SET Announcements

CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES BALANCE SHEETS AS AT DECEMBER 31, 1998 AND 1997 Amounts : Baht Consolidated CH. Karnchang Public Co., Ltd. ASSETS 1998 1997 1998 1997 CURRENT ASSETS Cash in hand and at banks (Note 5) 5,271,964,396 4,161,180,075 1,942,863,885 860,484,720 Notes receivable - finance companies - 37,205,590 - - Investment in marketable securities (Note 4) 7,958,625 6,539,000 7,958,625 6,539,000 Accounts receivable - net (Notes 4 and 6) 2,296,581,355 2,316,269,268 1,312,413,505 1,427,168,280 Accounts receivable and loan to subsidiary, related companies and joint ventures 613,277,524 311,162,036 821,718,007 799,667,301 Construction contract in progress (Note 4) 3,767,313,466 2,482,856,243 347,697,662 430,824,465 Supplies for construction and construction in progress (Notes 4 and 7) 404,731,246 197,380,165 20,422,485 64,006,227 Advance payment to subcontractors (Note 8) 188,227,374 440,940,627 47,045,174 88,614,333 Prepaid withholding tax 104,176,106 77,118,647 84,800,788 77,118,647 Other current assets 451,710,472 485,529,236 73,858,025 103,884,258 Total Current Assets 13,105,940,564 10,516,180,887 4,658,778,156 3,858,307,231 Notes receivable-finance companies (Note 10) 42,117,187 147,821,517 - - Investments in subsidiary companies and joint ventures (Notes 4 and 11) - - 1,290,988,189 1,268,482,693 Investments in associated, related and other companies (Notes 4 and 11) 2,333,550,065 2,893,855,527 2,190,831,026 2,753,416,489 Property, plant and equipment-net (Notes 4 and 12) 2,095,713,596 2,684,338,214 528,141,477 671,176,010 Investment on land-net (Note 13) 202,731,721 230,447,723 174,600,000 187,377,069 Other assets (Note 14) 722,634,637 488,739,007 110,104,890 67,751,111 Total Assets 18,502,687,770 16,961,382,875 8,953,443,738 8,806,510,603 See notes to financial statements CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES BALANCE SHEETS AS AT DECEMBER 31, 1998 AND 1997 Amounts : Baht Consolidated CH. Karnchang Public Co., Ltd. LIABILITIES AND SHAREHOLDERS' EQUITY 1998 1997 1998 1997 CURRENT LIABILITIES Bank overdrafts and loans from banks (Note 15) 3,104,715,162 3,082,609,856 1,014,490,811 1,011,096,445 Notes payable - finance companies 100,000,000 300,000,000 100,000,000 300,000,000 Accounts and notes payable 1,721,967,086 1,927,291,879 853,572,479 534,772,007 Current portion of long-term liabilities (Notes 16 and 17) 3,902,697,982 1,629,790,855 898,362,500 256,675,000 Accounts payable and loans from related companies 1,352,668,406 967,792,922 42,079,072 19,710,205 Advance received from contractor and deferred construction revenue 1,499,641,652 1,569,900,558 183,625,834 366,649,115 Retentions for construction 239,779,492 115,079,240 81,714,405 38,511,434 Accrued interest expense 99,718,535 197,553,274 60,023,448 86,893,771 Accrued output tax 191,426,011 200,348,075 127,399,624 127,766,442 Other current liabilities 117,478,489 121,687,635 38,415,621 97,047,044 Total Current Liabilities 12,330,092,815 10,112,054,294 3,399,683,794 2,839,121,463 Liabilities under discounted notes receivable (Note 16) 1,082,749,500 347,991,000 - - Long-term loans (Note 17) 542,395,758 2,175,796,845 200,000,000 1,098,362,500 Other liabilities (Note 11) - - 961,299,120 684,473,506 Total Liabilities 13,955,238,073 12,635,842,139 4,560,982,914 4,621,957,469 MINORITY INTEREST IN SUBSIDIARY COMPANIES 154,988,873 140,987,602 - - SHAREHOLDERS' EQUITY Share capital Authorized 105,000,000 ordinary shares, Baht 10 par value 1,050,000,000 1,050,000,000 1,050,000,000 1,050,000,000 Issued and fully paid 105,000,000 ordinary shares, Baht 10 par value 1,050,000,000 1,050,000,000 1,050,000,000 1,050,000,000 Premium on share 2,436,000,000 2,436,000,000 2,436,000,000 2,436,000,000 Retained earnings Appropriated to legal reserve 88,442,063 78,046,679 82,942,063 72,546,679 Unappropriated 818,018,761 620,506,455 823,518,761 626,006,455 Total Shareholders' Equity 4,392,460,824 4,184,553,134 4,392,460,824 4,184,553,134 Total Liabilities and Shareholders' Equity 18,502,687,770 16,961,382,875 8,953,443,738 8,806,510,603 See notes to financial statements CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 Consolidated CH. Karnchang Public Co., Ltd. Amounts : Baht 1998 1997 1998 1997 REVENUES Construction activities income (Note 18) 13,223,501,604 10,798,872,549 3,275,811,717 2,597,699,156 Sale construction material income 392,919,743 45,493,493 597,891,593 79,360,642 Management income (Note 20) 84,804,216 141,022,148 147,853,701 181,585,758 Rental income 81,043,964 154,835,674 120,993,767 202,104,582 Transportation income 55,422,815 174,390,369 59,146,317 193,912,084 Interest income (Note 20) 344,571,568 226,583,332 112,182,183 71,916,695 Gain from sale of investment (Note 11) 169,070,874 15,189,141 152,570,874 15,189,141 Gain on exchange rate (Note 21) 286,472,245 - - - Share of net profit (loss) by equity method - - 128,180,482 (227,678,855) Other incomes 61,654,950 54,497,809 46,860,223 30,815,933 Total Revenues 14,699,461,979 11,610,884,515 4,641,490,857 3,144,905,136 EXPENSES Cost of construction activities 11,621,371,925 9,127,166,288 3,040,565,381 2,656,693,966 Cost of sale construction material 541,037,070 69,221,357 486,422,658 69,221,357 Administrative expenses 720,304,328 819,935,847 297,205,176 357,148,294 Interest expense 1,150,681,875 838,683,884 423,428,362 378,875,825 Directors' remuneration 7,822,250 13,100,000 7,822,250 13,100,000 Other expenses 192,505,965 41,882,787 175,056,203 22,558,844 Total Expenses 14,233,723,413 10,909,990,163 4,430,500,030 3,497,598,286 Income(loss) before income tax 465,738,566 700,894,352 210,990,827 (352,693,150) Income tax 235,030,205 221,833,385 3,083,137 - Net profit (loss) from operation 230,708,361 479,060,967 207,907,690 (352,693,150) (Less) Minority interest in subsidiaries (22,800,671) (22,431,806) - - Net profit (loss) before using the managed float system 207,907,690 456,629,161 207,907,690 (352,693,150) (Loss) from using the managed float system (Note 22) - (820,787,254) - (11,464,943) Net profit (loss) 207,907,690 (364,158,093) 207,907,690 (364,158,093) Earnings (loss) per share (Baht) (Note 4) Net profit (loss) before using the managed float system 1.98 4.35 1.98 (3.36) Loss from using the managed float system - (7.82) - (0.11) Net profit (loss) per share 1.98 (3.47) 1.98 (3.47) See notes to financial statements CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 Consolidated CH. Karnchang Public Co., Ltd. Amounts : Baht 1998 1997 1998 1997 ORDINARY SHARE CAPITAL Beginning balance 1,050,000,000 1,050,000,000 1,050,000,000 1,050,000,000 Increase during year - - - - Decrease during year - - - - Ending balance 1,050,000,000 1,050,000,000 1,050,000,000 1,050,000,000 PREMIUM ON SHARE CAPITAL Beginning balance 2,436,000,000 2,436,000,000 2,436,000,000 2,436,000,000 Increase during year - - - - Decrease during year - - - - Ending balance 2,436,000,000 2,436,000,000 2,436,000,000 2,436,000,000 APPROPRIATED RETAINED EARNINGS Beginning balance 78,046,679 78,046,679 72,546,679 72,546,679 Increase during year 10,395,384 - 10,395,384 - Decrease during year - - - - Ending balance 88,442,063 78,046,679 82,942,063 72,546,679 UNAPPROPRIATED RETAINED EARNINGS Beginning balance 620,506,455 1,194,664,548 626,006,455 1,200,164,548 Increase during year - Net profit (loss) 207,907,690 (364,158,093) 207,907,690 (364,158,093) Decrease during year - Transfer to legal reserve (10,395,384) - (10,395,384) - - Payment of dividend - (210,000,000) - (210,000,000) Ending balance 818,018,761 620,506,455 823,518,761 626,006,455 Total Shareholders' Equity 4,392,460,824 4,184,553,134 4,392,460,824 4,184,553,134 See notes to financial statements (More)