Annual Report 2006 TH

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Annual Report 2006 TH

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  • M i n

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  • Four Seasons Hotel Bangkok Sales Baht Million

    Four Seasons Resort Chiang Mai Sales Baht Million

    Four Seasons Tented Camp Sales Baht Million

    Anantara Golden Triangle Sales Baht Million

    Anantara Hua Hin Sales Baht Million

    Anantara Samui Sales Baht Million

    Anantara Maldives Sales USD Million

    200620052004

    882952970

    M I N O R I N T E R N A T I O N A LB R A N D S H O W C A S E

    200620052004

    374385

    354

    200620052004

    9100

    200620052004

    118119105

    200620052004

    321311

    244

    200620052004

    206157

    9

    200620052004

    5.1

    00

    Four Seasons Hotel Bangkok

    Four Seasons Resort Chiang Mai

    Four Seasons Tented Camp

    Four Seasons Resort Samui

    Anantara Resort and Spa Golden Triangle

    Anantara Resort and Spa Hua Hin

    Anantara Resort and Spa Samui

    Anantara Resort and Spa Maldives

    Successfully renovated 40% and 60% ofits hotel rooms in 2005 and 2006,respectively.

    Continues to be one of the world,spremier resorts despite morecompetition from new resorts inChiang Mai.

    Successfully completed its first full year ofoperations in Thailand,s Golden Trianglenear Chiang Rai.

    Opened in February 2007 as the leadingluxury resort on Thailand,s Koh Samui.

    Our stunning Anantara in northernThailand continues to receive awardsand industry acclaim.

    Our largest Anantara resort with 187rooms holds a leadership position inthe Hua Hin market.

    In only its second full year in operation,achieved a 60% average occupancy rateand a 31% increase in total revenue.

    Successfully opened in September 2006as the first Anantara outside of Thailand.

  • JW Marriott Phuket Sales Baht Million

    Bangkok Marriott Sales Baht Million

    Hua Hin Marriott Sales Baht Million

    Pattaya Marriott Sales Baht Million

    Marriott Vacation Club Sales Baht Million

    Boduhuraa Maldives Sales USD Million

    Harbour View Vietnam Sales USD Million

    MSpa International Sales Baht Million

    Royal Garden Entertainment Sales Baht Million

    200620052004

    1,036950

    802

    200620052004

    349325

    278

    200620052004

    496438

    391

    200620052004

    1,249909

    0

    200620052004

    3.820.08

    200620052004

    2.01.7

    1.4

    200620052004

    788720711

    200620052004

    380316

    297

    200620052004

    9588

    52

    0

    JW Marriott Phuket Resort & Spa

    Bangkok Marriott Resort & Spa

    Hua Hin Marriott Resort & Spa

    Pattaya Marriott Resort & Spa

    Marriott Vacation Club Phuket

    Boduhuraa Maldives

    Naladhu Maldives

    Harbour View Vietnam

    MSpa International

    Royal Garden Entertainment

    8% increase in room rates drove revenueup by 9% in 2006.

    Our largest hotel property with 413rooms achieved a 9% increase inrevenues in 2006.

    Stronger occupancy rates and anincrease in revenue per available roomled to an 8% increase in 2006 revenues.

    Stronger occupancy rates and anincrease in revenue per available roomled to a 13% increase in 2006 revenues.

    144 timeshare rooms operating next toour JW Marriott in Phuket under a 50/50joint venture with Marriott.

    Opened in December 2005 andachieved average occupancy of 74%in 2006.

    Opened in the Maldives in March 2007and is one of the most luxurious in ourresort portfolio.

    Our sole Vietnam property continuesto perform well in northern Vietnam.

    Opened 7 spas in 2006 and nowoperates 24 spas in 5 countries.

    Sales up 82% since opening Ripley,sHaunted Adventure in Pattaya in late2004.

  • Royal Garden Plaza Sales Baht Million

    The Pizza Company Sales Baht Million

    Swensens Sales Baht Million

    Sizzler Sales Baht Million

    Dairy Queen Sales Baht Million

    Burger King Sales Baht Million

    LeJazz Sales RMB Million

    SSP Sales Baht Million

    MDL Sales Baht Million

    MCL Sales Baht Million

    200620052004

    2,1301,893

    1,757

    200620052004

    1,3371,104966

    200620052004

    1,054886

    787

    200620052004

    633553

    501

    200620052004

    274209

    204

    200620052004

    26.4

    200620052004

    386330

    283

    200620052004

    477446

    382

    200620052004

    623486

    433

    200620052004

    302215

    204

    Royal Garden Plaza

    The Pizza Company

    Swensens

    Sizzler

    Dairy Queen

    Burger King

    LeJazz

    Select Service Partner (Thailand) Limited

    Minor Dairy Limited

    Minor Cheese Limited

    Our shopping centers adjacent to ourMarriott hotels in Bangkok and Pattayacombined to achieve a 7% increase inrevenue in 2006.

    Our own brand achieved a 21% increasein revenue and continues to expanddomestically and internationally withequity owned and franchised outlets.

    Currently franchising in six internationalmarkets with opportunities to expand to33 international markets.

    In 2006, we owned and operated30 outlets in Thailand and 7 outletsin Beijing.

    Achieved a 14% increase in sales in2006.

    With great locations and premiumquality, BK enjoys a loyal following inThailand.

    Consists of 18 outlets in Beijing underour own brand which we acquired inlate 2005.

    Transferred operations to the newSuvarnbhumi airport in 2006.

    Growing with the success of ourSwensen,s and Dairy Queen brandsand beginning to supply third parties.

    Growing with the success of ourThe Pizza Company brand andbeginning to supply third parties.

    15.634.6

  • 139 ( )

    18,000 16 24 630 70

    1 0 0 %

  • 02 2 0 0 6 A n n u a l R e p o r t

  • 03 M i n o r I n t e r n a t i o n a l P u b l i c C o m p a n y L i m i t e d

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    Financial Highlights .................................................................................

    Financial Status at a Glance ...........................................................

    Chairman and CEOs Statement ..............................................

    Social Contribution ..................................................................................

    Report of the Board of Directors Responsibilitiesfor Financial Statements ...............................................................

    Report of the Audit Committee ................................................

    Auditors Report ..........................................................................................

    Financial Statements ..............................................................................

    Management Discussion & Analysis ....................................

    Connected Transactions ....................................................................

    Nature of Business ....................................................................................

    Major Events in 2006 .............................................................................Risk Factors .......................................................................................................

    Good Corporate Governance .....................................................

    Shareholders Structure and Management ..................

    Subsidiaries and Affiliates ................................................................

    Corporate Information .........................................................................

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    CONTENTS

  • 140 2 5 4 9

    :1.

    ..

    2545

    -254

    7

    1

    5

    .

    . 25

    472.

    .

    . 25

    48

    0.12

    0

    .10

    3.

    ..

    2548

    42.17

    34

    .06

    () .................................................................................................................. 2,595 4,436 7,944 10,045 11,716 .............................................................................................................. 2,749 4,662 8,237 10,443 12,430 ............................................................................................................ 1,779 2,934 5,219 6,702 7,631 .............. 1,138 1,439 2,133 2,913 3,271 ..................................................... 727 782 1,214 1,760 1,961() ............................................ 3 15 14 (2) 24 ................................................................................................................. 346 401 712 1,061 1,280 ...................................................................................................... 7,319 10,955 14,080 15,439 17,787 ............................................................................................................. 4,133 6,693 8,425 9,500 9,662 ................................................. 3,333 5,244 6,401 7,190 7,091 .................................................................................... 3,186 4,262 5,656 5,939 8,124 ........................................................................................................ 1,485 2,294 2,477 2,734 2,958 ........................................... 777 1,119 1,798 2,290 2,321

    () .............................................................................................. 68.55 66.14 65.69 66.73 65.13 ................................................................................................... 12.57 8.59 8.64 10.16 10.30 ............................................... 4.91 4.38 5.69 7.19 7.71 ......................................... 11.69 10.76 14.36 18.30 18.21

    () .......... 1.05 1.23 1.13 1.21 0.87 ...................................... 0.96 1.10 1.07 1.02 0.83 .................................................... 1.30 1.57 1.49 1.60 1.19

    () ................................................................................................ 0.21 0.22 0.29 0.41 0.44 ................................................................................. 2.15 1.86 2.28 2.17 2.75 () .............................................................. 0.10 0.14 0.10 0.22 0.125 (%) ................................................................ 51.90 60.19 59.56 76.23 34.63 ...................................... 0.48 0.63 0.75 0.92 0.86

    () () .................................................................. 5 5 1 1 1 ................................................................ 332,399 486,886 2,443,145 3,097,854 3,313,076 .......................................................... 40,000 200,000 200,000 63,520 ..................................................................... 297,022 450,214 2,413,258 2,670,136 2,894,584 ............................................................... 8,579 63,520 63,520 63,520 ......................................................................... 275,232 307,673 2,175,323 2,499,430 2,687,647 ................................................................... 8,579 63,520 63,520 63,520

    ............................................................... 13,442 12,894 - - 258,753 ..................................... 4,193 2,785 2,314 1,158 77,433

    2545 2546 2547 2548 2549

  • 141 ( )

    31 .. 2549

    2,321 (1) (2,968) (2) 835

    188

    31 .. 2548 314 31 .. 2549 502

    31 .. 2548

    314 1,459 3,447 10,199

    15,419

    3,468 6,013, 3,523 () 1,758 657

    15,419

    :(1) 225

    500 1,926 317

    (2) 835 1,185 (3) .. 2549 345

    0.125 336 9

    (4) 502 11

    (5) , ,

    (6) 212 742 737 1,267

    (7) 341

    (8) 1,185 .. 2549 15 1 5.85

    (9) .. 2549(10)

    31 .. 2549

    12,430 8,345 5,049

    3,296

    1,310

    1,986 263

    1,723 378 () 24

    41

    1,280

    31 .. 2549

    (4) 502 2,003 (5) 4,860 (6) 10,411

    17,776

    3,980 (7) 5,672, (8) 4,949 () (9) 2,629 (10) 546

    17,776

    31 .. 2549

    31 .. 2548 1,758 .. 2549 1,280 (64) (3) (345)

    31 .. 2548 2,629

    141 ( )

  • 142 2 5 4 9

    .. 2549 630 16 19 12,430 21 1,280 7 0.44 18.2

    .. 2549 4,000 5 3 1 1 20

  • 143 ( )

    () 73 18.31 ()

    18,000 (Asia Money Magazine) .. 2550 (Small Cap Company)

    40 4

  • 144 2 5 4 9

    .. 2549

  • 145 ( )

    1.

    16 630 2

    , , , , , ,

    .. 2549 7 4,600 10 24 5,941 558 631 (Same-Store Sales) 9

    25492548254725462545

    25492548254725462545

    12,43010,443

    8,2374,662

    2,749

    1,2801,061

    712401

    346

  • 146 2 5 4 9

    2.

    (Asset-Light) .. 2549 199 2

    49%

    37%

    4%

    3% 7%

    162

  • 147 ( )

    60 4

    3. 5

    5

    9

    .. 2549 3

    37

  • 148 2 5 4 9

    20 30 3 10

    .. 2549

    40

    4.

    .. 2549 18.31

    .. 2549

  • 149 ( )

    ()

    () 230

    .. 2550 .. 2550

    5 .. 2549 ..2550 631 703

    5,000 83 Flagship 49 5

  • 150 2 5 4 9

    () .. 2549 .. 2550

    .. 2550 .. 2543 42 (CAGR: Compound Annual GrowthRate) ()

    (Interest Bearing Debt) 0.87 (TRIS)

    30

  • 151 ( )

    A- A

    18,000 ()

    2550

  • 152 2 5 4 9

  • 153 ( )

    .. 2 5 5 0

    .. 2549 .. 2548 26 .. 2547 .. 2549 19 13.7

    .. 2548 30 - 40 ..2549 13.7

    .. 2549 31 .. 2549 .. 2550

    .. 2550 8 .. 2550

    : * **

    :

    2542 8.58 10.5 29,489 5.12543 9.51 10.8 30,001 1.72544 10.06 5.8 29,7202545 10.80 7.3 29,954 0.82546 10.00 30,913 3.22547 11.65 16.5 32,990 6.72548 12.00 3.0 31,8992549* 13.70 18.8 35,238 10.52550** 14.80 8.4 36,993 5.0

    ()

    () ()

    ()

    (7.6)

    (0.9)

    (3.3)

  • 154 2 5 4 9

    .. 2549 7 4,600 (Revenue per Available Room revpar) 10 .. 2548 .. 2549

    110 63 29 43

    83 .. 2551

    3

    50 .. 2549 83 9 10

    2544 2545 2546 2547 2548 2549

    71 72 67 83 86 91 76 78 74 74 80 86 77 81 71 72 81 87 - 46 67 77 67 63 65 60 53 61 76 74 - 37 34 35 40 40 - - - - 46 60 - - - - - 70 64 57 47 60 59 56 61 68 59 71 63 55 - - - - - 42 - - - - - 74 32 35 33 43 46 60

    ()

  • 155 ( )

    100 265 144 50 .. 2545

    .. 2549

    60 3 2

    .. 2549 60 1 .. 2550

    2 5 .. 2549 , 19 1 .. 2550 .. 2550

    2544 2545 2546 2547 2548 2549

    2,709 2,731 2,792 2,951 3,444 3,654 2,132 2,273 2,569 2,798 3,101 3,360 2,146 2,375 2,723 3,065 3,194 3,234 - 3,743 4,035 4,727 5,561 6,031 2,741 3,295 3,494 3,669 3,814 3,945 - 2,384 3,094 4,173 4,756 5,457 - - - - 5,639 5,578 - - - - - 11,508 10,988 11,422 10,267 11,008 12,115 12,412 4,977 4,858 4,767 5,139 5,665 5,975 - - - - - 21,280 - - - - - 6,363 27 30 32 34 42 46

    ()

  • 156 2 5 4 9

    .. 2550

  • 157 ( )

    2546 2547 2548 2549 2550 2551

    413 413 413 413 413 413 290 290 293 293 293 293 216 216 216 216 230 230 265 265 265 265 265 265 187 187 187 187 187 187 90 90 77 77 77 77 - 106 106 106 106 120 - - - - - 83 64 64 64 64 64 75 356 356 356 356 356 356 - - 15 15 15 15 - - - - 60 60

    1,881 1,987 1,992 1,992 2,066 2,174

    60 60 144 144 144 144 - - 50 50 50 50 - - - - 19 19 - - - 110 110 110 - - - - 70 70 - - - - 146 146 - - - - 80 80 *** 127 127 127 127 127 127

    187 187 321 431 746 746

    *** - - - - 59 59 *** - - - - - 375 *** - - - - - 473 *** - - - - - 378 *** - - - - - 159

    - - - - 59 1,444

    2,068 2,174 2,313 2,423 2,871 4,364

    .. 2546 - 2551

    : * ** 1 2

    ***

    .. 2550 83 49 5 Mixed Use

    ** **

    * *

  • 158 2 5 4 9

  • 159 ( )

    .. 2549 12 6

    .. 2550

    .. 2549 31 14 37 34 .. 2547 32 20 14 13

    .. 2550 8 - 10 .. 2549

    .. 2549 631 () 22.5 6,082 9 73 5 17 34 .. 2549

    .. 2 5 5 0

  • 160 2 5 4 9

    21 8 16 6 18 4 3 ..2549 188 168 4

    .. 2549 31

    ()

    2547 2548 2549 2550 2551

    - 115 122 135 143 150 - - 5 8 9 16 100 105 109 116 123 - 24 27 30 30 36 - - 4 7 7 9 169 176 189 203 207 16 16 16 20 22 19 19 21 23 25 8 8 16 14 18 451 482 531 565 606

    - 13 28 33 38 49 - 3 11 12 23 58 - 24 39 45 61 107 - 14 29 47 62 72 - 4 8 6 13 28 - 16 37 53 75 100 - - - - - 4 - - 2 2 10 40 76 100 138 221 491 558 631 703 827

    15 20 4 16 33

    .. 2549

    23 8 3 3 .. 2551

    **

    : *

  • 161 ( )

    7 5 956 .. 2549 17 .. 2548

    .. 2550 631 703 55 18 53

    5

    ..2550 33 16 (Economy of Scale)

    .. 2550 18 8

    .. 2550

    ()

    5,701,130 33.8 6,187,660 32.7 6,741,211 31.9 2,518,910 14.9 2,692,022 14.2 2,828,176 13.4 3,305,640 19.6 3,704,771 19.6 4,204,040 19.9 1,866,147 11.1 2,369,834 12.5 2,910,422 13.8 ( ) 3,489,783 20.7 3,945,822 20.9 4,426,700 21.0 16,881,610 100.0 18,900,108 100.0 21,110,549 100.0. 5,094,400 30.2 5,842,977 30.9 7,110,739 33.7

    .. 2549 ().. 2548.. 2547

    : () :

  • 162 2 5 4 9

    6 2.6 Golden Triangle Asian Elephant Foundation

    MINORCharity Day 4

    () (Lab School) 3 2

    MINOR Charity Day

  • 163 ( )

    ()

    3

  • 164 2 5 4 9

    () 3

    .. 2549 () 4 .. 2549

    () .. 2550 12 .. 2550

    .. 2 5 4 9

  • 165 ( )

    ()

    31 .. 2549 .. 2548 () ()

    31 .. 2549 .. 2548 - () ()

    3445

    15 .. 2550

  • 166 2 5 4 9

    .. 2549 .. 2548 .. 2549 .. 2548

    176 227

    () 31 .. 2549 .. 2548

    4 511,893,657 333,732,061 103,471,083 9,552,286 5 334,709 249,809,282 - - - 6 549,274,321 504,656,811 37,760,797 35,744,726 12 131,547,288 15,454,615 210,322,751 108,148,470 - 7 418,088,183 340,124,650 3,761,045 3,345,003 8 190,075,535 - - - 9 714,369,830 349,733,054 372,678,390 9,372,548 2,515,583,523 1,793,510,473 727,994,066 166,163,033

    - 2,465,100 - - 12 444,390,000 376,248,541 3,373,115,985 2,689,398,517 10 443,805,588 301,954,123 9,004,263,779 8,088,929,262 - 11 974,828,560 295,791,554 543,332,253 40,857,300 13 1,281,326,276 858,963,315 - - - 14 10,411,476,270 10,198,990,644 444,589,110 474,115,847 - 15 1,307,768,727 1,280,601,609 - - 16 407,557,619 330,520,952 26,883,206 23,379,988 15,271,153,040 13,645,535,838 13,392,184,333 11,316,680,914 17,786,736,563 15,439,046,311 14,120,178,399 11,482,843,947

  • 167 ( )

    () 31 .. 2549 .. 2548

    ( )

    176 227

    17 1,266,748,841 768,582,602 907,191,956 654,792,032 746,479,108 638,220,339 6,847,344 10,473,266 19 330,610,000 482,900,000 60,000,000 54,040,000

    20 - 22,381,638 - - 12,329,387 22,442,387 - - 21 106,250,000 212,500,000 106,250,000 212,500,000 12 3,802,721 4,104,205 45,623,115 12,501,506 12 - - 961,654,448 1,012,043,898 185,522,064 167,331,505 283,490 465,463 636,639,349 619,499,437 131,537,126 115,667,596 18 702,246,872 549,647,737 34,940,909 33,683,748 3,990,628,342 3,487,609,850 2,254,328,388 2,106,167,509

    19 1,937,751,615 2,143,198,601 540,000,000 292,000,000 - 20 - 4,073,490 - - 21 3,450,000,000 3,556,250,000 3,450,000,000 3,556,250,000 10 - - 65,707,505 82,351,223 24 284,104,065 309,363,673 8,644,512 6,714,546 5,671,855,680 6,012,885,764 4,064,352,017 3,937,315,769 9,662,484,022 9,500,495,614 6,318,680,405 6,043,483,278

    .. 2549 .. 2548 .. 2549 .. 2548

  • 168 2 5 4 9

    () 31 .. 2549 .. 2548

    ( )

    22

    63,520,000 200,000,000 63,520,000 200,000,000 3,313,075,595 3,097,854,371 3,313,075,595 3,097,854,371

    63,520,000 63,520,000 63,520,000 63,520,000 2,894,584,081 2,670,136,269 2,894,584,081 2,670,136,269

    22 181,981,000 181,981,000 181,981,000 181,981,000 1,359,791,164 333,929,511 1,353,849,909 327,988,257

    (244,651,840) (179,600,700) (15,163,436) (15,163,436) 77,899,700 - 77,899,700 -

    104,788,723 104,788,723 104,788,723 104,788,723 291,944,771 155,746,107 291,944,771 155,746,107

    (12,656,132) 24,534,751 (12,656,132) 24,534,751

    - 25 231,834,113 167,829,113 231,834,113 167,829,113 2,628,915,265 1,757,999,885 2,628,915,265 1,757,999,885

    7,577,950,845 5,280,864,659 7,801,497,994 5,439,360,669 546,301,696 657,686,038 - - 8,124,252,541 5,938,550,697 7,801,497,994 5,439,360,669 17,786,736,563 15,439,046,311 14,120,178,399 11,482,843,947

    176 227

    .. 2549 .. 2548 .. 2549 .. 2548

  • 169 ( )

    () 31 .. 2549 .. 2548

    176 227

    12 4,599,615,770 4,298,154,940 495,612,390 438,491,794 405,850,374 375,134,391 - - 95,469,079 87,810,033 - - 377,696,253 316,375,506 - - 5,941,125,909 4,793,158,281 - - 97,300,000 - - - 57,646,409 17,394,778 87,848,214 81,719,438 141,186,970 156,853,728 - - 68,674,171 22,769,944 425 817,555 10 176,986,077 97,434,293 1,304,470,477 1,108,453,092 468,086,396 277,758,975 305,641,244 188,810,553 12,429,637,408 10,442,844,869 2,193,572,750 1,818,292,432

    12 1,532,890,537 1,394,824,972 147,685,827 141,434,229

    109,904,263 98,061,808 - - 13,260,559 12,778,219 - - 163,968,615 143,175,655 - - 2,211,036,120 1,693,551,155 - - 53,917,858 - - - 5,013,995,391 4,165,489,751 345,055,428 311,011,035 1,310,074,585 1,153,258,734 58,094,378 56,429,452() 24,196,587 (2,490,378) 32,385,768 (1,469,087) 10 35,134,614 24,618,795 70,456,987 26,284,795 10,468,379,129 8,683,268,711 653,678,388 533,690,424

    26 1,961,258,279 1,759,576,158 1,539,894,362 1,284,602,008 (262,397,874) (279,638,645) (243,955,823) (212,005,063) (378,043,989) (356,711,159) (15,839,119) (11,486,647) 1,320,816,416 1,123,226,354 1,280,099,420 1,061,110,298() - (40,716,996) (62,116,056) - - 1,280,099,420 1,061,110,298 1,280,099,420 1,061,110,298

    27 0.4729 0.4209 0.4729 0.4209 0.4408 0.4134 0.4408 0.4134

    .. 2549 .. 2548 .. 2549 .. 2548

  • 170 2 5 4 9

    (

    )

    31

    ..

    2549

    ..

    254

    8

    1

    76

    227

    1

    .. 2

    549

    2,733

    ,656,2

    6951

    5,910

    ,511

    (179,6

    00,70

    0)-

    104,7

    88,72

    315

    5,746

    ,107

    24,53

    4,751

    167,8

    29,11

    31,7

    57,99

    9,885

    657,6

    86,03

    85,9

    38,55

    0,697

    2222

    4,447

    ,812

    1,025

    ,861,6

    53(65

    ,051,1

    40)

    --

    --

    --

    -1,1

    85,25

    8,325

    -

    --

    77,89

    9,700

    --

    --

    --

    77,89

    9,700

    -

    --

    --

    -(37

    ,190,8

    83)

    --

    -(37

    ,190,8

    83)

    --

    --

    -13

    6,198

    ,664

    --

    -36

    6,015

    136,5

    64,67

    9

    --

    --

    --

    --

    1,280

    ,099,4

    2040

    ,716,9

    961,3

    20,81

    6,416

    25

    --

    --

    --

    -64

    ,005,0

    00(64

    ,005,0

    00)

    --

    28

    --

    --

    --

    --

    (345,1

    79,04

    0)(22

    ,745,5

    51)

    (367,9

    24,59

    1)

    -

    --

    --

    --

    --

    (129,7

    21,80

    2)(12

    9,721

    ,802)

    31

    .. 25

    492,9

    58,10

    4,081

    1,541

    ,772,1

    64(24

    4,651

    ,840)

    77,89

    9,700

    104,7

    88,72

    329

    1,944

    ,771

    (12,65

    6,132

    )23

    1,834

    ,113

    2,628

    ,915,2

    6554

    6,301

    ,696

    8,124

    ,252 ,5

    41

  • 171 ( )

    1

    .. 2

    548

    2,476

    ,777,6

    4148

    7,212

    ,152

    (164,4

    37,26

    4)19

    ,711,1

    2110

    4,788

    ,723

    57,83

    4,482

    6,134

    ,560

    79,17

    8,505

    1,307

    ,653,5

    331,2

    80,75

    0,385

    5,655

    ,603,8

    38

    22

    14,39

    0,350

    8,987

    ,238

    --

    --

    --

    --

    23,37

    7,588

    -

    19,71

    1,121

    -(19

    ,711,1

    21)

    --

    --

    --

    -

    --

    --

    --

    18,40

    0,191

    --

    -18

    ,400,1

    91

    -

    --

    --

    97,91

    1,625

    --

    -58

    ,539

    97,97

    0,164

    -

    --

    --

    --

    -1,0

    61,11

    0,298

    62,11

    6,056

    1,123

    ,226,3

    54

    25-

    --

    --

    --

    88,65

    0,608

    (88,65

    0,608

    )-

    -

    242,4

    88,27

    8-

    (15,16

    3,436

    )-

    --

    --

    (227,3

    24,84

    2)-

    -

    --

    --

    --

    --

    (282,0

    07,01

    9)(25

    ,196,6

    43)

    (307,2

    03,66

    2)

    -

    --

    --

    --

    --

    (230)

    (230)

    Chi

    na F

    ood

    Gro

    up

    10

    )-

    --

    --

    --

    -(12

    ,781,4

    77)

    -(12

    ,781,4

    77)

    C

    hina

    Foo

    d G

    roup

    --

    --

    --

    --

    -9,6

    84,40

    89,6

    84,40

    8

    -

    --

    --

    --

    --

    8,291

    ,672

    8,291

    ,672

    -

    --

    --

    --

    --

    (678,0

    18,14

    9)(67

    8,018

    ,149)

    31

    .. 25

    482,7

    33,65

    6,269

    515,9

    10,51

    1(17

    9,600

    ,700)

    -10

    4,788

    ,723

    155,7

    46,10

    724

    ,534,7

    5116

    7,829

    ,113

    1,757

    ,999,8

    8565

    7,686

    ,038

    5,938

    ,550,6

    97

    (

    )

    31

    ..

    2549

    ..

    254

    8

    (

    )

    1

    76

    227

  • 172 2 5 4 9

    (

    )

    31

    ..

    2549

    ..

    254

    8

    (

    )

    1

    76

    227

    1

    .. 2

    549

    2,733

    ,656,2

    6950

    9,969

    ,257

    (15,16

    3,436

    )-

    104,7

    88,72

    315

    5,746

    ,107

    24,53

    4,751

    167,8

    29,11

    31,7

    57,99

    9,885

    5,439

    ,360,6

    69

    22

    224,4

    47,81

    21,0

    25,86

    1,652

    --

    --

    --

    -1,2

    50,30

    9,464

    -

    --

    77,89

    9,700

    --

    --

    -77

    ,899,7

    00

    --

    --

    --

    (37,19

    0,883

    )-

    -(37

    ,190,8

    83)

    --

    --

    -13

    6,198

    ,664

    --

    -13

    6,198

    ,664

    -

    --

    --

    --

    -1,2

    80,09

    9,420

    1,280

    ,099,4

    20

    25-

    --

    --

    --

    64,00

    5,000

    (64,00

    5,000

    )-

    28

    --

    --

    --

    --

    (345,1

    79,04

    0)(34

    5,179

    ,040)

    31

    .. 25

    492,9

    58,10

    4,081

    1,535

    ,830,9

    09(15

    ,163,4

    36)

    77,89

    9,700

    104,7

    88,72

    329

    1,944

    ,771

    (12,65

    6,132

    )23

    1,834

    ,113

    2,628

    ,915,2

    657,8

    01,49

    7,994

    1

    .. 2

    548

    2,476

    ,777,6

    4148

    1,270

    ,898

    --

    104,7

    88,72

    357

    ,834,4

    826,1

    34,56

    079

    ,178,5

    051,3

    07,65

    3,533

    4,513

    ,638,3

    42

    22

    14,39

    0,350

    8,987

    ,238

    --

    --

    --

    -23

    ,377,5

    88

    -19

    ,711,1

    21-

    --

    --

    --

    19,71

    1,121

    -

    --

    --

    -18

    ,400,1

    91-

    -18

    ,400,1

    91

    -

    --

    --

    97,91

    1,625

    --

    -97

    ,911,6

    25

    --

    --

    --

    --

    1,061

    ,110,2

    981,0

    61,11

    0,298

    Chi

    na F

    ood

    Gro

    up

    10

    )-

    --

    --

    --

    -(12

    ,781,4

    77)

    (12,78

    1,477

    )

    --

    --

    --

    -88

    ,650,6

    08(88

    ,650,6

    08)

    -

    242,4

    88,27

    8-

    (15,16

    3,436

    )-

    --

    --

    (227,3

    24,84

    2)-

    -

    --

    --

    --

    -(28

    2,007

    ,019)

    (282,0

    07,01

    9)

    31

    ..

    2548

    2,733

    ,656,2

    6950

    9,969

    ,257

    (15,16

    3,436

    )-

    104,7

    88,72

    315

    5,746

    ,107

    24,53

    4,751

    167,8

    29,11

    31,7

    57,99

    9,885

    5,439

    ,360,6

    69

  • 173 ( )

    () 31 .. 2549 .. 2548

    176 227

    1,280,099,420 1,061,110,298 1,280,099,420 1,061,110,298 :

    26 1,310,074,585 1,153,258,734 58,094,378 56,429,452 10,830,785 20,312,455 5,323,235 10,691,197 3,877,897 (45,922) 480,000 280,000 (34,944,274) (42,554,225) - -

    10 (141,851,463) (72,815,498) (1,234,013,490) (1,082,168,297) (68,674,171) (22,769,944) (425) (817,555) (25,853,271) (500,939) (22,131,080) (477) (13,701,430) - - - (7,229) (1,874,549) - - - (444,649) - -

    44,562,906 62,701,684 171,889 318,532 2,396,708 3,935,962 - -

    10,091,750 28,435,196 - - 40,716,996 62,116,056 - -

    (48,507,965) (60,607,566) (2,496,070) (4,790,358) (80,360,242) (61,025,047) (416,042) (574,513) (158,282,178) - - - (48,348,643) (53,497,819) (4,726,505) (4,205,577) 140,363,240 100,468,235 (3,625,922) (3,274,044) 19,262,358 27,661,048 (181,974) 461,923 20,467,681 115,927,050 15,869,530 40,896,127 93,318,043 (65,642,943) 2,739,659 1,361,289

    (34,426,815) - - - 3,531,588 22,139,238 - - (3,987,422) 13,391,730 1,929,966 (159,843) 2,320,648,854 2,289,678,585 97,116,569 75,558,154

    .. 2549 .. 2548 .. 2549 .. 2548

  • 174 2 5 4 9

    () 31 .. 2549 .. 2548

    ( )

    (184,234,132) (174,901,147) (785,891,749) (814,806,811) (358,579,336) - (358,579,336) - (224,543,237) (804,331,798) (222,919,616) (545,520,897) China Food Group - (102,720,240) - - 10 ) - - 44,215,171 94,535,835

    2,913,501 22,769,944 434,186,903 358,559,101 249,481,802 4,905,891 - - 49,315,904 506,434 39,209,040 - (500,174,289) (28,802,442) (497,303,083) (4,356,560) 10 ) 16,536,154 - 145,550,878 - (633,690,582) (688,401,073) - - 24,230,048 30,321,263 2,243,635 340,234 15 (9,255,371) (1,216,838) - - (1,316,889,446) (1,115,369,939) (32,465,665) (36,998,501) (83,414,233) (109,722,517) (8,826,453) (6,813,130) () (2,968,303,217) (2,966,962,462) (1,240,580,275) (955,060,729)

    () (217,503) (1,566,942) (17,267,840) 171,569,591 (5,742,414) (26,636,902) - - 5,129,929,800 5,954,600,023 4,630,851,000 5,954,600,023 (4,612,769,300) (5,743,532,821) (4,367,851,000) (5,743,532,821) 19 308,000,000 1,076,600,000 308,000,000 976,600,000 19 (666,566,447) (1,479,930,000) (54,040,000) (1,100,000,000) 21 - 1,100,000,000 - 1,100,000,000 21 (212,500,000) (212,500,000) (212,500,000) (212,500,000) 22 1,185,258,325 23,377,588 1,250,309,465 23,377,588 77,899,700 - 77,899,700 - - 1,480,000 - - - (230) - - 28 (367,924,591) (307,203,662) (367,418,746) (300,203,142) 835,367,570 384,687,054 1,247,982,579 869,911,239

    () 187,713,207 (292,596,823) 104,518,873 (9,591,336) 313,635,209 606,232,032 (3,239,746) 6,351,590 501,348,416 313,635,209 101,279,127 (3,239,746)

    176 227

    .. 2549 .. 2548 .. 2549 .. 2548

  • 175 ( )

    .. 2549 .. 2548 .. 2549 .. 2548

    () 31 .. 2549 .. 2548

    ( )

    31

    511,893,657 333,732,061 103,471,083 9,552,286 17 (10,545,241) (20,096,852) (2,191,956) (12,792,032)

    501,348,416 313,635,209 101,279,127 (3,239,746)

    31 .. 2549 .. 2548 :

    31 .. 2549 .. 2548 :

    .. 2549 .. 2548 .. 2549 .. 2548

    65,592,432 63,708,646 (1,482,499) 3,716,837

    (31,696,083) 31,696,083 - -

    .. 2549 .. 2548 .. 2549 .. 2548

    318,912,468 278,921,574 231,120,949 205,939,695 412,722,593 332,426,352 16,021,093 11,024,724

    176 227

  • 176 2 5 4 9

    31 .. 2549 .. 2548

    1.

    () ()

    : 16 99 42 10110 : 218/2-4 . 10 . . . .

    .. 2531 ()

    31 .. 2549 14,369 (31 .. 2548 : 13,503 )

    15 .. 2550

    2.

    2.1

    .. 2543 .. 2547 .. 2535

  • 177 ( )

    2.2 1 .. 2550 44 ( .. 2549)

    45 ( .. 2549) 1 .. 2550 () 1 .. 2550

    2.3

    2.12

    10

    2.11

  • 178 2 5 4 9

    2.4

    ()

    10

    2.5

    2.6

    2.7

    3

  • 179 ( )

    2.8

    2.9

    2.10

    2.11

    12

    -

  • 180 2 5 4 9

    2.12

    1 - 3

    3 - 20

    20 40

  • 181 ( )

    2.13

    10 , 20 , 30 40 10 5 - 15 5 , 10 15 5 10 5

    .. 2543 .. 2543

    5

    3 - 7

  • 182 2 5 4 9

    :

    2.14

  • 183 ( )

    2.15

    2.16

    2.17

    2.18

    /

  • 184 2 5 4 9

    2.19

    20

    : : : :

    2.20

    2.21

  • 185 ( )

    3.

    :

    3

    1

    ..

    254

    9

    31

    4,6

    604,3

    5847

    744

    695

    8838

    031

    66,0

    844,9

    5123

    017

    197

    --

    -(30

    7)(28

    5)11

    ,716

    10,04

    5

    3,1

    122,9

    4935

    433

    656

    5016

    112

    53,8

    713,2

    4823

    017

    134

    --

    -(18

    7)(17

    6)7,6

    316,7

    03

    (1,

    310)

    (1,15

    3)

    6,321

    5,550

    2549

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    31

    777

    230

    1515

    --

    --

    --

    --

    489

    738

    --

    -(12

    4)1,2

    8185

    9

    7,230

    7,205

    604

    660

    5765

    7977

    2,436

    2,187

    43

    --

    12

    --

    10,41

    110

    ,199

    13,49

    311

    ,344

    474

    572

    54

    170

    161

    4,195

    2,677

    872

    506

    434

    761,2

    671,3

    37(14

    ,815) (

    12,29

    6)6,0

    954,3

    81

    21,50

    018

    ,779

    1,093

    1,247

    6269

    249

    238

    6,631

    4,864

    876

    509

    923

    814

    1,268

    1,339

    (14,81

    5) (12

    ,420)

    17,78

    715

    ,439

    18

    319

    42

    2-

    -4

    548

    343

    51

    173

    1-

    --

    -74

    663

    8

    4,8

    143,9

    54-

    -30

    2511

    513

    146

    364

    652

    027

    653

    366

    762

    572

    5(4,

    898)

    (3,79

    8)2,2

    022,6

    26

    3,5

    563,7

    69-

    --

    --

    --

    --

    --

    --

    --

    -3,5

    563,7

    69

    2,354

    1,953

    916

    980

    117

    5347

    1,008

    632

    3927

    8661

    193

    140

    (1,50

    1)(1,

    379)

    3,159

    2,468

    10,90

    79,8

    7091

    898

    241

    3217

    218

    31,9

    541,7

    1356

    030

    469

    272

    981

    886

    5(6,

    399)

    (5,17

    7)9,6

    639,5

    01

    2549

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

    25

    49

    2548

  • 186 2 5 4 9

    .. 2549 .. 2548 .. 2549 .. 2548

    557,675,051 509,610,094 39,116,773 36,620,702 (8,400,730) (4,953,283) (1,355,976) (875,976) - 549,274,321 504,656,811 37,760,797 35,744,726

    4.

    .. 2549 .. 2548 .. 2549 .. 2548

    71,559,657 65,964,211 2,253,931 1,768,289 440,334,000 267,767,850 101,217,152 7,783,997 511,893,657 333,732,061 103,471,083 9,552,286

    0.50 1.00 (.. 2548 : 0.25 1.00 )

    5.

    .. 2549 .. 2548 .. 2549 .. 2548

    - 249,809,282 252,840,623 - - (249,481,802) (4,905,890) - - 7,229 1,874,549 - - - 334,709 249,809,282 - -

    31 .. 2549

    6. -

  • 187 ( )

    7. -

    .. 2549 .. 2548 .. 2549 .. 2548

    345,478,034 331,089,893 29,943,149 26,234,434

    90 173,031,261 117,567,671 7,111,084 7,894,10491-180 28,650,621 55,938,284 750,175 548,356 181 10,515,135 5,014,246 1,312,365 1,943,808

    557,675,051 509,610,094 39,116,773 36,620,702 (8,400,730) (4,953,283) (1,355,976) (875,976) - 549,274,321 504,656,811 37,760,797 35,744,726

    .. 2549 .. 2548 .. 2549 .. 2548

    39,561,788 36,087,790 1,459,314 1,432,839 3,695,747 3,985,947 - - 38,300,729 32,010,484 - - 49,127,164 53,301,369 2,301,731 1,912,164 286,277,871 211,982,554 - - 4,853,103 5,266,343 - -

    421,816,402 342,634,487 3,761,045 3,345,003 (3,728,219) (2,509,837) - - - 418,088,183 340,124,650 3,761,045 3,345,003

  • 188 2 5 4 9

    31,633,734 190,565,395 9,433,870 12,020,566 339,828

    243,993,393 (53,917,858) 190,075,535

    8.

    31 .. 2549 309.6

    .. 2549 7.08

    9.

    .. 2549

    .. 2549 .. 2548 .. 2549 .. 2548

    116,499,896 74,776,365 8,715,955 3,352,091 71,059,285 71,400,341 4,067,293 4,697,886 36,858,684 38,549,383 - - 26,835,525 60,105,455 - - 358,579,336 - 358,579,336 - 104,537,104 104,901,510 1,315,806 1,322,571 714,369,830 349,733,054 372,678,390 9,372,548

  • 189 ( )

    10.

    - 7,907,987,590 6,651,381,221 - (82,351,223) (37,654,392) 222,919,616 538,235,729 (76,427,825) - (44,215,171) (94,535,835) - 1,092,784,438 999,762,963 (37,190,883) 18,400,193 113,948,834 82,662,272 (434,186,478) (357,741,546) ( 28) 22,239,705 18,196,123 (69,123,053) - - (12,781,482) - 19,711,121 - 65,707,505 82,351,223 - 8,682,093,055 7,907,987,590

    .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

    - - 8,682,093,055 7,907,987,590 443,805,588 301,954,123 322,170,724 180,941,672 443,805,588 301,954,123 9,004,263,779 8,088,929,262

    )

  • 190 2 5 4 9)

    ()

    -

    31

    .

    . 2

    549

    450

    81.24

    625,8

    11,57

    181

    0,891

    ,666

    53,61

    7,685

    200

    100

    230,9

    67,92

    059

    3,719

    ,528

    -

    30

    045

    .30.(1

    )16

    1,418

    ,899

    273,6

    49,57

    02,7

    18,74

    0

    70

    010

    092

    9,262

    ,397

    1,115

    ,615,8

    51-

    1010

    010

    ,000,0

    003,9

    29,97

    2-

    7510

    075

    ,000,0

    0010

    9,197

    ,084

    149,9

    98,60

    0

    10

    100

    10,00

    0,000

    20,97

    4,558

    35,99

    7,840

    4151

    .(3)

    20,91

    0,000

    40,84

    2,406

    -

    (MST

    )

    1710

    093

    ,500,0

    0060

    ,402,7

    26-

    R

    GR

    Inte

    rnat

    iona

    l Lim

    ited

    2.610

    02,5

    86,00

    020

    7,384

    ,759

    -

    (100

    ,000

    )

    420

    100

    362,2

    26,92

    911

    4,861

    ,684

    -

    327

    99.67

    2,300

    ,932,6

    473,7

    71,20

    7,983

    -(

    ) (M

    FG)

    (

    )

    45

    054

    .28. (4

    )90

    9,374

    ,739

    1,249

    ,685,7

    6833

    ,278,3

    48(R

    HC)

    1010

    010

    ,000,0

    009,4

    42,03

    9-

  • 191 ( )

    :(1

    )

    4

    5.30

    24

    .95

    (2)

    (3

    )

    5

    1

    MST

    49

    (4

    )

    5

    4.28

    R

    HC

    4

    1.53

    (5

    )

    9

    9.86

    0.14

    )

    (

    )

    -

    31

    .

    . 2

    549

    1

    100

    1,000

    ,000

    30,02

    8,861

    -

    42

    99.86

    .(5)

    42,20

    5,829

    42,20

    7,767

    44,34

    3,182

    22

    8.(2)

    100

    228,0

    32,25

    922

    8,050

    ,833

    114,2

    32,08

    3

    6,0

    13,22

    9,190

    8,682

    ,093,0

    5543

    4,186

    ,478

    75

    99.90

    74,79

    7,460

    37,08

    8,727

    -

    R.G

    .E. (

    HK

    G) L

    imite

    d

    0.5

    100

    542,7

    4022

    ,317,8

    78-

    (100

    ,000

    )

    M&

    H M

    anag

    emen

    t Li

    mite

    d

    -

    100

    36,23

    127

    1,550

    -Lo

    dg

    ing

    Inve

    stm

    ent

    (Lab

    uan)

    -

    100

    36,23

    116

    3,944

    -Li

    mite

    d

    2299

    .9321

    ,999,3

    005,8

    65,40

    6-

    97,41

    1,962

    65,70

    7,505

    -

  • 192 2 5 4 9)

    ()

    )

    (

    )

    -

    31

    .

    . 2

    548

    450

    81.24

    625,8

    11,57

    172

    7,596

    ,211

    53,61

    7,685

    200

    100

    230,9

    67,92

    047

    8,581

    ,793

    -

    30

    045

    .30.(1)

    161,4

    18,89

    926

    1,508

    ,559

    2,718

    ,740

    16

    510

    014

    5,550

    ,878

    119,9

    99,31

    0-

    700

    100

    929,2

    62,39

    71,0

    42,68

    8,564

    -

    75

    100

    75,00

    0,000

    203,8

    06,63

    0-

    1010

    010

    ,000,0

    0037

    ,159,5

    68-

    4151

    .(3)20

    ,910,0

    0027

    ,712,8

    1054

    ,054,7

    00

    (MST

    )

    1710

    093

    ,500,0

    0076

    ,354,6

    42-

    R

    GR

    Inte

    rnat

    iona

    l Lim

    ited

    2.610

    02,5

    86,00

    015

    4,377

    ,860

    -

    (100

    ,000

    )

    420

    72.39

    304,0

    42,20

    042

    ,340,7

    64-

    32

    799

    .672,3

    00,92

    1,647

    3,340

    ,669,8

    54-

    (

    ) (

    MFG

    )

    450

    49.30

    .(4)77

    4,723

    ,314

    1,078

    ,867,5

    3233

    ,278,3

    48(

    ) (R

    HC)

    110

    01,0

    00,00

    091

    3,188

    -

  • 193 ( )

    :(1

    )

    4

    5.30

    23

    .65

    (2)

    (3

    )

    5

    1

    MST

    49

    (4

    )

    4

    9.3

    RH

    C

    4

    1.53

    (5

    )

    9

    9.86

    0.14

    )

    (

    )

    -

    31

    .

    . 2

    548

    1

    100

    1,000

    ,000

    939,9

    30-

    5099

    .86.(5)

    49,93

    0,000

    49,93

    2,274

    33,96

    9,706

    26

    5.(2)

    100

    264,5

    23,25

    926

    4,538

    ,101

    97,71

    0,345

    5,991

    ,148,0

    857,9

    07,98

    7,590

    275,3

    49,52

    4

    75

    99.90

    74,79

    7,460

    (37,6

    00,21

    1)82

    ,392,0

    22

    1010

    010

    ,000,0

    00(1

    7,163

    ,533)

    -R

    .G.E

    . (H

    KG

    ) Lim

    ited

    0.510

    054

    2,740

    (24,3

    50,25

    0)-

    (100

    ,000

    )

    199

    .9399

    9,300

    (3,23

    7,229

    )-

    86,33

    9,500

    (82,3

    51,22

    3)82

    ,392,0

    22

  • 194 2 5 4 9

    () (MFG) () (RHC)

    ()

    MFG () 100 100 100 100 ... 100 51 () 95International Franchise Holding (Labuan) Limited 100 100 .... 100

    International Franchise Holding (Labuan) LimitedFranchise Investment Corporation of Asia Ltd. 100Beijing LeJazz Food & Beverage Co., Ltd. 92.59

    100 100

    100

    ( )MSpa Enterprise Management (Shianghai) Limited 100

    ( Mandara Spa Enterprise Management (Shianghai) Limited)

    () 100

    24 .. 2545

  • 195 ( )

    31 .. 2549 100 31 .. 2549 624.9 (31 .. 2548 : 724.9 ) ( 19)

    () () 2,238,900

    135 43,112,055 95.8 28.3

    145.6 69.1

    1,159,811

    58.2 100 34.8

    27.3

    13.7 ()

    10,763,846 - 23,795,653 2,164,159 (21,461,582) (1,663,506) 13,598,570 (27,300,000) (13,701,430)

    27,300,000 (10,763,846) 16,536,154

  • 196 2 5 4 9

    R.G.E. (HKG) Limited

    31 .. 2549 R.G.E. (HKG) Limited

    China Food Group Limited

    .. 2548 International Franchise Holding (Labuan) Limited China Food GroupLimited (CFG) 18.52 International FranchiseHolding (Labuan) Limited 1,700,000 CFG 31 .. 2550

    31 .. 2548 International Franchise Holding (Labuan) Limited CFG 81.48 31.7 CFG 100 CFG 83.3 CFG 31 .. 2548 CFG 1 .. 2548 12.8 .. 2548 CFG .. 2548 18.9 .. 2548

    )

    MFG

    51

    .. 2549 .. 2548 .. 2549 .. 2548

    301,954,123 126,911,919 180,941,672 91,251,171 - 83,257,936 - 7,285,167 - 141,851,465 91,784,268 141,229,052 82,405,334 443,805,588 301,954,123 322,170,724 180,941,672

  • 197 ( )

    )

    (

    )

    -

    31

    ..

    254

    9

    4050

    22,99

    9,292

    260,6

    01,56

    5-

    92

    .540

    55,00

    0,000

    45,06

    9,024

    -

    Ara

    bia

    n Sp

    a (D

    ubai

    ) Lim

    ited

    3.449

    1,667

    ,936

    726,8

    76-

    (0.3

    )

    Eut

    op

    ia P

    rivat

    e H

    old

    ing

    Lim

    ited

    16

    3.250

    81,59

    0,000

    43,15

    4,395

    -

    (4

    )Si

    zzle

    r C

    hina

    Pte

    . Lim

    ited

    -

    50-

    4,809

    ,382

    -

    45

    5122

    ,950,0

    0089

    ,444,3

    46-

    18

    4,207

    ,228

    443,8

    05,58

    8-

  • 198 2 5 4 9)

    ()

    -

    31

    ..

    254

    8

    4050

    22,99

    9,292

    118,2

    32,03

    6-

    92.5

    4055

    ,000,0

    0046

    ,209,5

    00-

    A

    rab

    ian

    Spa

    (Dub

    ai) L

    imite

    d

    3.4

    491,6

    67,93

    61,6

    46,53

    2-

    (0.3

    )

    Eut

    op

    ia P

    rivat

    e H

    old

    ing

    Lim

    ited

    16

    3.250

    81,59

    0,000

    76,22

    8,876

    -

    (4

    )Si

    zzle

    r C

    hina

    Pte

    . Lim

    ited

    -

    50-

    2,882

    ,800

    -

    45

    5122

    ,950,0

    0056

    ,754,3

    79-

    18

    4,207

    ,228

    301,9

    54,12

    3-

  • 199 ( )

    )

    (

    )

    :(1

    )

    65.0

    4

    40

    -

    31

    .

    . 2

    549

    4050

    24,28

    4,460

    277,1

    01,70

    0-

    92.5

    40.(1)

    55,00

    0,000

    45,06

    9,024

    -

    79,28

    4,460

    322,1

    70,72

    4-

    -

    31

    .

    . 2

    548

    4050

    24,28

    4,460

    134,7

    32,17

    2-

    92.5

    40.(1)

    55,00

    0,000

    46,20

    9,500

    -

    79,28

    4,460

    180,9

    41,67

    2-

  • 200 2 5 4 9

    11. -

    .. 2549 .. 2548 .. 2549 .. 2548

    - 567,672,070 25,350,092 543,332,253 14,550 - 407,156,490 270,441,462 - 40,842,750 - 974,828,560 295,791,554 543,332,253 40,857,300

    )

    .. 2549 .. 2548 .. 2549 .. 2548

    - 25,350,092 45,812,762 14,550 12,680 500,174,289 149,722 497,303,083 - (2,437,955) (5,972) - - CFG - (19,952,000) - - 44,585,644 (654,420) 46,014,620 1,870 - 567,672,070 25,350,092 543,332,253 14,550

  • 201 ( )

    ()

    () 9,710,573 8,069,627 497.3

    )

    .. 2549 .. 2548 .. 2549 .. 2548

    , 520,141,081 21,917,206 565,721,720 22,912,202 : 45,580,639 994,996 - - - 565,721,720 22,912,202 565,721,720 22,912,202

    1,950,350 2,437,890 - 567,672,070 25,350,092

    .. 2549 .. 2548 .. 2549 .. 2548

    , 497,308,817 5,733 543,332,253 14,550 : 46,023,436 8,817 - - - 543,332,253 14,550 543,332,253 14,550

    .. 2549 .. 2548 .. 2549 .. 2548

    - 270,441,462 142,719,030 40,842,750 21,238,230 65,760,670 - - - - 28,652,720 - 4,356,560 (21,024,662) - (17,077,960) - 91,979,020 99,069,712 (23,764,790) 15,247,960 - 407,156,490 270,441,462 - 40,842,750

  • 202 2 5 4 9)

    (

    )

    -

    450

    9.32

    159,9

    84,22

    524

    7,172

    ,265

    407,1

    56,49

    0

    (

    )

    15

    9,984

    ,225

    247,1

    72,26

    540

    7,156

    ,490

    -

    31

    ..

    254

    9

    -

    371

    11.58

    115,2

    48,21

    615

    5,193

    ,246

    270,4

    41,46

    2

    (

    )

    11

    5,248

    ,216

    155,1

    93,24

    627

    0,441

    ,462

    -

    31

    ..

    254

    8

    -

    371

    1.76

    17,07

    7,960

    23,76

    4,790

    40,84

    2,750

    (

    )

    17,07

    7,960

    23,76

    4,790

    40,84

    2,750

    -

    31

    .

    . 2

    548

  • 203 ( )

    12.

    () ()

    31 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

    24,547,194 19,046,449 - -

    97,300,000 - - -

  • 204 2 5 4 9

    .. 2549 .. 2548 .. 2549 .. 2548

    - - 40,579,941 38,812,355 21,187,756 21,278,264 - - 21,187,756 21,278,264 40,579,941 38,812,355

    - - 200,573,080 128,903,710 28,975,805 11,331,645 9,268,704 8,335,619 221,665 202,737 - - 29,197,470 11,534,382 209,841,784 137,239,329

    - - 86,028,214 80,399,438 23,667,477 3,651,416 - - 13,449,068 13,526,460 1,820,000 1,320,000 37,116,545 17,177,876 87,848,214 81,719,438

    67,509,624 5,372,385 - 816,855

    - - 10,684,143 8,239,838 9,022,973 2,700,000 7,457,400 1,860,000 9,022,973 2,700,000 18,141,543 10,099,838

    - - 221,495 244,860 10,231 8,970 - - 8,726,835 10,617,898 - - 8,737,066 10,626,868 221,495 244,860

    - - 12,492,804 11,696,281 - 221,325 - - 20,315,112 17,645,650 - - 20,315,112 17,866,975 12,492,804 11,696,281

  • 205 ( )

    .. 2549 .. 2548 .. 2549 .. 2548

    - - 208,433,720 105,405,026 50,230,939 13,432,987 1,862,606 2,743,444 81,316,349 2,021,628 26,425 - 131,547,288 15,454,615 210,322,751 108,148,470

    90 - ( )

    31 .. 2549 .. 2548 /

    .. 2549 .. 2548 .. 2549 .. 2548

    - - 24,236,635 14,894,857 - 296 - - - 296 24,236,635 14,894,857

    - - 2,583,605 - 49,887,911 40,222,295 9,206,720 10,212,000 49,887,911 40,222,295 11,790,325 10,212,000

    - - 754,333 10,358,835

    8,062,556 2,984,163 3,151,399 513,349

    6,350,000 4,629,032 4,010,000 2,130,000

  • 206 2 5 4 9

    102,912,656 8,753,330 48,001,535 37,634,590 90 9,335,033 5,526,132 34,891,957 19,246,596 91 - 180 7,780,682 826,283 26,523,221 17,448,562 181 - 365 8,438,392 165,471 50,425,219 29,701,726 365 3,080,525 183,399 50,480,819 4,116,996 131,547,288 15,454,615 210,322,751 108,148,470

    - - 3,365,115,985 2,521,861,776 441,500,000 372,961,741 8,000,000 167,536,741 2,890,000 3,286,800 - - 444,390,000 376,248,541 3,373,115,985 2,689,398,517

    - - 45,623,115 12,491,710 1,278,611 308,318 - 5,922 2,524,110 3,795,887 - 3,874 3,802,721 4,104,205 45,623,115 12,501,506

    31 .. 2549 .. 2548

    - - 961,654,448 1,012,043,898

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

  • 207 ( )

    13.

    62,468,464 62,468,464 315,493,748 268,402,028 - 31,793,358 777,479,354 251,359,947 - 179,534,265 110,722,338 50,341,873 15,162,372 15,063,380 1,281,326,276 858,963,315

    31 .. 2549 117.5 (.. 2548 : 249.2 )

    31 .. 2549 117.5 31 .. 2548 249.2

    .. 2549 .. 2548

  • 208 2 5 4 914

    .

    -

    (

    )

    31

    .. 25

    48

    588,0

    92,73

    93,0

    71,60

    9,146

    7,434

    ,583,3

    342,1

    83,01

    3,010

    3,351

    ,958,5

    951,4

    50,60

    4,371

    238,4

    04,43

    130

    1,115

    ,452

    207,7

    83,17

    218

    ,827,1

    64,25

    0

    (10

    2,061

    ,919)

    (1,15

    6,472

    ,733)

    (2,77

    3,950

    ,742)

    (1,07

    9,249

    ,956)

    (2,25

    5,676

    ,195)

    (951,4

    67,04

    6)(16

    9,704

    ,426)

    (127,7

    40,17

    9)-

    (8,61

    6,323

    ,196)

    --

    --

    -(11

    ,850,4

    10)

    --

    -(11

    ,850,4

    10)

    -

    48

    6,030

    ,820

    1,915

    ,136,4

    134,6

    60,63

    2,592

    1,103

    ,763,0

    541,0

    96,28

    2,400

    487,2

    86,91

    568

    ,700,0

    0517

    3,375

    ,273

    207,7

    83,17

    210

    ,198,9

    90,64

    4

    31

    .. 25

    49

    486,0

    30,82

    01,9

    15,13

    6,413

    4,660

    ,632,5

    921,1

    03,76

    3,054

    1,096

    ,282,4

    0048

    7,286

    ,915

    68,70

    0,005

    173,3

    75,27

    320

    7,783

    ,172

    10,19

    8,990

    ,644

    1,7

    28,53

    732

    ,180,0

    837,8

    42,59

    430

    2,824

    ,216

    259,3

    16,83

    216

    4,462

    ,384

    10,29

    0,840

    87,19

    1,203

    549,9

    15,11

    91,4

    15,75

    1,808

    45,89

    8,426

    (18,83

    1,521

    )25

    2,966

    ,004

    325,9

    14,51

    319

    5,874

    ,071

    4,228

    ,925

    21,96

    2,182

    (1,73

    8,834

    )(82

    6,273

    ,766)

    -

    -

    (3,50

    6,550

    )(93

    ,635)

    (10,00

    9,187

    )(1,

    909,1

    38)

    (3,60

    9,654

    )-

    (36,05

    2,659

    )(4,

    810,1

    11)

    (59,99

    0,934

    )

    -(1,

    541,6

    67)

    (75,18

    8)(3,

    752,4

    38)

    (7,25

    0,962

    )(3,

    445,2

    80)

    (2,76

    9,375

    )(9,

    514,5

    20)

    (28,00

    0)(28

    ,377,4

    30)

    (

    10)

    --

    --

    (122,6

    24)

    -(23

    ,673,0

    29)

    --

    (23,79

    5,653

    )

    --

    --

    (3,37

    2,663

    )4,6

    15,66

    362

    6,589

    -17

    0,995

    ,060

    172,8

    64,64

    9

    --

    -(8,

    594,3

    21)

    11,93

    882

    ,856

    (66,52

    1)(25

    8,540

    )-

    (8,82

    4,588

    )

    (8,46

    4,039

    )(10

    7,673

    ,721)

    (340,3

    01,59

    2)(23

    7,436

    ,884)

    (398,7

    10,38

    1)(13

    0,727

    ,308)

    (25,61

    7,904

    )(18

    ,060,8

    07)

    -(1,

    266,9

    92,63

    6)

    -

    -

    --

    --

    11,85

    0,410

    --

    -11

    ,850,4

    10

    -

    525,1

    93,74

    41,8

    15,76

    3,037

    4,580

    ,970,7

    751,4

    72,70

    8,953

    1,140

    ,119,4

    7353

    4,744

    ,911

    49,45

    2,787

    194,9

    41,11

    697

    ,581,4

    7410

    ,411,4

    76,27

    0

    31

    .. 25

    49

    612,9

    95,28

    93,0

    65,09

    9,197

    7,703

    ,892,6

    642,7

    73,61

    0,927

    3,658

    ,181,3

    831,4

    58,96

    2,891

    183,8

    32,83

    632

    5,422

    ,011

    97,58

    1,474

    19,87

    9,578

    ,672

    (87,80

    1,545

    )(1,2

    49,33

    6,160

    )(3,1

    22,92

    1,889

    )(1,3

    00,90

    1,974

    )(2,5

    18,06

    1,910

    )(92

    4,217

    ,980)

    (134,3

    80,04

    9)(13

    0,480

    ,895)

    -(9,

    468,1

    02,40

    2)

    -

    525,1

    93,74

    41,8

    15,76

    3,037

    4,580

    ,970,7

    751,4

    72,70

    8,953

    1,140

    ,119,4

    7353

    4,744

    ,911

    49,45

    2,787

    194,9

    41,11

    697

    ,581,4

    7410

    ,411,4

    76,27

    0

  • 209 ( )

    (

    )

    31

    .. 25

    48

    9,510

    ,983

    18,69

    0,531

    545,2

    11,79

    536

    ,358,5

    3322

    9,695

    ,141

    5,933

    ,263

    25,84

    1,291

    15,55

    0,095

    2,396

    ,140

    889,1

    87,77

    2

    -

    (10,59

    1,351

    )(23

    2,579

    ,695)

    (8,71

    8,726

    )(14

    2,374

    ,412)

    (562,8

    17)

    (14,67

    9,134

    )(5,

    565,7

    90)

    -(41

    5,071

    ,925)

    -

    9,5

    10,98

    38,0

    99,18

    031

    2,632

    ,100

    27,63

    9,807

    87,32

    0,729

    5,370

    ,446

    11,16

    2,157

    9,984

    ,305

    2,396

    ,140

    474,1

    15,84

    7

    31

    .. 25

    49

    9,510

    ,983

    8,099

    ,180

    312,6

    32,10

    027

    ,639,8

    0787

    ,320,7

    295,3

    70,44

    611

    ,162,1

    579,9

    84,30

    52,3

    96,14

    047

    4,115

    ,847

    -

    -3,5

    90,65

    1-

    5,635

    ,175

    2,083

    ,064

    2,350

    ,000

    7,354

    ,178

    9,970

    ,097

    30,98

    3,165

    --

    6,510

    ,065

    -1,2

    36,50

    94,6

    15,66

    3-

    -(12

    ,362,2

    37)

    -

    -

    --

    --

    --

    -(4,

    000)

    (4,00

    0)

    --

    --

    (121,1

    63)

    (85,78

    9)(1,

    560,8

    01)

    (643,7

    71)

    -(2,

    411,5

    24)

    -

    (622,6

    25)

    (24,48

    3,804

    )(2,

    110,6

    76)

    (20,76

    4,006

    )(6,

    029,3

    94)

    (2,31

    2,892

    )(1,

    770,9

    81)

    -(58

    ,094,3

    78)

    -

    9,510

    ,983

    7,476

    ,555

    298,2

    49,01

    225

    ,529,1

    3173

    ,307,2

    445,9

    53,99

    09,6

    38,46

    414

    ,923,7

    31-

    444,5

    89,11

    0

    31

    .. 25

    49

    9,510

    ,983

    18,69

    0,531

    555,3

    12,51

    136

    ,358,5

    3324

    0,743

    ,898

    7,925

    ,828

    24,65

    0,005

    21,68

    3,504

    -91

    4,875

    ,793

    -(11

    ,213,9

    76)

    (257,0

    63,49

    9)(10

    ,829,4

    02)

    (167,4

    36,65

    4)(1,

    971,8

    38)

    (15,01

    1,541

    )(6,

    759,7

    73)

    -(47

    0,286

    ,683)

    -

    9,5

    10,98

    37,4

    76,55

    529

    8,249

    ,012

    25,52

    9,131

    73,30

    7,244

    5,953

    ,990

    9,638

    ,464

    14,92

    3,731

    -44

    4,589

    ,110

  • 210 2 5 4 9

    ( 19)

    .. 2545 .. 2546 MFG ( 19)

    31 .. 2549 1,326 ( 19)

    (2)

    31 .. 2549 35.6 -

    31 .. 2548 37.4 0.8

    .(1)

    :(1) 31 .. 2549

    35.6 (.. 2548 : 37.4 )(2) 31 .. 2548

    0.8

  • 211 ( )

    15. -

    16.

    31 .. 2548 154,681,421 88,160,303 1,930,725,691 (624,681,677) 1,548,885,738 (149,818,999) (69,919,526) (257,584,641) 209,039,037 (268,284,129) - 4,862,422 18,240,777 1,673,141,050 (415,642,640) 1,280,601,609

    31 .. 2549

    4,862,422 18,240,777 1,673,141,050 (415,642,640) 1,280,601,609 560,000 8,695,371 63,125,350 - 72,380,721

    - (2,131,654) - - (2,131,654) (1,205,619) (7,159,445) (68,848,627) 34,131,742 (43,081,949) - 4,216,803 17,645,049 1,667,417,773 (381,510,898) 1,307,768,727

    31 .. 2549 155,241,421 94,724,020 1,993,851,042 (624,681,677) 1,619,134,806 (151,024,618) (77,078,971) (326,433,269) 243,170,779 (311,366,079) - 4,216,803 17,645,049 1,667,417,773 (381,510,898) 1,307,768,727

    ()

    205,179,481 167,429,013 3,563,233 3,611,473 153,846,949 109,452,214 17,138,780 19,768,515 - 18,255,611 - - 48,531,189 35,384,114 6,181,193 - 407,557,619 330,520,952 26,883,206 23,379,988

    .. 2549 .. 2548 .. 2549 .. 2548

  • 212 2 5 4 9

    17.

    18.

    19.

    10,545,241 20,096,852 2,191,956 12,792,032 1,256,203,600 748,485,750 905,000,000 642,000,000

    1,266,748,841 768,582,602 907,191,956 654,792,032

    99,468,372 73,859,218 5,690,213 7,172,712 309,387,370 260,451,780 14,702,795 7,834,140 293,391,130 215,336,739 14,547,901 18,676,896 702,246,872 549,647,737 34,940,909 33,683,748

    330,610,000 482,900,000 60,000,000 54,040,000

    927,111,615 968,298,601 540,000,000 292,000,000 1,010,640,000 1,174,900,000 - -

    1,937,751,615 2,143,198,601 540,000,000 292,000,000 2,268,361,615 2,626,098,601 600,000,000 346,040,000

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

  • 213 ( )

    31 .. 2549 1,258

    ) 600 12 10 60 .. 2550

    ) 531 ( 14) .. 2542 .. 2552

    ) 50 MLR 36 31 .. 2548

    1 330,610,000 482,900,000 60,000,000 54,040,000 2 - 5 927,111,615 968,298,601 540,000,000 292,000,000 5 1,010,640,000 1,174,900,000 - - 2,268,361,615 2,626,098,601 600,000,000 346,040,000

    31 .. 2549 2,626,098,601 346,040,000 308,000,000 308,000,000 (666,566,447) (54,040,000) 829,461 - 2,268,361,615 600,000,000

    .. 2549 .. 2548 .. 2549 .. 2548

  • 214 2 5 4 9

    ) 41 3 4 7 30 .. 2547

    ) 36 4 26 4 .. 2547

    1,011

    ) 625 MLR 10

    1,022

    ) 386 - MLR 10

    304

    - 1 1,300,000,000 108,000,000 1,300,000,000 108,000,000- 1 - 200,000,000 - 200,000,000

    1,300,000,000 308,000,000 1,300,000,000 308,000,000

    .. 2549 .. 2548 .. 2549 .. 2548

  • 215 ( )

    25 .. 2549 1,300 31 .. 2549

    31 .. 2549

    20. -

    21.

    - 27,948,666 - - - (1,493,538) - -

    - 26,455,128 - -

    1 - 22,381,638 - - 1 - 4,073,490 - -

    - 26,455,128 - -

    1 106,250,000 212,500,000 1 3,450,000,000 3,556,250,000 3,556,250,000 3,768,750,000

    31 .. 2549 3,768,750,000 (212,500,000) 3,556,250,000

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548

  • 216 2 5 4 9

    ) 3 .. 2545 1,700,000 1,000 1,700 5 8 106.25 23 .. 2546 850 23 .. 2550 23 23

    ) 1,000 .. 2547 .. 2553

    ) 500 .. 2547 .. 2550

    ) 1,100 .. 2548 .. 2553

    19 1,300 31 .. 2549 23 .. 2550 .. 2550

    21 .. 2548 5,000 / () 10 / 31 .. 2549

    2,000 6 31 .. 2549

    31 .. 2549

  • 217 ( )

    22.

    3

    1

    ..

    254

    72,4

    13,25

    7,641

    63,52

    0,000

    2,413

    ,257,6

    4163

    ,520,0

    0048

    7,212

    ,152

    2,963

    ,989,7

    93

    --

    --

    19,71

    1,121

    19,71

    1,121

    (

    2

    8)24

    2,488

    ,278

    -24

    2,488

    ,278

    --

    242,4

    88,27

    8

    14

    ,390,3

    50-

    14,39

    0,350

    -8,9

    87,23

    823

    ,377,5

    88

    31

    .. 2

    548

    2,670

    ,136,2

    6963

    ,520,0

    002,6

    70,13

    6,269

    63,52

    0,000

    515,9

    10,51

    13,2

    49,56

    6,780

    224,4

    47,81

    2-

    224,4

    47,81

    2-

    1,025

    ,861,6

    531,2

    50,30

    9,465

    3

    1

    .

    . 254

    92,8

    94,58

    4,081

    63,52

    0,000

    2,894

    ,584,0

    8163

    ,520,0

    001,5

    41,77

    2,164

    4,499

    ,876,2

    45

    3

    1

    ..

    254

    72,4

    13,25

    7,641

    63,52

    0,000

    2,413

    ,257,6

    4163

    ,520,0

    0048

    1,270

    ,898

    2,958

    ,048,5

    39

    --

    --

    19,71

    1,121

    19,71

    1,121

    (

    2

    8)24

    2,488

    ,278

    -24

    2,488

    ,278

    --

    242,4

    88,27

    8

    14

    ,390,3

    50-

    14,39

    0,350

    -8,9

    87,23

    823

    ,377,5

    88

    31

    .. 2

    548

    2,670

    ,136,2

    6963

    ,520,0

    002,6

    70,13

    6,269

    63,52

    0,000

    509,9

    69,25

    73,2

    43,62

    5,526

    224,4

    47,81

    2-

    224,4

    47,81

    2-

    1,025

    ,861,6

    531,2

    50,30

    9,465

    3

    1

    .

    . 254

    92,8

    94,58

    4,081

    63,52

    0,000

    2,894

    ,584,0

    8163

    ,520,0

    001,5

    35,83

    0,910

    4,493

    ,934,9

    91

  • 218 2 5 4 9

    31 .. 2549 3,313,075,595 63,520,000 (.. 2548 : 3,097,854,371 200,000,000 ) 1 2,894,584,081 63,520,000 (.. 2548 : 2,670,136,269 63,520,000 )

    6 .. 2549

    22.1 3,297.9 3,161.4 136,480,000 1

    22.2 3,161.4 3,374.9 3,311.4 63.5 1 22.3 23.2

    22.3 182,844,550 15 15 1 5.85 19 27 .. 2549 182,243,289 1,066,123,241

    18 .. 2549

    ) 3,374.9 3,373.8 1,082,081 1

    ) 3,373.8 3,376.6 3,313.1 1 63.5 1

    1 3.75 5 4 .. 2547 20,625,000 82.5

    31 .. 2549 9,206,288

  • 219 ( )

    23.

    23.1 21 .. 2548

    6 .. 2549 287,695,792 18,284,455 10 1 1 1 6 24 292,403,987 ( 17,791,764 ) .. 2549 20,700,423 124,202,538 258,752,540

    23.2

    5,000,000 31 .. 2549 3,842,437 .. 2549 394,668 5,441,800 12,801,982 762,895 1 14.07522 5 .. 2550

    .. 2548 // 123,800,000 1 1 2.98 5 92,670,000 .. 2549 15,835,000 47,181,704 76,670,000

    23.3

    MFG / .. 2545 MFG 1.6

    / 1 1 10 .. 2550 MFG 420,000 126,000 .. 2546 126,000 .. 2547 .. 2548 31 .. 2549 385,000

  • 220 2 5 4 9

    24.

    25.

    5 () 10

    31 .. 2549 79,015,518 (.. 2548 :67,457,626 )

    26.

    27.

    ( 22) ( 23)

    - 10,766,573 - - 144,026,586 154,559,699 5,716,735 3,704,381 140,077,479 144,037,401 2,927,777 3,010,165 284,104,065 309,363,673 8,644,512 6,714,546

    1,310,074,585 1,153,258,734 58,094,378 56,429,452 2,472,064,923 2,114,367,654 235,773,449 208,757,447

    .. 2549 .. 2548 .. 2549 .. 2548

    .. 2549 .. 2548 .. 2549 .. 2548

  • 221 ( )

    31 .. 2549 216,684,140 (.. 2548 : 67,449,313 )

    31

    2,864,620,598 2,666,227,424 (176,973,223) (166,797,796) - 2,687,647,375 2,499,429,628

    153,164,140 3,929,313 63,520,000 63,520,000 216,684,140 67,449,313

    2,904,331,515 2,566,878,941

    31

    1,280,099,420 1,061,110,298 (9,206,288) (9,206,288) 1,270,893,132 1,051,904,010

    0.4729 0.4209

    1,280,099,420 1,061,110,298 - - 1,280,099,420 1,061,110,298

    0.4408 0.4134

    .. 2549 .. 2548

    .. 2549 .. 2548

  • 222 2 5 4 9

    28.

    18 .. 2549 .. 2548 2,880,051,838 0.125 360.0 3.75 9.2 369.2

    367.4 15 .. 2549 (.. 2548 : 300.2 242.5 ) 22.2 (.. 2548 : 18.2 15.2 )

    29.

    31 .. 2549 750 8 .. 2550

    31 .. 2549 1 1 200.9

  • 223 ( )

    31 .. 2549

    1,083,288 (.. 2548 : 821,918 )

    31 .. 2549 402,438 (.. 2548 : )

    30.

    .. 2556

    30 .. 2561 31 .. 2549 60

    9.8 .. 2551

    2.4 (.. 2548 : 2.4 )

    240

  • 224 2 5 4 9

    10 .. 2554

    89

    20 .. 2564 10

    .. 2549 .. 2567

    30 42 1 .. 2525, 8 .. 2530, 23 .. 2531 2 .. 2537 31 .. 2549 198 (.. 2548 : 211 )

    4 .. 2541 3 5

    1 .. 2550 1

    .. 2547 .. 2556

  • 225 ( )

    , .. 2558

    .. 2547 .. 2553

    22 .. 2549 25 .. 2556 2 15

    30 .. 2556 2 15 31 .. 2549

    .. 2550 3.79.. 2551 .. 2556 49.46

    53.25

    15 1 .. 2549

  • 226 2 5 4 9

    30 635.5

    31 .. 2549 .. 2548 ( 6 - 30 )

    1 226 194 2 - 5 338 277 5 218 218 782 68

    .. 2549 .. 2548

  • 227 ( )

    130.0 - -

    794.6 2.7 135

    31.

    32.

    .. 2530 5 7.5 5 10 ()

    31 .. 2549

    89.4 - -

    763.3 2.6 20

    31 .. 2548

  • 228 2 5 4 9

    .. 2549 1.3 8.5 9 .. 2549

    .. 2549 2 1 .. 2550

    30 1 10 18 (Foreign Direct Investment) .. 2550

    13.7 19 2 63 1,370 7 72 70 4,627 8

    3 4 .. 2549 24 9

  • 229 ( )

    4 .. 2549 () (MINT)

    4 .. 2549 3,444 17 399 4 44.5 38.7

    75.2 74.9 5,340 10 29 21.5

    .. 2549 .. 2549 12,430 19

    48.9 37 1,280 21

    72.1 70.7 4,627 8 23.5 9 .. 2548 14.1 5.8 .. 2549

  • 230 2 5 4 9

    1,532 6,082 1,334 4,600 97 97 101 378 127 501 253 771 3,444 12,430

    4 .. 2549 .. 2549

    .. 2549 17,787 2,348 .. 2548 9,662 162 8,124 2,186 (right offering) 1,263

    .. 2549 2,321 31 2,675 1,263 1 54 368 .. 2549 188

  • 231 ( )

    4 .. 2549

    .. 2549

    1 .. 2549 50 50 1 .. 2550 3 3 .. 2550

    Hemas Holdings Limited (Hemas) 4 Serendib Hotel Club, Dolphin Hotel, Miami Hotel Sigiriya Hotel .. 2550

    .. 2549 MINT 631 .. 2549

    73 49 16 4 6 13 8 2 6 16 2 4 .. 2549 29 16 13

    .. 2549 () (S&P) 494.3 18.31 .. 2549 S&P

  • 232 2 5 4 9

    261 1,025 693 2,246 954 3,271

    4 .. 2549 .. 2549

    EBITDA

    .. 2549 24

    4 .. 2549

    Samui Beach Residence 4 .. 2549 97

    49 (EBITDA) .. 2549 32 68

  • 233 ( )

    16.5 20.9 23.6 30.6 21.3 22.8 34.2 14.4 12.5 25.5 50.6 54.3

    21.5 23.5

    4 .. 2549 .. 2549

    (%) (%)

    : .. 2549 ()

    .. 2549 4 .. 2549 21.5

    .. 2549 9 .. 2549 34 9 7 18 .. 2549 73 .. 2549 23.5

  • 234 2 5 4 9

    4 .. 2549 .. 2549

    64.0 7,024 63.4 5,282 86.2 4,410 83.0 3,893 57.3 8,275 54.8 7,530 77.1 2,923 63.9 3,169

    75.2 5,340 72.1 4,627

    (%)

    ()

    (%)

    ()

    : 13

    4 .. 2549 75 5,340 10 13 86.2 10 10 4 .. 2549 1,333 3 .. 2549 4,600 4,298 7

    4 .. 2549 MINT 103 9

    95 .. 2549 380 316 20

  • 235 ( )

    4 .. 2549 127

    5.8 120 .. 2549 501 463 9 Food Wave ( , , )

    31 .. 2549 31 .. 2548

    () 64.5 66.1 () 10.3 10.2 () 18.2 18.3

    () 7.7 7.2 () ( 4) 15 16

    () 0.63 0.51

    () 1.19 1.60 () 0.87 1.21 () 8.90 9.90

  • 236 2 5 4 9

    .. 2549 3 .. 2549 Asset Light 10.3 .. 2549

    7.7 7.2 15 16 0.51 0.63 1.19 0.87 .. 2549 1.60 1.21

    .. 2550 1 .. 2550 1 .. 2550 1 1 .. 2550

    .. 2550 .. 2550 .. 2550 4.0 - 4.5 .. 2549 PE 10 .. 2550

  • 237 ( )

    ()

    1. .

    1. . . .

    2.

    3. . .

    4. . .

    5. . Elimis .

    6. . .

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    6.917.03

    1.82

    6.45

    67.51

    8.13

    0.82

    5.4120.57

    . CorporateSecretary

  • 238 2 5 4 9

    ()

    .

    .

    0.21

    9.21

    1.140.180.960.25

    0.35

    1.87

    2.43

    0.66

    0.02

    2. .

    3. .

    4. .

    8. . .

    9. . .

    . . . .

    . .

    .

    (RGP) .

    (RGP) .

    . .

    10.

  • 239 ( )

    (RGP) .

    .

    . .

    . (Charter Flight)

    .

    .

    . . . . . . .

    .

    . .

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    .

    5. .

    6. .

    7. .

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    . 50

    4.17

    0.210.30

    0.49

    3.15

    0.110.060.210.050.550.040.02

    1.89

    0.111.37

    8.79

    ()

  • 240 2 5 4 9

    2. . .

    1. . . . . . ()

    2. . .

    3. . () .

    4. . .

    5. . .

    .

    .

    . ()

    .

    .

    0.60

    5.307.030.37

    11.85

    1.48

    0.84

    0.01

    0.71

    9. .

    . 51

    ()

  • 241 ( )

    6. . .

    1. .

    2. .

    1. . EutopiaPrivate Holding Limited

    2. . Eutopia PrivateHolding Limited

    3. . Eutopia Private HoldingLimited

    . .

    .

    10. .

    11. Eutopia PrivateHolding Limited

    . 65.04

    . 50

    0.01

    8.00

    0.48

    433.50

    19.71

    20.98

    ()

  • 242 2 5 4 9

    12. .

    13. Arabian Spa (Dubai)Limited

    14. .

    . 19.98

    . 49

    . () 16.91

    4. EutopiaPrivate Holding Limited

    1. . .

    2. . .

    3. . .

    . Arabian Spa(Dubai) Limited

    1. . .

    Eutopia PrivateHolding Limited

    . -

    .

    .

    7.46

    2.89

    0.22

    3.97

    0.61

    1.20

    ()

  • 243 ( )

    15.

    16. . ()

    16.91

    . ()

    .

    . ()

    : . 18.72 . . 1.70 . 70.25 . 45.30

    . 24.95 . 95.8 . 54.28

    . 41.53

    17.26

    97.30

    3.79

    5.76

    0.25

    0.250.250.410.370.370.250.25

    2. . .

    . 1

    1. . .

    .

    2. . () .

    . . . . . . International Franchise

    Holding (Labuan) Limited

    ()

  • 244 2 5 4 9

  • 245 ( )

    () (MINT) 631 ,, , , 15 2,300 , , - Marriott Vacation Club Time Share 144 MINT 20 ,

    .. 2549 5 (1) 49 (2) 37 (3) 3 (4) 3 (5) 8

  • 246 2 5 4 9

    15

    SET 100 1 .. 2549

    182.24 1,066 15 1 5.85

    292.4 10 1 0 6 2

    () 100 18.5 100 31.7 BeijingLeJazz Food & Beverage Ltd.

    / Hemas Holding Limited Serendib Hotel Limited (SHOT) Hemas Hemas 63

    100.00 () () Beijing LeJazz Food & Beverage Ltd.

    50 1 .. 2549

    110

    () 9,710,573 9,710,573 494.30 18.31 89,021,700

    () 2,237,500 134.30 43,112,055 95.80

    .. 2 5 4 9

  • 247 ( )

    .

    1.

    .. 2549 49 37 3 3 8

  • 248 2 5 4 9

    2.

    (Franchise) Four Seasons Hotels and Resorts Asia PacificPte. Ltd. Hotel Licensing Corporation

    3.

    4.

  • 249 ( )

    5.

    16

    6.

    25

    7.

    8.

  • 250 2 5 4 9

    9.

    9.1

    / (Franchise Fee) (Natural Hedging)

    9.2

    () 3 - 5

    31 .. 2549 549 5 94.4 () 90 1.53 ()

    9.3

    36

    1 0.17

  • 251 ( )

    9.4 (Interest Bearing Debt - IBD)

    1.75 : 1 31 .. 2549 (IBD/E) 0.87 : 1

  • 252 2 5 4 9

    15

    1. ()

    /

    2.

    1

    3.

  • 253 ( )

    4.

    -

    1

    14

    .. 2549 .. 2549 2 1/2549

    6 .. 2549 18 .. 2549

  • 254 2 5 4 9

    5.

    6.

    7. (Code of Business Ethics)

    8. 9 4 1 4

    9.

    8

  • 255 ( )

    10.

    5

    .. 2549

    1. 15/16 200,000 - 50,000 50,000 300,0002. 16/16 200,000 - - - 200,0003. 16/16 200,000 - - - 200,0004. 9/16 200,000 - - - 200,0005. 12/16 580,000 160,000 50,000 50,000 840,0006. 11/16 455,000 60,000 - - 515,0007. 16/16 620,000 80,000 - - 700,0008. 4/16 385,000 - 50,000 50,000 485,0009. 8/16 425,000 - - - 425,000

    10. 7/16 185,000 - - - 185,000

    :1. 19 .. 25492. 3. 18 .. 2549

    6 75.4 75.4

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    11. 7

    .. 2549 16

  • 256 2 5 4 9

    12.

    13.

    14.

    15.

    (Road Show)

  • 257 ( )

    30

  • 258 2 5 4 9

    4

    1. ( .. 2522)

    58 ( .. 2492)/

    () () () () ()

    ()

    2. ( .. 2540) 58 ( .. 2492)/ General Management Program, Ashridge Management College

    ()

  • 259 ( )

    3. ( .. 2541)

    43 ( .. 2507)/

    Director Diploma Examination, The Australian Institute of DirectorsAssociation

    Director Accreditation Program (DAP)

    Chief Financial Officer Certification Program 1

    ()

    () () ()

    () () USAID / THAILAND

    4. ( .. 2549)

    50 ( .. 2500)/

    (Ecole Hoteliere de Lausanne)

    () ()

  • 260 2 5 4 9

    5. ( .. 2541)

    61 ( .. 2489)/ University of Puget Sound Tacoma, W.A.

    2543

    ()

    ()

    6. ( .. 2547)

    53 ( .. 2497)/ MA. International Law & Finance, George Washington University - National

    Law Center BA., George Washington University Associate Electrical Engineering - Cornell University

    () Ocean Beauty Seafoods Inc. AEA-SOS International Kempinski AG .

  • 261 ( )

    7. ( .. 2543)

    35 ( .. 2515)/

    ()

    8. ( .. 2541)

    61 ( .. 2489)/ University of California, Berkeley

    University of Wisconsin, Madison

    () () -

    ()

    (Singapore Management University) International Institute for Strategic Studies

  • 262 2 5 4 9

    9. ( .. 2549) 65 ( .. 2485)/ () University College London, London University

    1/2000

    ()

    ()

    ()

    () ()

  • 263 ( )

    23 .. 2541 3 1. 2. 3. 4.

    1. 2. 3. 4. 5. 6. 7.

    22 .. 2545 3 1. 2. 3.

  • 264 2 5 4 9

    22 .. 2547 3 1. 2. 3.

    31 .. 2549 6 1. 2. 3. 4. 5. 6.

  • 265 ( )

    1. 5

    2.

    3.

    4.

    5. 1

    6. 7.

    8.

  • 266 2 5 4 9

    .. 2549

    .. 2549

    1. 209,541,330 21,606,232 5,250,000 15,121,220 21,606,232 5,250,0002. 3,263,892 306,168 4,900,000 393,555 306,168 4,900,0003. 6,531,754 953,175 4,010,000 (2,396,242) 953,175 4,000,000

    4. 766,000 - 1,750,000 766,000 - 1,750,000

    5. 57,111 5,711 - 3,569 5,711 -6. - - - - - -7. - - - - - -8