SET Announcements

THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF DECEMBER 31 ,2000 AND 1999 DECEMBER 31,2000 DECEMBER 31,1999 (UNAUDITED) (AUDITED) Baht Baht ASSETS Current Assets Cash on hand and at banks 353,488,160 690,095,663 Short -term investments 183,899,984 180,599,916 Trade accounts and notes receivable - Net 2,221,276,181 2,728,398,985 Inventories - Net 6,879,662,972 4,985,356,039 Other current assets Materials and supplies - Net 433,456,242 437,048,830 Others 803,950,032 623,768,299 Total Current Assets 10,875,733,571 9,645,267,732 Long Term Investments 34,996,839 31,000,000 Investments in Associated Companies 24,451,394 42,090,551 Tariff Prepayment 188,708,087 197,047,846 Property,Plant and Equipment-Net 15,690,805,407 16,759,019,547 Intangible Assets 1,192,230,485 1,271,290,328 Other Assets Long term investment - service station 698,147,294 669,209,444 Others 275,766,724 321,391,981 TOTAL ASSETS 28,980,839,801 28,936,317,429 (Signed) Somchai Richupan (Signed) Sirichai Sakornratanakul (Somchai Richupan) (Sirichai Sakornratanakul) Director President LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans from financial institutions 1,317,528,644 7,839,118,511 Short term loan 1,000,000,000 - Trade accounts payable 3,043,405,392 4,589,294,615 Current portion of long term loan 1,798,056,769 2,467,348,427 Other current liabilities Accrued excise tax and oil stabilization fund 279,166,392 358,484,053 Accrued expenses 549,269,151 439,120,860 Others 318,596,574 616,697,248 Total Current Liabilities 8,306,022,922 16,310,063,714 Long Term Loans 14,497,395,046 4,551,631,722 Other Liabilities Long term liabiltiies for service station lease rights 222,917,316 216,433,358 Others 103,368,123 98,925,128 Total Liabilities 23,129,703,407 21,177,053,922 Shareholders' Equity Share capital Authorized share capital Common stock 772,040,940 shares par value at Baht 10 per share 7,720,409,400 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 3,910,712,155 4,261,568,827 Retained earnings (Accumulated Deficit) Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (5,835,530,387) (4,278,259,946) Total Shareholders' Equity 5,851,136,394 7,759,263,507 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 28,980,839,801 28,936,317,429 UNAUDITED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2000 AND 1999 2000 1999 Baht Baht Revenues Sales 52,120,723,320 38,621,486,839 Other income Interest income 20,585,410 81,088,733 Earnings from associated companies (1,720,577) 3,289,783 Others 194,434,076 73,949,202 Total Revenues 52,334,022,229 38,779,814,557 Expenses Cost of sales 50,173,669,291 35,915,537,532 Administrative and selling expenses 1,156,611,191 1,106,900,066 Interest Expenses 1,263,711,049 1,101,668,528 Directors' remuneration 455,400 464,400 Other Expense Depreciation 292,431,408 369,210,709 Loss from write-down of inventories 539,746,820 - Loss from foreign exchange fluctuations 415,584,021 29,768,856 Loss from impairment of long term investment - 181,754,700 Loss from crude oil and product oil price hedging contract 85,038,105 306,706,610 Total Expenses 53,927,247,285 39,012,011,401 Loss before Income Tax (1,593,225,056) (232,196,844) Income Tax (35,954,615) 1,550,941,315 Net Loss (1,557,270,441) (1,783,138,159) Earnings Per Share (2.98) (3.42) UNAUDITED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2000 AND 1999 2000 1999 Baht Baht Unappropriated Retained Earnings (Accumulated Deficit) At Beginning of Year (4,278,259,946) (2,464,866,992) Less Prior year adjustment - (30,254,795) Unappropriated Retained Earnings (Accumulated Deficit) after adjustment (4,278,259,946) (2,495,121,787) Less Dividend paid - - (4,278,259,946) (2,495,121,787) Net profit (loss) for the year (1,557,270,441) (1,783,138,159) Total unappropriated Accumulated Deficit (5,835,530,387) (4,278,259,946) Appropriated Retained Earnings Legal reserve 547,594,555 547,594,555 Total Accumulated Deficit (5,287,935,832) (3,730,665,391) UNAUDITED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2000 AND 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) (350,856,672) (420,641,589) Ending Balance 3,910,712,155 4,261,568,827 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 (4,278,259,946) (2,464,866,992) Accumulated adjustment - (30,254,795) Balance after adjustment (4,278,259,946) (2,495,121,787) Increase (decrease) (1,557,270,441) (1,783,138,159) Ending Balance (5,835,530,387) (4,278,259,946) Total Shareholders' Equity 5,851,136,394 7,759,263,507 UNAUDITED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2000 AND 1999 2000 1999 Baht Baht Cash Flows from Operating Activities : Net Loss (1,557,270,441) (1,783,138,159) Adjustment to reconcile net loss to net cash provided by operating activities : Depreciation 917,841,410 927,709,086 Bad debts and doubtful debts 24,961,423 48,160,295 Amortization 210,215,926 173,186,964 Unrealized loss from foreign exchange fluctuations 202,546,927 34,249,924 Loss from Impairment of long term investment - 181,754,700 Income tax (35,954,615) 1,550,941,315 Loss from fixed assets disposal 35,798,740 (832,819) Pension fund 6,578,528 2,987,562 Deferred revenue (11,769,497) (12,683,241) Income from related company - (28,802,082) Earnings from associated companies 1,720,577 (3,289,784) Trade accounts and notes receivable,( increase ) decrease 526,532,862 (1,180,761,407) Inventories ,increase (1,894,306,934) (2,719,506,109) Other current assets,increase (176,081,993) (263,737,573) Trade accounts payable, increase ( decrease ) (1,551,158,042) 1,908,745,131 Other current liabilities, decrease (298,702,368) (120,659,850) Other liabilities, increade (decrease) (3,385,200) 2,323,876 Net Cash Used in Operating Activities (3,602,432,697) (1,283,352,171) Cash Flows from Investing Activities : Long term investments,decrease 20,261,500 8,397,060 Purchase of property, plant and equipment (274,658,210) (318,984,480) Intangible Assets (10,048,257) (63,259,315) Other assets,increase (16,644,278) (214,580,471) Net Cash Used in Investing Activities (281,089,245) (588,427,206) Cash Flows from Financing Activities : Bank overdrafts and loans from financial institutions (6,521,589,867) 1,549,971,058 Short term loans 1,000,000,000 - Long term loans 9,071,804,374 247,026,356 Net Cash Provided by Financing Activities 3,550,214,507 1,796,997,414 Decrease in Cash and Cash Equivalents (333,307,435) (74,781,963) Cash and Cash Equivalents as of 1 January 870,695,579 945,477,542 Cash and Cash Equivalents as of 31 December 537,388,144 870,695,579 Supplemental Cash Flow Information : Cash paid (refund) during this period for : Interest expenses 1,196,476,720 1,217,112,041 Income tax (1,331,179) 104,818,033