                                               (UNAUDITED BUT REVIEWED)  
CHUMPORN PALM OIL INDUSTRY PUBLIC COMPANY LIMITED
AND ITS SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS AT 30 JUNE 2002
1.      GENERAL INFORMATION
        1.1     Basis for the preparation of  interim financial statements
        These interim financial statements are prepared in accordance with 
Accounting Standard Pronouncement No. 41 "Interim financial statements", 
with the Company choosing to present condensed interim financial statements. 
However, additional line items are presented in the balance sheets, the 
statements of earnings, changes in shareholders' equity, and cash flows, 
to bring them into line with the full format used in the annual financial 
statements.
        The interim financial statements are intended to provide information 
additional to that included in the latest annual financial statements. 
Accordingly, they focus on new activities, events and circumstances so as
not to duplicate information previously reported. These interim financial 
statements should therefore be read in conjunction with the latest 
annual financial statements.
        1.2     Basis of consolidation
        These consolidated interim financial statements have been prepared 
on the same basis as that applied for the consolidated financial statements 
for the year ended 31 December 2001. There have been no changes in the 
composition of the subsidiary companies during the current period. 


                                                 (UNAUDITED BUT REVIEWED)
        1.3     Significant accounting policies
        The interim financial statements have been prepared using the same 
accounting policies and methods of computation as were used for the 
financial statements for the year ended 31 December 2001, except for the 
accounting policy for computation of basic earnings (losses) per share which 
is calculated by dividing net earnings (losses) for the period by the number 
of shares in issue, taking into account the number of additional ordinary 
shares issued for the stock dividend. The number of ordinary shares in 
issue per the financial statements reported on has been adjusted, as the 
stock dividend has been distributed since the beginning of the reported period.
2.      TRADE ACCOUNTS RECEIVABLE 
        The outstanding balance as at 30 June 2002  and 31 December 2001 
is classified by aging based on invoice date, as follows :-
                                                     (Unit : Million Baht)

                             30 June 2002   31 December 2001
Under 30 days                  142              61
31 - 60 days                    11              14
Over 60 days                     2               3
Total                          155              78

3.      INVENTORIES
                                                     (Unit : Thousand Baht)

                             CONSOLIDATED     THE COMPANY ONLY
                         30 June  31 December   30 June  31 December
                           2002       2001       2002      2001
Raw materials             3,810      8,985      3,810       8,985
Finished goods          162,090    129,098    162,090     129,098
Spare part and supplies  38,582     39,883     34,457      35,954
Total                   204,482    177,966    200,357     174,037

                                                   (UNAUDITED BUT REVIEWED)
4.      INVESTMENTS ACCOUNTED FOR UNDER THE EQUITY METHOD 
        These represent the following investments in subsidiary companies :-
(Unit : Thousand Baht)


                             Paid up      Percentage of
      Company      Activity  capital      shareholding       Investment
                                     30 June  31 December  30 June  31 December
                             Million   2002      2001        2002     2001
                              Baht    Percent  Percent


Pathiu Plantation   Oil Palm
   Company Limited :Plantation
Acquisition cost               80        100      100      80,000  80,000
Add : Accumulated share of  profit (loss)                  13,771  (1,403)
Net                                                        93,771  78,597
Rung Ruang Palm Oil Oil Palm
Company Limited :   Plantation
Acquisition cost               70        100      100      70,000  70,000
Less : Accumulated share of profit (loss)                   1,707 (13,837)
Net                                                        71,707  56,163
Total                                                     165,478 134,760

5.      PROPERTY, PLANT AND EQUIPMENT
        The Company and its subsidiary companies have mortgaged certain 
plots of land and buildings thereon, and some machinery, with banks to 
secure credit facilities granted to the Company and  its subsidiary 
companies from those banks. The loans of the Company have also been 
guaranteed by the subsidiary companies.
        The subsidiary companies have certain land over which they 
have only occupancy rights. 

6.      BANK OVERDRAFTS AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS
        Overdraft facilities and short-term loans from banks and financial 
institutions are secured by the mortgage of fixed assets of the Company 
and the subsidiary companies, as discussed in Note 5, and by the 
guarantees of the subsidiary companies.


                                                   (UNAUDITED BUT REVIEWED)
7.      RELATED PARTY TRANSACTIONS
        During the periods, the Company had significant trading transactions 
with its subsidiary companies (which are eliminated from the consolidated 
financial statements). Such transactions, incurred in the ordinary course 
of business of the Company, are summarised below :-
                                                    (Unit : Million Baht)

                     For the three-month   For the six-month
                    periods ended 30 June periods ended 30 June  Pricing policy
                            2002  2001      2002 2001            2002    2001
Purchases of raw materials   46.3 22.1      96.3 60.5      Market price  As agreed
Sales of raw materials        5.3 0.8        9.1  2.0      Market price  As agreed
        The outstanding balances of the above transactions have been shown
as "Trade accounts receivable/payable - related parties" in the balance sheets. 

8.      LONG-TERM LOANS 
                                                 (Unit : Thousand Baht)
                                          CONSOLIDATED      THE COMPANY ONLY
                                       30 June  31December 30 June  31December
                                            2002  2001       2002    2001
Long-term loans                            83,454 91,108    83,454  91,108
Less : Current portion of long-term loans (10,000)    -    (10,000)  -
Net                                        73,454 91,108    73,454  91,108
The Company's loans from Bank of Asia Public Company Limited and UOB 
Radanasin Bank Public Company Limited are subject to interest at the Super 
Prime Rate (SPR) and the Minimum Loan Rate (MLR) minus 1.25%, respectively, 
and are repayable in monthly installments from November 1998 to September 
2004 and May 2003 to February 2006, respectively.  All loans are secured 
by guarantees provided by the subsidiary companies and the mortgage of 
some of the Company's and the subsidiary companies' land.


                                                  (UNAUDITED BUT REVIEWED)
9.      DEBENTURE
                                                    (Unit : Thousand Baht)

                              CONSOLIDATED      THE COMPANY ONLY
                           30 June 31 December 30 June 31 December
                            2002      2001       2002     2001
Debenture                  84,000      -        84,000      -
Less : Current portion 
       of debenture       (27,907)     -       (27,997)     -
Net                        56,003      -        56,003      -
        During the first quarter in 2002, the Company offered 84,000 
debentures for sale to the existing shareholders at Baht 1,000 each
in a ratio of 250 existing shares:1 debenture, in order to raise a 
total of Baht 84 million for use as working capital of the Company.  
The significant details of debentures are summarised below : -

1.      Amortising, registered, unsecured, senior debentures
2.      Coupon rate : Fixed interest rate stipulated at the date of 
issuance of debentures (MLR-2%). The MLR used is to be averaged from 
those announced by 5 major banks: Bangkok Bank, Krung Thai Bank, 
Thai Farmers Bank, Siam Commercial Bank and Bank of Ayudhya.
3.      Maturity : 3 years
4.      No trustee
5.      Principal and interest are to be redeemed every year from 
the date of issuance of debentures, with the principal to be paid 
in installments, as follows : -
1st year        :       33.33%
2nd year        :       33.33%
and 3rd year    :       33.34%


                                                (UNAUDITED BUT REVIEWED)
10.     CORPORATE INCOME TAX
        No corporate income tax was payable by the Company for the 
three-month and six-month periods ended 30 June 2002 since the Company 
has been granted privileges by the Board of Investment under the Investment
Promotion Act B.E. 2520. 
        No corporate income tax was charged on the earnings of a subsidiary 
company for the six-month period ended 30 June 2001 since it had tax loss 
brought forward from previous years in excess of net earnings for the period. 

11.     BANK GUARANTEES
        As at 30 June 2002, there were outstanding guarantees of 
approximately Baht 3.6 million (31 December 2001 : Baht 3.6 million) 
issued by banks on behalf of the Company in respect of certain performance 
bonds as required in the normal course of business of the Company.

12.     COMMITMENTS AND GUARANTEES
        As at 30 June 2002, the Company had outstanding commitments of 
approximately Baht 3.8 million (31 December 2001 : Baht 1.2 million) in 
respect of purchases of machinery and construction and had provided 
guarantees for bank overdrafts and short-term loans of its subsidiary 
companies amounting to Baht 40.3 million.

13.     FINANCIAL INFORMATION BY SEGMENT
        The operations of the Company and its subsidiary companies 
involve a single industry segment, namely, oil palm plantation and palm
oil processing.  These activities are carried on in the single 
geographic area of Thailand.  All produce of the subsidiaries' plantation
activities has been sold to the Company.  Geographical segment information
for the Company for the three-month and six-month periods ended 30 June
2002 and 2001 are as follows: -


                                             (UNAUDITED BUT REVIEWED)
                                                    (Unit : Million Baht)
                          For the three-month periods ended 30 June
                            Local sales  Export sales    Total
                            2002   2001   2002  2001  2002   2001
Sales                       363.35 226.07 66.58 49.81 429.93 275.88
Earnings from operations                              114.56  42.93
Other income                                            0.46   2.03
Expenses and interest expenses                        (57.30)(53.99)
Corporate income tax                                    0.58   2.22
Net earnings (losses)                                  58.30  (6.81)
 
                                                    (Unit : Million Baht)

                          For the six-month periods ended 30 June
                            Local sales   Export sales      Total
                            2002   2001    2002   2001   2002    2001
Sales                      693.08 452.77  101.36 87.99  794.44  540.76
Earnings from operations                                212.92   76.86
Other income                                              2.00    4.23
Expenses and interest expenses                         (115.88)(109.14)
Corporate income tax                                     (1.84)  (0.14)
Net earnings (losses)                                    97.20  (28.19)

14.     CAPITAL INCREASE AND DIVIDEND PAYMENT
        During the first quarter in 2002, the Company paid an interim 
dividend at Baht 24.19 each. Ordinary shares were issued for distribution 
of the stock dividend in a ratio of 4 existing shares : 1 dividend share. 
The cash equivalent price of the stock dividend is Baht 18.94 per share, 
which is higher than the par value of Baht 10.00 per share.  The remaining
dividend was paid in cash at a rate of Baht 5.25 per share. Additionally, 
the Company increased its capital from Baht 210 million to Baht 262.50 
million to support the stock dividend distribution, and to change the par 
value of the shares from Baht 10.00 each to Baht 1.00 each.


                                                     (UNAUDITED BUT REVIEWED)
15.     RECLASSIFICATION
        Certain amounts in the financial statements for the year 2001 were 
reclassified to conform to the current period's classifications, with no 
effect on previously reported net loss or shareholders' equity.

16.     APPROVAL OF INTERIM FINANCIAL STATEMENTS
        These interim financial statements have been approved by the 
Company's directors.




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