ratch: annual report 2007

:

2550 2549 2548 2547 2546

70,300.93 72,105.05 69,940.54 69,494.19 67,144.45

46,072.35 51,848.22 44,836.83 40,416.43 35,803.70

5,829.40 6,106.04 6,066.36 6,487.03 5,424.33

(EBITDA) 10,172.99 10,430.12 10,343.52 10,433.79 9,737.47

(/) 4.02 4.21 4.18 4.47 3.74

(/) 25.85 23.93 21.72 19.63 17.06

(/) 2.10 2.10 2.00 2.00 1.75

010010

2550 2549 2548 2547 2546

() 2.11 2.02 2.05 1.86 1.68

() 1.89 1.81 1.80 1.67 1.44

() 0.69 0.73 0.96 0.72 1.68

() 5.48 6.64 6.68 8.54 7.84

() 66 55 54 43 46

() 6.34 7.58 7.43 7.54 7.37

() 57 48 49 48 49

2550 2549 2548 2547 2546

(%) 13.00 14.74 17.16 18.99 20.61

(%) 12.65 11.78 13.53 16.05 15.15

(%) 16.15 18.45 20.24 24.39 22.93

2550 2549 2548 2547 2546

(%) 8.19 8.60 8.70 9.50 8.04

(%) 19.70 19.14 18.17 18.14 15.22

() 0.65 0.73 0.64 0.59 0.53

EBITDA (%) 14.29 14.69 14.84 15.27 14.43

EBITDA (%) 23.09 22.48 21.43 20.86 18.66

2550 2549 2548 2547 2546

() 0.88 1.08 1.22 1.44 1.71

() 2.24 2.41 2.33 2.52 2.46

010010 011

02 IPP 2.1 2550

(Independent

Power Producer: IPP) 2550

2

()

4

()

KPIC Netherland B.V. Sumikin

Bussan Corporation

19 2550

MOU 11 2550

JDA 18 2550

2.2

(Terms of Reference)

4 Alstom, GE, MHI

Siemens (Engineering

Procurement and Construction : EPC) 3

Hitachi, Marubeni Sumitomo

,

EPC

2.3

4

725 828

9

(..)

IPP 2550

IPP

03

-

..

2

1.75

12

3

27 2550

01 (.)

1.1

() () (Joint Development Agreement: JDA) 11 2550 . 35 1,653 (Memorandum of Understandings: MOU) . 27 2550 2552 2556

1.2 - 3

(.) - 3 440 MOU (Initial) (Power Purchase Agreement: PPA) 11 2550 2551 2556

1.3

JDA SK Engineering & Construction 6 2550 - . 390 . .

2550

012

07

90 ( 100 10 ) 74 SET 50 91

31 2549 Non-Performing Group (NPG) 460 5 (AGM self-assessment) ( ...)

11 2550 2549/50 (Board of the Year of Distinctive Practices 2006/07) () 11 2550 6 2

05 2550

8/2550 20 2550

-

06

14 2550

6.1

: AA- : Stable

.

IPP

6.2

(RG086A, RG106A) : AA :

Stable

04 2550 9/2550 17 2550

(Corporate Social Responsibility: CSR)

IPP

012 013

...

...

(Good Corporate Governance)

80

2550

(Joint

Development Agreement: JDA)

390 SK Engineering & Construction

(.) JDA

.

1,653

1.75 27

2550

014014

2551

1,400 25

350

30 15 .

3 - 2 615 - 3

440 - 1 2 140

2556

14 2550

AA- AA

2549

2550 46,072

5,829

2550

( ...)

11 2550 2549/50 (Board of

the Year of Distinctive Practices 2006/07)

7

( )

014014 015

59

/

()

()

38

20

16

The Role of Chairman Program (IOD)

Finance for Non-Finance Director Program (IOD)

Understanding the Fundamental of Finance Statements (IOD)

2549

2550 /1

2550 /2

2549

2547

2546-2547

2543-2546

2541-2543

2539-2541

1. ()

2. 2 1 2549

3. 23 2550

11 12

/1 /2 /3 /4

016

60

/

Development Studies

()

Directors Certification Program

(IOD)

Audit Committee Program

(IOD)

Finance for Non-Finance Director Program

(IOD)

2536 ()

2547 /1

2535

(ILO-IPEC)

2533

(JICA)

1. ()

2. 1

1 2549

12 12

57

/

(Master of Comparative Law: MCL.) University of Illinois

()

Harvard Business School

8

388

Audit Committee Program (IOD)

Directors Certification Program (IOD)

2548

2548

2547 /1

2541 . () /2

2549

2547

2548

2547

2545

2543

1. ()

2. 2

22 2547

10 12

016 017

60

0.0006% (8,200 )

/

( 2)

- Directors Certification Program

(IOD)

- Finance for Non-Finance Director Program

(IOD)

2550 2 /4

2549 /4

2549-2550 /1

2549 /3

2548-2549 /1

2547-2548 /1

2546-2547

/1

2544-2546 /1

1. ()

2. 2

1 2549

3. 1 2549

1. 12 12

2. 3

3

/1 /2 /3 /4

60

/

University of Washington

43

Advanced Management Program, Harvard

Business School, Harvard University


(IOD)

2550

2547-2550 /1

2547-2550 /1

2549-2550 /3

2547 /1

2545-2546 () /2

2543-2545 /1

2541-2543 /1

2540-2541 /1

1. ()

2. 2

1 2547

8 12

018

56

0.0005% (7,500 )

/

University of Texas- Arlington

Advanced Management Program, Harvard Business School, Harvard University

Senior Executive Program


The Role of the Compensation Committee Program (IOD)

: (IOD)

2548 /1

2548-2549

2547-2548 /1

2546-2547 /1

1. ()

2. 1 1 2549

3. 1 2549

1. 12 12

2. 3 3

55

/

St. Louis University


(IOD)

Directors Certification Program Refresher Course

(IOD)

2544 () /1

2536 () /1

2540 /2

2547

2548

2547 ()

2526

2538-2545 /4

2520-2547

2533-2547 ()

1. ( ())

2. 2

14 2546

3.

23 2550

1. 10 12

2.

1 1

018 019

/1 /2 /3 /4

55

/

McMaster University

The London School of Economics and Political

Science

()

1


(IOD)

Director Accreditation Program

(IOD)


(IOD)

Finance for Non-Finance Director

(IOD)

Directors Certification Program Refresher Course

(IOD)

The Role of the Chairman Program

(IOD)

Understanding the Fundamental of Financial Statements

(IOD)

Fostering a Board and Management Team Program

(IOD)

: 5

(IOD)

2532

2548 . () /2

2548 () /2

2546

2545

()

2543

2548-2549

2547-2549

2546-2549

2546-2549 (.)

2546-2548

2546

2544-2545

2544

25432544

2542-2549

()

2542-2549

()

2541-2545 ()

2540-2543

1.

2. 2

12 2546

3. 12 2546

1. 12 12

2. 5 5

020

52 0.0021% (30,000 ) / Petroleum Engineering, University of Oklahoma

Petroleum Engineering, University of Oklahoma

Petroleum Engineering (with Special Distinction), University of Oklahoma

Senior Executive Programme, The London Business School

() 46

Oil and Gas Management Executive Session, ENSPM Formation Industrie/Institut Francais Du Petroles Centre for Economics and Management, at Rueil-Malmaison Cedex

Advanced Management Program for Oil and Gas Company Managers, American Graduate School of International Management (Thunderbird)

16th Top Management Program, Asian Institute of Management (AIM)

Director Accreditation Program (IOD)

2550

2549

2548-2549

2547-2548

2543-2547 -

1.

2. 1 21 2550

3. 23 2550

1. 7 9

2. 2 2

58

/

15

32

Director Accreditation Program (IOD)

Understanding the Fundamental of Financial Statements (IOD)

Setting the CEO Performance Plan and Evaluation (IOD)

2550

2549-2550

2547-2549

2545-2547

2544-2545

2542-2544

2540-2542

1.

2. 2 1 2549

3. 1 2549

1. 12 12

2. 3 3

020 021

/1 /2 /3 /4

58

/

Illinois Institute of

Technology, Chicago, ILL

Mapua Institute of Technology

4 (.)

3

3

6

11

International Management Program,

The Association for Overseas Technical Scholarship (AOTS)

Senior Executive Program 7


(IOD)


(IOD)

Finance for Non-Finance Director

(IOD)

Corporate Governance Report of Thai Listed Companies

(IOD)

...

2550

2550

2548 .

2546 Munich Airport-Flughafen Munchen GmbH

Airport Forum GmbH

2548-2550 ()

25462549

2546-2549

2540-2543 .

2535-2540

.

2530-2535

.

1.

2. 1

21 2550

3. 23 2550

1. 9 9

2. 4 4

022

50

0.0007% (10,000 )

/

University of Mississippi

Marshall University

Boston University

Government Debt Monitoring System

Global Trend and Public Enterprise Reform, Harvard University


2550

2550 () ()

2545-2550

2544-2545

2545-2550 ()

2543-2550 /3

2544-2545 /3

2541-2545 ()

2541-2542 ()

1.

2. 3 7 2543

3. 14 2547

4. 23 2550

1. 8 12

2. 5 5

3. 3 3

59

/

Mechanical and Aerospace Engineering, Illinois Institute of Technology

( 2)

Electralis 2001

Eighth International Training Program on Utility Regulation & Strategy, University of Florida

Positioning Utility Executives in Globalization Era


2550 /3

2550 2 /4

2549 /4

2549 /4

2548 /4

2548 14 () /1

2548 /1

2546-2548 /1

2545-2546 /1

2541-2545 /1

2546 () /2

2546 /2

2546 /2

2546 /2

1.

2. 2 1 2548

12 12

022 023

5 6 10 9 4 8 1 2 3 7

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

024024

1.

59

/

Mechanical and Aerospace

Engineering, Illinois Institute of Technology

( 2)

Electralis 2001

Eighth International Training

Program on Utility Regulation & Strategy,

University of Florida

Positioning Utility Executives in

Globalization Era

()

2

14 ()

()

2.

58

/

Effective Leadership Management of Strategic

Resources International

Strategic Asset Management of Power

Management Institute

Global Leadership 2000 of School of Business

and Economics Institute of Research and Business Development

Global 2000 Strategic Management, University

of California

89



(IOD)

()

13 ()

024024 025

3.

57

/

Master of Business Administration (Executive)

( 2)

Certified Investment and Securities Analysts

(CISA) Level1 (Academic Year 2002), Securities Analysts

Association


Chief Financial Officer (CFO)


(IOD)

()

Chief Financial Officer

()

()

10

4.

56

/

University of

Missouri-Columbia

Advanced Management Program (AMP)

Harvard Business School, Boston MA



(IOD)

026026

6.

60

/

Chief Financial Officer (CFO)


Advanced Mini MBA

Mini MBA

()

()

()

10

5.

49

/

, Monash University, Australia,

Certificate of Merit in International Business

, (AIT)

( 2)

ASEAN Executive Development Program

Electric Power Development from Swedish

Board of Investment and Technical Support (BITS)

ASEAN Executive Program from General

Electric International Operation Company, inc.

Hydro Electric Power from Japan International

Cooperation Agency (JICA), Columbo Plan

()

()

10

10

10

026026 027

7.

49

/

Master of Public and Private Management

ASEAN Executive Program General Electric

International Operation Company, Inc.


Advanced Mini MBA

()

()

8.

49

/

(

2)

ASEAN Executive Program General Electric

International Operation Company, Inc.


Advanced Mini MBA

The Cogen (SPP)

028028

9.

55

/

Master of Management

( 2)

()

,

()

- ,

()

()

-

-

10.

57

/


028028 029

:

1.

1

2.

3. ()

1) ()

1.1

030030

5/

2550 2549

1 3/, 6/ 12 552,000.00 1 83,333.33 635,333.33

2 12 480,000.00 1 83,333.33 563,333.33

3 12 460,000.00 12 1,000,000.00 1,460,000.00

4 12 440,000.00 12 1,000,000.00 1,440,000.00

5 3/, 11/ 12 552,000.00 1 83,333.33 635,333.33

6 3/, 12/ 12 552,000.00 1 83,333.33 635,333.33

7 12/ 12 484,000.00 12 1,000,000.00 1,484,000.00

8 7/, 13/ 12 630,000.00 12 1,000,000.00 1,630,000.00

9 1/, 8/, 13/ 9 380,000.00 - - 380,000.00

10 1/, 10/, 13/ 9 436,000.00 - - 436,000.00

11 3/, 11/, 13/ 12 552,000.00 8 666,666.67 1,218,666.67

12 9/, 10/, 13/ 12 638,000.00 12 1,000,000.00 1,638,000.00

13 - - 12 1,000,000.00 1,000,000.00

14 2/, 6/, 13/ 3 235,000.00 12 1,250,000.00 1,485,000.00

15 2/, 8/, 10/, 13/ 3 184,000.00 12 1,000,000.00 1,184,000.00

16 4/ - - 10.5 871,232.88 871,232.88

17 4/ - - 10.5 871,232.88 871,232.88

18 4/, 10/, 13/ - - 4 333,333.33 333,333.33

19 4/ - - 9 750,000.00 750,000.00

20 4/ - - 9 750,000.00 750,000.00

6,575,000.00 12,825,799.08 19,400,799.08

13

1/ 2550 2

- 21 2550

2/ 2550 2

- 21 2550

3/ 2549 5

- 1 2549

- , , 1 2549

4/ 2549 5

- 1 2549

- 1 2549

- 15 2549

5/ 2549 2550 2549 20 2550

6/

7/

8/

9/

10/

11/

12/

13/

1/ 10 (Secondment) 2

1.2

:

030030 031

()

8 1/ 26.128

8 1/ 14.572

8 1/ 1.443

42.143

3)

()

2)

1/ 9

:

032032

()

2.1

9 2.676

10 1/ 4.653

2.2

6 15.045

6 6.411

6 0.936

29.721

(

)

31

255

0

(1)

(

)

(

.

..

. 14

/254

0)

(

..

.

. 4

4/25

43)

(2

)

(

.

..

.

. 25

35

8

8 (2

) )

(3

)

3

1

255

0

(3.1

)

1

/254

8

1

3

2

9

2

548

1

,000

(3.2

)

1

/254

8

2

5

2

9

2

548

1

,000

(4

)

1

2

1

2

550

2

549

2

0

2

550

2

1

2

551

?

3

2

3

2

550

4

/255

0

2

3

2

550

4

?

.

(1)

.

.

.

.

.

.

.

.

.

.

2549

2

550

/

()

(2)

1

/254

8

1(

3.1)

1/2

548

2(3.2)

(2

)

(2)

(2

)

(2)

(2

)

(2)

(2

)

(2)

(2

)

(

)

(

)

1.

-

- -

- -

- -

- -

- -

- -

- -

2.

- -

- -

- -

- -

- -

- -

- -

-

3.

_ _

_ _

2,00

0 _

_ _

_ _

_ _

_ _

_

4.

12,7

00

_ 12

,700

_

_ _

_ _

_ _

_ _

_ _

_

5.

8,

200

8,20

0 _

_ _

_ _

_ _

_ _

_ _

_ _

6.

7,50

0 7,

500

_ _

_ _

_ _

_ _

_ _

_ _

_

7.

_

_ _

_ _

_ _

_ _

_ _

_ _

_ _

8.

_

_ _

_ _

_ _

_ _

_ _

_ _

_ _

9.

_ 30

,000

30

,000

_

_ _

_ _

_ _

_ _

_ _

_

10.

_ _

_ _

_ _

_ _

_ _

_ _

_ _

_

11.

_ _

_ _

_ _

_ _

_ _

_ _

_ _

_

12.

10,0

00 1

0,00

0 _

_ _

_ _

_ _

_ _

_ _

_ _

13.

12

0,00

0 84

,600

(3

5,40

0)

1 _

_ 1

1 1

1 _

_ _

_ _

14.

7,93

8 7,

938

_ 1

_ _

1 1

1 1

_ _

_ 1

_

15.

_

5,30

0 5,

300

1 _

_ 1

1 1

1 _

_ _

_ _

16.

43

,500

43,

500

_ 1

_ _

1 _

_ 1

_ _

_ 1

_

.

17.

_ _

_ 1

_ _

1 1

1 1

_ _

_ _

_

18.

8,

000

10,0

00

2,00

0 1

_ _

_ 1

1 1

_ _

_ 1

_

19.

7,

300

7,30

0 _

_ _

_ _

_ _

_ _

_ _

_ _

.

20.

_

_ _

_ _

_ _

_ _

_ _

_ _

_ _

.

21.

_

7,93

8 7,

938

_ _

_ _

_ _

_ _

_ _

_ _

.

22.

_

_ _

_ _

_ 1

_ _

_ _

_ _

_ _

23.

_

_ _

_ _

_ _

1 1

_ _

_ _

_ _

2550

(4)

1.

-

- -

- -

- -

- -

- -

- -

- -

2.

8,50

0 8,

500

- -

- -

- -

- -

- -

- -

-

3.

- -

- 1

- -

- 1

1 1

- -

- 1

-

032032 033

034 035

3

31 2550 13

16-23

1.

1.1 7 13

1.2 1 3

1.3 1 3 3

1.4

1.5

1. 2

2. 1

3. 2

4. 2

5. 2

6. 1

7. 2

8. 2

9. 1

10. 2

11. 1

12. 3

13. 2

036

2.

2.1

2.2

2.3

2.4

2.5

2.6

2.7

2.8

2.9

3.

3.1 1 3

3.2

3.3 3 72

www.ratch.co.th

1.

(1)

(2)

2.

3.

(1)

(2) 1

036 037

4.

(1)

(2)

(3)

(4)

5.

(1)

(2)

(3)

(4)

(5) 4

(6)

(7)

(8)

(9) /

(10)

(11)

(12)

(13)

6.

(1)

7.

(1)

(2)

038

8.

(1)

(2)

(1)

(2)

(3)

(4)

(5) 0.5

(6)

(7)

(8)

43 31 2550 5 38.46 13

(1)

(2)

(3)

(4)

(5)

3

(1)

(2)

(3) /1 /1 23 2550

3

1.

2.

3.

4.

038 039

5.

6.

7.

()

()

()

()

8.

9.

10.

()

()

()

11. 1 10

12.

1.

2. ()

3.

4.

5.

6. 1 5

www.ratch.co.th

2550 5

3

(1) /1

(2)

(3) /1

/1

23 2550

040

3 ( )

1.

2.

3.

4.

5.

6.

7.

8.

1. ()

2.

3.

www.ratch.co.th

2550 3

3

(1) /1

(2)

(3)

/1 23 2550

040 041

3

1.

2.

3.

4.

5.

6.

7.

8.

9.

1. /

2. ()

3.

4.

5.

www.ratch.co.th

2550 3

042

2

1 :

2 :

(1)

(2)

(3)

(4)

36

39

. ()

. . (Secondment)

/

042 043

14.99% ()

3.19% LITTLEDOWN

NOMINEES LIMITED

2.17% INVESTORS BANK AND TRUST COMPANY

1.42% NORTRUST NOMINEES LIMITED

1.38% AMERICAN

INTERNATIONAL

ASSURANCE COMPANY

1.24% STATE STREET BANK

AND TRUST COMPANY

0.99% HSBC

044044

* () 25

17,580 1,250,380,784 86.23

81 199,619,216 13.77

17,661 1,450,000,000 100.00

10 1,129,753,301 77.91

320,246,699 22.09

1,450,000,000 100.00

: ()

10 () 4 2550

45.00%

4.91%

2.62%

044044 045

10

1. 652,500,000 45.00

2. () 217,400,000 14.99

() 110,300,000

107,100,000

3. 71,139,000 4.91

70,892,800

. () 236,300

. 2 9,900

4. LITTLEDOWN NOMINEES LIMITED 46,308,000 3.19

LITTLEDOWN NOMINEES LIMITED 46,208,000

LITTLEDOWN NOMINEES LIMITED 38 100,000

5. 38,000,000 2.62

6. INVESTORS BANK AND TRUST COMPANY 31,435,099 2.17

7. NORTRUST NOMINEES LIMITED 20,556,200 1.42

8. AMERICAN INTERNATIONAL ASSURANCE COMPANY 20,040,000 1.38

AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED-APEX 10,540,000

AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED-TIGER 6,500,000

AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED-AIA- D-PLUS 3,000,000

9. STATE STREET BANK AND TRUST COMPANY 18,048,502 1.24

STATE STREET BANK AND TRUST COMPANY, FOR LONDON 13,014,000

STATE STREET BANK AND TRUST COMPANY, FOR AUSTRALIA 2,777,800

STATE STREET BANK AND TRUST COMPANY 1,874,002

STATE STREET BANK AND TRUST COMPANY, FOR LONDON FOR MAS 253,700

STATE STREET BANK AND TRUST COMPANY, FOR CANADA 129,000

10. THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 14,326,500 0.99

HSBC (SINGAPORE) NOMINEES PTE LTD 10,474,700

HSBC BANK PLC-CLIENTS GENERAL A/C 3,851,800

10 1,129,753,301 77.91

320,246,699 22.09

1,450,000,000 100.00

4 2550

: () : 1. (.) 7 13 2. () 1 13 3. 31 2550 2,312

046046

046046 047

7 2543 14,500

99.99 5

50

25 15

33.33

2 75 - 2 .

49.99

: 128 6 70000

0 2978 5111-9, 0 3236 5740 3210 0 2978 5110, 0 3236 5740 3204

:

: 99.99

: 18,275

: 18,275

: 2 735

3 725 3,645

. 25 2543

: 19 3 20

10900 0 2978 5000 0 2937 9321

:

: 99.99

: 500

: 500

: 50 350

. 20 2543

: 19 3 20

10900 0 2978 5000 0 2937 9321

:

: 99.99

: 420.90

: 420.90

: 99.99

048048

: 19 3 20

10900 0 2978 5000 0 2937 9321

:

: 99.99

: 420.20

: 420.20

: 25 350

: 19 3 21

10900 0 2978 5200 0 2937 9541

:

: 99.99

: 140

: 140

: 15 95%

99.5%

1.75

: 1550 16 10320

0 2207 0307-14 0 2207 0315-16

:

: 50

: 4,000.10

: 3,423.80

: 1 700

. 20 2543

(

) 50 50

: 1828 10260 0 2344 5111 0 2332 3882

:

: 25

: 7,325

: 5,370

048048 049

:

. 25 2 700

1 2551 2

2551 10

.. 15

10 ()

25 . () 15

25

: 587 20 10400

0 2275 4873 0 2691 8307

: .

: 33.33

: 6,606.75

: 2,673.20

: 2 . 75

153.75 615 .

27 (Initial Operation Date: IOD)

2556 . ()

38 () 16.67 P.T. Construction &

Irrigation 5.33 Shalapak Development Company 5.33

1.33

33.33

2

: (.) (007) 856 21 223 215 (007) 856 21 215 500

:

: 75

: 10

: 7

: - 2 . 615

. 27

2556

75 . 25

: 88 8 21120 038 626 025 038 626 025

: 95% 99.5%

: 15

: 300

: 300

050050

: 100,000 30

2551

21

15 49

15

: 128 6 70000

0 2978 5180, 0 3236 5740 3210 0 2978 5126, 0 3236 5740 3204

:

: 49.99

: 40

: 20

: 14

2551

() 49.99 49.99

2550

.

25 2

1. (Availability Payment : AP)

. .

2. (Energy Payment : EP)

.

2

1) (Fuel Payment)

2) (Variable Operating and Maintenance Payment)

1. 50 2

2.

. .

27 2550

3. 49.99

14 2550

Mobilization Service

(MIS System)

050050 051

/1 5 10 1,450 2549

/2 2550 4 2551 6 2550 ( 2550) 1.00 17 2550

100

()

(Equity Method) (Cost Method) 1 2550

5/2550 28 2550

40

() () (%) () RATCH () ()

2544 3,060 2,907 49.9 1,450 1,450 1.00 2545 4,729 4,492 48.4 2,175 1,450 1.50 2546 5,424 5,153 49.2 2,537 1,450 1.75 2547 6,487 6,162 47.1 2,900 1,450 2.00 2548 6,066 5,763 50.3 2,900 1,450 2.00 2549 6,106 5,955 51.1 3,045 1,450 2.10 2550 5,829 5,829 /1 52.2 3,045 1,450 2.10 /2

2549-2550

2550 2549

* 27 2550

** 2549 101.33 27 2547

*** ?

- 99.99 11,359.07 24.65 12,222.42 23.57 - 99.99 32,448.55 70.43 38,150.28 73.58 - * 99.99 13.08 0.03 - -

() ** 49.33 0.11 143.19 0.28

() 50 820.96 1.78 834.62 1.61 25 (28.74 ) (0.06 ) (96.31 ) (0.19 ) 15 (2.14 ) (0.01 ) (0.90 ) - 49.99 13.56 0.03 4.43 0.01 25 *** (11.01 ) (0.02 ) (14.34 ) (0.03 )

() 400.15 0.87 346.55 0.67 99.99 179.72 0.39 199.58 0.38 99.99 0.65 - 3.68 0.01 99.99 0.01 - 0.01 -

99.99 707.77 1.54 - -

() 0.57 - 0.49 - 99.99 113.58 0.25 54.52 0.11 99.99 7.24 0.01 - -

46,072.35 100.00 51,848.22 100.00

052

2550 24 2550 14.00 . 22,586

7.2 . 10,615 47

IPP 9,486 42

(Small Power Producer: SPP) 1,807 8

678 3 1

24 2550 27,788 23

1

. 12,736.69

. 15,793.56 2553 .

3,277 4,608 ( 1,400

25 2551)

33.33

2 75 - 2 . 615

. 2554 .

- 3 440 25

- 390 25

1,653 40 3 .

2550

(.) 6 2549 21 2549

1. 2550

2564 48,958

1,758

: .

053 053

2. PDP 2007 . 4 2550

2550 2564 2564 31,791

. 39 IPP 40 SPP 5

16 . 32 IPP 20 SPP 5

42 1

1 PDP 2007

:

PDP 2007 : PDP 2007 :

. IPP SPP . IPP SPP

2554 - - - 597 597 - - - 597 597

2555 700 700 200 220 1,820 700 700 200 220 1,820

2556 700 700 200 963 2,563 700 700 200 963 2,563

2557 700 1,400 200 261 2,561 700 1,400 200 261 2,561

2558 1,400 1,400 200 - 3,000 1,400 1,400 200 - 3,000

2554-2558 3,500 4,200 800 2,041 10,541 3,500 4,200 800 2,041 10,541

33% 40% 8% 19% 100% 33% 40% 8% 19% 100%

2559 700 1,400 200 390 2,690 1,400 700 200 390 2,690

2560 1,400 1,400 200 500 3,500 700 700 200 1,900 3,500

2561 1,400 1,400 200 510 3,510 700 700 200 1,910 3,510

2562 1,400 2,100 200 530 4,230 - - 200 4,030 4,230

2563 2,000 1,400 100 550 4,050 2,000 - 100 1,950 4,050

2564 2,000 700 - 570 3,270 2,000 - - 1,270 3,270

2559-2564 8,900 8,400 900 3,050 21,250 6,800 2,100 900 11,450 21,250

42% 40% 4% 14% 100% 32% 10% 4% 54% 100%

2554-2564 12,400 12,600 1,700 5,091 31,791 10,300 6,300 1,700 13,491 31,791

39% 40% 5% 16% 100% 32% 20% 5% 43% 100%

:

3. 2550

(Cogeneration) 500

530 SPP

(Adder) SPP

(Very Small Power Producer : VSPP)

4. IPP 2550

IPP 2555 2557 3,200

5.

(1) . 7,000 2558 . 18 2550

(2) 1,500 4

2540 30 2548

2

1,200

7,000

(3) 3,000 2560

12 2541

054054

IPP 8 ()

()

3,831 13.43 28,530.25

3,481* 350

2

* : (Contracted Capacity) . 3,481

3,645

2 2550

: . 2550

054054 055

1.

2.

3.

4. (Risk Limit)

(Warning Sign)

5.

3

()

2550

3

1.

2.

3.

4

1 :

056056

2 :

(Synergy)

/

3 :

3

1,400

2 615

30

3

4 :

3

1. 3,645

2. 700 ( 350 )

3. 1.75 (

)

.

1.

.

0.5 - 2.0

2.

.

(Heat Rate)

056056 057

3.

(Fuel Payment) (Energy Payment)

( 1 )

(Margin)

4.

. ()

. ()

. ()

5.

(Thai CPI)

(MUV Index) .

.

(Contractual Service Agreement: CSA) General Electric International

Operation Co., Inc. GE Energy Parts, Inc.

6.

.

.

.

.

30

3

7.

7.1

1 . .

058058

7.2

.

1.

2.

6

23 2548 2558 31

2550 22,437 29 2548

10,000,000,000 3

30 2551 5 30 2553 31 2550

4,167

(Debt Service Coverage Ratio) 1.1 : 1

3.

5 ( 3-5)

MLR .

MLR

4.

.

1.

058058 059

2550

(Human Resource Information System : HRIS)

2. /

2550

3.

2550 50

45 2.62 4.91

060060

PDP 2007

2550 2564 31,791 PDP 2007 . 4 2550

IPP SPP VSPP

IPP

1.

IPP

IPP

1.1) 4

IPP

4

IPP

1.2)

IPP

(.)

1.3)

1.4)

. PDP 2007

70

060060 061

2. 2550 .

.

2.1)

JDA 11 2550

.

35 1,653 MOU

. 27 2550 2552

2556

2.2) - 3

.

- 3 MOU

PPA 11 2550 2551

2556

2.3)

JDA SK Engineering & Construction 6 2550

- .

390

.

.

2.4) - 1 2

. 25

140 2556

2 - 2

2.5) .

.

.

. .

3.

(Adder)

062062

()

31 2550

()

1. 1.1 7.43

(

2550 7.43 4 .. 49)

31 .. 50 -

.. 50 4.69

1.2 0.96

(

2550 0.96 4 .. 49)

31 .. 50 -

.. 50 0.05

1.3 8.40

2

(

2550 8.40 1 .. 49)

31 .. 50 -

.. 50 0.75

1.4 3 20.88

(

14 .. 46)

2550 20.88 1.42 ()

31 .. 50 - 6%

.. 50 1.92

1.5 0.73

(

2550 0.73 3 .. 50)

31 .. 50 - 0.06 (

.. 50 0.06 )

1.6 3.81

(

2550 3.81 1 .. 50) 0.32

()

1.7 2 4.11

(

2550 4.11 10 .. 49)

31 .. 50 - 0.32 ()

.. 50 0.37 7%

2. 11.40 2550 11.40 (

31 .. 50 1 .. 47)

.. .. 50 2.95

062062 063

()

3. . 0.81

. .

. 1 (

)

2550 0.81

31 .. 50 -

0.27

4.

4.1 10.80

( 1

12 .. 2550 1/2546 ()

2550 10.80 1

2/2548)

4.2 14.75

31 .. 50 923.83 ( 1

2550 14.75 2/2549) ()

31 .. 50 - 1

17.54

4.3 0.09

27 2550 (

6 ( )

31 .. 50 8.00 1

2550 0.09 11/2548) () 1

31 .. 50 -

0.09

4.4 0.14

- 1 2

Shareholders Loan Agreement 62.50

() 31 .. 50 ( MLR

17.50 4 .. 50)

2550 0.14 1

31 .. 50 -

0.14

5. . 43,807.61

( . .

. 25 9 .. 43) (Power Purchase

2550 43,807.61 Agreement)

31 ..50

7,342.13

19.80

6. . 1,902.83 .

.

2550 1,902.83

31 .. 50 334.18

064064

()

7. . 133.46 ( . . 1 .. 43) 2550 133.46 . 31 .. 50 - .. 50 9.67 - .. 50 21.51

8. . 1,304.25 . . ( 26 .. 43) 633 9 2550 1,304.25 31 .. 50 27.67 205.59 - OMA 9.94

9. Parts of Gas Turbine . 14.18 . ( . Parts of Gas Turbine Model MS9001FA 1 .. 45) 12 12 2550 14.18 13.95 0.23 31 .. 50 1.24 .. 50 1.24

10. 10.1 . 1.82 2549 ( . . 29 .. 49) 3.64 () 2550 1.82

10.2 . 0.37 2549 ( . . 29 .. 49) 0.74 () 2550 0.37

10.3 . 1.94 2550 ( . . 31 .. 50) 3.88 () 2550 1.94 31 .. 50 0.39

10.4 . 0.42 2550 ( . . 31 .. 50) 0.84 () 2550 0.42 31 .. 50 0.08

064064 065

()

10.5 . 0.24 2550 ( .

. 31 .. 50)

0.47 ()

2550 0.24

31 .. 50 0.05

11. . 0.46 (ISO 14001) ( . . 13 .. 45)

(ISO 14001)

2550 0.46

12. 1 12.1 . 30.00 (FGD#1 Project Management Contract) ( .

. 20 .. 49)

3.00 ()

1 31 .. 50

2550 30.00

12.2 . 84.00

(FGD#1 Restoration Contract) ( .

. 27 .. 49)

420.00 ()

1 31 .. 50

2550 84.00

31 ..50 44.94

12.3 . 3.67

(FGD#1 Guillotine Shutter Work ) ( .

. 12 .. 49)

4.90 ()

1 15 .. 50

2550 3.67

12.4 . 3.65

(FGD#1 Supply & Installation Electrical and C&I ( .

for Bypass Duct ) 27 .. 50)

. 3.65 ()

1 15 .. 50

2550 3.65

31 ..50 3.91

12.5 . 8.00

(FGD#1 Re-Commissioning ) ( .

. 7 .. 50)

8.00 ()

1 30 .. 50

2550 8.00

31 .. 50 8.56

066066

()

13. Air Heater Heating Element . 23.09 ( . . Air 21 .. 49) Heater Heating Element 25.65 () 29 2550 3 2550 23.09

14. 14.1 11.17 143 ( 2550 11.17 7 .. 47) 10.90 31 ..50 1.40 5

14.2 0.16 2 ( 2550 0.16 21 .. 48) 0.15 31 .. 50 0.02 5

14.3 0.66 140 .. ( 2550 0.42 30 .. 50) 0.04 0.24 0.02 ()

15. 12.65 ( 2550 12.65 25 .. 48) 2.67 ( ) 2.00 5.71 Storm Water Collection 1.04 2.49 () Storm water collection 0.81 5 3.64 31 .. 50 5.58 3.55

16. . 13.08 ( . 11 .. 49) . . () . 1.75 . 1 2550 13.08 31 .. 50 4.50

17. . 6.67 2550 6.67 31 .. 50 7.14

066066 067

1.

1.1 99.99

1.2

2.

2.1 99.99

2.2

3.

3.1 99.99

3.2

4.

4.1 99.99

4.2

5.

5.1 99.99

5.2

6.

6.1 50.00

6.2

7.

7.1 25.00

7.2

8. .

8.1 . 45.00

8.2 .

9.

9.1 15.00

9.2

10.

10.1 25.00

10.2

11.

11.1 49.99

11.2

12. .

12.1 .

13. .

13.1 . 45.00

13.2 99.99

068068

1. 2550 2550

(Good Corporate

Governance) 2550

1.1

(Joint Development Agreement: JDA)

11 2550

.

35 1,653

(Memorandum of Understandings: MOU) . 27 2550

2552 2556

1.2 - 3

.

- 3 440 MOU

(Initial) (Power Purchase Agreement: PPA) 11 2550

2551 2556

1.3

JDA SK Engineering & Construction 6 2550

. 390

. .

1.4 - 1 2

.

25 140

2556 2 -

2

1.5

(-)

27 2550 non-firm .

1.75

14 2550 : AA-

: Stable

. IPP

(RG086A, RG106A) : AA : Stable

11 2550

2549/50 (Board of the Year of Distinctive Practices 2006/07)

(Thai Institute of Directors Association : IOD)

068068 069

2. 2550

46,072.35 51,848.22 (5,775.87 ) (11.14 )

40,242.95 45,742.18 (5,499.23 ) (12.02 )

5,829.40 6,106.04 (276.64 ) (4.53 )

() 4.02 4.21 (0.19 ) (4.53 )

:

2550 2549 () %

2.1

2550 46,072.35 2549 (51,848.22 )

5,775.87 11.14

2.1.1 2550 43,820.70 2549 (50,372.69 ) 6,551.99

13.01 2550 1 2 2

Major Overhaul

(1) (Availability Payment : AP) 2550 11,359.07 2549 (12,222.42

) 863.35 7.06

(2) (Energy Payment : EP) 2550 32,461.63 2549 (38,150.27

) 5,688.64 17.52

2.1.2

(1) (Flue Gas Desulfurization : FGD)

1 13 2548

- 2550 FGD

496.14

- 2549 FGD 750.24

FGD 2550

538.61 211.63

(2) 2550 49.33 2549 (143.19 ) 93.86

65.55 2549

25 101.33

(3) 2550 121.39 2549 (55.01 ) 66.38

1.21 3

2549 39.91

2.1.3 2550 792.63 2549 (727.50 ) 65.13

8.95 2550 28.74

2549 ( 96.31 ) 67.57 2549

2.2

2550 40,242.95 2549 (45,742.18 ) 5,499.23

12.02

070070

2.2.1 2550 38,122.25 2549 (42,948.51 ) 4,826.26

11.24 Major Overhaul 1 2

2

(1) 2550 32,411.06 2549 (37,909.04 )

5,497.98 1

FGD 27.34

(2) 2550 1,835.37

2549 (1,213.78 ) 621.59 51.21

2.2.2 2550 IPP

- . 127.23 2550

631.34 2549 (497.56 ) 133.78

2.2.3 2550 1,364.54 2549 (1,443.75 ) 79.21

5.49

3. 3.1

21,070.98 21,922.88 (851.90 ) (3.89 )

49,229.95 50,182.17 (952.22 ) (1.90 )

70,300.93 72,105.05 (1,804.12 ) (2.50 )

:

31 .. 50 31 .. 49 () %

3.1.1 1,804.12

(1) 1,298.13 Major Overhaul

2 ..-.. 50

(2) - 2,357.76

2,745.64 377.52 (

300 )

(3) 1,690.11

361.16

555.06 751.26

3.2

10,006.71 11,009.62 (1,002.91 ) (9.11 )

22,814.42 26,400.03 (3,585.61 ) (13.58 )

32,821.13 37,409.65 (4,588.52 ) (12.27 )

37,479.80 34,695.40 2,784.40 8.03

70,300.93 72,105.05 (1,804.12 ) (2.50 )

:

31 .. 50 31 .. 49 () %

070070 071

3.2.1 1,002.91 2549

FGD 750.24 2550 2.1.2

(1) 688.05 Major Overhaul

2 ..-..50

3.2.2 3,585.61 2550 805.50

2,333.24

3.2.3 2,784.40

(1) 2550 5,829.40

(2) 6 2549 1.10 1,595.00

20 2550

16 2550

(3) 6 2550 1.00 1,450.00

20 2550

17 2550

37,479.80

14,500 1,531.78 1,450

19,998.02

3.3

(1) () 2.11 2.02

(2) (%) 12.65 11.78

(3) (%) 16.15 18.45

(4) (%) 8.19 8.60

(5)

(EBITDA) () 10,172.99 10,430.12

(6) EBITDA (%) 14.29 14.69

(7) () 0.88 1.08

(8)

(DSCR) () 2.24 2.41

(9) () 25.85 23.93

(10) () 4.02 4.21

2550 2549

072072

4.

31 2550 1,744.65

31 2549 (3,124.49 ) 1,379.84 44.16

4.1 9.89

1,225.22 1,215.33

4.2 315.38

- 1,996.06

- 916.32

25 284.81 633.76

15 2.25

- 241.54

- 338.85

300

4.3 441.51 2550

145.51

296.00

1 2550 44 45

31 2550 2549 933.55 720.90

7,295.77 7,285.88 9.89 0.14

(2,491.15 ) (2,806.53 ) 315.38 11.24

(6,184.46 ) (5,742.95 ) (441.51 ) (7.69 )

() (1,379.84 ) (1,263.60 ) (116.24 ) (9.20 )

3,124.49 4,388.09 (1,263.60 ) (28.80 )

1,744.65 3,124.49 (1,379.84 ) (44.16 )

:

2550 2549 () %

- () 5,829.40 6,106.04

- () 6,762.95 5,385.14

() - 933.55 (720.90 )

- / 0.64 (0.50 )

:

2550 2549

072072 073

2550 2549 2550 5

1.

2.

3.

4.

5.

1 : 6 (Accountability) (Responsibility) (Equitable Treatment) (Vision to Create Long Term Value) (Promotion of Best Practice) (Social and Environment Awareness) (Good Corporate Governance Policy) 2546

1. (Good Corporate Governance)

2.

3.

4.

5.

2550

074074

2550

1.

2.

3.

4.

5.

2550 (Periodic Reports) ... (Non-Periodic Reports) - . . (Joint Development Right) ... ( ELCID) 2550

(www.ratch.co.th) 10,000 Press Release 2550 2 2550 126

4 2550 1 2549 20 2550 10.00 . () 9 Barcode

074074 075

08.00 . 2

2549

815

911

3

10 13 76.92

2549

( ELCID) 09.00 .

7 - 9 2550 10 - 12 2550 3

3

(1)

(2)

(3)

(4)

(5)

2550

(6) 3 .

.

. (Custodian)

2550

3

3 download

4 ( )

2550 81

5

076076

85.64

2549 82.06

2548 79.67 2547 73.90 2546

2549

8 2550

14

2549

30 2550 21

2549

()

1 3

[email protected]

2549

()

2549

2549

076076 077

- 40

2543

-

-

-

2

2549

( ELCID)

2549

...

() 3 2550

13 14

2549 (www.ratch.co.th)

078078

2 :

2550

2549 2.10 51.14

18 2549 6 2549 1.00

6 2549 16 2550 1.10

2549 17 2550

6 2550 1.00 2550

2543 40

...

1 :

2549 20 2550

2549

1 :

(Abusive self-dealing)

2543

078078 079

...

2546

3

2550

.

()

()

2550

2546

...

2550

.

2550 63

3 : 2543

(Code of Conduct)

1)

2)

3)

080080

1)

-

-

-

-

2)

3)

4)

5)

6)

1)

2)

3)

4)

5)

1)

2)

3)

4)

5)

3

2546

2550

- 1 74

080080 081

1.

2.

3.

4.

5.

1.

2.

3.

4.

5.

3

3 2550

1: 2 :

2550

6

082082

2550

2550

2550

4

9 2550

(.)

1,200

2550

4 :

082082 083

1)

2)

3)

...

(Periodic Reports) (Non-

Periodic Reports) 2550

- ...

(ELCID)

(www.ratch.co.th) Press Release

- ...

( F45-3)

(Contact Person)

(ELCID)

(Management Discussion and Analysis: MD&A)

(ELCID)

- ... 2

(Periodic Reports)

20

(Non-Periodic Reports)

20 /

084084

- (www.ratch.co.th) ...

10,000

- (Press Conference) 4

Press Release 17


- (Analyst Meeting)

-

2 22 29 2550 126

-

Citigroup ASEAN Mini-Conference

18-21 2550

Thai Corporate Day 26-28 2550

Shareholder Day (TSD) 25-26 2550

Road Show () 14-16 2550

28-30 2550

( 56-1) ( 56-2)

(ELCID)

-

-

-

-

084084 085

-

-

-

-

-

2550

0 2978 5086-7 0 2937 9321 www.ratch.co.th

[email protected]

5 : 7

1.

13

(

/

16)

(.) 45

5

1 3

086086

(

0.5

... 5

39)

()

. (

45) 7 () ( 14.99) 1

3 3

72

(

36)

5

5

(

43)

( 42)

2.

3

3

1) 3

2550 39

100

086086 087

2)

()

2550

40

3)

2550

41

2550

IPP (IPP Solicitation 2007-01)

Investment Committee

Investment Committee 2 2550

3.

(Fiduciary Duty) 4

(Duty of Care) (Duty of Loyalty)

(Duty of Obedience)

(Duty of Disclosure)

( 37)

088088

30

30

30

100,000 300,000

1 2

3

(Code of Conduct)

3 (

3 : 80)

3

(Good Corporate

Governance Policy) ( 1 :

74)

(Conflict of Interests)

2550

63 ( 56-1)

088088 089

(Internal Control System)

COSO-

Internal Control Integrated Framework 5

1. (Control Environment)

2. (Risk Assessment)

3. (Control Activities)

4. (Information and Communication)

5. (Monitoring)

(Financial Audit) (Operations Audit)

(Compliance Audit)

2550

56 ( )

2546

(Early Warning)

100

31 2550

101

090090

4.

2550 16.00 .

()

10

(

)

7

(

)

2

(Corporate Secretary)

1 - 3

2550

- () 12

- 5

- 3

- 3

090090 091

2550

5.

(Self Assessment) 2545 2550

()

Investment Committee

1 3/3 2/2

2 2/3 1/1 1/1

3 11/12

4 12/12 5/5 2/2

5 7/9 2/2

6 9/9 4/4 2/2

7 12/12 3/3

8 8/12 5/5 3/3

9 12/12

10 10/12

11 8/12

12 12/12 3/3

13 12/12 3/3

14 10/12 1/1

15 12/12 2/2

- /

- /

- 21 2550

- 21 2550

- 21 2550 23 2550

- 21 2550 23 2550

- 23 2550

- 23 2550

092092

6.

2548

2

2 75 25

4 .

() . () () ()

... 30

7.

2550

...

2550

092092 093

The Role of Directors Directors Audit Role of the Finance for the Chairman Certification Accreditation Committee Compensation Non-Finance Program Program Committee Director

1 2 3 4 5 6 7 8 9 10 11 12 13

(IOD)

...

(Succession Plan)

Secondment . ()

. .

(In-house Training) 2550

(CSR)


Role of the Compensation Committee ASEAN Executive Program Senior Executive Program

094094

Mini MBA Leadership Development Corporate Secretary Program Risk Based Auditing

.

Thai GAS Market 2007 Foreign Direct Investment in Vietnam China

Power 2007: China-ASEAN Power Cooperation & Development Forum

2

2550

1. 2550 ...

2550 90 ( 100 10 )

74 SET 50

91 ...

( 70 ) ...

460 5

2. 2549/50 (Board of the Year of

Distinctive Practices 2006/07)

11 2550

6

(Board Policy) (Board Performance) (Board

Structure) (Board Style) (Board Meetings)

(Board Member) 2

2548/49

094094 095

2550


Corporate Social Responsibility: CSR

2550

IPP

IPP

5

80

096096

8/2550 20 2550

2 2539

1 2

Pump

2550

9

9 84

163

2 4,000 1 2550

ISO 14001

ISO 14001

2

096096 097

1.

1

5 ( ) (

) ()

1

2

2550 24

3,935 16,313,264 1,692,515

64

913 / 587 1,500

10 4

1

16 13

(Asian Institute of Technology: AIT)

-

1,808

240

13

-

27

435

2550

2551

27

2550

1,019 136 1,000

717 2,000 166 3,000

-

2550 7,500

/

098098

/

o

o

o

(Clean Energy Fund)

2551 (Clean Energy Fund)

2.

2

5 72

5 7

(Thermal Infrared Imagery)

(Technical Hearing)

2550

1.

2.

3.

(Biological Control)

098098 099

() ()

3

.. 2549

.. 2549

2550 5

1

(.)

( 3051)

( 3044) ( 3977)

2551

1,900,000 560,000

( )

100100

()

()

5

31 2550

100100 101

()

31 .. 2550 .. 2549

()

()

31

.. 2550 .. 2549

()

()

3044

14 .. 2551

102102

.. 2550 .. 2549 .. 2550 .. 2549

3 1,744,650,069 3,124,488,996 1,205,728,237 560,827,669

4 9,294,757,779 7,760,363,283 8,211,519,555 6,925,564,295

1,000,000 - - -

4

- 543,271,142 281,707,147 543,271,142 -

-

2,430,381 62,401,234 - -

19 7,346,627,596 8,644,763,373 - -

6 - - 382,064,071 -

19 32,784,384 26,152,142 10,878,487 9,031,734

19 - - 8,000,000 -

5 1,931,767,947 1,798,959,085 - -

173,686,785 224,048,669 83,875,998 81,536,552

21,070,976,083 21,922,883,929 10,445,337,490 7,576,960,250

19 19,803,323 24,754,154 - -

4

- - 509,819,395 - 509,819,395

-

116,621,510 119,065,766 100,000,000 100,000,000

19 17,500,000 - 941,331,000 504,031,000

19 138,773 - 17,678,532 3,969,121

6 - - 20,001,802,558 20,001,802,558

6 5,676,028,712 3,985,924,832 901,062,500 335,000,000

7, 8 42,575,471,568 45,233,230,330 39,248,822 40,332,970

300,000,000 - 300,000,000 -

524,387,930 309,373,445 66,741,186 5,402,854

49,229,951,816 50,182,167,922 22,367,864,598 21,500,357,898

70,300,927,899 72,105,051,851 32,813,202,088 29,077,318,148

109 135

()

31 .. 2550 .. 2549

102102 103

()

()

31 .. 2550 .. 2549

.. 2550 .. 2549 .. 2550 .. 2549

5,339,394,359 6,185,411,188 - -

19 334,180,756 176,212,088 - -

8

- 1,670,527,873 777,686,273 - -

- 1,915,089,830 2,330,229,831 - -

19 96,252,343 24,211,608 268,303 3,494,595

13,549,440 187,547,730 - -

19 229,753,205 35,039,268 - -

- 20,347,862 42,696,503 46,172 -

- 110,788,050 231,048,663 937,127 917,318

- 11 - 750,240,421 - -

- 9,783,302 10,500,286 9,783,302 10,500,286

- 267,041,919 258,791,740 86,539,866 64,728,735

10,006,708,939 11,009,615,599 97,574,770 79,640,934

8

- 20,565,331,806 22,235,859,678 - -

- 2,249,084,746 4,164,174,576 - -

22,814,416,552 26,400,034,254 - -

32,821,125,491 37,409,649,853 97,574,770 79,640,934

9

14,500,000,000 14,500,000,000 14,500,000,000 14,500,000,000

14,500,000,000 14,500,000,000 14,500,000,000 14,500,000,000

1,531,778,000 1,531,778,000 1,531,778,000 1,531,778,000

- 10 1,450,000,000 1,450,000,000 1,450,000,000 1,450,000,000

19,998,024,408 17,213,623,998 15,233,849,318 11,515,899,214

37,479,802,408 34,695,401,998 32,715,627,318 28,997,677,214

70,300,927,899 72,105,051,851 32,813,202,088 29,077,318,148

109 135

104104

()

31 .. 2550 .. 2549

.. 2550 .. 2549 .. 2550 .. 2549

19 43,820,694,071 50,372,699,091 - -

19 (38,122,250,346 ) (42,948,507,121 ) - -

5,698,443,725 7,424,191,970 - -

19 (631,340,341 ) (497,564,872 ) (371,412,016 ) (256,042,028 )

() 5,067,103,384 6,926,627,098 (371,412,016 ) (256,042,028 )

19

- 49,330,722 143,193,460 57,720,075 146,180,529

- 580,525,088 549,822,282 425,793,065 378,236,963

- 11.1 707,772,479 - - -

- - - 6,704,621,510 5,135,499,486

- 121,389,859 55,011,013 604,937 490,741

11.1 - (750,240,421 ) - -

15 (27,775,447 ) (27,028,366 ) (19,056,507 ) (19,225,799 )

11 6,498,346,085 6,897,385,066 6,798,271,064 5,385,139,892

6 792,631,790 727,499,223 - -

7,290,977,875 7,624,884,289 6,798,271,064 5,385,139,892

(1,364,542,297 ) (1,443,753,384 ) - -

12 (97,035,168 ) (75,094,496 ) (35,320,960 ) -

5,829,400,410 6,106,036,409 6,762,950,104 5,385,139,892

13

4.02 4.21 4.66 3.71

109 135

104104 105

(

)

3

1

.

. 25

50

.. 25

49

1

.. 2

550

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 17

,213

,623

,998

34

,695

,401

,998

-

- -

5,82

9,40

0,41

0

5,82

9,40

0,41

0

14

- -

- (3

,045

,000

,000

) (3

,045

,000

,000

)

3

1

.. 2

550

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 19

,998

,024

,408

37

,479

,802

,408

1

.. 2

549

14

,500

,000

,000

1,

531,

778,

000

1,29

8,77

1,53

1 14

,158

,816

,058

31

,489

,365

,589

10

-

- 15

1,22

8,46

9 (1

51,2

28,4

69 )

-

-

- -

6,10

6,03

6,40

9

6,10

6,03

6,40

9

14

- -

- (2

,900

,000

,000

) (2

,900

,000

,000

)

3

1

.. 2

549

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 17

,213

,623

,998

34

,695

,401

,998

1

.. 2

550

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 17

,213

,623

,998

34

,695

,401

,998

(

2

)

- -

- (5

,697

,724

,784

) (5

,697

,724

,784

)

1

.. 2

550

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 11

,515

,899

,214

28

,997

,677

,214

-

- -

6,76

2,95

0,10

4

6,76

2,95

0,10

4

14

- -

- (3

,045

,000

,000

) (3

,045

,000

,000

)

3

1

.. 2

550

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 15

,233

,849

,318

32

,715

,627

,318

1

.. 2

549

14

,500

,000

,000

1,

531,

778,

000

1,29

8,77

1,53

1 14

,158

,816

,058

31

,489

,365

,589

(

2

)

- -

- (4

,976

,828

,267

) (4

,976

,828

,267

)

1

.. 2

549

14

,500

,000

,000

1,

531,

778,

000

1,29

8,77

1,53

1 9,

181,

987,

791

26

,512

,537

,322

10

-

- 15

1,22

8,46

9 (1

51,2

28,4

69 )

-

-

- -

5,38

5,13

9,89

2

5,38

5,13

9,89

2

14

- -

- (2

,900

,000

,000

) (2

,900

,000

,000

)

3

1

.. 2

549

14

,500

,000

,000

1,

531,

778,

000

1,45

0,00

0,00

0 11

,515

,899

,214

28

,997

,677

,214

109

135

106106

()

31 .. 2550 .. 2549

5,829,400,410 6,106,036,409 6,762,950,104 5,385,139,892

- 7 2,745,639,118 2,710,308,660 13,955,024 18,646,695

- 697,948 - - -

- 5 104,856,876 64,108,609 - -

- 8 30,822,296 30,822,296 - -

- () (346,855 ) (5,257,129 ) (62,095 ) 52,698

- 6 (792,631,790 ) (727,499,223 ) - -

- - - (6,704,621,510 ) (5,135,499,486 )

- (560,920 ) (98,842 ) (537,811 ) (221,366 )

- ()

573,000 (7,745,805 ) - 3,067

- 11.1 (211,631,517 ) 750,240,421 - -

- 959,987 2,196,256 - -

7,707,778,553 8,923,111,652 71,683,712 268,121,500

()

- 1,303,086,608 (2,103,487,954 ) - -

- (2,243,190 ) (4,719,442 ) (15,556,163 ) (204,205 )

- (3,551,532 ) - - -

- (237,665,738 ) (72,396,161 ) - -

- (192,692,378 ) (471,346,326 ) (99,861,815 ) (73,348,772 )

- (688,048,161 ) 1,397,745,496 - -

- (108,298,497 ) (258,511,491 ) (3,226,293 ) 2,867,254

-

194,713,936 (60,745,571 ) - -

- (677,312,582 ) (63,771,632 ) 20,070,666 8,311,408

() 7,295,767,019 7,285,878,571 (26,889,893 ) 205,747,185

(1,532,840,796 ) (2,887,662,391 ) (1,283,222,969 ) (3,256,777,031 )

(1,000,000 ) - - -

333,266,222 290,305,920 - -

- (599,279,804 ) - (599,279,804 )

- - (8,000,000 ) (2,655,000,000 )

- - - 2,655,000,000

.. 2550 .. 2549 .. 2550 .. 2549

109 135

106106 107

()

()

31 .. 2550 .. 2549

()

6 (1,357,275,000 ) (440,955,000 ) (566,062,500 ) (281,250,000 )

6 - - - 50,000,000

(17,500,000 ) - (797,500,000 ) (143,831,000 )

- 649,555,838 360,200,000 839,555,838

6 459,802,910 218,260,875 6,322,557,439 5,135,499,486

1,912,368 3,655,512 1,889,200 3,653,912

(77,516,266) (40,408,487 ) (12,353,725 ) (19,422,120 )

(300,000,000 ) - (300,000,000 ) -

() (2,491,150,562 ) (2,806,527,537 ) 3,717,507,445 1,728,149,281

- 2,560,000,000 - -

- (2,560,000,000 ) - -

8 (805,498,400 ) (509,502,000 ) - -

8 (2,333,240,000 ) (2,333,240,000 ) - -

(3,045,716,984 ) (2,900,210,156 ) (3,045,716,984 ) (2,900,210,156 )

(6,184,455,384 ) (5,742,952,156 ) (3,045,716,984 ) (2,900,210,156 )

()

(1,379,838,927 ) (1,263,601,122 ) 644,900,568 (966,313,690 )

3,124,488,996 4,388,090,118 560,827,669 1,527,141,359

1,744,650,069 3,124,488,996 1,205,728,237 560,827,669

-

240,148,598 236,387,871 151,969,117 118,281,606

- 1,504,501,471 2,888,101,125 1,053,759,120 442,546,063

1,744,650,069 3,124,488,996 1,205,728,237 560,827,669

-

9,888,109 10,194,770 1,868,541 -

-

12,595,200 327,291,812 - -

- 10,194,770 - - -

1,364,614,071 1,443,987,987 - -

119,141,863 65,822,252 34,999,506 7,594,602

.. 2550 .. 2549 .. 2550 .. 2549

109 135

108108

()

31 .. 2550 .. 2549

1. () ()

19 3 20

(.)

31 .. 2550 156 (.. 2549 146 )

14 .. 2551

2.

2.1

.. 2543

.. 2547

.. 2535

2.2 .. 2550 .. 2551

.. 2550

25

29

31

33

35

39

41

43

44

45

108108 109

46

49

51

44 45

46 1 .. 2550

2.3

25 29 31

33 35 39

41 43 49 51

1 .. 2551

43 51 43

51 (Indefinite useful lives)

2.3

2 .. 2550 44

45 46

1

.. 2550

1 .. 2550

31 .. 2549 31

.. 2549

2.4

2.4.1

31 .. 2549

- 5,697.72

- 5,697.72

31 .. 2549

- 720.90

- () 0.50

110110

6

2.4.2

6

2.5

2.6

2.7

2.8

2.9

12

110110 111

2.10

2.10.1

2.10.2

2.11

25

8

5-25

5

5 20

5

5

General Electric International Operations

Co., Inc. GE Energy Parts, Inc.

( 20)

112112

2.12

17

2.13

()

2.14

2.15

(.)

25 .

(.)

1 1 .

2.16

2.17

2.18

112112 113

300,000 180,000 170,000 100,000

239,848,598 236,207,871 151,799,117 118,181,606

1,504,501,471 2,888,101,125 1,053,759,120 442,546,063

1,744,650,069 3,124,488,996 1,205,728,237 560,827,669

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

1,850,000,000 3,000,000,000 1,850,000,000 3,000,000,000

- 1,500,000,000 - 1,500,000,000

7,444,757,779 3,260,363,283 6,361,519,555 2,425,564,295

9,294,757,779 7,760,363,283 8,211,519,555 6,925,564,295

543,271,142 281,707,147 543,271,142 -

2,430,381 62,401,234 - -

545,701,523 344,108,381 543,271,142 -

- 509,819,395 - 509,819,395

116,621,510 119,065,766 100,000,000 100,000,000

116,621,510 628,885,161 100,000,000 609,819,395

9,957,080,812 8,733,356,825 8,854,790,697 7,535,383,690

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

2.19

3.

31 .. 2550 0.50 2.63

(.. 2549 0.13 3.50 ) 3.30

3.51 (.. 2549 4.50 5.15 )

4. 23 .. 2548

11 .. 2548

31 .. 2550 1,032.70

( 31 .. 2549 876.17 )

114114

31 .. 2550 3.25 3.63 (.. 2549

5.00 6.40 ) 4.60 4.75 (.. 2549 6.70

6.90 )

- 1 501,250,324 344,681,000 499,279,804 -

- 1 5 116,013,300 617,263,624 100,000,000 599,279,804

- 5 - - - -

617,263,624 961,944,624 599,279,804 599,279,804

() 45,059,409 11,048,918 43,991,338 10,539,591

662,323,033 972,993,542 643,271,142 609,819,395

(545,701,523) (344,108,381) (543,271,142) -

116,621,510 628,885,161 100,000,000 609,819,395

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

601,392,207 622,299,299 - -

1,568,218,308 1,303,904,225 - -

94,993 94,993 - -

40,418,131 46,159,384 - -

2,210,123,639 1,972,457,901 - -

(278,355,692 ) (173,498,816) - -

1,931,767,947 1,798,959,085 - -

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

5.

6.

6.1

99.99

.

25

99.99

99.99

99.99

99.99

114114 115

50.00

. 20

25.00

1,400

15.00

49.99

25.00

( 2)

6.2

- - 20,001,803 20,001,803

5,676,028 3,985,924 901,062 335,000

5,676,028 3,985,924 20,902,865 20,336,803

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

3,985,924 3,035,731 20,336,803 25,082,380

( 2) - - - (4,976,827 )

3,985,924 3,035,731 20,336,803 20,105,553

1,357,275 440,955 566,062 281,250

- - - (50,000 )

792,632 727,499 - -

(459,803 ) (218,261 ) - -

5,676,028 3,985,924 20,902,865 20,336,803

31 .. 2550 .. 2549 .. 2550 .. 2549

116116

31 .. 2550

25.00 18.75

31 .. 2550 23.25

73.25 100

25.00 761.25

31 .. 2550

15.00

11.21

31 .. 2550

25.00 265.50

31 .. 2550

400 880.9 10

25.00 300.56

.. 2548 21 .. 2549 1/2549

7 .. 2549

19 10 14 10

17 .. 2549 50

()

31 .. 2550

.. 2549 1.48 1,827.50 2,709.64

.. 2550

.. 2550

1 0.92 1,827.50

1,681.14 .. 2550

2 1.01 1,827.50

1,844.19 .. 2550

3 0.21 1,827.50

382.06 .. 2551

31 .. 2550

31 .. 2550

.. 2550 50 87.59

.. 2550

31 .. 2550 10.40

16.46 34.237

50.00 178.03 .. 2550 281.77 .. 2550

116116 117

99.99 18,275,000 18,275,000

99.99 1,165,903 1,165,903

99.99 420,900 420,900

99.99 140,000 140,000

20,001,803 20,001,803

49.99 10,000 10,000

25.00 891,062 325,000

()

901,062 335,000

31 31 .. 2550 .. 2549

4 .. 2550

15.00 11.25 100.00

19 .. 2550 3/2550

880.90 10

660.675 10

25 220.225 10

891 2

25.00 33.33

6.3

118118

50.00 1,809,210 3,653,657 459,803

25.00 1,342,500 1,091,848 - ()

15.00 45,000 40,876 - ()

49.99 10,000 25,088 -

25.00 891,062 864,559 - () 4,097,772 5,676,028 459,803

31 .. 2550

50.00 1,809,210 3,292,495 218,261

25.00 562,500 340,585 - ()

15.00 33,788 31,809 - ()

49.99 10,000 11,531 -

25.00 325,000 309,504 - () 2,740,498 3,985,924 218,261

31 .. 2549

6.4

1,184,171 656,171 5,185 33,120 62,721

5,526,371 4,296,800 73,825 6,381 2,886,375

(1,160,599 ) (582,449 ) (13,352 ) (14,413 ) (194,241 )

(1,704,438 ) (3,868,344 ) (24,782 ) - (1,898,961 )

3,845,505 502,178 40,876 25,088 855,894

31 .. 2550

6.5

118118 119

5,412,565 64,237 66 80,040 47

(4,606,948 ) (92,974 ) (2,211 ) (60,610 ) (11,054 )

() 805,617 (28,737 ) (2,145 ) 19,430 (11,007 )

- - - (5,873 ) -

() 805,617 (28,737 ) (2,145 ) 13,557 (11,007 )

() 50.00 25.00 15.00 49.99 25.00

31 .. 2550

1,240,009 250,763 3,558 12,793 25,884

5,753,102 1,151,700 40,805 212 1,344,635

(1,190,506 ) (56,850 ) (3,203 ) (1,474 ) (284,053 )

(2,302,915 ) (1,594,698 ) (9,351 ) - (785,627 )

3,499,690 (249,085 ) 31,809 11,531 300,839

31 .. 2549

5,162,377 61,956 170 16,620 111

(4,343,109 ) (158,261 ) (1,066 ) (11,535 ) (14,454 )

() 819,268 (96,305 ) (896 ) 5,085 (14,343 )

- - - (657 ) -

() 819,268 (96,305 ) (896 ) 4,428 (14,343 )

() 50.00 25.00 15.00 49.99 25.00

31 .. 2549

120120

3

1

.. 2

549

751,

456,

864

492,

870,

390

56

,961

,377

,959

38

0,82

0,04

9

233,

000,

386

18

,119

,808

58

,837

,645

,456

14

3,69

7,15

8

- (1

50,6

74,4

75 )

(13,

303,

248,

658 )

-

(1

50,4

91,9

93 )

-

(13,

604,

415,

126 )

(1

03,3

64,1

88 )

75

1,45

6,86

4 34

2,19

5,91

5

43,6

58,1

29,3

01

380,

820,

049

82

,508

,393

18

,119

,808

45

,233

,230

,330

40

,332

,970

3

1

.. 2

550

751,

456,

864

342,

195,

915

43

,658

,129

,301

38

0,82

0,04

9

82,5

08,3

93

18,1

19,8

08

45,2

33,2

30,3

30

40,3

32,9

70

-

29,8

00

5,91

2,08

9

-

15,4

29,9

76

78,6

27,7

11

99,9

99,5

76

14,2

22,2

66

- 1,

266,

000

35

1,80

7,42

6

(289

,954

,160

) 4,

775,

100

(7

8,08

9,13

6 )

(10,

194,

770 )

-

-

(6 )

(4 )

-

(1,3

51,4

39 )

(573

,000

) (1

,924

,449

) (1

,351

,390

)

(

1

1)

- (2

4,81

2,78

9 )

(2,6

94,3

77,0

56 )

-

(26,

449,

274 )

-

(2

,745

,639

,119

) (1

3,95

5,02

4 )

751,

456,

864

318,

678,

920

41

,321

,471

,756

90

,865

,889

74

,912

,756

18

,085

,383

42

,575

,471

,568

39

,248

,822

3

1

.. 2

550

751,

456,

864

494,

124,

790

57

,318

,998

,958

90

,865

,889

24

6,18

7,88

4

18,0

85,3

83

58,9

19,7

19,7

68

152,

430,

688

- (1

75,4

45,8

70 )

(15,

997,

527,

202 )

-

(1

71,2

75,1

28 )

-

(16,

344,

248,

200 )

(1

13,1

81,8

66 )

75

1,45

6,86

4 31

8,67

8,92

0

41,3

21,4

71,7

56

90,8

65,8

89

74,9

12,7

56

18,0

85,3

83

42,5

75,4

71,5

68

39,2

48,8

22

7.

120120 121

31 .. 2550 42,382.73 ( 31 .. 2549 45,072.05 )

( 8)

31 .. 2550 20

8.

1,698,340,000 805,498,400 - -

(27,812,127 ) (27,812,127 ) - -

1,670,527,873 777,686,273 - -

1,916,900,000 2,333,240,000 - -

(1,810,170 ) (3,010,169 ) - -

1,915,089,830 2,330,229,831 - -

20,739,157,600 22,437,497,600 - -

(173,825,794 ) (201,637,922 ) - -

20,565,331,806 22,235,859,678 - -

2,250,000,000 4,166,900,000 - -

(915,254 ) (2,725,424 ) - -

2,249,084,746 4,164,174,576 - -

26,604,397,600 29,743,136,000 - -

(204,363,345 ) (235,185,642 ) - -

26,400,034,255 29,507,950,358 - -

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

29,507,950,358 32,319,870,062 - -

(805,498,400 ) (509,502,000 ) - -

(2,333,240,000 ) (2,333,240,000 ) - -

30,822,297 30,822,296 - -

26,400,034,255 29,507,950,358 - -

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

122122

16 .. 2548

(Underwriting Agreement) 4

4 34,262

24,262 (Tranche A) 10,000

10,000 (Tranche C)

23 .. 2548 6

(Tranche A) 24,262 (Tranche C)

10,000 25 .. 2548 Tranche A Tranche C 34,262

26 29 .. 2548

1 (Tranche B1)

7,000 3 3.67 2 (Tranche B2)

3,000 5 3.67 1 2

(MLR) 2 10,000

Tranche C 29 .. 2548

(Tranche A) MLR

25 .. 2548 - 24 .. 2550 MLR - 2.5

25 .. 2550 - 24 .. 2552 MLR - 2.0

25 .. 2552 - 24 .. 2558 MLR - 1.5

()

- 1

1,698,340,000 805,498,400 - -

1,916,900,000 2,333,240,000 - -

- 1 5

11,116,848,400 9,151,626,400 - -

2,250,000,000 4,166,900,000 - -

- 5 9,622,309,200 13,285,871,200 - -

26,604,397,600 29,743,136,000 - -

31 31 31 31 .. 2550 .. 2549 .. 2550 .. 2549

122122 123

9.

31 .. 2550 1,450,000,000 ( 31 .. 2549

1,450,000,000 ) 10 ( 31 .. 2549 10 )

10.

31 .. 2548 1,450,000,000 14,500,000,000 1,531,778,000 16,031,778,000

- - - -

31 .. 2549 1,450,000,000 14,500,000,000 1,531,778,000 16,031,778,000

- - - -

31 .. 2550 1,450,000,000 14,500,000,000 1,531,778,000 16,031,778,000

.. 2535 5

10

11.

1,450,000,000 1,298,771,531 1,450,000,000 1,298,771,531

- 151,228,469 - 151,228,469

1,450,000,000 1,450,000,000 1,450,000,000 1,450,000,000

.. 2550 .. 2549 .. 2550 .. 2549

32

ratch: annual report 2007

Documents