SET Announcements

Ref : 1600 / 060 / 2542 July 20, 1999. The Stock Exchange of Thailand. 62, Ratchadapisek Road, Klongtoey, Bangkok 10110. Attention : President of The Stock Exchange of Thailand. Subject : Filing of Unreviewed Financial Statements for Second Quarter as of June 30, 1999. Dear sir, According to the Stock Exchange of Thailands regulations regarding rules, conditions and procedures for the reporting of financial position and operating results of listed companies; a listed company is required to file an Unreviewed Quarterly Financial Statement within 30 days after the end of each quarter. In compliance with this regulation, The Bangchak Petroleum Public Company Limited would like to file, herewith, its Unreviewed Financial Statement for the period ending June 30, 1999. For the second quarter of 1999, the Company posted the total revenues of 8,456 million baht, the profit before income tax of 391 million baht and the net profit of 351 million baht. The Companys retail market increased 2.5% the same period of last year. In the stabilised economic condition, together with the recovering of refined oil products following the world oil price in the last quarter, the Company has generated higher profit. Please be informed accordingly. Yours sincerely, (Mr. Rabil Pornpatkul) Senior Manager, Corporate Planning Office Attachment : An Unreviewed Financial Statements for Second Quarter as of June 30, 1999. Corporate Planning Office. Tel : 301-2842 UNREVIEWED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF JUNE 30,1999 AND 1998 1999 1998 Baht Baht ASSETS Current Assets Cash on hand and at banks 126,057,925 90,855,134 Short -term investments 176,727,221 267,895,675 Trade accounts and notes receivable - Net (Note 2) 1,925,212,451 2,222,931,856 Inventories (Note 3) 3,322,974,095 3,183,945,310 Other current assets Materials and supplies 446,043,486 455,159,784 Others 450,249,942 539,906,064 Total Current Assets 6,447,265,120 6,760,693,823 Investments and Loans to Related Parties (Note 4) 449,290,585 424,360,985 Property,Plant and Equipment-Net (Note 5) 18,492,818,806 18,735,749,354 Other Assets Deferred income tax (Note 6) 1,514,371,132 1,546,210,390 Deferred charges 191,213,222 195,746,913 Long term investment-service station 484,864,357 313,835,248 Others 22,328,547 62,770,796 TOTAL ASSETS 27,602,151,769 28,039,367,509 The accompanying notes are an integral part of these statements. (Signed) Somchai Richupan (Signed) Sophon Suphapong (Somchai Richupan) (Sophon Suphapong) Chairman President 1999 1998 Baht Baht LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans from financial institutions (Note 7) 5,699,093,286 1,995,244,042 Trade accounts payable 2,816,898,059 8,148,814,829 Current portion of long-term loan(Note 8) 1,812,848,226 362,012,450 Short-term loan from related parties - 6,250,000 Other current liabilities Accrued excise tax and oil stabilization fund 265,381,627 255,027,660 Accrued expenses 453,392,991 459,911,544 Others 418,432,470 349,129,561 Total Current Liabilities 11,466,046,659 11,576,390,086 Long - Term Loan ((Note 8) 6,078,478,490 5,994,393,011 Other Liabilities Deferred Revenue 83,042,370 83,043,033 Others 61,723,882 38,102,176 Total Liabilities 17,689,291,401 17,691,928,306 Shareholders' Equity Share capital Authorized share capital 5,220,409,400 5,220,409,400 Common stock 522,040,940 shares par value at Baht 10 per share Issued and paid-up share capital Common stock 522,040,940 shares par value at Baht 10 per share 5,220,409,400 5,220,409,400 Paid - in capital Premium on share capital 2,007,950,671 2,007,950,671 Surplus on fixed assets revaluation 4,452,017,118 4,916,542,076 Retained earnings Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (2,295,177,789) (2,303,378,180) Deferred losses from foreign exchange fluctuations prior to year 1996 (19,933,587) (41,679,319) Total Shareholders' Equity 9,912,860,368 10,347,439,203 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 27,602,151,769 28,039,367,509 The accompanying notes are an integral part of these statements. THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF INCOME FOR THE SECOND QUARTER ENDED JUNE 30, 1999 AND 1998 SECOND QUARTER FOR SIX MONTH ENDED 30 JUN 1999 1998 1999 1998 Baht Baht Baht Baht Operating Revenues Sales 8,411,473,097 8,992,479,665 16,131,220,759 18,937,132,056 Other income Interest income 18,492,338 35,124,271 58,821,083 99,376,530 Earnings from associated companies 49,030 9,078,294 1,687,271 2,900,548 Others 25,561,111 23,244,044 55,524,345 47,285,966 Total Revenues 8,455,575,576 9,059,926,274 16,247,253,458 19,086,695,100 Operating Expenses Cost of sales 7,593,610,469 9,056,414,627 14,952,039,670 17,839,629,213 Administrative and selling expenses 315,903,343 288,079,456 644,067,800 556,048,073 Directors' remuneration 74,400 118,800 207,600 250,200 Losses (Gains) from foreign exchange fluctuations (130,864,809) 80,610,601 (34,372,822) 126,022,281 Total Expenses 7,778,723,403 9,425,223,484 15,561,942,248 18,521,949,767 Profit before Interest Expense and Income Tax 676,852,173 (365,297,210) 685,311,210 564,745,333 Interest Expenses (Note 9) 285,648,757 173,382,543 564,179,265 399,065,792 Income Tax 40,461,416 (162,660,645) 40,461,416 48,832,017 Net Profit (Loss) 350,742,000 (376,019,108) 80,670,529 116,847,524 Earnings Per Share Net Profit (Loss) 0.67 (0.72) 0.15 0.22 The accompanying notes are an integral part of these statements. THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY AS OF JUNE 30,1999 Unit : Baht Share capital Premium on Surplus on Deferred losses from Retained Total share capital fixed assets foreign exchange earning revaluation prior to year 1996 Balance at Dec 31,1997 5,220,409,400 2,007,950,671 5,164,565,549 (52,552,184) (1,872,631,149) 10,467,742,287 Accumulated adjustment - - - - (14,960,157) (14,960,157) Ending balance after adjustment 5,220,409,400 2,007,950,671 5,164,565,549 (52,552,184) (1,887,591,306) 10,452,782,130 Items not recognised in the income statement (482,355,133) (482,355,133) Items recognised in the income statement 21,745,731 21,745,731 Net Profit for the period 59,337,543 59,337,543 Dividend paid - - Issued share capital - common stock - - - Balance at Dec 31,1998 5,220,409,400 2,007,950,671 4,682,210,416 (30,806,453) (1,828,253,763) 10,051,510,271 Items not recognised in the income statement (230,193,298) (230,193,298) Items recognised in the income statement 10,872,866 10,872,866 Net Profit for the period 80,670,529 80,670,529 Dividend paid - Issued share capital - common stock - - Balance at June 30,1999 5,220,409,400 2,007,950,671 4,452,017,118 (19,933,587) (1,747,583,234) 9,912,860,368 The accompanying notes are an integral part of these statements. THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS FOR THE SECOND QUARTER ENDED JUNE 30, 1999 AND 1998 SECOND QUARTER FOR SIX MONTH ENDED 30 JUN 1999 1998 1999 1998 Baht Baht Baht Baht Cash Flows from Operating Activities : Net Profit (Loss) 350,742,000 (376,019,108) 80,670,529 116,847,524 Adjustment to reconcile net profit(loss) to net cash provided by operating activities : Depreciation 216,902,952 178,707,459 437,197,819 333,483,338 Bad debts and doubtful debts 9,636,712 - 10,421,933 - Amortization 78,633,169 61,446,529 163,324,420 1,775,144 Unrealized losses(gains) from foreign exchange fluctuations (75,684,777) 294,059,619 2,392,956 (225,664,615) Deferred Income tax 40,461,416 (162,660,645) 40,461,416 48,832,017 Losses (gain) from fixed assets disposal 543,816 (2,288,878) 676,130 (1,936,698) Pension fund 690,549 (263,567) 1,381,098 736,433 Deferred revenue (4,619,802) (2,642,552) (8,215,576) (7,158,036) Income from related company - - (28,802,083) - Earnings from associated companies (49,030) (9,078,294) (1,687,271) (2,900,548) Trade accounts and notes receivable,( increase ) decrease 118,954,894 116,613,889 (239,985,996) 351,906,040 Inventories ,(increase) decrease (1,248,910,527) (913,346,918) (1,057,124,165) 827,547,610 Other current assets,increase (155,477,583) (112,999,600) (106,049,622) (127,835,385) Trade accounts payable, increase ( decrease ) (115,169,824) 82,398,279 33,395,668 (160,840,439) Other current liabilities, increase ( decrease ) (137,944,493) (225,897,140) (357,035,638) 105,892,279 Net Cash Provided by (Used in) Operating Activities (921,290,529) (1,071,970,927) (1,028,978,381) 1,420,684,664 Cash Flows from Investing Activities : Short-term investments, increase (928,505) (151,594,413) (3,341,021) (153,389,376) Long-term investments,decrease 1,763,160 - 8,397,060 - Purchase of Property, plant and equipment, ( increase ) (111,165,499) (241,996,895) (238,415,091) (590,264,805) Other assets,increase (310,328) (80,098,596) (32,195,100) (84,397,109) Net Cash Used in Investing Activities (110,641,172) (473,689,904) (265,554,152) (828,051,290) The accompanying notes are an integral part of these statements. Cash Flows from Financing Activities : Bank overdrafts and loans from financial institution, increase (decrease) 64,389,710 (1,569,182,453) (509,633,967) (3,203,136,285) Short-term loan from related parties - 6,250,000 - 6,250,000 Long-term loan, increase (decrease) 395,454,019 2,975,101,468 1,158,133,083 514,695,852 Cash dividends - - - - Net Cash Provided by (Used in) Financing Activities 459,843,729 1,412,169,015 648,499,116 (2,682,190,433) Increase ( Decrease ) in Cash and Cash Equivalents (572,087,972) (133,491,816) (646,033,417) (2,089,557,059) Beginning Balance of Cash and Cash Equivalents 698,145,898 224,346,950 772,091,342 2,180,412,193 Cash and Cash Equivalents as of 30 June 126,057,925 90,855,134 126,057,925 90,855,134 Supplemental Cash Flow Information : Cash paid during the year for : Interest expenses 427,974,172 232,440,292 617,715,809 395,058,986 Income tax 24,110,403 32,771,984 42,129,195 62,072,467 The accompanying notes are an integral part of these statements. OPT 1.50