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LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 1998 AND 1997 AND AUDITORS' REPORT EXPRESSED IN Thai Baht The Board of Directors Loxley Public Company Limited We 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 June 30, 1998 and 1997, the related statements of income, retained earnings (deficit) and changes in shareholders equity (capital deficiency of Loxley Public Company Limited and the consolidated statements ofincome, consolidated retained earnings (deficit)and consolidated changes in shareholders equity (capital deficiency) of Loxley Public Company Limited and subsidiaries for the three-month and six-month periods then ended. The review of such financial statements were made in accordance with standards established by the Institute ofCertified 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 responsibl 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, we do not express such an opinion. We were informed by the Companys management, as discussed in Note 3 to the interim financial statements that in 1997, the Company changed its methods of accounting for income taxes and land revaluation. - 2 - 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 June 30, 1998 and 1997, the investments in such associated companies amounted to approximately Baht 708.7 million and Baht 942.6 million which equivalent to 5.4% and 6.6% of total assets in the consolidated balance sheets and 6.8% and 8.4% 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 June 30, 1998 and 1997, reported net income amounted to approximately Baht 33.9 million and net loss amounted to approximately Baht 3 million, which equivalent to 6.3% and 6.1% of consolidated net income and 6.5% and 8.3% of the Company net income for each period, respectively and for the six-month periods ended June 30, 1998 and 1997, reported net income amounted to approximately Baht 89.3 million and Baht 6.3 million, which equivalent to 11.8 % and 3.2% of consolidated net income and 11.6% and 3% of the Company net income for each period, respectively Based on our review, except for the effects on the consolidated interim financial statements and the interim financial statements for the three-month and six-month periods then ended June 30, 1998 and 1997 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 fourth paragraph been known, we are 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. VICHIEN THAMTRAKUL C.P.A. (THAILAND) Registration No. 3183 August 13, 1998 UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS JUNE 30, 1998 AND 1997 A S S E T S In Thousand Baht Consolidated The Company 1998 1997 1998 1997 CURRENT ASSETS Cash on hand and at banks 342,856 146,604 145,935 23,421 Short-term investments (Note 11) 849,963 658,923 695,120 525,475 Accounts receivable - trade and others - net (Note 5) - Related companies (Note 4) 188,643 340,745 316,719 649,177 - Other companies 2,145,070 2,758,530 1,289,470 1,065,563 Short-term loans to related companies (Notes 4 and 7) 380,793 372,903 407,961 303,191 Inventories - net 1,314,970 2,343,321 910,772 1,855,942 Other current assets (Note 4) 423,490 353,822 301,748 196,875 Total Current Assets 5,645,785 6,974,848 4,067,725 4,619,644 INVESTMENTS AND LOAN Investments in subsidiaries and associated companies - At equity (Notes 4 and 6) 1,250,556 1,460,633 2,251,724 2,556,922 Investments in other related companies - net (Notes 4 and 6) 1,479,190 2,869,901 1,457,511 2,948,981 Investment in joint venture - At cost (Note 11) 38,319 9,577 - - Long-term loans to related companies (Notes 4 and 7) 375,000 388,719 375,000 385,400 Total Investments and Loans 3,143,065 4,728,830 4,084,235 5,891,303 PROPERTY AND EQUIPMENT - net of accumulated depreciation (Notes 3.2) 2,120,119 1,946,739 698,516 563,713 OTHER ASSETS Deferred income tax (Note 3.1) 1,462,624 116,140 1,462,624 116,140 Others 742,498 697,092 146,723 158,595 Total Other Assets 2,205,122 813,232 1,609,347 274,735 TOTAL ASSETS 13,114,091 14,463,649 10,459,823 11,349,395 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated August 13, 1998) UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS JUNE 30, 1998 AND 1997 LIABILITIES AND SHAREHOLDERS EQUITY In Thousand Baht Consolidated The Company 1998 1997 1998 1997 CURRENT LIABILITIES Bank overdrafts and loans from financial institutions 1,483,744 1,900,751 651,893 761,793 Accounts payable - trade - Related companies (Note 4) 227,017 384,981 115,437 275,491 - Other companies 715,823 1,190,188 252,921 681,867 Current portion of advance received from customers 322,704 308,390 199,047 278,972 Current portion of long-term loans 104,537 74,674 - - Short-term loan and advance from related companies (Notes 4 and 8) 25,095 10,359 - - Other current liabilities (Note 4) 345,157 521,600 133,416 164,588 Total Current Liabilities 3,224,077 4,390,943 1,352,714 2,162,711 LONG-TERM LOANS - Net of Current Portion 290,775 314,541 - - EURO CONVERTIBLE BONDS (Note 9) 8,730,889 5,297,200 8,730,889 5,297,200 ADVANCE RECEIVED FROM CUSTOMERS - Net of Current Portion 213,586 217,883 - - EMPLOYEES PROVIDENT FUND 69,135 100,015 59,847 78,241 OTHER LIABILITIES (Note 9) 1,129,661 432,605 1,112,512 428,521 Total Liabilities 13,658,123 10,753,187 11,255,962 7,966,673 UNAUDITED REVIEWED - 2 - LIABILITIES AND SHAREHOLDERS EQUITY (CAPITAL DEFICIENCY) (CONTINUED) In Thousand Baht Consolidated The Company 1998 1997 1998 1997 MINORITY INTEREST IN SUBSIDIARIES 368,802 398,945 - - SHAREHOLDERS EQUITY (CAPITAL DEFICIENCY) 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 (Note 3.2) 205,482 - 205,482 - Retained earnings (Deficit) Appropriated for reserve fund 52,000 52,000 52,000 52,000 Unappropriated (Deficit) (2,118,141) 1,375,231 (2,001,446) 1,445,722 Provision for unrealized loss on decline in value of long-term investments in listed securities (Note 6) (934,244) - (934,244) - Cumulative translation adjustments (2,931) (714) (2,931) - Shareholders Equity - Net (Capital Deficiency) (912,834) 3,311,517 (796,139) 3,382,722 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY - Net (CAPITAL DEFICIENCY) 13,114,091 14,463,649 10,459,823 11,349,395 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated August 13, 1998) UNAUDITED REVIEWED LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 1998 AND 1997 In Thousand Baht Consolidated The Company 1998 1997 1998 1997 REVENUES (Note 4) Sales of products and services 1,786,758 2,494,996 797,572 1,229,538 Fees and other income 321,609 170,683 172,429 133,185 Equity in results of operations of subsidiaries-net - - 103,533 17,655 Equity in results of operations of associated companies-net 31,963 24,948 31,963 24,948 Total Revenues 2,140,330 2,690,627 1,105,497 1,405,326 COSTS AND EXPENSES (Note 4) Cost of sales and services 1,361,656 1,867,445 688,939 1,008,483 Selling and administrative expenses 537,170 576,277 206,253 246,293 Interest expense 69,108 99,841 16,298 55,214 Directors remuneration 660 4,590 495 4,155 Other expenses (Note 9) 221,601 59,792 224,843 59,379 Total Costs and Expenses 2,190,195 2,607,945 1,136,828 1,373,524 Income (Loss) Before Loss on Exchange Rates, Income Tax and Minority Interest in Net (Income) Loss of Subsidiaries (49,865) 82,682 (31,331) 31,802 Loss on exchange rates (Note 10) (759,788) - (774,830) - Income tax (Note 3.1) 265,590 (11,010) 282,191 4,038 Add (less) Minority Interest in Net (Income) Loss of Subsidiaries 5,579 (22,843) - - NET INCOME (LOSS) (538,484) 48,829 (523,970) 35,840 Earnings (Loss) per share (Baht) (13.46) 1.22 (13.10) 0.90 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakuls report dated August 13, 1998) (More)