ONSOLIDATED FINANCIAL STATEMENTS QUARTER 1/1999

The consolidation Note 1999 1998 (Baht' 000) (Baht' 000) REVENUES Sales 7,601,414 7,893,871 Other income Interest income 31,686 58,733 Service income 108,837 94,757 Other 47,255 30,908 TOTAL REVENUES 7,789,192 8,078,269 EXPENSES Cost of sales 6,956,960 7,211,029 Selling and administrative expenses 628,941 648,736 Interest expenses 5,305 9,235 Directors' remuneration 360 360 TOTAL EXPENSES 7,591,566 7,869,360 Net income before tax 197,626 208,909 Income tax (63,059) (70,926) Net income before share of profit from subsidiary companies 134,567 137,983 Share of profit from subsidiary companies - - NET INCOME FOR THE PERIOD 134,567 137,983 STATEMENTS OF RETAINED EARNINGS Retained earnings brought forward 1,825,576 1,553,868 Net income for the period 134,567 137,983 Retained earnings carried forward 1,960,143 1,691,851 EARNINGS PER SHARE 11 Net income 0.56 0.57 The notes to the financial statements on pages 8 to 20 form an integral part of these financial statements. Auditor's report page 1. Unaudited Reviewed Siam Makro Public Company Limited Page 4 Statements of changes in shareholders' equity and consolidated statements of changes in shareholders' equity for the three-month periods ended 31 March 1999 and 1998 The company only 1999 1998 (Baht' 000) (Baht' 000) SHARE CAPITAL Common share Brought forward 2,400,000 2,400,000 Increase during the period - - Carried forward 2,400,000 2,400,000 SHARE PREMIUM Brought forward 3,290,152 3,290,152 Increase during the period - - Carried forward 3,290,152 3,290,152 RETAINED EARNINGS Appropriated Legal reserve Brought forward 163,947 138,910 Increase during the period - - Carried forward 163,947 138,910 UNAPPROPRIATED Brought forward 1,825,576 1,553,868 Increase during the period 134,567 137,983 Carried forward 1,960,143 1,691,851 Shareholders' equity 7,814,242 7,520,913 Unaudited Reviewed The consolidation 1999 1998 (Baht' 000) (Baht' 000) SHARE CAPITAL Common share Brought forward 2,400,000 2,400,000 Increase during the period - - Carried forward 2,400,000 2,400,000 SHARE PREMIUM Brought forward 3,290,152 3,290,152 Increase during the period - - Carried forward 3,290,152 3,290,152 RETAINED EARNINGS Appropriated Legal reserve Brought forward 163,947 138,910 Increase during the period - - Carried forward 163,947 138,910 UNAPPROPRIATED Brought forward 1,825,576 1,553,868 Increase during the period 134,567 137,983 Carried forward 1,960,143 1,691,851 Shareholders' equity 7,814,242 7,520,913 The notes to the financial statements on pages 8 to 20 form an integral part of these financial statements . Auditor's report page 1. Unaudited Reviewed Siam Makro Public Company Limited Page 5 Statements of cash flows and consolidated statements of cash flows for the three-month periods ended 31 March 1999 and 1998 The company only 1999 1998 (Baht'000) (Baht'000) Cash flows from operating activities : Net income 134,567 137,983 Adjustments to reconcile net income to net cash : Depreciation and amortisation 164,446 168,370 Allowance for doubtful accounts - - Provision for retirement benefits 9,036 10,144 Provision for warranty claim - - Gain on disposal of equipment (1,727) (13,004) Share of profit from subsidiary companies (25,904) (2,099) Provision for obsolete and shrinkage inventories 3,786 19,730 Provision for the disposal of obsolete and lost equipment 4,602 - Amortisation of deferred hedging cost 2,939 8,248 Changes in current assets and liabilities : Accounts receivable - trade (2,330) (2,577) Amounts due from subsidiary and affiliated companies 3,546 16,663 Inventories 64,632 191,158 VAT receivable - - Purchase discount receivable 25,126 31,355 Prepayment (4,647) (18,047) Other current assets (27,994) 17,040 Accounts payable - trade (428,834) (430,699) Amounts due to subsidiary and affiliated companies (10,978) (37,780) Accounts payable - other (152,294) (186,798) Accrued income tax (63,817) 54,861 Accrued expenses (21,521) 6,724 VAT Payable (9,456) 21,567 Other current liabilities 5,794 (22,321) Net cash flows provided by operating activities (331,028) (29,482) The consolidation 1999 1998 (Baht'000) (Baht'000) Cash flows from operating activities : Net income 134,567 137,983 Adjustments to reconcile net income to net cash : Depreciation and amortisation 186,524 189,335 Allowance for doubtful accounts 50 - Provision for retirement benefits 10,891 11,795 Provision for warranty claim (25) 784 Gain on disposal of equipment (1,727) (13,004) Share of profit from subsidiary companies - - Provision for obsolete and shrinkage inventories 7,338 24,145 Provision for the disposal of obsolete and lost equipment 4,602 - Amortisation of deferred hedging cost 2,939 8,248 Changes in current assets and liabilities : Accounts receivable - trade (7) (3,429) Amounts due from subsidiary and affiliated companies 281 659 Inventories 80,105 217,534 VAT receivable 5,786 (22,406) Purchase discount receivable 32,661 26,529 Prepayment (5,930) (21,852) Other current assets (35,055) 27,063 Accounts payable - trade (460,738) (413,768) Amounts due to subsidiary and affiliated companies (31,135) (36,651) Accounts payable - other (157,222) (229,248) Accrued income tax (71,570) 65,018 Accrued expenses (17,392) 12,995 VAT Payable (9,456) 48,626 Other current liabilities (32,256) (17,686) Net cash flows provided by operating activities (356,769) 12,670 The notes to the financial statements on pages 8 to 20 form an integral part of these financial statements . Auditor's report page 1. Unaudited Reviewed Siam Makro Public Company Limited Page 6 Statements of cash flows and consolidated statements of cash flows for the three-month periods ended 31 March 1999 and 1998 The company only 1999 1998 (Baht'000) (Baht'000) Cash flows from investing activities : Acquisitions of property, plant and equipment (153,536) (109,098) Proceeds from disposal equipment (30,685) 34,858 Loans to subsidiary companies 22,500 12,000 Deferred development rights - - Pre-opening and start-up expenses (11,656) (7,049) Deposits (26,618) (1,888) Net cash used in investing activities (199,995) (71,177) Cash flows from financing activities : Forward exchange contract payable (72,886) - Long-term loan from bank (553,350) - Deferred hedging cost (2,939) (8,248) Net cash used in financing activities (629,175) (8,248) (More)