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16 สิงหาคม 2542

CONSOLIDATED FINANCIAL STATEMENTS THE 2ND QUARTER OF 1999

BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS JUNE 30, 1999 AND 1998 AUDITOR'S REPORT To The Shareholders BEC World Public Company Limited I have made a review of the consolidated balance sheets of BEC World Public Company Limited and its subsidiaries (the "Group") and the balance sheets of BEC World Public Company Limited (the "Company") as at June 30, 1999, and 1998, and the related statements of income, changes in shareholders' equity, retained earnings and cash flows 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, I do not express such an opinion to the interim financial statements. Based on my review, I do 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. The financial statements of BEC - TERO (YANGON) Company Limited which is located in The Union of Myanmar holding stocks by subsidiary and is partly included in the financial statements for the three - month and six - month periods ended June 30, 1999, based on the management's data which have not been reviewed by the auditors. The amount of assets, liabilities and equity are immaterial to the consolidated financial statements and the Company's financial statements. - 2 - The portion of loss of associate company as recorded in the consolidated interim financial statements and interim financial statements of the Company only for the three - month and six - month periods ended June 30, 1999 and 1998, calculated from the data prepared by the management of associate company without a review from the auditor, for the three - month periods representing 1.78 % and 3.43 % of net income, respectively and for the six - month periods representing 1.97 % and 2.22 % of net income, respectively. (Dr.Virach Aphimeteetamrong) Certified Public Accountant Registration No. 1378 July 23, 1999 UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT JUNE 30, ASSETS THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Current Assets Cash on hand and at banks 220,587 104,112 22,567 12,738 Short-term investments Deposits with financial institutions 1,146,828 341,553 45,000 110,266 Fixed deposits with banks 1,644,658 3,049,419 584,191 1,521,818 Trade accounts and notes receivable (Note 3.1) 276,266 303,683 44,782 50,083 Less : Allowance for doubtful accounts (Notes 2.2 and 3.1) (39,002) (36,419) (2,543) (2,197) Trade accounts and notes receivable-net 237,264 267,264 42,239 47,886 Short-term loans to related parties (Note 4) 54,478 49,475 1,181,455 1,032,842 Inventories (Note 2.3) 3,789 2,470 - - Other current assets Dividends receivable - - 199,999 199,999 Interest receivable 19,470 73,263 15,554 48,645 Others 127,808 44,777 8,761 4,088 Total Other Current Assets 147,278 118,040 224,314 252,732 Total Current Assets 3,454,882 3,932,333 2,099,766 2,978,282 Investments Investments in subsidiaries (Notes 2.4 and 5) - - 3,991,689 3,391,253 Investments in associate (Notes 2.4 and 5) 255,079 304,055 255,079 304,055 Investments in other companies (Note 2.4) 3,060 3,060 - - Deposits with financial institutions (Note 3.2) 351,137 351,137 94,318 94,318 Investments in land (Note 2.5) 60,000 60,000 - - Property, Plant and Equipments-net Equipments-net (Note 2.6) 172,270 185,582 21,468 23,512 Deferred right to use property-net (Note 2.7) 1,209,769 1,333,503 - - Deferred pictures rental, picture products, plays and copyright charges-net (Note 2.8) 1,587,984 1,340,085 602,231 496,432 Other Assets Goodwill-net (Notes 1.3 and 2.10) 15,754 28,511 - - Deposit on pictures copyright charges 41,974 - 30,152 - Others (Note 2.9) 65,882 45,132 9,824 11,108 Total Other Assets 123,610 73,643 39,976 11,108 TOTAL ASSETS 7,217,791 7,583,398 7,104,527 7,298,960 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 THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Current Liabilities Bank overdrafts and loans from financial institutions 941 322 - - Trade accounts payable 192,152 258,548 134,115 210,846 Current portion of long-term lease payable 214 222 - - Advance from director 3,222 - - - Short-term loans from other companies 10,000 - - - Other current liabilities Income tax payable 225,910 304,716 75,076 115,027 Others 154,518 186,496 45,504 53,347 Total Other Current Liabilities 380,428 491,212 120,580 168,374 Total Current Liabilities 586,957 750,304 254,695 379,220 Long-Term Lease Payable 36 259 - - Investments deficiency (Note 5) - - 211,041 94,669 Total Liabilities 586,993 750,563 465,736 473,889 Minority Interest (7,829) 7,764 - - 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 1,902,292 2,088,572 1,902,292 2,088,572 Adjustment from the translation of subsidiary's financial statements (164) - - - Total Shareholders' Equity 6,638,627 6,825,071 6,638,791 6,825,071 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,217,791 7,583,398 7,104,527 7,298,960 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 THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 REVENUES Advertising income 836,642 829,104 193,746 183,857 Income from sales - 481 - - Income from rental, picture products and other services 5,343 1,479 9,671 16,672 Income from copyright 10,133 10,402 - - Company's portion in net income of subsidiaries - - 193,333 221,125 Other income Interest income 52,318 176,097 43,687 112,831 Others 4,601 683 219 732 Total Revenues 909,037 1,018,246 440,656 535,217 EXPENSES Cost of sales 337,486 302,857 72,452 65,327 Selling and administrative expenses 142,059 184,559 33,896 50,853 Company's portion in net loss of associate 5,047 11,821 5,047 11,821 Interest expenses 407 17 - - Directors' remuneration (Note 6) 2,995 3,000 2,995 3,000 Total Expenses 487,994 502,254 114,390 131,001 Income before Income Taxes 421,043 515,992 326,266 404,216 Income Tax Expenses 138,750 173,389 42,120 59,315 Net Income Included Minority Interest 282,293 342,603 284,146 344,901 Net Loss of Minority Interest 1,853 2,298 - - Net Income 284,146 344,901 284,146 344,901 Earnings Per Share (Baht) (Note 2.11) 1.42 1.73 1.42 1.73 (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 THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 REVENUES Advertising income 1,594,519 1,603,201 404,955 354,675 Income from sales - 706 - - Income from rental, picture products and other services 53,284 4,255 12,192 21,629 Income from copyright 13,069 10,402 - - Company's portion in net income of subsidiaries - - 339,902 445,489 Other income Interest income 126,481 340,324 108,052 226,721 Others 6,306 18,140 457 13,921 Total Revenues 1,793,659 1,977,028 865,558 1,062,435 EXPENSES Cost of sales 697,180 585,287 152,370 115,624 Selling and administrative expenses 298,600 313,936 88,532 82,544 Company's portion in net loss of associate 10,304 15,912 10,304 15,912 Interest expenses 1,299 42 - - Directors' remuneration (Note 6) 6,044 6,048 6,044 6,048 Total Expenses 1,013,427 921,225 257,250 220,128 Income before Income Taxes 780,232 1,055,803 608,308 842,307 Income Tax Expenses 261,883 341,858 84,225 124,690 Net Income Included Minority Interest 518,349 713,945 524,083 717,617 Net Loss of Minority Interest 5,734 3,672 - - Net Income 524,083 717,617 524,083 717,617 Earnings Per Share (Baht) (Note 2.11) 2.62 3.59 2.62 3.59 (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 CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIODS ENDED JUNE 30, THOUSAND BAHT COMMON STOCK THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 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 1,618,146 1,743,671 1,618,146 1,743,671 Increase during the period 284,146 344,901 284,146 344,901 Ending balance 1,902,292 2,088,572 1,902,292 2,088,572 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (132) - - - Increase during the period (32) - - - Ending balance (164) - - - TOTAL SHAREHOLDERS' EQUITY 6,638,627 6,825,071 6,638,791 6,825,071 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 THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 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 2,678,209 2,570,955 2,678,209 2,570,955 Increase during the period 524,083 717,617 524,083 717,617 Decrease during the period (1,300,000) (1,200,000) (1,300,000) (1,200,000) Ending balance 1,902,292 2,088,572 1,902,292 2,088,572 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (175) - - - Decrease during the period 11 - - - Ending balance (164) - - - TOTAL SHAREHOLDERS' EQUITY 6,638,627 6,825,071 6,638,791 6,825,071 Notes to the interim financial statements form an integral part of these statements. 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