tvo : annual report 2008

1 ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘πFinancial Highlights

2 “√®“°§≥–°√√¡°“√Message from The Board of Directors

4 §≥–°√√¡°“√Board of Directors

8 ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—πIndustry Overview and Competition

10 ¿“«–‡»√…∞°‘®‰∑¬ : ·π«‚πâ¡∑’Ë®–‡¢â“ Ÿà¿“«–∂¥∂Õ¬Thai Economy, Going into Recession

15 ªí®®—¬‡ ’Ë¬ßRisk Factors

16 ª√–«—µ‘ºŸâ∫√‘À“√Management Profile

22 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®Nature of the Business

25 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπ‡°‘π 10%The Investment of the Company

26 ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√Shareholder and Management Team

40 §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√Management Discussion and Analysis : (MD&A)

42 √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πRelated Party Transactions

44 §«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡Corporate Social Responsibility

46 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫Audit Committeeûs Report

48 √“¬ß“π®“°ΩÉ“¬®—¥°“√The Managementûs Report

50 √“¬ß“πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘πReport of Independent Auditor and Financial Statements

106 ¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑General Information

“√∫—≠Contents

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘πFinancial Highlights

≥ 31 ∏—π«“§¡ 2551 I End December 31, 2008 2551 I 2008 2550 I 2007 2549 I 2006

∞“π–°“√‡ß‘π

Financial Status

‘π∑√—æ¬å√«¡ 7,624.23 7,424.74 6,822.60Total Assets

Àπ’È ‘π√«¡ 4,538.94 3,785.08 4,031.49Total Liabilities

à«π¢ÕßºŸâ∂◊ÕÀÿâπ 3,085.29 3,639.66 2,791.11Shareholdersû Equity

º≈ª√–°Õ∫°“√

Operational Performance

√“¬‰¥â√«¡ 23,906.45 18,463.81 15,345.67Total Revenues

√“¬®à“¬√«¡ 22,422.54 16,501.04 14,461.72Total Expenses

°”‰√°àÕπ¿“…’‡ß‘π‰¥â 1,347.88 1,835.99 746.24Earnings Before Income Tax

°”‰√ ÿ∑∏‘ 749.63 1,256.39 471.36Net Earnings

¢âÕ¡Ÿ≈µàÕÀÿâπ

Per Share Data

°”‰√µàÕÀÿâπ 1.20 2.01 0.76Earnings Per Share (∫“∑/Baht)

¡Ÿ≈§à“µàÕÀÿâπ 4.94 5.83 5.59Value Per Share (∫“∑/Baht)

Àπà«¬ : ≈â“π∫“∑ / Unit : Million Baht

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

2

“√®“°§≥–°√√¡°“√Message From The Board Of Directors

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3 ‰µ√¡“ ·√°¢Õßªï 2551 ‡µ‘∫‚µ„π√–¥—∫∑’Ëπà“æÕ„®‡ªìπª°µ‘ ·µà

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∑—Èßπ’È‡°‘¥®“°∂—Ë«‡À≈◊Õß∑’ËµâÕßπ”‡¢â“®“°µà“ßª√–‡∑» ‡æ◊ËÕ‡µ√’¬¡‰«â ”À√—∫

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≈ß∑ÿπ°àÕ √â“ß ¢¬“¬°”≈—ß°“√º≈‘µ‡æ‘Ë¡¢÷ÈπÕ’° 2,000 µ—πµàÕ«—π ®–·≈â«‡ √Á®

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§«“¡‡®√‘≠‡µ‘∫‚µµàÕ‰ªÕ¬à“ßµàÕ‡π◊ËÕß

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¡“Õ¬à“ßµàÕ‡π◊ËÕß ·≈–∑’Ë ”§—≠¢Õ¢Õ∫§ÿ≥§≥–ºŸâ∫√‘À“√ ·≈–æπ—°ß“π

∑ÿ°√–¥—∫™—Èπ ∑’Ë‰¥â√à«¡·√ß√à«¡„®„π°“√∑”ß“π¥â«¬§«“¡«‘√‘¬–Õÿµ “À–

‡æ◊ËÕ§«“¡°â“«Àπâ“¢Õß∫√‘…—∑ ·≈–‡ªìπªí®®—¬¢—∫‡§≈◊ËÕπ∑’ËÕ¬Ÿà‡∫◊ÈÕßÀ≈—ß§«“¡

”‡√Á®¢Õß∫√‘…—∑„π«—ππ’È

∫√‘…—∑À«—ß‡ªìπÕ¬à“ß¬‘Ëß«à“ ®–‰¥â√—∫°“√ π—∫ πÿπÕ¬à“ß¥’‡™àππ’Èµ≈Õ¥‰ª

π“¬ ¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å

Mr. Sompol Kiatphaiboolª√–∏“π°√√¡°“√Chairman

3

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

¢¬“¬µ—«Õ¬à“ß‰¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘» Expanded to the Best

π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å

Miss Sudarath Vitayatanagornª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Chief Executive Officer

During the latter half of 2008, many countries around the world

have been severely and sharply affected by the financial crisis originated

from the United States. Thailand is not an exception. The countryûs

economy, in term of production, trade, tourism and service industries,

grew less favorably than previously expected. Thailandûs economic growth

decelerated from 4.9% in 2007 to 2.6% in 2008. Exports declined in

towards the end of the year. Prices of key agricultural products

significantly decline, resulted in rising unemployment. It is expected

that there will be more than 1,000,000 unemployed people in 2009.

These factors significantly affect domestic purchasing power.

The Company,directly related to the production and agricultural

trade products both in domestic and international markets, cannot avoid

the effect from this crisis. However, as the Company is prudent and

very cautious in determining operational strategy, the Companyûs

performance during the first three quarters of 2008 was satisfied.

However, the performance was severely affected during the 4th

quarter. 2008 revenue were at Baht 23,575 million, significantly

improved from Baht 18,230 million in 2007; however, 2008 profits

were at Baht 750 million, down from 2007 Baht 1,256 million. The

profits decline as due to price of imported soybean for oil production

and high freight rate that must be locked in advance both

decreased according to the global market situation.

During 2009, the Company will continue to grow according

to the capacity expansion plan. The Company currently invested in

2,000 tons per day additional capacity, which should be

completed during mid-2010. The Company continued to improve

product quality, energy efficiency, preserve environment, manage

according to the corporate governance principles and operate

prudently to deal with various business risks to cope with changing

external environment. So it is expected that the Company will

continue to grow.

The Board of Directors would like to take this opportunity to

thank shareholders, value customers, investors, business partner

as well as press and general public who continue to trust and

support the Companyûs business. Moreover, the Board would like

to thank managements and employees at all level who work hard

for the Companyûs progress and were the key driver behind the

Companyûs success.

The Company dearly hopes to receive strong support as

always.


4

π“¬ ¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å

Mr. Sompol Kiatphaibool

ª√–∏“π°√√¡°“√ (Õ‘ √–)Chairman (Independent Director)

π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å

Miss Sudarath Vitayatanagorn

ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√Chief Executive Officer

§≥–°√√¡°“√Board Of Directors

5



1.

¥√. »‘√‘ °“√‡®√‘≠¥’

Dr. Siri Ganjarerndee

√Õßª√–∏“π°√√¡°“√ (Õ‘ √–)Vice President (Independent Director)

2.

¥√. ÿ«‘∑¬å ‡¡…‘π∑√’¬å

Dr. Suvit Maesincee

°√√¡°“√ (Õ‘ √–)Director (Independent Director)

3.

π“¬«‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å

Mr. Visuth Vitayathanagorn

°√√¡°“√ºŸâ®—¥°“√President

4.

π“¬®“√ÿæ®πå ≥’»–π—π∑å

Mr. Charuphot Neesanant

°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ªExecutive General Manager

5.

π“¬«‘™‘µ «‘∑¬∞“π°√≥å

Mr. Vichit Vitayatanagorn

°√√¡°“√Director

6.

π“¬™—¬¬ß§å «‘∑¬∞“π°√≥å

Mr. Chaiyong Vitayatanagorn


7.

π“ßªí∑¡“ µ—Èßæ‘√ÿÃÀå∏√√¡

Mrs. Pattama Tangpiroonthum


8.

π“¬«‘™—¬ «‘∑¬∞“π°√≥å

Mr. Vichai Vitayathanagorn


9.

π“ß√—µπ“ ®—π∑√åæ‘∑—°…å

Mrs. Ratana Chanpitaksa


10.

π“¬ ¡»—°¥‘Ï »‘«–π“«‘π∑√å

Mr. Somsak Sivanawin


1. 2.

3. 4.

5. 6.

7. 8.

9. 10.


8

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—πIndustry Overview and Competition

°“√º≈‘µ∑’Ë≈¥≈ß‡ªìπº≈¡“®“°Õÿµ “À°√√¡°“√‡≈’È¬ß —µ«å∑’Ë‰¥â√—∫º≈

°√–∑∫®“°√“§“«—µ∂ÿ¥‘∫Õ“À“√ —µ«å∑ÿ°™π‘¥∑’Ë¡’√“§“ Ÿß¡“°‡ªìπ

ª√–«—µ‘°“√≥åµ—Èß·µà‰µ√¡“ ·√°®π∂÷ßª≈“¬‰µ√¡“ ∑’Ë “¡ πÕ°®“°π’È·≈â«

„π‰µ√¡“ ∑’Ë 4 ¬—ß‰¥â√—∫º≈°√–∑∫®“°¿“«–‡»√…∞°‘®∑’Ë∂¥∂Õ¬ ·≈–

°“√∫√‘‚¿§‡π◊ÈÕ —µ«å¿“¬„πª√–‡∑»∑’Ë≈¥≈ß Õ—π‡ªìπº≈¡“®“°°“√‡¡◊Õß

¿“¬„πª√–‡∑» àßº≈µàÕÕÿµ “À°√√¡°“√∑àÕß‡∑’Ë¬« ·≈–°“√∫√‘‚¿§

‡π◊ÈÕ —µ«å¿“¬„πª√–‡∑»

·π«‚πâ¡¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π„πÕπ“§µ

Õÿµ “À°√√¡°“√º≈‘µ°“°∂—Ë«‡À≈◊Õß øŸ≈·øµ´Õ¬ ·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß

„πªï 2552 π’È§“¥«à“®–‰¥â√—∫º≈°√–∑∫®“° ¿“«–‡»√…∞°‘®∑—Ë«‚≈°∑’Ë¡’

·π«‚πâ¡∂¥∂Õ¬·≈–¡’°“√ª√—∫≈¥Õ—µ√“¿“…’π”‡¢â“°“°∂—Ë«‡À≈◊Õß≈¥≈ß®“°

Õ—µ√“√âÕ¬≈– 4 ‡À≈◊Õ√âÕ¬≈– 2 ·µàÕ¬à“ß‰√°Áµ“¡·π«‚πâ¡¢ÕßÕÿµ “À°√√¡

π’Èπà“®–¬—ß§ß∑√ßµ—«„°≈â‡§’¬ß°—∫ªï 2551 ‰¥â ‡π◊ËÕß¡“®“°Õÿµ “À°√√¡

„πªï 2551 ∑’Ëºà“π¡“ Õÿµ “À°√√¡°“√º≈‘µ°“°

∂—Ë«‡À≈◊Õß øŸ≈·øµ´Õ¬ ·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß¡’°“√º≈‘µ

≈¥≈ß‡≈Á°πâÕ¬‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550 ‚¥¬¿“æ√«¡

¢ÕßÕÿµ “À°√√¡ªï 2551 ¡’°“√º≈‘µ≈¥≈ß√âÕ¬≈–

2.5 ª√‘¡“≥°“√º≈‘µ√«¡∑—ÈßÕÿµ “À°√√¡ §‘¥®“°

ª√‘¡“≥°“√„™â«—µ∂ÿ¥‘∫√«¡∑—Èß ‘Èπ 1,609,092 µ—π

(‡¡≈Á¥∂—Ë«‡À≈◊Õß)

°“√‡≈’È¬ß —µ«å∑—ÈßÀ¡Ÿ·≈–‰°à‡π◊ÈÕ¡’·π«‚πâ¡∑√ßµ—«‚¥¬ª√‘¡“≥°“√ àßÕÕ°

‰°à‡π◊ÈÕ·≈–°“√∫√‘‚¿§¿“¬„π®–§àÕ¬Ê ‡æ‘Ë¡¢÷Èπ µ—Èß·µà‰µ√¡“ ∑’Ë 2 ‡ªìπµâπ‰ª

πÕ°®“°π’È·≈â«ª√‘¡“≥°“√ àßÕÕ°°“°∂—Ë«‡À≈◊Õß ®“°ª√–‡∑»Õ“√å‡®πµ‘π“

·≈–∫√“´‘≈ ÷Ëß‡ªìπºŸâ àßÕÕ°°“°∂—Ë«‡À≈◊ÕßÕ—π¥—∫Àπ÷Ëß ·≈–Õ—π¥—∫ Õß¢Õß

‚≈°¡’·π«‚πâ¡≈¥≈ß‡π◊ËÕß¡“®“°º≈º≈‘µ°“°∂—Ë«‡À≈◊Õß„πª√–‡∑»∑—Èß Õß

≈¥≈ß√«¡°—π∂÷ß 1.19 ≈â“πµ—π ´÷Ëß‡ªìπ‚Õ°“ ¢ÕßºŸâº≈‘µ°“°∂—Ë«‡À≈◊Õß

¿“¬„πª√–‡∑»∑’Ë®–∑¥·∑π°“°π”‡¢â“∑’Ë¡’·π«‚πâ¡≈¥≈ß„π à«ππ’È

®“°ªí®®—¬‡À≈à“π’È≈â«π π—∫ πÿπ„ÀâÕÿµ “À°√√¡°“√º≈‘µ°“°∂—Ë«‡À≈◊Õß¡’

‚Õ°“ ∑“ß°“√µ≈“¥ Ÿß¢÷Èπ Õ’°∑—Èß°“√º≈‘µ ‘π§â“„Àâ‰¥â§ÿ≥¿“æ Ÿß ·≈–¡’

¡“µ√∞“π ¬—ß‡ªìπªí®®—¬À≈—°∑’Ë∑”„ÀâºŸâº≈‘µ„πª√–‡∑» “¡“√∂·¢àß¢—π°—∫

‘π§â“π”‡¢â“‰¥â

9



The decline in overall figured was due to a slowdown in livestock

industry, which was affected by rising price of animal feed meal to the

record level during the first three quarters of 2008. Moreover, the

fourth quarter was affected by economy recession and declining

domestic meat consumption as domestic political turmoil affected

tourism industry and domestic meat consumption.

Industry Trend and Future Competition

In 2009 soybean meal processing industry, full-fat soy and

soybean oil industries tend to decline resulted from economic recession.

Moreover, the government has reduced import tax on soybean meal

from 4% to 2%. Therefore, in 2009 the industry should remain afloat

During 2008, soybean meal processing

industry, full-fat soy and soybean oil industries

fell slightly from 2007. Industrial production fell

2.5%. Of total 1,609,092 tons of raw material

(Soybean seeds)

in the same level as in 2008 because livestock industry should begin

to improve in the event that chicken exports and domestic meat

consumption should gradually improve after the first quarter. Moreover,

the soybean meal exports from Argentina and Brazil, who are the worldûs

major exporters, should declined as both countries reduce soybean

meal production by 1.19 million tons in total, which should provide

opportunity for the local producers to replace this missing capacity.

These factors as well as high quality and well standard product should

support domestic industry more opportunity and compettitive edge to

compete with the exporters.


10

¿“«–‡»√…∞°‘®‰∑¬ : ·π«‚πâ¡∑’Ë®–‡¢â“ Ÿà¿“«–∂¥∂Õ¬

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11



Since 2003, Thai economy has begun todecelerate. 2008 is another year to confirmsuch trend. Although the official economicfigures have not be released, we can anticipatethe economic growth from the economicindicator provided by the Bank of Thailand andother agencies. We expect to see grossdomestic products growing at 3-3.5% in 2008,versus 6-7% growth during 2003-2004.

Weak Thai economy can be explained by both domestic and

international factors, and both controllable and incontrollable. What

worries us is that the big parts of the problems are caused by changing

macro- and microeconomic policies of the government.

The negative changes to Thai economy are directly caused by

political factors, such as the growing usage of populist policies or

transferring the countryûs resource to çgrassrootsé population at no

cost, by taking political benefit the highest priority. These measures

reflect the changes in the countryûs management policies, which over-

utilizes stateûs resource as never happen before. The fact that the

government is very focused on consumption would mean there will be

little left for building capital goods or long-term and infrastructure.

Therefore, this depressed fiscal status of the country. Along with an

inefficient use of public resources would lead to lower competitiveness

of the country.

For the external factor during 2007, the international economy

has continued to sent negative signals, which intensified in 2008, such

as sub-prime problem, weak financial institutions, imbalanced

macroeconomic, which together lead to financial crisis that many would

consider the worst one since çThe Great Depression.é Some suspect

that this financial crisis is more severe than the çTom Yum Kungé

Crisis. The problem is widespread because the financial institutes

facing the problem are the leading institutes, which require huge amount

of capital to assist. Even with help from the governments, it is unlikely

that those financial institutes will be able to operate like they used to

before the crisis. We can say that when the problem arose from the

global institutions, the problem could spread into global impacts.

From all factors stated above, along with political uncertainty

that cause people with different political motives to turn against each

others and rally demonstration. Thai government cannot enforce the

rule of law, which cause a lot of uncertainty on many fronts, thus

compounding into very complicate problem.

Following key factors will be key economic indicators in the

future.

1. Tendency for domestic consumption and

economic expansion

Current economic data imply continued weakness in domestic

consumption. Domestic consumption used to grow 3% per year

during the fourth quarter of 2007, which was below historical average,

but has declined to 1.4% in the third quarter of 2008. It is very likely

that the consumption growth will continue to decelerate in the final

quarter of the year. Moreover, the private investment that appeared to

recover in the first quarter sharply declined in the third and fourth


12

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“¡“√∂ªî¥ π“¡∫‘ππ“π“™“µ‘‰¥â 2 ·Ààß „π™à«ßæƒ»®‘°“¬π-∏—π«“§¡

2551 ®π àßº≈„Àâ‡°‘¥§«“¡‡ ’¬À“¬„π«ß°«â“ß∑—Èß„π√–¥—∫√–À«à“ß

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πâÕ¬≈ß¡“° „π¢≥–∑’Ë§«“¡‡™◊ËÕ¡—Ëπ¢Õßπ—°≈ß∑ÿπ‡ ◊ËÕ¡∂Õ¬≈ß¡“° º≈„π

¢—Èπ ÿ¥∑â“¬≈â«π·≈â«·µà´È”‡µ‘¡„Àâ‡»√…∞°‘®µ°Õ¬Ÿà„πÀâ«ß¿“«–∂¥∂Õ¬∑—Èß ‘Èπ

ªï 2552 ∑’Ë¡“∂÷ß À“°æ‘®“√≥“¢âÕ‡∑Á®®√‘ß·≈â«¡’ªí®®—¬∫«°Õ¬ŸàæÕ

¡§«√ ‚¥¬‡©æ“–√–¥—∫√“§“πÈ”¡—πÕ¬Ÿà„π‡°≥±åµË” Õ—µ√“¥Õ°‡∫’È¬∑’ËÕàÕπ

µ—«≈ß ¿“«–°“√‡¡◊Õß∑’Ë§≈’Ë§≈“¬≈ß∫â“ß À≈—ß®“°°“√®—¥µ—Èß√—∞∫“≈„À¡à¿“¬„µâ

°“√π”¢Õßæ√√§ª√–™“∏‘ªíµ¬å ·µà‡¡◊ËÕæ‘®“√≥“¿“æ‚¥¬√«¡·≈â« ·π«‚πâ¡

À≈—°¢Õß¿“«–‡»√…∞°‘®„πªï 2552 ®–¬—ß§ß™–≈Õµ—«≈ß Õ—π‡π◊ËÕß¡“®“°

·√ß‡À«’Ë¬ß·≈–º≈æ«ß¢Õß¿“«–™–ß—°ß—π„π™à«ß∑’Ëºà“π¡“ª√–°Õ∫°—∫ªí®®—¬

§«“¡‡ ’Ë¬ß®“°¿“«–¿“¬πÕ°¡’ Ÿß¡“° ®π∑”„ÀâÀπà«¬‡»√…∞°‘®µà“ß‰¡à

“¡“√∂µ—¥ ‘π„®„π‡™‘ß∏ÿ√°‘®¥â«¬§«“¡¡—Ëπ„®‰¥â ≈—°…≥–¥—ß°≈à“«π’È®–∑”„Àâ

°“√øóôπµ—«¢Õß‡»√…∞°‘®„πªï 2552 ‡ªìπ‰ª¥â«¬§«“¡¬“°≈”∫“° „π°√≥’

∑’Ë∑ÿ°¿“§ à«π¡’§«“¡‡™◊ËÕ¡—ËπµàÕ°“√¥”‡π‘ππ‚¬∫“¬¢Õß√—∞∫“≈ ·≈–

∂“π°“√≥å‡»√…∞°‘®¢Õß‚≈°‰¡à∑√ÿ¥µ—«≈ß‰ªÕ’° ‚Õ°“ ∑’Ë‡»√…∞°‘®‰∑¬®–

°√–‡µ◊ÈÕß¢÷ÈπÕ¬à“ß™â“Ê „π‰µ√¡“ ∑’Ë 3 ·≈– 4 °Á®–¡’¡“°¢÷Èπ ·≈–∑—Èßªï

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‰¡à‡ªìπ‰ªµ“¡∑’Ë§“¥‰«â

¿“¬„µâ¿“«–‡™àππ’ÈÕ—µ√“‡ß‘π‡øÑÕ∑’Ë‡§¬Õ¬Ÿà„π√–¥—∫ Ÿß ÿ¥∑’Ë√âÕ¬≈– 9.2

‰¥â≈¥≈ßÕ¬à“ß√«¥‡√Á«®π°√–∑—Ëß„πªí®®ÿ∫—π (‡¥◊Õπ¡°√“§¡ 2552) Õ—µ√“

‡ß‘π‡øÑÕµ‘¥≈∫√âÕ¬≈– 0.4 µàÕªï §«“¡√«¥‡√Á«¢ÕßÕ—µ√“‡ß‘π‡øÑÕ∑’Ë≈¥≈ß„π™à«ß

6 ‡¥◊Õπ∑’Ëºà“π¡“ –∑âÕπ∂÷ß¢π“¥¢Õßªí≠À“∑’Ë‡»√…∞°‘®‰∑¬µâÕß‡º™‘≠‰¥â

‡ªìπÕ¬à“ß¥’ ¬‘Ëß‡¡◊ËÕæ‘®“√≥“ª√–°Õ∫°—∫¢à“«§√“«°“√«à“ßß“π¥â«¬·≈â«

13



quarters, which clearly indicate the impact of the political uncertainty,

volatile commodity market and foreign exchange currency, all of which

resulted from fragile global financial institutions and system.

Under current condition, there is a crucial need for the

government to increase spending to stimulate economy to substitute

for missing purchasing power. However, due to unstable political

situation, the government cannot effectively management stateûs

affairs. So lack of governmentûs budget disbursement has intensify the

economic problem. The government spending declined 4.2% and 3.9%

in the second and third quarter, respectively, of 2008.

2. International trade and service

In 2007, trading and service providing are the key pillar that

generate income and economic growth. However, exports impact has

continued to declined since 2008 due to global financial crisis. We can

say that exports stop contributing to the economic growth, any may

become a drag to the economy in the following quarters. Some key

exports figures are as followed.

3rd quarter, export rose 28.4%

4th quarter, export declined 9.4%

December 2008, exports value fell 15.7%, and 2009 export should

decline 25.3%

Along with tendency of weak domestic consumption, we are

likely to see negative GDP growth in the final quarter of 2008. The

negative growth may continue into the next one to two quarters so

long as the economic stimulus plans are yet to create impact.

In summary, Thai economy sharply slowed down compared to

last year. It is very likely that Thailand will go into recession like the

neighboring and industrial countries. The severity of the recession will

depend on the external impact and ability for the government

implement the counter cyclical policy to stimulate economy.

3. Inflation is no longer the issue in the foreseeable

future

The economy condition in the fourth quarter of 2009 is as

indicated above. We can conclude that the economic development is

directly depend on both global and domestic progress. The most

recent December 2008 exports fell by 26% from the same month last

year has prompted the related agencies to realize the magnitude of the

problem, where the global economy is taking hit and result in lower

purchasing power. Moreover, the domestic political uncertainty and the

governmentûs inability to enforce to rule of laws has allowed the

demonstrators to close two international airports during November-

December 2008, which result in widespread impact in both

international and domestic level. This airport closure directly affect

tourist counts and hurt investorsû confidence. In all, everything is

contributing to the economic weakness.

However, we still see some positive factors, such as lower oil

price, declining interest rate and a more stable political situation after

the Democrat has formed the government. For overall picture, the

2009 economic outlook is likely to continue to be weak due to the

weakness momentum from the previous quarters, as well as the weak

external economy. The economic agencies cannot make business

decision with high certainty. This will make economic recovery in 2009

difficult.

In case that every parties are confident in the governmentûs

policies and the global economy do not contract further, it is more

likely that the Thai economy will continue to recover in the third and

fourth quarters. We do not see Thai economy growing on the full year

basis. However, we see more risk of facing recession if things are not

going as plan. Under this circumstance, the inflation, which peaked at

9.2%, has fallen to -0.4% as of January 2009. The rapid decline in


14

°“√∫√‘À“√‡»√…∞°‘®¢Õß∑“ß°“√®“°π’È‰ª∂◊Õ‡ªìπ ªí®®—¬∑’Ë¡’§«“¡ ”§—≠¬‘Ëß

∑’Ë®–π”æ“ª√–‡∑»„Àâºà“πæâπ¿“«–«‘°ƒµπ’È‰ª‰¥â‚¥¬¬—ß√—°…“§«“¡‡ªìπ

—ß§¡∑’Ë¡’√–‡∫’¬∫«‘π—¬‰«â‰¥â√–¥—∫Àπ÷Ëß

4. π‚¬∫“¬‡»√…∞°‘®

‡¢â“„®«à“√—∞∫“≈§ß‡ÀÁπªí≠À“™—¥‡®π∂÷ß¿“«–∑’Ë®–‡°‘¥¢÷Èπ„πªï 2552 „π

∑’Ëπ’È®÷ß‡æ’¬ß·µà∑∫∑«πÕ’°§√—ÈßÀπ÷Ëß∂÷ßª√–‡¥Áπ ”§—≠ ∑’Ë®–‡°‘¥¢÷Èπ„πÕπ“§µ

Õ—π„°≈âπ’È

4.1 ¡’§«“¡‡ªìπ‰ª‰¥â∑’Ë®–‡°‘¥¿“«–‡»√…∞°‘®∂¥∂Õ¬ ·≈–ªí≠À“°“√

«à“ßß“π®–‡ªìπªí≠À“ —ß§¡∑’Ë√ÿπ·√ß

4.2 √“¬‰¥â√—∞∫“≈®–À¥À“¬≈ß‰ª¡“°„π¢≥–∑’Ë√—∞∫“≈®”‡ªìπµâÕß

„™â∑√—æ¬“°√®”π«π¡À“»“≈„π°“√°√–µÿâπ‡»√…∞°‘® °“√

∫√‘À“√°“√§≈—ß∑’Ë¡’ª√– ‘∑∏‘¿“æ ·≈–°“√ çFinanceé °“√

¢“¥¥ÿ≈∑’Ë‡À¡“– ¡‡∑à“π—Èπ ∂÷ß®–°àÕ„Àâ‡°‘¥§«“¡‡™◊ËÕ¡—Ëπ„π

‡ ∂’¬√¿“æ¢Õß√–∫∫°“√‡ß‘π·≈–√–∫∫‡»√…∞°‘®‰¥â ‡ß◊ËÕπ‰¢π’È

¡’§«“¡ ”§—≠Õ¬à“ß¬‘Ëß¬«¥„π°“√¥”‡π‘ππ‚¬∫“¬‡»√…∞°‘®

„π√–¬–µàÕ‰ª

4.3 π‚¬∫“¬°“√‡ß‘π·≈–°“√§≈—ß µâÕß¡’§«“¡ Õ¥§≈âÕß°—π„π∑ÿ°Ê

¥â“π ÷Ëß¢≥–π’È°Á¡’≈—°…≥–π’ÈÕ¬Ÿà·≈â« Õ¬à“ß‰√°Áµ“¡∂÷ß·¡âπ‚¬∫“¬

°“√‡ß‘π®–ºàÕπ§≈“¬·≈â«°Áµ“¡ À“° ∂“∫—π°“√‡ß‘π¬—ß¢“¥

§«“¡¡—Ëπ„®∑’Ë®–∑”µ—«‡ªìπ çIntermediaryé Õ—π‡ªìπÀπâ“∑’ËÀ≈—°

¢Õßµπ‡ÕßÕ¬Ÿà °“√øóôπµ—«∑“ß‡»√…∞°‘®§ß‡°‘¥¢÷Èπ¬“° ¿“§∑“ß

°“√§ßµâÕß·°â‰¢ çBottlenecké π’È„Àâ‰¥â ¡‘©–π—Èπ·≈â«∑ÿ°Ê

¡“µ√°“√∑’Ë∑“ß°“√‰¥â¥”‡π‘π°“√‰ª®–‰¡à∫√√≈ÿº≈

4.4 π‚¬∫“¬¿“…’ π‚¬∫“¬Õ—µ√“¥Õ°‡∫’È¬ π‚¬∫“¬Õ—µ√“·≈°‡ª≈’Ë¬π

®–µâÕß∂Ÿ°π”¡“„™â„Àâ∂Ÿ°®—ßÀ«–·≈–∂Ÿ°‚Õ°“ ‡æ◊ËÕ„Àâ‡°‘¥°“√

‡ª≈’Ë¬π·ª≈ß¢Õß çRelative pricesé ∑’Ë‡À¡“– ¡Õ—π®–π”‰ª Ÿà

°“√ÕÕ°®“°«—ß«π¢Õßªí≠À“‰¥âÕ¬à“ß∑—π°“≈

4.5 º≈¢Õß¡“µ√°“√µà“ßÊ „™â‡«≈“π“π∑’Ë®–‡ª≈’Ë¬πæƒµ‘°√√¡„π

√–∫∫‡»√…∞°‘® ®π “¡“√∂‡ª≈’Ë¬π∑‘»∑“ß¢Õß‡»√…∞°‘®∑’Ë‡ªìπ

‰ª„π¢≥–π’È ¡“µ√°“√‡¬’¬«¬“∑“ß¥â“π —ß§¡∑’Ë¥Ÿ‡À¡◊Õπ‡ªìπ

°“√„™â∑√—æ¬“°√Õ¬à“ß‰¡à√—∫º‘¥™Õ∫ Õ“®¡’§«“¡®”‡ªìπ™à«ß

√–¬–‡«≈“Àπ÷Ëß ·≈–„π™à«ß‡«≈“¥—ß°≈à“« ª√—™≠“∑“ß¥â“π

‡»√…∞°‘®æÕ‡æ’¬ß À“°π”¡“„™â„Àâ∂Ÿ°µâÕß ®– “¡“√∂≈¥·√ß

‡ ’¬¥∑“ß —ß§¡‰¥â¡“°∑’‡¥’¬«

inflation has clearly elaborate the economic condition Thailand has

under gone. Compound with the unemployment problem, the

economic management will be one of the most important factors to

thrive through this crisis.

4. Economic Policies

We understand that the government has foreseen the problem

that may happen in 2009. So we will review key issues that will likely

to happen in the near future.

4.1 It is highly likely that the economy will go into recession,

and unemployment will cause social problem.

4.2 Government income will decline sharply while the

government need more resource to revive the economy.

The efficient fiscal policy and proper amount of budget

deficit will create confidence in the financial system stability

and economy. This condition is crucial to implement

economic policy in a long run.

4.3 The fiscal and monetary policy must be consistent, which

is already apparent as of current. However, even with the

relaxed monetary policy, if the financial institutes do not have

confidence to act as intermediary, the economic recovery

can become more unlikely. Therefore, the government must

find way to de-bottleneck, or else every other stimulus

policies will not create the desired impact.

4.4 Tax, interest rate and foreign exchange policies must be

used in properly and appropriately to cause the change in

relative prices that would bring the country out of the

recession.

4.5 The impacts of various policies may take time to reverse

the recession. The social policies, although look wasted on

the surface, may prove to be necessary. And if the social

policies are applied properly, it can significantly help lessen

social resistance.

15



1. §«“¡‡ ’Ë¬ß¥â“π ‘π§â“∑¥·∑π

πÈ”¡—πæ◊™∑ÿ°™π‘¥ “¡“√∂„™â∫√‘‚¿§∑¥·∑π°—π‰¥â À“°„™â‡æ◊ËÕª√ÿßÀ√◊Õª√–°Õ∫Õ“À“√„π§√—«‡√◊Õπ Õ¬à“ß‰√°Á¥’ §ÿ≥§à“∑“ß‚¿™π“°“√¢ÕßπÈ”¡—πæ◊™·µà≈–™π‘¥®–·µ°µà“ß°—π πÈ”¡—πæ◊™∑’Ë„Àâ§ÿ≥§à“„°≈â‡§’¬ß°—∫πÈ”¡—π∂—Ë«‡À≈◊Õß·≈– “¡“√∂∑¥·∑π°—π‰¥â §◊Õ πÈ”¡—π¢â“«‚æ¥·≈–πÈ”¡—π‡¡≈Á¥∑“πµ–«—π à«ππÈ”¡—πæ◊™∑’Ë„™â‡æ◊ËÕ°“√º≈‘µ‡™‘ßÕÿµ “À°√√¡ ‡™àπÕÿµ “À°√√¡Õ“À“√ ‚¥¬∑—Ë«‰ª®–∑¥·∑π°—π‰¡à‰¥â ‡π◊ËÕß®“°πÈ”¡—πæ◊™·µà≈–™π‘¥¡’§ÿ≥ ¡∫—µ‘‡À¡“–°—∫·µà≈–Õÿµ “À°√√¡µà“ß°—π ‡™àπÕÿµ “À°√√¡∑Ÿπà“°√–ªÜÕß ®–µâÕß„™âπÈ”¡—π∂—Ë«‡À≈◊Õß‡∑à“π—Èπ Õ¬à“ß‰√°Á¥’ §«“¡‡ ’Ë¬ß∑’ËπÈ”¡—π¢â“«‚æ¥·≈–πÈ”¡—π‡¡≈Á¥∑“πµ–«—π®–¡’°“√º≈‘µ¡“·¢àß°—∫∫√‘…—∑œ §ß‡ªìπ‰ª‰¥â¬“° ‡π◊ËÕß®“°«—µ∂ÿ¥‘∫¥—ß°≈à“«‰¡à¡’°“√º≈‘µ∑’Ë¡“°‡æ’¬ßæÕ„πª√–‡∑»·≈–‰¡à¡’Õÿµ “À°√√¡µàÕ‡π◊ËÕß¡“√Õß√—∫º≈‘µ¿—≥±åÕ◊Ëπ∑’Ë®–‰¥âæ√âÕ¡°—∫°“√ °—¥πÈ”¡—π Õ¬à“ß‡™àπ °“°∂—Ë«‡À≈◊Õß∑’Ëπ”¡“„™â„πÕÿµ “À°√√¡Õ“À“√ —µ«å Õÿµ “À°√√¡µàÕ‡π◊ËÕß¢ÕßπÈ”¡—π¢â“«‚æ¥ §◊Õ°“√π”·ªÑß¢â“«‚æ¥‰ª·ª√√Ÿª‡ªìπ ‘π§â“Õ◊Ëπ ´÷Ëß§«“¡µâÕß°“√„™â„πª√–‡∑»¬—ß¡’ª√‘¡“≥πâÕ¬ ‡π◊ËÕß®“°¡’º≈‘µ¿—≥±åÕ◊Ëπ∑¥·∑π‰¥â·≈–√“§“∂Ÿ°°«à“ à«π¢Õß‡¡≈Á¥∑“πµ–«—π §◊Õ °“°∑“πµ–«—π ·¡â®–„™âº ¡∑”Õ“À“√ —µ«å·µà°Á¡’¢âÕ®”°—¥„π°“√„™â

2. §«“¡‡ ’Ë¬ß‡°’Ë¬«°—∫§«“¡º—πº«π¢Õß√“§“«—µ∂ÿ¥‘∫·≈–

Õ—µ√“·≈°‡ª≈’Ë¬π

Õÿµ “À°√√¡πÈ”¡—π∂—Ë«‡À≈◊Õß‡ªìπÕÿµ “À°√√¡∑’ËµâÕßæ÷Ëßæ“°“√π”‡¢â“ Ÿß ‡π◊ËÕß®“°ª√‘¡“≥º≈º≈‘µ‡¡≈Á¥∂—Ë«‡À≈◊Õß·≈–æ◊™πÈ”¡—πÕ◊Ëπ¿“¬„πª√–‡∑»¬—ß‰¡à‡æ’¬ßæÕµàÕ§«“¡µâÕß°“√„™â ∑”„Àâ®”‡ªìπµâÕßπ”‡¢â“®÷ßÕ“®®–‰¥â√—∫º≈°√–∑∫®“°°“√‡ª≈’Ë¬π·ª≈ß¢Õß√“§“∂—Ë«‡À≈◊Õß„πµ≈“¥‚≈°·≈–Õ—µ√“·≈°‡ª≈’Ë¬π °“√∑’Ëµâπ∑ÿπ«—µ∂ÿ¥‘∫ª√—∫µ—« Ÿß¢÷ÈπÀ√◊ÕµË”≈ß À√◊Õ¡’§«“¡º—πº«π®“°√“§“µ≈“¥‚≈°·≈–Õ—µ√“·≈°‡ª≈’Ë¬π ®–∑”„Àâ∫√‘…—∑œÕ“®‰¡à “¡“√∂∑”°”‰√‰¥â‡∑à“∑’Ë§«√ ·µàÕ¬à“ß‰√°Áµ“¡®“°ª√– ∫°“√≥å¢ÕßºŸâ∫√‘À“√∑’Ë¥”‡π‘π∏ÿ√°‘®¡“‡ªìπ‡«≈“π“π ∑”„Àâ¡’°“√‡µ√’¬¡·ºπ°“√√Õß√—∫‡æ◊ËÕ≈¥º≈°√–∑∫¢Õß‡Àµÿ°“√≥å¥—ß°≈à“« ‡™àπ ¡’°“√´◊ÈÕ«—µ∂ÿ¥‘∫≈à«ßÀπâ“À≈“¬‡¥◊Õπ ‚¥¬‡©æ“–„π™à«ß√–À«à“ßƒ¥Ÿ‡°Á∫‡°’Ë¬«´÷Ëß√–¥—∫√“§“Õ¬Ÿà„π™à«ßµË”À√◊Õ∑”°“√ ◊ÈÕÕ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“ (Forward contract) ‡¡◊ËÕ‡ÀÁπ«à“Õ—µ√“·≈°‡ª≈’Ë¬π‡ªìπ∑’Ëπà“æÕ„® Õ¬à“ß‰√°Á¥’À“°‡ß‘π∫“∑ÕàÕπ≈ßÕ¬à“ßµàÕ‡π◊ËÕß ‰¡à‡æ’¬ß·µà°√–∑∫µàÕ«—µ∂ÿ¥‘∫π”‡¢â“‡∑à“π—Èπ ‘π§â“ ”‡√Á®√Ÿª√«¡∂÷ß°“°∂—Ë«‡À≈◊Õß·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß∑’ËµâÕßπ”‡¢â“°Á®–¡’√“§“ Ÿß¢÷Èπ¥â«¬‰¡à∑”„Àâ§«“¡ “¡“√∂‡™‘ß·¢àß¢—π¢Õß∏ÿ√°‘®‡ª≈’Ë¬π·ª≈ß‰ª

1. Substitutes

All vegetable oils used for cooking are basically interchangeable,although the nutritional value varies from one type of oil to another.Two cooking oils with roughly the same nutritional value as soybean oilare corn oil and sunflower seed oil. Vegetable oils used in manufacturing,such as the food processing industry, are generally not interchangeable.Each type of oil has specific properties that make it suitable to aparticular industrial use. For instance, only soybean oil is used in thecanned tuna industry. The possibility that the Company will faceincreased competition from corn oil and sunflower seed oilmanufacturers is relatively slight. Insufficient quantities of corn andsunflower seeds are produced locally, and there are no secondaryindustries to purchase the by-products that result from the oil extractionprocess. While soybean meal is used in the local animal feed industry,there is little demand for the cornstarch generated by corn oil producerssince other less expensive substitutes are more readily available.Although sunflower seed meal is an ingredient in animal feed, thereare restrictions to its use.

2. Fluctuations in the Price of Raw Materials and

the Exchange Rate

Because of the limited production of soybeans and othervegetable oil plants, Thailandûs soymeal oil industry is dependent onimports. As a result, the industry is sensitive to price changing in theworld market and to exchange rate volatility. The price of raw materialthat may change or fluctuate according to world market and exchangerate, may affect companyûs ability in keeping profit level as it shouldbe. The Company may be unable to maintain the same profit level. Butthe extensive experience of the Companyûs managers has taught themthe value of looking ahead to minimize the impact of these changes.For example, the Company purchases raw materials several months inadvance, especially at harvest time when prices tend to be at theirlowest levels. It also negotiates forward contracts when exchange ratesare particularly favorable. These moves help to protect the Companyûsability to compete. Even so, if the baht were to continue to weaken, itwould impact not just raw materials, but also processed goods, suchas soybean meal and soybean oil which are imported from abroad.

°“√¥”‡π‘πß“π¢Õß∫√‘…—∑¡’ªí®®—¬§«“¡‡ ’Ë¬ß∑’Ë‡°’Ë¬«¢âÕß·≈–Õ“®¡’º≈°√–∑∫‚¥¬µ√ßµàÕ∫√‘…—∑ ·≈–/À√◊ÕºŸâ≈ß∑ÿπÕ¬à“ß¡’π—¬ ”§—≠ ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È

The Companyûs business is subject to a

number of risk factors which may have a direct

impact on the Company and/or investors. They

are:

ªí®®—¬‡ ’Ë¬ßRisk Factors


16

1. π“¬ ¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å ë Õ“¬ÿ 69 ªï

ª√–∏“π°√√¡°“√ (Õ‘ √–)

«ÿ≤‘°“√»÷°…“

ë ‡»√…∞»“ µ√å∫—≥±‘µ (‡°’¬√µ‘π‘¬¡) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√åë æ—≤π∫√‘À“√»“ µ√å¡À“∫—≥±‘µ “¢“æ—≤π“°“√‡»√…∞°‘® (‡°’¬√µ‘π‘¬¡)

∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√åë M.A. Economics, Fairleigh Dickinson University, New Jersey, USA.ë ª√‘≠≠“∫—µ√«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ 2531ª√– ∫°“√≥å∑”ß“π

ë 2551-ªí®®ÿ∫—π ∑’Ëª√÷°…“æ‘ ‡»…„π§≥–∑’Ëª√÷°…“æ‘ ‡»…»Ÿπ¬å»‘≈ª“™’æ√–À«à“ßª√–‡∑»

ë 2551-ªí®®ÿ∫—π √Õßª√–∏“π°√√¡°“√„π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°.≈.µ.)

ë 2551-ªí®®ÿ∫—π ∑’Ëª√÷°…“°‘µµ‘¡»—°¥‘Ïª√–®”§≥–°√√¡“∏‘°“√°“√µà“ßª√–‡∑»«ÿ≤‘ ¿“

ë 2549-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√µ√«® Õ∫·≈–ª√–‡¡‘πº≈ª√–®”°√–∑√«ß§¡π“§¡

ë 2545-ªí®®ÿ∫—π °√√¡°“√„π§≥–°√√¡°“√æ—≤π“√–∫∫√“™°“√ (°.æ.√.)ë 2544-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ·≈–ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

∫¡®. πÈ”¡—πæ◊™‰∑¬ë 2544-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫¡®.∏π“§“√π§√À≈«ß‰∑¬ë 2547-2551 ª√–∏“π°√√¡°“√∫√‘À“√»Ÿπ¬å»‘≈ª“™’æ√–À«à“ßª√–‡∑»ë 2545-2551 °√√¡°“√„π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥

À≈—°∑√—æ¬å (°.≈.µ.)ë 2548 -2549 ∑’Ëª√÷°…“√Õßπ“¬°√—∞¡πµ√’·≈–√—∞¡πµ√’«à“°“√°√–∑√«ß

æ“≥‘™¬åë 2548 ∑’Ëª√÷°…“√Õßπ“¬°√—∞¡πµ√’·≈–√—∞¡πµ√’«à“°“√°√–∑√«ß

°“√§≈—ßë 2547-2548 ∑’Ëª√÷°…“√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ßë 2546-2548 ª√–∏“π§≥–°√√¡°“√ °“√‡§À–·Ààß™“µ‘ë 2546-2547 ª√–∏“π°√√¡°“√ ∂“∫—πÕ“À“√ë 2546-2547 ∑’Ëª√÷°…“√Õßπ“¬°√—∞¡πµ√’ë 2545-2547 ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫¿“§√“™°“√ °√–∑√«ß

§¡π“§¡ë 2545-2546 °√√¡°“√ ∫®. —ææ≈“¬‡ÕÕ√å §Õπ‡πÁ° åë 2545-2546 ∑’Ëª√÷°…“√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ßë 2544-2550 ª√–∏“π°√√¡°“√∫√‘À“√ ∫¡®.∏π“§“√π§√À≈«ß‰∑¬ë 2544-2546 °√√¡°“√ºŸâ∑√ß§ÿ≥«ÿ≤‘¥â“π°“√æ“≥‘™¬å „π§≥–°√√¡°“√

°”°—∫°“√´◊ÈÕ¢“¬ ‘π§â“‡°…µ√≈à«ßÀπâ“ë 2544-2545 ∑’Ëª√÷°…“√Õßπ“¬°√—∞¡πµ√’·≈–√—∞¡πµ√’«à“°“√°√–∑√«ß

°“√§≈—ßë 2544 ∑’Ëª√÷°…“√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ßë 2539-2543 °√√¡°“√„π§≥–°√√¡°“√¢â“√“™°“√æ≈‡√◊Õπë 2539-2543 °√√¡°“√„π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–µ≈“¥

À≈—°∑√—æ¬åë 2539-2543 °√√¡°“√„π§≥–°√√¡°“√∏π“§“√·Ààßª√–‡∑»‰∑¬ë 2539-2543 ª√–∏“π§≥–°√√¡“∏‘°“√°“√‡°…µ√·≈– À°√≥å («ÿ≤‘ ¿“)ë 2539-2543 ¡“™‘°«ÿ≤‘ ¿“ë 2538-2543 ª≈—¥°√–∑√«ßæ“≥‘™¬å

ª√–«—µ‘ºŸâ∫√‘À“√Management Profile

1. Mr. Sompol Kiatphaibool ë Age 69 Years

Chairman (Independent Director)

Education

ë Bachelor of Economics (Hons.) Thammasat Universityë Master of Development Economics. (Hons.), National Institute of

Development Administrationë Master of Economics, Fairleigh Dickinson University, New Jersey, U.S.Aë Certificate, National Defense College of Thailand, 1998Experience

ë 2008-Present Advisory Board Committee, the Support Arts and CraftsInternational Center of Thailand

ë 2008-Present Vice Chairman, The Securities and Exchange Commission(SEC.)

ë 2008-Present Honorary Advisor to The Committee on Foreign Affairsof the Senate

ë 2006-present Chairman Public Sector Audit and Evaluation CommitteeMinistry of Transport

ë 2002-Present Member, Public Sector Development Commission(P.D.C.)

ë 2001-Present Chairman, Chairman of Audit Committee, Thai VegetableOil PCL.

ë 2001-Present Chairman of The Board of Director Siam City Bank PCLë 2004-2008 Chairman of the Support Arts and Crafts International

Center of Thailandë 2002-2008 Member, The Securities and Exchange Commission

(SEC.)ë 2005-2006 Adviser to Deputy Prime Minister and Minister of

Commerceë 2005 Advisor to Deputy Prime Minister and Minister of Financeë 2004-2005 Advisor to Minister of Financeë 2003-2005 Chairman of the National Housing Authorityûs Board of

Directorsë 2003-2004 Chairman of the Nation Food Instituteë 2003-2004 Advisor, Deputy Prime Ministerë 2002-2004 Chairman, Audit Committee - Ministry of Transportë 2002-2003 Director, Supplier Connex company Limitedë 2002-2003 Advisor to Minister of Financeë 2001-2007 Chairman, Executive Board of Directors, Siam City Bank

PCL.ë 2001-2003 Agricultural Futures Trading Commissionerë 2001-2002 Advisor to Deputy Prime Minister and Minister of Financeë 2001 Advisor to Minister of Financeë 1996-2000 Member, Civil Service Commissionerë 1996-2000 Member, The Securities and Exchange Commissionë 1996-2000 Member, Court of Directors, The Bank of Thailandë 1996-2000 Chairman of the Committee on Agriculture and

Co-Operatives (The Senate)ë 1996-2000 Senatorë 1995-2000 Permanent Secretary, Ministry of Commerce


17¢¬“¬µ—«Õ¬à“ß‰¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘» Expanded to the Best

ë 2533-2538 Õ∏‘∫¥’°√¡°“√§â“¿“¬„πë 2532-2533 Õ∏‘∫¥’°√¡∑–‡∫’¬π°“√§â“ë 2529-2532 Õ∏‘∫¥’°√¡‡»√…∞°‘®°“√æ“≥‘™¬åë 2528-2529 Õ∏‘∫¥’°√¡°“√ª√–°—π¿—¬ë 2526 √ÕßÕ∏‘∫¥’°√¡°“√§â“µà“ßª√–‡∑»ë 2526 √ÕßÕ∏‘∫¥’°√¡‡»√…∞°‘®°“√æ“≥‘™¬å

2. ¥√.»‘√‘ °“√‡®√‘≠¥’ ë Õ“¬ÿ 61 ªï

°√√¡°“√ (Õ‘ √–)

«ÿ≤‘°“√»÷°…“

ë ª√‘≠≠“µ√’ (‡°’¬√µ‘π‘¬¡) Economic Statistics, University of Sydney,Australia

ë ª√‘≠≠“‚∑ Economic Statistics and Monetary Economics, University ofSydney, Australia

ë ª√‘≠≠“‡Õ° Monetary Economics and Econometrics & Operations Research,Monash University, Australia

ª√– ∫°“√≥å∑”ß“π

ë æ.¬. 2551-ªí®®ÿ∫—π §≥–°√√¡°“√π‚¬∫“¬ ∂“∫—π°“√‡ß‘πë ¡’.§. 2548-ªí®®ÿ∫—π √Õßª√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√

∫√‘…—∑ª√– ‘∑∏‘æ—≤π“ ®”°—¥ (¡À“™π)ë °.¬. 2547-ªí®®ÿ∫—π °√√¡°“√ ·≈–§≥–°√√¡°“√µ√«® Õ∫ ∫¡®.

Õ‘π‚¥√“¡“ (ª√–‡∑»‰∑¬)ë µ.§. 2546-ªí®®ÿ∫—π §≥–°√√¡°“√®—¥∑”∫—π∑÷°¢âÕµ°≈ß·≈–ª√–‡¡‘πº≈

°“√¥”‡π‘πß“π√—∞«‘ “À°‘® (√“¬ “¢“) ”π—°ß“π§≥–°√√¡°“√π‚¬∫“¬√—∞«‘ “À°‘® °√–∑√«ß°“√§≈—ß

ë ‡¡.¬.2546-ªí®®ÿ∫—π °√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ ‰∑¬‡√µµ‘Èß·Õπ¥åÕ‘πøÕ√å‡¡™—Ëπ‡´Õ√å«‘ ®”°—¥

ë 2543-ªí®®ÿ∫—π √Õßª√–∏“π°√√¡°“√ ·≈–°√√¡°“√µ√«® Õ∫∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

ë 2543-ªí®®ÿ∫—π °√√¡°“√·≈–ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫∫√‘…—∑ ‚æ µå æ—∫≈‘™™‘Ëß ®”°—¥ (¡À“™π)

ë 2542-ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ °√ÿß‡∑æª√–°—π™’«‘µ ®”°—¥

ë 2544-µ.§. 2551 °√√¡°“√ ·≈–°√√¡°“√§≥–°√√¡°“√µ√«® Õ∫∫¡®. ·≈π¥å ·Õπ¥å ‡Œâ“ å

ë 2539-µ.§. 2551 ∑’Ëª√÷°…“§≥–°√√¡°“√ ·≈–§≥–°√√¡°“√∫√‘À“√∫√‘…—∑À≈—°∑√—æ¬å‡æ◊ËÕ∏ÿ√°‘®À≈—°∑√—æ¬å ®”°—¥

ë æ.¬. 2549-2550 °√√¡°“√∫√‘…—∑·≈–ª√–∏“πÕπÿ°√√¡°“√®—¥À“·À≈àß‡ß‘π∑ÿπ ∫√‘…—∑ «‘∑¬ÿ°“√∫‘π·Ààßª√–‡∑»‰∑¬®”°—¥

ë °.§. 2548-2549 √Õßª√–∏“π§≥–°√√¡°“√∫√‘À“√ ‚√ß‡√’¬ππ“π“™“µ‘ British International

ë æ.¬. 2545-°.§. 2547 √—°…“°“√°√√¡°“√ºŸâ®—¥°“√„À≠à ·≈–°√√¡°“√ºŸâ®—¥°“√„À≠à ∏π“§“√ ∑À“√‰∑¬ ®”°—¥ (¡À“™π)

ë 2544-2547 ºŸâ™”π“≠°“√ §≥–°√√¡“∏‘°“√°“√§≈—ß °“√∏π“§“√·≈– ∂“∫—π°“√‡ß‘π, «ÿ≤‘ ¿“

ë 2540-2541 ºŸâ™à«¬ºŸâ«à“°“√Õ“«ÿ‚ ∏π“§“√·Ààßª√–‡∑»‰∑¬

ë 1990-1995 Director General, Department of Internal Tradeë 1989-1990 Director General, Department of Commercial

Registrationë 1986-1989 Director General, Department of Business

Economicsë 1985-1986 Director General, Department of Insuranceë 1983 Deputy, Director General Department of

Foreign Tradeë 1983 Deputy, Director General Department of

Business Economics

2. Dr. Siri Ganjaremdee ë Age 61 Years

Vice President (Independent Director)

Education

ë B.Ec. (Hons.) Economic Statistics, University of Sydney, Australiaë M.Ec. Economic Statistics and Monetary Economics, University of Sydney,

Australiaë Ph.D. Monetary Economics, and Econometrics & Operation Research, Monash

University, AustraliaExperience

ë November 2008-Present Financial Institutions Policy Committee, Bankof Thailand

ë March 2005-Present Vice Chairman and Chairman of the ExecutiveBoard, Prasit Patana PCL.

ë September 2004-Present Board of Director and Member of the Auditcommittee, Indorama (Thailand) PCL.

ë October 2003-Present Performance Agreement Committee (Sector),State Enterprise Policy Office, Ministry ofFinance

ë April 2003-Present Board of Director and Member of the Auditcommittee, TRIS Rating Company Limited

ë 2000-Present Vice Chairman and Member of AuditCommittee, Thai Vegetable Oil PCL.

ë 2000-Present Board of Director and Chairman of the AuditCommittee, The Post Publishing PCL.

ë 1999-Present Board of Director and Executive Board,Bangkok Life Assurances Co., Ltd.

ë 2001-October 2008 Board of Director and Member of the Auditcommittee, Land & Houses PCL.

ë 1996-October 2008 Advisor to the Board of Directors, TSFCSecurities limited

ë November 2006-2007 Board of Director and Chairman of the fundseeking committee Aeronauticalradio ofThailand Ltd.

ë July 2005-2006 Vice Chairman and Executive Board ofBritish International School

ë November 2002-July 2004 Acting President and President and ChiefExecutive Officer, Thai Military Bank PCL.

ë 2001-2004 Specialist, The Committee on FinanceBanking Financial Institution, Senate

ë 1997-1998 Senior Assistant Governor, Bank of Thailand


18

3. ¥√. ÿ«‘∑¬å ‡¡…‘π∑√’¬å ë Õ“¬ÿ 48 ªï

°√√¡°“√ (Õ‘ √–)

«ÿ≤‘°“√»÷°…“

ë ª√‘≠≠“µ√’ ‡¿ —™»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬¡À‘¥≈ë ª√‘≠≠“‚∑ MBA, §≥–∫√‘À“√∏ÿ√°‘® ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√åë ª√‘≠≠“‡Õ°¥â“π°“√µ≈“¥ Kellogg Graduate School of Management, North

western Universityª√– ∫°“√≥å∑”ß“π

ë 2550-ªí®®ÿ∫—π ºŸâÕ”π«¬°“√ Sasin Institute for Global Affairs ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å·Ààß®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ë 2545-ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∏π“§“√π§√À≈«ß‰∑¬®”°—¥ (¡À“™π)

ë 2543-ªí®®ÿ∫—π °√√¡°“√§≥–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬®”°—¥ (¡À“™π)

ë 2543-ªí®®ÿ∫—π Õ“®“√¬åª√–®”¿“§«‘™“°“√µ≈“¥ ∂“∫—π∫—≥±‘µ∏ÿ√°‘®»»‘π∑√å®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ë 2548-2549 ºŸâ™à«¬√—∞¡πµ√’ª√–®”°√–∑√«ßæ“≥‘™¬åë 2544-2549 ∑’Ëª√÷°…“√Õßπ“¬°√—∞¡πµ√’ (π“¬ ¡§‘¥ ®“µÿ»√’æ‘∑—°…å)ë 2544-2548 ºŸâ™à«¬√—∞¡πµ√’ª√–®” ”π—°π“¬°√—∞¡πµ√’ë 2543-2544 ∑’Ëª√÷°…“Õ“«ÿ‚ L.E.K. Consultingë 2539-2543 ∑’Ëª√÷°…“Õ“«ÿ‚ ∫√‘…—∑ Booz Allen & Hamiltonë 2532-2535 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬«“π‘™∏π°‘® ∫ß≈. π§√À≈«ß‡§√¥‘µ

®”°—¥ë 2530-2532 ºŸâÕ”π«¬°“√ΩÉ“¬æ—≤π“∏ÿ√°‘® ∫√‘…—∑ ‰∑¬‡æ√ ‘‡¥π∑åøŸ¥ å

®”°—¥

4. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å ë Õ“¬ÿ 61 ªï

ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

«ÿ≤‘°“√»÷°…“

ë ª«™. °“√∫—≠™’ ¡À“«‘∑¬“≈—¬‡∑§‚π‚≈¬’√“™¡ß§≈æ√–π§√ «‘∑¬“‡¢µæ≥‘™¬°“√æ√–π§√

ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Director Certification Program (DCP), Thai Institute of Directors (IOD)ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)ª√– ∫°“√≥å∑”ß“π

ë 2541-ªí®®ÿ∫—π ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥(¡À“™π)

ë 2537-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥

ë 2535-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ë 2535-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ë 2533-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ë 2533-2548 °√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

5. π“¬«‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å ë Õ“¬ÿ 56 ªï

°√√¡°“√ºŸâ®—¥°“√

«ÿ≤‘°“√»÷°…“

ë ª«™. ™à“ß¬πµå «‘∑¬“≈—¬™à“ß°≈Õÿµ “À°√√¡°√ÿß‡∑æë ∫√‘À“√∏ÿ√°‘®∫—≥±‘µ ∂“∫—π√“™¿—Æ «π¥ÿ ‘µë »‘≈ª»“ µ√∫—≥±‘µ (√—∞»“ µ√å) ¡À“«‘∑¬“≈—¬√“¡§”·Àßë ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ ¡À“«‘∑¬“≈—¬‡°…µ√»“ µ√åë »‘≈ª»“ µ√¡À“∫—≥±‘µ (√—∞»“ µ√å) ¡À“«‘∑¬“≈—¬√“¡§”·Àßë ª√‘≠≠“¥ÿ…Æ’∫—≥±‘µ°‘µµ‘¡»—°¥‘Ï “¢“°“√µ≈“¥ ¡À“«‘∑¬“≈—¬√“¡§”·Àßë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)

3. Dr. Suvit Maesincee ë Age 48 Years

Director (Independent Director)

Education

ë BSc. In Pharm, Faculty of Pharmacy Mahidol Universityë MBA. School of Business Administration, National Institute of Development

Administrationë PhD. In Marketing, Kellogg Graduate School of Management, Northwestern

UniversityExperience

ë 2007-Present Director of Sasin Institute for Global Affairs,Sasin Graduate Institute of Management ChulalongkornUniversity

ë 2002-Present Board of Director, Siam City Bank Ltd.ë 2000-Present Director, Member of Audit Committee, Thai Vegetable Oil

Public Co., Ltd.ë 2000-Present Professor of Marketing, Sasin Graduete Institue of

Management Chulalongkorn Universityë 2005-2006 Vice Minister for Commerce, Ministry of Commerceë 2001-2006 Advisor to the Deputy Prime Minister (Dr.Somkid

Jatusripitak)ë 2001-2005 Vice Minister of the Office of the Prime Ministerë 2000-2001 Senior Consultant, L.E.K. Consultingë 1996-2000 Senior Consultant, Booz Allen & Hamilton Companyë 1989-1992 Vice President, Investment Banking Dept. Siam City Credit

and Financeë 1987-1989 Business Development Director, Marketing Dept.

Thai President Foods Co., Ltd.

4. Miss Sudarath Vitayatanagorn ë Age 61 Years

Chief Executive Officer

Education

ë Rajamangala University of Technology Pranakorn Bangkok CommercialCampus

ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Director Certification Program (DCP), Thai Institute of Directors (IOD)ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)Experience

ë 1998-Present Chief Executive Officer, Thai Vegetable Oil Public Co., Ltd.ë 1994-Present Director, Thai Vegetable Oil International Co., Ltd. (TVOI)ë 1992-Present Director, Thai Edible Oil Co., Ltd.ë 1992-Present Director, Prodigy Co., Ltd.ë 1990-Present Chairman, Golden Thread Co., Ltd.ë 1990-2005 Executive General Manager, Thai Vegetable Oil Public

Co., Ltd.

5. Mr. Visuth Vitayathanagorn ë Age 56 Years

President

Education

ë The Bangkok School of Industrial Technologyë B.A., Business Administration, Rajabhat Institute Suan Dusitë B.A., Political Science, Ramkhamhaeng Unitversityë M.B.A., Kasesart Universityë M.A., Political Science, Ramkhamhaeng Unitversityë Ph.D., Honorary Graduates, Marketing, Ramkhamhaeng Universityë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)



ª√– ∫°“√≥å∑”ß“π

ë 2548-ªí®®ÿ∫—π ¡“™‘° ¿“∑’Ëª√÷°…“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ë 2547-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ‰∑¬Œ“ ®”°—¥ (¡À“™π)ë 2535-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ë 2528-ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2528-ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥

(¡À“™π)

6. π“¬®“√ÿæ®πå ≥’»–π—π∑å ë Õ“¬ÿ 63 ªï

°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª

«ÿ≤‘°“√»÷°…“

ë ∫√‘À“√∏ÿ√°‘®∫—≥±‘µ West Virginia University, U.S.A.ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ª√– ∫°“√≥å∑”ß“π

ë 2548-ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2538-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ë 2537-ªí®®ÿ∫—π °√√¡°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ ‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈

ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ë 2537-ªí®®ÿ∫—π °√√¡°“√·≈–ºŸâ®—¥°“√∑—Ë«‰ª, °√√¡°“√∫√‘À“√ ∫√‘…—∑

‰™πà“-‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ë 2536-ªí®®ÿ∫—π °√√¡°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥

(¡À“™π)

7. π“¬«‘™‘µ «‘∑¬∞“π°√≥å ë Õ“¬ÿ 63 ªï

°√√¡°“√∫√‘À“√

«ÿ≤‘°“√»÷°…“

ë International Oversea Chinese High School, Taiwanë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ª√– ∫°“√≥å∑”ß“π

ë 2541-ªí®®ÿ∫—π °√√¡°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥(¡À“™π)

ë 2528-2541 ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥(¡À“™π)

8. π“¬™—¬¬ß§å «‘∑¬∞“π°√≥å ë Õ“¬ÿ 70 ªï

°√√¡°“√

«ÿ≤‘°“√»÷°…“

ª«™. ‚√ß‡√’¬π°‘µµ‘æ“≥‘™¬å°“√ª√– ∫°“√≥å∑”ß“π

ë 2535-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ë 2533-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ‚°≈‡¥Áπ‡∏√Á¥ ®”°—¥ë 2528-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

9. π“ßªí∑¡“ µ—Èßæ‘√ÿÃÀå∏√√¡ ë Õ“¬ÿ 67 ªï

°√√¡°“√

«ÿ≤‘°“√»÷°…“

ë ¡—∏¬¡»÷°…“ªï∑’Ë 6ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Director Certification Program (DCP), Thai Institute of Directors (IOD)ª√– ∫°“√≥å∑”ß“π

ë 2547-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ‡™’¬√å ‡∑√¥¥‘Èß ®”°—¥ë 2546-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ©¡“ ·ÕÁ ‡™Á∑ ®”°—¥ë 2536-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‰∑¬Œ“ ®”°—¥ (¡À“™π)ë 2531-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‡™’¬√å (ª√–‡∑»‰∑¬) ®”°—¥ë 2528-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

Experience

ë 2005-Present Member of National Economic and Social AdvisoryCouncil

ë 2004-Present Director, Thai Ha Public Co., Ltd.ë 1992-Present Director, Prodigy Co., Ltd.ë 1985-Present President, Thai Vegetable Oil Public Co., Ltd.ë 1985-Present Director and Executive Director, Thai Vegetable Oil Public

Co., Ltd.

6. Mr. Charuphot Neesanant ë Age 63 Years

Executive General Manager

Education

ë B.A., West Virginia University, U.S.A.ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)Experience

ë 2005-Present Executive General Manager, Thai Vegetable Oil PublicCompany Limited.

ë 1995-Present Director, Prodigy Co., Ltd.ë 1994-Present Director and Executive Director, Thai Vegetable Oil

International Co., Ltd.ë 1994-Present Managing Director and Executive Director, China-Thai

Vegetable Oil (Wuhan) Co., Ltd.ë 1993- Present Director and Executive Director, Thai Vegetable Oil Public

Co., Ltd.

7. Mr. Vichit Vitayatanagorn ë Age 63 Years

Executive Director

Education

ë International Overseas Chinese High School , Taiwanë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)Experience

ë 1998-Present Director and Executive Director, Thai Vegetable Oil PublicCo., Ltd.

ë 1985-1998 Executive Chairman, Thai Vegetable Oil Public Co., Ltd.

8. Mr. Chaiyong Vitayatanagorn ë Age 70 Years

Director

Education

ë Kitti Commercial CollegeExperience

ë 1992-Present Director, Prodigy Co., Ltd.ë 1990-Present Director, Golden Thread Co., Ltd.ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd.

9. Mrs. Pattama Tangpiroonthum ë Age 67 Years

Director

Education

ë Mathayom 6.ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Director Certification Program (DCP), Thai Institute of Directors (IOD)Experience

ë 2004-Present Director, Cheer Trading Co., Ltd.ë 2003-Present Chairman, Chama Asset Co., Ltd.ë 1993-Present Chairman, Thai Ha Public Co., Ltd.ë 1988-Present Chairman, Cheer (Thailand) Co., Ltd.ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd.


20

10. π“¬«‘™—¬ «‘∑¬∞“π°√≥å ë Õ“¬ÿ 58 ªï

°√√¡°“√

«ÿ≤‘°“√»÷°…“

ë The Institute of Administration (Hong Kong)ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ª√– ∫°“√≥å∑”ß“π

ë 2549-ªí®®ÿ∫—π ª√–∏“π ∫√‘…—∑ øÑ“‰™‚¬ ®”°—¥ë 2547-ªí®®ÿ∫—π ª√–∏“π ∫√‘…—∑ ¬Ÿ ‚ø≈å« æ≈— ®”°—¥ë 2532-ªí®®ÿ∫—π ª√–∏“π ∫√‘…—∑ øï≈“ æ≈— ®”°—¥ë 2528-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2527-ªí®®ÿ∫—π ª√–∏“π ∫√‘…—∑ ‡∑§ åªÕ√åµ‰∑¬ ®”°—¥ë 2516-ªí®®ÿ∫—π °√√¡°“√∫√‘…—∑ ∫√‘…—∑ ‡ àß‡ŒßÕÿµ “À°√√¡ ®”°—¥

11. π“ß√—µπ“ ®—π∑√åæ‘∑—°…å ë Õ“¬ÿ 54 ªï

°√√¡°“√

«ÿ≤‘°“√»÷°…“

ë «‘∑¬“≈—¬°√ÿß‡∑æ°“√∫—≠™’Director Accreditation Program (DAP), Thai Institute of Directors (IOD)Director Certification Program (DCP), Thai Institute of Directors (IOD)Finance for Non-Finance Director, Thai Institute of Directors (IOD)

ª√– ∫°“√≥å∑”ß“π

ë 2546-ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·Õ¥«“π å ‡∏√Á¥ ®”°—¥ë 2533-ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ë 2532-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ‡¡®‘§‰≈πå ®”°—¥ë 2528-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2516- ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‡ àß‡Œß Õÿµ “À°√√¡ ®”°—¥

12. π“¬ ¡»—°¥‘Ï »‘«–π“«‘π∑√å ë Õ“¬ÿ 63 ªï

°√√¡°“√√Õß°√√¡°“√ºŸâ®—¥°“√

«ÿ≤‘°“√»÷°…“

ë «‘∑¬“»“ µ√å∫—≥±‘µ (‡§¡’‡∑§π‘§) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√– ∫°“√≥å∑”ß“π

ë 2537-ªí®®ÿ∫—π °√√¡°“√ ∫√‘…—∑ ‰™πà“-‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ë 2535-ªí®®ÿ∫—π ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ë 2533-ªí®®ÿ∫—π °√√¡°“√√Õß°√√¡°“√ ºŸâ®—¥°“√Õ“«ÿ‚ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬

®”°—¥ (¡À“™π)ë 2528-ªí®®ÿ∫—π °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥

(¡À“™π)

13. π“¬‡»√…∞ √√ ‡»√…∞°“√ÿ≥¬å ë Õ“¬ÿ 54 ªï

°√√¡°“√∫√‘À“√

«ÿ≤‘°“√»÷°…“

æ“≥‘™¬»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ ¡À“«‘∑¬“≈—¬‡°…µ√»“ µ√å

ª√– ∫°“√≥å∑”ß“π

ë 2545-ªí®®ÿ∫—π π“¬° ¡“§¡ ¡“§¡ºŸâº≈‘µπÈ”¡—π∂—Ë«‡À≈◊Õß·≈–√”¢â“«ë 2540-ªí®®ÿ∫—π °√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2539-ªí®®ÿ∫—π √Õß°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2540-2544 Õÿªπ“¬° ¡“§¡ ¡“§¡ºŸâº≈‘µπÈ”¡—π∂—Ë«‡À≈◊Õß·≈–√”¢â“«ë 2536-2540 ∑’Ëª√÷°…“§≥–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥

(¡À“™π)ë 2526-2535 ºŸâ®—¥°“√ΩÉ“¬°“√§â“µà“ßª√–‡∑» ∫√‘…—∑ Õÿµ “À°√√¡«‘«—≤πå

®”°—¥

10. Mr. Vichai Vitayathanagorn ë Age 58 Years

Director

Education

ë The Institute of Administration (Hong Kong)ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)Experience

ë 2006-Present President, Fah Chaiyo Co., Ltd.ë 2004-Present President, U Flow Plus Co., Ltd.ë 1989-Present President, Fila Plus Co., Ltd.ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd.ë 1984-Present President, Texport Thai Co., Ltd.ë 1973-Present Director, Seng Heng Industrial Co., Ltd.

11. Mrs. Ratana Chanpitaksa ë Age 54 Years

Director

Education

ë Bangkok Business Collegeë Director Accreditation Program (DAP), Thai Institute of Directors (IOD)ë Director Certification Program (DCP), Thai Institute of Directors (IOD)ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)Experience

ë 2003-Present President, Advance Thread Co., Ltd.ë 1990-Present President, Golden Thread Co., Ltd.ë 1989-Present Director, Megicline Co., Ltd.ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd.ë 1973-Present President, Seng Heng Industrial Co., Ltd.

12. Mr. Somsak Sivanawin ë Age 63 Years

Executive Vice President

Education

ë B.Sc. (Chemical Technology) Chulalongkorn UniversityExperience

ë 1994-Present Director, China-Thai Vegetable Oil (Wuhan) Co., Ltd.ë 1992-Present Chairman, Prodigy Co., Ltd.ë 1990-Present Senior Executive Vice President, Thai Vegetable Oil

Public Co., Ltd.ë 1985-Present Director and Executive Director, Thai Vegetable Oil PublicCo., Ltd.

13. Mr. Sethasan Sethakarun ë Age 54 Years

Executive Director

Education

ë B.A. (Marketing), Thammasat Universityë M.B.A., Kasetsart UniversityExperience

ë 2002-Present President, Soybean and Rice Bran Oil ProcessorAssociation

ë 1997-Present Executive Director, Thai Vegetable Oil Public Co., Ltd.ë 1996-Present Executive Vice President, Thai Vegetable Oil Public

Co., Ltd.ë 1997-2001 Vice President, Soybean and Rice Bran Oil Processor

Associationë 1993-1997 Advisor to the Executive Board, Thai Vegetable Oil Public

Co., Ltd.ë 1983-1992 Foreign Trade Department Manager, Industrial Enterprises

Company Ltd.



14. π“ß “« ÿ¿√—µπå »—°¥‘Ï«√“√—µπå ë Õ“¬ÿ 54 ªï

ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª

«ÿ≤‘°“√»÷°…“

ë «‘∑¬“≈—¬°√ÿß‡∑æ°“√∫—≠™’ª√– ∫°“√≥å∑”ß“π

ë 2539-ªí®®ÿ∫—π ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥(¡À“™π)

ë 2528-ªí®®ÿ∫—π ºŸâ®—¥°“√°“√µ≈“¥Õ“«ÿ‚ ·ºπ°°“√µ≈“¥Õÿµ “À°√√¡ 1∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

16. π“ß “« ÿπ—π∑“ ‰µ√‡∑æ“¿‘√—°…å ë Õ“¬ÿ 45 ªï

ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’

«ÿ≤‘°“√»÷°…“

ë ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡ Õ—π¥—∫ Õß) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√åë ∫—≠™’¡À“∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√åª√– ∫°“√≥å∑”ß“π

ë 2549-ªí®®ÿ∫—π ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥(¡À“™π)

ë 2535-2549 ºŸâ®—¥°“√·ºπ°∫—≠™’·≈–§Õ¡æ‘«‡µÕ√å ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬®”°—¥ (¡À“™π)

ë 2532-2534 ºŸâ®—¥°“√∫—≠™’ΩÉ“¬∫—≠™’ ∫√‘…—∑ ·®ä°‡®’¬- ¡‘∏ ·Õπ¥å ‡πøøî«®”°—¥

ë 2531-2532 À—«Àπâ“·ºπ°∫—≠™’ ∫√‘…—∑ ‡Œß‡§≈ ‰∑¬ ®”°—¥

17. π“¬°”∏√ ‡Õ°‡¡∏’æ—π∏å ë Õ“¬ÿ 47 ªï

ºŸâÕ”π«¬°“√‚√ßß“π (√—°…“°“√)

«ÿ≤‘°“√»÷°…“

ë ª√‘≠≠“µ√’«‘∑¬“»“ µ√å∫—≥±‘µ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√– ∫°“√≥å∑”ß“π

ë 2549-ªí®®ÿ∫—π ºŸâÕ”π«¬°“√‚√ßß“π ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2547-2549 ºŸâ®—¥°“√‚√ßß“π ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)ë 2540-2547 ºŸâ®—¥°“√º≈‘µ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

14. Miss Suparat Sakwararat ë Age 54 Years

Assistant Executive General Manager

Education

ë Bangkok Business CollegeExperience

ë 1996-Present Assistant Executive General Manager, Thai VegetableOil Public Co., Ltd.

ë 1985-Present Senior Marketing Manager, Industrial MarketingDepartment, Thai Vegetable Oil Public Co., Ltd.

16. Miss Sunanta Tritapapiruk ë Age 45 Years

Finance & Accounting Director

Education

ë B.A. Accounting (Second Class Honor) Thammasart Universityë M.S. Thammasart UniversityExperience

ë 2006-Present Finance & Accounting Director, Thai Vegetable OilPublic Company Limited

ë 1992-2006 Accounting & IT Manager, Thai Vegetable Oil PublicCompany Limited

ë 1989-1991 Accounting Manager, Jack Chia-Smith & NephewCo., Ltd.

ë 1988-1989 Accounting Supervisor, Henkel Thai Limited

17. Mr. Kamtorm Ekmetipunth ë Age 47 years

Plant Director (Acting)

Education

ë B.Sc. (Chemical Technology), Chulalongkorn UniversityExperience

ë 2006-Present Plant Director, Thai Vegetable Oil Public CompanyLimited.

ë 2004-2006 Plant Manager, Thai Vegetable Oil Public CompanyLimited.

ë 1997-2004 Production Manager, Thai Vegetable Oil Public CompanyLimited


22

1. °“°∂—Ë«‡À≈◊Õß ‡ªìπ«—µ∂ÿ¥‘∫À≈—°∑’ËµâÕß„™â‡æ◊ËÕº≈‘µÕ“À“√ —µ«å

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º≈‘µ¿—≥±å∑’Ë‰¥â√—∫°“√¬Õ¡√—∫Õ¬à“ß°«â“ß¢«“ß„π«ß°“√Õÿµ “À°√√¡°“√

‡≈’È¬ß —µ«å ‡π◊ËÕß®“°¡’§ÿ≥¿“æ Ÿß ¡Ë”‡ ¡Õ ·≈–‰¥â¡“µ√∞“π

2. πÈ”¡—π∂—Ë«‡À≈◊Õßµ√“ çÕßÿàπé ‡ªìππÈ”¡—πæ◊™∑’Ëº≈‘µ®“°∂—Ë«‡À≈◊Õß

100% „™â ”À√—∫ª√ÿßÕ“À“√„π§√—«‡√◊Õπ ·≈–¬—ß‡ªìπ«—µ∂ÿ¥‘∫À≈—°∑’Ë ”§—≠

¢ÕßÕÿµ “À°√√¡º≈‘µÕ“À“√ ”‡√Á®√Ÿªµà“ßÊ ‡™àπ Õÿµ “À°√√¡º≈‘µ

ª≈“°√–ªÜÕß Õÿµ “À°√√¡º≈‘µπÈ”æ√‘°‡º“ ·≈–Õ◊ËπÊ ‡ªìππÈ”¡—π∂—Ë«‡À≈◊Õß

∑’Ë‰¥â√—∫§«“¡‰«â«“ß„®®“°ºŸâ∫√‘‚¿§·≈–Õÿµ “À°√√¡µà“ßÊ ‡ªìπÕ¬à“ß¡“°

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≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®Nature of the Business



1. Producer of the çA-Ngooné brand of soybean oil, made from

100% soybeen seeds and intended for household cooking purposes.

Soybean oil is also a primary ingredient for other processed food

manufacturing industries, such as the canned fish industry, the chilly

paste industry and other businesses. The Companyûs product has gained

the trust of consumers and industry users alike, owing to its unsaturated

and healthy nutritional value.

2. Soybean meal is a key raw material for the production of

animal feed. The Companyûs soybean meal is distributed under the

çTVO Hipromealé brand and is widely accepted within the livestock

raising industries, attributed to its high quality, consistency and

standards.

3. Full fat soy products are produced under the çTVO Full Fat

Soyé brand, and is an ingredient mix for animal feed used in the pig

and chicken farming industries. It has the benefits of easy digestion;

high protein and energy content; and is rich in non-saturated fats

essential for various types of raised livestock, It is particularly suited

as a quality growth enhancer for younger livestock and especially for

ensuring a higher proportion of lean meat.

4. Dehulled soymeal : the husked soybean provides higher

protein and nutritional benefits, highly appropriate for livestock the

requires good quality feed for growth and maximum yield.

5. Lecithin is an important ingredient for shrimp, chicken and

pig feed, It helps in fat and cholesterol absorption, thereby increasing

growth and survival rates.

6. Extruded corn is an ingredient in animal feed that provides

an excellent source of energy. It is used as an alternative to rice bran

for pig feed, due to its lower cost.

7. Sunflower Oil produced from 100% sunflower seeds, and

the main physical properties of the Sunflower Oil contained high level

of the unsaturated fats and the high level of the lenoleic acid, which is

scientifically proved to be safe for the human consumption and provide

the great health benefit to the consumers. Sunflower Oilûs commonly

used in the canned food export industry where the key producers are

the tuna canneries who pack its tuna in Sunflower Oil. It helps animalûs

excretory system with its high fiber

8. Sunflower meal is a feed ingredient as an alternative protein

source and also provides some nutritional benefits. Moreover thereûhigh

animalûs excretory system. It can be partially substituted for soybean

meal in the feed formula in order to reduce the feed cost.

Thai Vegetable Oil Public Company Limited

operates within the agriculture industry,

manufacturing 8 principal product categories as

follows.

SUBSIDIARY COMPANIES

Prodigy Company Limited.

Prodigy Company Limited (Prodigy) produces and distributes PET

plastic bottle for food and beverage, including the Companyûs

vegetable oil. Prodigy sold its products to both the Company and external

customers. PET plastic bottle is durable, transparent, acid and base

resistant and is air-tight, making it suitable for preserving taste and

quality of food and beverage.

During 2008, Prodigy increase production capacity by installing

new machine and constructing a warehouse building. The company

was affected by volatile plastic prices from rising oil price. However,

the company was able to maintain 2008 revenue at Baht 418 million,

which is close to last year, and report respectable profits.

In the future, the company will continue to develop to enhance

efficiency and product utilities, which should help expanding market

and customer base.

Thai Edible Oil Co., Ltd.

The manufacturer of the çKingé brand of rice husk oil.


24

∫√‘…—∑ ‰™πà“‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥

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∂—Ë«‡À≈◊Õß·≈–‡¡≈Á¥‡√æ´’¥ (Rapeseed) ¡’‚√ßß“πÕ¬Ÿà∑’Ë‡¡◊ÕßÕŸàŒ—Ëπ ¡≥±≈ÀŸà‡ªÉ¬

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‡ªìπ∫√‘…—∑ Holding Company ∑’Ë®—¥µ—Èß¢÷Èπ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ

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∫√‘…—∑¡’‚§√ß°“√¢¬“¬°”≈—ß°“√º≈‘µ‡æ‘Ë¡Õ’° 2,000 µ—π ‚¥¬°“√

°àÕ √â“ßÕ“§“√√«¡∑—Èß°“√µ‘¥µ—Èß‡§√◊ËÕß®—°√·≈–Õÿª°√≥åµà“ßÊ ‰¥â‡√‘Ë¡„πªï

2551 ·≈–®–‡ √Á® ‘Èπ¿“¬„πªï 2553

China-Thai Vegetable Oil (Wuhan) Co., Ltd.

This company produces and distributes vegetable oil, soybean

meal extraction and rapeseed. The production facility is located in Wuhan,

Hubei Province, China and has a production capability for the raw

material extraction equivalent to 700 tons/day. Refinery line has a

manufacturing capacity of 250 tons/day/and is sold to buyers who

package the product in their own cans or other containers. The Company

also sells the product in 5 litre, 4.5 litre and 1.8 litre packaging under

the çA-Ngooné trademark. For the tonnage of rapeseed and soybean

produced is sold to the livestock industry in the neighborhood cities,

and also for remote cities in China.

Policy and business trend in China

China economic growth tend to be affected from global

economic recession, but the government issues many measures to

retain economic growth, therefore the demand of commodities product

will continuously grows. Though the price of vegetable oil and other

agricultural product are sharply lower in 2009, on the other hands, it

lessens the severe inflation situation in early 2008 and maintains

demand level not to decrease in line with economic recession.

Thai Vegetable Oil International Co., Ltd.

Thai Vegetable Oil International is a holding company

established for the purpose of investing in various businesses abroad.

The Significant Change during the past year

The Company expanded capacity to 2000 tons soybean seeds

per day by installing machine and necessary equipments and

constructing new buildings since 2008 and it expected to be operated

within 2010.

‚§√ß √â“ß√“¬‰¥â / Revenue Structure

ª√–‡¿∑º≈‘µ¿—≥±å ¥”‡π‘π°“√‚¥¬ % °“√∂◊ÕÀÿâπ 2551 2550 2549

Products Operated by % shares own 2008 % 2007 % 2006 %

√“¬‰¥â®“°°“√¢“¬„πª√–‡∑» / Revenue from Local Market

πÈ”¡—π∂—Ë«‡À≈◊Õß / Soybean Oil TVO 100 6,374 27.03 4,921 26.99 3,529 23.26

«—µ∂ÿ¥‘∫Õ“À“√ —µ«å / Feed Meal TVO 100 12,879 54.63 9,600 52.66 8,285 54.61

Õ◊ËπÊ / Other TVO 100 970 4.12 676 3.71 705 4.69

√“¬‰¥â®“°°“√¢“¬µà“ßª√–‡∑» / Revenue from Export Market

πÈ”¡—π·≈–°“° / Oil and Meal TVO 100 710 3.01 327 1.80 949 6.25

TVO CHINA 65 2,642 11.21 2,706 14.84 1,697 11.19

√«¡∑—Èß ‘Èπ / Total 23,575 100 18,230 100 15,165 100



π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπ‡°‘π 10%The Investment of the Company

∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥

∂“π∑’Ë ”π—°ß“π„À≠à

3366/6-8 ´Õ¬¡‚π√¡¬å ∂ππæ√–√“¡ 4 §≈Õßµ—π §≈Õß‡µ¬ °√ÿß‡∑æœ

‚∑√»—æ∑å (02) 249-9351-2 ‚∑√ “√ (02) 249-4914

ª√–‡¿∑∏ÿ√°‘® º≈‘µ ·≈–®”Àπà“¬πÈ”¡—πæ◊™

®”π«π·≈–™π‘¥¢ÕßÀÿâπ∑’ËÕÕ°®”Àπà“¬ Àÿâπ “¡—≠®”π«π

13,980,000 Àÿâπ

®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ 2,000,000 Àÿâπ

—¥ à«π°“√∂◊ÕÀÿâπ 14.31%

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥

∂“π∑’Ë ”π—°ß“π„À≠à

7/3 Õ¬ ÿ¢“¿‘∫“≈ µ”∫≈∫“ß°√–‡∫“ Õ”‡¿Õπ§√™—¬»√’ ®—ßÀ«—¥π§√ª∞¡

‚∑√»—æ∑å (034) 332-611-2 ‚∑√ “√ (034) 332-613

ª√–‡¿∑∏ÿ√°‘® Õÿµ “À°√√¡°“√º≈‘µ


5,000,000 Àÿâπ

®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ 2,150,000 Àÿâπ

—¥ à«π°“√∂◊ÕÀÿâπ 43%

∫√‘…—∑ ‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ (TVOI)

∂“π∑’Ë ”π—°ß“π„À≠à

Dawson Building, Road Town, Tortola, British Virgin Islands.

‚∑√»—æ∑å (02) 477-9020 ‚∑√ “√ (02) 477-8022

ª√–‡¿∑∏ÿ√°‘® ∂◊ÕÀÿâπ∫√‘…—∑„π∫√‘…—∑Õ◊Ëπ


8,000,000 Àÿâπ

®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ Àÿâπ “¡—≠®”π«π

5,200,000 Àÿâπ

—¥ à«π°“√∂◊ÕÀÿâπ 65%

∫√‘…—∑ ‰™πà“-‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ (TVO CHINA)

∂“π∑’Ë ”π—°ß“π„À≠à

Zip 430125 No. 3, Wuhan, Hubei, P.R. China

‚∑√»—æ∑å (8627) 422-0095 ‚∑√ “√ (8627) 422-0953

ª√–‡¿∑∏ÿ√°‘® º≈‘µ ·≈–®”Àπà“¬πÈ”¡—πæ◊™


7,200,000 Àÿâπ

®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ

∫√‘…—∑ ‰™πà“-‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ (TVO CHINA)

∂◊ÕÀÿâπ‚¥¬ ∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ‡‡π≈ ®”°—¥

„πÕ—µ√“√âÕ¬≈– 100

Thai Edible Oil Co., Ltd.

Address

3366/6-8 Soi Manorom, Rama 4 Road, Klongton, Klongtoey, Bangkok

Tel. (02) 249-9351-52 Fax. (02) 249-4914

Type of Business Manufacture and Distribution of

Vegetable Oil

No. of Shares Common Shares 13,980,000 Unit

No. of Shares Held 2,000,000 Unit

Ratio Shareholding 14.31%

Prodigy Co., Ltd.

Address

7/3 Soi Sukhaphiban, Tambon Bangkraboa, Amphor Nakornchaisri,

Nakornpathom Tel. (034) 332-611-2 Fax. (034) 332-613

Type of Business Production Industry



Ratio Shareholding 43%

Thai Vegetable Oil International Co., Ltd. (TVO1)

Address

Dawson Building, Road Town, Tortola, British Virgin Islands.

Tel. (02) 477-9020 Fax. (02) 477-8022

Type of Business Holding



Ratio Shareholding 65%

China-Thai Vegetable Oil (Wuhan) Co., Ltd.

(TVO CHINA)

Address

Zip 430125 No. 3, Wuhan, Hubei, P.R. China

Tel. (8627) 422-0095 Fax. (8627) 422-0953

Type of Business Manufacture and Distribution Of

Vegetable Oil


No. of Shares Held

China-Thai Vegetable Oil (Wuhan) Co., Ltd. (TVO CHINA)

was held by Thai Vegetable Oil International Co., Ltd. In Ratio of 100%


26

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√Shareholder and Management Team

§≥–ºŸâ∫√‘À“√

1. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

2. π“¬«‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å °√√¡°“√ºŸâ®—¥°“√

3. π“¬®“√ÿæ®πå ≥’»–π—π∑å °√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª

4. π“¬«‘™‘µ «‘∑¬∞“π°√≥å °√√¡°“√

5. π“¬™—¬¬ß§å «‘∑¬∞“π°√≥å °√√¡°“√

6. π“¬ ¡»—°¥‘Ï »‘«–π“«‘π∑√å °√√¡°“√√Õß°√√¡°“√

ºŸâ®—¥°“√

7. π“¬‡»√…∞ √√ ‡»√…∞°“√ÿ≥¬å √Õß°√√¡°“√ºŸâ®—¥°“√

8. π“ß “« ÿ¿√—µπå »—°¥‘Ï«√“√—µπå ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª

9. π“ß “« ÿπ—π∑“ ‰µ√‡∑æ“¿‘√—°…å ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π

·≈–∫—≠™’

10. π“¬°”∏√ ‡Õ°‡¡∏’æ—π∏å ºŸâÕ”π«¬°“√ΩÉ“¬‚√ßß“π

(√—°…“°“√)

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑‡ªìπ¥—ßπ’È

1. °√√¡°“√µâÕßªØ‘∫—µ‘Àπâ“∑’Ë‡ªìπ‰ªµ“¡°ÆÀ¡“¬«—µ∂ÿª√– ß§å

·≈–¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ µ≈Õ¥®π¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ

·≈–√–¡—¥√–«—ß√—°…“º≈ª√–‚¬™πå∫√‘…—∑

2. °√√¡°“√¡’Àπâ“∑’Ë°”Àπ¥ π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π

¢Õß∫√‘…—∑ (Directing) ·≈–°”°—∫§«∫§ÿ¡¥Ÿ·≈ (Monitoring and Supervision)

„ÀâΩÉ“¬®—¥°“√¥”‡π‘π°“√„Àâ‡ªìπ‰ªµ“¡π‚¬∫“¬∑’Ë°”Àπ¥‰«âÕ¬à“ß¡’

ª√– ‘∑∏‘¿“æ ·≈–ª√– ‘∑∏‘º≈‡æ◊ËÕ‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘® Ÿß¢÷Èπ„Àâ·°à°‘®°“√

·≈– √â“ßº≈µÕ∫·∑π∑’Ë¥’„Àâ·°àºŸâ∂◊ÕÀÿâπ

3. °√√¡°“√µâÕß¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸâ∂◊ÕÀÿâπ‚¥¬ ¡Ë”‡ ¡Õ

(Accountability to Shareholders) ¥”‡π‘πß“π‚¥¬√—°…“º≈ª√–‚¬™πå¢Õß

ºŸâ∂◊ÕÀÿâπ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈µàÕºŸâ≈ß∑ÿπÕ¬à“ß∂Ÿ°µâÕß §√∫∂â«π¡’¡“µ√∞“π

·≈–‚ª√àß„

4. §≥–°√√¡°“√¡’Õ”π“®‡≈◊Õ°µ—Èß°√√¡°“√®”π«πÀπ÷Ëß‡ªìπ

°√√¡°“√∫√‘À“√ æ√âÕ¡∑—Èß¡Õ∫Õ”π“® ·≈–°”Àπ¥¢Õ∫‡¢µÕ”π“®„π°“√

Õπÿ¡—µ‘·≈– —Ëß°“√„Àâ·°à§≥–°√√¡°“√∫√‘À“√ ‡æ◊ËÕ„Àâ°“√∫√‘À“√°‘®°“√

∫√‘…—∑¥”‡π‘π‰ªµ“¡π‚¬∫“¬·≈–«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ ‡æ◊ËÕ°“√π’È„Àâ

§≥–°√√¡°“√∫√‘À“√‡≈◊Õ°°—π‡Õß‡ªìπª√–∏“πÀπ÷Ëß§π √Õßª√–∏“π

°√√¡°“√Àπ÷Ëß§πÀ√◊ÕÀ≈“¬§π ·≈–°√√¡°“√ºŸâ®—¥°“√Àπ÷Ëß§π

¢Õ∫‡¢µ·≈–Õ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√∫√‘À“√¡’Õ”π“®·µàßµ—Èß∫ÿ§§≈µ“¡®”π«π∑’Ë®”‡ªìπ ·≈–

‡ÀÁπ ¡§«√„Àâ‡ªìπæπ—°ß“π∫√‘…—∑ ‡æ◊ËÕªØ‘∫—µ‘Àπâ“∑’Ë∑ÿ°µ”·Àπàßæ√âÕ¡∑—Èß

°”Àπ¥¢Õ∫‡¢µÀπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¥Ÿ·≈√“¬ß“π∑“ß°“√‡ß‘π¢Õß

∫√‘…—∑„Àâµ√ßµàÕ§«“¡‡ªìπ®√‘ß§√∫∂â«π‡æ’¬ßæÕ·≈–‡™◊ËÕ∂◊Õ‰¥â ¥Ÿ·≈„Àâ

∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡À¡“– ¡√«¡∑—Èß°“√°”Àπ¥√–‡∫’¬∫

ªØ‘∫—µ‘ß“π·°àæπ—°ß“π‚¥¬‰¡à¢—¥À√◊Õ·¬âßµàÕ¢âÕ∫—ß§—∫π’È

Õ”π“®Àπâ“∑’Ë¢Õß§≥–°√√¡°“√µ√«® Õ∫

1. ¥Ÿ·≈√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑„Àâµ√ßµàÕ§«“¡‡ªìπ®√‘ß§√∫∂â«π

‡æ’¬ßæÕ·≈–‡™◊ËÕ∂◊Õ‰¥â

2. ¥Ÿ·≈„Àâ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë ‡À¡“– ¡·≈–¡’

ª√– ‘∑∏‘¿“æ

3. æ‘®“√≥“§—¥‡≈◊Õ°·≈–‡ πÕ·µàßµ—ÈßºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑

4. ¥Ÿ·≈„Àâ∫√‘…—∑ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß

5. ¥Ÿ·≈‰¡à„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

6. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¢Õß∫√‘…—∑¡Õ∫À¡“¬

7. ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫

‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑

ºŸâ∂◊ÕÀÿâπ

ºŸâ∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° (≥ «—π∑’Ëªî¥ ¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ§√—Èß ÿ¥∑â“¬ «—π∑’Ë 3 æƒ»®‘°“¬π 2551)

√“¬™◊ËÕºŸâ∂◊ÕÀÿâπ ®”π«πÀÿâπ∑’Ë∂◊Õ %

1. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å 51,489,500 8.25

2. π“¬«‘™—¬ «‘∑¬∞“π°√≥å 48,972,690 7.84

3. π“ß√—µπ“ ®—π∑√åæ‘∑—°…å 37,500,000 6.01

4. π“¬«‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å 23,205,940 3.72

5. ∫√‘…—∑ ‡™’¬√å (ª√–‡∑»‰∑¬) ®”°—¥ 21,531,668 3.45

6. π“¬«‘√—™ «‘∑¬∞“π°√≥å 21,249,250 3.40

7. π“ß‡∫≠®«√√≥ «‘∑¬∞“π°√≥å 21,000,000 3.36

8. π“¬™—¬¬ß§å «‘∑¬∞“π°√≥å 18,437,500 2.95

9. π“ß “««√πÿ™ «‘∑¬∞“π°√≥å 17,081,967 2.74

10. ∫√‘…—∑ ‚√ß°≈—ËππÈ”¡—ππ§√‰™¬»√’ ®”°—¥ 14,698,750 2.35



Shareholders

Top ten shareholders (as of last closing date of registration book on November 3, 2008)

Name of Shareholders Number of Shares % of Shares

1. Miss Sudarath Vitayatanagorn 51,489,500 8.25

2. Mr. Vichai Vitayathanagorn 48,972,690 7.84

3. Mrs. Ratana Chanpitaksa 37,500,000 6.01

4. Mr. Visuth Vitayathanagorn 23,205,940 3.72

5. Cheer (Thailand) Co., Ltd. 21,531,668 3.45

6. Mr. Virath Vitayatanagorn 21,249,250 3.40

7. Mrs. Benjawan Vitayathanagorn 21,000,000 3.36

8. Mr. Chaiyong Vitayatanagorn 18,437,500 2.95

9. Miss Voranud Vitayatanagorn 17,081,967 2.74

10. Nakornchaisri Oil Industrial Co., Ltd. 14,698,750 2.35

Management Executives

1. Miss Sudarath Vitayatanagorn Chief Executive Officer

2. Mr. Visuth Vitayathanagorn President

3. Mr. Charuphot Neesanant Executive General Manager

4. Mr. Vichit Vitayatanagorn Director

5. Mr. Chaiyong Vitayatanagorn Director

6. Mr. Somsak Sivanawin Executive Vice President

7. Mr. Sethasan Sethakarun Executive Vice President

8. Miss Suparat Sakwararat Assistant Executive

General Manager

9. Miss Sunanta Tritepapiruk Financial

and Accounting Director

10. Mr. Kamtorn Ekmetipunth Plant Director (Acting)

Board of Directorsû responsibilities

1. Members of the Board must perform their duties in

compliance with the law, regulation and the Corporate Article

Associations, including resolutions from shareholder meetings with

honesty and for corporate best interest.

2. Members of the Board are responsible for directing,

monitoring, and supervision of corporate policy for the management

team to effectively perform under aforesaid policy to increase corporate

economic and shareholders value.

3. Members of the Board must be accountable for shareholders

at all times and disclose information to investors accurately, adequately,

and transparently.

4. Board of Directors shall appoint a number of members as a

Executive Board with authority to perform daily activities corresponding

to corporate policies and goals. Members of the Executive Board shall

elect a Chairperson, one or more Vice Chairperson(s), and one

President.

Responsibilities of Executive Board

The Executive Board shall appoint an appropriate number of

qualified employees in all positions with proper roles and responsibilities

including the responsibility to ensure accuracy, adequacy, and reliability

of corporate financial statements as well as implementing an internal

control system and employee regulations without any conflict to these

regulations.

Responsibilities of Audit Committee

1. To ensure accuracy, adequacy, and reliability of corporate

financial statements

2. To ensure efficiency of corporate internal control system

3. To appoint an internal auditor

4. To ensure corporate compliance to the law and regulations

5. To prevent conflicts of interests

6. To perform additional tasks assigned by Board of Directors

7. To prepare an Audit Committee report to be included in the

annual report


28

«‘∏’°“√·µàßµ—Èß°√√¡°“√·≈–ºŸâ∫√‘À“√

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‡°≥±å·≈–«‘∏’°“√¥—ßµàÕ‰ªπ’È

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∂ππ√—™¥“¿‘‡…° (∑à“æ√–-µ“° ‘π) ∫ÿ§§‚≈ ∏π∫ÿ√’ °√ÿß‡∑æ¡À“π§√



Appointment of Directors and Executives

Management

The Nomination and remuneration Committee shall nominate

proper candidates as members of the Board, and Executives

Management from Managing Directors and above by qualifications based

on experience, vision, and personality to be submitted to the Board of

Directors for final selection. In every annual general shareholder meeting,

one third of members of the Board shall vacate their posts and new

members shall be selected by shareholders based on following

criterion:

1. Each shareholder may cast a vote for each share held.

2. Each shareholder shall cast his/her vote based on (1) for

one or more candidate(s) but may not split his/her vote for different

candidates.

3. Candidates equaled to number of vacancies with highest

subsequent votes shall be appointed as members of the Board of

Directors. In the event of excessive elected candidates due to equal

votes, Chairperson shall cast a deciding vote.

Board of Directors shall appoint Executive Directors or a number

of Executives Management with authority to manage corporate affairs

corresponding to corporate policies and objectives.

Executive Board shall appoint an appropriate number of

qualified employees in all positions with specific responsibilities and

compensation.

In 2008 remuneration for members of the Board and Management

Executives were as follows:

(1) Cash remuneration

a. For 12 members of the Board equivalent to 8 million baht in

meeting allowances, cash remuneration, and remuneration

for members of Audit Committee

b. For 13 members of Executive Board and Executives

Management equivalent to 57.06 million baht in 2008 in

salaries and bonuses

(2) Other remuneration

- None -

Safeguards against Insider Information Abuse

The Company has adopted the following safeguards to prevent

insider information abuse for personal use:

ë Executives are informed of the provisions of the Securities

and Stock Exchange Act of 2535 (1992) and the regulations of the

Stock Exchange of Thailand, which require them to report all share

holding in the Company.

ë The Company requires all its executives to report all changes

in shareholding to the Securities and Exchange Commission in

accordance with Clause 59 in the Securities and Stock Exchange Act

of 2535 (1992).

Corporate Governance Report

The Company has prioritized good corporate governance and

performed under such policy by continuously implementing its business

processes. Eventually it will increase effectiveness and efficiency of

operational performance and long-term shareholder values. In

accordance with the regulation for listed companies in 2006 by the

Stock Exchange of Thailand, there are 5 categories in corporate

governance principles:

1. Rights of Shareholders

Board of Directors shall setup a policy in shareholder rights in

accordance with the law and basic rights, e.g., buying/selling/transfer

of shares, company earnings, adequate information, and voting rights

in shareholder meeting, and prohibition of any activities that restrict

shareholder rights

In 2008 the Companyûs Annual General Meeting of shareholder

was held on April 23, 2008 at TVO Building No. 149 Ratchadapisek

Road (Thapra-Taksin), Bukkalow, Thonburi, Bangkok and an

extraordinary meeting No. 1/2008 were on July 4, 2008 at Chopraya

Room, Montien Riverside No. 372 Rama III Road, Bangkok and the

extraordinary meeting No. 2/2008 were held on November 21, 2008

at 3rd Floor, TVO Building, No. 149 Ratchadapisek Road

(Thapra-Taksin), Bukkalow, Thonburi, Bangkok.


30

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HACCP, ISO:2000, ISO 14001 ·≈– ISO 17025

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°“√∑”ß“π∑’Ë¥’°—∫æπ—°ß“π∑ÿ°§π



In every shareholder meeting, an invitation circular was forwarded

to every shareholder in advance through Thailand Securities Depository

Co., Ltd., as the Companyûs registrar 18 days in advance including

information detailed of each meeting agenda, directorûs comments on

each item, as well as reasons, necessity, and consequence of each

activity. It was posted on the corporate website as supporting document

for further voting by shareholders. Other shareholder rights, e.g.,

augmentation of agenda without prior notification, were not violated so

that each item on the agenda was considered within an ample time.

Prior to the meeting, the Chairperson explained how to cast and

count their votes by casting on each subsequent item on the agenda

with minutes of meeting prepared by the end of the day with proper

safekeeping for future verification by shareholders if needed.

In both shareholder meetings during the past year, it has been

attended by all members, e.g., Chairman of the Board, Chairman of the

Executive Board, President, General Managing Director, and other

Executives Management including members of Subcommittees, e.g.,

Audit committee, Nomination Committee, and Risk Management

Committee in order to declare corporate performance and open for

shareholderûs questions and comments without any time limitation.

2. Equitable Treatment of Shareholders

Shareholder rights are preserved and equally treated based on

general governance. All shareholders are disclosed adequate information

within ample time. Shareholders who could not attend the meeting may

delegate an individual or an independent committee member by prior

submission of a proxy form. In the past year, two independent committee

members were nominated and it was recorded in the minutes of

meeting accordingly.

In the 2008 Annual General Meeting of Shareholders, the

Extraordinary Shareholder Meeting No. 1/2008, and the Extraordinary

Shareholders Meeting No. 2/2008 there were 161, 249 and 229

shareholders, respectively, who authorized independent directors to

cast votes on their proxy.

Ballot is used in the vote with choices to agree, disagree, or no

vote on the ballots. It is also recorded in minutes of meeting and votes

will be counted by independent counters and be safely kept for future

verification.

ë Use of Insider Information

The Board of Directors prohibits its members and Executives

Management to buy/sell corporate shares 3 weeks prior until 2 days

after public release of last year financial statement. In 2008 all

members of the Board and Executives Management have strictly

followed the guideline accordingly.

ë Conflicts of Interests

Audit Committee is responsible for listing any conflicts of

interests, related transactions between companies and subsidiaries in

accordance with regulations set forth by Securities and Exchange

Commission to be treated as ordinary business transaction mainly for

corporate benefit whose details are listed in the annual report and

Form 56-1. However, the Company is at its best to avoid such

conflicts of interests.

3. Role of Stakeholders

In order for sustainable growth, high benefit, and fair benefit to

stakeholders, all corporate policies based on all stakeholdersû rights

and eminence are strictly followed.

Customers The Company determines to produce high quality

consumer products in accordance with related laws and regulations. It

also continuously employs research and development activities to raise

its quality of products. Currently, it is certified by international

production standards, e.g., GMP, HACCP, ISO:2000, ISO 14001, and

ISO 17025

Employees The Company also focuses on personnel development

such as competency, skill, and expertise in employee career path

including healthy work environment, welfare and incentive for every

employee.


32

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Partners The Company has sincerely treated all partners in

accordance with related agreements and laws based on fair mutual

benefit and future relationship.

Competitors The Company has specified competitor treatment

in its business ethics handbook in accordance with international

standard corresponding to business trade practice laws and regulations

without fraudulent acts in infringing competitorsû confidential information.

In the past year there was no dispute of such competitor infringement.

Creditors The Company shall strictly follow agreements and

conditions set forth by creditors.

Shareholders The Company determines to carry out its business

activities to increase corporate economic value and shareholdersû value.

Corporate Social Responsibility The Company has performs its

business activities with essential social responsibility including

efficient production process to reduce environmental impacts. The

environmental policy is shown in www.tvothai.com under corporate social

responsibility article. The Company has constructed a water treatment

plant to treat wastewater emitted from its production and analyzed risk

factors that would affect surrounding community by Risk Management

Committee who directly reports to the Board of Directors.

The company opts to employ local members of the community

and has initiated several projects to develop and raise the quality of

living within the community. All activities are shown in annual report

under corporate social responsibility article.

4. Disclosure and Transparency

The Company has disclosed essential and adequate information to

shareholders on time with transparency and without discrimination in

accordance with regulations specified by the Stock Exchange of

Thailand including financial information, e.g., financial report, financial

statement, detailed financial information, and non-financial information

such as roles and functions of Board of Directors and its subcommittees,

number of Board meetings and number of attendance of each member

in the past year, Directorûs compensation, Internal Controls, Corporate

Social Responsibility, etc. Such information was disclosed through the

Stock Exchange of Thailandûs online system, annual report, shareholder

meetings, minutes of shareholder meetings, and corporate website.

Additional information not required by the Stock Exchange of Thailand

that might be useful for investors and analysts has also been prepared

and included in the corporate website under investor relations.

ë Remuneration for Directors

The Company has matched the industryûs compensation standard

and high enough to retain Directors with desirable qualifications at all

time. The amount of remuneration including its policies have been

approved by shareholders in Annual General Shareholderûs Meeting

and disclosed in the annual report.

ë Financial Statement, Detailed Financial Information, and Financial

Report

The Management is responsible for preparation of financial

statement, detailed financial information, and financial report in

accordance with Generally Accepted Accounting Principles (GAAP)

including implementation of Internal Control system for financial

reports and corporate property.

Audit Committee is responsible for the quality of financial report

and optimal environment for implementation of effective Internal

Control. The Management is confident of its Internal Control environment

and current internal processes making the financial report and corporate

property management as of December 31, 2008 a reliable one.

ë Investor Relations

Chief Financial Officer is responsible for investor communications.

The Company has been disclosing accurate, complete, transparent,

on-time, and fair information to the public as it is well aware of the

importance of such information for investorsû analysis and decision

making by accommodating investors and analysts, e.g., Company visit

and meeting with the Management for information exchanges and various

activities. For further information on the disclosure of corporate

information, please contact [email protected] and monthip

@tvothai.com.

In 2008, the Company has arranged following activity:

On June 26, 2008, the Company joined çOpportunity Dayé which

was arranged by the Stock Exchange of Thailand. The management

team to answered questions for better understanding of its business

and closer networking among investors, analysts, and media.

5. Responsibilities of the Board

The Board of Directors consist of qualified members with

experience and business expertise who devote their time and effort on

their duties in accordance with the law, corporate objectives and

regulations, including resolutions of shareholder meetings with

honesty to protect corporate best interest.


34

ë ‚§√ß √â“ß¢Õß§≥–°√√¡°“√

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°√√¡°“√™ÿ¥¬àÕ¬·≈â«

ë ∫∑∫“∑Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√

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¢Õß∫√‘…—∑ (Directing) ·≈–°”°—∫§«∫§ÿ¡¥Ÿ·≈ (Monitoring and Supervision)

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‚¥¬ ¡Ë”‡ ¡Õ (Accountability to Shareholders) ¥”‡π‘πß“π‚¥¬√—°…“

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∫√‘…—∑‰¥â°”Àπ¥À≈—°®√‘¬∏√√¡∑“ß∏ÿ√°‘® ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√

·≈–¡’°“√™’È·®ß ∑”§«“¡‡¢â“„®∂÷ß¡“µ√∞“π°“√ªØ‘∫—µ‘µπ¢Õß °√√¡°“√

ΩÉ“¬®—¥°“√ √«¡∂÷ß°“√ ◊ËÕ “√„Àâæπ—°ß“π‡¢â“„®·≈–ªØ‘∫—µ‘µπµ“¡·π«∑“ß

π—ÈπÕ¬Ÿà‡ ¡Õ ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

1. ∫√‘…—∑®–¥”‡π‘π∏ÿ√°‘®¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ·≈–‚ª√àß„ æŸ¥

§«“¡®√‘ßµàÕ∫ÿ§§≈∑’Ë‡°’Ë¬«¢âÕß ‰¡à À√◊Õ∑”„Àâ‡¢â“„®º‘¥‚¥¬‡®µπ“ À≈Õ°≈«ß

‚¥¬°“√∫‘¥‡∫◊Õπ “√ π‡∑» ‡≈◊Õ°ªØ‘∫—µ‘À√◊Õ≈–‡«âπªØ‘∫—µ‘ √«¡∂÷ß°“√®—¥

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º≈ª√–‚¬™πå Ÿß ÿ¥¢ÕßºŸâ‡°’Ë¬«¢âÕß‚¥¬√«¡

2. ∫√‘…—∑®–ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ ·≈–¢âÕ∫—ß§—∫µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß

Õ¬à“ß‡§√àß§√—¥

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4. ∫√‘…—∑®–ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢ —≠≠“µà“ßÊ ∑’Ë¡’µàÕ§Ÿà§â“ ·≈–‡®â“Àπ’È

‚¥¬‡§√àß§√—¥ ‡æ◊ËÕ¥”√ß‰«â´÷Ëß§«“¡‡ªìπ∏√√¡

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‡æ◊ËÕ„Àâæπ—°ß“π¡’§«“¡√Ÿâ §«“¡™”π“≠∑’Ë®”‡ªìπ„π°“√∑”ß“π ·≈–‡ªìπ‰ª

„π·π«∑“ß‡¥’¬«°—π ·π«‚πâ¡Õÿµ “À°√√¡„πÕπ“§µ

7. ΩÉ“¬®—¥°“√®–‰¡àÀ“ª√–‚¬™πå„ àµπ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß ‚¥¬„™â

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§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå

8. ΩÉ“¬®—¥°“√®—¥„Àâ¡’°“√¥Ÿ·≈ µ√«® Õ∫¿“¬„π∫√‘…—∑ ·≈– ¿“æ

·«¥≈âÕ¡∫√‘…—∑Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ§«∫§ÿ¡·≈–µ‘¥µ“¡°“√ªØ‘∫—µ‘µ“¡

π‚¬∫“¬∑’Ë‰¥â«“ß‰«â

9. ΩÉ“¬®—¥°“√√—°…“®√‘¬∏√√¡∑“ß°“√§â“Õ¬à“ß‡§√àß§√—¥ ·≈–

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°“√§â“¥â«¬«‘∏’°“√‰¡à ÿ®√‘µ ª√“»®“°§«“¡®√‘ß·≈–‰¡à‡À¡“– ¡

ë °“√ª√–™ÿ¡§≥–°√√¡°“√

°“√ª√–™ÿ¡§≥–°√√¡°“√®–°”Àπ¥‰«âÕ¬à“ß‡ªìπ∑“ß°“√≈à«ßÀπâ“

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®—¥∑’Ë ”π—°ß“π„À≠à¢Õß∫√‘…—∑ ΩÉ“¬®—¥°“√®– àß‡√◊ËÕß·≈–«“√–ª√–™ÿ¡æ√âÕ¡

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À“°°√√¡°“√ºŸâ„¥µâÕß°“√ “√ π‡∑»‡æ‘Ë¡‡µ‘¡Õ“®µ‘¥µàÕ¢Õ‰¥â®“°

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·≈–¡’°“√√—∫√Õß®“°§≥–°√√¡°“√ ¡’√–∫∫°“√®—¥‡°Á∫∑’Ë “¡“√∂µ√«®

Õ∫‰¥â



ë Structure of the Board

Board of Directors consists of 12 members 6 of who are

Executives Management, 3 of whom are non Executives Management,

and 3 of whom are independent individuals by the definition of Stock

Exchange of Thailand for a period of 3 years as specified in the Corporate

Article Associations. Board of Directors will appoint a number of

members as members of the Management Committee with management

authority for corporate operations to meet corporate policies and goals.

The Chairperson of the Board of Directors and the Chairperson of the

Management Committee must not be the same person with separate

authority and function to counterbalance the two. The Chairperson of

the Board must be an independent individual by the definition of Stock

Exchange of Thailand who is not associated with the management,

does not hold any corporate shares, and is responsible for policy

making, counseling, and corporate strategies and is also free from

day-to-day operations.

Chairperson of the Executive Board is responsible for day-to-day

operation of the Company under the policies set forth by the Board of

Director. In fact, the responsibility of Board of Director and the

Chairman of Executive Board are clearly stated although without formal

policies and regulation in the issue of taking another position in different

organization for Directors and Executives Management. However, all

Directors have devoted their time and effort for the Company very

efficiently by attending corporate meetings and giving counsel on

business operation effectively all of which are listed in the meeting

attendance reports for each committee.

ë Roles and Responsibilities of the Board of Directors

The Board of Directors is responsible for policy making, directing,

monitoring, and supervision of the Companyûs operation for the

Management to execute efficiently and effectively to increase its

economic value and good return for shareholders, accountability to

shareholders, protecting shareholdersû interests, and disclosure of

accurate, complete, and transparent information to investors.

In 2008 the Board of Directors together with the Management

have published the 2009 business plan for clearer objectives and

direction whose overall operation can be assessed by each period as a

means for corporate governance.

Business Ethics has been made in writing and clarified regularly

on conducting standards for Directors and Executives Management to

the employees as follows:

1. The Company shall operate with honesty and transparently,

and not intentionally defrauding others by information manipulation and

discrimination. It will regularly prepare accurate corporate information

report in due course for stakeholdersû highest benefits.

2. The Company shall strictly comply with relevant laws and

regulations.

3. The Company shall be highly responsible for high quality and

standard production for consumers.

4. The Company shall strictly follow agreements made with

partners and creditors to preserve mutual justification.

5. The Company shall conserve energy and production resource

as well as prevent and reduce environmental impact to maintain the

well-being of the environment and community.

6. The Company shall develop its human resource in every level

to raise their knowledge and skills for its operation in line with industryûs

direction.

7. The Management shall not seek personal advantage by abuse

of undisclosed internal information or to perform any activities that

lead to conflicts of interests.

8. The Management shall perform internal audit and take good

care of working environment to control and monitor corporate operations

to meet its policies.

9. The Management shall strictly keep its business ethics and

follow decent competition practice by not improperly discrediting its

competitors via unfair and untrue information.

ë Board Meeting

The Board meetings have been annually scheduled in advance

and held for 2-3 hours each at the head office. The Management shall

submit invitation circular and agenda more than 7 days in advance

including related written information for common understanding of the

business and discussion items. If a member of the Board seeks further

information, it may be requested from the Chief Executive Officer or

Company secretary. He/she may also suggest additional items in the

agenda for open discussion in the meeting whose minutes of meeting

shall be recorded and approved by the Chairperson and safely kept for

future verification.


36

”§—≠∑’ËµâÕßæ‘®“√≥“ µ“¡ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß„™â‡«≈“ª√–¡“≥ 3

™—Ë«‚¡ß „π°“√ª√–™ÿ¡∑ÿ°§√—Èß§≥–°√√¡°“√∫√‘À“√®–‡™‘≠°√√¡°“√Õ‘ √–

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∫—π∑÷°°“√ª√–™ÿ¡‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√ ·≈–¡’√–∫∫°“√®—¥‡°Á∫∑’Ë

“¡“√∂µ√«® Õ∫‰¥â

„πªï 2551 ¡’°“√ª√–™ÿ¡°√√¡°“√∫√‘À“√ 12 §√—Èß ‚¥¬°“√‡¢â“

√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√‡ªìπ‰ª¥—ßπ’È

√“¬™◊ËÕ «“√–°“√¥”√ß °“√‡¢â“√à«¡ª√–™ÿ¡/

µ”·Àπàß ®”π«π§√—Èß∑’Ëª√–™ÿ¡

1. π“ß “« ÿ¥“√—µπå

«‘∑¬∞“π°√≥å -- 12/12

2. π“¬«‘ ÿ∑∏‘

«‘∑¬∞“π°√≥å -- 12/12

3. π“¬®“√ÿæ®πå

≥’»–π—π∑å -- 9/12

4. π“¬«‘™‘µ

«‘∑¬∞“π°√≥å -- 11/12

5. π“¬ ¡»—°¥‘Ï

»‘«–π“«‘π∑√å -- 12/12

6. π“¬‡»√…∞ √√

‡»√…∞°“√ÿ≥¬å -- 12/12

§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√µ√«® Õ∫¡’ 3 ∑à“π ∑ÿ°∑à“π‡ªìπ°√√¡°“√∑’Ë‡ªìπ

Õ‘ √–µ“¡§«“¡À¡“¬¢Õßµ≈“¥À≈—°∑√—æ¬å §≥–°√√¡°“√¡’Àπâ“∑’Ë‡ΩÑ“

—ß‡°µª√– ‘∑∏‘º≈¢Õßß“πµ√«® Õ∫ °“√®—¥°“√§«“¡‡ ’Ë¬ß °“√§«∫§ÿ¡

∑“ß°“√‡ß‘π·≈–°“√∫—≠™’¿“¬„π ·≈–°“√√“¬ß“π∑“ß°“√‡ß‘π √«¡∑—Èß

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·≈–¡’«“√–ª√–™ÿ¡°”Àπ¥‰«â≈à«ßÀπâ“

°√√¡°“√µ√«® Õ∫ “¡“√∂‡¢â“∂÷ß·≈–ª√–™ÿ¡°—∫ºŸâ Õ∫∫—≠™’

¿“¬πÕ°·≈–ºŸâµ√«® Õ∫¿“¬„πÕ¬à“ß‡ √’

„πªï∑’Ëºà“π¡“¡’°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ 4 §√—Èß ‚¥¬°“√

‡¢â“√à«¡¢Õß§≥–°√√¡°“√¡’¥—ßµàÕ‰ªπ’È

√“¬™◊ËÕ «“√–°“√¥”√ß °“√‡¢â“√à«¡ª√–™ÿ¡/


1. π“¬ ¡æ≈

‡°’¬√µ‘‰æ∫Ÿ≈¬å 2549-2551 4/4

2. ¥√. »‘√‘

°“√‡®√‘≠¥’ 2549-2551 4/4

3. ¥√. ÿ«‘∑¬å

‡¡…‘π∑√’¬å 2549-2551 4/4

„πªï 2551 ∑’Ëºà“π¡“¡’°“√ª√–™ÿ¡∑—Èß ‘Èπ 12 §√—Èß ‚¥¬°“√√à«¡

ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑·µà≈–∑à“π √ÿª¥—ßπ’È

√“¬™◊ËÕ «“√–°“√¥”√ß °“√‡¢â“√à«¡ª√–™ÿ¡/


1. π“¬ ¡æ≈

‡°’¬√µ‘‰æ∫Ÿ≈¬å 2550-2552 12/12

2. ¥√. »‘√‘

°“√‡®√‘≠¥’ 2549-2551 12/12

3. ¥√. ÿ«‘∑¬å

‡¡…‘π∑√’¬å 2550-2552 12/12

4. π“ß “« ÿ¥“√—µπå

«‘∑¬∞“π°√≥å 2549-2551 12/12

5. π“¬«‘ ÿ∑∏‘

«‘∑¬∞“π°√≥å 2549-2551 12/12

6. π“¬®“√ÿæ®πå

≥’»–π—π∑å 2549-2551 8/12

7. π“¬«‘™‘µ

«‘∑¬∞“π°√≥å 2551-2553 11/12

8. π“ßªí∑¡“

µ—Èßæ‘√ÿÃÀå∏√√¡ 2551-2553 12/12

9. π“¬™—¬¬ß§å

«‘∑¬∞“π°√≥å 2551-2553 12/12

10. π“¬«‘™—¬

«‘∑¬∞“π°√≥å 2550-2552 10/12

11. π“ß√—µπ“

®—π∑√åæ‘∑—°…å 2551-2553 11/12

12. π“¬ ¡»—°¥‘Ï

»‘«–π“«‘π∑√å 2550-2552 12/12

ë §≥–°√√¡°“√™ÿ¥¬àÕ¬

§≥–°√√¡°“√™ÿ¥¬àÕ¬¢Õß∫√‘…—∑¡’ 4 §≥–ª√–°Õ∫¥â«¬ §≥–

°√√¡°“√∫√‘À“√ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ √√À“·≈–

°”Àπ¥§à“µÕ∫·∑π ·≈–§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß

§≥–°√√¡°“√∫√‘À“√

§≥–°√√¡°“√∫√‘À“√¡’ ∑—ÈßÀ¡¥ 6 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√

∑’Ë‡ªìπºŸâ∫√‘À“√ 5 ∑à“π ·≈–∑’Ë‡ªìπºŸâ∫√‘À“√√–¥—∫ Ÿß 1 ∑à“π ∑—ÈßÀ¡¥‡ªìπ

ºŸâ∫√‘À“√∑”ß“π‡µÁ¡‡«≈“„Àâ°—∫∫√‘…—∑ §≥–°√√¡°“√∫√‘À“√¡’Àπâ“∑’Ë™à«¬

ΩÉ“¬®—¥°“√„π°“√ªØ‘∫—µ‘ß“πª√–®”«—π¿“¬„µâ°√Õ∫π‚¬∫“¬∑’Ë‰¥â√—∫

¡Õ∫À¡“¬®“°§≥–°√√¡°“√ πÕ°®“°π—Èπ¬—ß™à«¬°≈—Ëπ°√Õßß“π„Àâ°—∫

§≥–°√√¡°“√Õ’°√–¥—∫Àπ÷Ëß¥â«¬

”À√—∫°“√ª√–™ÿ¡°√√¡°“√∫√‘À“√®–°”Àπ¥‰«â™—¥‡®π ¡’°“√ª√–™ÿ¡

Õ¬à“ßπâÕ¬‡¥◊Õπ≈– 1 §√—Èß ·≈– “¡“√∂‡√’¬°ª√–™ÿ¡‰¥â∑—π∑’°√≥’¡’«“√–



In 2008, twelve Board meetings were held with attendance

statistics on each member as follows:

Name Office Term Number of

Attendances

1. Mr. Sompol

Kiatpaibool 2007-2009 12/12

2. Dr. Siri

Ganjarerndee 2006-2008 12/12

3. Dr. Suvit

Maesincee 2007-2009 12/12

4. Miss Sudarath

Vitayatanagorn 2006-2008 12/12

5. Mr. Visuth

Vitayathanagorn 2006-2008 12/12

6. Mr. Charuphot

Neesanant 2006-2008 8/12

7. Mr. Vichit


8. Mrs. Pattama

Tangpiroonthum 2008-2010 12/12

9. Mr. Chaiyong


10. Mr. Vichai

Vitayathanagorn 2007-2009 10/12

11. Mrs. Ratana

Chanpitaksa 2008-2010 11/12

12. Mr. Somsak

Sivanawin 2007-2009 12/12

ë Subcommittees

There are 4 subcommittees under the Board of Directors namely

Executive Board, Audit Committee, Nomination and remuneration

Committee, and Risk Management Committee.

Executive Board

Executive Board consists of 6 members 5 of which are Directors

and the other the Chief Executive Officer who have full-time devotion

on the positions. Executive Board is responsible for facilitating the

management on day-to-day operations corresponding to corporate

policies set forth by the Board as well as preliminary screening of work

for the Board of Directors.

For Executive Board meetings, it has been scheduled to meet at

least once a month and can be additionally arranged whenever needed.

It usually takes approximately 3 hours in each meeting. Independent

members of the Board of Directors shall be invited into the Executive

Board meeting to observe, give comments or counseling but without

voting right. Minutes of meetings are also recorded and safely kept for

future verification.

In 2008, twelve Executive Board meetings were held with at-

tendance statistics on each member as follows:


Attendances

1. Miss Sudarath

Vitayatanagorn -- 12/12

2. Mr. Visuth

Vitayathanagorn -- 12/12

3. Mr. Charuphot

Neesanant -- 9/12

4. Mr. Vichit

Vitayatanagorn -- 11/12

5. Mr. Somsak

Sivanawin -- 12/12

6. Mr. Sethasan

Sethakarun -- 12/12

Audit Committee

The Audit Committee consists of 3 members all of whom are

independent Directors as defined by the Stock Exchange of Thailand.

Its function is to oversee the efficiency of Internal Controls, Risk

Management, financial and accounting control, and financial report as

well as additional tasks as specified by the Stock Exchange of

Thailand. The committee meets 4 times annually with agenda scheduled

in advance before each meeting.

The Audit Committee is authorized to freely access and meet

with internal and external auditors.

In the past year, 4 Audit Committee meetings were held with

attendance statistics as follows:


Attendances

1. Mr. Sompol

Kiatpaibool 2006-2008 4/4

2. Dr. Siri

Ganjarerndee 2006-2008 4/4

3. Dr. Suvit

Maesincee 2006-2008 4/4


38

§≥–°√√¡°“√ √√À“·≈–°”Àπ¥§à“µÕ∫·∑π

‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ∫√‘…—∑‰¥â·µàßµ—Èß

§≥–°√√¡°“√ √√À“ ‚¥¬¡’Õ”π“®Àπâ“∑’Ë °”Àπ¥°√–∫«π°“√ √√À“ ·≈–

æ‘®“√≥“ √√À“ºŸâ∫√‘À“√√–¥—∫ Ÿßµ—Èß·µà√–¥—∫°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√

ºŸâ®—¥°“√∑—Ë«‰ª¢÷Èπ‰ª ‡æ◊ËÕ‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑æ‘®“√≥“Õπÿ¡—µ‘ ·≈–

√√À“ºŸâ¡“¥”√ßµ”·Àπàß°√√¡°“√∫√‘…—∑ ‡æ◊ËÕ∑¥·∑π°√√¡°“√∑’ËÕÕ°

µ“¡«“√–À√◊Õ∑’Ë≈“ÕÕ° ‡æ◊ËÕ‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑·≈–∑’Ëª√–™ÿ¡ºŸâ

∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—µ‘ ‚¥¬§≥–°√√¡°“√ √√À“ª√–°Õ∫¥â«¬

√“¬™◊ËÕ µ”·Àπàß

1. π“¬ ¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å ª√–∏“π°√√¡°“√ √√À“

2. ¥√. »‘√‘ °“√‡®√‘≠¥’ °√√¡°“√ √√À“

3. ¥√. ÿ«‘∑¬å ‡¡…‘π∑√’¬å °√√¡°“√ √√À“

§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß

∫√‘…—∑œ µ√–Àπ—°¥’«à“ °“√∫√‘À“√§«“¡‡ ’Ë¬ß‡ªìπ‡√◊ËÕß ”§—≠ ∑’Ë∑”„Àâ

Õß§å°√ “¡“√∂∫√√≈ÿ∂÷ß‡ªÑ“À¡“¬∑“ß∏ÿ√°‘®∑’Ë°”Àπ¥‰«â ∫√‘…—∑œ ®÷ß‰¥â®—¥„Àâ¡’

§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß¢÷Èπ (RISK MANAGEMENT COMMITTEE)

‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ‡æ‘Ë¡‚Õ°“ ∑“ß∏ÿ√°‘®„Àâ¡“°∑’Ë ÿ¥ ·≈–≈¥‚Õ°“ ¢Õß

§«“¡ Ÿ≠‡ ’¬„Àâ‡À≈◊ÕπâÕ¬∑’Ë ÿ¥

°√Õ∫°“√∑”ß“π

§≥–°√√¡°“√∑”Àπâ“∑’Ëª√–‡¡‘π ·≈–«‘‡§√“–Àå∂÷ßªí®®—¬§«“¡‡ ’Ë¬ß

∑’ËÕ“®‡°‘¥¢÷Èπ°—∫Õß§å°√ ®—¥„Àâ¡’°√–∫«π°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë Õ¥§≈âÕß

°—∫·ºπ∏ÿ√°‘® ¡’°“√§«∫§ÿ¡ µ‘¥µ“¡°“√ªØ‘∫—µ‘µ“¡°√–∫«π°“√∫√‘À“√

§«“¡‡ ’Ë¬ß ·≈–∑∫∑«π°√–∫«π°“√ ‡æ◊ËÕª√—∫ª√ÿß„Àâ¡’§«“¡‡À¡“– ¡µàÕ

°“√¥”‡π‘π∏ÿ√°‘®Õ¬Ÿà‡ ¡Õ §≥–°√√¡°“√‰¥â ◊ËÕ “√„Àâæπ—°ß“π∑ÿ°√–¥—∫‡¢â“„®

∂÷ß®ÿ¥À¡“¬√à«¡°—π„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß ¡Õ∫À¡“¬§«“¡√—∫º‘¥™Õ∫

·≈–°√Õ∫¢Õß°“√®—¥°“√§«“¡‡ ’Ë¬ßµ“¡√–¥—∫¢Õß§«“¡ ”§—≠ºŸâ∑’ËÀπâ“∑’Ë

‡°’Ë¬«¢âÕß∑ÿ°§π

√“¬™◊ËÕ§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß

√“¬™◊ËÕ µ”·Àπàß

1. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å ª√–∏“π°√√¡°“√

2. π“¬«‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å °√√¡°“√

3. π“¬«‘™‘µ «‘∑¬∞“π°√≥å °√√¡°“√

4. π“¬®“√ÿæ®πå ≥’»–π—π∑å °√√¡°“√

5. π“¬ ¡»—°¥‘Ï »‘«–π“«‘π∑√å °√√¡°“√

6. π“¬‡»√…∞ √√ ‡»√…∞°“√ÿ≥¬å °√√¡°“√

7. π“¬«‘∫Ÿ≈¬å ‚≈À–™ÿπ ‘√‘ ‡≈¢“πÿ°“√

∫∑∫“∑·≈–§«“¡√—∫º‘¥™Õ∫

1. ®—¥∑”°√Õ∫∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë Õ¥§≈âÕß°—π°—∫π‚¬∫“¬·≈–

·ºπ∏ÿ√°‘® „Àâ§√Õ∫§≈ÿ¡§«“¡‡ ’Ë¬ß∑—ÈßÀ¡¥∑’ËÕ“®‡°‘¥¢÷Èπ°—∫Õß§å°√

2. °”Àπ¥°√–∫«π°“√∫√‘À“√§«“¡‡ ’Ë¬ß ª√–‡¡‘π §«∫§ÿ¡

µ‘¥µ“¡ ·≈–æ—≤π“°√–∫«π°“√‡æ◊ËÕ„Àâ¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ·≈–‡À¡“– ¡

„π°“√®—¥°“√°—∫§«“¡‡ ’Ë¬ß∑ÿ°ª√–‡¿∑∑’ËÕ“®‡°‘¥¢÷Èπ

3. ◊ËÕ “√·≈–√“¬ß“πº≈§≥–°√√¡°“√∫√‘…—∑·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß

°“√ª√–™ÿ¡

§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß¡’°”Àπ¥ª√–™ÿ¡‰¡àµË”°«à“ªï≈– 4 §√—Èß

·≈–√“¬ß“πº≈°“√ª√–™ÿ¡µàÕ§≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√

∫√‘…—∑ „πªï∑’Ëºà“π¡“∫√‘…—∑¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß

4 §√—Èß

°“√·µàßµ—Èß‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑

„πªï∑’Ëºà“π¡“∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑§√—Èß∑’Ë 6/2551 ‡¡◊ËÕ«—π∑’Ë

14 °√°Æ“§¡ 2551 ‰¥â¡’¡µ‘·µàßµ—Èß„Àâπ“¬≥√ß§å «‘∑¬‰æ»“≈ ‡ªìπ

‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑‚¥¬¡’Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫µ“¡

æ√∫. À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å

√–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π

∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√ √–∫∫

“√ π‡∑»·≈–°“√ ◊ËÕ “√¢âÕ¡Ÿ≈ ·≈–√–∫∫°“√µ‘¥µ“¡°“√∑”ß“π

‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªµ“¡π‚¬∫“¬∑’Ë§≥–°√√¡°“√«“ß‰«â ∫√‘…—∑¡’

ºŸâµ√«® Õ∫¿“¬„π ÷Ëß‡ªìπ∫ÿ§§≈¿“¬πÕ°∑’Ë¡’§«“¡‡ªìπÕ‘ √– “¡“√∂∑”

Àπâ“∑’Ë‰¥âÕ¬à“ß‡æ’¬ßæÕ·≈–∂à«ß¥ÿ≈‰¥â ‡ªìπºŸâ∑”Àπâ“∑’Ëµ√«® Õ∫√–∫∫°“√

∑”ß“π¢Õß∫√‘…—∑ √«¡∑—Èß°“√ª√—∫ª√ÿß√–∫∫°“√∑”ß“π„Àâ‡°‘¥ª√– ‘∑∏‘¿“æ

Ÿß ÿ¥ ‚¥¬√“¬ß“πº≈°“√µ√«® Õ∫‚¥¬µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫

·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ”À√—∫∫√‘…—∑¬àÕ¬π—Èπ¡’√–∫∫°“√§«∫§ÿ¡

¿“¬„π‡√◊ËÕß°“√∑”∏ÿ√°√√¡ °—∫ºŸâ∂◊ÕÀÿâπ„À≠à °√√¡°“√ ºŸâ∫√‘À“√ À√◊ÕºŸâ∑’Ë

‡°’Ë¬«¢âÕß°—∫∫ÿ§§≈¥—ß°≈à“« ”À√—∫√–∫∫°“√§«∫§ÿ¡¿“¬„π ∫√‘…—∑œ·≈–

∫√‘…—∑¬àÕ¬¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë¥’

∫√‘…—∑¡’√–∫∫°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑’Ë¡’ª√– ‘∑∏‘¿“æ·≈–πà“‡™◊ËÕ∂◊Õ

§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß¥”‡π‘π°“√‡°’Ë¬«°—∫°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß

‚¥¬√Õ∫§Õ∫ ·≈–√–¡—¥√–«—ß„π∑ÿ°Ê ¥â“π ∑—Èß„π¥â“π°“√µ≈“¥ °“√‡ß‘π

°“√º≈‘µ °ÆÀ¡“¬ ·≈– ¿“æ·«¥≈âÕ¡∏ÿ√°‘®‚¥¬∑—Ë«‰ª √“¬ß“πµàÕ®“°

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

Ÿ≠‡ ’¬∑’ËÕ“®‡°‘¥¢÷Èπ

ë §à“µÕ∫·∑π

§à“µÕ∫·∑π¢Õß°√√¡°“√¢Õß∫√‘…—∑Õ¬Ÿà„π≈—°…≥–∑’Ë‡ª√’¬∫‡∑’¬∫‰¥â

°—∫√–¥—∫∑’ËªØ‘∫—µ‘Õ¬Ÿà„πÕÿµ “À°√√¡ ª√– ∫°“√≥å ¿“√–Àπâ“∑’Ë ¢Õ∫‡¢µ¢Õß

∫∑∫“∑·≈–§«“¡√—∫º‘¥™Õ∫ √«¡∂÷ßª√–‚¬™πå∑’Ë§“¥«à“®–‰¥â√—∫®“°°√√¡°“√

·µà≈–§π πÕ°®“°π’È °√√¡°“√∑’Ë‰¥â√—∫¡Õ∫À¡“¬Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥

™Õ∫‡æ‘Ë¡¢÷Èπ ´÷Ëß√“¬≈–‡Õ’¬¥§à“µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√ ®–‡ªî¥

‡º¬Õ¬Ÿà„πÀ—«¢âÕ°“√®—¥°“√„π√“¬ß“πª√–®”ªï ·≈–·∫∫ 56-1

ë °“√æ—≤π“°√√¡°“√ ºŸâ∫√‘À“√ ·≈–°“√ ◊∫∑Õ¥µ”·Àπàßß“π

‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π¢Õß§≥–°√√¡°“√‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ

∫√‘…—∑¡’π‚¬∫“¬ àß‡ √‘¡„Àâ°√√¡°“√·≈–ΩÉ“¬®—¥°“√‰¥â‡¢â“√—∫°“√Ωñ°Õ∫√¡

Õ¬à“ßµàÕ‡π◊ËÕß ∑—Èß°“√®—¥Ωñ°Õ∫√¡¿“¬„πÕß§å°√·≈–°“√‡¢â“√à«¡Ωñ°Õ∫√¡

°—∫ ∂“∫—πΩñ°Õ∫√¡¿“¬πÕ°‡™àπ ∂“∫—π IOD ‡ªìπµâπ πÕ°®“°π—Èπ ∫√‘…—∑

‰¥â¡’°“√æ—≤π“∫ÿ§≈“°√„π°“√‡µ√’¬¡§«“¡æ√âÕ¡‡æ◊ËÕ ◊∫∑Õ¥µ”·Àπàßß“π

„πµ”·Àπàß∑’Ë ”§—≠Ê ‰«â‡√’¬∫√âÕ¬·≈â«



Nomination Committee

In order to comply with Corporate Governance, the Company has

appointed a Nomination and remuneration Committee whose function

is to specify nomination process and to nominate top management

positions from President, Executive General Managing, Director, and

above for Board approval including replacement of Directors who

complete their terms or resign. Members of the Nomination Committee

consist of the following:

Names Title

1. Mr. Sompol Kiatpaibool Chairman of the Committee

2. Dr. Siri Ganjarerndee Member of the Committee

3. Dr. Suvit Maesincee Member of the Committee

Risk Management Committee

The Company is fully aware of the vitality of Risk Management to

attain its business goals. Therefore, it has established a Risk

Management Committee whose objective is to maximize business

opportunity and minimizing possible lost.

Functions

The Committee shall evaluate and analyze potential risk factors

that may affect the Company, and provide risk management measures

corresponding to business plans including control and monitoring of

risk management process as well as its revision to suit business needs.

The Committee has been communicating common risk management

objectives to all levels of employees and delegated functions and

responsibilities to all levels of related personnel accordingly.

Members of Risk Management Committee

Names Title

1. Miss Sudarath Vitayatanagorn Chairman

2. Mr. Visuth Vitayathanagorn Director

3. Mr. Vichit Vitayatanagorn Director

4. Mr. Charuphot Neesanant Director

5. Mr. Somsak Sivanawin Director

6. Mr. Sethasan Sathakarun Director

7. Mr. Wiboon Lohachoonsiri Secretary

Roles and Responsibilities

1. Design a risk management framework corresponding to

corporate policies and business plans in order to encompass potential

corporate risks

2. Specify risk management procedures from evaluation,

control, monitoring, and development of processes to ensure optimal

efficiency and appropriate risk management of all categories

3. Communicate and report outcomes to Board of Directors

and related personnel

Meetings

Risk Management Committee shall meet more than 4 times

annually whose reports shall be submitted to Audit Committee and

Board of Directors.

Corporate Secretary

The Board of Directorûs meeting No.6/2008 on July 14, 2008

had appointed Mr. Narong Wittayapaisan to be corporate secretary, his

responsibility is according to Securities and Stock Exchange acts.

Internal Audit and System

The Company has established a management performance control

system, information and communications system, and monitoring

system in order to perform according to corporate policies set forth by

Board of Directors. The Company has an internal auditor, who is an

independent individual to perform his/her function adequately and to

counterbalance the Management. He/she shall verify and improve

corporate processes for highest efficiency by directly reporting to Audit

Committee and Chairman of the Executive Management. The

subsidiaries also have internal controls on transactions between major

shareholders, Directors, Executives Management, or other related

persons. Overall, internal control system of the Company and its

subsidiaries is sufficient.

The Company keeps an efficient and reliable risk management

where Risk Management Committee has carefully performed its risk

management tasks in all areas including marketing, financial, production,

legal, and general business environment through Audit Committee and

Board of Directors to prevent and minimize potential lost.

ë Remuneration

Remuneration for Board of Directors is of industry standard

and by consideration from their experience, obligation, roles, and

responsibility including potential deliverables from each member of the

Board. In addition, Directors who are also members of subcommittees

shall also receive additional compensation corresponding to additional

responsibilities. Details of remuneration for Directors and Management

Executives approved by Shareholders are disclosed in the Annual

Report and Form 56-1.

ë Development and succession plan for Directors and Management

Executives

In order for efficient operations of Board of Directors, the

Company encourages its Directors and the Management to have

regular training including internal and external institute such as IOD,

etc., as well as implement succession plan for key success positions.


40

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√Management Discussion and Analysis: (MD&A)

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‰¥âÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 97.28 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 41.52 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550

‡π◊ËÕß®“°„πªï 2551 ¡’°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡æ‘Ë¡¢÷Èπ 56.34 ≈â“π∫“∑

À√◊Õ√âÕ¬≈– 739.51 ®“°°“√∑’Ë∫√‘…—∑œ ‰¥â«“ß·ºπ„π°“√„™âµ√“ “√

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‡æ‘Ë¡¢÷Èπ 15.92 ≈â“π∫“∑®“°ªï°àÕπ

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∫√‘…—∑¬àÕ¬„πªï 2551¡’®”π«π 21,283.70 ≈â“π∫“∑ ‡∑’¬∫°—∫

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ª√–¡“≥°«à“√âÕ¬≈– 90 ¢Õßµâπ∑ÿπ∑—ÈßÀ¡¥ ‡π◊ËÕß®“°√“§“«—µ∂ÿ¥‘∫ª√—∫µ—«

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1,138.85 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° 580.34 ≈â“π∫“∑ „πªï 2550 ®”π«π

558.51 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 96.24 ‡π◊ËÕß®“°„π‰µ√¡“ ∑’Ë ’Ë¢Õßªï

2551∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡°‘¥º≈¢“¥∑ÿπ®“°°“√≈¥≈ß¢Õß¡Ÿ≈§à“

‘π§â“§ß‡À≈◊Õ®”π«π 641.34 ≈â“π∫“∑ ´÷Ëß‡ªìπº≈®“°«‘°ƒµ‘∑“ß°“√‡ß‘π

·≈–‡»√…∞°‘®‚≈°∑’Ë™–≈Õµ—«≈ß ∑”„Àâ√“§“ ‘π§â“ª√—∫µ—«≈¥≈ß¡“°Õ¬à“ß

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∑“ß°“√‡ß‘π®”π«π 136.03 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 9.26 ≈â“π∫“∑ ‡¡◊ËÕ‡∑’¬∫

°—∫ªï 2550 ®”π«π 126.78 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ§‘¥‡ªìπ√âÕ¬≈– 7.30

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¬àÕ¬¡’°”‰√ ÿ∑∏‘®”π«π 749.63 ≈â“π∫“∑ ≈¥≈ß 506.76 ≈â“π∫“∑ ®“°

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“‡ÀµÿÀ≈—°‡°‘¥®“°º≈¢“¥∑ÿπ®“°°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ®”π«π

641.34 ≈â“π∫“∑ º≈¢“¥∑ÿπ®“°°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õπ’È

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Õ—µ√“º≈µÕ∫·∑πµàÕºŸâ∂◊ÕÀÿâπ≈¥≈ß®“°√âÕ¬≈– 39.07 „πªï 2550

‡ªìπ√âÕ¬≈– 22.29 º≈®“°°”‰√ ÿ∑∏‘∑’Ë≈¥≈ß ‡ß‘πªíπº≈®à“¬ ”À√—∫º≈

ª√–°Õ∫°“√ªï 2551 ‡∑à“°—∫ 1.30 ∫“∑µàÕÀÿâπ §‘¥‡ªìπ√âÕ¬≈– 108.30

¢Õß°”‰√ ÿ∑∏‘ ‡π◊ËÕß®“°∫√‘…—∑œ ‰¥â¡’°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ®“°

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1,193.28 ≈â“π∫“∑ ¢≥–∑’Ëªï 2550 ∫√‘…—∑œ ¡’°“√®à“¬‡ß‘πªíπº≈ 1.40

∫“∑µàÕÀÿâπÀ√◊Õ§‘¥‡ªìπ√âÕ¬≈– 69.59 ¢Õß°”‰√ ÿ∑∏‘

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7,624.23 ≈â“π∫“∑ ‘π∑√—æ¬å à«π„À≠àª√–°Õ∫¥â«¬ ‘π§â“§ß‡À≈◊Õ ·≈–

‘π∑√—æ¬å∂“«√ ÿ∑∏‘ §‘¥‡ªìπ√âÕ¬≈– 50.81 ·≈– 29.27 µ“¡≈”¥—∫ ‘π∑√—æ¬å

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During 2008, the Company and subsidiaries reported revenue

of Baht 23,574.87 million, up Baht 5,345.37 million or 29.32%

from 2007 revenue as the Companyûs sales improved. Revenue during

the first three quarters rose 34.85% because oil products price rose

along with rising global oil price and the Company could raise selling

price of soybean meal to reflect rising raw material costs. Although

selling price fell sharply in the fourth quarter, high sales revenue during

the first three quarters kept 2008 full-year revenue higher than 2007

revenue. Sales of the subsidiaries fell 2.36% from the previous year

as sales declined.

Other incomes were mostly consisted of income from selling

packaging materials, foreign exchange gain, interest income and

dividend income. 2008 other income rose Baht 97.28 million, or

41.52%, from 2007 other incomes. The Companyûs foreign exchange

gain rose by Baht 56.34 million (+739.51% YoY) as the Company

hedge foreign exchange. Moreover, the Company received Baht 18.68

million of dividend income from subsidiaries and other Company, up

Baht 15.92 million from the previous year.

The Company and subsidiarieûs major expenses are cost of sales

and sales and administration expenses (SG&A). The Company and

subsidiaries reported 2008 cost of sales of Baht 21,283.70 million,

up Baht 5,363 million or 33.69%, from Baht 15,920.70 million in

2007. The cost of sales grew as revenue increased. 2008 cost of

sales were at 90.28% of sales revenue, higher than 87.33% during

2007. The Companyûs cost of sales mainly comprised of over 90% raw

material. As the Company cannot raise selling price to keep up with

the rising raw material prices, the Companyûs gross margin declined.

The expenses of the Company and subsidiaries, selling expenses

administrative expenses and other expenses, were at Baht 1,138.85

million, up Baht 558.51 million or 96.24%, from Baht 580.34 million

during 2007. During the fourth quarter of last year, the Company and

subsidiaries realized lost on dimimution in value of inventory Baht

641.34 million, which are resulted from financial crisis and slowdown

global economic growth, which drive down commodity price. The Company

and subsidiaries, therefore, markdown the value of inventories to the

market price and realize losses in 2008.

During 2008, the Company and subsidiaries paid Baht 136.03

million of interest expense and financial cost up 9.26 million, or 7.30%,

from Baht 126.78 million in the previous year. The increased interest

expenses was due to rising loans during the first three quarters of

2008 as raw material price rose considerably. Moreover, interest rate

rose during the fourth quarter of 2008.

As a result, the Company and subsidiaries reported 2008 net

profits of Baht 749.63 million, down Baht 506.76 million or 40.33%

from Baht 1,256.39 million of profits in 2007. The decline was mainly

due to Baht 641.34 million of inventory deminution, which is an

unusual event and uncontrollable by the Company.

Return on equity fell from 39.07% in 2007 to 22.29% in 2008

as net profits declined. 2008 dividend was at Baht 1.30 per share,

which is 108.30% of net profits because the Company paid interim

dividend from Baht 1,193.28 million of net profits during the first six

months of 2008. While the Company paid Baht 1.40 per share

dividend for the 2007 operational performance, or 69.59% of net

profits.

Financial Status

Assets

Total assets of the Company and subsidiaries as at the end of

2008 were at Baht 7,624.23 million. Inventories and net property,

contributed 50.81% and 29.27% of total assets, respectively, and

constitute the major portion of the total assets. 2008 total assets

rose 2.69% from 2007 level, mainly driven by rising inventories and

fixed assets from investment.

Liquidity

During 2008, the Company and subsidiaries reported cash flow

from operation of Baht 671.12 million. Current ratio as at the end of

2008 was at 1.18 times, down from 1.47 times at the end of 2007

because current asset decreased due to account receivable declined

while current liability increased from short-term loan that was to pay

for raw material inventories. Although the Companyûs liquidity decline

slightly, the Company and subsidiaries still have enough liquidity to

operate the business. Cash flow from investment of Baht 522.55

million was due to continual investment to increase packaging line

capacity, to construct plant silo, and to increase production capacity.

Sources of Fund

As at end of 2008, the Company and subsidiaries has Baht

3,085.29 million of shareholderûs equity, down Baht 554.38 million

from Baht 3,639.66 million as at the end of 2007. 2008 debt to

equity ratio was at 1.47 times, up from 1.04 times at the end of

2007 as the Company and subsidiaries had Baht 1,084.74 million of

loans from financial institutes to pay for raw materials toward the end

of the year.


42

¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ‡™’¬√å ‡∑√¥¥‘Èß ®”°—¥ 6,744,210 13,988,067 6,744,210 13,988,067

∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ 2,576,863 4,806,533 - -

√«¡≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 9,321,073 18,794,600 6,744,210 13,988,067

≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ - - 3,902 -

√«¡≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - - 3,902 -

‡®â“Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ - - 29,979,044 37,374,442

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ - 60,198 - 60,198

√«¡‡®â“Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - 60,198 29,979,044 37,434,640

ß∫°“√‡ß‘π√«¡

2550255125502551

ß∫°“√‡ß‘π‡©æ“–°‘®°“√π‚¬∫“¬°“√°”Àπ¥√“§“

(Àπà«¬ : ≈â“π∫“∑)

„π√–À«à“ßªï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢∑“ß°“√§â“

·≈–‡°≥±åµ“¡∑’Ëµ°≈ß°—π√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑‡À≈à“π—Èπ ÷Ëß‡ªìπ‰ªµ“¡ª°µ‘∏ÿ√°‘® ‚¥¬ “¡“√∂ √ÿª‰¥â¥—ßπ’È

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬

(µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«)

´◊ÈÕ«— ¥ÿÀ’∫ÀàÕ - - 232 226 √“§“µ“¡‡ß◊ËÕπ‰¢ª°µ‘∑“ß∏ÿ√°‘®‡ª√’¬∫‡∑’¬∫°—∫

°“√´◊ÈÕ ‘π§â“®“°∫√‘…—∑Õ◊Ëπ∑’Ë‰¡à‡°’Ë¬«¢âÕß°—π

√“¬‰¥â§à“∑’Ëª√÷°…“ - - 5 5 ¡Ÿ≈§à“µ“¡ —≠≠“

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

¢“¬ ‘π§â“‚¥¬∫√‘…—∑œ 79 97 79 97 ‡ªìπ√“§“∑’Ë¢“¬¢“¥„Àâ·°àºŸâ·∑π®”Àπà“¬´÷Ëß√—∫

¿“√–§à“„™â®à“¬„π°“√¢“¬ §à“¢π àß∑—Ë«ª√–‡∑»

·≈–§à“„™â®à“¬Õ◊ËπÊ

¢“¬ ‘π§â“‚¥¬∫√‘…—∑¬àÕ¬ 23 22 - - √“§“‡ªìπ‰ªµ“¡ª°µ‘‡™àπ‡¥’¬«°—∫≈Ÿ°§â“∑—Ë«‰ª

´◊ÈÕ«— ¥ÿÀ’∫ÀàÕ 1 1 1 1 √“§“‡ªìπ‰ªµ“¡ª°µ‘‡™àπ‡¥’¬«°—∫≈Ÿ°§â“∑—Ë«‰ª

´◊ÈÕ∑’Ë¥‘π 34 - 34 - √“§“µ≈“¥

√“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πRelated party transactions

(Àπà«¬ : ∫“∑)

2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√



Consolidated


2007200820072008

Separate

financial statements Transfer pricing policy

During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are

summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the

Company and those related parties.

(Unit : Million Baht)

Transactions with subsidiary companies

(eliminated from the consolidatedfinancial statements)Purchases of packing materials - - 232 226 Price under normal business conditions,

comparable with prices of purchases fromunrelated parties

Consulting income - - 5 5 Per contractTransactions with related companies

Sales of goods by the Company 79 97 79 97 Price of outright sales to the Companyûsdistributor which is responsible for sellingexpenses, nationwide transportation expensesand other expenses

Sales of goods by subsidiary 23 22 - - Normal prices charged to ordinary customersPurchases of packing material 1 1 1 1 Normal prices charged to ordinary customersPurchases of land 34 - 34 - Market price

2008 20072008 2007

Consolidated financial statements Separate financial statements

As at 31 December 2008 and 2007, the balances of accounts between the Company and those related parties are as follows:

(Unit : Baht)

Trade accounts receivable - related parties

Related companies

Cheer Trading Co., Ltd. 6,744,210 13,988,067 6,744,210 13,988,067Thai Edible Oil Co., Ltd. 2,576,863 4,806,533 - -Total trade accounts receivable - related parties 9,321,073 18,794,600 6,744,210 13,988,067Amounts due from related party

Subsidiary

Prodigy Co., Ltd. - - 3,902 -Total amounts due from related party - - 3,902 -Trade accounts payable - related parties

Subsidiary

Prodigy Co., Ltd. - - 29,979,044 37,374,442Related company

Golden Trade Co., Ltd. - 60,198 - 60,198Total trade accounts payable - related parties - 60,198 29,979,044 37,434,640


44

§«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡Corporate Social Responsibility

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ¡’π‚¬∫“¬

¥”‡π‘π∏ÿ√°‘®¥â«¬§«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡ (Corporate

Social Responsibility) ¿“¬„µâª√—™≠“ §◊Õ ‡√“º≈‘µ

‘π§â“‡æ◊ËÕ§ÿ≥¿“æ™’«‘µ∑’Ë¥’¢÷Èπ¢Õßª√–™“™π ´÷Ëß‡ªìπ

·π«§‘¥∑’Ë¡’‡ªÑ“À¡“¬ ∫π§«“¡√—∫º‘¥™Õ∫µàÕ —ß§¡

§”π÷ß∂÷ßº≈°√–∑∫∑’Ë¡’µàÕºŸâ¡’ à«π‰¥â‡ ’¬ ‡™àπ ≈Ÿ°§â“

§Ÿà§â“ ºŸâ∂◊ÕÀÿâπ æπ—°ß“π √«¡∂÷ß™ÿ¡™π∑’Ë∫√‘…—∑µ—ÈßÕ¬Ÿà

µ≈Õ¥®π∂÷ß —ß§¡ ·≈–ª√–‡∑»™“µ‘ ¥â«¬°“√ √â“ß∑—»π§µ‘

·≈–«—≤π∏√√¡Õß§å°√„Àâæπ—°ß“π¡’§«“¡√—∫º‘¥™Õ∫

µàÕ —ß§¡∑’ËÕ¬Ÿà√à«¡°—π

∫√‘…—∑œ ¡’π‚¬∫“¬„π°“√∑’Ë®–∑”ª√–‚¬™πå„Àâ —ß§¡ ∑—Èß„π¡‘µ‘¢Õß°“√

√à«¡ √â“ß —ß§¡‡¢â¡·¢Áß‡æ◊ËÕ°“√‡µ‘∫‚µ∑’Ë¬—Ëß¬◊π ¥â«¬°“√‡¢â“‰ªæ—≤π“§ÿ≥¿“æ

™’«‘µ·≈–§«“¡‡ªìπÕ¬Ÿà¢Õß§π„π™ÿ¡™π „πªï∑’Ëºà“π¡“ ∫√‘…—∑œ √à«¡°—π°—∫

Õß§å°“√∫√‘À“√ à«π∑âÕß∂‘Ëπª√—∫ª√ÿß√–∫∫ “∏“√≥Ÿª‚¿§¢Õß™ÿ¡™π ‡™àπ

°“√ª√—∫ª√ÿß –æ“π¢â“¡·¡àπÈ” °“√„Àâ∑ÿπ°“√»÷°…“·°àπ—°‡√’¬π¥âÕ¬‚Õ°“

ºà“π¡Ÿ≈π‘∏‘·≈–¡À“«‘∑¬“≈—¬µà“ßÊ °“√∫√‘®“§º≈‘µ¿—≥±å¢Õß∫√‘…—∑„Àâ°—∫

‚√ß‡√’¬π‡æ◊ËÕ‚§√ß°“√Õ“À“√°≈“ß«—π‡¥Á° „π¡‘µ‘¢Õß»‘≈ª«—≤π∏√√¡ ∫√‘…—∑œ

‰¥â¡’°“√ π—∫ πÿπ°“√®—¥°‘®°√√¡µà“ßÊ ∑’Ë‡ªìπ°“√Õπÿ√—°…å»‘≈ª«—≤π∏√√¡‰∑¬

‡™àπ „Àâ°“√ π—∫ πÿπª√–‡æ≥’°“√·¢àß«à“« „Àâ°“√ π—∫ πÿπ°“√‡≈àπ

¥πµ√’‰∑¬ „Àâ°—∫‡¥Á°π—°‡√’¬π¥âÕ¬‚Õ°“ „π™ÿ¡™π ”À√—∫¡‘µ‘„π‡√◊ËÕß°“√

√—°…“ ‘Ëß·«¥≈âÕ¡π—Èπ ∫√‘…—∑œ ¡’π‚¬∫“¬¥â“π ‘Ëß·«¥≈âÕ¡∑’Ë™—¥‡®π·≈–

∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘Õ¬à“ß‡§√àß§√—¥ ∑—Èßπ’È‡æ◊ËÕ¥”√ß‰«â´÷Ëß√–∫∫π‘‡«»πå¢Õß

‘Ëß·«¥≈âÕ¡¢Õß™ÿ¡™π∑’Ëµ—ÈßÕ¬Ÿà



Thai Vegetable Oil Public Company Limited

has a policy to operate business base on

Corporate Social Responsibility principle under

the philosophy çWe produce products for

better living for the society.é This philosophy is

base the objective to be responsible for society

and any impact on stakeholders, such as

customers, trade partners, shareholders,

employees, surrounding community, society and

the country. The Company is creating mindset

and corporate culture for employees to be

responsible for the society.

The Company has policies to benefit the societies, both by

strengthen the society for sustainable growth by improving quality of

life of people in the community. During last year, the Company and

community governing body improve public infrastructure, such as

restructure bridge. The Company also gave scholarship through various

foundation and universities and donated the Companyûs products for

childrenûs lunch program. In the fine arts and cultural area, the Company

promotes activities that are related to Thai culture, such as by initiating

kite competition, Thai musical instrument training program for children

in the communities. For the environment preservation, the Company

has clear environmental policies which must be strictly comply with to

preserve the ecosystem of the surrounding communities.


46

§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√∑’Ë‡ªìπÕ‘ √– 3 ∑à“π ¥—ßπ’È

1. π“¬ ¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

2. ¥√. »‘√‘ °“√‡®√‘≠¥’ °√√¡°“√µ√«® Õ∫

3. ¥√. ÿ«‘∑¬å ‡¡…‘π∑√’¬å °√√¡°“√µ√«® Õ∫

‚¥¬¡’‡≈¢“πÿ°“√∫√‘…—∑∑”Àπâ“∑’Ë‡ªìπ‡≈¢“πÿ°“√§≥–°√√¡°“√

µ√«® Õ∫

§≥–°√√¡°“√µ√«® Õ∫¡’Àπâ“∑’Ë Õ∫∑“π§«“¡∂Ÿ°µâÕß·≈–°“√

‡ªî¥‡º¬Õ¬à“ß‡æ’¬ßæÕ¢Õßß∫°“√‡ß‘π°àÕππ”‡ πÕ§≥–°√√¡°“√∫√‘…—∑

·≈–∑”Àπâ“∑’Ëª√– “πß“π°—∫ºŸâµ√«® Õ∫¿“¬„π·≈–ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

Õ∫∑“π·ºπ°“√µ√«® Õ∫·≈–√“¬ß“π¢ÕßºŸâµ√«® Õ∫¿“¬„π·≈–ºŸâ Õ∫

∫—≠™’√—∫Õπÿ≠“µ Õ∫∑“π°“√‡ªî¥‡º¬√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ‡æ◊ËÕ„Àâ∫√‘…—∑

¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ °“√ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥·≈–

°ÆÀ¡“¬µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß„Àâ∂Ÿ°µâÕß‡À¡“– ¡ ‰¡à„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ß

º≈ª√–‚¬™πå √«¡∑—Èß°“√‡ πÕ·µàßµ—ÈßºŸâ Õ∫∫—≠™’Õ‘ √–¢Õß∫√‘…—∑

„π√Õ∫ªï 2551 §≥–°√√¡°“√µ√«® Õ∫ ‰¥âª√–™ÿ¡√à«¡°—∫ºŸâ Õ∫

∫—≠™’√—∫Õπÿ≠“µ ·≈–ΩÉ“¬®—¥°“√√«¡ 4 §√—Èß ‚¥¬¡’ “√– ”§—≠¥—ßπ’È

1. æ‘®“√≥“ª√–‡¡‘πº≈°“√µ√«® Õ∫·≈–§ÿ≥¿“æ¢Õß√–∫∫

°“√§«∫§ÿ¡¿“¬„π æ∫«à“ ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë

‡À¡“– ¡°—∫ ¿“æ∏ÿ√°‘® ‰¡à¡’¢âÕ∫°æ√àÕß∑’Ë‡ªìπ “√– ”§—≠ ÷Ëß

ºŸâ Õ∫∫—≠™’∑—Èß¿“¬„π·≈–¿“¬πÕ°‰¥â„Àâ§«“¡‡ÀÁπ∑’Ë Õ¥§≈âÕß°—π

2. æ‘®“√≥“√“¬ß“π·≈– Õ∫∑“π§«“¡πà“‡™◊ËÕ∂◊Õ¢Õßß∫°“√‡ß‘π

∑—Èßß∫°“√‡ß‘π√“¬‰µ√¡“ ·≈–ß∫°“√‡ß‘πª√–®”ªï 2551 ¢Õß

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫The Audit Committeeûs Report

∫√‘…—∑ ‚¥¬‡πâπ°“√ªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√∫—≠™’∑’ËÕÕ°„À¡à

·≈–°“√‡ªî¥‡º¬ß∫°“√‡ß‘πÕ¬à“ß‡æ’¬ßæÕ √«¡∑—Èß°“√øíß°“√™’È·®ß

·≈–´—°∂“¡ºŸâ Õ∫∫—≠™’„π¢âÕ ß —¬µà“ßÊ ®π‡ªìπ∑’ËæÕ„®«à“

ß∫°“√‡ß‘π¥—ß°≈à“«∂Ÿ°µâÕßµ“¡∑’Ë§«√·≈–‰¥â®—¥∑”¢÷Èπµ“¡À≈—°

°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

3. Õ∫∑“π°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ ·≈–¢âÕ°”Àπ¥µà“ßÊ ∑’Ë

‡°’Ë¬«¢âÕß°—∫∫√‘…—∑

4. æ‘®“√≥“§—¥‡≈◊Õ°ºŸâ Õ∫∫—≠™’·≈–°”Àπ¥§à“µÕ∫·∑π ‡æ◊ËÕ

π”‡ πÕ§≥–°√√¡°“√∫√‘…—∑·≈–∑’Ëª√–™ÿ¡„À≠à “¡—≠ª√–®”ªï

ºŸâ∂◊ÕÀÿâπ

5. °”Àπ¥·ºπ°“√µ√«® Õ∫ª√–®”ªï

§≥–°√√¡°“√µ√«® Õ∫‡ÀÁπ«à“ °“√¥”‡π‘πß“π¢Õß∫√‘…—∑„πªï∑’Ë

ºà“π¡“ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ·≈–‡À¡“– ¡ °“√®—¥∑”

√“¬ß“π∑“ß°“√‡ß‘π‡ªìπ‰ªµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ·≈–¡’°“√

ªØ‘∫—µ‘µ“¡°Æ√–‡∫’¬∫·≈–°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕßÕ¬à“ß‡§√àß§√—¥

”À√—∫ªï 2552 §≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕµàÕ§≥–°√√¡°“√

∫√‘…—∑ „Àâæ‘®“√≥“·µàßµ—Èß π“¬≥√ß§å æ—πµ“«ß…å ·≈–/À√◊Õ π“ß “«∑‘æ«—≈¬å

π“π“πÿ«—≤πå ·≈–/À√◊Õ π“¬»ÿ¿™—¬ ªí≠≠“«—≤‚π ·Ààß ”π—°ß“π‡Õ‘π å∑

·Õπ¥å ¬—ß ‡ªìπºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ „π°√≥’∑’ËºŸâ Õ∫∫—≠™’¥—ß°≈à“«¢â“ßµâπ

‰¡à “¡“√∂ªØ‘∫—µ‘Àπâ“∑’Ë‰¥â „Àâ∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥

®—¥À“ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µÕ◊Ëπ¢Õß ”π—°ß“π∑”Àπâ“∑’Ëµ√«® Õ∫∫—≠™’

·≈–· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑·∑πºŸâ Õ∫∫—≠™’¥—ß°≈à“«‰¥â

·≈–®–π”‡ πÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕÕπÿ¡—µ‘µàÕ‰ª

π“¬ ¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å

ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫



The Audit Committee of Thai Vegetable Oil Public Company

Limited consists of three 3 independent, non-executive directors

which are

1. Mr. Sompol Kiatphaibool Chairman of Audit Committee

2. Dr. Siri Ganjarerndee Member of Audit Committee

3. Dr. Suvit Maesincee Member of Audit Committee

With the corporate secretary functioning as a secretary.

The Audit Committee has responsibility to verify the accuracy

and adequate disclosure of the financial statement before submitting

to the Board of Directors, to coordinate with internal auditors and

independent auditors, to review the audit plan and the reports of the

internal auditors and the independent auditors, to verify the disclosure

of related transactions-all with a view to assuring that the internal

control system is effective and that its operations comply accurately

and appropriately with rules and regulations to prevent a conflict of

interest and to propose for appointment the companyûs independent

auditors.

Within the year 2008, the Audit Committee had been meeting

with the independent auditors and the management on a total of four

(4) occasions, having accomplished the following:

1. An assessment of both the results of the review process as

well as the quality of the internal control system, which

uncovered that it corresponded to business conditions and

that there were no deliberating deficiencies, which was

analogous to the evaluations of internal and independent

auditors;

2. An evaluating and revision the credibility both of the

quarterly and yearly companyûs 2008 financial statement,

based on conformity to new accounting principles and an

adequate disclosure of the financial statement, as well as

the satisfactory conduct of question an answer sessions

with independent auditors regarding various skeptical items

to ensure that the financial statement is generally accepted

in accordance with accounting principles;

3. The revision of the compliance with the laws and regulations

involving the company.

4. The Recruitment of the auditor and fix his remuneration to

be presented to the board of directors and the annual

general meeting (AGM).

5. A stipulation of the yearly audit plan.

The Audit Committee sees that the company operation in the

past year had been made under the sufficient and appropriate internal

control system and financial report has been prepared in accordance

with the generally certified account principle and the practice has been

strictly made in accordance with the concerned regulations and law.

For the year 2009 the Audit Committee recommend to the Board

of Directors to nominee of Mr. Narong Puntawong, and/or Miss Thipawan

Nananuwat, and/or Mr. Supachai Phanyawattano, of Ernst and Young

as the independent auditors. In the event those auditors are unable to

perform their duties, Ernst & Young Office limited is authorized to

assign another of its auditors to perform the audit and express an

opinion on the companyûs financial statements in their place, to

propose to the shareholdersû meeting for approval.

Mr.Sompol Kiatphaibool

Chairman of Audit Committee


48

ΩÉ“¬®—¥°“√‡ªìπºŸâ√—∫º‘¥™Õ∫‡°’Ë¬«°—∫ß∫°“√‡ß‘π·≈– “√ π‡∑»

∑“ß°“√‡ß‘π„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«‰¥â∑”¢÷Èπµ“¡À≈—°°“√

∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ÷Ëß√«¡∂÷ß°“√„™â¥ÿ≈¬æ‘π‘®Õ¬à“ß√–¡—¥√–«—ß·≈–ª√–¡“≥

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§≥–°√√¡°“√∫√‘…—∑‰¥â¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√µ√«® Õ∫‡ªìπ

ºŸâ√—∫º‘¥™Õ∫‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–§«“¡‡À¡“– ¡

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°“√∑”ß“π¢Õß§≥–°√√¡°“√™ÿ¥π’Èª√“°Ø„π√“¬ß“π´÷Ëß· ¥ß‰«â„π√“¬ß“π

ª√–®”ªï·≈â«

®“°√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈·≈–¥â«¬§«“¡√à«¡¡◊Õ

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¿“¬„π·≈–√–∫∫ß“π∑’Ë‡ªìπÕ¬Ÿà„Àâ§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈∂÷ß§«“¡

πà“‡™◊ËÕ∂◊Õ‰¥â¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–°“√√—°…“ ‘π∑√—æ¬å¢Õß∫√‘…—∑

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551

(π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å)

ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

Miss Sudarath VitayatanagornChief Executive Officer

√“¬ß“π®“°ΩÉ“¬®—¥°“√The Managementûs Repot

The management is responsible for the financial statements and

financial reporting contained in this annual report. The financial

statements were prepared in accordance with generally accepted

accounting principles and include careful judgments and best estimates

of management. Management is also responsible for establishing and

maintaining effective internal control for financial reporting and

safeguarding of assets.

The Board pursues its responsibility for quality of the companyûs

financial and the adequacy of the internal control environments primarily

through its Audit Committee, which is composed, of non-executive

directors. The working of the committee is outlined in its report

herewith included in this annual report.

With the effective system of internal control and with cooperation

from all concerned management believes its internal control

environments and work systems provide reasonable assurance as to

the integrity and reliability of financial reporting and safeguarding of

assets as of December 31, 2008.



ß∫¥ÿ≈

Balance Sheets

52

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Statements of changes

in shareholdersû equity

60

ß∫°√–· ‡ß‘π ¥ 66Cash flow statements

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ 70Notes to consolidated financial statements

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑ 106General Information

√“¬ß“πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

Report Of

Independent Auditor

50

ß∫°”‰√¢“¥∑ÿπ

Income statements

58


50

√“¬ß“πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µReport Of Independent Auditor

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥

°√ÿß‡∑æœ: 24 °ÿ¡¿“æ—π∏å 2552

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¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ß∫°”‰√

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∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√

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πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 ·≈– ”À√—∫

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¢ÕßºŸâ Õ∫∫—≠™’Õ◊Ëπµ“¡√“¬ß“π≈ß«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2551

¢â“æ‡®â“¡‘‰¥âµ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈

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‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ß∫°“√‡ß‘π¢Õß∫√‘…—∑

¬àÕ¬¥—ß°≈à“«· ¥ß¬Õ¥ ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ®”π«π

1,021 ≈â“π∫“∑ (2550: 1,949 ≈â“π∫“∑) ¬Õ¥√“¬‰¥â ”À√—∫ªï ‘Èπ ÿ¥

«—π∑’Ë 31 ∏—π«“§¡ 2551 ®”π«π 2,711 ≈â“π∫“∑ (2550: 2,711 ≈â“π

∫“∑) ·≈–¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π®”π«π 75 ≈â“π∫“∑

(2550: °”‰√ ÿ∑∏‘®”π«π 205 ≈â“π∫“∑) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß

»ÿ¿™—¬ ªí≠≠“«—≤‚π

ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 3930

°≈à“«µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ ‚¥¬¢â“æ‡®â“‰¥â√—∫√“¬ß“π°“√µ√«®

Õ∫¢ÕßºŸâ Õ∫∫—≠™’∑à“ππ—Èπ ·≈–§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“„π à«π∑’Ë‡°’Ë¬«¢âÕß

°—∫®”π«π‡ß‘π¢Õß√“¬°“√µà“ßÊ¢Õß∫√‘…—∑ ‰™πà“ ‰∑¬‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å

(ÕŸàŒ—Ëπ) ®”°—¥ ÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡‰¥â∂◊Õµ“¡√“¬ß“π¢ÕßºŸâ Õ∫

∫—≠™’Õ◊Ëππ—Èπ

¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë

√—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ‰¥â

§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π

‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°

∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π

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µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ

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√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’Õ◊Ëπ∑’Ë°≈à“«∂÷ß„π«√√§∑’Ë Õß„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±å

Õ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“

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‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551

º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑

πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…—∑ πÈ”¡—π

æ◊™‰∑¬ ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°

°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª



To the Shareholders of Thai Vegetable Oil Public Company Limited

I have audited the accompanying consolidated balance sheet of

Thai Vegetable Oil Public Company Limited and its subsidiaries as at

31 December 2008, the related consolidated statements of income,

changes in shareholdersû equity and cash flows for the year then ended,

and the separate financial statements of Thai Vegetable Oil Public

Company Limited for the same period. These financial statements

are the responsibility of the management of the Company and its

subsidiaries as to their correctness and the completeness of the

presentation. My responsibility is to express an opinion on these

financial statements based on my audit. The consolidated financial

statements of Thai Vegetable Oil Public Company Limited and its

subsidiaries and the separate financial statements of Thai Vegetable

Oil Public Company Limited as at 31 December 2007 and for the year

then ended, as presented herein for comparative purposes, were

audited by another auditor in our office, who expressed an unqualified

opinion on those statements, based on her audit and the report of

other auditors, under the report dated 25 February 2008.

I did not audit the financial statements of China-Thai Vegetable

Oil (Wuhan) Company Limited, an overseas subsidiary company, which

are included in the consolidated financial statements for the year ended

31 December 2008. This subsidiaryûs financial statements show total

assets as at 31 December 2008 of Baht 1,021 Million (2007: Baht

1,949 million), total revenues for the year ended 31 December 2008

of Baht 2,711 million (2007: Baht 2,711 million) and net loss for

the year then ended of Baht 75 million (2007: net income of Baht

205 million). The financial statements of the subsidiary were audited

by other auditors, whose report have been furnished to me, and my

opinion, insofar as it relates to the amounts of the various transactions

of China-Thai Vegetable Oil (Wuhan) Company Limited included in the

consolidated financial statements, is based solely on that auditorûs

report.

I conducted my audit in accordance with generally accepted

auditing standards. Those standards require that I plan and perform

the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the amounts and

disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significant estimates

made by management, as well as evaluating the overall financial

statement presentation. I believe that my audit and the report of other

auditors referred to in the second paragraph provide a reasonable

basis for my opinion.

In my opinion, based on my audit and the report of other auditors,

the financial statements referred to above present fairly, in all material

respects, the financial position of Thai Vegetable Oil Public Company

Limited and its subsidiaries and of Thai Vegetable Oil Public Company

Limited as at 31 December 2008, the results of their operations and

cash flows for the year then ended, in accordance with generally

accepted accounting principles.

Ernst & Young Office Limited

Bangkok: 24 February 2009

Supachai PhanyawattanoCertified Public Accountant (Thailand) No. 3930


52

ß∫¥ÿ≈Balance Sheets

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À¡“¬‡Àµÿ

‘π∑√—æ¬å

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ 358,434,151 444,296,464 51,001,406 100,093,110

≈Ÿ°Àπ’È°“√§â“

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 5,6 9,321,073 18,794,600 6,744,210 13,988,067

°‘®°“√∑’Ë‰¡à‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ 6 910,410,825 1,361,737,185 891,238,417 1,291,532,908

√«¡≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 919,731,898 1,380,531,785 897,982,627 1,305,520,975

≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 5 - - 3,902 -

‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ 7 3,873,758,339 3,549,285,324 3,709,779,064 2,425,064,856

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ

¿“…’¡Ÿ≈§à“‡æ‘Ë¡√Õ‡√’¬°§◊π 6,686,686 61,269,312 - -

‡ß‘π∑¥√Õß®à“¬‡æ◊ËÕ ◊ÈÕ ‘π§â“ 72,835,853 2,346,667 - -

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈®à“¬≈à«ßÀπâ“ 59,203,232 - - -

Õ◊Ëπ Ê 19,451,307 33,811,463 8,445,806 8,151,616

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 158,177,078 97,427,442 8,445,806 8,151,616

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π 5,310,101,466 5,471,541,015 4,667,212,805 3,838,830,557

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 8 - - 151,239,999 151,239,999

‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ 9 57,729,002 52,949,823 57,729,002 52,949,823

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 10 2,231,275,688 1,874,615,458 1,622,213,961 1,329,583,056

‘∑∏‘°“√‡™à“∑’Ë¥‘π - ÿ∑∏‘ 11 20,332,704 18,994,465 - -

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 4,792,654 6,638,955 4,783,754 6,630,055

√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π 2,314,130,048 1,953,198,701 1,835,966,716 1,540,402,933

√«¡ ‘π∑√—æ¬å 7,624,231,514 7,424,739,716 6,503,179,521 5,379,233,490

2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

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

Àπà«¬ : ∫“∑



∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

Thai Vegetable Oil Public Company Limited and its subsidiaries As at 31 December 2008 and 2007

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2008 20072008 2007Note

Assets

Current assets

Cash and cash equivalents 358,434,151 444,296,464 51,001,406 100,093,110

Trade accounts receivable

Related parties 5,6 9,321,073 18,794,600 6,744,210 13,988,067

Unrelated parties - net 6 910,410,825 1,361,737,185 891,238,417 1,291,532,908

Total trade accounts receivable - net 919,731,898 1,380,531,785 897,982,627 1,305,520,975

Amounts due from related party 5 - - 3,902 -

Inventories - net 7 3,873,758,339 3,549,285,324 3,709,779,064 2,425,064,856

Other current assets

Value added tax refundable 6,686,686 61,269,312 - -

Advance for purchase of goods 72,835,853 2,346,667 - -

Corporate income tax paid in advance 59,203,232 - - -

Others 19,451,307 33,811,463 8,445,806 8,151,616

Total other current assets 158,177,078 97,427,442 8,445,806 8,151,616

Total current assets 5,310,101,466 5,471,541,015 4,667,212,805 3,838,830,557

Non-current assets

Investments in subsidiaries 8 - - 151,239,999 151,239,999

Other long-term investments - net 9 57,729,002 52,949,823 57,729,002 52,949,823

Property, plant and equipment - net 10 2,231,275,688 1,874,615,458 1,622,213,961 1,329,583,056

Leasehold land - net 11 20,332,704 18,994,465 - -

Other non-current assets 4,792,654 6,638,955 4,783,754 6,630,055

Total non-current assets 2,314,130,048 1,953,198,701 1,835,966,716 1,540,402,933

Total assets 7,624,231,514 7,424,739,716 6,503,179,521 5,379,233,490

The accompanying notes are an integral part of the financial statements.

Unit : Baht

CONSOLIDATED FINANCIAL STATEMENTS SEPARATE FINANCIAL STATEMENTS


54

ß∫¥ÿ≈ (µàÕ)Balance Sheets (continued)

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Àπà«¬ : ∫“∑

À¡“¬‡Àµÿ

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

Àπ’È ‘πÀ¡ÿπ‡«’¬π

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π 12 3,632,977,000 2,358,309,469 3,284,000,000 1,688,000,000

‡®â“Àπ’È∑√— µå√’´’∑ 228,035,600 417,959,353 228,035,600 -

‡®â“Àπ’È°“√§â“

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 5 - 60,198 29,979,044 37,434,640

°‘®°“√∑’Ë‰¡à‡°’Ë¬«¢âÕß°—π 100,090,546 125,884,148 53,668,825 62,509,976

√«¡‡®â“Àπ’È°“√§â“ 100,090,546 125,944,346 83,647,869 99,944,616

à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï 13 68,210,000 30,060,000 - -

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈§â“ß®à“¬ 103,896,197 325,246,249 96,655,194 315,239,888

§à“„™â®à“¬§â“ß®à“¬ 152,422,410 149,910,839 144,117,358 135,256,528

‡ß‘πªíπº≈§â“ß®à“¬ 4,339,898 3,263,970 4,339,898 3,263,970

‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ 149,452,321 256,333,233 13,529,247 10,011,108

ª√–¡“≥°“√Àπ’È ‘π 14 9,725,389 - 9,725,389 -

Õ◊Ëπ Ê 50,236,960 53,608,972 42,222,343 49,998,264

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 470,073,175 788,363,263 310,589,429 513,769,758

√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 4,499,386,321 3,720,636,431 3,906,272,898 2,301,714,374

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√–

¿“¬„πÀπ÷Ëßªï 13 10,660,000 35,540,000 - -

”√Õß‡º◊ËÕ‡ß‘π™¥‡™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π 28,898,651 28,898,651 28,898,651 28,898,651

√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 39,558,651 64,438,651 28,898,651 28,898,651

√«¡Àπ’È ‘π 4,538,944,972 3,785,075,082 3,935,171,549 2,330,613,025

2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√




∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550


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Unit : Baht

Note 2008 20072008 2007


Liabilities and shareholdersû equity

Current liabilities

Short-term loans from financial institutions 12 3,632,977,000 2,358,309,469 3,284,000,000 1,688,000,000

Trust receipts 228,035,600 417,959,353 228,035,600 -

Trade accounts payable

Related parties 5 - 60,198 29,979,044 37,434,640

Unrelated parties 100,090,546 125,884,148 53,668,825 62,509,976

Total trade accounts payable 100,090,546 125,944,346 83,647,869 99,944,616

Current portion of long-term loans 13 68,210,000 30,060,000 - -

Other current liabilities

Corporate income tax payable 103,896,197 325,246,249 96,655,194 315,239,888

Accrued expenses 152,422,410 149,910,839 144,117,358 135,256,528

Dividend payable 4,339,898 3,263,970 4,339,898 3,263,970

Advances received from customers 149,452,321 256,333,233 13,529,247 10,011,108

Provisions 14 9,725,389 - 9,725,389 -

Others 50,236,960 53,608,972 42,222,343 49,998,264

Total other current liabilities 470,073,175 788,363,263 310,589,429 513,769,758

Total current liabilities 4,499,386,321 3,720,636,431 3,906,272,898 2,301,714,374

Non-current liabilities

Long-term loans, net of current portion 13 10,660,000 35,540,000 - -

Provision for employee compensation

and pension expenses 28,898,651 28,898,651 28,898,651 28,898,651

Total non-current liabilities 39,558,651 64,438,651 28,898,651 28,898,651

Total liabilities 4,538,944,972 3,785,075,082 3,935,171,549 2,330,613,025



56

ß∫¥ÿ≈ (µàÕ)Balance Sheets (continued)

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À¡“¬‡Àµÿ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

∑ÿπ‡√◊ÕπÀÿâπ

∑ÿπ®¥∑–‡∫’¬π

Àÿâπ “¡—≠ 809,411,243 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑

(2550: Àÿâπ “¡—≠ 624,516,293 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) 15 809,411,243 624,516,293 809,411,243 624,516,293

∑ÿπ∑’ËÕÕ°®”Àπà“¬·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

Àÿâπ “¡—≠ 624,509,369 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ 624,509,369 624,509,369 624,509,369 624,509,369

à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 644,371,669 644,371,669 644,371,669 644,371,669

º≈°”‰√∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß

à«π‡°‘π∑ÿπ®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ

„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 9 52,160 5,272,981 52,160 5,272,981

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π 78,574,535 42,646,444 - -

°”‰√ – ¡

®—¥ √√·≈â« - ”√Õßµ“¡°ÆÀ¡“¬ 16 85,941,124 67,451,629 80,941,124 62,451,629

¬—ß‰¡à‰¥â®—¥ √√ 1,381,798,727 1,962,123,665 1,218,133,650 1,712,014,817

à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 2,815,247,584 3,346,375,757 2,568,007,972 3,048,620,465

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 270,038,958 293,288,877 - -

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ 3,085,286,542 3,639,664,634 2,568,007,972 3,048,620,465

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 7,624,231,514 7,424,739,716 6,503,179,521 5,379,233,490

2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

Àπà«¬ : ∫“∑




∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550


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Note

Shareholdersû equity

Share capital

Registered

809,411,243 ordinary shares of Baht 1 each

(2007: 624,516,293 ordinary shares of

Baht 1 each) 15 809,411,243 624,516,293 809,411,243 624,516,293

Issued and fully paid up

624,509,369 ordinary shares of Baht 1 each 624,509,369 624,509,369 624,509,369 624,509,369

Share premium 644,371,669 644,371,669 644,371,669 644,371,669

Unrealised gain

Revaluation surplus on changes in value of

investments in securities available for sales 9 52,160 5,272,981 52,160 5,272,981

Translation adjustment 78,574,535 42,646,444 - -

Retained earnings

Appropriated-statutory reserve 16 85,941,124 67,451,629 80,941,124 62,451,629

Unappropriated 1,381,798,727 1,962,123,665 1,218,133,650 1,712,014,817

Equity attributable tothe Companyûs shareholders 2,815,247,584 3,346,375,757 2,568,007,972 3,048,620,465

Minority interest - equity attributable to minority

shareholders of subsidiaries 270,038,958 293,288,877 - -

Total shareholdersû equity 3,085,286,542 3,639,664,634 2,568,007,972 3,048,620,465

Total liabilities and shareholdersû equity 7,624,231,514 7,424,739,716 6,503,179,521 5,379,233,490

2008 20072008 2007

Unit : Baht

CONSOLIDATED FINANCIAL STATEMENT SEPARATE FINANCIAL STATEMENT



58

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ß∫°”‰√¢“¥∑ÿπIncome statements

À¡“¬‡Àµÿ 2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√


Àπà«¬ : ∫“∑

√“¬‰¥â

√“¬‰¥â®“°°“√¢“¬ 19 23,574,869,788 18,229,503,896 20,933,051,840 15,523,724,132

√“¬‰¥âÕ◊Ëπ

√“¬‰¥â®“°°“√¢“¬«— ¥ÿÀ’∫ÀàÕ 190,479,146 188,435,637 - -

°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π 63,957,693 7,618,417 22,120,409 -

¥Õ°‡∫’È¬√—∫ 5,564,022 4,800,216 1,193,634 4,739,044

‡ß‘πªíπº≈√—∫ 18,676,666 2,754,166 72,109,465 27,844,906

Õ◊ËπÊ 52,907,386 30,694,772 31,614,012 28,681,365

√«¡√“¬‰¥âÕ◊Ëπ 331,584,913 234,303,208 127,037,520 61,265,315

√«¡√“¬‰¥â 23,906,454,701 18,463,807,104 21,060,089,360 15,584,989,447

§à“„™â®à“¬

µâπ∑ÿπ¢“¬ 21,283,695,329 15,920,695,686 18,515,209,627 13,414,169,086

§à“„™â®à“¬„π°“√¢“¬ 317,452,847 364,452,815 292,635,662 330,797,058

§à“„™â®à“¬„π°“√∫√‘À“√ 178,390,526 209,944,327 125,296,004 170,688,643

§à“„™â®à“¬Õ◊Ëπ

¢“¥∑ÿπ®“°°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ 641,335,525 - 608,835,529 -

¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π - - - 27,175,130

Õ◊ËπÊ 1,667,901 5,942,504 - 1,298,362

√«¡§à“„™â®à“¬ 22,422,542,128 16,501,035,332 19,541,976,822 13,944,128,279

°”‰√°àÕπ§à“„™â®à“¬∑“ß°“√‡ß‘π

·≈–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 1,483,912,573 1,962,771,772 1,518,112,538 1,640,861,168

§à“„™â®à“¬∑“ß°“√‡ß‘π (136,034,407) (126,778,831) (94,336,624) (71,954,053)

°”‰√°àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 1,347,878,166 1,835,992,941 1,423,775,914 1,568,907,115

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ 18 (603,606,703) (484,721,822) (587,697,911) (438,051,068)

°”‰√ ÿ∑∏‘ ”À√—∫ªï 744,271,463 1,351,271,119 836,078,003 1,130,856,047

°“√·∫àßªíπ°”‰√ (¢“¥∑ÿπ) ÿ∑∏‘

à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à 749,634,232 1,256,390,757 836,078,003 1,130,856,047

à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ (5,362,769) 94,880,362

744,271,463 1,351,271,119

°”‰√µàÕÀÿâπ 20

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π

°”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à 1.20 2.01 1.34 1.81



∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007


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Note 2008 20072008 2007

Unit : Baht


Revenues

Sales 19 23,574,869,788 18,229,503,896 20,933,051,840 15,523,724,132

Other income

Sales of packing material 190,479,146 188,435,637 - -

Gains on exchange 63,957,693 7,618,417 22,120,409 -

Interest income 5,564,022 4,800,216 1,193,634 4,739,044

Dividend income 18,676,666 2,754,166 72,109,465 27,844,906

Others 52,907,386 30,694,772 31,614,012 28,681,365

Total other income 331,584,913 234,303,208 127,037,520 61,265,315

Total revenues 23,906,454,701 18,463,807,104 21,060,089,360 15,584,989,447

Expenses

Cost of sales 21,283,695,329 15,920,695,686 18,515,209,627 13,414,169,086

Selling expenses 317,452,847 364,452,815 292,635,662 330,797,058

Administrative expenses 178,390,526 209,944,327 125,296,004 170,688,643

Other expenses

Loss on diminution in value of inventories 641,335,525 - 608,835,529 -

Losses on exchange - - - 27,175,130

Other 1,667,901 5,942,504 - 1,298,362

Total expenses 22,422,542,128 16,501,035,332 19,541,976,822 13,944,128,279

Income before finance cost and

corporate income tax 1,483,912,573 1,962,771,772 1,518,112,538 1,640,861,168

Finance cost (136,034,407) (126,778,831) (94,336,624) (71,954,053)

Income before corporate income tax 1,347,878,166 1,835,992,941 1,423,775,914 1,568,907,115

Corporate income tax 18 (603,606,703) (484,721,822) (587,697,911) (438,051,068)

Net income for the year 744,271,463 1,351,271,119 836,078,003 1,130,856,047

Net income (loss) attributable to:

Equity holders of the parent 749,634,232 1,256,390,757 836,078,003 1,130,856,047

Minority interests of the subsidiaries (5,362,769) 94,880,362

744,271,463 1,351,271,119

Earnings per share 20

Basic earnings per share

Net income attributable to equity holders of the parent 1.20 2.01 1.34 1.81

√“¬

ß“πª√–®

”ªï 2

551 I A

nnual R

eport 2

008

60

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

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Àπà«¬ : ∫“∑

®—¥ √√·≈â«

ß∫°“√‡ß‘π√«¡


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

¬—ß‰¡à‰¥â®—¥ √√ √«¡

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 499,613,033 644,371,669 46,123,873 55,052,096 1,317,647,830 6,048,842 2,568,857,343 222,252,914 2,791,110,257

√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ:

º≈¢“¥∑ÿπ∑’Ë√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ®“°°“√

‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ - - - - - (775,861) (775,861) - (775,861)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π - - (3,477,429) - - - (3,477,429) (1,872,462) (5,349,891)

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 499,613,033 644,371,669 42,646,444 55,052,096 1,317,647,830 5,272,981 2,564,604,053 220,380,452 2,784,984,505

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - - 1,256,390,757 - 1,256,390,757 94,880,362 1,351,271,119

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï 499,613,033 644,371,669 42,646,444 55,052,096 2,574,038,587 5,272,981 3,820,994,810 315,260,814 4,136,255,624

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23)

‡ß‘π ¥ªíπº≈ - - - - (474,619,053) - (474,619,053) - (474,619,053)

Àÿâπªíπº≈ 124,896,336 - - - (124,896,336) - - - -

‚Õπ°”‰√ – ¡∑’Ë¬—ß‰¡à‰¥â®—¥ √√‡ªìπ

”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16) - - - 12,399,533 (12,399,533) - - - -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß - - - - - - - (21,971,937) (21,971,937)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 624,509,369 644,371,669 42,646,444 67,451,629 1,962,123,665 5,272,981 3,346,375,757 293,288,877 3,639,664,634

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ°

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à«π‡°‘π∑ÿπ®“°°“√

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Unit : Baht

CONSOLIDATED FINANCIAL STATEMENTS


Total

Balance as at 31 December 2006 499,613,033 644,371,669 46,123,873 55,052,096 1,317,647,830 6,048,842 2,568,857,343 222,252,914 2,791,110,257

Income and expenses recognised directly in equity:

Loss recognised in shareholdersû equity

on the changes in value of investments

in securities available for sales - - - - - (775,861) (775,861) - (775,861)

Translation adjustment - - (3,477,429) - - - (3,477,429) (1,872,462) (5,349,891)

Net income and expenses recognised directly in equity 499,613,033 644,371,669 42,646,444 55,052,096 1,317,647,830 5,272,981 2,564,604,053 220,380,452 2,784,984,505

Net income for the year - - - - 1,256,390,757 - 1,256,390,757 94,880,362 1,351,271,119

Total income and expenses for the year 499,613,033 644,371,669 42,646,444 55,052,096 2,574,038,587 5,272,981 3,820,994,810 315,260,814 4,136,255,624

Dividend paid (Note 23)

Cash dividend - - - - (474,619,053) - (474,619,053) - (474,619,053)

Stock dividend 124,896,336 - - - (124,896,336) - - - -

Unappropriated retained earnings

transferred to statutory reserve (Note 16) - - - 12,399,533 (12,399,533) - - - -


shareholders of subsidiaries - - - - - - - (21,971,937) (21,971,937)


Issued and

fully paid-up

share capital

Share

premium

Translation

adjustment

Revaluation surplus

on changes in value

of investments

in securities

available for sale

Total equity

attributable to

the parentûs

shareholders

Minority interest -

equity attributable

to minority

shareholders

of subsidiaries

Equity attributable to the parentûs shareholders

Appropriated Unappropriated

Retained earnings

Statements of changesin shareholdersû equity

Thai Vegetable Oil Public Company Limited and its subsidiaries

For the years ended 31 December 2008 and 2007

√“¬

ß“πª√–®

”ªï 2

551 I A

nnual R

eport 2

008

62

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¬—ß‰¡à‰¥â®—¥ √√ √«¡

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 624,509,369 644,371,669 42,646,444 67,451,629 1,962,123,665 5,272,981 3,346,375,757 293,288,877 3,639,664,634



‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ - - - - - (5,220,821) (5,220,821) - (5,220,821)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π - - 35,928,091 - - - 35,928,091 19,345,896 55,273,987

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 624,509,369 644,371,669 78,574,535 67,451,629 1,962,123,665 52,160 3,377,083,027 312,634,773 3,689,717,800

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - - 749,634,232 - 749,634,232 (5,362,769) 744,271,463

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï 624,509,369 644,371,669 78,574,535 67,451,629 2,711,757,897 52,160 4,126,717,259 307,272,004 4,433,989,263

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23) - - - - (1,311,469,675) - (1,311,469,675) - (1,311,469,675)

‚Õπ°”‰√ – ¡∑’Ë¬—ß‰¡à‰¥â®—¥ √√‡ªìπ

”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16) - - - 18,489,495 (18,489,495) - - - -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß - - - - - - - (37,233,046) (37,233,046)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 624,509,369 644,371,669 78,574,535 85,941,124 1,381,798,727 52,160 2,815,247,584 270,038,958 3,085,286,542


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Unit : Baht

CONSOLIDATED FINANCIAL STATEMENTS


Total

Issued and

fully paid-up

share capital

Share

premium

Translation

adjustment

Revaluation surplus

on changes in value

of investments

in securities

available for sale

Total equity

attributable to

the parentûs

shareholders

Minority interest -

equity attributable

to minority

shareholders

of subsidiaries

Equity attributable to the parentûs shareholders

Appropriated Unappropriated

Retained earnings



Loss recognised in shareholdersû equity on the changes

in value of investments in securities available for sales - - - - - (5,220,821) (5,220,821) - (5,220,821)

Translation adjustment - - 35,928,091 - - - 35,928,091 19,345,896 55,273,987

Net income and expenses recognised directly in equity 624,509,369 644,371,669 78,574,535 67,451,629 1,962,123,665 52,160 3,377,083,027 312,634,773 3,689,717,800

Net income for the year - - - - 749,634,232 - 749,634,232 (5,362,769) 744,271,463

Total income and expenses for the year 624,509,369 644,371,669 78,574,535 67,451,629 2,711,757,897 52,160 4,126,717,259 307,272,004 4,433,989,263

Dividend paid (Note 23) - - - - (1,311,469,675) - (1,311,469,675) - (1,311,469,675)


transferred to statutory reserve (Note 16) - - - 18,489,495 (18,489,495) - - - -


shareholders of subsidiaries - - - - - - - (37,233,046) (37,233,046)

Balance as at 31 December 2008 624,509,369 644,371,669 78,574,535 85,941,124 1,381,798,727 52,160 2,815,247,584 270,038,958 3,085,286,542

Statements of changesin shareholdersû equity (continued)



√“¬

ß“πª√–®

”ªï 2

551 I A

nnual R

eport 2

008

64

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Àπà«¬ : ∫“∑


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550

ß∫°“√‡ß‘π‡©æ“–°‘®°“√


·≈–™”√–·≈â«

à«π‡°‘π


à«π‡°‘π∑ÿπ®“°°“√



À≈—°∑√—æ¬å‡º◊ËÕ¢“¬ √«¡®—¥ √√·≈â« ¬—ß‰¡à‰¥â®—¥ √√

°”‰√ – ¡

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2549 499,613,033 644,371,669 50,052,096 1,193,073,692 6,048,842 2,393,159,332



‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ - - - - (775,861) (775,861)

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 499,613,033 644,371,669 50,052,096 1,193,073,692 5,272,981 2,392,383,471

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 1,130,856,047 - 1,130,856,047

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï 499,613,033 644,371,669 50,052,096 2,323,929,739 5,272,981 3,523,239,518

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23)

‡ß‘π ¥ªíπº≈ - - - (474,619,053) - (474,619,053)

Àÿâπªíπº≈ 124,896,336 - - (124,896,336) - -

‚Õπ°”‰√ – ¡∑’Ë¬—ß‰¡à‰¥â®—¥ √√‡ªìπ

”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16) - - 12,399,533 (12,399,533) - -

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2550 624,509,369 644,371,669 62,451,629 1,712,014,817 5,272,981 3,048,620,465

√“¬‰¥â∑’Ë (§à“„™â®à“¬) √—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ:


‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ - - - - (5,220,821) (5,220,821)

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 624,509,369 644,371,669 62,451,629 1,712,014,817 52,160 3,043,399,644

°”‰√ ÿ∑∏‘ ”À√—∫ªï - - - 836,078,003 - 836,078,003

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï 624,509,369 644,371,669 62,451,629 2,548,092,820 52,160 3,879,477,647

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23) - - - (1,311,469,675) - (1,311,469,675)

‚Õπ°”‰√ – ¡∑’Ë¬—ß‰¡à‰¥â®—¥ √√‡ªìπ

”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16) - - 18,489,495 (18,489,495) - -

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 624,509,369 644,371,669 80,941,124 1,218,133,650 52,160 2,568,007,972

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)

∫√‘…—∑ π

È”¡—πæ◊™‰∑

¬ ®

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Expanded to

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SEPARATE FINANCIAL STATEMENTS

Issued and

fully paid-up

share capital

Share

premium

Revaluation surplus

on changes in value

of investments

in securities

available for sale TotalAppropriated Unappropriated

Retained earnings

Balance as at 31 December 2006 499,613,033 644,371,669 50,052,096 1,193,073,692 6,048,842 2,393,159,332



in value of investments in securities available for sales - - - - (775,861) (775,861)

Net income and expenses recognised directly in equity 499,613,033 644,371,669 50,052,096 1,193,073,692 5,272,981 2,392,383,471

Net income for the year - - - 1,130,856,047 - 1,130,856,047

Total income and expenses for the year 499,613,033 644,371,669 50,052,096 2,323,929,739 5,272,981 3,523,239,518

Dividend paid (Note 23)

Cash dividend - - - (474,619,053) - (474,619,053)

Stock dividend 124,896,336 - - (124,896,336) - -


transferred to statutory reserve (Note 16) - - 12,399,533 (12,399,533) - -

Balance as at 31 December 2007 624,509,369 644,371,669 62,451,629 1,712,014,817 5,272,981 3,048,620,465



in value of investments in securities available for sales - - - - (5,220,821) (5,220,821)

Net income and expenses recognised directly in equity 624,509,369 644,371,669 62,451,629 1,712,014,817 52,160 3,043,399,644

Net income for the year - - - 836,078,003 - 836,078,003

Total income and expenses for the year 624,509,369 644,371,669 62,451,629 2,548,092,820 52,160 3,879,477,647

Dividend paid (Note 23) - - - (1,311,469,675) - (1,311,469,675)


transferred to statutory reserve (Note 16) - - 18,489,495 (18,489,495) - -

Balance as at 31 December 2008 624,509,369 644,371,669 80,941,124 1,218,133,650 52,160 2,568,007,972

Unit : Baht


Statements of changesin shareholdersû equity (continued)




66

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ß∫°√–· ‡ß‘π ¥Cash flow statements

2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√


Àπà«¬ : ∫“∑

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π

°”‰√ ÿ∑∏‘°àÕπ¿“…’ 1,347,878,166 1,835,992,941 1,423,775,914 1,568,907,115

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

®“°°‘®°√√¡¥”‡π‘πß“π

‡ß‘πªíπº≈√—∫ (18,676,666) (2,754,166) (72,109,465) (27,844,906)

(°”‰√) ¢“¥∑ÿπ®“°°“√®”Àπà“¬‡§√◊ËÕß®—°√·≈–Õÿª°√≥å (6,649,206) 1,341,361 (6,075,115) 1,298,362

°”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å

‡æ◊ËÕ§â“·≈–‡º◊ËÕ¢“¬ (110,241) (7,575,600) (110,241) (7,575,600)

§à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ 220,849,875 241,275,209 162,763,262 177,809,973

§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å - 4,217,268 - -

°≈—∫√“¬°“√§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (772,230) - - -

Àπ’È ß —¬®– Ÿ≠ 1,631,876 245,388 391,483 245,388

°≈—∫√“¬°“√§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (21,602,787) (22,895,838) (21,602,787) (22,294,622)

°≈—∫√“¬°“√§à“‡º◊ËÕ«— ¥ÿ‡ ◊ËÕ¡ ¿“æ - (993,148) - (993,148)

§à“‡º◊ËÕ°“√≈¥≈ß¢Õß¡Ÿ≈§à“¢Õß ‘π§â“§ß‡À≈◊Õ 641,335,525 - 608,835,529 -

”√Õß‡º◊ËÕ‡ß‘π™¥‡™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π - 18,367,257 - 18,367,257

ª√–¡“≥°“√Àπ’È ‘π (°≈—∫√“¬°“√ª√–¡“≥°“√Àπ’È ‘π) 9,725,389 (123,903,625) 9,725,389 (123,903,625)

§à“„™â®à“¬¥Õ°‡∫’È¬ 131,343,525 121,675,706 90,139,700 67,072,202

°”‰√®“°°“√¥”‡π‘πß“π°àÕπ°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å

·≈–Àπ’È ‘π¥”‡π‘πß“π 2,304,953,226 2,064,992,753 2,195,733,669 1,651,088,396

‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß

≈Ÿ°Àπ’È°“√§â“ 480,770,799 (473,658,675) 428,749,653 (479,279,461)

≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - - (3,902) 1,290,964

‘π§â“§ß‡À≈◊Õ (965,808,540) (340,413,538) (1,893,549,737) 317,422,437

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ (60,747,577) (25,929,879) (292,131) 1,478,509

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 1,846,301 (5,619,029) 1,846,301 (5,613,629)

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)

‡®â“Àπ’È°“√§â“ (25,853,800) 1,182,972 (16,296,747) 170,199

Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ (51,166,002) 265,196,781 1,308,753 56,652,235

‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π 1,683,994,407 1,485,751,385 717,495,859 1,543,209,650

®à“¬¥Õ°‡∫’È¬ (131,233,199) (130,565,368) (86,803,659) (78,915,790)

®à“¬¿“…’‡ß‘π‰¥â (881,642,432) (322,475,249) (806,324,352) (296,563,668)

‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π 671,118,776 1,032,710,768 (175,632,152) 1,167,730,192




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2008 20072008 2007



Unit : Baht

Cash flows from operating activities

Net income before tax 1,347,878,166 1,835,992,941 1,423,775,914 1,568,907,115

Adjustments to reconcile net income before tax to

net cash provided by (paid from) operating activities:

Dividend received (18,676,666) (2,754,166) (72,109,465) (27,844,906)

(Gain) loss on sales of machinery and equipment (6,649,206) 1,341,361 (6,075,115) 1,298,362

Gain on sales of trading and available-for-sale

securities (110,241) (7,575,600) (110,241) (7,575,600)

Depreciation and amortisation 220,849,875 241,275,209 162,763,262 177,809,973

Allowance for impairment loss on assets - 4,217,268 - -

Reversal of allowance for impairment loss on assets (772,230) - - -

Allowance for doubtful accounts 1,631,876 245,388 391,483 245,388

Reversal of allowance for doubtful accounts (21,602,787) (22,895,838) (21,602,787) (22,294,622)

Reversal of allowance for stock obsolescence - (993,148) - (993,148)

Allowance for diminution in value of inventories 641,335,525 - 608,835,529 -

Provision for employee compensation and pension expenses - 18,367,257 - 18,367,257

Accrual of provisions (reversal of provisions) 9,725,389 (123,903,625) 9,725,389 (123,903,625)é

Interest expenses 131,343,525 121,675,706 90,139,700 67,072,202

Income from operating activities before changes

in operating assets and liabilities 2,304,953,226 2,064,992,753 2,195,733,669 1,651,088,396

Operating assets (increase) decrease

Trade accounts receivable 480,770,799 (473,658,675) 428,749,653 (479,279,461)

Amounts due from related party - - (3,902) 1,290,964

Inventories (965,808,540) (340,413,538) (1,893,549,737) 317,422,437

Other current assets (60,747,577) (25,929,879) (292,131) 1,478,509

Other non-current assets 1,846,301 (5,619,029) 1,846,301 (5,613,629)

Operating liabilities increase (decrease)

Trade accounts payable (25,853,800) 1,182,972 (16,296,747) 170,199

Other current liabilities (51,166,002) 265,196,781 1,308,753 56,652,235

Cash flows from operating activities 1,683,994,407 1,485,751,385 717,495,859 1,543,209,650

Cash paid for interest expenses (131,233,199) (130,565,368) (86,803,659) (78,915,790)

Cash paid for corporate income tax (881,642,432) (322,475,249) (806,324,352) (296,563,668)

Net cash flows from (used in) operating activities 671,118,776 1,032,710,768 (175,632,152) 1,167,730,192


68

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2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

ß∫°√–· ‡ß‘π ¥ (µàÕ)Cash flow statements (continued)


°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ

‡ß‘π ¥®à“¬‡æ◊ËÕ≈ß∑ÿπ„π‡ß‘π≈ß∑ÿπ∑—Ë«‰ª (10,000,000) - (10,000,000) -

‡ß‘π ¥®à“¬‡æ◊ËÕ≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“·≈–‡º◊ËÕ¢“¬ (221,000,000) (1,343,585) (221,000,000) (1,343,585)

‡ß‘π ¥√—∫®“°°“√®”Àπà“¬À≈—°∑√—æ¬å‡æ◊ËÕ§â“·≈–‡º◊ËÕ¢“¬ 221,108,182 16,330,000 221,108,182 16,330,000

‡ß‘πªíπº≈√—∫ 18,676,666 2,754,166 72,109,465 27,844,906

´◊ÈÕ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å (540,250,980) (175,948,766) (457,662,856) (94,180,717)

‡ß‘π ¥√—∫®“°°“√®”Àπà“¬‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 8,917,898 5,109,875 8,343,804 4,320,256

‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ (522,548,234) (153,098,310) (387,101,405) (47,029,140)

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 1,274,667,531 (1,006,788,301) 1,596,000,000 (1,132,000,000)

‡®â“Àπ’È∑√— µå√’´’∑‡æ‘Ë¡¢÷Èπ (≈¥≈ß) (189,923,753) 417,959,353 228,035,600 -

‡ß‘π ¥√—∫®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 49,200,000 52,000,000 - -

™”√–§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (35,930,000) (24,135,000) - -

®à“¬‡ß‘πªíπº≈ (1,310,393,747) (474,266,532) (1,310,393,747) (474,266,532)

®à“¬‡ß‘πªíπº≈„Àâ·°àºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ (37,233,046) (21,971,937) - -

‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π (249,613,015) (1,057,202,417) 513,641,853 (1,606,266,532)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 15,180,160 (15,059,762) - -

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥≈¥≈ß (85,862,313) (192,649,721) (49,091,704) (485,565,480)

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 444,296,464 636,946,185 100,093,110 585,658,590

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 358,434,151 444,296,464 51,001,406 100,093,110

- - - -

¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡

√“¬°“√∑’Ë‰¡à„™à‡ß‘π ¥

°“√®à“¬Àÿâπªíπº≈ - 124,896,336 - 124,896,336

Àπà«¬ : ∫“∑



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2008 20072008 2007


Cash flows from investing activities

Cash paid for investment in other investments (10,000,000) - (10,000,000) -

Cash paid for investment in trading and

available-for-sale securities (221,000,000) (1,343,585) (221,000,000) (1,343,585)

Cash received from sales of trading and

available-for-sale securities 221,108,182 16,330,000 221,108,182 16,330,000

Dividend received 18,676,666 2,754,166 72,109,465 27,844,906

Acquisition of property, plant and equipment (540,250,980) (175,948,766) (457,662,856) (94,180,717)

Proceed from sales of machinery and equipment 8,917,898 5,109,875 8,343,804 4,320,256

Net cash flows used in investing activities (522,548,234) (153,098,310) (387,101,405) (47,029,140)

Cash flows from financing activities

Increase (decrease) in short-term loans

from financial institutions 1,274,667,531 (1,006,788,301) 1,596,000,000 (1,132,000,000)

Increase (decrease) in trust receipts (189,923,753) 417,959,353 228,035,600 -

Cash received from long-term loans 49,200,000 52,000,000 - -

Repayment of long-term loans (35,930,000) (24,135,000) - -

Dividend paid (1,310,393,747) (474,266,532) (1,310,393,747) (474,266,532)

Dividend paid to the subsidiary companiesû minority shareholders (37,233,046) (21,971,937) - -

Net cash flows from (used in) financing activities (249,613,015) (1,057,202,417) 513,641,853 (1,606,266,532)

Increase (decrease) in translation adjustment 15,180,160 (15,059,762) - -

Net decrease in cash and cash equivalents (85,862,313) (192,649,721) (49,091,704) (485,565,480)

Cash and cash equivalents at beginning of year 444,296,464 636,946,185 100,093,110 585,658,590

Cash and cash equivalents at end of year 358,434,151 444,296,464 51,001,406 100,093,110

- - - -

Supplemental cash flows information:

Non-cash items

Stock dividend - 124,896,336 - 124,896,336



Unit : Baht



70

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡Notes to consolidated financial statements

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1. ¢âÕ¡Ÿ≈∑—Ë«‰ª

1.1 ¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑œ

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) (ç∫√‘…—∑œé) ®—¥µ—Èß¢÷Èπ‡ªìπ∫√‘…—∑¡À“™π·≈–¡’¿Ÿ¡‘≈”‡π“„πª√–‡∑»‰∑¬ ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑œ §◊Õ°“√º≈‘µ

·≈–®”Àπà“¬°“°∂—Ë«‡À≈◊Õß·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß ‚¥¬¡’∑’ËÕ¬Ÿàµ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 149 ∂ππ√—™¥“¿‘‡…° (∑à“æ√– - µ“° ‘π) ·¢«ß∫ÿ§§‚≈ ‡¢µ∏π∫ÿ√’

°√ÿß‡∑æ¡À“π§√

2. ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π

2.1 ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”Àπ¥„πæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 ·≈–°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π‰¥â∑”¢÷Èπ‡æ◊ËÕ

„Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543

ß∫°“√‡ß‘π©∫—∫¿“…“‰∑¬‡ªìπß∫°“√‡ß‘π©∫—∫∑’Ë∫√‘…—∑œ„™â‡ªìπ∑“ß°“√µ“¡°ÆÀ¡“¬ ß∫°“√‡ß‘π©∫—∫¿“…“Õ—ß°ƒ…·ª≈¡“®“°ß∫°“√‡ß‘π©∫—∫

¿“…“‰∑¬¥—ß°≈à“«

ß∫°“√‡ß‘ππ’È‰¥â®—¥∑”¢÷Èπ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡‡«âπ·µà®–‰¥â‡ªî¥‡º¬‡ªìπÕ¬à“ßÕ◊Ëπ„ππ‚¬∫“¬°“√∫—≠™’

2.2 ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡

°) ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) (´÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑œé) ·≈–∫√‘…—∑¬àÕ¬

(´÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑¬àÕ¬é) ¥—ßµàÕ‰ªπ’È

√âÕ¬≈–¢Õß √âÕ¬≈–¢Õß√“¬‰¥â∑’Ë

‘π∑√—æ¬å∑’Ë√«¡Õ¬Ÿà √«¡Õ¬Ÿà„π√“¬‰¥â√«¡

®—¥µ—Èß¢÷Èπ Õ—µ√“√âÕ¬≈– „π ‘π∑√—æ¬å√«¡ ”À√—∫ªï ‘Èπ ÿ¥

™◊ËÕ∫√‘…—∑ ≈—°…≥–∏ÿ√°‘® „πª√–‡∑» ¢Õß°“√∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ «—π∑’Ë 31 ∏—π«“§¡

∂÷ß·¡â«à“∫√‘…—∑œ®–∂◊ÕÀÿâπ„π∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ Õ¬Ÿà‡æ’¬ß√âÕ¬≈– 43 ·µà∫√‘…—∑œ¡’°“√§«∫§ÿ¡∫√‘…—∑¥—ß°≈à“«‚¥¬ºà“π§≥–°√√¡°“√ à«π„À≠à¢Õß∫√‘…—∑œ

¥—ßπ—Èπ®÷ß∂◊Õ«à“∫√‘…—∑¥—ß°≈à“«‡ªìπ∫√‘…—∑¬àÕ¬

¢) ∫√‘…—∑œπ”ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡µ—Èß·µà«—π∑’Ë‰¥â¡“ («—π∑’Ë∫√‘…—∑œ¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬) ®π∂÷ß

«—π∑’Ë∫√‘…—∑œ ‘Èπ ÿ¥°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬π—Èπ

§) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬‰¥â®—¥∑”¢÷Èπ‚¥¬¡’√Õ∫√–¬–‡«≈“∫—≠™’·≈–„™âπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠‡™àπ‡¥’¬«°—π°—∫¢Õß∫√‘…—∑œ

ß) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬´÷Ëß®—¥µ—Èß„πµà“ßª√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ ”À√—∫√“¬°“√∑’Ë‡ªìπ ‘π∑√—æ¬å

·≈–Àπ’È ‘π·≈–„™âÕ—µ√“·≈°‡ª≈’Ë¬π∂—«‡©≈’Ë¬√“¬‡¥◊Õπ ”À√—∫√“¬°“√∑’Ë‡ªìπ√“¬‰¥â·≈–§à“„™â®à“¬ º≈µà“ß´÷Ëß‡°‘¥¢÷Èπ®“°°“√·ª≈ß§à“¥—ß°≈à“«‰¥â

· ¥ß‰«â‡ªìπ√“¬°“√ çº≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘πé „π à«π¢ÕßºŸâ∂◊ÕÀÿâπ

®) ¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ √“¬°“√§â“√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠‰¥â∂Ÿ°µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡π’È·≈â«

©) ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ‰¥âµ—¥°—∫ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬·≈â«

2551 2550 2551 2550 2551 2550√âÕ¬≈– √âÕ¬≈– √âÕ¬≈– √âÕ¬≈– √âÕ¬≈– √âÕ¬≈–

∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å ∂◊ÕÀÿâπ„π∫√‘…—∑Õ◊Ëπ ∫√‘µ‘™ ‡«Õ√å®‘π 65 65 0.06 0.06 - -

Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ‰Õ å·≈π¥å

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ º≈‘µ·≈–®”Àπà“¬ ‰∑¬ 43 43 3.24 3.99 0.81 1.03

∫√√®ÿ¿—≥±å

∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ º≈‘µ·≈–®”Àπà“¬ ®’π 65 65 13.40 27.73 11.41 14.72

ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ (∂◊ÕÀÿâπ‚¥¬ πÈ”¡—πæ◊™ (‚¥¬ (‚¥¬

∫√‘…—∑‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ÕÕ¬≈å ∑“ßÕâÕ¡) ∑“ßÕâÕ¡)

Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥

„πÕ—µ√“ √âÕ¬≈–100)





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1. General information

1.1 Corporate information

Thai Vegetable Oil Public Company Limited (çthe Companyé) is a public company incorporated and domiciled in Thailand. The Company is

principally engaged in the manufacture and distribution of soy meal and soybean oil and its registered address is 149 Ratchadapisek Road (Thapra

- Taksin), Bukkhalow, Thonburi, Bangkok.

2. Basis of preparation

2.1 The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting Profession Act B.E.

2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development

dated 14 September 2001, issued under the Accounting Act B.E. 2543.

The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in

English language have been translated from such financial statements in Thai language.

The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies.

2.2 Basis of consolidation

a) The consolidated financial statements include the financial statements of Thai Vegetable Oil Public Company Limited (çthe Companyé)

and the following subsidiary companies (çthe subsidiariesé):

Thai Vegetable Oil Holding British Virgin 65 65 0.06 0.06 - -

International Limited Company Islands

Prodigy Company Limited Manufacture and Thailand 43 43 3.24 3.99 0.81 1.03

distribution of

packaging

China-Thai Vegetable Oil Manufacture and China 65 65 13.40 27.73 11.41 14.72

(Wuhan) Company Limited distribution of (Indirect (Indirect

(100 percent held by Thai vegetable oil holding) holding)

Vegetable Oil International Limited)

Although the Company has 43 percent interest in Prodigy Company Limited, the Company has control over that company through the board

of directors of that company. Therefore that company is regarded as a subsidiary company.

b) Subsidiaries are fully consolidated as from the date of acquisition, being the date on which the Company obtains control, and continue

to be consolidated until the date when such control ceases.

c) The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent

significant accounting policies.

d) The financial statements of overseas subsidiary companies are translated into Thai Baht at the closing exchange rate as to assets and

liabilities, and at monthly average exchange rates as to revenues and expenses. The resultant differences are shown under the caption

of çTranslation adjustmenté in shareholdersû equity.

e) Material balances and transactions between the Company and its subsidiary companies have been eliminated from the consolidated

financial statements.

f) Investments in the subsidiary companies as recorded in the Companyûs books of account are eliminated against the equity of subsidiary

companies.

2008 2007 2008 2007 2008 2007

Percent Percent Percent Percent Percent Percent

Assets as a percentage Revenues as a percentage

to the consolidated total to the consolidated total

Nature of Country of Percentage of assets revenues for the year

Companyûs name business incorporation shareholding as at 31 December ended 31 December


72


™) à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ §◊Õ ®”π«π°”‰√À√◊Õ¢“¥∑ÿπ·≈– ‘π∑√—æ¬å ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ à«π∑’Ë‰¡à‰¥â‡ªìπ¢Õß∫√‘…—∑œ ·≈–· ¥ß‡ªìπ√“¬°“√·¬°

µà“ßÀ“°„πß∫°”‰√¢“¥∑ÿπ√«¡·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈√«¡

´) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß §◊Õ ∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ ´÷Ëß‰¥â

· ¥ß§«“¡‡ÀÁπÕ¬à“ß‰¡à¡’‡ß◊ËÕπ‰¢µ“¡√“¬ß“π≈ß«—π∑’Ë 15 ¡°√“§¡ 2552 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡π’È ‚¥¬¡’

¬Õ¥ ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ‡ªìπ®”π«π‡ß‘π 1,021 ≈â“π∫“∑ (2550: 1,949 ≈â“π∫“∑) ¬Õ¥√“¬‰¥â·≈–¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫

ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ‡ªìπ®”π«π‡ß‘π 2,711 ≈â“π∫“∑ ·≈– 75 ≈â“π∫“∑µ“¡≈”¥—∫ (2550: ¬Õ¥√“¬‰¥â·≈–°”‰√ ÿ∑∏‘‡ªìπ®”π«π

2,711 ≈â“π∫“∑ ·≈– 205 ≈â“π∫“∑µ“¡≈”¥—∫)

2.3 ∫√‘…—∑œ ‰¥â®—¥∑”ß∫°“√‡ß‘π‡©æ“–°‘®°“√‡æ◊ËÕª√–‚¬™πåµàÕ “∏“√≥– ´÷Ëß· ¥ß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µ“¡«‘∏’√“§“∑ÿπ

3. °“√ª√–°“»„™â¡“µ√∞“π°“√∫—≠™’„À¡à

3.1 ¡“µ√∞“π°“√∫—≠™’∑’Ë¡’º≈∫—ß§—∫„™â„πªïªí®®ÿ∫—π

¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 9/2550 ©∫—∫∑’Ë 38/2550 ·≈–©∫—∫∑’Ë 62/2550 „Àâ„™â¡“µ√∞“π°“√∫—≠™’„À¡à¥—ßµàÕ‰ªπ’È

©∫—∫∑’Ë 25 (ª√—∫ª√ÿß 2550) ß∫°√–· ‡ß‘π ¥

©∫—∫∑’Ë 29 (ª√—∫ª√ÿß 2550) —≠≠“‡™à“

©∫—∫∑’Ë 31 (ª√—∫ª√ÿß 2550) ‘π§â“§ß‡À≈◊Õ

©∫—∫∑’Ë 33 (ª√—∫ª√ÿß 2550) µâπ∑ÿπ°“√°Ÿâ¬◊¡

©∫—∫∑’Ë 35 (ª√—∫ª√ÿß 2550) °“√π”‡ πÕß∫°“√‡ß‘π

©∫—∫∑’Ë 39 (ª√—∫ª√ÿß 2550) π‚¬∫“¬°“√∫—≠™’ °“√‡ª≈’Ë¬π·ª≈ßª√–¡“≥°“√∑“ß∫—≠™’·≈–¢âÕº‘¥æ≈“¥

©∫—∫∑’Ë 41 (ª√—∫ª√ÿß 2550) ß∫°“√‡ß‘π√–À«à“ß°“≈

©∫—∫∑’Ë 43 (ª√—∫ª√ÿß 2550) °“√√«¡∏ÿ√°‘®

©∫—∫∑’Ë 49 (ª√—∫ª√ÿß 2550) —≠≠“°àÕ √â“ß

©∫—∫∑’Ë 51 ‘π∑√—æ¬å‰¡à¡’µ—«µπ

¡“µ√∞“π°“√∫—≠™’¢â“ßµâπ∂◊ÕªØ‘∫—µ‘°—∫ß∫°“√‡ß‘π ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’∑’Ë‡√‘Ë¡„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2551 ‡ªìπµâπ‰ª ΩÉ“¬∫√‘À“√¢Õß

∫√‘…—∑œ ‰¥âª√–‡¡‘π·≈â«‡ÀÁπ«à“ ¡“µ√∞“π°“√∫—≠™’ ©∫—∫∑’Ë 43 ·≈–©∫—∫∑’Ë 49 ‰¡à‡°’Ë¬«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ à«π¡“µ√∞“π°“√∫—≠™’©∫—∫∑’Ë 25

©∫—∫∑’Ë 29 ©∫—∫∑’Ë 31 ©∫—∫∑’Ë 33 ©∫—∫∑’Ë 35 ©∫—∫∑’Ë 39 ©∫—∫∑’Ë 41 ·≈–©∫—∫∑’Ë 51 ‰¡à¡’º≈°√–∑∫Õ¬à“ß‡ªìπ “√– ”§—≠µàÕß∫°“√‡ß‘π ”À√—∫ªïªí®®ÿ∫—π

3.2 ¡“µ√∞“π°“√∫—≠™’∑’Ë¬—ß‰¡à¡’º≈∫—ß§—∫„™â„πªïªí®®ÿ∫—π

¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 86/2551 „Àâ„™â¡“µ√∞“π°“√∫—≠™’„À¡à¥—ßµàÕ‰ªπ’È

©∫—∫∑’Ë 36 (ª√—∫ª√ÿß 2550) °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

©∫—∫∑’Ë 54 (ª√—∫ª√ÿß 2550) ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π∑’Ë∂◊Õ‰«â‡æ◊ËÕ¢“¬·≈–°“√¥”‡π‘πß“π∑’Ë¬°‡≈‘°

¡“µ√∞“π°“√∫—≠™’¢â“ßµâπ∂◊ÕªØ‘∫—µ‘°—∫ß∫°“√‡ß‘π ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’∑’Ë‡√‘Ë¡„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2552 ‡ªìπµâπ‰ª ΩÉ“¬∫√‘À“√¢Õß

∫√‘…—∑œ ‰¥âª√–‡¡‘π·≈â«‡ÀÁπ«à“¡“µ√∞“π°“√∫—≠™’©∫—∫¥—ß°≈à“«®–‰¡à¡’º≈°√–∑∫Õ¬à“ß‡ªìπ “√– ”§—≠µàÕß∫°“√‡ß‘π ”À√—∫ªï∑’Ë‡√‘Ë¡„™â¡“µ√∞“π°“√∫—≠™’

©∫—∫¥—ß°≈à“«

4. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

4.1 °“√√—∫√Ÿâ√“¬‰¥â

¢“¬ ‘π§â“

√“¬‰¥â®“°°“√¢“¬ ‘π§â“√—∫√Ÿâ‡¡◊ËÕ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â‚Õπ§«“¡‡ ’Ë¬ß·≈–º≈µÕ∫·∑π∑’Ë‡ªìπ “√– ”§—≠¢Õß§«“¡‡ªìπ‡®â“¢Õß ‘π§â“„Àâ°—∫

ºŸâ´◊ÈÕ·≈â« √“¬‰¥â®“°°“√¢“¬· ¥ß¡Ÿ≈§à“µ“¡√“§“„π„∫°”°—∫ ‘π§â“‚¥¬‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡ ”À√—∫ ‘π§â“∑’Ë‰¥â àß¡Õ∫À≈—ß®“°À—° à«π≈¥·≈â«





g) Minority interests represent the portion of net income or loss and net assets of the subsidiaries that are not held by the Company and are

presented separately in the consolidated income statement and within equity in the consolidated balance sheet.

h) The financial statements of a subsidiary company, China-Thai Vegetable Oil (Wuhan) Company Limited, were audited by the subsidiary

companyûs auditor who, under his report dated 15 January 2009, expressed an unqualified audit opinion on those financial statements.

The subsidiary companyûs financial statements which are included in the consolidated financial statements, show total assets as at

31 December 2008 of Baht 1,021 million (2007: Baht 1,949 million), total revenues and net loss for the year ended 31 December

2008 of Baht 2,711 million and Baht 75 million, respectively (2007: total revenues and net income of Baht 2,711 million and Baht

205 million, respectively).

2.3 The separate financial statements, which present investments in subsidiaries under the cost method, have been prepared solely for the

benefit of the public.

3. Adoption of new accounting standards

3.1 Accounting standards which are effective for the current year

The Federation of Accounting Professions has issued Notification No. 9/2550, 38/2550 and 62/2550 mandating the use of new

accounting standards as follows.

TAS 25 (revised 2007) Cash Flow Statements

TAS 29 (revised 2007) Leases

TAS 31 (revised 2007) Inventories

TAS 33 (revised 2007) Borrowing Costs

TAS 35 (revised 2007) Presentation of Financial Statements

TAS 39 (revised 2007) Accounting Policies, Changes in Accounting Estimates and Errors

TAS 41 (revised 2007) Interim Financial Reporting

TAS 43 (revised 2007) Business Combinations

TAS 49 (revised 2007) Construction Contracts

TAS 51 Intangible Assets

These accounting standards become effective for the financial statements for fiscal years beginning on or after 1 January 2008. The

management has assessed the effect of these standards and believes that TAS 43 and TAS 49 are not relevant to the business of the Company,

while TAS 25, TAS 29, TAS 31, TAS 33, TAS 35, TAS 39, TAS 41 and TAS 51 do not have any significant impact on the financial statements for

the current year.

3.2 Accounting standards which are not effective for the current year

The Federation of Accounting Professions has also issued Notification No. 86/2551 mandating the use of the following new accounting standards.

TAS 36 (revised 2007) Impairment of Assets

TAS 54 (revised 2007) Non-current Assets Held for Sale and Discontinued Operations

These accounting standards will become effective for the financial statements for fiscal years beginning on or after 1 January 2009. The

management has assessed the effect of these standards and believes that they will not have any significant impact on the financial statements for

the year in which they are initially applied.

4. Significant accounting policies

4.1 Revenue recognition

Sales of goods

Sales of goods are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Sales are the

invoiced value, excluding value added tax, of goods supplied after deducting discounts and allowances.


74


¥Õ°‡∫’È¬√—∫

¥Õ°‡∫’È¬∂◊Õ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß

‡ß‘πªíπº≈√—∫

‡ß‘πªíπº≈√—∫∂◊Õ‡ªìπ√“¬‰¥â‡¡◊ËÕ¡’ ‘∑∏‘„π°“√√—∫‡ß‘πªíπº≈

4.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ ·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ∑’Ë¡’ ¿“æ§≈àÕß Ÿß ´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬–

‡«≈“‰¡à‡°‘π 3 ‡¥◊Õππ—∫®“°«—π∑’Ë‰¥â¡“·≈–‰¡à¡’¢âÕ®”°—¥„π°“√‡∫‘°„™â

4.3 ≈Ÿ°Àπ’È°“√§â“

≈Ÿ°Àπ’È°“√§â“· ¥ß¡Ÿ≈§à“µ“¡®”π«π¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫º≈¢“¥∑ÿπ‚¥¬ª√–¡“≥∑’ËÕ“®

‡°‘¥¢÷Èπ®“°°“√‡°Á∫‡ß‘π≈Ÿ°Àπ’È‰¡à‰¥â ´÷Ëß‚¥¬∑—Ë«‰ªæ‘®“√≥“®“°ª√– ∫°“√≥å°“√‡°Á∫‡ß‘π·≈–°“√«‘‡§√“–ÀåÕ“¬ÿÀπ’È

4.4 † ‘π§â“§ß‡À≈◊Õ

‘π§â“ ”‡√Á®√Ÿª· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’µâπ∑ÿπ∂—«‡©≈’Ë¬) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫·≈â«·µà√“§“„¥®–µË”°«à“ √“§“∑ÿπ¥—ß°≈à“« À¡“¬∂÷ß µâπ∑ÿπ

„π°“√º≈‘µ∑—ÈßÀ¡¥√«¡∑—Èß§à“‚ Àÿâ¬‚√ßß“π¥â«¬

«—µ∂ÿ¥‘∫·≈–«— ¥ÿ§ß‡À≈◊Õ· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’µâπ∑ÿπ∂—«‡©≈’Ë¬) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫·≈â«·µà√“§“„¥®–µË”°«à“ ·≈–®–∂◊Õ‡ªìπ à«πÀπ÷Ëß

¢Õßµâπ∑ÿπ°“√º≈‘µ‡¡◊ËÕ¡’°“√‡∫‘°„™â

4.5 ‡ß‘π≈ß∑ÿπ

°) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“· ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑œ ∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“¢ÕßÀ≈—°∑√—æ¬å‡ªìπ√“¬°“√°”‰√À√◊Õ¢“¥∑ÿπ„πß∫

°”‰√¢“¥∑ÿπ

¢) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬· ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑œ ∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“À≈—°∑√—æ¬å¥—ß°≈à“«‡ªìπ√“¬°“√·¬°µà“ßÀ“°„π

à«π¢ÕßºŸâ∂◊ÕÀÿâπ®π°√–∑—Ëß®”Àπà“¬À≈—°∑√—æ¬å¥—ß°≈à“«ÕÕ°‰ª ®÷ß∫—π∑÷°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“π—Èπ„πß∫°”‰√¢“¥∑ÿπ

§) ‡ß‘π≈ß∑ÿπ„πµ√“ “√Àπ’È∑’Ë®–§√∫°”Àπ¥™”√–„πÀπ÷Ëßªï ·≈–∑’Ë®–∂◊Õ®π§√∫°”Àπ¥· ¥ß¡Ÿ≈§à“µ“¡«‘∏’√“§“∑ÿπµ—¥®”Àπà“¬ ∫√‘…—∑œµ—¥∫—≠™’ à«π‡°‘π/

à«πµË”°«à“¡Ÿ≈§à“µ√“ “√Àπ’Èµ“¡Õ—µ√“¥Õ°‡∫’È¬∑’Ë·∑â®√‘ß ´÷Ëß®”π«π∑’Ëµ—¥®”Àπà“¬π’È®–· ¥ß‡ªìπ√“¬°“√ª√—∫°—∫¥Õ°‡∫’È¬√—∫

ß) ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª ´÷Ëß· ¥ß„π√“§“∑ÿπ ÿ∑∏‘®“°§à“‡º◊ËÕ°“√¥âÕ¬§à“ (∂â“¡’)

®) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë· ¥ßÕ¬Ÿà„πß∫°“√‡ß‘π‡©æ“–°‘®°“√· ¥ß¡Ÿ≈§à“µ“¡«‘∏’√“§“∑ÿπ

¡Ÿ≈§à“¬ÿµ‘∏√√¡¢ÕßÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥§”π«≥®“°√“§“‡ πÕ´◊ÈÕÀ≈—ß ÿ¥ ≥ ‘Èπ«—π∑”°“√ ÿ¥∑â“¬¢Õßªï¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààß

ª√–‡∑»‰∑¬ ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õßµ√“ “√Àπ’È∂◊Õæ◊Èπ∞“π®“°°“√§”π«≥Õ—µ√“º≈µÕ∫·∑πÀ√◊Õ√“§“®“° ¡“§¡µ≈“¥µ√“ “√Àπ’È‰∑¬·≈â«·µà°√≥’ ¡Ÿ≈§à“

¬ÿµ‘∏√√¡¢ÕßÀπà«¬≈ß∑ÿπ§”π«≥®“°¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘

∫√‘…—∑œ „™â«‘∏’∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°„π°“√§”π«≥µâπ∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ

„π°√≥’∑’Ë¡’°“√‚Õπ‡ª≈’Ë¬πª√–‡¿∑‡ß‘π≈ß∑ÿπ ∫√‘…—∑œ ®–ª√—∫‡ª≈’Ë¬π√“§“¢Õß‡ß‘π≈ß∑ÿπ„À¡à‚¥¬„™â¡Ÿ≈§à“¬ÿµ‘∏√√¡ ≥ «—π∑’Ë‚Õπ‡ª≈’Ë¬πª√–‡¿∑‡ß‘π≈ß∑ÿπ

º≈·µ°µà“ß√–À«à“ß√“§“µ“¡∫—≠™’·≈–¡Ÿ≈§à“¬ÿµ‘∏√√¡ ≥ «—π∑’Ë‚Õπ‰¥â∫—π∑÷°‡ªìπ√“¬°“√°”‰√ (¢“¥∑ÿπ) „πß∫°”‰√¢“¥∑ÿπÀ√◊Õ· ¥ß‡ªìπ à«π‡°‘π (µË”°«à“)

∑ÿπ®“°°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ·≈â«·µàª√–‡¿∑¢Õß‡ß‘π≈ß∑ÿπ∑’Ë¡’°“√‚Õπ‡ª≈’Ë¬π

4.6 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ·≈–§à“‡ ◊ËÕ¡√“§“

∑’Ë¥‘π· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ Õ“§“√·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ ·≈–§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (∂â“¡’)

§à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥å§”π«≥®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È

Õ“§“√ - 40 ªï ·≈– 20 ªï

à«πª√—∫ª√ÿßÕ“§“√ - 20 ªï ·≈– 5 ªï

‡§√◊ËÕß®—°√·≈–Õÿª°√≥å - 20 ªï 10 ªï ·≈– 5 ªï

‡§√◊ËÕß¡◊Õ·≈–‡§√◊ËÕß„™â„π‚√ßß“π - 10 ªï ·≈– 5 ªï

‡§√◊ËÕß„™â·≈–‡§√◊ËÕßµ°·µàß ”π—°ß“π - 10 ªï ·≈– 5 ªï

¬“πæ“Àπ– - 5 ªï

§à“‡ ◊ËÕ¡√“§“√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π·≈– ‘π∑√—æ¬å√–À«à“ß°àÕ √â“ß





Interest income

Interest income is recognised on an accrual basis based on the effective interest rate.

Dividends

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

4.2 Cash and cash equivalents

Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid investments with an original maturity of three months

or less and not subject to withdrawal restrictions.

4.3 Trade accounts receivable

Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that

may be incurred in collection of receivables. The allowance is generally based on collection experience and analysis of debt aging.

4.4 Inventories

Finished goods are valued at the lower of cost (average cost method) and net realisable value. Such cost includes all production costs and

attributable factory overheads.

Raw materials and other material supplies are valued at the lower of cost (average cost method) and net realisable value and are charged

to production costs whenever consumed.

4.5 Investments

a) Investments in securities held for trading are stated at fair value. Gains or losses arising from changes in the carrying amounts of

securities are included in determining income.

b) Investments in available-for-sale securities are stated at fair value. Changes in the carrying amounts of securities are recorded as

separate items in shareholdersû equity until the securities are sold, when the changes are then included in determining income.

c) Investments in debt securities, both due within one year and expected to be held to maturity, are recorded at amortised cost. The

premium/discount on debt securities is amortised by the effective rate method with the amortised amount presented as an adjustment

to the interest income.

d) Investments in non-marketable equity securities, which the Company classifies as other investments, are stated at cost net of allowance

for loss on diminution in value (if any).

e) Investments in subsidiaries are accounted for in the separate financial statements using the cost method.

The fair value of marketable securities is based on the latest bid price of the last working day of the year as quoted on the Stock Exchange

of Thailand. The fair value of debt instruments is determined based on the required rate of return or the yield rates quoted by the Thai Bond Market

Association. The fair value of unit trusts is determined from their net asset value.

The weighted average method is used for computation of the cost of investments.

In the event the Company reclassifies investments in securities, such investments are adjusted to their fair value as at the reclassification

date. Differences between the carrying amount of the investments and their fair value on that date are included in determining income or recorded

as surplus (deficit) from changes in the value of investments in shareholdersû equity, depending on the type of investment which is reclassified.

4.6 Property, plant and equipment/Depreciation

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of

assets (if any).

Depreciation of plant and equipment is calculated by reference to their costs on the straight-line basis over the following estimated useful lives:

Buildings - 40 years and 20 years

Building improvement - 20 years and 5 years

Machinery and equipment - 20 years, 10 years and 5 years

Factory tools and equipment - 10 years and 5 years

Furniture and fixtures - 10 years and 5 years

Motor vehicles - 5 years

Depreciation is included in determining income.

No depreciation is provided on land and assets under construction.


76


4.7 ‘∑∏‘°“√‡™à“∑’Ë¥‘π·≈–§à“µ—¥®”Àπà“¬

‘∑∏‘°“√‡™à“∑’Ë¥‘π· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“µ—¥®”Àπà“¬ – ¡ §à“µ—¥®”Àπà“¬¢Õß ‘∑∏‘°“√‡™à“§”π«≥®“°√“§“∑ÿπ¢Õß ‘∑∏‘°“√‡™à“‚¥¬«‘∏’

‡ âπµ√ßµ“¡Õ“¬ÿ —≠≠“‡™à“‡ªìπ√–¬–‡«≈“ 50 ªï

§à“µ—¥®”Àπà“¬√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

4.8 √“¬°“√∏ÿ√°‘®°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π°—∫∫√‘…—∑œ À¡“¬∂÷ß ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë¡’Õ”π“®§«∫§ÿ¡∫√‘…—∑œ À√◊Õ∂Ÿ°§«∫§ÿ¡‚¥¬∫√‘…—∑œ ‰¡à«à“®–‡ªìπ‚¥¬∑“ß

µ√ßÀ√◊Õ∑“ßÕâÕ¡ À√◊ÕÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π°—∫∫√‘…—∑œ

πÕ°®“°π’È∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¬—ßÀ¡“¬√«¡∂÷ß∫√‘…—∑√à«¡·≈–∫ÿ§§≈ ÷Ëß¡’Õ‘∑∏‘æ≈Õ¬à“ß‡ªìπ “√– ”§—≠°—∫∫√‘…—∑œ ºŸâ∫√‘À“√ ”§—≠ °√√¡°“√

À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ∑’Ë¡’Õ”π“®„π°“√«“ß·ºπ·≈–§«∫§ÿ¡°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ

4.9 ‡ß‘πµ√“µà“ßª√–‡∑»

√“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπµ—«‡ß‘π´÷ËßÕ¬Ÿà„π °ÿ≈

‡ß‘πµ√“µà“ßª√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ ‡«âπ·µà√“¬°“√∑’Ë‰¥âµ°≈ßÕ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“°—∫∏π“§“√‰«â

®–„™âÕ—µ√“∑’Ëµ°≈ß°—ππ—Èπ·∑π

°”‰√·≈–¢“¥∑ÿπ∑’Ë‡°‘¥®“°°“√‡ª≈’Ë¬π·ª≈ß„πÕ—µ√“·≈°‡ª≈’Ë¬π‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π

4.10 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

∑ÿ°«—π∑’Ë„πß∫¥ÿ≈ ∫√‘…—∑œ®–∑”°“√ª√–‡¡‘π°“√¥âÕ¬§à“¢Õß∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å¢Õß∫√‘…—∑œ À“°¡’¢âÕ∫àß™’È«à“ ‘π∑√—æ¬å¥—ß°≈à“«Õ“®¥âÕ¬§à“ ∫√‘…—∑œ

√—∫√Ÿâ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ËÕ¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å¡’¡Ÿ≈§à“µË”°«à“¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬åπ—Èπ ∑—Èßπ’È¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π

À¡“¬∂÷ß¡Ÿ≈§à“¬ÿµ‘∏√√¡À—°µâπ∑ÿπ„π°“√¢“¬¢Õß ‘π∑√—æ¬åÀ√◊Õ¡Ÿ≈§à“®“°°“√„™â ‘π∑√—æ¬å·≈â«·µà√“§“„¥®– Ÿß°«à“ „π°“√ª√–‡¡‘π¡Ÿ≈§à“®“°°“√„™â ‘π∑√—æ¬å

∫√‘…—∑œ ª√–¡“≥°“√°√–· ‡ß‘π ¥„πÕπ“§µ∑’Ë°‘®°“√§“¥«à“®–‰¥â√—∫®“° ‘π∑√—æ¬å·≈–§”π«≥§‘¥≈¥‡ªìπ¡Ÿ≈§à“ªí®®ÿ∫—π‚¥¬„™âÕ—µ√“§‘¥≈¥°àÕπ¿“…’∑’Ë

–∑âÕπ∂÷ß°“√ª√–‡¡‘π§«“¡‡ ’Ë¬ß„π ¿“æµ≈“¥ªí®®ÿ∫—π¢Õß‡ß‘π ¥µ“¡√–¬–‡«≈“·≈–§«“¡‡ ’Ë¬ß´÷Ëß‡ªìπ≈—°…≥–‡©æ“–¢Õß ‘π∑√—æ¬å∑’Ë°”≈—ßæ‘®“√≥“Õ¬Ÿà „π

°“√ª√–‡¡‘π¡Ÿ≈§à“¬ÿµ‘∏√√¡À—°µâπ∑ÿπ„π°“√¢“¬ ∫√‘…—∑œ „™â·∫∫®”≈Õß°“√ª√–‡¡‘π¡Ÿ≈§à“∑’Ë¥’∑’Ë ÿ¥´÷Ëß‡À¡“– ¡°—∫ ‘π∑√—æ¬å ´÷Ëß –∑âÕπ∂÷ß®”π«π‡ß‘π∑’Ë

°‘®°“√ “¡“√∂®–‰¥â¡“®“°°“√®”Àπà“¬ ‘π∑√—æ¬åÀ—°¥â«¬µâπ∑ÿπ„π°“√®”Àπà“¬ ‚¥¬°“√®”Àπà“¬π—ÈπºŸâ´◊ÈÕ°—∫ºŸâ¢“¬¡’§«“¡√Õ∫√Ÿâ·≈–‡µÁ¡„®„π°“√·≈°

‡ª≈’Ë¬π·≈– “¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π≈—°…≥–¢ÕßºŸâ∑’Ë‰¡à¡’§«“¡‡°’Ë¬«¢âÕß°—π

∫√‘…—∑œ ®–√—∫√Ÿâ√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ

4.11 º≈ª√–‚¬™πåæπ—°ß“π

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ‡ß‘π‡¥◊Õπ §à“®â“ß ‚∫π— ·≈–‡ß‘π ¡∑∫°Õß∑ÿπª√–°—π —ß§¡·≈–°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ‡ªìπ§à“„™â®à“¬‡¡◊ËÕ‡°‘¥√“¬°“√

‡ß‘π™¥‡™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π∫—π∑÷°‡ªìπ§à“„™â®à“¬„π∫—≠™’µ“¡À≈—°‡°≥±å·≈–‡ß◊ËÕπ‰¢ ÷ËßÕâ“ßÕ‘ß°—∫°ÆÀ¡“¬·√ßß“π·≈–√–‡∫’¬∫æπ—°ß“π¢Õß

∫√‘…—∑œ ‚¥¬§”π÷ß∂÷ß§«“¡‡ªìπ‰ª‰¥â∑’Ëæπ—°ß“π„π·µà≈–°≈ÿà¡Õ“¬ÿ®–∑”ß“π°—∫∫√‘…—∑œ ®π§√∫‡°…’¬≥Õ“¬ÿ

4.12 ª√–¡“≥°“√Àπ’È ‘π

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–∫—π∑÷°ª√–¡“≥°“√Àπ’È ‘π‰«â„π∫—≠™’‡¡◊ËÕ¡’¿“√–ºŸ°æ—π ÷Ëß‡ªìπº≈¡“®“°‡Àµÿ°“√≥å„πÕ¥’µ‰¥â‡°‘¥¢÷Èπ·≈â« ·≈–¡’§«“¡‡ªìπ‰ª

‰¥â§àÕπ¢â“ß·πàπÕπ«à“∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–‡ ’¬∑√—æ¬“°√‡™‘ß‡»√…∞°‘®‰ª‡æ◊ËÕª≈¥‡ª≈◊ÈÕß¿“√–ºŸ°æ—ππ—Èπ ·≈–∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ “¡“√∂ª√–¡“≥

¡Ÿ≈§à“¿“√–ºŸ°æ—ππ—Èπ‰¥âÕ¬à“ßπà“‡™◊ËÕ∂◊Õ

4.13 ¿“…’‡ß‘π‰¥â

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰∑¬∫—π∑÷°¿“…’‡ß‘π‰¥â‚¥¬§”π«≥®“°°”‰√ ÿ∑∏‘∑“ß¿“…’µ“¡°ÆÀ¡“¬¿“…’Õ“°√

∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»§”π«≥¿“…’‡ß‘π‰¥âµ“¡Õ—µ√“¿“…’∑’Ë√–∫ÿ„π°ÆÀ¡“¬¿“…’Õ“°√¢Õßª√–‡∑»π—Èπ

4.14 °“√„™â¥ÿ≈¬æ‘π‘®·≈–ª√–¡“≥°“√∑“ß∫—≠™’∑’Ë ”§—≠

„π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ΩÉ“¬∫√‘À“√®”‡ªìπµâÕß„™â¥ÿ≈¬æ‘π‘®·≈–°“√ª√–¡“≥°“√„π‡√◊ËÕß∑’Ë¡’§«“¡‰¡à·πàπÕπ‡ ¡Õ

°“√„™â¥ÿ≈¬æ‘π‘®·≈–°“√ª√–¡“≥°“√¥—ß°≈à“«π’È àßº≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–µàÕ¢âÕ¡Ÿ≈∑’Ë· ¥ß„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π º≈∑’Ë

‡°‘¥¢÷Èπ®√‘ßÕ“®·µ°µà“ß‰ª®“°®”π«π∑’Ëª√–¡“≥°“√‰«â °“√„™â¥ÿ≈¬æ‘π‘®·≈–°“√ª√–¡“≥°“√∑’Ë ”§—≠¡’¥—ßπ’È

§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠¢Õß≈Ÿ°Àπ’È

„π°“√ª√–¡“≥§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠¢Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√®”‡ªìπµâÕß„™â¥ÿ≈¬æ‘π‘®„π°“√ª√–¡“≥°“√Àπ’È Ÿ≠∑’Ë§“¥«à“®–‡°‘¥¢÷Èπ®“°≈Ÿ°Àπ’È·µà≈–√“¬

‚¥¬§”π÷ß∂÷ßª√– ∫°“√≥å°“√‡°Á∫‡ß‘π„πÕ¥’µ Õ“¬ÿ¢ÕßÀπ’È∑’Ë§ß§â“ß·≈– ¿“«–‡»√…∞°‘®∑’Ë‡ªìπÕ¬Ÿà„π¢≥–π—Èπ ‡ªìπµâπ





4.7 Leasehold land and amortisation

Leasehold land is stated at cost less accumulated amortisation. Amortisation is calculated by reference to its cost on a straight-line basis

over the lease period of 50 years.

Amortisation is included in determining income.

4.8 Related party transactions

Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether directly or indirectly, or which

are under common control with the Company.

They also include associated companies and individuals which directly or indirectly own a voting interest in the Company that gives them

significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the

Companyûs operations.

4.9 Foreign currencies

Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and

liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the balance sheet date, with the exception of

those covered by forward exchange contracts, which are translated at the contracted rates.

Gains and losses on exchange are included in determining income.

4.10 Impairment of assets

At each reporting date, the Company performs impairment reviews in respect of the property, plant and equipment whenever events or

changes in circumstances indicate that an asset may be impaired. An impairment loss is recognised when the recoverable amount of an asset,

which is the higher of the assetûs fair value less costs to sell and its value in use, is less than the carrying amount. In determining value in use, the

estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the

time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These

calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Company could obtain from the

disposal of the asset in an armûs length transaction between knowledgeable, willing parties, after deducting the costs of disposal.

An impairment loss is recognised in the income statement.

4.11 Employee benefits

Salaries, wages, bonuses and contributions to the social security fund and provident fund are recognised as expenses when incurred.

Employee compensation and pension expenses are provided in the accounts by reference to the provisions of labour laws and the Companyûs

personnel regulations, and are determined based upon the probability that employees in each age group will work until reaching their retirement age.

4.12 Provisions

Provisions are recognised when the Company and its subsidiaries have a present obligation as a result of a past event, it is probable that an

outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of

the obligation.

4.13 Income tax

Income tax of the Company and a subsidiary company in Thailand is provided in the accounts based on taxable profits determined in

accordance with tax legislation.

Overseas subsidiary companies calculate corporate income tax in accordance with tax rate regulated in tax law of those countries.

4.14 Significant accounting judgments and estimates

The preparation of financial statements in conformity with generally accepted accounting principles at times requires management to make

subjective judgments and estimates regarding matters that are inherently uncertain. These judgments and estimates affect reported amounts and

disclosures and actual results could differ. Significant judgments and estimates are as follows:

Allowance for doubtful accounts

In determining an allowance for doubtful accounts, the management needs to make judgment and estimates based upon, among other

things, past collection history, aging profile of outstanding debts and the prevailing economic condition.


78


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Consolidated


2007200820072008

Separate

financial statements Transfer pricing policy

Allowance of diminution in value of inventories

In determining allowance of diminution in value of inventories, the management needs to exercise judgment in estimating the net realisable

value of inventories, which are the estimated selling price in the ordinary course of business less the estimated expenses of completion and the

estimated costs necessary to make the sale. Estimates of net realisable value must be based on the most reliable evidence available and take into

account fluctuations in prices or costs that are directly attributable to events occurring after the end of the period.

Property, plant and equipment/Depreciation

In determining depreciation of plant and equipment, the management is required to make estimates of the useful lives and salvage values of

the Company and subsidiariesû plant and equipment and to review estimate useful lives and salvage values when there are any changes.

Employee compensation and pension expenses

Employee compensation and pension expenses are provided in the accounts by reference to the provisions of labour laws and the Companyûs

personnel regulations, and are determined based upon the probability that employees in each age group will work until reaching their retirement age.

The probability is made based on assumptions.

5 . Related party transactions

During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are

summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the

Company and those related parties.


Transactions with subsidiary companies

(eliminated from the consolidated

financial statements)

Purchases of packing materials - - 232 226 Price under normal business conditions,

comparable with prices of purchases from

unrelated parties

Consulting income - - 5 5 Per contract

Transactions with related companies

Sales of goods by the Company 79 97 79 97 Price of outright sales to the Companyûs

distributor which is responsible for selling

expenses, nationwide transportation expenses

and other expenses

Sales of goods by subsidiary 23 22 - - Normal prices charged to ordinary customers

Purchases of packing material 1 1 1 1 Normal prices charged to ordinary customers

Purchases of land 34 - 34 - Market price


80


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2551 25502551

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

2550

(Àπà«¬ : ∫“∑)

(Àπà«¬ : ∫“∑)

¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ‡™’¬√å ‡∑√¥¥‘Èß ®”°—¥ 6,744,210 13,988,067 6,744,210 13,988,067

∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ 2,576,863 4,806,533 - -

√«¡≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 9,321,073 18,794,600 6,744,210 13,988,067

≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ - - 3,902 -

√«¡≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - - 3,902 -

‡®â“Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑¬àÕ¬

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ - - 29,979,044 37,374,442

∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ - 60,198 - 60,198

√«¡‡®â“Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - 60,198 29,979,044 37,434,640

¿“√–§È”ª√–°—π°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

∫√‘…—∑œ¡’¿“√–®“°°“√§È”ª√–°—π„Àâ°—∫∫√‘…—∑¬àÕ¬µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 24.2

§à“µÕ∫·∑π°√√¡°“√

„πªï 2551 ∫√‘…—∑œ∫—π∑÷°§à“µÕ∫·∑π°√√¡°“√„πß∫°”‰√¢“¥∑ÿπ‡ªìπ®”π«π‡ß‘π 10 ≈â“π∫“∑ (2550: 15 ≈â“π∫“∑)

6. ≈Ÿ°Àπ’È°“√§â“

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ·¬°µ“¡Õ“¬ÿÀπ’Èπ—∫®“°«—π∑’Ë„π„∫·®âßÀπ’È‰¥â¥—ßπ’È

Õ“¬ÿÀπ’È

°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

‰¡à‡°‘π 3 ‡¥◊Õπ 9,321,073 18,794,600 6,744,210 13,988,067

°‘®°“√∑’Ë‰¡à‡°’Ë¬«¢âÕß°—π

‰¡à‡°‘π 3 ‡¥◊Õπ 906,550,036 1,359,696,465 889,992,105 1,292,394,885

3 - 6 ‡¥◊Õπ 3,582,507 2,408,538 2,501,957 706,781

6 - 12 ‡¥◊Õπ 48,830 - - -

¡“°°«à“ 12 ‡¥◊Õπ 56,661,745 76,162,099 54,969,342 75,867,534

‡™Á§§◊π 2,033,959 1,907,246 - -

√«¡≈Ÿ°Àπ’È°“√§â“ 968,877,077 1,440,174,348 947,463,404 1,368,969,200

À—°: §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (58,466,252) (78,437,163) (56,224,987) (77,436,292)

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 910,410,825 1,361,737,185 891,238,417 1,291,532,908





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2008 20072008


2007

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2008 20072008 2007


As at 31 December 2008 and 2007, the balances of accounts between the Company and those related parties are as follows:

(Unit : Baht)

Trade accounts receivable - related parties

Related companies

Cheer Trading Co., Ltd. 6,744,210 13,988,067 6,744,210 13,988,067

Thai Edible Oil Co., Ltd. 2,576,863 4,806,533 - -

Total trade accounts receivable - related parties 9,321,073 18,794,600 6,744,210 13,988,067

Amounts due from related party

Subsidiary

Prodigy Co., Ltd. - - 3,902 -

Total amounts due from related party - - 3,902 -

Trade accounts payable - related parties

Subsidiary

Prodigy Co., Ltd. - - 29,979,044 37,374,442

Related company

Golden Trade Co., Ltd. - 60,198 - 60,198

Total trade accounts payable - related parties - 60,198 29,979,044 37,434,640

Guarantee obligations with related parties

The Company has outstanding guarantee obligations with its subsidiary, as described in Note 24.2 to the financial statements.

Directorsû remuneration

In 2008 the Company recorded the directorsû remuneration in income statements totaling Baht 10 million (2007 : Baht 15 million).

6. Trade accounts receivable

The balances of trade accounts receivable as at 31 December 2008 and 2007, aged on the basis of invoice dates, are summarised below.

(Unit : Baht)

Age of receivables

Related parties

Not over 3 months 9,321,073 18,794,600 6,744,210 13,988,067

Unrelated parties

Not over 3 months 906,550,036 1,359,696,465 889,992,105 1,292,394,885

3 - 6 months 3,582,507 2,408,538 2,501,957 706,781

6 - 12 months 48,830 - - -

Over 12 months 56,661,745 76,162,099 54,969,342 75,867,534

Returned cheques 2,033,959 1,907,246 - -

Total trade accounts receivable 968,877,077 1,440,174,348 947,463,404 1,368,969,200

Less: Allowance for doubtful debts (58,466,252) (78,437,163) (56,224,987) (77,436,292)

Trade accounts receivable - net 910,410,825 1,361,737,185 891,238,417 1,291,532,908

√“¬

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551 I A

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82

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ß∫°“√‡ß‘π√«¡

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7. ‘π§â“§ß‡À≈◊Õ

(Àπà«¬ : ∫“∑)

2550

‘π§â“§ß‡À≈◊Õ- ÿ∑∏‘√“§“∑ÿπ

≈¥√“§“∑ÿπ≈ß„Àâ‡∑à“°—∫¡Ÿ≈§à“

ÿ∑∏‘∑’Ë®–‰¥â√—∫ ‘π§â“‡ ◊ËÕ¡§ÿ≥¿“æ

§à“‡º◊ËÕ°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ

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25502551 2550 2551 2551 2550 25512550

‘π§â“§ß‡À≈◊Õ- ÿ∑∏‘√“§“∑ÿπ

≈¥√“§“∑ÿπ≈ß„Àâ‡∑à“°—∫¡Ÿ≈§à“

ÿ∑∏‘∑’Ë®–‰¥â√—∫ ‘π§â“‡ ◊ËÕ¡§ÿ≥¿“æ

«—µ∂ÿ¥‘∫ 3,026,171,895 1,315,219,920 (353,171,218) - - - 2,673,000,677 1,315,219,920

‘π§â“ ”‡√Á®√Ÿª 1,309,568,459 751,040,598 (288,164,307) - - - 1,021,404,152 751,040,598

«— ¥ÿ§ß‡À≈◊Õ 178,395,879 148,162,089 - - (1,810,540) (1,810,540) 176,585,339 146,351,549

«—µ∂ÿ¥‘∫√–À«à“ß∑“ß 2,768,171 1,336,673,257 - - - - 2,768,171 1,336,673,257

√«¡ 4,516,904,404 3,551,095,864 (641,335,525) - (1,810,540) (1,810,540) 3,873,758,339 3,549,285,324

(Àπà«¬ : ∫“∑)

«—µ∂ÿ¥‘∫ 2,989,323,667 809,964,677 (353,171,218) - - - 2,636,152,449 809,964,677

‘π§â“ ”‡√Á®√Ÿª 1,187,802,466 530,123,984 (255,664,311) - - - 932,138,155 530,123,984

«— ¥ÿ§ß‡À≈◊Õ 140,209,507 121,085,528 - - (1,489,218) (1,489,218) 138,720,289 119,596,310

«—µ∂ÿ¥‘∫√–À«à“ß∑“ß 2,768,171 965,379,885 - - - - 2,768,171 965,379,885

√«¡ 4,320,103,811 2,426,554,074 (608,835,529) - (1,489,218) (1,489,218) 3,709,779,064 2,425,064,856




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Consolidated financial statements

20072008 2007 2008 2008 2007 2008

7. Inventories

(Unit : Baht)

2007

Inventory-netCost

Reduction cost to

net realisable value Stock obsolescence


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20072008 2007 2008 2008 2007 20082007

Inventory-netCost

Reduction cost to

net realisable value Stock obsolescence

Separate financial statements

Raw materials 3,026,171,895 1,315,219,920 (353,171,218) - - - 2,673,000,677 1,315,219,920

Finished goods 1,309,568,459 751,040,598 (288,164,307) - - - 1,021,404,152 751,040,598

Material supplies 178,395,879 148,162,089 - - (1,810,540) (1,810,540) 176,585,339 146,351,549

Raw materials in transit 2,768,171 1,336,673,257 - - - - 2,768,171 1,336,673,257

Total 4,516,904,404 3,551,095,864 (641,335,525) - (1,810,540) (1,810,540) 3,873,758,339 3,549,285,324

(Unit : Baht)

Raw materials 2,989,323,667 809,964,677 (353,171,218) - - - 2,636,152,449 809,964,677

Finished goods 1,187,802,466 530,123,984 (255,664,311) - - - 932,138,155 530,123,984

Material supplies 140,209,507 121,085,528 - - (1,489,218) (1,489,218) 138,720,289 119,596,310

Raw materials in transit 2,768,171 965,379,885 - - - - 2,768,171 965,379,885

Total 4,320,103,811 2,426,554,074 (608,835,529) - (1,489,218) (1,489,218) 3,709,779,064 2,425,064,856


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‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µ“¡∑’Ë· ¥ßÕ¬Ÿà„πß∫°“√‡ß‘π‡©æ“–°‘®°“√ª√–°Õ∫¥â«¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑¥—ßµàÕ‰ªπ’È

2550√âÕ¬≈–

1. ∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å 8 ≈â“π‡À√’¬≠ 8 ≈â“π‡À√’¬≠ 65 65 129,739,999 129,739,999 42,682,799 14,340,740

Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ À√—∞Õ‡¡√‘°“ À√—∞Õ‡¡√‘°“

2. ∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥ 60.3 60.3 - - - - - -

‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ ≈â“π‡√π¡‘π∫‘ ≈â“π‡√π¡‘π∫‘

(∂◊ÕÀÿâπ∑—ÈßÀ¡¥‚¥¬∫√‘…—∑ ‰∑¬ ®’π (À¬«π) ®’π (À¬«π)

‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å

Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥)

3. ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ 50 ≈â“π∫“∑ 50 ≈â“π∫“∑ 43 43 21,500,000 21,500,000 10,750,000 10,750,000

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 151,239,999 151,239,999 53,432,799 25,090,740

‡ß‘πªíπº≈∑’Ë∫√‘…—∑œ√—∫√–À«à“ßªï

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20072008 2007 2008

Percent

2008 2007 2008

8. Investments in subsidiaries

Details of investments in subsidiaries, which are investments in ordinary shares, as presented in separate financial statements are as follows:

(Unit : Baht)

2007

Percent

1. Thai Vegetable Oil International Limited USD 8 million USD 8 million 65 65 129,739,999 129,739,999 42,682,799 14,340,740

2. China-Thai Vegetable Oil (Wuhan) Renminbi Renminbi - - - - - -

Company Limited (Yuan) (Yuan)

(wholly owned by Thai Vegetable 60.3 million 60.3 million

Oil International Limited)

3. Prodigy Company Limited Baht 50 million Baht 50 million 43 43 21,500,000 21,500,000 10,750,000 10,750,000

Total investments in subsidiaries 151,239,999 151,239,999 53,432,799 25,090,740

Dividend received

for the years ended 31 DecemberCompany

Shareholding

percentage CostPaid-up Capital

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¡Ÿ≈§à“¬ÿµ‘∏√√¡

√“§“∑ÿπ/√“§“∑ÿπ

µ—¥®”Àπà“¬ ¡Ÿ≈§à“¬ÿµ‘∏√√¡

√“§“∑ÿπ/√“§“∑ÿπ

µ—¥®”Àπà“¬

√“§“∑ÿπ/√“§“∑ÿπ

µ—¥®”Àπà“¬ ¡Ÿ≈§à“¬ÿµ‘∏√√¡

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µ—¥®”Àπà“¬

9. ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ

‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È

(Àπà«¬ : ∫“∑)

¡Ÿ≈§à“¬ÿµ‘∏√√¡

‡ß‘π≈ß∑ÿπ‡º◊ËÕ¢“¬

µ√“ “√∑ÿπ„π§«“¡µâÕß°“√

¢Õßµ≈“¥ - „πª√–‡∑» 6,523,657 6,575,817 6,523,657 11,796,638 6,523,657 6,575,817 6,523,657 11,796,638

6,523,657 6,575,817 6,523,657 11,796,638 6,523,657 6,575,817 6,523,657 11,796,638

∫«°: à«π‡°‘π∑ÿπ®“°°“√‡ª≈’Ë¬π·ª≈ß

¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 52,160 5,272,981 52,160 5,272,981

6,575,817 11,796,638 6,575,817 11,796,638

µ√“ “√Àπ’È∑’Ë®–∂◊Õ®π§√∫°”Àπ¥

µ√“ “√Àπ’È¿“§‡Õ°™π 10,000,000 10,000,000 10,000,000 10,000,000

10,000,000 10,000,000 10,000,000 10,000,000

‡ß‘π≈ß∑ÿπ∑—Ë«‰ª

µ√“ “√∑ÿπ∑’Ë‰¡àÕ¬Ÿà„π§«“¡µâÕß°“√

¢Õßµ≈“¥ - „πª√–‡∑» 55,000,000 45,000,000 55,000,000 45,000,000

55,000,000 45,000,000 55,000,000 45,000,000

À—°: §à“‡º◊ËÕ°“√¥âÕ¬§à“ (13,846,815) (13,846,815) (13,846,815) (13,846,815)

41,153,185 31,153,185 41,153,185 31,153,185

√«¡‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ - ÿ∑∏‘ 57,729,002 52,949,823 57,729,002 52,949,823

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Fair value

Cost/

Amortised cost Fair value

Cost/

Amortised cost

Cost/

Amortised cost Fair value

Cost/

Amortised cost

9. Other long-term investments

Other long-term investments as at 31 December 2008 and 2007 are summarised below:

(Unit : Baht)

Fair value

Available-for-sale securities

Domestic marketable equity securities 6,523,657 6,575,817 6,523,657 11,796,638 6,523,657 6,575,817 6,523,657 11,796,638

6,523,657 6,575,817 6,523,657 11,796,638 6,523,657 6,575,817 6,523,657 11,796,638

Add: Revaluation surplus on changes in

value of investments in securities

available for sales 52,160 5,272,981 52,160 5,272,981

6,575,817 11,796,638 6,575,817 11,796,638

Held-to-maturity debt securities

Private debt securities 10,000,000 10,000,000 10,000,000 10,000,000

10,000,000 10,000,000 10,000,000 10,000,000

Other investments

Domestic non-marketable equity securities 55,000,000 45,000,000 55,000,000 45,000,000

55,000,000 45,000,000 55,000,000 45,000,000

Less: Allowance for impairment (13,846,815) (13,846,815) (13,846,815) (13,846,815)

41,153,185 31,153,185 41,153,185 31,153,185

Total other long-term investments - net 57,729,002 52,949,823 57,729,002 52,949,823

20072008 2007 2008


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√«¡∑’Ë¥‘π

‚√ßß“π·≈–

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‘π∑√—æ¬å

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10. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

(Àπà«¬ : ∫“∑)

‡§√◊ËÕß¡◊Õ·≈–

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31 ∏—π«“§¡ 2550 278,396,942 884,150,737 2,300,076,974 233,671,071 82,737,781 148,186,642 55,747,636 3,982,967,783

´◊ÈÕ‡æ‘Ë¡ 146,188,783 1,768,841 2,979,419 17,126,085 8,602,929 22,295,974 341,288,949 540,250,980

®”Àπà“¬ /µ—¥®”Àπà“¬ - (846,550) (20,805,889) (4,511,860) (4,672,891) (21,611,973) (77,390) (52,526,553)

‚Õπ 17,252,887 34,370,061 87,530,747 7,880,301 2,445,370 - (149,479,366) -

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π - 18,039,654 53,981,275 2,753,874 362,329 842,955 - 75,980,087

31 ∏—π«“§¡ 2551 441,838,612 937,482,743 2,423,762,526 256,919,471 89,475,518 149,713,598 247,479,829 4,546,672,297

§à“‡ ◊ËÕ¡√“§“ – ¡

31 ∏—π«“§¡ 2550 - 324,475,515 1,428,869,350 181,685,088 68,329,212 100,435,039 - 2,103,794,204

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï - 39,147,313 139,298,845 20,068,865 5,556,749 16,022,533 - 220,094,305

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’Ë®”Àπà“¬/µ—¥®”Àπà“¬ - (221,621) (20,664,935) (4,362,770) (4,645,119) (20,247,507) - (50,141,952)

º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π - 4,207,586 30,901,668 1,877,260 272,510 605,137 - 37,864,161

31 ∏—π«“§¡ 2551 - 367,608,793 1,578,404,928 199,268,443 69,513,352 96,815,202 - 2,311,610,718

§à“‡‡º◊ËÕ°“√¥âÕ¬§à“

31 ∏—π«“§¡ 2550 - 99,244 4,405,364 33,260 14,555 5,698 - 4,558,121

°≈—∫√“¬°“√√–À«à“ßªï - - (772,230) - - - - (772,230)

31 ∏—π«“§¡ 2551 - 99,244 3,633,134 33,260 14,555 5,698 - 3,785,891

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’

31 ∏—π«“§¡ 2550 278,396,942 559,575,978 866,802,260 51,952,723 14,394,014 47,745,905 55,747,636 1,874,615,458

31 ∏—π«“§¡ 2551 441,838,612 569,774,706 841,724,464 57,617,768 19,947,611 52,892,698 247,479,829 2,231,275,688

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

2550 (200 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√º≈‘µ à«π∑’Ë‡À≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 228,845,908


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TotalLand

Factory and

improvement

Machinery

and equipment

Furniture

and fixtures

Motor

vehicles

Assets under

construction

10. Property, plant and equipment

(Unit : Baht)

Factory tools

and equipment


Cost:

31 December 2007 278,396,942 884,150,737 2,300,076,974 233,671,071 82,737,781 148,186,642 55,747,636 3,982,967,783

Additions 146,188,783 1,768,841 2,979,419 17,126,085 8,602,929 22,295,974 341,288,949 540,250,980

Disposals/written off - (846,550) (20,805,889) (4,511,860) (4,672,891) (21,611,973) (77,390) (52,526,553)

Transfers 17,252,887 34,370,061 87,530,747 7,880,301 2,445,370 - (149,479,366) -

Translation adjustment - 18,039,654 53,981,275 2,753,874 362,329 842,955 - 75,980,087

31 December 2008 441,838,612 937,482,743 2,423,762,526 256,919,471 89,475,518 149,713,598 247,479,829 4,546,672,297

Accumulated depreciation:

31 December 2007 - 324,475,515 1,428,869,350 181,685,088 68,329,212 100,435,039 - 2,103,794,204

Depreciation for the year - 39,147,313 139,298,845 20,068,865 5,556,749 16,022,533 - 220,094,305

Depreciation on disposals/written off - (221,621) (20,664,935) (4,362,770) (4,645,119) (20,247,507) - (50,141,952)

Translation adjustment - 4,207,586 30,901,668 1,877,260 272,510 605,137 - 37,864,161

31 December 2008 - 367,608,793 1,578,404,928 199,268,443 69,513,352 96,815,202 - 2,311,610,718

Allowance for impairment loss:

31 December 2007 - 99,244 4,405,364 33,260 14,555 5,698 - 4,558,121

Decrease during the year - - (772,230) - - - - (772,230)

31 December 2008 - 99,244 3,633,134 33,260 14,555 5,698 - 3,785,891

Net book value:

31 December 2007 278,396,942 559,575,978 866,802,260 51,952,723 14,394,014 47,745,905 55,747,636 1,874,615,458

31 December 2008 441,838,612 569,774,706 841,724,464 57,617,768 19,947,611 52,892,698 247,479,829 2,231,275,688

Depreciation for the year

2007 (Baht 200 million included in manufacturing cost, and the balance in selling and administrative expenses) 228,845,908


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31 ∏—π«“§¡ 2550 245,968,899 669,604,976 1,514,525,209 136,181,909 76,977,760 135,656,718 53,542,739 2,832,458,210

´◊ÈÕ‡æ‘Ë¡ 146,188,783 1,768,841 1,595,200 13,445,118 8,163,203 19,145,288 267,356,423 457,662,856

®”Àπà“¬/µ—¥®”Àπà“¬ - (846,550) (20,805,889) (4,332,253) (4,557,985) (20,132,973) (26,358) (50,702,008)

‚Õπ 17,252,887 17,390,542 47,003,050 1,677,136 2,428,520 - (85,752,135) -

31 ∏—π«“§¡ 2551 409,410,569 687,917,809 1,542,317,570 146,971,910 83,011,498 134,669,033 235,120,669 3,239,419,058

§à“‡ ◊ËÕ¡√“§“ – ¡

31 ∏—π«“§¡ 2550 - 269,275,328 967,534,445 110,395,344 63,961,780 91,046,082 - 1,502,212,979

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï - 32,367,660 99,418,929 11,104,385 5,106,427 14,739,504 - 162,736,905

§à“‡ ◊ËÕ¡√“§“ ”À√—∫

à«π∑’Ë®”Àπà“¬/µ—¥®”Àπà“¬ - (221,621) (20,664,935) (4,217,782) (4,534,116) (18,768,508) - (48,406,962)

31 ∏—π«“§¡ 2551 - 301,421,367 1,046,288,439 117,281,947 64,534,091 87,017,078 - 1,616,542,922

§à“‡‡º◊ËÕ°“√¥âÕ¬§à“

31 ∏—π«“§¡ 2550 - 99,244 509,418 33,260 14,555 5,698 - 662,175

31 ∏—π«“§¡ 2551 - 99,244 509,418 33,260 14,555 5,698 - 662,175

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31 ∏—π«“§¡ 2550 245,968,899 400,230,404 546,481,346 25,753,305 13,001,425 44,604,938 53,542,739 1,329,583,056

31 ∏—π«“§¡ 2551 409,410,569 386,397,198 495,519,713 29,656,703 18,462,852 47,646,257 235,120,669 1,622,213,961

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(Unit : Baht)


TotalLand

Factory and

improvement

Machinery

and equipment

Furniture

and fixtures

Motor

vehicles

Assets under

construction

Factory tools

and equipment

Cost:

31 December 2007 245,968,899 669,604,976 1,514,525,209 136,181,909 76,977,760 135,656,718 53,542,739 2,832,458,210

Additions 146,188,783 1,768,841 1,595,200 13,445,118 8,163,203 19,145,288 267,356,423 457,662,856

Disposals/written off - (846,550) (20,805,889) (4,332,253) (4,557,985) (20,132,973) (26,358) (50,702,008)

Transfers 17,252,887 17,390,542 47,003,050 1,677,136 2,428,520 - (85,752,135) -

31 December 2008 409,410,569 687,917,809 1,542,317,570 146,971,910 83,011,498 134,669,033 235,120,669 3,239,419,058

Accumulated depreciation:

31 December 2008 - 269,275,328 967,534,445 110,395,344 63,961,780 91,046,082 - 1,502,212,979

Depreciation for the year - 32,367,660 99,418,929 11,104,385 5,106,427 14,739,504 - 162,736,905

Depreciation on disposals/written off - (221,621) (20,664,935) (4,217,782) (4,534,116) (18,768,508) - (48,406,962)

31 December 2008 - 301,421,367 1,046,288,439 117,281,947 64,534,091 87,017,078 - 1,616,542,922

Allowance for impairment loss:

31 December 2007 - 99,244 509,418 33,260 14,555 5,698 - 662,175

31 December 2008 - 99,244 509,418 33,260 14,555 5,698 - 662,175

Net book value:

31 December 2007 245,968,899 400,230,404 546,481,346 25,753,305 13,001,425 44,604,938 53,542,739 1,329,583,056

31 December 2008 409,410,569 386,397,198 495,519,713 29,656,703 18,462,852 47,646,257 235,120,669 1,622,213,961

Depreciation for the year




92


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2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’Õ“§“√·≈–Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â«·µà¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ¢Õß

‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘πª√–¡“≥ 1,023 ≈â“π∫“∑ (2550: 904 ≈â“π∫“∑) (ß∫°“√‡ß‘π‡©æ“–°‘®°“√: 821 ≈â“π∫“∑ 2550: 712 ≈â“π∫“∑)

∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß‰¥â®¥®”πÕßÕ“§“√æ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ®”π«π 204.9 ≈â“π

∫“∑ ‡æ◊ËÕ§È”ª√–°—π ‘π‡™◊ËÕ√–¬– —Èπ∑’Ë‰¥â√—∫®“°∏π“§“√æ“≥‘™¬å

11. ‘∑∏‘°“√‡™à“∑’Ë¥‘π

∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß‰¥â®¥®”πÕß ‘∑∏‘°“√‡™à“∑’Ë¥‘π ‡æ◊ËÕ§È”ª√–°—π«ß‡ß‘π ‘π‡™◊ËÕ√–¬– —Èπ∑’Ë‰¥â√—∫®“°∏π“§“√æ“≥‘™¬å

12. «ß‡ß‘π ‘π‡™◊ËÕ¢Õß‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ MMR À√◊Õ BIBOR ∫«°Õ—µ√“¥Õ°‡∫’È¬ à«π‡æ‘Ë¡ ·≈– MLR

‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»§‘¥¥Õ°‡∫’È¬„πÕ—µ√“ SIBOR + 3% µàÕªï

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰¥â√—∫«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√·≈– ∂“∫—π°“√‡ß‘π ‚¥¬¡’¢âÕ°”Àπ¥‡ªìπ°“√∑—Ë«‰ª‡°’Ë¬«°—∫°“√¥”√ßÕ—µ√“ à«π

∑“ß°“√‡ß‘π·≈–®”°—¥°“√°àÕ¿“√–ºŸ°æ—π„π∑√—æ¬å ‘π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ·≈–®”°—¥°“√„Àâ°“√§È”ª√–°—π‚¥¬°√√¡°“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

«ß‡ß‘π ‘π‡™◊ËÕ®“°∏π“§“√¢Õß∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»§È”ª√–°—π‚¥¬∫√‘…—∑œ Õ“§“√æ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«

13. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

(Àπà«¬ : ∫“∑)

Õ—µ√“¥Õ°‡∫’È¬

‡ß‘π°Ÿâ (√âÕ¬≈–µàÕªï) ‡ß◊ËÕπ‰¢°“√™”√–‡ß‘π

1. MLR ≈∫ 2.00 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ

µ—Èß·µàªï 2547 - 2552 4,000,000 16,000,000 - -

2. MLR ≈∫ 0.75 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ

·≈– MLR ≈∫ 1.25 µ—Èß·µàªï 2550 - 2553 12,000,000 21,600,000 - -

3. MLR ≈∫ 0.75 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ

·≈– MLR ≈∫ 1.5 µ—Èß·µàªï 2551 - 2554 19,540,000 28,000,000 - -

4. 4.5% ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ

µ—Èß·µàªï 2551 - 2556 21,130,000 - - -

5. MLR ≈∫ 1.5 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ

·≈– MLR ≈∫ 1.75 µ—Èß·µàªï 2551 - 2556 22,200,000 - - -

√«¡ 78,870,000 65,600,000 - -

À—°: à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï (68,210,000) (30,060,000) - -

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘ 10,660,000 35,540,000 - -

¿“¬„µâ —≠≠“‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“« ∫√‘…—∑¬àÕ¬µâÕßªÆ‘∫—µ‘µ“¡¢âÕ°”Àπ¥‡ªìπ°“√∑—Ë«‰ª ‰¥â·°à ∫√‘…—∑¬àÕ¬®–‰¡àπ” ‘π∑√—æ¬å¢Õß∫√‘…—∑¬àÕ¬‰ª®”Àπà“¬®à“¬

‚ÕπÀ√◊Õ°àÕ¿“√–ºŸ°æ—π„¥Ê ‡«âπ·µà‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°∏π“§“√·≈–°“√¥”√ß —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬ ·≈–°“√¥”√ßÕ—µ√“ à«π

∑“ß°“√‡ß‘π∫“ßª√–°“√ ‡ªìπµâπ





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2008 20072008 2007

Separate financial statementsConsolidated financial statements

As at 31 December 2008, certain plant and equipment items of the Company and its subsidiaries have been fully depreciated but are still

in use. The original cost of those assets amounted to approximately Baht 1,023 million (2007: Baht 904 million) (The Company only: Baht 821

million, 2007: Baht 712 million)

The overseas subsidiary company has mortgaged its building and construction thereon, with a total net book value as at 31 December 2008

of Baht 204.9 million as collateral for short-term credit facilities granted by a commercial bank.

11. Leasehold land

The overseas subsidiary company has mortgaged its leasehold land, as collateral for short-term credit facilities granted by a commercial bank.

12. Credit facilities of bank overdrafts and short-term loans from financial institutions

Short-term loans of the Company and a local subsidiary company were charged interest at the rate of MMR or BIBOR plus with incremental

interest rate or MLR per annum.

Short-term loans of an overseas subsidiary company were charged interest at the rate of SIBOR+3% per annum.

The agreements for the credit facilities obtained from banks and financial institutions contain covenants with which the Company and its local

subsidiary must comply. These relate to, among other things, the maintenance of certain financial ratios, and restrictions on the creation of lien or

encumbrance over their assets and the provision of guarantees by their directors.

Credit facilities of the overseas subsidiary company are secured by the mortgage of the subsidiary companyûs leasehold right to land, building

and construction thereon, and by guarantees provided by the Company.

13. Long-term loans

(Unit : Baht)

Interest rate

(percent per Repayment

Loans annum) conditions

1. MLR less 2.00 Monthly installments as

from 2004 to 2009 4,000,000 16,000,000 - -

2. MLR less 0.75 and Monthly installments as

MLR Less 1.25 from 2007 to 2010 12,000,000 21,600,000 - -


MLR Less 1.5 from 2008 to 2011 19,540,000 28,000,000 - -

4. 4.5% Monthly installments as

from 2008 to 2013 21,130,000 - - -


MLR less 1.75 from 2008 to 2013 22,200,000 - - -

Total 78,870,000 65,600,000 - -

Less: Current portion (68,210,000) (30,060,000) - -

Long-term loans - net 10,660,000 35,540,000 - -

The loan agreements contain covenants that, among other things, require the subsidiary to be restricted on the disposal of its assets or the

creation of lien thereon without prior consent from banks and the maintenance of financial ratios and certain percentage of shareholding in the

subsidiary held by the Company.


94


≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑¬àÕ¬‰¡à “¡“√∂¥”√ßÕ—µ√“ à«π∑“ß°“√‡ß‘πµ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“‡ß‘π°Ÿâ¬◊¡°—∫ ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß¿“¬„µâ

‡ß◊ËÕπ‰¢¢Õß —≠≠“‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«ºŸâ„Àâ°Ÿâ¡’ ‘∑∏‘§‘¥¥Õ°‡∫’È¬ ”À√—∫‡ß‘π°Ÿâ¬◊¡„πÕ—µ√“ Ÿß ÿ¥·≈–¡’ ‘∑∏‘‡√’¬°§◊π‡ß‘πµâπ‰¥â∑—Èß®”π«π∑—π∑’ ∫√‘…—∑¬àÕ¬®÷ß®—¥

ª√–‡¿∑‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®”π«π 32.4 ≈â“π∫“∑ ‡ªìπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–∑—π∑’ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑¬àÕ¬Õ¬Ÿà„π√–À«à“ß°“√¢ÕºàÕπª√π°“√

ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢¥—ß°≈à“«°—∫ºŸâ„Àâ°Ÿâ ·≈–ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑¬àÕ¬‡™◊ËÕ¡—Ëπ«à“®–‰¥â√—∫°“√ºàÕπª√π„π‡ß◊ËÕπ‰¢¥—ß°≈à“«

14. ª√–¡“≥°“√Àπ’È ‘π

ª√–¡“≥°“√Àπ’È ‘π‡ªìπ ”√Õß‡º◊ËÕº≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®“° —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“∑’Ë§ß§â“ßÕ¬Ÿà ≥ «—π

∑’Ë 31 ∏—π«“§¡ 2551 ‚¥¬æ‘®“√≥“®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß —≠≠“¥—ß°≈à“«´÷Ëß§”π«≥‚¥¬„™âÀ≈—°‡°≥±å°“√ª√–‡¡‘π¡Ÿ≈§à“∑’Ë‡ªìπ∑’Ë¬Õ¡√—∫∑—Ë«‰ª

º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ßπ’È‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π¢Õßªï 2551 ®”π«πª√–¡“≥ 9.7 ≈â“π∫“∑

15. ∑ÿπ‡√◊ÕπÀÿâπ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘

‡¡◊ËÕ«—π∑’Ë 19 µÿ≈“§¡ 2550 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ §√—Èß∑’Ë 1/2550 ‰¥â¡’¡µ‘‡ªìπ‡Õ°©—π∑åÕπÿ¡—µ‘°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®”π«π

124,903,260 ∫“∑ (Àÿâπ “¡—≠ 124,903,260 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ∑”„Àâ∑ÿπ®¥∑–‡∫’¬π 499,613,033 ∫“∑ (Àÿâπ “¡—≠ 499,613,033 Àÿâπ

¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ‡æ‘Ë¡‡ªìπ∑ÿπ®¥∑–‡∫’¬π®”π«π 624,516,293 ∫“∑ (Àÿâπ “¡—≠ 624,516,293 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ·≈–Õπÿ¡—µ‘®—¥ √√Àÿâπ

“¡—≠‡æ‘Ë¡∑ÿπ¥—ß°≈à“« ‡æ◊ËÕ√Õß√—∫°“√®à“¬Àÿâπªíπº≈ ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«¢â“ßµâπ°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„π‡¥◊Õπæƒ»®‘°“¬π 2550

„π‡¥◊Õπæƒ»®‘°“¬π 2550 ∫√‘…—∑œ ‰¥â∑”°“√®à“¬Àÿâπ “¡—≠ªíπº≈®”π«π 124,896,336 Àÿâπ ¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ ∑”„Àâ ≥ «—π∑’Ë 31

∏—π«“§¡ 2550 ∫√‘…—∑œ ¡’∑ÿπ∑’ËÕÕ°·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â«‡ªìπ®”π«π 624,509,369 ∫“∑ (Àÿâπ “¡—≠ 624,509,369 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑)

∑’Ëª√–™ÿ¡„À≠à«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ ¢Õß∫√‘…—∑œ §√—Èß∑’Ë 1/2551 ·≈– 2/2551 ‡¡◊ËÕ«—π∑’Ë 4 °√°Æ“§¡ 2551 ·≈– 21 æƒ»®‘°“¬π 2551 µ“¡≈”¥—∫

‰¥â¡’¡µ‘‡ªìπ‡Õ°©—π∑åÕπÿ¡—µ‘‡√◊ËÕß¥—ßµàÕ‰ªπ’È

°) Õπÿ¡—µ‘°“√≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®“°®”π«π 624,516,293 ∫“∑ ‡ªìπ∑ÿπ®¥∑–‡∫’¬π®”π«π 624,509,369 ∫“∑ ‚¥¬°“√≈¥Àÿâπ®¥

∑–‡∫’¬π∑’ËÕÕ°‰«â‡æ◊ËÕ√Õß√—∫°“√®à“¬Àÿâπªíπº≈¢Õß∫√‘…—∑œ ®”π«π 6,924 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ ‡π◊ËÕß®“°‡ªìπÀÿâπ∑’Ë®”Àπà“¬‰¡à‰¥â

À√◊Õ¬—ß¡‘‰¥âπ”ÕÕ°®”Àπà“¬ ∫√‘…—∑œ ∑”°“√®¥∑–‡∫’¬π°“√≈¥∑ÿπ¥—ß°≈à“«¢â“ßµâπ°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„π«—π∑’Ë 16 °√°Æ“§¡ 2551

¢) Õπÿ¡—µ‘°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®“°®”π«π 624,509,369 ∫“∑ ‡ªìπ®”π«π 809,411,243 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ

®”π«π 184,901,874 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ√Õß√—∫°“√ÕÕ°·≈–‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 50,000,000 Àÿâπ ·≈–

°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 134,901,874 Àπà«¬ ∫√‘…—∑œ ∑”°“√®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«¢â“ßµâπ°—∫°√–∑√«ßæ“≥‘™¬å

·≈â«„π«—π∑’Ë 22 °√°Æ“§¡ 2551

§) Õπÿ¡—µ‘°“√®—¥ √√Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 50,000,000 Àÿâπ ¡Ÿ≈§à“∑’Ëµ√“‰«âÀÿâπ≈– 1 ∫“∑‡æ◊ËÕ‡ πÕ¢“¬„Àâ°—∫π—°≈ß∑ÿπ∑—Ë«‰ª ‚¥¬„Àâ‡ªìπ

¥ÿ≈¬æ‘π‘®¢Õß§≥–°√√¡°“√∫√‘…—∑œ ∑’Ë®–°”Àπ¥„Àâ¢“¬‡¡◊ËÕ„¥°Á‰¥â °√≥’π—°≈ß∑ÿπ‰¡à∑”°“√®Õß´◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“«À√◊Õ®Õß ◊ÈÕ‰¡à§√∫®”π«π„Àâ

§≥–°√√¡°“√∫√‘…—∑œ ¡’Õ”π“®π”Àÿâπ∑’Ë‡À≈◊Õ®“°°“√®Õß´◊ÈÕ¡“®”Àπà“¬„Àâ·°à∫ÿ§§≈„π«ß®”°—¥Õ◊ËπÊ µ“¡∑’Ë§≥–°√√¡°“√∫√‘…—∑œ ‡ÀÁπ ¡§«√

ß) Õπÿ¡—µ‘°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ®”π«π 124,901,874 Àπà«¬ ‡æ◊ËÕ‡ πÕ¢“¬„Àâ°—∫ºŸâ∂◊ÕÀÿâπ‡¥‘¡¢Õß∫√‘…—∑œ

„πÕ—µ√“ 5 Àÿâπ “¡—≠‡¥‘¡µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 1 Àπà«¬„π√“§“‡ πÕ¢“¬Àπà«¬≈– 0 ∫“∑ °√≥’¡’‡»…„Àâªí¥∑‘Èß ‚¥¬∫√‘…—∑œ

“¡“√∂¥”‡π‘π°“√‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘‰¥â„π§√“«‡¥’¬«°—πÀ√◊Õµà“ß§√“«°—∫°”Àπ¥«—π‡ πÕ¢“¬Àÿâπ “¡—≠µ“¡¢âÕ §) „∫ ”§—≠· ¥ß

‘∑∏‘π’È¡’Õ“¬ÿ 3 ªï ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 ∏—π«“§¡ 2552 ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬µàÕ 1 Àÿâπ

“¡—≠„π√“§“‰¡àµË”°«à“ 8.90 ∫“∑

®) Õπÿ¡—µ‘°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ®”π«π 10,000,000 Àπà«¬ ‡æ◊ËÕ‡ πÕ¢“¬„Àâ°—∫π—°≈ß∑ÿπ∑’Ë®Õß´◊ÈÕÀÿâπ “¡—≠

‡æ‘Ë¡∑ÿπµ“¡¢âÕ §) „πÕ—µ√“ 5 Àÿâπ “¡—≠µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 1 Àπà«¬„π√“§“‡ πÕ¢“¬Àπà«¬≈– 0 ∫“∑ °√≥’¡’‡»…„Àâªí¥∑‘Èß

„∫ ”§—≠· ¥ß ‘∑∏‘π’È¡’Õ“¬ÿ 3 ªï ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 ∏—π«“§¡ 2552 ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘

1 Àπà«¬µàÕ 1 Àÿâπ “¡—≠„π√“§“‰¡àµË”°«à“ 8.90 ∫“∑

≥ «—π∑’Ë„π√“¬ß“π∫√‘…—∑œ ¬—ßÕ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√‡°’Ë¬«°—∫°“√‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘¢â“ßµâπ





As at 31 December 2008, the subsidiary company was unable to maintain the financial ratios stipulated in the loan agreement with

a financial institution. Under the conditions in the agreement, the lender therefore has the right to charge interest at the highest rate and to call for

immediate repayment of the long-term loan. The subsidiary company has, therefore, classified long-term loans of Baht 32.4 million as due at call.

However, the subsidiary companyûs management is in the process of negotiating with the lender to request a waiver from compliance with the above

conditions and is confident that it will receive the waiver from the lender.

14. Provisions

Provisions represented allowances for unrealised exchange losses on forward exchange contracts outstanding as at 31 December 2008.

The provisions were determined from their fair values of those agreements, which were calculated based on generally accepted pricing models.

Unrealised exchange losses amounting to approximately Baht 9.7 million are included in determining income of 2008.

15. Share capital

On 19 October 2007, the Extraordinary Meeting No.1/2550 of the Companyûs shareholders unanimously passed the resolution that

approved an increase of Baht 124,903,260 (124,903,260 ordinary shares of Baht 1 each) in the registered share capital, from Baht 499,613,033

(499,613,033 ordinary shares of Baht 1 each) to Baht 624,516,293 (624,516,293 ordinary shares of Baht 1 each), and the allocation of the

additional shares to support the stock dividend payment. The Company registered the capital increase with the Ministry of Commerce in November

2007.

In November 2007, the Company issued 124,896,336 stock dividends with a par value of Baht 1 each, therefore as at 31 December

2007, the Companyûs issued and fully paid-up share capital is Baht 624,509,369 (624,509,369 ordinary shares of Baht 1 each).

The Extraordinary General Meetings No.1/2008 and No. 2/2008 of the Companyûs shareholders for the year 2008, held on 4 July 2008

and 21 November 2008, respectively, passed the following resolutions.

(a) Approved a reduction in the Companyûs registered share capital from Baht 624,516,293 to Baht 624,509,369 by eliminating 6,924

shares, with a par value of Baht 1 per share that had been issued for stock dividend payment and had not been offered. The Company

registered the reduction of its registered share capital with the Ministry of Commerce on 16 July 2008.

(b) Approved an increase in the Companyûs registered share capital from Baht 624,509,369 to Baht 809,411,243 by issuing 184,901,874

new ordinary shares with a par value of Baht 1 per share, to be offered and reserved for the public offering of 50,000,000 new ordinary

shares and the exercise of 134,901,874 warrants. The Company registered the capital increase with the Ministry of Commerce on 22

July 2008.

(c) Approved the issue of 50,000,000 new ordinary shares, with a par value of Baht 1 per share, to be offered to general public, with the

Companyûs Board of Directors to determine the offering period at their discretion. If there are shares remaining after such subscription of

the public investors, the Companyûs Board of Directors is authorised to offer the remaining shares for subscription to other specific

investors deemed appropriate by the Companyûs Board of Directors.

(d) Approved the allocation of 124,901,874 warrants to be offered to existing shareholders of the Company at a rate of 1 warrant for every

5 existing ordinary shares, at no cost. Any fractions will be discarded. The resolution also approved the setting of the rights offering period

of the warrants to be in the same period or different period to public offering subscription period for new shares issued under (c). The

warrants have a term of 3 years, with the first exercise date being 1 December 2009. One warrant can be exercised to purchase one new

ordinary share at a price of not less than Baht 8.90.

(e) Approved the allocation of 10,000,000 warrants to be offered to public investors who subscribe for the new shares issued under (c) at

a rate of 1 warrant for every 5 ordinary shares subscribed, at no cost. Any fractions will be discarded. The warrants have a term of 3 years

and the first exercise date will be on 1 December 2009. One warrant can be exercised to purchase one new ordinary share at a price of

not less than Baht 8.90.

On the audit report date, the Company is in the process of arrangement in order to offer the above new ordinary shares and warrants issued.


96


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¬°‡«âπ¿“…’‡ß‘π‰¥â √«¡

2551 2550 2551 2550 2551 2550

°‘®°“√∑’Ë‰¥â√—∫

¬°‡«âπ¿“…’‡ß‘π‰¥â

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2551 25502551 2550

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–°‘®°“√

16. ”√Õßµ“¡°ÆÀ¡“¬

¿“¬„µâ∫∑∫—≠≠—µ‘¢Õß¡“µ√“ 116 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œµâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ëß‰«â‡ªìπ

∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ

®¥∑–‡∫’¬π ”√Õßµ“¡°ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂π”‰ª®à“¬‡ß‘πªíπº≈‰¥â

17. §à“„™â®à“¬µ“¡≈—°…≥–

√“¬°“√§à“„™â®à“¬·∫àßµ“¡≈—°…≥–ª√–°Õ∫¥â«¬√“¬°“√§à“„™â®à“¬∑’Ë ”§—≠¥—ßµàÕ‰ªπ’È

(Àπà«¬ : ∫“∑)

‡ß‘π‡¥◊Õπ·≈–§à“·√ß·≈–º≈ª√–‚¬™πåÕ◊Ëπ¢Õßæπ—°ß“π 334,812,787 344,554,678 261,658,071 280,222,287

§à“‡ ◊ËÕ¡√“§“ 220,094,305 228,845,908 162,736,905 175,845,562

¢“¥∑ÿπ®“°°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ 641,335,525 - 608,835,529 -

«—µ∂ÿ¥‘∫·≈–«— ¥ÿ ‘Èπ‡ª≈◊Õß„™â‰ª 20,222,829,012 14,662,990,249 18,576,825,785 13,042,146,119

°“√‡ª≈’Ë¬π·ª≈ß„π ‘π§â“ ”‡√Á®√Ÿª·≈–ß“π√–À«à“ß∑” (489,937,742) (169,141,858) (657,678,482) (181,784,386)

18. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘≈ß°÷ËßÀπ÷Ëß¢ÕßÕ—µ√“ª°µ‘∑’Ë∫√‘…—∑¬àÕ¬µâÕß‡ ’¬ ·µà®–µâÕß‡ ’¬¿“…’„π

Õ—µ√“‰¡àµË”°«à“√âÕ¬≈– 10 ‡ªìπ√–¬–‡«≈“ 3 ªï (2548-2550)

∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¡à¡’¿“√–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫ªï 2551 ‡π◊ËÕß®“°¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπ

19. °“√ àß‡ √‘¡°“√≈ß∑ÿπ

∫√‘…—∑œ ‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’®“°§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ ”À√—∫°‘®°“√º≈‘µπÈ”¡—πÀ√◊Õ‰¢¡—π®“°æ◊™·≈– —µ«å µ“¡∫—µ√ àß‡ √‘¡°“√

≈ß∑ÿπ‡≈¢∑’Ë 1801/2545 ‡¡◊ËÕ«—π∑’Ë 26 ∏—π«“§¡ 2545 ¿“¬„µâ‡ß◊ËÕπ‰¢∑’Ë°”Àπ¥∫“ßª√–°“√ ‘∑∏‘æ‘‡»…¥—ß°≈à“«√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπÕ“°√¢“‡¢â“

”À√—∫‡§√◊ËÕß®—°√µ“¡∑’Ë§≥–°√√¡°“√æ‘®“√≥“Õπÿ¡—µ‘·µà‰¡à√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπ/≈¥À¬àÕπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

∫√‘…—∑œ ‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¿“…’‚¥¬°“√Õπÿ¡—µ‘¢Õß§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ ”À√—∫°‘®°“√º≈‘µ¢â“«‚æ¥Õ∫·≈–∂—Ë«‡À≈◊ÕßÕ∫ µ“¡∫—µ√

àß‡ √‘¡°“√≈ß∑ÿπ‡≈¢∑’Ë 1509(1)/2547 ‡¡◊ËÕ«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2547 ¿“¬„µâ‡ß◊ËÕπ‰¢∑’Ë°”Àπ¥∫“ßª√–°“√ ‘∑∏‘æ‘‡»…¥—ß°≈à“«√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπ

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡‡©æ“–°“√º≈‘µ¢â“«‚æ¥Õ∫‡ªìπ√–¬–‡«≈“·ª¥ªïπ—∫·µà«—π∑’Ë‡√‘Ë¡¡’√“¬‰¥â

®“°°“√ª√–°Õ∫°‘®°“√π—Èπ (30 ‘ßÀ“§¡ 2547)

√“¬‰¥â¢Õß∫√‘…—∑œ ”À√—∫ªï®”·π°µ“¡°‘®°“√∑’Ë‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â·≈–°‘®°“√∑’Ë‰¡à‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â ‡ªìπ¥—ßπ’È

(Àπà«¬ : æ—π∫“∑)

√“¬‰¥â®“°°“√¢“¬

√“¬‰¥â®“°°“√¢“¬„πª√–‡∑» - - 20,223,354 15,196,365 20,223,354 15,196,365

√“¬‰¥â®“°°“√ àßÕÕ° - - 709,698 327,359 709,698 327,359

√«¡√“¬‰¥â®“°°“√¢“¬ - - 20,933,052 15,523,724 20,933,052 15,523,724





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Non-income tax

exempted operations Total

2008 2007 2008 2007 2008 2007

Income tax

exempted operations

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2008 20072008 2007


16. Statutory reserve

Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least

5 percent of its net income after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered

capital. The statutory reserve is not available for dividend distribution.

17. Expenses by nature

Significant expenses by nature are as follows:

(Unit : Baht)

Salary and wages and other employee benefits 334,812,787 344,554,678 261,658,071 280,222,287

Depreciation 220,094,305 228,845,908 162,736,905 175,845,562

Loss on allowance for diminution in value of inventories 641,335,525 - 608,835,529 -

Raw materials and consumables used 20,222,829,012 14,662,990,249 18,576,825,785 13,042,146,119

Changes in inventories of finished goods and work in progress (489,937,742) (169,141,858) (657,678,482) (181,784,386)

18. Corporate income tax

An overseas subsidiary company were granted a reduction of corporate income tax rate on net income of the subsidiary to half of the normal

applicable rate for three years (2005-2007), although the rate at which tax is actually paid must not be less than 10 percent. That subsidiary is

not liable to corporate income tax for the year 2008 due to loss from its operations.

19. Promotional privileges

The Company has received promotional privileges from the Board of Investment for the production of oil from plants and animals, pursuant

to the promotion certificate No. 1801/2545 issued on 26 December 2002. Subject to certain imposed conditions, the privileges include an

exemption from import duty on approved machinery but not include exemption / reduction of corporate income tax.

The Company has received promotional privileges from the Board of Investment for the production of extruded corn and full fat soy, pursuant

to the promotion certificate No. 1509(1)/2547 on 24 June 2004. Subject to certain imposed conditions, the privileges include an exemption

from corporate income tax on profits from the promoted activities only extruded corn for a period of 8 years commencing from the date of the first

sales (30 August 2004).

The Companyûs operating revenues for the years are below shown divided according to income tax exempted and non-income tax exempted

operations.

(Unit : Thousand Baht)

Sales

Domestic sales - - 20,223,354 15,196,365 20,223,354 15,196,365

Export sales - - 709,698 327,359 709,698 327,359

Total sales - - 20,933,052 15,523,724 20,933,052 15,523,724


98


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®”π«πÀÿâπ “¡—≠

∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°

°”‰√µàÕÀÿâπ

2551

(æ—π∫“∑)

2550

(æ—π∫“∑)

2551

(æ—πÀÿâπ)

2550

(æ—πÀÿâπ)

2551

(∫“∑)

2550

(∫“∑)

°”‰√ ÿ∑∏‘

ß∫°“√‡ß‘π‡©æ“–°‘®°“√

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°”‰√µàÕÀÿâπ

2551

(æ—π∫“∑)

2550

(æ—π∫“∑)

2551

(æ—πÀÿâπ)

2550

(æ—πÀÿâπ)

2551

(∫“∑)

2550

(∫“∑)

°”‰√ ÿ∑∏‘

ß∫°“√‡ß‘π√«¡

20. °”‰√µàÕÀÿâπ

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«π∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π · ¥ß°“√§”π«≥‰¥â¥—ßπ’È


°”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ

¢Õß∫√‘…—∑„À≠à 749,634 1,256,391 624,509 499,613

º≈°√–∑∫¢ÕßÀÿâπªíπº≈ - - - 124,896

749,634 1,256,391 624,509 624,509 1.20 2.01


°”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ

¢Õß∫√‘…—∑„À≠à 836,078 1,130,856 624,509 499,613

º≈°√–∑∫¢ÕßÀÿâπªíπº≈ - - - 124,896

836,078 1,130,856 624,509 624,509 1.34 1.81

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2550 §”π«≥¢÷Èπ‚¥¬ª√—∫®”π«πÀÿâπ “¡—≠‡æ◊ËÕ –∑âÕπº≈°√–∑∫¢Õß°“√ÕÕ°Àÿâπªíπº≈

µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 23

21. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π° à«πß“π

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π°‘®°“√„π à«πß“π∑“ß∏ÿ√°‘®‡¥’¬«§◊Õ∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬πÈ”¡—πæ◊™‚¥¬¥”‡π‘π∏ÿ√°‘®„π à«πß“π∑“ß¿Ÿ¡‘»“ µ√å„π

ª√–‡∑»‰∑¬·≈–®’π à«πß“π∑“ß¿Ÿ¡‘»“ µ√å„πª√–‡∑»®’π§◊Õ∫√‘…—∑¬àÕ¬™◊ËÕ∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥

®”π«πÀÿâπ “¡—≠

∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°





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Weighted average

number of ordinary shares Earnings per share

2008

(Thousand Baht)

2007

(Thousand Baht)

2008

(Thousand Shares)

2007

(Thousand Shares)

2008

(Baht)

2007

(Baht)

Net income


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Weighted average

number of ordinary shares Earnings per share

2008

(Thousand Baht)

2007

(Thousand Baht)

2008

(Thousand Shares)

2007

(Thousand Shares)

2008

(Baht)

2007

(Baht)

Net income


20. Earnings per share

Basic earnings per share is calculated by dividing the net income for the year by the weighted average number of ordinary shares in issue

during the year.

The following table sets forth the computation of basic earnings per share:


Net income attributable to

equity holders of the parent 749,634 1,256,391 624,509 499,613

Effect of stock dividend - - - 124,896

749,634 1,256,391 624,509 624,509 1.20 2.01


Net income attributable to

equity holders of the parent 836,078 1,130,856 624,509 499,613

Effect of stock dividend - - - 124,896

836,078 1,130,856 624,509 624,509 1.34 1.81

Basic earnings per shares for the year ended 31 December 2007 had been calculated by adjusting the number of ordinary shares to reflect

the impact of the stock dividend as described in Note 23 to the financial statements.

21. Segment information

The Company and its subsidiary companiesû business operations involve a single industry segment in manufacture and distribution of

vegetable oil and are carried on in the geographic area in Thailand and China. The geographic segment in China is China-Thai Vegetable Oil

(Wuhan) Company Limited.


100


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à«πß“π

µà“ßª√–‡∑»

°“√µ—¥√“¬°“√∫—≠™’

√–À«à“ß°—π

2551 2550 2551 2550

à«πß“π

„πª√–‡∑» ß∫°“√‡ß‘π√«¡

2551 2550 2551 2550

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à«πß“π

µà“ßª√–‡∑»

°“√µ—¥√“¬°“√∫—≠™’

√–À«à“ß°—π

2551 2550 2551 2550

à«πß“π

„πª√–‡∑» ß∫°“√‡ß‘π√«¡

2551 2550 2551 2550

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π∑“ß¿Ÿ¡‘»“ µ√å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2551 ·≈– 2550 ¡’¥—ßµàÕ‰ªπ’È

(Àπà«¬ : ≈â“π∫“∑)

¢“¬ ÿ∑∏‘ 20,933 15,524 2,642 2,706 - - 23,575 18,230

√“¬‰¥âÕ◊Ëπ 565 447 69 40 (303) (253) 331 234

√«¡√“¬‰¥â 21,498 15,971 2,711 2,746 (303) (253) 23,906 18,464

°Ì“‰√®“°°“√¥”‡π‘πß“π

µ“¡ à«πß“π 1,589 1,701 (39) 285 (66) (23) 1,484 1,963

§à“„™â®à“¬∑’Ë‰¡à‰¥âªíπ à«π:

§à“„™â®à“¬∑“ß°“√‡ß‘π (136) (127)

¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ (604) (485)

°Ì“‰√ ÿ∑∏‘ ”À√—∫ªï 744 1,351

(Àπà«¬ : ≈â“π∫“∑)

∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 1,822 1,503 409 372 - - 2,231 1,875

‘π∑√—æ¬åÕ◊ËπÊ 4,811 4,009 622 1,588 (40) (47) 5,393 5,550

√«¡ ‘π∑√—æ¬å 6,633 5,512 1,031 1,960 (40) (47) 7,624 7,425

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„™â‡°≥±å„π°“√°”Àπ¥√“§“√–À«à“ß°—πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 5

22. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ

∫√‘…—∑œ ·≈–æπ—°ß“π∫√‘…—∑œ ‰¥â√à«¡°—π®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ¢÷Èπµ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530 ‚¥¬∫√‘…—∑œ ·≈–

æπ—°ß“π®à“¬ ¡∑∫°Õß∑ÿπ¥—ß°≈à“«‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 3 ¢Õß‡ß‘π‡¥◊Õπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∫√‘…—∑À≈—°∑√—æ¬å®—¥°“√°Õß∑ÿπ

‡ÕÁ¡‡Õø´’ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π‡¡◊ËÕæπ—°ß“ππ—ÈπÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«¬°Õß∑ÿπ¢Õß∫√‘…—∑œ „π√–À«à“ßªï 2551 ∫√‘…—∑œ ‰¥â

®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ‡ªìπ®”π«π‡ß‘π 3.5 ≈â“π∫“∑ (2550: 3.2 ≈â“π∫“∑)





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Overseas

segment

Elimination of inter-

segment

2008 2007 2008 2007

Domestic

segment

Consolidated financial

statements

2008 2007 2008 2007

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Overseas

segment

Elimination of inter-

segment

2008 2007 2008 2007

Domestic

segment

Consolidated financial

statements

2008 2007 2008 2007

Below is the consolidated financial information for the years ended 31 December 2008 and 2007 of the Company and its subsidiary

companies by geographic segment.


Net sales 20,933 15,524 2,642 2,706 - - 23,575 18,230

Other income 565 447 69 40 (303) (253) 331 234

Total revenues 21,498 15,971 2,711 2,746 (303) (253) 23,906 18,464

Segment income 1,589 1,701 (39) 285 (66) (23) 1,484 1,963

Unallocated expenses:

Finance cost (136) (127)

Corporate income tax (604) (485)

Net income for the year 744 1,351


Property, plant and equipment - net 1,822 1,503 409 372 - - 2,231 1,875

Other assets 4,811 4,009 622 1,588 (40) (47) 5,393 5,550

Total assets 6,633 5,512 1,031 1,960 (40) (47) 7,624 7,425

Transfer prices between business segments are as set out in Note 5 to the financial statements.

22. Provident fund

The Company and its employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both

employees and the Company contributed to the fund monthly at the rate of 3 percent of basic salary. The fund, which is managed by MFC Asset

Management Public Company Limited, will be paid to employees upon termination in accordance with the fund rules. During the year 2008, the

Company contributed Baht 3.5 million (2007: Baht 3.2 million) to the fund.


102


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‡ß‘πªíπº≈®à“¬Õπÿ¡—µ‘‚¥¬ ‡ß‘πªíπº≈®à“¬µàÕÀÿâπ‡ß‘πªíπº≈

23. ‡ß‘πªíπº≈

(Àπà«¬ : ∫“∑)

‡ß‘πªíπº≈ª√–®”ªï ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ

”À√—∫ªï 2549 ‡¡◊ËÕ«—π∑’Ë 25 ‡¡…“¬π 2550 224,825,865 0.45

‡ß‘πªíπº≈√–À«à“ß°“≈ ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ

”À√—∫ªï 2550 ‡¡◊ËÕ«—π∑’Ë 19 µÿ≈“§¡ 2550

- Àÿâπªíπº≈ 124.9 ≈â“πÀÿâπ 124,896,336 0.25

- ‡ß‘π ¥ªíπº≈ 249,793,188 0.50

√«¡‡ß‘πªíπº≈ ”À√—∫ªï 2550 599,515,389 1.20

‡ß‘πªíπº≈ª√–®”ªï ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ 499,607,495 0.80

”À√—∫ªï 2550 ‡¡◊ËÕ«—π∑’Ë 23 ‡¡…“¬π 2551

‡ß‘πªíπº≈√–À«à“ß°“≈ ∑’Ëª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ 811,862,180 1.30

”À√—∫ªï 2551 ‡¡◊ËÕ«—π∑’Ë 5 °—π¬“¬π 2551

√«¡‡ß‘πªíπº≈ ”À√—∫ªï 2551 1,311,469,675 2.10

24. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ

24.1 ¿“√–ºŸ°æ—π‡°’Ë¬«°—∫√“¬®à“¬ΩÉ“¬∑ÿπ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»·ÀàßÀπ÷Ëß¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫√“¬®à“¬ΩÉ“¬∑ÿπ®”π«π‡ß‘π 365.6 ≈â“π∫“∑ 7.4

≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ·≈– 1.5 ≈â“π‡√π¡‘π∫‘ ´÷Ëß‡°’Ë¬«¢âÕß°—∫°“√°àÕ √â“ßÕ“§“√‚√ßß“π·≈–´◊ÈÕ‡§√◊ËÕß®—°√ (ß∫°“√‡ß‘π‡©æ“–°‘®°“√: ®”π«π 365.6

≈â“π∫“∑ ·≈– 7.4 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“)

24.2 °“√§È”ª√–°—π

°) ∫√‘…—∑œ§È”ª√–°—π«ß‡ß‘π ‘π‡™◊ËÕ„Àâ·°à∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»„π«ß‡ß‘π 20 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“

¢) ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»·ÀàßÀπ÷Ëß¡’Àπ—ß ◊Õ§È”ª√–°—π´÷ËßÕÕ°‚¥¬∏π“§“√„ππ“¡∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬

‡À≈◊ÕÕ¬Ÿà‡ªìπ®”π«π 27.9 ≈â“π∫“∑ ÷Ëß‡°’Ë¬«‡π◊ËÕß°—∫¿“√–ºŸ°æ—π∑“ßªØ‘∫—µ‘∫“ßª√–°“√µ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ (ß∫°“√‡ß‘π

‡©æ“–°‘®°“√: 24.4 ≈â“π∫“∑) Àπ—ß ◊Õ§È”ª√–°—π¥—ß°≈à“« à«π„À≠à‡æ◊ËÕ§È”ª√–°—π°“√„™â‰øøÑ“

25. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

25.1 π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß

‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë ”§—≠¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬µ“¡∑’Ëπ‘¬“¡Õ¬Ÿà„π¡“µ√∞“π°“√∫—≠™’©∫—∫∑’Ë 48 ç°“√· ¥ß√“¬°“√·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”À√—∫

‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘πé ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’È°“√§â“ ‡ß‘π≈ß∑ÿπ ‡®â“Àπ’È°“√§â“ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∫√‘…—∑œ

·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß∑’Ë‡°’Ë¬«¢âÕß°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π¥—ß°≈à“« ·≈–¡’π‚¬∫“¬„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß¥—ßπ’È

§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫≈Ÿ°Àπ’È°“√§â“ ΩÉ“¬∫√‘À“√§«∫§ÿ¡§«“¡‡ ’Ë¬ßπ’È‚¥¬°“√°”Àπ¥„Àâ¡’π‚¬∫“¬·≈–

«‘∏’°“√„π°“√§«∫§ÿ¡ ‘π‡™◊ËÕ∑’Ë‡À¡“– ¡ ¥—ßπ—Èπ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’Ë‡ªìπ “√– ”§—≠®“°°“√„Àâ ‘π‡™◊ËÕ πÕ°®“°π’È

°“√„Àâ ‘π‡™◊ËÕ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’°“√°√–®ÿ°µ—«‡π◊ËÕß®“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’∞“π¢Õß≈Ÿ°§â“∑’ËÀ≈“°À≈“¬·≈–¡’Õ¬Ÿà®”π«π¡“°√“¬ ®”π«π

‡ß‘π Ÿß ÿ¥ ∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ“®µâÕß Ÿ≠‡ ’¬®“°°“√„Àâ ‘π‡™◊ËÕ§◊Õ¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È∑’Ë· ¥ßÕ¬Ÿà„πß∫¥ÿ≈

§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬∑’Ë ”§—≠Õ—π‡°’Ë¬«‡π◊ËÕß°—∫‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π°Ÿâ

¬◊¡√–¬–¬“«∑’Ë¡’¥Õ°‡∫’È¬ Õ¬à“ß‰√°Áµ“¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¡’Õ—µ√“¥Õ°‡∫’È¬∑’Ëª√—∫¢÷Èπ≈ßµ“¡Õ—µ√“µ≈“¥À√◊Õ¡’Õ—µ√“¥Õ°‡∫’È¬§ß∑’Ë´÷Ëß

„°≈â‡§’¬ß°—∫Õ—µ√“µ≈“¥„πªí®®ÿ∫—π §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ßÕ¬Ÿà„π√–¥—∫µË” √“¬≈–‡Õ’¬¥¢Õß‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π

°“√‡ß‘π ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«· ¥ß‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 12 ·≈– 13 µ“¡≈”¥—∫





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Total dividendsApproved by Dividend per shareDividends

23. Dividend

(Unit : Baht)

Final dividends for 2006 Annual General Meeting of the

shareholders on 25 April 2007 224,825,865 0.45

Interim dividends for 2007 The Extraordinary Meeting on

19 October 2007

- Stock dividend of 124.9 million ordinary shares 124,896,336 0.25

- Cash dividend 249,793,188 0.50

Total for 2007 599,515,389 1.20

Final dividends for 2007 Annual General Meeting of the 499,607,495 0.80

shareholders on 23 April 2008

Interim dividends for 2008 Board of Directorsû meeting 811,862,180 1.30

on 5 September 2008

Total for 2008 1,311,469,675 2.10

24. Commitments and contingent liabilities

24.1 Capital commitments

As at 31 December 2008, the Company and an overseas subsidiary company had capital commitments of approximately Baht 365.6

million, USD 7.4 million and RMB 1.5 million relating to the construction of factory building and acquisition of machinery (The Company only: Baht

365.6 million and USD 7.4 million).

24.2 Guarantees

a) The Company has guaranteed bank credit facilities of its overseas subsidiary amounting to USD 20 million.

b) As at 31 December 2008, there were outstanding bank guarantees of approximately Baht 27.9 million issued by banks on behalf of the

Company and a local subsidiary company in respect of certain performance bonds as required in the normal course of business of the

Company and the subsidiary (The Company only: Baht 24.4 million). The most of outstanding bank guarantees are related to guarantee

electricity use.

25. Financial instruments

25.1 Financial risk management

The Company and its subsidiariesû financial instruments, as defined under Thai Accounting Standard No. 48 çFinancial Instruments: Disclosure

and Presentationsé, principally comprise cash and cash equivalents, trade accounts receivable, investments, trade accounts payable and short-

term and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below.

Credit risk

The Company and its subsidiaries are exposed to credit risk primarily with respect to trade accounts receivable. The Company and its

subsidiaries manage the risk by adopting appropriate credit control policies and procedures and therefore do not expect to incur material financial

losses. In addition, the Company and its subsidiaries do not have high concentration of credit risk since they have a large customer base. The

maximum exposure to credit risk is limited to the carrying amounts of receivables as stated in the balance sheet.

Interest rate risk

The Company and its subsidiariesû exposure to interest rate risk relates primarily to their cash at banks, bank overdrafts, and short-term and

long-term borrowings. However, since most of the Company and its subsidiariesû financial assets and liabilities bear floating interest rates or fixed

interest rates which are close to the market rate, the interest rate risk is expected to be minimal. The detail of short-term loans from financial

institutions and long-term loans are set out in Notes to the financial statements No.12 and 13, respectively.


104


§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π

∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»‡π◊ËÕß®“°∫√‘…—∑œ ¡’√“¬°“√´◊ÈÕ«—µ∂ÿ¥‘∫À≈—°·≈–¢“¬ ‘π§â“‡ªìπ °ÿ≈‡ß‘πµà“ßª√–‡∑»

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑œ ¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π®“°°“√∑’Ë¡’ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»®”π«πª√–¡“≥

3.1 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ·≈– 6.5 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ µ“¡≈”¥—∫ ∫√‘…—∑œ ‰¥âªÑÕß°—π§«“¡‡ ’Ë¬ß‚¥¬°“√∑” —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»

≈à«ßÀπâ“ ´÷Ëß à«π„À≠à¡’Õ“¬ÿ —≠≠“‰¡à‡°‘πÀπ÷Ëßªï‡æ◊ËÕ„™â‡ªìπ‡§√◊ËÕß¡◊Õ„π°“√∫√‘À“√§«“¡‡ ’Ë¬ßµ“¡∑’Ë°≈à“«‰«â„π«√√§ °) ·≈– ¢) Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ¡’‡ß‘π

≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„πµà“ßª√–‡∑»´÷Ëß∫√‘…—∑œ ¡‘‰¥â∑” —≠≠“ªÑÕß°—π§«“¡‡ ’Ë¬ß‰«â

≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ∫√‘…—∑¬àÕ¬„πª√–‡∑»®’π¡’¬Õ¥§ß§â“ß¢Õß‡ß‘π°Ÿâ¬◊¡∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»®”π«πª√–¡“≥ 10 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“

´÷Ëß‰¡à‰¥â∑” —≠≠“ªÑÕß°—π§«“¡‡ ’Ë¬ß¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π‰«â ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√∫√‘À“√°“√‡ß‘π¥—ß°≈à“« Õ¥§≈âÕß°—∫ ¿“«–‡ß‘πµ√“µà“ßª√–‡∑»

·≈–√–∫∫Õ—µ√“·≈°‡ª≈’Ë¬π√–À«à“ß‡ß‘πÀ¬«π¢Õß®’π·≈–‡ß‘π¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«¡’°”Àπ¥™”√–¿“¬„π 1 ªï

∫√‘…—∑œ ‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π®“°°“√´◊ÈÕ«—µ∂ÿ¥‘∫„πÕπ“§µ·≈–¢“¬ ‘π§â“∑’Ë‡ªìπ °ÿ≈‡ß‘πµ√“

µà“ßª√–‡∑»√«¡∂÷ß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» √“¬≈–‡Õ’¬¥¢Õßµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π∑’Ë¬—ß§ß¡’º≈∫—ß§—∫ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551

√ÿª‰¥â¥—ßπ’È

°) ∫√‘…—∑œ ‰¥â∑” —≠≠“ ◊ÈÕ‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“‰«â‡ªìπ®”π«π‡ß‘πª√–¡“≥ 24.5 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ‚¥¬¡’Õ—µ√“·≈°‡ª≈’Ë¬π´◊ÈÕ∂—«

‡©≈’Ë¬ª√–¡“≥ 35.3750 ∫“∑µàÕÀπ÷Ëß‡À√’¬≠ À√—∞Õ‡¡√‘°“ —≠≠“¥—ß°≈à“«®–§√∫°”Àπ¥„π‡¥◊Õπ °ÿ¡¿“æ—π∏å 2552

¢) ∫√‘…—∑œ ‰¥â∑” —≠≠“¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“‰«â‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.06 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ‚¥¬¡’Õ—µ√“·≈°‡ª≈’Ë¬π¢“¬∂—«

‡©≈’Ë¬ª√–¡“≥ 34.2180 ∫“∑µàÕÀπ÷Ëß‡À√’¬≠ À√—∞Õ‡¡√‘°“ —≠≠“¥—ß°≈à“«®–§√∫°”Àπ¥„π‡¥◊Õπ ¡’π“§¡ 2552

Õ—µ√“·≈°‡ª≈’Ë¬π„π °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“µ“¡ª√–°“»¢Õß∏π“§“√·Ààßª√–‡∑»‰∑¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 ¡’Õ—µ√“·≈°‡ª≈’Ë¬π´◊ÈÕ∂—«

‡©≈’Ë¬‡∑à“°—∫ 34.7590 ∫“∑ µàÕ 1 ‡À√’¬≠ À√—∞Õ‡¡√‘°“·≈–¡’Õ—µ√“·≈°‡ª≈’Ë¬π¢“¬∂—«‡©≈’Ë¬‡∑à“°—∫ 35.0824 ∫“∑ µàÕ 1 ‡À√’¬≠ À√—∞Õ‡¡√‘°“

25.2 ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

‡π◊ËÕß®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ ‡ß‘π°Ÿâ¬◊¡¡’Õ—µ√“¥Õ°‡∫’È¬„°≈â‡§’¬ß°—∫Õ—µ√“

¥Õ°‡∫’È¬„πµ≈“¥ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ßª√–¡“≥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π„°≈â‡§’¬ß°—∫¡Ÿ≈§à“µ“¡∫—≠™’∑’Ë· ¥ß„πß∫¥ÿ≈

¡Ÿ≈§à“¬ÿµ‘∏√√¡ À¡“¬∂÷ß ®”π«π‡ß‘π∑’ËºŸâ ◊ÈÕ·≈–ºŸâ¢“¬µ°≈ß·≈°‡ª≈’Ë¬π ‘π∑√—æ¬å°—π„π¢≥–∑’Ë∑—Èß ÕßΩÉ“¬¡’§«“¡√Õ∫√Ÿâ·≈–‡µÁ¡„®„π°“√·≈°‡ª≈’Ë¬π ·≈–

“¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π≈—°…≥–∑’Ë‰¡à¡’§«“¡‡°’Ë¬«¢âÕß°—π «‘∏’°“√°”Àπ¥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢÷ÈπÕ¬Ÿà°—∫≈—°…≥–¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ¡Ÿ≈§à“

¬ÿµ‘∏√√¡®–°”Àπ¥®“°√“§“µ≈“¥≈à“ ÿ¥ À√◊Õ°”Àπ¥¢÷Èπ‚¥¬„™â‡°≥±å°“√«—¥¡Ÿ≈§à“∑’Ë‡À¡“– ¡

26. °“√∫√‘À“√®—¥°“√∑ÿπ

«—µ∂ÿª√– ß§å„π°“√∫√‘À“√®—¥°“√∑ÿπ∑’Ë ”§—≠¢Õß∫√‘…—∑œ §◊Õ°“√®—¥„Àâ¡’´÷Ëß‚§√ß √â“ß∑“ß°“√‡ß‘π∑’Ë‡À¡“– ¡·≈–°“√¥”√ß‰«â´÷Ëß§«“¡ “¡“√∂„π°“√

¥”‡π‘π∏ÿ√°‘®Õ¬à“ßµàÕ‡π◊ËÕß

µ“¡ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2551 °≈ÿà¡∫√‘…—∑¡’Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ‡∑à“°—∫ 1.5: 1 (2550: 1.0: 1) ·≈–∫√‘…—∑œ ¡’Õ—µ√“ à«π‡∑à“°—∫ 1.5:1

(2550: 0.8:1)

27. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π

ß∫°“√‡ß‘ππ’È‰¥â√—∫Õπÿ¡—µ‘„ÀâÕÕ°‚¥¬§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 24 °ÿ¡¿“æ—π∏å 2552





Foreign currency risk

The Companyûs exposure to foreign currency risk relates primarily to purchases of major raw materials and sales of goods which are

denominated in foreign currencies.

As at 31 December 2008 the Company is also exposed to the effect of foreign exchange movements on its assets and liabilities denominated

in foreign currency amounting to approximately USD 3.1 million and USD 6.5 million, respectively. The Company seeks to mitigate this risk by

entering into forward exchange contracts, as described in a) and b), when it considers appropriate. Generally, the forward contracts mature within

one year. However, the Company has an investment in a foreign subsidiary company, that is currently not hedged by any derivative financial

instrument.

As at 31 December 2008, the subsidiary company in China has outstanding loans denominated in foreign currency amounting to approximately

USD 10 million, which are unhedged since the Company believes that financial management is suitable for foreign currency situation and foreign

exchange system between the Chinese Yuan and the US dollar. These loans are repayable within one year.

As at 31 December 2008, the Company has the derivative instruments in order to hedge the foreign exchange risk in relation to future

purchase of raw materials and sales of goods and its assets and liabilities denominated in foreign currencies which can be summarised as follows:

a) There were outstanding forward contracts to purchase a total of USD 24.5 million at an average buying rate of approximately Baht

35.3750 per USD 1. The contracts mature within February 2009.

b) There were outstanding forward contracts to sell a total of USD 0.06 million at an average selling rate of approximately Baht 34.2180 per

USD 1. The contracts mature within March 2009.

As at 31 December 2008, the US dollar exchange rates announced by the BOT were an average buying rate of Baht 34.7590 per USD 1

and an average selling rate of Baht 35.0824 per USD 1.

25.2 Fair values of financial instruments

Since the majority of the Company and its subsidiariesû financial instruments are short-term in nature or bear floating interest rates, their fair

value is not expected to be materially different from the amounts presented in the balance sheets.

A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an armûs length

transaction. The fair value is determined by reference to the market price of the financial instrument or by using an appropriate valuation technique,

depending on the nature of the instrument.

26. Capital management

The primary objective of the Companyûs capital management is to ensure that it has an appropriate financial structure and preserves the

ability to continue its business as a going concern.

According to the balance sheet as at 31 December 2008, the Group company had a debt-to-equity ratio of 1.5: 1 (2007: 1.0: 1) and the

Company had a debt-to-equity ratio of 1.5: 1 (2007: 0.8: 1).

27. Approval of financial statements

These financial statements were authorised for issue by the Companyûs Board of Directors on 24 February 2009.


106

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑General Information

™◊ËÕ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

∑’Ëµ—Èß ”π—°ß“π„À≠à 149 ∂ππ√—™¥“¿‘‡…° (∑à“æ√–-µ“° ‘π)∫ÿ§§‚≈ ∏π∫ÿ√’ °√ÿß‡∑æœ 10600‚∑√»—æ∑å (02) 477-9020 ‚∑√ “√ (02) 477-8022www.tvothai.com

∑’Ëµ—Èß‚√ßß“π 101/2 À¡Ÿà 1 µ”∫≈¢ÿπ·°â« Õ”‡¿Õπ§√™—¬»√’®—ßÀ«—¥π§√ª∞¡ 73120‚∑√»—æ∑å (034) 331-805-7 ‚∑√ “√ (034) 331-731

ª√–‡¿∑∏ÿ√°‘® ºŸâº≈‘µ·≈–®”Àπà“¬πÈ”¡—π∂—Ë«‡À≈◊Õß·≈–°“°∂—Ë«‡À≈◊Õß

‡≈¢∑–‡∫’¬π ‡≈¢∑’Ë 0107537001536

∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 809,411,243 Àÿâπ¡Ÿ≈§à“µ√“‰«âÀÿâπ≈– 1 ∫“∑ √«¡ 809,411,243 ∫“∑

∑ÿπ®¥∑–‡∫’¬π‡√’¬°™”√–·≈â« Àÿâπ “¡—≠ 624,509,369 Àÿâπ¡Ÿ≈§à“µ√“‰«âÀÿâπ≈– 1 ∫“∑ √«¡ 624,509,369 ∫“∑

π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4162 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ °√ÿß‡∑æ 10110‚∑√»—æ∑å (02) 596-9000 ‚∑√ “√ (02) 832-4994-6

ºŸâ Õ∫∫—≠™’ π“¬»ÿ¿™—¬ ªí≠≠“«—≤‚π‡≈¢∑–‡∫’¬πºŸâ Õ∫∫—≠™’ 3930 ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ßÕ“§“√ ‡≈§√—™¥“ ™—Èπ∑’Ë 33 ‡≈¢∑’Ë 193/163-13∂ππ√—™¥“¿‘‡…°µ—¥„À¡à °√ÿß‡∑æ 10110‚∑√»—æ∑å (02) 264-0777 ‚∑√ “√ (02) 264- 0789

∑’Ëª√÷°…“°ÆÀ¡“¬ ∫√‘…—∑ ‡¥Õ–‡≈Á°´å ·™¡‡∫Õ å ®”°—¥42 À¡Ÿà∫â“π¥ÿ√‘¬“ ∂ππ«ß·À«π√Õ∫πÕ°·¢«ß∫“ß√–¡“¥ ‡¢µµ≈‘Ëß™—π °√ÿß‡∑æœ 10170‚∑√»—æ∑å (02) 887-7490 ‚∑√ “√ (02) 887-8014



Name Thai Vegetable Oil Public Company Limited

Head Office 149 Ratchadapisek Road, (Tapra-Taksin)Bukkalo Thonburi, Bangkok 10600Tel. (02) 477-9020 Fax. (02) 477-8022www.tvothai.com

Factory 1 101/2 Moo 1 Khun Kaew, NakornchaisriNakorn Pathom 73120Tel. (034) 331-805-7 Fax. (034) 331-731

Type of Business Manufacture and distribution of soybean oil and soybean meal.

Corporate Registration Number No. 0107537001536

Registered Capital Common Share of 809,411,243 shares,at Baht 1 par value Total Baht 809,411,243

Registered and paid-up capital Common Share of 624,509,369 sharesat Baht 1 par value Total Baht 624,509,369

Share Registrar THAILAND SECURITIES DEPOSITORY CO., LTD.The Stock Exchange of Thailand Building, 4th Floor162 Ratchadapisek Road, Klongtoey, Bangkok 10110Tel. (02) 596-9000 Fax. (02) 832-4994-6

Auditor MR. SUPACHAI PHANYAWATTANOC.P.A. No. 3930Ernst & Young Office Limited.33rd. Floor, Lake Rajada Office Complex. 193/136-137New Rajadapisek Rd, Bangkok 10110Tel. (02) 264-0777 Fax. (02) 264-0789

Consultancy THE LEX CHAMBERS CO., LTD.42 Duriya Village, Tanone Wong Wan Nok RoadKwang Bang Ra-Maad, Khate Talingshan, Bkk 10170Tel. (02) 887-7490 Fax. (02) 887-8014

tvo : annual report 2008

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