SET Announcements

UNREVIEW THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF JUNE 30 ,2000 AND DECEMBER 31 ,1999 JUNE 30,2000 DECEMBER 31,1999 (UNREVIEW) (AUDITED) Baht Baht ASSETS Current Assets Cash on hand and at banks 189,853,065 690,095,663 Short -term investments 182,425,335 180,599,916 Trade accounts and notes receivable - Net 2,696,381,075 2,728,398,985 Inventories 5,563,450,488 4,985,356,039 Other current assets Materials and supplies 436,446,406 437,048,830 Others 1,195,424,919 647,515,749 Total Current Assets 10,263,981,288 9,669,015,182 Long Term Investments 36,037,196 31,000,000 Investments in Associated Companies 41,379,875 42,090,551 Tariff Prepayment 196,337,071 197,047,846 "Property,Plant and Equipment-Net" 16,302,547,092 16,759,019,547 Intangible Assets 1,235,015,829 1,271,290,328 Other Assets Long term investment - service station 701,157,721 669,209,444 Others 273,837,914 321,391,981 TOTAL ASSETS 29,050,293,986 28,960,064,879 (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 1,602,238,849 7,839,118,511 Short term loan 1,000,000,000 - Trade accounts payable 2,950,294,434 4,589,294,615 Current portion of long term loan2,826,036,515 2,467,348,427 Other current liabilities Accrued excise tax and oil stabilization fund 193,283,577 358,484,053 Accrued expenses 515,280,742 439,120,860 Others 188,415,055 616,697,248 Total Current Liabilities 9,275,549,172 16,310,063,714 Long Term Loans 11,936,745,264 4,551,631,722 Other Liabilities Long term liabiltiies for service station lease rights 207,512,872 216,433,358 Others 101,026,634 98,925,128 Total Liabilities 21,520,833,942 21,177,053,922 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 revaluation4,077,944,437 4,261,568,827 Retained earnings (Accumulated Deficit) Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (4,324,439,019) (4,254,512,496) Total Shareholders' Equity 7,529,460,044 7,783,010,957 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 29,050,293,986 28,960,064,879 THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF INCOME "FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999" SECOND QUARTER FOR SIX MONTH ENDED 30 JUN 2000 1999 2000 1999 Baht Baht Baht Baht Revenues Sales 13,750,244,635 8,411,473,097 25,725,023,694 16,047,892,407 Other income Interest income 4,064,163 18,492,338 12,215,847 58,821,084 Earnings from associated companies -939,729 59,040 -710,676 1,697,281 Gain from crude oil and product oil price hedging contract - - 8,392,322 63,347,505 Others 151,383,576 29,891,289 158,999,721 59,425,056 Total Revenues 13,904,752,645 8,459,915,764 25,903,920,908 16,231,183,333 Expenses Cost of sales 13,284,578,325 7,593,610,469 24,620,714,915 14,932,058,824 Administrative and selling expenses 258,842,006 235,249,622 503,312,863 466,388,449 Interest Expenses 328,987,356 286,697,434 627,595,841 565,227,943 Directors' remuneration 128,400 74,400 242,400 207,600 Other Expense Depreciation 69,190,800 82,007,734 138,879,335 167,780,974 Loss (gain) from foreign exchange fluctuations 71,558,680 -130,806,308 87,758,385 -23,491,399 Total Expenses 14,013,285,567 8,066,833,351 25,978,503,739 16,108,172,391 Profit (Loss) before Income Tax-108,532,922 393,082,413 -74,582,831 123,010,942 Income Tax 4,656,308 -41,022,112 4,656,308 -41,022,112 Net Profit (Loss) -103,876,614 352,060,301 -69,926,523 81,988,830 Earnings Per Share (0.20) 0.67 (0.13) 0.16 THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY AS OF JUNE 30 ,2000 AND DECEMBER 31 ,1999 Share capital Premium on Surplus on Retained earning Total share capital fixed assets (Accumulated Deficit) revaluation Balance at December 31,1997 5,220,409,400 2,007,950,671 4,682,210,416 -1,917,272,437 9,993,298,050 Cumulative effect of the correction of a fundamental- error and change in accounting policy - - - -55,577,894 -55,577,894 Ending balance after adjustment5,220,409,400 2,007,950,671 4,682,210,416 -1,972,850,331 9,937,720,156 Items not recognised in the income statement -420,641,589 -420,641,589 Net Profit (loss) for the period -1,734,067,610 -1,734,067,610 Dividend paid - - Issued share capital - common stock - - - Balance at December 31,1998 5,220,409,400 2,007,950,671 4,261,568,827 -3,706,917,941 7,783,010,957 Items not recognised in the income statement -183,624,390 -183,624,390 Net Profit (loss) for the period -69,926,523 -69,926,523 Dividend paid - - Issued share capital - common stock - - Balance at June 30,2000 5,220,409,400 2,007,950,671 4,077,944,437 -3,776,844,464 7,529,460,044 THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS FOR SIX MONTHS ENDED JUNE 30, 2000 AND 1999 2000 1999 Baht Baht Cash Flows from Operating Activities : Net Profit (Loss) -69,926,523 81,988,830 Adjustment to reconcile net profit(loss) to net cash provided by operating activities : Depreciation 454,937,729 437,090,478 Bad debts and doubtful debts 238,830 10,461,933 Amortization 76,506,143 163,324,420 Unrealized loss from foreign exchange fluctuations 54,385,370 2,392,956 Income tax -4,656,308 41,022,112 Loss from fixed assets disposal 1,954,180 676,130 Pension fund 746,374 1,381,098 Deferred revenue -6,547,046 -8,215,576 Income from related company - -28,802,082 Earnings from associated companies 710,676 -1,697,281 Trade accounts and notes receivable,( increase ) decrease 31,779,079 -232,709,141 Inventories ,increase -578,094,449 -1,057,124,166 Other current assets,increase -569,932,977 -82,790,127 Trade accounts payable, increase ( decrease ) -1,644,010,945 33,395,668 Other current liabilities, decrease-508,894,822 -361,274,488 Net Cash Used in Operating Activities -2,760,804,689 -1,000,879,236 Cash Flows from Investing Activities : Long term investments,decrease (increase) -4,326,421 8,397,060 Purchase of property, plant and equipment -182,144,270 -162,327,532 Intangible Assets -8,247,365 -75,038,882 Other assets,decrease (increase)" 1,333,656 -32,195,100 Net Cash Used in Investing Activities -193,384,400 -261,164,454 Cash Flows from Financing Activities : Sale of stock from increasing registered capital Bank overdrafts and loans from financial institutions -6,236,879,663 -523,230,299 Short term loans 1,000,000,000 - Long term loans 7,692,651,573 1,158,133,083 Net Cash Provided by Financing Activities 2,455,771,910 634,902,784 Increase ( Decrease ) in Cash and Cash Equivalents -498,417,179 -627,140,906 Cash and Cash Equivalents as of 1 January 870,695,579 945,477,542 Cash and Cash Equivalents as of 30 June 372,278,400 318,336,636 Supplemental Cash Flow Information : Cash paid during the quarter for : Interest expenses 545,225,474 617,789,219 Income tax 61,154,853 42,129,196