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BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS SEPTEMBER 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 as at September 30, 2000, and the related consolidated statements of income for the three-month and nine-month periods ended September 30, 2000 and 1999, changes in shareholders' equity and cash flows for the nine-month periods ended September 30,2000 and 1999, and the separate financial statements of BEC World Public Company Limited for the same period. 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 separate 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) Certified Public Accountant Registration No. 1378 November 2, 2000 BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS ASSETS THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY As at As at As at As at September 30, 2000 December 31, 1999 September 30, 2000 December 31, 1999 UNAUDITED AUDITED UNAUDITED AUDITED REVIEWED REVIEWED Current Assets Cash on hand and at banks 199,236 377,602 32,584 18,284 Short-term investments Deposits with financial institutions 40,004 30,020 - - Fixed deposits with banks 627,045 2,451,233 291,497 564,729 Net investments in Open-end Fund (Notes 3.2 and 4) 2,557,557 851,133 640,964 328,608 Trade accounts and notes receivable (Note 5.1) 413,258 411,120 49,597 65,244 Less : Allowance for doubtful accounts (Notes 3.3 and 5.1) (46,764) (42,666) (1,566) (2,267) Trade accounts and notes receivable-net 366,494 368,454 48,031 62,977 Short-term loans to related parties and other companies (Note 6) 77,984 64,478 867,163 1,187,682 Inventories-net (Note 3.4) 2,059 2,001 - - Other current assets Dividends receivable - - 199,999 - Interest receivable 5,306 19,247 18,038 41,292 Others 81,191 47,937 4,840 1,383 Total Other Current Assets 86,497 67,184 222,877 42,675 Total Current Assets 3,956,876 4,212,105 2,103,116 2,204,955 Investments Investments in subsidiaries (Notes 3.5 and 7) - - 4,374,299 4,450,140 Investments in associate (Notes 3.5 and 7) 197,600 193,089 197,600 193,089 Investments in other companies (Note 3.5) 3,060 3,060 - - Deposits with financial institutions (Note 5.2) 324,912 351,137 86,140 94,318 Fixed deposits with banks 13,057 - - - Investments in land (Note 3.6) 60,000 60,000 - - Property, Plant and Equipments-net Equipments-net (Note 3.7) 215,339 230,512 41,466 48,726 Deferred right to use property-net (Note 3.8) 1,101,791 1,182,639 - - Deferred pictures rental, picture products, plays and copyright charges-net (Note 3.9) 1,568,882 1,727,187 547,166 666,678 Other Assets Goodwill-net (Notes 2.3 and 3.11) (194) 9,374 - - Deposit on pictures copyright charges 13,550 27,075 6,300 22,458 Others (Note 3.10) 64,805 75,702 7,711 5,639 Total Other Assets 78,161 112,151 14,011 28,097 TOTAL ASSETS 7,519,678 8,071,880 7,363,798 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 September 30, 2000 December 31, 1999 September 30, 2000 December 31, 1999 UNAUDITED AUDITED UNAUDITED AUDITED REVIEWED REVIEWED Current Liabilities Bank overdrafts and loans from financial institutions 530 716 - - Trade accounts payable 214,759 217,140 136,290 136,945 Current portion of long-term lease payable - 143 - - Advance from director 9,461 2,147 - - Short-term loans from other companies (Note 8) - 1,908 63,998 - Other current liabilities Income tax payable 180,444 446,173 22,082 124,661 Others 224,314 191,772 44,937 45,036 Total Other Current Liabilities 404,758 637,945 67,019 169,697 Total Current Liabilities 629,508 859,999 267,307 306,642 Investments Deficiency (Note 7) - - 197,624 159,015 Total Liabilities 629,508 859,999 464,931 465,657 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 2,162,368 2,483,847 2,162,368 2,483,847 Adjustment from the translation of subsidiary's financial statements (2,330) (1,235) - - 6,896,537 7,219,111 6,898,867 7,220,346 Minority Interest (6,367) (7,230) - - Total Shareholders' Equity 6,890,170 7,211,881 6,898,867 7,220,346 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7,519,678 8,071,880 7,363,798 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 SEPTEMBER 30, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENTED IN BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 REVENUES Advertising income 1,203,833 862,438 235,832 172,503 Income from sales 1,698 - - - Income from rental, picture products and other services 11,994 51,160 1,120 4,786 Income from copyright 2,196 1,739 - - Company's portion in net income of subsidiaries - - 333,602 211,438 Company's portion in net income of associate 1,923 - 1,923 - Other income Interest income 10,179 34,545 14,208 26,040 Others 44,768 2,623 9,827 444 Total Revenues 1,276,591 952,505 596,512 415,211 EXPENSES Cost of sales 517,363 379,075 119,351 83,933 Selling and administrative expenses 188,546 196,070 42,939 41,099 Company's portion in net loss of associate - 2,273 - 2,273 Loss from impairment (Notes 3.11 and 7) - 31,780 - 31,780 Interest expenses 62 375 65 - Directors' remuneration (Note 9) 3,116 3,120 3,116 3,120 Total Expenses 709,087 612,693 165,471 162,205 Income before Income Taxes 567,504 339,812 431,041 253,006 Income Tax Expenses 176,213 106,035 27,914 22,490 Income Included Minority Interest 391,291 233,777 403,127 230,516 (Income) Loss of Minority Interest 11,836 (3,261) - - Net Income 403,127 230,516 403,127 230,516 Earnings Per Share (Baht) (Note 3.12) 2.01 1.15 2.01 1.15 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENTED IN BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 REVENUES Advertising income 3,439,518 2,456,957 765,480 577,458 Income from sales 3,992 - - - Income from rental, picture products and other services 139,437 104,444 67,407 16,978 Income from copyright 19,858 14,808 - - Company's portion in net income of subsidiaries - - 896,539 551,340 Company's portion in net income of associate 4,511 - 4,511 - Other income Interest income 37,314 161,026 51,324 134,092 Others 116,342 8,929 27,740 901 Total Revenues 3,760,972 2,746,164 1,813,001 1,280,769 EXPENSES Cost of sales 1,669,472 1,076,255 523,628 236,303 Selling and administrative expenses 533,146 494,670 130,710 129,631 Company's portion in net loss of associate - 12,577 - 12,577 Loss from impairment (Notes 3.11 and 7) - 31,780 - 31,780 Interest expenses 252 1,674 65 - Directors' remuneration (Note 9) 9,288 9,164 9,288 9,164 Total Expenses 2,212,158 1,626,120 663,691 419,455 Income before Income Taxes 1,548,814 1,120,044 1,149,310 861,314 Income Tax Expenses 473,420 367,918 70,789 106,715 Income Included Minority Interest 1,075,394 752,126 1,078,521 754,599 Loss of Minority Interest 3,127 2,473 - - Net Income 1,078,521 754,599 1,078,521 754,599 Earnings Per Share (Baht) (Note 3.12) 5.39 3.77 5.39 3.77 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 NINE-MONTH PERIODS ENDED SEPTEMBER 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 1,078,521 754,599 1,078,521 754,599 Dividend payment (Note 9) (1,400,000) (1,300,000) (1,400,000) (1,300,000) Ending balance 2,162,368 2,132,808 2,162,368 2,132,808 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Beginning balance (1,235) (175) - - (Increase) decrease during the period (1,095) 202 - - Ending balance (2,330) 27 - - MINORITY INTEREST Beginning balance (7,230) (2,095) - - Net loss for the period (3,127) (2,473) - - Dividend income (12) - Increase during the period 4,002 - - - Ending balance (6,367) (4,568) - - TOTAL SHAREHOLDERS' EQUITY 6,890,170 6,864,766 6,898,867 6,869,307 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY 2000 1999 2000 1999 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 1,078,521 754,599 1,078,521 754,599 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED FROM (USED IN) OPERATION : Depreciation 53,747 45,269 10,039 5,338 Amortization of right to use property 92,305 98,842 - - Amortization of pictures rental, plays, picture products and copyright charges 963,006 489,197 384,767 185,093 Amortization of goodwill 9,568 9,568 - - Amortization of expenses 6,073 7,626 - - (more)