ND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS1.2

03 มีนาคม 2542
- 10 - 4.5INVESTMENTS IN SUBSIDIARIES, ASSOCIATED AND RELATED COMPANIES These consisted of: Consolidated Financial Percentage In Thousand Baht Statements of Holding Investment - At Cost Investment - At Equity Dividend Fully Paid up Nature of Business Relationship Share Capital 1998 1997 1998 1997 1998 1997 1998 1997 Associated Companies - At Equity Loxley CSR Insulation Company Limited Produce and distribute glasswool material Shareholders Baht 275,000,000 - 50 - 137,500 - - - - Saxon (Thailand) Company Limited Blending castrol lubricants Shareholders Baht 10,000,000 50 50 5,000 5,000 90,788 145,205 89,946 39,976 Castrol (Thailand) Company Limited Distribute lubricants branded castrol Shareholders Baht 40,000,000 49 49 19,600 19,600 332,469 290,414 58,794 29,397 Ericsson Thai Network Company Limited Outside plant services Shareholders Baht 15,000,000 33 33 5,000 5,000 10,635 17,392 5,922 - Guardfire Company Limited Import and sale of fire fighting equipment Shareholders Baht 20,000,000 30 30 6,000 6,000 10,832 6,665 - - Lao Soft Drink Company Limited Produce and sale soft drink in Lao Shareholders Kip 1,383,452,576 30 30 25,715 25,715 28,774 90,687 9,702 2,833 Newspager Corporation Limited Sale and service of pager in USA Shareholders USD 4,896,895 27 27 98,746 98,746 35,613 38,163 - - Lao Brewery Company Limited Produce and sale beer in Lao Shareholders Kip 13,640,021,581 26 26 129,480 129,480 124,220 363,420 63,146 27,807 BHP Steel Building Product (Thailand) Produce and distribute lysaght Company Limited metal sheet Shareholders Baht 83,500,000 25 25 20,875 20,875 96,370 99,414 - - Thai Flying Service Company Limited Aviation business Shareholders Baht 30,000,000 25 25 16,875 16,875 13,760 16,001 - - Houay Ho Power Company Limited Hydropower Shareholders USD 50,000,000 20 20 254,234 254,234 367,424 472,528 - - Others 189,742 192,192 11,807 30,257 - - Total 771,267 911,217 1,122,692 1,570,146 227,510 100,013 Related Companies - At Cost BHP Steel (Thailand) Co., Ltd. Produce and distribute lysaght metal sheet Shareholders Baht 2,500,000,000 18 18 450,000 450,000 - - Thai Telephone and Telecommunication Public Telephone service Company Limited concession Shareholders Baht 11,250,000,000 13 13 1,753,873 1,753,873 - - Phatra Insurance Public Company Limited Insurance business Shareholders Baht 200,000,000 8 8 35,621 35,621 - 18,367 Others 174,312 158,682 - 22,412 Total 2,413,806 2,398,176 - 40,779 Less Provision for declining in value of long - term investments (935,294)(1,067,985) Net 1,478,512 1,330,191 - 11 - The Company Financial Percentage In Thousand Baht Statements of Holding Investment - At Cost Investment - At Equity Dividend Fully Paid up Nature of Business Relationship Share Capital 1998 1997 1998 1997 1998 1997 1998 1997 Subsidiary Companies -At Equity Loxley Business Information Trading computer and Company Limited banking information system Shareholders Baht 295,000,000 99 99 294,200 164,200 297,332 143,517 - - Loxley Myanmar Company Limited (not yet started principal commercial operations) International trading Shareholders Jad 1,000,000 99 99 4,197 4,197 1,948 2,279 - - Loxley Wireless Company Limited Sale and service of mobile phone Shareholders Baht 30,000,000 99 99 30,000 30,000 27,765 25,600 - - Jago Company Limited (not yet started principal commercial operations) Lottery on-line Shareholders Baht 330,000,000 99 99 330,000 330,000 330,000 330,000 - - Loxley Energy Company Limited (not yet started principal commercial operations) Electric power business Shareholders Baht 2,500,000 99 45 2,499 1,125 1,658 1,131 - - Loxley Utilities Services Company Limited Sale and service waste water treatment Shareholders Baht 15,000,000 90 90 2,000 2,000 - 16,764 - - Loxley Broadcast and Media Company Limited Broadcast and media/TV cable Shareholders Baht 79,000,000 74 60 58,600 30,600 - - - - Loxley Comware Company Limited Sale and service of network Shareholders Baht 7,000,000 70 70 4,900 4,900 - - - - Societed Commercial Lao Company Limited Comercial trading in Lao. Shareholders Kip 162,750,000 67 67 8,714 8,714 1,283 7,007 - - Loxley Newteck Company Limited Construction with polyurethane Shareholders Baht 20,000,000 67 67 13,334 10,000 - Loxley Pacific Company Limited Telecommunication service Shareholders Baht 300,000,000 63 70 188,400 210,000 90,471 119,487 Loxley Infra Company Limited Projects consultant and construction utility Shareholders Baht 20,000,000 60 60 12,000 12,000 10,670 7,633 Loxley Pagephone Company Limited Sale of pager Shareholders Baht 230,000,000 55 55 126,500 126,500 203,460 200,323 Loxley Satellite Communications Company Limited (not yet started principal commercial operations)Satellite transmission serviees Shareholders Baht 10,000,000 51 51 5,100 1,275 3,435 Loxley Trading Company Limited Sale consumer product Shareholders Baht 50,000,000 50 50 25,000 25,000 122,457 94,587 Loxley Property Development Construction business and Company Limited building for rent Shareholders Baht 107,500,000 40 40 43,000 43,000 30,382 36,847 Open Systems Integrator Provide and gather Company Limited information system Shareholders Baht 4,500,000 - 83 - 3,750 Loxley Information Services Company Limited Internet service provider Shareholders Baht 15,000,000 - 65 - 9,750 Loxley Information Company Limited Sale information and program computer Shareholders Baht 14,000,000 - 65 - 9,100 - 1,335 LoxData Company Limited Call center service Shareholders Baht 10,000,000 - 52 - 5,200 - 3,736 Total 1,148,444 1,031,311 1,120,861 990,246 - 12 - Percentage In Thousand Baht of Holding Investment - At Cost Investment - At Equity Dividend Fully Paid up Nature of Business Relationship Share Capital 1998 1997 1998 1997 1998 1997 1998 1997 Associated Companies - At Equity Loxley CSR Insulation Company Limited Produce and distribute glasswool material Shareholders Baht 275,000,000 - 50 - 137,500 - - - - Saxon (Thailand) Company Limited Blending castrol lubricants Shareholders Baht 10,000,000 50 50 5,000 5,000 90,788 145,205 89,946 39,976 Castrol (Thailand) Company Limited Distribute lubricants branded castrol Shareholders Baht 40,000,000 49 49 19,600 19,6003 32,469 290,414 58,794 29,397 Ericsson Thai Network Company Limited Outside plant services Shareholders Baht 15,000,000 33 33 5,000 5,000 10,635 17,392 5,922 - Guardfire Company Limited Import and sale of fire fighting equipment Shareholders Baht 20,000,000 30 30 6,000 6,000 10,832 6,665 - - Lao soft Drink Company Limited Produce and sale soft drimk in Lao Shareholders Kip 1,383,452,576 30 30 25,715 25,715 28,774 90,687 9,702 2,833 Newspager Corporation Limited Sale and service of pager in USA Shareholders USD 4,896,895 27 27 98,746 98,746 35,613 38,163 - - Lao Brewery Company Limited Produce and sale beer in Lao Shareholders Kip 13,640,021,581 26 26 129,480 129,480 124,220 363,420 63,146 27,807 BHP Steel Building Product Produce and distribute lysaght (Thailand) Company Limited metal sheet Shareholders Baht 83,500,000 25 25 20,875 20,875 96,370 99,414 - - Thai Flying Service Company Limited Aviation business Shareholders Baht 30,000,000 25 25 16,875 16,875 13,760 16,001 - - Houay Ho Power Company Limited Hydropower Shareholders USD 50,000,000 20 20 254,234 254,234 367,424 472,528 - - Others 189,742 192,192 11,807 30,257 - - Total 771,267 911,217 1,122,692 1,570,146 227,510 100,013 Grand Total 1,919,711 1,942,528 2,243,553 2,560,392 227,510 100,013 Related Companies - At Cost BHP Steel (Thailand) Co., Ltd. Produce and distribute lysaght metal sheet Shareholders Baht 2,500,000,000 18 18 450,000 450,000 Thai Telephone and Telcommunication Public Company Limited Telephone service concession Shareholders Baht 11,250,000,000 13 13 1,753,873 1,753,873 Phatra Insurance Public Company Limited Insurance business Shareholdersa Baht 200,000,000 8 8 35,621 35,621 - 18,367 Others 80,159 152,261 - 22,412 Total 2,319,653 2,391,755 - 40,779 Less Provision for declining in value of long-term investments (935,294) (1,067,985) Net 1,384,359 1,323,770