BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1999 1998 1999 1998 Share capital Ordinary shares Beginning balance 1,588,125 577,500 1,588,125 577,500 Increase in this period - - - - Ending balance 1,588,125 577,500 1,588,125 577,500 Paid-in capital Premium on share capital Beginning balance 3,751,380 733,580 3,751,380 733,580 Increase in this period - - - - Ending balance 3,751,380 733,580 3,751,380 733,580 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 116,873 116,558 57,750 57,750 Increase in this period 101,583 314 101,063 - Ending balance 218,456 116,872 158,813 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 2,211,044 2,187,047 2,272,568 2,248,256 Increase in this period 170,397 - 170,397 - Decrease in this period (180,942) (79,804) (180,422) (79,490) Ending balance 2,200,499 2,107,243 2,262,543 2,168,766 Gain (loss) from translation of foreign currency financial statements Beginning balance (106,775) (6,325) (106,775) (6,325) Increase in this period (194) 8,967 (194) 8,967 Ending balance (106,969) 2,642 (106,969) 2,642 Total Shareholders' Equity 7,775,760 3,662,106 7,775,760 3,662,106 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1999 1998 1999 1998 Share capital Ordinary shares Beginning balance 1,588,125 577,500 1,588,125 577,500 Increase in this period - - - - Ending balance 1,588,125 577,500 1,588,125 577,500 Paid-in capital Premium on share capital Beginning balance 3,751,380 733,580 3,751,380 733,580 Increase in this period - - - - Ending balance 3,751,380 733,580 3,751,380 733,580 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 116,873 116,038 57,750 57,750 Increase in this period 101,583 834 101,063 - Ending balance 218,456 116,872 158,813 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 2,036,926 2,021,021 2,098,450 2,081,710 Increase in this period 359,475 90,733 359,475 90,733 Decrease in this period (195,902) (4,511) (195,382) (3,677) Ending balance 2,200,499 2,107,243 2,262,543 2,168,766 Gain (loss) from translation of foreign currency financial statements Beginning balance (106,775) (6,325) (106,775) (6,325) Increase in this period (194) 8,967 (194) 8,967 Ending balance (106,969) 2,642 (106,969) 2,642 Total Shareholders' Equity 7,775,760 3,662,106 7,775,760 3,662,106 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1999 1998 1999 1998 Unappropriated retained earnings Beginning balance 2,211,044 2,187,047 2,272,568 2,248,256 Less appropriations of earnings: Legal reserve (101,583) (314) (101,063) - Dividend for 1998 and 1997 (79,406) (57,750) (79,406) (57,750) Cost of investment in excess of net assets of subsidiary and associated companies eliminated against retained earnings 47 3,562 47 3,562 Net income (loss) for the period 170,397 (25,302) 170,397 (25,302) Unappropriated retained earnings at end of period 2,200,499 2,107,243 2,262,543 2,168,766 Appropriated retained earnings Legal reserve 218,456 116,872 158,813 57,750 Reserve for business expansion 87,401 87,401 85,000 85,000 Appropriated retained earnings at end of period 305,857 204,273 243,813 142,750 Retained earnings at end of period 2,506,356 2,311,516 2,506,356 2,311,516 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1999 1998 1999 1998 Unappropriated retained earnings Beginning balance 2,036,926 2,021,021 2,098,450 2,081,710 Less appropriations of earnings: Legal reserve (101,583) (834) (101,063) - Dividend in 1998 and 1997 (79,406) (57,750) (79,406) (57,750) Cost of investment in excess of net assets of subsidiary and associated companies eliminated against retained earnings (14,913) 54,073 (14,913) 54,073 Net income for the period 359,475 90,733 359,475 90,733 Unappropriated retained earnings at end of period 2,200,499 2,107,243 2,262,543 2,168,766 Appropriated retained earnings Legal reserve 218,456 116,872 158,813 57,750 Reserve for business expansion 87,401 87,401 85,000 85,000 Appropriated retained earnings at end of period 305,857 204,273 243,813 142,750 Retained earnings at end of period 2,506,356 2,311,516 2,506,356 2,311,516 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) Consolidated Company (Amounts in Thousands of Baht) 1999 1998 1999 1998 OPERATING ACTIVITIES Profit (loss) before tax 239,892 101,015 184,667 (22,256) Add : Interest expense 64,815 105,735 37,682 72,653 Currency swap cost 33,026 46,185 32,597 42,051 Less : Dividend income (963) - (963) - Share of profits less losses in subsidiary and associated companies (2,916) (1,255) (114,636) 58,913 Interest income (25,283) (21,573) (37,705) (40,368) Profit before investment/finance income and expense 308,571 230,107 101,642 110,993 Allowance for doubtful accounts 12,401 (6,231) (4,396) 2,815 Depreciation and amortization 168,825 184,194 28,906 28,565 Provision for loss on diminution in value of assets - 17,000 - - Deferred charges written off 1,946 (108) - - Book value of property, plant and equipment written off 27 574 - - Gain on disposal of property, plant and equipment (4,826) (2,680) (2,979) - Loss on disposal of investments 3,592 - 3,592 - Provision for staff retirement benefits 14,219 5,625 8,006 2,500 Loss (gain) on conversion of foreign currency borrowings 1,651 (56,706) (68) 302 (INCREASE) DECREASE IN WORKING CAPITAL Accounts receivable 35,597 (56,504) 25,830 99,650 Inventories (9,934) 57,421 8,520 89,639 Other current assets (18,062) (6,309) (1,386) (5,932) Loans to other companies - 450 - - Other assets 433 2,599 150 (9) Accounts and notes payable (23,152) (100,179) (25,759) (144,323) Accounts payable - related parties - - 40,949 (63,320) Accrued expenses 27,263 28,928 4,118 14,864 Other current liabilities (42,758) (107,772) 1,395 (58,453) Loans from directors and employees (444) 271 (374) 271 Long-term lease deferred income (1,403) (1,403) (1,403) (1,403) Staff reitrement benefits (18,586) (1,959) (14,161) (1,748) Other liabilities (3,496) (1,157) (3,496) (1,157) Net cash inflow from operating activities 451,864 186,161 169,086 73,254 INCOME TAX PAID (70,152) (58,951) (24,610) (11,666) See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) (Amounts in Thousands of Baht) Consolidated Company 1999 1998 1999 1998 INVESTING ACTIVITIES Loans and advances (to) from related parties (8,740) 203,482 (27,183) (287,549) Purchases of investments in related parties (net of cash and cash equivalents acquired) (428) (333,961) (374,129) (26,230) Purchases of investments in other companies (54,800) - (54,800) - Purchases of property, plant and equipment (151,427) (109,617) (14,497) (15,754) Deferred charges paid (5,400) (3,552) - - Disposal of investments in related parties (net of cash and cash equivalents disposed) 19,552 - 13,998 - Disposal of property, plant and equipment 6,149 3,375 4,298 - Interest received 29,866 15,671 41,626 34,463 Divedend received 963 1,845 68,203 62,549 Net cash outflow from investing activities (164,265) (222,757) (342,484) (232,521) FINANCING ACTIVITIES Net decrease in borrowings (40,876) (1,583,151) - (1,426,680) Gain (loss) on currency hedging contracts received (paid) (2,368) 20,421 (1,661) (40,230) Currency swap cost paid (65,704) (185,372) (64,836) (71,022) Interest paid (70,775) (27,656) (37,414) (93,599) Deferred financing charges paid (282) (290) (282) (290) Share capital received in advance - 4,042,500 - 4,042,500 Issue of shares to minority interests - 10,000 - - Dividend paid (79,406) (57,750) (79,406) (57,750) Dividend paid to minority interests (11,760) (23,787) - - Net cash (outflow) inflow from financing activitie (271,171) 2,194,915 (183,599) 2,352,929 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (53,724) 2,099,368 (381,607) 2,181,996 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,783,653 240,858 1,361,376 218,136 CASH AND CASH EQUIVALENTS AT END OF PERIOD (Note 3) 1,729,929 2,340,226 979,769 2,400,132 See notes to financial statements BERLI JUCKER PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) Consolidated Company (Amounts in Thousands of Baht) 1999 1998 1999 1998 OPERATING ACTIVITIES Profit before tax 513,165 303,748 385,844 70,183 Add : Interest expense 133,450 194,810 81,025 137,318 Currency swap cost 65,936 88,349 64,836 80,048 Less: Dividend income (963) - (963) - Share of profits less losses in subsidiary and associated companies (7,051) (58,555) (238,310) (111,819) Interest income (48,735) (33,302) (77,446) (66,924) Profit before investment/finance income and expense 655,802 495,050 214,986 108,806 Allowance for doubtful accounts 16,306 1,286 (474) 8,265 Depreciation and amortization 334,258 365,180 58,867 56,885 Provision for loss on diminution in value of assets - 17,000 - - Deferred charges written off 3,580 2,505 - - Book value of property, plant and equipment written off 262 628 14 - Gain on disposal of property , plant and equipment (6,579) (3,270) (4,348) (384) Loss on disposal of investments 3,592 - 3,592 - Provision for staff retirement benefits 25,697 10,944 14,000 5,000 Loss (gain) on conversion of foreign currency borrowings 1,678 (105,875) 10 (426) (INCREASE) DECREASE IN WORKING CAPITAL Accounts receivable (213,963) (92,009) 82,046 78,009 Inventories (70,219) (6,456) (24,428) 65,346 Other current assets (3,669) (65,489) (5,454) (16,182) Loans to other companies - 900 - - Other assets 214 152 159 (9) Accounts and notes payable 97,521 10,528 93,105 (73,810) Accounts payable - related parties - - 184,198 16,487 Accrued expenses 142,363 80,555 40,588 14,604 Other current liabilities (63,964) (31,515) (34,728) (14,549) Loans from directors and employees (1,293) - (1,237) 13 Long-term lease deferred income (2,805) (2,805) (2,805) (2,805) Staff reitrement benefits (61,390) (29,195) (43,452) (21,425) Other liabilities (13,923) (2,184) (13,708) (2,184) Net cash inflow from operating activities 843,468 645,930 560,931 221,641 INCOME TAX PAID (156,698) (71,512) (30,305) (18,833) See notes to financial statements (More)