SET Announcements

Tor.22/2541 July 14, 1998 Re : Report the Financial Statement 1/1998 (new addition) Dear : President The Stock Exchange of Thailand Ref. : Stock Exchange of Thailand's letter at Bor.Jor.Mor. 1162/2541 dated June 15,1998 As mentio on the reference letter, Loxley Public Company Limited ("Loxley"), in co-ordinated with the auditor would like to submit report of the first quarter financial statement 1/1998 which complies with the accounting standard. The adjustment is stated as following: 1. Record a provision for loss on decline in value of listed investment in which the aggregate market value lower than the aggregate cost amounted to Bt124.6 m. Its results has decreased the amount in Investment in related companies and Shareholders' equity account by Bt124.6m. 2. Reclassification certain accounting grouping of Bt49m for proper presentation. Its result has increased Bank overdrafts and loans from financial institutions and decrased in Loans from related companies account by Bt49m. Sincerely yours, Loxley Public Company Limited (Ms.Suganya veerakiatkij) Senior Vice President Accounting & Budgeting Department LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1998 AND 1997 AND AUDITORS' REPORT The Board of Directors Loxley Public Company Limited We have made a review of the balance sheets of Loxley Public Company Limited and the consolidated balance sheets of Loxley Public Company Limited and subsidiaries as at March 31, 1998 and 1997,the related statements of income, retained earnings (deficit) and changes in shareholders equity of Loxley Public Company Limited and the consolidated statements of income, consolidated retained earnings (deficit) and consolidated changes in shareholders equity of Loxley Public Company Limited and subsidiaries for the three-month periods then ended. The review of such financial statements were made in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of interim financial statements consists principally of obtaining an understanding of the system for the preparation ofinterim financial statements, applying analytical review procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is 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, we do not express such an opinion. We were informed by the Companys management, as discussed in Note 3 to the interim financial statements, that in 1997, the Company changed its methods of accounting for income taxes and land revaluation. - 2 - The Company accounts for the investments in subsidiaries and associated companies by the equity method. However, the interim financial statements of certain associated companies which were used as a basis for accounting for the investments under the equity method, had not been reviewed by the auditors. As at March 31, 1998 and 1997, the investments in such associated companies amounted to approximately Baht 712.9 million and Baht 929.9 million which equivalent to 4.8% and 6.6% of total assets in consolidated balance sheets and 6.2% and 8.3% of total assets of the Company balance sheets, of each period, respectively. The equity in the results of operations of such associated companies which were included in the statements of income for the three-month periods endedMarch 31, 1998 and 1997 amounted to approximately Baht 49.5 milli on and Baht 9.3 million, which equivalent to 3.8% and 6.4% of consolidated net income and 3.8% and 5.4% of the Company net incomefor each period, respectively. Based on our review, except for the effects on the consolidated interim financial statements and the interim financial statements for the three-mont periods then ended March 31, 1998 and 1997 of such adjustments, if any, as might have been required had the resultof the review of the interim financial statements of the associated companies discussed in the fourth paragraph been known,we are not aware of any other material modifications that shouldbe made to the accompanying interim financial statements and consolidated interim financial statements for them to be in conformity with generally accepted accounting principles. VICHIEN THAMTRAKUL C.P.A. (THAILAND) Registration No. 3183 June 15, 1998 UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS MARCH 31, 1998 AND 1997 A S S E T S In Thousand Baht Consolidated The Company 1998 1997 1998 1997 CURRENT ASSETS Cash on hand and at banks 472,195 452,323 343,273 302,785 Short-term investments (Note 8) 961,616 1,083,083 757,659 886,741 Accounts receivable - trade and others - net - Related companies (Note 4) 122,990 167,302 372,421 539,561 - Other companies 2,721,978 2,384,677 1,250,684 893,357 Short-term loans to related companies 405,711 368,436 338,863 290,745 Inventories - net 1,393,699 1,911,947 1,103,263 1,431,563 Other current assets (Note 4) 446,705 469,685 324,348 262,029 Total Current Asset s 6,524,894 6,837,453 4,490,511 4,606,781 INVESTMENTS AND LOANS Investments in subsidiaries and associated companies - At equity (Notes 4 and 5) 1,276,537 1,444,382 2,175,592 2,536,115 Investments in other related companies - net (Notes 4 and 5) 2,273,605 2,763,639 2,267,185 2,842,593 Investment in joint venture - At cost (Note 8) 5,850 4,625 - - Loans to related companies 414,055 375,000 368,808 375,000 Total Investments and Loans 3,970,047 4,587,646 4,811,585 5,753,708 PROPERTY AND EQUIPMENT - net of accumulated depreciation (Notes 3.2) 2,197,824 1,948,056 724,295 532,668 OTHER ASSETS Deferred income tax (Note 3.1) 1,180,433 96,135 1,180,433 96,135 Others 759,906 736,400 152,913 194,190 Total Other Assets 1,940,339 832,535 1,333,346 290,325 TOTAL ASSETS 14,633,104 14,205,690 11,359,737 11,183,482 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated June 15, 1998) UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS MARCH 31, 1998 AND 1997 LIABILITIES AND SHAREHOLDERS EQUITY In Thousand Baht Consolidated The Company 1998 1997 1998 1997 CURRENT LIABILITIES Bank overdrafts and loans from financial institutions 2,063,666 1,522,284 679,690 568,823 Accounts payable - trade - Related companies (Note 4) 210,616 265,797 94,913 256,340 - Other companies 751,392 1,189,060 267,096 447,705 Current portion of advance received from customers 325,490 282,841 188,867 231,726 Current portion of long-term loans 117,010 83,007 - - Short-term loans and advances from directors 1,609 - - - Short-term loans from related companies 18,839 3,684 - - Other current liabilities 797,582 774,024 580,131 435,323 Total Current Liabilities 4,286,204 4,120,697 1,810,697 1,939,917 LONG-TERM LOANS - Net of Current Portion 293,562 326,705 - - LONG-TERM LOANS FROM RELATED COMPANIES 3,122 - - - EURO CONVERTIBLE BONDS (Note 6) 8,011,544 5,334,100 8,011,544 5,334,100 ADVANCE RECEIVED FROM CUSTOMERS - Net of Current Portion 203,488 203,702 - - EMPLOYEES PROVIDENT FUND 87,667 92,240 65,238 73,122 OTHER LIABILITIES (Note 6) 932,185 373,398 927,664 369,461 Total Liabilities 13,817,772 10,450,842 10,815,143 7,716,600 - 2 - UNAUDITED REVIEWED LIABILITIES AND SHAREHOLDERS EQUITY (CONTINUE) In Thousand Baht Consolidated The Company 1998 1997 1998 1997 MINORITY INTEREST IN SUBSIDIARIES 372,919 373,094 - - SHAREHOLDERS EQUIT Share capital - common share Baht 10 par value Authorized - 52,000,000 shares (Note 6) Issued and fully paid-up - 40,000,000 shares 400,000 400,000 400,000 400,000 Premium on share capital 1,485,000 1,485,000 1,485,000 1,485,000 Revaluation increment in land (Note 3.2) 205,482 - 205,482 - Retained earnings (Deficit) Appropriated for reserve fund 52,000 52,000 52,000 52,000 Unappropriated (Deficit) (1,579,657) 1,446,402 (1,477,476) 1,529,882 Shareholders Provision for unrealized loss on decline in value of long-term investments in listed securities (Note 5) (124,570) - (124,570) - Cumulative translation adjustments 4,158 (1,648) 4,158 - Equity - Net 442,413 3,381,754 544,94 3,466,882 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 14,633,104 14,205,690 11,359,737 11,183,482 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated June 15, 1998) UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1998 AND 1997 In Thousand Baht Consolidated The Company 1998 1997 1998 1997 REVENUES (Note 4) Sales of products and services 2,441,961 2,404,971 1,244,005 1,102,434 Fees and other income 161,578 467,285 138,421 432,882 Equity in results of operations of associated companies-net 78,032 43,949 78,032 43,949 Total Revenues 2,681,571 2,916,205 1,460,458 1,579,265 COSTS AND EXPENSES (Note 4) Cost of sales and services 1,781,580 1,846,111 903,901 935,770 Selling and administrative expenses 546,013 791,577 195,061 360,271 Interest expense 236,803 99,365 166,012 53,552 Directors remuneration 730 1,665 515 1,230 Other expenses 268 66,298 16,859 66,298 Equity in results of operations of subsidiaries-net - - 94,465 24,606 Total Costs and Expenses 2,565,394 2,805,016 1,376,813 1,441,727 Income Before Gain on Exchange Rates, Income Tax and Minority Interest in Net (Income) Loss of Subsidiaries 116,177 111,189 83,645 137,538 Gain on exchange rates 1,776,423 - 1,788,943 - Income tax (Note 3.1) (588,730) (57,473) (577,143) (42,448) Add (less) Minority Interest in Net (Income) Loss of Subsidiaries (7,348) 14,601 - - - 2 - UNAUDITED REVIEWED In Thousand Baht Consolidated The Company 1998 1997 1998 1997 Income before cumulative effect of accounting changes 1,296,522 68,317 1,295,445 95,090 Cumulative effect on prior years of accounting changes (Note 3.1) - 77,634 - 77,634 NET INCOME 1,296,522 145,951 1,295,445 172,724 Earnings per share (Baht) Earnings before cumulative effect of accounting change 32.41 1.71 32.39 2.38 Cumulative effect on prior years of accounting change - 1.94 - 1.94 Earnings per share 32.41 3.65 32.39 4.32 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated June 15, 1998) UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS (DEFICIT) FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1998 AND 1997 In Thousand Baht Consolidated The Company 1998 1997 1998 1997 UNAPPROPRIATED RETAINED EARNINGS (DEFICIT) Brought Forward (2,876,179) 1,300,451 (2,772,921) 1,357,158 Net income for the period 1,296,522 145,951 1,295,445 172,724 Total Unappropriated Retained Earnings (Deficit) (1,579,657) 1,446,402 (1,477,476) 1,529,882 APPROPRIATED RETAINED EARNINGS Reserve fund 52,000 52,000 52,000 52,000 TOTAL RETAINED EARNINGS (DEFICIT) (1,527,657) 1,498,402 (1,425,476) 1,581,882 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated June 15, 1998) UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1998 AND 1997 In Thousand Baht Consolidated The Company 1998 1997 1998 1997 Common Share Capital (Note 6) Balance, beginning of period 400,000 400,000 400,000 400,000 Addition - - - - Balance, end of period 400,000 400,000 400,000 400,000 Premium on Share Capital Balance, beginning of period 1,485,000 1,485,000 1,485,000 1,485,000 Addition - - - - Balance, end of period 1,485,000 1,485,000 1,485,000 1,485,000 Revaluation increment in land (Note 3.2) 205,482 - 205,482 - Retained Earnings (Deficit) Appropriated for: Reserve fund Balance, beginning of period 52,000 52,000 52,000 52,000 Addition - - - - Balance, end of period 52,000 52,000 52,000 52,000 Unappropriated Balance, beginning of period (2,876,179) 1,300,451 (2,772,921) 1,357,158 Net income 1,296,522 145,951 1,295,445 172,724 Balance, end of period (1,579,657) 1,446,402 (1,477,476) 1,529,882 Provision for unrealized loss on decline in value of long-term investments in listed securities (Note 5) (124,570) - (124,570) - Cumulative translation adjustments 4,158 (1,648) 4,158 - SHAREHOLDERS EQUITY - Net 442,413 3,381,754 544,594 3,466,882 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated June 15, 1998) (More)