lvt: annual report 2005

ISBN 974-93991-

Designed & Phot

oed by Style Creative

สารบญ CONTENTS1 สรปขอมลทางการเงนของบรษท

Financial Overview

2 สารจากคณะกรรมการMessage from the Board of Directors

6 คณะกรรมการบรษทและผบรหารBoard of Directors and Management team

8 โครงสรางองคกรOrganization Chart

9 ความเปนมาของบรษทThe Company’s Background

13 ลกษณะการประกอบธรกจNature of Business

21 สถานการณทางธรกจและการแขงขนBusiness Situation and Competition

27 ปจจยเสยงRisk Factors

33 โครงสรางการถอหนและการจดการShareholders and Management Structure

56 รายการระหวางกจการทเกยวของTransaction with Related Company

57 วเคราะหผลการดำเนนงาน ป 2548Analysis of Operating Result in 2005

64 รายงานความรบผดชอบของคณะกรรมการตอรายงานทางการเงนReport of the Board of Directors’

66 รายงานคณะกรรมการตรวจสอบReport of Audit Committee

68 รายงานผสอบบญชรบอนญาตAuditor’s Report

70 งบการเงนและหมายเหตประกอบงบการเงนFinancial Statements and Notes to the Financial

96 ขอมลอนๆOther Internation

√ÿª¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π¢Õß∫√‘…—∑

Àπà«¬ : ≈â“π∫“∑/ Unit : Million Baht

¢âÕ¡Ÿ≈ ”§—≠∑“ß°“√‡ß‘π / Financial Highlights 2548/2005 2547/2004 2546/2003

‘π∑√—æ¬å√«¡ Total Assets 824,266 611,830 182,643

Àπ’È ‘π√«¡ Total Liabilities 599,161 405,049 64,783

∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« Issued and Paid-up Capital 105,000 105,000 75,000

à«π¢ÕßºŸâ∂◊ÕÀÿâπ Shareholdersû Equity 225,105 206,781 117,860

√“¬‰¥â®“° —≠≠“°“√„Àâ∫√‘°“√ Contract revenues 999,717 748,008 250,469

µâπ∑ÿπ —≠≠“°“√„Àâ∫√‘°“√ Contract cost 908,120 626,434 195,697

°”‰√ ÿ∑∏‘ Net Profit 50,186 43,921 21,282

Õ—µ√“ à«π∑“ß°“√‡ß‘π / Financial Ratios

¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ Net value per share 2.14 2.30 1.93

°”‰√ ÿ∑∏‘µàÕÀÿâπ¢—Èπæ◊Èπ∞“π Net Profit per share 0.48 0.49 0.35

Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) Return on total revenue (%) 4.72 5.66 8.21

Õ—µ√“º≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (%) Return on Equity (%) 23.24 27.06 28.68

Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å√«¡ (%) Return on Assets (%) 6.99 11.06 15.01

Õ—µ√“Àπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) Debt to Equity Ratio (Times) 2.66 1.96 0.55

‘π∑√—æ¬å√«¡ / Total Assets √“¬‰¥â√«¡ / Total Revenues °”‰√ ÿ∑∏‘ / Net Profit

Financial Overview

182.6

611.8

824.3

250.5

748.0

999.7

21.3

43.950.2

√“¬ß“πª√–®”ªï 2548ANNUAL REPORT 2005

L.V. Technology Public Company Lim

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2005 has been another year of significant growth and development for L.V. Technology Public Company Limited.

Contract Revenue of Baht 999.7 million were recorded in 2005 representing an increase of 33.7 % on the level for the

year 2004 whilst the achieved net profit for the year 2005 of Baht 50.2 million represents an increase of 14.4% on the 2004 level.

During the year under review the Company has successfully performed contract works on a number of projects globally

including projects in Pakistan, Iran, Korea, Caribbean, Greece, France, Sri Lanka, Vietnam and Thailand.

Whilst the overall result for the year 2005 is satisfactorily then the Directors report that the 2005 result has been

negatively effected by a substantial provision for loss of Baht 33.7 million in regard to the upgradation project in Pakistan for

Al Abbas Cement Industries Limited. The Company expects to fully recover this loss by securing payment for all compensation

events under the contract. However, at the closing of the 2005 financial statements negotiations with the client in regard to

such compensation were ongoing and as a result no revenue in regard to compensation events on this project have been

recorded in the 2005 Contract Revenue.

π“¬Õß§å§ÿ≥ Õ¬Ÿà¡—ËπOngkoon Youmanª√–∏“π§≥–°√√¡°“√∫√‘…—∑Chairman of the Board of Directors


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Message from the Board of DirectorsL.V. Technology Public Company Limited

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Significant Corporate Events 2005In July 2005 the Shareholders approved a capital increase programme including a right issue of one new share for each

existing share at a price of Baht 1.75 per new share attached to which share is a free warrant. The right issue has been

successfully subscribed during the subscription period between 30 January 2006 to 3 February 2006 and the new shares and

warrants have commenced trading late February 2006.

The completion of the right issue brings the paid up capital to 210 million shares with a par value of Baht 1.00 each

whilst the registered capital is 315 million shares allowing for the warrant conversion of 105 million warrants to take place within

the three years period from February 2006 through February 2009 at a price of Baht 1.25 per warrant.

The Companyûs negotiation with F.L.Smidth A/S of Copenhagen, Denmark resulted in the execution in November 2005

of a Cooperation Agreement between the two companies and further in the acquisition by F.L.Smidth A/S of almost 5% of

the Companyûs shares, which shares F.L.Smidth A/S Group acquired through trading at SET. Moreover, an arrangement was

concluded whereby F.L.Smidth A/S acquired in December 2005 from a group of major shareholders a total of 15% of the

Companyûs capital which brought the F.L.Smidth A/S Groupûs shareholding interest in the Company close to 20%.

π“¬·Œπ å ®Õ√å‡°π ‡π’¬≈‡ àπHans Jorgen Nielsen°√√¡°“√ºŸâ®—¥°“√„À≠àPresident



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·Õ≈ «’ ‡∑§‚π‚≈¬’ ‡ÕÁπ®‘‡π’¬√‘Ëß(‡∑’¬π®‘π) ®”°—¥ ·≈– ∫√‘…—∑ ∫’·Õ≈«’∑’ „πª√–‡∑» À√—∞Õ‡¡√‘°“ °Á°”≈—ß‡µ‘∫‚µ‰ªµ“¡·ºπß“π

„π¢≥–∑’Ë∫√‘…—∑√à«¡∑ÿπ∑’Ë¬ÿ‚√ª§◊Õ ∫√‘…—∑ ·Õ≈ «’ ¬ÿ‚√ª ‡Õ ‡Õ ‡µ√’¬¡ª√—∫‚§√ß √â“ß¥â«¬°“√‡æ‘Ë¡∑ÿπ‡æ◊ËÕ≈∫≈â“ßº≈¢“¥∑ÿπ„π

ªï 2548 ®”π«π 342,539 ¬Ÿ‚√ ´÷Ëß„π®”π«ππ’È√âÕ¬≈– 48 À√◊Õª√–¡“≥ 8.1 ≈â“π∫“∑ ‡ªìπ°“√‡æ‘Ë¡∑ÿπ®“°∫√‘…—∑

Associated CompaniesThe Company in India, LNV Technology Private Limited, continues to demonstrate strong performance and it is

expected that LNV shall continue to bring the Company significant contributions in the coming years.

The associate company in China, L. V. Technology Engineering (Tianjin) Company Limited, and that in the US, BLVT, LLC

both continue to develop as planned whilst the European associate company LV Europe SA is being restructured with a

capital increase to cover the losses recorded in 2005 of Euro 342,539 of which 48% or approximately Baht 8.1 million attributes

to the Company.

The FutureThe Companyûs Order Book as of end of 2005 stood at Baht 136.0 million. A number of significant new orders are being

negotiated at the time of this report.


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§≥–°√√¡°“√À«—ß‡ªìπÕ¬à“ß¬‘Ëß«à“ ¥â«¬§«“¡¡ÿàß¡—Ëπ„π°“√æ—≤π“Õß§å°√Õ¬à“ßµàÕ‡π◊ËÕß ∑—Èß„π¥â“π‡∑§π‘§«‘»«°√√¡ §«“¡‰¥â‡ª√’¬∫

„π‡™‘ß¿Ÿ¡‘»“ µ√å §«“¡·¢Áß·°√àß¢Õß∏ÿ√°‘® °“√≈ß∑ÿπ‡æ‘Ë¡∑’Ë‡À¡“– ¡ ®–∑”„Àâ∫√‘…—∑œ¡’‚Õ°“ „π°“√ √â“ßº≈°”‰√‰¥âÕ¬à“ß¡’‡ ∂’¬√¿“æ

·¡â«à“®–µâÕß‡º™‘≠°—∫°“√·¢àß¢—π„πÕÿµ “À°√√¡´’‡¡πµå·≈–º≈°√–∑∫®“°¿“«–‡»√…∞°‘®„π√–¥—∫‚≈°°Áµ“¡ ¥—ßπ—Èπ®÷ß¡—Ëπ„®‰¥â«à“∫√‘…—∑¡’

‚Õ°“ ®– √â“ßº≈µÕ∫·∑π∑’Ëß¥ß“¡„Àâ·°àºŸâ∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑∑ÿ°¿“§ à«πÕ¬à“ß·πàπÕπ

The Company has adopted Action Plans for 2006, the Budget for 2006 and Plans for 2007 / 2008 which are being

implemented and shall continue to be implemented by the Management Team with the full support of the Board of Directors.

The Action Plans in particular are focused at improving the Companyûs core competencies and on internal efficiency

which improvements will be further enhanced by the ongoing acquisition of state of the art IT software solutions for

engineering and for project management services.

The Board of Directors look forward with optimism to the continuation of the Companyûs development within the range

of engineering technologies, geographical spread, core competencies and possible new investments which will offer profitable

opportunities blended with necessary hedge against the variables of international economic and cement industry cycles all

of which opportunities shall aim at providing all stakeholders with healthy returns.

π“¬·Œπ å ®Õ√å‡°π ‡π’¬≈‡´àπ°√√¡°“√ºŸâ®—¥°“√„À≠à

Hans Jorgen NielsenPresident

π“¬Õß§å§ÿ≥ Õ¬Ÿà¡—Ëπª√–∏“π§≥–°√√¡°“√∫√‘…—∑

Ongkoon YoumanChairman of the Board of Directors



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§≥–°√√¡°“√∫√‘…—∑·≈–ºŸâ∫√‘À“√Board of Directors and Management Team

π“¬·Œπ å ®Õ√å‡°π ‡π’¬≈‡´àπMr. Hans Jorgen Nielsen

°√√¡°“√ºŸâ®—¥°“√„À≠àPresident

π“¬Õß§å§ÿ≥ Õ¬Ÿà¡—ËπMr. Ongkoon Youman

ª√–∏“π°√√¡°“√Chairman of the Board ofDirectors

π“¬ªï‡µÕ√å ‡§’¬√å§’·∑ªMr. Peter Kirketerp

°√√¡°“√ºŸâ®—¥°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√°“√‡ß‘π·≈–∫√‘À“√Managing Director and DMDFinance & Administration

π“¬Õ¥‘»√ ª√–§ÿ≥À—ß ‘µMr. Adisorn Prakunhangsit

°√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫Independent Directorand Chairman of Audit Committee

π“¬®‘µµå ‡°’¬√µ‘ ÿπ∑√Mr. Jit Kietsunthorn

°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫Independent Directorand Audit Committee

π“¬ ¡π÷° „®®ß√—°Mr. Somnuk Chaichongrak

°√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫Independent Directorand Audit Committee

π“¬À“≠ƒ∑∏‘Ï ·Œπ‡´àπMr. Henrik Hansen

°√√¡°“√Director


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π“¬‰¡‡§‘≈ √Ÿ∫’È √Õ≈‘∑‡´àπMr. Michael Rubi Lauritsen

°√√¡°“√ / √Õß°√√¡°“√ºŸâ®—¥°“√∫√‘À“√ —≠≠“·≈–√–∫∫¢π àßDirector / DMD Contract Execution& Logistics

π“¬‡§âπ∑å ‚√‡®Õ√å ‡ø√¥‘πMr. Kent Roger Fredin

°√√¡°“√ / √Õß°√√¡°“√ºŸâ®—¥°“√°“√µ≈“¥·≈–æ—≤π“∏ÿ√°‘®Director / DMD Marketing &Business Development

1 π“¬·Œπ å ®Õ√å‡°π ‡π’¬≈‡´àπ ª√–∏“π°√√¡°“√∫√‘À“√Mr. Hans Jorgen Nielsen Chairman of Executive Committee

2 π“¬ªï‡µÕ√å ‡§’¬√å§’·∑ª °√√¡°“√∫√‘À“√Mr. Peter Kirketerp Executive Director

3 π“¬‡§âπ∑å ‚√‡®Õ√å ‡ø√¥‘π °√√¡°“√∫√‘À“√Mr. Kent Roger Fredin Executive Director

4 π“¬‰¡‡§‘≈ √Ÿ∫’È √Õ≈‘∑‡´àπ °√√¡°“√∫√‘À“√Mr. Michael Rubi Lauritsen Executive Director

§≥–°√√¡°“√∫√‘À“√

1 π“¬·Œπ å ®Õ√å‡°π ‡π’¬≈‡´àπ °√√¡°“√ºŸâ®—¥°“√„À≠à

Mr. Hans Jorgen Nielsen President

2 π“¬ªï‡µÕ√å ‡§’¬√å§’·∑ª °√√¡°“√ºŸâ®—¥°“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√°“√‡ß‘π·≈–∫√‘À“√

Mr. Peter Kirketerp Managing Director and DMD Finance & Administration

3 π“¬‡§âπ∑å ‚√‡®Õ√å ‡ø√¥‘π √Õß°√√¡°“√ºŸâ®—¥°“√°“√µ≈“¥·≈–æ—≤π“∏ÿ√°‘®

Mr. Kent Roger Fredin DMD Marketing & Business Development

4 π“¬‰¡‡§‘≈ √Ÿ∫’È √Õ≈‘∑‡´àπ √Õß°√√¡°“√ºŸâ®—¥°“√∫√‘À“√ —≠≠“·≈–√–∫∫¢π àß

Mr. Michael Rubi Lauritsen DMD Contract Execution & Logistics

5 π“¬æ√»—°¥‘Ï ∫Ÿ√≥ √√§å √Õß°√√¡°“√ºŸâ®—¥°“√«‘»«°√√¡

Mr. Pornsuk Buranasun DMD Engineering

6 π“ß°‘Ëß·°â« «√√≥√—µµå ºŸâ®—¥°“√ à«π∫—≠™’

Mrs. Kingkaew Wannaratt Accounting Department Manager

7 π“ß “«Õ√ÿ≥’ «‘®“√– ºŸâ®—¥°“√ à«π°“√‡ß‘π

Miss Arunee Vijara Finance Department Manager

ºŸâ∫√‘À“√

π“¬æ√»—°¥‘Ï ∫Ÿ√≥ √√§åMr. Pornsuk Buranasun

√Õß°√√¡°“√ºŸâ®—¥°“√«‘»«°√√¡DMD Engineering

Executive Committee

Management



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‚§√ß √â“ßÕß§å°√Organization Chart

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Board of Deirctors

§≥–°√√¡°“√∫√‘À“√

Executive Board ofDeirctors

§≥–°√√¡°“√µ√«® Õ∫

Audit Committee

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President

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Marketing & BusinessDevelopment Div.

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Engineering Div.

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Contracts Exect. &Logistics Div.

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Finance & Admin. Div.

√Õß°√√¡°“√ºŸâ®—¥°“√°“√µ≈“¥·≈–æ—≤π“∏ÿ√°‘®

DMD Marketing &Business Del.

√Õß°√√¡°“√ºŸâ®—¥°“√«‘»«°√√¡

DMD Engineering

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DMD Contracts Exect.& Logistics

√Õß°√√¡°“√ºŸâ®—¥°“√°“√‡ß‘π·≈–∫√‘À“√

DMD Finance &Administration


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9ANNUAL REPORT 2005รายงานประจำป 2548

บรษท แอล.ว.เทคโนโลย จำกด (มหาชน) L.V. Technology Plublic Company Limited.

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The Company's Background


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Nature of The Company Business and The AssociateCompany

Nature of Business


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The Company's Revenue Structure



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Products and Services


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Business Situationand Competition


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The trend of cement industry



Competition

Marketing Policies and Marketing Strategies


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Channels of distribution

Technical and Management Assistance

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Future Strategies


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Human Resource Development

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1. Risk of operating in foreign countries

Risk Factors


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Shareholders and Management Structure

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L.V. Technology Public Company Limited

ผถอหน

Shareholders


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Structure of the Company's Board of Directors


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°“√ √√À“°√√¡°“√·≈–ºŸÈ∫√‘À“√(√«¡∂÷ß°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√Õ‘ √–)


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Selection of Directors and Managements(Including the Audit Committee andIndependent Directors)



Remuneration of the Company's Directors andManagements


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Supervision of Inside Information Usage



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Personnel



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List of Directors trained with IOD

Name Position Program


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Transaction with related company



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Analysis of Operating Result in 2005


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Operating Result


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Report of the Board of Directors'


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Report of the Audit CommitteeL.V. Technology Public Company Limited


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·µà≈–ªï¢Õß∫√‘…—∑ ·Õ≈.«’.‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ∫√‘…—∑ ·Õ≈.«’. ‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π)

π“¬ ÿ™“µ‘ ‡À≈◊Õß ÿ√ «— ¥‘Ï

ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑’Ë 2807

∫√‘…—∑ ‰æ√â´«Õ‡µÕ√å‡Œ“ å§Ÿ‡ªÕ√å ‡Õ∫’‡Õ‡Õ ®”°—¥

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∫√‘…—∑ ·Õ≈.« ’.‡∑§‚π‚≈¬ ’ ®”°—¥ (¡À“™π)L.V. Te c hnology Public Com

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To the Shareholders of L.V.Technology Public Company Limited

I have audited the accompanying balance sheets as at 31 December 2005 and 2004, and therelated statements of income, changes in shareholderûs equity and cash flows for the years then endedof L.V.Technology Public Company Limited. The Companyûs management is responsible for thecorrectness and completeness of information in these financial statements. My responsibility is to expressan opinion on these financial statements based on my audits.

Except as described in the third paragraph, I conducted my audits in accordance with generallyaccepted auditing standards. Those standards require that I plan and perform the audits to obtainreasonable assurance about whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation. Ibelieve that my audits provide a reasonable basis for my opinion.

The carrying value of the investment in a joint venture under the equity method of Baht 4.8million in the balance sheet as at 31 December 2005 and the share of profit of this joint venture in thestatement of income for the year ended 31 December 2005 of Baht 12.6 million were based on thefinancial statements prepared by the management of this joint venture and were not audited byauditor. I was unable to satisfy myself to the carrying value of investment and the share of profit ofthis joint venture by means of other auditing procedures.

In my opinion, except for the effect of any adjustment, if any, that might have been determinedto be necessary had I been able to satisfy myself as to obtain sufficient audit evidence to support thecarrying value of the investment and the share of profit in this joint venture as described in the thirdparagraph, the financial statements referred to above present fairly, in all material respects, thefinancial position as at 31 December 2005 and 2004, and the results of operations, and cash flows forthe years then ended of L.V.Technology Public Company Limited in accordance with generallyaccepted accounting principles.

AUDITOR'S REPORTL.V. Technology Public Company Limited

Suchart Luengsuraswat

Certified Public Accountant (Thailand) No. 2807

PricewaterhouseCoopers ABAS Limited

Bangkok

28 February 2006


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À¡“¬‡Àµÿ / Notes ∫“∑ / Baht ∫“∑ / Baht

‘π∑√—æ¬å / ASSETS ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πCurrent Assets

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 3 102,601,033 80,285,319

Cash and cash equivalents

‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π 4 109,546,517 56,984,403

Deposits at financial institutions

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 5 ·≈– 17 ß) 297,596,440 182,114,783

Trade accounts receivable, net

≈Ÿ°Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ - ÿ∑∏‘ 6 237,175,801 247,997,874

Due from customers on project contracts, net

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 7 16,976,982 2,905,540

Other current assets

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 763,896,773 570,287,919

Total Current Assets

‘π∑√—æ¬å ‰¡àÀ¡ÿπ‡«’¬πNon-Current Assets

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ·≈–°‘®°“√√à«¡§â“ 8 49,658,565 34,679,414

Investments in associates and joint venture

‡ß‘π≈ß∑ÿπ∑—Ë«‰ª - ÿ∑∏‘ 9 - -

General investment, net

Õÿª°√≥å - ÿ∑∏‘ 10 7,848,193 6,089,353

Equipment, net

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 2,862,401 772,850

Other non-current assets

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 60,369,159 41,541,617

Total Non-Current Assets

√«¡ ‘π∑√—æ¬å 824,265,932 611,829,536

Total Assets

ß∫¥ÿ≈ Balance Sheets≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ·≈– æ.».2547 / As at 31 December 2005 and 2004

∫√‘…—∑ ·Õ≈.«’. ‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π) / L.V. Technology Public Company Limited

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È / Notes to the financial statements are parts of these financial statements.


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Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπLIABILITIES AND SHAREHOLDERSû EQUITYÀπ’È ‘πÀ¡ÿπ‡«’¬πCurrent Liabilities‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π 11 179,019,017 84,104,000Short-term borrowings from financial institutions‡®â“Àπ’È°“√§â“ - ∫√‘…—∑Õ◊Ëπ 319,313,099 195,098,954Trade accounts payable - other companies‡®â“Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π 17 ®) 40,271,895 54,348,486Trade accounts payable - related companies‡®â“Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ - ÿ∑∏‘ 12 20,661,452 14,189,827Due to customers on project contracts, net —≠≠“‡™à“°“√‡ß‘π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï - 22,731Current portion of finance lease§à“„™â®à“¬§â“ß®à“¬ 17,584,038 45,815,000Accrued expenses¿“…’‡ß‘π‰¥â§â“ß®à“¬ 6,432,163 5,835,158Income tax payableÀπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 15,878,974 5,634,874Other current liabilities

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 599,160,638 405,049,030Total Current Liabilities√«¡Àπ’È ‘π 599,160,638 405,049,030Total Liabilities

à«π¢ÕßºŸâ∂◊ÕÀÿâπShareholdersû Equity∑ÿπ‡√◊ÕπÀÿâπ 13Share capital

∑ÿπ®¥∑–‡∫’¬π 315,000,000 105,000,000Authorised share capital∑ÿπ∑’ËÕÕ°·≈–™”√–·≈â« 105,000,000 105,000,000Issued and paid-up share capital

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 36,000,000 36,000,000Premium on share capitalº≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π∑’Ë‡ªìπ‡ß‘π

µ√“µà“ßª√–‡∑» (10,861,572) -Translation differences from foreign

currency financial statements°”‰√ – ¡Retained earnings

®—¥ √√·≈â« - ”√Õßµ“¡°ÆÀ¡“¬ 15 7,000,000 4,500,000Appropriated-legal reserve¬—ß‰¡à‰¥â®—¥ √√ 87,966,866 61,280,506Unappropriated√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 225,105,294 206,780,506Total Shareholdersû Equity

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 824,265,932 611,829,536Total Liabilities and Shareholdersû Equity

ß∫¥ÿ≈ Balance Sheets≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ·≈– æ.».2547 / As at 31 December 2005 and 2004




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À¡“¬‡Àµÿ / Notes ∫“∑ / Baht ∫“∑ / Baht√“¬‰¥â®“° —≠≠“°“√„Àâ∫√‘°“√ 17 °), ¢) 999,717,330 748,007,639Contract revenuesµâπ∑ÿπ —≠≠“°“√„Àâ∫√‘°“√ 17 §) (908,120,143) (626,434,055)Contract cost

°”‰√¢—Èπµâπ 91,597,187 121,573,584Gross profit§à“„™â®à“¬„π°“√∫√‘À“√ß“π∑—Ë«‰ª (86,101,088) (85,048,192)General administrative expenses

°”‰√®“°°“√„Àâ∫√‘°“√ 5,496,099 36,525,392Profit from services°”‰√ (¢“¥∑ÿπ) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 18 18,529,863 (6,820,826)Net gain (loss) on exchange rate√“¬‰¥âÕ◊Ëπ 5,908,524 3,324,544Other income

°”‰√®“°°“√¥”‡π‘πß“π 18 29,934,486 33,029,110Operating profit à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡·≈–°‘®°“√√à«¡§â“ 38,698,832 24,377,494Share of profit of associates and joint venture

°”‰√°àÕπ¥Õ°‡∫’È¬·≈–¿“…’‡ß‘π‰¥â 68,633,318 57,406,604Operating profit before interest and tax¥Õ°‡∫’È¬®à“¬ (6,386,164) (957,787)Interest expenses

°”‰√°àÕπ¿“…’‡ß‘π‰¥â 62,247,154 56,448,817Operating profit before tax¿“…’‡ß‘π‰¥â (12,060,814) (12,528,267)Income tax°”‰√ ÿ∑∏‘ ”À√—∫ªï 50,186,340 43,920,550Net profit for the year

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 16Basic earnings per share°”‰√ ÿ∑∏‘ ”À√—∫ªï 0.48 0.49Net profit for the year

ß∫°”‰√¢“¥∑ÿπ Statements of Income ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ·≈– æ.».2547 / For the years ended 31 December 2005 and 2004




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ß∫°√–· ‡ß‘π ¥ Statements of Cash Flows ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ·≈– æ.».2547 / For the years ended 31 December 2005 and 2004



æ.». 2548 æ.». 25472005 2004

À¡“¬‡Àµÿ / Notes ∫“∑ / Baht ∫“∑ / Baht°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“πCash Flows from Operating Activities°”‰√ ÿ∑∏‘ ”À√—∫ªï 50,186,340 43,920,550Net profit for the year√“¬°“√ª√—∫ª√ÿßAdjustments for :

§à“‡ ◊ËÕ¡√“§“ 10 2,412,634 1,589,176Depreciation§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 5 14,213,000 7,000,000Allowance for doubtful accounts ”√Õß¢“¥∑ÿπ∑’ËÕ“®‡°‘¥¢÷Èπ·≈–°“√‡√’¬°√âÕß§à“‡ ’¬À“¬ 6 7,826,000 -

®“°ß“πµ“¡ —≠≠“Provision for loss and claim on project contracts

(°”‰√) ¢“¥∑ÿπ®“°°“√¢“¬·≈–µ—¥®”Àπà“¬Õÿª°√≥å (100,522) 87,775(Gain) loss on sales and write off equipment à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ·≈–°‘®°“√√à«¡§â“ (38,698,832) (24,377,494)Share of profit of associates and joint venture

°”‰√ ÿ∑∏‘À≈—ß√“¬°“√ª√—∫ª√ÿß 35,838,620 28,220,007Net profit after adjustment

‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß(Increase) Decrease in operating assets

‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π (52,562,114) (46,776,195)Deposits at financial institutions≈Ÿ°Àπ’È°“√§â“ (129,694,656) (159,095,395)Trade accounts receivable≈Ÿ°Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ 2,996,072 (151,860,350)Due from customers on project contracts ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ (14,071,442) 867,781Other current assets‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ·≈–°‘®°“√√à«¡§â“ 12,862,006 952,307Investment in associates and joint venture ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ (2,089,551) 856,315Other non-current assets

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)Increase (Decrease) in operating liabilities

‡®â“Àπ’È°“√§â“ 110,137,554 202,745,268Trade accounts payable‡®â“Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ 6,471,625 8,480,104Due to customers on project contracts¿“…’‡ß‘π‰¥â§â“ß®à“¬ 597,005 39,615,000Income tax payableÀπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (17,986,862) 5,594,883Other current liabilities

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡¥”‡π‘πß“π (47,501,743) (70,400,275)Net Cash Outflow from Operating Activities


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°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπCash Flows form Investing Activities‡ß‘π≈ß∑ÿπ„π°‘®°“√√à«¡§â“ 8 (3,897) -Investment in joint venture´◊ÈÕÕÿª°√≥å 10 (4,353,952) (3,207,894)Purchase of equipment‡ß‘π ¥√—∫®“°°“√¢“¬Õÿª°√≥å 283,000 -Proceed from sales of equipment

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ (4,074,849) (3,207,894)Net Cash Outflow from Investing Activities

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘πCash Flows from Financing Activities‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π 94,915,017 84,104,000Short-term borrowing from financial institutions™”√–‡ß‘π§à“ß«¥µ“¡ —≠≠“‡™à“°“√‡ß‘π (22,731) (272,772)Installment finance lease repayment®à“¬‡ß‘πªíπº≈ 14 (20,999,980) (15,000,000)Dividend paid‡ß‘π√—∫®“°°“√ÕÕ°®”Àπà“¬Àÿâπ “¡—≠ - 60,000,000Proceeds from issue of ordinary shares‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡®—¥À“‡ß‘π 73,892,306 128,831,228Net Cash Inflow from Financing Activities

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 22,315,714 55,223,059Net Increase in Cash and Cash Equivalents‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 80,285,319 25,062,260Cash and Cash Equivalents at the beginning of the year‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‘Èπªï 102,601,033 80,285,319Cash and Cash Equivalents at the end of the year

¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡æ‘Ë¡‡µ‘¡®à“¬¥Õ°‡∫’È¬ 6,386,164 957,787Interest paid®à“¬¿“…’‡ß‘π‰¥â 10,481,155 6,495,393Income tax paid


ß∫°√–· ‡ß‘π ¥ Statements of Cash Flows ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ·≈– æ.».2547 / For the years ended 31 December 2005 and 2004



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1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

∫√‘…—∑ ·Õ≈.«’.‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π) (ç∫√‘…—∑é) ‡ªìπ∫√‘…—∑¡À“™π®”°—¥ ´÷Ëß®¥∑–‡∫’¬π ·≈–µ—Èß„πª√–‡∑»‰∑¬ ∫√‘…—∑‡ªìπ

∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ´÷Ëß¡’∑’ËÕ¬Ÿàµ“¡∑’Ë‰¥â®¥∑–‡∫’¬π‰«â¥—ßπ’È

‡≈¢∑’Ë 719 Õ“§“√ ‡§.æ’.‡ÕÁπ ∑“«‡«Õ√å ™—Èπ 9 ·≈–™—Èπ 17 ∂ππæ√–√“¡ 9 ·¢«ß∫“ß°–ªî ‡¢µÀâ«¬¢«“ß °√ÿß‡∑æ¡À“π§√ 10310

∫√‘…—∑¥”‡π‘π∏ÿ√°‘®À≈—°„π°“√„Àâ§”ª√÷°…“¥â“π«‘»«°√√¡‡§√◊ËÕß°≈ ‚¥¬°“√ÕÕ°·∫∫ æ—≤π“ ·≈–ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ¢Õß‡§√◊ËÕß®—°√

·≈–Õÿª°√≥å ”À√—∫Õÿµ “À°√√¡´’‡¡πµå ·≈–Õÿµ “À°√√¡∑’Ë‡°’Ë¬«¢âÕß°—π

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑¡’æπ—°ß“π®”π«π∑—Èß ‘Èπ 92 §π (æ.». 2547: 72 §π)

ß∫°“√‡ß‘π‰¥â√—∫°“√Õπÿ¡—µ‘®“°§≥–°√√¡°“√∫√‘…—∑‡¡◊ËÕ«—π∑’Ë 28 °ÿ¡¿“æ—π∏å æ.». 2549

2. π‚¬∫“¬°“√∫—≠™’

π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠∑’Ë„™â„π°“√®—¥∑”ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ¡’¥—ßµàÕ‰ªπ’È

2.1 ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π

ß∫°“√‡ß‘π¢Õß∫√‘…—∑‰¥â®—¥∑”¢÷Èπµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª¿“¬„µâæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ÷ËßÀ¡“¬§«“¡∂÷ß¡“µ√∞“π

°“√∫—≠™’∑’ ËÕÕ°¿“¬„µâæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 ·≈–µ“¡¢âÕ°”Àπ¥¢Õß§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–

µ≈“¥À≈—°∑√—æ¬å«à“¥â«¬°“√®—¥∑”·≈–π”‡ πÕ√“¬ß“π∑“ß°“√‡ß‘π¿“¬„µâæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 ‡¡◊ËÕ

«—π∑’Ë 12 æƒ…¿“§¡ æ.». 2548 ¿“«‘™“™’æ∫—≠™’‰¥âÕπÿ¡—µ‘¡“µ√∞“π°“√∫—≠™’„À¡à®”π«π 3 ©∫—∫ §◊Õ ¡“µ√∞“π°“√∫—≠™’©∫—∫∑’Ë 52

‡√◊ËÕß‡Àµÿ°“√≥å¿“¬À≈—ß«—π∑’Ë„πß∫¥ÿ≈ ©∫—∫∑’Ë 53 ‡√◊ËÕßª√–¡“≥°“√Àπ’È ‘π Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈– ‘π∑√—æ¬å∑’ËÕ“®‡°‘¥¢÷Èπ ·≈–©∫—∫∑’Ë 54

‡√◊ËÕß°“√¥”‡π‘πß“π∑’Ë¬°‡≈‘° ¥—ßπ—Èπ ∫√‘…—∑®÷ß‰¥â∂◊ÕªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√∫—≠™’‡À≈à“π’Èµ—Èß·µà‰µ√¡“ ∑’Ë 2 ªï æ.». 2548

ß∫°“√‡ß‘π¢Õß∫√‘…—∑‰¥â®—¥∑”¢÷Èπ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡„π°“√«—¥¡Ÿ≈§à“¢ÕßÕß§åª√–°Õ∫¢Õßß∫°“√‡ß‘π

°“√®—¥∑”ß∫°“√‡ß‘π„Àâ Õ¥§≈âÕß°—∫À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬ ´÷Ëß°”Àπ¥„ÀâΩÉ“¬∫√‘À“√ª√–¡“≥°“√·≈–°”Àπ¥

¡¡µ‘∞“π∑’Ë‡°’Ë¬«¢âÕß®–¡’º≈µàÕµ—«‡≈¢¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π √«¡∑—Èß‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ ≥ «—π∑’Ë„π

ß∫°“√‡ß‘π ·≈–¢âÕ¡Ÿ≈√“¬‰¥â·≈–§à“„™â®à“¬„π√Õ∫√–¬–‡«≈“∑’Ë‡ πÕß∫°“√‡ß‘π¥—ß°≈à“« µ—«‡≈¢∑’Ë‡°‘¥¢÷Èπ®√‘ßÕ“®·µ°µà“ß®“°µ—«‡≈¢ª√–¡“≥°“√

∂÷ß·¡â«à“µ—«‡≈¢ª√–¡“≥°“√‰¥â®—¥∑”¢÷Èπ¥â«¬§«“¡‡¢â“„®∑’Ë¥’∑’Ë ÿ¥„π‡Àµÿ°“√≥å·≈– ‘Ëß∑’Ë‰¥â°√–∑”‰ª„πªí®®ÿ∫—π

µ—«‡≈¢‡ª√’¬∫‡∑’¬∫‰¥â∂Ÿ°ª√—∫ª√ÿß„Àâ Õ¥§≈âÕß°—∫°“√‡ª≈’Ë¬π·ª≈ß°“√π”‡ πÕ¢âÕ¡Ÿ≈„πªïªí®®ÿ∫—π‡∑à“∑’Ë®”‡ªìπ

ß∫°“√‡ß‘π©∫—∫¿“…“Õ—ß°ƒ…®—¥∑”¢÷Èπ®“°ß∫°“√‡ß‘πµ“¡°ÆÀ¡“¬∑’Ë‡ªìπ¿“…“‰∑¬ „π°√≥’∑’Ë¡’§«“¡¢—¥·¬âß°—πÀ√◊Õ¡’§«“¡·µ°µà“ß„π

°“√µ’§«“¡√–À«à“ß Õß¿“…“„Àâ„™âµ“¡°ÆÀ¡“¬©∫—∫¿“…“‰∑¬‡ªìπÀ≈—°

2.2 ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ·≈– à«π‰¥â‡ ’¬„π°‘®°“√√à«¡§â“

(1) ∫√‘…—∑√à«¡

∫√‘…—∑√à«¡‡ªìπ°‘®°“√∑’Ë∫√‘…—∑¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠·µà‰¡à∂÷ß°—∫§«∫§ÿ¡ ´÷Ëß‚¥¬∑—Ë«‰ª°Á§◊Õ°“√∑’Ë∫√‘…—∑∂◊ÕÀÿâπ∑’Ë¡’ ‘∑∏‘ÕÕ°‡ ’¬ß

Õ¬Ÿà√–À«à“ß√âÕ¬≈– 20 ∂÷ß√âÕ¬≈– 50 ¢Õß ‘∑∏‘ÕÕ°‡ ’¬ß∑—ÈßÀ¡¥ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡√—∫√Ÿâ‡√‘Ë¡·√°¥â«¬√“§“∑ÿπ·≈–„™â«‘∏’ à«π‰¥â‡ ’¬„π

°“√· ¥ß„πß∫°“√‡ß‘π ∫√‘…—∑√—∫√Ÿâ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡´÷Ëß‰¥â√«¡ à«π·∫àß¢Õß∫√‘…—∑„π°”‰√À√◊Õ¢“¥∑ÿπ¢Õß∫√‘…—∑√à«¡∑’Ë‡°‘¥¢÷Èπ¿“¬À≈—ß

°“√´◊ÈÕ®–√«¡‰«â„πß∫°”‰√¢“¥∑ÿπ ·≈–§«“¡‡§≈◊ËÕπ‰À«„π∫—≠™’ à«π‡°‘π ( à«πµË”°«à“) ®“°°“√µ’¡Ÿ≈§à“¬ÿµ‘∏√√¡¿“¬À≈—ß°“√‰¥â¡“®–√«¡

‰«â‡ªìπ à«πÀπ÷Ëß¢Õß∫—≠™’ à«π‡°‘π ( à«πµË”°«à“) ®“°°“√µ’¡Ÿ≈§à“¬ÿµ‘∏√√¡º≈ – ¡¢Õß°“√‡ª≈’Ë¬π·ª≈ß¿“¬À≈—ß°“√‰¥â¡“®–ª√—∫ª√ÿß°—∫

√“§“µ“¡∫—≠™’¢Õß‡ß‘π≈ß∑ÿπ ∫√‘…—∑®–‰¡à√—∫√Ÿâ à«π·∫àß¢“¥∑ÿπÕ’°µàÕ‰ª À“° à«π·∫àß¢“¥∑ÿπ¢Õß∫√‘…—∑„π∫√‘…—∑√à«¡¡’¡Ÿ≈§à“‡∑à“°—∫À√◊Õ

‡°‘π°«à“¡Ÿ≈§à“ à«π‰¥â‡ ’¬¢Õß∫√‘…—∑„π∫√‘…—∑√à«¡π—Èπ ‡«âπ·µà∫√‘…—∑µâÕß√—∫º‘¥„πÀπ’È¢Õß∫√‘…—∑√à«¡À√◊Õ√—∫«à“®–®à“¬Àπ’È·∑π∫√‘…—∑√à«¡

√“¬°“√°”‰√∑’Ë¬—ß‰¡à‰¥â‡°‘¥¢÷Èπ®√‘ß√–À«à“ß∫√‘…—∑°—∫∫√‘…—∑√à«¡®–µ—¥∫—≠™’‡æ’¬ß‡∑à“∑’Ë∫√‘…—∑¡’ à«π‰¥â‡ ’¬„π∫√‘…—∑√à«¡π—Èπ √“¬°“√

¢“¥∑ÿπ∑’Ë¬—ß‰¡à‰¥â‡°‘¥¢÷Èπ®√‘ß°Á®–µ—¥‡ªìπ∫—≠™’„π∑”πÕß‡¥’¬«°—π‡«âπ·µà‡ªìπ√“¬°“√∑’Ë¡’À≈—°∞“π«à“‡°‘¥°√≥’∑’Ë ‘π∑√—æ¬å∑’Ë‚Õπ√–À«à“ß°—ππ—Èπ¥âÕ¬§à“

π‚¬∫“¬°“√∫—≠™’¢Õß∫√‘…—∑√à«¡®–‡ª≈’Ë¬π‡∑à“∑’Ë®”‡ªìπ‡æ◊ËÕ„Àâ ¡Ë”‡ ¡Õ°—∫π‚¬∫“¬°“√∫—≠™’¢Õß∫√‘…—∑

√“¬™◊ËÕ¢Õß∫√‘…—∑√à«¡ ·≈– à«πº≈°√–∑∫∑“ß°“√‡ß‘π®“°°“√‰¥â¡“·≈–®”Àπà“¬∫√‘…—∑√à«¡ÕÕ°‰ª‰¥â‡ªî¥‡º¬‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√

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À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ·≈– æ.».2547

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(2) à«π‰¥â‡ ’¬„π°‘®°“√√à«¡§â“

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´÷Ëß‰¥â√«¡ à«π·∫àß¢Õß∫√‘…—∑„π°”‰√À√◊Õ¢“¥∑ÿπ¢Õß°‘®°“√√à«¡§â“∑’Ë‡°‘¥¢÷Èπ¿“¬À≈—ß°“√´◊ÈÕ‰«â‡ªìπ à«πÀπ÷Ëß¢Õß∫—≠™’ à«π‡°‘π ( à«πµË”°«à“)

®“°°“√µ’¡Ÿ≈§à“¬ÿµ‘∏√√¡ º≈ – ¡¢Õß°“√‡ª≈’Ë¬π·ª≈ß¿“¬À≈—ß°“√‰¥â¡“®–ª√—∫ª√ÿß°—∫√“§“µ“¡∫—≠™’¢Õß‡ß‘π≈ß∑ÿπ ∫√‘…—∑®–‰¡à√—∫√Ÿâ

à«π·∫àß¢“¥∑ÿπÕ’°µàÕ‰ªÀ“° à«π·∫àß¢“¥∑ÿπ¢Õß∫√‘…—∑„π°‘®°“√√à«¡§â“¡’¡Ÿ≈§à“‡∑à“°—∫À√◊Õ‡°‘π°«à“¡Ÿ≈§à“ à«π‰¥â‡ ’¬¢Õß∫√‘…—∑„π°‘®°“√

√à«¡§â“π—Èπ ‡«âπ·µà∫√‘…—∑µâÕß√—∫º‘¥„πÀπ’È¢Õß°‘®°“√√à«¡§â“À√◊Õ√—∫«à“®–®à“¬Àπ’È·∑π°‘®°“√√à«¡§â“

√“¬°“√°”‰√∑’Ë¬—ß‰¡à‰¥â‡°‘¥¢÷Èπ®√‘ß√–À«à“ß∫√‘…—∑°—∫°‘®°“√√à«¡§â“®–µ—¥∫—≠™’‡æ’¬ß‡∑à“∑’Ë∫√‘…—∑¡’ à«π‰¥â‡ ’¬„π°‘®°“√√à«¡§â“π—Èπ

√“¬°“√¢“¥∑ÿπ∑’Ë¬—ß‰¡à‰¥â‡°‘¥¢÷Èπ®√‘ß°Á®–µ—¥‡ªìπ∫—≠™’„π∑”πÕß‡¥’¬«°—π ‡«âπ·µà‡ªìπ√“¬°“√∑’Ë¡’À≈—°∞“π«à“‡°‘¥°√≥’∑’Ë ‘π∑√—æ¬å∑’Ë ‚Õπ

√–À«à“ß°—ππ—Èπ¥âÕ¬§à“ π‚¬∫“¬°“√∫—≠™’¢Õß°‘®°“√√à«¡§â“®–‡ª≈’Ë¬π‡∑à“∑’Ë®”‡ªìπ‡æ◊ËÕ„Àâ ¡Ë”‡ ¡Õ°—∫π‚¬∫“¬°“√∫—≠™’¢Õß∫√‘…—∑

√“¬™◊ËÕ¢Õß°‘®°“√√à«¡§â“ ·≈– à«πº≈°√–∑∫∑“ß°“√‡ß‘π®“°°“√‰¥â¡“·≈–®”Àπà“¬°‘®°“√√à«¡§â“ÕÕ°‰ª‰¥â‡ªî¥‡º¬‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√

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2.3 °“√·ª≈ß§à“‡ß‘πµ√“µà“ßª√–‡∑»

∫√‘…—∑·ª≈ß§à“√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»„Àâ‡ªìπ‡ß‘π∫“∑ ‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ·≈–·ª≈ß§à“ ‘π∑√—æ¬å

·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë„πß∫¥ÿ≈„Àâ‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ √“¬°“√°”‰√

·≈–√“¬°“√¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√√—∫À√◊Õ®à“¬™”√–∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ·≈–∑’Ë‡°‘¥°“√·ª≈ß§à“ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π¥—ß°≈à“«

‰¥â∫—π∑÷°∑—π∑’„πß∫°”‰√¢“¥∑ÿπ

√“¬°“√„πß∫°”‰√¢“¥∑ÿπ¢ÕßÀπà«¬ß“πµà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬„π√–À«à“ßªï √“¬°“√„π

ß∫¥ÿ≈·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ º≈µà“ß®“°°“√·ª≈ß§à“∑’Ë‡°‘¥®“°°“√·ª≈ß§à“¢Õß‡ß‘π≈ß∑ÿπ ÿ∑∏‘„π

Àπà«¬ß“πµà“ßª√–‡∑»‰¥â√«¡‰ª¬—ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ·≈–®–√—∫√Ÿâº≈ – ¡¢Õßº≈µà“ß®“°°“√·ª≈ß§à“∑—ÈßÀ¡¥¥—ß°≈à“« ‡ªìπ à«πÀπ÷Ëß¢Õß

°”‰√À√◊Õ¢“¥∑ÿπ®“°°“√®”Àπà“¬Àπà«¬ß“πµà“ßª√–‡∑»π—Èπ‡¡◊ËÕ¡’°“√®”Àπà“¬Àπà«¬ß“πµà“ßª√–‡∑»π—Èπ

2.4 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‰¥â√«¡‡ß‘π ¥„π¡◊Õ ‡ß‘πΩ“°∏π“§“√ª√–‡¿∑®à“¬§◊π‡¡◊ËÕ∑«ß∂“¡ ‡ß‘π≈ß∑ÿπ√–¬– —ÈπÕ◊Ëπ∑’Ë¡’ ¿“æ

§≈àÕß„π°“√‡ª≈’Ë¬π¡◊Õ Ÿß´÷Ëß¡’Õ“¬ÿ‰¡à‡°‘π “¡‡¥◊Õππ—∫®“°«—π∑’Ë‰¥â¡“

2.5 ≈Ÿ°Àπ’È°“√§â“

≈Ÿ°Àπ’È°“√§â“· ¥ß¥â«¬¡Ÿ≈§à“µ“¡„∫·®âß√“¬°“√ À—°¥â«¬§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠´÷Ëßª√–¡“≥®“°°“√ Õ∫∑“π¬Õ¥§ß‡À≈◊Õ ≥ «—π ‘Èπªï

¡Ÿ≈§à“¢Õß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠°Á§◊Õº≈µà“ß√–À«à“ß√“§“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È°“√§â“‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫®“°≈Ÿ°Àπ’È°“√§â“

Àπ’È Ÿ≠∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßªïµ—¥‡ªìπ§à“„™â®à“¬‡¡◊ËÕ “¡“√∂√–∫ÿ‰¥â

ºŸâ∫√‘À“√¢Õß∫√‘…—∑ª√–¡“≥§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ‚¥¬Õ“»—¬°“√ª√–‡¡‘πº≈¢ÕßΩÉ“¬∫√‘À“√∑’Ë‡°’Ë¬«°—∫§«“¡ Ÿ≠‡ ’¬∑’ËÕ“®®–‡°‘¥¢÷Èπ

®“°¬Õ¥≈Ÿ°Àπ’È°“√§â“∑’Ë§ß§â“ßÕ¬Ÿà ≥ «—π ‘Èπªï °“√ª√–‡¡‘πº≈¥—ß°≈à“«‰¥â§”π÷ß∂÷ßª√– ∫°“√≥å°“√™”√–‡ß‘π„πÕ¥’µ·≈–ªí®®—¬Õ¬à“ßÕ◊Ëπ ´÷Ëß

√«¡∑—Èß°“√æ‘®“√≥“∂÷ß°“√‡ª≈’Ë¬π·ª≈ß„π à«πª√–°Õ∫·≈–ª√‘¡“≥¢Õß≈Ÿ°Àπ’È §«“¡ —¡æ—π∏å¢Õß¬Õ¥§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠µàÕ¬Õ¥≈Ÿ°Àπ’È

µ≈Õ¥®π ¿“«–∑“ß‡»√…∞°‘®

2.6 —≠≠“‚§√ß°“√

—≠≠“‚§√ß°“√‡ªìπ —≠≠“∑’Ë∑”¢÷Èπ‚¥¬‡©æ“–‡æ◊ËÕ°àÕ √â“ß ‘π∑√—æ¬å√“¬°“√‡¥’¬«À√◊ÕÀ≈“¬√“¬°“√∑’Ë —¡æ—π∏å°—πÕ¬à“ß„°≈â™‘¥À√◊Õæ÷Ëßæ“

°—π‡√◊ËÕß°“√ÕÕ°·∫∫ ‡∑§‚π‚≈¬’ ·≈–Àπâ“∑’Ë°“√„™âß“π À√◊Õ‡™◊ËÕ¡‚¬ß°—π¥â«¬«—µ∂ÿª√– ß§åÀ√◊Õ°“√„™âß“π„π¢—Èπ ÿ¥∑â“¬

‡¡◊ËÕº≈ ”‡√Á®¢Õßß“π‚§√ß°“√‰¡à “¡“√∂ª√–¡“≥°“√‰¥âÕ¬à“ßπà“‡™◊ËÕ∂◊Õ ∫√‘…—∑√—∫√Ÿâ√“¬‰¥âµ“¡ —≠≠“‡ªìπ®”π«π‰¡à‡°‘πµâπ∑ÿπµ“¡

—≠≠“∑’Ë‡°‘¥¢÷Èπ·≈–‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πà∑’Ë®–‰¥âª√–‚¬™πå§◊π°≈—∫¡“®“°µâπ∑ÿπ¥—ß°≈à“« ·≈–√—∫√Ÿâµâπ∑ÿπµ“¡ —≠≠“‡ªìπ§à“„™â®à“¬‡¡◊ËÕ‡°‘¥¢÷Èπ

‡¡◊ËÕº≈ ”‡√Á®¢Õßß“π‚§√ß°“√ “¡“√∂ª√–¡“≥°“√‰¥âÕ¬à“ßπà“‡™◊ËÕ∂◊Õ ∫√‘…—∑√—∫√Ÿâ√“¬‰¥âµ“¡ —≠≠“·≈–µâπ∑ÿπµ“¡ —≠≠“¥â«¬«‘∏’

Õâ“ßÕ‘ß°—∫¢—Èπ§«“¡ ”‡√Á®¢Õßß“π ´÷Ëß«—¥‚¥¬Õ‘ß§«“¡ —¡æ—π∏å√–À«à“ßµâπ∑ÿπµ“¡ —≠≠“∑’Ë‡°‘¥¢÷Èπ®π∂÷ßªí®®ÿ∫—π‡∑’¬∫‡ªìπ —¥ à«π°—∫ª√–¡“≥

°“√µâπ∑ÿπ√«¡µ“¡ —≠≠“ √“¬°“√¢“¥∑ÿπ∑—ÈßÀ¡¥∑’Ë§“¥«à“®–‡°‘¥¢÷Èπ®“° —≠≠“®–√—∫√Ÿâ‡ªìπ§à“„™â®à“¬∑—π∑’‡¡◊ËÕ¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πà

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· ¥ß‰«â‡ªìπß“π√–À«à“ß°àÕ √â“ßµ“¡ —≠≠“ ®”π«π√«¡¢Õßµâπ∑ÿπ∑’Ë‡°‘¥¢÷Èπ®π∂÷ßªí®®ÿ∫—π¢Õß·µà≈– —≠≠“ ·≈–√“¬°“√°”‰√ (À—°¥â«¬

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‚§√ß°“√·≈–√“¬°“√°”‰√ (À—°¥â«¬√“¬°“√¢“¥∑ÿπ∑’Ë√—∫√Ÿâ·≈â«) Ÿß°«à“®”π«π‡ß‘πß«¥∑’Ë‡√’¬°‡°Á∫ à«π‡°‘π∑’Ë‡°‘¥¢÷Èπ®–· ¥ß‡ªìπ¬Õ¥≈Ÿ°Àπ’È

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à«π‡°‘π∑’Ë‡°‘¥¢÷Èπ®–· ¥ß‡ªìπ‡®â“Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“

2.7 ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª

‡ß‘π≈ß∑ÿπ∑—Ë«‰ª‡ªìπ‡ß‘π≈ß∑ÿπ‰¡àÀ¡ÿπ‡«’¬π„πÀ≈—°∑√—æ¬å∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥ ´÷Ëß∫√‘…—∑∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª · ¥ß„π

ß∫¥ÿ≈¥â«¬√“§“∑ÿπª√—∫≈¥¥â«¬°“√¥âÕ¬§à“¢Õß‡ß‘π≈ß∑ÿπ ¡Ÿ≈§à“∑’Ë≈¥≈ß¥—ß°≈à“«®–∂Ÿ°∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ

2.8 ‘π∑√—æ¬å∂“«√

‘π∑√—æ¬å∂“«√ · ¥ß¥â«¬√“§“∑ÿπ À—°§à“‡ ◊ËÕ¡√“§“ – ¡ §à“‡ ◊ËÕ¡√“§“§”π«≥¥â«¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‡ªìπ√–¬–‡«≈“ 5 ªï

„π°√≥’∑’Ë√“§“µ“¡∫—≠™’ Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π √“§“µ“¡∫—≠™’®–∂Ÿ°ª√—∫≈¥„Àâ‡∑à“°—∫¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π

°“√´àÕ¡·´¡·≈–∫”√ÿß√—°…“®–√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπ„π√–À«à“ßªï∫—≠™’∑’Ë‡°‘¥√“¬°“√¢÷Èπ

√“¬°“√°”‰√·≈–√“¬°“√¢“¥∑ÿπ®“°°“√®”Àπà“¬ ‘π∑√—æ¬å°”Àπ¥‚¥¬‡ª√’¬∫‡∑’¬∫ ‘ËßµÕ∫·∑π∑’Ë‰¥â√—∫°—∫√“§“µ“¡∫—≠™’ ·≈–√«¡‰«â„π

°”‰√®“°°“√¥”‡π‘πß“π

2.9 ‚ª√·°√¡§Õ¡æ‘«‡µÕ√å

‘∑∏‘°“√„™â‚ª√¡·°√¡§Õ¡æ‘«‡µÕ√å∑’Ë¡’≈—°…≥–‡®“–®ß∑’Ë ◊ÈÕ¡“∫—π∑÷°‡ªìπ ‘π∑√—æ¬å‡¡◊ËÕµâπ∑ÿπ„π°“√‰¥â¡“·≈–°“√¥”‡π‘π°“√„Àâ‚ª√·°√¡

§Õ¡æ‘«‡µÕ√å‡©æ“–‡®“–®ß∑’Ëπ”¡“„™âß“π‰¥âµ“¡ª√– ß§å ‚¥¬®–µ—¥®”Àπà“¬µ≈Õ¥Õ“¬ÿª√–¡“≥°“√„Àâª√–‚¬™πå∑’Ë¡’ª√–¡“≥°“√¿“¬„π√–¬–‡«≈“

5 ªï

2.10 —≠≠“‡™à“

°√≥’∑’Ë∫√‘…—∑‡ªìπºŸâ‡™à“

—≠≠“‡™à“Õÿª°√≥å∑’Ë§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π¢Õß§«“¡‡ªìπ‡®â“¢Õß à«π„À≠à‰¥â‚Õπ‰ª„Àâ°—∫ºŸâ‡™à“ ∂◊Õ‡ªìπ —≠≠“‡™à“°“√‡ß‘π —≠≠“

‡™à“°“√‡ß‘π®–∫—π∑÷°‡ªìπ√“¬®à“¬ΩÉ“¬∑ÿπ¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡¢ÕßÕÿª°√≥å∑’Ë‡™à“ À√◊Õ¡Ÿ≈§à“ªí®®ÿ∫—π ÿ∑∏‘¢Õß®”π«π‡ß‘π∑’ËµâÕß®à“¬µ“¡ —≠≠“

‡™à“·≈â«·µà¡Ÿ≈§à“„¥®–µË”°«à“ ‚¥¬®”π«π‡ß‘π∑’ËµâÕß®à“¬®–ªíπ à«π√–À«à“ßÀπ’È ‘π·≈–§à“„™â®à“¬∑“ß°“√‡ß‘π ‡æ◊ËÕ„Àâ‰¥âÕ—µ√“¥Õ°‡∫’È¬§ß∑’ËµàÕ

Àπ’È ‘π§ß§â“ßÕ¬Ÿà ¿“√–ºŸ°æ—πµ“¡ —≠≠“‡™à“À—°§à“„™â®à“¬∑“ß°“√‡ß‘π®–∫—π∑÷°‡ªìπÀπ’È ‘π√–¬–¬“« à«π¥Õ°‡∫’È¬®à“¬®–∫—π∑÷°„πß∫°”‰√

¢“¥∑ÿπµ≈Õ¥Õ“¬ÿ¢Õß —≠≠“‡™à“ Õÿª°√≥å∑’Ë‰¥â¡“µ“¡ —≠≠“‡™à“°“√‡ß‘π®–§‘¥§à“‡ ◊ËÕ¡√“§“µ≈Õ¥Õ“¬ÿ°“√„™âß“π¢ÕßÕÿª°√≥åπ—Èπ À√◊Õ

µ≈Õ¥Õ“¬ÿ —≠≠“‡™à“·≈â«·µà√–¬–‡«≈“„¥®–µË”°«à“

—≠≠“√–¬–¬“«‡æ◊ËÕ‡™à“ ‘π∑√—æ¬å‚¥¬∑’Ë§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π¢Õß§«“¡‡ªìπ‡®â“¢Õß à«π„À≠àµ°Õ¬Ÿà°—∫ºŸâ„Àâ‡™à“ ®–®—¥‡ªìπ —≠≠“‡™à“

¥”‡π‘πß“π‡ß‘π∑’ËµâÕß®à“¬¿“¬„µâ —≠≠“‡™à“¥”‡π‘πß“π®–∫—π∑÷°„πß∫°”‰√¢“¥∑ÿπ ‚¥¬„™â«‘∏’‡ âπµ√ßµ≈Õ¥Õ“¬ÿ¢Õß —≠≠“‡™à“π—Èπ

2.11 ‡ß‘π°Ÿâ¬◊¡

‡ß‘π°Ÿâ¬◊¡√—∫√Ÿâ‡¡◊ËÕ‡√‘Ë¡·√°¥â«¬¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘ËßµÕ∫·∑π∑’Ë‰¥â√—∫ ´÷Ëß ÿ∑∏‘®“°µâπ∑ÿπ°“√®—¥∑”√“¬°“√∑’Ë‡°‘¥¢÷Èπ ‡ß‘π°Ÿâ¬◊¡«—¥¡Ÿ≈§à“„π

‡«≈“µàÕ¡“¥â«¬√“§“∑ÿπµ—¥®”Àπà“¬¥â«¬«‘∏’Õ—µ√“¥Õ°‡∫’È¬∑’Ë·∑â®√‘ß º≈µà“ß√–À«à“ß ‘ËßµÕ∫·∑π ( ÿ∑∏‘®“°µâπ∑ÿπ°“√®—¥∑”√“¬°“√) ‡¡◊ËÕ

‡∑’¬∫°—∫¡Ÿ≈§à“∑’Ë®à“¬§◊π™”√–Àπ’È ‘π®–√—∫√Ÿâ„πß∫°”‰√¢“¥∑ÿπµ≈Õ¥√–¬–‡«≈“°“√°Ÿâ¬◊¡

2.12 ª√–¡“≥°“√Àπ’È ‘π

∫√‘…—∑∫—π∑÷°ª√–¡“≥°“√Àπ’È ‘π‡¡◊ËÕ¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πà¢Õß°“√‡°‘¥¿“√–ºŸ°æ—π„πªí®®ÿ∫—πµ“¡°ÆÀ¡“¬À√◊Õ®“°°“√Õπÿ¡“π

Õ—π‡ªìπº≈ ◊∫‡π◊ËÕß¡“®“°‡Àµÿ°“√≥å„πÕ¥’µ ¿“√–ºŸ°æ—π¥—ß°≈à“«§“¥«à“®– àßº≈„ÀâµâÕß‡°‘¥°“√®à“¬∑√—æ¬“°√‡æ◊ËÕ™”√–¿“√–ºŸ°æ—π‚¥¬∑’Ë

®”π«π∑’ËµâÕß®à“¬ “¡“√∂ª√–¡“≥°“√‰¥âÕ¬à“ßπà“‡™◊ËÕ∂◊Õ √“¬®à“¬∑’Ë®–‰¥â√—∫§◊π∫—π∑÷°‡ªìπ ‘π∑√—æ¬å·¬°µà“ßÀ“°°ÁµàÕ‡¡◊ËÕ°“√‰¥â√—∫§◊π§“¥

«à“®–‰¥â√—∫Õ¬à“ß·πàπÕπ‡¡◊ËÕ‰¥â®à“¬™”√–ª√–¡“≥°“√Àπ’È ‘π‰ª·≈â«

∫√‘…—∑√—∫√Ÿâª√–¡“≥°“√Àπ’È ‘π‡æ◊ËÕ∑’Ë®–´àÕ¡·´¡À√◊Õ‡ª≈’Ë¬π·∑π ‘π§â“∑’ËÕ¬Ÿà„π™à«ß°“√√—∫ª√–°—π ≥ «—π∑’Ë„πß∫¥ÿ≈ª√–¡“≥°“√Àπ’È ‘π

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2.13 °“√√—∫√Ÿâ√“¬‰¥â

√“¬‰¥â®“° —≠≠“°“√„Àâ∫√‘°“√ª√–°Õ∫¥â«¬¡Ÿ≈§à“µ“¡„∫·®âßÀπ’È§à“∫√‘°“√∑’Ë„Àâ ‚¥¬‡ªìπ®”π«π‡ß‘π ÿ∑∏‘®“°¿“…’¢“¬ ‡ß‘π§◊π·≈– à«π≈¥

√“¬‰¥â®“°°“√„Àâ∫√‘°“√·°à≈Ÿ°§â“Õâ“ßÕ‘ßµ“¡¢—Èπ§«“¡ ”‡√Á®¢Õß√–¥—∫∫√‘°“√∑’Ë∑”‡ √Á®·≈â«¥Ÿπ‚¬∫“¬°“√∫—≠™’¢âÕ 2.6 ‡√◊ËÕß —≠≠“‚§√ß°“√

√“¬‰¥â¥Õ°‡∫’È¬√—∫√Ÿâµ“¡‡°≥±å —¥ à«π¢Õß‡«≈“ ‚¥¬§”π÷ß∂÷ßÕ—µ√“¥Õ°‡∫’È¬∑’Ë·∑â®√‘ß¢Õß™à«ß‡«≈“®π∂÷ß«—π§√∫Õ“¬ÿ·≈–§”π÷ß∂÷ß®”π«π

‡ß‘πµâπ∑’Ë‡ªìπ¬Õ¥§ß‡À≈◊Õ„π∫—≠™’ ”À√—∫°“√∫—π∑÷°§â“ß√—∫¢Õß∫√‘…—∑ √“¬‰¥â‡ß‘πªíπº≈√—∫√Ÿâ‡¡◊ËÕ¡’ ‘∑∏‘∑’Ë®–‰¥â√—∫‡ß‘πªíπº≈π—Èπ‡°‘¥¢÷Èπ

2.14 °“√®à“¬‡ß‘πªíπº≈

‡ß‘πªíπº≈®à“¬∫—π∑÷°„πß∫°“√‡ß‘π„π√Õ∫√–¬–‡«≈“∫—≠™’´÷Ëß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß‰¥âÕπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈

2.15 ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

‘π∑√—æ¬å∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π·≈–≈Ÿ°Àπ’È°“√§â“ Àπ’È

‘π∑“ß°“√‡ß‘π∑’Ë· ¥ß„πß∫¥ÿ≈ª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ‡®â“Àπ’È°“√§â“ ‡ß‘π°Ÿâ¬◊¡ ·≈–Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π ´÷Ëßπ‚¬∫“¬°“√

∫—≠™’‡©æ“– ”À√—∫√“¬°“√·µà≈–√“¬°“√‰¥â‡ªî¥‡º¬·¬°‰«â„π·µà≈–À—«¢âÕ∑’Ë‡°’Ë¬«¢âÕß

3. ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

‡ß‘π ¥„π¡◊Õ 46,146 31,701

‡ß‘πΩ“°∏π“§“√ 102,554,887 80,253,618

√«¡ 102,601,033 80,285,319

‡ß‘πΩ“°∏π“§“√¡’Õ—µ√“¥Õ°‡∫’È¬∂—«‡©≈’Ë¬√âÕ¬≈– 0.75 µàÕªï (æ.». 2547: √âÕ¬≈– 0.35 µàÕªï)

4. ‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π

‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π‡ªìπ‡ß‘πΩ“°ª√–®” ·≈–‰¥âπ”‰ª«“ß‡ªìπª√–°—π —≠≠“‚§√ß°“√ ‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π¡’Õ—µ√“¥Õ°‡∫’È¬∂—«‡©≈’Ë¬

√âÕ¬≈– 1.10 µàÕªï (æ.». 2547: √âÕ¬≈– 1.10 µàÕªï)

5. ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

≈Ÿ°Àπ’È°“√§â“

∫√‘…—∑Õ◊Ëπ 306,030,097 186,731,220

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (À¡“¬‡Àµÿ 17 (ß) ) 14,598,343 4,202,563

320,628,440 190,933,783

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (23,032,000) (8,819,000)

ÿ∑∏‘ 297,596,440 182,114,783

≈Ÿ°Àπ’È°“√§â“·¬°µ“¡Õ“¬ÿ ≥ «—π∑’Ë 31 ∏—π«“§¡ √ÿª‰¥â¥—ßπ’È

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

‰¡à‡°‘π 3 ‡¥◊Õπ 229,115,226 158,565,079

¡“°°«à“ 3 ∂÷ß 6 ‡¥◊Õπ 76,474,890 17,245,372

¡“°°«à“ 6 ∂÷ß 12 ‡¥◊Õπ 7,261,146 1,815,993

¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 7,777,178 13,307,339

√«¡ 320,628,440 190,933,783


80

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6. ≈Ÿ°Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ - ÿ∑∏‘

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

µâπ∑ÿπß“π‚§√ß°“√¬°¡“ 1 ¡°√“§¡ 388,205,686 137,213,572

µâπ∑ÿπß“π‚§√ß°“√∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßªï 731,818,286 589,382,687

µâπ∑ÿπß“π‚§√ß°“√®π∂÷ßªí®®ÿ∫—π¬°‰ª ‘Èπªï 1,120,023,972 726,596,259

°”‰√∑’Ë√—∫√Ÿâ®π∂÷ßªí®®ÿ∫—π 177,499,981 182,239,303

µâπ∑ÿπß“π‚§√ß°“√∑’Ë‡°‘¥¢÷Èπª√—∫ª√ÿß¥â«¬°”‰√

∑’Ë√—∫√Ÿâ®π∂÷ßªí®®ÿ∫—π 1,297,523,953 908,835,562

‡ß‘πß«¥∑’Ë‡√’¬°‡°Á∫®“°ºŸâ«à“®â“ß (1,052,522,152) (660,837,688)

≈Ÿ°Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ 245,001,801 247,997,874

”√Õß¢“¥∑ÿπ∑’ËÕ“®‡°‘¥¢÷Èπ·≈–°“√‡√’¬°√âÕß§«“¡‡ ’¬À“¬

®“°ß“πµ“¡ —≠≠“ (7,826,000) -

≈Ÿ°Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ - ÿ∑∏‘ 237,175,801 247,997,874

7. ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

‡ß‘π∑’Ë™”√–≈à«ßÀπâ“ 4,115,756 1,238,880

≈Ÿ°Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡ 6,538,731 605,801

Õ◊Ëπ Ê 6,322,495 1,060,859

√«¡ 16,976,982 2,905,540

8. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ ·≈–°‘®°“√√à«¡§â“

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

√“§“µ“¡∫—≠™’µâπªï - ÿ∑∏‘ 34,679,414 11,254,227

à«π·∫àßº≈°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡

·≈–°‘®°“√√à«¡§â“ 38,698,832 24,377,494

À—° ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑√à«¡·≈–°‘®°“√√à«¡§â“ (12,862,006) (952,307)

°“√≈ß∑ÿπ„π°‘®°“√√à«¡§â“√–À«à“ßªï 3,897 -

º≈µà“ß®“°°“√·ª≈ß§à“‡ß‘πµ√“µà“ßª√–‡∑» (10,861,572) -

√“§“µ“¡∫—≠™’ª≈“¬ªï - ÿ∑∏‘ 49,658,565 34,679,414

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ 44,846,105 34,679,414

‡ß‘π≈ß∑ÿπ„π°‘®°“√√à«¡§â“ 4,812,460 -

ÿ∑∏‘ 49,658,565 34,679,414


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81

°) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡

®—¥µ—Èß¢÷Èπ„π °ÿ≈ ∑ÿπ™”√–·≈â« —¥ à«π°“√∂◊ÕÀÿâπ(√âÕ¬≈–)

ª√–‡¿∑∏ÿ√°‘® ª√–‡∑» ‡ß‘π æ.». 2548 æ.». 2547 æ.». 2548 æ.». 2547

∫√‘…—∑ ·Õ≈‡ÕÁπ«’ ‡∑§‚π‚≈¬’ ‰æ√‡«∑ ®”°—¥ ∑’Ëª√÷°…“¥â“π Õ‘π‡¥’¬ √Ÿªï 3,367,347 3,367,347 49 49

«‘»«°√√¡

‡§√◊ËÕß°≈

∫√‘…—∑ ·Õ≈«’ ¬ÿ‚√ª ‡Õ . ‡Õ. ∑’Ëª√÷°…“¥â“π Ω√—Ëß‡» ¬Ÿ‚√ 40,000 40,000 48 48

«‘»«°√√¡

‡§√◊ËÕß°≈

√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

æ.». 2548 æ.». 2547 æ.». 2548 æ.». 2548

∫“∑ ∫“∑ ∫“∑ ∫“∑

∫√‘…—∑ ·Õ≈‡ÕÁπ«’ ‡∑§‚π‚≈¬’ ‰æ√‡«∑ ®”°—¥ 1,663,365 1,663,365 44,846,105 33,751,519

∫√‘…—∑ ·Õ≈«’ ¬ÿ‚√ª ‡Õ . ‡Õ. 874,560 874,560 - 927,895

¢) ‡ß‘π≈ß∑ÿπ„π°‘®°“√√à«¡§â“

√“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫°‘®°“√∑’Ë§«∫§ÿ¡√à«¡°—π¡’À≈—°¥—ßµàÕ‰ªπ’È

®—¥µ—Èß¢÷Èπ„π Õ—µ√“√âÕ¬≈–¢ÕßÀÿâπ∑’Ë∂◊Õ

ª√–‡¿∑¢Õß∏ÿ√°‘® ª√–‡∑» æ.». 2548 æ.». 2547

∫√‘…—∑ ∫’ ·Õ≈ «’ ∑’, ·Õ≈ ·Õ≈ ´’ ∑’Ëª√÷°…“¥â“π À√—∞Õ‡¡√‘°“ 33.33 -

«‘»«°√√¡‡§√◊ËÕß°≈

√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

æ.». 2548 æ.». 2548

∫“∑ ∫“∑

∫√‘…—∑ ∫’ ·Õ≈ «’∑’, ·Õ≈ ·Õ≈ ’ 3,897 4,812,460

‡ß‘π≈ß∑ÿπ„π°‘®°“√√à«¡§â“·ÀàßÀπ÷Ëß ´÷Ëß· ¥ß„πß∫¥ÿ≈µ“¡«‘∏’ à«π‰¥â‡ ’¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ®”π«π 4.8 ≈â“π∫“∑ ·≈–

à«π·∫àßº≈°”‰√„π°‘®°“√√à«¡§â“ ´÷Ëß· ¥ß„πß∫°”‰√¢“¥∑ÿπ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ®”π«π 12.6 ≈â“π∫“∑ ‰¥â∂◊Õ

µ“¡ß∫°“√‡ß‘π∑’Ë®—¥∑”‚¥¬ºŸâ∫√‘À“√¢Õß°‘®°“√√à«¡§â“ ·≈–¬—ß‰¡à‰¥â∂Ÿ°µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’

9. ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª - ÿ∑∏‘

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑¡’‡ß‘π≈ß∑ÿπ∑’Ë‰¡à‰¥âÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥ ‡ß‘π≈ß∑ÿππ’È®—¥ª√–‡¿∑‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª

·≈–· ¥ß¥â«¬√“§“∑ÿπÀ—°§à“‡º◊ËÕ°“√ª√—∫¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ´÷Ëß· ¥ß„πß∫°“√‡ß‘π

®—¥µ—Èß¢÷Èπ„π ∑ÿπ∑’Ë™”√–·≈â« —¥ à«π°“√∂◊ÕÀÿâπ

ª√–‡¿∑∏ÿ√°‘® ª√–‡∑» (≈â“π∫“∑) (√âÕ¬≈–)

∫√‘…—∑ ¬“¡º≈‘µ¿—≥±åªŸπ¢“« ®”°—¥ º≈‘µ·≈–®”Àπà“¬ ª√–‡∑»‰∑¬ 111.5 9.14

º≈‘µ¿—≥±åªŸπ¢“«

√“§“∑ÿπ

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

∫√‘…—∑ ¬“¡º≈‘µ¿—≥±åªŸπ¢“« ®”°—¥ 4,475,500 4,475,500

À—° §à“‡º◊ËÕ°“√ª√—∫¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ (4,475,500) (4,475,500)

ÿ∑∏‘ - -


82

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∫√‘…—∑

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10. ‘π∑√—æ¬å∂“«√ - ÿ∑∏‘

‡§√◊ËÕß®—°√ ‡§√◊ËÕß„™â ‡§√◊ËÕßµ°·µàß

·≈–Õÿª°√≥å ”π—°ß“π ·≈–µ‘¥µ—Èß ¬“πæ“Àπ– √«¡

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ æ.». 2547

√“§“µ“¡∫—≠™’µâπªï ÿ∑∏‘ 140,629 3,012,103 576,886 828,792 4,558,410

´◊ÈÕ ‘π∑√—æ¬å 184,505 1,862,998 1,160,391 - 3,207,894

®”Àπà“¬ ‘π∑√—æ¬å - (87,775) - - (87,775)

§à“‡ ◊ËÕ¡√“§“ (À¡“¬‡Àµÿ¢âÕ 18) (64,383) (1,017,635) (234,158) (273,000) (1,589,176)

√“§“µ“¡∫—≠™’ ‘Èπªï ÿ∑∏‘ 260,751 3,769,691 1,503,119 555,792 6,089,353

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2547

√“§“∑ÿπ 552,125 6,435,164 2,172,060 1,368,534 10,527,883

À—° §à“‡ ◊ËÕ¡√“§“ – ¡ (291,374) (2,665,473) (668,941) (812,742) (4,438,530)

√“§“µ“¡∫—≠™’ ÿ∑∏‘ 260,751 3,769,691 1,503,119 555,792 6,089,353

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ æ.». 2548

√“§“µ“¡∫—≠™’µâπªï ÿ∑∏‘ 260,751 3,769,691 1,503,119 555,792 6,089,353

´◊ÈÕ ‘π∑√—æ¬å - 2,803,360 200,092 1,350,500 4,353,952

®”Àπà“¬ ‘π∑√—æ¬å - (71,478) - (111,000) (182,478)

§à“‡ ◊ËÕ¡√“§“ (À¡“¬‡Àµÿ¢âÕ 18) (68,225) (1,440,832) (431,677) (471,900) (2,412,634)

√“§“µ“¡∫—≠™’ ‘Èπªï ÿ∑∏‘ 192,526 5,060,741 1,271,534 1,323,392 7,848,193

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548

√“§“∑ÿπ 552,125 8,999,247 2,358,055 2,354,035 14,263,462

À—° §à“‡ ◊ËÕ¡√“§“ – ¡ (359,599) (3,938,506) (1,086,521) (1,030,643) (6,415,269)

√“§“µ“¡∫—≠™’ ÿ∑∏‘ 192,526 5,060,741 1,271,534 1,323,392 7,848,193

11. . ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π‡ªìπ‡ß‘π°Ÿâ¬◊¡„πµ—Î« —≠≠“„™â‡ß‘π°—∫ ∂“∫—π°“√‡ß‘π ÷Ëß¡’Õ—µ√“¥Õ°‡∫’È¬Õ¬Ÿà„π™à«ß√âÕ¬≈– 5.58 ∂÷ß 7.50

µàÕªï (æ.». 2547 : √âÕ¬≈– 6.25 ∂÷ß 6.75 µàÕªï)

12. ‡®â“Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ - ÿ∑∏‘

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

µâπ∑ÿπß“π‚§√ß°“√¬°¡“ 1 ¡°√“§¡ (305,785,739) (902,729)

µâπ∑ÿπß“π‚§√ß°“√∑’Ë‡°‘¥¢÷Èπ„π√–À«à“ßªï (118,571,279) (7,173,008)

µâπ∑ÿπß“π‚§√ß°“√®π∂÷ßªí®®ÿ∫—π¬°‰ª ‘Èπªï (424,357,018) (8,075,737)

°”‰√∑’Ë√—∫√Ÿâ®π∂÷ßªí®®ÿ∫—π (121,166,308) (3,500,218)

µâπ∑ÿπß“π‚§√ß°“√∑’Ë‡°‘¥¢÷Èπª√—∫ª√ÿß¥â«¬°”‰√

∑’Ë√—∫√Ÿâ®π∂÷ßªí®®ÿ∫—π (545,523,326) (11,575,955)

‡ß‘πß«¥∑’Ë‡√’¬°‡°Á∫®“°ºŸâ«à“®â“ß 566,184,778 25,765,782

‡®â“Àπ’Èß“π‚§√ß°“√µ“¡ —≠≠“ ÿ∑∏‘ 20.661.452 14,189,827


pa ny Limite d


83

13. ∑ÿπ‡√◊ÕπÀÿâπ ·≈– à«π‡°‘π¡Ÿ≈§à“Àÿâπ

®”π«πÀÿâπ (æ—πÀÿâπ) Àπà«¬ : æ—π∫“∑

Àÿâπ “¡—≠ Àÿâπ∑’ËÕÕ°·≈– Àÿâπ∑’ËÕÕ°·≈– à«π‡°‘π

®¥∑–‡∫’¬π ‡√’¬°™”√–·≈â« ‡√’¬°™”√–·≈â« ¡Ÿ≈§à“Àÿâπ √«¡

≥ «—π∑’Ë 1 ¡°√“§¡ æ.». 2547 75,000 75,000 75,000 6,000 81,000

°“√ÕÕ°Àÿâπ 30,000 30,000 30,000 30,000 60,000

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2547 105,000 105,000 105,000 36,000 141,000

°“√ÕÕ°Àÿâπ 210,000 - - - -

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 315,000 105,000 105,000 36,000 141,000

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 Àÿâπ “¡—≠®¥∑–‡∫’¬π∑—ÈßÀ¡¥¡’®”π«π 315 ≈â“πÀÿâπ (æ.». 2547: 105 ≈â“πÀÿâπ) ÷Ëß¡’¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈–

1 ∫“∑ (æ.». 2547: Àÿâπ≈– 1 ∫“∑) Àÿâπ “¡—≠∑’ËÕÕ°®”Àπà“¬∑—ÈßÀ¡¥¡’®”π«π 105 ≈â“πÀÿâπ (æ.». 2547: 105 ≈â“πÀÿâπ) ÷Ëß¡’¡Ÿ≈§à“∑’Ëµ√“‰«â®”π«π

Àÿâπ≈– 1 ∫“∑ (æ.». 2547 : Àÿâπ≈– 1 ∫“∑) ∫√‘…—∑®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ°—∫°√–∑√«ßæ“≥‘™¬å «—π∑’Ë 28 °√°Æ“§¡ æ.». 2548

∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑ ‡¡◊ËÕ«—π∑’Ë 14 µÿ≈“§¡ æ.». 2548 ¡’¡µ‘Õπÿ¡—µ‘„Àâ°”Àπ¥√“§“‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ¢Õß∫√‘…—∑·°àºŸâ

∂◊ÕÀÿâπ‡¥‘¡ ®”π«π 105,000,000 Àÿâπ „π√“§“Àÿâπ≈– 1.75 ∫“∑ µàÕÀÿâπ Àÿâπ “¡—≠‡æ‘Ë¡∑ÿππ’È®–ÕÕ°æ√âÕ¡„∫ ”§—≠· ¥ß ‘∑∏‘¢Õß∫√‘…—∑

‚¥¬¡’Õ—µ√“ à«π 1 Àÿâπ “¡—≠ ∑’Ë®Õß´◊ÈÕµàÕ 1 „∫ ”§—≠· ¥ß ‘∑∏‘·≈–¡’°“√‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘‡∑à“°—∫ 0 ∫“∑ µàÕÀπà«¬

14. ‡ß‘πªíπº≈®à“¬

∫√‘…—∑®à“¬‡ß‘πªíπº≈¢Õß√Õ∫ªï∫—≠™’ æ.». 2548 ®”π«π 0.20 ∫“∑µàÕÀÿâπ (®”π«π‡ß‘π∑—Èß ‘Èπ 21,000,000 ∫“∑) ‡¡◊ËÕ«—π∑’Ë 27 æƒ…¿“§¡

æ.».2548 „ÀâºŸâ∂◊ÕÀÿâπ∑—ÈßÀ¡¥∑’Ë∂◊ÕÕ¬Ÿà

15. ”√Õßµ“¡°ÆÀ¡“¬

¿“¬„µâæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ ∫√‘…—∑µâÕß ”√Õßµ“¡°ÆÀ¡“¬Õ¬à“ßπâÕ¬√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘À≈—ß®“°À—° à«π¢Õß¢“¥∑ÿπ

– ¡¬°¡“ (∂â“¡’) ®π°«à“ ”√Õßπ’È®–¡’¡Ÿ≈§à“‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ”√Õßµ“¡°ÆÀ¡“¬‰¡à “¡“√∂®—¥ √√‰¥â

16. °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

∫√‘…—∑§”π«≥°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠¥â«¬®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°µ“¡®”π«πÀÿâπ

æ.». 2548 æ.». 2547

°”‰√ ÿ∑∏‘∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ “¡—≠ (∫“∑) 50,186,340 43,920,550

®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°∑’ËÕÕ°®”Àπà“¬ 105,000,000 90,000,000

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π (∫“∑) 0.48 0.49

17. √“¬°“√°—∫∫ÿ§§≈·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

°‘®°“√·≈–∫ÿ§§≈∑’Ë§«∫§ÿ¡∫√‘…—∑À√◊Õ∂Ÿ°§«∫§ÿ¡‚¥¬∫√‘…—∑À√◊Õ¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—∫∫√‘…—∑‰¡à«à“®–‚¥¬∑Õ¥‡¥’¬«À√◊ÕÀ≈“¬∑Õ¥∑—Èß

∑“ßµ√ß·≈–∑“ßÕâÕ¡ ∫√‘…—∑¬—ßÀ¡“¬√«¡∂÷ß∫√‘…—∑„À≠à¢Õß°≈ÿà¡∫√‘…—∑ ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑¬àÕ¬≈”¥—∫∂—¥‰ª °‘®°“√·≈–∫ÿ§§≈¥—ß°≈à“«

‡ªìπ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑ ∫√‘…—∑√à«¡·≈–∫ÿ§§≈∑’Ë‡ªìπ‡®â“¢Õß à«π‰¥â‡ ’¬„π ‘∑∏‘ÕÕ°‡ ’¬ß¢Õß∫√‘…—∑´÷Ëß∑”„ÀâºŸâ‡ªìπ‡®â“¢Õß

¥—ß°≈à“«¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠‡Àπ◊Õ°‘®°“√ ºŸâ∫√‘À“√ ”§—≠√«¡∑—Èß°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑·≈– ¡“™‘°„π§√Õ∫§√—«∑’Ë„°≈â

™‘¥°—∫∫ÿ§§≈‡À≈à“π—Èπ °‘®°“√·≈–∫ÿ§§≈∑—ÈßÀ¡¥‡ªìπ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑

„π°“√æ‘®“√≥“§«“¡ —¡æ—π∏å√–À«à“ß∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ÷ËßÕ“®¡’¢÷Èπ‰¥â„π·µà≈–√“¬°“√ µâÕß§”π÷ß∂÷ß‡π◊ÈÕÀ“ “√–¢Õß§«“¡ —¡æ—π∏å

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√“¬°“√µàÕ‰ªπ’È‡ªìπ√“¬°“√°—∫∫ÿ§§≈·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

°) √“¬‰¥â®“°°“√„Àâ§à“∑’Ëª√÷°…“∑“ß‡∑§π‘§

„π√–À«à“ßªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑‰¥â§‘¥§à“∑’Ëª√÷°…“∑“ß‡∑§π‘§·°à∫√‘…—∑√à«¡·ÀàßÀπ÷Ëß ®”π«π‡ß‘π 2.6 ≈â“π∫“∑

(æ.». 2547 : 0.9 ≈â“π∫“∑) §à“∑’Ëª√÷°…“¥—ß°≈à“« ¡’‡ß◊ËÕπ‰¢µ“¡∑’Ë‰¥âµ°≈ß°—π‰«â ·≈–§‘¥µ“¡√“§“∑ÿπ∫«°√âÕ¬≈– 20 (æ.». 2547 : §‘¥

µ“¡√“§“∑ÿπ∫«°√âÕ¬≈– 20)

¢) √“¬‰¥â®“°°“√√—∫‡À¡“™à«ßß“π

„π√–À«à“ßªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑√à«¡·ÀàßÀπ÷Ëß‰¥â„Àâ∫√‘…—∑∑”°“√√—∫‡À¡“°“√„Àâ∫√‘°“√¥â“π«‘»«°√√¡ ®”π«π‡ß‘π

14.5 ≈â“π∫“∑ (æ.». 2547 : 4.1 ≈â“π∫“∑) ‚¥¬∫√‘…—∑§‘¥µ“¡√“§“∑ÿπ∫«°√âÕ¬≈– 10 (æ.». 2547 : §‘¥µ“¡√“§“∑ÿπ∫«°√âÕ¬≈– 10)

§) µâπ∑ÿπ®“°°“√√—∫‡À¡“™à«ßß“π

„π√–À«à“ßªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑‰¥â„Àâ∫√‘…—∑√à«¡∑”°“√√—∫‡À¡“°“√„Àâ∫√‘°“√¥â“π«‘»«°√√¡ ®”π«π‡ß‘π 73.6

≈â“π∫“∑ (æ.». 2547 : 97.7 ≈â“π∫“∑) ‚¥¬§à“µâπ∑ÿπ§‘¥µ“¡√“§“∑ÿπ∫«°√âÕ¬≈– 10 (æ.». 2547 : §‘¥µ“¡√“§“∑ÿπ∫«°√âÕ¬≈– 10)

ß) ≈Ÿ°Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

≈Ÿ°Àπ’È®“°∫√‘…—∑√à«¡ 13,779,343 2,383,563

≈Ÿ°Àπ’È®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ 819,000 1,819,000

√«¡ 14,598,343 4,202,563

À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (12,667,000) (1,819,000)

ÿ∑∏‘ 1,931,343 2,383,563

≈Ÿ°Àπ’È∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—πÕ◊Ëπ‡ªìπ≈Ÿ°Àπ’È°“√§â“®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß ´÷Ëß∫√‘…—∑·≈–°√√¡°“√∑à“πÀπ÷Ëß¢Õß∫√‘…—∑‰¥â∂◊ÕÀÿâπ

∫“ß à«π„π∫√‘…—∑¥—ß°≈à“«π’È ºŸâ∫√‘À“√¢Õß∫√‘…—∑‰¥âæ‘®“√≥“µ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠‡µÁ¡¡Ÿ≈§à“ ”À√—∫¬Õ¥∑’Ë§â“ß™”√–π“π (‡°‘π°«à“Àπ÷Ëß

ªï) ®”π«π‡ß‘π 1.8 ≈â“π∫“∑ ¢Õß≈Ÿ°Àπ’È®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π „π‡¥◊Õπ°—π¬“¬π 2548 ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß¥—ß°≈à“«‰¥â∑”¢âÕµ°≈ß‡æ◊ËÕ¢Õ

º—¥ºàÕπ™”√–Àπ’È§ß§â“ß ‚¥¬‰¥â™”√–§◊πß«¥·√°®”π«π 1 ≈â“π∫“∑ ·≈–ß«¥∑’Ë 2 ®–™”√–§◊π „π‡¥◊Õπ°ÿ¡¿“æ—π∏å 2549

®) ‡®â“Àπ’È°“√§â“ - ∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

‡®â“Àπ’È®“°∫√‘…—∑√à«¡ 40,271,895 54,348,486

©) §à“µÕ∫·∑π°√√¡°“√

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

§à“µÕ∫·∑π°√√¡°“√ 1,780,000 1,270,000

§à“µÕ∫·∑π°√√¡°“√‡ªìπ§à“‡∫’È¬ª√–™ÿ¡·≈–º≈µÕ∫·∑πÕ◊Ëπ´÷Ëß‰¥â√—∫°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªï¢ÕßºŸâ∂◊ÕÀÿâπ

18. °”‰√®“°°“√¥”‡π‘πß“π

√“¬°“√∫“ß√“¬°“√∑’Ë√«¡Õ¬Ÿà„π°“√§”π«≥°”‰√®“°°“√¥”‡π‘πß“π “¡“√∂π”¡“·¬°µ“¡≈—°…≥–‰¥â¥—ßπ’È

æ.». 2548 æ.».2547

∫“∑ ∫“∑

(°”‰√) ¢“¥∑ÿπ ÿ∑∏‘®“°√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» (18,529,863) 6,820,826

§à“‡ ◊ËÕ¡√“§“¢ÕßÕÿª°√≥å (À¡“¬‡Àµÿ 10) 2,412,634 1,589,176

§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π 52,683,368 29,335,669


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19. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π‚¥¬ à«π„À≠à¢Õß∫√‘…—∑ §◊Õ§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ‡π◊ËÕß®“°√“¬‰¥â®“° —≠≠“°“√„Àâ∫√‘°“√·≈–µâπ∑ÿπ

°“√√—∫‡À¡“™à«ßß“π‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»

ªï æ.». 2548 ∫√‘…—∑®–¡’√“¬‰¥â®“° —≠≠“‚§√ß°“√‡ªìπ °ÿ≈‡ß‘π¥Õ≈≈“√å À√—∞ „π¢≥–∑’Ë¡’µâπ∑ÿπ —≠≠“°“√„Àâ∫√‘°“√‡ªìπ °ÿ≈‡ß‘π¬Ÿ‚√

∑—Èßπ’È °ÿ≈‡ß‘π∑—Èß Õß‰¡à‰¥â·ª√º—π‰ª„π∑‘»∑“ß‡¥’¬«°—π¡“°π—° ∫√‘…—∑®÷ß¡’§«“¡‡ ’Ë¬ßÀ“°Õ—µ√“·≈°‡ª≈’Ë¬π¡’°“√‡ª≈’Ë¬π·ª≈ß Õ¬à“ß‰√°Á¥’

∫√‘…—∑‰¥â¡’¡“µ√°“√ªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“« ‚¥¬¡’π‚¬∫“¬°“√ √â“ß§«“¡ ¡¥ÿ≈√–À«à“ß√“¬√—∫·≈–√“¬®à“¬∑’Ë‡ªìπ °ÿ≈‡ß‘πµà“ßª√–‡∑»

‚¥¬®–√–∫ÿ√“§“§à“∫√‘°“√„π —≠≠“‡ªìπ °ÿ≈‡ß‘π¬Ÿ‚√¡“°¢÷Èπ‡æ◊ËÕ„Àâ Õß§≈âÕß°—∫µâπ∑ÿπ∫√‘°“√¢Õß∫√‘…—∑∑’Ë‡ªìπ °ÿ≈¬Ÿ‚√‡™àπ°—π ´÷Ëß∑”„Àâ

∫√‘…—∑ “¡“√∂≈¥§«“¡‡ ’Ë¬ß¢Õß√“¬®à“¬∑’Ë‡ªìπ‡ß‘π °ÿ≈µà“ßª√–‡∑»‰¥â∫“ß à«π

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

‡™◊ËÕ∑’Ë‡À¡“– ¡ ·≈–¡’π‚¬∫“¬«à“°“√„Àâ∫√‘°“√∑ÿ°√“¬°“√∑’Ë‡ªìπ “√– ”§—≠®–µâÕß¡’°“√‡ªî¥Àπ—ß ◊Õ§È”ª√–°—πº≈ß“π°—∫∏π“§“√∑’Ë‡™◊ËÕ∂◊Õ‰¥â

∫√‘…—∑¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬®“°∏ÿ√°√√¡°“√°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π´÷Ëß‰¡à‰¥â¡’‡§√◊ËÕß¡◊Õ∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë∑”„Àâ

·µ°µà“ß‰ª®“°§«“¡‡ ’Ë¬ßµ“¡ª°µ‘∑’ËÕ“®®–‰¥â√—∫®“°‡ß‘π°Ÿâ¬◊¡

√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π ¡’¡Ÿ≈§à“„°≈â‡§’¬ß√“§“¬ÿµ‘∏√√¡

20. Àπ—ß ◊Õ§È”ª√–°—π

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑¡’¿“√–ºŸ°æ—πµ“¡Àπ—ß ◊Õ§È”ª√–°—π´÷ËßÕÕ°‚¥¬∏π“§“√ ‡ªìπ®”π«π‡ß‘π∑—Èß ‘Èπ 1,060,820

¥Õ≈≈à“√å À√—∞ ·≈– 1,642,766 ¬Ÿ‚√ (æ.». 2547: 863,611 ¥Õ≈≈à“√å À√—∞·≈– 5,586,000 ∫“∑) ‡æ◊ËÕ§È”ª√–°—πµàÕ∫ÿ§§≈∑’Ë “¡®“°°“√

¥”‡π‘π∏ÿ√°‘®µ“¡ª°µ‘¢Õß∫√‘…—∑ ·≈–§“¥«à“®–‰¡à‡°‘¥Àπ’È ‘π®“°¿“√–ºŸ°æ—ππ’È

21. —≠≠“‡™à“¥”‡π‘πß“π

≥ «—π∑’Ë 31 ∏—π«“§¡ æ.». 2548 ∫√‘…—∑¡’ —≠≠“‡™à“¥”‡π‘πß“π‡ªìπ√–¬–‡«≈“ 3 ªï ®”π«π‡ß‘π§à“‡™à“∑—ÈßÀ¡¥∑’Ë∫√‘…—∑®–µâÕß®à“¬„π

Õπ“§µµ“¡‡ß◊ËÕπ‰¢¢Õß —≠≠“‡™à“ √ÿª‰¥â¥—ßπ’È

æ.». 2548 æ.». 2547

∫“∑ ∫“∑

∂÷ß°”Àπ¥™”√–¿“¬„π 1 ªï 3,510,367 3,135,570

∂÷ß°”Àπ¥™”√–‡°‘π°«à“ 1 ªï ·µà‰¡à‡°‘π 3 ªï 5,679,615 2,727,497

√«¡ 9,189,982 5,863,067

22. ‡Àµÿ°“√≥å¿“¬À≈—ß«—π∑’Ë„πß∫¥ÿ≈

√–À«à“ß«—π∑’Ë 31 ¡°√“§¡ æ.».2549 ∂÷ß «—π∑’Ë 3 °ÿ¡¿“æ—π∏å æ.».2549 ∫√‘…—∑‰¥â‡ªî¥„ÀâºŸâ∂◊ÕÀÿâπ‡¥‘¡· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠‡æ‘Ë¡∑ÿπ¢Õß

∫√‘…—∑®”π«π 105,000,000 Àÿâπ „π√“§“Àÿâπ≈– 1.75 ∫“∑ µàÕÀÿâπ


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1. General Information

L.V.Technology Public Company Limited (çthe Companyé) is a public company limited incorporated and resident in

Thailand. The Company is listed on the Stock Exchange of Thailand. The address of its registered office is as follows:

719 K.P.N. Tower Building 4th and 9th Floor, Pharam 9 Road, Bangkapi, Huaykwang, Bangkok 10310.

The principal business operation of the Company is mechanised engineering consultation by designing, developing

and improving the efficiency of machines and equipment for the cement industry and related industries worldwide.

As at 31 December 2005, the Company employed 92 people (2004: 72 people).

The financial statements have been approved for issue by the board of directors on 28 February 2006.

2. Accounting Policies

The principal accounting policies adopted in the preparation of these financial statements are set out below:

2.1 Basis of Preparation

The financial statements have been prepared in accordance with Thai generally accepted accounting principles

under the Accounting Act B.E. 2543, being those Thai Accounting Standards issued under the Accounting Profession Act

B.E.2547, and the financial reporting requirements of the Securities and Exchange Commission under the Securities and

Exchange Act B.E. 2535.

As a result of the Federation of Accounting Profession (FAP) approval of three new accounting standards on 12 May

2005, the Company has adopted TAS 52, ùEvents After Balance Sheet Dataû, TAS 53, ùProvisions, Contingent Liabilities, and

Contingent Assetûsû and TAS 54, ùDiscontinuing Operationûsû since the second quarter of 2005.

The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with Thai generally accepted accounting principles requires

management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure

of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses

in the reported periods. Although these estimates are based on managementûs best knowledge of current events and

actions, actual results may differ from those estimates.

Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year.

An English version of the financial statements have been prepared from the statutory financial statements that are in

Thai language. In the event of a conflict or a difference in interpretation between the two languages the Thai language

statutory financial statements shall prevail.

2.2 Investment in Associates and Interests in Joint Venture

(1) Associates

Associates are all entities over which the Company has significant influence but not control, generally accompanying

a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity

method of accounting and are initially recognised at cost in the financial statements. The Companyûs share of its

associatesû post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition

movements in fair value reserves is recognised in fair value reserves. The cumulative post-acquisition movements are

adjusted against the carrying amount of the investment. When the Companyûs share of losses in an associate equals or

exceeds its interest in the associate, including any other the Companyûs obligations or payments that are made on

behalf of the associates, the Company does not recognise further losses, unless it has incurred obligations or made

payments on behalf of the associate.

Unrealised gains on transactions between the Company and its associates are eliminated to the extent of the

Companyûs interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an

impairment of the asset transferred. Accounting policies of associates have been changed, where necessary, to ensure

Notes to the Financial StatementsAs at 31 December 2005 and 2004

L.V.Technology Public Company Limited


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consistency with the policies adopted by the Company.

A list of the Companyûs associates and the effects acquisitions and disposals of associates are shown in Note 8.

(2) Joint Venture

Investment in joint venture is accounted for by the equity method of accounting and are initially recognised at cost

in the financial statements. The Companyûs share of joint ventureû post-acquisition profits or losses is recognised in the

income statement, and its share of post-acquisition movements in fair value reserves is recognised in fair value reserves.

The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the

Companyûs share of losses in a joint venture equals or exceeds its interest in the joint venture, including any other the

Companyûs obligations or payments that are made on behalf of the joint venture, the Company does not recognise

further losses, unless it has incurred obligations or made payments on behalf of the joint venture.

Unrealised gains on transactions between the Company and its joint venture are eliminated to the extent of the

Companyûs interest in the joint venture. Unrealised losses are also eliminated unless the transaction provides evidence of

an impairment of the asset transferred. Accounting policies of joint venture have been changed, where necessary, to

ensure consistency with the policies adopted by the Company.

A list of the Companyûs joint venture and the effects acquisitions and disposals of joint venture are shown in Note 8.

2.3 Foreign Currency Translation

Foreign currency transactions are translated into Thai Baht using the exchange rates prevailing at the date of the

transaction. Monetary assets and liabilities denominated in foreign currency are translated into Thai Baht at the exchange

rate prevailing at the balance sheet date. Gains and losses resulting from the settlement of foreign currency transactions

and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the

statements of income.

Statements of income of foreign entities are translated into the Companyûs reporting currency at the weighted

average exchange rates for the year and balance sheets are translated at the exchange rates ruling on the balance

sheet date. Currency translation differences arising from the retranslation of the net investment in foreign entities are taken

to shareholdersû equity. On disposal of a foreign entity, accumulated currency translation differences are recognised in

the statement of income as part of the gain or loss on sale.

2.4 Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid

investments with maturities of 3 months or less from the date of acquisition.

2.5 Trade Accounts Receivable

Trade accounts receivables are carried at original invoice amount less allowance for doubtful receivables based on

a review of all outstanding amounts at the year end. The amount of the allowance is the difference between the

carrying amount of the receivable and the amount expected to be collectible. Bad debts are written off during the year

in which they are identified.

The Companyûs management estimates the allowance for doubtful accounts from the ending balance of trade

accounts receivable. The estimate encompasses consideration of past collection experiences and other factors such as

changes in composition and volume of the receivable, the relationship of the allowance to the receivable and economic

conditions.

2.6 Construction Contracts

A construction contract is a contract specifically negotiated for the construction of an asset or a combination of

assets that are closely interrelated or interdependent in terms of their design, technology and functions or their ultimate

purpose of use.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the


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extent of contract costs incurred where it is probable those costs will be recoverable. Contract costs are recognised

when incurred.

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are

recognised by using the percentage of completion method. The stage of completion is measured by reference to the

relationship contract costs incurred for work performed to date bear to the estimated total costs for the contract. When

it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense

immediately.

Costs incurred in the year in connection with future activity on a contract are excluded and shown as work in

progress. The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the

progress billings up to the year end. Where the total costs incurred and recognised profits (less recognised losses) exceed

progress billings, the balance is shown as due from customers on construction contracts. Where progress billings exceed

total costs incurred plus recognised profits (less recognised losses), the balance is shown as due to customers on

construction contract.

2.7 General Investment

General investment representing as non-current investment in non-marketable security is stated at cost and is reduced

to net realisable value by a charge to the statements of income for any impairment in value.

2.8Fixed Asset

Fixed asset is stated at historical cost less accumulated depreciation.

Depreciation is calculated on the straight-line basis to write down the cost of each assets, to their residual values over

their estimated useful life of 5 years.

Where the carrying amount of an asset is greater than its recoverable amount, it is written down immediately to its

recoverable amount.

Repair and maintenance costs are charged to the statements of income during the financial period in which they

are incurred.

Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in

operating profit.

2.9 Computer Software

Acquired computer software licenses are capitalised on the basis of the costs incurred to acquire and bring to use

the specific software. These costs are amortised over their estimated useful lives of five years.

2.10 Leases

Where the Company is the Lessee

Leases of equipment which substantially transfer all the risks and rewards of ownership are classified as finance leases.

Finance leases are capitalised at the inception of the lease at the lower of the fair value of the leased equipment or

the present value of the minimum lease payments. Each lease payment is allocated to the principal and to the finance

charges so as to achieve a constant rate on the finance balance outstanding. The outstanding rental obligations, net

of finance charges, are included in other long-term payables. The interest element of the finance cost is charged to the

statements of income over the lease period so as to achieve a constant periodic rate of interest on the remaining

balance of the liability for each period. The vehicles acquired under finance leases is depreciated over the shorter of the

useful life of the asset or the lease term.

Leases not transferring a significant portion of the risks and rewards of ownership to the lessee are classified as

operating leases. Payments made under operating leases are charged to the statements of income on a straight-line

basis over the period of the lease.


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2.11 Borrowings

Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred.

Borrowings are subsequently stated at amortised cost using the effective yield method; any difference between proceeds

(net of transaction costs) and the redemption value is recognised in the statement of income over the period of the

borrowings.

2.12 Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events

probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can

be made. Where the Company expects a provision to be reimbursed, the reimbursement is recognised as a separate

asset but only when the reimbursement is virtually certain.

The Company recognises the estimated liability to repair or replace products still under warranty at the balance sheet

date. The provision for warranty is calculated based on past history of the level of repairs and replacements.

2.13 Revenue Recognition

Revenue from construction contract comprises the invoiced value for the services net of output tax, rebates and

discounts. Revenue from rendering services is based on the percentage of completion determined by reference to

services performed to date as a percentage of total services to be performed. See accounting policy 2.6 on

construction contracts.

Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the

effective rate over the period to maturity, when it is determined that such income will accrue to the Company.

Dividends are recognised when the right to receive payment is established.

2.14 Dividends

Dividends are recorded in the financial statements in the period in which they are approved by the shareholders.

2.15 Financial Instruments

Financial assets carried on the balance sheet include cash and cash equivalents, deposits at financial institutions and

trade accounts receivable. Financial liabilities carried on the balance sheet include borrowings, trade accounts payable,

loans and finance leases. The particular accounting policies are disclosed in the individual policy statements associated

with each item.

3. Cash and Cash Equivalents

2005 2004

Baht Baht

Cash on hand 46,146 31,701

Deposits held at call with banks 102,554,887 80,253,618

Total 102,601,033 80,285,319

The weighted average effective interest rate of deposits at banks was 0.75% per annum (2004 : 0.35% per annum).

4. Deposits at Financial Institutions

Deposits at financial institutions are fixed deposits and have been pledged as collateral to secure project contracts.

The weighted average effective interest rate of deposits at financial institutions was 1.10 % per annum (2004 : 1.10% per

annum).


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5. Trade Accounts Receivable, net

2005 2004

Baht Baht

Trade accounts receivable

- third parties 306,030,097 186,731,220

- related companies (Note 17 (d)) 14,598,343 4,202,563

Total trade accounts receivable 320,628,440 190,933,783

Less: Allowance for doubtful accounts (23,032,000) (8,819,000)

Trade accounts receivable, net 297,596,440 182,114,783

Outstanding trade accounts receivable as at 31 December can be analyzed as follows:

2005 2004

Baht Baht

Less than 3 months 229,115,226 158,565,079

Over 3 months to 6 months 76,474,890 17,245,372

Over 6 months to 12 months 7,261,146 1,815,993

Over 12 months 7,777,178 13,307,339

Total 320,628,440 190,933,783

6. Due from Customers on Project Contracts, net

2005 2004

Baht Baht

Contract cost brought forward 1 January 388,205,686 137,213,572

Contract cost incurred during the year 731,818,286 589,382,687

Contract cost to date at the end of year 1,120,023,972 726,596,259

Recognised profits to date 177,499,981 182,239,303

Contract cost incurred and recognised profits to date 1,297,523,953 908,835,562

Progress billings (1,052,522,152) (660,837,688)

Due from customers on project contracts 245,001,801 247,997,874

Provision for loss and claim on project contract (7,826,000) -

Due from customers on project contracts, net 237,175,801 247,997,874

7. Other Current Assets

2005 2004

Baht Baht

Prepayment 4,115,756 1,238,880

VAT receivable 6,538,731 605,801

Others 6,322,495 1,060,859

Total 16,976,982 2,905,540


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8. Investment in Associates and Joint Venture

2005 2004

Baht Baht

Opening book amount 34,679,414 11,254,227

Share of increase in net equity of associate and joint venture 38,698,832 24,377,494

Less Dividend received from associate and joint venture (12,862,006) (952,307)

Investment in joint venture during the year 3,897 -

Currency translation differences (10,861,572) -

Closing net amount 49,658,565 34,679,414

2005 2004

Baht Baht

Investment in associate 44,846,105 34,679,414

Investment in joint venture 4,812,460 -

49,658,565 34,679,414

a) Investment in Associates

Paid up capital % of holding

Nature of Country of

business incorporation Currency 2005 2004 2005 2004

LNV Technology Mechanical engineering India Rupees 3,367,347 3,367,347 48 48

Private Limited consulting

LV Europe S.A. Mechanical engineering France Euros 40,000 40,000 49 49

consulting

At cost At equity

2005 2004 2005 2004

Baht Baht Baht Baht

LNV Technology Private Limited 1,663,365 1,663,365 44,846,105 33,751,519

LV Europe S.A. 874,560 874,560 - 927,895

b) Investment in Joint Venture

The principal jointly controlled entities are:

Country of % Ownership Interest

Business Incorporation 2005 2004

BLVT, LLC Mechanical The United

engineering State of

consultation America 33.33 -

At cost At equity

2005 2004

Baht Baht

BLVT, LLC 3,897 4,812,460

The carrying value of the investment in a joint venture under the equity method of Baht 4.8 million in the balance

sheet as at 31 December 2005 and the share of profit of this joint venture in the statements of income for the year ended

31 December 2005 of Baht 12.6 million were based on the financial statements prepared by the management of this joint

venture.


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9. General Investment, net

As at 31 December 2005, the Company had an investment in non-marketable security. Investment is classified as a

general investment and stated at cost in the balance sheets, less allowance on impairment in value of investment, in the

financial statements.

Nature of Country of Paid up capital % of

Business Incorporation (Million Baht) holding

Siam Lime Product Manufacturing and Thailand 111.5 9.14

Company Limited distribution lime

At cost

2005 2004

Baht Baht

Siam Lime Product Company Limited 4,475,500 4,475,500

Less: Allowance in impairment in value of investment (4,475,500) (4,475,500)

Net - -

10 Fixed Assets , net

Machinery Furniture

and Office and Motor

equipment equipment fixtures vehicles Total

Year ended 31 December 2004

Opening net book amount 140,629 3,012,103 576,886 828,792 4,558,410

Additions 184,505 1,862,998 1,160,391 - 3,207,894

Disposals - (87,775) - - (87,775)

Depreciation charge (Note 18) (64,383) (1,017,635) (234,158) (273,000) (1,589,176)

Closing net book amount 260,751 3,769,691 1,503,119 555,792 6,089,353

At 31 December 2004

Cost 552,125 6,435,164 2,172,060 1,368,534 10,527,883

Less: Accumulated depreciation (291,374) (2,665,473) (668,941) (812,742) (4,438,530)

Net book amount 260,751 3,769,691 1,503,119 555,792 6,089,353

Year ended 31 December 2005

Opening net book amount 260,751 3,769,691 1,503,119 555,792 6,089,353

Additions - 2,803,360 200,092 1,350,500 4,353,952

Disposals - (71,478) - (111,000) (182,478)

Depreciation charge (Note 18) (68,225) (1,440,832) (431,677) (471,900) (2,412,634)

Closing net book amount 192,526 5,060,741 1,271,534 1,323,392 7,848,193

At 31 December 2005

Cost 552,125 8,999,247 2,358,055 2,354,035 14,263,462

Less: Accumulated depreciation (359,599) (3,938,506) (1,086,521) (1,030,643) (6,415,269)

Net book amount 192,526 5,060,741 1,271,534 1,323,392 7,848,193

11. Borrowings from Financial Institutions

Borrowings from financial institutions represent promissory notes with financial institutions bearing interest at rates

varying between 5.58% - 7.50% per annum (2004 : between 6.25% - 6.75% per annum).


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12. Due to Customers on Project Contracts, net

2005 2004

Baht Baht

Contract cost brought forward 1 January (305,785,739) (902,729)

Contract cost incurred during the year (118,571,279) (7,173,008)

Contract cost to date at end of year (424,357,018) (8,075,737)

Recognised profits to date (121,166,308) (3,500,218)

Contract cost incurred and recognised profits to date (545,523,326) (11,575,955)

Progress billings 566,184,778 25,765,782

Due to customers on project contracts, net 20,661,452 14,189,827

13. Issued and Fully Paid-up Shares Capital

Number of shares (ù000) Unit: ù000 Baht

Issued Issued and Issued and

Ordinary fully paid-up Fully paid-up Share

Shares shares Shares Premium Total

As at 1 January 2004 75,000 75,000 75,000 6,000 81,000

Issue of shares 30,000 30,000 30,000 30,000 60,000

As at 31 December 2004 105,000 105,000 105,000 36,000 141,000

Issue of shares 210,000 - - - -

As at 31 December 2005 315,000 105,000 105,000 36,000 141,000

As at 31 December 2005, the total registered ordinary shares are 315 million shares (2004 : 105 million shares) with Baht

1 par value (2004 : Baht 1 par value). The issued number of ordinary shares is 105 million shares (2004 : 105 million shares)

with a par value of Baht 1 per share (2004 : Baht 1 per share). The Company registered the increased share capital with

the Ministry of Commerce on 28 July 2005.

At the Board of Directors Meeting held on 14 October 2005, the board of directors approved to offer the increasing

of ordinary shares of 105,000,000 shares at price Baht 1.75 per share to existing shareholders, 1 unit of new ordinary share

received 1 warrant. The offering price of warrant is Baht 0.

14. Dividend Paid

A dividend in respect of year 2004 of Baht 0.20 per share (amounting to a total of Baht 21,000,000 was paid on 27

May 2005 to all shares outstanding.

15. Legal Reserve

Under the Public Company Limited Act., the Company is required to set aside as a legal reserve at least 5% of its

net profit after accumulated deficit brought forward (if any) until the reserve is not less that 10% of the registered capital.

The legal reserve is non-distributable.

16. Earnings per Share

The Company calculated basic earnings per share by dividing the net profit for the year attributable to shareholders

with the weighted average number of ordinary shares.

2005 2004

Net profit attributable to shareholders (Baht) 50,186,340 43,920,550

Weighted average number of shares 105,000,000 90,000,000

Basic earnings per share (Baht) 0.48 0.49


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17. Related Parties Transactions

Enterprises and individuals that directly, or indirectly through one or more intermediaries, control or are controlled by,

or are under common control with, the Company including holding companies, subsidiaries and fellow subsidiaries are

related parties of the Company. Associates and individuals owning, directly or indirectly, an interest in the voting power

of the Company that gives them significant influence over the enterprise, key management personnel, including directors

and officers of the Company and close members of the family of these individuals and companies associated with these

individuals also constitute related parties.

In considering each possible related party relationship, attention is directed to the substance of the relationship, and

not merely the legal form.

The following transactions were carried out with related parties:

a) Technical assistance fee

During the year ended 31 December 2005, the Company charged technical assistance fees to an associate

amounting to Baht 2.6 million (2004 : Baht 0.9 million). The fees charged were made on agreed commercial terms and

conditions and were charged at cost plus 20 % (2004 : cost plus 20%).

b) Revenue from subcontract

During the year ended 31 December 2005, an associate subcontracted the engineering services to the Company

amounting to Baht 14.5 million (2004 : Baht 4.1 million). The price were charged at cost plus 10% (2004 : cost plus 10%).

c) Cost from subcontract

During the year ended 31 December 2005, the Company subcontracted the engineering services to an associate

amounting to Baht 73.6 million (2004 : Baht 97.7 million). The cost were charged at cost plus 10% (2004 : cost plus 10%).

d) Trade accounts receivable - related companies

2005 2004

Baht Baht

Receivable from associates 13,779,343 2,383,563

Receivable from the related company 819,000 1,819,000

Total 14,598,343 4,202,563

Less : Allowance for doubtful accounts (12,667,000) (1,819,000)

Net 1,931,343 2,383,563

Receivable from other related company is an outstanding trade accounts receivable from a related company in

which the Company and a director of the Company hold certain ordinary shares. Management of the Company has

made full provision for a long-outstanding balance (more than one year overdue) amounting to Baht 1.8 million due from

the other related company. In September 2005, that affiliate has made agreement to postpone the payment by the first

payment is 1 million Baht and the second payment will be held in February 2006.

e) Trade accounts payable - related companies

2005 2004

Baht Baht

Payable to associate 40,271,895 54,348,486

f) Director remuneration

2005 2004

Baht Baht

Director remuneration 1,780,000 1,270,000

Directorûs remuneration represents meeting fee and gratuities as approved by shareholders of the Company in

their Annual General Meeting.


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18. Operating Profit

The following expenditures, classified by nature, have been charged in arriving at operating profits:

2005 2004

Baht Baht

Net foreign exchange transaction (gain) losses (18,529,863) 6,820,826

Depreciation charged on equipment (Note 10) 2,412,634 1,589,176

Staff cost 52,683,368 29,335,669

19. Financial Instruments

The principal financial risk faced by the Company is foreign currency exchange rates as certain service contracts and

cost of subcontract have been made in foreign currencies.

In 2005, the main Companyûs contract revenue were agreed in US dollar, while the Companyûs cost of contracts

were agreed in Euro. These two currencies do not vary in the same way. Therefore, the Company has to encounter the

financial risk from foreign currency exchange rate substantially. However, the Company has set up the policy to protect

such risk by balancing income and expenses that are in foreign currencies. Namely, the Company determines the service

revenue in Euro to be more compatible with service cost agreed in Euro.

The Company has no significant concentration of credit risk from customers. The Company has policies in place to

ensure that services are provided to customers with an appropriated credit history and as a policy, all major services are

supported by sight letters of credit issued by reputable banks.

The Company has interest rate risk from short-term borrowings from financial institutions. There is no financial

instruments to hedge the exposure which is different from the normal exposure from loans.

The carrying amounts of the financial assets and financial liabilities approximate to their fair value.

20. Bank Guarantees

As at 31 December 2005, the Company was responsible for bank guarantees totaling US Dollar 1,060,820 and Euro

1,642,766 (2004: US Dollar 863,611 and Baht 5,586,000) issued by banks to third parties in the ordinary course of business

and no liabilities are expected to arise.

21. Operating Lease Commitment

The future aggregate minimum lease payments under non-cancellable operating leases are as follows:

2005 2004

Baht Baht

Not later than 1 year 3,510,367 3,135,570

Later than 1 year but not later than 3 years 5,679,615 2,727,497

Total 9,189,982 5,863,067

22. Subsequent Events

During 31 January 2006 to 3 February 2006, the Company offered the shareholders to exercise the right to purchase

the increasing 105,000,000 ordinary shares at price Baht 1.75 per shares.


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