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Amounts : Thousand Baht Consolidated CH. Karnchang Public Co., Ltd. Balance Sheets 1999 1998 1999 1998 Accounts receivable and construction contract in progress 700,934 612,679 1,141,074 1,412,321 Accounts receivable and loans 614,184 489,916 841,340 1,005,339 Advances payment to subcontractors 91,627 88,640 - - Accrued income and other current assets 73,917 7,273 26,421 26,064 Investments 3,035,672 2,677,155 4,171,154 3,947,978 Accounts payable - trade 157,521 893,785 48,730 1,488 Other payables and loans 1,203,372 939,704 42,577 27,216 Advances received from contractor and deferred construction revenues 24,714 46,602 96,102 2,894 Retentions and other current liabilities 49,851 8,462 3,763 - Other liabilities - - 971,823 238,334 Amounts : Thousand Baht Consolidated CH. Karnchang Public Co., Ltd. 1999 1998 1999 1998 Income Statements Construction activities income 3,016,651 1,521,262 418,153 508,618 Sale construction material income - - 173,990 157,784 Management income 3,782 - 26,609 37,002 Rental income 5,805 4,620 14,782 18,717 Transportation income 13,206 245 14,030 6,981 Interest income 4,097 204 7,977 6,145 Share of net profit by equity method - - 91,850 617,320 Profit sharing - - - 28,400 Other incomes 18,812 11,656 4,715 7,102 Cost of construction activities 252,584 291,740 - 45,722 Administrative expense and interest expense 26,050 99,212 5,725 259 Related Transactions in Construction Trade 1. Subcontractors As at March 31,1999, the company had trade transactions with its joint ventures that the parent company has operated as their sub-contractors as follows: Amounts : Thousand Baht Accounts Construction Advance Construction Receivable Contract in progress Received Income - Joint Venture BBCD Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd. and Dyckerhoff & Widmann AG 409,070 - - - - Joint Venture BCKT (Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd., Kumagai Gumi Co., Ltd., and Tokyu Construction Co., Ltd.) 33,218 123,576 96,102 227,372 - CH. Karnchang Public Co., Ltd., Bilfinger and Berger Bauaktiengesellschaft, Tokyu Construction Co., Ltd. and CH. Karnchang - Tokyu Construction Co., Ltd 498,975 76,235 - 190,781 941,263 199,811 96,102 418,153 Since 1998, the parent company reduced value of the construction contract with Joint Venture BBCD according to its overdue payment to the company in order to maintain liquidity and reduce financial cost. The parent company still supports the joint venture for the construction supplies as usual. As at March 31, in the company's financial statements and consolidated financial statements, the said joint venture has debt balance with the parent company in the approximate amount of Baht 893.13 million and Baht 580.53 million in 1999, and in the approximate amount of Baht 751 million and Baht 488 million in 1998. 2. Purchase Supplies and Services for Construction Activities As at March 31, 1999 the Company had transactions with related companies which supply materials and other services for the company as follows: Amounts : Thousand Baht Bangkok Concrete Industries Company Limited 10,112 Mahasiri Company Limited 27,910 Hicrete Production and Technology Company Limited 5,985 Hitech Equipment and Transport Company Limited 2,786 Silasaicrete Limited Partnership 1,423 Other related companies 514 Total 48,730 Other services 2,577 Other Trade Transactions 1. Other Accounts receivable related to construction activity Receivables included trade receivable from related parties which the parent company has supported for the construction supplies including rental equipment , project management, and transportation services which are as follows: Amounts : Thousand Baht Subsidiary CH. Karnchang-Tokyu Construction Co., Ltd. 255 Related Companies and Limited Partnership Phrompratharn Construction Limited Partnership 2,554 Bangkok Concrete Industries Company Limited 29,114 Sermmit Executive Company Limited 1,770 Silasaicrete Limited Partnership 2,742 Siam Wire Industry Company Limited 6,181 C.K. Office Tower Company Limited 572 B.C. Post Tentioning Company Limited 4,992 Other related companies 1,391 Joint Ventures Amounts : thousand Baht - Joint Venture CH. Karnchang Public Co., Ltd., Bilfinger and Berger Bauaktiengesellschaft, Tokyu Construction Co., Ltd. and CH. Karnchang - Tokyu Construction Co., Ltd. 4,241 - Joint Venture TWCK (Thames Water International (Thailand) Ltd. and CH. Karnchang Public Co., Ltd.) 4,825 - Joint Venture BBCD Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd. and Dyckerhoff & Widmann AG 484,064 - Joint Venture BCKT (Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd ., Kumagai Gumi Co., Ltd., and Tokyu Construction Co., Ltd.) 22,247 - Joint Venture between CH. Karnchang-Tokyu Construction Co., Ltd. and Tokyu Construction Co.,Ltd. 685 565,633 2. Advance Payments The company has advance payments to subsidiary and joint ventures are as follows: Amounts : Thousand Baht Advance Payments Subsidiary - Bangkok Metro Co., Ltd. 577 Joint Ventures - Other joint ventures 8,858 Total advance payments 9,435 3. Loans Disclosure of loans to and loans from subsidiaries, related companies and joint ventures. (Amounts : Thousand Baht) 1999 1998 Loan Policy of Related Parties Loans to - CH. Karnchang Real Estate Co., Ltd. 400 400 Market borrowing at rate 10.50% up to 18.50% - Bangkok Metro Co., Ltd 72,928 - Market borrowing at rate 10.50% up to 18.25% - Joint Venture Phuket Consortium Consists of CH. Karnchang Public Co., Ltd., Thames Water International (Thailand) Co., Ltd., Index International Group Co., Ltd., Market borrowing and Trio Consultant Co., Ltd. 6,400 6,400 at rate 10.50% up to 18.50% - Joint Venture BCKT (Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd., Kumagai Gumi Co., Ltd., and Market borrowing Tokyu Construction Co., Ltd.) 45,503 140,000 at rate 15% Market borrowing at rate - Pathumthani Water Co., Ltd. 141,041 - 11.250% up to 16.375% Total 266,272 146,800 Loan from - Joint Ventures TWCK (Thames Water International (Thailand) Ltd. Market borrowing and CH. Karnchang Public Co., Ltd.) 40,000 - at rate 9.75% up to 15.5% Total 40,000 - As at March 31, 1999 and 1998, the Company had the interest receivable from loans to subsidiaries, related companies, and joint ventures in the approximate amount of Baht 26.42 million and Baht 26.04 million, respectively. And the Company had the interest payable from loans from joint ventures in the approximate amount of Baht 3.76 million in 1999. NOTE 3 - BASIS OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements of CH. Karnchang Public Co., Ltd., subsidiaries and joint ventures have been prepared in accordance with generally accepted accounting principles and Ministerial Regulations No.7 (1996) dated October 25, 1996. Joint ventures including in the consolidation by proportionate method are those having major responsibility and significant in success of result being responsible by CH. Karnachang Public Co., Ltd. and or it's subsidiaries. The consolidated financial statements for the 3 month periods ended March 31, 1999 and 1998 were consisted of the financial statements of CH. Karnchang Public Co., Ltd., subsidiaries and joint ventures by proportion of holding by the parent company as follows: Percentage Holding by Parent Company or Percentage of profit sharing in Joint Ventures Subsidiaries CH. Karnchang Real Estate Co., Ltd. and Partnerships Limited 99.00% Bangkok Metro Co., Ltd. 79.94% CH. Karnchang-Tokyu Construction Co., Ltd. and Joint Ventures 55.00% Equity in Joint Ventures Joint Venture Phuket Consortium Consists of CH. Karnchang Public Co., Ltd., Thames Water International (Thailand) Co., Ltd, Index International Group Co., Ltd. and Trio Consultant Co., Ltd. 93.00% Joint Venture CH. Karnchang Public Co., Ltd., Tokyu Construction Co., Ltd. in joint venture with CH. Karnchang - Tokyu Construction Co., Ltd. - Highway Project 60.00% - Expressway Project 40.00% Joint Venture CH. Karnchang Public Co., Ltd., Bilfinger and Berger Bauaktiengesellschaft, Tokyu Construction Co., Ltd. and CH. Karnchang - Tokyu Construction Co., Ltd. - Second Stage Expressway Project Part B Route Phayathai - Bangkhlo 53.20% - Second Stage Expressway Project Part C+ Route Chaeng Watthana - Bang Phun and Bang Sai 59.99% - Second Stage Expressway Project Part D Route Asoke - Srinakarin 59.99% - Second Stage Expressway Project Part C1A Route Ngam Wong Wan - Chaeng Watthana 59.99% Percentage Holding by Parent Company or Percentage of profit sharing in Joint Ventures Joint Venture TWCK (Thames Water International (Thailand) Ltd. and CH. Karnchang Public Co., Ltd.) 50.00% Joint Venture BBCD (Bilfinger and Berger Bauaktiengesellschaft , CH. Karnchang Public Co., Ltd. and Dyckerhoff & Widmann AG) 35.00% Joint Venture BCKT (Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd., Kumagai Gumi Co., Ltd., and Tokyu Construction Co., Ltd.) 25.00% Equity in Joint Ventures by the parent company Joint Venture Phuket Consortium Consists of CH. Karnchang Public Co., Ltd., Thames Water International (Thailand) Co., Ltd, Index International Group Co., Ltd. And Trio Consultant Co., Ltd. CH. Karnchang Public Co., Ltd. in joint venture with Thames Water International (Thailand) Co., Ltd. Index International Group Co., Ltd. and Trio Consultant Co., Ltd. made agreement with The Civil Department, the Ministry of Interior to design and construct drainage system and waste water treatment system for Phuket Municipality of Phuket Province as contract date May 31, 1994, and sent the last invoice to employer in the second quarter 1997. Joint Venture CH. Karnchang Public Co., Ltd., Tokyu Construction Co., Ltd. in joint venture with CH. Karnchang - Tokyu Construction Co., Ltd. CH. Karnchang Public Co., Ltd. in joint venture with CH. Karnchang - Tokyu Construction Co., Ltd and Tokyu Construction Co.,Ltd. made agreement with - The Department of Highways to construct Bangkok - Chon Buri New Highway Project from Anuj to Klong Kalong as contract dated September 30, 1993, and Bangkok - Chonburi new highway Bang Bo Interchange and road to Highway No 34 as contract dated August 30, 1994. The Joint Venture has completed construction work, Bangkok - Chon Buri highway project from Anuj - Klong Kalong, and Bangkok Chonburi new highway, Bang Bo interchange project and road to highway No 34, and delivered to the employer in the forth quarter 1997 and the first quarter 1998, respectively. - The Expressway and Rapid Transit Authority of Thailand to construct Ramindra - Atnarong Expressway System and BMA'S Road project contract No. 7 : Lat Phrao Rd. - Soi Sukha as contract dated December 3, 1993, November 3 and 18, 1994. The Joint Venture has completed contraction work, Ramindra - Atnarong Expressway and BMA'S Road project; Lat Phrao Rd - Soi Sukha, and delivered to contractor in the third quarter 1996. The amount of completed construction is less than contract price which has already accepted by the employer. Joint Venture CH. Karnchang Public Co., Ltd., Bilfinger and Berger Bauaktiengesellschaft, Tokyu Construction Co., Ltd. And CH. Karnchang - Tokyu Construction Co., Ltd. CH. Karnchang Public Co., Ltd in joint venture with Bilfinger and Berger Bauaktiengesellschaft, Tokyu Construction Co., Ltd. and CH. Karnchang - Tokyu Construction Co., Ltd. made agreement with - Bangkok Expressway Public Co., Ltd. to construct Second Stage Expressway System Sector B, from Phayathai interchange to Bangkhlo as contract dated March 14, 1994, which has completed and submitted to the employer in the third quarter 1996. - Northern Bangkok Expressway Co., Ltd. to construct Second Stage Expressway Sector C+ Bang Pa-in to Pak Kret, Sector 1, from Chaeng Wattana to Bang Pun and Bang Sai as contract dated September 27, 1996, which the first stage had been completed and submitted in December 1998 and the second stage will be completed within November 30, 1999. - Bangkok Expressway Public Co., Ltd. to construct Second Stage Expressway System Sector D from Asoke - Srinakarin as contract dated April 17, 1997, .which the first stage had been completed and submitted in December 1998 and the second stage will be completed within April 21, 2000. - Bangkok Expressway Public Co., Ltd. to construct Second Stage Expressway System Sector C1A to expand lanes, from Ngam Wong Wan to Chaeng Wattana from a dual two - lane to dual three - lane carriageway as contract dated April 17, 1997. This project will be completed within April 21, 2000 Joint Venture TWCK (Thames Water International (Thailand) Ltd. And CH. Karnchang Public Co., Ltd.) CH. Karnchang Public Co., Ltd. in joint with Thames Water international (Thailand) Co., Ltd. have made agreement with Pathumthani Water Company Ltd. to construct water producing and distribution plant in the Pathumthani Province as contract dated November 21, 1995, which construction work plan is being completed and submitted within Febuary 1999. Joint Venture BBCD (Bilfinger and Berger Bauaktiengesellschaft , CH. Karnchang Public Co., Ltd. And Dyckerhoff & Widmann AG) CH. Karnchang Public Co., Ltd. in joint with Bilfinger and Berger Bauaktiengesellsehaft, and Dyckerhoff &Widmann AG to construct Bang na-Bang Pli - Bang Pakong Expressway Project as contract dated June 28, 1995. The project will be completed and submitted within January 2000. Joint Venture BCKT (Bilfinger and Berger Bauaktiengesellschaft, CH. Karnchang Public Co., Ltd., Kumagai Gumi Co., Ltd., and Tokyu Construction Co., Ltd.) CH. Karnchang Public Co., Ltd. in joint with Bilfinger and Berger Bauaktiengesellschaft, Kumagai Gumi Co., Ltd. and Tokyu Construction Co., Ltd. to construct of the initial underground transit section from Hua Lamphong to Bang-Su as contract date November 5, 1996 and the project is schedule to be completed within 260 weeks commencing the date of contract. Equity in Joint Ventures by subsidiary Joint venture of CH. Karnchang Public Co., Ltd and CH. Karnchang Tokyu Construction Co., Ltd. CH. Karnchang - Tokyu Construction Ltd. in joint with CH. Karnchang Public Co., Ltd. made agreement with the Police Department for the design and construction the police department office building, together with car park and other related constructions as contract dated September 30, 1996, which the joint venture will finish its work within December 24, 1999. Joint venture of CH. Karnchang Tokyu Construction Co., Ltd. and Tokyu Construction Co., Ltd. CH. Karnachang - Tokyu Construction Co., Ltd. in joint with Tokyu Construction Co., Ltd. made agreement with Joint Venture CH. Karnchang Public Co., Ltd. Bilfinger and Berger Bauaktiengesellschaft, Tokyu Construction Co., Ltd. and CH. Karnchang - Tokyu Construction Co., Ltd. to construct Bang Pa-In-Pak-Kret Expressway sector 15 & 16 as contract dated August 14, 1997 and as at March 31, 1999 the joint venture had an additional construction and had received revenue over the contract price. The new contract had not yet been made because the estimated cost of construction by engineers are in process. The result of subsidiaries' operation were presented in this consolidated financial statements since acquisition date. The significant related transaction, investment of parent company and shareholders' equity of subsidiaries were eliminated from this consolidated financial statements. Excess in net book value as acquisition date over cost of investment in limited partnership of subsidiary is adjusted to retained earnings at the beginning of year. NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition for Construction Company recognized revenue from construction on percentage of completion. Revenue from additional work and the constructions that have working period not over 1 year are recognized on work done and billed to customer. Subsidiary company and joint ventures which subsidiary have joint control recognized revenue on work done and billed to customer. Joint ventures and partnership limited recognized revenue on percentage of completion. Revenues from moving infrastructure, additional work and other contract works are recognized on work done and billed to customer. The joint ventures which have contract price in foreign currency, recognized revenue on percentage of completion included gains and losses from exchange rate between exchange rate identified in construction contract and exchange rate on billing date. Revenue and Expenses Recognition Revenue and expenses are recognized on an accrual basis. Cash and Cash Equivalents Cash and cash equivalents comprised unpledged cash on hand and cash at bank. Allowance for Doubtful Accounts Allowance for doubtful accounts is provided based on the review of the current status of each account. Construction contract in progress The cost of construction contract in progress comprises of the cost of materials and labor, sub contractor charges, the services and overheads plus attributable net profit or loss less amount billed to customers. Excess in construction contract in progress value over amount billed to customers is shown under current assets. For the excess amount billed to customers over construction contract in progress value is showed in deferred construction revenue under current liabilities. Supplies for Construction and Construction in Progress Supplies for construction are valued at cost using first-in-first-out method. Construction in progress, supplies in transit and supplies in process are valued at cost. Investment Investment in subsidiaries and joint ventures which the company has significant influence are stated according to the equity method. Investment in marketable securities are stated at fair value in 1999 and at the lower of cost or net realizable value in 1998. Other investments are stated at cost. Investment in marketable securities are stated at fair value in accordance with generally accepted accounting principles applied for financial statements of fiscal year 1999. Excess in Book value over Cost of Investment Excess in book value over cost of investment is the difference of book value compare with amount paid for acquisition cost of investment which is written off to retained earnings at beginning of years. (More)