SET Announcements
Q2-2000 FINANCIAL STATEMENT
TRANSLATION
REPORT OF INDEPENDENT AUDITOR
To the shareholders of The Bangchak Petroleum Public Company Limited
The Office of the State Audit has reviewed the balance sheets
as at June 30,2000 and 1999, the statements of income for the three months
and the six months ,the statements of changes in shareholders equity and
cash flows for the six months ended June 30,2000 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 State Audit is to report on these financial statements based on
the results of its review.
The Office of the State Audit conducted the review in accordance
with the auditing standards applicable to review engagements.
Those standards require that the Office of the State Audit plans
and performs the review to obtain moderate assurance as to whether
the financial statements are free of material misstatement. A
review is limited primarily to inquiries of the company personnel
and analytical comparison of financial data. This, therefore, provides
less assurance than an audit in accordance with the generally accepted
auditing standards. Due to this , the Office of the State Audit is
unable to express an opinion on the financial statements referred to above.
Based on our review, nothing has come to attention that causes the Office
of the State Audit to believe that the financial statements are not
presented fairly , in all material respects , the conformity with the
generally accepted accounting principles.
The Office of the State Audit 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
expressed an unqualification opinion as per the independent auditor
report dated February 18, 2000. The balance sheets as at December 31,1999
as presented herein for comparison, formed partly the financial statements
which the Office of the State Audit previously audited and reported.
The Office of the State Audit 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 State Audit
August 10, 2000
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
BALANCE SHEETS
AS OF JUNE 30 ,2000 AND DECEMBER 31 ,1999
ADDITIONAL JUNE 30,2000 DECEMBER 31,1999
INFORMATION (REVIEWED) (AUDITED)
Baht Baht
ASSETS
Current Assets
Cash on hand and at banks 197,024,601 690,095,663
Short -term investments 182,425,335 180,599,916
Trade accounts and notes receivable - Net 3.1 2,661,978,177 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
Crude prepayment 567,735,750 -
Others 626,948,361 647,515,749
Total Current Assets 10,236,009,118 9,669,015,182
Long Term Investments 3.2 36,037,196 31,000,000
Investments in Associated Companies 3.3 41,379,875 42,090,551
Tariff Prepayment 3.4 196,337,071 197,047,846
Property,Plant and Equipment-Net 3.6 16,302,547,092 16,759,019,547
Intangible Assets 3.7 1,235,015,829 1,271,290,328
Other Assets
Long term investment - service station 701,157,721 669,209,444
Others 273,855,731 321,391,981
TOTAL ASSETS 29,022,339,633 28,960,064,879
The accompanying notes are an integral part of these statements.
(Signed) Somchai Richupan (Signed) Sirichai Sakornratanakul
(Somchai Richupan) (Sirichai Sakornratanakul)
Chairman President
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
BALANCE SHEETS
AS OF JUNE 30 ,2000 AND DECEMBER 31 ,1999
ADDITIONAL JUNE 30,2000 DECEMBER 31,1999
INFORMATION (REVIEWED) (AUDITED)
Baht Baht
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Bank overdrafts and loans from financial institutions 3.8 1,574,282,581 7,839,118,511
Short term loan 3.9 1,000,000,000 -
Trade accounts payable 2,950,294,434 4,589,294,615
Current portion of long term loan 2,826,036,515 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 188,415,056 616,697,248
Total Current Liabilities 9,247,592,905 16,310,063,714
Long Term Loans 3.10 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 21,492,877,675 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 revaluation 4,077,944,437 4,261,568,827
Retained earnings (Accumulated Deficit)
Appropriated
Legal reserve 547,594,555 547,594,555
Unappropriated (4,324,437,105) (4,254,512,496)
Total Shareholders' Equity 7,529,461,958 7,783,010,957
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 29,022,339,633 28,960,064,879
The accompanying notes are an integral part of these statements.
REVIEWED
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
STATEMENTS OF INCOME
FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2000 AND 1999
FOR THD SECOND QUARTER FOR SIX MONTHS 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 242,249,623 233,964,685 481,651,297 475,926,435
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 fluctuations88,166,966 (129,521,371) 109,435,854 (33,029,385)
Total Expenses 14,013,301,470 8,066,833,351 25,978,519,642 16,108,172,391
Profit (Loss) before Income Tax (108,548,825) 393,082,413 (74,598,734) 123,010,942
Income Tax 4,674,125 (41,022,112) 4,674,125 (41,022,112)
Net Profit (Loss) (103,874,700) 352,060,301 (69,924,609) 81,988,830
Earnings Per Share (0.20) 0.67 (0.13) 0.16
The accompanying notes are an integral part of these statements.
REVIEWED
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
FOR SIX MONTHS ENDED JUNE 30, 2000 AND JUNE 30, 1999
2000 1999
Share capital
Common stock
Beginning Balance 5,220,409,400 5,220,409,400
Increase (decrease) - -
Ending Balance 5,220,409,400 5,220,409,400
Paid - in capital
Premium on share capital
Beginning Balance 2,007,950,671 2,007,950,671
Increase (decrease) - -
Ending Balance 2,007,950,671 2,007,950,671
Surplus on fixed assets revaluation
Beginning Balance 4,261,568,827 4,682,210,416
Increase (decrease) (183,624,390) (230,193,298)
Ending Balance 4,077,944,437 4,452,017,118
Deferred losses from foreign exchange fluctuations prior to year 1996
Beginning Balance - (30,806,453)
Decrease - 10,872,866
Ending Balance - (19,933,587)
Retained earnings (Accumulated Deficit)
Appropriated
Legal reserve
Beginning Balance 547,594,555 547,594,555
Increase (decrease) - -
Ending Balance 547,594,555 547,594,555
Unappropriated
Beginning Balance (4,198,934,602) (2,375,848,318)
Accumulated adjustment (55,577,894) -
Increase (decrease) (69,924,609) 81,988,830
Ending Balance (4,324,437,105) (2,293,859,488)
Total Shareholders' Equity 7,529,461,958 9,914,178,669
The accompanying notes are an integral part of these statements.
REVIEWED
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) (69,924,609) 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 (4,674,125) 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 ) decrease66,181,978 (232,709,141)
Inventories ,increase (578,094,449) (1,057,124,166)
Other current assets,increase (569,192,168) (82,790,127)
Trade accounts payable, increase ( decrease ) (1,644,010,946) 33,395,668
Other current liabilities, decrease (508,894,823) (361,274,488)
Net Cash Used in Operating Activities (2,725,676,886) (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)
The accompanying notes are an integral part of these statements.
Cash Flows from Financing Activities :
Bank overdrafts and loans from financial institutions (6,264,835,930) (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 2,427,815,643 634,902,784
Increase ( Decrease ) in Cash and Cash Equivalents (491,245,643) (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 379,449,936 318,336,636
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
The accompanying notes are an integral part of these statements.
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
NOTES TO FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND FOR THE YEAR ENDED DECEMBER 1999
1. The Preparation and Presentation of Financial Statements
The financial statements are prepared in accordance with the generally
accepted accounting principles and the rules of The Stock Exchange
of Thailand.
2. Summary of Significant Accounting Policies
The financial statements are prepared in accordance with the generally
accepted accounting principles. In preparation of the interim financial
statements, the Company applies the accounting policies and the calculation
methods which are similar to the annual financial statements end December 31,1999.
3. Additional Information
3.1 Trade Accounts and Notes Receivable - Net ( Accounting Policy 2.2 )
Million Baht
2000 1999
Notes receivable 214.45 268.75
Trade accounts receivable 2,555.31 2,568.52
Less Allowance for doubtful accounts 107.78 108.87
Trade accounts and notes receivable - net 2,661.98 2,728.40
As of June 30,2000, the Company has trade account receivables
with problems in collection. The following is an age analysis
of the outstanding amount of such debts.
Million Baht
over 3 - 6 months 0.42
over 6 - 12 months 7.61
over 12 months 156.68
Total 164.71
The Company has set up an allowance for doubtful accounts of
Baht 107.78 Million.
3.2 Long Term Investments ( Accounting policy 2.5 )
Million Baht
2000 1999
3.2.1 General investment in equity securities
Fuel Pipeline Transportation Ltd. 181.75 181.75
Auchan Chiang Mai Co.,Ltd. 30.00 30.00
Total 211.75 211.75
Less Loss from impairment of assets 181.75 181.75
30.00 30.00
3.2.2 Investment in debt securities held-to-maturity 6.04 1.00
Total 36.04 31.00
3.3 Investments in Associated Companies ( Accounting Policy 2.6 )
Company Type of Business elationship Paidup shareholding investment dividend
Share capital Ratio (Million Baht)
(Million Baht)(%) Cost Method Equity Method
Jun30,00 Dec3199 Jun30,00 Dec31,99
The Bangchak GreenNet Retail Business Shareholding 1.00 49.00 0.49 0.49 22.05 22.78 -
Co.,ltd and service
The Bangchak GreenLine Transportation Shareholding 0.10 49.00 0.05 0.05 3.15 3.12 -
Co.,ltd and service
The Bangchak Power Power Generation Shareholding 40.00 39.99 16.00 16.00 16.18 16.19 -
Co.,ltd and Steam Production
Total 16.54 16.54 41.38 42.09 -
In this period ,the Company realized earnings from The Bangchak Green Net and The Bangchak Green
Line in the amounts of Baht (0.73) million and 0.02 million, respectively.
3.4 Transactions with related companies
An advance payment of transportation cost (Tariff Prepayment) was made to
the Fuel Pipeline Transportation Ltd. (FPT) as financial assistance
in accordance with the Memorandum of Understanding of June 14,1996.
Following this, the Company, together with the other FPT creditors
resolved on March 3, 1999 to restructure the FPT loan. Prior to the
loan restructure,the amount owed as Tariff Prepayment was Baht 245.80
million, of this , Baht 48.75 million was converted to capital stock
(preferred stock) on April 30,1999. The balance of the debt will be
repaid through the monthly deductions of the oil transportation cost,
commencing from March 2000.
3.5 Transactions with related companies
The Company has significant business transactions with related
companies for the six months ended June 30,2000 and for the year
ended December 31,1999 ( related in terms of shareholding and as
member of the board ) as follows;
Million Baht
2000 1999
Account receivable with related companies 107.12 111.82
Account payable with related companie 13.04 14.29
Income from sales of oil 581.91 1,007.41
Transportation management fee 37.17 59.44
Pipeline throughput fee 44.50 83.66
Franchise fee - Lemon Green ( Minimart ) 3.09 6.00
3.6 Property, Plant and Equipment - Net ( Accounting Policies 2.7 and 2.8 )
Million Baht
Dec 31,99 Increase Decrease Jun 30,00 Accumulated Net Book Value
Depreciation
Land 1,344.78 - - 1,344.78 - 1,344.78
Buildings 486.32 0.69 0.25 486.76 202.47 284.29
Piers, Dykes, Fences 240.76 0.09 - 240.85 129.55 111.30
Machineries, equipments18,773.54 1,584.86 0.87 20,357.53 9,015.70 11,341.83
and refinery plants
Marketing and office 2,942.11 28.50 6.15 2,964.46 666.53 2,297.93
equipments
Platinum Catalyst 213.75 - - 213.75 - 213.75
Vehicles 355.85 1.89 0.32 357.42 193.63 163.79
Construction work 1,977.30 183.59 1,616.01 544.88 - 544.88
in progress
Total 26,334.41 1,799.62 1,623.60 26,510.43 10,207.88 16,302.55
The total depreciation for this period is Baht 454.94 million ,
of which Baht 316.06 million is booked as cost of product ,
and Baht 138.88 million as administrative expenses.
3.7 Intangible Assets
Million Baht
First cost Accumulated Amortization Net Book Value
Jun 30,00 Dec 31,99 Jun 30,00 Dec 31,99 Jun 30,00 Dec 31,99
Leasehold 1,538.45 1,532.03 336.52 300.10 1,201.93 1,231.93
License and development 62.97 61.15 29.88 21.79 33.09 39.36
costs of computer software
Total 1,601.42 1,593.18 366.40 321.89 1,235.02 1,271.29
3.8 Bank overdrafts and loans from financial institutions
Bank overdrafts and loans from financial institutions were
Baht 1,574.28 million with interest rates of 3.25 - 3.50 % per annum.
3.9 Short - Term Loans ( Accounting Policy 2.11 )
The company issued guaranteed registered debentures with
the holders names totaling 1,000,000 units with face value of
Baht 1,000 per unit, for a total of Baht 1,000 million.
The debenture guaranteed by the Ministry of Finance with maturity
on June 14,2001.
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