SET Announcements

UNREVIEWED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF SEPTEMBER 30,1999 AND 1998 1999 1998 Baht Baht ASSETS Current Assets Cash on hand and at banks 380,521,831 484,864,222 Short -term investments 177,732,577 2,028,106,968 Trade accounts and notes receivable - Net 2,686,961,920 1,920,669,841 Inventories 4,881,791,883 3,421,169,338 Other current assets Materials and supplies 419,701,218 446,537,696 Others 563,044,023 448,210,911 Total Current Assets 9,109,753,452 8,749,558,976 Investments and Loans to Related Parties 448,306,804 427,082,035 Property,Plant and Equipment-Net 18,321,800,096 18,641,135,738 Other Assets Deferred income tax 1,554,832,549 1,495,849,767 Deferred charges 184,867,792 195,809,352 Long term investment - service station 651,372,182 402,826,604 Others 42,485,575 17,064,616 TOTAL ASSETS 30,313,418,450 29,929,327,088 The accompanying notes are an integral part of these statements. (Signed) Somchai Richupan (Signed) Chiraya Isarangkun Na Ayuthaya (Somchai Richupan) (Chirayu Isarangkun Na Ayuthaya) Chairman Director LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans from financial institutions 7,846,747,714 6,424,749,314 Trade accounts payable 3,884,654,675 5,505,620,205 Current portion of long-term loan 1,864,597,340 585,526,450 Short-term loan from related parties - 15,430,000 Other current liabilities Accrued excise tax and oil stabilization fund 226,933,849 241,129,909 Accrued expenses 521,674,004 572,874,442 Others 419,880,082 312,901,681 Total Current Liabilities 14,764,487,664 13,658,232,001 Long - Term Loan 5,963,465,520 5,836,113,390 Other Liabilities Deferred Revenue 83,220,838 88,182,220 Others 194,185,660 37,404,182 Total Liabilities 21,005,359,682 19,619,931,793 Shareholders' Equity Share capital Authorized share capital Common stock 522,040,940 shares par value at Baht 10 per share 5,220,409,400 5,220,409,400 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 4,355,666,614 4,799,343,710 Retained earnings Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (2,809,065,318) (2,229,660,155) Deferred losses from foreign exchange fluctuations prior to year 1996 (14,497,154) (36,242,886) Total Shareholders' Equity 9,308,058,768 10,309,395,295 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 30,313,418,450 29,929,327,088 THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF INCOME FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEP 30, 1999 AND 1998 THIRD QUARTER FOR NINE MONTHS ENDED 30 SEP 1999 1998 1999 1998 Baht Baht Baht Baht Operating Revenues Sales 10,589,103,768 8,099,877,614 26,720,324,527 27,037,009,670 Other income Interest income 11,990,336 33,566,902 70,811,420 132,943,432 Earnings from associated companies (993,791 ) 2,721,050 703,490 5,621,598 Others 11,072,585 23,128,703 70,853,236 70,414,669 Total Revenues 10,611,172,898 8,159,294,269 26,862,692,673 27,245,989,369 Operating Expenses Cost of sales 9,666,507,061 7,690,959,252 24,618,546,731 25,530,588,465 Administrative and selling expenses 386,350,374 327,610,734 1,030,413,379 883,658,807 Directors' remuneration 142,800 79,200 350,400 329,400 Losses (Gains) from foreign exchange fluctuations 839,459,167 (311,712,961) 806,429,782 (185,690,680) Total Expenses 10,892,459,402 7,706,936,225 26,455,740,292 26,228,885,992 Profit (Loss) before Interest Expense and Income Tax (281,286,504) 452,358,044 406,952,381 1,017,103,377 Interest Expenses (Note 9) 274,941,438 319,842,958 840,169,381 718,908,750 Income Tax (41,022,112) 43,836,904 - 92,668,921 Net Profit (Loss) (515,205,829) 88,678,182 (433,217,000) 205,525,706 Earnings Per Share (0.99) 0.17 (0.83) 0.39 THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY AS OF SEPTEMBER 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 Deccember 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 December 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 (326,543,802) (326,543,802) Items recognised in the income statement 16,309,299 16,309,299 Net Profit for the period (433,217,000) (433,217,000) Dividend paid - - Issued share capital - common stock - - - Balance at September 30,1999 5,220,409,400 2,007,950,671 4,355,666,614 (14,497,154) (2,261,470,763) 9,308,058,768 UNREVIEWED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEP 30, 1999 AND 1998 THIRD QUARTER FOR NINE MONTH ENDED 30 SEP 1999 1998 1999 1998 Baht Baht Baht Baht Cash Flows from Operating Activities : Net Profit (Loss) (515,205,830) 88,678,182 (433,217,000) 205,525,706 Adjustment to reconcile net profit(loss) to net cash provided by operating activities : Depreciation 221,147,226 192,772,657 658,237,704 526,255,995 Bad debts and doubtful debts 12,691,735 - 23,153,668 - Amortization 74,482,600 94,760,822 237,807,020 256,535,966 Unrealized losses(gains) from foreign exchange fluctuations 815,463,339 (268,494,103) 817,856,295 (494,158,718) Deferred Income tax(41,022,112) 43,836,904 - 92,668,921 Losses (gain) from fixed assets disposal 693,799 4,218,619 1,369,929 2,281,921 Pension fund (10,703,618) 368,216 (9,322,520) 1,104,649 Deferred revenue (1,513,960) (3,118,750) (9,729,536) (10,276,786) Income from related company - - (28,802,082) - Earnings from associated companies 993,791 (2,721,050) (703,490) (5,621,598) Trade accounts and notes receivable,( increase ) decrease (781,758,058) 302,262,016 (1,014,467,199) 654,168,056 Inventories ,(increase) decrease (1,558,817,787) (237,224,028) (2,615,941,953) 590,323,582 Other current assets,(increase) increase (158,527,249) 42,425,664 (241,317,376) (85,409,721) Trade accounts payable, increase ( decrease ) 1,067,756,616 (2,643,194,624) 1,101,152,284 (2,804,035,063) Other current liabilities, increase ( decrease ) (3,566,948) 52,844,423 -371,146,880 158,736,702 Other liabilities, increase 1,692,427 8,429,365 7,997,871 8,429,365 Net Cash Used in Operating Activities (876,194,029) (2,324,155,687) (1,877,073,265) (903,471,023) Cash Flows from Investing Activities : Short-term investments, increase (296,647) (1,823,017,792) (4,346,378) (1,976,407,168) Long-term investments,decrease - - 8,397,060 - Purchase of Property, plant and equipment, ( increase ) (145,865,470) (318,497,383) (383,231,884) (908,762,188) Other assets,(increase) decrease (65,069,371) 9,030,419 (97,264,471) (75,366,690) Net Cash Used in Investing Activities (211,231,488) (2,132,484,756) (476,445,673) (2,960,536,046) . Cash Flows from Financing Activities : Bank overdrafts and loans from financial institution, 1,577,046,643 4,703,702,372 1,053,816,344 1,500,566,087 Short-term loan from related parties - 9,180,000 - 15,430,000 Long-term loan, increase (decrease) (250,000,000) 137,767,159 908,133,083 652,463,011 Cash dividends - - - - Net Cash Provided by Financing Activities 1,327,046,643 4,850,649,531 1,961,949,427 2,168,459,098 Increase ( Decrease ) in Cash and Cash Equivalents 239,621,126 394,009,088 (391,569,511) (1,695,547,971) Beginning Balance of Cash and Cash Equivalents 140,900,705 90,855,134 772,091,342 2,180,412,193 Cash and Cash Equivalents as of 30 September 380,521,831 484,864,222 380,521,831 484,864,222 Supplemental Cash Flow Information : Cash paid during the year for : Interest expenses 221,697,722 177,883,254 839,486,941 572,942,241 Income tax 29,176,958 (120,537,791) 71,306,154 (58,465,324)