SET Announcements

LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES INTERIM FINANCIAL STATEMENTS FOR THE PERIODS ENDED MARCH 31, 2001 AND REVIEW REPORT OF CERTIFIED PUBLIC ACCOUNTANT EXPRESSED IN Thai Baht REVIEW REPORT OF CERTIFIED PUBLIC ACCOUNTANT To the Board of Directors of Loxley Public Company Limited I have reviewed the balance sheet as at March 31, 2001, and the related statements of income and the statements of changes in shareholders' equity and cash flows for the three-month periods ended March 31, 2001 and 2000 of Loxley Public Company Limited. I have also reviewed the consolidated balance sheet as at March 31 2001, the consolidated statements of income and the consolidated statements of changes in shareholders' equity and cash flows for the three-month periods ended March 31, 2001 and 2000 of Loxley Public Company Limited and subsidiaries. These financial statements are the responsibility of the Company's management as to their correctness and completeness of the presentation. My responsibility is to issue a report on these financial statements based on my review. I conducted my reviews in accordance with auditing standard applicable to review engagements. This standard requires that I plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit in accordance with generally accepted auditing standards. Accordingly, I do not express an audit opinion. The Company accounts for the investments in subsidiaries and associated companies by the equity method. The interim financial statements of certain associated companies, most of which are incorporated and operating in foreign countries, which were used as a basis for accounting for the investments under the equity method, had not been reviewed by the auditors. The management of such associated companies did not require the reviewed interim financial statements. This scope limitation is by circumstance. The investments in such associated companies as at March 31, 2001 amounted to approximately Baht 625.1 million which equivalent to 5.4% and 6.9% of total assets in consolidated balance sheets and the Company balance sheets, 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, 2001 and 2000 reported net income amounted to approximately Baht 62.6 million and Baht 20.7 million, which equivalent to 2.3 % and (9.5%) of net (loss) in consolidated interim financial statements and 2.3% and (9.7%) of net income (loss) in the Company interim financial statements for each period, respectively. Based on my reviews, except for the effects on the consolidated interim financial statements and the interim financial statements for the three-month periods then ended March 31, 2001 and 2000 of such adjustments, if any, as might have been disclosed had the results of the review of interim financial statements of the associated companies as explained in the third paragraph been known, nothing has come to my attention that causes me to believe that the accompanying financial statements are not presented fairly, in all material respects, in accordance with generally accepted accounting principles. I have previously audited, in accordance with generally accepted auditing standards, the financial statements for the year ended December 31, 2000 of Loxley Public Company Limited and consolidated financial statements of Loxley Public Company Limited and subsidiaries, and issued report dated February 16, 2001, expressing an qualified opinion on those statements that except for the effect of such adjustment, if any, as might have been required had the results of the audit of financial statements of certain associated companies been known. The investments in such associated companies at December 31, 2000 amounted to approximately Baht 401.3 million which is equivalent to 3.1% and 3.8% of total assets in the consolidated balance sheet and the Company balance sheet, respectively. The equity in results of operations of such associated companies which were included in the statement of income for the year ended December 31, 2000 amounted to net income of approximately Baht 176.4 million, which is equivalent to 10.5% and 10.3% of consolidated net loss and the Company net loss. The balance sheet as at December 31, 2000, presented herein for comparative purposes, are part of such audited financial statements. I have not performed any auditing procedures since that date. I draw attention to Note 2 to the financial statements, which summarizes the effects of the current economic crisis in Thailand on the Company. The accompanying financial statements reflect management's current assessment of the impact to date of the economic situation on the financial position of the Company. Actual result could differ from management's current assessment. VICHIEN THAMTRAKUL C.P.A. (THAILAND) Registration No. 3183 Bangkok May 4, 2001 1 U/LOX0073 แบบพิเศษ LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES 3 U/LOX0073 แบบพิเศษ