BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1998 1997 1998 1997 Share capital Ordinary shares Beginning balance 577,500 577,500 577,500 577,500 Increase in this period 1,010,625 - 1,010,625 - Ending balance 1,588,125 577,500 1,588,125 577,500 Paid-in capital Premium on share capital Beginning balance 733,580 733,580 733,580 733,580 Increase in this period 3,017,799 - 3,017,799 - Ending balance 3,751,379 733,580 3,751,379 733,580 Donated surplus Beginning balance 36,868 36,868 36,868 36,868 Increase in this period - - - - Ending balance 36,868 36,868 36,868 36,868 Retained earnings Appropriated Legal reserve Beginning balance 116,872 116,038 57,750 57,750 Increase in this period - - - - Ending balance 116,872 116,038 57,750 57,750 Reserve for business expansion Beginning balance 87,401 87,401 85,000 85,000 Increase in this period - - - - Ending balance 87,401 87,401 85,000 85,000 Unappropriated Beginning balance 2,107,243 2,031,378 2,168,766 2,092,067 Increase in this period 127,387 75,058 127,387 75,058 Decrease in this period (385,126) (50,174) (385,126) (50,174) Ending balance 1,849,504 2,056,262 1,911,027 2,116,951 Loss from translation of foreign currency financial statements Beginning balance 2,642 (2,886) 2,642 (2,886) Increase in this period (90,860) - (90,860) - Ending balance (88,218) (2,886) (88,218) (2,886) Total Shareholders' Equity 7,341,931 3,604,763 7,341,931 3,604,763 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1998 1997 1998 1997 Share capital Ordinary shares Beginning balance 577,500 577,500 577,500 577,500 Increase in this period 1,010,625 - 1,010,625 - Ending balance 1,588,125 577,500 1,588,125 577,500 Paid-in capital Premium on share capital Beginning balance 733,580 733,580 733,580 733,580 Increase in this period 3,017,799 - 3,017,799 - Ending balance 3,751,379 733,580 3,751,379 733,580 Donated surplus Beginning balance 36,868 36,868 36,868 36,868 Increase in this period - - - - Ending balance 36,868 36,868 36,868 36,868 Retained earnings Appropriated Legal reserve Beginning balance 116,038 116,038 57,750 57,750 Increase in this period 834 - - - Ending balance 116,872 116,038 57,750 57,750 Reserve for business expansion Beginning balance 87,401 87,401 85,000 85,000 Increase in this period - - - - Ending balance 87,401 87,401 85,000 85,000 Unappropriated Beginning balance 2,021,021 2,074,944 2,081,710 2,135,633 Increase in this period 218,120 310,397 218,120 310,397 Decrease in this period (389,637) (329,079) (388,803) (329,079) Ending balance 1,849,504 2,056,262 1,911,027 2,116,951 Loss from translation of foreign currency financial statements Beginning balance (6,325) (111) (6,325) (111) Increase in this period (81,893) (2,775) (81,893) (2,775) Ending balance (88,218) (2,886) (88,218) (2,886) Total Shareholders' Equity 7,341,931 3,604,763 7,341,931 3,604,763 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1998 1997 1998 1997 Unappropriated retained earnings Beginning balance 2,107,243 2,031,378 2,168,766 2,092,067 Less appropriations of earnings: Cost of investment in excess of net assets of subsidiary and associated companies eliminated against retained earnings (337,482) 7,576 (337,482) 7,576 Net income for the period 127,387 75,058 127,387 75,058 Less Dividend for 1998 and 1997 (47,644) (57,750) (47,644) (57,750) Unappropriated retained earnings at end of period 1,849,504 2,056,262 1,911,027 2,116,951 Appropriated retained earnings Legal reserve 116,872 116,038 57,750 57,750 Reserve for business expansion 87,401 87,401 85,000 85,000 Appropriated retained earnings at end of period 204,273 203,439 142,750 142,750 Retained earnings at end of period 2,053,777 2,259,701 2,053,777 2,259,701 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1998 1997 1998 1997 Unappropriated retained earnings Beginning balance 2,021,021 2,074,944 2,081,710 2,135,633 Less appropriations of earnings: Legal reserve (834) - - - Dividend for 1997 and 1996 (57,750) (161,700) (57,750) (161,700) Cost of investment in excess of net assets of subsidiary and associated companies eliminated against retained earnings (283,409) (109,629) (283,409) (109,629) Net income for the period 218,120 310,397 218,120 310,397 Less Dividend for 1998 and 1997 (47,644) (57,750) (47,644) (57,750) Unappropriated retained earnings at end of period 1,849,504 2,056,262 1,911,027 2,116,951 Appropriated retained earnings Legal reserve 116,872 116,038 57,750 57,750 Reserve for business expansion 87,401 87,401 85,000 85,000 Appropriated retained earnings at end of period 204,273 203,439 142,750 142,750 Retained earnings at end of period 2,053,777 2,259,701 2,053,777 2,259,701 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1998 1997 1998 1997 OPERATING ACTIVITIES Profit before tax 197,294 167,493 168,120 78,697 Add : Interest expense 72,315 97,824 46,616 76,675 Currency swap cost 50,119 30,011 47,651 - Less : Share of profits less losses in subsidiary and associated companies (116) (3,565) (37,200) (52,848) Interest income (68,684) (11,007) (99,950) (19,085) Profit before investment/finance income and expense 250,928 280,756 125,237 83,439 Allowance for doubtful accounts 2,589 17,305 2,896 16,177 Depreciation and amortization 185,541 160,535 29,320 31,862 Deferred charges written off 3,755 2,142 - - Book value of property, plant and equipment written off 1,339 993 1,125 8 Gain on disposal of property, plant and equipment (2,799) (10) (2,304) (160) Loss on disposal of investments 607 - 607 - Provision for staff retirement benefits 41,433 - 24,288 - Provision for loss on foreign exchange - (132,956) - (65,728) (Gain) loss on conversion of foreign currency borrowings (35,931) 173,727 (96,519) 90,372 (INCREASE) DECREASE IN WORKING CAPITAL Accounts receivable 146,017 (156,107) 125,966 46,660 Inventories 127,974 (45,083) 123,867 (993) Other current assets 55,631 (381) 3,249 (15,617) Loans to other companies 450 450 - - Other assets 1,798 (6,713) - (150) Accounts and notes payable (219,949) 292,470 (141,298) 79,915 Accounts payable - related parties - - (107,965) (4,913) Accrued expenses 73,847 53,560 (12,220) (50,093) Other current liabilities (36,121) 27,202 21,178 31,438 Loans from directors and employees (259) 404 371 399 Long-term lease deferred income (1,402) 1,047 (1,402) 1,047 Other liabilities 18,804 278 18,804 278 Net cash inflow from operating activities 614,252 669,619 115,200 243,941 INCOME TAX PAID (4,384) (158,465) (5,729) (10,093) See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 1998 AND 1997 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1998 1997 1998 1997 INVESTING ACTIVITIES Purchases of short-term investments - - - - Loans and advances (to) from related parties (25,220) (25,836) (16,778) 47,703 Purchases of investments in related parties (net of cash and cash equivalents acquired) (1,320,079) (98,361) (1,325,079) (98,023) Purchases of property, plant and equipment (288,147) (170,615) (34,581) (21,190) Deferred charges paid (1,728) (24,002) - - Disposal of short-term investments - 339 - - Disposal of investments in related parties (net of cash and cash equivalents disposed) 4,920 - 4,920 - Disposal of property, plant and equipment 3,163 2,240 2,673 159 Interest received 70,120 15,678 101,380 23,583 Dividend received 4,900 - 4,900 97,878 Net cash (outflow) inflow from investing activities (1,552,071) (300,557) (1,262,565) 50,110 FINANCING ACTIVITIES Net increase in borrowings 21,680 171,955 - - Loss on currency hedging contracts paid (53,954) - (1,389) - Currency swap cost paid (2,468) (32,710) - - Interest paid (66,334) (115,704) (42,791) (96,878) Deferred financing charges paid - (256) - (256) Proceeds from increase in share capital (14,076) - (14,076) - Issue of shares to minority interests 5,000 - - - Dividend paid (47,644) (57,750) (47,644) (57,750) Dividend paid to minority interests - (45,741) - - Net cash outflow from financing activities (157,796) (80,206) (105,900) (154,884) NET(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,099,999) 130,391 (1,258,994) 129,074 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,340,226 15,665 2,400,132 (61,757) EXCHANGE TRANSLATION (6,111) - - - CASH AND CASH EQUIVALENTS AT END OF PERIOD (Note 3) 1,234,116 146,056 1,141,138 67,317 See notes to financial statements (More)