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SANSIRI PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CASH FLOWS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 1998 (UNAUDITED) (Amounts in Thousand Baht) Consolidated The Company For the periods For the periods three-month six-month three-month six-month CASH FLOWS FROM OPERATING ACTIVITIES Net loss (507,625) (833,346) (507,625) (833,346) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 73,112 158,047 66,914 125,285 Allowance for doubtful account 3,532 3,532 - - Allowance for devaluation of investments 2,006 2,440 - - Allowance for devaluation of property development for sales 34,955 34,955 21,853 21,853 Leasehold revenue amortization (7,979) (15,959) - - Gain on exchange rate (239) (2,577) (239) (2,577) Gain on disposal of assets (7) (16) (7) (9) Loss from restructuring debts 162,323 162,323 162,323 162,323 Share of net loss in subsidiaries - - 30,425 91,559 DECREASE (INCREASE) IN OPERATING ASSETS: Accounts, notes receivable and unbilled completed work 273,980 (39,018) 272,301 86,735 Property development for sale 512,143 1,302,408 479,584 1,099,959 Advance payment for construction 1,971 (9,046) 665 2,294 Other current assets (7,373) (6,416) (5,615) (6,883) Other assets (43,355) (101,678) (37,521) (78,509) INCREASE (DECREASE) IN OPERATING LIABILITIES: Account payable - construction 59,415 44,956 10,720 (517) Construction retention 1,040 3,439 298 (340) Advance received from customers and unearned income (77,692) (82,336) (55,580) (61,302) Other current liabilities 88,995 161,698 40,435 86,280 Other liabilities (27,810) 4,646 223 31,913 Net cash provided by operating activities 541,392 788,052 479,154 724,718 (Amounts in Thousand Baht) Consolidated The Company For the periods For the periods three-month six-month three-month six-month CASH FLOWS FROM INVESTING ACTIVITIES: Decrease in short term investments - others 153,729 13 119,604 - Increase in loans to related parties - - - (16,400) Increase in property development for rent (25,122) (41,011) (100) (288) Decrease ( Increase ) in equipment 5,054 (187) 5 (84) Net cash from investing activities 133,661 (41,185) 119,509 (16,772) CASH FLOWS FROM FINANCING ACTIVITIES Decrease in loans from finance institutions (15,798) (13,898) (15,798) (13,899) Decrease in long - term debts (661,085) (760,070) (620,290) (762,653) Decrease in minority interest (4) (10) - - Cash received from increased share capital 29,280 29,280 29,280 29,280 Increase in equity in parent company held by subsidiary (158) (311) - - Net cash used in financing activities (647,765) (745,009) (606,808) (747,272) Net Increase (decrease) in net cash and cash equivalent 27,288 1,858 (8,145) (39,326) Cash and cash equivalent as at beginning of the periods 5,887 31,317 4,145 35,326 Cash and cash equivalent as at June 30, 1998 33,175 33,175 (4,000) (4,000) SUPPLEMENTARY CASH FLOWS INFORMATION: Cash paid during the periods: Interest expenses 66,730 145,466 41,633 96,724 Income taxes - - - - SANSIRI PUBLIC COMPANY LIMITED AND SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS JUNE 30, 1998 AND 1997 (UNAUDITED) NOTE 1 - ECONOMIC ENVIRONMENT AND BASIS OF PRESENTATION As from the second half of 1997, certain Asia Pacific countries, including Thailand, are experiencing economic difficulties relating to currency devaluation and slowdown in growth. Accordingly, the Thai government sought assistance from the International Monetary Fund to alleviate the economic crisis and improve the economy over time. The financial statements for the six-month period ended June 30, 1998 reflect the assessment of the possible impact of this economic situation on the financial position of Sansiri Public Company Limited. In addition, the ultimate effect on the entitys financial position of these uncertainties can not presently be determined. The financial statements of Sansiri Public Company Limited and subsidiaries for the six-month period ended June 30,1998 have been presented on a going concern basis, the companies ability to continue its business as going concern depends on the success of improvement plans being implemented to increase revenues, to reduce cost and negotiate to extend repayment of debts and restructuring debts, etc. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets amounts or classification of liabilities that might be necessary if the companies were not successful in implementing the improvement plans. NOTE 2 - RELATED PARTIES TRANSACTIONS The Company has significant transactions with its related parties. The financial statements reflect the effects of these transactions on the basis determined by the companies concerned which is under normal business basis. The following significant transactions are between the Company and related parties for the six-month periods ended June 30,1998 and 1997 as follows. (Amount : Thousand Baht) 1998 1997 Subsidiaries Related companies Subsidiaries Related companies Receivable from service and commission 10,552 4,660 910 6,960 Advances 2,306 - 540 - Loan to subsidiaries 511,351 - 177,636 - Interest receivable 40,498 - 39,879 - Interest income 3,995 - 9,303 - Revenue from business management 9,667 - 3,029 - Rental income 796 - 796 - The Company charges interest to subsidiaries at the rate of 9 - 16.75% or MLR per annum. NOTE 3 - BASIS FOR CONSOLIDATION The consolidated financial statements of Sansiri Public Company Limited and subsidiaries are prepared in accordance with generally accepted accounting principles and Ministerial Regulation No.7 (B.E. 2539) dated October 25, 1996. The consolidated financial statements for the six-month periods ended June 30, 1998 and 1997 consisted of the financial statements of parent company, Sansiri Public Company Limited, and its subsidiary companies were hold by parent company 99% which are Chanachai Limited, Sanpinyo Limited, Prakarn Limited and Jainad Limited. The financial statements for the six-month period ended June 30, 1998 of two subsidiary companies, which are Jainad Limited and Chanachai Limited ,were reviewed by auditor whose accountants review report stated that subject to the effects of such adjustments, if any, as might have been required had the outcome of the uncertainty as a going concern of subsidiary companies, devaluation of property development and the ability to repayment on loan and interest receivable from related parties in the amount of Baht 32.09 million. The consolidated financial statements for the six-month period ended June 30, 1998 is first period that the company prepared the statement of cash flows therefore not have the statement of cash flows for the three-month and six-month period ended June 30, 1997. All significant inter company transactions are eliminated in preparing the consolidated financial statements. NOTE 4 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenues and Expenses Recognition Revenues and expenses are recognized on an accrual basis. Revenue and cost of construction in progress are recognized on the percentage of completion method which is based on the actual development cost against the total estimated development costs, not included cost of land. Deferred leasehold rights is recognized as revenue over the period of lease agreement. Leasehold and development cost is recognized as expenses over the period of lease agreement. Interest income is recognized on accrual basis, with the exception for overdue interest income which is expected to be uncollectable, is recognized as it received. Dividend income is recorded on the date as it accrued. Gain (loss) on sale of securities is recognized on the date of sales. Investments in Securities Investments in securities consisted of investments in listed securities, which are current assets, stated at the lower of aggregate cost or market value. Loss on valuation of securities (if any) is included in the statement of income. Investments in other securities are stated at cost. Cost of sales on securities is determined by moving average method. Allowance for Doubtful Accounts Allowance for doubtful accounts is an estimate of those accounts receivable which are expected to be uncollectable. Cost of Property Development for sales Cost of property development for sales is stated at the lower of cost or net realizable value which consists of acquisition cost of land and leasehold rights, development expenses and direct expenses of projects including interest expenses during the construction period which occurred from loans for land and development project. Leasehold development and cost of property development are net from cost of sales and expenses. Investments in Related Parties Investments in subsidiaries are accounted for by the equity method. Deficit on investments is presented as other liability. Investments in related company are stated at cost. Land under Development for Sales and Rent Land for development which is to be developed in the future for sales and rent is stated at cost including cost of land and related expenses and interest expenses. The fourth quarter of 1997,land under development for rent of subsidiaries are revaluated. In 1997, a subsidiary company entered into lease agreement with a company for the period of one year which expire in January , 1998. At present, the Company had not extended such lease agreement. Leasehold, Building and Equipment Leasehold, Building and equipment are stated at cost. Leasehold right is amortized according to the period of leasehold agreement. Depreciation is computed by the straight-line method over the estimated useful lives of 5-20 years. Interest Capitalization Interest expenses related to financing the construction and project expenses have been capitalized as project costs up to the completion of construction or which development of projects are suspended. Deferred Charges Deferred charges are presented in other assets which consists of deferred interest on hire - purchase of vehicles which are amortized by the straight-line method according to the period of contracts. Business taxes and promotion expenses are amortized by percentage of completion method. Foreign Currency Transactions Foreign currency transactions during the periods are translated at the approximate rates of exchange ruling on the transaction dates. Foreign currency balances at the balance sheet dates are translated at the exchange rates ruling on that date. Exchange gains and losses are included in determining income. Income Taxes Income taxes are calculated on accounting profit and income taxes are paid base on installment method. The difference between the financial statements carrying amounts and income taxes paid in each years are recognized as deferred income taxes or accrued income taxes in the balance sheets. Earnings (loss) per Share Earnings (loss) per share are computed by dividing the net income (loss) for the period by the weighted average number of shares outstanding and fully paid at the end of the period for 1998 and by the number of shares outstanding at the end of the period for 1997. NOTE 5 - CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of: (Amounts : Thousand Baht) Consolidated June 30,1998 March 31,1998 December 31,1997 Baht Baht Baht Cash and cash at banks 161,513 44,263 11,113 Short term investments-fixed deposits - 84,758 133,501 Less Banks overdraft (128,338) (123,134) (113,297) Cash and cash equivalents 33,175 5,887 31,317 The Company June 30,1998 March 31,1998 December 31,1997 Baht Baht Baht Cash and cash at banks 76,833 30,378 7,495 Short term investments-fixed deposits - 50,665 95,001 Less Banks overdraft (80,833) (76,898) (67,170) Cash and cash equivalents 4,000 4,145 35,326 NOTE 6 ACCOUNTS , NOTES RECEIVABLE AND UNBILLED COMPLETED WORK NET Accounts, notes receivable and unbilled completed work net as at June 30, 1998 classified by the aging receivable are as follows: (Amounts : Thousand Baht) Consolidated The Company Unbilled completed work 356,464 46,725 1-3 months 8,813 6,999 3-6 months 614 50 6-12 months 1,411 10,806 12 months 6,541 5,592 Less Allowance for doubtful accounts (3,532) - Total 370,311 70,172 As June 30, 1998 in the consolidated and the Companys financial statements, the Company has the accounts receivable from the related parties, to get repayment of which in uncertain, amounting to Baht 4.66 million and 15.21 million in the consolidated and the Companys financial statements respectively. The Company does not set up allowance for doubtful debt, as the management believed that the Company will not sustain the loss from the said them. However the result is still not known. NOTE 7 - LOAN TO RELATED PARTIES As at June 30, 1998, the Company has loans to related parties and interest receivable classified by the age of receivable are as follows: (Amounts : Million Baht) Consolidated The Company Principal Interest receivable Principal Interest receivable At call 5.00 - 511.35 - Over 3-6 months - 0.33 - - Over 6-12 months - - - 10.58 Over 12 months - - - 29.92 Total 5.00 0.33 511.35 40.50 As at June 30,1998, in the consolidated and the Company s financial statements, the Company has loans to related parties and interest receivable, the repayment of which is uncertain amounting to Baht 5.33 million and 551.85 million, respectively. The Company does not set up allowance for doubtful debt, as the management believed that the Company will not sustain the loss from the said loans. However the result is still not known. (More)