ข่าวแจ้งตลาดหลักทรัพย์

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 (more)