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									              BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                                BALANCE SHEETS
                                                                                                                             (Unit : Baht)
                                                                                CONSOLIDATED                  THE COMPANY ONLY
                                                             Note      30 June 2003 31 December 2002      30 June 2003 31 December 2002
     ASSETS
Cash and deposits at financial institutions                     5          225,538,925      82,600,428      48,751,958        68,757,353
Loans to financial institution, net                             6           49,788,493      49,788,493      49,788,493        49,788,493
Securities purchased under resale agreements                    7          858,000,000   1,175,000,000     858,000,000     1,175,000,000
Investments                                                     8
   Current investments - net                                             350,220,321       486,724,386      318,333,040      461,780,028
   Long-term investments - net                                         3,693,698,773     3,070,388,475    3,602,852,599    2,999,676,701
   Investment in subsidiary - net                                           -                 -             437,782,625      411,765,335
     Net investments                                                   4,043,919,094     3,557,112,861    4,358,968,264    3,873,222,064
Trading transactions with securities companies                            45,374,630         5,231,259          -               -
Loans, receivables and accrued interest receivables             9
   Finance business loans and receivables                              2,192,136,404     2,284,068,932    2,192,136,404    2,284,068,932
   Securities business receivables                                       130,617,403        90,561,501       11,430,460       11,470,786
     Total loans and receivables                                       2,322,753,807     2,374,630,433    2,203,566,864    2,295,539,718
   Accrued interest receivables                                           23,791,430        28,585,271       23,791,430       28,585,271
     Total loans, receivables and accrued interest receivables         2,346,545,237     2,403,215,704    2,227,358,294    2,324,124,989
   Less : Allowance for doubtful accounts                      10       (213,061,084)     (174,500,000)    (213,061,084)    (174,500,000)
          Allowance for revaluation of debt restructuring 10              (3,811,670)      (11,425,583)      (3,811,670)     (11,425,583)
     Net loans, receivables and accrued interest receivables           2,129,672,483     2,217,290,121    2,010,485,540    2,138,199,406
Properties foreclosed - net                                    11         86,826,611        92,583,500       86,826,611       92,583,500
Property, plant and equipment - net                            12         34,867,073        37,375,679       13,938,363       16,492,031
Intangible assets - net                                        13          5,525,347         1,680,726          250,791          245,928
Prepaid corporate income tax                                              12,205,980        10,165,686        8,600,593        7,577,650
Other assets
   Accrued interest receivables - net                                     37,933,161        36,345,181       37,933,161       36,345,181
   Others                                                                 32,501,586        34,914,216        9,134,353       12,306,267
     Total other assets                                                   70,434,747        71,259,397       47,067,514       48,651,448
TOTAL ASSETS                                                           7,562,153,383     7,300,088,150    7,482,678,127    7,470,517,873

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




                                                            DIRECTORS
                BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                              BALANCE SHEETS (Continued)
                                                                                                                           (Unit : Baht)
                                                                                CONSOLIDATED                 THE COMPANY ONLY
                                                            Note       30 June 2003 31 December 2002     30 June 2003 31 December 2002
   LIABILITIES AND SHAREHOLDERS' EQUITY
Borrowings and deposits                                      15
  From public                                                          5,499,294,763     5,520,444,949   5,499,294,763   5,520,444,949
  From financial institutions                                            380,000,000       354,000,000     562,375,753     597,954,463
   From foreign countries                                                 55,661,052        37,385,531      55,661,052      37,385,531
     Total borrowings and deposits                                     5,934,955,815     5,911,830,480   6,117,331,568   6,155,784,943
Trading transactions with securities companies                           143,921,722        14,278,977         -              -
Securities business payables                                                97,749,873     41,472,702         492,649         492,649
Accrued interest payables                                                 30,254,888        29,843,352      30,261,244      29,873,486
Other liabilities                                                         49,034,466        44,434,532      28,356,047      26,138,688
Total liabilities                                                      6,255,916,764     6,041,860,043   6,176,441,508   6,212,289,766
Shareholders' equity
  Share capital                                            16, 18
    Authorised share capital
      150,000,000 ordinary shares of Baht 10 each                      1,500,000,000     1,500,000,000   1,500,000,000   1,500,000,000
     Issued and paid-up share capital
       100,000,000 ordinary shares of Baht 10 each                     1,000,000,000     1,000,000,000   1,000,000,000   1,000,000,000
   Revaluation surplus on investments                        19            164,611,730    150,545,482     164,611,730      150,545,482
  Retained earnings
     Appropriated - statutory reserve      20                             10,000,000        10,000,000      10,000,000      10,000,000
     Unappropriated                                                      131,624,889        97,682,625     131,624,889      97,682,625
Total shareholders' equity                                             1,306,236,619     1,258,228,107   1,306,236,619   1,258,228,107
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                             7,562,153,383     7,300,088,150   7,482,678,127   7,470,517,873
                                                                                    0               0               0                0
OFF-BALANCE SHEET ITEMS - CONTINGENCIES                      25
Aval to bills                                                               12,853,529     38,560,587      12,853,529       38,560,587
Guarantees                                                                  12,980,544     12,980,544      12,980,544       12,980,544

The accompanying notes are an integral part of the financial statements.
                                                                                               (UNAUDITED BUT REVIEWED)
              BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                                         STATEMENTS OF EARNINGS
                                      FOR THE THREE-MONTH PERIODS ENDED 30 JUNE 2003 AND 2002
                                                                                                               (Unit : Baht)
                                                                         CONSOLIDATED             THE COMPANY ONLY
                                                          Note      2003             2002         2003           2002
                                                                                  (Restated)                  (Restated)
Interest and dividend income
   Loans and deposits                                              39,459,477       38,217,626   38,825,459     37,974,441
   Investments                                                     51,953,150       56,327,337   49,255,258     51,491,074
     Total interest and dividend income                            91,412,627       94,544,963   88,080,717     89,465,515
Interest expenses
   Interest and discounts                                          37,276,172       44,042,449   37,477,935     44,293,346
   Fees and charges                                                     99,449         128,796      -              -
     Total interest expenses                                       37,375,621       44,171,245   37,477,935     44,293,346
       Net interest and dividend income                            54,037,006       50,373,718   50,602,782     45,172,169
Bad debt and doubtful accounts                                    (38,708,494)         -        (38,708,494)       -
Reversal of allowance for doubtful accounts                        65,724,916          -         65,724,916        -
Bad debt recovery                                                   4,642,914       15,705,268    4,642,914     15,705,268
     Net interest and dividend income after bad debt and
       doubtful accounts                                           85,696,342       66,078,986   82,262,118     60,877,437
Non-interest income
   Brokerage fees                                                  25,638,403       27,360,985      -              -
   Gains (losses) on investments                          21      (20,243,278)      11,164,557  (22,377,032)     4,673,174
   Share of profit from investments in equity method                  -                -          7,341,458     13,726,065
   Fees and services income                                         8,104,370       12,512,088      535,555      5,678,301
   Other income                                                     1,071,254          467,697      432,389        200,473
     Total non-interest income (loss)                              14,570,749       51,505,327  (14,067,630)    24,278,013
       Total net income                                           100,267,091      117,584,313   68,194,488     85,155,450
Non-interest expenses
   Personal expenses                                               31,842,737       30,041,697   13,864,816     11,985,517
   Premises and equipment expenses                                 13,923,438       12,708,181    3,058,523      3,009,402
   Taxes and duties                                                 4,319,497        3,409,240    4,281,803      3,373,988
   Directors' remuneration                                22          587,500          587,500      587,500        587,500
   Loss on impairment of assets                                     4,099,712        5,353,411    4,099,712      5,353,411
   Other expenses                                                  12,190,535       12,742,566    8,998,462      8,103,914
     Total non-interest expenses                                   66,963,419       64,842,595   34,890,816     32,413,732
Net earnings for the period                               23       33,303,672       52,741,718   33,303,672     52,741,718
Basic earnings per share
   Net earnings                                                           0.33            0.53         0.33            0.53

The accompanying notes are an integral part of the financial statements.
             BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                             STATEMENTS OF EARNINGS
                               FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2003 AND 2002
                                                                                                                        (Unit : Baht)
                                                                                 CONSOLIDATED              THE COMPANY ONLY
                                                            Note            2003            2002           2003          2002
                                                                                          (Restated)                   (Restated)
Interest and dividend income
   Loans and deposits                                                       95,552,077       80,454,772    94,592,271      79,575,904
   Investments                                                             102,987,928      106,798,035    97,830,036     101,659,625
     Total interest and dividend income                                    198,540,005      187,252,807   192,422,307     181,235,529
Interest expenses
   Interest and discounts                                                   77,328,190       89,575,800    77,742,175      90,044,877
   Fees and charges                                                            169,374          226,405       -              -
     Total interest expenses                                                77,497,564       89,802,205    77,742,175      90,044,877
       Net interest and dividend income                                    121,042,441       97,450,602   114,680,132      91,190,652
Bad debt and doubtful accounts                                             (69,120,618)        -          (69,120,618)       -
Reversal of allowance for doubtful accounts                                 80,431,916         -           80,431,916        -
Bad debt recovery                                                            6,562,922       15,768,166     6,562,922      15,768,166
     Net interest and dividend income after bad debt and
       doubtful accounts                                                   138,916,661      113,218,768   132,554,352     106,958,818
Non-interest income
   Brokerage fees                                                           43,575,503       54,349,148       -              -
   Gains (losses) on investments                             21             (7,725,159)      36,284,105    (9,628,515)     15,251,865
   Share of profit from investments in equity method                           -               -            5,808,891      39,160,231
   Fees and services income                                                 17,044,015       21,593,621     1,396,990       8,201,549
   Other income                                                              1,647,113        1,889,659       509,763         733,576
     Total non-interest income (loss)                                       54,541,472      114,116,533    (1,912,871)     63,347,221
       Total net income                                                    193,458,133      227,335,301   130,641,481     170,306,039
Non-interest expenses
   Personal expenses                                                        65,128,712       56,802,447    26,778,805      23,469,325
   Premises and equipment expenses                                          23,440,415       21,569,958     5,943,227       5,884,607
   Taxes and duties                                                          7,888,298        6,803,651     7,823,503       6,722,819
   Directors' remuneration                                   22              1,175,000        1,175,000     1,175,000       1,175,000
   Loss on impairment of assets                                              8,224,831        5,353,411     8,224,831       5,353,411
   Other expenses                                                           23,690,513       23,433,394    16,785,751      15,503,437
     Total non-interest expenses                                           129,547,769      115,137,861    66,731,117      58,108,599
Net earnings for the period                                  23             63,910,364      112,197,440    63,910,364     112,197,440
Basic earnings per share
  Net earnings                                                                    0.64             1.12          0.64            1.12

The accompanying notes are an integral part of the financial statements.
             BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                            STATEMENTS OF CASH FLOWS
                               FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2003 AND 2002
                                                                                                                           (Unit : Baht)
                                                                                   CONSOLIDATED               THE COMPANY ONLY
                                                                            2003              2002            2003          2002
                                                                                            (Restated)                    (Restated)
Cash Flows from (used in) operating activities
  Net earnings                                                              63,910,364        112,197,440     63,910,364     112,197,440
  Adjustments to reconcile net earnings to
    net cash provided by (paid for) operating activities: -
      Depreciation and amortisation                                          9,467,588          7,423,029      2,805,386       2,839,149
      Bad debt and doubtful accounts                                        69,120,618            -           69,120,618         -
      Reversal of allowance for doubtful accounts                          (80,431,916)           -          (80,431,916)        -
      Bad debt recovery                                                     (3,569,014)       (12,146,999)    (3,569,014)    (12,146,999)
      Allowance for revaluation of debt restructuring                       (2,036,407)        (1,822,479)    (2,036,407)     (1,822,479)
      Share of profit from investments accounted in equity method              -                  -           (5,808,891)    (39,160,231)
      (Gain) loss on investments in securities                              50,605,701         (2,118,986)    51,209,085       1,466,523
      Amortisation of premium on debentures                                  8,873,124          7,157,931      8,867,446       7,157,931
      Allowance for possible loss arising from receivable from
        TAMC                                                                  -                 5,000,000       -              5,000,000
      (Gain) loss on disposal of equipment                                       6,986           (416,207)          (805)        (14,806)
      Impairment loss on assets                                              8,224,831          5,353,411      8,224,831       5,353,411
      Write-off of equipment                                                        18                230       -               -
      Decrease in accrued interest receivables                                 737,919          4,345,381        737,919       4,345,381
      (Increase) decrease in accrued interest payables                         411,536        (20,611,346)       387,758     (20,612,472)
  Earnings from operating activities before changes
    in operating assets and liabilities                                    125,321,348        104,361,405    113,416,374      64,602,848
  (Increase) decrease in operating assets
    Securities purchased under resale agreements                           317,000,000       (158,000,000)   317,000,000    (158,000,000)
    Current investments                                                    137,101,771         65,072,214    143,446,988       6,253,699
    Trading transactions with securities companies                         (40,143,371)       108,070,318        -               -
    Loans and receivables                                                  151,179,432        186,496,048    191,275,660     138,662,061
    Other assets                                                               372,336         (4,818,749)     2,148,971        (162,534)
  Increase (decrease) in operating liabilities
    Borrowings from public                                                 (21,150,186)       329,502,416    (21,150,186)    329,502,416
    Borrowings from financial institutions                                  26,000,000       (325,000,000)   (35,578,710)   (212,581,469)
    Borrowings from foreign countries                                       18,275,521         18,652,473     18,275,521      18,652,473
    Trading transactions with securities companies                         129,642,745       (117,737,157)       -              -
    Securities business payables                                            56,277,171         63,659,266        -              -
    Other liabilities                                                        4,599,934          3,251,457      2,217,359       4,363,498
      Net cash flows from operating activities                             904,476,701        273,509,691    731,051,977     191,292,992


The accompanying notes are an integral part of the financial statements.
              BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                        STATEMENTS OF CASH FLOWS (Continued)
                                FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2003 AND 2002
                                                                                                                           (Unit : Baht)
                                                                                  CONSOLIDATED                THE COMPANY ONLY
                                                            Note             2003            2002             2003          2002
                                                                                           (Restated)                     (Restated)
Cash flows from (used in) investing activities
  (Increase) decrease in long-term investments                             (720,759,497)       1,627,588    (720,833,496)     (2,666,663)
  Cash paid for purchase of equipment and intangible asset                  (10,816,687)      (5,564,780)       (260,641)     (1,527,940)
  Cash received from disposal of equipment                                        6,080        1,314,051           4,865          58,386
     Net cash flows used in investing activities                           (731,570,104)      (2,623,141)   (721,089,272)     (4,136,217)
Cash flows from (used in) financing activities
  Dividend paid                                                            (29,968,100)         -            (29,968,100)       -
     Net cash flows used in financing activities                           (29,968,100)         -            (29,968,100)       -
Net increase in cash and cash equivalents                                  142,938,497       270,886,550     (20,005,395)    187,156,775
Cash and cash equivalents at beginning of period                            82,600,428        85,370,073      68,757,353      52,239,671
Cash and cash equivalents at end of period                 28              225,538,925       356,256,623      48,751,958     239,396,446

Supplemental cash flows information: -
  Cash paid during the period for
    Interest expenses                                                       76,916,654       110,413,551     77,354,417      110,657,349
    Corporate income tax                                                     2,040,294         2,147,775      1,022,943        1,170,625

   Non-cash transactions: -
    Write-off of loans and receivables                                      29,367,000         3,264,000     29,367,000        3,264,000
    Transfer of securities for settle loans                                  3,569,014          -             3,569,014         -
    Reversal of debts written - off                                         58,954,876          -            58,954,876         -

The accompanying notes are an integral part of the financial statements.
                    BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                       STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                     FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2003 AND 2002
                                                                                                                                           (Unit : Baht)
                                                                                                      CONSOLIDATED
                                                                      Issued and      Revaluation
                                                                        paid-up          surplus         Retained earnings (deficit)
                                                           Note      share capital   on investments    Appropriated Unappropriated           Total
Balance as at 31 December 2001                                       1,000,000,000       61,398,255       1,200,000         22,467,293   1,085,065,548
Cumulative effect of the errors adjustments
  Transfer of investment portfolio                        4.1.1            -             3,054,807          -              (3,054,807)        -
  Purchase and sale of government bonds                   4.1.2            -            47,612,658          -             (47,612,658)        -
Cumulative effect of the change in accounting
 policy related to income tax accounting                   4.2             -            19,054,364          -             (27,900,000)      (8,845,636)
Balance as restated                                                  1,000,000,000     131,120,084        1,200,000       (56,100,172)   1,076,219,912
Revaluation surplus on investments                                                         222,382          -                 -                222,382
Net earnings for the period                                                                -                -             112,197,440      112,197,440
Balance as at 30 June 2002                                           1,000,000,000     131,342,466        1,200,000        56,097,268    1,188,639,734

Balance as at 31 December 2002                                      1,000,000,000      150,545,482       10,000,000        97,682,625    1,258,228,107
Revaluation surplus on investments                                         -            14,066,248          -                 -             14,066,248
Net earnings for the period                                                -               -                -              63,910,364       63,910,364
Dividend paid                                              17              -               -                -             (29,968,100)     (29,968,100)
Balance as at 30 June 2003                                           1,000,000,000     164,611,730       10,000,000       131,624,889    1,306,236,619

The accompanying notes are an integral part of the financial statements.
                    BANGKOK FIRST INVESTMENT AND TRUST PUBLIC COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
                                       STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                                     FOR THE SIX-MONTH PERIODS ENDED 30 JUNE 2003 AND 2002
                                                                                                                                          (Unit : Baht)
                                                                                                  THE COMPANY ONLY
                                                                      Issued and      Revaluation
                                                                        paid-up          surplus        Retained earnings (deficit)
                                                           Note      share capital   on investments   Appropriated Unappropriated           Total
Balance as at 31 December 2001                                       1,000,000,000       61,398,255      1,200,000         22,467,293   1,085,065,548
Cumulative effects of the errors adjustments
  Transfer of investment portfolio                        4.1.1            -             3,054,807         -              (3,054,807)        -
  Purchase and sale of government bonds                   4.1.2            -            47,612,658         -             (47,612,658)        -
Cumulative effect of the change in accounting
  policy related to income tax accounting                  4.2             -            19,054,364         -             (27,900,000)      (8,845,636)
Balance as restated                                                  1,000,000,000     131,120,084       1,200,000       (56,100,172)   1,076,219,912
Revaluation surplus on investments                                         -               222,382         -                 -                222,382
Net earnings for the period                                                -               -               -             112,197,440      112,197,440
Balance as at 30 June 2002                                           1,000,000,000     131,342,466       1,200,000        56,097,268    1,188,639,734

Balance as at 31 December 2002                                       1,000,000,000     150,545,482      10,000,000        97,682,625    1,258,228,107
Revaluation surplus on investments                                         -            14,066,248         -                 -             14,066,248
Net earnings for the period                                                -               -               -              63,910,364       63,910,364
Dividend paid                                              17              -               -               -             (29,968,100)     (29,968,100)
Balance as at 30 June 2003                                           1,000,000,000     164,611,730      10,000,000       131,624,889    1,306,236,619

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

								
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