ANNUAL FINANCIAL STATEMENTS

AUDITORS REPORT To the Shareholders of Electricity Generating Public Company Limited I have audited the accompanying consolidated and company balance sheets of Electricity Generating Public Company Limited as at 31 December 2000 and 1999, and the related consolidated and company statements of income, changes in shareholders equity, and cash flows for the years then ended. These financial statements are the responsibility of the Companys management. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the consolidated and company financial statements present fairly, in all material respects, the consolidated and company financial position of Electricity Generating Plublic Company Limited as at 31 December 2000 and 1999, and the consolidated and company results of its operations, and the consolidated and company cash flows for the years then ended in accordance with generally accepted accounting principles. NANGNOI CHAROENTHAVEESUB Certified Public Accountant (Thailand) No. 3044 PricewaterhouseCoopers ABAS Limited Bangkok 23 February 2001 Consolidated Company Notes 2000 1999 2000 1999 Baht Baht Baht Baht ASSETS Current Assets Cash on hand and at banks 5 2,123,695,065 1,680,602,753 1,517,554,046 1,413,455,703 Short-term investments - Deposits at banks and financial institutions 6 3,035,736,237 6,662,914,308 2,103,533,931 6,121,494,262 - Marketable securities 7 12,766,575 95,477,840 84,108,855 171,630,680 Short-term investments used as collateral 8, 15, 16 - Deposits at banks and financial institutions 6,046,430,420 5,932,414,019 - - - Marketable securities 426,774,098 - - - Trade accounts receivable 4 1,704,299,095 1,448,836,835 - - Dividend receivable from subsidiaries - - 855,980,627 - Amounts due from and short-term loans to related companies 4 121,962,006 19,311,978 9,698,776 13,678,989 Spare parts and supplies, net 9 2,369,998,085 1,883,302,881 - - Other current assets - Interest receivable 165,454,160 111,539,328 10,216,291 50,648,224 - Others 213,477,438 222,653,727 95,189,732 102,731,292 Total Current Assets 16,220,593,179 18,057,053,669 4,676,282,258 7,873,639,150 Non-Current Assets Long-term investments - Deposits at financial institutions 10 50,073,851 48,312,333 - - Long-term investments used as collateral 8, 15 - Deposits at banks and financial institutions 2,633,033,921 3,740,991,262 - - - Marketable securities 1,729,746,099 - - - Loans to related companies 4 32,490,000 32,490,000 25,200,000 75,200,000 Investments in subsidiaries, joint ventures and associates 11 403,967,019 480,849,939 13,932,148,402 12,788,857,779 Other long-term investments 12 2,504,284,296 227,980,818 2,504,284,296 227,980,818 Property, plant, and equipment, net 13 30,106,898,791 27,271,455,014 939,223,178 998,015,877 Goodwill, net 14 946,975,249 - Other assets 15 483,592,394 38,956,014 26,100,476 19,971,829 Total Non-Current Assets 38,891,061,620 31,841,035,380 17,426,956,352 14,110,026,303 Total Assets 55,111,654,799 49,898,089,049 22,103,238,610 21,983,665,453 Director Consolidated Company Notes 2000 1999 2000 1999 Baht Baht Baht Baht LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Bank overdrafts and short-term loans 172,225,299 - - - Trade accounts payable 507,803,311 169,714,858 - - Current portion of long-term loans and debentures 16, 17 4,333,996,884 1,838,636,484 1,107,000,000 - Amounts due to related companies 21,178,242 - 28,880 4,721,312 Other current liabilities - Interest payable 229,246,590 220,141,383 78,630,107 78,904,109 - Value added tax payable 128,141,227 122,124,439 - - - Dividend payable 10,048,010 57,681,570 9,468,831 57,681,570 - Others 279,193,734 182,408,092 36,586,923 79,998,871 Total Current Liabilities 5,681,833,297 2,590,706,826 1,231,714,741 221,305,862 Non-Current Liabilities Long-term loans 16 20,596,847,306 17,011,984,198 - - Debentures 17 11,384,068,917 13,469,817,743 3,893,000,000 5,000,000,000 Other liabilities 1,040,000 6,750,360 - - Total Non-Current Liabilities 31,981,956,223 30,488,552,301 3,893,000,000 5,000,000,000 Total Liabilities 37,663,789,520 33,079,259,127 5,124,714,741 5,221,305,862 Shareholders Equity Share capital 19 Authorised share capital 5,300,000,000 5,300,000,000 5,300,000,000 5,300,000,000 Issued and paid-up share capital 5,243,971,000 5,242,711,000 5,243,971,000 5,242,711,000 Premium on share capital 19 8,559,942,000 8,557,422,000 8,559,942,000 8,557,422,000 Retained earnings Appropriated - Legal reserve 20 295,878,172 235,041,127 295,878,172 235,041,127 Unappropriated 2,874,510,361 2,686,041,146 2,874,510,361 2,686,041,146 Unrealised gain on investments in marketable securities avUailable-for-sales 118,627,107 41,144,318 118,627,107 41,144,318 Translation adjustments (114,404,771) - (114,404,771) - Minority Interest 18 469,341,410 56,470,331 - - Total Shareholders Equity 17,447,865,279 16,818,829,922 16,978,523,869 16,762,359,591 Total Liabilities and Shareholders Equity 55,111,654,799 49,898,089,049 22,103,238,610 21,983,665,453 Consolidated Company Notes 2000 1999 2000 1999 Baht Baht Baht Baht Revenues Sales 4 9,580,521,506 8,438,147,036 - - Service income 107,338,343 103,340,800 - - Other income - Interest income 776,715,394 718,445,839 192,435,662 172,612,745 - Others 21 86,080,380 191,794,953 62,613,537 183,838,879 Total revenues 10,550,655,623 9,451,728,628 255,049,199 356,451,624 Expenses Cost of sales 4, 22 3,311,871,372 2,686,829,271 - - Cost of services 67,258,008 89,084,325 - - Administrative expenses 1,092,448,038 886,926,728 687,442,730 294,512,754 Interest expenses 3,324,970,236 2,984,141,090 399,725,998 78,904,109 Currency exchange losses 1,477,680,306 240,625,476 - - Directors remuneration 11,293,500 18,479,700 7,224,000 7,027,200 Total expenses 9,285,521,460 6,906,086,590 1,094,392,728 380,444,063 Operating profit (loss) 1,265,134,163 2,545,642,038 (839,343,529) (23,992,439) Shares of profit (loss) from subsidiaries, joint ventures and associates (76,883,261) 8,457,958 2,056,084,428 2,671,947,009 Profit before tax 1,188,250,902 2,554,099,996 1,216,740,899 2,647,954,570 Income tax (9,822,506) - - - Profit before minority interest 1,178,428,396 2,554,099,996 1,216,740,899 2,647,954,570 Loss attributable to minorities (38,312,503) (93,854,574) - - Net profit for the year 1,216,740,899 2,647,954,570 1,216,740,899 2,647,954,570 Basic earnings per share 24 Profit before minority interest 2.25 4.87 2.32 5.05 Loss attributable to minorities (0.07) (0.18) - - Net profit for the year 2.32 5.05 2.32 5.05 Diluted earnings per share 24 Profit before minority interest 2.23 4.82 2.30 5.00 Loss attributable to minorities (0.07) (0.18) - - Net profit for the year 2.30 5.00 2.30 5.00 Consolidated Company Notes 2000 1999 2000 1999 Baht Baht Baht Baht Share Capital 19 Beginning balance 5,242,711,000 5,227,092,000 5,242,711,000 5,227,092,000 Increase during the year 1,260,000 15,619,000 1,260,000 15,619,000 Ending balance 5,243,971,000 5,242,711,000 5,243,971,000 5,242,711,000 Premium on share capital 19 Beginning balance 8,557,422,000 8,526,184,000 8,557,422,000 8,526,184,000 Increase during the year 2,520,000 31,238,000 2,520,000 31,238,000 Ending balance 8,559,942,000 8,557,422,000 8,559,942,000 8,557,422,000 Retained earnings Appropriated retained earnings Legal reserve 20 Beginning balance 235,041,127 102,643,398 235,041,127 102,643,398 Increasing during the year 60,837,045 132,397,729 60,837,045 132,397,729 Ending balance 295,878,172 235,041,127 295,878,172 235,041,127 Unappropriated retained earnings Beginning balance 2,686,041,146 856,256,389 2,686,041,146 856,256,389 Less: Dividend 25 (950,746,094) (663,967,684) (950,746,094) (663,967,684) Legal reserve (60,837,045) (132,397,729) (60,837,045) (132,397,729) Directors bonus (16,688,545) (21,804,400) (16,688,545) (21,804,400) Net profit for the year 1,216,740,899 2,647,954,570 1,216,740,899 2,647,954,570 Ending balance 2,874,510,361 2,686,041,146 2,874,510,361 2,686,041,146 Unrealised gain on investments in marketable securities available for sales Beginning balance 41,144,318 - 41,144,318 - Increase during the year 77,482,789 41,144,318 77,482,789 41,144,318 Ending balance 118,627,107 41,144,318 118,627,107 41,144,318 Translation adjustments Beginning balance - - - - Decrease during the year (114,404,771) - (114,404,771) - Ending balance (114,404,771) - (114,404,771) - Consolidated Company Notes 2000 1999 2000 1999 Baht Baht Baht Baht Minority Interest 18 - Subsidiaries Beginning balance 56,470,331 49,412,136 - - Acquisition - 100,912,769 - - Decrease during the year (6,671,589) (93,854,574) - - Ending balance 49,798,742 56,470,331 - - - Joint ventures Beginning balance - - - - Acquisition 451,183,582 - - - Decrease during the year (31,640,914) - - - Ending balance 419,542,668 - - - Total Minority Interest 469,341,410 56,470,331 - - Total Shareholders equity 17,447,865,279 16,818,829,922 16,978,523,869 16,762,359,591 Consolidated Company 2000 1999 2000 1999 Baht Baht Baht Baht Cash flows from operating activities Net Profit 1,216,740,899 2,647,954,570 1,216,740,899 2,647,954,570 Adjustments to reconcile net income to net cash - Depreciation and amotisation 1,885,207,090 1,683,735,279 62,774,160 44,530,835 - Unrealised losses on exchange rate 1,472,415,302 250,914,152 - - - Gains from disposal of marketable securities (117,598) (43,133,461) (117,598) (43,133,461) - Provision for obsolete and slow-moving stocks 55,277,956 - - - - Impairment charged for development cost of project - 161,647,426 - - - Allowance for doubtful debts (39,629,000) - - - - Dividends received from other companies (45,610,882) (93,093,457) (45,610,882) (93,093,457) - Shares of profits from subsidiaries, joint ventures and associaties 76,883,261 (8,457,958) (2,056,084,428) (2,671,947,009) - Minority interest (38,312,503) (93,854,574) - - - Translation adjustments 26,429,322 - - - - Others - (14,759,195) - (27,008,850) Cash flows before changes in working capital 4,609,283,847 4,490,952,782 (822,297,849) (142,697,372) Changes in working capital : - Investments used as collateral (293,845,798) (314,352,683) - - - Trade accounts receivable 40,857,022 (127,295,117) - - - Amounts due from related companies (1,310,913) 16,544,243 3,980,213 (13,874,121) - Spare parts and supplies (448,500,904) (93,481,742) - - - Other current assets (31,785,998) (114,041,445) 47,973,492 (48,076,872) - Other assets (24,532,167) (14,611,507) (6,168,648) (12,788,078) - Trade accounts payable 173,243,812 (104,776,248) - - - Amounts due to related companies (20,141,007) 1,195,106 28,881 4,721,312 - Other current liabilities 2,815,741 (101,887,739) (56,380,061) (6,334,320) - Other liabilities 1,040,000 - - - Net cash receipts/(payments) from operating activities 4,007,123,635 3,638,245,650 (832,863,972) (219,049,451) Cash flows from investing activities Acquisitions of joint ventures, net of cash acquired (1,476,972,783) - (2,102,467,339) - Investments in subsidiaries, associates and others (156,975,000) 324,058,796 (247,049,000) 76,058,797 Long-term investments in others (2,096,472,847) - (2,104,649,488) - Purchases of property, plant and equipment (588,562,517) (324,535,065) (3,941,460) (173,670,454) Investments in marketable securities (7,949,987) 153,491,377 (7,949,987) 153,491,377 Loans to related companies (22,233,276) (60,241,725) - (20,000,000) Short-term investments - 6,382,297 - - Dividends received 57,310,882 93,093,457 2,380,238,093 1,150,599,723 Net cash receipts/(payments) from investing activities (4,291,855,528) 192,249,137 (2,085,819,181) 1,186,479,443 Consolidated Company 2000 1999 2000 1999 Baht Baht Baht Baht Cash flows from financing activities Issue of ordinary shares 3,780,000 46,857,000 3,780,000 46,857,000 Additional paid-up share capital of subsidiaries, joint ventures and assciates 8,000,000 108,600,000 - - Cash received from debentures - 4,700,000,000 - 5,000,000,000 Payments on short-term borrowings (206,634) - - - Payments on long-term borrowings and debentures (1,804,529,665) (2,173,536,380) - - Payment of dividends (1,106,397,567) (621,063,016) (998,958,835) (621,062,997) Net cash receipts/(payments)from financing activities (2,899,353,866) 2,060,857,604 (995,178,835) 4,425,794,003 Net increase/(decrease) in cash and cash equivalents (3,184,085,759) 5,891,352,391 (3,913,861,988) 5,393,223,995 Cash and cash equivalents, beginning balance 8,343,517,061 2,452,164,670 7,534,949,965 2,141,725,970 Cash and cash equivalents, ending balance 5,159,431,302 8,343,517,061 3,621,087,977 7,534,949,965 Cash and cash equivalents are made up as follows : Cash in hand and at banks 2,123,695,065 1,680,602,753 1,517,554,046 1,413,455,703 Short-term investments 3,035,736,237 6,662,914,308 2,103,533,931 6,121,494,262 5,159,431,302 8,343,517,061 3,621,087,977 7,534,949,965 Supplementary information for cash flows : Interest paid 3,329,105,208 2,921,933,298 400,274,002 - Tax paid 175,663 - - 13,722,829 1 General information Electricity Generating Public Company Limited (the company) is a public limited company and is incorporated and domiciled in Thailand. The registered office of the Company is 15th Floor EGCO Tower, 222 Moo 5, Vibhavadi Rangsit Road, Tungsonghong, Laksi, Bangkok 10210 The company is listed on the Stock Exchange of Thailand. The principal business operations of the company, its subsidiaries, associates, joint ventures (together the Group) is to generate electricity for sale to government sectors both in Thailand and other country. (more)