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BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Unappropriated Retained Earnings : Balance brought forward 2,678,209 2,570,955 2,678,209 2,570,955 Less Appropriated previous net income : Dividends (Note 6) (1,300,000) (1,200,000) (1,300,000) (1,200,000) 1,378,209 1,370,955 1,378,209 1,370,955 Net income for the period 239,937 372,716 239,937 372,716 Total Unappropriated Retained Earnings 1,618,146 1,743,671 1,618,146 1,743,671 Appropriated Retained Earnings : Legal reserve 200,000 200,000 200,000 200,000 Total Appropriated Retained Earnings 200,000 200,000 200,000 200,000 Total Retained Earnings 1,818,146 1,943,671 1,818,146 1,943,671 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 THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 239,937 372,716 239,937 372,716 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED (USED) FROM OPERATING ACTIVITIES : Depreciation 15,680 16,051 1,840 2,081 Amortization of right to use property 32,867 31,763 - - Amortization of pictures rental, plays, picture products and copyright charges 166,618 112,323 52,858 48,454 Amortization of goodwill 3,189 3,083 - - Amortization of expenses 2,468 895 - - Bad debts - 3 - - Allowance for doubtful debts (4,304) (5,346) (1,247) (1,222) (Gain) loss on assets disposal 1,374 (7) - (5) Loss on unused assets - 30 - - Loss on permanent diminishing value of securities - 1,001 - - (Gain) loss on exchange rate 2,802 (15,519) 1,121 (12,237) Company's portion in net income of subsidiaries - - (146,569) (224,364) Company's portion in net loss of associate 5,257 4,091 5,257 4,091 Decrease in minority interest (3,881) (1,374) - - (INCREASE) DECREASE IN OPERATING ASSETS Trade accounts and notes receivable (3,498) 34,388 (657) 2,412 Inventories (118) (93) - - Interest receivable 10,067 (6,075) (23,903) (26,263) Other current assets (13,215) (23,479) 5,416 (3,672) Deposit on pictures copyright charges 2,005 - (5,689) - Prepayment for pictures copyright (10,950) - (10,950) - Other assets 4,987 (7,308) (1,352) 3 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 (CONTINUED) FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 INCREASE (DECREASE) IN OPERATING LIABILITIES Accounts payable (11,882) (31,024) (41,462) (8,255) Income tax payable (185,482) 150,739 (77,610) 60,803 Other current liabilities (41,154) (36,224) 4,377 (6,988) ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS 43 - - - NET CASH PROVIDED FROM OPERATING ACTIVITIES 212,810 600,634 1,367 207,554 CASH FLOWS FROM INVESTING ACTIVITIES Increase in deposits with financial institutions (48,233) (354,483) (37,819) (148,810) (Increase) decrease in fixed deposit with banks 714,194 (62,707) 585,476 30,833 Purchase of equipments (18,541) (4,307) (360) (394) Proceeds from equipment disposal 3,636 15 - 5 Proceeds from copyright disposal - 185 - - Increase in pictures rental, picture products, plays and copyright charges (211,518) (129,819) (44,506) (80,843) Increase in short-term loans to related parties - - (26,869) (14,307) Increase in right to use property (961) (37,742) - - NET CASH PROVIDED FROM (USED IN) INVESTING ACTIVITIES 438,577 (588,858) 475,922 (213,516) CASH FLOWS FROM FINANCING ACTIVITIES Increase (decrease) in bank overdrafts and loans from financial institutions 657 (764) - - Increase in advance from directors 1,505 - - - Repayment of long-term lease payable (55) (56) - - NET CASH PROVIDED FROM (USED IN) FINANCING ACTIVITIES 2,107 (820) - - 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 (CONTINUED) FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 NET INCREASE (DECREASE) IN CASH ON HAND AND AT BANKS 653,494 10,956 477,289 (5,962) CASH ON HAND AND AT BANKS AS AT JANUARY 1 134,253 81,914 10,347 15,040 CASH ON HAND AND AT BANKS AS AT MARCH 31 787,747 92,870 487,636 9,078 ADDITIONAL DISCLOSURE ITEMS TO CASH FLOWS STATEMENTS : CASH ON HAND AND AT BANKS PAID DURING THE PERIODS FOR : Interest expenses 618 25 - - Income tax 318,593 18,636 119,715 4,572 NON - CASH FLOWS ITEM COMPRISE Dividends payable 1,300,000 1,200,000 1,300,000 1,200,000 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, 1999 AND 1998 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 1999 1998 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 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 SUBSIDIARY HOLDING BY BEC-TERO ENTERTAINMENT CO., LTD. 1. BEC - TERO (YANGON) COMPANY LIMITED 99.80 - - 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)