Closing net book amount 33.39 36.44 29.87 1.45 1,974.81 11 Property and equipment, net (continued) Consolidated 1999 Million Baht Furniture, Leasehold fixtures Buildings and Leasehold building Tools and and office Land improvements rights improvements equipment equipment At 31 December 1999 Cost 8.45 42.41 44.31 141.72 2,607.80 771.24 Less: Accumulated depreciation - (12.19) (35.30) (56.62) (1,142.00) (486.04) Provision for obsolete fixed assets - (2.60) - - - (7.52) Net book amount 8.45 27.62 9.01 85.10 1,465.80 277.68 Consolidated 1999 Million Baht Pagers and Assets under Assets mobile construction purchased Total phones for and under finance property and rent Vehicles installation leases equipment At 31 December 1999 Cost 92.65 65.73 29.87 4.24 3,808.42 Less: Accumulated depreciation (57.13) (29.29) - (2.79) (1,821.36) Provision for obsolete fixed assets (2.13) - - - (12.25) Net book amount 33.39 36.44 29.87 1.45 1,974.81 11 Property and equipment, net (continued) Company 1999 Million Baht Furniture, Leasehold fixtures Buildings and building Tools and and office Land improvements improvements equipment equipment At 31 December 1998 Cost 2.52 26.06 86.65 1,930.68 434.25 Less: Accumulated depreciation - (5.19) (24.49) (675.15) (182.64) Net book amount 2.52 20.87 62.16 1,255.53 251.61 Year ended 31 December 1999 Opening net book amount 2.52 20.87 62.16 1,255.53 251.61 Additions - 0.26 31.02 596.26 25.85 Transfers - (2.61) - 2.61 - Disposals, net (2.52) (4.72) (3.69) (2.71) (1.13) Depreciation charge - (1.75) (13.38) (420.99) (71.26) Closing net book amount - 12.05 76.11 1,430.70 205.07 Company 1999 Million Baht Assets under Assets construction purchased Total property and under finance and Vehicles installation leases equipment At 31 December 1998 Cost 40.87 128.02 4.77 2,653.82 Less: Accumulated depreciation (14.13) - (2.15) (903.75) Net book amount 26.74 128.02 2.62 1,750.07 Year ended 31 December 1999 Opening net book amount 26.74 128.02 2.62 1,750.07 Additions 17.48 84.34 - 755.21 Transfers - (187.05) - (187.05) Disposals, net (8.62) - (0.29) (23.68) Depreciation charge (7.54) - (0.88) (515.80) Closing net book amount 28.06 25.31 1.45 1,778.75 11 Property and equipment, net (continued) Company 1999 Million Baht Furniture, Leasehold fixtures Buildings and building Tools and and office Land improvements improvements equipment equipment At 31 December 1999 Cost - 16.12 111.76 2,525.63 457.16 Less: Accumulated depreciation - (4.07) (35.65) (1,094.93) (252.09) Net book amount - 12.05 76.11 1,430.70 205.07 Company 1999 Million Baht Assets under Assets construction purchased Total property and under finance and Vehicles installation leases equipment At 31 December 1999 Cost 48.29 25.31 4.24 3,188.51 Less: Accumulated depreciation (20.23) - (2.79) (1,409.76) Net book amount 28.06 25.31 1.45 1,778.75 12 Cost of mobile phone and pager service networks and Datanet tools and equipment under concession agreements Consolidated Million Baht Total cost of mobile phone and pager service networks and Cost of mobile Cost of pager Cost of Datanet Datanet tools and phone networks service networks tools and equipment equipment At 31 December 1998 Cost 33,401.97 1,194.23 709.02 35,305.22 Less: Accumulated amortisation Previously reported (4,382.34) (418.05) (335.60) (5,135.99) Adjustments (Note 3) (4,035.40) - (37.67) (4,073.07) Accumulated amortisation - as restated (8,417.74) (418.05) (373.27) (9,209.06) Net book amount 24,984.23 776.18 335.75 26,096.16 Year ended 31 December 1999 Opening net book amount - as restated 24,984.23 776.18 335.75 26,096.16 Additions 4,234.31 80.77 78.08 4,393.16 Transfers 187.06 - - 187.06 Write-offs (147.50) - (0.02) (147.52) Amortisation charge (3,537.67) (129.10) (49.87) (3,716.64) Closing net book amount 25,720.43 727.85 363.94 26,812.22 At 31 December 1999 Cost 37,596.75 1,275.00 787.09 39,658.84 Less: Accumulated amortisation (11,876.32) (547.15) (423.15) (12,846.62) Net book amount 25,720.43 727.85 363.94 26,812.22 12 Cost of mobile phone and pager service networks and Datanet tools and equipment under concession agreements (continued) Company Million Baht Cost of mobile phone networks At 31 December 1998 Cost 33,401.97 Less: Accumulated amortisation Previously reported (4,382.34) Adjustments (Note 3) (4,035.40) Accumulated amortisation - as restated (8,417.74) Net book amount 24,984.23 Year ended 31 December 1999 Opening net book amount - as restated 24,984.23 Additions 4,234.31 Transfers 187.06 Write-offs (147.50) Amortisation charge (3,537.67) Closing net book amount 25,720.43 At 31 December 1999 Cost 37,596.75 Less: Accumulated amortisation (11,876.32) Net book amount 25,720.43 13 Other assets Consolidated Million Baht Goodwill Deferred charges Others Total At 31 December 1998 Cost 548.98 637.10 146.03 1,332.11 Less: Accumulated amortisation (256.19) (119.12) - (375.31) Net book amount 292.79 517.98 146.03 956.80 Year ended 31 December 1999 Opening net book amount 292.79 517.98 146.03 956.80 Additions 614.83 120.54 13.56 748.93 Amortisation charge (95.37) (103.34) - (198.71) Closing net book amount 812.25 535.18 159.59 1,507.02 At 31 December 1999 Cost 1,163.81 757.64 159.59 2,081.04 Less: Accumulated amortisation (351.56) (222.46) - (574.02) Net book amount 812.25 535.18 159.59 1,507.02 Company Million Baht Deferred charges Others Total At 31 December 1998 Cost 463.73 102.18 565.91 Less: Accumulated amortisation (108.82) - (108.82) Net book amount 354.91 102.18 457.09 Year ended 31 December 1999 Opening net book amount 354.91 102.18 457.09 Additions 104.44 4.15 108.59 Amortisation charge (90.53) - (90.53) Closing net book amount 368.82 106.33 475.15 At 31 December 1999 Cost 568.17 106.33 674.50 Less: Accumulated amortisation (199.35) - (199.35) Net book amount 368.82 106.33 475.15 14 Trade accounts and notes payable Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Trade accounts payable Third parties 2,311.17 5,197.12 1,673.20 4,451.01 Related companies 12.94 130.51 10.14 67.56 2,324.11 5,327.63 1,683.34 4,518.57 Notes payable - third parties - 1,418.23 - 1,418.23 Total trade accounts and notes payable 2,324.11 6,745.86 1,683.34 5,936.80 Trade accounts payable - related companies as at 31 December comprise: Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Parent company - 31.46 - 11.95 Subsidiaries - - 2.39 44.24 Other related companies 12.94 99.05 7.75 11.37 Total trade accounts payable - related companies 12.94 130.51 10.14 67.56 15 Amounts due to and loans from related companies Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Parent company - 13.00 - 12.98 Subsidiaries - - 669.81 0.05 Other related companies 135.05 17.89 23.67 1.33 Total amounts due to and loans from related companies 135.05 30.89 693.48 14.36 16 Short-term debentures As at 31 December 1998, short-term debentures represented 2 million units of Baht 1,000 each of unsecured debentures amounting to Baht 2,000 million. The short-term debentures carried interest at the fixed rate of 12% per annum throughout the term of the debentures and were redeemed on 11 October 1999. The interest on the debentures was payable on a semi-annual basis commencing from the issuing date on 12 October 1998. During the second and the third quarters of year 1999, the Company early redeemed partial of such debentures amounting to Baht 744.30 million, incurring a penalty of Baht 13.65 million. 16 Short-term debentures (continued) Debenture holders as at 31 December comprise: Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht A major shareholder of a parent company - 102.80 - 102.80 Directors of a related company and the Company - 20.10 - 20.10 Others - 1,877.10 - 1,877.10 Total - 2,000.00 - 2,000.00 17 Forward and swap contracts receivable/(payable) Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Contracts receivable 3,759.23 7,008.04 3,755.98 7,008.04 Contracts payable (3,841.24) (6,924.21) (3,837.77) (6,924.21) (82.01) 83.83 (81.79) 83.83 Less: Current portion 57.45 76.71 57.23 76.71 Total forward and swap contracts receivable/(payable), net (24.56) 160.54 (24.56) 160.54 18 Other current liabilities Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Income tax payable 1,952.81 1,637.80 1,427.16 1,421.78 Accrued transmission fee 799.26 456.72 799.26 456.72 Accrued expenses 1,520.11 644.84 1,142.81 549.64 Others 246.59 207.77 244.87 204.63 Total other current liabilities 4,518.77 2,947.13 3,614.10 2,632.77 19 Long-term debentures As at 31 December 1999, long-term debentures represent 1.5 million units of Baht 1,000 each of unsecured debentures amounting to Baht 1,500 million. The long-term debentures bear interest at the fixed rate of 8.25% per annum throughout the term of the debentures, payable on a semi-annual basis commencing from the issuing dates. The 0.5 million units and 1 million units of debentures will be redeemed on 18 February 2001 and 5 March 2002 respectively. As at 31 December 1998, long-term debentures represented 2 million units of Baht 1,000 each of unsecured debentures, totalling Baht 2,000 million. The debentures carried interest at the average MLR (Minimum Loan Rate) of two commercial banks, payable on a semi-annual basis commencing from the issuing date. The debentures were repayable during 26 January 2001 through 12 June 2001. On 19 February 1999, the Company early redeemed such debentures before their due date without incurring any penalty. 19 Long-term debentures (continued) Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht A major shareholder of a parent Company - 2,000.00 - 2,000.00 A major shareholder of a related Company 270.00 - 270.00 - Others 1,230.00 - 1,230.00 - Total 1,500.00 2,000.00 1,500.00 2,000.00 20 Long-term liabilities Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Current portion of long-term liabilities Loans from finance companies 1,032.16 296.17 1,032.16 296.17 Loans from banks - 4,122.46 - 4,122.46 Obligations under finance leases 0.97 0.84 0.97 0.84 1,033.13 4,419.47 1,033.13 4,419.47 Long-term liabilities Loans from finance companies 2,391.09 1,892.13 2,391.09 1,892.13 Loans from banks - 2,333.29 - 2,333.29 Obligations under finance leases 0.78 2.04 0.78 2.04 2,391.87 4,227.46 2,391.87 4,227.46 Total long-term liabilities 3,425.00 8,646.93 3,425.00 8,646.93 Weighted average effective interest rates: - Long-term loans from finance companies and banks 6.67% 6.88% 6.67% 6.88% Long-term loans of the Group and the Company, which carry floating interest rate, were as follows: Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Total long-term loans (floating interest rate) 3,423.25 8,644.05 3,423.25 8,644.05 20 Long-term liabilities (continued) The maturity of long-term liabilities (excluding obligations under finance leases) are as follows: Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Later than 1 year and not later than 2 years 1,032.16 2,969.21 1,032.16 2,969.21 Later than 2 years and not later than 5 years 1,314.94 1,071.21 1,314.94 1,071.21 Later than 5 years 43.99 185.00 43.99 185.00 2,391.09 4,225.42 2,391.09 4,225.42 Long-term loans represent unsecured loans from foreign finance companies and foreign banks equivalent to US$ 90.78 million (1998: US$ 234.32 million), carrying interest at rates between LIBOR (London Inter Bank Offer Rate) and LIBOR plus 1.25% per annum (1998: LIBOR - LIBOR plus 1.25% per annum). The Company is required to comply with certain terms and conditions as specified in the loan agreements. The Group has in place certain forward exchange contracts, principal only swaps and interest rate swaps to cover these loans. Borrowing facilities The Group and the Company have the following undrawn committed borrowing facilities: Consolidated Company 1999 1998 1999 1998 Restated Restated Million Baht Million Baht Million Baht Million Baht Floating interest rate Expiring within one year 3,842.13 2,636.76 3,842.13 2,636.76 (more)