mdx 08

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

2551 ( ) 1

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

2

4

5

5

5

6

7

7

21

23

24

40

44

44

46

46

47

48

49

50

31 2551

54

63

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

2

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

2551 ( )

( )

2551

24 2551

3 2

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

2551 ( ) 3

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

2551

( )

- License Agreement

24 2551

2551 ( )

( ) 0.10

28,650,000 15

2550 0.16

( )

2550 0.26 74,490,000

150

15 10

10

500

650

( )

( ) ( )

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

4

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

2551 ( )

( ) 25512551255125512551 25502550255025502550 25492549254925492549

4,297.95 4,151.14 4,024.311,560.54 1,656.01 1,656.54

733.21 605.91 450.074,755.93 4,755.93 4,755.93

( )39.59 102.48 161.2299.14 97.30 92.8242.56 30.26 31.38

367.41 470.50 536.797.92 35.21 75.83

56.03 56.01 34.3287.49 21.31 45.32

228.85 315.40 348.580.09 0.09 0.17

( ) 239.86 298.36 408.48- - 6,354.57

( ) ( ) 125.44 188.16 6,305.20

( )( ) - ( ) 0.26 0.40 (0.10)

- - - 13.36 - 0.26 0.40 13.26

- - -10.00 10.00 10.001.54 1.27 0.95

(%)22.34 25.76 713.07

18.74 35.64 (234..61)

31 2551

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

2551 ( ) 5

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

2.

( )

1. ( )

: .

: 0-2302-2000

: 0-2302-2100

2.

: .

: 0-2302-2300

: 0-2302-2400

3.

:

4.

: .

: 0-2302-2300

: 0-2302-2400

6

10

1 ( .)

10

286,500,000

2,000,000

1

4,000,000

148,998,600

1,999,993

1

3,900,000

52.01

99.99

100.00

97.50

/ ( ) ( ) (%)( )

( 31 2551) 31 2551

1.: ( )

: 0107536000811

: 199 12A

10110

: 0-2302-2300

: 0-2302-2400

:

: 4,756,303,780 4,755,931,420

475,593,142 10

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

6

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

2551 ( )

65,000,000

1,800,000

4,000

27,500

20,000

5.: .: 0-2302-2300: 0-2302-2400

6.: .: 0-2302-2000: 0-2302-2100

7.

:

8.:

9. ( ):

10

10

1 ( .)

1 ( .)

1 ( .)

*64,999,993

*1,799,993

*4,000

*27,500

**20,000

*99.99

*99.99

*100.00

*100.00

**100.00

* ( ) **

/ ( ) ( ) (%)( )

3.

1.: .: 0-2652-2412: 0-2652-2440

2.

: .: 0-2302-2000: 0-2302-2100

3. -: -

100

100

50( .)

199,993

*8,536,047

**220,000

35.71

*32.00

**20.00

* ( ) **

560,000

26,675,155

1,100,000

/ ( ) ( ) (%)( )

31 2551

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

2551 ( ) 7

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

4.

4.1: ( ) 4

62 . . 10110 : 0-2359-1200-49 : 0-2359-1259

4.2:

. . 128/151 14

10400 : 0-2214-6464 : 0-2214-6065

5.1 ( ) -

( ) : :

( )::

( ) ( )

Holding Company

5

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

8

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

2551 ( )

5.2

( )

31 2551

MDX PUBLIC COMPANY LIMITED

MDX BVI Ltd.

cap. US$ 1

Gateway Development

Co.,Ltd. cap. 56 milMDX Water Co.,Ltd.

cap. 20 mil.MDX Group Co.,Ltd.

cap. 40 mil.

Eastern Power& Electric

Co.,Ltd. cap. 2,667 mil.

Gateway PowerCo.,Ltd

cap. 18 mil.

GMSEPEC BVI Ltd.

cap. US$ 27,500

MDX PowerInternational BVI.

cap. US$ 4,000

GMS LAO Co.,Ltd.

cap. 650 mil.

99.99%100%99.99% 100%32%

3.49%14.66%

1.22%

100% 35.71%

12.36%

52.01% 99.99% 97.50%

GMS Power Plc.

cap. 1,719 mil.

Total Gas and Power Thailand S.A.

Axia Power Holding, B.V.

China Development

Industrial Bank Inc.

28%

28%

12%

100%

GMS Power Intl,BVI Ltd.cap.US$ 20,000

Theun HinbounPower Co.,Ltd.cap.US$ 55 mil.

Electricite du Laos

20%

60%

20%

Nordic Hydropower AB

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

2551 ( ) 9

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

5.4 5.4.1

(1)

( ) 10

331 5,183 (

) ( )

( .)

( 2)

5.3

/ % 2551 2550 2549

. 39.59 7.05 102.48 14.03 161.22 18.73

. 100.00% 89.27 15.90 87.53 11.98 80.67 9.37

. 52.01% 0.06 0.01 0.07 0.01 0.11 0.01

. 35.71% 9.80 1.75 9.69 1.33 12.03 1.40

99.13 17.66 97.29 13.32 92.81 10.78

. 28.50 5.08 - 0.00 - 0.00

. 52.01% 12.74 2.27 28.94 3.96 31.39 3.65

. 35.71% 1.32 0.24 1.32 0.18 - 0.00

42.56 7.58 30.26 4.14 31.39 3.65

* . 52.01% 367.41 65.44 470.50 64.41 536.79 62.36

12.75 2.27 29.98 4.10 38.56 4.48

561.45 100.00 730.51 100.00 860.76 100.00

*

% % %

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

10

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

2551 ( )

(2)

38

17

1 2 3

8 16 14 38

5 3 9 17

13 19 23 55

2

(BOI)

2

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

2551 ( ) 11

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

3

Brochure

Website

1.

82 . 65 . 85 .

2.

3. 2 -

(BOI) (Free Zone : FZ)

(3)

. .2534

-

( .)

(General Industrial Zone : GIZ) (Free Zone : FZ)

Export Processing Zone : EPZ)

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

12

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

2551 ( )

5.4.2

( ) ( )

230

2551 ( )

( )

(1)

( )

100% -

( )

3,300

2-3

.

.

.

60 .

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

2551 ( ) 13

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

2536 2539

2551

-

- 210

- ( - ) (20%) (60%) Nordic Hydropower

AB (20%) -

30 2537

2539 207

280 2537

31 2541 240

- 2545 -

3,000

30 Thai Exim Thai Exim Asain Mezzanine Infrastructure Fund

10 Thai Exim

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

14

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

2551 ( )

- 100%

4

5 2547 --

-

( ) 210 440 60 EdL

500

2551 -

License Agreement

VATech

2551

- non-recourse 600

PNB Paribas, ANZ, KBC,

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

2551 ( ) 15

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

3

400

- 1

2537

55 45

3 Snowy Mountains Engineering

Corporation

2539

2540

29 2540

2545

2546 3

2543

2547

3

26 2548

(MOU) Marubeni

(“REGCO”)

3

(27%) Marubeni (25%) REGCO (25%) (23%)

18 2549 (MOU)

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

16

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

2551 ( )

2550

11 2550

3

2551

License Agreement

(2)

( ) ( ) ( )

2537 3

1,500 300

2538 (

) 52 48

12 2541

3,000

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

2551 ( ) 17

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

2560

2543

-

-

7 2543

30

70 -

2544

29 2544

2546

5 2

China Southern Power Grid Co.,Ltd.

China Huaneng Group (CHNG) 1 5

CHNG

(1,500 )

Nuozhadu ( 5,500 )

3,000

CHNG

Guangdong

2546

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

18

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

2551 ( )

(3)

( )

67

(IPP) 2538

2540

350

19 2540

2542

Total Gas and Power Thailand S.A. (TOTAL)

China Development Industrial Bank Inc. (CDIB) TOTAL

28 9 2542

CDIB

12 23 2542

32 28

28

. .

2543

181,875,000

14 2543 115

Citicorp, Tokai Bank, BNP Paribas, Credit Agricole Indosuez

Standard Chartered Bank (MITI of Japan)

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

2551 ( ) 19

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

45 TOTAL FINA ELF S.A. BNP

Credit Agricole Indosuez Fortis Bank

2543

Alstom Power ( ABB

Power) Sumitomo Electric Industries

Italian Thai Development PLC

25 2546

30

1 2546

2547

(refinancing)

China Construction Bank Bank of China KBC Bank

Sumitomo Mitsui Banking Corporation Citicorp

refinancing

3 6

2548

GT-26

GT-26 189

2551

5.5 2551 ( )

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

20

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

2551 ( )

29 2551 150 15

10 10 500

650

7 2551 ( ) 15

10 150 ( ) 49,999,993 64,999,993

99.99

24 2551 2551

( ) 2550

( ) 286,500,000

0.10 28,650,000

23 2551

24 2551 ( )

(

2 )

(1)

(2)

(3)

26 2551

2551 ( )

- License Agreement

5.6- -

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

2551 ( ) 21

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

6.6.1

(BOI)

2

3

2551 BOI

3 5

31 2552

BOI

3

2 5

-

( , , , ICT, )

(AFTA)

(Cluster)

. . 2545

( .)

6,900 5,183

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

22

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

2551 ( )

. . 2546

ISO 9001 ISO 14001 . . 2547

.

. .2550

(Preventive Maintenance)

6.2

2551

Road Show (BOI)

( .)

6.3

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

2551 ( ) 23

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

7.

9 2551

1. Standard Merchant Bank (Asia) Limited. 69,590,077 14.63%

2. ( ) 58,794,745 12.36%

3. 46,764,806 9.83%

4. Oriental Pacific Ventures Limited 44,751,401 9.41%

5. The Law Debenture Trust Corporation P.L.C. 39,413,146 8.29%

6. 21,608,850 4.54%

7. 16,097,397 3.38%

8. 12,560,900 2.64%

9. 10,360,417 2.18%

10. 9,407,711 1.98%

11. 6,243,500 1.31%

12. 5,793,751 1.22%

13. Siam Land Holding(1990)Co.,Ltd. 5,348,837 1.12%

14. 5,199,701 1.09%

15. 4,833,922 1.02%

16. 4,713,500 0.99%

17. 3,510,000 0.74%

18. Thailand Securities Deposity Co.,Ltd.for Depositor 3,493,000 0.73%

19. ( ) 3,242,900 0.68%

20. 3,180,700 0.67%

21. 3,017,300 0.63%

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

24

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

2551 ( )

8.

8.18.1.1

1

2

1

2

1

2

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

2551 ( ) 25

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

1

2

1

2

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

26

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

2551 ( )

8.1.2 3

1.

2.

3.

3.1

3.2

50

3.3

50

1.

2. ( 10,000,000

)

3.

( )

4. ( )

5. ( )

6.

7. ( )

8.

9.

10.

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

2551 ( ) 27

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

1.

2. (Internal Control)

( Internal Audit )

3.

4.

1

5.

6.

( )

( )

( )

( )

( )

( )

( )

(Charter )

( )

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

28

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

2551 ( )

8.1.3 31 2551

1.2.3.4 . . .5.6.7.

8.

1.2.

3.

7.

8.

( )( )( )

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

2551 ( ) 29

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

1. *2. 3. *

( * )

1.2. .3. .4.5.

1. ( )2. ( )3. ( )4. ( )

5. ( )6. ( )7. ( )

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

30

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

2551 ( )

66

Banking Diploma, Mitsui Bank,Japan. Banking Diploma,Thai Banker Association.

2536-

( )2510-2535

(%) 0.03

Director Accreditation Program (DAP) 2550

8.1.4

67

B.S., Mechanical Eng., Batter Sea College ofAdvanced Technology, England

2516 -

(%) 2.641


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

2551 ( ) 31

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

62

,M. Eng., Asian Institute of Technology.

( ),

2536- ( )

2517-

(%) 0.005

Director Accreditation Program (DAP) 2547Director Certification Program (DCP) 2550

. . .

83

2536-

(%) 0.0012

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

32

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

2551 ( )

77

27,

M.S.E.E. Oregon State University, USA.,

,

2548-2550 ( )

2546-2549

( )(%) 0


73

2541-25492535-2540

6 (%) 0


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

2551 ( ) 33

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

73

2540-25492534-2539

(%) 0.09


48

( ),

( ),

( ),

2547- ( ) ( )

2548-2549

(%) 0.0003


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

34

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

2551 ( )

( )52

( )

B.S. (Econ), The Chinese University of Hong Kong

2541-

2526-2533 Shearson Lehman Brothers Inc.,HK. & N.Y.

(%) 0

( )

54

2524-2533

(%) 0.004

( )

51

. ( )

2525-2539

(%) 0

( )

49

2530-2533

( )

2528-2530

(%) 0.0001

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

2551 ( ) 35

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

( )

45

2533-2536

2530-2533

(%) 0

( )

43

2533-2535

(%) 0.0004

( )

48

2531-2533

2526-2530

(%) 0.014

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

36

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

2551 ( )

8.1.6 ( )

1. / // /

2. /

3. /

4. / /

5. / //

6. /

7. /

8. / // /

9. /

. .

: / = x = // =

1. /x // /

2. / // / / / /

3. / // / // / / / /

4. . . . /

5. /

6. /

7. /

8. / /

9. / /

: / = x = // =

() (

)

8.1.5

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

2551 ( ) 37

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

8.28.2.1

2551- -

8.2.2

31 ( )

2550 2551

1. 12,560,900 12,560,900 -

2. 22,500 22,500 -

3. . . . 6,000 6,000 -

4. 141,200 141,200 -

5. - - -

6. - - -

7. 422,000 422,000 -

8. 1,200 1,200 -

31 ( )2550 2551

1. 100 100 -

( ) 30,100 30,100 -

2. 1 1 -

1 1 -

3. 1 1 -

4. 1 1 -

5. 1 1 -

1 1 -

8.2.3

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

38

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

2551 ( )

1. 120,0002. 100,0003. 100,0004. . . . 100,0005. 120,000 6. 100,0007. 100,0008. 100,000

8.3

(1)

(2)

3) 10 16,819,550

1. 50,000

2. 50,000

3. 50,000

8.4

( ) ( )

1. 9 92. 9 93. 9 94. . . . 9 85. 9 86. 9 87. 9 98. 9 9

. . 2551 9

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

2551 ( ) 39

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

8.5

(Nominating Committee)

(1)

(2) (1)

(3)

8.6

. . .

/

(1) -

-

-

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

40

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

2551 ( )

-

-

-

-

(2)

9.( )

CG (Corporate Governance)

9.1

4

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

2551 ( ) 41

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

7 14

9.2

9.3

ISO 14001 V1996 ISO 9001 V2000

9.4

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

42

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

2551 ( )

9.5

9.5.1

8 4

(1)

(2)

(3)

9.5.2 1 3

3

9.5.3

DirectorAccreditation Program (DAP)

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

2551 ( ) 43

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

9.5.4 3

7

2-3

9.5.5

9.5.6

9.5.7

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

44

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

2551 ( )

11.

1/2551 20 2551 4 / 2551 30 2551 3

5

(1)

(2)

10.

1

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

2551 ( ) 45

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

(3)

3

-

-

-

(4)

(5)

The Committee Of Sponsoring

Organization Of The Tread way Commission (COSO) .

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

46

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

2551 ( )

12. 40

115

. . 2535

"

"

13.13.1

7

13.2

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

2551 ( ) 47

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

13.3

/

13.4

. . 2547

14.

14.1

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

48

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

2551 ( )

15.

15.1

990,000

1,238,000

15.2- -

14.2

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

2551 ( ) 49

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

( )

( )

. .

3

31 2551

( ) ( )

( )

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

50

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

2551 ( )

( )

( )

3

2551 6 2552

1 7

1. 2551

2.

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

2551 ( ) 51

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

3.

4.

5.

6.

7. 2552

2552

3277

4387

4663

5369

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

52

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

2551 ( )

. . 2552

990,000

2551

5

2552 5

/

( )

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

2551 ( ) 53

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

31 2551

( )

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

54

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

2551 ( )

( )

31 2551

2550

( )

( )

31 2551 2550 14

49.47 49.67

31 2551 2550 292.89

250.05

31 2551 2550

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

2551 ( ) 55

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

( )

( )

4 2551

. .

( )

3277

24 2552

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

56

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

2551 ( )

( )

31 2551 2550

31 2551 31 2550 31 2551 31 2550

( 8) 379,462,086.71 421,964,495.34 46,148,858.68 54,363,488.91

( 9) 15,323,805.89 - - -

- ( 10) 14,254,029.80 16,038,288.53 11,196,451.67 13,071,411.87

- ( 11) 3,531,000.00 - 3,531,000.00 -

- ( 12) 692,538,332.72 700,461,103.58 692,538,332.72 700,461,103.58

22,902,849.75 16,750,283.26 5,262,428.51 5,690,981.64

1,128,012,104.87 1,155,214,170.71 758,677,071.58 773,586,986.00

- ( 13) - - 1,178,871,086.15 1,184,077,961.15

( 14) 2,126,188,483.64 2,062,013,317.34 - -

- ( 15) 497,036,193.81 441,821,784.89 113,307,547.63 126,176,379.43

- ( 16) - - - -

- ( 17) - - - 889.00

- ( 18) 2,829,093.15 47,982.31 360.00 47,982.31

- ( 19) - - - -

( 20) 128,451,125.88 50,520,114.82 - -

- ( 21) 34,974,800.00 34,974,800.00 34,974,800.00 34,974,800.00

- ( 22) 265,836,770.85 280,224,140.25 138,660,094.55 153,121,028.43

- ( 23) 100,220,541.05 103,463,521.85 30,208,060.04 34,276,397.04

( 4) - 5,011,617.18 - -

14,396,940.98 17,850,988.81 8,087,644.44 11,164,860.27

3,169,933,949.36 2,995,928,267.45 1,504,109,592.81 1,543,840,297.63

4,297,946,054.23 4,151,142,438.16 2,262,786,664.39 2,317,427,283.63

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

2551 ( ) 57

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

302,802.12 157,815.12 - -

( 24, 30) 32,080,443.42 44,080,444.35 40,524,799.18 55,683,493.28

2,881,939.40 7,808,331.70 - -

( 20) 22,939,574.53 56,810,396.18 - -

43,171,133.13 46,576,707.06 21,823,810.20 32,974,717.66

101,375,892.60 155,433,694.41 62,348,609.38 88,658,210.94

( 24, 30) 1,414,143,734.32 1,453,003,465.34 1,842,302,547.67 1,892,608,294.69

( 7.2) 1,750,000.00 1,750,000.00 - -

( 25) 43,035,031.31 45,591,515.46 43,035,031.31 45,591,515.46

231,220.00 232,020.00 304,178.50 304,178.50

1,459,159,985.63 1,500,577,000.80 1,885,641,757.48 1,938,503,988.65

1,560,535,878.23 1,656,010,695.21 1,947,990,366.86 2,027,162,199.59

475,630,378 10.00 4,756,303,780.00 4,756,303,780.00 4,756,303,780.00 4,756,303,780.00

475,593,142 10.00 4,755,931,420.00 4,755,931,420.00 4,755,931,420.00 4,755,931,420.00

(645,884,960.00) (645,884,960.00) - -

4,110,046,460.00 4,110,046,460.00 4,755,931,420.00 4,755,931,420.00

( ) (160,294.72) (160,294.72) - -

( ) (3,124,683.97) 9,758,085.43 (3,124,683.97) 9,758,085.43

( ) 1,306,853.85 4,063,676.56 - -

55,610,136.19 38,112,542.84 - -

( ) (3,430,470,080.37) (3,555,913,613.40) (4,438,010,438.50) (4,475,424,421.39)

733,208,390.98 605,906,856.71 314,796,297.53 290,265,084.04

2,004,201,785.02 1,889,224,886.24 - -

2,737,410,176.00 2,495,131,742.95 314,796,297.53 290,265,084.04

4,297,946,054.23 4,151,142,438.16 2,262,786,664.39 2,317,427,283.63

( )

31 2551 2550

31 2551 31 2550 31 2551 31 2550

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

58

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

2551 ( )

( )

31 2551 2550

31 2551 31 2550 31 2551 31 2550

39,590,819.50 102,482,916.00 39,590,819.50 102,482,916.00

99,138,290.89 97,295,841.04 89,274,710.79 87,534,415.54

42,558,447.44 30,256,631.64 28,500,000.00 7,440,000.00

(7,922,770.86) (35,210,122.72) (7,922,770.86) (35,210,122.72)

(56,032,674.66) (56,009,545.11) (57,040,889.97) (56,387,083.69)

(87,488,953.77) (68,485,912.20) (12,873,278.84) (9,666,312.97)

29,843,158.54 70,329,808.65 79,528,590.62 96,193,812.16 696,574.00 6,829,664.26 15,596,434.00 25,128,082.00

12,053,791.48 23,153,121.00 2,645,140.41 12,299,096.67

(228,854,835.22) (266,657,350.81) (94,304,910.77) (90,169,306.36)

( 15) 50,000,000.00 - - -

(2,011,814.00) (5,180,097.00) (2,011,814.00) (1,880,097.00)

37,813,656.43 14,449,090.32 42,557,417.63 18,958,336.94

( 4) (5,011,617.18) - (5,206,875.00) -

( 13) - - - (678,757,069.75)

(2,190,000.00) (1,570,000.00) (1,390,000.00) (1,490,000.00)

367,406,696.77 470,496,790.82 - -

(87,620.52) (87,500.00) - -

( ) 259,657,990.30 311,763,527.24 37,413,982.89 (619,717,145.34)

(19,799,478.43) (13,403,063.81) - -

( ) 239,858,511.87 298,360,463.43 37,413,982.89 (619,717,145.34)

( ) 125,443,533.03 188,159,897.01

114,414,978.84 110,200,566.42

239,858,511.87 298,360,463.43

( )

( ) 0.26 0.40 0.08 (1.30)

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

2551 ( ) 59

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

()

()

31

255

1 2

550

()

()

()

()

31

254

94,7

55,93

1,420

.00 (6

45,88

4,960

.00)

503

,375

,455

.28

3,1

28,6

87.9

2 5

,159

,792

.88

75,

970,

707.

74 (

4,24

7,60

9,26

0.41

) 4

50,0

71,8

43.4

1 1

,917

,696

,792

.77

2,3

67,7

68,6

36.1

8

-

-

(503

,535

,750

.00)

-

-

-

-

-

(9

0,33

3,04

3.11

)(9

0,333

,043.1

1)

()

-

-

-6,6

29,39

7.51

(1

,096

,116

.32)

-

-

5,533

,281.1

9(9

29,03

0.43)

4,604

,250.7

6

-

-

-

-

-(3

7,858

,164.9

0) -

(37,8

58,16

4.90)

(33,7

30,17

5.41)

(71,5

88,34

0.31)

()

-

-(5

03,53

5,750

.00)

6,6

29,3

97.5

1 (1

,096,1

16.32

) (3

7,85

8,16

4.90

) 5

03,5

35,7

50.0

0 (3

2,324

,883.7

1) (1

24,99

2,24

8.95)

(157

,317,1

32.66

)

()

-

-

-

-

-

-

188

,159

,897

.01

188

,159

,897

.01

110

,200

,566

.42

298

,360

,463

.43

()

-

- (5

03,53

5,750

.00)

6,6

29,3

97.5

1 (1

,096,1

16.32

) (3

7,85

8,16

4.90

) 6

91,6

95,6

47.0

1 1

55,8

35,0

13.3

0 (1

4,79

1,68

2.53

) 1

41,0

43,3

30.7

7

-

-

-

-

-

-

-

-

(13,6

80,22

4.00)

(13,6

80,22

4.00)

31

2550

4,755,

931,42

0.00

(645,8

84,960

.00)

(160,2

94.72)

9,758,

085.43

4,063,

676.56

38,11

2,542.

84 (3,

555,91

3,613.

40) 60

5,906,

856.71

1,889,

224,88

6.24

2,495,

131,74

2.95

()

-

-

- (1

2,882

,769.4

0)

(2,

756,

822.

71)

-

-

(15,6

39,59

2.11)

(308

,657.3

7) (1

5,948

,249.4

8)

-

-

- -

-

17,49

7,593

.35 -

17,

497,

593.

359,4

20,71

7.31

26,

918,

310.

66

()

-

-

-

(12,8

82,76

9.40)

(2,75

6,822

.71)

17,4

97,5

93.3

5-

1,8

58,0

01.2

4 9

,112

,059

.94

10,

970,

061.

18

()

-

-

-

-

-

- 1

25,4

43,5

33.0

312

5,443

,533.0

3 1

14,4

14,9

78.8

4 2

39,8

58,5

11.8

7

()

-

-

-

(1

2,88

2,76

9.40

) (2,

756,

822.

71)

17,

497,

593.

35 1

25,4

43,5

33.0

3 1

27,3

01,5

34.2

7 1

23,5

27,0

38.7

8 2

50,8

28,5

73.0

5

-

-

-

-

-

-

-

-(8

,550,1

40.00

) (8

,550

,140

.00)

31

2551

4,755,

931,42

0.00

(645,8

84,960

.00)

(160,2

94.72)

(3,124

,683.9

7) 1,3

06,853

.85 55

,610,1

36.19

(3,430

,470,0

80.37)

733,2

08,390

.98 2,0

04,201

,785.0

2 2,7

37,410

,176.0

0

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

60

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

2551 ( )

()

31

255

1 2

550

()

()

31

2549

4,755

,931,4

20.00

3,128

,687.9

2(3,

855,7

07,27

6.05)

903,35

2,831.

87(

)

-6,

629,

397.

51

-

6,6

29,3

97.5

1

()

-

6,62

9,39

7.51

-

6,62

9,39

7.51

()

-

-

(619

,717

,145

.34)

(619

,717

,145

.34)

()

-

6,62

9,39

7.51

(6

19,7

17,1

45.3

4)(6

13,0

87,7

47.8

3)

31

2550

4,755

,931,4

20.00

9,758

,085.4

3(4,

475,4

24,42

1.39)

290,2

65,08

4.04

()

-

(12,

882,

769.

40)

-(1

2,88

2,76

9.40

)

()

-

(12,

882,

769.

40)

-(1

2,88

2,76

9.40

)

()

-

-

37,4

13,9

82.8

937

,413

,982

.89

()

-

(12,

882,

769.

40)

37

,413

,982

.89

24,5

31,2

13.4

9

31

2551

4,755

,931,4

20.00

(3,12

4,683

.97)

(4,43

8,010

,438.5

0)31

4,796

,297.5

3

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

2551 ( ) 61

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

( ) ( ) 125,443,533.03 188,159,897.01 37,413,982.89 (619,717,145.34)

( ) ( )

- 14,524,287.72 14,035,415.88 14,597,852.20 14,071,595.13

- 13,284,884.77 13,403,390.01 5,622,897.61 5,119,964.05

5,011,617.18 - 5,206,875.00 -

- 10,213,118.69 - -

2,011,814.00 5,180,097.00 2,011,814.00 1,880,097.00

( ) (37,813,656.43) (14,449,090.32) (42,557,417.63) (18,958,336.94)

(50,000,000.00) - - -

172,834.06 - - -

- - (14,899,860.00) (23,839,776.00)

(696,574.00) (6,829,664.26) (696,574.00) (1,288,306.00)

- - - 678,757,069.75

( ) (367,406,696.77) (470,496,790.82) - -

- 1,177,400.00 - 1,177,400.00

( ) (64,430.65) (1,572,875.80) (54,432.65) (119,068.44)

- (217,686.79) - (217,686.79)

87,620.52 - - -

19,799,478.43 13,403,063.81 - -

( ) 114,414,978.84 110,200,566.42 - -

( ) (161,230,309.30) (137,793,159.17) 6,645,137.42 36,865,806.42

( ) 5,129,078.73 160,508.15 5,219,780.20 (105,716.13)

( ) 18,219,000.00 - 18,219,000.00 -

( ) 7,922,770.86 27,691,581.38 7,922,770.86 27,691,581.38

( ) (13,207,929.87) (14,697,481.64) (3,364,794.82) (3,602,713.95)

( ) 10,644,622.64 6,829,968.68 6,870,563.78 370,868.00

( ) 144,987.00 32,785.98 - -

( ) (3,493,194.45) (3,746,741.67) (11,150,907.46) 5,120,637.96

( ) (2,556,484.15) (624,209.22) (2,556,484.15) (624,209.22)

( ) (800.00) (500.00) - -

(24,725,870.73) (8,419,486.54) - -

( ) (163,154,129.27) (130,566,734.05) 27,805,065.83 65,716,254.46

( )

31 2551 2550

31 2551 31 2550 31 2551 31 2550

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

62

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

2551 ( )

104,962,483.94 - - -

(120,000,000.00 - - -

326,394,650.00 296,450,059.39 - -

- - 14,899,860.00 23,839,776.00

696,574.00 6,829,664.26 696,574.00 1,288,306.00

71,710.26 1,588,970.22 61,710.26 119,133.44

(10,049,183.58) (33,730,547.18) (1,561,838.22) (10,548,655.60)

(136,918.32) (92,848.60) (136,918.32) (92,848.60)

(18,013,937.60) (100,000,000.00) (13,937.60) (100,000,000.00)

(77,931,011.06) (36,357,505.55) - -

- - - (39,000,010.00)

( ) (33,870,821.65) 53,167,275.49 - -

- 6,251,250.55 - -

- - 15,085,052.71 15,761,586.67

- - (1,905,191.08) -

13,036,996.18 8,362,191.50 8,036,996.18 3,362,191.50

(8,858,161.47) (3,300,000.00) (5,717,562.87) -

( ) - (90,333,043.11) - -

( ) 176,302,380.70 108,835,466.97 29,444,745.06 (105,270,520.59)

(50,859,731.95) (54,343,453.28) (65,464,441.12) (71,385,319.86)

(8,550,140.00) (13,680,224.00) - -

( ) (59,409,871.95) (68,023,677.28) (65,464,441.12) (71,385,319.86)( ) 3,759,211.89 (3,552,325.24) - -

( ) (42,502,408.63) (93,307,269.60) (8,214,630.23) (110,939,585.99)( 8) 421,964,495.34 515,271,764.94 54,363,488.91 165,303,074.90( 8) 379,462,086.71 421,964,495.34 46,148,858.68 54,363,488.91

( )

31 2551 2550

31 2551 31 2550 31 2551 31 2550

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

2551 ( ) 63

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

1.

7018/2531 7 2531 30 2536 0107536000811 199 12A

2.2.1

2.2

2.3

2.4

2.5

31 2551 2550

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

64

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

2551 ( )

3.

3.1

25 ( 2550)

29 ( 2550)

31 ( 2550)

33 ( 2550)

35 ( 2550)

39 ( 2550)

41 ( 2550)

43 ( 2550)

51

4

3.2 36 ( 2550) 54 ( 2550)

1 2552

4.

2550 43 ( 2550)

1 2551 43 ( 2550)

1 2551 1 2551

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

2551 ( ) 65

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

1 2551 5.01

5.

5.15.1.1

20

5.1.2

5.1.3

5.1.4

5.1.5

5.1.6

5.2 (

)

5.3

3

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

66

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

2551 ( )

5.4

5.5

5.65.6.1

5.6.2

5.6.3

5.6.4

5.7

5.8 ( )

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

2551 ( ) 67

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

5.9

20 5

5.10

(

)

5.11

-

-

-

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

68

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

2551 ( )

5.12

5.13

5.14 ( )

( ) ( )

5.15

. .2535

5.16

6.

6.1 ( ) 50

50

31 2551 2550 ( )

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

2551 ( ) 69

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

MDX BVI LIMITED 100.00 100.00 British Virgin Island

35.71 35.71

99.99 99.99

( ) 67.92 67.92

MDX POWER INTERNATIONAL 67.92 67.92 British Virgin Island

BVI LIMITED ( )

GMS POWER INTERNATIONAL 67.91 67.91 British Virgin Island

BVI LIMITED ( )

GMS EPEC (BVI) LIMITED ( ) 67.92 67.92 British Virgin Island

( ) 67.91 67.91

( ) 67.91 67.91

97.50 97.50

TA SANG HYDROPOWER COMPANY LIMITED

( ) 82.88 82.88 The Union of Myanmar

}2551 2550

6.2 ( )

6.3

6.4 MDX BVI LIMITED, MDX POWER INTERNATIONAL BVI LIMITED,

GMS POWER INTERNATIONAL BVI LIMITED, GMS EPEC (BVI) LIMITED TA SANG HYDROPOWER COMPANY LIMITED

6.4.16.4.26.4.3

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

70

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

2551 ( )

6.5

7.

7.1

31 31 2551 2550 2551 2550

16.66 16.82 - -

THEUN HINBOUN POWER CO., LTD. 11.68 12.11 - -

28.34 28.93 - -

9.54 9.54 - -

9.54 9.54 - -

( ) - - 8.40 7.44

9.60 9.60 9.60 9.60

9.60 9.60 18.00 17.04

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

2551 ( ) 71

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

31 31 2551 2550 2551 2550

( ) - - 0.09 0.09

- - 2.28 1.91

0.13 0.13 0.13 0.13

0.13 0.13 2.50 2.13

5.13 5.59 2.64 3.02

( ) 0.38 0.48 - -

5.51 6.07 2.64 3.02

1.44 1.44 1.44 1.44

1.44 1.44 1.44 1.44

16.86 16.93 5.64 5.67

16.86 16.93 5.64 5.67

- - 25.20 22.80

(1990) 2.80 2.80 - -

Myanmar-Thai Hydropower Co.,Ltd 2.82 2.96 - -

- 2.51 - -

- 1.10 - 1.10

- 0.60 - 0.60

5.62 9.97 25.20 24.50

( ) - - 2.73 1.44

- - 0.27 0.14

- - 3.00 1.58

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

72

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

2551 ( )

7.2

31 2551 31 2550 31 2551 31 2550

3.21 - 3.21 -

0.32 - 0.32 -

221.08 242.83 221.08 242.83

224.61 - 224.61 -

(221.08) (242.83) (221.08) (242.83)

3.53 - 3.53 -

- - 321.88 327.88

- - - -

- - (6.00) (6.00)

- - 315.88 321.88

- - (315.88) (321.88)

- - - -

- - 5.00 5.00

- - - -

- - - -

- - 5.00 5.00

- - (5.00) (5.00)

- - - -

595.92 598.29 595.92 598.29

- - - -

(2.23) (2.37) (2.23) (2.37)

593.68 595.92 593.68 595.92

(593.68) (595.92) (593.68) (595.92)

- - - -

(1990)

195.00 200.00 - -

- - - -

(5.00) (5.00) - -

190.00 195.00 - -

(190.00) (195.00) - -

- - - -

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

2551 ( ) 73

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

1.99 1.99 - -

- - - -

- - - -

1.99 1.99 - -

(1.99) (1.99) - -

- - - -

1.75 1.75 - -

- - - -

- - - -

1.75 1.75 - -

( )

( )

- - 275.15 289.23

- - (10.56) (14.08)

- - - -

- - 264.59 275.15

- - 27.11 28.50

- - (1.04) (1.39)

- - - -

- - 26.07 27.11

68.78 72.30 68.78 72.30

(2.64) (3.52) (2.64) (3.52)

- - - -

66.14 68.78 66.14 68.78

44.03 46.28 44.03 46.28

(1.69) (2.25) (1.69) (2.25)

- - - -

42.34 44.03 42.34 44.03

31 2551 31 2550 31 2551 31 2550

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

74

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

2551 ( )

3.81 4.00 3.81 4.00

(0.15) (0.19) (0.15) (0.19)

- - - -

3.66 3.81 3.66 3.81

48.48 50.96 48.48 50.96

(1.86) (2.48) (1.86) (2.48)

- - - -

46.62 48.48 46.62 48.48

24.33 25.58 24.33 25.58

(0.93) (1.25) (0.93) (1.25)

- - - -

23.40 24.33 23.40 24.33

( )

( ) - - 56.48 59.21

- - 5.56 5.83

14.12 14.80 14.12 14.80

9.04 9.47 9.04 9.47

0.78 0.82 0.78 0.82

9.95 10.43 9.95 10.43

33.89 35.52 95.93 100.56

- - 203.77 200.41

- - 2.21 2.21

419.39 419.39 419.39 419.39

419.39 419.39 625.37 622.01

(419.39) (419.39) (625.37) (622.01)

- - - -

31 2551 31 2550 31 2551 31 2550

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

2551 ( ) 75

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

- - 1.41 1.41

7.82 7.86 7.82 7.86

7.82 7.86 9.23 9.27

(7.82) (7.86) (9.23) (9.27)

- - - -

7.3

( )

THEUN HINBOUN POWER CO., LTD .

(1990)

( )

Myanmar-Thai Hydropower Co., Ltd

31 2551 31 2550 31 2551 31 2550

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

76

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

2551 ( )

8.

31 2551 31 2550 31 2551 31 2550

9.

820,594.05 8,104,214.03 65,000.00 65,000.00

134,641,492.79 233,860,281.31 22,083,858.68 54,298,488.91

244,000,000.00 180,000,000.00 24,000,000.00 -

379,462,086.71 421,964,495.34 46,148,858.68 54,363,488.91

31 2551 3.25

31 2551 2550 1- 3 2.75 - 3.25

3

31 2551 31 2550

15,037,516.06 -

286,289.83 -

15,323,805.89 -

31 2551

3 20

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

2551 ( ) 77

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

10. -

31 2551 31 2550 31 2551 31 2550

-

- - - -

- 3 3.02 2.99 3.02 2.99

- 3 6 - - - -

- 6 12 - - - -

- 12 7.00 7.00 7.00 7.00

10.02 9.99 10.02 9.99

(7.00) (7.00) (7.00) (7.00)

3.02 2.99 3.02 2.99

-

- - - -

- 3 11.27 13.47 8.21 10.50

- 3 6 0.23 0.94 0.23 0.94

- 6 12 0.05 0.92 0.05 0.92

- 12 0.11 1.49 0.11 1.49

11.66 16.82 8.60 13.85

(0.43) (3.77) (0.43) (3.77)

11.23 13.05 8.17 10.08

14.25 16.04 11.19 13.07

4,267.46 4,213.21 4,267.46 4,213.21

( 44.83 44.29 )

4,203.23 4,172.69 4,203.23 4,172.69

(4,193.21) (4,162.70) (4,193.21) (4,162.70)

- - - -

10.02 9.99 10.02 9.99

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

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

78

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

2551 ( )

11.-

/

31 2551 31 2550

224,606,483.91 242,825,483.91

(221,075,483.91) (242,825,483.91)

3,531,000.00 -

31 2551 2550

1 2551 21.75

12. -

/

31 2551 31 2550

106,155,876.48 107,323,472.308,668,058.27 8,761,791.91

121,554,161.54 122,868,609.938,434,777.73 8,525,988.761,297,465.80 1,311,496.18

308,845,440.69 314,087,192.29137,582,552.21 137,582,552.21692,538,332.72 700,461,103.58

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

2551 ( ) 79

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

13. -

31 2551

%MDX BVI LIMITED 620,000,000.00 100.00 620,000,000.00 (368,913,648.85) 251,086,351.15 -

56,000,000.00 35.71 19,999,300.00 (19,999,300.00) - -

5,000,000.00 99.99 4,999,982.50 (4,999,982.50) - -

1,719,000,000.00 52.01 893,991,600.00 - 893,991,600.00 14,899,860.00

( )

40,000,000.00 97.50 39,000,010.00 (5,206,875.00) 33,793,135.00 -

1,577,990,892.50 (399,119,806.35) 1,178,871,086.15 14,899,860.00

%

MDX BVI LIMITED 620,000,000.00 100.00 620,000,000.00 (368,913,648.85) 251,086,351.15 -

56,000,000.00 35.71 19,999,300.00 (19,999,300.00) - -

5,000,000.00 99.99 4,999,982.50 (4,999,982.50) - -

( ) 1,719,000,000.00 52.01 893,991,600.00 - 893,991,600.00 23,839,776.00

40,000,000.00 97.50 39,000,010.00 - 39,000,010.00 -

1,577,990,892.50 (393,912,931.35) 1,184,077,961.15 23,839,776.00

31 2550 ( ) 595.99 MDX BVI LIMITED 82.76

678.75 ( )

2550 25 2550 10 6

28 2550

31 2551

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

80

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

2551 ( )

31 2551

%

2,541,515,500.00 32.00 853,604,700.00 1,345,363,458.86 153,648,846.00

,

THEUN HINBOUN POWER CO., LTD.

USD 55,000,000.00 20.00 280,555,322.15 780,825,024.78 172,745,804.00

1,134,160,022.15 2,126,188,483.64 326,394,650.00

31 2550

%

2,541,515,500.00 32.00 853,604,700.00 1,356,872,748.84 122,662,995.39

,

THEUN HINBOUN POWER CO., LTD.

USD 55,000,000.00 20.00 280,555,322.15 705,140,568.50 173,787,064.00

1,134,160,022.15 2,062,013,317.34 296,450,059.39

14.

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

2551 ( ) 81

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

( ) " "

( ) 8,536,047

20 2548

31 2551 2550

23 2552 25 2551 31.30 32.69

31 2551 2550 113.31 125.73

31 2551 2550 THEUN HINBOUN POWER CO., LTD.

THEUN HINBOUN POWER CO., LTD. 20

THEUN HINBOUN POWER CO., LTD. 220,000

8 2551THEUN HINBON POWER CO., LTD. refinance -

220,000 2567

31 2551 2550 THEUN HINBOUN POWER CO., LTD.

Clearance Letter 13 2552 11 2551

31 2551 2550 18.17 16.99

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

82

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

2551 ( )

31 2551 2550 179.58 124.32

15. -

31 2551 31 2550

6,810,000.00 56,810,000.00

- (6,810,000.00) - (56,810,000.00) -

40,128,995.00 40,128,995.00

- (40,128,995.00) - (40,128,995.00) -

427,000,000.00 409,000,000.00

2,747,299.39 429,747,299.39 7,201,525.24 416,201,525.24

- 15,039,080.00 15,039,080.00

( ) (1,595,096.97) 13,443,983.03 9,423,868.85 24,462,948.85

-

- 1,393,151.60 1,379,214.00

- (987,271.60) 405,880.00 (221,903.20) 1,157,310.80

- 52,000,000.00 -

1,439,031.39 53,439,031.39 - -

497,036,193.81 441,821,784.89

" " 1 2551

5 50 52 5 9

4.25% 6 13 13

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

2551 ( ) 83

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

31 2551 31 2550

40,128,995.00 40,128,995.00- (40,128,995.00) - (40,128,995.00) -

100,000,000.00 100,000,000.00 ( ) (542,315.40) 99,457,684.60 556,119.78 100,556,119.78

- 15,039,080.00 15,039,080.00 ( )

- (1,595,096.97) 13,443,983.03 9,423,868.85 24,462,948.85- 1,393,151.60 1,379,214.00

- (987,271.60) 405,880.00 (221,903.20) 1,157,310.80

113,307,547.63 126,176,379.43

16. -

31 2551 31 2550

314,450,715.86 320,701,966.41- -- (6,251,250.55)

314,450,715.86 314,450,715.86(314,450,715.86) (314,450,715.86)

- -

31 2551 2550

15 ( ) 31 2551

2550

28 2550 6.25

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

84

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

2551 ( )

31 2551 31 2550

5,000,000.00 5,000,000.00315,883,750.00 321,883,750.00

1,407,091.50 1,407,980.50322,290,841.50 328,291,730.50

(322,290,841.50) (328,290,841.50)

- 889.0

17. -

18.-

31 2551 31 2550 31 2551 31 2550

-593,682,816.04 595,917,727.10 593,682,816.04 595,917,727.10

(1990) 190,000,000.00 195,000,000.00 - - - 2,828,733.15 3,300,000.00 - - - 1,995,000.00 1,995,000.00 - -

- 7,821,192.49 7,905,714.74 7,821,192.49 7,905,714.74796,327,741.68 804,118,441.84 601,504,008.53 603,823,441.84

(793,498,648.53) (804,070,459.53) (601,503,648.53) (603,775,459.53)2,829,093.15 47,982.31 360.00 47,982.31

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

2551 ( ) 85

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

19.-

31 2551 31 2550 31 2551 31 2550

- - - 205,974,496.94 202,613,487.05

- 419,394,115.45 419,394,115.45 419,394,115.45 419,394,115.45

419,394,115.45 419,394,115.45 625,368,612.39 622,007,602.50

(419,394,115.45) (419,394,115.45) (625,368,612.39) (622,007,602.50)

- - - -

20.

26 2548 (MOU)

13 2551 (Shareholder Agreement) Marubeni

Corporation ( )

3

(%) ( ) 27

( ) 25

Marubeni Corporation 25

Lao Holding State Enterprise 23

( )Marubeni Corporation

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

86

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

2551 ( )

21. -

/

31 2551 31 2550

67,684,316.94 67,684,316.94

(32,709,516.94) (32,709,516.94)

34,974,800.00 34,974,800.00

31 2551 2550 499-2-56.0

67.68 408-2-26.0

28.1

22. -

/

31 2550 31 2551

132,730,784.70 - - 132,730,784.70

252,874,277.39 49,500.00 - 252,923,777.39

2,344,846.12 - - 2,344,846.12

4,992,221.22 40,748.60 - 5,032,969.82

3,169,487.23 46,669.72 - 3,216,156.95

396,111,616.66 136,918.32 - 396,248,534.98

(109,113,926.05) (12,412,910.24) - (121,526,836.29)

(211,969.06) (468,768.22) - (680,737.28)

(2,325,640.40) (1,002,493.25) - (3,328,133.65)

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

2551 ( ) 87

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

/

31 2550 31 2551

5,297,034.70 - - 5,297,034.70252,874,277.39 49,500.00 - 252,923,777.39

2,711,663.55 - - 2,711,663.554,992,221.22 40,748.60 - 5,032,969.823,169,487.23 46,669.72 - 3,216,156.95

269,044,684,09 136,918.32 - 269,181,602.41

(109,113,926.05) (12,412,910.24) - (121,526,836.29)(248,148.31) (542,332.70) (790,481.01)

(2,325,640.40) (1,002,493.25) - (3,328,133.65)(1,027,352.57) (640,116.01) (1,667,468.58)

(112,715,067.33) (14,597,852.20) - (127,312,919.53)

(3,208,588.33) - - (3,208,588.33)(3,208,588.33) - - (3,208,588.33)

153,121,028.43 138,660,094.55

31 2551 14,597,852.202550 14,071,595.13

(1,027,352.57) (640,116.01) - (1,667,468.58)(112,678,888.08) (14,524,287.72) - (127,203,175.80)

(3,208,588.33) - - (3,208,588.33)(3,208,588.33) - - (3,208,588.33)

280,224,140.25 265,836,770.85

31 2551 14,524,287.722550 14,035,415.88

/

31 2550 31 2551

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

88

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

2551 ( )

23. -

/

31 2550 31 2551

177,245.07 - - 177,245.07

60,159,760.93 - - 60,159,760.93

74,893,177.95 68,037.38 - 74,961,215.33

26,552,671.87 258,021.00 (1,079,454.00) 25,731,238.87

41,820,171.09 2,010,126.77 (1,230,541.40) 42,599,756.46

7,627,798.60 - - 7,627,798.60

13,727,782.09 - - 13,727,782.09

34,710,323.45 7,712,998.43 - 42,423,321.88

259,668,931.05 10,049,183.58 (2,309,995.40) 267,408,119.23

(34,314,733.88) (2,931,541.36) - (37,246,275.24)

(51,402,921.25) (6,944,225.06) - (58,397,146.31)

(25,002,614.25) (551,352.35) 1,079,454.00 (24,474,512.60)

(37,298,858.64) (1,862,877.02) 1,223,261.79 (37,938,473.87)

(6,801,772.49) (256,531.02) - (7,058,303.51)

(1,265,227.79) (688,357.96) - (1,953,585.75)

(156,086,128.30) (13,284,884.71) 2,302,715.79 (167,068,297.28)

(119,280.90) - - (119,280.90)

(119,280.90) - - (119,280.90)

103,463,521.85 100,220,541.05

31

2551 13,284,884.77

2550 13,403,390.01

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

2551 ( ) 89

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

/

31 2550 31 2551

177,245.07 - - 177,245.07

57,525,917.64 - - 57,525,917.64

18,376,236.54 68,037.38 - 18,444,273.92

10,834,850.49 242,018.00 (1,079,454.00) 9,997,414.49

24,186,178.10 1,251,782.84 (977,341.40) 24,460,619.54

7,496,622.52 - - 7,496,622.52

118,597,050.36 1,561,838.22 (2,056,795.40) 118,102,093.18

(32,121,738.78) (2,863,608.14) - (34,985,346.92)

(12,699,921.85) (1,517,065.49) - (14,216,987.34)

(10,485,630.63) (138,176.55) 1,079,454.00 (9,544,353.18)

(22,223,446.75) (847,516.41) 970,063.79 (22,100,899.37)

(6,670,634.41) (256,531.02) - (6,927,165.43)

(84,201,372.42) (5,622,897.61) 2,049,517.79 (87,774,752.24)

(119,280.90) - - (119,280.90)

(119,280.90) - - (119,280.90)

34,276,397.04 30,208,060.04

31

2551 5,622,897.61

2550 5,119,964.05

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

90

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

2551 ( )

24.

31 2551 31 2550 31 2551 31 2550

46,772,977.20 48,640,142.09 46,772,977.20 48,640,142.09

9,338,834.39 9,711,638.19 9,338,834.39 9,711,638.19

238,542,702.42 248,114,458.14 300,583,880.37 313,157,296.33

99,884,859.66 103,642,598.62 125,957,747.80 130,756,309.57

666,512,102.07 684,832,580.92 666,512,102.07 684,832,580.92

140,985,252.97 146,613,347.03 140,985,252.97 146,613,347.03

67,488,896.05 71,776,832.15 67,488,896.05 71,776,832.15

- - 348,489,103.02 359,051,329.14

112,142,332.35 116,619,024.65 112,142,332.35 116,619,024.65

64,556,220.63 67,133,287.90 64,556,220.63 67,133,287.90

1,446,224,177.74 1,497,083,909.69 1,882,827,346.85 1,948,291,787,97

(32,080,443.42) (44,080,444.35) (40,524,799.18) (55,683,493.28)

1,414,143,734.32 1,453,003,465.34 1,842,302,547.67 1,892,608,294.69

24.1 31 2551 2550

24.2 31 2551 2550

24.3 1,000 1 1,000

11.80 30 2540

31 2541

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

2551 ( ) 91

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

24.4 31 2551 2550

100 2,517

5.59

12 2544

17 2541 31 2546 26.44

(1,232.23 )

24.5 31 2551 2550

20.98

8.64

2540

24.6 31 2551 2550

67.49 71.78 ( 2550

4.29 67.49 )

24.7 31 2551 2550

500.00

24.8 31 2551 2550

3

24.9 31 2551 2550

2

24.10 31 2551 2550

24.1-24.5 24.7-24.9 18 2547

30

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

92

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

2551 ( )

30 2547 30

25. 28 2544

( .)

14 2533

- 6,900 5,183

31 2555

- . (L/G

28.1) . 24,840.00

26.

31 2551 31 2550 31 2551 31 2550

199,028,664.01 173,718,152.40 53,652,336.38 41,066,776.5427,809,172.43 27,438,805.89 20,220,749.81 19,191,559.1844,789,935.80 29,701,821.86 26,160,000.00 22,800,000.0020,709,482.45 20,335,628.60 11,665,432.65 11,120,470.9416,408,105.09 16,405,643.79 14,586,622.05 14,542,992.66

- 30,262,138.81 - -2,011,814.00 5,180,097.00 2,011,814.00 1,880,097.00

(37,813,656.43) (14,449,090.32) (42,557,417.63) (18,958,336.94)5,011,617.18 - 5,206,875.00 -

- - - 678,757,069.752,190,000.00 1,570,000.00 1,390,000.00 1,490,000.00

71,553,874.67 128,500,739.49 45,856,709.55 82,711,026.42351,699,009.26 418,663,937.52 138,193,121.81 854,601,655.55

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

2551 ( ) 93

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

27. 31

2551 2550

31 2551 2550

2551 2550 2551 2550 2551 2550 2551 2550 2551 2550

39,591 102,483 102,844 101,723 83,358 60,497 (42,531) (34,668) 183,262 230,035

(7,923) (35,210) (81,306) (78,846) (94,689) (68,490) 32,474 22,836 (151,444) (159,710)

31,668 67,273 21,538 22,877 (11,331) (7,993) (10,057) (11,832) 31,818 70,325

( ) 259,745 311,851

(88) (87)

(19,799) (13,403)

(114,415) (110,201)

( ) 125,443 188,160

31 366,057 383,688

3,931,889 3,767,454

31 4,297,946 4,151,142

28.28.1 31 2551 2550 Letters ofGuarantee 12.37 34.27

25

28.2 3

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

94

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

2551 ( )

31 2551 31 2550

( ) 62,504 53,475

( ) 52 161

( ) 55 331

( ) 5,770 22,622

( ) 45 -

28.3 31 2551

2552 2555

31 2551

1 46,454 12,000 7,141 -

1 5 - 36,000 - -

29.29.1

29.2

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

2551 ( ) 95

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

29.3

24.4 24.5

( 1 2546)

29.4

29.5

29.6

-

- -

-

30. 10 2547

1 2546 2

15

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

96

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

2551 ( )

30.1 1,599.81

()

18 2547

30.230.2.1

30.2.2

30.2.3

30.330.3.1

30.3.2 6

30 2547 30.3.3

50

31.

24 2552

mdx 08

Documents