SET Announcements

BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF INTERIM FINANCIAL STATEMENTS MARCH 31, 1998 AND 1997 AUDITORS' REPORT To The Shareholders BEC World Public Company Limited We have made a review of the consolidated balance sheets of BEC World Public Company Limited and subsidiaries and the balance sheets of BEC World Public Company Limited as at March 31, 1998, and 1997, and the related statements of income, changes in shareholders' equity and retained earnings for the three-month periods then ended for each year, in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of consolidated interim financial information and interim financial information of the Company only consists principally of obtaining an understanding of the system for the preparation of interim financial information, applying analytical review procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. They are substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion to the interim financial statements. Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with generally accepted accounting principles. (Dr. Virach Aphimeteetamrong) Certified Public Accountant Registration No. 1378 April 30, 1998 UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT MARCH 31, ASSETS THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Current Assets Cash on hand and at banks 92,870 61,143 9,078 2,027 Short-term investments Deposits with financial institutions 560,942 4,543,992 168,930 3,222,746 Fixed deposits with banks 3,875,262 241,008 2,315,783 156,333 Others - 122,122 - 122,122 +----------+ +----------+ +----------+ +----------+ Trade accounts and notes receivable | 309,377 | | 399,483 | | 38,080 | | 42,712 | Less : Allowance for doubtful accounts | | | | | | | | (Note 2.2) | (26,342)| | (15,646)| | (490)| | - | +----------+ +----------+ +----------+ +----------+ Trade accounts and notes receivable-net 283,035 383,837 37,590 42,712 Short-term loans to related parties (Note 3) 42,450 39,400 1,006,199 1,090,328 Inventories (Note 2.3) 3,023 7,761 - - Other current assets Interest receivable 105,139 34,650 144,748 97,707 Others 53,244 39,061 6,097 5,054 Total Current Assets 5,015,965 5,472,974 3,688,425 4,739,029 Investments Investments in subsidiaries (Notes 2.4 and 4) - - 3,467,342 2,342,943 Investments in associate (Notes 2.4 and 4) 319,116 - 319,116 - Investments in other companies (Note 2.4) 3,060 4,062 - - Deposits with financial institutions (Note 5) 351,137 - 94,318 - Investments in land (Note 2.5) 60,000 60,000 - - Property, Plant and Equipments-net Equipments-net (Note 2.6) 196,004 200,301 24,196 13,556 Deferred right to use property-net (Note 2.7) 1,362,308 1,361,221 - - Deferred pictures rental, plays and copyright charges-net (Note 2.8) 1,165,665 879,101 411,206 261,655 Deferred transfer charges on advertising right agreement-net (Note 2.9) - 5,743 - - Other Assets Goodwill-net (Notes 1.3 and 2.10) 29,576 41,908 - - Others (Note 2.9) 39,456 36,395 6,548 4,554 TOTAL ASSETS 8,542,287 8,061,705 8,011,151 7,361,737 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT MARCH 31, LIABILITIES AND SHAREHOLDERS' EQUITY THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Current Liabilities Bank overdrafts and loans from financial institutions - 9,422 - - Trade accounts payable 160,666 114,387 125,640 55,285 Current portion of long-term lease payable 222 - - - Short-term loans from directors - 28,250 - - Other current liabilities Dividends payable 1,200,114 1,084,000 1,200,114 1,084,000 Income tax payable 486,826 641,440 161,429 204,262 Others 207,905 192,765 43,798 33,870 Total Current Liabilities 2,055,733 2,070,264 1,530,981 1,377,417 Long-Term Lease Payable 315 - - - Total Liabilities 2,056,048 2,070,264 1,530,981 1,377,417 Minority Interest 6,069 7,121 - - Shareholders' Equity Share capital Authorized share capital 200,000,000 ordinary shares of Baht 10 par value 2,000,000 2,000,000 2,000,000 2,000,000 Issued and paid-up share capital 200,000,000 ordinary shares at Baht 10 each 2,000,000 2,000,000 2,000,000 2,000,000 Premium on share capital 2,536,499 2,536,499 2,536,499 2,536,499 Retained earnings Appropriated Legal reserve 200,000 117,903 200,000 117,903 Unappropriated 1,743,671 1,329,918 1,743,671 1,329,918 Total Shareholders' Equity 6,480,170 5,984,320 6,480,170 5,984,320 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,542,287 8,061,705 8,011,151 7,361,737 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENT IN BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 REVENUES Advertising income 774,097 1,017,753 170,818 212,789 Income from sales 225 1,701 - - Income from rental and other services 2,776 12,287 4,957 2,200 Company's portion in net income of subsidiaries - - 224,364 351,054 Other income Interest income 164,227 160,447 113,890 140,185 Others 17,457 805 13,189 211 Total Revenues 958,782 1,192,993 527,218 706,439 EXPENSES Cost of sales 282,430 249,346 50,297 37,643 Selling and administrative expenses 129,377 154,724 31,691 37,554 Company's portion in net loss of associate 4,091 - 4,091 - Interest expenses 25 309 - - Directors' remuneration 3,048 3,132 3,048 3,132 Total Expenses 418,971 407,511 89,127 78,329 Income before Income Taxes 539,811 785,482 438,091 628,110 Income Tax Expenses 168,469 240,307 65,375 83,282 Net Income Included Minority Interest 371,342 545,175 372,716 544,828 Net (Income) Loss of Minority Interest 1,374 (347) - - Net Income 372,716 544,828 372,716 544,828 Earnings Per Share (Baht) (Note 2.11) 1.86 2.72 1.86 2.72 (Par value Baht 10) Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT COMMON STOCK CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 SHARE CAPITAL Common Stock 2,000,000 2,000,000 2,000,000 2,000,000 PAID-IN CAPITAL Premium on share capital 2,536,499 2,536,499 2,536,499 2,536,499 RETAINED EARNINGS Appropriated Legal reserve 200,000 117,903 200,000 117,903 Unappropriated Balance at the beginning of period 2,570,955 1,869,090 2,570,955 1,869,090 Increase during the period 372,716 544,828 372,716 544,828 Decrease during the period (1,200,000) (1,084,000) (1,200,000) (1,084,000) Balance at the end of period 1,743,671 1,329,918 1,743,671 1,329,918 TOTAL SHAREHOLDERS' EQUITY 6,480,170 5,984,320 6,480,170 5,984,320 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Unappropriated Retained Earnings : Balance brought forward 2,570,955 1,869,090 2,570,955 1,869,090 Less Appropriated previous net income : Dividends (Note 6) (1,200,000) (1,084,000) (1,200,000) (1,084,000) 1,370,955 785,090 1,370,955 785,090 Net income for the period 372,716 544,828 372,716 544,828 Total Unappropriated Retained Earnings 1,743,671 1,329,918 1,743,671 1,329,918 Appropriated Retained Earnings : Legal reserve 200,000 117,903 200,000 117,903 Total Appropriated Retained Earnings 200,000 117,903 200,000 117,903 Total Retained Earnings 1,943,671 1,447,821 1,943,671 1,447,821 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES NOTES TO THE INTERIM FINANCIAL STATEMENTS MARCH 31, 1998 AND 1997 1. BASIS OF PREPARATION CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1.1 The consolidated interim financial statements included the interim financial statements of BEC World Public Company Limited and subsidiaries as follows : %HOLDING 1998 1997 SUBSIDIARIES HOLDING BY COMPANY 1. THE BANGKOK ENTERTAINMENT CO., LTD. 99.99 99.99 2. RUNGSIROJVANIT CO., LTD. 99.99 99.99 3. NEW WORLD PRODUCTION CO., LTD. 99.99 99.99 4. ARIYAWATANA CO., LTD. 99.99 99.99 5. YOU & I CORPORATION CO., LTD. 99.99 99.99 6. 3 MEDIA CO., LTD. 99.99 99.99 7. BEC STUDIO CO., LTD. 99.99 99.99 8. BEC INTERNATIONAL DISTRIBUTION CO., LTD. 99.99 99.99 9. BEC NEWS BUREAU CO., LTD. 99.99 99.99 10. BANGKOK CABLE TELEVISION SYSTEMS CO., LTD. 99.99 99.99 11. BANGKOK SATELLITE & TELECOMMUNICATION CO., LTD. 99.99 99.99 12. SATELLITE BROADCASTING SYSTEM CO., LTD. 99.99 99.99 13. SATELLITE TV BROADCASTING CO., LTD. 99.99 99.99 SUBSIDIARY HOLDING BY BEC INTERNATIONAL DISTRIBUTION CO., LTD. 1. TVB 3 NETWORK CO., LTD. 59.99 59.99 - 2 - 1.2 Inter-company balances and transactions have been eliminated in the consolidated interim financial statements. 1.3 The difference between book value of subsidiaries and cost of investments was shown under goodwill. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Revenues and expenses recognition Revenues and expenses are recorded on an accrual basis. 2.2 Allowance for doubtful accounts The Company provides allowance for doubtful accounts based on the percentage on aging of the outstanding receivables, of which the percentage on each group of accounts receivable is different. 2.3 Inventories Inventories for sale are stated at cost or net realizable value, whichever is the lower. Cost is calculated by the weighted average method. Programmes which are not on the air are stated at cost and will be treated as cost of sale after transmission. 2.4 Investments in subsidiary, associate and other companies Investments in subsidiaries and associate are stated by equity method and investments in other companies are stated at cost. 2.5 Investments in land Investments in land are stated at cost. 2.6 Equipments Equipments are stated at cost. Depreciation is calculated by the straight-line method based on the estimated useful lives of assets in 5-10 years. (More)