SET Announcements

TRANSLATION REPORT OF INDEPENDENT AUDITOR To the shareholders of The Bangchak Petroleum Public Company Limited The Office of the Auditor General has reviewed the balance sheets as at March 31,2000 and the statements of income for the three months ended March 31,2000 and 1999 , the statements of changes in shareholders equity and cash flows for the three months ended March 31,2000 and 1999 of The Bangchak Petroleum Public Company Limited. These financial statements are the responsibility of the Companys management as to their fair presentation and completeness of the information. The responsibility of the Office of the Auditor General is to report on these financial statements based on the results of its review. The Office of the Auditor General conducted the review in accordance with the auditing standards. Those standards require that the Office of the Auditor General plans and performs the review to obtain moderate assurance about whether the financial statements are free of material misstatement. The review consists principally of making enquiries of certain company officials and from an analysis and comparison of pertinent financial data. This, therefore, provides lesser assurance compared to an audit in accordance with the generally accepted auditing standards. Due to this , the Office of the Auditor General is unable to express an opinion on the financial statements referred to above.Based on its review, the Office of the Auditor General is not aware of any matters that would convince them that the financial statements does not present , in all material respects , the conformity with the generally accepted accounting principles. The Office of the Auditor General has audited the financial statements as at December 31,1999 of The Bangchak Petroleum Public Company Limited in accordance with the generally accepted auditing standards and has expressed an unqualification opinion as per the independent auditor report dated February 18, 2000. The balance sheets as at December 31,1999 which is used as comparison, forms partly the financial statements which the Office of the Auditor General has previously audited and reported. The Office of the Auditor General has not performed any other audits since the date of that report . (Signed) Pradharn Darbphechra (Pradharn Darbphechra) Deputy Auditor General For Auditor General (Signed) Soontaree Chaichomloed (Soontaree Chaichomloed) Auditor-in-charge Office of the Auditor General May 9, 2000 THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF MARCH 31 ,2000 AND DECEMBER 31 ,1999 MARCH 31,2000 DECEMBER 31,1999 (REVIEWED) (AUDITED) Baht Baht ASSETS Current Assets Cash on hand and at banks 1,077,654,098 690,095,663 Short -term investments 2) 181,713,112 180,599,916 Trade accounts and notes receivable - Net(Note 3) 2,693,570,945 2,728,398,985 Inventories 4,763,147,763 4,985,356,039 Other current assets Materials and supplies 437,423,582 437,048,830 Others 607,286,478 654,023,094 Total Current Assets 9,760,795,978 9,675,522,527 Long Term Investments(Note 4) 30,000,000 30,000,000 Investments in Associated Companies(Note 5)42,319,605 42,090,551 Tariff Prepayment(Note 6) 196,692,459 197,047,846 Property,Plant and Equipment-Net(Note 8)16,502,070,929 16,759,019,546 Intangible Assets(Note 9) 1,253,302,647 1,271,290,328 Other Assets Long term investment - service station 678,477,195 669,209,444 Others 281,009,860 371,462,530 TOTAL ASSETS 28,744,668,673 29,015,642,772 The accompanying notes are an integral part of these statements. (Signed) Somchai Richupan (Signed) Sirichai Sakornratanakul (Somchai Richupan) (Sirichai Sakornratanakul) Chairman President LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans from financial institutions(Note 10) 5,863,021,525 7,839,118,511 Trade accounts payable 2,193,655,652 4,589,294,615 Current portion of long term loan(Note 11) 2,489,052,031 2,467,348,427 Other current liabilities Accrued excise tax and oil stabilization fund 217,105,900 358,484,053 Accrued expenses 509,284,502 439,120,860 Others 498,767,528 616,697,248 Total Current Liabilities11,770,887,138 16,310,063,714 Long Term Loans(Note 11) 8,894,728,857 4,551,631,721 Other Liabilities Long term liabiltiies for service station lease rights 201,476,125 216,433,358 Others 98,905,904 98,925,128 Total Liabilities 20,965,998,024 21,177,053,921 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 4,167,700,534 4,261,568,827 Retained earnings (Accumulated Deficit) Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (4,164,984,511) (4,198,934,602) Total Shareholders' Equity 7,778,670,649 7,838,588,851 TOTAL LIABILITIES AND SHAREHOLDERS' EQUIT