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BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS SEPTEMBER 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 September 30, 1999, and 1998, and the related statements of income, changes in shareholders' equity, retained earnings and cash flows for the three - month and nine - 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 am 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, have not been reviewed by the auditors. The information in the financial statements relating to such subsidiary based on the management's data as at September 30, 1999, of which its assets representing at 0.07% -2- in the consolidated financial statements, and its revenue for the three- month and nine-month periods ended September 30, 1999 in the consolidated financial statements representing at 0.14% and 0.19%, respectively. 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 nine - month periods ended September 30, 1999 calculated from the financial statements reviewed by other auditor representing 0.99% and 1.67% of net income, respectively. 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 nine - month periods ended September 30, 1998 calculated from the the data prepared by the management of associate company who is responsible for the correctness and completeness of the information, representing 5.73% and 3.30% of net income, respectively. (Dr.Virach Aphimeteetamrong) Certified Public Accountant Registration No. 1378 October 27, 1999 UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT SEPTEMBER 30, ASSETS THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Current Assets Cash on hand and at banks 147,655 93,810 18,023 2,440 Short-term investments Deposits with financial institutions 323,626 944,864 25,199 287,444 Fixed deposits with banks 2,811,363 2,880,000 658,272 1,636,023 Trade accounts and notes receivable (Note 3.1) 306,234 278,258 41,387 43,671 Less : Allowance for doubtful accounts (Notes 2.2 and 3.1) (32,721) (31,172) (892) (1,101) Trade accounts and notes receivable-net 273,513 247,086 40,495 42,570 Short-term loans to related parties and other company (Note 4) 58,478 53,475 1,181,081 1,062,740 Inventories (Note 2.3) 3,214 3,760 - - Other current assets Dividends receivable - - 199,999 - Interest receivable 15,125 68,279 29,574 77,750 Others 119,669 68,345 7,006 4,506 Total Other Current Assets 134,794 136,624 236,579 82,256 Total Current Assets 3,752,643 4,359,619 2,159,649 3,113,473 Investments Investments in subsidiaries (Notes 2.4 and 5) - - 4,183,766 3,587,095 Investments in associate (Notes 2.4 and 5) 221,026 285,805 211,026 285,805 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) 207,402 172,541 21,081 24,192 Deferred right to use property-net (Note 2.7) 1,203,497 1,300,846 - - Deferred pictures rental, picture products, plays and copyright charges-net (Note 2.8) 1,617,530 1,383,338 579,004 519,478 Other Assets Goodwill-net (Notes 1.3 and 2.10) 12,564 25,322 - - Deposit on pictures copyright charges 43,403 9,388 30,408 9,388 Others (Note 2.9) 57,862 40,762 7,128 7,608 Total Other Assets 113,829 75,472 37,536 16,996 TOTAL ASSETS 7,530,124 7,991,818 7,286,380 7,641,357 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 SEPTEMBER 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 1,356 - - - Trade accounts payable 164,064 210,359 97,299 159,222 Current portion of long-term lease payable 197 222 - - Advance from director 4,401 1,285 - - Short-term loans from other companies 10,000 6,000 - - Other current liabilities Income tax payable 313,857 444,779 93,425 178,076 Others 171,483 181,696 44,669 45,731 Total Other Current Liabilities 485,340 626,475 138,094 223,807 Total Current Liabilities 665,358 844,341 235,393 383,029 Long-Term Lease Payable - 204 - - Investments Deficiency (Note 5) - - 191,680 114,830 Total Liabilities 665,358 844,545 427,073 497,859 Minority Interest (4,568) 3,775 - - 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 2,132,808 2,406,999 2,132,808 2,406,999 Adjustment from the translation of subsidiary's financial statements 27 - - - Total Shareholders' Equity 6,869,334 7,143,498 6,869,307 7,143,498 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,530,124 7,991,818 7,296,380 7,641,357 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 SEPTEMBER 30, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENTED IN BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 REVENUES Advertising income 862,438 769,934 172,503 206,638 Income from sales - 25 - - Income from rental, picture products and other services 51,160 7,796 4,786 15,420 Income from copyright 1,739 7,165 - - Company's portion in net income of subsidiaries - - 211,438 175,681 Other income Interest income 34,545 149,409 26,040 99,136 Others 2,623 8,885 444 6,699 Total Revenues 952,505 943,214 415,211 503,574 EXPENSES Cost of sales 379,075 302,710 83,933 56,877 Selling and administrative expenses 196,070 145,695 41,099 38,022 Company's portion in net loss of associate 2,273 18,250 2,273 18,250 Loss on impaired assets (Notes 2.10 and 5) 31,780 - 31,780 - Interest expenses 375 51 - - Directors' remuneration (Note 6) 3,120 3,000 3,120 3,000 Total Expenses 612,693 469,706 162,205 116,149 Income before Income Taxes 339,812 473,508 253,006 387,425 Income Tax Expenses 106,035 159,070 22,490 68,998 Net Income Included Minority Interest 233,777 314,438 230,516 318,427 Net (Income) Loss of Minority Interest (3,261) 3,989 - - Net Income 230,516 318,427 230,516 318,427 Earnings Per Share (Baht) (Note 2.11) 1.15 1.59 1.15 1.59 (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 INCOME FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENTED IN BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 REVENUES Advertising income 2,456,957 2,373,135 577,458 561,313 Income from sales - 731 - - Income from rental, picture products and other services 104,444 12,051 16,978 37,049 Income from copyright 14,808 17,567 - - Company's portion in net income of subsidiaries - - 551,340 621,170 Other income Interest income 161,026 489,733 134,092 325,857 Others 8,929 27,025 901 20,620 Total Revenues 2,746,164 2,920,242 1,280,769 1,566,009 EXPENSES Cost of sales 1,076,255 887,997 236,303 172,501 Selling and administrative expenses 494,670 459,631 129,631 120,566 Company's portion in net loss of associate 12,577 34,162 12,577 34,162 Loss on impaired assets (Notes 2.10 and 5) 31,780 - 31,780 - Interest expenses 1,674 93 - - Directors' remuneration (Note 6) 9,164 9,048 9,164 9,048 Total Expenses 1,626,120 1,390,931 419,455 336,277 Income before Income Taxes 1,120,044 1,529,311 861,314 1,229,732 Income Tax Expenses 367,918 500,928 106,715 193,688 Net Income Included Minority Interest 752,126 1,028,383 754,599 1,036,044 Net Loss of Minority Interest 2,473 7,661 - - Net Income 754,599 1,036,044 754,599 1,036,044 Earnings Per Share (Baht) (Note 2.11) 3.77 5.18 3.77 5.18 (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 SEPTEMBER 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 1,902,292 2,088,572 1,902,292 2,088,572 Increase during the period 230,516 318,427 230,516 318,427 Ending balance 2,132,808 2,406,999 2,132,808 2,406,999 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (164) - - - Decrease during the period 191 - - - Ending balance 27 - - - TOTAL SHAREHOLDERS' EQUITY 6,869,334 7,143,498 6,869,307 7,143,498 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 NINE-MONTH PERIODS ENDED SEPTEMBER 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 754,599 1,036,044 754,599 1,036,044 Decrease during the period (1,300,000) (1,200,000) (1,300,000) (1,200,000) Ending balance 2,132,808 2,406,999 2,132,808 2,406,999 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (175) - - - Decrease during the period 202 - - - Ending balance 27 - - - TOTAL SHAREHOLDERS' EQUITY 6,869,334 7,143,498 6,869,307 7,143,498 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 SEPTEMBER 30, THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Unappropriated Retained Earnings : Balance brought forward 1,902,292 2,088,572 1,902,292 2,088,572 Net income for the period 230,516 318,427 230,516 318,427 Total Unappropriated Retained Earnings 2,132,808 2,406,999 2,132,808 2,406,999 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 2,332,808 2,606,999 2,332,808 2,606,999 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 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 754,599 1,036,044 754,599 1,036,044 Total Unappropriated Retained Earnings 2,132,808 2,406,999 2,132,808 2,406,999 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 2,332,808 2,606,999 2,332,808 2,606,999 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 SEPTEMBER 30, THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 230,516 318,427 230,516 318,427 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED FROM (USED IN) OPERATION : Depreciation 14,833 16,396 1,757 2,057 Amortization of right to use property 32,956 33,565 - - Amortization of pictures rental, plays, picture products and copyright charges 168,073 116,875 70,671 48,744 Amortization of goodwill 3,190 3,189 - - Amortization of expenses 2,654 911 - - Bad debts - 651 - - Decrease in allowance for doubtful debts (6,341) (5,287) (1,651) (1,096) (Gain) loss on assets disposal (29) (4) 35 - Loss on unused assets 17,103 203 99 - (Gain) loss on exchange rate 7,855 (6,749) 4,094 (5,556) Allowance for diminution in value of inventories 451 - - - Company's portion in net income of subsidiaries - - (211,438) (175,681) Company's portion in net loss of associate 2,273 18,250 2,273 18,250 (more)