F/S THE SECOND QUARTER 1998 EGCOMP

Report of the auditors to the shareholders of Electricity Generating Public Company Limited We have performed a review of the balance sheet of Electricity Generating Public Company Limited and the consolidated balance sheet of Electricity Generating Public Company Limited and its subsidiaries as at June 30, 1998, and the related statements of income (loss) and change in shareholders' equity for the second quarter and the six-month period then ended, and the related consolidated statements of income (loss) and change in shareholders' equity for the second quarter and the six-month period then ended, in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of interim financial information consists principally of obtaining and understanding of the system for the preparation of interim financial information, 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, we do not express such an opinion. The interim financial statements and consolidated financial statements for the second quarter and the six-month period ended June 30, 1997, which are presented for comparative purpose, were reviewed by another auditor, whose report thereon was dated July 24, 1997. Based on our review, we are not aware of any other material modifications that should be made to the aforementioned financial statements for them to be in conformity with generally accepted accounting principles. NANGNOI CHAROENTHAVEESUB Certified Public Accountant (Thailand) No. 3044 PRICEWATERHOUSECOOPERS (THAILAND) CO., LTD. July 24, 1998 Electricity Generating Public Company Limited and its subsidiaries Balance sheets as at June 30, 1998 and 1997 Notes Consolidation The company only 1998 1997 1998 1997 (Baht'000) (Baht'000) (Baht'000) (Baht'000) ASSETS Current assets Cash in hand and at banks 42,850 114,934 33,035 36,716 Short-term investments Deposits at banks and financial institutions 3,043,910 2,241,695 2,816,693 1,698,824 Deposits at banks and financial institutions used as collateral 7 5,690,015 3,421,430 - - Marketable securities 89,823 1,770,929 199,726 1,770,929 Account receivable-trade 1,703,709 1,367,443 - - Advance to related companies 4 23,845 - 1,139 5,815 Spare parts and supplies, net 2,002,499 1,776,077 - - Other current assets Interest receivable 156,850 52,848 59,015 21,995 Prepaid expenses 89,299 44,472 36,103 10,846 Others 120,117 180,109 92,606 10,788 Total current assets 12,962,917 10,969,937 3,238,317 3,555,913 Deposits at financial institutions 54,695 - - - Deposits at financial institutions used as collateral 5 2,788,099 1,043,465 - - Investments in subsidiary, associated and other companies 6 372,659 246,223 9,026,435 12,091,866 Property, plant and equipment, net 7,8 29,143,910 30,431,138 603,182 404,725 Other assets Deferred organisation expenses, 401,462 413,054 1,577 3,830 management fee and others Deferred advisory fee 417,858 475,443 - - Others 48,390 9,245 15,824 6,775 TOTAL ASSETS 46,189,990 43,588,505 12,885,335 16,063,109 The notes on pages 5 to 15 form an integral part of the financial statements. Auditors' report page 1. Unaudited Reviewed Page 2 Notes Consolidation The company only 1998 1997 1998 1997 (Baht'000) (Baht'000) (Baht'000) (Baht'000) LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 4 119,875 179,335 - - Current portion of long-term loans and debentures 7,8 1,572,787 1,098,397 - - Other current liabilities Interest payable 153,183 115,371 - - VAT payable 114,522 129,903 - - Others 470,366 186,053 50,402 86,593 Total current liabilities 2,430,733 1,709,059 50,402 86,593 Long-term loans 7 20,909,732 15,482,789 - - Debentures 8 9,968,802 10,420,138 - - TOTAL LIABILITIES 33,309,267 27,611,986 50,402 86,593 MINORITY INTEREST 45,790 3 - - Shareholders' equity Share capital 5,227,092 5,212,338 5,227,092 5,212,338 Share premium 8,526,184 8,496,676 8,526,184 8,496,676 Legal reserve 19,793 19,793 19,793 19,793 Retained earnings (accumulated deficit) (938,136) 2,247,709 (938,136) 2,247,709 TOTAL SHAREHOLDERS' EQUITY 12,834,933 15,976,516 12,834,933 15,976,516 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 46,189,990 43,588,505 12,885,335 16,063,109 Director Date July 24, 1998 Electricity Generating Public Company Limited and its subsidiaries Statements of income (loss) for the second quarter and the six-month period ended June 30, 1998 and 1997 Notes Consolidation 1998 1997 second quarter six-month second quarter six-month (Baht'000) (Baht'000) (Baht'000) (Baht'000) REVENUES Sales 4 2,269,637 4,806,385 1,888,079 3,745,583 Service income 8,525 16,167 4,331 4,749 Other income Interest income 396,897 711,735 238,079 458,601 Others 40,410 85,944 58,779 69,623 TOTAL REVENUES 2,715,469 5,620,231 2,189,268 4,278,556 EXPENSES Cost of sales 4,9 1,010,890 1,748,387 582,252 1,192,624 Cost of services 11,695 30,141 2,187 3,483 Administrative expenses 120,950 229,624 172,616 300,630 Interest expenses 829,329 1,718,141 713,520 1,430,399 Currency exchange losses (gains) 10 1,046,822 (1,584,809) (62,087) 67,985 Directors' remuneration 3,772 8,266 3,696 7,005 TOTAL EXPENSES 3,023,458 2,149,750 1,412,184 3,002,126 Net income (loss) before share of profits (losses) from subsidiaries and income tax (307,989) 3,470,481 777,084 1,276,430 Share of profits (losses) from subsidiaries - - - - Income tax - - 41,755 80,607 Minority interest (381) (3,406) - - NET INCOME (LOSS) FOR THE PERIOD (307,608) 3,473,887 735,329 1,195,823 EARNINGS (LOSS) PER SHARE Net income (loss) (Baht) (0.59) 6.65 1.41 2.30 The notes on pages 5 to 15 form an integral part of the financial statements. Auditors' report page 1. Unaudited Reviewed Page 3 Statements of income(loss) cont. The company only 1998 1997 second quarter six-month second quarter six-month (Baht'000) (Baht'000) (Baht'000) (Baht'000) - - - - - - - - Interest income 128,089 231,851 83,334 174,865 others 38,394 78,919 42,928 62,234 TOTAL REVENUES 166,483 310,770 126,262 237,099 - - - - - - - - Administrative expenses 54,273 97,335 89,507 154,738 - - - - - - - - Directors'remuneration 1,242 2,770 1,466 2,866 TOTAL EXPENSES 55,515 100,105 90,973 157,604 Net income(loss) before share of profits (losses)from subsidiaries and tax 110,968 210,665 35,289 79,495 Share of profits(losses)from subsidiaries (418,576) 3,263,222 711,176 1,145,109 Income tax - - 11,136 28,781 - - - - NET INCOME(LOSS) FOR THE PERIOD (307,608) 3,473,887 735,329 1,195,823 EARNINGS (LOSS) PER SHARE (0.59) 6.65 1.41 2.30 Electricity Generating Public Company Limited and its subsidiaries Statements of change in shareholders' equity for the second quarter and the six-month period ended June 30, 1998 and 1997 The consolidation 1998 1997 second quarter six-month second quarter six-month (Baht'000) (Baht'000) (Baht'000) (Baht'000) SHARE CAPITAL Balance brought forward 5,213,271 5,212,338 5,200,000 5,200,000 Increase 13,821 14,754 12,338 12,338 Balance carried forward 5,227,092 5,227,092 5,212,338 5,212,338 SHARE PREMIUM Balance brought forward 8,498,542 8,496,676 8,472,000 8,472,000 Increase 27,642 29,508 24,676 24,676 Balance carried forward 8,526,184 8,526,184 8,496,676 8,496,676 LEGAL RESERVE Balance brought forward 19,793 19,793 19,793 19,793 Balance carried forward 19,793 19,793 19,793 19,793 Unappropriated retained earnings (accumulated deficit) Balance brought forward (630,528) (4,412,023) 2,561,380 2,111,093 Net income (loss) for the period (307,608) 3,473,887 735,329 1,195,823 Dividend - - (1,040,000) (1,040,000) Directors' bonus - - (9,000) (19,207) Balance carried forward (938,136) (938,136) 2,247,709 2,247,709 Total shareholders' equity 12,834,933 12,834,933 15,976,516 15,976,516 The notes on pages 5 to 15 form an integral part of the financial statements. Auditors' report page 1. The company only 1998 1997 second quarter six-month second quarter six-month (Baht'000) (Baht'000) (Baht'000) (Baht'000) 5,213,271 5,212,338 5,200,000 5,200,000 13,821 14,754 12,338 12,338 5,227,092 5,227,092 5,212,338 5,212,338 8,498,542 8,496,676 8,472,000 8,472,000 27,642 29,508 24,676 24,676 8,526,184 8,526,184 8,496,676 8,496,676 19,793 19,793 19,793 19,793 19,793 19,793 19,793 19,793 (630,528) (4,412,023) 2,561,380 2,111,093 (307,608) 3,473,887 735,329 1,195,823 - - (1,040,000) (1,040,000) - - (9,000) (19,207) (938,136) (938,136) 2,247,709 2,247,709 12,834,933 12,834,933 15,976,516 15,976,516 (More)