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Note 1. General information

The Post Publishing Public Company Limited (the Company) is a public limited company and is incorporated and domiciled in Thailand. The address of its registered office is as follows:

Bangkok Post Building, 136 Sunthornkosa Road, Klong Toey, Bangkok 10110

The Company is listed in the Stock Exchange of Thailand. The principal business operations of the Company and its subsidiary company and joint ventures (the Group) are summarised as follows:

	Nature of business
The Post Publishing Public Company Limited	Publishing and distributing of newspaper, namely “BANGKOK POST”
Siam Communications Limited	Selling of magazines (inactive)
Hachette Filipacchi Post Company Limited	Publishing and distributing of magazines, namely “ELLE”,“ELLE DECOR” and “CLEO” (CLEO is published by Hachette Filipacchi Post— ACP Company Limited, which is a subsidiary company of Hachette Filipacchi Post Company Limited)
Web Advisory Company Limited The Group employs 883 people.	Internet business

 

Note 2. Summary of significant accounting policies

The principal accounting policies adopted in the preparation of the consolidated and company financial statements are set out below:

Basis of preparation for consolidated and company financial statements

The consolidated and company financial statements of the Company are prepared in accordance with and comply with the accounting principles generally accepted in Thailand and the regulations of the Stock Exchange of Thailand. The consolidated and company financial statements are prepared under the historical cost convention as modified by the revaluation of certain short-term investment.

Consolidation

Subsidiary company, which is that company in which the Company has power to exercise control over the financial and operating policies, has been consolidated. Subsidiary company is consolidated from the date on which effective control is transferred to the Company and is no longer consolidated from the date of disposal. All intercompany transactions, balances and unrealised surpluses on transactions between group companies have been eliminated. Where necessary, accounting policies for subsidiary company have been changed to ensure consistency with the policies adopted by the Group. Separate disclosure is made for minority interest.

Joint ventures are the Group's interest in jointly controlled entities. Interest in jointly controlled entities is accounted for by proportionate consolidation. Under this method the Group includes their share of the joint ventures' individual income and expenses, assets and liabilities in the relevant components of the financial statements.

The subsidiary company and joint ventures incorporated in the consolidated financial statements are as follows:

	Percentage of holding as at 31 December
	2000	1999
Subsidiary company Siam Communications Limited	100.00	100.00
Joint ventures
Hachette Filipacchi Post Company Limited	51.00	51.00
Web Advisory Company Limited	50.00	-

On 27 October 2000, the Company entered into a joint venture agreement with third parties to establish an internet company. The Company has invested in such company amounting to Bht 20 million, representing 50% its registered capital.

Minority interests represent the equity in the consolidated companies not attributable to the shareholders of the Company.

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