SET Announcements

LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1999 AND 1998 In Thousand Baht Consolidated The Company 1999 1998 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) ( 142,732) 1,296,522 ( 156,760) 1,295,445 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 74,006 82,129 36,988 37,394 Provision for bonds redemption 89,295 109,479 89,295 109,479 Loss (gain) on foreign exchange rates 206,674 (1,934,697) 206,674 (1,934,697) Set up provision for doubtful accounts 555 10,287 - - Reversal of provision for decline in value of inventories - net ( 6,385) ( 27,010) ( 6,393) ( 26,100) Provision for doubtful accounts on loans - - - 16,591 Excess of investments over net assets - amortization 7,956 4,674 - - Contribution to employees' provident fund - net 2,727 2,924 1,654 1,553 Gain on sales of investments - net - ( 2,094) - ( 24,319) Equity in results of operations of associated companies - net ( 85,343) ( 78,032) ( 85,343) ( 78,032) Equity in results of operations of subsidiaries - net - - ( 6,813) 94,465 Translation adjustment 204 ( 97) - - (Gain) loss on sales of fixed assets ( 535) 2,843 296 1,171 Increase in collateralized fixed deposits ( 213) - - - Decrease (increase) in receivables from related companies - trade and others ( 107,087) ( 27,099) 36,978 ( 62,108) "UNAUDITED" "REVIEWED" - 2 - In Thousand Baht Consolidated The Company 1999 1998 1999 1998 Decrease (increase) in accounts receivable-trade and others ( 86,058) ( 73,470) 2,325 ( 249,089) Decrease (increase) in inventories ( 63,482) 450,221 ( 29,302) 431,763 Decrease (increase) in deferred income tax ( 92,978) 577,143 ( 92,978) 577,143 Increase (decrease) in other current assets 830 ( 88,342) ( 38,283) ( 21,258) Increase in income taxes deducted at sources ( 3,872) ( 11,166) ( 2,361) ( 4,020) Decrease (increase) in refundable deposits and others ( 41,216) ( 9,386) ( 3,904) 3,152 Increase (decrease) in payables to related companies-trade 34,604 6,078 ( 8,939) ( 46,294) Decrease in accounts payable-trade ( 12,085) ( 123,390) ( 17,538) ( 49,863) Increase (decrease) in advance received from customers 110,740 136,330 38,477 ( 3,907) Increase in income tax payable 1,253 9,895 - - Decrease in employees' contribution to provident fund - net ( 6,436) ( 21,378) ( 5,642) ( 19,192) Increase (decrease) in other current liabilities ( 42,052) 143,489 ( 26,864) 203,986 Increase (decrease) in other liabilities 107,626 ( 14,327) - - Net Cash Provided by (Used in) Operating Activities ( 54,004) 421,526 ( 68,433) 253,263 "UNAUDITED" "REVIEWED" - 3 - In Thousand Baht Consolidated The Company 1999 1998 1999 1998 CASH FLOWS FROM INVESTING ACTIVITIES: Increase in investments of subsidiaries, associated, related and other companies ( 100,000) - ( 100,000) ( 4,708) Decrease (increase) in loan to related companies ( 1,099) 48,927 ( 10,500) 57,583 Increase in minority interest in net income of subsidiaries 2,179 6,202 - - Excess of investments over net assets - ( 2,600) - - Increase in fixed assets ( 44,055) ( 105,567) ( 14,929) ( 9,457) Cash dividends from associated companies 32,010 57,454 32,010 57,454 Proceeds from sales of investments - 2,450 - 25,050 Proceeds from sales of fixed assets 52,365 4,477 687 - Net Cash Provided by (Used in) Investing Activities ( 58,600) 11,343 ( 92,732) 125,922 CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in loans from financial institutions ( 140,578) ( 201,512) ( 104,379) ( 294,354) Increase in loans from directors 9 - - - Decrease in long-term loans - net ( 8,334) ( 5,556) - - Decrease in loan and advance from related companies ( 32,688) ( 114,498) - - Net Cash Used in Financing Activities ( 181,591) ( 321,566) ( 104,379) ( 294,354) NET INCREASE (DECREASE) IN CASH ( 294,195) 111,303 ( 265,544) 84,831 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,662,895 980,263 1,515,167 1,003,235 CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,368,700 1,091,566 1,249,623 1,088.066 "UNAUDITED" "REVIEWED" - 4 - In Thousand Baht Consolidated The Company 1999 1998 1999 1998 Supplemental Disclosures of Cash Flows Information: Cash and cash equivalents consisted of: Cash on hand and at banks (excluded collateralized fixed deposits) 212,910 472,195 16,206 343,273 Short-term investments 1,447,787 938,188 1,235,181 757,659 Bank overdrafts ( 291,997) ( 318,817) ( 1,764) ( 12,866) Total 1,368,700 1,091,566 1,249,623 1,088,066 Cash paid during the period for: Interest expense 48,522 94,422 2,759 21,042 Income tax 20,944 12,834 2,361 4,020 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated May 3, 1999)