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LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 AND REPORT OF CERTIFIED PUBLIC ACCOUNTANT EXPRESSED IN Thai Baht REPORT OF CERTIFIED PUBLIC ACCOUNTANT The Board of Directors of Loxley Public Company Limited I 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, 1999 and 1998, the related statements of income, deficit, changes in shareholders' equity and cash flows of Loxley Public Company Limited and the consolidated statements of income, consolidated deficit, consolidated changes in shareholders' equity and consolidated cash flows of Loxley Public Company Limited and subsidiaries for the three-month periods and six-month periods then ended. The review of such financial statements were made in accordance with standards established by the Institute of Certified 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 responsible 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, I do not express such an opinion. The Company accounts for its 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, 1999 and 1998, the investments in such associated companies amounted to approximately Baht 612.5 million and Baht 708.7 million which equivalent to 4.4% and 5.4% of total assets in the consolidated balance sheets and 5.3% and 6.8% 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, 1999 and 1998, reported net income amounted to approximately Baht 34.1 million and Baht 33.9 million, which equivalent to 18% and (6.3)% of consolidated net income (loss) and 17.3% and (6.5)% of the Company net income (loss) for each period, respectively and for the six-month periods ended June 30, 1999 and 1998, reported net income amounted to approximately Baht 65.9 million and Baht 89.3 million, which equivalent to 140.7% and 11.8% of consolidated net income and 162.9% and 11.6% of the Company net income for each period, respectively - 2 - 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, 1999 and 1998 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 third 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 Bangkok August 6, 1999 "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS JUNE 30, 1999 AND 1998 A S S E T S In Thousand Baht Consolidated The Company 1999 1998 1999 1998 CURRENT ASSETS Cash on hand and at banks 339,610 342,856 146,214 145,935 Short-term investments (Note 12) 1,277,641 849,963 1,108,248 695,120 Accounts receivable - trade and others - net (Note 6) -Related companies (Note 5) 150,570 188,643 293,694 316,719 -Other companies 2,041,935 2,145,070 994,495 1,289,470 Short-term loans to related companies (Notes 5 and 8) 365,822 380,793 391,893 407,961 Inventories - net 860,813 1,314,970 501,297 910,772 Other current assets (Note 5) 403,672 423,490 352,096 301,748 Total Current Assets 5,440,063 5,645,785 3,787,937 4,067,725 INVESTMENTS AND LOANS Long-term investments in subsidiaries and associated companies (Notes 5 and 7) 1,141,850 1,250,556 2,298,219 2,251,724 Long-term investments in related and other companies - net (Notes 3, 5 and 7) Available - for sale securities - net 2,211,769 869,038 2,211,769 869,038 General investments - net 758,355 648,471 640,132 588,473 Long-term loans to related companies (Notes 5 and 8) 410,670 375,000 375,000 375,000 Total Investments and Loans 4,522,644 3,143,065 5,525,120 4,084,235 PROPERTY AND EQUIPMENT - net of accumulated depreciation 1,962,714 2,120,119 638,155 698,516 OTHER ASSETS Deferred income tax 1,403,789 1,462,624 1,401,838 1,462,624 Others (Note 2) 743,278 742,498 110,430 146,723 Total Other Assets 2,147,067 2,205,122 1,512,268 1,609,347 TOTAL ASSETS 14,072,488 13,114,091 11,463,480 10,459,823 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated August 6, 1999) "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS JUNE 30, 1999 AND 1998 LIABILITIES AND SHAREHOLDERS' EQUITY In Thousand Baht Consolidated The Company 1999 1998 1999 1998 CURRENT LIABILITIES Bank overdrafts and loans from financial institutions 1,443,403 1,483,744 590,767 651,893 Accounts payable - trade -Related companies (Note 5) 208,192 227,017 109,492 115,437 -Other companies 511,901 715,823 180,814 252,921 Current portion of advance received from customers 366,816 322,704 254,373 199,047 Current portion of long-term loans 58,500 104,537 - - Short-term loans from director 11,442 - - - Short-term loan and advance from related companies (Notes 5 and 9) 19,251 25,095 - - Other current liabilities (Note 5) 716,969 345,157 409,932 133,416 Total Current Liabilities 3,336,474 3,224,077 1,545,378 1,352,714 LONG-TERM LOANS - Net of Current Portion 296,084 290,775 - - EURO CONVERTIBLE BONDS (Note 10) 7,585,185 8,730,889 7,585,185 8,730,889 ADVANCE RECEIVED FROM CUSTOMERS - Net of Current Portion 212,873 213,586 - - EMPLOYEES' PROVIDENT FUND 69,023 69,135 51,347 59,847 OTHER LIABILITIES (Note 10) 1,337,033 1,129,661 1,319,438 1,112,512 Total Liabilities 12,836,672 13,658,123 10,501,348 11,255,962 "UNAUDITED" "REVIEWED" - 2 - LIABILITIES AND SHAREHOLDERS' EQUITY (CONTINUED) In Thousand Baht Consolidated The Company 1999 1998 1999 1998 MINORITY INTEREST IN SUBSIDIARIES 416,229 368,802 - - SHAREHOLDERS' EQUITY Share capital - common share Baht 10 par value Authorized - 52,000,000 shares (Note 10) 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 205,482 205,482 205,482 205,482 Retained earnings (deficit) Appropriated for reserve fund 52,000 52,000 52,000 52,000 Deficit ( 1,565,186) ( 2,118,141) ( 1,422,641) ( 2,001,446) Excess (lower) from change in value of available-for-sale securities (Notes 3 and 7) 408,488 ( 934,244) 408,488 ( 934,244) Cumulative translation adjustments ( 166,197) ( 2,931) ( 166,197) ( 2,931) Shareholders' Equity - Net 819,587 ( 912,834) 962,132 ( 796,139) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 14,072,488 13,114,091 11,463,480 10,459,823 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated August 6, 1999) "UNAUDITED" "REVIEWED" LOXLEY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 In Thousand Baht Consolidated The Company 1999 1998 1999 1998 REVENUES (Note 5) Sales of products and services 1,940,593 1,786,758 734,933 797,572 Fees and other income 102,443 321,609 92,170 172,429 Equity in results of operations of subsidiaries-net - - 21,317 103,533 Equity in results of operations of associated companies-net 89,039 31,963 89,039 31,963 Total Revenues 2,132,075 2,140,330 937,459 1,105,497 COSTS AND EXPENSES (Note 5) Cost of sales and services 1,415,503 1,361,656 549,450 688,939 Selling and administrative expenses 448,982 537,170 181,172 206,253 Interest expense 115,425 69,108 70,029 16,298 Directors' remuneration 1,035 660 540 495 Other expenses (Note 10) 94,576 221,601 97,001 224,843 Total Costs and Expenses 2,075,521 2,190,195 898,192 1,136,828 Income (Loss) Before Gain (Loss) on Exchange Rates, Income Tax and Minority Interest in Net (Income) Loss of Subsidiaries 56,554 ( 49,865) 39,267 ( 31,331) Gain (loss) on exchange rates (Note 11) 195,501 ( 759,788) 189,116 ( 774,830) Income tax ( 48,008) 265,590 ( 31,143) 282,191 Add (less) Minority Interest in Net (Income) Loss of Subsidiaries ( 14,462) 5,579 - - NET INCOME (LOSS) 189,585 ( 538,484) 197,240 ( 523,970) Earnings (loss) per Share (In Baht) (Note 4) - Basic earnings (loss) per share 4.74 ( 13.46 ) 4.93 ( 13.10 ) - Diluted earnings per share 3.15 2.75 3.30 3.04 See accompanying Notes to Interim Financial Statements. (With Mr. Vichien Thamtrakul's report dated August 6, 1999) (More)