TERIM FINANCIAL STATEMENT Q2-1999

Consolidation 1998 second quarter six-month (Baht'000) (Baht'000) Cash flows from operating activities : Net income (loss) for the period (307,608) 3,473,887 Adjustments to reconcile net income (loss) to net cash Unrealised losses (gains) on exchange rate 1,052,297 (1,558,955) Depreciation and amortisation 436,764 868,309 Gains from disposal of marketable securities (40,849) (79,586) Increase in LCM provision 14,598 14,598 Dividend received from other companies - (960) Shares of losses (profits) from subsidiary and associated companies - - Cash flows before changes in working capital 1,155,202 2,717,293 Changes in working capital : Deposits at banks and financial institutions used as collateral (249,684) (1,204,283) Account receivable - trade 450,590 (739,882) Advance and loans to associated companies (8,181) (5,783) Spare parts and supplies 20,783 (155,771) Other current assets (47,607) (10,541) Other assets (487) (544) Accounts payable - trade (2,375) (219,970) Other current liabilities (556,938) 164,196 Net cash provided by (used in) operating activities 761,303 544,715 The notes to the financial statements on pages 7 to 22 form an integral part of these statements. Auditor's report page 1 Unaudited Reviewed Electricity Generating Public Company Limited Page 6 Company and consolidated statements of cash flows for the second quarters and the six-month periods ended June 30, 1999 and 1998 continued The company only 1999 second quarter six-month (Baht'000) (Baht'000) Cash flows from investing activities : Purchase of property, plant and equipment (133,662) (171,547) Investments in marketable securities 18,802 132,490 Long-term investments - - Investments in and loans to subsidiaries, associates and others - (100,000) Dividend received from other companies 3,686 90,113 Dividend received from subsidiaries 1,057,506 1,057,506 Net cash provided by (used in) investing activities 946,332 1,008,562 Cash flows from financing activities : Increase in share capital 43,857 46,857 Repayment of long-term loans and debentures - - Dividend (619,901) (619,910) Minority interest - - Net cash provided by (used in) financing activities (576,044) (573,053) Net change in cash and cash equivalents 397,742 369,363 Cash and cash equivalents, beginning of period 2,113,347 2,141,726 Cash and cash equivalents, end of period 2,511,089 2,511,089 Cash and cash equivalents are made up as follows : Cash in hand and at banks 783,377 783,377 Short-term investments 1,727,712 1,727,712 2,511,089 2,511,089 Additional information : Interest paid - - Income tax paid 13,152 22,900 The company only 1998 second quarter six-month (Baht'000) (Baht'000) Cash flows from investing activities : Purchase of property, plant and equipment (45,318) (121,283) Investments in marketable securities 93,523 315,356 Long-term investments - - Investments in and loans to subsidiaries, associates and others (89,000) (172,500) Dividend received from other companies - 960 Dividend received from subsidiaries - - Net cash provided by (used in) investing activities (40,795) 22,533 Cash flows from financing activities : Increase in share capital 41,463 44,262 Repayment of long-term loans and debentures - - Dividend (25) 23 Minority interest - - Net cash provided by (used in) financing activities 41,438 44,285 Net change in cash and cash equivalents 43,752 184,825 Cash and cash equivalents, beginning of period 2,805,976 2,664,903 Cash and cash equivalents, end of period 2,849,728 2,849,728 Cash and cash equivalents are made up as follows : Cash in hand and at banks 33,035 33,035 Short-term investments 2,816,693 2,816,693 2,849,728 2,849,728 Additional information : Interest paid - - Income tax paid - - Consolidation 1999 second quarter six-month (Baht'000) (Baht'000) Cash flows from investing activities : Purchase of property, plant and equipment (151,625) (231,481) Investments in marketable securities 17,993 132,490 Long-term investments - (30,000) Investments in and loans to subsidiaries, associates and others (2,676) (112,367) Dividend received from other companies 3,686 90,113 Dividend received from subsidiaries - - Net cash provided by (used in) investing activities (132,622) (151,245) Cash flows from financing activities : Increase in share capital 43,857 46,857 Repayment of long-term loans and debentures (739,665) (730,506) Dividend (619,901) (619,910) Minority interest (1,682) (2,531) Net cash provided by (used in) financing activities (1,317,391) (1,306,090) Net change in cash and cash equivalents 288,150 487,195 Cash and cash equivalents, beginning of period 2,661,045 2,462,000 Cash and cash equivalents, end of period 2,949,195 2,949,195 Cash and cash equivalents are made up as follows : Cash in hand and at banks 732,467 732,467 Short-term investments 2,216,728 2,216,728 2,949,195 2,949,195 Additional information : Interest paid 1,373,312 1,446,040 Income tax paid 13,152 22,900 Consolidation 1998 second quarter six-month (Baht'000) (Baht'000) Cash flows from investing activities : Purchase of property, plant and equipment (65,314) (171,547) Investments in marketable securities 91,034 315,356 Long-term investments - - Investments in and loans to subsidiaries, associates and others (172,645) (281,947) Dividend received from other companies - 960 Dividend received from subsidiaries - - Net cash provided by (used in) investing activities (146,925) (137,178) Cash flows from financing activities : Increase in share capital 135,563 226,962 Repayment of long-term loans and debentures (665,503) (749,772) Dividend - - Minority interest (406) (3,384) Net cash provided by (used in) financing activities (530,346) (526,194) Net change in cash and cash equivalents 84,032 (118,657) Cash and cash equivalents, beginning of period 3,002,728 3,205,417 Cash and cash equivalents, end of period 3,086,760 3,086,760 Cash and cash equivalents are made up as follows : Cash in hand and at banks 42,850 42,850 Short-term investments 3,043,910 3,043,910 3,086,760 3,086,760 Additional information : Interest paid 1,591,305 1,701,216 Income tax paid - - The notes to the financial statements on pages 7 to 22 form an integral part of these statements. Auditor's report page 1 Unaudited Reviewed Electricity Generating Public Company Limited Page 7 Notes to the interim company financial statements and consolidated financial statements - June 30, 1999 Basis of preparation of the interim financial statements 1. The financial statements on pages 2 to 6 and the notes to the financial statements and the consolidated financial statements are unaudited and have been prepared from the accounting records of the company and its subsidiaries. In the opinion of Management, these interim financial statements present fairly the financial position and the results of its operations and changes in shareholders' equity of the company and its subsidiaries in conformity with generally accepted accounting principles. These interim financial statements should be read in conjunction with the financial statements and the consolidated financial statements for the year ended December 31, 1998. Principal accounting policies 2. A summary of significant accounting policies of the company and its subsidiaries, which have been applied consistently, is set out below. Basis of preparation The financial statements and the consolidated financial statements are prepared in accordance with and comply with accounting principles generally accepted in Thailand. Basis of consolidation The consolidated financial statements include the financial statements of the following subsidiaries : Percentage of holding 1999 1998 Rayong Electricity Generating Company Limited 99.99 99.99 Khanom Electricity Generating Company Limited 99.99 99.99 EGCO Engineering & Service Company Limited 99.99 99.99 EGCO Joint Ventures & Development 99.99 99.99 Company Limited EGCO Mining Company Limited 69.99 66.70 Intercompany transactions have been eliminated in the consolidated financial statements. Unaudited Reviewed Electricity Generating Public Company Limited Page 8 Notes to the interim company financial statements and consolidated financial statements - June 30, 1999 continued Investments in marketable securities Investments in marketable securities, which are available for sale, are stated at fair market value. Gains or losses on revaluation of the securities are charged directly to shareholders' equity and recognised as income or expense in the statements of income (loss) when such securities are sold. Fair market value is determined at the closing price of the Stock Exchange of Thailand at the balance sheet date. In the absence of such prices, fair value, which is derived from the net present value discounted at an appropriate rate of return, is applied instead. (More)