February 25th 2004
Subject : Clarification for Operating Result for The Year 2003
To : Secretary - General
The Office of Securities and Exchange Commission, Thailand.
The Union Mosaic Industry Public Company ("The Company") has submitted the company's
Financial Statement for the Year 2003 as ended December 31th, 2003, reviewed by certified auditor
including an explanation on differences of operation result. The Company reported the net profit of
1,160 million Baht, an increase of 1,192 million Baht from net loss of the previous year of 32.6
million Baht, due mainly to:
1. The Company received profit from Debt Restructuring for an amount of 1,023.6 million Baht
2. The Company had profit from operation of 136.4 million Baht from the following reasons:
2.1 Increase in total revenue of 123 million Baht or 6 percent from total revenue of previous
year. The result came from the expansion of domestic market in ceramics tile
consumption. And there was also the gain on foreign exchange rate an increase of 8.4
million Baht or 37.9 percent.
2.2 Gross profit margin reported at 20.6 percent of sales revenues an increase from the
previous year of 19.1 percent . The result was by the decreasing cost of good sold
continuously from the development of production efficiency using TQM: Total Quality
Control.
2.3 Debt to Equity Ratio has been decreased to about 1 from Debt Restructuring and the
Company's policy to reduce cost of fund, which resulted in decreasing of total
interested expense by 49.3 percent.
Please be informed accordingly.
Yours sincerely,
Miss Paweena Laowiwatwong
President
The Union Mosaic Industry Public Company Ltd.
