SET Releases

(reviewed) Thanulux Public Company Limited and Subsidiaries Balance Sheet As of March 31, (In Thousands) Consolidated The company only ASSETS 1999 1998 1999 1998 Current assets Cash on hand and at banks 109,464 39,025 105,909 35,881 Trade accounts and notes receivable 141,346 163,273 145,559 167,368 Less allowance for doubtful accounts (9,336) (747) (9,336) (747) Trade accounts and notes receivable, net 132,010 162,526 136,223 166,621 Short-term loans Related parties 125,000 197,750 169,035 242,716 Others - 464 - 464 Inventories 221,207 179,212 211,413 171,425 Other current assets Accrued revenue 4,017 13,182 4,577 13,506 Advances 3,339 5,460 3,339 5,460 Others 7,159 7,051 6,903 4,302 Total current assets 602,196 604,670 637,399 640,375 Investment Related parties 144,194 171,599 157,840 190,636 Others 16,592 19,024 16,592 19,024 Property, plant and equipment, net 442,865 430,156 370,981 375,271 Other assets Deposit 23,089 25,511 23,089 25,511 Deferred charges 3,821 4,812 1,488 3,117 Others 1,283 336 1,268 1,272 Total assets 1,234,040 1,256,108 1,208,657 1,255,206 (reviewed) Thanulux Public Company Limited and Subsidiaries Balance Sheet As of March 31, (In Thousands) Consolidated The company only LIABILITIES AND SHAREHOLDERS' EQUITY 1999 1998 1999 1998 Current liabilities Bank overdrafts and loans from financial institutions 190,542 255,679 187,811 253,510 Trade accounts and notes payable 88,053 111,056 135,770 115,679 Current portion of long-term liabilities 1,400 42,962 1,400 42,962 Short-term loans from related parties 70,535 49,917 - 45,560 Other current liabilities Accrued expenses 14,440 10,810 12,842 11,134 Accrued royalty 9,055 6,223 9,055 6,224 Others 1,225 7,766 1,164 6,617 Total current liabilities 375,250 484,413 348,042 481,686 Long - term liabilities 11,200 12,600 11,200 12,600 Other liabilities 1,133 842 1,133 842 Total liabilities 387,583 497,855 360,375 495,128 Minority interest - - - - Shareholders' equity Share capital Authorized share capital, common shares 12,000,000 shares Par value Baht 10.00 per share 120,000 120,000 120,000 120,000 Issued and paid-up share capital 120,000 120,000 120,000 120,000 Paid-in capital Premium on share capital 181,125 181,125 181,125 181,125 Retained earnings Appropriated Legal reserve 12,000 12,000 12,000 12,000 General reserve 26,200 26,200 26,200 26,200 Unappropriated 507,132 423,330 508,957 425,155 Unrealized loss on securities for investment - (4,402) - (4,402) Total shareholders' equity 846,457 758,253 848,282 760,078 Total Liabilities and Shareholders' equity 1,234,040 1,256,108 1,208,657 1,255,206 (reviewed) Thanulux Public Company Limited and Subsidiaries Income Statement For the quarter 1 ending March 31, (In Thousands) Consolidated The company only 1999 1998 1999 1998 Revenues Sales 267,351 254,856 268,099 251,876 Other income Profit on exchanges 3,818 142,899 3,649 121,391 Licensing income 2,601 1,710 2,601 1,710 Interest income 4,021 7,972 5,558 9,024 Others 6,175 15,043 6,923 15,693 Total revenues 283,966 422,480 286,830 399,694 Operating expenses Cost of sales 201,597 180,005 203,338 180,938 Selling and administrative expenses 32,344 35,477 33,073 33,900 Loss on exchanges 2,261 115,513 2,252 103,010 Licensing expenses 10,670 6,426 10,670 6,426 Interest expenses 6,437 8,816 4,439 8,660 Total operating expenses 253,309 346,237 253,772 332,934 Profit before realization from investment income based on the equity method 30,657 76,243 33,058 66,760 Add Investment income based on the equity method (1,211) 3,750 (3,612) 13,233 Net profit from operating 29,446 79,993 29,446 79,993 Less Profit of minor portion * - - - - Net profit of Thanulux's portion 29,446 79,993 29,446 79,993 Earnings per share (Baht) 2.45 6.67 2.45 6.67 Profit of minor portion (Baht) * (48.02) 189.66 - - eviewed) Thanulux Public Company Limited and Subsidiaries Retained Earnings Statement For the quarter 1 ending March 31, (In Thousands) Consolidated The company only 1999 1998 1999 1998 Unappropriated retained earnings Beginning balance 477,686 343,337 479,511 345,162 Net profit for the period 29,446 79,993 29,446 79,993 Unappropriated retained earnings 507,132 423,330 508,957 425,155 Appropriated retained earnings Legal reserve 12,000 12,000 12,000 12,000 General reserve 26,200 26,200 26,200 26,200 Total appropriated retained earnings 38,200 38,200 38,200 38,200 Total retained earnings 545,332 461,530 547,157 463,355 (reviewed) Thanulux Public Company Limited and Subsidiaries Changes in Shareholders' Equity Statement For the quarter 1 ending March 31, (In Thousands) Consolidated The company only 1999 1998 1999 1998 Share capital Common shares Beginning balance 120,000 120,000 120,000 120,000 Increase - - - - Decrease - - - - Ending balance 120,000 120,000 120,000 120,000 Paid-in capital Premium on share capital Beginning balance 181,125 181,125 181,125 181,125 Increase - - - - Decrease - - - - Ending balance 181,125 181,125 181,125 181,125 Retained earnings Appropriated Legal reserve Beginning balance 12,000 12,000 12,000 12,000 Increase - - - - Decrease - - - - Ending balance 12,000 12,000 12,000 12,000 General reserve Beginning balance 26,200 26,200 26,200 26,200 Increase - - - - Decrease - - - - Ending balance 26,200 26,200 26,200 26,200 Unappropriated Beginning balance 477,686 343,337 479,511 345,162 Increase 29,446 79,993 29,446 79,993 Decrease - - - - Ending balance 507,132 423,330 508,957 425,155 Unrealized loss on securities for investment Beginning balance - (7,259) - (7,259) Increase - 2,857 - 2,857 Decrease - - - - Ending balance - (4,402) - (4,402) Total shareholders' equity 846,457 758,253 848,282 760,078 (reviewed) Thanulux Public Company Limited and Subsidiaries Cash Flow Statement For the quarter 1 ending March 31, (In Thousands) Consolidated The company only 1999 1998 1999 1998 Cash flows from operating activities Net profit (loss) 29,446 79,993 29,446 79,993 Add (less) adjustments Depreciation and amortization 12,345 12,361 10,147 10,472 Investment income based on the equity method 1,211 (3,750) 3,612 (13,233) (Profit) Loss from disposal of fixed assets (104) (168) (106) (166) Trade accounts and notes receivable (increase) decrease 48,440 13,542 48,231 8,650 Inventories (increase) decrease (6,250) 824 (6,309) 2,462 Current assets (increase) decrease 3,567 (8,132) 3,876 (8,417) Other liabilities increase (decrease) 83 (540) 83 (540) Trade accounts and notes payable increase (decrease) (52,948) 3,038 (11,605) 5,917 Other current liabilities increase (decrease) (5,260) (9,300) (7,024) (8,048) Net cash provided by operating activities 30,530 87,868 70,351 77,090 (reviewed) Thanulux Public Company Limited and Subsidiaries Cash Flow Statement For the quarter 1 ending March 31, (In Thousands) Consolidated The company only 1999 1998 1999 1998 Cash flows from investing activities Short-term loans (increase) decrease Related parties 12,500 (400) 33,900 15,247 Others - 80 - 80 Loans to employees (increase) decrease 11 (1) 11 (1) Acquisition of securities - Related parties (increase) decrease (350) (12,097) (350) (12,097) Disposal of securities - Related parties (increase) decrease 12,500 - 12,500 - Loss from investment - 1,050 - 1,050 Acquisition of fixed assets (2,819) (989) (2,814) (987) Disposal of fixed assets 245 318 245 318 Other assets (84) (3,472) 10 (4,225) Net cash used in investing activities 22,003 (15,511) 43,502 (615) Cash flows from financial activities Bank overdrafts and loans from financial institutions increase (decrease) (9,745) (37,876) (12,223) (39,453) Long-term liabilities and current portion of long - term liabilities increase (decrease) - (34,528) - (34,528) Short - term loans - Related parties increase (decrease) 45,046 3,417 (12,489) 3,560 Net cash provided by financial activities 35,301 (68,987) (24,712) (70,421) Net increase (decrease) in cash 87,834 3,370 89,141 6,054 Cash at beginning of period 21,630 35,655 16,768 29,827 Cash at end of period 109,464 39,025 105,909 35,881 Supplemental disclosures of cash flow information : Cash payment during the year Interest payment 5,352 11,637 4,759 10,925 Income tax 343 316 343 316