ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT DECEMBER 31, 1998 AND 1997 Consolidated Company's Separate ASSETS Balance Sheets (Baht) Balance Sheets (Baht) 1998 1997 1998 1997 CURRENT ASSETS Cash in hand and at banks 2,062,844,745 520,092,870 1,690,915,056 432,802,197 Short-term investments (Notes 6 & 7) 2,456,523,707 4,256,940,775 2,166,007,771 3,872,685,575 Accounts and notes receivable - net (Notes 3, 4 & 8) 2,625,762,255 3,152,250,693 2,328,813,573 3,011,142,393 Short-term loans and advances to related parties - net (Note 3) 17,648,364 256,305,080 214,277,318 200,844,354 Inventories - net (Notes 4 & 9) 683,426,896 66,000,485 - - Other current assets (Note 10) 977,470,817 920,794,082 867,171,771 900,644,203 Total Current Assets 8,823,676,784 9,172,383,985 7,267,185,489 8,418,118,722 INVESTMENTS (Notes 4 & 11) Related Parties 122,115,653 64,403,797 1,612,464,928 827,825,510 Others - - - - Total Investments 122,115,653 64,403,797 1,612,464,928 827,825,510 PROPERTY AND EQUIPMENT - net (Notes 4 & 12) 1,943,724,635 1,629,929,418 1,750,073,217 1,477,475,657 OTHER ASSETS Costs of mobile phone and pager service networks under concession agreements - net (Notes 2, 3 & 4) 29,795,812,324 23,796,698,977 29,019,632,757 22,936,853,692 Deferred charges - net (Note 4) 414,107,877 199,068,213 354,914,302 198,877,995 Goodwill - net (Note 4) 292,790,519 329,389,334 - - Others 133,939,997 152,162,963 102,177,229 132,511,836 Total Other Assets 30,636,650,717 24,477,319,487 29,476,724,288 23,268,243,523 Total Assets 41,526,167,789 35,344,036,687 40,106,447,922 33,991,663,412 See notes to financial statements ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND SUBSIDIARIES BALANCE SHEETS AS AT DECEMBER 31, 1998 AND 1997 Consolidated Company's Separate Balance Sheets (Baht) Balance Sheets (Baht) 1998 1997 1998 1997 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Loans from banks (Notes 13 & 15) 881,658,647 - 694,100,000 - Accounts and notes payable and accrued expenses (Notes 3 & 14) 8,603,223,602 7,674,164,786 7,809,666,379 7,534,993,629 Current portion of long-term liabilities (Notes 15 & 18) 3,799,922,542 2,025,936,387 3,799,922,542 1,362,936,387 Advances from related parties (Note 3) 30,887,579 88,034,170 14,360,102 9,374,229 Short-term bonds (Notes 3 & 16) 2,000,000,000 2,130,000,000 2,000,000,000 2,130,000,000 Other current liabilities (Note 17) 1,863,374,978 613,508,509 1,627,485,121 530,507,794 Total Current Liabilities 17,179,067,348 12,531,643,852 15,945,534,144 11,567,812,039 LONG-TERM BONDS (Note 3) 2,000,000,000 1,000,000,000 2,000,000,000 1,000,000,000 LONG-TERM LIABILITIES - net (Notes 15 & 18) 4,483,731,353 6,584,347,577 4,483,731,353 6,584,347,577 OTHER LIABILITIES (Note 19) 3,088,222,202 3,270,288,243 3,300,408,562 3,171,102,000 Total Liabilities 26,751,020,903 23,386,279,672 25,729,674,059 22,323,261,616 MINORITY INTERESTS IN SUBSIDIARIES 398,373,023 289,355,219 - - SHAREHOLDERS' EQUITY Share capital Authorized 500,000,000 common shares, Baht 10 par value 5,000,000,000 5,000,000,000 5,000,000,000 5,000,000,000 Issued 234,000,000 common shares, fully paid 2,340,000,000 2,340,000,000 2,340,000,000 2,340,000,000 Premium on share capital 2,295,000,000 2,295,000,000 2,295,000,000 2,295,000,000 Retained earnings Appropriated to legal reserve (Note 28) 500,000,000 500,000,000 500,000,000 500,000,000 Unappropriated 9,241,773,863 6,533,401,796 9,241,773,863 6,533,401,796 Total Shareholders' Equity 14,376,773,863 11,668,401,796 14,376,773,863 11,668,401,796 Total Liabilities and Shareholders' Equity 41,526,167,789 35,344,036,687 40,106,447,922 33,991,663,412 See notes to financial statements ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 Consolidated Company's Separate Statements of income (Baht) Statements of income (Baht) 1998 1997 1998 997 REVENUES Revenues from services and equipment rental (Note 4) 14,719,422,244 14,908,003,495 13,327,584,009 13,433,720,215 Sales (Note 4) 224,976,672 258,026,630 - - Net result of investments in subsidiary and associated companies (Notes 4 & 11) 6,203,008 1,293,079 133,130,570 89,126,824 Gain on exchange 1,771,706,815 7,880,775 1,753,066,816 12,428,371 Other income (Note 20) 561,323,763 401,166,330 482,667,269 326,565,281 Total Revenues 17,283,632,502 15,576,370,309 15,696,448,664 13,861,840,691 EXPENSES Cost of services and equipment rental (Note 4) 7,951,987,263 5,945,144,900 7,674,996,138 5,671,295,353 Cost of sales (Note 4) 253,586,510 238,333,583 - - Selling and administrative expenses 3,144,425,474 3,092,029,365 2,435,412,518 2,259,874,916 Interest expense (Note 21) 1,216,854,911 572,165,240 1,167,328,797 501,579,105 Directors' remuneration (Note 22) 720,000 2,480,000 660,000 2,020,000 Other expenses (Note 23) 56,284,276 79,777,641 1,963,852 8,804,133 Total Expenses 12,623,858,434 9,929,930,729 11,280,361,305 8,443,573,507 Net income before income tax and adjustment of net effect derived from the change in exchange rate system 4,659,774,068 5,646,439,580 4,416,087,359 5,418,267,184 Income tax (Note 24) (1,584,984,352) (1,797,825,013) (1,450,315,292) (1,665,875,346) Net income before adjustment of net effect derived from the change in exchange rate system 3,074,789,716 3,848,614,567 2,965,772,067 3,752,391,838 Adjustment of net effect derived from the change in exchange rate system (net of income tax effect) (Notes 24 & 26) - (1,239,788,131) - (1,226,520,491) Net income before considering minority interests in subsidiaries 3,074,789,716 2,608,826,436 2,965,772,067 2,525,871,347 Less Share of net income of subsidiaries to minority interests 109,017,649 82,955,089 - - Net income 2,965,772,067 2,525,871,347 2,965,772,067 2,525,871,347 See notes to financial statements ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 Consolidated Company's Separate Statements of income (Baht) Statements of income (Baht) 1998 1997 1998 1997 Earnings per share (Note 4) Earnings per share before adjustment of net effect derived from the change in exchange rate system 13.14 16.44 12.67 16.03 Adjustment of net effect derived from the change in exchange rate system - (5.30) - (5.24) Earnings per share before considering minority interests in subsidiaries 13.14 11.14 12.67 10.79 Less Share of net income of subsidiaries to minority interests 0.47 0.35 - - Earnings per share 12.67 10.79 12.67 10.79 See notes to financial statements ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 1998 1997 Baht Baht Share capital Common shares Balance at beginning of year 2,340,000,000 2,340,000,000 Increase during the year - - Decrease during the year - - Balance at end of year 2,340,000,000 2,340,000,000 Premium on share capital Balance at beginning of year 2,295,000,000 2,295,000,000 Increase during the year - - Decrease during the year - - Balance at end of year 2,295,000,000 2,295,000,000 Retained earnings Appropriated to legal reserve Balance at beginning of year 500,000,000 484,700,000 Increase during the year - 15,300,000 Decrease during the year - - Balance at end of year 500,000,000 500,000,000 Unappropriated Balance at beginning of year 6,533,401,796 5,427,585,798 Increase during the year 2,965,772,067 2,525,871,347 Decrease during the year 257,400,000 1,420,055,349 Balance at end of year 9,241,773,863 6,533,401,796 Total Shareholders' Equity 14,376,773,863 11,668,401,796 See notes to financial statements ADVANCED INFO SERVICE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997 1998 1997 Baht Baht Unappropriated retained earnings Balance at beginning of year 6,533,401,796 5,427,585,798 Cumulative effect of adjustment derived from the change of status of investment in other company to investment in associated company (Note 11) - (755,349) Appropriation of retained earnings in prior year Dividend (Note 27) (257,400,000) (702,000,000) Net income for the year 2,965,772,067 2,525,871,347 Interim dividend payment (Note 27) - (702,000,000) Legal reserve - (15,300,000) Balance at end of year 9,241,773,863 6,533,401,796 Appropriated retained earnings Legal reserve (Note 28) 500,000,000 500,000,000 Total Retained Earnings 9,741,773,863 7,033,401,796 See notes to financial statements (More)