CENTRAL PATTANA PUBLIC COMPANY LIMITED INTERIM FINANCIAL STATEMENTS (UNAUDITED) 31 MARCH 2000 AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS To the Shareholders and the Board of Directors of Central Pattana Public Company Limited I have reviewed the accompanying consolidated and company balance sheets of Central Pattana Public Company Limited as at 31 March 2000, and the related consolidated and company statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month periods ended 31 March 2000 and 1999. These financial statements are the responsibility of the Company's management. My responsibility is to issue a report on these financial statements based on my review. I conducted my review in accordance with the standard of auditing applicable to review engagements. This standard requires that I plan and perform 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 company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. I have not performed an audit, and, accordingly, I do not express an audit opinion. Based on my review, nothing has come to my attention that causes me to believe that the consolidated and company financial statements referred in the first paragraph are not presented fairly, in all material respects, in accordance with generally accepted accounting principles. I have audited the consolidated and company financial statements for the year ended 31 December 1999 of Central Pattana Public Company Limited in accordance with generally accepted auditing standards and expressed an unqualified opinion on those statements in my report dated 22 February 2000. The consolidated and company balance sheets as at 31 December 1999, presented for comparative purposes, are a component of the audited financial statements which I have audited and issued a report thereon as stated above, and I have not performed any other auditing procedures subsequent to the date of that report. As explained in Note 5 to the financial statements, the company has restated the consolidated and company statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month period ended 31 March 1999 for comparative purpose to reflect the result of cumulative effects from the change in its accounting policy on pre-operating expenses to comply with the new accounting framework and prior year adjustment. I have reviewed the adjustments described in Note 5 to the financial statements, and in my opinion, such adjustments are appropriate for adjustment to the financial statements for the three-month period ended 31 March 1999 and have been properly applied for the restatement. SOONTORN DENTHAM Certified Public Accountant (Thailand) No. 3340 PricewaterhouseCoopers ABAS Limited Bangkok 11 May 2000 Central Pattana Public Company Limited Balance Sheets As at Consolidated Company Notes 31 March 31 December 31 March 31 December 2000 1999 2000 1999 (unaudited) (audited) (unaudited) (audited) Baht' 000 Baht' 000 Baht' 000 Baht' 000 ASSETS Current Assets Cash on hand and at banks 1,266,937 221,124 1,164,361 106,546 Short-term investments 574,086 713,764 558,659 699,432 Trade accounts receivable, net 6 130,527 137,006 67,751 71,794 Short-term loans and advances to related parties 16 9,362 9,017 64,646 64,659 Other account receivable 7 449,093 449,093 449,093 449,093 Other current assets 8 190,486 173,544 59,871 45,284 Total Current Assets 2,620,491 1,703,548 2,364,381 1,436,808 Non-Current Assets Loans to related parties 16 38,840 38,840 796,626 744,894 Investments in subsidiaries 16 - - 2,957,971 2,938,316 Other long-term investments 16 189,280 189,280 120,315 120,315 Deferred tax assets 217,492 207,614 217,492 207,614 Property and equipment, net 9 9,584,532 9,624,428 3,303,607 3,343,470 Other assets 10 540,375 542,391 173,166 174,846 Total Non-Current Assets 10,570,519 10,602,553 7,569,177 7,529,455 Total Assets 13,191,010 12,306,101 9,933,558 8,966,263 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Balance Sheets (Cont'd) As at Consolidated Company Notes 31 March 31 December 31 March 31 December 2000 1999 2000 1999 (unaudited) (audited) (unaudited) (audited) Baht' 000 Baht' 000 Baht' 000 Baht' 000 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Bank overdrafts and loans from financial institutions 67,522 56,429 19,601 11,034 Trade accounts payable 2,986 3,121 3,724 3,543 Current portion of long-term borrowings 12 253,004 262,240 253,004 246,139 Short-term loans and advance from directors and related parties 6,658 4,992 77,860 42,286 Dividend payable 125,000 - 125,000 - Income tax payable 219,192 275,081 207,194 268,778 Other current liabilities 11 451,370 471,324 209,928 205,729 Total Current Liabilities 1,125,732 1,073,187 896,311 777,509 Non-Current Liabilities Long-term borrowings 12 3,049,141 2,244,656 2,049,707 1,216,036 Euro convertible bonds 1,731,086 1,697,690 1,731,086 1,697,690 Unearned rental and service income 2,346,977 2,379,754 1,317,996 1,344,839 Deposits received from customer 687,466 666,459 470,341 464,064 Guarantee for leasehold right 90,867 96,941 4,414 4,414 Total Non-Current Liabilities 7,905,537 7,085,500 5,573,544 4,727,043 Total Liabilities 9,031,269 8,158,687 6,469,855 5,504,552 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Balance Sheets (Cont'd) As at Consolidated Company 31 March 31 December 31 March 31 December 2000 1999 2000 1999 (unaudited) (audited) (unaudited) (audited) Baht' 000 Baht' 000 Baht' 000 Baht' 000 LIABILITIES AND SHAREHOLDERS' EQUITY (CONT'D) Shareholders' Equity Share capital Authorised share capital 1,210,000 1,210,000 1,210,000 1,210,000 Issued and paid-up share capital 1,000,000 1,000,000 1,000,000 1,000,000 Premium on share capital 1,185,000 1,185,000 1,185,000 1,185,000 Unrealised gain (loss) of investment in securities-available-for-sale (2,460) (2,356) (2,460) (2,356) Negative goodwill 112,594 112,594 112,594 112,594 Retained earnings Appropriated Legal reserve 121,000 121,000 121,000 121,000 Unappropriated 1,047,569 1,045,473 1,047,569 1,045,473 Minority interest 696,038 685,703 - - Total Shareholders' Equity 4,159,741 4,147,414 3,463,703 3,461,711 Total Liabilities and Shareholders' Equity 13,191,010 12,306,101 9,933,558 8,966,263 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Statements of Income (Unaudited) For the Three-Month Period Ended 31 March Consolidated Company Notes 2000 1999 2000 1999 (Restated) (Restated) Baht' 000 Baht' 000 Baht' 000 Baht' 000 Revenues Rental and service income 581,013 533,010 362,186 340,678 Food and beverage sales 108,046 87,699 - - Interest income 9,073 14,678 14,838 21,077 Gain from redemption of convertible bonds - 56,185 - 56,185 Other operating income 24,550 37,087 23,886 31,284 Total revenues 722,682 728,659 400,910 449,224 Expenses Cost of rental and service 261,584 247,714 118,925 113,298 Cost of food and beverage sales 82,944 65,748 - - Cost of condominium leasehold right - 1,093 - - Administrative expenses 80,803 64,909 46,537 39,088 Provision for loss of property under development 3 - 30,000 - - Loss on foreign exchange 11,089 40,529 11,096 40,529 Directors' remuneration 3,101 3,348 3,101 3,348 Interest expenses 89,506 103,624 67,996 66,432 Total expenses 529,027 556,965 247,655 262,695 Operating profit 193,655 171,694 153,255 186,529 Share of profit/(loss) of subsidiaries - - 19,655 (25,775) Profit before tax 193,655 171,694 172,910 160,754 Income tax (56,224) (59,297) (45,814) (55,677) Profit before minority interest 137,431 112,397 127,096 105,077 Share of profit in subsidiaries to minority interest (10,335) (7,320) - - Net profit for the period 127,096 105,077 127,096 105,077 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Statements of Income (Unaudited) For the Three-Month Period Ended 31 March Consolidated Company Notes 2000 1999 2000 1999 (Restated) (Restated) Baht Baht Baht Baht Basic earnings per share 4 Profit before minority interest 1.37 1.12 1.27 1.05 Share of (profit)/loss in subsidiaries to minority interest (0.10) (0.07) - - Net profit for the period 1.27 1.05 1.27 1.05 Diluted earnings per share 4 Profit before minority interest 1.37 1.12 1.27 1.05 Share of (profit) /loss in subsidiaries to minority interest (0.10) (0.07) - - Net profit for the period 1.27 1.05 1.27 1.05 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Statements of Changes in Shareholders' Equity (Unaudited) For the Three-Month Period Ended 31 March Consolidated Company 2000 1999 2000 1999 (Restated) (Restated) Baht' 000 Baht' 000 Baht' 000 Baht' 000 Share Capital Beginning balance 1,000,000 1,000,000 1,000,000 1,000,000 Increase during the period - - - - Decrease during the period - - - - Ending balance 1,000,000 1,000,000 1,000,000 1,000,000 Premium on Share Capital Beginning balance 1,185,000 1,185,000 1,185,000 1,185,000 Increase during the period - - - - Decrease during the period - - - - Ending balance 1,185,000 1,185,000 1,185,000 1,185,000 Unrealised gain (loss) of investment in securities-available-for-sale Beginning balance (2,356) - (2,356) - Increase during the period (104) (2,356) (104) (2,356) Decrease during the period - - - - Ending balance (2,460) (2,356) (2,460) (2,356) Negative goodwill Beginning balance 112,594 112,594 112,594 112,594 Increase during the period - - - - Decrease during the period - - - - Ending balance 112,594 112,594 112,594 112,594 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Statements of Changes in Shareholders' Equity (Unaudited) For the Three-Month Period Ended 31 March Consolidated Company Note 2000 1999 2000 1999 (Restated) (Restated) Baht' 000 Baht' 000 Baht' 000 Baht' 000 Retained Earnings Appropriated retained earnings Legal reserve Beginning balance 121,000 121,000 121,000 121,000 Increase during the period - - - - Decrease during the period - - - - Ending balance 121,000 121,000 121,000 121,000 Unappropriated retained earnings Beginning balance, as previously reported 1,045,473 838,998 1,045,473 838,998 Prior year adjustments 5 - (65,511) - (65,511) Beginning balance, as restated 1,045,473 773,487 1,045,473 773,487 Increase during the period 127,096 105,077 127,096 105,077 Decrease during the period (125,000) - (125,000) - Ending balance 1,047,569 878,564 1,047,569 878,564 Minority interest Beginning balance 685,703 662,885 - - Increase during the period 10,335 9,951 - - Decrease during the period - - - - Ending balance 696,038 672,836 - - Total 4,159,741 3,967,638 3,463,703 3,294,802 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Statements of Retained Earnings (Unaudited) For the Three-Month Period Ended 31 March Consolidated Company Note 2000 1999 2000 1999 (Restated) (Restated) Baht' 000 Baht' 000 Baht' 000 Baht' 000 Unappropriated retained earnings: Beginning balance - As previously reported 1,045,473 838,998 1,045,473 838,998 - Prior year adjustments 5 - (65,511) - (65,511) - As restated 1,045,473 773,487 1,045,473 773,487 Less: Appropriation - Dividend (125,000) - (125,000) - Net profit for the period 127,096 105,077 127,096 105,077 Unappropriated retained earnings at end of the period 1,047,569 878,564 1,047,569 878,564 Appropriated retained earnings at end of the period Legal reserve 121,000 121,000 121,000 121,000 Retained earnings at end of the period 1,168,569 999,564 1,168,569 999,564 The notes to the interim consolidated and company financial statements on pages 11to 24 are an integral part of these interim financial statements. Central Pattana Public Company Limited Statements of Cash Flows (Unaudited) For the Three-Month Period Ended 31 March Consolidated Company Note 2000 1999 2000 1999 (Restated) (Restated) Baht' 000 Baht' 000 Baht' 000 Baht' 000 Cash flows from operating activities 15 174,251 241,163 88,510 235,281 Cash flows from investing activities Increase in short-term investment (22,051) - (35,541) - Increase in negotiable listed securities - (225) - (225) Loans made to related companies (345) (9,129) (61,729) (258,750) Loans payments from related companies - - 10,010 142,976 Investment in subsidiary - - - (130,000) Disposal of subsidiary, net of cash receipt - 4,050 - 4,050 Dividend received - - - 60,000 Purchases of property and equipment (75,676) (79,871) (4,321) (13,493) Net cash (payments) in investing activities (98,072) (85,175) (91,581) 195,442 Cash flows from financing activities Purchases of convertible bonds - (49,599) - (49,599) Proceeds from bonds issued 900,000 - 900,000 - Payments on long-term borrowings, net (93,658) (139,431) (50,898) (2,378) Loan from (repay) related companies 1,667 (76) 35,574 (27,644) Net cash receipts/(payments) from financing activities 808,009 (189,106) 884,676 (79,621) Net increase /(decrease) in cash and cash equivalents 884,188 (33,118) 881,605 (39,782) Beginning balance 647,469 627,309 532,277 515,770 Ending balance 1,531,657 594,191 1,413,882 475,988 Cash and cash equivalents : Cash on hand and at banks 1,266,937 106,402 1,164,361 41,239 Fixed deposits with maturity less or equal to 3 months 64,304 340,201 49,105 307,506 Promissory notes with financial institution with maturity less or equal to 3 months 200,416 147,588 200,416 127,243 1,531,657 594,191 1,413,882 475,988 The notes to the interim consolidated and company financial statements on pages 11 to 24 are an integral part of these interim financial statements. 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