SET Announcements

BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS JUNE 30, 1998 AND 1997 AUDITORS' REPORT 7To 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 June 30, 1998, and 1997, and the related statements of income, changes in shareholders equity and retained earnings for the three-month and six 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 August 6, 1998 UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT JUNE 30, ASSETS THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Current Assets Cash on hand and at banks 104,112 469,068 12,738 386,753 Short-term investments Deposits with financial institutions 341,553 2,755,081 110,266 1,900,067 Fixed deposits with banks 3,049,419 537,777 1,521,818 245,767 Others - 186,279 - 122,122 Trade accounts and notes receivable (Note 3.1) 303,683 441,247 50,083 51,835 Less : Allowance for doubtful accounts (Notes 2.2 and 3.1) (36,419) (22,238) (2,197) (1,205) Trade accounts and notes receivable-net 267,264 419,009 47,886 50,630 Short-term loans to related parties (Note 4) 49,475 46,452 1,032,842 961,601 Inventories (Note 2.3) 2,470 3,130 - - Other current assets Accrued dividends - - 199,999 - Interest receivable 73,263 16,283 48,645 18,167 Others 44,777 34,647 4,088 3,366 Total Other Current Assets 118,040 50,930 252,732 21,533 Total Current Assets 3,932,333 4,467,726 2,978,282 3,688,473 Investments Investments in subsidiaries (Notes 2.4 and 5) - - 3,296,584 2,727,762 Investments in associate (Notes 2.4 and 5) 304,055 - 304,055 - Investments in other companies (Note 2.4) 3,060 4,062 - - Deposits with financial institutions (Note 3.2) 351,137 273,037 94,318 91,712 Investments in land (Note 2.5) 60,000 60,000 - - Property, Plant and Equipments-net Equipments-net (Note 2.6) 185,582 198,885 23,512 13,187 Deferred right to use property-net (Note 2.7) 1,333,503 1,334,137 - - Deferred pictures rental, plays and copyright charges-net (Note 2.8) 1,340,085 922,309 496,432 260,491 Deferred transfer charges on advertising right agreement-net (Note 2.9) - 2,871 - - Other Assets Goodwill-net (Notes 1.3 and 2.10) 28,511 38,825 - - Others (Note 2.9) 45,132 35,195 11,108 4,554 TOTAL ASSETS 7,583,398 7,337,047 7,204,291 6,786,179 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 JUNE 30, LIABILITIES AND SHAREHOLDERS' EQUITY THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Current Liabilities Bank overdrafts and loans from financial institutions 322 8,313 - - Trade accounts payable 258,548 98,191 210,846 53,752 Current portion of long-term lease payable 222 - - - Short-term loans from directors - 28,630 - - Other current liabilities Income tax payable 304,716 442,216 115,027 147,794 Others 186,496 206,797 53,347 39,493 Total Other Current Liabilities 491,212 649,013 168,374 187,287 Total Current Liabilities 750,304 784,147 379,220 241,039 Long-Term Lease Payable 259 - - - Total Liabilities 750,563 784,147 379,220 241,039 Minority Interest 7,764 7,760 - - 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 2,088,572 1,890,738 2,088,572 1,890,738 Total Shareholders' Equity 6,825,071 6,545,140 6,825,071 6,545,140 6,45, TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,583,398 7,337,047 7,204,291 6,786,179 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 JUNE 30, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENT IN BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 REVENUES Advertising income 829,104 1,095,184 183,857 229,405 Income from sales 481 6,184 - - Income from rental and other services 1,479 14,429 16,672 2,200 Income from copyright 10,402 - - - Company's portion in net income of subsidiaries - - 221,125 384,819 Other income Interest income 176,097 138,848 112,831 113,049 Others 683 2,073 732 211 Total Revenues 1,018,246 1,256,718 535,217 729,684 EXPENSES Cost of sales 302,857 267,706 65,327 43,996 Selling and administrative expenses 184,559 176,400 50,853 46,173 Company's portion in net loss of associate 11,821 - 11,821 - Interest expenses 17 298 - - Directors' remuneration (Note 6) 3,000 3,000 3,000 3,000 Total Expenses 502,254 447,404 131,001 93,169 Income before Income Taxes 515,992 809,314 404,216 636,515 Income Tax Expenses 173,389 247,856 59,315 75,695 Net Income Included Minority Interest 342,603 561,458 344,901 560,820 Net (Income) Loss of Minority Interest 2,298 (638) - - Net Income 344,901 560,820 344,901 560,820 Earnings Per Share (Baht) (Note 2.11) 1.73 2.81 1.73 2.81 (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 INCOME FOR THE SIX-MONTH PERIODS ENDED JUNE 30, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENT IN BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 REVENUES Advertising income 1,603,201 2,112,937 354,675 442,194 Income from sales 706 7,885 - - Income from rental and other services 4,255 26,716 21,629 4,400 Income from copyright 10,402 - - - Company's portion in net income of subsidiaries - - 445,489 735,873 Other income Interest income 340,324 299,295 226,721 253,234 Others 18,140 2,878 13,921 422 Total Revenues 1,977,028 2,449,711 1,062,435 1,436,123 EXPENSES Cost of sales 585,287 517,052 115,624 81,639 Selling and administrative expenses 313,936 331,124 82,544 83,727 Company's portion in net loss of associate 15,912 - 15,912 - Interest expenses 42 607 - - Directors' remuneration (Note 6) 6,048 6,132 6,048 6,132 Total Expenses 921,225 854,915 220,128 171,498 Income before Income Taxes 1,055,803 1,594,796 842,307 1,264,625 Income Tax Expenses 341,858 488,163 124,690 158,977 Net Income Included Minority Interest 713,945 1,106,633 717,617 1,105,648 Net (Income) Loss of Minority Interest 3,672 (985) - - Net Income 717,617 1,105,648 717,617 1,105,648 Earnings Per Share (Baht) (Note 2.11) 3.59 5.53 3.59 5.53 (Par value Baht 10) Notes to the interim financial statements form an integral part of these statements. (More)