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NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES T H A I L A N D ________________________________________________________ INTERIM FINANCIAL STATEMENTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 1999 AND 1998 AND AUDITOR'S REPORT ________________________________________________________ EXPRESSED IN THAI BAHT ________________________________________________________ AUDITOR'S REPORT To The Board of Director of Noble Development Public Company Limited We have reviewed the consolidated balance sheets of Noble Development Public Company Limited and its subsidiaries and the balance sheets of Noble Development Public Company Limited as of June 30, 1999 and December 31, 1998 and the statements of income and deficit for the three - month and six - month periods ended June 30, 1999 and 1998 and the related statements of changes in shareholders' equity and cash flows for the six - month periods ended June 30, 1999 and 1998 in accordance with standards established by the Institute of Certified Accountants and Auditors of Thailand. A review of such interim financial statements consists principally of obtaining an understanding, by enquiries, of the accounting system for preparation of the financial statements, making an analytical review of pertinent financial data and making enquiries of certain officials of the company who have responsibility for financial and accounting matters. Because it is substantially less in scope than an examination in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole, we do not express such an opinion on the financial statements referred to above. Based on our review we are not awared of any material modifications that should be made to the accompanying interim financial statements in order for them to be in conformity with generally accepted accounting principles. (KESREE NARONGDEJ) Certified Public Accountant Registration No. 76 A.M.T. & ASSOCIATES Bangkok, Thailand August 4, 1999. (except for Note 17 as to which the date is August 9, 1999.) "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS OF 30 JUNE 1999 AND 31 DECEMBER 1998 THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 ASSETS CURRENT ASSETS Cash on hand and at banks 45,229 20,887 20,258 8,351 Short-term investment - financial institutions 4 33,995 37,467 2,608 12,603 Trade accounts receivable 11,299 17,740 6,471 8,292 Unbilled completed work 136,774 435,076 115,416 205,111 Short-term loans and advance to related companies - - 817,783 800,536 Inventories 1,972 1,972 - - Real estate development cost 5,11,13 1,773,650 1,601,929 681,885 645,458 Construction in progress - net 4,768 4,760 - - Other current assets Short-term loan to other company 76,176 73,238 76,176 73,238 Accrued management fee - related companies - - 57,717 53,285 Advance to contractors 1,318 1,376 1,232 1,289 Others 32,382 35,794 7,950 15,447 Total Other Current Assets 109,876 110,408 143,075 143,259 Total Current Assets 2,117,563 2,230,239 1,787,496 1,823,610 INVESTMENTS - Related companies 6 3,247 3,247 112,610 101,176 - Other company 6 5,000 5,000 5,000 5,000 LAND BANK 7,11,13 753,162 753,162 120,961 120,961 PROPERTY, PLANT AND EQUIPMENT - NET 8 211,765 220,375 102,378 108,873 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS OF 30 JUNE 1999 AND 31 DECEMBER 1998 - 2 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 OTHER ASSETS Deposit - land 9 26,000 58,940 26,000 58,940 Goodwill 67,799 73,820 - - Pre-operating expenses and deferred charges 1,954 3,238 1,670 2,898 Others 10 33,470 41,116 19,807 28,134 Total Other Assets 129,223 177,114 47,477 89,972 TOTAL ASSETS 3,219,960 3,389,137 2,175,922 2,249,592 ========= ========= ========= ========= The accompanying notes to interim financial statements are an integral part of these statements. ............................. DIRECTOR ............................. DIRECTOR "UNAUDITED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES "REVIEWED" BALANCE SHEETS AS OF 30 JUNE 1999 AND 31 DECEMBER 1998 THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Banks overdrafts and loans from financial institutions 11 350,120 363,857 143,043 140,744 Accounts payable-construction - related company - - 186 186 - others 44,227 69,915 2,307 9,656 Current portion of long-term loans 13 1,267,580 1,321,337 461,297 487,052 Current portion of long-term bond 12 500,000 500,000 500,000 500,000 Deposit and received in advance from customers 9,867 43,200 1,913 10,291 Loan from related company - - 13,193 17,944 Other current liabilities Deferred income tax 94,432 103,328 38,231 38,231 Accrued expenses 336,806 233,824 158,523 117,463 Others 37,244 39,315 7,938 7,610 Total Other Current Liabilities 468,482 376,467 204,692 163,304 Total Current Liabilities 2,640,276 2,674,776 1,326,631 1,329,177 OTHER LIABILITIES Liabilities occur from the investment in the related companies - - 270,775 207,302 Others 1,172 1,358 1,172 1,358 Total Other Liabilities 1,172 1,358 271,947 208,660 Total Liabilities 2,641,448 2,676,134 1,598,578 1,537,837 .../2 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS OF 30 JUNE 1999 AND 31 DECEMBER 1998 - 2 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 MINORITY INTERESTS 1,168 1,248 - - SHAREHOLDERS' EQUITY Share Capital Authorized share capital 55,000,000 ordinary shares of Baht 10.00 each Issued and fully paid up 550,000 550,000 550,000 550,000 Premium on share capital 779,938 779,938 779,938 779,938 Retained earnings (deficit) Appropriated - Legal reserve 8,175 8,175 8,175 8,175 Unappropriated (760,769) (626,358) (760,769) (626,358) Total Shareholders' Equity 577,344 711,755 577,344 711,755 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,219,960 3,389,137 2,175,922 2,249,592 ========= ========= ========= ========= The accompanying notes to interim financial statements are an integral part of these statements. .............................. DIRECTOR .............................. DIRECTOR "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY AS OF 30 JUNE 1999 AND 31 DECEMBER 1998 THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 SHARE CAPITAL Beginning of period 550,000 550,000 550,000 550,000 End of period 550,000 550,000 550,000 550,000 PREMIUM ON SHARE CAPITAL Beginning of period 779,938 779,938 779,938 779,938 End of period 779,938 779,938 779,938 779,938 RETAINED EARNINGS (DEFICIT) APPROPRIATED LEGAL RESERVE Beginning of period 8,175 8,175 8,175 8,175 End of period 8,175 8,175 8,175 8,175 UNAPPROPRIATED Beginning of period (626,358) (45,852) (626,358) (45,852) Decrease during the period (134,411) (580,506) (134,411) (580,506) End of period (760,769) (626,358) (760,769) (626,358) TOTAL SHAREHOLDERS'EQUITY 577,344 711,755 577,344 711,755 ========== ========== ========== ========= The accompanying notes to interim financial statements are an integral part of these statements. "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME AND DEFICIT FOR THE THREE-MONTH PERIOD ENDED 30 JUNE THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 REVENUES Sales 51,418 124,495 6,000 20,906 Income from construction 1,287 12,213 - 7,938 Sales and service 1,011 825 - - Other income Gain(loss)from the cancelled contracts 14 35,642 (6,050) (3,523) (4,131) Management fee - - 1,965 1,839 Interest income 2,488 4,360 14,837 19,076 Others 2,217 4,400 1,023 1,807 Total Revenues 94,063 140,243 20,302 47,435 EXPENSES Cost of sales 25,135 146,069 2,159 26,161 Cost of construction 1,506 14,803 - 9,258 Cost of sales and services 714 493 - - Selling and administrative expenses 27,328 26,049 16,213 16,592 Loss from cancellation of purchase agreement 32,940 - 32,940 - Loss(gain)from subsidiary companies under equity method - - (1,074) 70,645 Loss on exchange rate - 33,663 - - Interest expenses 64,686 19,256 28,272 21,237 Total Expenses 152,309 240,333 78,510 143,893 .../2 "UNAUDITED" "REVIEWED" NOBLE DEVELOPMENT PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME AND DEFICIT FOR THE THREE-MONTH PERIOD ENDED 30 JUNE - 2 - THOUSAND BAHT CONSOLIDATED THE COMPANY ONLY NOTE 1999 1998 1999 1998 LOSS BEFORE INCOME TAX AND MINORITY INTERESTS (58,246) (100,090) (58,208) (96,458) INCOME TAX - (3,046) - - LOSS BEFORE MINORITY INTERESTS (58,246) (97,044) (58,208) (96,458) MINORITY INTERESTS 38 586 - - NET LOSS (58,208) (96,458) (58,208) (96,458) DEFICIT, BEGINNING OF PERIOD (702,561) (13,995) (702,561) (13,995) LESS APPROPRIATED - LEGAL RESERVE - 1,676 - 1,676 DEFICIT, END OF PERIOD (760,769) (108,777) (760,769) (108,777) ========== ========== ========== ========= LOSS PER SHARE (BAHT) (1.06) (1.75) (1.06) (1.75) ========== ========== ========== ========= The accompanying notes to interim financial statements are an integral part of these statements. 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