CENTRAL PATTANA PUBLIC COMPANY LIMITED AND SUBSIDIARIES INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 1998 AND 1997 AND AUDITORS' REPORT EXPRESSED IN Thai Baht The Board of Directors Central Pattana Public Company Limited We have made a review of the balance sheet of Central Pattana Public Company Limited and the consolidated balance sheet of Central Pattana Public Company Limited and subsidiaries as at March 31,1998, and the related statement of income of Central Pattana Public Company Limited and the related consolidated statement of income of Central Pattana Public Company Limited and subsidiaries for the three-month period then ended. The interim financial statements of Central Pattana Public Company Limited and the consolidated interim financial statements of Central Pattana Public Company Limited and subsidiaries for the three-month period ended March 31, 1997, which are presented for comparative purpose, were reviewed by Mr. Paitoon Taveebhol, the auditor of our firm. Our reviews were made in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of interim financial statements consists principally of obtaining an understanding of the system for the preparation of interim financial information, applying analytical review procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an examination made in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with generally accepted accounting principles. METHEE RATANASRIMETHA C.P.A. (THAILAND) Registration No. 3425 May 7, 1998 UNAUDITED REVIEWED CENTRAL PATTANA PUBLIC COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 1998 AND 1997 A S S E T S In Thousand Baht 1998 1997 CURRENT ASSETS Cash on hand and in banks 59,635 43,635 Short-term investments Fixed deposits 120,719 656 Promissory notes and bills of exchange 633,968 260,253 Listed securities - Net (Note 8) 18,931 52,567 Total Short-term Investments 773,618 313,476 Accounts receivable - trade Related companies (Note 4) 115,418 105,614 Others 177,658 93,242 Total Accounts Receivable - trade 293,076 198,856 Other current assets 126,120 106,285 Total Current Assets 1,252,449 662,252 UNBILLED INCOME 94,440 109,659 COST OF PROJECT DEVELOPMENT - condominium and shophouse - Net 73,560 47,335 LOANS TO RELATED COMPANY (Note 4) 169,106 147,360 INVESTMENTS IN SHARES Related companies (Cost Method) (Note 7) 430,297 399,686 Investment in listed security - Net (Note 8) 3,100 - Total Investments in Shares 433,397 399,686 ASSETS FOR LEASE - At Cost (net of accumulated depreciation and amortization) (Notes 11 and 13) 9,909,852 9,481,321 UNAUDITED REVIEWED A S S E T S (Continue) In Thousand Baht 1998 1997 FURNITURE AND OFFICE EQUIPMENT - At Cost (net of accumulated depreciation) 156,300 101,204 OTHER ASSETS Deferred income tax (Note 5) - 6,034 Investment in promissory notes (Note 9) 46,320 - Refundable Income tax 81,647 13,698 Guarantee for leasehold rights (Notes 13.1) 409,106 459,189 Deferred underwriting fee of common shares and convertible bonds - net 36,521 52,359 Deferred expenses and others - net 117,347 118,402 Total Other Assets 690,941 649,682 TOTAL ASSETS 12,780,045 11,598,499 See accompanying Notes to Interim Financial Statements. (With Mr. Methee Ratanasrimethas report dated May 7, 1998) UNAUDITED REVIEWED CENTRAL PATTANA PUBLIC COMPANY LIMITED BALANCE SHEETS MARCH 31, 1998 AND 1997 A S S E T S In Thousand Baht 1998 1997 CURRENT ASSETS Cash on hand and in banks 20,983 16,104 Short-term investments Fixed deposits 120,719 - Promissory notes and bills of exchange 561,728 203,752 Listed securities - Net (Note 8) 18,931 52,567 Total Short-term Investments 701,378 256,319 Accounts receivable - trade Related companies (Note 4) 94,040 68,419 Others 86,924 56,064 Total Accounts Receivable - trade 180,964 124,483 Short-term loans to related companies (Note 4) 15,332 - Other current assets 36,783 32,713 Total Current Assets 955,440 429,619 LOANS TO RELATED COMPANIES (Note 4) 1,620,546 2,128,822 INVESTMENTS IN SHARES Subsidiary companies (Equity Method) (Note 6) 2,238,701 1,825,883 Related companies (Cost Method) (Note 7) 361,331 355,531 Investment in listed security - Net (Note 8) 3,100 - Total Investments in Shares 2,603,132 2,181,414 UNAUDITED REVIEWED A S S E T S (Continue) In Thousand Baht 1998 1997 ASSETS FOR LEASE - At Cost (net of accumulated depreciation and amortization) (Notes 11 and 13) 3,548,174 3,654,330 FURNITURE AND OFFICE EQUIPMENT - At Cost (net of accumulated depreciation) 51,598 47,644 OTHER ASSETS Deferred income tax (Note 5) - 6,034 Investment in promissory notes (Note 9) 46,320 - Refundable Income tax 64,006 8,247 Guarantee for leasehold rights (Notes 13.1) 110,531 140,615 Deferred underwriting fee of common shares and convertible bonds - net 36,521 52,359 Deferred expenses and others - net 8,755 13,090 Total Other Assets 266,133 220,345 TOTAL ASSETS 9,045,023 8,662,174 See accompanying Notes to Interim Financial Statements. (With Mr. Methee Ratanasrimethas report dated May 7, 1998) UNAUDITED REVIEWED CENTRAL PATTANA PUBLIC COMPANY LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 31, 1998 AND 1997 LIABILITIES AND SHAREHOLDERS EQUITY In Thousand Baht 1998 1997 CURRENT LIABILITIES Bank overdrafts and loans from financial institutions (Note 10) 321,877 532,236 Payable to related companies (Note 4) 4,442 6,855 Current portion of long-term loans (Note 11) 703,058 - Loan from related companies (Note 4) 6,419 - Payable to contractors 70,373 67,553 Other current liabilities Dividend payable 172 150,000 Income tax payable 11,763 147,068 Accrued interest 103,433 69,620 Retention money 77,529 99,689 Others 249,297 168,904 Total Other Current Liabilities 442,194 635,281 Total Current Liabilities 1,548,363 1,241,925 DEFERRED INCOME TAX (Note 5) 35,504 - LOANS FROM RELATED COMPANIES AND DIRECTOR (Note 4) 17,790 69,444 LONG-TERM LOANS-Net of current portion (Note 11) 1,702,915 1,751,130 EURO CONVERTIBLE BONDS (Note 12) 2,190,352 1,341,288 CUSTOMERS DEPOSITS 637,107 528,562 GUARANTEE FOR LEASEHOLD RIGHTS (Note 13.3) 126,061 198,928 UNEARNED RENTAL AND SERVICE INCOME - Net 2,482,540 2,238,936 Total Liabilities 8,740,632 7,370,213 MINORITY INTEREST IN SUBSIDIARIES 682,242 776,331 UNAUDITED REVIEWED LIABILITIES AND SHAREHOLDERS EQUITY (Continue) In Thousand Baht 1998 1997 SHAREHOLDERS EQUITY Share capital - common share Baht 10 par value Authorized 121,000,000 shares Issued and fully paid-up 100,000,000 shares 1,000,000 1,000,000 Premium on share capital 1,185,000 1,185,000 Revaluation increment in land 112,594 115,256 Unrealized loss from investment in listed security (Note 8) (16,650) - Retained earnings Appropriated for reserve fund 97,343 97,343 Unappropriated 978,884 1,054,356 Total Shareholders Equity 3,357,171 3,451,955 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 12,780,045 11,598,499 See accompanying Notes to Interim Financial Statements. (With Mr. Methee Ratanasrimethas report dated May 7, 1998) UNAUDITED REVIEWED CENTRAL PATTANA PUBLIC COMPANY LIMITED BALANCE SHEETS MARCH 31, 1998 AND 1997 LIABILITIES AND SHAREHOLDERS EQUITY In Thousand Baht 1998 1997 CURRENT LIABILITIES Bank overdrafts and loans from financial institutions (Note 10) 273,583 504,360 Payable to related companies - trade (Note 4) 3,257 - Current portion of long-term loans (Note 11) 156.323 - Short-term loans from related company (Note 4) 68,394 - Other current liabilities Dividend payable 172 150,000 Income tax payable - 128,153 Accrued interest 103,433 69,620 Others 125,987 151,601 Total Other Current Liabilities 229,592 499,374 Total Current Liabilities 731,149 1,003,734 DEFERRED INCOME TAX (Note 5) 35,504 - LONG-TERM LOANS-Net of current portion (Note 11) 772,915 876,080 EURO CONVERTIBLE BONDS (Note 12) 2,190,352 1,341,288 CUSTOMERS DEPOSITS 446,402 422,222 UNEARNED RENTAL INCOME - Net 1,511,530 1,566,895 Total Liabilities 5,687,852 5,210,219 UNAUDITED REVIEWED LIABILITIES AND SHAREHOLDERS EQUITY (Continue) In Thousand Baht 1998 1997 SHAREHOLDERS EQUITY Share capital - common share Baht 10 par value Authorized 121,000,000 shares Issued and fully paid-up 100,000,000 shares 1,000,000 1,000,000 Premium on share capital 1,185,000 1,185,000 Revaluation increment in land 112,594 115,256 Unrealized loss from investment in listed security (Note 8) (16,650) - Retained earnings Appropriated for reserve fund 97,343 97,343 Unappropriated 978,884 1,054,356 Total Shareholders Equity 3,357,171 3,451,955 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 9,045,023 8,662,174 See accompanying Notes to Interim Financial Statements. (With Mr. Methee Ratanasrimethas report dated May 7, 1998) (More)