BIGC: Annual Report 2004

ANNUAL2 0 0 4

Big C Supercenter Public Company Limited

∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π)

√“¬ß“πª√–®”ªï 2547

A Central Casino Partnership

REPORT

°«à“ 17 ≈â“π∫“∑

¡Ÿ≈π‘∏‘∫‘Í°´’ ™à«¬‡ √‘¡ √â“ß Õπ“§µ‡¥Á°‰∑¬¡Ÿ≈π‘∏‘∫‘Í°´’ π—∫ πÿπ °“√»÷°…“‡¥Á°‰∑¬

More than 17 million baht

Big C Foundation has been supporting the educationof Thai children for brighter future

°«à“ 2,000 ≈â“π∫“∑

∫‘Í°´’·≈–§ÿ≥√à«¡‡°◊ÈÕÀπÿπ ∑âÕß∂‘Ëπ‰∑¬ ®—∫®à“¬∑’Ë∫‘Í°´’ §◊π¿“…’ Ÿà∑âÕß∂‘Ëπ

More than 2,000 million baht

Big C and our customers have been helping local developmentby paying local tax

√â“ßΩíπ √â“ß§«“¡ ÿ¢ √â“ß√Õ¬¬‘È¡ ‡æ◊ËÕ —ß§¡‰∑¬Working For Dreams, Smiles and the Happiness of Thai Society

°«à“ 1,700 ≈â“π∫“∑

∫‘Í°´’¡’ à«π√à«¡ „Àâ·√ßß“π∑âÕß∂‘Ëπ ¡’√“¬‰¥â®—∫®à“¬∑’Ë∫‘Í°´’ °√–®“¬√“¬‰¥â Ÿà∑âÕß∂‘Ëπ

More than 1,700 million baht

Big C has been distributing income to our local staffs

Contents

“√∫—≠

Message from Chairman of the Board 2Honorary Chairman and Board of Directors 3Audit Committee and Audit Committee Report 4Board of Directorsû Report 8Executive Officers 9Education and Working Experience of Directors and Executive Officers 10General Information 17Shareholders and Subsidiaries 25Business in Big C 29Significant Change and Future Trends 35Big Cûs Branches and Head-to-Head Competitors 37Risk Factor 39Summary of Financial Data 43Analysis of Financial Position and Operating Result 47Management 53Related Company Transactions 75Financial Statements 118

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“√®“°ª√–∏“π°√√¡°“√Message from Chairman of the Board

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(π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå)ª√–∏“π°√√¡°“√

2004 marked a major milestone for Big C Supercenter PLCin successfully implementing its business strategies. This significantsuccess was indicated by being a leading supercenter in Thailandthat reflects the new-style of retailing concept and was also provenby the opening of 4 more branches throughout the Kingdom toensure more accessibility to its customers.

Despite several difficulties weathered byThailand including unrest in the south, SARS andbird flu epidemics, high oil prices and the year-endtsunami disaster, Big C reported unexpected, solidoperating performance boosted by high customerconfidence and trust.

In addition to its highest efficiencies inbusiness management, Big C enjoyed theaccomplishment of increased sales capacity and

efficient control of operating costs with significant decline inexpenses as targeted. The operating outcome of 2004 was highlysuccessful. Revenues grew by 13.3% from 42.341 billion Baht in2003 to 47.440 billion Baht in 2004 with 1.602 billion Baht netearnings.

The 2005 business plan is focused on opening new branchoutlets to ensure nationwide coverage to fulfill customer demand.Big C will open 4 new branches in high potential areas in 2005,increasing its extensive retailing network to 44 branch offices by theend of the year.

Throughout its many years of operation, Big C has beencommitted to social contributions in accordance with the ùStaytogether with the Communityû concept. As a retailing operator,Big C has given an ongoing return to the communities in which ithas operated by being a good taxpayer. Last year, the Big CFoundation, which was established to help support youthdevelopment in education, handed over 3 Big C learning buildings toneedy schools in rural areas. This year, the company will continuethis commitment, which has been implemented for 3 consecutiveyears, by delivering 4 new buildings and 1,500 scholarships.

On behalf of the Board of Directors of Big C, I sincerelyextend my deep appreciation to the shareholders and customerswho have provided excellent support to the company. My personalthanks also go to all the management and staff for their exemplaryendeavors, which have prompted our company to make steadysteps forward and maximize benefits to all parties and Thaisociety as a whole.

(Mr. Suthichart Chirathivat)Chairman of the Board

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A N N U A L R E P O R T 2 0 0 4BIG C SUPERCENTER PUBLIC COMPANY LIMITED

ª√–∏“π°‘µµ‘¡»—°¥‘Ï·≈–§≥–°√√¡°“√∫√‘…—∑Honorary Chairman and Board of Directors

π“¬«—π™—¬ ®‘√“∏‘«—≤πåª√–∏“π°‘µµ‘¡»—°¥‘Ï

Mr. Vanchai ChirathivatHonorary Chairman

π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πåª√–∏“π°√√¡°“√Mr. Suthichart ChirathivatChairman of the Board

π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡Á°´’‡Õ√å°√√¡°“√

Mr. Andre Claude Luc MercierDirector

π“¬‡«’¬¥ Œß ‚¥°√√¡°“√

Mr. Viet Hung DoDirector

π“¬Õ’ø ·∫√å°π“√å ‡∫√∫ÁÕß°√√¡°“√, ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–

°√√¡°“√ºŸâ®—¥°“√„À≠àMr. Yves Bernard Braibant

Director, Chief Executive Officer &President

π“¬®ÕÀåπ ‡´’¬π-´Ÿ ≈‘π°√√¡°“√

Mr. John Sian Zu-LinDirector

π“¬∑» ®‘√“∏‘«—≤πå°√√¡°“√

Mr. Tos ChirathivatDirector

π“¬ªî·Õ√å ∫√Ÿ‚π ™“√å≈ ∫Ÿ™Ÿ∑å°√√¡°“√

Mr. Pierre Bruno Charles BouchutDirector

π“¬¨Õß-¡‘‡™≈ ∫“™°√√¡°“√

Mr. Jean-Michel BARGEDirector

π“¬™“√å§ ‚¥¡‘π‘§ ‡Õ¡“π°√√¡°“√

Mr. Jacques Dominique EhrmannDirector

π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠°√√¡°“√Õ‘ √–, ª√–∏“π°√√¡°“√µ√«® Õ∫

Mr. Nontaphon NimsomboonIndependent Director, Chairman of the

Audit Committee

π“¬§√‘ µÕø °‘≈¬ß°√√¡°“√

Mr. Chirstophe GuillonDirector

æ≈‡Õ° «‘π—¬ ¿—∑∑‘¬°ÿ≈°√√¡°“√Õ‘ √–,°√√¡°“√µ√«® Õ∫General Winai Phattiyakul

Independent Director, Member ofAudit Committee

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå°√√¡°“√Õ‘ √–,°√√¡°“√µ√«® Õ∫Dr. Rongphol CharoenphandhuIndependent Director, Member of

Audit Committee

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§≥–°√√¡°“√µ√«® Õ∫·≈–√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫Audit Committee and Audit Committee Report

π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠ª√–∏“π°√√¡°“√µ√«® Õ∫

Mr. Nontaphon NimsomboonCommittee Chairman

æ≈‡Õ° «‘π—¬ ¿—∑∑‘¬°ÿ≈°√√¡°“√µ√«® Õ∫

Gen. Winai PhatthiyakulCommittee Member

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå°√√¡°“√µ√«® Õ∫

Dr. Rongpol CharoenphandhuCommittee Member

§≥–°√√¡°“√∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥

(¡À“™π) (∫√‘…—∑œ) ¡’¡µ‘·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫¢Õß

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1. π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠ ª√–∏“π°√√¡°“√µ√«® Õ∫

2. ¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå °√√¡°“√µ√«® Õ∫

3. æ≈‡Õ° «‘π—¬ ¿—∑∑‘¬°ÿ≈ °√√¡°“√µ√«® Õ∫

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°√√¡°“√µ√«® Õ∫ √ÿª‡√◊ËÕß ”§—≠∑’Ë§≥–°√√¡°“√µ√«® Õ∫

æ‘®“√≥“¡’¥—ßπ’È

The Audit Committee of Big C Supercenter

Public Company Limited (the çCompanyé) has been

appointed by the Companyûs Board of Directors

comprising 3 independent non executive directors one

being qualified in accounting and finance, one in law

and one in organizational management. The three

members are:

1. Mr. Nontaphon Nimsomboon Cmmittee Chairman

2. Dr. Rongpol Charoenphandhu Committee Member

3. Gen. Winai Phatthiyakul Committee Member

During the fiscal year 2004, a total of 4 Audit

Committee meetings had been held. The meetings were

also attended by invitees including the external auditor,

the internal auditor and high-level operational managers

from the departments of finance and accounting,

legal affairs and information technology to provide

explanation and appropriate additional information to

the Audit Committee as needed in making its decisions.

This is to enhance the roles of the Audit Committee

in discharging its duties and responsibilities. The

substance of matters discussed in the meetings are

summarized as follows:

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ß∫°“√‡ß‘πª√–®”ªï

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∫√‘…—∑œ ‰¥â®—¥∑”¢÷ÈπÕ¬à“ß∂Ÿ°µâÕßµ“¡∑’Ë§«√µ“¡¡“µ√∞“π

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ª√–°Õ∫ß∫°“√‡ß‘πÕ¬à“ß‡æ’¬ßæÕ §≥–°√√¡°“√‰¥â

ª√– “πß“π°—∫ºŸâ Õ∫∫—≠™’¿“¬πÕ°·≈–¢Õ„ÀâºŸâ Õ∫∫—≠™’

¿“¬πÕ°„Àâ§«“¡ ”§—≠°—∫°“√„Àâ¢âÕ —ß‡°µ·≈–¢âÕ‡ πÕ·π–

¥â“π√–∫∫·≈–¡“µ√°“√§«∫§ÿ¡¿“¬„π√«¡∂÷ß°“√„Àâ§«“¡

”§—≠µàÕ°“√ Õ∫∑“π√“¬°“√∑’Ë‡°’Ë¬«¢âÕß°—π·≈–√“¬°“√

∑’ËÕ“®°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‡æ◊ËÕ„Àâ‡°‘¥

§«“¡¡—Ëπ„®«à“ ∫√‘…—∑œ‰¥â¥”‡π‘π°“√µ“¡‡ß◊ËÕπ‰¢∑“ß∏ÿ√°‘®

ª°µ‘·≈–µ“¡À≈—°‡°≥±å∑’Ëµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

°”Àπ¥Õ¬à“ß∂Ÿ°µâÕß

ß∫°“√‡ß‘π ·≈– ¢âÕ¡Ÿ≈∑’Ë¡’ “√– ”§—≠µà“ßÊ ¢â“ßµâπ

®–∂Ÿ°π”‡ πÕµàÕ§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡æ◊ËÕ∑√“∫ ‡æ◊ËÕ

æ‘®“√≥“ À√◊Õ ‡æ◊ËÕÕπÿ¡—µ‘ ·≈â«·µà°√≥’¿“¬À≈—ß®“°§≥–

°√√¡°“√µ√«® Õ∫‰¥â Õ∫∑“π‡√’¬∫√âÕ¬·≈â«

1. Review of the interim financial statements and the

external auditorûs annual report on the Companyûs

financial statements

The Audit Committee had established as

guidelines for the external auditor to directly present

the results of his review of the Companyûs interim

financial statements and his report on the results

of his examination of the Companyûs annual

financial statements to the Audit Committee at

its meetings. In this regard, high-level management

of the finance and accounting department was

invited to provide answers to inquiries and related

necessary information to ensure accuracy and

consistency of the Companyûs accounting and

financial reporting process in accordance with

Generally Accepted Accounting Standards applied

in Thailand, and also to ensure adequacy of

additional information disclosure. Coordination

had been established between the external auditor

and the Audit Committee to ensure that the auditor

emphasizes on his observations and suggestions

with regard to the Companyûs internal control

system and measures as well as reviewing of related

transactions and transactions with possible conflict

of interests. This was to ensure that transactions

were conducted at armûs-length and in full

compliance with the regulations set forth by the

Stock Exchange of Thailand.

After being reviewed by the Audit

Committee, the financial statements, auditorûs

report and other significant related information

were presented to the Board of Directors either for

acknowledgement, consideration or approval, as

the case may be.

6


2. System of internal controls and work of the

internal auditor

The internal auditor had been assigned by

the Audit Committee to regularly assess the

adequacy and effectiveness of the Companyûs

internal control system applied not only to

accounting and financial work processes but also

to the managerial side of controls. The assessment

covered areas including, for example, the

procurement process, collection of space rental, etc.

Copies of quarterly internal audit reports had been

submitted to Audit Committee for discussion to

ensure efficiency and effectiveness of the Companyûs

internal operational controls in various areas.

Close monitoring of results and potential problems

or weaknesses which may arise as well as their

prompt solutions had also been ensured in order to

maintain and enhance good corporate governance

aiming at the fair treatments and providing

maximum possible benefit of the Company as well

as of all of its stakeholders.

2. √–∫∫°“√§«∫§ÿ¡¿“¬„π·≈–°“√ªØ‘∫—µ‘ß“π¢ÕßºŸâµ√«®

Õ∫¿“¬„π

§≥–°√√¡°“√µ√«® Õ∫‰¥â¡Õ∫À¡“¬„ÀâΩÉ“¬µ√«®

Õ∫¿“¬„πª√–‡¡‘π√–∫∫°“√§«∫§ÿ¡¿“¬„π ”À√—∫°“√

¥”‡π‘π°‘®°“√∑’ËπÕ°‡Àπ◊Õ®“°¥â“π°“√∫—≠™’·≈–°“√‡ß‘π

„Àâ§√Õ∫§≈ÿ¡∂÷ß °√–∫«π°“√®—¥´◊ÈÕ®—¥®â“ß‚¥¬°“√ª√–°«¥

√“§“ °“√®—¥‡°Á∫√“¬‰¥â®“°°“√„Àâ‡™à“æ◊Èπ∑’Ë ‡ªìπµâπ §≥–

°√√¡°“√µ√«® Õ∫‰¥â√—∫°“√√“¬ß“πº≈°“√µ√«® Õ∫

¿“¬„π∑ÿ°√Õ∫‰µ√¡“ ®“°ºŸâµ√«® Õ∫¿“¬„π ‡æ◊ËÕ„Àâ‡°‘¥

§«“¡¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑œ ¡’ª√– ‘∑∏‘¿“æ

ª√– ‘∑∏‘º≈ ‚¥¬¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’ËæÕ‡æ’¬ß·≈–¡’

°“√µ‘¥µ“¡°“√¥”‡π‘π°“√·°â‰¢®ÿ¥ÕàÕπÀ√◊Õ¢âÕ∫°æ√àÕß∑’Ë

Õ“®¡’Õ¬à“ß∑—π‡«≈“ ‡æ◊ËÕ‡ªìπ à«πÀπ÷Ëß¢Õß°√–∫«π°“√°”°—∫

¥Ÿ·≈°‘®°“√∑’Ë¥’Õ—π¡ÿàß‡ªìπª√–‚¬™πåµàÕ∫√‘…—∑œ ‚¥¬√«¡ ·≈–

µàÕºŸâ¡’ à«π‰¥â‡ ’¬ΩÉ“¬µà“ßÊ Õ¬à“ß¬ÿµ‘∏√√¡

7


3. Selection of external auditor for 2005

The Audit Committee has proposed the

selection of Mr. Ruth Chaonakawee, or Mr. Wichart

Loketkrawee, or Mrs. Rattana Chala, or Mrs. Saifon

Intrakaew, of Ernst & Young Office Limited as the

external auditor of the Company for the year 2005

and propose fixing professional fee at Baht

2,790,000 for the audit of the Company and Baht

5,940,000 for the audit of the group companies

including the Companyûs subsidiaries and affiliates.

The proposal are for the consideration and

agreement of the Companyûs Board of Directors

and then put forward further for the final

approval of the shareholders at the general

meeting of the Companyûs shareholders.

(Mr. Nontaphon Nimsomboon)

Chairman of the Audit Committee

3. °“√§—¥‡≈◊Õ°ºŸâ Õ∫∫—≠™’ ª√–®”ªï 2548

§≥–°√√¡°“√µ√«® Õ∫æ‘®“√≥“§—¥‡≈◊Õ° π“¬√ÿ∑√

‡™“«π–°«’ À√◊Õ π“¬«‘™“µ‘ ‚≈‡°»°√–«’ À√◊Õ π“ß√—µπ“

®“≈– À√◊Õ π“ß “¬Ωπ Õ‘π∑√å·°â« ·Ààß ∫√‘…—∑ ”π—°ß“π

‡Õ‘π å∑ ·Õπ¥å ¬—ß ‡ªìπºŸâ Õ∫∫—≠™’µàÕ‰ª ·≈–°”Àπ¥

§à“∏√√¡‡π’¬¡µÕ∫·∑π‡ªìπ®”π«π‡ß‘π 2,790,000 ∫“∑

”À√—∫∫√‘…—∑œ ·≈– ®”π«π‡ß‘π√«¡ 5,940,000 ∫“∑

”À√—∫∑—Èß°≈ÿà¡∫√‘…—∑œ ‚¥¬π”‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑œ

‡æ◊ËÕæ‘®“√≥“„Àâ§«“¡‡ÀÁπ™Õ∫·≈–π”‡ πÕ¢ÕÕπÿ¡—µ‘®“°

∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ µàÕ‰ª

(π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠)

ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

8


√“¬ß“π¢Õß§≥–°√√¡°“√∫√‘…—∑Board of Directorsû Report

§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“π

ª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß

∑—Ë«‰ª„πª√–‡∑»‰∑¬´÷Ëß Õ¥§≈âÕß°—∫¡“µ√∞“π°“√∫—≠™’ “°≈‡ªìπ à«π„À≠à

‚¥¬‡≈◊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®—¥„Àâ¡’°“√¥”√ß√—°…“‰«â´÷Ëß√–∫∫§«∫§ÿ¡¿“¬„π

∑’Ë¡’ª√– ‘∑∏‘º≈ ‡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‡°‘¥°“√∑ÿ®√‘µ À√◊Õ°“√¥”‡π‘π°“√∑’Ë

º‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠

„π°“√π’È §≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫

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

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

§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’Èª√“°Ø„π√“¬ß“π

¢Õß§≥–°√√¡°“√µ√«® Õ∫´÷Ëß· ¥ß‰«â„π√“¬ß“πª√–®”ªï·≈â«

§≥–°√√¡°“√∫√‘…—∑¡’§«“¡‡ÀÁπ«à“√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ

‚¥¬√«¡Õ¬Ÿà „π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’

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

«—π∑’Ë 31 ∏—π«“§¡ 2547

(π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå) (π“¬Õ’ø ·∫√å°π“√å ‡∫√∫ÁÕß)

ª√–∏“π°√√¡°“√ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–

°√√¡°“√ºŸâ®—¥°“√„À≠à

The Board of Directors is responsible for the financial

statements of the company and its subsidiaries, including any

financial information shown in the Annual Report. The financial

statement was prepared in accordance with the accounting

standard as generally accepted in Thailand, in which is also

complied with major international accounting standards. The

company chooses the appropriate accounting policy and follows

its performance regularly. Pre-cautionary measures are necessary

for discretion and estimation for such arrangements, which

include adequate disclosures and necessary information in notes

for financial statements.

The Board of Directors controls the efficiency of the

internal audit control system in order to be reasonably confident

that records of any accounting information are accurate, through,

complete and able to adequately maintain the companyûs assets.

The outcome will show any weaknesses, as well as protect

dishonest or inappropriate performances.

As such, the Board of Directors of the company has

appointed an Audit Committee consisting of the Independent

Directors who are not Executives. The Audit Committees shall

have the responsibilities relating to the quality of the Financial

Statement and Internal Control System. The opinion of the Audit

Committee with regards to this subject shall be stipulated in the

report of the Audit Committee as shown in the Annual Report

It is the opinion of the Board of Directors that, in

general, the Internal Control System of the company has achieved

an appreciated level and reasonably ensured to the accounting

system of the company and its subsidiaries as recorded on

December 31, 2004

(Mr. Suthichart Chirathivat) (Mr. Yves Bernard Braibant)

Chairman of the Board Chief Executive Officer

& President

9


ºŸâ∫√‘À“√√–¥—∫ ŸßExecutive Officers

π“¬Õ’ø ·∫√å°π“√å ‡∫√∫ÁÕß ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–°√√¡°“√ºŸâ®—¥°“√„À≠àMr. Yves Bernard Braibant Chief Executive Officer & President

π“¬‡ø√‡¥√‘§ ∫Õ√å°Õ≈´å √Õßª√–∏“πºŸâ∫√‘À“√ΩÉ“¬ªØ‘∫—µ‘°“√Mr.Frederic Borgoltz Executive Vice President, Operations

π“ß “«√”¿“ §”ÀÕ¡√◊Ëπ √Õßª√–∏“πΩÉ“¬∫—≠™’·≈–°“√‡ß‘πMiss Rumpa Kumhomreun CFO & Vice President, Accounting & Finance

π“¬ª√–æ—π∏å ‡Õ’Ë¬¡√ÿàß‚√®πå √Õßª√–∏“πÕ“«ÿ‚ ΩÉ“¬æ—≤π“∏ÿ√°‘®·≈–Õ —ßÀ“√‘¡∑√—æ¬åMr. Praphan Eamrungroj Senior Vice President, Properties

π“¬‚∏¡— ·¡ —π π‘≈‡´àπ √Õßª√–∏“πÕ“«ÿ‚ ΩÉ“¬∑√—æ¬“°√¡πÿ…¬åMr. Thomas Mason Nielsen Senior Vice President, Human Resources

π“ß “«®√‘¬“ ®‘√“∏‘«—≤πå √Õßª√–∏“πΩÉ“¬°“√µ≈“¥·≈–°“√ ◊ËÕ “√Miss Jariya Chirathivat Vice President, Marketing & Communications

π“¬ø√Õß´—« Õ‡≈Á°´Õß‡¥√Õ– Œ‘¥“≈‚°â √Õßª√–∏“πΩÉ“¬ Supply Chain ManagementMr. Francois Alexandre Hidalgo Vice President, Supply Chain Management

π“¬ª√–‡«∑¬å ª√ÿß·µàß°‘® √Õßª√–∏“πΩÉ“¬®—¥°“√√–∫∫¢âÕ¡Ÿ≈Mr. Prawet Prungtangkij Vice President, MIS

π“ß√—µπ“ Õπÿπµ°“√ÿ≥ √Õßª√–∏“πΩÉ“¬®—¥´◊ÈÕ ‘π§â“∑—Ë«‰ªMs. Ratana Anoontakaroon Vice President, General Merchandise

π“¬‡Õ¡“πŸ‡Õ≈ °Ÿ‚√π √Õßª√–∏“πΩÉ“¬®—¥´◊ÈÕÕ“À“√·≈–æ—≤π“º≈‘µ¿—≥±åMr. Emmanuel Couronne Vice President, Food Merchandise & Private label

9


10


§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“·≈–ª√– ∫°“√≥å¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√√–¥—∫ ŸßEducation and Working Experience of Directors and Executive Officers

π“¬«—π™—¬ ®‘√“∏‘«—≤πåª√–∏“π°‘µµ‘¡»—°¥‘Ï§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : ¥ÿ…Æ’∫—≥±‘µ°‘µµ‘¡»—°¥‘Ï(®‘µ«‘∑¬“)

¡À“«‘∑¬“≈—¬√“¡§”·Àß

ª√– ∫°“√≥å : - ª√–∏“π∫√‘À“√

∫√‘…—∑„π‡§√◊Õ‡ Áπ∑√—≈

- ª√–∏“π°√√¡°“√∫√‘À“√

∫√‘…—∑ ‚√ß·√¡‡ Áπ∑√—≈ æ≈“´à“

®”°—¥ (¡À“™π)

‡§√◊ËÕß√“™Õ‘ √‘¬“¿√≥å : µ√‘µ¿√≥å™â“ß‡º◊Õ°(µ.™.)

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : æ’Ë™“¬ §ÿ≥ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå

√–À«à“ßºŸâ∫√‘À“√ æ’Ë™“¬ §ÿ≥®√‘¬“ ®‘√“∏‘«—≤πå

Õ“ §ÿ≥∑» ®‘√“∏‘«—≤πå

π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πåª√–∏“π°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : ª√‘≠≠“µ√’ “¢“∫—≠™’

(‡°’¬√µ‘π‘¬¡¥’‡¥àπ) St. Josephûs

College, Philadephia, U.S.A

ª√– ∫°“√≥å : - ª√–∏“π∫√‘À“√∏ÿ√°‘®

∫√‘…—∑„π‡§√◊Õ‡ Áπ∑√—≈

- ª√–∏“π°√√¡°“√∫√‘À“√·≈–°√√¡°“√

ºŸâ®—¥°“√„À≠à

∫√‘…—∑‡´Áπ∑√—≈ √’‡∑≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥

- ª√–∏“π§≥–°√√¡°“√∏ÿ√°‘®§â“ª≈’°

- ª√–∏“π§≥–°√√¡°“√∏ÿ√°‘®§â“ª≈’°

ÀÕ°“√§â“‰∑¬

- ∑’Ëª√÷°…“ ¿“ÀÕ°“√§â“·Ààßª√–‡∑»‰∑¬

ª√–«—µ‘ : - ‡À√’¬≠∑Õß çTabacco or Healthé

°“√√—∫√“ß«—≈¥’‡¥àπ ¢ÕßÕß§å°“√Õπ“¡—¬‚≈°„π∞“π–Õß§å°√

∑’Ë∑”°“√√≥√ß§å‡æ◊ËÕ°“√‰¡à Ÿ∫∫ÿÀ√’Ë¥’‡¥àπ

- √“ß«—≈π—°∏ÿ√°‘®§â“ª≈’°¥’‡¥àππ“π“™“µ‘

ª√–®”ªï 1997 ¢Õß Àæ—π∏å§â“ª≈’°

·Ààß™“µ‘ À√—∞Õ‡¡√‘°“

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : πâÕß™“¬ §ÿ≥«—π™—¬ ®‘√“∏‘«—≤πå

√–À«à“ßºŸâ∫√‘À“√ æ’Ë™“¬ §ÿ≥®√‘¬“ ®‘√“∏‘«—≤πå

Õ“ §ÿ≥∑» ®‘√“∏‘«—≤πå

Mr. Vanchai ChirathivatHonorary ChairmanEducation : Honorary Doctorate Degree (Philosophy),

Ramkamhaeng University

Experience : - Chairman of Central Group of

Companies

- Chairman of Central Plaza

Hotel Public Co., Ltd.

Commander : Third Class Commander of The

Most Exalted Order of White

Elephant (Kingdom of Thailand)

Relationship between : Elder brother of

Management Mr. Suthichart Chirathivat

Elder brother of Ms. Jariya Chirathivat

Uncle of Mr. Tos Chirathivat

Mr. Suthichart ChirathivatChairman of the BoardEducation : B.S. ( Accounting ), St. Joseph ùs

College, Philadephia , U.S.A.

Experience : - President of Retail Business

of Central Retail Corporation Limited

- President and Chief Executive

Office of Central Retail Corporation

- President of Thai Retailers Association

- Chairman of Committee on Retail

Business of Thai Chamber of Commerce

- Advisor of Board of Trade of Thailand

Achievement : - Gold Medal ç Tobacco or Health ç

from World Health Organization of

Outstanding achievement award :

anti - smoking campaign

- International Retailer of the Year

Award (1997) of The National

Retail Federation of U.S.A.

Relationship between : Younger brother of

Management Mr. Vanchai Chirathivat

Elder brother of Ms. Jariya Chirathivat

Uncle of Mr. Tos Chirathivat

11



π“¬¨Õß-¡‘‡™≈ ∫“™°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : Master Degree (Lyon II University)

ª√– ∫°“√≥å : International IT Director,

Casino Group

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’

√–À«à“ßºŸâ∫√‘À“√

π“¬ªî·Õ√å ∫√Ÿ‚π ™“√å≈ ∫Ÿ™Ÿ∑å°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - Graduated from Hautes Etudes

Commercial (Financial - Banking),

Paris

- Masters Degree in Applied

Economy ( Paris IX-Dauphine)

ª√– ∫°“√≥å : Member of the Management

Board and Managing Director,

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’


π“¬™“√å§ ‚¥¡‘π‘§ ‡Õ¡“π°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : MBA

ª√– ∫°“√≥å : Executive Vice President

Real Estate and Development,

Casino Group

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’


π“¬∑» ®‘√“∏‘«—≤πå°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : MBA (Finance), Columbia

University, U.S.A.

ª√– ∫°“√≥å : °√√¡°“√∫√‘À“√

·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

∫√‘…—∑ ‡´Áπ∑√—≈ √’‡∑≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : À≈“π §ÿ≥«—π™—¬ ®‘√“∏‘«—≤πå

√–À«à“ßºŸâ∫√‘À“√ À≈“π §ÿ≥ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå

À≈“π §ÿ≥®√‘¬“ ®‘√“∏‘«—≤πå

Mr. Jean-Michel BARGEDirectorEducation : Master Degree (Lyon II University)

Experience : International IT Director, Casino Group

Relationship between : None

Management

Mr. Pierre Bruno Charles BouchutDirectorEducation : - Graduated from Hautes Etudes

Commercial (Financial-Banking),

Paris

- Masters Degree in Applied

Economy (Paris IX - Dauphine)

Experience : Member of the Management

Board and Managing Director,


Management

Mr. Jacques Dominique EhrmannDirectorEducation : MBA

Experience : Executive Vice President

Real Estate and Development,

Casino Group


Management

Mr. Tos ChirathivatDirectorEducation : - MBA (Finance), Columbia

University, U.S.A.

Experience : Executive Director and Chief

Executive Officer of Central Retail

Corporation Limited

Relationship between : Nephew of Mr. Vanchai Chirathivat

Management Nephew of Mr. Suthichart Chirathivat

Nephew of Ms. Jariya Chirathivat

12



π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡Á° ’‡Õ√å°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - Degree from ESSEC Business

School, Paris, France

- Chartered Auditor and Accountant.

ª√– ∫°“√≥å : - Executive Committee Member,

Casino Group

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’


π“¬‡«’¬¥ Œß ‚¥°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : Engineering Degree and INSEAD BMA

ª√– ∫°“√≥å : Managing Director, Tonson Capital

Co., Ltd.

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’


π“¬®ÕÀåπ ‡´’¬π ´Ÿ ≈‘π°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : M.S.M. Degree (Finance and

International Business), Sloan

School of Management

ª√– ∫°“√≥å : - Executive Director,

AIGIC (Thailand) Co., Ltd.

- Executive Director,

AIG Investment Corporation (Asia)

Ltd.

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’


π“¬§√‘ µÕø °‘≈¬ß°√√¡°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : High School

ª√– ∫°“√≥å : - Director, Non-Food EMC

- Director, Non-Food sales,

Geant Hypermarket

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’


Mr. Andre Claude Luc MercierDirectorEducation : - Degree from ESSEC Business School,

Paris , France

- Chartered Auditor and Accountant.

Experience : Executive Committee Member,

Casino Group


Management

Mr. Viet Hung DoDirectorEducation : Engineering Degree and INSEAD BMA

Experience : Managing Director, Tonson Capital

Co., Ltd.


Management

Mr. John Sian Zu LinDirectorEducation : M.S.M. Degree (Finance and

International Business), Sloan School

of Management.

Experience : - Executive Director,

AIGIC (Thailand) Co., Ltd.

- Executive Director,

AIG Investment Corporation (Asia)

Ltd.


Management

Mr. Christophe GuillonDirectorEducation : High School

Experience : - Director, Non-Food EMC

- Director, Non-Food sales,

Geant Hypermarket


Management

13



π“¬Õ’ø ·∫√å°π“√å ‡∫√∫ÁÕß- °√√¡°“√- ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–°√√¡°“√ºŸâ®—¥°“√„À≠à§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : Business School, Lyon Franceª√– ∫°“√≥å : Chief Executive Office , Libertad,

Argentina§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“¬ππ∑ææ≈ π‘Ë¡ ¡∫ÿ≠- °√√¡°“√Õ‘ √–- ª√–∏“π°√√¡°“√µ√«® Õ∫§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - MBA (Accounting), University of

lowa, U.S.A.- ∫—≠™’¥ÿ…Æ’∫—≥±‘µ°‘µµ‘¡»—°¥‘Ï¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

ª√– ∫°“√≥å : - ºŸâÕ”π«¬°“√ ”π—°µ√«®‡ß‘π·ºàπ¥‘π- π“¬° ¡“§¡π—° Õ∫∫—≠™’·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·Ààßª√–‡∑»‰∑¬

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

æ≈‡Õ° «‘π—¬ ¿—∑∑‘¬°ÿ≈- °√√¡°“√Õ‘ √–- °√√¡°“√µ√«® Õ∫§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - «‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√

- ‚√ß‡√’¬π‡ π“∏‘°“√∑À“√∫° À√—∞Õ‡¡√‘°“ª√– ∫°“√≥å : ‡≈¢“∏‘°“√ ¿“§«“¡¡—Ëπ§ß·Ààß™“µ‘§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå- °√√¡°“√Õ‘ √–- °√√¡°“√µ√«® Õ∫§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - Doctor of Philosophy (Law),

Monash University, Australiaª√– ∫°“√≥å : √Õßª≈—¥ ”π—°π“¬°√—∞¡πµ√’§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

Mr. Yves Bernard Braibant- Director- Chief Executive Officer & PresidentEducation : Business School, Lyon FranceExperience : Chief Executive Office, Libertad,

ArgentinaRelationship between : NoneManagement

Mr. Nontaphon Nimsomboon- Independent Director- Chairman of Auditor CommitteeEducation : - MBA (Accounting), University of

lowa, U.S.A.- Honorary Doctorate Degree(Accounting) , Thammasat University

Experience : - Auditor General- President of the Institute of theCertified Accountants and Auditorof Thailand

Relationship between : NoneManagement

General Winai Phattiyakul- Independent Director- Member of Audit CommitteeEducation : - National Defense Academy

- Command & General Staff College,US Army

Experience : Secretary General,The National Security Council


Dr. Rongphol Charoenphandhu- Independent Director- Member of Audit CommitteeEducation : Doctor of Philosophy (Law),

Monash University, AustraliaExperience : Deputy Permanent SecretaryRelationship between : NoneManagement

14



π“¬‡ø√‡¥√‘§ ∫Õ√å°Õ≈ å√Õßª√–∏“πºŸâ∫√‘À“√ΩÉ“¬ªÆ‘∫—µ‘°“√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : Management BTSª√– ∫°“√≥å : Regional Director, Carrefour

Hypermarket, France§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“ß “«√”¿“ §”ÀÕ¡√◊Ëπ- ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–√Õßª√–∏“πΩÉ“¬∫—≠™’·≈–°“√‡ß‘π- ‡≈¢“πÿ°“√∫√‘…—∑§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - ª√‘≠≠“‚∑ (∫√‘À“√∏ÿ√°‘®)

¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å- ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ (ª√–‡∑»‰∑¬)

ª√– ∫°“√≥å : - ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’∫√‘…—∑ ´’‡°√∑ ‡∑§‚π‚≈¬’(ª√–‡∑»‰∑¬) ®”°—¥

- ºŸâ®—¥°“√ΩÉ“¬∫—≠™’∫√‘…—∑ ‡π™—Ëπ·π≈ µ“√å∑ ·Õπ¥å‡§¡‘§Õ≈ (ª√–‡∑»‰∑¬) ®”°—¥

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“¬ª√–æ—π∏å ‡Õ’Ë¬¡√ÿàß‚√®πå√Õßª√–∏“πÕ“«ÿ‚ ΩÉ“¬æ—≤π“∏ÿ√°‘®·≈–Õ —ßÀ“√‘¡∑√—æ¬å§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : - ª√‘≠≠“‚∑ (∫√‘À“√∏ÿ√°‘®)

¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å- ª√‘≠≠“‚∑ («‘»«°√√¡»“ µ√å) AIT

ª√– ∫°“√≥å : - Vice President, GE-Goldman AMC- Executive Director, First Pacific Land

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“¬‚∏¡— ·¡ —π π‘≈‡ àπ√Õßª√–∏“πÕ“«ÿ‚ ΩÉ“¬∑√—æ¬“°√¡πÿ…¬å§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : MA DEGREE (Administration and

Organization Behavior),George Wiliams College, U.S.A.

ª√– ∫°“√≥å : Vice President, InternationalHuman Resource, KmartCorporation U.S.A.

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

Mr. Frederic BorgoltzExecutive Vice President, OperationEducation : Management BTSExperience : Regional Director, Carrefour

Hypermarket, FranceRelationship between : NoneManagement

Miss. Rumpa Kumhomreun- CFO and Vice President , Accounting and Finance- Secretary of the CompanyEducation : - MBA, Thammasat University

- Cerfified Public Accountant(Thailand)

Experience : - Accounting Director, SegateTechnology (Thailand) Ltd.

- Accounting Manager, NationalStarch & Chemical (Thailand) Ltd.


Mr. Praphan EamrungrojSenior Vice President, PropertiesEducation : - MBA, Thammasat University

- Master Degree (Engineering) AITExperience : - Vice President, GE-Goldman AMC

- Executive Director, First Pacific LandRelationship between : NoneManagement

Mr. Thomas Mason NielsenSenior Vice President, Human ResourcesEducation : MA DEGREE (Administration and

Organization Behavior),George Wilians College, U.S.A.

Experience : Vice President, InternationalHuman Resource, KmartCorporation U.S.A.


15



π“¬‡Õ¡“πŸ‡Õ≈ °Ÿ‚√π√Õßª√–∏“πΩÉ“¬®—¥ ◊ÈÕÕ“À“√·≈–æ—≤π“º≈‘µ¿—≥±å§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : MBA, European Business Institute, Parisª√– ∫°“√≥å : Managing Director, Snair &

Socemas Reunies (France)§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“ß “«®√‘¬“ ®‘√“∏‘«—≤πå√Õßª√–∏“πΩÉ“¬°“√µ≈“¥·≈–°“√ ◊ËÕ “√§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : MBA (Marketing), Clark

University, U.S.A.ª√– ∫°“√≥å : ºŸâ®—¥°“√ΩÉ“¬®—¥ ◊ÈÕ‡ Áπ∑√—≈ Ÿ‡ªÕ√å¡“√å‡°Áµ§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : πâÕß “« §ÿ≥«—π™—¬ ®‘√“∏‘«—≤πå√–À«à“ßºŸâ∫√‘À“√ πâÕß “« §ÿ≥ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå

Õ“ §ÿ≥∑» ®‘√“∏‘«—≤πå

π“¬ø√Õß´—« Õ‡≈Á°´Õß‡¥√Õ– Œ‘¥“≈‚°â√Õßª√–∏“πΩÉ“¬ Supply Chain Management§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : Master of Science in production

engineering and businessadministration from the çJeanMonnet Universityé of France

ª√– ∫°“√≥å : Flows Strategy Manager,Supply Chain Department,GROUPE-CASINO

§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“¬ª√–‡«∑¬å ª√ÿß·µàß°‘®√Õßª√–∏“πΩÉ“¬®—¥°“√√–∫∫¢âÕ¡Ÿ≈§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : «‘∑¬“»“ µ√å§Õ¡æ‘«‡µÕ√åª√– ∫°“√≥å : ºŸâ®—¥°“√Õ“«ÿ‚ ΩÉ“¬∫√‘°“√ “√ π‡∑»

∫√‘…—∑ ¬“¡·¡Á§‚§√ ®”°—¥ (¡À“™π)§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

π“ß√—µπ“ Õπÿπµ°“√ÿ≥√Õßª√–∏“πΩÉ“¬®—¥ ◊ÈÕ ‘π§â“∑—Ë«‰ª§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ : MBA (∫√‘À“√∏ÿ√°‘®) ∂“∫—π∫—≥±‘µ

æ—≤π∫√‘À“√»“ µ√å (NIDA)ª√– ∫°“√≥å : √ÕßºŸâ®—¥°“√∑—Ë«‰ª ΩÉ“¬øŸÑ¥‡´Õ√å«‘

∫√‘…—∑ ´’ æ’ ‡´‡«àπÕ’‡≈ø‡«àπ ®”°—¥§«“¡ —¡æ—π∏å∑“ß§√Õ∫§√—« : ‰¡à¡’√–À«à“ßºŸâ∫√‘À“√

Mr. Emmanuel CouronneVice President, Food Merchandise & Private LabelEducation : MBA, European Business Institute, ParisExperience : Managing Director, Snair &

Socemas Reunies (France)Relationship between : NoneManagement

Miss Jariya ChirathivatVice President, Marketing and CommunicationsEducation : MBA (Marketing), Clark University U.S.A.Experience : Merchandising Manager, Central

SupermarketRelationship between : Younger sister of Mr. Vanchai Chirathivat

Younger sister of Mr. Suthichart ChirathivatAunt of Mr. Tos Chirathivat

Mr. Francois Alexandre HidalgoVice President, Supply Chain ManagementEducation : Master of Science in production

Engineering and businessadministration from the çJeanMonnet Universityé of France

Experience : Flows Strategy Manager,Supply Chain Department,GROUPE-CASINO


Mr. Prawet PrungtangkijVice President, MISEducation : Computer ScienceExperience : Senior Manager, Information System

Division, Siam Makro Public Co., Ltd.Relationship between : NoneManagement

Ms. Ratana AnoontakaroonVice President, General MerchandiseEducation : Master Degree of Business Administration

(General Management), (NIDA)Experience : Deputy General Manager, Food

Service Division, C.P. Seven Eleven Co., Ltd.Relationship between : NoneManagement

16


¢âÕ¡Ÿ≈∑—Ë«‰ª

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19 ¡.9 ∂.√“…Æ√å∫Ÿ√≥– ·¢«ß∫“ßª–°Õ° ‡¢µ√“…Æ√å∫Ÿ√≥– °∑¡. 101404 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“æ—∑¬“) 17 æ.§. 37

78/12 ¡.9 ∂.æ—∑¬“ “¬ 2 µ.ÀπÕßª√◊Õ Õ.∫“ß≈–¡ÿß ®.™≈∫ÿ√’ 201505 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“π§√ª∞¡) 1 ¡’.§. 38

754 ∂.‡æ™√‡°…¡ µ.Àâ«¬®√‡¢â Õ.‡¡◊Õßπ§√ª∞¡ ®.π§√ª∞¡ 730006 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“√“™¥”√‘) 10 ∏.§. 38

89/36, 97/11 ∂.√“™¥”√‘Àå ·¢«ß≈ÿ¡æ‘π’ ‡¢µª∑ÿ¡«—π °∑¡. 103307 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“∫“ßæ≈’) 1 °.æ. 39

89 ¡.9 ∂.‡∑æ“√—°…å°‘‚≈‡¡µ√ 13 µ.∫“ßæ≈’„À≠à Õ.∫“ßæ≈’ ®. ¡ÿ∑√ª√“°“√ 105408 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) * “¢“√—ß ‘µ* 14 æ.§. 37

94 ∂.æÀ≈‚¬∏‘π µ.ª√–™“∏‘ªíµ¬å Õ.∏—≠∫ÿ√’ ®.ª∑ÿ¡∏“π’ 12130

17


General Information

Big C Supercenter Public Company Limited operated in Thailand by doing business in the form ofçHypermarket,é or çSupercentersé which is a modern retail business under the name of Big C Supercenter. Atpresent Big C is managed under the name of Big C Supercenter Public Co., Ltd. and has stores that have beenopened totaling 40 branches, dividing into 20 branches in Bangkok and the vicinity and the provincial branchesnumbering 20 branches.

The company has the registered capital of 8,250 million baht, which paid-up shares by 8,009 million baht.All shares are ordinary types with the par value at 10 baht. The major shareholders are Geant International B.V.and Saowanee Holding Co., Ltd., which are companies in Casino group. They are famous retailers at internationallevel based in France, and have investment in retail business in countries around the world.

Location of the headquartersBig C Supercenter Public Co., Ltd.Univest Building, 7th Floor, No. 89/36 Ratchadamri Road, Lumpini sub-district,Pathumwan district, Bangkok 10330Telephone 02-655-0666, Fax 02-655-5801, Company registration: PCL 137

Locations of the branches of Big C Supercenter PLC

No. Name and Address of the Branches Date of Opening1 Big C Supercenter Public Co., Ltd., Chaeng Wattana branch, 96 Village 1 15 Jan 1993

Chaeng Wattana Road, Thung Song Hong sub-district, Lak Si district, Bangkok 102102 Big C Supercenter Public Co., Ltd., Wong Sawang branch 20 Apr 1990

888 Pibul Songkram Road, Bang Sue sub-district, Bang Sue district, Bangkok 108003 Big C Supercenter Public Co., Ltd., Rat Burana branch, 19 Village 9, Rat 25 Nov 1993

Burana Road, Bang Prakok Sub-district, Rat Burana district, Bangkok 101404 Big C Supercenter Public Co., Ltd., Pattaya branch, 78/12 Village 9 Pattaya 2 Road, 17 May 1994

Nong Prue sub-district, Bang Lamung district, Chon Buri province 201505 Big C Supercenter Public Co., Ltd., Nakhon Pathom branch 1 Mar 1995

754 Petchakasem Road, Huay Jorake sub-district, Muang Nakhon Pathom district,Nakhon Pathom province 73000

6 Big C Supercenter Public Co., Ltd., Ratchdamri branch, 89/36, 97/11 10 Dec 1995Ratchadamri Road, Lumpini sub-district, Pathumwan district, Bangkok 10330

7 Big C Supercenter Public Co., Ltd., Bang Phli branch, 89 Village 9, Thepharak Road, 1 Feb 1996km 13, Bang Phli yai sub-district, Bang Phli district, Samut Prakan province 10540

8 Big C Supercenter Public Co., Ltd., *Rangsit branch*, 94 Phaholyothin Road, 14 May 1994Pracha Thipat sub-district, Thanburi district, Prathum Thani province 12130

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≈”¥—∫ ™◊ËÕ-∑’ËÕ¬Ÿà “¢“¢Õß∫√‘…—∑ «—π∑’Ë‡ªî¥¥”‡π‘π°“√9 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“Õÿ¥√∏“π’) 15 µ.§. 39

415 ¡. 3 µ.À¡“°·¢âß Õ.‡¡◊Õß ®.Õÿ¥√∏“π’ 4100010 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) * “¢“‚§√“™* 19 ∏.§. 39

118 ∂.¡‘µ√¿“æ-ÀπÕß§“¬ µ.„π‡¡◊Õß Õ.‡¡◊Õßπ§√√“™ ’¡“ ®.π§√√“™ ’¡“ 3000011 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ ÿ√“…Æ√å∏“π’) 26 ¡’.§. 40

130 ¡.1 ∂.‡≈’Ë¬ß‡¡◊Õß µ.∫“ß°ÿâß Õ.‡¡◊Õß ®. ÿ√“…Æ√å∏“π’ 8400012 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“√—µπ“∏‘‡∫»√å) 10 ‡¡.¬. 40

6 ¡.6 µ.‡ “∏ßÀ‘π Õ.∫“ß„À≠à ®.ππ∑∫ÿ√’ 1114013 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“√–¬Õß) 15 °.§. 40

15/11 ∂.∫“ßπ“-µ√“¥ µ.‡™‘ß‡π‘π Õ.‡¡◊Õß ®.√–¬Õß 2100014 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“∏π∫ÿ√’-ª“°∑àÕ) 12 °.¬. 40

56 ¡.6 ·¢«ß· ¡¥” ‡¢µ∫“ß¢ÿπ‡∑’¬π °∑¡. 1051015 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“≈”ª“ß) 31 µ.§. 40

65 ∂.‰Œ‡«¬å≈”ª“ß-ß“« µ. ∫µÿã¬ Õ.‡¡◊Õß≈”ª“ß ®.≈”ª“ß 5210016 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“≈æ∫ÿ√’) 20 æ.¬. 40

2 ¡. 1 µ.∑à“»“≈“ Õ.‡¡◊Õß≈æ∫ÿ√’ ®.≈æ∫ÿ√’ 1500017 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“‡æ™√∫ÿ√’) 26 ¡.§. 41

130 ¡.1 µ.µâπ¡–¡à«ß Õ.‡¡◊Õß‡æ™√∫ÿ√’ ®.‡æ™√∫ÿ√’ 7600018 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“À“¥„À≠à) 19 µ.§. 43

111/19 ¡.4 µ.§≈Õß·À Õ.À“¥„À≠à ®. ß¢≈“ 9011019 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“À—«À¡“°) 22 µ.§. 43

2001 ∂.√“¡§”·Àß ·¢«ßÀ—«À¡“° ‡¢µ∫“ß°–ªî °∑¡. 1024020 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ ¡ÿ∑√ª√“°“√) 31 µ.§. 43

498/1 ∂. ÿ¢ÿ¡«‘∑ µ.ª“°πÈ” Õ.‡¡◊Õß ¡ÿ∑√ª√“°“√ ®. ¡ÿ∑√ª√“°“√ 1028021 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“Õÿ∫≈√“™∏“π’) 26 ‡¡.¬. 44

92 ´.∏√√¡«‘∂’ 4 ∂.∏√√¡«‘∂’ µ.„π‡¡◊Õß Õ.‡¡◊ÕßÕÿ∫≈√“™∏“π’ ®.Õÿ∫≈√“™∏“π’ 3400022 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“¥Õπ‡¡◊Õß) 28 ¡‘.¬. 44

1 ´.æÀ≈‚¬∏‘π50 ∂.æÀ≈‚¬∏‘π ·¢«ßÕπÿ “«√’¬å ‡¢µ∫“ß‡¢π °∑¡. 1022023 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“·ø™—Ëπ‰Õ å·≈π¥å) 5 °.§. 44

5/8 ¡.7 ∂.√“¡Õ‘π∑√“ ·¢«ß§—ππ“¬“« ‡¢µ§—ππ“¬“« °∑¡. 1023024 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ ÿ¢ «— ¥‘Ï) 9 æ.¬. 44

94 À¡Ÿà∑’Ë 18 µ.∫“ßæ÷Ëß Õ.æ√–ª√–·¥ß ®. ¡ÿ∑√ª√“°“√ 1013025 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“¿Ÿ‡°Áµ) 29 æ.¬. 44

72 ¡.5 µ.«‘™‘µ Õ.‡¡◊Õß¿Ÿ‡°Áµ ®.¿Ÿ‡°Áµ 8300026 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“∫“ßπ“) 6 °.æ. 45

111 ∂.∫“ßπ“-µ√“¥ ·¢«ß∫“ßπ“ ‡¢µ∫“ßπ“ °∑¡. 1026027 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“≈“¥æ√â“«) 26 ¡‘.¬. 45

2539 ∂.≈“¥æ√â“« ·¢«ß«—ß∑ÕßÀ≈“ß ‡¢µ«—ß∑ÕßÀ≈“ß °∑¡. 10310

19


No. Name and Address of the Branches Date of Opening9 Big C Supercenter Public Co., Ltd., Udon Thani Branch, 415 Village 3, 15 Oct 1996

Mak Khaeng sub-district, Muang Udon Thani district, Udon Thani province 4100010 Big C Supercenter Public Co., Ltd., *Korat Branch*, 118 Mitrapap - Nong Khai Road, 19 Dec 1996

Nai Muang sub-district, Muang district, Nakhon Ratchasima province 3000011 Big C Supercenter Public Co., Ltd., Surat Thani branch, 130 Village 1, 26 Mar 1997

Liang Muang Road, Bang Kung sub-district, Muang district, Surat Thani province 8400012 Big C Supercenter Public Co., Ltd., Ratana Thibet branch 10 Apr 1997

6 Village 6, Sao Thong Hin sub-district, Bang Yai district, Nonthaburi province 1114013 Big C Supercenter Public Co., Ltd., Rayong branch, 15/11 Bang Na-Trat Road, 15 Jul 1997

Choeng Nern sub-district, Muang district, Rayong province 2100014 Big C Supercenter Public Co., Ltd., Thon Buri-Paktho branch 12 Sep 1997

56 Village 6, Sameh Dam sub-district, Bang Khun Tien district, Bangkok 1051015 Big C Supercenter Public Co., Ltd., Lampang branch, 65 Highway Lampang-Ngaw Road, 31 Oct 1997

Sob Tui sub-district, Muang Lampang district, Lampang province 5210016 Big C Supercenter Public Co., Ltd., Lop Buri branch 20 Nov 1997

2 Village 1, Tha Sala sub-district, Muang Lop Buri district, Lop Buri province 1500017 Big C Supercenter Public Co., Ltd., Petchaburi branch, 130 Village 1, 26 Jan 1998

Ton Mamuang sub-district, Muang Petchaburi district, Phetchaburi province 7600018 Big C Supercenter Public Co., Ltd., Hat Yai branch 19 Oct 2000

111/19 Village 4, Klong Hae sub-district, Hat Yai district, Song Khla province 9011019 Big C Supercenter Public Co., Ltd., Hua Mark branch 22 Oct 2000

2001 Ramkhamhaeng Road, Hua Mark sub-district, Bang Kapi district, Bangkok 1024020 Big C Supercenter Public Co., Ltd., Samut Prakan branch 498/1 Sukhumvit Road, 31 Oct 2000

Pak Nam sub-district, Muang Samut Prakan district, Samut Prakan province 1028021 Big C Supercenter Public Co., Ltd., Ubon Ratchathani branch 26 Apr 2001

92 Soi Thamwithi 4, Thamwithi Road, Nai Muang sub-district,Muang Ubon Ratchathani district, Ubon Ratchathani province 34000

22 Big C Supercenter Public Co., Ltd., Don Muang branch, 1 Soi Phaholyothin 50, 28 Jun 2001Phaholyothin Road, Anusawari sub-district, Bang Khen district, Bangkok 10220

23 Big C Supercenter Public Co., Ltd., Fashion Island branch, 5/8 Village 7, 5 Jul 2001Ram Intra Road, Kanna Yao sub-district, Kanna Yao district, Bangkok 10230

24 Big C Supercenter Public Co., Ltd., Suksawat branch, 94 Village 18, 9 Nov 2001Bang Phung sub-district, Phra Pradaeng district, Samut Prakan province 10130

25 Big C Supercenter Public Co., Ltd., Phuket branch 29 Nov 200172 Village 5, Wichit sub-district, Muang Phuket district, Phuket province 83000

26 Big C Supercenter Public Co., Ltd., Bang Na branch 6 Feb 2002111 Bang Na-Trat Road, Bang Na sub-district, Bang Na district, Bangkok 10260

27 Big C Supercenter Public Co., Ltd., Lat Phrao branch, 2539 Lat Phrao Road, 26 Jun 2002Wang Thong Lang sub-district, Wang Thong Lang district, Bangkok 10310

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≈”¥—∫ ™◊ËÕ-∑’ËÕ¬Ÿà “¢“¢Õß∫√‘…—∑ «—π∑’Ë‡ªî¥¥”‡π‘π°“√28 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“¥“«§–πÕß) 6 °.¬. 45

1050 ∂. ¡‡¥Á®æ√–‡®â“µ“° ‘π ·¢«ß∫ÿ§§‚≈ ‡¢µ∏π∫ÿ√’ °∑¡. 10600 29 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“µ‘«“ππ∑å) 1 æ.¬. 45

9/9 ¡.5 µ.µ≈“¥¢«—≠ Õ.‡¡◊Õßππ∑∫ÿ√’ ®.ππ∑∫ÿ√’ 1100030 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“æ—∑¬“„µâ) 28 ¡’.§. 46

565/41 ¡.10 µ.ÀπÕßª√◊Õ Õ.∫“ß≈–¡ÿß ®.™≈∫ÿ√’ 2015031 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“π§√ «√√§å) 27 ¡‘.¬. 46

320/10 ∂. «√√§å«‘∂’ µ.ª“°πÈ”‚æ Õ.‡¡◊Õßπ§√ «√√§å ®.π§√ «√√§å 6000032 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ –æ“π§«“¬) 27 æ.¬. 46

618/1 ∂.æÀ≈‚¬∏‘π ·¢«ß “¡‡ π„π ‡¢µæ≠“‰∑ °∑¡. 1040033 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“©–‡™‘ß‡∑√“) 1 ¡’.§. 47

9/1 ∂.©–‡™‘ß‡∑√“-∫“ßª–°ß µ.Àπâ“‡¡◊Õß Õ.‡¡◊Õß©–‡™‘ß‡∑√“ ®.©–‡™‘ß‡∑√“ 2400034 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ ”‚√ß)

999 ¡.1 ∂. ÿ¢ÿ¡«‘∑ µ. ”‚√ß‡Àπ◊Õ Õ.‡¡◊Õß ¡ÿ∑√ª√“°“√ ®. ¡ÿ∑√ª√“°“√ 10270 23 °.¬. 4735 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ªíµµ“π’)

301 ¡.4 µ.√Ÿ –¡‘·≈ Õ.‡¡◊Õßªíµµ“π’ ®.ªíµµ“π’ 94000 27 µ.§. 4736 ∫√‘…—∑ ∫‘Í°´’ Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ( “¢“ ÿ√‘π∑√å)

8 ∂.À≈—°‡¡◊Õß µ.„π‡¡◊Õß Õ.‡¡◊Õß ®. ÿ√‘π∑√å 32000 24 ∏.§. 47

πÕ°®“°π’È¬—ß¡’Àâ“ß∫‘Í° ’∑’Ë∫√‘À“√ß“π‚¥¬∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑ ∫‘Í°´’œ ¥—ßµàÕ‰ªπ’È§◊Õ

≈”¥—∫ ™◊ËÕ-∑’ËÕ¬Ÿà “¢“¢Õß∫√‘…—∑ «—π∑’Ë‡ªî¥¥”‡π‘π°“√1 ∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ 11 ∏.§. 39

290/1 ¡.17 µ.„π‡¡◊Õß Õ.‡¡◊Õß ®.¢Õπ·°àπ 400002 ∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í° ’ ®”°—¥ 3 ‡¡.¬. 40

939 ∂.æ‘™—¬ ß§√“¡ µ.„π‡¡◊Õß Õ.‡¡◊Õßæ‘…≥ÿ‚≈° ®.æ‘…≥ÿ‚≈° 650003 ∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í° ’ ®”°—¥ 24 °.¬. 40

184 ¡.25 µ.√Õ∫‡«’¬ß Õ.‡¡◊Õß ®.‡™’¬ß√“¬ 570004 ∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í° ’ (2001) ®”°—¥ 6 °.§. 44

208 ¡.3 µ.∑à“»“≈“ Õ.‡¡◊Õß‡™’¬ß„À¡à ®.‡™’¬ß„À¡à 50000

21


No. Name and Address of the Branches Date of Opening28 Big C Supercenter Public Co., Ltd., Dao Kanong branch 6 Sep 2002

1050 Somdet Phra Chao Taksin Road, Bukkhalo sub-district,Thon Buri district, Bangkok 10600

29 Big C Supercenter Public Co., Ltd., Tiwanon branch, 9/9 Village 5, 1 Nov 2002Talat Kwan sub-district, Muang Nonthaburi district, Nonthaburi province 11000

30 Big C Supercenter Public Co., Ltd., South Pattaya branch, 565/41 Village 10, 28 Mar 2003Nongprue sub-district, Bangramung district, Chonburi province 20150

31 Big C Supercenter Public Co., Ltd., Nakornsawan branch, 320/10 Sawanviti Road, 22 Jun 2003Pangnampo sub-district, Mueng-nakornsawan district, Nakonsawan province 60000

32 Big C Supercenter Public Co., Ltd., Saphankwai branch, 618/1 Pahonyothin Road, 27 Nov 2003Samsean Nai sub-district, Phayathai district, Bangkok 10400

33 Big C Supercenter Public Co., Ltd., Chachoengsao branch 1 Mar 20049/1 Chachoengsao-Bangpakong Road, Naa-Muang sub-district,Muang Chachoengsao district, Chachoengsao province 24000

34 Big C Supercenter Public Co., Ltd., Samrong branch, 999 Village 1, Sukumvit Road, 23 Sep 2004North Samrong sub-district, Muang Samutprakarn, Samutprakarn province 10270

35 Big C Supercenter Public Co., Ltd., Pattani branch, 301 Village 4, 27 Oct 2004Rusamilae sub-district, Muang Pattani district, Pattani province 94000

36 Big C Supercenter Public Co., Ltd., Surin branch 24 Dec 20048 Lakmuang Road, Nai Muang sub-district, Muang district, Surin province 32000

Furthermore, the Big C Stores which are managed by the subsidiary companies of Big C Supercenter PLCare as follows:

No. Name and Address of the Branches Date of Opening1 Big C Fairy Ltd. 11 Dec 1996

290/1 Village 17, Nai Muang sub-district, Muang district, Khon Kaen province 400002 Phisanulok Big C Ltd. 939, Phichai Songkram Road, Nai Muang sub-district, 3 Apr 1997

Muang Phisanulok district, Phisanulok province 650003 Chiang Rai Big C Ltd. 24 Sep 1997

184 Village 25, Rob Wiang sub-district, Muang district, Chiang Rai province 570004 Chiang Mai Big C (2001) Co., Ltd. 6 Jul 2001

208 Village 3, Tha Sala sub-district, Muang Chiang Mai district,Chiang Mai province 50000

22


π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4, 7, 10‡≈¢∑’Ë 62 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ 10110‚∑√»—æ∑å 02-229-2800, 02-654-5599 ‚∑√ “√ 02-359-1259

ºŸâ Õ∫∫—≠™’∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥Õ“§“√‡≈§√—™¥“ ™—Èπ 33 ‡≈¢∑’Ë 193/136-137∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ 10110‚∑√»—æ∑å 02-264-0777 ‚∑√ “√ 02-661-9190

∑’Ëª√÷°…“°ÆÀ¡“¬∫√‘…—∑ ≈‘Èß‡≈‡∑Õ√å (ª√–‡∑»‰∑¬) ®”°—¥Õ“§“√·§ªªîµÕ≈ ∑“«‡«Õ√å ÕÕ≈ ’´—Ëπ å ‡æ≈ ™—Èπ 20 ‡≈¢∑’Ë 87/1 ∂ππ«‘∑¬ÿ °√ÿß‡∑æ 10330‚∑√»—æ∑å 02-305-8000 ‚∑√ “√ 02-305-8010

∫‘Í°´’ ‡«Á∫‰´µå : www.bigc.co.th§“ ‘‚π ‡«Á∫‰´µå : www.groupe-casino.com‡´Áπ∑√—≈ ‡«Á∫‰´µå : www.centralcompany.com

23


Security registrarSecurity Depository (Thailand) Co., Ltd.Stock Exchange of Thailand Building, 4, 7 and 10th floors,No. 62 Ratchada Phisek Road, Klong Toei sub-district, Klong Toei district, Bangkok 10110Tel. 02-229-2800, 02-654-5599 Fax 02-359-1259

AuditorErnst & Young Office Co., Ltd.Lake Ratchada Building, 33rd floor, No. 193/136-137 Ratchada Phisek Road,Klong Toei sub-district, Klong Toei district, Bangkok 10110Tel. 02-264-0777, Fax 02-661-9190

Law officeLinklaters (Thailand) Co., Ltd.Capital Tower Building, All Seasons Place, 20th floor,No. 87/1 Witthayu Road, Bangkok 10330Tel. 02-305-8000, Fax 02-305-8010

Big C Website : www.bigc.co.thCasino Website : www.groupe-casino.comCentral Website : www.centralcompany.com

24


ºŸâ∂◊ÕÀÿâπ√“¬„À≠à

°≈ÿà¡ºŸâ∂◊ÕÀÿâπ∑’Ë∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° ≥ «—π∑’Ë 5 ‡¡…“¬π 2547 ´÷Ëß‡ªìπ«—πªî¥ ¡ÿ¥∑–‡∫’¬π§√—Èß≈à“ ÿ¥ ¡’¥—ßπ’È

ºŸâ∂◊ÕÀÿâπ ®”π«πÀÿâπ∑’Ë∂◊Õ —¥ à«π°“√∂◊ÕÀÿâπ≈à“ ÿ¥1. °≈ÿà¡§“ ‘‚π Õ—π‰¥â·°à

a. ∫√‘…—∑ Geant International B.V. ·≈– 287,820,000 35.94b. ∫√‘…—∑ ‡ “«π’¬å ‚Œ≈¥‘Èß å ®”°—¥ 218,280,000 27.25

´÷Ëß‡ªìπ°≈ÿà¡ºŸâ√à«¡°”Àπ¥π‚¬∫“¬°“√®—¥°“√‚¥¬ àß∫ÿ§§≈‡¢â“¡“‡ªìπ°√√¡°“√∑’Ë¡’Õ”π“®®—¥°“√ ·≈–π‚¬∫“¬°“√®—¥°“√¥—ß°≈à“«®–¡’°“√π”‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘

2. °≈ÿà¡®‘√“∏‘«—≤πå Õ—π‰¥â·°àa. π“¬∑» ®‘√“∏‘«—≤πå 24,296,469 3.03b. π“¬ ÿ∑∏‘»—°¥‘Ï ®‘√“∏‘«—≤πå 22,368,648 2.79c. π“¬æ‘™—¬ ®‘√“∏‘«—≤πå 22,368,648 2.79d. π“ß “«π“∂¬“ ®‘√“∏‘«—≤πå 19,119,381 2.39e. π“¬ ÿ∑∏‘™—¬ ®‘√“∏‘«—≤πå 5,974,400 0.75

´÷Ëß‡ªìπ°≈ÿà¡ºŸâ√à«¡°”Àπ¥π‚¬∫“¬°“√®—¥°“√‚¥¬ àß∫ÿ§§≈‡¢â“¡“‡ªìπ°√√¡°“√∑’Ë¡’Õ”π“®®—¥°“√ ·≈–π‚¬∫“¬°“√®—¥°“√¥—ß°≈à“«®–¡’°“√π”‡ πÕÕµàÕ§≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕæ‘®“√≥“Õπÿ¡—µ‘

3. Morgan Stanley & Co International Limited 57,902,402 7.234. ∫√‘…—∑ ‰∑¬‡ÕÁπ«’¥’Õ“√å ®”°—¥ 29,496,822 3.685. §ÿ≥Õ√ÿ≥’ ™“π 16,629,089 2.076. ∫®°. »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ‡æ◊ËÕºŸâΩ“° —≠™“µ‘‰∑¬ 11,518,000 1.447. American International Assurance Company Limited - DI-LIFE 10,097,540 1.268. °Õß∑ÿπ‡ªî¥ Õ‡∫Õ√å¥’π‚°√∑ 7,654,600 0.969. °Õß∑ÿπ√«¡ ‡æ◊ËÕ∏π“§“√‰∑¬ 5,872,900 0.7310. State Street Bank and Trust Company 4,744,300 0.59

25


Shareholders

Top ten shareholders as of the date for closing the Company Share Register (5 April 2004)are as follows :

Shareholders Number of Shares % HoldingHolding

1. Casino Group :a. Geant International B.V. 287,820,000 35.94b. Saowanee Holding Company Limited 218,280,000 27.25

To determine a management policy by nominating orappointing a person to act as the director. The director willhave the authority to manage and to set up a managementpolicy of which will be preliminarily presented to the boardof director for consideration and approval.

2. Chirathivat Group :a. Mr.Tos Chirathivat 24,296,469 3.03b. Mr. Suthisak Chirathivat 22,368,648 2.79c. Mr. Pichai Chirathivat 22,368,648 2.79d. Ms.Nattaya Chirathivat 19,119,381 2.39e. Mr. Suthichai Chirathivat 5,974,400 0.75

To determine a management policy by nominating orappointing a person to act as the director. The director willhave the authority to manage and to set up a managementpolicy of which will be preliminarily presented to the boardof director for consideration and approval.

3. Morgan Stanley & Co International Limited 57,902,402 7.234. Thai NVDR Company Limited. 29,496,822 3.685. Ms. Arunee Chan 16,629,089 2.076. Thailand Securities Depository Co., Ltd. For Thai Citizen 11,518,000 1.447. American International Assurance Company Limited - DI-LIFE 10,097,540 1.268. Aberdeen Growth Fund 7,654,600 0.969. Mutual Fund For Bank Thai 5,872,900 0.7310. State Street Bank and Trust Company 4,744,300 0.59

26


∫√‘…—∑¬àÕ¬

∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑œ∂◊ÕÀÿâπ∑“ßµ√ß·≈–∑“ßÕâÕ¡¡’¥—ßπ’È

ª√–‡¿∑∏ÿ√°‘® % ∑ÿπ∑’Ë™”√–·≈â«°“√∂◊ÕÀÿâπ (≈â“π∫“∑)

1. ∫®°. æ‘…≥ÿ‚≈° ∫‘Í° ’ ∏ÿ√°‘®§â“ª≈’° 92 1,0502. ∫®°. ∫‘Í°´’ ·ø√’Ë ∏ÿ√°‘®§â“ª≈’° 95 4403. ∫®°. ‡™’¬ß„À¡à ∫‘Í° ’ (2001) ∏ÿ√°‘®§â“ª≈’° 100 3004. ∫®°. ‡™’¬ß√“¬ ∫‘Í° ’ ∏ÿ√°‘®§â“ª≈’° 90 1805. ∫®°. ‡ Áπ∑√—≈ Ÿ‡ªÕ√å ‚µ√å „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 100 1,2206. ∫®°. Õ‘π∑ππ∑å·≈π¥å „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 100 8417. ∫®°. ÿ√“…Æ√å ∫‘Í° ’ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 100 2008. ∫®°. ‡ Áπ∑√—≈ æ—∑¬“ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 100 809. ∫®°. ‡∑æ“√—°…å ∫‘Í° ’ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 100 8010. ∫®°. æ√–√“¡ 2 ∫‘Í° ’ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 100 511. ∫®°. Õÿ¥√ ∫‘Í° ’ À¬ÿ¥¥”‡π‘π°‘®°“√ 100 73812. ∫®°. ‡ø≈°´å‡æ¬å À¬ÿ¥¥”‡π‘π°‘®°“√ 51 10013. ∫®°. ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ À¬ÿ¥¥”‡π‘π°‘®°“√ 100 1

27


Subsidiaries

Subsidiaries which were directly and indirectly held by the Company are as follows:

Business % Paid-Up CapitalHolding (Million)

1. Pitsanulok Big C Limited Retail 92 1,0502. Big C Fairy Limited Retail 95 4403. Chiangmai Big C (2001) Co., Ltd. Retail 100 3004. Chiengrai Big C Limited Retail 90 1805. Central Superstore Limited Real Estate 100 1,2206. Inthanon Land Co., Ltd. Real Estate 100 8417. Surat Big C Limited Real Estate 100 2008. Central Pattaya Co., Ltd. Real Estate 100 809. Theparak Big C Limited Real Estate 100 8010. Phraram II Big C Co., Ltd. Real Estate 100 511. Udon Big C Co., Ltd. Dormant 100 73812. Flexpay Co., Ltd. Dormant 51 10013. Big C Distribution Co., Ltd. Dormant 100 1

28


≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

1. ∏ÿ√°‘®´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å (Supercenter)

æ◊Èπ∑’Ë à«π„À≠à„πÀâ“ß∫‘Í° ’„™â®—¥®”Àπà“¬ ‘π§â“Õÿª‚¿§·≈–∫√‘‚¿§∑’Ë¡’§ÿ≥¿“æ¥’ ·≈–√“§“ª√–À¬—¥∑ÿ°«—π µ≈Õ¥®πÕ”π«¬§«“¡ –¥«°·≈–„Àâ∫√‘°“√·°à≈Ÿ°§â“Õ¬à“ßª√–∑—∫„®·≈–§√∫«ß®√

Àâ“ß∫‘Í° ’‡ªìπ√â“π¢π“¥„À≠à ”À√—∫∑ÿ°§π„π§√Õ∫§√—« ¡’∑’Ë®Õ¥√∂°«â“ß¢«“ß –¥«° ∫“¬ ¡’ ‘π§â“„Àâ‡≈◊Õ°´◊ÈÕ¡“°°«à“ 100,000 √“¬°“√ À¡«¥À¡Ÿà ‘π§â“¿“¬„πÀâ“ß∫‘Í°´’·∫àßÕÕ°‡ªìπ 5 ª√–‡¿∑¥—ßπ’È Õ“À“√ ¥ : ·ºπ° Ÿª‡ªÕ√å¡“√å‡°Áµ ®”Àπà“¬ ‡π◊ÈÕ —µ«å Õ“À“√∑–‡≈ º—° ¥ ∑—Èß·∫∫æ√âÕ¡ª√ÿß·≈–æ√âÕ¡∑“π Õ“À“√

·™à·¢Áß ‡∫‡°Õ√’Ë·≈–‡§√◊ËÕß‡∑»µà“ßÊ Õ“À“√·Àâß : ·ºπ° Ÿ‡ªÕ√å¡“√å‡°Áµ ®”Àπà“¬ ‡§√◊ËÕß¥◊Ë¡ ¢π¡¢∫‡§’È¬« ÿ√“ ¢Õß„™â à«πµ—« º≈‘µ¿—≥±å∑”§«“¡ –Õ“¥

Õ“À“√·≈–Õÿª°√≥å‡≈’È¬ß —µ«å ‡ ◊ÈÕºâ“·≈–‡§√◊ËÕßµ°·µàß : ®”Àπà“¬ ‡ ◊ÈÕºâ“ ‡§√◊ËÕß ”Õ“ß ‡§√◊ËÕß„™â‰øøÑ“ : ®”Àπà“¬ ‡§√◊ËÕß„™â‰øøÑ“∑ÿ°™π‘¥ ‡∑ª ’¥’ ‡§√◊ËÕßª√–¥—∫¬πµå ·≈–Õÿª°√≥å´àÕ¡·´¡·≈–∫”√ÿß

√—°…“∫â“π Õÿª°√≥å·≈–¢Õß„™â¿“¬„π∫â“π : ®”Àπà“¬ ‡øÕ√åπ‘‡®Õ√å ‡§√◊ËÕß§√—« ‡§√◊ËÕß„™âæ≈“ µ‘° Õÿª°√≥å°’Ã“ ‡§√◊ËÕßπÕπ·≈–

¢Õß‡≈àπµà“ßÊ

µ“√“ß —¥ à«π°“√¢“¬ 2546 2547(%) (%)

Õ“À“√ ¥ 8.7 8.8Õ“À“√·Àâß 48.2 49.3‡ ◊ÈÕºâ“·≈–‡§√◊ËÕßµ°·µàß 13.3 11.9Õÿª°√≥å·≈–¢Õß„™â¿“¬„π∫â“π 12.6 12.2‡§√◊ËÕß„™â‰øøÑ“ 17.2 17.8

√«¡ 100.00 100.00

2. ∏ÿ√°‘®∑“«πå‡´Áπ‡µÕ√å (Town Center)

‡ªìπ°“√„Àâ‡™à“æ◊Èπ∑’Ë∑—Èß¿“¬„π·≈–¿“¬πÕ°Õ“§“√¢ÕßÀâ“ß∫‘Í° ’·°àºŸâª√–°Õ∫°“√‡æ◊ËÕ‡¢â“¡“∑”∏ÿ√°‘®„πÀâ“ß∫‘Í°´’ ∑—Èßπ’ÈµâÕß‡ªìπ ‘π§â“·≈–∫√‘°“√∑’Ë·µ°µà“ß®“° ‘π§â“„πÀâ“ß∫‘Í°´’ ‡æ◊ËÕ„Àâ≈Ÿ°§â“∑’Ë‡¢â“¡“„™â∫√‘°“√„πÀâ“ß‰¥â‡≈◊Õ°´◊ÈÕ ‘π§â“·≈–∫√‘°“√∑’Ë§√∫§√—π ·≈–§√∫«ß®√ ºŸâª√–°Õ∫°“√∑’Ë‡¢â“¡“‡™à“æ◊Èπ∑’Ë„πÀâ“ß∫‘Í°´’ à«π„À≠àª√–°Õ∫¥â«¬ : √â“πÕ“À“√, International Fast Food, ·ø√π‰™ å, √â“π§â“‡©æ“–Õ¬à“ß, ‚√ß¿“æ¬πµ√å ªíö¡πÈ”¡—π, √â“π∫√‘°“√µ°·µàßÀ√◊Õ‡ª≈’Ë¬πÕ–‰À≈à√∂¬πµå, »Ÿπ¬å®”Àπà“¬æ—π∏ÿå‰¡â, —µ«å‡≈’È¬ß·≈–º≈‘µ¿—≥±å∑“ß°“√‡°…µ√

µ“√“ß —¥ à«π√“¬‰¥â (≈â“π∫“∑) 2546 (%) 2547 (%)∏ÿ√°‘®´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å - ¬Õ¥¢“¬ 42,342 96.4 47,412 96.1∏ÿ√°‘®∑“«πå‡´Áπ‡µÕ√å - √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√ 1,561 3.6 1,901 3.9

√«¡ 43,903 100 49,313 100

29


Business in Big C

1. Supercenter Business:

The majority area of Big C space is occupied for distribution of consumer products and foodstuffwith good quality and reasonable price everyday, as well as impressive facilities and services to ourcustomers as one stop shopping center.

Big C store is a large scale store for everyone in the family, having a large and convenient parking lots,and also carrying over 100,000 items of goods to shop. Big C merchandise is divided into 5 categories as follows: Fresh Food: this supermarket section sells meat, seafood, fresh vegetable in both ready to cook and

ready to eat styles, frozen food, bakery and spices. Dry Food: this supermarket section sells seasoning, beverage, snack, liquor, personal stuffs, cleaning

product, food, and pet accessories. Clothing and accessories (Soft Line): this section sells menûs, womenûs, childrenûs and infantûs clothing

and cosmetics. Electric Appliances (Hard Line): this section sells all kinds of electric appliance, tapes, CDs, auto

accessories, and home equipment for repairing and maintenance. Home Decor and accessories (Home Line): this section sells furniture, kitchenware, plastic utensils,

sport equipment, bedding and toys.

Sale Mix 2003 2004(%) (%)

Fresh Food 8.7 8.8Dry Food 48.2 49.3Clothing and accessories 13.3 11.9Electric appliances 12.6 12.2Home decor and accessories 17.2 17.8

Total 100.00 100.00

2. Town Center Business:

Town Center provides a rental space for both inside and outside Big C building to operators who arewilling to do business with Big C. Nevertheless, the goods and services provided by operators at Town Centermust be different from those in Big C Store so that our customer will be served with various goods andservices as çOne Stop Shopping Centeré. The operators who lease spaces in Big C are: Restaurant, International Fast Food Franchisees, specialty stores and theaters. Gas station, automotive and repairable shop, plant shop, pet shop, and agricultural shop.

Table of Income Ratios (Million Baht) 2003 (%) 2004 (%)Supercenter - Sales 42,342 96.4 47,412 96.1Town Centers - Rental and Services 1,561 3.6 1,901 3.9

Total 43,903 100 49,313 100

30


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™à«¬‡À≈◊Õ¥â“π°“√»÷°…“·°àºŸâ¥âÕ¬‚Õ°“ „π™ÿ¡™π ‡™àπ°“√®—¥ √â“ß‚√ß‡√’¬π¡Ÿ≈π‘∏‘∫‘Í° ’ °“√„Àâ∑ÿπ°“√»÷°…“ °“√„ÀâÕÿª°√≥å°“√‡√’¬π‡ªìπµâπ πÕ°®“°π’È ¡Ÿ≈π‘∏‘∫‘Í° ’ ¬—ß‰¥â¡Õ∫ ‘Ëß¢Õß·≈–‡ß‘π ∫√‘®“§‡æ◊ËÕ √â“ß‚√ß‡√’¬π·≈–‡æ◊ËÕπ”‰ª™à«¬‡À≈◊ÕºŸâª√– ∫¿—¬ ÷π“¡‘

°“√®—¥À“º≈‘µ¿—≥±å·≈–»Ÿπ¬å°√–®“¬ ‘π§â“

‘π§â“ à«π„À≠à¢Õß∫√‘…—∑œ ‡ªìπº≈‘µ¿—≥±å∑’Ëº≈‘µ¿“¬„πª√–‡∑» ∫√‘…—∑œ¡’§Ÿà§â“∑’Ë‡ªìπºŸâª√–°Õ∫°“√∑—Èß√“¬„À≠à ·≈–√“¬‡≈Á°√«¡∑—Èß ‘Èπª√–¡“≥ 3,000 √“¬ °“√®—¥À“ ‘π§â“„π·µà≈–ª√–‡¿∑®–°√–∑”‚¥¬°“√·π–π” ‘π§â“„À¡à ‚¥¬ºŸâº≈‘µ‡ÕßÀ√◊Õ°“√®â“ßºŸâº≈‘µº≈‘µ ‘π§â“µ“¡√Ÿª·∫∫∑’Ë∫√‘…—∑œ °”Àπ¥ ‡™àπ ‘π§â“ª√–‡¿∑‡ ◊ÈÕºâ“

√Ÿª·∫∫¢Õß°“√ —Ëß´◊ÈÕ ‘π§â“∑’Ë∫√‘…—∑œ ¥”‡π‘πß“πÕ¬Ÿà¡’ 2 √Ÿª·∫∫ §◊Õ °“√ —Ëß ◊ÈÕ ‘π§â“‚¥¬„ÀâºŸâº≈‘µ àß ‘π§â“‰ª∑’Ë “¢“¢Õß∫√‘…—∑œ‡Õß‚¥¬µ√ß ·≈–°“√ —Ëß´◊ÈÕ ‘π§â“‚¥¬„ÀâºŸâº≈‘µ àß ‘π§â“‰ª¬—ß»Ÿπ¬å°√–®“¬ ‘π§â“¢Õß∫√‘…—∑œ∑’Ëµ—ÈßÕ¬Ÿà∑’Ë Õ”‡¿Õ«—ßπâÕ¬®—ßÀ«—¥Õ¬ÿ∏¬“ ·≈–»Ÿπ¬å°√–®“¬ ‘π§â“‡ªìπºŸâ°√–®“¬ ‘π§â“‰ª¬—ß “¢“µà“ßÊ ¢ÕßÀâ“ß∫‘Í°´’ Õ’°∑’Àπ÷Ëß

‡æ◊ËÕ„Àâ∫√‘…—∑‰¥â¡ÿàß∑”∏ÿ√°‘®À≈—°‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ∫√‘…—∑œ®÷ß‰¥â∑” —≠≠“°“√√—∫§«“¡™à«¬‡À≈◊Õ¥â“π°“√∫√‘À“√ß“π·≈–°“√®—¥°“√‡°’Ë¬«°—∫ ‘π§â“°—∫∫√‘…—∑ ‡¥«‘¥ å ¥‘ ∑√‘∫‘«™—Ëπ (ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑™—Èππ”·≈–¡’ª√– ∫°“√≥å¥â“π°“√∫√‘À“√§≈—ß ‘π§â“‡ªìπ‡«≈“π“π∑—Èß„πª√–‡∑»·≈–µà“ßª√–‡∑» ‚¥¬§à“µÕ∫·∑π§‘¥‡ªìπÕ—µ√“√âÕ¬≈–¢Õß¬Õ¥ —Ëß ‘π§â“®“° “¢“ Õ¬à“ß‰√°Áµ“¡‡æ◊ËÕ™¥‡™¬§à“„™â®à“¬„π°“√∫√‘À“√°“√®—¥ àß ‘π§â“ Õ—π‰¥â·°à §à“¢π àß·≈–Õ◊ËπÊ »Ÿπ¬å°√–®“¬ ‘π§â“ “¡“√∂‡√’¬°‡°Á∫√“¬‰¥â®“°‡ß‘π™¥‡™¬§à“®—¥ àß ‘π§â“®“°ºŸâº≈‘µ‡æ◊ËÕπ”¡“™¥‡™¬§à“„™â®à“¬¥—ß°≈à“«‰¥â‡ªìπ à«π„À≠à

31


Business Target:

çTo maximize the return to shareholders continuouslyé is the primary target in the conduct of the companyûsbusiness. Business strategy was set up to reach the target are as follows:1. The opening at least 4 stores a year is continuously carrying. The company expects to open Om Yai, Ekkamai,

Petcha Kasem and Sukhaphibal 3 branches in early 2005.2. The production and distribution of house-brand products under the name of çLeader Priceé is one

strategy that the company uses to enhance the capability in price competition. However, the products underçLeader Priceé brand are produced by selected qualify Thai manufacturers. In term of product itself, thequality is close to the leading brand name but it can be sold at the price 15 - 20% cheaper because themanufacturers do not have to pay for advertising and distribution cost.

3. The new technology is applied as an management tool for generating an efficiency of the business costand maximizing a return for shareholders, for example, an auction through electronic channel or onlineauction, etc.

4. The development for good relationship between the company and operators or manufacturers is made inorder to maximize the trade benefit.

5. The relationship with the local community is built at any place where the company is operated the business.For example, the setting up of çBig C Foundationé to provide an educational support to the one who lacksof opportunity in the community. The foundation has organized many projects such as donation for schoolbuilding, scholarship and school instrument. Furthermore, Big C Foundation has donated the stuffs, drugsand money for Tsunami victims.

The Provision of products and the Distribution Center:

Most of Big Cûs products are locally produced. The company has a total number of 3,000 trade providingpartners who are both large and small manufacturers. The providing products can be done through new productintroduction by manufacturers or made to order by hiring manufacturer to customize our product especiallyclothing.

There are two methods of ordering goods which currently used by the company; ordering goods frommanufacturer who deliver directly to the branches or ordering through the Distribution Center that located atWangnoi district, Ayudthaya Province then the Distribution Center distributes the goods to the branches for onemore step

In order to do the business more efficiency, the company has made a service agreement of warehousemanagement with Davids Distribution (Thailand) Co., Ltd., which is the leading company with long experience inwarehouse management both in the country and abroad, whereas, the service fee is charged as a percentage oftotal ordering amount from the branches. However, in compensation for the warehouse management cost suchas transportation cost and other charges, the Distribution Center will charge these costs and expenses tomanufacturers.

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°“√µ≈“¥·≈–¿“«–°“√·¢àß¢—π

1. °≈¬ÿ∑∏å°“√·¢àß¢—π

°≈ÿà¡≈Ÿ°§â“∑’Ë‡ªìπ°≈ÿà¡‡ªÑ“À¡“¬¢ÕßÀâ“ß∫‘Í°´’ §◊Õ °≈ÿà¡ºŸâ¡’√“¬‰¥âª“π°≈“ß∂÷ß√“¬‰¥âµË” ´÷Ëß‡ªìπª√–™“°√ à«π„À≠à¢Õßª√–‡∑» ¥—ßπ—Èπ ‘π§â“∑’ËÀâ“ß∫‘Í° ’‡ πÕ¢“¬„Àâ·°à≈Ÿ°§â“ ®÷ß‡ªìπ ‘π§â“∑’Ë¡’§ÿ≥¿“æ¥’·≈–√“§“∑’Ë∂Ÿ°∑ÿ°«—π‡æ◊ËÕ‡ªìπ°“√ √â“ß§«“¡§ÿâ¡§à“„Àâ·°àºŸâ∫√‘‚¿§ Ÿß ÿ¥ ‚¥¬≈Ÿ°§â“¡‘µâÕßµ—¥ ‘π„®‡ª√’¬∫‡∑’¬∫√“§“°—∫§Ÿà·¢àß√“¬Õ◊ËπÊ πÕ°®“°π’È ∫‘Í°´’¬—ß®—¥„Àâ¡’∫√‘°“√µà“ßÊ‡æ◊ËÕ‡ªìπ°“√µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“·≈–„Àâ Õ¥§≈âÕß°—∫ ¿“«–°“√·¢àß¢—π ¥—ßπ’È ∫√‘°“√ àß ‘π§â“ø√’„π√“¬°“√ ‘π§â“¢π“¥„À≠à π‚¬∫“¬√—∫ª√–°—π√“§“ ‘π§â“·≈–§ÿ≥¿“æ¢Õß ‘π§â“ ∫√‘°“√‡§“πå‡µÕ√å‡´Õ√å«‘ „π°“√™”√–§à“∫√‘°“√µà“ßÊ ∫√‘°“√‡«Á∫‰´µå¢Õß∫‘Í° ’ (www.bigc.co.th) „π°“√‡≈◊Õ°´◊ÈÕ ‘π§â“

¥â“ππ‚¬∫“¬°“√‚¶…≥“·≈–ª√–™“ —¡æ—π∏å∫√‘…—∑œ„™â«‘∏’°“√®—¥ àß‚∫√™—« ÷Ëß‡ªìπ°“√‚¶…≥“ ‘π§â“‚¥¬√–∫ÿ√“§“„Àâ·°à°≈ÿà¡≈Ÿ°§â“‡ªÑ“À¡“¬„π∫√‘‡«≥√Õ∫Ê Àâ“ß∫‘Í°´’·µà≈–Àâ“ß‚¥¬µ√ß πÕ°®“°π’È ∫√‘…—∑œ¬—ß„™â«‘∏’°“√‚¶…≥“ºà“π ◊ËÕµà“ßÊ ‡™àπÀπ—ß ◊Õæ‘¡æå «‘∑¬ÿ ‚∑√∑—»πå·≈–ªÑ“¬‚¶…≥“µà“ßÊ ‡ªìπµâπ

2. ¿“«–°“√·¢àß¢—π

∫‘Í° ’¡’§Ÿà·¢àß¢—πÀ≈—° ‰¥â·°à Àâ“ß‡∑ ‚°â ‚≈µ— ·≈– Àâ“ß§“√åøŸ√å ·≈–Õ“®√«¡∂÷ßÀâ“ß·¡Á§‚§√∑’Ë‡ªìπ§Ÿà·¢àß¢—π∑“ßÕâÕ¡„πªï 2547 ∑’Ëºà“π¡“¿“«–°“√·¢àß¢—ππ—∫«à“√ÿπ·√ß¡“°¢÷Èπ°«à“‡¥‘¡ ‚¥¬‡©æ“– “¢“„π‡¢µ°√ÿß‡∑æ¡À“π§√·≈–‡¢µª√‘¡≥±≈ ‡π◊ËÕß®“°„π√–À«à“ßªï 2547 ºŸâª√–°Õ∫°“√‰¥â¢¬“¬ “¢“‡æ‘Ë¡¡“°¢÷Èπ®“°µ“√“ß‡ª√’¬∫‡∑’¬∫®”π«π “¢“¢Õß§Ÿà·¢àß¢—π ≥ «—π ‘Èπªï 2547 ®–‡ÀÁπ‰¥â«à“ ∫‘Í° ’¡’ “¢“∑—Èß ‘Èπ 40 “¢“ ‚¥¬‡ªî¥ “¢“„À¡à„π√–À«à“ßªï 2547 ®”π«π 4 “¢“Àâ“ß‡∑ ‚°â ‚≈µ— ¡’ “¢“∑—Èß ‘Èπ 60 “¢“ ‚¥¬‡ªî¥ “¢“„À¡à„π√–À«à“ßªï 2547 ®”π«π 8 “¢“ Àâ“ß§“√åøŸ√å ¡’ “¢“∑—Èß ‘Èπ20 “¢“ ‚¥¬‡ªî¥ “¢“„À¡à„π√–À«à“ßªï 2547 ®”π«π 1 “¢“ ·≈–Àâ“ß·¡Á§‚§√ ¡’ “¢“∑—Èß ‘Èπ 29 “¢“ ‚¥¬‡ªî¥ “¢“„À¡à„π√–À«à“ßªï 2547 ®”π«π 6 “¢“

µ“√“ß‡ª√’¬∫‡∑’¬∫§Ÿà·¢àß¢—π ®”π«π “¢“°√ÿß‡∑æ µà“ß®—ßÀ«—¥ ·«≈Ÿà ‚µ√å √«¡

Àâ“ß∫‘Í°´’ 20 20 - 40Àâ“ß‡∑ ‚°â ‚≈µ— 23 25 12 60Àâ“ß§“√åøŸ√å 17 21 - 20Àâ“ß·¡Á§‚§√ 8 3 - 29

√«¡ 68 69 12 149

®–‡ÀÁπ‰¥â«à“ ∫√‘…—∑œ¬—ß§ßπ‚¬∫“¬∑’Ë®–¢¬“¬∞“π∑“ß∏ÿ√°‘®‡æ◊ËÕ„Àâ§√Õ∫§≈ÿ¡ à«π·∫àßµ≈“¥ ‚¥¬°“√‡æ‘Ë¡®”π«π “¢“„Àâ¡“°¬‘Ëß¢÷Èπ ·≈–„™â°≈¬ÿ∑∏å¥â“π√“§“∂Ÿ°∑ÿ°«—π´÷Ëß‡ªìπº≈¡“®“°°“√∫√‘À“√µâπ∑ÿπ„ÀâµË”∑’Ë ÿ¥ ·≈–°“√®—¥°“√∑’Ë¥’‡æ◊ËÕ·¢àß¢—π°—∫§Ÿà·¢àß√“¬„À≠à√“¬Õ◊Ëπ‰¥â

33


Marketing and Competition Situation:

1. Competition Strategies

Our target groups of Big C are moderate income to low income earners who considered being themajority of the population in the country. Therefore, our products and services that we have offered to ourcustomer are good quality products with the theme çThug Sureé in order to maximize the worth of customerûsmoney without price comparison with our competitors. Besides, Big C also provides various services inresponse to customer need and in consistence with the competitive environment as follows: Free delivery service for big products Price and quality guarantee Counter service to make a payment Big Cûs website service (www.bigc.co.th) for purchasing selection

For the advertising and public relation strategies, the company prefers the distribution of brochuresthat advertised the promotion for special price and product to our targeted customer who lived aroundBig C store. Besides, the company also advertises through the media such as newspaper, radio, televisionand billboards, etc.

2. Competitive environment

The major competitors of Big C are Tesco Lotus, Carrefour and may include Makro as an indirectcompetitor. For the year 2004, the competition was more aggressive than before especially in Bangkok andperimeter area. During 2004 the retail operators expanded more branches. From the table of total number ofbranches for the year ending 2004, it could be seen that Big C had a total of 40 branches with 4 brand newbranches opened. Tesco Lotus had a total number of 60 branches with 8 brand new branches opened during2004, whereas, Carrefour had a total number of 20 branches with 1 brand new branches during 2004. Makrohad a total of 29 branches with 6 brand new branches during 2004.

Table of Major Hypermarket No. of Branches - 2004Competitors Bangkok Province Value Store Total

Big C 20 20 - 40Tesco-Lotus 23 25 12 60Carrefour 17 21 - 20Makro 8 3 - 29

Total 68 69 12 149

It is obviously that the company committed to the policy of expanding the business in order tomaintain our market share by opening more branches along with çThug Sureé strategy which was the resultof minimizing management cost to compete with other major competitors.

34


°“√‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠·≈–·π«‚πâ¡„πÕπ“§µ

1. °“√‡ªî¥ “¢“„À¡à

‡æ◊ËÕ„Àâ§√Õ∫§≈ÿ¡ à«π·∫àßµ≈“¥„Àâ¡“°¢÷Èπ ‚¥¬‡©æ“–„πæ◊Èπ∑’Ë∑’Ë¡’»—°¬¿“æ Ÿß·≈–‡æ◊ËÕ„Àâ‡°‘¥§«“¡‡æ’¬ßæÕµàÕ§«“¡µâÕß°“√¢Õß≈Ÿ°§â“∑’Ë‡æ‘Ë¡¢÷Èπ¥â«¬ „π√–À«à“ßªï 2547 ∫‘Í°´’®÷ß‰¥â¢¬“¬ “¢“‡æ‘Ë¡¢÷ÈπÕ’° 4 ·Ààß ¥—ßπ’È

«—π∑’Ë‡ªî¥ “¢“1. “¢“©–‡™‘ß‡∑√“ 25 °ÿ¡¿“æ—π∏å 25472. “¢“ ”‚√ß 23 °—π¬“¬π 25473. “¢“ªíµµ“π’ 27 µÿ≈“§¡ 25474. “¢“ ÿ√‘π∑√å 24 ∏—π«“§¡ 2547

2. °“√‡ªî¥µ—«√Ÿª·∫∫√â“π§â“¢π“¥ 6,000 µ√.¡.

‡æ◊ËÕ‡ªìπ°“√ª√—∫°≈¬ÿ∑∏å„π°“√¢¬“¬ “¢“„À¡à„Àâ¡’§«“¡¬◊¥À¬ÿàπ·≈–‡À¡“– ¡°—∫®”π«π≈Ÿ°§â“∑’ËÕ¬Ÿà„π·µà≈–∑âÕß∑’Ë∫√‘…—∑œ ®÷ß‰¥â¡’°“√æ—≤π“·π«§‘¥‡√◊ËÕß°“√≈¥¢π“¥√â“π®“°‡¥‘¡ §◊Õ 12,000 µ√.¡. ‡ªìπ 6,000 µ√.¡. ‡æ◊ËÕ§«“¡‡À¡“– ¡°—∫‡ß‘π≈ß∑ÿπ·≈–º≈µÕ∫·∑π„π°“√≈ß∑ÿπ¥—ß°≈à“«

√Ÿª·∫∫√â“π¢π“¥ 6,000 µ√.¡. π’È ‡ªî¥„Àâ∫√‘°“√·°à≈Ÿ°§â“‡ªìπ·Ààß·√°„π‰µ√¡“ 1 ªï 2547 ∑’Ë®—ßÀ«—¥©–‡™‘ß‡∑√“·≈–‡π◊ËÕß®“°§«“¡ ”‡√Á®¢Õß√Ÿª·∫∫¥—ß°≈à“«π’È ∫√‘…—∑œ®÷ß‡ªî¥ “¢“√Ÿª·∫∫π’È‡æ‘Ë¡‡µ‘¡Õ’°∑’Ë ªíµµ“π’ ·≈– ÿ√‘π∑√å

Õ¬à“ß‰√°Áµ“¡ „π·ºπ°“√¢¬“¬ “¢“¢Õß∫√‘…—∑œ ∫√‘…—∑œ ¬—ß§ß√—°…“¡“µ√∞“π¢Õß√â“π¢π“¥ 12,000 µ√.¡. Õ¬Ÿà‡™àπ‡¥‘¡ ∂â“∫√‘…—∑œ “¡“√∂À“‚§√ß°“√∑’Ë‡À¡“– ¡‰¥â ·µà√Ÿª·∫∫√â“π¢π“¥ 6,000 µ√.¡. ®–‡ªìπ°≈¬ÿ∑∏å∑’Ë¬◊¥À¬ÿàπ·≈–∑”„Àâ∫√‘…—∑œ “¡“√∂‡ªî¥ “¢“‰¥â‡√Á« ·≈–‡À¡“– ¡¬‘Ëß¢÷Èπ°—∫®”π«π≈Ÿ°§â“ ‚¥¬‡©æ“–„πµà“ß®—ßÀ«—¥

3. ·π«‚πâ¡¢Õß∏ÿ√°‘®°“√§â“ª≈’°·≈– ¿“æ°“√·¢àß¢—π

·π«‚πâ¡¢Õß∏ÿ√°‘®§â“ª≈’°„πªï 2548 §“¥«à“®–¡’°“√‡µ‘∫‚µ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ‡π◊ËÕß®“° ¿“æ‡»√…∞°‘®∑’Ë¥’¢÷Èπ ‡ªìπªí®®—¬ π—∫ πÿπ§«“¡¡—Ëπ„®„π°“√®—∫®à“¬„™â Õ¬¢Õß≈Ÿ°§â“„Àâ¡’¡“°¬‘Ëß¢÷Èπ à«π ¿“æ°“√·¢àß¢—π ∫√‘…—∑œ §“¥«à“§ß‰¡à√ÿπ·√ß¡“°°«à“ªí®®ÿ∫—π¡“°π—° ‡æ√“–ºŸâª√–°Õ∫°“√·µà≈–√“¬§ß®–æ‘®“√≥“ªí®®—¬µà“ßÊ „π°“√¢¬“¬ “¢“¥â«¬§«“¡√–¡—¥√–«—ß‡™àπ °“√‡ª≈’Ë¬π·ª≈ß¢Õß°ÆÀ¡“¬º—ß‡¡◊Õß §«“¡‡À¡“– ¡¢Õß®”π«π≈Ÿ°§â“„π°“√‡ªî¥ “¢“π—ÈπÊ ·≈–Õ◊ËπÊ

Õ¬à“ß‰√°Áµ“¡®“°‡Àµÿº≈¥—ß°≈à“«¢â“ßµâπ ∫√‘…—∑œ ¡’§«“¡¡—Ëπ„®«à“ ∫√‘…—∑œ ¬—ß§ß√—°…“Õ—µ√“°“√‡µ‘∫‚µ¢Õß¬Õ¥¢“¬‰¥â„°≈â‡§’¬ß°—∫ªï 2547 ‡æ√“–∫√‘…—∑œ ¡’·ºπ∑’Ë®–¢¬“¬ “¢“‡æ‘Ë¡‡µ‘¡Õ’° 4 “¢“„πªï 2548

35


Significant Change and Future Trends

1. Opening of New Branches

In order to capture increased consumer market share, in particular on land in prime areas and furthermeet the demands of our growing clientele, the expansion of four (4) new Big C Super Store branches havebeen completed and opened for operation during 2004 which are:

Opening Date1. Chachoengsao Branch 25 February 20042. Samrong Branch 23 September 20043. Pattani Branch 27 October 20044. Surin Branch 24 December 2004

2. Launching of the 6,000 Sq.M. Super Stores

The Company has developed a new strategic plan by launching the area of new branches of Big CSupercenter for the sake of flexibility in order to meet with smaller numbers of clientele in certain areas from12,000 Sq.M. to 6,000 Sq.M., so that the investment and return in investment are justifiable.

The first 6,000 Sq.M. Big C Supercenter was opened for service in the first quarter of 2004 inChachoengsao Province. With the successful results of Chachoengsao, the company decided to launch thesame size at Pattani and Surin provinces.

The Company shall, however, maintain to expand new branches with standards of 12,000 Sq. M.in areas deemed appropriate. However, the launching of the 6,000 Sq. M. branches shall be taken intoconsideration for smaller markets which will also facilitate the clientele in a speedy manner, particularly theupcountry provincial markets.

3. Trend for the Retail Business and Competition Status

The trend for the retail business has potential for growth in the year 2005 due to the improvedeconomic situation which is a one of the most vital factor in the increased purchasing power of customers.For the competition, the Company anticipates that the situation will not be more or less worse than thecurrent situation based on careful evaluation of various elements by respective competitors before theirdecision for expansion such as the new City Planning Law, the number of justifiable clientele, etc.

For reasons mentioned above, the Company is still confident that Big C Super Center will continue tosee a steady growth in total sales as in 2004 with the plan to expand four (4) branches in 2005.

36


“¢“¢Õß∫‘Í°´’·≈– ¿“æ°“√·¢àß¢—π„π·µà≈–æ◊Èπ∑’Ë “¢“

¿“æ §Ÿà·¢àß¢—π„π·µà≈–æ◊Èπ∑’Ë “¢“°“√·¢àß¢—π Àâ“ß‡∑ ‚°â‚≈µ— Àâ“ß§“√åøŸ√å Àâ“ß·¡Á§‚§√

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37


Big Cûs Branches and Head - to - Head Competitors

Degree of Head - to - Head CompetitorsCompetition Tesco Lotus Carrefour Makro

Bangkok & Vicinity Zone of 20 Branches1. Wongsawang High 2. Changwattana High 3. Rajburana High 4. Rangsit High 5. Rajdamri Moderate 6. Bangplee Moderate 7. Nakornpathom High 8. Ratanathibet High 9. Rama 2 High 10. Huamark No Competitor11. Samutprakarn High 12. Donmuang High 13. Fashion Island High 14. Suksawad High 15. Bangna High 16. Ladphrao High 17. Daokanong High 18. Tiwanon High 19. Saphankwai Moderate 20. Samrong Moderate Up Country Zone of 20 Branches21. Pattaya High 22. Pattaya South High 23. Udonthani High 24. Khonkaen High 25. Nakornratchasima High 26. Surat thani High 27. Pitsanulok High 28. Rayong High 29. Chiangrai Moderate 30. Lampang Moderate 31. Lopburi No Competitor32. Petchburi No Competitor33. Hat Yai High 34. Ubonratchathani High 35. Chiangmai High 36. Phuket High 37. Nakornsawan Moderate 38. Chachoengsao No Competitor39. Pattani No Competitor40. Surin High

38


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39


RISK FACTOR

Risk Factor from the Competition

The retail business under super center category is a new modern trade which has met the demands of alllevels of consumers by offering a wide range of products and services, while achieving the most target market shareat present. The past five (5) years have shown substantial increase in demand by consumers which has encouragedoperators of such retail businesses to meet these demands by the expansion of their outlets in 2004. The four (4)retail business operators are as follows:

Total Number of Branches Tesco Lotus 60 Carrefour 20 Macro 29 Big C 40

With such strong competition, it has caused a higher risk for operators of such businesses, particularly forthose that have strong competition within the same vicinity.

The Companyûs general strategy has worked effectively while also having a competitive edge over competitorsin cost management thus also decreasing its risk factor, by applying the lowest investment or operating costs in orderto provide flexibility in terms of pricing which has proved to be highly successful.

Moreover, the Company has enhanced and modernized the exterior and interior of the existing branches tomaintain its market share base and also to ensure that Big C Super Center does not have any or very little impact,especially in areas where new retail business branches are constructed.

In 2004, the Company opened four (4) new branches and renovated seven (7) old branches. Theperformance of four new stores was good as we were expected especially earning before interest, tax, depreciationand amortization (EBITDA) of the afore-mentioned branches, as well as the existing branches, all resultedin profits.

Risk from the Related New Government Laws

Although there is the change of laws relating to the business operation of the Company, which are the CityPlanning Law and Commercial Competition Law, in year 2003, the Company has already made the long termplans prior to such change. The Company, then, still expands new branches continuously. It can be seen byopening of 4 new branches in year 2004. Due to a request lodged by many retail business operators forreconsideration to relax on rules and regulations for new commercial building construction as official announcedduring end of year 2003, the government by the Town Planning and Civil Work Department is currently inconsideration for revision, especially on topic of construction on a distance of not less than 15 kilometers fromlocal municipality. As such, the Company believes that the rules and regulations for controlling the constructionof the new commercial building should be increasingly relaxed. And that the impact to the Company businessexpansion should be gradually decreased.

40


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∫√‘…—∑‰¥â∑” —≠≠“‡™à“Õ —ßÀ“√‘¡∑√—æ¬å√–¬–¬“«°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠àÕ—π‰¥â·°à ∫√‘…—∑„π°≈ÿà¡ ®‘√“∏‘«—≤πå ‡æ◊ËÕ„™â‡ªìπ ∂“πª√–°Õ∫°“√¢ÕßÀâ“ß∫‘Í° ’®”π«π 7 “¢“ °àÕ„Àâ‡°‘¥§«“¡‡ ’Ë¬ß„π‡√◊ËÕß°“√æ÷Ëßæ‘ß°“√‡™à“∑√—æ¬å ‘π®“°ºŸâ∂◊ÕÀÿâπ√“¬„À≠à ·µà‡π◊ËÕß®“° —≠≠“‡™à“‡À≈à“π’È ‡ªìπ —≠≠“∑’Ë‡°‘¥¢÷Èπ„πÕ¥’µ·≈–‡ªìπ —≠≠“‡™à“√–¬–¬“« ÷Ëß∑—Èß 2 ΩÉ“¬®–µâÕßªØ‘∫—µ‘µ“¡ —≠≠“µ“¡ª°µ‘¢Õß∏ÿ√°‘®‚¥¬Õ“¬ÿ —≠≠“§ß‡À≈◊Õ¢Õß∑—Èß 7 “¢“¬—ß¡’Õ“¬ÿ¡“°°«à“ 5 ªï πÕ°®“°π’È —≠≠“‡™à“‡À≈à“π’È à«π„À≠à‰¥â°”Àπ¥‡ß◊ËÕπ‰¢°“√¢Õ¢¬“¬Õ“¬ÿ —≠≠“‰«â·≈â« ‡æ◊ËÕ„Àâ§Ÿà —≠≠“ “¡“√∂µ°≈ß°—π‰¥â„πÕπ“§µ

41


With respect to the Commercial Competition Law, there is no affect to the Company operation by suchlaws, because, during the past operation, the Company considers working alongside the competition in establishinggrowth and stability with fair treatment at all times.

Risk from current asset and current liability management

As of the end of year 2004, had current assets of 6,718 million baht and current liabilities of 13,053 millionbaht. Thus, the working current capital ratio equals 0.5 times. Even though the Company possesses higher currentliabilities than current assets, the liquidity of the Company is not affected since the majority part of current liabilitiesis trade account payable which is common in retail business. The Companyûs average days sale outstanding is 35 dayswhereas the Companyûs average payables payment period is 76 days. Beside, the current liabilities are comprised oflong term loan of 1,182 million baht which will be due within 1 year.

Risk from dependent of management system from the major shareholder

The Company has entered into a management contract with Casino Guichard-Perrachon Company forsupport of system and management such as purchasing, information technology, and cash management, etc. Thistype of support has increased dependence in terms of management. However, the Company reduces the risk byhiring experts in each area to learn from Casino Guichard-Perrachon Company in order to become moreself-dependent in the future.

Risk from dependent upon lease of properties from the major shareholder

The Company has entered into a long-term leasing contract of properties with the major shareholders suchas companies under the Chirathivatûs family for land space of 7 of Big Cûs branches. However, these contracts weresigned in the past and also all long-term contracts that both parties must conform to details stated in the contracts.The remaining time period left for all 7 branches is more than 5 years. All these leasing contracts have alreadyspecified the eligibility regarding the extension of each contractûs time period in order to allow flexibility to bothparties in the future.

42


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‘π∑√—æ¬å 2547 % 2546 % 2545 %‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 1,724 6 934 4 1,145 5 ‘π§â“§ß‡À≈◊Õ 4,338 16 4,054 16 4,429 17 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 656 2 849 3 1,067 4√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 6,718 24 5,837 23 6,641 26∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å 19,696 72 18,699 74 18,162 69§à“§«“¡π‘¬¡ 437 2 463 2 488 2 ‘π∑√—æ¬åÕ◊Ëπ 444 2 396 1 883 3√«¡ ‘π∑√—æ¬å 27,295 100 25,395 100 26,174 100

(Àπà«¬ : ≈â“π∫“∑)

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 2547 % 2546 % 2545 %‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ - - - - 1,409 6‡®â“Àπ’È°“√§â“ 9,552 33 8,367 33 8,705 33‡ß‘π°Ÿâ¬◊¡√–¬–¬“« à«π∑’Ë∂÷ß°”Àπ¥™”√–„π 1 ªï 1,182 4 1,593 6 - -Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,319 9 1,729 7 1,857 7√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 13,053 48 11,689 46 1,197 46‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 746 3 1,182 5 2,775 10Àπ’È ‘πÕ◊Ëπ 745 3 723 3 699 3√«¡Àπ’È ‘π 14,544 54 13,954 54 15,445 59 à«π¢ÕßºŸâ∂◊ÕÀÿâπ 12,751 46 11,801 46 10,729 41√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 27,295 100 25,395 100 26,174 100

43


Summary of Financial Data

CONSOLIDATED BALANCE SHEET

(Unit : Million Baht)

Asset 2004 % 2003 % 2002 %Cash on hand and in bank 1,724 6 934 4 1,145 5Inventory 4,338 16 4,054 16 4,429 17Other current assets 656 2 849 3 1,067 4Total current assets 6,718 24 5,837 23 6,641 26Property, plant and equipment 19,696 72 18,699 74 18,162 69Goodwill 437 2 463 2 488 2Other asset 444 2 396 1 883 3Total Asset 27,295 100 25,395 100 26,174 100


Liability and Shareholdersû Equity 2004 % 2003 % 2002 %Short term borrowings - - - - 1,409 6Account payable 9,552 33 8,367 33 8,705 33Current portion of Long term loan 1,182 4 1,593 6 - -Other current liability 2,319 9 1,729 7 1,857 7Total current liability 13,053 48 11,689 46 1,197 46Long term loan from related company 746 3 1,182 5 2,775 10Other liability 745 3 723 3 699 3Total liability 14,544 54 13,954 54 15,445 59Shareholdersû equity 12,751 46 11,801 46 10,729 41Total liability and Shareholderûs Equity 27,295 100 25,395 100 26,174 100

44


ß∫°”‰√¢“¥∑ÿπ√«¡

(Àπà«¬ : ≈â“π∫“∑)

2547 2546 2545¢“¬ ÿ∑∏‘ 47,412 42,342 38,214µâπ∑ÿπ¢“¬ 42,684 38,172 34,274°”‰√¢—Èπµâπ 4,728 4,170 3,940√“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√·≈–√“¬‰¥âÕ◊Ëπ 5,338 4,675 3,858§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 7,688 6,915 6,169°”‰√®“°°“√¥”‡π‘πß“π 2,378 1,930 1,629¥Õ°‡∫’È¬®à“¬ 102 185 145°”‰√°àÕπ¿“…’‡ß‘π‰¥â 2,276 1,745 1,484¿“…’‡ß‘π‰¥â 664 319 238°”‰√°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 1,612 1,426 1,246 à«π·∫àß¢“¥∑ÿπ (°”‰√) ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (11) (14) 41°”‰√ ÿ∑∏‘ 1,601 1,412 1,287

Õ—µ√“ à«π∑“ß°“√‡ß‘π

2547 2546 2545√–¬–‡«≈“¢“¬ ‘π§â“‡©≈’Ë¬ 35 40 44√–¬–‡«≈“™”√–Àπ’È‡©≈’Ë¬ 76 81 82Õ—µ√“ à«π‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π 0.5 0.5 0.6Õ—µ√“°”‰√¢—Èπµâπ 10.0 9.8 10.3Õ—µ√“°”‰√ ÿ∑∏‘ 3.0 3.0 3.1Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ 13.0 12.5 12.8Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å 6.1 5.5 5.3Õ—µ√“ à«π‡ß‘π°Ÿâ¬◊¡µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 0.2 0.2 0.4°”‰√µàÕÀÿâπ 2.0 1.8 1.6¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’ 15.9 14.7 13.4

45


CONSOLIDATED INCOME STATEMENT


2004 2003 2002Net sale 47,412 42,342 38,214Cost of sale 42,684 38,172 34,274Gross profit 4,728 4,170 3,940Rental and service income and other income 5,338 4,675 3,858Selling and administration expense 7,688 6,915 6,169Operating income 2,378 1,930 1,629Interest expense 102 185 145Net income before tax 2,276 1,745 1,484Income tax 664 319 238Net income before minority interest 1,612 1,426 1,246Minority interest (11) (14) 41Net income 1,601 1,412 1,287

FINANCIAL RATIO

2004 2003 2002Average inventory days 35 40 44Average accounts payable days 76 81 82Working capital ratio 0.5 0.5 0.6Gross profit rate 10.0 9.8 10.3Net profit margin 3.0 3.0 3.1Return on equity 13.0 12.5 12.8Return on asset 6.1 5.5 5.3Debt-to-equity ratio 0.2 0.2 0.4Earning per share 2.0 1.8 1.6Net book value per share 15.9 14.7 13.4

46


§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π

°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π

Àπà«¬ : ≈â“π∫“∑

2547 Õ—µ√“ à«π 2546 Õ—µ√“ à«π Õ—µ√“°“√(%) (%) ‡ª≈’Ë¬π·ª≈ß

(%)√“¬‰¥â

√“¬‰¥â®“°°“√¢“¬ 47,412 100.0 42,342 100.0 +12.0µâπ∑ÿπ¢“¬ 42,684 90.0 38,172 90.2 +11.8°”‰√¢—Èπµâπ 4,728 10.0 4,170 9.8 +13.4

√“¬‰¥âÕ◊Ëπ 5,338 11.2 4,675 11.0 +14.1√«¡√“¬‰¥â 10,065 21.2 8,845 20.9 +13.8§à“„™â®à“¬ 7,688 16.2 6,915 16.3 +11.2°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬/¿“…’‡ß‘π‰¥â 2,378 5.0 1,930 4.6 +23.2°”‰√ ÿ∑∏‘ 1,601 3.4 1,412 3.3 +13.4

º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„πªï 2547 ¡’°”‰√ ÿ∑∏‘ 1,601 ≈â“π∫“∑ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫º≈°“√¥”‡π‘πß“π„πªï°àÕπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’°”‰√ ÿ∑∏‘ Ÿß¢÷Èπ 189 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 13.4% àßº≈„Àâ°”‰√µàÕÀÿâπ‡æ‘Ë¡¢÷Èπ®“° 1.8 ∫“∑µàÕÀÿâπ„πªï 2546 ‡ªìπ 2.0 ∫“∑µàÕÀÿâπ„πªï 2547 ‡¡◊ËÕæ‘®“√≥“°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ “¡“√∂∑”º≈°”‰√¥—ß°≈à“«‰¥â¡“°∂÷ß 2,378 ≈â“π∫“∑ À√◊Õ‡µ‘∫‚µ®“°ªï°àÕπ¡“°∂÷ß 448 ≈â“π∫“∑ À√◊Õ 23.2% ªí®®—¬∑’Ë∑”„Àâ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ª√– ∫§«“¡ ”‡√Á®„πº≈°“√¥”‡π‘πß“π¥—ß°≈à“«¡’¥—ßπ’È1. √“¬‰¥â®“°°“√¢“¬

¬Õ¥¢“¬¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„πªï 2547 ¡’®”π«π 47,412 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2546 ®”π«π 5,069≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 12% “‡Àµÿ¢Õß°“√‡æ‘Ë¡¢÷Èπ¥—ß°≈à“« ‡ªìπº≈®“°°“√¢¬“¬ “¢“Õ¬à“ßµàÕ‡π◊ËÕß„πªï 2547 ®”π«π4 “¢“ §◊Õ “¢“©–‡™‘ß‡∑√“ ”‚√ß ªíµµ“π’ ·≈– ÿ√‘π∑√å µ≈Õ¥®π∂÷ß°“√ª√—∫ª√ÿß “¢“‡¥‘¡Õ’°®”π«π 7 “¢“ °àÕ„Àâ‡°‘¥°“√‡µ‘∫‚µ¢Õß¬Õ¥¢“¬ “¢“‡¥‘¡Õ’°®”π«π 5% ·≈–πÕ°®“°π’È°“√¢¬“¬µ—«∑“ß‡»√…∞°‘®√«¡∂÷ßæƒµ‘°√√¡°“√‡≈◊Õ°´◊ÈÕ ‘π§â“¢ÕßºŸâ∫√‘‚¿§‡ª≈’Ë¬π‰ª‚¥¬π‘¬¡ ◊ÈÕ ‘π§â“®“°¥‘ ‡§“πå ‚µ√å·≈– Ÿ‡ªÕ√å‡´Áπ‡µÕ√å¡“°¢÷Èπ‡æ√“– ‘π§â“¡’√“§“∂Ÿ°

2. √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√·≈–√“¬‰¥âÕ◊Ëπ

2547 2546 ‡æ‘Ë¡¢÷Èπ- √“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√ 1,901 1,561 21.8 %- √“¬‰¥âÕ◊Ëπ 3,437 3,114 10.4 %

√«¡ 5,338 4,675 14.2 %

47


Analysis of Financial Position and Operating Result

Operating Result

Unit: Million Baht

2004 Ratio 2003 Ratio Ratio to(%) (%) change

(%)Income

Net Sales 47,412 100.0 42,342 100.0 +12.0Cost of Sales 42,684 90.0 38,172 90.2 +11.8Gross Profit 4,728 10.0 4,170 9.8 +13.4

Other Incomes 5,338 11.2 4,675 11.0 +14.1Total Incomes 10,065 21.2 8,845 20.9 +13.8Expense 7,688 16.2 6,915 16.3 +11.2Earning before interest/Corporate Income Tax 2,378 5.0 1,930 4.6 +23.2Net Profit 1,601 3.4 1,412 3.3 +13.4

The operating results of the Company and its subsidiaries for the year ending 2004 have shown a net profitof 1,601 MB. When compared over the same period last year, the net profit increased by 189 MB or 13.4% andpushed our net profit per share increased from 1.8 Baht in 2003 to 2.0 Baht in 2004. Taking into consideration ofEarning before interest and corporate income tax, the Company and its subsidiaries are capable to create the resultof profits above for more than 2,378 MB or growth by 448 MB or 23.2% from the previous year. The factors thatsupported the success of the results are as follows:1. Net sales

Net sales of the Company and its subsidiaries during the year ending 2004 amount to 47,412 MB.,which represented an increase of 5,069 MB or 12% over the operational figures of year 2003. The significantincrease in sales was supported by the continuous expansion of 4 new stores in year 2004 which wereChachoengsao, Somrong, Pattani and Surin branches along with the renovation of 7 old stores. That createsthe growth of same stores sales by 5%. Additionally, it was combined with the economic growth and thechanging of customer behavior that prefers to consume more products from Discount store and Supermarketbecause of the cheaper price.

2. Rental, Service income and Other income

2004 2003 Increase- Rental and Service Income 1,901 1,561 21.8 %- Other income 3,437 3,114 10.4 %

Total 5,338 4,675 14.2 %

48


√“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√‡æ‘Ë¡¢÷Èπ®”π«π 340 ≈â“π∫“∑ À√◊Õ 21.8% ‡π◊ËÕß®“°°“√¢¬“¬ “¢“‡æ‘Ë¡¢÷Èπ ·≈–°“√ª√—∫ª√ÿß “¢“‡¥‘¡‡æ◊ËÕ‡æ‘Ë¡§«“¡À≈“°À≈“¬¢Õß√â“π§â“‡™à“„π»Ÿπ¬å°“√§â“„πÀâ“ß∫‘Í°´’ ´÷Ëß √â“ß§«“¡æ÷ßæÕ„®„Àâ·°à≈Ÿ°§â“„π√Ÿª·∫∫¢Õß√â“π§â“∑’Ë¡’ ‘π§â“„Àâ‡≈◊Õ°§√∫«ß®√

√“¬‰¥âÕ◊ËπÕ—π‰¥â·°à √“¬‰¥â√—∫®“°¬Õ¥ ◊ÈÕµ“¡‡ªÑ“ √“¬‰¥â√—∫§à“‚¶…≥“·≈–§à“∏√√¡‡π’¬¡·√°‡¢â“ à«π·∫àß√“¬‰¥â®“°°“√¢“¬§ŸªÕßÕ“À“√ ·≈–√“¬‰¥â‡ß‘π™¥‡™¬§à“®—¥ àß ‘π§â“ ´÷Ëß‡æ‘Ë¡¢÷Èπ√«¡∑—Èß ‘Èπ®”π«π 323 ≈â“π∫“∑ À√◊Õ 10.4% °“√‡æ‘Ë¡¢÷Èπ¥—ß°≈à“«‡ªìπº≈¡“®“°°“√∑’Ë∫√‘…—∑‰¥â√—∫‡ß‘π π—∫ πÿπ‡æ‘Ë¡¢÷Èπ®“°§Ÿà§â“Õ—π‡π◊ËÕß®“°°“√ —Ëß´◊ÈÕ ‘π§â“∑’Ë‡æ‘Ë¡¢÷Èπ®“°°“√¢¬“¬ “¢“¥—ß°≈à“«

3. °”‰√¢—Èπµâπ

°”‰√¢—Èπµâπ¢Õßªï 2547 ¡’®”π«π 4,727 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2546 ®”π«π 557 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 13.4%°“√‡æ‘Ë¡¢÷Èπ¢Õß°”‰√¢—Èπµâπ¥—ß°≈à“« ‡π◊ËÕß®“°∫√‘…—∑œ¬÷¥¡—Ëπ„ππ‚¬∫“¬¥â“π√“§“ ‡æ◊ËÕ √â“ß§«“¡æ÷ßæÕ„®„Àâ≈Ÿ°§â“ Ÿß ÿ¥®÷ß‰¥â√—∫°“√µÕ∫√—∫®“°≈Ÿ°§â“‡ªìπÕ¬à“ß¥’‡ ¡Õ¡“

4. §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√

§à“„™â®à“¬¥—ß°≈à“«¡’®”π«π 7,687 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2546 ®”π«π 772 ≈â“π∫“∑ À√◊Õ 11.2% °“√‡æ‘Ë¡¢÷Èπ¥—ß°≈à“«‡ªìπº≈¡“®“°®”π«π “¢“∑’Ë‡æ‘Ë¡¢÷Èπª√–°Õ∫°—∫°“√‡æ‘Ë¡¢÷Èπ¢Õß§à“„™â®à“¬∑’Ë¡’ à«π∑”„Àâ¬Õ¥¢“¬‡æ‘Ë¡¢÷Èπ ‡™àπ§à“‚¶…≥“·≈–§à“„™â®à“¬ àß‡ √‘¡°“√¢“¬

5. ¥Õ°‡∫’È¬®à“¬

¥Õ°‡∫’È¬®à“¬„πªï 2547 ¡’®”π«π 102 ≈â“π∫“∑ ≈¥≈ß®“°ªï 2546 ®”π«π 83 ≈â“π∫“∑ À√◊Õ 45% ‡π◊ËÕß®“°„π√–À«à“ßªï 2546 ∫√‘…—∑‰¥â°Ÿâ¬◊¡‡ß‘π≈¥≈ß

6. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫ªï¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â§”π«≥¢÷ÈπÀ≈—ß®“°∫«°°≈—∫¥â«¬∫—≠™’§à“„™â®à“¬·≈– ”√Õßµà“ßÊ ∑’Ë ‰¡àÕπÿ≠“µ„Àâ∂◊Õ‡ªìπ√“¬®à“¬„π°“√§”π«≥¿“…’ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’°”‰√ ÿ∑∏‘°àÕπ¿“…’‡ß‘π‰¥â ”À√—∫ªï 2547·≈– 2546 ‡∑à“°—∫ 2,276 ≈â“π∫“∑·≈– 1,745 ≈â“π∫“∑ ·≈–¡’¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫ªï 2547 ·≈– 2546 ‡∑à“°—∫664 ≈â“π∫“∑·≈– 319 ≈â“π∫“∑ °“√‡æ‘Ë¡¢÷Èπ¢Õß¿“…’‡ß‘π‰¥â¢Õßªï 2547 ‡π◊ËÕß®“°„πªï 2546 ∫√‘…—∑œ ¡’°“√√—∫√Ÿâº≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π ®÷ß∑”„Àâ¿“…’‡ß‘π‰¥âªï 2546 π—ÈπµË”°«à“ª°µ‘

°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ®”π«π 27,295 ≈â“π∫“∑ ÷Ëß‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å¥—ß°≈à“«‡æ‘Ë¡¢÷Èπ®”π«π 1,900 ≈â“π∫“∑

°“√‡æ‘Ë¡¢÷Èπ¢Õß ‘π∑√—æ¬å¥—ß°≈à“« ‡ªìπº≈®“°°“√¢¬“¬ “¢“®”π«π 4 “¢“ ®÷ß∑”„Àâ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ‡æ‘Ë¡¢÷Èπ®”π«π 996 ≈â“π∫“∑ πÕ°®“°π’È ‡æ◊ËÕ πÕßµÕ∫°“√¢¬“¬ “¢“¢Õß∏ÿ√°‘®§â“ª≈’°¥—ß°≈à“« ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¡’°“√´◊ÈÕ ‘π§â“‡æ‘Ë¡¢÷Èπ®”π«π 283 ≈â“π∫“∑ ·≈–¡’‡ß‘π ¥∑’Ë‡°‘¥¢÷Èπ®“°°“√¢“¬ ‘π§â“¥—ß°≈à“«®”π«π 790 ≈â“π∫“∑

49


Rental and Service incomes from tenants have increased by 340 MB because of the expansion of newbranches and the renovation of the old store branches as well as the diversification of tenant mix to bettersatisfy customer needs as one stop shopping.

Other income such as incentive sales, advertising fee, entrance fee, food coupon redemption anddelivery compensation increased by 323 MB. These increasing were resulted from the payback of tradepartners due to an increase purchasing power of Big C and its subsidiaries.

3. Gross Profit

Gross profit during the year ending 2004 was 4,727 MB which increases by 557 MB or 13.4% overyear 2003 figures. The increased profit was produced from our stable pricing policy which emphasized oncustomer satisfaction and received a good feedback from customer.

4. Selling and Administration expenses

Selling and Administration expenses of 7,687 MB which represented an increase of 772 MB or11.2% over year 2003 figures. The increase was originated by new store expansion and an increase in anecessary expense to boost up sales, such as advertising expense and promotion expense, etc.

5. Interest Expense

Interest expense of 102 MB in 2004 represented a decrease of 83 MB or 45% from 2003 becauseof the decrease of borrowing during 2003.

6. Corporate tax

Corporate income tax of the Company and its subsidiaries was calculated by adding back nonexpense for tax purpose to net profit. Earning before income tax of the company and its subsidiaries forthe year 2004 and 2003 were 2,276 MB and 1,745 MB, whereas the corporate income tax were 664 MBand 319 MB in year 2004 and 2003 respectively. The increase of the corporate income tax in 2004 washappened because in year 2003 there was the recognition of loss of exchange rate which caused lowercorporate income tax in year 2003 than normal.

Analysis of Financial Position

The Company and its subsidiaries have the total assets as of December 31, 2004 at 27,295 MB, if comparedto year 2003 there is an increase of the total assets of the Company and its subsidiaries by 1,900 MB.

The above increase was affected from the expansion of 4 new branches that caused the increase of land,building construction and equipment for 996 MB. Moreover, in order to respond to the retail business expansion,the Company and its subsidiaries have put more merchandise of 283 MB and that caused the cash flowgenerated from such sales of 790 MB.

50


”À√—∫„π°≈ÿà¡¢ÕßÀπ’È ‘π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ®”π«π 1,927 ≈â“π∫“∑ ´÷Ëß≈¥≈ß®“°ªï°àÕπ®”π«π 948≈â“π∫“∑ ∑”„Àâ —¥ à«π¢ÕßÀπ’È ‘πµàÕ∑ÿπ¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡À≈◊Õ‡æ’¬ß‡∑à“°—∫ 0.15

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’‡®â“Àπ’È°“√§â“®”π«π 9,551 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° ªï°àÕπ®”π«π1,184 ≈â“π∫“∑ ÷Ëß‡°‘¥®“°°“√ ◊ÈÕ ‘π§â“‡æ‘Ë¡¢÷Èπ®“°°“√¢¬“¬ “¢“·≈–√Õß√—∫¬Õ¥¢“¬∑’Ë‡µ‘∫‚µ¢÷Èπ™à«ß ‘Èπªï

°√–· ‡ß‘π ¥

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π ¥∑’Ë ‰¥â®“°°“√¥”‡π‘πß“π®”π«π 5,023 ≈â“π∫“∑ §‘¥‡ªìπ 10.6% ¢Õß¬Õ¥¢“¬√«¡ ÷Ëß‡µ‘∫‚µ®“°ªï°àÕπ®”π«π 1,506 ≈â“π∫“∑ À√◊Õ 42.8% º≈®“°°“√‡æ‘Ë¡¢÷Èπ¢Õß°√–· ‡ß‘π ¥¥—ß°≈à“«∑”„Àâ∫√‘…—∑ “¡“√∂π”‰ª≈ß∑ÿπ„π°“√¢¬“¬ “¢“ ™”√–‡ß‘π°Ÿâ√–¬–¬“« ·≈–®à“¬‡ß‘πªíπº≈„π√–À«à“ßªï®”π«π2,644 ≈â“π∫“∑, 847 ≈â“π∫“∑ ·≈– 751 ≈â“π∫“∑µ“¡≈”¥—∫

Õ—µ√“ à«π∑“ß°“√‡ß‘π

1. Õ—µ√“ à«π‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π

≥ ‘Èπªï 2547 ∫√‘…—∑œ¡’Õ—µ√“ à«π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πµàÕÀπ’È ‘πÀ¡ÿπ‡«’¬π‡∑à“°—∫ 0.5 ‡∑à“ ‡ªìπº≈¡“®“° ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π·≈–Àπ’È ‘πÀ¡ÿπ‡«’¬π¢Õß∫√‘…—∑ à«π„À≠àÕ¬Ÿà„π√Ÿª¢Õß ‘π§â“§ß‡À≈◊Õ·≈–‡®â“Àπ’È°“√§â“ ÷Ëß¡’√–¬–‡«≈“¢“¬ ‘π§â“‡©≈’Ë¬‡∑à“°—∫ 35 «—π ·≈–√–¬–‡«≈“™”√–Àπ’È‡©≈’Ë¬‡∑à“°—∫ 76 «—π

2. Àπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ

≥ «—π ‘Èπªï 2547 ∫√‘…—∑¡’‚§√ß √â“ß‡ß‘π∑ÿπ´÷Ëßª√–°Õ∫¥â«¬Àπ’È ‘π®”π«π 13,053 ≈â“π∫“∑·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ®”π«π 12,751 ≈â“π∫“∑ §‘¥‡ªìπÕ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡∑à“°—∫ 1 ‡∑à“ ·µà‡π◊ËÕß®“°Àπ’È ‘π à«π„À≠à¢Õß∫√‘…—∑Õ¬Ÿà„π√Ÿª¢Õß‡®â“Àπ’È°“√§â“ ©–π—ÈπÀ“°æ‘®“√≥“‡©æ“–Àπ’È ‘π∑’Ë¡’¿“√–¥Õ°‡∫’È¬ ´÷Ëßª√–°Õ∫¥â«¬‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«√«¡‡ªìπ‡ß‘π 1,927 ≈â“π∫“∑·≈â«®–‡ÀÁπ«à“Õ—µ√“ à«πÀπ’È ‘π‡©æ“–∑’Ë¡’¿“√–¥Õ°‡∫’È¬µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ®–Õ¬Ÿà„πÕ—µ√“‡æ’¬ß 0.15 ‡∑à“

3. Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’Ë‡°’Ë¬«¢âÕß°—∫°”‰√ ÿ∑∏‘

‡π◊ËÕß®“°∫√‘…—∑œ¡’Õ—µ√“°“√‡µ‘∫‚µ¢Õß°”‰√ ÿ∑∏‘Õ¬à“ßµàÕ‡π◊ËÕß¡“µ—Èß·µàªï 2545 ©–π—Èπ®÷ß‡ÀÁπ‰¥â«à“Õ—µ√“ à«π∑“ß°“√‡ß‘π∑’Ë‡°’Ë¬«¢âÕß°—∫°”‰√ ÿ∑∏‘Õ—π‰¥â·°à Õ—µ√“°”‰√ ÿ∑∏‘ Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å °”‰√µàÕÀÿâπ·≈–Õ◊ËπÊ ¡’Õ—µ√“ à«π∑’Ë‡æ‘Ë¡¢÷ÈπÕ¬à“ßµàÕ‡π◊ËÕß∑ÿ°Ê ªï

30,000

25,000

20,000

15,000

10,000

5,000

0

27,295

19,695

25,395

18,689

4,0544,338

2547 2546

‘π∑√—æ¬å ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ‘π§â“§ß‡À≈◊Õ

51


With respect to the liabilities group, theCompany and its subsidiaries have the loan facilities of1,927 MB which reduced from the previous year by948 MB and caused the decrease of debt to equityratio (DE ratio) of the Company and its subsidiariesto 0.15 only.

As of December 31, 2004, the Company and itssubsidiaries have the trade account payable of 9,551MB which increased from the previous year for 1,184MB and caused from the increase of more merchandisein respect of business branch expansion and supportingthe growth of sales during end of the year.

Cash Flows

The Company and its subsidiaries have the cash flows from operation for 5,023 MB being 10.6% of the totalsales which were growth from the previous year for 1,506 MB or 42.8%. With respect to the results of increase onsuch cash flows, the Company was capable to use for investment on business branch expansion, repayment of longterm facilities and payment of dividend during the year for 2,644 MB, 847 MB and 751 MB respectively.

Financial Ratio

1. Current ratio

Current ratio which is derived from current asset divided by current liabilities was 0.5 time at the endof December 2003. This is because the major current asset and current liabilities of the Company are in theform of inventory and trade account payable which have average day sale only 35 days and average paymentday up to 76 days.

2. Total liabilities to shareholderûs equity

At the end of December 2004, the capital structure of the Company and its subsidiaries compose oftotal liabilities in amount of 13,053 MB and total shareholder equity in amount of 12,751 MB. The ratio ofliabilities to shareholder equity was only 1 time. However, the major company liabilities were in the form oftrade account payable. As such when considering only the interest bearing debt and those short term andlong term facilities totally of 1,927 MB., it could be seen that the ratio of liabilities to shareholder equity wasonly 0.15 time.

3. Profitability ratio

Due to the strong growth of the net profit of the Company since 2001 continuously, it could be seenthat many financial ratios relating to the profitability, such as gross profit ratio, return on equity ratio, returnon assets ratio, earning per share and etc. were increased continuously every year.

30,000

25,000

20,000

15,000

10,000

5,000

0

27,295

19,695

25,395

18,689

4,0544,338

2004 2003

InventoryAsset Property, Building & Equipment

52


°“√®—¥°“√

1. ‚§√ß √â“ß°“√®—¥°“√

1.1 Õ”π“®¢Õß§≥–°√√¡°“√∫√‘…—∑œ1. §«∫§ÿ¡¥Ÿ·≈·≈–®—¥°“√„Àâ°“√¥”‡π‘π°“√¢Õß∫√‘…—∑œ‡ªìπ‰ªµ“¡°ÆÀ¡“¬«—µ∂ÿª√– ß§å ·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ

µ≈Õ¥®π¡µ‘¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ2. ¡’Õ”π“®°”Àπ¥™◊ËÕ°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡ºŸ°æ—π∫√‘…—∑œ‰¥â3. ‡≈◊Õ°°√√¡°“√§πÀπ÷Ëß‡ªìπª√–∏“π°√√¡°“√ ‡æ◊ËÕ∑”Àπâ“∑’Ë‡ªìπª√–∏“π∑—Èß„π°“√ª√–™ÿ¡§≥–°√√¡°“√·≈–

„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬ª√–∏“π°√√¡°“√®–¥”√ßµ”·ÀπàßÕ¬Ÿà„π«“√–‰¥âµ√“∫‡∑à“∑’Ë¬—ß§ß¥”√ßµ”·Àπàß°√√¡°“√∫√‘…—∑œÕ¬Ÿà‡∑à“π—Èπ À“°„π°“√ª√–™ÿ¡§√“«„¥ ª√–∏“π‰¡àÕ¬Ÿà„π∑’Ëª√–™ÿ¡À√◊Õ‰¡à “¡“√∂ªØ‘∫—µ‘Àπâ“∑’Ë ‰¥â ∂â“¡’√Õßª√–∏“π°√√¡°“√ „Àâ√Õßª√–∏“π°√√¡°“√‡ªìπª√–∏“π„π∑’Ëª√–™ÿ¡ ∂â“‰¡à¡’√Õßª√–∏“π°√√¡°“√À√◊Õ¡’ ·µà‰¡à “¡“√∂ªØ‘∫—µ‘Àπâ“∑’Ë‰¥â „Àâ°√√¡°“√À√◊ÕºŸâ∂◊ÕÀÿâπ (·≈â«·µà°√≥’) §πÀπ÷Ëß‡ªìπª√–∏“π„π∑’Ëª√–™ÿ¡

4. ¡Õ∫À¡“¬„Àâ°√√¡°“√§πÀπ÷ËßÀ√◊ÕÀ≈“¬§π À√◊Õ∫ÿ§§≈Õ◊Ëπ„¥ªØ‘∫—µ‘°“√Õ¬à“ß„¥Õ¬à“ßÀπ÷Ëß·∑π§≥–°√√¡°“√¿“¬„µâ°“√§«∫§ÿ¡¢Õß§≥–°√√¡°“√ À√◊ÕÕ“®¡Õ∫Õ”π“®‡æ◊ËÕ„Àâ∫ÿ§§≈¥—ß°≈à“«¡’Õ”π“®µ“¡∑’Ë§≥–°√√¡°“√‡ÀÁπ ¡§«√·≈–¿“¬„π‡«≈“∑’Ë°√√¡°“√‡ÀÁπ ¡§«√ ·≈–§≥–°√√¡°“√Õ“®¬°‡≈‘°‡æ‘°∂Õπ‡ª≈’Ë¬π·ª≈ßÀ√◊Õ·°â‰¢Õ”π“®π—ÈπÊ ‰¥â

5. °”Àπ¥π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ·≈–°”°—∫§«∫§ÿ¡¥Ÿ·≈„ÀâΩÉ“¬®—¥°“√¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡π‚¬∫“¬∑’Ë°”Àπ¥‰«âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘® Ÿß ÿ¥„Àâ·°à°‘®°“√·≈–º≈ª√–‚¬™πå Ÿß ÿ¥„Àâ·°àºŸâ∂◊ÕÀÿâπ

1.2 Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑œ1. ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ ·≈–¡’ ®√‘¬∏√√¡„π°“√¥”‡π‘π∏ÿ√°‘®2. √—∫º‘¥™Õ∫µàÕºŸâ∂◊ÕÀÿâπ¥â«¬°“√¥”‡π‘πß“π‚¥¬√—°…“º≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ ‡ªî¥‡º¬¢âÕ¡Ÿ≈µàÕºŸâ≈ß∑ÿπÕ¬à“ß

∂Ÿ°µâÕß §√∫∂â«π ¡’¡“µ√∞“π ·≈–¡’§«“¡µ—Èß„®∑’Ë®–¥”‡π‘π∏ÿ√°‘®Õ¬à“ßµàÕ‡π◊ËÕß3. „π°√≥’∑’Ëµ”·Àπàß°√√¡°“√«à“ß≈ß‡æ√“–‡ÀµÿÕ◊Ëπ πÕ°®“°∂÷ß§√“«ÕÕ°µ“¡«“√– „Àâ‡≈◊Õ°∫ÿ§§≈ ÷Ëß¡’

§ÿ≥ ¡∫—µ‘·≈–‰¡à¡’≈—°…≥–µâÕßÀâ“¡µ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ ‡¢â“‡ªìπ°√√¡°“√·∑π„π°“√ª√–™ÿ¡§≥–°√√¡°“√§√“«∂—¥‰ª ‡«âπ·µà«“√–¢Õß°√√¡°“√®–‡À≈◊ÕπâÕ¬°«à“ Õß‡¥◊Õπ ∫ÿ§§≈´÷Ëß‡¢â“‡ªìπ°√√¡°“√·∑π¥—ß°≈à“«®–Õ¬Ÿà„πµ”·Àπàß°√√¡°“√‰¥â‡æ’¬ß‡∑à“«“√–∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà¢Õß°√√¡°“√∑’Ëµπ·∑π

4. °√√¡°“√®–ª√–°Õ∫°‘®°“√ ‡¢â“‡ªìπÀÿâπ à«π„πÀâ“ßÀÿâπ à«π “¡—≠À√◊Õ‡ªìπÀÿâπ à«π‰¡à®”°—¥§«“¡√—∫º‘¥„πÀâ“ßÀÿâπ à«π®”°—¥Õ◊Ëπ∑’Ëª√–°Õ∫°‘®°“√Õ—π¡’ ¿“æÕ¬à“ß‡¥’¬«°—π ·≈–‡ªìπ°“√·¢àß¢—π°—∫°‘®°“√¢Õß∫√‘…—∑‰¡à‰¥â‡«âπ·µà®–‰¥â·®âß„Àâ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑√“∫°àÕπ∑’Ë®–¡’¡µ‘·µàßµ—Èß

5. µâÕß®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡ªìπ°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï¿“¬„π 4 ‡¥◊Õππ—∫·µà«—π ‘Èπ ÿ¥¢Õß√Õ∫ªï∫—≠™’¢Õß∫√‘…—∑

6. §≥–°√√¡°“√¢Õß∫√‘…—∑œµâÕßª√–™ÿ¡Õ¬à“ßπâÕ¬ “¡‡¥◊ÕπµàÕ§√—Èß ≥ ∑âÕß∑’ËÕ—π‡ªìπ∑’Ëµ—Èß ”π—°ß“π„À≠à ”π—°ß“π “¢“ À√◊Õ®—ßÀ«—¥„°≈â‡§’¬ß

53


Management

1. Management Structure

1.1 The powers of the Companyûs Board of Directors1. To supervise and perform the duties as stated by laws, the objectives and the code of conduct

of the company including the resolution of the shareholdersû meeting;2. To appoint the list of the companyûs authorized directors;3. To select one of the directors as Chairman of the Board to perform the duties as both

chairman of the Board of Directorsû meeting and the shareholdersû meeting. The Chairman ofthe Board shall remain in his office as long as he remains a director of the Company. In anymeeting, if the Chairman of the Board is absent or is unable to attend the meeting, if the ViceChairman of the Board has been appointed, the Vice Chairman of the Board will be theChairman for that meeting. If the Vice Chairman of the Board has not been appointed or hasbeen appointed but is unable to attend the meeting, select one of the directors or shareholders(Whichever) as Chairman of the Board for that meeting;

4. To assign one or more of the directors or other persons to perform any one task on behalf ofthe directors under the supervision of the directors or to delegate the authority to that personto perform any task under the directorsû decision and within a certain time limit under thedirectorsû decision. The directors may stop, withdraw or change the authority given in anyspecific case;

5. To appoint the policy and direction for operation of the Company and to Supervise themanagement to strictly perform as stated in the policy as it may add the maximum economicvalue to the economy and the maximum benefits for the shareholders.

1.2 The duties of the Companyû Board of Directors1. To perform the duties and operate the business with honesty and ethics;2. To be responsible to the shareholders by operating the business to maximize the benefits of the

shareholders and disclose all relevant information to investors in a complete and standardizedform and having an intention to operate the business continuously;

3. In the case of vacancy in the position of directorsû aside from retirement, select a person withcomplete qualification and possess no forbidden characteristics specified by the Company as adirector to attend the next Board of Directors meeting. There is an exemption in case that theremaining term of office of the resigned director is less than 2 months, the newly selectedperson may resume his office just for the remaining time period;

4. The directors are not allowed to operate business, invest in any business as partnership, or asan unlimited partner in a limited partnership in which the business is in the same line as theCompany except the person has informed the shareholdersû meeting prior to the appointmentas the Companyûs director;

5. To arrange an annual ordinary shareholdersû meeting within 4 months since the end of theCompanyûs fiscal year;

6. The directors of the Company must arrange a meeting at least every 3 months at a location ofthe Companyûs office, branches, or nearby provinces.

54


1.3 °“√·µàßµ—Èß°√√¡°“√∫√‘…—∑œ§≥–°√√¡°“√∫√‘…—∑œ®–µâÕß‰¥â√—∫°“√‡≈◊Õ°µ—Èß‚¥¬∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπµ“¡À≈—°‡°≥±å·≈–«‘∏’°“√¥—ßπ’È

1. ≈ß§–·ππ‡ ’¬ß‡≈◊Õ°µ—Èß°√√¡°“√‚¥¬„™â‡ ’¬ß¢â“ß¡“° „Àâ∂◊Õ«à“ºŸâ∂◊ÕÀÿâπ·µà≈–§π¡’§–·ππ‡ ’¬ß‡∑à“°—∫Àπ÷ËßÀÿâπµàÕÀπ÷Ëß‡ ’¬ß

2. „ÀâºŸâ∂◊ÕÀÿâπ≈ß§–·ππ‡ ’¬ß∑—ÈßÀ¡¥∑’Ëµπ¡’Õ¬Ÿà‡≈◊Õ°∫ÿ§§≈∑’Ë‰¥â√—∫°“√‡ πÕ™◊ËÕ‡ªìπ°√√¡°“√∑’≈–§π‚¥¬®–·∫àß§–·ππ‡ ’¬ß„Àâ·°à∫ÿ§§≈„¥¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â

3. ∫ÿ§§≈ ÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫°“√‡≈◊Õ°µ—Èß‡ªìπ°√√¡°“√‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „π°√≥’∑’Ë∫ÿ§§≈´÷Ëß‰¥â√—∫‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’ „Àâª√–∏“π∑’Ëª√–™ÿ¡ÕÕ°‡ ’¬ß‰¥â‡æ‘Ë¡¢÷ÈπÕ’°Àπ÷Ëß‡ ’¬ß‡ªìπ‡ ’¬ß™’È¢“¥

∑—Èßπ’È°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑œ‡ªìπ∫ÿ§§≈´÷Ëß¡’≈—°…≥–‡ªìπ‰ªµ“¡À≈—°‡°≥±å ¢Õß¢âÕ 16 (1) (°) (¢) ·≈–(§) ¢Õßª√–°“»§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ∑’Ë °®. 12/2543 ‡√◊ËÕß °“√¢ÕÕπÿ≠“µ·≈–°“√Õπÿ≠“µ„Àâ‡ πÕ¢“¬Àÿâπ∑’ËÕÕ°„À¡à≈ß«—π∑’Ë 22 ¡’π“§¡ 2543

„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï∑ÿ°§√—Èß „Àâ°√√¡°“√ÕÕ°®“°µ”·ÀπàßÀπ÷Ëß„π “¡‡ªìπÕ—µ√“ ∂â“®”π«π°√√¡°“√∑’Ë®–·∫àßÕÕ°„Àâµ√ß‡ªìπ “¡ à«π‰¡à‰¥â°Á„ÀâÕÕ°‚¥¬®”π«π„°≈â∑’Ë ÿ¥°—∫ à«πÀπ÷Ëß„π “¡ °√√¡°“√∑’Ë®–µâÕßÕÕ°®“°µ”·Àπàß„πªï·√°·≈–ªï∑’Ë Õß¿“¬À≈—ß®¥∑–‡∫’¬π∫√‘…—∑π—Èπ „Àâ®—∫©≈“°°—π«à“ºŸâ„¥®–ÕÕ° à«πªïÀ≈—ßÊ µàÕ‰ª „Àâ°√√¡°“√§π∑’ËÕ¬Ÿà„πµ”·Àπàßπ“π∑’Ë ÿ¥π—Èπ‡ªìπºŸâÕÕ°®“°µ”·Àπàß

∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ≈ß¡µ‘„Àâ°√√¡°“√§π„¥ÕÕ°®“°µ”·Àπàß°àÕπ∂÷ß§√“«ÕÕ°µ“¡«“√–‰¥â¥â«¬§–·ππ‡ ’¬ß‰¡àπâÕ¬°«à“ “¡„π ’Ë¢Õß®”π«πºŸâ∂◊ÕÀÿâπ ÷Ëß¡“ª√–™ÿ¡·≈–¡’ ‘∑∏‘ÕÕ°‡ ’¬ß·≈–¡’Àÿâππ—∫√«¡°—π‰¥â‰¡àπâÕ¬°«à“°÷ËßÀπ÷Ëß¢Õß®”π«πÀÿâπ∑’Ë∂◊Õ ‚¥¬ºŸâ∂◊ÕÀÿâπ∑’Ë¡“ª√–™ÿ¡·≈–¡’ ‘∑∏‘ÕÕ°‡ ’¬ß

1.4 Õ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫1. Õ∫∑“π„Àâ∫√‘…—∑œ¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ2. Õ∫∑“π„Àâ∫√‘…—∑œ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π (Internal Control) ·≈–°“√µ√«® Õ∫¿“¬„π (Internal

Audit) ∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈3. Õ∫∑“π„Àâ∫√‘…—∑œªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å

À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑4. æ‘®“√≥“ §—¥‡≈◊Õ° ·≈–‡ πÕ·µàßµ—Èß·≈–‡ πÕ§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑5. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ √“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß

∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π6. ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑

´÷Ëß√“¬ß“π¥—ß°≈à“«µâÕß≈ßπ“¡‚¥¬ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫7. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑œ¡Õ∫À¡“¬¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫

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1.3 The appointment of the Board of DirectorsThe shareholdersû meeting under the following criteria must elect the Board of Directors:

1. The director is elected by using a majority vote. Each shareholder possesses one vote per oneshare.

2. Each shareholder shall vote for any proposed person with all shares under his possession.Dividing voting rights to more than one proposed person is not allowed.

3. The proposed persons who receive the highest vote with the sequence-down rank for thenumber of vacancy offices available in that election. If the next elected person receives the samenumber of votes but exceeding the limits of the number of vacant directors, the chairman ofthe meeting will allow to one more vote as the casting vote.

The audit committee of the Company must conform to the criteria of Articles 16 (1), (A), (B)and (C) of the Securities and Exchange Commission Notification No. Kor Jor. 12/2000, subject:Application for permission and granting of permission to offer for sale new shares issued, dated March22, 2000.

At every annual ordinary meeting, one-third of the directors shall resign. If the number ofdirectors cannot divide exactly into 3 parts, they shall retire by the number closest to one-third. For thedirectors having to retire from the office after the first year and the second year of the registration ofthe Company, lots shall be drawn to finalize as to who will retire. For the further years, the directorswho have remained in his office for the longest period shall retire.

The Shareholdersû meeting may vote for any director to early retire from his office with votesnot less than one half of the number of the shareholders presented in that meeting and having theright to vote.

1.4 The powers and duties of the audit committee1. To re-examine that the financial statements are presented correctly and fairly stated;2. To re-examine that the Companyûs internal control and internal audit system are appropriate

and efficient;3. To re-examine that the Companyûs operation complies with the regulations of the Securities

and Exchange Commission, the Stock Exchange of Thailand, and other related regulation;4. To review, select and propose for the appointment and the remuneration of the Companyûs

auditor;5. To ascertain that the information of the Company is disclosed correctly and Completely in case

of related transactions of any particulars or may result in any transactions with conflicts ofinterest;

6. To prepare the report regarding the supervision of the Company and disclose in theCompanyûs annual report and must be signed by the Chairman of the Audit Committee;

7. To perform any other tasks as assigned by the Companyûs Board of Directors which must beapproved by the Audit Committee.

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1.5 Õ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√§≥–°√√¡°“√∫√‘À“√¿“¬„µâ°“√π”¢Õßª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–°√√¡°“√ºŸâ®—¥°“√„À≠à‡ªìπºŸâ¡’Àπâ“∑’Ë

¥Ÿ·≈°‘®°“√∑—Ë«‰ª¢Õß∫√‘…—∑œ·≈–∫√‘À“√ß“π„Àâ‡ªìπ‰ªµ“¡‡ªÑ“À¡“¬·≈–π‚¬∫“¬∑’Ë°”Àπ¥‰«â ¿“¬„µâ°√Õ∫¢Õß°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß·≈–¢Õ∫‡¢µÕ”π“®∑’Ë§≥–°√√¡°“√°”Àπ¥À√◊Õ®–‰¥â°”Àπ¥¢÷Èπ‚¥¬®–‡ªìπºŸâ∫√‘À“√ Ÿß ÿ¥„π°“√ªØ‘∫—µ‘ß“πª√–®” ∑—Èßπ’È‰¡à√«¡°“√¥”‡π‘πß“π∑’Ë‡°’Ë¬«°—∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π·≈–/À√◊Õ√“¬°“√‰¥â¡“À√◊Õ®”Àπà“¬‰ª´÷Ëß ‘π∑√—æ¬å¢Õß∫√‘…—∑œ µ“¡°Æ‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

Àπâ“∑’ËÀ≈—°¢Õßª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–°√√¡°“√ºŸâ®—¥°“√„À≠à¡’¥—ßπ’È1. ‡ πÕ·ºπ°≈¬ÿ∑∏å¢Õß∫√‘…—∑œµàÕ§≥–°√√¡°“√ ‡æ◊ËÕ„Àâ§«“¡‡ÀÁπ™Õ∫·≈–ªØ‘∫—µ‘µ“¡·ºπ∑’Ë§≥–°√√¡°“√‰¥â

„Àâ§«“¡‡ÀÁπ™Õ∫·≈â«2. ∫√‘À“√®—¥°“√∏ÿ√°‘®¢Õß∫√‘…—∑œ„Àâ‡ªìπ‰ªµ“¡·ºπ∑’Ë‰¥â√—∫Õπÿ¡—µ‘‚¥¬ §≥–°√√¡°“√3. ‡ªìπºŸâ·∑π¢Õß∫√‘…—∑œ„π‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫∫ÿ§§≈¿“¬πÕ°

1.6 §à“µÕ∫·∑π¢ÕßºŸâ∫√‘À“√§à“µÕ∫·∑π°√√¡°“√∫√‘…—∑œ √«¡ 13 ∑à“π „πªï 2547 ‡∑à“°—∫ 1,980,000 ∫“∑ ‚¥¬‡ªìπ§à“µÕ∫·∑π

”À√—∫‡∫’È¬ª√–™ÿ¡°√√¡°“√ à«π§à“µÕ∫·∑π°√√¡°“√∫√‘À“√´÷Ëß‰¥â·°à ‡ß‘π‡¥◊Õπ ‚∫π— ·≈– «— ¥‘°“√Õ◊Ëπ¡’®”π«π‡ß‘π√«¡∑—Èß ‘Èπ 95,458,939 ∫“∑

µ“¡¡µ‘¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ “¡—≠ª√–®”ªï 2543 ∑’ËÕπÿ¡—µ‘‚§√ß°“√‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®– ◊ÈÕÀÿâπ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®”π«π√«¡∑—Èß‚§√ß°“√ 20,000,000 Àπà«¬ ‚¥¬‰¡à§‘¥¡Ÿ≈§à“¡’Õ“¬ÿ‚§√ß°“√ 5 ªï ÷Ëß∫√‘…—∑œ‰¥â®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘·≈–Àÿâπ “¡—≠∑’ËÕÕ°„À¡à‡æ◊ËÕ√Õß√—∫„∫ ”§—≠· ¥ß ‘∑∏‘§√—Èß∑’Ë 1 ‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2543 ®”π«π 3,025,000 Àπà«¬„Àâ·°à°√√¡°“√·≈–æπ—°ß“π „∫ ”§—≠· ¥ß ‘∑∏‘1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“ 14.80 ∫“∑µàÕÀÿâπ „∫ ”§—≠· ¥ß ‘∑∏‘¡’Õ“¬ÿ 5 ªï µ—Èß·µà«—π∑’Ë 1æƒ»®‘°“¬π 2543 ∂÷ß 31 µÿ≈“§¡ 2548 ‚¥¬®–„™â ‘∑∏‘‰¥âµ—Èß·µà«—π∑’Ë„∫ ”§—≠· ¥ß ‘∑∏‘¡’Õ“¬ÿ§√∫ 2 ªï (µ—Èß·µà«—π∑’Ë31 µÿ≈“§¡ 2545) ·≈– “¡“√∂„™â ‘∑∏‘‰¥â„π«—π∑”°“√«—π ÿ¥∑â“¬¢Õß·µà≈–‰µ√¡“

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘‰ª·≈â« 2,925,000 Àπà«¬ ·≈–¡’ºŸâ„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«√«¡®”π«π 36 §π §‘¥‡ªìπÀÿâπ “¡—≠®”π«π 1,327,000 Àÿâπ

2. °“√°”°—∫¥Ÿ·≈°‘®°“√

2.1 π‚¬∫“¬‡°’Ë¬«°—∫°“√¥Ÿ·≈§≥–°√√¡°“√‰¥âµ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ‡æ◊ËÕ àß‡ √‘¡„ÀâºŸâªØ‘∫—µ‘ß“π√—∫º‘¥™Õ∫

µàÕ°“√ªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡ “¡“√∂·≈–ª√– ‘∑∏‘¿“æ∑’ËæÕ‡æ’¬ß ·≈–‡æ‘Ë¡§«“¡‡™◊ËÕ¡—Ëπ„Àâ·°àºŸâ∂◊ÕÀÿâπ ºŸâ≈ß∑ÿπ ·≈–ºŸâ‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬ ‚¥¬§≥–°√√¡°“√‰¥â°”Àπ¥π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ ¥—ßπ’È¢âÕ 1. ∫√‘…—∑œ®–ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬Õ¬à“ß‡∑à“‡∑’¬¡°—π ·≈–‡ªìπ∏√√¡µàÕ∑ÿ°ΩÉ“¬

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1.5 The powers and duties of the executive directorsThe executive directors under the supervision of Chief Executive Officer and the President are

responsible for supervising the operation of the Company to be in accordance with the specifiedobjectives and strategies under the frame of the related regulations and under the scope of powerassigned or to be assigned by the Board of Directors. The executive directors will rank the highestregarding the supervision of the daily operation excluding the related transactions and/or transactionsrelating to selling and buying of the Companyûs assets under the regulations of the Stock Exchange ofThailand.

The primary duties of the Chief Executive Officer and the President are as follows :1. To Propose the Companyûs strategic plans to the directors for approval and to implement the

approved plan;2. To manage the Companyûs business to meet with the strategic plan approved by the Board;3. To represent the Company regarding outside matters.

1.6 The managementûs remunerationIn the year 2004, the remuneration for the Board of Directorsû meeting allowance for 13

directors amounted to 1,980,000 baht. The executive officers receive salary, bonus, and other benefitsfrom the Company in the year 2004 for the amount of 95,458,939 baht.

On April 18, 2000, the annual ordinary shareholdersû meeting for the year 2000 has passed onthe resolution on the project to offer warrants to buy the common shares to the directors andemployees of the Company and the subsidiaries for 20,000,000 units with no price. The life of theproject is 5 years.

According to the above-mentioned resolution, on November 1, 2000, the Company hasallocated the issued warrants to prepare for the exercise of the first warrant of 3,025,000 unitsallocated to the directors and employees. One unit of warrant is eligible to buy 1 common share at14.80 baht per share. The life of the warrant is 5 years starting November 1, 2000 to October 31, 2005.The warrants are exercisable after two years from the date of issuance (since October 31, 2002) andcan be exercised on the last working day of each quarter.

As of December 31, 2004, the Company has issued 2,925,000 warrants whereby 1,327,000warrants have been exercised by 36 persons.

2. Code of Business Conduct

2.1 The Corporate Governance PolicyThe Board of Directors realized that it is the necessity for the company to conduct its business

under the corporate governance policy and to encourage its employees to responsibly perform theirduties with sufficient abilities and efficiencies. As such, the company will be able to build the trustinessto shareholders, investors and any related person. The Board of Directors determined the corporategovernance policy as follows:(1) The company will conduct to all shareholders and interested persons with an equal quality

standard and fair.

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¢âÕ 2. §≥–°√√¡°“√¡’§«“¡¡ÿàß¡—Ëπ·≈–µ—Èß„®∑’Ë®–ªØ‘∫—µ‘µ“¡À≈—°°“√ ·≈–°”Àπ¥π‚¬∫“¬µ≈Õ¥®π∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‡æ◊ËÕ √â“ß°“√‡®√‘≠‡µ‘∫‚µÕ¬à“ß¬—Ëß¬◊π¢Õß∫√‘…—∑œ„π√–¬–¬“«

¢âÕ 3. §≥–°√√¡°“√‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ¿“¬„µâ°√Õ∫¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬·≈–®√‘¬∏√√¡∑“ß∏ÿ√°‘® ·≈–®—¥„Àâ¡’°“√Õ∫√¡ºŸâªØ‘∫—µ‘ß“πÕ¬à“ß ¡Ë”‡ ¡Õ

¢âÕ 4. ∫√‘…—∑œ®–¥”‡π‘π∏ÿ√°‘®‚¥¬§”π÷ß∂÷ß§«“¡‡ ’Ë¬ßÕ¬Ÿà‡ ¡Õ ‚¥¬¡’°“√«‘‡§√“–Àå·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß æ√âÕ¡∑—Èßµ‘¥µ“¡§«“¡‡§≈◊ËÕπ‰À«„π°“√‡ª≈’Ë¬π·ª≈ß°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫°“√ª√–°Õ∫∏ÿ√°‘® ·≈–«“ß·ºπ°“√∫√‘À“√§«“¡‡ ’¬ß∑’Ë‡À¡“– ¡Õ¬à“ß ¡Ë”‡ ¡Õ

¢âÕ 5. ∫√‘…—∑œ¡’°“√°”Àπ¥π‚¬∫“¬Õ—π‡ªìπ∑‘»∑“ß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ∑’Ë ”§—≠‰«â≈à«ßÀπâ“∑—Èß·ºπß“π√–¬– —Èπ·≈–√–¬–¬“« ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫ß∫ª√–¡“≥§à“„™â®à“¬¢Õß∫√‘…—∑ æ√âÕ¡∑—Èß„Àâ§«“¡ ”§—≠µàÕ√–∫∫°“√§«∫§ÿ¡·≈–µ√«® Õ∫¿“¬„π°”°—∫¥Ÿ·≈ΩÉ“¬∫√‘À“√„Àâ¥”‡π‘π°“√µ“¡π‚¬∫“¬Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ

¢âÕ 6. ∫√‘…—∑œ‰¥â°”Àπ¥®√√¬“∫√√≥¢Õß∫√‘…—∑‡æ◊ËÕ„Àâ°√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π∑ÿ°§π∂◊ÕªØ‘∫—µ‘·≈â«

2.2 ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ„πªï 2547 ∫√‘…—∑œ ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ 1 §√—Èß §◊Õ °“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2547 ‡¡◊ËÕ

«—π∑’Ë 26 ‡¡…“¬π 2547 ‚¥¬°“√ª√–™ÿ¡‰¥â®—¥∑’Ë ‚√ß·√¡‚´øî‡∑≈ ‡ Áπ∑√—≈ æ≈“ à“∫√‘…—∑œ‰¥â®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ æ√âÕ¡∑—Èß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡µ“¡«“√–µà“ßÊ æ√âÕ¡¥â«¬§«“¡‡ÀÁπ

¢Õß§≥–°√√¡°“√ ”À√—∫ª√–‡¥Áπ∑’ËµâÕß°“√„Àâ∑’Ëª√–™ÿ¡æ‘®“√≥“ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â√—∫∑√“∫≈à«ßÀπâ“ 10 «—π °àÕπ«—πª√–™ÿ¡ “¡—≠ ∫√‘…—∑œ ¡’∫—π∑÷°°“√ª√–™ÿ¡Õ¬à“ß∂Ÿ°µâÕß§√∫∂â«π ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ “¡“√∂µ√«® Õ∫‰¥â °“√¥”‡π‘π°“√‡°’Ë¬«°—∫°“√®—¥ª√–™ÿ¡∑’Ë∫√‘…—∑œ ∂◊ÕªØ‘∫—µ‘∑—Èß„π‡√◊ËÕß√–‡∫’¬∫°“√‡¢â“ª√–™ÿ¡ °“√¡Õ∫©—π∑–¢ÕßºŸâ¡’ ‘∑∏‘Ï‡¢â“√à«¡°“√ª√–™ÿ¡°“√„™â ‘∑∏‘ÏÕÕ°‡ ’¬ß¢ÕßºŸâ∂◊ÕÀÿâπ ‡ªìπ‰ªÕ¬à“ß Õ¥§≈âÕß°—∫°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß

2.3 ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∫√‘…—∑œ ‰¥â„Àâ§«“¡ ”§—≠µàÕ ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

ºŸâ∂◊ÕÀÿâπ∫√‘…—∑œ¡ÿàß¡—Ëπ‡ªìπµ—«·∑π∑’Ë¥’¢ÕßºŸâ∂◊ÕÀÿâπ„π°“√¥”‡π‘π∏ÿ√°‘® ‡æ◊ËÕ √â“ß§«“¡æ÷ßæÕ„® Ÿß ÿ¥·°àºŸâ∂◊ÕÀÿâπ

‚¥¬§”π÷ß∂÷ß°“√‡®√‘≠‡µ‘∫‚µ¢Õß¡Ÿ≈§à“∫√‘…—∑œ„π√–¬–¬“« ¥â«¬º≈µÕ∫·∑π∑’Ë¥’·≈–µàÕ‡π◊ËÕß √«¡∑—Èß°“√¥”‡π‘π°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈Õ¬à“ß‚ª√àß„ ·≈–‡™◊ËÕ∂◊Õ‰¥â

æπ—°ß“π∫√‘…—∑œ ‰¥âªØ‘∫—µ‘°—∫æπ—°ß“πÕ¬à“ß‡ªìπ∏√√¡ ·≈–„Àâº≈µÕ∫·∑π„π√–¥—∫∑’Ë‰¡àµË”°«à“º≈µÕ∫·∑π„π

µ≈“¥·√ßß“π ”À√—∫Õÿµ “À°√√¡‡¥’¬«°—π §Ÿà§â“

°“√ ◊ÈÕ ‘π§â“·≈–∫√‘°“√®“°§Ÿà§â“‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢∑“ß°“√§â“∑’Ë‡ªìπ∏√√¡ ·≈–µ°≈ß√à«¡°—π√«¡∂÷ß°“√ªØ‘∫—µ‘„Àâ‡ªìπ‰ªµ“¡ —≠≠“°—∫§Ÿà§â“

‡®â“Àπ’È∫√‘…—∑œ ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢°“√°Ÿâ¬◊¡‡ß‘πµ“¡¢âÕµ°≈ß·≈– —≠≠“°—∫‡®â“Àπ’È∑ÿ°√“¬

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(2) The Board of Directors intend to conduct in accordance with the principal and policyincluding operating direction of the company in order to build a stable growth and long termbenefit to the company.

(3) The Board of Directors is committed to concentrate on the internal control system inaccordance with the legal requirement and business ethics and will conduct a training sessionto all employees regularly.

(4) The company will conduct its business with good care of risks and will continuously make a riskanalysis and assessment as well as follow up a movement of any legal changes relating to abusiness operation and to make an appropriate plan for risk management.

(5) The company determined its policy for conducting its business direction in advance with ashort term or long term plan in order to comply with an expenditure budget of the company.The company is continuously committed to concentrate on the internal control system in orderto keep efficiency control on management to follow to the companyûs policy.

(6) The company determines a code of conduct for all directors, management and employees tocomply with its performance.

2.2 The Shareholdersû RightsOne shareholdersû meeting was held in 2004 which was the Annual General Meeting for Year

2004 held on April 26, 2004 at the Sofitel Central Plaza Hotel.The invitation letters and the meeting agenda including any necessary information thereof were

arranged and sent to the shareholders 10 days in advance of such meetings. The said documentscomprised of the Boardûs resolutions for the subjects that were brought up for discussion during theshareholders meetings. The shareholders were informed and used for their consideration prior to themeeting. These meetings were properly recorded for the purpose of further auditing by anyshareholder, if required. The meetings were appropriately conducted by complying to the rules andregulations of the Stock Exchange of Thailand regarding procedures, proxy, and voting rights, etc.

2.3 Rights of The Beneficial GroupsThe company places significant importance on each of the following beneficial groups:

Shareholders:Be responsible to act as good representative of the shareholders for conducting the

business operation for the most pleasures to the shareholders in order to build a stable growthof the companyûs value in long term with a good consideration and continuity as well as anarrangement for information disclosure with efficient transparency and trust.

Staff:Be fair and just to staff, as well as provide appropriate compensations of not lower than

the market rate within the retail industry. Suppliers/Vendors:

Comply to purchase and service agreements which were made based on fair tradingterms and conditions providing both with mutually acceptable benefits.

Creditors:Strictly adhere to the terms and conditions of loan borrowing agreements.

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≈Ÿ°§â“∫√‘…—∑œ ‡Õ“„®„ à·≈–√—∫º‘¥™Õ∫µàÕ≈Ÿ°§â“ ®—¥À“·≈–º≈‘µ ‘π§â“∑’Ë¡’§ÿ≥¿“æ ·≈–¡“µ√∞“π √—°…“

§«“¡≈—∫¢Õß≈Ÿ°§â“ ¡’Àπà«¬ß“πÀ√◊Õ∫ÿ§§≈∑’Ë∑”Àπâ“∑’Ë√—∫¢âÕ√âÕß‡√’¬π®“°≈Ÿ°§â“ ‡æ◊ËÕ¥”‡π‘π°“√·°â‰¢¢âÕ∫°æ√àÕß„Àâ·°à≈Ÿ°§â“‚¥¬‡√Á«∑’Ë ÿ¥À“°¢âÕ√âÕß‡√’¬ππ—Èπ¡’‡Àµÿº≈

§Ÿà·¢àß∫√‘…—∑œ ∂◊ÕªØ‘∫—µ‘µ“¡°√Õ∫°µ‘°“°“√·¢àß¢—π∑’Ë¥’ √—°…“∫√√∑—¥∞“π¢Õß¢âÕæ÷ßªØ‘∫—µ‘„π°“√·¢àß¢—π‰¡à

„™â«‘∏’°“√Õ—π‰¡à ÿ®√‘µ‡æ◊ËÕ∑”≈“¬§Ÿà·¢àß æ√âÕ¡∑—Èß àß‡ √‘¡ ·≈– π—∫ πÿππ‚¬∫“¬°“√·¢àß¢—π∑“ß°“√§â“Õ¬à“ß‡ √’·≈–‡ªìπ∏√√¡

™ÿ¡™π∫√‘…—∑œ √—∫º‘¥™Õ∫µàÕ —ß§¡ ‚¥¬„ à„®„π ¿“æ·«¥≈âÕ¡¢Õß™ÿ¡™π ·≈– —ß§¡ π—∫µ—Èß·µà°“√

ÕÕ°·∫∫°àÕ √â“ß·≈–®—¥√Ÿª·∫∫¢Õß√â“π„Àâ¡’ ¿“æ·«¥≈âÕ¡‡À¡“– ¡ æ◊Èπ∑’Ë à«πÀπ÷Ëß¢Õß√â“π®–‡ªìπ ∂“πæ—°ºàÕπ·°à™ÿ¡™π‰¥â √«¡∂÷ß°“√√à«¡®—¥µ—Èß ·≈– π—∫ πÿπ∑“ß°“√‡ß‘π·°à¡Ÿ≈π‘∏‘∫‘Í°´’ ‡æ◊ËÕ¥”‡π‘π°“√¥â“π “∏“√≥ª√–‚¬™πå‡æ◊ËÕµÕ∫·∑π À√◊Õ §◊π°”‰√ Ÿà —ß§¡

∫√‘…—∑œ ∂◊Õ‡ªìππ‚¬∫“¬∑’Ë®–ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥¢Õß°Æ√–‡∫’¬∫·≈–°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß‡æ◊ËÕ¥Ÿ·≈ ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°ΩÉ“¬„Àâ‡°‘¥§«“¡‡ªìπ∏√√¡

2.4 °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπªï 2547 ª√–∏“π°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√‰¥â‡¢â“√à«¡ª√–™ÿ¡ ‚¥¬ª√–∏“π

°√√¡°“√∑”Àπâ“∑’Ë‡ªìπª√–∏“π„π∑’Ëª√–™ÿ¡ ·≈–‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ¡’ ‘∑∏‘Õ¬à“ß‡∑à“‡∑’¬¡°—π„π°“√µ√«® Õ∫´—°∂“¡‡°’Ë¬«°—∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ √«¡∂÷ß°“√‡ªî¥‚Õ°“ „Àâ· ¥ß§«“¡§‘¥‡ÀÁπ·≈–‡ πÕ¢âÕ·π–π”µà“ßÊ„π°“√π’È ‰¥â∫—π∑÷°ª√–‡¥Áπ —°∂“¡ ·≈–¢âÕ§‘¥‡ÀÁπ∑’Ë ”§—≠‰«â„π√“¬ß“π°“√ª√–™ÿ¡ ·≈–π”‡ πÕµàÕ∑’Ëª√–™ÿ¡§≥–°√√¡°“√

2.5 ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå§≥–°√√¡°“√‡ªìπºŸâ¡’¿“«–ºŸâπ” ¡’«‘ —¬∑—»πå ·≈–¡’§«“¡‡ªìπÕ‘ √–„π°“√µ—¥ ‘π„® ‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß

∫√‘…—∑·≈–ºŸâ∂◊ÕÀÿâπ‚¥¬√«¡ §≥–°√√¡°“√¬—ß¡’ à«π√à«¡„π°“√„Àâ§«“¡‡ÀÁπ™Õ∫«‘ —¬∑—»πå ·ºπ∏ÿ√°‘® ¿“√°‘® °≈¬ÿ∑∏å‡ªÑ“À¡“¬ ·≈–ß∫ª√–¡“≥¢Õß∫√‘…—∑œ µ≈Õ¥®πµ‘¥µ“¡·≈–°”°—∫¥Ÿ·≈„ÀâΩÉ“¬®—¥°“√¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡∑’Ë‰¥â√—∫§«“¡‡ÀÁπ™Õ∫‰«âπ—Èπ Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘® Ÿß ÿ¥„Àâ·°à°‘®°“√ ·≈–§«“¡¡—Ëπ§ß Ÿß ÿ¥„Àâ·°àºŸâ∂◊ÕÀÿâπ

2.6 §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå‡æ◊ËÕªÑÕß°—π§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå §≥–°√√¡°“√‰¥â¥Ÿ·≈Õ¬à“ß√Õ∫§Õ∫‡¡◊ËÕ‡°‘¥√“¬°“√∑’ËÕ“®¡’§«“¡

¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ‚¥¬°”Àπ¥π‚¬∫“¬·≈–¢—ÈπµÕπ°“√Õπÿ¡—µ‘√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π„Àâ‡ªìπ‰ªµ“¡ª√–°“»∑’Ë‡°’Ë¬«¢âÕß¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ √«¡∑—Èß°”Àπ¥π‚¬∫“¬·≈–«‘∏’°“√¥Ÿ·≈‰¡à„ÀâºŸâ∫√‘À“√·≈–ºŸâ‡°’Ë¬«¢âÕßπ”¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑œ ‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµπ ¥—ßπ’È

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Customers:Be attentive and responsible to customersû needs; particularly in maintaining consistent

standard procurement and manufacturing of quality products. Keep customersû dataconfidential and ensure that concerned staff handling customersû complaints by providingcorrective action to reasonable complaints immediately.

Competitors:Perform within the proper framework for a fair trade amongst competitors, while

avoiding any misconduct or abuse of code of ethics. Implement and support Free and Faircompetition under Trade Competition Act.

Community:Be responsible to the society and environment from the construction plans and layout of

stores which have been designed to facilitate the community whereby certain areas have beendesignated for community centers. Moreover, funds from the establishment of the Big CFoundation are utilized to support community infrastructure which will eventually be paid backto society at large.

The company maintains its policy to comply with the rules, regulations or any legal matter inorder to protect the interests of all parties.

2.4 The Shareholders MeetingThe Chairman and the Managing Director attended the Shareholders Meeting of 2004 of which

he also acted as Chairman. In such meeting, all shareholders had an equal opportunity to examine andask for the companyûs business operation as well as to give advice and recommendation. The Allsignificant matters raised by the shareholders regarding the Companyûs business operations wererecorded in the minutes of the meeting in order to report to the Board of Directorsû Meeting.

2.5 Leadership and VisionThe Board of Directors is composing of the person who has leadership skill, vision and

independence in decision making for the best interest of the Company and Shareholders. The Boardof Directors participated in the approval of the companyûs vision, business plans, mission, strategies,goals and budget. The Board will superintend to ensure that the management team has followed andimplemented with efficiency and effectiveness while heightening value added for the company, andultimately gaining more value for the shareholders.

2.6 Conflict of InterestsIn order to prevent any conflict of interest, the Board of Directors will place strong focus on

the transactions that may possibly be occurred, by establishing a Policy and Procedure on the approvalof related transactions in accordance with the rules and regulations of the Stock Exchange of Thailand,and on the prevention of usage of internal information for personal benefits of executives and/orinvolved persons as follows:

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√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå§≥–°√√¡°“√‰¥â„™â§«“¡æ¬“¬“¡Õ¬à“ß¥’∑’Ë ÿ¥ ‡æ◊ËÕ„Àâ∑√“∫∂÷ß√“¬°“√∑’Ë¡’§«“¡¢—¥·¬âß∑“ßº≈

ª√–‚¬™πå·≈–√“¬°“√°—∫π‘µ‘∫ÿ§§≈ À√◊Õ ∫ÿ§§≈∑’Ë‡°’Ë¬«‚¬ß°—π ∑’Ë¡’ “√– ”§—≠ ·≈–‰¥âæ‘®“√≥“§«“¡‡À¡“– ¡¢Õß°“√¥”‡π‘π°“√„π·µà≈–‡√◊ËÕßπ—ÈπÕ¬à“ß√Õ∫§Õ∫ √«¡∑—Èß¡’°“√ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬°”Àπ¥√“§“·≈–‡ß◊ËÕπ‰¢‡ ¡◊Õπ∑”√“¬°“√°—∫∫ÿ§§≈¿“¬πÕ° (ArmûsLength Basis) ·≈–‰¥â‡ªî¥‡º¬¡Ÿ≈§à“√“¬°“√ §Ÿà —≠≠“ ‡Àµÿº≈ / §«“¡®”‡ªìπ Õ¬à“ß‡æ’¬ßæÕ‰«â„π√“¬ß“πª√–®”ªï ·≈–·∫∫ 56-1 ·≈â«

°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π°”Àπ¥„Àâ°√√¡°“√·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß√“¬ß“π°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬å µàÕ

”π—°ß“π°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535

2.7 ®√‘¬∏√√¡∏ÿ√°‘®∫√‘…—∑œ‰¥âÕÕ°¢âÕæ÷ßªØ‘∫—µ‘‡°’Ë¬«°—∫®√√¬“∫√√≥¢Õßæπ—°ß“π√–¥—∫®—¥°“√¢÷Èπ‰ª ‡æ◊ËÕ„Àâæπ—°ß“π√–¥—∫

®—¥°“√∂◊Õ‡ªìπ·π«∑“ß„π°“√ªØ‘∫—µ‘Àπâ“∑’Ëµ“¡¿“√°‘®∑’Ë∫√‘…—∑œ ¡Õ∫À¡“¬ ¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ·≈–‡∑’Ë¬ß∏√√¡∑—Èß„π¥â“π°“√ªØ‘∫—µ‘µàÕ ∫√‘…—∑œ ºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ “∏“√≥™π ·≈– —ß§¡ ‚¥¬æπ—°ß“π√–¥—∫®—¥°“√‰¥â≈ßπ“¡√—∫∑√“∫°“√µâÕß∂◊ÕªØ‘∫—µ‘‡ªìπª√–®”∑ÿ°ªï ∫√‘…—∑œ ¬—ß‰¥âµ‘¥µàÕ ◊ËÕ “√°—∫æπ—°ß“π√–¥—∫®—¥°“√Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–µ‘¥µ“¡ Õ¥ àÕß°“√ªØ‘∫—µ‘µ“¡·π«∑“ß¥—ß°≈à“«Õ¬à“ß ¡Ë”‡ ¡Õ √«¡∂÷ß°”Àπ¥∫∑≈ß‚∑…∑“ß«‘π—¬‰«â¥â«¬

2.8 °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√§≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π 13 ∑à“πª√–°Õ∫¥â«¬

°√√¡°“√∑’Ë‡ªìπºŸâ∫√‘À“√ 1 ∑à“π °√√¡°“√∑’Ë‰¡à‰¥â‡ªìπºŸâ∫√‘À“√ 9 ∑à“π °√√¡°“√µ√«® Õ∫ 3 ∑à“π (∑ÿ°∑à“π‡ªìπ°√√¡°“√Õ‘ √–)

°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π §‘¥‡ªìπ√âÕ¬≈– 23 ¢Õß®”π«π°√√¡°“√∑—Èß§≥–·≈–¡’§ÿ≥ ¡∫—µ‘§√∫∂â«π∑’Ë®–¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √–¢Õß∫√‘…—∑ µ“¡‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ πÕ°®“°π’È‚§√ß √â“ß¢Õß§≥–°√√¡°“√∫√‘…—∑œ ª√–°Õ∫¥â«¬ °√√¡°“√∑’Ë‰¡à‰¥â‡ªìπºŸâ∫√‘À“√®”π«π 9 ∑à“π §‘¥‡ªìπ√âÕ¬≈– 69 ¢Õß°√√¡°“√∑—Èß§≥– ®÷ß‡™◊ËÕ¡—Ëπ‰¥â«à“ ¡’°“√∂à«ß¥ÿ≈°—πÕ¬à“ß‡À¡“– ¡„π‚§√ß √â“ß°√√¡°“√¢Õß∫√‘…—∑œ

2.9 °“√√«¡À√◊Õ·¬°µ”·Àπàß ª√–∏“π°√√¡°“√‡ªìπµ—«·∑π¢ÕßºŸâ∂◊ÕÀÿâπ√“¬„À≠à ÷Ëß∂◊ÕÀÿâπ√âÕ¬≈– 11.75 ¢Õß®”π«πÀÿâπ∑—ÈßÀ¡¥ ª√–∏“π°√√¡°“√ ‰¡à„™à∫ÿ§§≈‡¥’¬«°—π°—∫ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–°√√¡°“√ºŸâ®—¥°“√„À≠à ·µà∑—Èß Õß

∑à“π‡ªìπµ—«·∑π®“°°≈ÿà¡ºŸâ∂◊ÕÀÿâπ„À≠à §π≈–°≈ÿà¡°—π °“√®—¥‚§√ß √â“ß§≥–°√√¡°“√¢Õß∫√‘…—∑œ „Àâ¡’°√√¡°“√∑’Ë‡ªìπÕ‘ √–√âÕ¬≈– 23 ∑”„Àâ‡°‘¥°“√∂à«ß¥ÿ≈ ·≈– °“√ Õ∫∑“π°“√∫√‘À“√ß“π Õ¬à“ß√Õ∫§Õ∫

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Connected TransactionsThe Board of Directors will put utmost effort to seek out connected transactions with

potential conflict of interest between juristic company and persons involved. Each transactionhas carefully been taken into consideration and ensured that it complied to the rules andregulations of the Stock Exchange of Thailand in the determination of prices and conditionswhich were conducted with the same standard as that of external vendors (Armûs Length Basis).In addition, the disclosure of transaction values, contractual parties, reasons/necessities weresufficiently shown in the Company Annual Report and Form 56-1.

The Supervision of Internal InformationThe Board of Directors and Executive Committee members are required to report the

Companyûs stock trading transactions to the Security Exchange of Commission (Section 59) ofthe Stock Exchange of Thailand Act B.E. 1992.

2.7 Code of ConductThe Company has enforced a Code of Conduct for which managerial staff level and above are

required to sign acknowledgement annually in applying the code to their job assignments andresponsibilities of the incumbent, whose performance are accountable towards all the beneficialgroups, as well as the public and society. The Company provides communications on a regularbasis in closely monitoring management staff performance while the penalization for offenders hasalso been determined.

2.8 Balance of Power of Non-Executive DirectorsThere are 13 Directors as follows:

Executive Director (1) Non-Executive Directors (9) Audit Committee (3) (All are independent directors.)

The (3) Audit Committee are accounting of 23% of the total number of Directors whosequalifications are entirely appropriate to the position according to the criteria set by the StockExchange of Thailand. In addition, the structure of the Board of Directors of the Company iscomposing of (9) Non-Executive Directors accounting of 69% of the total number of Directors.The balance of power of Non-Executive Directors has been structured appropriately.

2.9 Equalization of Managing Power The Chairman will represent the major shareholders holding 11.75% of the total number of

company stock. The Chairman is not the same person who holds the position of the Chief Executive Officer

and Managing Director. However, both are representatives of different groups of majorshareholders. The Board of Directorsû structure comprises of 23% Independent Directors inorder that the equalization of power and examination of management can be properlyincurred.

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2.10 §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√§à“µÕ∫·∑π°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰«âÕ¬à“ß™—¥‡®π·≈–‚ª√àß„ §à“

µÕ∫·∑πÕ¬Ÿà„π√–¥—∫‡¥’¬«°—∫Õ—µ√“¢ÕßÕÿµ “À°√√¡ ·≈– Ÿß‡æ’¬ßæÕ∑’Ë®–¥÷ß¥Ÿ¥·≈–√—°…“°√√¡°“√∑’Ë¡’§ÿ≥ ¡∫—µ‘∑’ËµâÕß°“√‰«â‰¥â Õ—µ√“§à“µÕ∫·∑π°√√¡°“√‰¥â√—∫Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

®”π«π§à“µÕ∫·∑π„πªï 2547 ∫√‘…—∑œ ‰¥â®à“¬§à“µÕ∫·∑πµà“ßÊ „Àâ·°à °√√¡°“√·≈–ºŸâ∫√‘À“√¡’√“¬≈–‡Õ’¬¥¥—ßπ’È §à“µÕ∫·∑πµ—«‡ß‘π

1. °√√¡°“√ªï 2546 ªï 2547

®”π«π§π ®”π«π‡ß‘π√«¡ ®”π«π§π ®”π«π‡ß‘π√«¡‡∫’È¬ª√–™ÿ¡ 12 1,800,000 ∫“∑ 12 1,980,000 ∫“∑

2. °√√¡°“√∫√‘À“√ ·≈–ºŸâ∫√‘À“√Õ◊Ëπ∑’Ë‰¡à„™à°√√¡°“√∫√‘…—∑œªï 2546 ªï 2547

®”π«π§π ®”π«π‡ß‘π√«¡ ®”π«π§π ®”π«π‡ß‘π√«¡‡ß‘π‡¥◊Õπ ‚∫π— ·≈–§à“µÕ∫·∑πÕ◊ËπÊ 11 91,236,010 ∫“∑ 11 95,458,939 ∫“∑

§à“µÕ∫·∑πÕ◊ËπÊ ∑’Ë‰¡à„™à‡ß‘π- °√√¡°“√ °“√„Àâ„∫ ”§—≠· ¥ß ‘∑∏‘Ï´◊ÈÕÀÿâπ “¡—≠- °√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√Õ◊Ëπ∑’Ë‰¡à„™à°√√¡°“√∫√‘…—∑ °“√„Àâ„∫ ”§—≠· ¥ß ‘∑∏‘Ï´◊ÈÕÀÿâπ “¡—≠

2.11 °“√ª√–™ÿ¡§≥–°√√¡°“√‚¥¬ª°µ‘ ∫√‘…—∑œ °”Àπ¥«—ππ—¥ª√–™ÿ¡§≥–°√√¡°“√‰«â≈à«ßÀπâ“µ≈Õ¥∑—Èßªï ‡æ◊ËÕÕ”π«¬§«“¡ –¥«°·°à

°√√¡°“√∑ÿ°∑à“π ‚¥¬‡©æ“–°√√¡°“√∑’Ë¡’¿Ÿ¡‘≈”‡π“„πµà“ßª√–‡∑» ·≈–Õ“®¡’°“√ª√–™ÿ¡æ‘‡»…‡æ‘Ë¡µ“¡§«“¡®”‡ªìπ∑“ß∏ÿ√°‘® πÕ°®“°π’È ¬—ß¡’«“√–æ‘®“√≥“µ‘¥µ“¡º≈°“√¥”‡π‘πß“π∫√√®ÿ„π«“√–°“√ª√–™ÿ¡°√√¡°“√Õ¬à“ß ¡Ë”‡ ¡Õ´÷Ëß‡≈¢“πÿ°“√∫√‘…—∑œ ‰¥â¡’°“√®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡æ√âÕ¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡ ·≈– ‡Õ° “√ª√–°Õ∫„Àâ·°à°√√¡°“√∑ÿ°∑à“π°àÕπ°“√ª√–™ÿ¡≈à«ßÀπâ“ 7 «—π ‡æ◊ËÕ„Àâ§≥–°√√¡°“√‰¥â¡’‡«≈“»÷°…“¢âÕ¡Ÿ≈Õ¬à“ß‡æ’¬ßæÕ°àÕπ‡¢â“√à«¡ª√–™ÿ¡ ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥ 2-3 ™.¡. ‚¥¬„πªï 2547 ∑’Ëºà“π¡“ §≥–°√√¡°“√¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘®”π«π 4 §√—Èß ·≈–ª√–™ÿ¡µ“¡«“√–æ‘‡»…®”π«π 5 §√—Èß √«¡∑—Èß ‘Èπ 9 §√—Èß ‚¥¬°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ·µà≈–∑à“π √ÿª‰¥â¥—ßπ’È

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2.10 Remuneration for Directors and ExecutivesThe Company has clarified the neutral policy for the remuneration of Directors which is based

on that of the industry level which is sufficiently attractive and in maintaining qualified Directors. Thiswas approved in the Shareholdersû Meeting.

Total remuneration in 2004 paid to Directors and Executive are as follows: Money remuneration

1. Directors2003 2004

Number of Total Amount Number of Total AmountPersons Persons

Meeting allowance 12 1,800,000.- Baht 12 1,980,000.- Baht

2. Executive Director and Executives who are not Directors2003 2004

Number of Total Amount Number of Total AmountPersons Persons

Salaries , bonus andother remuneration 11 91,236,010.- Baht 11 95,458,939.- Baht

Other Forms of Remuneration- Directors - stock option awards- Executive Directors and Executives who are not director - stock option awards

2.11 Board of Directorsû MeetingNormal practice dictates that the Company will notify the Board of Directors the schedule of

the Boardûs meetings for the following year in advance in order to facilitate all Directors, in particularDirectors who have domiciles overseas. A special meeting may additionally be held due to the necessityof the Companyûs business. Moreover, a consideration and acknowledgement of Business Review andPerformance is always fixed in the agendas for the Boardûs meeting. The Companyûs secretary sendsinvitation letters together with the agendas, including any corporate documents for a meeting to allDirectors 7 days in advance. This allows the Directors adequate time to consider matters prior to themeetings. Each meeting ordinarily lasts approximately 2-3 hours. In the year 2004, the Board ofDirectors held 4 general meetings and 5 special meetings, totaling 9 meetings. The following is asummary of the Board of Directorsû Meeting attendance.

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°“√‡¢â“√à«¡ª√–™ÿ¡ / °“√ª√–™ÿ¡∑—ÈßÀ¡¥ (§√—Èß)√“¬™◊ËÕ °“√ª√–™ÿ¡ °“√ª√–™ÿ¡ √«¡

«“√–ª°µ‘ «“√–æ‘‡»…1. π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå 4/4 5/5 9/92. π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠ 4/4 5/5 9/93. √». ¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï 1/4 2/5 3/94. ¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå 3/4 5/5 8/95. π“¬Õ’ø ·∫√å°π“√å ‡∫√∫ÁÕß 4/4 5/5 9/96. π“¬∑» ®‘√“∏‘«—≤πå 4/4 5/5 9/97. π“¬‡™√“√å¥ ‚√‡™à ‡¥√Õ·«≈ --- 2/5 2/98. π“¬ªî·Õ√å ∫√Ÿ‚π ™“√å≈ ∫Ÿ™Ÿ∑å 2/4 --- 2/99. π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡ä° ’‡Õ√å 4/4 2/5 6/910. π“¬®ÕÀåπ ‡´’¬π ´Ÿ ≈‘π 3/4 --- 3/911. π“¬¨Õß ¡‘‡™≈ ∫“™ 1/4 --- 1/912. π“¬™“√å§ ‚¥¡‘π‘§ ‡Õ¡“π 4/4 3/5 7/913. π“¬§√‘ µÕø °‘≈¬ß --- --- ---14. æ≈‡Õ° «‘π—¬ ¿—∑∑‘¬°ÿ≈ 2/4 2/5 4/915. π“¬‡«’¬¥ Œß ‚¥ 1/4 --- 1/9

À¡“¬‡Àµÿ 1. √». ¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï ÕÕ°®“°°“√‡ªìπ°√√¡°“√‡¡◊ËÕ§√∫°”Àπ¥«“√– „π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2547 ‡¡◊ËÕ«—π∑’Ë

26 ‡¡…“¬π 2547 ·≈–·µàßµ—Èßæ≈‡Õ°«‘π—¬ ¿—∑∑‘¬°ÿ≈ ‡ªìπ°√√¡°“√„À¡à·∑π°√√¡°“√∑’Ë§√∫°”Àπ¥«“√– ‚¥¬®¥∑–‡∫’¬πµàÕ

°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 27 ‡¡…“¬π 2547

2. π“¬‡™√“√å¥ ‚√‡™à ‡¥√Õ·«≈ æâπµ”·Àπàß°√√¡°“√ ‡π◊ËÕß®“°‡ ’¬™’«‘µ‡¡◊ËÕ«—π∑’Ë 27 æƒ…¿“§¡ 2547 ·≈–®¥∑–‡∫’¬π·®âßµàÕ

°√–∑√«ßæ“≥‘™¬å ‡¡◊ËÕ«—π∑’Ë 10 ¡‘∂ÿπ“¬π 2547

3. §≥–°√√¡°“√¡’¡µ‘Õπÿ¡—µ‘·µàßµ—Èßπ“¬‡«’¬¥ Œß ‚¥ ‡ªìπ°√√¡°“√„À¡à ·∑ππ“¬‡™√“√å¥ ‚√‡™à ‡¥√Õ·«≈ °√√¡°“√∑’Ë‡ ’¬™’«‘µ „π

°“√ª√–™ÿ¡°√√¡°“√§√—Èß∑’Ë 8/2547 ‡¡◊ËÕ«—π∑’Ë 5 µÿ≈“§¡ 2547 ·≈–®¥∑–‡∫’¬πµàÕ°√–∑√«ßæ“≥‘™¬å‡¡◊ËÕ«—π∑’Ë 19 µÿ≈“§¡ 2547

∑—Èßπ’È ‰¥â¡’°“√®¥∫—π∑÷°°“√ª√–™ÿ¡‡ªìπ≈“¬≈—°…≥åÕ—°…√ ®—¥‡°Á∫√“¬ß“π°“√ª√–™ÿ¡∑’Ëºà“π°“√√—∫√Õß®“°§≥–°√√¡°“√‰«âÕ¬à“ß§√∫∂â«π æ√âÕ¡„Àâ §≥–°√√¡°“√·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕßµ√«® Õ∫‰¥â∑ÿ°¢≥–

2.12 §≥–Õπÿ°√√¡°“√2.12.1 §≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µàßµ—Èß§≥–Õπÿ°√√¡°“√‡æ◊ËÕ™à«¬„π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ µ—Èß·µàªï

æ.». 2542 §◊Õ §≥–°√√¡°“√µ√«® Õ∫®”π«π 3 ∑à“π ·≈–∑—Èß 3 ∑à“π ‡ªìπ°√√¡°“√Õ‘ √– ¡’«“√–„π°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ·≈–§√∫«“√–‡¡◊ËÕ«—π∑’Ë 16 æƒ»®‘°“¬π 2545 ÷ËßµàÕ¡“∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 14 °ÿ¡¿“æ—π∏å 2546 ‰¥â¡’¡µ‘·µàßµ—Èß„Àâ§≥–°√√¡°“√µ√«® Õ∫∑—Èß 3 ∑à“π¥”√ßµ”·ÀπàßµàÕ‰ªÕ’°«“√–Àπ÷Ëß ‚¥¬„Àâ¡’º≈µàÕ‡π◊ËÕßµ—Èß·µà«—π∑’Ë 17 æƒ»®‘°“¬π 2545 ·≈–®– ‘Èπ ÿ¥«“√–°“√¥”√ßµ”·Àπàß«“√–∑’Ë Õß„π«—π∑’Ë 16 æƒ»®‘°“¬π 2548

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Attendance / Number of Meeting (times)Name General Special Total

Meeting Meeting1. Mr. Suthichart Chirathivat 4/4 5/5 9/92. Mr. Nontaphon Nimsomboon 4/4 5/5 9/93. Dr. Chiradet Ousawat 1/4 2/5 3/94. Dr. Rongphol Charoenphandhu 3/4 5/5 8/95. Mr. Yves Bernard Braibant 4/4 5/5 9/96. Mr. Tos Chirathivat 4/4 5/5 9/97. Mr. Gerard Roger Drevelle --- 2/5 2/98. Mr. Pierre Bruno Charles Bouchut 2/4 --- 2/99. Mr. Andre Claude Luc Mercier 4/4 2/5 6/910. Mr. John Sian Zu Lin 3/4 --- 3/911. Mr. Jean-Michel BARGE 1/4 --- 1/912. Mr. Jacques Dominique Ehrmann 4/4 3/5 7/913. Mr. Christophe Guillon --- --- ---14. General Winai Phattiyakul 2/4 2/5 4/915. Mr. Viet Hung Do 1/4 --- 1/9

Remark: Dr. Chiradet Ousawat resigned from the Board of Directors upon the rotation of his period and the AnnualGeneral Meeting of shareholders for the year 2004 held on April 26, 2004. The shareholders meeting hasappointed General Winai Phattiyakul as a director member in replace of the said rotation director and that hasbeen registered at the Ministry of Commerce on April 27, 2004.

Mr. Gerard Roger Drevelle was vacated from the Board of Directors due to his depart on May 27, 2004 and theCompany has registered his vacate to the Ministry of Commerce on June 10, 2004.

The Board of Directors has resolved to appoint Mr. Viet Hung Do as the directors in replace of Mr. GerardRoger Drevelle whom was depart at the Board of Directorsû meeting No 8/2004 on October 5, 2004 . TheCompany has registered such appointment at the Ministry of Commerce on October 19, 2004.

As such, the minutes of all the meetings were made in writing and certified by the Board ofDirectors and are retained. The minutes are available for auditing by the Board of Directors and anyconcerned person at any time.

2.12 Sub-CommitteeThe Board of Directors has appointed a Sub-Committee to assist on control of the companyûs

operation as follows:2.12.1 The Audit Committee was appointed by the Boardûs resolution since 1999 which is consisting

of 3 independent committee members and all 3 members are independent directors. TheAudit Committee has a 3-year term of holding position in office and the term expired onNovember 16, 2002. Thereafter, the Board of Directors on February 14, 2003 has alreadyresolved the re-appointment of those Audit Committees for another term. The term ofholding position in office is continuously extended from November 17, 2002 and will beended on November 16, 2005.

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µàÕ¡“ *√». ¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï °√√¡°“√ (°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–) ∑’Ë§√∫°”Àπ¥µâÕßÕÕ°µ“¡«“√–„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2547 ‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2547 ·≈–· ¥ß§«“¡ª√– ß§å¢Õ≈“ÕÕ°®“°°“√‡ªìπ°√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ¥—ß°≈à“«®÷ßÕπÿ¡—µ‘·µàßµ—Èßæ≈‡Õ°«‘π—¬ ¿—∑∑‘¬°ÿ≈ ‡ªìπ°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–∑à“π„À¡à¢÷Èπ·∑π

§≥–°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–∑—Èß 3 ∑à“π ª√–°Õ∫‰ª¥â«¬ π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ æ≈‡Õ°«‘π—¬ ¿—∑∑‘¬°ÿ≈ °√√¡°“√µ√«® Õ∫ ¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå °√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√µ√«® Õ∫¡’°“√ª√–™ÿ¡ ¡Ë”‡ ¡Õ „πªï 2547 ¡’°“√ª√–™ÿ¡∑—Èß ‘Èπ 4 §√—Èß ·≈–√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑œ ´÷Ëß‰¥â¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√µ√«® Õ∫¡’Àπâ“∑’Ëæ‘®“√≥“·≈–¥”‡π‘π°“√„π‡√◊ËÕßµà“ßÊ ¥—ßµàÕ‰ªπ’È Õ∫∑“π„Àâ∫√‘…—∑œ ¡’°“√√“¬ß“π∑“ß°“√‡ß‘πÕ¬à“ß∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ Õ∫∑“π„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π (internal control) ·≈–°“√µ√«® Õ∫¿“¬„π

(internal audit) ∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘¿“æ Õ∫∑“π„Àâ∫√‘…—∑œ ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ¢âÕ°”Àπ¥¢Õß

µ≈“¥À≈—°∑√—æ¬å À√◊Õ°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ æ‘®“√≥“ §—¥‡≈◊Õ° ·≈–‡ πÕ·µàßµ—Èß·≈–‡ πÕ§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡

¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡∂Ÿ°µâÕß§√∫∂â«π ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√°“√µ√«® Õ∫‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”

ªï¢Õß∫√‘…—∑œ ´÷Ëß√“¬ß“π¥—ß°≈à“«µâÕß≈ßπ“¡‚¥¬ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑œ ¡Õ∫À¡“¬¥â«¬§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√

µ√«® Õ∫2.12.2 §≥–°√√¡°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ‰¥â√—∫°“√·µàßµ—Èßµ“¡¡µ‘∑’Ëª√–™ÿ¡§≥–

°√√¡°“√∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 27 ¡‘∂ÿπ“¬π 2546 Õπÿ¡—µ‘„Àâ‡ª≈’Ë¬π·ª≈ß§≥–°√√¡°“√®—¥ √√‚§√ß°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ®“°°“√°”Àπ¥‚¥¬µ—«∫ÿ§§≈ ¡“‡ªìπ°“√°”Àπ¥‚¥¬µ”·Àπàß¢Õß°√√¡°“√·∑π ª√–°Õ∫‰ª¥â«¬°√√¡°“√¢Õß∫√‘…—∑∑’Ë¡’µ”·Àπàß¥—ßπ’È ª√–∏“π°√√¡°“√ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√·≈–°√√¡°“√ºŸâ®—¥°“√„À≠à °√√¡°“√°≈ÿà¡∑’Ë 1 ÷Ëß‡ªìπºŸâ·∑π°√√¡°“√°≈ÿà¡∫√‘…—∑§“ ‘‚πª√–®”¿“§æ◊Èπ‡Õ‡™’¬

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Accordingly after that Dr. Chiradet Ousawat, director (Audit Committee andIndependent Committee), upon the rotation of his period during the Annual GeneralMeeting of shareholders for the year 2004 held on April 26, 2004, declared that he intendedto resign from the Board of Directors. The Annual General Meeting of shareholders, then,has appointed General Winai Phattiyakul as a director member in replace of the saidrotation director as the Audit Committee and Independent Committee.

The Audit Committee and Independent Committee are as follows: Mr. Nontaphon Nimsomboon Chairman of the Audit Committee General Winai Phattiyakul Audit Committee Dr. Rongphol Charoenphandhu Audit Committee

The Audit Committee meets on a regular basis. In the year 2004, there were 4 meetingstook place, after which the Audit Committee accordingly made reports to the Board ofDirectors of the subjects determined as the powers and duties of the Audit Committee are asfollows: To re-examine that the financial statements are presented correctly and fairly stated; To re-examine that the companyûs internal control and internal audit system are

appropriate and efficient; To re-examine that the Companyûs operation complies with the regulations of the

Securities and Exchange Commission, the Stock Exchange of Thailand, and otherrelated regulations;

To review, select and propose for the appointment and remuneration of the companyûsaudit;

To ascertain that the information of the company is disclosed correctly and completelyin case of related transactions of any particulars or may result in any transactions withconflicts of interest;

To prepare reports regarding the supervision of the company and subsequently disclosein the Company Annual Report which must be signed by the Chairman of the AuditCommittee;

To perform any other tasks as assigned by the companyûs Board of Directors whichmust be approved by the Audit Committee.

2.12.2 The Stock Option Awards Committee was appointed by the resolution of the Board ofDirectorsû Meeting on June 27, 2003 The Board of Directors has approved the new criteria toappoint the Stock Option Awards Committee from appointing by person to appointing byposition instead. The new Stock Option Awards Committee members are as follows: Chairman of the Board Chief Executive Officer & President Director in Group 1, Who is the representative of Casino Group

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2.13 √–∫∫°“√§«∫§ÿ¡·≈–µ√«® Õ∫¿“¬„π °“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π

∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ√–∫∫°“√§«∫§ÿ¡¿“¬„π ∑—Èß„π¥â“π°“√∫√‘À“√ ·≈–¥â“π°“√ªØ‘∫—µ‘ß“π ‡æ◊ËÕ„Àâ‰¥âº≈ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ ∫√‘…—∑œ °”Àπ¥¿“√–Àπâ“∑’Ë Õ”π“®°“√¥”‡π‘π°“√¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√„™â∑√—æ¬å ‘π¢Õß∫√‘…—∑œ „Àâ‡°‘¥ª√–‚¬™πå ·≈–¡’°“√·∫àß·¬°Õ”π“®Àπâ“∑’Ë¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâµ‘¥µ“¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π ‡æ◊ËÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈– Õ∫∑“π¬—π√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È ¬—ß¡’°“√§«∫§ÿ¡¿“¬„π‡°’Ë¬«°—∫√–∫∫ß“π¥â“π°“√‡ß‘π ÷Ëß°”Àπ¥„Àâ¡’√–∫∫°“√√“¬ß“π∑“ß°“√‡ß‘π ·≈–∫—≠™’ ‡ πÕµàÕºŸâ∫√‘À“√„π “¬ß“π∑’Ë√—∫º‘¥™Õ∫

∫√‘…—∑œ ®—¥µ—ÈßΩÉ“¬µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëµ√«® Õ∫ß“π¥â“πµà“ßÊ ‡æ◊ËÕ„Àâ¡—Ëπ„®«à“ °“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π ·≈–∑“ß°“√§â“∑’Ë ”§—≠¢Õß∫√‘…—∑œ ¥”‡π‘πµ“¡·π«∑“ß∑’Ë§≥–°√√¡°“√°”Àπ¥Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ √«¡∂÷ßµ√«® Õ∫°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ (compliance control) Àπà«¬ß“πµ√«® Õ∫¿“¬„π¡’§«“¡‡ªìπÕ‘ √–„π√–¥—∫Àπ÷Ëß ·≈– “¡“√∂∑”Àπâ“∑’Ëµ√«® Õ∫·≈–∂à«ß¥ÿ≈‰¥âæÕ ¡§«√ ΩÉ“¬µ√«® Õ∫¿“¬„π ªí®®ÿ∫—π√“¬ß“πº≈°“√µ√«® Õ∫ºà“π√Õß°√√¡°“√ºŸâ®—¥°“√ΩÉ“¬∫—≠™’°“√‡ß‘π °√√¡°“√ºŸâ®—¥°“√∫√‘…—∑œ ·≈–°√√¡°“√µ√«® Õ∫

°“√∫√‘À“√§«“¡‡ ’Ë¬ß§≥–°√√¡°“√∫√‘…—∑œ „Àâ§«“¡ ”§—≠‡°’Ë¬«°—∫°“√∫√‘À“√§«“¡‡ ’Ë¬ßÕ¬à“ß¡“° ∫√‘…—∑œ ¡’°“√

°”Àπ¥·≈–ª√–‡¡‘π§«“¡‡ ’Ë¬ß¢Õß°‘®°“√ ¡’°“√°”Àπ¥¡“µ√∞“π°“√ªÑÕß°—π·≈–®—¥°“√≈¥§«“¡‡ ’Ë¬ß„ÀâÕ¬Ÿà„π√–¥—∫∑’Ë‡À¡“– ¡ ÷Ëß√«¡∂÷ß§«“¡‡ ’Ë¬ß∑’Ë¡’º≈µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ µ“¡∑’Ë√–∫ÿ„π·∫∫ 56-1 ¡’°“√°”°—∫¥Ÿ·≈ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß

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

∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬ ÷Ëß Õ¥§≈âÕß°—∫¡“µ√∞“π°“√∫—≠™’ “°≈‡ªìπ à«π„À≠à ‚¥¬‡≈◊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®—¥„Àâ¡’°“√¥”√ß√—°…“‰«â´÷Ëß√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ ‡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‡°‘¥°“√∑ÿ®√‘µ À√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠

„π°“√π’È §≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëßª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√¡“‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π ·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’Èª√“°Ø„π√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫´÷Ëß· ¥ß‰«â„π√“¬ß“πª√–®”ªï·≈â«

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2.13 Internal Control System and Internal Audit Internal Control and Internal Audit

The Company considers it a necessity for Internal Control both in management andoperation for efficiency of performance results, and therefore has clearly determined the dutiesand authorities for management operation and executives in writing. The company controls theutilization of assets which would most benefit the organization and has also separated the dutiesof the management, the business monitor and work assessment persons in order to equalizeand examine each other in a most suitable and fair manner. In addition, there is the internalcontrol relating to the financial working system whereby the company has arranged for thefinancial and accounting report system to be presented directly to the responsible management.

The company appoints the internal audit division whose duties and responsibilities areto audit other departments in order to instill confidence that the principal for workingoperation and financial activity, as well as trading operation have been performed in the trendsdetermined by the Board of Directors as most efficient. The same applies to performance inaccordance with laws and regulations relating to the company (compliance control). Theinternal audit division shall have a certain level of independent, therefore, enabling them toaudit and equalize satisfactorily. The internal audit division currently reports to the VicePresident of Accounting and Finance, Chief Executive Officer and the Audit Committee.

Risk ManagementThe necessity on risk management was determined by the Board of Directors. The

company determines and assesses on business risks, standard protection and risk reductionarrangement into an acceptable level. These also include all risks of which will have an impactto the business operation of the company as stipulated in Form 56-1. The company maintainscontrol and supervision on performance in accordance to any relating legal issues andregulation.

2.14 The Board of Directorsû ReportThe Board of Directors is responsible for the financial statements of the company and its

subsidiaries, including any financial technology information shown in the Annual Report. The financialstatement was prepared in accordance with the accounting standard as generally accepted in Thailand,in which is also compliant with major international accounting standards. The company chooses theappropriate accounting policy and follows its performance regularly. Pre-cautionary measures arenecessary for discretion and estimation for such arrangements, which include adequate disclosures andnecessary information in notes for financial statements.

The Board of Directors controls the efficiency of the internal audit control system in order tobe reasonably confident that records of any accounting information are accurate, thorough, completeand able to adequately maintain the companyûs assets. The outcome will show any weaknesses, as wellas protect dishonest or inappropriate performances.

As such, the Board of Directors of the company has appointed an Audit Committee consistingof the Independent Directors who are not Executives. The Audit Committees shall have theresponsibilities relating to the quality of the Financial Statement and Internal Control System. Theopinion of the Audit Committee with regards to this subject shall be stipulated in the report of theAudit Committee as shown in the Annual Report.

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§≥–°√√¡°“√∫√‘…—∑¡’§«“¡‡ÀÁπ«à“√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ‚¥¬√«¡Õ¬Ÿà„π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈µàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õß√–∫∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31∏—π«“§¡ 2547

2.15 §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ§≥–°√√¡°“√∫√‘…—∑œ µ√–Àπ—°¥’«à“¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ∑—Èß∑’Ë‡°’Ë¬«°—∫°“√‡ß‘π·≈–∑’Ë‰¡à‡°’Ë¬«°—∫°“√‡ß‘π ≈â«π¡’

º≈µàÕ°√–∫«π°“√µ—¥ ‘π„®¢ÕßºŸâ≈ß∑ÿπ·≈–ºŸâ∑’Ë¡’ à«π‰¥â à«π‡ ’¬¢Õß∫√‘…—∑œ ®÷ß‰¥â°”™—∫„ÀâΩÉ“¬∫√‘À“√¥”‡π‘π°“√„π‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë‡æ’¬ßæÕ µ√ßµàÕ§«“¡‡ªìπ®√‘ß ‡™◊ËÕ∂◊Õ‰¥â ¡Ë”‡ ¡Õ ·≈–∑—π‡«≈“ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‰¥â„Àâ§«“¡ ”§—≠·≈–¬÷¥∂◊ÕªØ‘∫—µ‘¡“‚¥¬µ≈Õ¥ „π à«π¢Õßß“π¥â“πºŸâ≈ß∑ÿπ —¡æ—π∏åπ—Èπ ·¡â∫√‘…—∑œ ¬—ß‰¡à‰¥â®—¥µ—ÈßÀπà«¬ß“π¢÷Èπ‡©æ“– ·µà°Á‰¥â¡Õ∫À¡“¬„Àâ§ÿ≥√”¿“ §”ÀÕ¡√◊Ëπ µ”·Àπàß√Õß°√√¡°“√ºŸâ®—¥°“√ ΩÉ“¬∫—≠™’°“√‡ß‘π∑”Àπâ“∑’Ëµ‘¥µàÕ ◊ËÕ “√°—∫ºŸâ≈ß∑ÿπ ∂“∫—π ºŸâ∂◊ÕÀÿâπ √«¡∑—Èßπ—°«‘‡§√“–Àå·≈–¿“§√—∞∑’Ë‡°’Ë¬«¢âÕß ∑—Èßπ’È‡π◊ËÕß®“° °‘®°√√¡¥â“πºŸâ≈ß∑ÿπ —¡æ—π∏å¬—ß‡°‘¥¢÷Èπ‰¡à¡“°π—° ªí®®ÿ∫—πºŸâ≈ß∑ÿπ “¡“√∂µ‘¥µàÕ¢Õ∑√“∫¢âÕ¡Ÿ≈∑’Ë∫√‘…—∑œ “¡“√∂‡ªî¥‡º¬‰¥â ‰¥â∑’ËÀ¡“¬‡≈¢‚∑√»—æ∑å 02 650-3790 À√◊Õ∑’Ë email address: [email protected]

3. °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π

∫√‘…—∑¡’π‚¬∫“¬·≈–«‘∏’°“√ªÑÕß°—π ‡æ◊ËÕ‰¡à„Àâæπ—°ß“ππ”¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµπ ¥—ßπ’È3.1 °”Àπ¥π‚¬∫“¬°“√§«∫§ÿ¡°“√„™â¢âÕ¡Ÿ≈·≈–°«¥¢—π„Àâæπ—°ß“π∑ÿ°√–¥—∫µ—Èß·µà∫√‘À“√√–¥—∫ Ÿß≈ß¡“ªØ‘∫—µ‘µ“¡«‘∏’

°“√§«∫§ÿ¡π—ÈπÕ¬à“ß‡¢â¡ß«¥ ‡™àπ „π¥â“π°“√§«∫§ÿ¡¢âÕ¡Ÿ≈ “√ π‡∑»‡æ◊ËÕªÑÕß°—π°“√≈—°≈Õ∫„™â¢âÕ¡Ÿ≈∑’ËÕ¬Ÿà„π√–∫∫ “√ π‡∑» π—Èπ ∫√‘…—∑‰¥â°”Àπ¥„Àâæπ—°ß“π„™â¢âÕ¡Ÿ≈‰¥â‡©æ“–ºŸâ∑’Ë‰¥â√—∫Õπÿ≠“µ‡∑à“π—Èπ ‚¥¬®–°”Àπ¥‡ªìπ√À— ºà“π·≈–‡¢â¡ß«¥‡°’Ë¬«°—∫°“√„™â√À— ºà“ππ—Èπ¥â«¬ ‡æ◊ËÕ§«∫§ÿ¡ ‘∑∏‘„π°“√‡¢â“∂÷ß√–∫∫¢âÕ¡Ÿ≈

3.2 Õ∫∑“π√“¬ß“π°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å¢ÕßºŸâ∫√‘À“√∑’Ë‰¥âπ” àßµàÕµ≈“¥À≈—°∑√—æ¬åœ·≈– ”π—°ß“π °≈µ. ∑ÿ°§√—Èß∑’Ë¡’°“√´◊ÈÕ¢“¬À≈—°∑√—æ¬å ‡æ◊ËÕ¥Ÿ«à“¡’°“√´◊ÈÕ¢“¬À≈—°∑√—æ¬å∑’Ëº‘¥ª°µ‘Õ—πÕ“®‡π◊ËÕß¡“®“°°“√π”¢âÕ¡Ÿ≈¿“¬„π‰ª„™â ‚¥¬‡©æ“–„π™à«ßÀπ÷Ëß‡¥◊Õπ°àÕπ∑’Ëß∫°“√‡ß‘π¢Õß∫√‘…—∑®–‡º¬·æ√àµàÕ “∏“√≥–

3.3 °”Àπ¥‡ªìπ¡“µ√°“√≈ß‚∑… À“°∫√‘…—∑æ∫«à“æπ—°ß“πºŸâ„¥‰¥âπ”¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµπ

4. °“√§«∫§ÿ¡¿“¬„π

„π°“√ª√–™ÿ¡§≥–°√√¡°“√§√—Èß∑’Ë 9/2547 ‡¡◊ËÕ«—π∑’Ë 14 ∏—π«“§¡ 2547 ‚¥¬¡’°√√¡°“√µ√«® Õ∫®”π«π Õß∑à“π‡¢â“√à«¡ª√–™ÿ¡¥â«¬ §≥–°√√¡°“√‰¥âª√–‡¡‘π√–∫∫°“√§«∫§ÿ¡¿“¬„π‚¥¬°“√Õπÿ¡—µ‘·∫∫ª√–‡¡‘π∑’ËΩÉ“¬∫√‘À“√®—¥∑”·≈â« √ÿª‰¥â«à“ ®“°°“√ª√–‡¡‘π√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ∑—Èß 5 à«π §◊Õ Õß§å°√·≈– ¿“æ·«¥≈âÕ¡ °“√∫√‘À“√§«“¡‡ ’Ë¬ß°“√§«∫§ÿ¡°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√ √–∫∫ “√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈ ·≈–√–∫∫°“√µ‘¥µ“¡§≥–°√√¡°“√‡ÀÁπ«à“ ∫√‘…—∑œ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π‡√◊ËÕß°“√∑”∏ÿ√°√√¡°—∫ºŸâ∂◊ÕÀÿâπ√“¬„À≠à °√√¡°“√ ºŸâ∫√‘À“√ À√◊ÕºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫∫ÿ§§≈¥—ß°≈à“«√«¡∂÷ß°“√§«∫§ÿ¡¿“¬„π‡√◊ËÕßÕ◊ËπÊ ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„πÕ¬à“ß‡æ’¬ßæÕ·≈â« ‚¥¬§≥–°√√¡°“√µ√«® Õ∫‰¡à¡’§«“¡‡ÀÁπµà“ß‰ª®“°§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√∫√‘…—∑ πÕ°®“°π’È„π√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’‡°’Ë¬«°—∫√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑æ∫«à“ ºŸâ Õ∫∫—≠™’‰¡àæ∫¢âÕ∫°æ√àÕß∑’Ë‡ªìπ “√– ”§—≠¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¥â“π∫—≠™’¢Õß∫√‘…—∑

73


It is the opinion of the Board of Directors that, in general, the Internal Control System of thecompany has achieved an appreciated level and reasonably ensured to the accounting system of thecompany and its subsidiaries as recorded on December 31, 2004.

2.15 Relations with InvestorsThe Board of Directors realizes that the companyûs information relating to financial or non-

financial issues has an impact on the process for making decisions of an investor and any interestedperson of the company. Hence, the Board has instructed executives to disclose any related information inan honest and adequate manner, with respect and provided in a regular and on time. The companyûsExecutives also follow the same work ethics. Although the company has not yet established a specialdivision for managing investor relations, the company meanwhile has authorized Ms. Rumpa Kumhomreun,the Chief Financial Officer and Vice President, Accounting and Finance, to act on behalf of the company,on communications with any investor, institution investor, shareholder, including any analyst andgovernmental institution. While an activity concerning investor relations has rarely occurred at present,an interested investor is able to communicate for the request of any information of which is able to bedisclosed by the company, at telephone number 0-2650-3790 or via email address of: [email protected].

3. Internal Data Controlling

The company applies the following strategies and prevention criteria to prevent employees from usinginside information for personal benefits:3.1 To apply an Internal Data Controlling Policy and making sure that every employee followed the policy

strictly. This includes the protection of the information technology system in order to preventclandestine use of the data. As a result, the company only allowed the authorized person to obtainaccess to the information by providing a password to the authorized person, who must in turnstrictly and carefully utilize the password to prevent access to the data to unauthorized persons.

3.2 To review the Executiveûs security holding report that requires submission to the SET and SEC at anytime once the security transaction has been made. That is to observe uncommon security transactionresulting from the use of internal data for personal benefit, especially during the one-month periodprior to the issuance of the companyûs financial statements to public.

3.3 To appoint the punitive measures if the company discovers that any internal information is used forpersonal benefits.

4. The Internal Control

At the Board of Directorsû Meeting No.9/2004 on December 14, 2004, there were 2 members of theAudit Committee attending the meeting. The Board of Directors reviewed the internal control system on theinternal control questionnaire prepared by Executives. After reviewing the internal control system of thecompany which is categorized into 5 areas - namely the organization and the environment, risk management,monitoring of management operation, information technology and data communication system, andmonitoring system - the meeting agreed that the internal control system of the company regarding therelated transactions with major shareholders, directors and executives, or any related persons as well asother internal control system are sufficient. The Audit Committee has agreed on every matter of thereport of the Board of Directors. Furthermore, the auditor was unaware of any significant matter in theaccounting procedures of the internal control of the Company.

74


√“¬°“√√–À«à“ß°—π

1. °“√°”Àπ¥¢âÕ∫—ß§—∫∫√‘…—∑„π‡√◊ËÕß√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π

ª√–°“»§≥–°√√¡°“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡√◊ËÕß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ·≈–°“√ªØ‘∫—µ‘°“√¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π æ.». 2546 ¢âÕ 5. ·≈–¢âÕ 23. ‰¥â°”Àπ¥„Àâ∫√‘…—∑®¥∑–‡∫’¬πµâÕß¥”‡π‘π°“√„Àâ¢âÕ∫—ß§—∫¢Õß∫√‘…—∑®¥∑–‡∫’¬π·≈–∫√‘…—∑¬àÕ¬¡’¢âÕ°”Àπ¥‡°’Ë¬«°—∫°“√¢Õ§«“¡‡ÀÁπ™Õ∫®“°ºŸâ∂◊ÕÀÿâπ„π°“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π¢Õß∫√‘…—∑®¥∑–‡∫’¬πÀ√◊Õ∫√‘…—∑¬àÕ¬„π≈—°…≥–∑’Ë Õ¥§≈âÕß°—∫ª√–°“»¢Õßµ≈“¥À≈—°∑√—æ¬å¿“¬„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ∑’Ë®—¥¢÷Èπ„πªï 2547 ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ„Àâ°√√¡°“√¡’Àπâ“∑’ËµâÕßªØ‘∫—µ‘µ“¡¡“µ√“ 85 ·Ààß æ.√.∫. ∫√‘…—∑¡À“™π®”°—¥ æ.». 2535∂â“°√√¡°“√‰¡àªØ‘∫—µ‘µ“¡ ºŸâ∂◊ÕÀÿâπ “¡“√∂øÑÕß√âÕß‡√’¬°§à“‡ ’¬À“¬®“°°√√¡°“√‰¥â

∫√‘…—∑®¥∑–‡∫’¬π·≈–∫√‘…—∑¬àÕ¬ (∫√‘…—∑ ‡ Áπ∑√—≈ Ÿ‡ªÕ√å ‚µ√å ®”°—¥, ∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í° ’ ®”°—¥, ∫√‘…—∑ æ√–√“¡ 2∫‘Í° ’ ®”°—¥, ∫√‘…—∑ ∫‘Í° ’ ·ø√’Ë ®”°—¥, ∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í° ’ ®”°—¥, ∫√‘…—∑ Õÿ¥√ ∫‘Í° ’ ®”°—¥, ∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í° ’ ®”°—¥, ∫√‘…—∑‡ Áπ∑√—≈æ—∑¬“ ®”°—¥, ∫√‘…—∑ ÿ√“…Æ√å ∫‘Í° ’ ®”°—¥ ·≈–∫√‘…—∑ ∫‘Í° ’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥) ‰¥â®¥∑–‡∫’¬π·°â‰¢‡æ‘Ë¡‡µ‘¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑∑’Ë°√–∑√«ßæ“≥‘™¬å‡√’¬∫√âÕ¬·≈â« ‡¡◊ËÕ‡¥◊Õπ°√°Æ“§¡ 2543 ‚¥¬¡’‡°≥±å‡√◊ËÕß√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πµ“¡ª√–°“»¢Õßµ≈“¥À≈—°∑√—æ¬å ªï 2546 µ“¡«√√§µâπ·≈â« ÷Ëß ≥ ªï 2543 ∫√‘…—∑®¥∑–‡∫’¬π·≈–∫√‘…—∑¬àÕ¬ 10 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π·°â‰¢¢âÕ∫—ß§—∫¢Õß∫√‘…—∑‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫ª√–°“»§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å∑’Ë °®.12/2543 ‡√◊ËÕß°“√¢ÕÕπÿ≠“µ·≈–°“√Õπÿ≠“µ„Àâ‡ πÕ¢“¬Àÿâπ∑’ËÕÕ°„À¡à

·≈–∫√‘…—∑¬àÕ¬Õ’° 2 ∫√‘…—∑∑’Ë‡À≈◊Õ §◊Õ ∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í° ’ (2001) ®”°—¥ ·≈–∫√‘…—∑ ‡ø≈° å‡æ¬å ®”°—¥‰¥â®¥∑–‡∫’¬π·°â‰¢‡æ‘Ë¡‡µ‘¡¢âÕ∫—ß§—∫∫√‘…—∑„Àâ¡’‡°≥±å‡√◊ËÕß°“√∑”√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π∑’Ë Õ¥§≈âÕß°—∫ª√–°“»¢Õßµ≈“¥À≈—°∑√—æ¬å∑’Ë°√¡æ—≤π“∏ÿ√°‘®°“√§â“ °√–∑√«ßæ“≥‘™¬å‡√’¬∫√âÕ¬·≈â«‡¡◊ËÕ‡¥◊Õπ ‘ßÀ“§¡ 2547

2. √“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ„πªï 2547

„π√–À«à“ßªï 2547 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÀ≈“¬·Ààß ÷Ëß‡°’Ë¬«‡π◊ËÕß°—∫°“√°Ÿâ¬◊¡‡ß‘π °“√ ◊ÈÕ/¢“¬ ‘π§â“À√◊Õ∫√‘°“√ ·≈–°“√‡™à“∑√—æ¬å ‘π ∫√‘…—∑¥—ß°≈à“«‡°’Ë¬«¢âÕß°—π‚¥¬¡’ºŸâ∂◊ÕÀÿâπ√à«¡°—πÀ√◊Õ‡ªìπ∫√‘…—∑„π‡§√◊Õ‡¥’¬«°—π ‚¥¬¡’√“¬≈–‡Õ’¬¥¢Õß√“¬°“√√–À«à“ß°—πª√“°ØÕ¬Ÿà„πµ“√“ßÀπâ“∂—¥‰ª

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

3.1 µâÕß¢ÕÕπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ”À√—∫√“¬°“√∑’ËÕ¬Ÿà„π‡°≥±å∑’ËµâÕßºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπµ“¡ª√–°“»µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡√◊ËÕß À≈—°‡°≥±å «‘∏’°“√ ·≈–°“√‡ªî¥‡º¬√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π¢Õß∫√‘…—∑®¥∑–‡∫’¬π‚¥¬√“¬°“√°Ÿâ¬◊¡·≈–√“¬°“√ ◊ÈÕ/¢“¬∑’Ë¥‘π¢Õß∫√‘…—∑∑ÿ°√“¬°“√®–µâÕß‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√∫√‘…—∑

3.2 ‰¡àµâÕß¢ÕÕπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ”À√—∫√“¬°“√∑’Ë ‰¡àÕ¬Ÿà„π‡°≥±å∑’ËµâÕßºà“π°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπµ“¡ª√–°“»µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡√◊ËÕß À≈—°‡°≥±å «‘∏’°“√ ·≈–°“√‡ªî¥‡º¬√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π¢Õß∫√‘…—∑®¥∑–‡∫’¬π Õ¬à“ß‰√°Áµ“¡ √“¬°“√°Ÿâ¬◊¡·≈–√“¬°“√ ◊ÈÕ/¢“¬∑’Ë¥‘π¢Õß∫√‘…—∑∑ÿ°√“¬°“√®–µâÕß‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√∫√‘…—∑œ

πÕ°®“°π’È ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ §√—Èß∑’Ë 17/2543 ‰¥â¡’¡µ‘„Àâ∫√‘…—∑œ¥”‡π‘π°“√√“¬ß“πµàÕ§≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√∫√‘…—∑∑ÿ°Ê ‰µ√¡“ ‡°’Ë¬«°—∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π∑—ÈßÀ¡¥∑’Ë∫√‘…—∑‰¥â∑”¢÷Èπ

4. ·π«‚πâ¡°“√∑”√“¬°“√√–À«à“ß°—π

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¬—ß§ß¡’√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ¬à“ßµàÕ‡π◊ËÕß ‡π◊ËÕß®“°‡ªìπ√“¬°“√∑’Ë‡°‘¥¢÷Èπµ“¡ª°µ‘¢Õß∏ÿ√°‘® ‚¥¬∑’Ë∑—Èß ÕßΩÉ“¬®–µâÕßªØ‘∫—µ‘µ“¡ —≠≠“∑’Ë∑”‰«â

75


Related Company Transactions

1. Determination of Articles of Association relating to Connected Transactions.It is provided under the Notification of the Stock Exchange of Thailand Committee relating to the

Information Disclosure and Procedure for a listed company in respect of any connected transaction B.E. 2546(the çNotificationé), Article 5 and 23 that, within an annual general meeting for year 2004, a listed companyand its subsidiaries are required to proceed for amendment of its Articles of Association concerningrequesting for an approval on connected transactions from the shareholders in accordance with theNotification. The purpose of the Notification is to set the condition to be a part of duties to be performedby director under Section 85 of the Public Company Act B.E. 2535. Failure to perform such duty, theshareholder is able to claim against the director for compensation.

However, since July 2000 the listed company and its subsidiaries (Central Superstore Ltd., TheparakBig C Ltd., Phraram II Big C Co., Ltd., Big C Fairy Ltd., Phisanulok Big C Ltd., Udon Big C Co., Ltd., ChiangRai Big C Ltd., Central Pattaya Ltd., Surat Big C Ltd., and Big C Distribution Ltd., have already registeredwith Ministry of Commerce the amendment of its Articles of Association relating to a connected transactionaccording to the Notification of the Stock Exchange Committee No. KorJor 12/2543, Re: Permission of NewShare Offering that their contents were in accordance with the Notification.

In respect of the remaining 2 subsidiaries namely Chiang Mai Big C (2001) Ltd. and Flexpay Ltd, theirArticles of Association have already been registered for the amendment relating to a connected transaction to be inconsistent with the Notification at the Department of Business Development, Ministry of Commerce in August 2004.

2. Related company transactions in the year 2004During the year 2004, the Company and its subsidiaries have many related transactions with the related

companies which relates to lending of money, purchase and sale of products or services, and the lease of assets.The said companies are related by way of common shareholders or are in the same group of companies. Thedetails of the related company transactions are shown in the table of summary related company transactions.

3. The approval criteria of the related transactions3.1 Regarding the transactions which require obtaining approval from the shareholdersû meeting according

to the Notification of the Stock Exchange of Thailand, subject: the rules, procedure, and disclosure ofconnected transactions of listed companies, then the transaction must be approved by the shareholdersbefore further implementation. However, the Board of Directors must approve every loan transactionand purchase/sale of land transaction.

3.2 Regarding the transactions which not require obtaining approval from the shareholdersû meetingaccording to the Notification of the Stock Exchange of Thailand, subject: the rules, procedure, anddisclosure of connected transactions of listed companies, then the transaction does not need approvalfrom the shareholders before further implementation. However, the Board of Directors must approveevery loan transaction and purchase/sale of land transaction.

Apart from that, the Board of Directorsû meeting No. 17/2000 has passed on the resolutionthat the Company must report to the Audit Committee and the Board of Directors in every quarterregarding all related company transactions.

4. The trend of the related company transactionsThe Company and its subsidiaries continuously encounter the related company transaction, which

commonly occurs in business operation. Both parties must conform the details stated in the contract.

76


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85


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√ÿ∑√ ‡™“«π–°«’ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3247

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31 ∏—π«“§¡ 2547 ·≈– 2546

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À¡“¬‡Àµÿ 2547 2546 2547 2546

‘π∑√—æ¬å

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 1,724,509,444 934,385,662 1,620,793,033 862,955,354

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 4 116,214,900 80,595,843 103,872,451 70,913,815

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 5 60,440,129 38,850,332 709,387,239 684,423,480

‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ 6 4,337,935,820 4,054,146,355 3,894,542,845 3,517,243,782

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

√“¬‰¥â§â“ß√—∫ - ÿ∑∏‘ 391,048,142 572,085,880 357,805,873 491,582,122

Õ◊ËπÊ 88,524,238 156,796,607 80,735,798 115,229,419

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 479,572,380 728,882,487 438,541,671 606,811,541

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 6,718,672,673 5,836,860,679 6,767,137,239 5,742,347,972

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ 5 - - 65,498,038 15,420,373

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ 7 - - 4,840,831,432 5,553,352,733

‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ 8 - - - -

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 9 19,695,579,125 18,699,642,520 15,304,132,551 14,126,020,658

‘π∑√—æ¬å‰¡à¡’µ—«µπ - §à“§«“¡π‘¬¡ - ÿ∑∏‘ 437,255,621 462,800,377 - -

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ

¿“…’¡Ÿ≈§à“‡æ‘Ë¡√Õ‡√’¬°§◊π 225,772,506 152,725,315 217,162,320 150,005,103

≈Ÿ°Àπ’ÈÕ◊Ëπ 64,452,941 61,740,241 - -

Õ◊ËπÊ 153,829,317 181,298,244 144,313,241 164,610,783

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 444,054,764 395,763,800 361,475,561 314,615,886

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 20,576,889,510 19,558,206,697 20,571,937,582 20,009,409,650

√«¡ ‘π∑√—æ¬å 27,295,562,183 25,395,067,376 27,339,074,821 25,751,757,622

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

87


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≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

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À¡“¬‡Àµÿ 2547 2546 2547 2546

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡®â“Àπ’È°“√§â“ 9,551,923,729 8,367,373,100 8,788,794,368 7,434,234,646

‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 5 60,276,928 102,101,024 63,102,052 93,275,370

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - à«π∑’Ë∂÷ß°”Àπ¥

¿“¬„πÀπ÷Ëßªï 5, 11 1,182,000,000 1,593,000,000 1,182,000,000 1,593,000,000

‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬ 5 - - 1,349,447,013 1,834,415,317

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈§â“ß®à“¬ 299,851,091 72,923,003 193,884,714 32,305,788

‡®â“Àπ’ÈÕ◊Ëπ 742,779,675 730,402,160 696,656,141 618,361,341

§à“„™â®à“¬§â“ß®à“¬ 786,997,545 612,001,717 715,583,886 539,240,781

Õ◊ËπÊ 429,489,201 211,657,736 377,821,110 180,278,445

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,259,117,512 1,626,984,616 1,983,945,851 1,370,186,355

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 13,053,318,169 11,689,458,740 13,367,289,284 12,325,111,688

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

√“¬‰¥â ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’ - ÿ∑∏‘ 141,201,492 161,148,076 46,032,182 48,394,668

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘

®“° à«π∑’Ë∂÷ß°”Àπ¥¿“¬„πÀπ÷Ëßªï 5, 11 745,500,000 1,182,000,000 745,500,000 1,182,000,000

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ

‡ß‘πª√–°—π°“√°àÕ √â“ß 54,216,367 52,873,937 51,119,673 51,570,517

‡ß‘π¡—¥®”°“√‡™à“æ◊Èπ∑’Ë 529,543,609 486,292,849 367,650,287 322,622,884

Õ◊ËπÊ 20,654,013 22,976,468 17,293,534 17,674,038

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 604,413,989 562,143,254 436,063,494 391,867,439

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√«¡Àπ’È ‘π 14,544,433,650 13,594,750,070 14,594,884,960 13,947,373,795


88


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Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ

∑ÿπ®¥∑–‡∫’¬π

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∑ÿπÕÕ°®”Àπà“¬·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

Àÿâπ “¡—≠ 800,939,574 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑

(2546 : Àÿâπ “¡—≠ 800,529,574 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) 12 8,009,395,740 8,005,295,740 8,009,395,740 8,005,295,740

§à“Àÿâπ√—∫≈à«ßÀπâ“°àÕπ°“√®¥∑–‡∫’¬π 18 370,000 2,921,000 370,000 2,921,000

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 2,243,543,984 2,241,575,984 2,243,543,984 2,241,575,984

¢“¥∑ÿπ ÿ∑∏‘∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“« (489,750) (489,750) (489,750) (489,750)

°”‰√ – ¡

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2,451,391,294 1,515,102,260 2,491,369,887 1,555,080,853

à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 12,704,211,268 11,764,405,234 12,744,189,861 11,804,383,827

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 46,917,265 35,912,072 - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 12,751,128,533 11,800,317,306 12,744,189,861 11,804,383,827

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 27,295,562,183 25,395,067,376 27,339,074,821 25,751,757,622


89


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√“¬‰¥â

√“¬‰¥â®“°°“√¢“¬ ‘π§â“ 47,411,940,059 42,341,682,749 44,006,228,072 38,132,044,573

à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

µ“¡«‘∏’ à«π‰¥â‡ ’¬ - - 512,277,809 537,261,470

√“¬‰¥â§à“‡™à“·≈–∫√‘°“√ 1,900,559,531 1,561,090,514 1,632,825,620 1,293,820,578

√“¬‰¥âÕ◊Ëπ 20 3,437,178,461 3,114,093,054 3,091,807,757 2,732,619,149

√«¡√“¬‰¥â 52,749,678,051 47,016,866,317 49,243,139,258 42,695,745,770

§à“„™â®à“¬

µâπ∑ÿπ¢“¬ 42,683,765,864 38,171,632,325 39,908,671,970 34,648,508,601

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 7,685,764,915 6,913,154,061 7,122,038,664 6,180,230,037

§à“µÕ∫·∑π°√√¡°“√ 21 1,980,000 1,800,000 1,980,000 1,800,000

√«¡§à“„™â®à“¬ 50,371,510,779 45,086,586,386 47,032,690,634 40,830,538,638

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥â·≈–

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 2,378,167,272 1,930,279,931 2,210,448,624 1,865,207,132

¥Õ°‡∫’È¬®à“¬ (101,903,988) (184,854,769) (136,191,569) (235,549,941)

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 16 (664,165,456) (319,065,792) (473,164,420) (217,070,560)

°”‰√°àÕπ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ 1,612,097,828 1,426,359,370 1,601,092,635 1,412,586,631

°”‰√ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (11,005,193) (13,772,739) - -

°”‰√ ÿ∑∏‘ ”À√—∫ªï 1,601,092,635 1,412,586,631 1,601,092,635 1,412,586,631

°”‰√µàÕÀÿâπ19

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√ ÿ∑∏‘ 2.00 1.76 2.00 1.76

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°”‰√µàÕÀÿâπª√—∫≈¥

°”‰√ ÿ∑∏‘ 2.00 1.76 2.00 1.76

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ) 801,162,675 800,670,942 801,162,675 800,670,942


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°√–· ‡ß‘π ¥®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π

°”‰√ ÿ∑∏‘ 1,601,092,635 1,412,586,631 1,601,092,635 1,412,586,631

√“¬°“√ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫(®à“¬)

®“°°‘®°√√¡¥”‡π‘πß“π

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Àπ’È ß —¬®– Ÿ≠ 72,644,736 24,400,000 70,393,707 15,400,000

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‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π 3,415,873,590 2,970,200,933 2,586,426,808 2,082,352,748

‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß

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‘π§â“§ß‡À≈◊Õ (334,090,323) 338,802,958 (431,606,378) 261,605,492

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 176,665,372 84,468,632 97,876,164 52,364,856

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ (84,318,677) 422,745,642 (83,743,822) 428,037,129

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)

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Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 718,782,410 (161,834,181) 700,409,010 (152,842,956)

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‡ß‘π ¥ ÿ∑∏‘®“°°‘®°√√¡¥”‡π‘πß“π 5,023,002,709 3,517,067,905 4,182,557,112 2,423,543,068


93


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‡ß‘π ¥√—∫®“°°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°°“√„™â ‘∑∏‘ 6,068,000 13,201,600 6,068,000 13,201,600

‡ß‘πªíπº≈®à“¬ (751,453,081) (360,164,058) (751,453,081) (360,164,058)

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‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 790,123,782 (210,590,792) 757,837,679 (88,908,116)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπªï 934,385,662 1,144,976,454 862,955,354 951,863,470

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘Èπªï 1,724,509,444 934,385,662 1,620,793,033 862,955,354

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¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 299,230,936 313,116,042 205,178,119 222,452,906


94


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2. ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

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—¥ à«π°“√∂◊ÕÀÿâπ

∑ÿπ®¥∑–‡∫’¬π ‚¥¬∫√‘…—∑œ ≈—°…≥–∏ÿ√°‘®

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∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ 300 300 100.00 100.00 ∏ÿ√°‘®§â“ª≈’°

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∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ - 1,050 - 92.38 ∏ÿ√°‘®§â“ª≈’°

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ 180 180 89.99 89.99 ∏ÿ√°‘®§â“ª≈’°

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95


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2.2 ∫√‘…—∑¬àÕ¬∑“ßÕâÕ¡∑’Ë∂◊ÕÀÿâπ‚¥¬ºà“π∫√‘…—∑¬àÕ¬ —¥ à«π°“√∂◊ÕÀÿâπ

∑ÿπ®¥∑–‡∫’¬π ‚¥¬∫√‘…—∑¬àÕ¬ ≈—°…≥–∏ÿ√°‘®

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≈â“π∫“∑ ≈â“π∫“∑ √âÕ¬≈– √âÕ¬≈–

2.2.1 ∫√‘…—∑¬àÕ¬∑’Ë∂◊ÕÀÿâπ‚¥¬∫√‘…—∑

‡´Áπ∑√—≈ ´Ÿ‡ªÕ√å ‚µ√å ®”°—¥

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∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ 850 - 99.99 - À¬ÿ¥¥”‡π‘π°‘®°“√

2.2.2 ∫√‘…—∑¬àÕ¬∑’Ë∂◊ÕÀÿâπ‚¥¬∫√‘…—∑

‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥

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∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ 1,050 - 92.38 - ∏ÿ√°‘®§â“ª≈’°

2.3 Õ—µ√“ à«π√âÕ¬≈–¢Õß ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡ ÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡ß∫°“√‡ß‘π√«¡π’È‰¥â√«¡ß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¢Õß∫√‘…—∑ ∫‘Í° ’

´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ´÷ËßÕ—µ√“ à«π√âÕ¬≈–¢Õß ‘π∑√—æ¬å√«¡·≈–√“¬‰¥â√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 „πß∫°“√‡ß‘π√«¡ √ÿª‰¥â¥—ßπ’È :-

‘π∑√—æ¬å√«¡¢Õß∫√‘…—∑¬àÕ¬ √“¬‰¥â√«¡¢Õß∫√‘…—∑¬àÕ¬

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1. ∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ 2.51 1.60 3.01 2.76

2. ∫√‘…—∑ Õ‘π∑ππ∑å·≈π¥å 3.48 2.58 0.11 0.13

3. ∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ 7.49 4.96 0.35 0.39

4. ∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ 6.04 2.67 0.16 0.12

5. ∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ 1.74 1.34 0.10 0.09

6. ∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥ 0.05 0.05 - 0.05

7. ∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ 2.20 2.27 0.70 2.39

8. ∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ 5.03 3.30 3.17 2.90

9. ∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ 3.90 2.52 3.20 3.14

10. ∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ 0.27 0.29 0.01 0.02

11. ∫√‘…—∑ ‡´Áπ∑√—≈ æ—∑¬“ ®”°—¥ 0.97 0.72 0.08 0.09

12. ∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ 4.03 2.57 3.47 3.27

13. ∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ 0.04 - 0.01 -

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96


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2.4 ¬Õ¥§ß§â“ß√“¬°“√√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠·≈–‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ ·≈– ∑ÿπ‡√◊ÕπÀÿâπ¢Õß∫√‘…—∑¬àÕ¬‰¥âµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡π’È·≈â«

2.5 „π°“√∫—π∑÷°∫—≠™’‡°’Ë¬«°—∫°“√´◊ÈÕ°‘®°“√ º≈µà“ß√–À«à“ß¡Ÿ≈§à“ ÿ∑∏‘¢Õß ‘π∑√—æ¬å∑’Ë´◊ÈÕµ“¡√“§“¬ÿµ‘∏√√¡·≈–¡Ÿ≈§à“∑’Ë®à“¬´◊ÈÕ‰¥â· ¥ß‰«â‡ªìπ ç§à“§«“¡π‘¬¡ - ÿ∑∏‘é „πß∫¥ÿ≈ ·≈–µ—¥®”Àπà“¬µ“¡Õ“¬ÿ —≠≠“¿“¬„π‡«≈“ 30 ªï 20 ªï·≈– 10 ªï

3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

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π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È :-3.1 °“√√—∫√Ÿâ√“¬‰¥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«

√“¬‰¥â®“°°“√„Àâ‡™à“æ◊Èπ∑’Ë·≈–°“√„Àâ∫√‘°“√∑’Ë‡°’Ë¬«¢âÕß· ¥ß¡Ÿ≈§à“µ“¡‡°≥±å§ß§â“ßµ“¡√–¬–‡«≈“¢Õß —≠≠“„Àâ‡™à“·≈–∫√‘°“√

3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥À¡“¬§«“¡√«¡∂÷ß‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ÷Ëß∂÷ß°”Àπ¥®à“¬§◊π„π

√–¬–‡«≈“‰¡à‡°‘π 3 ‡¥◊Õππ—∫µ—Èß·µà«—π∑’ËΩ“°·≈–ª√“»®“°¿“√–ºŸ°æ—π

3.3 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“∑’Ë®–‰¥â√—∫ ∫√‘…—∑œµ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠µ—Èß¢÷Èπ‚¥¬ª√–¡“≥®“°®”π«πÀπ’È∑’Ë

Õ“®‡√’¬°‡°Á∫‡ß‘π®“°≈Ÿ°Àπ’È‰¡à ‰¥â ‚¥¬æ‘®“√≥“ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π„πÕ¥’µ·≈–°“√ª√–‡¡‘π∞“π–°“√‡ß‘π„πªí®®ÿ∫—π¢Õß≈Ÿ°Àπ’È§ß§â“ß ≥ «—π∑’Ë„πß∫¥ÿ≈

3.4 ‘π§â“§ß‡À≈◊Õ ‘π§â“§ß‡À≈◊Õ· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’∂—«‡©≈’Ë¬) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–‰¥â√—∫·≈â«·µà√“§“„¥®–

µË”°«à“

3.5 ‡ß‘π≈ß∑ÿπ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ· ¥ß¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬ º≈¢“¥∑ÿπ à«π∑’Ë‡°‘π

°«à“¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡π◊ËÕß®“°∫√‘…—∑œ¡’§«“¡√—∫º‘¥™Õ∫µàÕ¢“¥∑ÿπ‡°‘π∑ÿπ¢Õß∫√‘…—∑¬àÕ¬∑—ÈßÀ¡¥µ“¡ —¥ à«π∑’Ë∫√‘…—∑œ¡’¢âÕºŸ°æ—π‰«â®–· ¥ß‡ªìπÀπ’È ‘π¿“¬„µâ√“¬°“√ çº≈¢“¥∑ÿπ∑’Ë‡°‘π°«à“‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é„πß∫¥ÿ≈

‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥´÷Ëß∫√‘…—∑œ∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª· ¥ß„π√“§“∑ÿπ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ (∂â“¡’) ®–√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

97



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3.6 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¡Ÿ≈§à“¢Õß∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å„π√“§“∑ÿπ ≥ «—π∑’Ë‰¥â ‘π∑√—æ¬å¡“ À≈—ß®“°

π—Èπ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“∑’Ë¥‘π‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √–·¬°µ“¡√“¬°≈ÿà¡ ‘π∑√—æ¬å ∑—Èßπ’È∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥„Àâ¡’°“√ª√–‡¡‘π√“§“ ‘π∑√—æ¬å¥—ß°≈à“«‡ªìπ§√—Èß§√“«‡æ◊ËÕ¡‘„Àâ√“§“µ“¡∫—≠™’ ≥ «—π∑’Ë„πß∫¥ÿ≈·µ°µà“ß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡Õ¬à“ß¡’ “√– ”§—≠

Õ“§“√·≈–Õÿª°√≥å· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡

3.7 §à“‡ ◊ËÕ¡√“§“§à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥

¥—ßµàÕ‰ªπ’È :- à«πª√—∫ª√ÿß∑’Ë¥‘π - 5 - 20 ªïÕ“§“√·≈– à«πª√—∫ª√ÿßÕ“§“√ - 5 - 30 ªï‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß ‡§√◊ËÕß¡◊Õ ·≈–Õÿª°√≥å - 3 - 20 ªï√–∫∫ “∏“√≥Ÿª‚¿§ - 5 - 20 ªï¬“πæ“Àπ– - 5 ªï

‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π ∑’Ë¥‘π à«π∑’Ëµ’√“§“‡æ‘Ë¡·≈–ß“π√–À«à“ß°àÕ √â“ß§à“‡ ◊ËÕ¡√“§“‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

3.8 °“√∫—π∑÷°µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ß‘π‡ªìπ√“§“∑ÿπ¢Õß∑√—æ¬å ‘πµâπ∑ÿπ°“√°Ÿâ¬◊¡ ÷Ëß‡°’Ë¬«‡π◊ËÕß°—∫‡ß‘π°Ÿâ¬◊¡ ”À√—∫°“√®—¥À“ ‘π∑√—æ¬å∂“«√®–∂Ÿ°∫—π∑÷°‡ªìπ à«πÀπ÷Ëß¢Õß

‘π∑√—æ¬å∂“«√®π°«à“ ‘π∑√—æ¬å∂“«√π—Èπæ√âÕ¡∑’Ë®–„™âß“π

3.9 §à“µ—¥®”Àπà“¬§à“§«“¡π‘¬¡µ—¥®”Àπà“¬‡ªìπ§à“„™â®à“¬‚¥¬«‘∏’‡ âπµ√ß„π√–¬–‡«≈“ 30 ªï 20 ªï ·≈– 10 ªï

3.10 —≠≠“‡™à“°“√‡ß‘π∫√‘…—∑œ∫—π∑÷° —≠≠“‡™à“´÷Ëß‰¥â√—∫‚Õπº≈µÕ∫·∑π ·≈–§«“¡‡ ’Ë¬ß à«π„À≠à¢Õß°“√‡ªìπ‡®â“¢Õß∑√—æ¬å ‘π

‡ªìπ —≠≠“‡™à“°“√‡ß‘π ‚¥¬∫—π∑÷°√“§“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑’Ë‡™à“ ≥ «—π∑’Ë‡√‘Ë¡µâπ¢Õß —≠≠“‡™à“‡ªìπ ‘π∑√—æ¬åæ√âÕ¡°—∫¿“√–Àπ’È ‘π∑’Ë®–µâÕß®à“¬§à“‡™à“„πÕπ“§µ (À—° à«π∑’Ë‡ªìπ¥Õ°‡∫’È¬) ‡ªìπÀπ’È ‘π

¥Õ°‡∫’È¬À√◊Õ§à“„™â®à“¬∑“ß°“√‡ß‘π√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπµ“¡ à«π¢Õß¬Õ¥‡ß‘πµâπ§ß‡À≈◊Õ

3.11 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å∫√‘…—∑œ®–æ‘®“√≥“∫—π∑÷°¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊πÕ“®

µË”°«à“¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’

98


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3.12 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∫√‘…—∑œ‰¡à¡’π‚¬∫“¬∑’Ë®–ª√–°Õ∫∏ÿ√°√√¡µ√“ “√∑“ß°“√‡ß‘ππÕ°ß∫¥ÿ≈∑’Ë‡ªìπµ√“ “√Õπÿæ—π∏å‡æ◊ËÕ°“√‡°Áß

°”‰√À√◊Õ‡æ◊ËÕ°“√§â“‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√

·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ≈Ÿ°Àπ’È·≈–‡®â“Àπ’È°“√§â“ ‡ß‘π„Àâ°Ÿâ¬◊¡ ·≈–‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π´÷Ëßπ‚¬∫“¬°“√∫—≠™’‡©æ“– ”À√—∫√“¬°“√ ·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ∑’Ë‡°’Ë¬«¢âÕß

3.13 ‡ß‘πµ√“µà“ßª√–‡∑»√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»´÷Ëß‡°‘¥¢÷Èπ„π√–À«à“ßªï‰¥â·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≈‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ ‡«âπ·µà√“¬°“√∑’Ë‰¥âµ°≈ßÕ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“°—∫∏π“§“√‰«â®–„™âÕ—µ√“∑’Ëµ°≈ß°—ππ—Èπ·∑π

°”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕ—µ√“·≈°‡ª≈’Ë¬π‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π§à“∏√√¡‡π’¬¡À√◊Õ à«π≈¥ (º≈µà“ß√–À«à“ßÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑’Ë‡¢â“∑” —≠≠“·≈–Õ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“)®–∂Ÿ°µ—Èßæ—°·≈–µ—¥®”Àπà“¬‡ªìπ√“¬‰¥âÀ√◊Õ§à“„™â®à“¬„πß∫°”‰√ ¢“¥∑ÿπ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ¢Õß —≠≠“

3.14 °”‰√µàÕÀÿâπ°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°∑’ËÕÕ°

Õ¬Ÿà„π√–À«à“ßªï°”‰√µàÕÀÿâπª√—∫≈¥§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬º≈√«¡¢Õß®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”

Àπ—°∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï°—∫®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’Ë∫√‘…—∑œÕ“®µâÕßÕÕ°‡æ◊ËÕ·ª≈ßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ„Àâ‡ªìπÀÿâπ “¡—≠

3.15 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’„π°“√®—¥∑”ß∫°“√‡ß‘π„Àâ‡ªìπ‰ªµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„π∫“ß°√≥’ ΩÉ“¬∫√‘À“√µâÕß„™â°“√

ª√–¡“≥°“√√“¬°“√∫—≠™’∫“ß√“¬°“√ ÷Ëß¡’º≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¥â«¬‡Àµÿπ’È º≈∑’Ë‡°‘¥¢÷Èπ®√‘ß„π¿“¬À≈—ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥‰«â

99



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4. ≈Ÿ°Àπ’È°“√§â“≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’≈Ÿ°Àπ’È°“√§â“·¬°µ“¡Õ“¬ÿÀπ’È∑’Ë§â“ß™”√–‰¥â¥—ßπ’È :-

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2547 2546 2547 2546

‰¡à‡°‘π 3 ‡¥◊Õπ 116,097 76,668 103,759 67,000

¡“°°«à“ 3 ‡¥◊Õπ - 6 ‡¥◊Õπ - - - -

¡“°°«à“ 6 ‡¥◊Õπ - 12 ‡¥◊Õπ - - - -

¡“°°«à“ 12 ‡¥◊Õπ 11,312 5,967 11,255 4,316

√«¡≈Ÿ°Àπ’È 127,409 82,635 115,014 71,316

À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (11,194) (2,039) (11,142) (402)

ÿ∑∏‘ 116,215 80,596 103,872 70,914

5. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π„π√–À«à“ßªï ∫√‘…—∑œ¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ (´÷Ëßµ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) ·≈–∫√‘…—∑∑’Ë‡°’Ë¬«

¢âÕß°—π (‡°’Ë¬«¢âÕß°—π‚¥¬°“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ°√√¡°“√√à«¡°—π) ´÷Ëß‡°’Ë¬«‡π◊ËÕß°—∫°“√°Ÿâ¬◊¡‡ß‘π °“√´◊ÈÕ/¢“¬ ‘π§â“·≈–∫√‘°“√ ·≈–°“√‡™à“∑√—æ¬å ‘π ´÷Ëß∫√‘…—∑œ¡’π‚¬∫“¬„π°“√°”Àπ¥√“§“ ”À√—∫√“¬°“√§â“√–À«à“ß°—π¥—ßµàÕ‰ªπ’È§◊Õ1. √“¬‰¥â®“°°“√¢“¬·≈–µâπ∑ÿπ ‘π§â“°”Àπ¥‚¥¬√“§“∑’Ëµ°≈ß√à«¡°—π„π°≈ÿà¡∫√‘…—∑2. √“¬‰¥â·≈–§à“„™â®à“¬®“°°“√‡™à“/„Àâ‡™à“∑√—æ¬å ‘π·≈–∫√‘°“√°”Àπ¥√“§“‚¥¬√“§“µ“¡ —≠≠“∑’Ëµ°≈ß√à«¡°—π´÷Ëß‡ªìπ

‰ªµ“¡√“§“µ≈“¥3. √“¬‰¥â§à“∫√‘°“√°“√®—¥°“√·≈–√“¬®à“¬§à“∏√√¡‡π’¬¡°“√®—¥°“√°”Àπ¥‚¥¬√“§“∑’Ëµ°≈ß√à«¡°—π„π°≈ÿà¡∫√‘…—∑·≈–/

À√◊Õ√“§“µ≈“¥4. Õ—µ√“¥Õ°‡∫’È¬‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π°Ÿâ¬◊¡°”Àπ¥®“°Õ—µ√“¥Õ°‡∫’È¬„°≈â‡§’¬ß°—∫Õ—µ√“∑’Ë∏π“§“√æ“≥‘™¬å§‘¥°—∫≈Ÿ°§â“∑—Ë«‰ª5. √“¬‰¥â·≈–µâπ∑ÿπ°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬°”Àπ¥‚¥¬√“§“∑’Ëµ°≈ß√à«¡°—π‚¥¬„°≈â‡§’¬ß°—∫√“§“µ“¡∫—≠™’

¢Õß∫√‘…—∑¬àÕ¬

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√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π “¡“√∂ √ÿª‰¥â ¥—ßπ’È :-(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547 2546 2547 2546

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬

√“¬‰¥â®“°°“√¢“¬ ‘π§â“ - - 2,363,861 2,308,932

´◊ÈÕ ‘π§â“ - - 111,563 41,696

√“¬‰¥â®“°°“√„Àâ‡™à“∑√—æ¬å ‘π·≈–∫√‘°“√ - - 39,131 16,061

§à“‡™à“·≈–§à“∫√‘°“√®à“¬ - - 319,382 258,347

√“¬‰¥â§à“∫√‘°“√°“√®—¥°“√ - - 10,710 -

§à“∏√√¡‡π’¬¡°“√®—¥°“√®à“¬ - - - 2,672

¥Õ°‡∫’È¬√—∫ - - 1,920 4,318

¥Õ°‡∫’È¬®à“¬ - - 34,288 50,695

‡ß‘π√—∫®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ - - 1,224,010 -

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547 2546 2547 2546

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

√“¬‰¥âÕ◊Ëπ 12,271 - 12,271 -

§à“‡™à“·≈–§à“∫√‘°“√®à“¬ 175,480 176,158 152,593 152,332

√“¬‰¥â§à“∫√‘°“√°“√®—¥°“√ 3,596 7,193 3,596 7,193

§à“∏√√¡‡π’¬¡°“√®—¥°“√·≈–§à“„™â®à“¬Õ◊Ëπ 48,286 36,779 48,286 36,779

¥Õ°‡∫’È¬®à“¬ 94,005 154,090 94,005 154,090

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¬Õ¥§ß§â“ß¢Õß√“¬°“√¢â“ßµâπ‰¥â· ¥ß·¬°µà“ßÀ“°„πß∫¥ÿ≈ ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È :-

101



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∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ - - 608 127

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ - - 578 87,700

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ - - 151,152 125,187

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ - - 165,090 148,955

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ - - - 53

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - - 10 28

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ - - 180,197 150,690

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥ - - - 288

∫√‘…—∑ Õ‘π∑ππ∑å ·≈π¥å ®”°—¥ - - 55 -

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ - - 174,100 135,832

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ - - 1,124 14,597

√«¡≈Ÿ°Àπ’È°“√§â“∫√‘…—∑¬àÕ¬ - - 672,914 663,457

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

°≈ÿà¡∫√‘…—∑‡´Áπ∑√—≈ 48,169 38,850 24,202 20,966

°≈ÿà¡∫√‘…—∑ §“ ‘‚π 12,271 - 12,271 -

√«¡≈Ÿ°Àπ’È°“√§â“∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 60,440 38,850 36,473 20,966

√«¡≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 60,440 38,850 709,387 684,423

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∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ - - - 61

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ - - - 14,912

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - - 18,307 -

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ - - - 38

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∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ - - 47,191 11

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∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ - - 1,121 411

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ - - 493 2,729

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ - - 5,481 1,349

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ - - 2,604 1,202

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - - 2,556 2,356

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ - - 6,397 355

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√’∫‘«™—Ëπ ®”°—¥ - - 39 2,844

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ - - 2,869 2,902

∫√‘…—∑ Õ‘π∑ππ∑å ·≈π¥å ®”°—¥ - - 866 2,350

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ - - - 439

∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ - - 1,507 -

√«¡‡®â“Àπ’È°“√§â“∫√‘…—∑¬àÕ¬ - - 35,836 28,890

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ‡´Áπ∑√—≈æ—≤π“ ®”°—¥ (¡À“™π) 31,637 34,723 - -

°≈ÿà¡∫√‘…—∑‡´Áπ∑√—≈ 5,094 6,211 3,720 3,218

Distribution Casino 8,444 26,543 8,444 26,543

Casino Guichard - Perrachon

- ¥Õ°‡∫’È¬§â“ß®à“¬ 13,318 30,518 13,318 30,518

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√«¡‡®â“Àπ’È°“√§â“∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 60,277 102,101 27,266 64,385

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”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547 2546 2547 2546

‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ - - 153,601 353,401

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ - - - 223,463

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ - - - 294,110

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ - - - 1,239

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ - - 9,826 517

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - - 6,424 70,463

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ - - 512,784 343,566

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√’∫‘«™—Ëπ ®”°—¥ - - 11,398 12,754

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ - - 429,860 324,433

∫√‘…—∑ Õ‘π∑ππ∑å ·≈π¥å ®”°—¥ - - 225,554 180,270

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ - - - 29,932

∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ - - - 267

√«¡‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬ - - 1,349,447 1,834,415

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

Casino Guichard - Perrachon

- ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï 1,182,000 1,593,000 1,182,000 1,593,000

- ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„π 1 ªï 745,500 1,182,000 745,500 1,182,000

√«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,927,500 2,775,000 1,927,500 2,775,000

104


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


„π√–À«à“ßªï 2547 ‡ß‘π„Àâ°Ÿâ¬◊¡·≈–‡ß‘π°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π¡’°“√‡§≈◊ËÕπ‰À«¥—ßµàÕ‰ªπ’È :-

(Àπà«¬ : æ—π∫“∑)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë °“√‡§≈◊ËÕπ‰À«„π√–À«à“ßªï ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë

1 ¡°√“§¡ 2547 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß 31 ∏—π«“§¡ 2547

‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ - 69,100 69,100 -

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ 33 530,172 530,205 -

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ 291 1,599,370 1,599,661 -

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ 61 1,822,636 1,822,697 -

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ 14,912 990,448 1,005,360 -

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - 901,534 883,227 18,307

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ 38 1,622,399 1,622,437 -

∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ - 1,076 1,076 -

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√’∫‘«™—Ëπ ®”°—¥ 1 4,465 4,466 -

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ 73 1,160,774 1,160,847 -

∫√‘…—∑ Õ‘π∑ππ∑å ·≈π¥å ®”°—¥ - 8,174 8,174 -

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ 11 53,831 6,651 47,191

∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ - 80,354 80,354 -

√«¡‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬ 15,420 8,844,333 8,794,255 65,498

‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ 353,401 1,730,610 1,930,410 153,601

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ 223,463 1,283,783 1,507,246 -

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ 294,110 1,710,895 2,005,005 -

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ 1,239 5,526 6,765 -

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ 517 47,266 37,957 9,826

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ 70,463 1,776,317 1,840,356 6,424

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ 343,566 2,064,182 1,894,964 512,784

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√’∫‘«™—Ëπ ®”°—¥ 12,754 5,375 6,731 11,398

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ 324,433 1,065,309 959,882 429,860

∫√‘…—∑ Õ‘π∑ππ∑å ·≈π¥å ®”°—¥ 180,270 54,645 9,361 225,554

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ 29,932 4,351 34,283 -

∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ 267 271 538 -

√«¡‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬ 1,834,415 9,748,530 10,233,498 1,349,447

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

Casino Guichard - Perrachon 2,775,000 745,500 1,593,000 1,927,500

√«¡‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑

∑’Ë‡°’Ë¬«¢âÕß°—π 2,775,000 745,500 1,593,000 1,927,500

105



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

6. ‘π§â“§ß‡À≈◊Õ(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547 2546 2547 2546

‘π§â“§ß‡À≈◊Õ 4,481,352 4,139,366 4,036,888 3,603,483

‘π§â“√–À«à“ß∑“ß 38,343 46,239 32,126 33,925

√«¡ 4,519,695 4,185,605 4,069,014 3,637,408

À—° : §à“‡º◊ËÕ ‘π§â“ Ÿ≠À“¬ ≈â“ ¡—¬ ‡ ◊ËÕ¡ ¿“æ (181,759) (131,459) (174,471) (120,164)

‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ 4,337,936 4,054,146 3,894,543 3,517,244

7. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ¡’‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ “¡—≠¢Õß∫√‘…—∑¥—ßµàÕ‰ªπ’È :-

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ(Àπà«¬ : æ—π∫“∑)

∑ÿπ —¥ à«π ‡ß‘π≈ß∑ÿπ

ª√–‡¿∑°‘®°“√ ™”√–·≈â« °“√≈ß∑ÿπ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

31 ∏—π«“§¡ 2547 ≈â“π∫“∑ √âÕ¬≈–

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 300 100.00 601,511 574,978

∫√‘…—∑ Õ‘π∑ππ∑å·≈π¥å ®”°—¥ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 841 100.00 821,407 906,565

∫√‘…—∑ ‡´Áπ∑√—≈ ´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 1,220 99.99 1,301,999 1,573,002

·≈–≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 57 99.99 357,357 874,493

·≈–≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 180 89.99 162,000 510,446

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 140 99.99 140,300 391,067

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√’∫‘«™—Ëπ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 1 99.99 1,000 6,917

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 100 51.0 51,000 3,363

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 3,436,574 4,840,831

106


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ(Àπà«¬ : æ—π∫“∑)


ª√–‡¿∑°‘®°“√ ™”√–·≈â« °“√≈ß∑ÿπ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

31 ∏—π«“§¡ 2547 ≈â“π∫“∑ √âÕ¬≈–

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡™’¬ß„À¡à ∫‘Í°´’ (2001) ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 300 100.00 601,511 548,663

∫√‘…—∑ Õ‘π∑ππ∑å·≈π¥å ®”°—¥ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 841 100.00 821,407 891,250

∫√‘…—∑ ‡´“∑åÕ’ µå ‡Õ‡™’¬ ·ª´‘øî§ À¬ÿ¥¥”‡π‘π°‘®°“√ 10 100.00 2,023 777

‡∑√¥¥‘Èß ®”°—¥

∫√‘…—∑ ‡´Áπ∑√—≈ ´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 1,220 99.99 1,301,999 1,456,967

·≈–≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ „Àâ‡™à“Õ —ßÀ“√‘¡∑√—æ¬å 57 99.99 357,357 610,094

·≈–≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 180 89.99 162,000 419,134

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 140 99.99 140,300 380,434

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 738 99.99 713,809 497,016

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√’∫‘«™—Ëπ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 1 99.99 1,000 8,312

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 1,050 92.38 970,000 738,262

∫√‘…—∑ ‡ø≈°´å‡æ¬å ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 100 51.00 51,000 2,444

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 5,122,406 5,553,353

7.1 ‡¡◊ËÕ«—π∑’Ë 1 ¡’π“§¡ 2547 ∫√‘…—∑œ‰¥â´◊ÈÕ°‘®°“√¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß§◊Õ ∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ ‚¥¬°“√ ◊ÈÕ ‘π§â“§ß‡À≈◊Õ·≈– —ßÀ“√‘¡∑√—æ¬å‡ªìπ®”π«π‡ß‘πª√–¡“≥ 30 ≈â“π∫“∑

7.2 ‡æ◊ËÕ„Àâ°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’ª√– ‘∑∏‘¿“æ¡“°¢÷Èπ ∫√‘…—∑œ‰¥â¡’°“√ª√—∫ª√ÿß‚§√ß √â“ß¢Õß∫√‘…—∑œ„À¡à‚¥¬‡¡◊ËÕ«—π∑’Ë 25 ¡‘∂ÿπ“¬π 2547 ∫√‘…—∑œ‰¥â‚ÕπÀÿâπ “¡—≠®”π«π 11,999,995 Àÿâπ ·≈–Àÿâπ∫ÿ√‘¡ ‘∑∏‘®”π«π85,000,000 Àÿâπ„π∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„Àâ°—∫∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß

7.3 ‡æ◊ËÕ„Àâ°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’ª√– ‘∑∏‘¿“æ¡“°¢÷Èπ ∫√‘…—∑œ‰¥â¡’°“√ª√—∫ª√ÿß‚§√ß √â“ß¢Õß∫√‘…—∑œ„À¡à‚¥¬‡¡◊ËÕ«—π∑’Ë 25 ¡‘∂ÿπ“¬π 2547 ∫√‘…—∑œ‰¥â‚ÕπÀÿâπ “¡—≠®”π«π 84,999,994 Àÿâπ „π∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß„Àâ°—∫∫√‘…—∑Õ’°·ÀàßÀπ÷Ëß

7.4 „π√–À«à“ßªï 2547 ∫√‘…—∑œ¬àÕ¬®”π«π 1 ·Ààß‰¥â®¥∑–‡∫’¬π™”√–∫—≠™’‡ √Á® ‘Èπ«—π∑’Ë 24 æƒ»®‘°“¬π 2547∫√‘…—∑œ√—∫√Ÿâ¢“¥∑ÿπ®“°°“√™”√–∫—≠™’¢Õß°‘®°“√¥—ß°≈à“« 0.1 ≈â“π∫“∑

7.5 „π√–À«à“ßªïªí®®ÿ∫—π ∫√‘…—∑¬àÕ¬¥—ß°≈à“«¢â“ßµâπ‰¡à¡’°“√ª√–°“»®à“¬‡ß‘πªíπº≈

107



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

8. ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ¡’‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ “¡—≠¢Õß∫√‘…—∑¥—ßµàÕ‰ªπ’È :-

(Àπà«¬ : æ—π∫“∑)


ª√–‡¿∑°‘®°“√ ™”√–·≈â« °“√≈ß∑ÿπ «‘∏’√“§“∑ÿπ

≈â“π∫“∑ √âÕ¬≈–

31 ∏—π«“§¡ 2547 ·≈– 2546

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‘Ëß∑Õ “°≈ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 120 5.00 6,000

∫√‘…—∑ ‡µµ— °√ÿäª ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 50 1.00 490

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑Õ◊Ëπ 6,490

À—° : §à“‡º◊ËÕ°“√≈¥¡Ÿ≈§à“¢Õß‡ß‘π≈ß∑ÿπ (6,490)

ÿ∑∏‘ -

108


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


9.∑’Ë¥

‘π Õ“

§“√·

≈–Õÿª

°√≥

å

ß∫°“

√‡ß‘π

√«¡

(Àπà«

¬ : ∫

“∑)

‘π∑√

—æ¬å ÷Ëß

· ¥ß

µ“¡√

“§“∑

’Ëµ’„À¡

à ‘π

∑√—æ¬

å´÷Ëß·

¥ßµ“

¡√“§

“∑ÿπ

ß“π√

–À«à“

ß

‘∑∏‘°

“√‡™

à“‡§

√◊ËÕßµ

°·µàß

°àÕ √

â“ß

·≈–

à«πª

√—∫ª√

ÿßÕ“

§“√·

≈–µ‘¥

µ—Èß·≈

–√–

∫∫·≈

–‚§√

ß°“√

∑’Ë¥‘π

à«πª

√—∫ª√

ÿß∑’Ë¥

‘π à«

πª√—∫

ª√ÿß

Õÿª°√

≥å “

∏“√≥

Ÿª‚¿§

¬“πæ

“Àπ–

√–À«

à“ßæ—≤

π“√«

¡

√“§“

∑ÿπ/√

“§“∑

’Ëµ’„À¡

à :

≥ 31

∏—π«

“§¡

2546

4,280

,923,6

414,1

06,37

0,575

27,91

0,290

8,068

,747,2

783,5

26,80

2,758

4,661

,544,4

0423

,129,9

4623

4,467

,932

24,92

9,896

,824

´◊ÈÕ‡æ

‘Ë¡/‚Õ

π‡¢â“

342,0

74,32

043

3,418

,896

186,3

0840

0,952

,540

488,0

32,80

433

3,459

,482

9,072

1,140

,251,9

873,1

38,38

5,409

®”Àπ

à“¬/‚

ÕπÕÕ

°(2,

812,9

17)

(5,04

2,933

)(16

6,873

,425)

(91,02

6)(4,

278,6

86)

(450,5

95,18

3)(62

9,694

,170)

≥ 31

∏—π«

“§¡

2547

4,620

,185,0

444,5

34,74

6,538

28,09

6,598

8,469

,699,8

183,8

47,96

2,137

4,994

,912,8

6018

,860,3

3292

4,124

,736

27,43

8,588

,063

§à“‡

◊ËÕ¡√“

§“ –

¡ :

≥ 31

∏—π«

“§¡

2546

-92

4,169

,795

11,25

1,921

1,914

,747,3

681,8

70,69

8,566

1,452

,433,8

7914

,963,5

53-

6,188

,265,0

82

§à“‡

◊ËÕ¡√“

§“ ”

À√—∫ª

ï-

204,5

60,94

13,4

53,31

448

2,532

,047

596,8

11,19

536

5,166

,718

3,714

,928

-1,6

56,23

9,143

§à“‡

◊ËÕ¡√“

§“¢Õ

ß à«π

∑ ’Ë®”À

π à“¬

-(5,

042,9

34)

--

(134,4

26,06

9)(32

,935)

(3,98

2,571

)-

(143,4

84,50

9)

≥ 31

∏—π«

“§¡

2547

-1,1

23,68

7,802

14,70

5,235

2,397

,279,4

152,3

33,08

3,692

1,817

,567,6

6214

,695,9

10-

7,701

,019,7

16

§à“‡º

◊ËÕ°“√

¥ âÕ¬§

à“ :

≥ 31

∏—π«

“§¡

2546

-16

,771,7

18-

--

--

25,21

7,504

41,98

9,222

≥ 31

∏—π«

“§¡

2547

-16

,771,7

18-

--

--

25,21

7,504

41,98

9,222

¡Ÿ≈§ à“

ÿ∑∏ ‘µ

“¡∫—≠

™ ’ :

≥ 31

∏—π«

“§¡

2546

4,280

,923,6

413,1

65,42

9,062

16,65

8,369

6,153

,999,9

101,6

56,10

4,192

3,209

,110,5

258,1

66,39

320

9,250

,428

18,69

9,642

,520

≥ 31

∏—π«

“§¡

2547

4,620

,185,0

443,3

94,28

7,018

13,39

1,363

6,072

,420,4

031,5

14,87

8,445

3,177

,345,1

984,1

64,42

289

8,907

,232

19,69

5,579

,125

§à“‡

◊ËÕ¡√“

§“ ”

À√—∫ª

ï´÷Ëß√«

¡Õ¬Ÿà„

πß∫°

”‰√¢

“¥∑ÿπ

:

ªï 25

461,4

26,27

7,103

ªï 25

471,6

56,23

9,143

109



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

ß∫°“

√‡ß‘π

‡©æ“

–¢Õß

∫√‘…—∑

œ(À

πà«¬

: ∫“∑

)

‘π∑√

—æ¬å´÷Ëß

· ¥ß

µ“¡√

“§“∑

ÿπ

ß“π√

–À«à“

ß

‘∑∏‘°

“√‡™

à“‡§

√◊ËÕßµ

°·µàß

°àÕ √

â“ß

·≈–

à«πª

√—∫ª√

ÿßÕ“

§“√·

≈–µ‘¥

µ—Èß·≈

–√–

∫∫·≈

–‚§√

ß°“√

∑’Ë¥‘π

à«πª

√—∫ª√

ÿß∑’Ë¥

‘π à«

πª√—∫

ª√ÿß

Õÿª°√

≥å “

∏“√≥

Ÿª‚¿§

¬“πæ

“Àπ–

√–À«

à“ßæ—≤

π“√«

¡

√“§“

∑ÿπ/√

“§“∑

’Ëµ’„À¡

à :

≥ 31

∏—π«

“§¡

2546

2,472

,846,8

543,8

08,28

9,887

7,492

,273

5,200

,560,9

672,9

00,02

7,417

3,374

,682,1

3021

,115,1

8823

4,397

,932

18,01

9,412

,648

´◊ÈÕ‡æ

‘Ë¡/‚Õ

π‡¢â“

342,0

74,32

041

6,558

,392

186,3

0839

8,404

,720

451,3

47,78

232

9,088

,022

9,072

1,036

,801,9

602,9

74,47

0,576

®”Àπ

à“¬/‚

ÕπÕÕ

°(2,

812,9

17)

(5,04

2,933

)-

-(48

,346,4

43)

(1,80

0)(2,

311,9

28)

(450,0

40,25

8)(50

8,556

,279)

≥ 31

∏—π«

“§¡

2547

2,812

,108,2

574,2

19,80

5,346

7,678

,581

5,598

,965,6

873,3

03,02

8,756

3,703

,768,3

5218

,812,3

3282

1,159

,634

20,48

5,326

,945

§à“‡

◊ËÕ¡√“

§“ –

¡ :

≥ 31

∏—π«

“§¡

2546

-78

0,549

,782

2,858

,648

882,0

31,04

81,3

88,15

5,706

784,8

11,67

912

,995,9

05-

3,851

,402,7

68

§à“‡

◊ËÕ¡√“

§“ ”

À√—∫ª

ï-

200,5

18,67

81,3

03,88

929

0,173

,067

553,7

54,98

129

1,793

,054

3,704

,894

-1,3

41,24

8,563

§à“‡

◊ËÕ¡√“

§“¢Õ

ß à«π

∑ ’Ë®”À

π à“¬

-(5,

042,9

34)

--

(46,37

7,767

)(57

0)(2,

024,8

88)

-(53

,446,1

59)

≥ 31

∏—π«

“§¡

2547

-97

6,025

,526

4,162

,537

1,172

,204,1

151,8

95,53

2,920

1,076

,604,1

6314

,675,9

11-

5,139

,205,1

72

§à“‡º

◊ËÕ°“√

¥ âÕ¬§

à“ :

≥ 31

∏—π«

“§¡

2546

-16

,771,7

18-

--

--

25,21

7,504

41,98

9,222

≥ 31

∏—π«

“§¡

2547

-16

,771,7

18-

--

--

25,21

7,504

41,98

9,222

¡Ÿ≈§ à“

ÿ∑∏‘µ

“¡∫—≠

™’ :

≥ 31

∏—π«

“§¡

2546

2,472

,846,8

543,0

10,96

8,387

4,633

,625

4,318

,529,9

191,5

11,87

1,711

2,589

,870,4

518,1

19,28

320

9,180

,428

14,12

6,020

,658

≥ 31

∏—π«

“§¡

2547

2,812

,108,2

573,2

27,00

8,102

3,516

,044

4,426

,761,5

721,4

07,49

5,836

2,627

,164,1

894,1

36,42

179

5,942

,130

15,30

4,132

,551

§à“‡

◊ËÕ¡√“

§“ ”

À√—∫ª

ï´÷Ëß√«

¡Õ¬Ÿà„

πß∫°

”‰√¢

“¥∑ÿπ

:

ªï 25

461,1

21,53

0,931

ªï 25

471,3

41,24

8,563

110


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’‡§√◊ËÕßµ°·µàßµ‘¥µ—Èß·≈–Õÿª°√≥å·≈–¬“πæ“Àπ–®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â«·µà¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡√«¡¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π 4,410≈â“π∫“∑ (2546 : 1,479 ≈â“π∫“∑) (ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ®”π«πª√–¡“≥ 1,895 ≈â“π∫“∑ (2546 : 748 ≈â“π∫“∑))

À“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬· ¥ß¡Ÿ≈§à“∑’Ë¥‘π¥—ß°≈à“«¥â«¬√“§“∑ÿπ ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547·≈– 2546 ®–‡ªìπ¥—ßπ’È

(Àπà«¬ : ∫“∑)

∑’Ë¥‘π

ß∫°“√‡ß‘π√«¡

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ (µ“¡«‘∏’√“§“∑ÿπ)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 3,897,563,955

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 3,897,563,955

10. ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–¡’«ß‡ß‘π ‘π‡™◊ËÕ°—∫ ∂“∫—π°“√

‡ß‘π„πª√–‡∑»À≈“¬·Ààß·≈– “¢“¢Õß∏π“§“√µà“ßª√–‡∑»À≈“¬·Ààß„π«ß‡ß‘π√«¡ª√–¡“≥ 7,609 ≈â“π∫“∑ (2546 :8,309 ≈â“π∫“∑) ‡©æ“–¢Õß∫√‘…—∑œ : ®”π«π‡ß‘π 7,420 ≈â“π∫“∑ (2546 : 8,120 ≈â“π∫“∑)

¿“¬„µâ‡ß◊ËÕπ‰¢¢Õß —≠≠“‡ß‘π°Ÿâ¬◊¡¢â“ßµâπ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ®”°—¥µà“ßÊ ∑’Ë°”Àπ¥„π —≠≠“¥—ß°≈à“«

11. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π(Àπà«¬ : æ—π∫“∑)

2547 2546

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 1,927,500 2,775,000

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - à«π∑’Ë∂÷ß

°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (1,182,000) (1,593,000)

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘®“° à«π∑’Ë∂÷ß

°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï 745,500 1,182,000

11.1 ∫√‘…—∑œ‰¥â∑” —≠≠“°Ÿâ¬◊¡‡ß‘π®“°∫√‘…—∑µà“ßª√–‡∑»∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß‡ªìπ‡ß‘π 40 ≈â“π¬Ÿ‚√ ‚¥¬¡’√–¬–‡«≈“„π°“√°Ÿâ¬◊¡ 3 ªï ·≈–¡’Õ—µ√“¥Õ°‡∫’È¬ EURIBOR 6 ‡¥◊Õπ∫«°√âÕ¬≈– 1 µàÕªï „π√–À«à“ß‰µ√¡“ 1 ·≈– 2 ¢Õßªï2544 ∫√‘…—∑œ‰¥â‡∫‘°„™â‡ß‘π°Ÿâ¥—ß°≈à“«·≈â«‰µ√¡“ ≈– 20 ≈â“π¬Ÿ‚√

„π√–À«à“ß‰µ√¡“ 1 ·≈– 2 ¢Õßªï 2544 ∫√‘…—∑œ‰¥â∑” —≠≠“·≈°‡ª≈’Ë¬π °ÿ≈‡ß‘π (Cross-currencySwap Contract) °—∫ “¢“¢Õß∏π“§“√µà“ßª√–‡∑»·ÀàßÀπ÷Ëß ”À√—∫‡ß‘π°Ÿâ¥—ß°≈à“«®”π«π∑—ÈßÀ¡¥ 40 ≈â“π¬Ÿ‚√‡ªìπ‡ß‘π∫“∑®”π«π 791 ≈â“π∫“∑·≈– 802 ≈â“π∫“∑µ“¡≈”¥—∫ ´÷Ëß¡’°”Àπ¥™”√–§◊π‡ß‘π°Ÿâ¬◊¡∑—ÈßÀ¡¥„πªï 2547 §‘¥¥Õ°‡∫’È¬„πÕ—µ√“¥Õ°‡∫’È¬ EURIBOR 6 ‡¥◊Õπ∫«°√âÕ¬≈– 1 µàÕªï ·≈–®à“¬™”√–¥Õ°‡∫’È¬‡ªìπ√“¬§√÷Ëßªï„πß«¥∑’Ë1 ·≈–µ—Èß·µàß«¥∑’Ë 2 ‡ªìπµâπ‰ª®–®à“¬™”√–¥Õ°‡∫’È¬‡ªìπ√“¬‰µ√¡“ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈–§ß∑’Ë¥—ßµàÕ‰ªπ’È :-

111



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

ß«¥∑’Ë ‡ß‘πµâπ 791 ≈â“π∫“∑ ‡ß‘πµâπ 802 ≈â“π∫“∑√âÕ¬≈– √âÕ¬≈–

1 3.99 3.982 4.59 4.693 4.79 4.884 4.84 4.835 4.79 4.796 4.79 4.797 4.79 4.758 4.55 4.55

µ—Èß·µàß«¥∑’Ë 9 ‡ªìπµâπ‰ª Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«

∫√‘…—∑œ‰¥â®à“¬§◊π‡ß‘π°Ÿâ¥—ß°≈à“«∑—ÈßÀ¡¥„π‰µ√¡“ ∑’Ë 1 ·≈–‰µ√¡“ ∑’Ë 2 ¢Õßªï 2547 ®”π«π 791 ≈â“π∫“∑·≈– 802 ≈â“π∫“∑ µ“¡≈”¥—∫

11.2 „π√–À«à“ß‰µ√¡“ 1 ¢Õßªï 2545 ∫√‘…—∑œ‰¥â√—∫«ß‡ß‘π°Ÿâ¬◊¡‡ß‘π®“°∫√‘…—∑µà“ßª√–‡∑»∑’Ë‡°’Ë¬«¢âÕß°—π¥—ß°≈à“«‡æ‘Ë¡‡µ‘¡Õ’° 100 ≈â“π¬Ÿ‚√ ´÷Ëß∫√‘…—∑œ‰¥â∑” —≠≠“‡∫‘°„™â‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«·≈â«„π‰µ√¡“ ∑’Ë 1 ¢Õßªï 2545 ®”π«π30 ≈â“π¬Ÿ‚√ ‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ EURIBOR 6 ‡¥◊Õπ∫«°√âÕ¬≈– 1.25 µàÕªï ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘π°Ÿâ¬◊¡∑—ÈßÀ¡¥¿“¬„π 3 ªï ‚¥¬™”√–¥Õ°‡∫’È¬‡ªìπ√“¬§√÷Ëßªï ·≈–®–™”√–§√—Èß·√°„π‰µ√¡“ ∑’Ë 3 ¢Õßªï 2545 Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ‰¥â∑” —≠≠“·≈°‡ª≈’Ë¬π °ÿ≈‡ß‘π (Cross-currency swap contract) °—∫ “¢“¢Õß∏π“§“√µà“ßª√–‡∑»·ÀàßÀπ÷Ëß ”À√—∫‡ß‘π°Ÿâ∑’Ë ‰¥â‡∫‘°„™â®”π«π 30 ≈â“π¬Ÿ‚√‡ªìπ‡ß‘π∫“∑®”π«π 1,182 ≈â“π∫“∑ ‚¥¬¡’√–¬–‡«≈“„π°“√™”√–§◊π‡ß‘π°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬µ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“‡ß‘π°Ÿâ¬◊¡¢â“ßµâπ ·≈–§‘¥¥Õ°‡∫’È¬„πÕ—µ√“√âÕ¬≈–2.25 µàÕªï ”À√—∫ß«¥À°‡¥◊Õπ·√°

11.3 ‡¡◊ËÕ«—π∑’Ë 10 ¡‘∂ÿπ“¬π 2547 ∫√‘…—∑œ‰¥â∑” —≠≠“°Ÿâ¬◊¡‡ß‘π®“°∫√‘…—∑µà“ßª√–‡∑»∑’Ë‡°’Ë¬«¢âÕß°—π®”π«π 15 ≈â“π¬Ÿ‚√‚¥¬§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ EURIBOR 6 ‡¥◊Õπ∫«°√âÕ¬≈– 1 µàÕªï ·≈–¡’°”Àπ¥™”√–§◊π‡ß‘π°Ÿâ¬◊¡∑—ÈßÀ¡¥¿“¬„π 3 ªï‚¥¬™”√–¥Õ°‡∫’È¬‡ªìπ√“¬§√÷Ëßªï Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ‰¥â∑” —≠≠“·≈°‡ª≈’Ë¬π °ÿ≈‡ß‘π (Cross-currency swapcontract) °—∫ “¢“¢Õß∏π“§“√µà“ßª√–‡∑» Õß·Ààß ”À√—∫‡ß‘π°Ÿâ∑—ÈßÀ¡¥‡ªìπ‡ß‘π∫“∑®”π«π 745.5 ≈â“π∫“∑‚¥¬¡’√–¬–‡«≈“„π°“√™”√–§◊π‡ß‘π°Ÿâ¬◊¡·≈–¥Õ°‡∫’È¬µ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“‡ß‘π°Ÿâ¬◊¡¢â“ßµâπ ·≈–§‘¥¥Õ°‡∫’È¬„πÕ—µ√“THB-THBFIX ∫«°Õ—µ√“√âÕ¬≈–µ“¡∑’Ëµ°≈ß°—∫∏π“§“√

—≠≠“·≈°‡ª≈’Ë¬π °ÿ≈‡ß‘π¥—ß°≈à“«®”π«π 30 ≈â“π¬Ÿ‚√ §È”ª√–°—π‚¥¬ºŸâ∂◊ÕÀÿâπ√“¬Àπ÷Ëß

12. ∑ÿπ‡√◊ÕπÀÿâπ

‡¡◊ËÕ«—π∑’Ë 12 ¡°√“§¡ 2547 ∫√‘…—∑œ‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπÕÕ°®”Àπà“¬·≈–‡√’¬°™”√–·≈â«°—∫°√–∑√«ßæ“≥‘™¬å(®“°‡¥‘¡ 8,005 ≈â“π∫“∑ ‡ªìπ 8,007 ≈â“π∫“∑) ´÷Ëß∑ÿπ∑’Ë‡æ‘Ë¡¥—ß°≈à“«‡°‘¥®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π195,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑§‘¥‡ªìπ®”π«π‡ß‘πª√–¡“≥ 1.95 ≈â“π∫“∑

112


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


‡¡◊ËÕ«—π∑’Ë 2 ‡¡…“¬π 2547 ∫√‘…—∑œ‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπÕÕ°®”Àπà“¬·≈–‡√’¬°™”√–·≈â«°—∫°√–∑√«ßæ“≥‘™¬å(®“°‡¥‘¡ 8,007 ≈â“π∫“∑ ‡ªìπ 8,009 ≈â“π∫“∑) ´÷Ëß∑ÿπ∑’Ë‡æ‘Ë¡¥—ß°≈à“«‡°‘¥®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π175,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑§‘¥‡ªìπ®”π«π‡ß‘πª√–¡“≥ 1.75 ≈â“π∫“∑

‡¡◊ËÕ«—π∑’Ë 19 µÿ≈“§¡ 2547 ∫√‘…—∑œ‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπÕÕ°®”Àπà“¬·≈–‡√’¬°™”√–·≈â«°—∫°√–∑√«ßæ“≥‘™¬å(®“°‡¥‘¡ 8,009 ≈â“π∫“∑ ‡ªìπ 8,009.4 ≈â“π∫“∑) ´÷Ëß∑ÿπ∑’Ë‡æ‘Ë¡¥—ß°≈à“«‡°‘¥®“°°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π40,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑§‘¥‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.4 ≈â“π∫“∑

13. „∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2543 ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ¡’¡µ‘„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“° 8,000 ≈â“π∫“∑

(Àÿâπ “¡—≠®”π«π 800 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ 8,250 ≈â“π∫“∑ (Àÿâπ “¡—≠®”π«π 825 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈–10 ∫“∑) ”À√—∫Àÿâπ “¡—≠∑’Ë‡æ‘Ë¡®”π«π 20 ≈â“πÀÿâπ ‡ªìπ°“√ÕÕ°‡æ◊ËÕ√Õß√—∫°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–®—¥ √√„Àâ·°à°√√¡°“√·≈–æπ—°ß“π®”π«π 20 ≈â“πÀπà«¬‚¥¬‰¡à§‘¥¡Ÿ≈§à“ „∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â1 Àÿâπ „π√“§“µ“¡∑’ËΩÉ“¬∫√‘À“√°”Àπ¥‰«â ∑—Èßπ’È √“§“°“√„™â ‘∑∏‘µàÕÀÿâπ®–µâÕß‡ªìπ‰ªµ“¡ª√–°“»§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å „∫ ”§—≠· ¥ß ‘∑∏‘¡’Õ“¬ÿ 5 ªï πÕ°®“°π’È Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ à«π∑’Ë‡À≈◊ÕÕ’° 5 ≈â“πÀÿâπ‡ªìπ°“√ÕÕ°‡æ◊ËÕ√Õß√—∫°“√ª√—∫ ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®—¥ √√„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡ ∫√‘…—∑œ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 2 æƒ…¿“§¡ 2543

‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2543 ∫√‘…—∑œ‰¥â‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘·≈–Àÿâπ “¡—≠∑’ËÕÕ°„À¡à‡æ◊ËÕ√Õß√—∫„∫ ”§—≠· ¥ß ‘∑∏‘§√—Èß∑’Ë 1 ®”π«π 3,025,000 Àπà«¬„Àâ·°à°√√¡°“√·≈–æπ—°ß“π ‚¥¬‰¡à§‘¥¡Ÿ≈§à“ „∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬¡’ ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“ 14.80 ∫“∑µàÕÀÿâπ „∫ ”§—≠· ¥ß ‘∑∏‘¡’Õ“¬ÿ 5 ªï µ—Èß·µà«—π∑’Ë 1 æƒ»®‘°“¬π 2543∂÷ß 31 µÿ≈“§¡ 2548 ‚¥¬®–„™â ‘∑∏‘‰¥âµ—Èß·µà«—π∑’Ë„∫ ”§—≠· ¥ß ‘∑∏‘¡’Õ“¬ÿ§√∫ 2 ªï (µ—Èß·µà«—π∑’Ë 31 µÿ≈“§¡ 2545) ·≈– “¡“√∂„™â ‘∑∏‘‰¥â„π«—π∑”°“√ ÿ¥∑â“¬¢Õß·µà≈–‰µ√¡“

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ‰¥âÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘‰ª·≈â« 2,925,000 Àπà«¬ ®π∂÷ßªí®®ÿ∫—π¡’ºŸâ„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘¥—ß°≈à“«®”π«π 1,598,000 Àπà«¬

14. ”√Õßµ“¡°ÆÀ¡“¬

µ“¡¡“µ√“ 116 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œ®–µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ëß‰«â‡ªìπ∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬‰¡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“¬‡ªìπ‡ß‘πªíπº≈‰¥â

15. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ∫√‘…—∑œ·≈–æπ—°ß“π‰¥â√à«¡°—π®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ¿“¬„µâ°“√Õπÿ¡—µ‘®“°°√–∑√«ß°“√§≈—ßµ“¡ æ.√.∫.

°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530 ÷Ëßª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡„πÕ—µ√“√âÕ¬≈– 3 ·≈–√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπæπ—°ß“π ·≈–‡ß‘π∑’Ë∫√‘…—∑œ®à“¬ ¡∑∫„Àâ„πÕ—µ√“√âÕ¬≈– 3 ·≈–√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπæπ—°ß“π °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∫√‘…—∑À≈—°∑√—æ¬å ®—¥°“√°Õß∑ÿπ° ‘°√‰∑¬ ®”°—¥ ·≈–®–®à“¬„Àâ°—∫æπ—°ß“π„π°√≥’∑’ËÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“

113



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

¥â«¬°Õß∑ÿπ¢Õß∫√‘…—∑œ „π√–À«à“ßªï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫‡¢â“°Õß∑ÿπ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 35.9 ≈â“π∫“∑(2546 : 34.4 ≈â“π∫“∑) ‡©æ“–∫√‘…—∑œ : 32.5 ≈â“π∫“∑ (2546 : 30.4 ≈â“π∫“∑)

16. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫ªï¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â§”π«≥¢÷ÈπÀ≈—ß®“°∫«°°≈—∫¥â«¬∫—≠™’§à“„™â®à“¬·≈–

”√Õßµà“ßÊ ∑’Ë‰¡àÕπÿ≠“µ„Àâ∂◊Õ‡ªìπ√“¬®à“¬„π°“√§”π«≥¿“…’

17. ‡ß‘πªíπº≈

‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2547 ∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ‰¥â¡’¡µ‘Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈®“°°”‰√¢Õßªï°àÕπ„Àâ·°àºŸâ∂◊ÕÀÿâπ “¡—≠„πÕ—µ√“Àÿâπ≈– 0.84 ∫“∑ (2546 : 0.45 ∫“∑) √«¡‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 672.8 ≈â“π∫“∑(2546 : 360.2 ≈â“π∫“∑) µ—Èß·µà«—π∑’Ë 1 ¡°√“§¡ 2547 ∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ‰¥â®à“¬‡ß‘πªíπº≈‰ª·≈â«∑—Èß ‘Èπ751.4 ≈â“π∫“∑ (2546 : 263.8 ≈â“π∫“∑) ·≈–¡’¬Õ¥§ß‡À≈◊Õ§ß§â“ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ªìπ®”π«πª√–¡“≥9.7 ≈â“π∫“∑ (31 ∏—π«“§¡ 2546 : 96.4 ≈â“π∫“∑) ÷Ëß∫—π∑÷°Õ¬Ÿà„π∫—≠™’Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ„πß∫¥ÿ≈

18. §à“Àÿâπ√—∫≈à«ßÀπâ“°àÕπ°“√®¥∑–‡∫’¬π„π‡¥◊Õπ∏—π«“§¡ 2547 ∫√‘…—∑œ‰¥â√—∫§à“Àÿâπ√—∫≈à«ßÀπâ“°àÕπ°“√®¥∑–‡∫’¬π®“°°“√„™â ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠µ“¡„∫ ”§—≠

· ¥ß ‘∑∏‘®”π«π 40,000 Àπà«¬ ÷Ëß§‘¥‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.4 ≈â“π∫“∑ ∫√‘…—∑œ‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ™”√–·≈â«¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„π‡¥◊Õπ¡°√“§¡ 2548

19. °“√°√–∑∫¬Õ¥°”‰√µàÕÀÿâπª√—∫≈¥ß∫°“√‡ß‘π√«¡

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬

°”‰√ ÿ∑∏‘ ∂à«ßπÈ”Àπ—° °”‰√µàÕÀÿâπ

2547 2546 2547 2546 2547 2546

æ—π∫“∑ æ—π∫“∑ æ—πÀÿâπ æ—πÀÿâπ ∫“∑ ∫“∑


°”‰√ ÿ∑∏‘ 1,601,093 1,412,587 800,867 800,408 2.0 1.76

º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

„∫ ”§—≠· ¥ß ‘∑∏‘

®”π«π 1,327,000 Àπà«¬

(2546 : 1,838,000 Àπà«¬) - - 296 263


°”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠

¡¡µ‘«à“¡’°“√·ª≈ß‡ªìπÀÿâπ “¡—≠

°”‰√ ÿ∑∏‘ 1,601,093 1,412,587 801,163 800,671 2.0 1.76

114


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬

°”‰√ ÿ∑∏‘ ∂à«ßπÈ”Àπ—° °”‰√µàÕÀÿâπ

2547 2546 2547 2546 2547 2546

æ—π∫“∑ æ—π∫“∑ æ—πÀÿâπ æ—πÀÿâπ ∫“∑ ∫“∑


°”‰√ ÿ∑∏‘ 1,601,093 1,412,587 800,867 800,408 2.0 1.76

º≈°√–∑∫¢ÕßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥

„∫ ”§—≠· ¥ß ‘∑∏‘

®”π«π 1,327,000 Àπà«¬

(2546 : 1,838,000 Àπà«¬) - - 296 263


°”‰√∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠

¡¡µ‘«à“¡’°“√·ª≈ß‡ªìπÀÿâπ “¡—≠

°”‰√ ÿ∑∏‘ 1,601,093 1,412,587 801,163 800,671 2.0 1.76

20. √“¬‰¥âÕ◊Ëπ√“¬‰¥âÕ◊Ëπ à«π„À≠àª√–°Õ∫¥â«¬√“¬‰¥â√—∫®“°¬Õ¥´◊ÈÕµ“¡‡ªÑ“ ´÷Ëß§‘¥®“°¬Õ¥´◊ÈÕ„πÕ—µ√“√âÕ¬≈–∑’Ëµ°≈ß√à«¡°—π

√–À«à“ß∫√‘…—∑œ·≈–ºŸâ¢“¬ √“¬‰¥â√—∫§à“‚¶…≥“´÷Ëß‡√’¬°‡°Á∫®“°ºŸâ¢“¬‚¥¬§‘¥µ“¡°“√≈ß‚¶…≥“„π·ºàπæ—∫‚¶…≥“¢Õß∫√‘…—∑œ·≈–§à“∏√√¡‡π’¬¡·√°‡¢â“

21. §à“µÕ∫·∑π°√√¡°“√

§à“µÕ∫·∑π°√√¡°“√π’È‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œµ“¡¡“µ√“ 90 ¢Õßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√

22. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“πß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑œ

2547 2546 2547 2546

®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) 11,826 11,661 10,727 10,259

§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (æ—π∫“∑) 1,892,239 1,768,648 1,732,311 1,611,871

115



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

23. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ª√–°Õ∫¥â«¬ :-

23.1 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’Àπ—ß ◊Õ§È”ª√–°—π∑’ËÕÕ°‚¥¬∏π“§“√„ππ“¡¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ·°àÀπà«¬ß“π√“™°“√∫“ß·Ààß‡À≈◊ÕÕ¬Ÿà‡ªìπ‡ß‘πª√–¡“≥ 120 ≈â“π∫“∑ (2546 : 110 ≈â“π∫“∑) ‡©æ“–¢Õß∫√‘…—∑®”π«π‡ß‘πª√–¡“≥ 108 ≈â“π∫“∑ (2546 : 96 ≈â“π∫“∑) ÷Ëß‡°’Ë¬«‡π◊ËÕß°—∫¿“√–ºŸ°æ—π∑“ßªØ‘∫—µ‘∫“ßª√–°“√µ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

23.2 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∑” —≠≠“‡™à“·≈–‡™à“™à«ß∑’Ë¥‘π°—∫∫ÿ§§≈ ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·≈–∫√‘…—∑Õ◊Ëπ∫“ß·Ààß ‡æ◊ËÕ„™â‡ªìπ ∂“π∑’Ë°àÕ √â“ßÕ“§“√∑’Ë∑”°“√·≈–Àâ“ß √√æ ‘π§â“ ‚¥¬¡’√–¬–‡«≈“°“√‡™à“ µ—Èß·µà 1 ∂÷ß 30 ªï ·≈–∫√‘…—∑œ®–µâÕß®à“¬§à“‡™à“·≈–§à“∫√‘°“√„π·µà≈–ªï‡ªìπ¥—ßπ’È :-

(Àπà«¬ : æ—π∫“∑)

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2548 130,207 102,521

2549 125,979 98,222

2550 126,773 98,954

2551 130,805 102,905

2552 - 2576 1,750,635 1,255,274

23.3 ∫√‘…—∑œ‰¥â∑” —≠≠“√—∫‚Õπ ‘∑∏‘°“√‡™à“·≈– —≠≠“‡™à“™à«ßÕ“§“√∫“ß à«π®“°ºŸâ‡™à“‡¥‘¡´÷Ëß‡ªìπ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π Õß·Ààß‚¥¬ —≠≠“‡™à“‰¥â∑”¢÷Èπ°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß·≈–∫√‘…—∑„πª√–‡∑»·ÀàßÀπ÷Ëß ‚¥¬‰¥â°”Àπ¥Õ—µ√“§à“µÕ∫·∑π„π°“√√—∫‚Õπ ‘∑∏‘°“√‡™à“·≈–Õ—µ√“§à“‡™à“™à«ß ”À√—∫√–¬–‡«≈“ 8 ªï·√°‡√‘Ë¡µ—Èß·µàªï 2543 Õ¬Ÿà„π™à«ßª√–¡“≥ 687.5 ≈â“π∫“∑ ∂÷ß 1,201.6 ≈â“π∫“∑¢÷ÈπÕ¬Ÿà°—∫¬Õ¥¢“¬ ”À√—∫Õ—µ√“§à“µÕ∫·∑πµ—Èß·µàªï∑’Ë 9 ‡ªìπµâπ‰ª„Àâ‡ªìπ‰ªµ“¡√“§“µ≈“¥„π¢≥–π—Èπ ∑—Èßπ’È¢÷ÈπÕ¬Ÿà°—∫‡ß◊ËÕπ‰¢∑’Ë§Ÿà —≠≠“®–µ°≈ß°—πµ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“¥—ß°≈à“«

23.4 ∫√‘…—∑œ¡’¿“√–ºŸ°æ—π∑’Ë®–µâÕß®à“¬‡ß‘πµ“¡ —≠≠“°àÕ √â“ßÕ“§“√∑’Ë∑”°“√·≈–Àâ“ß √√æ ‘π§â“°—∫ºŸâ√—∫‡À¡“À≈“¬·Ààß‡ªìπ‡ß‘πª√–¡“≥ 337 ≈â“π∫“∑ (2546 : 68 ≈â“π∫“∑)

23.5 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫ à«π¢Õß‡ß‘π≈ß∑ÿπ∑’Ë¬—ß‰¡à‡√’¬°™”√–„π∫√‘…—∑¬àÕ¬ 4 ·Ààß‡ªìπ®”π«πª√–¡“≥ 275 ≈â“π∫“∑ ‡©æ“–∫√‘…—∑œ®”π«π 163 ≈â“π∫“∑ ”À√—∫‡ß‘π≈ß∑ÿπ∑’Ë¬—ß‰¡à‡√’¬°™”√–„π∫√‘…—∑¬àÕ¬3 ·Ààß (31 ∏—π«“§¡ 2546 : 275 ≈â“π∫“∑ ”À√—∫‡ß‘π≈ß∑ÿπ∑’Ë¬—ß‰¡à‡√’¬°™”√–„π∫√‘…—∑¬àÕ¬ 4 ·Ààß)

23.6 ‡¡◊ËÕ«—π∑’Ë 11 æƒ…¿“§¡ 2544 ∫√‘…—∑œ‰¥â∑” —≠≠“°“√®”Àπà“¬ ‘π§â“¿“¬„µâ‡§√◊ËÕßÀ¡“¬°“√§â“ “°≈™π‘¥Àπ÷Ëß°—∫∫√‘…—∑µà“ßª√–‡∑»·ÀàßÀπ÷Ëß ÷Ëß∫√‘…—∑œ¡’¿“√–ºŸ°æ—π∑’ËµâÕß®à“¬§à“∏√√¡‡π’¬¡„πÕ—µ√“√âÕ¬≈–§ß∑’Ë¢Õßµâπ∑ÿπ ÿ∑∏‘¢Õßº≈‘µ¿—≥±å∑’Ë¡’‡§√◊ËÕßÀ¡“¬°“√§â“¥—ß°≈à“«‚¥¬‰¡à√«¡¿“…’ —≠≠“¥—ß°≈à“«¡’√–¬–‡«≈“ 8 ªï π—∫µ—Èß·µà«—π∑’Ë≈ßπ“¡„π —≠≠“

23.7 ∫√‘…—∑œ‰¥â∑” —≠≠“°“√√—∫§«“¡™à«¬‡À≈◊Õ∑“ß¥â“π°“√∫√‘À“√ß“π·≈–°“√®—¥°“√‡°’Ë¬«°—∫ ‘π§â“°—∫∫√‘…—∑·ÀàßÀπ÷Ëß¿“¬„µâ‡ß◊ËÕπ‰¢¢Õß —≠≠“¥—ß°≈à“«∫√‘…—∑œ¡’¿“√–ºŸ°æ—π∑’ËµâÕß®à“¬§à“µÕ∫·∑π„πÕ—µ√“√âÕ¬≈–¢Õß¬Õ¥ ◊ÈÕ ‘π§â“¿“¬„µâ‡ß◊ËÕπ‰¢∑’Ë√–∫ÿ„π —≠≠“„Àâ·°à∫√‘…—∑¥—ß°≈à“«

116


”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546


23.8 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â∂Ÿ°øÑÕß√âÕß‚¥¬π‘µ‘∫ÿ§§≈Õ◊Ëπ„Àâ‡ªìπ®”‡≈¬√à«¡„π‡√◊ËÕß∑’Ë‡°’Ë¬«¢âÕß°—∫°“√º‘¥ —≠≠“ ◊ÈÕ¢“¬·≈–§¥’Õ◊ËπÊ ‚¥¬‡√’¬°§à“‡ ’¬À“¬®“°∫√‘…—∑œ „π¢≥–π’È§¥’¬—ßÕ¬Ÿà„π√–À«à“ß°“√æ‘®“√≥“¢Õß»“≈·æàß πÕ°®“°π—Èπ∫√‘…—∑œ¬—ß∂Ÿ°øÑÕß√âÕß®“°∫ÿ§§≈ ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑œ ‡™◊ËÕ«à“®–™π–§¥’¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ ‡æ◊ËÕ§«“¡√Õ∫§Õ∫∫√‘…—∑œ‰¥âµ—Èß ”√ÕßÀπ’È ‘π®”π«πÀπ÷Ëß‰«â„π∫—≠™’

24. °“√‡ πÕ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π°‘®°“√„π à«πß“π∑“ß∏ÿ√°‘®‡¥’¬«§◊Õ °“√§â“ª≈’° ‚¥¬‡ªìπ°“√¢“¬„πª√–‡∑»‰∑¬

¥—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√åµ“¡∑’Ë°≈à“«‰«â

25. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

25.1 π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬·≈–¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“

µà“ßª√–‡∑»„πµ≈“¥ ·≈–¡’§«“¡‡ ’Ë¬ß®“°°“√∑’Ë§Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡ —≠≠“ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π´÷Ëß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬æ‘®“√≥“‡ÀÁπ«à“‡À¡“– ¡„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß¥—ß°≈à“« ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“

25.2 §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬π’È‡°‘¥¢÷Èπ®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„πµ≈“¥„πÕπ“§µ ÷Ëß®– àßº≈

°√–∑∫µàÕº≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬‡π◊ËÕß®“°¡’‡ß‘πΩ“°°—∫ ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡

‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π¥—ß°≈à“« à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–¡’Õ—µ√“¥Õ°‡∫’È¬ª√—∫¢÷Èπ≈ßµ“¡Õ—µ√“µ≈“¥ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ß¡‘‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“«

à«πÀπ’È ‘π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ à«π„À≠à‡ªìπÀπ’È ‘π√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πΩÉ“¬∫√‘À“√‡ÀÁπ«à“Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡À¡“– ¡°—∫ ∂“π°“√≥åªí®®ÿ∫—π ·≈–§“¥«à“®–‰¡à¡’§«“¡º—πº«π¥â“πÕ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡Õ¬à“ß‡ªìπ “√– ”§—≠

√“¬≈–‡Õ’¬¥¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«‰¥â· ¥ß‰«â„πÀ¡“¬‡Àµÿ¢âÕ 11

25.3 §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π∫√‘…—∑œ‰¡à¡’§«“¡‡ ’Ë¬ß à«π„À≠à®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»‡π◊ËÕß®“°∫√‘…—∑œ‰¥â∑” —≠≠“

ªÑÕß°—π§«“¡‡ ’Ë¬ß¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π‚¥¬°“√·ª≈ß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π®“° °ÿ≈‡ß‘π¬Ÿ‚√‡ªìπ °ÿ≈‡ß‘π∫“∑·≈â«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 11

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß¡’ ‘π∑√—æ¬å∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ´÷Ëß‰¡à‰¥â¡’°“√∑” —≠≠“ªÑÕß°—π§«“¡‡ ’Ë¬ß¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π ´÷Ëß∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï ‡ªìπ‡ß‘π 1 ≈â“π¬Ÿ‚√

117



”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

25.4 §«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ‡°’Ë¬«‡π◊ËÕß°—∫∫—≠™’≈Ÿ°Àπ’È Õ¬à“ß‰√°Áµ“¡‡π◊ËÕß®“°∏ÿ√°‘®

à«π„À≠à¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‡ªìπ°“√¢“¬‡ß‘π ¥ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’Ë‡ªìπ “√– ”§—≠®“°°“√‡°Á∫Àπ’È®“°≈Ÿ°Àπ’È‡À≈à“π—Èπ

25.5 ¡Ÿ≈§à“¬ÿµ‘∏√√¡‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ·≈–‡ªìπ√“¬°“√°—∫

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ—Èπ¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“«®÷ß· ¥ß¡Ÿ≈§à“‰¡à·µ°µà“ß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡Õ¬à“ß¡’ “√– ”§—≠

26. Àÿâπ°Ÿâ

‡¡◊ËÕ«—π∑’Ë 10 æƒ»®‘°“¬π 2546 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ¡’¡µ‘Õπÿ¡—µ‘°“√ÕÕ°Àÿâπ°ŸâÕ“¬ÿ‰¡à‡°‘π 6 ªï®”π«π‰¡à‡°‘π 3,000 ≈â“π∫“∑ À√◊Õ„π °ÿ≈‡ß‘πÕ◊Ëπ„π®”π«π∑’Ë‡∑à“°—π ‚¥¬®–‡ πÕ¢“¬µàÕπ—°≈ß∑ÿπ‡©æ“–‡®“–®ß·≈–/À√◊Õ‡ πÕ¢“¬„Àâ·°àª√–™“™πµ“¡ª√–°“»¢Õß§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å Õ¬à“ß‰√°Áµ“¡ ≥ «—π∑’Ë31 ∏—π«“§¡ 2547 ∫√‘…—∑œ¬—ß‰¡à‰¥â¡’°“√ÕÕ°Àÿâπ°Ÿâµ“¡¡µ‘¥—ß°≈à“«¢â“ßµâπ

27. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’È‰¥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∫√‘…—∑œ‰¥â¡’°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’„πß∫°“√‡ß‘π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2546 „À¡à ‡æ◊ËÕ„Àâ Õ¥§≈âÕß

°—∫°“√®—¥ª√–‡¿∑√“¬°“√∫—≠™’¢Õßªïªí®®ÿ∫—π´÷Ëß‰¡à¡’º≈°√–∑∫µàÕ°”‰√ ÿ∑∏‘À√◊Õ à«π¢ÕßºŸâ∂◊ÕÀÿâπµ“¡∑’Ë‰¥â√“¬ß“π‰ª

28. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π

ß∫°“√‡ß‘ππ’È‰¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ·≈â«

118


Financial Statements

For the Years Ended 31 December, 2004 and 2003

And

Report of Certified Public Accountant

Big C Supercenter Public Limited and Its Subsidiaries

119


To The Board of Directors and Shareholders ofBig C Supercenter Public Company Limited

I have audited the accompanying consolidated balance sheets of Big C Supercenter PublicCompany Limited and its subsidiaries as at 31 December 2004 and 2003, the related consolidatedstatements of earnings, changes in shareholdersû equity and cash flows for the years then ended,and the separate financial statements of Big C Supercenter Public Company Limited for the sameperiods. These financial statements are the responsibility of the Companyûs management as totheir correctness and completeness of the presentation. My responsibility is to express an opinionon these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Thosestandards require that I plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made by management,as well as evaluating the overall financial statement presentation. I believe that my audits providea reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all materialrespects, the financial position of Big C Supercenter Public Company Limited and its subsidiarycompanies and of Big C Supercenter Public Company Limited as at 31 December 2004 and 2003,and the results of their operations and cash flows for the years then ended, in accordance withgenerally accepted accounting principles.

Ruth ChaowanagawiCertified Public Accountant (Thailand) No. 3247

Ernst & Young Office LimitedBangkok : 11 February 2005

Report of Independent Auditor

BIG C SUPERCENTER PUBLIC COMPANY LIMITED AND SUBSIDIARIES

31 DECEMBER 2004 AND 2003

120


BALANCE SHEETS


AS AT 31 DECEMBER 2004 AND 2003

(Unit: Baht)

CONSOLIDATED THE COMPANY ONLY

Note 2004 2003 2004 2003

ASSETS

CURRENT ASSETS

Cash and cash equivalents 1,724,509,444 934,385,662 1,620,793,033 862,955,354

Trade accounts receivable-net 4 116,214,900 80,595,843 103,872,451 70,913,815

Amounts due from related parties 5 60,440,129 38,850,332 709,387,239 684,423,480

Inventories-net 6 4,337,935,820 4,054,146,355 3,894,542,845 3,517,243,782

Other current assets

Accrued income-net 391,048,142 572,085,880 357,805,873 491,582,122

Others 88,524,238 156,796,607 80,735,798 115,229,419

Total other current assets 479,572,380 728,882,487 438,541,671 606,811,541

TOTAL CURRENT ASSETS 6,718,672,673 5,836,860,679 6,767,137,239 5,742,347,972

NON-CURRENT ASSETS

Loans to subsidiary companies 5 - - 65,498,038 15,420,373

Investments in subsidiaries accounted for under

equity method 7 - - 4,840,831,432 5,553,352,733

Other long-term investments 8 - - - -

Property, plant and equipment - net 9 19,695,579,125 18,699,642,520 15,304,132,551 14,126,020,658

Intangible assets - net goodwill 437,255,621 462,800,377 - -

Other non-current assets

VAT refundable 225,772,506 152,725,315 217,162,320 150,005,103

Other receivable 64,452,941 61,740,241 - -

Others 153,829,317 181,298,244 144,313,241 164,610,783

Total other non-current assets 444,054,764 395,763,800 361,475,561 314,615,886

TOTAL NON-CURRENT ASSETS 20,576,889,510 19,558,206,697 20,571,937,582 20,009,409,650

TOTAL ASSETS 27,295,562,183 25,395,067,376 27,339,074,821 25,751,757,622

The accompanying notes are an integral part of the financial statements.

121


BALANCE SHEETS (Continued)



(Unit: Baht)


Note 2004 2003 2004 2003

LIABILITIES AND SHAREHOLDERSû EQUITY

CURRENT LIABILITIES

Trade accounts payable 9,551,923,729 8,367,373,100 8,788,794,368 7,434,234,646

Amounts due to related parties 5 60,276,928 102,101,024 63,102,052 93,275,370

Long-term loan from related company - current

portion 5, 11 1,182,000,000 1,593,000,000 1,182,000,000 1,593,000,000

Loans from subsidiary companies 5 - - 1,349,447,013 1,834,415,317

Other current liabilities

Corporate income tax payable 299,851,091 72,923,003 193,884,714 32,305,788

Other payables 742,779,675 730,402,160 696,656,141 618,361,341

Accrued expenses 786,997,545 612,001,717 715,583,886 539,240,781

Others 429,489,201 211,657,736 377,821,110 180,278,445

Total other current liabilities 2,259,117,512 1,626,984,616 1,983,945,851 1,370,186,355

TOTAL CURRENT LIABILITIES 13,053,318,169 11,689,458,740 13,367,289,284 12,325,111,688

NON-CURRENT LIABILITIES

Unearned leasehold rights - net 141,201,492 161,148,076 46,032,182 48,394,668

Long-term loan from related company - net

of current portion 5, 11 745,500,000 1,182,000,000 745,500,000 1,182,000,000

Other non-current liabilities

Retention payables 54,216,367 52,873,937 51,119,673 51,570,517

Deposits for rental 529,543,609 486,292,849 367,650,287 322,622,884

Others 20,654,013 22,976,468 17,293,534 17,674,038

Total other non-current liabilities 604,413,989 562,143,254 436,063,494 391,867,439

TOTAL NON-CURRENT LIABILITIES 1,491,115,481 1,905,291,330 1,227,595,676 1,622,262,107

TOTAL LIABILITIES 14,544,433,650 13,594,750,070 14,594,884,960 13,947,373,795


122


BALANCE SHEETS (Continued)



(Unit: Baht)


Note 2004 2003 2004 2003

LIABILITIES AND SHAREHOLDERSû EQUITY (Continued)

SHAREHOLDERSû EQUITY

Share capital

Registered

825,000,000 ordinary shares of Baht 10 each 8,250,000,000 8,250,000,000 8,250,000,000 8,250,000,000

Issued and fully paid up

800,939,574 ordinary shares of Baht 10 each

(2003 : 800,529,574 ordinary shares

of Baht 10 each) 12 8,009,395,740 8,005,295,740 8,009,395,740 8,005,295,740

Share subscription received in advance

before registration 18 370,000 2,921,000 370,000 2,921,000

Share premium 2,243,543,984 2,241,575,984 2,243,543,984 2,241,575,984

Unrealized loss on decline in value of investments (489,750) (489,750) (489,750) (489,750)

Retained earnings

Appropriated - statutory reserve 14 200,000,000 119,900,000 200,000,000 119,900,000

Unappropriated 2,251,391,294 1,395,202,260 2,291,369,887 1,435,180,853

2,451,391,294 1,515,102,260 2,491,369,887 1,555,080,853

Equity attributable to Companyûs shareholders 12,704,211,268 11,764,405,234 12,744,189,861 11,804,383,827

Minority interest - Equity attributable to minority

shareholders of subsidiaries 46,917,265 35,912,072 - -

TOTAL SHAREHOLDERSû EQUITY 12,751,128,533 11,800,317,306 12,744,189,861 11,804,383,827

TOTAL LIABILITIES AND SHAREHOLDERSû EQUITY 27,295,562,183 25,395,067,376 27,339,074,821 25,751,757,622


123


STATEMENTS OF EARNINGS


FOR THE YEARS ENDED 31 DECEMBER 2004 AND 2003

(Unit: Baht)


Note 2004 2003 2004 2003

REVENUES

Sales 47,411,940,059 42,341,682,749 44,006,228,072 38,132,044,573

Share of profit from investments in subsidiary companies

accounted for under equity method - - 512,277,809 537,261,470

Rental and service income 1,900,559,531 1,561,090,514 1,632,825,620 1,293,820,578

Other income 20 3,437,178,461 3,114,093,054 3,091,807,757 2,732,619,149

TOTAL REVENUES 52,749,678,051 47,016,866,317 49,243,139,258 42,695,745,770

EXPENSES

Cost of sales 42,683,765,864 38,171,632,325 39,908,671,970 34,648,508,601

Selling and administrative expenses 7,685,764,915 6,913,154,061 7,122,038,664 6,180,230,037

Directorsû remuneration 21 1,980,000 1,800,000 1,980,000 1,800,000

TOTAL EXPENSES 50,371,510,779 45,086,586,386 47,032,690,634 40,830,538,638

EARNINGS BEFORE INTEREST EXPENSES,

INCOME TAX AND MINORITY INTERESTS 2,378,167,272 1,930,279,931 2,210,448,624 1,865,207,132

INTEREST EXPENSES (101,903,988) (184,854,769) (136,191,569) (235,549,941)

CORPORATE INCOME TAX 16 (664,165,456) (319,065,792) (473,164,420) (217,070,560)

EARNINGS BEFORE MINORITY INTERESTS 1,612,097,828 1,426,359,370 1,601,092,635 1,412,586,631

MINORITY INTERESTS (11,005,193) (13,772,739) - -

NET EARNINGS FOR THE YEAR 1,601,092,635 1,412,586,631 1,601,092,635 1,412,586,631

EARNINGS PER SHARE 19

Basic earnings per share

Net earnings 2.00 1.76 2.00 1.76

Weighted average number of ordinary shares (shares) 800,866,506 800,407,683 800,866,506 800,407,683

Diluted earnings per share

Net earnings 2.00 1.76 2.00 1.76

Weighted average number of ordinary shares (shares) 801,162,675 800,670,942 801,162,675 800,670,942


124


STA

TEM

ENTS O

F C

HA

NG

ES IN S

HA

REHO

LD

ERSû EQ

UIT

YBI

G C

SUPE

RCEN

TER

PUBL

IC C

OM

PANY

LIM

ITED

AND

SUB

SIDI

ARIE

S

AS A

T 31

DEC

EMBE

R 20

04 A

ND 2

003

(Uni

t : B

aht)

CONS

OLID

ATED

Issue

d an

dSh

are su

bscri

ption

Unrea

lised

gain

Retai

ned

earn

ings

Note

fully

paid

up

receiv

ed in

adva

nce

Share

on d

eclin

e in

value

Appr

opria

ted-

Mino

rity

share

capit

albe

fore r

egist

ration

prem

iumof

inves

tmen

tssta

tutor

y res

erve

Unap

prop

riated

intere

stsTo

tal

Balan

ce -

end

of the

year

2002

7,996

,375,7

4010

,759,6

002,2

37,29

4,384

(489,7

50)

49,20

0,000

413,4

79,68

722

,139,3

3310

,728,7

58,99

4Or

dinary

share

s issu

ed d

uring

the y

ear

8,920

,000

--

--

--

8,920

,000

Tran

sferre

d sh

are su

bscri

ption

rece

ived

in ad

vanc

e befo

rereg

istrat

ion to

ord

inary

share

s-

(10,75

9,600

)-

--

--

(10,75

9,600

)Sh

are su

bscri

ption

rece

ived

in ad

vanc

e befo

re reg

istrat

ion-

2,921

,000

--

--

-2,9

21,00

0Tr

ansfe

r to

legal

reserv

e14

--

--

70,70

0,000

(70,70

0,000

)-

-Sh

are p

remium

--

4,281

,600

--

--

4,281

,600

Net e

arning

s for

the y

ear 2

003

--

--

-1,4

12,58

6,631

-1,4

12,58

6,631

Devid

end

paid

17-

--

--

(360,1

64,05

8)-

(360,1

64,05

8)Ne

t earn

ings o

f mino

rity i

nteres

ts-

--

--

-13

,772,7

3913

,772,7

39Ba

lance

- en

d of

the ye

ar 20

038,0

05,29

5,740

2,921

,000

2,241

,575,9

84(48

9,750

)11

9,900

,000

1,395

,202,2

6035

,912,0

7211

,800,3

17,30

6Or

dinary

share

s issu

ed d

uring

the y

ear

124,1

00,00

0-

--

--

-4,1

00,00

0Tr

ansfe

rred

share

subs

cripti

on re

ceive

d in

adva

nce b

efore

regist

ration

to o

rdina

ry sh

ares

-(2,

921,0

00)

--

--

-(2,

921,0

00)

Share

subs

cripti

on re

ceive

d in

adva

nce b

efore

regist

ration

18-

370,0

00-

--

--

370,0

00Tr

ansfe

r to

legal

reserv

e14

--

--

80,10

0,000

(80,10

0,000

)-

-Sh

are p

remium

--

1,968

,000

--

--

1,968

,000

Net e

arning

s for

the y

ear 2

004

--

--

-1,6

01,09

2,635

-1,6

01,09

2,635

Devid

end

paid

17-

--

--

(672,7

55,64

1)-

(672,7

55,64

1)Re

versa

l prio

r yea

r divi

dend

--

--

-7,9

52,04

0-

7,952

,040

Net e

arning

s of m

inorit

y inte

rests

--

--

--

11,00

5,193

11,00

5,193

Balan

ce -

end

of the

year

2004

8,009

,395,7

4037

0,000

2,243

,543,9

84(48

9,750

)20

0,000

,000

2,251

,391,2

9446

,917,2

6512

,751,1

28,53

3

The a

ccomp

anyin

g note

s are

an in

tegral

part

of t

he fi

nacia

l stat

emen

ts.

125


STATEM

ENTS O

F C

HA

NG

ES IN S

HA

REHO

LD

ERSû EQ

UIT

YBI

G C

SUPE

RCEN

TER

PUBL

IC C

OM

PANY

LIM

ITED

AND

SUB

SIDI

ARIE

S

AS A

T 31

DEC

EMBE

R 20

04 A

ND 2

003

(Uni

t : B

aht)

THE

COMP

ANY

ONLY

Issue

d an

dSh

are su

bscri

ption

Unrea

lised

gain

Retai

ned

earn

ings (

loss)

Note

fully

paid

up

receiv

ed in

adva

nce

Share

on d

eclin

e in

value

Appr

opria

ted-

share

capit

albe

fore r

egist

ration

prem

iumof

inves

tmen

tssta

tutor

y res

erve

Unap

prop

riated

Total

Balan

ce -

end

of the

year

2002

7,996

,375,7

4010

,759,6

002,2

37,29

4,384

(489,7

50)

49,20

0,000

453,4

58,28

010

,746,5

98,25

4Or

dinary

share

s issu

ed d

uring

the y

ear

8,920

,000

--

--

-8,9

20,00

0Tr

ansfe

rred

share

subs

cripti

on re

ceive

d in

adva

nce b

efore

regist

ration

to o

rdina

ry sh

ares

-(10

,759,6

00)

--

--

(10,75

9,600

)Sh

are su

bscri

ption

rece

ived

in ad

vanc

e befo

re reg

istrat

ion-

2,921

,000

--

--

2,921

,000

Tran

sfer t

o leg

al res

erve

14-

--

-70

,700,0

00(70

,700,0

00)

-Sh

are p

remium

--

4,281

,600

--

-4,2

81,60

0Ne

t earn

ings f

or th

e yea

r 200

3-

--

--

1,412

,586,6

311,4

12,58

6,631

Devid

end

paid

17-

--

--

(360,1

64,05

8)(36

0,164

,058)

Balan

ce -

end

of the

year

2003

8,005

,295,7

402,9

21,00

02,2

41,57

5,984

(489,7

50)

119,9

00,00

01,4

35,18

0,853

11,80

4,383

,827

Ordin

ary sh

ares i

ssued

dur

ing th

e yea

r12

4,100

,000

--

--

-4,1

00,00

0Tr

ansfe

rred

share

subs

cripti

on re

ceive

d in

adva

nce b

efore

regist

ration

to o

rdina

ry sh

ares

-(2,

921,0

00)

--

--

(2,92

1,000

)Sh

are su

bscri

ption

rece

ived

in ad

vanc

e befo

re reg

istrat

ion18

-37

0,000

--

--

370,0

00Tr

ansfe

r to

legal

reserv

e14

--

--

80,10

0,000

(80,10

0,000

)-

Share

prem

ium-

-1,9

68,00

0-

--

1,968

,000

Net e

arning

s for

the y

ear 2

004

--

--

-1,6

01,09

2,635

1,601

,092,6

35De

viden

d pa

id17

--

--

-(67

2,755

,641)

(672,7

55,64

1)Re

verse

prio

r yea

r divi

dend

--

--

-7,9

52,04

07,9

52,04

0Ba

lance

- en

d of

the ye

ar 20

048,0

09,39

5,740

370,0

002,2

43,54

3,984

(489,7

50)

200,0

00,00

02,2

91,36

9,887

12,74

4,189

,861

The a

ccomp

anyin

g note

s are

an in

tegral

part

of t

he fi

nacia

l stat

emen

ts.

126


(Unit: Baht)


2004 2003 2004 2003

Cash flows from (used in) operating activities

Net earnings 1,601,092,635 1,412,586,631 1,601,092,635 1,412,586,631

Adjustments to reconcile net earnings to net cash

provided by (used in) operating activities

Depreciation and amortization 1,661,160,617 1,441,579,063 1,373,770,224 1,151,799,205

Bad debts and doubtful accounts 72,644,736 24,400,000 70,393,707 15,400,000

Provision for obsolete, out-of-date,

shrinkage inventory 50,300,858 35,825,739 54,307,314 42,371,603

Written off withholding tax and VAT - 29,279,600 - -

Goodwill amortization 24,034,564 24,034,564 - -

Unrealized gain on exchange (3,248,000) (10,442,041) (535,300) (3,701,800)

Loss (gain) on sales and disposal of property,

plant and equipment (1,117,013) (835,362) (323,963) 1,158,579

Share of profit from investments in

subsidiary companies-under equity method - - (512,277,809) (537,261,470)

Minority interests in net earnings for the year 11,005,193 13,772,739 - -

Net earnings from operations before changes

in operating assets and liabilities 3,415,873,590 2,970,200,933 2,586,426,808 2,082,352,748

(Increase) decrease in operating assets

Trade accounts receivable (35,619,057) 64,409,613 (32,958,636) 51,048,278

Amounts due from related parties (21,589,797) 45,567,424 (24,963,759) (146,080,301)

Inventories (334,090,323) 338,802,958 (431,606,378) 261,605,492

Other current assets 176,665,372 84,468,632 97,876,164 52,364,856

Other non-current assets (84,318,677) 422,745,642 (83,743,822) 428,037,129

Increase (decrease) in operating liabilities

Trade accounts payable 1,184,550,629 (337,433,384) 1,354,559,721 (202,249,381)

Amounts due to related parties (41,288,796) 44,315,812 (29,638,018) 5,622,209

Other current liabilities 718,782,410 (161,834,181) 700,409,010 (152,842,956)

Other non-current liabilities 44,037,358 45,824,456 46,196,022 43,684,994

Net cash from operating activities 5,023,002,709 3,517,067,905 4,182,557,112 2,423,543,068


STATEMENTS OF CASH FLOWS



127


(Unit: Baht)


2004 2003 2004 2003

Cash flows from (used in) investing activities

(Increase) decrease in loans to subsidiary companies - - (50,077,665) 220,128,005

Proceeds from sales of investments in subsidiary companies - - 1,224,799,110 -

Proceeds from sales of property, plant and equipment 6,946,208 8,804,265 5,377,970 4,989,745

Purchase of property, plant and equipment (2,644,389,054) (1,972,379,467) (2,524,414,463) (1,917,450,611)

Net cash used in investing activities (2,637,442,846) (1,963,575,202) (1,344,315,048) (1,692,332,861)

Cash flows from (used in) financing activities

Decrease in bank overdrafts and loans

from financial institutions - (1,409,282,437) - (1,405,138,933)

Increase in loans from subsidiary companies - - (484,968,304) 939,821,668

Increase in long-term loan from related company (847,500,000) - (847,500,000) -

Decrease in share subscription received in

advance before registration (2,551,000) (7,838,600) (2,551,000) (7,838,600)

Cash received on increase in share capital of the Company 6,068,000 13,201,600 6,068,000 13,201,600

Dividend paid (751,453,081) (360,164,058) (751,453,081) (360,164,058)

Net cash used in financing activities (1,595,436,081) (1,764,083,495) (2,080,404,385) (820,118,323)

Net increase in cash and cash equivalents 790,123,782 (210,590,792) 757,837,679 (88,908,116)

Cash and cash equivalents at beginning of the year 934,385,662 1,144,976,454 862,955,354 951,863,470

Cash and cash equivalents at end of the year 1,724,509,444 934,385,662 1,620,793,033 862,955,354

Supplemental disclosure of cash flows information

Cash paid during the year for :-

Interest expenses 119,103,622 176,788,996 156,876,466 224,688,403

Corporate income taxes 299,230,936 313,116,042 205,178,119 222,452,906


STATEMENTS OF CASH FLOWS (Continued)



128


NOTES TO FINANCIAL STATEMENTS



1. GENERAL INFORMATIONThe Company was incorporated as a limited company and subsequently transformed to be a

public limited company under Thai laws and operates its business in Thailand. Its principal activity ishypermarket business and registered address is 89/36, 7th Floor, Univest Building, Rajdamri Road,Lumpini, Pathumwan, Bangkok.

As at 31 December 2004, the Company and its subsidiaries operates 44 stores, (the Company Only: 40 stores) (2003 : The Company and its subsidiaries 40 stores, the Company only 36 stores).

2. BASIS OF CONSOLIDATION

The consolidated financial statements include the financial statements of Big C Supercenter PublicCompany Limited (the çCompanyé), and its subsidiary companies (the çSubsidiariesé) as follows :-2.1 Subsidiaries which were directly held by the Company

Registered Equity interest

share capital of the Company Nature of business

2004 2003 2004 2003

Million Million Percent Percent

Baht Baht

Chiengmai Big C (2001) Co., Ltd. 300 300 100.00 100.00 Retail

Inthanon Land Co., Ltd. 841 841 100.00 100.00 Rental of immovable assets

Southeast Asia Pacific Trading Co., Ltd. - 10 - 100.00 Dormant

Central Superstore Limited 1,300 1,300 99.99 99.99 Rental of immovable assets

and holding company

Theparak Big C Limited 80 80 99.99 99.99 Rental of immovable assets

and holding company

Surat Big C Limited 200 200 99.99 99.99 Dormant

Big C Distribution Co., Ltd. 1 1 99.99 99.99 Dormant

Udon Big C Co., Ltd. - 850 - 99.99 Retail

Pitsanulok Big C Co., Ltd. - 1,050 - 92.38 Retail

Chiengrai Big C Co., Ltd. 180 180 89.99 89.99 Retail

Flexpay Co., Ltd. 100 100 51.00 51.00 Dormant

129


NOTES TO FINANCIAL STATEMENTS (Continued)



2.2 Indirect subsidiaries which were held by the Companyûs subsidiariesRegistered Equity interest

share capital of the Company Nature of business2004 2003 2004 2003

Million Million Percent PercentBaht Baht

2.2.1 Investment through CentralSuperstore LimitedCentral Pattaya Co., Ltd. 80 80 99.99 99.99 Rental of immovable assetsUdon Big C Co., Ltd. 850 - 99.99 - Dormant

2.2.2 Investment through TheparakBig C Co., Ltd.Big C Fairly Limited 440 440 95.23 95.23 RetailPharam II Big C Co., Ltd. 5 5 99.99 95.23 Rental of immovable assetsPitsanulok Big C Co., Ltd. 1,050 - 92.38 - Retail

2.3 Percentage of total assets and revenues to the consolidated financial statementsThe consolidated financial statements include the financial statements for the years ended

31 December 2004 and 2003 of Big C Supercenter Public Company Limited and its subsidiaries.The percentage of total assets and revenues for the years ended 31 December 2004 and 2003to the consolidated financial statements are following :-

Subsidiaryûs total assets Subsidiaryûs total revenues

as a percentage to as a percentage to

the consolidated total the consolidated total

2004 2003 2004 2003

Subsidiaries

1. Chiengmai Big C (2001) Co., Ltd. 2.51 1.60 3.01 2.76

2. Inthanon Land Co., Ltd. 3.48 2.58 0.11 0.13

3. Central Superstore Limited 7.49 4.96 0.35 0.39

4. Theparak Big C Limited 6.04 2.67 0.16 0.12

5. Surat Big C Limited 1.74 1.34 0.10 0.09

6. Big C Distribution Co., Ltd. 0.05 0.05 - 0.05

7. Udon Big C Co., Ltd. 2.20 2.27 0.70 2.39

8. Pitsanulok Big C Co., Ltd. 5.03 3.30 3.17 2.90

9. Chiengrai Big C Co., Ltd. 3.90 2.52 3.20 3.14

10. Flexpay Co., Ltd. 0.27 0.29 0.01 0.02

11. Central Pattaya Co., Ltd. 0.97 0.72 0.08 0.09

12. Big C Fairy Limited 4.03 2.57 3.47 3.27

13. Pharam II Big C Co., Ltd. 0.04 - 0.01 -

14. Southeast Asia Pacific Trading Co., Ltd. - - - -




130


2.4 Intercompany balances and significant transactions, investments in the subsidiaries in theCompanyûs accounts and the subsidiariesû share capital are eliminated from the consolidatedfinancial statements.

2.5 The excess of the fair value of net assets at the date of the acquisition of the subsidiaries overrelated cost of investment is accounted as çGoodwill - neté in the balance sheets and are amortisedover the lease period of 30, 20 and 10 years.

3. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting standards pronouncedby the Institute of Certified Accountants and Auditors of Thailand which are effective under theAccounting Act B.E. 2543.

Significant accounting policies adopted by the Company and subsidiaries are summarized below :-3.1 Revenue recognition

Sales are the invoiced value, excluding value added tax, of goods supplied after deductingdiscount and allowance.

Rental and service income are recognized on the accrual basis over the period of the leaseand service agreements.

3.2 Cash and cash equivalentsCash and cash equivalents include cash on hand and at banks with an original maturity of

3 months or less and free from restrictions.

3.3 Trade accounts receivable and allowance for doubtful accountsTrade accounts receivable are stated at the net realizable value. Allowance for doubtful

accounts is provided for the estimated collection losses that may be incurred in the collection ofreceivables. The allowance is based on collection experience and current status of receivablesoutstanding at the balance sheet date.

3.4 InventoriesInventories are valued at the lower of cost (the average cost method) and net realisable value.

3.5 InvestmentsInvestments in subsidiaries in the Companyûs financial statements is stated under the equity

accounting method. Should the Company has continuing obligation for the capital deficit ofsubsidiary the excess of loss over cost of investment is presented as liabilities under the caption ofçExcess loss over cost of investment in subsidiary companiesé in the balance sheets.




131


Long-term investments in other companies which are non-marketable securities and held asother investments are stated at cost. The loss on impairment in value of securities (if any) isincluded in determining earnings.

3.6 Property, plant and equipmentAll items of property, plant and equipment are recorded at cost. Land is however

subsequently revalued by an independent professional valuer, on an asset-by-asset basis, to theirfair value. Revaluations will be made with sufficient regularity to ensure that their carrying amountdoes not differ materially from their fair value at the balance sheet date.

Plant and equipment are stated at cost less accumulated depreciation.

3.7 DepreciationDepreciation of plant and equipment is calculated by reference to their costs on a straight-

line basis over the estimated useful lives as follows :-Land improvements - 5 - 20 yearsBuilding and building improvements - 5 - 30 yearsFurniture, fixtures, tools and office equipment - 3 - 20 yearsUtility systems - 5 - 20 yearsVehicles - 5 years

No depreciation is provided for land and land revaluation and construction in progress.Depreciation is included in determining earnings.

3.8 Capitalisation of borrowing costsBorrowings costs of the loan obtained for the acquisition of fixed assets are capitalised as

cost of fixed assets until they are ready for their intended use.

3.9 AmortisationGoodwill is amortised on a straight-line basis over a period of 30, 20 and 10 years.

3.10 Finance leaseThe Company regarded a lease that transfers substantially all the risks and rewards of

ownership as finance lease whereby the fair value of the leased properties is recorded as assetsand commitment of the future rental (deducted interest portion) as liabilities.

Interest expense or finance charge is included in determining earnings according to theremaining balance of the liabilities.




132


3.11 Allowance for impairment of assetsThe Company will recognise impairment loss if events or changes in circumstances indicate

the carrying value may not be recoverable.

3.12 Financial instrumentsThe Company has no policy to speculate in or engage in the trading of any financial

derivative instruments.Financial instruments carried in the balance sheet include cash and bank balances, bank

overdraft and loans from financial institutions trade accounts receivable and trade accountspayable, loan to and loan from related companies. The particular recognition methods adoptedare disclosed in the individual policy statements associated with each item.

3.13 Foreign currenciesTransactions in foreign currencies are translated into Baht at the rates ruling at the

transaction dates. Monetary assets and liabilities denominated in foreign currency outstanding atthe balance sheet date are translated into Baht at the rates ruling at the balance sheet date exceptfor those covered by forward exchange contracts at the contracted date.

Exchange gains and losses are included in determining earnings. Discounts or premiumson forward exchange contracts (the difference between the spot exchange rate and the forwardexchange rate at inception of the contracts) are deferred and amortized to earnings over thecontract lives using the straight-line method.

3.14 Earnings per shareBasic earnings per share is calculated by dividing net earnings for the year by the weighted

average number of ordinary shares in issue during the year.Diluted earnings per share is calculated by dividing net earnings for the year by the total

sum of the weighted average number of ordinary shares in issue during the year and the weightedaverage number of ordinary shares to be issued for conversion of all dilutive potential ordinaryshares into ordinary shares.

3.15 Use of accounting estimatesPreparation of financial statements in conformity with generally accepted accounting

principles requires management to make estimates for certain accounting transactions, affectingamounts reported in the financial statements and notes thereto. Subsequent actual results maydiffer from these estimates.




133


4. TRADE ACCOUNTS RECEIVABLEThe aging of the outstanding trade accounts receivable as at 31 December 2004 and 2003 is as

follows :-(Unit : Thousand Baht)


2004 2003 2004 2003

Within 3 months 116,097 76,668 103,759 67,000

More than 3 months - 6 months - - - -

More than 6 months - 12 months - - - -

More than 12 months 11,312 5,967 11,255 4,316

Total accounts receivable - retail business 127,409 82,635 115,014 71,316

Less : Allowance for doubtful accounts (11,194) (2,039) (11,142) (402)

Net 116,215 80,596 103,872 70,914

5. RELATED PARTY TRANSACTIONSDuring the years, the Company had significant business transactions with its subsidiaries (eliminated

from the consolidated financial statements) and related companies (related by way of common shareholdersand/or directors) mostly in respect of borrowings, sales/purchase of goods and services and rental. TheCompany has the following policies on pricing for its related transactions :1. Sales and cost of goods transactions, the prices will be based on the agreed prices between the

parties.2. Rental and service income and expenses will be based on the contract price between the parties

and according to market price.3. Management fee income and expenses will be based on the agreed prices between the parties and/

or market price.4. Inter-company loan, interest rate will be based on the interest rate close to those charged by bank

to normal customer.5. Sales and cost of sales of investment in subsidiaries will be based on the agreed prices between the

parties and close to the book value of subsidiaries.




134


Significant transactions between the Company and its subsidiaries and related companies aresummarized below :-

(Unit : Thousand Baht)


2004 2003 2004 2003

Transactions with subsidiaries

Sales of goods - - 2,363,861 2,308,932

Purchases of goods - - 111,563 41,696

Rental and service income - - 39,131 16,061

Rental and service expenses - - 319,382 258,347

Management fee income - - 10,710 -

Management fee expense - - - 2,672

Interest income - - 1,920 4,318

Interest expense - - 34,288 50,695

Cast received from sold investments in subsidiaries - - 1,224,010 -

Transactions with related companies

Other income 12,271 - 12,271 -

Rental and service expenses 175,480 176,158 152,593 152,332

Management fee income 3,596 7,193 3,596 7,193

Management fee expense and other expense 48,286 36,779 48,286 36,779

Interest expense 94,005 154,090 94,005 154,090

As at 31 December 2004 and 2003, the outstanding balances of the above transactions have beenseparately shown in the balance sheets and consist of the following :-




135




2004 2003 2004 2003

Amounts due from related parties

Subsidiary companies

Central Superstore Limited - - 608 127

Udon Big C Co., Ltd. - - 578 87,700

Pitsanulok Big C Limited - - 151,152 125,187

Big C Fairy Limited - - 165,090 148,955

Surat Big C Limited - - - 53

Theparak Big C Limited - - 10 28

Chiengrai Big C Co., Ltd. - - 180,197 150,690

Big C Distribution Co., Ltd. - - - 288

Inthanon Land Co., Ltd. - - 55 -

Chiengmai Big C (2001) Co., Ltd. - - 174,100 135,832

Flexpay Co., Ltd. - - 1,124 14,597

Total amounts due from subsidiary companies - - 672,914 663,457

Related companies

Central group of companies 48,169 38,850 24,202 20,966

Casino Group 12,271 - 12,271 -

Total amount due from related companies 60,440 38,850 36,473 20,966

Total amounts due from related parties 60,440 38,850 709,387 684,423

Loans to subsidiary companies

Udon Big C Co., Ltd. - - - 33

Pitsanulok Big C Limited - - - 291

Big C Fairy Limited - - - 61

Surat Big C Limited - - - 14,912

Theparak Big C Limited - - 18,307 -

Chiengrai Big C Co., Ltd. - - - 38

Big C Distribution Co., Ltd. - - - 1

Chiengmai Big C (2001) Co., Ltd. - - - 73

Flexpay Co., Ltd. - - 47,191 11

Total loans to subsidiary companies - - 65,498 15,420




136




2004 2003 2004 2003

Amounts due to related partiesSubsidiary companiesCentral Superstore Limited - - 11,903 11,953Udon Big C Co., Ltd. - - 1,121 411Pitsanulok Big C Limited - - 493 2,729Big C Fairy Limited - - 5,481 1,349Surat Big C Limited - - 2,604 1,202Theparak Big C Limited - - 2,556 2,356Chiengrai Big C Co., Ltd. - - 6,397 355Big C Distribution Co., Ltd. - - 39 2,844Chiengmai Big C (2001) Co., Ltd. - - 2,869 2,902Inthanon Land Co., Ltd. - - 866 2,350Flexpay Co., Ltd. - - - 439Central Pattaya Co., Ltd. - - 1,507 -Total amounts due to subsidiary companies - - 35,836 28,890Related companiesCentral Pattana Public Co., Ltd. 31,637 34,723 - -Central Group of Companies 5,094 6,211 3,720 3,218Distribution Casino 8,444 26,543 8,444 26,543Casino Guichard - Perrachon

- Interest payable 13,318 30,518 13,318 30,518- Management fee 1,784 4,106 1,784 4,106

Total amounts due to related companies 60,277 102,101 27,266 64,385Total amounts due to related parties 60,277 102,101 63,102 93,275Loans from subsidiary companiesCentral Superstore Limited - - 153,601 353,401Udon Big C Co., Ltd. - - - 223,463Pitsanulok Big C Limited - - - 294,110Big C Fairy Limited - - - 1,239Surat Big C Limited - - 9,826 517Theparak Big C Limited - - 6,424 70,463Chiengrai Big C Co., Ltd. - - 512,784 343,566Big C Distribution Co., Ltd. - - 11,398 12,754Chiengmai Big C (2001) Co., Ltd. - - 429,860 324,433Inthanon Land Co., Ltd. - - 225,554 180,270Flexpay Co., Ltd. - - - 29,932Central Pattaya Co., Ltd. - - - 267Total loans from subsidiary companies - - 1,349,447 1,834,415Long-term loan from related companyCasino Guichard - Perrachon

- Current portion - Perrachon 1,182,000 1,593,000 1,182,000 1,593,000- Long-term portion of long-term loan 745,500 1,182,000 745,500 1,182,000

Total long-term loans from related company 1,927,500 2,775,000 1,927,500 2,775,000




137


Movement of loans to and loans from subsidiary companies and long-term loan from relatedcompany during the year 2004 are as follows :-

(Unit : Thousand Baht)Balance as at Movement during the year Balance as at

1 January 2004 Increase Decrease 31 December 2004

Loans to subsidiary companies

Central Superstore Limited - 69,100 69,100 -

Udon Big C Co., Ltd. 33 530,172 530,205 -

Pitsanulok Big C Limited 291 1,599,370 1,599,661 -

Big C Fairy Limited 61 1,822,636 1,822,697 -

Surat Big C Limited 14,912 990,448 1,005,360 -

Theparak Big C Limited - 901,534 883,227 18,307

Chiengrai Big C Co., Ltd. 38 1,622,399 1,622,437 -

Phraram II Big C Co., Ltd. - 1,076 1,076 -

Big C Distribution Co., Ltd. 1 4,465 4,466 -

Chiengmai Big C (2001) Co., Ltd. 73 1,160,774 1,160,847 -

Inthanon Land Co., Ltd. - 8,174 8,174 -

Flexpay Co., Ltd. 11 53,831 6,651 47,191

Central Pattaya Co., Ltd. - 80,354 80,354 -

Total loans to subsidiary companies 15,420 8,844,333 8,794,255 65,498

Loans from subsidiary companies

Central Superstore Limited 353,401 1,730,610 1,930,410 153,601

Udon Big C Co., Ltd. 223,463 1,283,783 1,507,246 -

Pitsanulok Big C Limited 294,110 1,710,895 2,005,005 -

Big C Fairy Limited 1,239 5,526 6,765 -

Surat Big C Limited 517 47,266 37,957 9,826

Theparak Big C Limited 70,463 1,776,317 1,840,356 6,424

Chiengrai Big C Co., Ltd. 343,566 2,064,182 1,894,964 512,784

Big C Distribution Co., Ltd. 12,754 5,375 6,731 11,398

Chiengmai Big C (2001) Co., Ltd. 324,433 1,065,309 959,882 429,860

Inthanon Land Co., Ltd. 180,270 54,645 9,361 225,554

Flexpay Co., Ltd. 29,932 4,351 34,283 -

Central Pattaya Co., Ltd. 267 271 538 -

Total loans from subsidiary companies 1,834,415 9,748,530 10,233,498 1,349,447

Long-term loan from related company

Casino Guichard - Perrachon 2,775,000 745,500 1,593,000 1,927,500

Total long-term loans from related company 2,775,000 745,500 1,593,000 1,927,500




138


6. INVENTORIES(Unit : Thousand Baht)


2004 2003 2004 2003

Inventories 4,481,352 4,139,366 4,036,888 3,603,483

Goods in transit 38,343 46,239 32,126 33,925

Total 4,519,695 4,185,605 4,069,014 3,637,408

Less : Provision for shrinkage, obsolete and

damage inventories (181,759) (131,459) (174,471) (120,164)

Inventories - net 4,337,936 4,054,146 3,894,543 3,517,244

7. INVESTMENTS IN SUBSIDIARIES ACCOUNTED FOR UNDER EQUITY METHOD

As at 31 December 2004 and 2003, the Company has long-term investments in ordinary shares ofthe following companies :-The Company Only


Type of Paid-up Equity Investment

business share capital interest Cost method Equity method

Million %

31 December 2004 Baht

Investments in subsidiary companies

Chiengmai Big C (2001) Co., Ltd. Retail 300 100.00 601,511 574,978

Inthanon Land Co., Ltd. Rental of immovable 841 100.00 821,407 906,565

assets

Central Superstore Limited Rental of immovable 1,220 99.99 1,301,999 1,573,002

assets and holding

company

Theparak Big C Limited Rental of immovable 57 99.99 357,357 874,493

assets and holding

company

Chiengrai Big C Co., Ltd. Retail 180 89.99 162,000 510,446

Surat Big C Limited Dormant 140 99.99 140,300 391,067

Big C Distribution Co., Ltd. Dormant 1 99.99 1,000 6,917

Flexpay Co., Ltd. Dormant 100 51.0 51,000 3,363

Total investments in subsidiary companies 3,436,574 4,840,831




139


The Company Only(Unit : Thousand Baht)

Type of Paid-up Equity Investment

business share capital interest Cost Equity

31 December 2003 Million Baht % method method

Investments in subsidiary companies

Chiengmai Big C (2001) Co., Ltd. Retail 300 100.00 601,511 548,663

Inthanon Land Co., Ltd. Rental of immovable 841 100.00 821,407 891,250

assets

Southeast Asia Pacific Trading Dormant 10 100.00 2,023 777

Co., Ltd.

Central Superstore Limited Rental of immovable 1,220 99.99 1,301,999 1,456,967

assets and holding

company

Theparak Big C Limited Rental of immovable 57 99.99 357,357 610,094

and holding company assets

Chiengrai Big C Co., Ltd. Retail 180 89.99 162,000 419,134

Surat Big C Limited Dormant 140 99.99 140,300 380,434

Udon Big C Limited Dormant 738 99.99 713,809 497,016

Big C Distribution Co., Ltd. Dormant 1 99.99 1,000 8,312

Pitsanulok Big C Limited Retail 1,050 92.38 970,000 738,262

Flexpay Co., Ltd. Dormant 100 51.00 51,000 2,444

Total investments in subsidiary companies 5,122,406 5,553,353

7.1 On 1 March 2004, the Company has acquired the operation of a subsidiary, Udon Big C Limited,purchasing its inventories and movable assets at a selling price of Baht 30 million.

7.2 For more efficient in the administration of the Company and its subsidiaries, the Company hasrestructured its organization, transferring its investment in a subsidiary, consisting of 11,999,995ordinary shares and 85,000,000 preferred shares, to another company on 25 June 2004.

7.3 For more efficiency in the administration of the Company and its subsidiaries, the Company hasrestructured its organization, transferring its investment in a subsidiary, consisting of 84,999,994ordinary shares to another company on 25 June 2004.

7.4 During the year 2004, a subsidiary company had deregistered the liquidation on at 24 November2004, the Company recorded loss on liquidation approximately Baht 0.1 million.

7.5 During the current year, there were no dividend payments from the aforementioned subsidiarycompanies.




140


8. OTHER LONG-TERM INVESTMENTSAs at 31 December 2004 and 2003, the Company has long-term investments in ordinary shares of

the following companies :-(Unit : Thousand Baht)

Paid-up Equity Investment

Type of share capital interest Cost method

business Million Baht %

31 December 2004 and 2003

Investments in other companies

Singtor Sakol Co., Ltd. Dormant 120 5.00 6,000

Status Group Co., Ltd. Dormant 50 1.00 490

Total investments in other companies 6,490

Less : allowance for unrealized loss on decline in value (6,490)

Net -




141


9.PR

OPER

TY, P

LANT

AND

EQUI

PMEN

T

Cons

olid

ated

(Uni

t : B

aht)

Asse

ts ca

rried

at th

e re

value

dam

ount

Asse

ts ca

rried

at c

ost

Furn

iture

,Co

nstru

ction

inLe

aseh

oldfix

ture

and

prog

ress

and

right

s and

Land

Build

ing

and

offic

eUt

ility

proje

cts u

nder

Land

impr

ovem

ents

impr

ovem

ents

impr

ovem

ents

equip

ment

syste

msVe

hicles

deve

lopme

nts

Total

Cost/

Reap

prais

ed va

lues :

As at

31

Dece

mber

200

34,2

80,92

3,641

4,106

,370,5

7527

,910,2

908,0

68,74

7,278

3,526

,802,7

584,6

61,54

4,404

23,12

9,946

234,4

67,93

224

,929,8

9 6,82

4Ac

quisi

tions

/Tra

nsfer

in34

2,074

,320

433,4

18,89

618

6,308

400,9

52,54

048

8,032

,804

333,4

59,48

29,0

721,1

40,25

1,987

3,138

,385,4

09Di

spos

als/T

rans

fer o

ut(2,

812,9

17)

(5,04

2,933

)(16

6,873

,425)

(91,02

6)(4,

278,6

86)

(450,5

95,18

3)(62

9,694

,170)

As at

31

Dece

mber

200

44,6

20,18

5,044

4,534

,746,5

3828

,096,5

988,4

69,69

9,818

3,847

,962,1

374,9

94,91

2,860

18,86

0,332

924,1

24,73

627

,438,5

8 8,06

3Ac

cumu

lated

dep

recia

tion

:As

at 3

1 De

cemb

er 2

003

-92

4,169

,795

11,25

1,921

1,914

,747,3

681,8

70,69

8,566

1,452

,433,8

7914

,963,5

53-

6,188

,265,0

82De

prec

iation

char

ged

durin

g th

e yea

r-

204,5

60,94

13,4

53,31

448

2,532

,047

596,8

11,19

536

5,166

,718

3,714

,928

-1,6

56,23

9,143

Depr

eciat

ion o

f disp

osals

-(5,

042,9

34)

--

(134,4

26,06

9)(32

,935)

(3,98

2,571

)-

(143,4

84,50

9)As

at 3

1 De

cemb

er 2

004

-1,1

23,68

7,802

14,70

5,235

2,397

,279,4

152,3

33,08

3,692

1,817

,567,6

6214

,695,9

10-

7,701

,019,7

16Al

lowan

ce fo

r imp

airme

nt :

As at

31

Dece

mber

200

3-

16,77

1,718

--

--

-25

,217,5

0441

,989,2

22As

at 3

1 De

cemb

er 2

004

-16

,771,7

18-

--

--

25,21

7,504

41,98

9,222

Net b

ook

value

:As

at 3

1 De

cemb

er 2

003

4,280

,923,6

413,1

65,42

9,062

16,65

8,369

6,153

,999,9

101,6

56,10

4,192

3,209

,110,5

258,1

66,39

320

9,250

,428

18,69

9,642

,520

As at

31

Dece

mber

200

44,6

20,18

5,044

3,394

,287,0

1813

,391,3

636,0

72,42

0,403

1,514

,878,4

453,1

77,34

5,198

4,164

,422

898,9

07,23

219

,695,5

79,12

5De

prec

iation

in th

e ear

nings

state

ment

s for

the y

ear :

2003

1,426

,277,1

0320

041,6

56,23

9,143




142


The

Com

pany

Onl

y(U

nit :

Bah

t)As

sets

carri

ed a

t cos

tFu

rnitu

re,

Cons

tructi

on in

Leas

ehold

fixtu

re a

ndpr

ogre

ss an

drig

hts a

ndLa

ndBu

ildin

g an

dof

fice

Utili

typr

ojects

und

erLa

ndim

prov

emen

tsim

prov

emen

tsim

prov

emen

tseq

uipme

ntsy

stems

Vehic

lesde

velop

ment

sTo

tal

Cost/

Reap

prais

ed va

lues :

As at

31

Dece

mber

200

32,4

72,84

6,854

3,808

,289,8

877,4

92,27

35,2

00,56

0,967

2,900

,027,4

173,3

74,68

2,130

21,11

5,188

234,3

97,93

218

,019,4

12,64

8Ac

quisi

tions

/Tra

nsfer

in34

2,074

,320

416,5

58,39

218

6,308

398,4

04,72

045

1,347

,782

329,0

88,02

29,0

721,0

36,80

1,960

2,974

,470,5

76Di

spos

als/T

rans

fer o

ut(2,

812,9

17)

(5,04

2,933

)-

-(48

,346,4

43)

(1,80

0)(2,

311,9

28)

(450,0

40,25

8)(50

8,556

,279)

As at

31

Dece

mber

200

42,8

12,10

8,257

4,219

,805,3

467,6

78,58

15,5

98,96

5,687

3,303

,028,7

563,7

03,76

8,352

18,81

2,332

821,1

59,63

420

,485,3

26,94

5Ac

cumu

lated

dep

recia

tion

:As

at 3

1 De

cemb

er 2

003

-78

0,549

,782

2,858

,648

882,0

31,04

81,3

88,15

5,706

784,8

11,67

912

,995,9

05-

3,851

,402,7

68De

prec

iation

char

ged

durin

g th

e yea

r-

200,5

18,67

81,3

03,88

929

0,173

,067

553,7

54,98

129

1,793

,054

3,704

,894

-1,3

41,24

8,563

Depr

eciat

ion o

f disp

osals

-(5,

042,9

34)

--

(46,37

7,767

)(57

0)(2,

024,8

88)

-(53

,446,1

59)

As at

31

Dece

mber

200

4-

976,0

25,52

64,1

62,53

71,1

72,20

4,115

1,895

,532,9

201,0

76,60

4,163

14,67

5,911

-5,1

39,20

5,172

Allow

ance

for i

mpair

ment

:As

at 3

1 De

cemb

er 2

003

-16

,771,7

18-

--

--

25,21

7,504

41,98

9,222

As at

31

Dece

mber

200

4-

16,77

1,718

--

--

-25

,217,5

0441

,989,2

22Ne

t boo

k va

lue :

As at

31

Dece

mber

200

32,4

72,84

6,854

3,010

,968,3

874,6

33,62

54,3

18,52

9,919

1,511

,871,7

112,5

89,87

0,451

8,119

,283

209,1

80,42

814

,126,0

20, 65

8As

at 3

1 De

cemb

er 2

004

2,812

,108,2

573,2

27,00

8,102

3,516

,044

4,426

,761,5

721,4

07,49

5,836

2,627

,164,1

894,1

36,42

179

5,942

,130

15,30

4,132

, 551

Depr

eciat

ion in

the

earn

ings

state

ment

s for

the

year

:20

031,1

21,53

0,931

2004

1,341

,248,5

63




143


As at 31 December 2004, certain furniture, fixture, office equipment and vehicles items have beenfully depreciation but are still in use. The original cost before deducting accumulated depreciation, ofthose assets amounted to Baht 4,410 million (2003 : Baht 1,479 million) (the Company only : Baht 1,895million (2003 : Baht 748 million)).

Had the Company and its subsidiaries presented the land at cost, the net book value as at 31December 2004 and 2003 would have been as follows :-

(Unit : Baht)

Land

Consolidated

Net book value (presented at cost)

As at 31 December 2004 3,897,563,955

As at 31 December 2003 3,897,563,955

10. BANK OVERDRAFTS AND LOANS FROM FINANCIAL INSTITUTIONSAs at 31 December 2004, the Company and its subsidiaries entered into overdraft and credit facilities

agreements with local financial institutions and branches of foreign banks totaling approximately Baht 7,609million (2003 : Baht 8,309 million) the Company only : Baht 7,420 million (2003 : Baht 8,120 million).

Under the terms of the above agreements, the Company and its subsidiaries must comply withcertain conditions and restrictions stipulated in the agreements.

11. LONG-TERM LOAN FROM RELATED COMPANY(Unit : Thousand Baht)

2004 2003

Long-term loan from related company 1,927,500 2,775,000

Current portion of long-term loan from related company (1,182,000) (1,593,000)

Long-term loan from related company - net of current portion 745,500 1,182,000

11.1 The Company entered into a loan agreement with a foreign related company for a loan of EURO 40million for a period of three years with interest at the 6-months EURIBOR rate plus 1 percentper annum. During the first and second quarter of 2001, the Company had drawndown EURO 20million in each quarter.

During the first and second quarter of 2001, the Company entered into cross-currency swapcontracts to swap the above loan of EURO 40 million to Baht 791 million and Baht 802 millionrespectively with the branch of a foreign bank. This loan will be repayable in 2004 and carries interestat 6-month EURIBOR rate plus 1 percent per annum, the interest will be payable on semi-annualbasis for the first period and thereafter on a quarterly basis at a fixed rate as follows :-




144


Period Principal of Baht 791 million Principal of Baht 802 millionPercent Percent

1 3.99 3.982 4.59 4.693 4.79 4.884 4.84 4.835 4.79 4.796 4.79 4.797 4.79 4.758 4.55 4.55

From period 9 Floating rate Floating rate

The Company had repaid all loans in the first and the second quarter of 2004 amountingto Baht 791 million and Baht 802 million respectively.

11.2 During the first quarter of 2002, the Company received an additional loan facility of EURO 100million from the foreign related company. The Company has already drawn down EURO 30 millionin this period with the interest rate of the 6-month EURIBOR rate plus 1.25 percent per annum.The loan will be repayable within 3 years with a semi-annual interest payment commencing fromthird quarter of 2002. However, the Company entered into cross-currency swap contracts with abranch of a foreign bank to swap the above loan of EURO 30 million to Baht 1,182 million.The repayment schedule of principal and interest are the same as stipulated in the above loanagreement. The loan bears interest at the rate of 2.25 percent per annum for the first six-months.

11.3 On 10 June 2004, the Company entered into the loan agreement of EURO 15 million with theforeign related company. The loan is bear interest rate of the 6-month EURIBOR rate plus 1percent per annum. The loan will be repayable within 3 years with a semi-annual interestpayment. However, the Company entered into cross-currency swap contracts with the branchesof the foreign bank to swap the above loan to Baht 745.5 million. The repayment schedule ofprincipal and interest are the same as stipulated in the above loan agreement. The loan bearsinterest at the rate of THB-THBFIX rate plus agreed rate with a bank.

The cross currency swap contracts of EURO 30 million are guaranteed by a shareholder.

12. SHARE CAPITALOn 12 January 2004, the Company registered an increase in its issued and paid up share capital

(from Baht 8,005 million to Baht 8,007 million) with the Ministry of Commerce due to the exercise ofwarrants to purchase 195,000 shares of Baht 10 each totaling approximately Baht 1.95 million.




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On 2 April 2004, the Company registered an increase in its issued and paid up share capital(from Baht 8,007 million to Baht 8,009 million) with the Ministry of Commerce due to the exercise ofwarrants to purchase 175,000 shares of Baht 10 each totaling approximately Baht 1.75 million.

On 19 October 2004, the Company registered an increase in its issued and paid up share capital(from Baht 8,009 million to Baht 8,009.4 million) with the Ministry of Commerce due to the exercise ofwarrants to purchase 40,000 shares of Baht 10 each totaling approximately Baht 0.4 million.

13. WARRANTSOn 18 April 2000, the Companyûs shareholdersû meeting approved the increase in its registered

share capital from Baht 8,000 million (800 million ordinary shares of Baht 10 each) to Baht 8,250 million(825 million ordinary shares of Baht 10). With regard to the increase 20 million ordinary shares will bereserved for issuing 20 million warrants at no charge to the Companyûs directors and employees withan exercise ratio of one warrant for one ordinary share, and the exercise price shall be fixed by themanagement in the line with the Notification of the Securities and Exchange Commission. The warrantshave a five years period. In addition, the remaining increase of 5 million ordinary shares will be reservedfor compensation charges to the rights of the warrants as held by the existing shareholders. The Companyhas registered its capital increase with the Ministry of Commerce on 2 May 2000.

On 1 November 2000, the Company offered for the first time 3,025,000 warrants at no charge tothe Companyûs directors and employees. The exercise ratio is one warrant for one ordinary share and isexercisable at a price of Baht 14.80 per share. The warrants have a five year period as from 1 November2000 to 31 October 2005 and is exercisable after two years from the date of issuance (since 31 October2002) and is to be exercised on the last working day of each quarter.

As at 31 December 2004, the Company has issued 2,925,000 warrants whereby 1,598,000 warrantshave been exercised.

14. STATUTORY RESERVEAccording to the Section 116 of the Public Limited Companies Act B.E. 2535, the Company is

required to set aside statutory reserve of at least 5% of its net earnings for the year after deductingaccumulated deficit brought forward (if any) until the reserve reaches 10% of the registered share capital.The statutory reserve could not use for dividend payment.

15. PROVIDENT FUNDThe Company and its employees have jointly established a provident fund as approved by the

Ministry of Finance in accordance with the Provident Fund Act (B.E. 2530). The fund is contributed byboth the employees at the rate of 3 and 5 percent of salary and the Company at the rate of 3 and 5percent of salary and is managed by Thai Farmers Asset Management Company Limited. Payments to theemployees upon retirement or cessation of employment is to be made in accordance with the rules of the




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fund. Total contributions by the Company and its subsidiaries for the year amounted to approximately Baht35.9 million (2003 : Baht 34.4 million) and Baht 32.5 million for the Company (2003 : Baht 30.4 million).

16. CORPORATE INCOME TAXCorporate income tax for the year of the Company and its subsidiaries have been calculated after

adding back provisions and expenses which are disallowed for tax computation purpose.

17. DIVIDENDOn 26 April 2004, the annual general meeting of shareholders of the Company approved the

payment of dividend in respect of prior yearûs earnings to the ordinary shareholders at Baht 0.84 (2003 :Baht 0.45 per share) per share and totaling of Baht 672.8 million (2003 : Baht 360.2 million). From1 January 2004 until 31 December 2004, the Company has already paid the dividend amounting to Baht751.4 million (2003 : Baht 263.8 million). As at 31 December 2004, the outstanding balance ofapproximately Baht 9.7 million (31 December 2003 : Baht 96.4 million) was recorded in other currentliabilities in the balance sheet.

18. SHARE SUBSCRIPTION RECEIVED IN ADVANCE BEFORE REGISTRATIONIn December 2004, the Company has received share subscription in advance of registration from the

exercise of warrants of 40,000 units approximately of Baht 0.4 million. The Company has subsequentlyregistered the increase in paid up share capital with the ministry of Commerce in January 2005.

19. RECONCILIATION OF DILUTED EARNINGS PER SHARECONSOLIDATE

For the years ended 31 DecemberWeighted average number

Net earnings of ordinary share Net earnings2004 2003 2004 2003 2004 2003

Thousand Thousand Thousand Thousand Baht BahtBaht Baht Shares Shares

Basis earnings per shareNet earnings 1,601,093 1,412,587 800,867 800,408 2.0 1.76

Effect of dilutive potential ordinary sharesWarrants 1,327,000 units

(2003 : 1,838,000 units)Diluted earnings per share - - 296 263

Net earnings of ordinary shareholdersassuming the conversion of dilutivepotential ordinary sharesNet earnings 1,601,093 1,412,587 801,163 800,671 2.0 1.76




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THE COMPANY ONLYFor the years ended 31 December

Weighted average numberNet earnings of ordinary share Net earnings

2004 2003 2004 2003 2004 2003Thousand Thousand Thousand Thousand Baht Baht

Baht Baht Shares Shares

Basis earnings per share

Net earnings 1,601,093 1,412,587 800,867 800,408 2.0 1.76

Effect of dilutive potential ordinary shares

Warrants 1,327,000 units

(2003 : 1,838,000 units)

Diluted earnings per share - - 296 263

Net earnings of ordinary shareholders

assuming the conversion of dilutive

potential ordinary shares

Net earnings 1,601,093 1,412,587 801,163 800,671 2.0 1.76

20. OTHER INCOMEOther income mainly consists of rebate income calculated on the value of purchase at a percentage

agreed between the Company and suppliers, the advertising income which is charged to suppliers for theadvertisements placed in the Companyûs brochures and entrance fees.

21. DIRECTORS’ REMUNERATION

Directorsû remuneration represents the benefits paid to the Companyûs director in accordancewith Section 90 of the Public Limited Companies Act, exclusive of salaries and related benefits payable toexecutive directors.

22. EMPLOYEES AND RELATED COSTSConsolidated The Company Only

2004 2003 2004 2003

Number of employees at end of year (Persons) 11,826 11,661 10,727 10,259

Employee costs for the year (Thousand Baht) 1,892,239 1,768,648 1,732,311 1,611,871




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23. COMMITMENTS AND CONTINGENT LIABILITIESCommitments and contingent liabilities at 31 December 2004 are summarised as follows :-

23.1 The Company and its subsidiaries had outstanding guarantees of approximately of Baht 120 million(2003 : Baht 110 million) and approximately Baht 108 million for the Company (2003 : Baht 96million) as issued by the banks on behalf of the Company and its subsidiaries for the governmentagencies in respect of certain performance bonds as required in the normal course of business.

23.2 The Company and its subsidiaries entered into land lease and sub-lease agreements with individualsand related and other companies for the construction of office buildings and department stores forperiods ranging from one year to thirty years. The annual rental and service fees are as follows :-


Consolidated The Company Only2005 130,207 102,5212006 125,979 98,2222007 126,773 98,9542008 130,805 102,9052009 - 2033 1,750,635 1,255,274

23.3 The Company also entered into agreements relating to the transfer of leasehold right and sub-leasearrangements covering part of buildings from existing lessors (which are two related companies).The lease contracts were made with a related company and a local company. The compensationfor the transfer of leasehold right and leasing charges during the first eight years starting from2000, are in the range of approximately Baht 687.5 million to Baht 1,201.6 million, dependingon sales volume. Subsequent sub-leasing charges from the ninth year would be based on themarket rate for such period, depending on conditions to be agreed between the parties.

23.4 The Company was committed to obligations under agreements with several companies for theconstruction of office buildings and department stores totaling approximately Baht 337 million(2003 : Baht 68 million).

23.5 The Company and its subsidiaries have outstanding commitment in respect of uncalled portion ofinvestment in four subsidiaries of approximately Baht 275 million and Baht 163 million for theCompany only in respect of uncalled portion of investment in three subsidiaries (31 December2003 : Baht 275 million for the Company only in respect of uncalled portion of investment in foursubsidiaries).

23.6 On 11 May 2001, the Company entered into a trademark agreement with an oversea company wherebythe Company has a commitment to pay a fee at a certain percentage of net cost of the productscovered by the trademark after excluding taxes. The agreement is for a period of eight years.




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23.7 The Company entered into a logistics and distribution services agreement with a company resultingin a commitment to pay for the service fee at a percentage of goods purchased.

23.8 The Company and subsidiaries have been sued by other entities as co-defendant for breach ofcontracts, penalty claim and other cases in which the case is currently being considered by theCivil Court. Furthermore, the Company has been sued by certain individuals. The Companyûsmanagement believes that the Company will receive favourable ruling for the cases. However, forprudent reason the Company has set up certain provision for litigation in its account.

24. FINANCIAL INFORMATION BY SEGMENT

The Company and its subsidiary companiesû operations are in a single industry segment of retailand are carried out in the single geographic area of Thailand. As a result, all of the revenues, operatingprofits and assets as reflected in these financial statements pertain to the aforementioned industrysegment and geographic area.

25. FINANCIAL INSTRUMENTS25.1 Financial risk management and policies

The Company and its subsidiaries are exposed to risks from changes in market interestrates and in currency exchange rates, and from nonperformance of contractual obligations bycounterparties. The Company and its subsidiaries use derivative instruments, as and when theyconsider appropriate, to manage such risks. They do not hold or issue derivative instruments forspeculative or trading purposes.

25.2 Interest rate riskThe interest rate risk is the risk that future movements in market interest rates will affect

the results of the Company and its subsidiariesû operations and their cash flows. Their exposure tointerest rate risk relate primarily to its deposits with financial institutions, bank overdrafts and loans.

Since the majority of these financial assets are short-term and the interest rates are subject tobe changed with the market rate, the Company and its subsidiaries do not use derivative financialinstruments to hedge such risk.

The majority of the financial liabilities of the Company and its subsidiaries are long-termborrowing from related companies. Management believes that the interest rate of the loans aresuitable in the current situation and that movements in market interest rates will not be significant.

The details of long-term loans are set out in Note 11.




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25.3 Foreign currency riskThe Company is not mainly exposed to risks from changes in foreign currency since the

Company has entered into a cross-currency swap contracts from EURO to Thai Baht for the long-term loan from its related company as set out in Note 11.

As at 31 December 2004, a subsidiary company has foreign currency-denominated assetswhich was unhedged and maturity with in one year amounting to Euro 1 million.

25.4 Credit riskThe Company and its subsidiaries are exposed to credit risk related to trade accounts

receivable. However, since most of the merchandise are sold on a cash basis the Company and itsubsidiaries do not anticipate material losses from their debt collection.

25.5 Fair valueAs the majority of financial assets and liabilities are short-term and related party transaction,

their carrying value do not materially differ from their fair value.

26. DEBENTURESOn 10 November 2003, the Extraordinary shareholderûs meeting had passed the resolution to

approve for the issuance of debentures of not exceeding Baht 3,000 million or on other currency with theequivalent amount due within 6 years. The debenture will be sold to the specific investor and or publicin accordance with the regulation of the Securities and Exchange Commission. However, as at 31December 2004 the Company has not issued its debentures as the above resolution.

27. PRESENTATIONThe presentation of the financial statements has been made in compliance with the stipulations

of the Notification of the Department of Business Development dated 14 September 2002 as empoweredunder the Accounting Act B.E. 2543.

Certain amounts in the financial statements for the year ended 31 December 2003 have beenreclassified to conform to the current year classifications, with no effect on previously reported netearnings or shareholdersû equity.

28. APPROVAL OF FINANCIAL STATEMENTS

These financial statements have been approved by the Companyûs directors.

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Big C Supercenter Public Company Limited7 th Fl., Univest Building, 89/36 Rajdamri,Rd., Lumpini, Pathumwan, Bangkok, 10330Tel. 0-2655-0666 Fax. 0-2655-5801-2

BIGC: Annual Report 2004

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Transcript of BIGC: Annual Report 2004