Annual sahacogen 2551(th eng)

¢âÕ¡Ÿ≈∑—Ë«‰ª 1 General Information

“ πå®“°ª√–∏“π°√√¡°“√ 2 Message from the Chairman

√“¬ß“π§≥–°√√¡°“√μ√«® Õ∫ 4 Report of the Audit Committee

¢âÕ¡Ÿ≈Õ◊ËπÊ ·≈– —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬ 6 Supplementary Information & Shareholding in Subsidiaries

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® 8 Nature of Business

º≈°“√¥”‡π‘πß“π·≈–‚§√ß √â“ß√“¬‰¥â 8 Performance Review & Revenue Structure

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ 12 Shareholders and Management Structure

√“¬°“√√–À«à“ß°—π 24 Transaction with Related Companies

ªí®®—¬§«“¡‡ ’Ë¬ß·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß 30 Risk Factors and Management

°“√°”°—∫¥Ÿ·≈°‘®°“√ 34 Corporate Governance

°‘®°√√¡·≈–§«“¡√—∫º‘¥™Õ∫μàÕ™ÿ¡™π —ß§¡·≈– ‘Ëß·«¥≈âÕ¡ 62 Corporate Social Responsibility

§«“¡√—∫º‘¥™Õ∫μàÕ ‘Ëß·«¥≈âÕ¡ 66 Environmental Responsibility

√ÿªº≈ª√–°Õ∫°“√·≈–∞“π–∑“ß°“√‡ß‘π 68 Performance Summary and Financial Highlights

Õ—μ√“ à«π∑“ß°“√‡ß‘π 70 Financial Ratio

«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–°“√¥”‡π‘πß“π 72 Analysis of Operating Results and Financial Status

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√μàÕ√“¬ß“π∑“ß°“√‡ß‘π 76 Report on the Board of Directorsû Responsibility on Financial Statements

§à“μÕ∫·∑πºŸâ Õ∫∫—≠™’ 78 Auditor Fees of the Auditor

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’·≈–ß∫°“√‡ß‘π 80 Financial Statements

§≥–°√√¡°“√ 120 Sahacogenûs Board of Directors

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¢âÕ¡Ÿ≈∑—Ë«‰ª / General Information™◊ËÕ∫√‘…—∑ : ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)™◊ËÕ¬àÕ : SCG (®¥∑–‡∫’¬π„πμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬)‡≈¢∑–‡∫’¬π∫√‘…—∑ : 0107545000306 (∫¡®. 40854500703)«—π∑’Ë®¥∑–‡∫’¬π°àÕμ—Èß∫√‘…—∑ : 20 æƒ»®‘°“¬π 2539«—π∑’Ë®¥∑–‡∫’¬π‡ªìπ∫√‘…—∑¡À“™π : 4 μÿ≈“§¡ 2545«—π∑’Ë‡ªî¥¢“¬Àÿâπ„πμ≈“¥À≈—°∑√—æ¬å : 7 ¡°√“§¡ 2547ª√–‡¿∑∏ÿ√°‘® : ¥”‡π‘π∏ÿ√°‘®º≈‘μ·≈–®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ”∑’Ëμ—Èß ”π—°ß“π„À≠à : 636 À¡Ÿà∑’Ë 11 ∂ππ ÿ¢“¿‘∫“≈ 8 μ”∫≈ÀπÕß¢“¡ Õ”‡¿Õ»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ 20230‚∑√»—æ∑å : 66-3848-1555‚∑√ “√ : 66-3848-1551‡«Á∫‰´∑å∫√‘…—∑ : www.sahacogen.com∑ÿπ®¥∑–‡∫’¬π·≈–∑ÿπ∑’Ë™”√–·≈â« : 955 ≈â“π∫“∑ (Àÿâπ “¡—≠ 955,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)

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∂“∫—π°“√‡ß‘π : ∏π“§“√ °√ÿß‡∑æ ®”°—¥ (¡À“™π) “¢“ ”π—°ß“π„À≠à‚∑√»—æ∑å 0-2626-3688 ‚∑√ “√ 0-2231-4018

∏π“§“√ ° ‘°√‰∑¬ ®”°—¥ (¡À“™π) “¢“ »√’√“™“‚∑√»—æ∑å 038-762 787 ‚∑√ “√ 038-762 791

Name : Sahacogen (Chonburi) Public Company LimitedStock Code : SCG (Listed on the Stock Exchange of Thailand - SET)Registered Number : 0107545000306 (Bor Mor Jor. 40854500703)Registered Date : November 20, 1996Registered Date to Public Company : October 4, 2002First Trading in the Stock Market : January 7, 2004Type of Business : Power PlantHead Office Location : 636 Moo 11, Sukaphiban 8 Road, Nongkharm, Sriracha, Chonburi 20230

Tel : 66 3848 1555 Fax : 66 3848 1551Website : www.sahacogen.comRegistered and Paid-up Capital : 955 Million Baht, including 955,000,000 common shares, Baht 1 per share

ReferenceSecurity Registrar : Thailand Securities Depositary Co.,Ltd.

62 The Stock Exchange of Thailand Building, 4th & 7th Floor,Ratchadapisek Road, Klongtoey, Bangkok 10110Tel : 0-2229-2800 Fax : 0-2359-1259

Legal Consultant : Chandler & Thong-Ek 7th Floor, Bubhajit Building 20 North Sathorn Road,Bagkok 10500 Tel : 02-266-6485 Fax : 02-266-6483

Internal Audit : Dharmniti Auditing Co.,Ltd. 267/1 Pracharaj Sai 1 Road, Bangsue,Bangkok 10800 Tel : 0-2587-8080 Fax : 0-2586-0301

Auditor : Ms. Thipawan Nananuwat Authorized Auditor Registration No. 3459Ernst & Young Office Limited 193/136-137 Rajadapisek Road, Bangkok 10110Tel : 0-2264-0777 Fax : 0-2264-0789-90

Financial Institution : Bangkok Bank Public Company Limited, Head OfficeTel : 0-2626-3688 Fax : 0-2231-4018

Kasikornbank Public Company Limited, Sriracha BranchTel : 038-762 787 Fax : 038-762 791

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Message from the Chairman

In 2008, natural gas prices escalated 11.89% due to drastic increases in crude oil prices. Meanwhile, EnergyRegulatory Commission (ERC) postponed electricity tariff increases during the year. These combined events resultedin higher Sahacogen gas costs of 14.62%. In addition, the shrinking world economy in the second half of 2008 ledto significantly reduced electricity consumption, and although the world oil prices fell towards the year end, gas pricestook another six months to adjust. This was due to agreements in place between the gas distributors and producers.

These events affected Sahacogen performance, resulting in net profit for the year being 261 Mfl, 5.78% lowerthan target and 16.2% lower than the previous year. The revenue was 3,049 Mfl which is 13.39% higher than plannedand 8.62% higher than 2007, thanks to higher thermal sales.

This performance might have been worse, however our operational efficiency, and timely tactical changes, as wellas strategic negotiations that reduced capital costs, led to more respectable results.

Furthermore, Sahacogen has been focusing on alternative energy since 2007. This includes, a biomass projectscheduled to deliver electricity and steam in 2011. Also being developed is Sahagreen Forest Co., Ltd., a joint-developmentbiomass plant with our business partner in Kamphaengphet province, which will be operational in 2012.

Environmental protection and social development has always been a priority for Sahacogen. This year, theseefforts gained another çEIA Monitoring Awardsé from the Office of Natural Resources and Environmental Policy andPlanning (ONEP) for the second consecutive year.

On behalf of the board, I would like to thank all shareholders, trading partners, government departments, andprivate entities for their trust and support. Also, giving special thank to our management board, managers, and staff,whose united effort drove Sahacogen to such awards for excellence.

Mr. Boonkiet ChokwatanaChairman

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·≈–‰¡àæ∫¢âÕæ‘æ“∑∑“ß°ÆÀ¡“¬ ´÷Ëß®–¡’º≈°√–∑∫∑’Ë‡ªìπ “√– ”§—≠°—∫ß∫°“√‡ß‘π·≈–°“√ªØ‘∫—μ‘μ“¡°Æ√–‡∫’¬∫μà“ßÊ

§≥–°√√¡°“√‰¥âÀ“√◊Õ°—∫ΩÉ“¬®—¥°“√´÷Ëß§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π·≈–«‘∏’°“√∑’ËΩÉ“¬®—¥°“√‰¥âæ‘®“√≥“„™â„π°“√ª√–‡¡‘πμ‘¥μ“¡·≈–§«∫§ÿ¡

§«“¡‡ ’Ë¬ß ·≈–‰¥â¥”‡π‘π°“√‡®√®“ª√—∫‚§√ß √â“ßÀπ’È√–¬–¬“«¢Õß∫√‘…—∑ àßº≈„Àâ∫√‘…—∑¡’ ¿“æ§≈àÕß Ÿß¢÷Èπ ¥Õ°‡∫’È¬®à“¬≈¥≈ß

(π“¬πææ√ æß…å‡«™)

ª√–∏“π°√√¡°“√μ√«® Õ∫

5

Report of the Audit Committee

The Sahacogenûs audit committee comprises of 4 persons two of whom are financial literate. An audit committeecharter was approved by the Board of Directors on 7 August 2007 and reviewed for adequacy and approved by the Boardagain on 27 Febuary 2009

The audit committee has oversight responsibilities relating to the accounting and financial reporting of the company,the internal control structure, the integrity of the financial statements and compliance with the legal and regulatoryrequirements of the SET and SEC. The committee also reviews the qualifications and independence of the external auditor.

During the past year four meetings were held to review the quarterly financial statements and the audited full yearstatements before the presentation to the Board for approval. Discussions were held with management and the externalauditor on accounting principles and adequacy of the internal control process. There were no disagreements between theauditor and management on the application of accounting principles and the disclosures in the financial statements.

Four meetings were also held with the internal auditor to review its previously approved audit program. Managementwas present during these reviews. The internal audit report reaffirms the adequacy of the internal control structurewith minor deficiencies and immediate remedial action undertaken by management. The internal audit program for 2009was also presented and approved. The committee also carefully reviewed related transactions, the necessity to conductsuch transactions and the pricing involved. The transactions were found to be to the Companyûs benefits, conductedat arms length and received the necessary Boardûs approval in accordance with the regulations and guidelines of theSEC and SET. There were no legal matters outstanding that may have material impact on the financial statements andthe Companyûs compliance policies.

Discussions were also held with management on major financial risk exposures and the steps that management hastaken to monitor and control the exposures. This has resulted in a restructure of a term facility that afforded the Companygreater liquidity and substantial reduction in interest expenses.

The Committee recommends the appointment of Ernst & Young as the Companyûs external auditor for 2009. The feeremains unchanged.

(Mr. Nophorn Bhongsvej)Chairman of the Audit Committee

6

¢âÕ¡Ÿ≈Õ◊ËπÊ ·≈– —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬°“√≈ß∑ÿπ·≈– —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑¬àÕ¬ ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë¡’°“√ª√–°Õ∫∏ÿ√°‘®∑’Ë‡ªìπ “√– ”§—≠ ·≈–∫√‘…—∑‰¥â∂◊ÕÀÿâπμ—Èß·μà

√âÕ¬≈– 10 ¢÷Èπ‰ª

™◊ËÕ∫√‘…—∑ ∫®. À‚§‡®π °√’π ∫®. À°√’π øÕ‡√ ∑å

ª√–‡¿∑∏ÿ√°‘® º≈‘μ·≈–®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ” º≈‘μ·≈–®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ”

∑’Ëμ—Èß ”π—°ß“π„À≠à 129 À¡Ÿà∑’Ë 1 μ”∫≈ππ∑√’ Õ”‡¿Õ°∫‘π∑√å∫ÿ√’ 91 À¡Ÿà∑’Ë 8 μ”∫≈ÀπÕßÀ—««—« Õ”‡¿Õæ√“π°√–μà“¬

®—ßÀ«—¥ª√“®’π∫ÿ√’ 25110 ®—ßÀ«—¥°”·æß‡æ™√ 62110

‚∑√»—æ∑å 66-3729-0244 66-5570-1246

‚∑√ “√ 66-3729-0245 66-5570-1246

∑ÿπ®¥∑–‡∫’¬π 250 ≈â“π∫“∑ 5 ≈â“π∫“∑

ª√–‡¿∑Àÿâπ “¡—≠ “¡—≠

®”π«πÀÿâπ∑’ËÕÕ°®”Àπà“¬ 25,000,000 500,000

®”π«πÀÿâπ∑’Ë∂◊Õ (®”π«πÀÿâπ) 24,999,993 374,997

®”π«πÀÿâπ∑’Ë∂◊Õ (®”π«π‡ß‘π∫“∑) 249,999,930 3,749,970

—¥ à«π°“√∂◊ÕÀÿâπ (%) 99.99 75

√“¬™◊ËÕ¢Õß§≥–°√√¡°“√∫√‘…—∑¬àÕ¬ ∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551

™◊ËÕ - °ÿ≈ μ”·Àπàß

1. π“¬∫ÿ≠‡°’¬√μ‘ ‚™§«—≤π“ ª√–∏“π°√√¡°“√

2. π“¬ ÿ®√‘μ ªí®©‘¡π—π∑å °√√¡°“√

3. π“¬∏’√–»—°¥‘Ï «‘°‘μ‡»√…∞å °√√¡°“√

4. π“¬«‘‚√®πå ∏’√«—≤πå«“∑’ °√√¡°“√

5. π“¬∑πß »√’®‘μ√å °√√¡°“√

6. π“¬Õ—μ∂°√ °≈—Ëπ§«“¡¥’ °√√¡°“√

√“¬™◊ËÕ¢Õß§≥–°√√¡°“√∫√‘…—∑¬àÕ¬ ∫√‘…—∑ À°√’π øÕ‡√ ∑å ®”°—¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551

™◊ËÕ - °ÿ≈ μ”·Àπàß

1. π“¬ ÿ®√‘μ ªí®©‘¡π—π∑å °√√¡°“√

2. π“¬∏’√–»—°¥‘Ï «‘°‘μ‡»√…∞å °√√¡°“√

3. π“¬Õ—μ∂°√ °≈—Ëπ§«“¡¥’ °√√¡°“√

4. π“¬«‘‚√®πå ∏’√«—≤πå«“∑’ °√√¡°“√

5. π“¬®ÿ¡æØ μ—≥¡≥’ °√√¡°“√

6. π“ß “«ª≥—∞√’ ®ÿ≈≈–æ√“À¡≥å °√√¡°“√

7

SUPPLEMENTARY INFORMATION AND SHAREHOLDING IN SUBSIDIARIESThe investment and shareholding in subsidiaries of which their operations are significant and the company has held

more than 10% of share.

Name Sahacogen Green Co., Ltd. Sahagreen Forest Co., Ltd.Type of Business Biomass Fired Power Plant Biomass Fired Power PlantLocation 129 Moo 1, Nonsi, Kabinburi, 91 Moo 8, Nonghuawua, Phran Kratai,

Prachinburi 25110 Kamphaengphet 62110Telephone No. 66-3729-0244 66-5570-1246Fax No. 66-3729-0245 66-5570-1246Registered Capital 250 Million Baht 5 Million BahtType of Shares Common shares Common sharesNo. of Total Paid-up Shares 25,000,000 500,000No. of Shares held (shares) 24,999,993 374,997No. of Shares held (Amount Baht) 249,999,930 3,749,970Proportion (%) of Shares holding 99.99 75

The Board of Directors for Sahacogen Green Co., Ltd. as of December 31, 2008

Neme Position

1. Mr. Boonkiet Chokwatana Chairman2. Mr. Sujarit Patchimnun Director3. Mr. Thirasak Vikitset Director4. Mr. Viroj Theeravatvatee Director5. Mr. Tanong Srichit Director6. Mr. Atthakorn Glankwamdee Director

The Board of Directors for Sahagreen Forest Co., Ltd. as of December 31, 2008

Neme Position

1. Mr. Sujarit Patchimnun Director2. Mr. Thirasak Vikitset Director3. Mr. Atthakorn Glankwamdee Director4. Mr. Viroj Theeravatvatee Director5. Mr. Joompot Tanmani Director6. Ms. Panatri Julabparm Director

8

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®∫√‘…—∑¥”‡π‘π∏ÿ√°‘®º≈‘μ·≈–®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ” ‚¥¬„πªí®®ÿ∫—π¡’‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ (Cogeneration Combined Cycle)

∑’Ë„™â°ä“´∏√√¡™“μ‘‡ªìπ‡™◊ÈÕ‡æ≈‘ß ¢π“¥°”≈—ß°“√º≈‘μ‰øøÑ“ Ÿß ÿ¥ 174 ‡¡°–«—μμå ·≈–‰ÕπÈ” 81 μ—πμàÕ™—Ë«‚¡ß μ—ÈßÕ¬Ÿà∫πæ◊Èπ∑’Ëª√–¡“≥

25 ‰√à ¿“¬„π‡¢μ «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ μ”∫≈ÀπÕß¢“¡ Õ”‡¿Õ»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ ®”Àπà“¬‰øøÑ“ 90 ‡¡°–«—μμå

„Àâ°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ μ“¡‡ß◊ËÕπ‰¢ —≠≠“´◊ÈÕ¢“¬¢ÕßºŸâº≈‘μ‰øøÑ“√“¬‡≈Á° (Small Power Producer - SPP) √«¡∑—Èß

®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ”„Àâ°—∫∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπºŸâ®”Àπà“¬μàÕ„Àâ°—∫‚√ßß“πÕÿμ “À°√√¡„π‡¢μ

«πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“

À≈—ß®“°‡√‘Ë¡°“√º≈‘μ„π‡¥◊Õπ‡¡…“¬π 2542 ∫√‘…—∑‰¥âæ—≤π“ª√—∫ª√ÿß√–∫∫∫√‘À“√Õ¬à“ßμàÕ‡π◊ËÕß·≈–ºà“π°“√√—∫√Õß¡“μ√“∞“π

“°≈∑—Èß¥â“π√–∫∫∫√‘À“√§ÿ≥¿“æ (ISO 9001) √–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ (ISO 14001) √«¡∂÷ß‰¥â√—∫°“√√—∫√Õß√–∫∫°“√®—¥°“√

Õ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬ (OHSAS 18001) ®π∂÷ßªí®®ÿ∫—π àßº≈„Àâª√– ‘∑∏‘¿“æ°“√º≈‘μ°“√ àß¡Õ∫ μ≈Õ¥®π°“√„Àâ∫√‘°“√ ∑”„Àâ

§«“¡¡—Ëπ§ß¢Õß‰øøÑ“·≈–‰ÕπÈ” ”À√—∫°“√º≈‘μ¢Õß≈Ÿ°§â“„π «πÕÿμ “À°√√¡ ‡æ‘Ë¡ Ÿß¢÷ÈπÕ¬à“ßμàÕ‡π◊ËÕß

„π à«π¢Õß°“√æ—≤π“∏ÿ√°‘® ∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠°—∫°“√æ—≤π“‚§√ß°“√º≈‘μæ≈—ßß“πÀ¡ÿπ‡«’¬πª√–‡¿∑™’«¡«≈ „π≈—°…≥–

¡ÿàß‡πâπ§«“¡¬—Ëß¬◊π·≈–°“√¡’ à«π√à«¡®“°™ÿ¡™π ®÷ß‰¥â®—¥μ—Èß ∫√‘…—∑¬àÕ¬ ç∫√‘…—∑ À‚§‡®π °√’π ®”°—¥é ‚¥¬√à«¡¡◊Õ°—∫ ∂“∫—π§âπ§«â“

·≈–æ—≤π“º≈‘μº≈∑“ß°“√‡°…μ√·≈–Õÿμ “À°√√¡°“√‡°…μ√ ¡À“«‘∑¬“≈—¬‡°…μ√»“ μ√å ”√«®ª√‘¡“≥·≈–°“√„™âª√–‚¬™πå®“°™’«¡«≈

√«¡∑—Èß¥”‡π‘π°“√ √â“ß»Ÿπ¬å«‘®—¬·≈– àß‡ √‘¡°“√ª≈Ÿ°‰¡â ‚μ‡√Á«‡æ◊ËÕ‡ªìπ·À≈àß‡™◊ÈÕ‡æ≈‘ß∑’Ë¡—Ëπ§ß „πæ◊Èπ∑’Ë¢Õß «πÕÿμ “À°√√¡‡§√◊Õ

Àæ—≤πå °∫‘π∑√å∫ÿ√’ ·≈– ≈”æŸπ ‚¥¬„πªï 2551 ‰¥â¡’°“√π”‡ πÕ‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ ¿“¬„π «πÕÿμ “À°√√¡‡§√◊Õ

Àæ—≤πå ≈”æŸπ ºà“π¡μ‘‡ÀÁπ™Õ∫¢Õßª√–™“§¡„πæ◊Èπ∑’Ëμ—Èß‚§√ß°“√ °“√Õπÿ≠“μ¥”‡π‘π°“√®“°§≥–°√√¡°“√°”°—∫°‘®°“√æ≈—ßß“π·≈–

°√¡‚√ßß“πÕÿμ “À°√√¡μ“¡≈”¥—∫ §“¥«à“®–¥”‡π‘π‚§√ß°“√·≈â«‡ √Á®„πªï 2553

¿“«–°“√≥åμ≈“¥·≈–°“√·¢àß¢—π∫√‘…—∑‡ªìπºŸâº≈‘μ‰øøÑ“μ“¡‚§√ß°“√ºŸâº≈‘μ‰øøÑ“√“¬‡≈Á° (Small Power Producer: SPP) ‚¥¬®”Àπà“¬‰øøÑ“„Àâ°—∫°“√‰øøÑ“

ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬¿“¬„μâ‡ß◊ËÕπ‰¢ª√‘¡“≥·≈–√“§“∑’Ë°”Àπ¥‰«â„π —≠≠“ ◊ÈÕ¢“¬‰øøÑ“ ®÷ß‰¡à¡’°“√·¢àß¢—π°—∫ºŸâª√–°Õ∫°“√√“¬Õ◊Ëπ

„π à«π¢Õß°“√®”Àπà“¬‰øøÑ“‚√ßß“πÕÿμ “À°√√¡ ¡’§Ÿà·¢àß‡æ’¬ß√“¬‡¥’¬« §◊Õ °“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ (°ø¿.) ∫√‘…—∑®÷ß¡ÿàß‡πâπ°“√√—°…“

§«“¡¡—Ëπ§ß„π°“√ àß¡Õ∫ ·≈–§«“¡√«¥‡√Á«„π°“√„Àâ∫√‘°“√ √«¡∑—Èß„™â°≈¬ÿ∏å¥â“π√“§“ „π à«π¢Õß°“√¢“¬‰ÕπÈ”‡ªìπ°“√¢“¬¿“¬„μâ‚§√ß √â“ß

√“§“‰ÕπÈ”∑’ËμË”°«à“μâπ∑ÿπ°“√º≈‘μ‰ÕπÈ”∑’Ë¡’Õ¬Ÿà‡¥‘¡¢Õß‚√ßß“πÕÿμ “À°√√¡ ®÷ß¬—ß∑”„Àâ‚√ßß“πÕÿμ “À°√√¡ ∑—ÈßÀ¡¥¬—ß§ß‡≈◊Õ°´◊ÈÕ‰ÕπÈ”

®“°∫√‘…—∑Õ¬à“ßμàÕ‡π◊ËÕß

º≈°“√¥”‡π‘πß“π·≈–‚§√ß √â“ß√“¬‰¥â √ÿª√“¬ß“πº≈°”≈—ß°“√º≈‘μ ª√‘¡“≥°“√º≈‘μ ·≈–Õ—μ√“°”≈—ß°“√º≈‘μ‰øøÑ“·≈–‰ÕπÈ”„πªï 2551

‰øøÑ“ ªï 2551 ªï 2550

°”≈—ß°“√º≈‘μμ‘¥μ—Èß (‡¡°–«—μμå) 174 174

ª√‘¡“≥æ≈—ßß“π‰øøÑ“ Ÿß ÿ¥∑’Ë “¡“√∂º≈‘μ‰¥â (‡¡°–«—μμå-™—Ë«‚¡ß/ªï) 1,528,416 1,524,240

ª√‘¡“≥æ≈—ßß“π‰øøÑ“∑’Ëº≈‘μÕÕ°®”Àπà“¬®√‘ß (‡¡°–«—μμå-™—Ë«‚¡ß/ªï) 974,744 957,544

Õ—μ√“°“√„™âª√–‚¬™πå (√âÕ¬≈–) 63.77 62.82

9

Nature of BusinessSahacogen is a Small Power Producer (SPP) producing and distributing electricity and steam under a concession

granted by the Ministry of Energy. The existing natural gas fired cogeneration combined cycle type, located on 25-rai ofland in the Sriracha Saha Group Industrial Park, Nongkharm, Sriracha, Chonburi province, is capable of producing 174megawatts of electricity and 81 tons per hour of steam. In 1999 the company commenced the supply of 90 MW tothe Electricity Generating Authority of Thailand (EGAT) in 1999 under the 25 years Power Purchase Agreement, and theelectricity and steam at the industrial park demand to Saha Pattana Inter-Holding PCL, the sole distributor of electricityand steam to its industrial park tenants located in Sriracha Saha Group Industrial Park.

The company has continuously enhanced the quality of its production and supply by expanding the plant capacityfrom 122 MW, the electricity distribution system from 5 feeders to 10 feeders to date and implementing the managementsystem to all relevant international standards. The company has been recognized and certified by all key internationalstandards ranging from the ISO 9001 for quality management system, the ISO 14001 for environmental managementsystem, and the Occupational Health and Safety Management Systems (TIS/BS OHSAS 18001).

The company has aimed its business expansion in the renewable energy sector, particularly biomaas to enrgyproject development. After through study on the development strategy, the sustainability and close participations ofthe local community were determined as the prime considerations for each of the companyûs project development,To effectively develop the renewable energy business, the subsidiary company namely Sahacogen Green Co., Ltdwas established accordingly. To assure the sustainable fuel source and benefits contribution to the relevant localcommunities the company has established a long term collaboration with the Kasetsart Agriculture and Agro-IndustrialProduct Institute-KAPI, Kasetsart University in the research and development of the energy plant farming and settingup the research center in Saha Group Industrial Park at Kabinburi and Lamphun province respectively. Presently,the Lamphun Biomass to Energy Project has been acknowledged by the community and the industrial permit was granted,the construction is planned to commence in 2009 and to complete by 2010.

Marketing and CompetitionThe electricity sold to EGAT is under the terms and conditions of the Power Purchase Agreement and thus there is

no competition. For the electricity sales to the industrial users, the Provincial Electricity Authority is the only competitor.However, the proven quality supply and services in combination with the attractive pricing strategy will surely securethis market. The steam sales to the industrial users can be considered firmed and secured since the pricing structureprovides significant cost saving against any industrial fossil fueled steam production cost.

Performance Review and Revenue StructureAs of 2008, its capacity and utilization are as following:-

Electricity 2008 2007

Installed Capacity (megawatt) 174 174Maximum Capacity (megawatt-hour/year) 1,528,416 1,524,240Actual Production (megawatt-hour/year) 974,744 957,544Utilization Factor (percentage) 63.77 62.82

10

‰ÕπÈ” ªï 2551 ªï 2550

°”≈—ß°“√º≈‘μμ‘¥μ—Èß (μ—πμàÕ™—Ë«‚¡ß) 81 81

ª√‘¡“≥‰ÕπÈ” Ÿß ÿ¥∑’Ë “¡“√∂º≈‘μ‰¥â (μ—π/ªï) 711,504 709,560

ª√‘¡“≥‰ÕπÈ”º≈‘μ·≈– àßÕÕ°®”Àπà“¬®√‘ß (μ—π/ªï) 302,127 298, 963

Õ—μ√“°“√„™âª√–‚¬™πå (√âÕ¬≈–) 42.46 42.13

√ÿª√“¬‰¥âÀ≈—°¢Õß∫√‘…—∑¬—ß§ß¡“®“°°“√®”Àπà“¬‰øøÑ“„Àâ°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ·≈–°“√®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ”

„Àâ°—∫‚√ßß“π„π «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ‚¥¬„πªï 2551 ¡’√“¬‰¥â‡æ‘Ë¡¢÷Èπ 245.50 ≈â“π∫“∑ ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550 ‡π◊ËÕß®“°

ª√‘¡“≥°“√„™â ‰øøÑ“·≈–‰ÕπÈ”‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 1.80 ·≈– 1.06 μ“¡≈”¥—∫

(Àπà«¬ : ≈â“π∫“∑)

º≈‘μ¿—≥±åªï 2551 ªï 2550 ªï 2549

√“¬‰¥â √âÕ¬≈– √“¬‰¥â √âÕ¬≈– √“¬‰¥â √âÕ¬≈–

√“¬‰¥â®“°°“√¥”‡π‘πß“π

- ‰øøÑ“ (°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬) 1,796.04 58.73 1,646.50 58.54 1,662.50 58.85

- ‰øøÑ“ ( «πÕÿμ “À°√√¡) 921.20 30.12 902.18 32.07 892.00 31.57

- ‰ÕπÈ”( «πÕÿμ “À°√√¡) 331.50 10.84 257.56 9.16 257.54 9.12

√«¡√“¬‰¥â®“°°“√¥”‡π‘πß“π 3,048.74 99.69 2,806.24 99.77 2,812.04 99.54

√“¬‰¥âÕ◊Ëπ 9.46 0.31 6.50 0.23 13.09 0.46

√“¬‰¥â√«¡ 3,058.20 100 2,812.74 100.00 2,825.13 100.00

√ÿªº≈°“√¥”‡π‘π‚§√ß°“√„πªï 2551

ë ‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ °∫‘π∑√å∫ÿ√’

¥”‡π‘π‚§√ß°“√ª≈Ÿ°‰¡â‚μ‡√Á«‡æ◊ËÕ‡ªìπ·À≈àß‡™◊ÈÕ‡æ≈‘ß™’«¡«≈ ¢ÕÕπÿ≠“μª√–°Õ∫°‘®°“√º≈‘μ™‘Èπ‰¡â —∫ ®“°°√¡ªÉ“‰¡â·≈–

°√¡‚√ßß“πÕÿμ “À°√√¡ ·≈â«‡ √Á® “¡“√∂‡ªî¥√—∫´◊ÈÕ‡»…‡À≈◊Õ„™â∑“ß°“√‡°…μ√®“°™ÿ¡™π„πæ◊Èπ∑’Ë√Õ∫‚§√ß°“√ ¡“·ª√√Ÿª‡ªìπ

‡™◊ÈÕ‡æ≈‘ß™’«¡«≈‡æ◊ËÕ°“√®”Àπà“¬

ë ‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ ≈”æŸπ

¥”‡π‘π°“√ª√–™“ —¡æ—π∏å‚§√ß°“√„Àâ à«π√“™°“√ Õß§å°“√∫√‘À“√ à«π∑âÕß∂‘Ëπ ™ÿ¡™π„πæ◊Èπ∑’Ë ·≈–π”‡ πÕ‚§√ß°“√ºà“π°“√

‡ÀÁπ™Õ∫®“°∑’Ëª√–™ÿ¡ª√–™“§¡„π‡¥◊Õπæƒ…¿“§¡ 2551 ·≈–‰¥â√—∫Õπÿ¡—μ‘„∫Õπÿ≠“μª√–°Õ∫°‘®°“√‚√ßß“πº≈‘μæ≈—ßß“π‰øøÑ“

®“°°√¡‚√ßß“πÕÿμ “À°√√¡ „π‡¥◊Õπ∏—π«“§¡ 2551 °”Àπ¥ √ÿª°“√§—¥‡≈◊Õ°®—¥®â“ßºŸâ√—∫‡À¡“°àÕ √â“ß·≈–°“√®—¥À“·À≈àß‡ß‘π°Ÿâ

„Àâ·≈â«‡ √Á®¿“¬„π‡¥◊Õπ¡’π“§¡ 2552 ·≈–§“¥«à“®– “¡“√∂‡√‘Ë¡°“√∑¥ Õ∫√–∫∫°“√º≈‘μ‰¥â„π‡¥◊Õπ∏—π«“§¡ 2553

ë ‚§√ß°“√√à«¡∑ÿπ

√à«¡°—∫∫√‘…—∑ ¬“¡øÕ‡√ ∑√’ ®”°—¥ „π°≈ÿà¡∏ÿ√°‘®°√–¥“… ‡§√◊ÕªŸπ´’‡¡πμå‰∑¬ »÷°…“·≈– √ÿª§«“¡‡ªìπ‰ª‰¥â¢Õß°“√

¥”‡π‘π‚§√ß°“√º≈‘μæ≈—ßß“π®“°‡»…‰¡â¬Ÿ§“≈‘ªμ— ®“°‚√ßº≈‘μ‰¡â —∫‡æ◊ËÕ°“√º≈‘μ‡¬◊ËÕ°√–¥“… „πæ◊Èπ∑’ËÕ”‡¿Õæ√“π°√–μà“¬ ®—ßÀ«—¥

°”·æß‡æ™√ ·≈–‰¥â√à«¡∑ÿπ°—π®—¥μ—Èß∫√‘…—∑ À°√’π øÕ‡√ ∑å ®”°—¥ ‡æ◊ËÕ¥”‡π‘π°“√»÷°…“„π√“¬≈–‡Õ’¬¥ ·≈–¥”‡π‘πß“πª√–™“ —¡æ—π∏å

‚§√ß°“√„Àâ°—∫™ÿ¡™π„πæ◊Èπ∑’Ë ‚¥¬§“¥«à“®– “¡“√∂¥”‡π‘π°“√¢Õ¡μ‘®“°™ÿ¡™π·≈–¢Õ„∫Õπÿ≠“μª√–°Õ∫°‘®°“√„π‰μ√¡“ 4

¢Õßªï 2552

11

Steam 2008 2007

Installed Capacity (ton/hour) 81 81Maximum Capacity (ton/year) 711,504 709,560Actual Production (ton/year) 302,127 298, 963Utilization Factor (percentage) 42.46 42.13

The company has the key earnings from electricity sale to EGAT, electricity and steam sale to industrial usersin Sriracha Saha Group Industrial Park. In 2008, the total income increased to Baht 245.50 million due to the increment ofthe revenues from selling electricity to EGAT and the industrial Park which was 1.80% and the increase of selling steam tothe industrial park was 1.06% respectively.

(Unit: Million Baht)

Product2008 2007 2006

Revenue % Revenue % Revenue %

Operating Income- Electricity (EGAT) 1,796.04 58.73 1,646.50 58.54 1,662.50 58.85- Electricity (Industrial Park) 921.20 30.12 902.18 32.07 892.00 31.57- Steam (Industrial Park) 331.50 10.84 257.56 9.16 257.54 9.12Total Operating Income 3,048.74 99.69 2,806.24 99.77 2,812.04 99.54Other Income 9.46 0.31 6.50 0.23 13.09 0.46Total Revenue 3,058.20 100 2,812.74 100.00 2,825.13 100.00

Summary of Business Development in 2008

ë Kabinburi Biomass to Energy ProjectThe wood chipping permits had been granted by the Forestry Department and the Industrial Work Department.

The production of biomass fuel from agro wastes purchased from the locals was commenced in the last quarter 2008.

ë Lamphun Biomass to Energy ProjectThe Project has been acknowledged by the community in May 2008 and the industrial permit was granted by the

Industrial Work Department in December 2008, the turn key bidder for construction and project funding is planned tofinish in March 2009 and to complete by December 2010.

ë Joint DevelopmentThe preliminary feasibility had been agreed by the company and Siam Forestry Co., Ltd of the Siam

Cement Group and the joint development company - Sahagreen Forest Co., Ltd was incorporated accordingly.The presentation of the project by Sahagreen Forest Co., Ltd has been accepted in principle by the community andthe official consent and subsequent industrial permit in the fourth quarter 2009 is expected,

12

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√

‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑

√“¬°“√ Àÿâπ (≈â“π) ∫“∑ (≈â“π)

∑ÿπ®¥∑–‡∫’¬π 955 955

∑ÿπ™”√–·≈â« 955 955

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 Õ—π¥—∫·√° ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬πæ—°°“√‚ÕπÀÿâπ‡¡◊ËÕ«—π∑’Ë 7 ¡’π“§¡ 2551

ºŸâ∂◊ÕÀÿâπ ®”π«πÀÿâπ % ∑’Ë∂◊ÕÀÿâπ

1. ∫¡®. Àæ—≤π“ Õ‘π‡μÕ√å‚Œ≈¥‘Èß 147,697,030 15.47

2. ∫¡®. ‡Õ ·Õπ¥å‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ‡Õπ‡μÕ√å‰æ√ å 133,306,260 13.96

3. ∫¡®. ‰Õ. ’.´’. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ 99,432,960 10.41

4. π“¬«’√æ—≤πå æŸπ»—°¥‘ÏÕÿ¥¡ ‘π 81,391,100 8.52

5. ∫¡®. Àæ—≤πæ‘∫Ÿ≈ 68,013,730 7.12

6. π“¬ ”‡√‘ß ¡πŸ≠º≈ 37,428,300 3.92

7. ∫¡®. ‰∑¬«“‚°â 32,800,000 3.43

8. π“ß “«¿“«‘≥’ æŸπ»—°¥‘ÏÕÿ¥¡ ‘π 24,600,000 2.58

9. ∫®. ·™¡ªá‡Õ™ 20,500,000 2.15

10. ∫®. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ·≈∫∫Õ√“∑Õ√’ å 20,400,000 2.14

°“√°√–®“¬°“√∂◊ÕÀÿâπμ“¡ª√–‡¿∑¢Õß∫ÿ§§≈∑’Ë∂◊Õ ≥ «—πªî¥ ¡ÿ¥∑–‡∫’¬πæ—°°“√‚ÕπÀÿâπ‡¡◊ËÕ«—π∑’Ë 7 ¡’π“§¡ 2551

®”π«πºŸâ∂◊ÕÀÿâπ ®”π«πÀÿâπ √âÕ¬≈–

π‘μ‘∫ÿ§§≈ —≠™“μ‘‰∑¬ 39 637,476,780 66.75

—≠™“μ‘μà“ß¥â“« 2 9,550,000 1.00

√«¡ 41 647,026,780 67.75

∫ÿ§§≈∏√√¡¥“ —≠™“μ‘‰∑¬ 1,248 307,860,220 32.24

—≠™“μ‘μà“ß¥â“« 3 113,000 0.01

√«¡ 1,251 307,973,220 32.25

√«¡∑—Èß ‘Èπ 1,292 955,000,000 100

13

Shareholders and Management Structure

Equity Structure

Item Share ( in millions) Value (million Baht)

Registered Capital 955 955Paid-up Capital 955 955

Top Ten of Shareholders as the close of share register on March 7, 2008.

Shareholders No. of Shares % Holder

1. Saha Pattana Inter-Holding PCL 147,697,030 15.472. S&J International Enterprises PCL 133,306,260 13.963. I.C.C. International PCL 99,432,960 10.414. Mr. Veerapat Punsak-Udomsin 81,391,100 8.525. Saha Pathanapibul PCL 68,013,730 7.126. Mr. Samreng Manupol 37,428,300 3.927. Thai Wacoal PCL 32,800,000 3.438. Ms. Pavinee Punsak-Udomsin 24,600,000 2.589. Champ Ace Co., Ltd. 20,500,000 2.1510. International Laboratories Co., Ltd. 20,400,000 2.14

Types of Shareholders as the close of share register on March 7, 2008.

No. of Shareholders No. of Shares %

Juristic person Thai 39 637,476,780 66.75Foreigner 2 9,550,000 1.00

Total 41 647,026,780 67.75General public Thai 1,248 307,860,220 32.24

Foreigner 3 113,000 0.01Total 1,251 307,973,220 32.25

Grand Total 1,292 955,000,000 100

14

§≥–°√√¡°“√§≥–°√√¡°“√∫√‘À“√

°√√¡°“√ºŸâ®—¥°“√

ΩÉ“¬æ—≤π“·≈–∫√‘À“√‚§√ß°“√ ΩÉ“¬∫√‘À“√·≈–°“√‡ß‘π

·ºπ°°“√μ≈“¥·≈–«“ß·ºπ

à«π∫√‘À“√ß“π‚§√ß°“√

§≥–°√√¡°“√μ√«® Õ∫

à«π°“√‡ß‘π

à«π°“√∫—≠™’

à«π∫ÿ§§≈·≈–∏ÿ√‡ß‘π

·ºπ°μ√«®®à“¬

·ºπ°∏ÿ√°“√/°ØÀ¡“¬

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·ºπ°‡∑§‚π‚≈¬’·≈– “√ π‡∑»

·ºπ°°àÕ √â“ß‚§√ß°“√

à«πæ—≤π“‚§√ß°“√

à«π«‘®—¬·≈–æ—≤π“

à«π∫√‘À“√ß“π§ÿ≥¿“æ§«“¡ª≈Õ¥¿—¬·≈– ‘Ëß·«¥≈âÕ¡

ΩÉ“¬ªØ‘∫—μ‘°“√·≈–«‘»«°√√¡

·ºπ°°“√º≈‘μ

·ºπ°∫√‘°“√‡∑§π‘§

à«πªØ‘∫—μ‘°“√‚√ß‰øøÑ“§«“¡√âÕπ√à«¡

à«π«‘»«°√√¡

à«πªØ‘∫—μ‘°“√‚√ß‰øøÑ“™’«¡«≈

π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ë ∫√‘…—∑

∫√‘…—∑¡’π‚¬∫“¬®à“¬‡ß‘πªíπº≈„πÕ—μ√“‰¡àμË”°«à“√âÕ¬≈– 80 ¢Õß°”‰√ ÿ∑∏‘μ“¡ß∫°“√‡ß‘π‡©æ“–°‘®°“√ „π·μà≈–√Õ∫∫—≠™’

∑—Èßπ’È§≥–°√√¡°“√∫√‘…—∑¡’Õ”π“®„π°“√æ‘®“√≥“¬°‡«âπ‰¡à¥”‡π‘π°“√μ“¡π‚¬∫“¬¥—ß°≈à“« À√◊Õ‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬¥—ß°≈à“«‰¥â‡ªìπ

§√—Èß§√“« ‚¥¬Õ¬Ÿà¿“¬„μâ‡ß◊ËÕπ‰¢∑’Ë°“√¥”‡π‘π°“√¥—ß°≈à“«®–μâÕß°àÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥μàÕºŸâ∂◊ÕÀÿâπ ‡™àπ „™â‡ªìπ∑ÿπ ”√Õß ”À√—∫

°“√™”√–§◊π‡ß‘π°Ÿâ „™â‡ªìπ‡ß‘π≈ß∑ÿπ‡æ◊ËÕ¢¬“¬∏ÿ√°‘®¢Õß∫√‘…—∑ À√◊Õ°√≥’¡’°“√‡ª≈’Ë¬π·ª≈ß ¿“«–¢Õßμ≈“¥ ´÷ËßÕ“®¡’º≈°√–∑∫μàÕ

°√–· ‡ß‘π ¥¢Õß∫√‘…—∑„πÕπ“§μ ‚¥¬°“√®à“¬‡ß‘πªíπº≈®–‡ªìπ‰ªμ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑¢âÕ 36 ‚¥¬¡’ “√– ”§—≠§◊Õ Àâ“¡®à“¬‡ß‘π

ªíπº≈®“°‡ß‘πª√–‡¿∑Õ◊ËππÕ°‡Àπ◊Õ®“°°”‰√ „π°√≥’∑’Ë∫√‘…—∑¬—ß¡’¬Õ¥¢“¥∑ÿπ – ¡Õ¬Ÿà Àâ“¡¡‘„Àâ®à“¬‡ß‘πªíπº≈ ‡¡◊ËÕ§≥–°√√¡°“√

∫√‘…—∑¡’¡μ‘‡ÀÁπ™Õ∫„Àâ®à“¬‡ß‘πªíπº≈ª√–®”ªï·≈â« ®–μâÕßπ”‡ πÕ¢ÕÕπÿ¡—μ‘μàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡«âπ·μà‡ªìπ°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈

„Àâ§≥–°√√¡°“√∫√‘…—∑¡’Õ”π“®Õπÿ¡—μ‘„Àâ®à“¬‡ß‘πªíπº≈‰¥â ·≈â«„Àâ√“¬ß“π„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑√“∫„π°“√ª√–™ÿ¡§√“«μàÕ‰ª ·≈–

∫√‘…—∑®–¥”‡π‘π°“√®à“¬‡ß‘πªíπº≈„Àâ°—∫ºŸâ∂◊ÕÀÿâπ¿“¬„πÀπ÷Ëß (1) ‡¥◊Õππ—∫·μà«—π∑’Ë∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπÀ√◊Õ§≥–°√√¡°“√≈ß¡μ‘·≈â« (∫√‘…—∑

‰¥â‡ªî¥‡º¬√“¬≈–‡Õ’¬¥°“√®à“¬‡ß‘πªíπº≈√“¬ªï„π·∫∫ 56-1 À—«¢âÕ 8.3 ‡√◊ËÕßπ‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈)

ë ∫√‘…—∑¬àÕ¬

°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑¬àÕ¬π—Èπ ¢÷ÈπÕ¬Ÿà°—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¬àÕ¬‡ªìπÀ≈—°

‚§√ß √â“ß°“√®—¥°“√Õß§å°√‚§√ß √â“ß°“√®—¥°“√Õß§å°√¢Õß∫√‘…—∑ ≥ 31 ∏—π«“§¡ 2551 √ÿª‰¥â¥—ßπ’È

15

CommitteeExecutive Committee

Managing Director

Development and ProjectManagement

Administration andFinance

Marketing and Planning

Project Management

Audit Committee

Finance

Accouting

Personnel andAdministration

Pay Check

Administration/Legal

Personnel

Puchasing

InformationTechnology

Construction Projects

Project Development

Research and Development

Quality Safety andEnvironment Managemant

Operation and Engineering

Production

Technical Services

Sriracha Cogeneration Power Plant

Engineering

Biomass Power Plant

Dividend Policyë Sahacogen (Chonburi) PCL

The company has a dividend policy to pay out at least 80% of only its net profits in each accounting period.It might occasionally be waived or adjusted if the Board of Directors considers that there are conditions creating themaximum benefit to the shareholders, such as reserves for debt services or for serving any needs during the marketchanges causing adverse impact to the company cash flow in the future and/or for expanding the business. Uponapproval by the Board of Directors, the annual dividend payout is to be presented to the shareholdersû meeting forapproval. Reference to the Articles of Association No. 36, each payout of the dividend is subject to the net profit ofthe company only. If the company retains loss, the dividend payment is prohibited. The Board of Directors isauthorized to pay an interim dividend and report such payout at the next shareholdersû meeting, however, the annualdividend payment shall be proposed to the shareholdersû meeting for approval. As a rule, the company shall pay thedividend within one (1) month after the date of shareholdersû approval on the shareholdersû meeting or the Board ofDirectorsû meeting. (Details of dividend payment was disclosed on the annual statement (Form 56-1) on the section 8.3the dividend payment policy)

ë Subsidiary CompanyA subsidiary company is entitled to make the dividend payment subject to its operation performance.

The company StructureThe companyûs structure as of December 31, 2008 is as follow:

16

§≥–°√√¡°“√‚§√ß √â“ß°√√¡°“√∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ª√–°Õ∫¥â«¬§≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√μ√«® Õ∫ ·≈–

§≥–°√√¡°“√∫√‘À“√ ‚¥¬§≥–°√√¡°“√∫√‘…—∑ μ“¡∑’Ëª√“°Ø™◊ËÕ„πÀπ—ß ◊Õ√—∫√Õß¢Õß°√–∑√«ßæ“≥‘™¬å ¡’°√√¡°“√√«¡∑—Èß ‘Èπ®”π«π

13 ∑à“π ª√–°Õ∫¥â«¬ °√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ 8 ∑à“π (‡ªìπ°√√¡°“√∑’Ë‡ªìπÕ‘ √– 4 ∑à“π) ´÷Ëß‡°‘π°«à“°÷ËßÀπ÷Ëß¢Õß°√√¡°“√∑—Èß

§≥– °√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√ 5 ∑à“π ‚¥¬¡’√“¬π“¡·≈–√“¬ß“π°“√∂◊ÕÀÿâπ∫√‘…—∑¢Õß°√√¡°“√ „πªï 2550 ·≈–ªï 2551 ≥ «—π∑’Ë 31

∏—π«“§¡ 2551 ¥—ßπ’È

§≥– §≥– §≥– ®”π«πÀÿâπ ®”π«πÀÿâπ≈”¥—∫ √“¬™◊ËÕ μ”·Àπàß °√√¡°“√ °√√¡°“√ °√√¡°“√ ªï ªï (‡æ‘Ë¡/≈¥) À¡“¬‡Àμÿ

∫√‘…—∑ ∫√‘À“√ μ√«® Õ∫ 2550 2551 √–À«à“ßªï

1 π“¬∫ÿ≠‡°’¬√μ‘ ª√–∏“π°√√¡°“√ / 11,313,410 11,363,410 50,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49‚™§«—≤π“ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë29 ¡’§. 49

2 π“¬∫ÿ≥¬ ‘∑∏‘Ï °√√¡°“√ / 16,400,000 16,500,000 100,000 §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49‚™§«—≤π“ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë29 ¡’§. 49

3 π“¬ —πμ‘ °√√¡°“√ / 310,000 310,000 - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50«‘≈“ »—°¥“ππ∑å ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50

4 π“¬∫ÿ≠ƒ∑∏‘Ï °√√¡°“√ / 50,000 50,000 - √—∫μ”·Àπàß‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50¡À“¡πμ√’ (·∑ππ“¬¢®√»—°¥‘Ï «—π√—μπå‡»√…∞)

5 π“¬∏’√–»—°¥‘Ï °√√¡°“√·≈– / / 2,040,000 2,040,000 - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 49«‘°‘μ‡»√…∞å ª√–∏“π°√√¡°“√∫√‘À“√ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë29 ¡’§. 49

6 π“¬∑πß °√√¡°“√·≈– / / - - - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50»√’®‘μ√å °√√¡°“√∫√‘À“√ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50

7 π“¬Õ—μ∂°√ °√√¡°“√·≈– / / 200,000 200,000 - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50°≈—Ëπ§«“¡¥’ °√√¡°“√∫√‘À“√ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50

8 π“¬«‘‚√®πå °√√¡°“√ºŸâ®—¥°“√·≈– / / - - - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 50∏’√«—≤πå«“∑’ °√√¡°“√∫√‘À“√ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 6 ¡’§. 50

9 π“¬ ÿ®√‘μ °√√¡°“√·≈– / / - - - √—∫μ”·Àπàß‡¡◊ËÕ«—π∑’Ë 28 ¡’§. 51ªí®©‘¡π—π∑å °√√¡°“√∫√‘À“√ (·∑π æ≈‡√◊Õ‡Õ° Õπÿ™‘μ

‡¿°–π—π∑πå)

10 π“¬πææ√ °√√¡°“√Õ‘ √–·≈– / / - - - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 51æß…å‡«™ ª√–∏“π°√√¡°“√ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 28 ¡’§. 51

μ√«® Õ∫

11 æ≈μ”√«®‡Õ° °√√¡°“√Õ‘ √–·≈– / / - - - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 51 ¡™“¬ ª√–¿— ¿—°¥’ °√√¡°“√μ√«® Õ∫ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 28 ¡’§. 51

12 π“¬Õ¡√ Õ—»«“π—π∑å °√√¡°“√Õ‘ √–·≈– / / 1,000,000 1,000,000 - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 51°√√¡°“√μ√«® Õ∫ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 28 ¡’§. 51

13 π“¬ ÿ√ß§å Õß§å‚¶…‘μ °√√¡°“√Õ‘ √–·≈– / / - - - §√∫«“√–‡¡◊ËÕ‡¥◊Õπ¡’§. 51°√√¡°“√μ√«® Õ∫ ·μàßμ—Èß„À¡à‡¡◊ËÕ«—π∑’Ë 28 ¡’§. 51

‡≈¢“πÿ°“√∫√‘…—∑ : π“ßæ√√≥’ ©—π∑«√≈—°…≥å

∫√‘…—∑‰¥â°”Àπ¥Õ”π“®Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√‰«â¥—ßπ’È

¢Õ∫‡¢μÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√

1. Õπÿ¡—μ‘∏ÿ√°√√¡„π°‘®°√√¡°“√®—¥À“‡ß‘π ∫√‘À“√‡ß‘π ·≈–/À√◊Õ°“√∫√‘À“√ß“π

2. „Àâ§«“¡‡ÀÁπ™Õ∫√“¬ß“π∑“ß∫—≠™’∑’ËºŸâμ√«® Õ∫∫—≠™’·≈–°√√¡°“√μ√«® Õ∫‰¥âμ√«® Õ∫·≈–/À√◊Õ Õ∫∑“π·≈â«

3. ¥Ÿ·≈°“√ªØ‘∫—μ‘ß“π¢Õß∫√‘…—∑„Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬ «—μ∂ÿª√– ß§å ·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ μ≈Õ¥®π¡μ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

17

Board of DirectorsThe company structure of the Board of Directors as of December 31, 2008 consisted of Board of Directors, Executive

Committee, and Audit Committee, totally 13 directors as reported in the Ministry of Commerceûs certification, whichappointed by the shareholders, which are composed of 8 non-management directors (4 of whom were independent, whichexceeded half of the entire Board), and 5 management directors as listed following, including the details of each directorsûshare holding in 2007 and 2008 as of December 31, 2008:

BoardExecutive Audit

(No. of Shares)No. Name Position of

Committee CommitteeYear Year Increment Note

Directors 2007 2008

1 Mr. Boonkiet Chairman / 11,313,410 11,363,410 50,000 Reappointed to anotherChokwatana term on March 29, 2006

2 Mr. Boonsithi Director / 16,400,000 16,500,000 100,000 Reappointed to anotherChokwatana term on March 29, 2006

3 Mr. Santi Director / 310,000 310,000 - Reappointed to anotherVilassakdanont term on March 6, 2007

4 Mr. Boonyarith Director / 50,000 50,000 - Appointed on March 6, 2007Mahamontri (replacing Mr. Khachornsakdi

Vanaratseath)

5 Mr. Thirasak Director & Chairman / / 2,040,000 2,040,000 - Reappointed to anotherVikitset of Executive term on March 29, 2006

Committees

6 Mr. Tanong Srichit Director & Executive / / - - - Reappointed to anotherCommittee term on March 6, 2007

7 Mr. Atthakorn Director & Executive / / 200,000 200,000 - Reappointed to anotherGlankwamdee Committee term on March 6, 2007

8 Mr. Viroj Managing Director & / / - - - Reappointed to anotherTheeravatvatee Executive Committee term on March 6, 2007

9 Mr. Sujarit Director & Executive / / - - - Appointed on March 28, 2007Patchimnun Committee (replacing Admiral Anuchit

Bekanan)

10 Mr. Nophorn Independent Director / / - - - Reappointed to anotherBhongsvej & Chairman of the term on March 28, 2008

Audit Committee

11 Pol. Gen. Somchai Independent Director / / - - - Reappointed to anotherPrabhasabhakdi & Audit Committee term on March 28, 2008

12 Mr. Amorn Independent Director / / 1,000,000 1,000,000 - Reappointed to anotherAsvanunt & Audit Committee term on March 28, 2008

13 Mr. Surong Independent Director / / - - - Reappointed to anotherOngkosit & Audit Committee term on March 28, 2008

Company Secretary : Mrs. Pannee Chantavaraluk

The authority of the Board is defined as follows:

Authorities and Responsibilities of the Board of Directors

1. To approve financial management and/or company management2. To certify financial report examined and reviewed by the audit committees3. To oversee the companyûs operation to fully comply with all relevant laws and to correspond to the companyûs

objectives and regulations and resolutions of the shareholdersû meetings

18

4. °”°—∫¥Ÿ·≈°‘®°“√ ∑∫∑«π·≈–„Àâ§«“¡‡ÀÁπ™Õ∫°—∫π‚¬∫“¬ °≈¬ÿ∑∏å∑’Ë ”§—≠ ·ºπß“π·≈–ß∫ª√–¡“≥ª√–®”ªï

5. æ‘®“√≥“·≈–Õπÿ¡—μ‘°“√®—¥∑”π‘μ‘°√√¡ —≠≠“∑’ËºŸ°æ—π∫√‘…—∑

6. ·μàßμ—Èß°√√¡°“√μ√«® Õ∫ ·≈–°”Àπ¥¢Õ∫‡¢μÕ”π“®Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¢Õß°√√¡°“√μ√«® Õ∫

¢Õ∫‡¢μÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√μ√«® Õ∫

§≥–°√√¡°“√∫√‘…—∑ ‰¥âÕπÿ¡—μ‘®—¥μ—Èß§≥–°√√¡°“√μ√«® Õ∫ ‚¥¬‰¥â·μàßμ—Èß®“°°√√¡°“√∫√‘…—∑∑’Ë¡’§ÿ≥ ¡∫—μ‘μ“¡∑’Ë°ÆÀ¡“¬

À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å°”Àπ¥ ‚¥¬¡’®”π«πÕ¬à“ßπâÕ¬ “¡§π ·≈–μâÕß¡’§«“¡√Ÿâ¥â“π∫—≠™’·≈–°“√‡ß‘πÕ¬à“ßπâÕ¬Àπ÷Ëß§π ‚¥¬„Àâ¡’

Õ”π“®Àπâ“∑’Ë§«“¡√—∫º‘¥¢Õ∫ ¥—ßπ’È

1. Õ∫∑“π„Àâ∫√‘…—∑¡’√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°μâÕß·≈–‡æ’¬ßæÕ

2. Õ∫∑“π„Àâ∫√‘…—∑¡’√–∫∫§«∫§ÿ¡¿“¬„π (internal control) ·≈–√–∫∫°“√μ√«® Õ∫¿“¬„π (internal audit) ∑’Ë‡À¡“– ¡·≈–¡’

ª√– ‘∑∏‘º≈ ·≈–æ‘®“√≥“§«“¡‡ªìπÕ‘ √–¢ÕßÀπà«¬ß“πμ√«® Õ∫¿“¬„π μ≈Õ¥®π„Àâ§«“¡‡ÀÁπ™Õ∫„π°“√æ‘®“√≥“ ·μàßμ—Èß

‚¬°¬â“¬ ‡≈‘°®â“ßÀ—«Àπâ“Àπà«¬ß“πμ√«® Õ∫¿“¬„πÀ√◊ÕÀπà«¬ß“πÕ◊Ëπ„¥∑’Ë√—∫º‘¥™Õ∫‡°’Ë¬«°—∫°“√μ√«® Õ∫¿“¬„π

3. Õ∫∑“π„Àâ∫√‘…—∑ªØ‘∫—μ‘μ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑

4. æ‘®“√≥“ §—¥‡≈◊Õ° ‡ πÕ·μàßμ—Èß∫ÿ§§≈ ÷Ëß¡’§«“¡‡ªìπÕ‘ √– ‡æ◊ËÕ∑”Àπâ“∑’Ë‡ªìπºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ ·≈–‡ πÕ§à“μÕ∫·∑π¢Õß∫ÿ§§≈

¥—ß°≈à“« √«¡∑—Èß‡¢â“√à«¡ª√–™ÿ¡°—∫ºŸâ Õ∫∫—≠™’ ‚¥¬‰¡à¡’ΩÉ“¬®—¥°“√‡¢â“√à«¡ª√–™ÿ¡¥â«¬Õ¬à“ßπâÕ¬ªï≈– 1 §√—Èß

5. æ‘®“√≥“√“¬°“√∑’Ë‡°’Ë¬«‚¬ß À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå „Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬ ·≈–¢âÕ°”Àπ¥¢Õßμ≈“¥

À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∑—Èßπ’È ‡æ◊ËÕ„Àâ¡—Ëπ„®«à“√“¬°“√¥—ß°≈à“« ¡‡Àμÿ ¡º≈·≈–‡ªìπª√–‚¬™πå Ÿß ÿ¥μàÕ∫√‘…—∑

6. ®—¥∑”√“¬ß“π¢Õß§≥–°√√¡°“√μ√«® Õ∫ ‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑ ´÷Ëß√“¬ß“π¥—ß°≈à“«μâÕß≈ßπ“¡‚¥¬

ª√–∏“π§≥–°√√¡°“√μ√«® Õ∫ ·≈–μâÕßª√–°Õ∫¥â«¬¢âÕ¡Ÿ≈Õ¬à“ßπâÕ¬¥—ßμàÕ‰ªπ’È

(°) §«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡∂Ÿ°μâÕß §√∫∂â«π ‡ªìπ∑’Ë‡™◊ËÕ∂◊Õ‰¥â¢Õß√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑

(¢) §«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡‡æ’¬ßæÕ¢Õß√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑

(§) §«“¡‡ÀÁπ‡°’Ë¬«°—∫°“√ªØ‘∫—μ‘μ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å

·Ààßª√–‡∑»‰∑¬ À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑

(ß) §«“¡‡ÀÁπ‡°’Ë¬«°—∫§«“¡‡À¡“– ¡¢ÕßºŸâ Õ∫∫—≠™’

(®) §«“¡‡ÀÁπ‡°’Ë¬«°—∫√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

(©) ®”π«π°“√ª√–™ÿ¡§≥–°√√¡°“√μ√«® Õ∫·≈–°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß°√√¡°“√μ√«® Õ∫·μà≈–∑à“π

(™) §«“¡‡ÀÁπÀ√◊Õ¢âÕ —ß‡°μ‚¥¬√«¡∑’Ë§≥–°√√¡°“√μ√«® Õ∫‰¥â√—∫®“°°“√ªØ‘∫—μ‘Àπâ“∑’Ëμ“¡°Æ∫—μ√ (charter)

(´) √“¬°“√Õ◊Ëπ∑’Ë‡ÀÁπ«à“ºŸâ∂◊ÕÀÿâπ·≈–ºŸâ≈ß∑ÿπ∑—Ë«‰ª§«√∑√“∫ ¿“¬„μâ¢Õ∫‡¢μÀπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫∑’Ë‰¥â√—∫¡Õ∫À¡“¬®“°

§≥–°√√¡°“√∫√‘…—∑

7. „π°“√ªØ‘∫—μ‘Àπâ“∑’Ë¢Õß§≥–°√√¡°“√μ√«® Õ∫ À“°æ∫À√◊Õ¡’¢âÕ ß —¬«à“¡’√“¬°“√À√◊Õ°“√°√–∑”¥—ßμàÕ‰ªπ’È ´÷ËßÕ“®¡’º≈°√–∑∫

Õ¬à“ß¡’π—¬ ”§—≠μàÕ∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ „Àâ§≥–°√√¡°“√μ√«® Õ∫√“¬ß“πμàÕ§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕ

¥”‡π‘π°“√ª√—∫ª√ÿß·°â ‰¢¿“¬„π‡«≈“∑’Ë§≥–°√√¡°“√μ√«® Õ∫‡ÀÁπ ¡§«√

(°) √“¬°“√∑’Ë‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

(¢) °“√∑ÿ®√‘μÀ√◊Õ ‘Ëßº‘¥ª°μ‘À√◊Õ¡’§«“¡∫°æ√àÕß∑’Ë ”§—≠„π√–∫∫§«∫§ÿ¡¿“¬„π

(§) °“√ΩÉ“Ωóπ°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬À√◊Õ°ÆÀ¡“¬

∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑

À“°§≥–°√√¡°“√¢Õß∫√‘…—∑À√◊ÕºŸâ∫√‘À“√ ‰¡à¥”‡π‘π°“√„Àâ¡’°“√ª√—∫ª√ÿß·°â ‰¢¿“¬„π‡«≈“∑’Ë°”Àπ¥ °√√¡°“√μ√«® Õ∫√“¬„¥

√“¬Àπ÷ËßÕ“®√“¬ß“π«à“¡’√“¬°“√À√◊Õ°“√°√–∑”¥—ß°≈à“«μàÕ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å À√◊Õ

μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

19

4. To conduct of good corporate governance, review and approve the companyûs policy, significant strategies, businessplans as well as annual budget

5. To consider and approve contracts obligating the company6. To appoint the audit committees and establish the scope of the audit committeeûs authorities and responsibilities

Authorities and Responsibilities of Audit Committee

The Board of Directors has approved the appointment of the Audit Committee with the qualifications specifiedunder the conditions of the Securities and Exchange of Thailand. Such the committee must consist of at least threeindependent directors and at least one director must be qualified in accounting and finance. The scope of authoritiesand responsibility of the Audit Committee are as follows:

1. Review that the companyûs financial statements are correct and sufficient;2. Review that the companyûs internal control system and internal audit system are sufficient and effective, review

the sufficient independence of the Office of Internal Audit, and provide opinions for the appointment, transfer, andpromotion of heads of the Office of Internal Audit or other offices with responsibilities for internal audit activities;

3. Review that the companyûs operation conforms to laws on securities and exchange, requirements of the StockExchange of Thailand and any other laws relating to the companyûs business;

4. Review, select, nominate for approval for the persons with independence of performing the duties of external auditorsfor the company, propose the remuneration of such external auditors, and jointly attend the meeting with the externalauditors, at least once a year, without the presence of the companyûs management;

5. Review any connected transaction or transactions with potential conflict of interest to be in compliance with laws andrequirements of the Stock Exchange of Thailand in order to ensure that such transactions are reasonable and providethe best benefits for the company;

6. Prepare the Audit Committee reports to be disclosed in the companyûs annual report; such reports must be signed bythe Chairman of the Audit Committee and it must contain, at least, some significant information as described below:(a) opinions about the accuracy, correctness and reliability of financial statements and financial reports of the

company;(b) opinions about the sufficiency of internal control system of the company;(c) opinions about the compliance with laws on securities and exchange, requirements of the Stock Exchange

of Thailand and any other laws relating to the companyûs business;(d) opinions about the appropriateness of external auditors;(e) opinions about transactions with potential conflict of interest;(f) number of meetings to be convened by the Audit Committee and meeting attendance of each Audit Committee

member;(g) opinions or general findings obtained by performing its duties in accordance with the Audit Committee Charter;(h) opinions about other matters that should be notified to general shareholders and investors under the scope of

duties and responsibilities assigned by the Board of Directors.7. In performing the duties as the Audit Committee, if discovering or suspecting of either of the following transactions or

acts, which may give significant effects to the financial status and operating results of the company, the AuditCommittee must report it to the Board of Directors for improvements within the reasonable period determined by theAudit Committee:(a) transaction with potential conflict of interest;(b) fraud or irregularity or significant defect in the internal control system; or(c) violation of laws on securities and exchange, requirements of the Stock Exchange of Thailand and any other

laws relating to the companyûs business.If the Board or management of the company fails to make remedies within the established period, one of the Audit

Committee members may report such transaction or act to the Office of the Securities and Exchange Commission or theStock Exchange of Thailand.

20

8. π—∫ πÿπ·≈–μ‘¥μ“¡„Àâ∫√‘…—∑¡’√–∫∫°“√∫√‘À“√§«“¡‡ ’Ë¬ßÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ

9. ª√—∫ª√ÿß·≈–·°â ‰¢°Æ∫—μ√§≥–°√√¡°“√μ√«® Õ∫ ·≈–π”‡ πÕμàÕ§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕæ‘®“√≥“Õπÿ¡—μ‘

10. ªØ‘∫—μ‘°“√Õ◊Ëπ„¥μ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑¡Õ∫À¡“¬ ¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√μ√«® Õ∫ ‚¥¬Õ“»—¬Õ”π“®μ“¡

¢âÕ∫—ß§—∫¢Õß∫√‘…—∑·≈–°ÆÀ¡“¬

¢Õ∫‡¢μÕ”π“® Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√∫√‘…—∑ ‰¥â®—¥μ—Èß§≥–°√√¡°“√∫√‘À“√ ‡æ◊ËÕ„Àâ¡’Õ”π“®Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫ ¥—ßπ’È

1. ‡ πÕπ‚¬∫“¬ ·ºπß“π ·≈–ß∫ª√–¡“≥ª√–®”ªïμàÕ§≥–°√√¡°“√∫√‘…—∑

2. æ‘®“√≥“‡√◊ËÕß∑’Ë®–‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑æ‘®“√≥“„Àâ§«“¡‡ÀÁπ™Õ∫À√◊ÕÕπÿ¡—μ‘μàÕ‰ª

3. æ‘®“√≥“Õπÿ¡—μ‘°“√®—¥À“·≈–≈ß∑ÿπ„π ‘π∑√—æ¬å∂“«√ „π«ß‡ß‘π·μà≈–§√—Èß‰¡à‡°‘π 30 ≈â“π∫“∑

4. æ‘®“√≥“Õπÿ¡—μ‘°“√®—¥∑”π‘μ‘°√√¡ —≠≠“„¥Ê ∑’ËºŸ°æ—π∫√‘…—∑„π«ß‡ß‘π·μà≈–§√—Èß‰¡à‡°‘π 30 ≈â“π∫“∑

5. æ‘®“√≥“Õπÿ¡—μ‘°“√≈ß∑ÿπ ¢“¬‡ß‘π≈ß∑ÿπ „πÀÿâπ “¡—≠·≈–À√◊ÕÀ≈—°∑√—æ¬åÕ◊Ëπ„¥∑’ËÕÕ°‚¥¬∫√‘…—∑ Õ◊Ëπ „π«ß‡ß‘π·μà≈–§√—Èß‰¡à‡°‘π

30 ≈â“π∫“∑

6. ·μàßμ—Èß ‚¬°¬â“¬ ∂Õ¥∂Õπ æ‘®“√≥“§«“¡¥’§«“¡™Õ∫μ≈Õ¥®π°”Àπ¥§à“μÕ∫·∑π·≈– «— ¥‘°“√·°àæπ—°ß“π

7. ÕÕ°√–‡∫’¬∫«à“¥â«¬°“√ªØ‘∫—μ‘ß“π ·≈– “¡“√∂¡Õ∫Õ”π“®„π°“√Õπÿ¡—μ‘‡∫‘°®à“¬∑√—æ¬å ‘π¢Õß∫√‘…—∑ „Àâ·°àæπ—°ß“πºŸâ¥”√ßμ”·Àπàß

∑“ß°“√∫√‘À“√√—∫‰ªªØ‘∫—μ‘‰¥â

8. °”°—∫¥Ÿ·≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ „Àâ‡ªìπ‰ª‚¥¬‰¡à¢—¥μàÕ°ÆÀ¡“¬ √–‡∫’¬∫ ¢âÕ∫—ß§—∫¢Õß∑“ß√“™°“√ ¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ ·≈–

»’≈∏√√¡Õ—π¥’ß“¡

9. °”°—∫¥Ÿ·≈„Àâ¡’°“√®—¥∑”√“¬ß“π∑“ß°“√‡ß‘π „ÀâºŸâ Õ∫∫—≠™’∑”°“√μ√«® Õ∫À√◊Õ Õ∫∑“π·≈–‡ πÕμàÕ§≥–°√√¡°“√μ√«® Õ∫

·≈–§≥–°√√¡°“√∫√‘…—∑ μ“¡≈”¥—∫

10. °√√¡°“√∫√‘À“√Õ“®·∫àßß“π°—π√—∫º‘¥™Õ∫‰¥â ‚¥¬μâÕß√“¬ß“π§«“¡‡ªìπ‰ª¢Õß°‘®°“√∑’Ëμπ°”°—∫¥Ÿ·≈ μàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√

∫√‘À“√„Àâ∑√“∫ °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√μâÕß®—¥„Àâ¡’¢÷ÈπÕ¬à“ßπâÕ¬ 1 §√—Èß„π√Õ∫ 3 ‡¥◊Õπ

πÕ°®“°π’È §≥–°√√¡°“√∫√‘À“√‰¥â®—¥μ—Èß§≥–Õπÿ°√√¡°“√™ÿ¥μà“ßÊ ‡æ◊ËÕ„Àâæπ—°ß“π¡’ à«π√à«¡„π°“√®—¥°“√‡√◊ËÕßμà“ßÊ ¿“¬„π∫√‘…—∑

„Àâ¡’§«“¡∂Ÿ°μâÕß‡À¡“– ¡ ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈μàÕ∫√‘…—∑ ‚¥¬¡’§≥–°√√¡°“√∫√‘À“√‡ªìπ∑’Ëª√÷°…“®”π«π 1 ∑à“π„π·μà≈–§≥–

´÷Ëßª√–°Õ∫¥â«¬

1. §≥–°√√¡°“√§«“¡ª≈Õ¥¿—¬ Õ“™’«Õπ“¡—¬ ·≈– ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π

2. §≥–°√√¡°“√ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ°“√º≈‘μ ·≈–Õπÿ√—°…åæ≈—ßß“π

3. §≥–∑”ß“π‚§√ß°“√‚√ßß“π ’¢“«

4. §≥–°√√¡°“√√–¥—∫π‚¬∫“¬°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡Õ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬

5. §≥–°√√¡°“√√–¥—∫π‚¬∫“¬°“√∫√‘À“√ß“π§ÿ≥¿“æ

6. §≥–°√√¡°“√¥”‡π‘π‚§√ß°“√∫√‘À“√§«“¡‡ ’Ë¬ß

°“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√

∫√‘…—∑‰¡à¡’§≥–°√√¡°“√ √√À“ §≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâ§—¥‡≈◊Õ°°√√¡°“√®“°ºŸâ∑√ß§ÿ≥«ÿ≤‘ ∑’Ë¡’§«“¡√Ÿâ §«“¡ “¡“√∂®“°À≈“°

À≈“¬Õ“™’æ ¡’«‘ —¬∑—»πå ¡’§ÿ≥∏√√¡ ¡’ª√–«—μ‘°“√∑”ß“π∑’Ë¥’ ®“°π—Èππ”√“¬™◊ËÕ‡ πÕμàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕæ‘®“√≥“·μàßμ—Èß „π à«π¢Õß

ºŸâ∫√‘À“√π—Èπ§≥–°√√¡°“√®–§—¥‡≈◊Õ°ºŸâ¡’§«“¡√Ÿâ§«“¡‡™’Ë¬«™“≠„π¥â“πμà“ßÊ ∑’Ë®”‡ªìπ·≈–‡ªìπª√–‚¬™πåμàÕ°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑

Õ“∑‘ ¥â“π«‘»«°√√¡ °“√æ—≤π“∏ÿ√°‘® ¥â“π∫—≠™’ ¥â“π°“√‡ß‘π ·≈–¥â“π°ÆÀ¡“¬ ‡ªìπμâπ

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8. Support and monitor to ensure that the company acquires the efficient risk management system.9. Improve and amend the Audit Committee Charter, and propose such amended charter for the Board of Directorsû

approval;10. Perform other functions assigned by the Board of Directors under the approval of the Audit Committee by virtue of its

authority stated in the Articles of Incorporation of the company and other related laws.

Authorities and Responsibilities of Executive Committee

The Executive Committee has authorities and responsibilities as follows:

1. Being responsibility for proposing company policies, plan, and annual budget to the Board of Directors2. To consider matters proposed to the Board of Directors for consideration and approval3. To consider and approve any procurement and fixed asset investment not more than 30 million Baht/item4. To consider and approve on legally agreement/contracts binding the company in the amount of not over 30 million

Baht/item5. To consider and approve any investments, selling common stocks and/or any securities issued by other companies in

the limit amount of 30 million Baht6. To appoint, remove, transfer, or appraise employees as well as deciding on the remuneration and fringe benefits for

them7. To establish working regulations and authorize the disbursement of the company assets to an executive employee for

further appropriate application8. To supervise the companyûs operations in order to comply with the laws, government regulations, good public morals

as well as the company regulations9. To prepare of the financial statements and financial reports for verification by the company auditor and proposal to the

Audit Committee and the Board of Directors respectively10. Executive Committee may allocate the authority and duty among themselves, and in such case, each required to

report the progress and results of their responsible area to the Executive Committeeû s meeting for acknowledgement.Such Executive Committeeûs meeting is required to be held at least once a quarter.

Additionally, the Executive Committee has established several committees in order to have employees jointly organizethe internal management appropriately, efficiently, and effectively to the company. Each committee has at least oneExecutive Director to be a consultant. The established committees at present are as follows :

1. The Committee of Safety, Occupational Health and Working Environment2. The Committee of Product Efficiency and Energy Conservation3. The Committee of White Factory4. The Environmental, Occupational Health and Safety Management Committee5. The Quality Management Committee6. The Enterprise Risk Management Steering Committee

Selection of Directors and Executives

Even the company has not appointed the nominated and remuneration committee, the Board of Director hascarefully considered, selected and appointed the experience, knowledge, capabilities and qualifications according to thelaw to be the companyûs directors. The directors will be voted in the shareholdersû meeting while executives willbe appointed according to the skills and knowledge which are essential and useful to the companyûs business such asin the engineering, accounting and financial professions.

22

∑—Èßπ’È‡ß◊ËÕπ‰¢°“√ √√À“·≈–‡≈◊Õ°μ—Èß°√√¡°“√∫√‘…—∑μ“¡∑’Ë°”Àπ¥‰«â„π¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ “¡“√∂ √ÿª “√– ”§—≠‰¥â¥—ßπ’È

1) §≥–°√√¡°“√¢Õß∫√‘…—∑ª√–°Õ∫¥â«¬°√√¡°“√Õ¬à“ßπâÕ¬ 5 §π ‚¥¬∑’Ë°√√¡°“√‰¡àπâÕ¬°«à“°÷ËßÀπ÷Ëß¢Õß®”π«π°√√¡°“√∑—ÈßÀ¡¥μâÕß¡’

∂‘Ëπ∑’ËÕ¬Ÿà„π√“™Õ“≥“®—°√ ·≈–°√√¡°“√¢Õß∫√‘…—∑®–μâÕß‡ªìπºŸâ¡’§ÿ≥ ¡∫—μ‘μ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥

2) „Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡≈◊Õ°μ—Èß°√√¡°“√μ“¡À≈—°‡°≥±å·≈–«‘∏’°“√¥—ßμàÕ‰ªπ’È

(°) ºŸâ∂◊ÕÀÿâπÀπ÷Ëß§π¡’§–·ππ‡ ’¬ß‡∑à“°—∫Àπ÷ËßÀÿâπμàÕÀπ÷Ëß‡ ’¬ß

(¢) ºŸâ∂◊ÕÀÿâπ·μà≈–§π®–μâÕß„™â§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥μ“¡¢âÕ (°) ‡≈◊Õ°μ—Èß∫ÿ§§≈§π‡¥’¬«À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√°Á‰¥â ·μà

®–·∫àß§–·ππ‡ ’¬ß„Àâ·°àºŸâ„¥¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â

(§) ∫ÿ§§≈ ÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥μ“¡≈”¥—∫≈ß¡“ ‡ªìπºŸâ ‰¥â√—∫°“√‡≈◊Õ°μ—Èß‡ªìπ°√√¡°“√‡∑à“®”π«π°√√¡°“√∑’Ë∑’Ëª√–™ÿ¡

ºŸâ∂◊ÕÀÿâπμâÕß‡≈◊Õ°μ—Èß„π§√—Èßπ—Èπ „π°√≥’∑’Ë∫ÿ§§≈´÷Ëß‰¥â√—∫°“√‡≈◊Õ°μ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π°√√¡°“√

∑’Ë∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπμâÕß‡≈◊Õ°μ—Èß„π§√—Èßπ—Èπ „ÀâºŸâ‡ªìπª√–∏“π‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥

3) „π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï∑ÿ°§√—Èß „Àâ°√√¡°“√ÕÕ°®“°μ”·Àπàß 1 „π 3 ∂â“®”π«π°√√¡°“√∑’Ë®–·∫àßÕÕ°„Àâμ√ß‡ªìπ

“¡ à«π‰¡à‰¥â °Á„ÀâÕÕ°‚¥¬®”π«π„°≈â∑’Ë ÿ¥°—∫ à«π 1 „π 3

4) °√≥’∑’Ëμ”·Àπàß°√√¡°“√«à“ß≈ß‡æ√“–‡ÀμÿÕ◊ËππÕ°‡Àπ◊Õ®“°∂÷ß§√“«ÕÕ°μ“¡«“√– „Àâ§≥–°√√¡°“√‡≈◊Õ°∫ÿ§§≈´÷Ëß¡’§ÿ≥ ¡∫—μ‘

·≈–‰¡à¡’≈—°…≥–μâÕßÀâ“¡μ“¡°ÆÀ¡“¬‡¢â“‡ªìπ°√√¡°“√·∑π„π°“√ª√–™ÿ¡§≥–°√√¡°“√§√“«∂—¥‰ª ‚¥¬¡μ‘°√√¡°“√μâÕß

ª√–°Õ∫¥â«¬§–·ππ‡ ’¬ß‰¡àπâÕ¬°«à“ 3 „π 4 ¢Õß®”π«π°√√¡°“√∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà

§à“μÕ∫·∑π§≥–°√√¡°“√·≈–ºŸâ∫√‘À“√

∫√‘…—∑ ‰¥â°”Àπ¥§à“μÕ∫·∑π°√√¡°“√∑’Ë‡ªìπ∏√√¡·≈– ¡‡Àμÿ ¡º≈ ‚¥¬‰¥âæ‘®“√≥“∂÷ß§«“¡‡À¡“– ¡ ·≈–Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫

·≈– ∂“π–°“√‡ß‘π¢Õß∫√‘…—∑ ‚¥¬‰¥â°”Àπ¥§à“μÕ∫·∑π„Àâ°—∫°√√¡°“√„π√Ÿª·∫∫¢Õß∫”‡ÀπÁ®·≈–‡∫’È¬ª√–™ÿ¡ ‚¥¬Õ¬Ÿà„π«ß‡ß‘π∑’Ë∫√‘…—∑

‰¥â¢ÕÕπÿ¡—μ‘§à“μÕ∫·∑π°√√¡°“√®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â« ”À√—∫§à“μÕ∫·∑π¢ÕßºŸâ∫√‘À“√π—Èπ ∫√‘…—∑‰¥âæ‘®“√≥“∂÷ßº≈°“√ªØ‘∫—μ‘ß“π

·≈–°“√ª√–‡¡‘πº≈μ“¡‡ªÑ“À¡“¬ æ√âÕ¡π”‡ πÕμàÕ§≥–°√√¡°“√‡æ◊ËÕæ‘®“√≥“·≈–Õπÿ¡—μ‘ ´÷Ëß “¡“√∂ √ÿª‰¥â¥—ßπ’È

1. §à“μÕ∫·∑π∑’Ë‡ªìπμ—«‡ß‘π

§à“μÕ∫·∑π‡ª√’¬∫‡∑’¬∫‚¥¬ √ÿª ”À√—∫°√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑„πªï 2550 ·≈–ªï 2551 ¥—ßπ’È ”À√—∫√“¬≈–‡Õ’¬¥

√“¬∫ÿ§§≈¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ „π¢âÕ 9.3 §à“μÕ∫·∑πºŸâ∫√‘À“√ „π·∫∫ 56-1

(Àπà«¬: ∫“∑)

§≥–°√√¡°“√ªï 2551 ªï 2550

√“¬≈–‡Õ’¬¥¢Õß§à“μÕ∫·∑π®”π«π√“¬ ®”π«π‡ß‘π ®”π«π√“¬ ®”π«π‡ß‘π

°√√¡°“√ 13 7,860,000 13 7,850,000 ‡∫’È¬ª√–™ÿ¡ ∫”‡ÀπÁ®°√√¡°“√

ºŸâ∫√‘À“√ 9 18,207,824 11 17,272,085 ‡ß‘π‡¥◊Õπ ‚∫π— «— ¥‘°“√

2. §à“μÕ∫·∑πÕ◊Ëπ

∫√‘…—∑‰¥â®—¥ «— ¥‘°“√·≈–§à“μÕ∫·∑πÕ◊ËπÊ πÕ°‡Àπ◊Õ®“°‡ß‘π‡¥◊Õπ ‚∫π— „Àâ°—∫ºŸâ∫√‘À“√·≈–æπ—°ß“π μ“¡§«“¡‡À¡“– ¡

°—∫ ¿“«–‡»√…∞°‘® ‡™àπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ´÷ËßºŸâ∫√‘À“√·≈–æπ—°ß“π “¡“√∂ ¡—§√‡ªìπ ¡“™‘°°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ‚¥¬

®–‰¥â√—∫‡ß‘π ¡∑∫∑’Ë∫√‘…—∑®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπ„Àâ·°à ¡“™‘°·μà≈–√“¬„πÕ—μ√“√âÕ¬≈– 3 ¢Õß§à“®â“ß ·≈–æπ—°ß“π∑’Ë‡ªìπ ¡“™‘°

°Õß∑ÿπ®–‰¥â√—∫‡ß‘π – ¡§◊π‡¡◊ËÕæâπ ¿“æ®“°°“√‡ªìπæπ—°ß“π¢Õß∫√‘…—∑·≈â« ·≈–®–μâÕß≈“ÕÕ°®“°°“√‡ªìπ ¡“™‘°°Õß∑ÿπ

à«π‡ß‘π ¡∑∫∑’Ë∫√‘…—∑ ¡∑∫„Àâ æπ—°ß“π®–‰¥â√—∫μ“¡√–‡∫’¬∫∑’Ë∫√‘…—∑°”Àπ¥

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The regulations of the selection and appointment of directors can be summarized as follows;

1) The Board of Directors must consist of at least five directors. Not less than half of the directors have to be residentin the Kingdom of Thailand. All directors must have all qualifications required by law.

2) The appointments of directors shall be voted by the shareholders in the shareholdersû meeting with the followingcriteria;(a) each shareholder has one vote for one share held.(b) each shareholder must use all of his votes as mentioned in (a) for one nominated candidate or

several nominated candidates to be a director/directors but the number of votes cannot be divided for anycandidate/group.

(c) The appointment shall be on a majority basis. The candidates will be ranked in descending order. Directors willbe appointed in the order until the positions required are filled. In the case of equal votes, the chairman of themeeting will have the casting vote.

3) In each annual general shareholdersû meeting, one-third of the directors will resign. If the number of the directorscannot be evenly divided by three, the closest number to one-third will be the number of those who will resign.

4) In the case of a vacancy, The Board of Directors can select any qualified person who does not have any qualificationsprohibited by the law to be a director (s) on the next meeting. The selected person (s) should be voted in by not lessthan three-fourth of the all the Board of Directors remaining.

Remuneration to the Directors and the Management

The company has fairly and logically provided the remuneration by consideration of the responsibility and its financialperformance. The compensation paid to the Directors is consisted of remuneration and meeting allowances which had beenapproved by the shareholders. Whereas, the remuneration paid to the management is tied to each performance under anassessment system and its key performance indicators, which was proposed to the Board for review and approval. Theremunerations to the Directors and the management for 2008 was as follows:

1. Remuneration in the cash formThe overall remuneration for the Directors and management of the company in 2006 and 2007 was in the table

below. Further information of individual remuneration is disclosed in Section 9.3 Executivesû Remuneration on theannual statements (Form 56-1).

(unit: Baht)

Board of Directors2008 2007

Form of RemunerationTotal Amount (Baht) Total Amount (Baht)

Directors 13 7,860,000 13 7,850,000 Meeting fees and remunerationExecutives 9 18,207,824 11 17,272,085 Salary, bonus, and others

2. Others RemunerationThe company has established welfare and other compensations apart from salary and bonus contribution to the

management and all employees. These reflect domestic economic conditions such as the provident fund. Eachmembers of the provident fund will receive a contribution portion at a rate of 3% of their wage. In case of any memberresigns from the company, the respective membership will be automatically terminated. The contribution portion willbe paid according to the conditions of the fund.

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∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß°—π≈—°…≥–§«“¡ —¡æ—π∏å

Parties of Mutual Interestes‡ªìπºŸâ∂◊ÕÀÿâπ/ ¡’ºŸâ∂◊ÕÀÿâπ√à«¡°—π/

Shareholder Common Shareholder

√“¬°“√√–À«à“ß°—π / Transaction with Related Companies®“°√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’„πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 6 ¡’√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡μ‘¡„π à«π¢Õß‡√◊ËÕß√“¬°“√∏ÿ√°‘®∑’Ë‡°’Ë¬«¢âÕß°—π

From the auditorûs note to financial statements no. 6, the related transactions are as follow:

1 ∫¡®. Àæ—≤π“ Õ‘π‡μÕ√å‚Œ≈¥‘Èß /Saha Pattana Inter-Holding PCL

2 ∫¡®. ‡Õ ·Õπ¥å ‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈ /‡Õπ‡μÕ√å‰æ√ åS&J International Enterprises PCL

3 ∫¡®. ‰Õ. ’. ’ Õ‘π‡μÕ√å‡π™—Ëπ·π≈ /I.C.C. International PCL

4 ∫¡®. Àæ—≤πæ‘∫Ÿ≈ /Saha Pathanapibul PCL

5 ∫¡®. ª√–™“Õ“¿√≥å /Peopleûs Garment PCL

6 ∫¡®. ‡∑Á° å‰∑≈å‡æ√ ∑’® /Textile Prestige PCL

7 ∫¡®. ∏πŸ≈—°…≥å /Thanulux PCL

8 ∫¡®. ‰∑¬«“‚°â /Thai Wacoal PCL

9 ∫®. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ·≈∫∫Õ√“∑Õ√’ å /International Laboratories Corp.

10 ∫®. ·™¡ªá‡Õ™ /Champ Ace Co., Ltd.

11 ∫®. ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª /Operational Energy Group Co., Ltd.

12 ∫®. ‘π¿√“¥√ /Sinparadorn Co., Ltd.

13 ∫®. æ‘∑—°…å°‘®Pitakkij Co., Ltd.

14 ∫®. æ’ ∑’ ‡§ ¡—≈μ‘‡´Õ√å«‘ PTK Multiservices Co., Ltd

15 ∫®. À‚§‡®π °√’πSahacogen Green Co.,Ltd.

16 ∫®. À°√’π øÕ‡√ ∑åSahagreen Forest Co.,Ltd.

25

(Àπà«¬ : ≈â“π∫“∑) / (Unit : Baht)

Relationship≈—°…≥–√“¬°“√ ªï 2551

ºŸâ∫√‘À“√√à«¡°—π/ ∫√‘…—∑¬àÕ¬/Subject Year 2008

common directors Subsidiary

/ ≈Ÿ°Àπ’È°“√§â“/Account Receivable 87.5‡®â“Àπ’È°“√§â“/Account Payable 0.3¢“¬ ‘π§â“/Sale 1,252.7§à“„™â®à“¬/Expenses 8.0§à“‡™à“∑’Ë¥‘π/Land rental expense -

/ - -

/ - -

/ - -

/ - -

/ - -

/ - -

/ - -

/ - -

/ - -

/ ‡®â“Àπ’È°“√§â“/Account Payable 33.6§à“„™â®à“¬/Expenses 145.5

/ §à“‡™à“∑’Ë¥‘π/Land rental expense 1.7

/ ‡®â“Àπ’È°“√§â“/Account Payable 0.5§à“∫√‘°“√/Service Charges 7.1

/ ‡®â“Àπ’È°“√§â“/Account Payable 0.6§à“∫√‘°“√/Service Charges 7.3

/ ‡®â“Àπ’ÈÕ◊Ëπ/Account Payable 5.0‡®â“Àπ’È‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ/ 23.9Short Tern loan§à“∫√‘°“√/Service Charges 4.5¥Õ°‡∫’È¬√—∫ 0.4

/ - -

26

§«“¡ ¡‡Àμÿ ¡º≈¢Õß°“√∑”√“¬°“√√–À«à“ß°—π√“¬°“√√–À«à“ß°—π„πªï∑’Ëºà“π¡“∑—ÈßÀ¡¥‡ªìπ‰ª‡æ◊ËÕ°“√¥”‡π‘π∏ÿ√°‘®μ“¡ª°μ‘¢Õß∫√‘…—∑ ‚¥¬¡’π‚¬∫“¬„π°“√∑”√“¬°“√¥—ß°≈à“«

‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ ∑—Èß¥â“ππ‚¬∫“¬°“√°”Àπ¥√“§“®–æ‘®“√≥“®“°√“§“μ≈“¥‡ªìπ ”§—≠ √“¬°“√√–À«à“ß°—π„πªï∑’Ëºà“π¡“

‡°‘¥®“° —≠≠“μà“ßÊ ´÷Ëß¡’≈—°…≥–¢Õß√“¬°“√‚¥¬ √ÿª¥—ßπ’È

1. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

ë ≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“¢“¬‰øøÑ“·≈–‰ÕπÈ”

‡π◊ËÕß®“°∫√‘…—∑‰¥â∑” —≠≠“ ◊ÈÕ¢“¬‰øøÑ“·≈–‰ÕπÈ”°—∫ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‚¥¬®à“¬º≈μÕ∫·∑π

„π√Ÿª·∫∫¢ÕßÕ—μ√“ à«π≈¥§à“æ≈—ßß“π‰øøÑ“ ( à«π≈¥√âÕ¬≈– 0.5 „πªï∑’Ë 1-10 ·≈– à«π≈¥√âÕ¬≈– 1.5 „πªï∑’Ë 11-15) ·≈–

à«π≈¥§à“‰ÕπÈ” („πÕ—μ√“ 0.5% μ≈Õ¥Õ“¬ÿ —≠≠“) ‚¥¬„πªï∑’Ëºà“π¡“¡’√“¬°“√¢“¬‰øøÑ“·≈–‰ÕπÈ”ª√–¡“≥ 1,253 ≈â“π∫“∑

·≈–¡’§à“∏√√¡‡π’¬¡°“√§È”ª√–°—π§«“¡μâÕß°“√‰øøÑ“¢—ÈπμË”ª√–¡“≥ 5.5 ≈â“π∫“∑

ë ≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“´◊ÈÕπÈ”¥‘∫·≈–§à“∫”∫—¥πÈ”‡ ’¬

∫√‘…—∑‰¥â¡’°“√∑” —≠≠“°“√´◊ÈÕπÈ”¥‘∫®“° ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡æ◊ËÕ„Àâ¡’·À≈àßπÈ”¥‘∫ ”√Õß„™â

„π°‘®°“√º≈‘μ‰øøÑ“·≈–‰ÕπÈ”‰¥â ÷Ëß√“§“πÈ”¥‘∫√«¡∂÷ß§à“∫√‘°“√„π°“√∫”∫—¥πÈ”‡ ’¬∑’Ë ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

‡√’¬°‡°Á∫°—∫∫√‘…—∑®–‡ªìπ√“§“¡“μ√∞“π∑’Ë‡√’¬°‡°Á∫°—∫‚√ßß“πÕÿμ “À°√√¡Õ◊Ëπ∑’Ëμ—ÈßÕ¬Ÿà„π «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“

‚¥¬„πªï 2551 ∫√‘…—∑‰¥â®à“¬§à“πÈ”¥‘∫·≈–§à“∫”∫—¥πÈ”‡ ’¬ª√–¡“≥ 2.5 ≈â“π∫“∑ ´÷Ëß√“¬°“√¥—ß°≈à“«‡ªìπ°“√§â“ª°μ‘·≈–¡’§«“¡

¡‡Àμÿ ¡º≈‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑ ·≈–√“§“∑’Ë§‘¥√–À«à“ß°—π∂◊Õ‰¥â«à“‡ªìπ√“§“∑’Ë¬ÿμ‘∏√√¡

2. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥

≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“√—∫∫√‘°“√¥â“π°“√®—¥°“√‡°’Ë¬«°—∫°“√¥”‡π‘πß“π·≈– àÕ¡∫”√ÿß ·≈– —≠≠“‡™à“

‡§√◊ËÕß®—°√ ”√Õß

∫√‘…—∑‰¥â∑” —≠≠“ªØ‘∫—μ‘°“√‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ (Operational and Maintenance Agreement) °—∫∫√‘…—∑

ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ‡æ◊ËÕ¥”‡π‘π°“√‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ ‚¥¬§à“μÕ∫·∑π‡ªìπÕ—μ√“‡¥’¬«°—∫∑’Ë

∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ §‘¥°—∫≈Ÿ°§â“∑—Ë«‰ª √“¬°“√√–À«à“ß°—ππ’È®÷ß‡ªìπ°“√§â“ª°μ‘·≈–¡’§«“¡ ¡‡Àμÿ ¡º≈

„π à«π¢Õß —≠≠“°“√‡™à“‡§√◊ËÕß®—°√ ”√Õß°—∫∫√‘…—∑ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ‡ªìπ°“√æ‘®“√≥“§—¥‡≈◊Õ°‡ß◊ËÕπ‰¢

∑’Ë „Àâª√–‚¬™πåμàÕ∫√‘…—∑ ÿß ÿ¥‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫‡ß◊ËÕπ‰¢°“√‡™à“¢ÕßºŸâ‡ πÕ√“¬Õ◊Ëπ ‚¥¬„πªï∑’Ëºà“π¡“ ∫√‘…—∑‰¥â™”√–§à“∫√‘°“√

”À√—∫°“√¥”‡π‘π°“√μ“¡ —≠≠“ 70.3 ≈â“π∫“∑ ·≈–§à“‡™à“‡§√◊ËÕß®—°√ 75.20 ≈â“π∫“∑

3. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ ‘π¿√“¥√ ®”°—¥

≈—°…≥–¢Õß√“¬°“√·≈– —≠≠“ : —≠≠“‡™à“∑’Ë¥‘π

∫√‘…—∑‰¥â‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑ ‘π¿√“¥√ ®”°—¥ ‡æ◊ËÕ„™â‡ªìπ∑“ß‡¢â“-ÕÕ° ·≈– ”À√—∫«“ß√–∫∫®”Àπà“¬‰øøÑ“·≈–‰ÕπÈ”

„πÕ—μ√“§à“‡™à“∑’Ë ¡‡Àμÿ ¡º≈·≈–¬ÿμ‘∏√√¡ ‚¥¬‡ªìπÕ—μ√“‡¥’¬«°—π°—∫∑’Ë∫√‘…—∑ ‘π¿√“¥√ ®”°—¥ ‰¥âμ°≈ß°—∫≈Ÿ°§â“√“¬Õ◊Ëπ„π‡¢μ «π

Õÿμ “À°√√√¡‡§√◊Õ Àæ—≤πå »√’√“™“ ‚¥¬„πªï∑’Ëºà“π¡“∫√‘…—∑‰¥â™”√–§à“‡™à“∑’Ë¥‘πª√–¡“≥ 1.7 ≈â“π∫“∑

4. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥

≈—°…≥–¢Õß√“¬°“√ : ß“π®â“ß°àÕ √â“ß∑—Ë«‰ª

∫√‘…—∑‰¥â«à“®â“ß∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥ ¥”‡π‘π°“√„π°“√°àÕ √â“ß∑—Ë«‰ª ‡™àπ °“√´àÕ¡·´¡ ”π—°ß“π ·≈–ß“πμàÕ‡μ‘¡μà“ßÊ

‚¥¬ºà“π¢—ÈπμÕπ°“√‡ πÕ√“§“ °“√‡ª√’¬∫‡∑’¬∫°—∫ºŸâ√—∫‡À¡“√“¬Õ◊Ëπ ®÷ß∂◊Õ‰¥â«à“√“¬°“√π’È‡ªìπ‰ªμ“¡¢—ÈπμÕπ°“√®—¥®â“ßª°μ‘ ‚¥¬

„πªï∑’Ëºà“π¡“‰¥â¡’°“√®â“ß∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥ ”À√—∫°“√°àÕ √â“ß„Àâ°—∫∫√‘…—∑¬àÕ¬ §‘¥‡ªìπ¡Ÿ≈§à“√«¡ 7.1 ≈â“π∫“∑

27

Appropriations of Related TransactionDetails of related transactions in 2008 were conducted in the normal course of business operation. The company has

a policy to maintain the optimal benefit, including the pricing policy which shall be significantly determined by the marketprice. The related party transactions in 2008 are as follows:

1. Transaction with Saha Pattana Interholding PCL (SPI)

ë Transaction : Electricity and Steam Purchase AgreementsDue to the Electricity and Steam Purchase Agreement with SPI with the predetermined applicable discount

(0.5% on the 1-10 contract year and 1.5% on the rest for electricity and 0.5% thorough the contract year for steam),the electricity energy and steam charges in 2008 was totally Baht 1,253 million and fee paid for guarantee of minimumelectricity demand was Baht 5.5 million.

ë Transaction : Raw Water Purchase Agreement and Water Treatment ServicesThe company also purchased raw water and regularly purchased waste water treatment services from SPI. The

raw water and waste water treatment charged to the company are standardized for all industrial tenants in theSriracha Saha Group Industrial Park. In 2008, the company was charged for raw water and waste water treatment atthe amount of Baht 2.5 million, which this related transaction between the company and SPI are normal businesspractices.

2. Transaction with Operational Energy Group Ltd. (OEG)

Transaction : Operation and Maintenance Agreement, Leased Engine AgreementThe applicable fees under the Operation and Maintenance Agreement with OEG are the normal market price as

charged to its other customers. The leased engine contract was entered with OEG after thorough evaluation throughthe bidding process. Therefore, this transaction is reasonable and is a normal business practice as well. In 2008, theoperation and services management fees was Baht 70.3 million and machinery lease fees was Baht 75.20 million.

3. Transaction with Sinparadorn Co., Ltd.

Transaction : Land Rental AgreementThe company has land rental agreement with Sinparadorn Co., Ltd of which the leased land was utilized as the

plant access and to accommodate the electricity and steam distribution system. The rental rate is normal marketidentical to all tenants located in the Sriracha Saha Group Industrial Park. Therefore, this transaction between thecompany and Sinparadorn Co., Ltd. is reasonable. The previous land rental expenses was Baht 1.7 million.

4. Transaction with Pitakkij Co., Ltd.

Transaction : Service ChargesPitakkij Co., Ltd. is an experienced contractor providing general construction services including building

renovations and maintenances to the company. The company usually employed Pitakkij Co., Ltd. through the biddingprocess. The transactions are normal business practice and beneficial to the company. In 2008, Pitakkij Co., Ltd hadconstruction charged to the companyûs subsidiary in the amount of Baht 7.1 million.

28

5. √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ æ’ ∑’ ‡§ ¡—≈μ‘‡´Õ√å«‘ ®”°—¥

≈—°…≥–¢Õß√“¬°“√ : ß“π®â“ß°àÕ √â“ß∑—Ë«‰ª

∫√‘…—∑‰¥â«à“®â“ß∫√‘…—∑ æ’ ∑’ ‡§ ¡—≈μ‘‡´Õ√å«‘ ®”°—¥ ¥”‡π‘π°“√„π°“√°àÕ √â“ß∑—Ë«‰ª ‡™àπ °“√´àÕ¡·´¡ ”π—°ß“π ·≈–ß“π

μàÕ‡μ‘¡μà“ßÊ ‚¥¬ºà“π¢—ÈπμÕπ°“√‡ πÕ√“§“ °“√‡ª√’¬∫‡∑’¬∫°—∫ºŸâ√—∫‡À¡“√“¬Õ◊Ëπ ®÷ß∂◊Õ‰¥â«à“√“¬°“√π’È‡ªìπ‰ªμ“¡¢—ÈπμÕπ°“√

®—¥®â“ßª°μ‘ ‚¥¬„πªï∑’Ëºà“π¡“‡ªìπ°“√«à“®â“ß‚¥¬∫√‘…—∑¬àÕ¬ ´÷Ëß¡’§à“„™â®à“¬ª√–¡“≥ 7.3 ≈â“π∫“∑

6 √“¬°“√√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑ À‚§‡®π °√’π ®”°—¥

≈—°…≥–¢Õß√“¬°“√ : °“√∫√‘°“√

∫√‘…—∑‰¥â®—¥μ—Èß∫√‘…—∑¬àÕ¬ §◊Õ∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ‡æ◊ËÕ¥”‡π‘π‚§√ß°“√º≈‘μæ≈—ßß“π®“°™’«¡«≈ ‚¥¬∫√‘…—∑‡ªìπ

ºŸâ∂◊ÕÀÿâπ 99.99% ¢Õß∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ®÷ß∂◊Õ‰¥â«à“√“¬°“√μà“ßÊ ∑’Ë‡°‘¥®“°°“√„Àâ∫√‘°“√ ‡ªìπ‰ªμ“¡¡Ÿ≈§à“∫—≠™’ ‚¥¬

„πªï∑’Ëºà“π¡“¡’°“√‡√’¬°‡°Á∫§à“∫√‘°“√®“°∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ®”π«π 4.5 ≈â“π∫“∑

≈—°…≥–¢Õß√“¬°“√ : ¥Õ°‡∫’È¬√—∫

¡’√“¬°“√∑’Ë‡°‘¥®“°°“√°Ÿâ¬◊¡ ÷Ëß‰¥â„™âÕ—μ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπμË”¢Õß∏π“§“√æ“≥‘™¬å À√◊ÕÕ—μ√“¥Õ°‡∫’È¬‡ß‘πΩ“° Ÿß ÿ¥¢Õß

∏π“§“√æ“≥‘™¬å ‚¥¬∫√‘…—∑‰¥â‡√’¬°‡°Á∫°—∫∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ®”π«π 0.4 ≈â“π∫“∑

¡“μ√°“√À√◊Õ¢—ÈπμÕπ°“√Õπÿ¡—μ‘°“√∑”√“¬°“√√–À«à“ß°—π

°“√∑”√“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑ °—∫π‘μ‘∫ÿ§§≈À√◊Õ∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß°—π®–μâÕß¡’°“√‡ πÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√

∫√‘…—∑·≈–μâÕß¡’°√√¡°“√μ√«® Õ∫‡¢â“√à«¡ª√–™ÿ¡ ‡æ◊ËÕæ‘®“√≥“·≈–Õπÿ¡—μ‘°“√∑”√“¬°“√√–À«à“ß°—π„Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬«à“¥â«¬

À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ·≈–¢âÕ∫—ß§—∫ ª√–°“» §” —Ëß À√◊Õ¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ´÷ËßºŸâ∑’ËÕ“®

¡’§«“¡¢—¥·¬âßÀ√◊Õ¡’ à«π‰¥â‡ ’¬„π°“√∑”√“¬°“√√–À«à“ß°—π®–‰¡à¡’ ‘∑∏‘ÕÕ°‡ ’¬ß≈ß¡μ‘„π°“√∑”√“¬°“√√–À«à“ß°—π

π‚¬∫“¬À√◊Õ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π„πÕπ“§μ

√“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑„πÕπ“§μ ®–‡ªìπ√“¬°“√∑’Ë¥”‡π‘π°“√∑“ß∏ÿ√°‘®μ“¡ª°μ‘‡™àπ‡¥‘¡ ‚¥¬∫√‘…—∑¡’·π«‚πâ¡°“√∑”

√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ„πªí®®ÿ∫—π·≈–μàÕ‰ª„πÕπ“§μ ‚¥¬®–¡’°“√°”Àπ¥¢âÕμ°≈ß·≈–‡ß◊ËÕπ‰¢μà“ßÊ „Àâ‡ªìπ‰ªμ“¡‡ß◊ËÕπ‰¢

°“√§â“ª°μ‘∑—Ë«‰ª·≈–‡ªìπ‰ªμ“¡√“§“μ≈“¥∑’Ë ¡‡Àμÿ ¡º≈ “¡“√∂μ√«® Õ∫À√◊Õ‡ª√’¬∫‡∑’¬∫√“§“∑’Ë‡°‘¥¢÷Èπ°—∫∫ÿ§§≈¿“¬πÕ°‰¥â

æ√âÕ¡∑—Èßºà“π°“√Õπÿ¡—μ‘μ“¡¢—ÈπμÕπ·≈–°Æ√–‡∫’¬∫∑’Ë‡°’Ë¬«¢âÕßÕ¬à“ß∂Ÿ°μâÕß à«π√“¬°“√√–À«à“ß°—π∑’ËÕ“®‡°‘¥¢÷Èπ‰¥â„πÕπ“§μπ—Èπ

§≥–°√√¡°“√®–ªØ‘∫—μ‘„Àâ‡ªìπ‰ªμ“¡°ÆÀ¡“¬ ¢âÕ∫—ß§—∫ ª√–°“» À√◊Õ¿“¬„μâª√–°“»·≈–¢âÕ∫—ß§—∫¢Õß§≥–°√√¡°“√°”°—∫

À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ·≈–¢âÕ°”Àπ¥¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–∫√‘…—∑®–∑”°“√‡ªî¥‡º¬√“¬°“√√–À«à“ß°—π

À√◊Õ√“¬°“√‡°’Ë¬«‚¬ß¥—ß°≈à“«‰«â„πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘πμ“¡¡“μ√∞“π∫—≠™’∑’Ë°”Àπ¥‚¥¬ ¿“«‘™“™’æ∫—≠™’ ·≈–μ“¡

√–‡∫’¬∫¢Õß ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

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5. Transaction with PTK Co., Ltd

Transaction : Service ChargesPTK provided construction services including office maintenance throughout bidding process which followed

up the normal practice of procurement. In 2008, the services charges was Baht 7.3 million for the constructionrequired by the subsidiary.

6. Transaction with Sahacogen Green Co., Ltd.

Transaction : Services ChargesSahacogen Green Co., Ltd. was established Sahacogen Green Co., Ltd as subsidiary for the Renewable Energy

Business by which holding 99.99% of share in Sahacogen Green Co., Ltd. Any services as booked were normalbusiness conditions. In 2008, the company charged its subsidiary, Sahacogen Green Co., Ltd at the amount of Baht4.5 million.

Transaction : Interest IncomeIn 2008, the company charged its subsidiary, Sahacogen Green Co., Ltd. for short term loan by calculating

interest rate equivalent to lowest loan interest rate of commercial banks charged in general or the maximum depositinterest rate. The total interest income charged in the previous year was Baht 0.4 million.

Procedural Approval of Related Business TransactionAccording to the companyûs policy, all transactions between the company and related entities or persons

shall be approved in the Board of Directorûs meeting with the presence of the audit committees. The review andapproval of the related transactions will follow and in full compliance with the Securities and Exchange Act B.E. 2535and rules, regulations and notifications regulated by the Stock Exchange of Thailand. Any directors having a conflictof interests will not have right to vote on the approval of such related transactions.

Policy or Potential Related Transaction in the FutureThe company expects these related transactions at present will continue, however, the company has a policy

to control them to be a normal business practice and market price conditions. The company will assure thefuture related transactions be fully controlled according to the law, rules and regulations of the Stock Exchange ofThailand and all to be disclose in the financial statements audited by the auditor.

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ªí®®—¬§«“¡‡ ’Ë¬ß·≈–°“√∫√‘À“√§«“¡‡ ’Ë¬ß®“°°“√∫√‘À“√®—¥°“√‡æ◊ËÕ§«∫§ÿ¡§«“¡‡ ’Ë¬ßμà“ßÊ Õ¬à“ßμàÕ‡π◊ËÕß ∑”„Àâ∫√‘…—∑ “¡“√∂®—¥°“√·≈–§«∫§ÿ¡§«“¡‡ ’Ë¬ß‰¥â„π√–¥—∫∑’Ë

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·μà‰¥â¡’°“√‡ª≈’Ë¬π·ª≈ß·°â ‰¢°Æ√–‡∫’¬∫„π‡√◊ËÕß°“√¥”‡π‘π∏ÿ√°‘®æ≈—ßß“π·≈–‰¥â¬°‡≈‘°°“√„Àâ —¡ª∑“π ‡ªìπ°“√„Àâ„∫Õπÿ≠“μ

ª√–°Õ∫°‘®°“√æ≈—ßß“π μ“¡ª√–°“»§≥–°√√¡°“√°”°—∫°‘®°“√æ≈—ßß“π ‡√◊ËÕß°“√°”Àπ¥ª√–‡¿∑·≈–Õ“¬ÿ„∫Õπÿ≠“μ°“√ª√–°Õ∫

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‰¥â√—∫ ‘∑∏‘ Õ¬à“ß‰√°Á¥’ ∫√‘…—∑¬—ß§ß¡’ —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ‡ªìπ√–¬–‡«≈“ 25 ªï ·≈–¡’ —≠≠“

´◊ÈÕ¢“¬‰øøÑ“°—∫ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡ªìπ√–¬–‡«≈“ 15 ªï ¥—ßπ—Èπ ∫√‘…—∑®÷ß¬—ß “¡“√∂ª√–°Õ∫∏ÿ√°‘®

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°“√‡ª≈’Ë¬π·ª≈ß°Æ√–‡∫’¬∫ ‡æ◊ËÕ≈¥º≈°√–∑∫∑’ËÕ“®‡°‘¥¢÷Èπ„πÕπ“§μ

ë §«“¡‡ ’Ë¬ß„π°“√®—¥À“«—μ∂ÿ¥‘∫

«—μ∂ÿ¥‘∫∑’Ë ”§—≠„π¢∫«π°“√º≈‘μ¢Õß∫√‘…—∑ª√–°Õ∫¥â«¬ °ä“´∏√√¡™“μ‘ ·≈–πÈ”¥‘∫ ¥—ßπ—Èπ ‡æ◊ËÕ≈¥§«“¡‡ ’Ë¬ß„π°“√¢“¥·§≈π

«—μ∂ÿ¥‘∫ ∫√‘…—∑®÷ß®—¥∑” —≠≠“√–¬–¬“«°—∫ºŸâ®”Àπà“¬ ‚¥¬ —≠≠“ ◊ÈÕ°ä“´∏√√¡™“μ‘°—∫∫¡®. ªμ∑. ¡’√–¬–‡«≈“ 21 ªï π—∫®“°

«—π∑’Ë∫√‘…—∑‰¥â‡√‘Ë¡¥”‡π‘π°“√„™âª√–‚¬™πå‡æ◊ËÕ°“√§â“ ·≈– “¡“√∂μàÕÕ“¬ÿ —≠≠“‰¥âÕ’° 4 ªï —≠≠“ ◊ÈÕ¢“¬πÈ”¥‘∫√–¬–¬“« 25 ªï

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‡°Á∫Õ¬Ÿà„πÕà“ß‡°Á∫πÈ”¿“¬„π‡¢μ «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’ ·≈–®—¥ √â“ß∫àÕ·≈–√–∫∫√—∫πÈ”¥‘∫¢π“¥§«“¡®ÿ

2,000 ≈Ÿ°∫“»°å‡¡μ√¿“¬„π‚√ß‰øøÑ“‡™◊ËÕ¡‚¬ß‡¢â“°—∫√–∫∫º≈‘μ¢Õß‚√ß‰øøÑ“

ë §«“¡º—π·ª√¢Õß√“§“«—μ∂ÿ¥‘∫∑’Ë„™â„π°“√º≈‘μ

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´÷Ëß·ª√º—πμ“¡μâπ∑ÿπ®√‘ß¢Õß√“§“°ä“´∏√√¡™“μ‘ ∑”„Àâ∫√‘…—∑‰¥â√—∫°“√™¥‡™¬º≈°√–∑∫®“°°“√‡ª≈’Ë¬π·ª≈ß√“§“°ä“´∏√√¡™“μ‘

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Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®–Õâ“ßÕ‘ß°—∫Õ—μ√“§à“‰øøÑ“¢Õß°“√‰øøÑ“ à«π¿Ÿ¡‘¿“§ ÷Ëß¡’°“√ª√—∫‡ª≈’Ë¬πμ“¡μâπ∑ÿπ‡™◊ÈÕ‡æ≈‘ß´÷Ëß‡√’¬°«à“

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ª√–°Õ∫°“√¢Õß∫√‘…—∑‰¥â À“°°“√ª√—∫¢÷Èπ¢ÕßÕ—μ√“§à“‰øøÑ“Õ—μ‚π¡—μ‘ ‰¡à Õ¥§≈âÕß°—∫§«“¡·ª√º—π¢Õß√“§“°ä“´∏√√¡™“μ‘∑’Ë

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ë §«“¡‡ ’Ë¬ß„π°“√æ÷Ëßæ‘ßºŸâ¥”‡π‘π°“√¥â“π°“√ªØ‘∫—μ‘°“√‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“

·¡â«à“∫√‘…—∑®–‰¥â∑” —≠≠“«à“®â“ß∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ‡ªìπºŸâ¥”‡π‘π°“√ªØ‘∫—μ‘°“√‡¥‘π‡§√◊ËÕß

·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ ·μà§«“¡‡ ’Ë¬ß„π°“√¬°‡≈‘°À√◊Õ‰¡àμàÕ —≠≠“π—Èπ§àÕπ¢â“ßμË” ‡π◊ËÕß®“°∑—Èß Õß∫√‘…—∑μà“ß¡’ºŸâ∂◊ÕÀÿâπ√à«¡°—π

§◊Õ ∫√‘…—∑ ‡Õ ·Õπ¥å‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ‡Õπ‡μÕ√å‰æ√ å ®”°—¥ (¡À“™π) ·≈–‰¥â¡’°“√°”Àπ¥¥—™π’ ™’È«—¥º≈°“√¥”‡π‘πß“π‡æ◊ËÕ

„Àâ Õ¥§≈âÕß°—∫°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑ ®÷ß‰¡à àßº≈°√–∑∫μàÕ°“√À¬ÿ¥°“√º≈‘μ

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Risk Factors and ManagementIn consequence of continually risk management control, the risk factors disclosed have been reasonably

well managed. Apart from the risk factors directly related to its business in general, other risk factors are described asfollows:

Operation Risksë Risks from the Expiry of the Concession to Operate the Power Business

In 2008, there was a change on the energy regulations by cancellation the concession to be energy permitunder the Energy Regulatory Commission Announcements on subject of the energy permit and approval regulations,B.E. 2008. As a result, the concession area shall be free trade area which might effected to the company businessoperation. However, the company has signed a 25-year contract with EGAT and a 15-year contract with Saha PattanaInter-Holding PCL. The company therefore competently competes and bears the risk if new competitors contend.The company also carefully plans and makes a strategy to prevent any impacts caused in the future.

ë Raw Materials Risk

To secure essential raw materials: natural gas and raw water, the company has defined alleviating measures bysigning a contract with the PTT Public Company Limited for 21 years with four years extendable to purchase itsnatural gas. The contract term is 21 years with. Meanwhile, a 25-year contract with the Eastern Water ResourcesDevelopment and Management PCL was signed for the raw water supply. In emergency case, the raw water can bedrawn from a reservoir in the Sriracha Saha Group Industrial Park and 2,000 cubic meters retention pond within thepower plant.

ë Risk of Changes in Raw Materials Prices

The changes in main raw material prices such as gas price shall not be severely impacted to the companyrevenue since the company shall have a compensation from the energy charge which calculated using a formulalinked to the respective natural gas price. Additionally, the electricity charge to Saha Pattana Inter-Holding PCL isreferenced with the electricity tariff of the Provincial Electricity Authority. The tariff contains one component calleda fuel tariff adjustment (FT) which will be adjusted every four-month period to reflect the actual average fuel costs,therefore, the change in fuel costs is also compensated.

ë Risk in Dependence on Operation and Maintenance

Even the company is dependent on OEG for operation and maintenance, the risk on contract termination isquite low. Since both OEG and the company have a common shareholder namely S&J International Enterprises PCL.To efficiently manage its operation, the company has set a key performance index for them to align in accordancewith the company business.

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ë §«“¡‡ ’Ë¬ß¥â“π¢âÕ∫—ß§—∫‡°’Ë¬«°—∫ ‘Ëß·«¥≈âÕ¡·≈–§«“¡ª≈Õ¥¿—¬

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ë §«“¡‡ ’Ë¬ß„π°“√∂Ÿ°ª√—∫≈¥ª√‘¡“≥æ≈—ß‰øøÑ“μ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬

∫√‘…—∑‰¥â¡’°“√∫√‘À“√®—¥°“√§«“¡‡ ’Ë¬ß„π°√≥’∑’ËÕ“®∂Ÿ°ª√—∫≈¥ª√‘¡“≥æ≈—ß‰øøÑ“μ“¡ —≠≠“ ◊ÈÕ¢“¬‰øøÑ“À“°∫√‘…—∑

‰¡à “¡“√∂®à“¬æ≈—ß‰øøÑ“‰¥âμ“¡ª√‘¡“≥∑’Ë°”Àπ¥„π —≠≠“·≈–‰¡à “¡“√∂·°â ‰¢‰¥â¿“¬„π√–¬–‡«≈“ 18 ‡¥◊Õπ ‚¥¬‰¥â¡’°“√°”Àπ¥

‡ß◊ËÕπ‰¢„π —≠≠“°“√ªØ‘∫—μ‘°“√·≈–∫”√ÿß√—°…“°—∫ ∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ „Àâ¡’°“√√—∫ª√–°—πª√‘¡“≥

(Capacity) ·≈–‡ ∂’¬√¿“æ„π°“√®à“¬‰øøÑ“„Àâ°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ „π™à«ß§«“¡μâÕß°“√„™â ‰øøÑ“ Ÿß ÿ¥

(EGAT Peak Period Capacity) ´÷Ëßμ≈Õ¥√–¬–°“√¥”‡π‘π°“√∑’Ëºà“π¡“ ∫√‘…—∑ “¡“√∂º≈‘μ‰øøÑ“‰¥âÕ¬à“ß‡æ’¬ßæÕ·≈–

“¡“√∂√Õß√—∫°“√„™â ‰øøÑ“¿“¬„π «πÕÿμ “À°√√¡‡§√◊Õ Àæ—≤πå-»√’√“™“∑’Ë‡æ‘Ë¡¢÷Èπ‰¥âÕ’° 40 % ¢Õß§«“¡μâÕß°“√„πªí®®ÿ∫—π

§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘πë §«“¡‡ ’Ë¬ß®“°Õ—μ√“·≈°‡ª≈’Ë¬π

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®“°°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ ‡π◊ËÕß®“°√âÕ¬≈– 80 ¢ÕßÕ—μ√“§à“æ≈—ß‰øøÑ“®–·ª√μ“¡Õ—μ√“·≈°‡ª≈’Ë¬π¢Õß °ÿ≈‡ß‘π

¥Õ≈≈“Àå À√—∞Õ‡¡√‘°“ Õ¬à“ß‰√°Áμ“¡°“√‡ª≈’Ë¬π·ª≈ß¢ÕßÕ—μ√“·≈°‡ª≈’Ë¬π∑ÿ°Ê 1 ∫“∑ ®– àßº≈°√–∑∫μàÕ°“√‡ª≈’Ë¬π·ª≈ß¢Õß

√“¬‰¥â¢Õß∫√‘…—∑ª√–¡“≥√âÕ¬≈– 0.70 ¢Õß√“¬‰¥â√«¡¢Õßß∫°“√‡ß‘π‡©æ“–°‘®°“√ ¥—ßπ—Èπº≈°√–∑∫®“°Õ—μ√“·≈°‡ª≈’Ë¬πμàÕ√“¬

‰¥â√«¡ ®÷ßÕ¬Ÿà„π‡°≥±å∑’ËμË”

ë §«“¡‡ ’Ë¬ß®“°Õ—μ√“¥Õ°‡∫’È¬

∫√‘…—∑‰¥â‡®√®“ª√—∫‚§√ß √â“ß¥Õ°‡∫’È¬‡ß‘π°Ÿâ „Àâ‡ªìπÕ—μ√“¥Õ°‡∫’È¬§ß∑’Ë ®π∂÷ßªï 2553 ®÷ß‰¡à¡’§«“¡‡ ’Ë¬ß„π‡√◊ËÕß°“√º—πº«π

¢ÕßÕ—μ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ„πªí®®ÿ∫—π

33

ë Environmental and Safety Risk

The company has realized the importance of monitoring and controlling the environmental and safety impactin accordance with all relevant regulatory standard.. The environmental and safety management has been assignedto monitor, assess and control any impacts Biannual reports on Environment Impact Assessment are regularlysubmitted to the Office of Natural Resources and Environmental Policy and Planning (ONEP. Such continual proactivemanagement resulted in two consecutive year awards to the company as an outstanding enterprise in the powerindustry that implements the appropriate prevention and mitigation measure in accordance with the environmentalimpact assessment reports and environmental management practice in the EIA Monitoring Awards 2007 and 2008by the Ministry of Natural Resources and Environment. As such the company does not foresee any environmentalrisks which may cause suspended operation or major cost for environmental control improvement.

Business Risksë Risk of Termination of Electricity and Steam Purchase Agreement

The company exposed to the risk if any one of two customers terminates its contract. However, sincethe commencement date till now, the company has continually fulfilled all obligations under the contract, the riskof early termination is deemed low.

ë Risk in Reduction of Electricity Purchase Demand of EGAT

To address risks on reduction in the amount purchased in case that the company cannot supply the fullamount of electricity as contracted and cannot solve this problem within 18 months by EGAT, the company hasdefined the conditions in the operation and maintenance agreement that OEG has to guarantee the capacity andreliability of the electricity supply to EGAT, especially during peak periods. Moreover, the increased productioncapacity from the expansion project not only ensures adequate electricity supply to EGAT but also provides reservedcapacity to capture the industrial growth of 40% of the existing demand.

Financial Risksë Fluctuation in Exchange Rate Risk

The fluctuation in exchange rate between Baht and the US Dollar directly affected the majority of the companyûsrevenue from electricity capacity charge to EGAT. Since 80% of the capacity charges are indexed to the UScurrency rate. However, each one baht change in the exchange rate will affect the companyûs income approximately0.70% of the overall income, the risk on fluctuation in exchange rate is low.

ë Risk of Interest Rate

The company carries no interest risk since the current fixed interest rate will be in effect until April 2010.

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∫√‘…—∑ ‡ªìπμâπ

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–¥«°„π°“√„™â ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ¥—ßπ’È

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Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ‡≈¢∑’Ë 757/10 ´Õ¬ª√–¥Ÿà 1 ∂ππ “∏ÿª√–¥‘…∞å ·¢«ß∫“ß‚æßæ“ß ‡¢μ¬“ππ“«“ °√ÿß‡∑æœ

ë °àÕπ«—πª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

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35

Corporate GovernanceThe Board of Directors of the company places importance on the building of good governance and carrying on

business with transparency, integrity and accountability to performance, being competitive and fair to all parties concerned,in order to create prosperity and add economic value and wealth to shareholders. Management of the company is basedon the good governance principles of the Stock Exchange of Thailand and Sufficiency Economy, namely moderation,reasonableness and good immunity, by relying on knowledge, prudence and carefulness in planning and operation. At thesame time all executives and employees are encouraged to be ethical, honest, diligent, patient, and to share and usewisdom in their conduct, in order to cope with economic, political, cultural and social changes for balanced and sustainablewell-being.

The companyûs good governance statement comprises good governance policy, business ethics and code of conduct.It passed approval by the Board of Directors of the company on February 19, 2003 and its suitability has been regularlyreviewed. The company considers its good governance policy, business ethics and code of conduct to be appropriate to thepresent situation, and they have been circulated to the directors, executives and employees and publicized on the companyûswebsite at www.sahacogen.com so as to be the uniform guideline for business conduct.

The companyûs good governance statement has been divided into the following 5 chapters in line with the goodgovernance practice for listed companies of 2006 of the Stock Exchange of Thailand:

Chapter 1: Rights of Shareholders

Shareholders have rights of ownership. The companyûs good governance policy covers the protection of rights ofshareholders by recognizing and observing rights of ownership of shareholders. The company encourages shareholders toexercise their rights and treats every shareholder equally. The basic rights of shareholders are purchase and sale or transferof shares, sharing in profits, adequate access to news and information of the company, attendance of shareholdersû meetingto voice their opinion and participate in decision-making by voting at the shareholdersû meeting, e.g. election of thecompanyûs directors, determination of remuneration of the companyûs directors, appointment of auditor and approval ofmatters affecting the company.

In addition to their basic rights, the company also takes steps taking into account rights of shareholders, withoutimpingement on their rights, and encourages and facilitates the exercise by shareholders of their rights as follows:

1.1 Right to information: Shareholders have equal right to information. The company publicizes its information in bothThai and English languages through the Stock Exchange of Thailand and on its website at www.sahacogen.com.This will enable shareholders to receive information from the company such as results of operations, connectedtransactions, purchase or sale of material assets, top 10 shareholders of the company on the date of closeof shareholders register for annual general shareholdersû meeting, minutes of shareholdersû meeting, which mustbe completed within 14 days from the date of the meeting, and essential information for decision-making byshareholders.

1.2 Right to attend shareholdersû meeting: The company has held the annual general shareholdersû meeting within4 months from the last day of its fiscal year. In 2008, the company, for ease of shareholders, held such meetingNo. 6 on March 28, 2008 at I.C.C. International Plc, No. 757/10 Soi Pradu 1, Sathupradit Road, Bangpongpang,Yannawa, Bangkok.

ë Before the date of the shareholdersû meeting

The company will notify the schedule of shareholdersû meeting 5 weeks before the date of meeting, whichwas February 19, 2008 so that shareholders can arrange their time to attend the meeting. In 2008, the generalannual shareholdersû meeting was held on March 28, 2008, and the notice of the meeting together with allmeeting documents with the same contents as those to be delivered to shareholders in a hard copy were

36

‡ªìπ°“√≈à«ßÀπâ“ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â»÷°…“‡ªìπ°“√≈à«ßÀπâ“°àÕπ®—¥ àß‡Õ° “√¥—ß°≈à“«‡¡◊ËÕ«—π∑’Ë 6 ¡’π“§¡ 2551 ´÷Ëß„π·μà≈–

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°“√·¢àß¢—π°—∫°‘®°“√¢Õß∫√‘…—∑ √«¡∑—Èß√“¬≈–‡Õ’¬¥¢Õß°“√ª√–™ÿ¡§≥–°√√¡°“√∑’Ë‡°’Ë¬«°—∫∫ÿ§§≈∑’Ë∂Ÿ°‡ πÕ™◊ËÕ ÷Ëßºà“π

°“√æ‘®“√≥“°≈—Ëπ°√Õß®“°§≥–°√√¡°“√∫√‘…—∑ ‡π◊ËÕß®“°∫√‘…—∑¬—ß‰¡à¡’°“√·μàßμ—Èß§≥–°√√¡°“√ √√À“

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publicized through the companyûs website in Thai and English languages in advance, so that shareholders couldstudy them in advance before delivery of those documents on March 6, 2008. At each agenda item there werefacts and reasons as well as opinion of the Board of Directors together with supporting documents for themeeting, e.g. annual report, proxy form B, resume of persons nominated as directors, map of the meeting venue,directions on documents and evidences to be produced by shareholders in attending the meeting, the companyûsarticles of association relating to the general annual shareholdersû meeting and meeting procedure. Thecompany authorized Thailand Securities Depository Co., Ltd., the companyûs share registrar, to deliver them toshareholders 14 days before the date of the shareholdersû meeting, so that shareholders who were not able toattend the meeting in person could authorize other or an independent director indicated in the proxy formstipulated by the Ministry of Commerce to attend and vote on behalf of the shareholders. Announcement wasalso made in a daily newspaper for three consecutive days not less than 3 days prior to the date of the meetingto inform shareholders so that they have sufficient time to prepare themselves for the meeting.

ë The date of shareholdersû meetingThe companyûs directors place importance on shareholdersû meeting and it is considered as their duty to

attend the meeting except in case of illness or important engagement. At the general annual shareholdersûmeeting No. 6 held on March 28, 2008, thirteen directors were present. In addition, the Managing Director,Accounting Manager, HR and Administration Manager, Power Plant Operation Manager, Project/EngineeringManager and auditor also attended the shareholdersû meeting so as to answer the shareholdersû questions.

The company facilitated all shareholders equally so that they could fully exercise their rights to attend theshareholdersû meeting and vote, with the date, time and place of meeting not being an obstacle to attending themeeting. Adequate personnel were also provided to facilitate the registration of the meeting and registration wascommenced for not less than 2 hours prior to the time of the meeting. Shareholders who attended the meetingafter the meeting had commenced were allowed to vote on the agenda items not yet considered, and theirpresence was counted as part of the quorum since the agenda item on which voting was made. The companyused barcode system to count the votes cast on each agenda item and the results were announced toshareholders promptly and transparently. Duty stamps for affixing on proxies was also provided at the frontdesk. Appropriate catering was provided to shareholders attending the meeting.

At each shareholdersû meeting, the company would report its results of operations, rate of dividend,consideration of and voting on matters required by law and articles of association. At the beginning of themeeting, the assistant company secretary reported the number/proportion of shareholders attending themeeting. Then the Chairman of the Board declared the meeting convened and presided over the meeting.He explained rules applicable to the meeting and procedure of voting, and conducted the meeting in accordancewith the agenda, without adding agenda items or changing essential information without prior notice toshareholders. Appropriate and adequate time was allocated for discussion of issues of each agenda item.The shareholders were provided with an opportunity to ask questions and comment on each agenda item.At last yearûs meeting no shareholder asked question or commented. However, if in any year shareholders askedquestions or commented, the directors would clearly and precisely answer their questions. Result of voting ateach agenda item would be concluded and presented to shareholders.

Significant agenda of the shareholdersû meeting included:

(1) Appointment of directors: The company allows shareholders to elect directors individually, with data ofpersons nominated for election and their holding of positions in other businesses in cases where they aredirectors in a company operating business of the same nature as, and competitive to, the companyûsbusiness, as well as details of the Board of Directors meeting regarding the nominated persons who havebeen screened by the Board of Directors as the company has not yet appointed a selection committee.

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(2) °”Àπ¥§à“μÕ∫·∑π°√√¡°“√∫√‘…—∑: ∫√‘…—∑‰¥â¡’°“√‡ πÕ«ß‡ß‘π§à“μÕ∫·∑π„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπÕπÿ¡—μ‘‡ªìπª√–®”∑ÿ°ªï

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∫√‘…—∑¬—ß‰¡à¡’°“√·μàßμ—Èß§≥–°√√¡°“√°”Àπ¥§à“μÕ∫·∑π

(3) °“√·μàßμ—ÈßºŸâ Õ∫∫—≠™’·≈–°”Àπ¥®”π«π‡ß‘π§à“ Õ∫∫—≠™’: ∫√‘…—∑®–·®âß¢âÕ¡Ÿ≈¢ÕßºŸâ Õ∫∫—≠™’ ”π—°ß“π Õ∫∫—≠™’

§«“¡‡ªìπÕ‘ √– ·≈–®”π«πªï∑’Ë∑”Àπâ“∑’Ëμ√«® Õ∫∫—≠™’„Àâ·°à∫√‘…—∑ √«¡∑—Èß‡ª√’¬∫‡∑’¬∫§à“ Õ∫∫—≠™’√–À«à“ßªïªí®®ÿ∫—π

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Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥‡ πÕ„ÀâºŸâ∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—μ‘

(4) °“√®à“¬‡ß‘πªíπº≈: ∫√‘…—∑®–·®âß¢âÕ¡Ÿ≈‡°’Ë¬«°—∫π‚¬∫“¬°“√®à“¬‡ß‘πªíπº≈ ®”π«π‡ß‘π∑’Ë®à“¬®√‘ß‡∑’¬∫°—∫π‚¬∫“¬ ·≈–

‡ª√’¬∫‡∑’¬∫‡ß‘πªíπº≈∑’Ë®à“¬√–À«à“ßªïªí®®ÿ∫—π°—∫ªï∑’Ëºà“π¡“

‚¥¬„πªï 2551 ∫√‘…—∑‰¥â∫—π∑÷°«’¥’∑—»πå¿“æ°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπμ≈Õ¥√–¬–‡«≈“°“√ª√–™ÿ¡ ·≈–‰¥â‡º¬·æ√àºà“π website

¢Õß∫√‘…—∑ www.sahacogen.com

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·∫∫ °. ·∫∫ ¢.·≈–·∫∫ §. ‚¥¬ “¡“√∂‡≈◊Õ°Àπ—ß ◊Õ¡Õ∫©—π∑–·∫∫„¥·∫∫Àπ÷Ëß πÕ°®“°π—Èπ∫√‘…—∑‰¥â®—¥„Àâ¡’Õ“°√· μ¡ªá‡æ◊ËÕ

Õ”π«¬§«“¡ –¥«°·°à ºŸâ∂◊ÕÀÿâπ∑’Ë¡Õ∫©—π∑– ´÷Ëß„πªï 2551 ∫√‘…—∑®—¥„Àâ¡’°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 6 „π«—π∑’Ë 28 ¡’π“§¡

2551 ‰¥â¡’ºŸâ∂◊ÕÀÿâπ‡¢â“√à«¡ª√–™ÿ¡∑—ÈßÀ¡¥ 90 ∑à“π ∂◊ÕÀÿâπ√«¡ 847,387,400 Àÿâπ §‘¥‡ªìπ 88.73% ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥∑’Ë¡’ ‘∑∏‘

ÕÕ°‡ ’¬ß‚¥¬¡’ºŸâ∂◊ÕÀÿâπ∑’Ë‰¥â¡Õ∫©—π∑–„Àâ°√√¡°“√μ√«® Õ∫ ÷Ëß‡ªìπ°√√¡°“√Õ‘ √–∑’Ë∫√‘…—∑‡ πÕ„Àâ‡ªìπºŸâ√—∫¡Õ∫©—π∑–‡ªìπºŸâÕÕ°‡ ’¬ß

·∑π®”π«π 3 ∑à“π ´÷Ëß∂◊ÕÀÿâπ√«¡ 15,728,600 Àÿâπ

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(2) Determination of remuneration of directors: The company proposes the remuneration for approval bythe shareholdersû meeting every year based on the results of its operations, amount of remuneration paidin the previous year, and the authorities and responsibilities of the Board of Directors. The Board ofDirectors would consider the said remuneration before proposing it to the shareholders for approvalbecause the company has not yet appointed a remuneration committee.

(3) Appointment of auditor and fixing of audit fee: The company will report to the shareholders for approvalinformation on the auditor, audit firm, independence and number of years of performing audit for thecompany, comparison between audit fee of the current year and the previous yearûs, proposed audit feethat has passed deliberation by the Audit Committee, and other charges for services by the audit firm ofthe auditor.

(4) Payment of dividend: The company will report its dividend policy, actual amount paid compared to thatunder the policy, and comparison between the dividend paid in the current year with that of the previousyear.

To transparently monitor shareholdersû meeting, the company recorded video tape throughout the meetingperiod and shown on the companyûs website at www.sahacogen.com.

ë After the date of the shareholdersû meetingAfter the date of the shareholdersû meeting, the company will prepare minutes of the annual general

meeting stating the names of directors present/absent, cause of their absence, material explanations, questionsand answers or comments in summary (if any). In the previous year there was no shareholder asking questionor commenting. Details for each agenda item will reflect the reality at the meeting. Results of voting at eachagenda item will be classified as voting for, voting against and abstention. The said minutes will be reviewed bythe Executive Board and the Chairman of the Board before signing by the chairman of the meeting, and they willbe sent to the Stock Exchange of Thailand and the Office of the Securities and Exchange Commission andpublicized on the companyûs website within 14 days from the date of the shareholdersû meeting in Thai andEnglish languages, so that the shareholders can examine them without waiting until the next meeting. They willalso be submitted to the Ministry of Commerce within the period required by law.

Chapter 2: Equal Treatment of ShareholdersThe company respects the right of ownership of shareholders and treats every shareholder equally. Every shareholder

has equal rights as follows:

1) Shareholdersû meeting: For foreign shareholders, the notice of meeting, meeting documents and minutes will betranslated into English and delivered together with the Thai version or they can be viewed through the companyûswebsite in both Thai and English languages, so that all shareholders can consider and vote on the affairs of thecompany according to the agenda. If a shareholder is unable to attend the meeting, he or she can appoint a proxy ora member of the Audit Committee, who is an independent director of the company, to attend the meeting asrepresentative to preserve his or her rights. The company has indicated the name, address and interest of each of the4 members of the Audit Committee in the agenda of the notice so that shareholders can use such information in casehe or she wishes to select a member of the Audit Committee as his or her proxy, and the information on the 4members of the Audit Committee is available in the annual report delivered together with the notice of the meeting.The shareholder can use the form of proxy attached to the notice, which is form B, to encourage shareholders to vote.The form can also be downloaded from the companyûs website. There are 3 forms, i.e. forms A, B and C, prepared incompliance with the notification of the Ministry of Commerce. Any one form of proxy can be chosen. The companyalso provides duty stamps for shareholders appointing proxies. In 2008, the company held the annual generalshareholdersû meeting No. 6 on March 28, 2008. There were a total of 90 shareholders attending the meeting,representing 847,387,400 shares or 88.73%. Three shareholders authorized a member of the Audit Committee, who isan independent director proposed by the company as a proxy, to vote, and this shareholder held 15,728,600 shares.

40

2) °“√°”Àπ¥ ‘∑∏‘ÕÕ°‡ ’¬ß„π∑’Ëª√–™ÿ¡ ‡ªìπ‰ªμ“¡®”π«πÀÿâπ∑’ËºŸâ∂◊ÕÀÿâπ∂◊ÕÕ¬Ÿà ‚¥¬Àπ÷ËßÀÿâπ¡’ ‘∑∏‘‡∑à“°—∫Àπ÷Ëß‡ ’¬ß∫√‘…—∑ ¥”‡π‘π°“√

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2.4 °“√¥”‡π‘π°“√°—∫§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ∫√‘…—∑‰¥â¥”‡π‘π∏ÿ√°‘®¥â«¬§«“¡√Õ∫§Õ∫ ¡’‡Àμÿ¡’º≈ §”π÷ß∂÷ßª√–‚¬™πå Ÿß ÿ¥

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μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–°“√ªØ‘∫—μ‘°“√¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–

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2) Right to vote at the meeting: The voting right is in accordance with the number of shares held by a shareholder withone share having one vote. The meeting is conducted in order of the agenda items. No agenda items are added orchanged without prior notice to shareholders.

2.1 Voting at each agenda item is made openly: Ballots are provided for shareholders for every agenda item.Counting of votes will be made for only those who vote against and/or abstain from voting, and these votes willbe deducted from the total votes of shareholders present. The rest will be deemed as votes cast for. Accordingly,if at an agenda item, there is any shareholder who votes against or abstains from voting, a score signboardreceived upon registration will be shown. The signboard will indicate the name of the shareholder present,number of shares held or represented and barcode. The person in charge will bring the ballot to suchshareholder for signing as evidence for transparency and examination afterwards. The company uses barcode tohelp in counting votes and displays the result promptly on the screen in the conference room. All shareholderscan simultaneously know the votes for each agenda item classified as voting for, voting against and abstention.In the annual general shareholdersû meeting No. 6, the company had invited Mrs. Kobsuk Saengsawad, thelawyer of VIRA LAW Office Co., Ltd. as the witness of the vote.

2.2 Supervision of use of internal information: The company has internal information supervision measures, whichare provided in its ethics toward the company and shareholders and in the code of conduct for directors,executives and employees so that they will perform duties with integrity, responsibility, disciplines andaccountability to the public and themselves, without abuse of their positions or functions for undue benefit forthemselves and/or others. They are also required to preserve the interest and assets of the company, withoutuse of the companyûs information and assets for their own and/or othersû benefit. No act may be done tosupport any other person to do business in competition with the company. The company has announced thesame to its directors, executives and employees as a guideline for their business conduct and performance, andthis is also publicized on the companyûs website.

In the companyûs work rules, the said matter is also covered with highest disciplinary measure, i.e.termination of employment. The companyûs directors, executives and employees have performed as stipulated.

2.3 Inclusion of trading of the companyûs securities in its code of conduct: The company prohibits its directors,executives and employees who are in the departments in which they may be aware of internal information, fromtrading the companyûs securities during the period of one month before disclosure of its financial statements tothe public. In addition, the companyûs directors and executives (including their spouse and minor children) arerequired to report their securities holding. In case of trading of the companyûs shares, they must notify the Officeof the Securities and Exchange Commission, with copy to the Company secretary of Directors of the company,so that the same will be reported to the Board of Directors at the next Board of Directors meeting. At eachBoard of Directors meeting, there is an agenda item on holding of the companyûs securities by directors andexecutives, who know that they are required to comply with the applicable rules. In addition, if there is anychange in this matter, the company will send a letter notifying the directors and executives of the same, withcopy of letter and notification of the Securities and Exchange Commission regarding the said matter.

During the past year, the directors and executives of the company have strictly complied with the said policy. There was no trading of shares during the prohibition period. There were two directors andexecutives who traded the companyûs securities and they have notified the Office of the Securities andExchange Commission of the same within the required period and have reported their securities holding tothe Board of Directors of the company.

2.4 Conflict of interest: The company carries on business with prudence, reasonableness, taking into account thebest interest of the company. Pricing is made on the fair commercial terms as if it were a transaction made witha third party, with the practice in the said matter with transparency and in compliance with the rules of the StockExchange of Thailand. This is stipulated as one policy in good governance and is also provided in the ethicsrequired for treatment of the company and shareholders. Information is disclosed to provide equal opportunityof access to information. For example, for a connected transaction, the company has complied with the

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43

notification of the Stock Exchange of Thailand regarding disclosure of information and practice of a listedcompany in a connected transaction. The company also requires that interested directors leave the conferenceroom and abstain from voting on that agenda item so that the uninterested directors can fully provide theiropinion and be independent in voting. The Company secretary of Directors will notify the meeting that for thatagenda item, which directors who have an interest must leave the conference room. Upon completion of themeeting, the name, relationship of the connected person, pricing, value of transaction, and directors who havedissenting opinion from that of the Board of Directors (if any) will be disclosed to the Stock Exchange ofThailand within the period required and the same will be publicized on the companyûs website for the sake oftransparency. The same will also be recorded in the minutes of meeting for examination afterwards.

For the annual general shareholdersû meeting No. 7, the company has allowed shareholders to proposean agenda and candidate for director election which all criteria and conditions are both in Thai andEnglish informing through the SET channel and the companyûs website on the subject of investor relation sinceDecember 29, 2008. Shareholders shall propose their agenda during December 29, 2008 to January 31, 2009directly to the company secretary as well.

Chapter 3: Roles of Stakeholders

The company places importance on the interests of various stakeholders, by carrying on its business withaccountability and fairness to all parties concerned. The company is committed to developing its business to achieveprosperity and sustainable growth, appropriately generating return to shareholders and protecting the companyûs interestand assets as if a reasonable man would do to preserve his own assets. This ensures that all stakeholders will be treatedfairly, and the same is provided in the code of conduct for executives and employees.

ShareholdersThe company respects the basic rights of shareholders as provided by law, articles of association, and code of

conduct of the company, by treating all shareholders equally. The company has set up mechanism by which theshareholders can be confident that they will receive accurate information and appropriate return, fair return according to thecompanyûs dividend policy. There are control of inter-transactions, conflict of interest prevention measures, prevention ofuse of internal information that is confidential. No directors, executives and employees who are aware of internal informationmay use the companyûs internal information for their own benefit including trading of the companyûs securities during theperiod of one month prior to disclosure of its financial statements to the public. This is also stipulated in the code ofconduct of employees.

In 2008, the company paid dividend from its operation of 2007 at the rate of Baht 0.30 per share, accounting for86.97% of its net profits of its own financial statements. The dividend was scheduled to be paid on April 25, 2008. Dividendis paid to shareholders continuously every year, truly generating long-term wealth to shareholders. In addition, the companyreports its results of operations on a quarterly basis and discloses transactions with connected persons on the terms as ifmade with a third party through the report system of the Stock Exchange of Thailand and the companyûs website.

CustomersThe company carries on business with integrity and fairness and provides accurate information to its customers.

Complaints of customers are paid attention to and dealt with fairly to promptly response to the demands of the customers.Goods and services are developed to meet the demands of customers.

Commercial partnersThe company adheres to commercial terms and conditions within the framework of good faith and fair competition.

The company strictly keeps its promises to its commercial partners. They will be paid, receive goods as agreed punctuallyand are treated equally. The company promotes good relationship and understanding with them, exchanges knowledge, andcooperates with them in developing goods and services to add value to them. The company does not demand, receive oragree to receive property or any other benefit beyond commercial agreement.

44

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45

CreditorsThe company strictly adheres to commitment to its creditors. In the past year, the company paid its commercial

creditors according to the credit terms agreed, without any default.

EmployeesThe company places importance on development of its personnel, recognizing that employees are a valuable

resource and are keys to the organizationûs success. The company therefore commits to encouraging training, developingknowledge and skill of all employees so as to found the basis to support the companyûs important business strategiescontinuously. This will create security in their career and progress according to each personûs potential. The company alsosends its employees to study from its commercial partners, local and abroad, so that its personnel are competitive inany situation. The employees are also encouraged to participate in setting direction for operation and development.The company provides compensation with fairness and appropriately to knowledge, capability, responsibility andperformance of each employee. (Details of implementation of this policy are disclosed in Section 9.6.2 çPersonnelDevelopment Policyé in Form 56-1)

The company takes care of working environment, taking into account safety to life, health and property of employeesby stipulating the policy on safety, occupational health and working environment. The safety, occupational health andworking environment committee and safety, occupational health and working environment section are established tooversee this aspect to ensure efficiency with regular monitoring. In 2008, the company provided training on çWork SafetyAwarenessé and çBasic Fire-Fighting and Evacuationé courses and conducted fire drill so that employees had knowledgeand understanding of appropriate practice. The company also distributes information and knowledge concerning safety toemployees through exhibition and the companyûs intranet regularly. At the same time, the company also regularly inspectssafety and environment within its factory, and provides safety tools, appliances and equipment for employees in caseof emergency. In addition, the company provides welfare to employees to promote their quality of life and well-being,e.g. library, annual physical check-up, medical expenses, health insurance, annual internal sports, uniform for employees,provident fund, housing loans with low interest rate in cooperation with the Government Housing Bank.

CompetitorsThe company carries on business strictly within good faith and fair competition scope within legal framework.

The company has never had any dispute involving its competitors.

Communities and societyThe company recognizes its responsibility to communities and society by raising awareness of responsibility

to communities and society in the company continuously and promotes activities that benefit communities and societyas a whole.

EnvironmentThe company carries on business taking into account impact on natural resources and the environment. In the past

year, the company was awarded the EIA Monitoring Award 2007 and 2008 for an outstanding enterprise in power industryconforming to the measures in the environmental impact analysis and outstanding environmental management from theOffice of Natural Resources and Environmental Policy and Planning, Ministry of Natural Resources and the Environment.

46

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§≥–°√√¡°“√∫√‘À“√‰¥â¡’°“√μ‘¥μ“¡º≈°“√¥”‡π‘πß“π¢ÕßΩÉ“¬®—¥°“√ ‚¥¬°”Àπ¥„Àâ¡’°“√√“¬ß“π§«“¡°â“«Àπâ“¢Õßº≈°“√

¥”‡π‘πß“π·≈–º≈ª√–°Õ∫°“√¢Õß∫√‘…—∑∑ÿ°‡¥◊Õπ ·≈–„π°√≥’∑’Ë°√√¡°“√∑à“π„¥¡’°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬å¢Õß∫√‘…—∑®–μâÕß

àß ”‡π“√“¬ß“π°“√∂◊ÕÀ≈—°∑√—æ¬å∑’Ë‰¥â àß„Àâ°—∫ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å„Àâ°—∫‡≈¢“πÿ°“√∫√‘…—∑ ‡æ◊ËÕ

π”‡¢â“∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—ÈßμàÕ‰ª §≥–°√√¡°“√∫√‘…—∑¬—ß‰¥â®—¥„Àâ¡’√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑μàÕ

√“¬ß“π∑“ß°“√‡ß‘π ‚¥¬· ¥ß§«∫§Ÿà°—∫√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’„π√“¬ß“πª√–®”ªï ‚¥¬ª√–∏“π°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√‡ªìπ

ºŸâ≈ßπ“¡„π√“¬ß“π¥—ß°≈à“«

47

However, if shareholders or any stakeholders have any concerns about the accuracy of the financial statements,defective internal control, legal offense or misconduct, they can contact the Managing Director at tel. 038-4815555 or fax038-481551 or email [email protected] or the Secretary to the Audit Committee, who reports directly to the AuditCommittee, at tel. 038-481555 or email [email protected], or Chairman of the Audit Committee at tel. 038-481555 orfax 038-481551. Results of investigation will be reported to the Board of Directors of the company. Those making report orcomplaint will be strictly kept confidential. In 2008, there was no complaint from any shareholder or stakeholders.

Chapter 4: Disclosure and Transparency

The company places importance on disclosure of material financial information accurately and in the timely manner inaccordance with the generally accepted accounting standard and principle, as well as non-financial information, withtransparency, in strict compliance with laws, rules and regulations of the Office of the Securities and Exchange Commission,Stock Exchange of Thailand and other government agencies. The company also follows up with amendments thereto sothat shareholders, investors and the general public can be confident that the laws, rules and regulations observed by thecompany are up-to-date, so that they are confident in the companyûs business operation, which will add value forshareholders. Parties concerned can access to information necessary to their decision-making through the channelsprovided by the company, e.g. annual report, Form 56-1, and the website of the Stock Exchange of Thailand at www.set.or.thand the companyûs website at www.sahacogen.com. In this connection, the company also provides its shareholders andinvestors with an opportunity to make inquiries through the companyûs investor relations, whereby the Managing Director isauthorized to provide information and news to investors and those concerned, by making contact at tel. 038-481555, fax038-481551 or email [email protected]. This will facilitate all stakeholders to access to information equally throughseveral channels.

Every time when there is a transaction that may involve a conflict of interest, the Audit Committee will attend themeeting and provide their opinion, and the director having a conflict of interest will not attend the meeting and not vote onthat agenda item so that the decision of the Board of Directors and executives will be made fairly for the benefit ofshareholders. Upon conclusion being reached the company will disclose the resolution of the meeting indicating the valueof the transaction, contractual parties, reasons and needs for the transaction and other details of such transactionaccurately, completely and in a timely manner in accordance with the rules of the Stock Exchange of Thailand.The transaction will also be summarized in the annual report and Form 56-1.

For the mechanism for monitoring, reviewing and balancing the power of management to ensure transparency,the company has an internal control that covers management, operation and finance. The company has hired DharmnitiAuditing Co., Ltd. as internal auditor to assess the internal control in accordance with the guideline stipulated by theBoard of Directors. The internal audit emphasizes on prevention to ensure concrete benefit of the relevant department. It willtry to find the causes and propose opinion on improvements to ensure true benefit, with approval by the relevantdepartment. The audit will also reveal adequate information to ensure transparency in accordance with the goodgovernance practice. Audit results will be reported directly to the Audit Committee.

The Executive Board has monitored the performance of Management by requiring reporting of progress ofperformance and results of operations of the company every month. If any director changes his or her holding ofthe companyûs securities, a copy of the report on securities holding submitted to the Office of the Securities andExchange Commission must also be delivered to the Company secretary of Directors, so that the matter can be tabledat the next Board of Directors meeting. The Board of Directors has also provided a report on the accountability of theBoard of Directors to the financial reports, which is presented along with the auditorûs report in the annual report, whichis signed by the Chairman of the Board and the Managing Director.

48

§à“μÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

ë §à“μÕ∫·∑π°√√¡°“√

∫√‘…—∑¬—ß‰¡à¡’§≥–Õπÿ°√√¡°“√æ‘®“√≥“§à“μÕ∫·∑π ·μà¡’°√–∫«π°“√æ‘®“√≥“§à“μÕ∫·∑π‚¥¬§≥–°√√¡°“√∫√‘…—∑

®–√à«¡°—πæ‘®“√≥“°”Àπ¥«ß‡ß‘π§à“μÕ∫·∑π ·≈–π”‡ πÕμàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕÕπÿ¡—μ‘‚¥¬æ‘®“√≥“®“°º≈ª√–°Õ∫°“√¢Õß∫√‘…—∑

«ß‡ß‘π§à“μÕ∫·∑π∑’Ë‰¥â√—∫Õπÿ¡—μ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–®”π«π‡ß‘π§à“μÕ∫·∑π∑’Ë®à“¬„πªï∑’Ëºà“π¡“ ‚¥¬§à“μÕ∫·∑π®–®à“¬‡ªìπ

‡∫’È¬ª√–™ÿ¡‡¡◊ËÕ¡’°“√‡¢â“√à«¡ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑¥—ßπ’È

§à“‡∫’È¬ª√–™ÿ¡ª√–∏“π°√√¡°“√ 20,000.- ∫“∑/§√—Èß

§à“‡∫’È¬ª√–™ÿ¡°√√¡°“√ 10,000.- ∫“∑/§√—Èß

§à“‡∫’È¬ª√–™ÿ¡§≥–°√√¡°“√μ√«® Õ∫ 10,000.- ∫“∑/§√—Èß

À¡“¬‡Àμÿ ∑—Èßπ’È§à“μÕ∫·∑π°√√¡°“√∑—ÈßÀ¡¥√«¡°—πμâÕß‰¡à‡°‘π«ß‡ß‘π§à“μÕ∫·∑π∑’Ë‰¥â√—∫Õπÿ¡—μ‘®“°ºŸâ∂◊ÕÀÿâπ

§à“μÕ∫·∑πª√–®”ªï®–‡ªìπ°“√®à“¬„Àâ·°à°√√¡°“√∑ÿ°§π ∑—Èßπ’È∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ §√—Èß∑’Ë 6 ‡¡◊ËÕ«—π∑’Ë 28 ¡’π“§¡ 2551

‰¥âÕπÿ¡—μ‘§à“μÕ∫·∑π°√√¡°“√«ß‡ß‘π√«¡‰¡à‡°‘π 10 ≈â“π∫“∑μàÕªï ·≈–‰¥â®à“¬‰ª‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 7.9 ≈â“π∫“∑ ‚¥¬∫√‘…—∑

‰¥â‡ªî¥‡º¬§à“μÕ∫·∑π¢Õß°√√¡°“√‡ªìπ√“¬∫ÿ§§≈‰«â„πÀ—«¢âÕ 9.3 §à“μÕ∫·∑πºŸâ∫√‘À“√ „π·∫∫ 56-1

ë §à“μÕ∫·∑πºŸâ∫√‘À“√

§à“μÕ∫·∑πºŸâ∫√‘À“√‡ªìπ‰ªμ“¡À≈—°°“√·≈–π‚¬∫“¬¢Õß∫√‘…—∑‚¥¬æ‘®“√≥“®“°º≈ª√–°Õ∫°“√¢Õß∫√‘…—∑·≈–º≈°“√

ªØ‘∫—μ‘ß“π¢ÕßºŸâ∫√‘À“√·μà≈–§π

À¡«¥∑’Ë 5 ‡√◊ËÕß§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√

ë ‚§√ß √â“ß§≥–°√√¡°“√∫√‘…—∑

§≥–°√√¡°“√∫√‘…—∑ ¡’®”π«π 13 ∑à“π ª√–°Õ∫¥â«¬

°√√¡°“√∫√‘…—∑∑’Ë‡ªìπºŸâ∫√‘À“√ 5 ∑à“π

°√√¡°“√∫√‘…—∑∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ 4 ∑à“π

°√√¡°“√∫√‘…—∑∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√·≈–‡ªìπ°√√¡°“√Õ‘ √– 4 ∑à“π

∫√‘…—∑¡’°√√¡°“√Õ‘ √– 4 ∑à“π §‘¥‡ªìπ 30.77% ¢Õß°√√¡°“√∑—Èß§≥– ∫√‘…—∑‰¡à¡’§≥–°√√¡°“√ √√À“ ‚¥¬§≥–°√√¡°“√

∫√‘…—∑®–§—¥‡≈◊Õ°°√√¡°“√®“°ºŸâ∑√ß§ÿ≥«ÿ≤‘∑’Ë¡’§«“¡√Ÿâ§«“¡ “¡“√∂®“°À≈“°À≈“¬«‘™“™’æ ¡’«‘ —¬∑—»πå ‡ªìπºŸâ¡’§ÿ≥∏√√¡ ·≈–¡’

ª√–«—μ‘°“√∑”ß“π∑’Ë‰¡à¥à“ßæ√âÕ¬ · ¥ß§«“¡§‘¥‡ÀÁπÕ¬à“ßÕ‘ √– ‚¥¬§≥–°√√¡°“√∫√‘…—∑‰¥â°”Àπ¥Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫¢Õß

§≥–°√√¡°“√∑ÿ°™ÿ¥‰«âÕ¬à“ß™—¥‡®π ·≈–¡’°√√¡°“√ºŸâ®—¥°“√ „π∞“π–ΩÉ“¬®—¥°“√ ´÷Ëß‰¥â√—∫°“√·μàßμ—Èß®“°§≥–°√√¡°“√∫√‘…—∑

„Àâ¡’Àπâ“∑’Ë¥Ÿ·≈°“√¥”‡π‘π∏ÿ√°‘® ∫√‘À“√°‘®°“√ß“π¢Õß∫√‘…—∑ ·≈–°“√ªØ‘∫—μ‘ß“π¢Õß∫√‘…—∑„Àâ∫√√≈ÿμ“¡«—μ∂ÿª√– ß§å ‡ªÑ“À¡“¬ ·≈–

Õ¥§≈âÕß°—∫π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑°”Àπ¥

ë «“√–°“√¥”√ßμ”·Àπàß·≈–°“√‰ª¥”√ßμ”·Àπàß°√√¡°“√∑’ËÕ◊Ëπ¢Õß°√√¡°“√

∫√‘…—∑ ‰¡à‰¥â°”Àπ¥®”π«π«“√–°“√¥”√ßμ”·Àπàß À√◊Õ®”π«π∫√‘…—∑∑’Ë°√√¡°“√∫√‘…—∑·μà≈–§π¥”√ßμ”·Àπàß„π∫√‘…—∑Õ◊Ëπ

‡π◊ËÕß®“°∫√‘…—∑¡’§«“¡‡™◊ËÕ«à“§«“¡ “¡“√∂∑“ß∏ÿ√°‘®·≈–§«“¡‡™’Ë¬«™“≠„π‡√◊ËÕßμà“ßÊ¢Õß°√√¡°“√∫√‘…—∑‰¡à‰¥â¢÷ÈπÕ¬Ÿà°—∫®”π«π

«“√–À√◊Õ®”π«π∫√‘…—∑∑’Ë¥”√ßμ”·Àπàß μ√“∫‡∑à“∑’Ë¬—ß¡’§«“¡ “¡“√∂Õÿ∑‘»‡«≈“„Àâ°—∫∫√‘…—∑‰¥âÕ¬à“ß‡μÁ¡∑’Ë “¡“√∂°”Àπ¥π‚¬∫“¬

„Àâ§”ª√÷°…“„π°“√·°âªí≠À“μà“ßÊ „π°“√¥”‡π‘π∏ÿ√°‘®‰¥âμ“¡«—μ∂ÿª√– ß§å∑’Ë∫√‘…—∑§“¥À«—ß‰«â ·≈–Õ”π“®„π°“√μ—¥ ‘π„®„π°“√

‡≈◊Õ°μ—Èß∫ÿ§§≈‡¢â“¥”√ßμ”·Àπàß°√√¡°“√∫√‘…—∑π—Èπ ‡ªìπ ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ‚¥¬μ√ß∑’Ë®–§—¥‡≈◊Õ°∫ÿ§§≈‡¢â“∑”Àπâ“∑’Ë·∑πμπ„π°“√

°”Àπ¥π‚¬∫“¬·≈–§«∫§ÿ¡∫√‘…—∑∑’Ëμπ‡ªìπ‡®â“¢Õß

49

Remuneration of directors and executives

ë Remuneration of directors

The company has not yet appointed a remuneration committee. The determination of remuneration is made bythe Board of Directors and proposed to the shareholdersû meeting for approval based on the results of operations ofthe company and the remuneration of the previous year. Meeting allowances for the Board of Directors meeting in2008 was as follows:

Meeting allowance for the Chairman Baht 20,000 per meetingMeeting allowance for directors Baht 10,000 per meetingMeeting allowance for the Audit Committee Baht 10,000 per meeting

Remark: all remunerations and meeting allowances were accumulated as the amount approval from the annualgeneral shareholdersû meeting.

The annual remuneration is paid to all directors. The annual general shareholdersû meeting No. 6, held onMarch 28, 2008 approved remuneration to directors in a maximum of Baht 10 million per year. The actual total amountpaid was Baht 7.9 million. The remuneration of each director is disclosed in Section 9.3 executive remunerationin Form 56-1.

ë Executive remuneration

The executive remuneration is in accordance with the companyûs principle and policy based on its results ofoperations and performance of each executive.

Chapter 5: Responsibility of the Board of Directors

ë Structure of the Board of Directors

The Board of Directors of the company is comprised of 13 directors:

Director & Executive Committee 5 directorsNon-Management Director 4 directorsNon-Management Director and Independent 4 directors

The company has 4 independent directors, representing 30.77% of the total number of directors. The companyhas no nomination committee. The Board of Directors will select directors from experts who have knowledge andcapability from various professions, and who have vision, are ethical, have no misconduct record, and are able toprovide opinion independently. The Board of Directors has clearly stipulated the duties and responsibilities of allcommittees, with the Managing Director, in the capacity of a member of Management, being appointed by the Boardof Directors to oversee business operation and management of the companyûs affairs and its performance to achievethe objectives and goals, in line with the policy set by the Board of Directors.

ë Terms of directors and Number of companies in which a director holds offices

The company does not fix a directorûs term or the number of companies in which a director holds offices.The company believes that the business capability and expertise of a director does not depend on his or her age orthe number of companies in which he or she holds offices but depends on his or her competence in businessmanagement as the companyûs expectation. Moreover, a director appointed by the shareholdersû meeting shallbe shareholdersû representatives to set a company policy to maximum high return to shareholders.

50

∫√‘…—∑‰¥â‡ªî¥‡º¬√“¬≈–‡Õ’¬¥¢âÕ¡Ÿ≈°“√¥”√ßμ”·Àπàß¢Õß°√√¡°“√·μà≈–§π„π∫√‘…—∑Õ◊Ëπ‰«â„π‡Õ° “√·π∫ 1 ¢Õß·∫∫

56-1 ·≈–„π√“¬ß“πª√–®”ªï ÷Ëßªí®®ÿ∫—π∫√‘…—∑¡’°√√¡°“√∫√‘…—∑®”π«π 3 §π∑’Ë¥”√ßμ”·Àπàß°√√¡°“√∫√‘…—∑®¥∑–‡∫’¬π¡“°°«à“

5 ∫√‘…—∑ ·μàÕ¬à“ß‰√°Áμ“¡ ∫√‘…—∑¡—Ëπ„®«à“‰¡à¡’º≈°√–∑∫μàÕ°“√ªØ‘∫—μ‘Àπâ“∑’Ë·μàÕ¬à“ß„¥ ‡π◊ËÕß®“°°√√¡°“√‰¥âÕÿ∑‘»‡«≈“„π°“√

ªØ‘∫—μ‘Àπâ“∑’Ë„Àâ°—∫∫√‘…—∑Õ¬à“ß‡μÁ¡∑’Ë ‚¥¬‰¥â‡¢â“√à«¡ª√–™ÿ¡Õ¬à“ß ¡Ë”‡ ¡Õ∑ÿ°§√—Èß ·≈–∑”§ÿ≥ª√–‚¬™πå·°à∫√‘…—∑¡“‚¥¬μ≈Õ¥

ë §ÿ≥ ¡∫—μ‘°√√¡°“√Õ‘ √–

§ÿ≥ ¡∫—μ‘¢Õß°√√¡°“√Õ‘ √–¢Õß∫√‘…—∑ ‡ªìπ‰ªμ“¡¢âÕ°”Àπ¥¢Õß§≥–°√√¡°“√°”°—∫μ≈“¥∑ÿπ ¥—ßμàÕ‰ªπ’È

(1) ∂◊ÕÀÿâπ‰¡à‡°‘π√âÕ¬≈–Àπ÷Ëß¢Õß®”π«πÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß∑—ÈßÀ¡¥¢Õß∫√‘…—∑ ∫√‘…—∑„À≠à ∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ À√◊Õπ‘μ‘∫ÿ§§≈

∑’ËÕ“®¡’§«“¡¢—¥·¬âß ∑—Èßπ’È „Àâπ—∫√«¡°“√∂◊ÕÀÿâπ¢ÕßºŸâ∑’Ë‡°’Ë¬«¢âÕß¢Õß°√√¡°“√Õ‘ √–√“¬π—ÈπÊ ¥â«¬

(2) ‰¡à‡ªìπ∫ÿ§§≈∑’Ë¡’§«“¡ —¡æ—π∏å∑“ß “¬‚≈À‘μ À√◊Õ‚¥¬°“√®¥∑–‡∫’¬πμ“¡°ÆÀ¡“¬ „π≈—°…≥–∑’Ë‡ªìπ∫‘¥“¡“√¥“ §Ÿà ¡√

æ’ËπâÕß ·≈–∫ÿμ√ √«¡∑—Èß§Ÿà ¡√ ¢Õß∫ÿμ√ ¢ÕßºŸâ∫√‘À“√ ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ºŸâ¡’Õ”π“®§«∫§ÿ¡ À√◊Õ∫ÿ§§≈∑’Ë®–‰¥â√—∫°“√‡ πÕ

„Àâ‡ªìπºŸâ∫√‘À“√ À√◊ÕºŸâ¡’Õ”π“®§«∫§ÿ¡¢Õß∫√‘…—∑ À√◊Õ∫√‘…—∑¬àÕ¬¥—ß°≈à“« „Àâπ—∫√«¡¿“√–Àπ’È∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßÀπ÷Ëßªï

°àÕπ«—π∑’Ë¡’§«“¡ —¡æ—π∏å∑“ß∏ÿ√°‘®°—∫∫ÿ§§≈‡¥’¬«°—π

(3) ‰¡à‡ªìπ°√√¡°“√∑’Ë‰¥â√—∫°“√·μàßμ—Èß¢÷Èπ‡æ◊ËÕ‡ªìπμ—«·∑π¢Õß°√√¡°“√¢Õß∫√‘…—∑ ºŸâ∂◊ÕÀÿâπ√“¬„À≠à À√◊ÕºŸâ∂◊ÕÀÿâπ´÷Ëß‡ªìπºŸâ∑’Ë‡°’Ë¬«¢âÕß

°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑

(4) ‰¡àª√–°Õ∫°‘®°“√∑’Ë¡’ ¿“æÕ¬à“ß‡¥’¬«°—π·≈–‡ªìπ°“√·¢àß¢—π∑’Ë¡’π—¬°—∫°‘®°“√¢Õß∫√‘…—∑ À√◊Õ∫√‘…—∑¬àÕ¬ À√◊Õ‰¡à‡ªìπÀÿâπ à«π

∑’Ë¡’π—¬„πÀâ“ßÀÿâπ à«π À√◊Õ‡ªìπ°√√¡°“√∑’Ë¡’ à«π√à«¡∫√‘À“√ß“π ≈Ÿ°®â“ß æπ—°ß“π ∑’Ëª√÷°…“∑’Ë√—∫‡ß‘π‡¥◊Õπª√–®”À√◊Õ∂◊ÕÀÿâπ

‡°‘π√âÕ¬≈–Àπ÷Ëß¢Õß®”π«πÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß∑—ÈßÀ¡¥¢Õß∫√‘…—∑Õ◊Ëπ ÷Ëßª√–°Õ∫°‘®°“√∑’Ë¡’ ¿“æÕ¬à“ß‡¥’¬«°—π·≈–‡ªìπ°“√

·¢àß¢—π∑’Ë¡’π—¬°—∫°‘®°“√¢Õß∫√‘…—∑ À√◊Õ∫√‘…—∑¬àÕ¬

(5) ‰¡à¡’≈—°…≥–Õ◊Ëπ„¥∑’Ë∑”„Àâ ‰¡à “¡“√∂„Àâ§«“¡‡ÀÁπÕ¬à“ß‡ªìπÕ‘ √–‡°’Ë¬«°—∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑

¿“¬À≈—ß‰¥â√—∫°“√·μàßμ—Èß„Àâ‡ªìπ°√√¡°“√Õ‘ √–∑’Ë¡’≈—°…≥–‡ªìπ‰ªμ“¡«√√§Àπ÷Ëß (1) ∂÷ß (5) ·≈â« °√√¡°“√Õ‘ √–Õ“®‰¥â√—∫

¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑ „Àâμ—¥ ‘π„®„π°“√¥”‡π‘π°‘®°“√¢Õß∫√‘…—∑ ∫√‘…—∑„À≠à ∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ∫√‘…—∑¬àÕ¬

≈”¥—∫‡¥’¬«°—π À√◊Õπ‘μ‘∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß ‚¥¬¡’°“√μ—¥ ‘π„®„π√Ÿª·∫∫¢ÕßÕß§å§≥– (collectivedecision) ‰¥â

∑—Èßπ’È À“°§≥–°√√¡°“√°”°—∫μ≈“¥∑ÿπ ‰¥â¡’ª√–°“»‡ª≈’Ë¬π·ª≈ß§ÿ≥ ¡∫—μ‘°√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √–¢Õß∫√‘…—∑μâÕß¡’

§ÿ≥ ¡∫—μ‘μ“¡∑’Ë‰¥â¡’ª√–°“»‡ª≈’Ë¬π·ª≈ß‰ª∑ÿ°ª√–°“√

À≈—°‡°≥±å„π°“√§—¥‡≈◊Õ°°√√¡°“√Õ‘ √–·≈–°√–∫«π°“√ √√À“

§≥–°√√¡°“√∫√‘…—∑æ‘®“√≥“ √√À“§—¥‡≈◊Õ°°√√¡°“√Õ‘ √– μ“¡À≈—°‡°≥±å·≈–§ÿ≥ ¡∫—μ‘¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ‡æ◊ËÕ‡ πÕμàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

‡≈¢“πÿ°“√∫√‘…—∑

‡¡◊ËÕ«—π∑’Ë 28 ¡’π“§¡ 2551 ∫√‘…—∑‰¥â·μàßμ—Èß π“ßæ√√≥’ ©—π∑«√≈—°…≥å ´÷Ëß‡ªìπºŸâ∑’Ë¡’§ÿ≥«ÿ≤‘·≈–ª√– ∫°“√≥å∑’Ë‡À¡“– ¡ ∑”Àπâ“∑’Ë

‡≈¢“πÿ°“√∫√‘…—∑ ‚¥¬¡’Õ”π“®Àπâ“∑’Ëμ“¡æ√–√“™∫—≠≠—μ‘À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å æ.». 2535 ÷Ëß·°â ‰¢‡æ‘Ë¡‡μ‘¡‚¥¬æ√–√“™

∫—≠≠—μ‘À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å (©∫—∫∑’Ë 4) æ.». 2551 ¥—ßπ’È

(1) ®—¥∑”·≈–®—¥‡°Á∫√—°…“‡Õ° “√ ¥—ßμàÕ‰ªπ’È

(°) ∑–‡∫’¬π°√√¡°“√

(¢) Àπ—ß ◊Õπ—¥ª√–™ÿ¡§≥–°√√¡°“√ √“¬ß“π°“√ª√–™ÿ¡§≥–°√√¡°“√ ·≈–√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑

(§) Àπ—ß ◊Õπ—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–√“¬ß“π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

(2) ‡°Á∫√—°…“√“¬ß“π°“√¡’ à«π‰¥â‡ ’¬∑’Ë√“¬ß“π‚¥¬°√√¡°“√À√◊ÕºŸâ∫√‘À“√

(3) ¥”‡π‘π°“√Õ◊ËπÊ μ“¡∑’Ë§≥–°√√¡°“√°”°—∫μ≈“¥∑ÿπª√–°“»°”Àπ¥

51

Each directorûs details concerning on his term was reported on an attachment -1 on the form 56-1 andthe annual report. The company presently had three directors who hold more than 5 offices. However, the companyis trustfully that these directors devote and duly take his responsibility for the companyûs benefit and consistentlyattended a meeting.

ë Qualifications of Independent DirectorsThe qualifications of independent directors are as per the following requirements of the Equity Market

Committee.(1) The person must hold no more than one percent of all shares of the company with which he or she holds the

voting right, as well as, its parent company, its subsidiary, its joint venture or a juristic person with a possibleconflict of interests. The shares held by individuals related to the independent director must also be included.

(2) The person must not be an individual with blood or legal relation - as a father, a mother, a spouse, a sibling orthe spouse of a child - to an executive, a major shareholder, an individual with the controlling authority, or anindividual who will be nominated as an executive, or an individual with the controlling authority of both thecompany or its subsidiaries.

(3) The person must not be a director appointed to represent a company director, a major shareholder or ashareholder who is related to a major shareholder of the company.

(4) Not participating in management and not being an employee, a staff member, other type of advisor receiving aregular salary, or holding shares more than 1 percent of the total voting share of business competitors or theiraffiliates, or any companies whose nature of business operation similarly to the companyûs business and itsaffiliates.

(5) The person must not have any other characteristics which render him or her incapable of freely opining on theoperation of the company.

Following the appointment as an independent director under Paragraphs (1) to (5) the independent directormay be assigned by the Board of Directors to make decisions on the business of the company, its parent company,its subsidiary, its joint venture, a subsidiary of the same level or a juristic person with a possible conflict of interestsin the manner of a collective decision.

In the case where the Equity Market Committee announces a change of qualifications of independent directors,the requirements of the company independent directors will also change accordingly.

Rules for selecting an independent director and selection processThe Board of Directors selects independent directors in accordance with the rules , whose qualifications stipulated

by the Stock Exchange of Thailand and the Securities and Exchange Commission, and proposes them to the shareholdersûmeeting.

The Company SecretaryThe company has appointed Mrs. Pannee Chantavaraluk, a qualified and experienced person to be the company

secretary in order to respond on the following matters on behalf of the Board of Directors in compliance with the Securitiesand Exchange Act (No. 4) B.E. 2551 which amended some provision of the Securities and Exchange Act B.E. 2535:

1. Preparing and keeping the following documents:a) A register of directors;b) A notice calling director meeting, a minute of meeting of the Board of Directors and an annual report of the

company;c) A notice calling shareholder meeting and a minute of shareholdersû meeting;

2. Keeping a report on interest filed by a director or an executive;3. Performing any other acts as specified in the notification of the Capital Market Supervisory Board.

52

ë ∫∑∫“∑ Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∫√‘…—∑

¿“«–ºŸâπ” ·≈–«‘ —¬∑—»πå

§≥–°√√¡°“√∫√‘…—∑ª√–°Õ∫¥â«¬∫ÿ§§≈´÷Ëß¡’§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–ª√– ∫°“√≥åÀ≈“°À≈“¬ ¡’§«“¡ “¡“√∂‡©æ“–¥â“π

∑’Ë‡ªìπª√–‚¬™πå°—∫∫√‘…—∑ ‡¢â“„®∫∑∫“∑Àπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫ ¡’¿“«–ºŸâπ” ¡’°“√°”Àπ¥«‘ —¬∑—»πå¢Õß∫√‘…—∑‰«âÕ¬à“ß™—¥‡®π ¡’§«“¡

‡ªìπÕ‘ √–„π°“√· ¥ß§«“¡§‘¥‡ÀÁπ·≈–μ—¥ ‘π„® °”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑„Àâ‡ªìπ‰ªμ“¡«—μ∂ÿª√– ß§å·≈–‡ªÑ“À¡“¬∑’Ë ‰¥â°”Àπ¥

‰«â„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥μàÕ∫√‘…—∑ ·≈–ºŸâ∂◊ÕÀÿâπ ¡’°“√∫√‘À“√ß“π‚¥¬°“√°”Àπ¥¿“√°‘® ‡ªÑ“À¡“¬ °≈¬ÿ∑∏å ·ºπªÆ‘∫—μ‘ß“π·≈–

ß∫ª√–¡“≥ª√–®”ªï ‡æ◊ËÕ„Àâ∫√√≈ÿ‡ªÑ“À¡“¬∑’Ë°”Àπ¥‰«â ‚¥¬π”À≈—°∫√√…—∑¿‘∫“≈¡“‡ªìπ‡§√◊ËÕß¡◊Õ„π°“√∫√‘À“√®—¥°“√‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“

„Àâ·°à°‘®°“√·≈–ºŸâ∂◊ÕÀÿâπ

∫√‘…—∑°”Àπ¥„Àâ¡’§≥–°√√¡°“√¢Õß∫√‘…—∑‰¡àπâÕ¬°«à“ 5 §π (μ“¡ æ√∫. ¡À“™π) §ÿ≥ ¡∫—μ‘¢Õß°√√¡°“√μâÕß‡ªìπ∫ÿ§§≈

∏√√¡¥“ ·≈–

1. ∫√√≈ÿπ‘μ‘¿“«–

2. ‰¡à‡ªìπ∫ÿ§§≈≈â¡≈–≈“¬ §π‰√â§«“¡ “¡“√∂ À√◊Õ§π‡ ¡◊Õπ‰√â§«“¡ “¡“√∂

3. ‰¡à‡§¬√—∫‚∑…®”§ÿ° ‚¥¬§”æ‘æ“°…“∂÷ß∑’Ë ÿ¥„Àâ®”§ÿ°„π§«“¡º‘¥‡°’Ë¬«°—∫∑√—æ¬å∑’Ë‰¥â °√–∑”‚¥¬∑ÿ®√‘μ‰¡à‡§¬∂Ÿ°≈ß‚∑…‰≈àÕÕ°

À√◊Õª≈¥ÕÕ°®“°√“™°“√ À√◊ÕÕß§å°“√À√◊Õ Àπà«¬ß“π¢Õß√—∞ ∞“π∑ÿ®√‘μμàÕÀπâ“∑’Ë

§≥–°√√¡°“√∫√‘…—∑¡’°“√μ‘¥μ“¡º≈°“√¥”‡π‘πß“π¢ÕßΩÉ“¬®—¥°“√ ‚¥¬°”Àπ¥„Àâ√“¬ß“π§«“¡°â“«Àπâ“¢Õß º≈°“√¥”‡π‘πß“π

·≈–º≈ª√–°Õ∫°“√¢Õß∫√‘…—∑ ·≈–°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√∑ÿ°§π„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑

°“√√«¡À√◊Õ·¬°μ”·Àπàß

ª√–∏“π°√√¡°“√∫√‘…—∑¡‘‰¥â‡ªìπºŸâ∫√‘À“√·≈–‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—∫ª√–∏“π°√√¡°“√∫√‘À“√ ‡æ◊ËÕ‡ªìπ°“√·∫àß·¬°Àπâ“∑’Ë

„π°“√∫√‘À“√ß“π ¡’§«“¡Õ‘ √–®“°°—π ·≈–∂à«ß¥ÿ≈´÷Ëß°—π·≈–°—π ‚¥¬ª√–∏“π°√√¡°“√∫√‘…—∑‰¥â· ¥ß∫∑∫“∑¢ÕßºŸâπ” ·≈–‡ªìπ

ºŸâ§«∫§ÿ¡°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑„Àâ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ π—∫ πÿπ„Àâ°√√¡°“√·≈–ºŸâ∫√‘À“√∑ÿ°§π¡’ à«π√à«¡

„π°“√ª√–™ÿ¡ ™à«¬‡À≈◊Õ ·π–π” ¥Ÿ·≈ °“√¥”‡π‘π∏ÿ√°‘®¢ÕßΩÉ“¬®—¥°“√ ·μà®–‰¡à‡¢â“‰ª°â“«°à“¬ß“πÀ√◊Õ∏ÿ√°‘®ª√–®”¢ÕßΩÉ“¬®—¥°“√

πÕ°®“°π’È¬—ß°”Àπ¥¢Õ∫‡¢μÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√·μà≈–§≥–·≈–¢ÕßΩÉ“¬®—¥°“√‰«âÕ¬à“ß™—¥‡®π “¡“√∂μ√«® Õ∫‰¥â

‡æ◊ËÕ§«“¡‚ª√àß„ „π°“√∫√‘À“√®—¥°“√

√–∫∫°“√§«∫§ÿ¡μ√«® Õ∫¿“¬„π·≈–∫√‘À“√§«“¡‡ ’Ë¬ß

§≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠μàÕ√–∫∫§«∫§ÿ¡¿“¬„π¥â“π°“√¥”‡π‘πß“π °“√‡ß‘π °“√ªØ‘∫—μ‘ß“π ·≈–°“√°”°—∫¥Ÿ·≈

‚¥¬¡’Àπà«¬ß“πμ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëμ√«® Õ∫°“√ªØ‘∫—μ‘ß“π¢Õß√–∫∫¥—ß°≈à“« √«¡∂÷ß√–∫∫ß“π§Õ¡æ‘«‡μÕ√åμ≈Õ¥®π

„Àâ§”·π–π”‡æ◊ËÕ„Àâ‡°‘¥§«“¡¡—Ëπ„®«à“‰¥â¥”‡π‘π°“√ μ“¡·π«∑“ß∑’Ë°”Àπ¥Õ¬à“ß¡’ª√– ‘∑∏‘º≈ ¡’§«“¡‡ªìπÕ‘ √– “¡“√∂∑”Àπâ“∑’Ë

μ√«® Õ∫·≈–∂à«ß¥ÿ≈‰¥âÕ¬à“ß‡μÁ¡∑’Ë

∫√‘…—∑‰¥â«à“®â“ß∫√‘…—∑ Õ∫∫—≠™’∏√√¡π‘μ‘ ®”°—¥ ‡æ◊ËÕμ√«® Õ∫¿“¬„π ‚¥¬ª√– “πß“π°—∫ºŸâ√—∫º‘¥™Õ∫ß“πμ√«® Õ∫¿“¬„π

¢Õß∫√‘…—∑ ‡æ◊ËÕ‡æ‘Ë¡ª√– ‘∑∏‘º≈„πß“πμ√«® Õ∫„Àâ¥’¬‘Ëß¢÷Èπ ‚¥¬‰¥âπ”º≈°“√μ√«® Õ∫‰ªª√÷°…“√à«¡°—∫ºŸâ∫√‘À“√¢ÕßÀπà«¬ß“π

ºŸâ√—∫°“√μ√«® Õ∫·≈–°√√¡°“√ºŸâ®—¥°“√ ‡æ◊ËÕ·≈°‡ª≈’Ë¬π§«“¡§‘¥‡ÀÁπ‡°’Ë¬«°—∫¢âÕ‡∑Á®®√‘ß·≈–ªí≠À“∑’Ëμ√«®æ∫ æ√âÕ¡∑—Èß¡“μ√°“√

„π°“√ªÑÕß°—π·≈–°“√·°â ‰¢ª√—∫ª√ÿß °àÕπ√“¬ß“π‡ªìπ∫—π∑÷°μàÕ§≥–°√√¡°“√μ√«® Õ∫ ·≈–ª√–™ÿ¡·≈°‡ª≈’Ë¬π¢âÕ§‘¥‡ÀÁπ

‡°’Ë¬«°—∫·π«§‘¥„π°“√μ√«® Õ∫·≈–º≈¢Õß°“√μ√«® Õ∫°—∫§≥–°√√¡°“√μ√«® Õ∫Õ¬à“ß ¡Ë”‡ ¡Õ

53

ë Roles, duties and responsibilities of the Board of Directors

Leadership and vision

The Board of Directors comprises persons who have diversified knowledge, capabilities and experiencesand specific expertise that benefit the company. They understand their roles, duties and responsibilities, andhave leadership. They set the clear vision of the company. They are independent in providing opinion and makingdecision. They supervise the businesses of the company in accordance with its objectives and goals to generatethe maximum benefit to the company and its shareholders. They manage the company by setting tasks, goals,strategies, action plans and annual budget to achieve goals, using good governance practice to increase value for thecompany and its shareholders.

The company requires that the Board of Directors must comprise at least 5 persons (pursuant to the PublicLimited Companies Act). A director must be a natural person and

1. being of legal age;2. not being a bankrupt, incompetent or quasi-incompetent; and3. having never been imprisoned by a final court judgment for an offense involving property committed in bad faith,

and having never been terminated or dismissed from government service, state organization or agency due todishonesty.

The Board of Directors monitors the performance of Management by requiring Management to report theprogress and results of operations of the company and securities holding by all directors and executives at the Boardof Directors meetings.

Combination or separation of positions

The Chairman of the Board is a director who is independent and is not a member of Management and notthe same person as the Chairman of the Executive Board, in order to separate duties, for the sake of independenceand balance. The Chairman of the Board plays the role of leader and controls the Board of Directors meetingto ensure efficiency and effectiveness. The Chairman of the Board also encourages all directors and executives toparticipate in the meeting, assists, provides advice, supervises the business operation by Management, but doesnot interfere with the regular tasks or business of Management. In addition, the powers and duties of each committeeand of Management are clearly defined so that they can be examined for the sake of transparency.

Internal control and risk management

The Board of Directors places importance on internal control with respect to operation, finance, function andsupervision, with an internal audit department examining the performance of the said control including computersystem and providing advice to ensure that the stipulated guideline has been implemented effectively. It is alsoindependent and can fully conduct examination and balancing.

The company has hired Dharmniti Auditing Co., Ltd. to conduct internal audit in cooperation with thoseresponsible for internal audit of the company in order to increase the effectiveness of the audit. The results of theaudit will be consulted with the executive of the department audited and the Managing Director to exchangeopinions concerning facts and problems found as well as measures for prevention and improvement, before the sameis reported in writing to the Audit Committee. Regular meetings with the Audit Committee are held to exchangeopinions on the concepts and results of audit.

54

§≥–°√√¡°“√μ√«® Õ∫‰¥âæ‘®“√≥“«à“ Àπà«¬ß“πμà“ßÊ ¢Õß∫√‘…—∑¡’°“√«‘‡§√“–Àå§«“¡‡ ’Ë¬ßÕ¬Ÿà·≈â« ·μà§«√¡’°“√ª√– “π

ß“π∫√‘À“√§«“¡‡ ’Ë¬ß¢ÕßÀπà«¬ß“πμà“ßÊ Õ¬à“ß‡ªìπ√–∫∫·≈–μàÕ‡π◊ËÕß ΩÉ“¬®—¥°“√®÷ß‰¥â«à“®â“ß∫√‘…—∑ ‰æ√â´«Õ‡μÕ√å‡Œ“ å§Ÿ‡ªÕ√å

®”°—¥ ª√–‡¡‘π·≈–π”‡ πÕ‚§√ß √â“ß√–∫∫°“√∫√‘À“√§«“¡‡ ’Ë¬ß¢ÕßÕß§å°√ ºà“π°“√‡ÀÁπ™Õ∫¢Õß§≥–°√√¡°“√‡¡◊ËÕ«—π∑’Ë 4

æƒ»®‘°“¬π 2551 ·≈–¡’°“√®—¥μ—ÈßÕπÿ°√√¡°“√∫√‘À“√®—¥°“√§«“¡‡ ’Ë¬ß‚¥¬§≥–°√√¡°“√∫√‘À“√‡æ◊ËÕπ”√–∫∫‡¢â“„™âß“π‡¡◊ËÕ«—π

∑’Ë 20 ¡°√“§¡ 2552 ∑—Èßπ’È ®–¡’§≥–°√√¡°“√μ√«® Õ∫∑”Àπâ“∑’Ëª√–‡¡‘π§«“¡‡æ’¬ßæÕ‚¥¬√«¡Õ’°¢—ÈπÀπ÷Ëß

§≥–°√√¡°“√∫√‘…—∑¡’°“√∫√‘À“√§«“¡‡ ’Ë¬ßμ“¡≈—°…≥– §«“¡‡À¡“– ¡ ·≈–ª√–‡¿∑§«“¡‡ ’Ë¬ß‚¥¬ª√–‡¡‘π®“°ªí®®—¬¿“¬„π

·≈–¿“¬πÕ° ‡æ◊ËÕÀ“¡“μ√°“√ªÑÕß°—π æ—≤π“ ª√—∫ª√ÿß ·≈–¢¬“¬º≈¢Õß°“√æ‘®“√≥“§«“¡‡ ’Ë¬ß μ≈Õ¥®π°“√∫√‘À“√§«“¡‡ ’Ë¬ß

„Àâ§√Õ∫§≈ÿ¡∑—Ë«∑—ÈßÕß§å°√ „ÀâÕ¬Ÿà„π√–¥—∫∑’ËÕß§å°√¬Õ¡√—∫‰¥â ·≈–‰¡à àßº≈°√–∑∫μàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑‡ªìπ ”§—≠

ë °“√ª√–™ÿ¡§≥–°√√¡°“√

§≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠°—∫°“√‡¢â“√à«¡ª√–™ÿ¡·≈–∂◊Õ‡ªìπÀπâ“∑’Ë ‡æ◊ËÕ√—∫∑√“∫·≈–√à«¡μ—¥ ‘π„®„π°“√¥”‡π‘πß“π

¢Õß∫√‘…—∑ ‰¥â°”Àπ¥°“√ª√–™ÿ¡‰«â≈à«ßÀπâ“μ≈Õ¥∑—Èßªï ‚¥¬®—¥¢÷Èπ∑ÿ°‰μ√¡“ ‡≈¢“πÿ°“√∫√‘…—∑®– àß®¥À¡“¬‡™‘≠ª√–™ÿ¡

æ√âÕ¡∑—Èß√–‡∫’¬∫«“√–°“√ª√–™ÿ¡ √“¬ß“π°“√ª√–™ÿ¡§√—Èß°àÕπ ·≈–‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡„Àâ§≥–°√√¡°“√∫√‘…—∑∑√“∫‡√◊ËÕß

‡æ◊ËÕæ‘®“√≥“≈à«ßÀπâ“μ“¡√–¬–‡«≈“∑’Ë°ÆÀ¡“¬°”Àπ¥ „π°“√æ‘®“√≥“‡√◊ËÕßμà“ßÊ ª√–∏“π°√√¡°“√∫√‘…—∑ ÷Ëß∑”Àπâ“∑’Ëª√–∏“π

∑’Ëª√–™ÿ¡‰¥â‡ªî¥‚Õ°“ „Àâ°√√¡°“√·≈–ºŸâ∫√‘À“√· ¥ß§«“¡§‘¥‡ÀÁπ‰¥âÕ¬à“ßÕ‘ √– „π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑∑ÿ°§√—Èß ºŸâ∫√‘À“√

√–¥—∫ Ÿß¢Õß∫√‘…—∑‰¥â‡¢â“√à«¡ª√–™ÿ¡ ‡æ◊ËÕ™’È·®ß¢âÕ¡Ÿ≈„π∞“π–ºŸâ‡°’Ë¬«¢âÕß°—∫ªí≠À“‚¥¬μ√ß ·≈–§≥–°√√¡°“√∫√‘…—∑∑ÿ°∑à“π “¡“√∂

¢Õ¢âÕ¡Ÿ≈‡æ‘Ë¡‡μ‘¡®“°ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–‡≈¢“πÿ°“√∫√‘…—∑‰¥â∑ÿ°‡√◊ËÕß

‡¡◊ËÕ ‘Èπ ÿ¥°“√ª√–™ÿ¡ ‡≈¢“πÿ°“√∫√‘…—∑‡ªìπºŸâ¡’Àπâ“∑’Ë®—¥∑”√“¬ß“π°“√ª√–™ÿ¡ ºà“π°“√ Õ∫∑“π®“°§≥–°√√¡°“√∫√‘À“√

·≈–®—¥ àß„Àâª√–∏“π°√√¡°“√∫√‘…—∑æ‘®“√≥“≈ß≈“¬¡◊Õ™◊ËÕ√—∫√Õß§«“¡∂Ÿ°μâÕß ‚¥¬‡ πÕ„Àâ∑’Ëª√–™ÿ¡√—∫√Õß„π«“√–·√°¢Õß°“√ª√–™ÿ¡

§√—Èß∂—¥‰ª ∑—Èßπ’È °√√¡°“√∫√‘…—∑ “¡“√∂· ¥ß§«“¡§‘¥‡ÀÁπ ¢Õ·°â ‰¢ ‡æ‘Ë¡‡μ‘¡√“¬ß“π°“√ª√–™ÿ¡„Àâ¡’§«“¡≈–‡Õ’¬¥∂Ÿ°μâÕß¡“°∑’Ë ÿ¥‰¥â

√“¬ß“π°“√ª√–™ÿ¡∑’Ë∑’Ëª√–™ÿ¡√—∫√Õß·≈â«®–∂Ÿ°®—¥‡°Á∫Õ¬à“ß‡ªìπ√–∫∫ ≥ ”π—°ß“π∫√‘…—∑ ·≈–®—¥‡°Á∫„π√Ÿª·∫∫‡Õ° “√

Õ‘‡≈Á°∑√Õπ‘° åæ√âÕ¡°—∫‡Õ° “√·π∫ª√–°Õ∫«“√–°“√ª√–™ÿ¡μà“ßÊ ‡æ◊ËÕ –¥«°„π°“√ ◊∫§âπÕâ“ßÕ‘ß

„πªï 2551 §≥–°√√¡°“√∫√‘…—∑¡’°“√ª√–™ÿ¡®”π«π 6 §√—Èß °“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑·μà≈–∑à“π

√ÿª‰¥â¥—ßπ’È

√“¬™◊ËÕ°“√‡¢â“√à«¡ª√–™ÿ¡

“¡—≠ºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√∫√‘…—∑ §≥–°√√¡°“√μ√«® Õ∫ §≥–°√√¡°“√∫√‘À“√

1 π“¬∫ÿ≠‡°’¬√μ‘ ‚™§«—≤π“ 1/1 6/6 - 1/7*1

2 π“¬∫ÿ≥¬ ‘∑∏‘Ï ‚™§«—≤π“ 1/1 6/6 - -

3 π“¬ —πμ‘ «‘≈“ »—°¥“ππ∑å 1/1 4/6 - -

4 π“¬∫ÿ≠ƒ∑∏‘Ï ¡À“¡πμ√’ 1/1 6/6 - -

5 π“¬∏’√–»—°¥‘Ï «‘°‘μ‡»√…∞å 1/1 6/6 - 7/7

6 π“¬∑πß »√’®‘μ√å 1/1 6/6 - 3/7

7 π“¬Õ—μ∂°√ °≈—Ëπ§«“¡¥’ 1/1 6/6 - 7/7

8 π“¬«‘‚√®πå ∏’√«—≤πå«“∑’ 1/1 6/6 - 7/7

9 π“¬ ÿ®√‘μ ªí®©‘¡π—π∑å - *2 5/6*2 - 5/7*2

10 π“¬πææ√ æß…å‡«™ 1/1 6/6 4/4 -

11 æ≈μ”√«®‡Õ° ¡™“¬ ª√–¿— ¿—°¥’ 1/1 6/6 4/4 -

12 π“¬Õ¡√ Õ—»«“π—π∑å 1/1 5/6 4/4 -

13 π“¬ ÿ√ß§å Õß§å‚¶…‘μ 1/1 6/6 4/4 -

À¡“¬‡Àμÿ *1 ¥”√ßμ”·Àπàßª√–∏“π°√√¡°“√∫√‘À“√ ∂÷ß«—π∑’Ë 28 ¡’π“§¡ 2551

*2 ‰¥â√—∫°“√‡≈◊Õ°μ—Èß‡ªìπ°√√¡°“√ ‡¡◊ËÕ«—π∑’Ë 28 ¡’π“§¡ 2551 ·≈–‡¢â“¥”√ßμ”·Àπàß°√√¡°“√∫√‘À“√ ‡¡◊ËÕ«—π∑’Ë 6 æƒ…¿“§¡ 2551

55

The Audit Committee considered that each department had already assessed and manged the risk ,however,the risk management system should be developed. The management therefore engaged Pricewaterhouse CoopersFAS Ltd to evaluate the adequacy of risk management and to propose an Enterprise risk Management system.The proposed system was approved by the Board of Directors on November 4, 2008 and a risk managementcommittee was subsequently appointed by the Executive Board. On January 20, 2009. According to the approvedstructure the Audit Committee will oversee and evaluate the adequacy of the company Enterprise Risk Management.

ë Board of Directors meeting

The Board of Directors places importance on attending the meeting and it is the duty of directors to do so inorder to acknowledge and make decision on the companyûs operation. Meetings are scheduled in advance throughoutthe year and are to be held every quarter. The company secretary will send notice together with agenda, minutes ofthe previous meeting and supporting documents for the meeting to the directors for their consideration in advancewithin the period required by law. In considering matters, the Chairman of the Board, who acts as chairman of themeeting, will provide an opportunity to directors and executives to independently give opinion. At every Board ofDirectors meeting, high-ranking executives of the company will attend it to provide explanation as a person directlyinvolved with the problem. All directors can request additional information on any matter from high-ranking executivesand the company secretary.

Upon completion of the meeting, the company secretary will prepare the minutes of the meeting, which will bereviewed by the Executive Board and sent to the Chairman of the Board for signing to confirm their accuracy. Theminutes will be proposed, for approval, as the first agenda item of the next Board meeting. The directors can commenton or request revisions to the minutes so that they are accurate as much as possible.

Minutes approved will be properly kept at the office of the company and also kept in electronic form togetherwith supporting documents of various agenda items for convenience of reference.

In 2008, the Board of Directors held 6 meetings. Attending the meetings by each director may be summarizedas follows:

MeetingName Annual General The Board of The Audit The Executive of

Meeting Shareholders Directorsû meeting Committeeûs meeting Committeeûs meeting

1 Mr. Boonkiet Chokwatana 1/1 6/6 - 1/7*1

2 Mr. Boonsithi Chokwatana 1/1 6/6 - -

3 Mr. Santi Vilassakdanont 1/1 4/6 - -

4 Mr. Boonyarith Mahamontri 1/1 6/6 - -

5 Mr. Thirasak Vikitset 1/1 6/6 - 7/7

6 Mr. Tanong Srichit 1/1 6/6 - 3/7

7 Mr. Atthakorn Glankwamdee 1/1 6/6 - 7/7

8 Mr. Viroj Theeravatvatee 1/1 6/6 - 7/7

9 Mr. Sujarit Patchimnun - *2 5/6 *2 - 5/7 *2

10 Mr. Nophorn Bhongsvej 1/1 6/6 4/4 -

11 Pol. Gen. Somchai 1/1 6/6 4/4 -

Prabhasabhakdi

12 Mr. Amorn Asvanunt 1/1 5/6 4/4 -

13 Mr. Surong Ongkosit 1/1 6/6 4/4 -

Remarks *1 To be the Chairman of the Executive Committee till March, 28 2008

*2 To be elected as the Director on March 28, 2008 and apointed to be the Executive Director on May 6, 2008

56

ë °“√ª√–‡¡‘πμπ‡Õß¢Õß§≥–°√√¡°“√∫√‘…—∑

§≥–°√√¡°“√∫√‘…—∑¡’π‚π∫“¬„Àâ¡’°“√ª√–‡¡‘πº≈°“√ªØ‘∫—μ‘ß“π¢Õß§≥–°√√¡°“√‚¥¬√«¡Õ¬à“ßπâÕ¬ªï≈– 1 §√—Èß ‚¥¬„πªï

2551 ‡≈¢“πÿ°“√∫√‘…—∑‰¥â®—¥ àß·∫∫ª√–‡¡‘πº≈°“√ªØ‘∫—μ‘ß“πμπ‡Õß¢Õß§≥–°√√¡°“√∫√‘…—∑„Àâ·°à°√√¡°“√·μà≈–∑à“π ÷Ëß

§√Õ∫§≈ÿ¡‡°’Ë¬«°—∫π‚¬∫“¬§≥–°√√¡°“√ ‚§√ß √â“ß¢Õß§≥–°√√¡°“√ ·≈–·π«∑“ßªØ‘∫—μ‘¢Õß§≥–°√√¡°“√ ·≈–§ÿ≥¿“æ°“√

®—¥‡μ√’¬¡·≈–°“√¥”‡π‘π°“√ª√–™ÿ¡ ‡æ◊ËÕ‡ªìπ·π«∑“ß„π°“√ª√—∫ª√ÿß°“√¥”‡π‘πß“π ‚¥¬ √ÿª°“√ª√–‡¡‘πº≈¢Õß§≥–°√√¡°“√

∑—Èß§≥–‡ÀÁπ«à“ °“√¥”‡π‘π°“√ à«π„À≠à®—¥∑”‰¥â¥’/‡À¡“– ¡·≈â«

ë §≥–°√√¡°“√™ÿ¥¬àÕ¬

‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ¡—Ëπ„®„π°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ «à“¡’°“√¥”‡π‘πß“π∑’Ë ‚ª√àß„ ¡’ºŸâ°≈—Ëπ°√Õß Õ∫∑“π·≈–„Àâ§”·π–π”Õ¬à“ß

√Õ∫§Õ∫ §≥–°√√¡°“√∫√‘…—∑®÷ß‰¥â·μàßμ—Èß§≥–°√√¡°“√™ÿ¥¬àÕ¬μà“ßÊ ‡æ◊ËÕ∑”Àπâ“∑’Ë¥—ß°≈à“« ·≈–√“¬ß“πº≈μàÕ§≥–°√√¡°“√

∫√‘…—∑ §≥–°√√¡°“√™ÿ¥¬àÕ¬„πªí®®ÿ∫—πª√–°Õ∫¥â«¬ §≥–°√√¡°“√∫√‘À“√ ·≈–§≥–°√√¡°“√μ√«® Õ∫ ‚¥¬¡’¢Õ∫‡¢μÕ”π“®

Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√·μà≈–™ÿ¥‡ªìπÕ‘ √–°—π ‡æ◊ËÕ™à«¬„π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑

ë °“√æ—≤π“°√√¡°“√·≈–ºŸâ∫√‘À“√

∫√‘…—∑ àß‡ √‘¡„Àâ°√√¡°“√·≈–ºŸâ∫√‘À“√∑ÿ°§π¡’‚Õ°“ æ—≤π“§«“¡√Ÿâ ‚¥¬§≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠μàÕ°“√‡¢â“√à«¡

—¡¡π“À≈—° Ÿμ√∑’Ë‡ªìπª√–‚¬™πåμàÕ°“√ªØ‘∫—μ‘Àπâ“∑’Ë°√√¡°“√ ‚¥¬‡¢â“√à«¡Õ∫√¡À≈—° Ÿμ√ Director Accreditation Program (DAP),

Director Certification Program (DCP), Audit Committee Program (ACP), ·≈– Finance for Non-Finance Director

(FND) ´÷Ëß®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) μ≈Õ¥®π°“√®—¥ —¡¡π“À≈—° Ÿμ√ —ÈπÊ Õ—π‡ªìπª√–‚¬™πå·°à

°“√ªØ‘∫—μ‘Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑ ·≈–√«¡∂÷ßÀ≈—° Ÿμ√μà“ßÊ ∑’Ë ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ (IOD) ®–®—¥

¢÷ÈπÕ’°μàÕ‰ª„πÕπ“§μ

∫√‘…—∑¬—ß‰¥â®—¥∑”§Ÿà¡◊Õ°√√¡°“√„Àâ°—∫°√√¡°“√„À¡à ‡æ◊ËÕ„Àâ°√√¡°“√„À¡à‰¥â»÷°…“ ¢âÕ¡Ÿ≈ ”§—≠¢Õß∫√‘…—∑ π‚¬∫“¬„π°“√

°”°—∫¥Ÿ·≈°‘®°“√ ®√‘¬∏√√¡∏ÿ√°‘® ®√√¬“∫√√≥æπ—°ß“π ·≈–°Æ√–‡∫’¬∫μà“ßÊ ¢Õßμ≈∑.·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫

À≈—°∑√—æ¬å √«¡∑—Èß‡¢â“√à«¡ —¡¡π“À≈—° Ÿμ√∑’Ë‡ªìπª√–‚¬™πåμàÕ°“√ªØ‘∫—μ‘Àπâ“∑’Ë°√√¡°“√ ÷Ëß®—¥‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√

∫√‘…—∑‰∑¬ (IOD) πÕ°®“°π’È §≥–°√√¡°“√∫√‘…—∑¡’°“√æ∫ª–·≈°‡ª≈’Ë¬π§«“¡§‘¥‡ÀÁπ°—∫§≥–°√√¡°“√∫√‘…—∑·≈–ºŸâ∫√‘À“√√–¥—∫

Ÿß¢ÕßÕß§å°√Õ◊ËπÊ Õ¬Ÿà ¡Ë”‡ ¡Õ∑—Èß„πª√–‡∑»·≈–μà“ßª√–‡∑»

ë π‚¬∫“¬„π°“√æ—≤π“æπ—°ß“π

∫√‘…—∑¡’π‚¬∫“¬À≈—°„π°“√æ—≤π“æπ—°ß“π∑ÿ°√–¥—∫¢ÕßÕß§å°√ „Àâ¡’§«“¡√Ÿâ§«“¡ “¡“√∂·≈–ª√– ∫°“√≥å μ√ß°—∫§«“¡

μâÕß°“√¢Õß∫√‘…—∑ ·≈– “¡“√∂æ—≤π“μπ‡Õß·≈–π”æ“Õß§å°√°â“«‰ª Ÿà§«“¡ ”‡√Á®‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–¡—Ëπ§ß ¥—ßπ—Èπ π‚¬∫“¬

„π°“√Ωñ°Õ∫√¡·≈–æ—≤π“®–‡πâπ§«“¡‡™◊ËÕ¡‚¬ß Õ¥§≈âÕß°—π √–À«à“ßμ”·Àπàß·≈–Àπâ“∑’Ë¢Õßß“π ·≈–∑’Ë ”§—≠ ‡¡◊ËÕÕ∫√¡

—¡¡π“·≈â«μâÕß«—¥º≈‰¥â ·≈–¡’°“√æ—≤π“¢÷ÈπÕ¬à“ß‡ÀÁπ‰¥â™—¥

‡¡◊ËÕ¥”‡π‘π°“√Ωñ°Õ∫√¡·≈– —¡¡π“‰ª·≈â«‰¡à«à“®–‡ªìπÀ≈—° Ÿμ√„¥°Áμ“¡ ¡’‡°≥±å°“√«—¥º≈À≈—ß°“√Ωñ°Õ∫√¡ À“°«—¥º≈

·≈â«‰¡àºà“π‡°≥±å°“√ª√–‡¡‘π∑’Ëμ—Èß‰«â °Á¡’°“√°≈—∫¡“∑∫∑«π·≈–Ωñ°Õ∫√¡´È”‡æ‘Ë¡‡μ‘¡

ë °“√μ√«® Õ∫¿“¬„π

§≥–°√√¡°“√∫√‘…—∑„Àâ§«“¡ ”§—≠μàÕ√–∫∫°“√§«∫§ÿ¡¿“¬„π∑—Èß√–¥—∫∫√‘À“√·≈–√–¥—∫ªØ‘∫—μ‘ß“π ¡’°“√«à“®â“ß∫√‘…—∑

Õ∫∫—≠™’∏√√¡π‘μ‘ ®”°—¥ ∑”Àπâ“∑’Ë‡ªìπºŸâμ√«® Õ∫§«∫§ÿ¡¥Ÿ·≈¥â“π°“√¥”‡π‘πß“π °“√‡ß‘π °“√ªØ‘∫—μ‘ß“π √–∫∫ß“π§Õ¡æ‘«‡μÕ√å

°“√„™â ‘π∑√—æ¬å¢Õß∫√‘…—∑„Àâ‡°‘¥ª√–‚¬™πå μ≈Õ¥®π„Àâ§”·π–π”‡æ◊ËÕ„Àâ‡°‘¥§«“¡¡—Ëπ„®«à“‰¥â¥”‡π‘π°“√μ“¡·π«∑“ß∑’Ë°”Àπ¥

Õ¬à“ß¡’ª√– ‘∑∏‘º≈ ¡’§«“¡‡ªìπÕ‘ √– “¡“√∂∑”Àπâ“∑’Ëμ√«® Õ∫·≈–∂à«ß¥ÿ≈‰¥âÕ¬à“ß‡μÁ¡∑’Ë æ√âÕ¡∑—Èß√“¬ß“πº≈°“√μ√«® Õ∫‚¥¬μ√ß

μàÕ§≥–°√√¡°“√μ√«® Õ∫∑√“∫‡ªìπ√–¬–Ê Õ¬à“ß ¡Ë”‡ ¡Õ ¥—ßπ—Èπ π—°≈ß∑ÿπ®÷ß “¡“√∂‡™◊ËÕ¡—Ëπ‰¥â«à“ ∫√‘…—∑¡’°“√§«∫§ÿ¡¿“¬„π

∑’Ë√—¥°ÿ¡‡æ’¬ßæÕ∑’Ë®–ªÑÕß°—π·≈–√—°…“∑√—æ¬å ‘π¡‘„Àâ ‰¥â√—∫§«“¡‡ ’¬À“¬∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√„™â ·≈–®”Àπà“¬‚¥¬¡‘™Õ∫ À√◊Õ

°√–∑”‚¥¬ºŸâ∑’Ë‰¡à¡’Õ”π“®Õ¬à“ß‡æ’¬ßæÕ

57

ë Self-Assessment of the Board of Directors

The Board of Directors has policy to assess the overall performance of the Board of Directors at least once ayear. In the year 2008, the Board of Directors conducted individual self-assessment on the criteria consisting of Boardpolicy, composition, practices and meeting, transparency in job performance and information disclosure, businessethics. The overall average results for this evaluation corresponded to the level of good performance.

ë Committees

In order to assure the shareholders that the operation of the company is transparent, and is screened, reviewed,with careful consultation, the Board of Directors has appointed committees to perform such duties and report to theBoard of Directors. The present committees comprise the Executive Board and the Audit Committee. The powers,duties and responsibilities of each committee are independent of each other for the benefit of supervision of thecompanyûs business.

ë Training of directors and executives

The company encourages all directors and executives to improve their knowledge. The Board of Directors placesimportance on attending courses beneficial to performance as directors, and the directors have undergone DirectorAccreditation Program (DAP), Director Certification Program (DCP), Audit Committee Program (ACP), and Finance forNon-Finance Director (FND) courses organized by the Institute of Directors (IOD) and short-course seminars thatbenefit the performance of the directors, including courses to be organized in the future by the IOD.

The company also prepares a directorûs manual for a new director to study significant information about thecompany, good governance policy, business ethics, code of conduct and rules and regulations of the Stock Exchangeof Thailand and Securities and Exchange Commission. The company requires the new director to undergo courseshelpful to performance as a director organized by the Institute of Directors (IOD). In addition, the directors alsoregularly meet and exchange ideas with directors and high-ranking executives of other local and foreign organizations.

ë Employee development policy

It is the policy of the company to develop employees at all levels so that they have knowledge, capabilityand experience that meet the needs of the company and can develop themselves and work to the success ofthe organization efficiently and steadily. The training and development policy therefore focuses on the linkand consistency between the position and function. In particular, the training must be able to be evaluated andthe development should be obvious.

After training and seminar in any course, there must be evaluation after the training. After evaluation, if it doesnot pass the criteria, additional training will be provided.

ë Internal audit

The Board of Directors places importance on internal control at both managerial and operating levels. DharmnitiAuditing Co., Ltd. is hired to conduct audit with respect to operation, finance, functioning, computer system, utilizationof the companyûs assets and to provide advice to ensure that the stipulated guideline is observed effectively and thatthe internal audit is independent and can fully conduct examination and balancing. The audit results will be reporteddirectly to the Audit Committee periodically. Therefore investors can be confident that the company has adequateinternal control that can prevent and preserve its assets from damage that may arise from improper or unauthorizeduse and disposal. The company is in the process of establishing the Risk Management Committee for the purposesof the companyûs operation.

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ë √“¬ß“π¢Õß§≥–°√√¡°“√

§≥–°√√¡°“√‡ªìπºŸâ√—∫º‘¥™Õ∫μàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ “√ π‡∑»∑“ß°“√‡ß‘π¢Õß∫√‘…—∑ ∑’Ëª√“°Ø„π

√“¬ß“πª√–®”ªï·≈–·∫∫ 56-1 ‚¥¬ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπμ“¡¡“μ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬ ‚¥¬‡≈◊Õ°

„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—μ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈¬æ‘π‘®Õ¬à“ß√–¡—¥√–«—ß·≈–ª√–¡“≥°“√∑’Ë¥’∑’Ë ÿ¥„π°“√®—¥∑”

√«¡∑—Èß¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠Õ¬à“ß‡æ’¬ßæÕ „πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π

§≥–°√√¡°“√∫√‘…—∑‰¥â·μàßμ—Èß§≥–°√√¡°“√μ√«® Õ∫ ´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫

‡°’Ë¬«°—∫√–∫∫§«∫§ÿ¡¿“¬„π ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥âÕ¬à“ß¡’‡Àμÿº≈«à“°“√∫—π∑÷°¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°μâÕß§√∫∂â«π‡æ’¬ßæÕ∑’Ë®–¥”√ß

√—°…“‰«â´÷Ëß∑√—æ¬å ‘π·≈–‡æ◊ËÕ„Àâ∑√“∫®ÿ¥ÕàÕπ‡æ◊ËÕªÑÕß°—π‰¡à„Àâ‡°‘¥°“√¥”‡π‘π°“√∑’Ëº‘¥ª°μ‘Õ¬à“ß¡’ “√– ”§—≠ §«“¡‡ÀÁπ¢Õß

§≥–°√√¡°“√μ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’Èª√“°Ø„π√“¬ß“π¢Õß§≥–°√√¡°“√μ√«® Õ∫ ÷Ëß· ¥ß‰«â„π√“¬ß“πª√–®”ªï

§≥–°√√¡°“√¡’§«“¡‡ÀÁπ«à“√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑‚¥¬√«¡Õ¬Ÿà„π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—Ëπ

Õ¬à“ß¡’‡Àμÿº≈μàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

ë §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ

§≥–°√√¡°“√„Àâ§«“¡ ”§—≠μàÕ°“√√“¬ß“π·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑∑—Èß∑’Ë‡°’Ë¬«°—∫°“√‡ß‘π·≈–¢âÕ¡Ÿ≈∑—Ë«‰ª μ≈Õ¥®π¢âÕ¡Ÿ≈

”§—≠∑’Ë¡’º≈°√–∑∫μàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…—∑ „Àâ¡’§«“¡∂Ÿ°μâÕß §√∫∂â«π ‡™◊ËÕ∂◊Õ‰¥â ·≈–‚ª√àß„ ‚¥¬‰¥â‡º¬·æ√àºà“π™àÕß∑“ß

°“√ ◊ËÕ°“√·≈–‡º¬·æ√à¢âÕ¡Ÿ≈¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–‡«Á∫‰´¥å¢Õß∫√‘…—∑∑’Ë www.sahacogen.com

∫√‘…—∑¬—ß‰¡à‰¥â®—¥μ—ÈßÀπà«¬ß“π¥â“πºŸâ≈ß∑ÿπ —¡æ—π∏å ·μà‰¥â°”Àπ¥„Àâ°√√¡°“√ºŸâ®—¥°“√ ∑”Àπâ“∑’Ë„Àâ¢âÕ¡Ÿ≈¢à“« “√μ“¡∑’Ëπ—°≈ß∑ÿπ

·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕßμâÕß°“√‚¥¬ “¡“√∂μ‘¥μàÕ‰¥â∑’Ë §ÿ≥«‘‚√®πå ∏’√«—≤πå«“∑’ μ”·Àπàß°√√¡°“√ºŸâ®—¥°“√ À¡“¬‡≈¢‚∑√»—æ∑å 038 481555

À√◊Õ ‚∑√ “√ 038 481551 À√◊Õ∑’ËÕ’‡¡≈å [email protected]

ë °“√§«∫§ÿ¡¿“¬„π

„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 1/2552 ‡¡◊ËÕ«—π∑’Ë 27 °ÿ¡¿“æ—π∏å 2552 ‚¥¬¡’°√√¡°“√μ√«® Õ∫‡¢â“√à«¡

ª√–™ÿ¡¥â«¬ §≥–°√√¡°“√∫√‘…—∑ª√–‡¡‘π§«“¡‡æ’¬ßæÕ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑„π√Õ∫ªï 2551 ÷ËßºŸâμ√«® Õ∫

¿“¬„π¢Õß∫√‘…—∑ §◊Õ ∫√‘…—∑ Õ∫∫—≠™’∏√√¡π‘μ‘ ®”°—¥ ‰¥âμ√«®ª√–‡¡‘π·≈â« ·≈–¡’§«“¡‡ÀÁπ«à“∫√‘…—∑¡’°“√ªØ‘∫—μ‘„π à«π¢Õß°“√

§«∫§ÿ¡¿“¬„π∑’Ë ”§—≠∑’Ë¥’ ¡’°“√∫√‘À“√®—¥°“√§«“¡‡ ’Ë¬ß·≈–°“√°”°—∫¥Ÿ·≈∑’Ë‡æ’¬ßæÕ·≈–¡’ª√– ‘∑∏‘º≈μàÕ°“√ π—∫ πÿπ„Àâ∫√‘…—∑

∫√√≈ÿº≈ ”‡√Á®μ“¡π‚¬∫“¬ ‡ªÑ“À¡“¬·≈–«—μ∂ÿª√– ß§å∑’Ë«“ß‰«â ®÷ß¡’§«“¡‡ÀÁπ™Õ∫√à«¡°—π‚¥¬ √ÿª«à“ ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡

¿“¬„π∑’Ë‡æ’¬ßæÕ‡À¡“– ¡°—∫ ¿“æ°“√¥”‡π‘πß“π„πªí®®ÿ∫—π

1. ¥â“πÕß§å°√·≈– ¿“æ·«¥≈âÕ¡

∫√‘…—∑¡’°“√®—¥‚§√ß √â“ßÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√ ·≈–ºŸâ∫√‘À“√·≈–æπ—°ß“π‰«âÕ¬à“ß™—¥‡®π ¡’°“√°”Àπ¥‡ªÑ“À¡“¬

°“√¥”‡π‘π∏ÿ√°‘®∑’Ë™—¥‡®π·≈–«—¥º≈‰¥â ¡’°“√®—¥«“ß√–∫∫ªÑÕß°—π°“√„™âÕ”π“®Àπâ“∑’Ë‰ª„π∑“ß¡‘™Õ∫ √«¡μ≈Õ¥∂÷ß¢âÕ°”Àπ¥

‡°’Ë¬«°—∫®√‘¬∏√√¡∏ÿ√°‘® ®√√¬“∫√√≥æπ—°ß“π „Àâ·°à§≥–°√√¡°“√∫√‘…—∑ ΩÉ“¬∫√‘À“√·≈–æπ—°ß“π‰«âæ÷ßªØ‘∫—μ‘ ∑—Èß„π°√Õ∫

¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬ ‡™◊ËÕ‰¥â«à“ “¡“√∂ªÑÕß°—π°“√π”∑√—æ¬å ‘π¢Õß∫√‘…—∑‰ª„™â‚¥¬¡‘™Õ∫‰¥â

2. ¥â“π°“√∫√‘À“√§«“¡‡ ’Ë¬ß

∫√‘…—∑¡’°“√∫√‘À“√®—¥°“√§«“¡‡ ’Ë¬ßμ“¡≈—°…≥–·≈–ª√–‡¿∑¢Õß§«“¡‡ ’Ë¬ß‚¥¬ª√–‡¡‘π®“°ªí®®—¬¿“¬„π ¿“¬πÕ°

‡æ◊ËÕ°”Àπ¥¡“μ√°“√ªÑÕß°—π·≈–∫√‘À“√§«“¡‡ ’Ë¬ß„ÀâÕ¬Ÿà„π√–¥—∫∑’ËÕß§å°√¬Õ¡√—∫‰¥â ·≈–‰¡à àßº≈°√–∑∫μàÕ°“√¥”‡π‘πß“π

¢Õß∫√‘…—∑‡ªìπ ”§—≠ ‚¥¬¡’°“√ ◊ËÕ “√„ÀâºŸâ‡°’Ë¬«¢âÕß√—∫∑√“∫ ªØ‘∫—μ‘μ“¡·≈–¡’°“√μ‘¥μ“¡º≈Õ¬Ÿà‡ ¡Õ

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ë Reports of the Board of Directors

The Board of Directors is responsible for the consolidated financial statements of the company and itssubsidiaries, financial information of the company set forth in the annual report and Form 56-1. Those financialstatements are prepared in accordance with the generally accepted accounting standard in Thailand. Appropriateaccounting policy is adopted and consistently applied. Careful discretion and the best estimates are used in preparingfinancial statements. Adequate significant information has been disclosed in the notes to the financial statements.

The Board of Directors has appointed the Audit Committee, comprising directors who are not members ofManagement, to be responsible for the internal audit, so as to reasonably ensure that accounting entries are accurate,complete and adequate to maintain the companyûs assets and to find weaknesses, in order to prevent significantirregularities. The opinion of the Audit Committee in this respect is described in the report of the Audit Committeepresented in the annual report.

The Board is of the opinion that the overall internal control of the company is satisfactory and can reasonablycreate confidence in the reliability of the consolidated financial statements of the company and its subsidiaries.

ë Relationship with investors

The Board of Directors places importance on reporting and disclosure of the companyûs information on financeand general matters as well as significant information affecting the price of the companyûs securities, to ensure suchinformationûs accuracy, completeness, reliability and transparency. The information is publicized through the reportingchannel of the Stock Exchange of Thailand and the companyûs website at www.sahacogen.com.

The company has not yet established an investor relation department, but has designated the Managing Directorto provide information as required by investors and those concerned by contacting Mr. Viroj Theeravatvatee, ManagingDirector, tel. 038 481555 or fax 038 481551 or email [email protected].

ë Internal control

At the Board of Directors Meeting No. 1/2009, held on February 27, 2009, at which the Audit Committee werealso present, the Board of Directors evaluated the adequacy of the companyûs internal control in 2008 as evaluated bythe companyûs internal auditor, Dharmniti Auditing Co., Ltd. Dharmniti Auditing Co., Ltd. considered that the companyhas good internal control, adequate risk management to ensure that the company will achieve its goals. It wastherefore concluded by the Board that the company has adequate internal control that is appropriate to presentcircumstances.

1. Organization and environmentThe company has set up clear structure of powers and duties of the Board of Directors, Management and

employees. The business objectives and targets were defined and measurable. Systems are established toprevent abuse of powers and duties. There are requirements on business ethics, code of conduct for complianceby the Board of Directors, Management and employees within the company and its subsidiaries. It is thereforebelievable that this can prevent abusive or unauthorized utilization of the companyûs assets.

2. Risk managementThe company manages risks according to the nature, suitability and type of risks, by evaluating internal

and external factors, in order to find measures to prevent and manage risks so that they are at the levelacceptable to the organization and not to impact the operation of the company. It is also communicate tomanagement team continually perform and monitor.

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3. ¥â“π°“√§«∫§ÿ¡°“√ªØ‘∫—μ‘ß“π¢ÕßΩÉ“¬∫√‘À“√

∫√‘…—∑¡’°“√°”Àπ¥√–¥—∫Õ”π“®°“√Õπÿ¡—μ‘·≈–·∫àß·¬°Àπà«¬ß“π„π≈—°…≥– àß‡ √‘¡°“√ª√– “πß“π·≈–∂à«ß¥ÿ≈

°“√„™âÕ”π“® ¡’°“√°”Àπ¥¢Õ∫‡¢μÕ”π“®·≈–«ß‡ß‘πÕπÿ¡—μ‘¢ÕßΩÉ“¬∫√‘À“√·μà≈–√–¥—∫‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√ æ√âÕ¡∑—Èß

·∫àß·¬°Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫‰«â ¡’°“√°”Àπ¥«‘∏’°“√‡¢â“∑”∏ÿ√°√√¡∑’Ë‡°’Ë¬«‚¬ß°—πμ“¡ª√–°“»¢Õß§≥–°√√¡°“√

μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬°—∫∫ÿ§§≈∑’Ë‡°’Ë¬«‚¬ß°—π‰«âÕ¬à“ß™—¥‡®π §≥–°√√¡°“√∫√‘…—∑‰¥â√—∫√“¬ß“π·≈–∑”°“√μ√«®

Õ∫∑∫∑«πº≈°“√ªØ‘∫—μ‘ß“π¢ÕßΩÉ“¬∫√‘À“√‡ªìπª√–®” ¡Ë”‡ ¡Õ

4. ¥â“π√–∫∫ “√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈

∫√‘…—∑®—¥„Àâ¡’°“√ ◊ËÕ “√∑—Èß¿“¬„π·≈–¿“¬πÕ°Õß§å°√Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ ¡’°“√®—¥‡°Á∫‡Õ° “√ª√–°Õ∫°“√∫—π∑÷°∫—≠™’

‰«â§√∫∂â«π‡ªìπÀ¡«¥À¡Ÿà ·≈–„™âπ‚¬∫“¬∫—≠™’μ“¡À≈—°°“√∫—≠™’√—∫√Õß∑—Ë«‰ª ¡’°“√π” Application Software ¡“„™â‡æ◊ËÕ

‡ √‘¡ª√– ‘∑∏‘¿“æ„π°“√«“ß·ºπ°“√„™â∑√—æ¬“°√ ·≈–°“√∫√‘À“√¢âÕ¡Ÿ≈∑“ß°“√∫—≠™’ °“√‡ß‘π °“√´◊ÈÕ °“√¢“¬ °“√∫√‘À“√

‘π§â“§ß§≈—ß ·≈–¢âÕ¡Ÿ≈°“√«“ß·ºπ°“√º≈‘μ ‡æ◊ËÕ„Àâ ‰¥â¢âÕ¡Ÿ≈∑’Ë∂Ÿ°μâÕß √«¥‡√Á« ¡’§«“¡·¡àπ¬” ´÷Ëß®–∑”„ÀâΩÉ“¬∫√‘À“√√—∫√Ÿâ

¢âÕ¡Ÿ≈·≈– “¡“√∂μ—¥ ‘π„®‰¥âÕ¬à“ß√«¥‡√Á« æ√âÕ¡∑—Èß¡’¡“μ√°“√‡æ◊ËÕ§«“¡ª≈Õ¥¿—¬¢Õß√–∫∫ “√ π‡∑» ‚¥¬‰¥â«“ß¡“μ√°“√

ªÑÕß°—π§«“¡‡ ’Ë¬ß∑’ËÕ“®®–‡°‘¥¢÷Èπ®“°√–∫∫ “√ π‡∑»¥â«¬‡™àπ°—π

„π°“√ª√–™ÿ¡§≥–°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑¡’°“√®—¥ àß®¥À¡“¬‡™‘≠ª√–™ÿ¡æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫∑’Ë‡æ’¬ßæÕμàÕ

°“√μ—¥ ‘π„® μ“¡√–¬–‡«≈“∑’Ë°ÆÀ¡“¬°”Àπ¥ æ√âÕ¡∑—Èß¡’°“√∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡∑’Ë¡’ “√– ”§—≠§√∫∂â«π ·≈–∫—π∑÷°

§«“¡‡ÀÁπ¢Õß°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ„π‡√◊ËÕß∑’Ëæ‘®“√≥“‰«â‡ªìπ¡μ‘¢Õß«“√–°“√ª√–™ÿ¡‚¥¬√«¡ À“°¡’¢âÕ´—°∂“¡À√◊Õ§«“¡‡ÀÁπ

‰¡àμ√ß°—π®–∫—π∑÷°‰«â„π√“¬ß“π°“√ª√–™ÿ¡

5. ¥â“π√–∫∫°“√μ‘¥μ“¡

∫√‘…—∑¡’°“√°”Àπ¥‡ªÑ“À¡“¬°“√¥”‡π‘πß“π·≈–‡ª√’¬∫‡∑’¬∫º≈°“√¥”‡π‘πß“π„Àâ‡ªìπ‰ªμ“¡‡ªÑ“À¡“¬ À“°¡’§«“¡

·μ°μà“ß®–¥”‡π‘π°“√·°â ‰¢À√◊Õª√—∫‡ª≈’Ë¬π·ºπ°“√¥”‡π‘πß“π„Àâ∑—π‡«≈“·≈–‡À¡– ¡°—∫ ∂“π°“√≥å Õ’°∑—Èß¡’°“√μ√«® Õ∫

°“√ªØ‘∫—μ‘ß“πμ“¡√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë«“ß‰«âÕ¬à“ß ¡Ë”‡ ¡Õ‚¥¬Àπà«¬ß“πμ√«® Õ∫¿“¬„π ·≈–°”Àπ¥„Àâ¡’°“√√“¬ß“π

º≈°“√μ√«® Õ∫μ√ßμàÕ§≥–°√√¡°“√μ√«® Õ∫ À“°æ∫¢âÕ∫°æ√àÕß∑’Ë¡’π—¬ ”§—≠§≥–°√√¡°“√μ√«® Õ∫μâÕß√“¬ß“πμàÕ

§≥–°√√¡°“√∫√‘…—∑ ‡æ◊ËÕæ‘®“√≥“ —Ëß°“√·°â ‰¢¿“¬„π√–¬–‡«≈“Õ—π§«√

®“°°“√ª√–‡¡‘π√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑„π¥â“πμà“ßÊ 5 à«π¥—ß°≈à“«¢â“ßμâπ §≥–°√√¡°“√‡ÀÁπ«à“ ∫√‘…—∑

¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’§«“¡‡À¡“– ¡·≈–‡æ’¬ßæÕ·≈â« ·≈–§≥–°√√¡°“√∫√‘…—∑μ√–Àπ—°¥’«à“ √–∫∫°“√§«∫§ÿ¡

¿“¬„π„¥Ê °Áμ“¡Õ“®®–‰¡à “¡“√∂√—∫ª√–°—π‰¥â∑—ÈßÀ¡¥μàÕ§«“¡‡ ’¬À“¬Õ—π‡°‘¥®“°§«“¡º‘¥æ≈“¥∑’Ë‡ªìπ “√– ”§—≠·μà°Á

“¡“√∂ªÑÕß°—πÀ√◊Õ√—∫ª√–°—π‰¥â „π√–¥—∫∑’Ë ¡‡Àμÿ ¡º≈

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3. Control of performance of ManagementThe company designates the levels of approval powers and separate departments in a way that

promotes coordination and balancing of power. Scope of authority and amount of money within the approvalpower of each level of Management are designated in writing together with division of duties and responsibilities.Procedure of connected transactions is clearly stipulated in accordance with the notification of the StockExchange of Thailand. The Board of Directors regularly receives reports from, and reviews performance of,Management.

4. Information technology and communicationThe company secures efficient communications within and outside the organization. Accounting entry

supporting documents are kept completely and systematically, and generally accepted accounting principle isapplied. Application software are used to enhance the planning of resource utilization and management ofaccounting, financial, purchase, sale, inventory and production planning data, so as to obtain accurate, promptand precise data. This will enable Management to be informed and be able to promptly make decisions. Safetymeasures for information system are put in place as well as measures for prevention of risks that may arise fromthe information system.

For Board of Directors meetings and shareholdersû meetings, the company sends notice together withadequate supporting information for decision making, within the period required by law. Minutes of meeting withfull material contents are prepared. Resolutions and opinions of directors and shareholders are recorded in theminutes together with questions and dissenting opinions.

5. MonitoringThe company sets goals and compares the actual performance against the goals. In case of any

difference, action plan will be corrected or adjusted in a timely manner and appropriately to the situation.Examination of performance according to the internal control designated is conducted regularly by the internalaudit department, and audit result must be reported directly to the Audit Committee. If any significant defect isfound, the Audit Committee must report the same to the Board of Directors for an order of corrections within anappropriate time.

From the evaluation of the 5 aspects of the companyûs internal control described above, the Board ofDirectors is of the opinion that the company has appropriate and adequate internal control. The Board alsorecognizes that any internal control may not guarantee that there will be no damage from significant errors butthat damage can be prevented or remedied at a reasonable level.

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πÕ°‡Àπ◊Õ®“°°“√æ—≤π“∏ÿ√°‘®„Àâª√– ∫§«“¡ ”‡√Á®·≈â« ∫√‘…—∑¡ÿàß¡—Ëπ àß‡ √‘¡°“√æ—≤π“§ÿ≥¿“æ™’«‘μ ‘Ëß·«¥≈âÕ¡ ·≈–„Àâ§«“¡

”§—≠°—∫°“√¡’ à«π√à«¡„π°‘®°√√¡∑’Ë°àÕ„Àâ‡°‘¥ª√–‚¬™πå°—∫ —ß§¡¡“‚¥¬μ≈Õ¥ ‚¥¬„πªï 2551 ∫√‘…—∑‰¥â √â“ß √√§å·≈– π—∫ πÿπ°‘®°√√¡

√à«¡°—∫™ÿ¡™π Àπà«¬ß“π¿“§√—∞ ‡æ◊ËÕ°“√æ—≤π“·≈–™ÿ¡π™π·≈– —ß§¡„Àâ‡°‘¥°“√æ—≤π“·≈–æ÷ßæ“μπ‡Õß‰¥âÕ¬à“ß¬—Ëß¬◊π

°‘®°√√¡·≈–§«“¡√—∫º‘¥™Õ∫μàÕ ™ÿ¡™π —ß§¡·≈– ‘Ëß·«¥≈âÕ¡

¥â“π ‘Ëß·«¥≈âÕ¡

ë √à«¡°—∫°√–∑√«ß∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ ®—¥°‘®°√√¡ ç∑ . —≠®√ ª≈Ÿ°ªÉ“ æ≈‘°øóôπº◊πªÉ“¥â«¬æ√–∫“√¡’é μ“¡‚§√ß°“√

√—°·¡à √—°…“ªÉ“ ‡æ◊ËÕ‡ªìπ°“√ πÕßæ√–√“™¥”√‘¢Õß ¡‡¥Á®æ√–π“ß‡®â“œ æ√–∫√¡√“™‘π’π“∂ „π°“√øóôπøŸ∑√—æ¬“°√∏√√¡™“μ‘·≈–

‘Ëß·«¥≈âÕ¡ ≥ ∫â“π‡π‘πº“ ÿ¢ ¡.13 μ.¥ß¢’È‡À≈Á° ®.ª√“®’π∫ÿ√’ ∫πæ◊Èπ∑’Ë 76 ‰√à

ë ®—¥‚§√ß°“√Õπÿ√—°…åªÉ“™“¬‡≈π ç À‚§‡®π √«¡„®ª≈Ÿ°ªÉ“‡æ◊ËÕ√—°…“√–∫∫π‘‡«»πåªÉ“™“¬‡≈πé ‚¥¬‰¥â®—¥°‘®°√√¡ª≈Ÿ°ªÉ“™“¬‡≈π

∫√‘‡«≥·π«™“¬Ωíòß∑–‡≈ Õà“«§ÿâß°√–‡∫πÕ—π‡π◊ËÕß¡“®“°æ√–√“™¥”√‘ ®—ßÀ«—¥®—π∑∫ÿ√’ ‡æ◊ËÕÕπÿ√—°…å·≈–øóôπøŸ∑√—æ¬“°√∏√√¡™“μ‘ªÉ“

™“¬‡≈π

ë ∫√‘…—∑‰¥â√à«¡°—∫∫√‘…—∑μà“ßÊ „π‡§√◊Õ Àæ—≤πå®—¥∑”‚§√ß°“√≈¥‚≈°√âÕπ ‡æ◊ËÕ„Àâ∫√‘…—∑„π‡§√◊Õ Àæ—≤πå‰¥â¡’ à«π√à«¡„π°“√≈¥¿“«–

‚≈°√âÕπÕ¬à“ß¡’√–∫∫ ·≈–¡’°“√°”Àπ¥¥—™π’™’È«—¥°“√≈¥§à“§“√å∫Õπ (CWI) ‚¥¬‰¥â¡’°“√¥”‡π‘πß“π¥â“π°“√®—¥Õ∫∫√¡„Àâ§«“¡√Ÿâ

·≈–®—¥°‘®°√√¡≈¥‚≈°√âÕπ„Àâ°—∫∫√‘…—∑„π‡§√◊Õ Àæ—≤πå„Àâ‡°‘¥§«“¡‡¢â“„®√à«¡°—π ¡’°“√ª√–¡«≈º≈°“√®—¥∑”§à“¥—™π’™’È«—¥·≈–

μ‘¥μ“¡º≈‡æ◊ËÕ„Àâ∫√√≈ÿ‡ªÑ“À¡“¬∑’Ëμ—Èß‰«â

ë ®—¥°‘®°√√¡√à«¡°—∫‡∑»∫“≈μ”∫≈·À≈¡©∫—ß „π«—π ‘Ëß·«¥≈âÕ¡‰∑¬ ¥â«¬°“√√à«¡°—∫π—°‡√’¬π·≈–™ÿ¡™πª≈Ÿ°ªÉ“™“¬‡≈π·≈–ª≈àÕ¬

æ—π∏ÿå —μ«åπÈ” ≥ ∑à“‡∑’¬∫‡√◊Õ™ÿ¡™π∫â“π∫“ß≈–¡ÿß ‡æ◊ËÕ‡ªìπ°“√æ≈‘°øóôπº◊πªÉ“™“¬‡≈π·≈–Õπÿ√—°…åæ—π∏ÿå —μ«åπÈ”„Àâ§ßÕ¬Ÿà°—∫ªÉ“™“¬‡≈π

μ≈Õ¥‰ª

ë ®—¥ √â“ß «πæƒ…»“ μ√å ‚¥¬√«¡√«∫æ—π∏ÿå‰¡âÀ“¬“° ‡æ◊ËÕ‡ªìπ·À≈àß‡√’¬π√Ÿâ¢âÕ¡Ÿ≈¥â“πæ◊™æ≈—ßß“π ”À√—∫‡¬“«™π·≈–ª√–™“™π

æ√âÕ¡®—¥„Àâ¡’°“√‡¬’Ë¬¡™¡ ≥ »Ÿπ¬å«‘®—¬‰¡â‚μ‡√Á«‡æ◊ËÕæ≈—ßß“π ®—ßÀ«—¥ª√“®’π∫ÿ√’

¥â“π°“√»÷°…“∫√‘…—∑„Àâ§«“¡ ”§—≠°—∫°“√»÷°…“·≈–‰¥â π—∫ πÿπ°‘®°√√¡μà“ßÊ ‡æ◊ËÕ‡ √‘¡ √â“ß§«“¡√Ÿâ„Àâ°—∫π—°‡√’¬π„π™ÿ¡™π ‚¥¬‰¥â„Àâ°“√ π—∫ πÿπ

∑—Èß¥â“π°“√‡ß‘π ‡™àπ °“√¡Õ∫∑ÿπ°“√»÷°…“ ·≈–¥â“π§«“¡√Ÿâ‡™àπ°“√¡Õ∫Àπ—ß ◊Õ„Àâ°—∫ÀâÕß ¡ÿ¥μ“¡‚√ß‡√’¬πμà“ßÊ ®—¥À“·≈– π—∫ πÿπ

Õÿª°√≥å°“√‡√’¬π ‡™àπ ‚μä–‡°â“Õ’È„Àâ°—∫‡¥Á°π—°‡√’¬π π—∫ πÿπ°“√®—¥ √â“ß√–∫∫πÈ”¥◊Ë¡∑’Ë –Õ“¥ ∂Ÿ° ÿ¢Õπ“¡—¬„Àâ°—∫‚√ß‡√’¬π √à«¡®—¥°‘®°√√¡

°“√ª√–°«¥«“¥¿“æ„π‚§√ß°“√ ç√—°…å ‘Ëß·«¥≈âÕ¡ ≈¥‚≈°√âÕπé √«¡∑—Èß‰¥â‡ªî¥‚Õ°“ „Àâ §≥–§√ŸÕ“®“√¬å π—°»÷°…“ ‡¢â“‡¬’Ë¬¡™¡°√–∫«π°“√

º≈‘μæ≈—ßß“π‰øøÑ“ ·≈–æ≈—ßß“π· ßÕ“∑‘μ¬å ‡æ◊ËÕ‡ªìπ°“√‡æ‘Ë¡§«“¡√Ÿâ·≈–ª√– ∫°“√≥å

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In addition to the successful business development, the company also aims to develop the quality of life andenvironment through its corporate social responsibility activities. In 2008, the company continued its collaboration with thecommunities and public sectors in order to enable communities to develop and stand on their own in sustainable way.

Corporate Social Responsibility

The Environmental Activities

ë The company joined the Natural Resourses and Environment on the reforestration project designed to honor HerMajesty on 76-rai at Banpanen, Moo 13, Dong Kilek, Prachinburi province.

ë The company held the activities çGrowing the forest, Saving the earthé in order to reserve mangrove forest at KungKrabaen Bay Royal Development Center, Chantaburi province but also cool the world.

ë To expand the mangrove tree conservation to urban communities, Sahacogen joined the Laemchabang Municipality,communities and students growing mangrove forest for encouraging awareness of mangrove forest conservation andrestoration mangrove forest at coastal area.

ë The company and Saha Group companies mutually agreed and carried out the environmental campaign projectçCool the worldé by which its objectives are to save the world from green house effect as systematically andmeasurably. To achieve such objectives, the company joined Saha Group companies held several activities such ascool the world seminar to have executives and employees understand its goal including setting cool the world index(CWI) for assessment the decrease of carbon impact of each company in order to reserve environment to the worldand our next generation.

ë To provide plantation knowledge, the company established fast growing research center for botanical garden,agro-forestry techniques, or tree improvement activities in order to derive information through communities for theirown development approaches.

Education ActivitiesThe company significantly pays more attention on education; therefore, education activities were supported to

communities in many forms such as scholarships, library and stationery contributions, water tank, or drawing contest projecton çcool the worldé. Additionally, the company welcomed instructors and students group to visit the power plant to enrichtheir knowledge in electricity and steam production and solar cell.

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6464

¥â“π —ß§¡·≈–™ÿ¡™π∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠°—∫°“√æ—≤π“™ÿ¡™π„Àâ “¡“√∂æ÷Ëßæ“μπ‡Õß μ“¡·π«æ√–√“™¥”√‘ª√—™≠“‡»√…∞°‘®æÕ‡æ’¬ß ®÷ß‰¥â®—¥°‘®°√√¡

·≈–‚§√ß°“√μà“ßÊ ‡æ◊ËÕ √â“ßÕß§å§«“¡√Ÿâ Ÿà™ÿ¡™π‚¥¬‡πâπ°“√¡’ à«π√à«¡¢Õß™ÿ¡™π ¥—ßπ’È

ë ‚§√ß°“√ √â“¬Ω“¬‡°Á∫πÈ”·≈–æ—≤π“√–∫∫™≈ª√–∑“π‡©≈‘¡æ√–‡°’¬√μ‘ 80 æ√√…“ ‡æ◊ËÕ‡ªìπ°“√μÕ∫ πÕßμàÕ°“√ªÆ‘∫—μ‘μ“¡·π«∑“ß

æ√–√“™¥”√‘œ ·≈–™à«¬·°âªí≠À“°“√¢“¥·§≈ππÈ”„π°“√Õÿª‚¿§∫√‘‚¿§¢Õß™ÿ¡™π∫â“π·¡à≈Õß Õ.·¡à·®à¡ ®.‡™’¬ß„À¡à ‚¥¬‰¥â

√à«¡°—∫«‘»«°√√¡ ∂“π·Ààßª√–‡∑»‰∑¬„πæ√–∫√¡√“™Ÿª∂—¡¿å ·≈–∫¡®. ‡Õ ·Õπ¥å‡®‡ÕÁπ‡μÕ√å‰æ√ å ∑—Èßπ’È∫√‘…—∑¬—ß‰¥â¡Õ∫Õÿª°√≥å

°’Ã“ ¬“√—°…“‚√§ ‡ ◊ÈÕºâ“ ·≈–‡§√◊ËÕßπÿàßÀà¡ „Àâ°—∫™ÿ¡™π¥â«¬

ë ®—¥°‘®°√√¡ àß‡ √‘¡§«“¡ —¡æ—π∏å°—∫™ÿ¡™π„π«—π‡¥Á°·Ààß™“μ‘ ¥â«¬°“√¡Õ∫¢Õß¢«—≠‡π◊ËÕß„π«—π‡¥Á°·Ààß™“μ‘ ·°à‡¥Á°„π™ÿ¡™π·≈–

‚√ß‡√’¬π∑’Ëμ—ÈßÕ¬Ÿà∫√‘‡«≥‚¥¬√Õ∫‚√ß‰øøÑ“ °“√‡¢â“√à«¡·≈– π—∫ πÿπ°‘®°√√¡°“√°’Ã“μà“ßÊ °—∫™ÿ¡™π

ë √à«¡®—¥°‘®°√√¡°“√ √â“ßß“π √â“ßÕ“™’æ„Àâ·°à™ÿ¡™π ‚¥¬°“√„Àâ§«“¡√Ÿâ·≈–π”μ—«·∑π™ÿ¡™π¥Ÿß“π°“√ª≈Ÿ°æ◊™‰√â¥‘π ‡æ◊ËÕ„Àâ§π„π

™ÿ¡™π‰¥â¡’‚Õ°“ π”·π«§‘¥À√◊Õ§«“¡√Ÿâ ‰ª √â“ßÕ“™’æ·≈–√“¬‰¥â„Àâ°—∫μπ‡Õß·≈–§√Õ∫§√—«μàÕ‰ª

¥â“π°“√ àß‡ √‘¡»“ π“∫√‘…—∑‰¥â„Àâ§«“¡ ”§—≠°—∫°‘®°√√¡∑“ß»“ π“ ‚¥¬‰¥â‡¢â“√à«¡ ◊∫ “π·≈–√à«¡ß“π∫ÿ≠μ“¡ª√–‡æ≥’μà“ßÊ √à«¡°—∫™ÿπ™π ‡™àπ

ß“π∑”∫ÿ≠«—π¢÷Èπªï„À¡à ß“π∑”∫ÿ≠«—π ß°√“πμå ß“π«—π‡¢â“æ√√…“ ß“π∑Õ¥°∞‘π “¡—§§’ °“√∑”∫ÿ≠ √â“ß»“≈“°“√‡ª√’¬≠ ‡æ◊ËÕ ◊∫∑Õ¥

·≈–Õπÿ√—°…å¢π∫∏√√¡‡π’¬¡ª√–‡æ≥’∑’Ëß¥ß“¡¢Õß§π‰∑¬„Àâ ◊∫‡π◊ËÕßμàÕ‰ª

¥â“π§«“¡ª≈Õ¥¿—¬√à«¡°—∫Àπà«¬ß“π√“™°“√®—¥°‘®°√√¡°“√´âÕ¡‡Àμÿ©ÿ°‡©‘π·≈–Õæ¬æ„Àâ°—∫æπ—°ß“π ‡æ◊ËÕ‡μ√’¬¡§«“¡æ√âÕ¡·≈–μÕ∫ πÕß°—∫

‡Àμÿ°“√≥å©ÿ°‡©‘πμà“ßÊ ∑’Ë Õ¥§≈âÕß°—∫°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕßÕ¬à“ß ¡Ë”‡ ¡Õ °“√∫√‘À“√°“√®—¥°“√¥â“πÕ“™’«Õπ“¡—¬·≈–

§«“¡ª≈Õ¥¿—¬ Õ’°∑—Èß‰¥â®—¥°‘®°√√¡‡ √‘¡ √â“ß§«“¡√Ÿâ¥â“π§«“¡ª≈Õ¥¿—¬„Àâ°—∫æπ—°ß“π‡ªìπª√–®” √«¡∑—Èß°“√«“ß¡“μ√“°“√§«“¡ª≈Õ¥¿—¬

„π°“√ªÑÕß°—πªí≠À“¬“‡ æμ‘¥ ‚¥¬‰¥â¡’°“√≈ßπ“¡∫—π∑÷°¢âÕμ°≈ß°—∫°Õß «— ¥‘°“√·√ßß“π °√¡ «— ¥‘°“√·≈–§ÿâ¡§√Õß·√ßß“π ‡æ◊ËÕ “πμàÕ

°“√¥”‡π‘π°“√‚§√ß°“√‚√ßß“π ’¢“«

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Social and Communities ActivitiesThe company definitely focuses on developing and strengthening communities under the sufficiency approach.

All activities and projects were mostly created and encouraged communitiesû participation as follows:

ë The company joined the Engineering Institute of Thailand Under H.M. the Kingûs Patronage and S&J EnterprisesPCL founding Mae Long Checkdam and irrigation system for consumption to solve problem on water shortagefor Mae Long village, Mae Jam district, Chaingmai province. The company also provided clothes, drug, sport equipmentsfor school and community as well.

ë To strengthen close relationship to communities, the company participated and joined several activities held for andby communities, for example, national children day activities, sport activities throughout the year 2008.

ë To encourage community sustention, the company support developing career activities on which striding themtoward thinking, action for earnestly approaches such as taking them to visit hydroponics farm to share technique,knowledge for their earning additional income.

Religious Support ActivitiesActivities aiming to promote religious belief and events are annually supported and organized by which the company

has been honorably participated merit festivals such as Buddhism fostering, Kathin offering leaving offerings for the priestsat the nearby and rural temples.

Safety ActivitiesAs safety are vital factor to working place and communities nearby, the company has continuously organized

and carried out emergency plan drills in accordance with relevant laws and regulations for occupational health andsafety management system. Additionally, the company supported activities enhancing and familiarizing them safetyknowledge, including implementing drug addict preventing policy by additional signing MOU with the Governor of Chonburiprovince in order to continually organizing the white factory project.

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∫√‘…—∑¡’°“√¥”‡π‘π°“√μ√«®μ‘¥μ“¡·≈–§«∫§ÿ¡º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡·≈–§«“¡ª≈Õ¥¿—¬ μ“¡°ÆÀ¡“¬·≈–¢âÕ∫—ß§—∫‡°’Ë¬«°—∫

º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡·≈–§«“¡ª≈Õ¥¿—¬Õ¬à“ß‡¢â¡ß«¥¡“‚¥¬μ≈Õ¥ Õ’°∑—Èß¬—ß‰¥â‡™‘≠Àπà«¬ß“π¿“¬πÕ° ‡™àπ °√¡‚√ßß“πÕÿμ “À°√√¡

μ—«·∑π™ÿ¡™π ‡¢â“√à«¡°“√μ√«® Õ∫ ¡’°“√®—¥ß∫ª√–¡“≥ àß‡ √‘¡°“√¥”‡π‘π°‘®°√√¡Õ¬à“ß‡ªìπ√Ÿª∏√√¡ ®÷ß‰¥â√—∫°“√μàÕÕ“¬ÿ°“√√—∫√Õß

√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡μ“¡¡“μ√∞“π ISO 14001:2004 ®“° ∂“∫—π√—∫√Õß¡“μ√∞“π‰Õ‡Õ ‚Õ ( √Õ.) «—π∑’Ë 25 æƒ»®‘°“¬π 2551

√«¡∑—Èß‰¥â√—∫°“√√—∫√Õß√–∫∫°“√®—¥°“√Õ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬ μ“¡¡“μ√∞“π ¡Õ°. 18001 ·≈– BS OHSAS 18001

®“° ∂“∫—π√Õß√—∫¡“μ√∞“π‰Õ‡Õ ‚Õ ( √Õ.) ‡¡◊ËÕ«—π∑’Ë 12 ∏—π«“§¡ 2551 °“√√—°…“¡“μ√∞“π°“√§«∫§ÿ¡º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡

Õ¬à“ß ¡Ë”‡ ¡Õ ∑”„Àâ∫√‘…—∑‰¥â√—∫°“√§—¥‡≈◊Õ°®“° ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡°√–∑√«ß∑√—æ¬“°√

∏√√¡™“μ‘·≈– ‘Ëß·«¥≈âÕ¡ „Àâ‡ªìπ ∂“πª√–°Õ∫°“√ ª√–‡¿∑‚§√ß°“√æ≈—ßß“π ∑’ËªØ‘∫—μ‘μ“¡¡“μ√°“√„π√“¬ß“π°“√«‘‡§√“–Àåº≈°√–∑∫

‘Ëß·«¥≈âÕ¡·≈–¡’°“√®—¥°“√ ¿“æ·«¥≈âÕ¡¥’‡¥àπ ª√–®”ªï 2550 ·≈– 2551 μ‘¥μàÕ°—π Õßªï

§«“¡√—∫º‘¥™Õ∫μàÕ ‘Ëß·«¥≈âÕ¡

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The company consistently manages, develops, and controls environmental auditing and monitoring systemsby assessing all systems and alleviating any environmental impacts which closely monitoring to comply with thestandard, relevant laws and regulations. Moreover, the company invited the representatives of the Department ofIndustrial Works including communities to audit its operation. In response to such environmental conservation,the company held several activities to reserve our environment as sustainably. As a result, the company is certified forISO 14001:2004 Environmental Management Standard from the Management System Certification Institution (Thailand)(MASCI) on November 25, 2008, TIS/ BS OHSAS 18001 Occupation Health and Safety Assessment Series from theManagement System Certification Institute (Thailand) on December 12, 2008. Such closely monitoring and controllingand proactive performance, the company was contiguously recognized and awarded as an outstanding enterprise inthe power industry that implements the appropriate prevention and mitigation measure in compliance with theenvironmental impact assessment reports and environmental management practice in the EIA Monitoring Awards 2007and 2008 by the Ministry of Natural Resources and Environment..

Environmental Responsibility

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√ÿªº≈ª√–°Õ∫°“√·≈–∞“π–∑“ß°“√‡ß‘π

(Àπà«¬ : æ—π∫“∑)

º≈°“√¥”‡π‘πß“π 2551 2550 2549¢“¬ 3,048,742 2,806,237 2,812,044√“¬‰¥â√«¡ 3,061,126 2,812,738 2,825,137μâπ∑ÿπ¢“¬·≈–§à“∫√‘À“√¥”‡π‘π°“√ 2,665,823 2,341,022 2,321,742¥Õ°‡∫’È¬®à“¬ 121,172 135,498 134,722°”‰√°àÕπÀ—°¿“…’ 274,131 336,218 368,673¿“…’‡ß‘π‰¥â 13,009 24,616 654°”‰√ ÿ∑∏‘ 261,122 311,602 368,019∞“π–°“√‡ß‘π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 667,637 803,869 946,160 ‘π∑√—æ¬å∂“«√ 4,034,682 4,115,124 4,216,383 ‘π∑√—æ¬å√«¡ 4,702,319 4,918,993 5,162,543Àπ’È ‘πÀ¡ÿπ‡«’¬π 318,272 619,817 639,470Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 2,517,100 2,408,100 2,657,100∑ÿπ‡√◊ÕπÀÿâπ 955,000 955,000 955,000 à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,866,947 1,891,075 1,865,973

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Performance Summary and Financial Hightlights

(Unit : Baht ù000)

Operational Highlights 2008 2007 2006Sales 3,048,742 2,806,237 2,812,044Total Revenues 3,061,126 2,812,738 2,825,137Cost of Sales and Expenses 2,665,823 2,341,022 2,321,742Interest 121,172 135,498 134,722Earning Before Tax 274,131 336,218 368,673Income Tax 13,009 24,616 654Net Income 261,122 311,602 368,019Financial HighlightsCurrent Assets 667,637 803,869 946,160Fixed Assets 4,034,682 4,115,124 4,216,383Total Assets 4,702,319 4,918,993 5,162,543Current Liabilities 318,272 619,817 639,470Non-Current Liabilities 2,517,100 2,408,100 2,657,100Share Capital Fully Paid 955,000 955,000 955,000Shareholdersû Equity 1,866,947 1,891,075 1,865,973

69

70

μ“√“ß· ¥ßÕ—μ√“ à«π∑“ß°“√‡ß‘π

2547 2548 2549 2550 2551

Õ—μ√“ à«π ¿“æ§≈àÕßÕ—μ√“ à«π ¿“æ§≈àÕß 1.06 1.73 1.48 1.30 2.10 ‡∑à“

Õ—μ√“ à«π ¿“æ§≈àÕßÀ¡ÿπ‡√Á« 0.89 1.42 1.24 1.06 1.55 ‡∑à“

Õ—μ√“ à«π ¿“æ§≈àÕß°√–· ‡ß‘π ¥ 1.50 0.24 1.41 1.00 0.63 ‡∑à“

Õ—μ√“ à«πÀ¡ÿπ‡«’¬π≈Ÿ°Àπ’È°“√§â“ 7.41 7.37 7.79 7.57 7.55 ‡∑à“

√–¬–‡«≈“‡°Á∫Àπ’È‡©≈’Ë¬ 48.57 48.87 46.19 47.58 47.67 «—π

Õ—μ√“ à«πÀ¡ÿπ‡«’¬π‡®â“Àπ’È 16.65 16.33 10.56 7.51 10.46 ‡∑à“

√–¬–‡«≈“™”√–Àπ’È 21.63 22.04 34.08 47.91 34.42 «—π

√Õ∫‡«≈“‡ß‘π ¥ 26.95 26.83 12.11 -0.33 13.25 «—π

Õ—μ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√∑”°”‰√

Õ—μ√“°”‰√¢—Èπμâπ 22.25 19.82 20.68 20.99 17.05 %

Õ—μ√“°”‰√®“°°“√¥”‡π‘πß“π 19.40 17.00 17.90 16.81 12.97 %

Õ—μ√“°”‰√Õ◊Ëπ 0.30 0.08 0.46 0.23 0.40 %

Õ—μ√“ à«π‡ß‘π ¥μàÕ°“√∑”°”‰√ 156.00 29.40 158.36 132.97 75.20 %

Õ—μ√“°”‰√ ÿ∑∏‘ 15.07 12.99 13.03 11.08 8.53 %

Õ—μ√“º≈μÕ∫·∑πºŸâ∂◊ÕÀÿâπ 19.88 18.81 20.70 16.59 13.90 %

Õ—μ√“ à«π· ¥ßª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π

Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å 7.32 6.58 7.20 6.18 5.43 %

Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å∂“«√ 13.52 12.28 14.20 13.27 12.58 %

Õ—μ√“À¡ÿπ‡«’¬π¢Õß ‘π∑√—æ¬å 0.49 0.51 0.55 0.56 0.65 ‡∑à“

Õ—μ√“ à«π«‘‡§√“–Àåπ‚¬∫“¬∑“ß°“√‡ß‘π

Õ—μ√“ à«πÀπ’È ‘πμàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1.72 2.00 1.77 1.60 1.52 ‡∑à“

Õ—μ√“ à«π§«“¡ “¡“√∂™”√–¥Õ°‡∫’È¬ 8.06 2.11 6.92 5.45 3.56 ‡∑à“

Õ—μ√“®à“¬‡ß‘πªíπº≈ 88.90 83.93 51.90 77.85 91.94 %

71

Financial Ratio Table

2004 2005 2006 2007 2008

Liquidity RatioCurrent Ratio 1.06 1.73 1.48 1.30 2.10 time

Quick Ratio 0.89 1.42 1.24 1.06 1.55 time

Current Cash Flow Ratio 1.50 0.24 1.41 1.00 0.63 time

Accounts Receivable Turnover 7.41 7.37 7.79 7.57 7.55 time

Average Collection Period 48.57 48.87 46.19 47.58 47.67 days

Accounts Payable Turnover 16.65 16.33 10.56 7.51 10.46 time

Payment Period 21.63 22.04 34.08 47.91 34.42 days

Cash Cycle 26.95 26.83 12.11 -0.33 13.25 days

Profitability Ratio

Gross Profit 22.25 19.82 20.68 20.99 17.05 %

Operating Profit 19.40 17.00 17.90 16.81 12.97 %

Other Profit 0.30 0.08 0.46 0.23 0.40 %

Operating Cash Flow Turnover 156.00 29.40 158.36 132.97 75.20 %

Net profit 15.07 12.99 13.03 11.08 8.53 %

Return on Equity 19.88 18.81 20.70 16.59 13.90 %

Efficiency Ratio

Return on Total Asset 7.32 6.58 7.20 6.18 5.43 %

Return on Fixed Asset 13.52 12.28 14.20 13.27 12.58 %

Total Asset Turnover 0.49 0.51 0.55 0.56 0.65 time

Financial Policy Ratio

Debt to Equity 1.72 2.00 1.77 1.60 1.52 time

Interest Coverage 8.06 2.11 6.92 5.45 3.56 time

Payout Ratio 88.90 83.93 51.90 77.85 91.94 %

72

§”Õ∏‘∫“¬·≈–«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π ·≈–∞“π–°“√‡ß‘π„π°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ „™âß∫°“√‡ß‘π„π°“√«‘‡§√“–Àå‡ª√’¬∫‡∑’¬∫°—∫ªï 2550

‚¥¬¡’√“¬≈–‡Õ’¬¥º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

1. º≈°“√¥”‡π‘πß“π1.1 ¿“æ√«¡¢Õßº≈°“√¥”‡π‘πß“π∑’Ëºà“π¡“

„πªï 2551 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’√“¬‰¥â√«¡ 3,061 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 248 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 8.83 ‡¡◊ËÕ‡∑’¬∫°—∫

ªï 2550 ‡π◊ËÕß®“°√“§“æ≈—ßß“π‰øøÑ“‡√’¬°‡°Á∫®“°°“√‰øøÑ“ΩÉ“¬º≈‘μ ·≈–√“§“¢“¬‰ÕπÈ”„Àâ≈Ÿ°§â“ «πÕÿμ “À°√√¡ ‡æ‘Ë¡¢÷Èπ

μ“¡√“§“°ä“´∏√√¡™“μ‘ ¡’μâπ∑ÿπ¢“¬·≈–§à“∫√‘À“√√«¡ 2,666 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 325 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 13.87

‡ªìπº≈®“°√“§“°ä“´∏√√¡™“μ‘∑’Ë Ÿß¢÷Èπ√«¡∑—Èß¡’§à“∏√√¡‡π’¬¡°“√„™â‡§√◊ËÕß¬πμå°—ßÀ—π·°ä ”√Õß√–À«à“ß°“√ àÕ¡∫”√ÿß‡§√◊ËÕß¬πμå

°—ßÀ—π·°ä μ“¡«“√–®”π«π 2 ‡§√◊ËÕß ¥Õ°‡∫’È¬®à“¬≈¥≈ß 14 ≈â“π∫“∑ ·≈–¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈≈¥≈ß 12 ≈â“π∫“∑ ∑”„Àâ

∫√‘…—∑¡’°”‰√ ÿ∑∏‘À≈—ßÀ—°¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈μ“¡ß∫°“√‡ß‘π√«¡ √«¡∑—Èß ‘Èπ 261 ≈â“π∫“∑ ≈¥≈ß 50 ≈â“π∫“∑ §‘¥‡ªìπ

√âÕ¬≈– 16.20

1.2 º≈°“√¥”‡π‘πß“π∑’Ëºà“π¡“¢Õß·μà≈–º≈‘μ¿—≥±å

ë √“¬‰¥â®“°°“√¢“¬

·¡â«à“√“¬‰¥â®“°§à“æ≈—ß‰øøÑ“®–≈¥≈ß‡≈Á°πâÕ¬®“°°“√·¢Áß§à“¢÷Èπ¢Õß‡ß‘π∫“∑‡∑’¬∫°—∫‡ß‘π‡À√’¬≠ À√—∞ ·μà°“√

‡æ‘Ë¡¢÷Èπ¢Õß√“§“°ä“´∏√√¡™“μ‘ àßº≈„Àâ√“§“æ≈—ßß“π‰øøÑ“∑’Ë‡√’¬°‡°Á∫®“°°“√‰øøÑ“ΩÉ“¬º≈‘μ Ÿß¢÷Èπ¡“° ∑”„Àâ√“¬‰¥â

®“°°“√¢“¬‰øøÑ“„Àâ°“√‰øøÑ“ΩÉ“¬º≈‘μ‡æ‘Ë¡¢÷Èπ 150 ≈â“π∫“∑ „π à«π¢Õß°“√¢“¬‰øøÑ“·≈–‰ÕπÈ”„Àâ «πÕÿμ “À°√√¡

¡’√“¬‰¥â‡æ‘Ë¡¢÷Èπ 93 ≈â“π∫“∑ ‡π◊ËÕß®“°ª√‘¡“≥°“√¢“¬‡æ‘Ë¡¢÷Èπ√«¡∑—Èß√“§“¢“¬∑’Ëª√—∫‡æ‘Ë¡μ“¡√“§“°ä“´∏√√¡™“μ‘ ∑”„Àâ

∫√‘…—∑¡’√“¬‰¥â®“°°“√¢“¬√«¡ 3,049 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 243 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 8.66 % ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550

ë √“¬‰¥âÕ◊Ëπ

√“¬‰¥âÕ◊Ëπ‡æ‘Ë¡¢÷Èπ®“°ªï 2550 ®”π«π 2.96 ≈â“π∫“∑ ‡π◊ËÕß®“°‰¥â√—∫‡ß‘π ‘π‰À¡∑¥·∑πμ“¡°√¡∏√√¡åª√–°—π¿—¬

°“√‡ ’¬À“¬¢Õß‡§√◊ËÕß®—°√

ë μâπ∑ÿπ·≈–§à“„™â®à“¬

μâπ∑ÿπ¢“¬‡æ‘Ë¡ Ÿß¢÷Èπ®“°ªï°àÕπ 312 ≈âπ∫“∑ À√◊Õ√âÕ¬≈– 14.06 ‚¥¬¡’ “‡ÀμÿÀ≈—°®“°√“§“°ä“´∑’Ë Ÿß¢÷Èπ àßº≈

„Àâμâπ∑ÿπ¢“¬„π à«π¢Õß«—μ∂ÿ¥‘∫‡æ‘Ë¡ Ÿß¢÷Èπ √«¡ 262 ≈â“π∫“∑À√◊Õ√âÕ¬≈– 14.62 πÕ°®“°π’È °“√μ√«® ¿“æ·≈–´àÕ¡

‡§√◊ËÕß°—ßÀ—π·°ä μ“¡«“√–°“√„™âß“π ®”π«π 2 ™ÿ¥ ·≈–°“√À¬ÿ¥‡§√◊ËÕß°—ßÀ—π·°ä πÕ°·ºπ ‡æ◊ËÕ·°â ‰¢ªí≠À“πÈ”¡—π

√—Ë« 1 ™ÿ¥ ∑”„Àâ¡’§à“„™â®à“¬∑—Èß„π à«π¢Õß§à“∏√√¡‡π’¬¡°“√„™â‡§√◊ËÕß ”√Õß·≈–§à“¥”‡π‘π°“√Õ◊ËπÊ ‡æ‘Ë¡¢÷Èπ 41

≈â“π∫“∑ ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550 „π à«π§à“„™â®à“¬∫√‘À“√‡æ‘Ë¡¢÷Èπ 13 ≈â“π∫“∑§‘¥‡ªìπ√âÕ¬≈– 10.50 ‚¥¬ à«πÀπ÷Ëß

‡ªìπ°“√‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°¡’§à“„™â®à“¬°“√π”√–∫∫°“√®—¥°“√§«“¡‡ ’Ë¬ß (Enterprise Risk Management)

·≈–√–∫∫°“√®—¥°“√Õ“™’«Õπ“¡—¬·≈–§«“¡ª≈Õ¥¿—¬(¡Õ°/OHSAS 18001) ‡¢â“„™âß“π

„πªï 2551 ¥Õ°‡∫’È¬®à“¬≈¥≈ß 14 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 10.57 ‡π◊ËÕß®“°¡’°“√ª√—∫‚§√ß √â“ßÕ—μ√“¥Õ°‡∫’È¬

‡ß‘π°Ÿâ¬◊¡°—∫ºŸâ„Àâ°Ÿâ√“¬‡¥‘¡ ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈≈¥≈ß 11.61 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 47.15 ®“°º≈°“√∫√‘À“√®—¥°“√

°“√º≈‘μ °“√∫—π∑÷°√“¬‰¥â·≈–§à“„™â®à“¬ „Àâ Õ¥§≈âÕßμ“¡‚§√ß √â“ß ‘∑∏‘∑“ß¿“…’ (BOI)

73

Operational and Financial AnalysisThis analysis is based on the consolidated financial statements 2008 in comparing to one of 2007. The details of the

company and its subsidiaryûs financial performance are as described in the audited financial statement herein and theannual statement (Form 56-1).

1. Results of the Operations1.1 Overview of Operations in the previous year

In the year 2008, the revenues were totaling Baht 3,061 million, an increase of Baht 248 million or 8.83%mainly resulted from the increase of electricity energy charges to EGAT and the industrial steam price in relationto the escalated gas price. The cost of sales and administrative expenses increased to Baht 2,666 million, Baht325 million or13.87% higher than the previous year due to the higher gas price. In addition the scheduled majormaintenance of two gas turbine engines and an unplanned gas turbine engine repair work resulted in additionalexpenses for leased engine usage fee and relevant maintenance overhead. However, the interest expense wasreduced by Baht 14 million as the result of the long term loan restructuring. The cooperate income tax wasremarkably cut down by Baht 12 million, partly from the adjustment of the production and revenue booking. Thenet profit was Baht 261 million, a decrease of Baht 50 million or 16.20% from the previous year.

1.2 Operation result of Product Units

ë Revenues from SalesDespite the capacity revenues from EGAT slightly reduced due to the Baht appreciation against

US dollar, the total revenues of the year were significantly increased by the higher gas price The escalatedfuel gas price resulted in the higher calculated electricity energy charges to EGAT as well as the calculatedsteam price to the industrial off-takers. The total electricity sale to Egat was increase of Bath 150 million,whereas, the electricity and steam sold to the industry park was increase of Bath 93 million. The totalrevenues were amount of Bath 3,049 million, a increase of Bath 243 million, or 8.66% higher than theprevious year

ë Other RevenuesThe increase of the other revenue amount of Baht 2.96 million was mainly from the insurance

compensation.

ë Cost and ExpensesThe cost of sales increased by The cost of sales increased by Baht 312 million or 14.06% due to

the Baht 262 million or 14.62 incremental fuel gas price. In addition the maintenance of gas turbineengines as early mentioned also incurred Baht 41 million. The administration expenses were Baht13 million, or 10.50% increase partly by the expenses related to the implementation of the EnterpriseRisk Management System and the TIS/OHSAS 18001.

The interest was Baht 14 million or 10.57% lower resulting from the loan restructuring. Theadjustment of the plant operation and the revenues booking contributed a lower corporate income tax ofBaht 11.61 million or 47.15% in comparing with the year 2007.

74

ë °”‰√

∫√‘…—∑¡’°”‰√®“°°“√¥”‡π‘πß“π‡ªìπ®”π«π 395 ≈â“π∫“∑ ≈¥≈ß 76 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 16.20 ‡π◊ËÕß®“°

¡’§à“„™â®à“¬°“√´àÕ¡∫”√ÿß√—°…“μ“¡«“√–‡æ‘Ë¡¢÷Èπ ·≈–°”‰√®“°°“√¢“¬‰øøÑ“„Àâ «πÕÿμ “À°√√¡≈¥≈ß ‡π◊ËÕß®“°

§≥–°√√¡°“√°”°—∫°‘®°“√æ≈—ßß“π™–≈Õ°“√ª√—∫‡æ‘Ë¡Õ—μ√“§à“‰øøÑ“¢Õß°“√‰øøÑ“ΩÉ“¬®”Àπà“¬ ∑”„ÀâÕ—μ√“°“√‡æ‘Ë¡

¢Õß√“§“‰øøÑ“πâÕ¬°«à“Õ—μ√“°“√‡æ‘Ë¡¢Õßμâπ∑ÿπ°“√º≈‘μ

2. ∞“π–°“√‡ß‘πë ‘π∑√—æ¬å : ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑¡’ ‘π∑√—æ¬å√«¡®”π«π 4,702 ≈â“π∫“∑ ≈¥≈ß®”π«π 217 ≈â“π∫“∑ À√◊Õ

√âÕ¬≈– 4.40 ‡ªìπ°“√≈¥≈ß¢Õß‡ß‘π ¥À≈—ß®à“¬§◊π‡ß‘π°Ÿâ∑’Ë∂÷ß°”Àπ¥ √«¡∑—Èß°“√≈¥≈ß¢Õß¡Ÿ≈§à“Õ“§“√·≈–Õÿª°√≥åμ“¡°“√

‡ ◊ËÕ¡√“§“

ë Àπ’È ‘π : ∫√‘…—∑Àπ’È ‘π√«¡ 2,835 ≈â“π∫“∑ ≈¥≈ß 193 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 6.36 ®“°°“√®à“¬™”√–Àπ’È§ß§â“ß ·≈–

™”√–§◊π‡ß‘π°Ÿâ√–¬–¬“«∑’Ë∂÷ß°”Àπ¥

ë à«π¢ÕßºŸâ∂◊ÕÀÿâπ : ¡’ à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡ 1,867 ≈â“π∫“∑ ≈¥≈ß 25 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 1.28 ‡π◊ËÕß®“°°“√≈¥≈ß¢Õß

°”‰√ ÿ∑∏‘

3. ¿“æ§≈àÕßë °√–· ‡ß‘π ¥ : ¡’°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π√«¡ 297 ≈â“π∫“∑ ≈¥≈ß 330 ≈â“π∫“∑À√◊Õ√âÕ¬≈– 52.61 ‡π◊ËÕß®“°

¡’°“√®à“¬§à“´àÕ¡∫”√ÿß‡§√◊ËÕß°—ßÀ—π·°ä μ“¡«“√–„™âß“π 2 ‡§√◊ËÕß √«¡∑—Èß°√–· ‡ß‘π ¥®“°°“√≈ß∑ÿπ™—Ë«§√“«„πÀ≈—°∑√—æ¬å

≈¥≈ß 120 ≈â“π∫“∑ àßº≈„Àâ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï≈¥≈ß 233 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 81.78 ‡¡◊ËÕ

‡ª√’¬∫‡∑’¬∫°—∫ªï 2550

ë Õ—μ√“ à«π ¿“æ§≈àÕß : ‡æ‘Ë¡¢÷Èπ®“° 1.30 ‡∑à“„πªï 2550 ‡ªìπ 2.10 ‡∑à“ ‡π◊ËÕß à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„πÀπ÷Ëßªï≈¥≈ßμ“¡°“√ª√—∫‚§√ß √â“ß°“√™”√–§◊π‡ß‘π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

4. ª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π∫√‘…—∑¡’Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å 5.43% ‡∑’¬∫°—∫ 6.18% ¢Õßªï 2550 Õ—μ√“º≈μÕ∫·∑π®“° ‘π∑√—æ¬å∂“«√

12.58% ‡∑’¬∫°—∫ 13.27% ¢Õßªï 2550 ‡π◊ËÕß®“°°“√≈¥≈ß¢Õß°”‰√ ÿ∑∏‘ ·≈–Õ—μ√“À¡ÿπ¢Õß ‘π∑√—æ¬å 0.65 ‡∑à“ ‡æ‘Ë¡¢÷Èπ‡≈Á°πâÕ¬

®“°Õ—μ√“ 0.55 ¢Õßªï 2550 ‡π◊ËÕß®“°√“¬‰¥â√«¡∑’Ë Ÿß¢÷Èπ

75

ë Gross ProfitThe earning from operation was Baht 395 million, a decrease of Baht 76 million, or 16.20% mainly

due to the reduced earnings from the industrial electricity sales. The deferred adjustment of the PEAelectricity price by the Energy Policy Regulator resulted the lower escalation of the electricity price than theincrease of the production cost. The major maintenance related expenses also affected the earning.

2. Financial Statusë Assets : As of December 31, 2008, the total assets amounted to Baht 4,702 million, a decrease of Baht 217

million or 4.40% resulted from the reduced internal cash after long term loan repayment and the depreciatedvalue of the power plant. Depreciated value.

ë Liabilities : The total liabilities amounted to Baht 2,835 million Baht, a decrease of Baht 193 million or 6.36% incomparing with 2008 mainly from the repayment of the long term loan and lower account payable.

ë Shareholdersû Equity : Shareholdersû equity totaled Baht 1,867 million, a decrease of Baht 25 million or 1.28%from the previous year due to the lower net profit.

3. Liquidity

ë Cash Flow : The company had net cash from operating activities of Baht 297 million, which was Baht 330 millionor 52.61% lower than the previous year due to the remittance for the gas turbine maintenance expenses,Baht 120 million reduction cash from securities trading . The total cash and cash equivalent at the year endingwas Baht 233 million, or 81.78% reduced from the previous year.

ë Liquidity Ratio : The current ratio increased from 1.30 of the year 2007 to 2.10 in 2008 as the result ofthe lower current portion of long-term loans after restructuring of the long term loan.

4. EffectivenessDue to the reduction in the net profit the return on total assets reduced from 5.43% of 2007 to 6.18%, and the

return on fixed assets was 12.58% slightly lower than 13.27% of the previous year. However, the total assets turnoverincreased from 0.55 times to 0.65 times as the result of the higher revenues.

76

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√μàÕ√“¬ß“π∑“ß°“√‡ß‘π

§≥–°√√¡°“√∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ‡ªìπºŸâ√—∫º‘¥™Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬ ∑’Ëπ”¡“®—¥∑”

ß∫°“√‡ß‘π√«¡ ·≈–√«¡∂÷ß¢âÕ¡Ÿ≈ “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï ´÷Ëß‰¥â®—¥∑”¢÷Èπμ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

¿“¬„μâæ√–√“™∫—≠≠—μ‘°“√∫—≠™’ æ.». 2543 ·≈–μ“¡¢âÕ°”Àπ¥¢Õß§≥–°√√¡°“√°“√°”°—∫À≈—°∑√—æ¬å·≈–μ≈“¥À≈—°∑√—æ¬å ‚¥¬‰¥â¡’

°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ·≈–∂Ÿ°μâÕß§√∫∂â«π„π “√– ”§—≠∑ÿ°ª√–°“√

πÕ°®“°π’È §≥–°√√¡°“√∫√‘…—∑¬—ß‰¥â®—¥„Àâ¡’√–∫∫∫√‘À“√§«“¡‡ ’Ë¬ß ·≈–√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ ‡æ◊ËÕ

ªÑÕß°—π‰¡à„Àâ‡°‘¥§«“¡‡ ’Ë¬ß®“°°“√¥”‡π‘πß“πÀ√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°μ‘Õ¬à“ß¡’ “√– ”§—≠ ¡’°“√√–∫∫ªÑÕß°—π·≈–¥Ÿ·≈√—°…“∑√—æ¬å ‘π∑’Ë¥’

·≈–√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ÷ËßÕ“®∑”„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‡ªìπ√“¬°“√®√‘ß∑“ß°“√§â“ Õ—π‡ªìπ∏ÿ√°‘®ª°μ‘∑—Ë«‰ªÕ¬à“ß ¡‡Àμÿ

¡º≈·≈–‡ªìπª√–‚¬™πå Ÿß ÿ¥

§≥–°√√¡°“√∫√‘…—∑μ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õßß∫°“√‡ß‘π ·≈–°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ®÷ß‰¥â·μàßμ—Èß§≥–°√√¡°“√μ√«® Õ∫

‡ªìπºŸâ¥Ÿ·≈‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õßß∫°“√‡ß‘π ·≈–°“√§«∫§ÿ¡¿“¬„π ¥—ß§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√μ√«® Õ∫ ÷Ëß· ¥ß‰«â„π√“¬ß“π¢Õß

§≥–°√√¡°“√μ√«® Õ∫ª√–®”ªï·≈â«

¥—ßπ—Èπ §≥–°√√¡°“√∫√‘…—∑ ®÷ß¡’§«“¡‡ÀÁπ«à“ √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑ ‚¥¬√«¡Õ¬Ÿà„π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß

§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àμÿº≈μàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ´÷ËßºŸâμ√«® Õ∫∫—≠™’¢Õß∫√‘…—∑

‰¥âμ√«® Õ∫μ“¡¡“μ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ·≈–· ¥ß§«“¡‡ÀÁπ«à“ß∫°“√‡ß‘π¢Õß∫√‘…—∑· ¥ß∞“π–°“√‡ß‘π·≈–º≈°“√

¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥‚¥¬∂Ÿ°μâÕßμ“¡∑’Ë§«√„π “√– ”§—≠ μ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

π“¬∫ÿ≠‡°’¬√μ‘ ‚™§«—≤π“ π“¬«‘‚√®πå ∏’√«—≤πå«“∑’

ª√–∏“π°√√¡°“√ °√√¡°“√ºŸâ®—¥°“√

77

Report on the Board of DirectorsûResponsibility on Financial Statements

The Board of Directors takes responsibility for the financial statements of the company and its subsidiary beingconsolidated, including other financial information shown on this annual report. The financial statements shall duly representits financial status, performance, results, and cash flow position, in an adequate and reliable manner, in compliance withgeneral accepted accounting principles under the Accounting Ace B.E. 2543 (2000) and requirements of the Securities andExchange Commission, including transparently disclosure of sufficient information in the notes section of the financialstatements.

The Board of Directors also has a risk management policy and efficiently implements its internal control system inorder to protect against fraud and irregularity transaction. The companyûs assets are properly safeguarded and any relatedtransactions, which might be the conflict of interests, are recorded accurately and be a normal and reasonable businesspractice price as well as being the most beneficial to the company.

The Board of Directors recognizes the importance of the company financial statements and internal control system.For this respect, the Board of Directors has appointed an Audit Committee to oversee the quality of the financial statementsand the company internal control system, including the risk management. These comments have already been shown in theReport of the Audit Committee in this annual report.

The financial statements of the company and its subsidiary being consolidated have been verified by Ernst & YoungOffice Limited, in which the Board of Directors has supported all appropriated information and documents with the chosenaccounting policy to the auditor. The auditor has reported their examination as shown on the report of the independentauditor in this annual report.

The Board of Directors agrees that the companyûs internal control system is deemed adequate and appropriate and bringsconfidence in the reliability of the financial statements of the company and its subsidiary being consolidated for the periodending December 31, 2008 which the auditor has verified and given the opinion that the consolidated and the companyûsfinancial statements present fairly in all material respects in accordance with generally accepted accounting principles.

(Mr. Boonkiet Chokwatana) (Mr. Viroj Theeravatvatee)Chairman Managing Director

78

1. §à“μÕ∫·∑π®“°°“√ Õ∫∫—≠™’ (Audit Fee)

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬§à“μÕ∫·∑π°“√ Õ∫∫—≠™’„Àâ·°à

ë ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑„π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“ ®”π«π‡ß‘π√«¡ 0.00 ∫“∑

ë ∫√‘…—∑ ”π—°ß“π‡Õ‘π å∑ ·Õπ∑å ¬—ß ®”°—¥ ´÷Ëß‡ªìπ ”π—°ß“πºŸâ Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥ ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«°—∫

ºŸâ Õ∫∫—≠™’ ·≈– ”π—°ß“π Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥ „π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“ ®”π«π‡ß‘π√«¡1,140,000.-∫“∑

2. §à“∫√‘°“√Õ◊Ëπ (Non-audit Fee)

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬§à“μÕ∫·∑π¢Õßß“π∫√‘°“√Õ◊ËπÊ ‰¥â·°à °“√μ√«® Õ∫°“√ªØ‘∫—μ‘μ“¡‡ß◊ËÕπ‰¢¢Õß∫—μ√ àß‡ √‘¡°“√≈ß∑ÿπ

ë ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑„π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“ ®”π«π‡ß‘π√«¡ 0.00 ∫“∑ ·≈–μâÕß®à“¬„πÕπ“§μÕ—π‡°‘¥®“°°“√μ°≈ß

∑’Ë¬—ß„Àâ∫√‘°“√‰¡à·≈â«‡ √Á® „π√Õ∫ªï∫—≠™’∑’Ëºà“π¡“ ®”π«π‡ß‘π√«¡ 0.00 ∫“∑

ë ∫√‘…—∑ ”π—°ß“π‡Õ‘π å∑ ·Õπ∑å ¬—ß ®”°—¥ ´÷Ëß‡ªìπ ”π—°ß“π Õ∫∫—≠™’∑’ËºŸâ Õ∫∫—≠™’ —ß°—¥ ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«°—∫

ºŸâ Õ∫∫—≠™’·≈– ”π—°ß“π Õ∫∫—≠™’¥—ß°≈à“« „π√Õ∫ªï∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 100,000.- ∫“∑ ·≈–®–μâÕß®à“¬„πÕπ“§μ

Õ—π‡°‘¥®“°°“√μ°≈ß∑’Ë¬—ß„Àâ∫√‘°“√‰¡à·≈â«‡ √Á® „π√Õ∫ªï∫—≠™’∑’Ë·≈â«‡ √Á®∑’Ëºà“π¡“¡’®”π«π‡ß‘π√«¡ 0.00 ∫“∑

§à“μÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’

79

1. Audit Fee

The company and its subsidiary paid for the auditor fee as following:

ë The auditor fee for the previous accounting period, a total amount of 0.00 Baht

ë Ernst & Young Office Limited, the companyûs audit firm to which the auditor is affiliated, persons or businessesassociated to the auditor and audit firm to which the auditor is affiliated in the 2008 accounting period, a totalamount of 1,140,000.- Baht

2. Non-audit Fee

The company and its subsidiary paid for other services namely inspections in compliance with the termstipulated by the Board of Investment of Thailand detailed ass following:

ë The auditor fee for the previous accounting year, a total amount of 0.00 Baht and as for the amount payablein the future for services that had not yet been completed in the previous accounting period, a total amountof 0.00 Baht

ë Ernst & Young Office Limited, the companyûs audit firm to which the auditor is affiliated, persons or businessesassociated to the auditor and audit firm to which the auditor is affiliated in the 2008 accounting period, a totalamount of 100,000.- Baht, and as for the amount payable in the future for services that had not been completedin the previous accounting period, a total amount of 0.00 Baht.

Auditor Fees of the Auditor

80

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ‡ πÕμàÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

¢â“æ‡®â“‰¥âμ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢Õß

ºŸâ∂◊ÕÀÿâπ√«¡·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·μà≈–ªï¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑

¬àÕ¬ ·≈–‰¥âμ√«® Õ∫ß∫°“√‡ß‘π‡©æ“–°‘®°“√¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπ

ºŸâ√—∫º‘¥™Õ∫μàÕ§«“¡∂Ÿ°μâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπμàÕß∫°“√‡ß‘π

¥—ß°≈à“«®“°º≈°“√μ√«® Õ∫¢Õß¢â“æ‡®â“

¢â“æ‡®â“‰¥âªØ‘∫—μ‘ß“πμ√«® Õ∫μ“¡¡“μ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“μâÕß«“ß·ºπ·≈–ªØ‘∫—μ‘ß“π‡æ◊ËÕ„Àâ

‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àμÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥μàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√μ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√

∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’

∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ μ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡

¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√μ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√

· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“

¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßμâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥

”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·μà≈–ªï¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…—∑ À‚§‡®π

(™≈∫ÿ√’) ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°μâÕßμ“¡∑’Ë§«√„π “√– ”§—≠μ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

∑‘æ«—≈¬å π“π“πÿ«—≤πå

ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“μ ‡≈¢∑–‡∫’¬π 3459

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥

°√ÿß‡∑æœ: 27 °ÿ¡¿“æ—π∏å 2552

81

Report of Independent Auditor

Report of Independent AuditorTo the Shareholders of Sahacogen (Chonburi) Public Company Limited

I have audited the accompanying consolidated balance sheets of Sahacogen (Chonburi) Public Company Limited andits subsidiaries as at 31 December 2008 and 2007, the related consolidated statements of income, changes in shareholdersûequity and cash flows for the years then ended, and the separate financial statements of Sahacogen (Chonburi) PublicCompany Limited for the same periods. These financial statements are the responsibility of the Companyûs management asto their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financialstatements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require thatI plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonablebasis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial positionof Sahacogen (Chonburi) Public Company Limited and its subsidiaries and of Sahacogen (Chonburi) Public CompanyLimited as at 31 December 2008 and 2007, the results of their operations, and cash flows for the years then ended,in accordance with generally accepted accounting principles.

Thipawan NananuwatCertified Public Accountant (Thailand) No. 3459

Ernst & Young Office LimitedBangkok: 27 February 2009

82

À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫¥ÿ≈∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

À¡“¬‡Àμÿ 2551 2550 2551 2550

‘π∑√—æ¬å

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 51,865,020 284,670,542 44,184,451 239,402,960

‡ß‘π≈ß∑ÿπ™—Ë«§√“« - À≈—°∑√—æ¬å‡æ◊ËÕ§â“ 9,834,046 563,585 9,834,046 563,585

≈Ÿ°Àπ’È°“√§â“ 5 345,616,248 278,229,451 345,616,248 278,229,451

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 5,6 87,462,357 96,059,933 87,462,357 96,059,933

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–¥Õ°‡∫’È¬§â“ß√—∫®“°∫√‘…—∑¬àÕ¬ 6 - - 23,923,428 -

Õ–‰À≈à·≈–«— ¥ÿ§ß‡À≈◊Õ 137,622,444 131,716,248 130,974,027 129,953,504

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

§à“„™â®à“¬≈à«ßÀπâ“ 5,189,419 6,163,718 4,961,534 6,163,718

¿“…’¡Ÿ≈§à“‡æ‘Ë¡√Õ√—∫§◊π 11,027,075 138,567 10,165,190 -

¿“…’‡ß‘π‰¥â∂Ÿ°À—° ≥ ∑’Ë®à“¬ 4,646,445 - 4,638,405 -

√“¬‰¥â§â“ß√—∫ 4,300,000 6,000,000 4,300,000 6,000,000

Õ◊ËπÊ 10,074,361 326,667 9,922,657 225,198

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 35,237,300 12,628,952 33,987,786 12,388,916

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 667,637,415 803,868,711 675,982,343 756,598,349

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 7 - - 253,749,900 249,999,930

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 8 4,007,992,691 4,089,580,520 3,811,824,167 3,922,354,514

μâπ∑ÿπ°“√ª≈Ÿ°æ◊™æ≈—ßß“π 9 26,447,851 23,639,068 - -

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 241,350 1,904,573 241,350 1,904,573

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 4,034,681,892 4,115,124,161 4,065,815,417 4,174,259,017

√«¡ ‘π∑√—æ¬å 4,702,319,307 4,918,992,872 4,741,797,760 4,930,857,366

83

The accompanying notes are an integral part of the financial statements.

Balance SheetsSahacogen (Chonburi) Public Company Limited and its subsidiaryAs at 31 December 2008 and 2007

(Unit: Baht)Consolidated Separate

financial statements financial statements

Note 2008 2007 2008 2007

Assets

Current assets

Cash and cash equivalents 51,865,020 284,670,542 44,184,451 239,402,960

Current investments - securities held for trading 9,834,046 563,585 9,834,046 563,585

Trade accounts receivable 5 345,616,248 278,229,451 345,616,248 278,229,451

Trade accounts receivable - related company 5,6 87,462,357 96,059,933 87,462,357 96,059,933

Short-term loans to and interest receivable 6 - - 23,923,428 -

from subsidiary

Spare parts and supplies 137,622,444 131,716,248 130,974,027 129,953,504

Other current assets

Prepaid expenses 5,189,419 6,163,718 4,961,534 6,163,718

Value added tax refundable 11,027,075 138,567 10,165,190 -

Income tax deducted at source 4,646,445 - 4,638,405 -

Accrued income 4,300,000 6,000,000 4,300,000 6,000,000

Others 10,074,361 326,667 9,922,657 225,198

Total other current assets 35,237,300 12,628,952 33,987,786 12,388,916

Total current assets 667,637,415 803,868,711 675,982,343 756,598,349

Non-current assets

Investments in subsidiaries 7 - - 253,749,900 249,999,930

Property, plant and equipment - net 8 4,007,992,691 4,089,580,520 3,811,824,167 3,922,354,514

Project cost of energy plant farming 9 26,447,851 23,639,068 - -

Other non-current assets 241,350 1,904,573 241,350 1,904,573

Total non-current assets 4,034,681,892 4,115,124,161 4,065,815,417 4,174,259,017

Total assets 4,702,319,307 4,918,992,872 4,741,797,760 4,930,857,366

84


ß∫¥ÿ≈ (μàÕ)

∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

À¡“¬‡Àμÿ 2551 2550 2551 2550

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡®â“Àπ’È°“√§â“ 183,686,179 299,848,280 183,686,179 299,848,280

‡®â“Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 6 34,954,908 34,099,763 38,829,084 30,626,682

‡®â“Àπ’Èß“π°àÕ √â“ß·≈–‡ß‘πª√–°—πº≈ß“π 3,943,883 1,542,730 - -

à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï 10 70,000,000 249,000,000 70,000,000 249,000,000

¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈§â“ß®à“¬ - 8,366,195 - 8,366,195

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

§à“„™â®à“¬§â“ß®à“¬ 9,369,339 8,851,498 6,583,400 7,011,128

¿“…’¡Ÿ≈§à“‡æ‘Ë¡√Õπ” àß - 14,775,430 - 14,775,430

¿“…’¡Ÿ≈§à“‡æ‘Ë¡∑’Ë¬—ß‰¡à∂÷ß°”Àπ¥™”√– 11,192,305 - 11,192,305 -

Õ◊ËπÊ 5,125,271 3,333,236 4,955,632 3,173,445

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 25,686,915 26,960,164 22,731,337 24,960,003

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 318,271,885 619,817,132 315,246,600 612,801,160

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥ 10 2,517,100,000 2,408,100,000 2,517,100,000 2,408,100,000

™”√–¿“¬„πÀπ÷Ëßªï

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 2,517,100,000 2,408,100,000 2,517,100,000 2,408,100,000

√«¡Àπ’È ‘π 2,835,371,885 3,027,917,132 2,832,346,600 3,020,901,160

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ

∑ÿπ®¥∑–‡∫’¬π ÕÕ°®”Àπà“¬·≈–™”√–‡μÁ¡¡Ÿ≈§à“·≈â«

Àÿâπ “¡—≠ 955,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ 955,000,000 955,000,000 955,000,000 955,000,000

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 285,447,000 285,447,000 285,447,000 285,447,000

°”‰√ – ¡

®—¥ √√·≈â« - ”√Õßμ“¡°ÆÀ¡“¬ 11 95,500,000 95,500,000 95,500,000 95,500,000

¬—ß‰¡à‰¥â®—¥ √√ 529,772,744 555,128,740 573,504,160 574,009,206

à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 1,865,719,744 1,891,075,740 1,909,451,160 1,909,956,206

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 1,227,678 - - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 1,866,947,422 1,891,075,740 1,909,451,160 1,909,956,206

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 4,702,319,307 4,918,992,872 4,741,797,760 4,930,857,366

0 0 0 0

85


Balance Sheets (continued)Sahacogen (Chonburi) Public Company Limited and its subsidiaryAs at 31 December 2008 and 2007



Note 2008 2007 2008 2007

Liabilities and shareholdersû equity

Current liabilities

Trade accounts payable 183,686,179 299,848,280 183,686,179 299,848,280

Amount due to related companies 6 34,954,908 34,099,763 38,829,084 30,626,682

Construction and retention payables 3,943,883 1,542,730 - -

Current portion of long-term loans 10 70,000,000 249,000,000 70,000,000 249,000,000

Corporate income tax payable - 8,366,195 - 8,366,195

Other current liabilities

Accrued expenses 9,369,339 8,851,498 6,583,400 7,011,128

Value added tax payable - 14,775,430 - 14,775,430

Undue value added tax 11,192,305 - 11,192,305 -

Others 5,125,271 3,333,236 4,955,632 3,173,445

Total other current liabilities 25,686,915 26,960,164 22,731,337 24,960,003

Total current liabilities 318,271,885 619,817,132 315,246,600 612,801,160

Non-current liabilities

Long-term loans - net of current portion 10 2,517,100,000 2,408,100,000 2,517,100,000 2,408,100,000

Total non-current liabilities 2,517,100,000 2,408,100,000 2,517,100,000 2,408,100,000

Total liabilities 2,835,371,885 3,027,917,132 2,832,346,600 3,020,901,160

Shareholdersû equity

Share capital

Registered, issued and fully paid

955,000,000 ordinary shares of Baht 1 each 955,000,000 955,000,000 955,000,000 955,000,000

Share premium 285,447,000 285,447,000 285,447,000 285,447,000

Retained earnings

Appropriated - statutory reserve 11 95,500,000 95,500,000 95,500,000 95,500,000

Unappropriated 529,772,744 555,128,740 573,504,160 574,009,206

Equity attributable to the companyûs shareholders 1,865,719,744 1,891,075,740 1,909,451,160 1,909,956,206

Minority interest - equity attributable

to minority shareholders of subsidiaries 1,227,678 - - -

Total shareholdersû equity 1,866,947,422 1,891,075,740 1,909,451,160 1,909,956,206

Total liabilities and shareholdersû equity 4,702,319,307 4,918,992,872 4,741,797,760 4,930,857,366

0 0 0 0

86

∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

À¡“¬‡Àμÿ 2551 2550 2551 2550

√“¬‰¥â

√“¬‰¥â®“°°“√¢“¬ 3,048,741,809 2,806,237,907 3,048,741,809 2,806,237,907

√“¬‰¥âÕ◊Ëπ

¥Õ°‡∫’È¬√—∫ 1,356,109 2,042,121 1,647,155 1,735,874

°”‰√®“°Õ—μ√“·≈°‡ª≈’Ë¬π - 1,895,742 - 1,895,742

Õ◊ËπÊ 11,027,637 2,562,694 7,811,313 115,630

√«¡√“¬‰¥â 3,061,125,555 2,812,738,464 3,058,200,277 2,809,985,153

§à“„™â®à“¬

μâπ∑ÿπ¢“¬ 2,528,898,372 2,217,105,459 2,528,898,372 2,217,105,459

§à“„™â®à“¬„π°“√∫√‘À“√ 136,924,449 123,916,680 109,125,899 102,967,929

√«¡§à“„™â®à“¬ 2,665,822,821 2,341,022,139 2,638,024,271 2,320,073,388

°”‰√°àÕπ§à“„™â®à“¬∑“ß°“√‡ß‘π·≈–¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ 395,302,734 471,716,325 420,176,006 489,911,765

§à“„™â®à“¬∑“ß°“√‡ß‘π (121,171,819) (135,497,989) (121,171,819) (135,888,879)

¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ 13 (13,009,233) (24,616,461) (13,009,233) (24,616,461)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 261,121,682 311,601,875 285,994,954 329,406,425

°“√·∫àßªíπ°”‰√ ÿ∑∏‘

à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à 261,144,004 311,601,875 285,994,954 329,406,425

à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ (22,322) -

261,121,682 311,601,875

°”‰√μàÕÀÿâπ 15

°”‰√μàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à 0.27 0.33 0.30 0.35

ß∫°”‰√¢“¥∑ÿπ


87

Sahacogen (Chonburi) Public Company Limited and its subsidiaryFor the years ended 31 December 2008 and 2007



Note 2008 2007 2008 2007

Revenues

Sales 3,048,741,809 2,806,237,907 3,048,741,809 2,806,237,907

Other income

Interest income 1,356,109 2,042,121 1,647,155 1,735,874

Gains on exchange - 1,895,742 - 1,895,742

Others 11,027,637 2,562,694 7,811,313 115,630

Total revenues 3,061,125,555 2,812,738,464 3,058,200,277 2,809,985,153

Expenses

Cost of sales 2,528,898,372 2,217,105,459 2,528,898,372 2,217,105,459

Administrative expenses 136,924,449 123,916,680 109,125,899 102,967,929

Total expenses 2,665,822,821 2,341,022,139 2,638,024,271 2,320,073,388

Income before finance cost

and corporate income tax 395,302,734 471,716,325 420,176,006 489,911,765

Finance cost (121,171,819) (135,497,989) (121,171,819) (135,888,879)

Corporate income tax 13 (13,009,233) (24,616,461) (13,009,233) (24,616,461)

Net income for the year 261,121,682 311,601,875 285,994,954 329,406,425

Net income attributable to:

Equity holders of the parent 261,144,004 311,601,875 285,994,954 329,406,425

Minority interests of the subsidiary (22,322) -

261,121,682 311,601,875

Earnings per share 15

Basic earnings per share

Net income attributable to equity holders of the parent 0.27 0.33 0.30 0.35

Income statements


88

∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

2551 2550 2551 2550

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π

°”‰√ ÿ∑∏‘°àÕπ¿“…’ 274,130,915 336,218,336 299,004,187 354,022,886

√“¬°“√ª√—∫°√–∑∫¬Õ¥°”‰√ ÿ∑∏‘°àÕπ¿“…’‡ªìπ‡ß‘π ¥√—∫ (®à“¬)

®“°°‘®°√√¡¥”‡π‘πß“π

¢“¥∑ÿπ(°”‰√)®“°°“√®”Àπà“¬Õÿª°√≥å 29,186 (1,223) 27,756 (1,223)

¢“¥∑ÿπ®“°°“√μ—¥®”Àπà“¬μâπ∑ÿπ°“√ª≈Ÿ°æ◊™æ≈—ßß“π 1,980,985 - - -

§à“‡ ◊ËÕ¡√“§“ 251,602,096 241,371,249 246,912,067 239,947,093

°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“¢ÕßÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“ (1,300,000) - (1,300,000) -

§à“„™â®à“¬¥Õ°‡∫’È¬ 121,171,819 135,497,989 121,171,819 135,888,879

°”‰√®“°°“√¥”‡π‘πß“π°àÕπ°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å

·≈–Àπ’È ‘π¥”‡π‘πß“π 647,615,001 713,086,351 665,815,829 729,857,635

‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß

À≈—°∑√—æ¬å‡æ◊ËÕ§â“ (7,970,461) 111,589,009 (7,970,461) 111,589,009

≈Ÿ°Àπ’È°“√§â“ (67,386,797) (1,419,691) (67,386,797) (1,419,691)

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 8,597,576 (5,299,262) 8,597,576 (5,299,262)

≈Ÿ°Àπ’ÈÕ◊Ëπ - ∫√‘…—∑¬àÕ¬ - - - 8,100,343

Õ–‰À≈à·≈–«— ¥ÿ§ß‡À≈◊Õ (5,906,196) (6,016,946) (1,020,523) (5,355,572)

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ (17,903,470) 17,412,463 (16,894,816) 8,057,193

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 1,663,223 (1,019,408) 1,663,223 (1,019,408)

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)

‡®â“Àπ’È°“√§â“ (116,162,101) 9,519,446 (116,162,101) 9,590,397

‡®â“Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 855,145 (18,833,336) 8,202,402 (20,867,888)

‡®â“Àπ’Èß“π°àÕ √â“ß·≈–‡ß‘πª√–°—πº≈ß“π 2,401,153 (35,911,292) - (27,416,764)

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (1,273,249) (3,466,810) (2,228,666) (4,875,736)

‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π 444,529,824 779,640,524 472,615,666 800,940,256

®à“¬¥Õ°‡∫’È¬ (121,171,819) (135,497,989) (121,171,819) (135,888,879)

®à“¬¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ (26,080,306) (16,883,980) (26,079,482) (16,877,009)

‡ß‘π ¥ ÿ∑∏‘®“°°‘®°√√¡¥”‡π‘πß“π 297,277,699 627,258,555 325,364,365 648,174,368

ß∫°√–· ‡ß‘π ¥


89




2008 2007 2008 2007

Cash flows from (used in) operating activities

Net income before tax 274,130,915 336,218,336 299,004,187 354,022,886

Adjustment to reconcile net income before tax to

net cash provided by (paid from) operating activities

Losses (gains) on disposal of equipment 29,186 (1,223) 27,756 (1,223)

Loss on written off project cost of energy plant farming 1,980,985 - - -

Depreciation 251,602,096 241,371,249 246,912,067 239,947,093

Unrealised gain on change in value of

securities held for trading (1,300,000) - (1,300,000) -

Interest expenses 121,171,819 135,497,989 121,171,819 135,888,879

Income from operating activities before changes in

operating assets and liabilities 647,615,001 713,086,351 665,815,829 729,857,635

Operating assets (increase) decrease

Securities held for trading (7,970,461) 111,589,009 (7,970,461) 111,589,009

Trade accounts receivable (67,386,797) (1,419,691) (67,386,797) (1,419,691)

Trade accounts receivable - related company 8,597,576 (5,299,262) 8,597,576 (5,299,262)

Other receivable - subsidiary - - - 8,100,343

Spare parts and supplies (5,906,196) (6,016,946) (1,020,523) (5,355,572)

Other current assets (17,903,470) 17,412,463 (16,894,816) 8,057,193

Other non-current assets 1,663,223 (1,019,408) 1,663,223 (1,019,408)

Operating liabilities increase (decrease)

Trade accounts payable (116,162,101) 9,519,446 (116,162,101) 9,590,397

Amounts due to related companies 855,145 (18,833,336) 8,202,402 (20,867,888)

Construction and retention payables 2,401,153 (35,911,292) - (27,416,764)

Other current liabilities (1,273,249) (3,466,810) (2,228,666) (4,875,736)

Cash flows from operating activities 444,529,824 779,640,524 472,615,666 800,940,256

Cash paid for interest expenses (121,171,819) (135,497,989) (121,171,819) (135,888,879)

Cash paid for corporate income tax (26,080,306) (16,883,980) (26,079,482) (16,877,009)

Net cash flows from operating activities 297,277,699 627,258,555 325,364,365 648,174,368

Statements of cash flows


90


∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

2551 2550 2551 2550

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ

≈ß∑ÿπ„πμâπ∑ÿπ°“√ª≈Ÿ°æ◊™æ≈—ßß“π (4,789,768) (23,639,068) - -

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–¥Õ°‡∫’È¬§â“ß√—∫®“°∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ - - (23,923,428) -

≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - - (3,749,970) -

‡ß‘π ¥√—∫®“°°“√®”Àπà“¬Õÿª°√≥å 10,735 22,570 4,735 1,755,920

´◊ÈÕ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å (170,054,188) (115,475,234) (136,414,211) (73,407,038)

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ (174,833,221) (139,091,732) (164,082,874) (71,651,118)

°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π

®à“¬§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (70,000,000) (227,700,000) (70,000,000) (227,700,000)

‡ß‘πªíπº≈®à“¬ (286,500,000) (286,500,000) (286,500,000) (286,500,000)

√—∫‡ß‘π≈ß∑ÿπ„πÀÿâπ®“°ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 1,250,000 - - -

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡®—¥À“‡ß‘π (355,250,000) (514,200,000) (356,500,000) (514,200,000)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ÿ∑∏‘ (232,805,522) (26,033,177) (195,218,509) 62,323,250

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥μâπªï 284,670,542 310,703,719 239,402,960 177,079,710

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 51,865,020 284,670,542 44,184,451 239,402,960

- - - -

ß∫°√–· ‡ß‘π ¥ (μàÕ)

91





2008 2007 2008 2007

Cash flows from (used in) investing activities

Investment in project cost of energy plant farming (4,789,768) (23,639,068) - -

Increase in short-term loans to and

interest receivable from subsidiary - - (23,923,428) -

Investment in subsidiary - - (3,749,970) -

Cash received from sales of equipment 10,735 22,570 4,735 1,755,920

Acquisition of property, plant and equipment (170,054,188) (115,475,234) (136,414,211) (73,407,038)

Net cash flows used in investing activities (174,833,221) (139,091,732) (164,082,874) (71,651,118)

Cash flows from (used in) financing activities

Repayment of long-term loans (70,000,000) (227,700,000) (70,000,000) (227,700,000)

Dividend paid (286,500,000) (286,500,000) (286,500,000) (286,500,000)

Receipt of share capital from minority shareholders 1,250,000 - - -

of subsidiary

Net cash flows used in financing activities (355,250,000) (514,200,000) (356,500,000) (514,200,000)

Net increase (decrease) in cash and cash equivalents (232,805,522) (26,033,177) (195,218,509) 62,323,250

Cash and cash equivalents at beginning of year 284,670,542 310,703,719 239,402,960 177,079,710

Cash and cash equivalents at end of year 51,865,020 284,670,542 44,184,451 239,402,960

- - - -

Statements of cash flows (continued)

92

∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡

à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à

∑ÿπ‡√◊ÕπÀÿâπ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑’ËÕÕ°·≈– à«π‡°‘π °”‰√ – ¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß

™”√–·≈â« ¡Ÿ≈§à“Àÿâπ ®—¥ √√·≈â« ¬—ß‰¡à‰¥â®—¥ √√ ∫√‘…—∑„À≠à ∫√‘…—∑¬àÕ¬ √«¡

¬Õ¥§ß‡À≈◊Õ 955,000,000 285,447,000 95,500,000 530,026,865 1,865,973,865 - 1,865,973,865

≥ «—π∑’Ë 31 ∏—π«“§¡ 2549

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 311,601,875 311,601,875 - 311,601,875

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àμÿ 18) - - - (286,500,000) (286,500,000) - (286,500,000)

¬Õ¥§ß‡À≈◊Õ 955,000,000 285,447,000 95,500,000 555,128,740 1,891,075,740 - 1,891,075,740

≥ «—π∑’Ë 31 ∏—π«“§¡ 2550

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 261,144,004 261,144,004 (22,322) 261,121,682

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àμÿ 18) - - - (286,500,000) (286,500,000) - (286,500,000)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß - - - - - 1,250,000 1,250,000

∫√‘…—∑¬àÕ¬

¬Õ¥§ß‡À≈◊Õ 955,000,000 285,447,000 95,500,000 529,772,744 1,865,719,744 1,227,678 1,866,947,422

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551

-

(Àπà«¬: ∫“∑)

ß∫°“√‡ß‘π‡©æ“–°‘®°“√

∑ÿπ‡√◊ÕπÀÿâπ °”‰√ – ¡

∑’ËÕÕ°·≈–™”√–·≈â« à«π‡°‘π¡Ÿ≈§à“Àÿâπ ®—¥ √√·≈â« ¬—ß‰¡à‰¥â®—¥ √√ √«¡

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 955,000,000 285,447,000 95,500,000 531,102,781 1,867,049,781

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 329,406,425 329,406,425

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àμÿ 18) - - - (286,500,000) (286,500,000)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 955,000,000 285,447,000 95,500,000 574,009,206 1,909,956,206

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 285,994,954 285,994,954

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àμÿ 18) - - - (286,500,000) (286,500,000)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 955,000,000 285,447,000 95,500,000 573,504,160 1,909,451,160

-

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ


93


(Unit: Baht)

Consolidated financial statements

Equity attributable to the companyûs shareholders

Minority

Total equity interest-equity

attributable attributable

Issued and to the to minority

paid-up Share Retained earnings companyûs shareholders

share capital premium Appropriated Unappropriated shareholders of subsidiary Total

Balance as at 955,000,000 285,447,000 95,500,000 530,026,865 1,865,973,865 - 1,865,973,865

31 December 2006

Net income for the year - - - 311,601,875 311,601,875 - 311,601,875

Dividend paid (Note 18) - - - (286,500,000) (286,500,000) - (286,500,000)

Balance as at 955,000,000 285,447,000 95,500,000 555,128,740 1,891,075,740 - 1,891,075,740

31 December 2007

Net income for the year - - - 261,144,004 261,144,004 (22,322) 261,121,682

Dividend paid (Note 18) - - - (286,500,000) (286,500,000) - (286,500,000)

Minority interest - equity - - - - - 1,250,000 1,250,000

attributable to minority

shareholders of subsidiary

Balance as at 955,000,000 285,447,000 95,500,000 529,772,744 1,865,719,744 1,227,678 1,866,947,422

31 December 2008

-

(Unit: Baht)

Separate financial statements

Issued and paid-up Retained earnings

share capital Share premium Appropriated Unappropriated Total

Balance as at 31 December 2006 955,000,000 285,447,000 95,500,000 531,102,781 1,867,049,781

Net income for the year - - - 329,406,425 329,406,425

Dividend paid (Note 18) - - - (286,500,000) (286,500,000)


Net income for the year - - - 285,994,954 285,994,954

Dividend paid (Note 18) - - - (286,500,000) (286,500,000)


-

Statements of changes in shareholdersû equity


94

À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π√«¡∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) (ç∫√‘…—∑œé) ®—¥μ—Èß¢÷Èπ‡ªìπ∫√‘…—∑¡À“™π·≈–¡’¿Ÿ¡‘≈”‡π“„πª√–‡∑»‰∑¬ ∏ÿ√°‘®À≈—°

¢Õß∫√‘…—∑œ§◊Õ°“√º≈‘μ·≈–®”Àπà“¬æ≈—ßß“π‰øøÑ“·≈–‰ÕπÈ”‡æ◊ËÕÕÿμ “À°√√¡ ‚¥¬¡’∑’ËÕ¬Ÿàμ“¡∑’Ë®¥∑–‡∫’¬πÕ¬Ÿà∑’Ë‡≈¢∑’Ë 636 À¡Ÿà 11

∂ππ ÿ¢“¿‘∫“≈ 8 μ”∫≈ÀπÕß¢“¡ Õ”‡¿Õ»√’√“™“ ®—ßÀ«—¥™≈∫ÿ√’

2. ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π2.1 ß∫°“√‡ß‘π©∫—∫¿“…“‰∑¬π’È®—¥∑”¢÷Èπμ“¡¡“μ√∞“π°“√∫—≠™’∑’Ë°”Àπ¥„πæ√–√“™∫—≠≠—μ‘«‘™“™’æ∫—≠™’ æ.». 2547 ·≈–°“√· ¥ß

√“¬°“√„πß∫°“√‡ß‘π‰¥â∑”¢÷Èπ‡æ◊ËÕ„Àâ‡ªìπ‰ªμ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“≈ß«—π∑’Ë 14 °—π¬“¬π 2544

ÕÕ°μ“¡§«“¡„πæ√–√“™∫—≠≠—μ‘°“√∫—≠™’ æ.». 2543

ß∫°“√‡ß‘π©∫—∫¿“…“‰∑¬‡ªìπß∫°“√‡ß‘π©∫—∫∑’Ë∫√‘…—∑œ „™â‡ªìπ∑“ß°“√μ“¡°ÆÀ¡“¬ ß∫°“√‡ß‘π©∫—∫¿“…“Õ—ß°ƒ…·ª≈

¡“®“°ß∫°“√‡ß‘πμ“¡°ÆÀ¡“¬¥—ß°≈à“«

ß∫°“√‡ß‘ππ’È ‰¥â®—¥∑”¢÷Èπ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡‡«âπ·μà®–‰¥â‡ªî¥‡º¬‡ªìπÕ¬à“ßÕ◊Ëπ„ππ‚¬∫“¬°“√∫—≠™’

2.2 ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

°) ß∫°“√‡ß‘π√«¡π’È ‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬¥—ß

μàÕ‰ªπ’È

√âÕ¬≈–¢Õß ‘π∑√—æ¬å √âÕ¬≈–¢Õß√“¬‰¥â

∑’Ë√«¡Õ¬Ÿà„π ∑’Ë√«¡Õ¬Ÿà„π√“¬‰¥â√«¡

®—¥μ—Èß¢÷Èπ„π Õ—μ√“√âÕ¬≈– ‘π∑√—æ¬å√«¡ ”À√—∫ªï ‘Èπ ÿ¥

™◊ËÕ∫√‘…—∑ ≈—°…≥–∏ÿ√°‘® ª√–‡∑» ¢Õß°“√∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ «—π∑’Ë 31 ∏—π«“§¡

2551 2550 2551 2550 2551 2550

√âÕ¬≈– √âÕ¬≈– √âÕ¬≈– √âÕ¬≈– √âÕ¬≈– √âÕ¬≈–

∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ º≈‘μ·≈–®”Àπà“¬æ≈—ßß“π ‰∑¬ 100 100 5.1 4.8 0.1 0.1

‰øøÑ“·≈–‰ÕπÈ”‡æ◊ËÕÕÿμ “À°√√¡

(¬—ß‰¡à‰¥â‡√‘Ë¡ª√–°Õ∫°‘®°“√)

∫√‘…—∑ À°√’π øÕ‡√ ∑å ®”°—¥ º≈‘μ·≈–®”Àπà“¬æ≈—ßß“π ‰∑¬ 75 - 0.1 - - -

‰øøÑ“·≈–‰ÕπÈ”‡æ◊ËÕÕÿμ “À°√√¡

(¬—ß‰¡à‰¥â‡√‘Ë¡ª√–°Õ∫°‘®°“√)

¢) ∫√‘…—∑œ ®—¥∑”ß∫°“√‡ß‘π‚¥¬√«¡∫√‘…—∑¬àÕ¬∑—ÈßÀ¡¥„πß∫°“√‡ß‘π√«¡μ—Èß·μà«—π∑’Ë‰¥â¡“ ´÷Ëß‡ªìπ«—π∑’Ë∫√‘…—∑œ¡’Õ”π“®„π

°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬®π∂÷ß«—π∑’Ë∫√‘…—∑œ ‘Èπ ÿ¥°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬π—Èπ

§) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬®—¥∑”¢÷Èπ‚¥¬¡’«—π∑’Ë„πß∫°“√‡ß‘π‡™àπ‡¥’¬«°—∫∫√‘…—∑œ ·≈–®—¥∑”‚¥¬„™âπ‚¬∫“¬°“√∫—≠™’∑’Ë

”§—≠‡™àπ‡¥’¬«°—π

95

Notes to consolidated financial statementsSahacogen (Chonburi) Public Company Limited and its subsidiariesFor the years ended 31 December 2008 and 2007

1. General informationSahacogen (Chonburi) Public Company Limited (çthe Companyé) is a public company incorporated and domi-

ciled in Thailand. The Company is principally engaged in the production and distribution of electricity and steam andits registered address is No. 636 Moo 11, Sukaphiban 8 Road, Nongkarm, Sriracha, Chonburi.

2. Basis of preparation2.1 The financial statements in Thai language have been prepared in accordance with accounting standards

enunciated under the Accounting Profession Act B.E. 2547. The presentation of the financial statementshas been made in compliance with the stipulations of the Notification of the Department of BusinessDevelopment dated 14 September 2001, issued under the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financial statements of the Company.The financial statements in English language have been translated from the official statutory financial statements.The financial statements have been prepared on a historical cost basis except where otherwise disclosed inthe accounting policies.

2.2 Basis of consolidation

a) The consolidated financial statements include the financial statements of the Company and the followingsubsidiaries:

Revenues as aAssets as a percentagepercentage to the consolidated

Country to the consolidated total revenuesof Percentage of total assets as at for the year

Companyûs name Nature of business incorporation shareholding 31 December ended 31 December

2008 2007 2008 2007 2008 2007

Percent Percent Percent Percent Percent Percent

Sahacogen Green Production and distribution Thailand 100 100 5.1 4.8 0.1 0.1

Company Limited of electricity and steam (not

commencing its operations)

Sahagreen Forest Production and distribution Thailand 75 - 0.1 - - -

Company Limited of electricity and steam (not

commencing its operations)

b) Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Companygroup obtains control, and continue to be consolidated until the date that such control ceases.

c) The financial statements of the subsidiaries are prepared for the same reporting period as the parentcompany, using consistent significant accounting policies.

96

ß) ¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ √“¬°“√§â“√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠‰¥âμ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡π’È·≈â«

®) à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬§◊Õ à«π¢Õß°”‰√À√◊Õ¢“¥∑ÿπ·≈– ‘π∑√—æ¬å ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ à«π∑’Ë‡ªìπ à«π‰¥â‡ ’¬∑’Ë‰¡à‰¥â

‡ªìπ¢Õß°≈ÿà¡∫√‘…—∑œ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬· ¥ß‡ªìπ√“¬°“√·¬°μà“ßÀ“°„πß∫°”‰√¢“¥∑ÿπ√«¡·≈–· ¥ß„π

à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈√«¡‚¥¬· ¥ß·¬°μà“ßÀ“°®“° à«π¢ÕßºŸâ∂◊ÕÀÿâπ∑’Ë‡ªìπ¢Õß∫√‘…—∑„À≠à

2.3 ∫√‘…—∑œ‰¥â®—¥∑”ß∫°“√‡ß‘π‡©æ“–°‘®°“√‡æ◊ËÕª√–‚¬™πåμàÕ “∏“√≥– ´÷Ëß· ¥ß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬μ“¡«‘∏’√“§“∑ÿπ

3. °“√ª√–°“»„™â¡“μ√∞“π°“√∫—≠™’„À¡à3.1 ¡“μ√∞“π°“√∫—≠™’∑’Ë¡’º≈∫—ß§—∫„™â„πªïªí®®ÿ∫—π

¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 9/2550 ©∫—∫∑’Ë 38/2550 ·≈–©∫—∫∑’Ë 62/2550 ‡°’Ë¬«°—∫

¡“μ√∞“π°“√∫—≠™’ ‚¥¬„Àâ„™â¡“μ√∞“π°“√∫—≠™’„À¡à¥—ßμàÕ‰ªπ’È

©∫—∫∑’Ë 25 (ª√—∫ª√ÿß 2550) ß∫°√–· ‡ß‘π ¥

©∫—∫∑’Ë 29 (ª√—∫ª√ÿß 2550) —≠≠“‡™à“

©∫—∫∑’Ë 31 (ª√—∫ª√ÿß 2550) ‘π§â“§ß‡À≈◊Õ

©∫—∫∑’Ë 33 (ª√—∫ª√ÿß 2550) μâπ∑ÿπ°“√°Ÿâ¬◊¡

©∫—∫∑’Ë 35 (ª√—∫ª√ÿß 2550) °“√π”‡ πÕß∫°“√‡ß‘π

©∫—∫∑’Ë 39 (ª√—∫ª√ÿß 2550) π‚¬∫“¬°“√∫—≠™’ °“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√∑“ß∫—≠™’·≈–¢âÕº‘¥æ≈“¥

©∫—∫∑’Ë 41 (ª√—∫ª√ÿß 2550) ß∫°“√‡ß‘π√–À«à“ß°“≈

©∫—∫∑’Ë 43 (ª√—∫ª√ÿß 2550) °“√√«¡∏ÿ√°‘®

©∫—∫∑’Ë 49 (ª√—∫ª√ÿß 2550) —≠≠“°àÕ √â“ß

©∫—∫∑’Ë 51 ‘π∑√—æ¬å‰¡à¡’μ—«μπ

¡“μ√∞“π°“√∫—≠™’¢â“ßμâπ„Àâ∂◊ÕªØ‘∫—μ‘°—∫ß∫°“√‡ß‘π ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’∑’Ë‡√‘Ë¡„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡

2551 ‡ªìπμâπ‰ª ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ‰¥âª√–‡¡‘π·≈â«‡ÀÁπ«à“ ¡“μ√∞“π°“√∫—≠™’©∫—∫∑’Ë 49 ·≈–©∫—∫∑’Ë 51 ‰¡à‡°’Ë¬«‡π◊ËÕß

°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ à«π¡“μ√∞“π°“√∫—≠™’©∫—∫Õ◊Ëπ¥—ß°≈à“«¢â“ßμâπ‰¡à¡’º≈°√–∑∫Õ¬à“ß‡ªìπ “√– ”§—≠μàÕß∫°“√‡ß‘π

”À√—∫ªïªí®®ÿ∫—π

3.2 ¡“μ√∞“π°“√∫—≠™’∑’Ë¬—ß‰¡à¡’º≈∫—ß§—∫„™â„πªïªí®®ÿ∫—π

¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 86/2551 ‡°’Ë¬«°—∫¡“μ√∞“π°“√∫—≠™’ ‚¥¬„Àâ„™â¡“μ√∞“π

°“√∫—≠™’„À¡à¥—ßμàÕ‰ªπ’È

©∫—∫∑’Ë 36 (ª√—∫ª√ÿß 2550) °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

©∫—∫∑’Ë 54 (ª√—∫ª√ÿß 2550) ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π∑’Ë∂◊Õ‰«â‡æ◊ËÕ¢“¬·≈–°“√¥”‡π‘πß“π∑’Ë¬°‡≈‘°

¡“μ√∞“π°“√∫—≠™’¢â“ßμâπ„Àâ∂◊ÕªØ‘∫—μ‘°—∫ß∫°“√‡ß‘π ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’∑’Ë‡√‘Ë¡„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2552

‡ªìπμâπ‰ª ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ‰¥âª√–‡¡‘π·≈â«‡ÀÁπ«à“¡“μ√∞“π°“√∫—≠™’©∫—∫¥—ß°≈à“«®–‰¡à¡’º≈°√–∑∫Õ¬à“ß‡ªìπ “√–

”§—≠μàÕß∫°“√‡ß‘π ”À√—∫ªï∑’Ë‡√‘Ë¡„™â¡“μ√∞“π°“√∫—≠™’©∫—∫¥—ß°≈à“«

4. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠4.1 °“√√—∫√Ÿâ√“¬‰¥â

¢“¬ ‘π§â“

√“¬‰¥â®“°°“√¢“¬ ‘π§â“√—∫√Ÿâ‡¡◊ËÕ∫√‘…—∑œ ‰¥â‚Õπ§«“¡‡ ’Ë¬ß·≈–º≈μÕ∫·∑π∑’Ë‡ªìπ “√– ”§—≠¢Õß§«“¡‡ªìπ‡®â“¢Õß

‘π§â“„Àâ°—∫ºŸâ´◊ÈÕ·≈â« √“¬‰¥â®“°°“√¢“¬· ¥ß¡Ÿ≈§à“μ“¡√“§“„π„∫°”°—∫ ‘π§â“‚¥¬‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡ ”À√—∫ ‘π§â“∑’Ë‰¥â

àß¡Õ∫À≈—ß®“°À—° à«π≈¥·≈â«

97

d) Material balances and transactions between the Company and its subsidiaries have been eliminated fromthe consolidated financial statements.

e) Minority interests represent the portion of profit or loss and net assets that is not held by the Group andare presented separately in the consolidated income statement and within equity in the consolidatedbalance sheet, separately from parent shareholdersû equity.

2.3 The separate financial statements, which present investments in subsidiaries under the cost method, have

been prepared solely for the benefit of the public.

3. Adoption of new accounting standards3.1 Accounting standards which are effective for the current year

The Federation of Accounting Professions (FAP) has issued Notifications No. 9/2550, 38/2550 and 62/2550regarding Accounting Standards. The notifications mandate the use of the following new Accounting Standards.

TAS 25 (revised 2007) Cash Flow StatementsTAS 29 (revised 2007) LeasesTAS 31 (revised 2007) InventoriesTAS 33 (revised 2007) Borrowing CostsTAS 35 (revised 2007) Presentation of Financial StatementsTAS 39 (revised 2007) Accounting Policies, Changes in Accounting Estimates and ErrorsTAS 41 (revised 2007) Interim Financial ReportingTAS 43 (revised 2007) Business CombinationsTAS 49 (revised 2007) Construction ContractsTAS 51 Intangible Assets

These accounting standards become effective for the financial statements for fiscal years beginning on

or after 1 January 2008. The management has assessed the effect of these accounting standards and

believes that TAS 49 and TAS 51 are not relevant to the business of the Company, whereas the other

accounting standards do not have any significant impact on the financial statements for the current year.

3.2 Accounting standards which are not effective for the current year

The Federation of Accounting Professions (FAP) has issued Notifications No. 86/2551 regardingAccounting Standards. The notifications mandate the use of the following new Accounting Standards.

TAS 36 (revised 2007) Impairment of AssetsTAS 54 (revised 2007) Non-current Assets Held for Sale and Discontinued Operations

These accounting standards will become effective for the financial statements for fiscal years

beginning on or after 1 January 2009. The management has assessed the effect of these accounting

standards and believes that they will not have any significant impact on the financial statements for the

year in which they are initially applied.

4. Significant accounting policies4.1 Revenue Recognition

Sales of goodsSales of goods are recognized when the significant risks and rewards of ownership of the goods have

passed to the buyer. Sales are the invoiced value, excluding value added tax, of goods supplied after deductingdiscounts and allowances.

98

¥Õ°‡∫’È¬√—∫

¥Õ°‡∫’È¬∂◊Õ‡ªìπ√“¬‰¥âμ“¡‡°≥±å§ß§â“ß‚¥¬§”π÷ß∂÷ßÕ—μ√“º≈μÕ∫·∑π∑’Ë·∑â®√‘ß

4.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ∑’Ë¡’ ¿“æ§≈àÕß Ÿß

´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬–‡«≈“‰¡à‡°‘π 3 ‡¥◊Õππ—∫®“°«—π∑’Ë‰¥â¡“·≈–‰¡à¡’¢âÕ®”°—¥„π°“√‡∫‘°„™â

4.3 Õ–‰À≈à·≈–«— ¥ÿ§ß‡À≈◊Õ

Õ–‰À≈à·≈–«— ¥ÿ§ß‡À≈◊Õ· ¥ß¡Ÿ≈§à“μ“¡√“§“∑ÿπ∂—«‡©≈’Ë¬À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–‰¥â√—∫·≈â«·μà√“§“„¥®–μË”°«à“ ·≈–

®–∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õßμâπ∑ÿπ°“√º≈‘μ‡¡◊ËÕ¡’°“√‡∫‘°„™â

4.4 ‡ß‘π≈ß∑ÿπ

°) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“· ¥ßμ“¡¡Ÿ≈§à“¬ÿμ‘∏√√¡ ∫√‘…—∑œ ∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“¢ÕßÀ≈—°∑√—æ¬å‡ªìπ√“¬°“√

°”‰√À√◊Õ¢“¥∑ÿπ„πß∫°”‰√¢“¥∑ÿπ

¢) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë· ¥ßÕ¬Ÿà„πß∫°“√‡ß‘π‡©æ“–°‘®°“√· ¥ß¡Ÿ≈§à“μ“¡«‘∏’√“§“∑ÿπ

¡Ÿ≈§à“¬ÿμ‘∏√√¡¢ÕßÀ≈—°∑√—æ¬å„π§«“¡μâÕß°“√¢Õßμ≈“¥§”π«≥®“°√“§“‡ πÕ´◊ÈÕÀ≈—ß ÿ¥ ≥ ‘Èπ«—π∑”°“√

ÿ¥∑â“¬¢Õßªï¢Õßμ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¡Ÿ≈§à“¬ÿμ‘∏√√¡¢ÕßÀπà«¬≈ß∑ÿπ§”π«≥®“°¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘

∫√‘…—∑œ „™â«‘∏’∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°„π°“√§”π«≥μâπ∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ

4.5 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å·≈–§à“‡ ◊ËÕ¡√“§“

∑’Ë¥‘π· ¥ß¡Ÿ≈§à“μ“¡√“§“∑ÿπ Õ“§“√·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“μ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡

§à“‡ ◊ËÕ¡√“§“¢Õß‚√ß‰øøÑ“ Õ“§“√·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å‚¥¬«‘∏’‡ âπμ√ßμ“¡Õ“¬ÿ°“√„™âß“π

‚¥¬ª√–¡“≥¥—ßμàÕ‰ªπ’È:

‚√ß‰øøÑ“ 30 ªï

à«πª√—∫ª√ÿß‚√ß‰øøÑ“ 3 - 6 ªï

Õ“§“√ 20 - 25 ªï

‡§√◊ËÕß¡◊Õ·≈–Õÿª°√≥å 5 ªï

‡§√◊ËÕßμ°·μàß·≈–‡§√◊ËÕß„™â ”π—°ß“π 3 - 5 ªï

¬“πæ“Àπ– 5 ªï

‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π·≈–ß“π√–À«à“ß°àÕ √â“ß

§à“‡ ◊ËÕ¡√“§“√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

4.6 √“¬°“√∏ÿ√°‘®°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π°—∫∫√‘…—∑œ À¡“¬∂÷ß ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë¡’Õ”π“®§«∫§ÿ¡∫√‘…—∑œ À√◊Õ∂Ÿ°§«∫§ÿ¡‚¥¬

∫√‘…—∑œ ‰¡à«à“®–‡ªìπ‚¥¬∑“ßμ√ßÀ√◊Õ∑“ßÕâÕ¡ À√◊ÕÕ¬Ÿà¿“¬„μâ°“√§«∫§ÿ¡‡¥’¬«°—π°—∫∫√‘…—∑œ

99

Interest incomeInterest income is recognized as interest accrues taking into account the effective rate method.

4.2 Cash and cash equivalents

Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid investments withan original maturity of three months or less and not subject to withdrawal restrictions.

4.3 Spare parts and supplies

Spare parts and supplies are valued at the lower of average cost and net realisable value and constitutepart of production costs whenever consumed.

4.4 Investments

a) Investments in securities held for trading are presented at fair value. Gains or losses arising from changein the carrying amounts of securities are included in determining income.

b) Investments in subsidiaries are accounted for in the separate financial statements using the cost method.

The fair value of marketable securities is based on the latest bid price of the last working day of theyear as quoted on the Stock Exchange of Thailand. The fair value of unit trusts is determined from their netasset value.

The weighted average method is used for computation of the cost of investments.

4.5 Property, plant and equipment/Depreciation

Land is stated at cost. Plant and equipment are stated at cost less accumulated depreciation.

Depreciation of power plant, buildings and equipment is calculated by reference to their costs on thestraight-line method over the following estimated useful lives:

Power plant 30 yearsPower plant improvement 3 - 6 yearsBuildings 20 - 25 yearsTools and equipment 5 yearsFurniture, fixtures and office equipment 3 - 5 yearsVehicles 5 years

No depreciation is provided for land and construction in progress.

Depreciation is included in determining income.

4.6 Related party transactions

Related parties comprise enterprises and individuals that control or are controlled by the Company,whether directly or indirectly, or which are under common control with the Company.

100

πÕ°®“°π’È ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¬—ßÀ¡“¬√«¡∂÷ß∫ÿ§§≈ ÷Ëß¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠°—∫∫√‘…—∑œ ºŸâ∫√‘À“√

”§—≠ °√√¡°“√À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ∑’Ë¡’Õ”π“®„π°“√«“ß·ºπ·≈–§«∫§ÿ¡°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ

4.7 ‡ß‘πμ√“μà“ßª√–‡∑»

√“¬°“√∑’Ë‡ªìπ‡ß‘πμ√“μà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—μ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–

Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πμ√“μà“ßª√–‡∑»§ß‡À≈◊ÕÕ¬Ÿà ≥ «—π∑’Ë„πß∫¥ÿ≈·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—μ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈

°”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕ—μ√“·≈°‡ª≈’Ë¬π√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

4.8 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

∑ÿ°«—π∑’Ë„πß∫¥ÿ≈ ∫√‘…—∑œ ®–∑”°“√ª√–‡¡‘π«à“¡’¢âÕ∫àß™’È ÷Ëß· ¥ß«à“ ‘π∑√—æ¬å¢Õß∫√‘…—∑œ¥âÕ¬§à“≈ßÀ√◊Õ‰¡à À“°¡’¢âÕ∫àß™’È

¢Õß°“√¥âÕ¬§à“ ∫√‘…—∑œ®–∑”°“√ª√–¡“≥¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å·≈–À“°æ∫«à“√“§“μ“¡∫—≠™’¢Õß ‘π∑√—æ¬å

π—Èπ¡’¡Ÿ≈§à“ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ∫√‘…—∑œ ®–≈¥¡Ÿ≈§à“¢Õß ‘π∑√—æ¬å≈ß„Àâ‡∑à“°—∫¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ·≈–

√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å„πß∫°”‰√¢“¥∑ÿπ (¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬åÀ¡“¬∂÷ß√“§“¢“¬

ÿ∑∏‘À√◊Õ¡Ÿ≈§à“®“°°“√„™â¢Õß ‘π∑√—æ¬åπ—Èπ·≈â«·μà®”π«π„¥®– Ÿß°«à“)

4.9 º≈ª√–‚¬™πåæπ—°ß“π

∫√‘…—∑œ √—∫√Ÿâ ‡ß‘π‡¥◊Õπ §à“®â“ß ‚∫π— ·≈–‡ß‘π ¡∑∫°Õß∑ÿπª√–°—π —ß§¡·≈–°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ‡ªìπ§à“„™â®à“¬

‡¡◊ËÕ‡°‘¥√“¬°“√

4.10 ¿“…’‡ß‘π‰¥â

∫√‘…—∑œ ∫—π∑÷°¿“…’‡ß‘π‰¥â‚¥¬§”π«≥®“°°”‰√ ÿ∑∏‘∑“ß¿“…’μ“¡°ÆÀ¡“¬¿“…’Õ“°√

4.11 μâπ∑ÿπ°“√°Ÿâ¬◊¡

¥Õ°‡∫’È¬®à“¬·≈–§à“∏√√¡‡π’¬¡ºŸ°æ—π‡ß‘π°Ÿâ∑’Ë‡°‘¥®“°°“√°Ÿâ¬◊¡‡æ◊ËÕ„™â„π√–À«à“ß°“√°àÕ √â“ß‚√ß‰øøÑ“ ·≈–μ‘¥μ—Èß

‡§√◊ËÕß®—°√∂◊Õ‡ªìπ à«πÀπ÷Ëß¢Õßμâπ∑ÿπ¢Õß ‘π∑√—æ¬å·≈–®–À¬ÿ¥∫—π∑÷°‡¡◊ËÕ ‘π∑√—æ¬åπ—ÈπÕ¬Ÿà„π ¿“ææ√âÕ¡„™âß“π‰¥â μâπ∑ÿπ

°“√°Ÿâ¬◊¡Õ◊ËπÊ ∂◊Õ‡ªìπ§à“„™â®à“¬„πß«¥∑’Ë‡°‘¥√“¬°“√ μâπ∑ÿπ°“√°Ÿâ¬◊¡ª√–°Õ∫¥â«¬¥Õ°‡∫’È¬·≈–μâπ∑ÿπÕ◊Ëπ∑’Ë‡°‘¥¢÷Èπ®“°°“√°Ÿâ

¬◊¡¢Õß°‘®°“√

4.12 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’

„π°“√®—¥∑”ß∫°“√‡ß‘πμ“¡¡“μ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß ∂“π°“√≥åΩÉ“¬∫√‘À“√Õ“®μâÕß„™â°“√ª√–¡“≥

·≈–°“√μ—Èß ¡¡μ‘∞“π ÷Ëß¡’º≈°√–∑∫μàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–À¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àμÿπ’Èº≈∑’Ë‡°‘¥

¢÷Èπ®√‘ß®÷ßÕ“®·μ°μà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â

5. ≈Ÿ°Àπ’È°“√§â“¬Õ¥§ß‡À≈◊Õ≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ‡ªìπÀπ’È∑’Ë¬—ß‰¡à∂÷ß°”Àπ¥™”√–

101

They also include individuals which directly or indirectly own a voting interest in the Company that givesthem significant influence over the Company, key management personnel, directors and officers with authority inthe planning and direction of the Companyûs operations.

4.7 Foreign currencies

Foreign currency transactions are translated into Baht at the exchange rates ruling on the transactiondates. Assets and liabilities denominated in foreign currencies outstanding at the balance sheet date aretranslated into Baht at the exchange rates ruling on the balance sheet date.

Gains and losses on exchange are included in determining income.

4.8 Impairment of assets

The Company assesses at each reporting date whether there is an indication that an asset may beimpaired. If any such indication exists, the Company makes an estimate of the assetûs recoverable amount.Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered impairedand is written down to its recoverable amount. Impairment losses are recognised in the income statement.An assetûs recoverable amount is the higher of fair value less costs to sell and value in use.

4.9 Employee benefits

Salaries, wages, bonuses and contributions to the social security fund and provident fund are recognisedas expenses when incurred.

4.10 Income Tax

Income tax is provided for in the accounts based on the taxable profits determined in accordance with taxlegislation.

4.11 Borrowing cost

The interest cost of borrowings for the construction of the power plant and installation of machinery, andrelated commitment fees, are capitalized as part of the cost of the assets. Capitalisation ceases when the assetsare ready for their intended use. All other borrowing costs are expensed in the period they occur. Borrowingcosts consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

4.12 Use of accounting estimates

Preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions in certain circumstances, affecting amounts reported in thesefinancial statements and related notes. Actual results could differ from these estimates.

5. Trade accounts receivableAs at 31 December 2008 and 2007, the outstanding balances of trade accounts receivable are not yet due.

102

6. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π„π√–À«à“ßªï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ª

μ“¡‡ß◊ËÕπ‰¢∑“ß°“√§â“·≈–‡°≥±åμ“¡∑’Ëμ°≈ß°—π√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑‡À≈à“π—Èπ ÷Ëß‡ªìπ‰ªμ“¡ª°μ‘∏ÿ√°‘®‚¥¬ “¡“√∂ √ÿª‰¥â¥—ßπ’È

(Àπà«¬: ≈â“π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√ π‚¬∫“¬°“√°”Àπ¥√“§“

2551 2550 2551 2550

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬(μ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«)∫√‘…—∑ À‚§‡®π °√’π ®”°—¥§à“∫√‘°“√ - - 4.5 - √“§“∑ÿπ¢“¬∑√—æ¬å ‘π - - - 1.7 √“§“∑ÿπ¥Õ°‡∫’È¬√—∫ - - 0.4 - Õ—μ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡¢—ÈπμË”

(MLR)¥Õ°‡∫’È¬®à“¬ - - - 0.4 Õ—μ√“¥Õ°‡∫’È¬‡ß‘πΩ“ª√–®”¢Õß

∏π“§“√æ“≥‘™¬å„πª√–‡∑»√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)¢“¬æ≈—ßß“π‰øøÑ“ 921.2 902.2 921.2 902.2 Õ—μ√“§à“‰øøÑ“¢Õß°“√‰øøÑ“

à«π¿Ÿ¡‘¿“§À—°¥â«¬Õ—μ√“ à«π≈¥¢“¬æ≈—ßß“π‰ÕπÈ” 331.5 257.6 331.5 257.6 √“§“μ“¡ —≠≠“§à“∏√√¡‡π’¬¡®à“¬ ”À√—∫°“√§È”ª√–°—π §«“¡μâÕß°“√‰øøÑ“¢—ÈπμË” 5.5 5.5 5.5 5.5 √“§“μ“¡ —≠≠“§à“πÈ”¥‘∫·≈–§à“∫”∫—¥πÈ”‡ ’¬®à“¬ 2.5 2.4 2.5 2.4 √“§“‡ªìπ‰ªμ“¡ª°μ‘‡™àπ‡¥’¬«°—∫

≈Ÿ°§â“∑—Ë«‰ª§à“‡™à“∑’Ë¥‘π - 2.6 - - √“§“μ“¡ —≠≠“∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥§à“∫√‘°“√¥â“π°“√®—¥°“√®à“¬ 70.3 69.2 70.3 69.2 √“§“μ“¡ —≠≠“§à“‡™à“‡§√◊ËÕß®—°√ 75.2 46.1 75.2 46.1 √“§“μ“¡ —≠≠“∫√‘…—∑ ‘π¿√“¥√ ®”°—¥§à“‡™à“∑’Ë¥‘π 1.7 1.7 1.7 1.7 √“§“μ“¡ —≠≠“∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥§à“∫√‘°“√°àÕ √â“ß 7.1 17.3 - - √“§“μ“¡ —≠≠“∫√‘…—∑ æ’ ∑’ ‡§ ¡—≈μ‘‡´Õ√å«‘ ®”°—¥§à“∫√‘°“√°àÕ √â“ß 7.3 - - - √“§“μ“¡ —≠≠“

103

6. Related party transactionsDuring the years, the Company and its subsidiaries had significant business transactions with related parties,

which have been concluded on commercial terms and bases agreed upon in the ordinary course of business betweenthe Company and those companies. Below is a summary of those transactions.

(Unit: Million Baht)

Consolidated Separate Pricing policy

financial financial

statements statements

2008 2007 2008 2007Transactions with subsidiary(eliminated from the consolidated financial statements)Sahacogen Green Company LimitedService charges - - 4.5 - At costSales of assets - - - 1.7 At costInterest income - - 0.4 - Minimum loan rate (MLR)Interest expenses - - - 0.4 Interest rate of fixed

deposit with localcommercial bank

Transactions with related companiesSaha Pathana Inter-Holding Public Company LimitedSales of electricity 921.2 902.2 921.2 902.2 Electricity rate charged by

the Provincial ElectricityAuthority, deducted bycertain discount

Sales of steam 331.5 257.6 331.5 257.6 Contract priceFee paid for guarantee for minimum electricity demand 5.5 5.5 5.5 5.5 Contract priceRaw water and waste water treatment costs 2.5 2.4 2.5 2.4 Price charged to other

customers in the normalcourse of business

Land rental expense - 2.6 - - Contract priceOperational Energy Group LimitedOperation and service management fees 70.3 69.2 70.3 69.2 Contract priceMachinery lease fees 75.2 46.1 75.2 46.1 Contract priceSinparadorn Company LimitedLand rental expense 1.7 1.7 1.7 1.7 Contract pricePitakkij Company LimitedConstruction services 7.1 17.3 - - Contract pricePTK Multi Services Company LimitedConstruction services 7.3 - - - Contract price

104

¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

(Àπà«¬: ∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

2551 2550 2551 2550

≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 87,462,357 96,059,933 87,462,357 96,059,933√«¡≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 87,462,357 96,059,933 87,462,357 96,059,933

‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–¥Õ°‡∫’È¬§â“ß√—∫®“°∫√‘…—∑¬àÕ¬∫√‘…—∑¬àÕ¬

∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ - - 23,923,428 -√«¡‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ·≈–¥Õ°‡∫’È¬§â“ß√—∫®“°∫√‘…—∑¬àÕ¬ - - 23,923,428 -

‡®â“Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑¬àÕ¬

∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ - - 5,021,130 -∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ 33,565,114 30,408,076 33,565,114 30,408,076∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 281,811 218,606 242,840 218,606∫√‘…—∑ æ‘∑—°…å°‘® ®”°—¥ 497,556 3,473,081 - -∫√‘…—∑ æ’ ∑’ ‡§ ¡—≈μ‘‡´Õ√å«‘ ®”°—¥ 610,427 - - -

√«¡‡®â“Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 34,954,908 34,099,763 38,829,084 30,626,682

„π√–À«à“ßªï ∫√‘…—∑œ ‰¥â„Àâ‡ß‘π°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬√«¡‡ªìπ®”π«π‡ß‘π 23.6 ≈â“π∫“∑ ÷Ëß§‘¥¥Õ°‡∫’È¬„πÕ—μ√“ MLR μàÕªï ·≈–

¡’°”Àπ¥™”√–§◊π‡¡◊ËÕ∑«ß∂“¡

§à“μÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

„πªï 2551 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π‡¥◊Õπ ‚∫π— §à“‡∫’È¬ª√–™ÿ¡·≈–‡ß‘π∫”‡ÀπÁ®„Àâ·°à°√√¡°“√·≈–ºŸâ∫√‘À“√ ‡ªìπ

®”π«π‡ß‘π 26.1 ≈â“π∫“∑ (‡©æ“–¢Õß∫√‘…—∑œ: ®”π«π 25.0 ≈â“π∫“∑) (2550: ®”π«π 25.1 ≈â“π∫“∑)

7. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π‡©æ“–°‘®°“√

™◊ËÕ∫√‘…—∑ ∑ÿπ‡√’¬°™”√–·≈â« —¥ à«π‡ß‘π≈ß∑ÿπ √“§“∑ÿπ2551 2550 2551 2550 2551 2550

≈â“π∫“∑ ≈â“π∫“∑ √âÕ¬≈– √âÕ¬≈–

∫√‘…—∑ À‚§‡®π °√’π ®”°—¥ 250 250 100 100 249,999,930 249,999,930∫√‘…—∑ À°√’π øÕ‡√ ∑å ®”°—¥ 5 - 75 - 3,749,970 -

√«¡ 253,749,900 249,999,930

„π‡¥◊Õπ∏—π«“§¡ 2551 ∫√‘…—∑œ ‰¥â≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑ À°√’π øÕ‡√ ∑å ®”°—¥ ´÷Ëß¡’∑ÿπ®¥∑–‡∫’¬π®”π«π 5 ≈â“π

∫“∑ (®”π«π 500,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‚¥¬∫√‘…—∑œ‰¥â‡¢â“‰ª∂◊ÕÀÿâπ„π —¥ à«π√âÕ¬≈– 75 ¢Õß∑ÿπ®¥∑–‡∫’¬π §‘¥‡ªìπ‡ß‘π

3,749,970 ∫“∑

∫√‘…—∑œ‰¡à¡’‡ß‘πªíπº≈√—∫®“°°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π√–À«à“ßªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

105

The balances of the accounts as at 31 December 2008 and 2007 between the Company and those relatedcompanies are as follows:


financial statements financial statements2008 2007 2008 2007

Trade accounts receivable - related companyRelated company

Saha Pathana Inter-Holding Public 87,462,357 96,059,933 87,462,357 96,059,933Company Limited

Total trade accounts receivable - related company 87,462,357 96,059,933 87,462,357 96,059,933

Short-term loans to and interest receivablefrom subsidiarySubsidiary

Sahacogen Green Company Limited - - 23,923,428 -Total short-term loans to and interest receivable - - 23,923,428 -

from subsidiary

Amount due to related companiesSubsidiary

Sahacogen Green Company Limited - - 5,021,130 -Related companies

Operational Energy Group Limited 33,565,114 30,408,076 33,565,114 30,408,076Saha Pathana Inter-Holding Public 281,811 218,606 242,840 218,606

Company LimitedPitakkij Company Limited 497,556 3,473,081 - -PTK Multi Services Company Limited 610,427 - - -

Total amount due to related companies 34,954,908 34,099,763 38,829,084 30,626,682

During the year, the Company has loans to subsidiary totaling Baht 23.6 million which are subject to interests atthe rate of MLR per annum and are due at call.

Directors and managementûs remuneration

In 2008 the Company and its subsidiary paid salaries, bonus, meeting allowances and gratuities to their directorsand management totaling Baht 26.1 million (Separate financial statements: Baht 25.0 million) (2007: Baht 25.1 million).

7. Investments in subsidiaries

(Unit: Baht)Separate financial statements

Companyûs name Paid-up capital Shareholding percentage Cost2008 2007 2008 2007 2008 2007

Million Baht Million Baht % %

Sahacogen Green Company Limited 250 250 100 100 249,999,930 249,999,930Sahagreen Forest Company Limited 5 - 75 - 3,749,970 -

Total 253,749,900 249,999,930

In December 2008, the Company invested in ordinary shares of Sahagreen Forest Company Limited, which hasa registered share capital of Baht 5 million (500,000 shares of Baht 10 each). The Companyûs holding is 75 percent ofits registered share capital, equivalent to Baht 3,749,970.

During the years ended 31 December 2008 and 2007, the Company received no dividend income from itsinvestments in subsidiaries.

106

8. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å(Àπà«¬: ∫“∑)

ß∫°“√‡ß‘π√«¡

à«πª√—∫ª√ÿß ‡§√◊ËÕß¡◊Õ ‡§√◊ËÕßμ°·μàß·≈– ß“π√–À«à“ß

∑’Ë¥‘π ‚√ß‰øøÑ“ ‚√ß‰øøÑ“ Õ“§“√ ·≈–Õÿª°√≥å ‡§√◊ËÕß„™â ”π—°ß“π ¬“πæ“Àπ– °àÕ √â“ß √«¡

√“§“∑ÿπ

31 ∏—π«“§¡ 2550 104,871,396 4,610,868,894 293,620,088 51,721,859 42,264,031 50,841,684 18,933,162 182,159,003 5,355,280,117

´◊ÈÕ‡æ‘Ë¡ - 104,075 - 376,849 6,896,062 10,315,527 4,423,973 147,937,702 170,054,188

‚Õπ‡¢â“ (ÕÕ°) - 25,979,018 114,396,147 7,400,329 24,249,723 1,060,450 (1,720,500) (171,365,167) -

®”Àπà“¬ - - (80,324,870) - - (1,172,038) - - (81,496,908)

31 ∏—π«“§¡ 2551 104,871,396 4,636,951,987 327,691,365 59,499,037 73,409,816 61,045,623 21,636,635 158,731,538 5,443,837,397

§à“‡ ◊ËÕ¡√“§“ – ¡

31 ∏—π«“§¡ 2550 - 1,031,023,054 172,607,670 5,981,725 27,267,283 23,255,021 5,564,844 - 1,265,699,597

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï - 155,612,781 72,611,294 2,185,001 7,858,359 10,671,488 2,663,173 - 251,602,096

§à“‡ ◊ËÕ¡√“§“-®”Àπà“¬ - - (80,324,870) - - (1,132,117) - - (81,456,987)

31 ∏—π«“§¡ 2551 - 1,186,635,835 164,894,094 8,166,726 35,125,642 32,794,392 8,228,017 - 1,435,844,706

¡Ÿ≈§à“ ÿ∑∏‘μ“¡∫—≠™’

31 ∏—π«“§¡ 2550 104,871,396 3,579,845,840 121,012,418 45,740,134 14,996,748 27,586,663 13,368,318 182,159,003 4,089,580,520

31 ∏—π«“§¡ 2551 104,871,396 3,450,316,152 162,797,271 51,332,311 38,284,174 28,251,231 13,408,618 158,731,538 4,007,992,691

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

2550 (®”π«π 227 ≈â“π∫“∑ √«¡Õ¬Ÿà„πμâπ∑ÿπ°“√º≈‘μ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√∫√‘À“√) 241,371,249

2551 (®”π«π 223 ≈â“π∫“∑ √«¡Õ¬Ÿà„πμâπ∑ÿπ°“√º≈‘μ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√∫√‘À“√) 251,602,096

107

8. Property, plant and equipment(Àπà«¬: ∫“∑)

Consolidated financial statementsPower plant Tools and Furniture fixtures Motor Construction

Land Power plant improvement Buildings equipment and office vehicles in progress Totalequipment

Cost

31 December 2007 104,871,396 4,610,868,894 293,620,088 51,721,859 42,264,031 50,841,684 18,933,162 182,159,003 5,355,280,117

Acquisition - 104,075 - 376,849 6,896,062 10,315,527 4,423,973 147,937,702 170,054,188

Transfer in (out) - 25,979,018 114,396,147 7,400,329 24,249,723 1,060,450 (1,720,500) (171,365,167) -

Disposals - - (80,324,870) - - (1,172,038) - - (81,496,908)

31 December 2008 104,871,396 4,636,951,987 327,691,365 59,499,037 73,409,816 61,045,623 21,636,635 158,731,538 5,443,837,397

Accumulated depreciation

31 December 2007 - 1,031,023,054 172,607,670 5,981,725 27,267,283 23,255,021 5,564,844 - 1,265,699,597

Depreciation for the year - 155,612,781 72,611,294 2,185,001 7,858,359 10,671,488 2,663,173 - 251,602,096

Depreciation on disposals - - (80,324,870) - - (1,132,117) - - (81,456,987)

31 December 2008 - 1,186,635,835 164,894,094 8,166,726 35,125,642 32,794,392 8,228,017 - 1,435,844,706

Net book value

31 December 2007 104,871,396 3,579,845,840 121,012,418 45,740,134 14,996,748 27,586,663 13,368,318 182,159,003 4,089,580,520

31 December 2008 104,871,396 3,450,316,152 162,797,271 51,332,311 38,284,174 28,251,231 13,408,618 158,731,538 4,007,992,691

Depreciation for the year

2007 (Baht 227 million included in manufacturing cost, and the balance in administrative expenses) 241,371,249


108

(Àπà«¬: ∫“∑)

ß∫°“√‡ß‘π√«¡

à«πª√—∫ª√ÿß ‡§√◊ËÕß¡◊Õ ‡§√◊ËÕßμ°·μàß·≈– ß“π√–À«à“ß

∑’Ë¥‘π ‚√ß‰øøÑ“ ‚√ß‰øøÑ“ Õ“§“√ ·≈–Õÿª°√≥å ‡§√◊ËÕß„™â ”π—°ß“π ¬“πæ“Àπ– °àÕ √â“ß √«¡

√“§“∑ÿπ

31 ∏—π«“§¡ 2550 104,871,396 4,610,868,894 293,620,088 51,721,859 41,318,415 48,458,186 14,675,032 21,067,093 5,186,600,963

´◊ÈÕ‡æ‘Ë¡ - 104,075 - 376,849 757,299 9,093,547 2,405,490 123,676,951 136,414,211

‚Õπ‡¢â“ (ÕÕ°) - 25,979,018 114,396,147 - 3,090,828 - - (143,465,993) -

®”Àπà“¬ - - (80,324,870) - - (1,161,348) - - (81,486,218)

31 ∏—π«“§¡ 2551 104,871,396 4,636,951,987 327,691,365 52,098,708 45,166,542 56,390,385 17,080,522 1,278,051 5,241,528,956

§à“‡ ◊ËÕ¡√“§“ – ¡

31 ∏—π«“§¡ 2550 - 1,031,023,054 172,607,670 5,981,725 27,097,116 22,725,143 4,811,741 - 1,264,246,449

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï - 155,612,781 72,611,294 2,080,827 4,308,577 10,009,228 2,289,360 - 246,912,067

§à“‡ ◊ËÕ¡√“§“-®”Àπà“¬ - - (80,324,870) - - (1,128,857) - - (81,453,727)

31 ∏—π«“§¡ 2551 - 1,186,635,835 164,894,094 8,062,552 31,405,693 31,605,514 7,101,101 - 1,429,704,789

¡Ÿ≈§à“ ÿ∑∏‘μ“¡∫—≠™’

31 ∏—π«“§¡ 2550 104,871,396 3,579,845,840 121,012,418 45,740,134 14,221,299 25,733,043 9,863,291 21,067,093 3,922,354,514

31 ∏—π«“§¡ 2551 104,871,396 3,450,316,152 162,797,271 44,036,156 13,760,849 24,784,871 9,979,421 1,278,051 3,811,824,167

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

2550 (®”π«π 227 ≈â“π∫“∑ √«¡Õ¬Ÿà„πμâπ∑ÿπ°“√º≈‘μ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 239,947,093

2551 (®”π«π 223 ≈â“π∫“∑ √«¡Õ¬Ÿà„πμâπ∑ÿπ°“√º≈‘μ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 246,912,067

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑œ¡’Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßμ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â«·μà¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘πª√–¡“≥ 30 ≈â“π∫“∑

(2550: ®”π«π 25 ≈â“π∫“∑)

109

(Àπà«¬: ∫“∑)

Consolidated financial statementsPower plant Tools and Furniture fixtures Motor Construction

Land Power plant improvement Buildings equipment and office vehicles in progress Totalequipment

Cost

31 December 2007 104,871,396 4,610,868,894 293,620,088 51,721,859 41,318,415 48,458,186 14,675,032 21,067,093 5,186,600,963

Acquisition - 104,075 - 376,849 757,299 9,093,547 2,405,490 123,676,951 136,414,211

Transfer in (out) - 25,979,018 114,396,147 - 3,090,828 - - (143,465,993) -

Disposals - - (80,324,870) - - (1,161,348) - - (81,486,218)

31 December 2008 104,871,396 4,636,951,987 327,691,365 52,098,708 45,166,542 56,390,385 17,080,522 1,278,051 5,241,528,956

Accumulated depreciation

31 December 2007 - 1,031,023,054 172,607,670 5,981,725 27,097,116 22,725,143 4,811,741 - 1,264,246,449

Depreciation for the year - 155,612,781 72,611,294 2,080,827 4,308,577 10,009,228 2,289,360 - 246,912,067

Depreciation on disposals - - (80,324,870) - - (1,128,857) - - (81,453,727)

31 December 2008 - 1,186,635,835 164,894,094 8,062,552 31,405,693 31,605,514 7,101,101 - 1,429,704,789

Net book value

31 December 2007 104,871,396 3,579,845,840 121,012,418 45,740,134 14,221,299 25,733,043 9,863,291 21,067,093 3,922,354,514

31 December 2008 104,871,396 3,450,316,152 162,797,271 44,036,156 13,760,849 24,784,871 9,979,421 1,278,051 3,811,824,167

Depreciation for the year



As at 31 December 2008, certain plant and equipment items have been fully depreciated but are still in use. The original cost of those assets amounted toapproximately Baht 30 million (2007: Baht 25 million).

110

∫√‘…—∑œ ®¥®”πÕß∑’Ë¥‘π ‚√ß‰øøÑ“·≈–Õ“§“√∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ ‡æ◊ËÕ§È”ª√–°—π ‘π‡™◊ËÕ∑’Ë‰¥â√—∫®“°∏π“§“√æ“≥‘™¬åμ“¡∑’Ë

°≈à“«‰«â„πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 10

9. μâπ∑ÿπ°“√ª≈Ÿ°æ◊™æ≈—ßß“π∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ ¡’μâπ∑ÿπ°“√ª≈Ÿ°æ◊™æ≈—ßß“π´÷Ëßª√–°Õ∫¥â«¬ μâπ∑ÿπ„π°“√ª√—∫ª√ÿß∑’Ë¥‘π §à“°≈â“‰¡â ·≈–§à“„™â®à“¬

„π°“√ª≈Ÿ°´÷Ëß‡°‘¥¢÷Èπ°àÕπ∑’Ë®– “¡“√∂μ—¥æ◊™æ≈—ßß“π‰ª„™âª√–‚¬™πå‰¥â μâπ∑ÿπ¥—ß°≈à“«· ¥ß‡ªìπ ‘π∑√—æ¬å„π√“§“∑ÿπ·≈–®–∂Ÿ°

μ—¥®”Àπà“¬μ“¡®”π«πº≈º≈‘μ∑’Ë°‘®°“√®–π”‰ª„™âª√–‚¬™πå ·≈–μ—¥‡ªìπ§à“„™â®à“¬ ”À√—∫μâπ∑ÿπ°“√ª≈Ÿ°„πæ◊Èπ∑’Ë∑’Ë‰¡à‰¥âº≈º≈‘μ

À√◊Õ‡°‘¥§«“¡‡ ’¬À“¬

10. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡/ß∫°“√‡ß‘π‡©æ“–°‘®°“√

‡ß‘π°Ÿâ Õ—μ√“¥Õ°‡∫’È¬ (√âÕ¬≈–) ‡ß◊ËÕπ‰¢°“√™”√–§◊π 2551 2550

1 √âÕ¬≈– 4.375 μàÕªï μ—Èß·μà‡¥◊Õπæƒ…¿“§¡ ™”√–§◊π‡ªìπ√“¬ß«¥∑ÿ°§√÷Ëßªï 1,901,900,000 1,951,900,000

2551 ®π∂÷ß‡¥◊Õπ‡¡…“¬π 2554 ·≈– MLR μ—Èß·μà‡¥◊Õπ∏—π«“§¡ 2546

≈∫√âÕ¬≈– 1.5 μàÕªï μ—Èß·μà‡¥◊Õπæƒ…¿“§¡ ®π∂÷ß‡¥◊Õπ¡‘∂ÿπ“¬π 2559

2554 ®π§√∫°”Àπ¥Õ“¬ÿ —≠≠“

2 √âÕ¬≈– 4.375 μàÕªï μ—Èß·μà‡¥◊Õπæƒ…¿“§¡ ™”√–§◊π‡ªìπ√“¬ß«¥∑ÿ°§√÷Ëßªï 685,200,000 705,200,000

2551 ®π∂÷ß‡¥◊Õπ‡¡…“¬π 2554 ·≈– MLR μ—Èß·μà‡¥◊Õπ¡‘∂ÿπ“¬π 2549

≈∫√âÕ¬≈– 1.5 μàÕªï μ—Èß·μà‡¥◊Õπæƒ…¿“§¡ ®π∂÷ß‡¥◊Õπ∏—π«“§¡ 2559

2554 ®π§√∫°”Àπ¥Õ“¬ÿ —≠≠“

√«¡ 2,587,100,000 2,657,100,000

À—°: à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (70,000,000) (249,000,000)

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï 2,517,100,000 2,408,100,000

—≠≠“‡ß‘π°Ÿâ¬◊¡¡’¢âÕ®”°—¥À≈“¬ª√–°“√´÷Ëß∫√‘…—∑œ μâÕßªØ‘∫—μ‘μ“¡‰¥â·°à °“√¥”√ßÕ—μ√“ à«π∑“ß°“√‡ß‘π·≈–°“√®à“¬‡ß‘π

ªíπº≈ ‡ªìπμâπ

‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘π ‚√ß‰øøÑ“ ·≈–Õ“§“√∑—ÈßÀ¡¥¢Õß∫√‘…—∑œ

11. ”√Õßμ“¡°ÆÀ¡“¬‡æ◊ËÕ„Àâ‡ªìπ‰ªμ“¡¡“μ√“ 116 ·Ààßæ√–√“™∫—≠≠—μ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œμâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï

à«πÀπ÷Ëß‰«â‡ªìπ∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È

®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßμ“¡°ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂π”‰ª®à“¬‡ß‘πªíπº≈‰¥â

111

The Company has mortgaged all its land, power plants and buildings as collateral for credit facilities granted bya commercial bank as stated in Note 10 to the financial statements.

9. Project cost of energy plant farmingThe subsidiary of the Company incurred costs of an energy plant farming project, which comprise costs of land

improvement, seedlings, and planting, which were incurred before the energy plant can be harvested for use. Suchexpenditures are recognised as assets at cost and are to be amortized according to the amount of produce utilised.Costs of planting in areas that are not productive or are damaged are written off to expenses.

10. Long-term loans

(Unit: Baht)Consolidated/

Separate financial statementsLoans Interest rate (%) Repayment conditions 2008 2007

1 4.375% per annum from May 2008 semi-annual installments from 1,901,900,000 1,951,900,000until April 2011, and MLR minus December 2003 to June 20161.5% per annum from May 2011until the final maturity date of theagreement.

2 4.375% per annum from May 2008 semi-annual installments from 685,200,000 705,200,000until April 2011, and MLR minus June 2006 to December 20161.5% per annum from May 2011until the final maturity date of theagreement.

Total 2,587,100,000 2,657,100,000Less: Current portion of long-term loans (70,000,000) (249,000,000)Long-term loans - net of current portion 2,517,100,000 2,408,100,000

The loan agreement contains various covenants relating to the maintenance of financial ratios and the paymentof dividends.

The loan is secured by the mortgage of all the land, power plants and buildings of the Company.

11. Statutory reservePursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside

to a statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought forward (if any),until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividenddistribution.

112

12. §à“„™â®à“¬μ“¡≈—°…≥–√“¬°“√§à“„™â®à“¬μ“¡≈—°…≥–∑’Ë ”§—≠‰¥â·°à

(Àπà«¬: ∫“∑)ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

2551 2550 2551 2550

§à“‡™◊ÈÕ‡æ≈‘ß·≈–æ≈—ßß“π 2,039,206,929 1,775,627,935 2,039,206,929 1,775,627,935

§à“‡ ◊ËÕ¡√“§“ 251,602,096 241,371,249 246,912,067 239,947,093

§à“∫”√ÿß√—°…“·≈–´àÕ¡·´¡‚√ß‰øøÑ“ 106,566,736 89,979,667 106,566,736 89,979,667

§à“∫√‘°“√®—¥°“√‚√ß‰øøÑ“ 70,251,701 69,232,622 70,251,701 69,232,622

§à“‡™à“®à“¬ 78,061,238 51,462,063 77,915,038 48,777,714

‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πåÕ◊Ëπ¢Õßæπ—°ß“π 42,349,030 41,145,487 32,222,088 32,896,380

§à“‡∫’È¬ª√–°—π¿—¬ 18,132,646 22,155,154 17,968,182 22,155,154

13. ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ ”À√—∫ªï‰¥â§”π«≥¢÷Èπ®“°¬Õ¥°”‰√°àÕπ¿“…’¢Õß à«πß“π∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ À≈—ß®“°∫«°°≈—∫

¥â«¬§à“„™â®à“¬μà“ßÊ ∑’Ë‰¡àÕπÿ≠“μ„Àâ∂◊Õ‡ªìπ√“¬®à“¬„π°“√§”π«≥¿“…’ ·≈–À—°¥â«¬º≈¢“¥∑ÿπ∑“ß¿“…’¢Õß à«πß“π∑’Ë‰¥â√—∫°“√

àß‡ √‘¡

14. °“√ àß‡ √‘¡°“√≈ß∑ÿπ∫√‘…—∑œ ‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’®“°§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ ”À√—∫°‘®°“√º≈‘μæ≈—ßß“π‰øøÑ“·≈–‰ÕπÈ” μ“¡∫—μ√

àß‡ √‘¡°“√≈ß∑ÿπ‡≈¢∑’Ë 1697/2540 ‡≈¢∑’Ë 1403(1)/2544 ·≈–‡≈¢∑’Ë 1434(2)/2547 ¿“¬„μâ‡ß◊ËÕπ‰¢∑’Ë°”Àπ¥∫“ßª√–°“√

‘∑∏‘æ‘‡»…¥—ß°≈à“«√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡

‡ªìπ√–¬–‡«≈“ 8 ªïπ—∫μ—Èß·μà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ («—π∑’Ë 17 ¡’π“§¡ 2542 ·≈– 19 æƒ»®‘°“¬π 2545 ·≈–

21 ‡¡…“¬π 2548 μ“¡≈”¥—∫)

‘∑∏‘æ‘‡»…¢Õß°“√¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈¢Õß∫—μ√ àß‡ √‘¡°“√≈ß∑ÿπ‡≈¢∑’Ë 1697/2540 ‰¥â ‘Èπ ÿ¥≈ß·≈â«‡¡◊ËÕ«—π∑’Ë 16

¡’π“§¡ 2550

∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑œ‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’®“°§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ ”À√—∫°‘®°“√º≈‘μæ≈—ßß“π‰øøÑ“

·≈–‰ÕπÈ” μ“¡∫—μ√ àß‡ √‘¡°“√≈ß∑ÿπ‡≈¢∑’Ë 1414(9)/2550 ‡¡◊ËÕ«—π∑’Ë 23 ‡¡…“¬π 2550 ¿“¬„μâ‡ß◊ËÕπ‰¢∑’Ë°”Àπ¥∫“ßª√–°“√

‘∑∏‘æ‘‡»…¥—ß°≈à“«√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘μ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡

‡ªìπ√–¬–‡«≈“ 8 ªïπ—∫·μà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â®“°°“√ª√–°Õ∫°‘®°“√π—Èπ ≥ «—π∑’Ë„πß∫¥ÿ≈ ∫√‘…—∑¬àÕ¬¬—ß¡‘‰¥â¡’√“¬‰¥â®“°°“√

ª√–°Õ∫°‘®°“√¥—ß°≈à“«

√“¬‰¥â¢Õß∫√‘…—∑œ ”À√—∫ªï®”·π°μ“¡°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ·≈–‰¡à‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ “¡“√∂ √ÿª

‰¥â¥—ßμàÕ‰ªπ’È

(Àπà«¬: æ—π∫“∑)°‘®°“√∑’Ë‰¥â√—∫ °‘®°“√∑’Ë‰¡à‰¥â√—∫ √«¡

°“√ àß‡ √‘¡ °“√ àß‡ √‘¡

2551 2550 2551 2550 2551 2550

√“¬‰¥â®“°°“√¢“¬ 1,100,940 1,461,733 1,947,802 1,344,505 3,048,742 2,806,238

113

12. Expenses by natureSignificant expenses by nature are as follow:

(Unit: Baht)Consolidated financial Separate financial

statements statements

2008 2007 2008 2007

Fuel and energy costs 2,039,206,929 1,775,627,935 2,039,206,929 1,775,627,935

Depreciation 251,602,096 241,371,249 246,912,067 239,947,093

Plant maintenance and repairing costs 106,566,736 89,979,667 106,566,736 89,979,667

Operation services of the power plant 70,251,701 69,232,622 70,251,701 69,232,622

Rental expenses 78,061,238 51,462,063 77,915,038 48,777,714

Salary and other employee benefits 42,349,030 41,145,487 32,222,088 32,896,380

Insurance expenses 18,132,646 22,155,154 17,968,182 22,155,154

13. Corporate income taxCorporate income tax for the year is calculated on the net income from operations not granted BOI promotional

privileges, after adding back certain expenses which are disallowable for tax computation purposes, and deductingtax losses from the operations with BOI promotional privileges.

14. Promotional privilegesThe Company has received promotional privileges from the Board of Investment for the production of electricity

and steam, pursuant to the promotion certificate No. 1697/2540, 1403(1)/2544 and 1434(2)/2547. Subject to certainimposed condition, the privileges include an exemption from corporate income tax for a period of 8 years from thedate the promoted activity commenced generating revenues (17 March 1999, 19 November 2002 and 21 April 2005,respectively).

The corporate income tax privileges of the certificate No.1697/2540 was expired on 16 March 2007.

Its subsidiary has received promotional privileges from the Board of Investment for the production of electricityand steam, pursuant to the promotion certificate No. 1414(9)/2550 issued on 23 April 2007. Subject to certain imposedcondition, the privileges include an exemption from corporate income tax for a period of 8 years from the date thepromoted activity commenced generating revenues. As at the balance sheet date, the subsidiary has not generatedrevenues from the promoted activity.

Revenues of the Company for the years are below divided between BOI promoted activities and non-BOIpromoted activities.

(Unit: Thousand Baht)BOI promoted Non-BOI promoted Total

2008 2007 2008 2007 2008 2007

Sales 1,100,940 1,461,733 1,947,802 1,344,505 3,048,742 2,806,238

114

15. °”‰√μàÕÀÿâπ°”‰√μàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï

16. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°μ“¡ à«πß“π∫√‘…—∑œ ¥”‡π‘π°‘®°“√„π à«πß“π∑“ß∏ÿ√°‘®‡¥’¬«§◊Õ º≈‘μ·≈–®”Àπà“¬æ≈—ßß“π‰øøÑ“·≈–‰ÕπÈ” ´÷Ëß¥”‡π‘π∏ÿ√°‘®„π à«πß“π

∑“ß¿Ÿ¡‘»“ μ√å‡¥’¬«§◊Õª√–‡∑»‰∑¬ ¥—ßπ—Èπ √“¬‰¥â °”‰√ ·≈– ‘π∑√—æ¬å∑—ÈßÀ¡¥∑’Ë· ¥ß„πß∫°“√‡ß‘π®÷ß‡°’Ë¬«¢âÕß°—∫ à«πß“π∏ÿ√°‘®

·≈– à«πß“π∑“ß¿Ÿ¡‘»“ μ√å‡¥’¬«μ“¡∑’Ë°≈à“«‰«â¢â“ßμâπ

17. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ∫√‘…—∑œ ·≈–æπ—°ß“π∫√‘…—∑œ ‰¥â√à«¡°—π®—¥μ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ¢÷Èπμ“¡æ√–√“™∫—≠≠—μ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530

‚¥¬∫√‘…—∑œ ·≈–æπ—°ß“π®–®à“¬ ¡∑∫‡¢â“°Õß∑ÿπ‡ªìπ√“¬‡¥◊Õπ„πÕ—μ√“√âÕ¬≈– 3 ¢Õß‡ß‘π‡¥◊Õπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√

‚¥¬∏π“§“√‰∑¬∏π“§“√ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π‡¡◊ËÕæπ—°ß“ππ—ÈπÕÕ°®“°ß“πμ“¡√–‡∫’¬∫«à“¥â«¬°Õß∑ÿπ

¢Õß∫√‘…—∑œ „π√–À«à“ßªï 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬‡ß‘π ¡∑∫°Õß∑ÿπ‡ªìπ®”π«π‡ß‘π 925,290 ∫“∑ (2550: ®”π«π

779,289 ∫“∑)

18. ‡ß‘πªíπº≈®à“¬Õπÿ¡—μ‘‚¥¬ √«¡‡ß‘πªíπº≈ ‡ß‘πªíπº≈μàÕÀÿâπ

≈â“π∫“∑ ∫“∑

‡ß‘πªíπº≈ª√–®”ªï 2550 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 28 ¡’π“§¡ 2551 286.50 0.30

√«¡‡ß‘πªíπº≈®à“¬„πª 2551 286.50 0.30

‡ß‘πªíπº≈ª√–®”ªï 2549 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 6 ¡’π“§¡ 2550 286.50 0.30

√«¡‡ß‘πªíπº≈®à“¬„πªï 2550 286.50 0.30

19. ¿“√–ºŸ°æ—π19.1 —≠≠“¢“¬‰øøÑ“

‡¡◊ËÕ«—π∑’Ë 19 ∏—π«“§¡ 2540 ∫√‘…—∑œ ‰¥â∑” —≠≠“¢“¬‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ (°øº.)

μ“¡®”π«π·≈–√“§“∑’Ë°”Àπ¥‰«â„π —≠≠“ —≠≠“¥—ß°≈à“«¡’√–¬–‡«≈“ 25 ªï ·≈–®– ‘Èπ ÿ¥ —≠≠“„π‡¥◊Õπ‡¡…“¬π 2567

19.2 —≠≠“¢“¬‰øøÑ“·≈–‰ÕπÈ”

„πªï 2540 ∫√‘…—∑œ ‰¥â∑” —≠≠“¢“¬°√–· ‰øøÑ“·≈–æ≈—ßß“π‰ÕπÈ”°—∫∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å ‚Œ≈¥‘Èß ®”°—¥

(¡À“™π) μ“¡®”π«π·≈–√“§“∑’Ë°”Àπ¥‰«â„π —≠≠“ —≠≠“¥—ß°≈à“«¡’√–¬–‡«≈“ 15 ªï ·≈–®– ‘Èπ ÿ¥ —≠≠“„π‡¥◊Õπ

¡’π“§¡ 2557

19.3 —≠≠“´◊ÈÕ°ä“´∏√√¡™“μ‘

∫√‘…—∑œ ¡’¿“√–ºŸ°æ—πμ“¡ —≠≠“´◊ÈÕ°ä“´∏√√¡™“μ‘°—∫∫√‘…—∑ ªμ∑. ®”°—¥ (¡À“™π) μ“¡®”π«π·≈–√“§“∑’Ë°”Àπ¥‰«â

„π —≠≠“‡ªìπ√–¬–‡«≈“ 21 ªï ·≈–®– ‘Èπ ÿ¥ —≠≠“„π‡¥◊Õπ¡’π“§¡ 2563 ‚¥¬ “¡“√∂μàÕÕ“¬ÿ —≠≠“‰¥âÕ’° 4 ªï

115

15. Earnings per shareBasic earnings per share is calculated by dividing net income for the year by the weighted average number of

ordinary shares in issue during the year.

16. Financial information by segmentThe Companyûs operations involve a single business segment in manufacturing and distributing of electricity

and steam and are carried on in the single geographic area of Thailand. As a result, all of the revenues, operatingprofits and assets reflected in these financial statements pertain to the aforementioned business segmentand geographic area.

17. Provident fundThe Company and its employees have jointly established a provident fund in accordance with the Provident

Fund Act B.E. 2530. Both employees and the Company contributed to the fund monthly at the rate of 3 percentof basic salary. The fund, which is managed by BankThai Public Company Limited, will be paid to employeesupon termination in accordance with the fund rules. During the year 2008, the Company and its subsidiary contributedBaht 925,290 (2007: Baht 779,289) to the fund.

18. Dividend paidApproved by Total dividends Dividend per

shareMillion Baht Baht

Final dividend for 2007 Annual General Meeting of the shareholders 286.50 0.30on 28 March 2008

Total dividend paid in 2008 286.50 0.30Final dividend for 2006 Annual General Meeting of the shareholders 286.50 0.30

on 6 March 2007Total dividend paid in 2007 286.50 0.30

19. Commitments19.1 Electricity Sales Agreement

On 19 December 1997 the Company entered into an agreement with the Electricity Generating Authority ofThailand (EGAT) to sell electricity in a specified quantity and at a stipulated price as defined in the agreement.The agreement period is 25 years and will expire in April 2024.

19.2 Electricity and Steam Sales Agreements

In 1997, the Company entered into agreements with Saha Pathana Inter-Holding Public Company Limitedto sell electricity and steam in a specified quantity and at a stipulated price as defined in the agreements.The agreements period is 15 years and will expire in March 2014.

19.3 Gas Purchase Agreement

Under an agreement with the PTT Public Company Limited (çPTTé), the Company is committed topurchase natural gas from PTT in a specified quantity and at a stipulated price as defined in the agreement fora period of 21 years. The agreement will expire in March 2020, however it contains an option to renew for anadditional period of 4 years.

116

19.4 —≠≠“√—∫∫√‘°“√¥â“π°“√®—¥°“√‡°’Ë¬«°—∫°“√¥”‡π‘πß“π·≈–´àÕ¡∫”√ÿß

„πªï 2549 ∫√‘…—∑œ ‰¥â∑” —≠≠“°—∫∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ‡æ◊ËÕ√—∫∫√‘°“√¥â“π°“√®—¥°“√

·≈–√—∫§”·π–π”‡°’Ë¬«°—∫°“√¥”‡π‘πß“π·≈–´àÕ¡∫”√ÿß‚√ß‰øøÑ“ ‚¥¬§à“∫√‘°“√‡ªìπ‰ªμ“¡√“§“∑’Ë°”Àπ¥‰«â„π —≠≠“ —≠≠“

¥—ß°≈à“«¡’°”Àπ¥ ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2554

19.5 —≠≠“´◊ÈÕ¢“¬πÈ”¥‘∫

∫√‘…—∑œ ¡’¿“√–ºŸ°æ—πμ“¡ —≠≠“´◊ÈÕπÈ”¥‘∫°—∫∫√‘…—∑·ÀàßÀπ÷Ëß ‡æ◊ËÕ´◊ÈÕπÈ”¥‘∫μ“¡®”π«π·≈–√“§“∑’Ë°”Àπ¥‰«â„π —≠≠“

‡ªìπ√–¬–‡«≈“ 25 ªï ·≈–®– ‘Èπ ÿ¥ —≠≠“„π‡¥◊Õπ¡’π“§¡ 2567

19.6 —≠≠“‡™à“∑’Ë¥‘π

∫√‘…—∑œ ‰¥â∑” —≠≠“‡™à“∑’Ë¥‘π®”π«π 4,800 μ“√“ß‡¡μ√°—∫∫√‘…—∑ ‘π¿√“¥√ ®”°—¥ ‡ªìπ√–¬–‡«≈“ 3 ªï‚¥¬®à“¬§à“‡™à“

‡¥◊Õπ≈– 144,000 ∫“∑ ‡√‘Ë¡μ—Èß·μà«—π∑’Ë 1 ¡‘∂ÿπ“¬π 2548 ‚¥¬ “¡“√∂μàÕÕ“¬ÿ —≠≠“‰¥â§√“«≈– 3 ªï

∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“‡™à“∑’Ë¥‘π®”π«π 27.55 ‰√à °—∫∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‚¥¬®à“¬§à“‡™à“

‡¥◊Õπ≈– 434,192 ∫“∑ ‡ªìπ√–¬–‡«≈“ 13 ªï μ—Èß·μà«—π∑’Ë 1 ‡¡…“¬π 2550 ∂÷ß«—π∑’Ë 31 ¡’π“§¡ 2563 Õ¬à“ß‰√°Áμ“¡ ∫√‘…—∑

¬àÕ¬‰¥â¢Õ¬°‡«âπ§à“‡™à“¥—ß°≈à“«®“°∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) μ—Èß·μà‡¥◊Õπμÿ≈“§¡ 2550 ‡ªìπμâπ‰ª

19.7 —≠≠“‡™à“‡§√◊ËÕß®—°√

∫√‘…—∑œ ‰¥â∑” —≠≠“‡™à“‡§√◊ËÕß®—°√°—∫∫√‘…—∑ ÕÕªÕ‡√™—ËππÕ≈ ‡ÕÁπ‡πÕ√å¬’Ë °√ÿäª ®”°—¥ ‡æ◊ËÕ‡ªìπ‡§√◊ËÕß ”√Õß„π°√≥’

∑’Ë‡§√◊ËÕß®—°√¢Õß∫√‘…—∑œ„™âß“π‰¡à‰¥âμ“¡ª°μ‘ ‚¥¬§à“‡™à“‡ªìπ‰ªμ“¡√“§“∑’Ë°”Àπ¥‰«â„π —≠≠“ —≠≠“¥—ß°≈à“«¡’°”Àπ¥ ‘Èπ

ÿ¥ ≥ «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2559

19.8 Àπ—ß ◊Õ§È”ª√–°—π∏π“§“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ¡’Àπ—ß ◊Õ§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√„ππ“¡¢Õß∫√‘…—∑œ ‡æ◊ËÕª√–°—π°“√ªØ‘∫—μ‘μ“¡‡ß◊ËÕπ‰¢

„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫°“√‰øøÑ“ΩÉ“¬º≈‘μ·Ààßª√–‡∑»‰∑¬ (°øº.) ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 163 ≈â“π∫“∑ ·≈–¡’Àπ—ß ◊Õ

§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√„ππ“¡¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡æ◊ËÕ°“√§È”ª√–°—πÕ◊Ëπ‡ªìπ®”π«π 17 ≈â“π∫“∑

19.9 √“¬®à“¬ΩÉ“¬∑ÿπ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π√“¬®à“¬ΩÉ“¬∑ÿπ‡°’Ë¬«°—∫°“√´◊ÈÕ·≈–μ‘¥μ—Èß‡§√◊ËÕß®—°√®”π«π‡ß‘π

ª√–¡“≥ 11 ≈â“π∫“∑

20. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π20.1 π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß

‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œμ“¡∑’Ëπ‘¬“¡Õ¬Ÿà„π¡“μ√∞“π°“√∫—≠™’©∫—∫∑’Ë 48 ç°“√· ¥ß√“¬°“√·≈–°“√

‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”À√—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘πé ª√–°Õ∫¥â«¬ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ≈Ÿ°Àπ’È°“√§â“

·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ∫√‘…—∑œ¡’§«“¡‡ ’Ë¬ß∑’Ë‡°’Ë¬«¢âÕß°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π¥—ß°≈à“« ·≈–¡’π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß¥—ßπ’È

§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ

∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫≈Ÿ°Àπ’È°“√§â“ ÷Ëß à«π„À≠à‡°‘¥®“°°“√¢“¬„Àâ°—∫≈Ÿ°§â“®”π«π

πâÕ¬√“¬Õ¬à“ß‰√°Áμ“¡ ∫√‘…—∑œ ‰¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’Ë‡ªìπ “√– ”§—≠®“°°“√‡°Á∫Àπ’È®“°≈Ÿ°Àπ’È‡À≈à“π—Èπ

‡π◊ËÕß®“°≈Ÿ°Àπ’È¡’§«“¡ “¡“√∂„π°“√™”√–Àπ’È¥’

117

19.4 Operation and Service Management Agreement

In 2006, the Company entered into an agreement with Operational Energy Group Limited under which theaffiliate will provide management and advisory services for the operation and maintenance of the power plant,which the Company is committed to pay for at prices as determined in the agreement. The agreement expiredon 31 December 2011.

19.5 Raw Water Purchase Agreement

Under an agreement with a private entity, the Company is committed to purchase raw water in a specifiedquantity and at a stipulated price as defined in the agreement for a period of 25 years. The agreement will expirein March 2024.

19.6 Land Rental Agreement

The Company entered into a land rental agreement with Sinparadorn Company Limited to rent 4,800square meters of land for 3 years at a monthly rental rate of Baht 144,000, which was effective from 1 June 2005.The agreement contains an option to renew every 3 years.

The subsidiary entered into a land rental agreement with Saha Pathana Inter-Holding Public CompanyLimited to rent 27.55 rais of land for 13 years, which was effective from 1 April 2007 to 31 March 2020 at amonthly rental rate of Baht 434,192. However, the Company requested Saha Pathana Inter-Holding PublicCompany Limited to waive the rental fee since October 2007.

19.7 Machinery Lease Agreement

The Company entered into a machinery lease agreement with Operational Energy Group Limited underwhich the affiliate will provide replacement machinery if the Companyûs machinery is temporarily out-of-order.Rental is charged at the rates stipulated in the agreement, which expires on 30 June 2016.

19.8 Bank guaranteesAs at 31 December 2008, there were outstanding bank guarantee of approximately Baht 163 million issued

by a bank on behalf of the Company in respect of certain performance bonds as required under the Power SalesAgreement with the Electricity Generating Authority of Thailand (EGAT). There were also other guarantees issuedby a bank on behalf of the Company and its subsidiary totaling Baht 17 million.

19.9 Capital commitmentsAs at 31 December 2008, its subsidiary had outstanding capital commitments in respect of purchase and

installation of machineries of approximately Baht 11 million.

20. Financial instruments20.1 Financial risk management

The Companyûs financial instruments, as defined under Thai Accounting Standard No. 48 çFinancialInstruments: Disclosure and Presentationsé, principally comprise cash and cash equivalents, current investments,trade accounts receivable and long-term loans. The financial risks associated with these financial instrumentsand how they are managed is described below.

Credit riskThe Company is exposed to credit risk primarily with respect to trade accounts receivable since

the majority of sales are supplied to a limited number of customers. However, due to those customersûcreditworthiness, the Company does not anticipate material losses from its debt collection.

118

§«“¡‡ ’Ë¬ß®“°Õ—μ√“¥Õ°‡∫’È¬

∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß®“°Õ—μ√“¥Õ°‡∫’È¬∑’Ë ”§—≠Õ—π‡°’Ë¬«‡π◊ËÕß°—∫‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë¡’

¥Õ°‡∫’È¬ Õ¬à“ß‰√°Áμ“¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à¡’Õ—μ√“¥Õ°‡∫’È¬∑’Ëª√—∫¢÷Èπ≈ßμ“¡Õ—μ√“μ≈“¥

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Õ—μ√“¥Õ°‡∫’È¬¥—ß°≈à“« √“¬≈–‡Õ’¬¥¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«· ¥ß‰«â„πÀ¡“¬‡Àμÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 10

§«“¡‡ ’Ë¬ß®“°Õ—μ√“·≈°‡ª≈’Ë¬π

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°ÿ≈‡ß‘π∫“∑

20.2 ¡Ÿ≈§à“¬ÿμ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

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μ“¡∫—≠™’∑’Ë· ¥ß„πß∫¥ÿ≈

¡Ÿ≈§à“¬ÿμ‘∏√√¡ À¡“¬∂÷ß ®”π«π‡ß‘π∑’ËºŸâ´◊ÈÕ·≈–ºŸâ¢“¬μ°≈ß·≈°‡ª≈’Ë¬π ‘π∑√—æ¬å°—π„π¢≥–∑’Ë∑—Èß ÕßΩÉ“¬¡’§«“¡√Õ∫√Ÿâ

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¢÷Èπ‚¥¬„™â‡°≥±å°“√«—¥¡Ÿ≈§à“∑’Ë‡À¡“– ¡

21. °“√∫√‘À“√®—¥°“√∑ÿπ«—μ∂ÿª√– ß§å¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„π°“√∫√‘À“√∑“ß°“√‡ß‘π §◊Õ °“√¥”√ß‰«â´÷Ëß§«“¡ “¡“√∂„π°“√¥”‡π‘πß“πÕ¬à“ß

μàÕ‡π◊ËÕß ·≈–°“√¥”√ß‰«â´÷Ëß‚§√ß √â“ß¢Õß∑ÿπ∑’Ë‡À¡“– ¡

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μàÕ∑ÿπ‡ªìπ 1.5 : 1)

22. ‡Àμÿ°“√≥å¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π‡¡◊ËÕ«—π∑’Ë 27 °ÿ¡¿“æ—π∏å 2552 ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ‰¥â¡’¡μ‘‡ÀÁπ™Õ∫„Àâ‡ πÕ°“√®à“¬‡ß‘πªíπº≈„πÕ—μ√“Àÿâπ≈–

0.15 ∫“∑ √«¡‡ß‘πªíπº≈∑—Èß ‘Èπ 143.25 ≈â“π∫“∑ „Àâ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2552 æ‘®“√≥“Õπÿ¡—μ‘μàÕ‰ª (‡ß‘πªíπº≈π’È

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23. °“√Õπÿ¡—μ‘ß∫°“√‡ß‘πß∫°“√‡ß‘ππ’È ‰¥â√—∫Õπÿ¡—μ‘„ÀâÕÕ°‚¥¬§≥–°√√¡°“√∫√‘…—∑œ‡¡◊ËÕ«—π∑’Ë 27 °ÿ¡¿“æ—π∏å 2552

119

Interest rate riskThe Companyûs exposure to interest rate risk relates primarily to its cash at financial institutions and

long-term borrowings which are subject to interest. However, because most of the financial assets andfinancial liabilities have floating interest rates which fluctuate in line with market interest rates or fixed interestrates which approximate the current market interest rate, the Company does not use derivatives to manageits interest rate risk. Details of long-term loans from financial institutions are set out in Notes to thefinancial statements No.10.

Foreign currency riskThe Companyûs exposure to foreign currency risk is limited since nearly all business transactions are denomi-nated in Thai Baht.

20.2 Fair values of financial instruments

Since the majority of the Companyûs financial instruments are short-term in nature or bear floating interestrates, their fair value is not expected to be materially different from the amounts presented in the balance sheets.

A fair value is the amount for which an asset can be exchanged or a liability settled between knowledge-able, willing parties in an armûs length transaction. The fair value is determined by reference to the market priceof the financial instrument or by using an appropriate valuation technique, depending on the nature of theinstrument.

21. Capital managementThe primary objectives of the Company and its subsidiariesû capital management are to maintain their ability to

continue as a going concern and to maintain an appropriate capital structure.

As at 31 December 2008, debt to equity ratio in the consolidated financial statements is 1.5 : 1 (the separatefinancial statements : debt to equity ratio is 1.5 : 1).

22. Subsequent eventsOn 27 February 2009, the Companyûs Board of Directors meeting passed a resolution to propose, the

dividend payment of Baht 0.15 per share, totaling Baht 143.25 million, to the Annual General Meeting of theShareholders of 2009 for approval (the dividends will be recorded in the accounts in the first quarter of 2009).

23. Approval of financial statementsThese financial statements were authorised for issue by the Companyûs Board of Directors on 27 February 2009.

120

π“¬∫ÿ≠‡°’¬√μ‘ ‚™§«—≤π“ª√–∏“π°√√¡°“√

Mr. Boonkiet ChokwatanaChairman

π“¬∫ÿ≥¬ ‘∑∏‘Ï ‚™§«—≤π“°√√¡°“√Mr. Boonsithi ChokwatanaDirector

π“¬ —πμ‘ «‘≈“ »—°¥“ππ∑å

°√√¡°“√Mr. Santi Vilassakdanont

Director

π“¬∑πß »√’®‘μ√ å

°√√¡°“√·≈–°√√¡°“√∫√‘À“√Mr.Tanong Srichit

Director and Executive Director

π“¬«‘‚√®πå ∏’√«—≤πå«“∑’

°√√¡°“√ºŸâ®—¥°“√·≈–°√√¡°“√∫√‘À“√Mr. Viroj TheeravatvateeManaging Director and ExecutiveDirector

π“¬∫ÿ≠ƒ∑∏‘Ï ¡À“¡πμ√’

°√√¡°“√Mr. Boonyarith MahamontriDirector

æ≈‡√◊Õ‡Õ° Õπÿ™‘μ ‡¿°–π—π∑πåª√–∏“π∑’Ëª√÷°…“§≥–°√√¡°“√Admiral Anuchit Bekanan

Chairman of Advisory Committee

§≥–°√√¡°“√

121

π“¬∏’√–»—°¥‘Ï «‘°‘μ‡»√…∞å

°√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√

Mr. Thirasak VikitsetDirector and Chairman ofExecutive Board

π“¬Õ—μ∂°√ °≈—Ëπ§«“¡¥ ’

°√√¡°“√·≈–°√√¡°“√∫√‘À“√Mr. Atthakorn GlankwamdeeDirector and Executive Director

π“¬ ÿ®√‘μ ªí®©‘¡π—π∑å

°√√¡°“√·≈–°√√¡°“√∫√‘À“√Mr. Sujarit PatchimnunDirector and Executive Director

π“¬πææ√ æß…å‡«™

°√√¡°“√Õ‘ √–·≈–

ª√–∏“π°√√¡°“√μ√«® Õ∫Mr. Nophorn BhongsvejIndependent Director and

Chairman of Audit Committee

æ≈μ”√«®‡Õ° ¡™“¬ ª√–¿— ¿—°¥’

°√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫Pol. Gen. Somchai Prabhasabhakdi

Independent Directorand Audit Committee

π“¬Õ¡√ Õ—»«“π—π∑å

°√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫Mr. Amorn Asvanunt

Independent Director andAudit Committee

π“¬ ÿ√ß§å Õß§å‚¶…‘μ

°√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫Mr. Surong OngkositIndependent Directorand Audit Committee

The Board of Directors

122

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- Director Accreditation Program °√√¡°“√∫√‘À“√ (¡À“™π)

(DAP) √ÿàπ 3/2003 ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

- Director Certification Program °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 35 ·Ààß

(DCP) √ÿàπ 41/2004 °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

123

The Board of Directors

SharesFamily Past 5 years experiences

Name / Position Age Education holdRelationship

(%)Between period Position Company Namedirectors

1. Mr. Boonkiet Chokwatana 61 - Honorary Doctorate Degree in 1.19 Brothers Listed CompaniesChairman Business Administration 1973 - Present Director O.C.C. PCLAuthorized Director (Management) Sripratum University 1986 - Present Director Saha Pathana Inter-Holder PCL.

- Honorary Doctorate in Business 1993 - Present Chairman S&J International Enterprises PCLAdministration College of 1994 - Present Chairman Peopleûs Garment PCL.Commerce Burapha University 1980 - 2006 President I.C.C. International PCL

- B.S. Mechanical Engineering - 1996 - 2007 Director Sahacogen (Chonburi) PCLWorcester Polytechnic Institute, 2007 - Present President and Chairman of I.C.C. International PCLMassachusetts, USA Executive Board

- Director Accreditation Program Present Chairman Sahacogen (Chonburi) PCL(DAP) 3/2003 Other Companies (non Listed 35

- Director Certification Program Companies)(DCP) 41/2004 CompetitiveBusiness related to -Thai Institute of Directors Companyûs BusinessAssociation

124



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


2. π“¬∫ÿ≥¬ ‘∑∏‘Ï ‚™§«—≤π“ 71 - ª√‘≠≠“¥ÿ…Æ’∫—≥±‘μ°‘μμ‘¡»—°¥‘Ï 1.73 æ’ËπâÕß ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√ “¢“∫√‘À“√∏ÿ√°‘® ¡À“«‘∑¬“≈—¬∫Ÿ√æ“ 2515 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‰∑¬‡æ√´‘‡¥π∑åøŸ¥ å ®”°—¥ (¡À“™π)

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ - ª√‘≠≠“¥ÿ…Æ’∫—≥±‘μ°‘μμ‘¡»—°¥‘Ï 2518 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∏πŸ≈—°…≥å ®”°—¥ (¡À“™π)

“¢“∫√‘À“√∏ÿ√°‘® 2523 - ªí®®ÿ∫—π °√√¡°“√∑’Ëª√÷°…“ ∫√‘…—∑ ‡∑Á°´å‰∑≈å‡æ√ ∑’® ®”°—¥ (¡À“™π)

¡À“«‘∑¬“≈—¬∏√√¡»“ μ√å 2533 - ªí®®ÿ∫—π °√√¡°“√∑’Ëª√÷°…“ ∫√‘…—∑ ‰∑¬«“‚°â ®”°—¥ (¡À“™π)

- ª√‘≠≠“¥ÿ…Æ’∫—≥±‘μ°‘μμ‘¡»—°¥‘Ï 2537 - ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ Àæ—≤πæ‘∫Ÿ≈ ®”°—¥ (¡À“™π)

“¢“∫√‘À“√∏ÿ√°‘® 2538 - ªí®®ÿ∫—π √Õßª√–∏“π°√√¡°“√ ∫√‘…—∑ ‰Õ.´’.´’.Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ®”°—¥ (¡À“™π)

∂“∫—π∫—≥±‘μæ—≤π∫√‘À“√»“ μ√å 2545 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

- ª√‘≠≠“¥ÿ…Æ’∫—≥±‘μ°‘μμ‘¡»—°¥‘Ï 2547 - ªí®®ÿ∫—π °√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥(¡À“™π)

“¢“∫√‘À“√∏ÿ√°‘® °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 34 ·Ààß

¡À“«‘∑¬“≈—¬ÀÕ°“√§â“‰∑¬ °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

- ª√‘≠≠“¥ÿ…Æ’∫—≥±‘μ°‘μμ‘¡»—°¥‘Ï

“¢“«‘»«°√√¡»“ μ√å

¡À“«‘∑¬“≈—¬¢Õπ·°àπ

- Director Accreditation Program

(DAP) √ÿàπ 3/2003

- Director Certification Program

(DCP) √ÿàπ 68/2005

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

125




2. Mr. Boonsithi Chokwatana 71 - The Honorary Doctorate Degree in 1.73 Brothers Listed CompaniesDirector Business Administration, Burapha 1972 - Present Chairman Thai President Foods PCLAuthorized Director University 1975 - Present Chairman Thanulux PCL

- The Honorary Doctorate Degree in 1980 - Present Advising Director Textile Prestige PCLBusiness Administration, 1990 - Present Advising Director Thai Wacoal PCLThammasat University 1994 - Present Chairman Saha Pathanapibul PCL.

- The Honorary Doctorate Degree in 1995 - Present Vice Chairman I.C.C. International PCLBusiness Administration, National 2002 - Present Director Sahacogen (Chonburi) PCLInstitution of Development 2004 - Present Director and Chairman of Saha Pathana Inter-Holder PCL.Administration (NIDA) Executive Board

- The Honorary Doctorate Degree in Other Companies (non Listed 34Business Administration, University Companies)of the Thai Chamber of Commerce Competitive Business related -

- The Honorary Doctorate Degree in to Companyûs BusinessEnvironmental Engineering,Khon Kaen University

- Director Accreditation Program(DAP) 3/2003

- Director Certification Program(DCP) 68/2005Thai Institute of DirectorsAssociation

126



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


3. π“¬∏’√–»—°¥‘Ï «‘°‘μ‡»√…∞å 57 - ª√‘≠≠“‚∑ “¢“∫√‘À“√∏ÿ√°‘® 0.21 - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√·≈– Clark University : Worcester, 2528 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√·≈– ∫√‘…—∑ ‡Õ ·Õπ¥å ‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈

ª–∏“π°√√¡°“√∫√‘À“√ Massachusetts, USA ª√–∏“π°√√¡°“√∫√‘À“√ ‡Õπ‡μÕ√å‰æ√ å ®”°—¥ (¡À“™π)

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ - ª√‘≠≠“μ√’ “¢“«‘»«°√√¡‡§¡’ 2539 - ªí®®ÿ∫—π °√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

Worcester Polytechnic Institute, °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 9 ·Ààß

Massachusetts, USA °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -


(DAP) √ÿàπ 3/2003


(DCP) √ÿàπ 68/2005

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

127




3. Mr. Thirasak Vikitset 57 - MBA, Clark University: Worcester, 0.21 - Listed CompaniesDirector and Massachusetts, USA 1985 - Present Managing Director and S&J International Enterprises PCLChairman of Executive Board - Bachelor of Chemical Engineering Chairman of Executive BoardAuthorized Director Worcester Polytechnic Institute, 1996 - Present Director and Chairman of Sahacogen (Chonburi) PCL.

Massachusetts, USA Executive Board- Director Accreditation Program Other Companies (non Listed 9

(DAP) 3/2003 Companies)- Director Certification Program Competitive Business related -

(DCP) 68/2005 to Companyûs BusinessThai Institute of DirectorsAssociation

128



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


4. π“¬ —πμ‘ «‘≈“ »—°¥“ππ∑å 58 - ª√‘≠≠“«‘»«°√√¡»“ μ√¥ÿ…Ø’∫—≥±‘μ 0.03 - 2538 - ªí®®ÿ∫—π °√√¡°“√ ¿“ºŸâ àß ‘π§â“∑“ß‡√◊Õ·Ààßª√–‡∑»‰∑¬

°√√¡°“√ °‘μμ‘¡»—°¥‘Ï “¢“«‘»«°√√¡Õÿμ “À°“√ 2545 - ªí®®ÿ∫—π °√√¡°“√ ∫√√…—∑∫√‘À“√ ‘π∑√—æ¬å‰∑¬

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ ¡À“«‘∑¬“≈—¬√“¡§”·Àß 2549 - °.æ 51 ¡“™‘° ¿“π‘μ‘∫—≠≠—μ‘·Ààß™“μ‘

- ª√‘≠≠“ª√—™≠“¥ÿ…Æ’∫—≥±‘μ°‘μμ‘¡»—°¥‘Ï 2549 - ªí®®ÿ∫—π ª√–∏“π ¿“Õÿμ “À°√√¡·Ààßª√–‡∑»‰∑¬

“¢“°“√®—¥°“√‡∑§‚π‚≈¬’ 2550 - ‡¡.¬ 51 °√√¡°“√ °“√π‘§¡Õÿμ “À°√√¡·Ààßª√–‡∑»‰∑¬

¡À“«‘∑¬“≈—¬√“™¿—Øæ√–π§√ ªí®®ÿ∫—π Õπÿ°√√¡°“√ √√À“∫√‘…—∑®¥∑–‡∫’¬π μ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

- ª√‘≠≠“‚∑ °“√∫—≠™’ ∫√‘…—∑®¥∑–‡∫’¬π

§≥–æ“≥‘™¬»“ μ√å·≈–°“√∫—≠™’ 2528 - 2545 °√√¡°“√ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥(¡À“™π)

®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2546 - ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√„À≠à·≈– ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥(¡À“™π)

- ª√‘≠≠“‚∑ °“√®—¥°“√ ∂“∫—π∫—≥±‘μ °√√¡°“√∫√‘À“√

∫√‘À“√∏ÿ√°‘® »»‘π∑√å 2545 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2548 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √– ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π)

- ª√‘≠≠“∫—μ√ «‘∑¬“≈—¬ªÑÕß°—π ªí®®ÿ∫—π °√√¡°“√Õ‘ √– ∫√‘…—∑ ™ÿ¡æ√Õÿμ “À°√√¡ πÈ”¡—πª“≈å¡

√“™Õ“≥“®—°√ À≈—° Ÿμ√¿“§√—∞ ®”°—¥ (¡À“™π)

√à«¡‡Õ°™π √ÿàπ∑’Ë 355 °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 18 ·Ààß

- À≈—° Ÿμ√ºŸâ∫√‘À“√√–¥—∫ Ÿß ∂“∫—π °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

«‘∑¬“°“√μ≈“¥∑ÿπ μ≈“¥À≈—°∑√—æ¬å

·Ààßª√–‡∑»‰∑¬ («μ∑. √ÿàπ∑’Ë 7)

- À≈—° Ÿμ√ºŸâ∫√‘À“√√–¥—∫ Ÿß¥â“π°“√§â“

·≈–°“√æ“≥‘™¬å √ÿàπ∑’Ë 1 ∂“∫—π

«‘∑¬“°“√°“√§â“ ¡À“«‘∑¬“≈—¬ÀÕ°“√§â“


(DAP) √ÿàπ 3/2003

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

129




4. Mr. Santi Vilassakdanont 58 - The Honorary Doctorate Degree in 0.03 - 1995 - Present Director Thai National Shippersû CouncilDirector Engineering (Industrial Engineering), 2002 - Present Director Thai Asset Management CorporationAuthorized Director Ramkhamhaeng University 2006 - Feb.2008 Member of National Legislative

- The Honorary Degree : Doctor of AssemblyPhilosophy (Technology 2006 - Present Chairman The Federation of Thai IndustriesManagement), Phranakorn Rajabhat 2007 - Apr.2008 Director Industrial Estate Authority of ThailandUniversity Present Nomination Committee of the The Stock Exchange of Thailand

- Master of Accounting, Chulalongkorn Stock Exchange of ThailandUniversity Listed Companies

- Master of Management (M.M.), 1985 - 2002 Director Saha Pathana Inter-Holder PCLSasin Institute of Business 2003 - Present President and Executive Director Saha Pathana Inter-Holder PCLAdministration, Chulalongkorn 2002 - Present Director Sahacogen (Chonburi) PCLUniversity 2005 - Present Independent Director Krung Thai Bank PCL

- National Defence Joint Public / Present Independent Director Chumporn Industrial Palm Oil PCLPrivate Sector Course National Other Companies (non Listed 18Defence College of Thailand Companies)

- Capital Market Academy Leader Competitive Business related -Program; CMA 7, Capital Market to Companyûs BusinessAcademy, The Stock Exchange ofThailand

- Top Executive Program inCommerce and Trade; TEPCOT 1,Commerce Academy, University ofthe Thai Chamber of Commerce

- Director Accreditation Program(DAP) 3/2003Thai Institute of DirectorsAssociation

130



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


5. π“¬∑πß »√’®‘μ√å 53 - ª√‘≠≠“μ√’ √—∞»“ μ√å - - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√·≈–°√√¡°“√∫√‘À“√ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2539 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ Àæ—≤π“Õ‘π‡μÕ√å‚Œ≈¥‘Èß ®”°—¥(¡À“™π)

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ - Director Accreditation Program 2545 - ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

(DAP) √ÿàπ 3/2003 °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 24 ·Ààß

- Director Certification Program °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

(DCP) √ÿàπ 72/2006

- Finance for Non - Finance

Director (FND) √ÿàπ 9/2004

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

6. π“¬Õ—μ∂°√ °≈—Ëπ§«“¡¥’ 60 - ª√‘≠≠“‡Õ° «‘™“‡Õ°«‘»«°√√¡‡§√◊ËÕß°≈ 0.02 - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√·≈–°√√¡°“√∫√‘À“√ «‘™“‚∑ Operation Research - 2534 - ªí®®ÿ∫—π °√√¡°“√√ÕßºŸâ®—¥°“√ ∫√‘…—∑ ‡Õ ·Õπ¥å ‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ University of Illinois@Urbaha USA ‡Õπ‡μÕ√å‰æ√ å ®”°—¥ (¡À“™π)

- Director Accreditation Program 2539 - ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

(DAP) √ÿàπ 3/2003 °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 8 ·Ààß


(DCP) √ÿàπ 68/2005

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

7. π“¬«‘‚√®πå ∏’√«—≤πå«“∑’ 55 - ª√‘≠≠“μ√’«‘»«°√√¡»“ μ√å - - 2545 - ªí®®ÿ∫—π ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√ºŸâ®—¥°“√·≈– ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ °√√¡°“√ºŸâ®—¥°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

°√√¡°“√∫√‘À“√ - Director Certification Program °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 2 ·Ààß

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ (DCP) √ÿàπ 68/2005 °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

131




5. Mr.Tanong Srichit 53 - Bachelor Degree in Political Science, - - Listed CompaniesDirector and Executive Director Chulalongkorn University 1996 - Present Director Saha Pathana Inter-Holder PCL.Authorized Director - Director Accreditation Program 2002 - Present Director and Executive Director Sahacogen (Chonburi) PCL.

(DAP) 3/2003 Other Companies (non Listed 24- Director Certification Program Companies)

(DCP) 72/2006 Competitive Business related -- Finance for Non - Finance to Companyûs Business

Director (FND) √ÿàπ 9/2004Thai Institute of DirectorsAssociation

6. Mr. Atthakorn Glankwamdee 60 - Ph.D. (Mechanical Engineering) 0.02 - Listed CompaniesDirector and Executive Director University of Illinois at Urbana, 1991 - Present Deputy Managing Director S&J International Enterprises PCLAuthorized Director USA 1996 - Present Director and Executive Director Sahacogen (Chonburi) PCL.

- Director Accreditation Program Other Companies (non Listed 8(DAP) 3/2003 Companies)

- Director Certification Program Competitive Business related -(DCP) 68/2005 to Companyûs BusinessThai Institute of DirectorsAssociation

7. Mr. Viroj Theeravatvatee 55 - Bachelor of Engineering (Mechanical - - 2002-Present Listed CompaniesManaging Director and Engineering), Chulalongkorn Managing Director and Executive Sahacogen (Chonburi) PCL.Executive Director University DirectorAuthorized Director - Director Certification Program Other Companies (non Listed 2

(DCP) 68/2005 Companies)Thai Institute of Directors Competitive Business related -Association to Companyûs Business

132



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


8. π“¬∫ÿ≠ƒ∑∏‘Ï ¡À“¡πμ√’ 63 - ª√‘≠≠“μ√’«‘∑¬“»“ μ√å∫—≥±‘μ 0.01 - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2529 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ Àæ—≤πæ‘∫Ÿ≈ ®”°—¥ (¡À“™π)

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ - Director Accreditation Program 2542 - 2549 °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ ∏πŸ≈—°…≥å ®”°—¥ (¡À“™π)

(DAP) √ÿàπ 3/2003 2550 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

- Director Certification Program °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 1 ·Ààß

(DCP) √ÿàπ 68/2005 °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

9. π“¬ ÿ®√‘μ ªí®©‘¡π—π∑å 63 - ª√‘≠≠“‚∑ √.∫.(°“√ª°§√Õß) - - 2547 -2549 ª≈—¥°√–∑√«ß¡À“¥‰∑¬

°√√¡°“√·≈–°√√¡°“√∫√‘À“√ ¡À“«‘∑¬“≈—¬∏√√¡»“ μ√å 2545 - 2549 Õ∏‘∫¥’°√¡°“√ª°§√Õß

‡ªìπ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ - ª√‘≠≠“μ√’ √.∫. (°“√ª°§√Õß) ∫√‘…—∑®¥∑–‡∫’¬π

¡À“«‘∑¬“≈—¬∏√√¡»“ μ√å 2547 - 2549 °√√¡°“√ ∫√‘…—∑ º≈‘μ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

- Director Accreditation Program 2550 - ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ Àæ—≤πæ‘∫Ÿ≈ ®”°—¥ (¡À“™π)

(DAP) √ÿàπ 41/2005 ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 2 ·Ààß

°√√¡°“√∫√‘…—∑‰∑¬ (IOD) °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

10. π“¬πææ√ æß…å‡«™ 61 - ª√‘≠≠“‚∑ Oregon State University - - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√Õ‘ √–·≈– ∑“ß‡»√…∞»“ μ√å 2548 - 2548 °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

ª√–∏“π°√√¡°“√μ√«® Õ∫ - ª√‘≠≠“μ√’ University of Oregon 2549- ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈– ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

(‡»√…∞»“ μ√å) ª√–∏“π°√√¡°“√μ√«® Õ∫

- Director Accreditation Program (DAP) °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 1 ·Ààß

- Director Certification Program (DCP) °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

- Audit Committee Program (ACP)

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

133




8. Mr. Boonyarith Mahamontri 63 - Bachelor of Science, Chulalongkorn 0.01 - Listed CompaniesDirector University 1986 - Present Director Saha Pathanapibul PCL.Authorized Director - Director Accreditation Program 1999 - 2006 Independent Director and Audit Thanulux PCL

(DAP) 3/2003 Committee- Director Certification Program 2007 - Present Independent Director and Audit Sahacogen (Chonburi) PCL.

(DCP) 68/2005 CommitteeThai Institute of Directors Other Companies (non Listed 1Association Companies)

Competitive Business related -to Companyûs Business

9. Mr. Sujarit Patchimnun 63 - M.A. in political Science,Thammasat - - 2004 -2006 Permanent Secretary of theDirector and Executive Director University Ministry of InteriorAuthorized Director - B.A. in political Science,Thammasat 2002 - 2006 Director-General of Department

University of Local Administration- Director Accreditation Program Listed Companies

(DAP) 41/2005 2004 - 2006 Director Ratchaburi Electricity Generating Holding PCLThai Institute of Directors 2007 - Present Director Saha Pathanapibul PCL.Association Present Director and Executive Director Sahacogen (Chonburi) PCL.

Other Companies (non Listed 2Companies)Competitive Business related -to Companyûs Business

10.Mr. Nophorn Bhongsvej 61 - B.A. University of Oregon (ECON.) - - Listed CompaniesIndependent Director and - M.S. Oregon State University 2005 - 2005 Independent Director and Audit Sahacogen (Chonburi) PCL.Chairman of Audit Committee (ECON.) Committee

- Director Accreditation Program 2006 - Present Independent Director and Sahacogen (Chonburi) PCL.(DAP) Chairman of Audit Committee

- Director Certification Program Other Companies (non Listed 1(DCP) Companies)

- Audit Committee Program Competitive Business related to -(ACP) Companyûs BusinessThai Institute of DirectorsAssociation

134



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


11.æ≈μ”√«®‡Õ° ¡™“¬ ª√–¿— ¿—°¥’ 66 - √—∞ª√–»“ π»“ μ√å¡À“∫—≥±‘μ - - 2536 - 2539 √ÕßºŸâ∫—≠™“°“√μ”√«®π§√∫“≈ ”π—°ß“πμ”√«®·Ààß™“μ‘

°√√¡°“√Õ‘ √– (√ª.¡.) ∂“∫—π∫—≥±‘μæ—≤π∫√‘À“√»“ μ√å 2539 - 2540 ºŸâ∫—≠™“°“√μ”√«®¿Ÿ∏√¿“§ 1 ”π—°ß“πμ”√«®·Ààß™“μ‘

·≈–°√√¡°“√μ√«® Õ∫ - À≈—° Ÿμ√ ‡Õø.∫’.‰Õ √ÿàπ 93 (F.B.I.) 2540 - 2543 ºŸâ∫—≠™“°“√μ”√«®¿Ÿ∏√¿“§ 2 ”π—°ß“πμ”√«®·Ààß™“μ‘

ª√–‡∑» À√—∞Õ‡¡√‘°“ 2543 - 2545 ºŸâ™à«¬ºŸâ∫—≠™“°“√μ”√«®·Ààß™“μ‘ ”π—°ß“πμ”√«®·Ààß™“μ‘

- ‚√ß‡√’¬π‡ π“∏‘°“√∑À“√∫° 2545 - 2545 ∑’Ëª√÷°…“ª√–®” ”π—°π“¬°√—∞¡πμ√’ ”π—°π“¬°√—∞¡πμ√’

À≈—° Ÿμ√ª√–®”™ÿ¥∑’Ë 53 ∫√‘…—∑®¥∑–‡∫’¬π

- «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ 2547 - 2549 °√√¡°“√Õ‘ √– ∫√‘…—∑ Õ ¡∑ ®”°—¥ (¡À“™π)

À≈—° Ÿμ√°“√ªÑÕß°—π√“™Õ“≥“®—°√ ·≈–ª√–∏“π°√√¡°“√μ√«® Õ∫

¿“§√—∞√à«¡‡Õ°™π √ÿàπ∑’Ë 6 2547 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ ‰Õ.´’.´’. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ®”°—¥(¡À“™π)

- Director Accreditation Program 2548 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

(DAP) √ÿàπ∑’Ë 25/2004 °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) -


(DCP) 51/2004

- Audit Committee Program

(ACP) √ÿàπ∑’Ë 2/2004

- Role of The Chairman Program

(RCP) √ÿàπ∑’Ë 12/2005

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

135




11. Pol. Gen. Somchai 66 - Master of Public Adminstration - - 1993 - 1996 Deputy Commissioner of Metropolitan PolicePrabhasabhakdi (M.P.A.), National Institution of Metropolitan PoliceIndependent Director and Development Administration 1996 - 1997 Commissioner of Provincial Metropolitan PoliceAudit Committee - F.B.I. Academy, USA (Class 93) Police Region 1

Chief of the Army Guard Staff 1997 - 2000 Commissioner of Provincial Metropolitan Police(Class 53) Police Region 2

- National Defence College (Class 6) 2000 - 2002 Assistance Commissioner General, Metropolitan Police- Director Accreditation Program Royal Thai Police

(DAP) 25/2004 2002 -2002 Advisor to the Office of the Prime Office of the Prime Minister- Director Certification Program Minister

(DCP) 51/2004 Listed Companies- Audit Committee Program 2004 - 2006 Independent Director and MCOT PCL

(ACP) 2/2004 Chairman of Audit Committee- Role of The Chairman Program 2004 - Present Independent Director and Audit I.C.C. International PCL

(RCP) 12/2005 CommitteeThai Institute of Directors 2005 - Present Independent Director and Audit Sahacogen (Chonburi) PCL.Association Committee

Other Companies (non Listed -Companies)Competitive Business related -to Companyûs Business

136



§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂◊ÕÀÿâπ„π∑“ß§√Õ∫§√—«

(ªï)∫√‘…—∑ (%)


12. π“¬Õ¡√ Õ—»«“π—π∑å 60 - ∫—≠™’∫—≠±‘μ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 0.10 - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√Õ‘ √– - ª√‘≠≠“‚∑ ∫√‘À“√∏ÿ√°‘® Bowling 2542 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ ‰Õ.´’.´’. Õ‘π‡μÕ√å‡π™—Ëπ·π≈ ®”°—¥(¡À“™π)

·≈–°√√¡°“√μ√«® Õ∫ Green State University, Ohio, U.S.A. 2545 - 2548 °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

- Director Accreditation Program μ√«® Õ∫

(DAP) √ÿàπ∑’Ë 3/2003 2545 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√ ∫√‘…—∑ ª√–™“Õ“¿√≥å ®”°—¥ (¡À“™π)

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π μ√«® Õ∫

°√√¡°“√∫√‘…—∑‰∑¬ (IOD) 2545 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

2545 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ ø“√åÕ’ ∑å ¥’¥’∫’ ®”°—¥ (¡À“™π)

2548 - ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈– ∫√‘…—∑ °√ÿß‡∑æ‚ ¿≥ ®”°—¥ (¡À“™π)

°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß

2548 - ªí®®ÿ∫—π °√√¡°“√∫√‘À“√ ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π)

°‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 1 ·Ààß

°‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

13. π“¬ ÿ√ß§å Õß§å‚¶…‘μ 57 - ª√‘≠≠“μ√’ “¢“«‘»«°√√¡‡§√◊ËÕß°≈ - - ∫√‘…—∑®¥∑–‡∫’¬π

°√√¡°“√Õ‘ √– ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ 2545-ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ À‚§‡®π (™≈∫ÿ√’) ®”°—¥ (¡À“™π)

·≈–°√√¡°“√μ√«® Õ∫ - ª√‘≠≠“‚∑ “¢“«‘»«°√√¡‡§√◊ËÕß°≈ ªí®®ÿ∫—π °√√¡°“√Õ‘ √–·≈–°√√¡°“√μ√«® Õ∫ ∫√‘…—∑ ‡Õ ·Õπ¥å ‡® Õ‘π‡μÕ√å‡π™—Ëπ·π≈

Lamar University. Beaumont, ‡Õπ‡μÕ√å‰æ√ å ®”°—¥ (¡À“™π)

Texas, U.S.A. °‘®°“√Õ◊Ëπ (∑’Ë‰¡à„™à∫√‘…—∑®¥∑–‡∫’¬π) ®”π«π 1 ·Ààß

- Director Accreditation Program °‘®°“√∑’Ë·¢àß¢—π°—∫∏ÿ√°‘®¢Õß∫√‘…—∑ -

(DAP) √ÿàπ∑’Ë 68/2005


(DCP) √ÿàπ∑’Ë 68/2005

®“° ¡“§¡ àß‡ √‘¡ ∂“∫—π

°√√¡°“√∫√‘…—∑‰∑¬ (IOD)

137




12.Mr. Amorn Asvanunt 60 - B.Accountancy, Chulalongkorn 0.10 - Listed CompaniesIndependent Director and University. 1999 - Present Independent Director and Audit I.C.C. International PCLAudit Committee - MBA. Bowling Green State Committee

University, Ohio, U.S.A. 2002 - 2005 Independent Director and Sahacogen (Chonburi) PCL.- Director Accreditation Program Chairman of Audit Committee

(DAP) 3/2003 2002 - Present Independent Director and Peopleûs Garment PCL.Thai Institute of Directors Chairman of Audit CommitteeAssociation 2002 - Present Independent Director and Audit Sahacogen (Chonburi) PCL.

Committee2002 - Present Independent Director and Audit Far East DDB PCL

Committee2005 - Present Independent Director and Risk Krungdhep Sophon PCL

Management Committee2005 - Present Executive Director Thai Military Bank PCL

Other Companies (non Listed 1Companies)Competitive Business related -to Companyûs Business

13. Mr. Surong Ongkosit 57 - Master Degree (Mechanical), Lamar, - - Listed CompaniesIndependent Director and University, Beaumont, Texas, U.S.A. 2002 - Present Independent Director and Audit Sahacogen (Chonburi) PCL.Audit Committee - Bachelor Degree (Mechanical), Committee

Chulalongkorn University Present Independent Director and Audit S&J International Enterprises PCL- Director Accreditation Program Committee

(DAP) 68/2005 Other Companies (non Listed 1- Director Certification Program Companies)

(DCP) 68/2005 Competitive Business related -Thai Institute of Directors to Companyûs BusinessAssociation

Annual sahacogen 2551(th eng)

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