ข่าวแจ้งตลาดหลักทรัพย์
Q3-00 REVIEWED FINANCIAL STATEMENT
TRANSLATION
REPORT OF INDEPENDENT AUDITOR
To the shareholders of The Bangchak Petroleum Public Company Limited
The State Audit Office has reviewed the balance sheets as at September 30,
2000 and 1999, the statements of income for the three months and the nine months,
the statements of changes in shareholders equity and cash flows for the
nine months ended September 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 State Audit Office is to report on these
financial statements based on the results of its review.
The State Audit Office conducted the review in accordance with the auditing
standards applicable to review engagements. Those standards require that
the State Audit Office 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 State Audit Office 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 State Audit Office to believe that the financial statements are not presented
fairly , in all material respects , the conformity with the generally accepted
accounting principles.
The State Audit Office 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 State Audit Office previously audited and reported.
The State Audit Office has not performed any other audits since the date of that report
.
(Signed) Pradharn Darbphechra
(Pradharn Darbphechra)
Deputy Auditor General
For Auditor General
(Signed) Rushaneeboon Huansuriya
(Rushaneeboon Huansuriya)
Auditor-in-charge
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
BALANCE SHEETS
AS OF SEPTEMBER 30 ,2000 AND DECEMBER 31 ,1999
ADDITIONAL SEPTEMBER 30,2000 DECEMBER 31,1999
INFORMATION (REVIEWED) (AUDITED)
Baht Baht
ASSETS
Current Assets
Cash on hand and at banks 188,200,205 690,095,663
Short -term investments 182,771,089 180,599,916
Trade accounts and notes receivable - Net
3.1 2,184,382,011 2,728,398,985
Inventories 8,523,483,100 4,985,356,039
Other current assets
Materials and supplies 446,287,547 437,048,830
Others 509,488,968 647,515,749
Total Current Assets 12,034,612,920 9,669,015,182
Long Term Investments 3.2 36,017,018 31,000,000
Investments in Associated Companies 3.3 41,522,119 42,090,551
Tariff Prepayment 3.4 190,793,027 197,047,846
Property,Plant and Equipment-Net 3.6 15,994,764,138 16,759,019,547
Intangible Assets 3.7 1,212,990,637 1,271,290,328
Other Assets
Long term investment - service station
734,793,830 669,209,444
Others 289,548,602 321,391,981
TOTAL ASSETS 30,535,042,291 28,960,064,879
The accompanying notes are an integral part of these statements.
(Signed) Sommai Phasee (Signed) Sirichai Sakornratanakul
(Sommai Phasee) (Sirichai Sakornratanakul)
Director President
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Bank overdrafts and loans from financial institutions
3.8 2,256,051,472 7,839,118,511
Short term loan 3.9 1,000,000,000 -
Trade accounts payable 3,991,984,309 4,589,294,615
Current portion of long term loan 2,856,621,241 2,467,348,427
Other current liabilities
Accrued excise tax and oil stabilization fund
165,492,370 358,484,053
Accrued expenses 464,304,469 439,120,860
Others 270,132,392 616,697,248
Total Current Liabilities 11,004,586,253 16,310,063,714
Long Term Loans 3.10 11,992,773,767 4,551,631,722
Other Liabilities
Long term liabiltiies for service station lease rights
227,103,844 216,433,358
Others 104,802,899 98,925,128
Total Liabilities 23,329,266,763 21,177,053,922
Shareholders' Equity
Share capital 3.11
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 3,999,739,817 4,261,568,827
Retained earnings (Accumulated Deficit)
Appropriated
Legal reserve 547,594,555 547,594,555
Unappropriated (4,569,918,915) (4,254,512,496)
Total Shareholders' Equity 7,205,775,528 7,783,010,957
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 30,535,042,291 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 THREE MONTHS AND THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
FOR THE THREE MONTHS FOR THE NINE MONTHS ENDED 30 SEP
2000 1999 2000 1999
Baht Baht Baht Baht
Revenues
Sales 11,782,996,816 10,584,571,401 37,502,819,648 26,632,084,590
Other income
Interest income 2,818,943 11,990,336 15,034,790 70,811,420
Earnings from associated companies
142,244 (141,202) (568,432) 1,556,079
Gain from crude oil and product oil price hedging contract
1,492,155 - 9,884,477 63,347,505
Others 15,007,205 14,541,041 174,006,926 73,966,097
Total Revenues 11,802,457,363 10,610,961,576 37,701,177,409 26,841,765,691
Expenses
Cost of sales 11,161,295,322 9,402,795,110 35,775,595,034 24,375,486,369
Administrative and selling expenses
264,151,247 306,022,813 745,802,544 781,949,248
Interest Expenses 312,251,602 274,941,438 939,847,443 840,169,381
Directors' remuneration 114,000 142,800 356,400 350,400
Other Expense
Depreciation 76,281,530 83,814,619 215,160,865 251,595,593
Loss from foreign exchange fluctuations
235,093,565 1,098,638,750 345,743,760 1,024,597,712
Total Expenses 12,049,187,266 11,166,355,530 38,022,506,046 27,274,148,703
Loss before Income Tax (246,729,903) (555,393,954) (321,328,637) (432,383,012)
Income Tax 1,248,093 (925,923,499) 5,922,218 (925,923,499)
Net Loss (245,481,810) (1,481,317,453) (315,406,419) (1,358,306,511)
Earnings Per Share (0.47) (2.84) (0.60) (2.60)
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 THE NINE MONTHS ENDED SEPTEMBER 30, 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) (261,829,010) (326,543,802)
Ending Balance 3,999,739,817 4,355,666,614
Deferred losses from foreign exchange fluctuations prior to year 1996
Beginning Balance - (30,806,453)
Decrease - 16,309,299
Ending Balance - (14,497,154)
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) -
Balance after adjustment (4,254,512,496) (2,375,848,318)
Increase (decrease) (315,406,419) (1,358,306,511)
Ending Balance (4,569,918,915) (3,734,154,829)
Total Shareholders' Equity 7,205,775,528 8,382,969,257
The accompanying notes are an integral part of these statements.
REVIEWED
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
2000 1999
Baht Baht
Cash Flows from Operating Activities :
Net Loss (315,406,419) (1,358,306,511)
Adjustment to reconcile net loss to net cash
provided by operating activities :
Depreciation 683,539,673 657,675,272
Bad debts and doubtful debts (487,496) 23,153,668
Amortization 130,885,669 237,807,020
Unrealized loss from foreign exchange fluctuations
178,651,897 817,856,295
Income tax (5,922,218) 925,923,499
Loss from fixed assets disposal 2,371,334 1,369,929
Pension fund 1,865,374 (9,322,520)
Deferred revenue (12,544,506) (9,729,536)
Income from related company - (28,802,082)
Earnings from associated companies 568,432 (1,556,079)
Trade accounts and notes receivable,( increase ) decrease
544,504,469 (1,013,501,293)
Inventories ,increase (3,538,127,062) (2,615,941,953)
Other current assets,(increase) decrease 73,334,343 (234,286,415)
Trade accounts payable, increase ( decrease )
(600,729,967) 1,101,152,284
Other current liabilities, decrease (499,056,130) (363,161,786)
Net Cash Used in Operating Activities (3,356,552,607) (1,869,670,208)
Cash Flows from Investing Activities :
Long term investments,decrease 1,237,802 8,397,060
Purchase of property, plant and equipment (184,610,281) (333,031,655)
Intangible Assets (8,564,723) (54,687,552)
Other assets,increase (25,381,410) (97,264,471)
Net Cash Used in Investing Activities (217,318,612) (476,586,618)
The accompanying notes are an integral part of these statements.
Cash Flows from Financing Activities :
Bank overdrafts and loans from financial institutions
(5,592,657,440) 1,037,093,659
Short term loans 1,000,000,000 -
Long term loans 7,666,804,374 908,133,083
Net Cash Provided by Financing Activities 3,074,146,934 1,945,226,742
Decrease in Cash and Cash Equivalents (499,724,285) (401,030,084)
Cash and Cash Equivalents as of 1 January 870,695,579 945,477,542
Cash and Cash Equivalents as of 30 September 370,971,294 544,447,458
Supplemental Cash Flow Information :
Cash paid (refund) during this period for :
Interest expenses 938,010,345 839,486,941
Income tax (27,345,965) 71,306,154
The accompanying notes are an integral part of these statements.
THE BANGCHAK PETROLEUM PUBLIC COMPANY LIMITED
NOTES TO FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 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 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
Million Baht
2000 1999
Notes receivable 15.99 268.75
Trade accounts receivable 2,275.04 2,568.52
Less Allowance for doubtful accounts 106.65 108.87
Trade accounts and notes receivable - net 2,184.38 2,728.40
As of September 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 3.48
over 6 - 12 months 5.93
over 12 months 167.26
Total 176.67
The Company has set up an allowance for doubtful accounts of Baht 106.65 Million.
3.2 Long Term Investments
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 6.02 1.00
Total 36.02 31.00
3.3 Investments in Associated Companies
Company Type of Business Relation Paid -up Shareholding Investment Dividend
ship share capital Ratio (Million Baht)
(Million Baht) (%) Cost Method Equity Method
Sep30,00 Dec 31,99 Sep30,00 Dec 31,99
The Bangchak Retail Business Share 1.00 49.00 0.49 0.49 22.15 22.78 -
Green Net and Service holding
Co.,Ltd.
The Bangchak Transportation Share 0.10 49.00 0.05 0.05 3.19 3.12 -
Green Line and Service holding
Co.,Ltd.
The Bangchak Power Generation Share 40.00 39.99 16.00 16.00 16.18 16.19 -
Power and Steam holding
Co.,Ltd Production
Total 16.54 16.54 41.52 42.09 -
In this period ,the Company realized earnings from The Bangchak Green Net and The
Bangchak Green Line in the amounts of Baht (0.63) million and 0.06 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 after restructuring in
the amount of Baht 197.05 million will be repaid through the monthly deductions of
the oil transportation cost, commencing from March 2000.
Of the Baht 197.05 million balance brought forward from the previous period,
an amount of Baht 6.26 million has been repaid,as of September 30,2000, thus leaving
a balance of Baht 190.79 million.
3.5 Transactions with related companies
The Company has significant business transactions with related companies
for the nine months ended September 30,2000 and 1999 and for the year ended
December 31,1999 ( related in terms of shareholding and as member of the board )
as follows;
Million Baht
As of 30 Sep,00 As of 31 Dec,99
Account receivable with related companies 125.56 111.82
Account payable with related companies 14.81 14.29
For the nine months
2000 1999
Income from sales of oil 907.95 733.47
Transportation management fee 53.20 43.98
Pipeline throughput fee 64.27 62.47
Franchise fee - Lemon Green ( Minimart ) 5.41 4.18
3.6 Property, Plant and Equipment - Net
Million Baht
Dec 31,99 Increase Decrease Sep 30,00 Accumulated Net Book
Depreciation Value
Land 1,344.78 - - 1,344.78 - 1,344.78
Buildings 486.32 0.69 0.25 486.76 208.58 278.18
Piers, Dykes, Fences
240.76 0.09 - 240.85 130.50 107.35
Machineries, equipments and refinery plants
18,773.54 1,639.67 0.90 20,412.31 9,256.95 11,155.36
Marketing and office equipments
2,942.11 166.38 12.95 3,095.54 713.50 2,382.04
Platinum 213.75 - - 213.75 - 213.75
Catalyst
Vehicles 355.85 3.44 0.32 358.97 201.64 157.33
Construction work in progress
1,977.30 183.79 1,805.12 355.97 - 355.97
Total 26,334.41 1,994.06 1,819.54 26,508.93 10,514.17 15,994.76
The total depreciation for this period is Baht 683.54 million , of which
Baht 468.38 million is booked as cost of product , and Baht 215.16 million
as administrative expenses.
3.7 Intangible Assets
Million Baht
First cost Accumulated Net Book Value
Amortization
Sep 30,00 Dec 31,99 Sep 30,00 Dec 31,99 Sep 30,00 Dec 31,99
Leasehold 1,538.45 1,532.03 354.71 300.10 1,183.74 1,231.93
License and
development costs of
computer software 63.28 61.15 34.03 21.79 29.25 39.36
Total 1,601.73 1,593.18 388.74 321.89 1,212.99 1,271.29
3.8 Bank overdrafts and loans from financial institutions
Bank overdrafts and loans from financial institutions are Baht 2,256.05
million ,of this, Baht 2,245.70 million are the loan from financial institutions
with interest rates of 2.625 - 3.50 % per annum.
3.9 Short - Term Loans
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.
3.10 Long - Term Loans
Million Baht
2000 1999
Foreign loans
International Bank for Reconstruction and Development 1,619.39 1,398.98
Domestic loans
Government Saving Bank 3,250.00 4,250.00
Debentures 9,980.00 1,370.00
Total long term loans 14,849.39 7,018.98
Less Current portion of long-term loans 2,856.62 2,467.35
Balance 11,992.77 4,551.63
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