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Thanulux Public Company Limited and Subsidiaries Balance Sheet As of December 31, . Consolidated The company only ASSETS 1998 (Baht) 1997 (Baht) 1998 (Baht) 1997 (Baht) Current assets Cash on hand and at banks 21,630,096.45 35,654,702.78 16,768,425.01 29,826,901.72 Trade accounts and notes receivable (Notes 3,4 ) 192,042,657.40 176,897,283.00 196,046,962.26 176,101,624.60 Less allowance for doubtful accounts 11,592,293.31 829,758.20 11,592,293.31 829,758.20 Trade accounts and notes receivable, net 180,450,364.09 176,067,524.80 184,454,668.95 175,271,866.40 Short-term loans (Note5 ) - Related parties 137,500,000.00 196,567,280.00 202,934,692.50 257,179,213.60 - Others - 543,600.00 - 543,600.00 Inventories (Notes 3,6 ) 214,956,450.15 180,035,842.52 205,103,927.66 173,887,499.83 Other current assets Accrued revenue 8,100,586.58 9,911,864.80 8,852,067.91 10,693,358.26 Advances 4,543,647.77 1,691,658.28 4,542,344.83 932,658.28 Others 5,438,135.35 5,004,089.33 5,300,271.74 3,224,001.86 Total current assets 572,619,280.39 605,476,562.51 627,956,398.60 651,559,099.95 Investments (Notes 3,7 ) - Related parties 157,554,746.79 153,944,621.74 173,601,576.24 163,498,879.09 - Others 16,591,720.00 19,024,000.27 16,591,720.00 19,024,000.27 Property, plant and equipment, net (Notes 3,8 ) 452,016,073.98 441,157,790.77 378,237,997.07 384,686,458.27 Other assets Advances 23,088,665.75 22,082,763.75 23,088,665.75 22,082,763.75 Deferred charges 4,242,926.28 6,050,987.68 1,702,809.11 3,304,497.18 Others 1,304,473.34 1,309,328.54 1,289,473.34 1,291,273.34 Total assets 1,227,417,886.53 1,249,046,055.26 1,222,468,640.11 1,245,446,971.85 Notes to the consolidated financial statements are part of all the financial statements. Thanulux Public Company Limited and Subsidiaries Balance Sheet As of December 31, . Consolidated The company only LIABILITIES AND SHAREHOLDERS' EQUITY 1998 (Baht) 1997 (Baht) 1998 (Baht) 1997 (Baht) Current liabilities Bank overdrafts and loans from financial institutions (Note 9 ) 200,287,212.56 293,554,100.44 200,034,212.56 292,963,630.24 Trade accounts and notes payable 141,001,516.64 108,018,115.05 147,375,370.35 109,761,509.30 Short-term loans from related parties (Note 10 ) 25,488,519.66 46,500,000.00 12,488,519.66 42,000,000.00 Current portion of long-term liabilities (Note 11 ) 1,400,000.00 77,489,600.00 1,400,000.00 77,489,600.00 Other current liabilities Accrued expenses 18,776,803.50 22,606,461.60 18,983,407.82 21,801,405.67 Accrued royalty 9,161,075.95 7,730,343.80 9,161,075.95 7,730,343.80 Others 2,042,200.32 3,762,344.14 1,940,331.75 2,490,098.64 Total current liabilities 398,157,328.63 559,660,965.03 391,382,918.09 554,236,587.65 Long - term liabilities (Note 11 ) 11,200,000.00 12,600,000.00 11,200,000.00 12,600,000.00 Other liabilities 1,049,940.22 1,381,670.10 1,049,940.22 1,381,670.10 Total liabilities 410,407,268.85 573,642,635.13 403,632,858.31 568,218,257.75 Minority interest 325.01 195.16 - - Shareholders' equity Share capital Authorized share capital, common shares 12,000,000 shares Par value Baht 10.00 per share 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 Issued and paid-up share capital 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 Premium on share capital 181,125,000.00 181,125,000.00 181,125,000.00 181,125,000.00 Retained earnings Appropriated Legal reserve 12,000,000.00 12,000,000.00 12,000,000.00 12,000,000.00 General reserve 26,200,000.00 26,200,000.00 26,200,000.00 26,200,000.00 Unappropriated 477,685,292.67 343,336,866.97 479,510,781.80 345,162,356.10 Unrealized loss on securities for investment - (7,258,642.00) - (7,258,642.00) Total shareholders' equity 817,010,292.67 675,403,224.97 818,835,781.80 677,228,714.10 Total Liabilities and Shareholders' equity 1,227,417,886.53 1,249,046,055.26 1,222,468,640.11 1,245,446,971.85 Notes to the consolidated financial statements are part of all the financial statements. Thanulux Public Company Limited and Subsidiaries Income Statement As of December 31, . Consolidated The company only Revenues 1998 (Baht) 1997 (Baht) 1998 (Baht) 1997 (Baht) Sales 1,132,297,371.09 971,295,775.61 1,125,721,512.60 961,809,454.55 Other income Licensing income 8,233,495.32 10,796,050.15 8,233,495.32 10,796,050.15 Interest income 28,375,450.93 28,005,441.76 34,888,870.45 32,148,552.22 Profit on exchanges 220,978,988.20 - 192,745,670.96 - Others 65,870,577.59 39,642,370.30 68,648,532.28 41,544,035.40 Total revenues 1,455,755,883.13 1,049,739,637.82 1,430,238,081.61 1,046,298,092.32 Operating expenses Cost of sales 877,931,476.23 750,661,753.43 882,252,288.22 754,511,656.39 Selling and administrative expenses 168,966,518.00 132,459,317.24 165,646,367.30 130,294,321.48 Loss on exchanges 178,445,979.52 - 159,047,763.78 - Interest expenses 28,478,883.68 26,786,356.72 27,851,338.56 26,681,472.84 Licensing expenses 32,567,021.47 42,936,191.61 32,567,021.47 42,936,191.61 Directors' remuneration 1,320,000.00 2,640,000.00 1,320,000.00 2,640,000.00 Other expenses 17,453,037.31 - 17,453,037.31 - Total operating expenses 1,305,162,916.21 955,483,619.00 1,286,137,816.64 957,063,642.32 Profit (loss) before income tax 150,592,966.92 94,256,018.82 144,100,264.97 89,234,450.00 Income tax - - - - Profit (loss) before adjustment of revenue from investment by equity method 150,592,966.92 94,256,018.82 144,100,264.97 89,234,450.00 Add Revenue (loss) from investment by equity method 1,755,588.63 (2,526,276.40) 8,248,160.73 (27,465,072.97) 152,348,555.55 91,729,742.42 152,348,425.70 61,769,377.03 Add Last year accumulated profit from the investment - 812,892.18 - 812,892.18 152,348,555.55 92,542,634.60 152,348,425.70 62,582,269.21 Add Profit (loss) of minor Portion (129.85) 498.78 - - Profit before extraordinary items 152,348,425.70 92,543,133.38 152,348,425.70 62,582,269.21 Extraordinary items Loss on exchanges - Realized - (7,418,726.39) - 14,013,054.23 - Unrealized - (141,649,411.97) - (133,120,328.42) Total - (149,068,138.36) - (119,107,274.19) Net profit (loss) 152,348,425.70 (56,525,004.98) 152,348,425.70 (56,525,004.98) Earnings per share Profit before extraordinary items 12.70 7.71 12.70 5.52 Extraordinary items - (12.42) - (9.93) Net profit (loss) 12.70 (4.71) 12.70 (4.71) Notes to the consolidated financial statements are part of all the financial statements. Thanulux Public Company Limited and Subsidiaries Retained Earnings Statement As of December 31, Consolidated The company only 1998 (Baht) 1997 (Baht) 1998 (Baht) 1997 (Baht) Unappropriated retained earnings : Beginning balance 343,336,866.97 453,262,210.51 345,162,356.10 455,087,699.64 Less Appropriations : Legal reserve - 5,400,338.56 - 5,400,338.56 General reserve - - - - Dividends paid 18,000,000.00 48,000,000.00 18,000,000.00 48,000,000.00 Net profit (loss) for the year 152,348,425.70 (56,525,004.98) 152,348,425.70 (56,525,004.98) Unappropriated retained earnings 477,685,292.67 343,336,866.97 479,510,781.80 345,162,356.10 Appropriated retained earnings : Legal reserve 12,000,000.00 12,000,000.00 12,000,000.00 12,000,000.00 General reserve 26,200,000.00 26,200,000.00 26,200,000.00 26,200,000.00 Total appropriated retained earnings 38,200,000.00 38,200,000.00 38,200,000.00 38,200,000.00 Total retained earnings 515,885,292.67 381,536,866.97 517,710,781.80 383,362,356.10 Notes to the consolidated financial statements are part of all the financial statements. Thanulux Public Company Limited and Subsidiaries Changes in Shareholders' Equity Statement As of December 31, .. Consolidated The company only 1998 (Baht) 1997 (Baht) 1998 (Baht) 1997 (Baht) Share capital Common shares Beginning balance 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 Increase - - - - Decrease - - - - Ending balance 120,000,000.00 120,000,000.00 120,000,000.00 120,000,000.00 Paid-in capital Premium on share capital Beginning balance 181,125,000.00 181,125,000.00 181,125,000.00 181,125,000.00 Increase - - - - Decrease - - - - Ending balance 181,125,000.00 181,125,000.00 181,125,000.00 181,125,000.00 Retained earnings Appropriated Legal reserve Beginning balance 12,000,000.00 6,599,661.44 12,000,000.00 6,599,661.44 Increase - 5,400,338.56 - 5,400,338.56 Decrease - - - - Ending balance 12,000,000.00 12,000,000.00 12,000,000.00 12,000,000.00 General reserve Beginning balance 26,200,000.00 26,200,000.00 26,200,000.00 26,200,000.00 Increase - - - - Decrease - - - - Ending balance 26,200,000.00 26,200,000.00 26,200,000.00 26,200,000.00 Unappropriated Beginning balance 343,336,866.97 453,262,210.51 345,162,356.10 455,087,699.64 Increase 152,348,425.70 - 152,348,425.70 - Decrease 18,000,000.00 109,925,343.54 18,000,000.00 109,925,343.54 Ending balance 477,685,292.67 343,336,866.97 479,510,781.80 345,162,356.10 Unrealized loss on securities for investment Beginning balance (7,258,642.00) - (7,258,642.00) - Increase (2,489,668.50) (7,258,642.00) (2,489,668.50) (7,258,642.00) Decrease 9,748,310.50 - 9,748,310.50 - Ending balance - (7,258,642.00) - (7,258,642.00) Total shareholders' equity 817,010,292.67 675,403,224.97 818,835,781.80 677,228,714.10 Notes to the consolidated financial statements are part of all the financial statements. Thanulux Public Company Limited and Subsidiaries Cash Flow Statement As of December 31, Consolidated The company only 1998 (Baht) 1997 (Baht) 1998 (Baht) 1997 (Baht) Cash flows from operating activities Net profit (loss) 152,348,425.70 (56,525,004.98) 152,348,425.70 (56,525,004.98) Add (less) adjustments Profit of minor portion 129.85 (498.78) - - Depreciation and amortization 49,825,716.74 45,906,038.82 41,470,812.80 39,933,984.54 Dividend of associated companies 1,867,557.50 2,559,995.00 1,867,557.50 2,559,995.00 Revenue from investment by equity method (1,755,588.63) 2,526,276.40 (8,248,160.73) 27,465,072.97 Loss from investment 5,906,124.08 - 5,906,124.08 - Last year accumulated profit from the investment - (812,892.18) - (812,892.18) (Profit) Loss from disposal of fixed assets (3,475,883.22) (1,460,612.68) (3,468,263.74) (1,457,443.71) (Profit) Loss from disposal of securities 11,546,913.23 (108.17) 11,546,913.23 (108.17) Trade accounts and notes receivable (increase) decrease (4,382,839.29) 40,674,504.80 (9,182,802.55) 45,920,929.12 Inventories (increase) decrease (34,920,607.63) 85,640,881.98 (31,216,427.83) 83,810,468.36 Current assets (increase) decrease (1,474,757.29) (6,980,897.88) (3,844,666.08) (5,329,993.18) Other liabilities increase (decrease) (331,729.88) (945,965.90) (331,729.88) (945,965.90) Trade accounts and notes payable increase (decrease) 32,983,401.59 (26,379,641.54) 37,613,861.05 (36,601,168.67) Accrued dividend increase (decrease) - - - 55,112.00 Accrued income tax increase (decrease) - (8,311,808.32) - (8,311,808.32) Other current liabilities increase (decrease) (4,119,069.77) (13,241,121.72) (1,937,032.59) (14,340,474.87) Net cash provided by operating activities 204,017,792.98 62,649,144.85 192,524,610.96 75,420,702.01 Cash flows from investing activities Short-term loans (increase) decrease - Related parties 59,067,280.00 10,942,720.00 55,027,383.50 (10,212,813.60) - Others 543,600.00 (543,600.00) 543,600.00 - Loans to employees (increase) decrease (3,800.00) 10,300.00 (3,800.00) 10,300.00 Acquisition of securities - (increase) - Related parties (23,261,478.54) (13,810,396.00) (23,261,478.54) (14,060,396.00) - Others (1,118,900.00) (250,000.00) (1,118,900.00) - Acquisition of fixed assets (59,346,333.26) (83,578,898.13) (34,908,910.68) (78,391,224.50) Disposal of fixed assets 4,286,368.49 3,244,012.98 4,286,368.49 3,249,222.30 Disposal of securities 12,896,169.58 543,856.65 12,896,169.58 543,856.65 Other assets (increase) decrease (1,337,337.36) (813,203.68) (1,113,022.00) (1,408,320.40) Net cash used in investing activities (8,274,431.09) (84,255,208.18) 12,347,410.35 (100,269,375.55) (more)