F/S OF EGCOMP 1998

Statements of income (loss) for the years ended December 31, 1998 and 1997 Notes Consolidation 1998 1997 (Baht) (Baht) REVENUES Sales 3 8,765,772,167 7,677,108,082 Service income 36,526,202 31,517,101 Other income Interest income 1,328,057,408 1,004,773,011 Others 103,283,698 153,957,533 TOTAL REVENUES 10,233,639,475 8,867,355,727 EXPENSES Cost of sales 3 3,613,794,940 2,933,932,009 Cost of services 63,494,741 48,226,628 Administrative expenses 452,754,038 470,770,909 Interest expenses 3,301,690,437 3,181,068,138 Other expenses 16 (3,231,544,438) 447,771,075 Directors' remuneration 15,822,900 17,938,731 TOTAL EXPENSES 4,216,012,618 7,099,707,490 Net income (loss) before share of profits (losses) from subsidiaries and associates, income tax and extraordinary item 6,017,626,857 1,767,648,237 Share of profits (losses) from subsidiaries and associates 72,812,258 - Income tax (26,254,771) - Minority interest 4,852,777 3,525,304 Net income (loss) before extraordinary item 6,069,037,121 1,771,173,541 Extraordinary item : 17 Exchange losses - (7,235,082,720) NET INCOME (LOSS) FOR THE YEAR 6,069,037,121 (5,463,909,179) EARNINGS (LOSS) PER SHARE Net income (loss) before extraordinary item 11.62 3.40 Extraordinary item - (13.89) Net income (loss) 11.62 (10.49) The notes to the financial statements on pages 9 to 27 form an integral part of these financial statements. 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Electricity Generating Public Company Limited and its subsidiaries Page 5 Statements of change in shareholders' equity for the years ended December 31, 1998 and 1997 The company only 1998 1997 (Baht) (Baht) SHARE CAPITAL Balance brought forward 5,212,338,000 5,200,000,000 Increase 14,754,000 12,338,000 Balance carried forward 5,227,092,000 5,212,338,000 SHARE PREMIUM Balance brought forward 8,496,676,000 8,472,000,000 Increase 29,508,000 24,676,000 Balance carried forward 8,526,184,000 8,496,676,000 LEGAL RESERVE Balance brought forward 19,792,680 19,792,680 Increase 82,850,718 - Balance carried forward 102,643,398 19,792,680 Unappropriated retained earnings (accumulated deficit) Balance brought forward (4,412,022,769) 2,111,092,873 Net income (loss) for the year 6,069,037,121 (5,463,909,179) Dividend - (1,040,000,000) Legal reserve (82,850,718) - Directors' bonus - (19,206,463) Balance carried forward 1,574,163,634 (4,412,022,769) Total shareholders' equity 15,430,083,032 9,316,783,911 The notes to the financial statements on pages 9 to 27 form an integral part of these financial statements. 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Electricity Generating Public Company Limited and its subsidiaries Page 6 Statements of change in shareholders' equity for the years ended December 31, 1998 and 1997 Consolidation 1998 1997 (Baht) (Baht) SHARE CAPITAL Balance brought forward 5,212,338,000 5,200,000,000 Increase 14,754,000 12,338,000 Balance carried forward 5,227,092,000 5,212,338,000 SHARE PREMIUM Balance brought forward 8,496,676,000 8,472,000,000 Increase 29,508,000 24,676,000 Balance carried forward 8,526,184,000 8,496,676,000 LEGAL RESERVE Balance brought forward 19,792,680 19,792,680 Balance carried forward 82,850,718 - 102,643,398 19,792,680 Unappropriated retained earnings (accumulated deficit) Balance brought forward (4,412,022,769) 2,111,092,873 Net income (loss) for the year 6,069,037,121 (5,463,909,179) Dividend - (1,040,000,000) Legal reserve (82,850,718) - Directors' bonus - (19,206,463) Balance carried forward 1,574,163,634 (4,412,022,769) Total shareholders' equity 15,430,083,032 9,316,783,911 The notes to the financial statements on pages 9 to 27 form an integral part of these financial statements. 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Electricity Generating Public Company Limited and its subsidiaries Page 7 Statements of cash flows For the years ended December 31, 1998 and 1997 The company only 1998 1997 (Baht) (Baht) Cash flows from operating activities : Net income (loss) before extraordinary item 6,069,037,121 (5,463,909,179) Adjustments to reconcile net income (loss) before extraordinary item to net cash Unrealised gain on exchange rate - - Depreciation and amortisation 13,271,187 10,250,935 Loss from disposal of marketable securities - 379,785,824 Share of (profits) losses from subsidiary and associated companies (5,813,410,719) 5,407,826,667 Reserve for diminution of investments (14,945,741) (41,106,202) Others 24,650 19,601 Cash flows before changes in working capital 253,976,498 292,867,646 Changes in working capital : Deposits at banks and financial institutions used as collateral - - Accounts receivable - trade - - Advance and Loans to associated companies (24,365,311) (3,823,855) Spare parts and supplies - - Other current assets 187,963,366 (248,819,745) Other assets 24,666,896 (2,374,317) Accounts payable - trade - - Amounts due to related Companies - (4,001,043) Other current liabilities 129,027,614 (58,204,324) Net cash flows before Extraordinary item 571,269,063 (24,355,638) Extraordinary item realised exchange losses - - Net cash provided by (used in) operating activities 571,269,063 (24,355,638) The notes to the financial statements on pages 9 to 27 form an integral part of these financial statements. 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Consolidation 1998 1997 (Baht) (Baht) Cash flows from operating activities : Net income (loss) before extraordinary item 6,069,037,121 1,771,173,541 Adjustments to reconcile net income (loss) before extraordinary item to net cash Unrealised gain on exchange rate (4,140,541,200) - Depreciation and amortisation 1,752,718,693 1,735,986,503 Loss from disposal of marketable securities - 379,785,824 Share of (profits) losses from subsidiary and associated companies - - Reserve for diminution of investments (14,945,741) (41,106,202) Others 1,318,062 7,148,180 Cash flows before changes in working capital 3,667,586,935 3,852,987,846 Changes in working capital : Deposits at banks and financial institutions used as collateral (1,592,768,504) (2,426,430,117) Accounts receivable - trade (338,607,208) 334,622,454 Advance and Loans to associated companies (49,791,959) (3,847,857) Spare parts and supplies 61,084,980 (251,889,590) Other current assets 305,729,686 (297,769,939) Other assets (1,432,054) (55,478,869) Accounts payable - trade (109,689,800) 92,544,486 Amounts due to related Companies 72,074,087 - Other current liabilities (43,400,006) 195,475,264 Net cash flows before Extraordinary item 1,970,786,157 1,450,213,681 Extraordinary item realised exchange losses - 8,515,171 Net cash provided by (used in) operating activities 1,970,786,157 1,458,728,852 Electricity Generating Public Company Limited and its subsidiaries Page 8 Statements of cash flows For the years ended December 31, 1998 and 1997 The company only 1998 1997 (Baht) (Baht) Cash flows from investing activities : Purchase of property, plant and equipment (373,087,044) (130,872,607) Investments in fixed deposits at banks 625,000 (625,000) Investments in marketable securities 28,810,146 620,479,649 Investments in and loans to subsidiary, associated and other companies (822,050,000) 430,712,683 Dividend from a subsidiary 27,618,687 - Net cash provided by (used in) investing activities (1,138,083,211) 919,694,725 Cash flows from financing activities : Repayment of long-term loans and debentures - - Increase in share capital 44,262,000 37,014,000 Payment of dividends - (1,030,963,643) Minority interest - - Net cash provided by (used in) financing activities 44,262,000 (993,949,643) Net change in cash and cash equivalents (522,552,148) (98,610,556) Cash and cash equivalents, beginning of year 2,664,278,118 2,762,888,674 Cash and cash equivalents, end of year 2,141,725,970 2,664,278,118 Cash and cash equivalents are made up as follows : Cash in hand and at banks 975,525,756 28,107,620 Short-term investments 1,166,200,214 2,636,170,498 2,141,725,970 2,664,278,118 Additional information : Interest paid - - Income tax paid 61,253,169 Consolidation 1998 1997 (Baht) (Baht) Cash flows from investing activities : Purchase of property, plant and equipment (466,497,891) (306,219,701) Investments in fixed deposits at banks 38,346,428 (38,346,428) Investments in marketable securities 136,079,426 620,479,649 Investments in and loans to subsidiary, associated and other companies (771,359,057) (132,608,788) Dividend from a subsidiary - - Net cash provided by (used in) investing activities (1,063,431,094) 143,304,732 Cash flows from financing activities : Repayment of long-term loans and debentures (1,683,534,600) (977,466,859) Increase in share capital 44,262,000 37,014,000 Payment of dividends - (1,030,963,643) Minority interest 13,034,433 36,374,748 Net cash provided by (used in) financing activities (1,626,238,167) (1,935,041,754) Net change in cash and cash equivalents (718,883,104) (333,008,170) Cash and cash equivalents, beginning of year 3,180,883,254 3,513,891,424 Cash and cash equivalents, end of year 2,462,000,150 3,180,883,254 Cash and cash equivalents are made up as follows : Cash in hand and at banks 1,044,418,442 112,482,588 Short-term investments 1,417,581,708 3,068,400,666 2,462,000,150 3,180,883,254 Additional information : Interest paid 3,327,696,577 3,138,600,337 Income tax paid 113,893,202 The notes to the financial statements on pages 9 to 27 form an integral part of these financial statements. Auditor's report page 1. Electricity Generating Public Company Limited and its subsidiaries Page 9 (More)