AUDITED YEAR ENDED F/S AND CONSOLIDATED F/S
23 กุมภาพันธ์ 2541
Report of the auditors to the shareholders of
Siam Makro Public Company Limited
We have examined the balance sheet of Siam Makro Public Company Limited as at
December 31, 1997, and the consolidated balance sheet of Siam Makro Public
Company Limited and its subsidiaries as at December 31, 1997, and the related
statements of income and retained earnings and statement of cash flow for the year then
ended, and the related consolidated statements of income and retained earnings and
statement of cash flow for the year then ended. Our examination was made in
accordance with generally accepted auditing standards and , accordingly, included such
tests of the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
The financial statements of Siam Makro Public Company Limited and the consolidated
financial statements of Siam Makro Public Company Limited and its subsidiaries for the
year ended December 31, 1996, which are presented for comparison, were examined by
another auditor of Coopers & Lybrand, whose report thereon, dated February 27, 1997,
expressed an unqualified opinion on those statements.
In our opinion, the aforementioned financial statements present fairly the financial
position of Siam Makro Public Company Limited at December 31, 1997 and the results
of its operations and its cash flow for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of the preceding
year.
PRASAN CHUAPHANICH
Certified Public Accountant
(Thailand) No. 3051
COOPERS & LYBRAND
January 30, 1998
Siam Makro Public Company Limited
Balance sheets and consolidated balance sheets as at December 31, 1997 and 1996
The company only The consolidation
Notes 1997 1996 1997 1996
(Baht) (Baht) (Baht) (Baht)
ASSETS
Current assets
Cash in hand and at banks 3 2,245,176,415 998,436,554 2,305,684,001 1,014,524,709
Short-term investments 4 124,339,818 2,090,511,605 124,339,818 2,098,511,605
Amount due from and loan
to subsidiary and affiliated
companies 5 986,158,816 53,547,546 5,533,077 30,500,687
Inventories, net 6 2,398,930,299 2,873,794,144 2,632,747,668 2,873,794,144
Other current assets
VAT receivable - 62,050,692 23,593,055 62,050,692
Advance payment on land - - - 65,753,300
Purchase discount receivable 47,355,000 20,800 49,139,850 20,800
Other 71,031,238 103,927,703 93,798,958 104,210,016
Total current assets 5,872,991,586 6,182,289,044 5,234,836,427 6,249,365,953
Loans to a subsidiary
company 5 1,178,400,000 1,178,400,000 - -
Investments in subsidiary and
associated companies 7 1,061,704,506 997,640,742 - 17,867,000
Property, plant and
equipment, net 8 5,314,571,223 5,136,439,582 8,654,374,351 7,535,169,954
Deferred development
rights, net 9 - - 46,272,471 -
Pre-opening and start-up
expenses, net 10 174,650,293 239,930,191 189,729,268 240,287,842
Deposits 5 309,382,346 245,294,231 52,694,196 25,694,231
TOTAL ASSETS 13,911,699,954 13,979,993,790 14,177,906,713 14,068,384,980
The notes on pages 7 to 20 form an integral part of the financial statements
consolidated financial statements.
Auditors' report page 1.
Page 2
The company only The consolidation
Notes 1997 1996 1997 1996
(Baht) (Baht) (Baht) (Baht)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Loans from bank 11 506,700,000 384,900,000 506,700,000 384,900,000
Accounts payable-trade 5,230,077,486 5,550,960,471 5,417,367,638 5,550,960,471
Current portion of long-term loans - 49,997,000 - 126,827,880
Amount due to subsidiary
and affiliated companies 5 72,005,904 73,606,533 67,137,211 73,606,533
Other current liabilities
Accounts payable - other 261,943,178 316,986,730 326,910,199 316,986,730
Accrued income tax 82,243,769 127,777,720 100,477,411 136,158,778
Accrued expenses 151,467,485 118,439,645 171,354,266 121,078,459
Other 109,890,280 71,728,879 85,877,417 72,269,317
Total current liabilities 6,414,328,102 6,694,396,978 6,675,824,142 6,782,788,168
Other liabilities
Provision for retirement benefits 114,442,288 96,470,392 118,640,225 96,470,392
Other - - 512,782 -
TOTAL LIABILITIES 6,528,770,390 6,790,867,370 6,794,977,149 6,879,258,560
Shareholders' equity
Share capital 12 2,400,000,000 2,400,000,000 2,400,000,000 2,400,000,000
Share premium 3,290,152,068 3,290,010,738 3,290,152,068 3,290,010,738
Legal reserve 138,909,918 113,626,832 138,909,918 113,626,832
Retained earnings 1,553,867,578 1,385,488,850 1,553,867,578 1,385,488,850
SHAREHOLDERS' EQUITY 7,382,929,564 7,189,126,420 7,382,929,564 7,189,126,420
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 13,911,699,954 13,979,993,790 14,177,906,713 14,068,384,980
Director . Director .
Date January 30, 1998
Siam Makro Public Company Limited Page 3
Statements of income
for the years ended December 31, 1997 and 1996
The company only The consolidation
Notes 1997 1996 1997 1996
(Baht) (Baht) (Baht) (Baht)
REVENUES
Sales 31,109,169,868 31,655,137,287 32,094,207,581 31,655,137,287
Other income
Interest income 258,771,961 187,637,318 178,884,962 114,903,401
Service income 393,984,961 335,681,425 402,572,985 333,881,425
Other 112,662,819 56,395,248 62,196,969 59,124,846
TOTAL REVENUES 31,874,589,609 32,234,851,278 32,737,862,497 32,163,046,959
EXPENSES
Cost of sales 28,602,917,374 29,064,985,856 29,376,077,332 29,064,985,856
Selling and administrative
expenses 2,528,046,309 2,193,075,648 2,502,983,377 1,961,554,804
Interest expenses 30,536,875 36,334,579 30,703,406 43,491,679
Directors' remuneration 1,440,000 1,440,000 1,440,000 1,440,000
TOTAL EXPENSES 31,162,940,558 31,295,836,083 31,911,204,115 31,071,472,339
Net income before tax 711,649,051 939,015,195 826,658,382 1,091,574,620
Income tax (255,051,000) (263,401,203) (303,129,568) (308,605,425)
Net income before share of profit
(loss) from subsidiary and
associated companies 456,598,051 675,613,992 523,528,814 782,969,195
Share of profit (loss) from subsidiary
and associated companies 49,063,763 87,855,203 (17,867,000) (19,500,000)
NET INCOME FOR THE YEAR 505,661,814 763,469,195 505,661,814 763,469,195
STATEMENTS OF RETAINED EARNINGS
Retained earnings brought forward 1,385,488,850 913,393,560 1,385,488,850 913,393,560
Net income for the year 505,661,814 763,469,195 505,661,814 763,469,195
Transfer to legal reserve 13 (25,283,086) (38,173,460) (25,283,086) (38,173,460)
Dividends 14 (312,000,000) (253,200,445) (312,000,000) (253,200,445)
Retained earnings carried forward 1,553,867,578 1,385,488,850 1,553,867,578 1,385,488,850
EARNINGS PER SHARE 15
Net income 2.11 3.42 2.11 3.42
The notes on pages 7 to 20 form an integral part of the financial statements
and consolidated financial statements.
Auditors' report page 1.
Siam Makro Public Company Limited Page 4
Statements of cash flows and consolidated statements of cash flows
for the years ended December 31, 1997 and 1996
The company only The consolidation
1997 1996 1997 1996
(Baht) (Baht) (Baht) (Baht)
Cash flows from operating activities :
Net income 505,661,814 763,469,195 505,661,814 763,469,195
Adjustments to reconcile net income to net cash :
Depreciation and amortisation 570,265,655 491,607,023 616,642,835 491,607,023
Allowance for doubtful accounts 49,031,443 - 52,031,443 -
Provision for retirement benefits 17,971,896 27,800,932 22,169,833 27,800,932
Provision for warranty claim - - 512,782 -
Loss (gain) on disposal of equipment(5,607,269) 1,023,932 (5,761,219) 1,023,932
Share of loss (profit) from subsidiary
and associated companies (49,063,763) (87,855,203) 17,867,000 19,500,000
Provision for loss on disposal
of equipment 20,599,000 14,320,000 20,599,000 14,320,000
Unrealised loss on exchange rate - 4,200,000 - 4,200,000
Amortisation of deferred hedging
cost 15,920,666 - 15,920,666 -
Changes in current assets and liabilities :
Inventories 474,863,844 (889,676,789) 241,046,476 (889,676,789)
Amounts due from subsidiary and
affiliated companies (495,811,270) (20,748,184) (3,032,390) 2,298,241
VAT receivable 62,050,692 (38,619,769) 38,457,637 (38,619,769)
Purchase discount receivable (47,334,200) (20,800) (49,119,050) (20,800)
Other current assets 11,865,023 (23,233,866) (13,620,385) (22,801,993)
Accounts payable-trade (320,882,985) 1,442,543,004 (133,592,833) 1,442,543,004
Amounts due to subsidiary and
affiliated companies (1,600,629) (98,895,647) (6,469,322) 6,052,275
Accounts payable - other (55,043,552) 58,232,622 9,923,469 58,232,622
Accrued income tax (45,533,951) (25,633,437) (35,681,367) (28,626,976)
Accrued expenses 28,027,840 (47,091,525) 45,275,807 (46,813,152)
Other current liabilities 22,562,402 (44,129,228) (1,990,900) (53,877,850)
Net cash flows provided by
operating activities 757,942,656 1,527,292,260 1,336,841,296 1,750,609,895
The notes on pages 7 to 20 form an integral part of the financial statements
and consolidated financial statements.
Auditors' report page 1.
Siam Makro Public Company Limited Page 5
Statements of cash flows and consolidated statements of cash flows
for the years ended December 31, 1997 and 1996 continued
The company only The consolidation
1997 1996 1997 1996
(Baht) (Baht) (Baht) (Baht)
Cash flows from investing activities :
Acquisitions of property, plant
and equipment (704,310,644) (1,971,053,037) (1,622,700,112) (1,971,219,550)
Proceeds from disposal equipment 19,333,189 2,245,693 26,506,026 2,245,693
Investment in subsidiary and
associated companies (15,000,001) (5,000,000) - -
Loans to subsidiary and
associated companies (464,800,000) (22,500,000) - (22,500,000)
Repayment of loan by subsidiary
company - 36,000,000 - -
Deferred development rights - - (55,891,462) -
Pre-openingandstart-upexpenses 7,467,325 (147,368,547) (7,961,062) (147,645,472)
Advance payment on land - - - (65,753,300)
Increase in other assets (64,088,115) (15,547,139) (26,999,965) 8,453,295
Net cash used in investing activities (1,221,398,246) (2,123,223,030) (1,687,046,575) (2,196,419,334)
Cash flows from financing activities :
Increase in share capital 141,330 2,022,215,993 141,330 2,022,221,400
Payment of underwriting expenses - (57,236,564) - (57,241,971)
Repayment of long-term loans (49,997,000) (66,668,000) (126,827,880) (216,997,120)
Dividends paid (312,000,000) (253,200,445) (312,000,000) (253,200,445)
Loans from bank 105,879,334 384,900,000 105,879,334 384,900,000
Net cash provided (used) by
financing activities (255,976,336) 2,030,010,984 (332,807,216) 1,879,681,864
The notes on pages 7 to 20 form an integral part of the financial statements
and consolidated financial statements.
Auditors' report page 1.
Siam Makro Public Company Limited Page 6
Statements of cash flows and consolidated statements of cash flows
for the years ended December 31, 1997 and 1996 continued
The company only The consolidation
1997 1996 1997 1996
(Baht) (Baht) (Baht) (Baht)
Net increase (decrease) in cash
and cash equivalents (719,431,926) 1,434,080,214 (683,012,495) 1,433,872,425
Cash and cash equivalents,
beginning of year 3,088,948,159 1,654,867,945 3,113,036,314 1,679,163,889
Cash and cash equivalents,
end of year 2,369,516,233 3,088,948,159 2,430,023,819 3,113,036,314
Cash and cash equivalents :
Cash in hand and at banks 2,245,176,415 998,436,554 2,305,684,001 1,014,524,709
Short-term investments 124,339,818 2,090,511,605 124,339,818 2,098,511,605
2,369,516,233 3,088,948,159 2,430,023,819 3,113,036,314
Supplemental disclosure of cash flows
information cash paid during the year
Interest expenses 20,406,316 43,251,006 22,516,026 58,825,347
Income tax 300,584,750 289,034,640 340,794,542 337,232,401
The notes on pages 7 to 20 form an integral part of the financial statements
and consolidated financial statements.
Auditors' report page 1.
(more)