AIT : Annual Report 2009

SET Award √ÿªº≈∑“ß°“√‡ß‘π·≈–°“√¥”‡π‘πß“π / Summary of Financial and Operational Results

√“¬‰¥â√«¡ / Total Revenues °”‰√ ÿ∑∏‘ / Net Profit

(Àπà«¬ : ≈â“π∫“∑)

ß∫°“√‡ß‘π‡©æ“–°‘®°“√The Companyûs Financial Statements

¢âÕ¡Ÿ≈ ”§—≠∑“ß°“√‡ß‘π Financial Results 2552/2009 2551/2008 2550/2007

√«¡ ‘π∑√—æ¬å Total Assets 1,944.26 1,691.49 1,269.42

√«¡Àπ’È ‘π Total Liabilities 913.79 813.97 459.77

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Total Shareholdersû Equity 1,030.47 877.52 809.65

√«¡√“¬‰¥â Total Revenues 3,876.51 3,324.86 1,646.60

√«¡§à“„™â®à“¬ Total Expenses 3,444.26 2,998.57 1,482.11

°”‰√ ÿ∑∏‘ ”À√—∫ªï Net Profit 311.04 217.87 94.81

°”‰√μàÕÀÿâπ¢—Èπæ◊Èπ∞“π (∫“∑) Basic Earning per share (Baht) 5.16 3.63 1.58

°”‰√μàÕÀÿâπª√—∫≈¥ (∫“∑) Diluted Earnings per share (Baht) 5.04 3.58 1.56

®”π«πæπ—°ß“π (§π) Total Number of Employees (persons) 246 245 227

Õ—μ√“ à«π∑“ß°“√‡ß‘π Financial Ratios 2552/2009 2551/2008 2550/2007

Õ—μ√“ à«π ¿“æ§≈àÕß (‡∑à“) Liquidity Ratio (Times) 2.00 1.89 2.12

Õ—μ√“°”‰√¢—Èπμâπ (%) Gross Profit Margin Ratio (%) 23.12 21.36 25.94

Õ—μ√“°”‰√ ÿ∑∏‘ (%) Net Profit Margin (%) 8.02 6.55 5.76

Õ—μ√“ à«πÀπ’È ‘πμàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) 0.89 0.93 0.57

Debt to Equity Ratio (Times)

(Unit : Mb.)

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Board of Directors 6

Executive Board 7

Message from the Chairman of the Board

of Directors and the President 8

Report of the Audit Committee 10

Details of the Companyûs Management 12

Change in Directorsû Shareholding Report for

the Year 2009 18

Details Position Titles of Directors and Managements 19

Details about Companyûs Securities 20

General Information of the Company and Its

Subsidiaries 21

Major Shareholders 22

Dividend Policy & Significant Events in 2009 23

Get to Know the Business of Advanced

Information Technology Public Company Limited 24

Competition in the Industry 29

Risk Factors 32

Management Structure 35

Corporate Governance Policy 43

Use of Inside Information 50

Internal Control and Internal Audit 52

Related Transactions 53

Board of Directorsû Responsibility for

Financial Reporting 55

Auditorûs Report & Financial Statement 56

Relationship with Investors 100

Other References 101

Corporate Social Responsibility : CSR 102

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Annual Report 20092

We are committed to continuouslyimprove the way telecommunication

technology is used

We keep innovating the way networks aredesigned and implemented.

Annual Report 20092

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Connect EverythingDeveloping borderless networks

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Annual Report 20094

Connect Everyone

Understand every customers needs to ensurehighest level of satisfaction

Annual Report 20094

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Connect to the Communityand Environment

Contribute towards the societyûs betterment

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Annual Report 20096

Board of Directors

Mr. Thana ChaiprasitChairman of the Board

Mr. Pongtep PolanunVice Chairman of the Board

Independent DirectorAudit Committee

Mr. Kittisak SopchokchaiDirector

Mr. Suraporn RaktaprajitDirector

Mr. Chatchai YenbamroongIndependent Director

Mr. Kijja LaoboonchaiDirector

Mr. Chodiwat DuntanasarnDirector

Mr. Pisak CharudilakaDirector

Mr. Chokechai TanpoonsinthanaChairman of the Audit Committee

Independent Director

Mr. Voravit WattanakuljarusCompany Secretary

Mr. Sripop SarasasIndependent DirectorAudit Committee

Mr. Siripong OontornpanPresidentDirector

Annual Report 20096

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Executive Board

Mr. Siripong OontornpanPresident

Mr. Kijja LaoboonchaiExecutive Senior Vice President - Sales and Marketing

Mr. Suraporn RaktaprajitExecutive Senior Vice President - Finance

Mr. Asawin KangwolkijExecutive Senior Vice President - Corporate Strategy

Mr. Veerachai ChandranipapongseExecutive Senior Vice President - Customer Service

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Annual Report 20098

Mr. Thana Chaiprasit

Chairman of the Board

Mr. Siripong Oontornpan

President

Message from the Chairman of the Boardof Directors and the President

Dear Shareholders,

Subsequent to the outburst of the sub-prime mortgage crisis in theUnited States or the hamburger crisis which created a global economicdownturn and the Dubai Worldûs financial crisis of which the impact on worldeconomy is still indefinite, 2009 turned out to be the year that thegovernments of various countries realized the importance of the economiccrisis. Series of measures were announced to seriously tackle the effects onan ongoing basis. The situation prompted many countries to undertake theirown stimulus program starting in 2009, particularly a huge injection ofgovernment spending to push the economy towards higher employment andincome which will in turn resulted in spending and money circulation in thesystem. Similarly, in Thailand the government has come up with different formsof economic stimulus plan, including Strong Thailand Project worth 1.56 trillionBaht. Among other initiatives, such program aims to help near-term economicrecovery to return to normal or at least not worst off.

The economic stimulus packages announced by various countries aroundthe world including Thailandûs have had a positive impact on Thai Economy,particularly in the forth quarter of last year which also indicated an improvingtrend for 2010. Thai Economy should benefit from the stimulus plan if thegovernment continues to carry out the proposed measures by expediting thebudget disbursement for projects under Strong Thailand Policy to get resultsfaster. Hence, Thai Economy is supposed to return to normal or close tonormal in 2010. Nonetheless, private investment is still at high risk from theeffect of world economic fluctuations on Thai Economy. Besides, no imminentend is in sight to the domestic political conflict, the causes of governmentinstability.

Advanced Information Technology Public Company Limited has beenaware of such circumstance and therefore managed our business with utmostcautious and wisdom. Marketing-wise, the Company emphasizes on thegovernment sector, which has low risk and carries on large budgets for variousmega projects, especially for projects under Strong Thailand Policy that willbecome more apparent this year. As a consequence, the Company was able tosuccessfully survive through economic crisis and even generate performancegrowth as targeted both in terms of revenue and profit. In 2009, the Companyreported total revenues of 3,876.51 million Baht, an increase of 551.65 millionBaht (16.59%) from 2008ûs total revenues of 3,324.86 million Baht.

Annual Report 20098

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The net profit in 2009 was 311.04 million Baht, an increase of 42.76%compared to 217.87 million Baht in 2008. The earnings per share in 2009equaled to 5.16 Baht, an increase of 42% from 3.63 Baht in 2008. Meanwhilethe Company has backlog contracts with undelivered sales or services as at 31December 2009 of 1,696 million Baht, comparing to 904 million Baht in 2008.Last year, the Company was selected as the winner of the Best PerformanceAwards at the SET Awards 2009 organized by the Stock Exchange of Thailand.

As for the year 2010, economic still plays an important role on theCompanyûs operating performance. Nonetheless, taking into considerationcontinuous change in the technology coupled with the governmentûs approvedbudget and clear economic stimulus policy, these factors should produce apositive impact on the operating performance of the Company as major part ofthe revenue derives from the government sector. Besides, the Company hasbacklog revenues to realize this year. The Company is thus confident to seegrowth in the operating performance this year.

In terms of corporate governance, the Company has always beenemphasizing on the importance of such principle. The Company stronglybelieves that good governance relies on good management system,transparency and responsibility concerning various stakeholders, includingshareholders, investors and customers. Clear roles and responsibilities of eachcommittee were established in accordance with the Stock Exchange of Thailandûsguidelines. Moreover, the Company has fine-tuned a framework in which thecompany uses to conduct shareholderûs meetings to ensure that shareholdersare sufficiently informed with accurate information.

On behalf of the Chairman of the Board of Directors and the President, wewould like to express our sincere appreciation towards confidence and supportfrom shareholders, investors, financial institutions, strategic partners andcustomers as well as the management team and every employee for theirdedication to the Company. Their wisdom, contribution, patience and honestyare revealed for success of the Company. The Company is making a strongcommitment to manage the business in a professional manner for sustainablegrowth based on good corporate governance principle to respond to customerneeds while at the same time develop the society at large.

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Annual Report 200910

Mr. Chokechai Tanpoonsinthana

Chairman of the Audit Committee

The Audit Committee of Advanced Information Technology PublicCompany Limited consists of 3 independent directors who are in full compliancewith requirements of the Securities and Exchange Commission, namelyMr. Chokechai Tanpoonsinthana, Mr. Pongtep Polanun and Mr. Sripop Sarasas.The Audit Committee was appointed by the Board of Directors ResolutionNo. 2 / 2009 on April 21, 2009 and shall serve as directors for the terms of3 years with the duties and responsibilities as defined in çAudit CommitteeCharteré approved by the Board of Directors Resolution No. 2 / 2009 on April 21,2009 which complies with guidelines and best practices for Audit Committeeof the Stock Exchange of Thailand.

The Audit Committee has duties under the scope of duties andresponsibilities in the mission assigned by the Board of Directors to oversee theoperations of the company in order to ensure that the executives and theexecutive directors have performed their duties with honesty, responsibility andmanaged affairs of the company according to its policy.

In 2009 the Audit Committee has five meetings in which there was ameeting with the auditor without the company representatives attended andthe other four meetings with executives, auditors and internal auditors asappropriated. The principal activities can be summarized as follows.

1. Review quarterly and annual financial statements prior to presenting tothe Board of Directors. The Audit Committee has asked and listened tothe explanation from the management and auditor for the accuracy andcompleteness of the financial statements, the adequacy of disclosures,events after the balance sheet date and accounting adjustmentsignificantly affecting the financial statements in order to ensure thatthe financial statements are prepared in accordance with legal requirmentsand generally accepted accounting principles. Accounting standards andfinancial statements are accurate and reliable as well as disclosures forfinancial statements are adequately and timely prepared for the benefitof investors or users of the financial statements.

2. In reviewing the internal control system evaluation, the Audit Committeehas reviewed and commented on the audit report of 2009 with regardsto the control system of acquisition and outsourcing provider, fixedassets control, budget management control, information systemcontrol-processing by computer, account receivable control and humanresources management control-training for staffs. The Audit Committeeis of the opinion that the company has adequate and suitable internalcontrols in the acceptable criteria.

Report of the Audit Committee

Dear Shareholders,

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3. In each meeting, the Audit Committee has considered comments regarding compliance with thelaw of Securities and Exchange Commission, regulations of the Stock Exchange ofThailand or other laws relating to its business. The review on its operations in the year 2009showed no past issues of substance in non-compliance with the Securities and ExchangeLaw, regulations of the Stock Exchange of Thailand, or other laws relating to its business.

4. The Audit Committee has determined, selected, nominated and recommended compensation for2010 annual external auditor and presented to the Board of Directors for final approval by theGeneral Meeting of Shareholders in 2010. The Audit Committee has considered performance,independence and appropriate compensation and, thus , has nominated Ms. Thipawan Nananuwat,certified auditor licensed No. 3459 or Mr. Supachai Phanyawattano, certified auditor licensed No.3930 or Ms. Chonlaros Suntiasvaraporn, certified auditor licensed No.4523 on behalf of Office ofErnst & Young as auditor(s) of the company in 2010 due to following reasons:

� Standards of good work. Expertise in auditing and perform well consistently.

� Office of Auditor and the auditor(s) as proposed in the above list have no relationship orinterest with the companyûs executives, major shareholders and related persons to companyûsexecutives and major shareholders, therefore, the proposed auditor(s) and office of theauditor is independent in auditing and reviewing of the financial statements of the company.

5. The Audit Committee has considered and commented on transactions that may have conflictsof interest and related party transactions. In 2009 the company had hired a close relative of themanagement to be a marketing consultant for three-month period for a total fee of 120,000baht. The Audit Committee is of the opinion that this was a regular hiring and management ofthe company has clarified that the company gained benefits from this hiring. The connectedtransactions are reported in the notes to the financial statements audited by the auditor. Themajority of the transactions between the company and subsidiary were normal commercialtransactions.

6. The Audit Committee has performed the full scope of authority set forth in the Charter of theAudit Committee in compliance with the Securities and Exchange Law and regulations of theStock Exchange of Thailand.

7. In 2009 the results of the subsidiary companies are as follows:

� Maple Plus Company Limited has registered capital of 20 million baht with paid-up of 50per cent and the company owns 55 percent. The end-year performance in 2009 alsoshowed a loss of 2.89 million baht and accumulated losses at yearend 2009 showed totalof 6.80 million baht.

� BANC Serve (Thailand) Co., Ltd. has registered capital of 10 million baht with paid-up in fullvalue and the company holds a 80 percent. Its performance is off the target with lossincurred since its operation. The Audit Committee has proposed to the Executive Board toconsider termination of its business and it had completely closed down in December 2009.8 million baht was recorded in Profit and Loss Statement from this closing down.

The Audit Committee is of the opinion that the operations of the company for the accountingperiod from 1 January 2009 to 31 December 2009 has been under appropriate internal control andaudit. The financial reports are accurate, complete and reliable in compliance with laws, rules andregulations related to the companyûs business, including correct disclosure to regulators that areconsistent with good corporate governance, transparent and reliable.

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Mr. Thana Chaiprasit

Chairman of the Board

Age 55

Educational Background● Ph.D. Doctor of Philosophy (Honorary), Education

Ramkamhaeng University● MINI MBA, Thammasart University● Honorary Doctorate Degree in Business

Administration (General Management),

Chandrakasem Rajabhat University● The National Defense College

(the combination of military officers and civilians)

NDC 388

% Shareholding 1.25

Personal Relationship with the Management -

Illegal record in the past -

Work Experience (Over the Past 5 Years)● Present Chairman of the Board

Advanced Information Technology Plc.● Present Chairman of the Board

Siam Glass Industry Co., Ltd.● Present Chairman of the Board

Thanarom Co., Ltd.● Present Chairman of the Board

Adamas Incorporation Plc.● Present Deputy Chairman of the Board

Osotspa Co., Ltd.● Present President

Osotspa Insurance Co., Ltd.● Present Associate Judge

Central Labour Court● Present Director

International Table-Tennis Federation● 2007 Management Director

SEA Games # 24 and

ASEAN Para Games # 4

Details of the Companyûs Management

Mr. Siripong Oontornpan

Authorized Director / Chairman of

the Management Committee /

President / Remuneration Committee

Age 56

Educational Background

● Master of Science (Computer Science),

Western Michigan University - USA

● Bachelor of Electrical Engineering,


● DCP 36/2003

● National Defense College 2004

% Shareholding 10.00

Personal Relationship with the Management

Spouse of Mrs. Netnapit Oontornpan


Work Experience (Over the Past 5 Years)

● 1993-Present Director Recruitment &

Remuneration Committee/

Chairman of the Management

Committee/President

Advanced Information Technology Plc.

● 2009-Present President

Thai Senior Professional Golfers

Association


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Mr. Chokechai Tanpoonsinthana

Independent Director /


Age 61

Educational Background● MBA (Quantitative Analysis & Finance),

University of Wisconsin - USA● Master of Science (Civil Engineering),

University of Wisconsin - USA● Bachelor of Engineering, Chulalongkorn University● DCP 3/2000● ACP 28/2009● MIA 6/2009● MIR 7/2009● MFM 1/2009

% Shareholding -



Work Experience (Over the Past 5 Years)● 2003-Present Independent Director/


Advanced Information Technology Plc.● 2008-Present Chairman of the Audit Committee

United Securities Plc.● 2005-Present Independent Director/

Audit Committee

United Securities Plc.● 2000-Present Independent Director/

Audit Committee

Thai Stanley Electric Plc.● Oct 2007-Present Audit Committee/



Thai Agro Energy Plc.

Fixed Income Market Development

The Stock Exchange of Thailand● 2005-Dec 2006 The Stock Exchange of Thailand

Mr. Pongtep PolanunVice Chairman of the Board /Chairman of the Recruitment &

Remuneration Committee /Independent Director / Audit Committee

Age 55


● MBA (Finance), Sasin Graduate Institute

of Business Administration

● MBA (Management), Sasin Graduate Institute

of Business Administration

● Bachelor of Economics,

Thammasat University

● DAP 36/2005

% Shareholding 0.15




● Present Vice Chairman of the Board/

Chairman of the Recruitment &


Independent Director/ Audit Committee


● Present Director

Phatra Securities Plc.

● Present Advisor

The Royal Ceramic Industry Plc.


Krungthai Bank Plc.

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Mr. Sripop Sarasas

Independent Director /

Audit Committee / Recruitment &

Remuneration Committee

Age 52


● MBA, University of Southern California - USA

● Bachelor of Medical Technology,

Chulalongkorn University

● Diploma, Thai Institute of Directors,

● Certificate, Thai Institute of Directors, DCP 22/2002

● Certificate, Audit Committee Program, ACP 1/2004

% Shareholding -




● Present Independent Director/ Audit Committee/

Recruitment & Remuneration Committee


● Present Director/


Samittivej Hospital Plc.

● Present Director/ Audit Committee

The Royal Ceramic Industry Plc.


Bangkok General Hospital Plc.


Livingland Capitol Plc.


Kietthana Logistics Plc.

● Sep 2003-Aug 2007 President/ CEO

Krungthai Asset Management Plc.

Mr. Suraporn RaktaprajitAuthorized Director /Management Committee /Recruitment & RemunerationCommittee / Executive Senior VicePresident - Finance

Age 54


● Master Degree in Economics,

Syracuse University - New York, USA

● Bachelor of Economics,

The American University - Washington D.C., USA

● DCP 35/2003

% Shareholding 2.72




● Present Authorized Director/

Management Committee/ Recruitment &


Executive Senior Vice President - Finance



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Mr. Kijja Laoboonchai

Authorized Director /Management Committee /

Executive Senior Vice President -Sales and Marketing

Age 50

Educational Background● Master Degree in Industrial & System, Engineering

Ohio University - USA● DCP 36/2003● Bachelor of Engineering, Chulalongkorn University

% Shareholding 1.09

Personal Relationship with the Management -Illegal record in the past -

Work Experience (Over the Past 5 Years)● 1994-Present Authorized Director/

Management CommitteeExecutive Senior Vice President -

Sales and Marketing


Mr. Kittisak Sopchokchai

Director / Recruitment &

Remuneration Committee

Age 54


● Bachelor of Economics, Thammasat University

● DAP 54/2006

% Shareholding -




● Present Director/ Remuneration Committee


President Sureetriboon Holding Co., Ltd.

President Movinglink (Thailand) Co., Ltd.

Director Oaktree Co., Ltd.

Director K S P Square Co., Ltd.

● 1997-Present Director

Movie Group Holding Co., Ltd.


Audio Engineering Service Co., Ltd.


Digital Control Co., Ltd.


Sound and Communication Co., Ltd.

Vichai Trading (1983) Co., Ltd.

Mr. Chatchai Yenbamroong


Age 52Educational Background

● Master Degree in Journalism (Newspaper Major),

Northwestern University - USA● Bachelor of Political Science,

Thammasat University% Shareholding 0.52

Personal Relationship with the Management -Illegal record in the past -

Work Experience (Over the Past 5 Years)● Present Independent Director


Oct 2009-Present Management CommitteeNorthern Gulf Oil (Thailand) Co., Ltd.

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Mr. Pisak CharudilakaDirector


● Master Degree in Political Science,Ramkamhaeng University

● Bachelor of Laws, Ramkhamhaeng University● DAP 67/2007

% Shareholding -Personal Relationship with the Management -Illegal record in the past -Work Experience (Over the Past 5 Years)

● Present DirectorAdvanced Information Technology Plc.

● 2005-Present Station ManagerRegion 2 Office, The CustomDepartment

Mr. Chodiwat DuntanasarnDirector / Senior Vice President


● Master Degree in Marketing, Wagner College - USA● Bachelor of Business Administration,

Assumption University● DCP 72/2006

% Shareholding 4.55Personal Relationship with the Management -Illegal record in the past -Work Experience (Over the Past 5 Years)

● Present DirectorAdvanced Information Technology Plc.

● 1995-Present Senior Vice PresidentSales Department,Advanced Information Technology Plc.

Mr. Veerachai Chandranipapongse

Vice President - Customer Service

Age 59


● Master Degree in Electrical Engineering,

Michigan State University - USA

% Shareholding 0.08




● 2004-Present Executive Senior Vice President -

Customer Service Advanced

Information Technology Plc.

Mr. Asawin Kangwolkij

Vice President -Corporate Strategy

Age 47


● Master Degree in Economics,


% Shareholding -




● Present Executive Senior Vice President -

Corporate Strategy Advanced

Information Technology Plc.

● 1992-2006 Managing Director

Cisco Systems Thailand


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Mr. Kittipan Kannikathananont

Senior Vice President

Age 51


● MBA (Management), Bangkok University

% Shareholding -





Maple plus Co., Ltd.

● 2003-Present Senior Vice President -

Project Management


Mr. Chumkiat Laoseriwatanakul


Age 43


● Bachelor of Computer Engineering,

Chulalongkorn University

% Shareholding -






● 1994-Present Senior Vice President-Marketing


Ms. Sureerat Prachayanukul


Age 37


● Master Degree in Accountancy,

Thammasat University

% Shareholding -






● 2003-Present Senior Vice President -

Financial Controller


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Change in Directorsû Shareholding Report for the Year 2009Ordinary Shares

Name Position AIT (1) Maple Plus (2) Banc Serve(3)

2009 2008 2009 2008 2009 2008

1. Mr. Thana Chaiprasit Chairman of the Board 1.25 1.25 - - - -

2. Mr. Siripong Oontornpan Managing Director Recruitment & 10.00 10.00 - - - -

Remuneration Committee member, CEO

3. Mr. Chokechai Tanpoonsinthana Independent Director and Chairman - - - - - -

of the Audit Committee

4. Mr. Pongtep Polanun Vice Chairman of the Board, Chairman 0.15 - - - - -

of the Recruitment & Remuneration

Committee, Independent Director

and Audit Committee

5. Mr. Sripop Sarasas Independent Director, Audit Committee - - - - - -

and Recruitment & Remuneration Committee

6. Mr. Suraporn Raktaprajit Director, Recruitment & Remuneration 2.72 2.72 1 Share 1 Share - -

Committee

7. Mr. Kijja Laoboonchai Director 1.09 1.09 - - - -

8. Mr. Chatchai Yenbamroong Independent Director 0.51 1.42 - - - -

9. Mr. Kittisak Sopchokchai Director, Recruitment & Remuneration - - - - - -

Committee

10. Mr. Pisak Charudilaka Director - - - - - -

11. Mr. Chodiwat Duntanasarn Director 4.55 4.55 1 Share 1 Share - -

12. Mr. Veerachai Chandranipapongse Executive Senior Vice President - 0.08 0.08 - - - -

Customer Service

13. Mr. Asawin Kangwolkij Executive Senior Vice President - - - - - 1 Share 1 Share

Corporate Strategy

14. Mrs. Netnapit Oontornpan Senior Vice President - Corporate Affairs 0.51 0.51 - - - -

15. Mr. Metta Charuchinda Senior Vice President - President Office 0.01 0.04 - - - -

16. Mr. Somchai Vibhubhinyo Senior Vice President - Advanced Technology - - - - - -

17. Mr. Kittipan Kannikathananont Senior Vice President - Project Management - - - - - -

18. Mr. Narachet Chattrathitipan Senior Vice President - Government Sales - - - - - -

19. Mr. Chumkiat Laoseriwatanakul Senior Vice President - Marketing - - - - - -

20. Mr. Supat Dulyakupt Senior Vice President - Technical Support 0.07 0.07 - - - -

21. Mr. Kriengkrai Nisyant Senior Vice President - Business Development 0.38 0.36 - - - -

22. Mr. Ralf Hundertmark Senior Vice President - Business Development - - - - - -

23. Mr. Ongard Harntaweesompone Senior Vice President - Telecom Sales - - - - - -

24. Mr. Putthi Thamrongsiriwat Senior Vice President - Customer Services - - - - - -

25. Ms. Sureerat Prachayanukul Senior Vice President - Financial Controller - - 1 Share 1 Share 1 Share 1 Share

26. Mr. Voravit Wattanakuljarus Senior Vice President - Company Secretary - - - - - -

(1) AIT : Advanced Information Technology Public Company Limited Unit: %(2) Maple Plus : Maple plus Co., Ltd. Total shares 200,000 Shares(3) Banc Serve : BANC Serve (Thailand) Co., Ltd. Total shares 100,000 Shares

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Details Position Titles of Directors and ManagementsBANC Serve

Maple plus (Thailand)

Name Advanced Information Co., Ltd. Co., Ltd.

Technology Plc. (Subsidiaries) (Subsidiaries)

1. Mr. Thana Chaiprasit Chairman of the Board

2. Mr. Siripong Oontornpan Director, Managing Director and

Executive Director

3. Mr. Chokechai Tanpoonsinthana Chairman of the Audit Committee

and Independent Director

4. Mr. Pongtep Polanun Vice Chairman of the Board, Audit Committee

and Independent Director

5. Mr. Sripop Sarasas Audit Committee and Independent Director

6. Mr. Suraporn Raktaprajit Director, Executive Senior Vice President Director

7. Mr. Kijja Laoboonchai Director, Executive Senior Vice President

8. Mr. Chatchai Yenbamroong Independent Director

9. Mr. Kittisak Sopchokchai Director

10. Mr. Pisak Charudilaka Director

11. Mr. Chodiwat Duntanasarn Director and Senior Vice President

12. Mr. Veerachai Chandranipapongse Executive Senior Vice President - Customer Services

13. Mr. Asawin Kangwolkit Executive Senior Vice President - Corporate Strategy Director

14. Mrs. Netnapit Oontornpan Senior Vice President - Corporate Affairs

15. Mr. Metta Charuchinda Senior Vice President - President Office

16. Mr. Somchai Vibhubhinyo Senior Vice President - Advanced Technology Director

17. Mr. Kittipan Kannikathananont Senior Vice President - Project Management Director

18. Mr. Narachet Chattrathitipan Senior Vice President - Government Sales

19. Mr. Chumkiat Laoseriwatanakul Senior Vice President - Marketing Director

20. Mr. Supat Dulyakupt Senior Vice President - Technical Support

21. Mr. Kriengkrai Nisyant Senior Vice President - Business Development

22. Mr. Ralf Hundertmark Senior Vice President - Business Development

23. Mr. Ongard Harntaweesompone Senior Vice President - Telecom Sales

24. Mr. Putthi Thamrongsiriwat Senior Vice President - Customer Services

25. Ms. Sureerat Prachayanukul Senior Vice President - Financial Controller Director Director

26. Mr. Voravit Wattanakuljarus Senior Vice President - Company Secretary


Details about Companyûs SecuritiesIssuer : Advanced Information Technology Public Company Limited

Ticker : çAITé

First Listing Date : 30 July 2003

Market Capitalization : 1,499.05 million Baht (As of 15 January 2010)

Registered Capital : 345,000,000 Baht

Paid-up Capital : 303,451,325 Baht

Number of Shareholders : 1,677 (As of 28 August 2009)

% Free Float : 54.33% (As of 24 March 2009)

Type of Business : Relating to the information and communications technology, including the

maintenance and the development of work-system program

Head Office : 37/2 Suthisarnvinijchai Road, Samsennok, Huay Kwang, Bangkok 10320

Companyûs Registration # : 0107546000067

Tel : 0-2275-9400

Fax : 0-2275-9100 and 0-2275-9200

Website : www.ait.co.th

The Auditor

1. Ms. Thipawan Nananuwat, CPA License Number 3459 and/or

2. Mr. Supphachai Phanyawatthano, CPA License Number 3930 and/or

3. Ms. Siraporn Ouaanunkun, CPA License Number 3844

Ernst and Young Office Limited

33rd Floor, Lake Ratchada Office Building,

193/136-137, New Ratchadaphisek Road, Klongtoey, Bangkok 10110

Tel: 0-2264-0777 Fax: 0-2264-0789-90

The Securities Registrar

Thailand Securities Depository Company Limited

4th and 6th-7th Floor, The Stock Exchange of Thailand Building,

Ratchadaphisek Road, Klongtoey, Bangkok 10110

Tel: 0-2359-1200 Fax: 0-2359-1259

Capital Market Academy Building, The Stock Exchange of Thailand

2/7 Moo 4 (Northpark Project),

Vibhavadi-Rangsit Road, Thung Song Hong, Laksi, Bangkok 10210

Tel: 0-2596-9000 Fax: 0-2832-4994-6

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General Information of the Company and Its SubsidiariesRegistered Par Value Paid-up

Capital per Share Capital %

Company Type of Business (Baht) (Baht) (Baht) Shareholding

Advanced Information Technology Provision of complete ICT solutions, 345,000,000 5 303,451,325 -

Public Company Limited from product supply and applications

37/2 Sutthisarnvinijchai Road, over turnkey projects to service

Samseannok , Huay Kwang, contracts and outsourcing schemes

Bangkok 10320

Subsidiaries

Maple plus Co., Ltd. Sell and install computer, software 20,000,000 100 10,000,000 55

448 Order House Building, and communication equipments

5(3) Floor, Ratchadaphisek Road,

Samseannok , Huay Kwang,

Bangkok 10320

BANC Serve (Thailand) Co., Ltd.* Sell and install computer and 10,000,000 100 10,000,000 80

37/2 Sutthisarnvinijchai Road, communication equipments

Samseannok, Huay Kwang,

Bangkok 10320

* Boardûs resolution No. 5/2009 dated 10 November 2009 had approved the liquidation of BANC Serve (Thailand) Co., Ltd.

Shareholding Structure of the Company

Maple plus Co., Ltd BANC Serve (Thailand) Co., Ltd. 1)

55% 80%

1) The Company has registered for liquidation with the Ministry of Finance on 16 December 2009

Advanced Information Technology Public Company Limited

(AIT)


Major ShareholdersTop 10 major shareholders as of the latest book closing date as of 28 August 2009

Shareholder No. of Shares %

1. The Oontornpan Group* 10,580,624 17.632. Thai NVDR Company Limited 5,101,900 8.50

3. Mrs. Kingporn Sopchokchai 3,741,400 6.244. The Duntanasarn Group* 2,781,500 4.64

5. Citibank Nominees Singapore PTE Ltd. - UBS AG London Branch-NRBS IPB Client SEG 2,586,900 4.316. Mr. Boonkiat Uesudkij 2,584,350 4.31

7. The Raktaprajit Group* 2,241,822 3.748. Mrs. Kanokwan Phusi 1,670,000 2.789. The Charudilaka Group* 1,348,750 2.25

10. Brooker Capital Company Limited 843,400 1.41Other Shareholders 26,519,354 44.20

1. The Oontornpan Group comprises of


1. Mr. Siripong Oontornpan 6,000,540 10.002. Ms. Sasinet Oontornpan 2,224,500 3.71

3. Mr. Sina Oontornpan 795,000 1.334. Ms. Sasinang Oontornpan 600,750 1.00

5. Ms. Saowaluck Oontornpan 425,850 0.716. Mrs. Netnapit Oontornpan 308,250 0.517. Mr. Surathep Oontornpan 225,734 0.38

Total 10,580,624 17.63

2. The Duntanasarn Group comprises of


1. Mr. Chodiwat Duntanasarn 2,731,500 4.552. Mr. Anupong Duntanasarn 50,000 0.08

Total 2,781,500 4.64

3. The Raktaprajit Group comprises of


1. Mr. Suraporn Raktaprajit 1,634,625 2.72

2. Ms. Thippayachat Raktaprajit 603,197 1.013. Ms. Passara Raktaprajit 4,000 0.01

Total 2,241,822 3.74

4. The Charudilaka Group comprises of


1. Mrs. Soyson Charudilaka 1,338,750 2.23

2. Ms. Apiporn Charudilaka 10,000 0.02Total 1,348,750 2.25

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Significant Events in 2009● The Board of Directorsû meeting no. 5/2009 dated 10 November 2009 passed a resolution to liquidate BANC

Serve (Thailand) Co., Ltd. with a registered capital of 10 million Baht (the Company holds 80% stakes) as there

were no trade transactions since 2008. This insolvency did not have an impact on the Companyûs operations.

● The Company won the Best Performance Awards 2009 in the category of listed companies with less than

10,000 million Baht of market capitalization. Besides that, Mr. Siripong Oontornpan, the companyûs CEO, was

also one of the nominees for the Best CEO Award 2009 organized by the Stock Exchange of Thailand on 13

November 2009 at the Royal Paragon Hall, 5th Floor, Siam Paragon

Dividend PolicyThe Companyûs dividend payout ratio is not less than 40% of net profit in case there is no other necessary

obligation to this amount of money and the dividend payout must not materially affect normal business operation of

the Company.


Get to Know the Business of Advanced Information Technology PublicCompany Limited

AIT is the leading provider of fully integrated information and communication technology services ranging from

product supply and applications over turnkey projects to service contracts and outsourcing schemes in both the

private and the public sector. Our goal is to be your strategic partner with the knowledge and experience to help you

to achieve your desired business outcomes and to improve business performance through the implementation of

clever ICT solutions.

AIT will help protect an organizationûs investment in hardware, software and training and enable it to fully realise

the technological and business potential of its IT systems.These holistic solutions that often combine new products

and technologies are targeted to accommodate our customers businessûs needs today and in future. Examples

include:

Infrastructure Consolidation Solutions

Collaboration Solutions

The times in which servers were massive large machines are certainly

over. Today, we are discussing costs cooling, power and space as part

of tge equation. Modern server technology complimented by advances

in network bandwidth and security measures allows us to widly discuss

the advantages of off-premise computing or data centers. Economy of

scale is what is mainly behind this. Do more with less. As servers get

larger in terms of capacity we can consolidate more systems and data

on a single physical server and wirh that reduce energy and space costs

as well as reduced server administration requirements

● Server Consolidation

● Data Center Virtualization

● Storage Networking

● Security

Are fully intefrated business communication systems, that cone in a

new unified format. No matter if you are working from home from your

office of while on the way to the next conference - our collaboration

solutions will enable you to stay in touch with your business at all times

and as only one result, decisions can be made a lot faster.

● Conferencing

● Customer Care

● IP Communications

● Mobile Applications

● Telepresence

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Overall Business Operations

Advanced Information Technology Public Company Limited (the çCompanyé or çAITé) is one of Thailandûs leading

system integrators and ICT solution provider with 17 years of experiences. The Company operates in the information

and communication technology segment and offers services including design, system installation, and sales of various

equipment. The Company has many large, well-known strategic partners within the information and communication

technology industry. Currently, strategic partners of the Company include Cisco Systems, AMP, 3COM, Hewlett

Packard, SUN Micro System, Oracle and many more.

As the ICT Solution Provider, the Company also provides maintenance and application development services as

well as outsourcing services. Furthermore, the Company has invested in one subsidiary company.

Maple plus Co., Ltd. : The objective of establishing this company is to provide service particularly for the

Geographic Information System (GIS) business.

Maple plus Co., Ltd. has 20 million Baht of registered capital with the following shareholding

structure.

Applications

55% 45%

Advanced Information

Technology Plc.

Maple plus Co., Ltd. /

Registered Capital of 20 million Baht

Currently, Maple plus Co., Ltd.ûs key customers include TOT, Provincial Waterworks Authority and the

Department of Land.

Applications are still the key to improvements off business

processes and with that corporate results. Our applications deliver

business benefits within time and budget.

● Geographic Information Systems

● Enterprise Resources Planning Systems

● Call Center Solutions

The Experienced Persons in Geographical

Information System (GIS)


Revenue Structure of Advanced Information Technology Plc.

2009 2008 2007

Million Baht % Million Baht % Million Baht %

1. Sales and services revenues 3,843.12 99.14 3,190.32 95.95 1,396.50 84.81

2. Rental revenues 27.78 0.72 110.89 3.34 241.64 14.68

3. Others 5.61 0.14 23.65 0.71 8.45 0.51

Total 3,876.51 100.00 3,324.86 100.00 1,646.59 100.00

Business ObjectivesThe Companyûs business objectives for the year 2009 were determined as follows:

1. Continuously maintain and sustain significant customer base namely TOT, CAT, government agencies or

state own enterprises and corporate entities.

2. Enlarge the customer base and prioritize the customers to ensure that customers in each level receive

highest satisfaction from using products and services of the Company.

3. Develop strategy and long-term strategic plan as well as identify key performance indicators, which allow

the performance evaluation in various operational functions.

4. Increase business partners to enhance business stability.

5. Enhance operating efficiency to accommodate the expansion of services, including the establishment of

regional service centers and intranet network for the communication within the organization.

6. Develop work procedures to enhance efficiency to maximize the overall benefits without the need to

increase any budget

7. Improve human resource efficiency to better serve and response to customersû demands

8. Increase corporate social responsibilities (CSR).

Business Objectives for the Next 3-5 years

Although the information and communication technology industry is on the growing trend, the uncertainty of

the Companyûs revenue which depends solely upon project revenues makes the Management Team fully aware and

planned to increase service revenue. Project revenue will continue to grow as the economy expands whereas service

revenue will grow systematically in the next 3 years. Such services, including training, maintenance, smart office for

small office and home office and data center, will seriously become more evidenced in the near future. As a result

of increasing service revenue, it will ensure revenue stability for the Company.

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Nature of Business OperationsThe Company operates the information and communication technology business, which comprises of networking

system, computer system and communication system. Nature of its business operations covers as followed:

1. Sales and services of hardware and equipments for networking system, computer system and

communication system.

The Company is a distributor of hardware and equipment for networking systems, computer systems and

communication systems, including the sale of software and the development of application software. The

Company may either sell hardware and some equipment only or provide total solution services ranging

from consultation, design, installation, testing and training to cover all types of businesses from small

companies to large enterprises. The Company analyzes the customersû requirements and executes

marketing strategies to create awareness for its products and services including the arrangement of

training seminars to provide product details and services that best suit each customer group.

The design and installation of network system can range from hundred thousand Baht to hundredûs

of millions of Baht and cover various project periods from 3 months to 12 months and longer. After the

installation period is completed, the Company also provides after sale services to professionally maintain

and support the whole system during the warrenty period. However, after such period, the customer may

choose to hire the Company to provide ongoing maintenance service.

At present, the Company is the distributor of the following products:

1. Information network equipment from Cisco Systems, 3COM, AMP and Tyco Electronics

(Thailand) Ltd.

2. Computer equipment from Hewlett Packard, Sun Micro System IBM, and ACER

3. Software from Oracle, Microsoft and SAP

4. Telecommunication network equipment

Examples of Projects in 2009 :

Company Projects Project Value (MB)

TOT Corporation Plc. RFTS 166

MetroLan 3G PO 60

CAT Telecom Plc. Cisco 192 150

New Core Router 89

Web Caching 80

Others Broard band IP 740

970 IP Core 656

IP Network Adjustment 105

SAP ECC6 70


2. Maintenance Services

Maintenance services are provided for hardware and networking equipment, computer systems and

communication systems. Most customers have signed up for maintenance services after the expiration

of the warranty period. However, there are also new customer for maintenance services only. Normally,

the contract for maintenance services ranges from 1-3 years.

The Companyûs engineers and experts for both hardware and software are certified by the product

owners to undertake the maintenance work in accordance with the best practices defined by the product

owners. These well-trained professionals are available to answer questions and solve problems that might

occur during system operation and maybe more importantly provide preventive maintenance services - to

avoid having trouble during production. This includes the repair and replacement of faulty hardware. The

services provided by the Company will ensure highest customer satisfaction, which will in turn enable the

Company to maintain its customer base and increase continuous purchase of its products.

3. Outsourcing Services

The Company provides outsourcing services, either complete or partial, for networking systems,

computer systems and communication systems. The outsourcing services usually includes the

management and control of such hardware and equipment on behalf off our customers. These services

are suitable for many organizations and for many reasons ranging from reduced IT support requirements,

up-to-date equipment, capital expenditure concerns and many more.

In 2009, the Company had revenue from outsourcing services to corporate and government entities

e.g. data communication equipments project for TOT to render services to their customers countrywide.

This project lasted 3 years under 2 contracts and 2 renewed contracts.

The Company also provided outsourcing services to one of the government entities with 3 years

contract and 2 schools with approximately 4 years contract. Thus, revenue from outsourcing services

with contracts was recorded at about 27.78 million Baht in total.

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Competition in the IndustryOverview of industry and trend

In 2009, Thailandûs economy was still in difficult situation which has continued from 2008 and also has the

impact on slower expenditure in both private and government sector. However, Thai government has focused on the

importance of Information Technology and Telecommunication sector of the country through its various economic

stimulation packages via Strong Thailand Stimulation Fund of 1.56 trillion baht (including ICT industry)

The economic hardship has the impact on ICT market according to the survey summary of ICT market in 2009

and projected 2010 by the Software Industry Promotion Agency (Public Organization) and National Electronics and

Computer Technology Center has shown in table 1 that Thailandûs expenditures on ICT was at approximately

555,501 million baht, increasing 6.0% from 2008. However, the trend of the expenditures in various groups has

maintained its previous trend which were clustered in communication market (65.1%) or 360 billion baht and followed

by expenditures in computer hardware, computer software market and computer service market in the amount of

80,869 million baht 64,365 million baht and 48,732 million baht respectively. It is expected that in 2010 the ICT

market will grow from 2009 with more positive trend as a result of potential economic recovery and the

implementation of 3G services in which it will create demand for equipment and increasing demand for services.

Table 1 : Market Value of ICT of Thailand during 2008-2009 and forecast in 2010

Value (MB) Market Segmentation (%) Growth (%)

2553f 2552 2551 2553f 2552 2551 51/53 52/52

1. Computer Hardware 88,040 80,869 75,720 14.8 14.6 14.5 8.9 NA

2. Computer Software 67,884 64,365 62,937 11.4 11.6 12.0 5.5 2.3

3. Computer Services 57,392 48,372 24,981 9.6 8.7 4.8 18.6 NA

4. Communications 382,288 361,895 360,216 64.2 65.1 68.7 5.6 0.5

Total ICT 595,604 555,501 523,854 100.0 100.0 100.0 7.2 6.0

Source: summary of ICT market survey by SIPA and NECTEC

When consider only IT market (table 2), which consists of computer hardware market, computer software

market, computer service market and data communications equipments market, it revealed that the market value of

IT was 257,146 million baht and it is forecasted that IT market will increase 10.5% with the total value of 284,049

million baht.

Market


Value (MB) Segmentation (%)

Major Users Major Users

Market Government Corporate SOHO and Total Government Corporate SOHO and Total

and State Household and State Household

Enterprise Enterprise

1. Computer Hardware 11,039 22,012 47,818 80,869 13.7 27.2 59.1 100.0

2. Computer Software 27,995 29,020 7,350 64,365 43.5 45.1 11.4 100.0

3. Computer Services 18,431 28,755 1,186 48,372 38.1 59.4 2.5 100.0

4. Data Communications 58,041 5,499 63,540 91.3 8.7 100.0

Equipment

Total IT 195,293 61,853 257,146 75.9 24.1 100.0

Value (MB) Growth (%) Market Segmentation (%)

2553f 2552 2551 51/53 52/52 52/53 2552 2551

1. Computer Hardware 88,040 80,869 75,720 8.9 NA 31.0 31.5 33.9

2. Computer Software 67,884 64,365 62,937 5.5 2.3 23.9 25.0 28.2

3. Computer Services 57,392 48,372 24,981 18.6 NA 20.2 18.8 11.2

4. Data Communications 70,733 63,540 59,468 11.3 6.8 24.9 24.7 26.7

Equipments (wired + wireless)

Total IT 284,049 257,146 223,106 10.5 15.26 100.0 100.0 100.0

Noted: IT market = computer hardware market, computer software market, computer service market and data

communications equipments market


When considering the major sector of IT user (table 3) showed that in 2009, government and private sectors

were the major sector for IT expenditures which accounted for 75.9 or 195,293 million baht while the home user

expenditure was 24.1% or 81,853 million baht. The reason that this home user expenditure was low was that

products and services in such sector has been concentrated in major companies which is in line with the current

policy of the company that the major customers are in the government sector.

Table 3 : IT expenditures in 2009 classified by major users

Table 2 : market value of IT of Thailand during 2008-2009 and forecast in 2010


As a result of rapid development in technology at present, the government and private sectors has to continue

to invest in the IT which leads to continued ICT market expansion even though there were impact from global

economic slowdown and domestic political situation. This has been proved by market value of computer service in

Thailand that it continues to grow in 2010 with 18.6% increase from 2008 on average whereby System Integration

(SI) is expected to grow at 17.1% which will be a positive sign for the company.

Market

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12,901

Value (MB) Growth rate (%)

2553f 2552 2551 51/53 52/52

1. System Integration 15,830 13,520 17.1 NA

2. Network Services 21,486 17,724 21.2 NA

3. Software Maintenance Services 1,276 1,027 865 24.2 18.7

4. Hardware Maintenance Services 3,367 2,862 2,612 17.6 9.6

5. Data Center and Disaster Recovery Services 5,677 4,779 1,199 18.8 NA

6. IT Related Training & Education 1,529 1,529 1,501 0.0 1.9

7. IT Consulting 2,548 2,170 1,823 17.4 19.0

8. IT Outsourcing 5,679 4,761 4,080 19.3 16.7

Total 57,392 48,372 24,981 18.6 NA

Table 4 : Market Value of Computer Services Classified by Type during 2008-2009 and forecast in 2010


From the report of SIPA, it is expected that ICT industry will continue to grow with average rate of 7-8% but the

some industry will see a significant growth rate because total change in technology especially communication

technology which will be contradicted to current economic situation. For example, when oil price increased, the

communication activities would increase in order to reduce transportation costs. The long distance broadcast via

telepresence or date transmission through multimedia on the high speed internet has created innovation in distance

learning, distance medication, entertainment (VDO Broadcast such as IP TV or VDO on Demand and etc.) These are

stimulating factors for related industry growth of ICT industry which leads to the continued growth of the company.

The company also sees the upcoming opportunity in Green Energy which helps reduce the pollution.


Risk FactorsRisk relating to change of technology

Due to the rapid change of the information and communication technology industry, the Company,

therefore, must consistently follow industry news and technological advances to avoid any potential loss of

business opportunities and competitiveness. Given the importance as mentioned above, the Company has

encouraged her general employees, engineers, sales and marketing officers in particular, to regularly monitor,

study or attend seminars to keep their skills and knowledge up to date. Apart from publicly available information,

the Company also directly obtains the information regarding the change of technology from suppliers or trade

partners.

Risk relating to dependency on major customers

The Company has revenues from sales and provided services of network system installation to TOT

Corporation Plc. (TOT) and CAT Telecom Plc. (CAT), which combined accounted for approximately 35% of total

revenues. The proportion of sales to these two customers is considered quite high as the core revenue of the

Company. Nonetheless, these two organizations are categorized as the telecommunication customer group

that the government supports given substantial and continual investment needed to develop the domestic

network systems and especially the Internet. The governmentûs current policy to expedite the government

agencies in applying IT system in their working processes, including such projects as E-Government,

E-Procurement, E-Service, E-Education and High Speed Internet will heavily depend on the availability and

quality of the information and communication networks. However, the existing information and communication

networks implemented by these two entities are not sufficient to facilitate the development of the

aforementioned projects. Within a few years, these two organizations will definitely have to invest in substantial

network expansions to support the governmentûs projects. Thus, it is highly important for the Company to

maintain strong relationships with both entities to be able to participate in their upcoming projects.

The Companyûs customer base can be classified into governmental agencies, state enterprises and private

entities. It can also be classified according to the customerûs type of business and customerûs requirement

as follows:

Revenue Proportion

Types of Business Examples of Customers in 2009

Telecom I Group : Mobile and Wireless Group CAT Telecom Plc. 24.28%

Telecom II Group : Fixed Line and Network Group TOT Corporation Plc. 14.38%

Enterprise Group : Government Government Agencies, 61.34%

Agencies and Private Entities State Enterprise, Private Entities Etc.

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In order to minimize the risk of being highly dependent on any customer, the Company has a policy, which

subsequently turned into a business plan, to expand the customer base to private entities, educational

institutions and other government agencies and state owned enterprises. As reflected in the Companyûs

revenue structure, the revenue from sales to private sector in 2009 has increased about 41.22% while the

remaining was distributed to the other customer groups, including government agencies and educational

institutions.

The Company plans to put greater emphasis on the sales of its services to the existing key customers,

both TOT and CAT, as well as SOHO (Small Office and Home Office) customer group. Moreover, the Company

has utilized its valuable human resources to organize training projects for existing customers and soon for

potential customers in order to enlarge the customer base. In terms of human resources, there is a plan to

arrange and train so that they are ready for such task.

Evidently, the Company has been striving to manage the risk relating to dependency on a few major

customers and seeking opportunities to market new customer groups. It is likely that going forward revenues

from expanded customer base will be comparable to those from major customers. The Company will maintain

existing customer base to be as strong as it is.

Risk relating to dependency on key employees

The information and communication technology industry in general highly depends on qualified human

resources in term of marketing and operation. These valuable human resources utilize their expertise in system

design and installation as well as provide proper recommendation for each customer. At present, the Companyûs

Operating Division composes of 246 employees, which are divided into Marketing Department, Sales

Department, Customer Service Department, and Software Program Development. Most employees in this

division are engineers with about 3-6 years work experiences. In the previous year, employeesû turnover rate

was at approximately 3.00%, which is considered low.

Therefore, to minimize such risk, the Company has provided a reasonable compensation package to the

employees while at the same time created a good working environment. The Company has also put in place

an internal control system to prevent the risk of losing any single employee that may affect its business

operations. In terms of the operational management, it can be divided into 3 main functions with Deputy

Managing Director supervising each function. Within each function, there are various departments supervising

by Vice President of each department. Within each department, there are various teams split by type of

products or services. The Managing Director will manage the overall operations to ensure efficiency of the

Company. Hence, to have management flexibility, internal meeting among the executives shall be held weekly

to acknowledge the problems and determine immediate action plan.

Risk relating to dependency on any single supplier for more 30%

Normally, the Company purchases its products from the manufacturers or their distributors with repre-

sentative offices in Thailand. Besides, the Company is the distributor and strategic partner of Cisco Systems,

one of the worldûs largest and most well known manufacturers of information and communication technology

network and internet system with high quality and durability. In 2009, the Companyûs purchase of network

equipments from Cisco Systems accounted for about 30% of total operating revenues.


The reason behind such large amount of purchase each year from Cisco Systems was because Cisco

Systemsû products are widely accepted by customers in both local and international markets. Given our

long-term business partners relationship, the Company is ranked çGold Partneré level of Cisco Systems, which

is the highest level of Cisco Systemsû ranking of business partners in Thailand. Thus, the Company receives

better supports from Cisco Systems than other lower ranked business partners do. Nonetheless, in order to

mitigate the risk of over-dependence on any single supplier, the Company also becomes the distributor of other

well-known manufacturers, which are as equally as high quality and reputable as Cisco Systems, such as Nortel

Networks, 3COM, Alcatel-Lucent and etc. In addition, the Company has determined various measures to

diversify the risk by either trying to seek new source of income generation or enlarging the revenue base.

Risk relating to project delivery

Complex IT projects, like installing information and communication networks and systems, normally take

between 6-12 months depending upon the size of the project. If the Company fails to deliver a project on time

as stated in the contract, the Company may be fined at 0.02% of the total project value per day (on average).

In the last 5 years, the Company was fined less than 1% of the sales revenue, which is considered very low.

The main reasons for project delays are deferred deliveries of the equipment from the manufacturers site,

followed by equipment / scope changes in the course of the project. In order to mitigate such risk, the

Company has established a project management office(PMO). Once a new project has been awarded to the

Company, the project management office monitors the complete lifecycle of the project from initial deliveries to

final comissioning. However, in some cases that the customers urgently require to use the system, in which

case the Company will provide a backup system for their temporary use.

Foreign exchange rate risk

Generally, approximately 1-2 months prior to the start of the project, the Company must estimate the

project cost to use in the bidding process. If imported equipments are needed, the project cost may be

affected by the fluctuation of foreign exchange rate. As of 31 December 2009, the Company had 10.6 million

of trade account payables in foreign currencies and 9.7 million balance of FX forward contract at the agreed rate

of Baht 32.22 - 34.80 per $1 for the purchase of equipments.

Given such foreign exchange rate risk, the Company has applied the following strategies for mitigation:

1. Determine the value of foreign exchange rate risk in the calculation of the project cost

2. Enter into FX forward contract to cover the whole amount

In 2009, the Company has prepared to utilize various financial tools to enhance efficiency in managing

risks to maximize the benefit to the Company.

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Management Structure

Board of Director

Executive Committee

President Internal Audit

Executive SeniorVice President

Sales and Marketing


Customer Service


Finance


Corporate Strategy

Marketing Customer Service

Technical ServiceCommunication

Technology Sales

Corporate Sales

GovernmentAgency Sales

ProjectManagement

Financial Controland Accounting

Customer Relation

BusinessDevelopment

Audit Committee

As of December 31th, 2009, the Company has four committees :

● Board of Directors

● Audit Committee

● Recruitment & Remuneration Committee

● Executive Committee

Recruitment & Remuneration

Committee


The Board of Directors consists of

Name Position

1. Mr. Thana Chaiprasit Chairman of the Board

2. Mr. Pongtep Polanun Vice Chairman and Independent Director

3. Mr. Siripong Oontornpan Director and President

4. Mr. Suraporn Raktaprajit Director and Vice President - Finance

5. Mr. Kijja Laoboonchai Director and Vice President - Sales and Marketing

6. Mr. Chodiwat Duntanasarn Director

7. Mr. Chatchai Yenbamroong Independent Director*


9. Mr. Pisak Charudilaka Director

10. Mr. Chokechai Tanpoonsinthana Independent Director

11. Mr. Sripop Sarasas Independent Director

* appointed by Board of Director since November 10, 2009

Company Secretary : Mr. Voravit Wattanakuljarus

The Companyûs authorized signatories consist of Mr. Siripong Oontornpan jointly signed with Mr. Suraporn

Raktaprajit or Mr. Kijja Laoboonchai with the Companyûs seal affixed.

Duties and Responsibilities of the Board of Directors

1. Perform its duties with honesty, integrity and prudence, in accordance with the law, the companyûs

objectives and Articles of Association, and resolutions of shareholdersû meetings in order to carefully

protect the Companyûs interests.

2. Determine the Companyûs policy, objectives, direction, business plans, and budgets of the company

including supervising the management of the executives in accordance with the business policy given

except the following matters, which legally require the approval of shareholdersû meeting prior to the

implementation, such as increase/decrease in share capital, issuance of debenture, sale or transfer of

whole or part of the Companyûs business to others or purchase/transfer of business of other company to

become an asset of the Company or an amendment of the Memorandum Of Association or articles of

association.

3. The board of directors may appoint a certain directors to form a sub-committee as deem appropriated

such as the executive committee, the audit committee, the nomination and remuneration committee in

order to perform their duties as given by the board of directors. The Board of directors shall appoint the

chairman of each respective sub-committee and shall report to the meeting of shareholders.

4. The board of directors may appoint any person to perform specific tasks under the supervision of the

board of directors or render the authority to such person as deem appropriated within the appropriated

time period. The board of directors may cancel, revoke, change or amend any authority given.

5. The board of directos shall select a director to be the chairman of the board and shall select one or more

directors to be vice chairman of the board and to select a director to be the president of the company.

The board of directos shall have to report to the meeting of shareholders.

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6. Appoint director designated as the Companyûs authorized signatories and the board of directors has the

authority to determine or revise/change the list of authorized signatories in which the board of directos

shall have to report to the meeting of shareholders.

7. Appoint and consider the compensation package including terms & conditions of the employment of the

president

8. Appoint and consider the compensation of directors appointed for the sub-committees as well as other

persons selected by the board of director to perform the duties under the supervision of the board of

directors. The board of directors shall have to report to the meeting of shareholders.

9. Approve quaterly and annual financial statements in order to present to the shareholders in the annual

general meeting.

10. Arrange for the annual general meeting of shareholders as well as extraordinary general meeting under the

regulation as stated in the companyûs article of association.

11. The board of directors shall convene for meeting at least once every quarter or as per regulation stated

in the companyûs article of association.

The Executive Committee consists of

Name Position

1. Mr. Siripong Oontornpan Chairman of the executive committee

2. Mr. Suraporn Raktaprajit Executive Director

3. Mr. Kijja Laoboonchai Executive Director

Duties and Responsibilities of the Executive Committee

1. Approve the appointment, change or removal of management for all positions except the president.

2. Approve the companyûs compensation structure and benefits of management and employees and propose

to the nomination and remuneration committee before proposing to the board of directors.

3. Approve the change in management structure, code of conduct, business process of each division.

4. Approve the borrowing and lending of money or applying credit approval from financial institution including

a guarantee or payment of ordinary business transactions with a specific credit limit of each transaction

that has already been. The amount incurred in these transactions must be under a limit in accordance

with company guideline and authority limit which have already been reviewed by the board of directors.

However, the aforementioned credit limit may be appropriately changed according to the judgement of the

board of directors.

5. Consider to enter into a commercial contract with credit limit determined by the board of directors.

The Audit Committee consists of

Name Position

1. Mr. Chokechai Tanpoonsinthana Chairman of the Audit Committee

2. Mr. Pongtep Polanun Director

3. Mr. Sripop Sarasas Director


Duties and Responsibilities of the Audit Committee

1. Review the accuracy of the Companyûs quarterly and annual financial reports in accordance with generally

accepted accounting principles, and ensure there is adequate disclosure.

2. Review the Companyûs internal control system and internal audit system to ensure that they are suitable

and efficient and ensure the independent of the internal audit department. In addition, the audit

committee appoints, change and remove the head of internal audit department or any other departments

responsible for internal audit tasks.

3. Review the Companyûs compliance with the laws on securities and exchange, the regulations of the Stock

Exchange of Thailand (the çSETé), and the laws relating to the Companyûs business.

4. Consider, select and nominate an independent person to be the Companyûs auditor, propose the auditorûs

remuneration, and attend a non-management meeting with him or her at least once a year.

5. Review all connected transactions or transactions that may lead to conflicts of interest, to ensure that

they are in compliance with related laws and the regulations of the SET, are reasonable and bring the

highest benefit to the Company.

6. Prepare reports to be signed by the Chairman of the Audit Committee and disclosed in the Companyûs

annual report. These must contain the following information:

a. An opinion on the accuracy, completeness and reliability of the Companyûs financial report.

b. An opinion on the adequacy of the Companyûs internal control system.

c. An opinion on the compliance with the law on securities and exchange, the regulations of the SET

and the laws relating to the Companyûs business.

d. An opinion on the suitability of the external auditor.

e. An opinion on transactions that may lead to conflicts of interest.

f. The number of committee meetings held and the membersû attendance.

g. Any comments or opinions received by the committee regarding its performance in accordance with

the Charter.

h. Any other transaction which, according to the committeeûs opinion, should be known to the

shareholders and general investors, subject to the scope of duties and responsibilities assigned by

the Board.

7. Perform other tasks requested by the Board of Director, which the Audit Committee agrees to.

The Recruitment and Remuneration Committee consists of

Name Position

1. Mr. Pongtep Polanun Chairman of the Recruitment and Remuneration

2. Mr. Siripong Oontornpan Director

3. Mr. Sripop Sarasas Director


5. Mr. Suraporn Raktaprajit Director

Duties and Responsibilities of the Recruitment and Remuneration Committee

1. Develop criteria, selection process, evaluation as well as compensation for the President

2. Propose the persons for the approval from the Board of Directors in case of vacancy in the director position

resulting from other reasons excluding the term retirement from the position or to increase the number of

director according to the resolution of the Board of Directors for the approval of the shareholders.

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3. Propose to the Board of Directors the name of person to receive approval from the shareholderûs meeting

in case of vacancy of the director position due to term retirement.

4. Propose to the Board of Director for the approval of the President that must retire from being an employee

in the Company according to the current operating regulations.

5. Propose any person that the Board of Directors has delegated its authority to perform a specific task for

the company.

6. Recommend the appropriate remuneration of the Companyûs Board of Directors and sub-committees and

then propose to the Board of Directors for the approval from the ordinary shareholdersû meeting.

7. Recommend the appropriate bonus and salary increase for the management and employees to the Board

of Directors for the approval.

The Management of the Company consists of

Name Position

1. Mr. Siripong Oontornpan President

2. Mr. Kijja Laoboonchai Executive Senior Vice President - Sales and Marketing

3. Mr. Suraporn Raktaprajit Executive Senior Vice President - Finance

4. Mr. Veerachai Chandranipapongse Executive Senior Vice President - Customer Service

5. Mr. Asawin Kangwolkit Executive Senior Vice President - Corporate Strategy

6. Mr. Metta Charuchinda Senior Vice President - President Office

7. Mrs. Netnapit Oontornpan Senior Vice President - Corporate Affairs

8. Mr. Somchai Vibhubhinyo Senior Vice President - Advanced Technology

9. Mr. Chumkiat Laoseriwatanakul Senior Vice President - Marketing

10. Mr. Chodiwat Duntanasarn Senior Vice President - Enterprise Sales

11. Mr. Ongard Harntaweesompone Senior Vice President - Telecom Sales

12. Mr. Narachet Chattrathitipan Senior Vice President - Government Sales

13. Mr. Supat Dulyakupt Senior Vice President - Technical Support

14. Mr. Putthi Thamrongsiriwat Senior Vice President - Customer Service

15. Ms. Sureerat Prachayanukul Senior Vice President - Financial Controller

16. Mr. Kittipan Kannikathananont Senior Vice President - Project Management

17. Mr. Ralf Hundertmark Senior Vice President - Business Development

18. Mr. Kriengkrai Nisyant Senior Vice President - Business Development

19. Mr. Voravit Wattanakuljarus Senior Vice President - Company Secretary

Duties and Responsibilities of the President

1. Perform duties as assigned by the Board of Directors or the Executive Committee under the Companyûs

objectives, regulation and articles of association. In dealing with transactions, the Board of Directors has

clearly approved the maximum limit of each transaction, which should not exceed the limit approved by

the Board of Directors. However, the maximum limit of each transaction may be appropriately revised upon

the judgment of the Board of Directors. The delegation of authority to the President should not include

transactions in which the President or any other person with conflict of interest to be involved (as


determined the notification of the Securities and Exchange Commission) with the Company or its

subsidiaries. Any duties performed should conform to the Notification of the Stock Exchange of Thailand

article çRules, procedures, and disclosures of interconnected transactions of the listed companyé. An

exemption is for transaction with normal business transaction under value and condition that is market

price or not vary from non-connected person.

2. Prepare the Companyûs business plan, business strategy, and yearly budget to be proposed to the

Executive Committee.

3. Follow the business plan, business strategy, and yearly budget which have been approved by the Executive

Committee.

4. Determine the organization structure and scope of management to include every detail of selection,

training, hiring, and employment termination.

5. Authorize to appoint or discharge the employee whose position is lower than the President.

6. Perform duties with honesty for prudence protection of the benefits of the Company.

Directors and Management Remuneration in 2009

Board of Directorsû Remuneration

Monthly Annual

Remuneration Remuneration Gratuity

Name Position Fee Per year 2008 Total

1. Mr. Thana Chaiprasit Chairman of the Board 100,000 180,000 714,285.71 994,285.71

2. Mr. Pongtep Polanun Vice Chairman and 72,000 96,000 357,142.86 525,142.86


3. Mr. Siripong Oontornpan Director 72,000 96,000 714,285.71 882,285.71

4. Mr. Kittisak Sopchokchai Director 72,000 96,000 357,142.86 525,142.86

5. Mr. Suraporn Raktaprajit Director 72,000 96,000 357,142.86 525,142.86

6. Mr. Chatchai Yenbamroong Independent Director 60,000 96,000 357,142.86 513,142.86

7. Mr. Kijja Laoboonchai Director 72,000 96,000 357,142.86 525,142.86

8. Mr. Chokechai Tanpoonsinthana Independent Director 72,000 96,000 714,285.71 882,285.71

9. Mr. Sripop Sarasas Independent Director 72,000 96,000 357,142.85 525,142.85

10. Mr. Pisak Charudilaka Director 72,000 96,000 357,142.86 525,142.86

11. Mr. ChodiwatDuntanasarn Director 72,000 96,000 357,142.86 525,142.86

Total 808,000 1,140,000 5,000,000 6,948,000

Remarks: The remuneration is according to the resolution from the shareholdersû meeting No. 1/2009 on April 24th, 2009

1. The Chairman of the Board of Directors received remuneration fee of 20,000 baht per meeting and received monthly

remuneration of 15,000 baht.

2. The Director received monthly remuneration fee at 12,000 baht and received monthly remuneration 8,000 baht.

3. The total annual gratuity in 2008 amounted to 5 million baht proportionately shared by the Directors.

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The Audit Committeeûs Remuneration

Monthly Annual

Remuneration Remuneration Gratuity

Name Position Fee Per year 2008 Total

1. Mr. Chokechai Tanpoonsinthana Chairman 80,000 180,000 - 260,000

2. Mr. Pongtep Polanun Director 60,000 120,000 - 180,000

3. Mr. Sripop Sarasas Director 45,000 120,000 - 165,000

Total 185,000 420,000 - 605,000

Remarks : The Directorsû compensation are according to the resolution of the shareholdersû meeting No.1/2009

on April 24th, 2009

1. The Chairman received remuneration fee at 20,000 baht per time and received monthly remuneration 5,000 baht.

2. The Directors received remuneration fee of 15,000 baht per time and received monthly remuneration

10,000 baht.

The Recruitment and Renumeration Committeeûs Renumeration

Monthly

Renumeration Renumeration Annual

Name Position Fee Per year Gratuity Total

1. Mr. Pongtep polanun Chairman of the 20,000 - - 20,000

Committee2

2. Mr. Siripong Oontornpan Director2 15,000 - - 15,000

3. Mr. Sripop Sarasas Director1 2 30,000 - - 30,000

4. Mr. Kittisak Sopchokechai Director1 2 15,000 - - 15,000

5. Mr. Suraporn Raktaprajit Director2 15,000 - - 15,000

6. Mr. Chokechai Tanpoonsinthana Chairman of the 20,000 - - 20,000

Committee1

7. Mr. Kijja Laoboonchai Director1 15,000 - - 15,000

Total 130,000 - - 130,000

1 1st Set of Recruitment & Renumeration Committee (Active until March 2009)2 2nd Set of Recruitment & Renumeration Committee (Appointed as of April 2009)


Directors and Management Remuneration

unit : million baht

Committee Transaction 2009 2008 2007

Audit Committee Remuneration Fee and Directorsû 2.5 1.9 2.9

Compensation

Directors who are the member Salary, Bonus, Remuneration Fee 104.5 92.0 69.5

of the management Committee and Directorsû Compensation

Directors who are not member Remuneration Fee and Directorsû 2.6 1.7 3.3

of the Audit Committee and Compensation

the Executive Committee

Recruitment of Directors and Executives

Duties and Responsibilities of the Executive Committee

1. Propose the size, details, and term period of the Board of Directors and sub-committee.

2. Approve the criteria for the sub-committee.

3. Propose to the Board of Directors the appropriate persons in case of vacancy in the director position for

reasons other than retirement of director term or to increase the number of Directors according to the

resolution of the Board of Directors.

4. Propose to the Board of Directors for approval from the shareholdersû meeting in case of vacancy in the

director position due to retirement of director term.

5. Propose to the Board of Directors for approval of the appointment of the President which must be

discharged from the Companyûs employees according to the current effective operating regulations.

The proposal of the Nomination and Remuneration Committee to the Board of Directors will receive approval

from the shareholdersû meeting.

Company Secretary

On May 1, 2009, the Board of Directors passed a resolution to appoint Mr. Voravit Wattanakuljarus as company

secretary who reports directly to the Board of Directors and has the duties and responsibilities as follows:

1. Maintain registration record of the directors.

2. Facilitate and maintain the invitation letter to the Board of Directorsûmeeting, related minutes of meeting

and companyûs annual report.

3. Facilitate and maintain the invitation letter for shareholdersû meeting and report shareholdersû resolutions.

4. Monitor and ensure that the Board is in compliance with all related laws and regulations.

5. Faciliate other matters related to the Board of Directors, the management and the shareholders.

6. Follow up on all resolutions passed and instructions given by the Board and shareholdersû meetings.

7. File all documents and related records.

8. Perform any other actions specified under the Capital Market Supervisory Board.

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Corporate Governance policy The company recognized the importance of good corporate governance in compliance with the guideline from

the SET. The company has adopted the aforedmentioned guideline to improve its business operation by increasing

work transparency with audit trail and efficient risk management and control. It has operated under the high moral

and ethical standard for business professional. There is internal control system to ensure transparency and equitable

treatment as well as protection of shareholdersû interest under the following 5 sections.

1. Rights and Equitable Treatment of Shareholders and the Role to Stakeholders

2. Disclosure of Information and Transparency

3. Internal Control and Risk Management Systems

4. Code of Conduct

5. The Board of Directors

Section 1 : Rights and Equitable Treatment of Shareholders, and the Role to Stakeholders1. Rights and Equitable Treatment of Shareholders

In 2009 there was one shareholdersû meeting for the annual general meeting of which the company

distributed the invitation letter of both Thai and English version together with the all related information

for each agenda to the shareholders 14 days prior to the shareholdersû meeting date. In each agenda

there were opinion of board of directors and complete minutes of meetings for shareholdersû review. During

the general shareholder meeting, there was sufficient time allocated for each agenda and each

shareholder had been treated equitably for the expression of opinions and questions asked during the

meeting as per proposed agenda.

2. Shareholdersû Meeting

During the shareholdersû meeting in 2009 there were directors and members of the Audit Committee

attending the shareholdersû meeting. The chairman of the meeting had sufficiently allocated time and

treated each shareholders equitably in their expression of opinions and questions for the meeting for each

agenda proposed. All important discussion issues and questions had been properly recorded in the

minutes of meeting.

3. The Company assigns the highest priority to the rights of stakeholders which are customers, suppliers,

shareholders, investors, independent auditors, competitors, communities as well as other social agencies

in which all parties have different objectives and expectations from the company. The company fairly

considers rights of all stakeholders by taking opinions or suggestion from those stakeholders before

making decision to have impacts to those stakeholders.

Section 2 : Disclosure of Information and Transparency

1. The Board of Directors emphasize the important of information disclosure that is accurate, complete,

transparent, and thoroughly disseminate to all stakeholders for the financial information and general

information, especially critical information that has impact on stock price of the company. The company

will disseminate all information for investors and related parties through the SET public disclosure news

and the company has established specific department to be responsible for information disclosure to

shareholders, analyst and related institutions.


The shareholders and investors can reach the company for news update through the following channels:

1. Tel : 0-2275-9400

2. Email : [email protected]

3. Website : http://www.ait.co.th The company has gathered important information which are the list

of directors, summary of financial information, stock price trading information, annual report, shareholdersû

information such as major shareholders, shareholdersû meeting, dividend policy. The shareholders and

investors can also submit their questions or concern regarding investment in AIT through the

companyûs website

4. Annual Opportunity Day

2 The Company has a clearly and transparently defined remuneration policy, in which remuneration is

comparable to industry peer and suitable for the duties and responsibilities assigned and also high enough

to attract and retain qualified directors. The shareholders have already approved the remuneration policy.

As for the remuneration of the management, it will be in compliance with policy determined by the Board

of Directors and indexed to the performance of the company and operating result of each management.

At present, the company has the Nomination and Remuneration Committee to oversee the appropriate

compensation by using information of comparable industry peer with the simily business size as well as

taken into account of the companyûs operating performance.

3. The company has established policy guideline governing related party and connected transactions to

control these transactions and avoid conflicts of interest. In case of a director who has a conflict of

interest in such agenda, he shall disclose the information of such conflict of interest to the meeting and

shall have no rights to vote on such agenda. In addition, the company has the policy and supervision

process to prevent the director, management, and related person to take advantage of internal

information for their own benefits.

Section 3 : Internal Control and Risk Management Systems

1. Internal Controal and Internal Audit System

The company has focused on internal controls in management and operational levels. The Office of

Internal Audit functions to ensure that key operational and financial activities of the company has

effectlvely performed in accordance with guidelines. Its functions included monitoring compliance with

laws and regulations related to the company. However, due to lack of experience internal audit staff, the

company has hired D.I.A Audit Company who provides internal audit services to coordinate with the Office

of Internal Audit to determine the adequacy of internal control system of all systems. In the 2009 the

adequacy of internal control of all departments had been performed four times. The internal audit reports

were presented to the Audit Committee meeting of 4 times in which every time the Audit Committee

considered observations and suggestions that appear in the report. And the report of such audit has been

adopted to determine and improve deficiencies. The management will report progress to the Audit

Committee. The Audit Committee shall track progress in improving deficiencies in the system therefore it

has to hire the independent internal audit units so it can serve to check and balance system. The Board

of Directors has determined that the internal audit department reports directly to the Audit Committee

and its performance will be evaluated by the Audit Committee.

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2. Internal Control

The Board of Directors Meeting No. 6 / 2009 on 22 December 2009 together with the Audit

Committee of 3 members. The committee assessed the adequacy of internal control of the 5 areas which

are the organization, work environment, risk management, operational control of the management,

information systems and data communications as well as tracking systems. The committee is of the

opinion consistent with the Audit Committee that it has adequate internal controls and in compliance

with the SECûs evaluation guideline.

Section 4 : Code of ConductThe Board of Directors has a policy to prepare guidelines on ethical business conduct for the directors and

employees to understand the standards of conduct to the company, all stakeholders including the public, social,

including conflicts of interest and the protection of companyûs properties.

Section 5 : The Board of Director1. The Chairman of the Board and the Chairman of the Executive Committee must be knowledgeable and

have experience and qualification and shall not be the same person in order to counterbalance the power

and to separate the regulatory functions and the management functions.

2. The Board of Directors shall set business direction, business plans, investment plan and financing plan

together with supervision, control and monitor the business operations to follow the business plan.

3. The Chairman of the Board is the shareholders, which holds 1.25 percent of total shares. The Chairman

shall not be the same person as the President to separate the duties of governance policy and routine

management. In addition, the structure of the Board of Directors consists of independent proportions of

1/3 of the total members which will result in the counterbalance and management review.

To counterbalance the non-executive directors, the company has 11 directors as follow:

Directors owing shares but not a management 3 persons

Executive Directors 4 persons

Independent Directors 4 persons*

* Remark: Mr. Chartchai Yenbamroong was appointed as independent directors under the Boardûs

resolution No. 5/2009

4. The Board of Directors is responsible directly to the financial statements and financial information that

appears in the Annual Report. The financial statement has been reported in compliance with the financial

accounting standards generally accepted in Thailand. The selection of appropriate accounting policies

and practices held regularly. The report has been carefully considered and and used under discretion and

best estimates in the preparation as well as the sufficient important information disclosure in the note of

the financial statement.

5. The Board of Directors has maintained effective internal control system to reasonably ensure that

accounting records are accurate, complete and sufficient to serve on that property and to determine

vulnerability to prevent fraud or materially wrong actions. The Board has appointed the Audit Committee

which includes non-executive directors who is responsible for overseeing and reporting on the quality of

internal control systems. The Board of Direcotrs is of the opinion that internal control systems of the

overall company is satisfied and can build confidence in the reliability of the financial statements.


6. The company has scheduled a meeting of Directors at least once every quarter with extra meetings as

needed. The meeting has a clear agenda set in advance and has agenda for review and monitor

performance on a regular basis. The invitation letter with agenda and documentation of meetings prior to

the meeting time is 7 days in advance before every meeting so that the directors shall have sufficient

time to review before the meeting. In 2009 there were 6 Board meeting.

Table shows the no. of of meetings attended by each Directors

Name Position # of attendance

1. Mr. Thana Chaiprasit Chairman 5

2. Mr. Pongtep Polanun Vice Chairman and Independent Director 6

3. Mr. Siripong Oontornpan Director 6

4. Mr. Kittisak Sopchokchai Director 6

5. Mr. Suraporn Raktaprajit Director 6

6. Mr. Chatchai Yenbamroon Independent Director 5

7. Mr. Kijja Laoboonchai Director 6

8. Mr. ChokechaiTanpoonsinthana Independent Director 6

9. Mr. Sripop Sarasas Independent Director 6

10. Mr. Chodiwat Duntanasarn Director 6

11. Mr. Pisak Charudilaka Director 6

Sub-committee

The Board of Directors has appointed the Audit Committee on March 20, 2003 to assist in corporate

governance of companies. The authorities and duties of the Audit Committee are stated in the details of

management structure. In 2009 the Audit Committee convened the meeting 5 times all as per the following

table showing the no. of attendances by the Audit Committee.

Name Position # of attendance*

1. Mr. Chokechai Tanpoonsinthana Chairman of the Audit Committee 5/5

2. Mr. Pongtep Polanun Member of the Audit Committee 5/5

3. Mr. Sripop Sarasas Member of the Audit Committee 4/5

* Remark : The meeting 1/2009 was the meeting between the Audit Committee and the Auditor without the management

participation and the committee did not request for meeting remuneration

The Board of Directors has appointed the Nomination and Remuneration Committee on August 14, 2009 to

assist in corporate governance of the company. The authorities and duties are stated in the details of management

structure.

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In 2009, the Recruitment and Remuneration Committee has convened for meeting 2 times as per the table

showing the no. of attendances.

Name Position # of attendance*

1. Mr. Pongtep Polanun Chairman of the Recruitment and 1/1

Remuneration Committee2

2. Mr. Siripong Oontornpan Member of the Recruitment and 1/1


3. Mr. Sripop Sarasas Member of the Recruitment and 2/2

Remuneration Committee 1 2

4. Mr. Kittisak Sopchokchai Member of the Recruitment and 1/2

Remuneration Committee 1 2

5. Mr. Suraporn Raktaprajit Member of the Recruitment and 1/1


6. Mr. Chokechai Tanpoonsinthana Chairman of the Recruitment and 1/1


7. Mr. Kijja Laoboonchai Member of the Recruitment and 1/1


1 means: 1st Recruitment and Remuneration committee (active until March 2009)2 means: 2nd Recruitment and Remuneration committee (active from April 2009)

7. Key responsibilities of each Committee

Board of Directors

1. Determine, control and supervision the approach and strategy of the business operation of the

company.

2. Determine overall policy and procedures of the companyûs business operation in compliance with the

law, regulations, shareholdersû resolutions and ethical standards with honesty and caution.

3. Develop control, reliability and confidence to the company to ensure that the companyûs operations

comply with legal requirements and expectations of shareholders and stakeholders.

4. Control, monitor and evaluate the resule of management operations including the companyûs

operating results.

5. Develop structures and business procedures to ensure risk management, corporate governance and

internal audit as well as appropriated internal control.

The Audit Committee

1. Ensure that the company has accuratedly and sufficiently reported financial results for the quarter

and fiscal year.

2. Review its system of internal controls (internal control) and internal audit (internal audit) appropriate

and effective and consider the independence of internal audit department as well as to consider

approval of appointment, change and removal of the head of internal audit department or other

department responsible for internal audit.


3. Review its compliance with the Securities and Exchange Law, SETûs regulations and related business

law of the company.

4. Consider, nominate individuals who are independent to act as auditor of the company and propose

compensation of such person as well as meeting with the auditor without management participation

of at least once a year.

5. Consider connected transactions or transactions that may have conflicts of interest to ensure its

compliance with laws and regulations of the SET to ensure that such transactions are the most

reasonable and benefit the company.

6. Develop report of the Audit Committee and disclose in its annual report which must be signed by the

Chairman of the Audit Committee and must contain at least the following.

1) Comment on the full accuracy, completeness and reliability of the financial reports of the

company.

2) Comment on the adequacy of internal control systems of company.

3) Comment on compliance with the Securities and Exchange Law, SETûs regulations and related

law of the business of the company.

4) Opinion about the suitability of the auditor.

5) Comment on items that may have conflicts of interest.

6) The number of meetings of the Audit Committee and the participation of each Audit Commit-

tee.

7) Comment or observe by the Audit Committeeûs duties according to the Charter.

8) Other items that shareholders and investors should note under the scope of duties and

responsibilities assigned by the Board of Directors.

7. To perform any other tasks as assigned by the Board of Directors of the Company and approved by

the Audit Committee.

The Executive Committee

1. Consider screening business plans, budget plans, annual spending and investment plans of the

company to propose for approval by the Board of Directors.

2. Oversee operations of the Company to comply with the plan as well as to comply with the law,

regulations of the company and regulations of the Stock Exchange of Thailand.

3. Oversee the Companyûs internal control systems and in accordance with recommendation and

warning of the Audit Committee.

4. Other duties as assigned by the Board of Directors.

5. Report the results of its operations and inform the Board of Directors quarterly.

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The Nomination and Remuneration Committee

1. Prepare guidelines, selection, evaluation as well as compensation of the President.

2. Nominate and propose the persons for the approval from the Board of Directors in case of vacancy

in the director position resulting from other reasons excluding the term retirement from the position

or to increase the number of director according to the resolution of the Board of Directors for the

approval of the shareholders.

3. Nominate and propose the appropriated persons to the Board of Directors for consideration to

propose for shareholders approval in general meeting of shareholders in case of a director due to

terms ended.

4. Nominate and propose to the Board of Directors for approval of the appointment of the President

which must be discharged from the Companyûs employees according to the current effective

operating regulations.

5. Nominate and propose any person that the Board of Directors may assign works for the company.

6. Recommend guidelines and appropriate remuneration of the Board of Directors and Sub-committee

and present to the Board of Directors to consider proposing to the Annual General Meeting of

shareholders for approval.

7. Provide guidance for bonus payments and the salary increase of executives and employees to the

Board of Directors for approval.

Company Secretary

1. Maintain registration record of the directors.

2. Facilitate and maintain the invitation letter to the Board of Directorsû meeting, related minutes of

meeting and companyûs annual report.

3. Facilitate and maintain the invitation letter for shareholdersû meeting and report shareholdersû

resolutions.

4. Monitor and ensure that the Board is in compliance with all related laws and regulations.

5. Faciliate other matters related to the Board of Directors, the management and the shareholders.

6. Follow up on all resolutions passed and instructions given by the Board and shareholdersû meetings.

7. File all documents and related records.

8. Perform any other actions specified under the Capital Market Supervisory Board.


Use of Inside InformationThe company has a policy and method in place for monitoring management in using its inside information for

the individualûs benefits as follows:

1. Educate directors and executives about the duty to report their securities holdings of themselves and

their spouses as well as children of immaturity and also inform of the penalty of wrongdoing under the

Securities and Exchange Act of 1992 and the regulations of the Stock Exchange of Thailand.

2. The company executives are required to report changes in securities holdings to the Office of the

Securities and Exchange Commission under Section 59 of the Securities and Exchange Act of 1992 and

deliver a copy of this report to the company on the same day in which the report is sent to the Office of

the Securities and Exchange Commission.

3. The company will send a circular to inform management who has material inside information that affects

securities price they he must suspend the trading of company shares before the announcement of

financial statements or making such information public and shall not disclose such material information to

any persons.

4. Disclose the securities holding of companyûs directors and executive completely and accurately in the

annual report as required by the Office of the Securities and Exchange Commission.

In addition to all employees follow the same guidelines regarding the use of inside information. The company

has published this procedure in the employeesû manual.

Human Resources Policy

Due to the fact that human resources are a key factor that make a company successful, the company

continuously focuses on human resources development to ensure that its employees have highest potential in all

areas, such as knowledge, expertise specializing in providing its customers effective services. In 2009 the company

has set a budget for the development of human resources of 8.9 million baht or approximately 5 percent of the

compnyûs annual expense budget.

Since 2008, the number of employees working in the fields has increased in line with the growth in revenues

of the company. However, the increase in the number of employees which the management has closely monitored

and controlled, is not too high as shown in the table below.

Description 2009 2008 2007

No. of employees at year end (person) 246 245 227

Annual expenses related to employees (million baht) 417.45 335.28 205.76

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In 2009 the company has totaled 246 employees which can be broken down into each department as follows

Department No. (person)

The management 19

Office of the President 2

Advanced Technology and Program Development Department 8

Sales and Marketing Department 38

Customer Service Department 106

Finance Department 40

Human Resources and Admin Department 32

Corporate Strategy Department -

Total 246

In 2009 the company paid employee expense in the amount of 417.45 million baht which include salary,

commission, bonus and other employee related expenses.


Internal Control and Internal AuditThe Company has enforced the application of internal control system both at the management and operating

levels. The duty of the internal audit is to monitor and review to ensure that the Company efficiently follows

procedures, including related laws and regulations, in relation to key operations and major financial activities. How-

ever, given limited knowledge and expertise of the internal audit personnel, the Company has hired DIA&S Company

Limited to provide internal audit and control services as well as cooperate with the Companyûs internal audit in

evalating sufficiency of internal control system. In 2009, there are 4 of such evaluations of the internal control

system in every departments of the Company. The internal audit report was proposed to the Audit Committee at

the 4 Audit Committee meetings, 4 times in total. The Audit Committee will take into consideration various

gobservations and recommendations presented in the report. Later on, the Company accepts for further deliberation

and subsequently makes improvement on reported deficiencies. The management will report the progress while the

Audit Committee will follow the progress of improving the operating system. In order to allow the internal audit to

independently perform their duties of check and balance, the Board of Directors has determined that the internal

audit department directly reports to and is evaluated by the Audit Committee.

Internal Control

At the Board of Directorsû Meeting No. 6/2009 held on 22 December 2009 with the presence of the 3 members

of the Audit Committee, the Board of Directors has evaluated the sufficiency of the Companyûs internal control

system in 5 areas including organization control and environmental, risk management, management control activities,

information and communication and monitoring. The Board of Directors has rendered an opinion which is in line with

that of the Audit Committee that the Companyûs internal control system is sufficient and conformed with the SECûs

assessment form.

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Related Transactions

The company has issued guidelines regarding the related transactions in compliance with the requirements of

the SECûs notification and the Stock Exchange of Thailand as well as related laws. That follows.

1. Measures or procedures for approval of related transactions

Typically, the related transactions of the company is the cash advance to directors or employees to

develop and/or operate the project, which are controlled by the budget cost of each project. The company

has clearly defined a set of steps in the approval and the authorized person to approve.

For the approval process of related transactions in the future, the company announced the guideline

of having transactions with major shareholders, directors and executives associated persons for all

employees to be informed and complied with.

2. Policy or tendency of the future related transactions

Trend of future related transactions include (1) cash advance paid to directors and employees are

items that occur regularly since the operations of the company need to send staff to make delivery, install

equipment or travel to examine the work acceptance process of customers. Therefore, the company has

set a budget to control the cash advance (2) cash on hand for daily operation reserved to pay about baht

290,000 by the deputy senior finance director who will manage and determine the appropriate

disbursement of each transaction. Moreover, the Company has set a written the cash reserves policy to

pay day and (3) the Company has no policy to use the directorsû property to guarantee payment.

Fore related transactions in the future, the Company has assigned the Audit Committee and / or

directors of the Company to verify the reasonableness of transaction in compliance with the law and

notification of the Securities and Exchange Commission prior to making the transaction.

According to the audited financial statements ended December 31, 2009 by the auditor, the list of

related transaction is the following.

During the year, the Company and its subsidiaries have significant related transactions with related

parties in which they were normal terms and conditions as for ordinary business practice which can be

summarized as follows.

Consolidated Separete

Financial Statements Financial Statements

2009 2008 2009 2008 Transfer Pricing Policy

Transactions with subsidaries

(eliminated from consolidated financial

statements)

Other income - - 0.2 0.2 Agreed upon price

Cost of sales and services - - 22.7 21.3 Agreed upon price

Transaction with related company

(related due to minority shareholder of

the subsidiary)

Cost of sales and services 4.6 15.6 - - Agreed upon price


Outstanding account payable between the Company and related companies as of December 31, 2008 and

2009 as follows

Consolidated Separete

Financial Statements Financial Statements

2009 2008 2009 2008

Trade accounts payable - related parties

subsidiary

Maple Plus Co., Ltd. - - - 0.3

Related company

Scale Plotting Center Co., Ltd.

(related by being minority shareholder of the subsidiary) - 4.5 - -

Total accounts payable - related parties - 4.5 - 0.3

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Board of Directorsû Responsibility for Financial Reporting

The Board of Directors is responsible for Advanced Information Technology Limitedûs financial statements and

Advanced Information Technology Public Company Limited and its subsidiariesû consolidated financial statements,

including the financial information presented in this annual report.

The aforementioned financial statements are prepared in accordance with generally accepted accounting

principles, using careful judgment and the best estimation. Important information is adequately and transparency

disclosed in the notes to financial statements for the Company shareholders and investors.

The Board of Directors has provided and maintained risk management system and appropriate and efficient

internal controls to ensure that accounting records are accurate, reliable and adequate to protect its assets and

uncover any weakness that may be present in order to prevent fraud or materially irregular operations.

In this regard, the Board of Directors has appointed an Audit Committee to be responsible for reviewing the

accounting policy financial reports, review internal controls, internal audit and risk management system. The Audit

Committee has also reviewed a disclosure of related party transactions. All their comments on these issues have

included in the Audit Committee Report, which presented in this annual report. The financial statements of the

Company and the consolidated financial statements of Company and its subsidiaries have been examined by an

external auditor, ERNST & YOUNG OFFICE LIMITED. To conduct the audits and express an opinion in accordance with

generally accepted auditing standards, the auditor was provided with all of the Companyûs records and related data

as requested. The auditorûs opinion is presented in the auditorûs report as part of this annual report.

The Board of Directors considers the Companyûs overall internal control system satisfactory and provides

credibility and reliability to Advanced Information Technology Public Company Limitedûs financial statements and

Advanced Information Technology Public Company Limited and its subsidiariesû consolidated financial statements for

the year ended December 31, 2009. The Board of Directors also believes that all these financial statements have

been prepared in accordance with generally accepted accounting principles and related regulations.

Mr. Thana Chaiprasit Mr. Siripong Oontornpan

Chairman of the Board President


Auditorûs Report

Report of Independent Auditor

To the Shareholders of Advanced Information Technology Public Company Limited

I have audited the accompanying consolidated balance sheets of Advanced Information Technology Public

Company Limited and its subsidiaries as at 31 December 2009 and 2008, and the related consolidated statements

of income, changes in shareholdersû equity and cash flows for the years then ended, and the separate financial

statements of Advanced Information Technology Public Company Limited for the same periods. These financial

statements are the responsibility of the management of the Company and its subsidiaries as to their correctness

and the completeness of the presentation. My responsibility is to express an opinion on these financial statements

based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that

I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of

material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and

disclosures in the financial statements. An audit also includes assessing the accounting principles used and

significant estimates made by management, as well as evaluating the overall financial statement presentation.

I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial

position of Advanced Information Technology Public Company Limited and its subsidiaries and of Advanced

Information Technology Public Company Limited as at 31 December 2009 and 2008, and the results of their

operations, and cash flows for the years then ended in accordance with generally accepted accounting principles.

Thipawan Nananuwat

Certified Public Accountant (Thailand) No. 3459

Ernst & Young Office Limited

Bangkok: 23 February 2010

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Balance sheetsAdvanced Information Technology Public Company Limited and its subsidiaries

As at 31 December 2009 and 2008

(Unit: Baht)

Consolidated Separate

financial statements financial statements

Note 2009 2008 2009 2008

Assets

Current assets

Cash and cash equivalents 244,642,225 168,687,006 243,183,699 164,160,925

Trade accounts and notes receivable - net 7 1,080,803,481 820,744,182 1,080,803,481 820,744,182

Unbilled receivable 32,637,019 67,866,376 32,637,019 67,866,376

Inventories - net 8 469,908,123 491,962,248 468,695,340 481,855,847

Other current assets 6,987,161 6,369,530 5,082,721 4,587,299

Total current assets 1,834,978,009 1,555,629,342 1,830,402,260 1,539,214,629

Non-current assets

Restricted bank deposits 9 73,271,234 78,248,269 73,271,234 78,248,269

Investments in subsidiaries 10 - - 5,499,700 13,499,100

Building improvement and equipment - net 11 17,434,995 19,366,352 16,782,233 18,326,158

Equipment for lease - net 12 6,793,558 36,359,730 6,793,558 36,359,730

Intangible assets - net 13 3,371,493 1,645,927 3,333,490 1,607,343

Other non-current assets 8,355,720 4,497,720 8,175,820 4,235,020

Total non-current assets 109,227,000 140,117,998 113,856,035 152,275,620

Total assets 1,944,205,009 1,695,747,340 1,944,258,295 1,691,490,249

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


Balance sheets (continued)Advanced Information Technology Public Company Limited and its subsidiaries


(Unit: Baht)



Note 2009 2008 2009 2008

Liabilities and shareholdersû equity

Current liabilities

Short-term loans from financial institutions 14 - 365,000,000 - 365,000,000

Trust receipts - 33,883,905 - 33,883,905

Trade accounts payable

Related parties 6 - 4,494,000 - 280,875

Unrelated parties 472,149,210 218,699,841 471,995,475 217,513,124

Total trade accounts payable 472,149,210 223,193,841 471,995,475 217,793,999

Unbilled payable 133,347,699 91,568,530 131,936,259 91,415,197

Other current liabilities

Corporate income tax payable 40,802,596 15,999,107 40,802,596 15,999,107

Advance receipts from customers 132,493,417 14,566,885 132,493,417 13,286,052

Accrued expenses 92,960,160 39,528,578 92,824,608 39,283,142

Others 46,679,784 38,336,205 43,736,172 37,304,757

Total current liabilities 918,432,866 822,077,051 913,788,527 813,966,159

Total liabilities 918,432,866 822,077,051 913,788,527 813,966,159


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Balance sheets (continued)Advanced Information Technology Public Company Limited and its subsidiaries


(Unit: Baht)



Note 2009 2008 2009 2008

Shareholdersû equity

Share capital

Registered

69,000,000 ordinary shares of Baht 5 each 345,000,000 345,000,000 345,000,000 345,000,000

Issued and fully paid-up

60,690,265 ordinary shares of Baht 5 each

(31 December 2008: 60,000,000

ordinary shares of Baht 5 each) 15 303,451,325 300,000,000 303,451,325 300,000,000

Share premium 15 224,172,200 220,715,902 224,172,200 220,715,902

Retained earnings

Appropriated-statutory reserve 17 34,500,000 34,500,000 34,500,000 34,500,000

Unappropriated 462,209,979 315,003,144 468,346,243 322,308,188

Equity attributable to the companyûs

shareholders 1,024,333,504 870,219,046 1,030,469,768 877,524,090

Minority interest - equity attributable to

minority shareholders of subsidiaries 1,438,639 3,451,243 - -

Total shareholdersû equity 1,025,772,143 873,670,289 1,030,469,768 877,524,090

Total liabilities and shareholdersû equity 1,944,205,009 1,695,747,340 1,944,258,295 1,691,490,249



Income statementsAdvanced Information Technology Public Company Limited and its subsidiaries

For the years ended 31 December 2009 and 2008

(Unit: Baht)



Note 2009 2008 2009 2008

Revenues

Sales and service income 3,843,476,548 3,190,889,020 3,843,116,748 3,190,321,520

Rental and service income from equipment

for lease 27,780,349 110,886,997 27,780,349 110,886,997

Other income 5,426,490 23,496,666 5,610,882 23,649,782

Total revenues 3,876,683,387 3,325,272,683 3,876,507,979 3,324,858,299

Expenses

Cost of sales and service 2,949,612,957 2,465,195,824 2,953,129,545 2,467,993,143

Cost of equipment for lease 22,798,487 127,966,489 22,798,487 127,966,489

Selling expenses 185,160,572 145,609,420 183,695,640 140,708,330

Administrative expenses 183,699,899 161,310,614 178,029,611 156,672,151

Management benefit expenses 6 76,173,535 58,236,768 70,773,535 55,836,768

Impairment loss on assets 8, 12 27,831,010 49,393,198 27,831,010 49,393,198

Loss from dissolution of subsidiary 10 - - 7,999,400 -

Total expenses 3,445,276,460 3,007,712,313 3,444,257,228 2,998,570,079

Income before finance cost

and corporate income tax 431,406,927 317,560,370 432,250,751 326,288,220

Finance cost (12,845,690) (11,222,978) (12,845,690) (11,222,978)

Income before corporate income tax 418,561,237 306,337,392 419,405,061 315,065,242

Corporate income tax (108,367,006) (97,192,673) (108,367,006) (97,192,673)

Net income for the year 310,194,231 209,144,719 311,038,055 217,872,569

Net income (loss) attributable to

Equity holders of the parent 312,206,835 211,462,244 311,038,055 217,872,569

Minority interests of the subsidiaries (2,012,604) (2,317,525)

310,194,231 209,144,719

Earnings per share 19

Basic earnings per share

Net income attributable to equity holders

of the parent 5.18 3.52 5.16 3.63

Diluted earnings per share


of the parent 5.06 3.47 5.04 3.58


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Statements of changes in shareholdersû equityAdvanced Information Technology Public Company Limited and its subsidiaries


(Unit: Baht)

Consolidated financial statements

Minority interest -

equity attributable

Issued and to minority

fully paid-up Share Retained earnings shareholders

Note share capital Premium Appropriated Unappropriated of subsidiaries Total

Balance as at 31 December 2007 300,000,000 220,715,902 24,800,000 263,240,900 3,768,168 812,524,970

Net income for the year - - - 211,462,244 (2,317,525) 209,144,719

Dividend paid 22 - - - (150,000,000) - (150,000,000)

Unappropriated retained earnings

transferred to statutory reserve 17 - - 9,700,000 (9,700,000) - -

Increase in minority interest - equity

attributable to minority

shareholders of subsidiary - - - - 2,000,600 2,000,600



Net income for the year - - - 312,206,835 (2,012,604) 310,194,231

Dividend paid 22 - - - (165,000,000) - (165,000,000)

Additional ordinary shares issued

for warrant exercise 15 3,451,325 3,456,298 - - - 6,907,623

Balance as at 31 December 2009 303,451,325 224,172,200 34,500,000 462,209,979 1,438,639 1,025,772,143



Statements of changes in shareholdersû equityAdvanced Information Technology Public Company Limited and its subsidiaries


(Unit: Baht)

Separate financial statements

Issued and

fully paid-up Share Retained earnings

Note share capital Premium Appropriated Unappropriated Total

Balance as at 31 December 2007 300,000,000 220,715,902 24,800,000 264,135,619 809,651,521

Net income for the year - - - 217,872,569 217,872,569

Dividend paid 22 - - - (150,000,000) (150,000,000)

Unappropriated retained earnings

transferred to statutory reserve 17 - - 9,700,000 (9,700,000) -



Net income for the year - - - 311,038,055 311,038,055

Dividend paid 22 - - - (165,000,000) (165,000,000)

Additional ordinary shares issued

for warrant exercise 15 3,451,325 3,456,298 - - 6,907,623

Balance as at 31 December 2009 303,451,325 224,172,200 34,500,000 468,346,243 1,030,469,768


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Cash flow statementsAdvanced Information Technology Public Company Limited and its subsidiaries


(Unit: Baht)



2009 2008 2009 2008

Cash flows from operating activities

Net income before tax 418,561,237 306,337,392 419,405,061 315,065,242

Adjustments to reconcile net income before tax to net

cash provided by (paid from) operating activities

Depreciation and amortisation 32,238,058 102,021,471 31,842,301 101,700,080

Doubtful accounts 12,582,536 15,079,001 12,582,536 15,079,001

Impairment loss on inventories 20,831,010 - 20,831,010 -

Loss from dissolution of subsidiary - - 7,999,400 -

Impairment loss on equipment for lease 7,000,000 49,393,198 7,000,000 49,393,198

Write-off equipment 15,631 - 9,642 -

Write-off equipment for lease - 409,113 - 409,113

Loss on sales of equipment 1,119 299,140 - 299,140

Gain on sales of equipment for lease (685,000) - (685,000) -

Unrealised loss (gain) on exchange 5,715,336 (912,811) 5,715,336 (912,811)

Interest expenses 12,845,690 11,222,978 12,845,690 11,222,978

Income from operating activities before changes

in operating assets and liabilities 509,105,617 483,849,482 517,545,976 492,255,941

Operating assets (increase) decrease

Trade accounts and note receivable (272,641,835) (365,496,251) (272,641,835) (365,496,251)

Unbilled receivable 35,229,357 (20,960,772) 35,229,357 (20,960,772)

Inventories 1,223,115 (72,961,633) (7,670,503) (62,855,232)

Other current assets (156,986) 6,979,387 (495,422) 7,990,638

Other non-current assets (3,858,000) (505,744) (3,940,800) (355,454)

Operating liabilities increase (decrease)

Trade accounts payable 249,214,348 (33,103,735) 254,460,455 (38,503,577)

Unbilled payable 41,779,169 6,409,428 40,521,062 6,256,095

Other current liabilities 173,450,693 55,545,613 172,929,246 53,238,949

Cash flows from operating activites 733,345,478 59,755,775 735,937,536 71,570,337

Interest paid (12,871,312) (11,216,472) (12,871,312) (11,216,472)

Corporate income tax paid (84,024,162) (107,330,782) (83,563,517) (106,652,355)

Net cash flows from (used in) operating activities 636,450,004 (58,791,479) 639,502,707 (46,298,490)




Cash flow statements (continued)Advanced Information Technology Public Company Limited and its subsidiaries


(Unit: Baht)



2009 2008 2009 2008

Cash flows from investing activities

Decrease in restricted bank deposits 4,977,035 14,235,049 4,977,035 14,235,049

Cash payment for purchase of building improvement

and equipment (7,474,223) (11,220,831) (7,435,267) (10,885,082)

Cash payment for purchase of equipment for lease - (2,655,071) - (2,655,071)

Cash payment for purchase computer software (2,036,175) (277,400) (2,032,726) (237,800)

Cash payment for investment in subsidiay - - - (7,999,400)

Proceeds from minority shareholders of subsidiary - 2,000,600 - -

Proceeds from sales of equipment 27,553 1,887,116 - 1,887,116

Proceeds from sales of equipment for lease 685,000 - 685,000 -

Net cash flows from (used in) investing activities (3,820,810) 3,969,463 (3,805,958) (5,655,188)

Cash flows from financing activities

Increase (decrease) in short-term loans

from financial institutions (365,000,000) 325,000,000 (365,000,000) 325,000,000

Increase (decrease) in trust receipts (33,883,905) 18,961,751 (33,883,905) 18,961,751

Proceeds from additional ordinary shares issued

for warrant exercise 6,907,623 - 6,907,623 -

Repayment of financial lease payable - (600,255) - (600,255)

Dividend paid (164,697,693) (149,925,649) (164,697,693) (149,925,649)

Net cash flows from (used in) financing activities (556,673,975) 193,435,847 (556,673,975) 193,435,847

Net increase in cash and cash equivalents 75,955,219 138,613,831 79,022,774 141,482,169

Cash and cash equivalents at beginning of year 168,687,006 30,073,175 164,160,925 22,678,756

Cash and cash equivalents at end of year 244,642,225 168,687,006 243,183,699 164,160,925

Supplemental cash flows information

Non - cash items

Transfer of inventories to be equipment - 506,244 - 506,244

Transfer of inventories to be equipment for lease - 3,788,743 - 3,788,743

Transfer of equipment for lease to be equipment - 4,500,000 - 4,500,000

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Notes to consolidated financial statementsAdvanced Information Technology Public Company Limited and its subsidiaries


1. Corporate informationAdvanced Information Technology Public Company Limited (çthe Companyé) is a public company

incorporated and domiciled in Thailand. The Company is principally engaged in the sale, design, service and

installation of lump sum turnkey of information and communication technology network systems and the

renting of computers and electronic equipment. Its registered address is 37/2 Suthisarnvinijchai Road, Samsaennok,

Huaykwang, Bangkok.

2. Basis of preparation2.1 The financial statements have been prepared in accordance with accounting standards enunciated under

the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the

stipulations of the Notification of the Department of Business Development dated 30 January 2009,

issued under the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financial statements of the

Company. The financial statements in English language have been translated from the Thai language

financial statements.

The financial statements have been prepared on a historical cost basis except where otherwise

disclosed in the accounting policies.

2.2 Basis of consolidation

a) The consolidated financial statements include the financial statements of the Company (çthe Companyé)

and the following subsidiary companies (çthe subsidiariesé):

Assets as a Revenues as a

percentage percentage to the

to the consolidated consolidated total

Country of Percentage of total assets as at revenues for the year

Companyûs name Nature of business incorporation shareholding 31 December ended 31 December

2009 2008 2009 2008 2009 2008

Percent Percent Percent Percent Percent Percent

Maple Plus Co., Ltd. Sale and installation Thailand 55 55 0.3 0.8 0.6 0.7

of computer, software

and telecom equipment

BANC Serve Sale and installation Thailand - 80 - 0.3 - -

(Thailand) Co., Ltd. of computer and

telecom equipment


b) Subsidiaries are fully consolidated as from the date of acquisition, being the date on which the

Company obtains control, and continue to be consolidated until the date when such control ceases.

c) The financial statements of the subsidiaries are prepared for the same reporting period as the parent

company, using consistent significant accounting policies.

d) Material balances and transactions between the Company and its subsidiary companies have been

eliminated from the consolidated financial statements.

e) Minority interests represent the portion of net income or loss and net assets of the subsidiaries that

are not held by the Company and are presented separately in the consolidated income statement

and within equity in the consolidated balance sheet.

2.3 The separate financial statements, which present investments in subsidiaries presented under the cost

method, have been prepared solely for the benefit of the public.

3. Adoption of new accounting standardsIn June 2009, the Federation of Accounting Professions issued Notification No. 12/2009, assigning new

numbers to Thai Accounting Standards that match the corresponding International Accounting Standards. The

numbers of Thai Accounting Standards as referred to in these financial statements reflect such change.

The Federation of Accounting Professions has issued Notification No. 86/2008 and No. 16/2009,

mandating the use of new accounting standards, financial reporting standard and accounting treatment

guidance as follows.

3.1 Accounting standards, financial reporting standard and accounting treatment guidance which are effective

for the current year

Framework for the Preparation and Presentation of Financial Statements (revised 2007)

TAS 36 (revised 2007) Impairment of Assets

TFRS 5 (revised 2007) Non-current Assets Held for Sale and

Discontinued Operations

Accounting Treatment Guidance for Leasehold Right

Accounting Treatment Guidance for Business Combination under Common Control

These accounting standards, financial reporting standard and accounting treatment guidance

became effective for the financial statements for fiscal years beginning on or after 1 January 2009.

The management has assessed the effect of these standards and believes that TFRS 5 (revised 2007),

Accounting Treatment Guidance for Leasehold Right and Accounting Treatment Guidance for Business

Combination under Common Control are not relevant to the business of the Company, while Framework for

Preparation and Presentation of Financial Statements (revised 2007) and TAS 36 (revised 2007) do not

have any significant impact on the financial statements for the current year.

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3.2 Accounting standards which are not effective for the current year

Effective date

TAS 20 Accounting for Government Grants and 1 January 2012

Disclosure of Government Assistance

TAS 24 (revised 2007) Related Party Disclosures 1 January 2011

TAS 40 Investment Property 1 January 2011

However, TAS 24 (revised 2007) and TAS 40 allow early adoption by the entity before the effective

date.

The management of the Company has assessed the effect of these standards and believed that

TAS 20 and TAS 40 are not relevant to the business of the Company, while TAS 24 (revised 2007) will not

have any significant impact on the financial statements for the year in which it is initially applied.

4. Significant accounting policies4.1 Revenues and expenses recognition

a) Revenues

Sales and service income

Revenues from the sale, design, service and installation of lump sum turnkey of information and

communication technology network systems are recognised on the basis of percentage of

completion, as assessed by the Companyûs engineers/the project managers. Recognised revenues,

that are not yet due per the contracts are presented under the caption of çUnbilled receivableé in the

balance sheets.

Sales of goods are recognised when the significant risks and rewards of ownership of the goods

have passed to the buyer. Sales are the invoiced value, excluding value added tax, of goods supplied

after deducting discounts and allowances.

Service income is recognised when the services are rendered.

Rental and service income

Rental income and related service income are recognised over the period of rental and service.

Interest income

Interest income is recognised on an accrual basis based on the effective interest rate.

b) Expenses

Costs of contract sales, design, service and installation of lump sum turnkey of information and

communication technology network systems are recognised in accordance with the percentage of

work completed for which revenue has already been recognised, based on total estimated costs.

Provision for anticipated losses on projects is made in the accounts in full when the possibility of

loss is ascertained. Differences between the estimated costs and the actual costs are recognised as

çwork in progressé under current assets or çunbilled payableé under current liabilities.

Other expenses are recognised on an accrual basis.


4.2 Cash and cash equivalents

Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid investments

with an original maturity of 3 months or less and not subject to withdrawal restrictions.

4.3 Trade accounts receivable

Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is

provided for the estimated losses that may be incurred in collection of receivables. The allowance is

generally based on collection experiences and analysis of debt aging.

4.4 Inventories

Equipment, work in progress and goods in transit are valued at the lower of cost and net realisable

value. Cost of work in progress consists of cost of materials, labour, subcontract work and other relevant

expenses.

4.5 Investments

Investments in subsidiaries are accounted for in the separate financial statements using the cost

method. Allowance for impairment loss will be made when the recoverable amounts is lower than the cost

of investments.

4.6 Building improvement, equipment and equipment for lease and depreciation

Building improvement, equipment and equipment for lease are stated at cost less accumulated

depreciation and allowance for loss on impairment of assets (if any).

Depreciation of building improvement, equipment and equipment for lease are calculated by reference

to their costs on the straight-line basis over the following estimated useful lives:

Building improvement 5 years

Furniture, fixtures and office equipment 5 years

Computers 3, 5 years

Vehicles 5 years

Equipment for lease 3.5, 5 years

Depreciation is included in determining income.

4.7 Intangible asset and amortisation

Intangible assets are measured at cost. Following initial recognition, intangible assets are carried at

cost less any accumulated amortisation and any accumulated impairment losses.

Intangible assets with finite lives axre amortised on a systematic basis over the economic useful life

and tested for impairment whenever there is an indication that the intangible asset may be impaired. The

amortisation period and the amortisation method of such intangible asset are reviewed at least at each

financial year end. The amortisation expense is charged to the income statement.

A summary of the intangible assets with finite lives is as follows:

Useful lives

Computers software 10 years

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4.8 Related party transactions

Related parties comprise enterprises and individuals that control, or are controlled by, the Company,

whether directly or indirectly, or which are under common control with the Company.

They also include associated companies and individuals which directly or indirectly own a voting

interest in the Company that gives them significant influence over the Company, key management

personnel, directors and officers with authority in the planning and direction of the Companyûs operations.

4.9 Long-term leases

Leases of equipment which transfer substantially all the risks and rewards of ownership are classified

as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the

present value of the minimum lease payments. The outstanding rental obligations, net of finance charges,

are included in other long-term payables, while the interest element is charged to the income statements

over the lease period. The equipment acquired under finance leases is depreciated in the shorter of the

useful life of the asset and the lease period.

4.10 Foreign currencies

Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date

of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into

Baht at the exchange rate ruling at the balance sheet date.

Gains and losses on exchange are included in determining income.

4.11 Impairment of assets

At each reporting date, the Company performs impairment reviews in respect of the building

improvement, equipment, equipment for lease and intangible assets whenever events or changes in

circumstances indicate that an asset may be impaired. An impairment loss is recognised when the

recoverable amount of an asset, which is the higher of the assetûs fair value less costs to sell and its value

in use, is less than the carrying amount. In determining value in use, the estimated future cash flows are

discounted to their present value using a pre-tax discount rate that reflects current market assessments

of the time value of money and the risks specific to the asset. In determining fair value less costs to sell,

an appropriate valuation model is used. These calculations are corroborated by a valuation model that,

based on information available, reflects the amount that the Company could obtain from the disposal of

the asset in an armûs length transaction between knowledgeable, willing parties, after deducting the costs

of disposal.

An impairment loss is recognised in the income statement.

4.12 Employee benefits

Salaries, wages, bonuses and contributions to the social security fund and provident fund are

recognised as expenses when incurred.

The Company issued warrants to purchase the ordinary shares to directors and/or employees of the

Company. The transaction will be recorded in the financial statements when the warrants are exercised.


4.13 Provisions

Provisions are recognised when the Company has a present obligation as a result of a past event, it

is probable that an outflow of resources embodying economic benefits will be required to settle the

obligation, and a reliable estimate can be made of the amount of the obligation.

4.14 Income tax

Income tax is provided in the accounts based on the taxable profits determined in accordance with

tax legislation.

4.15 Derivatives

Forward exchange contracts

Receivables and payables arising from forward exchange contracts are translated into Baht at the

rates of exchange ruling at the balance sheet date. Gains and losses from the translation are included in

determining income.

5. Significant accounting judgements and estimatesThe preparation of financial statements in conformity with generally accepted accounting principles at

time requires management to make subjective judgments and estimates regarding matters that are inherently

uncertain. These judgments and estimates affect reported amounts and disclosures and actual results could

differ. Significant judgments and estimates are as follows:

Estimation of revenues and costs of contract sales, design, service and installation of lump sum turnkey

of information and communication technology network systems

In recognising revenues and costs of contract sales, design, service and installation of lump sum turnkey

of information and communication technology network systems, management are required to make judgement

based on their best knowledge of the current events and arrangements and their experience of the business to

estimate the percentage of completion and total cost of each contracts, based on information from the

engineers/project managers. These estimates are revisited on a periodical basis or when the actual costs

incurred significantly vary from the estimation.

Leases

In determining whether a lease is to be classified as an operating lease or finance lease, the management

is required to use judgment regarding whether significant risks and rewards of ownership of the leased asset

has been transferred, taking into consideration terms and conditions of the arrangement.

Allowance for doubtful accounts

In determining an allowance for doubtful accounts, the management needs to make judgment and

estimates based upon, among other things, past collection history, aging profile of outstanding debts and the

prevailing economic condition.

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Building improvement, equipment and equipment for lease and depreciation

In determing depreciation of building improvement, equipment and equipment for lease, the

management is required to make estimates of the useful lives and salvage values of the Companyûs building

improvement, equipment and equipment for lease and to review estimate useful lives and salvage values when

there are any changes.

In addition, the management is required to review building improvement, equipment and equipment

for lease for impairment on a periodical basis and record impairment losses in the period when it is determined

that their recoverable amount is lower than the carrying amount. This requires judgments regarding forecast of

future revenues and expenses relating to the assets subject to the review.

Intangible assets

The initial recognition and measurement of intangible assets, and subsequent impairment testing,

require management to make estimates of cash flows to be generated by the asset or the cash generating

units and to choose a suitable discount rate in order to calculate the present value of those cash flows.

6. Related party transactionsDuring the years, the Company and its subsidiaries had significant business transactions with related

parties. Such transactions, which are summarised below, arose in the ordinary course of business and were

concluded on commercial terms and bases agreed upon between the Company and those related parties.

(Unit: Million Baht)


financial statements financial statements Transfer Pricing Policy

2009 2008 2009 2008

Transactions with subsidiaries

(eliminated from the consolidated financial

statements)

Other income - - 0.2 0.2 Agreed upon price

Cost of sales and service - - 22.7 21.3 Agreed upon price

Transactions with related company

(related by being minority shareholder

of the subsidiary)

Cost of sales and service 4.6 15.6 - - Agreed upon price

The balances of the accounts as at 31 December 2009 and 2008 between the Company and those

related parties are as follows:





2009 2008 2009 2008

Trade accounts payable - related parties

Subsidiary

Maple Plus Co., Ltd. - - - 0.3

Related company

Scale Plotting Center Co., Ltd.

(related by being minority shareholder of the subsidiary) - 4.5 - -

Total accounts payable - related parties - 4.5 - 0.3

Directors and managementûs remuneration




Related parties Related transactions 2009 2008 2009 2008

Audit committee Meeting allowances and

directorsû remunerations 2.5 1.9 2.5 1.9

Management and Salaries, bonus, commission,

executive directors meeting allowances and

directorsû remunerations 71.1 54.6 65.7 52.2

Directors who are not members Meeting allowances and

of the audit committee or directorsû remunerations

management committee 2.6 1.7 2.6 1.7

7. Trade accounts and notes receivableThe balances of trade accounts and notes receivable as at 31 December 2009 and 2008, aged on the

basis of due dates are summarised below.

(Unit: Baht)

Consolidated / Separate financial statements

2009 2008

Age of receivables

Not yet due 321,361,065 213,696,920

Past due

Up to 3 months 570,508,543 366,021,014

3-6 months 111,168,234 163,238,904

Over 6-12 months 26,986,681 23,555,627

Over 12 months 71,768,329 23,369,552

Back to back basis 9,661,377 48,930,377

Total 1,111,454,229 838,812,394

Less: Allowance for doubtful accounts (30,650,748) (18,068,212)

Trade accounts and notes receivable - net 1,080,803,481 820,744,182

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Included in the above as at 31 December 2009, are post-date cheques amounting to Baht 5.9 million

(2008: Baht 9.2 million).

Most of the overdue trade accounts receivable balances are those receivable from government agencies

and companies of which the government is a major shareholder. The Companyûs management believes that

payment of these balances will be received in full and that the above allowance for doubtful accounts is

adequate in the current circumstance.

As at 31 December 2009, the Company has transferred of collection rights for accounts receivable

amounting to Baht 56.0 million (2008: Baht 69.2 million) to secure credit facilities from banks.

8. Inventories(Unit: Baht)



2009 2008 2009 2008

Equipment and work in progress 461,802,323 474,386,298 460,589,540 464,279,897

Goods in transit 28,936,810 17,575,950 28,936,810 17,575,950

Total 490,739,133 491,962,248 489,526,350 481,855,847

Less: Allowance for impairment loss on inventories (20,831,010) - (20,831,010) -

Inventories - net 469,908,123 491,962,248 468,695,340 481,855,847

During the current year, the Company fully provided an allowance for impairment loss on inventories of a

project of Baht 20.8 million since the customer postponed the project and the Company expected no

usefulness from such inventories.

9. Restricted bank depositsThese represent fixed deposits pledged with the banks to secure credit facilities.

10. Investments in subsidiariesDetails of investments in subsidiaries as presented in separate financial statements are as follows:

Paid-up capital Shareholding percentage Cost

2009 2008 2009 2008 2009 2008

Companyûs name (Million Baht) (Million Baht) (%) (%) (Baht) (Baht)

Maple Plus Co., Ltd. 10 10 55 55 5,499,700 5,499,700

BANC Serve (Thailand) Co., Ltd. - 10 - 80 - 7,999,400

5,499,700 13,499,100


During the current year, the subsidiary companies did not pay a dividend.

During the year 2008, the Company invested in 79,994 ordinary shares of BANC Serve (Thailand) Co., Ltd.,

representing 80 percent of total shares of BANC Serve (Thailand) Co., Ltd., at a price of Baht 8.0 million.

Subsequently, on 1 December 2009, that companyûs Extraordinary Shareholdersû Meeting No.1/2552 passed a

resolution approving the dissolution of the company. The company registered its dissolution on 16 December

2009 and its liquidation on 29 December 2009. The Company recorded loss from dissolution of subsidiary

amounting to Baht 8.0 million in the income statement of the current year.

During the year 2007, the Company invested in 109,994 ordinary shares of Maple Plus Co., Ltd.,

representing 55 percent of total shares of Maple Plus Co., Ltd., at a price of Baht 5.5 million.

11. Building improvement and equipment(Unit: Baht)


Furniture, fixture

Building and office

improvement equipment Computers Vehicles Total

Cost

31 December 2008 6,641,450 11,738,579 65,913,426 6,364,958 90,658,413

Additions 837,595 1,439,751 4,578,227 618,650 7,474,223

Disposals/write-off - (31,336) (38,040) (6,364,958) (6,434,334)

31 December 2009 7,479,045 13,146,994 70,453,613 618,650 91,698,302

Accumulated depreciation

31 December 2008 4,721,020 8,653,660 51,552,427 6,364,954 71,292,061

Depreciation for the year 723,053 1,154,484 7,472,898 10,842 9,361,277

Depreciation on disposals/write-off - (4,816) (20,261) (6,364,954) (6,390,031)

31 December 2009 5,444,073 9,803,328 59,005,064 10,842 74,263,307

Net book value

31 December 2008 1,920,430 3,084,919 14,360,999 4 19,366,352

31 December 2009 2,034,972 3,343,666 11,448,549 607,808 17,434,995

Depreciation for the year

2008 (all included in administrative expenses) 8,115,825


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(Unit: Baht)


Furniture, fixture

Building and office

improvement equipment Computers Vehicles Total

Cost

31 December 2008 6,057,110 11,662,343 65,150,805 6,364,958 89,235,216

Additions 837,595 1,408,414 4,570,608 618,650 7,435,267

Write-off - - (23,950) (6,364,958) (6,388,908)

31 December 2009 6,894,705 13,070,757 69,697,463 618,650 90,281,575


31 December 2008 4,560,015 8,634,784 51,349,305 6,364,954 70,909,058

Depreciation for the year 606,186 1,134,426 7,218,096 10,842 8,969,550

Depreciation on write-off - - (14,312) (6,364,954) (6,379,266)

31 December 2009 5,166,201 9,769,210 58,553,089 10,842 73,499,342

Net book value

31 December 2008 1,497,095 3,027,559 13,801,500 4 18,326,158

31 December 2009 1,728,504 3,301,547 11,144,374 607,808 16,782,233




As at 31 December 2009, certain building improvement and equipment items have been fully depreciated

but are still in use. The original cost of those assets amounted to approximately Baht 59.1 Million (2008: Baht

59.6 million) (The Company only: Baht 59.1 million, 2008: Baht 59.6 million).

12. Equipment for lease(Unit: Baht)


Cost

31 December 2008 519,744,906

Disposals (110,255,582)

31 December 2009 409,489,324


31 December 2008 393,991,978

Depreciation for the year 22,566,172

Depreciation on disposals (98,497,305)

31 December 2009 318,060,845



Allowance for impairment loss

31 December 2008 89,393,198

Increase during the year 7,000,000

Allowance for impairment loss on disposals (11,758,277)

31 December 2009 84,634,921

Net book value

31 December 2008 36,359,730

31 December 2009 6,793,558


2008 (all included in cost of equipment for lease) 93,739,193

2009 (all included in cost of equipment for lease) 22,566,172

During the current year, the Companyûs management decided to recognise impairment loss of Baht 7.0

million (2008: Baht 49.4 million) for equipment for lease, since they believe that due to technology changes and

the net recoverable value of the equipment is less than its net book value.

13. Intangible assetsDetails of intangible assets which are computer software are as follows:

(Unit: Baht)



2009 2008 2009 2008

Cost 3,881,349 1,845,174 3,838,300 1,805,574

Accumulated amortisation (509,856) (199,247) (504,810) (198,231)

Net book value 3,371,493 1,645,927 3,333,490 1,607,343

Amortisation expenses included in the income

statements for the year 310,609 166,453 306,579 165,437

14. Short-term loans from financial institutions(Unit: Baht)

Interest rate Consolidated / Separate

(percent financial statements

per annum) 2009 2008

Short-term loans from financial institutions 4.1 - 4.6 - 365,000,000

Short-term loans from financial institutions are promissory notes, repayable within 3 months and

unsecured.

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15. Share capitalPresented below is a summary of movements in share capital during the year ended 31 December 2009.

Date of registration of

additional shares

Issued and fully arising from exercise

paid-up of warrants with the

share capital Share premium Ministry of Commerce

(Baht) (Baht)

Outstanding as at 31 December 2008 300,000,000 220,715,902

Increase from warrant exercise in August 2009 3,447,500 3,447,500 4 September 2009

Increase from warrant exercise in September 2009 3,825 8,798 8 October 2009

Outstanding as at 31 December 2009 303,451,325 224,172,200

16. WarrantsThe Annual General Meeting of the Companyûs shareholders held on 20 April 2007, passed a resolution to

issue and offer warrants free of charge as follows:

Warrants issued to the

Warrants issued to Companyûs directors and /

existing shareholders or employees (ESOP)

Issued date 1 October 2007 1 October 2007

Number of warrants granted (unit) 6,000,000 3,000,000

Life of warrants (year) 5 5

Exercisable 28 December 2007 - 31 August 2009 -

30 September 2012 30 September 2012

Exercise price per 1 ordinary shares (Baht) 16.50 10.00

Exercise ratio (warrants to ordinary shares) 1:1 1:1

Presented below is a summary of movement of warrants:

(Unit)

Warrants issued to the

Warrants issued to Companyûs directors and /

existing shareholders or employees (ESOP)

Number of warrants issued 5,999,972 3,000,000

Exercised during the year 2007 - -

Exercised during the year 2008 - -

Balance as at 31 December 2008 5,999,972 3,000,000

Exercised during the year 2009 (765) (689,500)

Expired during the year 2009 - (180,000)

Balance as at 31 December 2009 5,999,207 2,130,500


17. Statutory reservePursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set

aside to a statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought

forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not

available for dividend distribution. At present, the Company had fully appropriated statutory reserve.

18. Expenses by natureSignificant expenses by nature are as follows:

(Unit: Baht)



2009 2008 2009 2008

Purchase inventories 2,082,550,320 1,852,771,110 2,076,087,184 1,824,333,340

Changes in inventories 54,363,145 (72,961,633) 44,211,419 (62,855,232)

Salary, bonus, commission and other

employee benefits 429,536,815 345,999,191 417,448,641 335,280,170

Repair and maintenance expense 61,719,538 75,447,778 61,719,433 75,447,008

Depreciation and amortisation 32,238,058 102,021,471 31,842,301 101,700,080

Impairment loss on inventories 20,831,010 - 20,831,010 -

Impairment loss on equipment for lease 7,000,000 49,393,198 7,000,000 49,393,198

19. Earnings per shareBasic earnings per share is calculated by dividing net income for the year by the weighted average number

of ordinary shares in issue during the year.

Diluted earnings per share is calculated by dividing net income for the year by the weighted average

number of ordinary shares in issue during the year plus the weighted average number of ordinary shares which

would need to be issued to convert all dilutive potential ordinary shares into ordinary shares. The calculation

assumes that the conversion took place either at the beginning of the year or on the date the potential

ordinary shares were issued.

Calculation of basic earnings per share and diluted earnings per share is presented below:

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Weighted average

number Earnings

Net income of ordinary shares per share

2009 2008 2009 2008 2009 2008

(Thousand (Thousand (Thousand (Thousand (Baht) (Baht)

Baht) Baht) shares) shares)



of the parent 312,207 211,462 60,244 60,000 5.18 3.52

Effect of dilutive potential ordinary shares

ESOP - - 1,150 928

Warrants issued to existing shareholders - - 325 -


Net income of ordinary shareholders

assuming the conversion of warrants to

ordinary shares 312,207 211,462 61,719 60,928 5.06 3.47


Weighted average

number Earnings

Net income of ordinary shares per share

2009 2008 2009 2008 2009 2008

(Thousand (Thousand (Thousand (Thousand (Baht) (Baht)

Baht) Baht) shares) shares)



of the parent 311,038 217,873 60,244 60,000 5.16 3.63

Effect of dilutive potential ordinary shares

ESOP - - 1,150 928

Warrants issued to existing shareholders - - 325 -


Net income of ordinary shareholders

assuming the conversion of warrants to

ordinary shares 311,038 217,873 61,719 60,928 5.04 3.58


20. Segment informationThe Company and its subsidiariesû business operations involve 2 principal segments: (1) sales and service

and (2) rental of computers and electronic equipment. These operations are mainly carried on in Thailand. Below

is the financial information for the years ended 31 December 2009 and 2008 of the Company and its

subsidiaries by segment.


Elimination of

Sales and inter-segment Consolidated

service segment Renting segment transactions financial statements

2009 2008 2009 2008 2009 2008 2009 2008

Revenues from external customers 3,843 3,191 28 111 - - 3,871 3,302

Inter-segment revenues 23 21 - - (23) (21) - -

Total revenues 3,866 3,212 28 111 (23) (21) 3,871 3,302

Segment income (loss) 873 726 (2) (67) 871 659

Unallocated income and expenses

Other income 5 23

Selling expenses (185) (146)

Administrative expenses (184) (161)

Management benefit expenses (76) (58)

Finance cost (13) (11)

Corporate income tax (108) (97)

Minority interest 2 2

Net income 312 211


Sales and Consolidated financial

service segment Renting segment statements

2009 2008 2009 2008 2009 2008

Trade accounts and note receivable - net 1,079 792 2 29 1,081 821

Unbilled receivable 29 43 4 25 33 68

Inventories - net 470 492 - - 470 492

Equipment for lease - net - - 7 36 7 36

Unallocated assets 353 279

Total assets 1,944 1,696

Transfer prices between business segments are as set out in Note 6 to the financial statements.

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21. Provident fundThe Company and its employees have jointly established a provident fund in accordance with the

Provident Fund Act B.E. 2530. Both employees and the Company contributed to the fund monthly at the rate

of 5 - 15 percent of basic salary. The fund, which is managed by MFC Asset Management Public Company

Limited and ING Funds (Thailand) Company Limited, will be paid to employees upon termination in accordance

with the fund rules. During the year 2009, the Company contributed Baht 16.5 million (2008: Baht 15.3 million)

to the fund.

22. Dividends

Total dividends Dividend per share

Dividends Approved by (Million Baht) (Baht)

Final dividends in respect of the The 2008 Annual General Meeting

year 2007 income of the Companyûs shareholders

held on 25 April 2008 75 1.25

Interim dividends in respect of The meeting of the Companyûs

the net income of the six-month Board of Directors held on

period ended 30 June 2008 14 August 2008 75 1.25

150 2.50

Final dividends in respect of the The 2009 Annual General Meeting

year 2008 income of the Companyûs shareholders

held on 24 April 2009 90 1.50

Interim dividends in respect of The Meeting of the Companyûs

the net income of the six-month Board of Directors held on

period ended 30 June 2009 11 August 2009 75 1.25

165 2.75

23. Commitments and contingent liabilities23.1 Operating lease commitments

The Company and its subsidiary have entered into several lease agreements in respect of leases of

buildings and motor vehicles. The terms of the agreements are generally between 1 and 4 years.

As at 31 December 2009, future minimum lease payments required under these leases contracts

were as follows:



Consolidated financial statements Separate financial statements

Lease of Lease of motor Lease of Lease of motor

buildings vehicles buildings vehicles

Payable within

Less than 1 year 7.3 4.1 7.3 3.9

1 to 3 years 9.2 6.1 9.2 5.9

23.2 Obligations relating to undelivered and unrendered contracts

1. The Company and its subsidiary have undelivered and unrendered contracts of selling goods and

rendering services to their customers of approximately Baht 1,696 million (2008: Baht 923 million)

(The Company only: Baht 1,690 million, 2008: Baht 904 million).

2. The Company has engaged in various contracts, totaling contract value of future service rendering of

Baht 20 million (2008: Baht 55 million), to lease the electronic equipment to companies of which the

government is a major shareholder, government agencies and various schools. The company has

obliged to complete the equipment installation and render maintenance services of these equipment

in accordance with conditions stipulated in the contracts.

3. The Company has executed a memorandum with a company to arrange, and install voice mail

system equipment and software to that company to render the services to subscriber for a period

as from 1 August 2006 to 30 November 2011. The Company will obtain service charges as a

percentage of that companyûs revenue. The Company is, therefore, obliged to complete the

equipment installation, render maintenance services of the equipment, pay network connection cost

on a monthly basis and abide by others conditions stipulated in the contract. The Company will also

transfer ownership of these equipment to such company on the contractûs expiration date.

23.3 Guarantees

As at 31 December 2009, there were outstanding bank guarantees of approximately Baht 842.0

million (2008: Baht 477.3 million) which have been issued by banks on behalf of the Company, consortium

between the Company and its subsidiary and its contracted counter parties, guaranteed by the Company,

in respect of certain performance bonds as required in the ordinary course of its businesses. These

included letters of guarantee amounting to Baht 840.1 million to guarantee contractual performance and

Baht 1.9 million to guarantee payments due to creditors.

24. Financial instruments24.1 Financial risk management

The Companyûs financial instruments, as defined under Thai Accounting Standard No. 32 çFinancial

Instruments: Disclosure and Presentationsé, principally comprise cash and cash equivalents, trade

accounts and note receivable, bank deposits, short-term loans, trust receipt, trade accounts payable and

advance receipts from customers. The financial risks associated with these financial instruments and how

they are managed is described below.

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Credit risk

The Company is exposed to credit risk primarily with respect to trade accounts and notes receivable.

However, due to a prudent credit policy and most customers are government agencies, companies in

which the government is a major shareholder, the company does not expect to incur material financial

losses. The maximum exposure to credit risk is limited to the carrying amounts of accounts and note

receivable as stated in the balance sheets.

Interest rate risk

The Companyûs exposure to interest rate risk relates primarily to its cash at banks, short-term loans

and trust receipt. However, since most of the Companyûs financial assets and liabilities bear floating

interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected

to be minimal.

Significant financial assets and liabilities as at 31 December 2009 classified by type of interest

rates are summarised in the table below, with those financial assets and liabilities that carry fixed interest

rates further classified based on the maturity date, or the repricing date if this occurs before the maturity

date.


Fixed interest

rate due within Floating Non-interest

1 year interest rate bearing Total Interest rate

(Million Baht) (% p.a.)

Financial Assets

Cash and cash equivalents - 245 - 245 0.125 - 0.65

Trade accounts and notes receivable - - 1,081 1,081 -

Restricted bank deposits 73 - - 73 0.5 - 1.75

73 245 1,081 1,399

Financial liabilities

Trade accounts payable - - 474 474 -

Advance receipts from customers - - 132 132 -

- - 606 606



Fixed interest

rate due within Floating Non-interest

1 year interest rate bearing Total Interest rate

(Million Baht) (% p.a.)

Financial Assets

Cash and cash equivalents - 243 - 243 0.125 - 0.65

Trade accounts and notes receivable - - 1,081 1,081 -

Restricted bank deposits 73 - - 73 0.5 - 1.75

73 243 1,081 1,397

Financial liabilities

Trade accounts payable - - 474 474 -

Advance receipts from customers - - 132 132 -

- - 606 606

Foreign currency risk

The Company exposures to foreign currency risk arises mainly from purchasing inventories that are

denominated in foreign currencies. The Company seeks to reduce this risk by entering into forward

exchange contracts when it considers appropriate. Generally, the forward contracts mature within one

year.

As at 31 December 2009, the Company had outstanding balance of trade accounts payable

denominated in foreign currency of USD 10.6 million and had certain forward exchange contracts which

had been made to cover the purchase of inventories totaling USD 9.7 million, at exchange rates ranging

between Baht 33.22 to Baht 34.80 per USD.

24.2 Fair values of financial instruments

Since the majority of the Companyûs financial assets and liabilities are short-term in nature and

loans bear floating interest rates, their fair value is not expected to be materially different from the

amounts presented in the balance sheets.

A fair value is the amount for which an asset can be exchanged or a liability settled between

knowledgeable, willing parties in an armûs length transaction. The fair value is determined by reference to

the market price of the financial instrument or by using an appropriate valuation technique, depending on

the nature of the instrument.

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25. Capital managementThe primary objectives of the Companyûs capital management is to ensure that it has an appropriate

financing structure and preserves the ability to continue its business as a going concern. According to the

balance sheet as at 31 December 2009, the Groupûs debt-to-equity ration was 0.9:1 (2008: 0.9:1) and the

Companyûs was 0.9:1 (2008: 0.9:1).

26. Subsequent eventsOn 23 February 2010, the meeting No. 1/2553 of the Companyûs Board of Directors passed a resolution

approving the distribution of a dividend for 2009 of Baht 2.25 per share to the Companyûs shareholders, to be

appropriated from earnings from 2009 operations. A proposal to distribute such dividend will be presented for

approval in the forthcoming Annual General Meeting of the shareholders.

27. Approval of financial statementsThese financial statements were authorised for issue by the Companyûs Board of Directors on

23 February 2010.


Financial Status and Operating Performance for the Past 3 years1. The Auditor

Name of auditors in 2007-2009

Registration

Accounting Period CPA Number Accounting Office

1 Audited financial statements for 2007 Ms. Thipawan Nananuwat 3459 Ernst & Young Office

(Ended 31 December 2007) Company Limited





Summary of the Auditorûs report of Auditor financial statement for 2007 (ended December 2007)

The Auditor states that the financial position of Advanced Information Technology Public Company Limited

and its subsidiary as at 31 December 2007, the results of their operation, and cash flows for the year then ended,

as well as the financial position of the Advanced Information Technology Public Company Limited as at 31 December

2007 and 2006 the results of its operations and cash flows for the years then ended, In accordance with generally

accepted accounting principles.



and its subsidiary and of Advanced Information Technology Public Company Limited as at 31 December 2008 and

2007, and the results of their operation, and cash flows for the year then ended in accordance with generally




and its subsidiary and of Advanced Information Technology Public Company Limited as at 31 December 2009 and

2008, and the results of their operation, and cash flows for the year then ended in accordance with generally


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2. Summary of the Financial Statements

The Separated Financial Statements

2009 2008 2007

Thousand Baht % Thousand Baht % Thousand Baht %

Assets

Cash and cash equivalent 243,184 12.5 164,161 9.7 22,679 1.8

Trade account and note receivables - net 1,080,803 55.5 820,744 48.5 470,327 37.0

Unbilled receivables 32,637 1.7 67,866 4.0 46,906 3.7

Inventories - net 468,695 24.1 481,856 28.5 423,295 33.3

Other current assets 5,083 0.3 4,587 0.3 12,446 1.0

Total current assets 1,830,402 94.1 1,539,214 91.0 975,653 76.8

Collateral fixed deposits 73,271 3.8 78,248 4.6 92,483 7.4

Investment in subsidiaries 5,500 0.3 13,499 0.8 5,500 0.4

Buildings and equipments - net 16,782 0.9 18,326 1.1 12,417 1.0

Equipments for rent - net 6,794 0.3 36,360 2.1 177,957 14.0

Intangible assets - net 3,333 0.2 1,608 0.1 1,535 0.1

Other non-current assets 8,176 0.4 4,235 0.3 3,880 0.3

Total non-current assets 113,856 5.9 152,276 9.0 293,772 23.2

Total assets 1,944,258 100.0 1,691,490 100.0 1,269,425 100.0

Liabilities and shareholdersû equity

Short-term loan from financial institutions - - 365,000 21.5 40,000 3.2

Trust receipts payables - - 33,884 2.0 14,922 1.2

Trade account payables 471,996 24.3 217,794 12.9 257,079 20.2

Accrued cost payables 131,936 6.8 91,415 5.4 85,159 6.7

Liabilities and shareholdersû equity (Conût)

Financial lease payables - due within 1 Year - - - - 600 -

Other current liabilities 309,857 15.9 105,873 6.3 62,013 4.9

Total current liabilities 913,789 47.0 813,966 48.1 459,773 36.2

Total liabilities 913,789 47.0 813,966 48.1 459,773 36.2

Shareholdersû equity

Issued and fully paid-up share capital 303,451 15.6 300,000 17.8 300,000 23.6

Share premium 224,172 11.5 220,716 13.0 220,716 17.4

Appropriated statutory reserve 34,500 1.8 34,500 2.0 24,800 1.9

Unappropriated retained earnings 468,346 24.1 322,308 19.1 264,136 20.9

Total companyûs shareholdersû equity 1,030,469 53.0 877,524 51.9 809,652 63.8

Minority interests of subsidiaries - - - - - -

Total shareholdersû equity 1,030,469 53.0 877,524 51.9 809,652 63.8

Total liabilities and shareholdersû equity 1,944,258 100.0 1,691,490 100.0 1,269,425 100.0

Balance Sheet



2009 2008 2007

Thousand Baht % Thousand Baht % Thousand Baht %

Sales and services income 3,843,117 99.1 3,190,322 95.9 1,396,499 84.8

Rental and service income from equipment 27,780 0.7 110,887 3.4 241,643 14.7

for lease

Other income 5,611 0.2 23,650 0.7 8,454 0.5

Total revenues 3,876,508 100.0 3,324,859 100.0 1,646,596 100.0

Costs of sales and services 2,953,130 76.2 2,467,993 74.2 1,063,399 64.6

Costs of equipment for lease 22,798 0.6 127,966 3.9 149,790 9.1

Sales and administrative expenses 432,500 11.1 353,218 10.6 228,922 13.9

Impairment loss on assets 27,831 0.7 49,393 1.5 40,000 2.4

Loss from dissolution of subsidiary 7,999 0.2 - - - -

Total expenses 3,444,258 88.8 2,998,570 90.2 1,482,111 90.0

Income before finance cost and corporate 432,250 11.2 326,289 9.8 164,485 10.0

income Tax

Finance cost (12,845) 0.4 (11,223) 0.3 (7,801) 0.4

Corporate income tax (108,367) 2.8 (97,193) 2.9 (61,875) 3.8

Net income for the year 311,038 8.0 217,873 6.6 94,809 5.8

Cash flows statements

Cash flows from operating activities 639,503 (46,298) 271,250

Cash flows from investing activities (3,806) (5,655) 10,145

Cash flows from financing activities (556,674) 193,435 (316,330)

Net increase (decrease) in cash and cash 79,023 141,482 (34,935)

equivalents

Cash and cash equivalents at beginning of year 164,161 22,679 57,614

Cash and cash equivalents at end of year 243,184 164,161 22,679

Income Statements

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2009 2008 2007

Liquidity ratio

Liquidity ratio (times) 2.00 1.89 2.12

Quick ratio (times) 1.48 1.29 1.17

Cash ratio (times) 0.74 (0.07) 0.43

Trade account receivables turnover ratio (times) 3.87 4.70 2.70

Average days sale outstanding (days) 93 77 134

Inventory turnover ratio (times) 6.26 5.74 3.22

Average days sale period (days) 57 63 112

Account Payables turnover ratio (times) 8.63 10.39 4.84

Average days payable outstanding (days) 42 33 74

Cash cycle (days) 109 107 172

Profitability ratio

Gross profit margin - sales and services (%) 23.16% 22.64% 23.85%

Gross profit margin - Rental and service from equipment for lease 17.93% (15.40%) 38.01%

Operating profit margin ratio (%) 11.02% 9.17% 9.52%

Cash to profit ratio (%) 149.89% (15.27%) 173.84%

Net profit margin (%) 8.02% 6.55% 5.76%

Return on equity (%) 32.60% 25.83% 12.04%

Efficiency ratio

Return on assets (%) 17.11% 14.72% 6.65%

Return on fixed assets (%) 876.24% 260.81% 85.78%

Asset turnover ratio (times) 2.13 2.25 1.16

Financial policy ratio

Debt to equity ratio (times) 0.89 0.93 0.57

Interest coverage ratio (times) 59.22 5.54 43.70

Debt service coverage ratio (cash basis) (times) 1.19 (0.27) 0.82

Dividend payout ratio (%) 68.02% 75.73% 79.11%

Financial Ratios


3. Managementûs Discussion and Analysis of the Financial Status and Operating Performance3.1 Overview of the Past Performance

During 2007-2009, the impact of global financial crisis on Thai Economy was substantial whereas on

the Company was relatively insignificant given the fact that majority of its revenues are from state-owned

enterprises and governments. As a result of the stimulus measures adopted by various government

entities, the Companyûs revenues were still able to generate an ongoing revenues even times of economic

crisis.

Since there are minimal differences in the consolidated financial statements and the Companyûs

financial statements after combining the operating results of its two subsidiaries, the analysis of the

financial statements and operating performance will be conducted on the Separated financial statements

only.

In 2009, the Company had total revenues of 3,876.5 million Baht, increasing 551.6 million Baht or

16.6% from 2008 owning to its successful bidding results with larger projects size and higher number of

awarded projects. In 2008, the Company reported 3,324.9 million Baht of total revenues, increasing

1,678.3 million Baht or 101.9% from 2007 primarily due to an increase in investment undertaken by both

government and state enterprises thereby enabling it to win more large-scale projects.

` The cost structure and gross profit margin of project sales and services in 2009 was 23.2%, a slight

increase of 2.7% from 2008. 2008ûs gross profit margin of project sales and services was 22.6%, a

decrease of 5.4% from 2007 as there were a number of mega projects having hardware as their main

component, which carried low gross profit margin. The adjustment of project cost upwards also

contributed to a lower gross profit margin in 2008, even lower than that of 2007 as there were several

maintenance projects in 2007.

The gross profit margin of equipment rental services in 2009 was 17.9%, a surge up from negative

gross profit margin in 2008 due to a much lower than expected rental fee on the renewal contracts.

Moreover, there were depreciations of equipments for rent as well as maintenance costs, which, unlike the

reduction of rental fee, had increased in tandem with the operating conditions of aging equipments.

As a result, the Company posted a gross loss from its equipment rental business in 2008. In terms of

gross profit margins, 2009ûs and 2007ûs were higher 2008ûs.

In 2009, the Company booked 432.5 million Baht of selling and administrative expenses, an increase

of 22.5% or 79.3 million Baht from that of 2008 given higher expenses incurred for employees and clients,

including sales commission and entertainment. In 2008, the Company incurred 353.2 million Baht of

selling and administrative expenses, an increase of 54.3% or 124.3 million Baht from that of 2007 for the

same reasons given for such increase in 2009 i.e. employees and entertainment expenses.

The Companyûs net profit margin had increased to 8.0% in 2009 compared to 6.6% in 2008 as it

booked more revenues from more projects including tax structure, which has more deductible items for

add-back items resulting from a temporary difference between accounting and tax. Moreover, given a

lower reserve amount that was set aside for loss from the impairment of assets, net profit margin for

2009 was higher compared to 2008. The Companyûs 2008 net profit margin was 6.6%, an increase of

about 13.8% from 2007 given less revenues from projects in 2007 compared to 2008.

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Trade account receivables in 2009 (inclusive of unbilled receivables) had increased from 2008 for the

amount of 224.8 million Baht due to an increase in both revenues and trade account receivables.

However, trade account receivables in 2008 had increased from 2007 for the amount of 371.4 million Baht

due to the same reasons as in mentioned for 2009.

Inventory in 2009 was 468.7 million Baht, a decrease of 13.2 million Baht compared to 2008. Such

decrease was partly due to the reserve for the impairment of 20.8 million Baht inventory for non-progress

projects, in which the Company expected to receive less than the amount invested. Inventory in 2008

was 481.9 million Baht, an increase of 58.6 million Baht compared to 2007 as the Company won more

projects in 2008 than 2007 thus causing higher work in progress.

The value of net equipments for rent has gradually decreased since 2007 to present due to the

depreciation of the installed and ready-to-use outsourcing equipments. Besides, the decrease in the

value of net equipments for rent in 2009, 2008 and 2007 was resulted from the reserve for loss from the

impairment of assets, which was set aside for the amount of 7 million Baht, 49.4 million Baht and 40.0

million Baht, respectively. In 2009, there was no addition investment on equipment for rent.

In 2009, the Company no longer reported the outstanding amount of overdraft and short-term loan

from financial institution as it received payments from large trade receivables. Other current liabilities

included trade account payables, accrued cost payables, corporate income tax, advanced payment from

customers, accrued expenses and other items. The increase in other current liabilities was due to various

reasons e.g. extension of credit term granted by major creditor, delivery of projects during year-end

causing higher accrued expenses, as a result of higher profit which was in line with an increase in revenues

causing higher tax payment, winning the bid for a mega project during year-end resulting in higher

advanced payment and given good performance of large projects resulting in an unpaid commission that

had to be recorded as accrued expenses.

Past Performance in each Business

1. Revenues from Sales and Services Business

Major source of the Companyûs revenues is from sales and service business, which accounted for

99.1%, 95.9% and 84.8% of total revenues in 2009, 2008 and 2007, respectively. By nature, such

revenues come from sale and installation of computer and telecommunication equipments, including repair

and maintenance services. Throughout the period from 2007 to 2009, revenues from sales and services

has constantly increased given the growth in the telecommunication technology, particularly with respect

to network providers. As for 2009, the Company reported 3,843 million Baht of revenues, an increase of

653 million Baht or 20.5% compared to 3,190 million Baht in 2008, as there were more projects worth

more than 100 million Baht in 2009 than in 2008 and 2007. Mega projects in 2009 included Broadband

IP, IP Core 970, Remote Fiber Test System (RFTS), Cisco 192, IP Network Adjustment and etc. Most

projects were from key customers namely TOT Plc., CAT Telecom Plc. and large corporates. In 2008, the

Companyûs revenues increased from 1,396 million Baht to 3,190 million Baht in 2008, an increase of 1,794

million Baht or 128.5% due to its ability to win the bids for large-size projects form both non-core and core

customers such as Backup ICC, Gin Phase 2, TOT-GIS 2007, Inter Connection 2008 of TOT Plc., New Core

Router of CAT Telecom Plc. and etc.


Table Comparing Revenues from Sales and Services

Number of Projects (Projects)

Total Project Value (million Baht) 2009 2008 2007

> 100 million Baht 5 4 2

50 - 100 million Baht 7 7 2

20 - 50 million Baht 20 24 17

10 - 20 million Baht 28 20 12

< 10 million Baht 428 425 224

Total Project Value (million Baht) 3,843 3,190 1,396

No. of Projects (Projects) 488 480 257

2. Revenues from Equipments for Rent Business

Revenue from equipment rental business, which was considered as the Companyûs secondary source

of revenue, accounted for 0.7%, 3.4% and 14.7% of total revenues in 2009, 2008 and 2007, respectively.

However, this part of revenue has continued to decrease since 2007, details as shown in the Table

Showing Summary of Financial Statements in the Income Statement Section on Page 84. Main reason

for such decrease was due to the fact that a number of contracts were already expired whereas the

remaining projects have low contract value.

3. Other Revenues

Other revenues mainly consisted of the followings:

1) Interest received from collateral fixed deposits for various successfully bid projects. The

interest income for 2009, 2008, and 2007 was 1.2, 2.4 and 4.9 million Baht, respectively. Such

decrease was primarily due to the decrease of interest rate and the amount of collateral fixed

deposits outstanding.

2) Other revenue mainly is the revenue from sales promotions given by the distributors both locally

and abroad. The increase or decrease in this part of revenue varies according to purchase

volume and conditions of the distributors in each sales promotion.

4. Costs of Sales and Services and Costs of Equipments for Rent

The Companyûs costs can be classified into cost of sales and services and cost of equipments for

rent. Costs of sales and services arise from computer hardware, telecommunication and communication

technology network system and repair and maintenance of equipment service. The cost of equipments for

rent arises from outsourcing of computers.

Costs and Gross Profit Margin of Sales and Services Business

Costs of sales and services are considered as a major part of the total costs, which accounted for

76.2%, 74.2% and 64.6% of total revenues in 2009, 2008 and 2007, respectively. Costs of sales and

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services varied according to sale volumes generated in each year. As for 2009, 2008 and 2007, costs of

sales and services equaled to 2,953.1, 2,468.0 and 1,063.4 million Baht, respectively.

Gross profit margin of sales and services business was reported at 23.2%, 22.6% and 23.9% for

2009, 2008 and 2007, respectively. 2009ûs gross profit margin increased 2.7% compared to 2008

whereas 2008ûs gross profit margin decreased 5.4% compared to 2007 as most of the large-scale

projects in 2008 had incurred higher costs from hardware equipments. in which gross profit margin from

sales is lower than that of services. As for 2007, the Company was able to realize revenue from higher

numbers of repair and maintenance projects.

Table Showing Costs, Gross Profit and Gross Profit Margin of Sales and Services Business

Sales and Services Business 2009 2008 2007

Costs (million Baht) 2953.1 2,468.0 1,063.4

Gross Profit (million Baht) 900.0 722.3 333.1

Gross Profit Margin (%) 23.2 22.6 23.9

Costs and Gross Profit Margin of Equipments for Rent Business

The costs of equipments for rent accounted for 0.6%, 3.9% and 9.1% of total revenues in 2009, 2008

and 2007, respectively. The costs of equipments for rent, which normally comprise of the depreciation,

repair and maintenance, were recorded at 22.8, 128.0, and 149.8 million Baht in 2009, 2008 and 2007,

respectively. As evidenced, the costs associated with the outsourcing equipments have continued to

decrease in line with the reduction in rental income - for 2009 there was a decrease of 105.2 million Baht

compared to 2008 and for 2008 there was a decrease of 21.8 million Baht compared to 2007. Such

decrease was resulting from the same reason of not recording the depreciation expenses for most of the

equipments for rent since loss from the impairment of assets was instead recorded in the financial

statements in each year and the fact that the depreciation expenses that continue to decrease

according to the remaining usage life of the equipments, most of which were already matured, and the

maintenance costs that decrease according to the remaining numbers of outsourcing equipments.

Gross profit margin of equipments for rent business was reported at 17.9%, (15.4)% and 38.0% for

2009, 2008 and 2007, respectively. Evidently, it improved in 2009 compared to 2008, which yielded a

negative margin due to a much lower than expected rental income on the renewal contracts meanwhile

the depreciation, repair and maintenance expenses were increasing in conjunction with the condition of

the equipments, particularly the ones with long usage life, thereby causing loss profit margin of equipments

for rent business in 2008.

Table Showing Costs, Gross Profit and Gross Profit Margin of Equipments for Rent Business

Equipment Rental Services 2009 2008 2007

Costs (million Baht) 22.8 128.0 149.8

Gross Profit (million Baht) 5.0 (17.1) 91.9

Gross Profit Margin (%) 17.9 (15.4) 38.0


5. Selling and Administrative Expenses

Selling and administrative expenses will vary in accordance with the revenue. Considering the

amount of such expenses i.e. 432.5, 353.2 and 228.9 million Baht in 2009, 2008 and 2007, respectively,

it was evident that there was an increase from 2009 of 79.3 million Baht or 22.5% compared to 2008.

This was primarily resulting from an increase in employeeûs related expenses such as salary, variable

performance bonus, sales commission, entertainment, coordination and selling expenses. In 2008, selling

and administrative expenses increased 124.3 million Baht or 54.3% from those of 2007 for the same

reasons as regards to an increase in employeeûs related expenses that increase in accordance with the

increase in sales volume. Besides, in 2008, the Company had set aside additional reserve for doubtful

accounts thereby causing higher selling and administrative expenses.

6. Net Profit and Net Profit Margin

The Company generated 311.0, 217.9 and 94.8 million Baht of net profit and 8.0%, 6.6% and 5.8%

of net profit margin in 2009, 2008 and 2007, respectively. In 2009, net profit margin for the year

excluding loss from the impairment of assets was at 8.7%, increasing 8.8% from that of 2008 which was

at 8.0% given higher sales volume and slight increase in gross profit margin. Meanwhile, net profit for

2008 increased 123.1 million Baht compared to that of 2007. Excluding loss from the impairment of

equipments for rent, which was recorded for the amount of 49.4 million Baht in 2008 and 40 million Baht

in 2007, the Companyûs net profit margin during the past 2 years would nearly equal at approximately 8%.

Net Profit and Net Profit Margin

2009 2008 2007

Net Profit (million Baht) 311.0 217.9 94.8

Net Profit Margin (%) 8.0 6.6 5.8

7. Return on Equity

Based on the past performance, the Company has continued to pay dividend to shareholders. As for

2009 and 2008, the Company also paid interim dividends given its solid performance.

During the past 3 years, the history of the Companyûs dividend payments is as follows:

2009*** 2008** 2007

Basic Earnings Per Share (Baht) 5.16 3.63 1.58

Dividend (Baht per Share) 3.50 2.75 1.25

Dividend Payout Ratio 68.02% 75.73% 79.11%

No. of Shares (Million Shares)* 60.70 60.00 60.00

Remarks:

* The par value is at 5 Baht per share

** At the meeting of the Board of Directors held on 14 August 2008, it was resolved for an interim dividend payment

of 1.25 Baht per share. Later, the Board of Directorsûs meeting on 23 February 2009 passed a resolution that a

dividend of 1.50 Baht per share in respect of the year 2008ûs net income. The Company had approved such

dividend payment at the 2008 Annual General Meeting of the Companyûs shareholders held on 24 April 2009.

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*** At the meeting of the Board of Directors held on 11 August 2009, it was resolved for an interim dividend payment

of 1.25 Baht per share. Later, the Board of Directorsûs meeting on 23 February 2010 passed a resolution that a

dividend of 2.25 Baht per share in respect of the year 2009ûs net income. The Company will propose such

dividend payment at the Annual General Meeting of the Companyûs shareholders for further approval.

3.2 Financial Status

1. Assets

Total assets in 2009 equaled to 1,944.3 million baht, an increase of 14.9% or 252.8 million Baht from

1,691.5 million Baht in 2008. Such increase was primarily due to an increase during year-end in cash and

cash equivalent from large account receivable payment and trade account receivables given an increase

in sales volume. Nonetheless, some current assets had decreased such as unbilled receivables and

inventory, which also decreased due to a loss from the impairment of projects. Furthermore, non-current

assets had decreased as well, particularly equipments for rent as a result of the depreciation and loss from

the impairment of assets including loss from the liquidation of its subsidiaries.

Total assets in 2008 equaled to 1,691.5 million Baht, an increase of 33.3% or 422.1 million Baht from

1,269.4 million Baht in 2007. Such increase was primarily due to a substantial increase in current assets

such as cash and cash equivalent, trade account receivables and note receivables and inventory.

However, non-current assets had decreased significantly, equipments for rent in particular.

2. Trade Account Receivables and Note Receivables

The outstanding balances as at 31 December classified by aging counting from the due date

are as follows:

(Unit: million Baht)

Trade Account Receivables and Note Receivables

Classified by Aging 2009 2008 2007

Not yet due 321.36 213.70 183.95

Past due up to 3 months 570.51 366.02 205.33

Past due 3-6 months 111.17 163.24 51.20

Past due 6-12 months 26.98 23.55 9.63

Past due over 12 months 71.77 23.37 1.46

Back to back basis 9.66 48.93 21.75

Total 1,111.45 838.81 473.32

Less: allowance for doubtful accounts (30.65) (18.07) (2.99)

Trade account receivables and note receivables - net 1,080.80 820.74 470.33


Normally, the increase or decrease in trade account receivables will coincide with revenues in each

year. In 2009, the trade account receivables increased by 260.1 million Baht compared to 2008 due to

an increase in revenues in 2009 and the overdue payment. As for the accounting policy on the allowance

for doubtful account, if the customer is overdue for more than 12 months, the Company will deliberate on

a case-by-case basis. Thus, the set up of the allowance for doubtful account must be approved by the

Audit Committee. In 2009, the Company had set up the allowance for doubtful account on its customers

for the amount of 12.6 million Baht.

3. Inventory

Inventories comprises of equipment and work in process and goods in transit. In 2009, if exclude the

inventory impairment for the amount of 20.8 million Baht, the Company would report a very close figures

of the outstanding inventory to that of 2008 i.e. 489.5 million Baht in 2009 compared to 481.9 million

Baht in 2008. Work in process which had taken into account the inventory impairment was a project for

Thailand Privilege Card Co., Ltd. Other major projects during the end of 2009, which were classified as

work in process, included Uninet Fibering Project of the Ministry of Education, Metro LAN for 3G Project of

NEC (Thailand) Co., Ltd., Access Switch Project of CAT Telecom Plc., SHDSL IP DSLAM Project of TOT Plc.

The equipment and work in process in 2008 equaled to 464.3 million Baht, an increase of 123.6

million Baht compared to that of 2007, which equaled to 340.7 million Baht. The undelivered product in

2008 equaled to 17.6 million Baht, a decrease of 65 million Baht from 82.6 million Baht in 2007 given a

number of large-scale projects on hands during the end of 2008 whereas the purchased equipments had

already been delivered. The equipment and work in process in 2008 included Cisco 192, 970 IPcore,

Gigabit Service, Upgrade Metro Ethernet and etc. During the end of 2007, the Company purchased the

equipments for the new awarded project; hence, the equipment and work in process in 2008 increased

from that of 2007 whereas the undelivered product in 2008 decreased from that of 2007.

4. Equipments for Rent - Net

Equipments for rent had continued to decrease following the reduction of capital expenditures on

these outsourcing equipments over the past 3 years. There was no investment in 2009 while the

investment in 2008 and 2007 worth 2.7 million Baht and 6.5 million Baht, respectively. Though there was

a loss from the impairment throughout the past 3 years and depreciation of the equipments for rent, net

value of the equipments for rent in 2009 equaled to 6.8 million Baht, a decrease of 29.6 million Baht or

81.3% from that of 2008, which was recorded at 36.4 million Baht. Net value of the equipments for

rent in 2008 decrease 141.6 million Baht or 79.6% from that of 2007, which was recorded at

178.0 million Baht.

5. Liabilities

All of the Companyûs liabilities were current liabilities in line with the timing of its projects. Toward

the end of 2009, the Company received large account receivable payments. Therefore, as at the end of

2009, the Company reported 913.8 million Baht of total current liabilities, an increase of 12.3% or 99.8

million Baht from 814.0 million Baht of total current liabilities in 2008. Such increase was mainly

attributable to 1) an increase in trade account payables amounted 254.2 million Baht, partly from the

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extension of credit terms by large trade creditors and from an increase in purchase volumes, of which

2009ûs was higher than 2008ûs, for large-scale projects that the Company were working on 2) an increase

in advanced payment payable for the amount of 119.2 million Baht upon winning the bid for mega-project

thereby receiving advanced payment from customers nearly the end of 2009 3) an increase of the overdue

costs for the amount of 40.5 million Baht as some projects were delivered during the end of 2009 but not

yet collected the payments and 4) an increase in accrued expenses for the amount of 53.5 million Baht

resulting from an increase in sale commission for mega-projects which were delivered but not yet paid the

sale commission varied according to project outcomes.

Other current liabilities, which include short-term loans from financial institutions, trust receipt

payables, trade account payables and accrued expenses, had increased significantly by 354.2 million Baht

or 77.0% from 2008 compared to 2007. The increase resulted from almost all items in the liabilities,

which normally varied according to the number of awarded projects and the distribution of projects

acquired during the year. It is also worth to note that over 100% increase in the Companyûs sales volume

from 2007 to 2008 was in line with the increase in liabilities.

6. Liquidity

Cash Flow Statement

In 2009, the Company had an increase in net cash flow of 79.0 million Baht. Cash inflow from

operating activities of 639.5 million Baht was due to better operating performance, longer credit terms of

trade account payables and accrued expenses as well as accrued sale commissions netting off with

higher trade account receivables. Cash outflow from investing activities of 3.8 million Baht largely caused

by the investment in office supplies and software copyrights netting off with the collateral fixed deposits

with banks. Cash outflow financing activities of 556.7 million Baht was mainly attributable to the

repayment of short-term loans from financial institutions and trust receipt payable as well as dividend

payment netting off with more money from capital increase.

In 2008, the Company had an increase in net cash flow of 141.5 million Baht. Cash outflow from

operating activities of 46.3 million Baht mainly resulted from the overdue account receivables and

investment in inventory. Cash outflow from investing activities of 5.7 million Baht resulted from

investments in the subsidiary company named BANC Serve Co., Ltd. and building and equipment netting

off with the withdrawal of projectûs collateral fixed deposits. However, the Company had 193.4 million Baht

of cash inflow from the financing activities arising from both short-term loans and trust receipt payable

netting off dividend payment.

In 2007, the Company had a decrease in net cash flow of 34.9 million Baht. Cash inflow from

operating activities of 271.3 million Baht was mainly from 2006ûs overdue account receivables and a

decrease in inventory investment. Cash inflow from investing activities of 10.1 million Baht resulted from

the withdrawal of projectûs collateral fixed deposits netting off with the investments in subsidiary company

- Maple plus Co., Ltd. and equipments for rent. Cash outflow from financing activities of 316.3 million Baht

arose from the repayment of both short-term and long-term loans and trust receipt payable including

dividend payment.


Liquidity Ratio

In 2009, the Companyûs liquidity ratio had increased from 1.89 times in 2008 to 2.00 times given

longer credit terms from large account payables. As a result, the days payable outstanding had increased

from 33 days in 2008 to 42 days in 2009 accompanied by the improved inventory cycle from 63 days in

2008 to 57 days in 2009. Although the account receivable turnover had lengthen the days sale

outstanding from 77 days in 2008 to 93 days in 2009, the liquidity ratio in 2009 was still able to increase

from that of 2008.

In 2008, the liquidity ratio had decreased from 2.12 times in 2007 to 1.89 times. This was due to

the fact that in 2008 the Company had incurred short-term loans and trust receipt payable to finance

year-end projects on top of the overdue account receivables. Even though the account receivable

turnover had shortened the days sale outstanding from 134 days in 2007 to 77 days in 2008 and the

cash cycle had reduced from 172 days in 2007 to 106 days in 2008, the days payable outstanding had

decreased from 74 days in 2007 to 33 days in 2008.

7. Capital Expenditures

The Company has continued to cut down its investment in equipments for rent since 2007 from 6.5

million Baht to 2.7 million Baht in 2008. There was no such investment in 2009. Since most of the

equipments for rent had reached end of contract and useful life, there was no additional expense in

relation to this. Nonetheless, the Company still invested in office supplies and software copyrights for its

normal business operations.

In 2008, the Company had invested in the ordinary shares of the subsidiary company - BANC Serve

Co., Ltd. for 80% stakes with total investment value of 8.0 million Baht.

In 2007, the Company had invested in the ordinary shares of the subsidiary company - Maple plus

Co., Ltd. for 55% stakes with total investment value of 5.5 million Baht.

8. Sources of Funds

The Companyûs debt to equity ratios, 0.89, 0.93 and 0.57 times in 2009, 2008 and 2007,

respectively, clearly reflected its stability in terms of the financial policy which utilized more money from

shareholdersû equities than financial borrowings.

The Companyûs current sources of funds include:

Short-term Loans


Interest Rate (% p.a.)

As at 31 December 2008 2009 2008 2007

Short-term Loans from Financial Institutions 4.10-4.60% - 365.0 40.0

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Loans from Financial Institutions

The Companyûs sources of borrowings were from local financial institutions with total credit lines of

4,026.8 million Baht (as at 31 December 2009).


Sources of Borrowings Total Credit Lines

1. Short-term facilities comprise of bank overdraft, promissory notes and trust receipt 2,551.0

2. Indirect loans include bank guarantee 1,475.84


Relationship with InvestorsThe Board of Directors has placed great emphasis on the accuracy, completeness, transparency and reach when

reporting financial and general information, including any material information that may affect the Companyûs share

price. Normally, the disclosure of information to investors and relevant parties will be done through the Stock

Exchange of Thailandûs channel and published media. The Company has also set up a particular division to take care

of the disclosure of information to shareholders, analysts, and other related institutions.

The Company opens various communication channels to help shareholders and investors stay informed of any

up-to-date news,

1. Tel: 0-2275-9400

2. email: [email protected]

3. Website: http://www.ir.co.th

The Company has collected a considerable amount of valueable information on the corporate website,

including list of the Board of Directors, share price, annual report, and other information for shareholders

such as list of major shareholders, shareholdersû meeting and dividend policy. Shareholders and investors

are also free to ask any questions or queries about AIT by filling in the required form on the Companyûs

website.

4. Annual Opportunity Day

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Other References

Share Registrar Thailand Security Depository Co., Ltd.

Capital Market Academy Building, The Stock Exchange of Thailand

2/7 Moo 4 (Northpark Project), Vibhavadi-Rangsit Road,

Thung Song Hong, Laksi, Bangkok 10210

Tel: 0-2596-9000

Fax: 0-2832-4994-6

Thailand Security Depository Co., Ltd.

4th and 6th-7th Floor, The Stock Exchange of Thailand Building,

Ratchadaphisek Road, Klongtoey, Bangkok 10110

Tel: 0-2359-1200

Fax: 0-2359-1259

Auditor Ernst & Young Office Limited

33rd Floor, Lake Ratchada Office Building,

193/136-137 New Ratchadaphisek Road,

Klongtoey, Bangkok 10501

Tel: 0-2264-0777

Fax: 0-2264-0789-90


Corporate Social Responsibility: CSRAdvanced Information Technology emphasizes the importance of social responsibility by taking consideration of

all stakeholders such as responsibility to shareholders, customers, employees and society with business ethic under

good corporate governance practice along with taking care of social and environment.

The company strongly realizes that the success of the company cannot only be measured from profitability,

business growth, and financial figures but also being good citizen in the society with business ethic and community

support to help them develop and rely on themselves. Since the strong social foundation is the key factor for

sustainable development. Hence, organization must be operating along side with social responsibility and community

development and society. The company has strong intention to do business under good governance practice with

social contribution to the quality development of the society by using technology and knowledge for young generation

which will lead to sustainable growth and happiness.

In addition to adherence to business ethic and good corporate governance through policy on internal control,

risk management, and performance monitoring by management, the Board of Directors of the company also promotes

and supports social contributions by conduction social activities which has been reported to the Board of Directors

every year as demonstrated by activities for social benefits and environment by employees every year.

Activities for social and environmental responsibilities for 2009

Technology Library for Learning Project

The company initiated the technology library for learning project by giving kiosk equipment for each subject

with the online computer test for the 3 southern provinces in the total of 17 sets for opportunity to learn and

skill development of children.

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Activities for coral reel plantation by using PVC pipe

The company participated in the plantation program for coral reel that has been destroyed in the sea as

a result of human activities and natural causes. The initiative for this project was developed and proved that

PVC is safe for the lives under the sea to grow and attach with the PVC therefore PVC is the material that is

environmental friendly.

Activities for scholarship for TSAE-Student Formula 2010

The company gave scholarship TSAE-Student Formula

2010 which is the design and car racing formula with the

objective to enhance automotive knowledge for the

engineering association.

SET Award √ÿªº≈∑“ß°“√‡ß‘π·≈–°“√¥”‡π‘πß“π / Summary of Financial and Operational Results

√“¬‰¥â√«¡ / Total Revenues °”‰√ ÿ∑∏‘ / Net Profit

(Àπà«¬ : ≈â“π∫“∑)

ß∫°“√‡ß‘π‡©æ“–°‘®°“√The Companyûs Financial Statements

¢âÕ¡Ÿ≈ ”§—≠∑“ß°“√‡ß‘π Financial Results 2552/2009 2551/2008 2550/2007

√«¡ ‘π∑√—æ¬å Total Assets 1,944.26 1,691.49 1,269.42

√«¡Àπ’È ‘π Total Liabilities 913.79 813.97 459.77

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Total Shareholdersû Equity 1,030.47 877.52 809.65

√«¡√“¬‰¥â Total Revenues 3,876.51 3,324.86 1,646.60

√«¡§à“„™â®à“¬ Total Expenses 3,444.26 2,998.57 1,482.11

°”‰√ ÿ∑∏‘ ”À√—∫ªï Net Profit 311.04 217.87 94.81

°”‰√μàÕÀÿâπ¢—Èπæ◊Èπ∞“π (∫“∑) Basic Earning per share (Baht) 5.16 3.63 1.58

°”‰√μàÕÀÿâπª√—∫≈¥ (∫“∑) Diluted Earnings per share (Baht) 5.04 3.58 1.56

®”π«πæπ—°ß“π (§π) Total Number of Employees (persons) 246 245 227

Õ—μ√“ à«π∑“ß°“√‡ß‘π Financial Ratios 2552/2009 2551/2008 2550/2007

Õ—μ√“ à«π ¿“æ§≈àÕß (‡∑à“) Liquidity Ratio (Times) 2.00 1.89 2.12

Õ—μ√“°”‰√¢—Èπμâπ (%) Gross Profit Margin Ratio (%) 23.12 21.36 25.94

Õ—μ√“°”‰√ ÿ∑∏‘ (%) Net Profit Margin (%) 8.02 6.55 5.76

Õ—μ√“ à«πÀπ’È ‘πμàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) 0.89 0.93 0.57

Debt to Equity Ratio (Times)

(Unit : Mb.)

AIT : Annual Report 2009

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Transcript of AIT : Annual Report 2009