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BEC WORLD PUBLIC COMPANY LIMITED REVIEW OF CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND INTERIM FINANCIAL STATEMENTS MARCH 31, 1999 AND 1998 AUDITOR'S REPORT To The Shareholders BEC World Public Company Limited I have made a review of the consolidated balance sheets of BEC World Public Company Limited and its subsidiaries (the "Group") and the balance sheets of BEC World Public Company Limited (the "Company") as at March 31, 1999, and 1998, and the related statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month periods then ended for each year, in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of consolidated interim financial information and interim financial information of the Company only 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. They are substantially less in scope than an examination 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, I do not express such an opinion to the interim financial statements. Based on my review, I do 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. The financial statements of BEC - TERO (YANGON) Company Limited which is located in The Union of Myanmar holding stocks by subsidiary and is partly included in the financial statements for the three - month period ended March 31, 1999, based on the management's data which the amount is immaterial and such subsidiary company has not operated as informed by its management. - 2 - The associate's portion of loss as recorded in the consolidated interim financial statements and interim financial statements of the Company only for the three - month periods ended March 31, 1999 and 1998, calculated from the data prepared by the management of associate company without a review from the auditor, representing 2.19 % and 1.10 % of net income, respectively. (Dr.Virach Aphimeteetamrong) Certified Public Accountant Registration No. 1378 May 6, 1999 UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT MARCH 31, ASSETS THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Current Assets Cash on hand and at banks 787,747 92,870 487,636 9,078 Short-term investments Deposits with financial institutions 1,118,117 560,942 215,154 168,930 Fixed deposits with banks 2,379,145 3,875,262 1,264,957 2,315,783 Trade accounts and notes receivable (Note 3.1) 280,882 309,377 39,956 38,080 Less : Allowance for doubtful accounts (Notes 2.2 and 3.1) (36,717) (26,342) (927) (490) Trade accounts and notes receivable-net 244,165 283,035 39,029 37,590 Short-term loans to related parties (Note 4) 47,475 42,450 1,117,467 1,006,199 Inventories (Note 2.3) 4,256 3,023 - - Other current assets Interest receivable 41,062 105,139 117,076 144,748 Others 60,133 53,244 4,349 6,097 Total Other Current Assets 101,195 158,383 121,425 150,845 Total Current Assets 4,682,100 5,015,965 3,245,668 3,688,425 Investments Investments in subsidiaries (Notes 2.4 and 5) - - 3,975,773 3,528,013 Investments in associate (Notes 2.4 and 5) 260,126 319,116 260,126 319,116 Investments in other companies (Note 2.4) 3,060 3,060 - - Deposits with financial institutions (Note 3.2) 351,137 351,137 94,318 94,318 Investments in land (Note 2.5) 60,000 60,000 - - Property, Plant and Equipments-net Equipments-net (Note 2.6) 157,158 196,004 21,731 24,196 Deferred right to use property-net (Note 2.7) 1,242,516 1,362,308 - - Deferred pictures rental, picture products, plays and copyright charges-net (Note 2.8) 1,549,386 1,165,665 540,897 411,206 Other Assets Goodwill-net (Notes 1.3 and 2.10) 18,943 29,576 - - Deposit on pictures copyright charges 30,338 - 18,077 - Prepayment for pictures copyright 12,310 - 12,310 - Others (Note 2.9) 61,119 39,456 7,525 6,548 Total Other Assets 122,710 69,032 37,912 6,548 TOTAL ASSETS 8,428,193 8,542,287 8,176,425 8,071,822 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT MARCH 31, LIABILITIES AND SHAREHOLDERS' EQUITY THOUSAND BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 Current Liabilities Bank overdrafts and loans from financial institutions 657 - - - Trade accounts payable 203,534 160,666 134,802 125,640 Current portion of long-term lease payable 222 222 - - Advance from director 3,548 - - - Short-term loans from other companies 10,000 - - - Other current liabilities Dividends payable 1,300,000 1,200,000 1,300,000 1,200,000 Income tax payable 390,595 486,826 148,933 161,429 Others 171,007 208,019 49,586 43,912 Total Other Current Liabilities 1,861,602 1,894,845 1,498,519 1,405,341 Total Current Liabilities 2,079,563 2,055,733 1,633,321 1,530,981 Long-Term Lease Payable 93 315 - - Invesments deficiency (Note 5) - - 188,459 60,671 Total Liabilities 2,079,656 2,056,048 1,821,780 1,591,652 Minority Interest (5,976) 6,069 - - Shareholders' Equity Share capital Authorized share capital 200,000,000 ordinary shares of Baht 10 par value 2,000,000 2,000,000 2,000,000 2,000,000 Issued and paid-up share capital 200,000,000 ordinary shares at Baht 10 each 2,000,000 2,000,000 2,000,000 2,000,000 Premium on share capital 2,536,499 2,536,499 2,536,499 2,536,499 Retained earnings Appropriated Legal reserve 200,000 200,000 200,000 200,000 Unappropriated 1,618,146 1,743,671 1,618,146 1,743,671 Adjustment from the translation of subsidiary's financial statements (132) - - - Total Shareholders' Equity 6,354,513 6,480,170 6,354,645 6,480,170 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 8,428,193 8,542,287 8,176,425 8,071,822 Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT EXCEPT EARNINGS PER SHARE PRESENT IN BAHT THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 REVENUES Advertising income 757,877 774,097 211,209 170,818 Income from sales - 225 - - Income from rental, picture products and other services 47,941 2,776 2,521 4,957 Income from copyright 2,936 - - - Company's portion in net income of subsidiaries - - 146,569 224,364 Other income Interest income 74,163 164,227 64,365 113,890 Others 1,705 17,457 238 13,189 Total Revenues 884,622 958,782 424,902 527,218 EXPENSES Cost of sales 359,694 282,430 79,918 50,297 Selling and administrative expenses 156,541 129,377 54,636 31,691 Company's portion in net loss of associate 5,257 4,091 5,257 4,091 Interest expenses 892 25 - - Directors' remuneration (Note 6) 3,049 3,048 3,049 3,048 Total Expenses 525,433 418,971 142,860 89,127 Income before Income Taxes 359,189 539,811 282,042 438,091 Income Tax Expenses 123,133 168,469 42,105 65,375 Net Income Included Minority Interest 236,056 371,342 239,937 372,716 Net Loss of Minority Interest 3,881 1,374 - - Net Income 239,937 372,716 239,937 372,716 Earnings Per Share (Baht) (Note 2.11) 1.20 1.86 1.20 1.86 (Par value Baht 10) Notes to the interim financial statements form an integral part of these statements. UNAUDITED REVIEWED BEC WORLD PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, THOUSAND BAHT COMMON STOCK THE GROUP THE COMPANY ONLY 1999 1998 1999 1998 SHARE CAPITAL Common Stock 2,000,000 2,000,000 2,000,000 2,000,000 PAID-IN CAPITAL Premium on share capital 2,536,499 2,536,499 2,536,499 2,536,499 RETAINED EARNINGS Appropriated Legal reserve 200,000 200,000 200,000 200,000 Unappropriated Balance at the beginning of period 2,678,209 2,570,955 2,678,209 2,570,955 Increase during the period 239,937 372,716 239,937 372,716 Decrease during the period (1,300,000) (1,200,000) (1,300,000) (1,200,000) Balance at the end of period 1,618,146 1,743,671 1,618,146 1,743,671 ADJUSTMENT FROM THE TRANSLATION OF SUBSIDIARY'S FINANCIAL STATEMENTS Balance at the beginning of period (175) - - - Decrease during the period 43 - - - Balance at the end of period (132) - - - TOTAL SHAREHOLDERS' EQUITY 6,354,513 6,480,170 6,354,645 6,480,170 Notes to the interim financial statements form an integral part of these statements. 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