SET Announcements

the tender guarantees. These tender guarantees were covered by the banks' letters of guarantee totalling approximately Baht 567.1 million (Baht 299.0 million for the Company) as at December 31, 1999 and Baht 773.5 million (Baht 415.9 million for the Company) as at December 31, 1998. d) The Company had commitments under the contracts with certain banks whereby the Company committed to buy certain foreign currencies at the forward rates at the amount equivalent to approximately Baht 698.8 million as at December 31, 1999 and Baht 358.9 million as at December 31, 1998. 6.22 Reclassification of accounts Certain accounts in the 1998 financial statements have been reclassified to conform with the 1999 financial statement presentation. 6.23 The Computer Remediation Plan for the Year 2000 ("unaudited") The Company had solved the year 2000 problems in computer software. However, the Company still faces risks that other companies with whom the Company does business may be unsuccessful in their computer remediation projects within the time limit. The Company is unable to estimate the amount of the loss that the Company might incur from such situation at the present. - 33 - 6.24 Basis of Financial Statement Presentation The Company maintains its official accounting records in Thai Baht and prepares its statutory financial statements in the Thai language in conformity with financial accounting standards in Thailand, which may not conform with generally accepted accounting principles in other countries. The accompanying financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand. Accordingly, these financial statements are not designed for those who are not informed about Thai accounting principles and pracities. For the convenience of the reader, an English translation of financial statements has been prepared from the statutory Thai language financial statements which are issued for domestic reporting purposes.