MAJOR: Annual Report 2009 THAI

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$ 0G

5 !g& ' .//. (=$' ' 2 * ⌫ , , ' % 2 abc ]dedY_\ (3 * 3 ' 0/D

% 5 $ C/ 2 F % 7 % 2 abc : = ⌫6 C. !g& ' * 2 >5 7 % ! 6 `! $ $ 2 abc ]dedY_\ F .V//1VDDD% ( % $ Ch/ - : ( ; $ CD 2 F % 7 % % '' ! 6 2 abc SdedY_\ # $ $ F' >5 7 % 2 abc ⌫ 6 % 5 ', ,3 * ' 2 f * , ⌫ ⌫A7 5 ; : ' F% >⌫ ⌫ ! @'> ' ' , :, ,3 # , ⌫ 6 &⌫ ' ) ! # $ %O3' 3 $ &* % 3 ,


26

BUSINESSES

⌫ ⌫

⌫ ! "# $⌫% ⌫% & ⌦( & $ ) * "# $⌫% ⌫% & ⌦( $ + , &- .&/& ⌫(

⌦ ⌫ ! " $ % & '(& ⌫" )& ! ' *+ ,+ -. * ' $ +* & ( /0 1 02 ,+ &3 '4+ *5 & ,+ '(&

4 ' ! &67 84 + ,+ ' ! &76 84 ⌦ 3 ! & 7 ⌫ 9( +& 7 4 * 4 9 !( $ ! , : 4 8! &+ ' ! & +& 9 9( 4⌫ 7 4" )& " ⌫" +. 9( +& ' ! ⌦ $ * &+ ' ! 9

7⌫;+⌫ ⌫ 9( +⌫7+⌫ ⌫ ! , +& & 3 -. * '7!

(* 9( *5 & &79 ' ! ⌦ 4⌫( & 5< $ 3 ( & & 3 ⌫ 3 $ = '4 *

& 3 " -. * !74 & ' 7 4 "⌫ ⌦ ⌫ (+ ( % . & *5 & 9( *5 & ! 4⌫"7! 9 ! ( + 4 < ( >2 ?"!7 9 ! ( + 7&+ + &67 9 !( $ "& + ' 9 ⌫ @ ;⌦ A$ ( + & +& B & *4 ! *5 & & 9( +& ' ! 4 ⌦ 3 ⌫3 ⌫ *5 & & (⌫ " &+

⌦ ⌫

9( -. * ! ! $ $ ' *' *+ "* -* " ".+ , "! A$ ' . CDEF "&+"!7 ⌫ *4 ⌦ 3 ( /2G>B ( H0GIJ ' *+ 7 &+ ' ! "⌫ 4 < ⌦3 & 3 9 ! , A⌦ &+ ' ! 9

7⌫;+⌫ ⌫ +⌫7+⌫ ⌫ ( & 3 '4+ *' &+ CDEF ⌫3 & ,+ 4 ⌫ + ⌫ &+ & 3 *5 & :4 ⌫3 , &+ ?CJI@ ;⌦ *5 & " , ⌦ 3 CDEF ' *5 & (+ 7 4 "⌫ ⌦ +& ' ! ( 8!7 7( ⌫ ,4!4⌫ K 4 & 5 L ((⌫7 + M9( 4⌫ ! *4 4 ⌦ 3 ⌫ + 7

*5 & & & * "+ :49 8 9(

& 7&) $ *4 7 4" +7 " ' & ( ⌫, 4! $ 7* ;$ 3 & 84 + " 4 A;$ 3 & 84 !

* 9( N' $ $ ;$ 3 &76 & 4& * ⌫ 3 & A$ $ 4$ ' ⌦ *' ( ' (& 4 84 ! ! $ 9( 8!7 & 5 & 84 ' ! +& ⌫ ! & 3 ⌫3 ( ⌫ A$ & +& (! 7 ,+ & "* -* * M5 & + ⌫ & * '!4 9( $ O ⌫ 4 4 ⌫

9 ! & . " ' 4 -. * &3


27

% . & 4 ;⌫ ⌫ (: ; 4⌫ 7 & 3 + "A ⌫9 ( . < ⌫ & "4& 4⌫ " '4!9( & . " +*4 ' 4 ⌫ (& 5< & "4& ! "4

+ ( . " / 9

,+ 9 ! PQRSTRUVSW ' " "* M 9

X+ 9( ' (⌫ + ')! $ ( ' (.4 . +& 7 4 9 ! * 4 ⌦3 " 9( *

9! ! ( 7 "! ( ! * 4 ;⌫ ⌫ (: ; *5 & ' & +⌫ A⌦ 9 ! & -. * ⌫ *+ ⌦ 3 ⌦ ,+ ' 7 4" &) & " 9( & 5 ( + 7 7 ( . - ( + ⌫ ! $ 9( " * $ 7 4 & * ⌫ 4 7!

8! *

7 ( * 9( " 74 & 3 & . " +*4 ' "7 4 ! "4 ' M & 9 ! & 4 ;⌫ ⌫ (: ; ++ +! 7!

$ ⌫ + ' ⌦ 9! ! ⌫" )& -. *

$ 7⌫;+⌫ 9⌫ ( +⌫7+⌫ ⌫ &3 A Y'4 9( *+ Y'4 ;⌦ " 4 A" (

! ,+ 9( *

-. * 9 ! ! +& ⌫, 4! & " )& & 3 ⌫ 3 $

* ⌫ " " 4 ;⌫ ⌫ (: ; ' ( ⌫ 4 8 * ,+ &

7 4 & * $ O ' $ , 4 ⌫ $ 84 ⌫ 3 + 4 "$ *+ Y'4 +& (! 7 & ( . 8.+ ,+ ' 7 4" )& & %)' ⌫3 + 7 + * 4 ! 4 ! 4 7+9( 4⌫ 7 4 $ ' ! - 4 4⌫ ( ' "$ *+ Y'4 (+( ! 4

⌫4 ⌫ 7 9 ' + ( ⌫ &3 ( $ 3 ⌫9 '(! 8.48 ⌫ & M& ( 4$ ( "A M⌦ 5 9( "A ⌫ *5& 8 9( 8 9( 4⌫ 7 4" +7 8 * ' *' 4⌫ 7 44& 7! " 4 A 7 4" : 4 "! " '4!9( " 7 4 *

' & (!4. 4 ;⌫ ⌫ (: ; ,+ ! ! $ ! , ! , : 4 ' 7( 4 . . ,4! , 4 ⌫ + *5 & : * < & *4 ' $ (+ 7 f & 7 (

7 ( * f & 7 $ 3 ⌫ 8! ' $ & ! 8! $ 3 ⌫ ' " + ( &

"A < + ( . " '4! . 9'! 8 4 +⌫ 7 & ⌫3 * < 9( + * !74( . & 4 G " 4 KX7 " +⌫ 7(( 4 9( " ! ' " "* 9( ' (⌫ + ')! & 8!7 ' *5 & A⌦ (

⌫ *+ ⌦ 3 9 !( $ 3 ⌫, + ! +⌫

$ + 7 * 4 ;⌫ ⌫ (: ; ! & 3 9( "

7 4" : + * * + 7 ⌫4

*' 7*8 (7 (& 5< ! & 3 * "4$ 7! * ⌦ 8$ "⌫ 9( " < ! & 3 ! & 3 ⌫ & 3 *5 & 4⌫ 7 4 "⌫ ⌫ (!.4 ! &3 (+ "&+"!7 A$ ' . *5& ( ' $ *' * ;⌦ 7 4 "⌫ +& (! 7 , ,+ 4 4$ * < A⌦ 7 4 9( 7 4 & ⌫ 7*8 (7 (& 5< ( . ,+ " * 4 ;⌫ ⌫ (: ; ' *

⌫ " '4! * + ! ! $ ( +4 9( 4⌫ 7 4 & 3 ⌫

7 4,4!9 ! * ' *

! , ! ( 9 *' 9( ! & 3 ;⌦ & & & -. * ( . ! (⌦ ;⌦3 9 !+7 " < 7 4" : ! ! $ '

*5 & ⌫ 4⌫ 7 4 "⌫

*5 & 4⌫ 7( 4 . . ?DRZ[R\] DW^_VT@ % ⌫ 7 &

+ (⌫ 4 < J1/ `" ' & <⌫" & ⌫ & ⌫ & 9( 4⌫ & ( 9 (⌫ ! , ?Eaa@ 4 < ( B01b2 ;⌦ , 4 ( M⌦ 5 7 4 , ,+ : 4 *5& ,+ 4⌫ "&)) & (.4 $ ! O ;⌦ , 4(& 5< ?cWRd_[_U_QZ PQeTZ@ 7 48 ) + * -. * 9( " 9( 4⌫ $ , * -. * + ,+ 74A⌦ ⌫

⌦ " $# !

& & + & ⌫ & + 7 7 * ⌫ ⌫ 9 ! 7 4 "⌫ ' ⌫ *+ ⌦ 3 ,+ ;⌦ (.4 7 4 "⌫ ' . ( ⌫ J + 7 ⌫3

*5 & g & &+ ; 4+& (* . `

+ ,+ & 9 9( 8!7 '($ 7 +& (* ⌫ 4 " -* 7*-⌫ "A < ⌫ ⌫ $ ! 7 4,4!"

& ! '& ! ( ) $ M & 4⌫ ! ! ! $ ;⌦ 4⌫ ( ! ,+ *5 & 9 !4,* + 4⌫ & " )& ! , : 4 *5 & & ' 7 4 " )& & & 5 7 4 ( + & ! &+ .49( 4 7+ *+ 4 ! 7" 9( 4 h= 7& ! ( 8*+ & A 4 8 $ = & 9( (+ " ⌫ *+ ' .7 !. 7 ! O " ⌫ ! 7 4 & *+8 *5 & ( + 4⌫ ⌫ 4 7 4 4 ⌫ & 4$ & ' . ! O ! ! $ & 3 ⌫ 3 74, A⌦ *+ & 3 . < 7 7.-9( ( 7 X+ *4 *4 . " *5 & $ 7 4 ( + & 8⌫7 * 9( & " * . hi ⌫ ⌫ 7 4 ⌫ 4⌫ ! 7 + , '7&+ b22I 4 9'(! 8.48 ' $ "A ⌫ 4⌫ 7 4 M& ! !74 & , & 7 . 4.4 ( + 7 4 & 7( ⌫ 7 & *+ ! ⌫ 3 "! ( ! 7 4 8$ 4& 4 8 * "4 7 ⌫3 *5 & g ,+ ' & 9( 4 = & ! :4 ⌫ + ,+ +* 4 M 7 " - <". ( + 7( 74A⌦ 4⌫4 = & + *+ & 3 $ K M ⌫+" j ! 8$ 3

. O 9( 9 ' = & 9 ! 4 8 * ⌫ + 7 ⌫

* % &


28

GOVERNANCE

⌫ ⌫ ` b00b ⌫3 < 4 *5 & & "$ " 4< & 4! . 4& ⌫ +& & + 9( * *5 & ' , 44 " ( < 4 *5 & ⌦ ,+ 9

4* $ k* & * 4'(& & + 9( * ⌫+ ⌫ ?FV^lV^RQW mVnW^SRS\W PWUo pddWddqWSQ@ 4 8 $ 4$ &r

& + 9( * *5 & ' , 4'(& & + 9( * ⌫+ ⌫ ?mVVT FV^lV^RQW mVnW^SRS\W@ ⌫ ' + + ( +'(& & 9'! M, $ ' *5 & 4⌫

*' &+ ⌫4 ⌫ "* -* " ".+ ;⌦ (.4A⌦ $ ' 7 4" )& ! "* -* A $ ' . k* & * ! A $ ' . ! ! ⌫ 4 & 4 "⌫ 7! ,+ "7! "⌫ X+ 4 (9( 7 4 ! " 9( 7 4 & *+8 < 4 & 3 ⌫ 3 : $ & 5 ( 8 A $ ' . " )& + ` ⌫ ! 4 4⌫ ( ⌫ + ⌫ 7 & k* & * $ & + 9( * ⌫+ ⌫ ⌫ *5 & ' ;⌦ 9 ! 0 '47+ +& ⌫3

! % ⌫ , & " -# &' ! ⌫ ⌫ ⌫

!" # $ • < 4 *5 & ,+ ' + & + 9( * ⌫ +⌫ ⌫ 7 & + 9("* -* A $ ' . ⌫ ( (& 5< & 5 ⌦ 3 4$ ` b00b

+ 4! . ' A $ ' . ,+ 4 ⌫ " & ( + * *5 & ! &7 A⌦ 9( ! ⌫ 4 & 9( 4⌫"7! !74 &+"* ! O ⌫" )& ( + = "! " *4 " & " . 9( ,4!(+* "* -* A $ ' .

+ ' + ,7 + & ⌫3 ⌫ !" # $ BG < 4 *5 & 4⌫' ⌫ = 9( "* -* A$ ' . & 3 $ 3 ,+ 9 ! "* -* ;$ 3 ' $ ' . "* -* 4⌫"!7 9 ! , * "* -* ,+ & ! 7" 4 ( * ! ⌫ "* -* !74 8.4 A $ ' . $ 9 ! & 3 ' $ A +A 4 9 ! & 3 "

&)8⌫ &+" * % ( ' +' $ 9 , & & ' $ ' & "$ * <' " -* (+ . ' $ *4 . .4 & * * M5 bG < 4 *5 & 4⌫' ⌫ "! " *49( " & " . ' A$ ' . 8 "* -* $ ! O 8.4" 4&) A $ ' . `

,+ 9 ! "* -* " 7 8.4 A $ ' . (!7 ' "* -* " . ( $ +& ($ 4 (!7 ' "* -* "! A 4 ! ⌫ 8.4(!7 ' ! 8.4 "* -* 9"+ 7 4 *+ ': 9( &3 A 4 ! ⌫ 8.4 JG < 4 *5 & 4⌫' ⌫ + 7 +O & ( 4*+ ' $ &+"* -* ' $ (*+ "* -* A $ ' . M⌦ 5 " " M *5 & ⌫ X+ 4 ' + ! O 9( 8.4 A $ ' . 8! ,4!9 " ⌫4 ⌫ 4 (" )& *4 *4 ! & '& ,4! *4 7 8.4 ' $ (⌫ 9 ( 4 (" )& + ,4!,+ 9 ' A $ ' . (!7 ' /G < 4 *5 & 4⌫' ⌫ 7 7 4" +7 ' A$ ' . 8 "* -* ! O 8! ' 4 (" )& ⌫ % . & ! 7: ,; *5 & &+ ' A $ ' . ⌫ 484 * % &' # !" # $ (⌦ * + , & -.$ + !" # $ , # • < 4 *5 & 9( hi &+ ,+ "* -* A $ ' . 4 k* & 9* ( 4⌫ 7 4 (.44 7! "* -* 4 Y'4

+ "* -* & 4 (9( " " M " ' & 8.4" 4&) A$ ' . ` b00b 4$ 7& ⌫ I 45 b00b *5 & ,+ X+ " ' A$ ' . M⌦ 5 4 ( !


29

7& 8.4 A $ ' . (!7 ' 7( 7! J2 7& ! 8.4 ! 7: ,; *5 & 9( 9 ! &3 5 , 9( 5 & s5 4 & + 4⌫ 4 ( '4$ & 4 ( 9

" ⌫ *5 & &+"! ' A $ ' . ;⌦ X+ 4 (+& ! , ⌫3 BG ' & "$ 8*) 8.4" 4&) A $ ' . ` b00B bG " 9 B 8.4 7*" 4&) A $ ' . & 3 ⌫ BNb00B JG " 9 b ` b00B 9

Ft1auC /G " 9 J * "* 3 ".+ < 7& ⌫ JB -& 7 4 b00B 0G " 9 / 4 ( * < &+" , ". -* 9( ! * % ( HG " 9 0 4 ( * < 7& * 4 ⌫ " 8$ ($ & 3 (& 4 9 4 ⌫ 47 7 / vG " 9 H 4 ( * < ( ⌫ + ! 9 4 >G " 9 v 4 ( 4 "

&)8⌫ 9( ( ⌫ + ! "

&)8⌫ IG 9

' & "$ 4 & 9

?9

& 7, @ B2G 9

' & "$ 4 & 9

?9

⌫ ' + + 7 <*8 @ BBG 9

' & "$ 4 & 9

?9

" ' & \edQVT_RS@ BbG 4 ( 7& * 4 *" ?" ' &

4 & @ BJG '(& 9"+ "* -* !74 8.4 A $ ' . B/G & & *5 & ⌫ ⌫ 7 &

8.4 A$ ' . B0G 9 ⌫ &3 "A ⌫ 8.4 • &+"! " 8.4 A $ ' .

*5 & ,+ 4 '4 ' *5 & M & h '(& & ? M, @ &+ ;⌦ ⌫ ' . *5 & +& "! ' & "$ 8*) 8.4" 4&) A $ ' . ` b00b ' 9 ! A $ ' . (!7 ' ! 7& 8.4 B0 7& ;⌦ 4⌫8!7 7( &+"! " 4 7! 4 ⌫ Y'4 ,+ ' +,7 & 3 ⌫ 3 $ X+ " ' A$ ' . ,+ 4⌫ 7( M⌦ 5 4 (4 ⌦3 • 7& 8.4 A $ ' . *5 & ,+ 7 7 4" +7 9 ! A$ ' . 8 "* -* !74

8.49( "⌫ + 7 8

wR^\VTW ( ⌫ 9( & 9 "⌫ 74 & 3 &+ ' 4 ⌫ "9 4 x,7 * <⌫ ⌫ A$ ' . ,4!,+ 4 4 & 4 & 3 &+ = "&)(& 5< " ' & A $ ' . ⌫( ⌫ 9( 7 $ 7 4" +7 ⌫ 8.4 + ,4! "⌫ 7( 7 "

" '4! • '(& 8.4" 4&) A$ ' . ` b00b *5 & ,+ $ 3 ' 8.4;⌦

+ 7 ( ⌫ +7 8.4 4 * ⌫ 8.4 ( 9 "⌫ ( + A 49( 7 4 ': A $ ' . 7 74 &+ y 8.4" 4&) A $ ' . ` b00bz 9 ! ⌦3 7: ,; *5 &

• ⌫ 3 *5 & & X+ " ' A $ ' . 8 " * -* ⌫ 484 *5 & 9( X+ " ' A$ ' . ,+ & 4 ( ! 7" 9( " " M ⌫ 4 ( % . & ! 7: ,; *5 & ! "4 "4

4 - &' # !" # $ , + 3 +3 #5 • *5& ,+ X+ " ' A$ ' . ;& A 4 $ ⌫ ⌫ 7 & 7 8.4' $ ⌫ 7 &

*5 & 9( 9"+ 7 4 +* ':

+ - 4 ,+ " A 4 ⌫ 8.4 9 !( 7 . 7 74 & 3 ,+ 4 ⌫ & ⌦ ;& A 4 $ ⌫ ⌫ 7 & 7 8.4' $ ⌫ 7 &

*5 & 9( 9"+ 7 4 +* ': A $ ' . 74 & 3 8⌫93 < 4 / &0 1⌫

*5 & 9( N' $ *' ( !" # $ (⌦ * + 8.4 A $ ' . . & 3 • *5 & &+ ' 4 ⌫ & ⌦ "⌫ 8.4 - ( A $ ' . 9( X+ ( ⌫ +" " )& • ` b00b < 4 *5 & ,+ "! " *4 8 " * -* A $ ' . 9( ,4! &+ ;& A 4 '7! 8.4,7 8.4 A $ ' . $ " 4 A 8 "* -* A $ ' . + 4⌫ X+ 4 ( " " M ! 7: ,; *5& (!7 ' * '(& 9( 8!7 ' A $ ' . ⌫ &3 8.4" 4&) A$ ' . ` ,4!" 4 A !74 8.4" 4 A *+ 4 b00b *5 & ,4!4 ⌫ 9 + & '& ;⌦ " ( ⌫ +,+ ⌫4 ⌫ 4 (" )& *4 *4 ⌫ 8.4 ,4!4⌫ 6 , +& -.$ + !" # $ *4 7 8.4' $ (⌫ 9 ( 4 ( 31- + " &) + ,4!9 ' A$ ' . (!7 ' • < 4 *5& ,+ ' 7 4" &) 2 3 + - # 9( "* -* A$ ' . &+ 8.4 " 4&) A $ ' . ` b00b 4⌫ < 4 !" # $ . • *5 & 7 7 4" +7 ' & A $ ' . *5 & !74 8.4 BB ⌦ " . ,+ 7 ! 9( & 4 & A $ ' . ( ⌫ *5 & & &r &+ 8.4" 4&) A $ ' . ` b00b ' 4⌫ 7 4 ! &+ 7! $ !74 8.4 A $ ' . +

9 7 & + 9( * ⌫ +⌫ ⌫ ' +,7 ( ⌫ 9( & 9 "⌫ + 7*-⌫ ! ! $ wR^\VTW 4 8 4 & 3 9 ( 9 "⌫ ' & A $ ' . ⌫4 8.4+ 7

&7 8 ! 8.4 ! % ⌫ . 8, !" # $ • *5 & ,+ 9 Y <{ 9( 7*- ⌫ /0 $ & " # & ' ! , !74 8.4 A$ ' . ' A$ ' .

& ⌫ , ' & "$ 8*) 8.4 74 & 3 7& 8.4 , ⌫ + A $ ' . + * 8.4,+ 9 Y <{ < 4 ⌫ 8 8.4 9( & 3 "⌫

*5 & ⌦ A⌦ k* & * ! A $ ' . ! ( 4 * ' A $ ' . ⌫ 8.4 A $ ' . 9( ,+ 4 ⌫ & ⌦ 9 Y <{ 9( & 3 ! ⌫ 4 & ⌦ ,+ ' + 7 "⌫ ( 4 *+& (! 7( 7 4" +7 ' 9 ! A$ ' . "!7 ,7 8.4 A $ ' . . & 3 +& ! , ⌫G3 1


30

• *5 & ,+ X+ "9( 7 7 4" +7 ' 9 ! A $ ' . ⌫A $ ' . ! ! $ ,4! 7! B22f222 ' . + A $ ' . +⌫ 7' $ '( 74 & :,+ 9( A$ ' . ! ! $ & 7& ⌫A $ ' . A⌦ 7& ⌫ " $ $ . 7 8.4 7( ,4! 7! Bb +$ + ,+ +& '(& <{ * < 9 ! !

4 ( ( +'(& & 9'! M, 9( 7: ,; *5 & (!7 ' 7( / +$ ! 7& 8.4" 4&) A $ ' . ` b00b ? & 3 9 !7 & ⌫ B .( 4 b00b A⌦ 7& ⌫ JB 4 4 b00J@ ;⌦ 4⌫ ( . < 4

*5 & ' ⌫ 7 747 8.4 9( " ! 4 *" $ * < ! $ 3 ' 4 *" * < 9( 7 ': 7! 4⌫ 7 4 '4 "4 : ' " ! ⌫ 8.4 < 4 *5 & +$ .4 & - b00J $ * < ⌫ 7 8.4" 4&) A $ ' . ! , ;⌦ k7! ` b00J ,4!4 ⌫ A $ ' . " 7 8.4 (!7 ' • *5 & ,+ X+ "9( 7 7 4" +7 ' 9 ! A$ ' . ⌫ " " 8$

. ( ⌫4 ⌫ <. "4 & * '4 "4 + 9' ! 4 (!7 ' + ,+ +& '(& <{ * < 9 ! !

4 ( ( + '(& & 9'! M, 9( 7: ,;

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! ! &+ + ,4!4 ⌫ 9 " ⌫4 ⌫ 4 (" )& *4 *4 ! & '& 9( ,4!4⌫ *4 7 8.4' $ (⌫ 9 ( 4 ( " )& + ,4!,+ 9 ' A $ ' . (!7 ' • < 4 *5 & " & " . ' A $ ' . 8 ' & "$ 4 & 9

⌫ A $ ' . " 4 A ' + *M ( 9 "⌫ ': + 7 ,4! ': + 7 + "⌫ + ,+ +& ' & "$ 4 & 9

⌦ 3 ⌫ 3 *5 & & ,+ +& ' & "$ 4 & 9

?9

4 & &7 , @ 9( ' & "$ 4 & 9

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+ *5 & ,+ " ' 4 ⌫ 4 *" 8.4 9( ( 9 "⌫ 9 A $ ' . 7 J $ 8& . - * ( ? - 4 7 " 9( 4 *" @ 9( s & ? 4 7 "

9( 4 *" @ $ 7 7 4" +7 ' 9 ! A$ ' . ,+ 8 "* -* ($ 4 *" + ' ⌦ & 4 & 9 A $ ' . ,+ • < 4 *5 & X+ " ' A $ ' . 8 " * -* "⌫ ( 9 + ,+ &+ ⌫ 4 & ( 9 "⌫ ' 9 ! A $ ' . ,7 9( 9 < ( ⌫ ! *4 8.4 ;⌦ ,+ +& & ( 9 "⌫ . 7 8! * < .4 & * ! * % ( * < .4 & * ' + ! 9 "

&)8⌫ * < .4 & 9* ! & 3 4 9 . ( ( ⌫ + &

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& 8 4 ( $ ' ( 8 9 ! ' $ $ 4*8 ,7 '(& <-. * ?FVTW Vo FVSTe\Q@ ;⌦ (.4A⌦ $ 8 4 ( $ ;$ 3 '(& & 7 4 &+9 ( 8 9( & 5 7 4(& + 4⌫ 9 4 +& (! 7 ! 4! $ '(& <-. * &+ 4 9( 7: ,; *5 & ⌫3 & ,+ 4 '4 ' ( . < 4 *5 & & *+8 9 '(& <{ X+ 4 ( 9( *+ 4 ' < 4 *5 & 9( *' A$ '(& & 4 Y'4 74A⌦ X+ 4 ( ⌫ 7 & "!7 ,+ "!7 "⌫ ' $ '7! & 4 9( *' /

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31

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+ ' *' 9( & . k* & * 4 J@ *5 & ,4! +O & A$ '(& & *5 & 4 +& ! , ⌫3 ( 4*+' $ &+"* -* A $ ' . "! 4 " 9( . ⌫ & ,4! (. * * 7 • ⌦+4& " 9( "! 4

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32

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33

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34

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35

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*5 & ! A A 7 8$ A$ ,+ ⌫ & 7( 9( ! " 74A⌦ 4 ( & * ⌫ +⌫ ! , ⌫3 & 7, ⌫ 4⌫ 7 4" &) ⌫ ! • ⌦ A⌦ "* -* A$ ' . 9( '(& & *5 & ,+ + 4 '4 ' 4⌫ ' " * -* & A $ ' . $ ! O 8! 4⌫" * -* ' !7 & *+8 + & ( . "&4 & - " 7 8.4 A $ ' . (!7 ' 4⌫" * -* ?ESnWdQV^ aWURQ_VSd@ ⌦ 3 $ &79 " . ( $ +& ($ 4 (!7 ' "$ " & ( . "A & A $ ' . ( + ,4! +O & 74 & 3 & 7* ' 7& , 9( & ⌫ ( 4*+' $ *+ "* -* A $ ' . ! % ⌫ < $" %7&$ & (4

• k* & * ! A $ ' . ( . 4 ⌫ "!7 ,+ "7! "⌫ 9( ⌫ 7 ! ! ⌫ 4 & 9( - 4 ! . hi • X+ 4 ( ! A $ ' . ( . 4 "⌫ 7! ,+ "7! "⌫ 9( ⌫ 7 ! A ⌫ &7 A⌦ ! ⌫ 4 & 9( 7( ⌫ ' + + ! 8! ⌫ '4 "4 $ ' A $ ' . 9( ⌫ 7 ! O " 4 A A⌦ 4 (,+ + " +7 8! ! 7 ,; *5 & • k* & *' ⌫ 9( 7 4 & *+8

< 4 *5 & & + 9(9( *' + 7 7 4;$ "& 4⌫ <. - 4 9( 4&+ 7& $ ' (. = '4 *5 & 9( ' *+ 8 " ".+ ! *5 & 9( A $ ' . ( + + 9(4* ' *+ %)' 7 4 &+9 + ( 8 ! O • *' + 7 7 4 ! "

7 4. 9( 7 " • 7 .49( *' 7 4 "⌫ ' ! +& ⌫ '4 "4 & + * * *5 & • + * -. * + 7 7 4;$ "& ". * Y'4 9( * - 4 -. * 4 % 3 31- + • < 4 *5 & + 7 4 7 BB ;⌦ 4⌫ <. "4 & * ⌫ '( '( & 3 + & 5 " < 7 4" 4 A + ⌫ 8 &

*5 & 74 & 3 . M* 7( 9( 7 4 4 k* & '* ⌫ $ " *4" ' *5 & 4⌫ < 4 ⌫ 49 : • < 4 *5 & ⌦ A⌦

*' ⌫ ! "9( " 4 A 7 " ,+ " )& +& & 3 - 4 *5 & ⌦ 4 *" 9( ,4! . ( +⌫ 7 & - ' ⌫ *' ' $ 4 7 • " ' & 7 " ' 4 < 4 *5 & ,+ ' +7*- ⌫ ⌫ 9( ⌦+'(& 7 4 ! ",7 " &)

+ M * -* ( A $ ' . ⌫4 ⌫ 7 4. ' $ hi *' $ < 4 " ' " ' . ( + 9' ! 4

+ * < &+ ($ . ( ⌫ '4 "4

+ * < <. 7.r* 7 4" 4 A " < g(g $ ' & ' ⌫ 4 *5 & 9( N' $


36

4 2 3 + & - . ; • < 4 *5 & * < '7! & ⌫ ! ' *+ 7 4 &+9 ( 8 '7! A$ ' . 4 9( hi *' + 7 7 4

;$ "& " . * ! 4⌫ ' .4 ⌫ ( 9( *" * - 4 ⌫+ ⌫ ( + X+ 4 ( ! A 7 $ ( 8

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*5 & ⌫ ⌫ 7 ' $ . ( ⌫ < 4 *5 & ⌦ &+ ' 4 ⌫ 9 ! 9 4⌫ 7 4 &+9 + ' 44* ' 4 "⌫ 7! ,+

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& + &7 , ` " 97+( 4 ⌫ (⌫ 9 ( , 74A⌦ ' + = '4 9 -. * 9( 9 4 < 4 4 + $

+ ⌦ A⌦ * 44 ( ! M 5 * " ".+ • < 4 *5 & ,+ +& '(& 9( 7 44& 7 *5 & 9( <" ' & *' 9( & A $ ' . ( + ' ⌫ & + 9( ?FVTW Vo FVSTe\Q@ $ ' *' 9( 9( *+ 4 + * hi *' ' & . ,+ 8 9 7 k* & * , 49 -. * ! 4⌫ "* -* 9( ' ⌫ 9( ⌦+A$ s * k* & * ! "* -* ( "4 "4 9( ! &+ + (.4 & 3 + • < 4 *5 & ,+ " & " . ' -. * + 7 7 4;$ "& 9( ". * *+

5& * ( *' k* & * ! 4⌫"!7 ,+ "!7 "⌫ + 7 7 4 < 4 *5 & ⌦ ,+ ! ⌫ 49( - 4 = & ( 4*+ ' +9 7 & + 9( * ⌫ +⌫ ! 4 "⌫ 7! ,+ "7! "⌫ 7 4 &+9 '(& < 4 9( & 3 ( 8 & 5 7 4(& 9( 8 .4 & * '7! & &

*5 & ⌫ 4 ( ⌫ +* ( + $ & "* ⌫ 7 ' $ . ( ⌫ 4⌫ 7 4 &+9 74A⌦ 7&) 9( 7&( & 3 ⌫3 ,+ 4 '4 ' 9 ! 9 ' ⌫ ! 8&+ hi 7 " *+ 49( 7 "

'7! A $ ' . & < 4 k* & * 4'(& < ⌫3 < 4 & *' 9( < . 4 • < 4 *5 & *+ 49( 8.+ ! O $ ' *+ A!7 +.( 9( + 9( ' -. * *5 & k* & * ' ⌫ 4 + * " 4 A 7 " ;⌦ & ,+ ! *" < . 4 ! O 9( 4$ +& ($ 4 ⌫ '4 "4,+ 9( 7 ⌦ " < 4 *5 & $ * < .4 & 9* ! & 3 4 ! , • < 4 *5 & ,+ +& ' 4 ⌫ X+ 8$ < 4 *5 & 9( < . 4 + X+ 8$ 4 . ( 9' ! . 7& * M⌦ 5 "&+"!7 A$ ' . *5 & " < 9( 7 4"&4 & - '7! *'

+ ,+ X+ ,7 ! 8! ! O & 3 ` 9( 7: ,; *5 &

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!, $ # • < 4 *5 & ' +9 ! 9 ' ⌫ 9( 7 4 & *+8

'7! < 4 *5 & < 4

*' < 4 7 "

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$ ⌫" )& ⌫ 7 & + * 74 &3 & + 9( ' hi &+ + * 4 9( 9 74A⌦ 4 < ⌫ ' +,7 ! 4⌫ "* -* 9( "* -* ( • 4 ⌫ < 4 *5 & ,+ ' + & + 9( * *5 & ( (& 5< & 5 9( ' 7 4 ': 8 +& (! 7,7 9( 7 & 3 < 4


37

*5 & ,+ 4 ⌫ 7 ! `( B & 3 • < 4 *5 & ,+ +& '(& <-. * ⌫ ( (& 5< & 5 ⌦ 3 ,7 9( 7 9( ,+ 9 !9 ! ' 9 ! 4 *' 9( & ⌫ '4! 9( + * 7 < ! O " ' & 4 *' 9( & +*4 $ ' A⌦ 4 + * - 4 ⌫ *5 & 8 + * -. * 9( < 4 ,+ 4 '4 ' h i 7 " *+ 4 k* & * 4 <+& (! 7 ! ( 8+* • < 4 *5 & ,+ +& ' 4 ⌫

7 4. + * 9( k* & * 4 Y ⌫ ! O ;⌦ 4⌫' !7 7 " ' ⌫+ & (! 7 ;⌦ 4⌫ 7 4 *" ! k* & '* ⌫ 9( ,+ 4 ⌫ 7

+& (! 7 ! `( B & 3 4 B & -.$ + 31- + * • < 4 *5 & &+ ' 4 ⌫ 8.4 < 4 ,4! 7! `( / & 3 9( + * 8.4 ' , 4 & & *5 & 8 &))& * *5 & 4' 8 &+ GMG b0J0 9( Y ⌫ ( +'(& & 9'! M, + - 4 - ⌫ 8.4 "! " *4 ' 4 ⌫ 8 +(. * * ⌫ 9( &+" 7( ! ⌫ ⌫h i *' " $ 9( 4 ⌫ 4 * %)' " )& & !

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' + 8.4(!7 ' ( + & 3 ` & 3 ⌫3 $ ' 4 " 4 A7 9 (!7 ' 9( &+ 7( !74 8.4,+ • ' + 7 &3 8.4 < 4 *5 & ,+ * < A⌦ 7 4 '4 "4 & ' ⌫9 ( 7 4 & *+8

< 4 *5 & + ( . < 4 *5 & ,+ +& ' +

8.4 ` 4 . $ ⌫ * < 8.49 !( & 3 $ ' < 4

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*5 & 9( 8 &))& * *5 & 4' 8 &+ GMG b0J0 ! ! &+ + X+ " ' 4 * %)' " )& & !

+ &7 & 9( 4⌫ ( . < 4 9( ⌫ ⌦ 5 Y'4 !74 8.49( + & ⌦ 8.4 ;& A 4 9( " 9 ! O 4 + 7 $ ' 4 9( ⌫ 7 " 4 A *+ 49( 7 " ,+ • 8.4 < 4 *5 & 9 !( &3 - 4 8 7( 8.4 4 < B1b 8&7 4 ;⌦ 7( ⌫ ⌫h i &+ " $ $ * < 9( 4 " 4 A * %)' " )& & ,+ !

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38

GOVERNANCE

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39

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40

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⌫ ⌫ ;( > 8+ (% * N *) %/ = 8/(* , /%7 % O3 9O)W$ >X ): %: *3 > %*

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? C 1 * *

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60

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*7 %>+ % 7 > @ Q * `⌫C 8 > I3 9⌦ O*= 8$ %) 8?*?

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61

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62

FINANCIALS

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63

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revenues by business unit Bt.million

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2009

Core Businesses Revenues

2009

2008

2009

2008

2009

Bowling & Karaoke

2008

2009

Rentals & services

2008

777

+14%

611

2008

491

2009

Admissions Concessions Advertising

+27% 388

2008

-15%

339

0 2008

538

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575

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814

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2009

Film Distribution


64

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;> ? # 0 5 $ E B ; 2 /" ⌫ $ ⌫ ⌦ ⌫ 1 & ; 8 #)/C) 1( # ⌫/ 0 ) B ; 2 $ ( # ⌫ ⌫ ⌫ ⌫ ⌫ ⌫ < @ 1 0; C >z ? % @ 8( & ( $ / ( ) /< < # W 99 1 0 sgtu 1 5 $ # > 8% $.=⌫C 1 sgtu / /8 /0 < /" ;$ 2 ;! $ 5 $ E 1%#? "2 6 0 p 9 & 5 $ 1% %# $ & ; 2 = 8( B ; 2 5 $ E /⌫( ⌫;2 ⌫ ⌫ ( # $2 7/#/⌫ //< # Wrr9 ? / & = @/ $ 5 $ E $ 0⌦ 2 Wp ( " , 7 0 $% =/> ? % @ ; ?" 7 8= : # & # 8 ( ⌫;2 (/) ⌫ %# + 8 ? / 0 ( ⌫;2 (/) ⌫ 0B ⌫ sgtu % 8= < /" :o ⌦ < /" ;$ 2 0 sgtu ⌫ ;$ 2 ?" =# 8 8= # ( ⌫;2 !< / /8 / (/) ⌫ %# + (%) ⌫2 ( ⌫;2 ;# ? /0 ( ⌫2; 7/#(/) (/) ⌫ 0 sgtu /⌫ ⌫ ⌫ ppr $ 2 ;< # /" ⌫ $

; $? @(/) ⌫ 8( ;> ? # < $ # /; / !8 7 , % 8 (%)* ⌫ # 7 0 % -.( 3% 4 56 & 1 -.( /" ⌫ " " 2 8( C ) ;" &D5B ⌦ C) ⌫/ ⌫ %$ 7 ;< % % ⌫2 $ ;# * %# C) 0 uYxlx 8( % m ; 0 ( ⌦ ; 0 1 0 ) ? 45 $ " / # 8= # 8 m ⌫; < ;# ( ⌦ 0 0 ) ⌫2!< / #<8 0 5 $ E8 # 7 , ⌫ - $ %# + ⌫2 / ⌫0 ⌦2 # (, 7 = $ 8 7% / ; ⌫ 4 56 7 / /⌫1 & /0 \{ | %$ ⌫ ⌫ ; /; , 8 ) C _X`JINab cHabaJT KQHIQOT`d # $ =# ? ) $% 7 7 $ ( ⌦ 8 0B ⌫C ) ;" &D5B / ⌫ \{ | %$ 1 5 $ E7/#% $ < 0 ) 0 uYxlx 8 / % # ⌫; $ ;# !" ( ) % # 9


66

FINANCIALS

& ' ⌫ ⌫ ! 7 " 8 9 # ! $ ⌫ % : & ' #! ( ' ) ; *" < " ⌫*% = ' > ⌫ % ⌫$% $ ? $* ( +!$, = @8⌫ @ ⌫) #! ' ( , ! *" ; ⌫ < ⌦ < !⌫% ⌫ ! ⌫$ A % *" ; ⌫ !=( ⌫!% ⌫ ! *" ( * A % " ⌫$% ( ? $* ' , = " * B .//. ⌫ 8 ) ) 0. ) : 8 ' , = @8⌫ @ A % ( = ( $ " ) # ( # ( ! " ( ( ' ) #! 8 $' : ' CD $ " , = ? $* ( , = @8⌫ A% ( +$ $ @8⌫( 1⌫ @8⌫ ⌫% ⌫%$ A% ) ? $* ( (, " ! ' ? $* (, ( # 2= < +!$ A% ! ⌫%$ ⌫% ⌫%$ ⌫ " ' ? $* ⌫ ⌫ ! 7 " 8 9 ⌫ 1 ? ⌫$ ⌫ % *" % * #! ' $ ; ⌫ E ( : $' !⌫ ⌦ $ @8⌫ ⌫ " ( $ #! 2= *8 $' ⌫ 1 ? #! ' *" ( ' ) $ ⌫$ # + , = @8⌫ @ ⌫% &FF/ G 1 ! , = @8⌫ @ ⌫% &F&H ( $ G 1 , = @8⌫ @ ⌫% FHI/ ("' # J = ⌫ ! : , = @8⌫ ; ' # " B @ 8⌫ ) ! ⌫% &0 1 .//& ( ' ) , = @8⌫( ' @8⌫ ⌦ ) $' = , 2= A " * 8 @ B ⌫% ⌫ ⌦) * ⌫% K $ .//&

$8 $ 1 ? 1 0L ⌫ .//&


67

( )

FINANCIALS

* & ' + ; : , = , !8 ' ; $' $ ( M ⌫% <* $ B ! ' ! ⌦) G @ 8⌫ ⌫% % # * M# $ +!$ A *8 +$ $ ⌫% " ( 2A < $' % ( *8 ! $ $' ! ( ⌫%!⌫ ⌫% ! * ! ) ⌫ N! ,$ = @ $' ⌫$ * " $ " ⌫) #! !*" ⌫( ! # ⌦% ? $* ⌫% ⌫ 1 , A% *" % * #! $' ⌫ " , ' ⌦ = @8⌫ ⌫ 2= 2 ( ⌫$ ⌫% ! # ⌦% $ ( A% *" ! ' A% E # '*" ! " A ! ⌫%, ! $' ⌫ @ * ⌫) ; #! ( ' ) ⌦% ! $ ⌫%# ' : , = " : , =!=( , !8 ⌫%$ ? $ ( ? $* ) *" " 2⌦ $ ⌫ % ⌫$% +$ " A ⌫ !($ , +$8 *" ⌫ 2= ( 2 " ⌫$% A % ⌫ ) <* $ ⌦ % ( ! # * $ B (⌫)

; ⌫ " ' ? $* ; ( $' $+!$ $'=* ! ⌫% ' * ( 2 8A% % $' ⌫ " , ' 8A% 2A #! ; ( $' $ &0 1 .//.

7 $ * ⌦ = 9 1

7 $ 8 = 9 1 "


6688

FINANCIALS

, ⌫ ,


6699

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⌫ 45 6 ! 0787 9::9 " # 0787 9::5


7700

- / ⌫ ⌫ 0 1 / 2 3 2 $ 3 ⌫ 45 6 ! 0787 9::9 " # 0787 9::5


7711

- / ⌫ ⌫ 0 1 / 2 3 2 $ 3 ⌫ 45 6 ! 0787 9::9 " # 0787 9::5


7722

- / ⌫ ⌫ 0 1 / 2 3

;

⌫ 45 6 ! 0787 9::9 " # 0787 9::5


⌫ 45 6 ! 0787 9::9 " # 0787 9::5

" ⌫ " $ <%

- / ⌫ ⌫ 0 1 / 2 3

7733


⌫ 45 6 ! 0787 9::9 " # 0787 9::5

" ⌫ " $ <% 2 $ 3

- / ⌫ ⌫ 0 1 / 2 3

7744


7755

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#"

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7766

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7777

FINANCIALS - / ⌫ ⌫ 0 1 / 2 3

# " # =0 # -

> & ⌫ 45 6 ! 0787 9::9 " # 0787 9::5


7788


7799

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8800


8811

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8822


8833

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8844


8855

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8866


8877

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8888


8899

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9900


9911

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9922


9933

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9955

31 " # .$. 2552 .$. 2551


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9977

31 " # .$. 2552 .$. 2551


9988


9999

31 " # .$. 2552 .$. 2551


100 100


101 101

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102 102


103 103

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104 104


105 105

31 . . 2552 . . 2551


106 106


107 107

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108 108


109 109

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110 110


111 111

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112 112


113 113

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114 114


115 115

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116 116


117 117

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118 118


119 119

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120 120


121 121

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122 122


123 123

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124 124


125 125

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126 126


127 127

31 " # .$. 2552 .$. 2551


128 128


129 129

31 " # .$. 2552 .$. 2551


130 130


131 131

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132 132


133 133

31 " # .$. 2552 .$. 2551


134 134


135 135

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136 136

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