stock
exchange whereby prices and conditions are negotiated strictly on an
arm’s-length basis. The details of each transaction, its value, the parties
involved, and the reason or necessity for the transaction are explained in
the Annual Report and Form 56-1. In particular, directors, management and
employees are not allowed to consider or cast their votes on matters in
which they may have a potential conflict of interest.
(3.3) INTERNAL CONTROL AND INTERNAL AUDIT
The Company places importance on the effective and appropriate internal
control system for the Company business operations, both in the
management and operational levels. And therefore, has adjusted the
structure of the organization to be in line with the Company objectives,
business, duty, and responsibilities of each business line. The Company
has also clearly established the written guideline of the obligation, and
scope of authority of the staff and management, has the control and
monitoring system for the utilization of the Company assets, and has clear
separation and segregation of duty and obligation for the operators, the
monitoring party and the evaluator. This is to balance the power and
authorization and enable appropriate cross examination among all parties
involved. Furthermore, the Company also has the financial related internal
control by setting the system of reporting line to the respective
management in charge.
The Company conducts investigations to determine that its operations and
financial activities are proceeding properly and efficiently, and are compliant
with all relevant laws and regulations. In order that the internal auditing
unit may be independent, capable, and balanced, the Board of Directors has
stipulated that its reports be made directly to the Audit Committee and its
activities evaluated by the Audit Committee as well.
(3.4) RISK MANAGEMENT
The Company attaches considerable importance to risk management. The
risk involved in each corporate activity is evaluated and determined, along
with measures to prevent and manage risk and its effect on corporate
operations. The task of management is to assess the economic, financial,
social, and legal risks produced by each change in circumstances, along
with their impact on competitiveness in the industry, and to decide on the
appropriate solutions.

81. 79
(4) MEETINGS OF THE BOARD OF DIRECTORS
The normal frequency of meetings of the Board of Directors is every three months.
Other special meetings may be held as the need arises. Each meeting has a clear
agenda, determined in advance, part of which is a regular review of operational
results. The Secretary to the Board issues invitations to each meeting, along with
the rules of the meeting and all relevant documents, seven days in advance, so
that the directors may have sufficient time to study all pertinent information prior
to the meeting. Each meeting normally lasts about two hours. In 2009, the Board
of Directors held four regular meetings and five extraordinary meetings, totaling
nine meetings. The attendance of each director is as follows:
Details of director and member of each committee attendance records in year 2009
The
The Board The Audit Compensation
Name of Directors Committee Committee
1. Mr. Kovit Poshyananda 9/9 - -
2. Mr. Apichart Chutrakul 9/9 - -
3. Mr. Mana Noppun 8/9 4/4 1/1
4. Mr. Jesadavat Priebjrivat 9/9 4/4 1/1
5. Mr. Wirat Uanarumit 7/9 4/4 -
6. Mr. Srettha Thavisin 8/9 - -
7. Mr. Wanchak Buranasiri 9/9 - -
8. Mr. Kriengkrai Thiennukul 7/9 - -
9. Mrs. Nujchanart Panthawangkun 9/9 - -
10. Mr. Porntat Amatavivadhana 8/9 - 1/1
The Chairman of the Board of Directors has allocated sufficient time for the
proposal of issues for consideration of the directors and to encourage the directors
to freely and thoroughly discuss the issue. The secretary to the Board takes
minutes of the meeting with all important details of the meeting including the
discussion of the meeting and the opinion of the directors. The minutes of the
previous meetings which have been approved by the Board of Directors shall be
kept and ready for the examination by the directors and other related parties.

82. Annual Report 2009
80
(5) SELF EVALUATION OF THE BOARD OF DIRECTORS
The Company acknowledges the information about performance evaluation of the
Board of Directors in accordance with the regulation set by SET. The Company
evaluates the performance of the Board of Directors from time to time. However,
at present, the Company has concept to carefully and appropriately set the
guideline for performance evaluation of the Board of Directors, and to use this in
formation to improve and develop more performance efficiency of the Board of
Directors.
(6) REMUNERATION FOR DIRECTORS AND THE MANAGEMENT
The Company’s remuneration policy for directors is straightforward and
transparent. Levels of remuneration are equivalent to the industry standards, high
enough to attract and retain directors who possess the desired qualifications, and
are approved by a meeting of shareholders. Directors who are appointed as audit
committeearegivenincreasedremunerationappropriatetotheirgreaterworkload.
The Board of Directors appointed a Compensation Committee composed of audit
committee and non-executive directors, so as to give impartial and appropriate
consideration to the remuneration due to the Board of directors, and independent
directors. Their recommendations must then be approved by a meeting of
shareholders. Details of the remuneration given to directors and management is
provided under the topic “(3) Management Remuneration”, whose heading is
also “Management”.
(7) DEVELOPMENT OF DIRECTORS AND MANAGEMENT
(7.1) DEVELOPMENT OF DIRECTORS
The Company recognizes the importance of the directors who are important
mechanism for the determination of the Company policy and plan to achieve
corporate business goal and to take care of the benefits of all shareholders
who has placed their trusts and appoint the directors to set the policy and
supervise the business affairs operations of the management. Therefore, the
Company has aimed to continuously and consistently develop all directors to
be knowledgeable in all matters necessary and related to their works and the
Company business. This includes the support in terms of time allocation and
any related expenses for the directors, audit committees, management, and
the employees in charge of the corporate secretarial tasks, to attend or
participate in the trainings and seminars with various institutions such as SET,
SEC, Thai Institute of Directors, and Thai Listed Companies Association. The
purpose of the trainings and seminars is to improve knowledge, understanding,

83. 81
and to inform of any laws, rules, responsibilities, and any useful information
which could be utilized and be beneficial for the business in the future.
Moreover, in case of appointment of the new director, the secretary of the
Board of Directors as a person in charge of the corporate secretarial tasks of
the Company will be preparing the necessary documents and information
which could be useful and beneficial for the directors to know and aware of
their roles, obligations and responsibilities such as Directors’ Manual for Thai
Listed Company issued by SEC and the Rules on obligations and
responsibilities to disclose reports to the Office on each person’s securities
holding in accordance with section 59, and its penalty in accordance with
section 275 of the Securities and Exchange Act B.E. 2535. These are the details
of obligations and responsibilities in which the directors must be abided by
legally, including the Code of Best Practice which is to be the guideline for
business practice to be according to the internationally accepted standards.
(7.2) DEVELOPMENT OF MANAGEMENT AND SUCCESSION PLAN
The Company determines to develop the middle-level to top-level management
and their business succession plan in both strategic and operational levels of
all functions including product development, sales and marketing, financial,
and other supporting functions. The Company set up the committees which
consist of top level management and the management for each business line
to coordinate and set up the plan. There could be several committees as
appropriate, for example, the committee to consider new projects to make
decision on land purchase and other investments, or the committee to
consider the Company financial decision, or the committee for products
development and marketing. These committees are comprised of the Chief
Executive Officer, President, and Chief Operating Officer as core members, and
the management of relevant business lines as members of each committee.
The Company is confident that this method will help develop management
capability as they will have opportunities to participate in planning operational
process and business strategies. The management will not only have a chance
to work closely with the cross-functional management but also have an
opportunity to learn from the experiences of the higher level management in
actual business operations. This methodology also helps develop high
potential management, keeps the continuity of business, and enables the
transfer of knowledge and responsibilities among the management vertically
and horizontally as this methodology does not rely on an individual, but on
teamwork. The coordination of each individual in the team synchronously and

84. Annual Report 2009
82
gradually enabled the succession of works, knowledge and responsibilities
altogether.
The Company has continuously developed and prepared succession plans for
the middle level management. The top level management of each respective
business line will consider and support their high-potential middle
management and the staff in their business line to become their successor by
proposing them to participate in the SLP (Sansiri Leadership Program) which
is a training program to develop high-potential management to be the
executives. The employees will learn the procedures and strategies of the
modern management, including how to become a good and effective
management in the future. Furthermore, this is the building of networks for
coordination among different business lines as the employees who participate
in the program will attend classes and join the activities together. For lower
level employees, the Company has a program to recruit for high-potential
employees. The top level management from different but related business
lines will select the skilled employees with positive attitude to participate in
the on-the-job training program to develop them to grow and become lower
and middle management respectively. Apart from the mentioned two
programs, the Company also has Management Trainee Project to help the
employees to understand the process and procedure of business operations
which will help them to work in accordance with the Company objectives and
to support the development of management.
Moreover, the Company also supports the seminar projects / excursions both
domestically and overseas to help improve skills, knowledge and visions of
the employees, for example, Managerial Grid or The 7 Habits of Highly Effective
People by Stephen R. Covey. All middle level management will have
opportunity to attend these important trainings and seminars to improve and
develop their skills to be ready to be leader and management.
5. SUPERVISING THE USE OF INSIDE INFORMATION
The Board of Directors and corporate management are obliged to report their ownership
of Company securities to the Securities Exchange Commission with every change in the
holdings of Company shares. This is one measure to enable the Company to determine
whether any purchase of shares relied on the use of inside information by the
above-mentioned persons. The Company has set the policy with regard to the disclosure
of significant corporate information by notifying the Board of Directors and the Executives
or relevant department who may have significant inside information that would affect the

85. 83
security prices, are prohibited to sell or buy the Company’s securities during one month
prior to the financial statement or the inside information would be released to the public,
as well as reiterate them to share those information to only among those who need to
know. Other executives should only come to know of this information at the same time
as it is disclosed to the public. By these methods, the Company believes that if inside
information is used for personal gain, the scope of an investigation will be effectively
limited and the persons responsible quickly identified and penalized.
6. INTERNAL CONTROLS
Sansiri highly recognizes the importance of internal control system and ensures the
suitable monitoring and supervision to bring about higher efficiency. The Board of
Directors has assigned the Audit Committee, which works independently, to regularly
oversee and review the internal control system to ensure the appropriateness and
effectiveness of the current system. Thus, the internal control system must be efficient
enough to protect the assets of Sansiri Group while preventing the misuse of assets by
the management. The thorough disclosure is required to ensure transparency and able
to be audited, according to Good Corporate Governance practice. This system, therefore,
is meant to safeguard the interests of shareholders and provide justice for all groups of
stakeholders.
Sansiri’s internal control system is set to harmonize with corporate operations and
management in five areas, namely: (1) the organization and its surroundings; (2) risk
management; (3) control of management’s operations; (4) information and communication
systems; (5) monitoring systems.
THE ORGANIZATION AND ITS SURROUNDINGS
Sansiri has set up the organization in such a way that the operations of management
can be easily controlled while adjusting the organization chart to enhance flexibility to
cope with the changing business environment. The Board of Directors, consisting of five
directors from management, along with five outside directors who are either qualified
individuals of eminence and Audit Committee. This composition of the Board facilitates
checks and balances for fair, effective decision-making. As for the management structure,
responsibilities have been clearly divided among three basic areas of internal control,
namely authorizing, recording financial data and other information, and asset management.
In this regard, Sansiri has set up the Office of Internal Audits, which directly reports to the
Audit Committee and helps in monitoring, evaluating, and improving the internal control
system.

86. Annual Report 2009
84
RISK MANAGEMENT
Sansiri’s annual business plan sets forth clear and measurable targets conforming to the
corporate vision. The analysis of various types of risks is utilized to draw up this annual
plan as well as determine the operational strategies, benchmarks, and monitoring tools.
An accounting system measures the costs of each business activity on a separate basis,
enabling Sansiri to evaluate the gain or loss in each and judge how competitive each is.
During implementation of the plan, the relevant risk factors are regularly monitored and
assessed to determine how likely they are to affect operations. If any one factor changes
or becomes more prominent than originally anticipated, Sansiri will still be able to adjust
strategies or institute measures to prevent or prepare for such a risk in time.
CONTROL OF MANAGEMENT’S OPERATIONS
The Board of Directors has appointed two committees, the Audit Committee and the
Remuneration Committee, both of which strictly adhere to the scope of authority, duties,
and responsibilities assigned to them.
Sansiri sets the scope of authority and responsibilities for each function properly, in
accordance with the decentralization and high efficiency. Sansiri constantly monitors
the operations of the subsidiaries, and has put in place means whereby to monitor their
operations and ensure that both Sansiri and the subsidiaries are in compliance with the
regulations and all relevant legislation. Sansiri has, furthermore, determined a clear vision
that serves as a guideline directing the work of all units within the organization, and
propagated it throughout the Company on a consistent basis. Sansiri has, besides this,
selected a corporate culture and promoted activities that reinforce this culture, thereby
promoting the same, harmonious Company-wide values, procedures, and workplace
environment. It is this corporate culture that will strengthen the honesty, responsibility,
and integrity of all employees and ensure Sansiri’s future success.
INFORMATION AND COMMUNICATION SYSTEMS
In light of the importance of information and communication systems, Sansiri has
upgraded our computerized database management system. This new process will
facilitate the gathering and management of data as well as improve the accuracy and
efficiency of operational reports. Sansiri now possesses, moreover, an internal computer
network that links outside agencies to the Company, thus making overall communications
within and outside the Company more rapid and effective. These systems have been
established with sufficiently elaborate information security safeguards.

87. 85
MONITORING SYSTEMS
The Board of Directors met 9 times in 2009, and the Audit Committee reported on its
findings to the Board of Directors every quarter. The management is responsible for
examining and monitoring operational results to do an analysis of financial impact on
a continual basis. Sansiri holds a meeting of senior management-level personnel from
every department to report on progress according to the corporate plan two or three times
a year. This is in addition to the regular monitoring of Sansiri’s operational systems and
conformity to the plan’s benchmarks at various levels of command within the
organization. These meetings facilitate, by other means, the flow of information across
departmental boundaries. If any significant defect is found, a report of it is made to the
Audit Committee or the Board of Directors for decision and resolution.
During the Board of Directors’ meeting # 2/2010 held on 2 March 2010, at which the Audit
Committee was present, the Board of Directors and the Audit Committee both assessed
the Sansiri’s internal control system in accordance with the evaluation form provided by
the Securities Exchange Commission. After interrogating management concerning the
five aspects of the internal control system, namely the organization and its surroundings,
risk management, control of management’s operations, information and communication
systems, and monitoring systems, both bodies agreed that Sansiri Group has complied
with generally accepted standards of accounting, the guidelines by the Securities Exchange
Commission, and the regulations of the Stock Exchange of Thailand in making
quarterly financial reports, the financial statements for 2008, and the consolidated financial
statements of the subsidiaries, correctly and consistently. It was agreed that the
preparation and disclosure of these financial statements were accurate, adequate, and
timely, and that Sansiri’s internal control system was sufficient, appropriate, and could
be adjusted effectively to changing circumstances. It was agreed, moreover, that by
these means Sansiri and subsidiaries would achieve the objectives, and that they were in
compliance with all relevant legislation and regulations. Neither body discovered any
significant problems or deficiencies that would damage Sansiri’s operations.

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100. Annual Report 2009
98
INTER-RELATED
TRANSACTION
During the financial year ended on 31 December 2009, the Company and its subsidiaries
had no inter-related transaction with major shareholders, directors, and related persons.

101. 99
TABLE OF
KEY FINANCIAL
RATIOS Audited
2009 2008 2007
LIQUIDITY RATIO
Current Ratio Times 2.15 2.42 2.16
Quick Ratio Times 0.70 0.49 0.49
Quick Ratio (Cash Basis) Times 0.20 (0.11) 0.03
Receivable Turnover Times 5.97 6.66 6.39
Collection Period Days 60 54 56
Inventory Turnover Times 0.79 0.70 0.75
Inventory Turnover Days 453 515 477
Accounts Payable Turnover Times 15.13 14.53 15.13
Payment Period Days 24 25 24
Cash Cycle Days 489 544 510
PROFITABLE RATIO
Gross Profit Margin (of Core Revenue) % 30.29 30.04 28.77
Gross Profit Margin (of Revenue from Project Sale) % 30.48 30.11 28.78
Net Profit Margin % 9.19 6.02 5.10
Return on Equity % 16.85 10.56 8.78
EFFICIENCY RATIO
Return on Total Assets % 6.58 4.10 3.62
Return on Fixed Assets % 78.98 48.46 74.53
Asset Turnover Times 0.71 0.68 0.69
FINANCIAL POLICY RATIO
Debt-to-Equity Times 1.44 1.54 1.43
Interest Coverage Times 5.78 3.56 2.86
Contingency Coverage (Cash Basis) Times 0.28 (0.16) 0.03
Payout Ratio % 50 50 50
PER SHARE
Book Value per Share Baht 6.87 6.08 5.66
Earnings per Share Baht 1.09 0.62 0.48
Dividend per Share Baht 0.52 0.30 0.23
GROWTH RATIO
Total Assets % 8.01 11.69 16.22
Total Liabilities % 4.91 14.59 23.00
Revenue from Sales and Services % 15.37 10.98 19.50
Selling, Administrative and Other Expenses % (7.00) (5.61) 25.39
Net Profit % 75.95 29.05 75.12

102. Annual Report 2009
100
MANAGEMENT
DISCUSSION
AND ANALYSISMAJOR DEVELOPMENT IN Y2009 – FEB 2010
ESTABLISHMENT AND ACQUISITION OF SUBSIDIARIES
In July 2009, the Board of Directors approved the establishment of a new subsidiary in
Singapore with the registered capital of 50,000 Singapore Dollars. The objective is to
expand property development for sale and/or for rent/lease business offshore, and to
invest in other businesses potentially benefiting overall performance of Sansiri Group.
The structure of the company is as follows:
(1) To establish a new subsidiary in Singapore-“Sansiri Global Investment Pte. Ltd.”,
wholly owned by Sansiri, to oversee offshore investment business.
(2) To set up the wholly-owned subsidiary of “Sansiri Global Investment Pte Ltd.” in
Guernsey, named “Sansiri Guernsey (2009) Limited” with the registered capital of
10,000 Pounds to engage in real estate development for sale and/or for rent/lease
business in the United Kingdom.
In July 2009, the Board of Directors approved the acquisition through share purchase of
National Education Development Company Limited, an educational business operating
“Satit Pattana School” in order to earn recurring income from the educational business,
and to create an opportunity to expand business and synergy with property development
business, as the Satit Pattana School is located near several residential projects of Sansiri
Group.
In February 2010, Sansiri has been informed by the major shareholder, Trendy Plan
Investments Limited, of the transfer of its holding in SIRI in the number of 178,274,400
shares, representing 12.09 percent of Sansiri’s issued and paid-up capital to Majestic Heart
Limited who subsequently sold the same to T.S. Star Company Limited at the price of 5.00
baht per share on 2 February 2010.
T.S. Star Company Limited, is the holding company wholly owned by Mr. Srettha Thavisin,
who is also the director. Following the sale transaction, Mr. Srettha Thavisin Group (consists
of T.S. Star Company Limited and Mr. Srettha Thavisin) became the major shareholder of
Sansiri. As of 2 February 2010, Mr. Srettha Thavisin Group held total amount of 215,439,784
shares in Sansiri, representing 14.61 percent of Sansiri’s issued and paid-up capital.

103. 101
SUMMARY OF MARKET CONDITION FOR THE YEAR 2009
Thai economy in 2009 was impacted by the global economic slowdown at the end of 2008.
Political uncertainty in 1Q2009 affected on consumers’ confidence and investors towards the
economic recovery. However, according to economic indicators released by Fiscal Policy
Office, Ministry of Finance, Thai economy began to show signs of recovery in 2Q2009
and 3Q2009 through reduction in unemployment rate to 1.9% and 1.2% respectively. Total
export declined at the decelerated rate of 17.7% in 3Q2009. The recovery in private
consumption in 2Q2009 remained vulnerable, as reflecting from continuous contraction in
imported consumer goods, as well as the consumer confidence index which remained at
low level of 64.9.
The expanding of government expenditure through fiscal policy played an important
role in stimulating the economic revival, especially in 4Q2009. The sign of economic
recovery became clearer in 4Q2009, especially from the total export value, which turned
positive for the first time at the rate of 11.9%. Consumer confidence index on the overall
economy in December 2009 was at 70.4., the highest level within the past 16 months.
Impacted by the economic slowdown, demand in residential property has slightly
contracted since 3Q2008 until 1H2009. The demand in housing units remained, although
not significantly increasing, and rebounded in 2Q2009 following the improvement in
consumer confidence, illustrated by the number of new completed and registered
housing units in Bangkok and vicinities in 2009 at 90,653 units, compared with that of
2008 at 83,065 units. (Source: Real Estate Information Center) The number of housing
supply, however, significantly dropped in 2009 to 57,604 units from 67,791 units in 2008
(Source: Agency for Real Estate Affairs), resulted from the strict project finance lending
policy of commercial banks provided to medium and small developers. Such stringency,
together with the consumer behavior trend of giving precedence to the credibility and the
reliability of developers, allowed large developers to benefit from the market consolidation
and to grow their market share,without significant growth in demand.
Sansiri and subsidiaries have adjusted the construction plan as well as the project
launching plan corresponding to the dynamic economic situation and the housing demand.
To manage financial cost, Sansiri has established good relationship with various
commercial banks and always negotiates to get the competitive pricing of project
financing loans. Currently, all of projects are secured by project financing loans and
other credit facilities made available by domestic financial institutions. To mitigate
business risks of construction material price volatility and to manage inventory, Sansiri,
through its procurement unit, negotiated more actively with the manufacturers and gain
economy of scale on its construction material costs, which accounted for 40% of total
construction costs. In addition, sale promotions, property services and attractive housing
loan have been initiated to stimulate the sale transactions especially to penetrate the
mid-range income segment.

104. Annual Report 2009
102
FINANCIAL RESULTS
Total revenues in 2009 amounted to 17,497 million baht, a 15% increase from 15,178
million baht in 2008. The key driver was the 16% growth in revenue from project sales in
consequence of successful launches of single-detached houses,condominium, and
townhouse projects.
REVENUE FROM PROPERTY DEVELOPEMENT FOR SALE
The breakdown of revenue from property for sales during 2007 – 2009 is as follows:
Revenue from 2007 2008 2009
property for sales Million baht % Million baht % Million baht %
Single-detached houses 6,856 53% 5,766 40% 5,292 32%
Condominiums 3,606 28% 6,641 46% 8,829 53%
Townhouses 2,436 19% 1,986 14% 2,479 15%
Others 12 0% 2 0% 29 0%
Total 12,910 100% 14,395 100% 16,629 100%
In 2007, the proportion of revenue from property for sale by property type was 28% from
condominium projects, 53% from single-detached house projects and 19% from townhouse
projects. Revenue from project sales of single-detached houses reflected the successful
launches of medium-sized houses. In this regard, the sale of medium-sized houses with
price per unit lower than 10 million baht comprised 83% of the total revenue from single-
detached houses of 6,856 million baht. Major contributors to revenue from property sales
included 1,791 million baht from Setthasiri Prachachuen. In addition, the sale of houses
with price per unit above 10 million baht was progressive, resulting in the revenue realized
from Narasiri Pattanakarn amounting to 889 million baht. Revenue from condominiums
in 2007 amounted to 3,606 million baht, representing 28% of total revenue from
project sales in 2007. In 2007, revenue from the sale of townhouses increased from 16% of
total revenue from property sales in 2006 to 19% of total revenue from property sales in
2007 due to an increase in the number of townhouses transferred to our customers in
2007. The key drives of revenue from the sale of townhouse were 510 million baht from
Plus Citypark Sanambinnam, 295 million baht from Plus Citypark Ekamai-Ramindra, 252
million baht from Plus Citypark Kaset Ngamwongwan, and 250 million baht from Plus
Citypark Ngamwongwan 25. Revenue from the four townhouse projects provided 10% of
total revenue from project sales in 2007, reflecting the high potential sale of townhouse
projects.
Revenue from project sales in 2008 of Sansiri amounted to 14,395 million baht, a 12%
increase from 12,910 million baht in 2007. To the total revenue from project sales in 2008,

105. 103
6,641 million baht revenue from condominium projects contributed 46%, 5,766 million baht
revenue from single-detached house projects contributed 40%, with the balance of 1,986
million baht from townhouse projects contributed 14%. The proportion of revenue from
condominium projects significantly increased from 28% of total revenue from project sales
in 2007 to 46% of total revenue from project sales in 2008 as the number of condominium
projects generating revenue increased from 16 projects in 2007 to 25 projects in 2008. To
the total revenue from project sales, 3,776 million baht revenue from 10 condominium
projects under the brand “Sansiri” with the average price per unit of 5.8 to 15.7 million
baht, contributed 26% whereas 2,853 million baht revenue from 15 condominium projects
under the brands “Condo One” and “My Condo” with the average price per unit of 1.4 to
4.1 million baht, contributed 20%. The proportion of revenue from single-detached house
and townhouse projects decreased from 53% and 19% of total revenue from project sales
in 2007 to 40% and 14% of total revenue from project sales in 2008 correspondingly due
to the economic slowdown. The 3,427-million baht revenue from 5 single-detached
houses projects with average price per unit of 4.9 to 9.2 million baht, namely Setthasiri
Prachachuen, Setthasiri Wongwaen-Sukapiban 2, Burasiri Sanambinnam, Saransiri
Wongwaen-Prachauthit, and Saransiri Ratchapruek, all together contributed 24% to total
revenue from project sales. The 1,103-million baht revenue from 2 townhouse projects
with average price per unit of 3.1 to 4.1 million baht, namely Plus Citypark Srinagarindra-
Suanlaung and Townplus Rama 9, contributed 8% to total revenue from project sales.
In 2009, revenue from project sales of Sansiri and subsidiaries amounted to 16,629 million
baht, a 16% increase from 14,395 million baht in 2008. To the total revenue from project
sales in 2009, 8,829 million baht revenue from condominium projects contributed 53%,
5,292 million baht revenue from single-detached house projects contributed 32%, with the
balance of 2,479 million baht from townhouse projects contributed 15%.
The proportion of revenue from condominium projects kept on growing from 46% of total
revenue from project sales in 2008 to 53% of total revenue from project sales in 2009 as
the number of condominium projects qualifying for revenue realization increased from
25 projects in 2008 to 30 projects in 2009. The major contributor was revenue from Siri
at Sukhumvit, with the average unit price of 6.6 million baht, contributing 1,721 million
baht or 10% of total revenue from project sales, followed by Baan Sansuk, a beachfront
condominium project located in Hua-Hin with average unit price of 7.1 million baht,
contributed 1,331 million baht or 8% of total revenue from project sales. The fifteen
condominium projects under the brands “Condo One” and “My Condo” contributed 2,418
million baht or 15% of total revenue from project sales, whereas three condominium
projects under the brand “Hive” with average unit price between 3.2 and 4.3 million baht
contributed 1,140 million baht, representing 7% of total revenue from project sales.

106. Annual Report 2009
104
The proportion of revenue from single-detached house projects decreased from 40% of
total revenue from project sales in 2008 to 32% of total revenue from project sales in
2009 due to the economic slowdown in 1Q2009. However, revenue from single-detached
houses recovered in 2Q2009 thanks to the improving consumer confidence and increasing
demand for housing. The 2,208-million baht revenue from three single-detached housing
projects with average price per unit of 3.9 to 9.1 million baht, Setthasiri Prachachuen,
Burasiri Sanambinnam, and Saransiri Ramindra 2, altogether contributed 13% to total
revenue from project sales.
In 2009, revenue from townhouse projects increased from that of 2008 by 25% to 2,479
million baht. The 2,105-million baht revenue representing 13% of total revenue from
project sales came from ten projects under the brand “Townplus” with average unit price
between 2.5 and 5.0 million baht. The biggest contributors to revenue from townhouses
in 2009 were Townplus Kaset Navamin with the amount of 572 million baht and Townplus
Petchkasem Bangkae with the amount of 453 million baht.
REVENUE FROM PROPERTY DEVELOPEMENT FOR RENT
In 2008, revenue from rental business including revenue from leasehold rights written off
was 238 million baht, an 8% decrease from 259 million baht in 2007, due to the divesting
of rental housing units of Narasiri Pattanakarn-Srinakarindra. Properties for rent included
a group of single-detached houses, the office for rent named Siripinyo Building on Sri
Ayutthaya Road, and Siri Apartment on wireless road.
In 2009, revenue from rental business (including revenue from leasehold rights written
off) was 229 million baht, a 4% decrease from that of the previous year, mainly due to the
acquisition of National Education Development Co., Ltd, operating Satit Pattana School.
Prior to the acquisition, Sansiri recognized substantial rental revenues, resulting in
re-categorization of such item from revenue from property for rent to revenue from
educational business following the acquisition. Besides, revenue from rental business
was also adversely impacted by the lower occupancy rate corresponding to the global
economic downturn in 2008.
REVENUE FROM PROPERTY SERVICES
Plus Property Company Limited established Touch Property Company Limited in March
2007 in order to expand customer base outside Sansiri Group, resulting in an increase in
revenue from business management to 323 million baht in 2007. Revenue from business
management was at 325 million baht in 2008, a slight increase of 1% over that of 2007, due
to both the increasing number of projects under management of Plus Property Company
Limited and Touch Property Company Limited, from 132 projects as of 31 December 2007

107. 105
to 146 projects as of 31 December 2008 and the 7% increase in business management fee
for the new and renewal contracts since 3Q2008. However, such increase was offset by the
decreasing number of brokerage transactions.
In 2009, revenue from business management was 377 million baht, a significant increase
of 19% over the same period in 2008, due to the increasing number of projects under
management of Plus Property Limited and Touch Property Limited, from 146 projects as
of 31 December 2008 to 204 projects as of 31 December 2009. The increase in number of
projects under management was mainly driven by the strong brand recognition and the
reputation for its high quality services.
For the year 2008, revenue from other property services was 79 million baht, a 36% growth
over the same period in 2007 at 58 million Baht. Revenue from hotel business from Casa
del Mare in Hua Hin in 2008 was 15 million baht, a 26% increase over the same period in
2007 due to an increase in number of hotel rooms to 46 rooms from 36 rooms after the
renovation in 2008 leading to more accommodation for more customers. Revenue from
medical spa business amounted to 64 million baht, a 39% growth compared to 46 million
baht in 2007 due to successful branding activities and sales promotion.
For the year 2009, revenue from other property services was 114 million baht, a 46%
growth over the same period in 2008. Revenue from hotel business in 2009 was 15 million
baht, a 3% increase from that of 2008 due to higher level of patronage. Revenue from
medical spa business amounted to 62 million baht, a 3% decrease from that of last year,
preliminary due to the closure of one of our medical spa branches and the implementation
of operating hour reduction of other medical spa branches.
COST OF PROJECT SALES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
For the year 2008, cost of project sales was 10,060 million baht, a 9% increase over the
same period in 2007 whereas gross profit margin of project sales slightly improved from
29% from that in 2007 to 30% in 2008. Selling expenses in 2008 was 1,153 million baht
or 8% of total revenue, significantly improved from 13% of total revenue in 2007 due to
better cost management and benefits from tax incentives. In this regard, tax incentives,
including the reduction of transfer fee and mortgage fee from 2% to 0.01% and special
business tax rate cut from 3.3% to 0.1%, has become effective for two years since 29 March
2008 until 28 March 2010. In addition, administrative expenses including management
remuneration were well-controlled at 1,221 million baht or 8% of total revenue, the same
as that of 2007

108. Annual Report 2009
106
For the year 2009, cost of project sales amounted to 11,560 million baht, a 15% increase
over 2008. Gross profit margin of project sales slightly improve from 30.1% in 2008 to
30.5% in 2009. The cost of hotel business in 2009 was at 16 million baht, an 18% increase
compared to that of 2008, mainly factored by the increase in depreciation of equipment
and the cost related to new staff recruitment. In 2009 selling and administrative expenses
has improved partly resulted from the economies of scales with an increase in number
of projects launched and business expansion. Selling expenses was at 1,015 million baht
or 6% of total revenue, continuously improved from 8% of total revenue in 2008 due to the
implementation of efficiency improvement program. In addition, administrative expenses
including management remuneration were at 1,409 million baht and remained unchanged
at 8% of total revenue in both 2008 and 2009.
In 2008, the Public Works Department ordered Sansiri and its subsidiaries to modify
condominiums which differed from plans subjected to approve in accordance with
Building Control B.E. 2522. As a result, the subsidiaries reversed sales and cost of project
sales previously recognized on the income statement for the year ended 31 December
2007 totaling to 50 million baht, and wrote off cost of unused property development
totaling to 250 million baht, and recorded provision for the cost of modifying the
condominiums and compensation together with interest as a result of termination of
contracts that subsidiaries have to pay to customers in the amount of 103 million baht and
26 million baht respectively. The expenses are presented under “Loss from modification
of condominium” of 429 million baht on the income statement.
In 2008, Sansiri and subsidiaries acquired Sansiri Venture Company Limited, Plus Property
Venture Company Limited, and Plus Property Space Company Limited, resulting in the
100% shareholding in these three subsidiaries. In this regard, Sansiri and subsidiaries
recorded the loss on impairment of goodwill of 63 million baht in 2008 and 162 million baht
in 2009. As of 31 December 2009 there are 5 housing projects developed by these three
subsidiaries with total project value of 4,194 million baht, 93% of which or 3,892 million
baht were sold to customers.
In 2007, 2008 and 2009, Sansiri and its subsidiaries recorded loss on diminution in value of
property development and impairment loss on land, building and equipment of 71 million
baht, 57 million baht and 131 million baht, respectively.
NET PROFIT
In 2007, operating profit margin slightly improved to 8%, owing to better cost management
and economy of scale, as well as net gain on sale of investment in Siri Phuket Company
Limited of 163 million baht. In addition, the discrepancy between the accounting
practice and the revenue code on the corporate income tax calculation resulted in the high

109. 107
corporate income tax of 403 million baht, or 38% of earnings before tax. However, the
effective tax rate of 38% in 2007 was decreased from 50% of earnings before tax or
corporate income tax amount of 401 million baht in 2006. The decrease was due to the
revenue realization of the projects that has not been transferred. Therefore, the corporate
income tax upon transfer was not recorded. Sansiri adopted the new accounting practice
that would make tax calculation by accounting practice and by the revenue code more in
line with each other. The new practice has been adopted for properties for sale launched
since 1 January 2007.
In 2009, corporate income tax rate was at 37% of earnings before tax, reduced from 44%
of earnings before tax in 2008, primarily caused by a decrease in accounting loss in
2009. These accounting losses, including loss on diminution in the value of property
developments, and impairment loss on land, buildings and equipment, loss on impairment
of goodwill and loss from modification of condominium, are treated as expenses for
accounting purposes only, but not for tax purposes.
For the year 2008, Sansiri and subsidiaries reported net profit of 914 million baht, a 29%
increase over the same period in 2007 of 708 million baht with the net profit margin of
6% of total revenue for the year 2008, compared to the net profit margin of 5% for the
year 2007.
For the year 2009, Sansiri and subsidiaries reported net profit of 1,608 million baht, a
76% increase from that of 2008, representing net profit margin of 9% which has
improved from 6% in 2008. Operating profit margin in 2009 improved to 16% from 14% of
total revenue for the year 2008.
ASSETS
Total assets of Sansiri and subsidiaries as of 31 December 2008 amounted to 23,492 million
baht, a 2,460-million baht increase from that of 31 December 2007, due to progressive
construction. Total non-current assets decreased by 147 million baht corresponding to
the decrease of property development for sale and property development for rent and
sale by 293 million baht as a result of the divesting of rental housing units, and recorded
it as revenue from project sale in income statement. In addition, Sansiri recorded
goodwill of 203 million baht in consequence of the board of directors’ resolution No.
2/2008 held on February 27, 2008, to acquire Sansiri Venture Company Limited, Plus
Property Venture Company Limited and Plus Property Space Company Limited.

110. Annual Report 2009
108
As of 31 December 2009, total assets of Sansiri and subsidiaries amounted to 25,375
million baht, a 1,883-million baht increase from that of 31 December 2008, mainly due
to the 1,375-million baht increase in accounts receivable, notes receivable and unbilled
completed work. The property development for sale (net) decreased by 1,952 million
baht correspondingly to housing sales and the 1,426-million baht increase in cash and
cash equivalents. Moreover, land, building and equipment increased by 473 million baht,
resulting from the land acquisition during the 4Q2009 and the acquisition of Satit Pattana
School.
LIABILITIES
Total liabilities of Sansiri Group amounted to 14,537 million baht as of 31 December 2008,
a 1,851-million baht increase from as 31 December 2007. Total current liabilities increased
by 160 million baht to 8,630 million baht whereas total non-current liabilities increased by
1,682 million baht mainly driven by increasing project financing loans corresponding to an
increase in progressive construction of active housing projects. The interest bearing debt
also increased from 7,602 million baht as of 31 December 2007 to 9,868 million baht as of
31 December 2008, driven by progressive construction. The debt-to-equity ratio was 1.54
times with the interest-bearing debt-to-equity ratio (Gearing ratio) of 1.10 times.
Total liabilities of Sansiri Group increased 713 million baht from 14,537 million baht
as of 31 December 2008 to 15,251 million baht as of 31 December 2009. Total current
liabilities increased by 1,414 million baht to 10,044 million baht whereas total non-current
liabilities decreased by 701 million baht to 5,207 million baht mainly driven by the
issuance of 1,000 million baht three-year unsecured debenture with fixed coupon rate of
6.25% per annum in June 2009 in order to diversify financial portfolio by increasing the
portion of fixed interest rate debt, and reducing the dependence on long-term project
financing loan as well as increasing the alternative funding to cope with the upward
interest rate trend.
As of 31 December 2009, the interest bearing debt amounted to 10,532 million baht,
increased from 9,868 million baht as of 31 December 2008. The debt-to-equity ratio was
1.44 times with the interest-bearing debt-to-equity ratio (Gearing ratio) of 1.04 times.

111. 109
SHAREHOLDERS’ EQUITY
As of 31 December 2007, Shareholders’ Equity increased from 7,783 million baht as of 31
December 2006, to 8,346 million baht, mainly driven by the 2007 net profits. In 2007, Sansiri
paid out dividend of 192 million baht, based on the financial result of 2006.
As of 31 December 2008, Shareholders’ Equity was 8,955 million baht, a 609-million baht
increase from 31 December 2007, mainly driven by the 914-million baht net profit for the
year 2008, the 37-million baht change of minority interest by acquisition, the 339-million
baht dividend payout, and 2-million baht unrealized loss on revaluation in available-
for-sale securities (Property fund).
As of 31 December 2009, Shareholders’ Equity was 10,124 million baht, a 1,169-million
baht increase from 31 December 2008, mainly driven by the 1,608-million baht net
profit for the year 2009, the 2-million baht change of minority interest by acquisition, the
442-million baht dividend payout, and the 2-million baht translation adjustment occurred
from financial statement translation.
LIQUIDITY
1. During the past 3 years, the movement of cash flow has been summarized as follows:
Unit: million baht
Y2007 Y2008 Y2009
Net cash provided by (used in) operating activities 216 (924) 2,041
Net cash provided by (used in) investing activities (454) (345) (358)
Net cash provided by (used in) financing activities 671 1,440 (259)
Most of Sansiri’s cash flow from operations was generated by property sales as well
as proceeds from financial institutions in the form of project financing loans, which
repayment due upon transfer of housing units; single-detached houses, condominiums
and townhouses. The cash outflow could be summarized as loan repayment as well as
land acquisition and project development costs for single-detached houses, condominiums
and townhouses, to ensure the sufficient land bank to support the sustainable growth of
business.
In 2007, there was net cash inflow from down payment collection in regard to the
property sales of 1,421 million baht. Net cash inflow from housing transfer was 307
million baht correspondingly. Long-term loan repayment was 6,173 million baht, while
long-term loan from financial institutions regarding the construction progress increased
by 7,051 million baht respectively. The dividend payout in 2007 was 192 million baht
correspondingly.

112. Annual Report 2009
110
For the year 2008, beginning balance of cash was 1,805 million baht with net cash used
in operating activities and investing activities of 924 million baht and 345 million baht
respectively. In addition, net cash provided by financing activities amounted to 1,440
million baht, resulting in the ending cash balance of 1,976 million baht.
In 2007 and 2008, cash outflow as project development costs amounted to 11,104 million
baht and 12,173 million baht whereas cash outflow for purchase of equipment were 378
million baht and 118 million baht respectively. In 2008, cash payment for acquisition of
three subsidiaries was 232 million baht. Repayment of long-term debt was 6,173 million
baht in 2007 and 5,014 million baht in 2008 respectively. The dividend payout in 2008 (based
on 2007 financial result) was 339 million baht.
For the year 2009, beginning balance of cash was 1,976 million baht with net cash provided
by operating activities of 2,041 million baht and net cash used in investing activities and
financing activities of 358 million baht and 259 million baht respectively, resulting in the
ending cash balance of 3,402 million baht.
In 2009, cash outflow as development costs and “accounts receivable, notes receivable,
and unbilled completed work” amounted to 10,529 million baht and 1,370 million baht
respectively. Cash payment on purchase of equipment and for acquisition of subsidiaries
was 170 million baht and 35 million baht respectively with an increase in loans to related
parties of 126 million baht. Long-term debt repayment was 6,479 million baht whereas
long-term project financing loans from financial institutions corresponding to construction
progress increased by 6,725 million baht in 2009. The dividend payout in 2009 (based on
2008 financial result) was 442 million baht.
2. The liquidity ratio of Sansiri was stable at 2.16 times as of 31 December 2007. The
current assets as of year ended 2007 stood at 18,291 million baht with cash of 1,805
million baht. In this regard, Unbilled completed works increased to 2,295 million baht
as of year ended 2007. Property development for sale increased to 13,245 million baht,
corresponding to the increase in cumulative property development for sale of 42,655
million baht as of year ended 2007. The housing units have been transferred to customers
as scheduled with cumulative value of 29,410 million baht as of year ended 2007. Current
assets stood at 18,291 million baht. To the total current liabilities of 8,461 million baht
as of year ended 2007, the current portion of long-term loans contributed 3,305 million
baht, unearned income contributed 2,655 million baht, accounts payable contributed 645
million baht, and other current liabilities contributed 1,856 million baht.
As of 31 December 2008, liquidity ratio was at 2.42 times, increased from 2.16 times as
of 31 December 2007, as a result of the 17% increase of Property development for sale
correspondingly to the construction progress. In this regard, the current assets increased
by 14% while current liabilities minimally increased by 2%.

113. 111
As of 31 December 2009, liquidity ratio was at 2.15 times, decreased from 2.42 times as of
31 December 2008, mainly caused by the increase in current portion of long-term loans
and other payable-property fund of 1,904 million baht. In this regard, the current liabilities
increased by 16% while current assets minimally increased by 4%.
CAPITAL EXPENDITURE
In 2007, Sansiri sold the 51% stake in subsidiary named Siri Phuket Company Limited at
the price of 235 million baht, including the loan from shareholder with cumulative interest.
As of year ended 2007, Sansiri received 57 million baht as a deposit and received the
balance of 178 million baht on 15 February 2008.
In 2008, Sansiri and subsidiaries acquired Sansiri Venture Company Limited, Plus Property
Venture Company Limited, and Plus Property Space Company Limited, increasing its
shareholding in these three subsidiaries to 100% each. The payments for acquisition of
these three subsidiaries amounted to 232 million baht and were made on 24 March 2008
and 1 September 2008.
In 2009, Sansiri acquired National Education Development Company Limited, an educational
business operating “Satit Pattana School” in order to earn recurring income from the
educational business, and to create an opportunity to expand business and synergy
with property development business, as the Satit Pattana School is located near several
residential projects of Sansiri Group. The acquisition was made through share purchase
with payment of 40 million baht for 400,000 shares of National Education Development
Company Limited.
SOURCES OF FUNDS
In 2007, 2008, and 2009, main sources of funds include project financing loans from financial
institutions, debenture issuance, and down payment collection from project sales together
with the cash inflow upon housing transfer. The uses of funds could be summarized as
loan repayment, land acquisitions, and working capital for personnel development and
computer system upgrade.

114. Annual Report 2009
112
FINANCIAL
STATEMENT
REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
31 December 2009 and 2008
REPORT OF INDEPENDENT AUDITOR
To the Shareholders of Sansiri Public Company Limited
I have audited the accompanying consolidated balance sheets of Sansiri Public Company
Limited and its subsidiaries as at 31 December 2009 and 2008, the related consolidated
statements of income, changes in shareholders’ equity and cash flows for the years then
ended, and the separate financial statements of Sansiri Public Company Limited for the
same periods. These financial statements are the responsibility of the management of
the Company and its subsidiaries as to their correctness and the completeness of the
presentation. My responsibility is to express an opinion on these financial statements
based on my audits.
I conducted my audits in accordance with generally accepted auditing standards. Those
standards require that I plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes
examining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Sansiri Public Company Limited and its subsidiaries
and of Sansiri Public Company Limited as at 31 December 2009 and 2008, the results of
their operations, and cash flows for the years then ended, in accordance with generally
accepted accounting principles.
Sophon Permsirivallop
Certified Public Accountant (Thailand) No. 3182
Ernst & Young Office Limited
Bangkok: 2 March 2010

115. 113
Balance sheets
31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
(Unit: Baht)
Consolidated financial statements Separate financial statements
Note 2009 2008 2009 2008
Assets
Current assets
Cash and cash equivalents 3,401,989,154 1,975,633,576 1,859,642,992 1,145,493,437
Current investments 44,128,030 40,927,410 28,409,555 29,048,083
Accounts receivable and unbilled
completed work - net 8 3,595,417,122 2,220,220,806 2,809,058,995 1,199,053,197
Short-term loans to related parties - net 6 14,700,000 14,700,000 2,715,850,450 3,084,375,515
Property development for sale - net 9 13,565,728,242 15,517,690,922 7,497,118,762 7,425,806,401
Other current assets
Advance payment to contractors 698,778,385 814,549,615 264,434,824 311,646,997
Deposits for land 235,043,930 254,627,569 182,244,366 -
Other advance payments 5,633,925 16,123,554 2,546,408 1,761,934
Others 73,661,855 42,447,873 68,363,427 74,076,506
Total current assets 21,635,080,643 20,896,921,325 15,427,669,779 13,271,262,070
Non-current assets
Investments in subsidiaries 10 - - 964,330,009 943,143,509
Long-term investments
Investments in available-for-sale
securities 22 129,711,359 109,410,140 129,711,359 109,410,140
Deposits at financial institutions
subject to restrictions 7 42,416,090 23,787,033 6,713,016 3,725,655
Other investments 330,400 330,400 330,400 330,400
Property development for rent - net 11 1,348,795,236 1,260,762,268 721,825,332 789,738,255
Property development for
rent and sale - net 12 - 261,595,851 - -
Land held for development - net 13 812,877,405 - 231,937,318 -
Land, building and equipment - net 14 1,015,631,309 542,799,171 381,177,607 375,616,440
Intangible assets - net 16 28,472,405 29,966,547 16,036,148 11,892,576
Other non-current assets
Goodwill - net 15 181,797,272 203,023,729 - -
Leasehold rights - net 17 80,636,999 62,146,556 80,636,999 62,146,556
Withholding tax deducted at source 25,213,585 39,602,745 - 1,996
Deposits for rental and others 73,692,991 61,698,109 54,324,186 42,110,461
Total non-current assets 3,739,575,051 2,595,122,549 2,587,022,374 2,338,115,988
Total assets 25,374,655,694 23,492,043,874 18,014,692,153 15,609,378,058

116. Annual Report 2009
114
Balance sheets (continued)
31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
Consolidated financial statements Separate financial statements
Note 2009 2008 2009 2008
Liabilities and shareholders’ equity
Current liabilities
Bills of exchange and promissory notes 18 132,500,000 716,250,088 132,500,000 497,000,000
Accounts payable 795,425,285 803,379,596 407,231,208 484,116,901
Current portion of long-term loans 19 5,093,138,515 4,038,306,002 2,947,652,237 1,484,423,255
Short-term loans from related parties 6 - - 15,300,000 15,300,000
Short-term provisions 20 67,304,321 46,640,861 31,186,406 21,440,838
Other payable - Property Fund 22 848,742,859 - 848,742,859 -
Other current liabilities
Advances received from customers 60,575,285 47,464,098 15,482,210 17,203,111
Construction retention 235,258,654 230,937,488 116,687,729 97,868,484
Unearned income 8 1,828,523,933 1,984,688,450 908,226,652 1,019,952,348
Current portion of finance lease payables 21 3,188,765 4,094,594 2,216,270 3,212,381
Other payables 36,502,284 31,835,990 31,726,244 34,960,156
Accrued expenses 295,188,021 197,875,202 223,524,429 143,074,262
Corporate income tax payable 494,400,908 336,262,037 261,193,429 181,466,643
Specific business tax payable 89,093,694 128,134,972 37,644,929 87,785,392
Others 63,900,320 63,877,345 35,855,441 33,152,570
Total current liabilities 10,043,742,844 8,629,746,723 6,015,170,043 4,120,956,341
Non-current liabilities
Deferred leasehold revenue 683,736,674 725,606,890 - -
Long term loans - net of current portion 19 3,450,888,135 4,259,084,400 2,404,147,491 2,598,826,222
Other payable - Property Fund 22 - 848,742,859 - 848,742,859
Unsecured debentures 23 991,359,945 - 991,359,945 -
Long-term provisions 20 34,458,055 34,882,171 26,716,759 23,085,455
Other non-current liabilities
Finance lease payables -
net of current portion 21 11,990,500 1,468,445 11,816,250 321,699
Deposits for building rental and others 34,379,593 37,750,153 29,546,448 33,832,222
Total non-current liabilities 5,206,812,902 5,907,534,918 3,463,586,893 3,504,808,457
Total liabilities 15,250,555,746 14,537,281,641 9,478,756,936 7,625,764,798
(Unit: Baht)

117. 115
Balance sheets (continued)
31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
Consolidated financial statements Separate financial statements
Note 2009 2008 2009 2008
Shareholders’ equity
Share capital 24
Registered
3,736,263,038 ordinary shares of
Baht 4.28 each (2008: 4,494,894,270
ordinary shares of Baht 4.28 each) 15,991,205,803 19,238,147,476 15,991,205,803 19,238,147,476
Issued and paid-up
1,473,628,692 ordinary shares of
Baht 4.28 each 6,307,130,802 6,307,130,802 6,307,130,802 6,307,130,802
Unrealised loss
Revaluation deficit on changes in
value of investments (2,232,860) (2,232,860) (2,232,860) (2,232,860)
Translation adjustments 1,760,884 - - -
Retained earnings
Appropriated - statutory reserve 26 279,251,429 198,874,553 279,251,429 198,874,553
Unappropriated 3,544,663,250 2,459,582,043 1,951,785,846 1,479,840,765
Equity attributable to company’s
shareholders 10,130,573,505 8,963,354,538 8,535,935,217 7,983,613,260
Minority interests - equity attributable
to minority shareholders of subsidiaries (6,473,557) (8,592,305) - -
Total shareholders’ equity 10,124,099,948 8,954,762,233 8,535,935,217 7,983,613,260
Total liabilities and shareholders’ equity 25,374,655,694 23,492,043,874 18,014,692,153 15,609,378,058
(Unit: Baht)

118. Annual Report 2009
116
Income statements
For the years ended 31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
Consolidated financial statements Separate financial statements
Note 2009 2008 2009 2008
Revenues
Revenues from project sales 16,628,836,172 14,395,005,230 8,262,516,377 7,458,060,709
Revenues from projects for rent 185,863,496 194,782,814 137,439,988 137,962,023
Revenues from business management 376,547,101 325,625,176 122,943,999 25,516,105
Revenues from medical spa business 61,975,194 63,677,801 - -
Revenues from hotel business 15,332,873 14,911,897 15,394,088 15,096,077
Revenues from education business 37,059,774 - - -
Revenues from leasehold rights written off 43,334,079 43,365,356 - -
Other revenues
Interest income 14,152,046 31,240,021 85,504,297 138,708,417
Dividend income 8,144,130 8,211,916 278,144,130 8,211,916
Others 126,046,911 100,866,831 61,842,434 57,037,293
Total revenues 17,497,291,776 15,177,687,042 8,963,785,313 7,840,592,540
Expenses
Cost of project sales 11,560,484,140 10,060,459,766 5,603,316,682 5,295,280,125
Cost of projects for rent 22 162,219,673 168,139,228 142,889,839 144,660,427
Cost of business management 241,908,254 194,790,631 14,347,575 12,161,807
Cost of medical spa business 52,077,399 56,850,915 - -
Cost of hotel business 15,573,526 13,223,131 15,856,946 13,223,131
Cost of education business 35,853,445 - - -
Leasehold and development costs written off 26,669,309 26,871,931 - -
Selling expenses 1,015,012,506 1,153,179,764 503,460,929 714,234,636
Administrative expenses 1,220,841,102 1,080,844,379 773,534,454 540,827,834
Management benefit expenses 188,567,250 139,912,000 181,600,000 130,565,000
Other expenses
Loss on diminution in value of
property development and
impairment loss on land,
building and equipment 9, 11, 14 130,971,520 56,590,000 45,000,000 8,590,000
Loss on impairment of goodwill,
investments and loans to
subsidiaries 6.2, 10, 15 162,479,904 63,289,495 169,075,714 168,147,868
Loss from modification of
condominium 25 - 428,626,463 - 19,920,205
Total expenses 14,812,658,028 13,442,777,703 7,449,082,139 7,047,611,033
Income before finance cost and
corporate income tax 2,684,633,748 1,734,909,339 1,514,703,174 792,981,507
Finance cost (123,671,244) (91,762,560) (51,712,895) (20,938,541)
Income before corporate income tax 2,560,962,504 1,643,146,779 1,462,990,279 772,042,966
Corporate income tax (951,306,229) (726,407,970) (468,588,878) (394,541,939)
Net income for the year 1,609,656,275 916,738,809 994,401,401 377,501,027
(Unit: Baht)

119. 117
Income statements (continued)
For the years ended 31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
Consolidated financial statements Separate financial statements
Note 2009 2008 2009 2008
Net income attributable to:
Equity holders of the parent 1,607,537,527 913,612,715 994,401,401 377,501,027
Minority interests of the subsidiaries 2,118,748 3,126,094
1,609,656,275 916,738,809
Basic earnings per share 27
Net income attributable to equity
holders of the parent 1.09 0.62 0.67 0.26
Weighted average number of shares (Shares) 1,473,628,972 1,473,628,972 1,473,628,972 1,473,628,972
(Unit: Baht)

120. Annual Report 2009
118
Cash flow statements
For the years ended 31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
Consolidated financial statements Separate financial statements
2009 2008 2009 2008
Cash flows from operating activities
Net income before tax 2,560,962,504 1,643,146,779 1,462,990,279 772,042,966
Adjustments to reconcile net income
to net cash provided by (paid from)
operating activities
Decrease in property development
for sale from transferring to
cost of project sales 11,560,484,140 10,060,459,766 5,603,316,682 5,295,280,125
Interest expense 123,671,244 91,762,560 51,712,895 20,938,541
Depreciation of property development for rent 76,080,464 74,367,914 44,414,898 47,451,084
Depreciation of land, building and equipment 128,609,953 108,433,056 61,648,113 52,980,231
Depreciation of property development
for rent and sale - 17,653,425 - -
Amortisation of intangible assets 16,419,235 16,473,488 7,792,377 10,825,655
(Gain) loss on sale of equipment 21,485,027 (2,503,674) 21,117,543 (1,990,975)
Loss from impairment of goodwill, investments
and loan to subsidiaries 162,479,904 63,289,495 169,075,714 168,147,868
Allowance for doubtful accounts (reversal) (5,126,712) 9,592,402 (897,000) (1,732,888)
Leasehold revenue amortisation (41,870,216) (41,897,482) - -
Loss on diminution in value of property
development and impairment loss
on land, building and equipment 130,971,520 56,590,000 45,000,000 8,590,000
Loss from modification of condominium - 428,626,463 - 19,920,205
Income from operating activities before
changes in operating assets and liabilities 14,734,167,063 12,525,994,192 7,466,171,501 6,392,452,812
(Increase) decrease in operating assets
Current investments (3,200,620) (5,299,003) 638,528 (820,469)
Deposits at financial institutions
subject to restrictions (18,629,057) (5,072,271) (2,987,361) -
Accounts receivable and unbilled
completed work (1,369,992,104) 65,669,926 (1,609,108,798) (438,436,123)
Property development for sale (10,528,621,890) (12,172,970,052) (5,742,591,191) (6,324,023,173)
Deposits for land 19,583,639 (87,030,202) (182,244,366) 99,101,160
Other current assets 95,277,835 (146,079,760) 48,065,064 139,630,039
Other non-current assets 9,510,493 2,674,622 (6,617,374) 1,197,554
Increase (decrease) in operating liabilities
Accounts payable (18,422,163) 158,783,109 (76,885,693) 158,616,279
Advances received from customers
and unearned income (143,053,330) (678,051,064) (113,446,597) (231,747,241)
Other current liabilities 50,565,743 38,463,696 51,613,672 46,017,817
Other liabilities 6,727,378 (7,145,446) 14,697,047 (7,849,971)
Cash flows from (used in) operating activities 2,833,912,987 (310,062,253) (152,695,568) (165,861,316)
Income tax paid (793,167,358) (613,883,645) (388,862,092) (345,839,164)
Net cash from (used in) operating activities 2,040,745,629 (923,945,898) (541,557,660) (511,700,480)
(Unit: Baht)

121. 119
Cash flow statements (continued)
For the years ended 31 December 2009 and 2008
The accompanying notes are an integral part of the financial statements.
Consolidated financial statements Separate financial statements
2009 2008 2009 2008
Cash flows from investing activities
Payment on acquisition of subsidiaries
and minority interest (34,790,730) (232,270,000) (41,186,500) (175,030,000)
(Increase) decrease in loans to related parties (125,611,000) - 223,525,065 (748,762,453)
Increase in property development for rent (626,504) (14,178,812) (586,774) (6,853,245)
Proceeds from sales of equipment 8,381,510 6,758,687 3,938,067 2,042,367
Payment on purchase of equipment (169,978,812) (117,547,812) (82,433,840) (56,637,857)
Increase in available-for-sale securities (20,301,219) - (20,301,219) -
Decrease in property development for rent and sale - 21,333,631 - -
Payment on purchase of intangible assets (14,713,459) (9,506,943) (11,935,949) (4,281,505)
Net cash from (used in) investing activities (357,640,214) (345,411,249) 71,018,850 (989,522,693)
Cash flows from financing activities
Decrease in bills of exchange and promissory notes (583,750,088) (52,052,887) (364,500,000) (3,802,975)
Decrease in short-term loans from related parties - (125,640,000) - -
Proceeds from debentures issuance 989,300,000 - 989,300,000 -
Increase in long-term loans 6,725,299,802 7,462,470,218 3,977,169,203 3,653,270,518
Repayment of long-term loans (6,478,663,554) (5,014,043,147) (2,708,618,952) (1,584,982,969)
Payment of interest expenses (464,107,122) (487,234,274) (262,725,478) (192,270,309)
Dividend paid (442,079,444) (338,922,598) (442,079,444) (338,922,598)
Payment of finance lease payables (4,510,315) (4,656,561) (3,856,964) (3,058,797)
Net cash from (used in) financing activities (258,510,721) 1,439,920,751 1,184,688,365 1,530,232,870
Translation adjustment 1,760,884 - - -
Net increase in cash and cash equivalents 1,426,355,578 170,563,604 714,149,555 29,009,697
Cash and cash equivalents at beginning of the year 1,975,633,576 1,805,069,972 1,145,493,437 1,116,483,740
Cash and cash equivalents at end of the year 3,401,989,154 1,975,633,576 1,859,642,992 1,145,493,437
Supplementary cash flows information
Non-cash item:
Purchase assets under finance lease 14,400,000 - 14,400,000 -
(Unit: Baht)

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JA0#5<<:3K5.D4.?#.:201#5;0#5.#4.20?;56#K5;2#:9#2A0#94.5.<456#1252030.21L
EM.42N#O5A2F

124. Annual Report 2009
122
NOTES TO
CONSOLIDATED
FINANCIAL
STATEMENTSFor the years ended 31 December 2009 and 2008
1. CORPORATE INFORMATION
Sansiri Public Company Limited (“the Company”) is a public company incorporated and
domiciled in Thailand. The Company operates in Thailand and is principally engaged in
property development.
The Company’s top 5 major shareholders as at 2 February 2010, which are adjusted from
the information according to the registry of shareholders as the lasted closing date of the
shares register book on 12 October 2009 (the closing date of the shares register book for
determining the rights to attend the Extraordinary Meeting of Shareholders No. 1/2009),
are as following:
Percentage of shareholding
(base on paid-up capital)
1. Mr. Srettha Thavisin Group 14.26
2. UOB Kay Hian Private Limited 8.76
3. Chase Nominees Limited 42 7.40
4. Viriyah Insurance Company Limited 6.47
5. Natural Park Public Company Limited 4.26
Its registered address is at 475, Siripinyo Building, Sri Ayutthaya Road, Phayathai, Rajthevi,
Bangkok.
2. BASIS OF PREPARATION
2.1 The financial statements have been prepared in accordance with accounting standards
enunciated under the Accounting Profession Act B.E. 2547 and their presentation has been
made in compliance with the stipulations of the Notification of the Department of Business
Development dated 30 January 2009, issued under the Accounting Act B.E. 2543.

125. 123
The financial statements in Thai language are the official statutory financial statements of
the Company. The financial statements in English language have been translated from the
Thai language financial statements.
The financial statements have been prepared on a historical cost basis except where
otherwise disclosed in the accounting policies.
2.2 Basis of Consolidation
a) The consolidated financial statements include the financial statements of Sansiri
Public Company Limited (“the Company”) and the following subsidiary
companies (“the subsidiaries”):
DIRECTLY OWNED
Chanachai Ltd. Property Thailand 100 100 7.18 5.27 4.23 0.88
development
Plus Property Co., Ltd. Property Thailand 100 100 12.16 21.79 26.13 21.04
development
Sansiri Venture Co., Ltd. Property Thailand 100 100 5.16 5.77 5.54 4.85
development
S.U.N. Management Co., Ltd. Property Thailand 51 51 0.85 0.93 0.07 0.10
development
Arnawat Ltd. Property Thailand 100 100 4.27 4.81 1.66 2.75
development
Piwattana Ltd. Property Thailand 100 100 9.13 6.92 4.71 3.78
development
Red Lotus Properties Ltd. Property Thailand 100 100 1.00 1.18 0.10 0.52
development
Pacific Challenge Holding Co., Ltd. Property Thailand 85 85 0.10 0.18 0.07 0.24
development
Papanan Ltd. Provision Thailand 100 100 0.16 0.23 0.37 0.53
of medical
service,
aesthetics,
health care
andmedical
spa
National Education Holder of Thailand 100 - 0.31 - 0.34 -
Development Co., Ltd. Satit Pattana
School’slicense
Revenues as a
Assets as a percentage to
percentage to the the consolidated
consolidated total revenues
total assets for the years
Nature of Country of Percentage of as at ended
Company’s name business incorporation shareholding 31 December 31 December
2009 2008 2009 2008 2009 2008
Percent Percent Percent Percent Percent Percent

126. Annual Report 2009
124
Sansiri Global Investment Pte. Ltd. Property Singapore 100 - - - - -
development
Satit Pattana Personnel Center Ltd. Provision of Thailand 100 100 - - - -
(formerly known as administrative
“Club House Property Ltd.”) services to
Satit Pattana
School
Rojnaruemit Ltd. Dormant Thailand 100 100 0.02 0.02 - -
INDIRECTLY OWNED
Plus Property Venture Co., Ltd. Property Thailand 100 100 0.08 0.30 0.34 2.40
development
Sansiri Land Ltd. Property Thailand 100 100 0.09 0.14 0.23 0.23
development
Touch Property Co., Ltd. Property Thailand 100 100 0.95 0.35 0.95 0.62
development
Plus Property Space Co., Ltd. Property Thailand 100 100 0.63 2.52 6.33 0.02
development
Sansiri Guernsey (2009) Limited Property Guernsey 100 - 1.49 - 0.01 -
development
Satit Pattana School Education Thailand 100 - 0.05 - 0.05 -
business
Revenues as a
Assets as a percentage to
percentage to the the consolidated
consolidated total revenues
total assets for the years
Nature of Country of Percentage of as at ended
Company’s name business incorporation shareholding 31 December 31 December
2009 2008 2009 2008 2009 2008
Percent Percent Percent Percent Percent Percent
b) Subsidiaries are fully consolidated as from the date of acquisition, being the date on
which the Company obtains control, and continue to be consolidated until the date
when such control ceases.
c) The financial statements of the subsidiaries are prepared for the same reporting
period as the parent company, using consistent significant accounting policies.
d) The financial statements of overseas subsidiary companies are translated into Thai
Baht at the closing exchange rate as to assets and liabilities, and at monthly
average exchange rates as to revenues and expenses. The resultant differences are
shown under the caption of “Translation adjustment” in shareholders’ equity.
e) Material balances and transactions between the Company and its subsidiary
companies have been eliminated from the consolidated financial statements.

127. 125
f) Minority interests represent the portion of net income or loss and net assets of the
subsidiaries that are not held by the Company and are presented separately in the
consolidated income statement and within equity in the consolidated balance sheet.
g) Establishment of new subsidiaries in 2009 On 17 July 2009, the Company’s Board of
Directors meeting passed the following resolutions regarding establishment of new
subsidiaries in overseas;
1) Approved an establishment of a wholly-owned new subsidiary in Singapore
named “Sansiri Global Investment Pte. Ltd.”, with a registered share capital of
50,000 Singapore dollars. The objective of the establishment is to expand the
development of real estate for sale or lease business offshore, as well as to
invest in other businesses that could benefit to the overall group performance.
2) Approved an establishment of a new subsidiary in Guernsey named, “Sansiri
Guernsey (2009) Limited”, with a registered capital of 10,000 pounds, in order
to engage in the development of real estate for sale and/or lease in the United
Kingdom. Sansiri Global Investment Pte. Ltd. holds 100 percent of the shares
in this company.
h) Business combination in 2009
On 17 July 2009, the Company’s Board of Directors meeting passed a resolution to
acquire all 400,000 ordinary shares of National Education Development Company
Limited at a price of Baht 100 each, or a total of Baht 40 million. This company is
engaged in the education business under the name “Satit Pattana School”. The
objective of the investment is to generate a continuous income from the education
business, as well as to create opportunities to expand business and create joint
benefits through synergies with the core business of the Company. The management
believes since the school is located in the area of the Group project on
approximately 750 rais, the school can attract customers to the project and boost
property values. In addition, if the school is operated as planned, it is expected that
the investment cost will be recouped within 7 years and it will generate a profit in
the future. Based on appraisal report regarding valuation of National Education
Development Company Limited prepared by independent appraiser dated 23
November 2009 using income approach, such company was valued at Baht 435
million (discounted cash flow before net of liabilities as at acquisition date
approximately Baht 175 million). These reasons supported the management’s
assessment of return on investment in this company. The Company made full
payment for the ordinary shares on 20 July 2009.

128. Annual Report 2009
126
As the date of acquisition, net assets value of National Education Development
Company Limited comprised the following: -
(Unit: Thousand Baht)
Assets
Cash and deposits at financial institutions 5,209
Current assets 309
Non-current assets 67,958
Total assets 73,476
Liabilities
Current liabilities 174,729
Total liabilities 174,729
(Unit: Thousand Baht)
Net assets value (101,253)
Percentage of investment by the Company 100
Net assets value in the percentage of investment by the Company (101,253)
Purchase price 40,000
Goodwill from acquisition of subsidiary 141,253
Purchase price 40,000
Less: Cash and deposits at financial institutions (5,209)
Net cash payment for acquisition of subsidiary 34,791
i) Acquisition of minority interest in 2008
! ! "! #$%!&'()*+,-.!/'*01!'2!340%56'0.!7%%64+8!9':;<;==>!$%?1!'+!;@!A%B0C*0,!;==>!
assed the resolution approving the Company to acquire the additional 120,000
ordinary shares or equivalent to 40 percent of paid-up capital of Sansiri
Venture Company Limited at a price of Baht 175.03 million. The transaction was
made into 2 installments:
The 1st installment: The Company would buy the 30,000 ordinary shares or
equivalent to 10 percent of paid-up capital of Sansiri Venture Company Limited
at a price of Baht 43.76 million within March 2008.
The 2nd installment: The Company would buy the 90,000 ordinary shares or
equivalent to 30 percent of paid-up capital of Sansiri Venture Company Limited
at a price of Baht 131.27 million within September 2008.
As at 24 March 2008 and 1 September 2008, the Company already purchased
the 1st installment and the 2nd installment of ordinary shares, respectively,
resulting in an increase of its shareholding in Sansiri Venture Company Limited
from 60 percent to 70 percent and 100 percent, respectively.

129. 127
! ! "! #$%! &'()*! '+! ,-)%./')0! 1%%/-23! '+! 4560! 4)'7%)/8! 9':7(28! ;-:-/%*! <4560=!!
No.3/2008 held on 27 February 2008 passed the resolution approving Plus to
acquire the additional 490,000 ordinary shares or equivalent to 49 percent of
paid-up capital of Plus Property Space Company Limited at a price of Baht 49.70
million. In addition, the Board also approved Plus to acquire the additional
490,000 ordinary shares or equivalent to 49 percent of paid-up capital of Plus
Property Venture Company Limited at a price of Baht 7.54 million. Each
transactions was made into 2 installments.
Plus Property Space Company Limited
The 1st installment: Plus would buy the 190,000 ordinary shares or equivalent
to 19 percent of paid-up capital of Plus Property Space Company Limited at a
price of Baht 19.27 million within March 2008.
The 2nd installment: Plus would buy the 300,000 ordinary shares or equivalent
to 30 percent of paid-up capital of Plus Property Space Company Limited at a
price of Baht 30.43 million within September 2008.
Plus Property Venture Company Limited
The 1st installment: Plus would buy the 190,000 ordinary shares or equivalent
to 19 percent of paid-up capital of Plus Property Venture Company Limited at a
price of Baht 2.92 million within March 2008.
The 2nd installment: Plus would buy the 300,000 ordinary shares or equivalent
to 30 percent of paid-up capital of Plus Property Venture Company Limited at a
price of Baht 4.62 million within September 2008.
As at 24 March 2008 and 1 September 2008, Plus already purchased the 1st in
stallment and the 2nd installment of ordinary shares, respectively, resulting in
an increase of its shareholding in Plus Property Space Company Limited and
Plus Property Venture Company Limited from 51 percent to 70 percent and 100
percent, respectively.
As the date of acquisition, net asset value of Sansiri Venture Company Limited,
Plus Property Space Company Limited and Plus Property Venture Company
Limited comprised the following: -

130. Annual Report 2009
128
THE 1ST INSTALLMENT
(Unit: Thousand Baht)
Sansiri Venture Plus Property Plus Property Total
Company Space Company Venture
Limited Limited Company
Limited
ASSETS
Cash and deposits at financial institutions 216,888 29,412 8,483 254,783
Current assets 986,135 345,313 363,931 1,695,379
Non-current assets 1,333 166 1,233 2,732
Total assets 1,204,356 374,891 373,647 1,952,894
LIABILITIES
Current liabilities 640,942 229,954 406,976 1,277,872
Non-current liabilities 635,000 176,700 - 811,700
Total liabilities 1,275,942 406,654 406,976 2,089,572
Net asset value (71,586) (31,763) (33,329) (136,678)
Percentage of investment 10 19 19
Net asset value in the percentage of
investment (7,159) (6,035) (6,332) (19,526)
Purchase price 43,760 19,270 2,920 65,950
Goodwill from acquisition of minority interest 50,919 25,305 9,252 85,476
THE 2ND INSTALLMENT
(Unit: Thousand Baht)
Sansiri Venture Plus Property Plus Property Total
Company Space Company Venture
Limited Limited Company
Limited
ASSETS
Cash and deposits at financial institutions 151,911 11,156 1,421 164,488
Current assets 1,086,296 439,505 318,760 1,844,561
Non-current assets 1,802 148 803 2,753
Total assets 1,240,009 450,809 320,984 2,011,802
LIABILITIES
Current liabilities 525,037 303,218 155,219 983,474
Non-current liabilities 703,318 181,700 191,700 1,076,718
Total liabilities 1,228,355 484,918 346,919 2,060,192
Net asset value 11,654 (34,109) (25,935) (48,390)
Percentage of investment 30 30 30
Net asset value in the percentage of
investment 3,496 (10,233) (7,781) (14,518)
Purchase price 131,270 30,430 4,620 166,320
Goodwill from acquisition of minority interest 127,774 40,663 12,401 180,838

131. 129
The differences between the cost of acquisition and the minority interest of the
subsidiaries mentioned above were recorded as goodwill which is stated at
cost less accumulated impairment losses.
2.3 The separate financial statements, which present investments in subsidiaries under
the cost method, have been prepared solely for the benefit of the public.
3. ADOPTION OF NEW ACCOUNTING STANDARDS
In June 2009, the Federation of Accounting Professions issued Notification No. 12/2552,
assigning new numbers to Thai Accounting Standards that match the corresponding
International Accounting Standards. The numbers of Thai Accounting Standards as referred
to in these financial statements reflect such change.
The Federation of Accounting Professions has issued Notification No. 86/2551 and
16/2552, mandating the use of new accounting standards, financial reporting standard and
accounting treatment guidance as follows.
3.1 Accounting standards, financial reporting standard and accounting treatmentguidance
which are effective for the current year
Framework for the Preparation and Presentation of Financial Statements (revised 2007)
TAS 36 (revised 2007) Impairment of Assets
TFRS 5 (revised 2007) Non-current Assets Held for Sale and Discontinued Operations
Accounting Treatment Guidance for Leasehold Right
Accounting Treatment Guidance for Business Combination under Common Control
These accounting standards, financial reporting standard and accounting treatment
guidance became effective for the financial statements for fiscal years beginning on or
after 1 January 2009. The management has assessed the effect of these standards and
believes that TFRS 5 (revised 2007) and Accounting Treatment Guidance for Business
Combination under Common Control are not relevant to the business of the Company,
while Framework for Preparation and Presentation of Financial Statements (revised 2007),
TAS 36 (revised 2007) and Accounting Treatment Guidance for Leasehold Right do not have
any significant impact on the financial statements for the current year.
3.2 Accounting standards which are not effective for the current year
Effective date
TAS 20 Accounting for Government Grants and 1 January 2012
Disclosure of Government Assistance
TAS 24 (revised 2007) Related Party Disclosures 1 January 2011
TAS 40 Investment Property 1 January 2011

132. Annual Report 2009
130
However, TAS 24 (revised 2007) and TAS 40 allow early adoption by the entity before the
effective date.
The management of the Company has assessed the effect of these standards and believes
that TAS 20 is not relevant to the business of the Company, while TAS 24 (revised 2007)
and TAS 40 will not have any significant impact on the financial statements for the year in
which they are initially applied.
4. SIGNIFICANT ACCOUNTING POLICIES
4.1 Revenue recognition
a) Revenue from property development for sales
Revenue from property development for sales is recognised by reference to the
stage of completion, beginning when the following significant conditions are met:
- sales agreements have been finalised, or in the case of condominium
developments sales agreements have been finalised for a minimum of 40
percent of the total area offered for sale;
- a non-refundable deposit have been finalised or at least 20 percent of the value
of the sales agreement has been received from the customer;
- development is a minimum of 10 percent complete (as measured by construction
costs incurred compared to total budgeted construction costs).
Stage of completion is measured by reference to the relationship that costs incurred
to date (excluded land cost) bears to the estimated total cost of the transactions.
No income is recognised from contracts under which more than three consecutive
installments are overdue.
b) Rental income
Rental income is recognised in the income statement on an accrual basis over the
term of the lease. Initial expenses are recorded as a part of total rental as lease
agreement.
c) Revenue from hotel business
Room revenues are recognised on an accrual basis over the period of the guests
stay. Food and beverage revenues are recognised after the food and beverages
havebeenserved.Recognisedrevenuedoesnotincludevaluedaddedtaxandstated
net of discounts.
d) Service income
Service income is recognised when service rendered by reference to the stage of
completion.

133. 131
e) Interest income
Interest income is recognised as interest accrues based on the effective rate method.
f) Dividends
Dividends are recognised when the right to receive the dividends is established.
4.2 Cost of property development for sale and cost of project sales
Property development projects for sale are stated at the lower of cost and net realisable
value, consisting of the cost of land, design fees, utilities, construction costs, and directly
related interest and expenses.
In determining the costs of land and houses and residential condominium units sold,
the anticipated total development costs (after recognising the costs incurred to date) are
attributed to land and houses on the basis of the salable area, residential condominium
units on the basis of sale value and then recognised as costs in the income statement
according to the percentage of completion.
The Company and its subsidiaries recognise loss on diminution in value of projects (if any)
in the income statements.
4.3 Selling expenses
Selling expenses directly associated with projects, such as specific business tax and transfer
fees are charged to income in proportion to the percentage of total revenue recognised.
4.4 Cash and cash equivalents
Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid
investments with an original maturity of three months or less and not subject to
withdrawal restrictions.
4.5 Trade accounts receivable and allowance for doubtful accounts
Trade accounts receivable are stated at the net realisable value. Allowance for doubtful
accounts is provided for the estimated losses that may be incurred in collection of
receivables. The allowance is generally based on collection experience and analysis of
debt aging.
4.6 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction of the projects that
necessarily takes a substantial period of time to get ready for its intended use or sale are
capitalised as part of the costs of the respective assets. Capitalisation ceases when the
projects are ready for their intended use or sale, when the physical construction of the
projects is complete, or when construction is suspended and until active development
resumes. All other borrowing costs are expensed in the period they are incurred. Borrowing
costs consist of interest and other costs that an entity incurs in connection with the
borrowing of funds.

134. Annual Report 2009
132
To the extent that funds are borrowed specifically for the development of projects, interest
costs are presented as the actual borrowing costs less any investment income from the
temporary investment of those borrowings. To the extent that funds are borrowed and
used for the general purposes, the interest costs are determined by applying a capitalisation
rate to the expenditures on that project. The capitalisation rate is the weighted average of
the borrowing costs applicable to the borrowings of the entity that are outstanding during
the year, other than borrowings made for specific purposes.
4.7 Investments
a) Investments in securities held for trading are stated at fair value. Gains or losses
arising from changes in the carrying amounts of securities are included in
determining income.
b) Investments in available-for-sale securities are stated at fair value. Changes in the
carrying amounts of securities are recorded as separate items in shareholders
equity until the securities are sold, when the changes are then included in
determining income.
c) Investments in non-marketable equity securities, which the Company classifies as
other investments, are stated at cost net of allowance for loss on diminution in
value (if any).
d) Investments in subsidiaries are accounted for in the separate financial statements
using the cost method.
f) Investment properties are property development for rent, are stated at cost less
accumulated depreciation and impairment losses in accordance with the cost
model adopted for the recognition of property, plant and equipment.
The fair value of marketable securities is based on the latest bid price of the last working
day of the year as quoted on the Stock Exchange of Thailand. The fair value of unit trusts
is determined from their net asset value.
The weighted average method is used for computation of the cost of investments.
In the event the Company reclassifies investments in securities, such investments are
adjusted to their fair value as at the reclassification date. Differences between the carrying
amount of the investments and their fair value on that date are included in determining
income or recorded as surplus (deficit) from changes in the value of investments in
shareholders’ equity, depending on the type of investment which is reclassified.
4.8 Land, building and equipment / Depreciation
Land is stated at cost. Buildings and equipment are stated at cost less accumulated
depreciation and allowance for loss on impairment of assets (if any).

135. 133
Depreciation of building and equipment is calculated by reference to their costs on a
straight-line basis over the following estimated useful lives:
Buildings and improvements 20 years
Buildings decoration 8 years
Improvements and renovation - hotel 5 years
Fixtures and equipment 3 - 5 years
Operating equipment - hotel 5 years
Temporary sales office 2 - 2.5 years
Motor vehicles 5 years
Depreciation is included in determining income.
No depreciation is provided for land and construction in progress.
4.9 Leasehold rights and amortisation
Leasehold rights are stated at cost less accumulated amortisation. The Company and its
subsidiaries amortise leasehold rights on a straight-line basis over the leasehold period.
The amortisation is included in determining income.
4.10 Intangible assets and amortisation
Intangible assets are stated at cost less accumulated amortisation and allowance for loss
on impairment of assets (if any). Intangible assets with finite lives are amortised on a
systematic basis over the economic useful life and tested for impairment whenever there
is an indication that the intangible asset may be impaired. The amortisation period and
the amortisation method of such intangible assets are reviewed at least at each financial
year end.
A summary of the intangible assets with finite useful lives is as follows:
Computer software 3 - 10 years
Franchise fee 5 years
The amortisation is included in determining income.
4.11 Land held for development
Land held for development is stated at cost less allowance for loss on diminution in value
of projects. It is consisted of cost of land, land fulfill, public utilities cost, project development
cost and borrowing cost which occurred during the developed period in the past.

136. Annual Report 2009
134
4.12 Goodwill
Goodwill is initially measured at cost, which is the excess of the cost of the business
combination over the Company’s share in the net fair value of the acquiree’s identifiable
assets, liabilities and contingent liabilities. If the cost of acquisition is less than the fair
value of the net assets of the subsidiary acquired, the difference is recognised directly in
the income statement.
Goodwill is carried at cost less any accumulated impairment losses. Goodwill is tested
for impairment annually and when circumstances indicate that the carrying value may be
impaired.
For the purpose of impairment testing, goodwill acquired in a business combination is
allocated to each of the Company’s cash generating units (or group of cash-generating
units) that are expected to benefit from the synergies of the combination. The Company
estimates the recoverable amount of each cash-generating unit (or group of cash-
generating units) to which the goodwill relates. Where the recoverable amount of the
cash-generating unit is less than the carrying amount, an impairment loss is recognised.
Impairment losses relating to goodwill cannot be reversed in future periods.
4.13 Related party transactions
Related parties comprise enterprises and individuals that control, or are controlled by,
the Company, whether directly or indirectly, or which are under common control with the
Company.
They also include associated companies and individuals which directly or indirectly own
a voting interest in the Company that gives them significant influence over the Company,
key management personnel, directors and officers with authority in the planning and
direction of the Company’s operations.
4.14 Long-term leases
a) Finance leases
Leases of property, plant and equipment which transfer substantially all the risks
and rewards of ownership are classified as finance leases. Finance leases are
capitalised at the lower of the fair value of the leased assets and the present value
of the minimum lease payments. The outstanding rental obligations, net of finance
charges, are included in other long-term payables, while the interest element is
charged to the income statements over the lease period. The equipment acquired
under finance lease is depreciated over the shorter of the useful life of the asset and
the lease period.
b) Operating leases
Leases not transferring a significant portion of the risks and rewards of ownership

137. 135
to the lessee are classified as operating leases. Payments made under operating
leases (net of any incentives received from the lessor) are charged to the income
statements on a straight-line basis over the period of the lease.
When an operating lease is terminated before the lease period has expired, and
payment required to be made to the lessor by way of penalty is recognised as an
expense in the period in which termination takes place.
4.15 Foreign currencies
Transactions in foreign currencies are translated into Baht at the exchange rate ruling at
the date of the transaction. Monetary assets and liabilities denominated in foreign currencies
are translated into Baht at the exchange rate ruling at the balance sheet date.
Gains and losses on exchange are included in determining income.
4.16 Impairment of assets
At each reporting date, the Company and its subsidiaries perform impairment reviews
in respect of the land, building and equipment and other intangible assets whenever
events or changes in circumstances indicate that an asset may be impaired. The Company
also carries out annual impairment reviews in respect of goodwill. An impairment loss
is recognised when the recoverable amount of an asset, which is the higher of the
asset’s fair value less costs to sell and its value in use, is less than the carrying amount. In
determining value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. In determining fair value less
costs to sell, an appropriate valuation model is used. These calculations are corroborated
by a valuation model that, based on information available, reflects the amount that the
Company and its subsidiaries could obtain from the disposal of the asset in an arm’s
length transaction between knowledgeable, willing parties, after deducting the costs of
disposal.
An impairment loss is recognised in the income statement.
4.17 Employee benefits
Salaries, wages, bonuses and contributions to the social security fund and provident fund
are recognised as expenses when incurred.
4.18 Provisions
Provisions are recognised when the Company and its subsidiaries have a present
obligation as a result of a past event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, and a reliable estimate can be
made of the amount of the obligation.

138. Annual Report 2009
136
4.19 Income tax
Income tax is provided in the accounts based on the taxable profits determined in
accordance with tax legislation.
5. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting
principles at times requires management to make subjective judgments and estimates
regarding matters that are inherently uncertain. These judgments and estimates affect
reported amounts and disclosures and actual results could differ. Significant judgments
and estimates are as follows:
Leases
In determining whether a lease is to be classified as an operating lease or finance lease,
the management is required to use judgment regarding whether significant risk and
rewards of ownership of the leased asset has been transferred, taking into consideration
terms and conditions of the arrangement.
Allowance for doubtful accounts
In determining an allowance for doubtful accounts, the management needs to make
judgment and estimates based upon, among other things, past collection history, aging
profile of outstanding debts and the prevailing economic condition.
Impairment of property development for sale, property development for rent and land held
for development
The Company and its subsidiaries treat property development for sale, property
development for rent and land held for development as impaired when the management
judges that there has been a significant or prolonged decline in the fair value below their
cost. The management determines the devaluation of such properties and land held for
development based on net realisable value. The determination of what is “significant” and
such devaluation requires the management to exercise judgment.
Project development costs estimation
In calculating cost of land and houses and condominium sold, the Company and its
subsidiaries have to estimate all project development costs, comprising land and land
improvement costs, design and construction costs, public utility costs, borrowing costs
and other related costs. The management estimates these costs based on their business
experience and revisits the estimations on a periodical basis or when the actual costs
incurred significantly vary from the estimated costs.

139. 137
Land, building and equipment/Depreciation
In determining depreciation of building and equipment, the management is required to
make estimates of the useful lives and salvage values of the Company and its subsidiaries’
building and equipment and to review estimate useful lives and salvage values when
there are any changes.
In addition, the management is required to review land, building and equipment for
impairment on a periodical basis and record impairment losses in the period when it is
determined that their recoverable amount is lower than the carrying amount. This requires
judgments regarding forecast of future revenues and expenses relating to the assets
subject to the review.
Impairment of investment
The Company treats investment in subsidiaries as impaired when there has been a
significant or prolonged decline in their fair value. The determination of what is “significant”
or “prolonged” requires the management to exercise judgment. However, the use of
different estimates and assumptions could affect the amounts of allowances for
impairment of investment in subsidiaries and adjustments to the allowances may
therefore be required in the future.
Goodwill and intangible assets
The initial recognition and measurement of goodwill and other intangible assets, and
subsequent impairment testing, require management to make estimates of cash flows to
be generated by the asset or the cash generating units and to choose a suitable discount
rate in order to calculate the present value of those cash flows.
Litigation
The Company and its subsidiaries have contingent liabilities as a result of litigation. The
management has exercised judgment to assess of the results of the litigation and recorded
certain contingent liabilities as at the balance sheet date.
Compensation for Housing Estate Juristic Persons
The Company and its subsidiaries estimate the compensation for Housing Estate Juristic
Persons using the rate specified by the regulator and the budgeted public utilities costs as
a basis for the calculation.
Provision for home care warrantee
In recording provision for home care warrantee, the management estimates the expenses
expected to be incurred as a result of providing such warrantee based on past experiences
of actual expenses claimed.

140. Annual Report 2009
138
6. RELATED PARTY TRANSACTIONS
6.1 During the years, the Company and its subsidiaries had significant business transactions
with related parties. Such transactions, which are summarised below, arose in the
ordinary course of business and were concluded on commercial terms and bases agreed
upon between the Company and those related parties.
(Unit: Thousand Baht)
Consolidated financial Separate financial
statements statements
2009 2008 2009 2008 Pricing policy
REVENUES FROM PROJECT SALES Cost plus certain margin
Subsidiary at rates of 25% - 36%
Touch Property Co., Ltd. - - 5,725 14,770
Related parties
Related persons 23,254 57,663 17,456 43,007
Total 23,254 57,663 23,181 57,777
RENTAL INCOME The same rate
Subsidiaries as other customers
Plus Property Co., Ltd. - - 87 104
Piwattana Ltd. - - 1,104 880
Sansiri Land Ltd. - - 920 999
Touch Property Co., Ltd. - - 6 11
Related party Based on agreement
(Note 12)
National Education Development Co., Ltd. - 20,560 - -
Total - 20,560 2,117 1,994
REVENUES FROM BUSINESS MANAGEMENT
AND PROJECT MANAGEMENT
Subsidiaries
Chanachai Ltd. - - 4,965 - Based on agreement (11)
Plus Property Co. Ltd. - - 75,845 - Based on agreement (11)
Sansiri Venture Co., Ltd. - - 12,800 15,600 Based on agreement (6),
(8), (9), (10)
S.U.N. Management Co., Ltd. - - 561 - Based on agreement (1)
Arnawat Ltd. - - 561 - Based on agreement (11)
Piwattana Ltd. - - 2,804 - Based on agreement (11)
Touch Property Co., Ltd. - - 2,243 - Based on agreement (11)
Plus Property Space Co., Ltd. - - 3,794 - Based on agreement (11)
Related party Based on agreement (5)
J&W Development Co., Ltd. - 3,058 - 3,058
Total - 3,058 103,573 18,658

141. 139
(Unit: Thousand Baht)
Consolidated financial Separate financial
statements statements
2009 2008 2009 2008 Pricing policy
INTEREST INCOME Cost of fund plus
Subsidiaries certain percent
Chanachai Ltd. - - 1,465 404
Plus Property Co., Ltd. - - 27,187 75,218
Arnawat Ltd. - - 36,502 6,608
Piwattana Ltd. - - 4,640 31,336
Red Lotus Properties Ltd. - - 587 931
Papanan Ltd. - - 366 397
Pacific Challenge Holding Co., Ltd. - - 2,095 3,077
National Education Development
Co., Ltd. - - 1,689 -
Sansiri Global Investment Pte. Ltd. - - 2,032 -
Sansiri Guernsey (2009) Limited - - 135 -
Satit Pattana School - - 83 -
Total - - 76,781 117,971
COMMISSION INCOME Based on agreement (3)
Subsidiaries
Chanachai Ltd. - - 3,844 -
Plus Property Co., Ltd. - - 18,922 -
Total - - 22,766 -
CONSTRUCTION AND MATERIAL COST
Subsidiaries
Plus Property Co., Ltd. - - - 1,519 Based on agreement (4)
Piwattana Ltd. - - 212 - Based on agreement in
normal course of
business
Touch Property Co., Ltd. - - 56 24 Based on agreement in
normal course of
business
Related parties Based on agreement in
Syntech Construction Plc. - 50,086 - 7,059 normal course of
De’cor Mart Co., Ltd. - 29,289 - 17,373 business
Grand Homemart Co., Ltd. - 201,453 - 119,822
General Engineering Plc. - 87,763 - 14,155
Total - 368,591 268 159,952

142. Annual Report 2009
140
(Unit: Thousand Baht)
Consolidated financial Separate financial
statements statements
2009 2008 2009 2008 Pricing policy
PROJECT MANAGEMENT FEE AND Based on agreement (2) (7)
OTHER EXPENSES
Subsidiaries
Plus Property Co., Ltd. - - 17,943 23,016
Papanan Ltd. - - 35 -
Touch Property Co., Ltd. - - 3,765 -
Total - - 21,743 23,016
COMMISSION EXPENSE Based on agreement (3)
Subsidiary
Plus Property Co., Ltd. - - 45,014 112,636
Total - - 45,014 112,636
INTEREST EXPENSES 1.50 - 9.12 percent
Subsidiary per annum
S.U.N. Management Co., Ltd. - - 229 230
Related parties
J&W Development Co., Ltd. - 829 - -
Space Development Co., Ltd. - 2,765 - -
Directors of subsidiary - 1,419 - -
Total - 5,013 229 230
Transactions, pricing policies and related contracts are as follows: -
(1) Revenue from business services provided for a period of 3 years, following
completion of project development which in total amount Baht 5.40 million. Of
this, Baht 3.60 million was paid in advance and the remaining amount is pay
able at a rate of Baht 0.05 million per month.
(2) Project management fees are charged at rates ranging from Baht 65,000 to Baht
332,254 per month, depended upon the size of the project.
(3) Commission expenses from sales of projects are charged at rates from 1.00
percent to 1.50 percent of selling price per the contract, with payments divided
between the time the customer executes the agreement and when the
properties are transferred.
(4) A total of Baht 3,025,465 is charged for the right to use the “Plus” and “Condo
One” trademark for projects. The Company paid 40 percent of this in advance,
on the contract date, and the remaining 60 percent is charged monthly, over 26
months and 27 months.
(5) Management fee income for a period of 30 months as from April 2007 is charged

143. 141
at Baht 409,000 to Baht 596,000 per month. In case that the order of
condominium units reach to 80 percent of project price, the Company will earn
certain incentive of Baht 3 million and if earnings before interest expenses and
income tax of the project excess specified amounts, the Company will receive
profit sharing as agreed rate.
(6) Management fee income starting from August 2007 to completion of project is
charged at Baht 267,500 to Baht 400,000 per month. In case that the order of
condominium units reach to 80 percent of project price, the Company will earn
certain incentive of Baht 7 million. In addition, a total of Baht 2,659,760 is
charged for the right to use the “SIRI on 8” trademark.
(7) Management fee for “Saran Sport Club” for 2 years periods, starting from
November 2006, is charged at Baht 60,000 per month.
(8) Management fee income starting from October 2007 to completion of project
is charged at Baht 300,000 per month. In case that the order of condominium
units reach to 80 percent of project price, the Company will earn certain
incentive of Baht 10 million. In addition, a total of Baht 6,225,115 is charged for
the right to use the “Priv’e By Sansiri” trademark.
(9) Management fee income starting from October 2007 to completion of project is
charged at Baht 350,000 per month. In case that the order of condominium units
reach to 80 percent of project price, the Company will earn certain incentive of
Bath 15 million. In addition, a total of Baht 7,982,812 is charged for the right to
use the “39 by Sansiri” trademark.
(10) Management fee income starting from November 2007 to completion of project
is charged at Baht 250,000 per month. In case that the order of condominium
units reach to 80 percent of project price, the Company will earn certain
incentive of Baht 1.5 million. In addition, a total of Baht 1,587,026 is charged for
the right to use the “Preen by Sansiri” trademark.
(11) Revenue from business service and project management fees is charged based
on costs plus certain margin at a rate of 5 percent. Those charges are allocated
to subsidiaries based on revenue and investment costs, respectively.

144. Annual Report 2009
142
Name of related parties Relationship
Syntec Construction Plc.(3) Common shareholder of the Company
Regency One Co., Ltd. Held by Chanachai Ltd.
Univentures Asset Management Co., Ltd. Shareholder of S.U.N. Management Co., Ltd.
Prestige Gift and Premium Co., Ltd. Shareholder of S.U.N. Management Co., Ltd.
Univentures Plc. Shareholder of Univentures Asset Management
Co., Ltd. and Forward Systems Co., Ltd.
Forward Systems Co., Ltd. Common shareholder with Univentures Asset
Management Co., Ltd.
J & W Development Co., Ltd.(1) Shareholder of Plus Property Venture Co., Ltd.
D’ecor Mart Co., Ltd. (1) One of director is a major shareholder of J&W
Development Co., Ltd.
Space Development Co., Ltd. (1) Shareholder of Plus Property Space Co., Ltd.
and Sansiri Venture Co., Ltd.
Grand Homemart Co., Ltd. (1) Common director with J&W
Development Co., Ltd.
National Education Development Co., Ltd. (1) Common director with J&W
Development Co., Ltd.
General Engineering Plc. (2) Common director with the Company
(1) As the Company acquired investment in Sansiri Venture Co., Ltd. and Plus Property Co., Ltd.
acquired investments in Plus Property Venture Co., Ltd. and Plus Property Space Co., Ltd. from
J&W Development Co., Ltd. and Space Development Co., Ltd. resulting in 100 percent shareholding
of paid-up capital of those companies since September 2008, J&W Development Co., Ltd. and
Space Development Co., Ltd. and their related companies were not related to the Company since
then.
(2) Since there was a change in the Company’s directors in April 2008, General Engineering Plc.
was not related to the Company since then.
(3) As Natural Park Plc. reduced the percentage of shareholding in the Company’s paid up capital
to 4.26% (as at 9 April 2008, closed date of share transfer), Natural Park Plc. and Syntec Construction
Plc. (held by Natural Park Plc.) were not the Company’s related party since then.
The relationships between the Company, subsidiaries and their related parties are
summarised below: -

145. 143
6.2 The balances of the accounts as at 31 December 2009 and 2008 between the Company
and those related companies are as follows: -
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
ACCOUNTS RECEIVABLE AND
UNBILLED COMPLETED WORKS
ACCOUNTS RECEIVABLE
Subsidiaries
Chanachai Ltd. - - 2,098 71
Plus Property Co., Ltd. - - 7,293 205
Sansiri Venture Co., Ltd. - - 963 268
Papanan Ltd. - - - 2
Sansiri Land Ltd. - - 177 85
Touch Property Co., Ltd. - - - 1
Total - - 10,531 632
UNBILLED COMPLETED WORK
Subsidiary
Touch Property Co., Ltd. - - 9,218 5,861
Related parties
Related persons 14,626 2,100 9,453 992
Total 14,626 2,100 18,671 6,853
Total 14,626 2,100 29,202 7,485
OTHER RECEIVABLES
Subsidiary
Piwattana Ltd. - - 93 24,775
Total - - 93 24,775

146. Annual Report 2009
144
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
SHORT-TERM LOANS TO RELATED PARTIES
Subsidiaries
Plus Property Co., Ltd. - - - 1,090,000
Arnawat Ltd. - - 906,827 973,878
Piwattana Ltd. - - 1,399,400 911,118
Red Lotus Properties Ltd. - - 261,500 218,000
Pacific Challenge Holding Co., Ltd. - - 30,000 45,000
Papanan Ltd. - - 268,326 248,325
National Education Development Co., Ltd. - - 155,620 -
Sansiri Global Investment Pte. Ltd. - - 235,122 -
Satit Pattana School - - 6,000 -
Related parties
Univentures Asset Management Co., Ltd. 8,850 8,850 - -
Prestige Gift & Premium Co., Ltd. 5,850 5,850 - -
Regency One Co., Ltd. 5,000 5,000 - -
Total 19,700 19,700 3,262,795 3,486,321
Less: Allowance for doubtful accounts (5,000) (5,000) (546,945) (401,945)
Net 14,700 14,700 2,715,850 3,084,376
During the year 2009, the Company recorded allowance for doubtful accounts of loans to
subsidiaries amounting to Baht 145.00 million (2008: Baht 168.15 million).
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Interest receivables
Subsidiaries
Arnawat Ltd. - - 13,135 13,006
Piwattana Ltd. - - 19,156 14,516
Red Lotus Properties Ltd. - - 3,505 2,918
Pacific Challenge Holding Co., Ltd. - - 274 -
Papanan Ltd. - - 4,076 3,710
National Education Development Co., Ltd. - - 1,689 -
Sansiri Global Investment Pte. Ltd. - - 2,032 -
Satit Pattana School - - 83 -
Related parties
Univentures Asset Management Co., Ltd. 33 33 - -
Prestige Gift & Premium Co., Ltd. 22 22 - -
Regency One Co., Ltd. 333 333 - -
Total 388 388 43,950 34,150
Less: Allowance for doubtful accounts (333) (333) (4,076) -
Net 55 55 39,874 34,150
(Unit: Million Baht)
(Unit: Million Baht)

147. 145
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
DEPOSITS FOR RENT AND OTHERS
Related party
Forward Systems Co., Ltd. 269 - - -
Total 269 - - -
ACCOUNTS PAYABLE-
CONSTRUCTION AND MATERIAL COST
Related party
Forward Systems Co., Ltd. - 21 - 21
Total - 21 - 21
SHORT-TERM LOANS
FROM RELATED PARTIES
Subsidiary
S.U.N. Management Co., Ltd. - - 15,300 15,300
Total - - 15,300 15,300
UNEARNED INCOME
Related parties
Related persons 26 1,373 26 1,373
Total 26 1,373 26 1,373
ACCRUED INTEREST EXPENSES
Subsidiary
S.U.N. Management Co., Ltd. - - 975 746
Total - - 975 746
OTHER PAYABLES
Subsidiaries
Plus Property Co., Ltd. - - 9,782 6,634
Piwattana Ltd. - - 1,947 4,319
Papanan Ltd. - - 96 387
Sansiri Land Ltd. - - 91 144
Touch Property Co., Ltd. - - 497 453
Total - - 12,413 11,937
DEPOSITS FOR BUILDING RENTAL
AND OTHERS
Subsidiaries
Chanachai Ltd. - - 18 18
Plus Property Co., Ltd. - - - 25
Piwattana Ltd. - - 441 441
Sansiri Land Ltd. - - 285 285
Total - - 744 769
(Unit: Million Baht)

148. Annual Report 2009
146
(Unit: Million Baht)
Consolidated financial statements
Balance as at During the year Balance as at
1 January 2009 Increase Decrease 31 December 2009
Related parties
Univentures Asset Management
Co., Ltd. 8.85 - - 8.85
Prestige Gift & Premium Co., Ltd. 5.85 - - 5.85
Regency One Co., Ltd. 5.00 - - 5.00
(Unit: Million Baht)
Separate financial statements
Balance as at During the year Balance as at
1 January 2009 Increase Decrease 31 December 2009
Subsidiaries
Chanachai Ltd. - 174.79 (174.79) -
Plus Property Co., Ltd. 1,090.00 - (1,090.00) -
Sansiri Venture Co., Ltd. - 4.00 (4.00) -
Arnawat Ltd. 973.88 47.95 (115.00) 906.83
Piwattana Ltd. 911.12 488.28 - 1,399.40
Red Lotus Properties Ltd. 218.00 43.50 - 261.50
Pacific Challenge Holding Co., Ltd. 45.00 - (15.00) 30.00
Papanan Ltd. 248.32 20.00 - 268.32
National Education Development
Co., Ltd. - 155.62 - 155.62
Sansiri Global Investment Pte. Ltd. - 235.12 - 235.12
Sansiri Guernsey (2009) Limited - 22.59 (22.59) -
Satit Pattana School - 6.00 - 6.00
6.3 During the year, movements of short-term loans to related parties were as follow: -
As at 31 December 2009, loans to related parties are clean loans, due for repayment at call,
and carried interest at rates of 1.50 - 5.50 percent per annum (2008: 1.50 - 7.25 percent per
annum).
As at 31 December 2009 and 2008, the Company and its subsidiaries have ceased
recognition of interest on principal of loans to related parties amounting to Baht
19.70 million because of default on interest payment for three consecutive installments
(Separate financial statement: Baht 2,970.46 million and Baht 2,292.32 million, respectively).

149. 147
6.4 During the year, movements of loans from related parties were as follow: -
(Unit: Million Baht)
Separate financial statements
Balance as at During the year Balance as at
1 January 2009 Increase Decrease 31 December 2009
Subsidiary
S.U.N. Management Co., Ltd. 15.30 - - 15.30
As at 31 December 2009, loans from related parties are clean loans, due at call and
carrying interest at rates of 1.50 percent per annum (2008: 1.50 percent per annum).
6.5 Guarantees to related companies
As at 31 December 2009 and 2008, the Company and its subsidiaries have the following
obligations in respect of guarantees provided to financial institutions for loans facilities: -
(Unit: Million Baht)
Guarantor Guarantee 2009 2008
Sansiri Plc. Chanachai Ltd. 2,098 930
Sansiri Venture Co., Ltd. 1,025 1,349
Arnawat Ltd. 1,210 1,380
Piwattana Ltd. 2,793 3,118
Red Lotus Properties Ltd. 93 162
Sansiri Guernsey (2009) Limited 174 -
Total 7,393 6,939
Plus Property Co., Ltd. Sansiri Land Ltd. - 16
Plus Property Space Co., Ltd. - 528
Total - 544
Piwattana Ltd. Sansiri Plc. 790 790
Arnawat Ltd. 340 1,300
Total 1,130 2,090
Satit Pattana Personal Center Ltd.
(formerly known as Arnawat Ltd. - 510
“Club House Property Ltd.”)
Arnawat Ltd. Piwattana Ltd. 600 600
7. CASH AND CASH EQUIVALENTS
As at 31 December 2009 and 2008, restricted deposits at financial institutions of the
Company and its subsidiaries have been pledged as collateral for guarantees facilities
issued by banks on behalf of the Company and its subsidiaries.

150. Annual Report 2009
148
8. ACCOUNTS RECEIVABLE AND UNBILLED COMPLETED WORK
Accounts receivable and unbilled completed work as at 31 December 2009 and 2008
presented as follows: -
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Unbilled completed work 3,447.42 2,047.85 2,750.13 1,160.43
Notes receivable 37.24 83.42 - -
Service receivables 70.08 57.59 23.00 12.51
Installment accounts receivable 53.15 49.35 36.53 26.84
Total 3,607.89 2,238.21 2,809.66 1,199.78
Less: Allowance for doubtful accounts (12.47) (17.99) (0.60) (0.73)
Accounts receivable
and unbilled completed work - net 3,595.42 2,220.22 2,809.06 1,199.05
Sales with signed agreements 54,471.54 58,542.18 29,234.41 33,820.52
Total estimated project sales 74,179.39 75,077.38 40,624.26 44,529.27
The ratio of sales with signed agreements
to total estimated project sales 73.43% 77.97% 71.96% 75.95%
Unbilled completed work and unearned income presented as follows: -
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Installments due 43,377.84 28,703.29 23,386.12 16,851.11
Less: Cash received (43,324.69) (28,653.94) (23,349.59) (16,824.27)
Installment accounts receivable 53.15 49.35 36.53 26.84
Installments due 43,377.84 28,703.29 23,386.12 16,851.11
Less: Sales recognised to date (44,996.74) (28,766.45) (25,228.02) (16,991.59)
(1,618.90) (63.16) (1,841.90) (140.48)
The balance consisted of: -
Unbilled completed work 3,447.42 2,047.85 2,750.13 1,160.43
Unearned income (1,828.52) (1,984.69) (908.23) (1,019.95)
Total 1,618.90 63.16 1,841.90 140.48

151. 149
Accounts receivable and unbilled completed work as at 31 December 2009 and 2008 classified by
the aging of the receivable are as follows: -
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Unbilled completed work 3,447.42 2,047.85 2,750.13 1,160.43
Trade accounts receivable and notes
receivable
Not yet due 46.34 94.67 9.10 9.51
Over due 1 - 3 months 84.88 74.16 47.56 26.99
Over due 4 - 6 months 7.82 4.97 1.18 0.88
Over due 7 - 12 months 9.65 4.48 0.32 1.16
Over due over 12 months 11.78 12.08 1.37 0.81
Total 3,607.89 2,238.21 2,809.66 1,199.78
Less: Allowance for doubtful accounts (12.47) (17.99) (0.60) (0.73)
Net 3,595.42 2,220.22 2,809.06 1,199.05

152. Annual Report 2009
150
9. PROPERTY DEVELOPMENT FOR SALE
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Land 23,340.09 21,018.34 13,812.69 12,027.19
Construction cost and others 39,796.46 31,898.82 23,679.46 19,776.63
Capitalised financial costs 2,300.60 1,945.33 1,451.49 1,225.83
Total 65,437.15 54,862.49 38,943.64 33,029.65
Less: Accumulated transfer to cost of project (50,073.88) (38,583.86) (30,598.99) (25,033.25)
Accumulated transfer to property
development for rent (1,303.94) (1,211.03) (1,211.03) (1,211.03)
Accumulated transfer to land
held for development (897.26) - (281.94) -
Written off (123.35) (123.35) - -
Add: Amount reversed to property
development for sale 645.44 645.44 645.44 645.44
Balance 13,684.16 15,589.69 7,497.12 7,430.81
ALLOWANCE FOR LOSS ON DIMINUTION IN VALUE OF PROJECT
Balance - beginning of the year (72.00) (59.00) (5.00) -
Add: Increase during the year (130.81) (13.00) (45.00) (5.00)
Less: Transfer to land held for
development 84.38 - 50.00 -
Balance - end of the year (118.43) (72.00) - (5.00)
Net 13,565.73 15,517.69 7,497.12 7,425.81
9.1 As at 31 December 2009 and 2008, Most of the land and construction thereon of projects
of the Company and its subsidiaries were pledged as collateral for loans obtained from
financial institutions.
9.2 As at 31 December 2009 and 2008, the estimated expense to the Company and its
subsidiaries of development and construction for completion of the opened projects
(excluding the costs of land and construction already recorded) is Baht 10,152.40 million
and Baht 10,241.95 million, respectively (Separate financial statements: Baht 5,880.00
million and Baht 5,545.87 million, respectively).
9.3 During the year 2009 and 2008, the Company and its subsidiaries included borrowing
costs in the cost of property development amounting to Baht 355.27 million and Baht
418.24 million, respectively (Separate financial statements: Baht 225.66 million and Baht
171.74 million, respectively).

153. 151
9.4 During the year 2009 and 2008, the Company and its subsidiaries recorded allowance
for diminution in value of project and land held for development of Baht 130.18 million
and Baht 13 million, respectively (Separate financial statement: Baht 45 million and Baht 5
million, respectively. Such transaction is presented in the income statement under “Loss
on diminution in value of property development and impairment loss on land, building and
equipment” as follows:
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Property development for sale and 130.81 13.00 45.00 5.00
land held for development (Note 9)
Property development for rent (Note 11) - 3.59 - 3.59
Land, building and equipment (Note 14) 0.16 40.00 - -
Total 130.97 56.59 45.00 8.59
10. INVESTMENTS IN SUBSIDIARIES
As at 31 December 2009 and 2008, investments in subsidiaries are as follows: -
Allowance for loss
on diminution
Percentage of Investment in value of
Paid-up capital shareholding at cost investments Net investment
Subsidiaries 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Percent Percent
Subsidiaries - Directly owned
Chanachai Ltd. 90.00 90.00 100 100 101.52 101.52 - - 101.52 101.52
Plus Property Co., Ltd. 600.00 600.00 100 100 610.52 610.52 - - 610.52 610.52
Sansiri Venture Co., Ltd. 3.00 3.00 100 100 177.42 177.42 - - 177.42 177.42
S.U.N. Management Co., Ltd. 10.00 10.00 51 51 5.10 5.10 - - 5.10 5.10
Arnawat Ltd. 2.50 2.50 100 100 2.50 2.50 - - 2.50 2.50
Piwattana Ltd. 1.00 1.00 100 100 1.00 1.00 - - 1.00 1.00
Red Lotus Properties Ltd. 20.00 20.00 100 100 20.00 20.00 - - 20.00 20.00
Pacific Challenge Holding Co.,
Ltd. 2.50 2.50 85 85 2.13 2.13 - - 2.13 2.13
Papanan Ltd. 20.00 20.00 100 100 20.00 20.00 (20.00) - - 20.00
Satit Pattana Personnel Center
Ltd. (formerly known as
“Club House Property Ltd.”) 1.00 1.00 100 100 1.00 1.00 - - 1.00 1.00
Rojnaruemit Ltd. 4.88 4.88 100 100 99.95 99.95 (98.00) (98.00) 1.95 1.95
National Education
Development Co., Ltd. 40.00 - 100 - 40.00 - - - 40.00 -
Sansiri Global Investment
Pte. Ltd. 1.19 - 100 - 1.19 - - - 1.19 -
Total investment in subsidiaries 1,082.33 1,041.14 (118.00) (98.00) 964.33 943.14

154. Annual Report 2009
152
During the year 2009, the Company received dividend of Baht 270 million from Plus Property
Company Limited (2008: Nil).
During the year 2009, the Company established a new subsidiary, Sansiri Global
Investment Pte. Ltd. and acquired investment in National Education Development Co., Ltd.
as discussed in Note 2.2 (g) and (h) and recorded allowance for loss on diminution in value
of investments in subsidiary of Baht 20 million.
During the year 2008, the Company acquired 30,000 ordinary shares and 90,000 ordinary
shares, respectively, of Sansiri Venture Co., Ltd. from a related company at a price of
Baht 43.76 million and Baht 131.27 million, respectively. As a result, the percentage of
shareholding in Sansiri Venture Co., Ltd. increased to 70 percent and 100 percent
respectively. Details of the shares acquisition is discussed in Note 2.2 (i).
11. PROPERTY DEVELOPMENT FOR RENT
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
COST
Balance as at 31 December 2008 1,982.97 1,175.33
Purchases / Transfer in 188.20 0.59
Disposal / Transfer out (49.06) (49.06)
Balance as at 31 December 2009 2,122.11 1,126.86
ACCUMULATED DEPRECIATION
Balance as at 31 December 2008 707.27 370.65
Depreciation for the year 76.08 44.41
Disposal / transfer (24.98) (24.96)
Balance as at 31 December 2009 758.37 390.10
ALLOWANCE FOR DIMINUTION
Balance as at 31 December 2008 14.94 14.94
Balance as at 31 December 2009 14.94 14.94
NET BOOK VALUE
Balance as at 31 December 2008 1,260.76 789.74
Balance as at 31 December 2009 1,348.80 721.82
DEPRECIATION INCLUDED IN COST OF PROJECT FOR
RENT IN INCOME STATEMENTS FOR THE YEAR
2008 74.37 47.45
2009 76.08 44.41

155. 153
As at 31 December 2009, the Company’s leasehold which the net book value amounted
Baht 185 million, were mortgaged to secure loans from financial institutions (2008: Baht
222 million).
During the year 2008, the Company recorded allowance for diminution in the value of
property development for rent of Baht 3.59 million, since the expected net realisable value
was lower than the carrying amount.
12. PROPERTY DEVELOPMENT FOR RENT AND SALE
As at 31 December 2009 and 2008, property development for rent and sale are as follows: -
(Unit: Million Baht)
Consolidated financial statements
2009 2008
Land - 58.56
Construction costs and others - 272.03
Total - 330.59
Less: Accumulated depreciation - (28.29)
Less: Allowance for declining in value of project - (40.71)
Net - 261.59
Depreciation charged for the year - 17.65
On 17 February 2006, Arnawat Ltd. (as lessor) entered into an agreement (subsequently
amended on 15 March 2007) to lease a plot of land of approximately 27 rai and construction
thereon to a company. The lessor is to conduct building construction and improvements
in accordance with the construction plans stipulated in the agreement with total cost of
construction, including value added tax, to be not less than Baht 257 million. The lessor
is to transfer the construction within 1 May 2007 and if the actual construction cost
exceeds lessor’s construction cost for any reasons, the lessee agrees to absorb any such
additional cost. The lease period is for 5 years 8 months from the date the lessor hand
over the property. The lessee agrees to pay for rental to the lessor at the following rates:-
- From 1 June 2006, the transfer date for some of the assets, to 31 January 2007, the
rental charge is Baht 0.10 million per month, with the lessee to pay full amount of
such rental on 1 February 2007.
- From 1 February 2007 to the end of the lease, the lessee agrees to pay rental to
taling Baht 151.80 million to the lessor on a quarterly basis, at a rate of Baht 5.31
million as from 1 February 2007 to 30 April 2007 and Baht 7.71 million per quarter,
commencing 1 May 2007.

156. Annual Report 2009
154
At the end of the lease, the lessee agrees to buy and the lessor agrees to sell the leased
assets, at a price of Baht 14,026 per square wah for the land, and a price equal to the cost
of construction paid by the lessor and the lessee for the construction thereon, with the
lessor agrees to transfer ownerships of the leased assets to the lessee on the date
followingtheendoftheleaseoronanotherdateagreedbybetweenthelessorandthelessee.
Subsequently in the third quarter of 2009, the Company acquired investment in National
Education Development Co., Ltd. (lessee) for 100 percent interest in such company as
discussed in Note 2.2 (h), therefore that property development for rent and sale was then
reclassified as land, building and equipment.
13. LAND HELD FOR DEVELOPMENT
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Land held for development 897.26 - 281.94 -
Less: Allowance for loss on
diminution in value of project (84.38) - (50.00) -
Net 812.88 - 231.94 -
14. LAND, BUILDINGS AND EQUIPMENT
(Unit: Million Baht)
Consolidated financial statements
Buildings Buildings and Fixtures and Motor Temporary Construction
Land decoration improvement equipment vehicle sales office in progress Total
Cost
Balance as at 31 December 2008 122.31 134.04 253.61 321.96 38.77 182.55 1.37 1,054.61
Purchases 25.10 - 0.62 34.14 14.40 76.44 26.96 177.66
Transfer in 119.13 0.17 286.26 46.80 - 21.46 35.80 509.62
Increase from business combination - - - 57.05 - - 13.21 70.26
Disposals/Write off (2.45) (6.81) - (9.39) (13.77) (30.24) - (62.66)
Transfer out - - - - - - (38.84) (38.84)
Balance as at 31 December 2009 264.09 127.40 540.49 450.56 39.40 250.21 38.50 1,710.65

157. 155
(Unit: Million Baht)
(Unit: Million Baht)
Consolidated financial statements
Buildings Buildings and Fixtures and Motor Temporary Construction
Land decoration improvement equipment vehicle sales office in progress Total
Accumulated depreciation
Balance as at 31 December 2008 - 62.45 24.48 204.17 24.51 121.91 - 437.52
Depreciation for the year - 11.41 15.71 48.49 13.66 39.33 - 128.60
Disposals/Write off - (6.80) - (7.41) (13.40) (5.18) - (32.79)
Increase from business combination - - - 4.04 - - - 4.04
Transfer in - - 30.39 12.09 - - - 42.48
Balance as at 31 December 2009 - 67.06 70.58 261.38 24.77 156.06 - 579.85
Allowance for impairment loss
Balance as at 31 December 2008 26.73 40.00 7.56 - - - - 74.29
Increase for the year 0.16 - - - - - - 0.16
Transfer in - - 40.72 - - - - 40.72
Balance as at 31 December 2009 26.89 40.00 48.28 - - - - 115.17
Net book value
Balance as at 31 December 2008 95.58 31.59 221.57 117.79 14.26 60.64 1.37 542.80
Balance as at 31 December 2009 237.20 20.34 421.63 189.18 14.63 94.15 38.50 1,015.63
Depreciation for the year (included in administrative expenses) 108.4
2008 (Baht 5.16 million and Baht 3.25 million included in cost of medical spa and cost of
hotel business, respectively, other than that included in administrative expenses)
2009 (Baht 4.14 million and Baht 4.06 million included in cost of 128.60
medical spa and cost of hotel business, respectively, other than
that included in administrative expenses)
Separate financial statements
Buildings and Fixtures and Motor Temporary Construction
Land improvement equipment vehicle sales office in progress Total
Cost
Balance as at 31 December 2008 112.29 253.61 145.54 31.25 100.46 - 643.15
Purchases - 0.62 29.91 14.40 14.96 22.54 82.43
Transfer in 1.89 7.65 0.30 - 18.99 - 28.83
Disposals/Write off - - (5.27) (12.26) (30.22) - (47.75)
Transfer out - - - - - (19.00) (19.00)
Balance as at 31 December 2009 114.18 261.88 170.48 33.39 104.19 3.54 687.66
Accumulated depreciation
Balance as at 31 December 2008 - 24.48 106.65 20.35 81.76 - 233.24
Depreciation for the year - 12.60 21.42 5.61 22.02 - 61.65
Disposals/Write off - - (5.27) (12.25) (5.18) - (22.70)
Balance as at 31 December 2009 - 37.08 122.80 13.71 98.60 - 272.19
Allowance for impairment loss
Balance as at 31 December 2008 26.73 7.56 - - - - 34.29
Balance as at 31 December 2009 26.73 7.56 - - - - 34.29
Net book value
Balance as at 31 December 2008 85.56 221.57 38.89 10.90 18.70 - 375.62
Balance as at 31 December 2009 87.45 217.24 47.68 19.68 5.59 3.54 381.18
Depreciation for the year
2008 (Baht 3.25 million included in cost of hotel business other than that included in administrative expenses) 52.98
2009 (Baht 4.06 million included in cost of hotel business other than that included in administrative expenses) 61.65

158. Annual Report 2009
156
During the year 2008, Papanan Ltd. recorded allowance for impairment loss on buildings
decoration amounting Baht 40 million.
As at 31 December 2009 and 2008, certain plant and equipment items of the Company and
its subsidiaries have been fully depreciated but are still in use. The original cost of those
assets amounted to approximately Baht 172.37 million and Baht 116.25 million, respectively
(Separate financial statement: Baht 133.92 million and Baht 84.57 million, respectively).
As at 31 December 2009 and 2008, the Company and its subsidiaries had vehicles and
equipment under finance lease agreements with net book values amounting to Baht 15.91
million and Baht 9.74 million, respectively (Separate financial statement: Baht 14.63 million
and Baht 7.66 million, respectively).
As at 31 December 2009, the Company’s land and construction thereon which the net
book value amounted Baht 64.19 million, were mortgaged to secure loans from financial
institutions (2008: Baht 67.25 million).
15. GOODWILL
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Goodwill 407.56 266.31 - -
Less: Accumulated allowance
for impairment loss (225.76) (63.29) - -
Goodwill - net 181.80 203.02 - -
Impairment loss for the year 162.47 63.29 - -
During the year 2008, the Company recorded differences between the cost of acquisition
and the minority interest of Sansiri Venture Co., Ltd., Plus Property Venture Co., Ltd. and
Plus Property Space Co., Ltd. amounting to Baht 266.31 million as goodwill. In addition
allowance for impairment loss amounting to Baht 63.29 million and Baht 162.47 million
was recorded during the year 2008 and 2009, respectively.
During the year 2009, the Company recorded goodwill from business combination of
National Education Development Co., Ltd. amounting Baht 141.25 million, as discussed
in Note 2.2 (h).

159. 157
16. INTANGIBLE ASSETS
(Unit: Million Baht)
Consolidated Separate
financial financial
statements statements
Computer Computer
Franchise fee Software Total Software
Cost
31 December 2008 11.52 85.36 96.88 59.98
Purchase 1.95 12.77 14.72 11.94
Increase from business combination - 0.38 0.38 -
31 December 2009 13.47 98.51 111.98 71.92
Accumulated amortisation
31 December 2008 4.63 62.28 66.91 48.09
Amortisation for the year 6.27 10.16 16.43 7.79
Increase from business combination - 0.17 0.17 -
31 December 2009 10.90 72.61 83.51 55.88
Net book value
31 December 2008 6.89 23.08 29.97 11.89
31 December 2009 2.57 25.90 28.47 16.04
Amortisation included in administrative
expenses in income statement for the year
2008 16.47 10.83
2009 16.43 7.79
17. LEASEHOLD RIGHTS
(Unit: Million Baht)
Consolidated financial statements
2009 2008
Leasehold rights 175.65 126.59
Less: Accumulated amortisation (95.01) (64.44)
Leasehold rights - net 80.64 62.15
Amortisation expenses for the year 5.59 5.37
As at 31 December 2009, the Company’s leasehold rights which the net book value
amounted Baht 80.64 million were mortgaged to secure loans from financial institutions
(2008: Baht 62.15 million).

160. Annual Report 2009
158
18. BILLS OF EXCHANGE AND PROMISSORY NOTES
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Bills of exchange and promissory notes
Financial institutions 132.50 677.00 132.50 497.00
Companies and persons - 39.25 - -
Total 132.50 716.25 132.50 497.00
As at 31 December 2009, interest on bills of exchange and promissory notes, which are
not collateralised, carry interest at rates of 4.30 - 5.75 percent per annum (2008: 5.75 - 6.75
percent per annum).
19. LONG-TERM LOANS
As at 31 December 2009 and 2008, long-term loans presented below: -
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Loans from financial institutions 8,544.03 8,297.39 5,351.80 4,083.25
Less: Current portion of long-term loans (5,093.14) (4,038.31) (2,947.65) (1,484.42)
Net 3,450.89 4,259.08 2,404.15 2,598.83
Movements in the long-term loans account during the year ended 31 December 2009 are
summarised below.
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
Balance as at 1 January 2009 8,297.39 4,083.25
Add: Additional borrowings 6,725.30 3,977.17
Less: Repayment (6,478.66) (2,708.62)
Balance as at 31 December 2009 8,544.03 5,351.80

161. 159
The details of long-term loans classified by the Company and its subsidiaries are
presented below.
Balance of
long-term
loans Interest rate
Company’s name 2009 2008 per agreement Condition of payment
Million Million Percent per annum
Baht Baht
Sansiri Plc. 5,352 4,083 MLR - 1.5% to Payments of principal are to be made
MLR - 1% at a percentage of the value of
property transferred to customers and
full payment is to be made within 2014
Plus Property Co., Ltd. 983 1,948 MLR - 1.5% Payments of principal are to be made
at a percentage of the value of
property transferred to customers and
full payment is to be made within 2012
Chanachai Ltd. 512 160 MLR - 1.5% to Payments of principal are to be made
MLR - 1% at a percentage of the value of
property transferred to customers and
full payment is to be made within 2013
Sansiri Land Ltd. - 11 MLR - 1% Payments of principal are to be made
at a percentage of the value of
property transferred to customers and
full payment is to be made within 2009
Red Lotus Properties Ltd. 13 25 MLR - 0.75% Payments of principal are to be made
at a percentage of the value of
property transferred to customers and
full payment is to be made within 2010
Arnawat Ltd. 196 207 MLR - 1.75% Payments of principal are to be made
at a percentage of the value of
property transferred to customers and
full payment is to be made within 2014
Piwattana Ltd. 525 578 MLR - 1.75% to Payments of principal are to be made
MLR - 0.5% at a percentage of the value of
property transferred to customers and
full payment is to be made within 2013
Sansiri Venture Co., Ltd. 806 953 MLR - 1.25% to Payments of principal are to be made
MLR - 0.5% at a percentage of the value of
property transferred to customers and
full payment is to be made within 2011
Sansiri Guernsey 141 - Basic rate + 3% Full payment is to be made within
(2009) Limited 2012
Plus Property Space - 307 MLR - 1.75% to Payments of principal are to be made
Co., Ltd. MLR - 1.5% at a percentage of the value of
property transferred to customers and
full payment is to be made within 2011
Papanan Ltd. 16 25 MLR + 1% Monthly installment repayment
amounting Baht 790,000 and full
payment is to be made within 2011
Total 8,544 8,297

162. Annual Report 2009
160
As at 31 December 2009 and 2008, the long-term credit facilities of the Company and its
subsidiaries which have not yet been drawn down amounted to Baht 10,931 million and
Baht 12,942 million, respectively (Separate financial statement: Baht 6,220 million and
Baht 6,343 million, respectively).
Land and constructions of projects of the Company and its subsidiaries, leaseholds and
investments in available-for-sale securities of the Company are pledged as collaterals for
loans obtained from financial institutions.
Loans agreements contain certain covenants and restrictions, such as dividend payment,
capital increase and decrease, loans guarantees, change in directors and maintenance of
a debt to equity ratio.
20. PROVISIONS
These comprise the following:
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Short-term provisions:
Home care warrantee 60.22 33.93 28.24 20.50
Loss from modification of condominium - 8.57 - 0.94
Law suits 7.08 4.14 2.95 -
Total 67.30 46.64 31.19 21.44
Long-term provisions:
Compensation for Housing Estate Juristic Persons 34.46 34.88 26.72 23.08
21. FINANCE LEASE PAYABLES
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Finance lease payables 16.74 6.24 15.52 3.97
Less : Deferred interest (1.56) (0.68) (1.48) (0.44)
Net 15.18 5.56 14.04 3.53
Less : Current Portion (3.19) (4.09) (2.22) (3.21)
Finance lease payables - net of current portion 11.99 1.47 11.82 0.32

163. 161
The Company has entered into the finance lease agreements with leasing companies for
rental of motor vehicles and equipment for use in its operation, whereby it is committed
to pay rental on a monthly basis. The terms of the agreements are generally between 3
and 5 years.
As at 31 December 2009, a reconciliation between future minimum lease payments
required under the finance lease agreements and present value of future minimum lease
payments were as follows:
(Unit: Million Baht)
Consolidated financial statements
Less than 1 year 1 - 5 years Total
Future minimum lease payments 3.85 12.89 16.74
Deferred interest expenses (0.66) (0.90) (1.56)
Present value of future minimum lease payments 3.19 11.99 15.18
(Unit: Million Baht)
Consolidated financial statements
Less than 1 year 1 - 5 years Total
Future minimum lease payments 2.81 12.71 15.52
Deferred interest expenses (0.59) (0.89) (1.48)
Present value of future minimum lease payments 2.22 11.82 14.04
22. INVESTMENTS IN AVAILABLE-FOR-SALES SECURITIES /
OTHER PAYABLE - PROPERTY FUND
Investments in available-for-sales securities
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Baan Sansiri Property Fund 111.64 111.64 111.64 111.64
Others 20.30 - 20.30 -
Total 131.94 111.64 131.94 111.64
Less : Unrealised loss on change
in value of investments (2.23) (2.23) (2.23) (2.23)
Net 129.71 109.41 129.71 109.41

164. Annual Report 2009
162
In September 2005, the Company entered into an agreement with Baan Sansiri Property
Fund (“the Property Fund”) to sell the Property Fund its 25-unit Baan Sansiri Project, a
project for rent of the Company with booked value of approximately Baht 608 million for a
total of Baht 850 million (including VAT). The Company has agreed to manage the project
and has guaranteed the Property Fund rental totaling Baht 70 million per year. If rental
revenues and property management charges received by the Property Fund from such
properties are less than the guaranteed rental revenue, the Company is to compensate to
the Property Fund for the shortfall. However, if rental revenue and property management
charges total more than the guaranteed rental revenue, the excess amount belongs to the
Company.
The Company has granted Baan Sansiri Property Fund put options to sell back which it
invested to the Company, either in whole or in part, (in case of a partial sale, the Property
Fund has to sell the land in plots, together with buildings/construction and all furniture
and fixtures thereon) as the Property Fund deems appropriate, or to sell them to other
companies or individuals on the fifth anniversary of the date ownership was transferred
(“sell-back-date”).
The Company has recognised the above sales as loan from the Property Fund. As at 31
December 2009, the Company holds a 12.9 percent interest in the Property Fund (2008:
12.90 percent). The fair value of such investment, Baht 109.41 million (2008: Baht 109.41
million) is recorded under “Long-term investments in available-for-sales securities”.
During the current year, the Company made net rental payment of Baht 28.10 million to the
Property Fund (2008: Baht 21.58 million).
As at 31 December 2009 and 2008, investment in the Property Fund was pledged to secure
loans obtained from a financial institution.
23. UNSECURED DEBENTURES
(Unit: Million Baht)
Consolidated/Separate
financial statements
Debentures, at face value 1,000.00
Less: Transaction costs (8.64)
Debentures, net 991.36
On 4 June 2009, the Company issued 3 - year debentures of Baht 1,000 million with 6.25%
coupon rate payable quarterly. The debentures consisted of 1,000,000 units at face value of
Baht 1,000 each. They are unsecured, issued with a registered certificate, unsubordinated
and have debenture holder’s representative.

165. 163
Under rights and responsibilities of debenture issuer, the Company has to comply with
certain covenants and restrictions included maintenance of a debt to equity ratio of
consolidated financial statements with no excess of 2:1 along with debentures’s period.
24. SHARE CAPITAL
24.1 The reconciliation of registered shared capital of the Company for the years
ended 31 December 2009 and 2008 is as follows: -
(Unit: Million Baht)
Date of
registration
of increase
(decrease)
in capital
with the
Par value No. of shares Amount Ministry of
(Baht) (Shares) (Baht) Commerce
Registered share capital
Balance as at 31 December 2007 4.28 4,494,970,052 19,238,471,823
The Annual General Meeting of the
Company’s shareholders on 29 April 2008
Cancel registered shares set aside for
the exercise of the Company’s
ESOP#2 LOT 3 warrant, which
expired on 14 March 2007 4.28 (75,782) (324,347) 12 May 2008
Balance as at 31 December 2008 4.28 4,494,894,270 19,238,147,476
The Annual General Meeting of the
Company’s shareholders on 29 April 2009
Cancel registered shares set aside for
the exercise of the Company’s
ESOP#4 warrant, which expired
on 14 July 2008 4.28 (22,131,232) (94,721,673) 19 May 2009
The Extraordinary Meeting of the Company’s
shareholders on 6 November 2009
Decrease registered share capital (736,500,000) (3,152,220,000) 19 November
2009
Balance as at 31 December 2009 4.28 3,736,263,038 15,991,205,803

166. Annual Report 2009
164
24.2 The Extraordinary Meeting of the Company’s shareholders No. 1/2009 on 6
November 2009 passed the following significant resolutions:
1. Approved the issue and offer of 1,473,000,000 new ordinary shares (under
approval by resolution of the Extraordinary Meeting of Shareholders No.
1/2007, held on 18 January 2007) through a private placement. The shares
may be allotted and offered in a single or several tranches at prices not
less than Baht 4.28 per share, and not less than 90 percent of the market
price of the Company’s share, calculated in accordance with the relevant
rules and regulations, prior to the date of the private placement offer.
2. Approved amendments to the issue and offering of warrants to existing
shareholders of the Company, which were approved by resolution of the
Annual General Meeting of Shareholders No.14/2009 held on 29 April 2009
but have not yet been issued and offered, and related matters, as follows:
2.1 Cancel plans to issue and offer warrants to existing shareholders of
the Company, and the allotment of 1,473,314,346 shares to be
reserved for the exercise of these warrants.
2.2 Approve a first issue of 736,814,346 ordinary shares warrants (“SIRI-W1”)
to the Company’s existing shareholders in proportion to their share
holdings, without charge in a ratio of 1 warrant for every 2 existing
ordinary shares and with an exercise price of Baht 5.20 per share. In
this regard, subscribes to the newly issued shares offered for sale by
private placement (in item 1 above) will not be eligible to receive
warrants under this scheme.
2.3 Allot 736,814,346 new ordinary shares (approved by resolution of the
Extraordinary Meeting of Shareholders No. 1/2007 held on 18 January
2007) to be reserved for the exercise of the SIRI-W1 warrants.
3. Approved a reduction in the registered capital of the Company from Baht
19,143,425,803 to Baht 15,991,205,803, by canceling 736,500,000 registered
but unissued shares. After the cancellation of these shares the registered
capital of the Company of Baht 15,991,205,803 will comprise 3,736,263,038
shares with a par value of Baht 4.28 per share. The Company registered
the change in registered capital on 19 November 2009.

167. 165
25. LOSS FROM MODIFICATION OF CONDOMINIUM
During the first and the second quarter of 2008, the Public Works Department ordered the
Company and its subsidiaries to modify condominiums which differed from plans subjected
to approve in accordance with Building Control B.E. 2522. As a result, the subsidiaries
reversed sales and cost of project sales previously recognized in the income statement
for the year ended 31 December 2007, including the write off of cost of unused property
development to expenses. In addition, the Company and subsidiaries recorded provision
for the cost of modifying the condominiums and compensation together with interest as a
result of termination of contracts that subsidiaries have to pay to customers. The expenses
are presented under “Loss from modification of condominium” in the income statement
as presented belows:
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Reversal of sales and cost of
project sales previously recognised - 49.76 - -
Write-off cost of unused property
development to expenses - 249.93 - 15.92
Provision for the cost of
modifying the condominiums - 103.04 - 4.00
Provision for compensations and interest
from termination of contracts - 25.90 - -
Total loss from modification of
condominium - 428.63 - 19.92
26. STATUTORY RESERVE
Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is
required to set aside to a statutory reserve at least 5 percent of its net income after deducting
accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the
registered capital. The statutory reserve is not available for dividend distribution.
27. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net income for the year by the
weighted average number of ordinary shares in issue during the year.

168. Annual Report 2009
166
28. EXPENSES BY NATURE
Significant expenses by nature are as follows:
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
2009 2008 2009 2008
Purchase of land and payments in
construction costs 10,219.39 11,788.70 5,688.33 6,274.74
Changes in property development
for sales 1,905.53 (2,285.43) (66.31) (1,381.26)
Salary and wages and other employee benefits 707.87 673.36 586.97 377.39
Depreciation 204.68 200.45 106.06 100.43
Amortisation of intangible assets 16.42 16.47 7.79 10.83
Provision for home care warrantee 70.02 33.89 35.14 16.57
Rental expense 41.48 55.30 15.29 13.58
Bad debts and doubtful accounts (5.13) 9.59 (0.89) (1.73)
29. PROVIDENT FUND
The Company, subsidiaries and its employees have jointly established a provident fund
in accordance with the Provident Fund Act B.E. 2530. The Company, subsidiaries and its
employees contributed to the fund monthly at the rate of 5-12 percent of basic salary. The
fund, which is managed by Kasikorn Asset Management Company Limited, will be paid to
employees upon termination in accordance with the fund rules. During the year 2009 and
2008, the Company and its subsidiaries contributed Baht 35.06 million and Baht 33.55 million,
respectively, to the fund (Separate financial statement: Baht 24.58 million and Baht 16.57
million, respectively).
30. DIVIDEND PAID
Dividends of the Company which were declared in 2009 and 2008 consist of the following: -
(Unit: Million Baht)
Total Dividend Date of
Dividends Approved by dividends per share dividend
payment
Final dividends on 2007 earnings The Annual General Meeting 338,934,599(1) 0.23 28 May 2008
of the shareholders on
29 April 2008
Final dividends on 2008 earnings The Annual General Meeting 442,088,608(2) 0.30 28 May 2009
of the shareholders on
29 April 2009

169. 167
(1) Actual dividend paid amounted Baht 338,922,598 due to there were some shareholders who did not has
right to receive dividends.
(2) Actual dividend paid amounted Baht 442,079,444 due to there were some shareholders who did not has
right to receive dividends.
31. COMMITMENTS AND CONTINGENT LIABILITIES
31.1 Capital commitments
As at 31 December 2009 and 2008, the Company and its subsidiaries have the
following capital commitments: -
a) The Company and its subsidiaries had commitments of Baht 3,529.48
million and Baht 5,183.70 million, respectively, under project construction
agreements, decoration agreements, advisory service agreements and
system development agreements (Separate financial statement: Baht
1,460.73 million and Baht 1,810.62 million, respectively).
b) The Company and its subsidiaries has commitments of Baht 972.93 million
and Baht 580.93 million, respectively, under land and condominium units
purchase agreements (Separate financial statement: Baht 586.65 million
and Nil, respectively).
31.2 Operating lease commitments
a) The Company has entered into several lease agreements in respect of the
lease of office building space, motor vehicles and equipment. The terms of
the agreements are generally between 3 and 4 years.
As at 31 December 2009, future minimum lease payments required under
non-cancellable operating leases contracts were as follows.
(Unit: Million Baht)
Consolidated financial Separate financial
statements statements
Within one year 23.33 1.85
1 to 5 years 8.15 1.74
Total 31.48 3.59
b) The Company and subsidiaries had commitments of Baht 23.61 million in
relation to advertising and public relations for the projects (Separate
financial statement: Baht 14.12 million).

170. Annual Report 2009
168
c) The significant long-term lease agreements are as follow: -
! ! "!#$%!&'()*+,!%+-%.%/!0+-'!123,%*.!4'+-.*4-!-'!5%*6%!5*+/!7'.!4'+6-.84-0'+!
from an individual, covering the period between 1 January 2000 and 31
December 2014, for a total of Baht 54 million. Payment of rental is made
on an annual basis, according to the following details:-
- 1st to 5th year Baht 3.0 million per annum
- 6th to 10th year Baht 3.6 million per annum
- 11th to 15th year Baht 4.2 million per annum
! ! "!&$*+*4$*0!90(0-%/!%+-%.%/!0+-'!*!:;3,%*.!5*+/!.%+-*5!*<.%%(%+-!=0-$!
the Royal Palace Office for construction of a condominium for the Baan
Sansiri Project, covering the period from 1 November 1993 to 31 October
2023. Total amounts to Baht 117.70 million. On the agreement date,
Chanachai Limited made an initial payment of Baht 30 million and the
remainder is to be paid over the period of 30 years as stipulated in the
agreement.
! ! "!>?@?A?! B*+*<%(%+-! &'()*+,! 90(0-%/! %+-%.%/! 0+-'! *! 5*+/! .%+-*5!
agreement with the Crown Property Bureau in order to construct
buildings and structures on such land. The agreement is for 30 years,
from 16 September 2002, and the total rental payable is approximately
Baht 88.04 million. The subsidiary paid this rental in full in July 2004.
! ! "!#$%! &'()*+,! %+-%.%/! 0+-'! *+! *<.%%(%+-! -'! .%+-! C805/0+<! 6)*4%! 7.'(!
a related company for use as an office and for sub-lease for a period of
30 years from 1 June 1994 to 31 May 2024. On the agreement date, the
Company paid the rental in a single payment of approximately Baht
548.57 million. At the end of the contract, the Company must return the
rented space to the lessor and is not entitled to make any demands on
the lessor.
31.3 Bank guarantees
As at 31 December 2009 and 31 December 2008, there were the outstanding
bank guarantees for Baht 1,067.46 million and Baht 540.82 million, respectively,
issued by the banks in respect of requirements of the Company and subsidiaries
arising in the normal course of business. These included letters of guarantee
to guarantee contractual performance regarding preparation and maintenance
of public utilities, public services and land improvement and to guarantee
electricity use (Separate financial statement: Baht 515.42 million and Baht
294.51 million, respectively).

171. 169
31.4 Litigations
The Company and its subsidiaries have outstanding litigations regarding of
breach of agreements to purchase and to sell and transgression. The total
damages are Baht 12.52 million (2008: Baht 18.90 million). However, the
Company and subsidiaries are in the process of bringing disputes and be
cause such litigations are not yet finalised so that the Company and its
subsidiaries do not record such estimated losses to accounts.
32. FINANCIAL INFORMATION BY SEGMENT
The Company and its subsidiaries’ main business is property development with its
properties consisting of land and housing projects, residential condominium projects,
serviced apartments for rent, and office buildings for rent; the provision of building
management service and real estate brokerage; and the other provision of other services
(hotel, medical spa and education business). The Company and its subsidiaries operate
in the single geographic area of Thailand.
The financial information of the Company and its subsidiaries are divided into three main
segments: real estate business, building management and real estate brokerage, and
other services (hotel, medical spa and education business). The details presented in the
consolidated income statements for the years ended 31 December 2009 and 2008 are as
follows:-
(Unit: Million Baht)
Building
management
and real estate Hotel, spa
Real estate brokerage and education Eliminated Total
Subsidiaries 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Revenuesfromexternalcustomers 16,858.03 14,633.15 376.55 325.62 114.37 78.59 - - 17,348.95 15,037.36
Intersegmentrevenues 34.86 10.08 227.81 248.95 0.98 2.27 (263.65) (261.30) - -
Totalrevenue 16,892.89 14,643.23 604.36 574.57 115.35 80.86 (263.65) (261.30) 17,348.95 15,037.36
Operatingincome(loss) 4,458.76 3,655.75 134.64 130.83 (1.79) 8.52 - - 4,591.61 3,795.10
Otherincome 148.34 140.32
Commonexpenses (1,761.86) (1,625.00)
Incomebeforeinterestexpensesand
incometax 2,978.09 2,283.42
Lossondiminutioninvalueofproperty
developmentandimpairmentlosson
land,buildingandequipment (130.97) (56.59)
Lossonimpairmentofgoodwill,
investmentsandloanstosubsidiaries (162.48) (63.29)
Lossfrommodificationofcondominium - (428.63)
Financecosts (123.67) (91.76)
Corporateincometax (951.31) (726.41)
Netincome 1,609.66 916.74

172. Annual Report 2009
170
The financial information in the consolidated balance sheets as at 31 December 2009 and
2008 by real estate business, building management and real estate brokerage business,
and other services (hotel, medical spa and education business) is as follows:-
(Unit: Million Baht)
Buildingmanagement
and real estate Hotel, Spa
Real estate brokerage and Education Total
2009 2008 2009 2008 2009 2008 2009 2008
Property development for sale - net 13,565.73 15,517.96 - - - 13,565.73 15,517.69
Property development for rent - net 1,348.80 1,260.76 - - - - 1,348.80 1,260.76
Property development for rent and sale - net - 261.60 - - - - - 261.60
Hotel, Spa and Education - net - - - 602.86 135.96 602.86 135.96
Land, building and equipment - net 412.77 406.83
Other assets 9,444.49 5,909.20
Total assets 25,374.65 23,492.04
33. FINANCIAL INSTRUMENTS
33.1 Financial risk management
The Company and its subsidiaries’s financial instruments, as defined under
Thai Accounting Standard No. 32 “Financial Instruments: Disclosure and
Presentations”, principally comprise cash and cash equivalents, trade
accounts receivable, loans, investments, short-term and long-term loans.
The financial risks associated with these financial instruments and how they
are managed is described below.
Credit Risk
The Company and its subsidiaries is exposed to credit risk primarily with
respect to trade accounts receivable, loans, notes and other receivable. The
Company manages the risk by adopting appropriate credit control policies and
procedures and therefore does not expect to incur material financial losses.
In addition, the Company and its subsidiaries do not have high concentration
of credit risk since it has a large customer base. The maximum exposure to
credit risk is limited to the carrying amounts of trade accounts receivable,
loans, other receivables and notes receivable as stated in the balance sheet.
Interest rate risk
The Company and its subsidiaries’ exposure to interest rate risk relates
primarily to its cash at banks, debentures and long-term borrowings. However,
since most of the Company and its subsidiaries’ financial assets and liabilities
bear floating interest rates or fixed interest rates which are close to the
market rate, the interest rate risk is expected to be minimal.

173. 171
Separate financial statements
Fixed interest rate Effective
Within Floating Non- interest interest rate
one year 1 - 5 years At call interest rate bearing Total (% p.a.)
Financial Assets
- Cash and cash equivalent
(excluding cash) - - - 1,825.65 28.17 1,853.82 0.10 - 1.25
- Short-term investments 28.41 - - - - 28.41 0.50 - 3.25
- Deposits at financial institutions with
restrictions 6.71 - - - - 6.71 0.50 - 3.25
- Short-term loans to related parties - - 3,262.80 - - 3,262.80 5.50
35.12 - 3,262.80 1,825.65 28.17 5,151.74
Financial liabilities
- Bills of exchange and promissory notes 30.00 - - 102.50 - 132.50 4.30 - 5.75
- Short-term loans from related parties - - 15.30 - - 15.30 1.50
- Long-term loans - - - 5,351.80 - 5,351.80 Note 19
- Debentures - 991.36 - - - 991.36 6.25
30.00 991.36 15.30 5,454.30 - 6,490.96
Significant financial assets and liabilities as at 31 December 2009 classified by
type of interest rates are summarized in the table below, with those financial
assets and liabilities that carry fixed interest rates further classified based on
the maturity date, or the repricing date if this occurs before the maturity date.
Consolidated financial statements
Fixed interest rate Effective
Within Floating Non- interest interest rate
one year 1 - 5 years At call interest rate bearing Total (% p.a.)
Financial Assets
- Cash and cash equivalent
(excluding cash) 0.09 - - 3,243.21 140.36 3,383.66 0.10-1.25
- Short-term investments 44.13 - - - - 44.13 0.50-3.25
- Deposits at financial institutions with
restrictions 42.42 - - - - 42.42 0.50-3.25
- Short-term loans to related parties - - 19.70 - - 19.70 5.50
86.64 - 19.70 3,243.21 140.36 3,489.91
Financial liabilities
- Bills of exchange and promissory notes 30.00 - - 102.50 - 132.50 4.30-5.75
- Long-term loans - - - 8,544.03 - 8,544.03 Note 19
- Debentures - 991.36 - - - 991.36 6.25
30.00 991.36 - 8,646.53 - 9,667.89
(Unit: Million Baht)
(Unit: Million Baht)

174. Annual Report 2009
172
Foreign currency risk
The Company and its subsidiaries’ exposure to foreign currency risk arise
mainly from purchase of goods and service that are denominated in foreign
currencies. Since liabilities denominated in foreign currencies is immaterial
and due in short period, the Company and its subsidiaries do not use any
derivatives to manage such risk.
33.2 Fair values of financial instruments
Since major financial assets of the Company and its subsidiaries are short-term
in nature and, loans carry interest rate approximately to the market rate,
the fair value of financial instruments is presented as the amount stated in the
balance sheet.
Fair value represents the amount for which an asset could be exchanged or a
liability settled between knowledgeable, willing parties in an arm’s length
transaction.
The fair value is determined by reference to the market price of the financial
instruments or by using an appropriate valuation technique, depending on the
nature of the instrument.
34. CAPITAL MANAGEMENT
The primary objective of the Company’s capital management is to ensure that it has an
appropriate financial structure and preserves the ability to continue its business as a
going concern.
According to the balance sheet as at 31 December 2009, the Group’s debt-to-equity ratio
was 1.51:1 (2008: 1.62:1) and the Company’s was 1.11:1 (2008: 0.96:1).
35. SUBSEQUENT EVENT
On 20 January 2010, the Company issued warrants representing rights to purchase
ordinary shares of the Company No.1 (SIRI-W1) which is in name certificated form and
transferable and approved by the Extraordinary Meeting of the Company’s shareholders
No. 1/2009. The details of the Warrants are summarized below.
The number of the Warrants approved to issue : 736,814,346 units
The number of the Warrants allocated : 736,792,026 units
Allocated to : The existing shareholders of the
Company at the ratio of 2 existing
ordinary shares to 1 unit of warrant.

175. 173
Price per unit : Baht 0 per unit
Rights of the Warrants : 1 unit of Warrant per 1 share, at a
price of Baht 5.20 per share
Term of the Warrants : 5 years from the issuance date
36. RECLASSIFICATIONS
Certain amounts in the financial statements for the year ended 31 December 2008 have
been reclassified to conform to the current year’s classification but with no effect to
previously reported net income or shareholders’ equity. The reclassifications are as follows:
(Unit: Million Baht)
Consolidated Separate
financial statements financial statements
As As As As
reclassified previously reclassified previously
reported reported
Balance sheet
Accrued expenses 197.88 232.76 143.07 166.16
Long-term provisions 34.88 - 23.09 -
Income statement
Cost of business management 194.79 134.10 - -
Cost of spa business 56.85 38.36 - -
Administrative expenses 1,080.84 1,299.93 540.83 671.39
Management benefit expenses 139.91 - 130.56 -
Dividend income 8.21 - 8.21 -
Other income 100.87 109.08 57.04 65.25
Cash flow statement
Cash flows from operating activities
Property development for sale (12,172.97) (12,018.09) - -
Cash flows from financing activities
Interest paid (487.23) (642.11) - -
37. APPROVAL OF FINANCIAL STATEMENTS
These financial statements were authorised for issue by the Company’s Board of Directors
on 2 March 2010.

176. Annual Report 2009
174
SUMMARY OF
TRANSACTIONSSPECIFIED ACCORDING TO THE FORM 56 – 2 IN ANNUAL REPORT 2009
Message from Chairman 5
Message from the Chief Executive officer 8
Report on Corporate Governance by the Audit Committee 16
1. General Information
1.1 Company 19
1.2 Other Companies in which the Company held over 10% 19
1.3 Other References 24
2. Summary of the Company’s Financial Information
2.1 Financial Information 3
2.2 Financial Ratios 99
3. Type of Business
3.1 Overall Business Operation of the Company and
its Subsidiaries and Divisions of Operations within the Group 25
3.2 Revenue Structure 28
3.3 Milestone during the Year 30
3.4 Type of Products and Services 33
3.5 Marketing and Competition 35
3.6 Trend of Property Market in the Future 38
3.7 Product Procurement 44
4. Risk Factors 46
5. Shareholding Structure and Management
5.1 Shareholders 53
5.2 Management
5.2.1 Management Structure 55
5.2.2 Selection of Directors and Management 65
5.2.3 Management Remuneration 65
5.2.4 Corporate Governance 68
5.2.5 Supervising the Use of Inside Information 72
5.2.6 Internal Controls 83
5.2.7 Detail on the Information of the Directors and Management 80
5.3 Dividend Policy 54
6. Inter-Related Transaction 98
7. Management Discussion and Analysis 100
8. Financial Statement 112

178. !!!"#$%#&'&"()*
Sansiri PLC.
16th Floor, Siripinyo Building
Sri Ayutthaya Road, Rajthevi, Bangkok 10400
T. (662) 201 3905-6 F. (662) 201 3904