PADAENG INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT DECEMBER 31, Note CONSOLIDATED THE COMPANY ON EQUITY METHOD 1998 1997 1998 1997 Baht Baht Baht Baht LIABILITIES AND SHAREHOLDERS EQUITY (CONTINUED) SHAREHOLDERS EQUITY SHARE CAPITAL Authorized share capital 226,000,000 ordinary shares of Baht 10.00 each 2,260,000,000 2,260,000,000 2,260,000,000 2,260,000,000 Issued and paid-up share capital 150,899,993 ordinary shares of Baht 10.00 each, fully paid (1997 : 144,369,558 ordinary shares at Baht 10.00 each, fully paid) 1,508,999,930 1,443,695,580 1,508,999,930 1,443,695,580 Premium on Share Capital 866,121,740 840,000,000 866,121,740 840,000,000 Retained Earnings (Deficit) Appropriated Legal reserve 98,200,000 98,200,000 98,200,000 98,200,000 Reserve for business Expansion 1,969,000,000 1,969,000,000 1,969,000,000 1,969,000,000 Unappropriated (deficit) (3,222,202,601) (2,907,698,333) (3,210,798,168) (2,907,698,333) Less Unrealized loss on marketable equity securities non current (85,501,228) (82,986,486) (85,501,228) (82,986,486) TOTAL SHAREHOLDERS EQUITY 1,134,617,841 1,360,210,761 1,146,022,274 1,360,210,761 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 4,980,266,827 7,294,412,530 5,028,045,659 6,693,686,679 Notes to the consolidated and equity method financial statements form an integral part of these statements PADAENG INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31, CONSOLIDATED THE COMPANY ON EQUITY METHOD Notes 1998 1997 1998 1997 Baht Baht Baht Baht REVENUES Sales 5,093,277,987 4,178,680,120 4,798,224,071 3,651,357,850 Other income Interest income 42,615,876 28,115,039 97,786,004 91,462,798 Income from default of exploration contract by a certain company - 63,454,100 - 63,454,100 Gain on sale of investment in foreign company - 128,107,253 - 128,107,253 Income from default of purchase of goods contract by a certain company - 46,691,825 - 46,691,825 Gain on exchange rate 439,441,836 - 337,604,605 - Equity in undistributed net profit of associated companies 40,602 8,888,520 - 8,888,520 Others 43,239,175 26,972,385 38,552,583 9,374,056 Total Revenues 5,618,615,476 4,480,909,242 5,272,167,263 3,999,336,402 EXPENSES Cost of sales 3,959,694,116 3,342,526,856 3,757,407,937 2,860,500,942 Selling and administrative expenses 502,202,735 606,717,031 374,216,931 440,677,659 Interest expenses 494,397,702 446,231,825 433,800,237 368,499,335 Directors remuneration 1,484,040 1,714,000 1,484,040 1,518,000 Equity in undistributed net loss of subsidiaries and associated companies - - 653,939,098 710,965,951 Write-down of deferred expenditure 13. 118,437,585 - 56,168,004 - Loss on provision guarantee 23. 37,969,000 - 292,140,525 - Other expenses 6,110,326 4,447,181 6,110,326 2,760,607 Total Expenses 5,120,295,504 4,401,636,893 5,575,267,098 4,384,922,494 Net profit (loss) before minority interest and extraordinary item 498,319,972 79,272,349 (303,099,835) (385,586,092) Minority interest in net (profit) loss of a subsidiary company 4,648,002 16,773,913 - - Net Profit (loss) before loss from diminution in value of assets of a subsidiary and extraordinary item 502,967,974 96,046,262 (303,099,835) (385,586,092) Diminution in value of assets of subsidiary 24 (817,472,242) - - - Net profit (loss) before extraordinary item (314,504,268) 96,046,262 (303,099,835) (385,586,092) Extraordinary Item Loss on the application of the managed float exchange system 3.8 - (2,314,442,397) - (1,832,810,043) NET PROFIT (LOSS) (314,504,268) (2,218,396,135) (303,099,835) (2,218,396,135) PADAENG INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF PROFIT AND LOSS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, CONSOLIDATED THE COMPANY ON EQUITY METHOD Notes 1998 1997 1998 1997 Baht Baht Baht Baht NET PROFIT (LOSS) FOR THE YEAR PER SHARE 3.11 Profit (loss) before extraordinary item (2.17) 0.67 (2.09) (2.67) Extraordinary item - (16.03) - (12.69) Net profit (loss) (2.17) (15.36) (2.09) (15.36) Notes to the consolidated and equity method financial statements form an integral part of these statements PADAENG INDUSTRY PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED DECEMBER 31, CONSOLIDATED THE COMPANY Baht Baht Baht Baht SHARE CAPITAL Ordinary shares Brought forward 1,443,695,580 1,443,695,580 1,443,695,580 1,443,695,580 Increase in the year 65,304,350 - 65,304,350 - Carried forward 1,508,999,930 1,443,695,580 1,508,999,930 1,443,695,580 PREMIUM ON SHARE CAPITAL Premium on share capital Brought forward 840,000,000 840,000,000 840,000,000 840,000,000 Increase (decrease) in the year 26,121,740 - 26,121,740 - Carried forward 866,121,740 840,000,000 866,121,740 840,000,000 RETAINED EARNINGS (DEFICIT) Appropriated Legal reserve Brought forward 98,200,000 98,200,000 98,200,000 98,200,000 Increase (decrease) in the year - - - - Carried forward 98,200,000 98,200,000 98,200,000 98,200,000 Reserve for business expansion Brought forward 1,969,000,000 1,969,000,000 1,969,000,000 1,969,000,000 Increase (decrease) in the year - - - - Carried forward 1,969,000,000 1,969,000,000 1,969,000,000 1,969,000,000 Unappropriated Brought forward (deficit) (2,907,698,333) (689,302,198) (2,907,698,333) (689,302,198) Increase (decrease) in the year (314,504,268) (2,218,396,135) (303,099,835) (2,218,396,135) Carried forward (deficit) (3,222,202,601) (2,907,698,333) (3,210,798,168) (2,907,698,333) UNREALISED LOSS ON NON-CURRENT MARKETABLE SECURITIES Brought forward (82,986,486) - (82,986,486) - Increase (decrease) in the year (2,514,742) (82,986,486) (2,514,742) (82,986,486) Carried forward (85,501,228) (82,986,486) (85,501,228) (82,986,486) TOTAL SHAREHOLDERS EQUITY 1,134,617,841 1,360,210,761 1,146,022,274 1,360,210,761 Notes to the consolidated and equity method financial statements form an integral part of these statements (More)