EASTW: Annual Report 2013 by Piyanat Kimhamanon

CONTENT

060

ASSESSMENT OF THE SUFFICIENCY OF INTERNAL CONTROL SYSTEM FOR 2013

064

REPORT OF CORPORATE GOVERNANCE OF THE AUDIT COMMITTEE FOR 2013

066

REPORT OF CORPORATE GOVERNANCE AND NOMINATION COMMITTEE

067

REPORT OF THE BOARD OF DIRECTORS’ RESPONSIBILITY TOWARD FINANCIAL STATEMENT REPORT

068

AUDITOR’S REPORT

069

NATURE OF BUSINESS & SHAREHOLDING RATIO IN SUBSIDIARIES

FINANCIAL STATEMENTS & NOTES TO THE COMPANY FINANCIAL STATEMENTS

131

RELATED PARTIES TRANSACTIONS

031

RISK FACTORS

132

DISCLOSURE OF AUDITORS’ REMUNERATION

034

MANAGEMENT DISCUSSION AND ANALYSIS FOR YEAR 2013

132

GENERAL INFORMATION

136

TOP TEN SHAREHOLDERS

136

DIVIDEND POLICY

012

HIGHLIGHTS OF THE YEAR

014

VISION MISSION STRATEGY

015

MESSAGE FROM CHAIRMAN

016

BOARD OF DIRECTORS PROFILE

022

ADVISORY TO THE BOARD PROFILE

024

EXECUTIVES CORPORATE PROFILE

027

ORGANIZATION STRUCTURE

028

INDUSTRY AND COMPETITIVENESS ANALYSIS

030

041

GOOD CORPORATE GOVERNANCE

The Facts about “Water”

IN OUR WORLD ¹ÍÊ ¼Ô×ÑÉ §ÆÓÐ ÊØÙÎÒÆÙÊÉ ÙÍÆÙ ÎÓ ú úý ù ü ÇÎÑÑÎÔÓ ÎÓ ü ÈÔÚÓÙ×ÎÊØ ÜÎÑÑ ËÆÈÊ ØÍÔ×ÙÆÌÊØ ÔË ÜÆÙÊ× ²Ô×ÊÔÛÊ× ÍÆÑË ÔË ÜÔ×ÑÉõØ ÕÔÕÚÑÆÙÎÔÓ ÒÆÞ ÚÓÉÊ×ÌÔ ÜÆÙÊ× ØÍÔ×ÙÆÌÊ ÎÓ ú ûý ÎË ÜÆÙÊ× ÎØ ØÙÎÑÑ ÚØÊÉ ÑÆÛÎØÍÑÞ ØÆÎÉ Æ ¼Ô×ÑÉ §ÆÓÐ ÊÝÕÊ×Ù

“At home, we can save water by reuse, rethink and repair leaking faucet.”

±ÊÆÐÎÓÌ ËÆÚÈÊÙ ÈÆÓ ÜÆØÙÊ ÆØ ÒÚÈÍ ÆØ Æ ÑÎÙÊ× ÔË ÜÆÙÊ× ÕÊ× ÍÔÚ×

µÚÙ Æ ËÎÑÑÊÉ ÜÆÙÊ× ÇÔÙÙÑÊ ÎÓ ÙÍÊ ÙÔÎÑÊÙ ÙÆÓÐ ÈÆÓ ØÆÛÊ ù ú ÑÎÙÊ×Ø ÔË ÜÆÙÊ× ÕÊ× ËÑÚØÍ

How many liters of water should we drink a day? ¦ ÜÔÒÆÓ ØÍÔÚÑÉ É×ÎÓÐ ú ú ÑÎÙÊ×Ø ÔË ÜÆÙÊ× ÆÇÔÚÙ ÌÑÆØØÊØ Æ ÉÆÞ ¦ ÒÆÓ ØÍÔÚÑÉ É×ÎÓÐ û ÑÎÙÊ×Ø ÔË ÜÆÙÊ× ÆÇÔÚÙ ùû ÌÑÆØØÊØ Æ ÉÆÞ

A tiny leak

ÜÎÙÍ Æ×ÔÚÓÉ ÙÍÊ ÈÑÔÈÐ ÈÔÓØÙÆÓÙ ËÑÔÜ ÔË ÜÆÙÊ× ÈÆÓ ÜÆØÙÊ Æ ÈÔÓØÎÉÊ×ÆÇÑÊ ÆÒÔÚÓÙ ÔË ÜÆÙÊ× ®Ë ÊÛÊ×ÞÔÓÊ ÍÊÑÕØ ÔÇØÊ×ÛÊ ÜÆÙÈÍ ÆÓÉ ËÎÝ ÙÍÊ ÑÊÆÐØ ÇÔÙÍ ÒÔÓÊÞ ÆÓÉ ÜÆÙÊ× ×ÊØÔÚ×ÈÊ ÜÎÑÑ ÇÊ ØÆÛÊÉ

¹ÍÊ ªÆ×ÙÍõØ ØÚ×ËÆÈÊ ÎØ î ÈÔÛÊ×ÊÉ ÇÞ ÜÆÙÊ×

Wash your car properly ¨ÑÊÆÓ ÞÔÚ× ÈÆ× ÜÎÙÍ Æ ËÊÆÙÍÊ× ÉÚØÙÊ× ÇÊËÔ×Ê ÜÆØÍÎÓÌ ÜÎÙÍ Æ ÇÚÈÐÊÙ ÔË ÜÆÙÊ× ©Ô ÓÔÙ ÚØÊ ÍÔØÊ ÆØ ÎÙ ÜÆØÙÊØ ÚÕ ÙÔ ÑÎÙÊ×Ø ÔË ÜÆÙÊ× Æ ÒÎÓÚÙÊ

Watering plants

ÇÞ ÚØÎÓÌ Æ ØÍÔÜÊ× ÍÊÆÉ Ô× ØÙÔ×ÊÉ ×ÆÎÓÜÆÙÊ× ÎÓØÙÊÆÉ ÔË Æ ÍÔØÊ ¦ÑØÔ ÑÊËÙÔÛÊ× ÜÆÙÊ× Ë×ÔÒ ÜÆØÍÎÓÌ Ë×ÚÎÙØ ÛÊÌÊÙÆÇÑÊØ Ô× ÉÎØÍÊØ ÎØ ×ÊÕÑÆÈÊÆÇÑÊ

A faucet

¹ÍÊ ¼ÆÙÊ×

ú ÎØ ØÊÆÜÆÙÊ×

¹ÍÊ ´ÙÍÊ× ù ÎØ ÎÈÊ

´ÓÑÞ ù

ÔË ÜÆÙÊ× ØÚÕÕÑÞ ÔÓ ÊÆ×ÙÍ ÎØ ÚÓÉÊ×Ì×ÔÚÓÉ ÆÓÉ ØÚ×ËÆÈÊ ÜÆÙÊ× ÙÍÆÙ ÈÆÓ ÇÊ ÈÔÓØÚÒÊÉ

ÙÍÆÙ ÎØ ÓÔÙ ÙÚ×Ó ÔËË ÈÔÒÕÑÊÙÊÑÞ ÑÊÆÐØ ÔÚÙ ÒÔ×Ê ÙÍÆÓ ù ÑÎÙÊ×Ø ÔË ÜÆÙÊ× Æ ÒÔÓÙÍ

A toilet

ÜÎÙÍ Æ ÑÊÆÐÞ ËÑÔÆÙ ÇÆÑÑ ÆÓÉ ÍÆØ ÜÆÙÊ× ×ÚÓÓÎÓÌ ÈÔÓÙÎÓÚÔÚØÑÞ ÜÆØÙÊØ ÒÔ×Ê ÙÍÆÓ û ÑÎÙÊ×Ø ÔË ÜÆÙÊ× Æ ÒÔÓÙÍ

Plants,

¾ÔÚ ÉÔÓõÙ ÓÊÊÉ Ë×ÊØÍ ÜÆÙÊ× Ë×ÔÒ ÙÍÊ ÙÆÕ ÙÔ ÜÆÙÊ× ÕÑÆÓÙØ

¦×Ê ÞÔÚ ÜÆØÙÎÓÌ ÜÆÙÊ× ÙÔÉÆÞ ¤ ÎË ÞÔÚö

ÑÊÆÛÊ ÙÍÊ ØÍÔÜÊ× ÔÓ ÜÍÊÓ ÜÆØÍÎÓÌ ÇÔÉÞ ÜÎÙÍ ØÔÆÕ ÑÊÆÛÊ ÙÍÊ ËÆÚÈÊÙ ÔÓ ÜÍÊÓ Ç×ÚØÍÎÓÌ ÙÊÊÙÍ Ô× ÚØÊ Æ ÍÔØÊ ÙÔ ÜÆÙÊ× ÕÑÆÓÙØ ÞÔÚ Æ×Ê ÜÆØÙÎÓÌ ÜÆÙÊ×

Washing clothes

®Ó Æ ÑÆ×ÌÊ ÑÔÆÉ ÆÙ Æ ÙÎÒÊ ®Ó ÈÆØÊ ÔË ÜÆØÍÎÓÌ ÎÓ Æ ÈÔÓÙÆÎÓÊ× ÜÆÙÊ× ØÍÔÚÑÉ ÓÔÙ ÇÊ ÑÊËÙ ×ÚÓÓÎÓÌ ÇÊÈÆÚØÊ ÎÙ ÈÆÓ ÜÆØÙÊ ÑÎÙÊ×Ø ÔË ÜÆÙÊ× Æ ÒÎÓÚÙÊ

Washing dishes

ÎÓ Æ ÇÎÌ ÑÔÆÉ ÆÙ ÔÓÈÊ ·ÊÒÔÛÊ ËÔÔÉ ØÈ×ÆÕØ ÇÊËÔ×Ê ÜÆØÍÎÓÌ ÙÍÊÒ ÜÎÙÍ ÉÎØÍÜÆØÍÎÓÌ ÑÎÖÚÎÉ ÎÓ ÈÔÓÙÆÎÓÊ× ÆÓÉ ÙÍÊÓ ÈÑÊÆÓ ÙÍÊÒ ÜÎÙÍ ÜÆÙÊ× ©Ô ÓÔÙ ÑÊÆÛÊ ÜÆÙÊ× ÔÓ ÆØ ÑÎÙÊ×Ø ÔË ÜÆÙÊ× ÈÆÓ ÇÊ ÜÆØÙÊÉ ÎÓ Æ ÒÎÓÚÙÊ

Let’s use water wisely.

¼¼¼ ºº ¨´ ¹

How to Save Water in Household

¸ÆÛÎÓÌ ÜÆÙÊ× ÆÙ ÍÔÒÊ ÎØ ÊÆØÞ ®Ù ÏÚØÙ ÙÔ ×ÆÎØÊ ÕÊÔÕÑÊõØ ÆÜÆ×ÊÓÊØØ ÔË ØÆÛÎÓÌ ÜÆÙÊ× ÎÓ ÊÛÊ×Þ ÆÈÙÎÛÎÙÞ

Tips

Saving Water in the Bathroom: ¨ÍÔÔØÊ Æ ËÆÚÈÊÙ ÜÎÙÍ ËÑÔÜ ×ÆÙÊ ÔË ÆÇÔÚÙ ÑÎÙÊ×Ø ÕÊ× ÒÎÓÚÙÊ ¹Ú×Ó ÔËË ÙÍÊ ÜÆÙÊ× ÜÍÎÑÊ Ç×ÚØÍÎÓÌ ÞÔÚ× ÙÊÊÙÍ Ô× ØÍÆÛÎÓÌ ¸ÆÛÊ ÙÍ×ÊÊ ÌÆÑÑÔÓØ ÊÆÈÍ ÉÆÞ ¦Ø ËÔ× Æ ÙÜÔ ÍÆÓÉÑÊ ËÆÚÈÊÙ ®ÓØÙÊÆÉ ÔË ÑÊÙÙÎÓÌ ÙÍÊ ÙÆÕ ×ÚÓ ÜÆ×Ò ÇÊËÔ×Ê ÚØÎÓÌ ËÎÑÑ Æ ÏÚÌ Ô× ÌÑÆØØ ÔË ÜÆÙÊ× ËÔ× ÙÍÊ ÑÆÙÊ× ÚØÊ

µÚÙ Æ ËÎÑÑÊÉ ÜÆÙÊ× ÇÔÙÙÑÊ Ô× Æ Ç×ÎÈÐ ÎÓ ÙÍÊ ÙÔÎÑÊÙ ÙÆÓÐ ÙÔ ×ÊÉÚÈÊ ÙÍÊ ÆÒÔÚÓÙ ÔË ÜÆÙÊ× ÚØÊÉ ÎÓ ËÑÚØÍÎÓÌ ¨ÍÔÔØÊ Æ ÙÔÎÑÊÙ ÜÎÙÍ û ÑÎÙÊ×Ø ÕÊ× ËÑÚØÍ ¹ÆÐÊ Æ ØÍÔÜÊ× ÎÓØÙÊÆÉ ÔË Æ ÇÆÙÍ

Tips

Saving Water for Laundry:

¼ÍÊÓ ÈÍÔÔØÎÓÌ Æ ÜÆØÍÎÓÌ ÒÆÈÍÎÓÊ ÚØÆÌÊ ÎØ ÙÍÊ ËÎ×ØÙ ÙÍÎÓÌ ÙÔ ÇÊ ÈÔÓØÎÉÊ×ÊÉ ËÔ× ÊÝÆÒÕÑÊ ÙÍÊ ÆÛÊ×ÆÌÊ ÆÒÔÚÓÙ ÙÞÕÊØ ÔË ÈÑÔÙÍÊØ Ô× ×ÊÌÚÑÆ×ÎÙÞ ÔË ÜÆØÍÎÓÌ ®Ù ÜÎÑÑ ØÕÊÈÎËÞ ÜÍÎÈÍ ÒÔÉÊÑ ÙÞÕÊ Ô× ØÎßÊ ÔË ÙÍÊ ÜÆØÍÎÓÌ ÒÆÈÍÎÓÊ ÞÔÚ ØÍÔÚÑÉ ÇÚÞ ÙÔ ØÚÎÙ ÞÔÚ× ÍÔÒÊ ÆÓÉ ÞÔÚ× ÓÊÊÉØ ¦ÉÏÚØÙ ÙÍÊ ÜÆØÍÎÓÌ ÒÆÈÍÎÓÊõØ ÜÆÙÊ× ÑÊÛÊÑ ÙÔ ÒÆÙÈÍ ÙÍÊ ÑÔÆÉ ØÎßÊ ®ÓØÙÆÑÑ Æ ÙÆÓÐ ÙÔ ØÙÔ×Ê ×ÆÎÓÜÆÙÊ× ËÔ× ÑÆÚÓÉ×Þ Ô× ÜÆÙÊ×ÎÓÌ ÕÑÆÓÙØ ºØÊ ÑÆÚÓÉ×Þ ÜÆØÙÊ ÙÔ ÜÆÙÊ× ÕÑÆÓÙØ ¼ÆÙÊ× Ë×ÔÒ ÙÍÊ ËÎÓÆÑ ×ÎÓØÊ ÔË ÞÔÚ× ÑÆÚÓÉ×Þ ÎØ ÙÔÔ ÈÑÊÆÓ ÙÔ ÜÆØÙÊ ·ÊÚØÊ ÎÙ ÙÔ ÈÑÊÆÓ ÔÙÍÊ× ÙÍÎÓÌØ

Tips

Saving Water in the Kitchen:

©Ô ÓÔÙ ÉÊË×ÔØÙ Ë×ÔßÊÓ ËÔÔÉ ÚÓÉÊ× ×ÚÓÓÎÓÌ ÜÆÙÊ×. ®ÓØÙÊÆÉ ÕÚÙ ÎÙ ÎÓ Æ ÈÔÓÙÆÎÓÊ× ËÎÑÑÊÉ ÜÎÙÍ ÜÆÙÊ× Ô× ÑÊÙ ÎÙ ÉÊË×ÔØÙ ÎÙØÊÑË.

WÆØÍ Æ ÑÆ×ÌÊ ÑÔÆÉ ÔË ÉÎØÍÊØ ÆÙ ÔÓÈÊ. ·ÊÒÔÛÊ ËÔÔÉ ØÈ×ÆÕØ ÇÊËÔ×Ê ÜÆØÍÎÓÌ ÙÍÊÒ ÜÎÙÍ ÉÎØÍÜÆØÍÎÓÌ ÑÎÖÚÎÉ.

©Ô ÓÔÙ ÜÆØÍ ÉÎØÍÊØ ÎÓ ×ÚÓÓÎÓÌ ÜÆÙÊ×. ®ÓØÙÊÆÉ ÜÆØÍ ÙÍÊÒ ÜÎÙÍ ÜÆÙÊ× ÎÓ ÙÍÊ ØÎÓÐ.

¹×Þ ÙÔ ÌÊÙ ÔÚÙ ÔË ÙÍÊ ÍÆÇÎÙ ÔË ÈÑÊÆÓÎÓÌ ÛÊÌÊÙÆÇÑÊØ ÚÓÉÊ× Æ ×ÚÓÓÎÓÌ ËÆÚÈÊÙ. ºØÊ Æ ÇÆØÎÓ ÎÓØÙÊÆÉ.

WWW.BLOGGANG.COM

How to Bathe Without Wasting Water

®Ó ÔÚ× ÉÆÎÑÞ ÑÎÛÊØ ÜÊ ÚØÊ ÜÆÙÊ× ÎÓ ÒÆÓÞ ÆÈÙÎÛÎÙÎÊØ. MÔØÙ ÔË ÙÍÊ ÜÆÙÊ× ÚØÊÉ ÎØ Ë×ÊØÍ ÜÆÙÊ× ÜÍÎÈÍ ÎØ ÔÓÑÞ ù ÔË ÆÑÑ ÜÆÙÊ× ÔÓ ÊÆ×ÙÍ. ®Ë ÜÊ ÉÔ ÓÔÙ ÐÓÔÜ ÍÔÜ ÙÔ ÚØÊ ÎÙ ÜÎØÊÑÞ ÜÆÙÊ× ØÍÔ×ÙÆÌÊ ÒÆÞ ÈÔÒÊ ÆÇÔÚÙ ÎÓ ÙÍÊ ËÚÙÚ×Ê.

A ØÍÔÜÊ× ÚØÊØ

200

ÑÎÙÊ×Ø ÔË ÜÆÙÊ×.

You can save up to A ÇÆÙÍ ÚØÊØ

250

ÑÎÙÊ×Ø ÔË ÜÆÙÊ×.

A ÕÊ×ØÔÓ ÚØÊØ ú5 ÑÎÙÊ×Ø ÔË ÜÆÙÊ× ÙÔ ÇÆÙÍ. ®Ó Æ ÉÆÞ ÕÊÔÕÑÊ ÙÆÐÊ Æ ÇÆÙÍ ÙÜÔ ÙÎÒÊØ ÎÓ ÆÛÊ×ÆÌÊ ÜÍÎÈÍ ÚØÊØ 5 ÑÎÙÊ×Ø ÔË ÜÆÙÊ×. ®Ë Æ ËÆÒÎÑÞ ÍÆØ ØÎÝ ÒÊÒÇÊ×Ø û ÑÎÙÊ×Ø ÔË ÜÆÙÊ× ÎØ ÚØÊÉ ËÔ× Æ ÉÆÞ.

While bathing, ÚØÊ ÑÔÜ ÕH ØÔÆÕ ÓÆÒÊÑÞ ÑÎÖÚÎÉ ØÔÆÕ ÇÊÈÆÚØÊ ÍÎÌÍ ÕH ØÔÆÕ ÈÆÓ É×Þ ÞÔÚ× ØÐÎÓ ÆÓÉ ÕÔÑÑÚÙÊ ÜÆÙÊ×.

Moreover, ÙÚ×Ó ÔËË ÙÍÊ ÜÆÙÊ× ÜÍÎÑÊ ÜÆØÍÎÓÌ ÞÔÚ× ÇÔÉÞ ÜÎÙÍ ØÔÆÕ. LÊÆÛÎÓÌ ÙÍÊ ØÍÔÜÊ× ÔÓ ÎØ ÆÓ ÚÓÓÊÈÊØØÆ×Þ ÜÆØÙÊ ÔË ÜÆÙÊ×.

ÒÎÓÚÙÊØ

ÜÆØÙÊ ÔË ÜÆÙÊ×

ÑÎÙÊ×Ø

WWW.DNFE5.NFE.GO.TH

Using Water in Daily Life ÎØ ÔÓÊ ÔË ÍÚÒÆÓ ÕÑÊÆØÚ×ÊØ.

WÆÙÙÊ× ÕÑÆÞØ ÆÓ ÎÒ WÆÙÊ× ÕÑÆÞØ ÆÓ ÎÒÕÔ×ÙÆÓÙ ÕÆ×Ù ÎÓ ÍÚÒÆÓ ÑÎÛÊØ. µÊÔÕÑÊ ÒÆÞ ÓÔÙ ÌÎÛÊ Õ×ÊÈÊÉÊÓÈÊ ÙÔ ÜÆÙÊ× ÇÊÈÆÚØÊ ÎÙ ÎØ ÕÑÊÓÙÞ WÆÙÊ× ÕÑÆÞØ ÆÓ Î ÆÓ ÎÒÕÔ×ÙÆÓÙ ÒÕÔ×ÙÆÓÙ ÕÆ ÆÓÙ ÕÆ×Ù ÎÓ ÍÚÒ ÚÒÆÓ ÑÎÛÊØ Ó ÑÎÛÊØ. µ Ø. µÊÔÕ ÔÕÑÊ ÒÆÞ ÓÔÙ Þ ÓÔÙ ÓÔÙ ÌÎÛÊ Õ×ÊÈÊÉÊÓÈÊ ÙÔ ÜÆÙÊ× ÇÊÈÆÚØÊ ÎÙ ÎÛÊ Õ×ÊÈÊÉÊÓÈÊ ÙÔ ÜÆÙÊ× ÉÊÓÈÊ ÙÔ ÜÆÙÊ× ÇÊÈÆÚØÊ ÎÙ ÎØ ÙÙ ÎØ ÕÑÊÓ ÎØØ ÕÑÊÓ ÑÊÓÙ ÓÙÞ ÙÞ HÔÜÊÛÊ× ®Ù ÎØ Æ ÒÎØÚÓÉÊ×ØÙÆÓÉÎÓÌ ØÎÓÈÊ ÆÓÞ ÊÓÊ×ÌÞ ×ÊØÔÚ×ÈÊØ ÎØ ÊÝÍÆÚØÙÎÇÑÊ. TÍÊ×ÊËÔ×Ê HÔÜÊÛÊ× IÙ ÎØ Æ HÔÜ IÙ ÎØ Æ Ò Æ ÒÎØÚÓÉÊ×Ø ÒÎØÚÓÉÊ×ØÙÆÓÉÎÓ ÓÉÊ×ØÙÆÓÉÎÓÌ ØÎÓÈÊ ÓÈÊ ÆÓ ÆÓÞ ÊÓÊ ÓÊ×ÌÞ ×ÊØÔ ÌÞ ×ÊØÔÚ×ÈÊ ÔÚ×ÈÊØ ÎØ ÊÝÍÆÚØÙÎÇÑÊ. TÍÊ×ÊËÔ×Ê Ø ÊÝÍÆÚØÙÎÇÑÊ. TÍÊ×ÊË ÜÊ ØÍ ØÍÔÚÑÉ ÐÓÔÜ ÓÔÜ ÍÔÜ Ü ÍÔÜ ÙÔ ÚØÊ Ü ÙÔ ÚØÊ ÜÆÙÊ× Ü ÜÆÙÊ× ÜÎØÊÑ ÊÑÞ ÊØÕÊ ÕÊÈÎÆ ÊÈÎÆÑÑÞ ÎÓ Ô ÈÎÆÑÑÞ ÎÓ ÔÚ× ÉÆÎÑÞ ÉÆÎÑÞ ÑÎÛÊØ. ÆÎÑÞ ÛÊØ. ÜÊ ØÍÔÚÑÉ ÐÓÔÜ ÍÔÜ ÙÔ ÚØÊ ÜÆÙÊ× ÜÎØÊÑÞ ÊØÕÊÈÎÆÑÑÞ ÎÓ ÔÚ× ÉÆÎÑÞ ÑÎÛÊØ.

µ µÊÔÕÑÊ ÓÊÊÉ ÜÆÙÊ× ËÔ× ÈÔÓØÚÒÕÙÎÔÓ É×ÎÓÐÎÓÌ µÊÔÕÑÊ ÓÊÊÉ Ü µÊÔÕÑ ÓÊÊÉ ÜÆÙÊÊ× ËÔ× È Ô× ÈÔ ÈÔÓØÚÒÕ ÒÕÙÎÔÓ É×ÎÓ ÒÕ Ó ÉÉ×ÎÓÐÎÓÌ Ô× ÚØÎÓÌ ËÔ× ÔÙÍÊ× ÕÚ×ÕÔØÊØ. IÓ Æ ÉÆÞ Æ Ô× ÚØÎÓÌ ËÔ × ÚÚØÎÓÌ ËÔ× ÔÙÍ ØÎÓÌ ËÔ× ÔÙÍÊ ÍÊ× ÕÚ×ÕÔ Ú×ÕÔØÊØ ØÊØ. IÓ Æ Ø. IÓ Æ ÉÆÞ Æ Æ ÉÆÞ Æ ÈÔÓØÎÉ ÓØÎÉÊ×ÆÇÑÊ ÆÒ ÆÇÑÊ ÆÒÔÚ ÒÔÚÓÙ Ù ÔË ÜÆÙÊ ÜÆÙÊ× ÎØ ÆÙÊ× ÎØ ÈÔÓØÚ ÓØÚÒÊÉ ÒÊÉ ÈÔÓØÎÉÊ×ÆÇÑÊ ÆÒÔÚÓÙ ÔË ÜÆÙÊ× ÎØ ÈÔÓØÚÒÊÉ ÜÍÎÈÍ ÈÆÓ ÇÊ ÊÝÈÊØØÎÛÊ ÆÙ ÙÎÒÊØ. ÜÍ ÜÍÎÈÍ ÈÆÓ Í ÈÆÓ ÇÊ ÊÝ Ê ÝÈÊØØÎÛ ØÎÛÊ ÆÙÙ ÙÎÒÊ ÒÊØ.

UUØÊ ÜÆÙÊ× ÜÎØÊÑÞ ÈÆÓ ÈÚÙ ÉÔÜÓ ÜÆÙÊ× ÈÔØÙ. ØÊ ÜÆÙÊ× ÜÆÙÊ× ÜÎØÊÑÞ ÈÆÓ ÈÚÙ ÉÔÜ ÚÙ ÉÔÜÓ ÜÆÙÊ× ÈÔ ÜÆÙÊ× ÈÔØÙ.Ù.

LET’S LET LE T’SS SEE S

how w muc much much ch water w is needed neede ne ed forr a glass ss of drink rinkk ?

A ÈÚÕ ÔË ÈÔËËÊÊ ÓÊÊÉØ A ÈÚÕ ÔË ÈÔËËÊÊ Ó AA ÈÚÕ ÔË ÈÔ ÚÕ ÔË ÈÔËËÊÊ ÓÊÊ ÓÊÊÉØØ

A ÈÚÕ ÔË ÙÊÆ ÓÊÊÉØ A ÈÚÕ ÔË ÙÊÆ ÓÊ A ÈÚÕ ÔË ÓÊÊÉÉØ

140 ÑÎÙÑÎÙÊ×Ø ÔË ÜÆÙÊ×. ÎÙÊ× Ê×Ø ÔË Ü ÔË ÜÆÙÊ ÜÆÙÊ×.

34 ÑÎÑÎÙÊ×Ø ÑÎÙÊ×Ø ÔË ÜÆÙÊ×. ÙÊ×Ø ÔË ÜÆÙÊ×. Ê×.

A ÌÑÆØØ ÔË ÒÎÑÐ ÓÊÊÉØ A ÌÑÆØØ A Ì ÆØØ ÔË Ò Ë ÒÎÑÐ Ó ÎÑÐ ÓÊÊ ÓÊÊÉØ

200 ÑÎÙ ÑÎÙÊ×Ø ÔË ÜÆÙÊ×. ÑÎÙÊ×Ø ÔË ÔË ÜÆ ÜÆÙÊ×. ÙÊ×.

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HIGHLIGHTS OF THE YEAR Financial Highlights STATEMENT OF INCOME (Million Baht) Raw Water Revenue Tap Water Revenue Total Revenue EBITDA /et 1roĹłt -oTT

/et 1roĹłt 1arent $oNpanZ 1ortJon

STATEMENT OF FINANCIAL POSITION (Million Baht) Total ATTetT Total -JaCJlJtJeT Total 4IareIolEerT ERuJtZ 1arent $oNpanZ 1ortJon

FINANCIAL RATIOS BooL 7alue per TIare

/et 1roĹłt per TIare

DJvJEenE per TIare

/et 1roĹłt to Total Revenue Return on ERuJtZ R0E

Return on ATTetT R0A

DeCt to ERuJtZ ratJo D E

BaIt

TJNe

2009

2010

2011

2012

2013

1,904.36 635.93 2,878.50 1,594.07 807.71 807.27

2,117.50 716.23 4,674.80 1,793.91 912.13 911.75

2,261.02 765.85 3,310.04 1,868.57 1,008.02 1,007.55

2,612.22 841.60 3,725.95 2,079.04 1,240.17 1,239.74

2,694.30 876.38 3,816.14 2,188.45 1,315.97 1,316.06

2009

2010

2011

2012

2013

9,147.78 2,804.06 6,343.72 6,341.18

9,884.57 3,296.96 6,587.61 6,584.82

10,784.47 3,848.27 6,936.20 6,933.08

12,440.09 5,119.62 7,320.46 7,316.94

13,485.21 5,557.83 7,927.38 7,897.58

2009

2010

2011

2012

2013

3.81 0.49 0.35 28.04 12.96 8.73 0.44

3.96 0.55 0.38 27.871 14.10 9.58 0.50

4.17 0.61 0.42 30.45 14.90 9.75 0.56

4.40 0.75 0.44 33.27 17.40 10.68 0.70

4.75 0.79 0.202 34.49 17.30 10.15 0.70

ReNarL 1EYDluEJnH tIe revenue, DoTt anE proĹłt oG proKeDt DonTtruDtJon oG pJpelJne DonneDtJnH 1raTae reTervoJr to ,lonH :aJ reTervoJr Jn RaZonH 1rovJnDe. 2 In DJvJEenE paZNent Jn 2013 JT tIe JnterJN EJvJEenE paZNent announDeE Jn aDDorEanDe wJtI tIe reTolutJon oG tIe BoarE oG DJreDtorT .eetJnH on AuHuTt 30,2013.

Raw Water Volume Sold and Revenue 3000

, 2,612

2000 1500 1000 500

23 235 1,235

11,3 318 1,318

7 74 174

18 86 186

1,356

11,538 538 201 0

191 9

11,904 9904

1,673 6

2,118

2,261 2 300 263 6

216

209 0

233 3

350

257

248 4

250

Volume Sold

Raw Water Revenue

2500

2,694

200 150

0 2547

2548

2549

2550

2551

2552

2553

2554

2555

2556

Raw Water Revenue (Million Baht) Volume Sold (Million. Cu.M. ) Remark : * Raw water sold to subsidiary company for tap water production is exclusive to avoid redundant representation.

Sources of Income (Million Baht) 100% 80%

2,878.50

3,107.51

3,310.04

3,725.95 ,

3,816.14

11.75%

8.81%

8.55%

22.09%

23.05%

23.14%

7.30% 22.59%

6.43% 22.97%

66.16%

68.14%

68.31%

70.11%

70.60%

2552

2553

2554

2555

2556

60% 40% 20% 0% Tap Water Revenue

Others

Dividend Payment History (Baht/Share) 0.5

Baht/Share 0.35 0.335

0.4 0.3

0.25 .25

0.25

0.2 0.25 25

2547

2548

2549

2550

2551

0.338 0.38

0.42 0.442

0.44

0.20 0.20

0.2 0.1 0 2552

2553

2554

2555

Remark : Dividend payment in 2013 is the interim dividend payment announced in accordance with the resolution of the Board of Directors Meeting on August 30,2013

2556

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Raw Water Revenue

Vision

“Being leader in sustainable water management that grows in accordance with the country’s economy and expands to ASEAN region”

Mission

1. To expand the investment and develop the water business as well as other relevant businesses for continuous and sustainable growth 2. To increase the competitiveness with the right and up-to-date technology and innovation 3. To develop the competency of the staff and improve its structure to be more appropriate . To manage the business with efųciency and transparency according to the good governance principles 5. To be responsible for communities, societies and environment and maintain good relationships with the stakeholders

Strategy

1. Managing the business for the suitable growth, and raise the product value 2. Developing the new business to support the continuous growth in medium term and long term 3. )aving highly efųcient ųnancial and investment management tools 4. Developing human resources, knowledge management, technology and innovation 5. Having good corporate governance with a sense of responsibility toward communities, society and environment

MESSAGE FROM CHAIRMAN Dear Shareholders The year 2013 was a very important year off East Water Group as it was the 21st year of our operation and the strong step into our 3rd decade. The he constantly growing that net Company has developed and maintained the proųt has increased by 9. , in comparisonn with the year 2012. xecutives have considered and However, the Board of Directors and the executives nd its business into the related agreed that East Water Group has to expand ųelds or other potential areas. In order to strengthen the Company and cs Community in the year 2016, prepare to be a part of the ASEAN Economics or “Being leader in sustainable the Company has determined the vision for water management, growing with the country's ntry's economy and expanding business in regional level to ASEAN.” This vision ision communicates the clearer operational goals and achievement indicators. ors. The Board of Directors, the executives, and all employees of East Water Group force to operate our ogether. We will focus on organization toward achieving the vision together. extending the knowledge and expertise in management of xperience in large - scale pipeline system, and the experience istribution management of tap water production and distribution e, under system for over two decades. The knowledge, ce, and the effective supervision, good governance, proper risk management shall access to the opportunity for related business or other potential ustainable growth. areas, and lead the Company toward the sustainable uld like to express my On behalf of the Board of Directors, I would ers, business partners, gratitude to all the customers, shareholders, pporters of East Water. and all stakeholders who are the great supporters ees and executives for I also would like to appreciate all employees being a part of our success and for willing too grow with East Water onward.

vari Sqn. Ldr. Sita Divari Chairman

BOARD OF DIRECTORS PROFILE Education

• Air Command and Staff College (Class 43) • Squadron Officer School (Class 81) • Bachelor of Science, Royal Thai Air Force Academy • Armed Forces Academies Preparatory School (Class 24)

Special Courses • DCP 178/2013 • CMA 16

Work Experiences 11 Jun 13 - Present

• Chairman, Eastern Water Resources Development and Management Plc. (A)

8 Feb 13 - Present

• Chairman, Airports of Thailand Plc. (A)

Sqn.Ldr. Sita Divari Age 49 Years

2002 - Present

• Chairman (Independent Director)

2005 - 2006

Position

• Reserve Officer with pension of Royal Thai Airforce, Royal Thai Air Force

2012 - 2013

• Advisor to the Internal Affair Minister

• Secretary to the Minister, Ministry of Agriculture and Cooperatives

2003 - 2004

• Deputy Secretary General to the Prime Minister

Summary Being a director in company and other companies (A) Listed companies 2 companies (B) Non-listed companies None

Education

• Master of Architecture, University of Pennsylvania, U.S.A. • Bachelor of Architecture (2nd Class Honours.), Chulalongkorn University

Special Course • UFS 2/2006

Work Experiences 30 Apr 13 - Present

• Director, Eastern Water Resources Development and Management Plc. (A)

27 Sep 13 - Present

M.L.Panasarn Hasdin Age 68 Years Position

• Director (Independent Director) • Chairman of Executive and Invesment Committee • Director of Corporate Governance and Nomination Committee

• Director, Universal Utilities Co., Ltd. (B) • Director, Bangpakong Water Supply Co., Ltd. (BWS) (B) • Director, Nakhonsawan Water Supply Co., Ltd. (NWS) (B) • Director, Chachoengsao Water Supply Co., Ltd. (CWS) (B)

2011

• Director of Town & Country Planning , Department of Public Works and Town & Country Planning

2006 - 2009

• Director, PTT Plc.

2002 - 2006

• Director of Audit Committee, Metropolitan Waterworks Authority

2003 - 2005

• Deputy Permanent Secretary to the Prime Minister, Office of the Permanent Secretary

1997 - 2003

• Deputy Secretary-General to the Prime Minister for Administrative Affair, The Secretariat of the Prime Minister

Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies 4 companies

Education

• Master of Arts Program, Communication for Public and Business Sectors, Thammasat University • M.S.T. (Business Ed.) Portland State, Oregon, U.S.A. • Bachelor of Laws, Thammasat University

Special Course -

Work Experiences

Mr.Chotisak Asapaviriya Age 59 Years Position

• Director (Independent Director) • Chairman of Risk Management Committee • Director of Executive and Invesment Committee • Director of Regulation Enforcement and Operating Result Assessment and Remuneration Committee

11 Jun 13 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 27 Sep 13 - Present • Director, Universal Utilities Co., Ltd. (B) • Director, Bangpakong Water Supply Co., Ltd. (BWS) (B) • Director, Nakhonsawan Water Supply Co., Ltd. (NWS) (B) • Director, Chachoengsao Water Supply Co., Ltd. (CWS) (B) 2011 - Present • Advisor, Piyavate Hospital 2012 - 2013 • Advisor of Deputy Minister of Finance, Ministry of Finance 2011 - 2013 • Chairman, TV Direct Indochina Co,Ltd. 2011 - 2013 • Director, TV Direct Plc. 2011 - 2013 • Chairman, Filter Vision Co,Ltd. 2010 - 2013 • President, Business Air Centre Co,Ltd. 2006 - 2007 • President, Airports of Thailand Plc. 2003 - 2006 • President, SME Bank Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies 4 companies

Education

• Doctor of Medicine, Mahidol University • Bachelor of Science, Mahidol University

Special Course Work Experiences

Gen. Sahachart Pipithkul Age 61 Years Position

• Director (Independent Director) • Chairman of Corporate Governance and Nomination Committee • Director of Executive and Invesment Committee

11 Jun 13 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 27 Sep 13 - Present • Director, Universal Utilities Co., Ltd. (B) • Director, Bangpakong Water Supply Co., Ltd. (BWS) (B) • Director, Nakhonsawan Water Supply Co., Ltd. (NWS) (B) • Director, Chachoengsao Water Supply Co., Ltd. (CWS) (B) 25 Jun 13 - Present • Director, The Government Pharmaceutical Organization (GPO) (B) 2011 • Director (Sergeon General), Army Medical Department Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies 5 companies

Annual Report 2013 Eastern Water Resources Development and Management PLC.

• DCP 180/2013

Education

• Master of Science (Computer Science), California State University, Chico, California, U.S.A. • Bachelor of Business Administrator (Accounting), Ramkhamhaeng University

Special Courses • DCP 174/2013 • ACP 44/2013 • FID 1/2013

Work Experiences

Mr.Thairatana Jotikabhukkana Age 61 Years Position

• Director (Independent Director) • Chairman of Audit Committee

20 Dec 12 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 28 Feb 13 - Present • Director, Thai Credit Guarantee Corporation (TCG) (B) • Acting for Chairman of the Corporate Governance and Corporate Social Responsibility 2006 - 2012 • Team Leader, Subsidiary Audit Department, PTT Plc. 2002 - 2005 • Audit Specialist, Office of Corporate Audit, PTT Plc. 2000 - 2001 • Senior Internal Auditor, Office of Corporate Audit, PTT Plc. 1987 - 2000 • Internal Auditor, Office of Corporate Audit, PTT Plc. Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies 1 company

Education

• Master of Science (Diploma and International Studies), University of London • Bachelor of Political Science International Relations, Ramkhamhaeng University

Special Course • FID 1/2013

Work Experiences

Mr.Kallayana Vipattipumiprates Age 48 Years Position

• Director (Independent Director) • Director of Corporate Governance and Nomination Committee • Director of Audit Committee

13 Dec 12 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 12 Nov 13 - Present • Deputy Secretary - General to the Prime Minister, Secretariat of the Prime Minister 30 Aug 13 - 12 Nov 13 • Advisor to the Prime Minister for social affairs, Secretariat of the Prime Minister 2012 - 2013 • Deputy Director-General, Department of Consular Affairs Ministry of Foreign Affairs of Thailand 2009 - 2012 • Minister-counsellor and Minister Royal Thai Embassy, Yangon, Myanmar 2006 - 2009 • Director of the East Asia 2, Ministry of Foreign Affairs of Thailand 2005 - 2006 • Minister-counsellor, Royal Thai Embassy,Yangon ,Myanmar Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies None

Education

• Doctor of Philosophy in Political Science (Hans), Ramkhamhaeng University • Master of Science in Economic Development, Kasetsart University • Master of Political Science, Sukhothai Thammathirat Open University • Master Degree in Economics, Columbia University, U.S.A. • Bachelor of Education, Srinakharinwirot University • Bachelor of Political Science, Ramkhamhaeng University

Special Courses

Position

• Director (Independent Director) • Chairman of Evaluation and Renumeration Committee

Work Experiences

20 Dec 12 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 2012 - Present • Chairman, The Commission on Local Government Personnel Standards 29 Mar 13 - Present • Chairman, Universal Utilities Co., Ltd. (B), Bangpakong Water Supply Co., Ltd. (BWS) (B), Nakhonsawan Water Supply Co., Ltd. (NWS) (B), Chachoengsao Water Supply Co., Ltd. (CWS) (B) 14 Nov 11 - 29 Mar 13 • Director, Universal Utilities Co., Ltd. (B), Bangpakong Water Supply Co., Ltd. (BWS) (B), Nakhonsawan Water Supply Co., Ltd. (NWS) (B), Chachoengsao Water Supply Co., Ltd. (CWS) (B) 12 Jun 08 - 14 Nov 11 • Chairman, Universal Utilities Co., Ltd. (B), Bangpakong Water Supply Co., Ltd. (BWS) (B), Nakhonsawan Water Supply Co., Ltd. (NWS) (B), Chachoengsao Water Supply Co., Ltd. (CWS) (B) 2011 - Present • Savant Director of Boxing Committee (B) 2008 - Present • Director, Ekarat Engineering Plc. (A) • Chairman, Ekarat Solar Co., Ltd. (B) 2001 • Chairman, The Provincial Electricity Authority • Chairman, The Provincial Waterworks Authority • Chairman, Eastern Water Resources Development and Management Plc. • Director, PTT Exploration and Production Plc. • Director, The Electricity Generating Plc. Summary Being a director in company and other companies (A) Listed companies 2 companies (B) Non-listed companies 6 companies

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Mr.Prinya Nakchudtree Age 72 Years

• TLP 2 • FID 1/2013 • TEPCOT 4 • CMA 14 • KPI 6 • NDC 1989 • RCC 12/2011 • SFE 13/2011 • RCP 24/2010 • DCP 111/2008

Education

• Master of Science, Aerospace Engineering, University of Southern, California U.S.A. • Bachelor of Science (ARMY), Chulachomklao Royal Military Academy

Special Courses • DCP 174/2013 • ACP 44/2013 • FID 1/2013 • NDC 2004

Work Experiences

Gen. Chuchai Boonyoi Age 62 Years Position

• Director (Independent Director) • Director of Audit Committee

13 Dec 12 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 2008 • Commander, Armed Forces Security Center (AFSC) 2005 - 2006 • Deputy Commander, Armed Forces Security Center (AFSC) 2003 - 2005 • Assistance Commander, Armed Forces Security Center (AFSC) 1974 - 1986 • Instructor at Department of Ordnance Engineering, Chulachomklao Royal Military Academy Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies None

Education

• Doctor of Engineering in Environmental Engineering (Water and Wastewater Engineering) Asian Institute of Technology (AIT) • Master of Science in Civil Engineering (Environmental Engineering), University of Missouri-Rolla , U.S.A. • Bachelor of Science in Engineering (Civil Engineering), Chulalongkorn University

Special Courses • DCP 161/2012 • KPI 15

Work Experiences

Mr.Verapong Chaiperm Age 47 Years Position

• Director

25 Apr 12 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 20 Mar 11 - Present • Governor, Industrial Estate Authority of Thailand (IEAT) (B) Jul 11 - Mar 12 • Deputy Governor (Corporate Strategy and Finance), The Industrial Estate Authority of Thailand (IEAT) Oct 08 - Jun 11 • Deputy Governor (Industrial Port), The Industrial Estate Authority of Thailand (IEAT) Jan 08 - Sep 08 • Acting Deputy Governer (Industrial Port), The Industrial Estate Authority of Thailand (IEAT) Oct 04 - Sep 08 • Director , Industrial Estate and Port Directing Department, The Industrial Estate Authority of Thailand (IEAT) Nov 03 - Oct 04 • Director , Strategy and Business Development Department, The Industrial Estate Authority of Thailand (IEAT) Summary Being a director in company and other companies (A) Listed companies 1 company (B) Non-listed companies 1 company

Education

• Bachelor of Engineering (Electrical Engineering), Chulalongkorn University

Special Courses • NDC 2008 • CMA14 • DCP 73/2006

Work Experiences

Mr.Sahust Pratuknukul Age 58 Years Position

• Director • Director of Regulation Enforcement and Operating Result Assessment and Remuneration committee • Director of Risk Management Committee

25 Apr 12 - Present • Director, Eastern Water Resources Development and Management Plc. (A) 1 Oct 11 - Present • President, The Electricity Generating Plc. (EGCO) (A) • Director, Gulf Electric Plc. (A) • Chairman, Khanom Electricity Generating Co., Ltd. (B) • Chairman, EGCO Engineering and Service Co., Ltd. (B) • Director, Xayaburi Power Co., Ltd. (B) • Director, BLCP Power Co., Ltd. (B) Oct 10 - Sep 11 • Deputy Governor-Policy and Planning, Electricity Generating Authority of Thailand (EGAT) Jan 08 - Dec 10 • Director, EGAT International Co., Ltd. Summary Being a director in company and other companies (A) Listed companies 3 companies (B) Non-listed companies 4 companies

Education

• Master of Engineering (Water Resources Development), Asian Institution of Technology (AIT) • Bachelor of Engineering (Civil), Chulalongkorn University

Special Courses • KPI 6 • JSP 19 • DCP 43/2004

Mr.Wanchai Lawattanatrakul Age 57 Years Position

• Director • President & CEO • Director of the Executive and Investment Committee • Director of Risk Management Committee

30 Aug 13 - Present • President & CEO, Eastern Water Resources Development and Management Plc. (A) 15 Aug 13 - Present Director, Eastern Water Resources Development and Management Plc. 27 Sep 13 - Present • Director, Universal Utilities Co., Ltd. (B) • Director, Bangpakong Water Supply Co., Ltd. (BWS) (B) • Director, Nakhonsawan Water Supply Co., Ltd. (NWS) (B) • Director, Chachoengsao Water Supply Co., Ltd. (CWS) (B) 2012 - 2013 • Independent Director & Director of Audit Committee, SPCG Plc. 2010 - 2013 • Director & Technical Affairs, Thai Waterwork Association (TWWA) Summary Being a director in company and other companies • (A) Listed companies 1 company • (B) Non-listed companies 4 companies

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Work Experiences

ADVISORY TO THE BOARD PROFILE Education

â&#x20AC;˘ Doctor of Juridical Science (S.J.D.), American University, Washington College of Law, Washington DC., U.S.A. â&#x20AC;˘ Master of Laws (LL.M.), University of Pennsylvania, Philadelphia, Pennsylvania, U.S.A. â&#x20AC;˘ Master of Laws in International Legal Studies (LL.M.), American University, Washington College of Law, Washington DC., U.S.A. â&#x20AC;˘ Barrister-at-Law 50th â&#x20AC;˘ LL.M. (Business Law), Chulalongkorn University â&#x20AC;˘ LL.B. (Second Honor), Thammasat University

Special Courses â&#x20AC;˘ RNG 5/2013 â&#x20AC;˘ DCP 173/2013

Miss Krithpaka Boonfueng Age 39 Years Position

â&#x20AC;˘ Advisory to the board â&#x20AC;˘ Director of the Executive and Investment Committee â&#x20AC;˘ Director of Corporate Governance and Nomination Committee â&#x20AC;˘ Director of Risk Management Committee

ReNarL D$1 $.A 6'4 A$1 'ID T-1 TE1$0T ,1I /D$ R$$ 4'E R$1 +41

Work Experiences

31 Jan 13 - Present â&#x20AC;˘ Advisory to the board, Eastern Water Resources Development and Management Plc. 29 Mar 13 - Present â&#x20AC;˘ Director, Universal Utilities Co., Ltd. â&#x20AC;˘ Director, Bangpakong Water Supply Co., Ltd. (BWS) â&#x20AC;˘ Director, Nakhonsawan Water Supply Co., Ltd. (NWS) â&#x20AC;˘ Director, Chachoengsao Water Supply Co., Ltd. (CWS) Present â&#x20AC;˘ Intellectual property specialist, National Science and Technology Development Agency (NSTDA) â&#x20AC;˘ Acting to The Secretariat of the Prime Minister 2012 - Present â&#x20AC;˘ Director, Defence Technology Institute (DTI) (Public Organisation) 2008 - 2013 â&#x20AC;˘ Associate judge, The Central Intellectual Property and International Trade Court 2008 - 2009 â&#x20AC;˘ Intellectual property advisor, Corporate Technology (CTECH) The Siam Cement Public Company Limited 2006 - 2008 â&#x20AC;˘ Intellectual property specialist, Technology Licensing office (TLO) National Science and Technology Development Agency (NSTDA)

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water distribution gate Dokkrai reservoir

Annual Report 2013 Eastern Water Resources Development and Management PLC.

EXECUTIVES CORPORATE PROFILE

Mr. Wanchai Lawattanatrakul Age 57 Years

Mr. Jaroensuk Worapansopak Age 50 Years

Mr. Namsak Wannavisute Age 48 Years

Position

Education

• President and CEO • Master of Engineering (Water Resources Development), Asian Institution of Technology (AIT) • Bachelor of Engineer (Civil), Chulalongkorn University

Special Courses

• Advanced Certificate Course in Politics and Governance in Democratic Systems for Executive Class 6 • Diploma, National Defence College, The Joint State - Private Sector Course Class 19 • Director Certification Program - DCP 43/2004

Work Experiences

Aug. 13 - Present • Director Eastern Water Resources Development and Management Public Company Limited • President and CEO Eastern Water Resources Development and Management Public Company Limited Sep. 13 - Present • Director Universal Utilities Company Limited • Director Bangpakong Water Supply Company Limited • Director Nakornsawan Water Supply Company Limited • Director Chavhoengsao Water Supply Company Limited 2012 - 2013 • Independent Director and Director of Audit committee SPCG Public Company Limited 2010 - 2013 • Director of Technical Affairs, Thai Waterwork Association (TWWA)

• Executive Vice President, Opeation

• Executive Vice President, Finance and Accounting

• M.Sc. Hydraulic Engineering, International Institute for Hydraulic and Environmental Engineering (IHE), Delft, The Netherlands. • B.E. in Water Resources, Kasetsart University

Education

Special Courses

• Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2013 (Module 2) • Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 (Module 1) • Director Certification Program - DCP 146/2011 • Senior Executive Program - SEP 2010 • Executive Development Program (EDP) Class 3/2009

Work Experiences

Eastern Water Resources Development and Management Public Company Limited Jan. 11 - Present • Executive Vice President, Operation Mar. 10 - Dec. 10 • Acting Executive Vice President, Operation Jan. 09 - Feb. 10 • Vice President, Customer Service Department and Acting Executive Vice President Project Planning and Customer Service Nov. 02 - Dec. 08 • Vice President, Project Planning Department Aug. 08 - May. 09 • Director, Egcom Thara Co., Ltd

• MS. (Finance) University of Colorado, USA. • B.B.A. (Accounting and Finance), Thammasat Univeristy • Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2013 (Module 2) • Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 (Module 1) • Advance Senior Executive Program - ASEP 2010

Work Experiences

Eastern Water Resources Development and Management Public Company Limited Jan. 11 - Present • Executive Vice President, Finance and Accounting Jan. 09 - Dec. 10 • Vice President, Finance and Accounting Department Jun.07 - Dec. 08 • Vice President ,General Affairs Department and Acting Vice President, Human Resource Department Nov. 02 - Jun. 07 • Vice President, Business Development Department Nov. 01 - Oct. 02 • Acting Vice President, Business Development Department Mar. 01 - Oct. 01 • Manager, Business Development Division

Mrs. Namphon Rassadanukul Age 51 Years

Mrs. Thidarut Kraiprasit Age 50 Years

Mr. Cherdchai Pitiwacharakul Age 49 Years

Position

Education

• M. Pol. Sc. (Politics and Governments), Sukhothai Thammathirat Univeristy • M.A. in Public Administration, Glasgow College of Technology, UK • Certificate in Computer Programming and Information Processing, London school, UK • B.A Pol.Sc. (Public Administation), Thammasat University

Education

• MBA, Kasetsart University • BBA. (Accounting), Thammasat University • Certified Public Accountant (CPA)

Special Courses

• Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2013 (Module 2) • Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., Special Courses 2012 (Module 1) • The Management of administrative justice for • Audit Committee Program (ACP) Class Executive Class 5 26/2009 • The Management of Sustainable Development • Executive Development Program (EDP) Class 4 Administrative for Executive Class 1 • Advanced Certificate Course in Public • Leadership Development Workshop by Economics Management for Executives, Class 5 Executive Coaching Institute, Berkeley USA., Work Experiences 2013 (Module 2) • Leadership Development Workshop by Eastern Water Resources Development and Executive Coaching Institute, Berkeley USA., Management Public Company Limited Jan. 09 - Present 2012 (Module 1) • Senior Vice President, Audit Department • Senior Executive Program - SEP 2011 • Advanced Certificate, Politics and Governance Jun. 07 - Dec. 08 in Democratic systems for Executives, Class • Senior Vice President, Finance and Accounting Department 11, KPI • Advanced Certificate, Public Administration Oct. 04 - Jun. 07 • Senior Vice President, Finance and Human and Law for Executives, Class 1, KPI • Director Certification Program - DCP 4/2000 Resources Department 2001 - Oct. 04 • Vice President, Finance and Human Resources Work Experiences Eastern Water Resources Development and Department Management Public Company Limited 1997 - 2001 • Vice President, Finance and Procurement Jun. 07 - Present • Senior Vice President, President and CEO Department Office and Corporate Secretary Feb. 04 - Jun. 07 • Senior Vice President, Audit Department and Corporate Secretary Nov. 01 - Feb. 04 • Vice President, Audit Department Mar. 01 - Oct. 01 • Vice President, President and CEO Office 1994 - 2001 • Vice President, Management Department

• Senior Vice President, Operation and Customer Service Department

Education

• M.S. (Information Technology), King Mongkut’s Institute of Technology, Lat Krabang • B.E Khon Kean University

Special Courses

• Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2013 (Module 2) • Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 (Module 1) • Executive Development Program (EDP) Class 3 • Integration Water Resources Management for Executives, Class 2 • Director Certification Program - DCP132 /2010 • Mini MBA Kasetsart University Class 21 (2545) • Mini MIS Kasetsart University Class 2 (2540)

Work Experiences

Eastern Water Resources Development and Management Public Company Limited Sep. 13 - Present • Senior Vice President, Operation and Customer Service Department Mar. 10 - Sep. 13 • Vice President, Operation and Customer Service Department Jan. 09 - Mar. 10 • Vice President, Business Development Department Aug. 08 - Jan. 09 • Acting Managing Director Universal Utilities Co,Ltd Nov. 07 - Jan. 09 • Vice President, Special Project Department Nov. 01 - Nov. 07 • Vice President, Chachoengsao Operation Center, Acting Vice President, Rayong Operation Center

Annual Report 2013 Eastern Water Resources Development and Management PLC.

• Senior Vice President, President & CEO Office • Senior Vice President, Audit Department and Corporate Secretary

Mrs. Wirawan Tharanont Age 55 Years

Mr. Sombat Yusamart Age 43 Years

Ms. Kanyanart Viraphandu Age 44 Years

Position

Education

• Vice President, Human Resource Department

Education

• MBA, Sasin Graduate Institute of Business Administration of Chulalongkorn University • B.Acc. Chulalongkorn University

Special Courses

• Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2013 (Module 2) • Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 (Module 1) • Company Secretary Programme, Thai Institute of Directors (IOD) • Occupational Safety and Environment at Work Committee • Organizational Risk Management Program, Listed Companies Association

Work Experiences

Eastern Water Resources Development and Management Public Company Limited Sep. 13 - Present • Vice President, Human Resource Department Jan. 09 - Sep. 13 • Vice President, Corporate Affairs Department Jun. 07 - Dec. 08 • Vice President, Audit Department Oct. 06 - Jun. 07 • Vice President, Department of President and CEO Office Oct. 05 - Sep. 06 • Manager, Department of President and CEO Office 2004 - 2005 • Corporate Risk Manager

• Vice President, Finance and Accounting • Vice President, Corporate Communications Department Department • MBA, Kasetsart University • BBA, Kasetsart University (Accounting) • Certified Public Accountant (CPA)

• BBA. (Accounting), Assumption University

Special Courses

• Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2013 • Leadership Development Workshop by (Module 2) Executive Coaching Institute, Berkeley USA., • Leadership Development Workshop by 2012 (Module 1) Executive Coaching Institute, Berkeley USA., 2012 • Executive Development Program (EDP) Class (Module 1) 5/2010 • Executive Development Program (EDP) Class 5/2010

Special Courses

Work Experiences

Eastern Water Resources Development and Management Public Company Limited Feb. 11- Present • Vice President, Finance and Accounting Department Oct. 09 - Jan. 11 • Assistant Vice President, Finance and Accounting Department Apr. 09 - Sep.09 • Acting Assistant Vice President, Finance and Accounting Department Apr. 09 - Sep.09 • Finance and Accounting Manager (Secondment - UU) Mar. 07 - Mar. 09 • Accounting Manager, Finance and Accounting Department Apr. 05 - Feb. 07 • Administrative and Finance Manager (Secondment - GWS) Nov. 03 - Mar. 05 • Budget and Finance Manager, Finance and Human Resource Department Apr. 03 - Oct. 03 • Acting Budget and Finance Manager, Finance and Human Resource Department

Work Experiences

Eastern Water Resources Development and Management Public Company Limited Feb 11 - Present • Vice President, Corporate Communications Department Aug.07 - Jan.11 • Assistant Vice President, Corporate Communication Department Oct. 06 - July 07 • Public Relations Manager, CEO Office Oct. 02 - Sep. 06 • Administrative and General Cooperation Manager, (Secondment –EHP) Dec. 01 - Sep. 02 • Corporate Relations Manager, General Affairs Department Mar. 01 - Nov. 01 • Corporate Relations Manager, CEO Office Jan. 96 - Feb. 01 • Public Relations Specialist, General Affairs Department

Operation and Customer Service Department Corporate Communication Department

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Project Planning Department

Executive Vice President Operation

Audit Department

Business Development Department

Regulation Enforcement and Operating Result Assessment and Remuneration Committee

Corporate Affairs Department

Finance and Accounting Department

Information Technology Department

Executive Vice President Finance and Accounting

President & CEO Office and Corporate Secretary

Corporate Governance and Nomination Committee

Human Resources Department

President & CEO

Risk Management Comittee

Eastern Water Resources Development and Management Plc.

Board of Directors

ORGANIZATION STRUCTURE

Management and Audit Committee Investment Committee

DJreDtor ReTolutJon /o. 8 2013 June. 11, 2013

INDUSTRY AND

COMPETITIVENESS ANALYSIS TIe overall eYpanTJon oG TIaJ eDonoNZ Jn 2013 JT eYpeDteE to reaDI 3 , EeDreaTeE GroN prevJouT Zear aT a reTult oG HloCal eDonoNJD JnTtaCJlJtZ, wIJDI JnDluEeT tIe eDonoNJD Ĺ´uDtuatJonT Jn (3 DountrJeT anE eNerHJnH NarLetT, tIe 6nJteE 4tateTÄ´ 2uantJtatJve EaTJnH 2E , DeCt DeJlJnH $rJTJT anE 64 (overnNent 4IutEown. TIeTe GaDtorT Iave TtrenHtIeneE TIaJ BaIt DurrenDZ anE DauTeE tIe eYport TeDtor to plunHe at 0.4 . A nuNCer oG neHatJve EoNeTtJD GaDtorT alTo DontrJCuteE to Tlow Eown tIe eDonoNJD HrowtI, TuDI aT tIe rJTJnH proEuDtJon DoTt reTulteE GroN tIe JNpleNentatJon oG 300 BaIt NJnJNuN waHe anE tIe IeJHIteneE enerHZ, eleDtrJDJtZ, petrol anE tranTportatJon DoTtT. BeZonE tIoTe, tIe polJtJDal EeNonTtratJon oDDurreE EurJnH tIe laTt Ruarter oG 2013 Iave TeverelZ TIaLen tIe natJonÄ´T overall eDonoNJD TtaCJlJtZ, DauTJnH JnveTtorT to loTe DonĹłEenDe anE poTtpone tIeJr TDIeEuleE JnveTtNentT penEJnH evaluatJon oG tIe polJtJDal TJtuatJon. TIe JnEuTtrJal proEuDtJon JnEeY IaT tIuT Gallen 5 6 leTT entrepreneurT applJeE Gor HovernNentÄ´T JnveTtNent proNotJon proHraN anE 742 1roKeDtT, 3.38 leTT tIan tIe prevJouT Zear, were HranteE JnEuTtrJal proNotJon Tupport. .eanwIJle, JnveTtNent Jn JnEuTtrJal TeDtor at tIe EaTtern 4eaCoarE IaT alTo GaDeE EeDlJnatJon. In tIJT Zear, RaZonH provJnDe poTTeTTeT total JnveTtNent TuN oG 346 CJllJon BaIt, GolloweE CZ $IonCurJ wJtI 112 CJllJon BaIt JnveTtNent Jn proEuDtJon oG Netal partT Gor autoNoCJle, NaDIJnerJeT anE tranTport eRuJpNent, wIJDI were JnĹ´uenDeE CZ tIe EevelopJnH laCour potentJal, CaTJD aNenJtJeT anE DonvenJent tranTportatJon.

2013 = 277.96 million Cu.M. Private Industrial Estate Others Internal Use Household Consumers Government Industrial Estate

'roN tIe eDonoNJD reDeTTJon Jn 2013 anE eYtreNe weatIer DonEJtJon, tIe DoNpanZÄ´T water TupplZ Gor CotI tIe JnEuTtrJal TeDtor anE DonTuNptJon reTeNCleT tIat oG tIe prevJouT Zear at 277.94 NJllJon DuCJD NetreT. )owever, Jn 2014, Jt JT lJLelZ tIat tIe eDonoNZ wJll reDover Eue to poTJtJve GaDtorT CotI at HloCal anE EoNeTtJD level naNelZ, tIe HovernNentÄ´T water NanaHeNent plan anE JnGraTtruDture EevelopNent TDIeNe. AlTo, loDal anE GoreJHn JnveTtorT are preGerreE to TJtuate tIeJr JnEuTtrJal eTtateT Jn tIe EaTt ratIer tIan tIe Dentral plaJn aGter NaKor Ĺ´ooEJnH Jn reDent ZearT. TIe JnveTtNentT were NoTtlZ aJNeE at NaLJnH preparatJon Gor tIe GortIDoNJnH A4EA/ EDonoNJD $oNNunJtZ Jn 2015, Jn JnEuTtrJeT aT autoNoCJle, renewaCle enerHZ, aJrGreJHIt anE aHrJDultural proDeTTJnH. TIe JNpleNentatJon oG tIe AE$ wJll aEvanDe HrowtI Jn tIe 4outI EaTt ATJan reHJon, unJGZJnH over 600 NJllJon populatJonT anE Dreate one oG tIe NoTt powerGul reHJonT Jn tIe worlE. .oTt JNportantlZ, tIe Nove wJll CeneĹłt traEe eYpanTJon Gor at leaTt 25 eTpeDJallZ Jn autoNoCJle, tourJTN anE tranTportatJon JnEuTtrJeT.

ADDorEJnH to ,aTJLorntIaJ BanLÄ´T , reTearDI Dentre analZTJT, DonTtruDtJon CuTJneTT Jn tIe EaTt IaT tIe DapaDJtZ to Hrow proHreTTJvelZ. Total proEuDtJvJtZ oG tIe TeDtor JT lJLelZ to eYpanE CZ 7.0 9.5 or 32.7 33.5 CJllJon BaIt, DJtJnH eYtenTJon oG JnEuTtrJal GaDtorJeT, DoNNerDe anE real eTtate, wIJDI DaNe Jn tIe waLe oG laCour reloDatJon. In tIe NeantJNe, HovernNentÄ´T JnGraTtruDture EevelopNent naNelZ tIe eTtaClJTINent oG new JnEuTtrJal eTtateT, eYpanTJon oG -aeN $IaCanH Eeep Tea port anE otIer tranTportatJon JnGraTtruDture EevelopNent, wJll alTo DontrJCute to DontJnual HrowtI oG DonTtruDtJon CuTJneTT Jn tIe EaTtern part oG tIe DountrZ.

JnDluEJnH tIe 4.ET proNotJon anE eDo Dar proKeDt are lJLelZ to proNpt tIe JnveTtNent.

TIere Gore, EaTt WaterÄ´T aEvantaHeouT poTJtJon Jn raw water CuTJneTT toHetIer wJtI 20 Zear oG eYperJenDeT provJEe a Hreat opportunJtZ to eYpanE our DuTtoNer CaTe anE enIanDe water TupplZ TtaCJlJtZ Jn tIe EaTtern part oG TIaJlanE to prevent water TIortaHe DrJTJT Jn tIe Guture. TIe DoNpanZ planT to JnveTt Jn EevelopJnH anE JNprovJnH water DonEuJtT aT well aT TeeLJnH Gor aEEJtJonal water reTourDeT, DonneDtJnH pJpelJne TZTteN wJtI HovernNentÄ´T JnveTtNent plan to reaEZ Gor tIe JnDreaTJnH reRuJreNent oG water TupplZ Jn tIe .eanwIJle, tIe low JntereTt rate anE JnĹ´atJon rate, aT well Guture. aT JnveTtNent proNotJon TDIeNe JNpleNenteE EurJnH 2014,

Water Volume (MCM)

650 600 Request water from Prasae reservoir/ Prasae-Klongyai pipeline (30 MCM)

550 500 450 400 350

2 3

Request water from Bangphra reservoir/ Phra ong-Bangphra project (30 MCM)

Current water resources 328. MCM

300 250

0tIer proKeDtT $IonCurJ ToJl reTervoJr 30, 4JZaE water DonEuJt 30, GroN 1attaZa waTtewater treatNent GaDtorZ 20 4ratIapNa proKeDt pIaTe 2 23 .$.

1raTae /onHplalaJ proKeDt 70 .$.

4ratIapNa proKeDt pIaTe 1 32 .$.

BanHpIra proKeDt 18 .$.

1raTae ,lonHZaJ pJpe 40 .$.

200 150 100

2004 2005 2006 200 2008 2009 2010 2011 2012 2013 2014 2015 2016 501 2018 2019 2020 2021 2022 2023

$urrent water reTourDeT 1 DoLTaJ reTervoJr /onHplalaJ reTervoJr /onHLIo reTervoJr 1raTae reTervoJr BanHpaHonH rJver

prJvate water TourDe ReRuJre water voluNe water reRuJreNent reTerveE water

water reRuJreNent EJTtrJCuteE water 3 waTtewater

In aEEJtJon to Durrent CuTJneTTeT, EaTt Water alTo TeeT proTpeDtJve opportunJtZ to eYpanE Jn otIer part oG TIaJlanE anE neJHICorJnH DountrJeT ĹłrTtlZ, tIe DoNpanZ wJll DonEuDt praDtJDalJtZ TtuEZ oG water reTourDeT pJpelJne TZTteN Jn 1anH nHa anE 1IuLet, aJNJnH to Tolve water TIortaHe proCleN Jn tIe tourJTN reHJon TeDonElZ, a KoJnt venture proKeDt JT antJDJpateE wJtI tIe RepuClJD oG tIe 6nJon oG .ZanNar anE

-ao 1eopleÄ´T DeNoDratJD RepuClJD to Eevelop water reTourDeT, waterworLT anE waTtewater NanaHeNent, TJnDe CotI DountrJeT are DonTJEereE eNerHJnH NarLetT wIJDI TtanE Jn neeE oG reHJonal JnGraTtruDture DonneDtJon aT part oG tIeJr preparatJon Gor tIe AE$. In DonDluTJon, EaTt Water (roup JT NovJnH GorwarE relentleTTlZ Jn orEer to Ce reDoHnJ[eE aT leaEer Jn water NanaHeNent CuTJneTT at a reHJonal level.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

NATURE OF BUSINESS & SHAREHOLDING

RATIO IN SUBSIDIARIES 1. Raw Water Distribution

EaTtern Water ReTourDeT DevelopNent anE .anaHeNent 1lD. or EaTt Water JT enHaHeE Jn tIe EevelopNent anE NanaHeNent oG NaJn water pJpelJne TZTteNT Jn tIe EaTtern 4eaCoarE oG TIaJlanE. TIe DoNpanZ provJEeT raw water Gor JnEuTtrJal eTtateT, GaDtorJeT anE waterworLT tIrouHI tIe NaJn water pJpelJne TZTteN, DoverJnH $IonCurJ, RaZonH anE $IaDIoenHTao provJnDeT wJtI 378 LJloNetreT pJpelJne anE tranTGeral DapaDJtZ oG 619 NJllJon DuCJD NetreT per Zear.

2. Related Businesses

WJtI NoEernJ[eE teDInoloHJeT, EaTt Water Hroup anE TuCTJEJarJeT are alTo enHaHeE Jn water relateE CuTJneTT lJneT wIJDI Dover EeTJHn, tap water proEuDtJon anE NanaHeNent oG waTtewater. TIe DoNpreIenTJve water NanaHeNent CuTJneTT lJne JnDluEeE EnHJneerJnH DonTultatJon on pJpelJne TZTteN anE water EJTtrJCutJon

1JpelJne anE eRuJpNent NaJntenanDe

.erDIanEJTe oG water EJTtrJCutJon eRuJpNent

WaterworLT DonDeTTJonT

Core Business Raw Water Distribution

Eastern Water Resources Development and Management PCL

Related Businesses Waterworks Business

Universal Utilities Co., Ltd 100

Sattahip Waterworks Koh Lan Waterworks Borwin Waterwork Koh Samui Waterworks Rayong Waterworks 30

Samed Utilities Co., Ltd 55

Nakhonsawan Water Supply Co., Ltd 100

EGCOM Tara Co., Ltd 15.88

Bangpakong Water Supply Co., Ltd 100

Chachoengsao Water Supply Co., Ltd 100

RISK

FACTORS

EaTtern Water ReTourDeT DevelopNent anE .anaHeNent 1lD. IaT Ceen aware oG rJTL GaDtorT tIat NJHIt Iappen anE aGGeDt CuTJneTT NanaHeNent To tIe DoNpanZ prepareT JnterprJTe rJTL NanaHeNent planT to Tupport.

BoarE oG DJreDtorT aTTJHneE tIe EutZ to RJTL .anaHeNent $oNNJttee to Tet a polJDZ anE NJtJHate TJHnJÅ³Dant rJTLT. TIe DoNNJttee NuTt JNprove rJTL evaluatJon DrJterJa, approve ER. Nanual anE NontIlZ NonJtor proHreTT Jn aDDorEanDe wJtI tIe plan. 4JHnJÅ³Dant rJTL GaDtorT are aT GollowT.

1. The Risk on Water Resources & Water Distribution System

1.2 Damage of water pipelines: all pJpelJneT anE water EJTtrJCutJon TZTteN waT EeTJHneE, JnTtalleE Jn aDDorEanDe wJtI enHJneerJnH TtanEarET. )owever, tIe TZTteN IaT Ceen uTeE Gor Nore tIan 20 ZearT To tIe TZTteN JtTelG anE JnTtruNentT NaZ GaDe proCleNT Gor JnTtanDe eroTJon or EaNaHe GroN DonTtruDtJon alonH tIe pJpelJneT wIJDI NaZ DauTe CreaLaHe or a leaLaHe. TIuT, tIe DoNpanZ IaT arranHeE preventJve NaJntenanDe plan, anE reHular NaJntenanDe. In aEEJtJon, tIe DoNpanZ IaT NaEe aTTet JnTuranDe wJtI JnTuranDe DoNpanZ Jn orEer to Dover all EaNaHe unEer anZ DJrDuNTtanDeT anE puClJD lJaCJlJtZ JnTuranDe wIJDI JnDluEeT EaNaHe GroN EJTruptJon To tIat tIe DoNpanZ Dan TtJll TupplZ tIe water DonTtantlZ anE eGÅ³DJentlZ. 1.3 Rising fuel tariff (Ft) rate: eleDtrJDJtZ DoTtT JT tIe IuHe DoTt oG puNpJnH TZTteN oG raw water CuTJneTT anE tap water CuTJneTT. 't rate, wIJDI JT lJLelZ to JnDreaTe everZ 4 NontIT, JT tIe NaJn reaTon oG tIe rJTJnH DoTt. TIe DoNpanZ IaT trJeE to NJtJHate TuDI rJTL wJtI Teveral NeaTureT. 'or JnTtanDe, tIe tJNJnH oG water puNpJnH JT planneE Gor oGG peaL perJoE oG eleDtrJDJtZ EeNanE wIJle reTerveE water GroN reTervatJon on eNerHenDZ ponE waT EJTtrJCuteE EurJnH on peaL perJoE. .oreover, tIe enerHZ DonTervatJon proKeDt JT JnJtJateE aT well aT applJDatJon oG NoEern teDInoloHZ to JNprove eGÅ³DJenDZ on water TupplZ TZTteN. TIe NeaTureT alTo JnDluEe DonEuDtJnH a reTearDI on Iow to applZ enerHZ TavJnH eRuJpNent TuDI aT 7arJaCle 4peeE DrJve to water puNpJnH TZTteN.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

1.1 Shortage of water supply: BuTJneTT oG EaTt Water (roup neeET to TupplZ a larHe aNount oG raw water to Terve a EeNanE oG DuTtoNerT GroN CotI waterworL anE JnEuTtrJal TeDtorT. $onTeRuentlZ, tIe DoNpanZ NuTt Leep traDL oG water level Jn tIe reTervoJr everZ weeL. ADDorEJnH to tIe GoreDaTtJnH oG DoNparJnH tIe EeNanE to tIe TupplZ Jn NaJn reTourDeT Jn 2013, water TupplZ JT TuGÅ³DJent enouHI to Terve tIe EeNanE Jn 2014. )owever, tIe DoNpanZ NuTt NonJtor water TupplZ Jn eaDI reTourDe reHularlZ to enTure tIat tIe aNount oG water TupplZ wJll alwaZT Ce enouHI Gor tIe EeNanE Jn tIe Guture.

wJtI aHrJDulture Jn tIe area NaZ aGGeDt tIe RualJtZ oG water. TIereGore tIe DoNpanZ JT trZJnH to NaJntaJn a relatJonTIJp wJtI tIe DoNNunJtJeT CZ aTLJnH Gor DooperatJon GroN loDal people to DloTelZ NonJtor tIe reTervoJr anE DontJnuallZ GoTterJnH tIe envJronNental DonTervatJon awareneTT Jn tIe DoNNunJtJeT nearCZ NaJn water TourDeT

2. Risks from Operation Disruption

2.1 Water supply disruption from power outage: 4JnDe EaTt Water operateT a 24 Iour water TupplZ Gor tIe DuTtoNerT, IavJnH reTerveE water reTourDeT JT a neDeTTJtZ. In DaTe oG eNerHenDZ, Gor eYaNple, a power outaHe, NaJntenanDe, or JnTtallatJon oG tIe new pJpelJneT, tIe $oNpanZ reRuJreT reTervatJon oG eNerHenDZ ponET Jn orEer to DontJnuouTlZ TupplZ raw water to our DuTtoNerT. We DurrentlZ Iave tIe reTerveE water reTourDeT wJtI tIe total DapaDJtZ oG 116,300 DuCJD NeterT. In 2013, tIe $oNpanZ IaT Å³nJTIeE tIe DonTtruDtJon oG .aC ,Ia ENerHenDZ 1onE 2, RaZonH, anE now we Iave enouHI reTerveE water Gor eNerHenDZ DaTe Jn RaZonH area Gor up to 17 IourT TIoulE tIe eNerHenDZ arJTeT. 2.2 Catastrophic accident and natural disaster: In DaTe oG a EJTaTter or an aDDJEent on tIe DataTtropIJD level, Gor eYaNple, an eartIRuaLe, a terrorJTt attaDL or TaCotaHe J.e. CoNCJnH , a rJot, or a DJvJl unreTt DauTeE CZ vJolent proteTterT, EaTt Water IaT prepareE CaDL up planT Gor varJouT TJtuatJonT. TIe reTponTJCle perTonnel are reaEZ to taLe Dontrol oG tIe TJtuatJonT anE Tet up eNerHenDZ teaNT to Dooperate wJtI all tIe relevant TeDtorT. TIe $oNpanZ IaT JnDreaTeE tIe NonJtorJnH anE EeGenTJve NeaTureT Gor tIe worL areaT CZ JnTtallJnH aEEJtJonal TeDurJtZ eRuJpNent TuDI aT $$T7 DaNeraT, lJHItT, reTtrJDteE area TJHnT, anE otIer notJDeT anE JnTtruDtJonT Jn tIe puNp TtatJonT anE oGÅ³De CuJlEJnHT to IeJHIten tIe EeGenTJve anE NonJtorJnH DapaCJlJtJeT.

1.4 Quality of raw water in the rainy season and pollution nearby water resources: 2ualJtZ oG water EepenET on weatIer, eTpeDJallZ turCJEJtZ oG raw water Jn tIe raJnZ TeaTon tIat aGGeDtT RualJtZ anE DonTeRuentlZ, tIe DoTt oG proEuDtJon anE RualJtZ JNproveNent JnDreaTeT. /evertIeleTT, DuTtoNerT EeNanE DonTJTtenDZ oG water RualJtZ, tIe DoNpanZ NuTt BeTJEeT, tIe $oNpanZ JT DontJnuouTlZ JnTureE, everZ Zear, Ce reTponTJCle Gor JnDreaTeE water puNpJnH DoTt. 4JnDe tIe Gor tIe EaNaHeT tIat NaZ oDDur to our CuTJneTT aTTetT, DoNpanZ DIanHeE water TourDe Jnto a Cetter Cut GurtIer CuTJneTT JnterruptJon, anE EaNaHeT DauTeE CZ outTJEerT. one, tIe JnDreaTeE EJTtanDe JnDreaTeT tIe operatJon DoTt.

3. Risks from Finances

In aEEJtJon, tIe DoNpanZ JT aware oG tIe eYpanTJon oG RJTLT GroN tIe JntereTt rateT rJTJnH EaTt Water IaT lonH terN DoNNunJtJeT nearCZ tIe reTervoJr. TIe EaJlZ routJne toHetIer EeCtT tIat Iave Ceen uTeE Jn our larHe TDale DonTtruDtJon

4. Risks from Community Conflicts against the Companyâ&#x20AC;&#x2122;s Business Operations

TIe aNount oG water TupplZ GroN tIe reTourDeT Jn eaDI Zear JT IuHe. WIJDI NaZ aGGeDt tIe Dorporate JNaHe anE leaE to tIe NJTunEerTtanEJnH Cetween tIe DoNpanZ anE

tIe loDal DoNNunJtJeT aCout our water uTaHe. TIereGore, we Iave alloDateE tIe CuEHet to JNprove tIe RualJtZ oG lJGe anE envJronNent Jn orEer to eTtaClJTI a lonH terN relatJonTIJp wJtI tIe DoNNunJtJeT, aT well aT HJvJnH tIeN tIe aDDurate unEerTtanEJnH oG our CuTJneTT alonH wJtI eDonoNJD anE ToDJal EevelopNent. We Iave alTo DontJnuouTlZ TupporteE varJouT EevelopNent proKeDtT Gor tIe DoNNunJtJeT Jn orEer to NJnJNJ[e tIe DonĹ´JDtT anE GoTter tIe poTJtJve attJtuEe towarE tIe $oNpanZ. TIe JNportant proKeDtT tIat we Iave DooperateE wJtI tIe DoNNunJtJeT are, Gor eYaNple, Danal EreEHJnH, NoCJle ErJnLJnH water TervJDeT, tIe EaTt Water :ounH -eaEer $aNp Gor water reTourDeT anE envJronNent DonTervatJon, ZoutI TDIolarTIJpT, anE NanHrove reGoreTtatJon proKeDtT. EaTt Water IaT Ceen tIe DontJnuouT Tupporter oG tIe aDtJvJtJeT tIat JNprove tIe RualJtZ oG lJGe toHetIer wJtI tIe DenterT oG eaDI DoNNunJtZ TuDI aT teNpleT, TDIoolT, loDal aENJnJTtratJonT, anE non proĹłt DIarJtZ orHanJ[atJonT.

nuaall Rep epor ort 20 201133 +AAnnnu Eaststeerrn Wa Watteer RReeso souurrccees DDeeve velololopm pM mennt an and Mana Manage ageme ag gemeentt PLC. PLC LC. C. "Ea

proKeDtT. TIe JnveTtNent proKeDtT were approveE unEer tIe DapJtal JnveTtNent DrJterJa wJtI proKeDt GeaTJCJlJtZ TtuEZ anE IaT planneE JtT EeCt ĹłnanDJnH CZ aDRuJrJnH tIe ĹłYeE rate loanT aT neeEeE. )owever, tIe rJTJnH JntereTt rateT NaZ aGGeDt tIe overall aDIJeveNent oG tIe $oNpanZ CeDauTe ToNe oG tIe loanT are Ĺ´oatJnH rate. TIe $oNpanZ NaZ Iave to taLe tIe rJTLT GroN tIe rJTJnH JntereTt rateT, Jn aDDorEanDe wJtI tIe ĹłnanDJal NarLetT, Gor a DertaJn perJoE. )enDe, we Iave DontaDteE aEvJTerT to revJew tIe Dorporate ĹłnanDJal TtruDture anE TtuEZ tIe approprJate oG EeCt ĹłnanDJnH Gor eYaNple, tIe JTTue oG EeCenture TtoDL or tIe reTtruDturJnH oG tIe $orporateÄ´T DapJtal tIat TuGĹłDJent Gor CuTJneTT eYpanTJonT Jn tIe Guture.

33 33

MANAGEMENT DISCUSSION AND

ANALYSIS FOR YEAR 2013

1. Economy and significant events affecting to business ,oI 4rJDIanH to ,oI 4rJDIanH .unJDJpalJtZ at a prJDe oG BaIt operation in 2013 2.50 NJllJon JnDluEJnH 7AT CeDauTe ,oI 4rJDIanH .unJDJpalJtZ

1.1. Economic Situation In 2013, tIe TIaJ eDonoNZ eYpanEeE CZ 2.9 perDent, TloweE Eown GroN 6.5 perDent Jn 2012 anE Hrew leTT tIan tIe eYpeDtatJon laTt Zear at 5.3 . In tIe GourtI Ruarter, tIe (D1 eYpanEeE CZ onlZ 0.6 perDent, tIe TlowEown Jn EoNeTtJD DonTuNptJon anE eYportT CrouHIt aCout tIe TlowEown Jn proEuDtJon oG alNoTt all TeDtorT. 1.2. Water resources In tIe earlZ oG 2013, all reTervoJrT Jn RaZonH provJnDe were Jn HooE DonEJtJon Cut not tIe DaTe oG reTervoJrT Jn $IonCurJ, eTpeDJallZ /onHLIo reTervoJr, tIe water level waT NuDI Celow GroN tIe averaHe level. TIe DoNpanZ IaE to proDure raw water GroN loDal prJvate ponET anE tranTGerreE raw water GroN RaZonH provJnDe to $IonCurJ provJnDe to allevJate tIe ErouHIt proCleN Jn $IonCurJ provJnDe Jn tIe 1Tt IalG oG 2013. )owever, tIe IeavZ raJnGall EurJnH 4epteNCer anE 0DtoCer JNproveE water TJtuatJon to aCove tIe averaHe level oG all our NaKor reTervoJrT anE TeDureE water TupplZ Jn 2014. 1.3. Raw water business 1.3.1 TIe proDureNent oG raw water tranTNJTTJon TZTteN at 1raTae /onHplalaJ proKeDt IaT Ceen poTtponeE GroN earlZ 2013 to 'eCruarZ 2014. 1.3.2 TIe DoNpanZ reEuDeE raw water tarJGG Gor tIe IouTeIolE anE puClJD TeDtor CZ BaIt 1.10 per DuCJD Neter to allevJate tIe eYpenEJture oG tIe IouTeIolE TeDtor. TIe new tarJGG waT eGGeDtJve GroN 1 /oveNCer 2013 onwarE anE aGGeDteE tIe averaHe raw water to Ce EeDreaTeE CZ 0.38 perDent Jn 2013.

DlaJNeE tIeJr rJHIt to purDIaTe tIe TZTteN unEer tIe tap water DonDeTTJon DepartNent oG Water ReTourDeT . 4JDIanH waterworLT JT a 250 DuCJD Neter per EaZ EeTalJnatJon plant. 1.4.2 0n 14 .arDI 2006, 6nJverTal 6tJlJtJeT $oNpanZ -JNJteE, a TuCTJEJarZ, waT TueE aT a Do EeGenEant toHetIer wJtI tIe 1rovJnDJal WaterworLT AutIorJtZ Äś1WAÄˇ Jn a DaTe CrouHIt Jn DonneDtJon wJtI JlleHal aDtT perGorNeE CZ aENJnJTtratJve aHenDJeT or Ttate oGĹłDJalT. TIe plaJntJGG petJtJoneE tIe aENJnJTtratJve Dourt to voJE tIe TeleDtJon proDeTT CZ wIJDI a prJvate operator waT TeleDteE to proEuDe tap water Gor EJTtrJCutJon to tIe 1WA Jn tIe area CelonHJnH to tIe RaZonH WaterworLT. 0n 16 .arDI 2007, tIe RaZonH AENJnJTtratJve $ourt orEereE tIe TeleDtJon proDeTT voJEeE Jn aDDorEanDe wJtI tIe plaJntJGGÄ´T petJtJon, anE alTo EeDlareE voJE tIe aHreeNent appoJntJnH a prJvate ĹłrN to proEuDe water Gor Tale to tIe RaZonH WaterworLT, wIJDI IaE reTulteE GroN an JlleHal TeleDtJon proDeTT. )owever, tIe 1WA anE tIe TuCTJEJarZ loEHeE appealT wJtI tIe RaZonH AENJnJTtratJve $ourt on 12 AprJl 2007 anE tIe RaZonH AENJnJTtratJve $ourt IaT JTTueE a Dourt reDeJpt Gor TuDI appeal anE tIen paTTeE Jt to tIe 4upreNe AENJnJTtratJve $ourt. 0n 8 /oveNCer 2013, tIe 4upreNe AENJnJTtratJve $ourt IaE an orEer to reDall a KuEHeNent oG tIe RaZonH AENJnJTtratJve $ourt Gor tIJT DaTe vJewJnH tIat plaJntJGG Iave no autIorJtZ to JnEJDt CeDauTe tIeZ were not perTonT tIoTe aGGeDteE GroN TeleDtJon proDeTT. TIereGore, tIJT DaTe IaT Ceen ĹłnalJTeE.

2. Performance analysis on the consolidated financial statement

2.1. Summary In 2013, EaTt Water (roup IaE total DonTolJEateE revenue oG BaIt 3,816.14 NJllJon, JnDreaTeE CZ BaIt 90.19 NJllJon or 1.4. Tap water business 2.42 perDent DoNpareE to tIat oG 2012. /et proĹłt attrJCutaCle 1.4.1 0n 2 4epteNCer 2013, tIe DoNpanZ TolE tIe plant to eRuJtZ IolEerT oG tIe parent DoNpanZ waT BaIt 1,316.06 anE eRuJpNent anE aTTetT unEer DonDeTTJon DontraDtT at NJllJon, JnDreaTeE CZ BaIt 76.32 NJllJon or 6.16 perDent :o:. 34

Table 1: Summary of Financial Performance

Raw Water Sold (Million. Cu.M.) Tap Water sold (Million. Cu.M.)

Increased (Decreased)

2013

2012

MB.

256.77 68.39

263.23 66.81

6.46

1.58

2.45

2.36

90.19 82.07 34.78 34.08

7.41 106.66 81.35 45.49 20.18

(16.4 ) 101.82

85.35 22.96 62.39 13.42

5.80 6.32

2.42 3.14 4.13 15.24

15.26 6.93 9.23 9.96 10.02

(0. 5 ) 20.69

5.04 25.51 3.89 3.68

6.11 6.16

0.05

6.16

109.42

5.26

Total Revenue Raw Water Revenue Tap Water Revenue 0GĹłDe Rental anE TervJDeT 0tIer InDoNe Costs of Sales and Services Raw Water DoTtT Tap Water DoTtT Rental anE 4ervJDeT Gross ProĹłt 4aleT anE AENJnJTtratJon eYpenTeT Earnings before interest and tax IntereTt Earning before tax Tax Net ProĹłt Net ProĹłt attributable to equity holders of the parent company Earnings per share

3,816.14 2,694.30 876.38 189.51 55.95 1,645.83 962.54 502.17 181.13 2,1 0.30 390.23 1, 80.0 112.95 1,66 .12 351.14 1,315.9 1,316.06

EBITDA

2,188.45

0. 9

100.00 70.60 22.97 4.97 1.47 43.13 25.22 13.16 4.75 56.8 10.23 46.65 2.96 43.69 9.20 34.48 34.49 57.35

3, 25.95 2,612.22 841.60 223.59 48.54 1,539.18 881.19 456.69 201.30 2,186. 492.05 1,694. 2 89.99 1,604. 3 364.56 1,240.1 1,239. 4 0. 5 2,079.04

100.00 70.11 22.59 6.00 1.30 41.31 23.65 12.26 5.40 58.69 13.21 45.48 2.42 43.0 9.78 33.28 33.2 55.80

2.2. Raw water business 2.2.1 Raw water revenue Jn 2013 waT BaIt 2,694.30 NJllJon, JnDreaTeE CZ BaIt 82.07 NJllJon or 3.14 :o:. Total voluNe TolE waT 256.77 NJllJon $u... TolE exDluEJnH Jnternal uTeE Gor tap water proEuDtJon oG 21.19 NJllJon $u... wJtIJn tIe Hroup , wIJDI JT EeDreaTeE CZ 6.46 NJllJon $u... or 2.45 :o: Eue to lower EeNanE Jn tIe 4th Ruarter the 4th Ruater, EeDreaTeE CZ 6.74 NJllJon $u... :o: . ThJT waT CeDauTe a nuNCer oG DuTtoNerT uTeE theJr own water reTourDeT EurJnH the raJnZ TeaTon alonH wJth lower proEuDtJon Jn reTponTe to HloCal eDonoNJD TJtuatJon anE weaLer EoNeTtJD JnveTtNent anE DonTuNptJon. )owever, raw water tarJGG JnDreaTeE CZ Baht 0.57 per $u... or 5.74 :o: GroN Baht 9.92 per $u... Jn 2012 Eue to tarJGG aEKuTtNent polJDZ eGGeDtJvelZ GroN 2012 to 2014. Picture 1 : Raw Water Distribution by Customer Groups 2013 = 277.96 million Cu.M.

2012 = 278.69 million Cu.M.

Private Industrial Estate

Others

Internal Use

Household Consumers

Government Industrial Estate

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Amount (Baht million: MB)

Items

Picture 2 : Raw Water Distribution by Areas 2013 = 277.96 million Cu.M.

2012 = 278.69 million Cu.M.

Chachoengsao-Chonburi

Nonlplalai-Mabtaput-Sattahip

Nongplalai-Nongkho

2.2.2 $oTtT oG TaleT Jn raw water BuTJneTT waT Baht 962.54 NJllJon, JnDreaTeE CZ Baht 81.35 NJllJon or 9.23 perDent :o:. .aKor DoTtT oG raw water are Thown Jn TaCle 2 Celow Table 2: Major costs of Raw Water Business

2013

Item Raw Water Revenue Cost of Goods and Service Sold Raw water EleDtrJDJtZ DepreDJatJon .aJntenanDe 0therT Gross ProĹłt (Raw Water)

Change

2012

MB.

2,694.30 962.54 151.16 366.99 259.44 64.82 120.13 1,731.76

100.00 35.72 5.61 13.62 9.63 2.41 4.46 64.28

2,612.22 881.19 144.61 373.59 213.79 45.52 103.68 1,731.03

100.00 33.73 5.54 14.30 8.18 1.74 3.97 66.27

82.07 81.35 6.55 6.60

45.65 19.30 16.45 0.73

3.14 9.23 4.53 1.77

21.35 42.40 15.86 0.04

(1) Cost of Raw water waT Baht 151.16 NJllJon, JnDreaTeE CZ Baht 6.55 NJllJon :o:, Eue to the DoTtT oG raw water proDureNent GroN prJvate ponET to allevJate the ErouHht Jn $honCurJ provJnDe EurJnH the ĹłrTt halG oG 2013. (2) Electricity costs waT Baht 366.99 NJllJon, EeDreaTeE CZ Baht 6.60 NJllJon Eue to leTTer EeNanE Gor water puNpeE GroN 1raTae reTervoJr anE BanHpaLonH rJver, aT a TeRuenDe oG heavZ raJnGall EurJnH the 4th Ruarter oG 2013. The EeDreaTe waT net GroN averaHe JnDreaTeE oG unJt DoTtT oG eleDtrJDJtZ CZ 7.50 perDent GroN Baht 3.17 per ,wh to Baht 3.41 per ,wh

(3) Depreciation waT Baht 259.44 NJllJon, JnDreaTeE CZ Baht 45.65 NJllJon or 21.35 perDent :o:, CaTJDallZ GroN partlZ tranTGerreE oG /onHplalaJ .aCtaput III pJpelJne Jn 4epteNCer 2012, anE DoNpleteE hanEeE over oG the TZTteN Jn /oveNCer 2013. (4) Maintenance waT Baht 64.82 NJllJon, JnDreaTeE CZ Baht 19.30 NJllJon GroN the NaJntenanDe oG BanHpaLonH $honCurJ anE /onHLho -aNDhaCanH pJpelJneT. (5) Other expenses were Baht 120.13 NJllJon, JnDreaTeE CZ Baht 16.45 NJllJon NaJnlZ GroN JnDreaTeE oG waHe anE TalarZ Baht 13.83 NJllJon CZ reDlaTTJGZJnH ToNe oG TtaGG expenTeT to EJreDt DoTt oG raw water CuTJneTT. )owever, total TtaGG expenTeT $0(4 anE 4( A JnDreaTeE onlZ 1.32 perDent. (6) Gross profit of raw water business Jn the enE oG 2013 waT Baht 1,731.76 NJllJon or 64.28 perDent oG raw water revenue reTultJnH GroN the Cetter levelT oG raJnGall EurJnH NJE to late oG 2013, To thuT NoTt unexpeDteE DoTt were unEer DontrolleE. 36

2.3. Tap water business 2.3.1 Tap water revenue waT Baht 876.30 NJllJon, JnDreaTeE CZ Baht 34.78 NJllJon or 4.13 perDent :o: GroN total tap water TolE oG 68.39 NJllJon $u... or 1.58 NJllJon $u... JnDreaTeE Jn 2013. The averaHe tap water tarJGG Jn 2013 waT Baht 12.81 per $u..., JnDreaTeE CZ Baht 0.22 per $u... or 1.73 perDent :o:. 2.3.2 Total DoTt oG tap water waT Baht 502.17 NJllJon, JnDreaTeE CZ Baht 45.48 NJllJon or 9.96 perDent, CaTJDallZ GroN hJHher voluNe TolE anE DhanHe Jn operatJon GroN 0 . outTourDJnH DontraDtT Jn ToNe waterworLT to Jn houTe operatJon to enTure hJHher RualJtZ anE TtaCJlJtZ. Table 3 : Major costs of Tap Water Business

Item Tap Water Revenue Cost of tap water Tap water DoTtT Raw Water EleDtrJDJtZ $heNJDal WaHeT anE TalarZ 0utTourDJnH expenTeT DepreDJatJon 0ther expenTeT Gross ProĹłt (Tap Water)

2013

Change

2012

MB.

876.38 502.17 90.29 124.87 20.92 36.99 116.44 81.15 31.51 374.21

100.00 57.30 0.00 10.30 14.25 2.39 4.22 13.29 9.26 3.60 42.70

841.60 456.69 63.23 59.06 107.77 26.16 34.57 70.29 76.41 19.19 384.92

100.00 54.26 7.51 7.02 12.81 3.11 4.11 8.35 9.08 2.28 45.74

34.78 45.48 63.23

31.23 17.09 5.24

2.42 46.14 4.73 12.33 10.70

4.13 9.96 100.00

52.87 15.86 20.01

7.01 65.65 6.20 64.26 2.78

(1) Tap water costs EeDreaTeE Baht 63.23 NJllJon GroN terNJnatJon oG tap water purDhaTe anE TaleT aHreeNent wJth the prJvate DoNpanZ oG $honCurJ WaterworLT Eue to unEelJveraCle oG tap water at NJnJNuN reRuJreE voluNeT, aT TtateE Jn the contract. (2) Total cost of tap water production waT Baht 502.17 NJllJon, JncreaTeE CZ Baht 45.48 NJllJon or 9.96 percent :o:, CaTJcallZ GroN 1 terNJnatJon tap water proEuctJon purchaTe anE TaleT aHreeNent oG $honCurJ WaterworLT to TelG JnveTtNent anE operatJon anE 2 terNJnatJon oG RaZonH, 4attahJp, BanHpaLonH anE $hachonHTao 0 . outTourcJnH contractT to Jn houTe operatJon. (3) Depreciation waT Baht 81.15 NJllJon, JncreaTeE CZ Baht 4.73 NJllJon or 6.20 percent, Eue to recoHnJtJon oG aTTetT anE EeprecJatJonT oG $honCurJ WaterworLT Jn 2013. (4) Gross profit of tap water business waT Baht 374.21 .JllJon or 42.70 percent oG total tap water revenue.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

/ote EleDtrJDJtZ Baht 78.43 .JllJon anE DheNJDal expenTeT Baht 22.06 .JllJon were reDlaTTJĹłeE GroN the outTourDJnH expenTeT Jn 2012 Gor DoNparJTon onlZ.

2.4 Selling and administrative expenses 4ellJnH anE AENJnJTtratJve expenTeT Jn 2013 waT Baht 390.23 NJllJon, EecreaTeE CZ Baht 101.82 .JllJon or 20.69 percent :o:, aT a reTult oG expenTeT control polJcZ anE lower NarLetJnH anE aEvertJTJnH expenTeT coNpareE to thoTe oG the coNpanZÄ´T 20th Zear annJverTarZ actJvJtJeT Jn 2012. Table 4 : Selling and administrative expenses

Items

2013 (MB.)

4ellJnH expenTeT AENJnJTtratJve expenTeT -JGe anE EnvJronNent EevelopNent expenTeT Total

17.49 326.76 45.98 390.23

2012

Change

(MB.)

MB.

53.02 376.81 62.22 492.05

35.53

50.05

16.24

(101.82)

61.01

13.28

26.10

(20.69 )

2.5 Financial expenses 'JnancJal expenTeT waT Baht 112.95 NJllJon Jn 2013, JncreaTeE CZ Baht 22.96 NJllJon or 22.51 percent :o:, Eue to partJal tranTGerreE oG /onHplalaJ .aCtaput III pJpelJne Jn 4epteNCer 2012, anE coNpleteE hanEeE over oG /onHplalaJ .aCtaput III Jn /oveNCer 2013. 2.6 Tax In 2013, a total tax expenTe waT Baht 351.14 NJllJon, EecreaTeE CZ Baht 13.42 NJllJon or 3.68 percent :o:, Eue to lower corporate JncoNe tax rate GroN 23 percent to 20 percent.

3. Statement of financial position Table 5 : Summary of the statement of Financial Position

Items ATTetT -JaCJlJtJeT 0wnerTÄ´ eRuJtZ ERuJtZ attrJCutaCle to ownerT oG the parent

Amount (MB.) As of 31 December 2013

As of 31 December 2012

13,485.21 5,557.83 7,927.38 7,897.58

12,440.09 5,119.62 7,320.46 7,316.94

Increased (Decreased) MB. 1,045.13 438.21 606.92 580.64

8.40 8.56 8.29 7.94

3.1. Assets AT oG 31 DeceNCer 2013, total aTTetT were Baht 13,485.21 NJllJon, JncreaTeE CZ Baht 1,045.13 NJllJon or 8.40 percent :o: Eue to 1 AccountT receJvaCle EecreaTeE CZ Baht 63.78 NJllJon to Baht 410.18 NJllJon, CecauTe oG re claTTJGZJnH accountT receJvaCle Cetween a TuCTJEJarZ anE a prJvate coNpanZ to other non current lJaCJlJtJeT Baht 43.8 NJllJon accorEJnH to raw water TaleT anE purchaTe aHreeNent Cetween the TuCTJEJarZ anE the prJvate coNpanZ. 2 1ropertZ, plant anE eRuJpNent waT Baht 10,621.90 NJllJon, JncreaTeE CZ Baht 1,079.13 NJllJon GroN Teveral JnveTtNent aGter net oG EeprecJatJon Tuch aT /onHplalaJ Äą .aCtaput III Baht 238.34 NJllJon , BanHpra puNpJnH TtatJon Baht 413.37 NJllJon , TaCNa Baht 297.48 NJllJon , 1raTae /onHplalaJ pJpelJne anE puNpT Baht 113.24 .JllJon anE BanHpaLonH $honCurJ pJpelJne Baht 164.90 NJllJon . 3 ATTetT unEer conceTTJon contractT waT Baht 555.57 NJllJon, JncreaTeE CZ Baht 63.81 NJllJon, NaJnlZ GroN 4attahJp 1attaZa pJpelJne Baht 38.46 NJllJon , the reTt were NaJntenance anE replaceNent proKectT Jn the tap water CuTJneTT. 38

3.2. Liabilities AT oG 31 DeceNCer 2013, total lJaCJlJtJeT were Baht 5,557.83 NJllJon, JncreaTeE CZ Baht 438.21 NJllJon or 8.56 percent :o:, Eue to 1 1aZaCle Gor purchaTe oG ĹłxeE aTTetT waT Baht 264.23 NJllJon, JncreaTeE CZ Baht 225.76 NJllJon, GroN the coNpanZÄ´T conTtructJon proKectT. 2 -onH terN loan GroN ĹłnancJal JnTtJtutJonT waT Baht 4,410.36 NJllJon, JncreaTeE CZ Baht 216.39 NJllJon GroN loan ErawEown Gor JnveTtNent proKectT net aGter EeCt repaZNent . 3.3. Shareholderâ&#x20AC;&#x2122;s equity AT oG 31 DeceNCer 2013, 4hareholEerTÄ´ eRuJtZ waT Baht 7,897.58 NJllJon, JncreaTeE CZ Baht 580.64 NJllJon or 7.94 percent :o:, CaTJcallZ GroN net proĹłt Jn 2013 aGter EJvJEenE paJE oG Baht 732.04 NJllJon.

4. Cash flow analysis Table 6 : Summary of East Water Groupâ&#x20AC;&#x2122;s Cash flow

Items 0peratJnH $aTh 'low InveTtJnH $aTh 'low 'JnancJnH $aTh 'low /et JncreaTe oG caTh anE eRuJvalent B ' $ '

Amount (MB.) 2013 1,634.57 1,183.64

446.10

4.83 238.47 243.31

Increased (Decreased)

2012 1,635.21 2,017.28

491.85 109.78 128.69 238.47

MB. 0.64

833.64 937.96

104.95

109.78 4.83

In Heneral, EaTt Water (roup haE poTJtJve caTh Ĺów CZ 4.83 .JllJon Baht GroN poTJtJve operatJnH caTh Ĺów aHaJnTt ĹłnancJnH anE JnveTtJnH caTh Ĺów.

5. Key financial ratios Items ProĹłtability ratio (roTT proĹłt total revenue

/et proĹłt total revenue

Return on ERuJtZ R0E

Return on ATTetT R0A

Financial structure and liability ratio DeCt to ERuJtZ ratJo DeCt 4ervJce $overaHe ratJo D4$R tJNe

As of 31 December 2013 As of 31 December 2012

Change

56.87 34.49 17.30 10.15

58.69 33.27 17.40 10.68

1.82

1.22 0.10

0.53

0.70 2.53

0.70 2.87

0.34

In 2013, EaTt Water (roup HenerateE HroTT proĹłt anE net proĹłt NarHJn at 56.87 anE 34.49 percent, reTpectJvelZ. Return oG ERuJtZ R0E anE Return on ATTetT R0A were 17.30 anE 10.15 percent, Eue to a perJoE oG hJHh JnveTtNent on reTervoJrT anE pJpelJne TZTteN to JncreaTe the capacJtZ to Terve the Guture EeNanE.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Table 7 : Key Financial Ratios

6. Water situation at major reservoirs Table 8 : Water Situation at Major Reservoirs as of 3 February 2014

6nJt .JllJon $u...

Chonburi

Items Water reTerve oG total capacJtZ AveraHe 2006 Äą 2013

ACove Celow averaHe 2006 Äą 2013

Bangpra 69.45 59 62.84

6.61

Nongkho 15.95 75 12.88

3.07

Rayong Dokkrai 58.07 81 52.91

5.16

Nongplalai 139.24 85 130.42

8.82

Klongyai 32.41 81 30.84

1.57

Prasae 214.52 87 207.03

7.49

AT oG 3 'eCruarZ 2014, water reTerveT Jn our NaJn reTervoJrT Jn RaZonH anE $honCurJ provJnceT are aCove averaHe EurJnH 2006 to 2013. WJth thJT water level, the 2014 water EeNanE can Ce GulĹłlleE anE 2014 electrJcJtZ coTt JT expecteE to Ce controlled.

Customer Satisfaction

The overvJew oG the cuTtoNer TatJTGactJon Jn 2013 JT at ÄśHoodÄˇ level wJth an averaHe Tcore oG 4.07, eRuJvalent to the ,1I Tcore oG 81.4 percentT whJch JT an 8.6 percentT, JncreaTe GroN 2012. -ooLJnH Jnto each cateHorZ, dJrect cuTtoNerT rated Äśexcellent,Äˇ whJch JT an upHrade GroN ÄśHood,Äˇ wJth an averaHe Tcore oG 4.21, a 0.3 poJnt whJch JncreaTe GroN 2012. $ateHorJ[JnH CZ the provJnce, the cuTtoNerT Jn everZ provJnce haT JncreaTed theJr TatJTGactJon GroN the prJor Zear. The NoTt JncreaTed averaHe Tcore waT HJven GroN the cuTtoNerT Jn $honCurJ, whJch JT 4.23, a 0.28 JncreaTe GroN 2012. 0n the other hand, JndJrect cuTtoNerT have a 0.09 Tcore decreaTe Jn TatJTGactJon coNpared to 2012, whJch JT TtJll at ÄśHoodÄˇ level wJth an averaHe Tcore oG 3.63. AT Gor the cuTtoNer enHaHeNent wJth EaTt Water, the 2013 overvJew JT ÄśHoodÄˇ wJth an averaHe Tcore oG 4.20, a 0.27 JncreaTe coNpared to 2012. $onTJderJnH the dJrect cuTtoNerT Jn each provJnce, cuTtoNerT Jn $hachoenHTao haT the NoTt JncreaTe Jn the TatJTGactJon Jn enHaHeNent wJth EaTt Water, whJch elevateT GroN ÄśaveraHeÄˇ to ÄśHood.Äˇ The averaHe Tcore Gor 2013 JT 4.19. 'or JndJrect cuTtoNerT, the 2013 Tcore, 3.71, JT decreaTed GroN 2012 CZ 0.32. The TatJTGactJon Jn the enHaHeNent JT TtJll NaJntaJned Jn ÄśHoodÄˇ level. 'or the corporate JNaHe Jn cuTtoNer perceptJon, the 2013 overvJew JT ÄśHoodÄˇ wJth a 0.23 JncreaTe Jn averaHe Tcore coNpared to 2012. DJrect cuTtoNerT JncreaTe theJr corporate JNaHe TatJTGactJon CZ 0.26, raJTed GroN ÄśHoodÄˇ to ÄśexcellentÄˇ. The averaHe Tcore Gor 2013 JT 4.26. The TatJTGactJon level oG all the dJrect cuTtoNerT Jn each provJnce JT JncreaTed GroN ÄśHoodÄˇ to excellentÄˇ. In contraTt, JndJrect cuTtoNerT decreaTe the TatJTGactJon Jn corporate JNaHe GroN 2012 CZ 0.19, whJch reTultT Jn the 2013 Tcore oG 3.56.

direct customer 4.21

Chachoengsao 4.19

customer 4.07 indirect customer 3.63 Satisfaction Score : Excellent (5) 40

Chonburi 4.23

Rayong 4.20

GOOD CORPORATE

GOVERNANCE

The Board oG DJrector contJnueT Hreat eNphaTJT on conductJnH the CuTJneTT Jn accordance wJth Hood Hovernance TtandardT to NaxJNJ[e JtT return to ThareholderT, taLJnH Jnto account the CeneĹłtT oG all TtaLeholderT, JncludJnH reTponTJCJlJtJeT to TocJetZ, coNNunJtJeT and envJronNent. In the paTt Zear, CZ coNpanZ haT revJTed the 1rJncJple oG Hood corporate Hovernance CZ concentratJnH on JtT JNpleNentatJon oG the 1rJncJple oG (ood $orporate (overnance Jn accordance wJth the 1rJncJple oG (ood $orporate (overnance Gor -JTted $oNpanJeT 2012, a HuJdelJne GroN the 4tocL ExchanHe oG ThaJland 4ET . In addJtJon, the $oNpanZ orHanJ[ed NanZ actJvJtJeT that proNote Hood Hovernance practJceT Jn the CuTJneTT Hroup wJth expectatJon to JnTtJll the coNpanZÄ´T core value oG ÄśTranTparencZ, )oneTtZ, ReTponTJCJlJtZ and $oNpetJtJveneTTÄˇ Jnto the NJndTet oG all eNploZeeT.

Corporate Governance

The Board oG DJrectorT deĹłned the $oNpanZÄ´T 7JTJon, .JTTJon and 1olJcZ Gor corporate Hovernance on AuHuTt 1Tt, 2003. The $orporate (overnance and /oNJnatJnH $oNNJttee JT aTTJHned to perJodJcallZ revJew and propoTe to revJTe the Hovernance polJcZ to approprJatelZ reTpond to the dZnaNJc oG the TJtuatJon and preTent to the Board oG DJrectorT. To encouraHe the conTcJouT oG CuTJneTT ethJcT aT Ttated aT one oG the NaJn topJcT Jn the prJncJple oG Hood Hovernance, the coNpanZ reRuJreT JtT new eNploZeeT coNNJtted theNTelveT CZ TJHnJnH on the BuTJneTT EthJcT AcLnowledHeNent 'orN on the orJentatJon daZ. .eNCerT oG the Board oG DJrectorT are alTo reRuJred to TJHn on the Board oG DJrectorTÄ´ )andCooL. ThJT JndJcateT the coNpanZÄ´T TtronH deterNJnatJon to adopt Hood Hovernance Jn all oG JtT levelT oG operatJon. 1rJncJpleT oG (ood $orporate (overnance JT conTJTted oG prJncJple and HuJdelJne oG corporate Hovernance Jn Ĺłve cateHorJeT aT GollowT 1 RJHhtT oG ThareholderT 2 ERuJtaCle treatNent oG ThareholderT 3 Role oG TtaLeholderT 4 DJTcloTure and tranTparencZ 5 ReTponTJCJlJtJeT oG Board

1. Rights of Shareholders

The $oNpanZ realJ[eT JtT ĹłducJarZ dutZ to ThareholderT and To placeT Hreat JNportance on proNotJnH ThareholderTÄ´ rJHhtT, Tuch aT the rJHht to KoJntlZ deterNJne the coNpanZÄ´T polJcJeT and HuJdelJneT, and the rJHht to receJve the coNpanZÄ´T JnGorNatJon Jn an accurate, tranTparent and tJNelZ Nanner, whJch wJll lead coNpanZ to TuTtaJnaCle CuTJneTT Hrowth.

1.1 Shareholdersâ&#x20AC;&#x2122; Meeting Before the Meeting Date The $oNpanZ allowed the NJnorJtZ ThareholderT the rJHht to noNJnate the $oNpanZÄ´T dJrectorT and propoTe the NeetJnH aHenda throuHh the coNpanZÄ´T weCTJte prJor to the NeetJnH date. The NJnorJtZ ThareholderT could noNJnate dJrectorT TtartJnH GroN 0ctoCer 1 to DeceNCer 31, 2012 throuHh EA4TWÄ´T weCTJte and 4ET JnGorNatJon 4ZTteN.

JdentJGZ hJT proxZ or appoJnt one oG the three Jndependent dJrectorT arranHed CZ the $oNpanZ to attend the NeetJnH and vote on CehalG oG hJN. On the Meeting Date The 2012 Annual (eneral .eetJnH oG 4hareholderT waT held on AprJl 30, 2013 at 1.30 p.N. at JupJter RooN, 3 rd Ĺ´oor, .Jracle (rand $onventJon )otel, 7JpavadeeranHTJt Road, -aLTJ, Don .uanH, BanHLoL. The votJnH procedure waT GacJlJtated wJth the uTe oG a TpecJal electronJc votJnH TZTteN developed CZ the ThaJ 4ecurJtZ DepoTJtorZ $o.,-td Barcode and E 7otJnH . 11 DJrectorT attended the NeetJnH 100 oG the dJrectorT , JncludJnH $haJrNan oG the Board oG DJrectorT, $haJrNan oG ExecutJve and InveTtNent $oNNJttee, $haJrNan oG AudJt $oNNJttee, $haJrNan oG $orporate (overnance and /oNJnatJnH $oNNJttee, $haJrNan oG EvaluatJon $oNNJttee and ReNuneratJon $oNNJttee Top ExecutJveT, corporate TecretarZ, audJtorT and leHal advJTerT alTo attended the NeetJnH to explaJn anZ RueTtJon and acLnowledHe the ThareholderTÄ´ opJnJon.

The $oNpanZ notJĹłed the JnGorNatJon oG the date and 1rJor to the coNNenceNent oG the NeetJnH, the $haJrNan aHenda Gor the Zear 2012 Annual (eneral .eetJnH oG JnGorNed the .eetJnH the HovernJnH ruleT, JncludJnH the 4hareholderT throuHh the 4ETÄ´T InGorNatJon 4ZTteN and votJnH proceTT Gor each CuTJneTT aHenda. BeGore each EA4TWÄ´T weCTJte 30 daZT prJor to the NeetJnH date. votJnH, the $haJrNan encouraHed the .eetJnH to raJTe RuerJeT and dJTcuTTed on JTTueT Jn an approprJate tJNeGraNe. The $oNpanZ dJTtrJCuted the JnvJtatJon letterT, the aHenda The $haJrNan then allowed the relevant dJrectorT and or detaJlT the oCKectJveT and reaTonT oG the NeetJnH, and the executJveT to clarJGZ the poJntT to the .eetJnHÄ´T thorouHh BoardÄ´T opJnJon , wJth the proxZ GorN Jn ThaJ and EnHlJTh TatJTGactJon. Then the $haJrNan coNNenced the votJnH. to all ThareholderT and announced oG the dJTtrJCutJon oG 'or the electJon oG the dJrectorT, the $haJrNan advJTed the the NeetJnH docuNent at leaTt 14 daZT prJor to the NeetJnH .eetJnH to dJTcretelZ vote Jn the JndJvJdual Callot paperT. date. The $oNpanZ puClJThed JtT annual NeetJnH date and aHenda Jn the newTpaper Gor 3 conTecutJve daZT at leaTt 3 The $haJrNan announced the reTultT oG the votJnH Gor daZT prJor to the NeetJnH date. The $oNpanZ alTo poTted each aHenda CeGore conTJdered next aHenda or declared JtT JnvJtatJon letterT and NeetJnH docuNent on JtT weCTJte the NeetJnH adKourned. The $haJrNan adhered to the ruleT 30 daZT CeGore the NeetJnH tooL place. oG the coNpanZ to conduct the NeetJnH Jn the order oG the declared aHenda, unleTT Nore than two thJrdT 2 3 oG the In the caTe that anZ Thareholder could not attend the ThareholderT preTent Jn the NeetJnH voted Gor a chanHe oG NeetJnH, he could proxZ vote uTJnH the proxZ GorN JTTued the order oG the aHenda. AGter the declared aHenda were CZ the DepartNent oG BuTJneTT DevelopNent, .JnJTtrZ oG TcrutJnJ[ed, the $haJrNan JnGorNed the .eetJnH that the $oNNerce 'orN A, B and $ . The 4hareholder Thould ThareholderT wJth the total oG one thJrd 1 3 oG the ThareT

TuCTcrJCed could reRueTt addJtJonal aHenda. In 2012, there 2. Equitable Treatment of Shareholders waT no chanHe Jn order oG aHenda and addJtJonal aHenda The $oNpanZ enTureT JtT eRuJtaCle treatNent to all oG JtT propoTed. ThareholderT. 'or exaNple, the $oNpanZ GacJlJtateT ThareholderT to attend and vote Jn the ThareholderĴT NeetJnH After the meeting date and alTo HrantT the rJHht oG NJnorJtZ ThareholderT to propoTe The $oNpanZ puClJThed the reTolutJon oG the 2012 perTon to Ce dJrector and the rJHht to propoTe the NeetJnH Annual (eneral .eetJnH oG 4hareholderT throuHh 4ETĴT aHenda Jn advance. The $oNpanZ alTo prepareT the InGorNatJon 4ZTteN and the $oNpanZĴT weCTJte JNNedJatelZ tranTlatJon verTJon oG docuNent to GacJlJtate JtT GoreJHn aGter the NeetJnH JT adKourned. ThareholderT Jn the NeetJnH. In addJtJon, the $oNpanZ haT the polJcZ Gor dJrector The $oNpanZ prepared the NJnuteT oG the 2012 Annual who NaZ have conŴJct oGG (eneral .eetJnH oG 4hareholderT and TuCNJtted to 4ET and JntereTt to aCTtaJn Gor the 4ecurJtJeT and ExchanHe $oNNJTTJon 4E$ wJthJn 14 canTJderatJon Jn Tuch daZT GroN the date oG the NeetJnH. The dJTcuTTJon and the related aHenda. NeetJnH reTolutJon were recorded clearlZ. The votJnH reTultT were recorded aT ĶApprove, DJTapprove, and ACTtaJnķ. ThaJ InveTtorT ATTocJatJonT A(. ATTeTTNent 1roKect rated EA4TWĴT adNJnJTtratJon oG JtT 2012 Annual (eneral .eetJnH oG 4hareholderT at ĶExcellenceķ level.

3. Role of Stakeholders

relevant TtandardT reHardJnH hZHJene, TaGetZ and welGare oG the TocJetZ to avoJd anZ harN on the lJveT and the propertJeT oG people and to avoJd anZ daNaHeT on the envJronNent.

3.1 Responsibilities to Stakeholders The $oNpanZ Jncorporated JtT CuTJneTT phJloTophJeT Jn everZ operatJon to eNphaTJ[e reTponTJCle and eRuJtaCle 7 ReTponTJCJlJtJeT to coNpetJtorT The $oNpanZ conductT treatNent to all relevant TtaLeholderT. 4uch phJloTophJeT the CuTJneTT under GaJr KuTtJce coNNercJal law, leHallZ and not aTTeTT coNpetJtorT JnGorNatJon wJth JnapproprJate or are aT GollowT dJThoneTt Nethod. 1 'JducJarZ dutJeT to ThareholderT The $oNpanZ HenerateT approprJate returnT to JtT NaKorJtZ ThareholderT, NJnorJtZ 3.2 Policy of Non-involvement in Human Right Violation ThareholderT, and JnveTtorT and NaJntaJn JtT ĹłnancJal The coNpanZ reTpectT the eRualJtZ and the rJHhtT oG the eNploZeeT CZ GollowJnH the huNan rJHht prJncJpleT TtaCJlJtZ to Tupport TuTtaJnaCle CuTJneTT Hrowth. protected CZ the $onTtJtutJon oG the ,JnHdoN oG 2 ReTponTJCJlJtJeT to cuTtoNerT The $oNpanZ contJnuJnHlZ ThaJland, ThaJ lawT and other treatZ oClJHatJonT. The developT and NanaHeT water reTourceT wJth Hood RualJtZ coNpanZ wJll not taLe anZ actJonT that vJolate huNan and TervJceT to NaxJNJ[e cuTtoNer TatJTGactJon. The dJHnJtZ, rJHht, and lJCertZ, and wJll not Ce JrreTpectJve $oNpanZ eNphaTJ[eT the excellent TatJTGactJon to the oG theJr orJHJnT, raceT, lanHuaHeT, TexeT, aHeT, phZTJcal cuTtoNer CZ NanaHe water reTourceT to Ce TuGĹłcJent Gor or health condJtJonT, perTonal TtatuTeT, econoNJc or cuTtoNer utJlJ[atJon wJth care and eRual TervJce. The TocJal TtatuTeT, relJHJonT, educatJonT, polJtJcal vJewT, $oNpanZ alTo contJnuJnH concentrateT Jn TolvJnH the related or perTonal NatterT unrelated to worL. proCleN Gor CeTt TervJce Jn approprJate tJNelZ Nanner Jn 3.3 Policy and Practice against Corruptions and Business Frauds all Terved areaT. The coNpanZ haT Thown JtT coNNJtNent CZ KoJnJnH the 3 ReTponTJCJlJtJeT to $redJtorT The $oNpanZ adhereT to 1rJvate 4ector $ollectJve ActJon $oalJtJon aHaJnTt $orruptJon the terNT and condJtJonT and covenantT Tet Gorth Jn the Tupported CZ the HovernNent and the 0GĹłce oG The /atJonal loan aHreeNentT, reGraJn GroN NJTrepreTentJnH ĹłnancJal AntJ $orruptJon $oNNJTTJon /A$$ . TtatuT oG the coNpanZ and the Hroup, and aCTtaJn GroN The coNpanZ alTo haT polJcZ to prevent the Board oG NJTapproprJatJnH loanT Gor JnapproprJate purpoTeT. DJrectorT and other eNploZeeT GroN exploJtJnH theJr power 4 ReTponTJCJlJtJeT to eNploZeeT The $oNpanZ acLnowledHeT and poTJtJon. TheZ are to neHate the oGGerT Tuch aT NoneZ, and reTpectT eNploZeeTÄ´ leHal rJHhtT. It enTureT that a Hood HJGtT, recreatJonT, trJpT, or other NeaTuraCle CeneĹłtT that worLJnH envJronNent, approprJate welGare arranHeNentT are Gree oG charHe or the prJce JT exceptJonallZ low avoJd and GaJr eNploZee treatNent are conducted, and the HJvJnH preTentT or TouvenJrT to the perTonT or the orHanJ[atJonT coNpenTatJon TcheNeT are alJHned wJth the JnduTtrZ. It that NaZ aGGect anZ decJTJonT reHardJnH theJr dutJeT. In caTe encouraHeT eRuJtaCle TelG developNent opportunJtJeT and oG CeTtowJnH unuTuallZ expenTJve preTentT or TouvenJrT eNploZeeTÄ´ partJcJpatJon Jn the coNpanZÄ´T decJTJon proceTT, upon CuTJneTT aTTocJateT are unavoJdaCle, perNJTTJon GroN wJth expectatJon to GortJGZ the Cond wJthJn the orHanJ[atJon the TupervJTor JT reRuJred. .oreover, CeTJde the Gact that all eNploZeeTÄ´ opJnJonT and TuHHeTtJonT concernJnH the and proNote the eNploZeeÄ´T TenTe oG devotJon. TuCKect are welcoNed, the coNpanZ haT JnJtJated traJnJnHT 5 ReTponTJCJlJtJeT to CuTJneTT partnerT The $oNpanZ reHardJnH (ood (overnance. certJĹłeT that JtT relatJonThJp wJth JtT contractorT, TupplJerT and JnveTtorT are CaTed on Nutual aHreeNent wJth oCKectJve 3.4 Filing of Complaints EA4TW Tet up a TpecJĹłc channel to handle coNplaJntT to optJNJ[e the CeneĹłtT oG all partJeT Jnvolved. reHardJnH JlleHal or unethJcal practJceT Jn accurate accountJnH 6 ReTponTJCJlJtJeT to TocJetZ and envJronNent The $oNpanZ entrJeT, and JnadeRuate Jnternal control. It alTo put Jn conductT JtT CuTJneTT wJth Gull awareneTT oG JtT potentJal place a WhJTtleClower 1rotectJon 1lan to proNote externalJtJeT. It adhereT to lawT, related reHulatJonT and eGGectJveneTT oG the detectJon and the reTolutJon oG 44

Annual Report 2013 Eastern Water Resources Development and Management PLC.

NJTconductT and errorT. $oNplaJntT can Ce Ĺłled to the In addJtJon, the coNpanZ aTTJHnT a $oNplJance 6nJt to JnTpect AudJt $oNNJttee vJa the operatJon to Ce conGorNed to ruleT and reHulatJonT reHardJnH the 4tocL ExchanHe oG ThaJland and the 0GĹłce oG The 4ecurJtJeT and ExchanHe $oNNJTTJon, aT well aT to E NaJl releaTe JnGorNatJon throuHh varJouT channelT, Tuch aT the AudJt coNNJttee A$@EW!eaTtwater.coN coNpanZ weCTJte, the 0GĹłce oG The 4ecurJtJeT and ExchanHe 1reTJdent $E0 $E0!eaTtwater.coN $oNNJTTJon weCTJte, and Annual ReportT. In order to enTure the JnveTtorTÄ´ conĹłdent oG the coNpanZÄ´T operatJon, the .aJl AudJt $oNNJttee EaTtern Water ReTourceT DevelopNent JnGorNatJon JT preTented wJth accuracZ, TuGĹłcJencZ, punctualJtZ, and .anaHeNent 1uClJc $oNpanZ -JNJted 1, EaTt Water and coNpleteneTT accordJnH to the related lawT. BuJldJnH 'l. 25, 4oJ 7JpavadeeranHTJt 5, 7JpavadeeranHTJt 5. Board of Directorâ&#x20AC;&#x2122;s Responsibilities Road, $hoNpol, $hutuchaL, BanHLoL 10900 The Board oG DJrectorT are conĹłdent that Hood Hovernance The polJcZ Gor coNplaJntT JT dJTcloTed Jn the annual report JT one oG the LeZT toward achJevJnH the coNpanZÄ´T ultJNate 'orN 56 2 and coNplaJntT channel could Ce raJTed throuHh Hoal to NaxJNJ[e the CeneĹłt oG the ThareholderT. It JT a leHal oClJHatJon to put Hood Hovernance prJncJpleT Jnto the coNpanZ weCTJte www.eaTtwater.coN

practJce. AT Gor the reTponTJCJlJtZ toward the TtaLeholderT, 4. Information Disclosure and Transparency the Coard cloTelZ NonJtorT the coNpanZÄ´T NanaHeNent The Board oG DJrectorT oG the coNpanZ and the aGĹłlJateT to enTure JtT eGGectJveneTT and eGĹłcJencZ on CehalG oG the NaLe certaJn that the adNJnJTtratJve departNent have the coNpanZ, the aGĹłlJateT, and the TtaLeholderT. approprJate coNNunJcatJon TZTteN Jn order to dJTtrJCute JNportant JnGorNatJon Gor the CeneĹłtT oG the TtaLeholderT 5.1 Leadership and Vision Jn receJvJnH the ĹłnancJal JnGorNatJon verJĹłed CZ Jndependent The Board oG DJrector haT TJHnJĹłcant role Jn deterNJnJnH the audJtorT accordJnH to the AccountJnH 4tandardT oG ThaJland. coNpanZÄ´T vJTJon, polJcZ and TtrateHJc planT throuHh JtT The coNpanZ JT wJllJnH to NaLe an adKuTtNent CaTed on $orporate 1lan wJth 3 Zear revJTJon. The Board oG DJrector the TuHHeTtJonT oG the audJtorT and other Heneral JnGorNatJon KoJntlZ wJth the executJveT analZ[e the CuTJneTT plan Gor 10 wJth accuracZ, coNpleteneTT, tranTparencZ, and ratJonalJtZ ZearT CZ taLJnH the dZnaNJc oG the external envJronNent Jn accordance wJth the announceNent oG the 4tocL ExchanHe GactorT Tuch aT HeoHraphJc, HloCal econoNJc, developNent oG ThaJland. The coNpanZ alTo TupportT the adNJnJTtratJve Jn technoloHZ Jnto conTJderatJon. The 0peratJon Gor each departNent to NaLe puClJc other JnGorNatJon conTJderJnH Zear, the ExecutJve wJll report the 4trateHJc and ActJon 1lan to the Hood NeaTure Jn LeepJnH conĹłdentJalJtZ oG non puClJc the ExecutJve and InveTtNent $oNNJttee Gor recoNNendatJon JnGorNatJon that NaZ aGGect the decJTJon NaLJnH Jn TecurJtJeT and Gurther preTent aT 0peratJonal 1lan and BudHetJnH to tradJnH or the chanHe Jn the coNpanZÄ´T TecurJtJeT prJce. the Board oG DJrector Gor approval. Apart GroN thJT, the ExecutJve reportT the proHreTT oG the actJon planT JncludJnH The JnGorNatJon wJll Ce dJTtrJCuted throuHh the coNNunJcatJon proCleNT arJTJnH GroN JNpleNentatJon plan on tJNelZ CaTJT TZTteN oG the 4tocL ExchanHe oG ThaJland, whJch to Ce to the AudJt $oNNJttee and the Board oG DJrector Gor theJr paTTed down to www.eaTtwater.coN and www.uu.co.th Jn acLnowledHeNent. The ExecutJve alTo propoTe Gor approval Coth ThaJ and EnHlJTh verTJon. The adNJnJTtratJve departNent Jn proKect wJth JnveTtNent value over B 200 .. GroN the JT enHaHed Jn updatJnH the NoTt recent JnGorNatJon and Board oG DJrector. notJGZJnH the InveTtor RelatJonT unJt to conveZ the coNpanZÄ´T JnGorNatJon CeneĹłcJal to the ThareholderT, JnveTtorT, TecurJtJeT The Board oG DJrectorT evaluatJnH NanaHeNentÄ´T analZTtT, and other related partJeT. The contact JnGorNatJon perGorNance CZ coNparJnH JtT perGorNance wJth oCKectJveT JT aT GollowT and the coNpanZÄ´T overall CuTJneTT perGorNance. 2uarterlZ NanaHeNent perGorNance JT reported Jn the NeetJnH oG Telephone 02 272 1600 ext. 2332, 2378, 2311 the Board oG DJrector under the aHenda Äś2uarterlZ 'JnancJal E NaJl IR!eaTtwater.coN 4tatuT ReportÄˇ. In addJtJon, the Coard alTo reRuJred the WeCTJte http eaTtw th.lJTtedcoNpanZ.coN hoNe.htNl NanaHeNent to JnGorN anZ chanHeT Jn ruleT and reHulatJonT

Tet CZ 4ET and 4E$ JncludJnH other related leHal JTTueT that and 4E$. The coNpanZ NanaHeNent wJll report the Board NaZ aGGect the CuTJneTT. oG DJrectorT oG the TaJd tranTactJonT and the dJrectorT related to the TaJd tranTactJonT wJll aCTtaJn Gor the vote and Ce 5.2 Conflicts of Interest reRueTted to leave the NeetJnH durJnH that aHenda. The Board oG DJrectorT Tet up polJcJeT on conĹ´Jct oG JntereTt Jn the $orporate (overnance 'raNeworL and the Board oG The coNpanZ alTo provJdeT the related tranTactJon report to the executJveT to avoJd procurJnH GroN TupplJerT or DJrectorTÄ´ )andCooL. 4uch 1olJcJeT are aT GollowT contractJnH contractorT that NaZ Henerate conĹ´JctT oG JntereTt. DJrectorT who aTTJHn the proxZ to other perTon T to Related tranTactJonT are careGullZ exaNJned CeGore approval, execute anZ leHal tranTactJon NuTt do aT wrJtten docuNentT wJth the prJce and condJtJonT that are the TaNe aT would or have the authorJ[ed NatterT recorded Jn the NJnuteT oG Ce applJed to a norNal thJrd partZ coNNercJal tranTactJon. the NeetJnH oG the Board oG DJrectorT. The authorJ[atJon Related tranTactJonT are dJTcloTed Jn the annual report and NuTt Ce TpecJĹłc, and NuTt not Ce HJven to the perTonT wJth 'orN 56 1. poTTJCle conĹ´Jct oG JntereTt Jn the authorJ[ed tranTactJon. 5.3 Business Ethics All perTonnel Jn everZ level NuTt put hJT her CeTt eGGort To NanJGeTt JtT devotJon to the prJncJple oG Hood corporate to avoJd anZ actJon that wJll create conĹ´JctT oG JntereTt, Hovernance, the Board oG DJrectorT approved the (roupÄ´T whJch wJll deTtroZ the HroupÄ´T overall JntereTt and deraJl $orporate (overnance 'raNeworL, the Board oG DJrectorTÄ´ worLJnH relatJonThJp. )andCooL, and the )andCooL oG BuTJneTT EthJcT on AuHuTt 17, 2006. TheTe HuJdelJneT, are contJnuallZ revJewed to EverZ eNploZee NuTt dJTcloTe the tranTactJonT that NaZ reĹ´ect the chanHJnH condJtJon and reHulatJon, provJde create conĹ´JctT oG JntereTt to the LnowledHe oG hJT her TtandardT Gor Hood Hovernance practJceT Gor the $oNpanZÄ´T TupervJTor, attachJnH anZ docuNent depJctJnH detaJlT oG the perTonnel oG everZ level. 4uCTtantJallZ, NeNCerT oG the TaJd tranTactJonT. The docuNent JT to Ce reported to the Board oG DJrectorT are reRuJred to TJHn on the Board oG $hJeG ExecutJve 0GĹłcer. DJrectorTÄ´ )andCooL. ENploZeeT oG the (roup are alTo educated aCout Hood Hovernance practJceT throuHh DJrectorT oG the coNpanZ or JtT TuCTJdJarJeT NuTt reGraJn conTtant traJnJnH proHraNT. GroN TeeLJnH perTonal CeneĹłtT Gor theNTelveT, GaNJlJeT, or GrJendT, dJrectlZ and JndJrectlZ, CZ uTJnH power, prJvJleHeT, 5.4 Power check and balance of Non-Executive Directors and JnGorNatJon provJded CZ theJr poTJtJon Jn the coNpanZ. AT oG DeceNCer 31, 2013, the Board oG DJrectorT JT coNpoTed oG eleven 11 NeNCerT conTJTtJnH oG the GollowJnH The Board oG DJrectorT and executJveT are reRuJred to dJTcloTe the GollowJnH JnGorNatJon 0ne 1 oG JtT NeNCerT to Ce ExecutJve DJrector TranTactJonT on whJch the dJrectorT, executJveT, or theJr Ten 10 oG JtT NeNCerT to Ce /on ExecutJve DJrectorT, and related partJeT NaZ have JntereTtT. The coNpanZÄ´T TecretarZ EJHht 8 oG JtT NeNCerT to Ce Independent DJrectorT Thall Hather the JnGorNatJon on thoTe tranTactJonT and report to $haJrNan oG the Board oG DJrectorT and $haJrNan oG 5.5 Centralization and Decentralization of Power AudJt $oNNJttee. The Board oG DJrectorT GocuTeT an JNportance upon tranTparencZ oG CuTJneTT operatJon, decentralJ[atJon oG 1oTTeTTJon oG TecurJtJeT CZ the dJrectorT, executJveT, or decJTJon NaLJnH, clear TeparatJon oG power oG TcreenJnH and theJr related partJeT. The coNpanZ Thall report the TuNNarZ conTJderatJon oG approval. $haJrNan oG the Board NuTt not oG Tuch poTTeTTJon to the Board oG DJrectorT Jn each oG the Ce the TaNe perTon aT 1reTJdent $E0. The NeNCerT oG NeetJnH oG the Board oG DJrectorT. the AudJt $oNNJttee Thall Ce Independent DJrectorT wJth no authorJtZ to TJHn approval leHal CJndJnH to the $oNpanZ, 'or the caTe oG related tranTactJonT, the coNpanZ wJll no ĹłnancJal and NanaHeNent conĹ´JctT oG JntereTt wJth the TtrJctlZ conduct adhere to the reHulatJonT Tet Gorth CZ 4ET $oNpanZ and JtT aGĹłlJated coNpanJeT. 46

5.7 Remunerations of Directors and Executives The Board oG DJrectorTÄ´ haT TtJpulated the reNuneratJonT polJcZ Gor the Board oG DJrectorTÄ´ and ExecutJveT aT par wJth the JnduTtrJeT Jn order to Leep and NaJntaJn the dJrectorT and executJveT wJth the coNpanZ. The ReNuneratJonT $oNNJttee Thall conTJder the reNuneratJonT GollowJnH the perJod oG the poTJtJon CaTed on the net proĹłt, dJvJdend 2. $hJeG ExecutJve 0GĹłcer and ExecutJveT can taLe a poTJtJon paZNent, and operatJnH reTult oG the coNpanZ whJch are Jn the Board oG DJrectorT oG no Nore than Gour other lJTted conTJdered on the annual CaTJT. The approprJate reNuneratJonT Thall Ce propoTed to the Board oG DJrectorTÄ´ Gor approval coNpanJeT. prJor to the conTent GroN the Annual (eneral .eetJnH. In the ĹłTcal Zear 2013, the reNuneratJonT paJd to DJrectorT and ExecutJveT are aT GollowT

Annual Report 2013 Eastern Water Resources Development and Management PLC.

5.6 Board of Directors, Chief Executive Officer, and Executives in Taking Position in Other Companyâ&#x20AC;&#x2122;s Board 1. A coNpanZ DJrector can taLe a poTJtJon Jn the Board oG DJrectorT oG no Nore than three other lJTted coNpanJeT and no Nore than Ĺłve, JncludJnH other coNpanJeT and Ttate enterprJTeT.

1. Monthly allowance and Meeting allowance 2. 0ther 4uC $oNNJttee The 2012 Annual (eneral .eetJnH on TueTdaZ AprJl 30, 2013 .onthlZ allowance none haT conTented the reNuneratJonT Gor dJrectorT Gor the Zear 2013 aT GollowT .eetJnH allowance 10,000 NeetJnH perTon Board of Directors .onthlZ allowance 30,000 Caht perTon

The TuC coNNJttee receJveT NeetJnH allowance accordJnH to nuNCer oG NeetJnH attendJnH Cut not exceed 20,000 Caht.

.eetJnH allowance 10,000 Caht NeetJnH perTon IG there JT Nore than 1 NeetJnH Jn a Nonth, onlZ 1 NeetJnH 2. Bonus for Board of Directorsâ&#x20AC;&#x2122; allowance JT paJd. The NeetJnH allowance Gor the $haJrNan The Board oG DJrectorT Jn the NeetJnH oG 12 2005 DeceNCer oG Board oG DJrectorTÄ´ receJveT 25 on top. 28,2005 haT TtJpulated polJcZ on ConuT reNuneratJonT that ConuT reNuneratJonT JT paJd to the Board oG DJrectorT onlZ Sub-Committee when the coNpanZ HaJnT net proĹłt and the aNount paJd 1. AudJt $oNNJttee wJll not exceed 5 oG annual net proĹłt. The $haJrNan oG .onthlZ allowance none Board oG DJrectorTÄ´ receJveT 25 on top. BonuT JT calculated on the CaTJT oG duratJon Jn the poTJtJon. .eetJnH allowance 20,000 NeetJnH perTon

Report of the Remunerations of the Directorsâ&#x20AC;&#x2122; and Executives for the Fiscal Year 2013 The remunerations of the Directorsâ&#x20AC;&#x2122; from January 1, 2013 - December 31, 2013

87,500 62,500 30,000 50,000 50,000 10,000 7 70,000 50,000 120,000 120,000 120,000 70,000 110,000 60,000 50,000 40,000

110,000 150,000 20,000 60,000 170,000 170,000 200,000 80,000 200,000 60,000 130,000 170,000 180,000 90,000 230,000

262,500 187,500 150,000 150,000 150,000 120,000 240,000 360,000 360,000 360,000 360,000 360,000 360,000 210,000 210,000 120,000

Bonus from the operating result in 2012 paid in 2013 (after tax deduction)

7 5 5 5 5 4 8 12 12 12 12 12 12 7 7 4 11

445,560.50 40,505.50 437,459.40 437,459.40 401,004.45 109,364.85 162,022.00 437,459.40 401,004.45 401,004.45 36,454.95 291,639.60 486,066.00 40,505.50 36,454.95 36,454.95 255,184.65 324,044.00

ReNarL $urrentlZ, .r. JJratt chanHed hJT naNe to .r. 1JCoonLeth 1. 1aTTed awaZ on DeceNCer 2, 2012 2. 'orNer DJrectorT whoTe terNT were expJred CeGore JanuarZ 31, 2013 3. 'orNer $haJrNan and GorNer DJrectorT whoTe terNT were expJred CeGore DeceNCer 31, 2013 4. The reNuneratJonT oG .r. 1erNTaL RatanauCon oG 924,044 Baht Gollowed the reHulatJonT oG ElectrJcJtZ (eneratJnH 1uClJc $oNpanZ -JNJted E($0 whJch were dJrectlZ tranTGerred aT dJrectorÄ´T reNuneratJon oG dJrectorThJp Jn other coNpanJeT to the account oG the ThaJ RaLpa 'oundatJon. 5. The nuNCerT oG the NeetJnH attendanceT are TuNNarJ[ed on next paHe 6. The deductJon oG the wJthholdJnH tax JT calculated Jn the DJrectorTÄ´ renuNeratJonT. 7. .rT. /aNphon RaTTadanuLul JnGorNed not to receJve the NeetJnH allowance oG the DJrector.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

$haJrNan 'orNer $haJrNan1 'orNer $haJrNan3 'orNer DJrector2 'orNer DJrector2 'orNer DJrector2 'orNer DJrector2 'orNer DJrector2 'orNer DJrector2 'orNer DJrector2 'orNer DJrector2 'orNer DJrector3 'orNer DJrector3 'orNer DJrector3 'orNer DJrector3 'orNer DJrector3 DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector 4uC DJrector

Directorsâ&#x20AC;&#x2122; Remuneration depend on the months in the position

4Rn.-dr. 4Jta ThJwaree .r. $hanchaJ 4oontharaNut .r. $hanJn :enTudKaJ .r. 4oNchaJ $hooNrat .r. 1oonTaL 1ranootnaraparn .r. RunHTon 4rJworaTat .r. 7JchJan 6daNratanaTJl .r. 1erNTaL Rattana uCon .rT. Arunee ArLarapraTertLul 1ol.(en. WuthJ 1huawade .JTT /arJnee TaloNTJn .r. JJratt /JthJanantporn .r. $hJnawat ATTavapoLee .rT. Rattana ,Jtehawan .r. 1raphant6 ATava Aree .rT. /aNphon6 RaTTadanuLul .-. 1anaTarn )uTadJnthorn .r. ,allaZana 7JpattJpuNJprateT (eneral $huchaJ BoonZaJ .r. 1rJnZa /aLchudtree .r. ThaJratana JotJLaChuLLana .r. 7eraponH $haJperN .r. 4ahuTt4 1ratuLnuLul 1ol.(en. 4ahachart 1JpJthLul .r.$hotJTaL ArTapawJrJZa .r.WanchaJ6 -awatanatraLul .JTT ,rJtpaLa BoonGeunH

Meeting Allowance of the Sub-Committee5

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

Meeting Allowance of the Board of Directors5

Names of Directors

Period in the position in 2013

(Baht)

Executive Remuneration The 9 NeNCerT oG the ExecutJve DJrectorT and ExecutJveT receJved TalarZ and coNpenTatJon reNuneratJonT Gor the 2013 operatJon reTultT Gor 39,396,305.00 Baht. Securities Holding The 11 NeNCerT oG the Board oG DJrectorTÄ´ who were Jn oGĹłce aT oG DeceNCer 31, 2013 were not holdJnH TecurJtJeT oG the coNpanZ. The 9 NeNCerT oG the ExecutJve DJrectorT and ExecutJveT held 2,011,160 coNNon ThareT aT oG DeceNCer 31, 2013. 5.8 The Board of Directorsâ&#x20AC;&#x2122; Meeting The Board oG DJrectorTÄ´ NonthlZ NeetJnHT are norNallZ Tcheduled on the Gourth weeL oG the Nonth. The NeetJnHT are planned Jn advance Gor the whole Zear to GacJlJtate the dJrectorTÄ´ avaJlaCJlJtJeT to attend everZ NeetJnH.

1reTJdent $E0, perGorNT aT the 4ecretarZ to the Board oG DJrectorT, arranHeT the NeetJnH aHenda JncludJnH the Tcope and JNportance oG aHendaT. The TJHnJĹłcant NatterT Thall Ce Jncluded aT the NeetJnH aHendaT Gor conTJderatJon and Thall Ce arranHed Jn order CZ theJr JNportance and urHencZ. The JnvJtatJon to the NeetJnH wJth aHendaT and other relevant docuNentT Thall Ce Tent Jn advance to the Board oG DJrectorT to revJew the JnGorNatJon prJor to the NeetJnH. AGter the preTentatJon GroN Jn the NanaHeNent NeetJnH, the $haJrNan Thall reRueTt the dJrectorT to raJTe RueTtJonT or expreTT theJr opJnJon, and NutuallZ dJTcuTT proCleNT. )ence, the concluTJon JT receJved, the $haJrNan Thall provJde concluTJon aT the NeetJnHÄ´T reTolutJon Gor clarJĹłcatJon, accuracZ and Nutual acLnowledHeNent, leadJnH to careGul conTJderatJon aT well aT provJdJnH TuGĹłcJent tJNe Gor the dJrectorT to dJTcuTT toHether. IG there JT no oCKectJon to the NeetJnHÄ´T reTolutJon, the $haJrNan Thall lead to the conTJderatJon oG the next aHenda.

For the fiscal year 2013, the Board of Directors held total 14 meetings. The details and each individual director attendances could be summarized as follows:

Name of Directors 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

4Rn.-dr. 4Jta DJvarJ .r. $hanJn :enTudchaJ .r. JJratt /JthJanantporn .r. $hJnnawat ATTavapoLee .r. 1raphant ATava Aree .rT. Rattana ,Jtehawan .rT. /uNphon RaTTadanuLul ..-. 1anaTarn )uTdJn .r. ,allaZana 7JpattJpuNJprateT (en. $huchaJ BoonZoJ .r. 1rJnZa /aLchudtree .r.ThaJratana JotJLaChuLLana .r. 7eraponH $haJperN .r. 4ahuTt 1ratuLnuLul (en. 4ahachart 1JpJthLul .r. $hotJTaL ATapavJrJZa .r. WanchaJ -awattanatraLul

$haJrNan 'orNer $haJrNan 'orNer DJrector 'orNer DJrector 'orNer DJrector 'orNer DJrector 'orNer DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector DJrector

Meeting attended/ No. of Meetings

Effective Period

7 7 6 6 3 5 5 5 1 4 6 6 1 1 8 10 6 14 14 14 14 14 14 14 8 14 13 14 6 7 5 7 4 4

EGGectJve on Jun 11, 2013 Dec 13, 2012 Äą .aZ 28, 2013 Dec 13, 2012 Äą .aZ 17, 2013 Dec 20, 2012 Äą .aZ 17, 2013 Jan 26 , 2007 Äą Apr 30, 2013 Apr 1, 2012 Äą Jun10, 2013 .ar 29, 2012 Äą Apr 17, 2012 EGGectJve on Apr 30, 2013 EGGectJve on Dec 13, 2012 EGGectJve on Dec 13, 2012 EGGectJve on Dec 20, 2012 EGGectJve on Dec 20, 1012 EGGectJve on Apr 25, 2012 EGGectJve on Apr 25, 2012 EGGectJve on Jun 11, 2013 EGGectJve on Jun 11, 2013 EGGectJve on AuH 30, 2013

ReNarL ACTenceT GroN NeetJnH CZ perNJTTJon oG the $haJrNan total 3 tJNeT

Independent Directorsâ&#x20AC;&#x2122; meeting and Non-Executive Directorsâ&#x20AC;&#x2122; meeting The Board oG DJrectorT haT a polJcZ to Tet up Independent DJrectorTÄ´ that waT held Jn 4epteNCer 2013 and the /on ExecutJve DJrectorTÄ´ NeetJnH DJrectorT to expreTT proCleNT related to the coNpanZÄ´T CuTJneTT and other JntereTted JTTueT that waT held Jn DeceNCer 2013.

5.9 The Sub-Committees The Board oG DJrectorT haT appoJnted the TuC coNNJtteeT whJch conTJTt oG NeNCerT wJth approprJate expertJTe to TtudZ and Tcreen partJcular worLT to enTure theJr accuracZ and clarJtZ GollowJnH the coNpanZÄ´T NJTTJonT and polJcJeT, prJor to propoTJnH theN to the Board oG DJrectorT Gor approval, ratJĹłcatJon or recoNNendatJonT, dependJnH on each caTe. DetaJlT on the coNNJtteeT appoJnted CZ the Board oG DJrectorT and theJr NeetJnH attendance durJnH the 2013 ĹłTcal Zear are aT GollowT

5.9.1 The Audit Committee, as of December 31, 2013, comprised three independent directors and an advisor

Name-Surname 01 02 03 04

.r. ThaJratana JotJLaChuLLana (en. $huchaJ BoonZoJ .r. ,allaZana 7JpattJpuNJprateT .r. JaLLrJt 1arapantaLul

Position $haJrNan oG $oNNJttee DJrector DJrector AdvJTor

Meeting Attendance/ No. of Meetings 11 11 11 11 6 11 9 11

5.9.2 The Management and Investment Committee, as of December 31, 2013, comprised five members and two advisors

Name-Surname 01 02 03 04 05 06 07

..-. 1anaTarn )aTdJn1 (en. 4ahachart 1JpJthLul2 .r. $hotJTaL ATapavJrJZa2 .r. WanchaJ -awattanatraLul3 .JTT ,rJthpaLa BoonGuenH2 Rear AdNJral 4aNarn 4uLwJCoon4 .r. 1reNpracha 4upaTaNut4 .r. JJratt /JtJanantaporn .r. $hJnnawat ATTavapoLee

Position

Meeting Attendance/ No. of Meetings

$haJrNan oG $oNNJttee DJrector DJrector DJrector DJrector AdvJTor AdvJTor 'orNer $haJrNan 'orNer DJrector

12 12 11 12 10 12 6 7 9 10 7 7 5 7 9 10 ReTJHned .aZ 17, 2013

9 10 ReTJHned .aZ 17, 2013

Annual Report 2013 Eastern Water Resources Development and Management PLC.

The AudJt $oNNJttee JT oClJHed to enTure accuracZ and credJCJlJtZ oG the coNpanZÄ´T ĹłnancJal TtateNent Jn accordance wJth natJonal Ttandard oG the 'ederatJon oG AccountJnH 1roGeTTJonT CeGore preTentJnH to the Board oG DJrectorT, whJle alTo eTtaClJTheT eGGectJve, Jndependent and tranTparent audJt procedureT aNonH the Board, the Internal AudJt DepartNent and External AudJtor, Jn order Gor theN to revJTe and provJde approprJate recoNNendatJon Gor the coNpanZÄ´T Jnternal control TZTteN Jn terNT oG eGĹłcJencZ and eGGectJveneTT aTTeTTNent to coNplZ wJth the law and reHulatJonT. AlTo, conTJderatJon oG connected tranTactJonT or conĹ´Jct oG JntereTt tranTactJonT Thall Ce perGorNed wJth lawGul and reaTonaCle JNpleNentatJon and NaJntaJn the utNoTt CeneĹłt oG the coNpanZ. The AudJtJnH Report Thall alTo Ce Jncluded Jn the coNpanZÄ´T annual report. In addJtJon, the coNNJttee JT reTponTJCle to dJrectlZ overTee the audJtorT Jn a CJd to enTure tranTparent proceTTJnH. It JT alTo reRuJred to provJde JnJtJal approval oG the appoJntNent and reNuneratJon oG the external audJtorT, whJch wJll later Ce preTented to the Board oG DJrectorT and ThareholderT.

.r. 1rapant ATava aree5 .r. /aLorn JJraTawetLul6 .r. 1eeraTaL DechapJpJtLul6 Dr. 4uttJchaJ $han araL6

'orNer DJrector 'orNer AdvJTor 'orNer AdvJTor 'orNer AdvJTor

6 10 ReTJHned AprJl 30, 2013

6 6 ReTJHned AuHuTt 14, 2013

2 2 ReTJHned .aZ 20, 2013

1 2 ReTJHned .aZ 20, 2013

ReNarL 1. ..-. 1anaTarn )aTdJn waT appoJnted aT $haJrNan oG the .anaHeNent and InveTtNent $oNNJttee on .aZ 16, 2013. 2. (en. 4ahachart 1JpJthLul, .r. $hotJTaL ATapavJrJZa and .JTT ,rJthpaLa BoonGuenH were appoJnted aT DJrectorT oG the .anaHeNent and InveTtNent $oNNJttee on JulZ 5, 2013. 3. .r. WanchaJ -awattanatraLul waT appoJnted aT DJrector oG the .anaHeNent and InveTtNent $oNNJttee on AuHuTt 30, 2013 4. Rear AdNJral 4aNarn 4uLwJCoon and .r. 1reNpracha 4upaTaNut were appoJnted aT advJTorT on AuHuTt 30, 2013 5. .r. 1rapan ATawa aree were Hranted Gour leaveT oG aCTence CZ $haJrNan oG the Board 6. .r. /aLorn JJraTawetLul and .r. 1eeraTaL DechpJpJtLul were appoJnted aT advJTorT on .arch 14, 2013

The .anaHeNent and InveTtNent $oNNJttee haT Ceen aTTJHned CZ the Board oG DJrectorT to overTee the coNpanZÄ´T CuTJneTT operatJon, enTure worL eGĹłcJencZ and TtrenHth Jn accordance wJth the BoardÄ´T polJcZ. The coNNJttee JT to Tcreen and revJTe CuTJneTT planT, operatJon planT, annual CudHetT and eTpecJallZ the procureNent oG JnveTtNent proKectT under the CudHetT allocated GroN the Board oG DJrectorT. In addJtJon, the .anaHeNent and InveTtNent $oNNJttee JT reTponTJCle to deterNJne the coNpanZÄ´T procedureT and other crJterJa oG coNpanZÄ´ T proKectT, JncludJnH ĹłnancJal JnveTtNent proKectT, whJle alTo Tupport other NanaHerJal taTLT Jn order to conTtantlZ achJeve the coNpanZÄ´T HoalT and oCKectJveT. 5.9.3 The Corporate Governance and Nomination Committee, as of December 31, 2013, comprised four members

Name - Surname 01 02 03 04

(en. 4ahachart 1JpJthLul1 ..-. 1anaTarn )aTdJn2 .r. ,allaZana 7JpattJpuNJprateT2 .JTT ,rJthpaLa BoonGuenH2 .r. JJratt /JtJanantaporn .r. $hJnnawat ATTavapoLee .r.7eraponH $haJperN4

Position $haJrNan oG $oNNJttee DJrector DJrector 'orNer $haJrNan3 DJrector 'orNer DJrector 'orNer DJrector 'orNer DJrector

Meeting Attendance/ No. of Meetings 5 5 5 5 4 6 5 5 0 1 ReTJHned .aZ 17, 2013

1 1 ReTJHned .aZ 17, 2013

1 1 ReTJHned JulZ 3, 2013

ReNarL 1. (en. 4ahachart 1JpJthLul waT appoJnted aT $haJrNan oG the $orporate (overnance and /oNJnatJnH $oNNJttee on JulZ 5, 2013 2. ..-. 1anaTarn )aTdJn, .r. ,allaZana 7JpattJpuNJprateT and .JTT ,rJthpaLa BoonGuenH were appoJnted aT DJrectorT on JulZ 5, 2013 3. The Board oG DJrectorTÄ´ NeetJnH /o. 1 2013 on 31 JanuarZ 2013 appoJnted .r. ,allaZana 7JpattJpuNJprateT aT $haJrNan oG the $orporate (overnance and /oNJnatJnH $oNNJttee GroN JanuarZ 30 to JulZ 4, 2013 4. .r.7eraponH $haJperN reTJHned GroN all TuC coNNJtteeT, eGGectJve GroN JulZ 3, 2013

Corporate Governance The $orporate (overnance $oNNJttee JT accountaCle Gor TupportJnH operatJonT oG the Board oG DJrectorT wJth accuracZ and tranTparencZ, whJle NaJntaJnJnH CeneĹłt oG the coNpanZÄ´T ThareholderT and TtaLeholderT CZ TcreenJnH the Board oG DJrectorTÄ´ Nanual, BuTJneTT EthJcT and 4taGG EthJcT. In the NeantJNe, the coNNJttee JT reRuJred to enTure that the practJceT oG (ood $orporate (overnance contrJCute to the coNpanZÄ´T developNent, and that the coNpanZ GollowT JNportant practJce HuJdelJneT oG eGGectJve corporate Hovernance procedure Jn accordance wJth notJĹłcatJonT oG the 4tocL ExchanHe oG ThaJland. The aTTeTTNent aT per polJcZ Thall Ce perGorNed perJodJcallZ. Nomination The /oNJnatJnH $oNNJttee JT appoJnted CZ the Board oG DJrectorT to Telect and noNJnate TuJtaCle perTonT to taLe on roleT aT NeNCerT oG the Board oG DJrectorT, 4uC coNNJtteeT, or aT 1reTJdent and $E0 oG the coNpanZ and JtT aGĹłlJateT. It JT alTo reTponTJCle Gor TcreenJnH RualJĹłed applJcantT to Ce appoJnted aT advJTorT to the Board and other 4uC coNNJtteeT, aT well aT provJdJnH recoNNendatJon to the coNNJtteeTÄ´ NanaHerJal Ttructure CeGore preTentJnH to the Board oG DJrectorT Gor Gurther conTJderatJon. 5.9.4 The Risk Management Committee, as of December 31, 2013, comprised four members and an advisor

Name - Surname 01 02 03 04 05

.r. $hotJTaL ATapavJrJZa1 .r. 4ahuTt 1ratuLnuLul .r. WanchaJ -awattanatraLul2 .JTT ,rJthpaLa BoonGuenH2 .r. WuttJponH WechaZanond3 .r. $hJnnawat ATTavapoLee .rT. Rattana ,Jtehawan .r. 1rapant ATava Aree

Position $haJrNan oG $oNNJttee DJrector DJrector DJrector AdvJTor 'orNer $haJrNan 'orNer DJrector 'orNer DJrector

Meeting Attendance/ No. of Meetings 4 4 5 5 3 4 4 4 3 4 1 1 ReTJHned .aZ 17, 2013

1 1 ReTJHned June 10, 2013

1 1 ReTJHned AprJl 30, 2013

The RJTL .anaHeNent $oNNJtteeÄ´T NaKor role JT to overTee and revJew the rJTL NanaHeNent polJcZ and plan, aT well aT other Ttandard practJceT, TtrateHJeT and rJTL aTTeTTNent. ItT reTponTJCJlJtJeT Jnclude provJdJnH recoNNendatJon Gor the adNJnJTtratJve departNent to enTure approprJate JNpleNentatJon oG rJTL NanaHeNent polJcZ and oCKectJveT CZ propoTJnH to the Board oG DJrectorT at leaTt twJce a Zear. 5.9.5 The Regulation Enforcement, Operating Results Assessment and Remuneration Committee, as of December 31, 2013, consisted of three members

Name - Surname 01 .r. 1rJnZa /aLchudtree 02 .r. 4ahuTt 1ratuLnuLul 03 .r. $hotJTaL ATapavJrJZa1 .r. JJratt /JtJanantaporn .r. 7eraponH $haJperN2

Position $haJrNan oG $oNNJttee DJrector DJrector 'orNer DJrector 'orNer DJrector

Meeting Attendance/ No. of Meetings 10 10 10 10 6 7 1 2 ReTJHned .aZ 17, 2013

1 3 ReTJHned JulZ 17, 2013

ReNarL 1. .r. $hotJTaL ATapavJrJZa waT appoJnted aT $haJrNan oG the ReHulatJon EnGorceNent, 0peratJnH ReTultT ATTeTTNent and ReNuneratJon $oNNJttee on JulZ 5, 2013 2. .r.7eraponH $haJperN reTJHned GroN all TuC coNNJtteeT, eGGectJve GroN JulZ 3, 2013

Annual Report 2013 Eastern Water Resources Development and Management PLC.

ReNarL 1. .r. $hotJTaL ATapavJrJZa waT appoJnted aT $haJrNan oG the $ RJTL .anaHeNent $oNNJttee on AuHuTt 30, 2013 2. .r.WanchaJ -awattanatraLul and .JTT ,rJthpaLa BoonGuenH were appoJnted aT DJrectorT on AuHuTt 30, 2013 3. .r. WuttJponH WechaZanond waT appoJnted aT AdvJTor on AuHuTt 30, 2013

Regulation Enforcement and Operating Result Assessment The Board oG DJrectorT haT appoJnted and aTTJHned the ReHulatJon EnGorceNent and 0peratJnH ReTult ATTeTTNent $oNNJttee to reHulate and revJew the annual ,eZ 1erGorNance IndJcatorT ,1IT oG the coNpanZ to Ce Jn accordance wJth the CuTJneTT operatJnH polJcZ. The coNNJttee JT alTo to RuarterlZ Gollow up the operatJnH reTultT and provJdeT TuHHeTtJonT to the adNJnJTtratJon departNent Jn terNT oG operatJon. The accuNulated reTultT wJll Ce reported to the Board oG DJrectorT at the end oG the Zear to NaLe an approval. Remuneration The ReNuneratJon $oNNJttee JT NaJnlZ enHaHe to propoTe the polJcZ reHardJnH reNuneratJon and other ĹłnancJal and non ĹłnancJal JntereTtT oG the eNploZeeT oG all levelT and the annual reNuneratJon oG the Board oG DJrectorT oG the coNpanZ, the $oNNJtteeT, the AdvJTorT to the Board oG

DJrectorT, the AdvJTorT to the $oNNJtteeT oG the coNNJtteeT to the Board oG DJrectorT, the 1reTJdent $E0T, the DJrectorT, and the eNploZeeT oG the coNpanZ Hroup, alonH wJth the ThareholderT CZ conTJderJnH the aTTJHned dutJeT, reTponTJCJlJtJeT, and NJTTJonT to the Board oG DJrectorT. The coNNJttee JT aT well to report the operatJnH reTultT to the Board oG DJrectorT at leaTt twJce a Zear. The Board of Directors and sub-committees Assessment for the year 2013 The Board oG DJrectorT /o. 10 2003 dated 20 /oveNCer 2003 approved the annual TelG aTTeTTNent oG the Board oG DJrectorT to revJew the TucceTT, proCleNT, and oCTtacleT throuHhout the paTt Zear and conTJder the TuJtaCle JNproveNentT Gor the eGĹłcJencZ oG the operatJonT conGorNed to the (ood $orporate (overnance.

Sub-Committee 01 02 03 04

.anaHeNent and InveTtNent $oNNJttee $orporate (overnance and /oNJnatJon $oNNJttee RJTL .anaHeNent $oNNJttee ReHulatJon EnGorceNent and 0peratJnH ReTult ATTeTTNent and ReNuneratJon $oNNJttee 05 AudJt $oNNJttee 5.10 Director Orientation In 2013, the $oNpanZ haT a polJcZ to provJde the ĹłrTt orJentatJon Gor the new dJrectorT. In the orJentatJon, 1reTJdent $E0, the $orporate 4ecretarZ, and the ExecutJveT wJll preTent CuTJneTT polJcZ and other related Jnternal JnGorNatJon Tuch aT the Thareholder Ttructure, the $oNpanZ orHanJ[atJon chart, operatJnH reTultT, related law and reHulatJonT, JncludJnH the paTt Board oG DJrectorTÄ´ reTolutJon, proCleNT and oCTtacleT, and Guture planT, etc. The GollowJnH docuNentT are TuCNJtted to the new dJrectorT The $oNpanZÄ´T 1roĹłle The $oNpanZÄ´T operatJnH reTultT and actJvJtJeT

Results (Group) In percentage

Results (Individual) At the average scores in percentage

95.32 95.00 97.35 95.93

94.40 96.50 98.00 95.33

100.00

97.19

'orN 56 1 Annual Report ThaJ verTJon

The Board oG DJrectorT .anual 1rJncJpleT oG (ood $orporate (overnance .JnuteT oG the Board oG DJrectorTÄ´ NeetJnH The RJTL .anaHeNent .anual The $oNpanZÄ´T ArtJcle oG ATTocJatJon, $ertJĹłcateT, ruleT and reHulatJonT. In addJtJon, the $oNpanZ haT a polJcZ Gor the new dJrectorT to vJTJt the $oNpanZÄ´T operatJon areaT to proNote theJr underTtandJnH oG the CuTJneTT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

In addJtJon, the charter oG each coNNJttee TpecJĹłeT the The reTultT oG the Board oG DJrectorT ATTeTTNent Jn 2013 coNNJttee to aTTeTT theJr operatJon and report the proCleNT are aT GollowT and oCTtacleT that not achJeve GroN accoNplJThJnH the NJTTJonT, authorJ[atJonT, and dutJeT JG anZ to the Board oG The reTult aT a Hroup JT at the averaHe Tcore oG 94.60 DJrectorT once a Zear. The reTult aT an JndJvJdual JT at the averaHe Tcore oG 95.64 1. The Board of Directors, self-assessment In 2013, the Board oG DJrectorT haT coNpleted Gor 2013 2. Sub-Committees Assessment in 2013 aTTeTTNent aT Coth JndJvJdual and Hroup. TheZ acLnowledHed Each TuC coNNJttee haT conTJdered TelG aTTeTTNent Coth the reTultT and the TuHHeTtJonT Gor JNproveNentT Gor the JndJvJdual and Hroup, alTo analZ[ed the weaLneTTeT Jn order three loweTt TcorJnH TuCKectT Jn Coth aTTeTTNentT Jn the to Ĺłnd the JNproveNentT Gor Coth aTTeTTNentT. In addJtJon, Board NeetJnH /o. 1 2014 dated 22 JanuarZ 2014 . The theZ preTented the reTultT Jn the Board NeetJnH /o. 1 2014 NaJn TuCKectT oG the Hroup aTTeTTNent are aT GollowT dated 22 JanuarZ 2014 . 1. The readJneTT 2. 4trateHZ and CuTJneTT plannJnH 3. RJTL NanaHeNent and Jnternal audJt 4. 1reventJnH the conĹ´JctT oG JntereTt 5. 'JnancJal and operatJon reportJnH 6. The Board oG DJrectorT NeetJnH 7. 0therT The results of assessment of the sub-committees in 2013 are as follows:

5.11 Training of Directors

IOD Training

Name of Directors and Advisory to the board DCP1

ACP2

SFE5

RNG6

4Rn. -dr. 4Jta DJvarJ

178 2013

..-. 1anaTarn )aTdJn

2 2006

.r. $hotJTaL ATapavJrJZa

(en. 4ahachart 1JpJthLul

180 2013

.r. ThaJratana JotJLaChuLLana

174 2013

44 2013

.r. 1rJnZa /aLchudtree

111 2008

12 2011

24 2010

13 2011

(en. $huchaJ BoonZoJ

174 2013

44 2013

.r. 7eraponH $haJperN

161 2012

.r. 4ahuTt 1ratuLnuLul

73 2006

.r. WanchaJ -awattanatraLul

43 2004

173 2013

5 2013

.r. ,allaZana 7JpattJpuNJprateT

RCC3

RCP4

UFS

Advisory to the board .JTT ,rJthpaLa BoonGuenH

ReNarL 1. DCP : Director Certification Program

2. ACP : Audit Committee Program 3. RCC : Role of the Compensation Committee 4. RCP : Role of the Chairman Program 5. SFE : Successful Formulation & Execution the Strategy 6. RNG : Role of the Nomination and Governance Committee 7. UFS : Understanding the Fundamental of Financial Statements

5.12 Nomination of Directors and Management The $oNpanZ provJdeT the Board oG DJrectorTÄ´ Nanual whJch Ttated the reRuJreNent to Gollow the $oNpanZÄ´T ArtJcle oG ATTocJatJon and 4tocL ExchanHe oG ThaJlandÄ´T reHulatJonT reHardJnH the noNJnatJon and appoJntNent oG TuJtaCle candJdate Gor poTJtJon Jn the Board oG DJrectorT. The $orporate (overnance and /oNJnatJon $oNNJttee .eetJnH /o. 6 2556 dated DeceNCer 25, 2013 aHreed to revJTe ToNe prJncJpleT on the noNJnatJon oG DJrectorT to coNplZ wJth (ood $orporate (overnance Gor -JTted $oNpanJeT oG the 4tocL 56

ExchanHe oG ThaJland oG Zear 2555 and (uJdelJne Gor aTTeTTNent the TurveZ oG $orporate (overnance Gor -JTted $oNpanZ oG ThaJ InTtJtute oG DJrectorT ATTocJatJon I0D . The reTolutJon GroN the $orporate (overnance and /oNJnatJon $oNNJttee .eetJnH /o. 6 2556 wJll Ce propoTed Gor approval GroN the Board oG DJrectorT wJth detaJlT aT GollowT .uTt Ce reaTonaClZ RualJĹłed, doeT not have GorCJdden characterJTtJcT aT preTcrJCed under the 4tocL ExchanHe oG

ThaJlandÄ´T reHulatJonT and JG hold an Jndependent dJrectorÄ´T renewal Gor over 9 ZearT conTecutJve terNT NuTt Ce ratJonal TtatuT one NuTt have all the RualJĹłcatJonT aT TpecJĹłed. conTJdered CZ the Board oG DJrector. .uTt Ce conTJTted oG perTonT who have RualJĹłed DJrector NuTt not hold ThareT oG the coNpanZ, parent LnowledHe Jn water reTourceT or other related CuTJneTT wJth $oNpanZ, TuCTJdJarZ, aGĹłlJated coNpanZ or conĹ´Jct oG JntereTt at leaTt one dJrector NuTt Ce RualJĹłed expertJTe Jn partZ JncludJnH related perTonT under 4ectJon 258 oG the accountJnH and Ĺłnance. 4ecurJtJeT and ExchanHe Act B.E. 2551

In addJtJon, the $oNpanZ realJ[ed the JNportance oG eGĹłcJent NanaHeNent, theTeGore .anaHeNent 4ucceTTJon 1lan JT Ttated Jn the plan wJth oCKectJveT to Ce prJncJpleT and HuJdelJneT Gor the $oNpanZ to develop potentJal oGĹłcerT Gor the NanaHeNent poTJtJonT under tranTparencZ, GaJrneTT and verJĹłaCJlJtZ.

The $haJrNan oG the Board Thould Ce an Jndependent dJrector and Thould not Ce chaJrNan or NeNCer oG 1 The $operate (overnance and /oNJnatJon $oNNJttee haT the reTponTJCJlJtJeT to deĹłne the crJterJa oG noNJnatJnH 4uC coNNJtteeT. and approval oG 4ucceTTJon 1lan, and recruJt Nethod oG The $oNpanZ haT TpecJĹłed the polJcZ to appoJnt JtT Board NanaHeNent or outTJder Gor the poTJtJon oG $hJeG ExecutJve oG DJrectorT to Ce the Board oG DJrectorT oG JtT TuCTJdJarZ Jn 0GĹłcer, then report to the Board oG DJrectorT Gor Gurther the event when the $oNpanZ holdT Nore than 50 percent approval. or aCove ThareT Jn JtT TuCTJdJarZ. The $oNpanZ Thould have the rJHhtT to appoJnt the $oNpanZÄ´T DJrectorT or RualJĹłed 2 $hJeG ExecutJve 0GĹłcer and related partJeT have the perTon to Ce a NeNCer oG Board oG DJrectorT Jn JtT TuCTJdJarZ, reTponTJCJlJtJeT to Tet up crJterJa Jn noNJnatJnH and oG whJch the rJHhtT to appoJnt the ExecutJve DJrector wJth developJnH RualJĹłed oGĹłcerT, JncludJnH noNJnatJnH ExecutJve proportJon oG no leTT than halG oG the total or Guture nuNCer 7Jce 1reTJdent and otherT. oG the ExecutJve DJrectorT Jn JtT TuCTJdJarZ. In addJtJon, JG the $oNpanZ holdT Nore than 50 percent oG ThareT, the 5.13 Inside Information Control $oNpanZ Thould have the rJHhtT to appoJnt the Board oG The $oNpanZ TtJpulateT the JnTJde JnGorNatJon Gor dJrectorT, DJrectorT Jn proportJonate to the percentaHe oG JtT holdJnHT. NanaHeNentT and eNploZeeT accordJnH to the prJncJpleT oG Hood corporate Hovernance aT GollowT The nuNCer oG lJTted coNpanJeT that dJrectorT can taLe poTJtJon JT lJNJted to ExecutJve DJrector ED poTJtJon oG not exceedJnH to Gour 4 lJTted coNpanJeT and /on ExecutJve DJrector /ED poTJtJon oG not exceedJnH to three 3 lJTted coNpanJeT wJth not exceedJnH to Ĺłve 5 Gor other coNpanJeT and Ttate enterprJTeT. DJrector Thall not over the aHe oG TeventZ Ĺłve 75 ZearT and not lJNJtJnH Gor the conTecutJve terNT Jn order not to loTe the opportunJtZ Gor the appoJntNent oG dJrectorT wJth LnowledHe, aCJlJtZ and experJence. Independent DJrectorÄ´T conTecutJve terNT NuTt not exceed 9 ZearT. )owever, the

Annual Report 2013 Eastern Water Resources Development and Management PLC.

'or the noNJnatJnH dJrector, perTon wJll Ce appoJnted CZ conTJderJnH on varJouT oG TLJllT JncludJnH CuTJneTT, JnduTtrZ, Ĺłnance and accountJnH, TLJll Jn NanaHeNent and NaLJnH decJTJon, CuTJneTT Jn HloCal JnduTtrZ, CuTJneTT TtrateHZ, crJTJT NanaHeNent, Hood corporate Hovernance and leHal JTTueT.

(1) The policy regarding the Companyâ&#x20AC;&#x2122;s securities trading The $oNpanZÄ´T NanaHeNentT and eNploZeeT JncludJnH theJr TpouTeT and chJld ren Celow the leHal aHe are not allowed to CuZ, Tell or tranTGer the $oNpanZÄ´T TecurJtJeT wJthJn 1 Nonth prJor to the dJTcloTure oG the ĹłnancJal TtateNentT to the 4tocL ExchanHe oG ThaJland 4ET and 3 daZT aGter the dJTcloTure oG the ĹłnancJal TtateNentT to the 4ET. ThJT JT the act oG lettJnH ThareholderT and JnveTtorT to acceTT and underTtand the JNportant JnGorNatJon or ĹłnancJal TtateNentT that haT Ceen dJTcloTed to the 4ET.

leaLaHe to outTJderT. -evelT oG conĹłdentJal JnGorNatJon can Ce claTTJĹłed accordJnH to JtT JNportance GroN the leaTt to the NoTt Tuch aT deĹłned JnGorNatJon, dJTcloTed JnGorNatJon, claTTJĹłed JnGorNatJon and conĹłdentJal JnGorNatJon etc. The uTe oG Jnternal JnGorNatJon NuTt Ce done under the aTTJHned dutZ and reTponTJCJlJtZ onlZ.

3. The dJTcloTure oG JnGorNatJon to the puClJc. The dJTcloTure oG JnGorNatJon to the puClJc NuTt Ce approved under the conTent oG 1reTJdent and $E0 or (2) The policy regarding the Companyâ&#x20AC;&#x2122;s business information deTJHnated perTon. The dJTcloTure oG JnGorNatJon that 1. DJrectorT, NanaHeNentT, eNploZeeT, outTourcerT and related to other KoJnt JnveTtorT NuTt Ce receJved the conTent GreelancerT oG the $oNpanZ Thall have to worL wJth GroN relevant KoJnt JnveTtorT aT well. JnGorNatJon and docuNentT that could not Ce dJTcloTed to the puClJc and or conĹłdentJal tradJnH JnGorNatJon Tuch The central dJvJTJonT whJch reTponTJCle Gor the dJTcloTure oG aT content Jn contractT, ClueprJntT, NapT, nuNCerT, GorNulaT, JnGorNatJon to the puClJc are 1uClJc RelatJonT DepartNent, JnnovatJon, etc. whJch are the rJHhtT oG the $oNpanZ. ThereGore, $orporate $oNNunJcatJonT DepartNent, and InveTtor the protectJon oG Tuch JnGorNatJon JT hJHhlZ JNportant Gor RelatJonT DepartNent. The $orporate $oNNunJcatJonT oGĹłcer the $oNpanZÄ´T TucceTT Jn the Guture and the TtaCJlJtZ oG all JT alTo reTponTJCle Gor provJdJnH JnGorNatJon to the $oNpanZÄ´T eNploZeeT aT well. TtaGG. The ActJvJtZ 0wner JT reTponTJCle Gor provJdJnH detaJlT and coordJnatJnH wJth NanaHer Jn charHe and NuTt Ce The dJrectorT, NanaHeNentT, eNploZee, outTourcerT and approved CZ 1reTJdent and $E0 prJor to the dJTcloTure. GreelancerT oG the $oNpanZ have the oClJHatJonT to enter Jnto an aHreeNent GollowJnH the lawT and code oG conductT 5.14 Definition of Independent Directors and do not to dJTcloTe anZ conĹłdentJal JnGorNatJon and Independent DJrector plaZT an JNportant role Jn Hood docuNent or tradJnH JnGorNatJon. corporate Hovernance. Independent DJrector TupportT polJcZ that JT conducted Jn the CeTt JntereTtT oG ThareholderT. AddJtJonallZ, Independent DJrector oppoTeT the 2. -evel oG conĹłdentJal JnGorNatJon. $onĹłdentJal tradJnH JnGorNatJon JT the $oNpanZÄ´T Jnternal non tranTparent decJTJon oG NanaHeNent whJch haT JNpact JnGorNatJon whJch NuTt Ce well protected to prevent the on CeneĹłtT oG ThareholderT and other TtaLeholderT. 58

/otJĹłcatJon oG the $apJtal .arLet 4upervJTorZ Board /o.Tor $hor 28 2551 Re ApplJcaCle Gor and Approval oG 0GGer 4ale oG /ewlZ ITTued 4hareT 2 ReTolutJon oG the $orporate (overnance and /oNJnatJon $oNNJttee 6 2556 dated DeceNCer 25, 2013

Annual Report 2013 Eastern Water Resources Development and Management PLC.

ThereGore, Independent DJrector NuTt Ce Gree GroN the 0ther 1roGeTTJonal TervJceT TranTactJon value oG exceedJnH control oG NanaHeNent and NaKor Thareholder aT well aT Baht 2 NJllJon per Zear. Ce Gree oG anZ exercJTe Jn Ĺłnance and NanaHeNent. The coNpanZ haT deĹłned the deĹłnJtJon oG ÄśIndependent DJrectorÄˇ TradJnH BuTJneTT relatJonThJp whJch JT Jn lJne wJth the 4ETÄ´T Jn conHruence wJth the Hood corporate Hovernance connected tranTactJon HuJdelJne

and TtrJcter than the /otJĹłcatJon oG the $apJtal .arLet RelatJonThJp characterJTtJcT $overJnH all tZpeT oG CuTJneTT 4upervJTorZ Board1 aT GollowT Tuch aT norNal CuTJneTT tranTactJon, real eTtate, rental 1 /on ExecutJve DJrector not CeJnH Jnvolve wJth daZ to daZ tranTactJon, propertZ TervJce tranTactJon and provJdJnH or NanaHeNent and not CeJnH a Thareholder oG the coNpanZ, receJvJnH ĹłnancJal aJdT. parent coNpanZ, TuCTJdJarZ coNpanZ, aGĹłlJated coNpanZ, 4JHnJĹłcant level oG not Jndependent TranTactJon value and not CeJnH a dJrector appoJnted aT repreTentatJve oG NaKor Thareholder aT RualJĹłed to Ce Jn accordance wJth oG exceedJnH or eRual to Baht 20 NJllJon or exceedJnH eRual relevance lawT. to 3 oG the /et TanHJCle ATTet /TA oG the coNpanZ, TuCKect to whJch JT lower. When conTJderJnH the value oG 2 /ot CeJnH a perTon related CZ Clood or leHal reHJTtratJon tranTactJon, tranTactJon occurrJnH durJnH 6 NonthT prJor to aT Gather, Nother, TpouTe, TJClJnH and chJld, JncludJnH TpouTe the tranTactJonT date NuTt Ce aHHreHated. oG chJld, executJve, NaKor Thareholder, controllJnH perTon, or perTon to Ce noNJnated aT executJve or controllJnH C In caTe the relatJonThJp characterJTtJcT under a wJth perTon oG the coNpanZ or TuCTJdJarZ coNpanZ. the KurJTtJc perTon, perTonT oG dependencZ are Tuch aT NaKor ThareholderT, dJrectorT except Jndependent DJrectorT 3 /ot undertaLJnH anZ CuTJneTT Jn the TaNe nature and Jn AudJtT $oNNJttee

coNpetJtJon to the CuTJneTT oG the coNpanZ, or TuCTJdJarZ coNpanZ, or not CeJnH a TJHnJĹłcant partner Jn a partnerThJp c RelatJonThJp Jn a and C Thall not Ce Jnvolved at preTent or CeJnH an executJve dJrector, eNploZee, TtaGG, advJTor who and at leaTt 2 ZearT CeGore an appoJntNent. receJveT TalarZ or holdJnH ThareT exceedJnH one percent oG the total nuNCer oG ThareT wJth votJnH rJHhtT oG other 5 /ot CeJnH dJrector appoJnted aT repreTentatJve oG dJrector coNpanZ whJch undertaLeT CuTJneTT Jn the TaNe nature oG the coNpanZ, NaKor Thareholder, or Thareholder related and Jn the coNpetJtJon to the CuTJneTT oG the coNpanZ or to NaKor Thareholder oG the coNpanZ. TuCTJdJarZ coNpanZ. 6 /ot havJnH anZ characterJTtJcT whJch NaZ prevent 4 /ot havJnH a CuTJneTT relatJonThJp wJth the coNpanZ, JncapaCle oG expreTTJnH Jndependent opJnJonT. parent coNpanZ, TuCTJdJarZ coNpanZ, aGĹłlJated coNpanZ, or KurJTtJc perTon who NaZ have conĹ´Jct oG JntereTt whJch 7 Independent dJrectorT who have RualJĹłcatJonT under1 6 NaZ JnterGere wJth the exercJTe oG hJT Jndependent KudHNent. NaZ Ce authorJ[ed CZ the $oNpanZÄ´T Board oG DJrectorT to deterNJne the CuTJneTT operatJon oG the coNpanZ, parent a RelatJonThJp $haracterJTtJcT coNpanZ, TuCTJdJarZ coNpanZ or KurJTtJc perTonT, aTTocJated RelatJonThJp Jn characterJTtJcT oG proGeTTJonal TervJceT coNpanZ, TaNe level TuCTJdJarZ coNpanZ or KurJTtJc perTonT whJch Thall Ce poTTJCle oG anZ conĹ´Jct oG JntereTt under 1 AudJtor and other proGeTTJonal TervJceT JncludJnH thoTe collectJve decJTJon CaTJT. aT leHal advJTor, ĹłnancJal advJTor, propertZ appraJTer, etc. 8 The terN oG Jndependent dJrector Thould not exceed 9 2 4JHnJĹłcant level oG not Jndependent conTecutJve ZearT Ttart GroN the daZ ĹłrTt appoJnted. To extend the terN oG that Jndependent dJrector, approprJate AudJtor 1rohJCJted ratJonal conTJderatJon Thould Ce perGorNed CZ the Board oG DJrectorT.2 1

ASSESSMENT OF THE SUFFICIENCY OF

INTERNAL CONTROL SYSTEM FOR 2013 The Board oG DJrectorT NeetJnH held on 22 JanuarZ 2014 had conTJdered and approved the Jnternal control reportT propoTed CZ the audJt coNNJttee. JncludJnH control, envJronNent rJTL aTTeTTNent, control actJvJtJeT, JnGorNatJon coNNunJcatJon, and NonJtorJnH actJvJtJeT, and caNe to the concluTJonT aT GollowT

Environment Control

0ne oG the Board oG DJrectorTÄ´ role JT TpecJGZJnH vJTJonT, polJcJeT and TtrateHJeT oG the coNpanZ CZ provJdJnH opJnJonT, and approvJnH annual CuTJneTT planT, to practJce wJth deTJHnated HoalT, oCKectJveT, CudHetT, rJTL GactorT, LeZ actJvJtJeT to proceed Gor each perJod oG tJNe, and the expected NeaTuraCle returnT to achJeve the overall oCKectJveT. The ,eZ 1erGorNance IndJcatorT ,1IT are applJed to HauHe the perGorNance all acroTT the corporatJon Gor the GaJrneTT, eGGectJveneTT, and TZTteNatJc oG the NonJtorJnH and the aTTeTTNent, alonH wJth the conGorNance to HoalT and oCKectJveT oG the orHanJ[atJon. The orHanJTatJon Ttructure JT Tet Gor TeHreHatJon oG dutZ and Gor CalancJnH durJnH the Board oG DJrectorT, NanaHeNent and ThareholderT aT well aT provJdJnH coNNunJcatJon channelT Gor JnveTtorT and conTJTtentlZ dJTtrJCutJnH the coNpanZÄ´T JnGorNatJon to the puClJc. AddJtJonallZ, the coNpanZ haT TuC coNNJtteeT appoJnted to conTJder, Tcreen, and decJde wJth JNportant NatterT to protect ThareholderTÄ´ JntereTtT. .oreover, the coNpanZ haT announced the applJcatJon oG the Hood corporate Hovernance, the code oG conductT Gor the Board oG DJrectorT and oG the eNploZeeT, at all levelT to practJce and anZ vJolatJonT wJll Ce JnterroHated and penalJ[ed Jn accordance wJth the reHulatJonT. In addJtJon, concernJnH the JNportance oG the eNploZeeT, the coNpanZ haT JnJtJated the IndJvJdual DevelopNent 1lan ID1 , career NanaHeNent polJcZ, and TucceTTJon plan to Ce prepared Gor tranTJtJonT, eTpecJallZ Jn executJve and CuTJneTT levelT.

Risk Assessment

The coNpanZ JNpleNented the EnterprJTe RJTL .anaHeNent CZ aTTeTTJnH rJTLT Jn everZ proceTT CZ analZ[JnH rJTL GactorT and the current control NethodT, alonH

The polJcJeT and reHulatJonT reHardJnH rJTL NanaHeNent have Ceen JnGorNed to everZ eNploZeeT and put Jnto practJce aT a part oG an orHanJ[atJonal culture. EverZCodZ ThareT a dutZ and reTponTJCJlJtZ to taLe care oG the orHanJ[atJon throuHh the coNNon underTtandJnH oG rJTL NanaHeNent. alwaZ coNe wJth Tupport JnGorNatJon CacLHround TuNNarZ, AlTo, the coNpanZ haT created the BuTJneTT $ontJnuJtJeT TupportJnH reaTonT, prevJouT NeetJnHÄ´T reTolutJonT, law related TuCKectT JG anZ , operatJon proHreTT oG the NanaHeNentT 1lan B$1 . accordJnH to the dJGGerent aTTeNClZ oG coNNJtteeT, and TuHHeTtJonT and optJonT Gor Gurther conTJderatJonT. Control Activities The coNpanZ deĹłned reTponTJCJlJtJeT, and ĹłnancJal authorJtJeT Jn accordance to corporate Hovernance. In addJtJon all the The Board oG DJrectorT haT appoJnted the audJt coNNJtteeT worLJnH procedure and operatJon Nanual haT Ceen developed to revJew ĹłnancJal TtateNentT and NaLe certaJn that theZ and coNplJed accordJnH the I40 9001 2008 and 14001 are Jn accordance wJth the (enerallZ Accepted AccountJnH 1rJncJpleT (AA1 , credJClZ conTJTtent, and TatJTGactorJlZ 2004 TtandardT. tranTparent. IG there JT anZ connected tranTactJonT Cetween the coNpanZ and JtT TuCTJdJarJeT, the audJt coNNJttee, NanaHeNent teaN BeTJdeT, the coNpanZ haT provJded a TpecJal coNNunJcatJon and conTultant wJll conTJder the caTe Jn accordJnH to 4ET channel Lnown aT A$@EW or $E0 .aJl Box Gor the eNploZeeT and cloTe thoTe JnGorNatJon Jn the note annexed Jn the and external orHanJ[atJonT to NaLe notJĹłcatJonT or Ĺłle ĹłnacJal TtateNent. It Thould Ce note that the coNpanZ haT coNplaJntT. to report the connected tranTactJonT to the 4ecurJtJeT and In addJtJon, the coNpanZ haT Jnternal dataCaTe TZTteN ExchanHe $oNNJTTJon 4E$ . acceTTJCle Gor all eNploZeeT. WorL related detaJlT and The coNpanZ haT aTTJHn a coNNJtee to Gollow up the JnGorNatJon JT retrJeved approprJatelZ wJth the apparent contJnual Gollow up on the aGĹłlJateTÄ´ operatJonT and reported all the proHreTTeT to JtT Board oG DJrectorT. The TpecJal acceTT authorJ[atJonT controllJnH reTtrJctJon areaT and unJt JT act aT a coodJnator oG operatJonT to enTure that all docuNent clearance levelT. AT well, the eNploZeeT TuCTJdJarZ are worLJnH Jn the TaNe dJrectJon aT parent ĹłrN. haT Ceen JnGorNed and are conTcJouT oG GollowJnH the .oreover, the coNpanZ haT aTTJHned the corporate TecretarZ JnGorNatJon related lawT, JncludJnH the 0GĹłcJal InGorNatJon to TupervJTe leHal and coNplJance NatterT to enTure that Act and the ElectronJc TranTactJon Act, to prevent anZ the coNpanZÄ´T operatJon JT coNplJant wJth related lawT vJolatJonT vJa the coNpanZÄ´T coNNunJcatJon channelT, Tuch aT announceNentT or eNaJlT, and to eNphaTJ[e the and reHulatJonT. JNportance oG the reHular JnGorNatJon control.

Information & Communication

The coNpanZ provJdeT adeRuatelZ JnGorNatJon to the Coard Monitoring Activities oG DJrectorT throuHh varJouT coNNunJcatJon Gor conTJderatJon. The coNpanZ haT the onHoJnH NonJtorJnH Gor thoTe HoalT All Board oG DJrectorT and TuC coNNJtteeÄ´T NeetJnH aHenda that deTJHnated Jn the lonH terN CuTJneTT plan and annual

Annual Report 2013 Eastern Water Resources Development and Management PLC.

wJth TpecJGZJnH addJtJonal control NeaTureT. The coNpanZ alTo haT a rJTL NanaHeNent dJvJTJon to develop a rJTL NanaHeNent planT and Gollow the reTultT, Jn order to control rJTLT Jnto acceptaCle level and reported to the RJTL .anaHeNent $oNNJttee CeGore TuCNJttJnH to the Board oG DJrectorT RuarterlZ Gor conTJderatJon and NaLe decJTJonT.

operatJon planT. The actual GoreTeen oG the operatJon reTult are preTented durJnH the Board oG DJrectorTÄ´ NeetJnH Jn everZ Ruarter oG the Zear. The Board JT to conTJder and decJde to NaLe JNproveNentT accordJnH to the ever chanHJnH TJtuatJon and GocuT on JNNedJate TolutJonT.

AccordJnH to the conTJderatJon oG the eTTence oG the TuGĹłcJencZ oG Jnternal control TZTteN aT NentJoned aCove, the Board oG DJrectorT concurT wJth the AudJt $oNNJttee and the audJtorT that the coNpanZÄ´T Jnternal control TZTteN JT TuGĹłcJent and approprJate Gor the CuTJneTT. It haT tranTparencZ and TupportT the eGGectJveneTT oG TuTtaJnaCle CuTJneTT To eTcalate corporate valueT, the coNpanZ HJveT precedence operatJonT. to the Jnternal audJtJnH CZ applZJnH the orHanJ[atJonÄ´T rJTL aTTeTTNent reportT toHether wJth the RJTL BaTed AudJt. The In addJtJon, accordJnH to the coNpanZÄ´T Ttructure, the audJt AudJt DepartNent alonH wJth Jnternal audJt conTultantT are TectJon JT reHulated and dJrectlZ TupervJTed CZ the audJt aTTJHned to evaluate the eGĹłcJencZ and the eGGectJveneTT coNNJttee. $urrentlZ .T.ThJdarut ,raJpraTJt JT the Jnternal oG everZ worL procedureT and report to the NanaHeNentT audJt departNent, 4enJor 7Jce 1reTJdent and the head oG and the AudJt $oNNJttee RuarterlZ. the departNent. The coNpanZ haT appoJntNent GroN ,1.( 1hooNchaJ BuTJneTT AdvJTorZ -td. ,.1( to an Jnternal The audJt dJvJTJon GollowT all the TuHHeTTtJonT Gound Jn the audJt, the conTultant reHardJnH the Jnternal audJt. )owever, audJt coNNJtteeÄ´T reportT. AddJtJonallZ, there JT alTo the 4enJor 7Jce 1reTJdent oG the Internal AudJt DepartNent a NonJtorJnH proceTT throuHh the Jnternal RualJtZ and JT evaluated CZ the AudJt $oNNJttee toHether wJth $E0. envJronNent audJt TZTteN, whJch JT certJĹłed to I40 The reTultT JndJcate that her perGorNance JT Hood and eG ĹłcJent to the poTJtJon. In addJtJon the AudJt $oNNJttee 9001 2008 and I40 14001 2004. JT who authorJ[e anZ deTJHnatJonT, tranTGerT, or dJTcharHeT oG the head oG the AudJt DepartNent.

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The company focuses on internal audit by utilizing risk assessment, together with constant planning and review, in order to enhance the organization efĹłciency.

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6622

REPORT OF CORPORATE GOVERNANCE OF THE AUDIT COMMITTEE FOR 2013 The Board oG DJrectorT oG EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted appoJnted three the 4tocL ExchanHe oG ThaJland 4ET

RualJĹłed Jndependent dJrectorT, aT an audJt coNNJttee. The AudJt $oNNJttee, whJch conTJTtT oG three Jndependent dJrectorT whoTe poTTeTT the RualJĹłcatJonT reRuJred CZ the 4tocL ExchanHe oG ThaJland 4ET . The Board oG DJrectorT alTo TpecJĹłed the RualJĹłcatJonT, the lenHth oG terN, and dutJeT and reTponTJCJlJtJeT oG the AudJt $oNNJttee Jn the charter oG the AudJt $oNNJttee. $urrentlZ, the AudJt $oNNJttee coNprJTeT oG .r.ThaJratana JotJLaChuLLana aT the $haJrNan oG the AudJt $oNNJttee and (en. $huchaJ BoonZoJ and .r. ,allaZana 7JpattJpuNJprateT aT the NeNCerT oG the coNNJttee.

CZ uTJnH Teveral JnGorNatJon GroN the corporate rJTLT aTTeTTNent report, executJve JntervJew reRuJreNentT and worrJeT, analZ[JnH ĹłnancJal TtateNentT, and receJvJnH coNNentT GroN the audJtor.

In 2013, the AudJt $oNNJttee held the NeetJnH eleven tJNeT, JncludJnH the NeetJnHT wJth the Jnternal audJtorT, the coNpanZÄ´T executJveT, and the audJtor, then reported the reTultT oG the NeetJnHT and the operatJon Jn the Board oG DJrector NeetJnH held everZ Ruarter. AT well, the AudJt $oNNJttee haT coNpleted everZ dutZ and reTponTJCJlJtZ aT deTJHnated Jn the charter aT TuNNarJ[ed GollowT

3. Regulatory Compliance

1. Review of Financial Reporting

The AudJt $oNNJttee, toHether wJth the audJtor and the Jnternal audJtorT, revJewed $oNpanZÄ´T RuarterlZ and annual ĹłnancJal TtateNentT Gor 2013 and the conTolJdated ĹłnancJal TtateNentT, aT well aT receJved the explanatJon GroN the NanaHeNent to enTure the accuracZ, the relJaCJlJtZ, the adeRuacZ, and the approprJateneTT oG accountJnH recordJnH, and the tJNelZ and Calanced dJTcloTure oG JnGorNatJon. The coNNJttee alTo provJded coNNentT that potentJallZ CeneĹłt the coNpanZ. In addJtJon, the AudJt $oNNJttee and the audJtor held a NeetJnH wJthout the preTence oG the NanaHeNent to acLnowledHe the Jndependence and the Tcope oG worL oG the audJtor.

2. Review of the Effectiveness of Internal Control System The AudJt $oNNJttee approved the Jnternal audJt plan Gor 2013, whJch Jncluded the RJTL BaTed Internal AudJt 1lan and all the operatJnH procedureT oG the coNpanZ and the aGĹłlJateT, 64

The AudJt $oNNJttee revJewed the Jnternal control aTTeTTNent report oG the coNpanZ and JtT aGĹłlJateT Jn accordance wJth JnternatJonal TtandardT. The AudJt $oNNJttee alTo provJded the TuHHeTtJonT that would CeneĹłt to the JNproveNent oG the coNpanZÄ´T operatJonT to Ce Nore eGĹłcJent and the eGGectJve, aT well aT conTtantlZ Gollowed up the NanaHeNentÄ´T correctJve actJonT accordJnH to the coNNJtteeÄ´T TuHHeTtJonT and had the NanaHeNent to report the reTultT durJnH everZ AudJt $oNNJttee NeetJnH. The AudJt $oNNJttee TupervJTed the tranTparencZ oG the JnGorNatJon dJTcloTure and conducted the revJew to enTure the coNpanZÄ´T reHulatorZ coNplJance wJth the related CuTJneTT operatJon lawT, the 4ecurJtJeT and ExchanHe Act, and the reHulatJonT oG the 4tocL ExchanHe oG ThaJland, alonH wJth aTTJHned the NanaHeNent to conduct an annual report on the reTultT oG reHulatorZ coNplJance oG the coNpanZ.

4. Supervision of the Internal Audit

The AudJt $oNNJttee conTJdered and approved the actJon plan, the annual CudHet, and the Nanpower GraNeworL oG the Internal AudJt DepartNent, aT well aT Tupported and encouraHed the JndependencZ oG the Internal AudJt DepartNent to JncreaTe the eGĹłcJencZ oG the operatJon CZ NaLJnH the Internal AudJt DepartNent report dJrectlZ to the AudJt $oNNJttee. In 2013, the AudJt $oNNJttee alTo conTJdered and approved hJrJnH ,1.( 1hooNchaJ BuTJneTT AdvJTorZ -td. to Ce a conTultant and KoJn the Internal AudJt DepartNent Jn Jnternal audJt operatJon to exchanHe LnowledHe and experJenceT Jn order to develop the Jnternal audJtJnH oG the coNpanZ and JtT aGĹłlJateT. In addJtJon, preTentJnH the JTTueT Gound durJnH the audJt operatJon would contJnuouTlZ add Nore valueT to the coNpanZ. The AudJt $oNNJttee revJTed the Nanual and the charter operatJon JT conGorN to the chanHJnH TJtuatJon and coNplete oG the Internal AudJt DepartNent to correTpond to the accordJnH to the paTt Zear aTTJHnNentT, aT well aT coNplZ wJth the HuJdelJne oG practJce oG the 4tocL ExchanHe oG JnternatJonal TtandardT and the chanHJnH TJtuatJon. ThaJland 4ET . Then, the AudJt $oNNJttee propoTed the 5. Review of Auditorâ&#x20AC;&#x2122;s Operation and the Appointment reTultT Jn the Board oG DJrectorT .eetJnH Gor an approval. The AudJt $oNNJttee had a prJvate NeetJnH wJth the audJtor In concluTJon, the AudJt $oNNJttee coNpleted JtT dutJeT to enTure the JndependencZ and to coNprehend the aT deTJHnated Jn the AudJt $oNNJttee $harter approved CZ the Board oG DJrectorT Jn coNplJance wJth the reHulatJonT operatJon plan and the Tcope oG worL oG the audJtor. oG the 4ecurJtJeT and ExchanHe $oNNJTTJon 4E$ and the $onTJderJnH the appoJntNent oG audJtor Gor 2014, the AudJt 4tocL ExchanHe oG ThaJland 4ET . The AudJt $oNNJttee and $oNNJttee receJved the operatJon aTTeTTNent reTultT oG the audJtor aHreed that the ĹłnancJal TtateNentT oG the 1rJcewaterhouTe$ooperT ABA4 -td. 1w$ conducted CZ the coNpanZ were preTented wJth accuracZ accordJnH to the NanaHeNent oG the coNpanZ and JtT aGĹłlJateT. The AudJt (enerallZ Accepted AccountJnH 4tandardT oG ThaJland. In $oNNJttee reported the reTultT, JncludJnH the experJence, addJtJon, the coNpanZ had Tet up the Jnternal audJt TZTteN RualJĹłcatJonT, and the Gee, to the Board oG DJrectorT to NaLe and the approprJate Jnternal audJt wJth eGGectJveneTT. There an approval, and then aTL the approval GroN the 2013 were no TJHnJĹłcant JTTueT or NJTtaLeT Gound throuHhout the Annual (eneral 4hareholderTÄ´ .eetJnH Gor appoJntJnH operatJon Jn 2013. The contJnuouT JNproveNentT oG the 1rJcewaterhouTe$ooperT ABA4 -td. to contJnue CeJnH the operatJon were Nade to conGorN to the current context oG the CuTJneTT operatJon. coNpanZÄ´T audJtor Gor 2014.

6. Self-Assessment and Review of Audit Committeeâ&#x20AC;&#x2122;s Manual and Charter

The AudJt $oNNJttee conducted a TelG aTTeTTNent CaTed on the (ood $orporate (overnance and reported the reTultT to the Board oG DJrectorT. The reTultT were ÄśexcellentÄˇ. In addJtJon, the AudJt $oNNJttee revJewed the charter and the Nanual oG the AudJt $oNNJttee to enTure that the

.r. ThaJratana JotJLaChuLLana $haJrNan oG the AudJt $oNNJttee

Annual Report 2013 Eastern Water Resources Development and Management PLC.

of Auditor for 2014

REPORT OF CORPORATE GOVERNANCE AND NOMINATION COMMITTEE

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted eNphaTJ[eT JNportance on (ood $orporate (overnance and GollowT the reHulatJonT oG the 4ecurJtJeT and ExchanHe $oNNJTTJon. The 1rJncJpleT oG (ood $orporate (overnance Gor -JTted $oNpanJeT 2012, haT Ceen applJed to conGorN to TocJal and econoNJc chanHeT Jn order to Ce readZ Gor the coNpetJtJon Jn the A4EA/ reHJon.

The corporate (overnance and /oNJnatJon $oNNJttee held TJx NeetJnHT Jn 2013 wJth the concluTJve reTolutJon aT the GollowJnH detaJlT . 1. /oNJnatJon the $oNNJttee preTented to the Board oG DJrectorT CZ TelectJnH the RualJGed candJdateT to Ce the Board oG DJrectorT, Board oG DJrectorT oG the aGĹłlJate coNpanZ, TuC coNNJtteeT and advJTorT who can protect the eRual JntereTtT oG all ThareholderT wJthout anZ conĹ´Jct oG JntereTtT. .oreover, theZ NuTt Ce aCle to dedJcate theJr LnowledHe and TLJllT to provJde opJnJon wJth theJr lJCertZ and not had Ceen Jn a TJtuatJon oG JncoNpatJCJlJtZ accordJnH to the law concerned. 2. $orporate (overnance the $oNNJttee receJved the approval GroN the Board oG DJrectorT Gor revJewJnH the (ood $orporate (overnance prJncJpleT, TtJpulated the reHulatJonT on the operatJon reHardJnH corporate Hovernance, and provJded TuHHeTtJonT to the NanaHeNent aT GollowT. 2.1 4pecJĹłed the crJterJa Gor NJnor ThareholderT to propoTe aHenda and noNJnate candJdateT Gor the Board oG DJrectorT electJon Jn advance Jn the Thareholder annual Heneral NeetJnH.

accordJnH to the $harter, polJcJeT, and vJTJonT oG the coNpanZ. 2.4 RevJewed code oG conductT Gor the eNploZee to Ce Jn accordance wJth the revJTed Hood corporate Hovernance prJncJpleT. 2.5 ATTJHned the 4ecretarZ oG the $orporate (overnance and /oNJnatJon $oNNJttee and the )uNan ReTourceT DepartNent to coNNunJcate the corporate Hovernance polJcZ $( , the code oG conductT, wJth all TteaLholderT CZ JNpleNentJnH varJouT actJvJtJeT to reJnGorce the NoralJtZ and alTo the awareneTT Jn the TaGetZ and the occupatJonal health Jn the worL envJronNent. 2.6 1rovJded coNplaJnt and whJTtleClowJnH TZTteN Gor anZ wJtneTT oG an JlleHal or unethJcal actJon throuHh the $oNNJtteeÄ´T dJrect TuHHeTtJon Cox aT an addJtJon to the current channelT Gor ĹłlJnH coNplaJnt, vJa $E0 .aJlCox and the AudJt $oNNJttee. The $orporate (overnance and /oNJnatJon $oNNJttee eNphaTJ[eT all the Board oG DJrectorT, executJveT, eNploZeeT, and the related partJeT to TtrJctlZ Gollow the prJncJpleT TpecJĹłed Jn the Board oG DJrectorTÄ´ charter, aT well aT the code oG conductT Gor the eNploZee to JNprove eGĹłcJencZ, tranTparencZ, honeTtZ and reTponTJCJlJtZ Jn the operatJnH TZTteN. AT a reTult, all the TtaLeholderT wJll receJve the NoTt CeneĹłtT alonH wJth the coNpanZÄ´T TuTtaJnaCle Hrowth Jn the Guture.

2.2 4uHHeTted the /on executJve DJrectorT to hold prJvate NeetJnH wJthout preTence oG the NanaHeNent Jn order to HJve an opportunJtZ to dJTcuTT anZ JTTueT GreelZ. 2.3 EncouraHed Board oG DJrectorT and TuC coNNJteeT to conduct TelG evaluatJon to JnTpect and JNprove perGorNance

General Sahachart Pipithkul Chairman of the Corporate Governance and Nomination Committee

REPORT OF THE BOARD OF DIRECTORSâ&#x20AC;&#x2122; RESPONSIBILITY TOWARD FINANCIAL STATEMENT REPORT

ThuT, the $oNpanZÄ´T Board oG DJrector appoJnted the AudJt $oNNJttee whJch conTJTtT oG Jndependent DJrectorT and /on ExecutJve DJrectorT oG the $oNpanZ who are reTponTJCle Gor the RualJtZ oG ĹłnancJal TtateNentT and revJewJnH the adeRuacZ and eGGectJveneTT oG the Jnternal control TZTteN oG the $oNpanZ and JtT aGĹłlJated coNpanJeT to reaTonaClZ

Sqn.Ldr. Sita Divari Chairman

enTure that the recordT oG accountJnH JnGorNatJon are accurate, coNplete, and adeRuate to protect the $oNpanZÄ´T aTTetT, JncludJnH CeJnH HuJdelJneT Gor the $oNpanZ and JtT aGĹłlJated coNpanJeT to TJHnJĹłcantlZ prevent corruptJon or JrreHular actJvJtZ. The opJnJon oG the AudJt $oNNJttee Thall appear Jn the $orporate (overnance Report oG the AudJt $oNNJttee oG the ĹłTcal Zear 2013 aT Thown Jn thJT Annual Report.

ThereGore, the Board oG DJrectorT conTJdered that the $oNpanZÄ´T ĹłnancJal TtateNentT were careGullZ and reaTonaClZ prepared wJth the CeTt eTtJNatJonT under the approprJate accountJnH polJcJeT and conTJTtent conGorNJtZ wJth ThaJ HenerallZ accepted accountJnH TtandardT, JncludJnH the TuGĹłcJent JNportant JnGorNatJon JT alreadZ dJTcloTed Jn the /oteT to ĹłnancJal TtateNentT.

Mr. Wanchai Lawattanatrakul Chief Executive OfĹłcer

Annual Report 2013 Eastern Water Resources Development and Management PLC.

The Board oG DJrectorT oG the $oNpanZ had JnJtJated ĹłnancJal TtateNent preparatJon to preTent the $oNpanZÄ´T ĹłnancJal poTJtJonT and operatJnH reTultT Gor the Zear ended DeceNCer 31, 2013 under the 1uClJc $oNpanZ Act B.E. 2535. The $oNpanZÄ´T Board oG DJrectorT haT realJ[ed JtT dutJeT and reTponTJCJlJtZ aT DJrectorT oG lJTted coNpanZ Jn the 4tocL ExchanHe oG ThaJland to Ce reTponTJCle Gor ĹłnancJal TtateNentT and conTolJdated ĹłnancJal TtateNentT oG the $oNpanZ, JncludJnH ĹłnancJal JnGorNatJon appeared Jn the annual report Gor the Zear ended DeceNCer 31, 2013.

AUDITOR’S REPORT To the 4hareholderT oG EaTtern Water ReTourceT DevelopNent cJrcuNTtanceT, Cut not Gor the purpoTe oG expreTTJnH an and .anaHeNent 1uClJc $oNpanZ -JNJted opJnJon on the eGGectJveneTT oG the entJtZĴT Jnternal control. An audJt alTo JncludeT evaluatJnH the approprJateneTT oG I have audJted the accoNpanZJnH conTolJdated and coNpanZ accountJnH polJcJeT uTed and the reaTonaCleneTT oG accountJnH TtateNentT oG EaTtern Water ReTourceT DevelopNent and eTtJNateT Nade CZ NanaHeNent, aT well aT evaluatJnH the .anaHeNent 1uClJc $oNpanZ -JNJted and JtT TuCTJdJarJeT and overall preTentatJon oG the ųnancJal TtateNentT. oG EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted, whJch coNprJTe the conTolJdated I CelJeve that the audJt evJdence I have oCtaJned JT TuGųcJent and coNpanZ TtateNentT oG ųnancJal poTJtJon aT at 31 and approprJate to provJde a CaTJT Gor NZ audJt opJnJon. DeceNCer 2013, and the related conTolJdated and coNpanZ TtateNentT oG coNprehenTJve JncoNe, chanHeT Opinion Jn ThareholderTĴ eRuJtZ and caTh ŴowT Gor the Zear then In NZ opJnJon, the conTolJdated and coNpanZ ųnancJal ended, and a TuNNarZ oG TJHnJųcant accountJnH polJcJeT TtateNentT reGerred to aCove preTent GaJrlZ, Jn all NaterJal reTpectT, the conTolJdated and coNpanZ ųnancJal poTJtJon and other noteT. oG EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted and JtT TuCTJdJarJeT and oG EaTtern Management’s Responsibility for the Financial Statements .anaHeNent JT reTponTJCle Gor the preparatJon and GaJr Water ReTourceT DevelopNent and .anaHeNent 1uClJc preTentatJon oG theTe ųnancJal TtateNentT Jn accordance wJth $oNpanZ -JNJted aT at 31 DeceNCer 2013, and JtT ThaJ 'JnancJal ReportJnH 4tandardT, and Gor Tuch Jnternal conTolJdated and coNpanZ reTultT oG operatJonT and caTh control aT NanaHeNent deterNJneT JT neceTTarZ to enaCle ŴowT Gor the Zear then ended Jn accordance wJth ThaJ the preparatJon oG ųnancJal TtateNentT that are Gree GroN 'JnancJal ReportJnH 4tandardT. NaterJal NJTTtateNent, whether due to Graud or error. Emphasis of Matter Auditor’s Responsibility I draw attentJon to /ote 37 to the ųnancJal TtateNentT .Z reTponTJCJlJtZ JT to expreTT an opJnJon on theTe ųnancJal reHardJnH the coNpenTatJon Gor the $oNpanZĴT pJpelJne TtateNentT CaTed on NZ audJt. I conducted NZ audJt Jn connectJnH proKect. The $oNpanZ JT paZJnH the coNpenTatJon accordance wJth ThaJ 4tandardT on AudJtJnH. ThoTe at a prelJNJnarZ rate CecauTe the HovernNent aHencZ JT TtandardT reRuJre that I coNplZ wJth ethJcal reRuJreNentT conTJderJnH a deal Gor the $oNpanZ to rent NanaHe the and plan and perGorN the audJt to oCtaJn reaTonaCle connectJnH proKectT and the coNpenTatJon rate, whJch NJHht aTTurance aCout whether the ųnancJal TtateNentT are Gree chanHe. .Z opJnJon JT not RualJųed Jn reTpect oG thJT Natter. GroN NaterJal NJTTtateNent. An audJt JnvolveT perGorNJnH procedureT to oCtaJn audJt evJdence aCout the aNountT and dJTcloTureT Jn the ųnancJal TtateNentT. The procedureT Telected depend on the audJtorĴT KudHNent, JncludJnH the aTTeTTNent oG the rJTLT oG NaterJal NJTTtateNent oG the ųnancJal TtateNentT, whether due to Graud or error. In NaLJnH thoTe rJTL aTTeTTNentT, the audJtor conTJderT Jnternal control relevant to the entJtZĴT preparatJon and GaJr preTentatJon oG the ųnancJal TtateNentT Jn order to deTJHn audJt procedureT that are approprJate Jn the

Vichien Khingmontri Certiųed Public Accountant (Thailand) No. 39 PricewaterhouseCoopers ABAS Ltd. Bangkok 24 February 2014

STATEMENTS OF FINANCIAL POSITION Eastern Water Resources Development and Management Public Company Limited As at 31 December 2013

6nJt Baht

Notes Assets Current assets $aTh and caTh eRuJvalentT TeNporarZ JnveTtNentT Trade and other receJvaCleT Water loTT treatNent TervJce JncoNe receJvaCle related partZ InventorJeT 0ther current aTTetT Total current assets Non-current assets InveTtNentT Jn TuCTJdJarJeT 0ther lonH terN JnveTtNentT InveTtNent propertZ net 1ropertZ, plant and eRuJpNent net ATTetT under conceTTJon contractT net DeGerred conceTTJon rJHhtT acRuJTJtJon coTtT net IntanHJCle aTTetT net DeGerred tax aTTetT 0ther non current aTTetT Total non-current assets

2013

Company

2012

2013

2012

6 7 8

243,306,452 86,878,547 410,178,434

238,473,244 96,307,798 473,962,507

133,894,733 308,345,969

199,660,046 340,767,324

34.2 9

4,096,219 10,536,370 45,639,764 800,635,786

7,678,851 7,745,450 23,864,564 848,032,414

25,587,790 467,828,492

12,616,953 553,044,323

10 11 12 13 14

91,470,300 199,601,448 10,621,901,420 555,571,905

91,470,300 208,381,751 9,542,766,521 491,762,394

543,749,985 91,470,300 212,074,988 10,200,121,005

510,887,500 91,470,300 221,461,717 9,149,633,324

15 16 17 18

522,445,956 153,016,142 6,610,085 533,959,936 12,684,577,192

531,792,478 160,762,148 9,676,475 555,440,550 11,592,052,617

34,163,252 461,038,238 11,542,617,768

33,560,520 520,021,697 10,527,035,058

13,485,212,978

12,440,085,031

12,010,446,260

11,080,079,381

Total assets

Sqn.Ldr. Sita Divari Chairman

Mr. Wanchai Lawattanatrakul Chief Executive OfĹłcer

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Consolidated

STATEMENTS OF FINANCIAL POSITION (CONTâ&#x20AC;&#x2122;D) Eastern Water Resources Development and Management Public Company Limited As at 31 December 2013

6nJt Baht

Notes

Consolidated 2013 2012

Company 2013 2012

Liabilities and shareholdersâ&#x20AC;&#x2122; equity Current liabilities 4hort terN loanT GroN ĹłnancJal JnTtJtutJonT

19 20

156,000,000 144,146,713 264,227,195

111,000,000 157,560,565 38,465,477

156,000,000 103,625,335 244,234,406

147,543,436 16,341,354

300,864

2,023,942

300,864

2,023,942

568,610,000 131,518,767 133,155,312 57,278,691 1,455,237,542

737,690,000 135,652,998 119,999,719 55,852,366 1,358,245,067

490,250,000 125,265,126 86,382,393 38,677,340 1,244,735,464

690,250,000 123,233,324 92,441,651 44,952,043 1,116,785,750

Total non-current liabilities

3,841,751,206 38,526,297 91,423,543 130,893,399 4,102,594,445

300,864 3,456,280,694 32,530,438 89,385,385 182,882,384 3,761,379,765

3,261,750,000 13,184,606 60,295,155 110,523,109 3,445,752,870

300,864 2,943,750,000 5,990,441 58,605,991 157,828,907 3,166,476,203

Total liabilities

5,557,831,987

5,119,624,832

4,690,488,334

4,283,261,953

Trade accountT paZaCle 1aZaCle Gor purchaTe oG Ĺłxed aTTetT $urrent portJon oG lonH terN lJaCJlJtJeT under Ĺłnance leaTe aHreeNentT $urrent portJon oG lonH terN loanT GroN ĹłnancJal JnTtJtutJonT $orporate JncoNe tax paZaCle Accrued expenTeT

0ther current lJaCJlJtJeT Total current liabilities Non-current liabilities -onH terN lJaCJlJtJeT under Ĺłnance leaTe aHreeNentT 21 -onH terN loanT GroN ĹłnancJal JnTtJtutJonT 22 DeGerred tax lJaCJlJtJeT ENploZee CeneĹłt oClJHatJonT 0ther non current lJaCJlJtJeT

17 24 25

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

STATEMENTS OF FINANCIAL POSITION (CONTâ&#x20AC;&#x2122;D) Eastern Water Resources Development and Management Public Company Limited As at 31 December 2013

6nJt Baht

Notes

Consolidated 2013 2012

Company 2013 2012

Liabilities and shareholdersâ&#x20AC;&#x2122; equity (Contâ&#x20AC;&#x2122;d) Shareholdersâ&#x20AC;&#x2122; equity 4hare capJtal

ReHJTtered Thare capJtal 0rdJnarZ ThareT, 1,663,725,149 ThareT oG par Baht 1 each

1,663,725,149

1,663,725,149 2,138,522,279

166,500,000 3,900,477,044 28,357,101 7,897,581,573 29,799,418 7,927,380,991

166,500,000 3,316,436,717 31,754,624 7,316,938,769 3,521,430 7,320,460,199

166,500,000 3,322,853,397 28,357,101 7,319,957,926 7,319,957,926

166,500,000 2,796,315,376 31,754,624 6,796,817,428 6,796,817,428

13,485,212,978

12,440,085,031

12,010,446,260

11,080,079,381

ITTued and paJd up Thare capJtal 0rdJnarZ ThareT, 1,663,725,149 ThareT oG par Baht 1 each 4hare preNJuN

RetaJned earnJnHT ApproprJated leHal reTerve

6napproprJated 0ther coNponentT oG eRuJtZ ERuJtZ attrJCutaCle to ownerT oG the parent /on controllJnH JntereTtT Total shareholdersâ&#x20AC;&#x2122; equity

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Total liabilities and shareholdersâ&#x20AC;&#x2122; equity

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

STATEMENTS OF COMPREHENSIVE INCOME Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

6nJt Baht

Consolidated Notes Revenues 4aleT tap water Rental and TervJce JncoNe Total sales and service income

Total revenues Expenses $oTtT oG TaleT tap water $oTtT oG rental and TervJceT Total costs of sales and services 4ellJnH expenTeT AdNJnJTtratJve expenTeT 'Jnance coTtT

ProĹłt before income tax IncoNe tax Net proĹłt for the year

2012

2013

2012

2,694,295,164 876,384,672 189,512,767 3,760,192,603 55,945,753 3,816,138,356

2,612,221,083 841,601,777 223,588,164 3,677,411,024 48,538,082 3,725,949,106

2,854,127,184 281,727,583 80,328,127 3,216,182,894 70,209,156 3,286,392,050

2,761,605,128 285,894,423 73,247,613 3,120,747,164 90,037,950 3,210,785,114

962,535,750 502,169,873 181,128,437 1,645,834,060 17,489,498 372,744,289 112,951,617 2,149,019,464 1,667,118,892 351,143,906

1,315,974,986

881,188,378 456,685,807 201,303,332 1,539,177,517 53,018,153 439,031,398 89,990,782 2,121,217,850 1,604,731,256 364,559,726

1,240,171,530

996,230,226 263,385,535 67,432,341 1,327,048,102 14,893,922 276,477,832 82,490,738 1,700,910,594 1,585,481,456 326,926,369

1,258,555,087

931,580,547 283,397,482 66,278,677 1,281,256,706 50,690,973 350,291,315 63,474,844 1,745,713,838 1,465,071,276 318,224,098

1,146,847,178

$oTtT oG TaleT raw water

Total expenses

2013

4aleT raw water

0ther JncoNe

Company

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

STATEMENTS OF COMPREHENSIVE INCOME (CONTâ&#x20AC;&#x2122;D) Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

6nJt Baht

Consolidated Notes

2013

Company

2012

2013

2012

Other comprehensive income (expense):

3,397,523

24.1

25,812,692

22,359,221

5,162,538

4,471,844

3,397,523

1,312,577,463

24,047,677

1,216,123,853

3,397,523

1,255,157,564

21,284,900

1,125,562,278

1,316,057,393 82,407

1,315,974,986

1,239,741,859 429,671 1,240,171,530

1,258,555,087 1,258,555,087

1,146,847,178 1,146,847,178

1,312,659,870 82,407

1,312,577,463

1,215,694,182 429,671 1,216,123,853

1,255,157,564 1,255,157,564

1,125,562,278 1,125,562,278

0.79

0.75

0.76

0.69

WrJte oGG aTTet tranTGerred GroN cuTtoNer ActuarJal loTTeT on deĹłned eNploZee CeneĹłt planT IncoNe tax relatJnH to coNponentT oG other coNprehenTJve JncoNe Gor the Zear Other comprehensive expense for the year, net of tax Total comprehensive income for the year ProĹłt attributable to: 0wnerT oG the parent /on controllJnH JntereTtT Total comprehensive income attributable to: 0wnerT oG the parent /on controllJnH JntereTtT Earnings per share for proĹłt attributable to owners of the parent (Baht)

Annual Report 2013 Eastern Water Resources Development and Management PLC.

BaTJc earnJnHT per Thare

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

74 28,357,101

28,357,101

1,663,725,149 2,138,522,279 166,500,000 3,900,477,044

Closing balance as at 31 December 2013

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

31,754,624 3,397,523

1,663,725,149 2,138,522,279 166,500,000 3,316,436,717 1,316,057,393 732,017,066

7,320,460,199

7,320,460,199 26,887,515 1,312,577,463 732,544,186

7,927,380,991

3,521,430

7,316,938,769 3,521,430 26,887,515 82,407

1,312,659,870 732,017,066 527,120

7,897,581,573 29,799,418

31,754,624

1,216,123,853 831,977,094

7,316,938,769

1,215,694,182 831,837,075

429,671 140,019

3,397,523

1,240,171,530 24,047,677

429,671 1,239,741,859 24,047,677

3,397,523

Opening balance as at 1 January 2013 1roceedT GroN ThareT JncreaTed oG TuCTJdJarZ $oNprehenTJve JncoNe Gor the Zear DJvJdend paJd 29

1,219,091,705 831,837,075

1,239,741,859 20,650,154

1,663,725,149 2,138,522,279 166,500,000 3,316,436,717

6,936,200,940 112,500 6,933,081,662

35,152,147

Total Non-controlling shareholdersâ&#x20AC;&#x2122; equity interests

6nJt Baht

3,119,278 112,500

Total owners of the parent

Total other component of equity

Assets Premium on Appropriated transferred from share capital - legal reserve Unappropriated customers-net

Retained earnings

Other comprehensive income

Other components of shareholdersâ&#x20AC;&#x2122; equity

Closing balance as at 31 December 2012

$oNprehenTJve JncoNe Gor the Zear DJvJdend paJd

Consolidated Owners of the parent

1,663,725,149 2,138,522,279 166,500,000 2,929,182,087

Opening balance as at 1 January 2012 1roceedT GroN ThareT JTTued oG TuCTJdJarZ $oNprehenTJve JncoNe Gor the Zear /et proĹłt Gor the Zear 0ther coNprehenTJve expenTe

Notes

Issued and paid-up share capital

Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

STATEMENTS OF CHANGES IN SHAREHOLDERâ&#x20AC;&#x2122;S EQUITY

1,146,847,178 17,887,377

1,128,959,801 831,837,074

$oNprehenTJve JncoNe Gor the Zear DJvJdend paJd

3,322,853,397

2,138,522,279 166,500,000 1,663,725,149

Annual Report 2013 Eastern Water Resources Development and Management PLC.

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

Closing balance as at 31 December 2013

2,796,315,376 1,258,555,087 732,017,066

2,138,522,279 166,500,000

1,663,725,149

Opening balance as at 1 January 2013 $oNprehenTJve JncoNe Gor the Zear DJvJdend paJd 29

2,796,315,376

2,138,522,279 166,500,000

1,663,725,149

Closing balance as at 31 December 2012

28,357,101

31,754,624 3,397,523

31,754,624

3,397,523

28,357,101

31,754,624 3,397,523

31,754,624

3,397,523

35,152,147

2,499,192,649

2,138,522,279 166,500,000

1,663,725,149

Opening balance as at 1 January 2012 $oNprehenTJve JncoNe Gor the Zear /et proĹłt Gor the Zear 0ther coNprehenTJve expenTe

Notes

Total other component of equity

Issued and paid-up share capital

6nJt Baht

7,319,957,926

6,796,817,428 1,255,157,564 732,017,066

6,796,817,428

1,125,562,278 831,837,074

1,146,847,178 21,284,900

6,503,092,224

Total Shareholdersâ&#x20AC;&#x2122; equity

Other components of shareholdersâ&#x20AC;&#x2122; equity

Company Other comprehensive Retained earnings income Assets transferred from Premium on Appropriated share capital legal reserve Unappropriated customers-net

Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

STATEMENTS OF CHANGES IN SHAREHOLDERâ&#x20AC;&#x2122;S EQUITY (CONTâ&#x20AC;&#x2122;D)

STATEMENTS OF CASH FLOWS Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

Consolidated

Company

2013

2012

2013

2012

1,667,118,892

1,604,731,256

1,585,481,456

1,465,071,276

359,583,399 41,637,880 630,000

300,000

312,952,468 40,481,935 4,110,000

307,057,902 3,902,092

300,000

263,782,243 3,537,488

3,397,523

10,556,966 24,053,425

9,167,887

34,278,347 25,094,458

8,292,470

11,174,877 44,351,422

4,495,033

34,386,390 72,269,458

3,056,401

108,970,528

88,195,250

78,630,169

61,804,746

2,151,878,830

2,047,664,805

1,934,002,518

1,749,558,761

20,476,080

56,079,921

32,421,355

42,993,529

3,582,632 2,790,920

9,944,570

11,518,821

2,454,408 133,088 15,969,701 7,270,257

12,839,544

13,228,119

21,836,380

13,413,852

17,574,578 131,901 2,038,158 51,988,985

51,896,252 26,420,634 10,028,767 1,385,662

31,442,676

43,780,601

1,640,273

6,349,294

1,689,164 47,305,798

20,442,540 20,417,842 13,815,779 1,425,784

27,964,234

$aTh provJded CZ operatJnH actJvJtJeT IntereTt paJd IncoNe tax paJd

2,106,025,031 113,547,804

357,904,104

2,121,274,491 77,529,370

408,534,351

1,842,969,408 83,049,154

317,700,402

1,809,616,223 51,177,369

355,855,284

Net cash provided by operating activities

1,634,573,123

1,635,210,770

1,442,219,852

1,402,583,570

Notes Cash Ĺ´ows from operating activities 1roĹłt CeGore JncoNe tax AdKuTtNentT to reconcJle proĹłt CeGore JncoNe tax to net caTh provJded CZ paJd GroN operatJnH actJvJtJeT ReverTal allowance Gor douCtGul accountT 12, 13, 14 DeprecJatJon 15, 16 ANortJTatJon INpaJrNent loTT IncoNe GroN aNortJTatJon oG aTTetT tranTGerred GroN cuTtoNerT -oTTeT on dJTpoTalT wrJtten oGG oG propertZ, plant and eRuJpNent 30 DJvJdend JncoNe 30 IntereTt JncoNe IntereTt expenTeT and aNortJTatJon oG deGerred JntereTt under Ĺłnance leaTe aHreeNentT Income from operating activities before changes in operating assets and liabilities $hanHe Jn operatJnH aTTetT JncreaTe decreaTe Trade and other accountT receJvaCleT Water loTT treatNent TervJce JncoNe receJvaCle related partZ InventorJeT 0ther current aTTetT 0ther non current aTTetT $hanHe Jn operatJnH lJaCJlJtJeT JncreaTe decreaTe

Trade accountT paZaCle Accrued expenTeT 0ther current lJaCJlJtJeT ENploZee CeneĹłt oClJHatJonT 0ther non current lJaCJlJtJeT

6nJt Baht

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

STATEMENTS OF CASH FLOWS (CONTâ&#x20AC;&#x2122;D) Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

Consolidated

Notes 7 7

76,163,034

22 22 29

Net increase (decrease) in cash and cash equivalents $aTh and caTh eRuJvalentT at CeHJnnJnH oG the Zear

Supplemental cash Ĺ´ow information /on caTh related tranTactJonT 1urchaTeT oG Ĺłxed aTTetT on credJt TranTGer aTTetT held Gor Tale to propertZ, plant and eRuJpNent TranTGer aTTetT held Gor Tale to aTTetT under conceTTJon contractT

2013

51,307,798 50,000,000 39,919,108

18,374,477

8,067,234 25,094,458 651,870 3,075,508

3,750

32,999,985

4,363,741 44,351,422 4,504,824

60,261,410

2012 50,000,000 2,960,283 72,269,455 3,075,508

4,291

985,791,353 1,715,796,167

73,437,748

60,261,410

1,183,637,000 2,017,279,280 1,048,018,747 1,653,907,638

Net cash generated from (used in) Ĺłnancing activities

Cash and cash equivalents at ending of the year

2012

1,029,944,709 1,928,150,791

Net cash used in investing activities Cash Ĺ´ows from Ĺłnancing activities 1roceedT GroN Thort terN loanT GroN ĹłnancJal JnTtJtutJonT 1aZNent on Thort terN loanT GroN ĹłnancJal JnTtJtutJonT 1roceedT GroN lonH terN loanT GroN ĹłnancJal JnTtJtutJonT 1aZNent on lonH terN loanT GroN ĹłnancJal JnTtJtutJonT 1aZNent on lJaCJlJtJeT under Ĺłnance leaTe aHreeNentT 1roceedT GroN JTTuJnH oG ordJnarZ Thare oG TuCTJdJarZ DJvJdendT paJd to (roupÄ´T ThareholderT DJvJdendT paJd to /on controllJnH JntereTtT

94,754,121

104,183,372 98,715,005

19,196,003

8,652,430 24,053,425 2,751,469 4,504,824

Company

388,000,000 409,500,000 364,500,000 310,000,000

967,830,512 2,339,970,694 751,440,000 1,092,020,466

2,234,915

2,023,942

27,000,015 731,942,380 831,863,197

527,120

256,000,000 100,000,000

822,000,000 704,000,000

2,023,942

731,942,476

200,000,000 200,000,000

1,780,000,000 568,500,000

2,234,915

831,723,178

446,102,915

491,852,116

459,966,418

377,541,907

4,833,208 238,473,244

109,783,606 128,689,638

65,765,313

199,660,046

126,217,839 73,442,207

243,306,452

238,473,244

133,894,733

199,660,046

250,133,287

38,269,153

230,336,822

16,341,354

1,390,028

33,267,474

The accoNpanZJnH noteT on paHeT 78 to 131 are an JnteHral part oG the ĹłnancJal TtateNentT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Cash Ĺ´ows from investing activities 1urchaTe oG Thort terN JnveTtNentT 1roceedT GroN teNporarZ JnveTtNent AcRuJTJtJon Gor TuCTJdJarZ 1urchaTe oG aTTetT under conceTTJon contractT 1urchaTe oG conceTTJon rJHhtT IntereTt receJved DJvJdend receJved GroN a related partZ and TuCTJdJarJeT 1roceedT GroN dJTpoTalT oG propertZ, plant and eRuJpNent 1urchaTe oG JntanHJCle aTTetT 1urchaTeT oG JnveTtNent propertZ 1urchaTeT oG propertZ, plant and eRuJpNent and advance conTtructJon paZNent IntereTt paJd Gor Gund Corrowed TpecJĹłcallZ to acRuJre RualJGZJnH aTTetT

2013

6nJt Baht

NOTES TO CONSOLIDATED AND COMPANY FINANCIAL STEMENTS Eastern Water Resources Development and Management Public Company Limited For the year ended 31 December 2013

1. General information

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted Äśthe $oNpanZÄˇ JT a puClJc lJNJted coNpanZ Jncorporated and reTJdent Jn ThaJland. The addreTT oG the $oNpanZÄ´T reHJTtered oGĹłce JT aT GollowT 23rd 26th 'loorT, EaTt Water BuJldJnH, /o. 1 4oJ 7JpavadeeranHTJt 5, 7JpavadeeranHTJt Road, JoNphol 4uC dJTtrJct, $hatuKaL DJTtrJct, BanHLoL. The $oNpanZ JT lJTted on the 4tocL ExchanHe oG ThaJland. 'or reportJnH purpoTeT, the $oNpanZ and JtT TuCTJdJarJeT are reGerred to aT the (roup. The prJncJpal CuTJneTT operatJonT oG the (roup are developNent and NanaHeNent oG the NaKor water dJTtrJCutJon pJpelJne TZTteNT Jn the EaTtern 4eaCoard area oG ThaJland, TupplZ oG raw water, produce and TupplZ oG tap water, waterworLT NanaHeNent, and enHJneerJnH TervJceT. TheTe conTolJdated and coNpanZ ĹłnancJal TtateNentT were authorJTed CZ the Board oG DJrectorT on 24 'eCruarZ 2014.

2. Accounting policies

The prJncJpal accountJnH polJcJeT adopted Jn the preparatJon oG theTe ĹłnancJal TtateNentT are Tet out Celow. 2.1 Basis of preparation of financial statements The conTolJdated and coNpanZ ĹłnancJal TtateNentT have Ceen prepared Jn accordance wJth ThaJ HenerallZ accepted accountJnH prJncJpleT under the AccountJnH Act B.E. 2543, CeJnH thoTe ThaJ AccountJnH 4tandardT JTTued under the AccountJnH 1roGeTTJonT Act B.E. 2547, and the ĹłnancJal reportJnH reRuJreNentT oG the 4ecurJtJeT and ExchanHe $oNNJTTJon under the 4ecurJtJeT and ExchanHe Act. The conTolJdated and coNpanZ ĹłnancJal TtateNentT have Ceen prepared under the hJTtorJcal coTt conventJon. The preparatJon oG ĹłnancJal TtateNentT Jn conGorNJtZ wJth ThaJ HenerallZ accepted accountJnH prJncJpleT reRuJreT the uTe oG certaJn crJtJcal accountJnH eTtJNateT. It alTo reRuJreT NanaHeNent to exercJTe JtT KudHeNent Jn the proceTT oG applZJnH the (roupÄ´T accountJnH polJcJeT. The areaT JnvolvJnH a hJHher deHree oG KudHeNent or coNplexJtZ, or areaT where aTTuNptJonT and eTtJNateT are TJHnJĹłcant to the conTolJdated ĹłnancJal TtateNentT are dJTcloTed Jn /ote 3. An EnHlJTh verTJon oG the conTolJdated and coNpanZ ĹłnancJal TtateNentT haT Ceen prepared GroN the TtatutorZ ĹłnancJal TtateNentT that are Jn the ThaJ lanHuaHe. In the event oG a conĹ´Jct or a dJGGerence Jn JnterpretatJon Cetween the two lanHuaHeT, the ThaJ lanHuaHe TtatutorZ ĹłnancJal TtateNentT Thall prevaJl.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d)

2.1 Basis of preparation of financial statements (Contâ&#x20AC;&#x2122;d) The conTolJdated ĹłnancJal TtateNentT Jnclude the ĹłnancJal TtateNentT Gor the ZearT ended 31 DeceNCer 2013 and 2012 oG the $oNpanZ and the GollowJnH TuCTJdJarJeT

Companyâ&#x20AC;&#x2122;s name

Subsidiaries held directly by the Company 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

EW 6tJlJtJeT $oNpanZ -JNJted EW Water Balance $honCurJ $oNpanZ -JNJted EW 4Nart Water RaZonH $oNpanZ -JNJted 4aNet 6tJlJtJeT $oNpanZ -JNJted

Nature of business

1roductJon and TupplZ oG tap water, water loTT treatNent and JnveTtNent Jn three tap water TupplZ coNpanJeT Water tranTportatJon CZ pJpelJne Water tranTportatJon CZ pJpelJne 1roduce and TupplZ oG JnduTtrJal 1roduce tap water GroN Tea water

Subsidiaries held by Universal Utilities Company Limited $hachoenHTao Water 4upplZ $oNpanZ -JNJted 1roductJon and TupplZ oG tap water BanHpaLonH Water 4upplZ $oNpanZ -JNJted 1roductJon and TupplZ oG tap water /aLornTawan Water 4upplZ $oNpanZ -JNJted 1roductJon and TupplZ oG tap water

Country of incorporation

Percentage of Shareholding 2013

2012

ThaJland

100

ThaJland ThaJland ThaJland ThaJland

100 100 100 55

ThaJland ThaJland ThaJland

99 99 100

a) New/revised accounting standards which are effective on 1 January 2013 and are relevant and have an impact to the Group are: TA4 12 IncoNe taxeT TA4 21 RevJTed 2009

The EGGectT oG $hanHeT Jn 'oreJHn ExchanHe RateT T'R4 8 0peratJnH 4eHNentT TA4 12 reRuJreT tax expenTeT to Ce recoHnJTed Gor current and deGerred tax. The (roup haT earlZ adopted TA4 12 TJnce 1 JanuarZ 2011. TA4 21 RevJTed 2009 reRuJreT the $oNpanZ to deterNJne the GunctJonal currencZ whJch JT the currencZ oG the prJNarZ econoNJc envJronNent Jn whJch the entJtZ operateT. The $oNpanZ aTTeTTed and concluded that ThaJ Baht JT the $oNpanZÄ´T GunctJonal currencZ. AT a conTeRuence, applZJnH TA4 21 RevJTed 2009 haT no JNpact to aTTetT, lJaCJlJtJeT and retaJned earnJnHT. /ew accountJnH polJcZ JT deTcrJCed Jn /ote 2.4.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (Contâ&#x20AC;&#x2122;d)

T'R4 8 reRuJreT the operatJnH TeHNent to Ce deTcrJCed Jn the TaNe Nanner aT Jnternal reportJnH uTed CZ the chJeG operatJnH decJTJon NaLer. /ew accountJnH polJcZ JT deTcrJCed Jn /ote 2.23. The JNpact to the $oNpanZ Jn applZJnH T'R4 8 JT onlZ on a dJTcloTure.

b) Revised accounting standards and financial reporting standards which are effective for the periods beginning on or after 1 January 2014 and have not been early adopted by the Group: TA4 1 RevJTed 2012

1reTentatJon oG ĹłnancJal TtateNentT TA4 7 RevJTed 2012

4tateNent oG $aTh 'lowT TA4 12 RevJTed 2012

IncoNe taxeT TA4 17 RevJTed 2012

-eaTeT TA4 18 RevJTed 2012

Revenue TA4 19 RevJTed 2012

ENploZee BeneĹłtT TA4 21 RevJTed 2012

The EGGectT oG $hanHeT Jn 'oreJHn ExchanHe RateT TA4 24 RevJTed 2012

Related partZ dJTcloTureT TA4 28 RevJTed 2012

InveTtNentT Jn aTTocJateT TA4 31 RevJTed 2012

IntereTt Jn KoJnt ventureT TA4 34 RevJTed 2012

InterJN ĹłnancJal reportJnH TA4 36 RevJTed 2012

INpaJrNent oG aTTetT TA4 38 RevJTed 2012

IntanHJCle ATTetT T'R4 2 RevJTed 2012

4hare CaTed paZNent T'R4 3 RevJTed 2012

BuTJneTT coNCJnatJonT T'R4 5 RevJTed 2012

/on current aTTetT held Gor Tale and dJTcontJnued operatJonT T'R4 8 RevJTed 2012

0peratJnH TeHNentT TA4 1 revJTed 2012 clarJĹłeT that converTJon GeatureT that are at the holderÄ´T dJTcretJon do not JNpact the claTTJĹłcatJon oG the lJaCJlJtZ coNponent oG the convertJCle JnTtruNent. TA4 1 alTo explaJnT that, Gor each coNponent oG eRuJtZ, an entJtZ NaZ preTent the CreaLdown oG other coNprehenTJve JncoNe eJther Jn the TtateNent oG chanHeT Jn eRuJtZ or Jn the noteT to the ĹłnancJal TtateNentT. ThJT Ttandard haT no JNpact to the (roup. TA4 7 revJTed 2012 clarJĹłeT that onlZ expendJtureT that reTult Jn a recoHnJTed aTTet Jn the TtateNent oG ĹłnancJal poTJtJon are elJHJCle Gor claTTJĹłcatJon aT JnveTtJnH actJvJtJeT. ThJT Ttandard haT no JNpact to the (roup. TA4 12 revJTed 2012 aNendT an exceptJon to the exJTtJnH prJncJple Gor the NeaTureNent oG deGerred tax aTTetT or lJaCJlJtJeT on JnveTtNent propertZ NeaTured at GaJr value. TA4 12 currentlZ reRuJreT an entJtZ to NeaTure the deGerred tax relatJnH to an aTTet dependJnH on whether the entJtZ expectT to recover the carrZJnH aNount oG the aTTet throuHh uTe or Tale. ThJT aNendNent thereGore addT the reCuttaCle preTuNptJon that the carrZJnH aNount oG an JnveTtNent propertZ NeaTured at GaJr value JT entJrelZ recovered throuHh Tale. AT the reTult oG the aNendNent, T4I$ 21 IncoNe tax recoverZ oG revalued non deprecJaCle aTTetT JT Jncorporated Jn to TA4 12 revJTed 2012 . ThJT Ttandard haT no JNpact to the (roup.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (Contâ&#x20AC;&#x2122;d) TA4 17 revJTed 2012 deleteT the HuJdance Gor a leaTe oG land wJth an JndeĹłnJte uTeGul lJGe to Ce claTTJĹłed aT an operatJnH leaTe. The Ttandard haT Ceen aNended to clarJGZ that when a leaTe JncludeT Coth land and CuJldJnHT, claTTJĹłcatJon aT a Ĺłnance or operatJnH leaTe JT perGorNed TeparatelZ Jn accordance wJth TA4 17Ä´T Heneral prJncJpleT. ThJT Ttandard haT no JNpact to the (roup. TA4 18 revJTed 2012 reNoveT the appendJx to TA4 18. ThJT Ttandard haT no JNpact to the (roup. TA4 19 revJTed2012 deleteT the tranTJtJon provJTJonT oG the current TA4 19. ThJT Ttandard haT no JNpact to the (roup. TA4 21 revJTed 2012 clarJĹłeT the Nethod oG recordJnH cuNulatJve aNount oG the exchanHe dJGGerent relatJnH to dJTpoTal or partJal dJTpoTal oG a GoreJHn operatJon. ThJT Natter Thould Ce adKuTted proTpectJvelZ eGGectJve Gor the perJod CeHJnT on or aGter 1 JanuarZ 2011. ThJT Ttandard haT no JNpact to the (roup. TA4 24 revJTed 2012 reNoveT the reRuJreNent Gor HovernNent related entJtJeT to dJTcloTe detaJlT oG all tranTactJonT wJth the HovernNent and other HovernNent related entJtJeT. It alTo clarJĹłeT and TJNplJĹłeT the deĹłnJtJon oG related partJeT. ThJT Ttandard haT no JNpact to the (roup. TA4 28 revJTed 2012 clarJĹłeT that when an entJtZ NoveT GroN an eRuJtZ accountJnH to coTt accountJnH Jn the Teparate ĹłnancJal TtateNentT, the Ttandard reRuJreT thJT to Ce adKuTted retroTpectJvelZ. An entJtZ loTTeT TJHnJĹłcant JnĹ´uence, the reNaJnJnH JntereTt oG JnveTtNent Thould Ce valued at GaJr value. ThJT Natter Thould Ce adKuTted proTpectJvelZ eGGectJvelZ Gor the perJod CeHJnT on or aGter 1 Jan 2011. ThJT Ttandard haT no JNpact to the (roup.

TA4 34 revJTed 2012 eNphaTJTeT the exJTtJnH dJTcloTure prJncJpleT Gor TJHnJĹłcant event and tranTactJonT. AddJtJonal reRuJreNentT cover dJTcloTure oG chanHeT Jn GaJr value NeaTureNentT JG TJHnJĹłcant , and the need to update relevant JnGorNatJon GroN the NoTt recent annual report. ThJT Ttandard haT no JNpact to the (roup. TA4 36 revJTed 2012 clarJĹłeT that HoodwJll CeJnH allocated to caTh HeneratJnH unJtT Thall not Ce larHer than an operatJnH TeHNent CeGore aHHreHatJon aT deĹłned under T'R4 8 0peratJnH 4eHNentT. ThJT Ttandard haT no JNpact to the (roup. TA4 38 revJTed 2012 $larJĹłeT that an JntanHJCle aTTet acRuJred Jn a CuTJneTT coNCJnatJon NJHht Ce TeparaCle, Cut onlZ toHether wJth a related contract, JdentJĹłaCle aTTet or lJaCJlJtZ. In Tuch caTeT, JntanHJCle aTTet JT recoHnJTed TeparatelZ GroN HoodwJll, Cut toHether wJth related JteN. IntanHJCle aTTetT are recoHnJTed aT a TJnHle aTTet provJded the JndJvJdual aTTetT have TJNJlar uTeGul lJveT. ThJT Ttandard haT no JNpact to the (roup. T'R4 2 revJTed 2012 expandT the Tcope to cover claTTJĹłcatJon and accountJnH oG Coth caTh Tettled and eRuJtZ Tettled Thare CaTed paZNent tranTactJonT Jn Hroup TJtuatJon. ThJT Ttandard haT no JNpact to the (roup.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

TA4 31 revJTed 2012 clarJĹłeT that when an entJtZ NoveT GroN an eRuJtZ accountJnH to coTt accountJnH Jn the Teparate ĹłnancJal TtateNentT, the Ttandard reRuJreT thJT to Ce adKuTted retroTpectJvelZ. An entJtZ loTTeT oG KoJnt control Jn JtT JntereTt Jn KoJnt control, the reNaJnJnH JntereTt oG JnveTtNent Thould Ce valued at GaJr value. ThJT Natter Thould Ce adKuTted proTpectJvelZ eGGectJvelZ Gor the perJod CeHJnT on or aGter 1 Jan 2011. ThJT Ttandard haT no JNpact to the (roup

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (Contâ&#x20AC;&#x2122;d) T'R4 3 revJTed 2012 aNendT the NeaTureNent reRuJred Gor non controllJnH JntereTtT. The choJce oG NeaTurJnH non controllJnH JntereTtT at GaJr value or at the proportJonate Thare oG the acRuJreeÄ´T net aTTetT applJeT onlZ to JnTtruNentT that repreTent preTent ownerThJp JntereTtT and entJtle theJr holderT to a proportJonate Thare oG net aTTetT Jn the event oG lJRuJdatJon. All other coNponent oG non controllJnH JntereTtT JT NeaTured at GaJr value unleTT another NeaTureNent CaTJT JT reRuJred CZ T'R4. The applJcatJon HuJdance Jn T'R4 3 revJTed 2012 alTo applJeT to all Thare CaTed paZNent tranTactJonT that are part oG a CuTJneTT coNCJnatJon, JncludJnH unreplaced and voluntarJlZ replaced Thare CaTed paZNent awardT. ThJT Ttandard haT no JNpact to the (roup. T'R4 5 revJTed 2012 TpecJĹłeT the dJTcloTureT reRuJred Gor aTTetT held Gor Tale and dJTcontJnued operatJonT. DJTcloTureT Jn other TtandardT do not applZ, unleTT thoTe T'R4 reRuJreT. ThJT Ttandard haT no JNpact to the (roup. T'R4 8 revJTed 2012 clarJĹłeT that an entJtZ JT reRuJred to dJTcloTe a NeaTure oG TeHNent aTTetT onlZ JG the NeaTure JT reHularlZ reported to the chJeG operatJnH decJTJon NaLer. ThJT revJTed Ttandard haT an JNpact to the (roup on dJTcloTure. 4eHNent aTTetT wJll not Ce dJTcloTed due to thJT JnGorNatJon JT not reHularlZ reported to the chJeG operatJnH decJTJon NaLer. c) Interpretations of Thai Financial Reporting Interpretations Committee (TFRIC) and Thai Standard Interpretations committee (SIC) effective for the periods beginning on or after 1 January 2014 and have not been early adopted by the Group: T'RI$ 1 $hanHeT Jn exJTtJnH decoNNJTTJonJnH, reTtoratJon and TJNJlar lJaCJlJtJeT T'RI$ 4 DeterNJnJnH whether an arranHeNent contaJnT a leaTe T'RI$ 5 RJHhtT to JntereTtT arJTJnH GroN decoNNJTTJonJnH, reTtoratJon and envJronNental rehaCJlJtatJon GundT T'RI$ 7 ApplZJnH the reTtateNent approach under IA4 29 ĹłnancJal reportJnH Jn hZperJnĹ´atJonarZ econoNJeT T'RI$ 10 InterJN ĹłnancJal reportJnH and JNpaJrNent T'RI$ 12 4ervJce conceTTJon arranHeNentT T'RI$ 13 $uTtoNer loZaltZ proHraNNeT T'RI$ 17 DJTtrJCutJonT oG non caTh aTTetT to ownerT T'RI$ 18 TranTGerT oG aTTetT GroN cuTtoNerT T4I$ 15 0peratJnH leaTeT JncentJveT T4I$ 27 EvaluatJnH the TuCTtance oG tranTactJonT Jn the leHal GorN oG a leaTe T4I$ 29 4ervJce conceTTJon arranHeNentT DJTcloTure T4I$ 32 IntanHJCle aTTetT WeC TJte coTtT T'RI$ 1 provJdeT HuJdance on accountJnH Gor chanHeT Jn the NeaTureNent oG an exJTtJnH decoNNJTTJonJnH, reTtoratJon and TJNJlar lJaCJlJtZ that reTultT GroN chanHeT Jn eTtJNated tJNJnH or aNount oG the outĹ´ow oG reTourceT eNCodZJnH econoNJc CeneĹłtT reRuJred to Tettle the oClJHatJon, or a chanHe Jn the dJTcount rate. ThJT JnterpretatJon haT no JNpact to the (roup. T'RI$ 4 reRuJreT the deterNJnatJon oG whether an arranHeNent JT or contaJnT a leaTe to Ce CaTed on the TuCTtance oG the arranHeNent. It reRuJreT an aTTeTTNent oG whether a GulĹłllNent oG the arranHeNent JT dependent on the uTe oG a TpecJĹłc aTTet or aTTetT the aTTet and C the arranHeNent conveZT a rJHht to uTe the aTTet. ThJT JnterpretatJon haT no JNpact to the (roup.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (Contâ&#x20AC;&#x2122;d)

T'RI$ 5 provJde HuJdance on accountJnH Jn the ĹłnancJal TtateNentT oG a contrJCutor Gor JntereTtT arJTJnH GroN decoNNJTTJonJnH GundT that the aTTetT are adNJnJTtered TeparatelZ and a contrJCutorÄ´T rJHht to acceTT the aTTetT JT reTtrJcted. T'RI$ 5 JT not relevant to the (roupÄ´T operatJonT.

T'RI$ 7 provJdeT HuJdance on how to applZ the reRuJreNentT oG TA4 29, 'JnancJal ReportJnH Jn )ZperJnĹátJonarZ EconoNJcT, Jn a reportJnH perJod Jn whJch an entJtZ JdentJĹłeT the exJTtence oG hZperJnĹátJon Jn the econoNZ oG JtT GunctJonal currencZ, when the econoNZ waT not hZperJnĹátJonarZ Jn the prJor perJod. T'RI$ 7 JT not relevant to the (roupÄ´T operatJonT. T'RI$ 10 prohJCJtT reverTal oG an JNpaJrNent loTTeT recoHnJTed Jn a prevJouT JnterJN perJod Jn reTpect oG HoodwJll. ThJT JnterpretatJon haT no JNpact to the (roup. T'RI$ 12 dealT wJth puClJc to prJvate TervJce conceTTJon arranHeNentT Gor the delJverZ oG puClJc TervJceT. It applJeT onlZ to conceTTJon aHreeNentT where the uTe oG the JnGraTtructure JT controlled CZ the Hrantor. ThJT JnterpretatJon reRuJreT two dJGGerent accountJnH treatNentT, dependJnH on the TpecJĹłc terNT oG the conceTTJon aHreeNent. When the operator CuJldT JnGraTtructure and haT an uncondJtJonal contractual rJHht to receJve caTh or another ĹłnancJal aTTet GroN the Hrantor, that rJHht JT treated aT a ĹłnancJal aTTet. When the operator CuJldT JnGraTtructure and receJveT a rJHht a lJcence to charHe uTerT oG the puClJc TervJce, that rJHht JT treated aT an JntanHJCle aTTet. The NanaHeNent JT currentlZ aTTeTTJnH the JNpact oG applZJnH thJT JnterpretatJon.

T'RI$ 17 provJdeT HuJdance on accountJnH Gor the dJTtrJCutJonT oG non caTh aTTetT to ownerT actJnH Jn theJr capacJtZ aT ownerT. The JnterpretatJon addreTTeT the JTTueT on the dJvJdend paZaCle recoHnJtJon and NeaTureNent and the accountJnH Gor anZ dJGGerence Cetween the carrZJnH aNount oG the aTTetT dJTtrJCuted and the carrZJnH aNount oG the dJvJdend paZaCle when an entJtZ TettleT the dJvJdend paZaCle. ThJT JnterpretatJon haT no JNpact to the (roup. T'RI$ 18 TetT out the accountJnH Gor tranTGerT oG JteNT oG propertZ, plant and eRuJtZ CZ entJtJeT that receJve Tuch tranTGerT GroN theJr cuTtoNerT. AHreeNentT wJthJn the Tcope oG thJT JnterpretatJon are aHreeNentT Jn whJch an entJtZ receJveT GroN a cuTtoNer an JteN oG propertZ, plant and eRuJpNent that the entJtZ NuTt then uTe eJther to connect to a networL or to provJde the cuTtoNer wJth onHoJnH acceTT to TupplZ oG HoodT or TervJceT. The JnterpretatJon addreTTeT the JTTueT on the JnJtJal recoHnJtJon and the accountJnH treatNent oG the tranTGerred aTTetT. ThJT JnterpretatJon haT no JNpact to the (roup. T4I$ 15 TetT out the accountJnH Gor the recoHnJtJon oG JncentJve that a leTTor provJdeT to a leTTee Jn an operatJnH leaTe. ThJT JnterpretatJon haT no JNpact to the (roup. T4I$ 27 provJdeT HuJdance on evaluatJnH the TuCTtance oG tranTactJonT Jn the leHal GorN oG a leaTe Cetween the entJtZ and the JnveTtor whether a TerJeT oG tranTactJonT JT lJnLed and Thould Ce accounted Gor aT one tranTactJon and whether the arranHeNent NeetT the deĹłnJtJon oG a leaTe under TA4 17 Äś-eaTeTÄˇ. The accountJnH Thall reĹ´ect the TuCTtance oG the arranHeNent. ThJT JnterpretatJon haT no JNpact to the (roup.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

T'RI$ 13 clarJĹłeT that where HoodT or TervJceT are Told toHether wJth a cuTtoNer loZaltZ JncentJve Gor exaNple, loZaltZ poJntT or Gree productT , the arranHeNent JT a NultJple eleNent arranHeNent, and the conTJderatJon receJved or receJvaCle GroN the cuTtoNer JT allocated Cetween the coNponentT oG the arranHeNent uTJnH GaJr valueT. ThJT JnterpretatJon haT no JNpact to the (roup.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.2 New accounting standards, new financial reporting standards, new interpretation and amendments to accounting standards (Contâ&#x20AC;&#x2122;d) T4I$ 29 contaJnT dJTcloTure reRuJreNentT Jn reTpect oG puClJc to prJvate TervJce arranHeNentT. ThJT JnterpretatJon haT no JNpact to the (roup.

T4I$ 32 provJdeT HuJdance on the Jnternal expendJture on the developNent and operatJon oG the entJtZ weC TJte Gor Jnternal or external acceTT. The entJtZ Thall coNplZ wJth the reRuJreNentT deTcrJCed Jn TA4 38 ÄśIntanHJCle ATTetTÄˇ. ThJT JnterpretatJon haT no JNpact to the (roup. d) New accounting standard which is effective for the periods beginning on or after 1 January 2016 and have not been early adopted by the Group T'R4 4 InTurance $ontractT T'R4 4 applJeT to all JnTurance contractT JncludJnH reJnTurance contractT that an entJtZ JTTueT and to reJnTurance contractT that Jt holdT. T'R4 4 JT not relevant to the (roupÄ´T operatJonT. 2.3 Group Accounting - Investment in subsidiaries 4uCTJdJarJeT are all entJtJeT JncludJnH TpecJal purpoTe entJtJeT over whJch the (roup haT the power to Hovern the ĹłnancJal and operatJnH polJcJeT HenerallZ accoNpanZJnH a ThareholdJnH oG Nore than one halG oG the votJnH rJHhtT. The exJTtence and eGGect oG potentJal votJnH rJHhtT that are currentlZ exercJTaCle or convertJCle are conTJdered when aTTeTTJnH whether the (roup controlT another entJtZ. 4uCTJdJarJeT are GullZ conTolJdated GroN the date on whJch control JT tranTGerred to the (roup. TheZ are de conTolJdated GroN the date that control ceaTeT. The (roup uTeT the acRuJTJtJon Nethod oG accountJnH to account Gor CuTJneTT coNCJnatJonT. The conTJderatJon tranTGerred Gor the acRuJTJtJon oG a TuCTJdJarZ JT the GaJr value oG the aTTetT tranTGerred, the lJaCJlJtJeT Jncurred and the eRuJtZ JntereTtT JTTued CZ the (roup. The conTJderatJon tranTGerred JncludeT the GaJr value oG anZ aTTet or lJaCJlJtZ reTultJnH GroN a contJnHent conTJderatJon arranHeNent. AcRuJTJtJon related coTtT are expenTed aT Jncurred. IdentJĹłaCle aTTetT acRuJred and lJaCJlJtJeT and contJnHent lJaCJlJtJeT aTTuNed Jn a CuTJneTT coNCJnatJon are NeaTured JnJtJallZ at theJr GaJr valueT at the acRuJTJtJon date. 0n an acRuJTJtJon CZ acRuJTJtJon CaTJT, the (roup recoHnJTeT anZ non controllJnH JntereTt Jn the acRuJree at the non controllJnH JntereTtÄ´T proportJonate Thare oG the acRuJreeÄ´T net aTTetT. InveTtNentT Jn TuCTJdJarJeT are accounted Gor at coTt leTT JNpaJrNent. $oTt JT adKuTted to reĹ´ect chanHeT Jn conTJderatJon arJTJnH GroN contJnHent conTJderatJon aNendNentT. $oTt alTo JncludeT dJrect attrJCutaCle coTtT oG JnveTtNent. The exceTT oG the conTJderatJon tranTGerred, the aNount oG anZ non controllJnH JntereTt Jn the acRuJree and the acRuJTJtJon date GaJr value oG anZ prevJouT eRuJtZ JntereTt Jn the acRuJree over the GaJr value oG the (roupÄ´T Thare oG the JdentJĹłaCle net aTTetT acRuJred JT recorded aT HoodwJll. IG thJT JT leTT than the GaJr value oG the net aTTetT oG the TuCTJdJarZ acRuJred Jn the caTe oG a CarHaJn purchaTe, the dJGGerence JT recoHnJTed dJrectlZ Jn proĹłt or loTT. IntercoNpanZ tranTactJonT, CalanceT and unrealJTed HaJnT or loTT on tranTactJonT Cetween (roup coNpanJeT are elJNJnated. 6nrealJTed loTTeT are alTo elJNJnated. AccountJnH polJcJeT oG TuCTJdJarJeT have Ceen chanHed where neceTTarZ to enTure conTJTtencZ wJth the polJcJeT adopted CZ the (roup. A lJTt oG the (roupÄ´T prJncJpal TuCTJdJarJeT JT Tet out Jn /ote 10.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d)

2.4 Foreign currency translation a 'unctJonal and preTentatJon currencZ IteNT Jncluded Jn the ĹłnancJal TtateNentT oG each oG the HroupÄ´T entJtJeT are NeaTured uTJnH the currencZ oG the prJNarZ econoNJc envJronNent Jn whJch the entJtZ operateT Äłthe GunctJonal currencZÄ´ . The ĹłnancJal TtateNentT are preTented Jn Baht, whJch JT the coNpanZÄ´T GunctJonal and the HroupÄ´T preTentatJon currencZ. C TranTactJonT and CalanceT 'oreJHn currencZ tranTactJonT are tranTlated Jnto the GunctJonal currencZ uTJnH the exchanHe rateT prevaJlJnH at the dateT oG the tranTactJonT or valuatJon where JteNT are re NeaTured. 'oreJHn exchanHe HaJnT and loTTeT reTultJnH GroN the TettleNent oG Tuch tranTactJonT and GroN the tranTlatJon at Zear end exchanHe rateT oG NonetarZ aTTetT and lJaCJlJtJeT denoNJnated Jn GoreJHn currencJeT are recoHnJTed Jn the proĹłt or loTT. When a HaJn or loTT on a non NonetarZ JteN JT recoHnJTed Jn other coNprehenTJve JncoNe, anZ exchanHe coNponent oG that HaJn or loTT JT recoHnJTed Jn other coNprehenTJve JncoNe. $onverTelZ, when a HaJn or loTT on a non NonetarZ JteN JT recoHnJTed Jn proĹłt and loTT, anZ exchanHe coNponent oG that HaJn or loTT JT recoHnJTed Jn proĹłt and loTT. 2.5 Cash and cash equivalents In the conTolJdated and $oNpanZ TtateNent oG caTh Ĺ´owT, caTh and caTh eRuJvalentT coNprJTe caTh on hand, depoTJtT held at call wJth CanLT and Ĺłxed depoTJt wJth are held to NaturJtZ three NonthT or leTT, and other Thort terN hJHhlZ lJRuJd JnveTtNentT wJth NaturJtJeT oG three NonthT or leTT GroN the date oG acRuJTJtJon.

2.7 Inventories InventorJeT are Ttated at the lower oG coTt or net realJTaCle value. $oTt JT deterNJned CZ NovJnH averaHe CaTJT. The coTt oG purchaTe coNprJTeT Coth the purchaTe prJce and coTtT dJrectlZ attrJCutaCle to the acRuJTJtJon oG the JnventorZ, Tuch aT JNport dutJeT and tranTportatJon charHeT, leTT all attrJCutaCle dJTcountT. /et realJTaCle value JT the eTtJNate oG the TellJnH prJce Jn the ordJnarZ courTe oG CuTJneTT, leTT applJcaCle varJaCle TellJnH expenTeT. Allowance JT Nade, where neceTTarZ, Gor oCTolete, Tlow NovJnH and deGectJve JnventorJeT. 2.8 Investments InveTtNentT other than JnveTtNentT Jn TuCTJdJarJeT, aTTocJateT and JntereTtT Jn KoJnt ventureT are claTTJĹłed Jnto the GollowJnH Gour cateHorJeT 1 tradJnH JnveTtNentT 2 held to NaturJtZ JnveTtNentT 3 avaJlaCle Gor Tale JnveTtNentT and 4 Heneral JnveTtNentT. The claTTJĹłcatJon JT dependent on the purpoTe Gor whJch the JnveTtNentT were acRuJred. .anaHeNent deterNJneT the approprJate claTTJĹłcatJon oG JtT JnveTtNentT at the tJNe oG the purchaTe and re evaluateT Tuch deTJHnatJon on a reHular CaTJT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

2.6 Trade accounts receivable/water loss treatment service income receivable Trade accountT receJvaCle and water loTT treatNent TervJce JncoNe receJvaCle are carrJed at the orJHJnal JnvoJce aNount and TuCTeRuentlZ NeaTured at the reNaJnJnH aNount leTT anZ allowance Gor douCtGul receJvaCleT CaTed on a revJew oG all outTtandJnH aNountT at the Zear end. The aNount oG the allowance JT the dJGGerence Cetween the carrZJnH aNount oG the receJvaCle and the aNount expected to Ce collectJCle. Bad deCtT are wrJtten oGG durJnH the Zear Jn whJch theZ are JdentJĹłed and recoHnJTed Jn proĹłt or loTT wJthJn adNJnJTtratJve expenTe. The (roup record revenue that haT Ceen recoHnJTed aT revenue Cut not Zet CJlled to the cuTtoNerT under Äś6nCJlled receJvaCleTÄˇ and Äś6nCJlled water loTT treatNent TervJce JncoNe receJvaCleÄˇ whJch have Ceen Jncluded Jn trade accountT receJvaCle and water loTT treatNent TervJce JncoNe receJvaCle Jn the TtateNent oG ĹłnancJal poTJtJon.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.8 Investments (Contâ&#x20AC;&#x2122;d)

1 InveTtNentT that are acRuJred prJncJpallZ Gor the purpoTe oG HeneratJnH a proĹłt GroN Thort terN Ĺ´uctuatJonT Jn prJce are claTTJĹłed aT tradJnH JnveTtNentT and Jncluded Jn current aTTetT. 2 InveTtNentT wJth Ĺłxed NaturJtZ that the NanaHeNent haT the Jntent and aCJlJtZ to hold to NaturJtZ are claTTJĹłed aT held to NaturJtZ and are Jncluded Jn non current aTTetT, except Gor NaturJtJeT wJthJn 12 NonthT GroN the TtateNent oG ĹłnancJal poTJtJon date whJch are claTTJĹłed aT current aTTetT. 3 InveTtNentT Jntended to Ce held Gor an JndeĹłnJte perJod oG tJNe, whJch NaZ Ce Told Jn reTponTe to lJRuJdJtZ needT or chanHeT Jn JntereTt rateT, are claTTJĹłed aT avaJlaCle Gor Tale and are Jncluded Jn non current aTTetT unleTT NanaHeNent haT expreTTed the JntentJon oG holdJnH the JnveTtNent Gor leTT than 12 NonthT GroN the TtateNent oG ĹłnancJal poTJtJon date or unleTT theZ wJll need to Ce Told to raJTe operatJnH capJtal, Jn whJch caTe theZ are Jncluded Jn current aTTetT. 4 InveTtNentT Jn non NarLetaCle eRuJtZ TecurJtJeT are claTTJĹłed aT Heneral JnveTtNentT. All cateHorJeT oG JnveTtNent are JnJtJallZ recoHnJTed at coTt, whJch JT eRual to the GaJr value oG conTJderatJon paJd pluT tranTactJon coTt. $urrentlZ, the (roup haT JnveTtNentT wJth Ĺłxed NaturJtZ and JnveTtNentT Jn non NarLetaCle eRuJtZ. )eld to NaturJtZ JnveTtNentT are carrJed at aNortJTed coTt uTJnH the eGGectJve ZJeld Nethod leTT JNpaJrNent loTT. InveTtNent Jn non NarLetaCle eRuJtZ TecurJtZ held aT other JnveTtNent JT deterNJned at coTt leTT allowance Gor JNpaJrNent. A teTt Gor JNpaJrNent JT carrJed out when there JT a Gactor JndJcatJnH that an JnveTtNent NJHht Ce JNpaJred. IG the carrZJnH value oG the JnveTtNent JT hJHher than JtT recoveraCle aNount, JNpaJrNent loTT JT charHed to the proĹłt or loTT. 0n dJTpoTal oG an JnveTtNent, the dJGGerence Cetween the net dJTpoTal proceedT and the carrZJnH aNount JT charHed or credJted to the proĹłt or loTT. 2.9 Non-current assets held-for-sale /on current aTTetT are claTTJĹłed aT aTTetT held Gor Tale when theJr carrZJnH aNount JT to Ce recovered prJncJpallZ throuHh a Tale tranTactJon and a Tale JT conTJdered hJHhlZ proCaCle. TheZ are Ttated at the lower oG the carrZJnH aNount and GaJr value leTT coTt to Tell JG theJr carrZJnH aNount JT to Ce recovered prJncJpallZ throuHh a Tale tranTactJon rather than throuHh contJnuJnH uTe. 2.10 Investment property 1ropertZ that JT held Gor lonH terN rental ZJeldT or Gor capJtal apprecJatJon or Coth, and that JT not occupJed CZ the coNpanJeT Jn the conTolJdated (roup, JT claTTJĹłed aT JnveTtNent propertZ. InveTtNent propertZ alTo JncludeT propertZ that JT CeJnH conTtructed or developed Gor Guture uTe aT JnveTtNent propertZ. InveTtNent propertZ JT NeaTured JnJtJallZ at JtT coTt, JncludJnH related tranTactJon coTtT and CorrowJnH coTtT. BorrowJnH coTtT are Jncurred Gor the purpoTe oG acRuJrJnH, conTtructJnH or producJnH a RualJGZJnH JnveTtNent propertZ are capJtalJTed aT part oG JtT coTt. BorrowJnH coTtT are capJtalJTed whJle acRuJTJtJon or conTtructJon JT actJvelZ underwaZ and ceaTe once the aTTet JT TuCTtantJallZ coNplete, or TuTpended JG the developNent oG the aTTet JT TuTpended.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.10 Investment property (Contâ&#x20AC;&#x2122;d)

AGter JnJtJal recoHnJtJon, JnveTtNent propertZ JT carrJed at coTt leTT anZ accuNulated deprecJatJon and anZ accuNulated JNpaJrNent loTTeT. -and JT not deprecJated. DeprecJatJon on other JnveTtNent propertJeT JT calculated uTJnH the TtraJHht lJne Nethod to allocate theJr coTt to theJr reTJdual valueT over theJr eTtJNated uTeGul lJveT, aT GollowT BuJldJnH BuJldJnH JNproveNent

20 and 35 ZearT 10 ZearT

4uCTeRuent expendJture JT capJtalJTed to the aTTetÄ´T carrZJnH aNount onlZ when Jt JT proCaCle that Guture econoNJc CeneĹłtT aTTocJated wJth the expendJture wJll Ĺ´ow to the (roup and the coTt oG the JteN can Ce NeaTured relJaClZ. All other repaJrT and NaJntenance coTtT are expenTed when Jncurred. When part oG an JnveTtNent propertZ JT replaced, the carrZJnH aNount oG the replaced part JT derecoHnJTed. 2.11 Property, plant and equipment -and JT Ttated at coTt leTT allowance Gor JNpaJrNent JG anZ . 1lant and eRuJpNent are Ttated at coTt leTT accuNulated deprecJatJon and allowance Gor JNpaJrNent JG anZ )JTtorJcal coTt JncludeT expendJture that JT dJrectlZ attrJCutaCle to the acRuJTJtJon oG the JteNT.

-and JT not deprecJated. DeprecJatJon on other aTTetT JT calculated uTJnH the TtraJHht lJne Nethod to allocate theJr coTt to theJr reTJdual valueT over theJr eTtJNated uTeGul lJveT, aT GollowT 1uNpJnH plantT 20, 35 ZearT BuJldJnH 10, 20, 35 ZearT -eaTehold and CuJldJnH JNproveNentT 5, 10 ZearT Cut not Nore than leaTed terN .achJnerZ and eRuJpNent Water pool, 1JpelJne and related eRuJpNent 40 ZearT Water puNp 30 ZearT 4$ADA, 'JCer 0ptJc 5, 15 ZearT 0ther NachJnerJeT and eRuJpNent 5, 10 ZearT 0GĹłce eRuJpNent 3, 5 ZearT 7ehJcleT 5 ZearT The aTTetTÄ´ reTJdual valueT and uTeGul lJveT are revJewed, and adKuTted JG approprJate, at the end oG each reportJnH perJod. The aTTetÄ´T carrZJnH aNount JT wrJtten down JNNedJatelZ to JtT recoveraCle aNount JG the aTTetÄ´T carrZJnH aNount JT Hreater than JtT eTtJNated recoveraCle aNount. (aJnT or loTTeT on dJTpoTalT are deterNJned CZ coNparJnH the proceedT wJth the carrZJnH aNount and are recoHnJTed wJthJn Äł0ther loTTeT HaJnT netÄ´ Jn proĹłt or loTT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

4uCTeRuent coTtT are Jncluded Jn the aTTetÄ´T carrZJnH aNount or recoHnJTed aT a Teparate aTTet, aT approprJate, onlZ when Jt JT proCaCle that Guture econoNJc CeneĹłtT aTTocJated wJth the JteN wJll Ĺ´ow to the (roup and the coTt oG the JteN can Ce NeaTured relJaClZ. The carrZJnH aNount oG the replaced part JT derecoHnJTed. All other repaJrT and NaJntenance are charHed to proĹłt or loTT durJnH the ĹłnancJal perJod Jn whJch theZ are Jncurred.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d)

2.11 Property, plant and equipment (Contâ&#x20AC;&#x2122;d) IntereTt coTtT on CorrowJnHT to Ĺłnance the conTtructJon oG propertZ, plant and eRuJpNent are capJtalJTed aT part oG coTt oG the aTTet, durJnH the perJod oG tJNe reRuJred to coNplete and prepare the propertZ Gor JtT Jntended uTe. The CorrowJnH coTtT Jnclude JntereTt on Thort terN and lonH terN CorrowJnHT, related taxeT and aNortJTatJon oG dJTcountT or preNJuNT relatJnH to CorrowJnHT. All other CorrowJnH coTtT are recorded aT expenTe Jn proĹłt and loTT. 2.12 Assets under concession contracts ATTetT under conceTTJon contractT are Ttated at coTt leTT accuNulated deprecJatJon and allowance Gor JNpaJrNent JG anZ . DeprecJatJon oG aTTetT under conceTTJon contractT haT Ceen Jncluded Jn proĹłt and loTT whJch haT Ceen coNputed uTJnH the TtraJHht lJne Nethod over eTtJNated uTeGul lJGe Cut not exceed the conceTTJon perJod oG 15, 20 and 25 ZearT. 2.13 Deferred concession rights acquisition costs $onceTTJon rJHhtT acRuJTJtJon coTtT conTJTt oG expenTeT Jncurred dJrectlZ Jn relatJon to oCtaJnJnH the conceTTJon contractT GroN the 1rovJncJal WaterworLT AuthorJtZ. DeGerred conceTTJon rJHhtT acRuJTJtJon coTtT are Ttated at coTt leTT accuNulated aNortJTatJon and allowance Gor JNpaJrNent JG anZ . ANortJTatJon oG deGerred conceTTJon rJHhtT acRuJTJtJon coTtT Jn TuCTJdJarJeT, whJch haT Ceen coNputed uTJnH the TtraJHht lJne Nethod over the conceTTJon perJodT oG 27 and 30 ZearT, haT Ceen Jncluded Jn proĹłt and loTT. 2.14 Intangible assets 2.14.1 Rights to operate the businesses under concession RJHht to operate the TuCTJdJarJeTÄ´ CuTJneTTeT under conceTTJon awarded to the TuCTJdJarJeT CZ the HovernNent aHencZ or entJtZ over a lJNJted a conceTTJon perJod. RJHhtT are Ttated at coTt leTT accuNulated aNortJTatJon and allowance Gor JNpaJrNent JG anZ and are aNortJTed uTJnH the TtraJHht lJne Nethod over a perJod oG 27 ZearT, CeJnH the conceTTJon perJod awarded to the TuCTJdJarJeT to carrZ out theJr CuTJneTT operatJon. The carrZJnH aNountT oG JntanHJCle aTTetT are wrJtten down when there JT an JNpaJrNent. 2.14.2 Computer software ExpendJture on acRuJred coNputer ToGtware JT capJtalJTed on the CaTJT oG the coTtT Jncurred to acRuJre and aNortJTed uTJnH the TtraJHht lJne Nethod over JtT eTtJNated uTeGul lJveT oG 10 ZearT. 2.15 Impairment of assets ATTetT that have an JndeĹłnJte uTeGul lJGe, are not TuCKect to aNortJTatJon and are teTted annuallZ Gor JNpaJrNent. ATTetT that are TuCKect to aNortJTatJon are revJewed Gor JNpaJrNent whenever eventT or chanHeT Jn cJrcuNTtanceT JndJcate that the carrZJnH aNount NaZ not Ce recoveraCle. An JNpaJrNent loTT JT recoHnJTed Gor the aNount CZ whJch the carrZJnH aNount oG the aTTetT exceedT JtT recoveraCle aNount whJch JT the hJHher oG an aTTetÄ´T GaJr value leTT coTtT to Tell and value Jn uTe. 'or the purpoTeT oG aTTeTTJnH JNpaJrNent, aTTetT are Hrouped at the loweTt level Gor whJch there are TeparatelZ JdentJĹłaCle caTh Ĺ´owT. /on ĹłnancJal aTTetT other than HoodwJll that TuGGered an JNpaJrNent are revJewed Gor poTTJCle reverTal oG the JNpaJrNent at each reportJnH date. 2.16 Current and deferred income taxes The tax expenTe Gor the perJod coNprJTeT current and deGerred tax. Tax JT recoHnJTed Jn proĹłt or loTT, except to the extent that Jt relateT to JteNT recoHnJTed Jn other coNprehenTJve JncoNe or dJrectlZ Jn eRuJtZ. In thJT caTe the tax JT alTo recoHnJTed Jn other coNprehenTJve JncoNe or dJrectlZ Jn eRuJtZ, reTpectJvelZ. The current JncoNe tax charHe JT calculated on the CaTJT oG the tax lawT enacted or TuCTtantJvelZ enacted at the end oG reportJnH perJod Jn the countrJeT where the coNpanZÄ´T TuCTJdJarJeT and aTTocJateT operate and Henerate taxaCle 88

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d)

2.16 Current and deferred income taxes (Contâ&#x20AC;&#x2122;d) JncoNe. .anaHeNent perJodJcallZ evaluateT poTJtJonT taLen Jn tax returnT wJth reTpect to TJtuatJonT Jn whJch applJcaCle tax reHulatJon JT TuCKect to JnterpretatJon. It eTtaClJTheT provJTJonT where approprJate on the CaTJT oG aNountT expected to Ce paJd to the tax authorJtJeT. DeGerred JncoNe tax JT recoHnJTed, uTJnH the lJaCJlJtZ Nethod, on teNporarZ dJGGerenceT arJTJnH GroN dJGGerenceT Cetween the tax CaTe oG aTTetT and lJaCJlJtJeT and theJr carrZJnH aNountT Jn the ĹłnancJal TtateNentT. DeGerred JncoNe tax JT deterNJned uTJnH tax rateT and lawT that have Ceen enacted or TuCTtantJallZ enacted CZ the end oG the reportJnH perJod and are expected to applZ when the related deGerred JncoNe tax aTTet JT realJTed or the deGerred JncoNe tax lJaCJlJtZ JT Tettled. DeGerred JncoNe tax aTTetT are recoHnJTed onlZ to the extent that Jt JT proCaCle that Guture taxaCle proĹłt wJll Ce avaJlaCle aHaJnTt whJch the teNporarZ dJGGerenceT can Ce utJlJTed. DeGerred JncoNe tax aTTetT and lJaCJlJtJeT are oGGTet when there JT a leHallZ enGorceaCle rJHht to oGGTet current tax aTTetT aHaJnTt current tax lJaCJlJtJeT and when the deGerred JncoNe tax aTTetT and lJaCJlJtJeT relate to JncoNe taxeT levJed CZ the TaNe taxatJon authorJtZ on eJther the taxaCle entJtZ or dJGGerent taxaCle entJtJeT where there JT an JntentJon to Tettle the CalanceT on a net CaTJT. 2.17 Borrowings BorrowJnHT are recoHnJTed JnJtJallZ at the GaJr value oG proceedT receJved, net oG tranTactJon coTtT Jncurred. BorrowJnHT are TuCTeRuentlZ Ttated at aNortJTed coTt anZ dJGGerence Cetween proceedT net oG tranTactJon coTtT and the redeNptJon value JT recoHnJTed Jn proĹłt and loTT over the perJod oG the CorrowJnHT. IntereTt expenTeT JT recoHnJTed aT expenTeT on an accrual CaTJT CZ uTJnH JntereTt rate TpecJĹłed Jn the contractT

2.18 Leases Where a (roup coNpanZ JT the leTTee -eaTeT not tranTGerrJnH a TJHnJĹłcant portJon oG the rJTLT and rewardT oG ownerThJp to the leTTee are claTTJĹłed aT operatJnH leaTeT. 1aZNentT Nade under operatJnH leaTeT net oG anZ JncentJveT receJved GroN the leTTor are charHed to proĹłt or loTT on a TtraJHht lJne CaTJT over the perJod oG the leaTe. -eaTeT oG propertZ, plant or eRuJpNent whJch TuCTtantJallZ tranTGer all the rJTLT and rewardT oG ownerThJp are claTTJĹłed aT Ĺłnance leaTeT. 'Jnance leaTeT are capJtalJTed at the JnceptJon oG the leaTe at the lower oG the GaJr value oG the leaTed propertZ or the preTent value oG the NJnJNuN leaTe paZNentT. Each leaTe paZNent JT allocated to the prJncJpal and to the Ĺłnance charHeT To aT to achJeve a conTtant rate on the Ĺłnance Calance outTtandJnH. The outTtandJnH rental oClJHatJonT, net oG Ĺłnance charHeT, are Jncluded Jn other lonH terN paZaCleT. The JntereTt eleNent oG the Ĺłnance coTt JT charHed to the TtateNent oG JncoNe over the leaTe perJod To aT to achJeve a conTtant perJodJc rate oG JntereTt on the reNaJnJnH Calance oG the lJaCJlJtZ Gor each perJod. The propertZ, plant or eRuJpNent acRuJred under Ĺłnance leaTeT JT deprecJated over the Thorter perJod oG the uTeGul lJGe oG the aTTet or the leaTe terN. Where a (roup coNpanZ JT the leTTor ATTetT leaTed out under operatJnH leaTeT are Jncluded Jn propertZ, plant and eRuJpNent and JnveTtNent propertZ Jn the TtateNent oG ĹłnancJal poTJtJon. TheZ are deprecJated over theJr expected uTeGul lJveT on a CaTJT conTJTtent wJth other TJNJlar propertZ, plant and eRuJpNent owned CZ the (roup. Rental JncoNe net oG anZ JncentJveT HJven to leTTeeT JT recoHnJTed on a TtraJHht lJne CaTJT over the leaTe terN.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

BorrowJnHT are claTTJĹłed aT current lJaCJlJtJeT unleTT the (roup haT rJHht to deGer TettleNent oG the lJaCJlJtZ Gor at leaTt 12 NonthT aGter the end oG reportJnH date.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d)

2.19 Employee Benefits The (roup haT eNploZee CeneĹłtT conTJTt oG poTt eNploZNent CeneĹłtT and other lonH terN CeneĹłtT. The poTt eNploZNent CeneĹłtT conTJTt oG deĹłned CeneĹłt plan and deĹłned contrJCutJon planT. A deĹłned contrJCutJon plan JT a penTJon plan under whJch the (roup paZT Ĺłxed contrJCutJonT Jnto a Teparate entJtZ. The (roup haT no leHal or conTtructJve oClJHatJonT to paZ Gurther contrJCutJonT JG the Gund doeT not hold TuGĹłcJent aTTetT to paZ all eNploZeeT the CeneĹłtT relatJnH to eNploZee TervJce Jn the current and prJor perJodT. A deĹłned CeneĹłt plan JT a penTJon plan that JT not a deĹłned contrJCutJon plan. TZpJcallZ deĹłned CeneĹłt planT deĹłne an aNount oG penTJon CeneĹłt that an eNploZee wJll receJve on retJreNent, uTuallZ dependent on one or Nore GactorT Tuch aT aHe, ZearT oG TervJce and coNpenTatJon. 0ther lonH terN CeneĹłt JT the CeneĹłt whJch the (roup wJll Ce paJd to eNploZeeT up to the coNpletJon oG TervJce perJod. 2.19.1 Post-employment benefits Defined contribution plan 1rovJdent Gund The (roup operateT a provJdent Gund, CeJnH a deĹłned contrJCutJon plan, the aTTetT Gor whJch are held Jn a Teparate truTt Gund. The provJdent Gund JT Gunded CZ paZNentT GroN eNploZeeT and CZ the (roup. The (roup haT no Gurther paZNent oClJHatJonT once the contrJCutJonT have Ceen paJd. The contrJCutJonT are recoHnJTed aT eNploZee CeneĹłt expenTe when theZ are due. 1repaJd contrJCutJonT are recoHnJTed aT an aTTet to the extent that a caTh reGund or a reductJon Jn the Guture paZNentT JT avaJlaCle. Defined benefit plan RetJreNent CeneĹłt 6nder -aCour -awT applJcaCle Jn ThaJland and (roupÄ´T eNploZNent polJcZ, the Teverance paZ wJll Ce at the rate accordJnH to TalarZ and nuNCer oG ZearT oG TervJce whJch wJll happen Jn the Guture. The lJaCJlJtZ recoHnJTed Jn the TtateNent oG ĹłnancJal poTJtJon Jn reTpect oG deĹłned CeneĹłt penTJon planT JT the preTent value oG the deĹłned CeneĹłt oClJHatJon at the end oG the reportJnH perJod leTT the GaJr value oG plan aTTetT, toHether wJth adKuTtNentT Gor unrecoHnJTed paTt TervJce coTtT. The deĹłned CeneĹłt oClJHatJon JT calculated CZ Jndependent actuarJeT uTJnH the proKected unJt credJt Nethod. The preTent value oG the deĹłned CeneĹłt oClJHatJon JT deterNJned CZ dJTcountJnH the eTtJNated Guture caTh outĹ´owT uTJnH HovernNent Cond JntereTt rate that are denoNJnated Jn the currencZ Jn whJch the CeneĹłtT wJll Ce paJd, and that have terNT to NaturJtZ approxJNatJnH to the terNT oG the related lJaCJlJtZ. (aJn and loTT GroN actuarJal eTtJNatJon Gor eNploZee CeneĹłt JT recoHnJTed JNNedJatelZ Jn other coNprehenTJve JncoNe. 1aTt TervJce coTtT are recoHnJTed JNNedJatelZ Jn JncoNe, unleTT the chanHeT to the penTJon plan are condJtJonal on the eNploZeeT reNaJnJnH Jn TervJce Gor a TpecJĹłed perJod oG tJNe the veTtJnH perJod . In thJT caTe, the paTt TervJce coTtT are aNortJTed on a TtraJHht lJne CaTJT over the veTtJnH perJod. 2.19.2 Other long-term benefits The (roup operateT and other lonH terN CeneĹłt Gor eNploZeeT who coNplete the TervJce Zear accordJnH to the (roupÄ´T polJcZ. The lJaCJlJtZ recoHnJTed Jn the TtateNent oG ĹłnancJal poTJtJon Jn reTpect oG other lonH terN CeneĹłt JT preTent value oG the other lonH terN CeneĹłt oClJHatJon at the end oG the reportJnH perJod. The other lonH terN CeneĹłt JT calculated CZ Jndependent actuarJeT uTJnH the proKected unJt credJt Nethod. 2.20 Provisions 1rovJTJonT, excludJnH the provJTJonT Gor eNploZee CeneĹłtT, are recoHnJTed when the (roup haT a preTent leHal or conTtructJve oClJHatJon aT a reTult oG paTt eventT, Jt JT proCaCle that an outĹ´ow oG reTourceT wJll Ce reRuJred to Tettle 90

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted /oteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

2. Accounting policies (Contâ&#x20AC;&#x2122;d) 2.20 Provisions (Contâ&#x20AC;&#x2122;d)

the oClJHatJon, and the aNount haT Ceen relJaClZ eTtJNated. Where the (roup expectT a provJTJon to Ce reJNCurTed, Gor exaNple under an JnTurance contract, the reJNCurTeNent JT recoHnJTed aT a Teparate aTTet Cut onlZ when the reJNCurTeNent JT vJrtuallZ certaJn. 1rovJTJonT are not recoHnJTed Gor Guture operatJnH loTTeT. 2.21Revenue recognition Revenue coNprJTeT the GaJr value oG the conTJderatJon receJved or receJvaCle Gor the Tale oG HoodT and TervJce aGter elJNJnatJnH TaleT wJthJn the (roup. The revenue recoHnJtJon polJcZ oG each tZpe oG revenue, aT GollowT a 4aleT 4aleT oG HoodT are recoHnJTed aT revenue when TJHnJĹłcant rJTLT and reward oG ownerThJp oG HoodT have paTTed to the CuZer. 4aleT are the JnvoJced value, excludJnH value added tax, oG HoodT TupplJed aGter deductJnH HoodT returnT and dJTcountT. C Rental and TervJce JncoNe Rental JncoNe JT recoHnJTed aT revenue over the rental perJod at the rate TtJpulated Jn the contractT. 4ervJce JncoNe JT recoHnJTed aT revenue CZ the aNount excludJnH value added tax when TervJceT have Ceen rendered wJth reGerence to the TtaHe oG coNpletJon. c Revenue GroN pJpelJne JnTtallatJon proKect and water loTT reductJon proKect Revenue GroN water pJpelJne JnTtallatJon proKect and water loTT reductJon proKect are recoHnJTed aT revenue under the percentaHe oG coNpletJon Nethod. The expected loTT on unproĹłtaCle contractT JT recoHnJTed aT Toon aT Tuch loTT can Ce GoreTeen.

e 0ther JncoNe 0ther JncoNe JT recoHnJTed on an accrual CaTJT. 2.22 Dividends distribution DJvJdend dJTtrJCutJon to the $oNpanZÄ´T ThareholderT JT recorded Jn the (roupÄ´T ĹłnancJal TtateNentT Jn the perJod Jn whJch theZ are approved CZ the $oNpanZÄ´T ThareholderT or the Board oG DJrectorT Jn caTe oG JnterJN dJvJdend. 2.23 Segment reporting 0peratJnH TeHNentT are reported Jn a Nanner conTJTtent wJth the Jnternal reportJnH provJded to the chJeG operatJnH decJTJon NaLer. The chJeG operatJnH decJTJon NaLer, who JT reTponTJCle Gor allocatJnH reTourceT and aTTeTTJnH perGorNance oG the operatJnH TeHNentT, haT Ceen JdentJĹłed aT $hJeG ExecutJve 0GĹłcer $E0 that NaLeT TtrateHJc decJTJonT.

3. Critical accounting estimates, judgments and assumptions

ETtJNateT, KudHNentT and aTTuNptJonT are contJnuallZ evaluated and are CaTed on hJTtorJcal experJence and other GactorT JncludJnH expectatJonT oG Guture eventT that are CelJeved to Ce reaTonaCle under the cJrcuNTtanceT. 4JHnJĹłcant accountJnH KudHNentT and eTtJNateT are aT GollowT

Annual Report 2013 Eastern Water Resources Development and Management PLC.

d IntereTt and dJvJdend JncoNe IntereTt JncoNe JT recoHnJTed on an accrual CaTJT. DJvJdend JncoNe JT recoHnJTed when rJHhtT to receJve dJvJdendT are eTtaClJThed.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

3. Critical accounting estimates, judgments and assumptions (Contâ&#x20AC;&#x2122;d)

3.1 Allowance for doubtful accounts In deterNJnJnH an allowance Gor douCtGul accountT, the NanaHeNent needT to NaLe KudHNent and eTtJNateT CaTed upon, aNonH other thJnHT, paTt collectJon hJTtorZ, aHJnH proĹłle oG outTtandJnH deCtT and the prevaJlJnH econoNJc condJtJon. 3.2 Leases In deterNJnJnH whether a leaTe JT to Ce claTTJĹłed aT an operatJnH leaTe or Ĺłnance leaTe, the NanaHeNent JT reRuJred to uTe KudHNent reHardJnH whether TJHnJĹłcant rJTL and rewardT oG ownerThJp oG the leaTed aTTet haT Ceen tranTGerred, taLJnH Jnto conTJderatJon terNT and condJtJonT oG the arranHeNent. 3.3 Property plant and equipment/Depreciation In deterNJnJnH deprecJatJon oG plant and eRuJpNent, the NanaHeNent JT reRuJred to NaLe eTtJNateT oG the uTeGul lJveT and TalvaHe valueT oG the plant and eRuJpNent and to revJew eTtJNate uTeGul lJveT and TalvaHe valueT when there are anZ chanHeT or at leaTt at the end oG each reportJnH perJod. In addJtJon, the NanaHeNent JT reRuJred to revJew propertZ, plant and eRuJpNent Gor JNpaJrNent on a perJodJcal CaTJT and record JNpaJrNent loTTeT Jn the perJod when Jt JT deterNJned that theJr recoveraCle aNount JT lower than the carrZJnH coTt. ThJT reRuJreT KudHNentT reHardJnH GorecaTt oG Guture revenueT and expenTeT relatJnH to the aTTetT TuCKect to the revJew. 3.4 Value in use 7alue Jn uTe JT the preTent value oG the Guture caTh ĹówT expected to Ce derJved GroN aTTetT, dJTcounted CZ dJTcount rateT, deterNJned CZ the NanaHeNent oG the (roup. The caTh Ĺów proKectJonT CaTed on ĹłnancJal GorecaTtT Gor the reNaJnJnH uTeGul lJveT oG aTTetT or conceTTJon perJodT and approved CZ the NanaHeNent oG the (roup are calculated CaTed on eTtJNated Hrowth rateT, whJch do not exceed theJr capacJtZ and cuTtoNerTÄ´ deNandT. ,eZ aTTuNptJonT uTed Gor value Jn uTe calculatJonT are Hrowth rateT, expenTe to revenue ratJoT and HroTT NarHJn rate. .anaHeNent deterNJneT Tuch rateT CaTed on theJr paTt perGorNance, theJr expectatJonT Gor NarLet developNent, and CuTJneTT plan. The dJTcount rateT uTed are pre tax and reĹéct TpecJĹłc rJTLT relatJnH to the CuTJneTT aGter conTJderJnH the reNaJnJnH uTeGul lJveT. The value derJved GroN thJT Nethod NaZ varZ due to chanHeT Jn revenue Ttructure, coTt Ttructure, dJTcount rate, JnduTtrJal condJtJonT and econoNJc condJtJonT. The (roup aTTeTTeT Gor JNpaJrNent loTT oG aTTetT under conceTTJon contractT at the caTh HeneratJnH unJt level CeJnH the conceTTJon contractT oG each locatJon. The recoveraCle aNount JT deterNJned CZ the value Jn uTe Nethod. The dJTcounted net caTh ĹówT GroN contJnuJnH uTe oG aTTetT JT calculated over the reNaJnJnH conceTTJon perJod oG each contract Gor approxJNatelZ 7 18 ZearT. The revenueT are calculated GroN tap water voluNe uTaHeT whJch do not exceed theJr capacJtZ and eTtJNated Hrowth rate durJnH 5 ZearT CaTed on cuTtoNerTÄ´ deNandT at each locatJon and TteadZ Gor a TuCTeRuent 5 ZearT. The tap water rate charHe JT CaTed on an aHreed prJce aT TtJpulated Jn the contract. The (roup applJeT a dJTcount rate CZ pre tax weJHhted averaHe coTt oG capJtal at 8.69 per annuN. The (roup recorded allowance Gor JNpaJrNent oG aTTetT under conceTTJon contractT at ToNe locatJonT aT NentJoned Jn Note 14.

3.5 Investment property The GaJr value oG JnveTtNent propertZ JT carrJed CaTed on valuatJonT CZ Jndependent appraJTal. 'aJr value oG land JT deterNJned uTJnH the NarLet approach CZ coNparJnH the NarLet prJce oG land Jn the TaNe locatJon wJth land oG the (roup. The GaJr value oG CuJldJnHT and CuJldJnH JNproveNentT JT deterNJned CZ the JncoNe approach. ThJT JT NeaTured CZ dJTcounted caTh Ĺów proKectJon whJch reĹéctT rental JncoNe GroN current leaTeT and aTTuNptJonT aCout rental JncoNe GroN Guture leaTeT Jn the lJHht oG current NarLet condJtJonT. The GaJr value alTo reĹéctT anZ caTh outĹówT that

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

3. Critical accounting estimates, judgments and assumptions (Contâ&#x20AC;&#x2122;d)

could Ce expected Jn reTpect oG the propertZ and applJeT a rate oG return oG 8 per annuN. The dJTcount rate reĹ´ectT current NarLet aTTeTTNentT oG the tJNe value oG NoneZ and rJTL adKuTted whJch are at the rate 11 per annuN. 3.6 Employee Benefits The preTent value oG deĹłned CeneĹłt oClJHatJonT and other lonH terN CeneĹłtT dependT on a nuNCer oG GactorT that are deterNJned on an actuarJal CaTJT uTJnH a nuNCer oG aTTuNptJonT. The aTTuNptJonT uTed Jn deterNJnJnH the net coTt JncoNe

Gor oClJHatJonT Jnclude JnĹ´atJon rate, Guture TalarZ JncreaTeT and the dJTcount rate. AnZ chanHeT Jn theTe aTTuNptJonT wJll have an JNpact on the carrZJnH aNount oG deĹłned CeneĹłt oClJHatJonT and other lonH terN CeneĹłtT. The (roup deterNJneT the approprJate dJTcount rate at the end oG each Zear. ThJT JT the JntereTt rate that Thould Ce uTed to deterNJne the preTent value oG eTtJNated Guture caTh outĹ´owT expected to Ce reRuJred to Tettle the oClJHatJonT. In deterNJnJnH the approprJate dJTcount rate, the (roup conTJderT the approprJated rate CZ uTJnH HovernNent Cond JntereTt rate that are denoNJnated Jn the currencZ Jn whJch the CeneĹłtT wJll Ce paJd, and that have terNT to NaturJtZ approxJNatJnH to the terNT oG the related lJaCJlJtZ. The LeZ aTTuNptJonT Gor deĹłned CeneĹłt oClJHatJonT and other lonH terN CeneĹłtT are CaTed Jn part on current NarLet condJtJonT JT dJTcloTed Jn Note 24. 3.7 Provision and contingent liabilities The (roup haT contJnHent lJaCJlJtJeT aT a reHardJnH oG lJtJHatJon. The (roupÄ´T NanaHeNent haT uTed KudHNent to aTTeTT oG the reTultT oG the lJtJHatJon and CelJeveT that no TJHnJĹłcant loTT wJll reTult apart GroN provJTJon Gor lJaCJlJtJeT whJch alreadZ recorded at each reportJnH date. 3.8 Significant uncertainty The (roup haT an uncertaJntZ reHardJnH to a deal Gor the $oNpanZ to rent NanaHe the 2 pJpelJne connectJnH proKectT whJch dJTcloTed the JnGorNatJon Jn Note 37. BaTed on the (roupÄ´T NanaHeNent KudHeNent, the proKected coNpenTatJon waT recorded Jn ĹłnancJal TtateNentT uTJnH the CeTt eTtJNatJon oG coNpenTatJon rate coNputJnH GroN the current JnGorNatJon.

4. Capital risk management

In order to NaJntaJn or adKuTt the capJtal Ttructure, the (roup NaZ adKuTt the aNount oG dJvJdendT paJd to ThareholderT, return capJtal to ThareholderT, JTTue new ThareT or Tell aTTetT to reduce deCt.

5. Segment information

The prJncJpal CuTJneTT operatJonT oG the (roup are developNent and NanaHeNent oG the NaKor water dJTtrJCutJon pJpelJne TZTteNT Jn the EaTtern 4eaCoard area oG ThaJland. The reportaCle TeHNent CaTed on CuTJneTT actJvJtJeT whJch coNprJTed the TupplZ oG raw water, productJon and TupplZ oG tap water, waterworLT NanaHeNent, and enHJneerJnH TervJceT. 0ther CuTJneTT actJvJtJeT Tuch aT oGĹłce CuJldJnH rental were aHHreHated under the TeHNent Äś0therTÄˇ. TheTe CuTJneTT operatJonT are onlZ conducted ThaJland. ThereGore, no HeoHraphJc JnGorNatJon JT preTented. The accountJnH polJcJeT oG the operatJnH TeHNentT are the TaNe aT thoTe deTcrJCed Jn the TuNNarZ oG TJHnJĹłcant accountJnH polJcJeT. The (roup accountT Gor JnterTeHNent TaleT and tranTGerT aT JG the TaleT or tranTGerT were to thJrd partJeT. 'or reTource NanaHeNent and evaluatJon oG operatJnH TeHNentT, the chJeG operatJnH decJTJon NaLer evaluateT perGorNance on the CaTJT oG proĹłt or loTT GroN operatJonT excludJnH other JncoNe, TellJnH and adNJnJTtratJve expenTeT, Ĺłnance coTtT and JncoNe tax.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

The (roupÄ´T oCKectJveT when NanaHJnH capJtal are to TaGeHuard the (roupÄ´T aCJlJtZ to contJnue aT a HoJnH concern Jn order to provJde returnT Gor ThareholderT and CeneĹłtT Gor other TtaLeholderT and to NaJntaJn an optJNal capJtal Ttructure to reduce the coTt oG capJtal.

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

5. Segment information (Contâ&#x20AC;&#x2122;d)

The TeHNent JnGorNatJon Gor the Zear ended 31 DeceNCer 2013 and 2012 are TuNNarJTed aT GollowT 6nJt BahtÄ´000

Consolidated 2013 Sales Supply of raw water business

Service income

Supply of Waterworks Tap water management Engineering business services business

Others Elimination

Total

75,525 4,803 403,826

80,328 403,826

3,760,193 3,760,193

Revenue Revenue GroN thJrd partJeT Revenue GroN Jnter TeHNent Total revenue

2,694,295 159,832 2,854,127

876,385 876,385

49,607 239,191 288,798

64,381 64,381

Cost of sales and services

996,230

626,325

296,306

62,651

67,432

4eHNent operatJnH proĹłt

1,857,897

250,060

7,508

1,730

12,896

403,110 1,645,834

716

Unallocated revenue (expenses) 0ther JncoNe 4ellJnH expenTeT AdNJnJTtratJve expenTeT and other expenTeT 'Jnance coTtT IncoNe tax Net proĹłt Total segment assets 6nallocated aTTetT Total assets Others in formation DeprecJatJon and aNortJTatJon

2,114,359

55,946 17,489

372,745

112,952

351,144

1,315,975

10,518,177

1,236,168

589,855

10,626

275,526

46,373

43,202

213,388 574,742 11,993,472 1,491,741 13,485,213

36,034

401,221

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

5. Segment information (Contâ&#x20AC;&#x2122;d) 6nJt BahtÄ´000

Consolidated 2012 Sales Supply of raw water business

Service income

Supply of Waterworks Tap water management Engineering business services business

Others Elimination

Total

68,505 4,743 439,951

73,248 439,951

3,677,411 3,677,411

Revenue Revenue GroN thJrd partJeT Revenue GroN Jnter TeHNent Total revenue

2,612,221 149,384 2,761,605

841,602 841,602

60,193 285,824 346,017

94,890 94,890

Cost of sales and services

931,581

569,378

319,209

92,170

66,277

4eHNent operatJnH proĹłt

1,830,024

272,224

26,808

2,720

6,971

439,437 1,539,178

514

Unallocated revenue (expenses) 0ther JncoNe 4ellJnH expenTeT AdNJnJTtratJve expenTeT and other expenTeT 'Jnance coTtT IncoNe tax Net proĹłt

Others DeprecJatJon and aNortJTatJon

48,538 53,018

439,031

89,991

364,560

1,240,171 9,545,184

1,193,581

567,993

17,467

226,016

42,161

42,600

149

209,328 577,602 10,955,951 1,484,134 12,440,085

42,413

353,339

Information about major customer The (roup had NaKor revenueT GroN entJtJeT under the control oG a HovernNent GroN raw water, tap water and enHJneerJnH TervJceT TeHNentT. The revenueT Gor the Zear endJnH 31 DeceNCer 2013 repreTent approxJNatelZ Baht 2,354.0 NJllJon 2012 Baht 2,334.4 NJllJon .

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Total segment assets 6nallocated aTTetT Total assets

2,138,233

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

6. Cash and cash equivalents

6nJt Baht

Consolidated 2012 2013 $aTh on hand DepoTJtT wJth CanLT current accountT TavJnH accountT Ĺłxed accountT 4ecurJtJeT under repurchaTe aHreeNent

537,635 49,925 242,717,134 1,758 243,306,452

510,849 37,000 107,923,665 1,730 130,000,000 238,473,244

Company 2013

2012

72,467 133,820,508 1,758 133,894,733

55,849 34,000 69,568,467 1,730 130,000,000 199,660,046

AT at 31 DeceNCer 2013, the JntereTt rate on TavJnH depoTJtT wJth CanLT waT 0.50 2.70 per annuN 2012 0.125 2.25 per annuN . The Ĺłxed depoTJtT wJth CanLT have NaturJtZ date wJthJn 3 NonthT and JntereTt rate at 1.75 per annuN 2012 1.75 per annuN . The TecurJtJeT under repurchaTe aHreeNent have NaturJtZ date wJthJn 1 Nonth and JntereTt rate at 2.7 per annuN.

7. Temporary investments

6nJt Baht

Company

Consolidated 0penJnH net CooL aNount AddJtJonT durJnH the Zear RedeeN durJnH the Zear $loTJnH net CooL aNount

2013

2012

96,307,798 94,754,121 104,183,372

86,878,547

95,000,000 51,307,798 50,000,000

96,307,798

2013

2012

50,000,000 50,000,000

AT at 31 DeceNCer 2013, teNporarZ JnveTtNentT are Ĺłxed depoTJtT wJth ĹłnancJal JnTtJtutJonT Jn conTolJdated ĹłnancJal TtateNent that have NaturJtZ date Nore than 3 NonthT Cut wJthJn 1 Zear and JntereTt rate oG 3.30 3.34 per annuN. 2012 2.27 2.60 per annuN

8. Trade and other receivables

The detaJl oG trade and other receJvaCleT aT at 31 DeceNCer 2013 and 2012 JT aT GollowT

Company

Consolidated Trade receJvaCleT ReceJvaCleT GroN otherT 1repaZNentT 0therT

6nJt Baht

2013

2012

2013

2012

379,137,713 7,693,370 21,702,457 1,644,894 410,178,434

387,867,057 65,242,868 18,815,040 2,037,542 473,962,507

289,958,759 1,047,617 16,759,841 579,752 308,345,969

316,222,504 7,558,962 15,629,292 1,356,566 340,767,324

EaTtern Water ReTourceT DevelopNent and .anaHeNent 1uClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

8. Trade and other receivables (Contâ&#x20AC;&#x2122;d)

AT at 31 DeceNCer 2012, other receJvaCleT Jn the conTolJdated ĹłnancJal JnGorNatJon Jncluded accountT receJvaCle Cetween a TuCTJdJarZ and a prJvate coNpanZ. ThJT related to Tupport GroN the TuCTJdJarZ to help the prJvate coNpanZ to produce tap water to Neet the NJnJNuN reRuJreNent Gor the 1rovJncJal WaterworLT AuthorJtZ Jn accordance wJth Tale and purchaTe aHreeNent Gor tap water Gor $honCurJ 1rovJnce wJth the 1rovJncJal WaterworLT AuthorJtZ. In the paTt, the TuCTJdJarZ could oGG Tet thJT accountT receJvaCle Calance wJth the coTt oG tap water that the TuCTJdJarZ purchaTed GroN the prJvate coNpanZ. )owever, the tap water purchaTe and TaleT aHreeNent waT terNJnated on 28 DeceNCer 2012. 0n 11 JulZ 2013, the TuCTJdJarZ entered Jnto a raw water purchaTe and TaleT aHreeNent wJth the prJvate coNpanZ to produce tap water CZ JtTelG. The TuCTJdJarZ wJll partJallZ paZ Gor raw water to the prJvate coNpanZ and the reNaJnJnH wJll Ce oGG Tet wJth the accountT receJvaCle Calance wJthJn Ĺłve ZearT. To preTent JnGorNatJon Jn accordance wJth the Gact NentJoned aCove, aT at 31 DeceNCer 2013, the coNpanZ prepared the conTolJdated ĹłnancJal TtateNent CZ preTentJnH thJT accountT receJvaCle whJch totallJnH Baht 46.7 NJllJon aT receJvaCleT GroN otherT under trade and other receJvaCleT aT Baht 3.1 NJllJon and other non current aTTetT aT Baht 43.6 NJllJon Note 18 . The detaJl oG trade account receJvaCleT aT at 31 DeceNCer 2013 and 2012 JT aT GollowT

6nJt Baht

Trade accountT receJvaCle CJlled ThJrd partJeT Related partJeT Note 34.2

Total trade account receJvaCle CJlled 6nCJlled receJvaCleT ThJrd partJeT Related partJeT Note 34.2

Total unCJlled receJvaCleT

2013

2012

2013

2012

96,416,707 194,127,313 290,544,020

111,077,044 191,395,324 302,472,368

90,525,494 188,013,976 278,539,470

105,576,325 205,859,695 311,436,020

6,266,371 82,327,322 88,593,693 379,137,713

5,296,705 80,097,984 85,394,689 387,867,057

11,419,289 11,419,289 289,958,759

4,786,484 4,786,484 316,222,504

The aHe analZTJT oG the trade accountT receJvaCle CJlled JT aT GollowT

6nJt Baht

Company

Consolidated WJthJn credJt terN 0verdue Celow 3 NonthT 0verdue 3 6 NonthT 0verdue 6 12 NonthT 0verdue Nore than 12 NonthT -eTT Allowance Gor douCtGul accountT

2013

2012

2013

2012

241,027,498 18,234,186 11,390,537 19,844,327 662,625 291,159,173 615,153

290,544,020

257,648,508 15,827,122 15,054,596 13,885,082 672,213 303,387,521 615,153

302,472,368

229,231,354 18,058,492 11,385,861 19,816,291 662,625 279,154,623 615,153

278,539,470

266,634,347 15,827,510 15,032,021 13,885,082 672,213 312,051,173 615,153

311,436,020

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Company

Consolidated

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

9. Inventories

6nJt Baht

Company

Consolidated Raw NaterJalT and TupplJeT

2013

2012

10,536,370 10,536,370

7,745,450 7,745,450

2013

2012

10. Investments in subsidiaries

.oveNentT Jn the JnveTtNentT Jn TuCTJdJarJeT Gor the Zear ended 31 DeceNCer 2013 and 2012 are aT GollowT

6nJt Baht

Company AT at 1 JanuarZ IncreaTed JnveTtNentT AT at 31 DeceNCer

2013

2012

510,887,500 32,862,485 543,749,985

510,000,000 887,500 510,887,500

AT at 31 DeceNCer 2013 and 2012, JnveTtNentT Jn TuCTJdJarJeT whJch preTent Jn the Teparate ĹłnancJal TtateNentT are aT GollowT

Company

Companyâ&#x20AC;&#x2122;s name

Nature of business

Paid-up share capital Country of 2013 2012 .JllJon .JllJon incorporation Baht Baht

Ownership interest 2013

2013

Investment value 2013 Baht

2012 Baht

Dividends income 2013 Baht

2012 Baht

6nJverTal 6tJlJtJeT $oNpanZ -JNJted

1roduce and 4upplZ oG tap water

ThaJland

510

100

100 510,000,000 510,000,000 20,297,997 47,174,994

EW 6tJlJtJeT $oNpanZ -JNJted

Water tranTportatJon CZ pJpelJne

ThaJland

0.25

100

250,000

EW Water Balance $honCurJ Water tranTportatJon $oNpanZ -JNJted CZ pJpelJne

ThaJland

0.25

100

250,000

EW 4Nart Water RaZonH

$oNpanZ -JNJted

1roduce and TupplZ oG JnduTtrJal water

ThaJland

0.25

100

250,000

4aNet 6tJlJtJeT $oNpanZ -JNJted

Produce tap water GroN Tea water

ThaJland

0.25

32,999,985

137,500

Total JnveTtNent Jn TuCTJdJarJeT

543,749,985 510,887,500 20,297,997 47,174,994

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

10. Investments in subsidiaries (Contâ&#x20AC;&#x2122;d)

0n 12 .arch 2012, the $oNpanZ had JnveTted Jn EW 6tJlJtJeT $oNpanZ -JNJted, EW Water Balance $honCurJ $oNpanZ -JNJted and EW 4Nart Water RaZonH $oNpanZ -JNJted CZ acRuJrJnH 200,000 ordJnarZ ThareT wJth par value oG Baht 5 per Thare Jn each coNpanZ. The ThareT were called Gor paJd up at 25 or Baht 250,000 Jn each coNpanZ totallJnH Baht 750,000. $urrentlZ, theTe coNpanJeT have not operated Zet. 0n 2 0ctoCer 2012, the $oNpanZ had cooperated wJth a ProvJncJal AdNJnJTtratJve 0rHanJTatJon to eTtaClJThed 4aNet 6tJlJtJeT $oNpanZ -JNJted to produce tap water GroN Tea water CZ ReverTe 0TNoTJT R0 TZTteN. The $oNpanZ JnveTted Jn 110,000 reHJTtered ordJnarZ ThareT wJth par value oG Baht 5 per Thare, or 55 oG JnveTtNent. The ThareT were called Gor paJd up at 25 totallJnH to Baht 137,500. 0n 29 JanuarZ 2013, 4aNet 6tJlJtJeT $oNpanZ -JNJted reHJTtered the JncreaTed Thare capJtal wJth the .JnJTtrZ oG $oNNerce GroN 200,000 ordJnarZ ThareT wJth a par value oG Baht 5 per Thare to 12,000,000 ordJnarZ ThareT wJth a par value oG Baht 5 per Thare. The $oNpanZ paJd JncreaTed Thare capJtal aNountJnH to Baht 32.9 NJllJon. The $oNpanZ JnveTted Jn 6,600,000 reHJTtered ordJnarZ ThareT wJth par value oG Baht 5 per Thare. Total $oNpanZÄ´T JnveTtNent JT Baht 33.0 NJllJon or 55 oG JnveTtNent. $urrentlZ, thJT coNpanZ haT no revenue GroN operatJon.

11. Other long-term investments Consolidated and Company Number of shares

0penJnH net CooL aNount AddJtJonT $loTJnH net CooL aNount

Ownership interest

Investment value

2013 Shares

2012 Shares

2013

2012

2013 Baht

2012 Baht

5,479,140 5,479,140

15.88 15.88

91,470,300 91,470,300

Company

Consolidated Long-term investments General investments EHcoN Tara $oNpanZ -JNJted Total lonH terN JnveTtNentT

2013

2012

2013

2012

91,470,300 91,470,300

Egcom Tara Company Limited The $oNpanZ had a lonH terN JnveTtNent Jn eRuJtZ TecurJtJeT oG EHcoN Tara $oNpanZ -JNJted, a related coNpanZ, whJch operatJon JT to Henerate tap water Gor Tale TolelZ to the ProvJncJal WaterworLT AuthorJtZ. In 2013, EHcoN Tara $oNpanZ -JNJted paJd dJvJdend to the $oNpanZ aNount oG Baht 24.1 NJllJon 2012 Baht 25.1 NJllJon .

Annual Report 2013 Eastern Water Resources Development and Management PLC.

AT at 31 DeceNCer 2013 and 2012, the $oNpanZ haT lonH terN Heneral JnveTtNentT whJch are JnveTtNentT Jn non NarLetaCle eRuJtZ TecurJtZ aT GollowT 6nJt Baht

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

12. Investment property - net

6nJt Baht

Consolidated Land

Building and building improvement

Total

At 1 January 2012 $oTt -eTT AccuNulated deprecJatJon Net book amount

19,000,000 19,000,000

235,040,904 36,880,765

198,160,139

254,040,904 36,880,765

217,160,139

For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT ReclaTTJĹłcatJon DeprecJatJon charHe Closing net book amount

19,000,000 19,000,000

198,160,139 3,750 37,680 8,819,818

189,381,751

217,160,139 3,750 37,680 8,819,818

208,381,751

At 31 December 2012 coTt -eTT AccuNulated deprecJatJon Net book amount

19,000,000 19,000,000

235,075,742 45,693,991

189,381,751

254,075,742 45,693,991

208,381,751

For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT DeprecJatJon charHe Closing net book amount

19,000,000 19,000,000

189,381,751 33,113 8,813,416

180,601,448

208,381,751 33,113 8,813,416

199,601,448

At 31 December 20123 $oTt -eTT AccuNulated deprecJatJon Net book amount

19,000,000 19,000,000

235,108,855 54,507,407

180,601,448

254,108,855 54,507,407

199,601,448

Fair value

19,000,000

194,197,500

213,197,500

DeprecJatJon expenTe oG Baht 8.8 NJllJon 2012 Baht 8.8 NJllJon waT Jncluded Jn coTt oG rental and TervJce. 6nJt Baht

Company

At 1 January 2012 $oTt -eTT AccuNulated deprecJatJon Net book amount

100

Land

Building and building improvement

Total

19,000,000 19,000,000

251,274,397 39,427,997

211,846,400

270,274,397 39,427,997

230,846,400

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

12. Investment property - net (Contâ&#x20AC;&#x2122;d)

6nJt Baht

Company Land

Building and building improvement

Total

For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT ReclaTTJĹłcatJon DeprecJatJon charHe Closing net book amount

19,000,000 19,000,000

211,846,400 4,009 40,282 9,428,974

202,461,717

230,846,400 4,009 40,282 9,428,974

221,461,717

At 31 December 2012 $oTt -eTT AccuNulated deprecJatJon Net book amount

19,000,000 19,000,000

251,311,640 48,849,923

202,461,717

270,311,640 48,849,923

221,461,717

For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT DeprecJatJon charHe Closing net book amount

19,000,000 19,000,000

202,461,717 35,399 9,422,128

193,074,988

221,461,717 35,399 9,422,128

212,074,988

At 31 December 2013 $oTt -eTT AccuNulated deprecJatJon Net book amount

19,000,000 19,000,000

251,347,040 58,272,052

193,074,988

270,347,040 58,272,052

212,074,988

Fair value

19,000,000

207,610,074

226,610,074

In 2013, the GaJr value oG JnveTtNent propertJeT were revalued CZ Jndependent proGeTTJonallZ RualJĹłed valuerT who hold a recoHnJTed relevant proGeTTJonal RualJĹłcatJon and have recent experJence Jn the locatJonT and cateHorJeT oG the JnveTtNent propertJeT valued. ANountT recoHnJTed Jn proĹłt and loTT that are related to JnveTtNent propertZ are aT GollowT

Consolidated 2012 2013 Rental and TervJce JncoNe oG CuJldJnH DJrect operatJnH expenTe arJTe GroN JnveTtNent propertZ that Henerated rental JncoNe BuJldJnH

DJrect operatJnH expenTe arJTe GroN JnveTtNent propertZ that dJd not Henerate rental JncoNe -and

6nJt Baht

Company 2013 2012

63,717,910

58,012,961

68,796,342

62,745,418

58,543,704

55,794,546

58,543,704

55,794,546

172,411

5,001,795

267,772

1,950,643

172,411

10,080,227

267,772

6,683,100

Annual Report 2013 Eastern Water Resources Development and Management PLC.

DeprecJatJon expenTe oG Baht 9.4 NJllJon 2012 Baht 9.4 NJllJon waT Jncluded Jn coTtT oG rental and TervJceT.

101

102 412,298,634 130,827,794 525,831

18,555, 010

524,045,587 689,462,786 165,417,199

524,045,587

408,405,274 408,405,274

For the year ended 31 December 2012 0penJnH net CooL aNount 408,405,274 AddJtJonT TranTGer 47,032,527 ReclaTTJĹłcatJon DJTpoTal wrJte oGG, net ReclaTTJGZ GroN non current aTTetT held Gor Tale DeprecJatJon charHe 455,437,801 $loTJnH net CooL aNount

455,437,801 455,437,801

At 31 December 2012 $oTt -eTT AccuNulated deprecJatJon Net CooL aNount

For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT TranTGer DJTpoTal wrJte oGG, net DeprecJatJon charHe $loTJnH net CooL aNount

At 31 December 2013 $oTt -eTT AccuNulated deprecJatJon Net CooL aNount

515,438,690 163,067,184

352,371,506

369,878,283 2,299,276 19,806,053

352,371,506

513,139,413 143,261,130

369,878,283

388,113,764 2,871,250 48,550

1,160,197

19,897,984

369,878,283

514,255,892 126,142,128

388,113,764

266,014,419 127,330,758

138,683,661

144,080,690 1,594,235 15,087,562 250,845

21,827,981

138,683,661

250,301,610 106,220,920

144,080,690

140,380,710 1,373,647 22,088,870 108,061 455,699

200,712 19,615,611

144,080,690

230,123,308 89,742,598

140,380,710

8,763,024,410 1,944,897,984

6,818,126,426

6,311,703,958 58,381,604 687,383,597 9,419,461

229,923,272

6,818,126,426

8,041,634,036 1,729,930,078

6,311,703,958

4,791,041,171 30,989,957 1,710,997,065 682,759 35,320,251

1,087,349 187,774,092

6,311,703,958

6,340,820,669 1,549,779,498

4,791,041,171

339,825,861 297,365,183

42,460,678

46,181,943 4,687,286 7,358,208 61,066

15,705,693

42,460,678

341,990,860 295,808,917

46,181,943

43,046,886 5,503,629 22,585,411 97,190

112,243

101,965 24,846,515

46,181,943

318,538,088 275,491,202

43,046,886

Leasehold OfĹłce and building Machinery and Buildings improvement equipment equipment

Consolidated

1,240,735 699,196

541,539

34,205 562,991 1

55,656

541,539

867,048 832,843

34,205

111,590 4

2 77,383

34,205

5,426,213 5,314,623

111,590

Vehicles

1,975,011,622 1,975,011,622

1,691,404,054 1,339,131,727 1,052,283,646

3,240,513

1,975,011,622

1,691,404,054 1,691,404,054

2,189,312,850 1,438,494,121 1,936,402,917

1,691,404,054

2,189,312,850 2,189,312,850

Construction in progress

13,349,461,217 2,727,559,797

10,621,901,420

9,542,766,521 1,404,757,733 3,450,000 12,971,886

316,100,948

10,621,901,420

11,984,237,608 2,441,471,087

9,542,766,521

8,372,710,879 1,476,361,354 645,080 37,574,225

1,390,028 270,766,595

9,542,766,521

10,566,253,925 2,193,543,046

8,372,710,879

Total

6nJt Baht

DeprecJatJon expenTe total oG Baht 316.1 NJllJon 2012 Baht 270.8 NJllJon haT Ceen charHed Jn coTt oG HoodT Told, Baht 292.6 NJllJon 2012 Baht 240.7 NJllJon and Jn adNJnJTtratJve expenTe, Baht 23.5 NJllJon 2012 Baht 30.1 NJllJon .

1,033,467,679 194,199,492

839,268,187

524,045,587 399,890 343,605,003 28,782,293

839,268,187

559,371,631 147,072,997

412,298,634

Land

At 1 January 2012 $oTt Less AccuNulated deprecJatJon Net CooL aNount

Pumping plants

13. Property, plant and equipment - net

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

103

357,755,121 47,032,527 404,787,648

404,787,648 404,787,648

For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT TranTGer ReclaTTJĹłcatJon DJTpoTal wrJte oGG, net DeprecJatJon charHe $loTJnH net CooL aNount

At 31 December 2012 $oTt -eTT AccuNulated deprecJatJon Net CooL aNount

For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT TranTGer DJTpoTal wrJte oGG, net DeprecJatJon charHe $loTJnH net CooL aNount

At 31 December 2013 $oTt -eTT AccuNulated deprecJatJon Net CooL aNount 1,018,987,142 189,406,288

829,580,854

517,597,104 362,000 340,150,210 28,528,460

829,580,854

678,474,933 160,877,829

517,597,104

405,767,465 130,678,394 525,831

18,322,924

517,597,104

548,533,177 142,765,712

405,767,465

Pumping plants

500,050,189 159,744,932

340,305,257

357,288,075 2,299,276 19,282,094

340,305,257

497,750,912 140,462,837

357,288,075

374,999,595 2,871,250 48,550

1,160,197

19,374,023

357,288,075

498,855,181 123,855,586

374,999,595

250,791,680 120,626,594

130,165,086

138,434,975 818,366 11,847,809 17,277

20,918,787

130,165,086

238,192,308 99,757,333

138,434,975

134,318,873 1,258,618 21,863,870 105,458 414,251

18,697,593

138,434,975

218,523,702 84,204,829

134,318,873

8,315,642,148 1,831,695,873

6,483,946,275

6,211,571,102 46,006,823 449,941,631 8,371,500

215,201,781

6,483,946,275

7,835,029,618 1,623,458,516

6,211,571,102

4,687,978,917 24,522,283 1,709,372,065 34,911,201

175,390,962

6,211,571,102

6,146,017,756 1,458,038,839

4,687,978,917

Building Machinery and

Buildings improvements equipment

Company

315,322,428 278,436,825

36,885,603

41,964,165 2,218,999 6,388,208 32,980

13,652,789

36,885,603

317,282,927 275,318,762

41,964,165

38,471,279 3,566,804 22,585,411 97,190

71,755

22,490,384

41,964,165

294,115,051 255,643,772

38,471,279

OfĹłce equipment

1,092,894 590,556

502,338

34,201 520,000 51,863

502,338

572,894 538,693

34,201

111,586 2

77,383

34,201

3,882,009 3,770,423

111,586

Vehicles

1,973,947,944 1,973,947,944

1,477,956,054 1,309,859,537 810,627,134

3,240,513

1,973,947,944

1,477,956,054 1,477,956,054

2,189,312,850 1,223,046,721 1,934,403,517

1,477,956,054

2,189,312,850 2,189,312,850

Construction in progress

12,780,622,073 2,580,501,068

10,200,121,005

9,149,633,324 1,359,785,725 11,662,270

297,635,774

10,200,121,005

11,450,047,294 2,300,413,970

9,149,633,324

8,188,715,686 1,252,394,426 40,282

37,083,237

254,353,269

9,149,633,324

10,256,994,847 2,068,279,161

8,188,715,686

Total

6nJt Baht

Annual Report 2013 Eastern Water Resources Development and Management PLC.

DeprecJatJon expenTe total oG Baht 297.6 NJllJon 2012 Baht 254.3 NJllJon haT Ceen charHed Jn coTt oG HoodT Told, Baht 275.5 NJllJon 2012 Baht 226.0 NJllJon and Jn adNJnJTtratJve expenTe, Baht 22.1 NJllJon 2012 Baht 28.3 NJllJon .

357,755,121 357,755,121

At 1 January 2012 $oTt -eTT AccuNulated deprecJatJon Net CooL aNount

Land

13. Property, plant and equipment - net (Contâ&#x20AC;&#x2122;d)

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

13. Property, plant and equipment - net (Contâ&#x20AC;&#x2122;d)

AT at 31 DeceNCer 2013, the (roup and the $oNpanZ had Notor vehJcleT and coNputer under ĹłnancJal leaTe aHreeNentT wJth net CooL value aNountJnH to Baht 0.3 NJllJon and Baht 0.3 NJllJon, reTpectJvelZ 2012 Baht 2.3 NJllJon and Baht 2.3 NJllJon, reTpectJvelZ . BorrowJnH coTtT oG Baht 73.4 NJllJon 2012 Baht 60.2 NJllJon arreTtJnH GroN ĹłnancJnH TpecJĹłcallZ entered Jnto a pJpelJne conTtructJnH proKect and tap water productJon TZTteN were capJtalJTed durJnH the Zear and are Jncluded Jn ÄśAddJtJonTÄˇ.

14. Assets under concession contracts - net 6nJt Baht

Consolidated Assets under concession contracts

Construction in progress

Total

562,783,636 147,140,691

415,642,945

40,362,573 40,362,573

603,146,209 147,140,691

456,005,518

415,642,945 18,908,143 53,127,219 33,267,474 129,792

4,110,000

33,366,055

483,339,934

40,362,573 21,869,865 53,809,978

8,422,460

456,005,518 40,778,008 682,759

33,267,474 129,792

4,110,000

33,366,055

491,762,394

707,734,599 201,814,665

22,580,000

483,339,934

8,422,460 8,422,460

716,157,059 201,814,665

22,580,000

491,762,394

483,339,934 16,977,748 41,290,976 13,312,521 15,790,941

630,000

34,669,035

503,831,203

8,422,460 88,059,218 44,740,976

51,740,702

491,762,394 105,036,966 3,450,000

13,312,521 15,790,941

630,000

34,669,035

555,571,905

728,651,018 217,989,815

6,830,000

503,831,203

51,740,702 51,740,702

780,391,720 217,989,815

6,830,000

555,571,905

At 1 January 2012 $oTt -eTT AccuNulated deprecJatJon Net book amount For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT TranTGer ReclaTTJGZ GroN non current aTTetT held Gor Tale WrJte oGG net INpaJrNent charHe DeprecJatJon charHe Closing net book amount At 31 December 2012 $oTt -eTT AccuNulated deprecJatJon -eTT Allowance Gor JNpaJrNent Net book amount For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT TranTGer ReclaTTJGZ GroN non current aTTetT held Gor Tale WrJte oGG net INpaJrNent charHe DeprecJatJon charHe Closing net book amount At 31 December 2013 $oTt -eTT AccuNulated deprecJatJon -eTT Allowance Gor JNpaJrNent Net book amount

The TuCTJdJarJeT have coNNJtted to tranTGer aTTetT under conceTTJon contractT to the ProvJncJal WaterworLT AuthorJtZ and related HovernNent aHencZ at the end oG conceTTJon perJodT. 104

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

14. Assets under concession contracts - net (Contâ&#x20AC;&#x2122;d)

DeprecJatJon oG Baht 34.7 NJllJon 2012 Baht 33.4 NJllJon waT Jncluded Jn coTt oG TaleT tap water and coTt oG TervJceT. INpaJrNent loTT oG Baht 0.6 NJllJon 2012 Baht 4.1 NJllJon waT Jncluded Jn adNJnJTtratJve expenTeT. 0n 24 JulZ 2013, the Board oG DJrectorTÄ´ NeetJnH approved the Tale and tranTGer oG the conceTTJon rJHht Gor conductJnH CuTJneTT related to water reTourceT Jn ,oh 4rJchanH. 0n 2 4epteNCer 2013, the (roup Told plant and eRuJpNent and aTTetT under conceTTJon contractT at ,oh 4rJchanH to ,oh 4rJchanH .unJcJpalJtZ at a prJce oG Baht 2.4 NJllJon. The net CooL value oG theTe aTTetT JT Baht 2.0 NJllJon. $oTt Baht 37.2 NJllJon, accuNulated deprecJatJon Baht 21.9 NJllJon, allowance Gor JNpaJrNent loTT Baht 13.3 NJllJon . The allowance Gor JNpaJrNent oG aTTetT aT at 31 DeceNCer 2013 waT Baht 6.8 NJllJon Gor aTTetT under conceTTJon contractT at ,oh -an. 4aleT oG tap water at thJT locatJon were Celow the CudHet CecauTe oG the uncertaJntZ oG cuTtoNerTÄ´ deNand. $uTtoNerT NaZ TuCTtJtute tap water GroN natural water reTourceT. IG the cuTtoNerTÄ´ deNand had Ceen 10 lower than NanaHeNentÄ´T eTtJNateT, the (roup would have recoHnJTed a Gurther JNpaJrNent oG Baht 6.5 NJllJon.

15. Deferred concession rights acquisition costs - net 6nJt Baht

Consolidated

For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT ANortJTatJon charHe Closing net book amount At 31 DeceNCer 2012 $oTt -eTT AccuNulated aNortJTatJon Net book amount For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT ANortJTatJon charHe Closing net book amount At 31 December 2013 $oTt -eTT AccuNulated aNortJTatJon Net book amount

Construction in progress

635,594,276 131,150,814

504,443,462

37,330,290 37,330,290

672,924,566 131,150,814

541,773,752

504,443,462 28,595,709

475,847,753

37,330,290 18,614,435 55,944,725

541,773,752 18,614,435 28,595,709

531,792,478

635,594,276 159,746,523

475,847,753

55,944,725 55,944,725

691,539,001 159,746,523

531,792,478

475,847,753 29,387,050

446,460,703

55,944,725 20,040,528 75,985,253

531,792,478 20,040,528 29,387,050

522,445,956

635,594,276 189,133,573

446,460,703

75,985,253 75,985,253

711,579,529 189,133,573

522,445,956

Total

AT at 31 DeceNCer 2013, deGerred conceTTJon rJHhtT acRuJTJtJon coTtT had the reNaJnJnH aNortJTatJon perJod oG 18 ZearT. ANortJTatJon oG Baht 29.4 NJllJon 2012 Baht 28.6 NJllJon waT Jncluded Jn the coTt oG TaleT tap water and coTt oG TervJceT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

At 1 January 2012 $oTt -eTT AccuNulated aNortJTatJon Net book amount

Deferred concession rights acquisition costs

105

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

16. Intangible assets - net

6nJt Baht

Consolidated Rights to operate the business under concession

Computer software

Total

At 1 January 2012 $oTt -eTT AccuNulated aNortJTatJon Net book amount

201,205,413 65,655,047

135,550,366

34,022,500 34,022,500

235,227,913 65,655,047

169,572,866

For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT ANortJTatJon charHe Closing net book amount

135,550,366 8,348,738

127,201,628

34,022,500 3,075,508 3,537,488

33,560,520

169,572,866 3,075,508 11,886,226

160,762,148

At 31 December 2012 $oTt -eTT AccuNulated aNortJTatJon Net book amount

201,205,413 74,003,785

127,201,628

37,098,008 3,537,488

33,560,520

238,303,421 77,541,273

160,762,148

For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT ANortJTatJon charHe Closing net book amount

127,201,628 8,348,738

118,852,890

33,560,520 4,504,824 3,902,092

34,163,252

160,762,148 4,504,824 12,250,830

153,016,142

At 31 December 2013 $oTt -eTT AccuNulated aNortJTatJon Net book amount

201,205,413 82,352,523

118,852,890

41,602,831 7,439,579

34,163,252

242,808,244 89,792,102

153,016,142

AT at 31 DeceNCer 2013, RJHhtT to operate the CuTJneTT under conceTTJon had the reNaJnJnH aNortJTatJon perJod oG 14 ZearT 3 NonthT. ANortJTatJon oG Baht 12.3 NJllJon 2012 Baht 11.9 NJllJon waT Jncluded Jn the coTt oG HoodT Told Baht 0.2 NJllJon 2012 NJl

and adNJnJTtratJve expenTeT Baht 12.1 NJllJon 2012 Baht 11.9 NJllJon .

106

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

16. Intangible assets - net (Contâ&#x20AC;&#x2122;d) 6nJt Baht

Company At 1 January 2012 $oTt -eTT AccuNulated aNortJTatJon Net book amount

34,022,500 34,022,500

For the year ended 31 December 2012 0penJnH net CooL aNount AddJtJonT ANortJTatJon charHe Closing net book amount

34,022,500 3,075,508 3,537,488

33,560,520

At 31 December 2012 $oTt -eTT AccuNulated aNortJTatJon Net book amount

37,098,008 3,537,488

33,560,520

For the year ended 31 December 2013 0penJnH net CooL aNount AddJtJonT ANortJTatJon charHe Closing net book amount

33,560,520 4,504,824 3,902,092

34,163,252

At 31 December 2013 $oTt -eTT AccuNulated aNortJTatJon Net book amount

41,602,831 7,439,579

34,163,252

ANortJTatJon oG Baht 3.9 NJllJon 2012 Baht 3.5 NJllJon waT Jncluded Jn the coTt oG HoodT Told Baht 0.2 NJllJon 2012 nJl and adNJnJTtratJve expenTeT Baht 3.7 NJllJon 2012 Baht 3.5 NJllJon .

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Computer software

107

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

17. Deferred income tax

The analZTJT oG deGerred tax aTTetT and deGerred tax lJaCJlJtZ JT aT GollowT

6nJt Baht

Company

Consolidated 2013 Deferred tax assets: DeGerred tax aTTet to Ce recovered wJthJn 12 NonthT DeGerred tax aTTet to Ce recovered aGter Nore than 12 NonthT

2012

2013

2012

364,571

1,219,586

364,571

658,186

18,669,116

20,585,434

12,059,031

11,470,359

19,033,687

21,805,020

12,423,602

12,128,545

408

1,669,669

408

50,950,307

42,989,314

25,608,616

18,118,986

50,949,899

44,658,983

25,608,208

18,118,986

PreTent Jn TtateNent oG ĹłnancJal poTJtJon aT GollowJnH 6,610,085 DeGerred tax aTTetT 38,526,297 DeGerred tax lJaCJlJtJeT

9,676,475 32,530,438

13,184,606

5,990,441

Deferred tax liabilities: DeGerred tax lJaCJlJtJeT to Ce Tettled wJthJn 12 NonthT DeGerred tax lJaCJlJtZ to Ce Tettled aGter Nore than 12 NonthT

The aCove preTentatJon Jn TtateNent oG ĹłnancJal poTJtJon JT oGGTet Cetween deGerred tax aTTetT and deGerred tax lJaCJlJtJeT whJch relate to JncoNe taxeT levJed CZ the TaNe taxatJon authorJtZ Gor each taxaCle entJtZ. The NoveNent Jn deGerred tax aTTet and lJaCJlJtZ are the GollowJnH 6nJt Baht

Consolidated

Deferred tax assets AT at 1 JanuarZ 2012 TranTactJon recorded Jn proĹłt or loTT TranTactJon recorded Jn other coNprehenTJve JncoNe AT at 31 DeceNCer 2012 TranTactJon recorded Jn proĹłt or loTT AT at 31 DeceNCer 2013

108

Allowance for doubtful accounts

Plant and equipment

Impairment - assets

Employee beneĹłt

Total

5,304,790 4,940,219

468,971 766,079

4,248,100 430,395

13,040,742 283,428

23,062,603 6,420,121

364,571 364,571

297,108

398,389

695,497

3,817,705 2,737,800

1,079,905

5,162,538 17,919,852 364,856 18,284,708

5,162,538 21,805,020 2,771,333

19,033,687

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

17. Deferred income tax (Contâ&#x20AC;&#x2122;d) 6nJt Baht

Consolidated

Deferred tax liabilities AT at 1 JanuarZ 2012 TranTactJon recorded Jn proĹłt or loTT AT at 31 DeceNCer 2012 TranTactJon recorded Jn proĹłt or loTT AT at 31 DeceNCer 2013

Intangible asset

Liabilities under Ĺłnance lease agreements

Plant and equipment

27,110,073 1,669,748

25,440,325 1,669,747

23,770,578

105,633 138,221

32,588

32,180 408

10,699,060 8,552,186 19,251,246 7,928,483 27,179,729

Total 37,914,766 6,744,217 44,658,983 6,290,916 50,949,899

6nJt Baht

Company Deferred tax asset AT at 1 JanuarZ 2012 TranTactJon recorded Jn proĹłt or loTT TranTactJon recorded Jn other coNprehenTJve JncoNe AT at 31 DeceNCer 2012 TranTactJon recorded Jn proĹłt or loTT AT at 31 DeceNCer 2013

Allowance for doubtful accounts

Employee beneĹłt

Total

5,304,790 4,940,219

364,571 364,571

7,577,287 285,157

4,471,844 11,763,974 295,057 12,059,031

12,882,077 5,225,376

4,471,844 12,128,545 295,057 12,423,602

6nJt Baht

Liabilities under Ĺłnance lease agreements Deferred tax liabilities AT at 1 JanuarZ 2012 TranTactJon recorded Jn proĹłt or loTT AT at 31 DeceNCer 2012 TranTactJon recorded Jn proĹłt or loTT AT at 31 DeceNCer 2013

105,633 138,221

32,588

32,180 408

Plant and equipment

Total

10,126,364 8,025,210 18,151,574 7,457,042 25,608,616

10,231,997 7,886,989 18,118,986 7,489,222 25,608,208

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Company

109

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

18. Other non-current assets

6nJt Baht

Company

Consolidated 2013 Advance conTtructJon paZNent PrepaJd expenTeT DepoTJt and RetentJon ReceJvaCle GroN otherT Note 8

0ther

444,968,863 24,099,713 15,178,151 43,579,659 6,133,550 533,959,936

2012

2013

522,636,954 26,861,892 1,950,033 3,991,671 555,440,550

443,742,863 13,228,119 4,067,256 461,038,238

2012 516,191,454 250,380 3,579,863 520,021,697

19. Short-term loans from financial institutions

The detaJl oG Thort terN loanT GroN ĹłnancJal JnTtJtutJonT JT aT GollowT

6nJt Baht

Company

Consolidated 2013 ProNJTTorZ note

156,000,000 156,000,000

2012

2013

111,000,000 111,000,000

156,000,000 156,000,000

2012

AT at 31 DeceNCer 2013, Thort terN loan GroN ĹłnancJal JnTtJtutJonT JT unTecured proNJTTorZ note wJth a ĹłnancJal JnTtJtutJon whJch JT due 1 3 NonthT wJth an JntereTt rate oG 3.45 3.86 per annuN. 2012 3.40 3.53 per annuN

20. Trade accounts payable

6nJt Baht

Consolidated 2012 2013 ThJrd partJeT Related partJeT Note 34.2

110,871,897 33,274,816 144,146,713

142,552,463 15,008,102 157,560,565

Company 2013

2012 100,652,855 46,890,581 147,543,436

76,508,894 27,116,441 103,625,335

21. Finance lease liabilities

6nJt Baht

'Jnance leaTe lJaCJlJtJeT NJnJNuN leaTe paZNentT

Company

Consolidated Not later than 1 year -ater than 1 Zear Cut not later than 5 ZearT -eTT 'uture Ĺłnance charHeT on Ĺłnance leaTeT PreTent value oG Ĺłnance leaTe lJaCJlJtJeT 110

2013

2012

301,700 301,700

2,050,845 313,459 2,364,304

301,700 301,700

2,050,845 313,459 2,364,304

836

300,864

39,498

2,324,806

836

300,864

39,498

2,324,806

2013

2012

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

21. Finance lease liabilities (Contâ&#x20AC;&#x2122;d)

The preTent value oG Ĺłnance leaTe lJaCJlJtJeT JT aT GollowT

Not later than 1 Zear Thort terN portJon

-ater than 1 Zear Cut not later than 5 ZearT lonH terN portJon

6nJt Baht

Company

Consolidated 2013 2012

2013

2012

300,864

2,023,942 300,864

300,864

2,023,942 300,864

300,864

2,324,806

300,864

2,324,806

22. Long-term loans from financial institutions

.oveNentT Jn the lonH terN loanT GroN ĹłnancJal JnTtJtutJonT durJnH the Zear are TuNNarJTed Celow.

Company

2013

2012

2013

2012

4,193,970,694 967,830,512 751,440,000

4,410,361,206

2,946,020,466 2,339,970,694 1,092,020,466

4,193,970,694

3,634,000,000 822,000,000 704,000,000

3,752,000,000

2,422,500,000 1,780,000,000 568,500,000

3,634,000,000

Outstanding credit facilities 2013 Credit limit Million Million Baht Baht

The $oNpanZ a

1,500.0 1,000.0 1,700.0 1,520.0 975.0 1,215.0

744.0 183.0 841.0

2012 Million Baht

Consolidated 2013 Baht

2012 Baht

Company 2013 Baht

2012 Baht

200,000,000 600,000,000 200,000,000 600,000,000 228,750,000 320,250,000 228,750,000 320,250,000 1,381,250,000 1,593,750,000 1,381,250,000 1,593,750,000 1,064.0 776,000,000 456,000,000 776,000,000 456,000,000 496.0 792,000,000 479,000,000 792,000,000 479,000,000 1,030.0 374,000,000 185,000,000 374,000,000 185,000,000

The TuCTJdJarZ 474.4 15.8 a

15.8 411,170,406 458,610,406 525.6 278.4 C

424.2 247,190,800 101,360,288 8,910.0 2,062.2 3,030.0 4,410,361,206 4,193,970,694 3,752,000,000 3,634,000,000 Total -eTT $urrent portJon 568,610,000 737,690,000 490,250,000 690,250,000

-onH terN loanT GroN ĹłnancJal JnTtJtutJonT net oG current portJon 3,841,751,206 3,456,280,694 3,261,750,000 2,943,750,000

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Consolidated BalanceT aT at 1 JanuarZ Add AddJtJonal CorrowJnHT -eTT RepaZNentT BalanceT aT at 31 DeceNCer

6nJt Baht

111

112

1,500.0

1,000.0

1,700.0

25 AuHuTt 2009

22 .aZ 2009

6 DeceNCer 2007

Credit facility Date of (Million Baht) agreement

6Te Jn the $oNpanZÄ´T pJpelJne conTtructJon

To JnveTt Jn pJpelJne NaJntenance proKect

To repaZ a CrJdHJnH loan

Objective

6nTecured

6nTecured, wJth TtatuT eRuJvalent to unTecured and un TuCordJnated deCtT

Type of loan

The 1Tt 12th NonthT .oneZ .arLet Rate ..R Gor loanT wJth NaturJtJeT oG no Nore than 1 Zear GroN drawdown date The 13th 48th NonthT .JnJNuN -oan Rate NJnuT 1.75 percent per annuN .-R 1.75

The 49th Nonth onwardT .JnJNuN -oan Rate NJnuT 1.50 percent per annuN .-R 1.50

0n 13 4epteNCer 2010, the JntereTt rate haT Ceen chanHed to Ce Ĺłxed at 3.45 per annuN Gor the ĹłrTt Zear T)B'I9 1.75 per annuN Gor the Tecond to the thJrd ZearT and T)B'I9 2 per annuN Gor the Gourth to the TJxth ZearT.

The 1Tt 36th NonthT 'Jxed rate at 4.80 percent per annuN The 37th 60th NonthT .JnJNuN -oan Rate NJnuT 1.75 percent per annuN .-R 1.75

The 61Tt Nonth onwardT .JnJNuN -oan Rate NJnuT 1.50 percent per annuN .-R 1.50

0n 1 'eCruarZ 2011, the JntereTt rate haT Ceen chanHed to Ce T)B'I9 3 NonthT

1.50 per annuN Gor the 37th Nonth onwardT.

Interest rate

PrJncJpal wJth accrued JntereTt JG anZ JT to Ce GullZ paJd wJthJn 12 NonthT GroN the aHreeNent date. 0n 13 4epteNCer 2010, the condJtJon Gor the repaZNent oG the prJncJpal haT Ceen chanHed to TeNJ annual JnTtallNentT, total 10 JnTtall NentT at Baht 100 NJllJon each Ttart GroN the end oG NoveNCer 2011. 0n 29 NoveNCer 2011, the condJtJon Gor the repaZNent oG prJncJple haT Ceen chanHed CZ JnTtallNent paZNent Gor aNount Baht 33 NJllJon whJch total 2 JnTtallNentT at Baht 16.5 NJllJon each Ttart GroN the end oG NoveNCer 2011 and the end oG .aZ 2012. The reNaJn JnH Calance wJll Ce repaJd CZ TeNJ annual JnTtallNentT, total 8 JnTtallNentT each Ttart GroN the end oG NoveNCer 2012.

Debt covenant

PrJncJpal JT repaZaCle Jn TeNJ annual JnTtallNentT, CeHJnnJnH aGter a Hrace perJod oG 12 NonthT GroN the aHreeNent date aT Tcheduled Celow. The 1Tt 6th JnTtallNentT Baht 50 NJllJon each The 7th 12th JnTtallNentT Baht 200 NJl lJon each

Repayment schedule

The 1Tt 4th ZearT 'Jxed rate at 3.50 PrJncJpal JT repaZaCle Jn 16 TeNJ annual None 10 ZearT percent per annuN The 5th 7th ZearT .JnJNuN -oan Rate JnTtallNentT, CeHJnnJnH aGter a Hrace perJod NJnuT 2.25 percent per annuN oG 30 NonthT GroN the ĹłrTt draw down date. .-R 2.25

The 8th 10th ZearT .JnJNuN -oan Rate NJnuT 2.00 percent per annuN .-R 2.00

7 ZearT

Period

-onH terN loanT oG the $oNpanZ and JtT TuCTJdJarJeT GroN ĹłnancJal JnTtJtutJonT are Thown Celow. -onH terN loanT oG the $oNpanZ

22. Long-term loans from financial institutions (Contâ&#x20AC;&#x2122;d)

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

113

975.0

1,215.0

21 4epteNCer 2012

16 JulZ 2012

23 .aZ 2012

To JnveTt Jn TuCNa proKect

To JnveTt Jn BanHphra proKect

To JnveTt Jn TuCNa proKect

Objective

6nTecured

Type of loan

21 4epteNCer 2012

525.6

To JnveTt

To Tettle an exJTtJnH loan GroN the $oNpanZ

Objective

6nTecured

Type of loan

Annual Report 2013 Eastern Water Resources Development and Management PLC.

21 4epteNCer 2012

474.4

Credit facility Date of (Million Baht) agreement

Interest rate

10 ZearT The 1Tt 3rd ZearT 'Jxed rate at 4.625 percent per annuN The 4th Zear onwardT .JnJNuN -oan Rate NJnuT 2.65 percent per annuN .-R 2.65

Period

Debt covenant The TuCTJdJarZ JT reRuJred to coNplZ wJth certaJn condJtJonT JncludJnH the NaJntenance oG a deCt TervJce coveraHe ratJo D4$R

oG not lower than 1.10 tJNeT, etc. The TuCTJdJarZ JT reRuJred to coNplZ wJth certaJn condJtJonT JncludJnH the NaJntenance oG a deCt TervJce coveraHe ratJo D4$R

oG not lower than 1.10 tJNeT, etc.

PrJncJpal JT repaZaCle Jn 20 TeNJ annual JnTtallNentT, CeHJnnJnH aGter a Hrace perJod oG 6 NonthT GroN the ĹłrTt draw down date and to Ce coNpleted wJthJn 10 ZearT GroN the ĹłrTt draw down date. PrJncJpal JT repaZaCle Jn 17 TeNJ annual JnTtallNentT, 16 eRual JnTtallNentT and the 17th JnTtallNent laTt JnTtallNent paZNent oG all the reTt, CeHJnnJnH aGter a Hrace perJod oG 24 NonthT GroN the ĹłrTt draw down date and to Ce coNpleted wJthJn 10 ZearT GroN the ĹłrTt draw down date.

The $oNpanZ JT reRuJred to coNplZ wJth certaJn condJtJonT JncludJnH the NaJntenance oG a deCt to eRuJtZ ratJo oG not exceedJnH 2 tJNeT and a deCt TervJce coveraHe ratJo D4$R oG not lower than 1.10 tJNeT, etc. The $oNpanZ JT reRuJred to coNplZ wJth certaJn condJtJonT JncludJnH the NaJntenance oG a deCt to eRuJtZ ratJo oG not exceedJnH 2 tJNeT and a deCt TervJce coveraHe ratJo D4$R oG not lower than 1.10 tJNeT, etc.

Debt covenant

Repayment schedule

PrJncJpal JT repaZaCle Jn 11 TeNJ annual JnTtallNentT, CeHJnnJnH aGter a Hrace perJod oG 60 NonthT GroN the aHreeNent date aT Tcheduled Celow. The 1Tt 4 th JnTtallNentT Baht 100 NJllJon each The 5th 10th JnTtallNentT Baht 116 NJllJon each The 11th Zear JnTtallNent Baht 119 NJllJon

The 1Tt 3rd ZearT 'Jxed rate at 4.65 percent per annuN The 4th 10th ZearT 6 NonthT 'Jxed depoTJt JntereTt rate pluT 1.875 percent per annuN. $urrentlZ,6 NonthT 'Jxed depoTJt JntereTt rate JT 2.60 percent per annuN

10 ZearT

The 1Tt 3rd ZearT 'Jxed rate at 4.75 percent per annuN The 4th 10th ZearT 6 NonthT 'Jxed depoTJt JntereTt rate pluT 1.875 percent per annuN. $urrentlZ,6 NonthT 'Jxed depoTJt JntereTt rate JT 2.60 percent per annuN

10 ZearT

Repayment schedule

PrJncJpal JT repaZaCle Jn 14 TeNJ annual JnTtallNentT, CeHJnnJnH aGter a Hrace perJod oG 42 NonthT GroN the aHreeNent date aT Tcheduled Celow. The 1Tt 4 th JnTtallNentT Baht 100 NJllJon each The 5th 14th JnTtallNentT Baht 112 NJllJon each The 1Tt 3rd ZearT 'Jxed rate at 4.75 PrJncJpal JT repaZaCle Jn 14 TeNJ annual JnTtallNentT, CeHJnnJnH aGter a Hrace perJod percent per annuN The 4th Zear onwardT .JnJNuN -oan oG June 2015. Rate NJnuT 2.65 percent per annuN The 1Tt 8 th JnTtallNentT Baht 50 NJllJon each The 9th 14th JnTtallNentT Baht 95.83 .-R 2.65

NJllJon each

Interest rate

10 ZearT

Period

-onH terN loanT oG TuCTJdJarZ 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

1,520.0

Credit facility Date of (Million Baht) agreement

22. Long-term loans from financial institutions (Contâ&#x20AC;&#x2122;d)

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

23. Accrued expenses 6nJt Baht

Company

Consolidated 2013 Accrued ConuT Accrued proKect coNpenTatJon Accrued utJlJtJeT expenTeT 0therT

61,213,928 34,988,297 13,937,617 23,015,470 133,155,312

2012

2013

2012

55,435,823 31,902,547 4,139,726 28,521,623 119,999,719

41,026,000 34,988,297 10,368,096 86,382,393

42,329,000 31,902,547 18,210,104 92,441,651

24. Employee benefit obligations

6nJt Baht

Company

Consolidated 2013

2012

2013

2012

87,840,407 3,583,136 91,423,543

86,020,874 3,364,511 89,385,385

58,048,083 2,247,072 60,295,155

56,512,335 2,093,656 58,605,991

ProĹłt and loTT PoTt eNploZNent CeneĹłtT 0ther lonH terN CeneĹłtT

12,352,915 898,967 13,251,882

1,550,609 4,538,211 6,088,820

7,811,190 548,696 8,359,886

1,143,262 2,727,656 3,870,918

0ther coNprehenTJve JncoNe ActuarJal loTTeT on deĹłned eNploZee CeneĹłt planT

25,812,692

22,359,221

4tateNent oG 'JnancJal PoTJtJon PoTt eNploZNent CeneĹłtT 0ther lonH terN CeneĹłtT

24.1 Defined benefit plan The aNountT recoHnJTed Jn the TtateNent oG ĹłnancJal poTJtJon are deterNJned aT GollowT

Company

Consolidated PreTent value oG Gunded oClJHatJonT -JaCJlJtZ Jn the TtateNent oG ĹłnancJal poTJtJon

114

6nJt Baht

2013

2012

2013

2012

87,840,407

86,020,874

58,048,083

56,512,335

87,840,407

86,020,874

58,048,083

56,512,335

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

24. Employee benefit obligations (Contâ&#x20AC;&#x2122;d)

24.1 Defined benefit plan (Contâ&#x20AC;&#x2122;d) The NoveNent Jn the deĹłned CeneĹłt oClJHatJon over the Zear JT aT GollowT

6nJt Baht

Company

Consolidated 2012

2013

2012

86,020,874 8,952,680 3,400,235

64,958,355 7,562,761 3,008,467

56,512,335 5,551,188 2,260,002

37,672,554 3,768,719 1,737,102

9,020,619

4,362,559

10,533,382

87,840,407

25,812,692 6,300,782

86,020,874

6,275,442

58,048,083

22,359,221 4,662,702

56,512,335

The aNountT recoHnJTed Jn the JncoNe TtateNent are aT GollowT

6nJt Baht

Company

Consolidated $urrent TervJce coTt IntereTt coTt DJGGerence Cetween eTtJNated and actual CeneĹłt paJd Total

2013

2012

2013

2012

8,952,680 3,400,235

7,562,761 3,008,467

5,551,188 2,260,002

3,768,719 1,737,102

12,352,915

9,020,619

1,550,609

7,811,190

4,362,559

1,143,262

0G the total charHe Jn conTolJdated ĹłnancJal TtateNentT, Baht 6.1 NJllJon 2012 Baht 0.7 NJllJon and Baht 6.3 NJllJon 2012 Baht 0.9 NJllJon were Jncluded Jn ÄłcoTt oG TaleTÄ´ and ÄładNJnJTtratJve expenTeTÄ´, reTpectJvelZ. 0G the total charHe Jn coNpanZ ĹłnancJal TtateNentT, Baht 3.5 NJllJon 2012 Baht 0.5 NJllJon and Baht 4.3 NJllJon 2012 Baht 0.6 NJllJon were Jncluded Jn ÄłcoTt oG TaleTÄ´ and ÄładNJnJTtratJve expenTeTÄ´, reTpectJvelZ. The prJncJpal actuarJal aTTuNptJonT uTed were aT GollowT

DJTcount rate InĹ´atJon rate 4alarZ JncreNent rate

6nJt per annuN

2013

2012

4.1 3.5 5.0 10.0

Annual Report 2013 Eastern Water Resources Development and Management PLC.

At 1 JanuarZ $urrent TervJce coTt IntereTt coTt DJGGerence Cetween eTtJNated and actual CeneĹłt paJd ActuarJal loTTeT on deĹłned eNploZee CeneĹłt planT BeneĹłtT paJd At 31 DeceNCer

2013

115

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

24. Employee benefit obligations (Contâ&#x20AC;&#x2122;d)

24.2 Other long-term benefits The aNountT recoHnJTed Jn the TtateNent oG ĹłnancJal poTJtJon are deterNJned aT GollowT

Company

Consolidated PreTent value oG Gunded oClJHatJonT -JaCJlJtZ Jn the TtateNent oG ĹłnancJal poTJtJon

6nJt Baht

2013

2012

2013

2012

3,583,136

3,364,511

2,247,072

2,093,656

3,583,136

3,364,511

2,247,072

2,093,656

The NoveNent Jn the deĹłned CeneĹłt oClJHatJon over the Zear JT aT GollowT

6nJt Baht

Company

Consolidated At 1 JanuarZ $urrent TervJce coTt IntereTt coTt BeneĹłtT paJd At 31 DeceNCer

2013

2012

2013

2012

3,364,511 778,801 120,166 680,342

3,583,136

4,412,051 126,160 1,173,700

3,364,511

2,093,656 473,313 75,383 395,280

2,247,072

2,650,619 77,037 634,000

2,093,656

The aNountT recoHnJTed Jn the JncoNe TtateNent are aT GollowT

6nJt Baht

Company

Consolidated 2013 $urrent TervJce coTt IntereTt coTt Total

778,801 120,166 898,967

2012 4,412,051 126,160 4,538,211

2013

2012

473,313 75,383 548,696

2,650,619 77,037 2,727,656

0G the total charHe Jn conTolJdated ĹłnancJal TtateNentT, Baht 0.9 NJllJon 2012 Baht 4.5 NJllJon were Jncluded Jn adNJnJTtratJve expenTeT. 0G the total charHe Jn coNpanZ ĹłnancJal TtateNentT, Baht 0.5 NJllJon 2012 Baht 2.7 NJllJon were Jncluded Jn adNJnJTtratJve expenTeT. 6nJt per annuN

The prJncJpal actuarJal aTTuNptJonT uTed were aT GollowT DJTcount rate (old prJce JnĹ´atJon rate

116

2013

2012

4.1 6.0

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

25. Other non-current liabilities

6nJt Baht

Company

Consolidated RetentJonT paZaCle Rental HuaranteeT receJved GroN related partZ Note 34.2

2013

2012

2013

2012

130,893,399

182,882,384

110,464,999

157,770,797

130,893,399

182,882,384

58,110 110,523,109

58,110 157,828,907

Number of shares

Ordinary shares

Share premium

Total

1,663,725,149 1,663,725,149 1,663,725,149

2,138,522,279 2,138,522,279 2,138,522,279

3,802,247,428 3,802,247,428 3,802,247,428

26. Share capital

At 1 JanuarZ 2012 ITTue oG ThareT At 31 DeceNCer 2012 ITTue oG ThareT At 31 DeceNCer 2013

6nJt Baht

The total reHJTtered oG ordJnarZ ThareT haT a par value oG Baht 1 per Thare 2012 Baht 1 per Thare . All JTTued ThareT are GullZ paJd.

27. Legal reserve

PurTuant to TectJon 116 oG the PuClJc -JNJted $oNpanJeT Act B.E. 2535, the $oNpanZ JT reRuJred to Tet aTJde a leHal reTerve eRual to at leaTt 5 percent oG JtT net proĹłt Gor the Zear aGter deductJnH accuNulated deĹłcJt CrouHht Gorward JG anZ , untJl Tuch reTerve reacheT 10 percent oG the $oNpanZÄ´T reHJTtered Thare capJtal. The leHal reTerve JT non dJTtrJCutaCle. AT at 31 DeceNCer 2013 and 2012, the $oNpanZÄ´T leHal reTerve haT Ceen GullZ reached.

28. Other component of equity Consolidated and Company At 1 JanuarZ ANortJTatJon oG aTTetT tranTGerred GroN cuTtoNerT At 31 DeceNCer

2013

2012

31,754,624 3,397,523

28,357,101

35,152,147 3,397,523

31,754,624

ATTetT tranTGerred GroN cuTtoNerT repreTent water dJTtrJCutJon pJpelJne TZTteNT and water NeaTured eRuJpNent tranTGerred to the $oNpanZ CZ cuTtoNerT Jn accordance wJth the water TupplZ aHreeNent. The $oNpanZ recorded aT propertZ, plant and eRuJpNent aHaJnTt aTTetT tranTGerred GroN cuTtoNerT account whJch Jnclude Jn eRuJtZ and recoHnJTe to revenue over the uTeGul lJGe oG aTTet.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

6nJt Baht

117

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

29. Dividends

DJvJdendT declared durJnH the Zear conTJTt oG the GollowJnH

Dividend Total dividends per share Million Baht Million Baht

Approved by Year 2013 DJvJdend Gor the Zear 2012 InterJN dJvJdendT on operatJnH reTultT Gor the TJx Nonth perJod ended 30 June 2013

Annual (eneral .eetJnH oG the ThareholderT on 30 AprJl 2013 Board oG DJrectorÄ´T NeetJnH on 30 AuHuTt 2013

399.3

InterJN dJvJdendT on operatJnH reTultT Gor the TJx Nonth perJod ended 30 June 2012

23 .aZ 2013 27 4epteNCer 2013

332.7 732.0

0.20

Total Dividend dividends per share Million Baht Million Baht

Approved by Year 2012 DJvJdend Gor the Zear 2011

0.24

Paid on

Annual (eneral .eetJnH oG the ThareholderT on 29 .arch 2012 Board oG DJrectorÄ´T NeetJnH on 22 AuHuTt 2012

Paid on

499.1

0.30

24 AprJl 2012

332.7 831.8

0.20

21 4epteNCer 2012

30. Other income

6nJt Baht

Company

Consolidated IntereTt JncoNe DJvJdend JncoNe Note 34.1

0therT

118

2013

2012

2013

2012

9,167,887 24,053,425 22,724,441 55,945,753

8,292,470 25,094,458 15,151,154 48,538,082

4,495,033 44,351,422 21,362,701 70,209,156

3,056,401 72,269,458 14,712,091 90,037,950

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

31. Expenses by nature

4JHnJĹłcant expenTeT CZ nature are aT Gollow

6nJt Baht

Company

Consolidated 2012

2013

2012

252,417,074 401,221,279 70,939,694 22,920,954 546,650,630 187,878,366 196,288,184 123,984,921 630,000

263,576,540 345,085,665 63,579,436 6,807,635 443,750,243 156,374,801 284,350,564 95,246,374 4,110,000

158,835,371 310,959,994 55,571,346 405,786,877 155,853,083 56,236,071 52,877,623 78,756,637 182,955,371

155,825,213 267,319,731 52,470,606 398,975,692 148,663,152 56,546,286 46,529,164 59,257,443 229,277,990

45,984,766 112,951,617

62,217,726 89,990,782

44,072,506 82,490,738

60,631,965 63,474,844

32. Income tax

6nJt Baht

Company

Consolidated

$urrent tax $urrent tax on proĹłtT Gor the Zear AdKuTtNentT Jn reTpect oG prJor Zear Total current tax DeGerred tax 0rJHJnatJon and reverTal oG teNporarZ dJGGerenceT Total deferred tax Total tax expenTe

2013

2012

2013

2012

336,946,834 5,134,823 342,081,657

360,396,245 9,000,858

351,395,387

314,110,925 5,621,279 319,732,204

314,112,591 9,000,858

305,111,733

9,062,249 9,062,249

13,164,339 13,164,339

7,194,165 7,194,165

13,112,365 13,112,365

351,143,906

364,559,726

326,926,369

318,224,098

Annual Report 2013 Eastern Water Resources Development and Management PLC.

4alarZ and waHeT and other eNploZee CeneĹłtT DeprecJatJon and aNortJTatJon expenTeT Rental expenTeT Raw NaterJalT and conTuNaCleT uTed ElectrJcJtZ expenTeT PurchaTeT oG raw water PurchaTeT oG tap water )JrJnH and TervJce expenTeT RepaJr and NaJntenance expenTeT -oTTeT on JNpaJrNent oG aTTetT WaterworLT NanaHeNent expenTe ExpenTeT Gor developNent oG lJGe RualJtZ and envJronNent 'Jnance coTtT

2013

119

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

32. Income tax (Contâ&#x20AC;&#x2122;d)

The tax on the (roupÄ´T proĹłt CeGore tax dJGGerT GroN the theoretJcal aNount that would arJTe uTJnH the CaTJc tax rate oG the hoNe countrZ oG the coNpanZ aT GollowT

Company

Consolidated 2012 2013 ProĹłt CeGore tax Tax calculated at a tax rate oG 20 2012 23

Tax eGGect oG IncoNe not TuCKect to tax ExpenTeT not deductJCle Gor tax purpoTe AdKuTtNent Jn reTpect oG prJor Zear Tax charHe

6nJt Baht

ReTtated

2013

2012

1,667,118,892

1,604,731,256

1,585,481,456

1,465,071,276

333,423,778

369,088,189

317,096,291

336,966,393

4,810,685

17,395,990 5,134,823 351,143,906

5,771,725

10,244,120 9,000,858

364,559,726

8,870,284

13,079,083 5,621,279 326,926,369

16,621,975

6,880,538 9,000,858

318,224,098

The eGGectJve tax rate waT 19.88 2012 21.89 . The tax charHe credJt relatJnH to coNponent oG other coNprehenTJve JncoNe JT aT GollowT

2013

Before tax ActuarJal loTT on retJreNent CeneĹłt oClJHatJonT Other comprehensive income $urrent tax DeGerred tax

Tax (charge) credit 342,081,657 9,062,249 351,143,906

Consolidated After tax

Before tax

25,812,692 25,812,692

6nJt Baht

2012

Tax (charge) credit 5,162,538

5,162,538

351,395,387 13,164,339 359,397,188

After tax 20,650,154 20,650,154

6nJt Baht

2013 ActuarJal loTT on retJreNent CeneĹłt oClJHatJonT Other comprehensive income $urrent tax DeGerred tax

120

Tax (charge) Before tax credit

319,732,204 7,194,165 326,926,369

Company After tax

Before tax

22,359,221 22,359,221

2012 Tax (charge) credit 4,471,844

4,471,844

305,111,733 13,112,365 313,752,254

After tax 17,887,377 17,887,377

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

33. Earnings per share

BaTJc earnJnHT per Thare JT calculated CZ dJvJdJnH the net proĹłt attrJCutaCle to ThareholderT CZ the weJHhted averaHe nuNCer oG ordJnarZ ThareT Jn JTTue durJnH the Zear.

Consolidated 2013 2012

Net proĹłt attrJCutaCle to ordJnarZ ThareholderT Baht

WeJHhted averaHe nuNCer oG ordJnarZ ThareT Jn JTTue 4hare

BaTJc earnJnHT per Thare Baht

Company

2013

2012

1,316,057,393

1,239,741,859

1,258,555,087

1,146,847,178

1,663,725,164 0.79

1,663,725,149 0.75

1,663,725,149 0.76

1,663,725,149 0.69

There are no potentJal dJlutJve ordJnarZ ThareT Jn JTTue Gor the ZearT ended 2013 and 2012.

34. Related parties transactions

EnterprJTeT and JndJvJdualT that dJrectlZ, or JndJrectlZ throuHh one or Nore JnterNedJarJeT, control, or are controlled CZ, or are under coNNon control wJth, the coNpanZ, JncludJnH holdJnH coNpanJeT, TuCTJdJarJeT and Gellow TuCTJdJarJeT are related partJeT oG the coNpanZ. ATTocJateT and JndJvJdualT ownJnH an, JndJrectlZ or dJrectlZ, JntereTt Jn the votJnH power oG the coNpanZ that HJveT theN TJHnJĹłcant JnĹ´uence over the enterprJTe, LeZ NanaHeNent perTonnel, JncludJnH dJrectorT and oGĹłcerT oG the coNpanZ and cloTe NeNCerT oG the GaNJlZ oG theTe JndJvJdualT and coNpanJeT aTTocJated wJth theTe JndJvJdualT alTo conTtJtute related partJeT. In conTJderJnH each poTTJCle related partZ relatJonThJp, attentJon JT dJrected to the TuCTtance oG the relatJonThJp, and not NerelZ the leHal GorN. The $oNpanZ JT a puClJc lJTted coNpanZ. The NaKor Thareholder JT the ProvJncJal WaterworLT AuthorJtZ whJch ownT 40.2 oG the coNpanZÄ´T Thare. The GollowJnH tranTactJonT were carrJed out wJth related partJeT

Sales - raw water Major shareholders InduTtrJal ETtate AuthorJtZ oG ThaJland ProvJncJal WaterworLT AuthorJtZ ElectrJcJtZ (eneratJnH PuClJc $oNpanZ -JNJted Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted Sales - tap water Major shareholders ProvJncJal WaterworLT AuthorJtZ

Company

Consolidated

6nJt Baht

2013

2012

2013

2012

901,059,642 703,441,918 38,129,364

838,526,052 717,222,599 52,807,922

901,059,642 703,441,918 38,129,364

838,526,052 717,222,599 52,807,922

1,642,630,924

1,608,556,573

159,832,020 1,802,462,944

152,811,805 1,761,368,378

726,737,924

701,421,894

132,080,835

149,314,540

Annual Report 2013 Eastern Water Resources Development and Management PLC.

34.1 Transactions incurred during the year

121

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

34. Related parties transactions (Contâ&#x20AC;&#x2122;d) 34.1 Transactions incurred during the year (Contâ&#x20AC;&#x2122;d)

Rental and service income Major shareholder ProvJncJal WaterworLT AuthorJtZ Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

6nJt Baht

Company

Consolidated 2012 2013

2013

2012

22,714,208

77,209,828

22,714,208

77,209,828

4,802,855 4,802,855

4,743,198 4,743,198

20,297,997

47,175,000

4,969,005 1,218,000 6,187,005

5,595,309 5,595,309

239,191,442

285,824,275

Dividend income Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted Other income Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted 4aNed 6tJlJtJeT $oNpanZ -JNJted Costs of sales and costs of services Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted 4aleT oG raw water are charHed TJNJlar to NarLet prJceT.

4aleT oG tap water, rental and TervJce JncoNe and other JncoNe are charHed at NutuallZ aHreed prJceT aT TtJpulated Jn the contractT. $oTtT oG TaleT and TervJceT are charHed at NutuallZ aHreed prJceT aT TtJpulated Jn the contractT. 34.2 Outstanding balances at end of the years

Trade accounts receivable - billed Major shareholders ProvJncJal WaterworLT AuthorJtZ InduTtrJal ETtate AuthorJtZ oG ThaJland ElectrJcJtZ (eneratJnH PuClJc $oNpanZ -JNJted Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

122

6nJt Baht

Consolidated 2012 2013

Company 2013

2012

71,609,527 121,020,565 1,497,221

114,576,943 73,326,372 3,492,009

61,931,414 121,020,565 1,497,221

114,576,943 73,326,372 3,492,009

194,127,313

191,395,324

3,564,776 188,013,976

14,464,371 205,859,695

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

34. Related parties transactions (Contâ&#x20AC;&#x2122;d)

6nJt Baht

34.2 Outstanding balances at end of the years (Contâ&#x20AC;&#x2122;d)

Company

Unbilled receivables Major shareholder ProvJncJal WaterworLT AuthorJtZ Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

Water loss treatment service income receivables Major shareholder ProvJncJal WaterworLT AuthorJtZ CJlled unCJlled

Other receivable (include in trade and other receivables) Major shareholder ProvJncJal WaterworLT AuthorJtZ Subsidiary 6nJverTal 6tJlJtJeT $oNpanZ -JNJted EW 4Nart Water RaZonH $oNpanZ -JNJted EW 6tJlJtJeT $oNpanZ -JNJted EW Water Balance $honCurJ $oNpanZ -JNJted 4aNet 6tJlJtJeT $oNpanZ -JNJted Trade accounts payable Major shareholders ProvJncJal WaterworLT AuthorJtZ Subsidiary 4aNet 6tJlJtJeT $oNpanZ -JNJted 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

Rental guarantees (include in other non-current liabilities) Subsidiaries 6nJverTal 6tJlJtJeT $oNpanZ -JNJted

2013

2012

82,327,322

80,097,984

82,327,322

80,097,984

11,419,289 11,419,289

4,786,484 4,786,484

686,503 3,409,716 4,096,219

153,348 7,525,503 7,678,851

10,956

15,237

10,956

15,237

870,813 17,510 17,550 17,491 42,800 966,164

1,362,480 400 400 400 384,293 1,747,973

33,274,816

15,008,102

12,098,743

709,950

33,274,816

15,008,102

15,017,698 27,116,441

137,496 46,043,135 46,890,581

58,110

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Consolidated 2013 2012

123

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

34. Related parties transactions (Contâ&#x20AC;&#x2122;d)

34.3 Key management compensation ,eZ NanaHeNent coNpenTatJon coNpoTed oG TalarJeT, NeetJnH allowanceT HratuJtJeT and poTt eNploZee CeneĹłtT can Ce 6nJt Baht

cateHorJTed aT GollowT

Company

Consolidated

4hort terN eNploZee CeneĹłtT PoTt eNploZNent CeneĹłtT 0ther lonH terN eNploZee CeneĹłtT

2013

2012

2013

2012

78,062,744 5,177,541 62,034 83,302,319

81,101,715 2,630,827 595,995 84,328,537

52,143,165 4,072,788 44,519 56,260,472

58,258,466 1,795,143 241,211 60,294,820

35. Commitments and contingent liabilities

35.1 Capital commitments AT at 31 DeceNCer 2013, the (roup and the $oNpanZ had coNNJtNentT Jn reTpect oG Jn proHreTT conTtructJon and JnTtallatJon oG the water dJTtrJCutJon pJpelJne Jn the conTolJdated and coNpanZ ĹłnancJal TtateNentT totalJnH Baht 2,498.6 NJllJon and Baht 2,404.7 NJllJon, reTpectJvelZ 2012 Baht 5,538.0 NJllJon and Baht 5,495.6 NJllJon, reTpectJvelZ . 35.2 Operating lease commitments The Guture aHHreHate NJnJNuN leaTe paZNentT Jn reTpect oG the leaTe oG Notor vehJcleT, coNputer and land under non cancellaCle operatJnH leaTeT contractT are aT GollowT. 6nJt .JllJon Baht

WJthJn 1 Zear 1 to 5 ZearT .ore than 5 ZearT

Company

Consolidated 2013 2012

2013

2012

8.3 6.2 4.1 18.6

10.0 13.5 23.5

5.8 5.1 10.9

18.4 27.6 4.1 50.1

35.3 Raw water and tap water purchase agreements and long-term service commitments 35.3.1 AT at 31 DeceNCer 2013 and 2012, the $oNpanZ had coNNJtNent Jn reTpect oG a raw water purchaTe aHreeNent wJth the RoZal IrrJHatJon DepartNent whereCZ Jt JT to purchaTe raw water at the prJce TpecJĹłed Jn a .JnJTterJal ReHulatJon. The aHreeNent haT no TpecJĹłc the end date. 35.3.2 AT at 31 DeceNCer 2013 and 2012, the $oNpanZ and JtT TuCTJdJarZ had coNNJtNentT Jn reTpect oG raw water and tap water purchaTe aHreeNentT wJth prJvate coNpanJeT at the condJtJon and prJce aT deTcrJCed Jn NoteT 38.5 to the ĹłnancJal TtateNentT. 35.3.3 AT at 31 DeceNCer 2013, the (roup and the $oNpanZ had coNNJtNentT Jn reTpect oG TervJce aHreeNentT paZaCle Jn the Guture oG approxJNatelZ Baht 68.2 NJllJon and Baht 65.0 NJllJon, reTpectJvelZ 2012 Baht 52.9 NJllJon and Baht 46.7 NJllJon, reTpectJvelZ . 35.4 Guarantees 35.4.1 AT at 31 DeceNCer 2013, the (roup and the $oNpanZ had contJnHent lJaCJlJtJeT GroN letterT oG Huarantee JTTued CZ local coNNercJal CanLT to the ProvJncJal ElectrJcJtZ AuthorJtZ Gor electrJcJtZ conTuNptJon, to the .JnJTtrZ oG 'Jnance Gor NanaHeNent and operatJon oG the NaKor water dJTtrJCutJon pJpelJne TZTteNT Jn the EaTtern 4eaCoard area, to the ProvJncJal ElectrJcJtZ AuthorJtZ and the RoZal IrrJHatJon DepartNent Gor coNplJance to aHreeNentT, and to counterpartZ Gor CJd CondT and perGorNance CondT totallJnH Baht 119.3 NJllJon and Baht 71.5 NJllJon, reTpectJvelZ. 2012 Baht 202.5 NJllJon and Baht 149.4 NJllJon, reTpectJvelZ . 124

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

35. Commitments and contingent liabilities (Contâ&#x20AC;&#x2122;d)

35.4 Guarantees (Contâ&#x20AC;&#x2122;d) 35.4.2 AT at 31 DeceNCer 2013 and 2012, the (roup had contJnHent lJaCJlJtJeT Jn reTpect oG CeJnH a Huarantor to JtT three TuCTJdJarJeT Gor letterT oG Huarantee JTTued CZ local coNNercJal CanLT to thoTe TuCTJdJarJeT Jn a credJt lJNJt oG Baht 200 NJllJon Gor coNplJance to aHreeNentT wJth reTpect to theJr electrJcJtZ conTuNptJon Huarantee, tap water productJon and dJTtrJCutJon and water conTuNerT JnGorNatJon recordT.

36. Litigation

AT at 31 DeceNCer 2013 and 2012, the $oNpanZ and JtT TuCTJdJarZ were Tued aT deGendantT Jn TJHnJĹłcant lJtJHatJon caTeT aT GollowT 36.1 0n 20 0ctoCer 2008, the $oNpanZ waT Tued CZ a coNpanZ Jn a lawTuJt wJth a ClacL caTe nuNCer 5930 2551 reHardJnH a Creach oG a conTtructJon aHreeNent. The lJtJHatJon Ĺłled wJth the $JvJl $ourt CZ the plaJntJGG reRueTted that the $oNpanZ paZ daNaHeT totallJnH Baht 40.2 NJllJon. 0n 29 DeceNCer 2008, the $oNpanZ Ĺłled a lawTuJt wJth a ClacL caTe nuNCer 6848 2551 reHardJnH a Creach oG a conTtructJon contract, TuJnH the aGoreNentJoned coNpanZ and a local coNNercJal CanL aT the worL Huarantor oG that coNpanZ. The lJtJHatJon Ĺłled wJth the $JvJl $ourt CZ the $oNpanZ reRueTted that the deGendantT paZ daNaHeT totallJnH Baht 37.4 NJllJon. 0n 26 JanuarZ 2009, the $JvJl $ourt Tet a date Gor the TettleNent oG JTTueT under the lawTuJt wJth the ClacL caTe nuNCer 5930 2551. )owever, the attorneZ oG the $oNpanZ haT petJtJoned the $ourt to NerHe the TettleNent oG JTTueT oG the lawTuJt wJth the ClacL caTe nuNCer 6848 2551 to Ce Jn one caTe TJnce Coth caTeT are CaTed on the TaNe Gactual JnGorNatJon. The $ourt conTJdered the reRueTt and Tet a date Gor the TettleNent oG JTTueT oG theTe two lawTuJtT on 23 .arch 2009. 0n 23 .arch 2009, the $JvJl $ourt Tet a date Gor JnveTtJHatJon oG plaJntJGGÄ´T wJtneTTeT durJnH 17 19 'eCruarZ 2011 and a date Gor JnveTtJHatJon oG deGendantÄ´T wJtneTTeT durJnH 23 24 'eCruarZ 2010. 0n 30 JulZ 2010, The $JvJl $ourt delJvered JtT KudHeNent oG the red caTe nuNCer 3169 2553 and 3170 2553 whJch can Ce TuNNarJTed aT GollowT

2. The $oNpanZ JT reRuJred to paZ the 30th and 31Tt JnTtallNent oG conTtructJon coTt accordJnH to the aHreeNent oG Baht 13.0 NJllJon toHether wJth the addJtJonal coTtT oG Baht 7.0 NJllJon and the return oG retentJon coTtT oG Baht 3.8 NJllJon, totallJnH Baht 23.8 NJllJon. .oreover, the $oNpanZ JT reRuJred to return all eJHht CanL HuaranteeT to the lJtJHant. )owever, Gor the CeneĹłt oG the $oNpanZ, a lawZer waT appoJnted to lodHe an appeal wJth the court on 29 0ctoCer 2010 reHardJnH the Ĺłne and the addJtJonal coTtT. The $oNpanZ haT recorded lJaCJlJtJeT oG the conTtructJon coTtT and the retentJon coTtT oG Baht 16.8 NJllJon TtJll, not recorded Baht 7.0 NJllJon oG the addJtJonal coTtT. 0n 9 JulZ 2013, The Appeal $ourt delJvered JtT KudHeNent to decreaTe addJtJonal coTtT that the $oNpanZ JT reRuJred to paZ GroN Baht 7.0 NJllJon to Baht 1.9 NJllJon. 'or other KudHeNentT are reNaJn the TaNe. In the thJrd Ruarter oG 2013, the coNpanZ haT recorded addJtJonal lJaCJlJtJeT oG Gee oG CanL HuaranteeT and JntereTt totallJnH Baht 5.6 NJllJon. ThereGore, the $oNpanZ haT recorded lJaCJlJtJeT Jn ĹłnancJal TtateNent totallJnH Baht 22.4 NJllJon. 0n 7 AuHuTt 2013, the lJtJHant Ĺłled a petJtJon wJth the court reHardJnH the Ĺłne and the addJtJonal coTtT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

1. The lJtJHant JT reRuJred to paZ a Ĺłne oG Baht 8.8 NJllJon, return the advance paZNent oG Baht 2.1 NJllJon and paZ Gor waHe TupervJTorT durJnH late worL perJod oG Baht 0.2 NJllJon, totallJnH a paZNent oG Baht 11.1 NJllJon.

125

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

36. Litigation (Contâ&#x20AC;&#x2122;d)

36.2 0n 14 .arch 2006, 6nJverTal 6tJlJtJeT $oNpanZ -JNJted, a TuCTJdJarZ, waT Tued aT a co deGendant toHether wJth the ProvJncJal WaterworLT AuthorJtZ ÄśPWAÄˇ Jn a caTe CrouHht Jn connectJon wJth JlleHal actT perGorNed CZ adNJnJTtratJve aHencJeT or Ttate oGĹłcJalT. The plaJntJGG petJtJoned the adNJnJTtratJve court to voJd the TelectJon proceTT CZ whJch a prJvate operator waT Telected to produce tap water Gor dJTtrJCutJon to the PWA Jn the area CelonHJnH to the RaZonH WaterworLT. 0n 16 .arch 2007, the RaZonH AdNJnJTtratJve $ourt ordered the TelectJon proceTT voJded Jn accordance wJth the plaJntJGGÄ´T petJtJon, and alTo declared voJd the aHreeNent appoJntJnH a prJvate ĹłrN to produce water Gor Tale to the RaZonH WaterworLT, whJch had reTulted GroN an JlleHal TelectJon proceTT. )owever, the PWA and the TuCTJdJarZ lodHed appealT wJth the RaZonH AdNJnJTtratJve $ourt on 12 AprJl 2007 and the RaZonH AdNJnJTtratJve $ourt haT JTTued a court receJpt Gor Tuch appeal and then paTTed Jt to the 4upreNe AdNJnJTtratJve $ourt. The ownerÄ´T arCJtrator TpecJĹłed the laTt daZ oG Gact ĹłndJnH to Ce 22 June 2012 CeGore propoTJnH thJT caTe to the KudHJnH panel. 0n 27 NoveNCer 2012, the ownerÄ´T arCJtrator concluded that plaJntJGG have no authorJtZ to JndJct CecauTe theZ were not perTonT thoTe aGGected GroN TelectJon proceTT. ThereGore, the KudHJnH panel recalled a KudHeNent oG the RaZonH AdNJnJTtratJve $ourt. 0n 8 NoveNCer 2013, the 4upreNe AdNJnJTtratJve $ourt had an order to recall a KudHeNent oG the RaZonH AdNJnJTtratJve $ourt Gor thJT caTe vJewJnH that plaJntJGG have no authorJtZ to JndJct CecauTe theZ were not perTonT thoTe aGGected GroN TelectJon proceTT. ThereGore, thJT caTe haT Ceen ĹłnalJTed. 36.3 0n 24 DeceNCer 2013, 4aNet 6tJlJtJeT $oNpanZ -JNJted, a TuCTJdJarZ, waT Tued CZ a KoJnt venture Gor coNpenTatJon and daNaHeT Jn a lawTuJt wJth ClacL caTe nuNCer 1954 2556 reHardJnH a Creach oG an aHreeNent. The KoJnt venture Ĺłled wJth the $JvJl $ourt reRueTted the TuCTJdJarZ to paZ daNaHeT totalJnH Baht 23.8 NJllJon. The TuCTJdJarZ entered a plea on 31 JanuarZ 2014 and the $ourt Tet a date Gor TettleNent oG the JTTue on 21 AprJl 2014.

37. Project compensation

A HovernNent aHencZ JT conTJderJnH a deal Gor the $oNpanZ to rent NanaHe the 2 pJpelJne connectJnH proKectT ÄśproKectTÄˇ

and adKuTt the coNpenTatJon. A letter JTTued CZ thJT HovernNent aHencZ TtJpulated that the $oNpanZ waT to JnJtJallZ paZ coNpenTatJon Gor the proKectT at a percentaHe oG the raw water TaleT GroN the proKectT GroN the Zear operatJon coNNenced Zear 1998 . In addJtJon, JG Jt JT decJded that a GaJr rate JT Nore than the rate at whJch the $oNpanZ alreadZ paJd, the $oNpanZ JT to NaLe addJtJonal paZNent, Jn Gull, aT a luNp TuN whJle JG the GaJr rate JT lower, the HovernNent aHencZ aHreeT to paZ CacL the TurpluT paJd CZ oGGTettJnH Jt aHaJnTt the reNuneratJon oG the GollowJnH ZearT. 0n 8 JanuarZ 2010, the HovernNent aHencZ JTTued a letter to the $oNpanZ notJGZJnH Jt that a deal Gor the $oNpanZ to rent NanaHe the proKectT and the adKuTtJnH oG coNpenTatJon NuTt Ce proceTTed Jn accordance wJth the Act on PrJvate PartJcJpatJon Jn a 4tate 6ndertaLJnH B.E. 2535, whereCZ a coNNJttee haT, under 4ectJon 13, authorJtZ to Tet the coNpenTatJon rate and neHotJate CeneĹłtT wJth the $oNpanZ Jn order to reach a prelJNJnarZ concluTJon. 0n 9 .aZ 2011, the $oNNJttee under TectJon 13 had a reTolutJon to approve the $oNpanZÄ´T rental oG a pJpelJne wJthout auctJon and alreadZ TuCNJtted thJT to the $aCJnet Gor approval, CeGore conTJderJnH the coNpenTatJon rate Jn the next proceTT. In 2013, thJT Natter JT Jn proceTT oG conTJderatJon CZ .JnJTtrZ oG 'Jnance. The $oNpanZ recorded thJT proKect coNpenTatJon Jn the ĹłnancJal TtateNentT at a aCove prelJNJnarZ rate. The NanaHeNent conTJdered that thJT rate JT the CeTt eTtJNatJon CaTed on current JnGorNatJon.

38. Significant agreements

The $oNpanZ and JtT TuCTJdJarJeT have the GollowJnH TJHnJĹłcant aHreeNentT, CeTJdeT other aHreeNentT aT dJTcuTTed Jn relevant noteT to ĹłnancJal TtateNentT.

126

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

38. Significant agreements (Contâ&#x20AC;&#x2122;d)

The Company 38.1 0n 26 DeceNCer 1993, the $oNpanZ entered Jnto an aHreeNent wJth the .JnJTtrZ oG 'Jnance to NanaHe and operate the NaKor water dJTtrJCutJon pJpelJne TZTteNT Jn the EaTtern 4eaCoard area. The contract terN JT 30 ZearT, GroN 1 JanuarZ 1994 to 30 4epteNCer 2023 and the $oNpanZ JT reRuJred to paZ a NJnJNuN oG Baht 2 NJllJon per annuN to the .JnJTtrZ oG 'Jnance. In anZ ZearT when the $oNpanZÄ´T revenueT GroN the TaleT oG raw water exceed Baht 200 NJllJon, Jt JT reRuJred to paZ the .JnJTtrZ oG 'Jnance wJth a TharJnH CeneĹłt at a rate oG 1 percent oG TaleT oG raw water GroN the NonH ,hor and DoL ,raJ reTervoJrT. In addJtJon, when the $oNpanZÄ´T annual rate oG return on eRuJtZ exceedT 20 percent, an addJtJonal TharJnH CeneĹłt at the rate oG 15 percent oG the return Jn exceTT oG the paJd 20 percent JT to Ce paJd to the .JnJTtrZ oG 'Jnance. NevertheleTT, the total TharJnH CeneĹłt JT not to exceed 6 percent oG the real value oG the aTTetT leaTed GroN the .JnJTtrZ oG 'Jnance, aT aTTeTTed accordJnH to the aHreed tJNe GraNe. 38.2 0n 15 NoveNCer 2000, the $oNpanZ entered Jnto an aHreeNent wJth 6nJverTal 6tJlJtJeT $oNpanZ -JNJted, a TuCTJdJarZ, to receJve waterworLT NanaHeNent TervJceT Gor 4attahJp WaterworLT oG the ProvJncJal WaterworLT AuthorJtZ Gor the perJod oG 10 ZearT. The $oNpanZ wJll paZ the NanaHeNent Gee GroN revenue aGter deductJnH lJcenTe Gee and related expenTeT aT TpecJĹłed Jn the aHreeNent. .oreover, the $oNpanZ wJll receJve the proĹłt TharJnH GroN the TuCTJdJarZ under the condJtJonT TpecJĹłed Jn the aHreeNent. 4uCTeRuentlZ on 18 0ctoCer 2004, the $oNpanZ aNended the aCove NentJoned aHreeNent to entJtle the TuCTJdJarZ to the PattaZa WaterworLT and extend the NanaHe water TZTteN oG 4attahJp WaterworLT perJod Gor 30 ZearT GroN 1 .arch 2001 Cut not exceedJnH the perJod the ProvJncJal WaterworLT AuthorJtZ haT Hranted the $oNpanZ the rJHhtT to operate and NanaHe the 4attahJp WaterworLT 4ZTteN. 4Jnce later on 1 AuHuTt 2013 the $oNpanZ entereal Jnto a new aHreeNent wJth a TuCTJdJarZ aT detaJl NentJoned Jn Note 38.14.

4Jnce later on 5 AuHuTt 2005, the $oNpanZ entered Jnto a waterworLT TZTteN operatJon and NanaHeNent aHreeNent wJth the Bo WJn 4uC dJTtrJct AdNJnJTtratJve 0rHanJTatJon Äś4A0Äˇ , the $oNpanZ, entered Jnto new aHreeNent wJth the TuCTJdJarZ dated 14 JulZ 2006, whJch replaced aGoreNentJoned aHreeNent dated 11 .aZ 2004. 4Jnce later on 1 AuHuTt 2013 the $oNpanZ entered Jnto a new aHreeNent wJth a TuCTJdJarZ aT detaJl NentJoned Jn Note 38.14. 38.4 0n 7 JulZ 2004, the $oNpanZ entered Jnto a water TupplZ aHreeNent Gor the ,oh 4aNuJ WaterworLT wJth 6nJverTal 6tJlJtJeT $oNpanZ -JNJted Gor a 15 Zear perJod GroN the ĹłrTt water dJTtrJCutJon date 12 .aZ 2005 whereCZ the TuCTJdJarZ aHreed to conTtruct the reverTe oTNoTJT water productJon TZTteN wJth the water pJpelJne connected to Coth the water dJTtrJCutJon pJpelJne oG the purchaTerT Jn the TpecJĹłed area and the ProvJncJal WaterworLT AuthorJtZ, and Tell the tap water produced under Tuch TZTteN. 38.5 0n 13 DeceNCer 2007, the $oNpanZ entered Jnto the raw water purchaTe aHreeNentT wJth a prJvate coNpanZ whereCZ the $oNpanZ JT reRuJred to purchaTe a NJnJNuN oG 10 NJllJon cuCJc NeterT per annuN over a 10 Zear perJod.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

38.3 0n 11 .aZ 2004, the $oNpanZ entered Jnto a waterworLT NanaHeNent aHreeNent wJth 6nJverTal 6tJlJtJeT $oNpanZ -JNJted the TuCTJdJarZ whereCZ the TuCTJdJarZ JT to provJde water worLT NanaHeNent TervJceT Jn Bo WJn .unJcJpal area Gor a perJod oG 25 ZearT GroN the date the TuCTJdJarZ coNpleted the conTtructJon worLT oG tap water productJon TZTteN and the $oNpanZ aHreed Gor coNNercJal dJTtrJCutJon oG tap water 11 .arch 2005 . 6nder the aHreeNent, the TuCTJdJarZ JT to procure land and conTtruct tap water productJon TZTteN TuGĹłcJent to TupplZ tap water throuHhout the aHreeNent perJod. The TuCTJdJarZ JT to tranTGer all the JnveTted aTTetT to the $oNpanZ and or the .unJcJpalJtZ on the earlJer expJrZ date oG the waterworLT operatJon aHreeNent or the waterworLT NanaHeNent aHreeNent. The $oNpanZ JT to paZ an annual waterworLT NanaHeNent Gee at the rateT TpecJĹłed Jn the aHreeNent, deterNJned on the NonthlZ tap water TaleT and TervJce GeeT, whJch can Ce collected GroN the uTerT.

127

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

38. Significant agreements (Contâ&#x20AC;&#x2122;d)

The Subsidiaries 38.6 $hachoenHTao Water 4upplZ $oNpanZ -JNJted entered Jnto the conceTTJon aHreeNent dated 9 NoveNCer 2000 wJth the ProvJncJal WaterworLT AuthorJtZ. The TuCTJdJarZ JT prJvJleHed to produce and Tell tap water to the ProvJncJal WaterworLT AuthorJtZ at $hachoenHTao oGĹłce, $hachoenHTao provJnce. The conceTTJon perJod JT 25 ZearT GroN the date that ĹłrTt JncoNe JT derJved GroN TellJnH tap water 1 AprJl 2003 . 38.7 BanHpaLonH Water 4upplZ $oNpanZ -JNJted entered Jnto the conceTTJon aHreeNent dated 9 NoveNCer 2000 wJth the ProvJncJal WaterworLT AuthorJtZ. The TuCTJdJarZ JT prJvJleHed to produce and Tell tap water to the ProvJncJal WaterworLT AuthorJtZ at BanHpaLonH oGĹłce, $hachoenHTao provJnce. The conceTTJon perJod JT 25 ZearT GroN the date that ĹłrTt JncoNe JT derJved GroN TellJnH tap water 1 AprJl 2003 . 38.8 NaLornTawan Water 4upplZ $oNpanZ -JNJted entered Jnto the conceTTJon aHreeNent dated 7 NoveNCer 2000 wJth the ProvJncJal WaterworLT AuthorJtZ. The TuCTJdJarZ JT prJvJleHed to produce and Tell tap water to the ProvJncJal WaterworLT AuthorJtZ at NaLornTawan oGĹłce, NaLornTawan provJnce. The conceTTJon perJod JT 25 ZearT GroN the date that ĹłrTt JncoNe JT derJved GroN TellJnH tap water 1 .arch 2003 . 38.9 $hachoenHTao Water 4upplZ $oNpanZ -JNJted $W4 and BanHpaLonH Water 4upplZ $oNpanZ -JNJted BW4 entered Jnto a Lnow how aHreeNent dated 1 DeceNCer 2000 wJth AuTtralJan Water TechnoloHJeT PT: -JNJted oG AuTtralJa whJch tranTGerred JtT entJtleNentT under thJT aHreeNent to JtT TuCTJdJarZ, naNed AWT InternatJonal ThaJland -JNJted ÄśAWTÄˇ on 15 0ctoCer 2002. WhereCZ AWT aHreed to perNJt the uTe oG JtT naNe Gor reGerence purpoTeT and provJde the Lnow how to enaCle Coth TuCTJdJarJeT to perGorN theJr oClJHatJonT. In conTJderatJon thereoG, the TuCTJdJarJeT aHreed to paZ GeeT at the rate TtJpulated Jn the aHreeNent. Then, 4ZdneZ Water $orporatJon, the parent coNpanZ oG AWT, declared JtT JntentJon to lJRuJdate AWT and JTTued coNGort letterT to Coth TuCTJdJarJeT to conĹłrN that Jt wJll taLe on all AWTÄ´T dutJeT and oClJHatJonT under the Lnow how aHreeNent. The TuCTJdJarJeTÄ´ Board oG DJrectorT conTJdered to accept thJT propoTal and neHotJated to reduce theJr TervJce Gee. The TervJce Gee paJd to AWT reduced GroN the preTent value oG Guture eTtJNated paZNent aNountJnH to Baht 52.4 NJllJon to a one tJNe advance paZNent not exceedJnH Baht 18.0 NJllJon, whJch JT a TavJnH oG the TaJd TervJce Gee over the reNaJnJnH contract. $onTeRuentlZ, the TuCTJdJarJeTÄ´ Board oG DJrectorT, on 18 JanuarZ 2011, paTTed the reTolutJon to terNJnate thJT contract. The TuCTJdJarJeT recorded the advance TervJce Gee aT a prepaJd expenTe Jncluded Jn other non current aTTetT Jn the conTolJdated ĹłnancJal TtateNentT. 38.10 0n 15 .arch 2010, 6nJverTal 6tJlJtJeT $oNpanZ -JNJted entered Jnto an aHreeNent wJth EHcoN Tara $oNpanZ -JNJted, a related coNpanZ, to produce tap water and to provJde NaJntenance TervJceT Gor the tap water productJon TZTteN and tap water dJTtrJCutJon pJpelJne oG the productJon plantT TJtuated Jn -aL .uanH, RatchaCurJ provJnce and PanHpuoZ, 4aNut 4onHLraN provJnce. The aHreeNent perJod JT 3 ZearT, GroN 7 AprJl 2010 to 7 AprJl 2013 and TuCTeRuentlZ extend Gor 6 ZearT untJl 7 AprJl 2022. 38.11 0n 14 .arch 2006, 6nJverTal 6tJlJtJeT $oNpanZ -JNJted and JtT TuCTJdJarJeT entered Jnto an aHreeNent to produce tap water Gor TaleT to RaZonH WaterworLT, RaZonH provJnce wJth the ProvJncJal WaterworLT AuthorJtZ Gor a 25 Zear perJod coNNencJnH GroN the ĹłrTt tap water TellJnH date 12 JulZ 2006 . 6nder the aHreeNent, the TuCTJdJarJeT are reRuJred to conTtruct tap water productJon TZTteN, water delJverZ TZTteN and water dJTtrJCutJon TZTteN, and to expand the productJon capacJtZ oG the exJTtJnH tap water dJTtrJCutJon TZTteN oG RaZonH WaterworLT. The TuCTJdJarJeT are alTo reRuJred to provJde NaJntenance TervJceT and to act on CehalG oG the ProvJncJal WaterworLT AuthorJtZ Jn anZ related NatterT. 0wnerThJp oG aTTetT, whJch have Ceen JnveTted CZ the TuCTJdJarJeT, JT to Ce tranTGerred to the ProvJncJal WaterworLT AuthorJtZ JNNedJatelZ upon coNpletJon oG theTe actJvJtJeT, wJth the TuCTJdJarJeT havJnH the rJHhtT to occupZ the aTTetT Jn order to produce and TupplZ tap water to the ProvJncJal WaterworLT AuthorJtZ over the aHreeNent perJod. The TuCTJdJarJeT wJll receJve JncoNe at the rateT preTcrJCed Jn the aHreeNent. 128

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

38. Significant agreements (Contâ&#x20AC;&#x2122;d)

The Subsidiaries (Contâ&#x20AC;&#x2122;d) 38.12 0n 3 June 2009, 6nJverTal 6tJlJtJeT $oNpanZ -JNJted entered Jnto the tap water purchaTe and Tale aHreeNent Gor the $honCurJ WaterworLT, $honCurJ ProvJnce wJth PWA. The terN oG the aHreeNent JT 20 ZearT GroN the date oG tap water purchaTeT coNNence. The aHreeNent reRuJreT the TuCTJdJarZ to conTtruct a tap water productJon GacJlJtZ, oG whJch ownerThJp JT not reRuJred to Ce tranTGerred to the PWA. PrJceT are to Ce at the rateT TtJpulated Jn the aHreeNent. 38.13 0n 29 DeceNCer 2010, 6nJverTal 6tJlJtJeT $oNpanZ -JNJted entered Jnto a waterworLT TZTteN operatJon and NanaHeNent aHreeNent wJth the 4uC dJTtrJct AdNJnJTtratJve 0rHanJTatJon Äś4A0Äˇ NonH ,haeN Gor a 25 Zear perJod coNNencJnH GroN the CeHJnnJnH date oG producJnH and TellJnH tap water. The TuCTJdJarZ haT to tranTGer ownerThJp oG all JnveTted and expanded aTTetT Jn the waterworLT TZTteN to 4A0 NonH ,haeN Gree oG charHe at the end oG aHreeNent. 38.14 0n 1 AuHuTt 2013, the $oNpanZ entered Jnto new aHreeNent wJth 6nJverTal 6tJlJtJeT $oNpanZ -JNJted, a TuCTJdJarZ. The aHreeNentT were Gor the productJon and dJTtrJCutJon oG tap water and the provJTJon oG NaJntenance TervJceT Gor the 4attahJp WaterworLT and Bo WJn WaterworLT Gor the perJod oG 5 NonthT. The $oNpanZ wJll paZ NanaHeNent Gee at the TervJce Gee rate Ttated Jn the aHreeNentT. The $oNpanZ wJll provJde raw water to the TuCTJdJarZ. TheTe aHreeNentT replaced the old aHreeNentT dated 15 NoveNCer 2000 and 14 JulZ 2006. The old aHreeNentT, the $oNpanZ paZ NanaHeNent Gee at percentaHe GroN revenue and the TuCTJdJarZ haT to purchaTe raw water GroN the $oNpanZ. The new aHreeNentT lead to decreNent on TaleT oG raw water and coTt oG raw water Jn the $oNpanZ ĹłnancJal TtateNentT. 0n 2 JanuarZ 2014, the $oNpanZ entered Jnto new aHreeNent whJch the exprJJnH date JT the end oG conceTTJon contract perJod.

39. Financial instruments

39.1.1 Credit risk The (roup are expoTed to credJt rJTL prJNarJlZ wJth reTpect to, trade accountT receJvaCle, and other receJvaCle. The (roup NanaHe the rJTL CZ adoptJnH approprJate credJt control polJcJeT and procedureT and thereGore doeT not expect to Jncur NaterJal ĹłnancJal loTTeT. AlthouHh the (roup NaZ expoTe to concentratJon rJTL due to theJr havJnH a Gew larHe cuTtoNerT, thoTe cuTtoNerT are Jn HovernNent Tector. The NanaHeNent CelJeveT that Tuch rJTL JT thereGore low. The NaxJNuN expoTure to credJt rJTL JT lJNJted to the carrZJnH aNountT oG trade accountT receJvaCleT, and other receJvaCle aT Ttated Jn the TtateNent oG ĹłnancJal poTJtJon. 39.1.2 Interest rate risk The (roupÄ´T expoTure to JntereTt rate rJTL relate prJNarJlZ to theJr depoTJtT wJth ĹłnancJal JnTtJtutJonT and Thort terN and lonH terN loanT arJTJnH GroN Guture NoveNentT Jn NarLet JntereTt rateT wJll aGGect the reTultT oG the (roupÄ´T operatJonT and JtT caTh ĹówT..oTt oG the (roupÄ´T ĹłnancJal aTTetT and lJaCJlJtJeT Cear ĹóatJnH JntereTt rateT or Ĺłxed JntereTt rateT whJch are cloTe to the current NarLet rate. The (roup doeT not uTe the ĹłnancJal JnTtruNentT whJch JT derJvatJve to NanaHe expoTure GroN ĹúctuatJon Jn JntereTt rate. 39.2 Fair values of financial instruments 4Jnce the NaKorJtZ oG the (roupÄ´T ĹłnancJal JnTtruNentT are Thort terN. The (roup expect that theJr GaJr valueT are not NaterJallZ dJGGerent GroN the aNountT preTented Jn the Calance TheetT except Gor lonH terN loanT GroN ĹłnancJal JnTtJtutJonT whJch aT at 31 DeceNCer 2013 havJnH the net CooL valueT and GaJr valueT oG Baht 4,410.4 NJllJon and Baht 4,405.8 NJllJon, reTpectJvelZ $oNpanZ Baht 3,752.0 NJllJon and Baht 3,772.5 NJllJon reTpectJvelZ .

Annual Report 2013 Eastern Water Resources Development and Management PLC.

39.1 Financial risk factors The (roupÄ´T ĹłnancJal JnTtruNentT prJncJpallZ coNprJTe caTh and caTh eRuJvalentT, trade and other receJvaCleT, trade accountT paZaCle, teNpolarZ and lonH terN loanT and ToNe JteNT Jn other current lJaCJlJtJeT. The (roupÄ´T actJvJtJeT expoTe Jt to a varJetZ oG ĹłnancJal rJTLT, JncludJnH the credJt rJTL and JntereTt rateT rJTL. The (roupÄ´T overall rJTL NanaHeNent proHraNNe GocuTeT on the unpredJctaCJlJtZ oG ĹłnancJal NarLetT and TeeLT to NJnJNJTe potentJal adverTe eGGectT on the ĹłnancJal perGorNance oG the (roup. The ĹłnancJal rJTL NanaHeNent JT dJTcuTTed Celow.

129

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

39. Financial instruments (Contâ&#x20AC;&#x2122;d)

39.2 Fair values of financial instruments (Contâ&#x20AC;&#x2122;d) A GaJr value JT the aNount Gor whJch an aTTet can Ce exchanHed or a lJaCJlJtZ Tettled Cetween LnowledHeaCle, wJllJnH partJeT Jn an arNÄ´T lenHth tranTactJon. The GaJr value JT deterNJned CZ reGerence to the NarLet prJce oG the ĹłnancJal JnTtruNent or CZ uTJnH an approprJate valuatJon technJRue, dependJnH on the nature oG the JnTtruNent. In deterNJnJnH the GaJr value oG ĹłnancJal JnTtruNentT that are not actJvelZ traded and Gor whJch Ruoted NarLet prJceT are not readJlZ avaJlaCle, the NanaHeNent exercJTe KudHNent, uTJnH a varJetZ oG valuatJon technJRueT and NodelT. The Jnput to theTe NodelT JT taLen GroN oCTervaCle NarLetT, and JncludeT conTJderatJon oG lJRuJdJtZ, correlatJon and lonHer terN volatJlJtZ oG ĹłnancJal JnTtruNentT. The crJtJcal GaJr value eTtJNatJon oG ĹłnancJal JnTtruNentT JT lonH terN loanT GroN ĹłnancJal JnTtJtutJonT. The (roup eTtJNateT the GaJr value CZ calculatJnH the preTent value oG Guture prJncJpal and JntereTt paZNent uTJnH the NarLet JntereTt rate Gor dJTcountJnH.

40. Raw water usage and sales classified by distribution networks

A HovernNent aHencZ who ownT the pJpelJne oG dJTtrJCutJon networLT reRuJred the $oNpanZ to dJTcloTe JnGorNatJon reHardJnH raw water uTaHe and TaleT claTTJĹłed CZ dJTtrJCutJon networLT uTJnH Gor calculatJon oG coNpenTatJon aNount aT GollowT 40.1 Usage and sales volume of raw water classified by distribution networks

Company

2013 Volume Cubic Metresâ&#x20AC;&#x2122;000

Total used volume of raw water NonH Pla -aJ .ap Ta Pud NetworL DoL ,raJ .ap Ta Pud NetworL $hachoenHTao $honCurJ NetworL NonH Pla -aJ NonH ,hor NetworL Total Less raw water used to produce tap water DoL ,raJ .ap Ta Pud NetworL NonH Pla -aJ NonH ,hor NetworL Total sales of water

2012

Amount Bahtâ&#x20AC;&#x2122;000

Volume Cubic Metresâ&#x20AC;&#x2122;000

Amount Bahtâ&#x20AC;&#x2122;000

70,347 99,485 84,886 23,239 277,957

788,297 997,544 884,712 243,697 2,914,250

81,916 95,266 78,979 22,526 278,687

812,134 942,670 783,514 223,287 2,761,605

5,228

698

272,031

53,075

7,048

2,854,127

278,687

2,761,605

4aleT oG raw water GroN $hachoenHTao $honCurJ NetworL conTJTted oG

6nJt BahtÄ´000

Company NonH ,hor -aeN $haCanH NetworL 1 NonH ,hor -aeN $haCanH NetworL 2 $hachoenHTao NetworL Total

130

2013

2012

606,807 175,725 102,180 884, 12

603,263 155,816 24,435 83,514

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted NoteT to conTolJdated and coNpanZ ĹłnancJal TtateNentT 'or the Zear ended 31 DeceNCer 2013

40..Raw water usage and sales classified by distribution networks (Contâ&#x20AC;&#x2122;d) 40.2 Proportion of raw water sold to end users

6nJt

Company InduTtrJal ETtateT WaterworLT AuthorJtZ 'actorJeT Total

2013

2012

51 28 21 100

50 31 19 100

41. Events occurring after the statement of financial position

1 0n 29 JanuarZ 2014, the $oNpanZ entered Jnto raw water purchaTe aHreeNentT wJth a prJvate coNpanZ. 6nder theTe the $oNpanZ JT reRuJred to purchaTe a NJnJNuN oG 15 20 NJllJon cuCJc NeterT per annuN over a 40 Zear perJod GroN 1 .arch 2015 28 'eCruarZ 2055. 2 0n 31 JanuarZ 2014, the $oNpanZ entered Jnto a turnLeZ conTtructJon contract wJth a prJvate coNpanZ to JnTtall a raw water dJTtrJCutJon pJpelJne Cetween PraTae and the NonH Pla -aJ reTervoJr. Total proKect aNount JT Baht 1,999.0 NJllJon. 3 0n 24 'eCruarZ 2014, a NeetJnH oG the $oNpanZÄ´T Board oG DJrectorT paTTed a reTolutJon to propoTe that the Annual (eneral .eetJnH oG ThareholderT on 22 AprJl 2014 adoptT a reTolutJon to paZ a dJvJdend oG Baht 0.42 per Thare, or a total oG Baht 698.7 NJllJon. AccordJnH to the reTolutJon oG the Board oG DJrectorT on 30 AuHuTt 2013, an JnterJN dJvJdend paZNent waT Nade to ThareholderT on 27 4epteNCer 2013 oG Baht 0.20 per Thare, or a total oG Baht 332.7 NJllJon GroN the earnJnHT oG the TJx NonthT ended 30 June 2013. The reNaJnJnH dJvJdend paZNent oG Baht 0.22 per Thare, or a total oG Baht 366.0 NJllJon, JT to Ce paJd and recorded aGter approval CZ the Annual (eneral .eetJnH oG ThareholderT.

RELATED PARTIES TRANSACTIONS The $oNpanZ and JtT aGĹłlJateT enHaHed Jn the related partJeT tranTactJonT wJth the NaKor ThareholderT coNprJTJnH the ProvJncJal WaterworLT AuthorJtZ PWA , the InduTtrJal ETtate AuthorJtZ oG ThaJland IEAT and ElectrJcJtZ (eneratJnH PuClJc $oNpanZ -JNJted E($0 . In thJT reHard, the related partJeT tranTactJonT are preTented Jn the NoteT to the ĹłnancJal TtateNentT JteN 34.

tranTactJonT wJth GaJrneTT and Gollow the NarLet TJtuatJon aT Jn Heneral CuTJneTT characterJTtJc. The $oNpanZ Thall conGorN wJth the 4ecurJtJeT and ExchanHe law, reHulatJonT, notJĹłcatJonT, orderT, or the reHulatJonT oG the 4tocL ExchanHe oG ThaJland, JncludJnH GollowJnH ProcedureT oG the DJTcloTure, Related PartJeT TranTactJonT, and the AcRuJTJtJon or DJTpoTal oG TJHnJĹłcant ATTetT.

Policy and Direction of the Future Related Parties AddJtJonallZ, the related partJeT tranTactJonT Thall Ce Transactions dJTcloTed Jn NoteT oG the ĹłnancJal TtateNentT whJch are The $oNpanZ Thall perGorN the Guture related partJeT exaNJned CZ the $oNpanZÄ´T audJtorT.

Annual Report 2013 Eastern Water Resources Development and Management PLC.

4 0n 24 'eCruarZ 2014, a NeetJnH oG the $oNpanZÄ´T Board oG DJrectorT paTTed a reTolutJon to lJRuJdate three TuCTJdJarJeT theTe are EW 6tJlJtJeT $oNpanZ -JNJted, EW Water Balance $honCurJ $oNpanZ -JNJted and EW 4Nart Water RaZonH

$oNpanZ -JNJted.

131

DISCLOSURE OF AUDITORSâ&#x20AC;&#x2122;

REMUNERATION Auditorsâ&#x20AC;&#x2122; Remuneration

1. AudJt Gee The $oNpanZ and the Hroup paJd Gor audJt Gee Gor the Zear 2013 to PrJcewaterhouTe$ooperT ABA4 -JNJted PW$ at the aNount oG B 2,384,000. 2. Non audJt Gee The $oNpanZ and the Hroup paJd Gor AccountJnH 4tandard conTultJnH Gee durJnH the Zear 2013 to PrJcewaterhouTe$ooperT ABA4 -JNJted PW$ at the aNount oG B 200,000 and wJll Gurther paZ Gor Tuch TervJce oG the Zear 2013 at the aNount oG B 200,000.

Company Name

GENERAL INFORMATION Business

EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted EA4TW

Develop and NanaHe the NaKor water dJTtrJCutJon pJpelJne TZTteNT to water conTuNerT. In addJtJon, the $oNpanZ alTo provJdeT conTultancZ TervJceT Gor clean water productJon and water dJTtrJCutJon TZTteN Jn the JnduTtrJal eTtateT, GactorJeT, aT well aT NaJntenance oG water pJpelJneT and related eRuJpNentT, and JnveTt aT KoJnt venture wJth other ĹłrNT aT well.

Head Office

1 7JpavadeeranHTJt 4oJ 5, 7JpavadeeranHTJt Road, JoNphol, JatuKaL, BanHLoL 10900

Registered No.

0107539000316 'orNer ReHJTtered No. waT Bor .or Jor. 632

Website

www.eaTtwater.coN

Telephone

662 272 1600

Fax

662 272 1601 3

Common Share

AT oG DeceNCer 31, 2013 the reHJTtered and paJd up capJtal are aT GollowT ReHJTtered capJtal oG 1,663,725,149 ThareT wJth a par value oG Baht 1 per Thare, totalJnH Baht 1,663,725,149 PaJd up capJtal oG 1,663,725,149 ThareT wJth a par value oG Baht 1 per Thare, totalJnH Baht 1,663,725,149

132

List of Companies in which the Company holds more than 10% of shares Business

Paid - up capital Shares (Million Baht)

6nJverTal 6tJlJtJeT $oNpanZ -JNJted 66

1, EaTtwater BuJldJnH 'l. 23 25 4oJ 7JpavadeeranHTJt 5, JoNphol, JatuKaL, BanHLoL 10900 Telephone 662 272 1688 'acTJNJle 662 272 1690 2

.anaHe waterworLT CuTJneTT $oNNon and waTtewater treatNent Share TZTteN Jn the GorN oG conceTTJon, CuTJneTT NanaHeNent contract and leaTJnH contract

510

100

NaLornTawan Water 4upplZ $oNpanZ -JNJted 1, EaTtwater BulJdJnH 'l.23 25 4oJ 7JpavadeeranHTJt 5, JoNphol, JoNphol, BanHLoL 10900 Telephone 056 256 690 and 662 272 1688 'acTJNJle 056 256 526 and 662 272 1690 2

.anaHe tap water CuTJneTT $oNNon JncludJnH produce and TupplZ Share tap water to the ProvJncJal WaterworLT AuthorJtZ at NaLornTawan ProvJnce and to TervJce water conTuNerT

66 holdT 99.9999875

BanHpaLonH Water SupplZ $oNpanZ -JNJted 1, EaTtwater BuJldJnH 'l.23 25 SoJ 7JpavadeeranHTJt 5, JoNphol, JoNphol, BanHLoL 10900 Telephone 038 539 365 7 and 662 272 1688 'acTJNJle 038 539 368 and 662 272 1690 2

.anaHe tap water CuTJneTT $oNNon JncludJnH produce and TupplZ Share tap water to the ProvJncJal WaterworLT AuthorJtZ at BanHpaLonH 0GĹłce and to TervJce water conTuNerT

66 holdT 99.9999875

$hachoenHTao Water SupplZ $oNpanZ -JNJted 1, EaTtwater BuJldJnH 'l.23 25 SoJ 7JpavadeeranHTJt 5, JoNphol, JoNphol, BanHLoL 10900 Telephone 038 814 427 9 and 662 272 1688 'acTJNJle 038 814 427 and 662 272 1690 2

.anaHe tap water CuTJneTT $oNNon JncludJnH produce and TupplZ Share tap water to the ProvJncJal WaterworLT AuthorJtZ at $ha choenHTao 0GĹłce and to Ter vJce water conTuNerT

100

66 holdT 98.99997

EHcoN Tara $oNpanZ -JNJted 222 .oo 5, E($0 Tower, 7JpawadeeranHTJt Road, TunHTonHhonH, -aLTJ, BanHLoL 10210 Telephone 662 998 5710 'acTJNJle 662 955 0937

Produce and TupplZ tap water

345

15.88

$oNNon Share

Annual Report 2013 Eastern Water Resources Development and Management PLC.

Name

Type of Share

133

Business

Type of share

SaNed 6tJlJtJeT $oNpanZ -JNJted 52 21 .oo 2, TaNCon NaN ,oL, .uanH, RaZonH 21000 Telephone 662 272 1688 ext. 2478

Produce and TupplZ tap water GroN Tea water

$oNNon Share

EW Water Balance $honCurJ $oNpanZ -JNJted 1, EaTtwater BuJldJnH 'l.23 25 SoJ 7JpavadeeranHTJt 5, JoNphol, JoNphol, BanHLoL 10900 Telephone 662 272 1688 'acTJNJle 662 272 1690 2

TranTport water throuHh pJpelJne

Name

$oNNon Share

0.25

99.9985

EW SNart Water RaZonH $oNpanZ -JNJted 1, EaTtwater BuJldJnH 'l.23 25 SoJ 7JpavadeeranHTJt 5, JoNphol, JoNphol, BanHLoL 10900 Telephone 662 272 1688 'acTJNJle 662 272 1690 2

Produce and TupplZ water $oNNon Gor InduTtrJal Share

0.25

99.9985

E66 6tJlJtJeT $oNpanZ -JNJted 1, EaTtwater BuJldJnH 'l.23 25 SoJ 7JpavadeeranHTJt 5, JoNphol, JoNphol, BanHLoL 10900 Telephone 662 272 1688 'acTJNJle 662 272 1690 2

TranTport water throuHh pJpelJne

0.25

99.9985

Reference Firm

Securities Registrar $oNNon ShareT

Telephone 'ax Auditor Telephone 'ax 134

Paid - up capital Shares (Maillion Baht)

$oNNon Share

ReNarL 0n Jan.29,2013 IncreaTe $apJtal to Ce B 60 ..

ThaJland SecurJtJeT DepoTJtorZ $o.,-td 62 The StocL ExchanHe oG ThaJland BuJldJnH RatchadapJTeL Road, ,lonHtoeZ, ,lonHtoeZ BanHLoL 10110 662 229 2800 662 654 5427 PrJcewaterhouTe$ooperT ABAS -JNJted 179 74 80 15 th 'loor, BanHLoL $JtZ Tower South Sathorn Road, TunHNahaNeL, Sathorn BanHLoL 10120 662 286 9999 662 286 5050

135

Annual Report 2013 Eastern Water Resources Development and Management PLC.

TOP TEN MAJOR

SHAREHOLDERS

-JTt oG Top Ten .aKor ShareholderT oG EaTtern Water ReTourceT DevelopNent and .anaHeNent PuClJc $oNpanZ -JNJted aT oG DeceNCer 27, 2013 are aT GollowT

Shareholder Name 01 02 03 04 05 06 07 08 09 10

ProvJncJal WaterworLT AuthorJtZ ElectrJcJtZ (eneratJnH PuClJc $oNpanZ -JNJted N0RBA9 IN$.,13 InduTtrJal ETtate AuthorJtZ oG ThaJland IEAT

BNP PARIBAS SE$6RITIES SER7I$ES, -0ND0N BRAN$) ThaJ N7DR $oNpanZ -JNJted ThaJ N7DR

N0RTR6ST N0.INEES -TD. ACerdeen -onH TerN ERuJtZ 'und AB-T'

.r. .Jn TJenworn ACerdeen (rowth 'und AB(

0therT

No. of shares

( ) Shares

668,800,000 311,443,190 136,548,800 76,000,000 40,779,100 34,650,398 23,252,925 19,684,300 17,000,000 16,498,700 319,067,736

40.20 18.72 8.21 4.57 2.45 2.08 1.40 1.18 1.02 0.99 19.18

1,663,725,149.00

100.00

Source ThaJland SecurJtJeT DepoTJtorZ $o.,-td ReNarL ShareholderT Jn No. 1, No.4 repreTentT HovernNent Tector, Thareholder Jn No.2 JT the KurJTtJc perTon all theTe TpecJĹłc ThareholderT noNJnated DJrector, to Ce appoJnted Jn the Shareholder .eetJnH, who wJll partJcJpate Jn Tet up the $oNpanZ BuTJneTT PolJcZ.

DIVIDEND

POLICY The $oNpanZÄ´T Board oG DJrectorT haT a polJcZ to propoTe to the ShareholderTÄ´ .eetJnH to conTJder dJvJdend paZJnH at the rate oG no leTT than 30 oG JtT net proĹłt oG the conTolJdated ĹłnancJal TtateNentT aGter the deductJon oG leHal reTerveT paZaCle to ThareholderT oG the parent coNpanZ, TuCKect to the KuTtJĹłcatJonT and conTJderatJonT that the Board oG DJrectorT deeNT approprJate.

136

24.13%