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CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF RETAINED EARNING FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 Consolidated CH. Karnchang Public Co., Ltd. Amounts : Baht 1998 1997 1998 1997 Unappropriated retained earnings Retained earnings at beginning of the year 620,506,455 1,194,664,548 626,006,455 1,200,164,548 Less Appropriated net profit of prior year Dividend (Note 23) - (210,000,000) - (210,000,000) Net profit (loss) 207,907,690 (364,158,093) 207,907,690 (364,158,093) Less legal reserve (10,395,384) - (10,395,384) - Unappropriated retained earnings at end of the year 818,018,761 620,506,455 823,518,761 626,006,455 Appropriated retained earnings 78,046,679 78,046,679 72,546,679 72,546,679 legal reserve 10,395,384 - 10,395,384 - Total appropriated retained earnings 88,442,063 78,046,679 82,942,063 72,546,679 Total retained earnings 906,460,824 698,553,134 906,460,824 698,553,134 See notes to financial statements CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 Consolidated CH. Karnchang Public Co., Ltd. Amounts : Baht 1998 1997 1998 1997 CASH FLOWS FROM OPERATING ACTIVITIES Net profit (loss) 207,907,690 (364,158,093) 207,907,690 (364,158,093) Adjustments to reconcile net profit (loss) by net cash provided by (used in) operating activities Depreciation and amortization 738,367,242 603,212,568 141,716,591 143,663,182 Amortization deferred expense 430,088,093 343,544,104 11,854,164 29,553,501 Write off prepaid withholding tax 71,629,009 721,372 6,182,584 721,372 Allowance for doubtful accounts 8,836,571 8,038,060 7,588,765 - Allowance for decline in value of marketable securities (1,419,625) 4,131,700 (1,419,625) 4,131,700 Loss (Gain) from sale of equipment (994,004) 1,832,377 (1,770,466) 280,094 Loss from devaluation of investment in land 27,716,002 - 12,777,069 - Loss (Gain) from unrealized exchange rate (218,346,777) 1,031,321,073 - 28,414,458 Gain from sale of investment (169,070,874) (15,189,141) (152,570,874) (15,189,141) Allowance for declining of long term investment 27,291,095 17,100,000 27,291,095 600,000 Share of net (profit) loss by equity method - - (128,180,483) 227,678,855 Change in Net Assets and Liabilities Decrrease (Increase) in accounts receivable 29,075,533 (1,203,209,190) 114,754,775 (608,298,917) Decrease (Increase) in accounts receivable and loan to related companies and joint ventures (302,115,488) 4,036,150 (22,050,706) (114,162,682) Decrease (Increase) in construction contract in progress (1,284,457,223) 371,286,943 83,126,803 654,106,633 Decrease (Increase) in supplies for construction and construction (207,351,080) (101,668,347) 43,583,742 (7,983,827) Decrease (Increase) in advance payments to subcontractor 238,967,247 (209,993,752) 41,569,159 (54,003,698) Decrease (Increase) in other current assets (35,454,732) (130,824,346) 14,755,327 (122,163,489) Increase in other assets (702,233,267) (378,373,976) (60,390,527) (27,432,522) Increase (Decrease) in accounts and notes payable (194,249,661) 1,127,367,085 318,800,472 151,347,742 Increase in accounts payable and loan from related companies 505,321,161 207,150,805 22,368,867 17,445,035 Increase (Decrease) in advance received from employer and deferred construction revenue (70,258,905) 346,770,940 (183,023,281) 132,942,791 Increase (Decrease) in other current liabilities 13,505,976 173,316,335 (42,665,592) 92,824,262 Increase in minority interest in subsidiaries 14,001,269 15,681,806 - - Net Cash Provided by (used in) Operating Activities (873,244,748) 1,852,094,473 462,205,549 170,317,256 See notes to financial statements Consolidated CH. Karnchang Public Co., Ltd. Amounts : Baht 1998 1997 1998 1997 CASH FLOWS FROM INVESTING ACTIVITIES Dividend received - - 11,000,000 8,250,000 Profit sharing from joint venture - - 372,300,000 56,100,000 Sales of investments 750,875,860 124,255,941 734,375,220 124,255,941 Purchases of land and fixed assets (172,799,406) (1,140,050,230) (10,569,265) (146,148,264) Sales of fixed assets 24,050,786 66,271,273 13,657,673 1,380,472 Decrease in notes receivable - financial companies 142,909,919 189,159,772 - 80,040,414 Purchases in investment in subsidiaries, associated, related, other companies and joint ventures (48,790,618) (324,729,060) (47,309,378) (324,729,062) Net Cash provided by (used in) Investing Activities 696,246,541 (1,085,092,304) 1,073,454,250 (200,850,499) CASH FLOWS FROM FINANCING ACTIVITIES Dividend payment - (210,000,000) - (210,000,000) Increase (Decrease) in long-term loans (338,852,960) 1,283,702,461 (256,675,000) (128,337,500) Increase in bank overdrafts and loans from banks 100,693,749 728,618,953 3,394,366 549,062,250 Decrease in notes payable - financial companies (400,000,000) (315,000,000) (200,000,000) (300,000,000) Increase (Decrease) in liabilities and discounted notes receivable 1,913,117,500 (647,689,000) - - Net Cash Provided by (used in) Financing Activities 1,274,958,289 839,632,414 (453,280,634) (89,275,250) Effect from exchange rate in cash and cash at banks 12,824,239 - - - NET INCREASE (DECREASE) IN CASH IN HAND AND CASH AT BANKS 1,110,784,321 1,606,634,583 1,082,379,165 (119,808,493) Cash and equivalent transaction-beginning balance before minus commitments 4,161,180,075 2,554,545,492 860,484,720 980,293,213 Cash and equivalent transaction-ending balance before minus commitments 5,271,964,396 4,161,180,075 1,942,863,885 860,484,720 Less-commitments (25,020,000) - (20,000) - Cash and equivalent transaction-ending balance after minus commitments 5,246,944,396 4,161,180,075 1,942,843,885 860,484,720 SUPPLEMENT DISCLOSURES OF CASH FLOWS INFORMATION Interest expenses 1,334,573,067 750,750,668 450,891,676 310,013,232 Income taxes and withholding taxes 372,024,047 392,312,068 87,883,925 149,102,923