F/S Q1-1999 EGCOMP

AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS To the Shareholders of Electricity Generating Public Company Limited I have performed a review of the accompanying company and consolidated balance sheets of Electricity Generating Public Company Limited as at March 31, 1999 and 1998, and the related company and consolidated statements of income, changes in shareholders' equity and the statements of cash flows for the three-month periods then ended. These financial statements are the responsibility of the Company's management. My responsibility is to issue a report on these financial statements based on my review. I conducted my review in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of interim company and consolidated financial statements consists principally of obtaining an understanding of the system for the preparation of the financial statements, making an analytical review of pertinent financial data, and making inquiries of officials of the company who have responsibility for financial and accounting matters. This review 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 express no opinion on the financial statements which I have reviewed. Based on my review, I am not aware of any material modifications that should be made to the aforementioned interim company and consolidated financial statements for them to be in conformity with generally accepted accounting principles. As described in note 3 to the financial statements, the company has changed its accounting policy in respect of valuation of investments to be in accordance with the accounting standard number 40. NANGNOI CHAROENTHAVEESUB Certified Public Accountant (Thailand) No. 3044 PricewaterhouseCoopers ABAS Limited Bangkok April 23, 1999 The accompanying financial statements are not intended to present the financial position, results of operations, and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand. Unaudited Reviewed Electricity Generating Public Company Limited Page 2 Balance sheets as at March 31, 1999 and 1998 Notes The company only 1999 1998 ASSETS (Baht'000) (Baht'000) Current assets Cash in hand and at banks 755,689 44,278 Short-term investments Deposits at banks and financial institutions 1,357,658 2,761,698 Marketable securities 235,916 266,999 Deposits at banks and financial institutions used as collateral 6,8,9 - - Account receivable-trade 5 - - Dividend receivable from subsidiaries 1,057,506 - Short-term loan and Advances to associated companies 5 40,176 1,167 Spare parts and supplies, net - - Other current assets Interest receivable 28,809 51,586 Others 76,741 70,918 Total current assets 3,552,495 3,196,646 Deposits at financial institutions - - Deposits at financial institutions used as collateral 6,8 - - Investments in and Loan to subsidiary, associated and other companies 7 11,850,426 9,383,630 Property, plant and equipment, net 8,9 883,823 560,619 Other assets, net 8,665 10,280 TOTAL ASSETS 16,295,409 13,151,175 Notes The Consolidation 1999 1998 ASSETS (Baht'000) (Baht'000) Current assets Cash in hand and at banks 837,373 64,283 Short-term investments Deposits at banks and financial institutions 1,823,672 2,938,443 Marketable securities 156,745 154,607 Deposits at banks and financial institutions used as collateral 6,8,9 6,861,798 5,605,068 Account receivable-trade 5 1,585,011 2,154,923 Dividend receivable from subsidiaries - - Short-term loan and Advances to associated companies 5 50,857 14,410 Spare parts and supplies, net 1,820,470 2,023,282 Other current assets Interest receivable 89,630 157,347 Others 302,951 180,408 Total current assets 13,528,507 13,292,771 Deposits at financial institutions 54,695 54,695 Deposits at financial institutions used as collateral 6,8 3,680,069 2,279,619 Investments in and Loan to subsidiary, associated and other companies 7 1,169,341 288,852 Property, plant and equipment, net 8,9 28,306,982 29,487,104 Other assets, net 702,834 872,476 TOTAL ASSETS 47,442,428 46,275,517 The notes to the financial statements on pages 7 to 21 form an integral part of these financial statements. Auditor's report page 1 Notes The company only 1999 1998 LIABILITIES AND SHAREHOLDERS' EQUITY (Baht'000) (Baht'000) Current liabilities Accounts payable 5 - - Current portion of long-term loans and debentures 8,9 - - Amounts due to related companies - - Other current liabilities Accrued interest - - VAT payable - - Others 112,819 50,097 Total current liabilities 112,819 50,097 Long-term loans 8 - - Debentures 9 - - TOTAL LIABILITIES 112,819 50,097 MINORITY INTEREST - - Shareholders' equity Share capital 5,228,092 5,213,271 Share premium 8,528,184 8,498,542 Unrealised gain on investment revaluation 48,155 - Legal reserve 102,643 19,793 Retained earnings (accumulated deficit) 2,275,516 (630,528) TOTAL SHAREHOLDERS' EQUITY 16,182,590 13,101,078 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16,295,409 13,151,175 Notes The Consolidation 1999 1998 LIABILITIES AND SHAREHOLDERS' EQUITY (Baht'000) (Baht'000) Current liabilities Accounts payable 5 166,975 110,327 Current portion of long-term loans and debentures 8,9 2,190,462 1,413,380 Amounts due to related companies 16,267 - Other current liabilities Accrued interest 798,720 841,532 VAT payable 183,947 262,620 Others 204,567 198,275 Total current liabilities 3,560,938 2,826,134 Long-term loans 8 18,489,870 20,210,828 Debentures 9 9,160,466 10,096,577 TOTAL LIABILITIES 31,211,274 33,133,539 MINORITY INTEREST 48,564 40,900 Shareholders' equity Share capital 5,228,092 5,213,271 Share premium 8,528,184 8,498,542 Unrealised gain on investment revaluation 48,155 - Legal reserve 102,643 19,793 Retained earnings (accumulated deficit) 2,275,516 (630,528) TOTAL SHAREHOLDERS' EQUITY 16,182,590 13,101,078 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 47,442,428 46,275,517 Director Date April 23, 1999 Unaudited Reviewed Electricity Generating Public Company Limited Page 3 Statements of income for the three-month periods ended March 31, 1999 and 1998 Notes The company only 1999 1998 (Baht'000) (Baht'000) REVENUES Sales 5 - - Service income - - Other income Interest income 35,247 103,762 Other 133,913 40,525 TOTAL REVENUES 169,160 144,287 EXPENSES Cost of sales 5,10 - - Cost of services - - Administrative expenses 41,589 43,062 Interest expenses - - Currency exchange losses (gains) 11 - - Directors' remuneration 1,499 1,528 TOTAL EXPENSES 43,088 44,590 Net income before share of profits (losses) from subsidiaries and associated companies and income tax 126,072 99,697 Share of profits (losses) from subsidiaries and associated companies 599,568 3,681,798 Income tax (11,938) - Minority interest - - NET INCOME FOR THE PERIOD 713,702 3,781,495 EARNINGS PER SHARE Net income (Baht) 1.36 7.25 Notes The Consolidation 1999 1998 (Baht'000) (Baht'000) REVENUES Sales 5 2,152,734 2,536,748 Service income 18,466 7,643 Other income Interest income 175,432 314,838 Other 146,038 45,658 TOTAL REVENUES 2,492,670 2,904,887 EXPENSES Cost of sales 5,10 646,692 733,822 Cost of services 15,457 18,447 Administrative expenses 108,165 112,584 Interest expenses 743,921 888,812 Currency exchange losses (gains) 11 228,878 (2,631,631) Directors' remuneration 3,804 4,383 TOTAL EXPENSES 1,746,917 (873,583) Net income before share of profits (losses) from subsidiaries and associated companies and income tax 745,753 3,778,470 Share of profits (losses) from subsidiaries and associated companies (20,961) - Income tax (11,938) - Minority interest 848 (3,025) NET INCOME FOR THE PERIOD 713,702 3,781,495 EARNINGS PER SHARE Net income (Baht) 1.36 7.25 The notes to the financial statements on pages 7 to 21 form an integral part of these financial statements. Auditor's report page 1 Unaudited Reviewed Electricity Generating Public Company Limited Page 4 Statements of changes in shareholders' equity for the three-month periods ended March 31, 1999 and 1998 The company only 1999 1998 (Baht'000) (Baht'000) Share capital Balance brought forward 5,227,092 5,212,338 Increase 1,000 933 Balance carried forward 5,228,092 5,213,271 Share premium Balance brought forward 8,526,184 8,496,676 Increase 2,000 1,866 Balance carried forward 8,528,184 8,498,542 Unrealised gain on investment revaluation Balance brought forward - - Increase 48,155 - Balance carried forward 48,155 - Legal reserve Balance brought forward 102,643 19,793 Balance carried forward 102,643 19,793 Unappropriated retained earnings (accumulated deficit) Balance brought forward 1,574,164 (4,412,023) Net income for the period 713,702 3,781,495 Directors' bonus of company and subsidiaries (12,350) - Balance carried forward 2,275,516 (630,528) Total shareholders' equity 16,182,590 13,101,078 The Consolidation 1999 1998 (Baht'000) (Baht'000) Share capital Balance brought forward 5,227,092 5,212,338 Increase 1,000 933 Balance carried forward 5,228,092 5,213,271 Share premium Balance brought forward 8,526,184 8,496,676 Increase 2,000 1,866 Balance carried forward 8,528,184 8,498,542 Unrealised gain on investment revaluation Balance brought forward - - Increase 48,155 - Balance carried forward 48,155 - Legal reserve Balance brought forward 102,643 19,793 Balance carried forward 102,643 19,793 Unappropriated retained earnings (accumulated deficit) Balance brought forward 1,574,164 (4,412,023) Net income for the period 713,702 3,781,495 Directors' bonus of company and subsidiaries (12,350) - Balance carried forward 2,275,516 (630,528) Total shareholders' equity 16,182,590 13,101,078 The notes to the financial statements on pages 7 to 21 form an integral part of these financial statements. Auditor's report page 1 Unaudited Reviewed Electricity Generating Public Company Limited Page 5 Statements of cash flows for the three-month periods ended March 31, 1999 and 1998 The company only 1999 1998 (Baht'000) (Baht'000) Cash flows from operating activities : Net income for the period 713,702 3,781,495 Adjustments to reconcile net income to net cash Unrealised losses (gains) on exchange rate - - Depreciation and amortisation 3,417 3,735 Gains from disposal of marketable securities (46,651) (38,737) Shares of losses (profits) from subsidiary and associated companies (599,568) (3,681,797) Cash flows before changes in working capital 70,900 64,696 Changes in working capital : Deposits at banks and financial institutions used as collateral - - Account receivable - trade - - Advance and Loans to associated companies (10,371) 4,272 Spare parts and supplies - - Other current assets (10,503) 185,085 Other assets 533 23 Accounts payable - trade - - Amounts due to related companies - - Other current liabilities (57,740) 8,565 Net cash provided by (used in) operating activities (7,181) 262,641 Consolidation 1999 1998 (Baht'000) (Baht'000) Cash flows from operating activities : Net income for the period 713,702 3,781,495 Adjustments to reconcile net income to net cash Unrealised losses (gains) on exchange rate 235,120 (2,602,920) Depreciation and amortisation 434,282 431,545 Gains from disposal of marketable securities (46,651) (38,737) Shares of losses (profits) from subsidiary and associated companies 20,961 - Cash flows before changes in working capital 1,357,414 1,571,383 Changes in working capital : Deposits at banks and financial institutions used as collateral (1,132,609) (1,044,674) Account receivable - trade (261,765) (1,170,193) Advance and Loans to associated companies (603) (14,410) Spare parts and supplies (36,147) (176,553) Other current assets (72,659) 283,917 Other assets 23 (59,047) Accounts payable - trade (92,477) (203,578) Amounts due to related companies (828) 34,647 Other current liabilities 562,496 623,024 Net cash provided by (used in) operating activities 322,845 (155,484) The notes to the financial statements on pages 7 to 21 form an integral part of these financial statements. Auditor's report page 1 Unaudited Reviewed Electricity Generating Public Company Limited Page 6 Statements of cash flows for the three-month periods ended March 31, 1999 and 1998 continued The company only 1999 1998 (Baht'000) (Baht'000) Cash flows from investing activities : Purchase of property, plant and equipment (37,885) (75,964) Investments in marketable securities 113,687 34,940 Investments in and loans to subsidiary, associated and other companies (100,000) (83,343) Net cash provided by (used in) investing activities (24,198) (124,367) Cash flows from financing activities : Increase in share capital 3,000 2,799 Minority interest - - Net cash provided by (used in) financing activities 3,000 2,799 Net change in cash and cash equivalents (28,379) 141,073 Cash and cash equivalents, beginning of period 2,141,726 2,664,903 Cash and cash equivalents, end of period 2,113,347 2,805,976 Cash and cash equivalents are made up as follows : Cash in hand and at banks 755,689 44,278 Short-term investments 1,357,658 2,761,698 2,113,347 2,805,976 Additional information : Interest paid - - Income tax paid 9,748 - Consolidation 1999 1998 (Baht'000) (Baht'000) Cash flows from investing activities : Purchase of property, plant and equipment (79,850) (83,629) Investments in marketable securities 113,687 34,940 Investments in and loans to subsidiary, associated and other companies (164,890) (19,649) Net cash provided by (used in) investing activities (131,053) (68,338) Cash flows from financing activities : Increase in share capital 8,100 2,799 Minority interest (848) 4,523 Net cash provided by (used in) financing activities 7,252 7,322 Net change in cash and cash equivalents 199,044 (216,500) Cash and cash equivalents, beginning of period 2,462,001 3,219,226 Cash and cash equivalents, end of period 2,661,045 3,002,726 Cash and cash equivalents are made up as follows : Cash in hand and at banks 837,373 64,283 Short-term investments 1,823,672 2,938,443 2,661,045 3,002,726 Additional information : Interest paid 370,096 475,817 Income tax paid 9,748 - The notes to the financial statements on pages 7 to 21 form an integral part of these financial statements. Auditor's report page 1 Unaudited Reviewed (more)