SET Announcements

UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 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 1,743,671 1,329,918 1,743,671 1,329,918 Increase during the period 344,901 560,820 344,901 560,820 Balance at the end of period 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 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 SIX-MONTH PERIODS ENDED JUNE 30, 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 717,617 1,105,648 717,617 1,105,648 Decrease during the period (1,200,000) (1,084,000) (1,200,000) (1,084,000) Balance at the end of period 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 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 JUNE 30, THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Unappropriated Retained Earnings : Balance brought forward 1,743,671 1,329,918 1,743,671 1,329,918 Net income for the period 344,901 560,820 344,901 560,820 Total Unappropriated Retained Earnings 2,088,572 1,890,738 2,088,572 1,890,738 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 2,288,572 2,008,641 2,288,572 2,008,641 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 SIX-MONTH PERIODS ENDED JUNE 30, 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 717,617 1,105,648 717,617 1,105,648 Total Unappropriated Retained Earnings 2,088,572 1,890,738 2,088,572 1,890,738 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 2,288,572 2,008,641 2,288,572 2,008,641 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 JUNE 30, 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 its subsidiaries as follows : % HOLDING 1998 1997 SUBSIDIARIES HOLDING DIRECTLY 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 14. BEC-TERO ENTERTAINMENT CO., LTD. 59.99 - 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. -3- 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. 2.7 Deferred right to use property Deferred right to use property is amortized by the remaining periods of concession or by the straight-line method based on the estimated useful lives of assets in 5-20 years. 2.8 Deferred pictures rental, plays and copyright charges Pictures rental are amortized by the straight-line method according to the period specified in the agreement or portion of pictures transmission as specified in the agreement or according to the right as obtained for transmission. Plays charges are amortized by the straight-line method in 5 years. Copyright charges are amortized by the straight-line method according to the period specified in the agreement. 2.9 Deferred expenses Deferred transfer charges on advertising right agreement are amortized by the straight-line method according to the period specified in the agreement. Other deferred expenses are amortized by the straight-line method within 5 years. 2.10 Goodwill Goodwill is amortized by the straight-line method in 5 years. 2.11 Earnings per share Earnings per share is calculated by dividing the net income by the number of issued and paid-up share capital at the end of the period. -4- 2.12 Foreign currency transactions Foreign currency transactions are recorded in Baht at the rate ruling at the date of transaction. Outstanding foreign currency assets and liabilities at the balance sheet date are converted to Baht at the rates of exchange in effect at that date. Gains or losses on exchange rates are credited or charged to current operations during the period. 3. DATA ABOUT QUALITY OF ASSETS The Company has invested and carried on business with the companies which have financial difficulties as at June 30, 1998 as follows : 3.1 Trade accounts receivable which miss the teams of payment can can be classified according to the aging as follows: (THOUSAND BAHT) AGING CONSOLIDATED THE COMPANY ONLY Over 2 to 3 months 4,147 - Over 3 to 6 months 6,783 - Over 6 to 12 months 10,456 - Over 12 months 15,183 834 Total 36,569 834 Allowance for doubtful accounts 36,419 2,197 -5- 3.2 Deposits with financial institutions are the exchange of promissory notes issued by the financial institutions which were ordered to close their operations permanently by the Finance Ministry. The promissory notes are replaced by promissory notes issued by Krung Thai Thanakit Public Company Limited and the certificates of deposit issued by Krung Thai Bank Public Company Limited. Such promissory notes and certificates of deposit are forbidden to redeem before 3-5 years of maturity. No provision is made due to the Goverment guarantee. (MILLION BAHT) CONSOLIDATED THE COMPANY ONLY 1998 1997 1998 1997 Promissory notes 280.09 273.04 94.32 91.71 Certificates of deposit 71.05 - - - TOTAL 351.14 273.04 94.32 91.71 Deposits with financial institutions in the 1997 are deposited with the financial institutions temporary suspended according to the announcement of the Finance Minister on June 27, 1997, of which were shown in the 1997 financial statements under short-term investments. At present, the aforesaid deposits were changed with the promissory notes of Krung Thai Thanakit Public Company Limited and the certificates of deposit of Krung Thai Bank Public Company Limited. -6- 4. SHORT-TERM LOANS TO RELATED PARTIES (THOUSAND BAHT) CONSOLIDATED THE COMPANY ONLY INTEREST RATE (%) 1998 1997 1998 1997 1998 1997 LOANS TO - SUBSIDIARIES 1. THE BANGKOK ENTERTAINMENT CO.,LTD. - - 800,000 800,000 10.00-12.25 8.50-10.00 2. YOU & I CORPORATION CO.,LTD. - - 90,144 50,083 10.00-12.25 8.50-10.00 3. 3 MEDIA CO.,LTD. - - 13,359 19,033 10.00-12.25 8.50-10.00 4. BEC STUDIO CO.,LTD. - - 100 107 10.00-11.50 8.50-10.00 5. BEC INTERNATIONAL DISTRIBUTION CO.,LTD. - - 1,398 1,089 10.00-12.25 8.50-10.00 6. BEC NEWS BUREAU CO.,LTD. - - 100 107 10.00-11.50 8.50-10.00 7. BANGKOK CABLE TELEVISION SYSTEMS CO., LTD. - - 75,666 44,197 10.00-12.25 8.50-10.00 8. BANGKOK SATELLITE & TELECOMMUNICATION CO.,LTD. - - 500 533 10.00-11.50 8.50-10.00 9. SATELLITE BROADCASTING SYSTEM CO., LTD. - - 100 - 11.50 - 10. BEC-TERO ENTERTAINMENT CO., LTD. - - 4,000 - 12.25 - TOTAL SHORT-TERM LOANS TO SUBSIDIARIES - - 985,367 915,149 - RELATED PARTIES 1.INFO BIZ CO., LTD. 27,421 24,375 27,421 24,375 12.50-14.75 12.50 2.INFO PACIFIC CORPORATION LTD. 20,054 17,825 20,054 17,825 12.50-14.75 12.50 3.ITC INFORMATION TECHNOLOGY CENTER CO., LTD. - 4,252 - 4,252 - 12.50 TOTAL SHORT-TERM LOANS TO RELATED PARTIES 47,475 46,452 47,475 46,452 TOTAL 47,475 46,452 1,032,842 961,601 SUBSIDIARIES LOANS TO RALATED PARTIES 1.INFO PACIFIC CORPORATION LTD. 2,000 - - - 16.25 - GRAND TOTAL 49,475 46,452 1,032,842 961,601 (More)