Te l e c o m A s i a
C o r p o r a t i o n
P u b l i c
C o m p a n y
L i m i t e d
Financial Conditions Analysis of Consolidated Balance Sheets Assets Assets as at December 31, 2001 were Baht 86,472 million representing a decline of Baht 1,912 million from December 31, 2000 due mainly to the depreciation of property, plant & equipment and the decline in value of available-for-sale securities from the sluggish market situation. Current assets as of December 31, 2001 were Baht 16,884 million, up Baht 3,283 million from Baht 13,601 million of December 31, 2000 attributable to the Baht 1,629 million increase in cash and the increase in other current assets of Baht 1,283 million which was mainly from TA Orange. Trade accounts receivable, net, as of December 31, 2001 was reported as Baht 5,541 million reflecting a decline of Baht 292 million from Baht 5,833 million of December 31, 2000. This was due mainly to the decline in value added tax for the assets transferred to the TOT and the accrued fault notification and dropwire maintenance service charge to the TOT while the average collection period was 50 days, equivalent to the previous year. The total investment in associates as of December 31, 2001 dropped Baht 885 million from the previous year to Baht 4,544 million due mainly to the loss from UBC. Other current assets increased Baht 1,282 million to Baht 2,641 million, most of which was from the increase in advance payment from contractor (partly from TA Orange). Property, plant and equipment as of December 31, 2001 was Baht 64,033 million, dropped Baht 230 million from the end of 2000 due mainly to depreciation. The Company has invested additionally in property, plant and equipment in the year 2001 at the amount of Baht 4,693 million, or Baht 7,576 million if including those from acquisition of joint venture. Most of the additional investment was related to Baht 1,450 million investment in fixed line business, Baht 4,573 million in wireless business and Baht 545 million in DDN. Other non-current assets increased Baht 895 million from the previous year to Baht 1,453 million due to the cost of PCT handsets lent to subscribers for 3 years for sales promotion purpose. The Company will depreciate for the period of 3 years.
Liabilities Total liabilities as of December 31, 2001 were Baht 81,577 million, up Baht 1,820 million from the year 2000 due mainly to the increase in trade accounts payable and the accrued expenses most of which related to TA Orange. The Company repaid its longterm loans of Baht 1,527 million in 2000, including the prepayment fee of Baht 904 million. The Company also refinanced US$ 113 million loan with new Baht loan facility of Baht 5 billion and has incurred an additional long term borrowing of Baht 1,009 million, most of which were from financial lease. Long term trade payable arising from the supply and installation of PCT project declined by Baht 972 million. This amount included the Baht 783 million from the Baht appreciation against Japanese Yen and the repayment. As of December 31, 2001, total foreign currency denominated long-term loans were reported as USD 561 million and JPY 22,897 million or equivalent to Baht 32,671 million or representing approximately 50.1% of total long-term loans.
Shareholders没 equity Shareholders没 equity as of December 31, 2001 declined Baht 3,732 million from Baht 8,627 million as of end 2000 to Baht 4,895 million due to the loss in the year 2001. The Baht 2,706 million net increase in share capital relating to the new issuance of 307,499,978 shares for TA Orange share swap, was offset by the Baht 3,020 million decline in FLAG share price. A n n u a l
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