Attachment 1
|
Report
Update On |
21st June, 2003 |
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|
|
Report on |
ADVANCED INFO SERVICE PUBLIC CO LTD |
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Registered Office |
9th-16th Floor, Shinawatra 2, 1291/1, Phaholyothin
Road, Phayathai, Bangkok 10400, Thailand |
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Tel. No. |
(66) 2299-6000, 2299-6359, 2299-5000 |
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Fax No. |
(66) 2299-6081, 2299-6013, 2299-6005 |
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E-Mail |
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Telex |
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Attachment 2
SUMMARY
|
Incorporated |
1986 |
Status |
Satisfactory |
|
|
|
|
|
|
Registration No. |
BOR.MORJOR.59 |
Chief Executive |
Mr. Somprasong Boomyachi |
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|
|
|
|
Capital (BHT) |
2,935,000,000 |
Payments |
Usually Correct |
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|
|
|
Sales (BHT) |
40,364,130,262 |
Litigation |
Clear |
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|
|
|
|
Net Worth (BHT) |
40,760,686,859 |
Banking Reputation |
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No. of Employees |
2,250 |
Auditors |
Price Waterhouse Coopoers |
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Credit Rating |
Ba (See attachment 3) |
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SUMMARY
BUSINESS ADDRESS : 9TH-16TH/FLOOR, SHINAWATRA
2,
1291/1 PHAHOLYOTHIN RD., PHAYATHAI,
BANGKOK 10400,
THAILAND
TELEPHONE : [66] 2299-6000, 2299-6359, 2299-5000
FAX : [66] 2299-6081, 2299-6013, 2299-6005
REGISTRATION ADDRESS : 414 PHAHOLYOTHIN RD., PHAYATHAI,
BANGKOK
10400, THAILAND
ESTABLISHED : 1986
REGISTRATION NO. : BOR.MOR.JOR.59
CAPITAL REGISTERED : BHT. 5,000,000,000
CAPITAL PAID-UP : BHT. 2,935,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR. SOMPRASONG
BOONYACHAI, THAI
CHAIRMAN OF THE EXECUTIVE COMMITTEE
NO. OF
STAFF : 2,250
LINES OF BUSINESS : OPERATOR OF
MOBILE TELEPHONE SYSTEM
AT 900
MHZ
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD FOR
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR
PERFORMANCE
HISTORY
The subject
was initially formed
on April 24,
1986 as a
private limited company by Pol. Lt.
Col. Thaksin Shinawatra,
who is presently
the Prime Minister of
Thailand. As a
computer leasing firm,
the subject’s corporate objective was
revised in 1990
when Shinawatra chose
the subject from
its subsidiaries to bid
for a 20 year Government
Concession to operate
a 900-MHZ cellular
telephone network.
In October
1990, six months
after winner the
concession, the subject
was able to provide
mobile phone service
to the public first in
the Bangkok area
and later in
1991, throughout the
nation. The subject's
subscriber base currently ranks among the top
ten largest in
the world.
The subject
was listed on
the Stock Exchange
of Thailand on
November 5, 1991 and
converted its status
to a public limited company
on November 13,
1992 respectively.
The subject
and its subsidiaries are parts
of Shinawatra Computer and Communications
Group, the prominent
group in Thailand
which is principally
engaged in computer
of telecommunication business.
“Shinawatra Computer and
Communications Public Co.,
Ltd.” or the
present name known
as “Shin Corporation
Public Co., Ltd.”
is the subject’s parent company
with 43.06% shareholding as at February 18,
2002.
The subject’s head
office and registered
address is at 414 Phaholyothin Rd., Phayathai, Bangkok 10400, Thailand,
and the subject’s
administrative and business office
is at 9-16th/Floor, Shinawatra
2, 1291/1 Phaholyothin Rd., Phayathai, Bangkok
10400, Thailand. It
currently employs 2,250
staff.
The
subject received several
awards in 2001
as follows:
The magazine FinanceAsia
ranked AIS “Thailand Best
Managed Company” along with other
6 first Class
Honors in “Best Managed Company”, “Strongest Commitment
to enhancing Shareholder
Value”, “Best Investor
Relations”, “Best Financial
Management”, “Company most
Committed to Corporate
Governance” and “Best
CFO”.
Investor Relations Magazine
granted ASIA2001 AWARDS
to Leading Companies
throughout Asia. In
Thailand, AIS was
honored “Best IR
by Thai Company”.
AsiaMoney Magazine ranked
AIS “Thailand’s Best
Managed Company” along
with other 7
First Class Honors
in Overall Best
Investor Relations, Investor
Relations, Corporate Governance, Corporate Strategy,
Management of Financial,
Treatment of Minority
Shareholders.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Paiboon
Limpaphayom |
:
Chairman |
Thai |
62 |
|
Mr. Somprasong Boonyachai |
[x] |
Thai |
48 |
|
Mr. Suphadech
Poonpipat |
|
Thai |
53 |
|
Mr. Boonklee
Plangsiri |
[x] |
Thai |
52 |
|
Mrs. Siripen
Sitasuwan |
[x] |
Thai |
55 |
|
Mr. Arun
Cherdboonchart |
|
Thai |
62 |
|
Mrs. Tasanee Manorot |
|
Thai |
58 |
|
Mr. Lum Hon
Fye |
|
Singaporean |
40 |
|
Mr. Chow Wing
Keung Lucas |
|
Singaporean |
50 |
|
Mr. Boonchoo Direksathaporn |
|
Thai |
- |
AUTHORIZED PERSON
Two of
the above mentioned
directors [x] can
jointly sign on
behalf of the
subject with the
company’s affixed.
MANAGEMENT
Mr. Somprasong Boonyachai is the Chairman of the Executive Committee.
He is Thai nationality with the age of 48 years old. He obtained Master of Engineering, Asian Institute of Technology [AIT]. Besides holding the key position of the company in 1999, he is also the Group Vice Chairman of the Group Executive Committee, Shin Corporation Public Co., Ltd. and Director and Member of the Executive Committee, Shin Satellite Public Co., Ltd.
Mr. Lum
Hon Fye is
the Executive Vice
Chairman. He is
Singaporean nationality with
the age of
40 years old.
He obtained Master
of Science in
Management, Stanford University,
U.S.A., and Engineering
Science [1st Class Honours], University of Oxford,
U.K. He joined
the company as
this position in
2001.
Ms. Yingluck
Shinawatra is the
Senior Executive Vice
President - Wireless
Corporate Planning. She
is Thai nationality
with the age
of 34 years old. She
obtained Master Degree,
Kentucky State University,
U.S.A. She was
appointed as this
position in 2001.
Mr. Songsak
Premsuk is the Executive Vice
President - Marketing.
He is Thai nationality with
the age of
45 years old.
He attended Faculty
of Architect, King
Monkut’s Institute of
Technology Ladkrabang, Thailand
and Strategic Marketing
Management Program, Harvard
Business School, U.S.A.
He joined the
company as this
position in 2001.
Mr. Walan Norasetpakdi is
the Acting Executive
Vice President -
Service Operation. He
is Thai nationality
with the age of 40
years old. He
obtained Master Degree,
Commerce and Accountancy, Thammasat
University. He was
appointed as this
position in 2001.
Mr.
Pong-amorn Nimpoonsawat is
the Chief Finance
Officer - Wireless
Communications. He is
Thai nationality with
the age of 40 years
old. He obtained
Master of Management,
SASIN, Thailand. He
was appointed as
this position in
2001.
BUSINESS
OPERATIONS
The subject
was awarded a
20-year concession by
the Telephone Organization of Thailand [TOT]
in 1990 to
operate a 900
MHz nationwide cellular
telephone network and provide
integrated aftersale service.
The concession was
extended to 25
years in 1996.
Initially, the subject
offered a nationwide
mobile phone network
of the NMT 900 [Nordic
Mobile Telephone] analog
system. In response
to a growing demand, the
subject in 1993, launched the Digital GSM
[Global System for
Mobile Communications] system.
In 1999, the
subject introduced a prepaid
“One-2-Call” service to
capture the teens
market. In the
same year, to
increase its financial
strength and technology
know-how, the subject
formed strategic partnership
with Singapore Telecom
International Pte. Ltd.
[STI].
The subject also
expanded its wireless
communication networks by
investing in Advanced
paging Co., Ltd.;
a market leader
in paging service
under the brand
name “Phonelink”, Advanced
DataNetwork Communications Co.,
Ltd., a pioneer
in simultaneous voice/data
communications network, Advanced
Wireless Marketing Co.,
Ltd. to be
its marketing arm,
selling, renting mobile
phone handsets and
accessories, and also
invested in Digital
Phone Co., Ltd.,
the operator of
GSM 1800 digital
mobile phone network.
The subject's
major revenues come
from monthly fees
and air time
usage for out-going calls.
Under the concession, the subject pays
a royalty of
15% of the air-time
revenue to the
Telephone Organization of
Thailand in the first 5
years, increasing 5%
every subsequent 5-year
throughout the 25-year
concession period, with
a cap of 30% or
the minimum amount
as stipulated in
the agreement for
year 16-25. Such concession
is a “build-transfer-operate”
[BTO] type under
which the company
shall make investment
and assume responsibilities for fund raising
and the costs in connection therewith. After installation, the entire system
shall fall into
the ownership of
TOT, and the
subject shall be
entitled to use
the system for the
operation of NMT and
Digital GSM mobile
phone services under
the concession agreements.
Continuous Network
Expansion
In 2001, the
subject further expanded
its nationwide coverage
with a total of 5,745
radio base station
[RBS] to thoroughly
cover all 795
districts. Moreover, by
the end of
2001, the subject’s
International Roaming service
has extended to
185 networks in
83 countries across
6 continents worldwide.
The subject has also
implemented latest and
more advanced mobile
phone technology, particularly the Non-Voice Application
technology. In 2001, the
subject was Thailand’s
first mobile network
operator to offer GPRS
[General Packet Radio
Service], a significant
step toward the 3G
technology.
3 Brands to serve all market segments
Currently, the subject
provides 3 market
brands namely GSM
Advance [formerly known
as GSM 2 Watts], GSM
1800, a service
of the subject’s newly acquired
subsidiary, and 1-2-Call!, a
prepaid mobile system.
The subject has
offered many innovative
services, particularly Non-Voice
Applications such as
mobileLIFE services that
use advanced Sim
Tool Kit technology,
WAP [Wireless Application
Protocol], and GPRS [General
Packet Radio Service]
offers always-on Internet
connection via mobile
phone.
IMPORT
[COUNTRIES]
The telecommunication equipment is purchased
from suppliers in
both domestic and
overseas. The countries
in which the
subject imports
the telecommunication equipment
from are
Sweden, Finland, Germany, United States
of America and
Singapore.
SALES
[LOCAL]
100% of
its service is
sold to end-user
all over the
country.
SUBSIDIARY
& ASSOCIATED COMPANY
The subject is
found to have
subsidiaries here in
Thailand as follows:
1. Advanced Wireless Marketing Co., Ltd.
Address : 414 Phaholyothin Rd., Samsennai, Phayathai, Bangkok
Tel. : [66] 2502-5899
Fax :
[66] 2502-5800
Business Line : Importer and
distributor of cellular
phones and accessories, and
provider
of NMT 900 and
Digital GSM phone rental service
Investment : The
subject holds 99.99%
of the company’s investment.
2. Advanced Paging
Co., Ltd.
Address : 408/128-135, 30th – 31st Floor, Phaholyothin Place
Bldg., Phaholyothin Rd.,
Samsennai, Phayathai, Bangkok 10400
Tel. : [66] 22619-0909
Fax :
[66] 22619-1433
Business Line : Service
provider of the
digital paging system under the name
of
“Phonelink”
Investment : The
subject holds 99.99%
of the company’s investment.
3. Advanced Data
Network Communications Co.,
Ltd.
Address : 17th
Floor Amarin Tower, 500 Ploenchit Rd., Patumwan, Bangkok 10330
Tel. :
[66] 2256-9461-80
Fax :
[66] 2256-9922
Business Line : Service
provider of voice/data communications via telephone line
network in
Bangkok and metropolitan area
Investment : The
subject holds 67.95%
of the company’s investment.
4. DataNetwork Solutions Co., Ltd.
Address : 500 Amarin Tower, 17/F, Ploenchit Rd., Lumpini,
Pathumwan, Bangkok
Tel. :
[66] 2256-9461-80
Fax :
[66] 2256-9993
Business Line : Service
provider of voice/data
communications via telephone
line
network in upcountry
Investment : The
subject holds 49%
of the company’s investment.
5. Digital
Phone Co., Ltd.
Address : 1010
Shinawatra Tower 3,
22nd - 26th
Floor, Vibhavadi-Rangsit Rd.,
Ladyao, Chatuchak, Bangkok
10900
Tel. : [66]
2299-5000
Fax : [66]
2299-5959
Business Line : Mobile
Phone network operator
of Digital GSM
1800
Investment : The subject
holds 98.17% of
the company’s investment.
6. Shin
Digital Co., Ltd.
Address : 414 Phaholyothin Rd., Samsennai, Phayathai, Bangkok
Tel. : [66] 2299-5000
Fax :
[66] 2299-5959
Business Line : -
Investment : The
subject holds 99.99%
of the company’s investment.
LITIGATIONS
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Purchasing terms
are by cash.
Imports are by L/C
at sight, T/T
and open account.
Selling terms
are by cash or on
the credits of
30-40 days.
BANKING
Thai
Military Bank Public
Co., Ltd.
[Head
Office : 300 Phaholyothin Rd., Ladyao, Jatujak,
Bangkok 10900]
Krung
Thai Bank Public
Co., Ltd.
[Head
Office : 35 Sukhumvit Rd.,
Klongtunnua, Watana, Bangkok
10110]
Bangkok
Bank Public Co., Ltd.
[Soi
Aree Branch :
404/9 Phaholyothin Rd.,
Samsennai, Phayathai, Bangkok]
[Rajchawat Branch : 1390/1
Nakhonchaisri Rd., Dusit,
Bangkok]
Siam
Commercial Bank Public Co., Ltd.
[Phaholyothin Branch: 408
Phaholyothin Rd., Samsennai,
Phayathai, Bangkok]
Thai
Farmers Bank Public
Co., Ltd.
[Phaholyothin Branch : 400 Phaholtyothin Rd., Samsennai, Phayathai,
Bangkok]
Bank of America
[Bangkok
Branch : 2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok]
EMPLOYMENT
The subject
employs 2,250 staff including Bangkok
Office staff and Branch staff
countrywide.
LOCATION
DETAILS
The premise
is rented for
operating an administrative
and business office at the
heading address in
a commercial area.
The headoffice is
located at 414
Phaholyothin Road, 14th - 15th
Floor, Shinawatra Building,
Phayathai Bangkok 10400.
The subject has
opened 23 AIS
Service Centers and
over 280 Telewiz
shops nationwide.
COMMENT
The subject obtained
more than 5,000,000
pre-paid and post-paid subscribers, as of January
2002. At the
end of 2001, its subscribers
increased by 2,835,500
resulting in a
total of 4,812,900
subscribers. Total revenue
was Bht. 40,364
million compared to
Bht. 27,096 million
in 2000, an
increase of Bht.
13,268 million. The
net profit was
Bht. 3,851 million,
compared to Bht.
6,599 million in
2000, a decrease
of Bht. 2,748
million or 41.64%
due to a provision of
Bht. 3,970 million
in respect to
impairment in the
carrying value of
its cost of
analog mobile phone network and pager network
under concession agreement.
However, excluding the
above asset impairment,
the 2001 net
profit would have
increased from the
previous year.
Industry
Situation and Competition
Prior to
the outbreak of economic
crisis in Asia,
Thailand was experiencing a remarkable economic
growth enabling broad
expansion in the
mobile phone industry.
During the economic crisis from 1997 to
1998, the expansion dropped from
19% in 1997 to 11%
in 1998. However, the
market recovered in
1999 with the
dynamic expansion of
22%, and 20%
and 118% in
2000 and 2001 respectively. As a result,
the penetration rate
per population of
100 persons jumped
from 3.6 in
1998 to 4.3
in 1999, 5.9
in 2000 and 12.7 in
2001, which is
still low compared
with other countries with a similar rate of
economic growth. This
is indicated that
the mobile phone
industry has room
for further growth in
Thailand.
Competition
The subject and Total Access Communication Plc. or TAC, are the two major operators in the market. Both have combined market share of 95%. Other operators include DPC, which is a subsidiary of the subject, and state operators being TOT and CAT. In the past, there was little competition with a limited number of competitors. However earlier in 2001, the market became very competitive with an arrival of new operators, which include TA Orange, who operates the GSM 1800 network, and Thai Mobile, who offers GSM 1900 service. Both newcomers launched their operations in 2002. Apart from the newcomers, the re-launch of service by Hutchison CAT Wireless Multimedia Co., Ltd., a CDMA service provider, who is a direct competitor of TAC adds to the competition.
The advent of telecom liberalization, scheduled for 2006, is expected to further stimulate the market and competition in the near future. Most competition will be among private operators rather than state operators. Private operators are expected to speed up the expansion of their network coverage and improve their after-sales services in order to increase the number of subscribers along with increasing their market share.
Estimated number of
subscribers by operator
|
|
December 2000 |
|
December 2001 |
|
||
|
Name of
Operator |
Subscribers |
Market Share |
Subscribers |
Market Share |
||
|
ADVANC [The Company] |
1,977,400 |
54.0% |
4,812,900 |
60.2% |
||
|
TAC |
1,403,300 |
38.0% |
2,737,598 |
34.3% |
||
|
DPC |
216,000 |
6.0% |
390,300 |
4.9% |
||
|
TOT |
20,204 |
1.0% |
15,061 |
0.2% |
||
|
CAT |
36,507 |
1.0% |
30,000 |
0.4% |
||
|
Total |
3,653,411 |
100.0% |
7,985,859 |
100.0% |
||
|
Total Population |
62,648,000 |
|
62,914,000 |
|
||
|
Penetration Rate per
100 persons |
5.83 |
|
12.69 |
|
||
Additional Information
Subject :
AIS and Thai Mobile
reach roaming deal
Date : November
20, 2002
Advanced Info Service
has reached an
informal agreement on
roaming rates with
Thai Mobile, a
joint venture of
TOT Corporation and
the Communications Authority
of Thailand, making
it possible for
the new cellular
operator to start
commercial service on
November 27, 2002.
The analyst suggested
that AIS extended the
favourable treatment because
it wanted to established good relation with
Thai Mobile, which
holds the rights to
the coveted 1900-Megahertze band
for advanced their-generation mobile service.
Subject :
AIS budgets Bht. 3.5
billion to buy
back shares
Date
: November 14,
2002
Advanced Info Services Plc. says it has set aside Bht. 3.5 billion to buy back its shares over a six-month period. The company said the buyback was intended to make the market price of AIS more accurately reflect the company’s value, as external factors had depressed the share price.
Share repurchases or
treasury stock programmes,
first approved by
the SET last year,
have been used
by just a
handful of listed
companies to date.
An analyst said
companies with good
cash flow were
candidates for treasury stock
programme. While AIS
had a lot of debts,
its cash flow
was healthy from
its huge base
of nearly 10 million
mobile-phone subscribers.
Subject :
Phone firms feel
the heat
Date :
November 13, 2002
Local telecommunications firms are expected to announce weak third quarter earnings in 2002 with the profits squeezed by intense competition. Advanced Info Service Plc. [AIS] will deliver the best profits due to lower losses from its mobile unit, but risks from tough competition lies ahead over the company’s outlook.
After the launch
of TA Orange in March
2002 forced the
operators to sacrifice
their margins for
market share in a crippling
price war, slashing
handset prices and
charges. AIS’s average
revenue per unit [ARPU]
was expected to fall
while its subscriber
base continues to
grow. But lower
bad-debt provisioning and narrowing
losses from its
small subsidiary, Digital
Phone Co., Ltd. are
expected to boost
AIS’s third-quarter net profit
by 70-80% year-on-year to
between 2 billion
and 2.7 billion
baht. That represents
at least a
30% rise quarter-on-quarter. Strong
earnings from AIS
will also help
the net profit
of its parent, Shin Corporation
Plc.
FINANCIAL INFORMATION
The capital
was originally registered
at Bht. 5
million, divided into
5,000 shares of Bht.
1,000 each.
The capital
was increased later
as followings:
Bht. 20
million on October
19, 1989
Bht. 300
million on October
1, 1990
Bht. 400
million on July
18, 1991
Bht. 500
million on September
13, 1991
Bht. 1,000 million
on July 30,
1992
Bht. 5,000 million
on August 11,
1994
On August 11,
1994, the capital
was increased to
Bht. 5,000 million, divided into 500 million
shares at Bht.
10 each.
On October 2,
2001, the number
of authorized shares
and share in
issue has been
changed from 500
million to 5,000
million shares, and 293.5
million to 2,935
million shares respectively, with the alternation
of par value of the
share from Bht.
10 to Bht. 1.
MAIN
SHAREHOLDERS : [as of February 18, 2002]
at Bht. 2,935 million of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Shin Corporation Public Co., Ltd. |
1,263,712,000 |
43.06 |
|
Singtel Strategic
Investments Pte. Ltd. |
568,000,000 |
19.35 |
|
State Street Bank and
Trust Company |
81,819,747 |
2.79 |
|
HSBC [Singapore] Nominees
Pte. Ltd. |
73,892,730 |
2.52 |
|
Thai Trust Fund
Management Co., Ltd. |
64,039,000 |
2.18 |
|
Littledown Nominees
Limited 1 |
53,706,500 |
1.83 |
|
Chase Nominees Limited |
43,046,360 |
1.47 |
|
HSBC Bank Plc. |
40,690,450 |
1.39 |
|
Government of Singapore
Investment Corporation C |
34,273,070 |
1.17 |
|
Boston Safe Deposit
and Trust Company |
31,999,050 |
1.09 |
|
Others |
679,821,093 |
23.15 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Prasan
Chuaphanich No. 3051
PricewaterhouseCoopers ABAS
Limited
179/74-80, Bangkok City
Tower 15th Floor,
South Sathorn Road,
Yannawa, Bangkok 10120
Tel.: [66] 2286-9999,
[66] 2344-1000
Fax: [66] 2286-5050
ADVANCED INFO
SERVICE PUBLIC CO.,
LTD.
BALANCE SHEET [BATH]
The
latest financial figures
published for December
31, 2001 & 2000 were :
ASSETS
|
Current
Assets |
2001 |
2000 |
|
|
|
|
|
Cash on
hand and at
banks |
4,288,608,904 |
816,501,508 |
|
Short-term investments |
5,315,537,570 |
9,190,105,826 |
|
Trade accounts
receivable, net |
6,649,990,974 |
4,935,723,154 |
|
Amounts due
from and loans
to related companies, net |
31,483,244 |
74,147 |
|
Equipment and spare
parts for repairing and
maintenance of
network |
251,616,746 |
- |
|
Forward and swap
contracts receivable |
17,939,665 |
205,435,829 |
|
Advances to suppliers |
3,168,730,197 |
988,651,337 |
|
Other current
assets |
1,522,002,088 |
793,353,949 |
|
|
|
|
|
Total
Current Assets |
21,245,909,388 |
16,929,845,750 |
|
|
|
|
|
Non-Current Assets |
|
|
|
Investment in Subsidiary |
25,957,723,564 |
4,453,254,896 |
|
Land, Building
and Equipment [Note 1] |
4,369,722,477 |
2,096,873,341 |
|
Cost of
mobile phone and
pager service networks
and Datanet tools and equipment under
concession agreement |
48,710,389,413 |
32,800,912,318 |
|
Other Assets |
458,292,276 |
365,034,898 |
|
Total
Assets |
100,742,037,118 |
56,645,921,203 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2001 |
2000 |
|
|
|
|
|
Short-term loans from financial
institutions[Note2] |
5,446,757,726 |
2,029,960,000 |
|
Trade accounts
payable |
6,557,659,168 |
5,934,574,011 |
|
Amounts due
to and loans
from related Companies |
1,980,030,105 |
64,774,782 |
|
Current
portion of long-term borrowings
[Note 2] |
1,475,092 |
782,784 |
|
Current portion of long-term
debentures [Note 2] |
6,346,124,222 |
2,301,266,964 |
|
Current portion of
concession fees payable |
2,535,804,009 |
1,813,905,026 |
|
Other current
liabilities |
4,663,600,105 |
3,161,767,717 |
|
|
|
|
|
Total Current Liabilities |
27,531,450,427 |
15,307,031,284 |
|
|
|
|
Non-Current Liabilities |
|
|
|
Long-term borrowings [Note 2] |
7,874,752 |
- |
|
Long-term debentures [Note 2] |
29,402,139,845 |
8,834,718,720 |
|
Deposits from
customers |
3,039,885,235 |
4,538,801,435 |
|
Total
Liabilities |
59,981,350,259 |
28,680,551,439 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital |
|
|
|
Registered
and authorized share capital |
5,000,000,000 |
5,000,000,000 |
|
|
|
|
|
Issued and
paid-up share capital |
2,935,000,000 |
2,700,000,000 |
|
Premium on
share capital |
20,004,000,000 |
10,215,000,000 |
|
Retained earnings Appropriated – Legal reserve |
500,000,000 |
500,000,000 |
|
Unappropriated |
17,321,686,859 |
14,550,369,764 |
|
Total Shareholders' Equity |
40,760,686,859 |
27,965,369,764 |
|
Total Liabilities &
Shareholders' Equity |
100,742,037,118 |
56,645,921,203 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2001 |
2000 |
|
|
|
|
|
Revenues from
services and equipment rentals |
39,169,603,782 |
24,637,870,884 |
|
Gain from exchange
rate |
2,799,530 |
699,581,159 |
|
Compensation income |
- |
1,031,569,923 |
|
Other operating
income |
1,191,726,950 |
726,860,682 |
|
Total
Revenues |
40,364,130,262 |
27,095,882,648 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
services and equipment
rentals |
19,773,750,382 |
14,184,320,193 |
|
Selling and
administrative expenses |
7,111,136,469 |
2,986,592,550 |
|
Impairment loss on
assets |
3,970,000,000 |
- |
|
Interest expenses |
1,329,841,956 |
733,037,369 |
|
Directors’ remuneration |
2,720,734 |
1,590,791 |
|
Total Expenses |
32,187,449,541 |
17,905,540,903 |
|
|
|
|
|
Operating income |
8,176,680,721 |
9,190,341,745 |
|
Share of
net profit in
subsidiaries |
673,506,419 |
1,277,636,995 |
|
Impairment loss for
investment in subsidiary |
- |
[300,000,000] |
|
|
|
|
|
Income before tax |
8,850,187,140 |
10,167,978,740 |
|
Income tax |
[4,998,870,045] |
[3,569,030,109] |
|
|
|
|
|
Net
income for the
year |
3,851,317,095 |
6,598,948,631 |
|
|
|
|
|
Unappropriated Retained
Earning, Beginning
of Year |
14,550,369,764 |
7,951,421,133 |
|
Net income
for the year |
3,851,317,095 |
6,598,948,631 |
|
Dividend Paid |
[1,080,000,000] |
- |
|
|
|
|
|
Unappropriated Retained
Earning, End of Year |
17,321,686,859 |
14,550,369,764 |
FINANCIAL NOTES
Note 1 : Property, plant and equipment
|
|
2001 |
2000 |
|
|
Million Baht |
Million Baht |
|
Building
and improvements |
86.18 |
19.45 |
|
Leasehold
building improvements |
230.39 |
110.94 |
|
Tools and
equipment |
3,587.68 |
1,704.07 |
|
Furniture,
fixtures and office equipment |
223.88 |
202.52 |
Vehicles |
36.66 |
28.34 |
Assets under construction and installation |
195.59 |
30.95 |
Assets purchased
under finance leases
|
9.34 |
0.60 |
|
|
|
|
|
Total |
4,369.72 |
2,096.87 |
Note 2 : Borrowings
|
|
2001 |
2000 |
Current |
Million Baht |
Million Baht |
|
Short-term
loans from financial
institutions |
5,446.76 |
2,029.96 |
|
Current
portion of long-term
borrowings |
- |
- |
|
Current
portion of long-term
debentures |
6,346.12 |
2,301.27 |
|
Current
portion of finance
lease liabilities |
1.48 |
0.78 |
|
|
|
|
|
Total short-term borrowings |
11,794.36 |
4,332.01 |
|
|
|
|
Non-current |
|
|
|
Long-term
borrowings |
- |
- |
|
Long-term
debentures |
29,402.14 |
8,834.72 |
|
Finance lease
liabilities |
7.87 |
- |
|
|
|
|
|
Total long-term
borrowings |
29,410.01 |
8,834.72 |
|
|
|
|
|
Total borrowings |
41,204.37 |
13,166.73 |
The
movements in the
above borrowings can
be analyzed as
follows:
|
|
Million Baht |
For the year ended December 31, 2001 |
|
|
Openning
net book amount
|
13,166.73 |
|
Additions |
32,876.71 |
|
Acquisitions |
- |
|
Repayments |
[4,839.07] |
|
Loss on exchange
rate |
- |
|
|
|
|
Closing
net book amount |
41,204.37 |
Short-term loans from
financial institutions
As at December 31, 2001, short-term loans from financial institutions represent promissory notes and bills of exchange. The loans are unsecured.
Long-term debentures
On March 20, 2000, the Company issued 8 million units of Bht. 1,000 each of unsubordinated, unsecured and amortized debentures, amounting to Bht. 8,000 million. Such debentures bear interest at a fixed rate of 6.50% per annum throughout the terms of the debentures, payable on a semi-annual basis commencing from the issuing date. The debentures will be redeemed by 4 equal installments, commencing the eighteenth month after the issuing date until March 20, 2003.
On March 31, 2000, the Company issued 2 million units of Bht. 1,000 each of unsubordinated and unsecured debentures, amounting to Bht. 2,000 million. Such debentures bear interest at a fixed rate of 6.25% per annum throughout the terms of the debentures, payable on a quarterly basis commencing from the issuing date. These debentures will be entirely redeemed on March 31, 2003.
On March 23, 2001, the Company issued 12 million units of Bht. 1,000 each of unsubordinated, unsecured and amortized debentures amounting to Bht. 12,000 million. Such debentures bear interest at a fixed rate of 5.30% per annum throughout the debenture term, payable on a semi-annual basis commencing from the issue date. The debentures will be redeemed in 8 equal installments, commencing in the eighteenth month after the issuing date until March 23, 2006.
On November 28, 2001, the Company issued 15 million additional units of Bht. 1,000 each of unsubordinated, unsecured debentures, amounting to Bht. 15,000 million. Bht. 5,000 million debentures bear interest at a fixed rate of 4.70% per annum throughout the debenture term, payable on a semi-annual basis commencing from the issue date. The debentures will be entirely redeemed on November 28, 2004. The remaining Bht. 10,000 million debentures bear interest at a fixed rate of 5.85% per annum throughout the debenture term, payable on a quarterly basis commencing from the issue date. The debentures will be entirely redeemed on November 28, 2006.
The interest rate exposure of the borrowings, before taking into account of interest rate swaps of the Company was as follows:
|
|
2001 |
2000 |
|
|
Million Baht |
Million Baht |
|
Total
borrowings: |
|
|
|
- at fixed
rates |
41,204.37 |
13,166.73 |
|
- at floating
rates |
- |
|
|
|
|
|
|
|
41,204.37 |
13,166.73 |
|
|
2001 |
2000 |
|
Weighted average interest rates: |
|
|
- short-term loan from
financial institutions
|
3.30% |
4.40% |
- long-term borrowings
|
- |
- |
|
-
long-term debentures |
5.69% |
6.64% |
|
-
finance lease liabilities |
9.63% |
20.81% |
Maturity of long-term borrowings and finance lease liabilities as at December 31, 2001 is as followings:
|
|
Borrowings |
Finance
lease |
|
|
Million Baht |
Million Baht |
|
2003 |
6,966.03 |
1.62 |
|
2004 |
7,970.84 |
1.73 |
|
2005 |
2,980.34 |
1.76 |
|
2006 |
11,484.93 |
2.76 |
|
|
29,402.14 |
7.87 |
Note 3 : Commitments
As at December
31, 2001, the
Company has commitment
in respect of
the construction and
installation of mobile
phone networks, which
have not been
completed, and purchases
of property and
equipment as follows:
|
|
Million |
|
Construction and
installation of mobile
phone networks |
|
Thai Baht |
5,209.45 |
|
US Dollars |
97.29 |
|
Japanese Yen |
2,024.81 |
|
Deutsche
Marks |
0.19 |
|
Australian
Dollars |
0.42 |
|
Euro |
39.44 |
|
Pound
Sterling |
0.35 |
|
Krone Norway |
15.71 |
|
|
|
|
Property and
equipment |
|
|
Thai Baht |
12.16 |
The Company
has entered into service agreements
for the maintenance
hardware and software mobile
phone networks as
follows:
|
|
Million |
|
Construction and
installation of mobile
phone networks |
|
Thai Baht |
5.38 |
|
US Dollars |
4.54 |
|
Euro |
1.22 |
The Group has
entered into lease
and related service agreements
for office spaces,
cars, and base stations for periods ranging
from 0.6 month to
14 years with
options to renew.
As at December 31,
2001, the Group is
committed to pay for
rental and related services in
respect of the agreements
as follows:
|
|
Company Million
Baht |
|
Payment due
- within year |
|
|
- Third
parties |
477.85 |
|
- Related
parties |
270.35 |
|
Payment due
- within 2
to 5 years |
|
|
- Third
parties |
430.76 |
|
- Related
parties |
235.34 |
|
Payment due
- over 5
years |
|
|
- Third
parties |
0.01 |
|
- Related
parties |
278.20 |
The
Company has entered into agreements with a subsidiary
of a major shareholder under
which the related company
provides satellite transponder
services. The Company is
committed to pay
for the transponder
services amounting to
approximately Bht. 75.70
million with one
year.
The
Company has entered
into agreements with
a related company
under which the
related company provides
consulting and management
services and other
central services for a
twelve-month period. The
Company is committed
to pay for such services
under these agreements
amounting to approximately Bht. 13 million
per month and
plus the rate
per events as
prescribed in the agreements.
[2000 : Bht. 4 million per month].
The
Company has entered
into agreements with
a related company
under which the related
company provides computer
system services and repair
and maintenance services f or software and hardware
for a twelve-month period.
The Company is
committed to pay for
such services under
these agreements amounting to
approximately Bht. 1
million per month.
ADVANCED INFO
SERVICE PUBLIC CO.,
LTD.
FINANCIAL ANALYSIS
Annual
Growth & Profitability
|
Annual
Growth |
2001 |
2000 |
|
Sales |
58.98 |
|
|
Operating |
[5.87] |
|
|
Net Profit |
[41.64] |
|
|
Fixed Assets |
108.39 |
|
|
Total Assets |
77.85 |
|
|
Profitability |
|
|
|
Cost
of
Goods Sold |
50.48 |
57.57 |
|
Operating Profit
Margin |
49.52 |
42.43 |
|
S&A expenses |
18.15 |
12.12 |
|
Interest |
3.40 |
2.98 |
|
Other Revenues |
3.05 |
9.98 |
|
Net Profit
Margin |
9.83 |
26.78 |
Net Sales
was increased by
58.98%, Operating Profit
was decreased by
5.87%, Net Profit
was decreased by
41.64%, Fixed Assets
was increased by
108.39%, Total Assets
was increased by
77.85%.
Compare each
cost with sales,
Cost of Goods
Sold was decreased
from 57.57% to
50.48%, Operating Profit
Margin was increased
from 42.43% to
49.52%, S &
A Expenses were
increased from 12.12%
to 18.15%, Interest
Paid was increased
from 2.98% to
3.40%, Other Revenues
was decreased from
9.98% to 3.05%,
Net Profit Margin
was decreased from
26.78% to 9.83%.
Liquidity
|
Liquidity |
2001 |
2000 |
|
Current Ratio |
0.77 |
1.11 |
|
Quick
- assets ratio |
0.77 |
1.11 |
Current Ratio was decreased
from 1.11 to
0.77, Liquidity Ratio
of the company was not
good, and Quick-assets Ratio was decreased
from 1.11 to
0.77, capacity to
pay Short Term
Loan was not
good too.
Leverage
|
Leverage |
2001 |
2000 |
|
D/E Ratio |
1.47 |
1.03 |
|
Times Interest
Earned |
9.24 |
10.19 |
D/E Ratio
was increased from
1.03 to 1.47,
show the company
had fund from Loan more than
fund from Equity,
while Times Interest
Earned was decreased
from 10.19 to
9.24, capacity to
pay interest paid
was so good.
Efficiency
|
Efficiency |
2001 |
2000 |
|
Fixed Assets
Turnover |
8.96 |
11.75 |
|
Total Assets
Turnover |
0.39 |
0.43 |
|
Return on
Assets |
3.82 |
11.65 |
|
Return on
Equity |
9.45 |
23.60 |
|
Day’s Payable |
121.05 |
152.71 |
|
Days’ Receivables |
61.97 |
73.12 |
Fixed Assets
Turnover was decreased
from 11.75 times
to 8.96 times,
Total Assets Turnover
was decreased from
0.43 times to
0.39 times, show
the company could
not use Assets
so efficiently, and
Return on Assets
was decreased from
11.65 to 3.82,
Return on Equity
was decreased from
23.60 to 9.45,
capacity to use
Assets to make
profit was not
good.
Day’s Payable was decreased
from 153 days
to 122 days, and Day’s
Receivables was decreased
from 74 days
to 62 days.
Attachment 3
|
SCORE SHEET |
|
SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. Maybe drawn to
slightly difficult position as unfavourable conditions arise. Minimal assurance
for timely payment on interest and principal sums |
Moderate |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively limited or considered
not known. Capability to pay both interest and principal sums is doubtful |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
Attachment 4
ACKNOWLEDGEMENT
Dear Sir/Madam,
As part of our control
system, please fax/email us this note
upon receipt of this report. If we do not receive the acknowledgement within 24
hours, we will assume that our report meets your requirement. If you have any
suggestion to help us improve our reports and services, please do not hesitate
to let us know.
Thank you.
______________________________________________________________________________
To : MIRA INFORM PRIVATE
LIMITED
From :
To :
Feedback – Please tick
the appropriate box.
------------------------------------------------------------
|
|
GOOD |
FAIR |
POOR |
|
|
|
|
|
|
Content |
[
] |
[
] |
[
] |
|
Layout and
Presentation |
[
] |
[
] |
[
] |
|
Speed of Delivery |
[
] |
[
] |
[
] |
|
Overall Impression |
[
] |
[
] |
[
] |
Further Comments/Suggestion :
____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________
Company’s Stamp &
Signature