23 กุมภาพันธ์ 2544
ANNUAL FINANCIAL STATEMENTS 2000
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
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