SET Announcements

LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 In Baht Consolidated The Company 1998 1997 1998 1997 REVENUES (Note 4.1) Sales of products and services 8,107,990,682 9,619,553,034 3,466,821,389 4,216,903,307 Fees and other income (Note 4.15) 873,403,067 829,305,121 676,123,008 661,233,862 Equity in results of operations of associated companies-net 260,511,642 ( 63,966,535) 260,511,642 ( 63,966,535) Total Revenues 9,241,905,391 10,384,891,620 4,403,456,039 4,814,170,634 COSTS AND EXPENSES (Note 4.1) Cost of sales and services 6,379,799,858 7,605,206,217 2,941,739,941 3,727,750,192 Selling and administrative expenses 2,117,350,662 2,663,413,194 1,023,816,401 1,201,521,145 Interest expense 564,975,192 548,505,721 342,250,262 338,228,792 Directors' remuneration 3,970,000 7,907,500 2,000,000 7,085,000 Other expenses (Notes 4.12 and 4.16) 676,912,782 745,931,517 602,452,288 745,908,716 Equity in results of operations of subsidiaries-net - - 5,592,467 4,130,710 Total Costs and Expenses 9,743,008,494 11,570,964,149 4,917,851,359 6,024,624,555 Loss Before Gain on Exchange Rate, Income Tax and Minority Interest in Net Income of Subsidiaries ( 501,103,103) ( 1,186,072,529) ( 514,395,320) ( 1,210,453,921) Gain on Exchange Rate (Note 4.17) 2,247,319,413 173,179,578 2,241,767,604 173,179,578 Income tax (Note 4.2) ( 462,371,682) 257,857,343 ( 417,572,290) 304,610,735 Less Minority Interest in Net Income of Subsidiaries ( 19,704,870) ( 24,178,029) - - Income (loss) before extraordinary item and cumulative effect of accounting change 1,264,139,758 ( 779,213,637) 1,309,799,994 ( 732,663,608) - 2 - In Baht Consolidated The Company 1998 1997 1998 1997 Extraordinary item (Note 4.17) Losses arising from the change in foreign currency exchange system -Company's portion - ( 3,355,050,511) - ( 3,209,106,532) - Subsidiaries' portion - - - ( 145,943,979) Total extraordinary item - ( 3,355,050,511) - ( 3,355,050,511) Cumulative effect on prior years of accounting change (Note 4.2) - 77,634,050 - 77,634,050 NET INCOME (LOSS) 1,264,139,758 ( 4,056,630,098) 1,309,799,994 ( 4,010,080,069) Earnings (loss) per share Primary Earnings (loss) per Share Earnings (loss) before extraordinary item and cumulative effect of accounting change 31.60 ( 19.48 ) 32.74 ( 18.32 ) Extraordinary item - ( 83.88 ) - ( 83.88 ) Cumulative effect on prior years of accounting change - 1.94 - 1.94 Net income (loss) 31.60 ( 101.42 ) 32.74 ( 100.26 ) Fully Diluted Earnings per Share Earnings before extraordinary item and cumulative effect of accounting change 0.97 - 1.87 - Extraordinary item - - - - Cumulative effect on prior years of accounting change - - - - Net income 0.97 - 1.87 - See accompanying Notes to Financial Statements. (With Mr. Vichien Thamtrakul's report dated February 22, 1999) LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS (DEFICIT) FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 In Baht Consolidated The Company 1998 1997 1998 1997 UNAPPROPRIATED RETAINED EARNINGS (DEFICIT) Brought Forward (2,876,178,982) 1,300,451,116 (2,772,921,015) 1,357,159,054 Net income (loss) for the year 1,264,139,758 (4,056,630,098) 1,309,799,994 (4,010,080,069) Less appropriated for: Cash dividends out of 1996 earnings (Baht 3 per share in 1997 - ( 120,000,000) - ( 120,000,000) Deficit (1,612,039,224) (2,876,178,982) (1,463,121,021) (2,772,921,015) APPROPRIATED RETAINED EARNINGS Reserve fund (Note 4.14) 52,000,000 52,000,000 52,000,000 52,000,000 TOTAL DEFICIT (1,560,039,224) (2,824,178,982) (1,411,121,021) (2,720,921,015) See accompanying Notes to Financial Statements. (With Mr. Vichien Thamtrakul's report dated February 22, 1999) LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 In Baht Consolidated The Company 1998 1997 1998 1997 Common Share Capital (Note 4.12) Balance, beginning of year 400,000,000 400,000,000 400,000,000 400,000,000 Addition - - - - Balance, end of year 400,000,000 400,000,000 400,000,000 400,000,000 Premium on Share Capital Balance, beginning of year 1,485,000,000 1,485,000,000 1,485,000,000 1,485,000,000 Addition - - - - Balance, end of year 1,485,000,000 1,485,000,000 1,485,000,000 1,485,000,000 Revaluation increment in land (Note 4.7) 205,481,500 205,481,500 205,481,500 205,481,500 Retained Earnings (Deficit) Appropriated for: Reserve fund (Note 4.14) Balance, beginning of year 52,000,000 52,000,000 52,000,000 52,000,000 Addition - - - - Balance, end of year 52,000,000 52,000,000 52,000,000 52,000,000 Unappropriated Balance, beginning of year ( 2,876,178,982) 1,300,451,116 ( 2,772,921,015) 1,357,159,054 Net income (loss) 1,264,139,758 (4,056,630,098) 1,309,799,994 (4,010,080,069) Cash dividends - ( 120,000,000) - ( 120,000,000) Balance, end of year ( 1,612,039,224) (2,876,178,982) ( 1,463,121,021) (2,772,921,015) Unrealized loss on decline in value of long-term investments in listed securities (Note 4.5) ( 915,294,142) (1,067,985,326) ( 915,294,142) (1,067,985,326) Cumulative translation adjustment ( 167,669,127) 318,086,899 ( 167,669,127) 318,086,899 CAPITAL DEFICIENCY ( 552,520,993) (1,483,595,909) ( 403,602,790) (1,380,337,942) See accompanying Notes to Financial Statements. (With Mr. Vichien Thamtrakul's report dated February 22, 1999) LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 In Baht Consolidated The Company 1998 1997 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) 1,264,139,758 (4,056,630,098) 1,309,799,994 (4,010,080,069) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 310,678,045 297,747,520 150,418,270 147,586,213 Provision for bonds redemption 391,420,126 712,282,341 391,420,126 712,282,341 (Gain) Loss on foreign exchange rates ( 2,421,781,238) 4,488,680,000 (2,421,781,238) 4,488,680,000 Set up provision for doubtful accounts 44,139,015 212,774,364 32,000,000 165,000,000 Set up (reversal of) provision for decline in value of inventories 49,365,566 ( 14,211,106) 49,000,000 ( 12,922,825) Provision for doubtful accounts on loan 14,192,723 - 14,192,723 - Provision for declining value of investments 20,550,000 - 20,000,000 - Excess of investments over net assets - amortization 21,596,998 37,326,178 - - Reserve for contribution to employees' provident fund - net ( 11,185,021) 9,158,943 ( 8,775,693) 7,639,280 Gain on sales of investments ( 132,775,846) ( 237,110,714) ( 188,399,765) ( 250,624,958) Equity in results of operations of associated companies - net ( 260,511,642) 63,966,535 ( 260,511,642) 63,966,535 Equity in results of operations of subsidiaries - net (included extraordinary item from loss on exchange rates) - - 5,592,467 150,074,689 Translation adjustment ( 5,656,928) 1,445,302 - - - 2 - In Baht Consolidated The Company 1998 1997 1998 1997 Loss (gain) on sales of fixed assets 29,735,556 6,432,339 729,736 ( 2,920,109) Decrease (increase) in collateralized fixed deposits 5,071,706 ( 180,390) - - Decrease in receivables from related companies - trade and others 65,691,819 422,902,286 88,680,599 353,636,613 Decrease (increase) in accounts receivable-trade and others 775,910,162 ( 91,793,066) 92,098,626 ( 65,522,278) Decrease (increase) in inventories 793,175,120 ( 28,799,249) 847,738,035 ( 183,581,799) Decrease (increase) in deferred income tax 415,621,045 (1,757,576,157) 417,572,291 (1,757,576,157) (Increase) decrease in other current assets ( 20,993,229) ( 12,430,647) 7,445,229 ( 11,391,285) Increase in income taxes deducted at sources ( 12,642,119) ( 16,246,401) ( 2,039,582) ( 1,155,907) (Increase) decrease in refundable deposits and others ( 13,563,959) ( 277,841,745) 10,423,829 7,258,414 Increase (decrease) in payables to related companies-trade 34,239,510 ( 266,215,079) ( 28,833,159) ( 178,152,295) Decrease in accounts payable-trade ( 290,345,797) ( 347,801,526) ( 122,327,796) ( 106,115,213) Increase (decrease) in advance received from customers 70,383,064 ( 104,458,476) 24,164,923 ( 38,212,471) Increase (decrease) in income tax payable 23,170,054 ( 138,752,667) - ( 112,490,089) (Decrease) increase in employees' contribution to provident fund ( 19,817,310) 9,744,887 ( 17,554,357) 6,676,813 Increase in other current liabilities 55,609,420 135,286,860 29,216,476 146,499,227 Decrease in other liabilities ( 13,266,867) ( 3,402,837) - - Net Cash Provided by (Used in) Operating Activities 1,182,149,731 ( 955,702,603) 440,270,092 ( 481,445,330) (More)