Download - Annual Report 2008 TH

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  • () 99 16 42 10110 : +66 (0) 2381 5151 : +66 (0) 2381 5777-8www.minornet.com

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  • () 99 16 42 10110 : +66 (0) 2381 5151 : +66 (0) 2381 5777-8www.minornet.com

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  • 3 4

    .. 2551

    .. 2551

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    007

    008

    034

    036

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    127

    138

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    160

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    # 3

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    9881,019882

    312374374

    14013891

    4863790

    9931,0701,036

    330348349

    513513496

    22.817.84.6

    9.84.43.8

    133127119

    280319321

    220233206

    4400

    29.1900

    4 2551 28

    2551 123

    2551 5 Conde Nast 24

    187

    4

    2551 Flagship 83

    2551

    139 2551 MINT

    ,

    ,

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    966947788

    255125502549

    MINT 2552

    Conde Nast 41

    Conde Nast 8

    Conde Nast 1

    28 Conde Nast 17

    413

    70

    513

    Conde Nast 14

    ,

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    9.84.43.8

    133127119

    280319321

    220233206

    4400

    29.1900

    4 2551 28

    2551 123

    2551 5 Conde Nast 24

    187

    4

    2551 Flagship 83

    2551

    139 2551 MINT

    ,

    ,

    255125502549

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    966947788

    255125502549

    MINT 2552

    Conde Nast 41

    Conde Nast 8

    Conde Nast 1

    28 Conde Nast 17

    413

    70

    513

    Conde Nast 14

    ,

  • 4.2300

    5.21.60

    6.344.660

    2.72.82.1

    59122897

    358384378

    10810395

    562531499

    1,4201,3751,337

    1,2019981,054

    764649633

    449361274

    66.900

    214.400

    351335386

    1,3231,020925

    1 2

    4

    2,4492,3682,130

    255125502549

    ,

    ,

    6 . 64 2551 MINT

    19 5

    2551 MINT 50

    8 14

    30 7

    Ripley'sHaunted Advanture 2547

    3 2551

    ()

    255125502549

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    4 33

    36 20

    18

    24 2551

    4 MINT 70 2551

    2551 200 MINT 50 2551

    1 2551 4

    , ,

  • 4.2300

    5.21.60

    6.344.660

    2.72.82.1

    59122897

    358384378

    10810395

    562531499

    1,4201,3751,337

    1,2019981,054

    764649633

    449361274

    66.900

    214.400

    351335386

    1,3231,020925

    1 2

    4

    2,4492,3682,130

    255125502549

    ,

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    6 . 64 2551 MINT

    19 5

    2551 MINT 50

    8 14

    30 7

    Ripley'sHaunted Advanture 2547

    3 2551

    ()

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    36 20

    18

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    4 MINT 70 2551

    2551 200 MINT 50 2551

    1 2551 4

    , ,

  • 3 4

    .. 2551

    .. 2551

    006

    007

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    034

    036

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    118

    127

    138

    139

    140

    143

    151

    160

    172

    ,

  • 20,000 27 30 1,043 80

    005 ()

    100%

  • 2547 2548 2549 2550 2551

    :1.

    25

    47

    1

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    25

    47

    2548

    2.

    2548

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    .59%

    20.39

    %

    () 7,944 10,045 11,716 13,538 15,814 8,228 10,418 12,395 14,029 16,515 5,219 6,702 7,631 8,980 10,521 2,133 2,913 3,271 3,759 4,311 1,214 1,760 1,961 2,463 2,933 () 14 (2) 24 5 (64) 712 1,061 1,280 1,611 1,901 14,080 15,439 17,787 21,280 25,064 8,425 9,500 9,662 11,572 12,661 6,401 7,190 7,091 8,335 9,101 5,656 5,939 8,124 9,708 12,403 2,477 2,734 2,958 3,022 3,614 1,798 2,290 2,373 2,364 3,388

    () 65.69 66.73 65.13 66.33 66.53 8.65 10.19 10.33 11.48 11.51 5.69 7.19 7.71 8.25 8.20 14.36 18.30 18.21 18.07 17.19

    () 1.13 1.21 0.87 0.86 0.73 1.07 1.02 0.83 0.73 0.69 1.49 1.60 1.19 1.19 1.02

    () 0.26 0.37 0.40 0.49 0.56 2.28 2.17 2.75 3.21 3.43 () 0.10 0.22 0.125 0.15 0.25 () 59.56 76.23 34.63 35.05 50.98 0.75 0.92 0.88 0.86 1.01

    () () 1 1 1 1 1 2,443,145 3,097,854 3,313,076 3,275,302 3,689,623 200,000 200,000 63,520 63,520 - 2,413,258 2,670,136 2,894,584 2,958,216 3,614,264 63,520 63,520 63,520 63,520 - 2,175,323 2,499,430 2,687,647 2,762,173 3,361,793 63,520 63,520 63,520 63,520 - () - - 271,704 239,140 - 2,314 1,158 77,598 62,065 38,066

    006 2551

  • 31 2551()

    3,388 (1) (4,900) (2) 1,704

    192 9

    31 2550 1,147 31 2551 1,348

    31 2551()

    31 2550 3,760 352 2551 1,901 (58) (3) (773)

    31 2551 5,182

    31 2551()

    16,515 11,222 6,911

    4,311 1,378

    2,933 378

    2,555 577 77

    1,901

    31 2550()

    1,147 3,387 6,015 10,731

    21,280

    4,174 7,398, 5,440 () 3,760 508

    21,280

    31 2551()

    1,348 (4) 3,005 (5) 8,023 (6) 12,688

    25,064

    4,885 (7) 7,776, (8) 6,597 () (9) 5,182 (10) 624

    25,064

    (1) 1,749 56 3,370 275

    (2) 1,704 1,413

    (3) 2551 821 463.3 (0.15 ) 309 (0.10 )

    (4) 382 223 179

    (5) The Coffee Club Elewana Thai Express

    (6) 1,957 2,245 956 1,244

    (7) 378

    (8) 1,157 2551 1,724 328 () ()

    (9) 2551(10)

    Thai Express

    :

    007 ()

  • 2551 () 27 1,000 16 18 5 2551 16,515 18 1,901 18 0.56 15

    2551 5 () Diversified (-) Dynamic () Disciplined()

    () (Diversified) (Dynamic)

    008 2551

  • 009

    1.

    2.

    3.

    4.

    2

    1

    3 4

    ()

    Conde Nast Traveler

  • 010 2551

    (Disciplined) 20,000 2551 2552

    . 2552 Asia Money (Best Managed Mid Cap Company) . 2551 Conde NastTraveler 1

    16,51514,02912,43010,4438,237

    2551

    2550

    2549

    2548

    2547

    1,9011,6111,2801,061

    712

    2551

    2550

    2549

    2548

    2547

    83 2551

  • 011 ()

    5 1 25 1 . 2551 The Franchise Council of Australia

    2552 11 2544 2546 2547 2548 2549 (CAGR) 36 2543

    30

  • 012 2551

    2551 1 7 3 6,652 8

    23 ( 20 100) 5,339 1 11 14 2551 3 2548 2549 53 2550 36

    6 Conde Nast 50 2551 83 50

  • 013 ()

    51%

    36%

    4%

    3%

    33 547 7 2 1 1 1

    2%

    4%

    60

  • 014 2551

    2551 4 14 5 8 3 2 1

    8 14 5 2556 20

    2551 591 160 4

    8 14 2 6 2553 220 53 2552

    39

  • 015 ()

    2 2551 5 10 13 676 1,043 18 38 8,404 28

    5 10

    2551 11 4 34 43 703

    200

  • 016 2551

    30 21 250

    2551 70 40 47 14 4 , ,

    2551 99 85 70 2551

    2551 50 23 200 2551 18 5

    2551

    17

    220 4

  • 017 ()

    2552

    21 3 17 9 4 2 2

    2552

    2552

    30 2552

  • 018 2551

    3 3 2552

    ,

    2552

    2551 0.73 TRIS A 2551

    2552

    2552 2553 82 2553 77

    182 2552 97 2552 6

    50 90 2552 1 2 2553 (economies of scale)

  • 019 ()

    1

    2552 60 9 2551 2549 2550 0.23

    20,000 2552

    2552

  • 020 2551

  • 2551 2550 2550

    2552

    16

    14

    12

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    8

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    : F = :

    2540 2541 2542 2543 2544911

    2545

    2546

    2547

    2548

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    2550

    2551

    2552F

    021 ()

  • 2551 10 2551 72 60 2551 0.5 14.5

    2551 2552 2552 4

    () 2546 2547 2548 2549 2550 2551 67 83 86 91 87 75 74 74 80 86 79 77 71 72 81 87 83 70 67 77 67 63 74 73 53 61 76 74 70 62 34 35 40 40 45 41 - - 46 60 71 67 * - - - - - 30 - - - 74 71 83 - - - 70 67 74 * - - - - - 63 47 60 59 56 54 46 59 71 63 55 63 57 - - - 42 48 38 - - - - 64 57 - - - - 24 52 * - - - - - 34 33 43 46 60 63 43 62 67 71 72 72 66

    : * 3 2551 ( .. 2551) ( .. 2551) ( .. 2551)

    022 2551

  • 2551 6 6,835 (Revenue perAvailable Room RevPar) 5 2 2549 2550 2551

    5 4

    (/) 2546 2547 2548 2549 2550 2551 2,792 2,951 3,444 3,654 3,945 4,337 2,569 2,798 3,101 3,360 3,704 3,832 2,723 3,065 3,194 3,234 3,373 3,773 4,035 4,727 5,561 6,031 6,015 5,925 3,494 3,669 3,814 3,945 4,008 4,050 3,094 4,173 4,756 5,457 5,230 5,999 - - 5,639 5,578 5,281 5,273 * - - - - - 12,694 - - - 6,363 6,979 10,854 - - - 11,508 12,508 15,059 * - - - - - 8,449 10,267 11,008 12,115 12,412 12,599 14,031 4,767 5,139 5,665 5,975 6,151 6,273 - - - 21,280 31,379 39,927 - - - - 17,812 20,948 - - - - 27,635 34,470 * - - - - - 13,038 1,328 1,448 1,689 1,556 1,954 2,905 3,493 3,817 4,278 4,627 5,454 6,342

    : * 3 2551 ( .. 2551) ( .. 2551) ( .. 2551)

    023 ()

  • 2551 62 (RevPar) 17 32 Flagship (Pool villa) 83 2553

    2 14

    3

    2551

    74 (RevPar) 3 3 ( )

    2551

    55 (RevPar) 2 3 2551 Conde Nast Traveler 8, 17 41 4

    024 2551

  • 2551 83 50 12 2552 2553 2554 2553 77

    2553

    14 2552

    025 ()

  • : F

    026 2551

    2549 2550 2551 2552F 2553F 2554F 413 413 413 413 413 413 293 293 296 296 296 296 216 219 219 219 219 219 265 265 265 265 265 265 187 187 187 187 187 187 77 77 77 77 77 77 106 106 106 126 126 126 - - 83 83 83 83 - - - 82 82 82 64 64 64 76 76 76 356 356 356 356 356 356 15 15 15 15 15 15 - 60 60 60 60 60 - - - - 220 198

    1,992 2,055 2,141 2,255 2,475 2,453

    127 127 127 127 127 127 50 50 50 50 50 50 110 110 110 110 110 110 - 19 19 19 19 19 - 90 90 90 90 90 - 146 146 146 146 146 - 79 79 79 79 79 - - 18 18 18 18 - - 20 20 20 20 - - 20 20 20 20 - - 20 20 20 20

    287 621 699 699 699 699

    - - 60 60 60 60 - - 139 139 139 139 - - - 97 97 97 - - - - - 473 - - - 182 182 182 - - 64 64 64 64 - - - - - 120 - - - - - 120 - - - - - 126

    - - 263 542 542 1,381 2,279 2,676 3,103 3,496 3,716 4,533

    - 14 14 14 14 14 - - - - 53 53

    - 14 14 14 67 67

  • 027 ()

    83

  • Beautiful Flowerat Four SeasonChieang Mai

    028 2551

  • 2552

    2551 1 5

    2551 2552

    : () F =

    :

    2549 2550 2551F

    ()

    6,817 31.9 7,079 31.0 7,362 30.7 2,775 13.0 2,916 12.8 3,120 13.0 4,150 19.4 4,732 20.8 5,016 20.9 2,825 13.2 3,037 13.3 3,280 13.7 ( ) 4,810 22.5 5,039 22.1 5,240 21.8

    21,376 100.0 22,802 100.0 24,018 100.0. 6,728 31.5 7,258 31.8 7,711 32.1

    029 ()

  • 2551 38 34 2547 31 21 13

    2 - 3 1 2552

    2551 () 1,043 10 8,404 28 2550 13 676 1,000 2551 18,000 97

    11 22 19 29 12 2551 242 205 37 5 100 ()

    2551 12 39 2551 222 30

    2551

    70 40 3 2551 47 14 4 , , 30 12 2 8 9 2551 99 85 4

    2551 50

    23 2 203 11 1 10 5 2551 18 5

    030 2551

  • 031 ()

  • 2552 2,572 19 2550

    1,137 1,043 34 61 60 95

    2552 2

    032 2551

    25,000

    20,000

    15,000

    10,000

    5,000

    0

    2543 2544 2545 2546 2547 2548 2549 2550 2551

  • : F = * 2551 MINT 50 70

    **

    () 2549 2550 2551 2552F 2553F 2554F

    531 553 645 685 781 839 143 150 173 175 192 205 109 113 113 118 127 131 37 35 36 38 43 47 189 207 219 232 259 273 16 20 22 24 27 29 * - - 11 16 12 14 * - - 47 61 86 103** 37 28 24 21 35 37

    100 123 398 462 590 738 45 51 70 95 156 235 53 70 109 123 156 186 - - - 1 5 13 * - - 203 224 256 283 * - - 14 19 17 21** 2 2 2 - - -

    631 676 1,043 1,147 1,371 1,577

    2549 2550 2551 2552F 2553F 2554F

    578 626 704 735 809 854. 498 525 560 582 642 671. 80 101 144 153 167 183 53 50 339 412 562 723. 33 28 85 103 139 168. 20 22 254 309 423 555 631 676 1,043 1,147 1,371 1,577

    2552 22 8

    033 ()

  • MY PEOPLE MYPLANET MINOR

    MY PEOPLE

    034 2551

  • 4 Minor Charity Day 1

    MY PLANET

    Golden Triangle Elephant Foundation 30

    Mai Khao Marine Turtle Foundation

    /

    2550

    035 ()

  • ()

    3

    036 2551

  • 037 ()

    () 3

    2551 4

    2551

    2551

    1. 2551 2.

    3.

    .. 2551

  • 038 2551

    4. 5. 2551

    6. 2551

    /

    1. 4/42. 4/43. * 2/24. ** 2/2

    : * 7 2551** 7 2551

    7.

    31 2552 27 2552

  • 039 ()

    ()

    31 .. 2551 .. 2550 () ()

    31 .. 2551 .. 2550 () ()

    3442 25 .. 2552

  • 040 2551

    () 31 .. 2551 .. 2550

    51 117

    2551 2550 2551 2550

    7 1,349,172,033 1,146,787,083 716,605,579 781,459,456 - 8 485,804,789 695,707,782 21,479,300 29,891,693 14 48,569,438 98,788,466 403,715,511 423,790,024 - 9 606,431,096 514,590,225 5,333,478 4,477,256

    - 10 382,644,664 605,887,626 - - 11 1,480,544,450 1,472,318,883 642,130,852 808,573,592 4,353,166,470 4,534,080,065 1,789,264,720 2,048,192,021

    14 410,031,083 491,009,000 7,406,141,167 4,782,104,460 12 1,241,628,509 240,399,352 5,898,518,875 6,280,755,536 - 13 833,236,098 1,309,926,548 487,237,340 617,040,850 15 1,545,986,044 1,627,016,343 - - - 16 11,141,888,138 9,103,687,036 475,701,179 454,845,259 - 17 4,401,701,997 3,032,944,742 21,052,287 6,853,935 18 1,136,844,554 940,647,560 35,266,234 45,890,752 20,711,316,423 16,745,630,581 14,323,917,082 12,187,490,792 25,064,482,893 21,279,710,646 16,113,181,802 14,235,682,813

  • 041 ()

    51 117

    () 31 .. 2551 .. 2550

    ()

    2551 2550 2551 2550

    19 683,380,916 561,513,916 - 1,316 14 - - 703,956,347 1,416,393,789 849,314,869 708,941,745 8,086,620 6,138,132 14 2,419,109 8,129,159 13,960,075 38,102,608

    21 411,022,408 476,859,468 120,000,000 120,000,000 22 550,000,000 275,000,000 550,000,000 275,000,000 27,294,507 8,232,307 - - 320,730,688 283,223,112 145,222 - 763,569,184 818,031,822 190,027,607 184,372,994 20 1,277,718,539 1,033,911,109 49,286,760 51,847,772 4,885,450,220 4,173,842,638 1,635,462,631 2,091,856,611

    21 1,281,370,070 1,296,731,717 300,000,000 420,000,000 22 6,175,000,000 5,725,000,000 6,175,000,000 5,725,000,000 12 - 49,353,154 - - 23 319,367,390 326,732,353 2,413,829 2,493,805 7,775,737,460 7,397,817,224 6,477,413,829 6,147,493,805 12,661,187,680 11,571,659,862 8,112,876,460 8,239,350,416

  • 042 2551

    ()

    () 31 .. 2551 .. 2550

    51 117

    2551 2550 2551 2550

    ()

    24

    - 63,520,000 - 63,520,000 3,689,623,229 3,275,302,335 3,689,623,229 3,275,302,335

    - 63,520,000 - 63,520,000 3,614,264,065 2,958,216,453 3,614,264,065 2,958,216,453

    24 - 181,981,000 - 181,981,000 3,040,085,741 1,600,410,579 3,014,433,365 1,574,758,203

    (370,978,560) (244,651,840) - - - 1,802,514 - 1,802,514

    104,788,723 104,788,723 - -

    (12,305,745) 520,515,385 (130,554,806) 55,009,370

    (126,687,406) (36,158,689) - -

    - 26 347,774,113 289,574,113 347,774,113 289,574,113 5,181,969,956 3,760,011,730 1,154,388,605 871,470,744 11,778,910,887 9,200,009,968 8,000,305,342 5,996,332,397 624,384,326 508,040,816 - - 12,403,295,213 9,708,050,784 8,000,305,342 5,996,332,397 25,064,482,893 21,279,710,646 16,113,181,802 14,235,682,813

  • 043 ()

    51 117

    () 31 .. 2551 .. 2550

    2551 2550 2551 2550

    14 5,338,552,540 5,394,443,522 513,024,788 513,070,104 466,061,162 434,077,412 - - 34 108,484,031 103,176,253 40,504,869 - 358,230,550 384,417,230 - - 8,135,977,125 6,405,010,397 - - 591,133,964 227,503,000 - - 547,250,296 412,865,017 180,093,745 165,888,533 268,342,559 176,377,049 - - 43,551,592 39,704,573 1,098,658,033 1,202,876,637

    - 12 ) 115,649,039 55,879,825 - - 541,725,494 395,799,027 541,649,324 387,062,647 16,514,958,352 14,029,253,305 2,373,930,759 2,268,897,921

    14 1,778,684,885 1,756,258,897 142,489,747 147,738,817 111,114,087 111,140,620 - - 14,138,363 15,556,841 16,951,648 - 166,177,657 181,260,603 - - 2,990,294,007 2,372,818,218 - - 232,298,543 121,227,398 - - 6,910,970,088 5,712,102,792 607,856,755 598,356,145 1,378,407,133 1,295,463,227 72,967,959 58,491,509 13,582,084,763 11,565,828,596 840,266,109 804,586,471

    27 2,932,873,589 2,463,424,709 1,533,664,650 1,464,311,450 (378,434,140) (315,432,003) (355,012,574) (300,199,812) 28 (576,915,202) (493,922,682) (16,349,211) (9,165,423) 1,977,524,247 1,654,070,024 1,162,302,865 1,154,946,215

    1,900,606,044 1,610,770,502 1,162,302,865 1,154,946,215 76,918,203 43,299,522 - -

    1,977,524,247 1,654,070,024 1,162,302,865 1,154,946,215

    () () 29 0.5654 0.5139 0.3457 0.3685 0.5608 0.4874 0.3430 0.3495

  • 044 2551

    (

    )

    (

    )

    31

    .. 25

    51

    .. 25

    50

    1

    ..

    2551

    3,021

    ,736,4

    53 1,

    782,3

    91,57

    9 (2

    44,65

    1,840

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    02,51

    4 10

    4,788

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    15,38

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    3 3,

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    --

    --

    --

    --

    351,8

    02,31

    7-

    351,8

    02,31

    7

    24, 2

    526

    4,053

    ,915

    1,257

    ,694,1

    62-

    (1,80

    2,514

    )-

    --

    --

    - 1,

    519,9

    45,56

    3

    --

    (106,7

    52,77

    4)-

    --

    --

    --

    (106

    ,752,7

    74)

    --

    --

    --

    (90,52

    8,717

    )-

    --

    (90,5

    28,71

    7)

    -

    --

    --

    (532

    ,821,1

    30)

    --

    - (1

    ,148,9

    10)

    (533,9

    70,04

    0)

    --

    --

    --

    --

    1,90

    0,606

    ,044

    76,91

    8,203

    1,97

    7,524

    ,247

    26

    --

    --

    --

    - 58

    ,200,0

    00 (5

    8,200

    ,000)

    --

    30

    328,4

    73,69

    7-

    (19,5

    73,94

    6)-

    --

    --

    (308

    ,899,7

    51)

    --

    30

    --

    --

    --

    --

    (463,3

    50,38

    4) (1

    6,004

    ,853)

    (479

    ,355,2

    37)

    -

    -

    --

    --

    --

    --

    59,32

    3,665

    59,32

    3,665

    -

    -

    --

    --

    --

    --

    (2,74

    4,595

    ) (2

    ,744,5

    95)

    31

    ..

    2551

    3,614

    ,264,0

    65 3,

    040,0

    85,74

    1 (3

    70,97

    8,560

    )-

    104,7

    88,72

    3 (1

    2,305

    ,745)

    (126

    ,687,4

    06)

    347,7

    74,11

    3 5,

    181,9

    69,95

    6 62

    4,384

    ,326 1

    2,403

    , 295,2

    13

    51

    117

  • 045 ()

    (

    )

    (

    )

    (

    )

    31

    .. 25

    51

    .. 25

    50

    1

    ..

    2550

    2,958

    ,104,0

    811,5

    41,77

    2,164

    (244

    ,651,8

    40)

    77,89

    9,700

    104,7

    88,72

    3 29

    1,944

    ,771

    (12,6

    56,13

    2) 23

    1,834

    ,113

    2,62

    8,915

    ,265

    546,3

    01,69

    6 8,

    124,2

    52,54

    1

    24, 2

    5 63

    ,632,3

    72 24

    0,619

    ,415

    - (7

    7,899

    ,700)

    --

    --

    --

    226,3

    52,08

    7

    -

    --

    1,80

    2,514

    --

    --

    --

    1,80

    2,514

    --

    --

    --

    (23,50

    2,557

    )-

    --

    (23,5

    02,55

    7)

    -

    --

    --

    228,5

    70,61

    4-

    --

    740,1

    56 22

    9,310

    ,770

    -

    --

    --

    --

    - 1,

    610,7

    70,50

    2 43

    ,299,5

    22 1,

    654,0

    70,02

    4

    26-

    --

    --

    --

    57,74

    0,000

    (57,7

    40,00

    0)-

    -

    30-

    --

    --

    --

    - (4

    21,93

    4,037

    ) (1

    3,852

    ,315)

    (435

    ,786,3

    52)

    --

    --

    --

    --

    - (6

    8,448

    ,243)

    (68,4

    48,24

    3)

    31

    .. 25

    50 3,

    021,7

    36,45

    3 1,

    782,3

    91,57

    9 (2

    44,65

    1,840

    ) 1,

    802,5

    14 10

    4,788

    ,723

    520,5

    15,38

    5 (3

    6,158

    ,689)

    289,5

    74,11

    3 3,

    760,0

    11,73

    0 50

    8,040

    ,816

    9,70

    8,050

    ,784

    51

    117

  • 046 2551

    (

    )

    (

    )

    (

    )

    31

    .. 25

    51

    .. 25

    50

    51

    117

    1

    ..

    2551

    3,021

    ,736,4

    53 1,

    756,7

    39,20

    3 1,

    802,5

    14 55

    ,009,3

    70 28

    9,574

    ,113

    871,4

    70,74

    4 5,

    996,3

    32,39

    7

    24, 2

    5 26

    4,053

    ,915

    1,25

    7,694

    ,162

    (1,80

    2,514

    )-

    --

    1,51

    9,945

    ,563

    --

    - (1

    85,56

    4,176

    )-

    - (1

    85,56

    4,176

    )

    --

    --

    - 1,

    162,3

    02,86

    5 1,

    162,3

    02,86

    5

    26-

    --

    - 58

    ,200,0

    00 (5

    8,200

    ,000)

    -

    30 32

    8,473

    ,697

    --

    --

    (328

    ,473,6

    97)

    -

    30-

    --

    --

    (492

    ,711,3

    07)

    (492

    ,711,3

    07)

    31

    ..

    2551

    3,61

    4,264

    ,065

    3,01

    4,433

    ,365

    - (1

    30,55

    4,806

    ) 34

    7,774

    ,113

    1,15

    4,388

    ,605

    8,00

    0,305

    ,342

  • 047 ()

    (

    )

    (

    )

    31

    .. 25

    51

    .. 25

    50

    (

    )

    51

    117

    1

    ..

    2550

    2,958

    ,104,0

    811,5

    16,11

    9,788

    77,89

    9,700

    46,02

    3,436

    231,8

    34,11

    3 22

    2,886

    ,213

    5,05

    2,867

    ,331

    24

    , 25

    63,63

    2,372

    240,6

    19,41

    5 (7

    7,899

    ,700)

    --

    - 22

    6,352

    ,087

    --

    1,80

    2,514

    --

    - 1,

    802,5

    14

    -

    --

    8,98

    5,934

    --

    8,98

    5,934

    -

    --

    --

    1,15

    4,946

    ,215

    1,15

    4,946

    ,215

    26

    --

    --

    57,74

    0,000

    (57,7

    40,00

    0)-

    30

    --

    --

    - (4

    48,62

    1,684

    ) (4

    48,62

    1,684

    )

    31

    .. 25

    503,0

    21,73

    6,453

    1,756

    ,739,2

    03 1,

    802,5

    14 55

    ,009,3

    70 28

    9,574

    ,113

    871,4

    70,74

    4 5,

    996,3

    32,39

    7

  • 048 2551

    () 31 .. 2551 .. 2550

    51 117

    2551 2550 2551 2550

    2,554,439,449 2,147,992,706 1,178,652,076 1,164,111,638

    27 1,378,407,133 1,295,463,227 72,967,959 58,491,509 10,001,291 12,208,397 5,265,834 7,540,505

    () (6,782,492) 2,429,598 164,530 (1,280,291) (38,643,673) (26,179,920) - -

    - 12 ) (115,649,039) (55,879,825) - - 378,434,140 315,432,003 355,012,574 300,199,812 (81,121,137) (110,226,970) (413,597,985) (316,651,612) (43,551,592) (39,704,573) (1,098,658,033) (1,202,876,637) - - (44,686,093) - (10,056) (11,480) - -() (77,439,775) 11,639,167 - -

    104,151,759 71,047,087 3,863,544 8,992,412 10,361,000 (3,452,751) - - - 1,950,350 - -

    (1,008,097) (1,003,501) - -

    210,120,281 (148,587,563) 9,042,658 9,149,395 (94,267,092) (91,254,212) (105,756) (716,211) 235,647,123 (412,539,238) - - 8,019,146 (263,558,817) (10,255,141) (9,528,617) (7,838,498) (32,294,950) 1,948,488 (709,212) (12,039,918) 160,095,983 28,785,344 31,655,879 (148,894,902) 173,249,125 (1,845,275) 5,388,657 44,026,493 54,786,992 - - 6,350,417 2,324,918 (79,975) (6,150,707)

    4,312,711,961 3,063,925,753 86,474,749 47,616,520 (384,603,668) (294,230,360) (378,418,054) (279,019,824) (539,700,376) (405,630,720) (16,203,211) (9,449,690)

    3,388,407,917 2,364,064,673 (308,146,516) (240,852,994)

  • 049 ()

    51 117

    () 31 .. 2551 .. 2550

    ()

    2551 2550 2551 2550

    () 66,209,282 (40,063,876) (2,603,961,394) (1,622,455,748) () 179,376,213 (426,365,806) 179,376,213 (426,365,806)

    (313,609,872) (90,309,673) (10,540,000) (134,450,929) 12 ) - - 437,474,550 43,621,004 105,015,718 110,226,970 412,996,664 316,651,612

    155,461,518 285,204,573 1,098,658,033 1,202,876,637 - (87,943,800) - - (55,760,666) (108,682,110) (55,760,666) (64,722,663) 12 ) (837,430,557) (150,546,092) - - (597,704,766) - - - (1,967,881,773) (870,047,701) - - 24,576,100 13,651,541 799,393 - (43,415,829) (44,623,406) (6,661,697) - (1,427,044,895) (1,272,063,877) (49,610,777) (73,075,799)

    34 - - (24,608,409) - (187,354,086) (79,431,811) (8,984,081) (26,548,051)() (4,899,563,613) (2,760,995,068) (630,822,171) (784,469,743)

    () 2,845,607 4,331,058 (758,118,130) 447,218,833 2,731,660,400 6,838,196,600 - 5,627,000,000 (2,670,044,000) (7,532,887,600) - (6,532,000,000) 654,400,000 - - - 21 (673,859,459) (495,599,892) (120,000,000) (60,000,000) 22 1,000,000,000 3,900,000,000 1,000,000,000 3,900,000,000 22 (275,000,000) (1,456,250,000) (275,000,000) (1,456,250,000) 24 1,413,192,789 226,352,087 1,519,945,563 226,352,087 - 1,802,514 - 1,802,514 30 (479,355,237) (435,786,352) (492,711,307) (448,621,684) 1,703,840,100 1,050,158,415 874,116,126 1,705,501,750

  • 050 2551

    ()

    () 31 .. 2551 .. 2550

    51 117

    2551 2550 2551 2550

    316,326,595 306,159,536 15,335,809 17,208,420

    294,090,330 - - -

    2551 2550 2551 2550

    7 1,349,172,033 1,146,787,083 716,605,579 781,459,456 19 (465,816) (1,316) - (1,316)

    1,348,706,217 1,146,785,767 716,605,579 781,458,140

    31 .. 2551 .. 2550 :

    2551 2550 2551 2550

    () 192,684,404 653,228,020 (64,852,561) 680,179,013

    1,146,785,767 501,348,416 781,458,140 101,279,127 () 9,236,046 (7,790,669) - - 1,348,706,217 1,146,785,767 716,605,579 781,458,140

    31

  • 051 ()

    31 .. 2551 .. 2550

    1.

    () ()

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

    .. 2531 ()

    25 .. 2552

    2.

    2.1 -

    .. 2543 .. 2547 .. 2535

  • 052 2551

    2.2 .. 2550 .. 2551

    25 29 31 33 35 39 41 43 49

    51

    1 .. 2551 29 1 .. 2551

    35 43

    35 : .. 2551

    43 : 31 .. 2550 1,606,884,652 (351,802,316) 66,519,084 (34,131,742)

    1 .. 2552

    36 54

  • 053 ()

    2.3

    ( 2.12 )

    12

    2.4

    ()

    12

    2.5

  • 054 2551

    2.6

    ()

    2.7

    3

  • 055 ()

    2.8

    2.9

    2.10

    2.11

    12

  • 056 2551

    2.12

    1 - 3

    3 - 20

  • 057 ()

    3

    3

    2.13

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

    5

    3 - 7

  • 058 2551

    :

    2.14

    2.15

  • 059 ()

    2.16

    ()

    2.17 ( )

    2.18

    2.19

    2.20

  • 060 2551

    2.21

    /

    2.22

    () 20

    - - -

  • 061 ()

    2.23

    2.24

    2.25

    2.26

    3.

    3.1

    3.2

  • 062 2551

    4.

    4.1

    4.2

    5.

    5.1 2 43

    1 .. 2551 31 .. 2551 ( 31 .. 2550 : 69.3 )

    5.2 2 43

    1 .. 2551 31 .. 2551( 31 .. 2550 : 34.1 ) 1 .. 2551 351.8 1 .. 2551

  • 063 ()

    6.

    6.1

    31

    (

    )

    31

    (

    )

    5,4

    045,4

    6553

    750

    710

    810

    335

    838

    48,4

    076,5

    841,0

    9283

    159

    122

    8-

    -(68

    3)(56

    4)15

    ,814

    13,53

    8

    3,606

    3,689

    409

    381

    6660

    137

    144

    5,413

    4,206

    1,092

    831

    319

    90-

    -(52

    1)(42

    1)10

    ,521

    8,980

    (1,

    378)

    (1,29

    5)

    9,1

    437,6

    85

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    2551

    2550

    371

    1,068

    -16

    --

    --

    --

    --

    1,175

    543

    --

    --

    1,546

    1,627

    7,9

    416,4

    7067

    553

    746

    4854

    702,3

    841,9

    4612

    1-

    -30

    32-

    -11

    ,142

    9,104

    3,383

    4,794

    417

    521

    55

    235

    220

    6,533

    6,617

    2,062

    1,549

    716

    869

    17,11

    714

    ,928 (

    18,09

    2)(18

    ,954)

    12,37

    610

    ,549

    11

    ,695

    12,33

    21,0

    921,0

    7451

    5328

    929

    08,9

    178,5

    632,0

    741,5

    501,8

    911,4

    1217

    ,147

    14,96

    0 (18

    ,092)(

    18,95

    4)25

    ,064

    21,28

    0

    15

    019

    94

    22

    -7

    564

    750

    138

    1-

    11

    --

    -84

    970

    9

    5,288

    4,490

    --

    3228

    7910

    81,9

    8341

    292

    153

    41,1

    7664

    31,9

    892,5

    68(9,

    876)

    (7,01

    0)1,5

    921,7

    73

    -

    --

    --

    --

    --

    --

    --

    -6,7

    256,0

    00-

    -6,7

    256,0

    00

    1,406

    1,773

    807

    854

    910

    6576

    1,818

    1,238

    338

    295

    242

    266

    545

    519

    (1,73

    5)(1,

    941)

    3,495

    3,090

    6,844

    6,462

    811

    856

    4338

    151

    189

    4,448

    2,151

    1,297

    830

    1,418

    910

    9,260

    9,087

    (11,61

    1)(8,

    951)

    12,66

    111

    ,572

  • 064 2551

    6.2

    7.

    0.125 3.54 (.. 2550.: 0.25 3.25 )

    3

    2551 2550 2551 2550 2551 2550

    14,525 13,450 9,577 8,953 38,203 37,972 1,184 - 900 - 620 - 482 483 316 309 477 470 180 112 132 82 609 456 57 18 54 18 3 2 69 39 63 39 3,244 1,334 (683) (564) (521) (421) (18,092) (18,954)

    15,814 13,538 10,521 8,980 25,064 21,280 (1,378) (1,295)

    9,143 7,685

    2551 2550 2551 2550

    102,285,675 98,637,576 7,031,337 3,037,560 1,246,886,358 334,747,146 709,574,242 73,019,535 - 713,402,361 - 705,402,361 1,349,172,033 1,146,787,083 716,605,579 781,459,456

  • 065 ()

    8. -

    9. -

    2551 2550 2551 2550

    42,798,912 41,977,384 2,284,350 1,951,084 699,382 2,652,560 - - 106,299,855 57,009,994 - - 74,328,105 50,181,078 3,049,128 2,526,172 393,228,882 350,672,787 - - - 12,653,103 - -

    617,355,136 515,146,906 5,333,478 4,477,256 (10,924,040) (556,681) - - - 606,431,096 514,590,225 5,333,478 4,477,256

    2551 2550 2551 2550

    420,023,575 489,578,131 18,879,750 24,122,876 - 90 53,225,853 174,787,862 2,363,029 5,466,075

    - 91 180 6,222,459 29,290,557 282,768 198,669- 181 10,087,700 12,870,773 193,968 179,758

    489,559,587 706,527,323 21,719,515 29,967,378 (3,754,798) (10,819,541) (240,215) (75,685) - 485,804,789 695,707,782 21,479,300 29,891,693

    2551 2550 2551 2550

    489,559,587 706,527,323 21,719,515 29,967,378 (3,754,798) (10,819,541) (240,215) (75,685) - 485,804,789 695,707,782 21,479,300 29,891,693

  • 066 2551

    10. -

    2551 2550

    31,633,734 31,633,734 630,612,152 641,505,505 91,446,609 75,137,925 28,959,286 28,959,286 6,793,213 3,796,432

    789,444,994 781,032,882 (406,800,330) (175,145,256) - 382,644,664 605,887,626

    31 .. 2551 (31 .. 2550 : 54 )

    11.

    2551 2550 2551 2550

    255,231,091 271,988,686 16,583,298 15,805,085 139,109,234 117,959,601 6,343,078 4,436,698 34,359,451 46,267,770 - 778 278,017,264 117,268,567 2,897,160 - 605,568,930 784,945,143 605,568,930 784,945,143 168,258,480 133,889,116 10,738,386 3,385,888 1,480,544,450 1,472,318,883 642,130,852 808,573,592

  • 067 ()

    12.

    2551 2550 2551 2550

    - - 5,874,234,415 6,256,471,076 1,241,628,509 240,399,352 24,284,460 24,284,460

    1,241,628,509 240,399,352 5,898,518,875 6,280,755,536

    )

    2551 2550

    - 6,256,471,076 6,110,641,151 10,540,000 134,450,929 ( 34) 11,796 - (349,086,107) - (43,702,350) (43,621,004) - 55,000,000 5,874,234,415 6,256,471,076

  • 068 2551

    )

    (

    )

    -

    31

    .

    . 25

    51

    45

    081

    .2462

    5,811

    ,571

    53,61

    7,685

    200

    100

    230,9

    67,92

    029

    ,999,9

    91

    30

    045

    .30(1

    )16

    1,418

    ,899

    -

    70

    010

    092

    9,262

    ,396

    174,9

    99,98

    5

    10

    100

    10,00

    0,000

    9,999

    ,940

    75

    100

    75,00

    0,000

    56,24

    9,948

    10

    100

    10,00

    0,000

    16,49

    9,010

    (M

    ST)

    41

    51(3

    )20

    ,910,0

    00-

    1710

    093

    ,500,0

    0010

    1,999

    ,580

    RGR

    Intern

    ation

    al Lim

    ited

    2.610

    02,5

    86,00

    0-

    (1

    00,00

    0

    )

    2610

    013

    ,140,8

    22-

    (

    ) (MF

    G)

    327

    99.72

    2,302

    ,662,0

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    (1)

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  • 071 ()

    (1)

    45

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  • 072 2551

    ) ()

    ()

    2551 2550 MFG () 100 100 100 100 100 100 100 100 ... 100 100 51 51

    () 95 95International Franchise Holding 100 100

    (Labuan) Limited 100 100 .... 100 100Primacy Investment Limited 100 100

    () 100 -

    International Franchise Holding (Labuan) LimitedFranchise Investment Corporation of Asia Ltd. 100 100The Minor Food Group (China) Limited 100 100

    ( Beijing LeJazz Food & Beverage Co., Ltd.)

    Primacy Investment LimitedDelicious Foodstuff (Labuan) Limited 100 100Delicious Beverage (Labuan) Limited 100 100Delicious Food Holding (Singapore) Pte. Ltd. 100 100ThaiExpress Concepts Pte. Ltd. 70 -

    Delicious Food Holding (Singapore) Pte Ltd.Delicious Food Holding (Australia) Pte. Ltd. 100 100

    100 100 100 100

    100 100MSpa Enterprise Management (Shianghai) Limited 100 100

  • 073 ()

    ()

    2551 2550

    24 .. 2545

    31 .. 2551 100 31 .. 2551 424.9 (31 .. 2550 : 524.9 ) ( 21)

    Hospitality Investment International Limited 100 100

    Hospitality Investment International LimitedLodging Management (Labuan) Limited 100 100Lodging Management (Mauritius) Limited 100 100

    PT Lodging Management (Indonesia) 93.3 93.3

    () 100 100

    Thai Express Concepts Pte. Ltd.The Thai Express Restaurant Pte. Ltd. 100 -BBZ Design International Pte. Ltd. 100 -NYS Pte. Ltd. 100 -PS07 Pte. Ltd. 100 -TES07 Pte. Ltd. 100 -XWS Pte. Ltd. 100 -Shokudo Concepts Pte. Ltd. 100 -Shokudo Heeren Pte. Ltd. 100 -Lotus Sky Sdn Bhd 100 -Thai Express Concepts Sdn Bhd 100 -

  • 074 2551

    2551

    1,193,714,956 (138,421,887) 1,055,293,069

    952,334,627 (114,904,070) - 837,430,557

    31 .. 2551

    Thai Express Concepts Pte. Ltd. 9 .. 2551 Thai Express Concepts Pte. Ltd.

    (Thai Express) 210,000 70 Thai Express 952.3 3

    Thai Express Thai Express 938.3

    2 .. 2551 3 Thai Express 938.3 1,774.7

    Thai Express 1 .. 2551 30 .. 2551 Thai Express 30 .. 2551 2 Thai Express 952.3 836.4

    Thai Express 4 241.4 31 .. 2551 Thai Express 1,193.7 1,055.3

  • 075 ()

    70 Thai Express

    1 .. 2551

    34 1 .. 2551 1 .. 2551

    6 .. 2551

    4,200,237 100 1,050,060 100 18 .. 2551 315,017,700 ..2551

    8 .. 2551 1,050,060 100 262,515 100 9 .. 2551 78,754,500 .. 2551

    () 1 ()

    24,500 1.6 44,510,817 98.91 0.29

    () 3 ()

    14,000 1.54 32,639,199 99.72 0.1

    114,904,070 6,124,196 68,436,077 95,844,096 108,372,643 (140,687,933) (55,247,596) 197,745,553

    70 () 138,421,887

  • 076 2551

    )

    2551 2550 2551 2550

    191,046,198 443,805,588 24,284,460 79,284,460 1,046,843,198 - - -

    - (63,139,215) - (55,000,000)

    - 115,649,039 55,879,825 - - (111,909,926) (245,500,000) - - 1,241,628,509 191,046,198 24,284,460 24,284,460

    51

    31 .. 2551

    The Coffee Club Holdings Pty. Ltd. 1 .. 2551 The Coffee Club Holdings Pty. Ltd.

    (TCC) 23,000,000 50 TCC 689.3 2

    TCC TCC 202.6

    2 .. 2551 2 TCC 202.6

    TCC 1 .. 2551 30 .. 2551 TCC 30 ..2551 2 TCC 689.3

  • 077 ()

    3,674,397 87,693,764 3,732,533 27,009,388 21,717,572 1,341,911,309 (115,672,261) 1,370,066,702

    50 () 685,033,351

    The Coffee Club Holdings Pty Ltd. 31 .. 2551 4.2

    2551

    689,253,066 (685,033,351) 4,219,715

    689,253,066 (3,674,397) - 685,578,669

    50 TCC

  • 078 2551

    Tanzania Tourism and Hospitality Investment Limited Zanzibar Tourism and Hospitality InvestmentLimited

    1 .. 2551 Tanzania Tourism and HospitalityInvestment Limited (TTHIL) Zanzibar Tourism and Hospitality Investment Limited (ZTHIL) 1 50

    310.6 2

    TTHIL ZTHIL TTHIL ZTHIL 94.1

    2 .. 2551 2 TTHIL ZTHIL 94.1

    TTHIL ZTHIL 1 .. 2551 30 .. 2551 TTHIL ZTHIL 30 .. 2551 2 TTHIL ZTHIL 357.6

    TTHIL ZTHIL

  • 079 ()

    -

    31

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    (

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    40

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    39,99

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  • 080 2551

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  • 081 ()

    ) ()

    ()

    2551 2550

    Tanzania Tourism and Hospitality Investment LimitedElewana Afrika (T) Limited 100 -

    Zanzibar Tourism and Hospitality Investment LimitedElewana Afrika (Z) Limited 100 -

    Select Service Partner (Cambodia) Limited 100 -

    The Coffee Club Holdings Pty. Ltd.Expresso Pty. Ltd. 100 -The Coffee Club Investment Pty. Ltd. 100 -The Coffee Club Franchising Company Pty. Ltd. 100 -The Coffee Club (NSW) Pty. Ltd. 100 -The Coffee Club (Vic) Pty. Ltd. 100 -The Coffee Club (Properties) Pty. Ltd. 100 -The Coffee Club Properties (NSW) Pty. Ltd. 100 -The Coffee Club Pty. Ltd. 100 -

    (as trustee for the Coffee Club Unit Trust)The Coffee Club (International) Pty. Ltd. 100 -The Coffee Club (Korea) Pty. Ltd. 100 -The Coffee Club (Mena) Pty. Ltd. 100 -The Coffee Club (NZ) Pty. Ltd. 100 -

  • 082 2551

    )

    (

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    -

    31

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  • 083 ()

    )

    (

    )

    31

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    255

    1

    47,43

    4,096

    44,46

    4,101

    15,84

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    (36,7

    12,06

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    %Ar

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    11,19

    9,671

    2,621

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    7,868

    ,285

    5,428

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    94

    8,923

    ,758

    921,6

    65,97

    662

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    1,515

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    191,4

    27,92

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    4,435

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    91,27

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    36,59

    51,4

    67,66

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    16,09

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    899,6

    73,77

    195

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    68,02

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    (

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  • 084 2551

    13. -

    2551 2550 2551 2550

    - 8,808,564 21,041,738 12,700 23,050 - 824,427,534 1,288,884,810 487,224,640 617,017,800 - 833,236,098 1,309,926,548 487,237,340 617,040,850

    )

    2551 2550 2551 2550

    - 21,041,738 567,672,070 23,050 543,332,253 - 1,500 - 1,500 - (543,309,653) - (543,309,653) - (1,950,350) - - (12,233,174) (1,371,829) (10,350) (1,050) - 8,808,564 21,041,738 12,700 23,050

    2551 2550 2551 2550

    , 22,840,303 22,840,303 8,808,564 21,041,738 (14,031,739) (1,798,565) - - - 8,808,564 21,041,738 8,808,564 21,041,738

    , 1,950,350 1,950,350 (1,950,350) (1,950,350) - - - - 8,808,564 21,041,738

  • 085 ()

    2551 2550 2551 2550

    , 8,034 8,034 12,700 23,050 4,666 15,016 - - - 12,700 23,050 12,700 23,050

    )

    2551 2550 2551 2550

    - 1,288,884,810 407,156,490 617,017,800 - 55,760,666 108,680,610 55,760,666 64,721,163 - 543,309,653 - 543,309,653 (520,217,942) 229,738,057 (185,553,826) 8,986,984 - 824,427,534 1,288,884,810 487,224,640 617,017,800

  • 086 2551

    )

    (

    )

    31

    .

    . 2

    551

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    488

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  • 087 ()

    )

    (

    )

    31

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    . 2

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    454

    9.24

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    84,22

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    76

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  • 088 2551

    )

    (

    )

    31

    .

    . 2

    550

    (

    )

    52

    319

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    2,023

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  • 089 ()

    14.

    () 18.72 16.64 64.64

    () ()

    31 .. 2551 .. 2550

    2551 2550 2551 2550

    54,327,724 40,681,268 - -

    15,000,000 113,000,000 - -

  • 090 2551

    2551 2550 2551 2550

    - - 44,539,582 42,555,033 1,278,000 - - - 17,515,449 16,892,532 - - 18,793,449 16,892,532 44,539,582 42,555,033

    - - 355,574,186 269,386,497 16,888,033 36,786,061 - 524,353 125,322 201,232 - - 17,013,355 36,987,293 355,574,186 269,910,850

    - - 167,751,829 161,298,532 116,579,808 69,159,410 1,272,280 600,000 52,529,571 11,780,730 2,028,000 3,312,000 169,109,379 80,940,140 171,052,109 165,210,532

    6,296,234 6,296,234 - -

    - - 17,892,130 21,674,315 9,941,000 8,124,282 9,941,000 6,791,282 9,941,000 8,124,282 27,833,130 28,465,597

    - - 243,067 196,262 589,260 6,420,891 - - 589,260 6,420,891 243,067 196,262

    - - 22,545,060 20,776,886 16,898,434 18,273,198 - - 16,898,434 18,273,198 22,545,060 20,776,886

    - - 20,616,017 27,456,666 - 1,339,041 - 1,339,041 - 1,339,041 20,616,017 28,795,707

  • 091 ()

    2551 2550 2551 2550

    - - 28,614,109 25,141,758 8,107,540 39,288,300 - 3,570,600 8,107,540 39,288,300 28,614,109 28,712,358

    - - 667,055 763,564 1,361,883 - - - 1,361,883 - 667,055 763,564

    - - - 1,970,006 13,804,892 5,848,447 10,912,716 2,878,797 13,804,892 5,848,447 10,912,716 4,848,803

    8,511,774 6,185,600 6,305,000 3,825,600

    90 ( )

    31 .. 2551 .. 2550 /

    2551 2550 2551 2550

    - - 403,610,238 423,061,113 45,871,363 92,874,286 29,017 291,650 2,698,075 5,914,180 76,256 437,261 48,569,438 98,788,466 403,715,511 423,790,024

    - - 7,406,141,167 4,782,104,460 407,239,883 488,313,000 - - 2,791,200 2,696,000 - - 410,031,083 491,009,000 7,406,141,167 4,782,104,460

  • 092 2551

    31 .. 2551 1,362.0 31 .. 2550 771.1

    2551 2550

    - 62,468,464 - 785,339,539 183,419,653 281,583,534 9,622,262 - 94,663,750 - 1,078,338,216 480,713,757 1,567,671 - - 16,128,234Minor International (Labuan) Limited 178,374,492 782,815 1,545,986,044 1,627,016,343

    2551 2550 2551 2550

    - - 13,955,075 38,102,608 685,661 3,038,190 - - 1,733,448 5,090,969 5,000 - 2,419,109 8,129,159 13,960,075 38,102,608

    - - 703,956,347 1,416,393,789

    15.

  • 093 ()

    16.

    (

    )

    3

    1

    .

    . 255

    0

    671,1

    43,09

    78,4

    30,08

    9,153

    2,940

    ,989,3

    593,8

    97,60

    8,651

    1,679

    ,555,1

    4717

    9,559

    ,972

    368,0

    66,52

    418

    2,250

    ,035

    18,34

    9,261

    ,938

    (110

    ,513,9

    00)

    (3,47

    5,810

    ,215)

    (1,49

    1,108

    ,197)

    (2,80

    1,301

    ,163)

    (1,08

    2,008

    ,948)

    (124

    ,383,5

    05)

    (151

    ,087,0

    33)

    -(9

    ,236,2

    12,96

    1)

    --

    (1,72

    6,151)

    -(7

    ,635,7

    90)

    --

    -(9

    ,361,9

    41)

    56

    0,629

    ,197

    4,954

    ,278,9

    381,4

    48,15

    5,011

    1,096

    ,307,4

    8858

    9,910

    ,409

    55,17

    6,467

    216,9

    79,49

    118

    2,250

    ,035

    9,103

    ,687,0

    36

    31

    ..

    255

    1

    560,6

    29,19

    74,9

    54,27

    8,938

    1,448

    ,155,0

    111,0

    96,30

    7,488

    589,9

    10,40

    955

    ,176,4

    6721

    6,979

    ,491

    182,2

    50,03

    59,1

    03,68

    7,036

    3,9

    11,99

    052

    ,107,2

    8335

    8,972

    ,216

    320,8

    61,64

    113

    7,636

    ,542

    27,45

    2,897

    119,6

    42,57

    342

    2,486

    ,853

    1,443

    ,071,9

    95

    Tha

    i Exp

    ress

    (

    12

    )-

    -46

    ,362,7

    4929

    ,673,1

    1819

    ,505,7

    1930

    2,509

    --

    95,84

    4,095

    6,288

    ,560

    163,3

    09,56

    817

    ,625,1

    2812

    7,469

    ,047

    49,51

    4,284

    5,742

    ,083

    (20,1

    05,28

    8)(3

    49,84

    3,382

    )-

    -(5

    ,078,5

    31)

    (6,96

    4,660

    )(6

    3,872

    )(6

    51,22

    8)(3

    6,085

    )(4

    4,454

    ,125)

    (14,5

    94,83

    1)(7

    1,843

    ,332)

    -

    (672

    ,307)

    (12,8

    77,10

    2)(8

    ,084,4

    30)

    (1,21

    9,202

    )(1

    ,032,9

    84)

    (5,35

    8,434

    )(1

    0,465

    ,396)

    (39,7

    09,85

    5)

    381,0

    90,85

    21,3

    34,08

    5,638

    22,18

    9,378

    61,00

    0,422

    7,493

    ,793

    8,916

    ,235

    13,98

    6,303

    20,44

    1,682

    1,849

    ,204,3

    03

    --

    13,93

    0,745

    1,071

    ,609

    6,459

    ,861

    95,40

    676

    5,949

    -22

    ,323,5

    70

    (12,1

    69,55

    6)(3

    82,42

    8,584

    )(2

    69,24

    3,963

    )(3

    74,12

    4,830

    )(1

    57,12

    3,705

    )(1

    8,262

    ,209)

    (30,1

    62,15

    5)-

    (1,24

    3,515

    ,002)

    --

    1,726

    ,151

    --

    --

    -1,7

    26,15

    1

    -

    -(6

    ,028,0

    16)

    (5,17

    2,515

    )(7

    ,294,7

    66)

    (66,7

    51)

    (338

    ,775)

    -(1

    8,900

    ,823)

    -

    93

    9,751

    ,043

    6,115

    ,602,0

    051,6

    13,84

    7,637

    1,248

    ,937,6

    7864

    4,231

    ,707

    78,28

    7,568

    250,9

    55,53

    925

    0,274

    ,961

    11,14

    1,888

    ,138

  • 094 2551

    16.

    ()

    (

    )

    3

    1

    .

    . 255

    1

    1,062

    ,434,4

    999,9

    68,25

    4,785

    3,308

    ,661,3

    924,2

    85,56

    0,439

    1,904

    ,812,2

    4120

    8,604

    ,101

    433,8

    30,14

    325

    0,274

    ,961

    21,42

    2,432

    ,561

    (122

    ,683,4

    56)

    (3,85

    2,652

    ,780)

    (1,68

    8,785

    ,739)

    ( 3,03

    1,450

    ,246)

    (1,24

    5,649

    ,978)

    (130

    ,249,7

    82)

    (182

    ,535,8

    29)

    -(10

    ,254,0

    07,81

    0)

    --

    (6,02

    8,016

    )(5

    ,172,5

    15)

    (14,9

    30,55

    6)(6

    6,751

    )(3

    38,77

    5)-

    (26,5

    36,61

    3)

    -

    939,7

    51,04

    36,1

    15,60

    2,005

    1,613

    ,847,6

    371,2

    48,93

    7,678

    644,2

    31,70

    778

    ,287,5

    6825

    0,955

    ,539

    250,2

    74,96

    111

    ,141,8

    88,13

    8

    31

    ..

    2551

    3,0

    82,93

    1,642

    2,965

    ,229,3

    82

    (

    .. 2

    550

    :

    2

    ,764,6

    04,78

    3

    2,7

    62,65

    2,342

    )

  • 095 ()

    16.

    ()

    (

    )

    3

    1

    .

    . 255

    0

    9,871

    ,983

    568,8

    95,34

    354

    ,931,5

    2027

    9,487

    ,184

    10,94

    4,115

    24,65

    0,005

    15,46

    5,050

    264,0

    5596

    4,509

    ,255

    (5,52

    1)(2

    79,44

    8,584

    )(1

    5,097

    ,640)

    (189

    ,175,8

    68)

    (3,71

    7,620

    )(1

    7,129

    ,610)

    (5,08

    9,153

    )-

    (509

    ,663,9

    96)

    -

    9,8

    66,46

    228

    9,446

    ,759

    39,83

    3,880

    90,31

    1,316

    7,226

    ,495

    7,520

    ,395

    10,37

    5,897

    264,0

    5545

    4,845

    ,259

    31

    ..

    255

    1

    9,866

    ,462

    289,4

    46,75

    939

    ,833,8

    8090

    ,311,3

    167,2

    26,49

    57,5

    20,39

    510

    ,375,8

    9726

    4,055

    454,8

    45,25

    9

    -13

    ,008,2

    53-

    6,530

    ,589

    277,9

    095,6

    54,20

    515

    3,500

    22,11

    3,710

    47,73

    8,166

    (

    3

    4)-

    34,02

    9,006

    399,6

    2461

    6,491

    9,089

    ,283

    --

    813,4

    6144

    ,947,8

    65

    -

    11,56

    9,261

    -4,6

    20,43

    2-

    --

    (16,1

    89,69

    3)-

    -(4

    ,662,9

    35)

    --

    --

    --

    (4,66

    2,935

    )

    --

    -(1

    )-

    (1)

    --

    (2)

    -

    --

    -(1

    ,005,3

    27)

    --

    -(1

    ,005,3

    27)

    (5

    6,222

    )(2

    9,542

    ,517)

    (5,92

    2,326

    )(2

    0,743

    ,553)

    (5,62

    2,852

    )(2

    ,173,6

    92)

    (2,10

    0,685

    )-

    (66,1

    61,84

    7)

    -

    9,810

    ,240

    313,8

    47,82

    734

    ,311,1

    7881

    ,335,2

    749,9

    65,50

    811

    ,000,9

    078,4

    28,71

    27,0

    01,53

    347

    5,701

    ,179

    3

    1

    .

    . 255

    1

    9,871

    ,983

    617,9

    73,08

    755

    ,331,1

    4429

    1,210

    ,115

    19,30

    5,980

    27,63

    4,873

    15,61

    8,550

    7,001

    ,533

    1,043

    ,947,2

    65

    (6

    1,743

    )(3

    04,12

    5,260

    )(2

    1,019

    ,966)

    (209

    ,874,8

    41)

    (9,34

    0,472

    )(1

    6,633

    ,966)

    (7,18

    9,838

    )-

    (568

    ,246,0

    86)

    -

    9,8

    10,24

    031

    3,847

    ,827

    34,31

    1,178

    81,33

    5,274

    9,965

    ,508

    11,00

    0,907

    8,428

    ,712

    7,001

    ,533

    475,7

    01,17

    9

  • 096 2551

    31 .. 2551 131,493,320 126,448,595 (.. 2550 : 115,834,468 115,815,573 )

    .. 2545 .. 2546 ( 21) 31 .. 2551 1,117 ( 21)

    31 .. 2551 129.2 -

    31 .. 2550 55.6 -

  • 097 ()

    17.

    -

    (

    )

    3

    1

    .

    . 255

    0

    3,061

    ,857,8

    3815

    8,399

    ,806

    124,4

    00,26

    81,9

    98,69

    2,701

    (628

    ,942,5

    25)

    11,11

    2,958

    4,725

    ,521,0

    46

    (1

    ,340,6

    17,75

    3)(1

    52,56

    0,290

    )(8

    3,589

    ,991)

    (391

    ,808,0

    49)

    277,1

    40,20

    9(1

    ,140,4

    30)

    (1,69

    2,576

    ,304)

    -

    1,7

    21,24

    0,085

    5,839

    ,516

    40,81

    0,277

    1,606

    ,884,6

    52(3

    51,80

    2,316

    )9,9

    72,52

    83,0

    32,94

    4,742

    31

    ..

    255

    1

    1,721

    ,240,0

    855,8

    39,51

    640

    ,810,2

    771,6

    06,88

    4,652

    (351

    ,802,3

    16)

    9,972

    ,528

    3,032

    ,944,7

    42

    4,892

    ,632

    26,70

    61,5

    00,68

    51,0

    55,65

    6,972

    -36

    ,995,7

    971,0

    99,07

    2,792

    (145

    ,000)

    --

    --

    (82,9

    56)

    (227

    ,956)

    --

    --

    -(1

    73,84

    3)(1

    73,84

    3)

    (

    5

    .2)-

    --

    -35

    1,802

    ,316

    -35

    1,802

    ,316

    -

    --

    --

    50,59

    9,139

    50,59

    9,139

    -

    -2,2

    64,04

    8-

    -31

    2,889

    2,576

    ,937

    (1

    08,05

    8,351

    )(8

    50,62

    7)(5

    ,891,8

    65)

    --

    (20,0

    91,28

    7)(1

    34,89

    2,130

    )

    -

    1,617

    ,929,3

    665,0

    15,59

    538

    ,683,1

    452,6

    62,54

    1,624

    -77

    ,532,2

    674,4

    01,70

    1,997

    3

    1

    .

    . 255

    1

    3,050

    ,251,8

    6515

    8,426

    ,512

    128,1

    65,00

    03,0

    54,34

    9,673

    -11

    6,509

    ,548

    6,507

    ,702,5

    98

    (1

    ,432,3

    22,49

    9)(1

    53,41

    0,917

    )(8

    9,481

    ,855)

    (391

    ,808,0

    49)

    -(3

    8,803

    ,438)

    (2,10

    5,826

    ,758)

    -

    --

    --

    (173

    ,843)

    (173

    ,843)

    -

    1,6

    17,92

    9,366

    5,015

    ,595

    38,68

    3,145

    2,662

    ,541,6

    24-

    77,53

    2,267

    4,401

    ,701,9

    97

  • 098 2551

    ()

    2551 2550 2551 2550

    - 87,943,800 - - 418,421,845 214,504,500 4,355,942 5,155,517 223,027,098 192,686,548 30,910,292 26,392,469 401,474,006 376,474,006 - - 93,921,605 69,038,706 - 14,342,766 1,136,844,554 940,647,560 35,266,234 45,890,752

    31 .. 2550 18,690,531 - 18,690,531 (11,836,596) - (11,836,596) - 6,853,935 - 6,853,935

    31 .. 2551 6,853,935 - 6,853,935 - 6,661,697 6,661,697 - 14,342,766 14,342,766 (624,325) (6,181,786) (6,806,111) - 6,229,610 14,822,677 21,052,287

    31 .. 2551 18,690,531 23,991,237 42,681,768 (12,460,921) (9,168,560) (21,629,481) - 6,229,610 14,822,677 21,052,287

    18.

  • 099 ()

    19.

    2551 2550 2551 2550

    465,816 1,316 - 1,316 682,915,100 561,512,600 - -

    683,380,916 561,513,916 - 1,316

    133,000,000 5.544 7.839

    20.

    2551 2550 2551 2550

    163,381,845 247,289,061 15,335,809 17,208,420 294,090,330 - - - 434,978,388 358,305,696 18,471,156 16,920,889 385,267,976 428,316,352 15,479,795 17,718,463 1,277,718,539 1,033,911,109 49,286,760 51,847,772

    21.

    2551 2550 2551 2550

    246,762,408 312,599,468 120,000,000 120,000,000 164,260,000 164,260,000 - -

    411,022,408 476,859,468 120,000,000 120,000,000

    764,239,430 615,341,077 300,000,000 420,000,000 517,130,640 681,390,640 - -

    1,281,370,070 1,296,731,717 300,000,000 420,000,000 1,692,392,478 1,773,591,185 420,000,000 540,000,000

  • 100 2551

    31 .. 2551 1,011

    ) 420 12 10 60 .. 2550

    ) 20 LIBOR 9 2.22 2 .. 2552

    31 .. 2551 (CrossCurrency Swap) 20 20 23 23

    2551 2550 2551 2550

    1 411,022,408 476,859,468 120,000,000 120,000,000 2 - 5 1,281,370,070 1,296,731,717 300,000,000 420,000,000 5 - - - - 1,692,392,478 1,773,591,185 420,000,000 540,000,000

    31 .. 2551 1,773,591,185 540,000,000 654,400,000 - (673,859,459) (120,000,000) (63,398,171) - 1,658,923 - 1,692,392,478 420,000,000

  • 101 ()

    ) 20 (3,050 ) MLR ..2554 .. 2560

    681

    ) 425 MLR 10

    864

    ) 256 MLR 10

    253

    31 .. 2551

    31 .. 2551

    31 .. 2550

    - 1 - - - -- 1 - - - -

    - - - -

    - 1 - - - -- 1 7,030 35 4,000 35

    7,030 35 4,000 35

  • 102 2551

    ) 2,060 .. 2550 ..2557

    ) 1,840 .. 2550 .. 2555

    ) 1,000 .. 2547 .. 2553

    ) 1,100 .. 2548 4 275 .. 2551

    ) 1,000 .. 2551 .. 2554

    22.

    2551 2550

    550,000,000 275,000,000 6,175,000,000 5,725,000,000 6,725,000,000 6,000,000,000

    31 .. 2551 6,000,000,000 1,000,000,000 (275,000,000) 6,725,000,000

  • 103 ()

    31 .. 2551 (Interest Rate Swap) 1,000 6 ( 31 )

    25 .. 2551 15,000 / () 15 31 .. 2551 1,000

    2,000 6 31 .. 2551

    31

    23.

    2551 2550 2551 2550

    163,051,359 176,730,738 213,434 245,715 145,974,730 139,972,703 578,035 578,035 10,341,301 10,028,912 1,622,360 1,670,055 319,367,390 326,732,353 2,413,829 2,493,805

    2551 2550 2551 2550

    6,725,000,000 6,000,000,000 6,400,394,752 5,740,757,426

  • 104 2551

    31 .. 2551 3,689,623,229 (.. 2550 : 3,275,302,335 63,520,000 ) 1 3,614,264,065 (.. 2550 : 2,958,216,453 63,520,000 )

    25 .. 2551 350.8 1

    329.4 20

    25 1.4

    24.

    31 .. 2549 2,894,584,081 63,520,000 2,894,584,081 63,520,000 1,516,119,788 4,474,223,869 63,632,372 - 63,632,372 - 240,619,415 304,251,787 31 .. 2550 2,958,216,453 63,520,000 2,958,216,453 63,520,000 1,756,739,203 4,778,475,656 63,520,000 (63,520,000) 63,520,000 (63,520,000) - - ( 30) 328,473,697 - 328,473,697 - - 328,473,697 264,053,915 - 264,053,915 - 1,257,694,162 1,521,748,077 31 .. 2551 3,614,264,065 - 3,614,264,065 - 3,014,433,365 6,628,697,430

    31 .. 2549 2,894,584,081 63,520,000 2,894,584,081 63,520,000 1,541,772,164 4,499,876,245 63,632,372 - 63,632,372 - 240,619,415 304,251,787 31 .. 2550 2,958,216,453 63,520,000 2,958,216,453 63,520,000 1,782,391,579 4,804,128,032 63,520,000 (63,520,000) 63,520,000 (63,520,000) - - ( 30) 328,473,697 - 328,473,697 - - 328,473,697 264,053,915 - 264,053,915 - 1,257,694,162 1,521,748,077 31 .. 2551 3,614,264,065 - 3,614,264,065 - 3,040,085,741 6,654,349,806

  • 105 ()

    25.

    (

    2

    .21)

    31

    ..

    2550

    ...

    1

    31

    .

    . 25

    51

    115

    2829

    239,1

    40,29

    2(1)

    -(5

    25,92

    5)(2

    38,61

    4,367

    )1.0

    0169

    239,0

    17,41

    55.9

    91,4

    31,71

    9,259

    -

    ..

    2549

    ..

    2549

    ..

    2551

    20

    3128

    558,5

    95(1

    )-

    (489

    ,000)

    (69,5

    95)

    14.09

    897

    980,2

    00

    10

    ,147,8

    35-

    .

    . 25

    41.

    . 25

    41.

    . 25

    51

    1

    5

    15

    2816

    49,25

    1,000

    (1)

    --

    (21,9

    68,00

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    2645

    22,57

    5,500

    2.645

    65,45

    2,277

    27,28

    3,000

    ..

    2548

    ..

    2549

    ..

    2554

    2

    14

    3130

    12,25

    4,967

    (1)

    --

    (1,47

    1,480

    )1.1

    0000

    1,480

    ,800

    8.918

    14,42

    8,706

    10,78

    3,487

    .

    . 25

    50.

    . 25

    51.

    . 25

    55

    3

    301,2

    04,85

    4-

    (1,01

    4,925

    )(2

    62,12

    3,442

    )26

    4,053

    ,915

    1,521

    ,748,0

    7738

    ,066,4

    87

    (1)

  • 106 2551

    2551 2550 2551 2550

    0 - 30 0 - 30 25 30

    25 .. 2551 // 20 1 1 16.43 5 31 .. 2551

    26.

    5 () 10

    31 .. 2551 106,311,858 (.. 2550 : 94,208,648)

    27.

    2551 2550 2551 2550

    1,378,407,133 1,295,463,227 72,967,959 58,491,509

    3,444,489,582 2,697,132,711 358,911,373 360,976,993 () 63,769,979 (5,226,296) 12,691,635 (19,441,784)

    28.

  • 107 ()

    29.

    ( 25)

    31 .. 2551 27,302,202 (.. 2550 : 170,344,388 )

    31 .. 2550 2 .. 2551

    31

    2551 2550

    ()

    3,577,106,352 3,332,084,630 (215,313,429) (197,491,595) - 3,361,792,923 3,134,593,035

    27,302,202 170,344,388 - - 27,302,202 170,344,388

    3,389,095,125 3,304,937,423

  • 108 2551

    31

    31

    2551 2550

    ()

    1,900,606,044 1,610,770,502 - - 1,900,606,044 1,610,770,502

    0.5654 0.5139

    1,900,606,044 1,610,770,502 - - 1,900,606,044 1,610,770,502

    0.5608 0.4874

    2551 2550

    ()

    1,162,302,865 1,154,946,215 - - 1,162,302,865 1,154,946,215

    0.3457 0.3685

    1,162,302,865 1,154,946,215 - - 1,162,302,865 1,154,946,215

    0.3430 0.3495

  • 109 ()

    30.

    25 .. 2551 .. 2550

    30.1 0.15 3.75 503.3

    30.2 10 1 1 328.5

    821.2 492.7 328.5 23 .. 2551 (.. 2550 : 448.62 , 0 ) 29.36 19.57 (.. 2550 : 26.69 , 0 )

    31.

    31 .. 2551

    ) 1,000 6 4 24 .. 2554

    ) 20 2 .. 2556

  • 110 2551

    (Cross currency swap contracts) 31 2551 (Cross currency

    swap) ( 21) 20 23 23 26.75 1 11.5 22.95 1 11.5 2 ..2556

    31 .. 2551

    1 5 (.. 2550 : 8 10 )

    2551 2550

    2,315,663 (33.82183 - 35.4 1 ) 78,739,695 -349,899 (22.4 - 27.5 1 ) 8,543,130 -7,920,025 (33.787 - 33.868 1 ) - 268,144,685

    31 .. 2551 .. 2550

    2551 2550

    108,711 2,552,626 - - 97,543 3,430,188 113,927 3,872,782

    5,982,814 3,872,782

  • 111 ()

    31 .. 2551 26,740,466 (.. 2550 : )

    31 .. 2551 2,158,168 (.. 2550 : 1,858,188 )

    32.

    31 .. 2551

    .. 2556

    30 .. 2561 31 .. 2551 50

    7.5 .. 2554

    10 .. 2560

    10 .. 2559

  • 112 2551

    20 .. 2564 10

    .. 2549 .. 2567

    30 42 1 .. 2525 8 .. 2530 23 .. 2531 2 .. 2537 31 .. 2551 172 (.. 2550 : 185 )

    4 .. 2541 3 5

    1 .. 2551 1

    .. 2547 .. 2556

    .. 2558

    .. 2547 .. 2553

  • 113 ()

    .. 2549 .. 2560 20

    .. 2550 .. 2570 2 20 15

    22 .. 2548 25 .. 2556 2 15

    Kihavah Huravlhu 23 23 .. 2550

    30 .. 2556 2 15 31 .. 2551

    .. 2552 8.78.. 2553 - .. 2556 31.38

    40.16

    3 .. 2550 3 6 30 1 .. 2553

  • 114 2551

    31 .. 2551

    (1) 31 .. 2551 13.3

    (2) 1 .. 2553 523.6

    10 .. 2550

    31 .. 2551 .. 2550 ( 6 - 30 )

    25502551

    1 285 282 2 - 5 392 577 5 182 436 859 1,295

  • 115 ()

    33.

    31 .. 2550

    31 .. 2551

    101.5 - - 2.6 - -

    969.6 2.7 135.0 10.7 12.4 -

    129.3 - - 3.0 - -

    1,114.6 31.2 220.0 15.3 29.4 -

  • 116 2551

    315,352 - 795,595 11,796 2,828,255 - 44,947,865 (21,538,156) (2,436,946) 24,923,761

    24,923,761 (315,352) - 24,608,409

    34.

    24 .. 2551 1 .. 2551

    1 ..2551

    35.

    ..2530 5 7.5 5 10 ()

    36.

    36.1 14 .. 2552 0.23 835 11 .. 2552

    36.2 14 22 .. 2552

    ) /// 4 (MINT-ESOP 4) 20

  • 117 ()

    ) 27,657,430 3,689,623,229 3,661,965,799 3,661,965,799 1

    ) /// 5 (MINT-ESOP 5) 60

    ) () (MINOR) 1. MINOR MINOR (

    () (MFG)) 1 MINOR 1.14

    2. 511.5 1 3.

    3.1 MINOR : 611.75 3.2 : 59.62 3.3 MFG : 215.31

    ) MINOR MINOR MINOR

    ) 3,661,965,799 4,238,540,970 576,575,171 1 (1) MINOR MINOR(2)

    MINOR (3) /

    / / 5 (MINT-ESOP5)

    ) / / / 5 (MINT-ESOP5)

    ) 511,154,008 1.00 MINOR MINOR

    ) 5,421,163 MINOR MINOR

    ) MINOR

    ) MFG

  • 118 2551

    31 2551

    2551 2551 7.9 14.0 2551 Travel and Leisure

    2551 27 1.1 2552

    2551 2551

    4 2551 () 4 2551

    4,189 7 424 24 54 35 35 42 4 ( ) 2551 90 75 4 55 4 2551 14 7,163 1) 2) 1 1 Conde Nast Traveler 3)

  • 119 ()

    2551 2551 16,515 18

    1,901 18 51 35 27 138 2550 66 6 2551 4 16 6,342

    42551 2550 2551 2550

    () () () () () ()

    2,243 1,657 35 8,404 6,581 27 1,476 1,745 -15 5,886 5,807 1 - 115 -100 591 228 159 85 102 -17 358 384 7 144 139 3 575 537 7 241 166 45 701 492 44 4,189 3,925 7 16,515 14,029 18

    2551 25,064 3,784 2550 :

    1.

    2.

    3.

    4.

    12,611 1,039 12,403 2,695

    2551 3,388 1,024 4,900 1) 1,767 ,

  • 120 2551

    , 2) 1,968 1,402 3) 179 Timeshare 725 62 19 1,413 479 2551 202

    2551

    2551 Kempinski

    Kempinski Anantara Kempinski

    50 TanzaniaTourism and Hospitality Investments Limited 50 Zanzibar Tourism and Hospitality InvestmentLimited

    2551

    2551 Flagship Hotel 83

    1 Sir Bani Yas

    2551

    2551 50 ( )

    2551 70 ( )

    4 6 11 5 1 2552

  • 121 ()

    2551 1,043 645 62 398 38 707 68 336 32 2551 138 58 80

    2550 1 2 3 42551 2551 2551 2551

    587 590 611 629 645 318 335 353 372 398 905 925 964 1,001 1,043

    2550 1 2 3 42551 2551 2551 2551

    201 207 215 226 243 188 193 197 203 214 183 191 204 213 222 35 35 35 35 36 207 206 212 217 219 20 20 22 22 22 41 43 47 53 61 30 30 32 32 26 905 925 964 1,001 1,043

    :

    Turtle Village

    27 3,000

    (EBITDA) 2551 28 72

  • 122 2551

    (EBITDA)

    42551 2550 2551 2550

    () () () () () ()

    342 248 40 1,215 954 26 560 763 -27 2,254 2,269 -1 178 155 15 841 536 57 1,080 1,166 -7 4,310 3,759 15

    4 2551

    () 17

    (%) 42551 2550 2551 2550

    13.0 16.9 10.5 17.2 10.5 - 21.4 - 10.0 11.7 12.4 9.7 11.4 -1.9 16.1 -4.9 25.4 -11.8 17.8 1.6 7.9 35.6 23.3 26.7 90.5 - 82.5 - 16.6 9.0 19.1 9.8

    :

    4 2551 55 75

    4 2551 7,163 14 (7 2 ) 33 9,607 4 2551

  • 123 ()

    Conde Nast (4 ) 4,796 4 2551 6 10,644 4 2551

    2551 66 72 6,342 16

    4 2551 1,476 () 15 2551 5,886

    (equity method) 3 1

    (%) 42551 2550 2551 2550

    63.0 83.5 74.2 81.4 51.9 65.3 62.2 66.1 43.4 69.6 54.7 61.8 41.1 58.3 44.5 58.7 54.8 74.9 65.5 72.4

    (/) 42551 2550 2551 2550

    4,796 4,763 4,457 4,192 9,607 7,218 8,122 6,519 10,644 10,017 9,700 8,756 8,833 4,881 7,874 3,152 7,163 6,298 6,342 5,454

    : 18

    mix-used development

    14 2549 - 2551 7 7 2554

  • 124 2551

    2553

    2551 591 159 2551 4 2

    2551 30

    4 2551 85 17 2551 358 7

    4 2551 144 3

    139 2551 575 7

    31 2551 31 2550

    ( 12 ) (%) 64.71 64.80 (%) 11.51 11.48 (%) 17.20 18.07

    ( 12 ) (%) 8.21 8.28 () ( 4) 14 16

    () 0.88 1.13

    () 1.02 1.19 () 0.73 0.86 () ( 12 ) 8.68 8.97

  • 125 ()

    4 2551 65 11.5 17.20 18.07 2550 2551

    8.2 8.3 16 14 1.13 0.88 2551 0.73

    2551 18 2551 31 2551 1,043 676 2550 54 27

    2551 Flagship 2551 (Pure Management) 3

    6 2552 1/2552 () (MINOR) MINOR (...) . 6/2543 () (MFG)MINOR MINOR (MWL) MFG MINOR 6.0 18.6 MINOR () 511.15 MINOR 1.14

  • 126 2551

    MINOR 1 886.68 886.68 MFG MINOR 3.63 3.25 1/2552 MINOR 6 2552

    2551 9 2551 0.23 1,000

    2552 - 2553 13

    2552 2552 2552 (Cashflow) 2551 2552 2552 100 60

  • 127 ()

    1. .

    :

    . . .

    .

    . .

    . .

    . Elimis .

    . .

    8.642.13

    0.83

    75.52

    0.75

    6.30

    0.36

    8.98

    . .

    2551

    ()

  • 128 2551

    . .

    . .

    . .

    . .

    . .

    . .

    0.21

    0.26

    0.25

    0.02

    8.61

    0.06

    .

    .

    .

    .

    .

    2. .

    :

    2551

    ()

  • 129 ()

    . .

    . .

    . .

    . .

    . .

    . .

    . .

    .

    .

    .

    3. .

    :

    4. .

    :

    5. .

    :

    2551

    ()

    1.15

    3.15

    0.03

    0.01

    1.89

    0.04

    4.61

  • 130 2551

    . .

    . .

    . .

    . . ()

    . . ()

    . . ()

    .

    .

    .

    .

    6. . ()

    :

    2551

    ()

    0.01

    6.79

    0.09

    0.01

    1.00

    0.02

  • 131 ()

    . . .

    . .

    . .

    . .

    . (CharterFlight) . . . . Minor International (Labuan) Limited . . .

    . .

    .

    .

    /

    .

    7. .

    :

    8. .

    :

    2551

    ()

    0.140.45

    0.05

    12.19

    0.08

    10.910.260.150.151.240.800.390.28

    0.01

  • 132 2551

    . .

    . .

    . .

    . . . . () . ()

    . .

    . () .

    . .

    .

    .

    .

    . ()

    .

    9. .

    : . 50

    10..

    : . 51

    2551

    ()

    1.15

    0.03

    0.60

    5.779.23

    38.370.97

    1.24

    0.84

    0.44

  • 133 ()

    . () .

    . Eutopia PrivateHolding Limited

    . Eutopia Private Holding Limited

    Lodging Management(Labuan) Eutopia Private HoldingLimited

    . Eutopia Private Holding

    Eutopia PrivateHolding Limited

    . .

    Lodging Management(Labuan)

    Eutopia Private Holding Limited

    11. Eutopia Private HoldingLimited

    : . 50

    12. .

    : . 19.98

    2551

    ()

    1.36

    331.46

    16.89

    108.21

    3.93

    9.94

    2.79

  • 134 2551

    . .

    . .

    Hospitality InvestmentInternational Limited TanzaniaTourism and Hospitality InvestmentLimited

    Hospitality InvestmentInternational Limited Tanzania Tourism andHospitality Investment Limited

    Hospitality InvestmentInternational Limited ZanzibarTourism and Hospitality InvestmentLimited

    Hospitality InvestmentInternational Limited Zanzibar Tourism and HospitalityInvestment Limited

    . Arabian Spa (Dubai) Limited

    .

    .

    13. Tanzania Tourism andHospitality Investment

    : . 50

    14. Zanzibar Tourism andHospitality InvestmentLimited

    : . 50

    15. Arabian Spa (Dubai)Limited

    : . 49

    2551

    ()

    0.13

    5.16

    59.34

    2.16

    16.44

    0.60

    2.60

  • 135 ()

    . .

    . .

    . MFG MFG

    . () . . () . () .

    . . ()

    .

    . ()

    .

    . ()

    .

    16. .

    : . () 15.13

    17.

    :

    18. . ()

    : 15.13

    2551

    ()

    1.20

    16.90

    15.00

    4.20

    1.680.670.670.67

    0.01

  • 136 2551

    : * . 18.58 . 1.65

    ** . 71.04 . 45.30 . 25.74

    *** . 98.86 . 54.28 . 44.58

    . . ()

    . . ()

    . .

    . .

    . . . () .

    19. .

    : 20.78

    .

    .

    2551

    ()

    0.83

    0.02

    36.23

    0.30

    33.034.016.51

  • 137 ()

  • 138 2551

    () (MINT) 1,043 , ,, , , , 27 3,000 MINT 30

    2551 5 (1) 51 (2) 36 (3) 4 (4) 3 (5) 2 4

  • 139 ()

    .. 2551

    () () 100 () 50

    Hospitality Investment International Limited 50 Tanzania Tourism andHospitality Investments Limited 50 Zanzibar Tourism and HospitalityInvestment Limited

    Kempinski group

    ()