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

2

5 4 9

(

)

2 0 0 6

A n

n u

a l

R e

p o

r t

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

...........................................................................................

...........................................................................

..............................................................

..........................................................................

......................................

.......................................................

.................................................

...............................................................................................................

................................

.........................................................................................

.......................................................................

.. 2549 ............................................

...............................................................................................

............................................................................

.................................................

................................................................

............................................................................................................

140

141

142

162

163

164

165

166

228

237

245

246

247

252

258

268

274

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 .........................................................................

4

5

6

26

27

28

29

30

92

101

109

110

111

115

121

131

137

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

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549

2,733

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5,910

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104,7

88,72

315

5,746

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24,53

4,751

167,8

29,11

31,7

57,99

9,885

657,6

86,03

85,9

38,55

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2222

4,447

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1,025

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--

-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

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(307,2

03,66

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(230)

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Chi

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8,291

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(678,0

18,14

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8,018

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31

.. 25

482,7

33,65

6,269

515,9

10,51

1(17

9,600

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-10

4,788

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155,7

46,10

724

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5116

7,829

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1,757

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8565

7,686

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5,938

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97

(

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31

..

2549

..

254

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1

76

227

172 2 5 4 9

(

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31

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2549

..

254

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1

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227

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549

2,733

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6950

9,969

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(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

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00

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(37,19

0,883

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6,198

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80,09

9,420

1,280

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64,00

5,000

(64,00

5,000

)-

28

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--

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--

(345,1

79,04

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5,179

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31

.. 25

492,9

58,10

4,081

1,535

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09(15

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36)

77,89

9,700

104,7

88,72

329

1,944

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(12,65

6,132

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1,834

,113

2,628

,915,2

657,8

01,49

7,994

1

.. 2

548

2,476

,777,6

4148

1,270

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--

104,7

88,72

357

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826,1

34,56

079

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051,3

07,65

3,533

4,513

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42

22

14,39

0,350

8,987

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--

--

--

-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

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25

--

--

--

--

1,061

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981,0

61,11

0,298

Chi

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Gro

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1,477

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--

--

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-88

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08)

-

242,4

88,27

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(15,16

3,436

)-

--

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(227,3

24,84

2)-

-

--

--

--

-(28

2,007

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(282,0

07,01

9)

31

..

2548

2,733

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6950

9,969

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(15,16

3,436

)-

104,7

88,72

315

5,746

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24,53

4,751

167,8

29,11

31,7

57,99

9,885

5,439

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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

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8185

9

7,230

7,205

604

660

5765

7977

2,436

2,187

43

--

12

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10,41

110

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13,49

311

,344

474

572

54

170

161

4,195

2,677

872

506

434

761,2

671,3

37(14

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12,29

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954,3

81

21,50

018

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1,093

1,247

6269

249

238

6,631

4,864

876

509

923

814

1,268

1,339

(14,81

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17,78

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18

319

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548

343

51

173

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143,9

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563,7

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563,7

69

2,354

1,953

916

980

117

5347

1,008

632

3927

8661

193

140

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3,159

2,468

10,90

79,8

7091

898

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3217

218

31,9

541,7

1356

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272

981

886

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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)

()

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450

81.24

625,8

11,57

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53,61

7,685

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100

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67,92

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3,719

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1,418

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49,57

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18,74

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9,262

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1,115

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29,97

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9,197

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149,9

98,60

0

10

100

10,00

0,000

20,97

4,558

35,99

7,840

4151

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40,84

2,406

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2.610

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7,384

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26,92

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4,861

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327

99.67

2,300

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7,767

44,34

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9,190

8,682

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4,186

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7,460

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81.24

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11,57

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7,596

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53,61

7,685

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100

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67,92

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8,581

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1,508

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06,63

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2.610

02,5

86,00

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4,377

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72.39

304,0

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1,647

3,340

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4,538

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07,98

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2,740

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199

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9,300

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7,229

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86,33

9,500

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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

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

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

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31

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.. 2549 .. 2548

.. 2549 .. 2548

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

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

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244 2 5 4 9

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.. 2549

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

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()

259 ( )

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43 ( .. 2507)/

Director Diploma Examination, The Australian Institute of DirectorsAssociation

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260 2 5 4 9

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

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()

()

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

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261 ( )

7. ( .. 2543)

35 ( .. 2515)/

()

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University of Wisconsin, Madison

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(Singapore Management University) International Institute for Strategic Studies

262 2 5 4 9

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

1/2000

()

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263 ( )

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

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