SET Announcements

LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1999 AND 1998 AND REPORT OF CERTIFIED PUBLIC ACCOUNTANT EXPRESSED IN Thai Baht REPORT OF CERTIFIED PUBLIC ACCOUNTANT The Board of Directors of Loxley Public Company Limited I 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, 1999 and 1998, the related statements of income, deficit, changes in shareholders' equity and cash flows of Loxley Public Company Limited and the consolidated statements of income, consolidated deficit, consolidated changes in shareholders' equity and consolidated cash flows 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 of interim 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, I do not express such an opinion. 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, 1999 and 1998, the investments in such associated companies amounted to approximately Baht 606 million and Baht 712.9 million which equivalent to 4.8 % and 4.8% of total assets in consolidated balance sheets and 6.1 % and 6.2% 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 ended March 31, 1999 and 1998 reported net income amounted to approximately Baht 31.7 million and Baht 49.5 million, which equivalent to 22.2% and 3.8% of consolidated net income (loss) and 20.2% and 3.8% of the Company net income (loss) for each period, respectively. - 2 - Based on my review, except for the effects on the consolidated interim financial statements and the interim financial statements for the three-month periods then ended March 31, 1999 and 1998 of such adjustments, if any, as might have been required had the result of the review of the interim financial statements of the associated companies discussed in the third paragraph been known, I am not aware of any other material modifications that should be made to the accompanying interim financial statements and consolidated interim financial statements for them to be in conformity with generally accepted accounting principles (in Thailand). . VICHIEN THAMTRAKUL C.P.A. (THAILAND) Registration No. 3183 Bangkok May 3, 1999 "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS MARCH 31, 1999 AND 1998 A S S E T S In Thousand Baht Consolidated The Company 1999 1998 1999 1998 CURRENT ASSETS Cash on hand and at banks 231,480 472,195 16,207 343,273 Short-term investments (Note 11) 1,447,787 961,616 1,235,181 757,659 Accounts receivable - trade and others - net (Note 5) -Related companies (Note 4) 224,244 122,990 270,572 372,421 -Other companies 1,819,857 2,721,978 777,567 1,250,684 Short-term loans to related companies (Notes 4 and 7) 359,587 405,711 386,122 322,894 Inventories - net 1,044,236 1,393,699 647,883 1,103,263 Other current assets - net (Note 4) 374,834 446,705 330,134 323,725 Total Current Assets 5,502,025 6,524,894 3,663,666 4,473,919 INVESTMENTS AND LOANS Investments in subsidiaries and associated companies - at equity (Notes 4 and 6) 1,179,273 1,276,537 2,307,152 2,175,592 Investments in related and other companies - net (Notes 4 and 6) 1,456,013 2,273,605 1,361,860 2,267,185 Investment in joint venture - at cost (Note 11) 4,109 5,850 - - Loans to related companies (Notes 4 and 7) 410,069 414,055 375,000 385,400 Total Investments and Loans 3,049,464 3,970,047 4,044,012 4,828,177 PROPERTY AND EQUIPMENT - Net of accumulated depreciation 1,973,376 2,197,824 653,765 724,295 OTHER ASSETS Deferred income tax 1,434,933 1,180,433 1,432,982 1,180,433 Others (Note 2) 752,158 759,906 116,416 152,913 Total Other Assets 2,187,091 1,940,339 1,549,398 1,333,346 TOTAL ASSETS 12,711,956 14,633,104 9,910,841 11,359,737 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated May 3, 1999) "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS MARCH 31, 1999 AND 1998 LIABILITIES AND SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) In Thousand Baht Consolidated The Company 1999 1998 1999 1998 CURRENT LIABILITIES Bank overdrafts and loans from financial institutions 1,443,472 2,063,666 625,902 679,690 Accounts payable - trade -Related companies (Note 4) 273,381 210,616 103,435 94,913 -Other companies 572,352 751,392 177,094 267,096 Current portion of advance received from customers 358,809 325,490 255,416 188,867 Current portion of long-term loans 59,330 117,010 - - Short-term loans from directors 11,403 1,609 - - Short-term loans and advances from related companies (Notes 4 and 8) 21,064 18,839 - - Other current liabilities 676,358 797,582 371,068 580,131 Total Current Liabilities 3,416,169 4,286,204 1,532,915 1,810,697 LONG-TERM LOANS - Net of Current Portion 303,584 293,562 - - LONG-TERM LOANS FROM RELATED COMPANIES (Note 4) - 3,122 - - EURO CONVERTIBLE BONDS (Note 9) 7,747,258 8,011,544 7,747,258 8,011,544 ADVANCE RECEIVED FROM CUSTOMERS - Net of Current Portion 214,961 203,488 - - EMPLOYEES' PROVIDENT FUND 71,410 87,667 52,559 65,238 OTHER LIABILITIES (Note 9) 1,370,724 932,185 1,257,517 927,664 Total Liabilities 13,124,106 13,817,772 10,590,249 10,815,143 "UNAUDITED" "REVIEWED" - 2 - LIABILITIES AND SHAREHOLDER' EQUITY ( CAPITAL DEFICIENCY) (CONTINUED) In Thousand Baht Consolidated The Company 1999 1998 1999 1998 MINORITY INTEREST IN SUBSIDIARIES 402,148 372,919 - - SHAREHOLDERS' EQUITY Share capital - common share Baht 10 par value Authorized - 52,000,000 shares (Note 9) 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 205,482 205,482 205,482 205,482 Retained earnings (Deficit) Appropriated for reserve fund 52,000 52,000 52,000 52,000 Deficit ( 1,754,771) ( 1,579,657) ( 1,619,881) ( 1,477,476) Provision for unrealized loss on decline in value of long-term investments in listed securities (Note 6) ( 1,037,793) ( 124,570) ( 1,037,793) ( 124,570) Cumulative translation adjustments ( 164,216) 4,158 ( 164,216) 4,158 Shareholders' Equity - Net (Capital Deficiency) ( 814,298) 442,413 ( 679,408) 544,594 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) 12,711,956 14,633,104 9,910,841 11,359,737 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated May 3, 1999) "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1999 AND 1998 In Thousand Baht Consolidated The Company 1999 1998 1999 1998 REVENUES (Note 4) Sales of products and services 1,709,941 2,441,961 508,132 1,244,005 Fees and other income 105,799 161,578 86,035 138,421 Equity in results of operations of subsidiaries-net - - 6,813 ( 94,465) Equity in results of operations of associated companies-net 85,343 78,032 85,343 78,032 Total Revenues 1,901,083 2,681,571 686,323 1,365,993 COSTS AND EXPENSES (Note 4) Cost of sales and services 1,285,739 1,781,580 401,144 903,901 Selling and administrative expenses 409,398 537,635 156,815 186,683 Interest expense 111,188 236,803 74,115 166,012 Directors' remuneration 1,109 730 600 515 Other expenses 100,143 118,125 97,663 134,715 Total Costs and Expenses 1,907,577 2,674,873 730,337 1,391,826 Income (Loss) Before Gain (Loss) on Exchange Rates, Income Tax and Minority Interest in Net Income of Subsidiaries ( 6,494) 6,698 ( 44,014) ( 25,833) - 2 - In Thousand Baht Consolidated The Company 1999 1998 1999 1998 Gain (Loss) on exchange rates ( 207,144) 1,885,902 ( 205,723) 1,898,421 Income tax 76,177 ( 588,730) 92,977 ( 577,143) Less Minority Interest in Net Income of Subsidiaries ( 5,271) ( 7,348) - - NET INCOME (LOSS) ( 142,732) 1,296,522 ( 156,760) 1,295,445 Earnings (Loss) per Share - Primary Earnings (loss) per Share ( 3.57 ) 32.41 ( 3.92 ) 32.39 - Fully Diluted Earnings per Share - 0.72 - 0.70 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated May 3, 1999) "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF DEFICIT FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1999 AND 1998 In Thousand Baht Consolidated The Company 1999 1998 1999 1998 DEFICIT Brought Forward ( 1,612,039) ( 2,876,179) ( 1,463,121) ( 2,772,921) Net income (loss) for the period ( 142,732) 1,296,522 ( 156,760) 1,295,445 Deficit, end of period ( 1,754,771) ( 1,579,657) ( 1,619,881) ( 1,477,476) APPROPRIATED RETAINED EARNINGS Reserve fund 52,000 52,000 52,000 52,000 DEFICIT - Net ( 1,702,771) ( 1,527,657) ( 1,567,881) ( 1,425,476) See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated May 3, 1999) "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 1999 1998 1999 1998 Common Share Capital (Note 9) 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 205,482 205,482 205,482 205,482 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 (Deficit) Balance, beginning of period ( 1,612,039) ( 2,876,179) ( 1,463,121) ( 2,772,921) Net income (loss) ( 142,732) 1,296,522 ( 156,760) 1,295,445 Balance, end of period ( 1,754,771) ( 1,579,657) ( 1,619,881) ( 1,477,476) Provision for unrealized loss on decline in value of long-term investments in listed securities (Note 6) ( 1,037,793) ( 124,570) ( 1,037,793) ( 124,570) Cumulative translation adjustments ( 164,216) 4,158 ( 164,216) 4,158 SHAREHOLDERS' EQUITY - Net (CAPITAL DEFICIENCY) ( 814,298) 442,413 ( 679,408) 544,594 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated May 3, 1999) "UNAUDITED" "REVIEWED" (more)