Step to a bright future for a sustainable growth With over 20 years of experience in field operation of “EastWater�, we are committed to the development and investment of our water related services to meet the increasing demand of water users. We always concern about the water quality by monitoring and researching the water regularly. We assigned the water management specialist to ensure that the water consumer will receive high quality water and services in order to give stakeholders greatest satisfaction by taking into account of the strong community, pleasant society and vibrant environment, for the sustainable growth in the future.
Step to the future with strong operational performance
With EastWater’s potentials, we are strived for the continuous andsystematic development by our strong management with the strategic visions which will lead us to define the target accurately, leading us to become the leader in the business line with the sustainable growth and running into the bright future confidently.
Step forward with dedicated management
With EastWater’s long-standing management, we are ready to continuously improve our potential for the better performance and to always keep the pace with the changes by applying the corporate governance for transparency and accountability. This will create the stakeholder’s confident.
Potential growth with the commitment investment
The significant force that drives the growth of East Water is the potential to invest in stable and consistence investments with the prudent business plan and strategy. Also, we operate with the strong financial position to enhance the production capacity and accommodate the consumer’s need, with the international quality standard.
Creativity and innovative from employees and specialist staffs
Creativity/Innovative in the business is what EastWater had always been committed to. From the experiences of the skilled employees and professional staffs, we are able to create the corporate culture that is full of dedication, active and truly an organization of development.
Stand by the environment and society
EastWater realized that the important of the efficient and sustainable growth comes from co-operation and unity, improving the potential in all the areas altogether. Therefore, we continuously establish the projects for society and environment to distribute the happiness, creating the sustainability for everyone and moving forward together into the bright future.
Annual Report 2012
Highlights of the year Water distribution capacity and raw water consumption volume during 2005-2012 Unit: Million Cubic Meters/Year
2005
Total water consumption
190.10 199.36 211.20 227.69 221.27 244.88 261.51 278.69
Water distribution capacity
423.00 423.00 473.00 473.00 473.00 473.00 473.00 619.00
Water distribution capacity to water Consumption ratio (Times)
2.23
2006
2.12
2007
2.24
2008
2.08
2009
2.28
2010
1.93
2011
1.81
2012
1.70
Financial Ration Consolidated Financial Statement Description
Company financial Statement
2008 2009 20101 2011 2012 2008 2009 20101 2011 2012
Book value (per/share)
3.59 3.81 3.98 4.17 4.40 3.47
/FUǰQSPųUǰ QFS TIBSF ǰ
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Dividend (per/share)
0.25 0.35 0.38 0.42 0.202 0.25
/FUǰQSPųUǰUPǰUPUBMǰJODPNFǰ ǰ
3.63 3.74 3.91
4.09
0.35 0.38 0.42 0.202
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Return on shareholders equity (ROE) (time) 10.70 12.96 13.41 14.88 17.40 10.09 12.96 12.83 14.25 17.23 Return on assets (ROA) (time)
5.97 8.73 9.46 9.76 10.68 5.87
8.63 9.66 9.84 11.05
Debt to equity ratios (D/E) (time)
0.56 0.44 0.49 0.55 0.70 0.52
0.35 0.41 0.49
0.63
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(million Baht)
4,000.0 3,500.0 3,000.0 2,500.0 2,000.0 1,500.0 1,000.0 500.0
3,726 3,310 3,107 2,878 2,401 2,430 2,437 2,094 1,899 1,416 1,240 808 340
441
500
508
Total Income Net Profit
867 1,008
571 441
1 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 year
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Source of income 100%
56 282
42 232
60 224
541
636
716
766
842
1,673
1,904
2,118
2,261
2,612
2008
2009
2010 1
2011
2012
80 143
49 224
90% 80% 70% 60% 50% 40% 30% 20% 10%
Others (MB) Rental and Service (MB) Sale of Tap Water (MB) Sale of Raw Water (MB)
0%
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Eastern Water Resources Development and Management PCL.
Income and Net Profit in past 10 years
Annual Report 2012
“Leaders in sustainable water transportation management and develop environmental management for utilities and renewable energy�
Mission
1. To expand investment management and business development of water transport system for continued growth and sustainability. 2. To expand investment in environmental management for utilities and renewable energy. 3. To provide excellent service to our customers. 4. To manage based on principles of good governance, have a responsibility to community, social, and environmental including build ongoing relationships with stakeholders in order to visualize value of the business
Strategy
To be in line with its vision and mission, the company sets forth the strategy to be consistent with the following eight key focus areas:1. Manage financials, investments, risks, and effective transformation. 2. Manage and develop the sufficient raw water resources. 3. Maintain and develop the water pumping systems, tap water production system and expand investment in water business. 4. Develop and expand investment in related businesses such as environmental business, energy business and others to create investment opportunities. 5. Develop an excellent service system and build ongoing relationships with stakeholders. 6. Develop know how, information technology systems and innovation research to accommodate water pumping, water production and effect workflow. 7. Develop overall company’s quality management system. 8. Develop all the groups of people to have access to competition quality and ready for changes.
Eastern Water Resources Development and Management PCL.
Vision
Annual Report 2012
The Company developed in sustainable way together with excellence under good corporate governance. Apart from this, the company is also aware of social responsibility and community this can be seen through CSR activities to meet the needs of its stakeholders with appropriate.
%VSJOHǰ ǰ UIFǰ $PNQBOZǰ BNFOEFEǰ UIFǰ GVUVSFǰ TUSBUFHJFTǰ UPǰ NBLFǰ JUǰ NPSFǰ DIBMMFOHJOHǰ UIFǰ BNFOENFOUǰ JODMVEFTǰ 7JTJPOǰ BOEǰ .JTTJPOǰ PGǰ UIFǰ $PNQBOZ ǰ .PSFPWFS ǰ UIFǰ $PNQBOZǰ FYQBOEFEǰ JUTǰ JOWFTUNFOUǰ JOǰ new businesses such as energy and environmental business etc., and BMTPǰQBJEǰBUUFOUJPOǰUPǰDSFBUFǰFYDFMMFOUǰQSPEVDUTǰBOEǰTFSWJDFTǰGPSǰUIFǰ clients. 'VSUIFSNPSF ǰ UIFǰ $PNQBOZǰ BMTPǰ GPDVTFTǰ POǰ UIFǰ TVGųDJFODZǰ PGǰ XBUFSǰ resources and water pipelines to support long term sustainable business, and to ensure customers that the Company will be able to supply TVGųDJFOUǰSBXǰXBUFSǰUPǰJUTǰDVTUPNFST ǰ 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰBEPQUFEǰUIFǰųOBODJBMǰBOEǰJOWFTUNFOUǰTUSBUFHJFTǰ together with cost controls. As a result, the company continues consistent 'JOBMMZ ǰPOǰCFIBMGǰPGǰUIFǰ#PBSEǰPGǰ SFWFOVFǰHSPXUIǰBOEǰIBTǰUIFǰBCJMJUZǰUPǰEFDMBSFǰJOUFSJNǰEJWJEFOETǰGPSǰUIFǰ Directors, I would like to express my ųTDBMǰZFBSǰ ǰ sincere appreciation to all valued customers, shareholders and business The Company developed in sustainable way together with excellence BMMJBODFTǰGPSǰZPVSǰPOHPJOHǰTVQQPSUǰ VOEFSǰHPPEǰDPSQPSBUFǰHPWFSOBODF ǰ"QBSUǰGSPNǰUIJT ǰUIFǰDPNQBOZǰJTǰBMTPǰ and my sincere thanks also goes BXBSFǰPGǰTPDJBMǰSFTQPOTJCJMJUZǰBOEǰDPNNVOJUZǰUIJTǰDBOǰCFǰTFFOǰUISPVHIǰ UPǰUIFǰNBOBHFNFOUǰBOEǰTUBGGǰUIBUǰ $43ǰBDUJWJUJFTǰUPǰNFFUǰUIFǰOFFETǰPGǰJUTǰTUBLFIPMEFSTǰXJUIǰBQQSPQSJBUF ǰ are involved in reaching success 'VSUIFSNPSF ǰUIFǰDPNQBOZǰQBZTǰJNQPSUBODFǰUPǰUIFǰEFWFMPQNFOUǰPGǰ)VNBOǰ together. 3FTPVSDFT ǰJNQSPWFEǰJOGPSNBUJPOǰUFDIOPMPHZǰUPǰCFǰSFBEZǰUPǰBDDPNNPEBUFǰ GVUVSFǰDIBOHFTǰJOǰFOUFSJOHǰUPǰUIFǰ"TFBOǰ&DPOPNJDǰ$PNNVOJUZǰ "&$
Mr. Chanin Yensudjai Chairman of the Board of Directors
Eastern Water Resources Development and Management PCL.
Message from the Chairman
Annual Report 2012
Board of Directors
Mr. Chanin Yensudchai
Mr. Jiratt Nithianantporn
Mr. Kallayana Vipattipumiprates
Age 53 Years Position Chairman (Independent Director) Work Experience 13 Dec 12-Present Chairman Eastern Water Resources Development and Management Plc. 2011-2012 Board of Directors Resolution Alliance Co.,Ltd. 2010-2012 Group CEO Bangkok 9 International Hospital Co.,Ltd 2009-2010 Board of Directors Yarnapund Group Co.,Ltd 2003-2010 Board of Directors Prasit Pattana Co.,Ltd Education Master of Business Administration Worcester Polytechnic Institute, Worcester Massachusetts, USA Engineering King Mongkut’s University of Technology Thonburi Special Course ACP 28/2009, SFE 5/2009, RCC 2/2007, DCP 57/2005, DAP 32/2005, RCP 11/2005 Shareholding 22,100 shares or 0.001%*
Age 34 Years Position Board of Directors Chairman of Executive and Invesment Committee Work Experience 13 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 2012 Advisor to the Minister, Ministry of Interior Advisor to the Minister, Ministry of Transport Coordination Committee Member of the Act to provide for the Community, Prime Minister’s office 2010 Board of Directors Thailand Institute of Scientific and Technological Research (TISTR) 2009 Academician of Committee of Prevention and Mitigation from Natural Disasters and Public Hazard (The House of Representative) 2008-2009 Attach to the Secretarial of the Prime Minister’s Office Education Bachelor of Business Administration Program in Industrial Management Bundit Borihanturakit University Special Course None Shareholding None
Age 47 Years Position Board of Directors (Independent Director) Work Experience 13 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. Present 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 Education International Relations and Diplomacy University of London Bachelor of Political Science International Relations Ramkhamhaeng University Special Course None Shareholding None
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* Without holding shares since 11 January 2013.
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Eastern Water Resources Development and Management PCL.
Gen. Chuchai Boonyoi
Mr. Prinya Nakchudtree
Age 61 Years Position Board of Directors (Independent Director) Work Experience 13 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 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 Education Master of Science, Aerospace Engineering University of Southern California Bachelor of Science (ARMY) Chulachomklao Royal Military Academy Special Course NDC 2004 Shareholding None
Age 71 Years Position Board of Directors (Independent Director) Work Experience 20 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 2012-Present Chairman The Commission on Local Government Personnel Standards 2011-Present Board of Directors Universal Utilities Co., Ltd. Board of Directors Bangpakong Water Supply Co., Ltd. (BWS) Board of Directors Nakhonsawan Water Supply Co., Ltd. (NWS) Board of Directors Chachoengsao Water Supply Co., Ltd. (CWS) 2008-Present Chairman Ekarat Solar Co., Ltd. Board of Directors Ekarat Engineering Plc. 2008-2011 Chairman Universal Utilities Co., Ltd. Chairman Bangpakong Water Supply Co., Ltd. (BWS) Chairman Nakhonsawan Water Supply Co., Ltd. (NWS) Chairman Chachoengsao Water
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2001
Supply Co., Ltd. (CWS) Chairman The Provincial Electricity Authority Chairman The Provincial Waterworks Authority Chairman Eastern Water Resources Development and Management Plc. Board of Directors PTT Exploration and Production Plc. Board of Directors The Electricity Generating Plc.
Education Ph.D. in Political Science (Hans) Ramkhamhaeng University Master of Science in Economic Development Kasetsart University Master of Political Science Sukhothai Thammathirat Open University M.A. in Economics , Columbia University, USA Bachelor of Education Srinakharinwirot University Bachelor of Political Science Ramkhamhaeng University Special Course ICMA14, KPI 6, NDC 1989, RCC 12/2011, SFE 13/2011, RCP 24/2010, DCP 111/2008 Shareholding None
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Annual Report 2012
Board of Directors
Mr. Chinawat Assavapokee
Mr. Thairatana Jotikabhukkana
Mrs. Rattana Kitchawan
Age 38 Years Position Board of Directors Director of Executive and Invesment Committee Work Experience 20 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 1999-Present Partner Baker & McKenzie Ltd. 2008-2009 Sub-committee (Finance) MCOT Plc. Education LL M (Taxation) University of Washington LL B Thammasat University Special Course EDP-8/2011 Shareholding None
Age 60 Years Position Board of Directors (Independent Director) Work Experience 20 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 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. Education M.S. (Computer Science) California State University, Chico, California, USA B.S. (Accounting) Ramkhamhaeng University Special Course None Shareholding None
Age 55 Years Position Board of Directors Director of Risk Management Committee Work Experience Apr 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 15 Mar 12-Present Governor, The Provincial Waterworks Authority (PWA) 2011-2012 Deputy Governor (Corporate Strategy and Finance) & Chief Financial officer The Provincial Waterworks Authority (PWA) 2009-2011 Deputy Governor (Planning and Strategy) & Chief Financial officer The Provincial Waterworks Authority (PWA) 2008 Deputy Governor (Administration&Finance) & Chief Financial officer The Provincial Waterworks Authority (PWA) 2007 Chief Financial officer 2004 Assistant Governor (Administration & Finance) & Chief Financial officer The Provincial Waterworks Authority (PWA) Education Bachelor of Art (Finance) Thammasat University Special Course DCP162/2012,GPL8 Shareholding None
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Eastern Water Resources Development and Management PCL.
Mr. Verapong Chaiperm
Mr.Sahust Pratuknukul
Mr. Praphant Asava-aree
Age 46 Years Position Board of Directors Director of Corporate Governance and Nominating Committee Director of Evaluation and Renumeration Committee Work Experience Apr 12-Present Board of Directors Eastern Water Resources Development and Management Plc. Mar 11-Present Governor Industrial Estate Authority of Thailand (IEAT) 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) Education D. Eng in Environmental Engineering (Water and Wastewater Engineering) Asian Institute of Technology (AIT) M.S. in Civil Engineering (Environmental Engineering) University of Missouri-Rolla, USA B.Eng. (Civil Engineering) Chulalongkorn University Special Course DCP161/2012 Shareholding None
Age 57 Years Position Board of Directors Director of Evaluation Committee and Renumeration Committee Director of Risk Management Committee Work Experience Apr 12-Present Board of Directors Eastern Water Resources Development and Management Plc. Oct 11-Present Chairman Natural Energy Development Co.,Ltd. Chairman NED Wind Co.,Ltd. Chairman Khanom Electricity Generating Co.,Ltd. Chairman EGCO Engineering and Service Co.,Ltd. Board of Directors Xayaburi Power Co.,Ltd. Board of Directors Gulf Electric Plc. Board of Directors BLCP Power Co.,Ltd. Oct 10-Sep 11 Deputy Governor-Policy and Planning Electricity Generating Authority of Thailand (EGAT) Jan 08-Dec 10 Board of Directors EGAT International Co.,Ltd. Education Bachelor of Engineering (Electrical Engineering) Chulalongkorn University Special Course DCP 73/2006, NDC 2008, CMA14 Shareholding None
Age 56 Years Position Board of Directors Director of Executive and Invesment Committee Work Experience May 08-Present Board of Directors Jan 07-Jan 08 Board of Directors Eastern Water Resources Development and Management Plc. Apr 07-Present President & CEO Eastern Water Resources Development and Management Plc. Mar 07-Present Board of Directors Universal Utilities Co.,Ltd Apr 09-Present Board of Directors Thai Listed Companies Association Education Executive Coaching,University of California Berkeley ,USA Orchestrating Winning Program (OWP), IMD International Lausanne, Switzerland Bachelor of Arts (Political Science) Ramkamhaeng University Special Course DCP 101/2008 ACP 21/2007
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Remarks DCP : RCP : ACP : NDC :
Director Certification Program Role of the Chairman Program Audit Committee Program The National Defence College
SFE RCC DAP CMA
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: : : :
Successful Formulation & Execution the Strategy Role of the Compensation Committee Director Accreditation Program Capital market Academy
EDP : Executive Development Program GPL : Governmental Administration and Public Law KPI : King Prajadhipok’s Institute
Annual Report 2012
Executives Corporate
Mr. Praphant Asava-Aree
Mr. Jaroensuk Worapansopak
Mr. Namsak Wannavisute
Age 56 Years Position President & CEO Work Experience Eastern Water Resources Development and Management Pcl. Apr 07-Present President & CEO Eastern Water Resources Development and Management Pcl. Jan 07-Jan 08 Board of Director Eastern Water Resources Development and Management Pcl. Mar 07-Present Board of Director Universal Utilities Co., Ltd Apr 09-Present Board of Director Thai Listed Companies Association May 07-Feb 12 Board of Director Seamico Securities Plc. Education B.A. (Political Science) Ramkamhaeng University Special Course Executive Coaching University of California (Berkeley) USA., 2012 Orchestrating Winning Program (OWP), IMD International Lausanne, Switzerland Corporate Governance for Directors and Senior Executives of Government Enterprise and Public Company, Class 4, The Public Director Institute (PDI) (2010) DCP 101/2008* ACP 21/2007 *
Age 49 Years Position Executive Vice President, Operation Work Experience Eastern Water Resources Development and Management Pcl. Feb 11-Present Executive Vice President, Operation Mar 10-Jan 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. Education M.Sc. Hydraulic Engineering, International Institute for Hydraulic and Environmental Engineering (IHE), Delft, The Netherlands. B.E. in Water Resources, Kasetsart University Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 DCP 146/2011, 2011* Senior Executive Program-SEP, 2010 Executive Development Program (EDP) Class 3, 2009
Age 47 Years Position Executive Vice President of Finance & Accounting Department Work Experience Eastern Water Resources Development and Management Pcl. Jan 11-Present Executive Vice President, Finance and Accounting Jan 09-Dec 10 Vice President, Finance and Accounting June 07-Dec 08 Vice President, General Affairs Department and Acting Vice President, Human Resources Department Nov 02-June 07 Vice President, Business Development Department Nov 01-Oct 02 Acting Vice President, Business Development Department Mar 01-Oct 01 Manager, Business Development Division Education MS. (Finance) University of Colorado, USA B.B.A. (Accounting and Finance), Thammasat University Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Advance Senior Executive Program-ASEP 2010
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Eastern Water Resources Development and Management PCL.
Mrs. Namphon Rassadanukul
Mrs. Thidarut Kraiprasit
Mr. Cherdchai Pitiwacharakul
Age 50 Years Position Senior Vice President, President & CEO Office and Corporate Secretary Work Experience Eastern Water Resources Development and Management Pcl. Jun 07-Present Senior Vice President, President and CEO Office and Corporate Secretary Feb 04-Jun 07 Senior Vice President, Internal Audit Department and Corporate Secretary Nov 01-Feb 04 Vice President Internal Audit Department Mar 01-Oct 01 Vice President, President and CEO Office 94-01 Vice President, Management Department Education M. Pol. Sc. (Politics and Governments) Sukhothai Thammathirat M.A. in Public Administration Glasgow College of Technology, UK Certificate in Computer Programming and Information Processing, UK B.A. Pol. Sc. (Public Administration) Thammasat University Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Senior Executive Program-SEP 2011 Director Certification Program - DCP 4/2000 Advanced Certificate, Public Administration and Law for Executives, Class 1, KPI Advanced Certificate, Politics and Governance in Democratic systems for Executives, Class 11, KPI
Age 49 Years Position Senior Vice President, Internal Audit Department Work Experience Eastern Water Resources Development and Management Pcl. Jan 09-Present Senior Vice President, Internal Audit Department Jun 07-Dec 08 Senior Vice President, Finance and Accounting Department Oct 04-Jun 07 Senior Vice President, Finance and Human Resources Department 01-Oct 04 Vice President, Finance and Human Resources Department 97-01 Vice President, Finance and Procurement Department Education MBA, Kasetsart University BBA. (Accounting), Thammasat University Certified Public Accountant (CPA) Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Audit Committee Program (ACP) Class 26/2009 Executive Development Program (EDP) Class 4 Advanced Certificate Course in Public Economics Management for Executives, Class 5
Age 48 Years Position Vice President, Operation and Customer Service Department Work Experience Eastern Water Resources Development and Management Pcl. Mar 10-Present 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-Nov 08 Vice President, Special Project Department Nov 01-Nov 07 Vice President, Chachoengsao Operation Center, Acting Vice President, Rayong Operation Center Education M.S. (Information Technology), King Mongkut’s Institute of Technology, Lat Krabang B.E. Khon Kaen University Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Integration Water Resources Management for Executives, Class 2 Executive Development Program (EDP), Class 3
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Annual Report 2012
Executives Corporate
Mrs. Wirawan Tharanont
Mr. Sombat Yusamart
Ms. Kanyanart Viraphandu
Age 54 Years Position Vice President, Corporate Affairs Department Work Experience Eastern Water Resources Development and Management Pcl. Jan 09-Present Vice President, Corporate Affairs Department Jun 07-Dec 08 Vice President, Internal 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 04-05 Corporate Risk Manager Education MBA. Sasin Graduate Institute of Business Administration of Chulalongkorn University B. Acc. Chulalongkorn University Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Company Secretary Programme,Thai Institute of Directors (IOD) Occupational Safety and Environment at Work Sub-Committee Organizational Risk Management Program, Listed Companies Association
Age 42 Years Position Vice President, Finance and Accounting Department Work Experience Eastern Water Resources Development and Management Pcl. 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 Accounting Department Apr 03-Oct 03 Acting Budget and Finance Manager, Finance&Accounting Department Jul 01-Mar 03 Senior Accountant Education MBA Kasetsart University BBA Kasetsart University (Accounting) Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Executive Development Program (EDP) Class 5
Age 43 Years Position Vice President, Corporate Communications Department Work Experience Eastern Water Resources Development and Management Pcl. Feb 11-Present Vice President, Corporate CommunicationsDepartment Aug 07-Jan 11 Assistant Vice President, Corporate Communication Department Oct 06-Jul 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 Education BBA., Assumption University Special Course Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012 Executive Development Program (EDP) Class 5
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Remarks DCP : Director Certification Program RCP : Role of the Chairman Program ACP : Audit Committee Program
SFE : Successful Formulation & Execution the Strategy RCC : Role of the Compensation Committee DAP : Director Accreditation Program
EDP : Executive Development Program GPL : Governmental Administration and Public Law
Eastern Water Resources Development and Management PCL.
Organization Structure Board of Directors Eastern Water Resources Development and Management Plc.
Management and Investment Committee
Audit Committee
Risk Management Committee
Corporate Governance and Nomination Committee
Regulation Enforcement and Operating Result Assessment and Renumeration Committee
President & CEO
President & CEO office and Corporate Secretary
Audit Department
Executive Vice President, Finance and Accounting
Executive Vice President Operation
Project Planning Department
Operation and Customer Service Department
Corporate Communications Department
Business Development Department
Human Resources Department
Corporate Affairs Department
Finance and Accounting Department
Information Technology Department
Annual Report 2012
Industry and Competitiveness Analysis
5IFǰVOSBWFMJOHǰPGǰSFDFOUǰHMPCBMǰVODFSUBJOUJFT ǰTVDIǰBTǰUIFǰFMFDUJPOǰPGǰ UIFǰOFXǰ1SFTJEFOUǰPGǰUIFǰ6OJUFEǰ4UBUFT ǰUIFǰBMBSNJOHǰ6 4 ǰ'JTDBMǰ$MJGG ǰUIFǰ XBOJOHǰGPSDFǰPGǰUIFǰ6 4 ǰHPWFSONFOUĴTǰTUJNVMBUJOHǰųTDBMǰQPMJDZ ǰBOEǰUIFǰ UISFBUFOJOHǰųOBODJBMǰDSJTJTǰJOǰ&VSPQF ǰXBTǰBǰIVHFǰESBHǰPOǰUIFǰHSPXUIǰPGǰ 5IBJǰFDPOPNZ ǰ&TTFOUJBMMZ ǰ5IBJǰ(%1ǰHSPXUIǰJOǰ ǰJTǰFYQFDUFEǰUPǰCFǰBUǰ BǰNPEFTUǰMFWFMǰPGǰBQQSPYJNBUFMZǰ ǰXJUIǰBǰEJTBQQPJOUJOHǰFYQPSUǰ HSPXUIǰCFJOHǰUIFǰNBJOǰGBDUPSǰPGǰUIFǰNFEJPDSFǰųHVSF ǰ /FWFSUIFMFTT ǰ 5IBJǰ FDPOPNZǰ TUJMMǰ CFOFųUFEǰ GSPNǰ TFWFSBMǰ TVQQPSUJOHǰ GBDUPST ǰJODMVEJOHǰUIFǰHSPXUIǰJOǰUFMFDPNNVOJDBUJPOǰTFDUPSǰEVFǰUPǰUIFǰ BVUIPSJ[BUJPOǰPGǰ (ǰMJDFOTJOH ǰUIFǰHSPXUIǰJOǰBVUPNPCJMF QBSUǰJOEVTUSZǰEVFǰ UPǰUIFǰUBYǰTVCTJEJ[BUJPOǰGPSǰUIFǰQVSDIBTFǰPGǰUIFǰųSTUǰDBS ǰUIFǰFYQBOTJPOǰ PGǰDPOTVNQUJPOǰEVFǰUPǰUIFǰHPWFSONFOUĴTǰTUJNVMBUJOHǰQPMJDJFT ǰBOEǰUIFǰ JODSFBTFǰJOǰGPSFJHOǰJOWFTUNFOU ǰ 5IFǰJOEVTUSJFTǰUIBUǰGBDFEǰUIFǰIJHIFTUǰHSPXUIǰJOǰUIFǰFBTUFSOǰBSFBǰPGǰ5IBJMBOEǰ is automobile industry and automobile parts industry. Second to those BGPSFNFOUJPOFEǰXBTǰTFSWJDFǰBOEǰJOGSBTUSVDUVSFǰTFDUPS ǰTVDIǰBTǰJOEVTUSJBMǰ QBSLT ǰXIJDIǰGBDJMJUBUFǰUIFǰTIJGUǰPGǰQSPEVDUJPOǰCBTFǰJOUPǰUIFǰSFHJPO ǰBOEǰ JOUFSOBUJPOBMǰQSPDVSFNFOUǰPGųDFTǰ *10 ǰXIJDIǰJTǰCFDPNJOHǰNPSFǰQPQVMBSǰ FTQFDJBMMZǰUIPTFǰQSPDVSJOHǰGPSǰBVUPNPCJMFǰQBSUTǰFMFDUSPOJDǰQBSUTǰJOǰJOEVTUSZǰ BOEǰQVCMJDǰVUJMJUZǰQSPWJEFST ǰ*Oǰ ǰUIFǰOVNCFSǰPGǰQSPKFDUTǰBQQSPWFEǰ
GSPNǰ#0*ǰXBTǰ ǰQSPKFDUT ǰSFTVMUJOHǰ JOǰUIFǰJOWFTUNFOUǰPGǰ#BIUǰ ǰ NJMMJPOǰ BOEǰ UIFǰ FNQMPZNFOUǰ PGǰ 81,273 persons. Rayong received UIFǰIJHIFTUǰWPMVNFǰPGǰ#0* BQQSPWFEǰ JOWFTUNFOUǰPGǰOFBSMZǰ#BIUǰ ǰCJMMJPO ǰ PSǰ ǰ PGǰ UPUBMǰ #0* BQQSPWFEǰ investment. Chonburi came second XJUIǰ UIFǰ ųHVSFǰ PGǰ ǰ PGǰ UIFǰ #0* BQQSPWFEǰJOWFTUNFOUǰWPMVNF ǰ
JODMVEFǰ /POH 1MB -JBǰ ı.BQUBQVUǰ 1JQF ǰ ǰ$POTUSVDUJPOǰ1SPKFDU ǰ5BQ .Bǰ3BXǰ8BUFSǰ3FTFSWFǰ$POTUSVDUJPOǰ 1SPKFDU ǰ.BQ ,IBǰ ǰ1POEǰ$POTUSVDUJPOǰ 1SPKFDU ǰ $POUSPMǰ $FOUFSǰ 1SPKFDU ǰ -BFN $IBCBOHǰ%JTUSJCVUJPOǰ4ZTUFNǰ &GųDJFODZǰ&OIBODFNFOUǰ1SPKFDU ǰBOEǰ 3FHVMBUJOHǰ8FMMǰ1SPKFDU ǰ5IFTFǰFGGPSUTǰ to ensure water supply stability IBWF ǰOFWFSUIFMFTT ǰMFEǰUPǰ&"458ĴTǰ JODSFBTFEǰDPTUǰPGǰQSPEVDUJPO ǰ "QBSUǰGSPNǰSBXǰXBUFSǰEJTUSJCVUJPO ǰ the company also invested in other related businesses, taking advantages PGǰ QPUFOUJBMǰ TZOFSHJFTǰ XJUIJOǰ UIFǰ group. For example, it set up Clean 8BUFSǰ4VQQMZǰGPSǰ*OEVTUSJBMǰ6TFǰBOEǰ )PVTFIPMEǰ$POTVNQUJPO ǰ*Oǰ ǰ EASTW pioneered in the initiative to DPOWFSUǰTFBǰXBUFSǰJOUPǰGSFTIǰXBUFSǰ CZǰUIFǰNFUIPEǰPGǰ3FWFSTFǰ0TNPTJTǰ 30 ǰ *Oǰ TPǰ EPJOHǰ JUǰ DPGPVOEFEǰ 4BNFEǰ6UJMJUJFTǰ$P ǰ-UEǰXJUIǰ3BZPOHǰ 1SPWJODJBMǰ"ENJOJTUSBUJWFǰ0SHBOJ[BUJPOǰ UPǰEJTUSJCVUFǰGSFTIǰXBUFSǰTVQQMZǰJOǰ Samed Island. In 2013, EASTW raises the bar even higher by opening new business lines, such as renewable FOFSHZǰ BOEǰ GVMM TFSWJDFǰ TBMWBHFǰ management, to nurture the growth PGǰJUTǰCVTJOFTTǰJOǰUIFǰGVUVSF
Eastern Water Resources Development and Management PCL.
&"458ǰ CVTJOFTTǰ QFSGPSNBODFǰ JTǰ Bǰ HPPEǰ HBVHFǰ PGǰ UIFǰ IFBMUIǰ PGǰ UIFǰ NBOVGBDUVSJOHǰJOEVTUSZ ǰ*Oǰ ǰUIFǰDPNQBOZǰEJTUSJCVUFEǰ ǰNJMMJPOǰ DVCJDǰNFUSFT ǰSFQSFTFOUJOHǰ ǰHSPXUIǰZ P Z ǰ)PVTFIPMEǰXBUFSǰTVQQMZǰ QSPWJEFSTǰJOǰ$IPOCVSJǰXFSFǰUIFǰCJHHFTUǰCVZFST ǰDPNCJOFEǰVTBHFǰPGǰ1BUUBZBǰ 8BUFSXPSLT ǰ-BFN $IBCBOHǰ8BUFSXPSLTǰBOEǰ4SJ 3BDIBǰ8BUFSXPSLTǰJODSFBTFEǰ CZǰ ǰNJMMJPOǰDVCJDǰNFUSFT ǰ#PSXJO 1MBVHEBOHǰBSFBǰBMTPǰTBXǰJUTǰXBUFSǰ DPOTVNQUJPOǰJODSFBTFEǰCZǰ ǰNBJOMZǰGSPNǰJOEVTUSJBMǰTFDUPS ǰXJUIǰUIFǰ IJHIFTUǰDPNJOHǰGSPNǰ&4*& ǰSFQSFTFOUJOHǰ ǰNJMMJPOǰDVCJDǰNFUSFTǰJODSFBTFǰ in water consumption. Growth in industrial plants and drought in the area, XIJDIǰQSPIJCJUFEǰNBOVGBDUVSFTǰGSPNǰQVNQJOHǰUIFJSǰPXOǰXBUFS ǰBSFǰUXPǰ NBJOǰGBDUPSTǰGPSǰUIFǰJOŴBUFEǰEFNBOEǰGPSǰSBXǰXBUFSǰTVQQMJFEǰCZǰ&"458 ǰ 3BXǰXBUFSǰCVTJOFTTǰHFOFSBMMZǰIBTǰMPXǰMFWFMǰPGǰSJWBMSZ ǰ&"458ǰGBDFTǰOPǰ EJSFDUǰDPNQFUJUPSǰVQǰUPǰEBUF ǰ0OFǰSFBTPOǰJTǰUIFǰIVHFǰBNPVOUǰPGǰJOWFTUNFOUǰ SFRVJSFE ǰ*OǰPSEFSǰUPǰEJTUSJCVUFǰSBXǰXBUFSǰQSPųUBCMZ ǰBǰDPNQBOZǰNVTUǰDPWFSǰ an extensive service area, have voluminous reserve system in place, and IBWFǰBǰIJHI UFDIOPMPHZǰEJTUSJCVUJPOǰTZTUFNǰJOTUBMMFE ǰ"MTP ǰUIFǰGBDUǰUIBUǰ water is a scarce resource leads to a company being required to obtain BOǰBVUIPSJ[BUJPOǰGSPNǰUIFǰHPWFSONFOUǰUPǰPGGFSǰUIFǰTFSWJDF ǰ"MMǰPGǰUIFTFǰ GBDUPSTǰMFBEǰUPǰUIFǰCVTJOFTTĴǰOBUVSBMMZǰIJHIǰCBSSJFSǰPGǰFOUSZ ǰ 5IFǰMFWFMǰPGǰVTBCMFǰSBXǰXBUFSǰJTǰIVHFMZǰBGGFDUFEǰCZǰUIFǰWBSJBUJPOǰJOǰDMJNBUF ǰ or simply Climate Change, which has become more and more unpredictable OPXBEBZT ǰ4VDIǰWBSJBUJPOTǰBSFǰDIBOHFTǰJOǰTVSGBDFǰUFNQFSBUVSF ǰDIBOHFTǰ JOǰXJOEǰDVSSFOU ǰDIBOHFTǰJOǰMFWFMǰPGǰSBJOGBMMT ǰBOEǰEFMBZǰJOǰSBJOJOHǰBOEǰ drought. These phenomena are technically known as the alteration between &Mǰ/JOPǰBOEǰ-Bǰ/JOB ǰ"TǰDVSSFOUǰEFNBOEǰGPSǰSBXǰXBUFSǰJTǰBQQSPYJNBUFMZǰ FRVBMǰ UPǰ UIFǰ BNPVOUǰ PGǰ SBXǰ XBUFSǰ JOǰ JUTǰ OBUVSBMǰ TPVSDFT ǰ &"458ǰ IBTǰ CFFOǰJOWFTUJOHǰJOǰNBOZǰQSPKFDUTǰUPǰFOIBODFǰUIFǰFGųDJFODZǰPGǰJUTǰXBUFSǰ EJTUSJCVUJPOǰTZTUFNǰUPǰNBUDIǰXJUIǰUIFǰJODSFBTJOHǰEFNBOEǰGSPNǰJOEVTUSJBMǰ BOEǰIPVTFIPMEǰTFDUPSTǰBOEǰUPǰBWPJEǰXBUFSǰTVQQMZǰTIPSUBHF ǰ4VDIǰQSPKFDUTǰ
Annual Report 2012
Development and management of the major water distribution pipeline systems mainly in the Eastern Seaboard of Thailand. The Company distributes raw water to industrial estates, factories and waterworks through four major water
Raw Water Distribution (Core Business) &BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ.BOBHFNFOUǰ1VCMJDǰ$PNQBOZǰ -JNJUFEǰPSǰĶ&BTUǰ8BUFSķǰXBTǰGPVOEFEǰPOǰ0DUPCFSǰ ǰ ǰJTǰFOHBHFEǰ JOǰUIFǰEFWFMPQNFOUǰBOEǰNBOBHFNFOUǰPGǰUIFǰNBKPSǰXBUFSǰEJTUSJCVUJPOǰ QJQFMJOFǰTZTUFNTǰNBJOMZǰJOǰUIFǰ&BTUFSOǰ4FBCPBSEǰPGǰ5IBJMBOE ǰ5IFǰ$PNQBOZǰ EJTUSJCVUFTǰ SBXǰ XBUFSǰ UPǰ JOEVTUSJBMǰ FTUBUFT ǰ GBDUPSJFTǰ BOEǰ XBUFSXPSLTǰ UISPVHIǰGPVSǰNBKPSǰXBUFSǰQJQFMJOFTǰJOǰ$IPOCVSJ ǰ3BZPOH ǰBOEǰ$IBDIPFOHTBPǰ BSFBT ǰDPWFSJOHǰBǰUPUBMǰPGǰ ǰLJMPNFUFSTǰXJUIǰUIFǰBWFSBHFǰDBQBDJUZǰPGǰ water distribution system in these areas is approximately 475 million cubic meters per year (m3/y). 5IFǰGPVSǰNBKPSǰXBUFSǰQJQFMJOFTǰJOǰUIFǰBSFBTǰPGǰ$IPOCVSJ ǰ3BZPOH ǰBOEǰ $IBDIPFOHTBPǰBSFǰ ǰ/POHǰ1MBǰ-BJ %PLǰ,SBJ .BQǰ5Bǰ1IVU 4BUUBIJQǰ8BUFSǰ 1JQFMJOFǰ4ZTUFNǰ1SPKFDU ǰ ǰ/POHǰ,IP -BFNǰ$IBCBOH 1BUUBZB #BOHǰ1ISBǰ 8BUFSǰ1JQFMJOFǰ4ZTUFNǰ1SPKFDU ǰ ǰ/POHǰ1MBǰ-BJ /POHǰ,IPǰ8BUFSǰ1JQFMJOFǰ 4ZTUFNǰ1SPKFDU ǰBOEǰ ǰ8BUFSǰ1JQFMJOFǰ4ZTUFNǰ1SPKFDUǰJOǰ$IBDIPFOHTBPǰ area. Core Business Raw Water Distribution Water Resources Development and Management PCL. Related Businesses Water Supply Business Universal Utilities Co., LTD (100%)
Sattahip Waterworks Koh Lan Waterworks Koh Sichang Waterworks Borwin Waterwork Koh Samui Waterworks Rayong Waterworks
Nakhonsawan Water Supply Co., LTD (100%)
EGCOM Tara Co., LTD (15.88%)
Bangpakong Water Supply Co., LTD (100%)
Chacheongsao Water Supply Co., LTD (100%)
Eastern Water Resources Development and Management PCL.
Nature of business & Shareholding Ratio in its Subsidiaries
Annual Report 2012
Risk Factors 8JUIÇ°GVMMÇ°BXBSFOFTTÇ°PGÇ°VODFSUBJOUJFTÇ° that encompass its business, Eastern Water Resources Development BOEÇ°.BOBHFNFOUÇ°1VCMJDÇ°$PNQBOZÇ° Limited (“EASTWâ€?) unequivocally GPDVTFTÇ° POÇ° UIFÇ° EFWFMPQNFOUÇ° PGÇ° JUTÇ° &OUFSQSJTFÇ° 3JTLÇ° .BOBHFNFOUÇ° &3. Ç° TDIFNF Ç° *OÇ° UIFÇ° QBTUÇ° ZFBST Ç° UIFÇ° DPNQBOZÇ° IBTÇ° JEFOUJĹłFEÇ° LFZÇ° GBDUPSTÇ°UIBUÇ°NBZÇ°TJHOJĹłDBOUMZÇ°BGGFDUÇ° water resource management, and, has strategically reviewed its organization structure, guidelines, and tools to strengthen its risk management capacity according UPÇ°UIFÇ°$040Ä´TÇ°&3.Ç°GSBNFXPSL Ç°BOÇ° JOUFSOBUJPOBMÇ°TUBOEBSEÇ°GPSÇ°UIFÇ°SJTLÇ° management procedure. 5IFÇ° 3JTLÇ° .BOBHFNFOUÇ° $PNNJUUFFÇ° is the main body responsible GPSÇ° FTUBCMJTIJOHÇ° BOEÇ° FWBMVBUJOHÇ° risk management policies and supervising corporate risks Its mission is to mitigate corporate risks to the predetermined limits UIBUÇ°XJMMÇ°TVQQPSUÇ°&"458Ä´TÇ°HSPXUIÇ° PCKFDUJWFT Ç° 5IFÇ° $PNNJUUFFÇ° executes its duty through the FOGPSDFNFOUÇ°PGÇ°UIFÇ°3JTLÇ°.BOBHFNFOUÇ° 1MBOÇ°BOEÇ°UIFÇ°FWBMVBUJPOÇ°PGÇ°2VBSUFSMZÇ° 3JTLÇ°.BOBHFNFOUÇ°3FQPSU Ç°&"458Ä´TÇ° LFZÇ°SJTLTÇ°JOÇ° Ç°BSFÇ°JEFOUJĹłFEÇ°BTÇ° Ç° 3JTLÇ° PGÇ° 7BSJBUJPOÇ° JOÇ° %FNBOE 4VQQMZ Ç° Ç° 3JTLÇ° PGÇ° 3BXÇ° 8BUFSÇ° Cost, 3) Operational Risk, 4) Risk PGÇ° $PNNVOJUZÇ° $POĹ´JDU Ç° BOEÇ° Ç° Regulatory Risk.
1. Risk of Variation in Demand-Supply 5IFÇ° WBSJBUJPOÇ° JOÇ° %FNBOE 4VQQMZÇ° PGÇ° XBUFSÇ° SFTPVSDFÇ° JTÇ° DBVTFEÇ° CZÇ° UIFÇ° GPMMPXJOHÇ°GBDUPST 1.1 Climate Variation and Drought In 2012, huge climatic variability, FTQFDJBMMZÇ°GSPNÇ°MBUF 4FQUFNCFSÇ°UPÇ°%FDFNCFS Ç°MFEÇ°UPÇ°ESZOFTTÇ°BOEÇ°ESPVHIUÇ° JOÇ°UIFÇ°&BTUFSOÇ°QBSUÇ°PGÇ°5IBJMBOE Ç°5IFÇ°DPNQBOZÇ°SFTQPOEFEÇ°CZÇ°SFTFSWJOHÇ° IJHIFSÇ° WPMVNFÇ° PGÇ° SBXÇ° XBUFS Ç° BEKVTUJOHÇ° UIFÇ° QSPEVDUJPOÇ° QMBOÇ° NPSFÇ° GSFRVFOUMZ Ç°BOEÇ°DPPQFSBUJOHÇ°XJUIÇ°UIFÇ°&BTUFSOÇ°3FHJPOÇ°8BUFSÇ°.BOBHFNFOUÇ° War Room to monitor the situation attentively. 1.2 Sensitivity of Water Demand ForecastÇ°5PUBMÇ°EFNBOEÇ°PGÇ°SBXÇ°XBUFSÇ° JTÇ°JOUSJOTJDBMMZÇ°EJGĹłDVMUÇ°UPÇ°BOUJDJQBUFÇ°BTÇ°JUTÇ°EFUFSNJOBOUT Ç°CBTJDBMMZÇ°DMJNBUJDÇ° WBSJBCJMJUZÇ°BOEÇ°UIFÇ°FYQBOTJPOÇ°PGÇ°JOEVTUSZÇ°EFNBOEÇ°JOÇ°UIFÇ°&BTUFSOÇ°BSFB Ç° OBUVSBMMZÇ°Ĺ´VDUVBUFÇ°GSPNÇ°UJNFÇ°UPÇ°UJNF Ç°%FNBOEÇ°GPSFDBTUÇ°JTÇ°FWFOÇ°NPSFÇ° QSPUFBOÇ° GPSÇ° UIFÇ° DVTUPNFSTÇ° XJUIÇ° PXOFEÇ° SBXÇ° XBUFSÇ° TPVSDFT Ç° &"458Ç° NBOBHFTÇ° UIJTÇ° SJTLÇ° CZÇ° FOHBHJOHÇ° JOÇ° UIFÇ° .JOJNVNÇ° (VBSBOUFFÇ° "HSFFNFOUÇ° XJUIÇ°JUTÇ°DVTUPNFSTÇ°UPÇ°TFUÇ°BÇ°Ĺ´PPSÇ°POÇ°UIFÇ°NJOJNVNÇ°QVSDIBTFÇ°WPMVNFÇ°PGÇ° raw water. Additionally, it closely reconnects with the clients through DPOUJOVBMÇ° TJUFÇ° WJTJUTÇ° UPÇ° TPMJEJGZÇ° UIFJSÇ° SFMBUJPOTIJQÇ° BOEÇ° UPÇ° FYQMPSFÇ° UIFÇ° DMJFOUTÄ´Ç°QSPEVDUJPOÇ°QMBOTÇ°PSÇ°GVUVSFÇ°JOWFTUNFOUÇ°QSPKFDUT Ç°Ç°
2. Risk of Raw Water Cost &"458Ä´TÇ°SBXÇ°XBUFSÇ°DPTUÇ°JTÇ°EFUFSNJOFEÇ°CZÇ°UISFFÇ° Ç°NBJOÇ°GBDUPST Ç° 2.1 Water Diversion in Dry PeriodÇ°*OÇ°UIFÇ°ESJFTUÇ°QFSJPEÇ°PGÇ°UIFÇ°ZFBSÇ°GSPNÇ° 'FCSVBSZÇ°UPÇ°.BZ Ç°UIFÇ°DPNQBOZÇ°NVTUÇ°EJWFSTFÇ°BEEJUJPOBMÇ°SBXÇ°XBUFSÇ°GSPNÇ° NPSFÇ° EJTUBOUÇ° TPVSDFTÇ° UPÇ° CBMBODFÇ° PVUÇ° UIFÇ° EFNBOEÇ° GPSÇ° SBXÇ° XBUFSÇ° BOEÇ° BWPJEÇ°UIFÇ°EBNBHFÇ°PGÇ°XBUFSÇ°TDBSDJUZ Ç°5IJTÇ°EJSFDUMZÇ°JODSFBTFTÇ°UIFÇ°BNPVOUÇ° PGÇ°FMFDUSJDJUZÇ°VTFEÇ°JOÇ°UIFÇ°EJWFSTJPOÇ°QSPDFTTÇ°BOEÇ°JOĹ´BUFTÇ°UIFÇ°UPUBMÇ°DPTUÇ° PGÇ°QSPEVDUJPO Ç°5IFÇ°DPNQBOZÇ°FGGFDUJWFMZÇ°NJUJHBUFTÇ°UIFÇ°SJTLÇ°CZÇ°HFOFSBUJOHÇ° Drought Simulation, in which various drought scenarios are scrutinized, BOEÇ°QSFQBSJOHÇ°%SPVHIUÇ°1MBOÇ°BDDPSEJOHMZ Ç° 2.2 The Increase of Variable Tariff Charge (Ft)Ç°5IFÇ°1&"Ä´TÇ°7BSJBCMFÇ°5BSJGGÇ° $IBSHFÇ° 'U Ç°JTÇ°UIFÇ°NBJOÇ°DPNQPOFOUÇ°PGÇ°UIFÇ°DPNQBOZÄ´TÇ°DPTUÇ°PGÇ°QSPEVDUJPO Ç° &"458Ç°IBTÇ°JNQMFNFOUFEÇ°WBSJPVTÇ°NFBTVSFTÇ°UPÇ°NBOBHFÇ°UIFÇ°SJTLÇ°PGÇ°UIFÇ° JODSFBTFÇ°PGÇ°'U Ç°'PSÇ°FYBNQMF Ç°JUÇ°USJFTÇ°UPÇ°PQFSBUFÇ°TPNFÇ°PGÇ°UIFÇ°QSPDFEVSFT Ç° TVDIÇ°BTÇ°XBUFSÇ°QVNQJOH Ç°JOÇ°UIFÇ°0GG 1FBLÇ°QFSJPE Ç°VTJOHÇ°BEWBODFEÇ°BOEÇ°NPSFÇ° FOFSHZ TBWJOHÇ°UFDIOPMPHJFT Ç°*UÇ°BMTPÇ°FTUBCMJTIFEÇ°UIFÇ°&OFSHZÇ°4VTUBJOBCJMJUZÇ° 1SPKFDUÇ°UPÇ°EFDSFBTFÇ°UIFÇ°VTFÇ°PGÇ°FMFDUSJDJUZÇ°JOÇ°UIFÇ°PSHBOJ[BUJPO Ç°
Eastern Water Resources Development and Management PCL.
2.3 Raw Water Quality in Rainy Season and Pollution in Raw Water Sources In the rainy seasons, raw water is usually contaminated with QPMMVUJPOǰ BOEǰ TFEJNFOUǰ UIBUǰ JTǰ EJTDIBSHFEǰ EVSJOHǰ UIFǰ SVOPGGT ǰ BOEǰ TPǰ CFDPNJOHǰNPSFǰUVSCJE ǰ5IFǰEFUFSJPSBUJOHǰRVBMJUZǰPGǰSBXǰXBUFSǰBGGFDUTǰ UIFǰ DPNQBOZǰ CZǰ ǰ JODSFBTJOHǰ UIFǰ DPTUǰ PGǰ XBUFSǰ USFBUNFOUǰ GPSǰ UIFǰ DVTUPNFSTǰBOEǰ ǰJODSFBTFǰUIFǰQSPEVDUJPOǰDPTUǰPGǰUIFǰDPNQBOZǰBTǰJUǰ OFFETǰUPǰEJWFSTFǰDMFBSFSǰSBXǰXBUFSǰGSPNǰGVSUIFSǰTPVSDFT ǰ5PǰBMMFWJBUFǰUIFǰ problem, the company has constructed its raw water reservoirs, which, XIFOǰDPNQMFUFEǰJOǰ ǰXJMMǰTJHOJųDBOUMZǰJNQSPWFǰUIFǰRVBMJUZǰPGǰUIFǰ reserved raw water. Realizing that the population expansion is also the LFZǰGBDUPSǰUPǰUIFǰRVBMJUZǰPGǰXBUFS ǰUIFǰDPNQBOZǰDMPTFMZǰDPMMBCPSBUFTǰ XJUIǰUIFǰDPNNVOJUJFTǰBOEǰMPDBMJUJFTǰUPǰQSPUFDUǰUIFǰFOWJSPONFOUǰPGǰUIFǰ NJTQFSDFQUJPOǰ PGǰ UIFǰ DPNQBOZĴTǰ TVSSPVOEJOHǰBSFBTǰPGǰUIFǰTPVSDFTǰUISPVHIǰNBOZǰNVUVBMǰJOJUJBUJWFT ǰ DPNQFUJUJWFǰVTFǰPGǰXBUFSǰSFTPVSDFǰ with local people. 3. Operational Risk 5. Regulatory risk 5IFSFǰBSFǰUXPǰLFZǰPQFSBUJPOBMǰSJTLTǰJOǰ&"458ĴTǰQSPEVDUJPOǰMJOF ǰ ǰ 3JTLǰ PGǰ QPXFSǰ PVUBHF EASTW distributes its product to clients 24 .BOZǰSFHVMBUPSZǰVODFSUBJOUJFTǰNBZǰ IPVSTǰBǰEBZ ǰ6OFYQFDUFEǰTIVUEPXOǰEVFǰUPǰQPXFSǰGBJMVSFǰPSǰQJQFMJOFǰ QPTFǰBǰUISFBUǰUPǰUIFǰQFSGPSNBODFǰPGǰ NBJOUFOBODFǰDBOǰDBVTFǰBǰMPUǰPGǰEBNBHFTǰUPǰUIFǰCVTJOFTT ǰ"TǰTVDI ǰUIFǰ the company. Such uncertainties are, DPNQBOZǰOFFETǰUPǰSFTFSWFǰTPNFǰMFWFMǰPGǰSBXǰXBUFSǰUPǰCFǰEJTUSJCVUFEǰ GPSǰFYBNQMF ǰUIFǰEFMBZFEǰJTTVBODFǰ during the emergency period. At present, the company has a reservoir PGǰSFMFWBOUǰHPWFSONFOUǰDFSUJųDBUFT ǰ TZTUFNǰ XJUIǰ UIFǰ DBQBDJUZǰ PGǰ ǰ N 3 ǰ FRVJWBMFOUǰ UPǰ IPVSǰ and the indeterminate rental rate distribution. Furthermore, the company is building another reservoir in PGǰUIFǰ/PO 1MB -BJ /POH ,PIǰ8BUFSǰ UIFǰ.BSC ,IBǰBSFBǰUPǰTVQQPSUǰBOPUIFSǰ ǰN3ǰPGǰSBXǰXBUFS ǰ5IJTǰOFXǰ 1JQFMJOF ǰ/FWFSUIFMFTT ǰUIFǰDPNQBOZǰ reservoir, expected to be completed in 2013, will immensely increase the has been able to maintain its good DBQBDJUZǰPGǰUIFǰSFTFSWFǰTZTUFNǰUPǰCFǰFRVJWBMFOUǰUPǰ IPVSǰEJTUSJCVUJPO ǰ relationship with the government ǰ3JTLǰPGǰ1JQFMJOFǰ%BNBHFTǰ5JNF JOEVDFEǰDPSSPTJPOǰBOE PSǰEBNBHFTǰ bodies. Actually, its business is GSPNǰDPOTUSVDUJPOǰJOǰOFBSCZǰTJUFTǰNBZǰMFBEǰUPǰTFWFSFEǰQJQFMJOFT ǰ5IFǰ TVQQPSUFEǰ CZǰ UIFǰ QPMJDZǰ PGǰ UIFǰ company prevents this incidence by implementing continual Thai Government to promote the preventive maintenance and scheduled maintenance plans. It also industrial investment in Thailand NPMMJųFTǰUIFǰųOBODJBMǰFGGFDUǰCZǰUSBOTGFSSJOHǰUIFǰSJTLǰUISPVHIǰWBSJPVTǰUZQFTǰ and the tourism activities in the PGǰJOTVSBODFTǰUIBUǰDPWFSǰFYUFOTJWFǰDBVTFTǰPGǰEJTUSJCVUJPOǰJOUFSSVQUJPO ǰ Eastern Sea Board area. 4VDIǰ JOTVSBODFTǰ BSFǰ QJQFMJOFTǰ JOTVSBODF ǰ BTTFUǰ JOTVSBODF ǰ UIJSE QBSUZǰ Beside corporate risks, which are TVQFSWJTFEǰCZǰUIFǰ3JTLǰ.BOBHFNFOUǰ JOTVSBODF ǰBOEǰCVTJOFTT JOUFSSVQUJPOǰJOTVSBODF ǰ Committee, EASTW has also 4. Risk of Community Conflict EFWFMPQFEǰ UIFǰ 3JTLǰ .BOBHFNFOUǰ 5IFǰDPNQBOZĴTǰVTFǰPGǰXBUFSǰSFTPVSDFǰNBZǰQPTFǰTJHOJųDBOUǰJNQBDUǰPOǰ .BOVBMǰBOEǰ5IFǰ3JTLǰ.BOBHFNFOUǰ UIFǰ TVSSPVOEJOHǰ DPNNVOJUJFTǰ BOE ǰ JOFWJUBCMZ ǰ UIFǰ DPNQBOZĴTǰ JNBHF ǰ "DUJPOǰ1MBOǰBTǰHVJEBODFǰBOEǰUPPMǰ /FWFSUIFMFTT ǰJUǰNFBOJOHGVMMZǰEFWPUFTǰJUTǰCVEHFUǰUPǰJNQSPWFǰUIFǰRVBMJUZǰPGǰ VTFEǰCZǰBMMǰPGǰJUTǰEFQBSUNFOUTǰUPǰ MJGFǰGPSǰQFPQMFǰBOEǰNBJOUBJOǰUIFǰIFBMUIǰPGǰUIFǰFOWJSPONFOUǰJOǰUIFǰSFMFWBOUǰ control and mitigate risks to an areas. Essentially, it has been supporting many local initiatives, such as BDDFQUBCMFǰMFWFM ǰ3JTLǰGBDUPST ǰUIFJSǰ XBUFSXBZǰFYDBWBUJPOǰBOEǰNBJOUFOBODF ǰNPCJMFǰESJOLJOH XBUFSǰTUBUJPO ǰ JNQBDUT ǰBOEǰUIFJSǰGSFRVFODJFTǰBSFǰ TDIPMBSTIJQǰGPSǰZPVOHǰMFBEFSTǰJOǰFOWJSPONFOUǰBOEǰXBUFSǰTVTUBJOBCJMJUZǰ reviewed on a quarterly basis. Risk QSPKFDU ǰJOUFS UJEBMǰGPSFTUǰQSFTFSWBUJPOǰQSPKFDU ǰBOEǰPUIFSǰQIJMBOUISPQJDǰ GBDUPSTǰ BSFǰ JEFOUJųFEǰ BTǰ OPUǰ POMZǰ activities to community schools, monasteries, and local government the realized adverse events or agencies. This genuine compassion helps strengthen the bond with the damages, but also possible negative DPNNVOJUZǰ BOEǰ QSFWFOUTǰ DPOŴJDUTǰ UIBUǰ BSJTFǰ GSPNǰ UIFǰ DPNNVOJUZĴTǰ incidents that may be triggered by uncontrollable uncertainties.
Annual Report 2012
Management Discussion and Analysis of the consolidated financial statement for the year 2012 1. Overall operating result CBIU ǰVQǰ ǰNJMMJPOǰCBIUǰPSǰVQǰ ǰ:P: ǰǰ/FUǰQSPųUǰXBTǰSFQPSUFEǰ and analysis on consolidated ǰNJMMJPOǰCBIU ǰVQǰ ǰǰNJMMJPOǰCBIUǰPSǰVQǰ ǰ:P:ǰ ǰ5IFǰ financial statement EFUBJMTǰPGǰUIFǰQFSGPSNBODFǰBSFǰBTǰGPMMPX 'PSǰUIFǰDPOTPMJEBUFEǰ&"458ĴTǰQFS 1. Financial Highlights GPSNBODFǰ JOǰ UIFǰ ZFBSǰ ǰ UIFǰ $PNQBSBUJWFǰUBCMFǰPGǰUIFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSJFTĴǰPQFSBUJOHǰSFTVMUTǰ company and its subsidiaries had GPSǰUIFǰZFBSǰ ǰBOEǰ UPUBMǰ SFWFOVFǰ PGǰ ǰ NJMMJPOǰ Sales Volume ǰ ǰ 3BXǰ8BUFSǰ4BMFTǰ7PMVNFǰ .JMMJPOǰ$VCJDǰ.FUFST .$. ǰ ǰ ǰ 5BQǰ8BUFSǰ4BMFTǰ7PMVNFǰ .JMMJPOǰ$VCJDǰ.FUFST .$. ǰ
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Financial Performance 3FWFOVFǰGSPNǰ3BXǰ8BUFSǰ 3FWFOVFǰGSPNǰ5BQǰ8BUFSǰ 3FWFOVFǰǰGSPNǰ3FOUBMǰ ǰ4FSWJDFTǰBOEǰ0UIFSǰ Total Revenue Total COGS and Expenses 1SPųUǰ -PTT ǰCFGPSFǰ*OUFSFTUǰBOEǰ5BYǰ /FUǰ1SPųUǰ -PTT ǰ
1.1 Analysis Report
2012
2011
Ç° Ç°
Ç° Ç°
2012 Ç° Ç° Ç° 3,725.95 2,031.23 Ç° Ç°
2011 Ç° Ç° Ç° 3,310.04 1,798.84 Ç° Ç°
Increase/(Decrease) MCM. % Ç° Ç° Increase/(Decrease) MB. % Ç° Ç° Ç°
415.91 12.57 232.39 12.92 Ç° Ç°
UPVSJTNÇ°Ç°DPOTVNQUJPOÇ°JOÇ°$IPOCVSJ Ç°XIJDIÇ°BGGFDUFEÇ°TBMFTÇ°WPMVNFÇ°JOÇ°UIFÇ°BSFBÇ° 1.1.1 Analysis of Revenue: In 2012, UPÇ°JODSFBTFÇ°CZÇ° Ç° JJ Ç°IJHIFSÇ°EFNBOEÇ°GSPNÇ°1FUSPDIFNJDBMÇ°JOEVTUSJBMÇ°TFDUPSÇ° raw water sales volume increased JOÇ°3BZPOHÇ°XIJDIÇ°BGGFDUFEÇ°TBMFTÇ°WPMVNFÇ°JOÇ°UIFÇ°BSFBÇ°UPÇ°JODSFBTFÇ°CZÇ° Ç° 5BQÇ°XBUFSÇ°TBMFTÇ°WPMVNFÇ°VQÇ° Ç°.$.Ç°PSÇ° Ç°:P:Ç°XJUIÇ°BOÇ°JODSFBTJOHÇ°TBMFÇ° Ç°:P:Ç°GSPNÇ° Ç°NBJOÇ°GBDUPST proportion in Bangpakong, Chacoengsao, and Sattahip area. 1) Raw water sales volume was Ç° .$. Ç° VQÇ° Ç° .$. Ç° PSÇ° Ç°3BXÇ°XBUFSÇ°UBSJGGÇ°IBTÇ°CFFOÇ°JODSFBTFEÇ°CZÇ° Ç°JOÇ°BDDPSEBODFÇ°XJUIÇ°#PBSEÄ´TÇ° Ç°:P:Ç°GSPNÇ° Ç° J Ç°IJHIFSÇ°HSPXUIÇ°PGÇ° approval.
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Analysis of costs and expenses (consolidation) Unit: Million Bahtǰ 5PUBMǰ3FWFOVFǰ $PTUǰPGǰ(PPETǰ4PMEǰ (SPTTǰ1SPųUǰ Selling and Administrative ǰǰǰ&YQFOTFǰ &#*5ǰ 'JOBODFǰ$PTUǰ &#5ǰ *ODPNFǰ5BYǰ /FUǰ1SPųUǰ
For common size analysis table BCPWF ǰJOǰ ǰUIFǰ&"458ĴTǰHSPTTǰ QSPųUǰ IBTǰ JNQSPWFEǰ GSPNǰ ǰ UPǰ ǰ 5IFǰ DPNQBOZǰ IBTǰ JOWFTUFEǰ NPSFǰUPǰJNQSPWFǰFGųDJFODZǰPGǰ%PLBJǰ QVNQJOHǰ TUBUJPOǰ GSPNǰ DPNQBOZĴTǰ cost control program. As a result, HSPTTǰ QSPųUǰ NBSHJOǰ JODSFBTFEǰ UPǰ ǰ JOǰ UIFǰ ųSTUǰ IBMGǰ PGǰ UIFǰ ZFBS ǰ 'PSǰUIFǰTFDPOEǰIBMG ǰFBTUFSOǰQBSUǰ PGǰ 5IBJMBOEǰ GBDFEǰ XJUIǰ TMJHIUMZǰ EFDMJOFǰ PGǰ SBJOGBMM ǰ 5IFǰ DPNQBOZǰ EFDJEFEǰUPǰSFTFSWFǰNPSFǰXBUFSǰGPSǰ EFNBOEǰJOǰ ǰ"TǰBǰSFTVMU ǰDPTUǰPGǰ FMFDUSJDJUZǰ SFQSFTFOUJOHǰ ǰPGǰ UIFǰUPUBMǰDPTU ǰJODSFBTFEǰCZǰ ǰ BDDPSEJOHǰUPǰUIFǰJODSFBTFǰPGǰTBMFTǰ WPMVNF ǰ.PSFPWFS ǰTPVSDJOHǰXBUFSǰ GSPNǰ #BOHQBLPOHǰ 3JWFSǰ BGGFDUFEǰ DPTUǰPGǰFMFDUSJDJUZǰUPǰSJTFǰCZǰ ǰ 4PVSDJOHǰGSPNǰ1SBTBFǰ3FTFSWJPSǰBOEǰ SJTJOHǰ'5ǰXFSFǰBMTPǰJNQPSUBOUǰGBDUPST ǰ 5IFSFGPSF ǰ DPTUǰ PGǰ FMFDUSJDJUZǰ QFSǰ VOJUǰJODSFBTFEǰCZǰ
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1.1.3 Analysis of SG&A Expenses: *Oǰ ǰ4( "ǰUPǰUPUBMǰSFWFOVFǰXBTǰ ǰ JODSFBTFEǰ CZǰ ǰ DPNQBSFEǰ UPǰ UIFǰ QSFWJPVTǰ ZFBS ǰ .PTUMZǰ GSPNǰUIFǰPDDBTJPOǰPGǰ thǰ"OOJWFSTBSZ ǰTPǰUIBUǰUIFǰDPNQBOZǰEJEǰ$3. ǰ OFXTǰQVCMJTI ǰBOEǰQVCMJDǰSFMBUJPOǰPGǰDPNQBOZĴTǰBDUJWJUJFTǰBTǰXFMMǰBTǰ$43ǰ QSPKFDUT ǰ*Oǰ ǰUIFǰJNQPSUBOUǰ$43ǰQSPKFDUǰXBTǰ3,ǰ1BSL ǰBǰIVHFǰMJWJOHǰ MJCSBSZǰBOEǰNFEJBǰUFDIOPMPHZǰBUǰ5BLTJOǰ)JHIǰ4DIPPMǰJOǰ3BZPOHǰBSFBǰXIJDIǰ XFǰJOWFTUFEǰ ǰNJMMJPOǰCBIUǰGPSǰUIFǰQSPKFDU ǰ ǰ "OBMZTJTǰ PGǰ ųOBODFǰ DPTUT In 2012, interest expense increased CZǰ ǰ NJMMJPOǰ CBIU ǰ PSǰ ǰ :P:ǰ UPǰ ǰ NJMMJPOǰ CBIU ǰ .BJOMZǰ GSPNǰJOUFSFTUǰFYQFOTFTǰGSPNǰUIFǰQSPKFDUTǰDPNQMFUFEǰJOǰ ǰ'PSǰUIFǰ DBQJUBMJ[FEǰJOUFSFTU ǰJUǰXBTǰSFDPSEFEǰJOǰUIFǰ8*1ǰJOǰBOǰBNPVOUǰPGǰ ǰ million baht. During the year, the company drawdown 2,339.97 million CBIUǰMPBOǰGPSǰTVQQPSUǰ5BQNBǰBOEǰ#BOHQSBǰQSPKFDUT ǰ"TǰPGǰ%FDFNCFSǰ ǰ ǰUIFǰBWFSBHFǰSBUFǰGPSǰJOUFSFTUǰFYQFOTFǰXBTǰ 1.1.5 Analysis of Tax:ǰ5BYǰSBUFǰIBTǰCFFOǰBEKVTUFEǰGSPNǰ ǰUPǰ ǰJOǰ accordance with government policy. As a result, income taxes reduced JOǰBNPVOUǰPGǰ ǰNJMMJPOǰCBIUǰGSPNǰ *Oǰ ǰ&"458ĴTǰOFUǰQSPųUǰJODSFBTFEǰ ǰNJMMJPOǰCBIUǰPSǰVQǰ ǰ GSPNǰBCPWFǰEFUBJMT ǰ&#5ǰ &BSOJOHǰCFGPSFǰUBY ǰXBTǰ ǰNJMMJPOǰCBIUǰ PSǰVQǰ
Eastern Water Resources Development and Management PCL.
1.1.2
Annual Report 2012
1.2
Statements of Financial Positions
Ç° Ç° Ç° 1 Total Asset 2 Total Liabilities 3 Total Equity Ç° "OBMZTJTÇ° PGÇ° "TTFUT Ç° "TÇ° PGÇ° December 31, 2012, total assets were 12,440.09 million baht, an JODSFBTFÇ° PGÇ° Ç° NJMMJPOÇ° CBIUÇ° PSÇ° VQÇ° Ç° Ç° :P: Ç° Ç° 5PUBMÇ° BTTFUTÇ° JODSFBTFEÇ°NBJOMZÇ°GSPNÇ°DPOTUSVDUJPOÇ° PGÇ° 5BQNBÇ° SFTFSWPJSÇ° BOEÇ° #BOHQSBÇ° QVNQJOHÇ° TUBUJPOÇ° QSPKFDUT Ç° #PUIÇ° QSPKFDUTÇ° JODVSSFEÇ° 8*1Ç° JOÇ° BNPVOUÇ° PGÇ° Ç°NJMMJPOÇ°CBIUÇ°BOEÇ° Ç° NJMMJPOÇ° CBIUÇ° SFTQFDUJWFMZ Ç° "TÇ° GPSÇ° /POHQMBMBJ .BQUIBQIVU Ç° UIFÇ° UIJSEÇ° pipeline, it was recorded as assets JOÇ°QBSUÇ°PGÇ°QJQFMJOFÇ°BOEÇ°IFBEÇ°UBOLÇ° XIJDIÇ° BGGFDUFEÇ° EFQSFDJBUJPOÇ° GPSÇ° UIFÇ° ZFBSÇ° JOÇ° BOÇ° BNPVOUÇ° PGÇ° Ç° million baht.
2012 .# Ç°
2011 .# Ç°
12,440.09 5,119.63 7,320.46
10,774.24 3,838.04 6,936.20
Increase (Decrease) .#Ç° Ç° 1,665.85 1,281.59 384.26
15.46 33.39 5.54
5IJTǰJTǰUPǰJODSFBTFǰTPVSDFTǰPGǰSBXǰXBUFSǰUPǰTFSWFǰGVUVSFǰIJHIFSǰEFNBOE ǰ ǰ"OBMZTJTǰPGǰ&RVJUZ ǰ"TǰPGǰ%FDFNCFSǰ ǰ ǰUIFǰ$PNQBOZǰBOEǰJUTǰ TVCTJEJBSJFTǰSFQPSUFEǰUPUBMǰFRVJUZǰ ǰNJMMJPOǰCBIU ǰSFTVMUFEǰGSPNǰOFUǰ PGGǰCFUXFFOǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰ ǰBNPVOUǰ ǰNJMMJPOǰCBIUǰ and dividend payment total 831.86 million baht. In 2012, the company QBJEǰUIFǰEJWJEFOEǰBTǰGPMMPXJOH ǰ ǰ'PSǰUIFǰZFBSǰ ǰ ǰCBUIǰQFSǰTIBSFǰ POǰ"QSJMǰ ǰ ǰ ǰ*OUFSJNǰEJWJEFOEǰGPSǰ NPOUIǰQFSGPSNBODFǰPGǰFOEJOHǰ June 30, 2012, amount 0.20 baht per share on September 20, 2012.
2. Analysis of Cash flow For the year 2011, the company and its subsidiaries had cash and cash FRVJWBMFOUTÇ°PGÇ°CFHJOOJOHÇ°CBMBODFÇ°PGÇ° Ç°NJMMJPOÇ°CBIU Ç°%VSJOHÇ°UIFÇ°QFSJPE Ç° OFUÇ°DBTIÇ°JODSFBTFEÇ°CZÇ° Ç°NJMMJPOÇ°CBIUÇ°DPOTJTUJOHÇ°PGÇ°UIFÇ°GPMMPXJOH
/FUǰDBTIǰJOŴPXǰGSPNǰPQFSBUJOHǰBDUJWJUJFTǰPGǰ ǰNJMMJPOǰCBIU ǰ NBJOMZǰGSPNǰ ǰ ǰ *NQSPWFNFOUǰJOǰQFSGPSNBODFǰPGǰUIFǰDPNQBOZĴTǰFBSOJOHTǰCFGPSFǰ ǰ ǰ UBYǰBNPVOUFEǰUPǰ ǰNJMMJPOǰCBIU ǰXJUIǰOPO DBTIǰJUFNTǰJODMVEJOHǰ ǰ "OBMZTJTǰPGǰ-JBCJMJUJFT ǰ0WFSBMM ǰ depreciation expense amounted 313.56 million baht the company has better used long z Net cash used in investing activities were 1,957.63 million. The main UFSNǰMPBOǰUPǰųOBODFǰUIFǰDPOTUSVDUJPOǰ SFBTPOTǰBSFǰBTǰGPMMPXT PGǰ 5VQNBǰ SFTFSWPJSǰ BOEǰ #BOHQSBǰ ǰ ǰ 5IFǰ$"1&9ǰJOǰųYFEǰBTTFUTǰWBMVFEǰ ǰNJMMJPOǰCBIUǰXIJDIǰXBTǰ QVNQJOHǰTUBUJPOǰQSPKFDUT ǰ0VUTUBOEJOHǰ ǰ ǰ NBJOMZǰJOWFTUFEǰJOǰUIFǰDPOTUSVDUJPOǰPGǰ5BQNBǰSFTFSWPJSǰBOEǰ#BOHQSBǰ MPBOǰGSPNǰųOBODJBMǰJOTUJUVUJPOǰXBTǰ ǰ ǰ QVNQJOHǰTUBUJPOǰQSPKFDUT recorded at 4,193.97 million baht up ǰ ǰ "EWBODFEǰQBZNFOUǰBNPVOUFEǰ ǰNJMMJPOǰCBIUǰGSPNǰTVDIǰQSPKFDUT ǰNJMMJPOǰCBIUǰPSǰ ǰ5IFǰ ǰ ǰ $BTIǰPVUŴPXǰJOWFTUJOHǰJOǰTIPSU UFSNǰJOWFTUNFOUǰBNPVOUFEǰ ǰ UPUBMǰDBQJUBMǰFYQFOEJUVSFTǰ $"1&9 ǰGPSǰ ǰ ǰ NJMMJPOǰCBIUǰXBTǰUPǰNBOBHFǰDBTIǰPOǰIBOEǰXJUIǰJOUFSFTUǰSBUFǰGSPNǰ CPUIǰQSPKFDUTǰBSFǰ ǰNJMMJPOǰCBIUǰ ǰ ǰ and 849 million baht respectively. z
3. Key Financial Ratios
3BXǰXBUFSǰ ǰHSPTTǰQSPųUǰNBSHJOǰ ǰ 5BQǰXBUFSǰ ǰHSPTTǰQSPųUǰNBSHJOǰ ǰ 5PUBMǰHSPTTǰQSPųUǰNBSHJOǰUPǰUPUBMǰSFWFOVFǰ ǰ /FUǰQSPųUǰNBSHJOǰUPǰUPUBMǰSFWFOVFǰ ǰ 3FUVSOǰPOǰFRVJUZǰ 30& ǰ ǰ 3FUVSOǰPOǰBTTFUTǰ 30" ǰ ǰ %FCUǰUPǰFRVJUZǰSBUJPǰ 9 ǰ %4$3ǰ 9 ǰ ǰ
2012
2011
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
1SPųUBCJMJUZǰ3BUJPǰPGǰ(SPVQǰPGǰ$PNQBOZ (SPTTǰQSPųUǰNBSHJOǰPGǰ3BXǰ8BUFSǰ ǰ(SPTTǰQSPųUǰNBSHJOǰXBTǰBUǰ ǰ JODSFBTFEǰCZǰ ǰ:P:ǰEVFǰUPǰIJHIFSǰUBSJGGǰBOEǰWPMVNFǰXJUIǰHSPXUIǰPGǰ ǰBOEǰ ǰSFTQFDUJWFMZ (SPTTǰQSPųUǰNBSHJOǰPGǰ5BQǰ8BUFSǰ ǰ(SPTTǰQSPųUǰNBSHJOǰXBTǰBUǰ ǰ VQǰCZǰ ǰ:P: ǰ5IFǰNBJOǰSFBTPOǰXBTǰUIBUǰEFQSFDJBUJPOǰFYQFOTFǰGSPNǰ some plants were expired. Return on equity (ROE) and Return on Assets (ROA)ǰXFSFǰBUǰ ǰ BOEǰ ǰSFTQFDUJWFMZ ǰEVFǰUPǰIJHIFSǰHSPXUIǰJOǰSFWFOVFǰBOEǰMPXFSǰ income taxes rate. %FCU UP FRVJUZǰ SBUJPǰ % &ǰ 3BUJP ǰ BOEǰ %FCUǰ 4FSWJDFǰ $PWFSBHFǰ Ratio (DSCR). D/E ratio and DSCR was at 0.70x and 2.51x respectively, TMJHIUMZǰVQǰGSPNǰUIFǰQSFWJPVTǰZFBS ǰBTǰUIFǰDPNQBOZĴTǰMPOHǰUFSNǰMPBOǰ
Ç° Ç°
Ç°
Increase (decrease) (0.16)
BOEÇ° OPO DVSSFOUÇ° MJBCJMJUJFTÇ° JODSFBTFE Ç° 5IFÇ° DPNQBOZÄ´TÇ° D/E ratio and DSCR are maintained in line with those PGÇ°UIFÇ°MPBOÇ°DPWFOBOUT Ç° Y% &Ç° ratio and 1.1x DSCR
Eastern Water Resources Development and Management PCL.
/FUǰDBTIǰGSPNǰųOBODJOHǰBDUJWJUJFTǰPGǰ ǰNJMMJPOǰCBIUǰGSPNǰUIFǰUXPǰ ǰ ǰ %JWJEFOEǰQBZNFOUǰPGǰǰ ǰ main items, million baht as details in ǰ ǰ /FUǰ DBTIǰ JOŴPXǰ PGǰ ǰ NJMMJPOǰ CBIUǰ GSPNǰ CPUIǰ TIPSUǰ BOEǰ 1.2.3 ǰ ǰ MPOH UFSNǰ MPBOTǰ GSPNǰ ųOBODJBMǰ JOTUJUVUJPOT ǰ OFUǰ PGGǰ XJUIǰ MPBOTǰ ǰ ǰ SFQBZNFOUǰPGǰ ǰNJMMJPOǰCBIU
z
Annual Report 2012
In the past year, the company has been focusing on its implementation of the Principle of Good Corporate Governance for Listed Companies 2006, a guideline set forth by the Stock Exchange of Thailand (SET), and has also periodically reviewed its framework in an attempt to converge to the OECD’s Principle of Corporate Governance.
12.2 Shareholders’ Rights &"458ǰSFDPHOJ[FTǰJUTǰųEVDJBSZǰEVUZǰ to shareholders and so places great importance on promoting TIBSFIPMEFSTĴǰSJHIUT ǰTVDIǰBTǰUIFǰSJHIUǰ UPǰKPJOUMZǰEFUFSNJOFǰUIFǰDPNQBOZĴTǰ policies and guidelines, and the right UPǰSFDFJWFǰUIFǰDPNQBOZĴTǰJOGPSNBUJPOǰ in an accurate, transparent and timely manner.
1 2 . 3 Fa i r T r e a t m e n t o f Shareholders 5IFǰ#PBSEǰPGǰ%JSFDUPSǰQMBDFTǰHSFBUǰFNQIBTJTǰPOǰDPOEVDUJOHǰUIFǰCVTJOFTTǰ in accordance with good governance standards to maximize its return UPǰ TIBSFIPMEFST ǰ UBLJOHǰ JOUPǰ BDDPVOUǰ UIFǰ CFOFųUTǰ PGǰ BMMǰTUBLFIPMEFST ǰ including communities, society, and environment. In the past year, the DPNQBOZǰIBTǰCFFOǰGPDVTJOHǰPOǰJUTǰJNQMFNFOUBUJPOǰPGǰUIFǰ1SJODJQMFǰPGǰ (PPEǰ$PSQPSBUFǰ(PWFSOBODFǰGPSǰ-JTUFEǰ$PNQBOJFTǰ ǰBǰHVJEFMJOFǰTFUǰ GPSUIǰCZǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰBOEǰIBTǰBMTPǰQFSJPEJDBMMZǰ SFWJFXFEǰJUTǰGSBNFXPSLǰJOǰBOǰBUUFNQUǰUPǰDPOWFSHFǰUPǰUIFǰ0&$%ĴTǰ1SJODJQMFǰ PGǰ$PSQPSBUFǰ(PWFSOBODF ǰ"EEJUJPOBMMZ ǰJUǰPSHBOJ[FEǰNBOZǰBDUJWJUJFTǰUIBUǰ promote good governance practices in the business group in a hope to JOTUJMMǰUIFǰDPNQBOZĴTǰDPSFǰWBMVFǰPGǰĶ5SBOTQBSFODZ ǰ)POFTUZ ǰ3FTQPOTJCJMJUZǰ BOEǰ$PNQFUJUJWFOFTTķǰJOUPǰUIFǰNJOETFUǰPGǰBMMǰPGǰJUTǰXPSLFST
Ç°.BOBHFNFOUÇ°1PMJDZÇ° 5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°FOEPSTFEÇ°UIFÇ°DPNQBOZÄ´TÇ°7JTJPO Ç°.JTTJPOÇ°BOEÇ°1PMJDZÇ° GPSÇ°DPSQPSBUFÇ°HPWFSOBODFÇ°POÇ°"VHVTUÇ° st, 2003. The Corporate Governance Board is assigned to periodically revise the governance policy and present UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOZÇ°BNFOENFOUTÇ°UPÇ°UIFÇ°TBJEÇ°QPMJDZÇ°JOÇ°PSEFSÇ°UPÇ° BQQSPQSJBUFMZÇ°SFTQPOEÇ°UPÇ°UIFÇ°EZOBNJDÇ°PGÇ°UIFÇ°DVSSFOUÇ°TJUVBUJPOT 5PÇ°QSPNPUFÇ°UIFÇ°BXBSFOFTTÇ°PGÇ°CVTJOFTTÇ°FUIJDT Ç°POFÇ°PGÇ°UIFÇ°NBJOÇ°UPQJDTÇ°JOÇ°UIFÇ° QSJODJQMFÇ°PGÇ°HPPEÇ°HPWFSOBODF Ç°UIFÇ°DPNQBOZÇ°IBTÇ°JUTÇ°OFXÇ°FNQMPZFFTÇ°QMFEHFEÇ° themselves by signing on the Business Ethics Acknowledgement Form on UIFÇ°PSJFOUBUJPOÇ°EBZ Ç°.FNCFSTÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BSFÇ°BMTPÇ°SFRVJSFEÇ°UPÇ° TJHOÇ°POÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°)BOECPPL Ç°5IJTÇ°SFÅ´FDUTÇ°UIFÇ°DPNQBOZÄ´TÇ°TUSPOHÇ° EFUFSNJOBUJPOÇ°UPÇ°BEPQUÇ°HPPEÇ°HPWFSOBODFÇ°JOÇ°BMMÇ°PGÇ°JUTÇ°MFWFMTÇ°PGÇ°PQFSBUJPO Ç°Ç°
EASTW scrupulously ensures its FRVJUBCMFÇ° USFBUNFOUÇ° UPÇ° BMMÇ° PGÇ° JUTÇ° shareholders. For example, it encourages shareholders to attend BOEÇ° WPUFÇ° JOÇ° UIFÇ° TIBSFIPMEFSÄ´TÇ° meetings and grants the minority shareholders the right to nominate the board member and the right to propose the meeting agenda in advance. It also prepares the USBOTMBUFEÇ° WFSTJPOÇ° PGÇ° NFFUJOHÇ° EPDVNFOUÇ° UPÇ° GBDJMJUBUFÇ° JUTÇ° GPSFJHOÇ° shareholders.
12.4 Responsibilities to Stakeholders EASTW incorporates its business philosophies in every operation to ensure responsible and equitable treatment to all relevant stakeholders. 4VDIÇ°QIJMPTPQIJFTÇ°BSFÇ°BTÇ°GPMMPXT (1) Fiduciary duties to shareholders: The Company delivers appropriate SFUVSOTÇ°UPÇ°JUTÇ°NBKPSJUZÇ°TIBSFIPMEFST Ç° minority shareholders, and investors,
Eastern Water Resources Development and Management PCL.
Good Corporate Governance
Annual Report 2012
BOEǰNBJOUBJOTǰJUTǰųOBODJBMǰTUBCJMJUZǰ to support sustainable business growth. (2) Responsibilities to customers: The Company continuingly develops and delivers good quality products and services to maximize customer TBUJTGBDUJPO ǰǰ (3) Responsibilities to creditors: The Company adheres to the conditions BOEǰ DPWFOBOUTǰ TFUǰ GPSUIǰ JOǰ UIFǰ DSFEJUǰ BHSFFNFOUT ǰ SFGSBJOǰ GSPNǰ NJTSFQSFTFOUJOHǰųOBODJBMǰJOGPSNBUJPOǰ PGǰUIFǰDPNQBOZǰBOEǰUIFǰHSPVQ ǰBOEǰ BCTUBJOǰGSPNǰNJTBQQSPQSJBUJOHǰMPBOTǰ GPSǰJOBQQSPQSJBUFǰQVSQPTFT (4) Responsibilities to employees: The Company acknowledges and respects FNQMPZFFTĴǰMFHBMǰSJHIUT ǰ*UǰFOTVSFTǰ that a good working environment, BQQSPQSJBUFǰXFMGBSFǰBSSBOHFNFOUTǰ BOEǰ GBJSǰ FNQMPZFFǰ USFBUNFOUǰ BSFǰ in place, and the compensation schemes are aligned with the industry. It encourages equitable TFMG EFWFMPQNFOUǰ PQQPSUVOJUJFTǰ BOEǰ FNQMPZFFTĴǰ QBSUJDJQBUJPOǰ JOǰ UIFǰ DPNQBOZĴTǰ EFDJTJPOǰ QSPDFTT ǰ IPQJOHǰ UPǰ GPSUJGZǰ UIFǰ CPOEǰ XJUIJOǰ the organization and promote the FNQMPZFFĴTǰTFOTFǰPGǰEFWPUJPO ǰ (5) Responsibilities to business partners: The Company ensures that its relationships with its contractors,
suppliers and investors are based upon mutual agreements that will PQUJNJ[FǰUIFǰCFOFųUTǰPGǰBMMǰQBSUJFTǰJOWPMWFE ǰ (6) Responsibilities to society, communities, and environment: The Company DPOEVDUTǰJUTǰCVTJOFTTǰXJUIǰGVMMǰBXBSFOFTTǰPGǰJUTǰQPUFOUJBMǰFYUFSOBMJUJFT ǰ*Uǰ adheres to laws, regulations and relevant standards regarding hygiene, TBGFUZǰBOEǰXFMGBSFǰPGǰUIFǰDPNNVOJUJFTǰUPǰBWPJEǰBOZǰIBSNǰPOǰUIFǰMJWFTǰBOEǰ UIFǰQSPQFSUJFTǰPGǰQFPQMFǰBOEǰUPǰBWPJEǰBOZǰEBNBHFTǰPOǰUIFǰFOWJSPONFOU ǰǰ 'JMJOHǰ$PNQMBJOUT &"458ǰTFUǰVQǰBǰTQFDJųDǰDIBOOFMǰUPǰIBOEMFǰDPNQMBJOUTǰSFHBSEJOHǰJMMFHBMǰ or unethical practices, inaccurate accounting entries, and inadequate JOUFSOBMǰDPOUSPM ǰ*UǰBMTPǰQVUǰJOǰQMBDFǰBǰ8IJTUMFCMPXFSǰ1SPUFDUJPOǰ1MBOǰUPǰ QSPNPUFǰFGGFDUJWFOFTTǰPGǰUIFǰEFUFDUJPOǰBOEǰUIFǰSFTPMVUJPOǰPGǰNJTDPOEVDUTǰ BOEǰFSSPST ǰ5IFǰQPMJDZǰGPSǰDPNQMBJOUTǰJTǰEJTDMPTFEǰJOǰUIFǰBOOVBMǰSFQPSUǰ ǰ$PNQMBJOUTǰDBOǰCFǰųMFEǰUPǰUIFǰ"VEJUǰ$PNNJUUFFǰWJB & NBJM ǰ ǰ "VEJUǰDPNNJUUFF ǰ"$@&8!FBTUXBUFS DPNǰǰ .BJM ǰ ǰ "VEJUǰDPNNJUUFF ǰ ǰ &BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ.BOBHFNFOUǰ ǰ ǰ 1VCMJDǰ$PNQBOZǰ-JNJUFE 1 Soi Vibhavadi Rangsit 25, Vibhavadi Rangsit Road Chompol, Chatuchak, Bangkok 10900
12.5 Information Disclosure and Transparency 5IFÇ° #PBSEÇ° PGÇ° %JSFDUPSÇ° PGÇ° &"458Ç° BOEÇ° JUTÇ° TVCTJEJBSJFTÇ° FOTVSFTÇ° UIBUÇ° BOÇ° BQQSPQSJBUFÇ°TZTUFNÇ°JTÇ°QSPWJEFEÇ°UPÇ°FODPVSBHFÇ°UJNFMZ Ç°BDDVSBUFÇ°BOEÇ°FGGFDUJWFÇ° JOGPSNBUJPOÇ°EJTTFNJOBUJPOÇ°UPÇ°JUTÇ°SFMFWBOUÇ°TUBLFIPMEFSTÇ°JOÇ°DPNQMJBODFÇ°XJUIÇ° UIFÇ°SVMFTÇ°PGÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° 4&5 Ç°5IFZÇ°BMTPÇ°FODPVSBHFÇ° EJTDMPTVSFÇ°PGÇ°BEEJUJPOBMÇ°VTFGVMÇ°EBUB Ç°XJUIÇ°BOÇ°FYDFQUJPOÇ°NBEFÇ°GPSÇ°.BUFSJBMÇ° /PO QVCMJDÇ°*OGPSNBUJPO Ç°XIJDIÇ°NVTUÇ°OPUÇ°CFÇ°EJTDMPTFEÇ°BUÇ°BOZÇ°UJNF Ç°
12.6 Board of Director’s Responsibilities Believing that good governance is the key to increasing shareholder WBMVF ǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰXIPMFIFBSUFEMZǰFYFSDJTFTǰJUTǰTVQFSWJTJPOǰ role guided by the principle. Essentially, the board closely monitors the DPNQBOZĴTǰNBOBHFNFOUǰUPǰFOTVSFǰUIBUǰJUǰDPOEVDUTǰUIFǰCVTJOFTTǰJOǰBOǰ FGGFDUJWFǰBOEǰFGųDJFOUǰGBTIJPOǰBOE ǰNPTUǰJNQPSUBOUMZ ǰBDUTǰJOǰHPPEǰGBJUIǰ POǰCFIBMGǰPGǰUIFǰTUBLFIPMEFSTǰJOǰJUTǰEBJMZǰNBOFVWFST
12.7 Shareholders’ Meeting #FGPSFǰUIFǰNFFUJOHǰEBUFǰ z ǰ 5IFǰDPNQBOZǰEJTTFNJOBUFEǰUIFǰJOGPSNBUJPOǰPGǰUIFǰEBUFǰBOEǰBHFOEBǰ ǰ GPSǰUIFǰ ǰ"OOVBMǰ(FOFSBMǰ.FFUJOHǰPGǰ4IBSFIPMEFSTǰUISPVHIǰUIFǰ4&5ĴTǰ ǰ *OGPSNBUJPOǰ4ZTUFNǰBOEǰ&"458ĴTǰXFCTJUFǰ ǰEBZTǰQSJPSǰUPǰUIFǰNFFUJOHǰ date z ǰ 5IFǰDPNQBOZǰEJTUSJCVUFEǰUIFǰJOWJUBUJPOǰMFUUFST ǰUIFǰEFUBJMTǰPGǰBHFOEBǰ UIFǰ ǰ PCKFDUJWFTǰPGǰUIFǰNFFUJOH ǰUIFǰSFBTPOTǰGPSǰUIFǰNFFUJOH ǰBOEǰUIFǰCPBSEĴTǰ ǰ PQJOJPO ǰBOEǰUIFǰQSPYZǰGPSNǰ JOǰ5IBJǰBOEǰ&OHMJTI ǰUPǰBMMǰTIBSFIPMEFST ǰ
ǰ UIFǰPSEFSǰPGǰUIFǰBHFOEB ǰCVUǰOPǰ ǰ POFǰQSPQPTFE ǰ"GUFSǰUIFǰEFDMBSFEǰ agenda were scrutinized, the ǰ $IBJSNBOǰJOGPSNFEǰUIFǰ.FFUJOHǰ that the shareholders with the ǰ UPUBMǰ PGǰ POF UIJSETǰ ǰ PGǰ UIFǰ shares subscribed could request additional agenda, but no one proposed. The Chairman then ǰ EFDMBSFEǰUIFǰNFFUJOHǰBEKPVSOFE ǰǰ "GUFSǰUIFǰNFFUJOHǰEBUF z The company prepared the minutes ǰ PGǰUIFǰ ǰ"OOVBMǰ(FOFSBMǰ.FFUJOHǰ ǰ PGǰ 4IBSFIPMEFSTǰ BOEǰ EFMJWFSFEǰ to the Securities and Exchange Commission (SEC) within 14 days ǰ GSPNǰ UIFǰ EBUFǰ PGǰ UIFǰ NFFUJOH ǰ The discussion and the meeting resolution were recorded clearly. The voting results were recorded as “Approve, Disapprove, and Abstain” z The company posted the minutes ǰ PGǰUIFǰ ǰ"OOVBMǰ(FOFSBMǰ.FFUJOHǰ ǰ PGǰ4IBSFIPMEFSTǰPOǰUIFǰDPNQBOZĴTǰ ǰ XFCTJUFǰ BOEǰ 4&5ĴTǰ *OGPSNBUJPOǰ ǰ 4ZTUFNǰXJUIJOǰ ǰEBZTǰGSPNǰUIFǰ ǰ EBUFǰPGǰUIFǰNFFUJOHǰ z ǰ 5IBJǰ*OWFTUPSTǰ"TTPDJBUJPOTǰ"(.ǰ ǰ "TTFTTNFOUǰ1SPKFDUǰSBUFEǰ&"458ĴTǰ ǰ BENJOJTUSBUJPOǰPGǰJUTǰ ǰ"OOVBMǰ ǰ (FOFSBMǰ.FFUJOHǰPGǰ4IBSFIPMEFSTǰ at “Excellence” level
Eastern Water Resources Development and Management PCL.
ǰ 5IFǰDPNQBOZǰBOOPVODFEǰUIFǰEJTUSJCVUJPOǰPGǰUIFǰNFFUJOHǰEPDVNFOUǰBUǰ least 14 days prior to the meeting date and published its annual ǰ NFFUJOHǰEBUFǰBOEǰBHFOEBǰJOǰUIFǰOFXTQBQFSǰGPSǰ ǰDPOTFDVUJWFǰEBZTǰ prior to the meeting date. The company also posted its invitation ǰ MFUUFSTǰ BOEǰ NFFUJOHǰ EPDVNFOUǰ POǰ JUTǰ XFCTJUFǰ ǰ EBZTǰ CFGPSFǰ UIFǰ meeting took place. z In the case that any shareholder could not attend the meeting, ǰ IFǰDPVMEǰQSPYZǰWPUFǰVTJOHǰUIFǰQSPYZǰGPSNǰJTTVFEǰCZǰUIFǰ%FQBSUNFOUǰ ǰ PGǰ#VTJOFTTǰ%FWFMPQNFOUǰ 'PSNǰ" ǰ#ǰBOEǰ$ ǰ5IFǰTIBSFIPMEFSǰDPVMEǰ ǰ JEFOUJGZǰIJTǰQSPYZǰPSǰBQQPJOUǰPOFǰPGǰUIFǰUXPǰJOEFQFOEFOUǰEJSFDUPSTǰ ǰ UPǰBUUFOEǰUIFǰNFFUJOHǰBOEǰWPUFǰPOǰCFIBMGǰPGǰIJN ǰǰǰǰǰ z The company granted the minority shareholders the right to nominate ǰ UIFǰDPNQBOZĴTǰEJSFDUPSTǰBOEǰQSPQPTFǰUIFǰNFFUJOHǰBHFOEBǰUISPVHIǰ ǰ UIFǰDPNQBOZĴTǰXFCTJUFǰQSJPSǰUPǰUIFǰNFFUJOHǰEBUF ǰ*Oǰ ǰUIFǰNJOPSJUZǰ ǰ TIBSFIPMEFSTǰDPVMEǰOPNJOBUFǰEJSFDUPSTǰTUBSUJOHǰGSPNǰ+BOVBSZǰ ǰ ǰ ǰ UPǰ'FCSVBSZǰ ǰ ǰUISPVHIǰ&"458ĴTǰXFCTJUFǰBOEǰ4&5ǰ*OGPSNBUJPOǰ System. 0OǰUIFǰNFFUJOHǰEBUF z ǰ 5IFǰ ǰ "OOVBMǰ (FOFSBMǰ .FFUJOHǰ PGǰ 4IBSFIPMEFSTǰ XBTǰ IFMEǰ POǰ ǰ .BSDIǰ ǰ ǰBUǰ ǰQ N ǰBUǰ+VQJUFSǰ3PPN ǰ rdǰŴPPS ǰ.JSBDMFǰ(SBOEǰ ǰ $POWFOUJPOǰ)PUFM ǰ7JCIBWBEJǰ3BOHTJUǰ3PBE ǰ%POǰ.VBOH ǰ#BOHLPL ǰ5IFǰ ǰ WPUJOHǰQSPDFEVSFǰXBTǰGBDJMJUBUFEǰXJUIǰUIFǰVTFǰPGǰBǰTQFDJBMǰFMFDUSPOJDǰ ǰ WPUJOHǰTZTUFNǰEFWFMPQFEǰCZǰUIFǰ5IBJǰ4FDVSJUZǰ%FQPTJUPSZǰ$P ǰ-UE ǰ & 7PUJOH ǰ z ǰ 5IFSFǰXFSFǰ ǰEJSFDUPSTǰQSFTFOUǰJOǰUIFǰNFFUJOHǰ ǰPGǰUIFǰEJSFDUPST ǰ ǰ JODMVEJOHǰ$IBJSNBOǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPST ǰ$IBJSNBOǰPGǰ&YFDVUJWFǰ ǰ BOEǰ*OWFTUNFOUǰ$PNNJUUFF ǰ$IBJSNBOǰPGǰ"VEJUǰ$PNNJUUFF ǰ$IBJSNBOǰ ǰ PGǰ $PSQPSBUFǰ (PWFSOBODFǰ $PNNJUUFFǰ BOEǰ /PNJOBUJOHǰ $PNNJUUFF ǰ ǰ $IBJSNBOǰPGǰǰ&WBMVBUJPOǰ$PNNJUUFFǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFF z Top executives, auditors, and legal advisers also attended the meeting ǰ UPǰBDLOPXMFEHFǰUIFǰTIBSFIPMEFSTĴǰPQJOJPOǰBOEǰHJWFǰFYQMBOBUJPOǰUPǰ any questions that might be raised z ǰ 1SJPSǰUPǰUIFǰDPNNFODFNFOUǰPGǰUIFǰNFFUJOH ǰUIFǰ$IBJSNBOǰBEWJTFEǰUIFǰ ǰ .FFUJOHǰUIFǰHPWFSOJOHǰSVMFT ǰJODMVEJOHǰUIFǰWPUJOHǰQSPDFTTǰGPSǰUIFǰCVTJOFTTǰ ǰ BHFOEB ǰ#FGPSFǰFBDIǰWPUJOH ǰUIFǰ$IBJSNBOǰFODPVSBHFEǰUIFǰ.FFUJOHǰUPǰ ǰ SBJTFǰRVFSJFTǰBOEǰEJTDVTTFEǰPOǰJTTVFTǰJOǰBOǰBQQSPQSJBUFǰUJNFGSBNF ǰ The Chairman then allowed the relevant directors and/or executives ǰ UPǰDMBSJGZǰUIFǰQPJOUTǰUPǰUIFǰ.FFUJOHĴTǰUIPSPVHIǰTBUJTGBDUJPO ǰ5IFOǰUIFǰ ǰ $IBJSNBOǰDPNNFODFEǰUIFǰWPUJOH ǰ'PSǰUIFǰFMFDUJPOǰPGǰUIFǰEJSFDUPST ǰUIFǰ ǰ $IBJSNBOǰJOGPSNFEǰUIFǰ.FFUJOHǰUPǰEJTDSFUFMZǰWPUFǰJOǰUIFǰCBMMPUǰQBQFST z ǰ #FGPSFǰUIFǰ$IBJSNBOǰEFDMBSFEǰUIFǰNFFUJOHǰBEKPVSOFE ǰUIFǰ$IBJSNBOǰ ǰ BOOPVODFEǰUIFǰSFTVMUTǰPGǰUIFǰWPUJOHǰGPSǰFBDIǰBHFOEB ǰ5IFǰ$IBJSNBOǰ ǰ BEIFSFEǰ UPǰ UIFǰ SVMFTǰ PGǰ UIFǰ DPNQBOZǰ UPǰ DPOEVDUǰ UIFǰ NFFUJOHǰ JOǰ ǰ UIFǰPSEFSǰPGǰUIFǰEFDMBSFEǰBHFOEB ǰVOMFTTǰNPSFǰUIBOǰUXP UIJSETǰ ǰ ǰ PGǰ UIFǰ TIBSFIPMEFSTǰ QSFTFOUǰ JOǰ UIFǰ NFFUJOHǰ WPUFEǰ GPSǰ Bǰ DIBOHFǰ PGǰ
Annual Report 2012
NFFUJOHǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSǰVOEFSǰUIFǰBHFOEBǰĜ2VBSUFSMZǰ'JOBODJBMǰ Status Report�. In addition, the board also requires the management 5IFǰ#PBSEǰPGǰ%JSFDUPSǰEFUFSNJOFTǰ to report any changes in rules and regulations set by SET and SEC on UIFǰ DPNQBOZĴTǰ WJTJPO ǰ QPMJDZǰ BOEǰ a timely basis. strategic plans through its annual SFWJTJPOǰPGǰBǰ ZFBSǰDPSQPSBUFǰQMBOǰ 12.9 Conflicts of Interest UIBUǰ JTǰ KPJOUMZǰ GPSNFEǰ XJUIǰ UIFǰ FYFDVUJWFT ǰǰ5IFǰDPSQPSBUFǰQMBOǰGPSǰ 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰFNCPEJFEǰQPMJDJFTǰPOǰDPOŴJDUǰPGǰJOUFSFTUǰJOǰUIFǰ UIFǰZFBSǰ ǰXJMMǰFNQIBTJ[Fǰ $PSQPSBUFǰ(PWFSOBODFǰ'SBNFXPSLǰBOEǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ)BOECPPL ǰ POǰUIFǰSFJOGPSDFNFOUǰPGǰUIFǰCVTJOFTTǰ Such policies are: NJTTJPOǰBOEǰUIFǰSFBMJHONFOUǰPGǰUIFǰ z ǰ %JSFDUPSTǰXIPǰXJTIǰUPǰHJWFǰUIFǰQPXFSǰPGǰBUUPSOFZǰUPǰPUIFSǰQFSTPO T ǰ QPMJDZǰ XJUIǰ UIFǰ EZOBNJDǰ PGǰ UIFǰ to execute any legal transaction must do so in writing or have the surrounding situations to support ǰ BVUIPSJ[BUJPOǰSFDPSEFEǰJOǰUIFǰNJOVUFTǰPGǰUIFǰNFFUJOHǰPGǰUIFǰ#PBSEǰPGǰ &"458ĴTǰVMUJNBUFǰHPBMǰUPǰCFǰĜUIFǰ ǰ %JSFDUPST ǰ5IFǰBVUIPSJ[BUJPOǰNVTUǰCFǰTQFDJųD ǰBOEǰNVTUǰOPUǰCFǰHJWFOǰUPǰ Leader in Water Distribution Service ǰ UIFǰQFSTPOTǰXJUIǰQPTTJCMFǰDPOŴJDUǰPGǰJOUFSFTUǰJOǰUIFǰBVUIPSJ[FEǰUSBOTBDUJPO 1SPWJEFSǰXJUIǰ0QFSBUJPOǰBOEǰ4FSWJDFǰ z ǰ &WFSZǰQFSTPOOFMǰNVTUǰQVUǰIJT IFSǰCFTUǰFGGPSUǰUPǰBWPJEǰBOZǰBDUJPOǰUIBUǰ Excellence�. The plan will cover ǰ XJMMǰDSFBUFǰDPOŴJDUTǰPGǰJOUFSFTU ǰXIJDIǰXJMMǰEFTUSPZǰUIFǰHSPVQĴTǰPWFSBMMǰ the strategy to ensure raw water interest and derail working relationship. adequacy, the strategy to expand the water supply business, the strategy z Every personnel must disclose the transactions that may create to improve stakeholder relationship ǰ DPOŴJDUTǰPGǰJOUFSFTUǰUPǰUIFǰLOPXMFEHFǰPGǰIJT IFSǰTVQFSWJTPS ǰBUUBDIJOHǰ and service level excellence, and ǰ BOZǰEPDVNFOUǰEFQJDUJOHǰEFUBJMTǰPGǰUIFǰTBJEǰUSBOTBDUJPOT ǰ5IFǰEPDVNFOUǰ the strategy to improve operational ǰ JTǰUPǰCFǰSFQPSUFEǰUPǰUIFǰ$IJFGǰ&YFDVUJWFǰ0GųDFS FGųDJFODZǰ UISPVHIǰ FGGFDUJWFǰ BOEǰ z ǰ %JSFDUPSTǰPGǰUIFǰDPNQBOZǰPSǰJUTǰTVCTJEJBSJFTǰNVTUǰSFGSBJOǰGSPNǰTFFLJOHǰ DPOUJOVBMǰQFSGPSNBODFǰNFBTVSFNFOU ǰ ǰ QFSTPOBMǰ CFOFųUTǰ GPSǰ UIFNTFMWFT ǰ GBNJMJFT ǰ PSǰ GSJFOETǰ EJSFDUMZǰ BOEǰ *OǰUIFǰGPSNBUJPOǰQIBTF ǰUIFǰ&YFDVUJWFǰ ǰ JOEJSFDUMZ ǰ CZǰ VTJOHǰ QPXFS ǰ QSJWJMFHFT ǰ BOEǰ JOGPSNBUJPOǰ QSPWJEFEǰ CZǰ and Investment Committee is their position in the company SFTQPOTJCMFǰGPSǰUIFǰSFWJTJPOǰPGǰUIFǰ DPNQBOZĴTǰBOOVBMǰBDUJPOǰQMBOǰBOEǰ 5IFǰ #PBSEǰ PGǰ %JSFDUPSTǰ BOEǰ FYFDVUJWFTǰ BSFǰ SFRVJSFEǰ UPǰ EJTDMPTFǰ UIFǰ budgeting plan, and present to the GPMMPXJOHǰJOGPSNBUJPO ǰ #PBSEǰPGǰ%JSFDUPSTǰGPSǰBQQSPWBM ǰ*Oǰ z Transactions on which the directors, executives, or their related parties the implementation phase, the ǰ NBZǰIBWFǰJOUFSFTUT ǰ5IFǰDPNQBOZĴTǰTFDSFUBSZǰTIBMMǰHBUIFSǰUIFǰJOGPSNBUJPO DPNQBOZĴTǰNBOBHFNFOUǰJTǰSFRVJSFEǰ UPǰSFQPSUǰRVBSUFSMZǰQSPHSFTTǰPGǰUIFǰ action plans and budget usage to the Audit Committee in order to JEFOUJGZǰ BOZǰ PCTUBDMFTǰ PSǰ JTTVFTǰ BSJTJOHǰ JOǰ UIFǰ JNQMFNFOUBUJPOǰ PGǰ the plan. 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰFWBMVBUJOHǰ NBOBHFNFOUĴTǰ QFSGPSNBODFǰ CZǰ DPNQBSJOHǰJUTǰQFSGPSNBODFǰXJUIǰLFZǰ CVTJOFTTǰPCKFDUJWFTǰBOEǰCZǰFWBMVBUJOHǰ UIFǰ DPNQBOZĴTǰ PWFSBMMǰ CVTJOFTTǰ QFSGPSNBODF ǰ2VBSUFSMZǰNBOBHFNFOUǰ QFSGPSNBODFǰ JTǰ SFQPSUFEǰ JOǰ UIFǰ
12.8 Leadership and Vision
12.10 Business Ethics 5PÇ°NBOJGFTUÇ°JUTÇ°EFWPUJPOÇ°UPÇ°UIFÇ°QSJODJQMFÇ°PGÇ°HPPEÇ°DPSQPSBUFÇ°HPWFSOBODF Ç° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° FOEPSTFEÇ° UIFÇ° (SPVQÄ´TÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° 'SBNFXPSL Ç° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÄ´Ç° )BOECPPL Ç° BOEÇ° UIFÇ° )BOECPPLÇ° PGÇ° Business Ethics on August 17, 2006. These guidelines, which are constantly SFWJFXFEÇ°UPÇ°SFĹ´FDUÇ°UIFÇ°DIBOHJOHÇ°DPOEJUJPOÇ°PGÇ°UIFÇ°SFHVMBUPSZÇ°MBOETDBQF Ç° QSPWJEFÇ° TUBOEBSETÇ° GPSÇ° HPPEÇ° HPWFSOBODFÇ° QSBDUJDFTÇ° GPSÇ° UIFÇ° DPNQBOZÄ´TÇ° QFSTPOOFMÇ°PGÇ°FWFSZÇ°MFWFM Ç°&TTFOUJBMMZ Ç°NFNCFSTÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ° BSFÇ°SFRVJSFEÇ°UPÇ°TJHOÇ°POÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°)BOECPPL Ç°&NQMPZFFTÇ° are also educated about good governance practices through regular training programs.
The Company’s Summary Information as of the fiscal year 2012 12.11 Power check and balance of Non-Executive Directors "TǰPGǰ%FDFNCFSǰ ǰ ǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰJTǰDPNQPTFEǰPGǰFMFWFOǰ ǰNFNCFSTǰDPOTJTUJOHǰPGǰUIFǰGPMMPXJOH 0OFǰ ǰPGǰJUTǰNFNCFSTǰUPǰCFǰ&YFDVUJWFǰ%JSFDUPSǰ 'JWFǰ ǰPGǰJUTǰNFNCFSTǰUPǰCFǰ/PO &YFDVUJWFǰ%JSFDUPST ǰBOEǰ 'JWFǰ ǰPGǰJUTǰNFNCFSTǰUPǰCFǰ*OEFQFOEFOUǰ%JSFDUPSTǰ
12.12 Centralization and Decentralization of Power 5IFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° QMBDFTÇ° BOÇ° JNQPSUBODFÇ° VQPOÇ° USBOTQBSFODZÇ° PGÇ° CVTJOFTTÇ°PQFSBUJPO Ç°EFDFOUSBMJ[BUJPOÇ°PGÇ°EFDJTJPOÇ°NBLJOH Ç°DMFBSÇ°TFQBSBUJPOÇ° PGÇ° QPXFSÇ° PGÇ° TDSFFOJOHÇ° BOEÇ° DPOTJEFSBUJPOÇ° PGÇ° BQQSPWBM Ç° $IBJSNBOÇ° PGÇ°
Eastern Water Resources Development and Management PCL.
ǰ POǰUIPTFǰUSBOTBDUJPOTǰBOEǰSFQPSUǰUPǰ$IBJSNBOǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ ǰ BOEǰ$IBJSNBOǰPGǰ"VEJUǰ$PNNJUUFFǰǰ z ǰ 1PTTFTTJPOǰPGǰTFDVSJUJFTǰCZǰUIFǰEJSFDUPST ǰFYFDVUJWFT ǰPSǰUIFJSǰSFMBUFEǰ ǰ QBSUJFT ǰ5IFǰDPNQBOZǰTIBMMǰSFQPSUǰUIFǰTVNNBSZǰPGǰTVDIǰQPTTFTTJPOǰUPǰ ǰ UIFǰ#PBSEǰPGǰ%JSFDUPSTǰJOǰFBDIǰPGǰUIFǰNFFUJOHǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPST *OǰUIFǰDBTFǰPGǰDPOOFDUFEǰUSBOTBDUJPOT ǰUIFǰDPNQBOZǰXJMMǰBEIFSFǰUPǰUIFǰ SFHVMBUJPOTǰTFUǰGPSUIǰCZǰ4&5ǰBOEǰ4&$ ǰ5IFǰDPNQBOZǰNBOBHFNFOUǰXJMMǰ JOGPSNǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰUIFǰTBJEǰUSBOTBDUJPOTǰBOEǰUIFǰEJSFDUPSTǰ related to the said transactions will be requested to leave the meeting during that agenda. The company also provides the connected transaction SFQPSUǰUPǰUIFǰFYFDVUJWFTǰUPǰBWPJEǰQSPDVSJOHǰGSPNǰTVQQMJFSTǰPSǰDPOUSBDUJOHǰ DPOUSBDUPSTǰUIBUǰNBZǰIBWFǰDPOŴJDUTǰPGǰJOUFSFTU ǰ$POOFDUFEǰUSBOTBDUJPOTǰ BSFǰDBSFGVMMZǰTDSVUJOJ[FEǰCFGPSFǰBQQSPWBM ǰXJUIǰUIFǰQSJDFǰBOEǰDPOEJUJPOTǰ UIBUǰBSFǰUIFǰTBNFǰBTǰXPVMEǰCFǰBQQMJFEǰUPǰBǰOPSNBMǰUIJSE QBSUZǰĜBSNĴTǰ length� transaction. Connected transactions are disclosed in the annual SFQPSUǰBOEǰ'PSNǰ ǰ
the Board shall not be the same QFSTPOÇ° BTÇ° 1SFTJEFOUÇ° Ç° $&0 Ç° 5IFÇ° NFNCFSTÇ°PGÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ° shall be Independent Directors with no authority to sign approval legal binding to the Company, no ĹłOBODJBMÇ°BOEÇ°NBOBHFNFOUÇ°DPOĹ´JDUTÇ° PGÇ°JOUFSFTUÇ°XJUIÇ°UIFÇ°$PNQBOZÇ°BOEÇ° JUTÇ°BGĹłMJBUFEÇ°DPNQBOJFT Ç°
12.13 Remunerations of Directors and Executives 3FNVOFSBUJPOTÇ° PGÇ° UIFÇ° #PBSEÇ° PGÇ° Directors and Executives are in accordance with the principles and policies which were stipulated CZÇ° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPST Ç° 5IFÇ° Remuneration Committee shall DPOTJEFSÇ°UIFÇ°SFNVOFSBUJPOTÇ°GPMMPXJOHÇ° the period in the position based on UIFÇ°OFUÇ°QSPĹłU Ç°EJWJEFOEÇ°QBZNFOU Ç°BOEÇ° PQFSBUJOHÇ°SFTVMUTÇ°PGÇ°UIFÇ°$PNQBOZÂŻTÇ° Directors which are considered under the annual basis. The appropriate remuneration shall be proposed UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOEÇ°UIFÇ° TIBSFIPMEFSTÇ° JOÇ° UIFÇ° QBSUÇ° PGÇ° UIFÇ° #PBSEÇ°PGÇ°%JSFDUPST Ç°*OÇ°UIFÇ°ĹłTDBMÇ°ZFBSÇ° Ç°UIFÇ°$PNQBOZÂŻTÇ°SFNVOFSBUJPOTÇ° QBJEÇ°UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOEÇ° &YFDVUJWFTÇ°BSFÇ°BTÇ°GPMMPXT Ç°
Annual Report 2012
Report of the Remunerations of the Directors and Executives for the fiscal year 2012 The remunerations of the Directors from January 1, 2012 - December 31, 2012 Unit : Baht Period Meeting Meeting Directors’ Month (s) in the in the Allowance Allowance Remuneration position position of the of the depending in 2012 in 2012 Company’s Subon the (Jan.- Dec. Board of Committee months in 12) (For Bonus Directors 5 the position Consideration)
Names of Directors
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Mr. Chanin Yensudchai Mr. Charnchai Soontharamut Mr. Somchai Choomrat Mr. Poonsak Pranootnaraparn Mr. Rungson Sriworasat Mr. Vichian Udamratanasil Mr. Permsak Rattana-ubon Mrs. Arunee Arkaraprasertkul Pol.Gen. Wutthi Phuawade Miss Narinee Talomsin Mrs. Namphon Rassadanukul Mr. Jiratt Nithianantporn Mr. Kallayana Vipattipumiprates General Chuchai Boonyoi Mr. Prinya Nakchudtree Mr. Chinawat Assavapokee Mr. Thairatana Jotikabhukkana Mrs. Rattana Kitehawan Mr. Verapong Chaiperm Mr. Sahust Pratuknukul Mr. Praphant Asava-Aree
Remark:
Chairman Former Chairman1 Former Director1 Former Director1 Former Director1 Former Director1 Former Director4 Former Director1 Former Director1 Former Director1 Former Director3 Director Director Director Director2 Director Director2 Director Director Director4 Director
1 11 12 12 11 3 4 12 11 11 1 1 1 1 8 7 8 12
12,500 137,500 120,000 120,000 110,000 30,000 30,000 120,000 110,000 110,000 10,000 10,000 80,000 70,000 80,000 120,000
180,000 260,000 130,000 20,000 20,000 240,000 40,000 120,000 10,000 70,000 40,000 180,000
37,500 412,500 360,000 360,000 330,000 90,000 120,000 360,000 330,000 330,000 30,000 30,000 30,000 240,000 210,000 240,000 360,000
1 11 12 12 11 3 4 12 11 11 1 1 1 1 8 7 8 12
Bonus in 2011 after the tax holding
121,516.50 109,364.85 109,364.85 401,004.45 364,549.50 109,364.85 109,364.85 109,364.85 486,066.006
1. Former Chairman and former Directors mean the Company’s Directors, whose post was retired before December 31, 2012. 2. The approval from the Board of Directors to appoint as the Company’s Directors on December 20, 2011, hence, they had not joined the Board of Directors’ meeting in 2012. 3. Mrs. Namphon Rassadanukul informed not to receive the remuneration of the Directors from the Company. 4. The remuneration of Mr. Permsak Ratanaubon of Baht 534,549.50 and the remuneration of Mr. Sahas Prataknukul of Baht 360,000 followed the regulations of Electricity Generating Public Company Limited (EGCO) which were directly transferred as director’s remuneration of directorship in other companies to the account of the Thai Rakpa Foundation. 5. The numbers of the meeting attendances are summarized in paragraph 43. 6. The deduction of the withholding tax is calculated in the Directors’ remunerations.
12.14 The Board of Directors’ Meeting The Board of Directors’ monthly meetings are normally scheduled on the fourth week of the month. The meetings are planned in advance for the whole year to facilitate the Directors’ time to attend for every meeting. The President & CEO, serving as the Secretary to the Board of Directors, shall coordinately include the scopes, importance orders, and subjects into meeting agendas. The important matters will be included in meeting agendas for consideration and other subjects will be ordered in certain agendas by their importance and urgency. The letter of meeting invitation with meeting agendas and relevant documents will be sent in advance to the Board of Directors to review the information before attending every meeting. During the meeting, after the completion of the management’s presentation, Chairman shall ask the Directors to raise questions or express their opinion and mutually discuss problems. Hence, the conclusion is received, Chairman shall provide conclusion BTǰUIFǰNFFUJOHĴTǰSFTPMVUJPOǰGPSǰDMBSJųDBUJPOǰBOEǰBDDVSBDZǰBOEǰNVUVBMǰ acknowledgement, leading to careful consideration as well as providing TVGųDJFOUǰ UJNFǰ GPSǰ UIFǰ %JSFDUPSTǰ UPǰ NVUVBMMZǰ EJTDVTTǰ UIFǰ QSPCMFNT ǰ *Gǰ there is no objection to the meeting’s resolution, Chairman shall lead to the consideration of the following agenda.
'PSÇ°UIFÇ°ĹłTDBMÇ°ZFBSÇ° Ç°UIFÇ°#PBSEÇ°IFMEÇ° Ç°NFFUJOHTÇ°UIFSFÇ°XFSFÇ° Ç°NFFUJOHT Ç°5IFÇ°EFUBJMTÇ°BOEÇ°UIFÇ°JOEJWJEVBMÇ° directorĂs attendance can be summarized as follows: Meeting attended/ No. of Meetings
Name of Directors
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Mr. Chanin Yensudchai Mr. Charnchai Soontharamut* Mr. Somchai Choomrat Mr. Poonsak Pranootnaraparn Mr. Rungson Sriworasat Mr. Vichian Udamratanasil Mr. Permsak Rattana ubon Mrs. Arunee Arkaraprasertkul Pol. Gen.Wutthi Phuawade Miss Narinee Talomsin Mrs. Numphon Rassadanukul Mr. Jiratt Nithianantporn Mr. Kallayana Vipattipumiprates General Chuchai Boonyoi Mr. Prinya Nakchudtree Mr. Chinawat Assavapokee Mr. Thairatana Jotikabhukkana Mrs. Rattana Kitehawan Mr. Verapong Chaiperm Mr. Sahust Pratuknukul Mr. Praphant Asava-Aree
Chairman Former Chairman Former Director Former Director Former Director Former Director Former Director Former Director Former Director Former Director Former Director Director Director Director Director Director Director Director Director Director Director
1/1 12/12 13/13 13/13 12/12 3/3 3/3 13/13 12/12 12/12 1/1 0/1 1/1 8/10 7/9 9/10 14/14
Remark : *Mr. Charnchai Soontharamut passed away on December 3, 2012
Effective Period
Effective on Dec. 13, 2012 Sept 22, 2011 - Dec 3, 2012 Sept 22, 2011 - Dec 17, 2012 Sept 22, 2011 - Dec 17, 2012 Jan 31, 2011 - Dec 4, 2012 Dec 19, 2011 - Apr 1, 2012 Mar 24, 2011 - Apr 17, 2012 Oct 11, 2011 - Dec 17, 2012 Oct 11, 2011 - Dec 6, 2012 Oct 11, 2011 - Dec 6, 2012 Mar 29, 2012 - Apr 17, 2012 Effective on Dec. 13, 2012 Effective on Dec. 13, 2012 Effective on Dec. 13, 2012 Effective on Dec. 20, 2012 Effective on Dec. 20, 2012 Effective on Dec. 20, 2012 Effective on Apr 25, 2012 Effective on Apr 25, 2012 Effective on Apr 25, 2012 Jan 26, 2007 - Jan 24, 2008 May12, 2008 - Present
Eastern Water Resources Development and Management PCL.
12.13.1 Executive Remuneration The eleven (11) members of the Executives Directors and Executives PGÇ°UIFÇ°$PNQBOZÇ°SFDFJWFEÇ°CFOFĹłUTÇ°GPSÇ° the 2012 operating results in the form of salaries and remunerations at the total amount of Baht 34,314,408.85. 12.13.2 Securities Holding The eleven (11) members of the Board of Directors being appointed as of December 31, 2012, there were no member holding securities of the company which the details are appeared on page 18-21 Therefore, there were eight (8) members of the Executives Directors and Executives of the Company held 1,423,100 common shares (As of December 31, 2012).
Annual Report 2012
5IFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰBǰQPMJDZǰUPǰTFUǰVQǰNFFUJOHTǰXJUIǰ*OEFQFOEFOUǰ UIFǰ$PNQBOZ¯TǰNJTTJPOTǰBOEǰQPMJDZǰ Directors and Directors meeting which excluded Executive Directors in prior to proposing them to the Board PGǰ%JSFDUPSTǰGPSǰBQQSPWBM ǰPSǰSBUJųDB January 2012. UJPO ǰPSǰGVSUIFSǰQSPWJEJOHǰBEEJUJPOBMǰ 12.15 The Sub-Committees recommendations, depending upon 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰBQQPJOUFEǰUIFǰ4VC $PNNJUUFFTǰXIJDIǰDPOTJTUǰ the case. Details on the committees PGǰNFNCFSTǰXJUIǰBQQSPQSJBUFǰFYQFSUJTFǰUPǰTUVEZǰBOEǰTDSFFOǰUIFǰXPSLTǰ BQQPJOUFEǰCZǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ BTTJHOFEǰUPǰUIFNǰUPǰJOJUJBMMZǰFOTVSFǰUIFJSǰBDDVSBDZǰBOEǰDMBSJUZǰGPMMPXJOHǰ and their meeting attendance during UIFǰųTDBMǰZFBSǰ ǰBSFǰBTǰGPMMPXT ǰ5IFǰ"VEJUǰ$PNNJUUFFǰBTǰPGǰ%FDFNCFSǰ ǰ ǰDPNQSJTFEǰUISFFǰ ǰJOEFQFOEFOUǰEJSFDUPST ǰBOEǰPOFǰ ǰ advisor, namely No.
Name-Surname
Ç° Ç°
.ST Ç°"SVOFFÇ°"SLBSBQSBTFSULVMÇ°
Ç° Ç° Ç° Ç° Ç° Ç°
.S Ç°1PPOTBLÇ°1SBOPPUOBSBQBSOÇ° .S Ç°3VOHTPOÇ°4SJXPSBTBUÇ° .S Ç°$IBLLSJUÇ°1BSBQVOUBLVMÇ°
Position
Meeting attended/ No. of Meetings (times)
'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ° Committee 'PSNFSÇ°%JSFDUPSÇ° 'PSNFSÇ°%JSFDUPSÇ° "EWJTPSÇ°PGÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°
Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°
Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°
Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°
Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°
Remark : As of December 31, 2012, there were no the appointment of Directors in place of the resigned Directors.
5IFǰ"VEJUǰ$PNNJUUFFǰJTǰSFTQPOTJCMFǰGPSǰFOTVSJOHǰUIFǰBDDVSBDZǰBOEǰDSFEJCJMJUZǰ PGǰUIFǰ$PNQBOZĴTǰųOBODJBMǰTUBUFNFOUǰGPMMPXJOHǰUIFǰHFOFSBMMZǰBDDFQUFEǰ JOUFSOBUJPOBMǰTUBOEBSEǰQSJPSǰUPǰQSPQPTJOHǰJUǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPST ǰ5IFǰ $PNNJUUFFĴTǰNBOBHFNFOUǰQSPDFEVSFTǰTIBMMǰQFSGPSNǰXJUIǰFGGFDUJWFOFTT ǰ JOEFQFOEFODZ ǰBOEǰGPDVTǰPOǰUSBOTQBSFOUǰBOEǰDMFBSǰHVJEFMJOFTǰCFUXFFOǰ UIFǰ #PBSE ǰ UIFǰ *OUFSOBMǰ "VEJUǰ %FQBSUNFOU ǰ UIFǰ .BOBHFNFOU ǰ BOEǰ UIFǰ External Auditor in order to revise and provide recommendation in terms PGǰFGųDJFODZǰBOEǰFGGFDUJWFOFTTǰBTTFTTNFOUǰPGǰUIFǰ$PNQBOZĴTǰJOUFSOBMǰ control system in order to comply with the law and regulations. Also, the DPOTJEFSBUJPOǰPGǰDPOOFDUFEǰUSBOTBDUJPOǰPSǰDPOŴJDUǰPGǰJOUFSFTUǰUSBOTBDUJPOǰ TIBMMǰ CFǰ QFSGPSNFEǰ XJUIǰ MBXGVMǰ BOEǰ SFBTPOBCMFǰ JNQMFNFOUBUJPOǰ BOEǰ
TIBMMǰNBJOUBJOǰUIFǰVUNPTUǰCFOFųUǰ PGǰ UIFǰ $PNQBOZ ǰ 5IFǰ EJTDMPTVSFǰ PGǰ JOGPSNBUJPOǰ TIBMMǰ CFǰ JODMVEFEǰ into the Auditing Report in the $PNQBOZ¯TǰBOOVBMǰSFQPSU ǰ*OǰBEEJUJPO ǰ UIFǰ $PNNJUUFFǰ JTǰ SFTQPOTJCMFǰ GPSǰ QSPWJEJOHǰUIFǰJOJUJBMǰBQQSPWBMǰPGǰUIFǰ BQQPJOUNFOUǰBOEǰSFNVOFSBUJPOǰPGǰ the external auditors in order to GVSUIFSǰQSPQPTJOHǰUPǰUIFǰ#PBSEǰPGǰ Directors and the shareholders.
Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°.BOBHFNFOUÇ°BOEÇ°*OWFTUNFOUÇ°$PNNJUUFFÇ°DPNQSJTFEÇ° Ç°NFNCFST Ç°OBNFMZ No.
Name-Surname
Ç° Ç° Ç° Ç°
.S Ç°+JSBUUÇ°/JUIJBOBOUQPSO Ç° .S Ç°4PNDIBJÇ°$IPPNSBUÇ°
Ç° Ç° Ç° Ç° Ç° Ç°
.JTTÇ°/BSJOFFÇ°5BMPNTJOÇ° .S Ç°$IJOBXBUÇ°"TTBWBQPLFF Ç° .S Ç°1SBQIBOUÇ°"TBWB "SFFÇ°
Position
Meeting attended/ No. of Meetings (times)
$IBJSNBOÇ°PGÇ°UIFÇ°$PNNJUUFFÇ° 'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ°Ç° Ç° 3FTJHOFEÇ°POÇ°%FD Ç° Ç°
Committee 'PSNFSÇ°%JSFDUPSÇ° Ç° 3FTJHOFEÇ°POÇ°%FD Ç° Ç° Ç° %JSFDUPSÇ° %JSFDUPSÇ°
Remark : *Has been appointed to replace the resigned Directors on December 20, 2012, hence, he had not attended the meeting of the Management and Investment Committee in 2012.
BOEǰDPOTJEFSǰSFWJTJPOǰPGǰCVTJOFTTǰQMBOT ǰPQFSBUJOHǰQMBOTǰBOEǰBOOVBMǰCVEHFUT ǰ BOEǰPUIFSǰNBUUFST ǰQBSUJDVMBSMZ ǰDPODFSOJOHǰQSPDVSFNFOUǰPGǰJOWFTUNFOUǰ QSPKFDUǰ XIJDIǰ JTǰ PWFSǰ UIFǰ BTTJHOFEǰ BVUIPSJ[BUJPOǰ CFGPSFǰ QSPQPTJOHǰ UPǰ UIFǰ#PBSE ǰ*OǰBEEJUJPO ǰUIFǰ.BOBHFNFOUǰBOEǰ*OWFTUNFOUǰ$PNNJUUFFǰJTǰ SFTQPOTJCMFǰGPSǰEFUFSNJOBUJPOǰPGǰQSPDFEVSFTǰBOEǰQSJODJQMFTǰGPSǰJOWFTUNFOUǰ PGǰ QSPKFDUT ǰ ųOBODJBMǰ JOWFTUNFOU ǰ BOEǰ TVQQPSUJOHǰ NBOBHFNFOUǰ PGǰ UIFǰ NBOBHFNFOUǰJOǰPSEFSǰUPǰBDIJFWFǰUIFǰ$PNQBOZĴTǰHPBMTǰBOEǰPCKFDUJWFT ǰ
Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°/PNJOBUJOHÇ°$PNNJUUFFÇ°DPNQSJTFEÇ° Ç°NFN bers, namely No.
Name-Surname
Position
Ç° Ç°
.S Ç°3VOHTPOÇ°4SJXPSBTBUÇ°
Ç° Ç° Ç° Ç°
.ST Ç°"SVOFFÇ°"SLBSBQSBTFSULVMÇ° .S Ç°7FSBQPOH1 Chaiperm
'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ°Ç° Committee 'PSNFSÇ°%JSFDUPSÇ° Director
Meeting attended/ No. of Meetings (times)
Ç° 3FTJHOFEÇ°POÇ°%FD Ç° Ç° Ç° Ç° 3FTJHOFEÇ°POÇ°%FD Ç° Ç° Ç° 3/3
Remark : 1. Mr. Weerapong Chaiperm was appointed as the member of the Corporate Governance and Nominating Committee in April 2012. 2. As of December 31, 2012, there were no Directors appointed in place of the resigned Directors
Corporate Governance Corporate Governance is responsible GPSǰTVQQPSUJOHǰUIFǰPQFSBUJPOǰPGǰUIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ XJUIǰ BDDVSBDZ ǰ USBOTQBSFODZ ǰBOEǰCFOFųUǰNBJOUBJO JOHǰPGǰUIFǰ$PNQBOZĴTǰTIBSFIPMEFSTǰ and stakeholders by screening the NBOVBMǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPST ǰ #VTJOFTTǰ &UIJDT ǰ 4UBGGǰ &UIJDT ǰ BOEǰ FOTVSJOHǰUIFǰQSBDUJDBMǰSFTVMUǰPGǰUIFǰ development and the best practices
PGǰUIFǰ(PPEǰ$PSQPSBUFǰ(PWFSOBODFǰQSJODJQMFT ǰ.PSFPWFS ǰUIFǰ$PNNJUUFFǰ JTǰUPǰFOTVSFǰUIBUǰUIFǰ$PNQBOZǰGPMMPXTǰJNQPSUBOUǰQSBDUJDFǰHVJEFMJOFTǰPGǰ UIFǰFGGFDUJWFǰDPSQPSBUFǰHPWFSOBODFǰQSPDFEVSFTǰXIJDIǰBSFǰTVJUBCMFǰBOEǰ JOǰBDDPSEBODFǰXJUIǰOPUJųDBUJPOTǰPGǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOE ǰ5IFǰ BTTFTTNFOUǰTIBMMǰCFǰQFSGPSNFEǰQFSJPEJDBMMZǰJOǰBDDPSEBODFǰXJUIǰUIFǰQPMJDZ ǰ Nomination 5IFǰ/PNJOBUJOHǰ$PNNJUUFFǰJTǰBQQPJOUFEǰCZǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰUPǰTFMFDUǰ BOEǰOPNJOBUFǰTVJUBCMFǰQFSTPOTǰUPǰCFǰNFNCFSTǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ PGǰUIFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFEǰDPNQBOJFT ǰUIFǰ4VC $PNNJUUFFTǰPGǰ UIFǰ$PNQBOZ ǰBOEǰ1SFTJEFOUǰ ǰ$&0 ǰJODMVEJOHǰFYQSFTTǰBOǰPQJOJPOǰUPǰUIFǰ NBOBHFNFOUǰTUSVDUVSFǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰBOEǰUIFǰ4VC $PNNJUUFFT ǰǰ
Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÇ°DPNQSJTFE No.
Name-Surname
Position
Meeting attended/ No. of Meetings (times)
Ç° Ç°
.S Ç°4PNDIBJÇ°$IPPNSBUÇ°
'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ° Committee
Ç° 3FTJHOFEÇ°POÇ°%FD Ç° Ç°
Ç° Ç°
1PM (FO Ç°8VUUIJÇ°1IVBXBEFÇ°
'PSNFSÇ°%JSFDUPSÇ°
Ç° 3FTJHOFEÇ°POÇ°%FD Ç° Ç° Ç°
Ç° Ç°
1
.ST Ç°3BUUBOB Kitchawan
Director
1/3
Ç° Ç°
.S Ç°1SBQIBOUÇ°"TBWB "SFFÇ°
%JSFDUPSÇ°
Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°
Remark : 1. Mrs. Rattana Kitwan was appointed as the member of the Risk Management Committee in April 2012. 2. As of December 31, 2012, there were no Directors appointed in place of the resigned Directors
Eastern Water Resources Development and Management PCL.
5IFǰ.BOBHFNFOUǰBOEǰ *OWFTUNFOUǰ Committee have been assigned by the #PBSEǰPGǰ%JSFDUPSTǰUPǰCFǰSFTQPOTJCMFǰ GPSǰ FOTVSJOHǰ UIFǰ FGųDJFODZǰ BOEǰ TUSFOHUIǰPGǰUIFǰ$PNQBOZĴTǰCVTJOFTTǰ PQFSBUJPOǰGPMMPXJOHǰUIFǰQPMJDZǰPGǰUIFǰ Board. The Committee is to screen
Annual Report 2012
5IFÇ°3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÄ´TÇ°NBKPSÇ°SPMFÇ°JTÇ°UPÇ°PWFSTFFÇ°BOEÇ°SFWJFXÇ°UIFÇ° BOEÇ°UIFÇ°GPMMPXJOHÇ°PGÇ°UIFÇ°PCKFDUJWFTÇ°CZÇ° risk management policy and plan, standard practices, and strategies and QSPQPTJOHÇ°UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ° risk assessment, including providing recommendation to the management in every 6 months. UPÇ°FOTVSFÇ°UIFÇ°BQQSPQSJBUFÇ°JNQMFNFOUBUJPOÇ°PGÇ°UIFÇ°SJTLÇ°NBOBHFNFOUÇ°QPMJDZÇ° Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°3FHVMBUJPOÇ°&OGPSDFNFOUÇ°BOEÇ°0QFSBUJOHÇ°3FTVMUT "TTFTTNFOUÇ°$PNNJUUFFÇ°BOEÇ°UIFÇ°3FNVOFSBUJPOÇ°$PNNJUUFFÇ°DPOTJTUFEÇ°PGÇ° Ç°NFNCFST Ç°OBNFMZÇ° No.
Name-Surname
Ç° Ç°
.S Ç°1PPOTBLÇ°1SBOPPUOBSBQBSOÇ°
Ç° Ç° Ç° Ç°
.S Ç°4BIVTUÇ°1SBUVLOVLVMÇ° .S Ç°7FSBQPOHÇ°$IBJQFSNÇ°
Position
'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ° Committee %JSFDUPSÇ° %JSFDUPSÇ°
Meeting attended/ No. of Meetings (times)
Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°
Remark : As of December 31, 2012, there were no Directors appointed in place of the resigned Directors
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Eastern Water Resources Development and Management PCL.
Name of directors
12.17 Training of Directors
Annual Report 2012
12.18 Nomination of directors and managements 5IFǰ$PNQBOZǰESBXOǰVQǰBǰ#PBSEǰPGǰ %JSFDUPSTĴǰNBOVBMǰXIJDIǰTUBUFEǰUIFǰ SFRVJSFNFOUǰUPǰGPMMPXǰUIFǰ$PNQBOZ¯Tǰ "SUJDMFǰ PGǰ "TTPDJBUJPOǰ BOEǰ 4UPDLǰ &YDIBOHFǰPGǰ5IBJMBOEĴTǰSFHVMBUJPOTǰ regarding the nomination and BQQPJOUNFOUǰPGǰTVJUBCMFǰDBOEJEBUFǰ GPSǰQPTJUJPOǰJOǰUIFǰ#PBSEǰPGǰ%JSFDUPST ǰ 5IFǰNBJOǰQSJODJQMFTǰGPSǰDPOTJEFSBUJPOǰ BSFǰBTǰGPMMPXT z ǰ .VTUǰCFǰSFBTPOBCMZǰRVBMJųFE ǰEPFTǰ OPUǰIBWFǰGPSCJEEFOǰDIBSBDUFSJTUJDTǰBTǰ prescribed under the Stock Exchange PGǰ5IBJMBOEĴTǰSFHVMBUJPOTǰBOEǰJGǰIPMEǰ BOǰJOEFQFOEFOUǰEJSFDUPSĴTǰTUBUVTǰPOFǰ NVTUǰIBWFǰBMMǰUIFǰRVBMJųDBUJPOTǰBTǰ TQFDJųFE z ǰ 5IFǰ$IBJSNBOǰPGǰUIFǰ#PBSEǰTIPVMEǰ be an independent director and should not be chairman or member PGǰPUIFSǰDPNNJUUFFT z ǰ 5IFǰ$PNQBOZǰIBTǰTQFDJųFEǰUIFǰ QPMJDZǰUPǰBQQPJOUǰJUTǰ#PBSEǰPGǰ%JSFDUPSTǰ UPǰCFǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰJUTǰ subsidiary in the event when the Company holds more than 50 percent or above share in its subsidiary. The Company should receive the rights UPǰBQQPJOUǰUIFǰ$PNQBOZĴTǰEJSFDUPSTǰ PSǰRVBMJųFEǰQFSTPOǰUPǰCFǰBǰNFNCFSǰ PGǰ#PBSEǰPGǰ%JSFDUPSTǰJOǰJUTǰTVCTJEJBSZ ǰ PGǰXIJDIǰUIFǰSJHIUTǰUPǰBQQPJOUǰUIFǰ FYFDVUJWFǰEJSFDUPSǰOPǰMFTTǰUIBOǰIBMGǰ PGǰUIFǰUPUBMǰPSǰGVUVSFǰOVNCFSǰPGǰUIFǰ executive directors in its subsidiary. *OǰBEEJUJPO ǰJGǰUIFǰ$PNQBOZǰIPMETǰ NPSFǰUIBOǰ ǰQFSDFOUǰPGǰTIBSFT ǰUIFǰ company should have the rights to BQQPJOUǰ UIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ JOǰ BDDPSEBODFǰ UPǰ UIFǰ QFSDFOUBHFǰ PGǰ its holdings.
z ǰ 5IFǰOVNCFSǰPGǰMJTUFEǰDPNQBOJFTǰUIBUǰEJSFDUPSTǰDBOǰUBLFǰQPTJUJPOǰJTǰ MJNJUFEǰ UPǰ FYFDVUJWFǰ EJSFDUPSǰ QPTJUJPOǰ PGǰ OPǰ FYDFFEJOHǰ GPVSǰ ǰ MJTUFEǰ DPNQBOJFTǰBOEǰOPO FYFDVUJWFǰEJSFDUPSǰQPTJUJPOǰPGǰOPǰFYDFFEJOHǰųWFǰ ǰ listed companies. z ǰ 5IFǰBQQSPQSJBUFǰBHFǰMJNJUǰGPSǰBǰQFSTPOǰUPǰCFǰBǰEJSFDUPSǰTIBMMǰOPUǰPWFSǰ UIFǰBHFǰPGǰTFWFOUZ ųWFǰ ǰZFBSTǰBOEǰOPUǰMJNJUJOHǰUIFǰDPOTFDVUJWFǰUFSNTǰ JOǰPSEFSǰOPUǰMPTFǰUIFǰPQQPSUVOJUZǰGPSǰUIFǰBQQPJOUNFOUǰPGǰEJSFDUPSTǰXJUIǰ knowledge, ability and experience. z ǰ *OEFQFOEFOUǰ %JSFDUPSǰ OPUǰ IPMEJOHǰ TIBSFTǰ PGǰ UIFǰ DPNQBOZ ǰ QBSFOUǰ DPNQBOZ ǰJUTǰTVCTJEJBSZ ǰBGųMJBUFEǰDPNQBOZǰPSǰDPOŴJDUǰPGǰJOUFSFTUǰQBSUZǰ JODMVEJOHǰ SFMBUFEǰ QFSTPOTǰ VOEFSǰ 4FDUJPOǰ ǰ PGǰ UIFǰ 4FDVSJUJFTǰ BOEǰ Exchange Act B.E. 2551). 'VSUIFSNPSF ǰUIFǰDPNQBOZǰSFBMJ[FEǰUIFǰJNQPSUBODFǰPGǰNBOBHJOHǰDPPQFSBUJPOǰ FGųDJFOUMZǰTPǰBǰQPMJDZǰXBTǰESBXOǰVQǰUPǰQBTTǰPOǰUIFǰNBOBHFNFOUǰQPTJUJPOTǰ GPSǰ UIFǰ QVSQPTFǰ PGǰ TFUUJOHǰ FYBNQMFTǰ BOEǰ GSBNFXPSLTǰ GPSǰ QSFQBSJOHǰ FNQMPZFFTǰGPSǰUIFǰNBOBHFNFOUǰQPTJUJPOTǰVOEFSǰUSBOTQBSFODZ ǰGBJSOFTTǰ and can be monitored. (1) The Nomination Committee has the responsibilities to set up criteria JOǰOPNJOBUJOHǰBOEǰBQQSPWBMǰPGǰNBOBHFNFOUǰQPTJUJPOǰTVDDFTTJPOǰQMBO ǰ 5IJTǰJODMVEFTǰųMUFSJOHǰNBOBHFNFOUǰPSǰPVUTJEFSǰGPSǰUIFǰ$IJFGǰ&YFDVUJWFǰ 0GųDFSǰQPTJUJPOǰBOEǰSFQPSUǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰGVSUIFSǰBQQSPWBM ǰǰ ǰ$IJFGǰ&YFDVUJWFǰ0GųDFSǰBOEǰSFMBUFEǰQBSUJFTǰIBWFǰUIFǰSFTQPOTJCJMJUJFTǰUPǰ set up criteria in nominating and developing skilled employees, including nominating executive vice president and others.
5IFǰDPNQBOZǰTUJQVMBUFTǰUIFǰ*OUFSOBMǰ*OGPSNBUJPOǰ"DDFTTǰ$POUSPMǰHVJEFMJOFTǰ GPSǰEJSFDUPST ǰNBOBHFNFOUTǰBOEǰFNQMPZFFTǰPGǰUIFǰDPNQBOZǰDPWFSJOHǰ VOEFSǰHPPEǰDPSQPSBUFǰHPWFSOBODFǰQSJODJQMFTǰBTǰGPMMPXT ǰ5IFǰQPMJDZǰSFHBSEJOHǰUSBEJOHǰPGǰUIFǰDPNQBOZĴTǰTFDVSJUJFT .BOBHFNFOUTǰ BOEǰ FNQMPZFFTǰ PGǰ UIFǰ DPNQBOZǰ JODMVEJOHǰ TQPVTFǰ BOEǰ NJOPSJUZǰ PGǰ UIFǰ TUBUFEǰ QFSTPOTǰ NVTUǰ IFMEǰ CVZǰ TFMMǰ PSǰ USBOTGFSǰ PGǰ UIFǰ DPNQBOZĴTǰ TIBSFǰ ǰ NPOUIǰ CFGPSFǰ SFMFBTJOHǰ ųOBODJBMǰ TUBUFNFOUTǰ UPǰ UIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰBOEǰUISFFǰ ǰEBZTǰBGUFSǰUIFǰSFMFBTFǰPGǰ ųOBODJBMǰTUBUFNFOUTǰUPǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰGPSǰUIFǰQVSQPTFǰ PGǰMFUUJOHǰTIBSFIPMEFSTǰBOEǰJOWFTUPSTǰIBWFǰTVGųDJFOUǰUJNFǰUPǰBDDFTTǰBOEǰ VOEFSTUBOEǰUIFǰDPNQBOZĴTǰJNQPSUBOUǰNFTTBHFTǰPSǰųOBODJBMǰTUBUFNFOUTǰ UIBUǰIBTǰCFFOǰSFMFBTFEǰUPǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOE ǰ5IFǰQPMJDZǰSFHBSEJOHǰCVTJOFTTǰJOGPSNBUJPOǰPGǰUIFǰDPNQBOZǰ ǰ%JSFDUPS ǰNBOBHFNFOUT ǰFNQMPZFFT ǰPVUTPVSDFSTǰBOEǰGSFFMBODFSTǰPGǰUIFǰ DPNQBOZǰTPNFUJNFǰIBTǰUPǰXPSLǰXJUIǰJOGPSNBUJPOǰBOEǰEPDVNFOUTǰUIBUǰ DBOOPUǰCFǰEJTDMPTFEǰUPǰUIFǰQVCMJDǰBOE PSǰDPOųEFOUJBMǰUSBEJOHǰJOGPSNBUJPOǰ TVDIǰBTǰDPOUFOUǰJOǰDPOUSBDUT ǰCMVFǰQSJOUT ǰNBQT ǰGPSNVMBTǰBOEǰJOOPWBUJPOTǰ FUD ǰXIJDIǰUIFǰSJHIUTǰCFMPOHTǰUPǰUIFǰDPNQBOZ ǰ5IFǰQSPUFDUJPOǰPGǰUIPTFǰ JOGPSNBUJPOǰJTǰIJHIMZǰJNQPSUBOUǰGPSǰUIFǰTVDDFTTǰPGǰUIFǰDPNQBOZĴTǰGVUVSFǰ BTǰXFMMǰBTǰTUBCJMJUZǰPGǰFWFSZCPEZĴTǰKPC Those who held position as a director, management, employee, outsourcer PSǰGSFFMBODFSǰIBTǰUIFǰPCMJHBUJPOTǰUPǰFOUFSǰJOUPǰBOǰBHSFFNFOUǰGPMMPXJOHǰUIFǰ MBXTǰBOEǰDPEFǰPGǰDPOEVDUTǰOPUǰUPǰEJTDMPTFǰBOZǰDPOųEFOUJBMǰJOGPSNBUJPO ǰ EPDVNFOUBUJPOǰPSǰUSBEJOHǰJOGPSNBUJPO ǰǰ
ǰ-FWFMǰPGǰJOGPSNBUJPOǰDPOųEFOUJBMJUZǰ $POųEFOUJBMǰ USBEJOHǰ JOGPSNBUJPOǰ JTǰBǰDPNQBOZǰJOUFSOBMǰJOGPSNBUJPOǰ which must be protected to prevent MFBLBHFǰ UPǰ UIFǰ PVUTJEF ǰ -FWFMǰ PGǰ JOGPSNBUJPOǰDPOųEFOUJBMJUZǰDBOǰCFǰ DMBTTJųFEǰGSPNǰUIFǰJNQPSUBODFǰTVDIǰ BTǰDMBTTJųDBUJPOǰJOGPSNBUJPOǰUPǰQVCMJDǰ JOGPSNBUJPO ǰDMBTTJųFEǰJOGPSNBUJPO ǰ BOEǰTFDSFUǰJOGPSNBUJPOǰFUD ǰ5IFǰVTFǰ PGǰ JOUFSOBMǰ JOGPSNBUJPOǰ NVTUǰ CFǰ done under assigned responsibility GSBNFXPSL ǰ ǰ5IFǰEJTDMPTVSFǰPGǰJOGPSNBUJPOǰUPǰUIFǰ public must be approved under the DPOTFOUǰPGǰ$IJFGǰ&YFDVUJWFǰ0GųDFSǰPSǰ EFTJHOBUFEǰQFSTPO ǰ*GǰUIFǰJOGPSNBUJPOǰ JTǰSFMBUFEǰUPǰPUIFSǰKPJOU JOWFTUPST ǰUIFǰ DPOTFOUǰPGǰNVTUǰBMTPǰCFǰSFDFJWFEǰ GSPNǰUIFǰSFMFWBOUǰKPJOU JOWFTUPS ǰ5IFǰ DFOUFSǰ PGǰ UIFǰ QVCMJDǰ JOGPSNBUJPOǰ EJTDMPTVSFǰ DPOTJTUTǰ PGǰ 1VCMJDǰ Relation Department, Corporate Communications Department, and Investor Relations Department. The $PSQPSBUFǰ $PNNVOJDBUJPOTǰ TUBGGǰ JTǰ BMTPǰ SFTQPOTJCMFǰ GPSǰ QSPWJEJOHǰ JOGPSNBUJPOǰUPǰUIFǰDPNQBOZĴTǰTUBGG 5IFǰQBSUZǰXIJDIǰPXOTǰUIFǰJOGPSNBUJPOǰ (Activity Owner) has to responsibility to provide details and coordinate with manager in charge and must CFǰBQQSPWFEǰVOEFSǰUIFǰDPOTFOUǰPGǰ $IJFGǰ&YFDVUJWFǰ0GųDFSǰCFGPSFǰUIFǰ releases.
Eastern Water Resources Development and Management PCL.
12.19 Internal Information Access Control
Annual Report 2012
Definition of Independent Directors (4) Not having a business relationship with the Company, its parent DPNQBOZ ǰTVCTJEJBSZǰDPNQBOZ ǰBGųMJBUFǰDPNQBOZǰPSǰKVSJTUJDǰQFSTPOǰXIPǰ NBZǰIBWFǰDPOŴJDUǰPGǰJOUFSFTUǰQFSTPO ǰJOǰUIFǰNBOOFSǰXIJDIǰNBZǰJOUFSGFSFǰ XJUIǰIJTǰJOEFQFOEFOUǰKVEHFNFOU (a) Relationship characteristics 3FMBUJPOTIJQǰJOǰDIBSBDUFSJTUJDTǰPGǰQSPGFTTJPOBMǰTFSWJDFT ǰ "VEJUPSǰ BOEǰ PUIFSǰ QSPGFTTJPOBMǰ TFSWJDFTǰ JODMVEJOHǰ UIPTFǰ BTǰ MFHBMǰ ǰ BEWJTPS ǰųOBODJBMǰBEWJTPS ǰQSPQFSUZǰBQQSBJTFS ǰFUD ǰ 4JHOJųDBOUǰMFWFMǰPGǰOPUǰJOEFQFOEFOU ǰ ǰ "VEJUPS ǰ1SPIJCJUFE 0UIFS ǰ ǰ 0UIFSǰ 1SPGFTTJPOBMǰ TFSWJDFT ǰ UIFǰ USBOTBDUJPOǰ WBMVFǰ PGǰ FYDFFEJOHǰ Baht 2 million per year. Trading/ Business Relationship (which is in ǰ ǰ MJOFǰXJUIǰUIFǰ4&5ĴTǰDPOOFDUFEǰUSBOTBDUJPOǰHVJEFMJOF
ǰ ǰ 3FMBUJPOTIJQǰDIBSBDUFSJTUJDT ǰ$PWFSJOHǰBMMǰUZQFTǰPGǰCVTJOFTTǰTVDIǰBTǰ normal business transaction, real estate renting/ renting out transaction, property/service transaction and providing or receiving ǰ ǰ ųOBODJBMǰBJET ǰ ǰ 4JHOJųDBOUǰMFWFMǰPGǰOPUǰJOEFQFOEFOU ǰ5SBOTBDUJPOǰWBMVFǰPGǰFYDFFEJOHǰ ǰ ǰ PSǰFRVBMǰUPǰ#BIUǰ ǰNJMMJPOǰPSǰFYDFFEJOHǰPSǰFRVBMǰUPǰ ǰPGǰUIFǰ ǰ ǰ /FUǰ5BOHJCMFǰ"TTFUǰ /5" ǰPGǰUIFǰ$PNQBOZ ǰTVCKFDUǰUPǰXIJDIǰJTǰMPXFS ǰ ǰ ǰ 8IFOǰDPOTJEFSJOHǰUIFǰWBMVFǰPGǰUSBOTBDUJPO ǰUSBOTBDUJPOTǰPDDVSSJOHǰ during 6 months prior to the transaction date must be aggregated. C ǰ*Oǰ DBTFǰ UIFǰ SFMBUJPOTIJQǰ DIBSBDUFSJTUJDTǰ VOEFSǰ B ǰ XJUIǰ UIFǰ KVSJTUJDǰ ǰ QFSTPO ǰQFSTPOǰPGǰEFQFOEFODZǰTVDIǰBTǰNBKPSǰTIBSFIPMEFST ǰEJSFDUPSTǰ (unless Independent Directors/ Audit Committee) (c) Relationship In (a). and (b). shall not be involved at present and at ǰ MFBTUǰ ǰZFBSTǰCFGPSFǰBOǰBQQPJOUNFOU ǰ ǰ /PUǰ CFJOHǰ Bǰ EJSFDUPSǰ BQQPJOUFEǰ BTǰ SFQSFTFOUBUJWFǰ PGǰ EJSFDUPSTǰ PGǰ UIFǰDPNQBOZ ǰNBKPSǰTIBSFIPMEFSǰPSǰTIBSFIPMEFSǰXIPǰJTǰSFMBUFEǰUPǰUIFǰ DPNQBOZĴTǰNBKPSǰTIBSFIPMEFS ǰ /PUǰ IBWJOHǰ BOZǰ DIBSBDUFSJTUJDTǰ XIJDIǰ NBZǰ QSFWFOUǰ JODBQBCMFǰ PGǰ expressing independent opinions ǰ *OEFQFOEFOUǰ EJSFDUPSTǰ XIPǰ IBWFǰ RVBMJųDBUJPOTǰ VOEFSǰ ǰ NBZǰ CFǰ BVUIPSJ[FEǰCZǰUIFǰ$PNQBOZĴTǰ#PBSEǰPGǰ%JSFDUPSTǰUPǰEFUFSNJOFǰUIFǰCVTJOFTTǰ PQFSBUJPOǰ PGǰ UIFǰ DPNQBOZ ǰ JUTǰ QBSFOUǰ DPNQBOZ ǰ TVCTJEJBSZǰ DPNQBOZ ǰ BTTPDJBUFǰDPNQBOZ ǰTBNF MFWFMǰTVCTJEJBSZǰDPNQBOZǰPSǰKVSJTUJDǰQFSTPOTǰ XIJDIǰ TIBMMǰ CFǰ QPTTJCMFǰ PGǰ BOZǰ DPOŴJDUǰ PGǰ JOUFSFTUǰ VOEFSǰ DPMMFDUJWFǰ decision basis.
ǰ ǰ/PO &YFDVUJWFǰ%JSFDUPSǰOPUǰUPǰCFǰ JOWPMWFEǰXJUIǰEBZ UP EBZǰNBOBHFNFOUǰ BOEǰOPUǰCFJOHǰBǰTIBSFIPMEFSǰPGǰUIFǰ Company, parent company, its parent company, subsidiary company, BGųMJBUFǰDPNQBOZ ǰBOEǰOPUǰCFJOHǰBǰ director appointed as representative PGǰ NBKPSǰ TIBSFIPMEFSǰ BTǰ RVBMJųFEǰ to be in accordance with relevant laws. (2) Not being a person related by CMPPEǰPSǰMFHBMǰSFHJTUSBUJPOǰBTǰGBUIFS ǰ mother, spouse, sibling and child, JODMVEJOHǰTQPVTFǰPGǰDIJME ǰFYFDVUJWF ǰ NBKPSǰ TIBSFIPMEFS ǰ DPOUSPMMJOHǰ person, or person to be nominated as executive or controlling person PGǰ UIFǰ DPNQBOZǰ PSǰ JUTǰ TVCTJEJBSZǰ company (3) Not undertaking any business in the same nature and in competition UPǰ UIFǰ CVTJOFTTǰ PGǰ UIFǰ DPNQBOZǰ or its subsidiary company, or not CFJOHǰ Bǰ TJHOJųDBOUǰ QBSUOFSǰ JOǰ Bǰ partnership or being an executive EJSFDUPS ǰ FNQMPZFF ǰ TUBGG ǰ BEWJTPSǰ who receives salary or holding shares FYDFFEJOHǰPOFǰQFSDFOUǰPGǰUIFǰUPUBMǰ OVNCFSǰPGǰTIBSFTǰXJUIǰWPUJOHǰSJHIUTǰ PGǰPUIFSǰDPNQBOZǰXIJDIǰVOEFSUBLFTǰ business in the same nature and in DPNQFUJUJPOǰUPǰUIFǰCVTJOFTTǰPGǰUIFǰ /PUJųDBUJPOǰ PGǰ UIFǰ $BQJUBMǰ .BSLFUǰ 4VQFSWJTPSZǰ #PBSEǰ /P ǰ 5PSǰ $IPSǰ ǰ 3F ǰ company or its subsidiary company Application for and Approval of Offer for Sale of Newly Issued Shares.)
XJUIǰSFHBSETǰTIBSFIPMEFSTĴǰJNQPSUBOUǰ NBUUFSTǰ UPǰ QSPUFDUǰ TIBSFIPMEFSTĴǰ interest. Furthermore, the company has announced the compliance to the good corporate governance; the DPEFǰ PGǰ DPOEVDUTǰ GPSǰ UIFǰ #PBSEǰ PGǰ%JSFDUPSTǰBOEǰDPEFǰPGǰDPOEVDUTǰ GPSǰUIFǰFNQMPZFFTǰTPǰBMMǰMFWFMTǰPGǰ UIFǰ DPNQBOZĴTǰ FNQMPZFFǰ GPMMPXǰ the standards. Those employees WJPMBUFǰ UIFǰ DPEFǰ PGǰ DPOEVDUǰ XJMMǰ The company places an importance to internal control systems whereby be investigated and penalized in GPDVTJOHǰ POǰ BQQSPQSJBUFǰ JOUFSOBMǰ DPOUSPMǰ TZTUFNTǰ XIJDIǰ TVQQPSUǰ UIFǰ accordance to the policy. FGųDJFODZǰPGǰUIFǰCVTJOFTTǰPOǰųOBODJBM ǰPQFSBUJPOBMǰBOEǰSJTLǰNBOBHFNFOUǰ TJEFT ǰ5IFǰQSJODJQMFTǰXIJDIǰBSFǰVTFEǰUPǰBTTFTTǰUIFǰTVGųDJFODZǰPGǰJOUFSOBMǰ *OǰBEEJUJPO ǰLFFQJOHǰJOǰNJOEǰPGǰUIFǰ GBJSOFTTǰUPǰTVQQMJFST ǰUIFǰDPNQBOZǰ DPOUSPMǰTZTUFNTǰDBOǰCFǰEJWJEFEǰJOUPǰųWFǰ ǰBSFBTǰBTǰGPMMPXT stipulate the policy in dealing with Control Environmental TVQQMJFSTǰ JOǰ DPEFǰ PGǰ DPOEVDUǰ GPSǰ 5IFǰ #PBSEǰ PGǰ %JSFDUPSTǰ QMBZTǰ BOǰ JNQPSUBOUǰ SPMFǰ UPǰ TUJQVMBUFǰ WJTJPOT ǰ purchasing and create channels QPMJDJFTǰBOEǰTUSBUFHJFTǰCZǰTQFDJGZJOHǰMPOHǰUFSNǰCVTJOFTTǰQMBO ǰQSPWJEJOHǰ GPSǰ DPNQMBJOUǰ UIPVHIǰ DPNQBOZĴTǰ opinions and approving annual business plan including action plans set XFCTJUFǰBUǰ"$@&8!FBTUXBUFS DPN in line with the long term plans that leads to activities to set goals, PCKFDUJWFT ǰ CVEHFUT ǰ SJTLǰ GBDUPST ǰ BDUJWJUJFTǰ QMBOǰ GPSǰ FBDIǰ QFSJPEǰ BOEǰ NFBTVSBCMFǰSFUVSOTǰUPǰNFFUǰUIFǰPWFSBMMǰPCKFDUJWF ǰ*OǰBEEJUJPO ǰUIFǰ,FZǰ 1FSGPSNBODFǰ*OEJDBUPSTǰ ,1*T ǰBSFǰBQQMJFEǰBMMǰBDSPTTǰDPSQPSBUJPOǰJOǰPSEFSǰ UPǰUSBDL ǰGBJSMZǰBOEǰFGGFDUJWFMZǰBTTFTTǰUIFǰQFSGPSNBODFǰJOǰMJOFǰXJUIǰUIFǰ DPNQBOZĴTǰHPBMǰBOEǰPCKFDUJWF ǰ The company has organization structure which separates the responsibilities UPǰNBJOǰPQFSBUJOHǰGVODUJPOTǰBOEǰTVQQPSUJOHǰGVODUJPOT ǰ'VSUIFSNPSF ǰUIFǰ JOUFSOBMǰNBOBHFNFOUǰQPMJDZǰGPDVTFTǰPOǰUIFǰDIFDLǰBOEǰCBMBODFǰPGǰUIFǰ #PBSEǰPGǰ%JSFDUPST ǰNBOBHFNFOUTǰBOEǰTIBSFIPMEFSTǰBTǰXFMMǰBTǰQSPWJEJOHǰBǰ DPNNVOJDBUJPOǰDIBOOFMǰGPSǰUIFǰJOWFTUPSTǰUPǰDPOTJTUFOUMZǰQSPWJEFǰDPNQBOZĴTǰ JOGPSNBUJPOǰUPǰUIFǰQVCMJDǰBOEǰTFUǰVQǰDPNNJUUFFTǰUPǰIFMQǰQSPWJEJOHǰPQJOJPOǰ
Eastern Water Resources Development and Management PCL.
Assessment of the Sufficiency of Internal Control System for 2012
Annual Report 2012
Risk Management The company adopted the Enterprise 3JTLÇ°.BOBHFNFOUÇ°CZÇ°BTTFTTJOHÇ°SJTLTÇ° in each process and analyzing risk GBDUPSTÇ° DVSSFOUÇ° DPOUSPMÇ° NFBTVSFTÇ° as well as setting up more control measures by encouraging employees to be involved in the process. The company have a risk management GVODUJPOÇ°UPÇ°QSFQBSFÇ°SJTLÇ°NBOBHFNFOUÇ° QMBO Ç° GPMMPXÇ° VQÇ° IPXÇ° UPÇ° NJUJHBUFÇ° risk to the acceptable level and SFBTTFTTÇ°SJTLÇ°GBDUPSTÇ°BOEÇ°SFQPSUÇ°UPÇ° 3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÇ°CFGPSFÇ° QSFTFOUJOHÇ°UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ° FWFSZÇ°RVBSUFSÇ°GPSÇ°DPOTJEFSBUJPOTÇ°BOEÇ° provide decision which will lead to continuous risk management process. During 2012, the company has draw up business continuity plans.
Control Activities 5IFǰDPNQBOZǰTUJQVMBUFEǰUIFǰTDPQFǰPGǰ QPXFSǰBOEǰBVUIPSJ[BUJPOǰPGǰųOBODJBMǰ approvals in accordance to good corporate governance regarding UIFǰ TFQBSBUJPOǰ PGǰ EVUZǰ BOEǰ XPSLǰ segregation by separating the duty PGǰ BQQSPWBMT ǰ BDDPVOUǰ SFDPSEJOHT ǰ JOGPSNBUJPOǰBOEǰEVUZǰPGǰBTTFUǰLFFQJOHǰ
and supervision. Furthermore, the company has received the quality DFSUJųDBUJPOǰVOEFSǰ*40ǰ ǰBOEǰ*40ǰ ǰTUBOEBSET ǰXIJDIǰ TQFDJųFTǰUIBUǰUIFǰDPNQBOZǰNVTUǰQSFQBSFǰNBOVBMTǰBOEǰXPSLǰQSPDFEVSFTǰ BTǰ UIFǰ PQFSBUJOHǰ TUBOEBSEǰ SFGFSFODFǰ BTǰ XFMMǰ BTǰ QSPWJEFTǰ USBJOJOHTǰ GPSǰ employees to gain understandings and ability to operate correctly in accordance to the company stipulated operational process. In case there is a related party transaction between the company BOEǰJUTǰBGųMJBUFEǰDPNQBOJFTǰJODMVEJOHǰPUIFSǰKPJOUǰJOUFSFTUǰQBSUJFT ǰUIFǰ USBOTBDUJPOǰTIBMMǰBDDVSBUFMZǰHPǰUISPVHIǰUIFǰDPOTJEFSBUJPOǰPGǰBQQSPWBM ǰ 8IFOǰ UIFSFǰ JTǰ Bǰ TJHOJųDBOUǰ SFMBUFEǰ QBSUZǰ USBOTBDUJPO ǰ JOUFSOBMǰ BVEJUǰ EFQBSUNFOU ǰBVEJUǰDPNNJUUFFT ǰNBOBHFNFOUǰBOEǰDFSUJųFEǰBVEJUPSǰXJMMǰ DBSFGVMMZǰDPOTJEFSǰBOEǰGPMMPXǰUIFǰSFRVJSFNFOUTǰPGǰUIFǰ4UPDLǰ&YDIBOHFǰ PGǰ5IBJMBOEǰ 4&5 ǰBOEǰEJTDMPTFǰJOǰUIFǰųOBODJBMǰSFQPSUTǰBOEǰSFQPSUǰUPǰUIFǰ Securities and Exchange Commission (SEC). Additionally, during voting GPSǰSFMBUFEǰQBSUZǰUSBOTBDUJPO ǰEJSFDUPSTǰUIBUǰIBWFǰKPJOUǰCFOFųUTǰNBZǰOPUǰ vote in the agenda. ǰ 5IFǰDPNQBOZǰIBTǰDPOUJOVPVTMZǰGPMMPXFEǰUIFǰPQFSBUJPOǰPGǰUIFǰBGųMJBUFEǰ DPNQBOJFT ǰ 5IFǰ PQFSBUJOHǰ SFTVMUTǰ PGǰ FBDIǰ BGųMJBUFEǰ DPNQBOZǰ XJMMǰ CFǰ SFQPSUFEǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰBDLOPXMFEHFNFOUǰBOEǰBǰEFMFHBUFEǰ TQFDJBMǰVOJUǰXJMMǰNPOJUPSǰUIFǰPQFSBUJPOTǰGPMMPXJOHǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ SFTPMVUJPOǰBOEǰDPPSEJOBUFǰBMMǰDPNQBOJFTǰUPǰGPMMPXǰUIFǰTBNFǰEJSFDUJPOǰJOǰ DPNQMJBODFǰXJUIǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰQPMJDZ ǰ.PSFPWFS ǰUIFǰDPNQBOZǰ EFMFHBUFEǰ UIFǰ DPSQPSBUFǰ TFDSFUBSZǰ UPǰ TVQFSWJTFǰ UIFǰ DPNQBOZĴTǰ MFHBMǰ JTTVFTǰBTǰXFMMǰBTǰDPNQMJBODFǰJTTVFǰUPǰFOTVSFǰUIFǰDPNQBOZĴTǰPQFSBUJPOǰ is in accordance to related laws, rules and regulations.
5IFǰ$PNQBOZǰQSPWJEFTǰTVGųDJFOUǰTJHOJųDBODFǰJOGPSNBUJPOǰUISPVHIǰNBOZǰ DPNNVOJDBUJPOǰ DIBOOFMTǰ UPǰ UIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ GPSǰ DPOTJEFSBUJPO ǰ "MMǰBHFOEBTǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ.FFUJOHǰBOEǰUIFǰTVC DPNNJUUFFǰXJMMǰ IBWFǰUIFǰEFUBJMTǰPGǰCBDLHSPVOEǰTVNNBSZ ǰTVQQPSUJOHǰSFBTPOT ǰQSFWJPVTǰ meeting resolutions, law indication related to the meeting agenda JGǰBOZ ǰBDUJPOǰQSPHSFTTǰPGǰUIFǰNBOBHFNFOUTǰGPMMPXJOHǰ#PBSETĴǰDPNNFOUTǰ BOEǰQSPQPTBMǰPGǰUIFǰTVHHFTUJPOTǰDPOTJTUJOHǰPGǰPQUJPOTǰGPSǰDPOTJEFSBUJPOT ǰ 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰBQQPJOUFEǰUIFǰBVEJUǰDPNNJUUFFTǰUPǰSFWJFXǰUIFǰ $PNQBOZĴTǰųOBODJBMǰTUBUFNFOUTǰUPǰFOTVSFǰJUǰJTǰQSFQBSFEǰJOǰBDDPSEBODFǰ XJUIǰUIFǰBDDPVOUJOHǰQSJODJQMFTǰBOEǰEJTDMPTFEǰųOBODJBMǰJOGPSNBUJPOǰDPSSFDUMZǰ and transparently. Furthermore, the company has continuously adopted and developed JOGPSNBUJPOǰTZTUFNTǰBOEǰJOUFSOBMǰEBUBCBTFǰTZTUFNǰUPǰBDDPNNPEBUFǰBMMǰ MFWFMTǰPGǰUIFǰDPNQBOZĴTǰFNQMPZFFTǰUPǰBDDFTTǰUIFǰEBUBǰBOEǰJOGPSNBUJPOǰ UIBUǰJTǰSFMBUFEǰUPǰUIFJSǰPQFSBUJPOTǰTVGųDJFOUMZǰCZǰDMFBSMZǰEFUFSNJOFǰUIFǰ SJHIUTǰUPǰBDDFTTǰJOGPSNBUJPO
Monitoring Activities The company developed ongoing monitoring targeted operation as stipulated in the long term business plan and annual operation plan. 5IFǰSFTVMUǰPGǰUIFǰQSPHSFTTǰJOǰUIFǰPQFSBUJPOTǰBOEǰ,1*TǰXJMMǰCFǰRVBSUFSMZǰ QSFTFOUFEǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰDPOTJEFSBUJPOǰPGǰųYJOHǰUIFǰQSPDFTTǰ UPǰQSFWFOUǰGVUVSFǰFSSPST The company pays importance to internal auditing to increase corporate values with risk base audit and appointing audit department work together XJUIǰJOUFSOBMǰBVEJUǰDPOTVMUBOUTǰUPǰFWBMVBUFǰUIFǰFGųDJFODZǰBOEǰUIFǰFGGFDUJWFOFTTǰ
Eastern Water Resources Development and Management PCL.
Information and Communication
PGǰJOUFSOBMǰDPOUSPMǰTZTUFNTǰGPSǰBMMǰ business process and reporting UPǰNBOBHFNFOUǰBOEǰUIFǰ#PBSEǰPGǰ Directors every quarter to ensure UIFǰFGųDJFODZǰBOEǰFGGFDUJWFOFTTǰPGǰ UIFǰ DPNQBOZĴTǰ JOUFSOBMǰ DPOUSPMǰ system as well as the accuracy PGǰ JOGPSNBUJPOǰ JODMVEJOHǰ ųOBODJBMǰ JOGPSNBUJPOǰ BOEǰ PQFSBUJPOBMǰ JOGPSNBUJPO ǰ The audit department monitors the DPSSFDUJWFǰBDUJPOǰVQPOǰUIFǰųOEJOHTǰ BOEǰTVHHFTUJPOTǰPGǰBVEJUǰDPNNJUUFFTǰ and reported to audit committee on continuous basis. Additionally, there is ongoing monitoring process through the international standards PGǰ*40ǰ ǰBOEǰ*40ǰ ǰ "DDPSEJOHǰUPǰUIFǰǰDPOTJEFSBUJPOǰPGǰ JNQPSUBOUǰJOGPSNBUJPOǰEFSJWFEǰGSPNǰ BTTFTTNFOUǰPGǰUIFǰBGPSFNFOUJPOFEǰ internal control systems, the Board PGǰ %JSFDUPSTǰ JTǰ DPOųEFOUǰ UIBUǰ UIFǰ $PNQBOZĴTǰJOUFSOBMǰDPOUSPMǰTZTUFNǰ JTǰTVGųDJFOUǰBOEǰBQQSPQSJBUFǰXJUIǰUIFǰ business operations, transparency and TVQQPSUǰFGGFDUJWFOFTTǰPGǰTVTUBJOBCMFǰ business operations.
Annual Report 2012
Report of Corporate Governance of the Audit Committee for 2012 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰ&BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ .BOBHFNFOUǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰBQQPJOUFEǰUIFǰ"VEJUǰ$PNNJUUFFǰ XIJDIǰDPOTJTUTǰPGǰUISFFǰ ǰJOEFQFOEFOUǰEJSFDUPSTǰXIPTFǰRVBMJųDBUJPOTǰ BSFǰBQQSPQSJBUFEǰBTǰTUJQVMBUFEǰCZǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰ .PSFPWFS ǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰTQFDJųFEǰUIFǰRVBMJųDBUJPO ǰQPTJUJPOǰ QFSJPE ǰBOEǰEVUJFTǰBOEǰSFTQPOTJCJMJUJFTǰPGǰUIFǰ"VEJUǰ$PNNJUUFFǰPGǰUIFǰ DPNQBOZǰ XSJUUFOǰ JOǰ UIFǰ $IBSUFSǰ PGǰ UIFǰ "VEJUǰ $PNNJUUFF ǰ 5IFǰ "VEJUǰ Committee was changed in late 2012. At present, the Audit Committee JTǰDPNQSJTFEǰPG ǰ.S ǰ5IBJSBUBOBǰ+PUJLBCIVLLBOB ǰ$IBJSNBOǰPGǰUIFǰ"VEJUǰ $PNNJUUFF ǰ(FO ǰ$IVDIBJǰ#PPOZPJǰBOEǰ.S ǰ,BMMBZBOBǰ7JQBUUJQVNJQSBUFT ǰ .FNCFSǰPGǰUIFǰ"VEJUǰ$PNNJUUFF ǰ In 2012, the Audit Committee held the meeting nine (9) times which included the meetings with internal auditor, executives and external auditor. The Audit Committee reports the meeting resolution and PQFSBUJPOǰPGǰUIFǰ"VEJUǰ$PNNJUUFFǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ.FFUJOHǰJOǰ FWFSZǰRVBSUFS ǰ)PXFWFS ǰUIFǰ"VEJUǰ$PNNJUUFFǰQFSGPSNFEǰJUTǰEVUJFTǰBTǰ TUJQVMBUFEǰJOǰUIFǰ$IBSUFSǰXIJDIǰDBOǰCFǰTVNNBSJ[FEǰBTǰGPMMPXT ǰ
Company with the auditors and the internal auditors, as well as SFDFJWFEǰUIFǰFYQMBOBUJPOǰGSPNǰUIFǰ management to ensure that the ųOBODJBMǰTUBUFNFOUTǰBSFǰQSFQBSFEǰ accuracy, reliability, and the adequacy PGǰBDDPVOUJOHǰSFDPSET ǰUIFǰBEFRVBDZǰ 1. Review of Financial Reporting BOEǰUJNFMZǰEJTDMPTVSFTǰPGǰJOGPSNBUJPO ǰ 5IFǰ"VEJUǰ$PNNJUUFFǰIBTǰSFWJFXFEǰUIFǰRVBSUFSMZǰBOEǰBOOVBMǰųOBODJBMǰ including providing the important TUBUFNFOUTǰ ǰJODMVEJOHǰUIFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUTǰPGǰUIFǰ DPNNFOUTǰUIBUǰCFOFųUTǰUIFǰDPNQBOZ ǰ and the Audit Committee held one (1) meeting in private with the "VEJUPSTǰ XJUIPVUǰ UIFǰ QSFTFODFǰ PGǰ the management to acknowledge UIFǰ JOEFQFOEFODFǰ BOEǰ TDPQFǰ PGǰ XPSLǰPGǰUIFǰBVEJUPST
2. Review of the Effectiveness of the Internal Control Systems. The Audit Committee had considered UIFÇ° JOUFSOBMÇ° BVEJUÇ° QMBOTÇ° PGÇ° Ç° which was based on the risk all PQFSBUJOHÇ°QSPDFEVSFTÇ°GPSÇ°UIFÇ°(SPVQÇ° PGÇ°$PNQBOJFT Ç°UIFÇ°JOGPSNBUJPOÇ°GSPNÇ° the corporate risks assessment,
5IFÇ°"VEJUÇ°$PNNJUUFFÄ´TÇ°TVQFSWJTJPOÇ°JTÇ° UPÇ°FOTVSFÇ°UIFÇ°USBOTQBSFOUÇ°JOGPSNBUJPOÇ° disclosure and compliance with applicable laws related to the CVTJOFTTÇ°PQFSBUJPOÇ°BOEÇ°UIFÇ°MBXTÇ°PGÇ° the securities and exchange, including UIFÇ°NBOBHFNFOUÄ´TÇ°TVNNBSZÇ°SFQPSUÇ° to comply with related laws, rules, BOEÇ°SFHVMBUJPOTÇ°PGÇ°UIFÇ°$PNQBOZÇ°BUÇ° least twice a year.
4. Supervision of the Internal Audit FYFDVUJWFTǰJOUFSWJFX ǰųOBODJBMǰTUBUFNFOUǰBOBMZTJT ǰBOEǰUIFǰDPNNFOUTǰ SFDFJWFEǰGSPNǰUIFǰBVEJUPST 5IFǰ"VEJUǰ$PNNJUUFFǰIBEǰDPOTJEFSFEǰSFWJFXJOHǰUIFǰSFTVMUTǰPGǰUIFǰFGųDJFODZǰ BOEǰFGGFDUJWFOFTTǰBTTFTTNFOUǰPGǰUIFǰJOUFSOBMǰDPOUSPMǰTZTUFNǰXIJDIǰXFSFǰ quartery done by the Internal Audit Department and the consultant company in accordance with the international standards. The Audit $PNNJUUFFǰIBEǰQSPWJEFEǰBEEJUJPOBMǰTVHHFTUJPOǰXIJDIǰXBTǰCFOFųDJBMǰUPǰ NPSFǰFGGFDUJWFOFTTǰBOEǰFGųDJFODZǰPGǰPQFSBUJPOT ǰ5IFǰNBOBHFNFOUǰTIBMMǰ DPOUJOVPVTMZǰSFQPSUǰNBOBHFNFOUĴTǰDPSSFDUJWFǰBDUJPOTǰUPǰUIFǰNFFUJOHǰPGǰ the Audit Committee. 5IFǰSFTVMUǰPGǰUIFǰBTTFTTNFOUǰPGǰUIFǰJOUFSOBMǰDPOUSPMǰTZTUFNǰSFQPSUFEǰ UIBUǰUIFǰ$PNQBOZĴTǰJOUFSOBMǰDPOUSPMǰTZTUFNǰXBTǰFGGFDUJWFǰBOEǰBEFRVBUFǰ XIJDIǰXBTǰJOǰBDDPSEBODFǰXJUIǰUIFǰPQJOJPOǰPGǰUIFǰBVEJUPS
The Audit Committee has considered BOEǰBQQSPWFEǰPGǰUIFǰBDUJPOǰQMBOT ǰBOOVBMǰ CVEHFU ǰBOEǰNBOQPXFSǰPGǰUIFǰ*OUFSOBMǰ Audit Department, as well as supports BOEǰFODPVSBHFTǰUIFǰJOEFQFOEFODZǰPGǰ UIFǰPQFSBUJPOǰPGǰUIFǰ"VEJUǰ%FQBSUNFOU ǰ *OǰBEEJUJPO ǰUPǰJODSFBTFǰUIFǰFGųDJFODZǰ PGǰ UIFǰ PQFSBUJPO ǰ UIFǰ *OUFSOBMǰ "VEJUǰ Department directly reports to the Audit Committee.
Eastern Water Resources Development and Management PCL.
3. Compliance with applicable laws and regulations
Annual Report 2012
In 2012, the Audit Committee had considered hiring a consultant company, ,1.(ǰ1IPPNDIBJǰ#VTJOFTTǰ"EWJTPSZǰ-UE ǰ UPǰKPJOǰUIFǰJOUFSOBMǰBVEJUJOHǰPQFSBUJPOǰBTǰ BEWJTPSǰPGǰXJUIǰUIFǰ"VEJUǰ%FQBSUNFOUĴTǰ TUBGGTǰJOǰPSEFSǰUPǰQSPWJEFǰBOEǰFYDIBOHFǰ FYQFSJFODFǰGPSǰCFUUFSǰFGųDJFODZǰPGǰUIFǰ HSPVQǰPGǰDPNQBOJFTĴǰJOUFSOBMǰBVEJUJOH ǰ 5IFǰųOEJOHTǰGSPNǰUIFǰBVEJUJOHǰXPVMEǰ continuously increase the value to the Company. The Audit Committee had considered BQQSPWBMǰPGǰUIFǰSFWJTJPOǰPGǰUIFǰNBOVBMǰ BOEǰUIFǰ$IBSUFSǰPGǰUIFǰ*OUFSOBMǰ"VEJUǰ Department which aligned with the changing situation.
5. Review of the Auditors’ operation and appointment of the Auditors for the year 2013 The Audit Committee held a private meeting with the external auditors in order to ensure that the external auditors are independent and OFVUSBMǰJOǰQFSGPSNBODFǰPGǰEVUJFTǰBOEǰ understand the internal audit plans BOEǰTDPQFǰPGǰXPSLǰPGǰUIFǰBVEJUPS 8JUIǰSFHBSEǰUPǰUIFǰBQQPJOUNFOUǰPGǰ BVEJUPSTǰGPSǰUIFǰZFBSǰ ǰUIFǰ"VEJUǰ Committee has acknowledged the BTTFTTNFOUǰSFTVMUTǰPGǰUIFǰBVEJUPSTĴǰ QFSGPSNBODFǰPGǰUIFǰQSFTFOU ǰOBNFMZǰ
1SJDFXBUFSIPVTFǰ$PPQFSTǰ"#"4ǰ-UE ǰ Ķ1X$ķ ǰ"GUFSǰSFDFJWJOHǰUIFǰBTTFTTNFOUǰ SFTVMUǰ BOEǰ DPOTJEFSBUJPOǰ PGǰ FYQFSJFODF ǰ RVBMJųDBUJPO ǰ BOEǰ GFF ǰ UIFǰ Audit Committee had presented the result to the 2012 Annual General 4IBSFIPMEFSTĴǰ.FFUJOHǰGPSǰBQQSPWBMǰPGǰUIFǰBQQPJOUNFOUǰBVEJUPSTǰGSPNǰ 1SJDFXBUFSIPVTFǰ$PPQFSTǰ"#"4ǰ-UE ǰ Ķ1X$ķ ǰBTǰUIFǰ$PNQBOZĴTǰBVEJUPSǰ GPSǰUIFǰZFBSǰ
6. Self-assessment of the Audit Committee and Review of the charter and manual of Audit Committee 5IFǰ "VEJUǰ $PNNJUUFFǰ IBEǰ QFSGPSNFEǰ TFMG BTTFTTNFOUǰ PGǰ UIFǰ XIPMFǰ DPNNJUUFFǰBOEǰQFSGPSNFEǰDSPTTǰJOEJWJEVBMǰBTTFTTNFOUǰXIJDIǰGPMMPXFEǰ UIFǰ(PPEǰ$PSQPSBUFǰ(PWFSOBODFǰBOEǰPGǰXIJDIǰUIFǰSFTVMUTǰXFSFǰSFQPSUFEǰ UPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰDPOTJEFSBUJPO ǰ)PXFWFS ǰUIFǰTFMG BTTFTTNFOUǰ SFTVMUǰXBTǰEFFNFEǰUPǰCFǰWFSZǰFYDFMMFOU ǰ.PSFPWFS ǰUIFǰ"VEJUǰ$PNNJUUFFǰ SFWJFXFEǰUIFǰ$IBSUFSǰBOEǰUIFǰ"VEJUǰ$PNNJUUFFǰ.BOVBMǰUPǰDPNQMZǰXJUIǰ changing circumstances to ensure that the operation in the past year DPNQMFUFMZǰQFSGPSNFEǰBTǰBTTJHOFEǰBOEǰDPNQMJBODFǰXJUIǰUIFǰ#FTUǰ1SBDUJDFǰ HVJEFMJOFTǰPGǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰ5IJTǰXJMMǰCFǰQSPQPTFEǰ UPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ.FFUJOHǰGPSǰBQQSPWBM *OǰTVNNBSZ ǰUIFǰ"VEJUǰ$PNNJUUFFǰIBEǰDPNQMFUFMZǰQFSGPSNFEǰJUTǰEVUZǰBTǰ stipulated in the Audit Committee Charter, which have been approved CZǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰBOEǰDPNQMZǰXJUIǰUIFǰ4FDVSJUJFTǰBOEǰ&YDIBOHFǰ $PNNJTTJPOǰ 4&$ ǰBOEǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰXIJDIǰUIJTǰ XBTǰDPOTJTUFOUǰXJUIǰUIFǰPQJOJPOǰPGǰUIFǰBVEJUPSǰPGǰUIFǰDPNQBOZǰSFQPSUFEǰ UIBUǰ ųOBODJBMǰ TUBUFNFOUTǰ PGǰ UIFǰ $PNQBOZǰ QSFTFOUFEǰ BDDVSBDZ ǰ JOǰ BMMǰ material respects, in accordance with the general accepted accounting TUBOEBSETǰPGǰ5IBJMBOE ǰ.PSFPWFS ǰUIFǰDPNQBOZǰIBTǰTFUǰVQǰBǰTZTUFNǰPGǰ JOUFSOBMǰDPOUSPMTǰBOEǰJOUFSOBMǰBVEJUJOHǰXFSFǰBQQSPQSJBUFǰBOEǰFGGFDUJWF ǰ 5IFǰPQFSBUJPOǰUISPVHIPVUǰUIFǰZFBSǰ ǰTIPXFEǰOPǰTJHOJųDBOUǰųOEJOHTǰ PGǰUIFǰOPO DPNQMJBODFǰUPǰUIFǰSFHVMBUJPOT ǰPCMJHBUJPOT ǰBOEǰSFMBUFEǰMBXT ǰ There were operational improvements to be consistent and appropriate to the current business environment.
Mr. Thairatana Jotikabhukkana, Chairman of the Audit Committee
Eastern Water Resources Development and Management Public Company Limited placed high emphasizes on the importance of good corporate governance. EASTW followed the “Principles of Good Corporate Governance GPSÇ°-JTUFEÇ°$PNQBOJFTÇ° ġǰTQFDJĹłFEÇ°CZÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° (SET) as the guideline for EASTW corporate governance standard. The DSJUFSJBÇ° GPSÇ° FYBNJOJOHÇ° POÇ° UIFÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° PGÇ° 5IBJÇ° MJTUFEÇ° companies by Thai Institute of Director and Regulations of the Securities BOEÇ°&YDIBOHFÇ°$PNNJTTJPO Ç°JTÇ°VTFEÇ°BTÇ°UIFÇ°NBJOÇ°GBDUPSÇ°JOÇ°QSPNPUJOHÇ°UIFÇ° FGĹłDJFOUÇ°NBOBHFNFOUÇ°TZTUFNÇ°PGÇ°UIFÇ°DPNQBOZ Ç°SFTVMUJOHÇ°JOÇ°USBOTQBSFODZ Ç° IPOFTUZ Ç°SFTQPOTJCJMJUZÇ°BOEÇ°DPNQFUJUJWFOFTTÇ°GPSÇ°UIFÇ°CFTUÇ°JOUFSFTUÇ°PGÇ°UIFÇ° company’s shareholders. *OÇ° Ç° UIFÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° BOEÇ° /PNJOBUJOHÇ° $PNNJUUFFÇ° BOEÇ° Board of Directors have revised the corporate governance rules of the East Water group. The result of the revised discussion on corporate governance is to include:
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)VNBOǰ3JHIUT ǰ Policy and practice against violating the intellectual property’s rights BOEǰDPQZSJHIUT ǰ 1PMJDZǰBOEǰQSBDUJDFǰBHBJOTUǰDPSSVQUJPOǰBOEǰCVTJOFTTǰGSBVE ǰ $&0ǰJTǰOPUǰBMMPXFEǰUPǰCFǰBǰCPBSEǰPGǰEJSFDUPSǰPGǰPUIFSǰDPNQBOZ *NQSPWJOHǰBOEǰQSPNPUJOHǰTPDJBMǰSFTQPOTJCJMJUJFT Approve the amendment of the Independent Directors’ manual in BDDPSEBODFǰXJUIǰ4FDVSJUJFTǰBOEǰ&YDIBOHFǰ$PNNJTTJPOǰBOOPVODFNFOU Approve the amendment of the corporate governance’s manual according with the international standard of the OECD member countries (Organization for Economic Co-operation and Development) BOEǰJOǰQSFQBSBUJPOǰGPSǰ"4&"/ǰDPNNVOJUZ ǰ5IFǰBNFOENFOUǰPGǰUIFǰ former principles has been categorized into 5 categories:
Ç°Ç°5IFÇ°SJHIUTÇ°PGÇ°TIBSFIPMEFST Ç°Ç°5IFÇ°FRVJUBCMFÇ°USFBUNFOUÇ°PGÇ°UIFÇ°TIBSFIPMEFST Ç°Ç°5IFÇ°SPMFÇ°PGÇ°TUBLFIPMEFSTÇ°JOÇ°DPSQPSBUFÇ°HPWFSOBODF
ǰ%JTDMPTVSFǰBOEǰUSBOTQBSFODZ 5. The responsibilities of the board. The Corporate Governance and /PNJOBUJOHǰ$PNNJUUFFǰBOEǰ#PBSEǰ of Directors have always been aware UIBUǰUIFǰHPPEǰDPSQPSBUFǰHPWFSOBODF ǰ is the source of the long term TVTUBJOBCMFǰHSPXUIǰPGǰUIFǰDPNQBOZ ǰ BOEǰBMTPǰJUǰJODSFBTFǰTUBLFIPMEFSTĴǰ DPOųEFOU ǰ 5IFǰ DPNQBOZǰ USJFTǰ UPǰ adapt the governance with the present economy and situation for the best interest of shareholders. The #PBSETǰPGǰ%JSFDUPST ǰFYFDVUJWFT ǰBOEǰ employees have strictly followed the DPSQPSBUFǰHPWFSOBODFǰBTǰEFųOFEǰJOǰ the board of director’s manual and employee’s business ethic manual.
Mr. Verapong Chaiperm Member of the Corporate Governance and Nominating Committee
Eastern Water Resources Development and Management PCL.
Report of the Corporate Governance & Nominating Committee
Annual Report 2012
Report of the Board of Directors’ Responsibility toward Financial Statement Report 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰUIFǰ$PNQBOZǰIBEǰJOJUJBUFEǰųOBODJBMǰTUBUFNFOUǰ QSFQBSBUJPOǰUPǰQSFTFOUǰUIFǰ$PNQBOZĴTǰųOBODJBMǰQPTJUJPOTǰBOEǰPQFSBUJOHǰ SFTVMUTǰGPSǰUIFǰZFBSǰFOEFEǰ%FDFNCFSǰ ǰ ǰVOEFSǰUIFǰ1VCMJDǰ$PNQBOZǰ Act B.E. 2535. The Company’s Board of Directors has realized its duties BOEǰSFTQPOTJCJMJUZǰBTǰ%JSFDUPSTǰPGǰMJTUFEǰDPNQBOZǰJOǰUIFǰ4UPDLǰ&YDIBOHFǰ PGǰ5IBJMBOEǰUPǰCFǰSFTQPOTJCMFǰGPSǰųOBODJBMǰTUBUFNFOUTǰBOEǰDPOTPMJEBUFEǰ ųOBODJBMǰ TUBUFNFOUTǰ PGǰ UIFǰ $PNQBOZ ǰ JODMVEJOHǰ ųOBODJBMǰ JOGPSNBUJPOǰ BQQFBSFEǰJOǰUIFǰBOOVBMǰSFQPSUǰGPSǰUIFǰZFBSǰFOEFEǰ%FDFNCFSǰ ǰ 5IVT ǰUIFǰ$PNQBOZĴTǰ#PBSEǰPGǰ%JSFDUPSǰBQQPJOUFEǰUIFǰ"VEJUǰ$PNNJUUFFǰ XIJDIǰDPOTJTUTǰPGǰJOEFQFOEFOUǰ%JSFDUPSTǰBOEǰ/PO &YFDVUJWFǰ%JSFDUPSTǰPGǰ UIFǰ$PNQBOZǰXIPǰBSFǰSFTQPOTJCMFǰGPSǰUIFǰRVBMJUZǰPGǰųOBODJBMǰTUBUFNFOUTǰ and reviewing the adequacy and effectiveness of the internal control TZTUFNǰPGǰUIFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFEǰDPNQBOJFTǰUPǰSFBTPOBCMZǰFOTVSFǰ UIBUǰUIFǰSFDPSETǰPGǰBDDPVOUJOHǰJOGPSNBUJPOǰBSFǰBDDVSBUF ǰDPNQMFUF ǰBOEǰ BEFRVBUFǰUPǰQSPUFDUǰUIFǰ$PNQBOZĴTǰBTTFUT ǰJODMVEJOHǰCFJOHǰHVJEFMJOFTǰ GPSǰUIFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFEǰDPNQBOJFTǰUPǰTJHOJųDBOUMZǰ QSFWFOUǰ corruption or irregular activity. The opinion of the Audit Committee shall appear in the Corporate Governance Report of the Audit Committee of UIFǰųTDBMǰZFBSǰ ǰBTǰTIPXOǰJOǰUIJTǰ"OOVBMǰ3FQPSU 5IFSFGPSF ǰ UIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ DPOTJEFSFEǰ UIBUǰ UIFǰ $PNQBOZĴTǰ ųOBODJBMǰTUBUFNFOUTǰXFSFǰDBSFGVMMZǰBOEǰSFBTPOBCMZǰQSFQBSFEǰXJUIǰUIFǰ best estimations under the appropriate accounting policies and consistent DPOGPSNJUZǰXJUIǰ5IBJǰHFOFSBMMZǰBDDFQUFEǰBDDPVOUJOHǰTUBOEBSET ǰJODMVEJOHǰ UIFǰTVGųDJFOUǰJNQPSUBOUǰJOGPSNBUJPOǰJTǰBMSFBEZǰEJTDMPTFEǰJOǰUIFǰ/PUFTǰUPǰ ųOBODJBMǰTUBUFNFOUT
Mr.Jiratt Nithianantporn Director
Mr.Chinawat Assavapokee Director
To the Shareholders of Eastern Water Resources Development and Management Public Company Limited I have audited the accompanying consolidated and company statements of Eastern Water Resources Development and Management Public Company Limited and its subsidiaries and of Eastern Water 3FTPVSDFTǰ %FWFMPQNFOUǰ BOEǰ .BOBHFNFOUǰ 1VCMJDǰ $PNQBOZǰ -JNJUFE ǰ XIJDIǰ DPNQSJTFǰUIFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰTUBUFNFOUTǰPGǰųOBODJBMǰQPTJUJPOǰBTǰ BUǰ ǰ%FDFNCFSǰ ǰBOEǰUIFǰSFMBUFEǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰTUBUFNFOUTǰ PGǰDPNQSFIFOTJWFǰJODPNF ǰDIBOHFTǰJOǰTIBSFIPMEFSTĴǰFRVJUZǰBOEǰDBTIǰŴPXTǰ GPSǰUIFǰZFBSǰUIFOǰFOEFE ǰBOEǰBǰTVNNBSZǰPGǰTJHOJųDBOUǰBDDPVOUJOHǰQPMJDJFTǰ and other notes. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these ųOBODJBMǰTUBUFNFOUTǰJOǰBDDPSEBODFǰXJUIǰ5IBJǰ'JOBODJBMǰ3FQPSUJOHǰ4UBOEBSET ǰ and for such internal control as management determines is necessary to FOBCMFǰUIFǰQSFQBSBUJPOǰPGǰųOBODJBMǰTUBUFNFOUTǰUIBUǰBSFǰGSFFǰGSPNǰNBUFSJBMǰ NJTTUBUFNFOU ǰXIFUIFSǰEVFǰUPǰGSBVEǰPSǰFSSPS Auditor’s Responsibility .ZǰSFTQPOTJCJMJUZǰJTǰUPǰFYQSFTTǰBOǰPQJOJPOǰPOǰUIFTFǰųOBODJBMǰTUBUFNFOUTǰCBTFEǰ on my audit. I conducted my audit in accordance with Thai Standards on Auditing. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether UIFǰųOBODJBMǰTUBUFNFOUTǰBSFǰGSFFǰGSPNǰNBUFSJBMǰNJTTUBUFNFOU An audit involves performing procedures to obtain audit evidence BCPVUǰ UIFǰ BNPVOUTǰ BOEǰ EJTDMPTVSFTǰ JOǰ UIFǰ ųOBODJBMǰ TUBUFNFOUT ǰ 5IFǰ QSPDFEVSFTǰ TFMFDUFEǰ EFQFOEǰ POǰ UIFǰ BVEJUPSĴTǰ KVEHNFOU ǰ JODMVEJOHǰ UIFǰ BTTFTTNFOUǰ PGǰ UIFǰ SJTLTǰ PGǰ NBUFSJBMǰ NJTTUBUFNFOUǰ PGǰ UIFǰ ųOBODJBMǰ TUBUFNFOUT ǰXIFUIFSǰEVFǰUPǰGSBVEǰPSǰFSSPS ǰ*OǰNBLJOHǰUIPTFǰSJTLǰBTTFTTNFOUT ǰ the auditor considers internal control relevant to the entity’s preparation BOEǰ GBJSǰ QSFTFOUBUJPOǰ PGǰ UIFǰ ųOBODJBMǰ TUBUFNFOUTǰ JOǰ PSEFSǰ UPǰ EFTJHOǰ BVEJUǰ QSPDFEVSFTǰUIBUǰBSFǰBQQSPQSJBUFǰJOǰUIFǰDJSDVNTUBODFT ǰCVUǰOPUǰGPSǰUIFǰQVSQPTFǰ PGǰFYQSFTTJOHǰBOǰPQJOJPOǰPOǰUIFǰFGGFDUJWFOFTTǰPGǰUIFǰFOUJUZĴTǰJOUFSOBMǰDPOUSPM ǰ An audit also includes evaluating the appropriateness of accounting policies VTFEǰBOEǰUIFǰSFBTPOBCMFOFTTǰPGǰBDDPVOUJOHǰFTUJNBUFTǰNBEFǰCZǰNBOBHFNFOU ǰ BTǰXFMMǰBTǰFWBMVBUJOHǰUIFǰPWFSBMMǰQSFTFOUBUJPOǰPGǰUIFǰųOBODJBMǰTUBUFNFOUT *ǰCFMJFWFǰUIBUǰUIFǰBVEJUǰFWJEFODFǰ*ǰIBWFǰPCUBJOFEǰJTǰTVGųDJFOUǰBOEǰBQQSPQSJBUFǰ to provide a basis for my audit opinion.
Opinion *Oǰ NZǰ PQJOJPO ǰ UIFǰ DPOTPMJEBUFEǰ BOEǰ DPNQBOZǰ ųOBODJBMǰ TUBUFNFOUTǰ SFGFSSFEǰUPǰBCPWFǰQSFTFOUǰGBJSMZ ǰJOǰBMMǰ NBUFSJBMǰ SFTQFDUT ǰ UIFǰ DPOTPMJEBUFEǰ BOEǰ DPNQBOZǰ ųOBODJBMǰ QPTJUJPOǰ PGǰ Eastern Water Resources Development and Management Public Company Limited and its subsidiaries and of Eastern Water Resources Development and Management Public Company -JNJUFEǰBTǰBUǰ ǰ%FDFNCFSǰ ǰBOEǰ its consolidated and company results PGǰPQFSBUJPOTǰBOEǰDBTIǰŴPXTǰGPSǰUIFǰ year then ended in accordance with 5IBJǰ'JOBODJBMǰ3FQPSUJOHǰ4UBOEBSET Emphasis of Matter *ǰ ESBXǰ BUUFOUJPOǰ UPǰ /PUFǰ ǰ UPǰ UIFǰ ųOBODJBMǰ TUBUFNFOUTǰ SFHBSEJOHǰ UIFǰ compensation for the Company’s pipeline connecting project. The Company is paying the compensation at a preliminary rate because the government agency is considering a deal for the Company to rent/ manage the connecting projects and the DPNQFOTBUJPOǰSBUF ǰXIJDIǰNJHIUǰDIBOHF ǰ .ZǰPQJOJPOǰJTǰOPUǰRVBMJųFEǰJOǰSFTQFDUǰ of this matter.
Vichien Khingmontri Certified Public Accountant (Thailand) No. 3977 PricewaterhouseCoopers ABAS Ltd. #BOHLPL Ç°'FCSVBSZÇ°
Eastern Water Resources Development and Management PCL.
Auditor’s Report
Annual Report 2012
Statements of Financial Position Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes Assets Current assets $BTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ° 5FNQPSBSZÇ°JOWFTUNFOUTÇ° 5SBEFÇ°BOEÇ°PUIFSÇ°SFDFJWBCMFTÇ° Water loss treatment service income Ç° Ç°SFDFJWBCMFÇ° Ç°SFMBUFEÇ°QBSUZÇ° *OWFOUPSJFTÇ°Ç° 0UIFSÇ°DVSSFOUÇ°BTTFUTÇ°Ç° /PO DVSSFOUÇ°BTTFUTÇ°DMBTTJĹłFEÇ°BTÇ°Ç° Ç° IFME GPS TBMF Ç°OFUÇ° Total current assetsÇ° Non-current assets *OWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ° Ç°Ç°Ç° 0UIFSÇ°MPOH UFSNÇ°JOWFTUNFOUTÇ°Ç° *OWFTUNFOUÇ°QSPQFSUZÇ° Ç°OFUÇ° 1SPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ° Ç°OFUÇ° "TTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ° Ç°OFUÇ° Deferred concession rights Ç° BDRVJTJUJPOÇ°DPTUTÇ° Ç°OFUÇ° *OUBOHJCMFÇ°BTTFUTÇ° Ç°OFUÇ° %FGFSSFEÇ°UBYÇ°BTTFUTÇ° 0UIFSÇ°OPO DVSSFOUÇ°BTTFUTÇ° Total non-current assetsÇ° Total assetsÇ°
Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç°Ç° Ç°
2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°Ç°
Ç° Ç° Ç° Ç° Ç°
Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç° Ç° Ç° Ç° Ç° Ç°Ç°
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Ç°
Ç°
Ç° Ç°Ç° Ç°Ç° Ç°Ç° Ç°Ç°
Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°
Ç°Ç° Ç°Ç° Ç°Ç° Ç°Ç° Ç°
Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç°
Ç° Ç° Ç° Ç° Ç°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes Liabilities and shareholders’ equity Current liabilities 4IPSU UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOTǰ 5SBEFǰBDDPVOUTǰQBZBCMFǰ 1BZBCMFǰGPSǰQVSDIBTFǰPGǰųYFEǰBTTFUTǰ Current portion of long-term liabilities ǰ VOEFSǰųOBODFǰMFBTFǰBHSFFNFOUTǰ Current portion of long-term loans ǰ GSPNǰųOBODJBMǰJOTUJUVUJPOTǰ $PSQPSBUFǰJODPNFǰUBYǰQBZBCMFǰ "DDSVFEǰFYQFOTFTǰ 0UIFSǰDVSSFOUǰMJBCJMJUJFTǰ
2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
Ç° Ç°Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç°Ç°
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Ç°
Ç°
Ç°Ç° Ç° Ç°Ç° Ç°
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Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç°Ç° Ç° Ç° Ç° Ç°
Total non-current liabilitiesÇ°
Ç°
Ç°
Ç° Ç°
Total liabilitiesÇ°
Ç°
Ç°
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Total current liabilitiesÇ° Non-current liabilities -POH UFSNÇ°MJBCJMJUJFTÇ°VOEFSÇ°ĹłOBODFÇ°MFBTFÇ° Ç° BHSFFNFOUTÇ° -POH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° %FGFSSFEÇ°UBYÇ°MJBCJMJUJFTÇ° &NQMPZFFÇ°CFOFĹłUÇ°PCMJHBUJPOTÇ° 0UIFSÇ°OPO DVSSFOUÇ°MJBCJMJUJFTÇ°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç° Ç° Ç°
Eastern Water Resources Development and Management PCL.
Statements of Financial Position (Cont’d)
Annual Report 2012
Statements of Financial Position (Cont’d) Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes Liabilites and shareholders’ equity (Cont’d) Shareholders’equity Share capital 27 Registered share capital ǰ ǰ 0SEJOBSZǰTIBSFT ǰ ǰ ǰ ǰ ǰ TIBSFTǰPGǰQBSǰ#BIUǰ ǰFBDIǰǰ ǰ Issued and paid-up share capital ǰ ǰ 0SEJOBSZǰTIBSFT ǰ ǰ ǰ ǰ ǰ TIBSFTǰPGǰǰQBSǰ#BIUǰ ǰFBDIǰ ǰ 4IBSFǰQSFNJVNǰ ǰǰ Retained earnings ǰ "QQSPQSJBUFEǰ ǰMFHBMǰSFTFSWFǰ ǰǰ ǰ ǰ6OBQQSPQSJBUFEǰǰ ǰ 0UIFSǰDPNQPOFOUTǰPGǰFRVJUZǰ ǰǰ Equity attributable to owners ǰ PGǰUIFǰQBSFOUǰ ǰ /PO DPOUSPMMJOHǰJOUFSFTUTǰ ǰ Total shareholders’ equityǰ
Ç°
Total liabilities and shareholders’ equity ǰ
2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°Ç°Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
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Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°
Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011 Consolidated Notes
2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
Revenues 4BMFTÇ° Ç°SBXÇ°XBUFSÇ° 4BMFTÇ° Ç°UBQÇ°XBUFSÇ°
35 Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç°
Total salesÇ° 3FOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNFÇ° 0UIFSÇ°JODPNFÇ°
Ç° Ç° Ç°Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
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Ç°
Ç° Ç°
Ç°
Total revenuesÇ° Expenses $PTUTÇ°PGÇ°TBMFTÇ° Ç°SBXÇ°XBUFSÇ° $PTUTÇ°PGÇ°TBMFTÇ° Ç°UBQÇ°XBUFSÇ° Total costs of salesÇ° $PTUTÇ°PGÇ°SFOUBMÇ°BOEÇ°TFSWJDFTÇ° 4FMMJOHÇ°FYQFOTFTÇ° "ENJOJTUSBUJWFÇ°FYQFOTFTÇ° &YQFOTFTÇ°GPSÇ°EFWFMPQNFOUÇ°PGÇ°MJGFÇ°Ç° Ç° RVBMJUZÇ°BOEÇ°FOWJSPONFOUÇ° 'JOBODFÇ°DPTUTÇ°
35 Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Total expensesÇ°
Ç°Ç°
Ç° Ç°
Ç°
1SPĹłUÇ°CFGPSFÇ°JODPNFÇ°UBYÇ° *ODPNFÇ°UBYÇ°
Ç° Ç°Ç°
Ç° Ç° Ç° Ç°
Ç° Ç°
Ç°
Ç° Ç°
Ç°
/FUÇ°QSPĹłUÇ°GPSÇ°UIFÇ°ZFBSÇ°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Eastern Water Resources Development and Management PCL.
Statements of Comprehensive Income
Annual Report 2012
Statements of Comprehensive Income (Cont’d) Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes 0UIFSǰDPNQSFIFOTJWFǰJODPNFǰ (expense): Write off asset transferred from ǰ ǰ DVTUPNFSǰ ǰ ǰ "DUVBSJBMǰMPTTFTǰPOǰEFųOFEǰǰ ǰ ǰ ǰ FNQMPZFFǰCFOFųUǰQMBOTǰ ǰ ǰ *ODPNFǰUBYǰSFMBUJOHǰUPǰDPNQPOFOUTǰǰ ǰ of other comprehensive income ǰ ǰ GPSǰUIFǰZFBSǰ ǰ 0UIFSǰDPNQSFIFOTJWFǰFYQFOTFǰGPSǰ the year, net of taxǰ
Ç°
5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ° the yearÇ°
2012 (Baht)
Company
2011 (Baht)
Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç°
2011 (Baht)
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Ç° Ç° Ç°Ç°Ç° Ç° Ç°Ç°Ç°
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1SPĹłUÇ°BUUSJCVUBCMFÇ°UP 0XOFSTÇ°PGÇ°UIFÇ°QBSFOUÇ°Ç° /PO DPOUSPMMJOHÇ°JOUFSFTUTÇ° Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç°Ç°Ç°
5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ° attributable to: 0XOFSTÇ°PGÇ°UIFÇ°QBSFOUÇ° /PO DPOUSPMMJOHÇ°JOUFSFTUTÇ° Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç°Ç° Ç°
Ç°Ç°Ç°
&BSOJOHTÇ°QFSÇ°TIBSFÇ°GPSÇ°QSPĹłUÇ°BUUSJCVUBCMFÇ°Ç°Ç° to owners of the parent (Baht) 34 Ç° #BTJDÇ°FBSOJOHTÇ°QFSÇ°TIBSFÇ° Ç°
Ç°
2012 (Baht)
Ç°
Ç°
Ç°
Ç°
Ç°Ç°
Ç°
Ç°Ç°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç°
$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°
Opening balance as at 1 January 2012 *OWFTUNFOUǰJOǰTVCTJEJBSZǰ ǰǰǰ Comprehensive income for the year ǰ ǰ/FUǰQSPųUǰGPSǰUIFǰZFBSǰ ǰ ǰ0UIFSǰDPNQSFIFOTJWFǰFYQFOTFǰ $PNQSFIFOTJWFǰJODPNFǰGPSǰUIFǰZFBSǰ %JWJEFOEǰQBJEǰ
$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°
Ç°
Ç° Ç°
Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Ç°
Ç° Ç°
Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°
Ç°
Ç° Ç° Ç°Ç°Ç°Ç°Ç°
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Non-controlling Total interests Shareholders’ (Baht) equity (Baht)
Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç° Ç°
Total owners of the parent (Baht)
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç° Ç°
Opening balance as at 1 January 2011 $PNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBSÇ° %JWJEFOEÇ°QBJEÇ°
Premium on share capital (Baht)
Eastern Water Resources Development and Management PCL.
Notes
Issued and paid-up share capital (Baht)
Consolidated Owners of the paren Other components of shareholders’ equity Other Retained earnings comprehensive income Assets Total Appropriated Unappropriated (Baht) transferred from component - legal customers-net of equity reserve (Baht) (Baht) (Baht)
Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011
Statements of Changes in Shareholders’ Equity
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Opening balance as at 1 January 2012ǰ Comprehensive income for the year ǰ ǰ /FUǰQSPųUǰGPSǰUIFǰZFBSǰ ǰ ǰ 0UIFSǰDPNQSFIFOTJWFǰFYQFOTFǰ
$PNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBSÇ° %JWJEFOEÇ°QBJEÇ° Ç°Ç°Ç°
$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°
Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Ç° Ç°
Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°
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$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°
Appropriated legal reserve (Baht)
Ç° Ç°
Ç° Ç° Ç° Ç° Ç°Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
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Other comprehensive income Unappropriated Assets (Baht) transferred from customers-net (Baht)
Retained earnings
Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç° Ç°
Ç° Ç° Ç°Ç°
Premium on share capital (Baht)
Company Other components of shareholders’ equity
Opening balance as at 1 January 2011Ç° $PNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBSÇ° %JWJEFOEÇ°QBJEÇ°
Note
Issued and paid-up share capital (Baht)
Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011
Statements of Changes in Shareholders’ Equity (Cont’d)
Total Shareholders’ equit (Baht)
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Total other component of equity (Baht)
Annual Report 2012
Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011 Consolidated Notes $BTIÇ°Ĺ´PXTÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFT 1SPĹłUÇ°CFGPSFÇ°JODPNFÇ°UBYÇ° Ç° "EKVTUNFOUTÇ°UPÇ°SFDPODJMFÇ°QSPĹłUÇ°CFGPSFÇ°Ç° Ç° Ç° JODPNFÇ°UBYÇ°UPÇ°OFUÇ°DBTIÇ°QSPWJEFEÇ°CZÇ°Ç° Ç° (paid from) operating activities Ç°Ç°Ç°Ç°Ç°-PTTFTÇ°POÇ°JNQBJSNFOUÇ°PGÇ°JOWFTUNFOUÇ° Ç° Reversal of allowance for diminution Ç° Ç° JOÇ°WBMVFÇ°PGÇ°JOWFOUPSJFTÇ° Ç° Ç° "MMPXBODFÇ°GPSÇ°EPVCUGVMÇ°BDDPVOUTÇ° SFWFSTBM Ç° Ç° Ç° %FQSFDJBUJPOÇ° Ç° Ç° Ç° Amortisation of deferred concession Ç° Ç° Ç°Ç°SJHIUTÇ°BDRVJTJUJPOÇ°DPTUTÇ° Ç°Ç° Ç° "NPSUJTBUJPOÇ°PGÇ°SJHIUTÇ° Ç°Ç° Income from amortisation of assets Ç° Ç° USBOTGFSSFEÇ°GSPNÇ°DVTUPNFSTÇ° Ç° Losses on disposals/written off Ç° Ç° Ç°Ç°PGÇ°ĹłYFEÇ°BTTFUTÇ° Ç° Losses on written off of assets under Ç° Ç° DPODFTTJPOÇ°DPOUSBDUTÇ° Ç° Ç° &NQMPZFFÇ°CFOFĹłUÇ°PCMJHBUJPOTÇ° Ç° Ç° %JWJEFOEÇ°JODPNFÇ° Ç°Ç° Ç° *OUFSFTUÇ°JODPNFÇ° Ç°Ç° Ç° *OUFSFTUÇ°FYQFOTFTÇ°BOEÇ°BNPSUJTBUJPOÇ° of deferred interest under Ç° Ç° ĹłOBODFÇ°MFBTFÇ°BHSFFNFOUTÇ° Ç°
2012 (Baht)
Company
2011 (Baht)
2012 (Baht)
2011 (Baht)
Ç° Ç° Ç°
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Ç° Ç° Ç°
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Ç°Ç° Ç° Ç° Ç°
Ç°Ç°Ç°Ç°Ç°
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Ç°
Ç°
*ODPNFÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ°CFGPSFÇ° Ç° changes in operating assets and liabilitiesÇ°Ç° (Increase) decrease in operating assets Ç° Ç° 5SBEFÇ°BOEÇ°PUIFSÇ°SFDFJWBCMFTÇ° Ç° Water loss treatment service income Ç° Ç° SFDFJWBCMFÇ° Ç°SFMBUFEÇ°QBSUZÇ° Ç° *OWFOUPSJFTÇ° Ç° Ç° Ç° 0UIFSÇ°DVSSFOUÇ°BTTFUTÇ° Ç° Ç° Ç° 0UIFSÇ°OPO DVSSFOUÇ° Ç° Increase (decrease) in operating liabilities Ç° 5SBEFÇ°BDDPVOUTÇ°QBZBCMFÇ° Ç° Ç° "DDSVFEÇ°FYQFOTFTÇ° Ç° Ç° 0UIFSÇ°DVSSFOUÇ°MJBCJMJUJFTÇ° Ç° Ç° 0UIFSÇ°OPO DVSSFOUÇ°MJBCJMJUJFTÇ° Ç° $BTIÇ°QSPWJEFEÇ°CZÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ° Ç° *OUFSFTUÇ°QBJEÇ° Ç° *ODPNFÇ°UBYÇ°QBJEÇ° Ç°
Ç° Ç°
Ç° Ç°
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Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
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Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç°
Ç°
Net cash provided by operating activitiesÇ°
Ç°
Ç°
Ç°
Ç°
Ç°
The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Ç°Ç°Ç°Ç°Ç° Ç°
Ç°Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç°
Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç° Ç° Ç°
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Eastern Water Resources Development and Management PCL.
Statements of Cash Flows
Annual Report 2012
Statements of Cash Flows (Cont’d) Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011 Consolidated Notes
2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
$BTIÇ°Ĺ´PXTÇ°GSPNÇ°JOWFTUJOHÇ°BDUJWJUJFT Ç° 1VSDIBTFÇ°PGÇ°TIPSU UFSNÇ°JOWFTUNFOUTÇ° Ç°Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç°
Proceeds from redeem short-term Ç° Ç° JOWFTUNFOUTÇ° Ç°Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° 1VSDIBTFÇ°PGÇ°OPO DVSSFOUÇ°BTTFUTÇ°IFMEÇ°GPSÇ°TBMFÇ° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Ç° 3FTUSJDUFEÇ°CBOLÇ°EFQPTJUTÇ° Ç° Ç° Ç° Ç° Ç° Ç° Dividend received from a subsidiary and Ç° Ç° BÇ°SFMBUFEÇ°QBSUZÇ°Ç° Ç° Ç° Ç° Ç° Ç° Ç° *OUFSFTUÇ°SFDFJWFEÇ° Ç° Ç° Ç° Ç° Ç° "EWBODFÇ°DPOTUSVDUJPOÇ°QBZBNFOUÇ° Ç° Ç° Ç° Ç°
Ç° 1VSDIBTFTÇ°PGÇ°JOWFTUNFOUÇ°QSPQFSUZÇ° Ç° Ç° Ç° Ç° Ç° Ç° 1SPDFFETÇ°GSPNÇ°EJTQPTBMTÇ°PGÇ°QSPQFSUZ Ç°QMBOU Ç° Ç° BOEÇ°FRVJQNFOUÇ° Ç° Ç° Ç° Ç° Ç°Ç° Ç° 1VSDIBTFTÇ°PGÇ°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ° Ç° Ç° Ç° Ç°
Ç° 1VSDIBTFÇ°PGÇ°BTTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ° Ç° Ç° Ç° Ç° Ç°Ç°Ç°Ç°Ç° Purchase of deferred concession rights Ç° Ç° BDRVJTJUJPOÇ°DPTUTÇ°Ç° Ç° Ç° Ç° Ç° Ç° Ç° 1VSDIBTFÇ°PGÇ°JOUBOHJCMFÇ°BTTFUTÇ° Ç° Ç° Ç° Ç°
Net cash used in investing activitiesÇ° Ç° Ç° Ç° Ç°
$BTIÇ°Ĺ´PXTÇ°GSPNÇ°ĹłOBODJOHÇ°BDUJWJUJFT Proceeds from short-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° Ç° Ç° Ç° Ç° Payment on short-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° Ç° Ç° Ç° Ç° Ç° Proceeds from long-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°Ç° Ç° Ç° Ç° Ç° Ç° Payment on long-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°Ç° Ç° Ç° Ç° Ç°
Payment on liabilities under Ç° Ç° ĹłOBODFÇ°MFBTFÇ°BHSFFNFOUTÇ° Ç° Ç° Ç° Ç° Ç° Ç° *OUFSFTUÇ°QBJEÇ°GPSÇ°GVOEÇ°CPSSPXFEÇ°TQFDJĹłDBMMZ Ç° Ç° UPÇ°BDRVJSFÇ°RVBMJGZJOHÇ°BTTFUTÇ° Ç° Ç° Ç° Ç° Ç° Ç° %JWJEFOETÇ°QBJEÇ°UPÇ°(SPVQÄ´TÇ°TIBSFIPMEFSTÇ° Ç° Ç° Ç° Ç°
/FUÇ°DBTIÇ°QSPWJEFEÇ°CZÇ° VTFEÇ°JO Ç°ĹłOBODJOHÇ° activitiesÇ° Ç° Ç° Ç° Ç°
Net increase (decrease) in cash and cash equivalentsÇ° Ç° Ç° Ç° Ç°
$BTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ°BUÇ°CFHJOOJOHÇ°PGÇ°UIFÇ°ZFBSÇ° Ç° Ç° Ç° Cash and cash equivalents at ending of the yearÇ° Ç°Ç° Ç° Ç° Ç° 4VQQMFNFOUBMÇ°DBTIÇ°Ĺ´PXÇ°JOGPSNBUJPO /PO DBTIÇ°SFMBUFEÇ°USBOTBDUJPOT Ç° Ç° Ç° Ç° Ç° Ç° Ç° /FUÇ°JODSFBTFÇ°JOÇ°BDRVJTJUJPOÇ°BTTFUTÇ°POÇ°DSFEJUÇ° Ç° Ç° Ç° Ç° Ç° 3FDMBTTJĹłDBUJPOÇ°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°UPÇ°BTTFUTÇ°IFMEÇ°GPSÇ°TBMFÇ° SFWFSTBM Ç° Ç° Ç° Ç° Ç° Ç° 3FDMBTTJĹłDBUJPOÇ°BTTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°UPÇ°BTTFUTÇ°IFMEÇ°GPSÇ°TBMFÇ° SFWFSTBM Ç° Ç° Ç° Ç° Ç° The accompanying notes on pages 60 to 122 are an integral part of the financial statements.
Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011
1 General information
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Eastern Water Resources Development and Management Public Company Limited (“the Companyâ€?) is a public limited company incorporated and resident in Thailand. The address of the Company’s registered PGĹłDFÇ°JTÇ°BTÇ°GPMMPXT
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23rd - 26thÇ° 'MPPST Ç° &BTUÇ° 8BUFSÇ° #VJMEJOH Ç° /P Ç° Ç° 4PJÇ° 7JQBWBEFFSBOHTJUÇ° Ç° 7JQBWBEFFSBOHTJUÇ° 3PBE Ç° +PNQIPMÇ° 4VC EJTUSJDU Ç°$IBUVKBLÇ°%JTUSJDU Ç°#BOHLPL
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5IFÇ°$PNQBOZÇ°JTÇ°MJTUFEÇ°POÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOE Ç°Ç°'PSÇ°SFQPSUJOHÇ°QVSQPTFT Ç°UIFÇ°$PNQBOZÇ°BOEÇ°JUTÇ° subsidiaries are referred to as the Group.
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The principal business operations of the Group are development and management of the major water EJTUSJCVUJPOÇ°QJQFMJOFÇ°TZTUFNTÇ°JOÇ°UIFÇ°&BTUFSOÇ°4FBCPBSEÇ°BSFBÇ°PGÇ°5IBJMBOE Ç°TVQQMZÇ°PGÇ°SBXÇ°XBUFS Ç°QSPEVDFÇ°BOEÇ° TVQQMZÇ°PGÇ°UBQÇ°XBUFS Ç°XBUFSXPSLTÇ°NBOBHFNFOU Ç°BOEÇ°FOHJOFFSJOHÇ°TFSWJDFT
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5IFTFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° XFSFÇ° BVUIPSJTFEÇ° CZÇ° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° POÇ° Ç°'FCSVBSZÇ°
2 Accounting policies 5IFÇ°QSJODJQBMÇ°BDDPVOUJOHÇ°QPMJDJFTÇ°BEPQUFEÇ°JOÇ°UIFÇ°QSFQBSBUJPOÇ°PGÇ°UIFTFÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°BSFÇ° set out below. Ç° #BTJTÇ°PGÇ°QSFQBSBUJPOÇ°PGÇ°ĹłOBODJBMÇ°TUBUFNFOUT Ç° 5IFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°IBWFÇ°CFFOÇ°QSFQBSFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°5IBJÇ°HFOFSBMMZÇ° Ç° BDDFQUFEÇ°BDDPVOUJOHÇ°QSJODJQMFTÇ°VOEFSÇ°UIFÇ°"DDPVOUJOHÇ°"DUÇ°# & Ç° Ç°CFJOHÇ°UIPTFÇ°5IBJÇ°"DDPVOUJOHÇ°4UBOEBSETÇ° Ç° JTTVFEÇ° VOEFSÇ° UIFÇ° "DDPVOUJOHÇ° 1SPGFTTJPOTÇ° "DUÇ° # & Ç° Ç° BOEÇ° UIFÇ° ĹłOBODJBMÇ° SFQPSUJOHÇ° SFRVJSFNFOUTÇ° PGÇ° UIFÇ° Ç° 4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°$PNNJTTJPOÇ°VOEFSÇ°UIFÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°"DU Ç°
5IFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° IBWFÇ° CFFOÇ° QSFQBSFEÇ° VOEFSÇ° UIFÇ° IJTUPSJDBMÇ° DPTUÇ° convention.
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5IFǰQSFQBSBUJPOǰPGǰųOBODJBMǰTUBUFNFOUTǰJOǰDPOGPSNJUZǰXJUIǰ5IBJǰHFOFSBMMZǰBDDFQUFEǰBDDPVOUJOHǰQSJODJQMFTǰ SFRVJSFTǰUIFǰVTFǰPGǰDFSUBJOǰDSJUJDBMǰBDDPVOUJOHǰFTUJNBUFT ǰ*UǰBMTPǰSFRVJSFTǰNBOBHFNFOUǰUPǰFYFSDJTFǰJUTǰKVEHFNFOUǰ in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement PSǰ DPNQMFYJUZ ǰ PSǰ BSFBTǰ XIFSFǰ BTTVNQUJPOTǰ BOEǰ FTUJNBUFTǰ BSFǰ TJHOJųDBOUǰ UPǰ UIFǰ DPOTPMJEBUFEǰ ųOBODJBMǰ TUBUFNFOUTǰBSFǰEJTDMPTFEǰJOǰ/PUFǰ
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"OÇ° &OHMJTIÇ° WFSTJPOÇ° PGÇ° UIFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° IBTÇ° CFFOÇ° QSFQBSFEÇ° GSPNÇ° UIFÇ° TUBUVUPSZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°UIBUÇ°BSFÇ°JOÇ°UIFÇ°5IBJÇ°MBOHVBHF Ç°Ç°*OÇ°UIFÇ°FWFOUÇ°PGÇ°BÇ°DPOĹ´JDUÇ°PSÇ°BÇ°EJGGFSFODFÇ°JOÇ° JOUFSQSFUBUJPOÇ°CFUXFFOÇ°UIFÇ°UXPÇ°MBOHVBHFT Ç°UIFÇ°5IBJÇ°MBOHVBHFÇ°TUBUVUPSZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°TIBMMÇ°QSFWBJM
Eastern Water Resources Development and Management PCL.
Notes to consolidated and company financial stements
Annual Report 2012
2
Accounting policies (Cont’d)
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5IFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUTǰJODMVEFǰUIFǰųOBODJBMǰTUBUFNFOUTǰGPSǰUIFǰZFBSTǰFOEFEǰ ǰ%FDFNCFSǰ 2012 and 2011 of the Company and the following subsidiaries: Company’s name
Nature of business
Subsidiaries held directly by the Company Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°Ç°$PNQBOZÇ°-JNJUFEÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFS Ç°Ç° water loss treatment and investment in three tap water supply companies EW Utilities Company Limited Water transportation by pipeline EW Water Balance (Chonburi) Water transportation by pipeline Company Limited EW Smart Water (Rayong) Produce and supply of industrial Company Limited Samet Utilities Company Limited Produce tap water from sea water Subsidiaries held by Universal Utilities Company Limited Ç° $IBDIPFOHTBPÇ°8BUFSÇ°4VQQMZÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° Company Limited Ç° #BOHQBLPOHÇ°8BUFSÇ°4VQQMZÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° Company Limited Ç° /BLPSOTBXBOÇ°8BUFSÇ°4VQQMZÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° Company Limited
Country of incorporation
Percentage of Shareholding 2012 (%)
2011 (%)
5IBJMBOEÇ°
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Thailand Thailand
100 100
-
Thailand
100
-
Thailand
55
-
5IBJMBOEÇ°
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5IBJMBOEÇ°
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5IBJMBOEÇ°
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ǰ /FXǰBDDPVOUJOHǰTUBOEBSET ǰOFXǰųOBODJBMǰSFQPSUJOHǰTUBOEBSET ǰOFXǰJOUFSQSFUBUJPOǰBOEǰBNFOENFOUTǰ to accounting standards B ǰ /FXǰBDDPVOUJOHǰTUBOEBSET ǰOFXǰųOBODJBMǰSFQPSUJOHǰTUBOEBSET ǰOFXǰJOUFSQSFUBUJPOǰBOEǰBNFOENFOUTǰ to accounting standards that are not yet effective but have been early adopted by the Group Effective for the periods beginning on or after 1 January 2013 ǰ ǰ 5"4ǰ ǰ *ODPNFǰUBYFT ǰ ǰ 5"4ǰ ǰEFBMTǰPOMZǰXJUIǰUBYFTǰPOǰJODPNF ǰDPNQSJTJOHǰDVSSFOUǰBOEǰEFGFSSFEǰUBY ǰ$VSSFOUǰUBYǰFYQFOTFǰGPSǰ ǰ ǰ BǰQFSJPEǰJTǰCBTFEǰPOǰUIFǰUBYBCMFǰBOEǰEFEVDUJCMFǰBNPVOUTǰUIBUǰXJMMǰCFǰTIPXOǰPOǰUIFǰUBYǰSFUVSOǰGPSǰUIFǰ ǰ ǰ DVSSFOUǰZFBS ǰ$VSSFOUǰUBYǰBTTFUTǰBOEǰMJBCJMJUJFTǰGPSǰUIFǰDVSSFOUǰBOEǰQSJPSǰQFSJPETǰBSFǰNFBTVSFEǰBUǰUIFǰ ǰ ǰ BNPVOUǰFYQFDUFEǰUPǰCFǰQBJEǰUPǰ SFDPWFSFEǰGSPN ǰUIFǰUBYBUJPOǰBVUIPSJUJFT ǰVTJOHǰUIFǰUBYǰSBUFTǰBOEǰUBYǰ ǰ ǰ MBXTǰ UIBUǰ IBWFǰ CFFOǰ FOBDUFEǰ PSǰ TVCTUBOUJWFMZǰ FOBDUFEǰ CZǰ UIFǰ TUBUFNFOUǰ PGǰ ųOBODJBMǰ QPTJUJPOǰ EBUF ǰ ǰ ǰ %FGFSSFEǰUBYǰBDDPVOUJOHǰJTǰCBTFEǰPOǰUIFǰUFNQPSBSZǰEJGGFSFODFTǰCFUXFFOǰUIFǰUBYǰCBTFǰPGǰBOǰBTTFUǰPSǰ ǰ ǰ MJBCJMJUZǰ BOEǰ JUTǰ DBSSZJOHǰ BNPVOUǰ JOǰ UIFǰ ųOBODJBMǰ TUBUFNFOUT ǰ 5IFǰ (SPVQǰ IBTǰ FBSMZǰ BEPQUFEǰ 5"4ǰ ǰ ǰ ǰ TJODFǰ ǰ+BOVBSZǰ C ǰ/FXǰBDDPVOUJOHǰTUBOEBSET ǰOFXǰųOBODJBMǰSFQPSUJOHǰTUBOEBSET ǰOFXǰJOUFSQSFUBUJPOǰBOEǰBNFOENFOUTǰUPǰ accounting standards that are not yet effective and have not been early adopted by the Group Effective for the periods beginning on or after 1 January 2013 TAS 20 Accounting for Government Grants and Disclosure of Government Assistance ǰ ǰ 5"4ǰ ǰ 3FWJTFEǰ ǰ 5IFǰ&GGFDUTǰPGǰ$IBOHFTǰJOǰ'PSFJHOǰ&YDIBOHFǰ3BUFT
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5'34ǰ ǰ 0QFSBUJOHǰ4FHNFOUT 54*$ǰ ǰ (PWFSONFOUǰ"TTJTUBODFǰ ǰ/Pǰ4QFDJųDǰ3FMBUJPOǰUPǰ0QFSBUJOHǰ"DUJWJUJFT 54*$ǰ ǰ *ODPNFǰ5BYFTǰ ǰ3FDPWFSZǰPGǰ3FWBMVFEǰ/PO %FQSFDJBCMFǰ"TTFUT 54*$ǰ ǰ *ODPNFǰ5BYFTǰ ǰ$IBOHFTǰJOǰUIFǰ5BYǰ4UBUVTǰPGǰBOǰ&OUJUZǰPSǰJUTǰ4IBSFIPMEFST 5IFǰBDDPVOUJOHǰTUBOEBSETǰUIBUǰBSFǰJNQBDUFEǰUPǰUIFǰ(SPVQ 5'34ǰ ǰSFRVJSFTǰBǰNBOBHFNFOUǰBQQSPBDIǰVOEFSǰXIJDIǰTFHNFOUǰJOGPSNBUJPOǰJTǰQSFTFOUFEǰPOǰUIFǰTBNFǰCBTJTǰ UIBUǰVTFEǰGPSǰJOUFSOBMǰSFQPSUJOHǰQVSQPTFǰBTǰQSPWJEFEǰUPǰUIFǰDIJFGǰPQFSBUJOHǰEFDJTJPOǰNBLFST ǰ5IFǰOFXǰ standard will have an impact on disclosure. 5IFǰBDDPVOUJOHǰTUBOEBSETǰUIBUǰBSFǰOPUǰJNQBDUFEǰUPǰUIFǰ(SPVQ 5"4ǰ ǰBQQMJFTǰJOǰBDDPVOUJOHǰGPS ǰBOEǰJOǰUIFǰEJTDMPTVSFǰPG ǰHPWFSONFOUǰHSBOUTǰBOEǰJOǰUIFǰEJTDMPTVSFǰPGǰPUIFSǰ forms of government assistance. Government grants are recognised when there is reasonable assurance that the entity will comply with conditions related to them and that the grants will be received. Grants SFMBUFEǰUPǰJODPNFǰBSFǰSFDPHOJTFEǰJOǰQSPųUǰPSǰMPTTǰPWFSǰQFSJPETǰOFDFTTBSZǰUPǰNBUDIǰUIFNǰXJUIǰUIFǰSFMBUFEǰ costs that they are intended to compensate. Grants related to assets are either offset against the carrying BNPVOUǰPGǰUIFǰSFMFWBOUǰBTTFUǰPSǰQSFTFOUFEǰBTǰEFGFSSFEǰJODPNFǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPO 5"4ǰ ǰ SFWJTFEǰ ǰSFRVJSFTǰBOǰFOUJUZǰUPǰEFUFSNJOFǰJUTǰGVODUJPOBMǰDVSSFODZǰXIJDIǰJTǰUIFǰDVSSFODZǰPGǰUIFǰ primary economic environment in which the entity operates. Currency other than functional currency of BOǰFOUJUZǰJTǰGPSFJHOǰDVSSFODZ ǰ'PSFJHOǰDVSSFODZǰUSBOTBDUJPOTǰBSFǰSFRVJSFEǰUPǰCFǰUSBOTMBUFEǰJOUPǰUIFǰGVODUJPOBMǰ DVSSFODZǰVTJOHǰUIFǰFYDIBOHFǰSBUFTǰQSFWBJMJOHǰBUǰUIFǰEBUFTǰPGǰUIFǰUSBOTBDUJPO ǰ'PSFJHOǰFYDIBOHFǰHBJOTǰBOEǰMPTTFTǰ SFTVMUJOHǰGSPNǰUIFǰTFUUMFNFOUǰPGǰTVDIǰUSBOTBDUJPOTǰBOEǰGSPNǰUSBOTMBUJPOǰBUǰZFBS FOEǰFYDIBOHFǰSBUFǰPGǰNPOFUBSZǰ JUFNTǰ EFOPNJOBUFEǰ JOǰ GPSFJHOǰ DVSSFODZǰ BSFǰ SFDPHOJTFEǰ JOǰ QSPųUǰ PSǰ MPTT ǰ 5IFǰ TUBOEBSEǰ QFSNJUTǰ UIFǰ QSFTFOUBUJPOǰDVSSFODZǰPGǰBǰSFQPSUJOHǰFOUJUZǰUPǰCFǰBOZǰDVSSFODJFT ǰ5IFǰSFTVMUTǰBOEǰųOBODJBMǰQPTJUJPOTǰPGǰBMMǰ the Group entities that have a functional currency different from the presentation currency are translated in the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date PGǰUIBUǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPO ǰ C ǰJODPNFǰBOEǰFYQFOTFTǰBSFǰUSBOTMBUFEǰBUǰUIFǰFYDIBOHFǰSBUFǰBUǰUIFǰ EBUFǰPGǰUIFǰUSBOTBDUJPOT ǰBOEǰ D ǰBMMǰSFTVMUJOHǰFYDIBOHFǰEJGGFSFODFTǰBSFǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰ comprehensive income. 54*$ǰ ǰDMBSJųFTǰPOǰ5"4ǰ ǰUIBUǰHPWFSONFOUǰBTTJTUBODFǰUPǰFOUJUJFTǰNFFUTǰUIFǰEFųOJUJPOǰPGǰHPWFSONFOUǰHSBOUTǰ JOǰ5"4ǰ ǰFWFOǰJGǰUIFSFǰBSFǰOPǰDPOEJUJPOTǰTQFDJųDBMMZǰSFMBUJOHǰUPǰUIFǰPQFSBUJOHǰBDUJWJUJFTǰPGǰUIFǰFOUJUZǰPUIFSǰ than the requirement to operate in certain regions or industry sectors. Such grants shall therefore not be credited directly to shareholders’ interests. 54*$ǰ ǰDMBSJųFTǰUIBUǰEFGFSSFEǰUBYǰMJBCJMJUZǰPSǰBTTFUǰUIBUǰBSJTFTǰGSPNǰUIFǰSFWBMVBUJPOǰPGǰBǰOPO EFQSFDJBCMFǰ BTTFUǰJOǰBDDPSEBODFǰXJUIǰ5"4ǰ ǰTIBMMǰCFǰNFBTVSFEǰPOǰUIFǰCBTJTǰPGǰUIFǰUBYǰDPOTFRVFODFTǰUIBUǰXPVMEǰGPMMPXǰ GSPNǰSFDPWFSZǰPGǰUIFǰDBSSZǰBNPVOUǰPGǰUIBUǰBTTFUǰUISPVHIǰTBMF ǰSFHBSEMFTTǰPGǰUIFǰCBTJTǰPGǰNFBTVSJOHǰUIFǰ carrying amount of that asset. 54*$ǰ ǰDMBSJųFTǰUIBUǰBǰDIBOHFǰJOǰUIFǰUBYǰTUBUVTǰPGǰBOǰFOUJUZǰPSǰJUTǰTIBSFIPMEFSTǰEPFTǰOPUǰHJWFǰSJTFǰUPǰ JODSFBTFTǰ PSǰ EFDSFBTFTǰ JOǰ BNPVOUTǰ SFDPHOJTFEǰ PVUTJEFǰ QSPųUǰ PSǰ MPTT ǰ 5IFǰ DVSSFOUǰ BOEǰ EFGFSSFEǰ UBYǰ DPOTFRVFODFTǰPGǰBǰDIBOHFǰJOǰUBYǰTUBUVTǰTIBMMǰCFǰJODMVEFEǰJOǰQSPųUǰPSǰMPTTǰGPSǰUIFǰQFSJPEǰVOMFTTǰUIPTFǰ DPOTFRVFODFTǰSFMBUFEǰUPǰUSBOTBDUJPOTǰBOEǰFWFOUTǰUIBUǰSFTVMU ǰJOǰUIFǰTBNFǰPSǰEJGGFSFOUǰQFSJPE ǰJOǰBǰEJSFDUǰ credit or charge to the recognised amount of equity or in amounts recognised in other comprehensive JODPNF ǰ5IPTFǰUBYǰDPOTFRVFODFTǰTIBMMǰCFǰDIBSHFEǰEJSFDUMZǰUPǰFRVJUZǰPSǰPUIFSǰDPNQSFIFOTJWFǰJODPNF ǰ respectively.
Eastern Water Resources Development and Management PCL.
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Annual Report 2012
2
Accounting policies (Cont’d)
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Effective for the periods beginning on or after 1 January 2014 5'3*$ǰ ǰ %FUFSNJOJOHǰXIFUIFSǰBOǰ"SSBOHFNFOUǰDPOUBJOTǰBǰ-FBTF 5'3*$ǰ ǰ 4FSWJDFǰ$PODFTTJPOǰ"SSBOHFNFOUT 5'3*$ǰ ǰ $VTUPNFSǰ-PZBMUZǰ1SPHSBNNFT 54*$ǰ ǰ 4FSWJDFǰ$PODFTTJPOǰ"SSBOHFNFOUT ǰ%JTDMPTVSF 5IFǰBDDPVOUJOHǰTUBOEBSETǰUIBUǰBSFǰJNQBDUFEǰUPǰUIFǰ(SPVQ 5'3*$ǰ ǰSFRVJSFTǰUIFǰEFUFSNJOBUJPOǰPGǰXIFUIFSǰBOǰBSSBOHFNFOUǰJTǰPSǰDPOUBJOTǰBǰMFBTFǰUPǰCFǰCBTFEǰPOǰ UIFǰTVCTUBODFǰPGǰUIFǰBSSBOHFNFOU ǰ*UǰSFRVJSFTǰBOǰBTTFTTNFOUǰPGǰXIFUIFS ǰ B ǰGVMųMNFOUǰPGǰUIFǰBSSBOHFNFOUǰ JTǰEFQFOEFOUǰPOǰUIFǰVTFǰPGǰBǰTQFDJųDǰBTTFUǰPSǰBTTFUTǰ UIFǰBTTFU ǰBOEǰ C ǰUIFǰBSSBOHFNFOUǰDPOWFZTǰBǰSJHIUǰ to use the asset. The management is currently assessing the impact of applying this interpretation. 5'3*$ǰ ǰEFBMTǰXJUIǰQVCMJD UP QSJWBUFǰTFSWJDFǰDPODFTTJPOǰBSSBOHFNFOUTǰGPSǰUIFǰEFMJWFSZǰPGǰQVCMJDǰTFSWJDFT ǰ It applies only to concession agreements where the use of the infrastructure is controlled by the grantor. 5IJTǰJOUFSQSFUBUJPOǰSFRVJSFTǰUXPǰEJGGFSFOUǰBDDPVOUJOHǰUSFBUNFOUT ǰEFQFOEJOHǰPOǰUIFǰTQFDJųDǰUFSNTǰPGǰUIFǰ concession agreement. When the operator builds infrastructure and has an unconditional contractual SJHIUǰUPǰSFDFJWFǰDBTIǰPSǰBOPUIFSǰųOBODJBMǰBTTFUǰGSPNǰUIFǰHSBOUPS ǰUIBUǰSJHIUǰJTǰUSFBUFEǰBTǰBǰųOBODJBMǰBTTFU ǰ 8IFOǰUIFǰPQFSBUPSǰCVJMETǰJOGSBTUSVDUVSFǰBOEǰSFDFJWFTǰBǰSJHIUǰ BǰMJDFODF ǰUPǰDIBSHFǰVTFSTǰPGǰUIFǰQVCMJDǰTFSWJDF ǰ that right is treated as an intangible asset. The management is currently assessing the impact of applying this interpretation. 54*$ǰ ǰDPOUBJOTǰEJTDMPTVSFǰSFRVJSFNFOUTǰJOǰSFTQFDUǰPGǰQVCMJD UP QSJWBUFǰTFSWJDFǰBSSBOHFNFOUT ǰǰ5IJTǰTUBOEBSEǰ will have an impact on disclosure.
5IFǰBDDPVOUJOHǰTUBOEBSETǰUIBUǰBSFǰOPUǰJNQBDUFEǰUPǰUIFǰ(SPVQ ǰ 5'3*$ǰ ǰ DMBSJųFTǰ UIBUǰ XIFSFǰ HPPETǰ PSǰ TFSWJDFTǰ BSFǰ TPMEǰ UPHFUIFSǰ XJUIǰ Bǰ DVTUPNFSǰ MPZBMUZǰ JODFOUJWFǰ ǰ GPSǰFYBNQMF ǰMPZBMUZǰQPJOUTǰPSǰGSFFǰQSPEVDUT ǰUIFǰBSSBOHFNFOUǰJTǰBǰNVMUJQMF FMFNFOUǰBSSBOHFNFOU ǰBOEǰUIFǰ consideration received or receivable from the customer is allocated between the components of the arrangement using fair values.
ǰ (SPVQǰ"DDPVOUJOHǰ ǰ*OWFTUNFOUǰJOǰTVCTJEJBSJFTǰ Subsidiaries are all entities (including special purpose entities) over which the Group has the power ǰ UPǰ HPWFSOǰ UIFǰ ųOBODJBMǰ BOEǰ PQFSBUJOHǰ QPMJDJFTǰ HFOFSBMMZǰ BDDPNQBOZJOHǰ Bǰ TIBSFIPMEJOHǰ PGǰ NPSFǰ UIBOǰ ǰ POF IBMGǰ PGǰ UIFǰ WPUJOHǰ SJHIUT ǰ 5IFǰ FYJTUFODFǰ BOEǰ FGGFDUǰ PGǰ QPUFOUJBMǰ WPUJOHǰ SJHIUTǰ UIBUǰ BSFǰ DVSSFOUMZǰ ǰ FYFSDJTBCMFǰ PSǰ DPOWFSUJCMFǰ BSFǰ DPOTJEFSFEǰ XIFOǰ BTTFTTJOHǰ XIFUIFSǰ UIFǰ (SPVQǰ DPOUSPMTǰ BOPUIFSǰ entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The ǰ DPOTJEFSBUJPOǰ USBOTGFSSFEǰ GPSǰ UIFǰ BDRVJTJUJPOǰ PGǰ Bǰ TVCTJEJBSZǰ JTǰ UIFǰ GBJSǰ WBMVFǰ PGǰ UIFǰ BTTFUTǰ USBOTGFSSFE ǰ the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. ǰ "DRVJTJUJPO SFMBUFEǰDPTUTǰBSFǰFYQFOTFEǰBTǰJODVSSFE ǰ*EFOUJųBCMFǰBTTFUTǰBDRVJSFEǰBOEǰMJBCJMJUJFTǰBOEǰDPOUJOHFOUǰ liabilities assumed in a business combination are measured initially at their fair values at the acquisition ǰ EBUF ǰ 0Oǰ BOǰ BDRVJTJUJPO CZ BDRVJTJUJPOǰ CBTJT ǰ UIFǰ (SPVQǰ SFDPHOJTFTǰ BOZǰ OPO DPOUSPMMJOHǰ JOUFSFTUǰ JOǰ UIFǰ acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.
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*OWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°BSFÇ°BDDPVOUFEÇ°GPSÇ°BUÇ°DPTUÇ°MFTTÇ°JNQBJSNFOU Ç°$PTUÇ°JTÇ°BEKVTUFEÇ°UPÇ°SFĹ´FDUÇ°DIBOHFTÇ° in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. 5IFÇ°FYDFTTÇ°PGÇ°UIFÇ°DPOTJEFSBUJPOÇ°USBOTGFSSFE Ç°UIFÇ°BNPVOUÇ°PGÇ°BOZÇ°OPO DPOUSPMMJOHÇ°JOUFSFTUÇ°JOÇ°UIFÇ°BDRVJSFFÇ° and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of UIFÇ°(SPVQÄ´TÇ°TIBSFÇ°PGÇ°UIFÇ°JEFOUJĹłBCMFÇ°OFUÇ°BTTFUTÇ°BDRVJSFEÇ°JTÇ°SFDPSEFEÇ°BTÇ°HPPEXJMM Ç°*GÇ°UIJTÇ°JTÇ°MFTTÇ°UIBOÇ°UIFÇ° GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°OFUÇ°BTTFUTÇ°PGÇ°UIFÇ°TVCTJEJBSZÇ°BDRVJSFEÇ°JOÇ°UIFÇ°DBTFÇ°PGÇ°BÇ°CBSHBJOÇ°QVSDIBTF Ç°UIFÇ°EJGGFSFODFÇ° JTÇ°SFDPHOJTFEÇ°EJSFDUMZÇ°JOÇ°QSPĹłUÇ°PSÇ°MPTT *OUFSDPNQBOZÇ°USBOTBDUJPOT Ç°CBMBODFTÇ°BOEÇ°VOSFBMJTFEÇ°HBJOTÇ°PSÇ°MPTTÇ°POÇ°USBOTBDUJPOTÇ°CFUXFFOÇ°(SPVQÇ°DPNQBOJFTÇ° are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. "Ç°MJTUÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°QSJODJQBMÇ°TVCTJEJBSJFTÇ°JTÇ°TFUÇ°PVUÇ°JOÇ°/PUFÇ° Foreign currency translation *UFNTÇ° JODMVEFEÇ° JOÇ° UIFÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° PGÇ° FBDIÇ° FOUJUZÇ° JOÇ° UIFÇ° (SPVQÇ° BSFÇ° NFBTVSFEÇ° VTJOHÇ° 5IBJÇ° #BIU Ç° 5IFÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°QSFTFOUFEÇ°JOÇ°5IBJÇ°#BIU 'PSFJHOÇ° DVSSFODZÇ° USBOTBDUJPOTÇ° BSFÇ° USBOTMBUFEÇ° JOUPÇ° 5IBJÇ° #BIUÇ° VTJOHÇ° UIFÇ° FYDIBOHFÇ° SBUFTÇ° QSFWBJMJOHÇ° BUÇ° UIFÇ° date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated UPÇ° 5IBJÇ° #BIUÇ° BUÇ° UIFÇ° FYDIBOHFÇ° SBUFÇ° QSFWBJMJOHÇ° BUÇ° UIFÇ° TUBUFNFOUÇ° PGÇ° ĹłOBODJBMÇ° QPTJUJPOÇ° EBUF Ç° (BJOTÇ° BOEÇ° MPTTFTÇ° SFTVMUJOHÇ° GSPNÇ° UIFÇ° TFUUMFNFOUÇ° PGÇ° GPSFJHOÇ° DVSSFODZÇ° USBOTBDUJPOT Ç° BOEÇ° GSPNÇ° UIFÇ° USBOTMBUJPOÇ° PGÇ° NPOFUBSZÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°EFOPNJOBUFEÇ°JOÇ°GPSFJHOÇ°DVSSFODJFT Ç°BSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°QSPĹłUÇ°PSÇ°MPTT
2.5 Cash and cash equivalents Ç° $BTIÇ° BOEÇ° DBTIÇ° FRVJWBMFOUTÇ° DPNQSJTFÇ° DBTIÇ° POÇ° IBOE Ç° EFQPTJUTÇ° IFMEÇ° BUÇ° DBMMÇ° XJUIÇ° CBOLTÇ° BOEÇ° ĹłYFEÇ° EFQPTJUÇ° Ç° XJUIÇ° BSFÇ° IFMEÇ° UPÇ° NBUVSJUZÇ° UISFFÇ° NPOUITÇ° PSÇ° MFTT Ç° BOEÇ° PUIFSÇ° TIPSU UFSNÇ° IJHIMZÇ° MJRVJEÇ° JOWFTUNFOUTÇ° XJUIÇ° maturities of three months or less from the date of acquisition. Ç° 5SBEFÇ°BDDPVOUTÇ°SFDFJWBCMF XBUFSÇ°MPTTÇ°USFBUNFOUÇ°TFSWJDFÇ°JODPNFÇ°SFDFJWBCMF Trade accounts receivable and water loss treatment service income receivable are carried at the original invoice amount and subsequently measured at the remaining amount less any allowance for doubtful receivables based on a review of all outstanding amounts at the year end. The amount of Ç° UIFÇ°BMMPXBODFÇ°JTÇ°UIFÇ°EJGGFSFODFÇ°CFUXFFOÇ°UIFÇ°DBSSZJOHÇ°BNPVOUÇ°PGÇ°UIFÇ°SFDFJWBCMFÇ°BOEÇ°UIFÇ°BNPVOUÇ°FYQFDUFEÇ° Ç° UPÇ°CFÇ°DPMMFDUJCMF Ç°#BEÇ°EFCUTÇ°BSFÇ°XSJUUFOÇ°PGGÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°JOÇ°XIJDIÇ°UIFZÇ°BSFÇ°JEFOUJĹłFEÇ°BOEÇ°SFDPHOJTFEÇ° Ç° JOÇ° QSPĹłUÇ° PSÇ° MPTTÇ° XJUIJOÇ° BENJOJTUSBUJWFÇ° FYQFOTF Ç° 5IFÇ° (SPVQÇ° SFDPSEÇ° SFWFOVFÇ° UIBUÇ° IBTÇ° CFFOÇ° SFDPHOJTFEÇ° as revenue but not yet billed to the customers under “Unbilled receivablesâ€? and “Unbilled water loss treatment service income receivableâ€? which have been included in trade accounts receivable Ç° BOEÇ°XBUFSÇ°MPTTÇ°USFBUNFOUÇ°TFSWJDFÇ°JODPNFÇ°SFDFJWBCMFÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ°ĹłOBODJBMÇ°QPTJUJPO 2.7 Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined by moving average basis. The cost of purchase comprises both the purchase price and costs directly attributable to the Ç° BDRVJTJUJPOÇ°PGÇ°UIFÇ°JOWFOUPSZ Ç°TVDIÇ°BTÇ°JNQPSUÇ°EVUJFTÇ°BOEÇ°USBOTQPSUBUJPOÇ°DIBSHFT Ç°MFTTÇ°BMMÇ°BUUSJCVUBCMFÇ°EJTDPVOUT Ç°Ç° Ç° /FUÇ°SFBMJTBCMFÇ°WBMVFÇ°JTÇ°UIFÇ°FTUJNBUFÇ°PGÇ°UIFÇ°TFMMJOHÇ°QSJDFÇ°JOÇ°UIFÇ°PSEJOBSZÇ°DPVSTFÇ°PGÇ°CVTJOFTT Ç°MFTTÇ°BQQMJDBCMFÇ° Ç° WBSJBCMFÇ°TFMMJOHÇ°FYQFOTFT Ç°"MMPXBODFÇ°JTÇ°NBEF Ç°XIFSFÇ°OFDFTTBSZ Ç°GPSÇ°PCTPMFUF Ç°TMPXÇ°NPWJOHÇ°BOEÇ°EFGFDUJWFÇ°JOWFOUPSJFT
Eastern Water Resources Development and Management PCL.
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Annual Report 2012
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Accounting policies (Cont’d)
*OWFTUNFOUTǰ *OWFTUNFOUTǰPUIFSǰUIBOǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFT ǰBTTPDJBUFTǰBOEǰJOUFSFTUTǰJOǰKPJOUǰWFOUVSFTǰBSFǰDMBTTJųFEǰ JOUPǰ UIFǰ GPMMPXJOHǰ GPVSǰ DBUFHPSJFT ǰ ǰ USBEJOHǰ JOWFTUNFOUT ǰ ǰ IFME UP NBUVSJUZǰ JOWFTUNFOUT ǰ ǰ BWBJMBCMF GPS TBMFǰJOWFTUNFOUT ǰBOEǰ ǰHFOFSBMǰJOWFTUNFOUT ǰ5IFǰDMBTTJųDBUJPOǰJTǰEFQFOEFOUǰPOǰUIFǰQVSQPTFǰ GPSǰ XIJDIǰ UIFǰ JOWFTUNFOUTǰ XFSFǰ BDRVJSFE ǰ .BOBHFNFOUǰ EFUFSNJOFTǰ UIFǰ BQQSPQSJBUFǰ DMBTTJųDBUJPOǰ PGǰ JUTǰ investments at the time of the purchase and re-evaluates such designation on a regular basis. ǰ ǰ*OWFTUNFOUTǰ UIBUǰ BSFǰ BDRVJSFEǰ QSJODJQBMMZǰ GPSǰ UIFǰ QVSQPTFǰ PGǰ HFOFSBUJOHǰ Bǰ QSPųUǰ GSPNǰ TIPSU UFSNǰ ǰ ǰ ŴVDUVBUJPOTǰJOǰQSJDFǰBSFǰDMBTTJųFEǰBTǰUSBEJOHǰJOWFTUNFOUTǰBOEǰJODMVEFEǰJOǰDVSSFOUǰBTTFUT ǰ ǰ ǰ*OWFTUNFOUTǰXJUIǰųYFEǰNBUVSJUZǰUIBUǰUIFǰNBOBHFNFOUǰIBTǰUIFǰJOUFOUǰBOEǰBCJMJUZǰUPǰIPMEǰUPǰNBUVSJUZǰBSFǰ ǰ ǰ DMBTTJųFEǰ BTǰ IFME UP NBUVSJUZǰ BOEǰ BSFǰ JODMVEFEǰ JOǰ OPO DVSSFOUǰ BTTFUT ǰ FYDFQUǰ GPSǰ NBUVSJUJFTǰ XJUIJOǰ ǰ ǰ ǰNPOUITǰGSPNǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰEBUFǰXIJDIǰBSFǰDMBTTJųFEǰBTǰDVSSFOUǰBTTFUT ǰ ǰ ǰ*OWFTUNFOUTǰJOUFOEFEǰUPǰCFǰIFMEǰGPSǰBOǰJOEFųOJUFǰQFSJPEǰPGǰUJNF ǰXIJDIǰNBZǰCFǰTPMEǰJOǰSFTQPOTFǰUPǰ ǰ ǰ MJRVJEJUZǰ OFFETǰ PSǰ DIBOHFTǰ JOǰ JOUFSFTUǰ SBUFT ǰ BSFǰ DMBTTJųFEǰ BTǰ BWBJMBCMF GPS TBMF ǰ BOEǰ BSFǰ JODMVEFEǰ JOǰ ǰ ǰ OPO DVSSFOUǰ BTTFUTǰ VOMFTTǰ NBOBHFNFOUǰ IBTǰ FYQSFTTFEǰ UIFǰ JOUFOUJPOǰ PGǰ IPMEJOHǰ UIFǰ JOWFTUNFOUǰ GPSǰ ǰ ǰ MFTTǰUIBOǰ ǰNPOUITǰGSPNǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰEBUFǰPSǰVOMFTTǰUIFZǰXJMMǰOFFEǰUPǰCFǰTPMEǰ ǰ ǰ UPǰSBJTFǰPQFSBUJOHǰDBQJUBM ǰJOǰXIJDIǰDBTFǰUIFZǰBSFǰJODMVEFEǰJOǰDVSSFOUǰBTTFUT ǰ ǰ ǰ*OWFTUNFOUTǰJOǰOPO NBSLFUBCMFǰFRVJUZǰTFDVSJUJFTǰBSFǰDMBTTJųFEǰBTǰHFOFSBMǰJOWFTUNFOUT ǰ "MMǰDBUFHPSJFTǰPGǰJOWFTUNFOUǰBSFǰJOJUJBMMZǰSFDPHOJTFEǰBUǰDPTU ǰXIJDIǰJTǰFRVBMǰUPǰUIFǰGBJSǰWBMVFǰPGǰDPOTJEFSBUJPOǰ ǰ QBJEǰQMVTǰUSBOTBDUJPOǰDPTU ǰ$VSSFOUMZ ǰUIFǰ(SPVQǰIBTǰJOWFTUNFOUTǰXJUIǰųYFEǰNBUVSJUZǰBOEǰJOWFTUNFOUTǰJOǰ ǰ OPO NBSLFUBCMFǰFRVJUZ Held-to-maturity investments are carried at amortised cost using the effective yield method less impairment loss. ǰ *OWFTUNFOUǰ JOǰ OPO NBSLFUBCMFǰ FRVJUZǰ TFDVSJUZǰ IFMEǰ BTǰ PUIFSǰ JOWFTUNFOUǰ JTǰ EFUFSNJOFEǰ BUǰ DPTUǰ MFTTǰ allowance for impairment. A test for impairment is carried out when there is a factor indicating that an investment might be impaired. ǰ *GǰUIFǰDBSSZJOHǰWBMVFǰPGǰUIFǰJOWFTUNFOUǰJTǰIJHIFSǰUIBOǰJUTǰSFDPWFSBCMFǰBNPVOU ǰJNQBJSNFOUǰMPTTǰJTǰDIBSHFEǰ to the income statement. ǰ 0OǰEJTQPTBMǰPGǰBOǰJOWFTUNFOU ǰUIFǰEJGGFSFODFǰCFUXFFOǰUIFǰOFUǰEJTQPTBMǰQSPDFFETǰBOEǰUIFǰDBSSZJOHǰBNPVOUǰ ǰ JTǰDIBSHFEǰPSǰDSFEJUFEǰUPǰUIFǰQSPųUǰPSǰMPTT 2.9 Non-current assets held-for-sale ǰ /PO DVSSFOUǰ BTTFUTǰ BSFǰ DMBTTJųFEǰ BTǰ BTTFUTǰ IFME GPS TBMFǰ XIFOǰ UIFJSǰ DBSSZJOHǰ BNPVOUǰ JTǰ UPǰ CFǰ SFDPWFSFEǰ principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less cost to sell if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use. ǰ*OWFTUNFOUǰQSPQFSUZǰ ǰ 1SPQFSUZǰUIBUǰJTǰIFMEǰGPSǰMPOH UFSNǰSFOUBMǰZJFMETǰPSǰGPSǰDBQJUBMǰBQQSFDJBUJPOǰPSǰCPUI ǰBOEǰUIBUǰJTǰOPUǰPDDVQJFEǰ ǰ CZǰUIFǰDPNQBOJFTǰJOǰUIFǰDPOTPMJEBUFEǰ(SPVQ ǰJTǰDMBTTJųFEǰBTǰJOWFTUNFOUǰQSPQFSUZ ǰ*OWFTUNFOUǰQSPQFSUZǰ also includes property that is being constructed or developed for future use as investment property. ǰ *OWFTUNFOUǰQSPQFSUZǰJTǰNFBTVSFEǰJOJUJBMMZǰBUǰJUTǰDPTU ǰJODMVEJOHǰSFMBUFEǰUSBOTBDUJPOǰDPTUTǰBOEǰCPSSPXJOHǰDPTUT ǰ ǰ #PSSPXJOHǰDPTUTǰBSFǰJODVSSFEǰGPSǰUIFǰQVSQPTFǰPGǰBDRVJSJOH ǰDPOTUSVDUJOHǰPSǰQSPEVDJOHǰBǰRVBMJGZJOHǰJOWFTUNFOUǰ property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction
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JTǰBDUJWFMZǰVOEFSXBZǰBOEǰDFBTFǰPODFǰUIFǰBTTFUǰJTǰTVCTUBOUJBMMZǰDPNQMFUF ǰPSǰTVTQFOEFEǰJGǰUIFǰEFWFMPQNFOUǰ of the asset is suspended. "GUFSǰJOJUJBMǰSFDPHOJUJPO ǰJOWFTUNFOUǰQSPQFSUZǰJTǰDBSSJFEǰBUǰDPTUǰMFTTǰBOZǰBDDVNVMBUFEǰEFQSFDJBUJPOǰBOEǰBOZǰ accumulated impairment losses. Land is not depreciated. Depreciation on other investment properties is calculated using the straight MJOFǰNFUIPEǰUPǰBMMPDBUFǰUIFJSǰDPTUǰUPǰUIFJSǰSFTJEVBMǰWBMVFTǰPWFSǰUIFJSǰFTUJNBUFEǰVTFGVMǰMJWFT ǰBTǰGPMMPXT Building 20 and 35 years Building improvement 10 years 4VCTFRVFOUǰFYQFOEJUVSFǰJTǰDBQJUBMJTFEǰUPǰUIFǰBTTFUĴTǰDBSSZJOHǰBNPVOUǰPOMZǰXIFOǰJUǰJTǰQSPCBCMFǰUIBUǰGVUVSFǰ FDPOPNJDǰCFOFųUTǰBTTPDJBUFEǰXJUIǰUIFǰFYQFOEJUVSFǰXJMMǰŴPXǰUPǰUIFǰ(SPVQǰBOEǰUIFǰDPTUǰPGǰUIFǰJUFNǰDBOǰ CFǰNFBTVSFEǰSFMJBCMZ ǰ"MMǰPUIFSǰSFQBJSTǰBOEǰNBJOUFOBODFǰDPTUTǰBSFǰFYQFOTFEǰXIFOǰJODVSSFE ǰ8IFOǰQBSUǰPGǰ BOǰJOWFTUNFOUǰQSPQFSUZǰJTǰSFQMBDFE ǰUIFǰDBSSZJOHǰBNPVOUǰPGǰUIFǰSFQMBDFEǰQBSUǰJTǰEFSFDPHOJTFE
ǰ1SPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOU Land is stated at cost less allowance for impairment (if any). Plant and equipment are stated at cost less ǰ BDDVNVMBUFEǰEFQSFDJBUJPOǰBOEǰBMMPXBODFǰGPSǰJNQBJSNFOUǰ JGǰBOZ ǰ)JTUPSJDBMǰDPTUǰJODMVEFTǰFYQFOEJUVSFǰUIBUǰ is directly attributable to the acquisition of the items. ǰ 4VCTFRVFOUǰ DPTUTǰ BSFǰ JODMVEFEǰ JOǰ UIFǰ BTTFUĴTǰ DBSSZJOHǰ BNPVOUǰ PSǰ SFDPHOJTFEǰ BTǰ Bǰ TFQBSBUFǰ BTTFU ǰ BTǰ ǰ BQQSPQSJBUF ǰ POMZǰ XIFOǰ JUǰ JTǰ QSPCBCMFǰ UIBUǰ GVUVSFǰ FDPOPNJDǰ CFOFųUTǰ BTTPDJBUFEǰ XJUIǰ UIFǰ JUFNǰ XJMMǰ ǰ ŴPXǰUPǰUIFǰ(SPVQǰBOEǰUIFǰDPTUǰPGǰUIFǰJUFNǰDBOǰCFǰNFBTVSFEǰSFMJBCMZ ǰ5IFǰDBSSZJOHǰBNPVOUǰPGǰUIFǰSFQMBDFEǰ ǰ QBSUǰJTǰEFSFDPHOJTFE ǰ"MMǰPUIFSǰSFQBJSTǰBOEǰNBJOUFOBODFǰBSFǰDIBSHFEǰUPǰQSPųUǰPSǰMPTTǰEVSJOHǰUIFǰųOBODJBMǰ period in which they are incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their cost to their residual values over their estimated useful lives. ǰ 4JODFǰ ǰ+BOVBSZǰ ǰUIFǰ(SPVQǰIBTǰEFQSFDJBUFEǰUIFǰTJHOJųDBOUǰDPNQPOFOUǰPGǰFBDIǰJUFNǰTFQBSBUFMZǰBOEǰ ǰ DIBOHFEǰBDDPVOUJOHǰFTUJNBUFǰCZǰSFWJFXJOHǰVTFGVMǰMJWFTǰPGǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBTǰUIFǰGPMMPXJOH Before 2011
Since 1 January 2011
1VNQJOHÇ°QMBOUTÇ° #VJMEJOHÇ° -FBTFIPMEÇ°BOEÇ°CVJMEJOHÇ°JNQSPWFNFOUTÇ°
Ç°ZFBSTÇ° Ç° Ç° Ç°ZFBSTÇ° Ç° Ç°ZFBSTÇ°
Ç° Ç°ZFBST Ç° Ç° Ç°ZFBST Ç° Ç°ZFBSTÇ°CVUÇ°OPUÇ° more than leased term
Machinery and equipment ǰ ǰ 8BUFSǰQPPM ǰ1JQFMJOFǰBOEǰSFMBUFEǰFRVJQNFOUǰ - Water pump ǰ ǰǰ4$"%" ǰ'JCFSǰ0QUJDǰ ǰ ǰǰ0UIFSǰNBDIJOFSJFTǰBOEǰFRVJQNFOUǰ 0GųDFǰFRVJQNFOUǰ 7FIJDMFTǰ
Ç° Ç° Ç°ZFBSTÇ° 10 years Ç° Ç°ZFBSTÇ° Ç° Ç°ZFBSTÇ° Ç° Ç°ZFBSTÇ° Ç°ZFBSTÇ°
Ç°ZFBST 30 years Ç° Ç°ZFBST Ç° Ç°ZFBST Ç° Ç°ZFBST Ç°ZFBST
Eastern Water Resources Development and Management PCL.
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Annual Report 2012
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5IFǰBTTFUTĴǰSFTJEVBMǰWBMVFTǰBOEǰVTFGVMǰMJWFTǰBSFǰSFWJFXFE ǰBOEǰBEKVTUFEǰJGǰBQQSPQSJBUF ǰBUǰUIFǰFOEǰPGǰFBDIǰ reporting period. The asset’s carrying amount is written-down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are ǰ SFDPHOJTFEǰXJUIJOǰij0UIFSǰ MPTTFT HBJOTǰ ǰOFUĴǰJOǰQSPųUǰPSǰMPTT ǰ *OUFSFTUǰDPTUTǰPOǰCPSSPXJOHTǰUPǰųOBODFǰUIFǰDPOTUSVDUJPOǰPGǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBSFǰDBQJUBMJTFEǰ ǰ BTǰQBSUǰPGǰDPTUǰPGǰUIFǰBTTFU ǰEVSJOHǰUIFǰQFSJPEǰPGǰUJNFǰSFRVJSFEǰUPǰDPNQMFUFǰBOEǰQSFQBSFǰUIFǰQSPQFSUZǰGPSǰ ǰ JUTǰJOUFOEFEǰVTF ǰ5IFǰCPSSPXJOHǰDPTUTǰJODMVEFǰJOUFSFTUǰPOǰTIPSU UFSNǰBOEǰMPOH UFSNǰCPSSPXJOHT ǰSFMBUFEǰ ǰ UBYFTǰ BOEǰ BNPSUJTBUJPOǰ PGǰ EJTDPVOUTǰ PSǰ QSFNJVNTǰ SFMBUJOHǰ UPǰ CPSSPXJOHT ǰ "MMǰ PUIFSǰ CPSSPXJOHǰ DPTUTǰ BSF ǰ SFDPSEFEǰBTǰFYQFOTFǰJOǰQSPųUǰBOEǰMPTT 2.12 Assets under concession contracts Assets under concession contracts are stated at cost less accumulated depreciation and allowance for ǰ JNǰQBJSNFOUǰ JGǰBOZ ǰ%FQSFDJBUJPOǰPGǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰIBTǰCFFOǰJODMVEFEǰJOǰQSPųUǰBOEǰMPTTǰ ǰ XIJDIǰIBTǰCFFOǰDPNQVUFEǰVTJOHǰUIFǰTUSBJHIU MJOFǰNFUIPEǰPWFSǰFTUJNBUFEǰVTFGVMǰMJGFǰCVUǰOPUǰFYDFFEǰUIFǰ ǰ DPODFTTJPOǰQFSJPEǰPGǰ ǰ ǰBOEǰ ǰZFBST 2.13 Deferred concession rights acquisition costs ǰ $PODFTTJPOǰ SJHIUTǰ BDRVJTJUJPOǰ DPTUTǰ DPOTJTUǰ PGǰ FYQFOTFTǰ JODVSSFEǰ EJSFDUMZǰ JOǰ SFMBUJPOǰ UPǰ PCUBJOJOHǰ UIFǰ ǰ DPODFTTJPOǰDPOUSBDUTǰGSPNǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰ%FGFSSFEǰDPODFTTJPOǰSJHIUTǰBDRVJTJUJPOǰDPTUTǰ are stated at cost less accumulated amortisation and allowance for impairment (if any). Amortisation of ǰ EFGFSSFEǰDPODFTTJPOǰSJHIUTǰBDRVJTJUJPOǰDPTUT ǰXIJDIǰIBTǰCFFOǰDPNQVUFEǰVTJOHǰUIFǰTUSBJHIU MJOFǰNFUIPEǰPWFSǰ ǰ UIFǰDPODFTTJPOǰQFSJPETǰPGǰ ǰBOEǰ ǰZFBST ǰIBTǰCFFOǰJODMVEFEǰJOǰQSPųUǰBOEǰMPTT 2.14 Intangible assets 2.14.1 Rights to operate the businesses under concession Right to operate the subsidiaries’ businesses under concession awarded to the subsidiaries by the government agency or entity over a limited a concession period. Rights are stated at cost less accumulated amortisation and allowance for impairment (if any) and are amortised using the ǰ ǰ ǰ TUSBJHIU MJOFǰ NFUIPEǰ PWFSǰ Bǰ QFSJPEǰ PGǰ ǰ ZFBST ǰ CFJOHǰ UIFǰ DPODFTTJPOǰ QFSJPEǰ BXBSEFEǰ UPǰ UIFǰ subsidiaries to carry out their business operation. The carrying amounts of intangible assets are written down when there is an impairment. ǰ$PNQVUFSǰTPGUXBSF ǰ ǰ ǰ &YQFOEJUVSFǰ POǰ BDRVJSFEǰ DPNQVUFSǰ TPGUXBSFǰ JTǰ DBQJUBMJTFEǰ POǰ UIFǰ CBTJTǰ PGǰ UIFǰ DPTUTǰ JODVSSFEǰ UPǰ acquire and amortised using the straight-line method over its estimated useful lives of 10 years. ǰ*NQBJSNFOUǰPGǰBTTFUT ǰ "TTFUTǰ UIBUǰ IBWFǰ BOǰ JOEFųOJUFǰ VTFGVMǰ MJGF ǰ BSFǰ OPUǰ TVCKFDUǰ UPǰ BNPSUJTBUJPOǰ BOEǰ BSFǰ UFTUFEǰ BOOVBMMZǰ GPSǰ impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is ǰ SFDPHOJTFEǰGPSǰUIFǰBNPVOUǰCZǰXIJDIǰUIFǰDBSSZJOHǰBNPVOUǰPGǰUIFǰBTTFUTǰFYDFFETǰJUTǰSFDPWFSBCMFǰBNPVOUǰXIJDIǰ ǰ JTǰUIFǰIJHIFSǰPGǰBOǰBTTFUĴTǰGBJSǰWBMVFǰMFTTǰDPTUTǰUPǰTFMMǰBOEǰWBMVFǰJOǰVTF ǰ'PSǰUIFǰQVSQPTFTǰPGǰBTTFTTJOHǰ ǰ JNQBJSNFOU ǰBTTFUTǰBSFǰHSPVQFEǰBUǰUIFǰMPXFTUǰMFWFMǰGPSǰXIJDIǰUIFSFǰBSFǰTFQBSBUFMZǰJEFOUJųBCMFǰDBTIǰŴPXT ǰǰ ǰ /PO ųOBODJBMǰBTTFUTǰPUIFSǰUIBOǰHPPEXJMMǰUIBUǰTVGGFSFEǰBOǰJNQBJSNFOUǰBSFǰSFWJFXFEǰGPSǰQPTTJCMFǰSFWFSTBMǰPGǰ the impairment at each reporting date.
2.17 Borrowings ǰ #PSSPXJOHTǰBSFǰSFDPHOJTFEǰJOJUJBMMZǰBUǰUIFǰGBJSǰWBMVFǰPGǰQSPDFFETǰSFDFJWFE ǰOFUǰPGǰUSBOTBDUJPOǰDPTUTǰJODVSSFE ǰ ǰ #PSSPXJOHTǰBSFǰTVCTFRVFOUMZǰTUBUFEǰBUǰBNPSUJTFEǰDPTU ǰBOZǰEJGGFSFODFǰCFUXFFOǰQSPDFFETǰ OFUǰPGǰUSBOTBDUJPOǰ ǰ DPTUT ǰBOEǰUIFǰSFEFNQUJPOǰWBMVFǰJTǰSFDPHOJTFEǰJOǰQSPųUǰBOEǰMPTTǰPWFSǰUIFǰQFSJPEǰPGǰUIFǰCPSSPXJOHT ǰǰ*OUFSFTUǰ ǰ FYQFOTFTǰJTǰSFDPHOJTFEǰBTǰFYQFOTFTǰPOǰBOǰBDDSVBMǰCBTJTǰCZǰVTJOHǰJOUFSFTUǰSBUFǰTQFDJųFEǰJOǰUIFǰDPOUSBDUTǰ ǰ #PSSPXJOHTǰBSFǰDMBTTJųFEǰBTǰDVSSFOUǰMJBCJMJUJFTǰVOMFTTǰUIFǰ(SPVQǰIBTǰSJHIUǰUPǰEFGFSǰTFUUMFNFOUǰPGǰUIFǰMJBCJMJUZǰ for at least 12 months after the end of reporting date. 2.18 Leases 8IFSFǰBǰ(SPVQǰDPNQBOZǰJTǰUIFǰMFTTFF ǰ -FBTFTǰOPUǰUSBOTGFSSJOHǰBǰTJHOJųDBOUǰQPSUJPOǰPGǰUIFǰSJTLTǰBOEǰSFXBSETǰPGǰPXOFSTIJQǰUPǰUIFǰMFTTFFǰBSFǰDMBTTJųFEǰ as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis over the period of the lease. ǰ -FBTFTǰPGǰQSPQFSUZ ǰQMBOUǰPSǰFRVJQNFOUǰXIJDIǰTVCTUBOUJBMMZǰUSBOTGFSǰBMMǰUIFǰSJTLTǰBOEǰSFXBSETǰPGǰPXOFSTIJQǰ ǰ BSFǰDMBTTJųFEǰBTǰųOBODFǰMFBTFT ǰ'JOBODFǰMFBTFTǰBSFǰDBQJUBMJTFEǰBUǰUIFǰJODFQUJPOǰPGǰUIFǰMFBTFǰBUǰUIFǰMPXFSǰ of the fair value of the leased property or the present value of the minimum lease payments. Each lease ǰ QBZNFOUǰJTǰBMMPDBUFEǰUPǰUIFǰQSJODJQBMǰBOEǰUPǰUIFǰųOBODFǰDIBSHFTǰTPǰBTǰUPǰBDIJFWFǰBǰDPOTUBOUǰSBUFǰPOǰUIFǰ ǰ ųOBODFǰCBMBODFǰPVUTUBOEJOH ǰ5IFǰPVUTUBOEJOHǰSFOUBMǰPCMJHBUJPOT ǰOFUǰPGǰųOBODFǰDIBSHFT ǰBSFǰJODMVEFEǰJOǰ ǰ PUIFSǰMPOH UFSNǰQBZBCMFT ǰ5IFǰJOUFSFTUǰFMFNFOUǰPGǰUIFǰųOBODFǰDPTUǰJTǰDIBSHFEǰUPǰUIFǰTUBUFNFOUǰPGǰJODPNFǰ over the lease period so as to achieve a constant periodic rate of interest on the remaining balance of the ǰ MJBCJMJUZǰGPSǰFBDIǰQFSJPE ǰ5IFǰQSPQFSUZ ǰQMBOUǰPSǰFRVJQNFOUǰBDRVJSFEǰVOEFSǰųOBODFǰMFBTFTǰJTǰEFQSFDJBUFEǰ over the shorter period of the useful life of the asset or the lease term.
Eastern Water Resources Development and Management PCL.
ǰ$VSSFOUǰBOEǰEFGFSSFEǰJODPNFǰUBYFT ǰ 5IFǰUBYǰFYQFOTFǰ GPSǰ UIFǰ QFSJPEǰ DPNQSJTFTǰ DVSSFOUǰBOEǰEFGFSSFEǰ UBY ǰ5BYǰJTǰSFDPHOJTFEǰJOǰQSPųUǰPSǰMPTT ǰ ǰ FYDFQUǰ UPǰ UIFǰ FYUFOUǰ UIBUǰ JUǰ SFMBUFTǰ UPǰ JUFNTǰ SFDPHOJTFEǰ JOǰ PUIFSǰ DPNQSFIFOTJWFǰ JODPNFǰ PSǰ EJSFDUMZǰ JOǰ ǰ FRVJUZ ǰ *Oǰ UIJTǰ DBTFǰ UIFǰ UBYǰ JTǰ BMTPǰ SFDPHOJTFEǰ JOǰ PUIFSǰ DPNQSFIFOTJWFǰ JODPNFǰ PSǰ EJSFDUMZǰ JOǰ FRVJUZ ǰ respectively. ǰ 5IFǰDVSSFOUǰJODPNFǰUBYǰDIBSHFǰJTǰDBMDVMBUFEǰPOǰUIFǰCBTJTǰPGǰUIFǰUBYǰMBXTǰFOBDUFEǰPSǰTVCTUBOUJWFMZǰFOBDUFEǰ at the end of reporting period in the countries where the company’s subsidiaries and associates operate ǰ BOEǰHFOFSBUFǰUBYBCMFǰJODPNF ǰ.BOBHFNFOUǰQFSJPEJDBMMZǰFWBMVBUFTǰQPTJUJPOTǰUBLFOǰJOǰUBYǰSFUVSOTǰXJUIǰSFTQFDUǰ ǰ UPǰTJUVBUJPOTǰJOǰXIJDIǰBQQMJDBCMFǰUBYǰSFHVMBUJPOǰJTǰTVCKFDUǰUPǰJOUFSQSFUBUJPO ǰ*UǰFTUBCMJTIFTǰQSPWJTJPOTǰXIFSFǰ ǰ BQQSPQSJBUFǰPOǰUIFǰCBTJTǰPGǰBNPVOUTǰFYQFDUFEǰUPǰCFǰQBJEǰUPǰUIFǰUBYǰBVUIPSJUJFT ǰ %FGFSSFEǰ JODPNFǰ UBYǰ JTǰ SFDPHOJTFE ǰ VTJOHǰ UIFǰ MJBCJMJUZǰ NFUIPE ǰ POǰ UFNQPSBSZǰ EJGGFSFODFTǰ BSJTJOHǰ GSPNǰ ǰ EJGGFSFODFTǰ CFUXFFOǰ UIFǰ UBYǰ CBTFǰ PGǰ BTTFUTǰ BOEǰ MJBCJMJUJFTǰ BOEǰ UIFJSǰ DBSSZJOHǰ BNPVOUTǰ JOǰ UIFǰ ųOBODJBMǰ ǰ TUBUFNFOUT ǰ %FGFSSFEǰ JODPNFǰ UBYǰ JTǰ EFUFSNJOFEǰ VTJOHǰ UBYǰ SBUFTǰ BOEǰ MBXT ǰ UIBUǰ IBWFǰ CFFOǰ FOBDUFEǰ PSǰ ǰ TVCTUBOUJBMMZǰFOBDUFEǰCZǰUIFǰFOEǰPGǰUIFǰSFQPSUJOHǰQFSJPEǰBOEǰBSFǰFYQFDUFEǰUPǰBQQMZǰXIFOǰUIFǰSFMBUFEǰ ǰ EFGFSSFEǰJODPNFǰUBYǰBTTFUǰJTǰSFBMJTFEǰPSǰUIFǰEFGFSSFEǰJODPNFǰUBYǰMJBCJMJUZǰJTǰTFUUMFE ǰ %FGFSSFEǰJODPNFǰUBYǰBTTFUTǰBSFǰSFDPHOJTFEǰPOMZǰUPǰUIFǰFYUFOUǰUIBUǰJUǰJTǰQSPCBCMFǰUIBUǰGVUVSFǰUBYBCMFǰQSPųUǰ will be available against which the temporary differences can be utilised. ǰ %FGFSSFEǰ JODPNFǰ UBYǰ BTTFUTǰ BOEǰ MJBCJMJUJFTǰ BSFǰ PGGTFUǰ XIFOǰ UIFSFǰ JTǰ Bǰ MFHBMMZǰ FOGPSDFBCMFǰ SJHIUǰ UPǰ PGGTFUǰ ǰ DVSSFOUǰUBYǰBTTFUTǰBHBJOTUǰDVSSFOUǰUBYǰMJBCJMJUJFTǰBOEǰXIFOǰUIFǰEFGFSSFEǰJODPNFǰUBYǰBTTFUTǰBOEǰMJBCJMJUJFTǰ ǰ SFMBUFǰ UPǰ JODPNFǰ UBYFTǰ MFWJFEǰ CZǰ UIFǰ TBNFǰ UBYBUJPOǰ BVUIPSJUZǰ POǰ FJUIFSǰ UIFǰ UBYBCMFǰ FOUJUZǰ PSǰ EJGGFSFOUǰ ǰ UBYBCMFǰFOUJUJFTǰXIFSFǰUIFSFǰJTǰBOǰJOUFOUJPOǰUPǰTFUUMFǰUIFǰCBMBODFTǰPOǰBǰOFUǰCBTJT
Annual Report 2012
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8IFSFǰBǰ(SPVQǰDPNQBOZǰJTǰUIFǰMFTTPS "TTFUTǰMFBTFEǰPVUǰVOEFSǰPQFSBUJOHǰMFBTFTǰBSFǰJODMVEFEǰJOǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBOEǰJOWFTUNFOUǰ QSPQFSUZǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPO ǰ5IFZǰBSFǰEFQSFDJBUFEǰPWFSǰUIFJSǰFYQFDUFEǰVTFGVMǰMJWFTǰPOǰ BǰCBTJTǰDPOTJTUFOUǰXJUIǰPUIFSǰTJNJMBSǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰPXOFEǰCZǰUIFǰ(SPVQ ǰ3FOUBMǰJODPNFǰ (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term.
ǰ&NQMPZFFǰ#FOFųUT ǰ 5IFǰ (SPVQǰ IBTǰ FNQMPZFFǰ CFOFųUTǰ DPOTJTUǰ PGǰ QPTU FNQMPZNFOUǰ CFOFųUTǰ BOEǰ PUIFSǰ MPOH UFSNǰ CFOFųUT ǰ ǰ 5IFǰQPTU FNQMPZNFOUǰCFOFųUTǰDPOTJTUǰPGǰEFųOFEǰCFOFųUǰQMBOǰBOEǰEFųOFEǰDPOUSJCVUJPOǰQMBOT ǰ"ǰEFųOFEǰ ǰ DPOUSJCVUJPOǰQMBOǰJTǰBǰQFOTJPOǰQMBOǰVOEFSǰXIJDIǰUIFǰ(SPVQǰQBZTǰųYFEǰDPOUSJCVUJPOTǰJOUPǰBǰTFQBSBUFǰFOUJUZ ǰ The Group has no legal or constructive obligations to pay further contributions if the fund does not hold ǰ TVGųDJFOUǰBTTFUTǰUPǰQBZǰBMMǰFNQMPZFFTǰUIFǰCFOFųUTǰSFMBUJOHǰUPǰFNQMPZFFǰTFSWJDFǰJOǰUIFǰDVSSFOUǰBOEǰQSJPSǰ ǰ QFSJPET ǰ"ǰEFųOFEǰCFOFųUǰQMBOǰJTǰBǰQFOTJPOǰQMBOǰUIBUǰJTǰOPUǰBǰEFųOFEǰDPOUSJCVUJPOǰQMBO ǰ5ZQJDBMMZǰEFųOFEǰ ǰ CFOFųUǰQMBOTǰEFųOFǰBOǰBNPVOUǰPGǰQFOTJPOǰCFOFųUǰUIBUǰBOǰFNQMPZFFǰXJMMǰSFDFJWFǰPOǰSFUJSFNFOU ǰVTVBMMZǰ ǰ EFQFOEFOUǰPOǰPOFǰPSǰNPSFǰGBDUPSTǰTVDIǰBTǰBHF ǰZFBSTǰPGǰTFSWJDFǰBOEǰDPNQFOTBUJPO ǰ0UIFSǰMPOH UFSNǰCFOFųUǰ ǰ JTǰUIFǰCFOFųUǰXIJDIǰUIFǰ(SPVQǰXJMMǰCFǰQBJEǰUPǰFNQMPZFFTǰVQǰUPǰUIFǰDPNQMFUJPOǰPGǰTFSWJDFǰQFSJPE ǰ1PTU FNQMPZNFOUǰCFOFųUT
%FųOFEǰDPOUSJCVUJPOǰQMBO Provident fund ǰ ǰ ǰ 5IFǰ(SPVQǰPQFSBUFTǰBǰQSPWJEFOUǰGVOE ǰCFJOHǰBǰEFųOFEǰDPOUSJCVUJPOǰQMBO ǰUIFǰBTTFUTǰGPSǰXIJDIǰBSFǰ held in a separate trust fund. The provident fund is funded by payments from employees and by the Group. The Group has no further payment obligations once the contributions have been paid. ǰ ǰ ǰ 5IFǰ DPOUSJCVUJPOTǰ BSFǰ SFDPHOJTFEǰ BTǰ FNQMPZFFǰ CFOFųUǰ FYQFOTFǰ XIFOǰ UIFZǰ BSFǰ EVF ǰ 1SFQBJEǰ ǰ ǰ ǰ DPOUSJCVUJPOTǰ BSFǰ SFDPHOJTFEǰ BTǰ BOǰ BTTFUǰ UPǰ UIFǰ FYUFOUǰ UIBUǰ Bǰ DBTIǰ SFGVOEǰ PSǰ Bǰ SFEVDUJPOǰ JOǰ the future payments is available.
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%FųOFEǰCFOFųUǰQMBO 3FUJSFNFOUǰCFOFųU 6OEFSǰ-BCPVSǰ-BXTǰBQQMJDBCMFǰJOǰ5IBJMBOEǰBOEǰ(SPVQĴTǰFNQMPZNFOUǰQPMJDZ ǰUIFǰTFWFSBODFǰQBZǰXJMMǰ be at the rate according to salary and number of years of service which will happen in the future. 5IFǰMJBCJMJUZǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰJOǰSFTQFDUǰPGǰEFųOFEǰCFOFųUǰQFOTJPOǰ QMBOTǰJTǰUIFǰQSFTFOUǰWBMVFǰPGǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰBUǰUIFǰFOEǰPGǰUIFǰSFQPSUJOHǰQFSJPEǰMFTTǰ UIFǰGBJSǰWBMVFǰPGǰQMBOǰBTTFUT ǰUPHFUIFSǰXJUIǰBEKVTUNFOUTǰGPSǰVOSFDPHOJTFEǰQBTU TFSWJDFǰDPTUT ǰ5IFǰ EFųOFEǰCFOFųUǰPCMJHBUJPOǰJTǰDBMDVMBUFEǰCZǰJOEFQFOEFOUǰBDUVBSJFTǰVTJOHǰUIFǰQSPKFDUFEǰVOJUǰDSFEJUǰ NFUIPE ǰ5IFǰQSFTFOUǰWBMVFǰPGǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰJTǰEFUFSNJOFEǰCZǰEJTDPVOUJOHǰUIFǰ FTUJNBUFEǰGVUVSFǰDBTIǰPVUŴPXTǰVTJOHǰHPWFSONFOUǰCPOEǰJOUFSFTUǰSBUFǰUIBUǰBSFǰEFOPNJOBUFEǰJOǰUIFǰ DVSSFODZǰJOǰXIJDIǰUIFǰCFOFųUTǰXJMMǰCFǰQBJE ǰBOEǰUIBUǰIBWFǰUFSNTǰUPǰNBUVSJUZǰBQQSPYJNBUJOHǰUPǰUIFǰ terms of the related liability. *Oǰ ǰ UIFǰ (SPVQǰ DIBOHFǰ SFDPHOJUJPOǰ NFUIPEǰ PGǰ HBJOǰ BOEǰ MPTTǰ GSPNǰ BDUVBSJBMǰ FTUJNBUJPOǰ GPSǰ FNQMPZFFǰCFOFųUǰGSPNǰSFDPHOJUJPOǰJOǰQSPųUǰBOEǰMPTTǰCZǰVTJOHǰTUSBJHIUǰMJOFǰNFUIPEǰPWFSǰBWFSBHFǰ of remaining service years of employees in the plan to recognise immediately in other DPNQSFIFOTJWFǰJODPNF ǰ5IJTǰNBEFǰųOBODJBMǰTUBUFNFOUǰCFUUFSǰSFŴFDUǰUIFǰ(SPVQĴTǰUPUBMǰPCMJHBUJPO ǰ 5IFǰ DIBOHJOHǰ IBTǰ OPǰ JNQBDUǰ UPǰ QSFWJPVTMZǰ QSFTFOUFEǰ ųOBODJBMǰ TUBUFNFOUTǰ CFDBVTFǰ JUǰ JTǰ UIFǰ ųSTUǰUJNFǰJOǰ ǰUPǰSFDPHOJTFǰUIJTǰUSBOTBDUJPO
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ǰ ǰ ǰ 1BTU TFSWJDFǰDPTUTǰBSFǰSFDPHOJTFEǰJNNFEJBUFMZǰJOǰJODPNF ǰVOMFTTǰUIFǰDIBOHFTǰUPǰUIFǰQFOTJPOǰQMBOǰ ǰ ǰ ǰ BSFǰDPOEJUJPOBMǰPOǰUIFǰFNQMPZFFTǰSFNBJOJOHǰJOǰTFSWJDFǰGPSǰBǰTQFDJųFEǰQFSJPEǰPGǰUJNFǰ UIFǰWFTUJOHǰ ǰ ǰ ǰ QFSJPE ǰ*OǰUIJTǰDBTF ǰUIFǰQBTU TFSWJDFǰDPTUTǰBSFǰBNPSUJTFEǰPOǰBǰTUSBJHIU MJOFǰCBTJTǰPWFSǰUIFǰWFTUJOHǰ period. ǰ0UIFSǰMPOH UFSNǰCFOFųUT ǰ ǰ 5IFǰ (SPVQǰ PQFSBUFTǰ BOEǰ PUIFSǰ MPOH UFSNǰ CFOFųUǰ GPSǰ FNQMPZFFTǰ XIPǰ DPNQMFUFǰ UIFǰ TFSWJDFǰ ZFBS ǰ ǰ BDǰDPSEJOHǰUPǰUIFǰ(SPVQĴTǰQPMJDZ ǰ5IFǰMJBCJMJUZǰSFDPHOJ[FEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰJOǰSFTQFDUǰ ǰ ǰ PGǰPUIFSǰMPOH UFSNǰCFOFųUǰJTǰQSFTFOUǰWBMVFǰPGǰUIFǰPUIFSǰMPOH UFSNǰCFOFųUǰPCMJHBUJPOǰBUǰUIFǰFOEǰPGǰ ǰ ǰ UIFǰSFQPSUJOHǰQFSJPE ǰ5IFǰPUIFSǰMPOH UFSNǰCFOFųUǰJTǰDBMDVMBUFEǰCZǰJOEFQFOEFOUǰBDUVBSJFTǰVTJOHǰUIFǰ projected unit credit method.
2.20 Provisions ǰ 1SPWJTJPOT ǰFYDMVEJOHǰUIFǰQSPWJTJPOTǰGPSǰFNQMPZFFǰCFOFųUT ǰBSFǰSFDPHOJTFEǰXIFOǰUIFǰ(SPVQǰIBTǰBǰQSFTFOUǰ ǰ MFHBMǰPSǰDPOTUSVDUJWFǰPCMJHBUJPOǰBTǰBǰSFTVMUǰPGǰQBTUǰFWFOUT ǰJUǰJTǰQSPCBCMFǰUIBUǰBOǰPVUŴPXǰPGǰSFTPVSDFTǰXJMMǰ ǰ CFǰSFRVJSFEǰUPǰTFUUMFǰUIFǰPCMJHBUJPO ǰBOEǰUIFǰBNPVOUǰIBTǰCFFOǰSFMJBCMZǰFTUJNBUFE ǰ8IFSFǰUIFǰ(SPVQǰFYQFDUTǰ ǰ BǰQSPWJTJPOǰUPǰCFǰSFJNCVSTFE ǰGPSǰFYBNQMFǰVOEFSǰBOǰJOTVSBODFǰDPOUSBDU ǰUIFǰSFJNCVSTFNFOUǰJTǰSFDPHOJTFEǰBTǰ a separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future operating losses. 2.21 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and ǰ TFSWJDFǰBGUFSǰFMJNJOBUJOHǰTBMFTǰXJUIJOǰUIFǰ(SPVQ ǰ5IFǰSFWFOVFǰSFDPHOJUJPOǰQPMJDZǰPGǰFBDIǰUZQFǰPGǰSFWFOVF ǰ as follows: (a) Sales ǰ ǰ 4BMFTǰPGǰHPPETǰBSFǰSFDPHOJTFEǰBTǰSFWFOVFǰXIFOǰTJHOJųDBOUǰSJTLTǰBOEǰSFXBSEǰPGǰPXOFSTIJQǰPGǰHPPETǰIBWFǰ ǰ ǰ QBTTFEǰUPǰUIFǰCVZFS ǰ4BMFTǰBSFǰUIFǰJOWPJDFEǰWBMVF ǰFYDMVEJOHǰWBMVFǰBEEFEǰUBY ǰPGǰHPPETǰTVQQMJFEǰBGUFSǰ deducting goods returns and discounts. (b) Rental and service income Rental income is recognised as revenue over the rental period at the rate stipulated in the contracts. ǰ ǰ 4FSWJDFǰJODPNFǰJTǰSFDPHOJTFEǰBTǰSFWFOVFǰCZǰUIFǰBNPVOUǰFYDMVEJOHǰWBMVFǰBEEFEǰUBYǰXIFOǰTFSWJDFTǰIBWFǰ been rendered with reference to the stage of completion. (c) Revenue from pipeline installation project and water loss reduction project Revenue from water pipeline installation project and water loss reduction project are recognised as ǰ ǰ SFWFOVFǰVOEFSǰUIFǰQFSDFOUBHFǰPGǰDPNQMFUJPOǰNFUIPE ǰ5IFǰFYQFDUFEǰMPTTǰPOǰVOQSPųUBCMFǰDPOUSBDUTǰJTǰ recognised as soon as such loss can be foreseen. (d) Interest and dividend income Interest income is recognised on an accrual basis. Dividend income is recognised when rights to receive dividends are established. (e) Other income Other income is recognised on an accrual basis.
Eastern Water Resources Development and Management PCL.
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Annual Report 2012
2
Accounting policies (Cont’d)
2.22 Dividends distribution ǰ %JWJEFOEǰEJTUSJCVUJPOǰUPǰUIFǰ$PNQBOZĴTǰTIBSFIPMEFSTǰJTǰSFDPSEFEǰJOǰUIFǰ(SPVQĴTǰųOBODJBMǰTUBUFNFOUTǰJOǰUIFǰ period in which they are approved by the Company’s shareholders or the Board of Directors in case of interim dividend. ǰ4FHNFOUǰSFQPSUJOH Segment information is presented by business segment of the Group’s operations.
3 Critical accounting estimates, judgments and assumptions Ç° Ç° Ç°
&TUJNBUFT ǰKVEHNFOUTǰBOEǰBTTVNQUJPOTǰBSFǰDPOUJOVBMMZǰFWBMVBUFEǰBOEǰBSFǰCBTFEǰPOǰIJTUPSJDBMǰFYQFSJFODFǰ BOEǰPUIFSǰGBDUPSTǰJODMVEJOHǰFYQFDUBUJPOTǰPGǰGVUVSFǰFWFOUTǰUIBUǰBSFǰCFMJFWFEǰUPǰCFǰSFBTPOBCMFǰVOEFSǰUIFǰ DJSDVNTUBODFT ǰ4JHOJųDBOUǰBDDPVOUJOHǰKVEHNFOUTǰBOEǰFTUJNBUFTǰBSFǰBTǰGPMMPXT
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Value in use 7BMVFǰJOǰVTFǰJTǰUIFǰQSFTFOUǰWBMVFǰPGǰUIFǰGVUVSFǰDBTIǰŴPXTǰFYQFDUFEǰUPǰCFǰEFSJWFEǰGSPNǰBTTFUT ǰEJTDPVOUFEǰ CZǰ EJTDPVOUǰ SBUFT ǰ EFUFSNJOFEǰ CZǰ UIFǰ NBOBHFNFOUǰ PGǰ UIFǰ (SPVQ ǰ 5IFǰ DBTIǰ ŴPXǰ QSPKFDUJPOTǰ CBTFEǰ POǰ ųOBODJBMǰ GPSFDBTUTǰ GPSǰ UIFǰ SFNBJOJOHǰ VTFGVMǰ MJWFTǰ PGǰ BTTFUTǰ PSǰ DPODFTTJPOǰ QFSJPETǰ BOEǰ BQQSPWFEǰ CZǰ UIFǰ NBOBHFNFOUǰPGǰUIFǰ(SPVQǰBSFǰDBMDVMBUFEǰCBTFEǰPOǰFTUJNBUFEǰHSPXUIǰSBUFT ǰXIJDIǰEPǰOPUǰFYDFFEǰUIFJSǰ capacity and customers’ usage demand. Key assumptions used for value-in-use calculations are growth SBUFT ǰFYQFOTFǰUPǰSFWFOVFǰSBUJPTǰBOEǰHSPTTǰNBSHJOǰSBUF ǰ.BOBHFNFOUǰEFUFSNJOFTǰTVDIǰSBUFTǰCBTFEǰPOǰUIFJSǰ QBTUǰQFSGPSNBODF ǰUIFJSǰFYQFDUBUJPOTǰGPSǰNBSLFUǰEFWFMPQNFOU ǰBOEǰCVTJOFTTǰQMBO ǰ5IFǰEJTDPVOUǰSBUFTǰVTFEǰ BSFǰQSF UBYǰBOEǰSFŴFDUǰTQFDJųDǰSJTLTǰSFMBUJOHǰUPǰUIFǰCVTJOFTTǰBGUFSǰDPOTJEFSFEǰUIFǰSFNBJOJOHǰVTFGVMǰMJWFT ǰ 5IFǰ WBMVFǰ EFSJWFEǰ GSPNǰ UIFǰ BGPSF NFOUJPOFEǰ NFUIPEǰ NBZǰ WBSZǰ EVFǰ UPǰ DIBOHFTǰ JOǰ SFWFOVFǰ TUSVDUVSF ǰ DPTUǰTUSVDUVSF ǰEJTDPVOUǰSBUF ǰJOEVTUSJBMǰDPOEJUJPOTǰBOEǰFDPOPNJDǰDPOEJUJPOT
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Leases *OǰEFUFSNJOJOHǰXIFUIFSǰBǰMFBTFǰJTǰUPǰCFǰDMBTTJųFEǰBTǰBOǰPQFSBUJOHǰMFBTFǰPSǰųOBODFǰMFBTF ǰUIFǰNBOBHFNFOUǰ JTǰSFRVJSFEǰUPǰVTFǰKVEHNFOUǰSFHBSEJOHǰXIFUIFSǰTJHOJųDBOUǰSJTLǰBOEǰSFXBSETǰPGǰPXOFSTIJQǰPGǰUIFǰMFBTFEǰBTTFUǰ IBTǰCFFOǰUSBOTGFSSFE ǰUBLJOHǰJOUPǰDPOTJEFSBUJPOǰUFSNTǰBOEǰDPOEJUJPOTǰPGǰUIFǰBSSBOHFNFOU ǰ
3.3 Allowance for doubtful accounts ǰ *OǰEFUFSNJOJOHǰBOǰBMMPXBODFǰGPSǰEPVCUGVMǰBDDPVOUT ǰUIFǰNBOBHFNFOUǰOFFETǰUPǰNBLFǰKVEHNFOUǰBOEǰFTUJNBUFTǰ ǰ CBTFEǰ VQPO ǰ BNPOHǰ PUIFSǰ UIJOHT ǰ QBTUǰ DPMMFDUJPOǰ IJTUPSZ ǰ BHJOHǰ QSPųMFǰ PGǰ PVUTUBOEJOHǰ EFCUTǰ BOEǰ UIFǰ prevailing economic condition. ǰ 1SPQFSUZǰQMBOUǰBOEǰFRVJQNFOU %FQSFDJBUJPO ǰ *Oǰ EFUFSNJOJOHǰ EFQSFDJBUJPOǰ PGǰ QMBOUǰ BOEǰ FRVJQNFOU ǰ UIFǰ NBOBHFNFOUǰ JTǰ SFRVJSFEǰ UPǰ NBLFǰ FTUJNBUFTǰ of the useful lives and salvage values of the plant and equipment and to review estimate useful lives and salvage values when there are any changes or at least at the end of each reporting period. ǰ *Oǰ BEEJUJPO ǰ UIFǰ NBOBHFNFOUǰ JTǰ SFRVJSFEǰ UPǰ SFWJFXǰ QSPQFSUZ ǰ QMBOUǰ BOEǰ FRVJQNFOUǰ GPSǰ JNQBJSNFOUǰ POǰ a periodical basis and record impairment losses in the period when it is determined that their recoverable amount is lower than the carrying cost. This requires judgments regarding forecast of future revenues and ǰ FYQFOTFTǰSFMBUJOHǰUPǰUIFǰBTTFUTǰTVCKFDUǰUPǰUIFǰSFWJFX ǰ &NQMPZFFǰ#FOFųUT ǰ 5IFǰQSFTFOUǰWBMVFǰPGǰEFųOFEǰCFOFųUǰPCMJHBUJPOTǰBOEǰPUIFSǰMPOH UFSNǰCFOFųUTǰEFQFOETǰPOǰBǰOVNCFSǰPGǰGBDUPSTǰ that are determined on an actuarial basis using a number of assumptions. The assumptions used in
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EFUFSNJOJOHǰUIFǰOFUǰDPTUǰ JODPNF ǰGPSǰPCMJHBUJPOTǰJODMVEFǰJOŴBUJPOǰSBUF ǰGVUVSFǰTBMBSZǰJODSFBTFTǰBOEǰUIFǰ EJTDPVOUǰSBUF ǰ"OZǰDIBOHFTǰJOǰUIFTFǰBTTVNQUJPOTǰXJMMǰIBWFǰBOǰJNQBDUǰPOǰUIFǰDBSSZJOHǰBNPVOUǰPGǰEFųOFEǰ CFOFųUǰPCMJHBUJPOTǰBOEǰPUIFSǰMPOH UFSNǰCFOFųUT ǰ5IFǰ(SPVQǰEFUFSNJOFTǰUIFǰBQQSPQSJBUFǰEJTDPVOUǰSBUFǰBUǰ the end of each year. This is the interest rate that should be used to determine the present value of FTUJNBUFEǰ GVUVSFǰ DBTIǰ PVUŴPXTǰ FYQFDUFEǰ UPǰ CFǰ SFRVJSFEǰ UPǰ TFUUMFǰ UIFǰ PCMJHBUJPOT *Oǰ EFUFSNJOJOHǰ UIFǰ BQQSPQSJBUFǰEJTDPVOUǰSBUF ǰUIFǰ(SPVQǰDPOTJEFSTǰUIFǰBQQSPQSJBUFEǰSBUFǰCZǰVTJOHǰHPWFSONFOUǰCPOEǰJOUFSFTUǰ SBUFǰ UIBUǰ BSFǰ EFOPNJOBUFEǰ JOǰ UIFǰ DVSSFODZǰ JOǰ XIJDIǰ UIFǰ CFOFųUTǰ XJMMǰ CFǰ QBJE ǰ BOEǰ UIBUǰ IBWFǰ UFSNTǰ UPǰ NBUVSJUZǰBQQSPYJNBUJOHǰUPǰUIFǰUFSNTǰPGǰUIFǰSFMBUFEǰMJBCJMJUZ 5IFǰLFZǰBTTVNQUJPOTǰGPSǰEFųOFEǰCFOFųUǰPCMJHBUJPOTǰBOEǰPUIFSǰMPOH UFSNǰCFOFųUTǰBSFǰCBTFEǰJOǰQBSUǰPOǰ DVSSFOUǰNBSLFUǰDPOEJUJPOTǰJTǰEJTDMPTFEǰJOǰ/PUFǰ
3.6 Provision and contingent liabilities The Group has contingent liabilities as a regarding of litigation. The Group’s management has used judgment ǰ UPǰBTTFTTǰPGǰUIFǰSFTVMUTǰPGǰUIFǰMJUJHBUJPOǰBOEǰCFMJFWFTǰUIBUǰOPǰTJHOJųDBOUǰMPTTǰXJMMǰSFTVMUǰBQBSUǰGSPNǰQSPWJTJPOǰ for liabilities which already recorded at each reporting date. ǰ ǰ ǰ ǰ
4JHOJųDBOUǰVODFSUBJOUZ *OǰBEEJUJPO ǰUIFǰ(SPVQǰIBTǰBOǰVODFSUBJOUZǰSFHBSEJOHǰUPǰBǰEFBMǰGPSǰUIFǰ$PNQBOZǰUPǰSFOU NBOBHFǰUIFǰ ǰQJQFMJOFǰ DPOOFDUJOHǰ QSPKFDUTǰ XIJDIǰ EJTDMPTFEǰ UIFǰ JOGPSNBUJPOǰ JOǰ /PUFǰ ǰ ǰ #BTFEǰ POǰ UIFǰ (SPVQĴTǰ NBOBHFNFOUǰ KVEHFNFOU ǰUIFǰQSPKFDUFEǰDPNQFOTBUJPOǰXBTǰSFDPSEFEǰJOǰųOBODJBMǰTUBUFNFOUTǰVTJOHǰUIFǰCFTUǰFTUJNBUJPOǰ of compensation rate computing from the current information.
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'BJSǰWBMVFǰPGǰųOBODJBMǰJOTUSVNFOUT *OǰEFUFSNJOJOHǰUIFǰGBJSǰWBMVFǰPGǰųOBODJBMǰJOTUSVNFOUTǰUIBUǰBSFǰOPUǰBDUJWFMZǰUSBEFEǰBOEǰGPSǰXIJDIǰRVPUFEǰ NBSLFUǰQSJDFTǰBSFǰOPUǰSFBEJMZǰBWBJMBCMF ǰUIFǰNBOBHFNFOUǰFYFSDJTFǰKVEHNFOU ǰVTJOHǰBǰWBSJFUZǰPGǰWBMVBUJPOǰ UFDIOJRVFTǰ BOEǰ NPEFMT ǰ 5IFǰ JOQVUǰ UPǰ UIFTFǰ NPEFMTǰ JTǰ UBLFOǰ GSPNǰ PCTFSWBCMFǰ NBSLFUT ǰ BOEǰ JODMVEFTǰ DPOTJEFSBUJPOǰPGǰMJRVJEJUZ ǰDPSSFMBUJPOǰBOEǰMPOHFS UFSNǰWPMBUJMJUZǰPGǰųOBODJBMǰJOTUSVNFOUT ǰ5IFǰDSJUJDBMǰGBJSǰ WBMVFǰFTUJNBUJPOǰPGǰųOBODJBMǰJOTUSVNFOUTǰJTǰMPOH UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOT ǰǰ5IFǰ(SPVQǰFTUJNBUFTǰ UIFǰGBJSǰWBMVFǰCZǰDBMDVMBUJOHǰUIFǰQSFTFOUǰWBMVFǰPGǰGVUVSFǰQSJODJQBMǰBOEǰJOUFSFTUǰQBZNFOUǰVTJOHǰUIFǰNBSLFUǰ interest rate for discounting
4 Capital risk management Ç° Ç° Ç°
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going DPODFSOǰJOǰPSEFSǰUPǰQSPWJEFǰSFUVSOTǰGPSǰTIBSFIPMEFSTǰBOEǰCFOFųUTǰGPSǰPUIFSǰTUBLFIPMEFSTǰBOEǰUPǰNBJOUBJOǰ an optimal capital structure to reduce the cost of capital. *OǰPSEFSǰUPǰNBJOUBJOǰPSǰBEKVTUǰUIFǰDBQJUBMǰTUSVDUVSF ǰUIFǰ(SPVQǰNBZǰBEKVTUǰUIFǰBNPVOUǰPGǰEJWJEFOETǰQBJEǰUPǰ TIBSFIPMEFST ǰSFUVSOǰDBQJUBMǰUPǰTIBSFIPMEFST ǰJTTVFǰOFXǰTIBSFTǰPSǰTFMMǰBTTFUTǰUPǰSFEVDFǰEFCU
5 Segment information Ç° Ç° Ç°
5IFÇ°QSJODJQBMÇ°CVTJOFTTÇ°PQFSBUJPOTÇ°PGÇ°UIFÇ°(SPVQÇ°BSFÇ°TVQQMZÇ°PGÇ°SBXÇ°XBUFS Ç°QSPEVDFÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFS Ç° XBUFSXPSLTÇ°NBOBHFNFOU Ç°BOEÇ°FOHJOFFSJOHÇ°TFSWJDFT Ç°5IFTFÇ°CVTJOFTTÇ°PQFSBUJPOTÇ°BSFÇ°DPOEVDUFEÇ°POMZÇ°JOÇ°POFÇ° HFPHSBQIJDBMÇ°BSFB Ç°XIJDIÇ°JTÇ°5IBJMBOE The business segment information for the years ended 31 December 2012 and 2011 are summarised as follows:
Eastern Water Resources Development and Management PCL.
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Annual Report 2012
5
Segment information (Cont’d)
Ç° 0QFSBUJOHÇ°SFTVMUTÇ°CZÇ°CVTJOFTTÇ°TFHNFOU Consolidated 2012 Service income
Sales Supply of raw water business (Baht’000)
Supply of Waterworks Engineering Others Elimination Total tap water management services (Baht’000) (Baht’000) (Baht’000) business business (Baht’000) (Baht’000) (Baht’000)
Revenue 3FWFOVFÇ°GSPNÇ°UIJSEÇ°QBSUJFTÇ° 3FWFOVFÇ°GSPNÇ°JOUFS TFHNFOUÇ° Total revenueÇ° Cost of sales and servicesÇ°
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Unallocated revenue and Expenses 0UIFSÇ°JODPNFÇ° 4FMMJOHÇ°FYQFOTFTÇ° "ENJOJTUSBUJWFÇ°FYQFOTFTÇ°BOEÇ° Ç°Ç°Ç°PUIFSÇ°FYQFOTFTÇ° 'JOBODFÇ°DPTUTÇ° *ODPNFÇ°UBYÇ° /FUÇ°QSPĹłUÇ°
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Consolidated 2011 Service income
Sales Supply of raw water business (Baht’000)
Supply of Waterworks Engineering Others Elimination Total tap water management services (Baht’000) (Baht’000) (Baht’000) business business (Baht’000) (Baht’000) (Baht’000)
Revenue 3FWFOVFÇ°GSPNÇ°UIJSEÇ°QBSUJFTÇ° 3FWFOVFÇ°GSPNÇ°JOUFS TFHNFOUÇ° Total revenueÇ° Cost of sales and servicesÇ°
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0QFSBUJOHÇ°QSPĹłU 4FHNFOUÇ°PQFSBUJOHÇ°QSPĹłUÇ°
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Unallocated revenue and expenses 0UIFSÇ°JODPNFÇ° 4FMMJOHÇ°FYQFOTFTÇ° "ENJOJTUSBUJWFÇ°FYQFOTFTÇ°BOEÇ° Ç°Ç°Ç°PUIFSÇ°FYQFOTFTÇ° 'JOBODFÇ°DPTUTÇ° *ODPNFÇ°UBYÇ° /FUÇ°QSPĹłUÇ°
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Segment information (Cont’d)
ǰ "TTFUǰJOGPSNBUJPOǰCZǰCVTJOFTTǰTFHNFOU Consolidated 2012 Raw water Tap water Waterworks Engineering Unallocated Elimination Total distribution distribution management services assets and (Baht’000) (Baht’000) business business business (Baht’000) others (Baht’000) (Baht’000) (Baht’000) (Baht’000)
5SBEFÇ°BOEÇ°PUIFSÇ°SFDFJWBCMFTÇ° Water loss treatment service Ç°Ç°Ç°JODPNFÇ°SFDFJWBCMFÇ° *OWFOUPSJFTÇ° *OWFTUNFOUÇ°QSPQFSUZÇ° Ç°OFUÇ° 1SPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ° Ç°OFUÇ° "TTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ° Ç°OFUÇ° Deferred concession rights Ç°Ç°Ç°BDRVJTJUJPOÇ°DPTUTÇ° Ç°OFUÇ° *OUBOHJCMFÇ°BTTFUÇ° Ç°OFUÇ° 0UIFSÇ°OPO DVSSFOUÇ°BTTFUTÇ°Ç° 6OBMMPDBUFEÇ°BTTFUTÇ°BOEÇ°PUIFSTÇ° 5PUBMÇ°BTTFUTÇ°
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Consolidated 2011 Raw water Tap water Waterworks Engineering Unallocated Elimination Total distribution distribution management services assets and (Baht’000) (Baht’000) business business business (Baht’000) others (Baht’000) (Baht’000) (Baht’000) (Baht’000)
5SBEFǰBOEǰPUIFSǰSFDFJWBCMFTǰ Water loss treatment service ǰǰǰJODPNFǰSFDFJWBCMFǰ *OWFOUPSJFTǰ /PO DVSSFOUǰBTTFUTǰDMBTTJųFEǰǰǰ ǰǰǰBTǰIFME GPS TBMF ǰOFUǰǰ *OWFTUNFOUǰQSPQFSUZǰ ǰOFUǰ 1SPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰ ǰOFUǰ "TTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰ ǰOFUǰ Deferred concession rights ǰǰǰBDRVJTJUJPOǰDPTUTǰ ǰOFUǰ *OUBOHJCMFǰBTTFUǰ ǰOFUǰ 0UIFSǰOPO DVSSFOUǰBTTFUTǰ 6OBMMPDBUFEǰBTTFUTǰBOEǰPUIFSTǰ 5PUBMǰBTTFUTǰ
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Eastern Water Resources Development and Management PCL.
5
Annual Report 2012
5
Segment information (Cont’d)
5.3 Sales of raw water by distribution networks Ç°
ǰ 4BMFTǰWPMVNFǰPGǰSBXǰXBUFSǰDMBTTJųFEǰCZǰEJTUSJCVUJPOǰOFUXPSLT Company 2012 Sales Volume (Cubic Meters’000)
/POHÇ°1MBÇ°-BJÇ° Ç°.BQÇ°5BÇ°1VEÇ°/FUXPSLÇ° %PLÇ°,SBJÇ° Ç°.BQÇ°5BÇ°1VEÇ°/FUXPSLÇ° $IBDIPFOHTBPÇ° Ç°$IPOCVSJÇ°/FUXPSLÇ° /POHÇ°1MBÇ°-BJÇ° Ç°/POHÇ°,IPSÇ°/FUXPSLÇ° 5PUBMÇ°Ç°
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2011 Sales (Baht’000)
Sales Volume (Cubic Meters’000)
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Sales (Baht’000)
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ǰǰǰǰǰ4BMFTǰPGǰSBXǰXBUFSǰGSPNǰ$IBDIPFOHTBPǰ ǰ$IPOCVSJǰ/FUXPSLǰDPOTJTUFEǰPG Company 2012 (Baht’000)
/POHÇ°,IPSÇ° Ç°-BFNÇ°$IBCBOHÇ°/FUXPSLÇ° Ç° /POHÇ°,IPSÇ° Ç°-BFNÇ°$IBCBOHÇ°/FUXPSLÇ°Ç° Ç°Ç° $IBDIPFOHTBPÇ°/FUXPSLÇ° 5PUBMÇ°Ç°
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5.3.2 Proportion of raw water sold to end users Company 2012 (%) Industrial Estates 8BUFSXPSLTÇ°"VUIPSJUZÇ° 'BDUPSJFTÇ° Total
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2011 (%) 53 Ç° Ç° 100
52 100
Consolidated 2012 (Baht) $BTIǰPOǰIBOEǰ ǰǰ %FQPTJUTǰXJUIǰCBOLTǰ ǰ DVSSFOUǰBDDPVOUTǰ ǰ ǰ TBWJOHǰBDDPVOUTǰ ǰ ǰǰųYFEǰBDDPVOUTǰ 4FDVSJUJFTǰVOEFSǰSFQVSDIBTFǰBHSFFNFOUǰ ǰ ǰǰ
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Company 2012 (Baht)
2011 (Baht)
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"TǰBUǰ ǰ%FDFNCFSǰ ǰUIFǰJOUFSFTUǰSBUFǰPOǰTBWJOHǰEFQPTJUTǰXJUIǰCBOLTǰXBTǰ ǰ ǰ ǰQFSǰBOOVNǰ ǰ ǰ ǰ ǰQFSǰBOOVN ǰ5IFǰųYFEǰEFQPTJUTǰXJUIǰCBOLTǰIBWFǰNBUVSJUZǰEBUFǰXJUIJOǰ ǰNPOUITǰ BOEǰJOUFSFTUǰSBUFǰBUǰ ǰQFSǰBOOVNǰ ǰ ǰQFSǰBOOVN ǰǰ5IFǰTFDVSJUJFTǰVOEFSǰSFQVSDIBTFǰBHSFFNFOUǰ IBWFǰNBUVSJUZǰEBUFǰXJUIJOǰ ǰNPOUIǰBOEǰJOUFSFTUǰSBUFǰBUǰ ǰQFSǰBOOVNǰ ǰ ǰ ǰ ǰQFSǰBOOVN
7 Temporary investments Consolidated 2012 (Baht) 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ° 3FEFFNÇ°EVSJOHÇ°UIFÇ°ZFBSÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
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2011 (Baht)
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"TǰBUǰ ǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰBOEǰTVCTJEJBSZǰIBWFǰUFNQPSBSZǰJOWFTUNFOUTǰGSPNǰųYFEǰEFQPTJUTǰ XJUIǰųOBODJBMǰJOTUJUVUJPOTǰUIBUǰIBWFǰNBUVSJUZǰEBUFǰNPSFǰUIBOǰ ǰNPOUITǰCVUǰXJUIJOǰ ǰZFBSǰBOEǰJOUFSFTUǰSBUFǰ PGǰ ǰ ǰ ǰQFSǰBOOVN
8 Trade and other receivables The detail of trade and other receivables as at 31 December 2012 and 2011 is as follows: Consolidated Company 2012 (Baht) 5SBEFÇ°SFDFJWBCMFTÇ° 3FDFJWBCMFTÇ°GSPNÇ°PUIFSTÇ° 1SFQBZNFOUTÇ° Ç° Ç° 0UIFSTÇ° Ç°Ç° Ç° Ç°Ç°
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2011 (Baht)
Eastern Water Resources Development and Management PCL.
6 Cash and cash equivalents
Annual Report 2012
8
Trade and other receivables (Cont’d)
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"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°SFDFJWBCMFÇ°GSPNÇ°PUIFSÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°JODMVEFEÇ°BDDPVOUTÇ° SFDFJWBCMFÇ°CFUXFFOÇ°BÇ°TVCTJEJBSZÇ°BOEÇ°BÇ°QSJWBUFÇ°DPNQBOZÇ°UPUBMJOHÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç° XIJDIÇ°SFMBUFEÇ°UPÇ°UIFÇ°DPNQFOTBUJPOÇ°BOEÇ°ĹłOFÇ°GPSÇ°UIFÇ°EFMBZFEÇ°DPOTUSVDUJPOÇ°PGÇ°BÇ°UBQÇ°XBUFSÇ°QSPEVDUJPOÇ°TZTUFNÇ° BOEÇ° UIFÇ° TVQQMZÇ° PGÇ° XBUFSÇ° UPÇ° UIFÇ° 1SPWJODJBMÇ° 8BUFSXPSLTÇ° "VUIPSJUZÇ° CFMPXÇ° UIFÇ° NJOJNVNÇ° SFRVJSFNFOUÇ° JOÇ° accordance with sale and purchase agreement for tap water for Chonburi Province with the Provincial 8BUFSXPSLTÇ°"VUIPSJUZ Ç°5IJTÇ°CBMBODFÇ°BMTPÇ°JODMVEFEÇ°BOZÇ°TVQQPSUÇ°PGÇ°UIFÇ°TVCTJEJBSZÇ°UPÇ°IFMQÇ°UIFÇ°QSJWBUFÇ°DPNQBOZÇ° UPÇ°QSPEVDFÇ°UBQÇ°XBUFSÇ°UPÇ°NFFUÇ°UIFÇ°NJOJNVNÇ°SFRVJSFNFOUÇ°GPSÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZ Ç°*OÇ°UIFÇ°QBTU Ç° the subsidiary could off-set this accounts receivable balance with tap water cost that the subsidiary QVSDIBTFEÇ°POÇ°BÇ°NPOUIMZÇ°CBTJTÇ°GSPNÇ°UIFÇ°QSJWBUFÇ°DPNQBOZ Ç°)PXFWFS Ç°UIFÇ°TVCTJEJBSZÇ°UFSNJOBUFEÇ°UBQÇ°XBUFSÇ° QVSDIBTFÇ°BOEÇ°TBMFTÇ°BHSFFNFOUÇ°POÇ° Ç°%FDFNCFSÇ° Ç°5IFÇ°TVCTJEJBSZÇ°IBTÇ°QMBOÇ°UPÇ°FOUFSÇ°JOUPÇ°BÇ°SBXÇ°XBUFSÇ° QVSDIBTFÇ° BOEÇ° TBMFTÇ° BHSFFNFOUÇ° XJUIÇ° UIFÇ° QSJWBUFÇ° DPNQBOZ Ç° UIFSFGPSF Ç° UIFÇ° TVCTJEJBSZÇ° DPVMEÇ° PGG TFUÇ° UIJTÇ° remaining accounts receivable balance with the raw water purchasing from the private company. The detail of trade account receivables as at 31 December 2012 and 2011 is as follows:
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Consolidated 2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
Trade accounts receivable - billed Ç° Ç° 5IJSEÇ°QBSUJFTÇ° Ç° Ç°Ç°3FMBUFEÇ°QBSUJFTÇ° /PUFÇ° Ç° 5PUBMÇ°USBEFÇ°BDDPVOUÇ°SFDFJWBCMFÇ° Ç°CJMMFEÇ°
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Unbilled receivables Ç° Ç°Ç°5IJSEÇ°QBSUJFTÇ° Ç° Ç°3FMBUFEÇ°QBSUJFTÇ° /PUFÇ° Ç° 5PUBMÇ°VOCJMMFEÇ°SFDFJWBCMFTÇ° Ç° Ç° Ç°
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The age analysis of the trade accounts receivable-billed is as follows: Consolidated 2012 (Baht) 8JUIJOÇ°DSFEJUÇ°UFSNÇ° 0WFSEVFÇ°CFMPXÇ° Ç°NPOUITÇ° 0WFSEVFÇ° Ç° Ç° Ç°NPOUITÇ° 0WFSEVFÇ° Ç° Ç° Ç°NPOUITÇ° Ç° Ç° Ç° LessÇ°Ç°"MMPXBODFÇ°GPSÇ°EPVCUGVMÇ°BDDPVOUTÇ° Ç° Ç° Ç°
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2011 (Baht) Ç°
Consolidated 3BXǰNBUFSJBMTǰBOEǰTVQQMJFTǰ ǰ ǰ ǰ
2012 (Baht)
2011 (Baht)
ǰ ǰ
ǰ ǰ
Company 2012 (Baht)
2011 (Baht) ǰ ǰ
10 Non-current assets held for sale ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
0Oǰ ǰ +VOFǰ ǰ UIFǰ (SPVQĴTǰ NBOBHFNFOUǰ BQQSPWFEǰ UIFǰ TBMFǰ PGǰ QSPQFSUZ ǰ QMBOUǰ BOEǰ FRVJQNFOUǰ BOEǰ assets under concession contracts for Kho Lan and Kho Srichang tap water projects of the subsidiary to two QSJWBUFǰDPNQBOJFTǰGPSǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰUPUBMǰBNPVOUǰPGǰ#BIUǰ ǰNJMMJPO ǰ "Tǰ Bǰ SFTVMU ǰ UIFǰ TVCTJEJBSZǰ QSFTFOUFEǰ UIPTFǰ BTTFUTǰ XIJDIǰ IBEǰ Bǰ OFUǰ CPPLǰ WBMVFǰ PGǰ #BIUǰ ǰ NJMMJPOǰ BTǰ non-current assets held for sale. The sale required the approval of Local Administration and Department PGǰ8BUFSǰ3FTPVSDFT ǰUIFǰ.JOJTUSZǰPGǰ/BUVSBMǰ3FTPVSDFTǰBOEǰ&OWJSPONFOU ǰ8IJMFǰXBJUJOHǰGPSǰBQQSPWBM ǰUIFǰ TVCTJEJBSZǰXBTǰJOGPSNFEǰJOǰXSJUJOHǰPOǰ ǰ.BZǰ ǰUIBUǰUIFǰQSPTQFDUJWFǰCVZFSǰXBTǰDBODFMMJOHǰUIFǰQVSDIBTFǰ PGǰUIFǰBTTFUT ǰ5IFǰ$PNQBOZǰUIFOǰOPUJųFEǰUIFǰ%FQBSUNFOUǰPGǰ8BUFSǰ3FTPVSDFTǰUPǰDBODFMǰUIFǰUSBOTGFSǰPGǰ BTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUT ǰ0Oǰ ǰ+VOFǰ ǰUIFǰ%FQBSUNFOUǰPGǰ8BUFSǰ3FTPVSDFTǰSFUVSOFEǰUIFǰ EPDVNFOUǰSFMBUFEǰUPǰUIFǰUSBOTGFSǰPGǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰUPǰUIFǰ$PNQBOZ ǰ'PSǰUIFǰBTTFUTǰBUǰ ,PIǰ -BO ǰ UIFǰ 4VCTJEJBSZǰ XBTǰ BMTPǰ JOGPSNFEǰ UIBUǰ UIFǰ CVZFSǰ DIBOHFEǰ CVTJOFTTǰ QMBOǰ BOEǰ XBTǰ OPǰ MPOHFSǰ JOUFSFTUFEǰJOǰQVSDIBTJOHǰUIFǰBTTFUT ǰ4JODFǰTFDPOEǰRVBSUFSǰPGǰ ǰUIFǰTVCTJEJBSZǰIBTǰSFDMBTTJųFEǰTVDIǰBTTFUTǰ GSPNǰBTTFUTǰIFMEǰGPSǰTBMFǰUPǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰPSǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUT Details of non-current assets held for sale are as follows: Consolidated (Baht)
As at 1 January 2012 $PTUǰǰǰ Lessǰ"DDVNVMBUFǰEFQSFDJBUJPOǰ Lessǰ"MMPXBODFǰGPSǰJNQBJSNFOUǰ /FUǰCPPLǰWBMVFǰ
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ 3FDMBTTJGZǰUPǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBOEǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰ
"TǰBUǰ ǰ%FDFNCFSǰ Cost Less Accumulate depreciation Less Allowance for impairment /FUǰCPPLǰWBMVFǰǰǰ
Eastern Water Resources Development and Management PCL.
9 Inventories
Annual Report 2012
11 Investments in subsidiaries Ç°
"Tǰ BUǰ ǰ %FDFNCFSǰ ǰ BOEǰ ǰ JOWFTUNFOUTǰ JOǰ TVCTJEJBSJFTǰ XIJDIǰ QSFTFOUǰ JOǰ UIFǰ TFQBSBUFǰ ųOBODJBMǰ statements are as follows: Company
Company’s name
Nature of business
Ç° Ç°
Ownership interest 2012 2011 (%) (%)
Country of (Million incorporation (Million Baht) Baht)
Universal Utilities Produce and Ç°Ç°Ç°$PNQBOZÇ°-JNJUFEÇ° Ç°Ç°4VQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° &8Ç°6UJMJUJFTÇ°Ç°Ç° 8BUFSÇ°USBOTQPSUBUJPOÇ° Company Limited by pipeline &8Ç°8BUFSÇ°#BMBODFÇ° 8BUFSÇ°USBOTQPSUBUJPOÇ° (Chonburi) by pipeline Company Limited EW Smart Water Produce and supply (Rayong) Ç° $PNQBOZÇ°-JNJUFEÇ°Ç°Ç° PGÇ°JOEVTUSJBMÇ°XBUFSÇ° Samet Utilities Produce tap water Ç° $PNQBOZÇ°-JNJUFEÇ°Ç° GSPNÇ°TFBÇ°XBUFSÇ° Total investment Ç° JOÇ°TVCTJEJBSJFTÇ° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
Paid-up share capital 2012 2011
Investment value 2012 (Baht)
Dividends income
2011 (Baht)
2012 (Baht)
2011 (Baht)
5IBJMBOEÇ° 5IBJMBOEÇ°
Ç° Ç°
Ç° Ç°
Ç° Ç°
5IBJMBOEÇ°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°Ç°
5IBJMBOEÇ°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
5IBJMBOEÇ°
Ç°
Ç°
Ç°
Ç°
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Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç°Ç°
Ç° Ç° Ç° Ç°
0OÇ° Ç°.BSDIÇ° Ç°UIFÇ°$PNQBOZÇ°IBEÇ°JOWFTUFEÇ°JOÇ°&8Ç°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFE Ç°&8Ç°8BUFSÇ°#BMBODFÇ° $IPOCVSJ Ç° $PNQBOZÇ°-JNJUFEÇ°BOEÇ°&8Ç°4NBSUÇ°8BUFSÇ° 3BZPOH Ç°$PNQBOZÇ°-JNJUFEÇ°CZÇ°BDRVJSJOHÇ° Ç°PSEJOBSZÇ°TIBSFTÇ° XJUIÇ°QBSÇ°WBMVFÇ°PGÇ°#BIUÇ° Ç°QFSÇ°TIBSFÇ°JOÇ°FBDIÇ°DPNQBOZ Ç°5IFÇ°TIBSFTÇ°XFSFÇ°DBMMFEÇ°GPSÇ°QBJEÇ°VQÇ°BUÇ° Ç°PSÇ°#BIUÇ° Ç°JOÇ°FBDIÇ°DPNQBOZÇ°UPUBMMJOHÇ°#BIUÇ° Ç°$VSSFOUMZ Ç°UIFTFÇ°DPNQBOJFTÇ°IBWFÇ°OPUÇ°PQFSBUFEÇ°ZFU 0OÇ° Ç° 0DUPCFSÇ° Ç° UIFÇ° $PNQBOZÇ° IBEÇ° DPPQFSBUFEÇ° XJUIÇ° BÇ° 1SPWJODJBMÇ° "ENJOJTUSBUJWFÇ° 0SHBOJTBUJPOÇ° UPÇ° established Samet Utilities Company Limited to produce tap water from sea water by Reverse Osmosis (RO) TZTUFN Ç°5IFÇ°$PNQBOZÇ°JOWFTUFEÇ°JOÇ° Ç°SFHJTUFSFEÇ°PSEJOBSZÇ°TIBSFTÇ°XJUIÇ°QBSÇ°WBMVFÇ°PGÇ°#BIUÇ° Ç°QFSÇ°TIBSF Ç°PSÇ° Ç°PGÇ°JOWFTUNFOU Ç°5IFÇ°TIBSFTÇ°XFSFÇ°DBMMFEÇ°GPSÇ°QBJEÇ°VQÇ°BUÇ° Ç°UPUBMMJOHÇ°UPÇ°#BIUÇ° Ç°$VSSFOUMZ Ç°UIJTÇ° company have not operated yet. Universal Utilities Company Limited have approved dividend payments as follows: Approved by
2012 Dividend for the year 2011 Ç° Interim dividend on operating results for TJY NPOUIÇ°QFSJPEÇ°FOEFE Ç°+VOFÇ° Ç°
Annual General meeting of the TIBSFIPMEFSTǰPOǰ ǰ.BSDIǰ ǰ Board of Director’s meeting on 21 September 2012 ǰ
Total dividends Dividend per share (Million Baht) (Baht)
Paid on
Ç°
Ç°
Ç°+VMZÇ°
Ç° 47.17
Ç°
Ç°%FDFNCFSÇ°
2011 Dividend for the year 2010 Ç° Interim dividend on operating results for TJY NPOUIÇ°QFSJPEÇ°FOEFEÇ° Ç°+VOFÇ° Ç°
Total dividends Dividend per share (Million Baht) (Baht)
Annual General meeting of the TIBSFIPMEFSTǰPOǰ ǰ.BSDIǰ ǰ Board of Director’s meeting on 27 September 2011 ǰ
Paid on
Ç°
Ç°
Ç°4FQUFNCFSÇ°
Ç° 25.14
Ç°
Ç°%FDFNCFSÇ°
12 Other long-term investments Consolidated and Company Number of shares 2012 2011 (Shares) (Shares) 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOÇ° Additions Dividend per share (Baht) $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
Ç° Ç°
Ç° Ç°
Ownership interest 2012 2011 (%) (%)
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Investment value 2012 2011 (Baht) (Baht) Ç° Ç°
"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°BOEÇ° Ç°UIFÇ°$PNQBOZÇ°IBTÇ°MPOH UFSNÇ°HFOFSBMÇ°JOWFTUNFOUTÇ°XIJDIÇ°BSFÇ°JOWFTUNFOUTÇ° JOÇ°OPO NBSLFUBCMFÇ°FRVJUZÇ°TFDVSJUZÇ°BTÇ°GPMMPXT Consolidated 2012 (Baht)
-POH UFSNÇ°JOWFTUNFOUT (FOFSBMÇ°JOWFTUNFOUT Ç° Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° 5PUBMÇ°MPOH UFSNÇ°JOWFTUNFOUTÇ°
Ç° Ç°
2011 (Baht)
Ç° Ç°
Company 2012 (Baht)
2011 (Baht)
Ç° Ç°
Egcom Tara Company Limited Ç° Ç°
5IFÇ°$PNQBOZÇ°IBEÇ°BÇ°MPOH UFSNÇ°JOWFTUNFOUÇ°JOÇ°FRVJUZÇ°TFDVSJUJFTÇ°PGÇ°&HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFE Ç°BÇ°SFMBUFEÇ° DPNQBOZ Ç°XIJDIÇ°PQFSBUJPOÇ°JTÇ°UPÇ°HFOFSBUFÇ°UBQÇ°XBUFSÇ°GPSÇ°TBMFÇ°TPMFMZÇ°UPÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZ
Ç° Ç°
*OÇ° Ç° &HDPNÇ° 5BSBÇ° $PNQBOZÇ° -JNJUFEÇ° QBJEÇ° EJWJEFOEÇ° UPÇ° UIFÇ° $PNQBOZÇ° BNPVOUÇ° PGÇ° #BIUÇ° Ç° NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO
Eastern Water Resources Development and Management PCL.
Approved by
Annual Report 2012
13 Investment property - net Consolidated Land (Baht)
Building and building improvement (Baht)
Total (Baht)
At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰǰǰǰǰǰǰǰǰǰǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰǰ 3FDMBTTJųDBUJPOǰ 8SJUF PGG ǰOFUǰǰǰǰǰǰǰǰ %FQSFDJBUJPOǰDIBSHFǰǰǰǰǰǰǰǰǰǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ
"Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰǰǰǰǰǰǰǰǰǰǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰǰ 3FDMBTTJųDBUJPOǰǰǰǰǰǰǰǰǰǰǰǰ %FQSFDJBUJPOǰDIBSHFǰǰǰǰǰǰǰǰǰǰǰǰǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
"Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰǰǰǰǰǰǰǰǰ /FUǰCPPLǰBNPVOUǰ Fair valueǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
ǰ
%FQSFDJBUJPOǰFYQFOTFǰPGǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰXBTǰJODMVEFEǰJOǰDPTUǰPGǰSFOUBMǰBOEǰTFSWJDF Company Land (Baht)
At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ
Building and building improvement (Baht) ǰ ǰ ǰ
Total (Baht)
Company Building and building improvement (Baht)
Land (Baht)
Total (Baht)
'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° 3FDMBTTJĹłDBUJPOÇ° 8SJUF PGG Ç°OFUÇ° %FQSFDJBUJPOÇ°DIBSHFÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
"UÇ° Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°EFQSFDJBUJPOÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° /FUÇ°CPPLÇ°BNPVOUÇ°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç°
'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° 3FDMBTTJĹłDBUJPOÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° %FQSFDJBUJPOÇ°DIBSHFÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
"UÇ° Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°EFQSFDJBUJPOÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° /FUÇ°CPPLÇ°BNPVOUÇ° Fair valueÇ°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç°
%FQSFDJBUJPOÇ°FYQFOTFÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç°XBTÇ°JODMVEFEÇ°JOÇ°DPTUTÇ°PGÇ°SFOUBMÇ°BOEÇ°TFSWJDFT The fair value of investment property was determined by independent appraiser at 22 August 2012. "NPVOUTÇ°SFDPHOJTFEÇ°JOÇ°QSPĹłUÇ°BOEÇ°MPTTÇ°UIBUÇ°BSFÇ°SFMBUFEÇ°UPÇ°JOWFTUNFOUÇ°QSPQFSUZÇ°BSFÇ°BTÇ°GPMMPXT Consolidated
3FOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNFÇ°PGÇ°CVJMEJOHÇ° %JSFDUÇ°PQFSBUJOHÇ°FYQFOTFÇ°BSJTFÇ°GSPNÇ°JOWFTUNFOUÇ° property that generated rental income Ç° #VJMEJOHÇ°BOEÇ°CVJMEJOHÇ°JNQSPWFNFOU Ç° %JSFDUÇ°PQFSBUJOHÇ°FYQFOTFÇ°BSJTFÇ°GSPNÇ°JOWFTUNFOUÇ° property that did not generate rental Ç° JODPNFÇ° -BOE Ç° Ç° Ç° Ç°
Company
2012 (Baht) Ç°
2011 (Baht) Ç°
2012 (Baht) Ç°
2011 (Baht)
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Eastern Water Resources Development and Management PCL.
13 Investment property - net (Cont’d)
Buildings (Baht)
Consolidated Machinery and equipment (Baht)
Office equipment (Baht)
ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
Construction in progress (Baht)
Total (Baht)
ǰ ǰ ǰ ǰ
ǰ ǰ
ǰ ǰ ǰ ǰ
ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
ǰ ǰ
ǰ ǰ
ǰ ǰ
ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰǰǰǰǰǰ ǰ
ǰ ǰ
Vehicles (Baht)
%FQSFDJBUJPOǰFYQFOTFǰUPUBMǰPGǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰIBTǰCFFOǰDIBSHFEǰJOǰDPTUǰPGǰHPPETǰTPME ǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰBOEǰ JOǰBENJOJTUSBUJWFǰFYQFOTF ǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO
ǰ ǰ ǰ
"Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
Leasehold and building improvement (Baht)
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHOFUǰCPPLǰBNPVUǰ "EEJUJPOTǰǰǰ Transferǰ 3FDMBTTJųDBUJPOǰ %JTQPTBM XSJUF PGG ǰOFUǰ Reclassify to non-current assets held ǰ GPSǰTBMFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
"Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
Pumping plants (Baht)
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰ 5SBOTGFSǰ 3FDMBTTJųDBUJPOǰ %JTQPTBM XSJUF PGG ǰOFUǰ Reclassify to non-current assets held ǰ GPSǰTBMFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ
At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰ /FUǰCPPLǰBNPVOUǰ
Land (Baht)
14 Property, plant and equipment - net
Annual Report 2012
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° 5SBOTGFSÇ° 3FDMBTTJĹłDBUJPOÇ° %JTQPTBM XSJUF PGG Ç°OFUÇ° %FQSFDJBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
"UÇ° Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated depreciationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Office equipment (Baht)
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Construction in progress (Baht)
Total (Baht)
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
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Vehicles (Baht)
%FQSFDJBUJPOÇ°FYQFOTFÇ°UPUBMÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç°IBTÇ°CFFOÇ°DIBSHFEÇ°JOÇ°DPTUÇ°PGÇ°HPPETÇ°TPME Ç°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç°BOEÇ° JOÇ°BENJOJTUSBUJWFÇ°FYQFOTF Ç°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Machinery and equipment (Baht)
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Building improvement (Baht)
Company
Eastern Water Resources Development and Management PCL.
Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
"UÇ° Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated depreciationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° 5SBOTGFSÇ° 3FDMBTTJĹłDBUJPOÇ° %JTQPTBM XSJUF PGG Ç°OFUÇ° %FQSFDJBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
Buildings (Baht)
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Pumping plants (Baht)
At 1 January 2011 $PTUÇ° Less Accumulated depreciationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°
Land (Baht)
14 Property, plant and equipment - net (Cont’d)
Annual Report 2012
14 Property, plant and equipment - net (Cont’d) ǰ ǰ ǰ
"TǰBUǰ ǰ%FDFNCFSǰ ǰUIFǰ(SPVQǰBOEǰUIFǰ$PNQBOZǰIBEǰNPUPSǰWFIJDMFTǰBOEǰDPNQVUFSǰVOEFSǰųOBODJBMǰ MFBTFǰBHSFFNFOUTǰXJUIǰOFUǰCPPLǰWBMVFǰBNPVOUJOHǰUPǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZǰ ǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ
ǰ
#PSSPXJOHǰDPTUTǰPGǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰBSSFTUJOHǰGSPNǰųOBODJOHǰTQFDJųDBMMZǰFOUFSFEǰ into a pipeline constructing project were capitalised during the year and are included in “Additions”.
15 Assets under concession contracts - net Consolidated Assets under concession contracts (Baht)
At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ Lessǰǰ"DDVNVMBUFEǰJNQBJSNFOUǰ /FUǰCPPLǰBNPVOUǰ 'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰ 5SBOTGFSǰ 3FDMBTTJųDBUJPOǰ 8SJUF PGG ǰOFUǰ 3FDMBTTJGZǰUPǰOPO DVSSFOUǰBTTFUTǰIFMEǰGPSǰTBMFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ "Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ 'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰ 5SBOTGFSǰ 3FDMBTTJGZǰUPǰOPO DVSSFOUǰBTTFUTǰIFMEǰGPSǰTBMFǰ 8SJUF PGG ǰOFUǰ *NQBJSNFOUǰDIBSHFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ "Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ Lessǰǰ"MMPXBODFǰJNQBJSNFOUǰ /FUǰCPPLǰBNPVOUǰ
Construction in progress (Baht)
Tota (Baht)
ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
Ç° Ç° Ç° Ç° Ç°
5IFÇ°TVCTJEJBSJFTÇ°IBWFÇ°DPNNJUUFEÇ°UPÇ°USBOTGFSÇ°BTTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ°UPÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ° Authority at the end of concession periods. Depreciation of Baht 33.4 million (2011: Baht 27.3 million) was included in the cost of sales-tap water and cost of services. 0OÇ° Ç° +VMZÇ° Ç° ,PIÇ° 4SJDIBOHÇ° .VOJDJQBMJUZÇ° JOGPSNFEÇ° UIFÇ° $PNQBOZÇ° JOÇ° XSJUJOHÇ° PGÇ° UIFÇ° UFSNJOBUJPOÇ° PGÇ° JUTÇ° concession contract and requested the Company to transfer its tap water business to Koh Srichang .VOJDJQBMJUZÇ°CFDBVTFÇ°UIFÇ°RVBMJUZÇ°PGÇ°UBQÇ°XBUFSÇ°EJEÇ°OPUÇ°NFFUÇ°TUBOEBSEÇ°PGÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° BTÇ°TQFDJĹłFEÇ°JOÇ°UIFÇ°DPOUSBDU Ç°0OÇ° Ç°+VMZÇ° Ç°UIFÇ°$PNQBOZÇ°TFOUÇ°BÇ°MFUUFSÇ°UPÇ°,PIÇ°4SJDIBOHÇ°.VOJDJQBMJUZÇ°UPÇ° defend the quality of its tap water as meeting the standard attached with the result of LAB quality testing. 5IJTÇ°NBUUFSÇ°JTÇ°DVSSFOUMZÇ°TVCKFDUÇ°PGÇ°EJTQVUFÇ°BOEÇ°IBTÇ°OPUÇ°ZFUÇ°CFFOÇ°ĹłOBMJTFE Ç°Ç°/FUÇ°CPPLÇ°WBMVFÇ°PGÇ°BTTFUTÇ°VOEFSÇ° concession contracts used for conducting business related to tap water business in Koh Srichang on Ç°%FDFNCFSÇ° Ç°JTÇ°#BIUÇ° Ç°NJMMJPOÇ° DPTUÇ°JTÇ°#BIUÇ° Ç°NJMMJPO Ç°JOÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOU
16 Deferred concession rights acquisition costs - net Consolidated Defrred concession rights acquisition costs (Baht)
At 1 January 2011 $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°BNPSUJTBUJPOÇ° /FUÇ°CPPLÇ°BNPVOUÇ° 'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° "NPSUJTBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "UÇ° Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°BNPSUJTBUJPOÇ° /FUÇ°CPPLÇ°BNPVOUÇ° 'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° "NPSUJTBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "UÇ° Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°BNPSUJTBUJPOÇ° /FUÇ°CPPLÇ°BNPVOUÇ°
Ç°
Construction in progress (Baht)
Total (Baht)
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
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Ç° Ç° Ç°
"NPSUJTBUJPOÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç°#BIUÇ° Ç°NJMMJPO Ç°XBTÇ°JODMVEFEÇ°JOÇ°UIFÇ°DPTUÇ°PGÇ°TBMFT UBQÇ°XBUFSÇ°BOEÇ° cost of services.
Eastern Water Resources Development and Management PCL.
Ç°
Annual Report 2012
17 Intangible assets - net Consolidated Rights to operate the business under concession (Baht)
Computer software (Baht)
Total (Baht)
At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰBNPSUJTBUJPOǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰǰǰǰǰǰǰǰǰǰǰǰ
ǰ ǰ ǰ ǰ
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰǰ "NPSUJTBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ
ǰǰǰǰǰǰǰǰǰǰǰǰ ǰ ǰ ǰ ǰǰǰǰǰǰǰǰǰǰǰǰ ǰ ǰ ǰ
"Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰBNPSUJTBUJPOǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰǰǰǰǰǰǰǰǰǰǰǰ ǰ ǰ ǰ
'PSǰUIFǰZFBSǰFOEFEǰ ǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰ "NPSUJTBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
"Uǰ ǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰBNPSUJTBUJPOǰ /FUǰCPPLǰBNPVOUǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
3FNBJOJOHǰBNPSUJTBUJPOǰQFSJPET 31 December 2011 ǰ%FDFNCFSǰ ǰ
16 years 3 months ǰZFBSTǰ ǰNPOUITǰ
ǰZFBSTǰ ǰNPOUI
ǰ ǰ
"NPSUJTBUJPOǰPGǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰXBTǰJODMVEFEǰJOǰUIFǰDPTUǰPGǰHPPETǰTPMEǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰBOEǰBENJOJTUSBUJWFǰFYQFOTFTǰ#BIUǰ ǰNJMMJPOǰ ǰOJM
Company Computer software (Baht) At 1 January 2011 Cost Less Accumulated amortisation /FUÇ°CPPLÇ°BNPVOUÇ°
-
'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° "EEJUJPOTÇ° Amortisation charge $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
"UÇ° Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated amortisation /FUÇ°CPPLÇ°BNPVOUÇ°
'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ° Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° "NPSUJTBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°
"UÇ° Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated amortisationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°
3FNBJOJOHÇ°BNPSUJTBUJPOÇ°QFSJPET 31 December 2011 Ç°%FDFNCFSÇ° Ç°
Ç°ZFBSTÇ° Ç°NPOUI
Ç°
"NPSUJTBUJPOÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ°XBTÇ°JODMVEFEÇ°JOÇ°UIFÇ°BENJOJTUSBUJWFÇ°FYQFOTFT
Eastern Water Resources Development and Management PCL.
17 Intangible assets - net (Cont’d)
Annual Report 2012
18 Deferred income tax Ç°
5IFÇ°BOBMZTJTÇ°PGÇ°EFGFSSFEÇ°UBYÇ°BTTFUTÇ°BOEÇ°EFGFSSFEÇ°UBYÇ°MJBCJMJUZÇ°JTÇ°BTÇ°GPMMPXT Consolidated
%FGFSSFEǰUBYǰBTTFUT ǰ %FGFSSFEǰUBYǰBTTFUǰUPǰCFǰSFDPWFSFEǰXJUIJOǰ ǰ ǰ ǰNPOUITǰ ǰ %FGFSSFEǰUBYǰBTTFUǰUPǰCFǰSFDPWFSFEǰBGUFS ǰ ǰ NPSFǰUIBOǰ ǰNPOUITǰ ǰ ǰ ǰ %FGFSSFEǰUBYǰMJBCJMJUJFT ǰ %FGFSSFEǰUBYǰMJBCJMJUJFTǰUPǰCFǰTFUUMFEǰXJUIJO ǰ ǰ ǰNPOUITǰ ǰ %FGFSSFEǰUBYǰMJBCJMJUZǰUPǰCFǰSFDPWFSFEǰBGUFS ǰ ǰ NPSFǰUIBOǰ ǰNPOUITǰ ǰ ǰ ǰ 1SFTFOUǰJOǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰBTǰGPMMPXJOH %FGFSSFEǰUBYǰBTTFUTǰ %FGFSSFEǰUBYǰMJBCJMJUJFTǰ
Company
2012 (Baht)
2011 (Baht)
2012 (Baht)
2011 (Baht)
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
5IFǰBCPWFǰQSFTFOUBUJPOǰJOǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰJTǰPGGTFUǰCFUXFFOǰEFGFSSFEǰUBYǰBTTFUTǰBOEǰEFGFSSFEǰ UBYǰMJBCJMJUJFTǰGPSǰUIFǰTBNFǰUBYBCMFǰFOUJUZǰBOEǰSFMBUFǰUPǰJODPNFǰUBYFTǰMFWJFEǰCZǰUIFǰTBNFǰUBYBUJPOǰBVUIPSJUZ
Ç°
5IFÇ°NPWFNFOUÇ°JOÇ°EFGFSSFEÇ°UBYÇ°BTTFUÇ°BOEÇ°MJBCJMJUZÇ°BSFÇ°UIFÇ°GPMMPXJOH Consolidated Allowance for doubtfu accounts (Baht)
Deferred tax assets "TǰBUǰ ǰ+BOVBSZǰ ǰ Transaction recorded in ǰǰǰQSPųUǰPSǰMPTTǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ Transaction recorded in ǰǰǰQSPųUǰPSǰMPTTǰ Transaction recorded in other ǰǰǰDPNQSFIFOTJWFǰJODPNFǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ
Depreciationlplant and equipment (Baht)
Impairment - assets (Baht)
Employee benefit (Baht)
Total (Baht)
Others (Baht)
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Consolidated Amortisation intangible asset (Baht)
Deferred tax liabilities "TǰBUǰ ǰ+BOVBSZǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ
Depreciationplant and equipment (Baht)
Liabilities under finance lease agreements (Baht)
Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
Total (Baht)
Ç° Ç° Ç° Ç° Ç°
Others (Baht)
Total (Baht)
Company Allowance for doubtful accounts (Baht)
Deferred tax asset "TǰBUǰ ǰ+BOVBSZǰ ǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ ǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰPUIFSǰDPNQSFIFOTJWFǰJODPNFǰǰǰǰǰǰ ǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ ǰ
Employee benefit (Baht)
Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
Company Liabilities under finance Depreciation-plant and lease agreements equipment (Baht) (Baht)
Deferred tax liabilities "TǰBUǰ ǰ+BOVBSZǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰ
Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
Total (Baht)
Eastern Water Resources Development and Management PCL.
18 Deferred income tax (Cont’d)
Annual Report 2012
19 Other non-current assets Consolidated "EWBODFÇ°DPOTUSVDUJPOÇ°QBZNFOUÇ° 1SFQBJEÇ°FYQFOTFTÇ° %FQPTJUÇ°BOEÇ°3FUFOUJPOÇ° 0UIFSÇ° Ç° Ç° Ç°
2012 (Baht) Ç° Ç° Ç° Ç° Ç°
2011 (Baht) Ç° Ç° Ç° Ç° Ç°
Company 2012 (Baht) Ç° Ç° Ç° Ç° Ç°
2011 (Baht) Ç°
20 Short-term loans from financial institutions Ç°
5IFÇ°EFUBJMÇ°PGÇ°TIPSU UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°JTÇ°BTÇ°GPMMPXT Consolidated
1SPNJTTPSZÇ°OPUFÇ° Ç° Ç° Ç°
Ç° Ç°
2012 (Baht) Ç° Ç°
2011 (Baht) Ç° Ç°
Company 2012 (Baht)
2011 (Baht) Ç° Ç°
"TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°BÇ°TVCTJEJBSZÇ°IBTÇ°BÇ°TIPSU UFSNÇ°MPBOÇ°GSPNÇ°VOTFDVSFEÇ°QSPNJTTPSZÇ°OPUFÇ°XJUIÇ°BÇ°ĹłOBODJBMÇ° JOTUJUVUJPOÇ°XIJDIÇ°JTÇ°EVFÇ°PGÇ°DBMMÇ°XJUIÇ°BOÇ°JOUFSFTUÇ°SBUFÇ°PGÇ° Ç° Ç° Ç°QFSÇ°BOOVN
21 Trade accounts payable Consolidated 5IJSEÇ°QBSUJFTÇ° 3FMBUFEÇ°QBSUJFTÇ° /PUFÇ° Ç° Ç° Ç° Ç°
2012 (Baht) Ç° Ç° Ç°
2011 (Baht) Ç° Ç° Ç°
Company 2012 (Baht) Ç° Ç° Ç°
2011 (Baht)
22 Finance lease liabilities Ç°
'JOBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ° Ç°NJOJNVNÇ°MFBTFÇ°QBZNFOUT Consolidated
/PUÇ°MBUFSÇ°UIBOÇ° Ç°ZFBSÇ° -BUFSÇ°UIBOÇ° Ç°ZFBSÇ°CVUÇ°OPUÇ°MBUFSÇ°UIBOÇ° Ç°ZFBSTÇ° Ç° Ç° Ç° LessÇ°Ç°'VUVSFÇ°ĹłOBODFÇ°DIBSHFTÇ°POÇ°ĹłOBODFÇ°MFBTFTÇ° 1SFTFOUÇ°WBMVFÇ°PGÇ°ĹłOBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ°
2012 (Baht) Ç° Ç° Ç° Ç° Ç°
2011 (Baht) Ç° Ç° Ç° Ç° Ç°
Company 2012 (Baht) Ç° Ç° Ç° Ç° Ç°
2011 (Baht)
5IFÇ°QSFTFOUÇ°WBMVFÇ°PGÇ°ĹłOBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ°JTÇ°BTÇ°GPMMPXT Consolidated
/PUÇ°MBUFSÇ°UIBOÇ° Ç°ZFBSÇ° TIPSU UFSNÇ°QPSUJPO Ç° Later than 1 year but not later than 5 years Ç° MPOH UFSNÇ°QPSUJPO Ç° Ç° Ç° Ç°
Company
2012 (Baht) Ç°
2011 (Baht) Ç°
2012 (Baht) Ç°
2011 (Baht)
Ç° Ç°
Ç° Ç°
Ç° Ç°
23 Long-term loans from financial institutions Ç°
.PWFNFOUTÇ°JOÇ°UIFÇ°MPOH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°BSFÇ°TVNNBSJTFEÇ°CFMPX Consolidated Company 2012 (Baht) Ç° Ç° Ç° Ç°
#BMBODFTÇ°BTÇ°BUÇ° Ç°+BOVBSZÇ° AddÇ°Ç°"EEJUJPOBMÇ°CPSSPXJOHTÇ° LessÇ°Ç°3FQBZNFOUTÇ° #BMBODFTÇ°BTÇ°BUÇ° Ç°%FDFNCFSÇ°
Outstanding credit facilities Credit limit 2012 (Million Baht)
(Million Baht)
2011 (Baht) Ç° Ç° Ç° Ç°
2012 2011 (Baht) (Baht) Ç° Ç° Ç°Ç°Ç°Ç° Ç°
Ç° Ç°Ç°Ç°
Consolidated
Company
2011
2012
2011
2012
2011
(Million Baht)
(Baht)
(Baht)
(Baht)
(Baht)
The Company Ç° BÇ°Ç° Ç° Ç° Ç° Ç° C Ç° Ç° Ç° Ç° Ç° D Ç° Ç° Ç° Ç° Ç° E Ç° Ç° Ç° Ç° Ç° F Ç° Ç° Ç° Ç° Ç° G Ç°Ç° Ç° Ç° Ç° The subsidiary Ç° BÇ°Ç° Ç° Ç° Ç° Ç° C Ç° Ç° Ç° Ç° Ç° D Ç° Ç° Ç° Ç° Ç° E Ç° Ç° Ç° Ç° Ç° F Ç° Ç° Ç° Ç° 5PUBMÇ° Ç° Ç° Ç° LessÇ°Ç°$VSSFOUÇ°QPSUJPOÇ° Ç° Ç° Ç° -POH UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°Ç°Ç°Ç° Ç° Ç°OFUÇ°PGÇ°DVSSFOUÇ°QPSUJPOÇ° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç° Ç° Ç°
Eastern Water Resources Development and Management PCL.
Ç°
Ç°
Objective
Type of loan
Period
b)
Ç°.BZÇ° To invest in pipeline maintenance project
The 1st - 36thÇ°NPOUITÇ°'JYFEÇ°SBUFÇ°Ç° BUÇ° Ç°QFSÇ°BOOVNÇ° The 37th - 60th months Minimum -PBOÇ° 3BUFÇ° .-3 Ç° NJOVTÇ° 1.75 percent per annum The 61st month onwards Minimum -PBOÇ° 3BUFÇ° .-3 Ç° NJOVTÇ° 1.50 percent per annum 0OÇ° Ç°'FCSVBSZÇ° Ç°UIFÇ°JOUFSFTUÇ° rate has been changed to be 5)#'*9Ç° Ç° NPOUIT Ç° Ç° Ç° QFSÇ° annum for the 37th month onwards.
Interest rate
The 1st - 12th months Money .BSLFUÇ°3BUFÇ° ..3 Ç°GPSÇ°MPBOTÇ°XJUIÇ° maturities of no more than 1 year from drawdown date The 13thÇ° Ç° th months Minimum -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 1.75 percent per annum Ç°Ç°5IFÇ° th month onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 1.50 percent per annum Ç° 0OÇ° Ç° 4FQUFNCFSÇ° Ç° UIFÇ° interest rate has been changed Ç° UPÇ°CFÇ°ĹłYFEÇ°BUÇ° Ç°QFSÇ°BOOVNÇ° Ç° GPSÇ°UIFÇ°ĹłSTUÇ°ZFBS Ç°5)#'*9 Ç° per annum for the second to the Ç° UIJSEÇ°ZFBST Ç°BOEÇ°5)#'*9 Ç°QFSÇ° Ç° BOOVNÇ°GPSÇ°UIFÇ°GPVSUIÇ°UPÇ°UIFÇ°TJYUIÇ° years.
Ç°
Ç°
Ç°
Ç° Ç°
6OTFDVSFE Ç° XJUIÇ° 7 status equivalent years Ç° to unsecured and unsubordinated debts Ç°
7 a) Ç° 6 December To repay a 6OTFDVSFE Ç°XJUIÇ° 2007 years bridging loan status equivalent to unsecured and unsubordinated debts
Credit facility Date of (Million Baht) agreement
Long-term loans of the Company
Principal with accrued interest (if any) is to be fully paid within 12 months from the agreement date. 0OÇ° Ç°4FQUFNCFSÇ° Ç°UIFÇ°DPOEJUJPOÇ° for the repayment of the principal has been changed to semi-annual JOTUBMMNFOUT Ç°UPUBMÇ° Ç°JOTUBMMNFOUTÇ°BUÇ° Baht 100 million each start from the FOEÇ°PGÇ°/PWFNCFSÇ° 0OÇ° Ç°/PWFNCFSÇ° Ç°UIFÇ°DPOEJUJPOÇ° for the repayment of principle has been changed by installment payment for amount Baht 33 million which total 2 installments at Baht 16.5 million FBDIÇ°TUBSUÇ°GSPNÇ°UIFÇ°FOEÇ°PGÇ°/PWFNCFSÇ° 2011 and the end of May 2012. The remaining balance will be repaid by TFNJ BOOVBMÇ° JOTUBMMNFOUT Ç° UPUBMÇ° Ç° installments each start from the end PGÇ°/PWFNCFSÇ°
Principal is repayable in semi-annual JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° period of 12 months from the agreement date as scheduled below. - The 1st - 6th installments Baht 50 million each - The 7th - 11th installments Baht 200 million each - The 12th - 13th installments Baht 100 million each
Repayment schedule
-POH UFSNÇ°MPBOTÇ°PGÇ°UIFÇ°$PNQBOZÇ°BOEÇ°JUTÇ°TVCTJEJBSJFTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°BSFÇ°TIPXOÇ°CFMPX
23 Long-term loans from financial institutions (Cont’d)
The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ° Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not MPXFSÇ°UIBOÇ° Ç°UJNFT Ç° etc.
The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ° Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ° Ç°UJNFT Ç°FUD
Debt covenant
Annual Report 2012
Type of loan
21 September To invest 2012 in Tubma project
f)
Unsecured
Ç°+VMZÇ° To invest in Unsecured Bangphra project
e)
Unsecured
Use in the Unsecured Company’s pipeline construction
23 May 2012 To invest in Tubma project
25 August
Objective
d)
c) Ç°
Credit facility Date of (Million Baht) agreement
Long-term loans of the Company Interest rate
10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.65 percent per annum - The 4th - 10th years 6 months Ç° 'JYFEÇ°EFQPTJUÇ°JOUFSFTUÇ°SBUFÇ°QMVTÇ° Ç° Ç°QFSDFOUÇ°QFSÇ°BOOVN Ç° Ç° $VSSFOUMZ Ç°NPOUITÇ°'JYFEÇ°EFQPTJUÇ° interest rate is 2.60 percent per annum)
10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.75 percent per annum - The 4th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.65 percent per annum
10 - The 1st - 4thÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° per annum years 3.50 percent - The 5th - 7th years Minimum Loan Ç° 3BUFÇ° .-3 Ç°NJOVTÇ° Ç° percent per annum Ç°5IFÇ° th - 10th years Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.00 percent per annum 10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.75 percent per annum - The 4th - 10thÇ°ZFBSTÇ° Ç°NPOUITÇ°'JYFEÇ° Ç° EFQPTJUÇ°JOUFSFTUÇ°SBUFÇ°QMVTÇ° Ç° Ç° QFSDFOUÇ°QFSÇ°BOOVN Ç° $VSSFOUMZ Ç° Ç°NPOUITÇ°'JYFEÇ°EFQPTJUÇ°JOUFSFTUÇ° rate is 2.60 percent per annum)
Period
Debt covenant
Principal is repayable in 11 semiBOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 60 months from the agreement date as scheduled below. - The 1st - 4 th installments Baht 100 million each - The 5th - 10th installments Baht 116 million each - The 11thÇ°ZFBSÇ°JOTUBMMNFOUÇ°#BIUÇ° Ç° million
Principal is repayable in 14 TFNJ BOOVBMÇ° JOTUBMMNFOUT Ç° CFHJOOJOHÇ° after a grace period of 42 months from the agreement date as scheduled below. - The 1st - 4 th installments Baht 100 million each - The 5th - 14th installments Baht 112 million each Principal is repayable in 14 semi-annual JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° QFSJPEÇ°PGÇ°+VOFÇ° - The 1stÇ° Ç° th installments Baht 50 million each Ç°5IFÇ° th - 14thÇ°JOTUBMMNFOUTÇ°#BIUÇ° Ç° million each
The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ° Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ° Ç°UJNFT Ç°FUD
The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ° Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ° Ç°UJNFT Ç°FUD The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ° Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ° Ç°UJNFT Ç°FUD
Principal is repayable in 16 semi-annual /POF JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° QFSJPEÇ° PGÇ° Ç° NPOUITÇ° GSPNÇ° UIFÇ° ĹłSTUÇ° draw down date.
Repayment schedule
Eastern Water Resources Development and Management PCL.
23 Long-term loans from financial institutions (Cont’d)
300.0
200.0
270.0
474.4
525.6
a)
b)
c)
d)
e)
Objective
Type of loan
21 To invest September 2012
Unsecured
21 To settle an Unsecured September FYJTUJOHÇ°MPBOÇ° 2012 from the Company
Ç°+VMZÇ° To settle an Unsecured FYJTUJOHÇ°MPBOÇ° from the Company
11 To use in the Unsecured December subsidiary’s water tap project
To settle an Unsecured 16 September FYJTUJOHÇ°MPBOÇ° from the Company
Credit facility Date of (Million Baht) agreement
Debt covenant The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.25 UJNFT Ç°FUD The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD
1SJODJQBMÇ° JTÇ° SFQBZBCMFÇ° JOÇ° Ç° TFNJ BOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 12 months from UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF 1SJODJQBMÇ° JTÇ° SFQBZBCMFÇ° JOÇ° Ç° TFNJ BOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° BÇ° HSBDFÇ° QFSJPEÇ° PGÇ° Ç° NPOUITÇ° GSPNÇ° UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF 1SJODJQBMÇ°JTÇ°SFQBZBCMFÇ°JOÇ° Ç°TFNJ BOOVBMÇ° JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° period of a fully withdraw or 31 May 2012 which depend on earlier date.
Principal is repayable in 20 semiBOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 6 months from UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF Principal is repayable in 17 semiBOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 24 months from UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF
10 - The 1st - 5th years Minimum Loan years Ç° 3BUFÇ° .-3 Ç°NJOVTÇ° Ç° percent per annum - The 6th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.00 percent per annum 10 - The 1st - 5th years Minimum Loan years Ç° 3BUFÇ° .-3 Ç°NJOVTÇ° Ç° percent per annum - The 6th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.00 percent per annum 5 - The 1stÇ° Ç° th months Minimum years Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.35 percent per annum Ç°Ç°5IFÇ° th month onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.25 percent per annum 10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.625 percent per annum - The 4th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.65 percent per annum 10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.625 percent per annum - The 4th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.25 percent per annum
Interest rate
Repayment schedule
Period
Long-term loans of subsidiary - Universal Utilities Company Limited
23 Long-term loans from financial institutions (Cont’d)
Annual Report 2012
Consolidated "DDSVFEÇ°CPOVTÇ° "DDSVFEÇ°QSPKFDUÇ°DPNQFOTBUJPOÇ° "DDSVFEÇ°VUJMJUJFTÇ°FYQFOTFTÇ° 0UIFSTÇ° Ç° Ç° Ç°
2012 (Baht) Ç° Ç° Ç° Ç° Ç°
Company
2011 (Baht) Ç° Ç° Ç° Ç° Ç°
2012 (Baht) Ç° Ç° Ç° Ç° Ç°
2011 (Baht) Ç° Ç° Ç° Ç°
25 Employee benefit obligations Consolidated 2012 (Baht) 4UBUFNFOUǰPGǰ'JOBODJBMǰ1PTJUJPOǰ ǰ 1PTU FNQMPZNFOUǰCFOFųUTǰ ǰ 0UIFSǰMPOH UFSNǰCFOFųUTǰ ǰ ǰ ǰ 1SPųUǰBOEǰMPTTǰ ǰ 1PTU FNQMPZNFOUǰCFOFųUTǰ ǰ 0UIFSǰMPOH UFSNǰCFOFųUTǰ ǰ ǰ ǰ Other comprehensive income ǰ "DUVSJBMǰMPTTFTǰPOǰEFųOFEǰǰǰǰǰ ǰ ǰ FNQMPZFFǰCFOFųUǰQMBOTǰ
Company
2011 (Baht)
2012 (Baht)
2011 (Baht)
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç°Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç°
Ç°
Ç°
Ç°
ǰ%FųOFEǰCFOFųUǰQMBO ǰ
5IFǰBNPVOUTǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰBSFǰEFUFSNJOFEǰBTǰGPMMPXT Consolidated 2012 (Baht)
1SFTFOUǰWBMVFǰPGǰGVOEFEǰPCMJHBUJPOTǰǰ -JBCJMJUZǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰ
Ç° Ç°
2011 (Baht) Ç° Ç°
Company 2012 (Baht)
2011 (Baht)
Ç° Ç°
Eastern Water Resources Development and Management PCL.
24 Accrued expenses
Annual Report 2012
ǰ%FųOFEǰCFOFųUǰQMBO (Cont’d) ǰ 5IFǰNPWFNFOUǰJOǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰPWFSǰUIFǰZFBSǰJTǰBTǰGPMMPXT Consolidated "Uǰ ǰ+BOVBSZǰ "EKVTUNFOUǰBUǰCFHJOOJOHǰCBMBODFǰǰǰǰǰǰ $VSSFOUǰTFSWJDFǰDPTUǰ *OUFSFTUǰDPTUǰ Difference between past projected ǰǰǰBOEǰBDUVBMǰCFOFųUǰQBJEǰ "DUVSJBMǰMPTTFTǰPOǰEFųOFEǰ ǰǰǰFNQMPZFFǰCFOFųUǰQMBOTǰ #FOFųUTǰQBJEǰ "Uǰ ǰ%FDFNCFSǰ
2012 (Baht) Ç° Ç° Ç° Ç°
2011 (Baht)
Company
Ç° Ç° Ç° Ç°
2012 (Baht) Ç° Ç° Ç° Ç°
2011 (Baht)
Ç°
Ç°
Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
The amounts recognised in the income statement are as follows: Consolidated $VSSFOUǰTFSWJDFǰDPTUǰ *OUFSFTUǰDPTUǰ Difference between past projected ǰǰǰBOEǰBDUVBMǰCFOFųUǰQBJEǰ Total ǰ
Ç° Ç° Ç° Ç°
Company
2012 (Baht) Ç° Ç°
2011 (Baht) Ç° Ç°
2012 (Baht) Ç° Ç°
2011 (Baht)
Ç° Ç°
Ç° Ç°
Ç° Ç°
0Gǰ UIFǰ UPUBMǰ DIBSHFǰ JOǰ DPOTPMJEBUFEǰ ųOBODJBMǰ TUBUFNFOUT ǰ #BIUǰ ǰ NJMMJPOǰ ǰ #BIUǰ ǰ NJMMJPO ǰ BOEǰ #BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰXFSFǰJODMVEFEǰJOǰijDPTUǰPGǰTBMFTĴǰBOEǰijBENJOJTUSBUJWFǰFYQFOTFTĴ ǰ respectively. 0GǰUIFǰUPUBMǰDIBSHFǰJOǰDPNQBOZǰųOBODJBMǰTUBUFNFOUT ǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰBOEǰ#BIUǰ ǰ NJMMJPOǰ ǰ #BIUǰ ǰ NJMMJPO ǰ XFSFǰ JODMVEFEǰ JOǰ ijDPTUǰ PGǰ TBMFTĴǰ BOEǰ ijBENJOJTUSBUJWFǰ FYQFOTFTĴ ǰ respectively. The principal actuarial assumptions used were as follows: 2012 2011 (Unit : % per annum) (Unit : % per annum)
Discount rate *OÅ´BUJPOÇ°SBUFÇ° Salary increment rate
Ç°
Ç°
Ç°
4.1 Ç° 5.0 - 10.0
4.7 5.0 - 7.0
Ç°
5IFǰBNPVOUTǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰBSFǰEFUFSNJOFEǰBTǰGPMMPXT Consolidated
1SFTFOUǰWBMVFǰPGǰGVOEFEǰPCMJHBUJPOTǰ -JBCJMJUZǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰ
Ç°
2012 (Baht) Ç° Ç°
Company
2011 (Baht) Ç° Ç°
2012 (Baht) Ç° Ç°
2011 (Baht)
5IFǰNPWFNFOUǰJOǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰPWFSǰUIFǰZFBSǰJTǰBTǰGPMMPXT Consolidated
"Uǰ ǰ+BOVBSZǰǰǰǰǰǰǰ $VSSFOUǰTFSWJDFǰDPTUǰ *OUFSFTUǰDPTUǰ #FOFųUTǰQBJEǰ "Uǰ ǰ%FDFNCFSǰ
Company
2012 (Baht)
2011 (Baht)
2012 (Baht)
2011 (Baht)
Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
The amounts recognised in the income statement are as follows: Consolidated 2012 (Baht) Ç° Ç° Ç°
$VSSFOUÇ°TFSWJDFÇ°DPTUÇ° *OUFSFTUÇ°DPTUÇ° 5PUBMÇ°Ç°
Ç° Ç° Ç° Ç°
Company
2011 (Baht) Ç° Ç° Ç°
2012 (Baht) Ç° Ç° Ç°
2011 (Baht) Ç°
0GǰUIFǰUPUBMǰDIBSHFǰJOǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUT ǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰXFSFǰ JODMVEFEǰJOǰBENJOJTUSBUJWFǰFYQFOTFT 0GǰUIFǰUPUBMǰDIBSHFǰJOǰDPNQBOZǰųOBODJBMǰTUBUFNFOUT ǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰ ǰNJMMJPO ǰXFSFǰJODMVEFEǰ JOǰBENJOJTUSBUJWFǰFYQFOTFT The principal actuarial assumptions used were as follows: 2012 2011 (Unit : % per annum) (Unit : % per annum)
Discount rate (PMEÇ°QSJDFÇ°JOÅ´BUJPOÇ°SBUFÇ°
Ç°
Ç°
Ç°
4.1 Ç°
Eastern Water Resources Development and Management PCL.
ǰ0UIFSǰMPOH UFSNǰCFOFųUT
Annual Report 2012
26 Other non-current liabilities Consolidated 3FUFOUJPOTÇ°QBZBCMFÇ° Rental guarantees received from related party Ç° /PUFÇ° Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç°
Company
2012 (Baht) Ç°
2011 (Baht) Ç°
2012 (Baht) Ç°
2011 (Baht)
Ç° Ç°
Ç° Ç°
Ç° Ç°
Number of shares (Baht)
Ordinary shares (Baht)
Share premium (Baht)
27 Share capital
"UÇ° Ç°+BOVBSZÇ° Ç° Issue of shares "UÇ° Ç°%FDFNCFSÇ° Ç° Issue of shares "UÇ° Ç°%FDFNCFSÇ° Ç°
Ç° Ç° Ç° Ç° Ç° Ç°
Total (Baht)
Ç° Ç° Ç°
The total registered of ordinary shares has a par value of Baht 1 per share (2011: Baht 1 per share). All issued shares are fully paid.
28 Legal reserve Ç° Ç° Ç° Ç°
1VSTVBOUǰUPǰTFDUJPOǰ ǰPGǰUIFǰ1VCMJDǰ-JNJUFEǰ$PNQBOJFTǰ"DUǰ# & ǰ ǰUIFǰ$PNQBOZǰJTǰSFRVJSFEǰUPǰTFUǰ BTJEFǰBǰMFHBMǰSFTFSWFǰFRVBMǰUPǰBUǰMFBTUǰ ǰQFSDFOUǰPGǰJUTǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰBGUFSǰEFEVDUJOHǰBDDVNVMBUFEǰ EFųDJUǰCSPVHIUǰGPSXBSEǰ JGǰBOZ ǰVOUJMǰTVDIǰSFTFSWFǰSFBDIFTǰ ǰQFSDFOUǰPGǰUIFǰ$PNQBOZĴTǰSFHJTUFSFEǰTIBSFǰ DBQJUBM ǰ5IFǰMFHBMǰSFTFSWFǰJTǰOPO EJTUSJCVUBCMF ǰ"TǰBUǰ ǰ%FDFNCFSǰ ǰBOEǰ ǰUIFǰ$PNQBOZĴTǰMFHBMǰ reserve has been fully reached.
29 Other component of equity Consolidated and Company
"UÇ° Ç°+BOVBSZÇ° "NPSUJTBUJPOÇ°PGÇ°BTTFUTÇ°USBOTGFSSFEÇ°GSPNÇ°DVTUPNFSTÇ° "UÇ° Ç°%FDFNCFSÇ°Ç°
Ç°
2012 (Baht)
2011 (Baht)
Ç° Ç° Ç°
Assets transferred from customers represent water distribution pipeline systems and water measured equipment transferred to the Company by customers in accordance with the water supply agreement. 5IFÇ°$PNQBOZÇ°SFDPSEFEÇ°BTÇ°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°BHBJOTUÇ°BTTFUTÇ°USBOTGFSSFEÇ°GSPNÇ°DVTUPNFSTÇ°BDDPVOUÇ° which include in equity and recognise to revenue over the useful life of asset.
Dividends declared during the year consist of the following. Approved by
Year 2012 Dividend for the year 2011 Ç° Ç° Interim dividends on operating results for the Ç° TJY NPOUIÇ°QFSJPEÇ°FOEFE Ç° Ç°+VOFÇ° Ç° Ç° Ç°
Total dividends Dividend per share (Million Baht) (Baht)
Annual General Meeting of the TIBSFIPMEFSTǰPOǰ ǰ.BSDIǰ ǰ Board of Director’s meeting on 22 August 2011 ǰ ǰ
Approved by
Paid on
Ç°
Ç°
Ç°"QSJMÇ°
Ç°
Ç°
Ç°4FQUFNCFSÇ°
Total dividends Dividend per share (Million Baht) (Baht)
Year 2011 Dividend for the year 2010 Annual General Meeting of the shareholders on 24 March 2011 Interim dividends on Board of Director’s meeting on operating results for the 22 August 2011 ǰ TJY NPOUIǰQFSJPEǰFOEFEǰ ǰ ǰ+VOFǰ ǰ ǰ
Paid on
416.0
0.25
12 April 2011
Ç° 615.6
Ç°
Ç°4FQUFNCFSÇ°
31 Other income Consolidated 2012 (Baht) *OUFSFTUÇ°JODPNFÇ°Ç° %JWJEFOEÇ°JODPNFÇ° /PUFÇ° Ç° 0UIFSTÇ°Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
2011 (Baht) Ç° Ç° Ç° Ç°
Company 2012 (Baht)
2011 (Baht)
Ç° Ç° Ç° Ç°
Eastern Water Resources Development and Management PCL.
30 Dividends
Annual Report 2012
32 Expenses by nature 4JHOJųDBOUǰFYQFOTFTǰCZǰOBUVSFǰBSFǰBTǰGPMMPX Consolidated 4BMBSZǰBOEǰXBHFTǰBOEǰPUIFSǰFNQMPZFFǰCFOFųUTǰ %FQSFDJBUJPOǰBOEǰBNPSUJTBUJPOǰFYQFOTFTǰ 3FOUBMǰFYQFOTFTǰ 3BXǰNBUFSJBMTǰBOEǰDPOTVNBCMFTǰVTFEǰ &MFDUSJDJUZǰFYQFOTFTǰǰ 1VSDIBTFTǰPGǰSBXǰXBUFSǰ )JSJOHǰBOEǰTFSWJDFǰFYQFOTFTǰ 3FQBJSǰBOEǰNBJOUFOBODFǰFYQFOTFTǰ Losses on impairment and diminution in value of ǰ BTTFUTǰBOEǰBMMPXBODFǰGPSǰEPVCUGVMǰBDDPVOUTǰ 8BUFSXPSLTǰNBOBHFNFOUǰFYQFOTFǰǰǰǰǰǰǰ &YQFOTFTǰGPSǰEFWFMPQNFOUǰPGǰMJGFǰRVBMJUZǰǰBOEǰ ǰ FOWJSPONFOUǰ 'JOBODFǰDPTUTǰ 0UIFSTǰ ǰ ǰ ǰ
Company
2012 (Baht) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
2011 (Baht) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
2012 (Baht) ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
2011 (Baht)
ǰ ǰ
ǰ ǰ
ǰ ǰ
ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
33 Income tax Consolidated 2012 (Baht)
2011 (Baht)
Company 2012 (Baht)
2011 (Baht)
$VSSFOUǰUBY ǰ $VSSFOUǰUBYǰPOǰQSPųUTǰGPSǰUIFǰZFBSǰ ǰ "EKVTUNFOUTǰJOǰSFTQFDUǰPGǰQSJPSǰZFBSǰ Total current taxǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
ǰ ǰ ǰ
%FGFSSFEǰUBY Origination and reversal of temporary ǰ ǰ EJGGFSFODFTǰ ǰ *NQBDUǰPGǰDIBOHFǰJOǰUBYǰSBUFǰ Total deferred taxǰ Total tax expenseǰ
ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
ǰ ǰ ǰ ǰ
5IFǰUBYǰPOǰUIFǰ(SPVQĴTǰQSPųUǰCFGPSFǰUBYǰEJGGFSTǰGSPNǰUIFǰUIFPSFUJDBMǰBNPVOUǰUIBUǰXPVMEǰBSJTFǰVTJOHǰUIFǰ CBTJDǰUBYǰSBUFǰPGǰUIFǰIPNFǰDPVOUSZǰPGǰUIFǰDPNQBOZǰBTǰGPMMPXT Consolidated
1SPųUǰCFGPSFǰUBYǰ 5BYǰDBMDVMBUFEǰBUǰBǰUBYǰSBUFǰPGǰ ǰ ǰ ǰ 5BYǰFGGFDUǰPG *ODPNFǰOPUǰTVCKFDUǰUPǰUBYǰ &YQFOTFTǰOPUǰEFEVDUJCMFǰGPSǰUBYǰQVSQPTFǰ "EKVTUNFOUǰJOǰSFTQFDUǰPGǰQSJPSǰZFBSǰ 3F NFBTVSFNFOUǰPGǰEFGFSSFEǰUBY ǰ DIBOHFǰJOǰUBYǰSBUFǰǰǰǰǰǰǰǰ 5BYǰDIBSHFǰ
Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Company
2012 2011 (Baht) (Baht) Ç° Ç°
2012 2011 (Baht) (Baht) Ç°
Ç°
Ç°
Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
5IFǰFGGFDUJWFǰUBYǰSBUFǰXBTǰ ǰ ǰ ǰ 5IFSFǰXBTǰUIFǰBOOPVODFNFOUǰPGǰUIFǰ3PZBMǰ%FDSFFǰ3FHBSEJOHǰUIFǰ3FEVDUJPOǰPGǰ$PSQPSBUFǰ*ODPNFǰ5BYǰ3BUFǰ JOǰUIFǰ(PWFSONFOUǰ(B[FUUFǰPOǰ ǰ%FDFNCFSǰ ǰ5IFǰ(SPVQǰIBT ǰDPOTFRVFOUMZ ǰSF NFBTVSFEǰUIFǰSFMFWBOUǰ EFGFSSFEǰUBYǰCBMBODFǰCZǰVTJOHǰUIFǰUBYǰSBUFǰPGǰ ǰPGǰOFUǰQSPųUǰGPSǰUIFǰ ǰųTDBMǰZFBSǰFOEJOHǰPOǰPSǰBGUFSǰ ǰ%FDFNCFSǰ ǰBOEǰUPǰGVSUIFSǰSFEVDFǰUIFJSǰDPSQPSBUFǰJODPNFǰUBYǰUPǰ ǰPGǰOFUǰQSPųUǰJOǰUIFǰųTDBMǰZFBSTǰ CFHJOOJOHǰPOǰPSǰBGUFSǰ ǰ+BOVBSZǰ ǰPOXBSET 5IFǰUBYǰ DIBSHF DSFEJUǰSFMBUJOHǰUPǰDPNQPOFOUǰPGǰPUIFSǰDPNQSFIFOTJWFǰJODPNFǰJTǰBTǰGPMMPXT Consolidated
Actuarial loss on retirement ǰ CFOFųUǰPCMJHBUJPOTǰ 0UIFSǰDPNQSFIFOTJWF ǰ JODPNFǰ $VSSFOUǰUBYǰ %FGFSSFEǰUBYǰ ǰ ǰ
Before tax (Baht)
2012 Tax (charge) credit (Baht)
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
After tax (Baht)
2011 Tax (charge) (Baht)
Tax (charge) credit (Baht)
After tax (Baht)
Eastern Water Resources Development and Management PCL.
Ç° Ç°
Annual Report 2012
33 Income tax (Cont’d) Company
Actuarial loss on retirement ǰ CFOFųUǰPCMJHBUJPOTǰ 0UIFSǰDPNQSFIFOTJWFǰ ǰǰǰJODPNFǰ $VSSFOUǰUBYǰ %FGFSSFEǰUBYǰ ǰ ǰ
Before tax (Baht)
2012 Tax (charge) credit (Baht)
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç° Ç°
After tax (Baht)
2011 Tax (charge) (Baht)
Tax (charge) credit (Baht)
After tax (Baht)
34 Earnings per share #BTJDǰFBSOJOHTǰQFSǰTIBSFǰJTǰDBMDVMBUFEǰCZǰEJWJEJOHǰUIFǰOFUǰQSPųUǰBUUSJCVUBCMFǰUPǰTIBSFIPMEFSTǰCZǰUIFǰXFJHIUFEǰ average number of ordinary shares in issue during the year. Consolidated 2012 (Baht)
2011 (Baht)
/FUǰQSPųUǰBUUSJCVUBCMFǰUPǰPSEJOBSZǰTIBSFIPMEFSTǰ #BIU ǰ ǰ ǰ Weighted average number of ordinary shares in ǰ JTTVFǰ 4IBSF ǰ ǰ ǰ #BTJDǰFBSOJOHTǰQFSǰTIBSFǰ #BIU ǰ ǰ ǰ
Company 2012 (Baht) Ç°
2011 (Baht)
Ç° Ç°
There are no potential dilutive ordinary shares in issue for the years ended 2012 and 2011.
35 Related parties transactions Ç° Ç° Ç° Ç° Ç°
&OUFSQSJTFTǰBOEǰJOEJWJEVBMTǰUIBUǰEJSFDUMZ ǰPSǰJOEJSFDUMZǰUISPVHIǰPOFǰPSǰNPSFǰJOUFSNFEJBSJFT ǰDPOUSPM ǰPSǰBSFǰ DPOUSPMMFEǰCZ ǰPSǰBSFǰVOEFSǰDPNNPOǰDPOUSPMǰXJUI ǰUIFǰDPNQBOZ ǰJODMVEJOHǰIPMEJOHǰDPNQBOJFT ǰTVCTJEJBSJFTǰ BOEǰGFMMPXǰTVCTJEJBSJFTǰBSFǰSFMBUFEǰQBSUJFTǰPGǰUIFǰDPNQBOZ ǰ"TTPDJBUFTǰBOEǰJOEJWJEVBMTǰPXOJOHǰBO ǰJOEJSFDUMZǰ PSǰ EJSFDUMZ ǰ JOUFSFTUǰ JOǰ UIFǰ WPUJOHǰ QPXFSǰ PGǰ UIFǰ DPNQBOZǰ UIBUǰ HJWFTǰ UIFNǰ TJHOJųDBOUǰ JOŴVFODFǰ PWFSǰ UIFǰ FOUFSQSJTF ǰLFZǰNBOBHFNFOUǰQFSTPOOFM ǰJODMVEJOHǰEJSFDUPSTǰBOEǰPGųDFSTǰPGǰUIFǰDPNQBOZǰBOEǰDMPTFǰNFNCFSTǰ of the family of these individuals and companies associated with these individuals also constitute related parties.
Ç° Ç°
*OÇ° DPOTJEFSJOHÇ° FBDIÇ° QPTTJCMFÇ° SFMBUFEÇ° QBSUZÇ° SFMBUJPOTIJQ Ç° BUUFOUJPOÇ° JTÇ° EJSFDUFEÇ° UPÇ° UIFÇ° TVCTUBODFÇ° PGÇ° UIFÇ° SFMBUJPOTIJQ Ç°BOEÇ°OPUÇ°NFSFMZÇ°UIFÇ°MFHBMÇ°GPSN
Ç° Ç°
5IFÇ°$PNQBOZÇ°JTÇ°BÇ°QVCMJDÇ°MJTUFEÇ°DPNQBOZ Ç°5IFÇ°NBKPSÇ°TIBSFIPMEFSÇ°JTÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° XIJDIÇ°PXOTÇ° Ç°PGÇ°UIFÇ°DPNQBOZÄ´TÇ°TIBSF
Consolidated 2012 (Baht)
Company
2011 (Baht)
2012 (Baht)
Sales - raw water Major shareholders Ç° *OEVTUSJBMÇ°&TUBUFÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° Ç° Ç° Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Ç° Ç° Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° Ç° Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Sales - tap water Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° 3FOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNF Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° 0UIFSÇ°SFMBUFEÇ°DPNQBOZ Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° Ç° Ç°
2011 (Baht)
Ç° Ç° Ç°
Ç° Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç°
%JWJEFOEÇ°JODPNF Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° 0UIFSÇ°SFMBUFEÇ°DPNQBOZ Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° Ç° Ç°
Ç°
Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
0UIFSÇ°JODPNF Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°
Ç°
Ç°
Ç°
Ç°
Costs of sales and costs of services Subsidiary 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°
Ç°
Ç°
Ç°
Ç°
Ç° Ç°
4BMFTÇ°PGÇ°SBXÇ°XBUFSÇ°BSFÇ°DIBSHFEÇ°TJNJMBSÇ°UPÇ°NBSLFUÇ°QSJDFT 4BMFTÇ°PGÇ°UBQÇ°XBUFS Ç°SFOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNFÇ°BOEÇ°PUIFSÇ°JODPNFÇ°BSFÇ°DIBSHFEÇ°BUÇ°NVUVBMMZÇ° Ç°BHSFFEÇ°QSJDFTÇ°BTÇ° stipulated in the contracts. Costs of sales and services are charged at mutually - agreed prices as stipulated in the contracts.
Eastern Water Resources Development and Management PCL.
35.1 Transactions incurred during the year
Annual Report 2012
35 Related parties transactions (Cont’d) 35.2 Outstanding balances at end of the years Consolidated 2012 (Baht) Trade accounts receivable - billed Major shareholders ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ ǰ ǰ*OEVTUSJBMǰ&TUBUFǰ"VUIPSJUZǰPGǰ5IBJMBOEǰ ǰ &MFDUSJDJUZǰ(FOFSBUJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰ Subsidiary ǰ 6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰǰǰǰǰǰǰǰ 0UIFSǰSFMBUFEǰDPNQBOZ ǰ &HDPNǰ5BSBǰ$PNQBOZǰ-JNJUFEǰ ǰ ǰ ǰ Unbilled receivables Major shareholders ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ Subsidiary ǰ 6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰǰǰǰǰǰǰǰ 0UIFSǰSFMBUFEǰDPNQBOZ ǰ &HDPNǰ5BSBǰ$PNQBOZǰ-JNJUFEǰ ǰ ǰ ǰ 8BUFSǰMPTTǰUSFBUNFOUǰTFSWJDFǰJODPNFSFDFJWBCMFT Major shareholders ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰ ǰCJMMFEǰ ǰ ǰVOCJMMFEǰ ǰ ǰ ǰ
Company
2011 (Baht)
2012 (Baht)
2011 (Baht)
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç°
Ç°
Ç°
Ç°
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Ç° Ç°
Ç° Ç°
Ç°
Ç°
Ç°
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Ç°
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Ç° Ç°
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Consolidated 2012 (Baht) 8JUIJOÇ°DSFEJUÇ°UFSNÇ° 1BTUÇ°EVFÇ°MFTTÇ°UIBOÇ° Ç°NPOUITÇ°Ç°Ç°Ç°Ç°Ç° Total water loss treatment service income Ç° SFDFJWBCMFÇ° Ç°CJMMFEÇ° Other receivable Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° EW Smart Water (Rayong) Company Limited EW Utilities Company Limited EW Water Balance (Chonburi) Company Limited Ç° 4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Trade accounts payable Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Ç° *OEVTUSJBMÇ°&TUBUFÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ°Ç°Ç°Ç°Ç°Ç° Subsidiary Ç° 4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç° Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° 0UIFSÇ°SFMBUFEÇ°DPNQBOZ Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Rental guarantees (include in other non-current liabilities) Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°
Company
2011 (Baht)
2012 (Baht)
2011 (Baht)
Ç° Ç°
Ç° Ç°
Ç° Ç° Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç°
Ç° Ç° Ç°
Ç° Ç° Ç°
Ç° 400 400 400 Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç°
Ç° Ç°
Ç° Ç°
Ç° Ç°
Ç°
Ç°
Ç°
Ç°
Eastern Water Resources Development and Management PCL.
The age analysis of the water loss treatment service income receivable-billed is as follows:
Annual Report 2012
35 Related parties transactions (Cont’d) ǰ,FZǰNBOBHFNFOUǰDPNQFOTBUJPOǰ ǰ ,FZǰNBOBHFNFOUǰDPNQFOTBUJPOǰDPNQPTFEǰPGǰTBMBSJFT ǰNFFUJOHǰBMMPXBODFTǰHSBUVJUJFTǰBOEǰQPTU FNQMPZFFǰ ǰ CFOFųUTǰDBOǰCFǰDBUFHPSJTFEǰBTǰGPMMPXT Consolidated 2012 (Baht) 4IPSU UFSNǰFNQMPZFFǰCFOFųUTǰ 1PTU FNQMPZNFOUǰCFOFųUTǰ 0UIFSǰMPOH UFSNǰFNQMPZFFǰCFOFųUTǰ ǰ ǰ ǰ
Company
2011 (Baht)
Ç° Ç° Ç° Ç°
Ç° Ç° Ç° Ç°
2012 (Baht)
2011 (Baht)
Ç° Ç° Ç° Ç°
36 Commitments and contingent liabilities ǰ$BQJUBMǰDPNNJUNFOUT ǰ "Tǰ BUǰ ǰ %FDFNCFSǰ ǰ UIFǰ (SPVQǰ BOEǰ UIFǰ $PNQBOZǰ IBEǰ DPNNJUNFOUTǰ JOǰ SFTQFDUǰ PGǰ JO QSPHSFTTǰ ǰ DPOTUSVDUJPOǰBOEǰJOTUBMMBUJPOǰPGǰUIFǰXBUFSǰEJTUSJCVUJPOǰQJQFMJOFǰJOǰUIFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰųOBODJBMǰ ǰ TUBUFNFOUTǰǰUPUBMJOHǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZǰ ǰ#BIUǰ ǰNJMMJPOǰ ǰ BOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ ǰ0QFSBUJOHǰMFBTFǰDPNNJUNFOUT The future aggregate minimum lease payments in respect of the lease of motor vehicles and computer under non-cancellable operating leases contracts are as follows. Consolidated 2012 (Baht) 8JUIJOǰ ǰZFBSǰ 1 to 5 years More than 5 years ǰ ǰ ǰ
Company
2011 (Baht) Ç° 6.2 4.1 Ç°
2012 (Baht) Ç° 5.4 Ç°
2011 (Baht) Ç° 4.7 Ç°
2.7
ǰ 3BXǰXBUFSǰBOEǰUBQǰXBUFSǰQVSDIBTFǰBHSFFNFOUTǰBOEǰMPOH UFSNǰTFSWJDFǰDPNNJUNFOUT ǰ ǰ "Tǰ BUǰ ǰ %FDFNCFSǰ ǰ BOEǰ ǰ UIFǰ $PNQBOZǰ IBEǰ DPNNJUNFOUǰ JOǰ SFTQFDUǰ PGǰ Bǰ SBXǰ XBUFSǰ purchase agreement with the Royal Irrigation Department whereby it is to purchase raw water at ǰ ǰ ǰ ǰ UIFǰQSJDFǰTQFDJųFEǰJOǰBǰ.JOJTUFSJBMǰ3FHVMBUJPO ǰ ǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰBOEǰ ǰUIFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSZǰIBEǰDPNNJUNFOUTǰJOǰSFTQFDUǰPGǰ raw water and tap water purchase agreements with private companies at the condition and price ǰ ǰ ǰ ǰ BTǰEFTDSJCFEǰJOǰ/PUFTǰ ǰ ǰBOEǰ ǰUPǰUIFǰųOBODJBMǰTUBUFNFOUT ǰ ǰ "TǰBUǰ ǰ%FDFNCFSǰ ǰUIFǰ(SPVQǰBOEǰUIFǰ$PNQBOZǰIBEǰDPNNJUNFOUTǰJOǰSFTQFDUǰPGǰTFSWJDFǰ ǰ ǰ ǰ ǰ BHSFFNFOUTǰ QBZBCMFǰ JOǰ UIFǰ GVUVSFǰ PGǰ BQQSPYJNBUFMZǰ #BIUǰ ǰ NJMMJPOǰ BOEǰ #BIUǰ ǰ NJMMJPO ǰ ǰ ǰ ǰ ǰ SFTQFDUJWFMZǰ ǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ
Ç°
Guarantees Ç° "TÇ°BUÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°(SPVQÇ°BOEÇ°UIFÇ°$PNQBOZÇ°IBEÇ°Ç°DPOUJOHFOUÇ°MJBCJMJUJFTÇ°GSPNÇ°MFUUFSTÇ°PGÇ° Ç° Ç° Ç° HVBSBOUFFÇ°JTTVFEÇ°CZÇ°MPDBMÇ°DPNNFSDJBMÇ°CBOLTÇ°UPÇ°UIFÇ°1SPWJODJBMÇ°&MFDUSJDJUZÇ°"VUIPSJUZÇ°GPSÇ°FMFDUSJDJUZÇ° Ç° Ç° Ç° DPOTVNQUJPO Ç° UPÇ° UIFÇ° .JOJTUSZÇ° PGÇ° 'JOBODFÇ° GPSÇ° NBOBHFNFOUÇ° BOEÇ° PQFSBUJPOÇ° PGÇ° UIFÇ° NBKPSÇ° XBUFSÇ° Ç° Ç° Ç° EJTUSJCVUJPOÇ° QJQFMJOFÇ° TZTUFNTÇ° JOÇ° UIFÇ° &BTUFSOÇ° 4FBCPBSEÇ° BSFB Ç° UPÇ° UIFÇ° 1SPWJODJBMÇ° &MFDUSJDJUZÇ° Ç° Ç° Ç° "VUIPSJUZÇ°BOEÇ°UIFÇ°3PZBMÇ°*SSJHBUJPOÇ°%FQBSUNFOUÇ°GPSÇ°DPNQMJBODFÇ°UPÇ°BHSFFNFOUT Ç°BOEÇ°UPÇ°DPVOUFSQBSUZÇ° Ç° Ç° Ç° GPSÇ° CJEÇ° CPOETÇ° BOEÇ° QFSGPSNBODFÇ° CPOETÇ° UPUBMMJOHÇ° #BIUÇ° Ç° NJMMJPOÇ° BOEÇ° #BIUÇ° Ç° NJMMJPO Ç° Ç° Ç° Ç° SFTQFDUJWFMZ Ç° Ç°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPO Ç°SFTQFDUJWFMZ Ç° "TÇ° BUÇ° Ç° %FDFNCFSÇ° Ç° BOEÇ° Ç° UIFÇ° (SPVQÇ° IBEÇ° DPOUJOHFOUÇ° MJBCJMJUJFTÇ° JOÇ° SFTQFDUÇ° PGÇ° CFJOHÇ° BÇ° Ç° Ç° Ç° HVBSBOUPSÇ°UPÇ°JUTÇ°UISFFÇ°TVCTJEJBSJFTÇ°GPSÇ°MFUUFSTÇ°PGÇ°HVBSBOUFFÇ°JTTVFEÇ°CZÇ°MPDBMÇ°DPNNFSDJBMÇ°CBOLTÇ°UPÇ°UIPTFÇ° subsidiaries in a credit limit of Baht 200 million for compliance to agreements with respect to Ç° Ç° Ç° UIFJSÇ° FMFDUSJDJUZÇ° DPOTVNQUJPOÇ° HVBSBOUFF Ç° UBQÇ° XBUFSÇ° QSPEVDUJPOÇ° BOEÇ° EJTUSJCVUJPOÇ° BOEÇ° XBUFSÇ° consumers information records.
37 Litigation Ç° Ç° Ç° Ç°
"TǰBUǰ ǰ%FDFNCFSǰ ǰBOEǰ ǰUIFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSZǰXFSFǰTVFEǰBTǰEFGFOEBOUTǰJOǰMJUJHBUJPOǰ DBTFTǰXJUIǰTJHOJųDBOUǰDMBJNǰBTǰGPMMPXT 0Oǰ ǰ0DUPCFSǰ ǰUIFǰ$PNQBOZǰXBTǰTVFEǰCZǰBǰDPNQBOZǰJOǰBǰMBXTVJUǰXJUIǰBǰCMBDLǰDBTFǰOVNCFSǰ ǰ SFHBSEJOHǰBǰCSFBDIǰPGǰBǰDPOTUSVDUJPOǰBHSFFNFOU ǰ5IFǰMJUJHBUJPOǰųMFEǰXJUIǰUIFǰ$JWJMǰ$PVSUǰCZǰUIFǰQMBJOUJGGǰ requested that the Company pay damages totaling Baht 40.2 million. ǰ 0Oǰ ǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰųMFEǰBǰMBXTVJUǰXJUIǰBǰCMBDLǰDBTFǰOVNCFSǰ ǰSFHBSEJOHǰBǰCSFBDIǰ ǰ PGǰBǰDPOTUSVDUJPOǰDPOUSBDU ǰTVJOHǰUIFǰBGPSFNFOUJPOFEǰDPNQBOZǰBOEǰBǰMPDBMǰDPNNFSDJBMǰCBOLǰBTǰUIFǰXPSLǰ ǰ HVBSBOUPSǰPGǰUIBUǰDPNQBOZ ǰ5IFǰMJUJHBUJPOǰųMFEǰXJUIǰUIFǰ$JWJMǰ$PVSUǰCZǰUIFǰ$PNQBOZǰSFRVFTUFEǰUIBUǰUIFǰ defendants pay damages totaling Baht 37.4 million. ǰ 0Oǰ ǰ+BOVBSZǰ ǰUIFǰ$JWJMǰ$PVSUǰTFUǰBǰEBUFǰGPSǰUIFǰTFUUMFNFOUǰPGǰJTTVFTǰVOEFSǰUIFǰMBXTVJUǰXJUIǰUIFǰ ǰ CMBDLǰDBTFǰOVNCFSǰ ǰ)PXFWFS ǰUIFǰBUUPSOFZǰPGǰUIFǰ$PNQBOZǰIBTǰQFUJUJPOFEǰUIFǰ$PVSUǰUPǰNFSHFǰ ǰ UIFǰTFUUMFNFOUǰPGǰJTTVFTǰPGǰUIFǰMBXTVJUǰXJUIǰUIFǰCMBDLǰDBTFǰOVNCFSǰ ǰUPǰCFǰJOǰPOFǰDBTFǰTJODFǰ both cases are based on the same factual information. The Court considered the request and set a date ǰ GPSǰUIFǰTFUUMFNFOUǰPGǰJTTVFTǰPGǰUIFTFǰUXPǰMBXTVJUTǰPOǰ ǰ.BSDIǰ ǰ 0Oǰ ǰ .BSDIǰ ǰ UIFǰ $JWJMǰ $PVSUǰ TFUǰ Bǰ EBUFǰ GPSǰ JOWFTUJHBUJPOǰ PGǰ QMBJOUJGGĴTǰ XJUOFTTFTǰ EVSJOHǰ ǰ ǰ ǰ ǰ 'FCSVBSZǰ ǰBOEǰBǰEBUFǰGPSǰJOWFTUJHBUJPOǰPGǰEFGFOEBOUĴTǰXJUOFTTFTǰEVSJOHǰ ǰ ǰ ǰ'FCSVBSZǰ ǰ 0Oǰ ǰ+VMZǰ ǰ5IFǰ$JWJMǰ$PVSUǰEFMJWFSFEǰJUTǰKVEHFNFOUǰPGǰUIFǰSFEǰDBTFǰOVNCFSǰ ǰBOEǰ ǰ which can be summarised as follows: ǰ ǰ5IFǰMJUJHBOUǰJTǰSFRVJSFEǰUPǰQBZǰBǰųOFǰPGǰ#BIUǰ ǰNJMMJPO ǰSFUVSOǰUIFǰBEWBODFǰQBZNFOUǰPGǰ#BIUǰ ǰNJMMJPOǰ ǰ ǰ BOEǰQBZǰGPSǰXBHFǰTVQFSWJTPSTǰEVSJOHǰMBUFǰXPSLǰQFSJPEǰPGǰ#BIUǰ ǰNJMMJPO ǰUPUBMMJOHǰBǰQBZNFOUǰPGǰ#BIUǰ ǰNJMMJPO 2. The Company is required to pay the 30th and 31st installment of construction cost according to the agreement of Baht 13.0 million together with the additional costs of Baht 7.0 million and the return of ǰ ǰ SFUFOUJPOǰDPTUTǰPGǰ#BIUǰ ǰNJMMJPO ǰUPUBMMJOHǰ#BIUǰ ǰNJMMJPO ǰ.PSFPWFS ǰUIFǰ$PNQBOZǰJTǰSFRVJSFEǰUPǰ ǰ ǰ SFUVSOǰBMMǰFJHIUǰCBOLǰHVBSBOUFFTǰUPǰUIFǰMJUJHBOU ǰǰ )PXFWFS ǰGPSǰUIFǰCFOFųUǰPGǰUIFǰ$PNQBOZ ǰBǰMBXZFSǰXBTǰBQQPJOUFEǰUPǰMPEHFǰBOǰBQQFBMǰXJUIǰUIFǰDPVSUǰPOǰ ǰ ǰ0DUPCFSǰ ǰSFHBSEJOHǰUIFǰųOFǰBOEǰUIFǰBEEJUJPOBMǰDPTUT ǰ 5IFǰ$PNQBOZǰIBTǰSFDPSEFEǰMJBCJMJUJFTǰPGǰUIFǰDPOTUSVDUJPOǰDPTUTǰBOEǰUIFǰSFUFOUJPOǰDPTUTǰPGǰ#BIUǰ ǰNJMMJPO ǰ ǰ TUJMM ǰOPUǰSFDPSEFEǰ#BIUǰ ǰNJMMJPOǰPGǰUIFǰBEEJUJPOBMǰDPTUT ǰ/FWFSUIFMFTT ǰUIJTǰDBTFǰIBTǰOPUǰZFUǰCFFOǰųOBMJTFE ǰ 0Oǰ ǰ+VOFǰ ǰUIFǰ$PNQBOZǰXBTǰTVFEǰBTǰBǰEFGFOEBOUǰCZǰBǰGPSNFSǰFNQMPZFFǰVOEFSǰUIFǰMBCPVSǰMBXǰ ǰ VOEFSǰCMBDLǰDBTFǰ/P ǰSFHBSEJOHǰUIFǰUFSNJOBUJPOǰPGǰUIFJSǰFNQMPZNFOU ǰ5IFǰQMBJOUJGGǰMPEHFEǰUIFǰ
Eastern Water Resources Development and Management PCL.
36.4 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Annual Report 2012
37 Litigation (Cont’d) ǰ
MBXTVJUǰXJUIǰUIFǰ$FOUSBMǰ-BCPVSǰ$PVSU ǰTFFLJOHǰDPNQFOTBUJPOǰPGǰ#BIUǰ ǰNJMMJPO ǰ0Oǰ ǰ+VOFǰ ǰUIFǰ Court issued a compromise judgement and ordered the defendant to pay Baht 4.4 million to the plaintiff. ǰ #PUIǰQBSUJFTǰBDDFQUFEǰUIJTǰKVEHFNFOU ǰBOEǰUIJTǰDBTFǰXBTǰųOBMJTFE ǰ 0Oǰ ǰ+VOFǰ ǰUIFǰ$PNQBOZǰXBTǰTVFEǰBTǰBǰDP EFGFOEBOUǰUPHFUIFSǰXJUIǰBǰQSJWBUFǰDPNQBOZǰCZǰUIFǰ4UBUFǰ Railway of Thailand in relation to a claim for damages for soil erosion on its land caused by the ǰ FYDBWBUJPOǰPGǰBǰSBXǰXBUFSǰQJUǰBUǰUIFǰXBUFSǰQVNQJOHǰQSPKFDUǰJOǰ$IPOCVSJ ǰ5IFǰQMBJOUJGGǰMPEHFEǰUIFǰMBXTVJU ǰ ǰ #MBDLǰ$BTFǰ/P ǰXJUIǰUIFǰ$IPOCVSJǰ1SPWJODJBMǰ$PVSU ǰTFFLJOHǰDPNQFOTBUJPOǰBNPVOUJOHǰUPǰ#BIUǰ ǰ ǰ NJMMJPO ǰ5IFǰ$PNQBOZĴTǰEFGFODFǰXBTǰUIBUǰJUǰXBTǰOPUǰBǰQBSUZǰUPǰUIFǰFYDBWBUJPOǰPQFSBUJPOǰCVUǰXBTǰPOMZǰBǰ ǰ QVSDIBTFSǰPGǰSBXǰXBUFSǰGSPNǰUIFǰQSJWBUFǰDPNQBOZ ǰ-BUFS ǰPOǰ ǰ+VMZǰ ǰUIFǰ$IPOCVSJǰ1SPWJODJBMǰ$PVSUǰ dismissed the case against the Company and judged that it was the private company that was liable to the State Railway of Thailand. ǰ 0Oǰ ǰ.BSDIǰ ǰ6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFE ǰBǰTVCTJEJBSZ ǰXBTǰTVFEǰBTǰBǰDP EFGFOEBOUǰUPHFUIFSǰ ǰ XJUIǰ UIFǰ 1SPWJODJBMǰ 8BUFSXPSLTǰ "VUIPSJUZǰ Ĝ18"ġ ǰ JOǰ Bǰ DBTFǰ CSPVHIUǰ JOǰ DPOOFDUJPOǰ XJUIǰ JMMFHBMǰ BDUTǰ ǰ QFSGPSNFEǰCZǰBENJOJTUSBUJWFǰBHFODJFTǰPSǰTUBUFǰPGųDJBMT ǰ5IFǰQMBJOUJGGǰQFUJUJPOFEǰUIFǰBENJOJTUSBUJWFǰDPVSUǰ to void the selection process by which a private operator was selected to produce tap water for ǰ EJTUSJCVUJPOǰUPǰUIFǰ18"ǰJOǰUIFǰBSFBǰCFMPOHJOHǰUPǰUIFǰ3BZPOHǰ8BUFSXPSLT ǰ0Oǰ ǰ.BSDIǰ ǰUIFǰ3BZPOHǰ ǰ "ENJOJTUSBUJWFǰ$PVSUǰPSEFSFEǰUIFǰTFMFDUJPOǰQSPDFTTǰWPJEFEǰJOǰBDDPSEBODFǰXJUIǰUIFǰQMBJOUJGGĴTǰQFUJUJPO ǰBOEǰ ǰ BMTPǰ EFDMBSFEǰ WPJEǰ UIFǰ BHSFFNFOUǰ BQQPJOUJOHǰ Bǰ QSJWBUFǰ ųSNǰ UPǰ QSPEVDFǰ XBUFSǰ GPSǰ TBMFǰ UPǰ UIFǰ 3BZPOH ǰ 8BUFSXPSLT ǰXIJDIǰIBEǰSFTVMUFEǰGSPNǰBOǰJMMFHBMǰTFMFDUJPOǰQSPDFTT ǰ)PXFWFS ǰUIFǰ18"ǰBOEǰUIFǰTVCTJEJBSZǰMPEHFEǰ appeals with the Rayong Administrative Court on 12 April 2007 and the Rayong Administrative Court has issued a court receipt for such appeal and then passed it to the Supreme Administrative Court. The owner’s ǰ BSCJUSBUPSǰ TQFDJųFEǰ UIFǰ MBTUǰ EBZǰ PGǰ GBDUǰ ųOEJOHǰ UPǰ CFǰ ǰ +VOFǰ ǰ CFGPSFǰ QSPQPTJOHǰ UIJTǰ DBTFǰ UPǰ UIFǰ ǰ KVEHJOHǰQBOFM ǰ0Oǰ ǰ/PWFNCFSǰ ǰUIFǰPXOFSĴTǰBSCJUSBUPSǰDPODMVEFEǰUIBUǰQMBJOUJGGǰIBWFǰOPǰBVUIPSJUZǰ ǰ UPǰJOEJDUǰCFDBVTFǰUIFZǰXFSFǰOPUǰQFSTPOTǰUIPTFǰBGGFDUFEǰGSPNǰTFMFDUJPOǰQSPDFTT ǰ5IFSFGPSF ǰUIFǰKVEHJOHǰQBOFMǰ ǰ SFDBMMFEǰBǰKVEHFNFOUǰPGǰUIFǰ3BZPOHǰ"ENJOJTUSBUJWFǰ$PVSU ǰ"MUIPVHI ǰUIFǰBHSFFNFOUǰXBTǰDBODFMMFE ǰUIFǰ subsidiary management believes that the subsidiary will incur no loss as a result of the termination of the ǰ BHSFFNFOU ǰ*OǰDBTFǰUIBUǰTVDIǰUFSNJOBUJPOǰPDDVST ǰUIFǰ18"ǰXJMMǰIBWFǰUPǰDPNQFOTBUFǰUIFǰTVCTJEJBSZǰGPSǰDPTUTǰ ǰ PGǰ DPOTUSVDUJPOǰ BOEǰ JNQSPWFNFOUTǰ NBEFǰ UPǰ UIFǰ XBUFSXPSLT ǰ BOEǰ GPSǰ PUIFSǰ FYQFOTFTǰ JODVSSFEǰ CZǰ UIFǰ ǰ TVCTJEJBSZ ǰ5IFSFGPSF ǰOPǰQSPWJTJPOǰIBTǰZFUǰCFFOǰNBEFǰJOǰUIFǰBDDPVOUT
38 Project compensation
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A government agency is considering a deal for the Company to rent/manage the 2 pipeline connecting projects (“projectsâ€?) and adjust the compensation. A letter issued by this government agency stipulated that the Company was to initially pay compensation for the projects at a percentage of the raw water TBMFTÇ°GSPNÇ°UIFÇ°QSPKFDUTÇ°GSPNÇ°UIFÇ°ZFBSÇ°PQFSBUJPOÇ°DPNNFODFEÇ° ZFBSÇ° Ç°*OÇ°BEEJUJPO Ç°JGÇ°JUÇ°JTÇ°EFDJEFEÇ°UIBUÇ°BÇ° GBJSÇ°SBUFÇ°JTÇ°NPSFÇ°UIBOÇ°UIFÇ°SBUFÇ°BUÇ°XIJDIÇ°UIFÇ°$PNQBOZÇ°BMSFBEZÇ°QBJE Ç°UIFÇ°$PNQBOZÇ°JTÇ°UPÇ°NBLFÇ°BEEJUJPOBMÇ° QBZNFOU Ç°JOÇ°GVMM Ç°BTÇ°BÇ°MVNQÇ°TVN Ç°XIJMFÇ°JGÇ°UIFÇ°GBJSÇ°SBUFÇ°JTÇ°MPXFS Ç°UIFÇ°HPWFSONFOUÇ°BHFODZÇ°BHSFFTÇ°UPÇ°QBZÇ°CBDLÇ° the surplus paid by offsetting it against the remuneration of the following years. 0OÇ° Ç°+BOVBSZÇ° Ç°UIFÇ°HPWFSONFOUÇ°BHFODZÇ°JTTVFEÇ°BÇ°MFUUFSÇ°UPÇ°UIFÇ°$PNQBOZÇ°OPUJGZJOHÇ°JUÇ°UIBUÇ°BÇ°EFBMÇ°GPSÇ°UIFÇ° Company to rent/manage the projects and the adjusting of compensation must be processed in accordance XJUIÇ°UIFÇ°"DUÇ°POÇ°1SJWBUFÇ°1BSUJDJQBUJPOÇ°JOÇ°BÇ°4UBUFÇ°6OEFSUBLJOHÇ°# & Ç° Ç°XIFSFCZÇ°BÇ°DPNNJUUFFÇ°IBT Ç°VOEFSÇ° 4FDUJPOÇ° Ç°BVUIPSJUZÇ°UPÇ°TFUÇ°UIFÇ°DPNQFOTBUJPOÇ°SBUFÇ°BOEÇ°OFHPUJBUFÇ°CFOFĹłUTÇ°XJUIÇ°UIFÇ°$PNQBOZÇ°JOÇ°PSEFSÇ°UPÇ°SFBDIÇ° BÇ°QSFMJNJOBSZÇ°DPODMVTJPO Ç°0OÇ° Ç°.BZÇ° Ç°UIFÇ°$PNNJUUFFÇ°VOEFSÇ°TFDUJPOÇ° Ç°IBEÇ°BÇ°SFTPMVUJPOÇ°UPÇ°BQQSPWFÇ°UIFÇ° $PNQBOZÄ´TÇ°SFOUBMÇ°PGÇ°BÇ°QJQFMJOFÇ°XJUIPVUÇ°BVDUJPOÇ°BOEÇ°BMSFBEZÇ°TVCNJUUFEÇ°UIJTÇ°UPÇ°UIFÇ°$BCJOFUÇ°GPSÇ°BQQSPWBM Ç° CFGPSFÇ°DPOTJEFSBUJOHÇ°UIFÇ°DPNQFOTBUJPOÇ°SBUFÇ°JOÇ°UIFÇ°OFYUÇ°QSPDFTT Ç°5IFSFÇ°XBTÇ°OPÇ°TJHOJĹłDBOUÇ°QSPHSFTTÇ°EVSJOHÇ° year 2012.
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5IFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSJFTǰIBWFǰUIFǰGPMMPXJOHǰTJHOJųDBOUǰBHSFFNFOUT ǰCFTJEFTǰPUIFSǰBHSFFNFOUTǰBTǰ EJTDVTTFEǰJOǰSFMFWBOUǰOPUFTǰUPǰųOBODJBMǰTUBUFNFOUT 5IFǰ$PNQBOZ ǰ 0Oǰ ǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBOǰBHSFFNFOUǰXJUIǰUIFǰ.JOJTUSZǰPGǰ'JOBODFǰUPǰNBOBHFǰ and operate the major water distribution pipeline systems in the Eastern Seaboard area. The contract ǰ UFSNǰJTǰ ǰZFBST ǰGSPNǰ ǰ+BOVBSZǰ ǰUPǰ ǰ4FQUFNCFSǰ ǰBOEǰUIFǰ$PNQBOZǰJTǰSFRVJSFEǰUPǰQBZǰBǰNJOJNVNǰ ǰ PGǰ#BIUǰ ǰNJMMJPOǰQFSǰBOOVNǰUPǰUIFǰ.JOJTUSZǰPGǰ'JOBODF ǰ*OǰBOZǰZFBSTǰXIFOǰUIFǰ$PNQBOZĴTǰSFWFOVFTǰGSPNǰ ǰ UIFǰTBMFTǰPGǰSBXǰXBUFSǰFYDFFEǰ#BIUǰ ǰNJMMJPO ǰJUǰJTǰSFRVJSFEǰUPǰQBZǰUIFǰ.JOJTUSZǰPGǰ'JOBODFǰXJUIǰBǰTIBSJOHǰ ǰ CFOFųUǰ BUǰ Bǰ SBUFǰ PGǰ ǰ QFSDFOUǰ PGǰ TBMFTǰ PGǰ SBXǰ XBUFSǰ GSPNǰ UIFǰ /POHǰ ,IPSǰ BOEǰ %PLǰ ,SBJǰ SFTFSWPJST ǰ *Oǰ ǰ BEEJUJPO ǰXIFOǰUIFǰ$PNQBOZĴTǰBOOVBMǰSBUFǰPGǰSFUVSOǰPOǰFRVJUZǰFYDFFETǰ ǰQFSDFOU ǰBOǰBEEJUJPOBMǰTIBSJOHǰ ǰ CFOFųUǰBUǰUIFǰSBUFǰPGǰ ǰQFSDFOUǰPGǰUIFǰSFUVSOǰJOǰFYDFTTǰPGǰUIFǰQBJEǰ ǰQFSDFOUǰJTǰUPǰCFǰQBJEǰUPǰUIFǰ.JOJTUSZǰ ǰ PGǰ'JOBODF ǰ/FWFSUIFMFTT ǰUIFǰUPUBMǰTIBSJOHǰCFOFųUǰJTǰOPUǰUPǰFYDFFEǰ ǰQFSDFOUǰPGǰUIFǰSFBMǰWBMVFǰPGǰUIFǰ ǰ BTTFUTǰMFBTFEǰGSPNǰUIFǰ.JOJTUSZǰPGǰ'JOBODF ǰBTǰBTTFTTFEǰBDDPSEJOHǰUPǰUIFǰBHSFFEǰUJNFǰGSBNF ǰ 0Oǰ ǰ /PWFNCFSǰ ǰ UIFǰ $PNQBOZǰ FOUFSFEǰ JOUPǰ BOǰ BHSFFNFOUǰ XJUIǰ 6OJWFSTBMǰ 6UJMJUJFTǰ $PNQBOZǰ ǰ -JNJUFE ǰ Bǰ TVCTJEJBSZ ǰ UPǰ SFDFJWFǰ XBUFSXPSLTǰ NBOBHFNFOUǰ TFSWJDFTǰ GPSǰ 4BUUBIJQǰ 8BUFSXPSLTǰ PGǰ UIFǰ ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰGPSǰUIFǰQFSJPEǰPGǰ ǰZFBST ǰ5IFǰ$PNQBOZǰXJMMǰQBZǰUIFǰNBOBHFNFOUǰGFFǰ ǰ GSPNǰSFWFOVFǰBGUFSǰEFEVDUJOHǰMJDFOTFǰGFFǰBOEǰSFMBUFEǰFYQFOTFTǰBTǰTQFDJųFEǰJOǰUIFǰBHSFFNFOU ǰ.PSFPWFS ǰ ǰ UIFǰ $PNQBOZǰ XJMMǰ SFDFJWFǰ UIFǰ QSPųUǰ TIBSJOHǰ GSPNǰ UIFǰ TVCTJEJBSZǰ VOEFSǰ UIFǰ DPOEJUJPOTǰ TQFDJųFEǰ JOǰ UIFǰ ǰ BHSFFNFOU ǰ4VCTFRVFOUMZǰPOǰ ǰ0DUPCFSǰ ǰUIFǰ$PNQBOZǰBNFOEFEǰUIFǰBCPWF NFOUJPOFEǰBHSFFNFOUǰ ǰ UPǰ FOUJUMFǰ UIFǰ TVCTJEJBSZǰ UPǰ UIFǰ 1BUUBZBǰ 8BUFSXPSLTǰ BOEǰ FYUFOEǰ UIFǰ NBOBHFǰ XBUFSǰ TZTUFNǰ PGǰ 4BUUBIJQǰ ǰ 8BUFSXPSLTǰQFSJPEǰGPSǰ ǰZFBSTǰGSPNǰ ǰ.BSDIǰ ǰCVUǰOPUǰFYDFFEJOHǰUIFǰQFSJPEǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ ǰ "VUIPSJUZǰIBTǰHSBOUFEǰUIFǰ$PNQBOZǰUIFǰSJHIUTǰUPǰPQFSBUFǰBOEǰNBOBHFǰUIFǰ4BUUBIJQǰ8BUFSXPSLTǰ4ZTUFN ǰ 0Oǰ ǰ/PWFNCFSǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBOǰBHSFFNFOUǰXJUIǰ6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰ ǰ XIFSFCZǰJUǰHSBOUTǰUIFǰTVCTJEJBSZǰUIFǰSJHIUTǰUPǰPQFSBUFǰUIFǰXBUFSXPSLTǰPGǰUIFǰ.VOJDJQBMJUZǰPGǰ4Jǰ$IBOHǰ*TMBOEǰ ǰ 4VC EJTUSJDUǰGPSǰBǰQFSJPEǰPGǰ ǰZFBSTǰDPNNFODJOHǰGSPNǰUIFǰųSTUǰUBQǰXBUFSǰTFMMJOHǰEBUF ǰ6OEFSǰUIFǰBHSFFNFOU ǰ the subsidiary is required to construct tap water production system and also required to provide ǰ NBJOUFOBODFǰ TFSWJDFTǰ BUǰ MFBTUǰ ǰ ZFBSTǰ BGUFSǰ UFSNJOBUJPOǰ PGǰ BHSFFNFOU ǰ .PSFPWFS ǰ UIFǰ TVCTJEJBSZǰ JTǰ UP ǰ USBOTGFSǰBMMǰUIFǰJOWFTUFEǰBTTFUTǰUPǰUIFǰ$PNQBOZǰBOE PSǰUIFǰ4Jǰ$IBOHǰ.VOJDJQBMJUZǰPOǰUIFǰFBSMJFSǰFYQJSZǰEBUFǰ ǰ PGǰUIFǰXBUFSXPSLTǰBHSFFNFOUǰPQFSBUJPOǰPSǰUIFǰXBUFSXPSLTǰNBOBHFNFOUǰBHSFFNFOU ǰ5IFǰTVCTJEJBSZǰJTǰUPǰ pay in return to both the Municipality of Si Chang Island Sub-district and the Company at the rates as ǰ TQFDJųFEǰJOǰUIFǰBHSFFNFOU ǰ 0Oǰ ǰ.BZǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰXBUFSXPSLTǰNBOBHFNFOUǰBHSFFNFOUǰXJUIǰ6OJWFSTBMǰ6UJMJUJFTǰ ǰ $PNQBOZǰ-JNJUFEǰ UIFǰTVCTJEJBSZ ǰXIFSFCZǰUIFǰTVCTJEJBSZǰJTǰUPǰQSPWJEFǰXBUFSǰXPSLTǰNBOBHFNFOUǰTFSWJDFTǰ in Bo Win Municipal area for a period of 25 years from the date the subsidiary completed the ǰ DPOTUSVDUJPOǰXPSLTǰPGǰUBQǰXBUFSǰQSPEVDUJPOǰTZTUFNǰBOEǰUIFǰ$PNQBOZǰBHSFFEǰGPSǰDPNNFSDJBMǰEJTUSJCVUJPOǰ ǰ PGǰUBQǰXBUFSǰ ǰ.BSDIǰ ǰ6OEFSǰUIFǰBHSFFNFOU ǰUIFǰTVCTJEJBSZǰJTǰUPǰQSPDVSFǰMBOEǰBOEǰDPOTUSVDUǰUBQǰ ǰ XBUFSǰQSPEVDUJPOǰTZTUFNǰTVGųDJFOUǰUPǰTVQQMZǰUBQǰXBUFSǰUISPVHIPVUǰUIFǰBHSFFNFOUǰQFSJPE ǰ5IFǰTVCTJEJBSZǰ ǰ JTǰUPǰUSBOTGFSǰBMMǰUIFǰJOWFTUFEǰBTTFUTǰUPǰUIFǰ$PNQBOZǰBOE PSǰUIFǰ.VOJDJQBMJUZǰPOǰUIFǰFBSMJFSǰFYQJSZǰEBUFǰ ǰ PGǰUIFǰXBUFSXPSLTǰPQFSBUJPOǰBHSFFNFOUǰPSǰUIFǰXBUFSXPSLTǰNBOBHFNFOUǰBHSFFNFOU ǰ5IFǰ$PNQBOZǰJTǰUPǰ ǰ QBZǰBOǰBOOVBMǰXBUFSXPSLTǰNBOBHFNFOUǰGFFǰBUǰUIFǰSBUFTǰTQFDJųFEǰJOǰUIFǰBHSFFNFOU ǰEFUFSNJOFEǰPOǰUIFǰ ǰ NPOUIMZǰUBQǰXBUFSǰTBMFTǰBOEǰTFSWJDFǰGFFT ǰXIJDIǰDBOǰCFǰDPMMFDUFEǰGSPNǰUIFǰVTFST ǰ 4JODFǰMBUFSǰPOǰ ǰ"VHVTUǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰXBUFSXPSLTǰTZTUFNǰPQFSBUJPOǰBOEǰNBOBHFNFOUǰ ǰ BHSFFNFOUǰXJUIǰUIFǰ#Pǰ8JOǰ4VC EJTUSJDUǰ"ENJOJTUSBUJWFǰ0SHBOJTBUJPOǰ Ķ4"0ķ ǰUIFǰ$PNQBOZ ǰFOUFSFEǰJOUPǰ ǰ OFXǰBHSFFNFOUǰXJUIǰUIFǰTVCTJEJBSZǰEBUFEǰ ǰ+VMZǰ ǰXIJDIǰSFQMBDFEǰBGPSFNFOUJPOFEǰBHSFFNFOUǰEBUFEǰ 11 May 2004.
Eastern Water Resources Development and Management PCL.
39 Significant agreements
Annual Report 2012
39 Significant agreements (Cont’d) ǰ 0Oǰ ǰ+VMZǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰXBUFSǰTVQQMZǰBHSFFNFOUǰGPSǰUIFǰ,PIǰ4BNVJǰ8BUFSXPSLTǰXJUIǰ ǰ 6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰGPSǰBǰ ZFBSǰQFSJPEǰGSPNǰUIFǰųSTUǰXBUFSǰEJTUSJCVUJPOǰEBUFǰ ǰ.BZǰ 2005) whereby the subsidiary agreed to construct the reverse osmosis water production system with the ǰ XBUFSǰQJQFMJOFǰDPOOFDUFEǰUPǰCPUIǰUIFǰXBUFSǰEJTUSJCVUJPOǰQJQFMJOFǰPGǰUIFǰQVSDIBTFSTǰJOǰUIFǰTQFDJųFEǰBSFBǰ ǰ BOEǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰBOEǰTFMMǰUIFǰUBQǰXBUFSǰQSPEVDFEǰVOEFSǰTVDIǰTZTUFN ǰ 0Oǰ ǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰUIFǰSBXǰXBUFSǰQSPDVSFNFOUǰBHSFFNFOUTǰXJUIǰBǰQSJWBUFǰ company whereby the Company is required to purchase a minimum of 10 million cubic meters per annum over a 10-year period. The Subsidiaries ǰ $IBDIPFOHTBPǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰDPODFTTJPOǰBHSFFNFOUǰEBUFEǰ ǰ/PWFNCFSǰ ǰ ǰXJUIǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰ5IFǰTVCTJEJBSZǰJTǰQSJWJMFHFEǰUPǰQSPEVDFǰBOEǰTFMMǰUBQǰXBUFSǰ ǰ UPǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰBUǰ$IBDIPFOHTBPǰPGųDF ǰ$IBDIPFOHTBPǰQSPWJODF ǰǰ5IFǰDPODFTTJPOǰ ǰ QFSJPEǰJTǰ ǰZFBSTǰGSPNǰUIFǰEBUFǰUIBUǰųSTUǰJODPNFǰJTǰEFSJWFEǰGSPNǰTFMMJOHǰUBQǰXBUFSǰ ǰ"QSJMǰ ǰ #BOHQBLPOHǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰDPODFTTJPOǰBHSFFNFOUǰEBUFEǰ ǰ/PWFNCFSǰ ǰ ǰXJUIǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰ5IFǰTVCTJEJBSZǰJTǰQSJWJMFHFEǰUPǰQSPEVDFǰBOEǰTFMMǰUBQǰXBUFSǰ ǰ UPǰ UIFǰ 1SPWJODJBMǰ 8BUFSXPSLTǰ "VUIPSJUZǰ BUǰ #BOHQBLPOHǰ PGųDF ǰ $IBDIPFOHTBPǰ QSPWJODF ǰ 5IFǰ DPODFTTJPOǰ ǰ QFSJPEǰJTǰ ǰZFBSTǰGSPNǰUIFǰEBUFǰUIBUǰųSTUǰJODPNFǰJTǰEFSJWFEǰGSPNǰTFMMJOHǰUBQǰXBUFSǰ ǰ"QSJMǰ ǰ /BLPSOTBXBOǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰDPODFTTJPOǰBHSFFNFOUǰEBUFEǰ ǰ/PWFNCFSǰ ǰ ǰXJUIǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰ5IFǰTVCTJEJBSZǰJTǰQSJWJMFHFEǰUPǰQSPEVDFǰBOEǰTFMMǰUBQǰXBUFSǰ ǰ UPǰ UIFǰ 1SPWJODJBMǰ 8BUFSXPSLTǰ "VUIPSJUZǰ BUǰ /BLPSOTBXBOǰ PGųDF ǰ /BLPSOTBXBOǰ QSPWJODF ǰ 5IFǰ DPODFTTJPOǰ ǰ QFSJPEǰJTǰ ǰZFBSTǰGSPNǰUIFǰEBUFǰUIBUǰųSTUǰJODPNFǰJTǰEFSJWFEǰGSPNǰTFMMJOHǰUBQǰXBUFSǰ ǰ.BSDIǰ ǰ$IBDIPFOHTBPǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰ $84 ǰBOEǰ#BOHQBLPOHǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰ #84 ǰ ǰ FOUFSFEǰJOUPǰBǰLOPX IPXǰBHSFFNFOUǰEBUFEǰ ǰ%FDFNCFSǰ ǰXJUIǰ"VTUSBMJBOǰ8BUFSǰ5FDIOPMPHJFTǰ15:ǰ-JNJUFEǰ ǰ PGǰ"VTUSBMJBǰXIJDIǰUSBOTGFSSFEǰJUTǰFOUJUMFNFOUTǰVOEFSǰUIJTǰBHSFFNFOUǰUPǰJUTǰTVCTJEJBSZ ǰOBNFEǰ"85ǰ*OUFS national (Thailand) Limited (“AWT”) on 15 October 2002. Whereby AWT agreed to permit the use of its ǰ OBNFǰ GPSǰ SFGFSFODFǰ QVSQPTFTǰ BOEǰ QSPWJEFǰ UIFǰ LOPX IPXǰ UPǰ FOBCMFǰ CPUIǰ TVCTJEJBSJFTǰ UPǰ QFSGPSNǰ UIFJS ǰ PCMJHBUJPOT ǰ *Oǰ DPOTJEFSBUJPOǰ UIFSFPG ǰ UIFǰ TVCTJEJBSJFTǰ BHSFFEǰ UPǰ QBZǰ GFFTǰ BUǰ UIFǰ SBUFǰ TUJQVMBUFEǰ JOǰ UIFǰ ǰ BHSFFNFOU ǰ5IFO ǰ4ZEOFZǰ8BUFSǰ$PSQPSBUJPO ǰUIFǰQBSFOUǰDPNQBOZǰPGǰ"85 ǰEFDMBSFEǰJUTǰJOUFOUJPOǰUPǰMJRVJEBUFǰ ǰ "85ǰBOEǰJTTVFEǰDPNGPSUǰMFUUFSTǰUPǰCPUIǰTVCTJEJBSJFTǰUPǰDPOųSNǰUIBUǰJUǰXJMMǰUBLFǰPOǰBMMǰ"85ĴTǰEVUJFTǰBOEǰ ǰ PCMJHBUJPOTǰVOEFSǰUIFǰLOPX IPXǰBHSFFNFOU ǰ5IFǰTVCTJEJBSJFTĴǰ#PBSEǰPGǰ%JSFDUPSTǰDPOTJEFSFEǰUPǰBDDFQUǰ this proposal and negotiated to reduce their service fee. The service fee paid to AWT reduced from the present value of future estimated payment amounting to Baht 52.4 million to a one-time advance ǰ QBZNFOUǰOPUǰFYDFFEJOHǰ#BIUǰ ǰNJMMJPO ǰXIJDIǰJTǰBǰTBWJOHǰPGǰUIFǰTBJEǰTFSWJDFǰGFFǰPWFSǰUIFǰSFNBJOJOHǰ ǰ DPOUSBDU ǰ$POTFRVFOUMZ ǰUIFǰTVCTJEJBSJFTĴǰ#PBSEǰPGǰ%JSFDUPST ǰPOǰ ǰ+BOVBSZǰ ǰQBTTFEǰUIFǰSFTPMVUJPOǰ ǰ UPǰUFSNJOBUFǰUIJTǰDPOUSBDU ǰ5IFǰTVCTJEJBSJFTǰSFDPSEFEǰUIFǰBEWBODFǰTFSWJDFǰGFFǰBTǰBǰQSFQBJEǰFYQFOTFǰJODMVEFEǰ ǰ JOǰPUIFSǰOPO DVSSFOUǰBTTFUTǰJOǰUIFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUT ǰ0Oǰ ǰ .BSDIǰ ǰ 6OJWFSTBMǰ 6UJMJUJFTǰ $PNQBOZǰ -JNJUFEǰ FOUFSFEǰ JOUPǰ BOǰ BHSFFNFOUǰ XJUIǰ &HDPNǰ 5BSBǰ ǰ $PNQBOZǰ -JNJUFE ǰ Bǰ SFMBUFEǰ DPNQBOZ ǰ UPǰ QSPEVDFǰ UBQǰ XBUFSǰ BOEǰ UPǰ QSPWJEFǰ NBJOUFOBODFǰ TFSWJDFTǰ GPSǰ the tap water production system and tap water distribution pipeline of the production plants situated ǰ JOǰ-BLǰ.VBOH ǰ3BUDIBCVSJǰQSPWJODFǰBOEǰ1BOHQVPZ ǰ4BNVUǰ4POHLSBNǰQSPWJODF ǰ5IFǰBHSFFNFOUǰQFSJPEǰJTǰ ǰ ǰZFBST ǰGSPNǰ ǰ"QSJMǰ ǰUPǰ ǰ"QSJMǰ
40 Financial instruments 40.1 Financial risk factors ǰ 5IFǰ(SPVQĴTǰųOBODJBMǰJOTUSVNFOUTǰQSJODJQBMMZǰDPNQSJTFǰDBTIǰBOEǰDBTIǰFRVJWBMFOUT ǰUSBEFǰBOEǰPUIFSǰ receivables, trade accounts payable, tempolary and long-term loans and some items in other current ǰ MJBCJMJUJFT ǰ5IFǰ(SPVQĴTǰBDUJWJUJFTǰFYQPTFǰJUǰUPǰBǰWBSJFUZǰPGǰųOBODJBMǰSJTLT ǰJODMVEJOHǰUIFǰDSFEJUǰSJTLǰBOEǰ interest rates risk. The Group’s overall risk management programme focuses on the unpredictability of ǰ ųOBODJBMǰNBSLFUTǰBOEǰTFFLTǰUPǰNJOJNJTFǰQPUFOUJBMǰBEWFSTFǰFGGFDUTǰPOǰUIFǰųOBODJBMǰQFSGPSNBODFǰPGǰUIFǰ ǰ (SPVQ ǰ5IFǰųOBODJBMǰSJTLǰNBOBHFNFOUǰJTǰEJTDVTTFEǰCFMPX
Ç°
40.1.1 Credit risk The Group are exposed to credit risk primarily with respect to, trade accounts receivable, and other receivable. The Group manage the risk by adopting appropriate credit control policies Ç° Ç° Ç° BOEÇ°QSPDFEVSFTÇ°BOEÇ°UIFSFGPSFÇ°EPFTÇ°OPUÇ°FYQFDUÇ°UPÇ°JODVSÇ°NBUFSJBMÇ°ĹłOBODJBMÇ°MPTTFT Ç°"MUIPVHIÇ°UIFÇ° Group may expose to concentration risk due to their having a few large customers, those
Eastern Water Resources Development and Management PCL.
39.12 On 14 March 2006, Universal Utilities Company Limited and its subsidiaries entered into an agreement to produce tap water for sales to Rayong Waterworks, Rayong province with the Provincial Waterworks ǰ "VUIPSJUZǰGPSǰBǰ ZFBSǰQFSJPEǰDPNNFODJOHǰGSPNǰUIFǰųSTUǰUBQǰXBUFSǰTFMMJOHǰEBUFǰ ǰ+VMZǰ ǰ6OEFSǰ the agreement, the subsidiaries are required to construct tap water production system, water delivery system and water distribution system, and to expand the production capacity of the existing tap water distribution system of Rayong Waterworks. The subsidiaries are also required to provide maintenance services and to act on behalf of the Provincial Waterworks Authority in any related matters. Ownership of assets, which have been invested by the subsidiaries, is to be transferred to the Provincial Water works Authority immediately upon completion of these activities, with the subsidiaries having the rights to occupy the assets in order to produce and supply tap water to the Provincial Waterworks Authority over the agreement period. The subsidiaries will receive income at the rates prescribed in the agreement. 39.13 On 25 May 2009, Universal Utilities Company Limited entered into a tap water purchase agreement for the Chonburi Waterworks, Chonburi Province with a private company. The agreement is effective from the date it is signed by both parties and will be terminated upon termination of the tap water purchase and sale agreement for the Chonburi Waterworks, Chonburi Province made with Provincial ǰ 8BUFSXPSLTǰ"VUIPSJUZǰ Ĝ18"ġ ǰ5IFǰBHSFFNFOUǰSFRVJSFTǰBǰQSJWBUFǰDPNQBOZǰUPǰDPOTUSVDUǰBǰUBQǰXBUFSǰ production facility, of which ownership is not required to be transferred to the subsidiary. Prices are to be at the rates stipulated in the agreement. ǰ0Oǰ ǰ+VOFǰ ǰ6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰUBQǰXBUFSǰQVSDIBTFǰBOEǰTBMFǰ agreement for the Chonburi Waterworks, Chonburi Province with PWA. The term of the agreement is 20 years from the date of tap water purchases commence. The agreement requires the subsidiary to construct a tap water production facility, of which ownership is not required to be transferred to the PWA. Prices are to be at the rates stipulated in the agreement. 39.15 On 29 December 2010, Universal Utilities Company Limited entered into a waterworks system ǰ PQFSBUJPOǰBOEǰNBOBHFNFOUǰBHSFFNFOUǰXJUIǰUIFǰ4VC EJTUSJDUǰ"ENJOJTUSBUJWFǰ0SHBOJTBUJPOǰ Ĝ4"0ġ ǰ/POHǰ Khaem for a 25-year period commencing from the beginning date of producing and selling tap water. The subsidiary has to transfer ownership of all invested and expanded assets in the waterworks system ǰ UPǰ4"0ǰ/POHǰ,IBFNǰGSFF PG ǰDIBSHFǰBUǰUIFǰFOEǰPGǰBHSFFNFOU
Annual Report 2012
Ç°
cus tomers are in government sector. The management believes that such risk is therefore low. The maximum exposure to credit risk is limited to the carrying amounts of trade accounts Ç° Ç° Ç° SFDFJWBCMFT Ç°BOEÇ°PUIFSÇ°SFDFJWBCMFÇ°BTÇ°TUBUFEÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ°ĹłOBODJBMÇ°QPTJUJPO
Ç° Ç° Ç°
40.1.2 Ç°Ç° Ç° Ç°Ç° Ç° Ç°Ç° Ç°
Interest rate risk 5IFÇ° (SPVQÄ´TÇ° FYQPTVSFÇ° UPÇ° JOUFSFTUÇ° SBUFÇ° SJTLÇ° SFMBUFÇ° QSJNBSJMZÇ° UPÇ° UIFJSÇ° EFQPTJUTÇ° XJUIÇ° ĹłOBODJBMÇ° JOTUJUVUJPOTÇ°BOEÇ°TIPSU UFSNÇ°BOEÇ°MPOH UFSNÇ°MPBOT Ç°)PXFWFS Ç°TJODFÇ°NPTUÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°ĹłOBODJBMÇ° BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°CFBSÇ°Ĺ´PBUJOHÇ°JOUFSFTUÇ°SBUFTÇ°PSÇ°ĹłYFEÇ°JOUFSFTUÇ°SBUFTÇ°XIJDIÇ°BSFÇ°DMPTFÇ°UPÇ°UIFÇ° current market rate, the interest rate risk is expected to be minimal.
ǰ 'BJSǰWBMVFTǰPGǰųOBODJBMǰJOTUSVNFOUT ǰ 4JODFǰUIFǰNBKPSJUZǰPGǰUIFǰ(SPVQĴTǰųOBODJBMǰJOTUSVNFOUTǰBSFǰTIPSU UFSN ǰ5IFǰ(SPVQǰFYQFDUǰUIBUǰUIFJSǰGBJSǰ values are not materially different from the amounts presented in the balance sheets except for longǰ UFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOTǰXIJDIǰBTǰBUǰ ǰ%FDFNCFSǰ ǰIBWJOHǰUIFǰOFUǰCPPLǰWBMVFTǰBOEǰ ǰ GBJSǰWBMVFTǰPGǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZǰ $PNQBOZ ǰ#BIUǰ ǰNJMMJPOǰ ǰ BOEǰ#BIUǰ ǰNJMMJPOǰSFTQFDUJWFMZ A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. The fair value is determined by reference ǰ UPǰ UIFǰ NBSLFUǰ QSJDFǰ PGǰ UIFǰ ųOBODJBMǰ JOTUSVNFOUǰ PSǰ CZǰ VTJOHǰ BOǰ BQQSPQSJBUFǰ WBMVBUJPOǰ UFDIOJRVF ǰ depending on the nature of the instrument.
41 Post balance sheet event ǰ 0Oǰ ǰ+BOVBSZǰ ǰ6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰSFDFJWFEǰMFUUFSǰGSPNǰUIFǰ#PBSEǰPGǰ*OWFTUNFOUǰ under a approval promotional privileges. The approval promotional privileges for the utilities business and service are for production of tap water in Chonburi province starting on 25 December 2012. Under these privileges, the Universal Utilities Company Limited has received exemption from certain taxes and duties, including exemption from corporate income tax for the promoted activities for the period of ǰ ǰZFBSTǰDPNNFODJOHǰUIFǰQFSJPEǰXIFOǰSFWFOVFǰJTǰųSTUǰFBSOFEǰGSPNǰUIFǰQSPNPUFEǰCVTJOFTTǰCFJOHǰ ǰ December 2012. Universal Utilities Company Limited is required to comply with the terms, conditions ǰ BOEǰSFTUSJDUJPOTǰBTǰTQFDJųFEǰJOǰUIFǰQSPNPUJPOBMǰDFSUJųDBUF ǰ0Oǰ ǰ+BOVBSZǰ ǰ4BNFUǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰSFHJTUFSFEǰUIFǰJODSFBTFEǰTIBSFǰDBQJUBMǰXJUIǰUIFǰ Ministry of Commerce from 200,000 ordinary shares with a par value of Baht 5 per share to 12,000,000 ordinary shares with a par value of Baht 5 per share. The Company invested in 6,600,000 registered ordinary shares with par value of Baht 5 per share. Total Company’s investment is Baht 33,000,000 or 55% of investment. ǰ0Oǰ ǰ'FCSVBSZǰ ǰ4BNFUǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰSFDFJWFEǰMFUUFSǰGSPNǰUIFǰ#PBSEǰPGǰ*OWFTUNFOUǰ under a approval promotional privileges. The approval promotional privileges for the utilities business and service are from 5 February 2013. Under these privileges, Samet Utilities Company Limited has received exemption from import duty on imported machines, including exemption from corporate in come tax for the promoted activities for the period of 8 years commencing the period when revenue ǰ JTǰųSTUǰFBSOFEǰGSPNǰUIFǰQSPNPUFEǰCVTJOFTT ǰ4BNFUǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰJTǰSFRVJSFEǰUPǰDPNQMZǰXJUIǰ ǰ UIFǰUFSNT ǰDPOEJUJPOTǰBOEǰSFTUSJDUJPOTǰBTǰTQFDJųFEǰJOǰUIFǰQSPNPUJPOBMǰDFSUJųDBUF
5IFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFTǰFOHBHFEǰJOǰUIFǰSFMBUFEǰQBSUJFTǰUSBOTBDUJPOTǰ with the major shareholders; comprising the Provincial Waterworks "VUIPSJUZǰ 18" ǰUIFǰ*OEVTUSJBMǰ&TUBUFǰ"VUIPSJUZǰPGǰ5IBJMBOEǰ *&"5 ǰ&MFDUSJDJUZǰ (FOFSBUJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰǰ &($0 ǰBOEǰ&($0.ǰ5BSBǰ$P ǰ-UE ǰ PGǰXIJDIǰIFMEǰǰ ǰPGǰTIBSFTǰCZǰ&($0ǰ&OHJOFFSJOHǰ4FSWJDFǰ$P ǰ-UE ǰ BǰTVCTJEJBSZǰPGǰ&($0 ǰǰ*OǰUIJTǰSFHBSE ǰUIFǰSFMBUFEǰQBSUJFTǰUSBOTBDUJPOTǰ BSFǰQSFTFOUFEǰJOǰUIFǰ/PUFTǰUPǰUIFǰųOBODJBMǰTUBUFNFOUTǰJUFNǰ
Policy and Direction of the Future Related Parties Transactions The Company shall perform the future related parties transactions with fairness and follow the market situation as in general business characteristic. The Company shall conform with the Securities and &YDIBOHFǰ MBX ǰ SFHVMBUJPOT ǰ OPUJųDBUJPOT ǰ PSEFST ǰ PSǰ UIFǰ SFHVMBUJPOTǰ PGǰ UIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOE ǰJODMVEJOHǰGPMMPXJOHǰ1SPDFEVSFTǰPGǰUIFǰ Disclosure, Related Parties Transactions, and the Acquisition or Disposal PGǰTJHOJųDBOUǰ"TTFUT "EEJUJPOBMMZ ǰUIFǰSFMBUFEǰQBSUJFTǰUSBOTBDUJPOTǰTIBMMǰCFǰEJTDMPTFEǰJOǰ/PUFTǰPGǰ UIFǰųOBODJBMǰTUBUFNFOUTǰXIJDIǰBSFǰFYBNJOFEǰCZǰUIFǰ$PNQBOZĴTǰBVEJUPST
Eastern Water Resources Development and Management PCL.
Related Parties Transactions
Annual Report 2012
Auditors’ Remuneration
At the 2011 Annual General Shareholders’ Meeting was held on March 29, 2012 resolved to appoint Mr. Vichien ,IJOHNPOUSJ ǰ$FSUJųFEǰ1VCMJDǰ"DDPVOUBOUǰ 5IBJMBOE ǰ/P ǰ ǰPSǰ.S ǰ4VEXJOǰ1BOZBXPOHLIBOUJǰ$FSUJųFEǰ1VCMJDǰ "DDPVOUBOUǰ 5IBJMBOE ǰ/P ǰ ǰPSǰ.S ǰ1SBTJUǰ:VFOHTSJLVM ǰ$FSUJųFEǰ1VCMJDǰ"DDPVOUBOUǰ 5IBJMBOE ǰ/P ǰ ǰPGǰ PricewaterhouseCoopers ABAS Limited as the Company’s auditors, any one being authorized to conduct the BVEJUǰBOEǰFYQSFTTǰBOǰPQJOJPOǰPOǰUIFǰųOBODJBMǰTUBUFNFOUTǰPGǰUIFǰDPNQBOZǰGPSǰUIFǰųTDBMǰZFBSǰ ǰXIJDIǰJTǰ GSPNǰ+BOVBSZǰ ǰ ǰ ǰ%FDFNCFSǰ ǰ ǰXJUIǰUIFǰSFNVOFSBUJPOǰPGǰUIFǰBVEJUPSTǰPGǰ&"458ǰBUǰUIFǰBNPVOUǰPGǰ #BIUǰ ǰ &JHIUǰIVOESFEǰBOEǰOJOFUZǰUIPVTBOEǰ#BIUǰPOMZ ǰBOEǰUIFǰ&"458ĴTǰHSPVQǰBUǰUIFǰBNPVOUǰPGǰ#BIUǰ ǰ 5XPǰNJMMJPOǰPOFǰIVOESFEǰBOEǰFJHIUZ ųWFǰUIPVTBOEǰ#BIUǰPOMZ ǰ
$PNQBOZǰ/BNFǰ &BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ.BOBHFNFOUǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰ Ĝ&"458ġ
/BUVSFÇ°PGÇ°#VTJOFTTÇ°&"458Ç°JTÇ°FOHBHFEÇ°JOÇ°UIFÇ°EFWFMPQNFOUÇ°BOEÇ°NBOBHFNFOUÇ°PGÇ°UIFÇ°NBKPSÇ°XBUFSÇ°EJTUSJCVUJPOÇ° pipeline systems to water users. Apart from this, the Company also provides consultancy services for clean water production and water distribution system in the industrial estates, factories, as well as maintenance of water pipelines and related equipment, and able to Ç° KPJOUÇ°WFOUVSFÇ°XJUIÇ°PUIFSÇ°ĹłSNT )FBEÇ°0GĹłDFÇ° Ç°7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°7JQBWBEFFSBOHTJUÇ°3PBE Ç°+PNQIPM Ç°$IBUVDIBL Ç°#BOHLPLÇ° 3FHJTUFSFEÇ°/P Ç° Ç° 'PSNFSÇ°3FHJTUFSFEÇ°/P Ç°XBTÇ°#PSÇ°.PSÇ°+PS Ç°
Website www.eastwater.com TelephoneÇ° Ç° FacsimileÇ° Ç° Common ShareÇ° "TÇ°PGÇ° Ç°%FDFNCFSÇ° Ç°UIFÇ°SFHJTUFSFEÇ°BOEÇ°QBJE VQÇ°DBQJUBMÇ°BSFÇ°BTÇ°GPMMPXT Ç° Registered capital of 1,663,725,149 shares with a par value of Baht 1 per share, totaling Baht 1,663,725,149 Paid-up capital of 1,663,725,149 shares with a par value of Baht 1 per share, totaling Baht 1,663,725,149
Lists of companies in which the Company holds more than 10% of shares Name
6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° 66 Ç° &BTUXBUFSÇ°#VJMEJOHÇ°'M Ç° Ç° Ç°Ç° 7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°+PNQIPM Ç°Ç° Chatuchak, Bangkok 10900 5FMFQIPOF Ç° Ç° Ç° 'BDTJNJMF Ç° Ç° Ç°
Nature of business
Type of Paid-up capital % Shares share (million Baht)
Manage waterworks Common CVTJOFTTÇ°BOEÇ°XBTUFXBUFSÇ° TIBSF USFBUNFOUÇ°TZTUFNÇ°JOÇ°UIF form of concession, hiring DPOUSBDUÇ°BOEÇ°MFBTJOH DPOUSBDU
510
100
/BLPSOTBXBOÇ°8BUFSÇ°4VQQMZÇ°$PNQBOZÇ° Manage tap water business, Common -JNJUFEÇ° 854 Ç° including produce and supply share &BTUXBUFSÇ°#VJMEJOHÇ°'M Ç° Ç° Ç°7JQBWBEFFSBOHTJUÇ° UBQÇ°XBUFSÇ°UPÇ°UIFÇ°1SPWJODJBMÇ° Ç° 4PJÇ° Ç°+PNQIPM Ç°$IBUVDIBL Ç°#BOHLPL Ç° 8BUFSXPSLTÇ°"VUIPSJUZÇ°BU 5FMFQIPOF Ç° Ç° Ç°BOEÇ° Ç° Ç° /BLPSOTBXBOÇ°0GĹłDFÇ°BOEÇ°UP 'BDTJNJMF Ç° Ç° Ç°BOEÇ° Ç° Ç° TFSWJDFÇ°DPOTVNFST
40
UU holds 99.9999875
Ç°
Eastern Water Resources Development and Management PCL.
General Information
Annual Report 2012
Name
Nature of business
Type of Paid-up capital % Shares share (million Baht)
#BOHQBLPOHǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰ Manage tap water business, Common &BTUXBUFSǰ#VJMEJOHǰ'M ǰ JODMVEJOHǰQSPEVDFǰBOEǰTVQQMZǰ TIBSFǰ 7JQBWBEFFSBOHTJUǰ4PJǰ ǰ+PNQIPM ǰǰ UBQǰXBUFSǰUPǰUIFǰ1SPWJODJBMǰ ǰ Chatuchak, Bangkok10900 Waterworks Authority at 5FMFQIPOF ǰ ǰ ǰBOEǰ ǰ ǰ #BOHQBLPOHǰ0GųDFǰBOEǰUP 'BDTJNJMF ǰ ǰ ǰBOEǰ ǰ ǰ TFSWJDFǰDPOTVNFST
40 Ç° Ç°
UU holds Ç°
$IBDIPFOHTBPǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ Manage tap water business, Common -JNJUFEǰ&BTUXBUFSǰ#VJMEJOHǰ'M ǰ JODMVEJOHǰQSPEVDFǰBOEǰTVQQMZǰ TIBSFǰ 7JQBWBEFFSBOHTJUǰ4PJǰ ǰ+PNQIPM ǰǰ UBQǰXBUFSǰUPǰUIFǰ1SPWJODJBMǰ ǰ Chatuchak Bangkok10900 Waterworks Authority at 5FMFQIPOF ǰ ǰ ǰBOEǰ ǰ ǰ $IBDIPFOHTBPǰ0GųDFǰBOE 'BDTJNJMF ǰ ǰ ǰBOEǰ ǰ ǰ UPǰTFSWJDFǰDPOTVNFST
100 Ç° Ç°
UU holds
&HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° &($0Ç°5PXFS Ç° Ç°.PPÇ° Ç°7JQBWBEFFSBOHTJUÇ° Road, Tungsonghong, Laksi, Bangkok 10210 5FMFQIPOF Ç° Ç° 'BDTJNJMF Ç° Ç° Ç°
Produce and supply UBQÇ°XBUFSÇ°
Common TIBSF
345
15.88
4BNFEÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° Ç°.PPÇ° Ç°5BNCPOÇ°/BNÇ°,PL Ç° Muang, Rayong 21000 5FMFQIPOF Ç° Ç° Ç° Ç° Ç°
Produce and supply tap XBUFSÇ°GSPNÇ°TFBÇ°XBUFSÇ°
Common TIBSF
0.25
54.9985
&8Ç°8BUFSÇ°#BMBODFÇ° $IPOCVSJ Ç°$PNQBOZÇ° -JNJUFEÇ°&BTUXBUFSÇ°#VJMEJOHÇ°'M Ç° Ç° Ç° 7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°+PNQIPM Chatuchak, Bangkok 10900 5FMFQIPOF Ç° Ç° 'BDTJNJMF Ç°Ç° Ç° Ç°
Produce and supply tap XBUFSÇ°GSPNÇ°TFBÇ°XBUFSÇ°
Common TIBSF
0.25
99.9985
&8Ç°4NBSUÇ°8BUFSÇ° 3BZPOH Ç°$PNQBOZÇ° -JNJUFEÇ°&BTUXBUFSÇ°#VJMEJOHÇ°'M Ç° Ç° Ç° 7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°+PNQIPM Chatuchak, Bangkok 10900 5FMFQIPOF Ç° Ç° 'BDTJNJMF Ç°Ç° Ç° Ç°
Produce and supply tap XBUFSÇ°GSPNÇ°TFBÇ°XBUFSÇ°
Common TIBSF
0.25
99.9985
Eastern Water Resources Development and Management PCL.
Reference Firm 4FDVSJUJFTÇ°3FHJTUSBS Ç°
5FMFQIPOF Ç° 'BY Ç° Accouditor
5FMFQIPOF Ç° 'BY Ç°
Thailand Securities Depository Co., Ltd. Ç° Ç°5IFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ°#VJMEJOH Ratchadapisek Road, Klongtoey, Bangkok 10110 Ç° Ç° Ç° Ç° PricewaterhouseCoopers ABAS Limited 179/74-80, 15th Floor, Bangkok City Tower, South Sathorn Road, Bangkok 10120 Ç° Ç° Ç° Ç°
Major Shareholders As of 31 December 2012 Ç° /P Ç°
Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
1 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°/BNFÇ° Provincial Waterworks Authority &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° /03#"9Ç°*/$ Ç° *OEVTUSJBMÇ°&TUBUFÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° *&"5 Ç° #/1Ç°1"3*#"4Ç° TFDVSJUJFTÇ°TFSWJDFT Ç°-POEPOÇ°CSBODI Ç° 5IBJÇ°/7%3Ç°$PNQBOZÇ°-JNJUFEÇ° 5IBJÇ°/7%3 Ç° "CFSEFFOÇ°-POHÇ°5FSNÇ°&RVJUZÇ°'VOEÇ° "#-5' Ç° "CFSEFFOÇ°(SPXUIÇ°'VOEÇ° "#( Ç° )4#$Ç° 4JOHBQPSF Ç°OPNJOFFTÇ°15&Ç°-5%Ç° "NFSJDBOÇ°*OUFSOBUJPOBMÇ°Ç°"TTVSBODFÇ°DPNQBOZ Ç°MJNJUFE 5*(&3Ç° 0UIFSTÇ° Ç°TIBSFIPMEFST Ç° 5PUBMÇ°4IBSFT
Ç°4IBSFTÇ°
Ç° Shares
668,800,000 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°
40.20%
Ç°
Annual Report 2012
Dividend Policy
The Company’s Board of Directors has a policy to propose to the Shareholders’ Meeting to consider EJWJEFOEǰQBZJOHǰBUǰBǰSBUFǰPGǰOPǰMFTTǰUIBOǰ ǰPGǰJUTǰOFUǰQSPųUǰPGǰUIFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUTǰBGUFSǰ EFEVDUJPOǰPGǰMFHBMǰSFTFSWFTǰQBZBCMFǰUPǰTIBSFIPMEFSTǰPGǰUIFǰQBSFOUǰDPNQBOZ ǰTVCKFDUǰUPǰUIFǰKVTUJųDBUJPOTǰBOEǰ considerations that the Board of Directors deems appropriate.