SET Announcements

BEC WORLD PUBLIC COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS AND FINANCIAL STATEMENTS DECEMBER 31, 2000 AND 1999 AUDITOR'S REPORT To The Shareholders BEC World Public Company Limited I have audited the consolidated balance sheets of BEC World Public Company Limited and its subsidiaries as at December 31, 2000 and 1999, and the related consolidated statements of income, changes in shareholders' equity, retained earnings and cash flows for the years then ended, and the separate financial statements of BEC World Public Company Limited for the same periods. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of BEC World Public Company Limited and subsidiaries and the Company only as at December 31, 2000 and 1999, and the results of their operations, changes in shareholders' equity and their cash flows for the years then ended in accordance with generally accepted accounting principles. (Dr.Virach Aphimeteetamrong) Certified Public Accountant Registration No. 1378 February 7, 2001 BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT DECEMBER 31, ASSETS BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 Current Assets Cash on hand and at banks 282,502,808 377,601,695 13,960,523 18,283,796 Short-term investments Deposits with financial institutions - 30,020,342 - Fixed deposits with banks 1,104,345,820 2,451,233,190 492,766,148 564,728,674 Investments in Open-end Fund (Notes 3.2 and 4) 2,726,783,903 851,133,263 645,107,444 328,608,633 Trade accounts and notes receivable (Note 5) 586,733,455 411,119,632 70,779,320 65,243,915 Less : Allowance for doubtful accounts (Notes 3.3 and 5) (48,503,788) (42,665,426) (2,408,850) (2,267,150) Trade accounts and notes receivable-net 538,229,667 368,454,206 68,370,470 62,976,765 Short-term loans to related parties and other company (Note 6) 71,850,376 64,477,606 935,310,941 1,187,682,020 Inventories - net (Notes 3.4 and 7) 1,799,565 2,000,450 - - Other current assets Interest receivable 11,067,751 19,247,149 24,947,739 41,292,544 Others 86,819,462 47,936,825 7,330,973 1,382,736 Total Other Current Assets 97,887,213 67,183,974 32,278,712 42,675,280 Total Current Assets 4,823,399,352 4,212,104,726 2,187,794,238 2,204,955,168 Investments Investments in subsidiaries (Notes 3.5 and 8) - - 4,830,927,736 4,450,140,308 Investments in associate (Notes 3.5, 3.11 and 8) 193,855,233 193,088,849 193,855,233 193,088,849 Investments in other company (Note 3.5) 3,060,000 3,060,000 - - Deposits with financial institutions (Note 9) 324,912,295 351,136,626 86,139,549 94,317,695 Long-term fixed deposits with banks 13,056,506 - - - Investments in land and structures (Notes 3.6 and 10) 61,846,285 60,000,000 - - Property, Plant and Equipments-net Equipments-net (Notes 3.7 and 11) 278,942,107 230,511,587 38,183,036 48,726,054 Deferred right to use property-net (Notes 3.8 and 12) 1,072,580,873 1,182,639,454 - - Deferred pictures rental, picture products, plays and copyright charges-net (Notes 3.9 and 13) 1,486,560,456 1,727,187,094 526,606,626 666,677,898 Other Assets Goodwill-net (Notes 2.3 and 3.11) 956,343 9,374,424 - - Deposit on pictures copyright 6,168,020 27,075,238 5,835,000 22,458,205 Prepayment for plays production 17,524,800 19,500,000 - - Others (Note 3.10) 46,721,207 56,201,669 2,795,901 5,639,389 Total Other Assets 71,370,370 112,151,331 8,630,901 28,097,594 TOTAL ASSETS 8,329,583,477 8,071,879,667 7,872,137,319 7,686,003,566 Notes to the financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT DECEMBER 31, LIABILITIES AND SHAREHOLDERS' EQUITY BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 Current Liabilities Bank overdrafts and loans from financial institutions 913,748 715,912 - - Trade accounts payable 205,664,495 217,140,208 108,293,887 136,944,891 Current portion of long-term lease payable (Note 14) - 143,026 - - Advance from directors 1,725,101 2,147,209 - - Short-term loans from subsidiaries and other company (Note 15) - 1,907,776 75,113,118 - Other current liabilities Income tax payable 345,164,978 446,173,070 48,159,846 124,661,218 Others 428,145,342 191,771,727 59,489,451 45,036,091 Total Other Current Liabilities 773,310,320 637,944,797 107,649,297 169,697,309 Total Current Liabilities 981,613,664 859,998,928 291,056,302 306,642,200 Investments deficiency (Note 8) - - 215,425,633 159,015,647 Total Liabilities 981,613,664 859,998,928 506,481,935 465,657,847 Shareholders' Equity Share capital Authorized share capital 200,000,000 ordinary shares of Baht 10 par value 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 Issued and paid-up share capital 200,000,000 ordinary shares at Baht 10 each 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 Premium on share capital 2,536,498,586 2,536,498,586 2,536,498,586 2,536,498,586 Retained earnings Appropriated Legal reserve 200,000,000 200,000,000 200,000,000 200,000,000 Unappropriated 2,629,156,798 2,483,847,133 2,629,156,798 2,483,847,133 Adjustment from the translation of subsidiary's financial statements (3,350,663) (1,234,808) - - 7,362,304,721 7,219,110,911 7,365,655,384 7,220,345,719 Minority Interest in Subsidiary Companies (14,334,908) (7,230,172) - - Total Shareholders' Equity 7,347,969,813 7,211,880,739 7,365,655,384 7,220,345,719 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,329,583,477 8,071,879,667 7,872,137,319 7,686,003,566 Notes to the financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 REVENUES Advertising income 4,766,207,470 3,473,985,298 1,004,686,771 773,721,626 Income from sales 5,945,711 6,018,526 - - Income from rental, picture products and other services 250,005,972 143,262,992 72,760,293 27,896,544 Income from copyright 16,645,142 21,808,223 - - Company's portion in net income of subsidiaries - - 1,285,368,658 850,379,130 Company's portion in net income of associate 766,384 - 766,384 - Other income Interest income 50,561,909 190,147,672 66,822,021 159,413,136 Others 159,309,144 18,065,750 36,444,206 4,512,786 Total Revenues 5,249,441,732 3,853,288,461 2,466,848,333 1,815,923,222 EXPENSES Cost of sales 2,293,717,257 1,480,145,408 634,856,386 322,999,328 Selling and administrative expenses 736,067,011 663,585,547 171,707,955 160,869,377 Company's portion in net loss of associate - 40,514,676 - 40,514,676 Loss on impaired assets (Notes 3.7, 3.11, 8 and 11) - 34,071,774 - 31,780,062 Interest expenses 419,683 1,859,320 1,156,327 - Directors' remuneration (Note 16) 12,352,000 12,284,000 12,352,000 12,284,000 Total Expenses 3,042,555,951 2,232,460,725 820,072,668 568,447,443 Income before Income Taxes 2,206,885,781 1,620,827,736 1,646,775,665 1,247,475,779 Income Tax Expenses 672,672,139 520,324,472 101,466,000 141,837,870 Income Included Minority Interest 1,534,213,642 1,100,503,264 1,545,309,665 1,105,637,909 Loss of Minority Interest 11,096,023 5,134,645 - - Net Income 1,545,309,665 1,105,637,909 1,545,309,665 1,105,637,909 Basic Earnings Per Share (Note 3.12) Earnings Per Share 7.73 5.53 7.73 5.53 Issue and paid-up ordinary shares 200,000,000 shares Notes to the financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, BAHT COMMON STOCK CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 SHARE CAPITAL Common Stock 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 PAID-IN CAPITAL Premium on share capital 2,536,498,586 2,536,498,586 2,536,498,586 2,536,498,586 RETAINED EARNINGS Appropriated Legal reserve 200,000,000 200,000,000 200,000,000 200,000,000 Unappropriated Beginning balance 2,483,847,133 2,678,209,224 2,483,847,133 2,678,209,224 Net income for the year 1,545,309,665 1,105,637,909 1,545,309,665 1,105,637,909 Dividends payment (Note 16) (1,400,000,000) (1,300,000,000) (1,400,000,000) (1,300,000,000) Ending balance 2,629,156,798 2,483,847,133 2,629,156,798 2,483,847,133 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (1,234,808) (174,753) - - Increase (decrease) during the year (2,115,855) (1,060,055) - - Ending balance (3,350,663) (1,234,808) - - MINORITY INTEREST Beginning balance (7,230,172) (2,094,994) - - Net loss for the year (11,096,023) (5,134,645) - - Dividends income (12,783) (533) - - Increase during the year 4,004,070 - - - Ending balance (14,334,908) (7,230,172) - - TOTAL SHAREHOLDERS' EQUITY 7,347,969,813 7,211,880,739 7,365,655,384 7,220,345,719 Notes to the financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31, BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 Unappropriated Retained Earnings : Balance brought forward 2,483,847,133 2,678,209,224 2,483,847,133 2,678,209,224 Less Appropriated previous net income : Dividends (Note 16) (1,400,000,000) (1,300,000,000) (1,400,000,000) (1,300,000,000) 1,083,847,133 1,378,209,224 1,083,847,133 1,378,209,224 Net income for the year 1,545,309,665 1,105,637,909 1,545,309,665 1,105,637,909 Total Unappropriated Retained Earnings 2,629,156,798 2,483,847,133 2,629,156,798 2,483,847,133 Appropriated Retained Earnings : Legal reserve 200,000,000 200,000,000 200,000,000 200,000,000 Total Appropriated Retained Earnings 200,000,000 200,000,000 200,000,000 200,000,000 Total Retained Earnings 2,829,156,798 2,683,847,133 2,829,156,798 2,683,847,133 Notes to the financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 1,545,309,665 1,105,637,909 1,545,309,665 1,105,637,909 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED FROM (USED IN) OPERATION Depreciation 71,788,574 63,004,375 13,356,289 8,539,509 Amortization of right to use property 122,567,443 131,780,293 - - Amortization of pictures rental, plays, picture products and copyright charges 1,258,882,528 663,545,029 471,906,763 252,220,452 Amortization of goodwill 8,418,081 12,757,946 - - Amortization of expenses 15,821,971 10,281,142 - - Bad debts - 357,000 - - Allowance for doubtful debts 5,788,362 1,544,445 141,700 93,217 Increase (decrease) in allowance for diminution in inventories value (5,080) 2,173,306 - - Unrealized gain on Open-end Fund (67,829,289) (1,133,263) (16,764,031) (608,633) Gain on disposal of investment in Open - end Fund (35,756,660) - (7,491,045) - Dividends income (36,453,645) - (9,089,551) - Loss on plays disposal 1,039,347 - - - (Gain) loss on assets disposal (2,937,908) 1,286,355 (765,762) 45,264 Loss on unused assets 148,604 17,351,103 - 98,635 (Gain) loss on exchange rate 5,037,965 (1,735,302) 1,360,481 385,823 Company's portion in net income of subsidiaries - - (1,285,368,658) (850,379,130) Company's portion in net loss of associate (766,384) 40,514,676 (766,384) 40,514,676 Loss on impaired assets - 34,071,774 - 31,780,062 Decrease in minority interest (11,096,023) (5,134,645) - - (INCREASE) DECREASE IN OPERATING ASSETS Trade accounts and notes receivable (177,046,489) (134,145,162) (5,535,405) (25,945,656) Inventories 205,965 (35,778) - - Interest receivable 3,672,682 31,881,990 (3,508,234) 51,880,226 Other current assets (41,409,891) (5,660,969) (5,948,237) (22,697,456) Deposit on pictures copyright charges 20,907,218 5,268,548 16,623,205 (10,069,612) Prepayment for plays production 1,975,200 (14,500,000) - - Other assets (3,764,255) (3,810,222) 2,843,488 1,893,442 Notes to the financial statements form an integral part of these statements. BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 INCREASE (DECREASE) IN OPERATING LIABILITIES Trade accounts payable (16,539,998) 6,157,420 (29,894,199) (38,613,667) Income tax payable (101,008,092) (129,903,094) (76,501,372) (101,881,785) Other current liabilities 235,986,316 (20,233,844) 14,336,074 (142,992) ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS (2,115,855) (1,060,055) - - NET CASH PROVIDED FROM OPERATING ACTIVITIES 2,800,820,352 1,810,260,977 624,244,787 442,750,284 CASH FLOWS FROM INVESTING ACTIVITIES Decrease in deposits with financial institutions 30,020,342 1,039,863,567 - 177,334,330 Decrease in fixed deposit with banks 1,346,887,370 642,106,258 71,962,526 1,285,705,187 Increase in investments in subsidiaries - - (113,996,000) - Increase in investments in Open-end Fund (3,764,221,178) (850,000,000) (679,809,170) (328,000,000) Proceeds from disposal of (more)