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TRANSLATION REPORT OF INDEPENDENT AUDITOR To the shareholders of The Bangchak Petroleum Public Company Limited The Office of the Auditor General has reviewed the accompanying balance sheets as of June 30,1999 and 1998, the related statements of income, statements of changes in shareholders's equity and cash flows for the second quarter and six months then ended of The Bangchak Petroleum Public Company Limited, in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand.A review of such interim financial statements consists principally of obtaining an understanding, by enquiries, of the system for preparation of the financial statements, making an analytical review of pertinent financial data and making enquiries of certain officials of the Company who have responsibility for financial and accounting matters. Our review is substantially less in scope than an audit in accordance with generally accepted auditing standards , the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Thus, the Office of the Auditor General does not express such an opinion on the financial statements referred to above.Based on our review, the Office of the Auditor General is not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the generally accepted accounting principles. The Office of the Auditor General requests the observation to Note 12 to the financial statements in regard to a remedy of year 2000 computer problem which is not a qualification and is not included in the opinion to the financial statements on this report. (Signed) Pradharn Darbphechra (Pradharn Darbphechra) Deputy Auditor General For Auditor General (Signed) Soontaree Chaichomloed (Soontaree Chaichomloed) Auditor-in-charge August 2, 1999 REVIEWED THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED BALANCE SHEETS AS OF JUNE 30,1999 AND 1998 1999 1998 Baht Baht ASSETS Current Assets Cash on hand and at banks 140,900,705 90,855,134 Short -term investments 177,435,931 267,895,675 Trade accounts and notes receivable - Net (Note 2) 1,917,895,596 2,222,931,856 Inventories (Note 3) 3,322,974,095 3,183,945,310 Other current assets Materials and supplies 446,043,486 455,159,784 Others 426,990,448 539,906,064 Total Current Assets 6,432,240,261 6,760,693,823 Investments and Loans to Related Parties (Note 4) 449,300,595 424,360,985 Property,Plant and Equipment-Net (Note 5) 18,491,877,469 18,735,749,354 Other Assets Deferred income tax (Note 6) 1,513,810,436 1,546,210,390 Deferred charges 191,213,222 195,746,913 Long term investment - service station 484,864,357 313,835,248 Others 22,328,547 62,770,796 TOTAL ASSETS 27,585,634,887 28,039,367,509 The accompanying notes are an integral part of these statements. (Signed) Somchai Richupan (Signed) Sophon Suphapong (Somchai Richupan) (Sophon Suphapong) Chairman President 1999 1998 Baht Baht LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans from financial institutions (Note 7) 5,685,496,954 1,995,244,042 Trade accounts payable 2,816,898,059 8,148,814,829 Current portion of long-term loan (Note 8) 1,812,848,225 362,012,450 Short-term loan from related parties - 6,250,000 Other current liabilities Accrued excise tax and oil stabilization fund 265,381,627 255,027,660 Accrued expenses 453,410,447 459,911,544 Others 414,176,163 349,129,561 Total Current Liabilities 11,448,211,475 11,576,390,086 Long - Term Loan ((Note 8) 6,078,478,490 5,994,393,011 Other Liabilities Deferred Revenue 83,042,371 83,043,033 Others 61,723,882 38,102,176 Total Liabilities 17,671,456,218 17,691,928,306 Shareholders' Equity Share capital Authorized share capital 5,220,409,400 5,220,409,400 Common stock 522,040,940 shares par value at Baht 10 per share 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 4,452,017,118 4,916,542,076 Retained earnings Appropriated Legal reserve 547,594,555 547,594,555 Unappropriated (2,293,859,488) (2,303,378,180) Deferred losses from foreign exchange fluctuations prior to year 1996 (19,933,587) (41,679,319) Total Shareholders' Equity 9,914,178,669 10,347,439,203 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 27,585,634,887 28,039,367,509 The accompanying notes are an integral part of these statements. THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF INCOME FOR THE SECOND QUARTER ENDED JUNE 30, 1999 AND 1998 SECOND QUARTER FOR SIX MONTH ENDED 30 JUN 1999 1998 1999 1998 Baht Baht Baht Baht Operating Revenues Sales 8,411,473,097 8,992,479,665 16,131,220,759 18,937,132,056 Other income Interest income 18,492,338 35,124,271 58,821,083 99,376,530 Earnings from associated companies 59,040 9,078,294 1,697,281 2,900,548 Others 29,817,418 23,244,044 59,780,651 47,285,966 Total Revenues 8,459,841,893 9,059,926,274 16,251,519,775 19,086,695,100 Operating Expenses Cost of sales 7,593,610,469 9,056,414,627 14,952,039,670 17,839,629,213 Administrative and selling expenses 315,898,548 288,079,456 644,063,005 556,048,073 Directors' remuneration 74,400 118,800 207,600 250,200 Losses (Gains) from foreign exchange fluctuations (129,521,372) 80,610,601 (33,029,385) 126,022,281 Total Expenses 7,780,062,045 9,425,223,484 15,563,280,890 18,521,949,767 Profit before Interest Expense and Income Tax 679,779,848 (365,297,210) 688,238,885 564,745,333 Interest Expenses ( Note 9) 286,697,435 173,382,543 565,227,943 399,065,792 Income Tax 41,022,112 (162,660,645) 41,022,112 48,832,017 Net Profit (Loss) 352,060,301 (376,019,108) 81,988,830 116,847,524 Earnings Per Share Net Profit (Loss) 0.67 (0.72) 0.16 0.22 The accompanying notes are an integral part of these statements. THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY AS OF JUNE 30,1999 Unit : Baht Share capital Premium on Surplus on Deferred losses Retained Total share capital fixed assets from foreign earning revaluation prior to year 1996 Balance at Dec 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 Dec 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 (230,193,298) (230,193,298) Items recognised in the income statement 10,872,866 10,872,866 Net Profit for the period 81,988 81,988,830 Dividend paid - Issued share capital - common stock - - Balance at June 30,1999 5,220,409,400 2,007,950,671 4,452,017,118 (19,933,587) (1,746,264,933) 9,914,178,669 The accompanying notes are an integral part of these statements. THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS FOR THE SECOND QUARTER ENDED JUNE 30, 1999 AND 1998 SECOND QUARTER FOR SIX MONTH ENDED 30 JUN 1999 1998 1999 1998 Baht Baht Baht Baht Cash Flows from Operating Activities : Net Profit (Loss) 352,060,301 (376,019,108) 81,988,830 116,847,524 Adjustment to reconcile net profit(loss) to net cash provided by operating activities : Depreciation 216,795,610 178,707,459 437,090,478 333,483,338 Bad debts and doubtful debts 9,676,711 - 10,461,933 - Amortization 78,633,169 61,446,529 163,324,420 161,775,144 Unrealized losses(gains) from foreign exchange fluctuations (75,684,777) 294,059,619 2,392,956 (225,664,615) Deferred Income tax 41,022,112 (162,660,645) 41,022,112 48,832,017 Losses (gain) from fixed assets disposal 543,816 (2,288,878) 676,130 (1,936,698) Pension fund 690,549 (263,567) 1,381,098 736,433 Deferred revenue (4,619,802) (2,642,552) (8,215,576) (7,158,036) Income from related company - - (28,802,082) - Earnings from associated companies (59,040) (9,078,294) (1,697,281) (2,900,548) Trade accounts and notes receivable,( increase ) decrease 126,231,749 116,613,889 (232,709,141) 351,906,040 Inventories ,(increase) decrease (1,248,910,527) (913,346,918) (1,057,124,166) 827,547,610 Other current assets, increase (132,218,088) (112,999,601) (82,790,127) (127,835,385) Trade accounts payable, increase ( decrease ) (115,169,824) 82,398,279 33,395,668 (160,840,439) Other current liabilities, increase ( decrease ) (142,183,344) (225,897,140) (361,274,488) 105,892,279 Net Cash Provided by (Used in) Operating Activities (893,191,385) (1,071,970,927) (1,000,879,236) 1,420,684,664 Cash Flows from Investing Activities : Short-term investments, increase (1,637,215) (151,594,413) (4,049,731) (153,389,376) Long-term investments,decrease 1,763,160 - 8,397,060 - Purchase of Property, plant and equipment, ( increase ) (110,116,822) (241,996,895) (237,366,414) (590,264,805) Other assets,increase (310,328) (80,098,596) (32,195,100) (84,397,109) Net Cash Used in Investing Activities (110,301,205) (473,689,904) (265,214,185) (828,051,290) The accompanying notes are an integral part of these statements. Cash Flows from Financing Activities : Bank overdrafts and loans from financial institution 50,793,378 (1,569,182,453) (523,230,299) (3,203,136,285) Short-term loan from related parties - 6,250,000 - 6,250,000 Long-term loan, increase (decrease) 395,454,019 2,975,101,468 1,158,133,083 514,695,852 Cash dividends - - - - Net Cash Provided by (Used in) Financing Activities 446,247,397 1,412,169,015 634,902,784 (2,682,190,433) Increase ( Decrease ) in Cash and Cash Equivalents (557,245,193) (133,491,816) (631,190,637) (2,089,557,059) Beginning Balance of Cash and Cash Equivalents 698,145,898 224,346,950 772,091,342 2,180,412,193 Cash and Cash Equivalents as of 30 June 140,900,705 90,855,134 140,900,705 90,855,134 Supplemental Cash Flow Information : Cash paid during the year for : Interest expenses 428,047,581 232,440,292 617,789,219 395,058,987 Income tax 24,110,403 32,771,984 42,129,196 62,072,467 The accompanying notes are an integral part of these statements. (more)