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BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS JUNE 30, 2000 AND 1999 AUDITOR'S REPORT ON REVIEW OF FINANCIAL STATEMENTS To the Shareholders BEC World Public Company Limited I have reviewed the consolidated balance sheet of BEC World Public Company Limited and its subsidiaries and the balance sheet of BEC World Public Company Limited as at June 30, 2000, and the related consolidated and the Company's statements of income for the three-month and six-month periods ended June 30, 2000 and 1999, and changes in shareholders' equity and cash flows for the six-month periods ended June 30, 2000 and 1999. These financial statements are the responsibility of the Company's management. My responsibility is to issue a report on these financial statements based on my review. I conducted my review in accordance with the auditing standards applicable to review engagement. Those standards require that I plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review has limited primarily to inquiries of Company's personnel and analytical procedures applied to financial data and thus provides less assurance than an examination in accordance with generally accepted auditing standards. Therefore, I do not express such an opinion to the reviewed financial statements. Based on my review, nothing has come to my attention that causes me to believe that such consolidated financial statements and the financial statements of the Company only not to be in conformity with generally accepted accounting principles. I have audited the consolidated financial statements of BEC World Public Company Limited and its subsidiaries for the year ended December 31, 1999 and the financial statements of BEC World Public Company Limited for the year then ended, in accordance with generally accepted auditing standards and presented with unqualified opinion according to the report on February 24, 2000. The balance sheet as at December 31, 1999, shown as comparison is an integral part of such audited and reported financial statements. I do not apply any other auditing procedures after the reported date. (Dr.Virach Aphimeteetamrong) August 1, 2000 Certified Public Accountant Registration No. 1378 BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS ASSETS THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY As at As at As at As at June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999 UNAUDITED AUDITED UNAUDITED AUDITED REVIEWED REVIEWED Current Assets Cash on hand and at banks 208,946 377,602 45,870 18,284 Short-term investments Deposits with financial institutions 331,967 30,020 165,000 - Fixed deposits with banks 316,712 2,451,233 170,196 564,729 Net investments in Open - end Fund (Notes 3.2 and 4) 2,176,088 851,133 525,927 328,608 Trade accounts and notes receivable (Note 5.1) 388,325 411,120 83,801 65,244 Less : Allowance for doubtful accounts (Notes 3.3 and 5.1) (44,180) (42,666) (1,298) (2,267) Trade accounts and notes receivable-net 344,145 368,454 82,503 62,977 Short-term loans to related parties and other companies (Note 6) 74,984 64,478 843,146 1,187,682 Inventories-net (Note 3.4) 1,683 2,001 - - Other current assets Dividends receivable - - 199,999 - Interest receivable 2,463 19,247 10,351 41,292 Others 84,806 47,937 7,412 1,383 Total Other Current Assets 87,269 67,184 217,762 42,675 Total Current Assets 3,541,794 4,212,105 2,050,404 2,204,955 Investments Investments in subsidiaries (Notes 3.5 and 7) - - 3,965,096 4,450,140 Investments in associate (Notes 3.5 and 7) 195,677 193,089 195,677 193,089 Investments in other companies (Note 3.5) 3,060 3,060 - - Deposits with financial institutions (Note 5.2) 351,137 351,137 94,318 94,318 Investments in land (Note 3.6) 60,000 60,000 - - Property, Plant and Equipments-net Equipments-net (Note 3.7) 211,317 230,512 44,316 48,726 Deferred right to use property-net (Note 3.8) 1,128,243 1,182,639 - - Deferred pictures rental, picture products, plays and copyright charges-net (Note 3.9) 1,580,860 1,727,187 561,804 666,678 Other Assets Goodwill-net (Notes 2.3 and 3.11) 2,995 9,374 - - Deposit on pictures copyright charges 28,476 27,075 12,500 22,458 Others (Note 3.10) 65,480 75,702 1,847 5,639 Total Other Assets 96,951 112,151 14,347 28,097 TOTAL ASSETS 7,169,039 8,071,880 6,925,962 7,686,003 Notes to the interim financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS LIABILITIES AND SHAREHOLDERS' EQUITY THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY As at As at As at As at June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999 UNAUDITED AUDITED UNAUDITED AUDITED REVIEWED REVIEWED Current Liabilities Bank overdrafts and loans from financial institutions 813 716 - - Trade accounts payable 210,585 217,140 169,551 136,945 Current portion of long-term lease payable 36 143 - - Advance from director 1,678 2,147 - - Short-term loans from other companies 1,908 1,908 - - Other current liabilities Income tax payable 241,731 446,173 29,279 124,661 Others 213,297 191,772 45,371 45,036 Total Other Current Liabilities 455,028 637,945 74,650 169,697 Total Current Liabilities 670,048 859,999 244,201 306,642 Investments Deficiency (Note 7) - - 186,021 159,015 Total Liabilities 670,048 859,999 430,222 465,657 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 200,000 200,000 200,000 200,000 Unappropriated 1,759,241 2,483,847 1,759,241 2,483,847 Adjustment from the translation of subsidiary's financial statements (2,216) (1,235) - - 6,493,524 7,219,111 6,495,740 7,220,346 Minority Interest 5,467 (7,230) - - Total Shareholders' Equity 6,498,991 7,211,881 6,495,740 7,220,346 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,169,039 8,071,880 6,925,962 7,686,003 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 PRESENTED IN BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 REVENUES Advertising income 1,204,933 836,642 296,498 193,746 Income from sales 1,135 - - - Income from rental, picture products and other services 26,933 5,343 21,639 9,671 Income from copyright 12,731 10,133 - - Company's portion in net income of subsidiaries - - 308,440 193,333 Company's portion in net income of associate 1,459 - 1,459 - Other income Interest income 8,919 52,318 16,156 43,687 Others 40,336 4,601 9,036 219 Total Revenues 1,296,446 909,037 653,228 440,656 EXPENSES Cost of sales 632,203 337,486 254,534 72,452 Selling and administrative expenses 178,880 142,059 47,200 33,896 Company's portion in net loss of associate - 5,047 - 5,047 Interest expenses 73 407 - - Directors' remuneration (Note 8) 3,060 2,995 3,060 2,995 Total Expenses 814,216 487,994 304,794 114,390 Income before Income Taxes 482,230 421,043 348,434 326,266 Income Tax Expenses 145,719 138,750 10,543 42,120 Income Included Minority Interest 336,511 282,293 337,891 284,146 Loss of Minority Interest 1,380 1,853 - - Net Income 337,891 284,146 337,891 284,146 Earnings Per Share (Baht) (Note 3.12) 1.69 1.42 1.69 1.42 Issued and paid-up ordinary shares 200,000,000 shares 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 PRESENTED IN BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 REVENUES Advertising income 2,235,685 1,594,519 529,648 404,955 Income from sales 2,294 - - - Income from rental, picture products and other services 126,272 53,284 66,287 12,192 Income from copyright 18,390 13,069 - - Company's portion in net income of subsidiaries - - 562,937 339,902 Company's portion in net income of associate 2,588 - 2,588 - Other income Interest income 27,135 126,481 37,116 108,052 Others 72,017 6,306 17,913 457 Total Revenues 2,484,381 1,793,659 1,216,489 865,558 EXPENSES Cost of sales 1,152,109 697,180 404,277 152,370 Selling and administrative expenses 344,600 298,600 87,771 88,532 Company's portion in net loss of associate - 10,304 - 10,304 Interest expenses 190 1,299 - - Directors' remuneration (Note 8) 6,172 6,044 6,172 6,044 Total Expenses 1,503,071 1,013,427 498,220 257,250 Income before Income Taxes 981,310 780,232 718,269 608,308 Income Tax Expenses 297,207 261,883 42,875 84,225 Income Included Minority Interest 684,103 518,349 675,394 524,083 (Income) Loss of Minority Interest (8,709) 5,734 - - Net Income 675,394 524,083 675,394 524,083 Earnings Per Share (Baht) (Note 3.12) 3.38 2.62 3.38 2.62 Issued and paid-up ordinary shares 200,000,000 shares 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 2000 1999 2000 1999 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 200,000 200,000 200,000 200,000 Unappropriated Beginning balance 2,483,847 2,678,209 2,483,847 2,678,209 Net income for the period 675,394 524,083 675,394 524,083 Dividend payment (Note 8) (1,400,000) (1,300,000) (1,400,000) (1,300,000) Ending balance 1,759,241 1,902,292 1,759,241 1,902,292 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (1,235) (175) - - (Increase) decrease during the period (981) 11 - - Ending balance (2,216) (164) - - MINORITY INTEREST Beginning balance (7,230) (2,095) - - Net income (loss) for the period 8,709 (5,734) - - Dividend income (12) - Increase during the period 4,000 - - - Ending balance 5,467 (7,829) - - TOTAL SHAREHOLDERS' EQUITY 6,498,991 6,630,798 6,495,740 6,638,791 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 675,394 524,083 675,394 524,083 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED FROM (USED IN) OPERATION : Depreciation 35,745 30,436 6,724 3,581 Amortization of right to use property 61,506 65,886 - - Amortization of pictures rental, plays, picture products and copyright charges 671,173 321,124 298,473 114,422 Amortization of goodwill 6,379 6,378 - - Amortization of expenses 4,119 4,972 - - Increase (decrease) in allowance for doubtful debts 1,494 (2,039) (969) 369 (Decrease) increase in allowance for diminution in value of inventories (5) 450 - - Unrealized gain on investments in open-end fund (32,510) - (10,658) - Realized gain on disposal of investments in open-end fund (20,631) - (4,343) - Dividend income (11,187) - - - (Gain) loss on assets disposal (1,865) 1,375 (765) 10 Loss on unused assets 135 - - - Loss on plays disposal 2,845 - - - (Gain) loss on exchange rate 2,591 26 683 (228) Company's portion in net income of subsidiaries - - (562,937) (339,902) Company's portion in net (income) loss of associate (2,588) 10,304 (2,588) 10,304 Income (loss) of minority interest 8,709 (5,734) - - DECREASE (INCREASE) IN OPERATING ASSETS (more)