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Financial Statements - SEC_ Thailand

VIEWS: 4 PAGES: 6

									Internet Thailand Public Company Limited and its subsidiary

Balance sheets

As at 31 March 2009 and 31 December 2008



                                                                                                                  (Unit: Thousand Baht)

                                                              Consolidated financial statements      Separate financial statements

                                                     Note     31 March 2009 31 December 2008 31 March 2009 31 December 2008

                                                              (Unaudited but       (Audited)       (Unaudited but         (Audited)

                                                                 reviewed)                           reviewed)

Assets

Current assets

Cash and cash equivalents                              5              72,071            48,706            71,840               48,355

Short-term investments                                 6             177,810           204,078           177,810             204,078

Trade accounts receivable

 Related parties                                    7, 20.2           34,577             6,034            34,593                6,038

 Unrelated parties                                     7              94,594           104,534            94,347             104,534

Unbilled service income receivable                  8, 20.2          249,881           270,269           249,881             270,269

Other receivable and loan to unrelated parties         9                       -               -                  -                   -

Current portion of finance lease receivables          10                   4,255         6,011              4,255               6,011

Inventories - net                                                          4,683         6,259              4,683               6,259

Other current assets                                                  34,868            43,157            34,609               42,978

Total current assets                                                 672,739           689,048           672,018             688,522

Non-current assets

Investment in a subsidiary                            11                       -               -            5,000               5,000

Investment in an associate                            12              23,427            20,522            20,000                4,000

Leasehold improvements and equipment - net            13              41,066            42,451            39,111               40,363

Intangible assets - net                               14              17,511            43,118            17,502               43,109

Deferred income tax assets                            15              34,384            27,714            34,384               27,714

Other non-current assets                                              20,439            18,026            20,439               18,026

Total non-current assets                                             136,827           151,831           136,436             138,212

Total assets                                                         809,566           840,879           808,454             826,734



The accompanying notes are an integral part of the financial statements.




                    Mr. Asa Sattayut                                                      Prof. Dr. Pairash Thajchayapong

                       (Director)                                                                    (Director)
Internet Thailand Public Company Limited and its subsidiary

Balance sheets (continued)

As at 31 March 2009 and 31 December 2008

                                                                                                                   (Unit: Thousand Baht)

                                                               Consolidated financial statements      Separate financial statements

                                                       Note    31 March 2009 31 December 2008 31 March 2009 31 December 2008

                                                               (Unaudited but       (Audited)       (Unaudited but         (Audited)

                                                                 reviewed)                            reviewed)

Liabilities and shareholders’ equity

Current liabilities

Trade accounts payable

  Related parties                                      20.2           10,008              9,681            10,407                9,869

  Unrelated parties                                                  105,435            114,866           105,123             114,834

Unbilled service costs                                                60,352             65,163            60,352               65,163

Accounts payable - others                                             11,027             11,242            11,020               11,236

Unearned service income                                               11,496             11,564            11,486               11,564

Accrued expenses                                                           3,354          4,537              3,334               4,484

Other current liabilities                                             14,392             12,296            14,344               12,278

Total current liabilities                                            216,064            229,349           216,066             229,428

Non-current liabilities

Other non-current liabilities                                               287             287                287                 287

Total non-current liabilities                                               287             287                287                 287

Total liabilities                                                    216,351            229,636           216,353             229,715

Shareholders’ equity

Share capital

  Registered

    333,333,333 ordinary shares of Baht 1 each                       333,333            333,333           333,333             333,333

  Issued and fully paid-up

    250,020,799 ordinary shares of Baht 1 each                       250,021            250,021           250,021             250,021

Share premium                                                        272,134            272,134           272,134             272,134

Retained earnings

  Appropriated - statutory reserve                                    23,837             23,837            23,837               23,837

  Unappropriated                                                      47,223             65,251            46,109               51,027

Equity attributable to the Company's shareholders                    593,215            611,243           592,101             597,019

Equity attributable to minority shareholders of a subsidiary                   -                -                  -                   -

Total shareholders’ equity                                           593,215            611,243           592,101             597,019

Total liabilities and shareholders’ equity                           809,566            840,879           808,454             826,734
                                                                           -                  -                 -                   -

The accompanying notes are an integral part of the financial statements.




                    Mr. Asa Sattayut                                                       Prof. Dr. Pairash Thajchayapong

                       (Director)                                                                     (Director)
                                                                                                     (Unaudited but reviewed)
Internet Thailand Public Company Limited and its subsidiary
Statements of income
For the three-month periods ended 31 March 2009 and 2008
                                                                                                        (Unit: Thousand Baht)
                                                         Consolidated financial statements    Separate financial statements
                                                Note          2009             2008              2009              2008


Service income                                  20.1           146,065           140,494          145,835            140,505
Sales                                                             4,027            1,285             4,027             1,285
Costs of services                               20.1           (112,213)        (101,065)         (112,473)        (101,564)
Costs of sales                                                   (2,824)          (1,124)           (2,852)           (1,124)
Gross profit                                                     35,055           39,590            34,537            39,102
Dividend income                                 12.2                   -                 -          16,123                   -
Share of profit from an associate               12.2              3,027            2,622                    -                -
Other income                                                      2,091            2,166             2,091             2,169
Profit before operating expenses                                 40,173           44,378            52,751            41,271
Selling expenses                                                (40,452)         (15,578)          (39,920)          (14,914)
Administrative expenses                                         (23,391)         (21,706)          (23,391)          (21,706)
Director remuneration                           20.1             (1,028)          (1,158)           (1,028)           (1,158)
Earnings (loss) before finance cost and income tax              (24,698)           5,936           (11,588)            3,493
Finance cost                                                           -                (1)                 -               (1)
Earnings (loss) before income tax                               (24,698)           5,935           (11,588)            3,492
Income tax                                          16            6,670               (542)          6,670                (542)
Net income (loss)                                               (18,028)           5,393            (4,918)            2,950


Net income (loss) attributable to:
Equity holders of the Company                                   (18,028)           5,393            (4,918)            2,950
Minority shareholders of a subsidiary                                  -                 -                  -                -
                                                                (18,028)           5,393            (4,918)            2,950
                                                                                                                  (Unit: Baht)
Earnings per share                                  17
Basic earnings per share
 Net income (loss) attributable to equity holders
   of the Company                                                 (0.07)              0.02            (0.02)              0.01


The accompanying notes are an integral part of the financial statements.




                 Mr. Asa Sattayut                                                  Prof. Dr. Pairash Thajchayapong
                    (Director)                                                                 (Director)
                                                                                                         (Unaudited but reviewed)
Internet Thailand Public Company Limited and its subsidiary
Statements of changes in shareholders’ equity
For the three-month periods ended 31 March 2009 and 2008
                                                                                                           (Unit: Thousand Baht)
                                                                      Consolidated financial statements
                                                      Equity attributable to the Company's shareholders
                                                 Issued and                          Retained earnings
                                                   paid-up          Share         Statutory
                                                share capital     premium          reserve        Unappropriated      Total


Balance as at 31 December 2007                       250,021         272,134         23,837             99,649        645,641
Net income                                                   -              -                 -           5,393          5,393
Balance as at 31 March 2008                          250,021         272,134         23,837            105,042        651,034


Balance as at 31 December 2008                       250,021         272,134         23,837             65,251        611,243
Net loss                                                     -              -                 -        (18,028)        (18,028)
Balance as at 31 March 2009                          250,021         272,134         23,837             47,223        593,215


                                                                                                           (Unit: Thousand Baht)
                                                                       Separate financial statements
                                                 Issued and                                         Retained
                                                   paid-up          Share         Statutory         earnings -
                                                share capital     premium          reserve        unappropriated      Total


Balance as at 31 December 2007                       250,021         272,134         23,837             91,691        637,683
Net income                                                   -              -                 -           2,950          2,950
Balance as at 31 March 2008                          250,021         272,134         23,837             94,641        640,633


Balance as at 31 Decenber 2008                       250,021         272,134         23,837             51,027        640,633
Net loss                                                     -              -                 -         (4,918)         (4,918)
Balance as at 31 March 2009                          250,021         272,134         23,837             46,109        635,715




The accompanying notes are an integral part of the financial statements.




              Mr. Asa Sattayut                                                        Prof. Dr. Pairash Thajchayapong

                 (Director)                                                                         (Director)
                                                                                                                    (Unaudited but reviewed)
Internet Thailand Public Company Limited and its subsidiary
Statements of cash flows
For the three-month periods ended 31 March 2009 and 2008
                                                                                                                       (Unit: Thousand Baht)
                                                                           Consolidated financial statements   Separate financial statements
                                                                 Note           2009             2008             2009             2008
Cash flows from operating activities
Earnings (loss) before income tax                                                (24,698)            5,935         (11,588)             3,492
Adjustments to reconcile earnings (loss) before income
 tax to net cash provided by (paid from) operating activities
     Share of profit from an associate                           12.2              (3,027)          (2,622)                  -               -
     Dividend income from an associate                           12.2                    -                -        (16,123)                  -
     Depreciation and amortisation                              13, 14             7,441             9,922            7,308             9,782
     Amortisation of prepaid insurance expense                                         565              515              565              515
     Provision for doubtful accounts                                              24,997                 37         24,997                 37
     Provision for diminution in value of inventories                                  765                -              765                 -
     Gains on disposals of equipment                                                     -            (243)                  -           (237)
     Amortisation of deferred interest income to be revenue                            (34)           (196)              (34)            (196)
     Amortisation of deferred interest expense to be expenses                            -                1                  -               1
     Amortisation of unearned related service income to be revenue                       -              (65)                 -             (65)
     Interest income                                                               (1,653)          (1,487)          (1,653)            (1,483)
Income from operating activities before changes
 in operating assets and liabilities                                               4,356           11,797             4,237            11,846
(Increase) decrease in operating assets
 Short-term investments                                                           26,268            (8,934)         26,268              (8,934)
 Trade accounts receivable                                                       (18,600)             (113)        (18,365)              (127)
 Unbilled service income receivable                                               20,388             6,564          20,388              6,564
 Finance lease receivables                                                         1,790             3,106            1,790             3,106
 Inventories                                                                           811              839              811              839
 Other current assets                                                                (944)          (6,979)            (882)            (7,087)
 Other non-current assets                                                          (2,413)           5,727           (2,413)            5,730
Increase (decrease) in operating liabilities
 Trade accounts payable                                                            (9,104)         (11,555)          (9,173)           (11,514)
 Unbilled service costs                                                            (4,811)            (743)          (4,811)             (743)
 Accounts payable - others                                                           (215)          (3,320)            (216)            (3,371)
 Unearned service income                                                               (68)          6,278               (78)           5,282
 Accrued expenses                                                                  (1,183)               90          (1,150)              120
 Other current liabilities                                                         2,096            (1,040)           2,066             (1,040)
Cash provided by operating activities                                             18,371             1,717          18,472                671
Cash received on interest income                                                   2,292             1,510            2,292             1,505
Cash refund from (paid for) income tax                                             8,028            (3,045)           8,047             (2,969)
Net cash provided by (used in) operating activities                               28,691                182         28,811               (793)


The accompanying notes are an integral part of the financial statements.




               Mr. Asa Sattayut                                                                      Prof. Dr. Pairash Thajchayapong
                   (Director)                                                                                   (Director)
                                                                                                                    (Unaudited but reviewed)
Internet Thailand Public Company Limited and its subsidiary
Statements of cash flows (continued)
For the three-month periods ended 31 March 2009 and 2008
                                                                                                                       (Unit: Thousand Baht)
                                                                           Consolidated financial statements   Separate financial statements
                                                                    Note        2009             2008             2009             2008
Cash flows from investing activities
Increase in cash at banks and short-term investments
 subject to guarantee obligations                                   5, 6               (33)               -              (33)               -
Cash paid for investment in an associate                            12.1         (16,000)                 -        (16,000)                 -
Dividend received from an associate                                 12.2          16,123                  -         16,123                  -
Cash paid for purchases of equipment                                13             (5,274)          (1,436)          (5,274)           (1,403)
Cash paid for intangible assets                                     14               (176)                -            (176)                -
Proceeds from disposals of equipment                                                     1               33                  1              -
Net cash used in investing activities                                              (5,359)          (1,403)          (5,359)           (1,403)
Cash flows from financing activities
Repayments made on liabilities under finance lease agreements                            -              (44)                 -            (44)
Cash received on repayment of loan to a related party                                    -                -                  -         1,766
Net cash provided by (used in) financing activities                                      -              (44)                 -         1,722
Net increase (decrease) in cash and cash equivalents                              23,332            (1,265)         23,452              (474)
Cash and cash equivalents at beginning of the periods                             45,177          211,995           44,826          210,506
Cash and cash equivalents at end of the periods                      5            68,509          210,730           68,278          210,032


Significant non-cash transactions
Decrease in liabilities under finance lease agreements
 as a result of returns of leased vehicles                                               -              965                  -            965
Decrease in intangible assets by transferring to other receivable                 25,000                  -         25,000                  -




The accompanying notes are an integral part of the financial statements.




               Mr. Asa Sattayut                                                                      Prof. Dr. Pairash Thajchayapong
                  (Director)                                                                                    (Director)

								
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