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CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF RETAINED EARNING FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) Consolidated CH. Karnchang Public Co., Ltd. Amounts : Thousand Baht 1999 1998 1999 1998 Unappropriated retained earnings Retained earnings at beginning of the year 818,019 620,506 823,519 626,006 LesAppropriated net profit of prior year Dividend - Net profit (loss) of the period 54,994 (24,840) 54,994 (24,840) Less legal reserve - - - - Unappropriated retained earnings at end of the period 873,013 595,666 878,513 601,166 Appropriated retained earnings 88,442 78,047 82,942 72,547 legal reserve - - - - Total appropriated retained earnings 88,442 78,047 82,942 72,547 Total retained earnings 961,455 673,713 961,455 673,713 See notes to financial statements CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH PERIOD ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) Consolidated CH. Karnchang Public Co., Ltd. Amounts : Thousand Baht 1999 1998 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES Net loss (71,828) (568,797) (71,828) (568,797) Adjustments to reconcile net loss by net cash provided by (used in) operating activities Depreciation and amortization 179,816 183,910 32,117 34,992 Amortization deferred expense 143,474 99,187 16,166 2,963 Write off prepaid withholding tax - 6,283 - 1,546 Allowance for doubtful accounts - Allowance for decline in value of marketable securities (2,278) 2,182 (2,278) 2,182 Loss (Gain) from sale of equipment 12,298 (63) (7,634) - Loss (Gain) from unrealized exchange rate (55,295) 165,110 - 2,710 Loss (Gain) from sale of investment in marketable securities (654) 58,060 (654) 58,060 Allowance for decline in value of long-term investment - 27,291 - 27,291 Share of net loss by equity method - - 94,588 514,928 Change in Net Assets and Liabilities Decrrease (Increase) in accounts receivable 291,103 (25,117) 47,002 (393,576) Increase in accounts receivable and loan to related companies and joint ventures (41,236) (110,921) (67,877) (197,405) Decrease (Increase) in construction contract in progress (215,331) 577,377 332,287 206,462 Decrease (Increase) in supplies for construction and construction in progress 257,990 (59,912) 19,512 25,001 Decrease in advance payments to subcontractor 63,588 33,554 10,046 6,171 Decrease (Increase) in other current assets 36,804 16,391 (5,547) (21,306) Decrease (Increase) in other assets (10,526) (157,290) 569 28,243 Increase (Decrease) in accounts and notes payable (414,823) 246,045 (133,835) 330,426 Increase in accounts payable and loan from related companies 177,520 56,991 6,927 896 Increase (Decrease) in advance received from employer and deferred construction revenue (117,683) 226,284 (150,384) 124,742 Increase in other current liabilities 3,058 5,468 32,108 80,553 Increase (Decrease) in minority interest in subsidiaries (9,574) 16,488 - - Net Cash Provided by Operating Activities 226,423 798,521 151,285 266,082 See notes to financial statements Consolidated CH. Karnchang Public Co., Ltd. Amounts : Thousand Baht 1999 1998 1999 1998 CASH FLOWS FROM INVESTING ACTIVITIES Profit sharing from joint venture 87,984 134,000 Sales of investments in marketable securities 4,354 131,169 4,354 131,169 Purchases of land and fixed assets (116,151) (51,702) (1,890) (3,501) Sales of fixed assets 68,161 3,117 15,003 - Increase in short term investment (23,250) (6,282) (7) (6,009) Decrease in notes receivable - financial companies 42,117 124,666 - Purchases in investment in subsidiary companies - - (14,999) (799) Net Cash provided by (used in) Investing Activities (24,769) 200,968 90,445 254,860 CASH FLOWS FROM FINANCING ACTIVITIES Decrease in long-term loans (273,898) (10,500) - - Increase (Decrease) in bank overdrafts and loans from banks (44,574) 197,649 12,446 189,765 Increase (Decrease) in notes payable - financial companies - (160,000) - (160,000) Increase in liabilities and discounted notes receivable 391,832 82,733 - - Net Cash Provided by Financing Activities 73,360 109,882 12,446 29,765 Effect from exchange rate in cash and cash equivalent (1,691) (484) - - NET INCREASE IN CASH AND CASH EQUIVALENT 273,323 1,108,887 254,176 550,707 Cash and equivalent transaction-beginning balance 5,113,015 3,983,501 2,034,307 597,351 Cash and equivalent transaction-ending balance 5,386,338 5,092,388 2,288,483 1,148,058 SUPPLEMENT DISCLOSURES OF CASH FLOWS INFORMATION Interest expenses 176,379 288,865 39,147 67,975 Income taxes and withholding taxes 71,649 145,591 18,461 22,968 Cash and equivalent transaction-ending balance Cash on hand and unpledged cash at banks 5,218,051 4,472,386 2,288,483 1,148,058 Short term deposits 168,287 620,002 - - 5,386,338 5,092,388 2,288,483 1,148,058 See notes to financial statements CH. KARNCHANG PUBLIC COMPANY LIMITED, SUBSIDIARIES AND JOINT VENTURES STATEMENTS OF CASH FLOWS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1999 AND 1998 (UNAUDITED) Consolidated CH. Karnchang Public Co., Ltd. Amounts : Thousand Baht 1999 1998 1999 1998 CASH FLOWS FROM OPERATING ACTIVITIES Net profit (loss) 54,994 (24,840) 54,994 (24,840) Adjustments to reconcile net profit(loss) by net cash provided by (used in) operating activities Depreciation and amortization 363,938 358,220 65,544 70,545 Amortization deferred expense 275,617 180,010 19,130 5,927 Write off prepaid withholding tax - 7,828 - 3,091 Allowance for doubtful accounts 5,090 - - - Allowance for decline in value of marketable securities (204) (81) (240) (81) Loss (Gain) from sale of equipment 12,258 (471) (7,677) (1,712) Loss (Gain) from unrealized exchange rate (93,585) (216,535) - 2,710 Gain from sale of investment in marketable securities (654) (10,039) (654) (10,039) Allowance for decline in value of long-term investment - 27,291 - 27,291 Share of net profit(loss) by equity method - - 2,738 (102,392) Change in Net Assets and Liabilities Decrrease (Increase) in accounts receivable 621,289 (320,456) 140,907 (453,412) Increase in accounts receivable and loan to related companies and joint ventures (42,143) (289,676) (87,499) (403,077) Decrease (Increase) in construction contract in progress (280,831) (214,827) 298,155 325,232 Decrease (Increase) in supplies for construction and construction in progress 309,060 (36,760) 17,053 19,316 Decrease (Increase) in advance payments to subcontractor 50,814 69,919 (6,079) 11,863 Decrease in other current assets 78,965 58,475 81,028 55,807 Increase in other assets (176,979) (377,750) (84,583) (54,612) Increase (Decrease) in accounts and notes payable (481,426) 381,108 (101,227) 639,606 Increase in accounts payable and loan from related companies 59,645 164,810 7,425 831 Increase (Decrease) in advance received from employer and deferred construction revenue (143,648) 353,401 (30,301) 23,626 Increase (Decrease) in other current liabilities (81,244) 5,044 (22,686) (9,269) Increase in minority interest in subsidiaries 3,805 23,081 - - Net Cash Provided by Operating Activities 534,761 137,752 346,064 126,411 See notes to financial statements Consolidated CH. Karnchang Public Co., Ltd. Amounts : Thousand Baht 1999 1998 1999 1998 CASH FLOWS FROM INVESTING ACTIVITIES Profit sharing from joint venture 87,984 162,400 Sales of investments in marketable securities 4,354 300,159 4,354 300,159 Purchases of land and fixed assets (134,855) (159,703) (2,773) (6,921) Sales of fixed assets 68,955 21,867 15,046 13,518 Increase in short term investment (29,380) (10,897) (15) (12,819) Decrease in notes receivable - financial companies 42,117 37,206 - Purchases in investment in subsidiary and related companies (15,848) (46,511) (30,848 (47,309) Net Cash provided by (used in) Investing Activities (64,657) 142,121 73,748 409,028 CASH FLOWS FROM FINANCING ACTIVITIES Decrease in long-term loans (681,985) (149,338) (128,338) (128,337) Increase (Decrease) in bank overdrafts and loans from banks (46,613) 422,413 54,719 323,079 Increase (Decrease) in notes payable - financial companies - (200,000) - (200,000) Increase in liabilities and discounted notes receivable 400,516 831,352 - - Net Cash Provided by (used in) Financing Activities (328,082) 904,427 (73,619) (5,258) Effect from exchange rate in cash and cash equivalent (1,691) (484) - - - NET INCREASE IN CASH AND CASH EQUIVALENT 140,331 1,183,816 346,193 530,181 Cash and equivalent transaction-beginning balance 5,246,007 3,908,572 1,942,290 617,877 Cash and equivalent transaction-ending balance 5,386,338 5,092,388 2,288,483 1,148,058 SUPPLEMENT DISCLOSURES OF CASH FLOWS INFORMATION Interest expenses 417,761 675,377 146,125 217,897 Income taxes and withholding taxes 142,847 215,582 42,035 38,616 Cash and equivalent transaction-ending balance Cash on hand and unpledged cash at banks 5,218,051 4,472,386 2,288,483 1,148,058 Short term deposits 168,287 620,002 - - 5,386,338 5,092,388 2,288,483 1,148,058 See notes to financial statements CH. KARNCHANG PUBLIC CO., LTD, SUBSIDIARIES AND JOINT VENTURES NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 AND 1998 (UNAUDITED) NOTE 1 - ECONOMIC ENVIRONMENT AND BASIC OF PRESENTATION Since the second half of 1997 until the present certain Asia Pacific countries, including Thailand, are experiencing economic difficulties relating to currency devaluation and slowdown in growth. Accordingly, the Thai government sought assistance from the International Monetary Fund to alleviate the economic crisis and improve the economic over time. The financial statements reflect the assessment of the possible impact of this economic situation on the financial position of CH. Karnchang Public Co., Ltd., subsidiaries and joint ventures. The ultimate effect on the entity's financial position of these uncertainties can not presently be determined. NOTE 2 - TRANSACTIONS WITH RELATED PARTIES The company has had significant transactions with its related parties. The financial statements reflect the effects of these transactions on the normal business basis agreed upon by the companies concerned. The transactions with its related parties have included transactions with company's joint ventures where by there will be no settlement until the end of the project. Financial statements for the 6 month periods ended June 30 include the significant transactions between related parties as follows: (Amounts : Thousand Baht) Consolidated CH. Karnchang Public Co.,Ltd. 1999 1998 1999 1998 Related Related Total Subsidiaries Related Related Total Balance Sheets Companies Joint Venture Companies Joint Ventures Accounts receivable and construction contract in progress 583,978 554,694 1,138,672 1,071,984 - - 1,049,607 1,049,607 1,533,422 Accounts receivable and loans 321,641 319,728 641,369 590,336 212,302 199,947 488,122 900,371 1,193,900 Advances payment to subcontractors 97,313 - 97,313 176,603 - - - - - Accrued income and other current assets 26,528 4,283 30,811 68,766 5,427 21,464 7,238 34,129 43,213 Investments 2,745,599 10,501 2,756,100 2,186,122 505,320 2,511,704 857,905 3,874,929 3,414,869 Accounts payable - trade 134,962 - 134,962 138,938 953 29,352 - 30,305 37,902 Other payables and loans 1,324,992 20,220 1,345,212 1,056,371 8,340 - 41,164 49,504 3,618 Advances received from contractor and deferred construction revenues 734,633 33,043 767,676 208,000 - - 50,858 50,858 14,448 Retention and other current liabilities 15,932 2,351 18,283 14,432 - - 4,702 4,702 - Other liabilities - - - - 10,551 - 1,106,362 1,116,913 854,887 Income Statements Construction activities income 1,526,854 450,626 1,977,480 3,878,230 - - 728,652 728,652 1,051,144 Sale construction material income 1,245 151,076 152,321 - 100,381 1,245 234,962 336,588 336,394 Management income 8,274 24,857 33,131 16,646 2,273 8,137 37,662 48,072 78,063 Rental income 10,147 8,732 18,879 30,544 4,417 8,604 16,438 29,459 73,115 Transportation income 24,159 447 24,606 28,079 728 23,982 1,113 25,823 28,497 Interest income 10,859 2,563 13,422 4,113 4,055 7,888 3,742 15,685 14,703 Share of net profit by equity method - - - - 36,245 - (38,983) (2,738) 102,392 Dividend and profit sharing - - - - 16,500 - 87,984 104,484 162,400 Other incomes 33,217 125 33,342 12,696 5,321 2,492 2,067 9,880 7,659 Cost of construction activities and cost of goods sold 617,565 - 617,565 847,820 7,376 - - 7,376 79,404 Administrative expense and interest expense 57,776 1,564 59,340 60,461 6,017 - 3,082 9,099 463 (more)