MEGA: Annual Report 2015

We Care for Human Wellness

Truth

Trust

in everything we do

our people as adults who know what needs to be done

We Care for Human Wellness

Respect

for each other’s differences

Freedom

in work and personal lives

2

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OOverview verview Management Management

THE MEGA WAY

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ANNUAL AAN N NNUUUAAL A L REPORT R EP E P OORR T 2015 2 0 15 20 15

3

General General Information Information

IS TO BUILD A THINKING ORGANIZATION WHICH WILL CHANGE BEFORE IT IS FORCED TO AND LIVE AND GROW BEYOND EACH OF US.

Financial Financial Information Information

Corporate Corporate Governance Governance

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OOverview verview Corporate Corporate Governance Governnance

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Management Management

EACH ONE OF US IS DIFFERENT AND BRINGS HIS OR HER DISTINCT ABILITIES TO THE TEAM. A TEAM IS MADE UP OF PASSIONATE, COMMITTED AND CARING PEOPLE WHO BRING DIFFERENT VIEWS.

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AANNUAL AN N NU N U AL A L REPORT R EPP OR O R T 2015 2 0 1155 20

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General General Information Information

Financial Financial Information Infoormation

PEOPLE FIRST

IS TO PROVIDE QUALITY PRODUCTS AND SERVICES TO THE CUSTOMERS AND CONSUMERS THROUGH CONSTANT IMPROVEMENT AND INNOVATION . kÔ ¢ j } k p m j k ~ | z× ­ m¡ | ¦ j ¨ Ô j ¢ j mÔ ¦ ¢ Ô § m Ó j ¡ p Ó p~Ó ¥ ­ p¦ Ó ~ j ¨ Ó

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Financial Financial Information Information

Corporate Corporate Governance Goverrnance

AANNUAL AN N NNUU AALL REPORT R EPOR EEPP ORR T 2015 2 0 15 20 15

Management Managementt

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THE MEGA COMMITMENT OOverview verview

THE MEGA OBJECTIVE ~ ¡ pm×k p¥ jÔ

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CREATE VALUE BY IMPROVING

HEALTH IN DEVELOPING COUNTRIES

Overview

IS TO

ANNUAL REPORT 2015

9

General Information

Financial Information

Corporate Governance

Management

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v CONTENTS Overview

01 11 14 16 18 20 22 24 26 38 70 88

j ¥~ §~ Ô j ¡k ­ } k p ¡ s ~ Growing with Human Wellness kÔ ¢ ² m v pj ¥p Performance Highlights q j j j Message from The Chairman q j ¥qÔ Ô ­ ¦ "GHDE "N@BG Message from The CEO & Chief Coach m| j j Board of Directors m| ¢ Ô Senior Management j ¥} pk p¥ jÔ The mega Journey k ¥k~m m ¡ ­ § j Global Reach j | j j ¡ j q Nature of Business § ¦ j j ¡ j q Policy and Overview of Business

10

112 140 156

j j² j }¢ ¦ j qj ­ } Good Corporate Governance m ­p Ó j Ô p m× m¡ | mÓ Ó j ¨ Ôj pm Creating Shared Value j Ó pj Related Party Transactions

Financial Information

164 182 184 186

m² j }² ¥ p ¦ ¥m × y pj ¥p Management Discussion and Analysis p m| j j ~ q Report of the Audit Committee p m| j j ¦ q | mÓ ~ ¦ Remuneration and Nomination Committee Report p m }s k p m| j j ¥ ­ pp j Report of the Board of Directors’ Responsibilities for the Financial Statements

Ù q q m ¥ ­ p Risk Factors

188

§m p Ô p¥p ¡ Capital Structure

General Information

Management

90 94

Corporate Governance

§m p Ô pj ¡Ô Shareholding Structure §m p Ô pj q }j Management Structure p q² Ë

361

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kÔ ¢ ­ © General Information

2528 1985

“š}“ÓÂ?Â‚Â ÂĄÂŒjÂ?q

Our business segments

¼Šjԛ¼„Û‚…¢Ă”‚œŒ™}šƒ§ÂŽj¨Â‚–¥~“”jÂŒÂŒÂŠÂĽjž­Â‹Â?jšƒj›Œ…ŽÂ?~‹›¨Â‚jŽ¥ÓŠ…ŽÂ?~‰š|zĂ—ÂƒÂœÂŒÂĄp “¥k‰›‡¨Â‚Â„ÂŒÂ™ÂĽÂ€Â‘Â€Âž­jœŽšp‡š{‚› §}‹ŠžjÂ›ÂŒÂŚÂƒĂ“p ¥jÂŒÂ?q––j¼„Û‚ “ÓÂ?‚}šp‚žŽ

MEGA is a leading participant in the health and wellness industry in developing countries. Our business may be categorized into three segments

2537 1994

2557 2014

2562 2019

‡š{‚›j›Œ€ž­Â“Âœmšvk–pƒŒÂ?’š€~šŽpÂŚ~Ӗ}ž~ŒŽ™„ÙqqÂĄÂƒÂšÂ‚

The future of our past and present ÂĽÂ„Ă›Â‚ÂƒÂŒÂ?’š€…¢Ă”ŒšƒqԛpÂ…ÂŽÂ?~ÂŚm„t¢ÂŽÂĽqŽ›~Â?‚‚Â?­ÂŠ €ž­ ¨Â”vӀž­Â“ÂĄ} ¨Â‚¼–¼sž‹~™Â?š‚––jÂĽrž‹p¨~Ă”

Became the largest OEM supplier of soft gel caps out of Southeast Asia ¼„Û‚…¢Ă”‚œ¨Â‚~Ž›}–Â?‚§}qž‚

Achieved leadership position in Indochina markets ÂĽÂ„Ă›Â‚ÂƒÂŒÂ?’š€…¢Ă”‚œ¨Â‚j›ŒjΪq›‹“Â?‚mĂ”Â›Â„ÂŒÂ™ÂĽÂ‰Â€Â‹Â›¨Â‚Â„ÂŒÂ™ÂĽÂ€Â‘ÂĽÂŠÂžÂ‹Â‚ÂŠÂ›ÂŒĂ— ÂĽÂŒÂ›m›}”Â?špÂ?ӛ Œ›‹Š}ԌŽ™jÂœŠÂŒq™¼‡Â?­ÂŠkÂ&#x;Ž‚–žj ¼€Ó› ‰›‹¨Â‚Ϊܪ „Ëkԛp”‚Ô› Â„ÂŒÂ™ÂĽÂ€Â‘ÂĽÂ?ž‹}‚›Š ÂŚÂŽÂ™Â„ÂŒÂ™ÂĽÂ€Â‘jšŠ‡¢s›

 ¥ÂŒjÂ?qÂ…ÂŽÂ?~‰š|z׉›‹¨~Ô¼mÂŒĂąÂ–p”Š›‹j›Œmԛ ,DF@ 6D "@QDTM Mega We CareTM branded products business 2.  ¥ÂŒjÂ?qÂ…ÂŽÂ?~‰š|z׉›‹¨~Ô¼mÂŒĂąÂ–p”Š›‹j›Œmԛ ,@WWB@QDTM MaxxcareTM distribution business  ¥ÂŒjÂ?qŒšƒqԛpÂ…ÂŽÂ?~ OEM business

Became leading international distribution company in Myanmar, Vietnam and Cambodia

We expect the Mega We Care Brands revenue and profits to double in 5 years

qÂĄ}ÂĽ}ӂj›ŒŽp€¥‚

Key investment highlights

‹–}k›‹

jԛÂ?“¢Ă“Â…¢Ă”‚œ~Ž›}¨Â‚jŽ¥ÓŠ…ŽÂ?~‰š|zĂ—ÂƒÂœÂŒÂĄp“¥k‰›‡¨Â‚Â„ÂŒÂ™ÂĽÂ€Â‘Â€Âž­jœŽšp‡š{‚› tÂ&#x;­pŠžjÂ›ÂŒÂĽ~Â?Š§~ €›pÂĽÂ‘ÂŒÂ’yjÂ?q–‹Ó›pÂŒÂ?}ÂĽÂŒÂŹÂ? Market leading own consumer health and pharmaceutical brands in fast growing developing markets

Sales Contribution

1

„Ë ‹–}k›‹ŒÂ?Š ÂŽĂ”Â›Â‚ÂƒÂ›Â€

2

ÂĽÂŒÂ›m Â–Â…¢Ă”‚œ¨Â‚j›ŒjΪq›‹“Â?‚mĂ”Â›Â„ÂŒÂ™ÂĽÂ‰Â€Â‹Â› ŒŽ™“Â?‚mԛqÂœÂ‚ĂľÂ›Â‹Â”Â‚Ă”Â›ÂĽm›€×¼~Â–ÂŒĂ—sšŽ‚‚œk–p ~Ž›}s›‹Œ}‚‡ŠÓ› ÂĽÂ?ž‹}‚›Š ŒŽ™jšŠ‡¢s› Leading distributor of pharmaceutical and OTC products in select frontier markets of Myanmar, Vietnam and Cambodia

3

¼„Û‚”‚Â&#x;­p¨Â‚Â…¢Ă”‚œ~Ž›}¨Â‚Â„ÂŒÂ™ÂĽÂ€Â‘ÂĽÂŠÂžÂ‹Â‚ÂŠÂ›ÂŒĂ— €ž­ÂŠÂžy›‚™€›pÂĽÂ‘ÂŒÂ’yjÂ?q€ž­ÂŠÂžÂ‘šj‹‰›‡ ¨Â‚j›Œ ÂĽ~Â?Š§~ –‹Ó›pÂŒÂ?}ÂĽÂŒÂŹÂ? Focused on fast growing markets including a unique established market leading presence in the Myanmar market ¼„Û‚…¢Ă”Â…ÂŽÂ?~Â…ÂŽÂ?~‰š|z׀ž­ÂŠÂžmÂĄ|‰›‡“¢p€ž­ Š}Ă”ÂŒÂšÂƒj›Œ‹–ŠŒšƒ ŒŽ™Šž§ÂŒpp›‚…ŽÂ?~€ž­ Š}Ă”ÂŒÂšÂƒ Š›~Œ›y›‚Œ™}šƒ§ÂŽj tÂ&#x;­pŠ}Ă”ÂŒÂšÂƒj›ŒŒšƒŒ–pq›j”‚þÂ?‹p›‚~ӛpÂŤ €š­Â?§ÂŽj High quality products manufactured in world-class 4 manufacturing facilities accredited by international regulatory agencies

5

jŽ‹¥€ ×}ԛ‚j›Œ‡š{‚›…ŽÂ?~‰š|zĂ—ÂŚÂƒÂƒÂŠÂĄĂ“p¼‚Ô‚ ÂŚÂŽÂ™ÂŠÂžÂ„ÂŒÂ™Â“Â?€ Â?‰›‡ Strong product pipeline driven by an efficient and targeted product development strategy

6

…Žšj}š‚¨Â”Ô¼jÂ?} mÂ?›ŠŒkÂŹpÂŚjÂŒĂ“p k–pjŽ¥ÓŠ…ŽÂ?~‰š|zĂ—k–pƒŒÂ?’š€–‹Ó›p~Ӗ¼‚ù–p Proven track record of delivering growth and profitability

7

j›ŒƒŒÂ?”›Œqš}j›Œq›j€žŠ…¢Ă”ƒŒÂ?”›ŒŠ Â––›sž‡€ž­ÂŠÂžÂ„Œ™“ƒj›Œ|Ă— ¨Â‚jÂ›ÂŒÂ“Ă“pÂĽÂ“ÂŒÂ?Šj›ŒŽp€¥‚ –‹Ó›p~Ӗ¼‚ù–pÂŚÂŽÂ™ÂŠÂžÂ‚ÂšÂ‹Â“Âœmšv‰›‹¨Â‚ƒŒÂ?’š€ Experienced management team instrumental in building the business is significantly invested in the Company

MaxxcareTMM

Gross Profit Contribution

3,406 mn

 ¥ÂŒjÂ?qŒšƒqԛpÂ…ÂŽÂ?~

„Ë ‹–}ÂŒÂ?ŠjÂœŠÂŒkšŽ‚~Ԃ ÂŽĂ”Â›Â‚ÂƒÂ›Â€

THB 2,532 mn 74.3%

THB 125 mn 3.7% THB 749 mn 22.0%

35

OEM business customers located in

Mega We CareTM

480

473 424

2556 2013

2557 2014

2558 2015

 ¥ÂŒjÂ?qÂ…ÂŽÂ?~‰š|z׉›‹¨~Ô¼mÂŒĂąÂ–p”Š›‹j›Œmԛ ,DF@ 6D "@QDTM

Mega We CareTM branded products business Œ›‹Š}Ă” ÂŽĂ”Â›Â‚ÂƒÂ›Â€

Œ›‹Š}ÔÔqÂœÂŚÂ‚j~Â›ÂŠÂ„ÂŒÂ™ÂĽÂ€Â‘ ÂŽĂ”Â›Â‚ÂƒÂ›Â€

Revenue split by geography 3'!LM

1DUDMTD 3'!LM 3,907 3,612 3,428

2556 2013

2557 2014

2558 2015

2556 2013

2557 2014

2558 2015

–ù‚ Others

––“¼~ÂŒÂĽÂŽÂžÂ‹ Australia

Â„ÂŒÂ™ÂĽÂ€Â‘ŠÂ€Â‹ Thailand

3,182

2557 2014

2,898

2556 2013

2,676 ¼–¼sž‹~™Â?š‚––jÂĽrž‹p¨~Ă” SEA

2558 2015

3,907

445 88 191 388 330 ÂŚÂ–ÂˆÂˆÂŒÂ?j› Africa

119 206 3,612 190

232 3,428

ÂĽmŒ –Œšy¼–jŒ›s CIS

–ù‚ Others

 ¥ÂŒjÂ?qÂ…ÂŽÂ?~‰š|z׉›‹¨~Ô¼mÂŒĂąÂ–p”Š›‹j›Œmԛ ,@WWB@QD

TM

MaxxcareTM distribution business ÂĽÂŒÂ›m Â–Â…¢Ă”‚œ¨Â‚j›ŒjΪq›‹“Â?‚mĂ”Â›Â„ÂŒÂ™ÂĽÂ‰Â€Â‹Â› ŒŽ™“Â?‚mԛqÂœÂ‚ĂľÂ›Â‹Â”Â‚Ă”Â›ÂĽm›€×¼~Â–ÂŒĂ—sšŽ‚‚œk–p§ÂŽj We are a leading distributor of pharmaceutical and OTC products in select frontier markets Œ›‹Š}Ă” ÂŽĂ”Â›Â‚ÂƒÂ›Â€

1DUDMTD 3'!LM

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MaxxcareTM

ÂŒÂ?ŠŒ›‹Š}ÔÔ qÂœÂŚÂ‚j~Â›ÂŠÂ„ÂŒÂ™ÂĽÂ€Â‘ ÂŽĂ”Â›Â‚ÂƒÂ›Â€

Œ›‹Š}Ă” ÂŽĂ”Â›Â‚ÂƒÂ›Â€

1DUDMTD 3'!LM OEM

8 countries

 ¥ÂŒjÂ?qŒšƒqԛpÂ…ÂŽÂ?~‰›‹¨Â‚ Œ›‹¨Â‚ Â„ÂŒÂ™ÂĽÂ€Â‘Â€Âš­Â?§ÂŽj

7

FY2015 Gross Profit: THB

59.5

‹–}ÂŒÂ?ŠjÂœŠÂŒkšŽ‚~Ԃ

33

Mega W We CareTM

4

16

OEM EM

59

THB 3,558 mn 44.8%

25

THB 480 mn 6.0%

53

THB 3,907 mn 49.2%

7,945 mn

19

FY2015 Total Sales: THB

TM

3,558

3,694 3,132

2556 2013

2557 2014

2558 2015

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7,730

7,945

7,034

2557 2014

2558 2015

473 424 480

3,132 3,694 3,558

2558 2015

3,428 3,612 3,907

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2556 2013

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2558 2015

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466

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2558 2015

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MESSAGE FROM THE CHAIRMAN

Ë ­ Ó ¥ Û Ë ­ pk p¥ jÔ © Ò©t¦ ¬ tר y q} ¥ ¨ ~ } j צ Óp ¥ © 2$3 ¦ p¥ Û Ë¦ Ópm ² ¥ ¬q j ¥~ §~ ¦ j Ô p m× ~j ¨ Ó« j}Ô jÓ ­ k k m¡| ¢Ô ¡Ô ¡j Ó ­©}Ô¨ Ôj ¡ j ¥ ~ } Ë ­ Ó q ² ¨ Ô¥ j j |ר ~ }¦ Ô p p p ¡ j q ©}Ô} Ó p~Ó ¥ ­ p Ó j pj ¦ m ¨qq j p® j p ¡ ¦ j ¥m ×

2015 marks Mega Lifesciences’ second full year as a publicly-listed company on the Stock Exchange of Thailand (SET). It has been a year of success, expansion and innovation for Mega Lifesciences. I would like to open with the acknowledgement of the support from our shareholders over the past year, which allowed us to maintain our market reputation and consistent performance while in the spotlight of investors and analysts alike.

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Management

Overview ¡j Ó pjÔ ¥ Ô p¦ Ópm ² ¥ ¬qk p¥ jÔ Ô ¦ Ô ¦~Ó jy ¢Ó jj k pj ² ¡ j q Ó p ­p ¥ ­ Ô p¥ ¨ Ô ¢Ôm ¡k } ¥ q pmp } ­ ¨ jj ¥ Ó ~® Ó © §} q}¡ ¡pÓ ¥ ­ ¥q ~ } ¨ Ó¨ j ¡Ó ¥ j² p { ­ j ¨ j ¥~ §~ ¢p §} ¥r ¨ ¦ j ¦ ¥ ¥s ¥ © Ó©}Ô } ­ ¨ jj ¥® p¥ ¥ ~¡ }Ô ¥ Ó ® ¦~Ó¥ ¥ m ¡Óp ­ Ó p¦ Ôq p ­q j } m¡| s ~k p ¡jm © Ó Ó ¨ ® Ô

6D BNMSHMTD SN AD CDSDQLHMDC VHSG NTQ ONQSENKHN ATHKCHMF OK@MR ENQ @BPTHRHSHNMR @MC DWO@MRHNMR O@QSHBTK@QKX HM $@RS EQHB@ AQN@CDQ RH@ @MC SGD ,HCCKD $@RS CCHMF SN NTQ RS@AKD NE OQNCTBSR HR SGD SHLDKX DWO@MRHNM HM HMSN SGD EKNTQHRGHMF RDBSNQ NE GD@KSG QDK@SDC ENNC OQNCTBSR @MC RDQUHBDR 3GHR LNUD QDHMENQBDR ,DF@ÄR RSQ@SDFHB ATRHMDRR CHQDBSHNM @MC VD RDD SGHR @R @ OQNLHRHMF HLLHMDMS RDBSNQ ,NRS HLONQS@MSKX VD @QD RS@XHMF SQTD SN NTQ BNQD U@KTDR NE B@QHMF ENQ GTL@M VDKKMDRR

Corporate Governance

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,DF@ÄR UHRHNM SN OQNLNSD RTRS@HM@AKD ATRHMDRR OQ@BSHBDR @MC FNNC GD@KSG ENQ @KK HR VG@S G@R TMCDQOHMMDC DUDQX RSDO HM NTQ INTQMDX @MC VHKK BNMSHMTD SN FTHCD NTQ ETSTQD .TQ O@SG QDL@HMR ENBTRDC NM DMSDQHMF @MC CDUDKNOHMF RNLD NE SGD LNRS UHAQ@MS DLDQFHMF L@QJDSR HM SGD VNQKC O@QSHBTK@QKX HM EQHB@ @MC RH@ 3GHR HR LNQD SG@M ITRS FNNC BNQONQ@SD FNUDQM@MBD ENQ TR VD SQTKX ADKHDUD HM HLOQNUHMF SGD KHUDR NE NSGDQR @MC VD VHKK @KV@XR RS@MC AX SGHR

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15

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MESSAGE FROM THE CEO AND CHIEF COACH ~ } ¥ j Ó q jjÔ ¦ jk p¥ jÔ © Ò ©t¦ ¬ t×¥ Û ~Ô ¥ ©}Ô ¡Óp ­ ² p ¥ ­ ¢j Ùpm ¥kÔ ¨q ¦ ¨ Ó¨q¨ m ¥ Û ¢Ó ­} k p ¢Ôm ­ § j ¥ pmp¥} Ô ¥ Ô p ~® Ó © }Ô m ¡ Ó ¥ Ó p¥~¬ ¥ Ë Ü k p ¡m j ¡j Î ¦ ¦ p ¡ q j ®p ¢Ô ¡Ô ¢jmÔ ¦ ~ p ¡ j qk p¥ t p­ ¥ ~Ô pk k m¡| ¡j Ó | ­ } ® Ô ¨ Ë ­ Ó ¥ ~Ô p¥ s vj ~ }¦ Ùqq p¥ yj q ­ Ô ¢©Ó Ó Ô } p ® ¥ q pq² ¥ Û q­ ~Ô p¥} Ô ² p j Ó p ¡pÓ ­ ¦ ¦ Ó ¦ Ó p ­ k ® §} ² q ~ vv |k pj Ô p m× ~j ¥ ­ ~ ¦ pm ¥ Û pk ¥m ­ ¨ Ô jÔ ¥} ~Ó © ¨ ¦ Ô Ë ­ Ó ¥ Û Ë ­ j ² j ² § j ¡ j q ¦ p qj Ó ©}Ô Ó m¥ js ­ § jq pmp~j ¢Ó¨ } ¦ ¦ ~Ó © ¨ sÓ p© Ój ­ ËkÔ p Ô ® ² ¥ jÔ ¥ p ¥ ©}Ô j q j m mÔ } ¨ j ¡Ó ¥ j² p { t ­p¥j }k ® q j Ùqq j }Ô j © Ó Ó q ¥ Û j Ó ~ k pmÓ ¥p q j Ùv ¥p ¥ Ï j s ~ mj mÔ t ­p ~Ó ~ j k p ¢Ô § m ¨ j ¡Ó ~ }¨ Ók p¥ Ó ¢¥m ¦ ¥ ¥ pmp j j q j pm ¨ ¥ Ó ¥ © p© Ó ÍÝ ~ ©}Ô Ó p¥~¬ ­q j ¥ yj q ­s ~ p k| ­j } p¥ yj qk p ¥ q j¬ j ~ } ®p¨ ¥ ¥s ¦ ­ § j ¨ ¥ ¥ × m ² ¥ ¬qk pj ¥ j~ ®p ­q }k ® ¨ Ë ­ Ó ©}Ô¥ ¨ Ô¥ ¬ p j ­q ¥~ §~~Ó © ¨ ¦~ÓjÓ ­q © pq¡} ® j¬¦ Ó Ó q ~Ô p¥ s ¡ m¨ Ùqq¡ ¨ Ô ©}Ô¥ jÓ k| ® ¥ p Ó ¥ } ¥ Û ~ } ­ m~ }¨ ­ }¡ ¨ ¢ m ¥t ² m¥ js pq j ­ Ó sÓ p¥ k pj ~ } j Ó Ë¥~¬ p¦ Ô Ó ¥ q ~Ô p ¥q j kÓ Ô j p}Ô ¥ yj q ¦~Ó¥ jÔ j¬ p mp¥} Ô { ¡ j qk p¥ ¨ ¢ m ¥t ¦ ¦ j ¨ Ô ¥~ §~~Ó © m m¢Ó© j ¦ j k ¡ j q Ó p ­ mp¥kÔ ¢Ó ¥ ¨ j ¡Ó ¥m y¥ j s "(2 ¦ ~ }¨ ¦ ~ jj p¦ ~ ¥ j j ¥} Ô ~Ó }m ² ¥ ¬q¨ ~ }¥ Ó ® ©}Ô¥ Ê}§ j ¨ Ô¥ ¥kÔ © ×j m¢ÓmÔ ¦ k ¡ j q© Ô « j ¨ Ë ­ Ó ¥sÓ kÔ ~j pm Ó j t } × ­p¨ ¢Ô ² ¨ ~ } k p §} ¥t ¥ ­ { ¦ k ® ¥ ~ ¨ Ó¨ ¥

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Following our establishment over three decades ago, we are honored to say that today Mega Lifesciences remains just as dedicated to our continuous efforts to cultivate passion and care for ‘Human Wellness’ internationally. This is a journey that we have undertaken with the hard work of our people and support of our shareholders, customers and business partners. And for that we are and always will be grateful. (M SGD E@BD NE BG@KKDMFHMF L@QJDSR @MC DBNMNLHDR NUDQ SGD O@RS XD@Q HSÄ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ÄR DBNMNLHB FQNVSG QDSQ@BSHNM G@R ADDM EDKS @BQNRR SGD RH@ QDFHNM @MC ADXNMC %NKKNVHMF SGD DKDBSHNMR ,X@ML@Q RGNVR FQD@S KNMF SDQL DBNMNLHB OQNLHRD ATS TMCDQRS@MC@AKX MDDCR SN CDUDKNO SGQNTFG HSR BTQQDMS FQNVHMF O@HMR R HS RS@MCR 5HDSM@L HR CDUDKNOHMF SN AD SGD AQHFGSDRS OK@BD SN CN ATRHMDRR HM SGD 2$ - L@QJDS G@UHMF FNMD SGQNTFG @ BNQQDBSHNM ODQHNC HM SGD K@RS EHUD XD@QR (M ROHSD NE RNLD SGD MDF@SHUD MDVR ,DF@ QDL@HMR NM NTQ CDEHMDC O@SG SN CDUDKNO NTQ ATRHMDRRDR HM 2$ - @MC EQHB@ 3GHR HR O@QSMDQDC VHSG SGD DMCD@UNQ SN B@TSHNTRKX XDS S@BSHB@KKX ATHKC NTQ DWO@MRHNMR HMSN SGD MHMD "(2 BNTMSQHDR SGD ,HCCKD $@RS @MC +@SHM LDQHB@

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#DROHSD SGD E@BS SG@S SGD ATRHMDRR DMUHQNMLDMS VHKK QDL@HM TME@UNQ@AKD VD ADKHDUD SGD VNQRS HR NUDQ ENQ ,DF@ 6D G@UD @ QNATRS OHODKHMD @MC NTQ OQHL@QX LHCCKD BK@RR BTRSNLDQR VHKK BNMSHMTD SN KD@C SGD FQNVSG HM NTQ L@QJDSR 3GD ,DF@ MDV HMMNU@SHNM HMHSH@SHUD ENQ HR AQ@MBGHMF NTS SN GD@KSG QDK@SDC ATRHMDRRDR VGHBG HR OHKNSDC AX SGD NODMHMF NE NTQ OQNOQHDS@QX 6DKKMDRR "DMSDQ HM TFTRS 3GD ‘Megaveda’ Q@MFD @MC ‘Natural We Care’ RDQHDR NE OK@MS A@RDC ENNCR EQDD NE BNKNQR @MC OQDRDQU@SHUDR @MC KNV HM RTF@Q @MC RNCHTL @QD ADHMF CDUDKNODC ,X ADKHDE HR SG@S NTQ INTQMDX SN FNNC GD@KSG RS@QSR VHSG NTQRDKUDR @MC BDQS@HMKX ENNC HR @ JDX HE MNS SGD LNRS HLONQS@MS O@QS 6D @QD BNLLHSSDC SN ENRSDQHMF ,DF@ÄR NMFNHMF FQNVSG @MC @QD DWBHSDC ENQ SGD INTQMDX @GD@C 'D@KSG HR SGD FQD@SDRS VD@KSG @MXNMD B@M G@UD @MC VD @QD OQNTC SN AD @RRHRSHMF ODNOKD NM @ FQNVHMF RB@KD SN NAS@HM SGHR

Management

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MC SN B@SDQ SN OQNIDBSDC ETSTQD FQNVSG HM Ã RH@ÄR K@RS EQNMSHDQ Ä VD OK@M SN RDS TO @ CHRSQHATSHNM BDMSDQ HM ,X@ML@Q 3GHR LNUD HR RTOONQSDC AX SGD @OONHMSLDMS NE MDV O@QSMDQR HM ,X@ML@Q VGHBG VHKK ETQSGDQ ANKRSDQ SGD ,@WWB@QD CHRSQHATSHNM ATRHMDRR

Corporate Governance

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1DHMENQBHMF SGDRD @CU@MBDLDMSR HR SGD @CUDMS NE L@MX RNKHC O@QSMDQRGHOR @MC DWO@MRHNMR HM SGD O@RS XD@Q 3GHR HMBKTCDR SGD CD@K SN CDUDKNO @MC QDFHRSDQ CQTFR HM (MCNMDRH@ VHSG /3 2XCM@ %@QL@ NMD NE (MCNMDRH@ÄR ENQDLNRS OG@QL@BDTSHB@K OK@XDQR 3GHR (MCNMDRH@M 3G@H @L@KF@L@SHNM VHKK MNV AD NMD NE SGD K@QFDRS HM 2$ - CCHSHNM@KKX VD G@UD DMSDQDC HMSN U@QHNTR CXM@LHB EQHB@M L@QJDSR SG@S RGNV RSQNMF ETSTQD OQNLHRD $SGHNOH@ 1V@MC@ @MC !TQTMCHÁVHSG BNLAHMDC ONOTK@SHNMR NE @OOQNWHL@SDKX LHKKHNM "TQQDMSKX VD @QD DU@KT@SHMF -DO@K @MC (Q@M @R SGD MDWS @QD@R NE ONSDMSH@K DWO@MRHNM

Financial Information

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5HUDJ #G@V@M "$. "GHDE "N@BG ANNUAL REPORT 2015

17

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m| j j BOARD OF DIRECTORS

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Overview MR. MECHAI VIRAVAIDYA

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MR. ALAN KAM

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MR. MANU SAWANGJAENG

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MR. THOR SANTISIRI

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MR. KIRIT SHAH

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MR. ISHAAN SHAH

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MS. SAMEERA SHAH

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MR. SHIRAZ ERACH POONEVALA

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MR. VIVEK DHAWAN

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Financial Information

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MR. THOMAS ABRAHAM

#HQDBSNQ "GHDE %HM@MBH@K .EEHBDQ

ANNUAL REPORT 2015

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MR. VIVEK DHAWAN

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MR. PARAMJIT SINGH SAWHNEY

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MS. DUANGNAPA TONGSIRI

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MR. GIRISH WADHWA

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MR. MANOJ GURBUXANI

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ANNUAL REPORT 2015

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03

05

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Management

Overview

j ¥} pk p¥ jÔ THE MEGA JOURNEY ¥ ©}Ô¥~ §~kÔ q jj ¥ Û ¥ p Ô ¢ qÔ p ~ mÔ .$, q j ¥ Û }Ô ¡k ¦ ¥ sj ² ¢Ô § msÔ ² } s ~ ¨ Ùqq¡ WE HAVE EVOLVED FROM AN OEM PLAYER INTO A LEADING INTERNATIONAL CONSUMER HEALTHCARE AND PHARMACEUTICAL COMPANY

1982

jÓ ~ ®p Incorporated

1993-1934 ¥ ­ q² Ó mÔ ¨~Ô ¥m ­ p j mÔ k p~ ¥ p ¥kÔ t ® ¦ }×¥ } m × ,DCHBQ@ESR

Commenced branded products business Acquired Medicrafts branda

1985-1986 1995-1996 § pp ~ Ó q p } ¡ j Ó j p q j ² jp m| j j ¦ • Received approval from Thai FDA for Samut Prakarn Facility in Thailand • Began manufacturing Nifedipine for Berlin Pharmaceutical Industry Co., Ltd.

k ¡ j q ¢Ó ¥ ¥ } ¥ צ j ¢s ¥ ­ q² Ó ~ |z× ¨~Ô ¥m ­ p j mÔ k p ¦ }² ¥ ¡ j qj j q mÔ Expanded into Vietnam, Myanmar and Cambodia to sell branded products and operate distribution business

¥ ­ ~Ô q jj ¥ Û ¢ÔqÔ p ~ mÔ (OEM) STARTED AS AN OEM MANUFACTURER

q² Ó mÔ ¨~Ô¥m ­ p j mÔ k p~ ¥ p~ }q }² ¥ ¡ j qj j q mÔ ¦ k ¡ j q ¢Ó ¥ ENTERED BRANDED PRODUCTS AND DISTRIBUTION BUSINESS; GEOGRAPHICAL EXPANSION

¥~ §~q ¦ }× mÔ s ® ² k p ~ }¦ j ¥ Û s ® ² }Ô j j q mÔ EMERGED AS A LEADING BRANDED AND DISTRIBUTION COMPANY

2014-2015 Ç ©}Ô¥ ­ ¡Óp¥ Ô ~ }¦ j Ç ©}Ô j §m pj ¨ ² m v¦ }p ¨ j t ® ¡Ô ² jp k p • Africa focus • Long term in the form of Share warrants compensation

2002 Ô p§ pp ~¨ ¥ ¥~ ¥ Established manufacturing plant in Australia

2012 Ç mÔ ¨~Ô¥m ­ p j mÔ k p j ¥ Û mÔ sÔ ² ¨ ~ }¥ ¥s ~ j¥r p¨~Ô Ç ¥ Û Ôj¢ q mÔ s ® ² ² ~ |z× }Ô ¥ sj ¦ q² Ó Ô ¥m ×¥~ × .3" Ç j j ¥kÔ tÔ ¦ }× j¢ j Ô $TFHB@ • Market leading branded products in key Southeast Asian markets • Leading distributor of pharmaceutical and OTC products • Announced acquisition of Eugica

2013 ¥ ­ ­~ ®p§ pp ~¨ ¥ ¥~ ¥ ¥ ­ j² pj ~¨ ¥ © ¥ k ¡Ô ¨ Ó ¦jÓ s s ¥ Û m ®p¦ j ¦ q} ¥ ¥kÔ ~ } j צ Óp ¥ © Relocated into new plant in Australia Expanded manufacturing capacity in Thailand IPO & Listing on Stock Exchange of Thailand

k ¥k~m m ¡ ­ § j GLOBAL REACH ~ |z× ¨~Ô¥m ­ p j mÔ k p q² Ó ¨ ¥ BRANDED PRODUCTS SALES IN 31 COUNTRIES 1. Azerbaijan 2. Belarus 3. Cambodia 4. Denmark 5. Ghana 6. Hong Kong 7. Indonesia 8. Kazakhstan 9. Kenya 10. Burundi 11. Malaysia 12. Mongolia 13. Myanmar 14. Nigeria 15. Peru 16. Philippines

17. Russia 18. Rwanda 19. Singapore 20. Sri Lanka 21. Tanzania 22. Thailand 23. Trinidad and Tobago 24. Uganda 25. Ukraine 26. United Arab Emirates 27. Uzbekistan 28. Vietnam 29. Yemen 30. Ethiopia 31 Sudan

SOUTH AMERICA

34 years

More than 19 years

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jj Ó Ë ­¥ jÔ ©}Ô}² ¥ ¡ j q¨ ¥ ¥ × ¥ } ¦ j ¢s

since Mega commenced operations in Thailand

since Mega commenced operations in Myanmar, Vietnam and Cambodia

ASIA EUROPE

AFRICA

70.8%

ÂŒĂ”Â–Â‹ÂŽÂ™ k–p‹–}k›‹€šŽp”Š} ¨Â‚„Ë ‡ ‘ Š›q›jÂ…ÂŽÂ?~‰š|zĂ— ‰›‹¨~Ô¼mÂŒ Â–­ p”Š›‹j›Œmԛk–pƒŒÂ?’€š ˜ ¨Â‚Â„ÂŒÂ™ÂĽÂ€Â‘ŠÂ€Â‹ ÂĽÂŠÂžÂ‹Â‚ÂŠÂ›ÂŒĂ— ÂĽÂ?ž‹}‚›Š ŒŽ™jšŠ‡¢s› of 2015 total revenue from branded products accounted for in Thailand, Myanmar, Vietnam and Cambodia

AUSTR ALIA

3,930

q²Â›Â‚Â?‚‡‚šjp›‚€ž­Â–‹¢Ă“¨Â‚‰¢ÂŠÂ?‰›m–Â?‚§}qž‚ Number of employees based in Indochina.

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" &1

42ì LHKKHNM

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Overview

The pharmaceutical market is commonly defined as the market for drugs or pharmaceuticals licensed for use as (prescription) medications. The consumer health market is commonly defined as the market for nutritionals (including non-prescription vitamins, supplements, minerals, and herbal products) and OTC pharmaceutical products (including cough & cold, allergy, analgesics, dermatological, gastrointestinal, and lifestyle drugs, such as smoking control, eye care, ear care etc).

Management

INDUSTRY OVERVIEW

Consumer Health US$ 210.8 billion OTC Healthcare US$98.2 billion

VDS US$88.3 billion

Weight Management US$13.7 billion

Sports Nutrition US$10.6 billion

$TQNLNMHSNQ (MSDQM@SHNM@KÄR D@QKHDRS L@QJDS DRSHL@SDR ENQ QDUD@K SG@S SGD HMCTRSQX HR FQNVHMF @S @ O@BD NE HM BNMRS@MS QD@K SDQLR @KLNRS @ ODQBDMS@FD ONHMS @ANUD EQNL SGD OQDUHNTR XD@Q

Corporate Governance

3GD BNMRTLDQ GD@KSG L@QJDS HR SGD CHQDBS ADMDEHBH@QX NE E@UNTQ@AKD FKNA@K @MC KNB@K GD@KSGB@QD SQDMCR @MC HR DWODBSDC SN FQNV RHFMHEHB@MSKX NUDQ SGD BNLHMF XD@QR

5#2

"NTFG "NKC @MC KKDQFX

M@KFDRHBR

#HFDRSHUD 1DLDCHDR

#DQL@SNKNFHB@KR

6DHFGS ,@M@FDLDMS

2ONQSR -TSQHSHNM

1DS@HK 5@KTD " &1 2DUDM BNMRTLDQ GD@KSG B@SDFNQHDR @QD FDMDQ@SHMF NE FKNA@K QDS@HK U@KTD HM VGDQD MTSQHSHNM@K OQNCTBSR RTBG @R RONQSR OQNSDHM OQNCTBSR CHDS@QX RTOOKDLDMSR @MC UHS@LHMR JDDO FQNVHMF @S SGD E@RSDRS Q@SDR NE @MC QDRODBSHUDKX ANNUAL REPORT 2015

27

Financial Information

General Information

" &1

42ì LHKKHNM

3GD HMCTRSQX HR DWODBSDC SN QD@BG @M DRSHL@SDC QDS@HK U@KTD NE 42ì AHKKHNM HM VHSG @ ONSDMSH@K BTLTK@SHUD @UDQ@FD FQNVSG Q@SD " &1 NE HM SGD ENQDB@RS ODQHNC NE

y kÔ ¢ ¢Ô § m ¨ Ó ¨ ~ } ¡ k j ¥ ­ k ® k pq² ¢Ô § m ­ q j ¥j ­ j j ¥ ~ j LDS@ANKHB RXMCQNLD m ¥ ­ p ­q j ¥ Û § m© Ó~ }~Ó ¥ ® p ¥sÓ § m¥ § m ¨q ¦ § m ¥ ¬p ¨ Ë ¢Ô ¨ vÓ ­ ¡~ ®p¦~Ó Ë k ® © ¥ Û q² Ô k p s j p® } ­ § j ¦ q ¥ ­ k ® ¥ Û Ô ¨ Ë ¦ § Ô }Ô j ¥ ­ k ® k p s j ® q ¥ Û ­p ­ Ô ~Ó ¥ yj q ¦ pm ¨ m~ ¥ ¢Ô ¢p ¡q ~Ô p ¢v¥ ©}Ô m ¥ ­ p ¢p~Ó j ~ }§ m~Ó p« ¦ ¡k q ~ ­¥ ­ p t ­pq ² ¨ Ô¥j }j ~ } ¨q ­© Ó} jq j ®q² k p s j ­ ¡~ ®p¦~Ó Ëk ® © ¨ m m q ¥ ­ k ® ¥ Û Ô q j Ë p Ô m m ¨ Ë

q j j k p ¢§ ¥~ × Ó mÓ ¨sÔqÓ k p ¢Ô § m ­ § j ~Ó ~ |z× ¥m ­ p¨sÔ pj ¦ צ ¡ j |×m } Ó q ¥ ­ k ® Ô q j Ë p Ô Ô ¥ v y ¨ Ë ¢ m¥ ¥s ¦ t Êj~ jj p¦ ¦ j q ¥ Û ¢ m ­ ¢Ô § mq j ¨sÔqÓ ¥~ §~¥ ¬ ­ ¡}¨ j ËkÔ p Ô q jj ­ s j ¨ Ô p ­ ¥kÔ p j ­¥j ­ kÔ pj ¦ j pj ¦ ש}Ô jk ®

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+@SHM LDQHB@ $@RSDQM $TQNOD

RH@ /@BHEHB

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6DRSDQM $TQNOD

Ç NE FKNA@K UHS@LHMR @MC CHDS@QX RTOOKDLDMSR QDUDMTD BNLDR EQNL RH@ /@BHEHB

~ |z×¥ ¦ ~ q ¦ Óp¥ Û ¥ ~Ó p« Ó pj Ô p« ¥sÓ j ¡Ó ~ |z× ¥ k ~ p ¡ j qmÔ j mÔ ¡ § m § m¥m ­ p} ­ ­ q¡ Ó k p¨sÔ ¨ m ¥ ¦ ~ |z× m p ¦ k p¨sÔ Ó ~ ² q² mÔ ² ~ | z× ¥ ¦ ~ ¥ ­ k ® Ó p }¥ ¬ ¨ sÓ p Ë ­ Ó q j ¦ § Ô ­ ¢Ôm ¨ Ôm ² m v¨ ¥ ­ p ­¥j ­ kÔ pj m¡| s ~¦ j ¡k ­}

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% %

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%

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ì 4

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7

&QNVSG

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28

p q² Ë

4

D

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7D

%

CTKSR XD@QR @MC NKCDQ QDOQDRDMS % NE SGD SNS@K FKNA@K ONOTK@SHNM HM @MC SGDX VHKK @BBNTMS ENQ % HM 3GHR CDLNFQ@OGHB SQDMC ONRDR ETSTQD RNBHNDBNMNLHB BG@KKDMFDR @R NKCDQ @CTKSR SXOHB@KKX RTEEDQ EQNL HMBNLD KNRR @ GHFGDQ QHRJ NE BNMSQ@BSHMF CHRD@RDR @MC @ CDSDQHNQ@SHNM HM LDMS@K GD@KSG KD@CHMF SN ONNQ CDBHRHNMR 3GD MTLADQ NE GNTRDGNKCR GD@CDC AX ODNOKD XD@QR @MC NKCDQ VHKK FQNV @M HLOQDRRHUD % EQNL SN QD@BG LHKKHNM GNTRDGNKCR HM

42ì AHKKHNM

Asia-Pacific vs the Rest of the World

5HS@LHMR @MC #HDS@QX 2TOOKDLDMS % " &1 42ì

7 4

TRSQ@K@RH@ RH@ /@BHEHB

,HCCKD $@RS @MC EQHB@ -NQSG LDQHB@

+@SHM LDQHB@ $@RSDQM $TQNOD

6DRSDQM $TQNOD

4

4

Ç 4 % NE FKNA@K UHS@LHMR @MC CHDS@QX RTOOKDLDMSR QDUDMTD BNLDR EQNL RH@ /@BHEHB

5#2 @QD ADHMF NEEDQDC AX @ AQN@CDQ @QQ@X NE EHQLR SN HMBKTCD OG@QL@BDTSHB@KR MTSQHSHNM@KR CHQDBS RDKKHMF QDS@HKHMF BNMRTLDQ FNNCR RNES CQHMJR O@BJ@FDC ENNCR GNTRDV@QDR @MC AD@TSX @MC ODQRNM@K B@QD 3GD MTLADQ NE 5#2 AQ@MCR @U@HK@AKD SN BNMRTLDQR G@R RN@QDC HM SGD O@RS EHUD XD@QR @R SQDMCR NE VDKKADHMF @MC FNNC GD@KSG B@OSHU@SDR SGD @SSDMSHNM HMSDQDRS @MC DWODMCHSTQDR NE LHKKHNMR NE BNMRTLDQR

4

5HS@LHMR @MC #HDS@QX 2TOOKDLDMSR

.3"

7

6DHFGS ,@M@FDLDMS

2ONQSR -TSQHSHNM

Overview

5HS@LHMR #HDS@QX 2TOOKDLDMSR HR DWODBSDC SN BNMRSHSTSD @OOQNWHL@SDKX 4 % NE SGD 3NS@K "NMRTLDQ 'D@KSG 2@KDR &KNA@KKX HM @MC SGD RDFLDMS HR RDS SN L@HMS@HM GD@KSGX FQNVSG KDUDKR HM SGD XD@QR SN BNLD 3GHR ANCDR VDKK ENQ ,DF@ FHUDM SGD ONQSENKHN CDUDKNOLDMS @MC ATRHMDRR HR CQHUDM AX SGD RDFLDMS

% " &1

Forecast Consumer Health Sales by Category 2013-2018

Dietary Supplements and Vitamins at the Fore

Management

A growing number of consumers suffering from metabolic syndrome are at an increased risk of developing non-communicable chronic diseases such as diabetes, cardiovascular problems and cancer.

3GD FKNA@K BNMRTLDQ DWODMCHSTQD NM OG@QL@BDTSHB@KR OQNCTBSR LDCHB@K @OOKH@MBDR @MC DPTHOLDMS HR DWODBSDC SN HMBQD@RD 4% EQNL SN QD@BG 42ì SQHKKHNM HM @BBNQCHMF SN $TQNLNMHSNQ (MSDQM@SHNM@K RH@ /@BHEHB SGD ,HCCKD $@RS @MC EQHB@ VHKK AD SGD QDFHNMR VGDQD BNMRTLDQR VHKK FDMDQ@SD SGD E@RSDRS FQNVSG NM DWODMCHSTQD HM SGD MDWS EHUD XD@QR @R KNB@K ONOTK@SHNMR F@HM VHCDQ @BBDRR SN OG@QL@BDTSHB@KR @MC LDCHB@K RDQUHBDR

Corporate Governance

THE NEW PROFILE OF THE CONSUMER IN HEALTH

%

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7%

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4%

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%

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Financial Information

ì 4

2@KDR

7

4

D

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2NTQBD -TSQHSHNM !TRHMDRR )NTQM@K DRSHL@SDR ìLHK BNMRTLDQ R@KDR

ANNUAL REPORT 2015

29

General Information

42ì AHKKHNM

Total Global Supplement Sales and Growth, 2004-2017e

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" &1 2010-14 +4.1% " &1 2015-19 +4.5% 2010 ì101 AM +3.8%

2011 ì10 . AM +4.1%

2012 ì10 . AM +3.7%

2013 ì114. AM +4.6%

2014 ì11 .1AM +4.0% 4

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30

p q² Ë

mÔ ¦ }× ,DF@ 6D "@QDTM j ¡Ó ~ |z× ² ¡p ¡k ~ |z× ­ ¨ Ô § s × p}Ô ¡k ¥ q j ­ ~ j~ ~ |z× ¨ j ¡Ó ® p ~ |z×¥ ~ ¦ ¦ Ó ~¡~Ó p« j ¡Ó ~ |z× ~ ¨ ­p¦ × ­~Ô p ­pt ® §} ¨sÔ ¨ ­p ¦ × ¥sÓ j § m¥ j § m p ¦ j § m p¥} ps } ¥ Û ~Ô j ¡Ó ~ |z× q² Ó Ô ¥m ×¥~ × ­ t ® ©}Ôq j ¥ sj §} ~ p §} © Ó~ Ô p¨sÔ ¨ p­ ¦ × ¥sÓ ¦jÔ } ¦jÔ© ¦ }j } ¥ Û ~Ô

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" &1 2010-14 +4.1% " &1 2015-19 +4.5% 2010 ì101.4AM +3.8%

2011 ì105.6AM +4.1%

2012 ì109.5AM +3.7%

2013 ì114.5AM +4.6%

2014 ì119.1AM +4.0% 4

3GD FKNA@K .3" CQTFR L@QJDS VHKK BNMSHMTD SN AD K@QFDKX CQHUDM AX CDLNFQ@OGHBR DBNMNLHB SQDMCR @MC BG@MFDR HM BTKSTQ@K @SSHSTCDR SNV@QCR RDKE LDCHB@SHNM M HMBQD@RHMF HMSDQDRS HM RDKE LDCHB@SHNM HM ANSG CDUDKNODC @MC CDUDKNOHMF BNTMSQHDR G@R ADDM HCDMSHEHDC @R @ L@INQ BNMSQHATSNQ SN L@QJDS FQNVSG HM QDBDMS XD@QR ONRHSHUD QDFTK@SNQX NTSKNNJ HM JDX L@QJDSR CTD SN MDV HMHSH@SHUDR @MC EQ@LDVNQJR KNNJHMF SN E@BHKHS@SD .3" @OOQNU@KR VHKK @KRN OQNLOS BNLO@MHDR SN RDDJ @BBDRR SN MDV L@QJDSR

1 -TSQ@BDTSHB@K OQNCTBSs OQNCTBSR SG@S OQNUHCD GD@KSG ADMDEHSR HM @CCHSHNM SN SGD A@RHB MTSQHSHNM@K U@KTD ENTMC HM @ MNQL@K CHDS -TSQ@BDTSHB@K OQNCTBSR HMBKTCD ENNC RTOOKDLDMSR UHS@LHMR @MC NSGDQ LHMDQ@KR

Overview

6D B@SDFNQHYD NTQ AQ@MCDC OQNCTBSR HMSN SGD ENKKNVHMF B@SDFNQHDR

2 /QDsBQHOSHNM OG@QL@BDTSHB@K OQNCTBSs LDCHBHMDR VGHBG @QD NMKX @U@HK@AKD ENQ OTQBG@RD AX BNMRTLDQR VHSG @ LDCHB@K OQDRBQHOSHNM RTBG @R LDCHBHMDR ENQ CH@ADSDR RJHM SQD@SLDMS @MC F@RSQNHMSDRSHM@K @HKLDMSR 3 .3" OQNCTBSs LDCHBHMDR SG@S @QD RNKC CHQDBSKX AX OG@QL@BHRSR VHSGNTS @ LDCHB@K OQDRBQHOSHNM RTBG @R LDCHBHMDR ENQ O@HM QDKHDE BNTFG QDLDCX @MC @MS@BHCR

,@QJDS +D@CHMF !Q@MCs 6D ADKHDUD SG@S NMD NE NTQ BNQD RSQDMFSGR HR SGD VHCD Q@MFD NE GHFG PT@KHSX @MC VDKK QDBNFMHRDC AQ@MCR SG@S VD NEEDQ @KK NTQ L@QJDSR 3GDRD AQ@MCDC OQNCTBSR HMBKTCD -@S "3, -@S !3, "@KBHUHS@3, $M@S3, %DQQNUHS3, BMNSHM3, @MC &NEDM3, 6D RDKK NTQ OQNCTBSR TMCDQ SQ@CDL@QJDC AQ@MC M@LDR SN CHRSHMFTHRG NTQ OQNCTBSR EQNL SGNRD NE NTQ BNLODSHSNQR

3GD .3" CQTFR L@QJDS QDL@HMR GHFGKX BNLODSHSHUD @MC EQ@FLDMSDC @KADHS KD@CHMF BNLO@MHDR BNMSHMTD SN BNMRNKHC@SD SGDHQ L@QJDS ONRHSHNM SGQNTFG GHFG OQNEHKD @MC RSQ@SDFHB @BPTHRHSHNMR , SN QDL@HM UDQX @BSHUD HM SGD BNLHMF XD@QR ETDKKDC AX RSQ@SDFHB KNMF SDQL BNLLDQBH@K OQHNQHSHDR @R BNLO@MHDR KNNJ SN HMBQD@RD QDUDMTDR SGQNTFG DWO@MCDC .3" ONQSENKHNR

Financial Information

Future of Trends in Consumer Health Care Industry

Management

OTCs Outperforming Global Growth Indicators & Rx market

Mega We CareTM branded products

Corporate Governance

'D@KSG BK@HLR A@RDC NM RBHDMSHEHB@KKX OQNUDM ADMDEHSR SQ@MRK@SD SN @SSQ@BSHUD QDUDMTDR ENQ BNLO@MHDR HMUDRSHMF HM OQNUHCHMF R@ED @MC DEEDBSHUD OQNCTBSR 3GD L@HMSDM@MBD NE FNNC RHFGS RSQNMFDQ ANMDR @M DEEHBHDMS CHFDRSHUD RXRSDL @ GD@KSGX BHQBTK@SNQX RXRSDL @MC EHQL LTRBKDR HM NKC @FD VHKK AD JDX CQHUDQR NE FQNVSG ENQ UHS@LHMR @MC CHDS@QX RTOOKDLDMSR

"NMRTLDQR @QD ADBNLHMF SQTD NVMDQR NE SGDHQ GD@KSG @MC SGHR HR RNLDSGHMF SG@S VHKK B@TRD @ L@RRHUD RGHES HM SGD HMCTRSQX /QDCHBSHUD @M@KXSHBR VHKK GDKO BNLO@MHDR TMCDQRS@MC @MC RG@OD ADG@UHNTQR HM SGD RDKE B@QD RDSSHMF SGTR ADMDEHSHMF SGD BNMRTLDQ GD@KSG HMCTRSQX VHSG @ FNNC ONSDMSH@K NE QDUDMTD FDMDQ@SHNM UH@ LNQD S@QFDSDC RSQ@SDFHDR MDVDQ .3" RVHSBGDR B@MCHC@SDR @MC DUDM ODQG@OR SGD ODQRNM@KHR@SHNM NE OQNCTBSR @MC SGDQ@OHDR

ANNUAL REPORT 2015

31

General Information

HR ONHRDC SN ADBNLD @M DWBHSHMF XD@Q @R SGD BNMRTLDQ GD@KSG HMCTRSQX BNMSHMTDR SN QHRD @R @ RS@Q HM RDKE B@QD HMHSH@SHUDR @MC SGD NUDQ@KK ETSTQD NE GD@KSG L@M@FDLDMS

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¥ } (,2 'D@KSG ©}Ô |j ¢ mÓ ~ } ~ |z× ¦ ~ |z× ¥ ­ ¡k t ­p © p ~ |z× ² ¡p ¡k ~ |z× ~ ¨ ­p ¦ צ ~ |z× q² Ó Ô ¥m ×¥~ × q ¥ ­ k ® Ó p¦k¬p¦j Óp Ô q j Ë 7 ¦ q ¥ ­ k ® © p 4 Ô ¥ v y ¨ Ë 2009 to 2018 Market Outlook : 16% CAGR to $4.8 Bn.

11%

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The following picture sets forth details of 10 of our top selling products as of Dec 31 ,2015

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hailand pharmaceutical and consumer health market size (2008-2016) in USD million

) : 3.2% CAGR (‘08-’16

4

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/XMNB@QD /QNCTBS VGHBG BNMS@HMR %QDMBG L@QHSHLD OHMD A@QJ DWSQ@BS

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+HUNKHM%NQSD3, /QNCTBS VGHBG BNMS@HMR /GNROGNKHOHCR @MC NSGDQ UHS@LHMR

Thailand :

$TFHB@3, /G@QL@BDTSHB@K OQNCTBS @MC GDQA@K KNYDMFDR

3,

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(LOQNUDLDMS HM SGD ATRHMDRR RDMSHLDMSR HM A@BJDC AX MDV K@TMBGDR @MC L@QJDSHMF HMHSH@SHUDR @MC BNMRTLDQ NTSQD@BG OQNFQ@LR VD DWODBS SN ADSSDQ NTQ ODQENQL@MBD HM SGD XD@Q @GD@C #DROHSD SGD OQDU@HKHMF DBNMNLHB BNMCHSHNMR NTQ AQ@MCR -@S " -@S ! &NEDM 4 %HRG NHK LF @MC -@STQ@K 5HS@LHM $ BNMSHMTD SN AD @LNMF SGD KD@CHMF OK@XDQR HM SGD B@SDFNQX SG@S VD NODQ@SD ,DF@ BNMSHMTDR SN GNKC ENQS @LNMF KD@CHMF BNQONQ@SHNMR HM SGD CQTF RSNQD L@QJDS HM 3G@HK@MC

Vietnam: 3GD SNS@K OG@QL@BDTSHB@K @MC BNMRTLDQ GD@KSG L@QJDS RHYD BNLOQHRHMF MTSQHSHNM@K .3" @MC OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR V@R DRSHL@SDC AX (,2 'D@KSG SN FQNV @S @ GD@KSGX % ENQL 4 QD@BGHMF 42ì4 AHKKHNM AX 2009 to 2018 Market Outlook : 16% CAGR to $4.8 Bn.

11%

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Management

$M@S 4 3, 5HS@LHM $ OQNCTBS

&HMRNLHM3, /QNCTBS VGHBG BNMS@HMR &HMRDMF DWSQ@BS @MC LTKSHUHS@LHMR

Corporate Governance

&HKNA@3, /QNCTBS VGHBG BNMS@HMR &HMFJN !HKNA@ DWSQ@BS

-@S !3, 5HS@LHM ! OQNCTBS

Financial Information

%HRG NHK /QNCTBS VGHBD BNMS@HMR EHRG NHK DWSQ@BS

4

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"NMRTLDQ @V@QDMDRR SNV@QCR GD@KSG @MC VDKKADHMF QHRHMF KHUHMF RS@MC@QCR @MC GHFGDQ @SSDMSHNM SN AD@TSX @MC ODQRNM@K @OOD@Q@MBD BNMSQHATSDC SN SGD FQNVSG NE BNMRTLDQ GD@KSG L@QJDS DRODBH@KKX HM O@QSHBTK@Q UHS@LHMR CHDS@QX RTOOKDLDMSR @MC VDHFGS L@M@FDLDMS OQNCTBSR ANNUAL REPORT 2015

33

General Information

-@S "3, 5HS@LHM " OQNCTBS

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¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,@WWB@QDTM ¥s ­ Ó ¥ ¥ Û ¢jÔ q mÔ ¥ ¦ mÔ q² Ó Ô ¥m ×¥~ ×s ® ² k p§ j ¦ ¥ Û ­p¨ p ¢Ôq }q² Ó ­ }k k p ~ |z× ¡ § m § m %,"& ­ ¢p ­ ¡}¨ ¥ ¥ × jq j ® ¥ p¥ Û ¢qÔ } q² Ó ~ |z× ¥ ~ ¨ p­ ¦ × ¦ q² Ó Ô ¥m ×¥~ ×s ® ² ¨ ¥ ¥ } ¦ j ¢s ®p p ¡ j q ­¨ Ô j }Ô j q }q² Ó ¨ ¥ © q ¥ j}Ô q² Ó mÔ ¥ ~ ¨ ­p¦ צ q² Ó Ô ¥m ×¥~ × ¨ Ô¦jÓ~ j pqÓ ~Ó p« ¥sÓ Ô k § p ¦ sÓ p pj k ­ « ² ¥ ¥ × ¥ q² Ó ~ |z× ¡ § m § m %,"& Ó p Ô mÔ j ¥sÓ Ô } jt ® ¦ sÓ p pmÔ j ­ « ¨ Ô p ­

Over-the-counter market share (%) QTR 3 MAT 2015

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6D G@UD L@QJDS KD@CHMF OQNCTBSR HM SGD 5HS@LHM $ NQ@K @MSH @BMD OQDO@Q@SHNM NSGDQ BNTFG RDC@SHUDR @MC BDQDAQ@K @MC ODQHOGDQ@K U@RBTK@Q RDFLDMSR @MC NTQ L@QJDS KD@CHMF AQ@MCR HMBKTCD $M@S3, %DQQNUHS3, BMNSHM3, %DQQNUHS3, $TFHB@3, @MC &HKNA@3,

Myanmar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

3GD BG@MFHMF DBNMNLHB OQNEHKD NE EQHB@ HR @KRN KHMJDC SN @M HMBQD@RDC CDL@MC ENQ BGQNMHB B@QD VDKKMDRR OQNCTBSR QDEKDBSHMF @ L@QJDS RGHES HM ATQCDM NE HKKMDRR SNV@QCR MNM BNLLTMHB@AKD CHRD@RDR 3GD MNM BNLLTMHB@AKD CHRD@RDR @QD ENQDB@RSDC SN QHRD AX % SGQNTFG QDRTKSHMF HM FQD@SDQ CDL@MC ENQ GD@KSGB@QD RDQUHBDR @MC @OOQNOQH@SD RTOONQSHMF OQNCTBSR LDCHBHMDR ,DF@ G@R @BSHUD ATRHMDRR HM $@RS EQHB@M BNTMSQHDR RTBG @R *DMX@ 4F@MC@ 1V@MC@ $SGHNOH@ 2TC@M @MC 3@MY@MH@ @KNMF VHSG 6DRS EQHB@M M@SHNMR NE &G@M@ -HFDQH@ 6D OK@M SN DWO@MC NTQ ATRHMDRR NODQ@SHNMR HM @CCHSHNM@K EQHB@M L@QJDSR HM BNLHMF XD@QR .TQ ATRHMDRR @OOQN@BG HM EQHB@ HR GNKHRSHB ATHKC @QNTMC MNS ITRS OQHBD @MC OQNCTBSR ATS @S SGD R@LD SHLD @KRN ENBTR NM MDSVNQJHMF VHSG KNB@K RS@JDGNKCDQR QDBQTHSHMF @MC JDDOHMF S@KDMSDC SD@LR SN FDS UDQX BKNRD SN SGD DUNKUHMF L@QJDS DMUHQNMLDMS @R VD ADKHDUD SG@S VG@S VD CN MNV VHKK G@UD ONRHSHUD HLO@BS NM KNMF SDQL

Corporate Governance

Management

KNMF VHSG SGD HMBQD@RHMF DBNMNLHB VD@KSG HR @ MNS@AKD QHRD HM GD@KSGB@QD RODMCHMF VGHBG G@R FQNVM @S @ " &1 NE % RHMBD @BQNRR 4 EQHB@M BNTMSQHDR ETDKKDC AX FNUDQMLDMS -&. @MC OQHU@SD RDBSNQ HMUDRSLDMSR HM GD@KSGB@QD

6D ADKHDUD NTQ DMF@FDLDMS VHSG EQHB@M L@QJDSR MNV @MC HM KNMF SDQL VHKK OQNUHCD @ QNATRS OK@SENQL ENQ CXM@LHB FQNVSG NE ,DF@ @KNMF VHSG FQNVSG NE AQN@CDQ GD@KSGB@QD DMUHQNMLDMS HM EQHB@

Our MaxxcareTM distribution business 6D ADKHDUD SG@S VD @QD SGD KD@CHMF HMSDQM@SHNM@K CHRSQHATSNQ NE OG@QL@BDTSHB@K @MC .3" OQNCTBSR @MC @KRN NMD NE SGD SNO SVN CHRSQHATSNQR NE %,"& OQNCTBSR HM ,X@ML@Q 6D @QD @KRN SGD KD@CHMF CHRSQHATSNQ NE OG@QL@BDTSHB@K @MC .3" OQNCTBSR HM 5HDSM@L @MC "@LANCH@ @MC G@UD CHRSQHATSHNM RDQUHBDR HM -HFDQH@

Financial Information

7

OOD@K ENQ EQHB@ KHDR HM SGD CXM@LHBR SG@S CQHUD RTRS@HM@AKD FQNVSG @S SHLD VGDM L@MX L@INQ OG@QL@BDTSHB@K L@QJDSR HM VDRSDQM VNQKC E@BD @ LNQD TMBDQS@HM ETSTQD ,@INQ CDLNFQ@OGHB RGHESR RGNV @MC HMBQD@RHMF MTLADQ NE VNQJHMF @FD EQHB@MR @ QHRHMF LHCCKD BK@RR VGHBG @BBNTMSR ENQ 4% NE BNMSHMDMSÄR HMG@AHS@MSR @MC @M TQA@M ONOTK@SHNM DWODBSDC SN DWBDDC SG@S NE "GHM@ @MC (MCH@ÄR AX

6D CHRSQHATSD OG@QL@BDTSHB@K @MC .3" OQNCTBSR SN CQTF CHR

ODMRDQR HMBKTCHMF OG@QL@BHDR GNROHS@KR @MC NSGDQ CQTFR R@KDR NTSKDSR (M ,X@ML@Q VD CHRSQHATSD %,"& OQNCTBSR SGQNTFG QDS@HK NTSKDSR RTBG @R BNMUDMHDMBD RSNQDR @MC SQ@CHSHNM@K QDS@HK BG@MMDKR

ANNUAL REPORT 2015

35

General Information

4

Africa : Overview

3GD BNLODSHSHUD K@MCRB@OD NE SGD OG@QL@BDTSHB@K @MC BNMRTLDQ GD@KSG L@QJDS HM 5HDSM@L B@M AD CHUHCDC HMSN SGD OQDRBQHOSHNM OG@QL@BDTSHB@K @MC .3" OQNCTBSR RDFLDMSR 3GD SVN RTA L@QJDSR @QD GHFGKX EQ@FLDMSDC VHSG SGD SNO OK@XDQR HM ANSG RTA L@QJDSR @BBNTMSHMF ENQ % @MC % QDRODBSHUDKX NE SGD SNS@K RTA L@QJDS RHYD 6D @QD SGD SG K@QFDRS BNLO@MX HM SGD .3" RDFLDMS @R NE 031 , 3

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36

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Management

The following are pictures of our warehouses and operations in Myanmar.

Overview

6D NODQ@SD @ SNS@K NE V@QDGNTRDR @BQNRR ,X@ML@Q 5HDSM@L @MC "@LANCH@ 3GDRD V@QDGNTRDR @QD RSQ@SDFHB@KKX KNB@SDC @MC GDKO TR L@QJDS RDKK @MC CHRSQHATSD SN @ AQN@C Q@MFD NE QDS@HKDQR @MC CQTF CHRODMRDQR @BQNRR SGDRD BNTMSQHDR HMBKTCHMF QDS@HK OG@QL@BHDR GNROHS@KR @MC NSGDQ CQTF R@KDR NTSKDSR /QDRDMSKX VD CHRSQHATSD NUDQ 2*4R @MC G@UD @ VHCD CHRSQHATSHNM MDSVNQJ O@QSHBTK@QKX NTQ ,X@ML@Q @MC 5HDSM@LDRD CHRSQHATSHNM MDSVNQJ VGHBG BNUDQR @MC NTSKDSR QDRODBSHUDKX

Ç ,DF@ +HEDsBHDMBDs +HLHSDC ,X@ML@Q

Corporate Governance

The following are pictures of our warehouses and operations in Vietnam.

Ç .TQ KNFHsSHBs HM 5HDSM@L

Ç .TQ V@QDGNTsD HM 5HDSM@L

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

Financial Information

Our OEM business

ANNUAL REPORT 2015

37

General Information

.TQ OQNCTBS PT@KHSX QDOTS@SHNM @R QDKH@AKD ATRHMDRR O@QSMDQ G@R GDKODC TR ATHKC RSQNMF QDK@SHNMRGHOR VHSG FKNA@K BKHDMSR

§ ¦ j j ¡ j q POLICY AND OVERVIEW OF BUSINESS ~ m ¥ Û ¦ { j ­ ² m v k p ~ m ¥ Û k p

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38

p q² Ë

Overview

,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHSDC SGD Å"NLO@MXÆ ENQLDQKX JMNVM @R Å5HJ@R "NLO@MX +HLHSDCÆ @MC K@SDQ Å,DCHB@O +HLHSDCÆ V@R DRS@AKHRGDC HM VHSG an initial registered capital of Baht 5,000,000. The founder of the Company was Mr *HQHS 2G@G 6D RS@QSDC NTQ ATRHMDRR @R @M .$, RTOOKHDQ NE RNES FDK@SHM ÅRNES FDKÆ capsules with our first manufacturing facility located in SamutPrakarn, Thailand. At that time, Thailand did not have any soft gel capsule manufacturer and was completely reliant on importing finished soft gel products from Germany, Australia and elsewhere. Our manufacturing facility started with two production lines and had an annual production capacity of 230 million soft gel capsules. (M VD ADF@M L@MTE@BSTQHMF MHEDCHOHMD @ LDCHBHMD TRDC SN SQD@S GXODQSDMRHNM @MC BGDRS O@HM ENQ !DQKHM /G@QL@BDTSHB@K (MCTRSQX "N +SC -HEDCHOHMD ADB@LD @ UDQX RTBBDRRETK EK@FRGHO OQNCTBS ENQ ANSG BNLO@MHDR @MC KDC SN @M DWBKTRHUD L@MTE@BSTQHMF O@QSMDQRGHO VGHBG GDKODC DRS@AKHRG NTQ .$, RTOOKX ATRHMDRR @MC QDOTS@SHNM @R @ OG@QL@BDTSHB@K OQNCTBSR L@MTE@BSTQDQ (M ,Q 5HUDJ #G@V@M INHMDC SGD "NLO@MX

Corporate Governance

1. Our history

Management

OUR HISTORY AND IMPORTANT DEVELOPMENTS

(M VD ENQL@KKX QDRSQTBSTQDC NTQ ATRHMDRR NODQ@SHNMR HMSN SVN CHUHRHNMR NTQ AQ@MCDC OQNCTBSR ATRHMDRR MNV TMCDQ SGD Å,DF@ 6D "@QD3,Æ SQ@CDL@QJ @MC NTQ CHRSQHATSHNM ATRHMDRR MNV TMCDQ SGD Å,@WWB@QD3,Æ SQ@CDL@QJ .TQ L@MTE@BSTQHMF CHUHRHNM ADB@LD OQHL@QHKX CDUNSDC SN SGD L@MTE@BSTQD NE NTQ NVM ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR @MC VGDQD SGDQD V@R DWBDRR B@O@BHSX ENQ L@MTE@BSTQHMF OQNCTBSR VD NEEDQDC .$, RDQUHBDR SN L@MTE@BSTQD OQNCTBSR TMCDQ SGD AQ@MC NE NTQ BTRSNLDQR

ANNUAL REPORT 2015

39

General Information

(M VD NODMDC @ QDOQDRDMS@SHUD NEEHBD HM 5HDSM@L @MC DRS@AKHRGDC @ RTARHCH@QX HM ,X@ML@Q @MC HM SGD ENKKNVHMF XD@Q VD DRS@AKHRGDC @ RTARHCH@QX HM "@LANCH@ 6D BNLLDMBDC NODQ@SHNMR HM SGNRD BNTMSQHDR SN RDKK NTQ NVM ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR (M @CCHSHNM HM SGNRD BNTMSQHDR VD QDBNFMHYDC @ ATRHMDRR NOONQSTMHSX SN NEEDQ L@QJDSHMF R@KDR CHRSQHATSHNM @MC KNFHRSHBR RDQUHBDR SN HMSDQM@SHNM@K OG@QL@BDTSHB@K @MC %,"& BNLO@MHDR HM SGDRD L@QJDSR %QNL NTQ L@QJDS DWO@MRHNMR HM 5HDSM@L ,X@ML@Q @MC "@LANCH@ VD HCDMSHEHDC NOONQSTMHSHDR SN DMSDQ @MC K@SDQ DMSDQDC NSGDQ CDUDKNOHMF L@QJDSR HM SGD ENKKNVHMF XD@QR

Financial Information

6D RS@QSDC NTQ AQ@MCDC OQNCTBSR ATRHMDRR VHSG SGD HMBNQONQ@SHNM NE ,DF@ /QNCTBSR +HLHSDC MNV JMNVM @R ,DF@ +HEDRBHDMBDR /SX +SC @MC HM 4 VD @BPTHQDC SGD ,DCHBQ@ESR3, AQ@MC @MC @RRNBH@SDC SQ@CDL@QJR VGHBG V@RSGD RS@QSHMF ONHMS ENQ SGD FQNVSG NE NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR

¨ Ë 4 ©}Ô¥sÓ ­} m ¦ ­p ¢j Ô p ² § pp ~¨ ¦} ¥} p #@MCDMNMF ¥ p¥ ¥ × ¥ ¥~ ¥ ¥ ­ pq j ©}Ô¥ ¬p¥ ¬ Ó jw¥j|z×j ² j }¢¦ ¡ j q ¦ ~ |z×j ¡ Ó ² ¡p ¡k ¨ ¥ ¥~ ¥ m s }¥q §} ¥r ~ |z× j ¡Ó ² ¡p ¡k MTSQ@BDTSHB@K OQNCTBSR ¦ p¥ j BNLOKDLDMS@QX LDCHBHMDR t ­pm s }¥q ¥ Ó ® q ² ¨ Ô } ¥ ¨ j ² ~ |z× ¨ Ó ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p j ¢Ó~ }¥ Ï ©}Ô¥ ¬ k ® | Ùqq¡ § pp k p ¨ ¥ ¥~ ¥ }² ¥ j ~¦ q¡ ¥ ¬} ¦m t¢ ¦k¬p ¦ p Ó p~Ó ¥ ­ p ¨ Ë ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p m ² ¥ ¬q ¦ jÔ k ® ¥ Û ¢Ô ² ~ } §} ~ |z× ¨~Ô¥m ­ p j mÔ k p q }¥ Û ~ |z× ­ }k ¢p ¡} } ¦ j ² ~ } j¨ j ¡Ó ¥ ¥ ¥s ~ j¥r p¨~Ôq j kÔ ¢ k p (,2 'D@KSG ¥ ­ ¥} ¡ ~ |z× ¨~Ô¥m ­ p j mÔ k p ©}Ô j q } } ~ }k ¨ Ô¥ Û ~ |z× s ® ² k p~ }j ¡Ó mÔ ¥ ¥} j ¨ Ë ¥sÓ -@S "3, ~ t -@S !3, ~ ¦ ²® EHRG NHK ¨ ¥ © ¦ ~ |z× ¨~Ô¥m ­ p j mÔ $M@S3, ~ ¦ $TFHB@3, ~ |z× ¦ ¡ © ¨ ¥ ¥ } jq j ® ©}Ô ² j ¥m ×kÔ ¢ j ² ¥kÔ p ¡ j j ¥} k p ¥ ¥ × ­ ¢j §} ¥ × ¥t ×¥ × ¥t ×s q² j } ,X@ML@Q 2TQUDX 1DRD@QBG "N +SC Å,21Æ ² Ë 4 Ó ~ |z× ¨~Ô¥m ­ p j mÔ "@KBHUHS@3, ¦m ¥t ¦ ~ $M@S3, ~ ¦ %DQQNUHS3, ~¡¥ ¬j¦ ~ k p ©}Ô j q } } ~ }k ¨ Ô¥ Û ¢Ô ² pj ~ }¨ j ¡Ó mÔ ¥ ¥} j jq j ~ |z× ­j Ó kÔ p~Ô ¦ Ô q jkÔ ¢ k p (,2 'D@KSG ¥ ­ ¥} ¡ Ó p ~ |z× ­ « j¥ Û q² j ­ ©}Ô j q } } ~ }k ¨ Ô ¢Ó¨ } ¦ j¨ j ¡Ó mÔ ¥ ¥} j ~ |z×¥ Ó ® p %DQQNUHS3, ~¡¥ ¬j¦ ~ ¦ &HKNA@3, ¨ ¦ jÕ j } ¨ ¥ © ¦ ¥ ¥ } jq j ® ©}Ô ² j ¥m ×kÔ ¢ j ² ¥kÔ p ¡ j j ¥} k p ¥ ¥ × ­ ¢j §} ,21 ² Ë 4 Ó -TSQHUHS@3, ~ ¦ ¦ Ó ~¡ ¦ +HUNKHM%NQSD3, ~ |z× ­ Ó k p /GNROGNKHOHCR ¦ ~ ­ « ©}Ô j q } } ~ }k ¨ Ô ¢Ó¨ } ¦ j¨ mÔ ¥ ¥} j

{ j ­ ² m v k p 2525

{ j ­ ² m v ©}Ôq} ¥ q }~ p® ¨~Ôs ­ Å m q² j }Æ §} j ~ s × ¡ q} ¥ q² j }Ô ¡Ô vq² ¡Ô ¢ mÓ ­~ © Ô ¡Ô ©}Ô¥ ­ s ­ ¥ Û Å ¥ } ¦m q² j }Æ ¦ ¥ ­ ¡ q} ¥ q² §} j ¡Ô v¥ ­ ¡ q² ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¨ Ôj ¢Ô ¡Ô ¥} Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j ¥ Û ¥ ­ ¨ Ô¥ Û © ~ kÔ j² }¥ ­ p¥p ¡ ¨ j ­ k ~ Óp¥ j p ¡ q jm| j j Óp¥ j p ¡ !.( ©}Ô ~ Óp¥ j p ¡ r ¦ j q jm| j j Óp¥ j p ¡ !.( §} ©}Ô § s × p}Ô ¦ § s × ­ « ¥ ­ ~ ®p§ pp ~¦m t¢ ¥q ­ ¨ q p } ¡ j ¥ ©

2528

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2529

¥ } ¦m q² j } ¥ ­ ¡ q} ¥ q² §} j ¡Ô v¥ ­ ¡ q² ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¨ Ôj ¢Ô ¡Ô ¥} Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j ¥ Û ¥ ­ k § pp t k p ~ ­j Ó © ÔkÔ p~Ô ¦ ¥ ­ ¥ Û ¥p ¡ ¡ ¥ ¨ j j ¡ j qk p ¥ j } ¥kÔ Ó p j §} | Ùqq¡ ¥ j } }² p~² ¦ Óp ¥qÔ Ô ­ k p

2531

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©}Ô ~ Óp¥ j p ¡ r ­ q jm| j j Óp¥ j p ¡ !.( §} ©}Ô § s ×}Ô ¦ § s × ­ « ¥ ­ }² ¥ j k j² pj ~¦m t¢ ¥q ­ §} ©}Ôk j ~¥ ­ j ­§ pp t k p ¨ q p } ¡ j ¥ ©

p q² Ë

2. Significant developments in our business

6D BG@MFDC SGD M@LD NE NTQ "NLO@MX SN Å,DCHB@O +HLHSDCÆ @MC HMBQD@RDC SGD "NLO@MXÄR QDFHRSDQDC B@OHS@K AX !@GS AX HRRTHMF LNQD NQCHM@QX RG@QDR VHSG D@BG RG@QD G@UHMF @ O@Q U@KTD NE !@GS SN DWHRSHMF RG@QDGNKCDQR 3GHR QDRTKSDC HM NTQ QDFHRSDQDC B@OHS@K HMBQD@RHMF EQNL !@GS SN !@GS HM NQCDQ SN LDDS SGD B@OHS@K QDPTHQDLDMSR SN @OOKX ENQ @ !.( OQNLNSHNM BDQSHEHB@SD 6D QDBDHUDC NTQ EHQRS !.( OQNLNSHNM BDQSHEHB@SD EQNL SGD !.( OQNUHCHMF TR VHSG S@W @MC NSGDQ HMBDMSHUDR SN DRS@AKHRG NTQ RNES FDK B@ORTKD L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QM 3G@HK@MC 1985

6D QDBDHUDC @ KHBDMRD EQNL SGD 3G@H %# SN OQNCTBD LDCHBHMDR @S NTQ EHQRS L@MTE@BSTQHMF E@BHKHSX Å2NH L@MTE@BSTQHMF E@BHKHSXÆ @S 2@LTS /Q@J@QM 3G@HK@MC @MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD 3G@H %# 6D ADF@M L@MTE@BSTQHMF @S NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QM 3G@HK@MC 3GD E@BHKHSX G@C SVN OQNCTBSHNM KHMDR VHSG @M @MMT@K OQNCTBSHNM B@O@BHSX NE LHKKHNM RNES FDK B@ORTKDR 6D ADKHDUD SG@S NTQ 2NH L@MTE@BSTQHMF E@BHKHSX V@R SGD EHQRS RNES FDK B@ORTKD L@MTE@BSTQHMF E@BHKHSX HM 2NTSGD@RS RH@ .TQ 2NH L@MTE@BSTQHMF E@BHKHSX G@R ADDM DWO@MCDC RDUDQ@K SHLDR RHMBD 6D ADKHDUD VD G@UD @KV@XR ADDM NMD NE SGD K@QFDRS RNES FDK L@MTE@BSTQHMF E@BHKHSHDR HM 2NTSGD@RS RH@

1986

,DCHB@O +HLHSDC HMBQD@RDC HSR QDFHRSDQDC B@OHS@K AX !@GS AX HRRTHMF NQCHM@QX RG@QDR VHSG D@BG RG@QD G@UHMF @ O@Q U@KTD NE !@GS SN DWHRSHMF RG@QDGNKCDQR 3GHR QDRTKSDC HM NTQ QDFHRSDQDC RG@QD B@OHS@K HMBQD@RHMF EQNL !@GS SN !@GS HM NQCDQ SN ETMC SGD DWO@MRHNM NE NTQ L@MTE@BSTQHMF E@BHKHSHDR QDEDQQDC SN @ANUD @MC ENQ QDK@SDC VNQJHMF B@OHS@K QDPTHQDLDMSR ,Q 5HUDJ #G@V@M MNV SGD "NLO@MXÄR "GHDE $WDBTSHUD .EEHBDQ INHMDC SGD "NLO@MX

1988

Corporate Governance

.TQ "NLO@MX V@R HMBNQONQ@SDC AX ,Q *HQHS 2G@G TMCDQ SGD M@LD NE Å5HJ@R "NLO@MX +HLHSDCÆ VHSG @M HMHSH@K QDFHRSDQDC B@OHS@K NE !@GS QDOQDRDMSDC AX NQCHM@QX RG@QDR VHSG D@BG RG@QD G@UHMF @ O@Q U@KTD NE !@GS

Financial Information

1982

!TsHMDss ,HKDsSNMDs

6D NAS@HMDC S@W @MC NSGDQ HMBDMSHUDR OTQRT@MS SN @ RDBNMC !.( OQNLNSHNM BDQSHEHB@SD SN HMBQD@RD NTQ RNES FDK L@MTE@BSTQHMF B@O@BHSX @MC @BBNQCHMFKX VD @CCDC SVN OQNCTBSHNM KHMDR SN NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QM 3G@HK@MC

ANNUAL REPORT 2015

41

General Information

8D@Q

Overview

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Å,21Æ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

Management

(M VD KD@RDC K@MC ATHKCHMFR @MC BNMRSQTBSHNMR ENQ L@MTE@BSTQHMF E@BHKHSHDR HM #@MCDMNMF ,DKANTQMD TRSQ@KH@ @R VD R@V SG@S TRSQ@KH@ÄR VDKK CDEHMDC QDFTK@SNQX QDFHLD ENQ OG@QL@BDTSHB@KR @MC GD@KSGB@QD OQNCTBSR HM O@QSHBTK@QMTSQ@BDTSHB@K OQNCTBSR @MC BNL

OKDLDMS@QX LDCHBHMDR VNTKC @KKNV TR SN QDCTBD SGD SHLD SN L@QJDS ENQ SGD HMSQNCTBSHNM NE MDV ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR HM RDKDBS L@QJDSR .TQ TRSQ@KH@M E@BHKHSX OQDRDMSKX L@MTE@BSTQDR @MC O@BJ@FDR S@AKDSR G@QC B@ORTKDR @MC ONVCDQR

2532

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2533

q }~ ®p ¥ jÔ § } j × q² j } t ­p Ùqq¡ m ¥ jÔ © Ò©t¦ ¬ t× q² j } ¥ ­ }² ¥ ¡ j qj ~ } ¦ k ~ |z×j ¡Ó ² ¡p ¡k MTSQ@BDTSHB@K OQNCTBSR ¨~Ô¥m ­ p j mÔ k p

2536-2537 § pp t k p ¨ q p } ¡ j ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q j Ó p m m¡ }¢¦ ~ |z× ¡k 3GDQ@ODTSHB &NNCR CLHMHRSQ@SHNM 3& k p ¥ ¥~ ¥ §} ©}Ô j ~ q ¥ ~ y j ~§ pp t k p ¨ ¥ © ~ ®p¦~Ó Ë ¥kÔ t ® ¥m ­ p j mÔ ¥ } m × ,DCHBQ@ESR3, ¦ ¥m ­ p j mÔ ­ ­¥j ­ kÔ p ² ~ |z×~Ó p« ­ ¥m qÔ p ~¨ Ô¦jÓ¥qÔ k p¥m ­ p j mÔ ,DCHBQ@ES3, j t ® ¥m ­ p j mÔ } pj Ó ¥ Û Ùqq ² m v¨ j j} ¡ j q ~ |z×¥m ­ p j mÔ k p ¨ Ô¥~ §~ ¦ ¥ Û ­ k p~ } 2538-2539 k j ~¥ ­ j j ~¥ ­ ~¦m t¢ ¥q ­ ­§ pp t k p ¨ q p } ¡ j ¥ © Óp ¨ Ô § pp t j ~ ®p } j ~ ©}Ô¥ ­ }² ¥ ¡ j q¨ ¥ ¥ × ¦ ¥ ¥ } ¨ Ë ¦ ¥ j ¢s ¨ Ë ¥ ­ }² ¥ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p p { ¡ j qj q }q² Ó ² ~ |z× ¨~Ô¥m ­ p j mÔ k p ¦ ~ |z× ¨~Ô¥m ­ p j mÔ k p ¢jmÔ ¡ j qj q }q² Ó 2539

}² ¥ j ¥ ­ ¢ mÓ ­~ © Ô ¡Ô ¥ Û ¡Ô ¦ ¥ ­ ¡ q} ¥ q² §} j ¡Ô v¥ ­ ¡ q² ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¨ Ôj ¢Ô ¡Ô ¥} t ­pm ¢Ô ¦ jp k p Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j ¥ Û 47

2540

¥ ­ ¡ q} ¥ q² §} j ¡ Ô v¥ ­ ¡ q² ¡ Ô ¢ mÓ ~­ © Ô Ô¡ ¨ Ôj ¢ Ô ¡ Ô ¥} t p­ m ¢ Ô ¦ jp k p Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j 47 ¥ Û 4 ¨ Ë¥} j ©}Ô j p (2. q j 2&2 8@QRKDX (MSDQM@SHNM@K "DQSHEHB@SHNM 2DQUHBDR ¦ ¥ Û ¦ Óp¦ j¨ ¥ © ­©}Ô j p} pj Ó ¥ ­ ¡ q} ¥ q² 7 §} j ¡Ô v¥ ­ ¡ q² 7 ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¨ Ôj ¢Ô ¡Ô ¥} t ­pm ¢Ô ¦ jp k p Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j 4 ¥ Û

2543

¥ ­ ¡ q} ¥ q² §} j ¡Ô v¥ ­ ¡ q² ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¨ Ôj ¢Ô ¡Ô ¥} t ­pm ¢Ô ¦ jp k p Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j ¥ Û ¥ ­ k ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p ¨ ~ } ­j² p¥~ §~ ­ § j CDUDKNOHMF L@QJDS ©}Ô¦jÓ j ¡Ó ¥ ¥m y¥ j s "(2 j ¡Ó ¥ ¨ ¦ j ¦ j ¡Ó ¥ ¨ ~ jj p

2544

§ pp t k p ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q j Ó p m m¡ }¢¦ ~ |z× ¡k k p #HRSQHBS &NUDQMLDMS NE QMRADQF ¥ ¥ ² j ~ ¦m t¢ ¥q ­ k p ¨ ¥ © Óp ¨ Ô ¥ Û q­ } ~ p® ¨ ¥ © ¦ Óp¦ j ­ ~ ¦ Óp j ~ |z×j ¡Ó ² ¡p ¡k -TSQ@BDTSHB@K OQNCTBSR ¦ ~ |z× © p ¥ ¥ ©}Ô ©}Ôq} ¥ ¥m ­ p j mÔ Å,DF@ 6D "@QDÆ t ­p | Ùqq¡ ,DF@ 6D "@QD3, ¥ Û ¥m ­ p j mÔ j k p ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ k p

2545

©}Ô}² ¥ j ¥sÓ § pp ~ ¨ ¦} ¥} p #@MCDMNMF ¥ p¥ ¥ × ¥ ¥~ ¥ ¦ ©}Ô ¨ ¡v ~ q j Ó p m m¡ }¢¦ ~ |z× ¡k 3GDQ@ODTSHB &NNCR CLHMHRSQ@SHNM 3& ¥ ¥~ ¥ ¥ ­ ¨ Ô }² ¥ j ~ ¨ § pp ~} pj Ó

2546

¥ ­ ¡ q} ¥ q² §} j ¡Ô v¥ ­ ¡ q² ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¨ Ôj ¢ Ô ¡ Ô ¥} t p­ m ¢ Ô ¦ jp k p Óp ¨ Ô ¡ q} ¥ ¥ ­ k ® q j ¥ Û 7

42

p q² Ë

1989

!TsHMDss ,HKDsSNMDs

6D @CCDC @M @CCHSHNM@K OQNCTBSHNM KHMD SN NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QM 3G@HK@MC 3GHR HMBQD@RDC NTQ @MMT@K OQNCTBSHNM B@O@BHSX SN LHKKHNM RNES FDK B@ORTKDR 6D NAS@HMDC @ ENNC L@MTE@BSTQHMF KHBDMRD EQNL SGD 3G@H %#

1990

6D ENQLDC ,DF@ /QNCTBSR +HLHSDC MNV JMNVM @R ,DF@ +HEDRBHDMBDR /SX +SC VHSG @ UHDV SN L@QJDSHMF @MC RDKKHMF MTSQ@BDTSHB@K OQNCTBSR TMCDQ NTQ NVM AQ@MCR

Overview

8D@Q

1993-1994 .TQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QQM 3G@HK@MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD TRSQ@KH@M 3& ENKKNVHMF @M @TCHS SG@S V@R BNMCTBSDC HM

1996

6D BG@MFDC SGD O@Q U@KTD NE NTQ NQCHM@QX RG@QDR EQNL !@GS ODQ RG@QD SN !@GS ODQ RG@QD @MC HMBQD@RDC NTQ QDFHRSDQDC B@OHS@K AX !@GS AX HRRTHMF NQCHM@QX RG@QDR G@UHMF @ O@Q U@KTD NE !@GS ODQ RG@QD SN NTQ DWHRSHMF RG@QDGNKCDQR BNMRHRSHMF NE NTQ L@M@FDLDMS @MC DLOKNXDDR 3GHR QDRTKSDC HM NTQ QDFHRSDQDC RG@QD B@OHS@K HMBQD@RHMF EQNL !@GS SN !@GS 47

1997

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

2000

6D HMBQD@RDC NTQ QDFHRSDQDC B@OHS@K AX !@GS AX HRRTHMF NQCHM@QX RG@QDR G@UHMF @ O@Q U@KTD NE !@GS ODQ RG@QD SN NTQ DWHRSHMF RG@QDGNKCDQR BNMRHRSHMF NE NTQ L@M@FDLDMS @MC DLOKNXDDR 3GHR QDRTKSDC HM NTQ QDFHRSDQDC RG@QD B@OHS@K HMBQD@RHMF EQNL !@GS SN !@GS 6D K@TMBGDC NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR HMSN CDUDKNOHMF L@QJDSR HMBKTCHMF SGD "NLLNMVD@KSG NE (MCDODMCDMS 2S@SDR @MC BNTMSQHDR HM EQHB@ @MC SGD ,HCCKD $@RS

2001

6D NAS@HMDC &,/ BDQSHEHB@SHNM EQNL SGD &DQL@M GD@KSG @TSGNQHSX SGD #HRSQHBS &NUDQMLDMS NE QMRADQF ENQ L@MTE@BSTQHMF RNES FDK OQNCTBSR @S NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC @MC VD ADB@LD SGD EHQRS 3G@H OG@QL@BDTSHB@K BNLO@MX SN DWONQS MTSQ@BDTSHB@K @MC OG@QL@BDTSHB@K OQNCTBSR SN &DQL@MX

Corporate Governance

6D DRS@AKHRGDC NODQ@SHNMR HM ,X@ML@Q 5HDSM@L @MC "@LANCH@ SN L@QJDS @MC RDKK NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR @MC SN CDUDKNO @ CHRSQHATSHNM ATRHMDRR ANSG SN CHRSQHATSD NTQ NVM AQ@MCDC OQNCTBSR @MC SN CHRSQHATSD SGD OQNCTBSR NE NTQ OQHMBHO@KR

Financial Information

1995-1996 6D @CCDC SGQDD LNQD OQNCTBSHNM KHMDR ENQ RNES FDK B@ORTKDR SN NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QM 3G@HK@MC AQHMFHMF NTQ SNS@K MTLADQ NE OQNCTBSHNM KHMDR SN DHFGS

Management

6D @BPTHQDC SGD ,DCHBQ@ESR3, AQ@MC @MC @RRNBH@SDC SQ@CDL@QJR ENQ @ Q@MFD NE OQNCTBSR SG@S VD G@C ADDM L@MTE@BSTQHMF @R @M .$, RTOOKHDQ ENQ SGD OQDUHNTR NVMDQ NE SGD ,DCHBQ@ESR3, AQ@MC 3GD @BPTHRHSHNM V@R @ E@BSNQ HM SGD FQNVSG NE NTQ AQ@MCDC OQNCTBSR ATRHMDRR @MC HSR L@QJDS @BBDOS@MBD

2002

6D ADF@M SN KD@RD @ L@MTE@BSTQHMF E@BHKHSX HM #@MCDMNMF ,DKANTQMD TRSQ@KH@ @MC QDBDHUDC @M TRSQ@KH@M 3& KHBDMBD SN NODQ@SD RTBG KD@RDC L@MTE@BSTQHMF E@BHKHSX HM #@MCDMNMF ,DKANTQMD

2003

6D HMBQD@RDC NTQ QDFHRSDQDC B@OHS@K AX !@GS AX HRRTHMF NQCHM@QX RG@QDR G@UHMF @ O@Q U@KTD NE !@GS ODQ RG@QD SN NTQ DWHRSHMF RG@QDGNKCDQR BNMRHRSHMF NE NTQ L@M@FDLDMS @MC DLOKNXDDR 3GHR QDRTKSDC HM NTQ QDFHRSDQDC RG@QD B@OHS@K HMBQD@RHMF EQNL !@GS SN !@GS 7 ANNUAL REPORT 2015

43

General Information

6D QDFHRSDQDC Å,DF@ 6D "@QDÆ @R @ SQ@CDL@QJ ,DF@ 6D "@QD3, HR MNV SGD OQHL@QX SQ@CDL@QJ ENQ NTQ AQ@MCDC OQNCTBSR ATRHMDRR

2547

{ j ­ ² m v § pp t k p ¨ ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q j pm×j ¦ Óps ~ -@SHNM@K #QTF TSGNQHSX ¥ ¢j }

2548

¥ ­ s ­ q j Å ¥ } ¦m q² j }Æ ¥ Û Å ¥ jÔ © Ò©t¦ ¬ t× q² j }Æ

2549

§ pp t k p ¨ ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡k ¥ ¥ ¥ ¦ ¢¥m ¥ jÔ © Ò©t¦ ¬ t× q² j } t p­ ¥ Û Ó k p ¨ ¥ ¥ × ¥ Û ­¨ Ô j k Óp ¦ q }q² Ó mÔ § q ~ j × ¦ Óp¦ j¨ ¥ ¥ × ­©}Ô j p (2.

2551-2553

k j ~¥ ­ jq² j ~ ¦ ¥ ­ ¥m ­ pq j ² j ~¥} ®p j ~ ¨ § pp t k p q p } ¡ j ¥ © Óp ¨ Ô § pp t j ~ p® ® j ~ ¦ j² pj ~¦m t¢ ¥q ­ ®p ® Ô ¦m t¢ ~Ó Ë

2551

Ô p§ pp ~¦ Óp ­ § pp t ¨ q p } ¡ j ¥ © ¦ ¥ ­ }² ¥ j ~ ¥ ¬} ¦m t¢ ¦k¬p¦ t p q¡ ~ ®p¦~Ó Ë § pp t k p ¨ ¥ © ¦ § pp ~¨ ¥ ¥~ ¥ ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡k ¥ y ¥ ¥ ~ q j¥ ~¡j |× ~ ¡©t§m ×j "XBKNMD -@QFHR ©}Ô}² ¥ j ¨ Ôm sÓ ¥ ¢Ó Ô ­©}Ô j §} j Ô p ² jp ¨ 3V@MS@X 3NVMRGHO ¥ p Ó pj¡Ôp ¥ ¥ × ®p©}Ô q m ²® } ­ ¦ j § m ¨ Ô¦jÓ ¢Ô j}Ô

2552

§ pp t k p ¨ ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡k ¥ § ¨ Ë¥} j § pp t k p ¨ ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q j Ó p y ­m m¡ }¢¦ ~ |z× ¡k #HRSQHBS &NUDQMLDMS NE QMRADQF ¥ ¥ ² jp m| j j ¦ ¥ © ¦ Ó p m m¡ }¢¦ ~ |z× k¡ 3GDQ@ODTSHB &NNCR CLHMHRSQ@SHNM 3& ¥ ¥~ ¥

2553

§ pp t k p ©}Ô j p~ j¥j|z× j }­ ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡kk p ¥ ¢¥m § pp ~¨ ¥ © p® ¦ Óp©}Ô j pq j pm×j ¦ #QTF @MC CLHMHRSQ@SHNM TSGNQHSX ¥ ¥ § ¥ Ë q} ¥ Å,@WWB@QD3, Æ ¥ Û ¥m ­ p j mÔ k p ¨ Ë t ­p¥ Û ¥m ­ p j mÔ jk p ¡ j qj q }q² Ó mÔ k p

2554

©}Ô ² q ~ Ó ¥} p¥ ­ © q m ­pk p¦ sÓ j ÍÝ ¢ § p¥ } m ² ¥ p q p } m ¡ t ­p©}Ô j q j j ~ ¡ j ¦ ¥p q m¥ ­ ¨sÔ ¨ j tÓ ¦t § p¥ jq j ® p©}Ô ² q ~ © sÓ ¥ Ô k ¦ Ô mÔ ~Ó p« ¨ ¦ j¥} j ­©}Ô j q j ~ } pj Ó j}Ô

2555

§ pp t k p ¨ ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡k ¥ t¢} ¦ ¨ Ë¥} j § pp t ¨ ¥ © ©}Ô j p ~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡k ¥ ¥ ¥ jq j §® pp ~ p® ¦ Óp ¨ ¥ © ©}Ô j p~ j¥j|z× j }­ ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q jj p | ¡k ¥ ¥ ¢ ©}Ô ~ Óp¥ j p ¡ r ­ q jm| j j Óp¥ j p ¡ !.( §} ©}Ô § s ×}Ô ¦ § s × ­ ² j ~ ~ |z× ­ q¡¨ ¦m t¢ ¥q ­ ¦m t¢ ¦k¬p ¥ ¬} ¦ p q jj p ¡ ¡p § pp t ¦ k j ~¨ § pp t ®p ® ©}Ô¥ ­ }² ¥ j ~ }~ ®p j ~¥q ­ ¨ Óq² j ~ ¦ q¡ Ó ~§ ~ ¨ § pp t ¨ ¥ © §} m } Ó j ~ }~ ®p j ~¨ Ó ¨ § pp t q ¦ Ô ¥ ¬q¨ ¥} j m 7 p~ }~ ®p¦ Ô ¥ ¬q § pp ~¨ ¥ © q j² pj ~¦m t¢ ¥q ­ q² Ô ¦m t¢ ~Ó Ë ¥ }¥j ­ j ~ Óp¥ j p ¡ ©}Ô j¢ ¥ Ê}¥ © Ô ¨ Ó ­ kÔ 4 ¥ kÔ pm ­¥j ­ kÔ pj j j ¡ j q

44

p q² Ë

!TsHMDss ,HKDsSNMDs

2004

.TQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD -@SHNM@K #QTF TSGNQHSX NE 4F@MC@

2005

6D BG@MFDC SGD M@LD NE NTQ "NLO@MX EQNL Å,DCHB@O +HLHSDCÆ SN Å,DF@ +HEDRBHDMBDR "NLO@MX +HLHSDCÆ

2006

.TQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD ,HMHRSQX NE 'D@KSG NE 8DLDM @MC SGD ,HMHRSQX NE 'D@KSG NE 4JQ@HMD

Overview

8D@Q

,DF@ +HEDRBHDMBDR "NLO@MX +HLHSDC @ RTARHCH@QX NE SGD "NLO@MX HM ,X@ML@Q ADB@LD SGD EHQRS CHRSQHATSHNM @MC KNFHRSHBR BNLO@MX HM ,X@ML@Q SN QDBDHUD (2. BDQSHEHB@SHNM

2008

6D DRS@AKHRGDC @ RDBNMC L@MTE@BSTQHMF E@BHKHSX Å2NH L@MTE@BSTQHMF E@BHKHSXÆ HM 2@LTS /Q@J@QM 3G@HK@MC ,@MTE@BSTQHMF NE S@AKDSR G@QC B@ORTKDR @MC O@BJ@FDR HM SGHR MDV E@BHKHSX BNLLDMBDC HM 6D QDBDHUDC &,/ BDQSHEHB@SHNMR ENQ NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC @MC NTQ L@MTE@BSTQHMF E@BHKHSX HM TRSQ@KH@ EQNL SGD 4MHSDC Q@A $LHQ@SDRÄ ,HMHRSQX NE 'D@KSG 6D OQNUHCDC @RRHRS@MBD SN BNLLTMHSHDR C@L@FDC AX "XBKNMD -@QFHR AX BNMRSQTBSHMF @ GD@KSG NEEHBD HM SGD 3V@MS@X 3NVMRGHO HM ,X@ML@Q @MC CNM@SHMF CQHMJHMF V@SDQ @MC LDCHB@K RTOOKHDR SN UHBSHLR

2009

Management

2008-2010 6D @CCDC SVN @CCHSHNM@K OQNCTBSHNM KHMDR @MC QDOK@BDC SGD L@BGHMDR VHSG MDV NMDR ENQ @KK DHFGS DWHRSHMF OQNCTBSHNM KHMDR @S NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 2@LTS /Q@J@QM 3G@HK@MC 3GHR AQNTFGS SGD 2NH L@MTE@BSTQHMF E@BHKHSXÄR SNS@K MTLADQ NE OQNCTBSHNM KHMDR SN SDM @MC HSR @MMT@K CDRHFM B@O@BHSX SN AHKKHNM RNES FDK B@ORTKDR

6D QDBDHUDC &,/ BDQSHEHB@SHNM ENQ NTQ 2NH L@MTE@BSTQHMF E@BHKHSX EQNL SGD .L@M ,HMHRSQX NE 'D@KSG

2010

6D QDBDHUDC &,/ BDQSHEHB@SHNMR ENQ NTQ 2NH L@MTE@BSTQHMF E@BHKHSX EQNL SGD 4JQ@HMH@M ,HMHRSQX NE 'D@KSG !NSG NE NTQ L@MTE@BSTQHMF E@BHKHSHDR HM 3G@HK@MC @KRN QDBDHUDC BDQSHEHB@SHNM EQNL SGD $SGHNOH@M #QTF @MC CLHMHRSQ@SHNM TSGNQHSX 6D QDFHRSDQDC Å,@WWB@QDÆ @R @ SQ@CDL@QJ HM ,@WWB@QD3, HR SGD OQHL@QX SQ@CDL@QJ ENQ NTQ CHRSQHATSHNM ATRHMDRR

2011

6D RDMS @ UNKTMSDDQ SD@L SN CNM@SD RTOOKHDR @MC QDMCDQ @RRHRS@MBD SN 6@S -@J RBGNNK HM SGD !@MF /@G@M #HRSQHBS XTSSG@X@ /QNUHMBD VGHBG RTRS@HMDC GD@UX C@L@FD EQNL EKNNCHMF @MC CNM@SDC LNMDX SN QDATHKC SGD RBGNNK

Corporate Governance

(M SGD R@LD XD@Q VD QDBDHUDC &,/ BDQSHEHB@SHNM ENQ NTQ 2NH L@MTE@BSTQHMF E@BHKHSX EQNL H SGD #HRSQHBS &NUDQMLDMS NE QMRADQF HM &DQL@MX HH SGD 3G@H %# @MC HHH SGD TRSQ@KH@M 3&

(M @CCHSHNM VD @KRN RDMS @ UNKTMSDDQ SD@L SN QDMCDQ @RRHRS@MBD SN OG@QL@BHDR @MC U@QHNTR RSNQDR HM SGD @EEDBSDC @QD@R

(M @CCHSHNM ANSG NE NTQ L@MTE@BSTQHMF E@BHKHSHDR HM 3G@HK@MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD ,HMHRSQX NE 'D@KSG NE /DQT 6D NAS@HMDC S@W @MC HMUDRSLDMS HMBDMSHUDR OTQRT@MS SN @ SGHQC !.( OQNLNSHNM BDQSHEHB@SD ENQ L@MTE@BSTQHMF NE CQTFR HM RNES FDK G@QC B@ORTKD S@AKDS @MC ONVCDQ ENQL HM EQNL NTQ HMUDRSLDMS HM LNCHEXHMF NTQ 2NH L@MTE@BSTQHMF E@BHKHSX @MC DWO@MCHMF NTQ L@MTE@BSTQHMF B@O@BHSX HM NTQ 2NH L@MTE@BSTQHMF E@BHKHSX R RTBG VD BNLLDMBDC VNQJ NM HMRS@KKHMF DHFGS MDV RNES FDK OQNCTBSHNM @MC @TSNL@SHB O@BJ@FHMF KHMDR HM NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC 6D DWODBS SN BNLOKDSD HMRS@KK@SHNM NE SGD MDV OQNCTBSHNM KHMDR HM NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM )@MT@QX 4 6GDM BNLOKDSDC ANSGNTQ E@BHKHSHDR HM 3G@HK@MC VHKK G@UD @M @MMT@K CDRHFM B@O@BHSX NE AHKKHNM RNES FDK B@ORTKDR CDS@HKR RODBHEHDC HM SGD !.( BDQSHEHB@SD @QD CHRBKNRDC HM /@QS 2DBSHNM 4 QDF@QCHMF 1DFTK@SHNMR QDK@SDC SN NTQ !TRHMDRR .ODQ@SHNMR

ANNUAL REPORT 2015

45

Financial Information

.TQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD ,HMHRSQX NE 'D@KSG NE 2TC@M @MC HM SGD R@LD XD@Q NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD ,HMHRSQX NE 'D@KSG NE 8DLDM

General Information

2012

{ j ­ ² m v ©}Ô p Å w j { ×Æ t ­p¥ Û p ¦jÓ ¢Ô¥ m¡| ­ m }s ~Ó Ô ­j ¥ q jj j ¥ © ¦ }p¨ Ô¥ ¬ p¦ Ó p ­} ¨ j x ~ ¦ j ¥ k p ~ j ¦ j j² j }¢¦ j qj ­} ¥kÔ t ® ¥m ­ p j mÔ $TFHB@3, × p Ùvv ¦ ¥ j ~Ó p« ­¥j ­ kÔ pj ~ |z× ­ ~ ¦ q² Ó ¨~Ô¥m ­ p j mÔ $TFHB@3, q j } ¥ sq × t¢~ m q × ~Õ j #'& /G@QL@BDTSHB@K )NHMS 2SNBJ "NLO@MX ®p ®~ kÔ ¢ k p (,2 'D@KSG Ë ¥m ­ p j mÔ $TFHB@3, ¥ Û ~ |z× ­ }k ¢p ¡} ¨ j ¡Ó ~ |z× ¡ © ¨ ¥ ¥ } §} ©}Ô § ¥m ­ p j mÔ $TFHB@3, ¦ Ô ¥ ¬q¥ ­ ­ ¥ ®p ® ~ vv t ® ¥m ­ p j mÔ ¦ vv ­¥j ­ kÔ p ® q ¥ ­ }² ¥ j t ® k ¦ ¢Ô ©}Ôq jj k ~ |z× ¨~Ô¥m ­ p j mÔ $TFHB@3, ~ ®p¦~Ó ­ j m }¢ ¥ }¨ Ó ­ kÔ ¥ }j t ® ¥m ­ p j mÔ $TFHB@3, × p Ùvv ¦ ¥ j ~± Ó p« ¥­ j ­ kÔ pj ~ |z× ­ ~ ¦ q² Ó ¨~Ô¥m ­ p j mÔ $TFHB@3, q jkÔ ¢ k p (,2 'D@KSG ¥ ­ ¥} ¡ ~ |z× ¨~Ô¥m ­ p j mÔ k p ©}Ô j q } } ~ }k ¨ Ô¥ Û ~ |z×s ® ² k p~ }j ¡Ó mÔ ¥ ¥} j ¨ Ë ¥sÓ -@S "3, ~ t -@S !3, ~ ¦ ²® EHRGNHK k p ¨ ¥ © ¦ ~ |z× ¨~Ô¥m ­ p j mÔ $M@S3, ~ ¦ $TFHB@3, ~ |z× ¦ ¡ © ¨ ¥ ¥ } jq j ® ©}Ô ² j ¥m ×kÔ ¢ j ² ¥kÔ p ¡ j j ¥} k p ¥ ¥ × ­ ¢j §} ,21 ² Ë 4 Ó ~ |z× ¨~Ô¥m ­ p j mÔ "@KBHUHS@3, ¦m ¥t ¦ ~ $M@S3, ~ ¦ %DQQNUHS3, ~¡¥ ¬j¦ ~ k p ©}Ô j q } } ~ }k ¨ Ô¥ Û ¢Ô ² pj ~ }¨ j ¡Ó mÔ ¥ ¥} j jq j ~ |z× ­j Ó kÔ p~Ô ¦ Ô q jkÔ ¢ k p (,2 'D@KSG ¥ ­ ¥} ¡ Ó p ~ |z× ­ « j¥ Û q² j ­©}Ô j q } } ~ }k ¨ Ô ¢Ó¨ } ¦ j¨ j ¡Ó mÔ ¥ ¥} j ~ |z×¥ Ó ® p %DQQNUHS3, ~¡¥ ¬j¦ ~ ¦ &HKNA@3, ¨ ¦ jÕ j } ¨ ¥ © ¦ ¥ ¥ } jq j ® ©}Ô ² j ¥m ×kÔ ¢ j ² ¥kÔ p ¡ j j ¥} k p ¥ ¥ × ­ ¢j §} ,21 ² Ë 4 Ó -TSQHUHS@3, ~ ¦ ¦ Ó ~¡ ¦ +HUNKHM%NQSD3, ~ |z× ­ Ó k p /GNROGNKHOHCR ¦ ~ ­ « ©}Ô j q } } ~ }k ¨ Ô ¢Ó¨ } ¦ j¨ mÔ ¥ ¥} j

2556

§ pp t k p ¨ ¥ © ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q j pm×j ¦ Óps ~ -@SHNM@K #QTF TSGNQHSX ¥ ¢j } ¦ j p | ¡k ¥ y ¥ ¥ ~ ©}Ô Ô p§ pp ~¦ Óp¨ Ó¨ ¥ ¥~ ¥ §} Ô ­~ ®pk p§ pp q j¦} ¥} p © p ¥m ¦ /@JDMG@L ¥ p¥ ¥ × §} § pp ¥m ¦ k p ©}Ô j p~ j¥j|z× j ­} ¨ j ~ &NNC ,@MTE@BSTQHMF /Q@BSHBD &,/ q j Ó p m m¡ }¢¦ ~ |z× ¡k 3GDQ@ODTSHB &NNCR CLHMHRSQ@SHNM 3& ¥ ¥~ ¥ ©}Ô¥ Ê}}² ¥ j t ® k j ×m ®p¦ j¨ ~ } j צ Óp ¥ © ¥ ­ ­ q j ©}Ô¥ Ê}§ pp ~¦ Óp¨ Ó¨ m ¡~ j p ¢ ¥ © ¢ mÓ 4 Ô t ­p ² ¨ Ôj² pj ~¥ ­ k ® ¥j p¥ Ó ~¦m t¢ ­ ¥ ­ k ® q j¥} Ô ¦m t¢ ¥ Û Ô ¦m t¢ ~Ó Ë

2557-2558 ©}Ô¥ ­ ¡pÓ ¥ Ô ~ }¦ j EQHB@ %NBTR j ² jp ¢ m¦ j ~ j ~­ p ® ¢Ó¨ ¥ ¥m ¦ j }² ¥ ¡ j q¨ ¥ ¥ § ¥ Ë ¦ t¢} p©}Ô¥ ­ j Óp j© p ¥ ¥ § ¥ Ë }Ô ©}Ô j §m pj ¨ ² m v¦ }p ¨ j t ® ¡Ô ² jp k p t ­p¥ Û Ó ­pk p¦ ¢j ² jp jq j ® ©}Ô j ¨ Ô p ¦jÓ jp }Ô §m pj ¡Ô Ó p~Ó ¥ ­ p~ ®p¦~Ó¥ ­ ¦ j ©}Ô j ¨ ² m v¦ }p q² 4 Ó ¨ Ôj jp q² 4 ¨~Ô §m pj ­©}Ô j © ÔjÓ Ô ®¦ ©}Ô j ¡ ~ q j ¢Ô ¡Ô ¦ Ô

46

p q² Ë

!TsHMDss ,HKDsSNMDs

6D QDBDHUDC SGD 3@WO@XDQRÄ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

Overview

8D@Q

2013

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

6D QDBDHUDC &,/ BDQSHEHB@SHNMR EQNL SGD 4F@MC@M -@SHNM@K #QTF TSGNQHSX @MC SGD 4MHSDC Q@A $LHQ@SDRÄ ,HMHRSQX NE 'D@KSG ENQ NTQ 2NH L@MTE@BSTQHMF E@BHKHSX HM 3G@HK@MC 6D QDKNB@SDC NTQ L@MTE@BSTQHMF E@BHKHSX HM TRSQ@KH@ EQNL #@MCDMNMF SN @ MDVKX BNMRSQTBSDC L@MTE@BSTQHMF E@BHKHSX HM /@JDMG@L ,DKANTQMD Å/@JDMG@L %@BHKHSXÆ .TQ /@JDMG@L %@BHKHSX @KRN QDBDHUDC &,/ BDQSHEHB@SHNM EQNL SGD TRSQ@KH@M 3&

Corporate Governance

Management

(M @BBNQC@MBD VHSG SGD SQ@CDL@QJ R@KD @MC OTQBG@RD @FQDDLDMS @MC NSGDQ QDKDU@MS @FQDDLDMSR SGD R@KD @MC OTQBG@RD NE SGD AQ@MC NBBTQQDC NM )@MT@QX 6D RS@QSDC QD@KHRHMF QDUDMTD EQNL SGD R@KD NE $TFHB@3, AQ@MCDC OQNCTBSR EQNL SG@S R@LD C@SD RDD /@QS 2DBSHNM ENQ CDS@HKR @ANTS SGD OTQBG@RD NE SGD $TFHB@3, AQ@MC HMBKTCHMF HMSDKKDBST@K OQNODQSX @MC SHSKD CNBTLDMSR HM QDK@SHNM SN SGD OQNCTBSR L@MTE@BSTQDC @MC CHRSQHATSDC TMCDQ SGD $TFHB@3, AQ@MC

2014-2015 3GD "NLO@MX JHBJDC NEE Ã EQHB@ %NBTRÄ VHSG @ QDFHNM@K NEEHBD ENQ $@RS EQHB@ KNB@SDC HM *DMX@ @MC ATRHMDRR DRS@AKHRGDC HM $SGHNOH@ @MC 2TC@M 3GD "NLO@MX G@R @KQD@CX RS@QSDC DWONQSR SN $SGHNOH@ 3GD "NLO@MX @MMNTMBDC 2G@QD V@QQ@MSR RBGDLD ENQ HSR DLOKNXDDR @R @ O@QS NE HSR KNMF SDQL DMF@FDLDMS OK@M ENQ DLOKNXDDR 3GD "NLO@MX G@R BNMSHMTDC SN QDV@QC HSR DLOKNXDDR VHSG RG@QD A@RDC RBGDLDR RHMBD HSR HMBDOSHNM 3GD BNLO@MX FQ@MSDC 4 V@QQ@MSR SN 4 DLOKNXDDR TMCDQ SGD RBGDLD OQDUHNTRKX @MMNTMBDC @MC @OOQNUDC AX SGD RG@QDGNKCDQR

ANNUAL REPORT 2015

47

General Information

3GD "NLO@MX K@TMBGDC @ MDV 3G@H A@GS 4 ,HKKHNM L@MTE@BSTQHMF E@BHKHSX @S !@MFONN HMCTRSQH@K DRS@SD 3G@HK@MC VGHBG VHKK @KLNRS CNTAKD SGD BNLO@MXÄR OQNCTBSHNM B@O@BHSX NE RNES FDK B@ORTKDR EQNL AHKKHNM SN AHKKHNM ODQ XD@Q

Financial Information

3GD "NLO@MX L@QJDC EHQRS SQ@CHMF C@X NM SGD 2SNBJ DWBG@MFD NE 3G@HK@MC NM SG -NUDLADQ

j | j j ¡ j q k p ¥ Û q }q² Ó ~ |z× ~ |z×¥ ­ ¡k ¦ mÔ ¡ § m § m %@RS ,NUHMF "NMRTLDQ &NNCR %,"& s ® ² } j ² j p ¨ vÓ~ ®p ¢Ó ­ q p } j ¡ p¥ m | Ùqq¡ ¥ Û ¢Ôq }q² Ó s ® ² ¨ ¥ j² p { ©}Ô¦jÓ ¥ ¥ × ¥ } ¦ j ¢s t ­p ¥ } pj Ó ¦ § Ô j ¥~ §~ Ó p }¥ ¬ jq j ® j { ~ ² j ~ } ¦ k ~ | z× j ¡ Ó ² ¡ p ¡ k MTSQ@BDTSHB@K OQNCTBSR ~ |z× ~ ¨ p­ ¦ × OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR ¦ ~ | z× q² Ó Ô ¥m × ¥ ~ × ¡ k .3" ¨~Ô ¥m ­ p j mÔ ,DF@ 6D "@QD3, k p Ó ¥m kÓ j q }q² Ó k p ¦ ¢qÔ } q² Ó j¨ ¥ ~Ó p« ­ § j §} | ­ m ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p ©}Ô j pk ¦ Ô ¨ ¥ ­ § j }² ¥ ¡ j q¨ ¡jk ® ~ ­ ² m vk p Ó p§tÓ p ¡ j q¥ sj OG@QL@BDTSHB@K U@KTD BG@HM t ­pj }² ¥ ¡ j q} pj Ó ¥ Û j ¥ ­ § j ¨ j ¥~ §~k p §} j q jm Ó k p ¡ j Ó ¡ j q ¨ ¨ j ¥kÔ p ~ }¥ Ï §} ¥s ­ Ó j ­ ¥ Û ¢Ô ² pj ~ }k p ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p ¦ ¡ j q j q }q² Ó mÔ ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, q ² ¨ Ô ¥ ­ Ó ¦ Óp pj ~ } ®pq jj ¥~ §~q j ¡ j q jk p NQF@MHB FQNVSG ¦ j ¥~ §~q jj ¥kÔ t ® j qj k p ­ @BPTHRHSHNM jq j ® j ¥~ §~} pj Ó q ² ¨ Ô j ¥­ p ~Ó j { ~ |z× ¨ Ó« p® p ¡ ¨ ¡ j qj ¨ Ô j j q }q² Ó ¨ Ô¦k¬p¦j Óp jk ® ¨ m~ ¥s ­ Ó j ¡pÓ ¥ Ô ~ }¨ ¥ j² p { ­ j ¥~ §~ Ó p }¥ ¬ ¥ Û § j ¨ j ¥~ §~k p ¥ ­ pq j~ } ~ |z× ¦ ~ |z×j ¡Ó ² ¡p ¡k MTSQ@BDTSHB@K OQNCTBSR ¨ ¥ j² p { j k ~ Ó p }¥ ¬ }m Ô pj j ¥~ §~ p ¥ yj q¦ j ¥ ­ ¦ pk pq² s j §} ¥r ~ } ~ |z×j ¡Ó ² ¡p ¡k ® ©}Ô § s × §} ~ pq j¦ § Ô j ¥~ §~k p ~ |z×j ¡Ó ² ¡p ¡k ­ § j t ­pm } Ó q j ¥~ §~ Ó p j¨ m~ ¥ ¬ Ó § j ¦ ¦ § Ô j ¥~ §~k p ©}Ôq q j ¡ j q j m ¡ j qj q }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, ¦ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD 3, ¥ ­ pq jj ¥~ §~ p¥ yj qk p~ } j ­ j ¡ j q ¢ Ó ®p¦ § Ô k p ¢Ô § m ­ }¢¦ ¡k k p~ ¥ p¥ ­ k ® ®p ® } Ó ©}Ôq j~ } ¢ m¥ ¥s ~ j¥r p¨~Ô ¨ Ë ¥ Ó j Ô k p ©}Ôq jj k ®p }k p ¨ ¢ m} pj Ó mÓ ¨sÔqÓ ~Ó ² ~ |z×j ¡Ó ² ¡p ¡k j ¥~ §~ ­ p¢ k ® §} q jkÔ ¢ k p pm×j § j 6NQKC 'D@KSG .QF@MHY@SHNM mÓ ¨sÔq Ó ~Ó ² ~ |z×j ¡ Ó ² ¡p ¡k ~ j ¥~ §~¥r ­ ~Ó Ë Æ" &1Æ ¢Ó Ó p Ô 7 p q j Ë 4 4 48

p q² Ë

}² ¥ ¡ j q¨ 3 j ¡Ó ¡ j q} p ® 1 ¡ j qj q }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, ² j ~ } k ¦ q }q² Ó ~ |z×~ Ó p« t p­ Ó ¨ vÓ m ~ |z× ~ ¨ ­p¦ × OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR ~ |z× q² Ó Ô ¥m ×¥~ × .3" ¦ mÔ ¡ § m § m j ¨ Ô j } p j Ó p j ¨ Ô j m p mÔ j }² ¥ j ¥j¬ ¥p }s ®¥ ­ q¥j }k ® q jj ¨ Ô j q }q² Ó mÔ ¨ Ô¦jÓ ¢jmÔ j jq j ® p¨ Ô j ¦ ¥ ­ ¢ mÓ ©}Ô¦jÓ j ¨ Ô j ² j ~ }¨ Ôj ¢jmÔ ¨ vÓ p j}Ô }² ¥ ¡ j qq }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, ¨ ¥ ©}Ô¦jÓ ¥ ¥ × ¥ ¥ } ¦ ¥ j ¢s §} ¢jmÔ Ó k p m ¦ ~ mÔ ¡ § m § ms ® ² ®p¨ ¦ ~Ó p ¥ jq j ® p ² j q }q² Ó ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p ¨ ~ } ­ j ¡ j q j}Ô 2 ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p { ~ ² j ~ } ¦ k ~ |z× j ¡ Ó ² ¡p ¡k MTSQ@BDTSHB@K OQNCTBSR ~ |z× ~ ¨ p­ ¦ × OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR ¦ ~ |z× q² Ó Ô ¥m ×¥~ × .3" ¨~Ô¥m ­ p j mÔ k p 3 ¡ j q qÔ p ~ .$, j¥ q jj ~ ~ |z× ¨~Ô ¥m ­ p j mÔ k p ¦ Ô § pp ~ k p ¨ ¥ © ¦ ¥ ¥~ ¥ p qÔ p ~ ~ |z×~ Ó p« ¨ Ô¦jÓ ¢jmÔ j j}Ô

BUSINESS OVERVIEW

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

Management .TQ RDQUHBDR HMBKTCD V@QDGNTRD L@M@FDLDMS BNKKDBSHNMR HMBKTCHMF @RRTLHMF SGD KH@AHKHSX ENQ A@C CDASR @MC U@KTD @CCDC RDQUHBDR RTBG @R L@QJDSHMF RDQUHBDR ENQ RNLD L@INQ OQHMBHO@KR 6D NODQ@SD NTQ ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR HM SGQDD BNTMSQHDR M@LDKX ,X@ML@Q 5HDSM@L @MC "@LANCH@ .TQ BKHDMSR ENQ SGHR ATRHMDRR RDFLDMS HMBKTCD KD@CHMF CNLDRSHB @MC HMSDQM@SHNM@K OG@QL@BDTSHB@K @MC %,"& BNLO@MHDR

Corporate Governance

1 .TQ ,@WWB@QD3, CHsSQHATSHNM ATsHMDss 6D L@QJDS RDKK @MC CHRSQHATSD U@QHNTR AQ@MCDC OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR .3" @MC %,"& OQNCTBSR

(M @CCHSHNM VD @KRN CHRSQHATSD NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR HM SGD L@QJDSR HM VGHBG VD NODQ@SD 2 .TQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSs ATsHMDss 6D CDUDKNO L@MTE@BSTQD L@QJDS @MC RDKK NTQ NVM AQ@MC NE MTSQ@BDTSHB@K OQNCTBSR OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR @MC .3" OQNCTBSR 3 .TQ .$, ATsHMDss (M @CCHSHNM SN L@MTE@BSTQHMF NTQ NVM AQ@MCDC OQNCTBSR NTQ L@MTE@BSTQHMF E@BHKHSHDR HM 3G@HK@MC @MC TRSQ@KH@ @BBDOSR U@QHNTR OQNCTBSHNM NQCDQR EQNL SGHQC O@QSX BTRSNLDQR

ANNUAL REPORT 2015

49

Financial Information

6D ADKHDUD SG@S RHFMHEHB@MS FQNVSG NOONQSTMHSHDR VHKK @QHRD EQNL NTQ ENBTR NM E@RS FQNVHMF CDUDKNOHMF L@QJDSR 3GD OG@QL@BDTSHB@K @MC MTSQ@BDTSHB@K L@QJDSR HM SGD CDUDKNOHMF VNQKC @QD DWO@MCHMF Q@OHCKX HM KHMD VHSG RSQNMF DBNMNLHB FQNVSG @MC CDLNFQ@OGHB BG@MFDR 3GD BNMRTLDQ GD@KSG L@QJDS HM O@QSHBTK@Q HR SGD CHQDBS ADMDEHBH@QX NE E@UNQ@AKD FKNA@K @MC KNB@K GD@KSGB@QD SQDMCR @MC HR DWODBSDC SN FQNV RHFMHEHB@MSKX NUDQ SGD BNLHMF XD@QR

6D NODQ@SD HM SGD ENKKNVHMF SGQDD ATsHMDss sDFLDMSs

General Information

.TQ ATRHMDRR @BSHUHSHDR @BQNRR @KK L@INQ RS@FDR NE SGD OG@QL@BDTSHB@K HMCTRSQX U@KTD BG@HM OQNUHCD TR VHSG HMBQD@RDC NOONQSTMHSHDR SN OTQRTD FQNVSG AX QD@KHYHMF ONSDMSH@K RXMDQFHDR @QHRHMF EQNL BNNQCHM@SHMF NTQ DEENQSR @BQNRR ATRHMDRR RDFLDMSR HM NTQ RDKDBSDC L@QJDSR 6D ADKHDUD SGD L@QJDS KD@CHMF ONRHSHNMR GDKC AX NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR @MC ,@WWB@QD3, CHRSQHATSHNM ATRHMDRRDR VHKK DMG@MBD NTQ @AHKHSX SN HMBQD@RD L@QJDS RG@QD SGQNTFG ANSG NQF@MHB FQNVSG @MC @BPTHRHSHNMR (M @CCHSHNM SGD FQNVSG NE NTQ ATRHMDRR VHKK OQNUHCD TR VHSG RTEEHBHDMS QDRNTQBDR SN BNMSHMTD CDUDKNOHMF MDV OQNCTBSR @MC @KKNV TR SN HMUDRS HM NTQ CHRSQHATSHNM RDQUHBDR SN CQHUD @MC RSQDMFSGDM ETSTQD FQNVSG @MC OQNEHS@AHKHSX

Overview

6D @QD @ KD@CHMF HMSDQM@SHNM@K L@MTE@BSTQDQ @MC CHRSQHATSNQ NE OG@QL@BDTSHB@K MTSQ@BDTSHB@K OQNCTBSR @MC %@RS ,NUHMF "NMRTLDQ &NNCR NQ %,"& GD@CPT@QSDQDC HM !@MFJNJ 3G@HK@MC "TQQDMSKX VD @QD @ KD@CHMF CHRSQHATSNQ HM CDUDKNOHMF BNTMSQHDR VHSG GHFG FQNVSG SQDMCR RTBG @R ,X@ML@Q 5HDSM@L @MC "@LANCH@ (M @CCHSHNM VD CDUDKNO L@MTE@BSTQD L@QJDS @MC RDKK NTQ NVM L@QJDS KD@CHMF AQ@MCR NE MTSQ@BDTSHB@K OQNCTBSR FDMDQHB OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR @MC .3" OQNCTBSR TMCDQ NTQ ,DF@ 6D "@QD3, AQ@MC SGQNTFG NTQ CHRSQHATSHNM MDSVNQJ @MC SGHQC O@QSX CHRSQHATSNQR HM BNTMSQHDR @BQNRR SGD VNQKC R NE #DBDLADQ NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR VDQD ADHMF RNKC HM @ SNS@K NE BNTMSQHDR @QNTMC SGD VNQKC

§m p Ô p ©}Ô ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, k p ¦ ¡ j qj q }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, ² Ë vs ® ¡} ­ m ~ ² } §} ¥ } ®p }~ ~ p¦ }p ©}Ô} p~Ó © ®

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4

4

4

47

7

4 4

4

7

4

7,098.5

100.0

7,767.9

100.0

8,039.1

100.0

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}² ¥ j q }q² Ó ~ |z× ¨~Ô¥m ­ p j mÔ k p Ó Ó p q }q² Ó mÔ k p §} j m }mÓ ¥ mÓ q }q² Ó mÔ t ­p¥ Û ~ ¥} j ­ Ó p } pj Ó m }j ¡mm j ®p ® mÓ ¥ } pj Ó q ¢j ¢Ó¨ ©}Ôq j ¡ j qq }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3,

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4

50

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p q² Ë

.TQ "NLO@MXÄR QDUDMTD HR CDQHUDC L@HMKX EQNL NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR @MC NTQ ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR ENQ SGD XD@Q DMCDC #DBDLADQ VHSG SGD CDS@HKR @R ENKKNVR

8D@Q DMCDC #DBDLADQ 31, 2013 LNTMS % NE SNS@K1

8D@Q DMCDC #DBDLADQ 31, 2014 LNTMS

% NE SNS@K1

8D@Q DMCDC #DBDLADQ 31, 2015

Overview

BUSINESS SEGMENT REVENUE

LNTMS % NE SNS@K1

7 4

4

4

4

(MSDQRDFLDMS QDUDMTD BG@QFD

4

7

4

,@WWB@QD3, CHRSQHATSHNM ATRHMDRR @ESDQ @CCHSHNM NE HMSDQRDFLDMS BG@QFDR

4

44

4

47

44

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR

4 7

7

4

4

4

(MSDQRDFLDMS QDUDMTD BG@QFD

4

7

4

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR @ESDQ CDCTBSHNM NE HMSDQRDFLDMS BG@QFDR

4

4

4

4

.$, ATRHMDRR

47

7

4 4

4

.SGDQ HMBNLD4

7

4

7,098.5

100.0

7,767.9

100.0

8,039.1

100.0

3NS@K 2NTQBD %HM@MBH@K RS@SDLDMSR NE SGD "NLO@MX 1DL@QJs $WOQDRRDC @R @ ODQBDMS@FD NE SNS@K QDUDMTD

6D NODQ@SD NTQ NVM CHRSQHATSHNM ATRHMDRR SGQNTFG NTQ CHRSQHATSHNM NEEHBDR @MC BG@QFD CHRSQHATSHNM EDDR A@RDC NM SGD R@LD Q@SDR SG@S VD BG@QFD SN SGHQC O@QSX OQHMBHO@KR 3GDRD EDDR @QD HMBKTCDC HM SGD QDUDMTD EHFTQDR EQNL NTQ ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR

1DUDMTD EQNL NTQ ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR @QD R@KDR QDUDMTDR NE OQNCTBSR ADHMF RNKC ENQ SGHQC O@QSX OQHMBHO@KR EQNL VGHBG VD QDS@HM @ OQD @FQDDC L@QFHM VHSG SGD QDL@HMCDQ O@HC SN SGD OQHMBHO@K ENQ VGNL VD @QD @BSHMF @R @ CHRSQHATSNQ 3GDX @KRN HMBKTCD EDDR QDBDHUDC ENQ CHRSQHATSHNM NE NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR

4

.SGDQ HMBNLD HMBKTCDR ENQDHFM DWBG@MFD HMUDRSLDMS HMBNLD LHRBDKK@MDNTR HMBNLD !@GS 7 7 LHKKHNM @SSQHATS@AKD SN ENQDW KNRR HM XD@Q DMCDC #DBDLADQ G@R ADDM BK@RRHEHDC @R 2& DWODMRDR HM @TCHSDC EHM@MBH@KR ODQ 3%12 FTHC@MBD &HUDM SGD M@STQD NE SGHR BG@QFD SGD @LNTMS G@R ADDM BK@RRHEHDC HM SGHR RDBSHNM TMCDQ ENQDW F@HM KNRR

ANNUAL REPORT 2015

51

Corporate Governance

4 7

Financial Information

4

General Information

,@WWB@QD3, CHRSQHATSHNM ATRHMDRR

Management

HM LHKKHNMR NE 3'! DWBDOS ODQBDMS@FDR

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7

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7

4

4

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4

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3,132.4

100.0

3,694.1

100.0

3,558.1

100.0

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7

4

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447

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100

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52

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% NE SNS@K1

8D@Q DMCDC #DBDLADQ 31, 2014 LNTMS

% NE SNS@K1

8D@Q DMCDC #DBDLADQ 31, 2015 LNTMS

Overview

3GD ENKKNVHMF S@AKD AQD@JR CNVM SGD @LNTMS @MC ODQBDMS@FD NE NTQ FQNTO QDUDMTDR CDQHUDC EQNL 3G@HK@MC @MC NTSRHCD NE 3G@HK@MC AX ATRHMDRR RDFLDMS ENQ SGD ODQHNCR HMCHB@SDC

% NE SNS@K1

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!TsHMDss sDFLDMS

» 3G@HK@MC

4

7

7 4

4

7

4

4

4

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4

4

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3,132.4

100.0

3,694.1

100.0

3,558.1

100.0

» 3G@HK@MC

7

4

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4

4

7

7 7

7

(MSDQRDFLDMS QDUDMTD BG@QFD

7

4

7

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7 4

7

3NS@K

3,428.1

100.0

3,611.9

100.0

3,906.6

100.0

» 3G@HK@MC

7

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7

7

7

4

447

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7

7

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4

4

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473.0

100.0

424.1

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100

7,033.5

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7,730.0

100.0

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100

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Management

,@WWB@QD3, CHsSQHATSHNM ATsHMDss2

3NS@K QDUDMTD

1DL@QJs $WOQDRRDC @R @ ODQBDMS@FD NE SNS@K QDUDMTDR NE D@BG ATRHMDRR RDFLDMS

1DUDMTD EQNL NTQ ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR @QD R@KDR QDUDMTDR NE OQNCTBSR ADHMF RNKC ENQ SGHQC O@QSX OQHMBHO@KR ENQ VGHBG VD QDS@HM @ OQD @FQDDC L@QFHM VHSG SGD QDL@HMCDQ O@HC SN SGD OQHMBHO@K ENQ VGNL VD @QD @BSHMF @R @ CHRSQHATSNQ 3GDX @KRN HMBKTCD EDDR QDBDHUDC ENQ CHRSQHATSHNM NE NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR

6D NODQ@SD NTQ NVM CHRSQHATSHNM ATRHMDRR SGQNTFG NTQ CHRSQHATSHNM NEEHBDR @MC BG@QFD CHRSQHATSHNM EDDR A@RDC NM SGD R@LD Q@SDR SG@S VD BG@QFD SN SGHQC O@QSX OQHMBHO@KR 3GDRD EDDR @QD HMBKTCDC HM SGD QDUDMTD EHFTQDR EQNL NTQ ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR

ANNUAL REPORT 2015

53

Financial Information

(MSDQRDFLDMS QDUDMTD BG@QFD

General Information

.$, ATsHMDss

Corporate Governance

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSs ATsHMDss

~ p}Ô Ó p ® ¦ }p ©}Ô k p ¥ } ¦ j ©}Ô¦ j~ ¥ 10 } ¦ j Ë vs ® ¡} ­ 31 m 2556 ©}Ô

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54

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LNTMS % NE SNS@K1 HM LHKKHNMR NE 3'! DWBDOS ODQBDMS@FDR

LNTMS

% NE SNS@K1

,X@ML@Q

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4

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% NE SNS@K1

8D@Q DMCDC #DBDLADQ 31, 2015

Corporate Governance

LNTMS

8D@Q DMCDC #DBDLADQ 31, 2014

Financial Information

1DL@QJ $WOQDRRDC @R @ ODQBDMS@FD NE NTQ SNS@K QDUDMTDR DWBKTCHMF NSGDQ HMBNLD

ANNUAL REPORT 2015

55

General Information

8D@Q DMCDC #DBDLADQ 31, 2013

Overview

.TQ SNO SDM BNTMSQHDR AX SNS@K QDUDMTD @BQNRR NTQ SGQDD ATRHMDRR RDFLDMSR ENQ SGD ODQHNCR HMCHB@SDC @QD RDS NTS HM SGD S@AKD ADKNV 3NO 10 BNTMSQHDs AX QDUDMTD

§m p Ô pj }² ¥ ¡ j q k pj ¡Ó j ¡ j q¨ ¥ Ó Ó ¦ Ó q² ¦ Ó ² jp k ² jp ¢Ô¦ k p q² ¦ Óp ®p ® | Ùqq¡ kÔ ¢ j }² ¥ p k p Ó ¦ Ó k p ¡ ©}Ô} p ®

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99.99

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56

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» ¨ Ô j }Ô j ~ } j k ¦ j q }q² Ó ~ |z× ¨ Ô¦jÓ ¢ Ô ² ¥kÔ ~ |z× ~ ¨ p­ ¦ × OQDRBQHOSHNM OG@QL@BDTSHB@K OQNCTBSR ¦ ~ | z× q² Ó Ô ¥m × ¥ ~ × .3" ¨~Ô ¥ m ­ p j mÔ k p ¦ ~ | z× k p ¢ j mÔ jq j ¥ jÔ © Ò©t¦ ¬ t× q² j } » ¨ Ô j }Ô j ~ } j k ¦ j q } q² Ó ~ | z× ¨~Ô ¥m ­ p j mÔ k p ¦ ~ | z× k p ¢ j mÔ j ¦jÓ ¢ Ô § m¨ ¥ ¥ } jq j ® p¨ Ô j q }q² Ó ~ |z× ­ ~ q } ¨ ¥ ¥ } }Ô

99.99

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2

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99.99

» 6D @KRN CHRSQHATSD KNB@KKX RNTQBDC OQNCTBSR

CCQDss 4MHUDQR@K !THKCHMF -N 7 2GVD /HM +NM 'NTRHMF $RS@SD !@XHMS -@TMF 1N@C 6@QC 7 -NQSG #@FNM 3NVMRGHO 8@MFNM ,X@ML@ ,DF@ +HEDsBHDMBDs 5HDSM@L +HLHSDC 5HDSM@L 1DFHsSDQDC B@OHS@K 5-# 4 %HQRS HMUDRSDC HM )TMD AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC 3DK 4 74 %@W 4 $L@HK HMEN UM LDF@VDB@QD BNL CCQDss -N SG %KNNQ $ 3NVM !THKCHMF 4 "NMF 'N@ 2SQDDS 6@QC 3@M !HMG #HRSQHBS 'N "GH ,HMG "HSX 5HDSM@L

,DF@ 6D "@QD3, » ,@QJDSHMF R@KDR @MC CHRSQHATSHNM RDQUHBDR SN U@QHNTR OQDRBQHOSHNM AQ@MCDC OQNCTBSR OG@QL@BDTSHB@K OQNCTBS @MC .3" ATRHMDRR OQNCTBS HLONQSDQR TMCDQ HSR NVM ,@WWB@QD3, CHRSQHATSHNM AQ@MC @MC SGHQC O@QSXRÄ OQNCTBSR ATRHMDRR EQNL ,DF@ +HEDRBHDMBDR /SX +HLHSDC

99.99

» ,@QJDSHMF RDKKHMF @MC CHRSQHATSHMF NTQ AQ@MCDC @MC SGHQC O@QSX ENNC OQNCTBSR SN BNMRTLDQR HM 5HDSM@L 6D @KRN CHRSQHATSD KNB@KKX RNTQBDC ENNC OQNCTBSR

ANNUAL REPORT 2015

Financial Information

3

Corporate Governance

1

!TsHMDss 2DFLDMS

57

General Information

2TAsHCH@QX "NTMSQX

Management

6D G@UD NODQ@SHNMR HM BNTMSQHDR SGQNTFG RTARHCH@QHDR @MC @RRNBH@SDR @MC AQ@MBGDR NQ QDOQDRDMS@SHUD NEEHBDR 3GD ENKKNVHMF S@AKD RTLL@QHYDR SGD NODQ@SHNMR NE NTQ RTARHCH@QHDR @MC @RRNBH@SDR @S OQDRDMS

Overview

OUR GROUP STRUCTURE

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4

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99.96

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99.99

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99.99

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58

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!TsHMDss 2DFLDMS

BSHUHSHDs

/DQBDMS@FD NE #HQDBS @MC (MCHQDBS .VMDQsGHO

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR

1DS@HMR NVMDQRGHO NE Ã,DF@ 6D "@QDÄ SQ@CD M@LD

99.96

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR

#HQDBS L@QJDSHMF AX R@KD NE OQNCTBSR TMCDQ NTQ ,DF@ 6D "@QD 3, AQ@MC HM 3G@HK@MC UH@ CHQDBS L@HK SN BNMRTLDQR

99.99

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR

,@QJDSHMF @MC R@KDR NE NTQ AQ@MCDC @MC SGHQC O@QSX OQNCTBSR SN CHRSQHATSNQR HM @MC NTSRHCD NE 3G@HK@MC

99.99

Overview

2TAsHCH@QX "NTMSQX

-@STQ@K 'D@KSG %NNCs +HLHSDC 3G@HK@MC 1DFHsSDQDC B@OHS@K 3'! %HQRS HMUDRSDC HM 2DO 4 AX ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHSDC 3DK 7 4 %@W 7 4 44 $L@HK (MEN LDF@VDB@QD BNL CCQDss LOKD SNVDQ !@MFM@ 3Q@C 1N@C !@MFM@ !@MFJNJ 3G@HK@MC ,DF@ +HEDsBHDMBDs /38 +HLHSDC 3G@HK@MC 1DFHsSDQDC B@OHS@K 3'! %HQRS HMUDRSDC HM .BS AX ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHSDC 3DK 7 4 %@W 7 4 44 $L@HK (MEN LDF@VDB@QD BNL

Financial Information

6

CCQDss LOKD SNVDQ !@MFM@ 3Q@C 1N@C !@MFM@ !@MFJNJ 3G@HK@MC

ANNUAL REPORT 2015

59

General Information

5

Corporate Governance

CCQDss LOKD SNVDQ !@MFM@ 3Q@C 1N@C !@MFM@ !@MFJNJ 3G@HK@MC

Management

3DK 7 4 %@W 7 4 44 $L@HK (MEN LDF@VDB@QD BNL

7

¥

j ¡Ó ¡ j q

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¨ Ô j ¡ j ¡Ó ¡ j q ®p }k p j ¡Ó

¨ Ô j }Ô ¥ m§ § ¥ (MENQL@SHNM SDBGMNKNFX (3 ¦jÓ j ¡Ó ¦ ¥ Û ¥qÔ k p k ± t ~צ × ps¡} ­ ¨sÔ ¨ j }² ¥ ¡ j q k pj ¡ Ó | Ù q q¡ ¥t¬ t q² j } © Ó j }² ¥ ¡ j q¦~Ó Ó p¨}

99.96

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¨ Ô j }Ô j ~ } j k ¦ j q }q² Ó ~ |z× ¨~Ô ¥m ­ p j mÔ k p ¦ ~ |z×k p ¢jmÔ j

99.99

¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, ¦ ¡ j q qÔ p ~

~ ~ | z× ¨~Ô ¥ m ­ p j mÔ k p ¦ qÔ p ~ ~ |z× ¨~Ô¥m ­ p j mÔ k p ¢jmÔ j

99.99

¡ q} ¥ q }~ p® k ® ¥ ­ ¥} ¡ 4 §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 7 4 § 7 4 44 ¥ × HMEN LDF@VDB@QD BNL

} Ó j ¡ Ô p~ p¦ p Ô k p Ô

­~ ®p ² jp ¥ k ­ m ¦ ¥ ¥ × s ® p ~ } ¦k p p ¥k~ p j ¡p¥ ¥ © 8

¥ jÔ © Ò©t¦ ¬ t× q² j } ¥ j ¢s ¡ q} ¥ 4 ¥ q }~ ®pk ® ¥ ­ ¥} q j §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 7 § 7 7 ¥ × HMEN LDF@VDB@QD BNL ­~ ®p ² jp 3GD H"NM !THKCHMF ë MC %KNNQ $ -NQNCNL !KUC 2@MFJ@S 3NMKD !@RR@B *G@M "G@LJ@QLNQM /GMNL /DMG "@LANCH@

9

¥ jÔ © Ò©t¦ ¬ t× ¥~ ¥ q² j } ¥ ¥~ ¥ ¡ q} ¥ } × ¥~ ¥ q }~ p® k ® ¥ ­ ¥} j¡ × 4 §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 4 § 4 ¥ × HMEN @T LDF@VDB@QD BNL ­~ ®p ² jp -@SHNM@K UDMTD 2NTSG $@RS !TRHMDRR O@QJ /@JDMG@L 5HBSNQH@ TRSQ@KH@

60

p q² Ë

1DFHsSDQDC B@OHS@K 3'! %HQRS HMUDRSDC HM )TM AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC

/DQBDMS@FD NE #HQDBS @MC (MCHQDBS .VMDQsGHO

KK ATRHMDRR RDFLDMSR

/QNUHCDR (3 RDQUHBDR SN @KK NTQ RTARHCH@QHDR @MC @EEHKH@SD BNLO@MHDR TMCDQ NTQ FQNTO @MC GNKCR BDQS@HM RNESV@QD KHBDMRDR ENQ NTQ ATRHMDRR NODQ@SHNM S OQDRDMS $ 2DMRD +HLHSDC 3G@HK@MC CNDR MNS DMF@FD HM @MX ATRHMDRR NODQ@SHNMR

99.96

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR

/QNUHCDR L@QJDSHMF R@KDR @MC CHRSQHATSHNM RDQUHBDR ENQ NTQ AQ@MCDC OQNCTBSR ATRHMDRR @MC SGHQC O@QSX OQNCTBSR

99.99

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR .$, ATRHMDRR

,@MTE@BSTQDR NTQ NVM AQ@MCR @MC .$, OQNCTBSR

99.99

3DK 7 4 %@W 7 4 44 $L@HK (MEN LDF@VDB@QD BNL CCQDss LOKD SNVDQ !@MFM@ 3Q@C 1N@C !@MFM@ !@MFJNJ 3G@HK@MC 8

,DF@ +HEDsBHDMBDs /38 +HLHSDC "@LANCH@ 1DFHsSDQDC B@OHS@K 1HDKR 4 %HQRS HMUDRSDC HM -NU AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC

Corporate Governance

3DK 7 %@W 7 7 $L@HK HMEN LDF@VDB@QD BNL CCQDss 3GD H"NM !THKCHMF ë %KNNQ $ -NQNCNL !KUC 2@MFJ@S 3NMKD !@RR@B *G@M "G@LJ@QLNQM /GMNL /DMG "@LANCH@ ,DF@ +HEDsBHDMBDs TsSQ@KH@ /38 +HLHSDC TsSQ@KH@ 1DFHsSDQDC B@OHS@K 4# %HQRS HMUDRSDC HM %DA 7 AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC

Financial Information

MC

9

Overview

$-2DMsD +HLHSDC 3G@HK@MC

BSHUHSHDs

Management

7

!TsHMDss 2DFLDMS

3DK 4 %@W 4 $L@HK HMEN @T LDF@VDB@QD BNL CCQDss -@SHNM@K UDMTD 2NTSG $@RS !TRHMDRR O@QJ /@JDMG@L 5HBSNQH@ TRSQ@KH@

ANNUAL REPORT 2015

61

General Information

2TAsHCH@QX "NTMSQX

10

¥

j ¡Ó ¡ j q

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¨ Ô j ² ¥kÔ j ~ } j k ¦ j q }q² Ó ~ |z× ¨~Ô ¥m ­ p j mÔ k p ¦ ~ |z×k p ¢jmÔ j

99.99

¡ j q ~ |z× ¨~Ô ¥m ­ p j mÔ ,DF@ 6D "@QD3,

¥ Û ¥qÔ k p ¥ ~ |z× ­k ® ¥ ¨ ¥ ¥ ¥t ¦ ¨ Ô j j ¡ }Ô j ~ }¦jÓ ~ |z× ¨~Ô¥m ­ p j mÔ k p t ­pk Ó ¢Ôq }q² Ó ­

99.99

¡ j q ~ |z× ¨~Ô ¥m ­ p j mÔ ,DF@ 6D "@QD3,

¨ Ô j ² ¥kÔ j ~ } ¦ j k ¦jÓ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ k p

99.99

¡ q} ¥ © q }~ ®pk ® ¥ ­ ¥} m 4 §} ¥ jÔ © Ò©t¦ ¬ t× q² j }

} Ó j ¡ Ô p~ p¦ p Ô k p Ô

§ × 4 7 444 § 4 ¥ × HMEN MF LDF@VDB@QD BNL ­~ ®p ² jp ,DS@K 'NTRD /KNS -N "NBN@ (MCTRSQH@K 1N@C .FA@ (MCTRSQH@K +@XNTS .FA@ (JDI@ +@FNR -HFDQH@ 11

¥ jÔ © Ò©t¦ ¬ t× ¥ } ¥ ¬ . ¥ s} . ¥ ¥ ¥t ¡ q} ¥ 7 7 4 pj ~ q }~ p® k ® ¥ ­ ¥} ¡ 47 §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 7 4 § ¥ × HMEN LDF@VDB@QD BNL ­~ ®p ² jp # / !KNBJ # /K@Y@ ,NMSÄ *H@Q@ -N )@K@M *H@Q@ 4 *T@K@ +TLOTQ ,@K@XRH@

12

¥ jÔ © Ò©t¦ ¬ t× ¥ ¢ ¥ .¥ .t . ¥ ¥ ¢ ¡ q} ¥ §t q }~ ®p k ® ¥ ­ ¥} j¡ × §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 4 ¥ × HMEN LDF@VDB@QD BNL ­~ ®p ² jp U $MB@K@C@ .EHBHM@ 4 "DMSQN $LOQDR@QH@K KS@UHRS@ 4QA "DMSQN "NLDQBH@K CD ,NMSDQQHBN 2TQBN +HL@ /DQT

62

p q² Ë

!TsHMDss 2DFLDMS

BSHUHSHDs

,DF@ +HEDsBHDMBDs -HFDQH@ +HLHSDC -HFDQH@

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR ,@WWB@QD3, CHRSQHATSHNM ATRHMDRR

/QNUHCDR HLONQS@SHNM L@QJDSHMF R@KDR @MC CHRSQHATSHNM RDQUHBDR ENQ NTQ AQ@MCDC OQNCTBSR ATRHMDRR @MC SGHQC O@QSX OQNCTBSR

99.99

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR

'NKCR OQNCTBS QDFHRSQ@SHNMR @MC OQNUHCDR L@QJDSHMF RTOONQS ENQ NTQ AQ@MCDC OQNCTBSR RNKC SGQNTFG SGHQC O@QSX CHRSQHATSNQR

99.99

,DF@ 6D "@QD3, AQ@MCDC OQNCTBSR ATRHMDRR

/QNUHCDR HLONQS@SHNM L@QJDSHMF @MC R@KDR RDQUHBDR ENQ NTQ AQ@MCDC OQNCTBSR ATRHMDRR

99.99

1DFHsSDQDC B@OHS@K -@HQ@ %HQRS HMUDRSDC HM #DB AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC

/DQBDMS@FD NE #HQDBS @MC (MCHQDBS .VMDQsGHO

Overview

10

2TAsHCH@QX "NTMSQX

CCQDss ,DS@K 'NTRD /KNS -N "NBN@ (MCTRSQH@K 1N@C .FA@ (MCTRSQH@K +@XNTS .FA@ (JDI@ +@FNR -HFDQH@ ,DF@ +HEDsBHDMBDs 2CM. !GC. ,@K@XsH@ 1DFHsSDQDC B@OHS@K 1, 1HMFFHS 7 7 4 %HQRS HMUDRSDC HM )TM 4 AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC

Corporate Governance

3DK 7 4 %@W $L@HK HMEN LDF@VDB@QD BNL

12

,DF@ +HEDsBHDMBDs /38 /DQT 2. .". /DQT 1DFHsSDQDC B@OHS@K 2 %HQRS HMUDRSDC HM %DA AX ,DF@ +HEDRBHDMBDR /38 +HLHSDC

Financial Information

CCQDss # / !KNBJ # /K@Y@ ,NMSÄ *H@Q@ -N )@K@M *H@Q@ 4 *T@K@ +TLOTQ ,@K@XRH@

3DK 4 $L@HK HMEN LDF@VDB@QD BNL CCQDss U $MB@K@C@ .EHBHM@ 4 "DMSQN $LOQDR@QH@K KS@UHRS@ 4QA "DMSQN "NLDQBH@K CD ,NMSDQQHBN 2TQBN +HL@ /DQT

ANNUAL REPORT 2015

63

General Information

11

Management

3DK 4 7 444 %@W 4 $L@HK HMEN MF LDF@VDB@QD BNL

¥

13

¥ jÔ © Ò©t¦ ¬ t× ¥ §} ¥t ¡ q} ¥ 44 ¢¥ Ë × q }~ ®pk ® ¥ ­ ¥} m 4 §} ¥ jÔ © Ò©t¦ ¬ t× q² j }

j ¡Ó ¡ j q

j | j j ¡ j q

} Ó j ¡ Ô p~ p¦ p Ô k p Ô

¡ j q ~ |z× ¨~Ô ¥m ­ p j mÔ ,DF@ 6D "@QD3,

¥ Û ¥qÔ k p ¥ ~ |z× ­k ® ¥ ¨ ¥ §} ¥t

98.99

¡ j q ~ |z× ¨~Ô ¥m ­ p j mÔ ,DF@ 6D "@QD3,

¨ Ô j ² ¥kÔ j ~ } j k ¦ j q }q² Ó ~ |z× ¨~Ô ¥m ­ p j mÔ k p

99.99

¡ j qq }q² Ó ¨~Ô ¥m ­ p j mÔ ,@WWB@QD3,

¨ Ô j ¡ ~Ó p« ¦jÓ ¢Ô ² ¥kÔ mÔ p k p t p­ Ó ¨ vÓ ¢Ó ¨ ¥ ¥ × ¦ ¢jmÔ p q j ¡ j qq }q² Ó ¨~Ô ¥m ­ p j mÔ ,@WWB@QD3,

99.99

§ × 4 7 § 4 ¥ × HMEN HC LDF@VDB@QD BNL ­~ ®p ² jp 7th %KNNQ 2THtD 7 " # "NVDKK 3NVDQ &Q@h@ tQHTL )K 2DMDM 1@X@ 2DMDM )@J@Qt@ Á /TR@t )@J@Qt@ (MCNMDRH@ /NRt@K "NCD 4 14

¥ jÔ © Ò©t¦ ¬ t× j Ó q² j } ¥ j Ó ¡ q} ¥ 4 7 4 ¥t} q } ~ ®pk ® ¥ ­ ¥} ¥ §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 4 § 4 ¥ × HMEN Fh LDF@VDB@QD BNL ­~ ®p ² jp ' -N # Rt !QDVDQX 1N@C -D@Q 2t )NRDOh "NMUDMt 2BhNNK C@AQ@J@ .EEHBH@K 3NVM C@AQ@J@ BBQ@ &h@M@

15

¥ jÔ § } j × ¥s q² j } ¥ ¥s ¡ q} ¥ } × y q }~ ®pk ® ¥ ­ ¥} m 4 §} ¥ jÔ © Ò©t ¦ ¬ t× q² j } § × 4 § 4 ¥ × HMEN LDF@VDB@QD BNL ~­ p ® ² jp th %KNNQ 3NVDQ "XADQ "HtX $ADMD ,@TQHtHTR

64

p q² Ë

13

/3 ,DF@ +HEDsBHDMBDs (MCNMDsH@ 1DFHsSDQDC B@OHS@K 1O 44 %HQRt HMUDRtDC HM #DB AX ,DF@ +HEDRBHDMBDR /38 +HLHtDC

!TsHMDss 2DFLDMS

BSHUHSHDs

/DQBDMS@FD NE #HQDBS @MC (MCHQDBS .VMDQsGHO

,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRR

'NKCR OQNCTBt QDFHRtQ@tHNMR HM (MCNMDRH@

98.99

,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRR

/QNUHCDR HLONQt@tHNM L@QJDtHMF R@KDR @MC CHRtQHATtHNM RDQUHBDR ENQ NTQ AQ@MCDC OQNCTBtR ATRHMDRR

99.99

,@WWB@QD3, CHRtQHATtHNM ATRHMDRR

/QNUHCDR RTOONQt RDQUHBDR tN RNLD NE NTQ HLONQtDQR VhHBh @QD LNRtKX KNB@tDC HM ,X@ML@Q @MC RNLD OQHMBHO@KR EQNL NTQ ,@WWB@QD3, CHRtQHATtHNM ATRHMDRR

99.99

Overview

2TAsHCH@QX "NTMSQX

3DK 4 7 %@W 4 $L@HK HMEN HC LDF@VDB@QD BNL

1DFHsSDQDC B@OHS@K &'2 4 7 4 %HQRt HMUDRtDC HM OQ AX ,DF@ +HEDRBHDMBDR /38 +HLHtDC

Corporate Governance

,DF@ +HEDsBHDMBDs &G@M@ +HLHSDC &G@M@

3DK 4 %@W 4 $L@HK HMEN Fh LDF@VDB@QD BNL

15

,DF@ /QNCTBSs ,@TQHSHTs +HLHSDC ,@TQHSHTs 1DFHsSDQDC B@OHS@K 42# %HQRt HMUDRtDC HM ,@X AX ,DF@ +HEDRBHDMBDR /38 +HLHtDC

Financial Information

CCQDss ' -N # Rt !QDVDQX 1N@C -D@Q 2t )NRDOh "NMUDMt 2BhNNK C@AQ@J@ .EEHBH@K 3NVM C@AQ@J@ BBQ@ &h@M@

3DK 4 %@W 4 $L@HK HMEN LDF@VDB@QD BNL CCQDss th %KNNQ 3NVDQ "XADQ "HtX $ADMD ,@TQHtHTR

ANNUAL REPORT 2015

65

General Information

14

Management

CCQDss 7th %KNNQ 2THtD 7 " # "NVDKK 3NVDQ &Q@h@ tQHTL )K 2DMDM 1@X@ 2DMDM )@J@Qt@ Á /TR@t )@J@Qt@ (MCNMDRH@ /NRt@K "NCD 4

16

¥

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¨ Ô j ¡ ~Ó p« ¥sÓ j }Ô × p Ùvv ¦ jw ¦jÓ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ k p ¦ ¨ Ô j q }t ® ¥ j p p¥ m m tDBhMHB@K CNRRHDQ q j j ¥­ j ­ kÔ p j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ q j ¡mm j¨ ¥ ~Ó p« ­ § j

99.99

¡ j qq }q² Ó ¨~Ô ¥m ­ p j mÔ ,@WWB@QD3,

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99.99

¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3,

» ² j ~ } ¦ k ~ |z×¥ ¦ ¨~Ô ¥ m ­ p j mÔ k p

100.00

¡ q} ¥ ¢ Ë q }~ p® k ® ¥ ­ ¥} ¡ 47 §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × 4 4 7 § 4 4 7 4 ¥ × HMEN HM LDF@VDB@QD BNL

} Ó j ¡ Ô p~ p¦ p Ô k p Ô

­~ ®p ² jp QB@CH@ 'HQ@M@MC@MH !TRHMDRR /@QJ 'HQ@M@MCH $Rt@tD .EE &NQATMCDQ 1N@C 3h@MD 6 Á 4 7 (MCH@ 17

¥ jÔ © Ò©t¦ ¬ t× q² j } ¥ pm§ × ¡ q} ¥ } × y q }~ ®pk ® ¥ ­ ¥} m 4 §} ¥ jÔ © Ò©t¦ ¬ t× q² j } § × § 4 ¥ × HMEN LDF@VDB@QD BNL ­~ ®p ² jp 1NAHMRNM 1N@C ë 2HMF@ONQD

18

¥ jÔ © Ò©t¦ ¬ t× q² j } ¥ ¢¥m ¡ q} ¥ 74 4 ¥ ¢¥m ¥ ¥ Ó } Ó × y q }~ ®pk ® ¥ ­ ¥} m 7 §} ¥ jÔ © Ò©t¦ ¬ t× q² j } s § × 44 4 § 44 7 ¥ × HMEN TJQ LDF@VDB@QD BNL ­~ ®p ² jp 2NKDLMRJ@X@ 2PT@QD Rt %KNNQ .EEHBD -N *HDU 4JQ@HMD

jq j ® p ¡Ô Ô 4 ¨ ¥ j § } j × ¥ ¥ q² j } Ó j ¡Ô Ó Ô p ­ KNB@K O@QtDQ ®p ® ¥m Ó ¢Ó¨ ¥ pj ©}Ô¦jÓ ¥ × Ê }× ¥~ צ s ­ ¦ q² j } t ­p©}Ô Ê}j qj © ¦ Ô ¨ ¥} j jw m

66

p q² Ë

/QNUHCDR RTOONQt RDQUHBDR RTBh @R HMtDKKDBtT@K OQNODQtX @MC KDF@K RDQUHBDR ENQ NTQ AQ@MCDC OQNCTBtR ATRHMDRR @MC OQNUHCDR thD OQNBTQDLDMt NE tDBhMHB@K CNRRHDQ RDQUHBDR HM QDK@tHNM tN AQ@MCDC OQNCTBtR EQNL thHQC O@QtHDR VNQKCVHCD

99.99

,@WWB@QD3, CHRtQHATtHNM ATRHMDRR

/QNUHCDR tQ@CD RDQUHBDR ENQ thHQC O@QtX OQNCTBtR

99.99

,DF@ 6D "@QD3, !Q@MCDC OQNCTBtR ATRHMDRR

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100.00

3DK 4 4 7 %@W 4 4 7 4 $L@HK HMEN HM LDF@VDB@QD BNL CCQDss QB@CH@ 'HQ@M@MC@MH !TRHMDRR /@QJ 'HQ@M@MCH $Rt@tD .EE &NQATMCDQ 1N@C 3h@MD 6 Á 4 7 (MCH@ 17

,DF@ +HEDsBHDMBDs /SD. +HLHSDC 2HMF@ONQD 1DFHsSDQDC B@OHS@K 42# %HQRt HMUDRtDC HM #DB AX ,DF@ +HEDRBHDMBDR /38 +HLHtDC 3DK %@W 4 $L@HK HMEN HM LDF@VDB@QD BNL CCQDss 1NAHMRNM 1N@C ë 2HMF@ONQD

18

,DF@ +HEDsBHDMBDs +.+."., 4JQ@HMD 1DFHsSDQDC "@OHS@K 74 4 4 ' DPTHU@KDMt tN 42# %HQRt HMUDRtDC AX ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHtDC HM #DB 4 3DK 44 4 %@W 44 7 $L@HK HMEN TJQ LDF@VDB@QD BNL CCQDss 2NKDLMRJ@X@ 2PT@QD Rt %KNNQ .EEHBD -N *HDU 4JQ@HMD

3hD "NLO@MX @KRN NVMR 4 % NE ,DF@ /QNCTBtR 8DLDM +tC VHth @ KNB@K O@QtMDQ (M @CCHtHNM NTQ ENQLDQ RTARHCH@QX HM thD 4MHtDC *HMFCNL ,@XEHDKC (MtDQM@tHNM@K "N +tC V@R BKNRDC HM )TKX

ANNUAL REPORT 2015

67

Overview

,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRR

Management

1DFHsSDQDC B@OHS@K 1TODDR %HQRt HMUDRtDC HM )TM 4 AX ,DF@ +HEDRBHDMBDR /38 +HLHtDC

/DQBDMS@FD NE #HQDBS @MC (MCHQDBS .VMDQsGHO

Corporate Governance

,DF@ +HEDsBHDMBDs /QHU@SD +HLHSDC (MCH@

BSHUHSHDs

Financial Information

16

!TsHMDss 2DFLDMS

General Information

2TAsHCH@QX "NTMSQX

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MEGA LIFESCIENCES PUBLIC COMPANY LIMITED (THAILAND)

MEGA LIFESCIENCES PTY. LTD. (THAILAND)

MEGA WE CARE LIMITED (THAILAND)

MEGA LIFESCIENCES L.L.C. LIMITED (UKRAINE)

99.99 %

99.96 %

100.00 %

MEGA LIFESCIENCES LIMITED (MYANMAR)

MEGA LIFESCIENCES PTY. LIMITED (CAMBODIA)

MEGA LIFESCIENCES (VIETNAM) LIMITED (VIETNAM)

PT MEGA LIFESCIENCES (INDONESIA)

99.96 %

99.99 %

99.99 %

99.99 %

98.99 %

MEGA LIFESCIENCES PTE. LTD. (SINGAPORE)

MEGA LIFESCIENCES PVT. LTD. (INDIA)

MEGA LIFESCIENCES NIGERIA LIMITED (NIGERIA)

MEGA PRODUCTS (YEMEN) LIMITED (YEMEN)

99.99 %

99.99 %

99.99 %

99.99 %

49.00 %

MEGA PRODUCTS (MAURITIUS) LTD (MAURITIUS)

MEGA LIFESCIENCES PTY. PERU SAC (PERU)

99.99 %

99.99 %

MEGA LIFESCIENCES (AUSTRALIA) PTY. LTD. (AUSTRALIA)

MEGA LIFESCIENCES SDN. BHD. (MALAYSIA)

Corporate Governance

E-SENSE LIMITED (THAILAND)

99.99%

ANNUAL REPORT 2015

Financial Information

99.99 %

69

General Information

NATURAL HEALTH FOODS LIMITED (THAILAND)

Management

Overview

OUR CURRENT GROUP STRUCTURE

Ùq q m ¥ ­ p RISK FACTORS

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j © Ó j y ¢ j mÔ ² ¡ j q j q } q² Ó ¨~Ô ¥ m ­ p j mÔ MaxxcareTM k p q Óp j ¨ p ~Ó ¡ j qk p ©}Ô ¨ j j ¡ j qj q }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, k p ® q }² ¥ j q } Óp ~ |z× p ® }¨ Ô¦jÓ Ô¢ § m Ó ¥m kÓ j q }q² Ó k p §} | Ùqq¡ §m p Ô p ® y j q }q² Ó mÔ ¨ ¥ ¥ × ¥ ¥ } ¦ ¥ j ¢s ¦ ¥ © q ¥ 70

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Overview Management

Mega Lifesciences Public Company Limited (Company) identifies its risks and manages them by building mitigation processes as a part of its business strategy. The Company continues to grow and by identifying and efficiently managing its risks in an ever changing competition and political landscape. The following text describes the key risks faced by the Company and which may have a significant impact on our operations:

3hD Oh@QL@BDTtHB@K HMCTRtQX HR hHFhKX BNLODtHtHUD .TQ JDX BNLODtHtNQR @QD K@QFD M@tHNM@K @MC HMtDQM@tHNM@K L@MTE@BtTQDQR @MC CHRtQHATtNQR NE Oh@QL@BDTtHB@K @MC hD@KthB@QD OQNCTBtR (M @CCHtHNM VD BNLODtD VHth KNB@K L@MTE@BtTQDQR @MC CHRtQHATtNQR NE Oh@QL@BDTtHB@K OQNCTBtR @MC NthDQ hD@KthB@QD OQNCTBt OQNUHCDQR HM D@Bh L@QJDt HM VhHBh VD NODQ@tD 3hTR VD L@X AD HLO@BtDC AX BNLODtHtHNM EQNL BNLODtHtNQRÄ OQNCTBtR @MC VD B@MMNt @RRTQD XNT th@t VD VHKK AD @AKD tN QDL@HM BNLODtHtHUD AX BNMtHMT@KKX CHRtHMFTHRhHMF NTQ OQNCTBtR @MC RDQUHBDR EQNL th@t NE NTQ BNLODtHtNQRÄ NQ L@HMt@HM NTQ DWHRtHMF RTOOKHDQ @MC BTRtNLDQ QDK@tHNMRhHOR -NQ B@M VD @RRTQD XNT th@t VD VHKK HMBQD@RD NQ L@HMt@HM NTQ DWHRtHMF L@QJDt Rh@QD ,NQDNUDQ @MX RHFMHEHB@Mt HMBQD@RD HM BNLODtHtHNM BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ QDUDMTD @MC OQNEHt@AHKHtX @R VDKK @R NTQ ATRHMDRR @MC OQNRODBtR %TQthDQLNQD MDV BNLODtHtNQR CNLDRtHB NQ ENQDHFM L@X DMtDQ L@QJDtR VhDQD VD BTQQDMtKX NODQ@tD 3hDRD BNLO@MHDR L@X h@UD FQD@tDQ EHM@MBH@K tDBhMHB@K QDRD@QBh @MC CDUDKNOLDMt L@QJDtHMF CHRtQHATtHNM @MC NthDQ QDRNTQBDR th@M VD CN 3hDX L@X @KRN h@UD KNMFDQ NODQ@tHMF hHRtNQHDR K@QFDQ BTRtNLDQ A@RDR NQ AQN@CDQ @MC CDDODQ L@QJDt BNUDQ@FD 3hHR L@X MDF@tHUDKX HLO@Bt NTQ ATRHMDRR NODQ@tHNMR EHM@MBDR @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

Financial Information

1. Our business, financial condition and results of operations may be negatively affected if we are unable to compete effectively in our markets.

Corporate Governance

RISKS RELATING TO OUR BUSINESS OPERATIONS

.TQ ,@WWB@QD3, CHRtQHATtHNM ATRHMDRR CHUHRHNM CHRtQHATtDR RTARt@MtH@KKX @KK OQNCTBtR tN BTRtNLDQR thQNTFh @ CHRtQHATtHNM MDtVNQJ th@t BTQQDMtKX BNMRHRtR NE NTQ NVM CHRtQHATtHNM HMEQ@RtQTBtTQD HM ,X@ML@Q 5HDtM@L "@LANCH@ @MC -HFDQH@

ANNUAL REPORT 2015

71

General Information

2. Our failure to maintain the principals of our MaxxcareTM distribution business segment could have a negative effect on our business.

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j © Ó }² ¥ ¡ j q q } q² Ó ¨~Ô ¥m ­ p j mÔ ,@WWB@QDTM ©}Ô Ó p q Óp j ¨ p ~Ó ¡ j qk p ©}Ô m k p ­q ~ pm ~Ô pk p ¢jmÔ ¨ ¡ j q j q }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD 3, k p q ¢jq² j } p j © Ó }² ¥ ¡ j qj q }q² Ó ¨~Ô 72

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3. If we are unable to operate our MaxxcareTM distribution business efficiently, our business may be negatively affected. .TQ @AHKHtX tN LDDt thD CDL@MC NE NTQ OQHMBHO@KR VHthHM NTQ ,@WWB@QD3, CHRtQHATtHNM ATRHMDRR L@X AD BNMRtQ@HMDC HE VD @QD TM@AKD tN DEEHBHDMtKX NODQ@tD NTQ ,@WWB@QD3, CHRtQHATtHNM

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73

Overview Management

4. We may not be successful in introducing new products.

Corporate Governance

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Financial Information

3hD @QQ@MFDLDMtR VhHBh RTOONQt NTQ ,@WWB@QD3, CHRtQHATtHNM ATRHMDRR NODQ@tHNMR @QD tXOHB@KKX RhNQt tDQL HM M@tTQD @MC @QD FDMDQ@KKX QDMDVDC DUDQX thQDD XD@QR @MC B@M AD tDQLHM@tDC AX RHW LNMthRÄ MNtHBD AX DHthDQ O@QtX

ATRHMDRR NQ HE thD NODQ@tHNMR NE NMD NQ LNQD NE NTQ RTARHCH@QHDR NQ V@QDhNTRDR @QD CHRQTOtDC NQ RhTt CNVM ENQ @MX QD@RNM HMBKTCHMF @R @ QDRTKt NE M@tTQ@K CHR@RtDQR MX RTBh CHRQTOtHNM BNTKC QDRTKt HM hHFhDQ BNRtR NQ KNMFDQ KD@C tHLDR @RRNBH@tDC VHth OQNCTBt CHRtQHATtHNM

General Information

(M @CCHtHNM tN CHRtQHATtHMF NTQ NVM ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR HM thDRD BNTMtQHDR NTQ ,@WWB@QD3, CHRtQHATtHNM ATRHMDRR @KRN CHRtQHATtDR hD@KthB@QD @MC %,"& OQNCTBtR ENQ HMtDQM@tHNM@K Oh@QL@BDTtHB@K @MC HMtDQM@tHNM@K @MC KNB@K %,"& BNLO@MHDR HM "@LANCH@ ,X@ML@Q @MC 5HDtM@L @BtHUHtHDR VhHBh @BBNTMtDC ENQ 44 % @MC 47 % NE NTQ BNMRNKHC@tDC FQNTO QDUDMTDR ENQ EHRB@K XD@Q DMCDC #DBDLADQ 4 @MC XD@Q DMCDC #DBDLADQ QDRODBtHUDKX 6D tXOHB@KKX CHRtQHATtD RTBh OQNCTBtR OTQRT@Mt tN thD QDKDU@Mt @MMT@K @FQDDLDMtR DMtDQDC HMtN CHQDBtKX ADtVDDM TR @MC RTBh OQHMBHO@KR TMCDQ VhHBh NTQ OQHMBHO@KR OQNUHCD TR VHth @ RDQHDR NE HMBDMtHUDR @MC NthDQ RTOONQt tN CHRtQHATtD thDHQ OQNCTBtR

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p }Ô j ~ }¦ p }Ô j k k p q~Ô p¥ s vj m ¥ ­ p ­ j ¨sÔ§ pp ¦ m p mÔ k p~ ¥ p¥ Û j¨ j ~ ¦ q }¥j¬ ~ |z×k p j ¡}s p j j }² ¥ p k p p }Ô j ~ }¦ p }Ô j k k p k p§ pp ~¨ Ùqq¡ q ² ¨ Ô ©}Ôq jj k ~Ô p¥ s vj m ¥ ­ p p j t ­p p k p } p ¦ Óp j ¨ p ~Ó ¡ j q » © Ó ² §o | j ~ } ¦ j Óp¥ j k t p­ q² ¥ Û ~Ó j }² ¥ p ¦ y pj ¥p k p Ó p j j Ó ¦ Óp pj ~ } ¦ ¥ ­ j ¢¥Ô m ­ p j mÔ ² m v ~ |zצ j k p ©}Ô Ó p » © Ó }² ¥ j ¡ ×}Ô m ¦ j ¡ × ­ « ¥ ­ ¦kÓpk j ­ ¨ ¡~ j ©}Ô Ó p » © Ó ~ pm ~Ô pj k p ¢jmÔ ­¥ ­ ¦ p© ©}Ô ¥ » © Ó x ~ ~ jw kÔ j² } kÔ pm ¨}« ¨ ¥ ­¥j ­ kÔ p ¦ » © Ó x ~ ~ ¥p ­ ©k j­ ² }© Ô ¨ ¨ ¡v ~ ¦ j ~ q k p Ó p ­¥j ­ kÔ p 74

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3hD NBBTQQDMBD NE @MX RTBh BHQBTLRt@MBDR BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM QDOTt@tHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

3hD OQHL@QX E@BtNQR VhHBh L@X @EEDBt thD BNLLDQBH@K @BBDOt@MBD NE NTQ MDV OQNCTBtR AX NTQ BTRtNLDQR HMBKTCD @LNMF NthDQR thD DEEDBtHUDMDRR NE NTQ L@QJDtHMF DEENQtR @MC thD OQNCTBtRÄ ODQBDHUDC @CU@Mt@FDR @MC CHR@CU@Mt@FDR QDK@tHUD tN BNLODtHMF OQNCTBtR MX NE thDRD E@BtNQR HE thDX OQDBKTCD NQ CHLHMHRh NTQ BTRtNLDQRÄ BNMEHCDMBD HM NTQ OQNCTBtR BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

7. If our raw material costs increase, or if we are unable to procure raw materials at acceptable prices and quality, it may negatively affect our business.

6D B@MMNt @RRTQD XNT @KK NE NTQ CHRtQHATtNQR VHKK QDMDV thDHQ @FQDDLDMtR VHth TR NQ NthDQVHRD BNMtHMTD thDHQ ATRHMDRR QDK@tHNMRhHOR VHth TR -DHthDQ B@M VD @RRTQD XNT th@t NTQ CHRtQHATtNQR VHKK LDDt ODQENQL@MBD t@QFDtR HM thD ETtTQD (M thD DUDMt th@t @ RHFMHEHB@Mt MTLADQ NE NTQ CHRtQHATtNQR CDBHCD MNt tN BNMtHMTD thDHQ ATRHMDRR QDK@tHNMRhHOR VHth TR NQ E@HK tN LDDt ODQENQL@MBD t@QFDtR NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR BNTKC AD MDF@tHUDKX @EEDBtDC EQNL QDRTKt@Mt CDK@XR HM EHMCHMF @KtDQM@tHUD CHRtQHATtHNM @QQ@MFDLDMtR HM @ L@tDQH@K L@MMDQ

6. The continued success of our marketing and sales team is subject to a variety of risks. 3hD ODQENQL@MBD NE NTQ L@QJDtHMF @MC R@KDR tD@L HR RTAIDBt tN BDQt@HM QHRJR HMBKTCHMF » HM@AHKHtX tN RTBBDRRETKKX DWDBTtD @CUDQtHRHMF L@QJDtHMF @MC OQNLNtHNM@K OQNFQ@LR MDBDRR@QX tN DEEDBtHUDKX L@HMt@HM L@QJDt Rh@QD @MC HMBQD@RD thD @V@QDMDRR NE NTQ AQ@MCR OQNCTBtR @MC RDQUHBDR » E@HKTQD tN HLOKDLDMt DEEDBtHUD OQHBHMF @MC NthDQ RtQ@tDFHDR HM QDRONMRD tN BNLODtHtHUD OQDRRTQDR HM thD HMCTRtQX » HM@AHKHtX tN QDRONMC tN Bh@MFDR HM BNMRTLDQ CDL@MC HM @ tHLDKX L@MMDQ » E@HKTQD tN @ChDQD tN NQ BNLOKX VHth @MX QDKDU@Mt KNB@K K@VR QTKDR NQ QDFTK@tHNMR @MC » E@HKTQD tN BNLOKX VHth thD tDQLR OQDRBQHADC VHthHM thD QDFTK@tNQX NQ FNUDQMLDMt@K ODQLHtR @OOQNU@KR @MC BKD@Q@MBDR NQ tN O@RR FNUDQMLDMt HMRODBtHNMR NQ @TCHtR

(M NQCDQ tN L@MTE@BtTQD NTQ OQNCTBtR VD LTRt NAt@HM RTEEHBHDMt PT@MtHtHDR NE hHFh PT@KHtX Q@V L@tDQH@KR @t BNLLDQBH@KKX @BBDOt@AKD OQHBDR @MC HM @ tHLDKX L@MMDQ R RTBh VD tXOHB@KKX CN MNt DMtDQ HMtN KNMF tDQL RTOOKX @FQDDLDMtR VHth Q@V L@tDQH@K RTOOKHDQR @MC @R @ QDRTKt @QD UTKMDQ@AKD tN RTOOKX RhNQt@FDR @MC EKTBtT@tHNMR HM L@QJDt OQHBDR 2hNTKC @MX NE NTQ RTOOKHDQR E@HK tN RTOOKX RTEEHBHDMt PT@MtHtHDR NE Q@V L@tDQH@KR NE @M @BBDOt@AKD PT@KHtX HM thD ETtTQD VD L@X AD TM@AKD tN NAt@HM QDOK@BDLDMt Q@V L@tDQH@KR DKRDVhDQD HM @ tHLDKX @MC BNRt DEEDBtHUD L@MMDQ 6D L@X @KRN AD ENQBDC tN NAt@HM Q@V L@tDQH@KR EQNL CHEEDQDMt RTOOKHDQR VhN L@X QDPTHQD TR tN O@X OQHBDR th@t @QD MNt BNLLDQBH@KKX QD@RNM@AKD NQ L@X OQNUHCD TR VHth Q@V L@tDQH@KR th@t @QD MNt NE @M @BBDOt@AKD PT@KHtX 3hHR L@X BNMRDPTDMtKX CHRQTOt NTQ L@MTE@BtTQHMF OQNBDRR @MC MDF@tHUDKX @EEDBt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR @MC EHM@MBH@K BNMCHtHNM HM @ L@tDQH@K L@MMDQ

8. We rely largely on our own manufacturing and storage facilities in the manufacturing and storage of our products. Any disruption of our current facilities or in the development of new facilities could reduce or restrict sales and have a negative effect on our business, financial condition and results of operations in a material manner. 6D QDKX K@QFDKX NM NTQ NVM L@MTE@BtTQHMF @MC RtNQ@FD E@BHKHtHDR ENQ thD BNMtHMTDC NODQ@tHNM NE NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRR @MC NTQ .$, ATRHMDRR R RTBh M@tTQ@K CHR@RtDQR RTBh @R RtNQLR EHQDR NQ D@QthPT@JDR NQ NthDQ TM@MtHBHO@tDC B@t@RtQNOhHB DUDMtR HMBKTCHMF ONVDQ HMtDQQTOtHNMR V@tDQ RhNQt@FDR tDQQNQHRt @tt@BJR @MC V@QR @R VDKK @R Bh@MFDR HM ANNUAL REPORT 2015

75

Management Corporate Governance

(M KHMD VHth HMCTRtQX OQ@BtHBD VD FDMDQ@KKX CN MNt h@UD KNMF tDQL @FQDDLDMtR VHth RTBh thHQC O@QtX CHRtQHATtNQR thNTFh VD h@UD DRt@AKHRhDC KNMF tDQL QDK@tHNMRhHOR VHth L@MX NE thDL

MX CDBQD@RD HM thD RTOOKX VhHBh L@X NBBTQ ENQ U@QHNTR QD@RNMR ENQ DW@LOKD CTD tN Bh@MFDR HM thD M@tTQ@K BKHL@tD M@tTQ@K CHR@RtDQ RTCCDM HMBQD@RD HM CDL@MC NQ @M HMBQD@RD HM thD BNRt NE Q@V L@tDQH@KR O@QtHBTK@QKX @BtHUD HMFQDCHDMtR @MC FDK@tHM BNTKC KD@C tN @M HMBQD@RD HM thD BNRtR NE thD OQNBTQDLDMt NE Q@V L@tDQH@KR (M @CCHtHNM VD B@MMNt @RRTQD XNT th@t VD VNTKC AD @AKD tN O@RR NM @MX HMBQD@RD HM Q@V L@tDQH@K BNRtR tN NTQ BTRtNLDQR VhHBh L@X MDF@tHUDKX @EEDBt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR @MC EHM@MBH@K BNMCHtHNM HM @ L@tDQH@K L@MMDQ

Financial Information

.thDQ th@M HM ,X@ML@Q 5HDtM@L "@LANCH@ -HFDQH@ 8DLDM @MC &h@M@ VhDQD VD h@UD RDt TO NTQ NVM CHRtQHATtHNM HMEQ@RtQTBtTQD VD TRD thHQC O@QtX CHRtQHATtNQR tN CHRtQHATtD NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR HM D@Bh QDKDU@Mt BNTMtQX

.TQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRR @MC NTQ .$, ATRHMDRR CHUHRHNM CDODMC hD@UHKX NM thD RTOOKX NE 4 B@tDFNQHDR NE Q@V L@tDQH@KR ADHMF @BtHUD HMFQDCHDMtR DWBHOHDMt O@BJ@FHMF @MC 4 FDK@tHM

General Information

5. We rely on our distributors for transacting sales of our Mega We CareTM branded products.

Overview

OQNEHt@AKX OQNCTBDC @MC L@QJDtDC 3hHR L@X MDF@tHUDKX HLO@Bt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

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9. The existence of counterfeit products in the pharmaceutical retail market may damage our brand and reputation and have a negative effect on our business, financial condition, results of operations and commercial opportunities.

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3hD BNTMtDQEDHt OQNCTBt QDFTK@tHNM BNMtQNK @MC DMENQBDLDMt RXRtDL HM @ RTARt@MtH@K MTLADQ NE NTQ L@QJDtR HR MNt RTEEHBHDMtKX VDKK CDUDKNODC tN BNLOKDtDKX DKHLHM@tD OQNCTBtHNM @MC R@KD NE RTBh OQNCTBtR MX R@KD NE BNTMtDQEDHt OQNCTBtR AX NthDQR HKKDF@KKX TRHMF NTQ AQ@MC M@LDR L@X RTAIDBt TR tN MDF@tHUD OTAKHBHtX EHMDR @MC NthDQ @CLHMHRtQ@tHUD ODM@KtHDR NQ DUDM QDRTKt HM KHtHF@tHNM @F@HMRt TR

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ANNUAL REPORT 2015

77

Overview Management

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Corporate Governance

10. If we are unable to protect our intellectual property, trademarks and trade secrets, our business, results of operations, financial condition and commercial opportunities could be negatively affected in a material manner.

Financial Information

(M @CCHtHNM NTQ L@MTE@BtTQHMF E@BHKHtHDR @QD CDRHFMDC DPTHOODC @MC BDQtHEHDC HM @BBNQC@MBD VHth @OOKHB@AKD HMtDQM@tHNM@K Rt@MC@QCR ENQ OQNCTBHMF O@QtHBTK@Q OQNCTBtR H D RNEt FDK B@ORTKDR "NMRDPTDMtKX L@MTE@BtTQHMF E@BHKHtHDR ENQ NMD OQNCTBt L@X MNt AD BNMUDQtDC tN OQNCTBD @MNthDQ OQNCTBt VHthNTt ADHMF QD tNNKDC QD DPTHOODC @MC QD BDQtHEHDC HM @BBNQC@MBD VHth thD QDKDU@Mt HMtDQM@tHNM@K Rt@MC@QCR VhHBh BNTKC AD UDQX tHLD BNMRTLHMF @MC BNRtKX R RTBh HE VD @QD ENQBDC tN QD KNB@tD @MX NQ @KK NE NTQ L@MTE@BtTQHMFE@BHKHtHDR @EtDQ DWODQHDMBHMF @MX NE thD @ENQDLDMtHNMDC CHR@RtDQR NTQ DWODMRDR L@X QHRD CTD tN thD BNRt NE QDKNB@tHMF NTQ tNNKR @MC DPTHOLDMt tN @ MDV L@MTE@BtTQHMF E@BHKHtX 3hDQD L@X @KRN AD CDK@XR HM NAt@HMHMF MDBDRR@QX QD BDQtHEHB@tHNM EQNL thD QDKDU@Mt M@tHNM@K @TthNQHtHDR

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General Information

FNUDQMLDMt@K QDFTK@tHNMR ENQ thD K@MC TMCDQKXHMF thDRD E@BHKHtHDR BNTKC RHFMHEHB@MtKX HLO@HQ NTQ @AHKHtX tN L@MTE@BtTQD OQNCTBtR @MC NODQ@tD NTQ ATRHMDRR 3hDRD E@BHKHtHDR @MC DPTHOLDMt VNTKC AD CHEEHBTKt tN QDOK@BD HM @ tHLDKX L@MMDQ (M @CCHtHNM B@t@RtQNOhHB DUDMtR L@X @KRN CDRtQNX @MX HMUDMtNQX @MC DPTHOLDMt KNB@tDC VHthHM NTQ L@MTE@BtTQHMF E@BHKHtHDR 3hD NBBTQQDMBD NE RTBh @M DUDMt BNTKC RHFMHEHB@MtKX @MC MDF@tHUDKX CHRQTOt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM NQ BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

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78

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KthNTFh thD FNUDQMLDMt NE ,X@ML@Q h@R HM QDBDMt XD@QR HMRtHtTtDC BDQt@HM L@QJDt A@RDC DBNMNLHB @MC EHM@MBH@K QDENQLR RTBh @R thD R@KD NE Rt@tD NVMDC @RRDtR LTBh NE thD DBNMNLX QDL@HMR Rt@tD CNLHM@tDC @R @ QDRTKt NE O@Rt RNBH@KHRt DBNMNLHB HMHtH@tHUDR MDV BNMRtHtTtHNM V@R Q@tHEHDC HM ,@X thQNTFh @ M@tHNMVHCD QDEDQDMCTL (M -NUDLADQ ,X@ML@Q hDKC HtR EHQRt DKDBtHNMR HM tVN CDB@CDR @KthNTFh JDX NOONRHtHNM KD@CDQR ANXBNttDC thD DKDBtHNM 2HMBD ,@QBh thD MDV OQDRHCDMt h@R RhNVM KD@MHMFR tNV@QCR CDLNBQ@tHY@tHNM EQDDC RDUDQ@K ONKHtHB@K OQHRNMDQR t@JDM RtDOR tN KHADQ@KHYD thD Rt@tD BNMtQNKKDC DBNMNLX @MC ODQLHttDC O@QKH@LDMt@QX DKDBtHNMR VhHBh VDQD NUDQVhDKLHMFKX VNM AX thD NOONRHtHNM O@QtX (M @MX DUDMt VD B@MMNt @RRTQD XNT th@t ONKHtHB@K NQ DBNMNLHB CDUDKNOLDMtR HM ,X@ML@Q VHKK @KV@XR AD ONRHtHUD MNQ MNt h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR EHM@MBH@K BNMCHtHNM QDRTKtR NE NODQ@tHNMR @MC BNLLDQBH@K NOONQtTMHtHDR 2hNTKC RTBh QDENQLR AX thD ,X@ML@Q FNUDQMLDMt E@HK thD NBBTQQDMBD NE RTBh DUDMtR L@X MDF@tHUDKX @EEDBt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

12. Vietnam’s inflation rate and the fluctuation in the value of the Vietnam Dong may lead to higher operating costs and expenses in respect of our Vietnam operations. 5HDtM@L h@R DWODQHDMBDC @ RTARt@MtH@KKX hHFh HMEK@tHNM Q@tD HM thD O@Rt @OOQNWHL@tDKX 4 % NM @UDQ@FD CTQHMF @BBNQCHMF tN thD &DMDQ@K 2t@tHRtHBR .EEHBD NE 5HDtM@L HM @CCHtHNM tN DWODQHDMBHMF UNK@tHKHtX HM thD U@KTD NE thD 5HDtM@L

/QHBDR NE Oh@QL@BDTtHB@K OQNCTBtR HM 5HDtM@L @QD RTAIDBt tN thD QDFTK@tHNM @MC @OOQNU@K NE thD FNUDQMLDMt 1DKDU@Mt FNUDQMLDMt @FDMBHDR HM 5HDtM@L @QD DLONVDQDC tN ÅHMRODBtÆ @MC ÅBNMtQNKÆ OQHBDR ENQ Oh@QL@BDTtHB@K OQNCTBtR 6D LTRt OTAKHBKX CDBK@QD thD OQHBDR NE NTQ Oh@QL@BDTtHB@K OQNCTBtR HLONQt OQHBDR VhNKDR@KD @MC QDt@HK OQHBDR OQHNQ tN CHRtQHATtHNM @MC RTALHt NMD OQHBD CNRRHDQ ENQ @OOQNU@K tN thD #QTF CLHMHRtQ@tHNM NE 5HDtM@L Å# 5Æ @MC @MNthDQ ENQ EHKHMF (E @MX Bh@MFDR HM OQHBHMF @QD OQNONRDC tN AD L@CD thD OQNBDRR LTRt AD QD Rt@QtDC @MC @ MDV @OOQNU@K NAt@HMDC (E NTQ OQNONRDC OQHBHMF HR @BBDOt@AKD thD # 5 VHKK HRRTD @ QDBDHOt NE @BJMNVKDCFDLDMt HM QDRODBt NE NTQ OQHBD CDBK@Q@tHNM (E RTBh OQNONRDC OQHBD HR CDtDQLHMDC tN AD ÃTMQD@RNM@AKDÄ A@RDC TONM Rt@MC@QCR NE QD@RNM@AHKHtX CDtDQLHMDC AX HLONQt OQNCTBtHNM @MC BHQBTK@tHNM BNRtR OQHBDR HM CNLDRtHB @MC HMtDQM@tHNM@K L@QJDtR @MC HMOTt BNRtR thDM thD # 5 VHKK QDPTDRt th@t VD QDBNMRHCDQ NTQ OQNONRDC OQHBHMF @MC QD RTALHt R RTBh thHR KHLHtR NTQ @AHKHtX tN OQHBD NTQ OQNCTBtR HM @BBNQC@MBD VHth tQ@CHtHNM@K DBNMNLHB OQHMBHOKDR (M @CCHtHNM VD B@MMNt OQDCHBt thD M@tTQD NE @MX LD@RTQDR th@t L@X AD @CNOtDC HM thD ETtTQD AX thD 5HDtM@LDRD FNUDQMLDMt tN BNMtQNK OQHBDR 3hHR L@X h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR EHM@MBH@K BNMCHtHNM QDRTKtR NE NODQ@tHNMR @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

14. Changes in foreign currency exchange rates could negatively affect our business, results of operations financial condition, or commercial opportunities in a material manner. (M NTQ NODQ@tHNMR thDQD @QD tQ@MR@BtHNMR @MC A@K@MBDR CDMNLHM@tDC HM BTQQDMBHDR NthDQ th@M thD 3h@H !@ht VhHBh HR thD BTQQDMBX TRDC tN QDONQt NTQ QDRTKtR NE NODQ@tHNMR @MC EHM@MBH@K BNMCHtHNM HM NTQ EHM@MBH@K Rt@tDLDMtR R RTBh VD @QD DWONRDC tN thD QHRJ NE RTBh Bh@MFDR HM ENQDHFM BTQQDMBX DWBh@MFD Q@tDR HM thD DUDMt th@t VD B@MMNt HLLDCH@tDKX O@RR NM thD DEEDBt NE @MX RTBh CDU@KT@tHNM HM NTQ OQHBHMF tN NTQ BTRtNLDQR ANNUAL REPORT 2015

79

Overview Management

2HMBD -NUDLADQ 7 ,X@ML@Q h@R ADDM FNUDQMDC AX thD 2t@tD /D@BD @MC #DUDKNOLDMt "NTMBHK ENQLDQKX JMNVM @R thD 2t@tD +@V @MC .QCDQ 1DRtNQ@tHNM "NTMBHK @ LHKHt@QX CNLHM@tDC QDFHLD th@t OQDUHNTRKX FNUDQMDC ,X@ML@Q EQNL tN -NUDLADQ 7 ,X@ML@Q h@R DWODQHDMBDC NOONRHtHNM EQNL OQN CDLNBQ@BX QDKHFHNTR @MC DthMHB FQNTOR HM QDBDMt XD@QR VHth RTBh NOONRHtHNM h@UHMF @t tHLDR HMBKTCDC @QLDC QDRHRt@MBD

13. Our ability to set our prices solely in accordance with market forces is restricted in Vietnam by government price limits.

Corporate Governance

%NQ thD EHRB@K XD@Q DMCDC 4 @MC thD XD@Q DMCDC #DBDLADQ @OOQNWHL@tDKX 7% % @MC % QDRODBtHUDKX NE NTQ tNt@K BNMRNKHC@tDC FQNTO QDUDMTDR B@LD EQNL ,X@ML@Q

Financial Information

11. There are certain risks associated with doing business in Myanmar.

#NMF UHR UHR NthDQ QDFHNM@K BTQQDMBHDR HM thD QDFHNM thD 5HDtM@L #NMF CDOQDBH@tDC @F@HMRt thD 4MHtDC 2t@tDR #NKK@Q @QNTMC % ODQ @MMTL CTQHMF 3hHR L@X B@TRD NTQ 5HDtM@L NODQ@tHNMR EQNL VhHBh VD CDQHUDC QDUDMTD EQNL R@KDR @R @ OQNONQtHNM NE thD tNt@K QDUDMTD ENQ thD EHRB@K XD@Q DMCDC #DBDLADQ 4 @MC thD XD@Q DMCDC #DBDLADQ NE !@ht 7 7 7 LHKKHNM @MC LHKKHNM QDRODBtHUDKX

tN DWODQHDMBD hHFhDQ NODQ@tHMF BNRtR @MC DWODMRDR th@M @QD BTQQDMtKX HMBTQQDC 3hHR L@X @KRN @EEDBt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

General Information

tN BNLODtD VHth TR (E @MX NE NTQ tQ@CD RDBQDtR VDQD tN AD CHRBKNRDC tN NQ HMCDODMCDMtKX CDUDKNODC AX @ BNLODtHtNQ NTQ BNLODtHtHUD ONRHtHNM QDRTKtR NE NTQ NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR VNTKC AD MDF@tHUDKX @EEDBtDC HM @ L@tDQH@K L@MMDQ

j ¥~ §~ Ó p~Ó ¥ ­ pk p Ó ­ p k ® ¢ Ó j j ¥ ­ k ® k p ©}Ô ¡ Ó ¡mm ­¦ Ôq p QD@K CHRONR@AKD HMBNLD ¦ mÓ ¨sÔqÓ ¥r ­ ~Ó ODQ B@OHS@RODMCHMF ¨ ¥ ~Ó p« ­ j ¡ j q ¢Ó t ­p q© Ó¥~ §~©}Ô }¥ ¬ ¥ Ó j ¨ } ~ ­ Ó q© Ó j ¥~ §~¥ j¬¥ Û ©}Ô §} ­ © j ¥ ­ k ® k p ©}Ô ¡ Ó ¡mm ² ¨ Ôm ~Ô pj ~ |z×k p ¥ ­ k ® Ó p© j¬} j ¥ ­ k ® k pm ~Ô pj ~ |z×}p j Ó ~Ô p¨sÔ¥ p­ pq jj ¥ ­ k ® k p ©}Ô ¡ Ó ¡mm ¨ k| j­ } pk p ©}Ô ¡ Ó ¡mm q ¨ p ~Ó m ~Ô pj ~ |z×k p ¨ ©}Ô ¡ Ó ¡mm ¦ mÓ ¨sÔqÓ ~Ó ¨ Ó k p ~ |z×k p ¨ ¥ ~Ó p« t ­p j ¡ j q ¢Ó ©}Ô¥ ­ k ® ¨ sÓ p Ë ­ Ó Ó p© j¬} j ©}Ô ¡ Ó ¡mm ¦ mÓ ¨sÔqÓ ~Ó ¨ Ó k p ~ |z×} pj Ó © Ó ¥~ §~©}Ô }¥ ¬ ¥ Ó j ¨ } ~ ­ Ó © Ó j ¥~ §~¥ q Óp ¨ p j ¡ j q j }² ¥ p y pj ¥p ¦ § j p ¡ j qk p Ó p ² m v

q© Ó ~Ó ¡¨ p ¦ ¨ ¡v ~ ­ « ¨ j j ¡ j q k p ©}Ô jq j ® q© Ó x ~ ~ kÔ j² } p jw ¦ ~ y vs ­ j pm ¨sÔ t ­p q j ¥ ­ ¦ p j ¦jÔ©k t ­p q Óp j ¨ p ~Ó ¡ j q y pj ¥p ¦ j }² ¥ p k p ¨ j ~ ¦ j q }q² Ó ~ |z×k p ~Ô p ©}Ô ¨ ¡v ~ ¥ ~Ó p« q j Ó p sj ¦ Ó p ­ « ¨ ¥ ~Ó p« ­ j ¡ j q ¢Ó | Ùqq¡ ©}Ô ¨ ¡v ~ ¦ ¨ p~Ó p« ­q² ¥ Û ² j ~ ~ |z×k p ¦ j }² ¥ ¡ j qq }q² Ó k p ¨ ¡v ~¦ j p~Ó p« ¥ Ó ® ~Ô p j ~Ó ¡ ¦ ©}Ô j ¥ ¨ Ó~ ¥ ­j² }§} Ó p sj ­¥j ­ kÔ p §} q }² ¥ j k ~Ó ¡~ ­jw ¦ ¥ kÔ pm j² } Ó p© j¬} ~ y k pj ~Ó ¡¨ ¡v ~ j ¥ ¨ Ó} pj Ó q j ¥ ­ ¦ p¥ Û m ®p m ² ¨ Ô © Ó p©}Ô Ó q ~Ó ¡¨ ¡v ~ ¦ j p} pj Ó ®p }©}Ô j ­ © Ó ~Ó ¡¨ ¡v ~ j p¨}« t ­p m ² m v~Ó j }² ¥ ¡ j q k p q¥ Û ¡ m~Ó j }² ¥ ¡ j qk p ¦ q Óp j ¨ p ~Ó ¡ j q j }² ¥ p y pj ¥p ¦ § j p ¡ j qk p Ó p ² m v jq j ® q~Ô p}² ¥ j ¥ ­ ¨ Ô©}Ô t p­ ¨ ¡v ~ ¨ p¥ ­ ¥~ jj ~ m jw Ùqq¡ j ¥ ­ ¦ p j jjw ¨ Ó¨ m~t p­ © Ó p©}Ô Ó q }² ¥ j ¨ Ô©}Ô t ­p¨ ¡v ~ j p¥ ­ ¥~ } pj Ó ©}Ô jq j ® j ©}Ô t ­p ¨ ¡v ~ j p¥ ­ ¥~ } pj Ó q ~Ô ¡ ¦ mÓ ¨sÔqÓ ¥ ­ k ® q² j j ®p qq ~Ô p©}Ô 80

p q² Ë

§ pjw ¨ ¥ ¥­ j ­ kÔ p t p­ q Óp j ¨ p ~Ó ¡ j q j }² ¥ p y pj ¥p ¦ § j p ¡ j qk p Ó p ² m v j¥ q j¨ ¡v ~¦ ¨ pkÔ p~Ô ~ y ¦ § pj vs ² ­}² ¥ ¡ j q t ­p p § ¥j ­ j j ¢Ô ©}Ô j q ¦ { ¦ mÓ ¨sÔqÓ ­¥j ­ kÔ p ~Ô p j ~ m ¦ ©}Ô m² ¦ ² q j Ó p p vs ­¥j ­ kÔ p j ¥ ­ ¦ p j ~ m ~ y pj vs } pj Ó q ² ¨ Ô ~Ô pq } ² q² ¦ j ¥ j p vs ¨ Ó ¦ q~Ô p ¦jÔ ¥ ­ ¦ p ¦jÔ©kp j ¥p k p p j ­ ¢Ó¨ ¥ j r ® j}Ô

mÔ mp¥ q ¢Ó¨ } ­© Ó¥ p j¥j © Óp ¨ ÔmÓ ¨sÔqÓ ¨ j }² ¥ p k p ¥ ­ k ® ² ¨ Ô ¢v¥ }k t ­p q Óp j ¨ p ~Ó ¡ j q j }² ¥ p y pj ¥p ¦ § j p ¡ j qk p Ó p ² m v ~Ô p j mÔ mp¥ ¨ Ô ¢Ó¨ } ­¥ p ~Ó j }² ¥ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD3, ¦ ¡ j q j q }q² Ó ¨~Ô¥m ­ p j mÔ ,@WWB@QD3, k p ¨ Ô ² ¥ ¬q ~ }q ~ pm ~Ô pj k p~ }©}Ô jq j ® m ¥ ­ p q­ j k p mÔ mp¥ ¥j j Ó ­ ~Ô pj ©}Ô §} ¥r mÔ mp¥ ¨ ¡ j q ~ |z× ¨~Ô ¥m ­ p j mÔ ,DF@ 6D "@QD3, k p ¥ p m ¥ ­ p} pj Ó ¥ Û q jj ¥ ­ ¦ p Ó p }¥ ¬ ¨ pq s ~ k p ~ |z× OQNCTBt KHED BXBKD m p ¨qk p ¢Ô § m ­ ¥ ­ ¦ p© m © Ó¦ Ó ¨ m ² ¥ ¬qk pj ² ~ |z× ¥kÔ ¢Ó~ } ¦ }k mpmÔ pk p ¢jmÔ ¨~Ô ¡ j qj q }q² Ó k p ~ }q ¦ } Ô p¥ yj q ­ ¨ sÓ p ¥ ­ Ó © Ó j ©}Ô Ó q m }j |ש}Ô Ó p ¢j~Ô p¥j ­ j ¦ § Ô ¦ ¥ ~¡j |× pj ~ }kÔ p~Ô p j ¥ ­ pj ¥j¬ mÔ ¨ | ­¥j j Ó m ~Ô pj j ¥j¬ mÔ © Ó¥ p ~Ó m ~Ô pj k p~ }©}Ô ¥ ­ pq j » m ~Ô pj ~ |z× q¥ ­ ¦ p© Ó p ² m v Ó p sÓ p¥ ­ ©}Ô m² ­p¨ Ô ~ ~ |z× ¦ sÓ p¥ ­ q } Óp ~ |z×} pj Ó ¥ ­ k » ¥ ­ ¥ ­ ² ~ |z× ¨ Ó¥kÔ ¢Ó~ } j m }j |×m ~Ô pj k p ~ |z×} pj Ó Ó p ¢j~Ô p ® ² ©}Ô j ¦ » j t ® mÔ mp¥ p ¥ q~Ô p¨sÔ ¥ ¨ j mÔ j ­ } mÔ mp¥ ­¥j m ~Ô pj k p ¢jmÔ q Óp ¨ Ô q~Ô p j ~ ®p ² p ~ } j mÔ mp¥ Ó ¥j mÔ mp¥ } pj Ó } ¡ mÓ ¨sÔqÓ ¨ j j mÔ mp¥ ¥ ­ k ® ¨ pj j j ¥ m ~Ô pj k p ¢ Ô § m~² ­ ¥j © © Ó q } ~ |zש}Ô ~ j² }¥ q~Ô p j k }¦m mÔ mp¥ Óp

6hHKD QD@K CHRONR@AKD HMBNLD @MC ODQ B@OHt@ RODMCHMF NM OQNCTBtR @BQNRR BNTMtQHDR HM VhHBh VD NODQ@tD h@UD FDMDQ@KKX QHRDM HM QDBDMt XD@QR D@Bh L@X MNt FQNV @R Q@OHCKX @R Ht h@R HM thD O@Rt NQ L@X MNt FQNV @t @KK VhHBh LHFht B@TRD NTQ ATRHMDRR EHM@MBH@K BNMCHtHNM QDRTKtR NE NODQ@tHNMR @MC BNLLDQBH@K NOONQtTMHtHDR tN AD MDF@tHUDKX @EEDBtDC HM @ L@tDQH@K L@MMDQ

16. We may not be able to fully comply with applicable regulatory and accounting requirements or renew our certifications and other permits and licenses which enable us to conduct our business. Non-compliance with, changes in or amendments to these regulatory and accounting requirements could have a negative effect on our business, financial condition and results of operations. .TQ L@MTE@BtTQHMF @MC CHRtQHATtHNM @BtHUHtHDR QDPTHQD TR tN NAt@HM BDQt@HM ODQLHtR @MC KHBDMRDR EQNL U@QHNTR FNUDQMLDMt@K @TthNQHtHDR HM thD BNTMtQHDR HM VhHBh VD L@MTE@BtTQD NQ CHRtQHATtD t OQDRDMt VD h@UD NAt@HMDC QDKDU@Mt ODQLHtR KHBDMRDR @MC BDQtHEHB@tHNMR QDPTHQDC ENQ thD L@MTE@BtTQD @MC CHRtQHATtHNM NE NTQ OQNCTBtR 3hDRD ODQLHtR @MC KHBDMRDR @QD RTAIDBt tN ODQHNCHB QDMDV@K @MC NQ QD@RRDRRLDMt AX thD QDKDU@Mt FNUDQMLDMt @TthNQHtHDR 6D HMtDMC tN @OOKX ENQ thD QDMDV@K NE thDRD ODQLHtR KHBDMRDR @MC BDQtHEHB@tHNMR VhDM QDPTHQDC AX @OOKHB@AKD K@VR QTKDR @MC QDFTK@tHNMR 'NVDUDQ thD Rt@MC@QCR NE RTBh QDMDV@K NQ QD@RRDRRLDMt L@X Bh@MFD EQNL tHLD tN tHLD 3hTR VD B@MMNt @RRTQD XNT th@t VD VHKK AD @AKD tN RTBBDRRETKKX QDMDV @KK NE thDRD ODQLHtR KHBDMRDR @MC BDQtHEHB@tHNMR MX HM@AHKHtX tN QDMDV @MX ODQLHtR KHBDMRDR NQ BDQtHEHB@tHNMR th@t @QD L@tDQH@K tN NTQ NODQ@tHNMR BNTKC RDUDQDKX CHRQTOt @R VDKK @R OQDUDMt TR EQNL BNMCTBtHMF NTQ ATRHMDRR @MC L@X MDF@tHUDKX @EEDBt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ %TQthDQLNQD VD L@X AD QDPTHQDC tN @OOKX ENQ @CCHtHNM@K ODQLHtR KHBDMRDR NQ BDQtHEHB@tHNMR HE @MX HMtDQOQDt@tHNM NQ HLOKDLDMt@tHNM NE thD QDKDU@Mt BTQQDMt QDFTK@tHNMR Bh@MFD NQ HE MDV QDFTK@tHNMR QDPTHQDR TR tN NAt@HM @CCHtHNM@K ODQLHtR KHBDMRDR NQ BDQtHEHB@tHNMR 6D B@MMNt @RRTQD XNT th@t VD VHKK RTBBDRRETKKX NAt@HM thDL (M thD DUDMt th@t VD CN NAt@HM RTBh ODQLHtR KHBDMRDR NQ BDQtHEHB@tHNMR

17. Failure to maintain adequate inventory levels could increase our operating costs or cause us to lose sales, either of which could have a negative effect on our business, results of operations, financial condition and commercial opportunities in a material manner. 6D MDDC tN L@HMt@HM RTEEHBHDMt HMUDMtNQX KDUDKR tN NODQ@tD NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRR @MC NTQ ,@WWB@QD3, CHRtQHATtHNM ATRHMDRR RTBBDRRETKKX @R VDKK @R tN LDDt L@QJDt CDL@MC t thD R@LD tHLD VD @QD DWONRDC tN thD QHRJ NE DWBDRR HMUDMtNQX @BBTLTK@tHNM DRODBH@KKX NE NTQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR (M O@QtHBTK@Q thD @ENQDLDMtHNMDC HMUDMtNQX QHRJ @ QDRTKt NE Q@OHC Bh@MFDR HM OQNCTBt KHED BXBKDR Bh@MFDR HM BNMRTLDQ OQDEDQDMBDR TMBDQt@HMtX NE RTBBDRR NE OQNCTBt K@TMBhDR @MC L@MTE@BtTQDQ A@BJ NQCDQR @R VDKK @R thD QDBDMt UNK@tHKD DBNMNLHB DMUHQNMLDMt 6D B@MMNt @RRTQD XNT th@t VD B@M @BBTQ@tDKX OQDCHBt thDRD L@QJDt tQDMCR @MC DUDMtR HMBKTCHMF @UNHCHMF NUDQ RtNBJHMF NQ TMCDQ RtNBJHMF OQNCTBtR ENQ thD ENKKNVHMF QD@RNMR » CDL@MC ENQ OQNCTBtR BNTKC Bh@MFD RHFMHEHB@MtKX ADtVDDM thD tHLD OQNCTBt HMUDMtNQX HR NQCDQDC @MC thD tHLD Ht HR CDKHUDQDC ENQ R@KD » VhDM VD ADFHM tN HMtQNCTBD @ MDV OQNCTBt HMtN thD L@QJDt Ht HR O@QtHBTK@QKX CHEEHBTKt tN ENQDB@Rt OQNCTBt CDL@MC @BBTQ@tDKX @MC » thD OTQBh@RD NE BDQt@HM tXODR NE HMUDMtNQX L@X @KRN QDPTHQD RHFMHEHB@Mt KD@C tHLD (MUDMtNQX KDUDKR HM DWBDRR NE BTRtNLDQ CDL@MC L@X QDRTKt HM RDttHMF TO NE QDRDQUDR NQ HMUDMtNQX VQHtD CNVMR DWOHQ@tHNM NE OQNCTBtR NQ HMBQD@RD HM HMUDMtNQX hNKCHMF BNRtR "NMUDQRDKX HE VD TMCDQDRtHL@tD BNMRTLDQ CDL@MC NQ HE NTQ RTOOKHDQR E@HK tN OQNUHCD OQNCTBtR HM @ tHLDKX L@MMDQ VD L@X DWODQHDMBD HMUDMtNQX RhNQt@FDR VhHBh L@X HM tTQM QDRTKt HM TMETKEHKKDC BTRtNLDQ NQCDQR @MC h@UD @ MDF@tHUD HLO@Bt NM BTRtNLDQ ANNUAL REPORT 2015

81

Overview Management

(M @CCHtHNM MNt NMKX L@X @ ODQLHt KHBDMRD @MC @BBNTMtHMF LDthNCR @MC ONKHBHDR ENQ Oh@QL@BDTtHB@K BNLO@MHDR HMBKTCHMF ONKHBHDR FNUDQMHMF QDUDMTD QDBNFMHtHNM QDRD@QBh @MC CDUDKNOLDMt @MC QDK@tDC DWODMRDR thDX @QD @KRN RTAIDBt tN ETQthDQ QDUHDV HMtDQOQDt@tHNM @MC FTHC@MBD EQNL QDKDU@Mt @BBNTMtHMF @TthNQHtHDR "h@MFDR tN NQ CHEEDQDMt HMtDQOQDt@tHNMR NE @BBNTMtHMF LDthNCR NQ ONKHBHDR L@X QDPTHQD TR tN QDBK@RRHEX QDRt@tD NQ NthDQVHRD Bh@MFD NQ QDUHRD NTQ EHM@MBH@K Rt@tDLDMtR HMBKTCHMF thNRD BNMt@HMDC HM thHR EHKHMF

Corporate Governance

&DMDQ@KKX @M HMBQD@RD HM CHRONR@AKD HMBNLD Q@HRDR CDL@MC ENQ NTQ OQNCTBtR @EtDQ @ BNMRHCDQ@AKD tHLD K@F VhHKD @ E@KK HM CHRONR@AKD HMBNLD h@R @M HLLDCH@tD MDF@tHUD DEEDBt &HUDM thHR @ CDBKHMD HM QD@K CHRONR@AKD HMBNLD VHKK h@UD @M HLLDCH@tD @MC MDF@tHUD DEEDBt NM thD CDL@MC ENQ NTQ OQNCTBtR

Financial Information

thDQD L@X AD RHFMHEHB@Mt @CCHtHNM@K BNRtR @MC DWODMRDR HMUNKUDC (M @CCHtHNM VD L@X @KRN AD RTAIDBt tN ODM@KtHDR HLONRDC AX K@VR NE thD QDKDU@Mt ITQHRCHBtHNMR VhHBh L@X @CUDQRDKX @EEDBt NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

General Information

15. Our continued growth depends, in part, on increases in real disposable income and per capita spending across countries in which we operate, each of which may not grow as rapidly as it has in the past or may not grow at all.

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» TMCDUDKNODC KDF@K RXRtDLR » DBNMNLHB HMRt@AHKHtX HM ENQDHFM L@QJDtR » thD HLO@Bt NE HMEK@tHNM » M@tTQ@K CHR@RtDQR » @M HM@AHKHtX tN @BBDRR MDBDRR@QX hTL@M B@OHt@K » FNUDQMLDMt@K @BtHNM RTBh @R DWOQNOQH@tHNM NE @RRDtR FDMDQ@K KDFHRK@tHUD @MC QDFTK@tNQX DMUHQNMLDMt Bh@MFDR DWBh@MFD BNMtQNKR @MC thD CHEEHBTKtX NE DMENQBHMF BNMtQ@BtT@K QHFhtR » QDRtQHBtHNMR NM ENQDHFM HMUDRtLDMt HM BDQt@HM ITQHRCHBtHNMR @MC » Bh@MFDR HM FKNA@K tQ@CD ONKHBHDR RTBh @R R@MBtHNMR @MC DLA@QFNDR HLONRDC AX thD 4MHtDC 2t@tDR @MC NthDQ BNTMtQHDR KthNTFh thD DBNMNLHDR NE thD ,@INQ 1HRJ ,@QJDtR h@UD ADDM tQ@MRHtHNMHMF EQNL tHFhtKX FNUDQMLDMt BNMtQNKKDC DBNMNLHDR tN LNQD L@QJDt NQHDMtDC DBNMNLHDR thD L@INQHtX NE OQNCTBtHUD @RRDtR HM RTBh ,@INQ 1HRJ ,@QJDtR @QD RtHKK NVMDC AX thDHQ QDRODBtHUD FNUDQMLDMtR 3hD FNUDQMLDMtR NE thD ,@INQ 1HRJ ,@QJDtR @KRN DWDQBHRD RHFMHEHB@Mt BNMtQNK NUDQ thD DBNMNLHB FQNVth thQNTFh @KKNB@tHMF QDRNTQBDR BNMtQNKKHMF QDO@XLDMtR NE ENQDHFM BTQQDMBX CDMNLHM@tDC NAKHF@tHNMR RDttHMF LNMDt@QX ONKHBX @MC OQNUHCHMF OQDEDQDMtH@K tQD@tLDMt tN O@QtHBTK@Q HMCTRtQHDR NQ BNLO@MHDR (M QDBDMt XD@QR thD FNUDQMLDMtR NE thD ,@INQ 1HRJ ,@QJDtR tN U@QXHMF CDFQDDR @MC DWtDMtR h@UD D@Bh HLOKDLDMtDC LD@RTQDR DLOh@RHYHMF thD TtHKHY@tHNM NE L@QJDt ENQBDR HM thD DBNMNLHB

.TQ @BtHUHtHDR HMUNKUD thD BNMtQNKKDC RtNQ@FD TRD @MC CHRONR@K NE h@Y@QCNTR L@tDQH@KR HMBKTCHMF BNQQNRHUD DWOKNRHUD @MC EK@LL@AKD BhDLHB@KR @MC AHNKNFHB@K V@RtD 6D @QD RTAIDBt tN EDCDQ@K Rt@tD @MC KNB@K K@VR @MC QDFTK@tHNMR FNUDQMHMF thD TRD L@MTE@BtTQD RtNQ@FD h@MCKHMF @MC CHRONR@K NE thDRD h@Y@QCNTR L@tDQH@KR KthNTFh VD ADKHDUD th@t NTQ R@EDtX OQNBDCTQDR ENQ thD h@MCKHMF @MC CHRONRHMF NE thDRD L@tDQH@KR BNLOKX VHth thD Rt@MC@QCR OQDRBQHADC AX thDRD K@VR @MC QDFTK@tHNMR VD B@MMNt @RRTQD XNT th@t VD VNTKC AD @AKD tN DKHLHM@tD thD QHRJ NE BNMt@LHM@tHNM NQ HMITQX EQNL thDRD L@tDQH@KR

20. Our Mega We CareTM branded products business is highly regulated, and future government regulations may place additional burdens on our business as well as have a negative effect on our business, financial condition, results of operations and commercial opportunities in a material manner. .TQ ,DF@ 6D "@QD3, AQ@MCDC OQNCTBtR ATRHMDRRHRFDMDQ@KKX RTAIDBt tN DWtDMRHUD FNUDQMLDMt QDFTK@tHNM @MC RTODQUHRHNM (M O@QtHBTK@Q thD QDFTK@tNQX EQ@LDVNQJ @CCQDRRDR @KK @RODBtR NE NTQ NODQ@tHNMR HMBKTCHMF @OOQNU@K OQNCTBtHNM KHBDMRHMF @MC BDQtHEHB@tHNM QDPTHQDLDMtR @MC OQNBDCTQDR ENQ ODQHNCHB QDMDV@K @MC QD@RRDRRLDMt OQNBDRRDR QDFHRtQ@tHNM NE MDV CQTFR PT@KHtX BNMtQNK OQHBHMF NE Oh@QL@BDTtHB@K OQNCTBtR @MC DMUHQNMLDMt@K OQNtDBtHNM 5HNK@tHNM NE thDRD K@VR QTKDR @MC QDFTK@tHNMR L@X @KRN BNMRtHtTtD BHUHK NQ BQHLHM@K NEEDMRDR TMCDQ BDQt@HM BHQBTLRt@MBDR @MC BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM QDOTt@tHNM @R VDKK @R NTQ BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

ANNUAL REPORT 2015

83

Overview Management

19. We deal with hazardous materials and must comply with environmental laws and regulations, which can be expensive and restrict our business operation.

Corporate Governance

R NE #DBDLADQ 4 @MC #DBDLADQ @ RHFMHEHB@Mt ONQtHNM NE NTQ BNMRNKHC@tDC FQNTO QDUDMTDR @QD CDQHUDC EQNL @ MTLADQ NE DLDQFHMF EQNMtHDQ L@QJDtR NQ BNTMtQHDR RTBh @R ,X@ML@Q 5HDtM@L "@LANCH@ -HFDQH@ 4JQ@HMD @MC /DQT Ã…,@INQ 1HRJ ,@QJDtRÆ VhHBh @BBNTMtDC ENQ @OOQNWHL@tDKX 7% @MC %NE NTQ BNMRNKHC@tDC FQNTO QDUDMTDR BBNQCHMFKX NTQ EHM@MBH@K BNMCHtHNM @MC QDRTKtR NE NODQ@tHNMR @R VDKK @R thD FQNVth NE NTQ ATRHMDRR VHKK AD @EEDBtDC tN @ RHFMHEHB@Mt DWtDMt AX DBNMNLHB ONKHtHB@K @MC KDF@K CDUDKNOLDMtR HM @MX NE thD ,@INQ 1HRJ ,@QJDtR 3hDRD HMtDQM@tHNM@K NODQ@tHNMR @QD RTAIDBt tN BDQt@HM RODBHEHB QHRJR th@t B@M L@tDQH@KKX @EEDBt NTQ QDRTKtR NE NODQ@tHNMR @MC B@M AD RTLL@QHRDC @R ENKKNVR » TMRDttKDC ONKHtHB@K BNMCHtHNMR V@Q BHUHK TMQDRt @MC hNRtHKHtHDR HM RNLD BNTMtQHDR @MC QDFHNMR VhDQD VD NODQ@tD NQ RDDJ tN NODQ@tD

&DMDQ@KKX thD KDF@K RXRtDLR NE RNLD NE thD ,@INQ 1HRJ ,@QJDtR h@UD HMhDQDMt TMBDQt@HMtHDR th@t BNTKC KHLHt thD KDF@K OQNtDBtHNMR @U@HK@AKD tN TR tN OQNtDBt NTQ tQ@CDL@QJR @MC NTQ ATRHMDRR HMBKTCHMF EQNL BNTMtDQEDHt OQNCTBtR (M thD ,@INQ 1HRJ ,@QJDtR VD L@X DWODQHDMBD CHEEHBTKtHDR HM DEEDBtHMF RDQUHBD NE KDF@K OQNBDRR @MC DMENQBHMF ITCFLDMtR @F@HMRt ODQRNMR VhN AQD@Bh BNMtQ@BtT@K NQ KDF@K CTtHDR tN TR NQ UHNK@tD NTQ tQ@CDL@QJR @MC KHBDMRDR

Financial Information

18. The economic, political and social conditions and government policies in some of our major markets could affect our business, results of operations, financial condition and commercial opportunities.

QDENQL thD QDCTBtHNM NE Rt@tD NVMDQRhHO NE OQNCTBtHUD @RRDtR @MC thD DRt@AKHRhLDMt NE RNTMC BNQONQ@tD FNUDQM@MBD HM ATRHMDRR DMtDQOQHRDR 3hDRD DBNMNLHB QDENQL LD@RTQDR L@X AD @CITRtDC NQ LNCHEHDC NQ @OOKHDC HMBNMRHRtDMtKX EQNL HMCTRtQX tN HMCTRtQX NQ @BQNRR CHEEDQDMt QDFHNMR NE thD BNTMtQX R @ QDRTKt RNLD NE thDRD LD@RTQDR L@X ADMDEHt thD NUDQ@KK DBNMNLX ATt L@X h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR

General Information

QDK@tHNMRhHOR R RTBh thD NBBTQQDMBD NE VhHBh BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR QDRTKtR NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

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22. Our level of insurance coverage may not be adequate. KthNTFh VD L@HMt@HM HMRTQ@MBD BNUDQ@FD th@t VD ADKHDUD HR HM @BBNQC@MBD VHth BTRtNL@QX HMCTRtQX OQ@BtHBD VD @QD MNt ETKKX HMRTQDC @F@HMRt BDQt@HM QHRJR ADB@TRD RTBh HMRTQ@MBD HR DHthDQ MNt @U@HK@AKD @t @KK NQ MNt @U@HK@AKD NM BNLLDQBH@KKX QD@RNM@AKD tDQLR (M @CCHtHNM VD CN MNt B@QQX BNUDQ@FD ENQ tHLDKX BNLOKDtHNM NE NTQ OQNIDBtR TMCDQ CDUDKNOLDMt KNRR NE QDMt NQ OQNEHt NQ

Overview Management

.MD NE NTQ ATRHMDRR RtQ@tDFHDR HR tN t@JD @CU@Mt@FD NE thD BNMRNKHC@tHNM tQDMC HM thD hHFhKX EQ@FLDMtDC Oh@QL@BDTtHB@K HMCTRtQX HM NTQ EQNMtHDQ @MC DLDQFHMF L@QJDtR AX DMF@FHMF HM @BPTHRHtHNM tQ@MR@BtHNMR RTBh @R NTQ @BPTHRHtHNM NE thD $TFHB@3, AQ@MC HMBKTCHMF HMtDKKDBtT@K OQNODQtX @MC tHtKD CNBTLDMtR HM QDK@tHNM tN thD OQNCTBtR L@MTE@BtTQDC @MC CHRtQHATtDC TMCDQ thD $TFHB@3, AQ@MC EQNL #'& /h@QL@BDTtHB@K )NHMt 2tNBJ "N NM #DBDLADQ (M @CCHtHNM HM NQCDQ tN DWO@MC NTQ ATRHMDRR VD L@X HCDMtHEX OTQRTD @MC RDt TO INHMt UDMtTQD OQNIDBtR EQNL tHLD tN tHLD .TQ @BPTHRHtHNM RtQ@tDFX DMt@HKR thD ENKKNVHMF QHRJR @LNMF NthDQR » VD L@X HMBNQQDBtKX @RRDRR thD U@KTD NE @MX @BPTHRHtHNM t@QFDt » VD L@X MNt QD@KHRD @MX NE thD @MtHBHO@tDC ADMDEHtR EQNL @MX NE thD @BPTHRHtHNMR VD BNLOKDtD » VD L@X E@BD CHEEHBTKtHDR @RRNBH@tDC VHth HMtDFQ@tHMF thD NODQ@tHNMR @MC NQ thD tDBhMNKNFHDR NQ OQNCTBtR NE @BPTHQDC ATRHMDRRDR VHth NTQ NODQ@tHNMR » VD L@X DWODQHDMBD HMBQD@RHMF BNLODtHtHNM ENQ ONtDMtH@K ATRHMDRR @BPTHRHtHNMR NQ tQ@CDL@QJ @BPTHRHtHNMR » VD L@X MNt h@UD @BBDRR tN RTEEHBHDMt B@OHt@K tN EHM@MBD ON

tDMtH@K ATRHMDRR @BPTHRHtHNMR NQ tQ@CDL@QJ @BPTHRHtHNMR @MC

Corporate Governance

6D @QD DWONRDC tN QHRJR HMhDQDMt HM thD L@MTE@BtTQHMF O@BJ@FHMF L@QJDtHMF @MC CHRtQHATtHNM NE Oh@QL@BDTtHB@K @MC MTtQ@BDTtHB@K OQNCTBtR RTBh @R TMR@ED OQNCTBtR HMDEEDBtHUD OQNCTBtR CDEDBtHUD OQNCTBtR 4 BNMt@LHM@tDC OQNCTBtR HLOQNODQ NQ HM@BBTQ@tD K@ADKHMF NE OQNCTBtR HM@CDPT@tD V@QMHMFR NQ HMRTEEHBHDMt NQ LHRKD@CHMF CHRBKNRTQDR NE RHCD DEEDBtR @MC 7 TMHMtDMtHNM@K CHRtQHATtHNM NE BNTMtDQEDHt LDCHBHMDR

23. We may not be able to successfully identify, acquire or integrate future projects.

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85

Financial Information

21. We may be subject to product liability, personal injury or wrongful death claims or product recalls in connection with our products and services.

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General Information

(M @CCHtHNM L@MX HMHtH@tHUDR t@JDM NQ tN AD t@JDM AX BDQt@HM FNUDQMLDMtR HM BNTMtQHDR HM VhHBh VD NODQ@tD TMCDQ @M NMFNHMF hD@KthB@QD QDENQL OK@M @QD DWODBtDC tN RHFMHEHB@MtKX BNMtQHATtD tN thD FQNVth NE thD Oh@QL@BDTtHB@K @MC hD@KthB@QD HMCTRtQX 6D B@MMNt @RRTQD XNT hNVDUDQ th@t thD QDKDU@Mt FNUDQMLDMt@K @TthNQHtHDR VHKK BNMtHMTD tN HMtQNCTBD E@UNQ@AKD ONKHBHDR (M @CCHtHNM thD QDKDU@Mt FNUDQMLDMt @TthNQHtHDR L@X @KRN HMtQNCTBD ONKHBHDR th@t @QD TME@UNQ@AKD tN thD Oh@QL@BDTtHB@K HMCTRtQX AX tDQLHM@tHMF NQ L@tDQH@KKX @KtDQ@tHMF @MX E@UNQ@AKD ONKHBHDR NQ HMtQNCTBHMF @MX TME@UNQ@AKD ONKHBHDR VhHBh BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR EHM@MBH@K BNMCHtHNM QDRTKtR NE NODQ@tHNM @MC BNLLDQBH@K NOONQtTMHtHDR HM @ L@tDQH@K L@MMDQ

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1. We depend substantially on the knowledge and proficiency of our key management personnel, and our business, cash flow, results of operations, financial condition and commercial opportunities may be negatively affected if we lose their services. .TQ ETtTQD RTBBDRR CDODMCR hD@UHKX TONM thD BNMtHMTDC RDQUHBDR NE NTQ JDX L@M@FDLDMt ODQRNMMDK (M O@QtHBTK@Q VD QDKX NM thD DWODQtHRD @MC DWODQHDMBD NE NTQ JDX L@M@FDLDMt ODQRNMMDK @MC thDHQ Oh@QL@BDTtHB@K HMCTRtQX QDK@tDC DWODQHDMBD @MC NthDQ OQNEDRRHNM@K JMNVKDCFD (M @CCHtHNM RTBBDRR HM thD CHRtQHATtHNM NE NTQ OQNCTBtR CDODMCR NM thD CDCHB@tHNM @MC RJHKKR NE NTQ R@KDR @MC L@QJDtHMF ODQRNMMDK .TQ @AHKHtX tN @ttQ@Bt @MC QDt@HM JDX ODQRNMMDK HM O@QtHBTK@Q RDMHNQ L@M@FDLDMt JDX OQNCTBt CDUDKNOLDMt ODQRNMMDK @MC JDX R@KDR @MC L@QJDtHMF ODQRNMMDK HR @ BQHtHB@K @RODBt NE NTQ BNLODtHtHUDMDRR "NLODtHtHNM ENQ thDRD HMCHUHCT@KR BNTKC QDPTHQD TR tN NEEDQ hHFhDQ BNLODMR@tHNM @MC NthDQ ADMDEHtR HM NQCDQ tN @ttQ@Bt @MC QDt@HM thDL VhHBh VNTKC HMBQD@RD NTQ NODQ@tHMF DWODMRDR @MC HM tTQM BNTKC L@tDQH@KKX @MC @CUDQRDKX @EEDBt NTQ ATRHMDRR QDRTKt NE NODQ@tHNMR EHM@MBH@K BNMCHtHNM QDRTKtR NE NODQ@tHNMR @MC BNLLDQBH@K NOONQtTMHtHDR 6D L@X AD TM@AKD tN @ttQ@Bt NQ QDt@HM thD ODQRNMMDK QDPTHQDC tN @BhHDUD NTQ ATRHMDRR NAIDBtHUDR @MC E@HKTQD tN CN RN BNTKC RDUDQDKX CHRQTOt NTQ ATRHMDRR @MC OQNRODBtR 3hD KNRR NE @MX NE NTQ JDX DLOKNXDDR HMBKTCHMF RDMHNQ DWDBTtHUDR JDX OQNCTBt CDUDKNOLDMt ODQRNMMDK NQ JDX R@KDR @MC L@QJDtHMF ODQRNMMDK BNTKC RDUDQDKX h@QL NTQ ATRHMDRR @MC OQNRODBtR

Overview Management

RISKS RELATING TO MANAGEMENT

.TQ BNMtQNKKHMF Rh@QDhNKCDQR M@LDKX 4MHRtQDBh "N +tC NVMDC AX thD 2h@h E@LHKX VHKK NVM LNQD th@M CHQDBtKX @MC HMCHQDBtKX @tKD@Rt % NE NTQ DMtHQD HRRTDC Rh@QD B@OHt@K HM @FFQDF@tD BBNQCHMFKX NTQ BNMtQNKKHMF Rh@QDhNKCDQR VHKK h@UD thD @AHKHtX tN DWDQBHRD RHFMHEHB@Mt HMEKTDMBD NUDQ NTQ ATRHMDRR HMBKTCHMF tN DWDQBHRD HMEKTDMBD NUDQ LNRt NE thD UNtDR HM thD LDDtHMF NE Rh@QDhNKCDQR HM QDK@tHNM tN thD DKDBtHNM NE NTQ CHQDBtNQR NQ @MX NthDQ QDRNKTtHNM VhHBh QDPTHQDR L@INQHtX UNtDR DWBDOt ENQ thNRD L@ttDQR VhHBh QDPTHQD thQDD PT@QtDQR NE thD UNtDR B@Rt AX Rh@QDhNKCDQR @R QDPTHQDC AX K@V NQ NTQ @QtHBKDR NE @RRNBH@tHNM 3hDQDENQD Ht VNTKC AD CHEEHBTKt ENQ NthDQ Rh@QDhNKCDQR tN @BBTLTK@tD UNtDR HM NQCDQ tN OQNUHCD BhDBJR @MC A@K@MBDR HM L@ttDQR th@t thD BNMtQNKKHMF Rh@QDhNKCDQR h@R BNMtQNK NUDQ

RISKS RELATING TO THE OWNERSHIP OF OUR SHARES 6D L@X MNS AD @AKD SN NQ L@X DKDBS MNS SN O@X CHUHCDMCs. .TQ CHUHCDMC O@XLDMt ONKHBX HR tN O@X CHUHCDMCR HM thD @LNTMt NE MNt KDRR th@M % ODQ BDMt NE NTQ @MMT@K MDt OQNEHt @EtDQ BNQONQ@tD HMBNLD t@W @MC @OOQNOQH@tHNM NE Rt@tTtNQX QDRDQUDR EQNL thD C@tD thD "NLO@MX h@R ADDM KHRtDC NM thD 2$3 'NVDUDQ thD CHUHCDMC O@XLDMt ENQ D@Bh XD@Q L@X U@QX CDODMCHMF NM NTQ ATRHMDRR NODQ@tHNMR EHM@MBH@K BNMCHtHNM HMUDRtLDMt OK@M @MC thD MDDC ENQ VNQJHMF B@OHt@K ENQ ATRHMDRR NODQ@tHNMR @MC DWO@MRHNM @R VDKK @R NthDQ QDKDU@Mt E@BtNQR 3hD @ENQDR@HC O@XLDMt NE CHUHCDMCR HR RTAIDBt tN Bh@MFDR HM @BBNQC@MBD VHth thD RHtT@tHNM NOONQtTMHtHDR @MC thD QDRNKTtHNM NE thD !N@QC NE #HQDBtNQR (E VD h@UD NthDQ MDBDRRHtHDR RTBh @R ATRHMDRR DWO@MRHNM ETtTQD OQNIDBt HMUDRtLDMt NQ @MX TMENQDRDD@AKD DUDMtR VhHBh MDF@tHUDKX @EEDBt NTQ B@Rh EKNV VD L@X BNMRHCDQ O@XHMF @ KNVDQ Q@tD NE thD RODBHEHDC CHUHCDMCR NQ L@X DKDBt MNt tN O@X @MX CHUHCDMCR @t @KK VhHBh L@X HLO@Bt NTQ NQCHM@QX Rh@QD OQHBD @EtDQ ADHMF KHRtDC NM thD 2$3

6D CN MNt L@HMt@HM JDX ODQRNM HMRTQ@MBD ENQ LDLADQR NE NTQ L@M@FDLDMt tD@L (E VD KNRD thD RDQUHBDR NE @MX RDMHNQ L@M@FDLDMt VD L@X MNt AD @AKD tN HCDMtHEX RTHt@AKD NQ PT@KHEHDC QDOK@BDLDMtR @MC L@X HMBTQ @CCHtHNM@K DWODMRDR tN QDBQTHt @MC tQ@HM MDV ODQRNMMDK VhHBh BNTKC RDUDQDKX CHRQTOt NTQ ATRHMDRR @MC OQNRODBtR

ANNUAL REPORT 2015

87

Corporate Governance

MX HMBQD@RD HM OQDU@HKHMF HMtDQDRt Q@tDR BNTKC RTARt@MtH@KKX HMBQD@RD NTQ ETtTQD ANQQNVHMF BNRtR @MC QDRTKt HM @ hHFhDQ HMtDQDRt ATQCDM 3hHR L@X HM tTQM h@UD @ MDF@tHUD HLO@Bt NM NTQ ATRHMDRR EHM@MBH@K BNMCHtHNM QDRTKtR NE NODQ@tHNMR HM @ L@tDQH@K L@MMDQ

2. Our Controlling Shareholders are able to exercise significant influence over us.

Financial Information

R NE #DBDLADQ 4 @MC #DBDLADQ A@RDC TONM NTQ BNMRNKHC@tDC EHM@MBH@K Rt@tDLDMtR VD h@UD NM @ BNMRNKHC@tDC A@RHR NTtRt@MCHMF KN@MR EQNL EHM@MBH@K HMRtHtTtHNMR HM thD @LNTMt NE !@ht LHKKHNM@MC LHKKHNM QDRODBtHUDKX VhHBh @QD RTAIDBt tN EKN@tHMF HMtDQDRt Q@tDR

%TQthDQLNQD HE @MX NE NTQ DWDBTtHUD NEEHBDQR INHM @ BNLODtHtNQ NQ ENQL @ BNLODtHMF BNLO@MX VD L@X KNRD @ RHFMHEHB@Mt MTLADQ NE NTQ BTRtNLDQR VhHBh BNTKC h@UD @ MDF@tHUD DEEDBt NM NTQ ATRHMDRR B@Rh EKNV QDRTKt NE NODQ@tHNMR EHM@MBH@K BNMCHtHNMR @MC BNLLDQBH@K NOONQtTMHtHDR

General Information

24 . Our financial performance may be affected by fluctuations in interest rates.

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¥ Ó j m ¥ k ¡Ô v~Ó s s ¥ Û m ®p¦ j (/. ~ j ¨ ² m v¦ }p Ó t ® ¡Ô ¨sÔ v©}Ô ¡Ô ¥ Ô ¦~Ó j | j ~ j ¨sÔ ~ ¥p ­ ©kj ~ ­q j² }¨ kÔ j² } ¦ ¥p ­ ©kk p ¨ ² m v¦ }p q² ¡Ô v ­q } © Ó¥j 4 4 ¡Ô ¢ mÓ ­~ © Ô~Ó ¡Ô © Ô¥ ­ p j ¨sÔ j¨ ² m v¦ }p ­ j² }§} m| j j ¥qÔ Ô ­ ¦ ©}Ô ¡ ~ q j ­ s¡ ¢Ô ¡Ô ¦ Ô ¥ j ¥ k

j ¡Ô v¥ ­ ¡ q² 7 7 4 ¡Ô ¢ mÓ ­~ © Ô ¡Ô ¥ ­ ¥ k ¨ Ô¦jÓ s s (MHtH@K /TAKHB .EEDQHMF t ­p ©}Ô}² ¥ j q} ¥ ~ ­ s¡ v ¥j ­ j ¡Ô ¥ ­ ¡ } pj Ó j j { ¡ j qj mÔ j p | s × ¦ Ô ¥ ­ ­ 7 j jw m 4 j ¡ Ô v ¥ ­ ¡ q² 4 4 ¡ Ô ¢ mÓ ­ ~ © Ô ¡Ô ¥ ­ p ¨ ² m v¦ }p ­q t ® ¡Ô v k p ­ j¦ ¥ k ¨ Ô¦jÓ jp k p t p­ ©}Ô} ² ¥ j q} ¥ ~ ­ s¡ v ¥j ­ j ¡ Ô ¥ ­ ¡ } p j Ó j j { ¡ j qj mÔ j p | s × ¦ Ô ¥ ­ ­ 7 j jw m } p ® pq jj ¥ k j × ¨ Ô¦jÓ s s q² 7 7 4 ¡ Ô ¨ m p® ® ¦ ¡ Ô v¥ ­ ¡ q } ¥ ­ p ¨ ² m v 88

p q² Ë

© Ó¥j 4 4 Ó © Ó ¥ j Ë ¦~Ó ­ j¦ ¥ k ¨ ² m v¦ }p ¢ ×

¥ j ¨sÔ

q ¥ k ¨ ² m v¦ }p ¨ ¥ Ë ¦~Ó ­ ­ s¡ v ¢Ô ¡Ô m ®p ­ k p ¥ ­ ­ 7 ¡ ¡ ~ ¨ Ô j¦ ¥ k ¨ ² m v¦ }p ¨ Ô¦jÓ jp k p Ó ¦ Ó §} q ¥ Û j ¥ k ¥ pm ®p¥} p ¥kÔ q} ¥ ¨ ~ } j × ¦ q © Óq } ¨ ² m v¦ }p } pj Ó ¨ Ô¦jÓ jp ¨} p­ ¥j Ô k pq² j × ®p } ­¥ k ¨ m ®p ® ¡j ² j ¡} Ô k p¥} ¥ ­ m ¥ 4 Ë ¥} ¦~Ó j¨ ² m v¦ }p ®p ® j² }j ¨sÔ m p® ¡} Ô q ~ pj ¥ ² j jÓ ­ ¨ ² m v ¦ }p ¡m Ë ¦~Ó ­ ©}Ô j¦ ¥ k ¨ ² m v¦ }p ­ j ¨ Ô¦jÓ jp k p Ó ¦ Ó ¨ m ®p ®

(M @CCHtHNM NTQ $WtQ@NQCHM@QX &DMDQ@K ,DDtHMF NE 2h@QDhNKCDQR -N hDKC NM )TMD7 thD Ã…$&,Æ QDRNKUDC 3N HRRTD @M @CCHtHNM@K 7 4 NQCHM@QX Rh@QDR VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD @KKNB@tDC @R ENKKNVR » NQCHM@QX Rh@QDR HM thD @LNTMt NE Rh@QDR HM RTOONQt NE thD RtNBJ CHUHCDMC O@XLDMt @MC » NQCHM@QX Rh@QDR HM thD @LNTMt NE 7 4 Rh@QDR tN AD NEEDQDC NM @ QHFhtR NEEDQHMF A@RHR tN DWHRtHMF Rh@QDhNKCDQR OQN Q@t@ tN thDHQ NQHFHM@K Rh@QDhNKCHMF 6D h@UD HRRTDC @MC @KKNB@tDC thD NQCHM@QX Rh@QDR @MC QDFHRtDQDC RTBh VHth thD #DO@QtLDMt NE !TRHMDRR #DUDKNOLDMt ,HMHRtQX NE "NLLDQBD NM )TKX 7 EtDQ thD RtNBJ CHUHCDMC O@XLDMt @MC thD QHFhtR NEEDQHMF NTQ QDFHRtDQDC B@OHt@K Rh@KK AD 3'! 7 7 BNLOQHRDC NE 77 Rh@QDR VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD 3N Bh@MFD thD O@Q U@KTD NE NTQ NQCHM@QX Rh@QDR EQNL 3'! ODQ Rh@QD tN 3'! ODQ Rh@QD QDRTKtHMF HM thD MTLADQ NE NTQ tNt@K NQCHM@QX Rh@QDR ADHMF HMBQD@RDC EQNL 77 Rh@QDR tN 7 4 Rh@QDR 3N HRRTD @M @CCHtHNM@K 7 7 4 NQCHM@QX Rh@QDR VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD ENQ NEEDQHMF tN thD OTAKHB thQNTFh thD HMHtH@K OTAKHB NEEDQHMF Ã…(/.Æ 6D QDFHRtDQDC NTQ $&,ÄR QDRNKTtHNM QDF@QCHMF thD HMBQD@RD NE B@OHt@K VHth #DO@QtLDMt NE !TRHMDRR #DUDKNOLDMt ,HMHRtQX NE "NLLDQBD NM )TKX 7 4 3N HRRTD @M @CCHtHNM@K 4 4 NQCHM@QX Rh@QDR VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD tN RTOONQt thD DWDQBHRD NE thD $2./ 6@QQ@MtR HRRTDC @MC NEEDQDC tN thD "NLO@MXÄR DLOKNXDDR ENQ VhHBh VD QDFHRtDQDC NTQ $&,ÄR QDRNKTtHNM QDF@QCHMF thD HMBQD@RD NE B@OHt@K VHth thD #DO@QtLDMt NE !TRHMDRR #DUDKNOLDMt ,HMHRtQX NE "NLLDQBD NM )TKX 7

(M @CCHtHNM tN thD HRRTD NE NQCHM@QX Rh@QDR QDEDQQDC tN HM 2DBtHNM thD $&, O@RRDC @ QDRNKTtHNM tN @OOQNUD thD HRRT@MBD NE 4 4 NQCHM@QX Rh@QDR tN NTQ DLOKNXDDR @MC thD DLOKNXDDR NE NTQ RTARHCH@QHDR @MC NQ @EEHKH@tDR HM @BBNQC@MBD VHth thD ENKKNVHMF

Overview Management

/QHNQ tN thHR HMHtH@K OTAKHB NEEDQHMF NTQ O@HC TO QDFHRtDQDCB@OHt@K HR 3'! 7 BNLOQHRDC NE 7 NQCHM@QX Rh@QDR VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD

2 Other Securities-ESOP Warrants

LNTMS /DQHNC

-Nt DWBDDCHMF 4 4 TMHtR -Nt DWBDDCHMF XD@QR EQNL thD HRRTD @MC NEEDQHMF C@tD NE V@QQ@MtR .EEDQ /QHBD ODQ TMHS !@ht 9DQN !@ht $WDQBHsD OQHBD $WDQBHsD Q@SD

$PTHU@KDMt tN thD (/. OQHBD $@Bh hNKCHMF NE TMHt NE V@QQ@MtR HR DMtHtKDC tN BNMUDQt thD V@QQ@Mt HMtN NQCHM@QX Rh@QD DWBDOt HM thD B@RD th@t thD DWDQBHRD QHFht HR @LDMCDC TMCDQ @ BNMCHtHNM NE @LDMCLDMt @R VHKK AD OQDRBQHADC HM thD tDQLR @MC BNMCHtHNMR NE thD V@QQ@Mt KKNB@SDC NQCHM@QX -Nt DWBDDCHMF 4 4 Rh@QDR sG@QDs ENQ SGD O@Q U@KTD NE !@ht ODQ Rh@QD DWDQBHsHMF NE QHFGS (ssTD C@SD

#@tD RDt AX thD AN@QC NE CHQDBtNQR NQ BhHDE DWDBTtHUD NEEHBDQ @MC @OOQNUDC AX thD Rh@QDhNKCDQÄR LDDtHMF

.EEDQ ODQHNC

6D VHKK NEEDQ tN RDKK thD V@QQ@MtR VHthHM XD@Q NE thD C@tD CDtDQLHMDC AX NTQ $WtQ@NQCHM@QX &DMDQ@K ,DDtHMF MN C@tDC )TMD 7 VhHBh @OOQNUDC TR tN HRRTD @MC NEEDQ thD V@QQ@MtR tN NTQ DLOKNXDDR @MC thD DLOKNXDDR NE NTQ RTARHCH@QHDR @MC NQ @EEHKH@tDR ENKKNVHMF thD KHRtHMF NE NTQ Rh@QDR NM thD 2$3 6D Rh@KK MNt @KKNB@tD RTBh V@QQ@MtR tN @MX DLOKNXDD HM @M @LNTMt DWBDDCHMF % NE thD tNt@K @LNTMt NE RDBTQHtHDR NM NEEDQ @t th@t tHLD .M thD K@Rt C@X NE D@Bh LNMth BNLLDMBHMF EQNL thD EHQRt LNMth E@KKHMF 4 XD@QR @MC LNMthR ENKKNVHMF thD V@QQ@Mt HRRTD C@tD (M @CCHtHNM thD DWDQBHRD QHFht L@X AD DWDQBHRDC NM @MX NE thD EHM@K ATRHMDRR C@XR OQHNQ tN thD DWOHQX NE thD XD@Q V@QQ@Mt ODQHNC

$WDQBHsD ODQHNC

ANNUAL REPORT 2015

89

Corporate Governance

2TARDPTDMt tN thD OTAKHB NEEDQHMF NE 7 7 4 Rh@QDR @MC thD NEEDQHMF NE 4 4 NQCHM@QX Rh@QDR QDRDQUDC ENQ @KKNB@tHNM tN thD $2./ 6@QQ@MtR NTQ TthNQHYDC B@OHt@K VHKK AD 3'! 4 4 VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD HMBKTCHMF 4 O@HC TO NQCHM@QX Rh@QDR @MC 4 4 NQCHM@QX Rh@QDR QDRDQUDC ENQ @KKNB@tHNM tN thD $2./ 6@QQ@MtR

Financial Information

1. Registered Capital and Paid-up Capital

2TARDPTDMt tN thD HMHtH@K OTAKHB NEEDQHMF NE 7 7 4 NQCHM@QX Rh@QDR @MC @M NEEDQHMF NE 4 4 NQCHM@QX Rh@QDR tN RTOONQt thD DWDQBHRHMF NE thD $2./ 6@QQ@MtR NTQ @FFQDF@tD QDFHRtDQDC Rh@QD B@OHt@K VHKK AD 3'! 4 4 VHth @ O@Q U@KTD NE 3'! ODQ Rh@QD CHUHCHMF HMtN 4 O@HC TO NQCHM@QX Rh@QDR @MC 4 4 Rh@QDR tN RTOONQt thD DWDQBHRHMF NE thD $2./ 6@QQ@MtR

General Information

SECURITIES

§m p Ô pj ¡ Ô 2' 1$'.+#(-& 2314"341$ ¡ q} ¥ q² Ô ¦ Óp j¥ Û ¡Ô ¢ mÓ ¡Ô ¦ ¡ s² ¦ Ô q² Ô ¦ Óp j¥ Û ¡Ô ¢ mÓ ¡Ô

s ­ ¢ Ô ¡ Ô ¨ vÓ } ¦ jk p ¢ Ô ¡ Ô | ­ m ¥ Û } p ® ² } ­ 1 2 3 4 5 6 7 8 9 10

s ­ ¢Ô ¡Ô m m s × 1 ¥ j } ¦ m m 2 ,(-#. 2( (-5$23,$-3 +(,(3$# 23 3$ 231$$3 ! -* $41./$ +(,(3$# #!2 ! -* +3# -.1! 7, (-". ,1. / 1 ,)(3 2(-&' 2 6'-$8 p } p ~p -.".!. 31423 +(,(3$# -.1&$2 ! -* 11 § 3

q² ¡Ô 456,930,132 57,948,416 43,175,900 34,076,540 18,300,000 16,389,300 15,883,095 12,883,095 11,611,000 9,813,000 677,010,478

~ Ô k pq² ¡ Ô p® } 52.809 6.697 4.990 3.938 2.115 1.894 1.836 1.489 1.342 1.134 78.244

kÔ ¢ ¢ × j j × ¥ © q² j } 32# 1

¡Ô ­m m s × ¢Ó j }Ô 1.1 ¢ ¥~ t× q² j } ¡Ô k p ¥ jÔ © Ò©t¦ ¬ t× q² j } s q² 433,311,400 ¡Ô ¢ ¥~ t× q² j }

¡Ô §} p s × ¡Ô Ô 30.76 w×s v s × ¡Ô Ô 19.23 ¦ §j ¥ ¬jt× m × ¥ s ­ q² j } ¡Ô Ô 40.00

1.2 §j ¥ ¬jt× m × ¥ s ­ q² j } ¡Ô k p ¥ jÔ © Ò©t¦ ¬ t× q² j } s q² 177,448 ¡Ô §}

p s ~Ô s × ¡Ô Ô 99.998

1.3 w×s v s × ¡Ô k p ¥ jÔ © Ò©t¦ ¬ t× q² j } s q² 10,586,028 ¡Ô 1.4 p s × ¡Ô k p ¥ jÔ © Ò©t¦ ¬ t× q² j } s q² 10,586,028 ¡Ô 1.5 p s ~Ô s × ¡Ô k p ¥ jÔ © Ò©t¦ ¬ t× q² j } s q² 2,269,228 ¡Ô 2

¥ j } ¡Ô 45,982,716 ¡Ô p s } ¡Ô 2,440,000 ¡Ô ¡~ ¢ } ¡Ô 3,400,000 ¡Ô ¡} } ¡Ô 3,000,000 ¡Ô ¦ × ¡s } ¡Ô 3,125,700 ¡Ô .

3

90

p q² Ë

§ ¡Ô 8,268,200 ¡Ô ¡~ p ¥ t ¥ § ¡Ô 1,544,800 ¡Ô .

Overview Management

3GD "NLO@MX G@R @ 1DFHRSDQDC 2G@QD B@OHS@K NE 3G@H !@GS ,HKKHNM CHUHCDC HMSN RG@QDR VHSG O@Q U@KTD NE 3G@H !@GS D@BG @MC @ O@HC TO B@OHS@K NE 3G@H !@GS ,HKKHNM CHUHCDC HMSN RG@QDR NE 3G@H !@GS D@BG @S O@Q U@KTD

1 2 3 4 5 6 7 8 9 10

Name of Shareholder

2h@h %@LHKX ,Q. 5HUDJ #h@V@M @MC E@LHKX 2 ,HMCN RH@ (MUDRtLDMt +HLHtDC 2t@tD 2tQDDt !@MJ $TQNOD +HLHtDC #!2 !@MJ +3# -.1! 7, (-". ,Q. /@Q@LIHt 2HMFh 2@VhMDX ,HRR #T@MFM@O@ 3NMFRHQH -.".!. 3QTRt +HLHtDC Á -NQFDR !@MJ 11 ,Q. 3hNL@R AQ@h@L 3 Total 1

No. Of shares

%

456,930,132 57,948,416 43,175,900 34,076,540 18,300,000 16,389,300 15,883,095 12,883,095 11,611,000 9,813,000 677,010,478

52.809 6.697 4.990 3.938 2.115 1.894 1.836 1.489 1.342 1.134 78.244

SoTrBe 3h@HK@MC 2DBTQHtHDR #DONRHtNQX "N. +HLHtDC 1

2h@h E@LHKXÄR Rh@QDhNKCHMF BNLOQHRDR NE 1.1 433,311,400 2h@QDR NE ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHtDC hDKC AX 4MHRtQDtBh +HLHtDC. 4MHRtQDtBh +HLHtDC Rh@QDR

@QD hDKC AX ,Q. (Rh@@M 2h@h, 19.23%, ,R. 2@LDDQ@ 2h@h 30.76% @MC &KNADW "NQONQ@tHNM +HLHtDC 40.00%.

1.2 177,448 2h@QDR NE ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHtDC hDKC AX &KNADW "NQONQ@tHNM +HLHtDC, @ BNLO@MX

HMBNQONQ@tD HM 3h@HK@MC @MC NVMDC AX ,R. -HRhHt@ 2h@h tN thD tTMD NE 99.998%.

1.3 10,586,028 2h@QDR NE ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHtDC NVMDC AX ,Q. (Rh@@M 2h@h. 1.4 10,586,028 2h@QDR NE ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHtDC NVMDC AX ,R. 2@LDDQ@ 2h@h.

Financial Information

Sr. No

Corporate Governance

+(23 .% 3./ 2' 1$'.+#$12 2 .- #$"$,!$1 (2 2 !$+.6

1.5 2,269,228 2h@QDR NE ,DF@ +HEDRBHDMBDR /TAKHB "NLO@MX +HLHtDC NVMDC AX ,R. -HRhHt@ 2h@h. 2

,Q. 5HUDJ #h@V@M hNKCR 45,982,716 Rh@QDR TMCDQ hHR M@LD, hHR VHED, ,QR. 1@RhH #h@V@M hNKCR 2,440,000 Rh@QDR, hHR RNM ,Q. 3@QTM #h@V@M hNKCR 3,400,000 Rh@QDR, hHR RNM ,Q. 4CHt #h@V@M hNKCR 3,000,000 Rh@QDR @MC hHR RNM ,Q. MTI #h@V@M hNKCR 3,125,700 Rh@QDR. ,Q. 3hNL@R AQ@h@L hNKCR 8,268,200 Rh@QDR TMCDQ hHR M@LD, hHR C@TFhtDQ, ,HRR $KHY@ADth 3hNL@R hNKCR 1,544,800 Rh@QDR.

ANNUAL REPORT 2015

General Information

3

p j ¥ ­ ¦ pj ¡Ô k pm| j j ¦ ¢Ô j ¡Ô k pm| j j ¦ ¢Ô k p | ­ 30 m . . 2558 } p ® s ­ - j¡ s ©

~² ¦ Óp j j ¦ j j

31 m 2557

¥ ­ ¦ p + -

30 m 2558

¦m

w×s v s × 1

j j ¦ j j ~ q j j ¦ j j ¦ q | mÓ ~ ¦ j j ¦ s j m| j j ~ q j j ¦ s j m| j j ~ q j j

10,586,028

10,586,028

p s × 1

j j

10,586,028

10,586,028

s s s ¡|

j j

¥ j } 2

58,106,516

158,100

57,948,416

§ 3

j j ¥qÔ Ô ­ ¦ s jj j ¦ q | mÓ ~ ¦ j j ¦ ¥qÔ Ô j­ ¥p

12,268,200

2,455,200

9,813,000

p } p ~p

¥ ©

12,883,095

12,883,095

q ~ t pm× ×

Ó p ¥

15,883,095

15,883,095

q s }

¥ ¥ ×

4,773,420

4,773,420

§ s j mt

¢Ô ² j j ¥p

349,911

252,400

97,511

¢ Ó p¦qÔp ~Ó ~ j ~ s × 1

¥ ~¡ 1

j ~ s × p s × ¦ w×s v s × q j~ j¢ s × m p ¡Ô Ô 52.809 k p ¡ s² ¦ Ô O@HC TO B@OHt@K ®p p~ p Ó ¡Ô ¨ vÓ hNKCHMF BNLO@MHDR | ­ 30 m . .2558 Ô p p ¥ ~¡¨ }§m p Ô p¥p p ¡

2

j¥ q jj ¡Ô k p ¥ j } ­j Ó © ¦ Ô kÔ p~Ô m m k p ¥ j } ¥ }j m p ¡Ô } p ® s ­

m ×

q² ¡Ô ­ m p

¥ j }

45,982,716

p s }

2,440,000

¢ }

¡~ ¡¥j 18 Ë

3,400,000

¡} }

¡~ ¡¥j 18 Ë

3,000,000

× ¡s }

¡~ ¡¥j 18 Ë

3,125,700

} p ® m m k p ¥ j } m p ¡Ô q² ®p ® q² 57,948,416 ¡Ô | ­ 30 m . . 2558 3

j¥ q jj ¡Ô k p § ­j Ó © ¦ Ô kÔ p~Ô m m k p § ¥ }j m p ¡Ô } p ® s ­

m ×

q² ¡Ô ­ m p

p ¥ t ¥ §

¡~ ¡¥j 18 Ë

1,544,800

} p ® m m k p § m p ¡Ô q² ®p ® q² 9,813,000 ¡Ô | ­ 30 m . . 2558

p q² Ë

"' -&$ (- 2' 1$'.+#(-& .% !. 1# .% #(1$"3.12 -# , - &$,$-3

,Q. ,DBh@H 5HQ@U@HCX@

Designation

December 31, 2014

,Q. (Rh@@M 2h@h 1

(MCDODMCDMt #HQDBtNQ, "h@HQL@M NE !N@QC NE #HQDBtNQR (MCDODMCDMt #HQDBtNQ, "h@HQL@M NE TCHt "NLLHttDD (MCDODMCDMt #HQDBtNQ, "h@HQL@M NE -NLHM@tHNM 1DLTMDQ@tHNM "NLLHttDD (MCDODMCDMt #HQDBtNQ, ,DLADQ NE TCHt "NLLHttDD #HQDBtNQ, ,DLADQ NE -NLHM@tHNM 1DLTMDQ@tHNM "NLLHttDD #HQDBtNQ

,R. 2@LDDQ@ 2h@h 1

"hanges + -

December 30, 2015

10,586,028

10,586,028

#HQDBtNQ

10,586,028

10,586,028

,Q. 2hHQ@Y $. /NNMDU@K@

#HQDBtNQ

,Q. 5HUDJ #h@V@M 2

58,106,516

158,100

57,948,416

,Q. 3hNL@R AQ@h@L 3

#HQDBtNQ "$., ,DLADQ NE -NLHM@tHNM 1DLTMDQ@tHNM "NLLHttDD #HQDBtNQ "%.

12,268,200

2,455,200

9,813,000

,R. #T@MFM@O@ 3NMFRHQH

,@M@FDLDMt

12,883,095

12,883,095

,Q. /@Q@LIHt 2HMFh 2@VhMDX

,@M@FDLDMt

15,883,095

15,883,095

,Q. &HQHRh 6@ChV@

,@M@FDLDMt

4,773,420

4,773,420

,Q. ,@MNI &TQATW@MH

,@M@FDLDMt

349,911

252,400

97,511

,Q. K@M *@L ,Q. ,@MT 2@V@MFI@DMF ,Q. 3hNQ 2@MthHRHQH ,Q. *HQHt ". 2h@h 1

Management

Name-Surname

Corporate Governance

No. of equity shares held as on

Overview

#HQDBtNQR @MC L@M@FDLDMtÄR Rh@QDhNKCHMF HM thD "NLO@MX @R @t #DBDLADQ 30, 2015 HR @R ENKKNVR

-NtD ,Q. *HQHt 2h@h, ,R. 2@LDDQ@ 2h@h @MC ,Q. (Rh@@M 2h@h @QD @ O@Qt NE thD 2h@h E@LHKX VhHBh CHQDBtKX NQ thQNTFh hNKCHMF BNLO@MHDR NVMR 52.809% NE thD O@HC TO B@OHt@K @R NM #DBDLADQ 30, 2015 QDEDQ MNtD TMCDQ B@OHt@K RtQTBtTQD .

2

(M @CCHtHNM tN ,Q. 5HUDJ #h@V@MÄR Rh@QDhNKCHMF @R LDMtHNMDC @ANUD hHR E@LHKX NVMR Rh@QDR @R ADKNV Name

Relationship

No. of shares held

,Q. 5HUDJ #h@V@M

'TRA@MC

45,982,716

,QR. 1@RhH #h@V@M

6HED

2,440,000

,Q. 3@QTM #h@V@M

2NM FD @ANUD 18 XD@QR

3,400,000

,Q. 4CHt #h@V@M

2NM FD @ANUD 18 XD@QR

3,000,000

,Q. MTI #h@V@M

2NM FD @ANUD 18 XD@QR

3,125,700

Financial Information

1

,Q. 5HUDJ #h@V@MÄR E@LHKXÄR tNt@K Rh@QDhNKCHMF, @R @ANUD, HR 57,948,416 Rh@QDR @R NM #DBDLADQ 30, 2015. (M @CCHtHNM tN ,Q. 3hNL@R AQ@h@LÄR Rh@QDhNKCHMF @R LDMtHNMDC @ANUD hHR E@LHKX NVMR Rh@QDR @R ADKNV Name

Relationship

No. of shares held

,HRR $KHY@ADth 3hNL@R

#@TFhtDQ FD @ANUD 18 XD@QR

1,544,800

,Q. 3hNL@R AQ@h@LÄR E@LHKXÄR tNt@K Rh@QDhNKCHMF, @R @ANUD, HR 9,813,000 Rh@QDR @R NM #DBDLADQ 30, 2015.

ANNUAL REPORT 2015

General Information

3

p q² Ë

­ ~ ¥ ©

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¥ ¥ ± ¦ 'D@C "N@BG q s }

¥ } Ê Ê × © q ¥ ¥ ¥ ¢j } j õ ¥ ¥t ¥ j ¥

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General Information

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Percent of Shareholding

R NM #DBDLADQ 30, 2015 'DKC 10,586,028 Rh@QDR QDOQDRDMtHMF 1.223 % NE thD HRRTDC @MC O@HC TO B@OHt@K

Family Relationship between the Director or Other Executive

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Overview

Director

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» !@BhDKNQ NE $MFHMDDQHMF, #DKhH "NKKDFD NE $MFHMDDQHMF » ,! , 2NTthDQM (KKHMNHR 4MHUDQRHtX, 4.2. (OD Training » #"/ -N. 159 2012

Percent of Shareholding

R NM #DBDLADQ 30, 2015 'DKC 57,948,416 Rh@QDR QDOQDRDMtHMF 6.697 % NE thD HRRTDC @MC O@HC TO B@OHt@K

Family Relationship between the Director or Other Executive

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Experiences in the 2013 /QDRDMt #HQDBtNQ, ,DLADQ NE 1DLTMDQ@tHNM @MC -NLHM@tHNM "NLLHttDD @MC "hHDE $WDBTtHUD past 5 8ears .EEHBDQ, ,DF@ +HEDRBHDMBDR /"+ ,@MTE@BtTQD @MC CHRtQHATtD MTtQ@BDTtHB@K @MC Oh@QL@BDTtHB@K OQNCTBtR 1988 2013 "hHDE $WDBTtHUD .EEHBDQ, ,DF@ +HEDRBHDMBDR "N., +tC. ,@MTE@BtTQD @MC CHRtQHATtD MTtQ@BDTtHB@K @MC Oh@QL@BDTtHB@K OQNCTBtR ANNUAL REPORT 2015

Financial Information

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Education

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Overview

Education

(OD Training » #"/ -N. 103 2008 Percent of Shareholding

R NM #DBDLADQ.30, 2015 'DKC 9,813,000 Rh@QDR QDOQDRDMtHMF 1.134 % NE thD HRRTDC @MC O@HC TO B@OHt@K

Family Relationship between the Director or Other Executive

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Management

Experiences in the 1998 /QDRDMt #HQDBtNQ @MC "hHDE %HM@MBH@K .EEHBDQ, ,DF@ +HEDRBHDMBDR /"+ ,@MTE@BtTQD @MC CHRtQHATtD MTtQ@BDTtHB@K @MC Oh@QL@BDTtHB@K OQNCTBtR past 5 8ears 1997 %HM@MBH@K ,@M@FDQ, ,DF@ +HEDRBHDMBDR "N., +tC. ,@MTE@BtTQD @MC CHRtQHATtD MTtQ@BDTtHB@K @MC Oh@QL@BDTtHB@K OQNCTBtR

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Percent of Shareholding

R NM #DBDLADQ 30, 2015 'DKC 15,883,095 Rh@QDR QDOQDRDMtHMF 1.835% NE thD HRRTDC @MC O@HC TO B@OHt@K

Family Relationship between the Director or Other Executive

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President, (nternational

Experiences in the » /QDRHCDMt (MtDQM@tHNM@K 'D@C "N@Bh, ,DF@ +HEDRBHDMBDR /"+ ,@MTE@BtTQDQ @MC CHRtQHATtNQ NE LDCHBHM@K RTOOKDLDMtR @MC Oh@QL@BDTtHB@K OQNCTBtR past 5 8ears

President, Thailand Mega We Care Education

» !@BhDKNQ NE /h@QL@BX, "hTK@KNMFJNQM 4MHUDQRHtX, 3h@HK@MC (OD Training » #"/ -N. 161 2012

Percent of Shareholding

R NM #DBDLADQ 30, 2015 hDKC 12,883,095 Rh@QDR QDOQDRDMtHMF 1.489% NE thD HRRTDC @MC O@HC TO B@OHt@K

Family Relationship between the Director or Other Executive

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ANNUAL REPORT 2015

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Percent of Shareholding

R NM #DBDLADQ 30, 2015 'DKC 4,773,420 Rh@QDR QDOQDRDMtHMF 0.551% NE thD HRRTDC @MC O@HC TO B@OHt@K

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ANNUAL REPORT 2015

General Information

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Financial Information

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General Information

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Overview Management

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Corporate Governance

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ANNUAL REPORT 2015

115

Financial Information

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General Information

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j j q ~Ô p¥ Û s jk pm| j j ¦ q ~Ô p ¢j¥j |q j~² ¦ Óp~ m| j j j² } ¥ ² j j ¦~Óq ~Ô p©}Ô j ~ q q | m ¥s ­ s v¦ m ¢ Ô ¥ j ­ j j }² ¥ p k p ­ j j m m¡

11

p q² Ë

,HMHLTL NMD thHQC NE thD #HQDBtNQR QDtHQD AX QNt@tHNM @MC RHFM thD +DttDQ NE "NMRDMt VhHBh HR h@MCDC NUDQ tN thD -NLHM@tHNM "NLLHttDD. 3hD #HQDBtNQRÄ ODQENQL@MBD @OOQ@HR@K HR BNMCTBtDC AX thD 1DLTMDQ@tHNM @MC -NLHM@tHNM "NLLHttDD @MC thD QDRODBtHUD #HQDBtNQR @QD thDM QDBNLLDMCDC ENQ @OONHMtLDMt AX 2h@QDhNKCDQR HM thD MMT@K &DMDQ@K LDDtHMF. IM thD DUDMt thD BNLO@MX HR TM@AKD tN HCDMtHEX RTHt@AKD B@MCHC@tDR thDM thD "NLLHttDD L@X TRD @ OQNEDRRHNM@K RD@QBh EHQL NQ I.# #HQDBtNQ ONNK @R Ht CDDLR @OOQNOQH@tD. 3hD "NLO@MX h@R @M NQHDMt@tHNM OQNFQ@L ENQ MDV #HQDBtNQR INHMHMF thD !N@QC. 3hD NQHDMt@tHNM OQNFQ@L BNLOQHRDR NE QD@CHMF L@tDQH@KR, UHCDNR @MC @KRN BNLLTMHB@tHNM VHth thD ,@M@FDLDMt tD@L @MC *DX $WDBTtHUDR NE thD "NLO@MX. (ndependent Directors shall be those who are » -Nt DLOKNXDDR NE thD BNLO@MX NQ HtR RTARHCH@QHDR » $WODQtR HM thD HMCTRtQX NQ @MX ETMBtHNM VhHBh thDX QDUHDV HM thD BNLO@MX. » '@UHMF MN ATRHMDRR NQ CD@KHMFR NQ QDK@tHNM VHth thD BNLO@MX NQ HtR RTARHCH@QHDR VhHBh VHKK BNLOQNLHRD thD HMtDQDRtR NE thD BNLO@MX NQ HtR Rh@QDhNKCDQR 3hD IMCDODMCDMt #HQDBtNQR Rh@KK AD LDLADQR NE "NLLHttDDR @MC Rh@KK AD @U@HK@AKD ENQ QDtHQDLDMt AX QNt@tHNM. 3hD !N@QC L@X @RRHFM @ tHLD KHLHt ENQ thD IMCDODMCDMt #HQDBtNQR, hNVDUDQ, thHR Rh@KK AD QDUHDVDC BNMRHCDQHMF thD DWODQtHRD @MC thD JMNVKDCFD @ANTt thD BNLO@MX NODQ@tHNMR th@t thD IMCDODMCDMt #HQDBtNQR ONRRDRR.

Overview

3hDX LTRt MNt AD QDK@tDC CHQDBtKX NQ HMCHQDBtKX tN @MX NE thD NthDQ #HQDBtNQR. 3hDX LTRt MNt h@UD @ QDK@tDC ATRHMDRR OTQRT@Mt tN thD QDFTK@tHNMR NE thD 2DBTQHtHDR @MC $WBh@MFD "NLLHRRHNM @MC @KRN LTRt AD EQDD EQNL @MX CHQDBt NQ HMCHQDBt EHM@MBH@K NQ NthDQ HMtDQDRt HM thD L@M@FDLDMt @MC ATRHMDRR NE thD BNLO@MX, HtR RTARHCH@QHDR, @RRNBH@tDC BNLO@MHDR NQ L@INQ Rh@QDhNKCDQR. 3hDX LTRt MNt AD @BtHMF @R thD -NLHMDD NQ QDOQDRDMt@tHUD NE @MX #HQDBtNQ, L@INQ Rh@QDhNKCDQ R, QDK@tHUD NE RTBh Rh@QDhNKCDQR NE thD BNLO@MX. 3hD "NLO@MX DMBNTQ@FDR thD ONKHBX NE L@WHLTL tDQL NE MHMD 09 XD@QR HM NEEHBD. 'NVDUDQ, HE thD IMCDODMCDMt #HQDBtNQR DWBDDC thD tDQL thDM -NLHM@tHNM "NLLHttDD Rh@KK DU@KT@tD @MC CHRBKNRD HM thD "NQONQ@tD &NUDQM@MBD QDONQt VhHBh HR @ O@Qt NE thD @MMT@K QDONQt @MC thD @MMT@K QDFHRtQ@tHNM Rt@tDLDMt. b) Directors’ remuneration 3hD QDLTMDQ@tHNM NE IMCDODMCDMt #HQDBtNQR @MC NthDQ MNM DWDBTtHUD #HQDBtNQR h@R ADDM CDBHCDC AX thD !N@QC @R @ EHWDC QDt@HMDQ RhHO EDD VHth MN @CCHtHNM@K ANMTR NQ NthDQ U@QH@AKD O@XLDMt. $WDBTtHUD #HQDBtNQR Rh@KK MNt QDBDHUD @MX QDLTMDQ@tHNM @R #HQDBtNQR RHMBD thDX @QD DMtHtKDC tN QDBDHUD R@K@QHDR @MC NthDQ ODQPTHRHtDR HM @BBNQC@MBD VHth thDHQ QDRODBtHUD BNMtQ@BtR. 3hD QDLTMDQ@tHNM ENQ IMCDODMCDMt @MC -NMDWDBTtHUD #HQDBtNQR, R@K@QHDR @MC NthDQ ODQPTHRHtDR ENQ $WDBTtHUD #HQDBtNQR @MC JDX L@M@FDLDMt DWDBTtHUDR h@UD ADDM CDKDF@tDC AX thD !N@QC NE #HQDBtNQR tN thD 1DLTMDQ@tHNM @MC -NLHM@tHNM "NLLHttDD VhHBh h@R @M IMCDODMCDMt #HQDBtNQ @R @ "h@HQL@M. 3hHR "NLLHttDD Rh@KK L@JD QDBNLLDMC@tHNMR tN thD !N@QC NE #HQDBtNQR ENQ thDHQ @OOQNU@K.

Management

3hD 1DLTMDQ@tHNM @MC -NLHM@tHNM "NLLHttDD DU@KT@tDR thD ODQENQL@MBD NE thD #HQDBtNQR @MC thD M@LDR NE thD EHQRt @MC RDBNMC KHRt NE #HQDBtNQR tN QDtHQD VDQD RDKDBtDC AX CQ@VR @MC thDQD@EtDQ thD "NLO@MX ENKKNVR thD R@LD O@ttDQM DUDQX thQDD XD@QR.

3hDX LTRt MNt AD HMUNKUDC HM thD C@X tN C@X L@M@FDLDMt NE thD BNLO@MX NQ @ QDK@tDC ATRHMDRR NQ @MX NE HtR RTARHCH@QHDR NQ @RRNBH@tDC BNLO@MHDR.

Corporate Governance

3hD #HQDBtNQR h@UD ADDM @OONHMtDC AX Rh@QDhNKCDQR HM thD $&, C@tDC %DAQT@QX 01, 2013. 3hD #HQDBtNQR VhN h@UD QDRHFMDC thDQD@EtDQ h@UD ADDM QD@OONHMtDC AX thD 2h@QDhNKCDQR HM thD MMT@K &DMDQ@K ,DDtHMF K@Rt hDKC. 3hD BQDCDMtH@KR NE thD #HQDBtNQR HMBKTCHMF DCTB@tHNM@K PT@KHEHB@tHNMR, VNQJHMF DWODQHDMBD, ONRHtHNMR hDKC HM NthDQ NQF@MHY@tHNMR, MTLADQ NE XD@QR @R #HQDBtNQR @MC KDF@K CHROTtDR, DtB h@UD ADDM BNMRHCDQDC VhHKD ADHMF @OONHMtDC.

3hDX LTRt MNt hNKC Rh@QDR HM thD BNLO@MX DHthDQ CHQDBtKX NQ HMCHQDBtKX DWBDDCHMF 0.75% NE thD O@HC TO B@OHt@K NE thD BNLO@MX.

Financial Information

a) Appointment and Reappointment of Directors

Qualifications of Independent Directors

3hD #HQDBtNQRÄ QDLTMDQ@tHNM HR BNLO@QDC VHth thD IMCTRtQX, /DDQR @MC thD BNLO@MHDR VHth RHLHK@Q L@QJDt B@OHt@KHY@tHNM. 3hD "NLO@MX OQNUHCDR @CCHtHNM@K QDLTMDQ@tHNM ENQ LDLADQRhHOR HM "NLLHttDDR.

ANNUAL REPORT 2015

11

General Information

3hD "NLO@MX CNDR MNt h@UD @MX @FQDDLDMtR VHth HtR Rh@QDhNKCDQR @MC h@R @ tQ@MRO@QDMt RtQTBtTQD NE hNKCHMF RTARHCH@QHDR @MC NQ INHMt UDMtTQDR. IM @CCHtHNM, thD "NLO@MX CNDR MNt h@UD @ OXQ@LHC Rh@QDhNKCHMF RtQTBtTQD VHthHM thD HtR FQNTO NE BNLO@MHDR.

3) j ¦~Óp~ p® ¢ Ô vs q j j pm×j ¦ j ¡ ~ m Ó ~ q vs m| j j ~ q q ¥ Û ¢ Ô }s ¨ j ¦~Óp~ p® ¢ Ô vs j t ­pq q | q j j }² ¥ p ¦ k ® ¢Ój j j ¢Ô vs kÔ ¥ ¦ ¨}« ­q ¥ ­ ¢Ô vs jq ~Ô p©}Ô j ¡ ~ q jm| j j ~ q ¥ } ¥j ­ j ¢ Ô vs j © }Ô s ­ ¥ k s jk p ¡ Ô Ó ¢ Ô Ó p mÓ ~ ¦ ² j ~ q ¦ mÓ ~ ¦ ­ « q ~Ô p Ó j ¡ ~ q j ¢Ô ¡Ô ¢Ô vs ­ q j j pm×j ©}Ô j ¦~Óp~ ®pm ®p Ó ¡}§} ¢Ô ¡Ô ¨ j s¡ v q² ˨ ­ 10¥ . . 2558 ¦ ¥ }~Ó p« ¥sÓ s ­ vs s ­ ¢Ô vs Ó p Ô 3 s ­ m ¥ Û k p ¢Ô vs mÓ vs mÓ j ­ «¦ ¥ } ² m v« ¥­ j ­ kÔ p pm ¥ ¬ k p m| j j ©}Ô j ¥ Ê}¥ ~Ó ¢Ô ¡Ô Ô ®p p ¥s v 4) j qÓ ¥p Ù § ¥p Ù § k p m j qÓ ¥p Ù © Ó Ô j Ó Ô 25 k p j² © ¡ k p ¨ ¦~Ó Ë pq j jmÓ pm×j ¦ j q } ¥p j² © ¥ ­ ² p~ jw ®p ® j qÓ ¥p Ù ¨ ¦~Ó Ë qq © Ó¥ Ó j k ® ¢Ó j j }² ¥ ¡ j qk p pj ¥p ¦ j p ¡ ¦ m q² ¥ Û ¨ }Ô ¥p ¡ ¡ ¥ ² j }² ¥ ¡ j q~ }q j k ¡ j q¦ Ùqq ~Ó p« ­¥j ­ kÔ p t ­pk ® ¢Ój j q | ~ m ¥ k pm| j j ¦ ¢Ô ¡Ô

5) j ¨sÔkÔ ¢ ¨ ¦ j t ® k j × §} ¡mm ¨ ©}Ôj² } § ¦ q | p ¡ j q¥ Û j |× j ¥j ­ j j ¨sÔk Ô ¢ ¥­ Û m ¦ kÔ ¢ ¨ ¥ ­ Ï pj j ¨sÔk Ô ¢ © ¨ p ­ } jw §} § } pj Ó ©}Ô j ¥ © ¢Ó jp ¥ ­ ¦qÔp¨ Ô ¦ p ©}Ô j q } ¦jÓ jp j}Ô ¥ ­ ¨ Ô p¦ p¥ Ó ® j}Ô ®p ® j j ¢Ô ¡§ ¢Ô vs ¦ jp ­ ¥kÔ pkÔ ¢ p j ¥p ¦ kÔ ¢ ² m v ¨ ~Ó p« ~Ô p¥ Ê}¥ kÔ ¢ j j ×k p ¦ p j ¥ ­ ¦ p ­ ¥j ­ kÔ pj j j ×}p j Ó ¨ Ô m| j j j² j j × ¦ ~ } j צ Óp ¥ © t p­ j j ×}p j Ó ® © pj ¥ Ê}¥ kÔ ¢ ¦ p m ¥ ­ ¦ p¨ j j ×k p §} m¢Ó ¦ ¥}¬j ­ p© Ó ¡ ~ ~Ó m| j j j² j j × ¨~Ô ~ ­ 59 k p s vv ~ j צ ~ } j × ¨ ¦~Ó Ë j j ×} pj Ó q ©}Ô j ¥ Ê}¥ ~Ó ¨ ¢ ¦ ­©}Ô j ¡ ~ q jm| j j p® ® jw ¥ ¥­ j ­ kÔ pj j ¨sÔk Ô ¢ ¨ } p~Ó © ® 1

j j ¢Ô ¦ jp ®p }k p q ~Ô p j m ¦ ¥j¬ j kÔ ¢ © Ô ¨ j¥ Ô ¨ j | ­¨sÔ¥ ­ ~ ¡ pm× ¨ j }² ¥ ¡ j qk p

2

j j ¢Ô ¦ jp ®p }k p q ~Ô p © Ó¥ Ê}¥ kÔ ¢ ­¥ Û m ¦ kÔ ¢ ¨ k p ¥ ­ ~ ¡ pm× ¨ j § s × Ó ~ k p ¢Ô ­ © Ó Ó q §} p~ p p Ô §} © Ó¥j ­ kÔ p Ó § s ×} pj Ó m q ©}Ô © Ó

3

j j ¢ Ô ¦ jp p® }k p q ~Ô p© Ó k t ® Ó § § j ×k p §} j ¨sÔkÔ ¢ ­¥ Û m ¦ kÔ ¢ ¨ k p ¨ j | ­ qjÓ ¨ Ô¥j }m ¥ ~Ó © Ó Ó q §} p~ p p Ô t p­ kÔ j² }} pj Ó ® pm ¨sÔj m¢ Ó ¦ ¡ ~ } ­ p © Ó ¡ ~ k p ¢ Ô ­ ¥ Û j j ¢Ô ¦ jp k p ¢Ô ¨} ¥ }jw ¥ kÔ ® Ó ©}Ôj ² m } Ô ¦ p pjw

¥p Ù ¨ Ë . . 2558 q jj s¡ m| j j ¨ ­ 13 p m . . 2557 j j ©}Ô ¡ ~ j q } ¥p Ù Ó pj ¨ ~ ¡Ô 0.10 ¥ Û ¥p ®p ® 86.5 Ô §} ©}Ô j qÓ ¨ Ô ¢Ô ¡Ô | ­ 28 p m . . 2557 ¨ sÓ p¥} j Ë . . 2557 ¨ j s¡ v q² Ëk p ¢Ô ¡Ô ¨ ­10 ¥ . . 2558 ¢Ô ¡Ô ©}Ô ¡ ~ j q } j² © ¦ j qÓ ¥p Ù k ® ¡} Ô ¨ ~ ¡Ô 0.25 ¥ Û ¥p ®p ® 216.3 Ô §} qÓ ¨ Ô ¢Ô ¡Ô ¦ Ô ¨ ¥} ¥ Ë . . 2558 ¨ j x ~ ~ § j qÓ ¥p Ù ¥p Ù ­~Ô p qÓ ² Ë . . 2557 ¥ Û ¡Ô 0.35 ¥ Û ¥p ®p ® 302.8 Ô q jj s¡ m| j j ¨ ­ 13 p m . . 2558 j j ©}Ô ¡ ~ j q } ¥p Ù Ó pj ¨ ~ ¡Ô 0.16 ¥ Û ¥p ®p ® 138.44 Ô §} ©}Ô j qÓ ¨ Ô ¢Ô ¡Ô ¨ sÓ p¥} j Ë . . 2558

11

p q² Ë

§ j² } Ó j j ¦ ¢ Ô p® }k p ­ pkÓ kÔ ¢ ¨ ­ ~Ó j ¥ ­ ¦ pkÔ ¢ m j × q ~Ô p¨sÔm } p¨ j t ® k j ×k p ¨ 1 ¥} Ó p Ô ¦ 2 q j ­ ­ p j ¥p ©~ ¦ p j ¥p q² Ëj ~ } j צ Óp ¥ © jq j ® ¨ 24 s ­ § p pq jj ¥ Ê}¥ kÔ ¢ ¨ } pj Ó ~Ó | © Ó Ó q §} ~ ®p¨q © Ó~ ®p¨qj¬~ ¢j ¥ Óp}Ó q­ ~Ô p¥ Ê}¥ ¦ ¦qÔpkÔ ¢ ¨ } pj Ó

Dividend Policy 3hD ONKHBX NE thD BNLO@MX HR tN O@X @R CHUHCDMCR MNt KDRR th@M 25 ODQBDMt NE thD BNLO@MXÄR @MMT@K MDt OQNEHt @EtDQ BNQONQ@tD HMBNLD t@W @MC @OOQNOQH@tHNM NE Rt@tTtNQX QDRDQUDR . 'NVDUDQ, thD CHUHCDMC O@XLDMt ENQ D@Bh XD@Q L@X U@QX CDODMCHMF TONM thD ATRHMDRR NODQ@tHNMR NE thD "NLO@MX, EHM@MBH@K BNMCHtHNMR, HMUDRtLDMt OK@M @MC thD MDDC ENQ VNQJHMF B@OHt@K ENQ ATRHMDRR NODQ@tHNM @MC DWO@MRHNM @R VDKK @R NthDQ QDKDU@Mt E@BtNQR, @R thD !N@QC NE #HQDBtNQR @MC NQ thD Rh@QDhNKCDQR NE thD "NLO@MX CDDL @OOQNOQH@tD.

t thD @MMT@K FDMDQ@K LDDtHMF NE thD Rh@QDhNKCDQR NE thD "NLO@MX hDKC NM OQHK 10, 2015, thD Rh@QDhNKCDQR @OOQNUDC thD @OOQNOQH@tHNM NE OQNEHtR @MC O@XLDMt NE EHM@K CHUHCDMC NE !@ht 0.25 ODQ Rh@QD, @LNTMtHMF tN !@ht 216.3 LHKKHNM. 3hD CHUHCDMCR VDQD O@HC tN Rh@QDhNKCDQR HM OQHK 2015. IM BNLOKH@MBD VHth #HUHCDMC /NKHBX, tNt@K #HUHCDMC O@HC ENQ XD@Q 2014 V@R 0.35 ODQ Rh@QD, @LNTMtHMF tN !@ht 302.8 ,HKKHNM. t thD LDDtHMF NE thD !N@QC NE #HQDBtNQR NE thD "NLO@MX hDKC NM TFTRt 13, 2015, thD CHQDBtNQR @OOQNUDC thD @OOQNOQH@tHNM NE HMtDQHL CHUHCDMCR NE !@ht 0.16 ODQ Rh@QD, @LNTMtHMF tN !@ht 138.44 LHKKHNM. 3hD CHUHCDMCR VDQD O@HC HM 2DOtDLADQ 2015.

Overview

$@Bh XD@Q RTBh hNKCHMFR @QD CDBK@QDC tN thD "NLO@MX HM thD ENQL @R L@X AD @OOQNUDC AX thD !N@QC NE #HQDBtNQR. 3hD QDFTK@tHNMR QDF@QCHMF thD TRD NE IMRHCD HMENQL@tHNM NE thD "NLO@MX @QD @R ENKKNVR H

KK #HQDBtNQR, DWDBTtHUDR @MC DLOKNXDDR NE thD "NLO@MX Rh@KK JDDO BNMEHCDMtH@K @MC NQ HMtDQM@K, @KK HMENQL@tHNM NE thD "NLO@MX DWBDOt ENQ thD OTQONRD NE thD NODQ@tHNMR NE thD "NLO@MXÄR ATRHMDRR

HH

KK #HQDBtNQR, DWDBTtHUDR @MC DLOKNXDDR NE thD "NLO@MX Rh@KK MNt CHRBKNRD BNMEHCDMtH@K @MC NQ HMtDQM@K HMENQL@tHNM NE thD "NLO@MX VHth thD @HL tN RDDJ ADMDEHt ENQ NMDRDKE NQ ENQ NthDQ ODQRNMR DHthDQ CHQDBtKX NQ HMCHQDBtKX QDF@QCKDRR NE VhDthDQ NQ MNt RTBh ADMDEHt HR tN AD QDBDHUDC @MC

HHH

KK #HQDBtNQR, DWDBTtHUDR @MC DLOKNXDDR NE thD "NLO@MX Rh@KK MNt RDKK, OTQBh@RD, tQ@MREDQ NQ t@JD thD @RRHFMLDMt NE RDBTQHtHDR NE thD "NLO@MX AX TRHMF BNMEHCDMtH@K @MC NQ HMtDQM@K HMENQL@tHNM NE thD "NLO@MX HM @ L@MMDQ th@t BNTKC ONRRHAKX B@TRD C@L@FD tN thD "NLO@MX DHthDQ CHQDBtKX NQ HMCHQDBtKX. 3hHR OQNUHRHNM Rh@KK @KRN @OOKX tN RONTRDR @MC LHMNQ BhHKCQDM NE thD #HQDBtNQR, DWDBTtHUDR @MC DLOKNXDDR NE thD "NLO@MX. 5HNK@tNQR NE thD QDFTK@tHNMR Rh@KK AD BNMRHCDQDC @R @ RDQHNTR NEEDMBD.

Dividend during year 2015 t thD LDDtHMF NE thD !N@QC NE #HQDBtNQR NE thD "NLO@MX hDKC NM TFTRt 13, 2014, thD CHQDBtNQR @OOQNUDC thD @OOQNOQH@tHNM NE HMtDQHL CHUHCDMCR NE !@ht 0.10 ODQ Rh@QD, @LNTMtHMF tN !@ht 86.5 LHKKHNM. 3hD CHUHCDMCR VDQD O@HC tN Rh@QDhNKCDQR @R NM TFTRt 28, 2014 CTQHMF 2DOtDLADQ 2014.

Management

d) Payment of Dividend

KK #HQDBtNQR, 2DMHNQ ,@M@FDLDMt @TCHtNQR @MC DLOKNXDDR VhN h@UD @BBDRR tN EHM@MBH@K Rt@tDLDMtR @MC NthDQ BQHtHB@K HMtDQM@K HMENQL@tHNM @QD QDPTHQDC tN CHRBKNRD thDHQ RDBTQHtHDR hNKCHMFR HM thD "NLO@MX @MC QDONQt @MX Bh@MFDR thDQDHM tN thD "NLO@MX, 2DBTQHtHDR @MC $WBh@MFD "NLLHRRHNM @MC 2tNBJ $WBh@MFD NE 3h@HK@MC. 3hD @ENQDLDMtHNMDC hNKCHMFR HMBKTCHMF @MX RDBTQHtHDR hNKCHMFR HM thD "NLO@MX AX thD RONTRDR @MC NQ LHMNQ BhHKCQDM MDDC tN AD CHRBKNRDC @MC Bh@MFDR thDQDHM MDDC tN AD QDONQtDC tN thD NEEHBD NE 2DBTQHtHDR $WBh@MFD "NLLHRRHNM TMCDQ RDBtHNM 59 NE thD 2DBTQHtHDR $WBh@MFD Bt.

3hD ONKHBX L@MC@tDR th@t thD CHQDBtNQR @MC L@M@FDLDMtR NE thD "NLO@MX VhN JMNV L@tDQH@K HMRHCD HMENQL@tHNM @EEDBtHMF Bh@MFDR HM RDBTQHtHDR OQHBD, LTRt AD B@TtHNTR HM thD tQ@CHMF NE RDBTQHtHDR NE thD "NLO@MX VHthHM NMD LNMth OQHNQ @MC ANNUAL REPORT 2015

11

Corporate Governance

3hD DWtDQM@K @TCHtNQR h@C ADDM K@Rt @OONHMtDC AX thD Rh@QDhNKCDQR HM thD &, hDKC NM OQHK 10, 2015 @MC CDt@HKR RTBh @R M@LD NE thD TCHt EHQL @MC thD @TCHtNQÄR M@LDR LHMHLTL 03 M@LDR , HMCDODMCDMBD NE thD OQNONRDC @TCHtNQR, TCHt EDD, -NM TCHt %DD @MC NthDQ QDK@tDC RHFMHEHB@Mt CDt@HKR HMBKTCHMF NOHMHNM NE thD !N@QC NE #HQDBtNQR h@C ADDM L@CD @U@HK@AKD tN thD Rh@QDhNKCDQR @KNMF VHth thD HMUHt@tHNM MNtHBD.

3hD "NLO@MX h@R @ VQHttDM ONKHBX @MC BNCD NE BNMCTBt NM thD TRD NE BNMEHCDMtH@K @MC NQ HMtDQM@K HMENQL@tHNM RN @R tN OQDUDMt @MX HKKDF@K TRD. 3hD ONKHBX h@R ADDM BHQBTK@tDC tN thD DLOKNXDDR @MC thD "NLO@MX h@R @ OQ@BtHBD NE BNMCTBtHMF tQ@HMHMF OQNFQ@LR ENQ DCTB@tHMF thD DLOKNXDDR @ANTt thDRD FTHCDKHMDR.

Financial Information

3hD TCHt "NLLHttDD HR QDRONMRHAKD ENQ @OONHMtLDMt NE $WtDQM@K TCHtNQR BNMRHCDQHMF thD ODQENQL@MBD @MC A@RDC NM thD CHRBTRRHNMR VHth thD TCHtNQR. MX QDBNLLDMC@tHNM tN Bh@MFD thD DWtDQM@K @TCHtNQR Rh@KK MDDC @OOQNU@K EQNL thD TCHt "NLLHttDD. 3hD CDt@HKR TCHtNQR HMBKTCHMF thD M@LDR, LDLADQRhHO MTLADQR NE thD RHFMHMF O@QtMDQR, QDLTMDQ@tHNM ENQ @TCHt @MC NthDQ QDLTMDQ@tHNM @QD thDM OQNUHCDC tN Rh@QDhNKCDQR ENQ @OOQNU@K.

e) Internal information and Insider trading

General Information

c) Appointing external auditor and approving the audit fee

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¡ j q ¡mm ­ ¦ Ó p m y jp q © Ó¨sÔ j ­ } q |¨}« ¥ p¥ ­ § s × p ¡ j qk p

6) q p ¡ j q¦ q | p ¡ j q ² j j ¢Ô ¦ jp

q x ~ ~Ó t ¥ ×}Ô m ¥ Û j p ¥ ­ ¨ Ô ­ ¨q Ó j ¥q q p ¡ j qq ² © ¢Ój ¥ m ­¥ ¦ ©}Ô § s × ®p p Î t ­pj x ~ } pj Ó ~Ó t ¥ × q ¥ Û } ~Ó §} ¥r ¥ ­ ¨ Ôt ¥ × ­ ¨q Ó t ¥ ×q pmp Ô p j² © ©}Ô ¨ } ­¥ ¦ j } ¨ Ô ¥ j } ~ j ¦ m ­ p ~Ó ¡ j q k p j¥k ¥ ­ j ¥ Û m¢ÓmÔ p ¡ j q¨ ®p ® ~ ¦ ~Ó p« ¥sÓ m m¡| j j Ï p p­ ¦ } Ô m ¥s ­ s v}Ô ¥ m§ § ¦ jw¥j|z× m Ó ¥s ­ ¦ m t ­ ~ p q ¥ Û ¦ p j¨ j } t ¥ × ¦ jp k p q © Ó Óp~Ó § s × ¨}« j¥ q j ­ ¡¨ vv ­ ² k ® ¥ Û j |× j

~ j § }Ô q p ¡ j q ¦ q | p ¡ j q ² jp ¢Ô } ¢p ¦ j j t ­p © pj ¥ Ô ¨ Ô § j ¥ Ó ¥ j ¨ Ôj ¡mm ­ ¢ p ­ ¦~j~Ó pj ~ }q j ¨sÔq ¨ j }² ¥ ¡ j q q | p ¡ j q©}Ô j ¦ ¥ Û Ô p ­ ¨ ¥ Ó ¦ ¥ ¥ } ¦ p j Ìj ¨ Ô¦jÓ jp jj Ó 300 m ©}Ô ² ¨ Ô¥ Û m pm ¨ j Ó ¦ p ~ ­~j pj ² jp ¨ Ó ®p } ¦ q | p ¡ j q ©}Ô ¢j¥ ¦ Ó ®p¨ pj ¦ © ¥ ¬ ©t~× Ó p¥ Û pj k p 7) m k }¦ Ôp p § s × jp ¡§ ¦ m| ¢Ô ©}Ô p ¦ ©}Ô Óp¥ j ­ ¥j ­ kÔ pj m k }¦ Ôp p § s × t ­p ¥ } ­ ¥j ­ kÔ pj § s × ¨ ¡ j q ­ « ­ « ¦ j j j¬~Ô p ÓpkÔ ¢ ­¥j ­ kÔ pj § s ×k p ¡ j q ­ ¢j p ~Ó m| j j ~ q ¦ Ô j j ­ § s × ¥j ­ kÔ pq © Ó pm ¦ ¨ ¥ ­ p¨}« j¬~ ­¥j ­ kÔ pj j ² ¡ j Ó pj ¨ j | ­ m k }¦ Ôp p § s × 8) q pj ~ }¦ q | p ¡ j q m| j j ~ q ¦ m| j j ©}Ôj² }q | p ¡ j q ­¥j ­ kÔ pj j x ~ pj ~ } t ­p © p j ~ } ~Ó j ¢ Ô ­ m ¥s ­ s v¥j ­ j j }¢ ¦ ¡ k q | p ¡ j q ­¥j ­ kÔ pj j ~ }©}Ô ¢j ² © x ~ ¨ ­ ² m v« ¨ Ë . . 2558 ¦ pmp ¡Óp ­ ­q }² ¥ ¡ j q~ jq j}Ô 9) j Ï pj ¦ j ¡q ~¦ j ~Ó ~Ô j ~ } § ¦ ¦ p¨ j Ï pj ¦ j ¡q ~¦ j ~Ó ~Ô j ~ } ©}Ô¥ ¦ Ó § ¦ ¦ p¥ Ó ® © p~Ó p ¥ ¦ p©}Ô¥ ­ ~Ô Ìj jp ¥qÔ Ô ­ ¦ ¢ Ô ¥j ­ j § ¦ ¦ p¥ Ó ® j}Ô

k p ¢Ô Ó ©}Ô¥ ¥ jÔ © Ò©t¦ ¬ t× q² j } s ¡pÓ ¢jÓ }² ¥ ¡ j q}Ô m ¥ Û j p¦ x ~ ~ q p ¡ j q ¨ j q² Ó mÔ j ¨ Ó pj ~ }~Ó ¡ j qj t ¥ × ¢jmÔ ¢Ô j

120

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1) j x ~ ~Ó t ¥ ×

t ¥ × ¨} ­ m ¥j ­ kÔ pj jp ¢Ô ¡Ô q ©}Ô j ¡¨ p j ¥p Ó ¥ Û ¢ Ô ­ m ¥j ­ kÔ pj j ¥q q p ¡ j qj t ¥ ×} pj Ó q ¥ Û © ¨ j | ¥} j j ¡ j ­¥j }q jj j ² k pm¢Ó vv ­¥ Û ~Ó j ~Ó pj §} ¥ Ó ¥ j 2) j x ~ ~Ó ¢jmÔ q ¥ ­ m ­ ¨q Ó q ¥ k ¥r mÔ ¦ j ­ m¡| } ¨ Ô¦jÓ ¢jmÔ ¥ Ó ® ¦ q ¡Óp ¢Ój Ô p m× ~j Ó j { mÔ ¦ j Ó p ² ­ ¥ jp q j m × ­} j ¢jmÔ ¦ Ô pm ¦~j~Ó p ¨ ¥s p j¨ Ôj s ~ k p j¥k ~ }q ¨ s ~ k p ¢jmÔ k p j ¥k j}Ô q x ~ ~ Ó ¢jmÔ Ó p¥ Ó ¥ j ¦ ¨ Ô¥j ~ t p­ j ¦ j ¦ p Óp¥ ¨ Ô j¢ mÔ ¦ ¢jmÔ k p j¥k mpm ¥ Û ¢Ó ­} ~Ó ¡k j}Ô ¢j mÔ ¨} ­ m ¥j ­ kÔ pj jp ¢Ô ¡ Ô k p q ©}Ô j ¡¨ p j ¥p Ó ¥ Û ¢Ô ­ m ¥j ­ kÔ pj j ¥q q p ¡ j qj ¢jmÔ } pj Ó q ¥ Û © ¨ j | ¥} j j ¡ j ­¥j }q jj j ² k pm¢Ó vv ­¥ Û ~Ó j ~Ó pj §} ¥ Ó ¥ j 3) Ó p m y¦ j x ~ ~ jw m } p¨ Ô jp k p ¨sÔ¦ pk p ¨ ¥ ­ pm ¥ Û j p¦ m t ­ ~ p¨ j }² ¥ ¡ j qj Ó p m y mÔ k p ©}Ô ¢jq² Ó ¨ Ôj § p ¦ Ó p ­ « k p y q Ô pm ­ ¨q¨ m¡| ­} k p mÔ ¦ ¨ j ² ¡ j Ó p¥ Û j p jp k p q © Ó ¨ }Ô m¡| ¨ ¥ ­ pj x ~ ~ jw k p ¥ ­ ¡ j q ¢Ó

g) Conflict of Interest KK RDMHNQ DLOKNXDDR @MC ,@M@FDLDMt tD@L LDLADQR RHFM @MC RDMC thD "NMEKHBt NE IMtDQDRt ENQL VhHBh CDt@HKR thD HMtDQDRt HM NthDQ ATRHMDRRDR BNLO@MHDR. #HQDBtNQR @KRN RDMC thD HMENQL@tHNM @ANTt HMtDQDRtDC BNLO@MHDR ATRHMDRRDR VhHBh @QD thDM QDONQtDC tN thD TCHt "NLLHttDD. 3hD HMtDQDRtDC #HQDBtNQR Rh@KK MNt UNtD NM @MX L@ttDQR QDK@tHNM tN thD BNMMDBtDC 3Q@MR@BtHNMR RhNTKC thDQD AD @MX BNMEKHBt NE IMtDQDRt. h) Marketing Ethics and Code of Conduct 3hD TCHt "NLLHttDD @MC thD !N@QC NE #HQDBtNQR @OOQNUDC thD "NCD NE "NMCTBt ENQ ,@QJDtHMF OQ@BtHBDR HMBKTCHMF CD@KHMF VHth hD@KthB@QD OQNEDRRHNM@KR. 3hD ,@QJDtHMF "NCD NE "NMCTBt h@R ADDM HLOKDLDMtDC HM L@INQHtX KNB@tHNMR HM XD@Q 2015 @MC thD "NLO@MX BNMtHMTDR HtR BNLLHtLDMt tNV@QCR HMtDFQHtX HM HtR ATRHMDRR CD@KHMFR. i) Anticorruption and Bribery 3hD "NLO@MX h@R @ ONKHBX @MC FTHCDKHMDR NM MtHBNQQTOtHNM @MC MtHAQHADQX. 3hD "NLO@MX h@R HRRTDC thDRD FTHCDKHMDR tN NUDQRD@R KNB@tHNMR @MC ATRHMDRRDR @MC h@R Rt@QtDC tQ@HMHMF NE DLOKNXDDR, NEEHBDQR @MC L@M@FDLDMt.

,DF@ Rh@KK CD@K VHth @KK RTOOKHDQR HM @ E@HQ L@MMDQ @MC DMRTQD th@t thD ATRHMDRR HR BNMCTBtDC @t LNRt BNLODtHtHUD OQHBDR @MC LTtT@KKX QDV@QCHMF. It HR HM ,DF@ÄR HMtDQDRt tN DMRTQD th@t thD RTOOKHDQR QDL@HM L@JD @ QD@RNM@AKD OQNEHt @MC CQHUD HMMNU@tHNM @MC RTRt@HM@AHKHtX HM thDHQ ATRHMDRRDR tN ADBNLD @ KNMF tDQL O@QtMDQ. /@Q@LDtDQR RTBh @ /QHBD, 0T@KHtX, $MUHQNMLDMt@K OQNtDBtHNM, tDBhMHB@K @MC QDFTK@tNQX DWODQtHRD, QDKH@AHKHtX @MC HMtDFQHtX Rh@KK AD FTHCHMF ENQBDR ENQ DMKHRtHMF @ RTOOKHDQ. ,DF@ +HEDRBHDMBDR @MC NQ HtR DLOKNXDDR Rh@KK HM MN V@X ADMDEHt EQNL NQ O@RR @MX ADMDEHt tN thD RTOOKHDQ NthDQ th@M thD VQHttDM tDQLR HM thD BNMtQ@Bt.

Overview Management

3hD "NCD h@R ADDM tQ@MRK@tDC HM KNB@K K@MFT@FDR HM ,X@ML@Q @MC 5HDtM@L @MC tQ@HMHMF h@R ADDM OQNUHCDC tN LNQD th@M 300 DLOKNXDDR. 3hD BNLO@MX h@R L@CD Ht BNLOTKRNQX tN QD@C @MC RHFM @R @FQDDC ENQ @KK MDV DLOKNXDDR @MC thD "NCD h@R ADDM hNRtDC NM NTQ NEEHBH@K VDARHtD HM $MFKHRh @MC 3h@H +@MFT@FD.

a) Dealing with Suppliers

MX RTOOKHDQR QDK@tDC tN DLOKNXDDR NQ Rh@QDhNKCDQR Rh@KK AD KHRtDC @R QDK@tDC O@QtHDR HM thD %HM@MBH@K 2t@tDLDMtR. QLR KDMFth A@RHR NE CD@KHMFR VHth RTBh RTOOKHDQR Rh@KK AD DMRTQDC. b) Dealing with Customers ,DF@ +HEDRBHDMBDR Rh@KK DMRTQD th@t NMKX FNNC PT@KHtX OQNCTBtR @MC RDQUHBDR Rh@KK AD OQNUHCDC tN BTRtNLDQR @MC ,DF@ Rh@KK RtQHUD tN HMMNU@tD thQNTFh BNMRt@Mt HLOQNUDLDMt thD OQNCTBtR @MC RDQUHBDR. 3hD DLOKNXDDR Rh@KK L@HMt@HM FNNC QDK@tHNMRhHOR VHth BTRtNLDQR @MC L@JD @ ONRHtHUD CHEEDQDMBD HM thDHQ KHUDR @MC HM thD KHUDR NE thDHQ BTRtNLDQR. ,DF@ +HEDRBHDMBDR Rh@KK CD@K VHth HtR BTRtNLDQR HM @ E@HQ @MC CHFMHEHDC L@MMDQ @MC DMBNTQ@FD thD BTRtNLDQR @MC thDHQ BTRtNLDQR tN L@HMt@HM @ hD@KthX KHED. MX BTRtNLDQR QDK@tDC tN DLOKNXDDR NQ Rh@QDhNKCDQR Rh@KK AD KHRtDC @R QDK@tDC O@QtHDR HM thD %HM@MBH@K 2t@tDLDMtR. QLR KDMFth A@RHR NE CD@KHMFR VHth RTBh BTRtNLDQR Rh@KK AD DMRTQDC. c) Government Agencies and compliance with laws ,DF@ +HEDRBHDMBDR DWODBtR HtR DLOKNXDDR tN KHUD AX thD ,DF@ V@X NE E@HQMDRR @MC HMtDFQHtX HM CD@KHMFR VHth FNUDQMLDMt @FDMBHDR. .TQ OQNCTBtR @QD RNKC tN 'NROHt@KR @MC NthDQ FNUDQMLDMt @FDMBHDR. ,DF@ Rh@KK DMRTQD FNNC PT@KHtX OQNCTBtR @MC E@HQ tQ@MR@BtHNMR. ,DF@ NQ HtR DLOKNXDDR VHKK MNt BNLOQNLHRD NM PT@KHtX NQ HM BNLOKH@MBD VHth thD K@VR NE thD K@MC HM VhHBh thD ATRHMDRR HR RHtT@tDC.

ANNUAL REPORT 2015

121

Corporate Governance

3hD "NLO@MX h@R @ !TRHMDRR $thHBR @MC BNCD NE BNMCTBt ONKHBX ENQ $LOKNXDDR, 2DMHNQ ,@M@FDLDMt @MC #HQDBtNQR VhHBh @LNMF NthDQR ENBTRDR NM DPT@K NOONQtTMHtHDR tN ODNOKD EQNL U@QHNTR A@BJFQNTMCR, CNHMF ATRHMDRR VHth DthHBR.

,DF@ +HEDRBHDMBDR @HLR tN B@QQX NTt thD "NLO@MXÄR ATRHMDRR VHth E@HQMDRR @MC TRHMF DthHB@K ATRHMDRR OQ@BtHBDR. $LOKNXDDR RDKKHMF FNNCR, RDQUHBDR NQ VhHKD HMtDQ@BtHMF VHth RTOOKHDQR, BTRtNLDQR, 3QC O@QtX BNMRTKt@MtR, &NUDQMLDMt @FDMBHDR VHKK MNt QDRNQt tN @MX TMDthHB@K LD@MR tN OQNLNtD thD HMtDQDRt NE thD ATRHMDRR.

Financial Information

f) Business Ethics and Code of Conduct for Directors, Management and Employees

1.+$ .% 23 *$'.+#$12

General Information

tVN C@XR @EtDQ thD C@tD NE EHKHMF VHth 2tNBJ $WBh@MFD NE 3h@HK@MC 2$3 NE thD PT@QtDQKX @MC @MMT@K EHM@MBH@K Rt@tDLDMtR. ,NQDNUDQ, VHthHM 24 hNTQR @EtDQ RTBh HMRHCD HMENQL@tHNM h@R ADDM CHRBKNRDC tN thD OTAKHB, VhDthDQ HMtDMtHNM@KKX NQ TMHMtDMtHNM@KKX, thD "NLO@MX HR NAKHF@tDC tN HLLDCH@tDKX CHRBKNRD @MC MNtHEX RTBh HMRHCD HMENQL@tHNM tN thD 2$3. IM thHR QDF@QC, OQHNQ tN RTBh CHRBKNRTQD @MC MNtHEHB@tHNM NE HMRHCD HMENQL@tHNM tN thD 2$3, thD CHQDBtNQR @MC L@M@FDLDMtR NE thD "NLO@MX LTRt MNt, HM @MX DUDMt, CHRBKNRD @MX ETQthDQ HMRHCD HMENQL@tHNM tN @MX ODQRNM.

4) j x ~ ~Ó ¢jmÔ k p ¢jmÔ m } p¨ Ô jp k p q² Ó mÔ ­ m | ¡ }­ ­ }¡ ¦ Ô pm ¦~j~Ó p¨ p j¨ s ~ k p ¢jmÔ k p ¢jmÔ ­ ² m v ­ ¡} jp q Óp¥ m ¥ Û ¢Ó ­} ~Ó ¡k ¦ j ¥ Û ¢jmÔ ­ j } ~ Ó §} j ¨sÔ j }² ¥ ¡ j q ¦ ­ ®p p Î ©}Ô § s × ®pm¢Ó 5) § j qÔ pp p ­¥ Û ¡mm } ¦~Ó ¡¥ Ï ©}Ô Ó p§}}¥}Ó ¥s ­ ¨ j ¦ j jp ­¥ Û m } ¦ m ¡pÓ ­ ¨ ¥ ­ pq ¢ Ô ­ m ~Ô pj q­ Ô p m ¦~j~Ó p¨ Ôj ¦ pm Ó p ¡} m ­q Ô pm ­ ¨q}Ô j ¨ Ôj j ­¥ j ¦ § j ¨ j ¥~ §~j jp ~ }q ¡ j { Ó p s ©}Ô Ô p ¦ } Ô ¨ j ² p ­ m ¡~ ¦ § Óp¨ Ô ®p j¥j|z× ­s} ¥q ¨ ¥ ­ pk p p ¦ j j j ¥ p j}Ô ¡Óp ­ ­q ¨ Ô § j ¨ j qÔ pp ­¥ Ó ¥ j j ¡jm ¨~Ôj k pjw k p ¥ ­ ¡ j q ¢Ó m ¡j¥ ¡j¥s ® s ~ | vs ~ q ©}Ô j q | ¨ j qÔ pp ¦ ©}Ô j x ~ Ó p¥ Ó ¥ j ¨ ­ ² p § j qÔ pp q Ô pm ¥ Û j p¦ m ¥ Ó ¥ j ~ j ¨} ­ ¥ } § ®q Ó ¥ Û j j ² ­© Ó¥ Û ~ ¦ q ©}Ô j q }j }Ô ~ j k p ¢Ô ¥m ¨ m ¦~j~Ó pk p¦~Ó ¡mm §} m } p¨ Ô jp ¥m ¨ m ¥ Û ¡mm k p jp m ­ « }Ô ¥sÓ j 6) ¡k m } ¦ ­p¦ } Ô q ¥ m ­ ¨q Ó j ² ¡ j p ¡ j q ®p } Óp¥ ¨ ¥ ­ pm ­ p k p ­ p ¦ } Ô ¦ Ù v ­ ¥ j ­ kÔ pj p­ ¦ } Ô ¥sÓ ¡k ¦ m } q ©}Ô j j Ó pq pq p p® ¨ }Ô § ¦ j }² ¥ p k p §} Ó ­ ¡Óp¥ Ô m » ¥}¬ ­¥j ­ kÔ pj k p ~ |z× ¦ m ¥ ­¥j }q j ~ |z× » j p ¡ }Ô ¥ m§ § ­ Óp¥ m ­p k p ­p¦ } Ô » m } ¨ j q } j ¦ j² q } ~ ¡ ­¥ Û ~ ¦ ¥ Û » j ¨sÔ j s ~ Ó p¥ ­ ¡} ¥sÓ ²® ¦ ­ « ¥sÓ © Ï » ¦ } Ô k pj ² p ¨ § pp ¥sÓ ¦ p Ó p j q }j ® ­ Ï ¥~ ¥j ­ j ¡k

122

p q² Ë

7) × p Ùvv Óp¥ ¥ ­ p { ¨ j ¥m × p Ùvv k p ¦ k p ¡mm ­ « Óp¥ ¨ Ô j ¨sÔt ~צ × ­ ¢jjw ¦ Ô ¨ Ô j ¥ } ~ k p ¡mm ­ 8) § j ¦qÔp¥ ¦ ©}Ôq }~ ®p § j ¦qÔp¥ ¦ ¥ ­ ¥ Û j ¥ ® ² ¨ Ô jp p j rÔ r j j ² } j ¥ } ¥ x ~ } Ô q | ­ j p p ¥j~¥ ¬ ~Ó m| j j ~ q ®p ® § } pj Ó p¨ Ôm j Ï p¥ ­ pj §~Ô~ q j ¡mm ­©}Ô j p ¦ j j kÔ ¢ j p ¥ Û m jp ¡mm ­ « ­©}Ô j ¥k p TCHt."NLLHttDD LDF@VDB@QD.BNL ¨ Ë . . 2558 © Ó j Ô p¥ ¥j }k ® m| j j ~ q p¥ j¨ j ~ q j² }m| ¢Ô ¡mm ­ ­ qq Ó Ó ¨ j q }j j kÔ Ô p¥ §} ¡ ¦ Ô Óp¥ ¨ Ô p ­ ¦ } Ô ­ p ­ ¦ j ¥ Û ¥ p ­} Ó j ~Ó p« } p ® 1. ¥ m ­ ¨q¥ ­ p ­p¦ } Ô ¨ j ² p ­} ¥ ­ ² ¢Ô ­ m ¥j ­ kÔ pj ¨ y jp t ¥ × ¢jmÔ ¢Ô ¡Ô y ¦ pm Ó ¨ vÓ 2. Ô p ¢ mÓ ¨ Ô¦jÓ j p ¡ 3. j Ï p ­p¦ } Ô 4. ¨ Ó ¨ q¥ ­ p ¡ k k p ¢ j mÔ ¦ ¢ Ô § mk p¥ §} q² Ó ~ |z× ­ m¡| ­} ¨ m ­¥ 9) m¢Ó¦kÓp ¦ Ó ©}Ô ² Ô ­ ¨ j ¦ p¨ j j j ¦kÓpk ¦ x ~ Ô ­©}Ô Ó p} ­ ¡} ¦ m ¥ Û ¨ j q }j j m¢Ó¦kÓp ¦ ©}Ô j k m ­ q Ó Ó ¨ Ó k pj }² ¥ p ¡ ~ j pmp ¢jq }¥ Û ~ ¦ ­¥j ­ j j mÔ ¦ ¡~ j

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Executive Directors shall not take a position as a Director in more than 3 listed companies. The above positions do not include the positions as Directors in group companies including but not limited to Subsidiaries and Joint Ventures. In case any of the Directors exceeds the number of positions as stated above, then the Remuneration and Nomination Committee shall review the respective Director’s performance and shall state its view in the Corporate Governance report. The Company discloses on its website and in its Annual report as well as form 56-1, the profile of the Directors, discloses the name of the Directors, educational qualifications, past experience and shareholding of the Directors and whether the Director is Executive, Non Executive or Independent Director. The profile mentions the Directorships held in other companies. The position of the Chairman and the CEO has been separated. The Chairman is an Independent Director. The Chairman’s responsibilities are as per the law.

The Committee held 05 meetings during the year and several other meetings with the management team. In addition, the Chairman of the Committee, Mr. Alan Kam, met with the external auditors and Internal Auditors on a regular basis The Committee has conducted self-assessment during the year based on the Principles recommended by the Stock Exchange of Thailand. The Committee has conducted a review of the Company’s Corporate Governance policy and Practice. The Committee members meet from time to time without inviting the Management team. The Audit Committee visited the Company’s subsidiary in Myanmar on November 16, 2015 and met with the Management, Internal Auditors and also went for a facility visit and field visit.

The Company’s Internal Audit function is outsourced to independent companies of international repute andreports to and is accountable to the Audit Committee Chairman. One third of the Directors retire by rotation at every Annual General Meeting as specified in the Articles of Association of the Company. A retiring Director is eligible for re-election. Voting for re-election of Directors is done on an individual basis. The Company has appointed a Corporate Secretary to discharge the responsibilities to undertake the duties as laid down under the Securities Exchange Act, B.E. 2535. b) Committees

The attendance of the members was as below: Name

Designation

Meetings attended

Mr. Alan Kam

Independent Director, Chairman of the Committee

5/5 100%

Mr. Manu Sawanjaeng

Independent Director

5/5 100%

Mr. Thor Santhisiri

Independent Director

5/5 100%

1. Audit Committee The Audit Committee was constituted by the Board in its meeting held on January 17, 2013 and approved by the EGM 01/2013 held on February 01, 2013. The Audit Committee comprises of three members, all of whom are Independent Directors. The Committee includes Mr. Alan Kam, Chairman and Mr. Manu Sawangjaeng and Mr. Thor Santhisiri as members. The Chairman and Members have the required qualifications and experience to discharge the functions of an Audit Committee. Each person forming a part of the Committee fulfills the requirements as set out in the notifications and regulations of the Securities and Exchange Commission, the Capital Market Supervisory Board, the Board of Governors of the Stock Exchange of Thailand, and the Stock Exchange of Thailand.

The main responsibilities of the Committee include: » Appoint External Auditors based on the selection criteria decided by the Audit Committee. » Appoint Internal Auditor and discuss as well as decide with the Internal Auditor the scope and nature of engagement adopting a risk based approach. » Review and approve the financial statements and propose to Board of Directors. 2 1

12

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12

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» Review significant accounting and reporting issues including complex or unusual transactions and highly judgmental areas.

» Review and assess the adequacy of the audit committee charter on regular basis, requesting board of director’s approval for proposed changes.

» Discuss with Mega’s management and external auditor regarding to the audit results, relevant risks and management action to decrease the identified risks.

» Perform self-assessment at least annually and present results to the board of directors.

» Review the effectiveness of internal control over the financial reporting process. » Review whether management is setting appropriate internal control practices and processes are in place. » Review whether management has implemented recommendations on internal control from internal and external auditors. » Review and approve the internal audit charter, annual audit plan, staffing and resources required of internal audit. » Review the activities of the internal audit, ensuring independence from Mega’s management, and that no unjustified restrictions or limitations are made. » Review and approve the compliance charter, annual plan, staffing and resources required of compliance and control function. » Obtain regular updates from the audit and compliance group regarding compliance matters affecting Mega’s operations. » Review the non-compliance issues raised by regulatory agencies and the rectification of those issues. The audit committee shall report these non-compliance issues to the board of directors. » Review the effectiveness of the system for monitoring compliance with laws and regulations and the results of follow-up of any instances of non-compliance. » Review the adequacy of Mega’s risk management process and policies. » Review the effectiveness of the implementation of Mega’s risk management systems. » Ensure that the Code of Conduct and conflict of interest policy is in writing and arrangements are made for all management and employee to be aware of it. » Promote the compliance with the code of conduct and conflicts of interest policy. » To prepare and to disclose in the company’s annual report, the Audit Committee report which must be signed by the Chairman of the Audit Committee

» Review the internal control manuals and fraud prevention measures by the Management. » Review the Corporate Governance policy and practice of the company. 2. Remuneration and Nomination Committee The Remuneration and Nomination Committee was constituted by the Board in its meeting held on May 22, 2013 and approved in the Shareholders’ meeting held thereafter. The Committee comprises of three members. The Committee includes Mr. Manu Sawangjaeng, Independent Director nominated as the Chairman of the Committee and Mr. Kirit C. Shah and Mr. VivekDhawan as members. The Committee held 02 meetings during the year and all members were present during the meeting. Name

Designation

Meetings attended

Mr. Manu Sawanjaeng

Independent Director and Chairman of the Committee

2/2 100%

Mr. Kirit Shah Mr. Vivek Dhawan

Director Director and CEO

2/2 100% 2/2 100%

The Committee reviewed the compensation to the Management team including Chief Executive Officer CEO and Chief Financial Officer CFO . The Committee also reviewed the compensation of the senior management team members. The Committee members meet from time to time without inviting the Management team. The Committee also conducted CEO’s performance appraisal and CEO’s succession plan. The main responsibilities of the Committee include: » To evaluate and recommend the appropriate organiYation structure for the Company, qualifications of directors and the Chief Executive Officer ÅCEOÆ

» Perform other assignments as requested by the Board of Directors. 2 1

12

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1

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» To identify potential new directors and the CEO candidates through a transparent process and to nominate such persons to the Board of Directors and/or shareholders

» To arrange the meetings of the Board of Directors and the shareholders in accordance with the applicable laws, the Company’s articles of association and relevant guidelines.

» To evaluate and recommend appropriate procedures and criteria to set fair and reasonable remuneration and other benefits, to be granted and awarded to the Company’s directors and the CEO

» To monitor the Company’s disclosures to the Stock Exchange of Thailand and other relevant authorities in order to ensure the Company’s compliance with the applicable laws and regulations.

» To prepare and report the Remuneration and Nomination Committee’s self-evaluation report to the Board of Directors. The report must be signed by the chairman of the Remuneration and Nomination Committee and » To perform any other activities as designated by the Board of Directors in respect of nominating the Company’s directors and the CEO for the Company and considering their remuneration. » Evaluated the Compensation policy and practice for Key executives in the Company and guidelines for compensation to employees. » To Conduct a self-appraisal and submit the results to the Chairman. 3. Corporate Secretary The Board of Directors appointed Ms. Sujintana Boonworapat as a Corporate Secretary to undertake duties as laid down in the Securities Exchange Act B.E. 2535. The authorities, duties and responsibilities of the corporate secretary are as below: » To prepare and keep the following documents: Director register Notice to the Board’s meetings, minutes of the Board’s meetings and Company’s annual reports Notice to meeting of shareholders and minutes of the shareholders’ meetings and Company’s annual reports. » To keep the records on the conflict of interest reported by the directors and/or executives of the Company and submit the conflict of interest report form pursuant to Section 89/14 to the Chairman of the Board and the Chairman of the Audit Committee within 7 business days from the date of receipt. » To perform any other tasks as required by the Securities and Exchange Act B.E. 2535 1992 as amended and the Capital Market Supervisory Board. » To primarily advise the Board of Directors on the applicable law and regulations that the Board needs to comply with and to regularly report to the Board on any material change on such applicable laws and regulations.

4. Chief Executive Officer The Company has appointed Mr. Vivek Dhawan as the Chief Executive Officer with the following key responsibilities in addition to the special responsibilities which the Board may confer as and when necessary: » To monitor, manage, operate, and perform day-to-day business for the benefit of the Company in accordance with the policies, vision, objectives, business plan, and budget, as approved by the Board of Directors. » To manage the business operations of the Company in compliance with the mission determined by » the Board of Directors and in accordance with the Company’s business plan, budget, and respective business strategy, as approved by the Board of Directors. » To govern overall operations in connection with financial, marketing, human resources, and other matters, in compliance with the policies and business plan of the Company, as approved by the Board of Directors. » To employ, appoint, transfer, or dismiss the Company’s senior management. » To determine annual overall compensation policy for the Company and its subsidiaries. » To determine awards, salary adjustments, remuneration, and special bonuses, in addition to any annual bonus, for the senior management of the Company. » To negotiate and enter into agreements and/or any transactions in the Company’s normal course of business such as investing in machinery and other assets according to the investment budget or other budgets approved by the Board of Directors, stocking inventory, or selling products up to the limit of each transaction as authoriYed and approved by the Board of Directors. » To consider and approve the opening of a new branch and/or representative office and the establishment of any new subsidiary company, subject to requirements of the applicable laws and regulations. » To consider and approve the lending/borrowing between the Company and its subsidiaries in accordance with the authoriYation level as approved by the Board of Directors.

2 1

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1 2

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2

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3

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4

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5

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6

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7

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8

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9

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10 ¨ Ôm ­ ¨q Ó j j q ¥kÔ Ó ¨ j s¡ ¦ j ~ } ¨q 11 ¨ Ôm ­ ¨q Ó ©}Ô ¨ Ô § j ­ ~¡ ¦jÓj j ¡jm q­ pm ¦ ¦ ¥j ­ j ¥ ­ p ­ s¡ 12 ² m } j¨ j ¥ ­ ² j j ¦ Ô pm ­ ¨q Ó k ® ~ j ¥ ­ ² 13 p¦ j }~² ¦ Ó p ² m| j j ¦ ¢Ô ­ ² m v 7. j x ~ ~ jw ¥ ¦ j q }j m ¥ ­ p ©}Ô¦~Óp~ ®p Ô ­}¢¦ }Ô m ¥ ­ p¦ j x ~ ~ jw ¥ t ­pq }¢¦ Ó j s¡ m| j j ~ q ¥ Û © Ó p ² ­ ¥ ¥qÔ Ô ­ ¡p¦ p ~Ó m| j j ¥j ­ j k pj x ~ ~ jw ¥ ¦ jw ¦ § j j² j }¢¦ j qj ¦ j x ~ k p

» To consider and approve the entering into the loan between the Company and any commercial bank in accordance with the authoriYation level as approved by the Board of Directors. » To consider and approve the opening of new bank accounts with any commercial bank. » To issue internal orders, criteria, notifications, and memoranda for the Company’s operations which are in line with the Company’s policies and in the Company’s interests, as well as to maintain good order within the organiYation. » To consider and approve the proceeding, filing and/or settling a lawsuit whether in or out of court and/or trial. » To perform any other acts, as assigned and authoriYed by the Board of Directors. » To summariYe and report any material decisions made under the scope of authority of the CEO to the Board of Directors. » To sub-authoriYe and/or delegate any other persons to perform certain tasks on behalf of the CEO, provided that such sub-authoriYation and/or delegation shall be within the scope of authority specified in the respective power of attorney and/or rules, regulations or resolutions of the Board of Directors. 'owever, in a transaction, the delegation within the scope of duties and responsibilities of the CEO shall not be a sub-authoriYation or delegation that allows the CEO or any authoriYed person who has a conflict of interests or a conflict of any kind with the Company or its subsidiaries to approve such a transaction. In such cases, the CEO shall have no authoriYation to approve such transactions, and it shall be proposed that the transactions be considered and approved by the Board of Directors and/or the meeting of shareholders as the case may be , unless such transactions are in the normal course of the Company’s business and are at arm’s length. 5. Internal Auditor The Audit Committee appoints the Internal Auditors. Any recommendation to change the external auditors shall need approval from the Audit Committee. The Company has outsourced its function of Internal Audit and has appointed M/s MaYars, Thailand as its Internal auditor for Thailand operations, MaYars Vietnam for Vietnam operations and Grant Thornton for its operations in Myanmar. The Internal Auditor reports to the Chairman of the Audit Committee. The plan as well as the scope of the Internal Audit is proposed by the Auditors and approved by the Chairman of the Audit Committee. The Audit Committee meetings are attended by the Internal Auditor and the Internal Audit reports are reviewed by the Audit

Committee members, the CFO and the Finance Director. The Chief Risk and Compliance Officer is the Secretary to the Audit Committee and isprimarily responsible for follow up and coordination of the management action plans resulting from Internal Auditors recommendations. 6. Chairman The Chairman among others has the following responsibilities: a

Attending and presiding over the Board meetings and ensuring that the Invitation notice and sufficient related information is sent to the Board Members accurately and in time

b

Attending and conducting the Annual General Meeting and/or Extraordinary General Meeting of shareholders

c

Creating communication platforms between shareholders and Board members

d

Determining along with the Board members, the structure, siYe composition and diversity of the Board

e

Discharging functions as required and laid down by the Stock Exchange of Thailand and Securities Exchange Commission of Thailand

f

Appointing Committees of the Board of Directors and the Company Secretary

g

Facilitating the self-assessment of the Board of Directors

h

Ensuring that the Board, its committees and management function as per standards of Corporate Governance

i

Approving along with Board, the strategy and objectives of the Company

j

Ensuring the participation of Directors in the meetings and decision making

k

Ensuring a fair chance to all Directors to vote and inquire about the subject matter under discussion

l

Facilitating the Induction of Directors and ensuring that the Company has an induction process

m Succession planning for the Board members and key executives 7. Compliance and Risk management The Company has appointed a Chief Risk and Compliance Officer who heads the Compliance function and is present in the Audit Committee meetings on a regular basis. The officer updates and reports the Committee on areas related to status of compliance with regulatory and legal requirements and Corporate Governance policy and practice in the Company. 2 1

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a) Board Performance

Name of Directors

The Board of Directors held 05 meetings during the year. The following are the details of attendance of the Board of Directors meeting during year 2015: Name – Surname

Attendance/ Total meetings

Attendance (%)

Remuneration

Mr. Mechai Viravaidya

THB 2,000,000 per annum

Mr. Alan Kam

THB 1,200,000 per annum

Mr. Manu Sawangjaeng

THB 1,040,000 per annum

Mr. Thor Santhisiri

THB 800,000 per annum

Mr. Kirit C Shah

THB 600,000 per annum

Ms. Ishaan Shah

THB 600,000 per annum

Mr. Meechai Viravaidya

5/5

100%

Ms. Sameera Shah

THB 600,000 per annum

Mr. Alan Kam

5/5

100%

Mr. Shiraz Poonawala

THB 600,000 per annum

Mr. Manu Sawangjaeng

5/5

100%

Mr. Vivek Dhawan

No remuneration for this director

Mr. Thor Santhisiri

5/5

100%

Mr. Thomas Abraham

No remuneration for this director

Mr. Kirit C. Shah

5/5

100%

Mr. Ishaan Shah

4/5

80%

Ms. Sameera Shah

4/5

80%

Mr. Shiraz E. Poonevala

5/5

100%

Mr. Vivek Dhawan

5/5

100%

Mr. Thomas Abraham

5/5

100%

The CEOs office along with the Corporate Secretary sets the Agenda for the meetings. The Agenda is sent to the Board members with required attachments/enclosures minimum 07 days or 05 working days in advance unless if the meeting is called for a special purpose. Schedule for Board meetings for the year is set before the commencement of the year and circulated for Board members’ approval and planning in advance. Attendance is recorded and detailed minutes are prepared for circulation to the Board. The Company also arranges to provide the meeting minutes for the year copied on a computer storage device on a yearly basis for Directors’ ready reference. The Company requires that the Quorum of at least 2/3 of the total number of directors for board decisions. The Independent Directors regularly held discussions/ meeting in the absence of Executive Directors and other Non-Executive Directors who are not Independent Directors. b) Remuneration of Directors Independent Directors and Non Executive Directors are paid remuneration on a quarterly basis. There is no other bonus or other entitlement for the Independent Directors and Non Executive Directors apart from the remuneration mentioned below.

The Directors are paid their remuneration in 4 equal installments at the end of each quarter. Mr. Mechai Viravaidya’ remuneration is paid to Mechai Pattana School founded by Mr. Mechai Viravaidya. Remuneration paid to the Directors is approved by shareholders in the Annual General meeting. Directors are paid a base remuneration of Thai Baht 600,000 for board membership. Further, Independent Directors who are members of any Committee are paid additional compensation of Thai Baht 200,000. In addition to the above, Independent Directors holding positions of Chairman of a Committee are paid additional remuneration considering the number of meetings and the responsibility in the Committee. c) Professional development of Directors and Management. The Company has a policy to encourage the Board members, Management team, Corporate Secretary and certain other senior managers to attend trainings from time to time. All the Board members, except Mr. Mechai Viravaidya, have attended and passed the Directors’ Certification Program conducted by the Institute of Directors. All members of the Management team have attended and passed Directors Certification Program conducted by the Institute of Directors, Thailand. Mr. Manoj Gurbuxani passed attended the program and passed in year 2014. The Corporate Secretary has attended and passed the Directors Certification Program and the Corporate Secretarial Certification programs, both conducted by the Institute of Directors, Thailand. The Management has extended the training under certification program to other senior managers in the Company as well.

2 1

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Mr. Manu Sawangjaeng, Independent Director, Chairman of the Remuneration and Nomination Committee has also attended and passed a Certification Program for Nomination Remuneration Committee conducted by the Institute of Directors, Thailand. Mr. Manu Sawangjaeng, Independent Director, Audit Committee Member and Chairman of the Remuneration and Nomination Committee has attended a Directors Program for updat DCP4 No. 3/2015. The Company has encouraged several key executives to attend the Directors’ Certification Program. The Chief Risk Compliance Officer, Mr. Deepak Panjwani has attended the Chartered Directors’ class held by IOD in year 2015. d) Self-evaluation The Board has conducted a self-evaluation based on the principles laid down by the Stock Exchange of Thailand which includes the following criteria: a.

Structure and characteristics of Board

b.

Roles and Responsibilities of Board

c.

Board meetings

d.

Board’s performance of duties

e.

Board’s relationship with Company’s management

f.

Self-development

e) Succession Planning The Company has a succession plan for the Directors and key executives and the plan has been reviewed and approved by the Board of Directors. The succession plan for other employees is being handled by the Key executives and senior managers along with Human capital development department. f) Vision Mission and Objectives The Board has reviewed and approved the Vision, Mission and +ong term objectives of the Company and shall remain responsible for ongoing review and monitoring. g) Health Safety and Environment The Company has a policy on Health, Safety and Environment practices which has been displayed on the website. The Company has its long term and short term objectives for Environmental improvement and carbon footprint set out in the sustainability report. h) Labor Disputes The Company has not had any labor disputes or any non-compliance on record with labor law.

(-3$1- + ".-31.+2 The Board of Directors feels that the Internal Control system of the Company is and its Subsidiaries is sufficient for the business of the Company and its Subsidiaries. The Board recognizes the importance of a sound control system considering the nature of the Company’s business, the risk factors and the environment in which the Company operates.

.QF@MHR@SHNM BNMSQNK @MC DMUHQNMLDMS LD@RTQDR The Company has set up policies including the Corporate Governance and Business Ethics and has employed internal controls commensurate with the size of its business and the complexity of its operations. The Company sets measurable goals and clear strategy for its business. The Company believes that this environment will promote efficiency and continuity in the long run.

1HRJ ,@M@FDLDMS The Company identifies key risks faced by it and monitors the risks as well as the mitigation processes identified by the management. The Company believes in taking calculated risks with duly planned mitigation processes.

,@M@FDLDMS "NMSQNK The Company has drawn an authorization table which is approved by the Board of Directors and has been provided to the Company’s management team. The Company has also drawn and communicated the scope of authorities and responsibilities for key positions and also the Board Committees.

(MENQL@SHNM @MC "NLLTMHB@SHNM LD@RTQDR The Company assigns importance and works continuously towards building an accurate, reliable and prompt information system suitable for its business. The Company has adopted and implemented an Information Technology policy and has set up an Internal and External Communication system. The infrastructure is sufficient to enable the Company to compile its financial results on a timely basis. The Company sends all information to the Board on a timely basis and with reasonable details. The minutes of meetings are drafted and circulated to the Directors in reasonable details.

,NMHSNQHMF @MC %Q@TC #DSDBSHNM The Company sets measurable goals and compiles the financial performance and the position and compares the same with the goals. The Company takes necessary correction actions as may be required. The Board of Directors takes note of the Audit Committee’s report on evaluation of Internal Control systems and is reasonably satisfied with the sustainability and performance of the Internal Control systems. Moreover, there have been no significant findings by the external auditor concerning the Internal Control systems of the Company. 2 1

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4.13 -

4.02 -

3.94 -

-

-

1.12

4.37 -

4.06 -

4.14 -

-

-

-

8.50

8.08

8.08

Ô 5

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$73$1- + 4#(3.1Ä2 1$,4-$1 3(.During the fiscal year ended December 31, 2015, the Company appointed three 03 auditors from KPMG Phoomchai Audit limited, Thailand and the auditors proposed as auditors of the Company and some of its subsidiaries in Thailand have no relationships or interest whatsoever with the Company or its subsidiaries, executives, major shareholders or related persons, in a way that it would create any limitation in their ability to work independently. The Company’s subsidiaries which are also audited by the same auditors are: a Mega +ifesciences PT8 +imited, a 99.99% owned subsidiary of the Company. b Natural Health Foods +imited, a 99.99% owned subsidiary of the Company. c Mega 6e Care +imited, a 99.96% owned subsidiary of the Company. d E-Sense limited, an associate and 99.96% owned by Mega +ifesciences PT8 +imited, covered under a above. The Auditors are selected by the Audit Committee and proposed for appointment by the Audit Committee and presented by the Board of Directors for approval by the shareholders along with all the details including Names of Auditors minimum 03 three , comment on the appropriateness of Audit Fees and conflict of interest. For year 2016, the proposed auditors of the Company and subsidiaries are as below: Name-Surname

CPA Registration number

Khun Orawan Chunhakitpaisan

6105

Khun Vairoj Jindamaneepitak

3565

Khun Natthaphong Tantichattanon

8829

The Auditors remuneration for the fiscal year ended December 31, 2016 and December 31, 2015 is as below: Types of Fees

2016

2015

2014

The Company 1. Audit Fee Annual audit fee and quarterly review fee Other expenses

4.13 -

4.02 -

3.94 -

-

-

1.12

4.37 -

4.07 -

4.14 -

-

-

-

2. Non-Audit Fee Subsidiaries 1. Audit Fee Annual audit fee and quarterly review fee Other expenses 2. Non-Audit Fee Total Audit Fee Increase

8.50

8.08

8.08

5%

-

-

The company checks the most efficient quotation for this purpose before appointing consultants for any agreed upon procedures unless if the same have to be necessarily performed by the External auditors as per the requirements of law.

2 1

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,$22 &$ %1., 3'$ "$. "'($% ". "' "QD@SHMF 2G@QDC 5@KTD Central to the Mega 6ay in all of the 31 countries where we operate is the concept of Creating Shared Value. To us, that means going beyond the traditional parameters of Corporate Social Responsibility. It means embracing an entire philosophy of generating economic value while achieving social value. Simultaneously it means connecting our success to the success of the communities where we operate. It means practicing what we preach in terms of caring for Human 6ellness - economic wellness, physical wellness, and social wellness. From building talent and creating jobs in the markets where we work, to spreading the wisdom of self-care, to successfully pursuing ISO 14000 certification and green level certifications for our production facilities, Creating Shared Value is not just at the periphery of what we do: it is at the center of it.

&NNC 'D@KSG !X 8NTQRDKE Part of Mega’s unique contribution to Shared Value is our ability to empower people to take care of their own health and wellness. Self - care is at the heart of our thinking on health - reducing the burden on national healthcare systems in the countries that can least afford it. 6ith our resources for analysis and diagnostics and our ability to build knowledge and capacity, we are in a uniquely privileged position to inspire and enable both our team and our communities to actively pursue good health. Hence the Good Health By 8ourself program. For our employees, we focus on increasing physical activity, encouraging a healthy diet and lifestyle, improving health knowledge and encouraging appropriate preventive care. 6e offer comprehensive medical coverage to employees in markets where this is often unheard of, with annual check-ups and individualized advice on healthy living along with incentives for pursuing healthy ways of life. Mega shares this with our communities by regularly conducting knowledge-building workshops and detection and diagnostic camps for health conditions often endemic to developing societies. These include: » Anemia detection camps, to identify iron deficiency in many of the impoverished communities where we work » Bone health detection camps, to help in early detection of osteoporosis

» Diabetes and blood pressure awareness, through educating healthcare providers and reaching the wider public through activities such as diagnostic camps » Mother and child care in high infant mortality environments, through workshops on healthy pregnancy and child development Sustainability is also a cornerstone of our approach to Creating Shared Value. In Thailand, we have achieved Green Industry Certification +evel 2 Green Activity for both our Soi 6 and Soi 8 plants in SamutPrakan under the Green Industry Initiative of the Ministry of Industry and we have set a goal to pursue +evel 3 certification Green Activity in 2016. 6e have received the ISO 14001 certification in April 2015 and shall be re-audited in April 2018 for renewal. In all of our production and storage processes we work to effectively utilize resources, reduce pollution, and reduce greenhouse gas emissions. To this end, we have implemented a number of practical initiatives in our manufacturing facilities, such as building an underground waste water treatment plant, converting to natural gas boilers and dehumidifiers, energy-saving T5 lighting and non-CFC air conditioning and saving energy through variable speed drive motors. Our recently-built Australia plant has also been designed to the most rigorous environmental standards, with 400 photovoltaic solar panels generating 100 k6 of renewable energy, approximately one third of total peak demand. Factory lighting consists of over 300 high-efficiency, low-energy demand +ED lights.

,DF@ 6D "@QD 6DKKMDRR %NTMC@SHNM Creating Shared Value is not just philanthropy. Nevertheless, it makes us proud to be able to plow a significant proportion of our profits back into the communities where we work to achieve sustainable growth benefiting all. To this end, the Mega 6e Care 6ellness Foundation set aside two percent of our profits after tax to sustainable development initiatives leveraging not only our funding but our healthcare expertise as well.

CEO and Chief Coach Vivek Dhawan 2 1

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2423 (- !(+(38 3 ,$& +(%$2"($-"$2 Sustainability at Mega +ifesciences means delivering a sustainably growing operation with long term existence, an Organization that lives and grows beyond each of us, to be achieved by balancing the objective of profitable growth, human development, Environmental protection as well as conservation and Social Responsibilities. Sustainability through CSV at Mega +ifesciences is lead and guided by the CEO and Chief Coach, Mr. Vivek Dhawan. The Company’s objective since the inception has been to create an organization that lives and grows beyond each one of us and one that changes before it is forced to change. Creating Shared Value includes proposing strategy, processes and implementation of initiatives for a sustainable organization and it is the responsibility of the Directors, Management and employees to implement sustainability through CSV.

".1/.1 3$ 231 3$&8 -# +.-& 3$1, .!)$"3(5$2 The Company has a ‘Change by Design’ framework which builds Products, Markets, Customer Experience and People on a foundation of Operational excellence and Enabling systems by installing in place policies, Key Performance Indicators KPIs , +ong term, Medium term and Short term reward systems, procedures, processes and finance.

Mega’s Vision is to ‘Create a Thinking Organisation which will change before it is forced to Chage. An Organisation which will live and grow beyond each one of us’

,DF@ .AIDBSHUD Mega’s Objective is to create value by marketing and selling medicines and medicinal supplements in developing countries.

» Maintaining our current market share. » Double Mega 6e CareTM brands business in 5 years ending in year 2019 » Growth in sub-saharan Africa termed as ‘Build Africa’ » Penetrating deeper in the natural herbal products business » Enter complimentary health care businesses in 2016 and consolidate position as a health care company

2TBBDRRHNM /K@MMHMF The Company has developed a detailed succession plan for the Board of Directors including CEO and CFO. The succession planning has also been done in respect of Key executives and senior managers too. The plan has been documented and approved by the Remuneration and Nomination Committee.

!TRHMDRR "NMSHMTHSX /K@MMHMF The Company has developed Business Continuity Plans for its key operational units and is working towards achieving an integrated business continuity plan. The corporate strategy approved by the Board of Directors is then passed on to the Management and staff as KPIs. These KPIs are then monitored periodically and rewards are disbursed based on actual achievements against the KPIs. 2 1

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23 *$'.+#$1 $-& &$,$-3 Stakeholder engagement is a part of Mega +ifesciences’ policies, processes, procedures and reporting. It is embedded in the Business Ethics and Code of Conduct. Stakeholder engagement manifests in various forms. Stakeholders Shareholders, Analysts and Financial Institutions

Engagment » Annual General Meetings » Quarterly Financial Statements » Annual Report » Earnings Calls » Roadshows » Questions and Answers » Complaints » Factory Visits

Expected outcomes » Sustainable Return on Investment » +ong term sustainable strategy » Good Governance

Customers

» Good Quality Products/ Services » Regular visits » Knowledge building programs through keynote » Consumer education speakers and other programs » Consumer feedback and reporting related training. » Training and Development

Suppliers

» Regular meetings » Supplier Code » Supplier audits

» Fair relationships » +ong terms

Employees

» » » »

» Good remuneration » Decent working conditions » Career path, security, benefits and training.

Society

» Regular Involvement with communities

» +ong term community and social development

Government

» Filing reports and returns » Responding to directives, queries, etc

» Payment of taxes » Compliance with laws

Competitors

» Membership and Participating in Industry/ » Industry news trade bodies » Representation to government and regulatory bodies. » Participate in industry surveys » Fair Competition and business practices » Marketing Code of Ethics

Newsletters Mega Views News Minds we Share meets Annual Trips/ picnics Appraisal meetings

,$& 6$ " 1$ Á 42 "NQONQ@SD &NUDQM@MBD The Company has a Board of Directors from Diverse areas of expertise and carrying high level experience in their areas of expertise. The Board of the Company comprises of 10 Directors out of which 4 are Independent Directors. The Directors meeting details and roles and responsibilities are covered in the Annual Report under the section Corporate Governance.

b) Remuneration and Nomination Committee which oversees the Nomination of Directors including Independent Directors and also reviews the remuneration of the Management Board and other senior executives.

The Board has constituted

The Company has a Risk Management Policy which requires the company to prepare the Risk Registers and highlight the Risks in Operations at least once annually in the Annual Report. The Audit Committee is responsible for the oversight and approval of Risk Management practices of the Company.

a) Audit Committee which oversees Corporate Governance, Risk Management, Compliance, External Auditors and Internal Audits. The External Auditors’ and Internal Auditors’ scope and appointment is approved by the Audit Committee.

Risk Management

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Compliance The Company has a full time and dedicated unit for Compliance and Risk Management. The Company has a Compliance policy and a Compliance Manual. The Compliance manual along with the related policies has been communicated to operations covering more than 90% of the businesses. The key policies have been translated in local languages and governance related forms have been implemented for signatures from employees. Anti-Corruption, Anti-Bribery and Marketing Code of Ethics The Company has implemented an Anti - Corruption Policy to ensure that the business is conducted with ethics, integrity, and transparency and as responsible corporate citizens. Mega +ifesciences or any of its employees, managers or Board Members acting on behalf of Mega shall not make, provide, offer or authorize any payments, gifts of any kind or anything of value, directly or indirectly, to any official or employee of any country, state, provincial or local government or any government controlled or owned agency or entity. Mega +ifesciences further extends this policy to such dealings with health care professionals and private hospitals which shall be done as per limits and approval procedures as specified by Mega.

improve their own lives as they are improving lives of their customers and partners. Every member of the Mega team is an owner of a way of life. Our daily lives are driven by a simple cause: To improve lives, to care for human wellness and to help people stay healthy as long as they live. It’s a cause that unites our 4,300-plus strong team across the world, sparking ingenuity, passion and a zest for life. They have created a learning organization that believes in Thinking, Changing and Growing.

S SGD BNQD NE SGD ,DF@ BTKSTQD HR 1DRODBS %QDDCNL 3QTRS @MC 3QTSG » Respect for each other’s differences » Freedom in work and personal lives » Trust our people as adults who know what needs to be done. » Truth in everything we do.

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Mega +ifesciences shall not make any facilitating payments to any government agencies, employees, department, government, political parties to expedite or secure the performance of routine services like tax assessments, customs clearances, utility connections, gas, telephone, internet, etc. Mega +ifesciences has ensured effective implementation by laying down the rules, Formats, procedures and training employees on the Business Ethics and code of conduct and also signatures from employees for adherence to the Code of Conduct. All new employees are provided a training for Business Ethics and Code of Conduct and are required to sign as agreed and understand. The Company also has a practice of circulating and obtaining confirmation from management and employees on the ÃConflict of Interest’ form which ensures fair dealings. The Company conducts training on all aspects of the Anti-Corruption policy regularly for key employees.

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Å"QD@SHMF .VMDQRÈ (LOQNUHMF +HUDRÆ MEGA is a people centric organization which believes in goodness of people and gives an opportunity to people to make careers,

Mega Academy arranges a variety of training programs and workshops for the people at Mega +ifesciences. MINDS WE SHARE Ãat Mega +ifesciences, is an approach to organize hands-on meets with the purpose of exchanging knowledge and gain wisdom, a conclave where we invite world - renowned speakers to offer new perspectives, which participants then cascade to their worldwide teams. Recent world - renowned facilitators have included Dr. Park, Partner of Blue Ocean Strategy, Dr. Clotaire Rapaille, author of ÃThe Culture Code’, Jason Jennings, Curt 6 Coffman, Dr. Eric De Smet, Fredrik Haren, Dr. Jody Hoffer Gittell and Robert Spector. These forums were the genesis of our passion for ÃEmployee Evangelism Ownership’, and ÃCreating Owners, Improving +ives’. 6e engage our teams by enlisting their participation in workshops with management gurus and best-selling authors like Marshall Goldsmith, Ram Charan and Paco 4nderhill, marketing gurus like AlRies and Jack Trout, strengths coach Marcus Buckingham and The +ean Start up by Eric Ries. 2 1

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Mega Academy has designed and implemented the Mega Master Management MMM program in collaboration with leading university of Thailand, The Mahidol 4niversity, to provide tools to managers, to improve skills, knowledge and methods for enabling them to successfully lead a team towards Mega’s goals and aims at delivering enhanced employee engagement, empowerment, commitment, retention and productivity improvement. The program extends over a period of 12 months and includes classroom training for at least one day per month. The program includes conception, discussion and implementation of projects and concludes with a certificate from Mahidol 4niversity’s Centre for Management. The program is also offered in shorter version under a ‘MMM – Mini’ which mainly facilitates induction.

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$LOKNXDD 1HFGSR Skill and knowledge development programs are designed to deliver leadership, behavioral and technical skills making Mega’s human capital ready to meet business challenges and reach organizational goals. Executive education and leadership development at mega is a one on one approach driven by the immediate coach. Colleagues undergo various trainings in the organization as well as with external bodies and universities. Few to name are Minds 6e Share at Mega, SASIN Thailand, IIM-Ahmedabad India, Institute Of Directors IOD , Thailand, Mahidol4niversityThailand and more. The executive education and leadership development interventions aims at developing future leaders by bring them knowledge, skills and experience to lead influentially and enhance business results.

The Company respects Human rights and provides healthy and hygienic working conditions. Mega +ifesciences respects and observes the labour laws of the country of its operations and files the reports as required by law within due dates. The Company’s Business Ethics and Code of Conduct bars discrimination on any grounds.

&NNC 'D@KSG !X 8NTQRDKE &'!8 Mega +ifesciences wants to creates good health ambassadors by promoting good health among all the employees and desires that each of the 4,300 plus employees is an evangelist for prevention of disease achieved through healthy life. The company encourages regular health checkups and counseling for all employees. The company conducted various activities across its locations: 2 1

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» Stay healthy with Mega Family - ÃMega 6e Care’ Football event for our people to stay healthy, live happily and improve life.

Mega +ifesciences maintains safety records for reporting to the Ministry of +abour and also to the Management and Board of Directors of Mega +ifesciences.

Mega Indonesia » Field force badminton matches once a month. » Pre-Medical checkup for all employees » 8oga Class on Fridays. Mega Malaysia » Blood Check for all employees to study the +ipid profile and Glucose profile of all employees. Mega Thailand » Football tournament for employees. » Sports Day » Health Checkup and counselling for 1,000 employees

The Company has a dedicated Safety team for its manufacturing locations and has safety code for its manufacturing as well as logistics facilities which mandates the employees to adhere to strict standards of safety.

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Mega Ukraine 80% of employees go in for physical activities fitness, water-pool, gym, table-tennis, tennis, skiing . 6e sent employees short information with recommendations of 6HO about physical activities and its positive influence on cholesterol level and diabetes, heart diseases prevention. 50% of employee use healthy food. 6e also sent recommendation about healthy food. In office we have green tea with ginger. On meetings we propose healthy sandwiches, fruits and nuts. Mega Myanmar

Mega +ifesciences encourages its offices worldwide to identify means of engagement with the society. The Company has a policy to set aside 2% of its Profits After Tax for various activities under its ÃCreating Shared Value’ drive.

#NMNQ ENQ +HED Mega Cambodia » Started of a program to donate 3,000 kilograms of rice to Orphans centre

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Mega Myanmar » Donated Kyat 22.69 million approximately 4nited States Dollars 17,400 for flood relief.

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Mega Vietnam

Mega Thailand

» Blood donation camp arranged arranged on November 13, 2015 » Started off a program to donate Vietnam dong 500,000 per child per month to Que Hong house

Happy and Healthy family trip “MEGA We care Thailand as the leader of Family Health Expert created campaign “Happy and Healthy Family trip”. In episode 1, 23 lucky families joined this car rally trip. It was a trip themed on happiness through good health and all the participating families were engaged through many healthy activities.

Mega Ghana Donations to Disabled children’s home. Mega Corporate Donated Thai Baht 500,000 to Mechai Pattana School along with t-shirts for students. The Company also accepted 2 students as apprentices in the Manufacturing operations.

&NNC 'D@KSG AX XNTQRDKE Mega Cambodia Awareness program for Joint and Bone health. Arranged a staff Soccer tournament for staff and partners.

Mega Ukraine Ms. Nataliya Prisyazhnaya, Key Account Manager KAM with our team and drug store chain ÅPharmacyÆ organized Health Day in drug store in the town Petropavlovka. Ophthalmologist, Dr. Kravchina Tatyana examined 62 customers of pharmacy during the day. Ms. Nataliya our KAM, checked the fasting glucose of the patients. It was an effective activity to create awareness among elderly population and also helped in increasing sales from pharmacy. Mega Vietnam

Mega Myanmar

Terry Fox Run is an annual event to help build awareness in the fight against cancer and raise fund for cancer research. The activity was held in District 7, Ho Chi Minh City on 29th November. In Hanoi, it took place on 17th November in Nam Thang +ong Residential Area under the name ‘Run for Children’

Arranged various Health talks on Iron deficiency, health checks and counseling on a personal basis for many individuals. Mega Nigeria 6orld Hepatitis Day celebration was organized across Nigeria to create awareness among consumers in the teaching hospital, retail pharmacies. To get better mileage we clubbed the Diabetes Detection, Neuropathy and Hypertension screening in the retail pharmacies. Also celebrated 6orld Diabetes Day in 2014. Free health screening held on June 12, 2015. 2 1

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¥ jÔ ¥k Á ¡~ j ¥k ©}Ô j ~ ¡~ j ¥k } 2 q jj p ¡~ j ² § pp ®p p¦ Óp ­~ ®p ¢Ó¨ ¥ © ©}Ô p ISO 14001 ¨ ¥} ¥ . . 2558 ¦ q ©}Ô j ~Ó ¡¨ ¥} ¥ . . 2561

p Investors’ Choice Award q j m Óp¥ ¢ Ô p ¡ ©

p ©}Ô¥~ Ô ² j ~ q ¨ ¨ Ë . . 2557 ¦ ©}Ô Ó j pj ~ q ¨ Ó p Ë . .2557 m ² ¥ ¬q¨ j ¨sÔ }© ¥ p¦ p p Ô 95 Ó T5 28 ~~× q j }© T8 ­ ©}Ô ¨sÔjÓ Ô ® ©}Ô¥ ­ ¨sÔ }© +ED 20 ~~× ¥ ­ } pp ¦ j ­p¦ } Ô pmp¨sÔ ²® ¥ ¬ ² j © Ôm § ¢ § m × ¥ ­ }j Ó jÕ t¥ j qj j ¥ ­ ¦ pr j m Ô k p Ó q j¨ ¦jÔ ¥ Û § ¥ § ¥ ­ sÓ }j ~ }~ p® ¦ psÓ Ï pj j ¦ Ój q k p ¡ m¦jÔ k }¥ ¬j ¢Ó ­p¦ } Ô ©}Ô j ~ }~ ®p ­p ² m } j ² j s¡ Ó p } § ¥ ­ }j Ó jÕ tm × ©} j©t}× ©}Ô¥ ­ Óp ² ¥ k p p q² ˨ Ô ¢Ô ¡Ô ­ Ô pk ¥ Ó ® ¦ j }j × p Ô 50

1

p q² Ë

j ~ ¡~ j ¥k } 2 q jj p ¡~ j

Mega UAE

&1$$- ,$&

Free health screening held for community.

+$# K@LOR TR@FD SN HMBQD@RD SN

Mega Ghana

Solar power usage to be increasedPrepare improving Green Industry Certification from Ministry of Industry to level 3 compared to level 2.

Conducted 8oga workshop for key managers.

,$& 6$ " 1$ $-5(1.-,$-3 6$ ".-2$15$

6 1#2 -# 1$".&-(3(.-2

&QDDM ,DF@ Ă Green Industry The Company maintained the +evel 2 Green Industry Certification awarded by the Ministry of Industry for both the manufacturing locations in Thailand.

Investors’ Choice Award from the Thai Investors’ Association.

The Company achieved ISO 14001 in April 2015 and the certification shall be subject to renewal in April 2018. The team prepared for this in 2014 and the Company went through audits during year 2014 for the certification. The Company has achieved 95% of lighting through T5 28 6att fluorescent lamp from the previous T8 lamps. The Company has started using +ED lamps 20 6att to save energy and protect environment. The Company continues to use chilled water for air conditioning system non CFC to reduce the green house gas emission. The insulation material of ducts has been changed from fiber glass to polyethylene foam to help reduce the reinstallation and also prevent spread of small glass particles in the environment.

+evel 2 Green Industry Certification from the Ministry of Industry.

The Company has installed video conference facilities to reduce carbon footprint. The Company has started a practice to send print copies of annual report only to shareholders who request by return letter and has reduced printing by 50%.

2 1

1

1

p q² Ë

1

j ¡ j q¥ Û ~ ¦ q² Ó ~ ° ¥m ­ p

¦ j Ô × ¥ ¥ t ­ q² j }

¡mm / ~ ¡mm ­ q m k }¦ Ôp

» w×s v s × ¦ p s~ Ô s × Ô p ¥ Û ¢Ô ¡Ô ¨ vÓk p ¦ jÔ × ¥ ¥ t ­ q² j }

» j j Ó j 1 Ó ©}Ô¦jÓ w×s v s ×

j | m ×

133,340 347,180 480,520 66,800 66,800

» mÓ ¥ ® j qÓ Ó p Ô ~Ô p } ¥ ­ k ® } p ® p }

5,345,441

66,800 66,800 -

480,520 354,595 125,925

4,495,275

¢ mÓ j ( ) Ë vs ® ¡} ­ p } j¥} ® ¡} 31 .m. 2557 ­ 31 .m. 2558

» mÓ ¨sÔqÓ ~ ° ¥m ­ p t ® ~ ° ¥m ­ p q j ¦ jÔ × ¥ ¥ t ­ q² j } » ¥qÔ ®j mÔ ¦ jÔ × ¥ ¥ t ­ q² j } ¥ Û ¥qÔ ®j mÔ k p q jmÓ ¨sÔqÓ ~ ° ¥m ­ p ~Ô p } ¥ ­ k ® } p ® p }

j | j

» t ® ~ ° ¥m ­ p q j ¦ jÔ × ¥ ¥ t ­ q² j } ¥ ­ ¥} p~ }~Ó ¡ j q §} m ¦ ¥p ­ ©kj mÔ ¥ Û © ~ m ¦ ¥p ­ ©k j mÔ ~ }

m q² ¥ Û ¦ m ¥ ~¡

j Ó pj k p ¦ Ó j ¡mm ­ q m k }¦ Ôp¨ Ë vs ® ¡} ­ 31 m 2557 p } j¥} ® ¡} ­ 31 m 2558 ¡ ©}Ô} p ®

j Ó pj k p ¦ Ó j ¡m m ­ q m k }¦ Ô p

j Ó pj 1$+ 3$# / 138 31 -2 "3(.-2

» j ² j } pj Ó ¥ Û j ¡ ¡ j q j~ k p t ­p m ¦ ¥p ­ ©kj mÔ ­¥ Û m ¦ ¥p ­ ©kj mÔ §} ­ © ¥ j j ² j j ¡mm j

m ¥ ¬ k p m| j j ~ q

2 1

1

1

Ambika Tour Agency +td. Thailand ÅAmbika Tour AgencyÆ

Persons/juristic persons who may have conflicts of interests Type of Transaction

» There is a common director » Air ticket expenses between the Company and Ambika Tour sells air tickets Ambika Tour Agency, namely to us Mr. Ishaan Shah » Accounts payable » Mr. Ishaan Shah and The accounts payable from Ms. Nishita Shah sister air ticket expense are one of major shareholders Beginning balance in Ambika Tour Agency Increase Decrease Ending balance » Prepaid expense Beginning balance Increase Decrease Ending balance

Nature of Relationship

4,495,275

480,520 354,595 125,925 66,800 66,800 -

5,345,441

133,340 347,180 480,520 66,800 66,800

Transaction Value (Baht) For the year For the year ended ended 31 Dec 2014 31 Dec 2015

Related party transections with related companies that may have conflicts of interests for the year 31 Dec 2014 and 31 Dec 2015.

» Purchase prices, payment terms and conditions between the Company and Ambika Tour are in line with common market price, terms and conditions.

» 6e purchase air tickets from Ambika Tour for transportation purpose.

Rationale for, and Necessity of Transaction

1$+ 3$# / 138 31 -2$"3(.-2 6(3' 1$+ 3$# ".,/ -($2 3' 3 , 8 ' 5$ ".-%+("32 .% (-3$1$232

» The purchase price, payment term and condition are consistent with those of market practice.

» The transaction is conducted to support an ordinary course of business and on an arm’s length basis.

Audit Committee Opinion

1

p q² Ë

2

j ¡ j q~ ¦ q² Ó ~ |z× j

s ×¥ ¬jt× ¥t ¥ t× s × t× § j¥j × q² j }

¡mm / ~ ¡mm ­ q m k }¦ Ôp

» p s × ¥ Û ¢Ô ¡Ô ¨ vÓk p s ×¥ ¬jt×¥t ¥ t× s × t× § j¥j × q² j }

» j j Ó j 1 Ó ©}Ô¦jÓ p s ×

j | m ×

142,081 142,081 -

227,903 155,557 383,460

» mÓ ¥ ® j qÓ Ó p Ô mÓ ¨sÔqÓ qÓ Ó p Ô q jj s² mÓ ¨sÔqÓ ¥ ® j ~Ó p« ~Ô p } ¥ ­ k ® } p ® p }

9,459,979

383,460 277,081 106,379

117,736 117,736

8,437,731

¢ mÓ j ( ) Ë vs ® ¡} ­ p } j¥} ® ¡} 31 .m. 2557 ­ 31 .m. 2558

» ¥qÔ ®j mÔ s ×¥ ¬jt×¥t ¥ t× s × t× § j¥j × q² j } ¥ Û ¥qÔ ®j mÔ k p q jmÓ ¨sÔqÓ ¥ ® j ~Ô p } ¥ ­ k ® } p ® p }

» mÓ ¨sÔqÓ ¥ ® j t ® j ¥ ~Ó p« q j s ×¥ ¬jt×¥t ¥ t× s × t× § j¥j × q² j }

j | j

m ¥ ¬ k p m| j j ~ q

» t ® ¦ s² mÓ ¨sÔqÓ » j ² j } pj Ó ¥ Û ¥ ® j ¥ ~Ó p« ¥sÓ j ¡ ¡ j q j~ j j k p t ­p m ¦ ¡k j ¡Ó ¦ j ­ ­ ¥p ­ ©kj mÔ ­¥ Û m ¥j ­ kÔ p¨ j j ¡ j q ¦ ¥p ­ ©kj mÔ §} ­ © q j s ×¥ ¬jt×¥t ¥ t× ¥ j j ² j j s × t× § j¥j × q² j } ¡mm j §} m mÓ ¥ ® j ¦ ¥p ­ ©kj mÔ ¥ Û © ~ m ¦ ¥p ­ ©kj mÔ ~ }

m q² ¥ Û ¦ m ¥ ~¡

2 1

1

2

ÅInsurexcellence Insurance BrokdersÆ

Insurexcellence Insurance Brokers +td. Thailand

Persons/juristic persons who may have conflicts of interests

» Ms. Sameera Shah is one of major shareholders in Insurexcellence Insurance Brokers

» There is a common director and shareholder between the Company and Insurexcellence Insurance Brokers, namely Ms. Sameera Shah

Nature of Relationship

142,081 142,081 -

227,903 155,557 383,460

» Prepaid insurance Beginning balance Increase Decrease Ending balance

9,459,979

» Accounts payable The accounts payable from insurance premium expense Beginning balance Increase Decrease Ending balance

» Insurance expenses 6e purchased insurances policies from Insurexcellence Insurance Brokers

Type of Transaction

383,460 277,081 106,379

117,736 117,736

8,437,731

Transaction Value (Baht) For the year For the year ended ended 31 Dec 2014 31 Dec 2015 Audit Committee Opinion

» 6e purchase it insurance » The transaction is policies such as vehicle conducted to support insurance, group medical an ordinary course of insurances, all risk insurances, business and on an and other insurance associated arm’s length basis. with the Company ongoing » The insurance premium, operations from Insurexcellence payment term and Insurance Brokers. condition are consistent » Insurance premium, payment with those of market terms and conditions between the practice. Company and insurexcellence Insurance Brokers are in line with market rate for insurance premium, terms and conditions.

Rationale for, and Necessity of Transaction

1

p q² Ë

4

3

§ p¥ s {

j ¡ j qk ~ |z×

¥ ¥m | z× ¥ © q² j }

¡mm / ~ ¡mm ­ q m k }¦ Ôp j | j

» s © t ­p¥ Û j j ¥ Û ¢ s © t ­p¥ Û ¢ÔjÓ ~ ®p§ p¥ s {

» ¥p q m

» mÓ ~ ¦ j j qÓ mÓ ~ ¦ j j ¨ Ô¦jÓ s © ¨ ¢ ¥p q m ¨ Ô¦jÓ§ p¥ s {

» j j Ó j 2 Ó ©}Ô¦jÓ » ©}ÔmÓ Ô w×s v s × ©}ÔmÓ Ô q jj ¨ Ô ¦ j ~ s × j j q mÔ ¨ Ôj ¥ ¥m |z× ¥ © q² j } » ¢Ô ¡Ô Ó j ©}Ô¦jÓ §j ¥ Õjt× m × ¥ s ­ q² j } » ~Ô ¡ mÔ ­t ® q j ¥ p s ~Ô s × ¥m |z× ( ¥ © ) q² j } ¦ p s × t ® mÔ q j ¥ ¥m |z× ¥ © q² j } » w×s v s × ¥ ­ q }q² Ó © p ¢Ô § m t ­p¥ Û ¦ j ~ s × ¥ Û j j Ó ­pk p ¡ j qj q }q² Ó ¨~Ô k p ¥ ¥m |z× ¥m ­ p j mÔ MaxxcareTM ¨ ¥ ¥ } » §j ¥ ¬jt× m × ¥ s ­ q² j } p s ~Ô s × » ¥qÔ ®j mÔ ¦ p s × ¥ ¥m |z× ¥ © ¥ Û ¢Ô ¡Ô ¨ vÓk p q² j } ¥ Û ¥qÔ ®j mÔ k p ¥ ¥m |z× q j~Ô ¡ mÔ ­t ® ~Ô p } ¥ ­ k ® } p ® p }

j | m ×

2,000,000

500,000

-

-

3,820,801 3,820,801 2,000,000

808,835

-

5,613,796

-

¢ mÓ j ( ) Ë vs ® ¡} ­ p } j¥} ® ¡} 31 .m. 2557 ­ 31 .m. 2558 m ¥ ¬ k p m| j j ~ q

» j qÓ mÓ ~ ¦ j j » ­ s¡ m| j j } pj Ó ¥ Û j qÓ m ®p ­ 1/2556 ¥ ­ ­ 17 mÓ ~ ¦ j j t ­p©}Ô j m 2556 ©}Ô ~ ¡ ~ mÓ j ¡ ~ ~ ~ ­ s¡ ~ ¦ j j ­© Ó¨sÓ¥ Û m| j j m ®p ­ ¢Ô k p §} 1/2556 ¥ ­ ­ 17 j m q }² ¥ j qÓ mÓ ~ ¦ 2556 ¦ ~ ­ s¡ v j j ¨ Ô¦jÓ s © ¨ ¢ ¥p q m¦jÓ ¢Ô ¡Ô ­1/2556 ¥ ­ ­ 1 § p¥ s { ¨ j¡ × 2556 ¦ Ô ~ 2,000,000 ~Ó Ë §} ©}Ô~j pj ¦ q }² ¥ j qÓ ¥ Û s © Ó q qÓ ©~ mÓ ~ ¦ } pj Ó ¨ ¢ ¥p q m¨ Ô¦jÓ§ p¥ s { » ¥p q m¥ Û Ó ­pk p j qj m }s ~Ó pm k p

» ¨ Ô j q² Ó ¦ » j ² j } pj Ó ¥ Û j ¡ j q j~ k p q }q² Ó mÔ ¨ Ô¦jÓ t ­p ~ mÓ j q² Ó ¥ ¥m | z× ¥ © ¦ q }q² Ó ¦ ¥p ­ ©k q² j } ¨ ¥ ¥ } j mÔ ­¥ Û ~ mÓ j §} m } ~ mÓ j q² Ó q² Ó ¦ q }q² Ó ¦ q }q² Ó ¦ ¥p ­ ©k ¦ ¥p ­ ©kj mÔ §} ­ © j mÔ ¥ ¥ Ó j ~ mÓ ¥ j j ² j j j q² Ó ¦ q }q² Ó ¡mm j ¦ ¥p ­ ©kj mÔ ­ m }j ¡mm j ¡j j

m q² ¥ Û ¦ m ¥ ~¡

2 1

1 1

+inaria Chemical Thailand +imited Å+inaria ChemicalÆ

Mechai Pattana School

3

4

Persons/juristic persons who may have conflicts of interests Type of Transaction

» Mr. Mechai Viravaidya, our Chairman of the Board of Director, is also founder of Mechai PattanaSchool

» Donation

» Compensation and remuneration to the directors Remuneration to our director, Mr. Mechai Viravaidya was paid on his behalf to Mechai Pattana School for scholarships.

» Commission income 6e received commission income from +inaria Chemical for its distribution services provided to +inaria Chemical » There are common » Cost of goods purchased from shareholder between the Linaria Chemical Company and +inaria 6e purchasedproducts from Chemical namely, Globex +inaria Chemical to distribute Corporation Co., +td., to its customer as part of Ms. Nishita Shah, and distribution service provided Ms. Sameera Shah » Trade Payable to Linaria » Mr. Ishaan Shah and Chemical Mr. Kirit Shah are directors The payable expanse for its cost of +inaria Chemical. of goods purchase from +inaria Chemical » Globex Corporation Co., +td., Beginning balance Ms. Nishita Shah, and Increase Ms. Sameera Shah are Decrease major shareholders of Ending balance +inaria Chemical

» There are common directors between the Company and +inaria Chemical namely, Mr. Ishaan Shah and Mr. Kirit Shah.

Nature of Relationship

-

3,820,801 3,820,801 -

-

500,000

2,000,000

808,835

5,613,796

2,000,000

-

-

Transaction Value (Baht) For the year For the year ended ended 31 Dec 2014 31 Dec 2015 Audit Committee Opinion

» Donation as part of MEGA’s corporate social responsibility initiative

» As approved by The Board » Such compensation has of Directors Meeting No. been duly approved by 1/2013 on 17 January 2013, our Board of Director 6e will pay compensation Meeting No. 1/2013 on to Mr. Mechai Viravaidya 17 January 2013and through Mechai Viravaidya Shareholders’ Extra Foundation, at the rate of Ordinary General Meeting Baht 2,000,000 per annum No.1/2013 on 1 February which will be paid on a 2013 quarterly basis.

» 6e provided distribution » The transaction is an service to +inaria in Vietnam. ordinary course of business transaction and » Distribution fee and payment conducted on an arm’s terms and conditions for length basis. distribution service provided to +inaria Chemical are in » The distribution fee, line with common market payment term and price, terms and conditions. condition are consistent with those of market practice.

Rationale for, and Necessity of Transaction

1 2

p q² Ë

6

5

¦ j × Ó t¢~ m q² j }

j ¡ j q ² ¥kÔ

§ × ¥ }} ®p ¥t × ¥t Å § Æ

¡mm / ~ ¡mm ­ q m k }¦ Ôp j | j

» ¢Ô ¡Ô Ó j 1 Ó ©}Ô¦jÓ » j k ~ |z× ¨ Ô¦jÓ ×¥ } § ¥ } t ¥ × ¦ j × Ó t¢~ m q² j } ¡Ô q² Ô 51 ¨ q² Ó ~ |z× ¨~Ô ¥ jÔ § } j × ¥ ¥ ¥m ­ p j mÔ k p ¨ Ô¦jÓ q² j }t p­ ¥ Û Ó k p ¦ j ¥ ­ ² ¥kÔ ¦ q² Ó ¨ ¥ ¥ ¥ » ×¥ } § ¥ } t ¥ × ¥ Û ¢Ô ¡Ô ¨ vÓk p ¦ j » ¢j ®j mÔ q j ¦ j ~Ô p } ¥ ­ k ® } p ® p }

» ¢Ô ¡Ô Ó j 1 Ó ©}Ô¦jÓ » j k ~ |z× ¨ Ô¦jÓ ×¥ } § ¥ } t ¥ × § × ¥ }} p® ¥t × ¥t ¡Ô q² Ô 51 ¨ q² Ó ~ |z× ¨~Ô ¥ jÔ § } j × ¥ ¥ ¥m ­ p j mÔ k p ¨ Ô q² j }t p­ ¥ Û Ó k p ¦jÓ § ¥ ­ ² ¥kÔ ¦ q² Ó ¨ ¥ ¥ ¥ » ×¥ } § ¥ } t ¥ × ¥ Û ¢Ô ¡Ô ¨ vÓk p » j Óp¥ j k p ¡ j q¥ ­ § ¡ ¦jÓ § × ¥ }} ®p ¥t × ¥t ² j Óp¥ j k ~ |z× ¨~Ô¥m ­ p j mÔ k p ¨ ¥ ¥ ¥ » ¢j ®j mÔ q j § ~Ô p } ¥ ­ k ® } p ® p }

j | m ×

11,761,107

12,723,936 12,723,936

-

62.524.108 38.622.145 23,901,963

55,882,856 6,641,252 62,524,108

-

19,421,155

2,579,720

-

41,037,674

¢ mÓ j ( ) Ë vs ® ¡} ­ p } j¥} ® ¡} 31 .m. 2557 ­ 31 .m. 2558 m ¥ ¬ k p m| j j ~ q

» q² Ó ~ |z× ¨~Ô¥m ­ p j mÔ k p ¨ Ô¦jÓ ¦ j × Ó t¢~ m q² j } ¥ ­ ² ¥kÔ ¦ q² Ó ~ |z× ¨ ¥ ¥ ¥ §} m ¦ ¥p ­ ©kj mÔ ¥ Û © ~ m ¦ ¥p ­ ©kj mÔ ~ }

» ¨ Ô Ó } pj mÔ ¦jÓ § ² j Óp¥ j k ~ |z× ¨~Ô¥m ­ p j mÔ k p ¨ ¥ ¥ ¥

» j ² j } pj Ó ¥ Û j ¡ j q j~ k p t ­p m ¦ ¥p ­ ©kj mÔ ­¥ Û m ¦ ¥p ­ ©kj mÔ §} ­ © ¥ j j ² j j ¡mm j

» q² Ó ~ |z× » j ² j } pj Ó ¥ Û ¨~Ô¥m ­ p j mÔ k p j ¡ j q j~ k p ¨ Ô¦jÓ § × t ­p m ¦ ¥p ­ ©kj mÔ ¥ }} ®p ¥t × ¥t ¥ ­ ² ¥kÔ ­¥ Û m ¦ ¥p ­ ©kj ¦ q² Ó ~ |z× ¨ ¥ mÔ §} ­ © ¥ j j ² ¥ ¥ §} m ¦ ¥p ­ ©k j j ¡mm j j mÔ ¥ Û © ~ m ¦ ¥p ­ ©kj mÔ ~ }

m q² ¥ Û ¦ m ¥ ~¡

2 1

1

Al-Mayoni

Magnus Pharmaceuticals +imited

5

6

Persons/juristic persons who may have conflicts of interests » Sales to Al-Mayoni 6e use Al Mayoni in 8emen as our importer into the country for our Branded Prodcuts » Business promotion support to Al-Mayoni for promoting our branded products in 8emen. » Account receivables from Al-Mayoni Beginning balance Increase Decrease Ending balance

Type of Transaction

Beginning balance Increase Decrease Ending balance

» Account receivables from Magnus

» Mr. Ahmed Mohamed Saleh » Sales to Magnus who holds 51% in Mega 6e use Magnus in 8emen as Products 8emen +td. is a our importer into the country for major shareholder of Magnus our Branded Prodcuts Pharmaceuticals +imited

» Mr. Ahmed Mohamed Saleh who holds 51% in Mega Products 8emen +td. is a major shareholder of Al-Mayoni

Nature of Relationship

62,524,108 38,622,145 23,901,963

55,882,856 6,641,252 62,524,108

-

12,723,936 12,723,936

11,761,107

19,421,155

-

-

2,579,720

41,037,674

Transaction Value (Baht) For the year For the year ended ended 31 Dec 2014 31 Dec 2015

» 6e sold our branded business products to Magnus Pharmaceutical +imited in 8emen

» 6e provided discounts to Al-Mayoni for promoting our branded products in 8emen.

business products to Al- Mayoni in 8emen

» 6e sold our branded

Rationale for, and Necessity of Transaction

» The selling price, payment term and condition are consistent with those of market practice

» The transaction is an ordinary course of business transaction and conducted on an arm’s length basis

» The selling price, payment term and condition are consistent with those of market practice

ordinary course of business transaction and conducted on an arm’s length basis

» The transaction is an

Audit Committee Opinion

m² j }² ¥ p ¦ ¥m × y pj ¥p

¡ j q ¥ jÔ © Ò©t¦ ¬ t× q² j } s Å Æ ¥ Û s ® ² }Ô ¡k ¨ ¥ ­j² p { ¥ ¡ j qk p ¦ Óp¥ Û 3 j ¡Ó ¡ j q} p ® 1. ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega We CareTM { ~ ² j ~ } ¦ q }q² Ó ~ |z× ² ¡p ¡k ~ |z× ~ ¨ p­ ¦ × ¦ ~ |z× q­ ² Ó Ô ¥m ×¥~ ש p ¥ j² p { 31 ¥ ­ § j 2. ¡ j qj q }q² Ó ¨~Ô¥m ­ p j mÔ MaxxcareTM ² j ~ } j k ¦ j q }q² Ó ~ |z× ~ ¨ ­p¦ × ~ |z× ­q² Ó Ô ¥m ×¥~ × ¦ mÔ ¡ § m § m }² ¥ ¡ j q j q }q² Ó ®¨ 3 ¥ ©}Ô¦jÓ Ó ¥ } ¦ j ¢s ¢jmÔ ¨ j ¡Ó ¡ j q ® j }Ô ¦ ~ mÔ ¡ § m § ms ® ² ®p¨ ¦ ~Ó p ¥ 3. ¡ j q qÔ p ~ ~ |z× § pp ~ ~ |z× ¨ ¥ © ¦ ¥~ ¥ ® jq jq ~ ~ |z× ¨~Ô¥m ­ p j mÔ k p ¦ Ô p qÔ p ~ ~ |z× ¨ Ô¦jÓ ¢jmÔ j j}Ô

j ¥ m × pj ¥p ¦ j }² ¥ p ¨ Ë p j² © k } ¡ » ©}Ôq jj }² ¥ p ¢ mÓ 7,945 Ô ² Ë 2558 ¥ ­ k ® Ô 10.3 q j ËjÓ ¡ j q j~ 1 ¦ ¢ mÓ 2,282 Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 9.1 q j©~ ¥} j k p ËjÓ » j² © k ® ~Ô ¢ mÓ 3,406 Ô ² Ë 2558 ¥ ­ k ® Ô 9.7 q j ËjÓ ¦ ¢ mÓ 1,001 Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 8.9 q j©~ ¥} j k p ËjÓ » j² © jÓ j} j¥ ® mÓ ¥ ­ m ¦ mÓ ~ }q² Ó ¢ mÓ 986 Ô ¨ Ë 2558 ¥ ­ k ® Ô 25.3 q j ËjÓ ¦ ¢ mÓ 368 Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 9.9 q j©~ ¥} j k p ËjÓ » j² © ¡ ¢ mÓ 696 Ô ¨ Ë 2558 ¥ ­ k ® Ô 27 q j ËjÓ ¦ ¢ mÓ 271 Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 8.1 q j©~ ¥} j k p ËjÓ

1 ©}Ô ­¥~ §~q j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ¨ Ë 2558 © Ó p ©}Ôq j ¢jmÔ ­p t ­p¥ j¨sÔ j ~ ®p¦~Ó©~ ­ 4 Ë 2557 ~ ­ ©}Ô p ¨ m² ¦ ¥m ×p j ¥p ¨ ©~ ­ 3 ¦ ©~ ­ 4 Ë 2557

1

p q² Ë

Mega +ifesciences PC+ MEGA is a leading participant in the health and wellness industry in developing countries. Our business may be categorized into three segments: 1. Mega We CareTM branded products business 6e develop, manufacture, market and sell our own brand of market leading nutraceutical products, prescription pharmaceutical products and OTC products which are sold in 31 developing countries, 2. MaxxcareTM distribution business 6e market, sell and distribute various branded prescription pharmaceutical products, OTC and FMCG products. 6e operate our MaxxcareTM distribution business in three countries, namely, Myanmar, Vietnam and Cambodia. Our clients for this business segment include leading domestic and international pharmaceutical and FMCG companies, and 3. OEM business In addition to manufacturing our own branded products, our manufacturing facilities in Thailand and Australia accept various production orders from third-party customers.

M@KXRHR NE %HM@MBH@K 2S@STR @MC /DQENQL@MBD %8 » Overall operating revenue of THB 7,945mn in F815, up by 10.3% 8o8 normalized1 basis and THB 2,282mn in 4Q15, up by 9.1% 8o8. » Gross profit of THB 3,406mn in F815 up 9.7% 8o8 and THB 1,001mn in 4Q15 up 8.9% 8o8 . » EBITDA of THB 986mn in F815 up 25.3% 8o8 and THB 368mn in 4Q15 up 9.9% 8o8 . » Net profit of THB 696mn in F815 up 27.0% 8o8 and THB 271mn in 4Q15 up 8.1% 8o8 .

1 MaxxcareTM distribution business revenue growth is normalized in F814 by excluding the revenue attributable to one of our principal whose business was discontinued since 4Q14 as reported in our 3Q14 and 4Q14 MD As’ .

2 1

kÔ ¡ ² m v » ©}Ôq jj }² ¥ p ¢Ó ­ 7,945 Ô ¨ Ë 2558 ¥ ­ k ® Ô 10.3 q j ËjÓ ¡ j q j~ ¦ ¥ ­ k ® Ô 2.8 q j ËjÓ ~ p ¨ k| ­ ©}Ôq jj }² ¥ p ¨ ©~ ­ 4 Ë 2558 ¢ mÓ 2,282 Ô ¥ ­ k ® Ô 9.1 q j©~ ¥} j k p Ëj Ó ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¢ mÓ 3,907 Ô ¨ Ë 2558 ¥ ­ k ® Ô 8.2 q j ËjÓ ¨ k| ­ ©}Ô ¨ ©~ ­ 4 Ë 2558 ¢ mÓ 1,168 Ô ¥ ­ k ® Ô 7.4 q j©~ ¥} j k p ËjÓ ¦ ¥ ­ k ® Ô 31.7 q j©~ jÓ ©}Ôq j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ¢ mÓ 3,558 Ô ¨ Ë 2558 ¥ ­ k ® Ô 12.3 q j Ëj Ó ¡ j q j~ ¦~Ó } p Ô 3.7 q j ËjÓ ~ p ©}Ô ¨ ©~ ­ 4 Ë 2558 ¢ mÓ 966 Ô ¥ ­ k ® Ô 7.9 q j©~ ¥} j k p ËjÓ ¦ ¥ ­ k ® Ô 9.8 q j©~ jÓ ©}Ôq j ¡ j q qÔ p ~ ~ |z× ¨ Ô¦jÓ ¢jmÔ ­ ¢ mÓ 480 Ô ¨ Ë 2558 ¥ ­ k ® Ô 13.2 q j ËjÓ ©}Ô ¨ ©~ ­ 4 Ë 2558 ¢ mÓ 148 Ô ¥ ­ k ® Ô 35.5 q j©~ ¥} j k p ËjÓ ¦ ¥ ­ k ® Ô 24.4 q j©~ jÓ » ~ j² © k ® ~Ô ¢Ó ­ Ô 42.9 ¨ Ë 2558 ¥ ¥ j Ô 40.2 ¨ ËjÓ k| ­ ~ j² © k ® ~Ô ¨ ©~ ­ 4 Ë 2558 ¢Ó ­ Ô 43.8 ¥ ¥ j Ô 43.9 ¨ ©~ ¥} j k p ËjÓ j ¥ ­ k ® k p ~ j² © k ® ~Ô ¨ Ë 2558 §} j¥j }q j j ¥ ­ k ® k p ~ j² © k ® ~Ô ¨ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¦ } Ó ©}Ô ­} k ® » mÓ ¨sÔqÓ ¨ j k ¦ j m }¥ Û Ô 33.5 k p ©}Ôq jj }² ¥ p ¨ Ë 2558 ¥ j Ô 34.9 ¨ sÓ p¥jÔ ¥} ¦ j Ë 2558 ¦ ¥ j Ô 32 ¨ Ëj Ó mÓ ¨sÔq Ó ¨ j k ¦ j ¨ ©~ ­ 4 Ë 2558 ¢ Ó ­ Ô 29.9 k p ©}Ôq jj }² ¥ p ¥ ¥ j Ô 30.3 ¨ ©~ ¥} j k p ËjÓ mÓ ¨sÔqÓ ¨ j k ¦ j Ë 2558 ©}Ô pmÓ ¨sÔqÓ ­¥j }k ® ¥ pm ®p¥} q² 28 Ô q j ¢j ®j mÔ §} j q j ¥ © ¦ ¥ ¢¥m » j² © ¡ ¨ Ë 2558 ¢Ó ­ 696 Ô ¥ ­ k ® Ô 27 q j ËjÓ j² © ¡ ¨ ©~ ­ 4 Ë 2558 ¢Ó ­ 271 Ô ¥ ­ k ® Ô 8.1 q j©~ ¥} j k p Ëj Ó ¦ ¥ ­ k ® Ô 77.9 q j©~ jÓ j ¥ ­ k ® k pj² © ¡ ¨ Ë 2558 §} j¥j }q jj ¥ ­ k ® k p ~ j² © k ® ~Ô §} q jj ¥ ­ k ® k p ~ j² © k ® ~Ô ¨ ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¦ } Ó ©}Ô ­} k ® ¦ j² © q j ~ ¦ j¥ ­ ¡ q jmÓ ¥p ­ Ó mÓ j² © ¡ ¨ Ë 2558 jq j j q j ~ ¦ j¥ ­ ¢ Ó ­ 651.5 Ô ¥ j 564.3 Ô ¨ Ë 2557 ¦ ¥ j 585.2 Ô ¨ Ë 2556 m ¡Óp ­ ­q ¥ Ô pm ¦k¬p¦j Óp¨ j ¥ Û ¢Ô ² ~ }¨ j ¡Ó ¥ §}q ¦ k ¡ j q¨ ¦ j }Ô ~ |z× ¨ Ó q² j ­ ¢Ó Ó pj { ¦ j }² ¥ ¡ j q¨ 31 ¥ ­ j ¨ j ¥~ §~ ¡Ó ¥ m ­q ¥ ­ ©}Ôq jj }² ¥ p ¦ j² © ¡ ¥ Û p¥ Ó ¨ sÓ p 5 ËkÔ p Ô

p j² © k } ¡ ©}Ôq jj }² ¥ p j² © k ® ~Ô ~ j² © k ® ~Ô mÓ ¨sÔqÓ ¨ j k ¦ 3 mÓ ¨sÔq Ó ¨ j k ¦ k p ©}Ô j² © jÓ } j¥ ® ¦ mÓ ¥ ­ m ¦ mÓ ~ }q² Ó j² © jÓ j² © ¡

Ó : Ô ©~ 4/57

©~ 3/58

©~ 4/58

8o8 %

Ë 2557

Ë 2558

8o8 %

2,092.4 918.6 43.9% 633.1 30.3% 334.5

1,885.5 806.8 42.8% 681.0 36.1% 212.8

2,282.0 1,000.6 43.8% 683.1 29.9% 367.6

9.1% 8.9%

7,944.7 3,406.4 42.9% 2,660.2 33.5% 985.8

2.8% 9.7%

9.9%

7,730.0 3,105.1 40.2% 2,471.3 32.0% 786.7

25.3%

296.9 250.9

175.3 152.5

324.5 271.3

9.3% 8.1%

638.1 547.9

828.0 695.7

29.8% 27.0%

7.9%

7.6%

2 pm× j k p~Ô ¡ Ó p~Ô ¡ k ¦ mÓ ¨sÔqÓ ¨ j k ¦ k p ËjÓ ©}Ô ¢jq } ¥ j ¨ Ó Óp ¨ Ô¥j }m ¦~j~Ó p¨ ~ ¥ k ­ j p ¨ m² ¦ ¥m ×p j ¥p ® ¦ m² ¦ ¥m ×p j ¥p jÓ Ô ® 3 k } ¡ q j ~ ¦ j¥ ­ ¨ Ë 2558 q² 57.7 Ô ©}Ô ¢jq } ¥ j ¥ Û mÓ ¨sÔqÓ ¨ j k ¦ j ¨ p pj ¥p ~ ¦ p x ~ ~ y j p pj ¥p © k } ¡ } pj Ó ¢jq } ¥ ¢Ó ¨~Ôj² © /k } ¡ q j ~ ¦ j¥ ­ ¨ m² ¦ ¥m ×p j ¥p

1

p q² Ë

» Overall operating revenue in F815 was THB 7,945mn, up 10.3% 8o8 normalized basis and 2.8% 8o8 reported basis , while 4Q15 revenue came in at THB 2,282mn, up 9.1% 8o8. Mega 6e CareTM revenue was THB 3,907mn in F815 up 8.2% 8o8 , while 4Q15 revenue came in at THB 1,168mn up 7.4% 8o8 and 31.7% QoQ . MaxxcareTM revenue was THB 3,558mn in F815 up by 12.3% 8o8 normalized basis but down by 3.7% 8o8 reported basis . 4Q15 revenue came in at THB 966mn up 7.9% 8o8 and 9.8% QoQ . OEM revenue was THB 480mn in F815 up 13.2% 8o8 . 4Q15 revenue came in at THB 148mn up 35.5% 8o8 and 24.4% QoQ » Overall gross margins in F815 improved to 42.9% from 40.2% in F814 while gross margins in 4Q15 came in at 43.8% compared to 43.9% of 4Q14. Improvement in the overall gross margin in F815 was mainly led by improvement in gross margins of Mega 6e CareTM business and better revenue mix. » Selling and administrative expenses (SG A) was 33.5% of operating revenue in F815 as compared to 34.9% in 9M15 and 32% in F814. SGA in 4Q15 stood at 29.9% of operating revenue compared to 30.3% in 4Q14. SG A in F815 included a one-time charge of THB 28mn towards trade receivables mainly arising from Thailand and 4kraine. » Net profit in F815 came in at THB 696mn, up 27% 8o8. 4Q15 net profit was THB 271mn, an increase of 8.1% 8o8 and 77.9% QoQ. Increase in net profits in F815 was mainly driven by improvement in overall gross margins a result of increase in Mega 6e CareTM gross margins and better revenue mix and net forex gains driven by THB depreciation. Net profits without net forex gain or loss for F815 was THB 651.5mn compared to THB 564.3mn in F814 and THB 585.2mn in F813. MEGA remains focused on further cementing our leadership position in Indochina and deepening our presence in the Sub-Saharan African countries. 6ith a healthy pipeline of new products and operations in 31 growth markets, MEGA is concentrating all efforts towards doubling our revenue and net profit over the next 5 years.

Figures in THBmn Operating revenue Gross profits &rNRR LargHM Selling and Admin. Exp SGA 3 2& tN NOeratHMg reveMue EBITDA Profit before tax Net profit

4Q14

3Q15

4Q15

2,092.4 918.6 43.9% 633.1 30.3% 334.5 296.9 250.9

1,885.5 806.8 42.8% 681.0 36.1% 212.8 175.3 152.5

2,282.0 1,000.6 43.8% 683.1 29.9% 367.6 324.5 271.3

8o8 Gr.

9.1% 8.9% 7.9% 9.9% 9.3% 8.1%

FY14

FY15

7,730.0 3,105.1 40.2% 2,471.3 32.0% 786.7 638.1 547.9

7,944.7 3,406.4 42.9% 2,660.2 33.5% 985.8 828.0 695.7

YoY Gr.

2.8% 9.7% 7.6% 25.3% 29.8% 27.0%

2 Certain previous year cost elements between cost of goods sold and SG A have been re-classified in our audited financial statement resulting in difference between the numbers reported in this MDA and our earlier MD As’. 3 THB 57.7mn attributable to forex loss in F815 has been classified as SG A expenses in audited financial statements per TFRS guidance. Given the nature of this charge, the amount has been classified in MD A under forex gain/loss.

2 1

1

©}Ô ~ p ² Ë 2558 ©}Ôq jj }² ¥ p ¢ mÓ 7,944.7 Ô ¥ ­ k ® Ô 2.8 q j ËjÓ ©}Ô ¡ j qj q }q² Ó ~ |z× MaxxcareTM } p Ô 3.7 q j ËjÓ ¢j~ } }Ô ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ­¥~ §~ Ô 8.2 q j ËjÓ Ó ©}Ôq j ¡ j q qÔ p ~ ~ |z× ¨ Ô¦jÓ ¢jmÔ ­ ¥ ­ k ® Ô 13.2 q j ËjÓ ² ¨ ©~ ­ 4 Ë 2558 ©}Ôq jj }² ¥ p ¢ mÓ 2,282.0 Ô ¥ ­ k ® Ô 9.1 q j©~ ¥} j k p ËjÓ ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¦ ©}Ôq j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ¥ ­ k ® Ô 7.4 ¦ Ô 7.9 q j©~ ¥} j k p ËjÓ ~ ² } ¨ k| ­ ©}Ôq j ¡ j q qÔ p ~ ~ |z× ¨ Ô¦jÓ ¢jmÔ ­ ¥ ­ k ® Ô 35.5 q j©~ ¥} j k p ËjÓ ¡ j q j~ ©}Ôq jj }² ¥ p §} ¨ Ë 2558 ¥ ­ k ® Ô 10.3 q j ËjÓ q j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ­¥~ §~ Ô 12.3 q j ËjÓ ¢ m¥ ¥s ~ j¥r p¨~Ô4 ¦ j ¡Ó ¥ §}q 5 Ô p ©}Ôm }¥ Û Ô 85.5 ¦ Ô 80.0 k p ©}Ôq jj }² ¥ p ¨ Ë 2558 ~ ² } ~ p}Ô Ó p ®¦ }p ©}Ôq jj }² ¥ ¡ j q¨ Ó ~Ó p« ©}Ô ~ ¥ ¡ j q Ó : Ô ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¡ j qj q }q² Ó ¨~Ô ¥m ­ p j mÔ MaxxcareTM ¡ j q qÔ p ~ ~ |z× ©}Ô q jj }² ¥ p

©~ 4/57

©~ 3/58

©~ 4/58

YoY %

Ë 2557

Ë 2558

YoY % p

YoY % ¡ j q j~

1,088.2

887.2

1,168.4

7.4%

3,611.9

3,906.6

8.2%

8.2%

895.3

879.5

966.0

7.9%

3,694.1

3,558.1

3.7%

12.3%

109.0 2,092.4

118.8 1,885.5

147.7 2,282.0

35.5% 424.1 9.1% 7,730.0

480.0 7,944.7

13.2% 2.8%

13.2% 10.3%

©}Ô ®¥ Û ©}Ô ¡ p jmÓ ¨sÔqÓ Ó p Ó p ¦ j ­¥j ­ kÔ pj

} Ó ©}Ô~ ¥ ¡ j q 5%

6%

5%

6%

43%

42%

48%

45%

52%

51%

47%

49%

OEM Maxxcare Mege 6e Care

©~ 4/57

©~ 4/58

Ë 2557

Ë 2558

» ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¨ Ë 2558 ¢ Ó ­ Ô 49.2 k p ©}Ôq jj }² ¥ p ¥ j Ô 46.7 ¨ Ë 2557 k| ­ ©}Ôq j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ¨ Ë 2558 ¢ Ó ­ Ô 44.8 k p ©}Ôq j j }² ¥ p ¥ j Ô 47.8 ¨ Ë 2557 » } Ó k p ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¦ ©}Ôq j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ~Ó ©}Ôq jj }² ¥ p pmp ¢Ó } ¥} j ©~ ­ 4 Ë 2558 ¦ ©~ ­ 4 Ë 2557 ~ ² }

©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega We CareTM ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¢Ó ­ 3,906.6 Ô ¨ Ë 2558 ¥ ­ k ® Ô 8.2 q j ËjÓ j ¥~ §~ k p ©}Ô ¨ Ë 2558 §} j q j ¢ m¥ ¥s ~ j¥r p¨~Ô ­¥~ §~ Ô 9.8 ¦ Ôq j s ~ k p ©}Ô ¨ ¥ © ¦ j ¥~ §~¨ ~ Ô 14.7 q j ËjÓ ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¢Ó ­ 1,168.4 Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 7.4 q j©~ ¥} j k p ËjÓ j ¥~ §~k p ©}Ô ¨ ©~ ­ 4 Ë 2558 §} j q j ¢ m¥ ¥s ~ j¥r p¨~Ô ­¥~ §~ Ô 9.5 q j©~ ¥} j k p ËjÓ ¨ k| ­¦ j ¥~ §~¨ ~ Ô 17.1 q j©~ ¥} j k p ËjÓ p¦ Ô Ó q m © Ó p ¨ ¢¥m CIS ¦ ¥ ¥ ­ « Ó p~Ó ¥ ­ p q ~Ó j ¥~ §~k p ©}Ô ¨ Ë 2558 ¦~Ó© Ó©}Ô¥ Û Ó ² m v ~Ó ©}Ô §} k p 4 ¥ © Ó ¥ } j ¢s ¥ ¥t Ê Ê × §} ¥t ¦ pm§ × 5 ¥ © Ó ¥ } ¦ j ¢s

p q² Ë

1 Reported basis Overall operating revenue in F815 was THB 7,944.7mn, up 2.8% 8o8. Decline in MaxxcareTM distribution business of 3.7% 8o8 was offset by growth of 8.2% 8o8 in Mega 6e CareTM branded products business . OEM was up by 13.2% 8o8. Overall operating revenue in 4Q15 was at THB 2,282.0mn, higher by 9.1% 8o8. Mega 6e CareTM and MaxxcareTM revenue were up by 7.4% 8o8 and 7.9% 8o8, respectively, while OEM was higher by 35.5% 8o8. Normalized basis Overall operating revenue of F815 was up by 10.3% 8o8 with MaxxcareTM distribution business growing at 12.3% 8o8. Southeast Asia4 and Indochina5 contributed 85.5% and 80.0% of our operating revenues in F815, respectively. The following table represents the revenue generated under each operating segments. Revenue by Business Segment Figures in THBmn

Mega 6e CareTM MaxxcareTM OEM Total

4Q14

3Q15

4Q15

YoY Gr.

1,088.2 895.3 109.0 2,092.4

887.2 879.5 118.8 1,885.5

1,168.4 966.0 147.7 2,282.0

7.4% 7.9% 35.5% 9.1%

FY14

FY15

3,611.9 3,694.1 424.1 7,730.0

3,906.6 3,558.1 480.0 7,944.7

Reported YoY Gr.

Normlzd. YoY Gr.

8.2% 3.7% 13.2% 2.8%

8.2% 12.3% 13.2% 10.3%

Revenue is net of inter segment charges eliminations relating to consolidation.

5%

6%

5%

6%

43%

42%

48%

45% OEM

52%

47%

51%

49%

Maxxcare Mege 6e Care

4Q14

4Q15

F814

Âť Mega 6e CareTM revenue as a % to total operating revenue was 49.2% in F815 compared to 46.7% in F814 while MaxxcareTM revenue was 44.8% of the total operating revenue in F815 compared to 47.8% in F814. Âť Proportion of Mega 6e CareTM and MaxxcareTM revenue to total operating revenue remained almost same in 4Q15 and 4Q14, respectively.

F815

Mega We CareTM Branded Products Revenue Revenue from sale of products under Mega 6e CareTM branded products business was THB 3,906.6mn in F815, up by 8.2% 8o8. Revenue growth in F815 was mainly driven by Southeast Asia which was up by 9.8% despite slowdown in Thailand. Africa was up by 14.7% 8o8. Revenue from sale of products under Mega 6e CareTM branded products business was THB 1,168.4mn in 4Q15, up by 7.4% 8o8. Growth was driven by Southeast Asia which was higher by 9.5% 8o8 while Africa was up by 17.1% 8o8. Though not a significant contributor to the overall revenue of the company, continuing social un-rest in 4kraine classified under CIS and 8emen classified under Others, impacted revenue growth in F815.

4 Thailand, Myanmar, Vietnam, Cambodia, Malaysia, Philippines, Indonesia and Singapore. 5 Thailand, Myanmar, Vietnam and Cambodia.

2 1

1

©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega We CareTM ~ ¢ m Ó : Ô

¥ ¥s ~ j¥r p¨~Ô ¦ j j ¡Ó ¥ ¥m y¥ j s CIS ­ « ©}Ô

©~ 4/57

©~ 3/58

©~ 4/58

YoY %

Ë 2557

Ë 2558

YoY %

902.7 97.8 31.6 56.0 1,088.2

679.1 133.4 21.2 53.5 887.2

988.3 114.6 24.5 41.0 1,168.4

9.5% 17.1% 22.4% 26.8% 7.4%

2,898.3 388.2 119.1 206.3 3,611.9

3,181.6 445.3 88.3 191.4 3,906.6

9.8% 14.7% 25.9% 7.2% 8.2%

©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ ,DF@ 6D "@QD ~ ¢ m Ë 2.3%

4.9% ¥ ¥s ~ j¥r p¨~Ô

11.4%

¦ j j ¡Ó ¥m y¥ j s CIS 81.4%

­ «

» ¢ m¥ ¥s ~ j¥r p¨~Ô Ô p ©}Ôm } ¥ Û Ô 81.4 k p ©}Ôq j ¡ j q ~ |z× ¨~Ô ¥m ­ p j mÔ Mega 6e CareTM k| ­j ¡Ó ¥ §}q Ô p ©}Ôm} ¥ Û Ô 70.8 k p ©}Ô q j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM » ¦ j ¥ Û ~ }k }¨ vÓ¥ Û } 2 Ô p ©}Ôm }¥ Û Ô 11.4 k p ©}Ôq j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM

©}Ôq j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ©}Ôq j ¡ j qj q }q² Ó ~ |z× MaxxcareTM ¢ mÓ 3,558.1 Ô ¨ Ë 2558 } p Ô 3.7 q j ËjÓ ¦~Ó ©}Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 7.9 q j©~ ¥} j k p ËjÓ j } pk p ©}Ô ¨ Ë 2558 §} j q jj ¥ j¨sÔ j ¢jmÔ ­p¨ ¥ Ó ~ ­ ©}Ô p ¨ m² ¦ ¥m × p j ¥p ¨ ©~ ­ 3 ¦ ©~ ­ 4 Ë 2557 j© Ó j ¥ j¨sÔ j ¢jmÔ ­p¨ ¥ Ó ­j Ó kÔ p~Ô ©}Ôq j ¡ j qj q } q² Ó ~ |z× MaxxcareTM ¨ Ë 2558 pmp¥~ §~¨ ~ Ô 12.3 ©}Ôq j ¡ j qq }q² Ó ~ |z× ,@WWB@QD ~ ¥ Ë 9.5%

Ó 31.1% ¥ } j ¢s

¥ Ó pmp¥ Û ~ }¨ vÓ ­ ¡}¨ ¡ j qq }q² Ó ~ |z× MaxxcareTM Ô p ©}Ô Ô 59 k p ©}Ôq j ¡ j qq }q² Ó ~ |z× MaxxcareTM ¨ Ë 2558

59.4%

©}Ôq j ¡ j q qÔ p ~ ~ |z× ©}Ôq j ¡ j q qÔ p ~ ~ |z× ¨ Ô¦jÓ ¢jmÔ ­ ¢ mÓ 480 Ô ¨ Ë 2558 ¥ ­ k ® Ô 13.2 q j ËjÓ ¦ ¢ mÓ 147.7 Ô ¨ ©~ ­ 4 Ë 2558 ¥ ­ k ® Ô 35.5 q j©~ ¥} j k p ËjÓ j ¥~ §~k p ©}Ô ¨ Ë 2558 §} j q jm² ­p ~k p ¢jmÔ ¨ ~Ó p ¥ ­¥ ­ k ® ¦ j ¥~ §~k p ©}Ô ¨ ¥ ¥~ ¥ 1

p q² Ë

Mega We CareTM Branded Products Revenue by Geography Figures in THBmn Southeast Asia Africa CIS Others Total

4Q14

3Q15

4Q15

YoY Gr.

902.7 97.8 31.6 56.0 1,088.2

679.1 133.4 21.2 53.5 887.2

988.3 114.6 24.5 41.0 1,168.4

9.5% 17.1% 22.4% 26.8% 7.4%

FY14

FY15

2,898.3 388.2 119.1 206.3 3,611.9

3,181.6 445.3 88.3 191.4 3,906.6

YoY Gr.

9.8% 14.7% 25.9% 7.2% 8.2%

,DF@ 6D "@QD !Q@MCDC /QNCTBSR 1DUDMTD AX &DNFQ@OGX %8

2.3%

4.9% SEA

11.4%

Africa CIS 81.4%

Others

» Southeast Asia contributed 81.4%, while Indochina contributed 70.8% of the Mega 6e CareTM branded products business revenue. » Africa, the second largest market contributed 11.4% of the Mega 6e CareTM branded products business revenue.

MaxxcareTM Distribution Revenue MaxxcareTM distribution business revenue was THB 3,558.1mn in F815, a decrease of 3.7% 8o8, but was up by 7.9% 8o8 in 4Q15. Decline in F815 revenue was mainly led by the discontinuance of one of our principal in Myanmar as reported in our 3Q14 and 4Q14 MD As . Normalizing for the business loss from such principal, MaxxcareTM revenue growth for F815 was 12.3%. #HRSQHATSHNM 1DUDMTD AX &DNFQ@OGX %8

9.5%

Myanmar 31.1% Vietnam

Myanmar continues to be the largest market for MaxxcareTM distribution business, contributing over 59% of the total MaxxcareTM revenue in F815.

Cambodia 59.4%

OEM Business Revenue OEM revenue was THB 480.0mn in F815, up by 13.2% 8o8 and THB 147.7mn in 4Q15 up by 35.5% 8o8. F815 growth was mainly led by demand from overseas customers and growth in Australia. 2 1

1 1

j² © k ® ~Ô ~ j² © k ® ~Ô ¦ j² © k ® ~Ô j² © k ® ~Ô ¢ mÓ 3,406.4 Ô ¨ Ë 2558 ¥ ­ k ® 301.3 Ô Ô 9.7 q j ËjÓ ~ j² © k ® ~Ô §} ¨ Ë 2558 ~ ¥ ­ k ® ¢Ó ­ Ô 42.9 q j Ô 40.2 ¨ ËjÓ ~ j² © k ® ~Ô ¨ ©~ ­ 4 Ë 2558 ¢Ó ­ Ô 43.8 ¥ j Ô 43.9 ¨ ©~ ¥} j k p ËjÓ j ¥ ­ k ® k p ~ j² © k ® ~Ô ¨ Ë 2558 §} j q j ~ j² © k ® ~Ô k p ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ­ ~ } k ® ¨ Ë 2558 ¢Ó ­ Ô 64.8 ¥ ¥ j Ô 62.1 ¨ Ë 2557 } Ó k p ©}Ô ­} k ® ¥ Û q j ~ j² © k ® ~Ô k p ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¨ Ë 2558 ­¥~ §~k ® Ô 8.2 q j ËjÓ ¦ ~ j² © k ® ~Ô ~ Ó p ­mp~ j² © k ® ~Ô ~Ó ©}Ôq jj }² ¥ p ~ Ó p 63.9%

61.3%

62.1%

43.9%

38.8%

40.2%

21.2%

22.4%

21.5%

20.5%

14.7% 9 ¥} ¦ j 57

16.2%

©~ 4/57

Ë 2557

65.0%

42.5% 24.1%

64.3%

43.8% 30.5%

64.8%

42.9%

~ j² © k ® ~Ô §} ~ ¥ ­ k ® q j Ô 40.2 ¨ Ë 2557 ¢Ó ­ Ô 42.9 ¨ Ë 2558

26.1%

21.0%

21.1%

21.0%

9 ¥} ¦ j 58

©~ 4/58

Ë 2558

~ j² © k ® ~Ô §} Maxxcare

Mega 6e Care OEM

j² © k ® ~Ô ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega We CareTM ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ~ j² © k ® ~Ô Ô 64.8 ¨ Ë 2558 ¥ ¥ j Ô 62.1 ¨ Ë 2557 j ~ ¥ ­ k ® k p ~ j² © k ® ~Ô ¨ Ë 2558 ¥ ~¡ j q jj ¡p j ~ ­ ¢pk ® j }~Ô ¡ ~ ¡} ¦ j ¢Ô ­} k ® ¨ ¦~Ó ~ mÔ q jmÓ ¥p ­ Ó mÓ j² © k ® ~Ô q j ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ¨ Ë 2558 ¢Ó ­ 2,532.4 Ô ¥ ­ k ® 289.4 Ô Ô 12.9 q j ËjÓ ¥ ~¡ j q j ~ j² © k ® ~Ô ­} k ® ¦ j ¥~ §~k p ©}Ô j² © k ® ~Ô ¡ j qj q }q² Ó ~ |z× MaxxcareTM ¡ j qj q }q² Ó ~ |z× MaxxcareTM pmp j } ¢Ó ­ Ô 21 ¨ Ë 2558 ¥ j Ô 21.5 ¨ ËjÓ ¥j }q jj ¥ ­ ¦ p } Ó ¢jmÔ j² © k ® ~Ô ¨ Ë 2558 ¢Ó ­ 748.9 Ô ¥ j 793.6 Ô ¨ ËjÓ j } pk pj² © k ® ~Ô ¨ Ë 2558 ¥ ~¡ j¥j }j } pk p ©}Ô~ p q jj ¥ j¨sÔ j ¢jmÔ ­p¨ ¥ Ó ¦ ~ j² © k ® ~Ô ­~²­ p¥ ¬j Ô q jj ¥ ­ ¦ p } Ó ¢jmÔ j² © k ® ~Ô ¡ j q qÔ p ~ ~ |z× ¡ j q qÔ p ~ ~ |z× ~ j² © k ® ~Ô Ô 26.1 ¨ Ë 2558 ¥ j Ô 16.2 ¨ ËjÓ j ~ ¥ ­ k ® k p ~ j² © k ® ~Ô ¨ Ë 2558 ¥ ~¡ q j } Ó ¥ ¢jmÔ ­} k ® ¦ ~ j j ¥ ­ ~Ô ¡ ¨ ¥ ¥~ ¥ pj ¥~ §~k p ©}Ô j² © k ® ~Ô q j ¡ j q qÔ p ~ ~ |z× ¨ Ë 2558 ¥ ­ k ® ¢Ó ­ 125.2 Ô q j ¢ mÓ 68.6 Ô ¨ Ë 2557

mÓ ¨sÔ q Ó ¨ j k ¦ j mÓ ¨sÔqÓ ¨ j k ¦ j ~Ó ©}Ôq jj }² ¥ p 32.6% 30.3% 19.6%

20.5%

32.0% 20.2%

34.9% 29.9% 21.5%

19.3%

33.5% 20.9%

mÓ ¨sÔqÓ ¨ j k mÓ ¨sÔqÓ ¨ j mÓ ¨sÔqÓ ¨ j k ¦

12.1%

10.7%

9 ¥} ¦ j 57

11.7%

©~ 4/57

p q² Ë

Ë 2557

13.4% 9 ¥} ¦ j 58

10.7%

12.6%

©~ 4/58

Ë 2558

&QNRR /QNEHSR Consolidated Gross Margin and Gross Profits Consolidated gross profits were THB 3,406.4mn in F815, an increase of THB 301.3mn or 9.7% 8o8. Overall gross margins in F815 improved to 42.9% from 40.2% in F814. Gross margins in 4Q15 were 43.8% compared to 43.9% in 4Q14. Improvement in overall gross margin in F815 was mainly led by, improvement in Mega 6e CareTM gross margins of 64.8% in F815 compared to 62.1% in F814, better revenue mix, given growth of 8.2% 8o8 in Mega 6e CareTM revenue in F815 and stable segmental gross margins.

61.3% 38.8% 21.2%

14.7% 9M14

63.9%

62.1%

43.9% 40.2% 22.4%

21.5%

20.5%

16.2%

4Q14

F814

65.0%

42.5% 24.1%

64.3%

43.8% 30.5%

64.8%

42.9%

Overall gross margins improved from 40.2% in F814 to 42.9% in F815

26.1%

21.0%

21.1%

21.0%

9M15

4Q15

F815

Overall

Mega 6e Care

Maxxcare

OEM

Mega We CareTM Branded Products Business Gross Profit Mega 6e CareTM branded products gross margin was 64.8% in F815 compared to 62.1% in F814. Gross margin improvement in F815 was mainly driven by improved efficiencies due to higher output, savings in material cost and better realization per product due to THB depreciation. F815 Mega 6e CareTM branded products gross profit was THB 2,532.4mn, an increase of THB 289.4mn or 12.9% 8o8, driven by better gross margins and growth in revenue. MaxxcareTM Distribution Business Gross Profit MaxxcareTM distribution business gross margin remained largely maintained at 21.0% in F815 compared to 21.5% in F814. Gross margins are influenced by change in principal and service mix. Gross profit in F815 was THB 748.9mn compared to THB 793.6mn in F814. Decline in gross profits was mainly due to decline in reported revenue caused by the discontinuance of one of our principal in Myanmar and slightly lower gross margin owing to change in principal and service mix. OEM Business Gross Profit OEM business gross margin was 26.1% in F815 compared to 16.2% in F814. Improvement in gross margins was driven by better customer-mix and benefits from certain cost optimisation measures implemented in Australia coupled with growth in revenue. Gross profit increased in F815 to THB 125.2mn, from THB 68.6mn in F814.

32.6% 30.3% 20.5%

19.6%

32.0% 20.2%

34.9% 29.9% 21.5%

19.3%

33.5% 20.9%

Selling exp Admin exp Overall SGA

12.1% 9M14

10.7% 4Q14

11.7% F814

13.4% 9M15

10.7%

12.6%

4Q15

F815

2 1

1

mÓ ¨sÔqÓ ¨ j k ¦ j ¢Ó ­ ~ Ô 33.5 k p ©}Ôq jj }² ¥ p ¨ Ë 2558 ¥ j Ô 34.9 ¨ sÓ p¥jÔ ¥} ¦ jk p Ë 2558 ¦ ¥ j Ô 32 ¨ ËjÓ mÓ ¨sÔqÓ ¨ j k ¦ j ¨ Ë 2558 ©}Ô mÓ ¨sÔqÓ q² 28 Ô q jj ~ ®p ² p ¢j ®j mÔ ¨ ¥ ¢¥m ¦ ¥ © mÓ ¨sÔqÓ ¨ j k ¦ j ¨ Ë 2558 pmp ¢Ó¨ } mp~

j² © ¡ j² © ¡ ¨ Ë 2558 ¢Ó ­ 695.7 Ô ¥ ­ k ® Ô 27 q j ËjÓ j² © ¡ ¨ ©~ ­ 4 Ë 2558 ¢Ó ­ 271.3 Ô ¥ ­ k ® Ô 8.1 q j©~ ¥} j k p ËjÓ j ¥ ­ k ® k pj² © ¡ ¨ Ë 2558 §} j¥j }q j ~ j² © k ® ~Ô §} ¥ ­ k ® ¥ Û jq jj ~ j² © k ® ~Ô k p ¡ j q ~ |z× ¨~Ô¥m ­ p j mÔ Mega 6e CareTM ­ ¥ ­ k ® ¦ } Ó ©}Ô ­} k ® ¦ j² © q j ~ ¦ j¥ ­ ¡ q jmÓ ¥p ­ Ó mÓ q² 44.3 Ô j² © ¡ k p Ë 2558 ©}Ô j q jmÓ ¨sÔqÓ ­¥j }k ® ¥ pm ®p¥} q² 28 Ô j² © ¡ ¨ Ë 2558 jq j j q j ~ ¦ j¥ ­ ¢Ó ­ 651.5 Ô ¥ j 564.3 Ô ¨ Ë 2557 ¦ ¥ j 585.2 Ô ¨ Ë 2556

p j ¦ ¥p } Ó : Ô 609

614

j ¦ ¥p }q jj }² ¥ p

189 202

260 671 Ë 2557

¥p } ¡ q jj qj q } ¥p ¥p } ¡ q jj qj p ¡

174 247

¥p }¥ ­ ¦ p ¡

Ë 2558

j qj }² ¥ p ¥p } ¡ q jj }² ¥ p 609.1 Ô ¨ Ë 2558 ¥ j 614.2 Ô ¨ Ë 2557 ¥p ¡ ¡ ¥

¥ ¥ j¥j¬ ®¥r ­ ¥ mÔ mpm p¥r ­ ¥ s² ®¥r ­ pq ¥p } ( )

.m. 56 78 138 86 130

² Ë vs ® ¡} .m. 57 . . 58 j. . 58 88 106 102 130 138 153 96 114 121 121 130 134

.m. 58 97 147 115 129

pq ¥p }¨ ¥} m Ë 2558 q² 129 ¥ j q² 134 ¨ ¥} j Ë 2558 ¦ q² 121 ¨ ¥} m Ë 2557 j ¥ ­ k ® k p ¥ mÔ mpm p¥r ­ ¢j } p Ó q j ¥ s² ®¥r ­ ­ ¢pk ® ² ¥ mÔ mpm p¥r ­ 147 ¨ ¥} m Ë 2558 ¥ Û Ó k p mÔ ² ¥ ¬q ¢ ¦ ~ ¡} ­§ pp 32 j qj p ¡ ¨ Ë 2558 ¥p } ¡ ­¨sÔ ¨ j qj p ¡ ¥ Û q² 173.6 Ô j qj p ¡ §} j¥j }q j ©}Ôt ® ­} ¨ ¥ ¥~ ¥ ¥ Û q² 37.6 Ô ¦ t ® ­} ¨ ¥ © ¥ Û q² 26.8 Ô ² §m pj 6ellness 6e Care ©}Ô¦ }p© Ô ¨ m² ¦ ¥m ×p j ¥p ¨ ©~ ­ 3 Ë 2558 t ­p¥ Û Ó ­pk p¦ j p ¡ §} k p ¥ ­ k p ¨ m~ qÓ mÓ tÓ ¦t ¦ ¡p × ² § pp ¨ ¥ © ¥ Û q² 53.8 Ô ¦ qÓ mÓ ¥sÓ t ® ¡j¨ ¥ Ó ¥ ­ p ¡ j qq }q² Ó ¥ Û q² 15.2 Ô ¦ qÓ mÓ ¡p ¥ ¥ Û q² 12.2 Ô m } Ó q j ¦ ¥p }¨sÔ© q² 94.1 Ô Ó p Ë 2559 q jj qÓ t ® ­} ¨ m ¡~ j p ¢ j ¡p¥ t ­p¥ Û Ó ­p k p¦ j k p ¨ m~ q j p jÓ Ô ® q m Ó ¨sÔq Ó ¨ j Ô p§m p Ô p ® y q­ ² ¥ Û ² §m pj 6ellness 6e Care q² 43 Ô mÓ ¨sÔqÓ × ® ¥ Û Ó ¥ ­ ¥~ q jj tÓ ¦t ¦ ¡p × ~ j~ ² Ë 6 j ¥p }¦ ¥p j j ¥p | ­ 31 m 2558 ¦ 31 m 2557 p¥p j q² k j ¥m ­ © k p¥p j¦ ¥ j/ © Ó©}Ô ¢j ¨ p j ¦ ¥p }q jj qj p ¡ kÔ p~Ô

1

p q² Ë

SG A was 33.5% of operating revenue in F815 as compared to 34.9% in 9M15 and 32.0% in F814. SGA in F815 included a charge of THB 28mn towards trade receivables mainly arising from 4kraine and Thailand. In absolute terms SG A in F815 remained stable, growing at moderate rate. Charge towards trade receivables are a result of MEGA’s judgment of their recoverability from select few parties in 4kraine and Thailand.

Net profit in F815 was THB 695.7mn, up 27% 8o8. 4Q15 net profit was THB 271.3mn, an increase of 8.1% 8o8. Increase in net profits in F815 was mainly driven by improvement in overall gross margins a result of increase in Mega 6e CareTM gross margins and better revenue mix and net forex gains driven by THB depreciation amounting to THB 44.3mn. Net Profit in F815 was also impacted by one time charge towards trade receivables of THB 28mn. Net profits without net forex gain or loss for F815 was THB 651.5mn compared to THB 564.3mn in F814 and THB 585.2mn in F813.

"@RG %KNVR Figures in THBmn 609

614

Operating cash flow

189 202

260 671 FY14

Net cash from used in financing activities Net cash from used in investing activities

174 247

Net change in cash

FY15

Operating Activities Operating activities generated THB 609.1mn of cash in F815 compared to THB 614.2mn in F814. Working Capital

Average receivable days Average inventory days Average payable days Cash cycle (days)

Dec’13 78 138 86 130

For the Period Ending Dec’14 )une’15 Sep’15 88 106 102 130 138 153 96 114 121 121 130 134

Dec’15 97 147 115 129

Cash cycle as at Dec’15 was 129 days compared to 134 days as at Sep’15 and 121 days as at Dec’14. Increase in inventory days were partially offset by higher payable days. Out of 147 days of Inventory as at Dec’15, inventory of finished goods and raw material at factory accounted for 32 days. Investing Activities In F815, net cash used in investing activities was THB 173.6mn. Investing mainly comprised of, acquisition of land as part of overall investment plan for future expansion, in Australia of THB 37.6mn and THB 26.8mn in Thailand for our 6ellness 6e Care project indicated in 3Q15 MD A THB 53.8mn towards maintenance and improvement capex for Thailand manufacturing facility. 6e acquired trucks on financial lease in Myanmar to support our distribution business resulting in an outflow of THB 15.2mn. THB 12.2mn was spent towards improvement in information systems. 6e expect an outflow of THB 94.1mn during F816 towards part payment for the acquisition of land in Bangpoo Industrial Estate, Bangkok, as part of future expansion plan. As reported earlier an amount of THB 43mn is expected to be incurred towards creation of necessary infrastructure for 6ellness 6e Care project. These capex will be in addition to the normal maintenance and improvement capex required for the year. 6 a Cash and bank balances as at 31 December 2015 and 31 December 2014 includes term deposits with banks. b Movement investments/redemption in non-restricted term deposits with banks has not been considered as investing activity in the above cash flow graph.

2 1

q k § j ­q Ô pm p mÔ k p~ ¥ p ¦ ® ­ ² jp ­} ­¥sÓ ¨ Ó kÔ ¥ ® ¢Ó ¨~Ô Ó p j² j }¢¦ ­¥j ­ kÔ p ¥ ­ ©}Ô j ¡ ~ ¦ Ô ¥p p ¡ ¨ × ®q ¢j¨sÔ ¨ 2 Ë t ­p p q ¦qÔp ¥ }¥ ­ ¥~ ¨ ¥ } pj Ó j qj q } ¥p ¨ Ë 2558 ¥p } ¡ ­¨sÔ ¨ j qj q } ¥p ¥ Û q² 246.7 Ô ¥ ~¡ j q jj qÓ ¥p Ù ¥ Û q² ¥p 353.6 Ô ¦ j qÓ m ¥p j¢Ô ¥p } ¡ ¨sÔ© ® ©}Ô ¢j } p Ó q jj ¥ ­ k ® ¨ ¥p j¢Ô ® q² 188.8 Ô

p }¡ × ¡ ¥ ¥p }¦ ¥p j j ¥p ¥p }¦ j ¥ ¥ Ó ¥p } ¦ ¥p j j ¥p ¢ mÓ 1,466.8 Ô | ­ 31 m 2558 t ­p¥ ­ k ® 185.8 Ô ¥ ­ ¥ j ­ 31 m 2557 j ¥ ­ k ® ¥ Û q jj² © ¡ Ë 2558 }Ô j q j j ¥ ­ ¦ p¨ ¥p ¡ ¡ ¥ j qj p ¡ ¦ j qj q } ¥p ¨ Ó p Ë ¢j ®j mÔ ¢ mÓ 2,253.4 Ô | ­ 31 m 2558 ¥ ­ k ® q² 229.6 Ô Ô 11.3 ¥ ­ ¥ j ­ 31 m 2557 ­ ¢ mÓ 2,023.8 Ô mÔ mpm p ¢ mÓ 2,066.6 Ô | ­ 31 m 2558 ¥ ­ k ® 417.1 Ô ¥ ­ ¥ j ­ 31 m 2557 | ­ 31 m 2558 ~ Ó ¥p ¡ ¡ ¥ ¢Ó ­ } 2.0 ¥ Ó × © Ó ¡ ¥ ש Ó ¡ ¥ ¢ mÓ 1,443.3 Ô | ­ 31 m 2558 t ­p¥ ­ k ® 68.2 Ô Ô 5 ¥ ­ ¥ j ­ 31 m 2557 j ¥ ­ k ® ® Ùqq q jj p ¡ ¨ × § pp ¦ ¡ j |× ¦ × ¥p ©}Ô ~ } vs ® ¡ ¥ ® ¡ ¥ ¢ mÓ 3,095.2 Ô | ­ 31 m 2558 ¥ ­ k ® 574.4 Ô Ô 22.8 ¥ ­ ¥ j | ­ 31 m 2557 j ¥ ­ k ® Ùqq j q j¥qÔ ®j mÔ ¥p j¢Ô ® ¦ mÓ ¨sÔqÓ mÔ pqÓ ² Ë ¥qÔ ®j mÔ ¢ mÓ 1,604.2 Ô | ­ 31 m 2558 ¥ ­ k ® 298.3 Ô Ô 22.8 ¥ ­ ¥ j | ­ 31 m 2557 j ¥ ­ k ® }m Ô pj m ~Ô pj k p ¡ j q ® © Ó ¡ ¥ ® © Ó ¡ ¥ ¢ mÓ 182.6 Ô | ­ 31 m 2558 t ­p } p 50.1 Ô m }¥ Û Ô 21.5 ¥ ­ ¥ j | ­ 31 m 2557 ¥ ­ pq j¥p j¢Ô } pq jj qÓ s² m ¥p j¢Ô | ­ 31 m 2558 ~ Ó ® ­ } j¥ ® ~Ó Ó k p ¢Ô ¡Ô mp } ¢Ó ­ 0.17 ¥ Ó ¨ k| ­ ~ Ó ® ~Ó Ó k p ¢Ô ¡Ô ¢Ó ­ 0.76 ¥ Ó Ó k p ¢Ô ¡Ô Ó k p ¢Ô ¡Ô ¢ mÓ 4,334.7 Ô | ­ 31 m 2558 t ­p¥ ­ k ® 356.4 Ô ¥ ­ ¥ j | ­ 31 m 2557 §} j q jj² © ¡ Ë 2558 ¦ j qÓ ¥p Ù

j k ¥kÔ p ¡ k ­ } k p ¡ × k p§ m ­ § j©}Ô¥ ­ © ¢Ó§ m¥ ® p j Ó Ô 60 k pj ¥ s ~ ­ § j¥j }k ® ¥ ­ p q j§ m¥ ® p~ kÔ ¢ k p pm×j § j t p­ ¥ ¥j }¨ Óq ©}Ô j ¥­ Ô ­ }¡ q jkÔ ¢ k p pm×j § j Ô 80 k pj ¥ s ~ }Ô § m¥ ® p¥j }k ® ¨ ¥ ¥j }¨ Ó j }² ¥ s ~ ­ ¦ pm ¥ p k­ ~ Ó p }¥ ¬ ©}Ô ² t p­ j ¥ ­ ¦ p¨ pm Ó p j ¥sÓ j }² ¥ s ~ ¦ © Ó¥m ­ © m pÓ ~Ó j ¥kÔ p , j §o | t ­p j §} ~ p~Ó ¡k k p ¡ ×

¢Ó¨ ¡ j q¥j ­ j ¡k k p ¡ × ¥ ¢Ó¨ ¡ j q ­¥j ­ kÔ pj ¡k ~Ô pj ­q k m ¡Óp ­ k p¥ ~Ó ¡k k p ¡ × §} j p ¡ ¨ j Ô p ¢ × pm× ¡k k p ¡ ×k ® ® y j j §} j p s ~ ¦ ¦ } ®p¥} ¢ × pm× ®q ¡Óp¥ Ô © ­j ² m ¢Ô¦ m ¥s ­ s v¨ }Ô ¡ ¥ ¦ § s j ¨ j j s j ­ © k p ¥ © ¦ ¥ ¥s ~ j¥r p¨~Ô

1

p q² Ë

MEGA is exploring opportunities to construct its own warehouse and office space on leased land in Myanmar. The proposal is subject to clearance from respective regulatory authorities. Once the approval is available the capex would be spent in 2 years. 6e would share more details in due course. Financing Activities In F815, net cash outflow from financing activities was THB 246.7mn mainly arising from payment of dividends of THB 353.6mn and repayment of long term loans these outflows were partially offset by increase in short term loans of THB 188.8mn.

Current Assets Cash and bank balance including cash and cash equivalents and term deposits with bank was THB 1,466.8mn as at 31 December 2015, an increase of THB 185.8mn from 31 December 2014, increase was a result of F815 net profits, adjusted with impact for changes in working capital, investing and financing activities during the year. Trade receivables were THB 2,253.4mn as at 31 December 2015, an increase of THB 229.6mn or 11.3% compared to THB 2,023.8mn as at 31 December 2014. Inventories were THB 2,066.6mn as at 31 December 2015, an increase of THB 417.1mn over 31 December 2014 level. As at 31 December 2015, Current ratio was at 2.0 times. Non-current Assets Non-current assets were THB 1,443.3mn as at 31 December 2015, an increase of THB 68.2mn or 5.0% from 31 December 2014. The increase was driven by investment in property plant and equipment and deferred tax assets. Current Liabilities Current liabilities were THB 3,095.2mn as at 31 December 2015, an increase of THB 574.4mn or 22.8% compared to 31 December 2014. Increase driven by trade payables, short term loans and year-end accruals. Trade payables were THB 1,604.2mn as at 31 December 2015, an increase of THB 298.3mn or 22.8% from 31 December 2014. The increase was in line with business requirements. Non-current Liabilities Non-current liabilities were THB 182.6mn as at 31 December 2015, a decrease of THB 50.1mn or 21.5%, compared to 31 December 2014, as long term loans declined following the debt repayment. As at 31 December 2015, Interest-bearing debt to Equity ratio was stable at 0.17 times, while Debt to Equity ratio was 0.76 times. Shareholders’ Equity Shareholders’ equity was THB 4,334.7mn as at 31 December 2015, an increase of THB 356.4mn compared to 31 December 2014, mainly driven by F815 net profits and dividend payouts.

6HCDMHMF 1D@BG NE 'TL@M 6DKKMDRR Global burden of disease has shifted to chronic disease. More than 60% of the deaths globally are occurring due to chronic disease as per 6HO. Emerging nations are the worst affected. As per 6HO 80% of chronic disease deaths are occurring in emerging nations. Modern lifestyle and rapid urbanization has bought lot of changes in society such as sedentary lifestyle, easy access to food, food advertising etc which has had a direct impact on Human health.

,DF@ HR HM SGD ATRHMDRR NE 'TL@M VDKKMDRRÈ VD @QD HM ATRHMDRR QDK@SDC SN GD@KSG 6e want to extend our commitment to human health and wellness by investing in building a holistic center for human health based on natural and traditional methods of healing. This holistic center will focus on bringing knowledge and expertise in the field of Ayurveda, Diet Nutrition based healing to the general population of Thailand Southeast Asia.

2 1

1

p }¡ 31 .m. 58 q² ¥p % × ¡ ¥ ¥p }¦ ¥p j j ¥p 7 ¢j ®j mÔ mÔ mp¥ × ¡ ¥ ­ × ¡ ¥ × © Ó ¡ ¥ ­} m ¦ ¡ j |× ×© Ó ~ ~ × ¥p ©}Ô ~ } vs ש Ó ¡ ¥ ­ × © Ó ¡ ¥ × ® ¡ ¥ ¥p ¥ j¥j vs ¦ ¥p j¢Ô ® ¥qÔ ®j mÔ ¥qÔ ® ­ ¥p j¢Ô q j j ¥p ­ pj² }s² ¨ ­p Ë ® ~ vv ¥sÓ j ¥p ­ pj² }s² ¨ ­p Ë ¥p ©}ÔmÔ pqÓ mÓ ¨sÔqÓ mÔ pqÓ ® ¡ ¥ ® © Ó ¡ ¥ ¥p j¢Ô q j j ¥p ® ~ vv ¥sÓ j ¥p ® ¥p ©}Ô j ~ } vs ¢j § s × jp ® © Ó ¡ ¥ ­ ® © Ó ¡ ¥ ® ¡ ¥ ¡Ô ¡ ­ j¦ s² ¦ Ô Ó ¥j ¢ mÓ ¡Ô v j² © ¡ ² p~ jw p© Ó©}Ôq } pm× j ­ k p Ó k p ¢Ô ¡Ô Ó k p ¨ vÓ Ó ©}Ô¥ ­© Ó ² qm m¡ Ó k p ¢Ô ¡Ô ® ¦ Ó k p ¢Ô ¡Ô

31 .m. 57 q² ¥p %

1,466.8 2,253.4 2,066.6 382.5 6,169.2

19.3 29.6 27.1 5.0 81.0

1,281.0 2,023.8 1,649.5 402.5 5,356.8

19.0 30.1 24.5 6.0 79.6

185.8 229.6 417.1 20.1 812.5

14.5 11.3 25.3 5.0 15.2

1,031.5 232.7 105.7 73.4 1,443.3 7,612.5

13.5 3.1 1.4 1.0 19.0 100.0

980.1 230.2 93.4 71.3 1,375.1 6,731.8

14.6 3.4 1.4 1.1 20.4 100.0

51.4 2.5 12.3 2.1 68.2 880.7

5.2 1.1 13.2 2.9 5.0 13.1

543.3 1,604.2 331.0 82.5

7.1 21.1 4.3 1.1

354.2 1,305.9 363.4 75.4

5.3 19.4 5.4 1.1

189.1 298.3 32.4 7.2

53.4 22.8 8.9 9.5

8.4 80.1 445.6 3,095.2

0.1 1.1 5.9 40.7

0.2 55.5 366.2 2,520.8

0.0 0.8 5.4 37.4

8.2 24.6 79.4 574.4

4,158.2 44.4 21.7 22.8

68.0 16.3 1.3 94.4 2.6 182.6 3,277.9

0.9 0.2 0.0 1.2 0.0 2.4 43.1

137.2 0.2 2.9 90.1 2.4 232.8 2,753.6

2.0 0.0 0.0 1.3 0.0 3.5 40.9

69.2 16.1 1.5 4.3 0.2 (50.1) 524.3

50.5 8,700.9 53.1 4.8 7.9 (21.5) 19.0

432.6 2,138.1

5.7 28.1

432.6 2,138.1

6.4 31.8

0.0 0.0

92.5 1,839.8 168.3 4,334.7 0.0 4,334.7 7,612.5

1.2 24.2 2.2 56.9 0.0 56.9 100.0

67.5 1,507.2 167.2 3,978.3 0.0 3,978.3 6,731.8

1.0 22.4 2.5 59.1 0.0 59.1 100.0

25.0 332.5 1.1 356.4 0.0 356.4 880.7

9 İûĨčĞĈıęĤİûĨčđĦõĞĊĦĎĥčõĦėİûĨč ć ěĥčċĩĸ 53 ČĥčěĦøĕ 477: ıęĤ 53 ČĥčěĦøĕ 4779 ėěĕĊĪûİûĨčđĦõďėĤüĽĦ

p q² Ë

Ó : Ô ¥ ­ ¦ p q² ¥p %

37.0 22.1 0.7 9.0 20.4 9.0 13.1

Current Assets Cash and bank balances7 Trade accounts receivable Inventories Other current assets Total Current Assets Non-Current Assets Property, plant and equipment Intangible assets Deferred tax assets Other non-current assets Total non-current assets Total Assets Current Liabilities Bank overdrafts short-term loans Trade accounts payable Other payables Current portion of long-term loans Current portion of finance lease liability Income tax payable Accrued expenses Total Current Liabilities Non-Current Liabilities +ong-term loans Finance lease liabilities Deferred tax liabilities Employees benefits obligation Other non-current liabilities Total Non-Current Liabilities Total Liabilities Equity Issued and paid-up share capital Premium on ordinary shares Retained earnings: Appropriated 4nappropriated Other components of equity Owners Equity Non-controlling interests Total Equity Total Liabilities and Equity

31-Dec-15 Amount %

31-Dec-14 Amount %

Figures in THB mn Change Amount %

1,466.8 2,253.4 2,066.6 382.5 6,169.2

19.3 29.6 27.1 5.0 81.0

1,281.0 2,023.8 1,649.5 402.5 5,356.8

19.0 30.1 24.5 6.0 79.6

185.8 229.6 417.1 20.1 812.5

14.5 11.3 25.3 5.0 15.2

1,031.5 232.7 105.7 73.4 1,443.3 7,612.5

13.5 3.1 1.4 1.0 19.0 100.0

980.1 230.2 93.4 71.3 1,375.1 6,731.8

14.6 3.4 1.4 1.1 20.4 100.0

51.4 2.5 12.3 2.1 68.2 880.7

5.2 1.1 13.2 2.9 5.0 13.1

543.3 1,604.2 331.0 82.5 8.4 80.1 445.6 3,095.2

7.1 21.1 4.3 1.1 0.1 1.1 5.9 40.7

354.2 1,305.9 363.4 75.4 0.2 55.5 366.2 2,520.8

5.3 19.4 5.4 1.1 0.0 0.8 5.4 37.4

189.1 298.3 32.4 7.2 8.2 24.6 79.4 574.4

53.4 22.8 8.9 9.5 4,158.2 44.4 21.7 22.8

68.0 16.3 1.3 94.4 2.6 182.6 3,277.9

0.9 0.2 0.0 1.2 0.0 2.4 43.1

137.2 0.2 2.9 90.1 2.4 232.8 2,753.6

2.0 0.0 0.0 1.3 0.0 3.5 40.9

69.2 16.1 1.5 4.3 0.2 (50.1) 524.3

50.5 8,700.9 53.1 4.8 7.9 (21.5) 19.0

432.6 2,138.1

5.7 28.1

432.6 2,138.1

6.4 31.8

-

0.0 0.0

92.5 1,839.8 168.3 4,334.7 0.0 4,334.7 7,612.5

1.2 24.2 2.2 56.9 0.0 56.9 100.0

67.5 1,507.2 167.2 3,978.3 0.0 3,978.3 6,731.8

1.0 22.4 2.5 59.1 0.0 59.1 100.0

25.0 332.5 1.1 356.4 0.0 356.4 880.7

37.0 22.1 0.7 9.0 20.4 9.0 13.1

9 ĹŤ ĹŤ Ă‘ ĹŹĹŤ ĹŹĹŤ ĹŤ ŭŲ ĹŤ ĹŤ 53 ŲŭŲ ŏŲ 4<37 ĹŤ Ă‘ 53 ŲŭŲ ŏŲ 4<36 Ĺ­ Ă‘Ų Ų Ă‘Ų ĹŹĹŤ ^

2 1

1

p j² © k } ¡

Ó : Ô

©}Ôq jj }² ¥ p ©}Ô ­ ©}Ô ~Ô ¡ k j² © k ® ~Ô ~ j² © k ® ~Ô mÓ ¨sÔq Ó ¨ j k 3 mÓ ¨sÔqÓ ¨ j mÓ ¨sÔqÓ ¨ j k ¦ mÓ ¨sÔqÓ ¨ j k ¦ k p ©}Ô j² © k } ¡ q j ~ ¦ j¥ ­ ¡ j² © jÓ } j¥ ® ¦ mÓ ¥ ­ m ¦ mÓ ~ }q² Ó ~ j² © jÓ } j¥ ® ¦ mÓ ¥ ­ m ¦ mÓ ~ }q² Ó mÓ ¥ ­ m ¦ mÓ ~ }q² Ó j² © jÓ } j¥ ® ¦ ~Ô ¡ pj ¥p j² © jÓ ¥p ©}Ô mÓ ¥p ©}Ô j² © ¡ ~ j² © ¡ j² © ¡ ~Ó ¡Ô

©~ 4/57

©~ 3/58

©~ 4/58

YoY %

Ë 2557

Ë 2558

YoY %

2,092.4 9.8 2,102.2 1,173.8 918.6 43.9% 410.1 223.1 633.1 30.3% 5.2 334.5

1,885.5 13.6 1,899.1 1,078.7 806.8 42.8% 423.6 257.4 681.0 36.1% 39.3 212.8

2,282.0 10.7 2,292.7 1,281.4 1,000.6 43.8% 439.8 243.3 683.1 29.9% 0.5 367.6

9.1% 8.6% 9.1% 9.2% 8.9%

7,730.0 37.9 7,767.9 4,624.9 3,105.1 40.2% 1,564.2 907.2 2,471.3 32.0% 16.4 786.7

7,944.7 50.1 7,994.8 4,538.3 3,406.4 42.9% 1,659.5 1,000.8 2,660.2 33.5% 44.3 985.8

2.8% 32.2% 2.9% 1.9% 9.7%

16.0%

11.3%

16.1%

10.2%

12.4%

34.0 300.5 3.6 296.9 46.0 250.9 12.0% 0.29

34.1 178.7 3.5 175.3 22.7 152.5 8.1% 0.18

39.8 327.8 3.3 324.5 53.2 271.3 11.9% 0.31

131.4 655.3 17.1 638.1 90.3 547.9 7.1% 0.63

145.2 840.5 12.5 828.0 132.2 695.7 8.8% 0.80

7.2% 9.1% 7.9%

9.9%

17.1% 9.1% 9.1% 9.3% 15.8% 8.1% 8.1%

6.1% 10.3% 7.6%

25.3%

10.5% 28.3% 26.8% 29.8% 46.5% 27.0% 27.0%

5 ĐęöĦĈċĬčüĦõġĥĉėĦıęõİďęĩĸĖčijčďō 477: üĽĦčěč 79^9 ęŖĦčĎĦċ ĴĈŖĊĭõüĥĈďėĤİĔċėĦĖõĦėİďŝčøŕĦijþŖüŕĦĖijčõĦėöĦĖıęĤõĦėĎėĨğĦėijčėĦĖûĦčċĦûõĦėİûĨčĉĦĕıčěċĦû ďăĨĎĥĉĨĕĦĉėĄĦčõĦėėĦĖûĦčċĦûõĦėİûĨčĴċĖ ĐęöĦĈċĬčĈĥûõęŕĦěĊĭõüĥĈďėĤİĔċġĖĭŕĔĦĖijĉŖõĽĦĴėaöĦĈċĬčüĦõġĥĉėĦıęõİďęĩĸĖčijčøĽĦġČĨĎĦĖıęĤěĨİøėĦĤğřûĎõĦėİûĨč

m² p kÔ ¢ ~Ó p« ¨ ¥m × q ® } ² k ® ¥ ­ ¨sÔ¥ Û kÔ ¢ Ô p p Ó ¡mm ¥ Ó ® jq j ® kÔ m m­ }j |× m~ ® ¥ Û ¥ pj Ô m ¥ ¬ k p ¨ Ùqq¡ ~Ó ¥ ~¡j |צ j }² ¥ p ¨ m~ m ¥ ¬ ¥ Ó ®~ ®p ¢Ó ~ y t ­p m ¥ ­ p¦ m © Ó¦ Ó ~Ó p« © Ó©}Ô p Ó ¥ ~¡j |×~Ó p« q ¥j }k ® ~ ­m }j |ש Ô ¨ m~ ~ y ~Ó p« ® ¢j~Ô p × ­¥j }k ® q p q~Ó p© q j ­ m }j |× Ó p ² m v

p q² Ë

Figures in THB mn Operating revenue Other income Total income Cost of goods sold Gross profits Gross margin (%) Selling expenses3 Administrative expenses Selling & Administrative exp (SGA) SGA (% to operating revenue) Net foreign exchange loss/(gain) EBITDA % of EBITDA to operating revernue Depreciation & Amortization Earnings before interest and tax (EBIT) Finance cost Profit before tax Tax expense Net Profit % of Net profit to operating revernue Earning per share

4Q14

3Q15

4Q15

2,092.4 9.8 2,102.2 1,173.8 918.6 43.9% 410.1 223.1 633.1 30.3% (5.2) 334.5 16.0% 34.0 300.5 3.6 296.9 46.0 250.9 12.0% 0.29

1,885.5 13.6 1,899.1 1,078.7 806.8 42.8% 423.6 257.4 681.0 36.1% (39.3) 212.8 11.3% 34.1 178.7 3.5 175.3 22.7 152.5 8.1% 0.18

2,282.0 10.7 2,292.7 1,281.4 1,000.6 43.8% 439.8 243.3 683.1 29.9% 0.5 367.6 16.1% 39.8 327.8 3.3 324.5 53.2 271.3 11.9% 0.31

YoY Gr.

9.1% 8.6% 9.1% 9.2% 8.9% 7.2% 9.1% 7.9%

9.9% 17.1% 9.1% (9.1%) 9.3% 15.8% 8.1% 8.1%

FY14

FY15

YoY Gr.

7,730.0 37.9 7,767.9 4,624.9 3,105.1 40.2% 1,564.2 907.2 2,471.3 32.0% 16.4 786.7 10.2% 131.4 655.3 17.1 638.1 90.3 547.9 7.1% 0.63

7,944.7 50.1 7,994.8 4,538.3 3,406.4 42.9% 1,659.5 1,000.8 2,660.2 33.5% (44.3) 985.8 12.4% 145.2 840.5 12.5 828.0 132.2 695.7 8.8% 0.80

2.8% 32.2% 2.9% (1.9%) 9.7% 6.1% 10.3% 7.6%

25.3% 10.5% 28.3% (26.8%) 29.8% 46.5% 27.0% 27.0%

3 THB 57.7mn attributable to forex loss in FY15 has been classified as SG&A expenses in audited financial statement per TFRS guidance. Given the nature of this charge, the amount has been classified in MD&A under forex gain/loss.

Disclaimer The information contained in our analysis is intended solely for your personal reference only. In addition, such forward-looking statements reflect our current views with respect to future events and financial performance. These views are based on assumptions subject to various risks and uncertainties. No assurance is given that future events will occur or that our assumptions are correct. Actual results may differ materially from those projected. 2 1

1 1

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¦ j j j j j j

m| j j ~ q j s¡ p® } 5 m p® ¨ Ë . . 2558 j¥ q jj s¡ ­ « j ¢ Ô vs q j j pm×j ¢ Ô ¦ ¢Ô~ q ¨ §} s j ¡jm ¥kÔ j ¥kÔ Ó s¡ ®p } m }¥ Û Ô 100 ¨ Ë vs . . 2558 m| j j ~ q j j q} p~Ó © ® p j ¥p – m| j j ~ q ©}Ô ¦ ¡ ~ p j ¥p r ¦ p j ¥p r ~ q ¦ Ô k p Ó p ² ­ ¥ jÓ q ­ ~Ó m| j j §} j j ¢ Ô k p ¨ j | ~ Ó p« ¥ ­ ¨ Ô¦ Ó¨q Ó s jm| j j m ¨qj j p k p p j ¥p ~Ó p« jq j ® m | j j p j p j ¥p ~Ó p« k p Ó ¦ ¨ ¥m j }Ô ®p ®m | j j m p ¨q k­ Ô ¢ pj ¥p ­ ² ¥ m ¢j~Ô p¦ ¥ Û © ~ jw ¥ k pm| j j j² j j צ ~ } j צ Óp ¥ © j ~ q ¨ ¦ j m m¡ ¨ – p ~ q ¨ ©}ÔqÔ p t × q² j } ¨ ¥ © t × q² j } ¨ ¥ ¥ } ¦ ¦j × × ~ ¨ ¥ ¥ × j¥ q jj ¡ ~ ¦ j ~ q ¨ q² Ëk p¦ j~ q ¨ m| j j p j s¡ Ó p ²­ ¥ j ¢Ô~ q ¨ ¥ ­ ¨ ¥}¬ ­§}}¥}Ó ~Ó p« ¥j ­ j j ² p k p¦ j ¥ ­ ¨q Ó ¢Ô~ q ¨ m ¥ Û ¦ ¦k¬pk ¨ j ¥}¬ ­~Ô p©}Ô j ~ q ~Ó p« k p m| j j m p ¨qj j ² p k p ¢Ô~ q ¨ ­ q j j pm×j ¢Ô vs q j j pm×j – m| j j ~ q ©}Ô s¡ Ó p ²­ ¥ j ¥m ¥ ¬ q ¢ ©s vs q² j } t ­p¥ Û ¢Ô vs q j j pm×j k p ¥j ­ j p j ¥p r ¦ p j ¥p r ~ q m| j j p©}Ô j ¢ Ô vs j pm×j } pj Ó ¥j ­ j ¦ j ~ q vs q² Ë ¦ ¥}¬ ~Ó p« ­¥j ­ kÔ p j m ¥ ­ p – pmpm ¥ Û pm×j ­ j¥ ­ pm ¥ ­ p (risk adverse) ¨ k| ­ p j § j ¥~ §~k p pm×j ¥ © Ô m| j j ~ q m ­ ¨q Ó ¢Ô ®p } ¢p¦ } j p pmp}² ¥ p }Ô j ¥p Ó p¥ ¨ j }Ô m ¥ ­ pq j ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ (Foreign Currency Exposure) p |j p ¡ j m m¡ mÓ }¡ ¥}¬ }Ô ¦ pp ¦ ~ j }Ô m } j Ó pj – m| j j ~ q ©}Ô j ² j ¥­ j ­ § pj k p Ó ¦ ¨ ¥m ¦ m ¨q j­ ² j } pj Ó ¥ Û © ~ j }² ¥ ¡ j q j~ k p ¨ Ó p Ë . . 2558 m| j j ~ q ©}Ô¥} p© ¥ ­ ² jp k p ¦ j }² ¥ p ¨ ¥ ¥ × m| j j ~ q m } j j j x ~ p ¨ ~Ó p ¥ §} ¥r Ó p ­p¨ ¥ ¥ × j { Ó p~Ó ¥ ­ p¨ }Ô j q }j § pp t p­ p¥ ­ p ¥­ j ­ j ~ y m } j j m m¡ ¨ ¦ q }j pj ¥p m| j j ~ q m p ¨q ­ Ó p ­}² ¥ ¡ j qk p¥ jÔ ©}Ô ² p Ó p j¥ ­ j ~ y } ¢p¨ j ~ j ¦ pj ¥p ¨ Ô¥ ¥ Ó j k p ² jp ¨ vÓ¨ ¥ © m| j j ~ q m pm× ­q k m¡| ¢Ô ¡m j }Ô ~ q ¨ ¦ ¢Ô vs q j j pm×j ² j ¡ j ² p k pm| j j ~ q ¨ Ô¥ Û © Ó p Ó ¨q¦ ~ } Ë . . 2558

¦m j j m| j j ~ q

p q² Ë

The Audit Committee has 3 independent directors. They are: 1. Alan Kam Chairman & Independent Director 2. Manu Sawangjaeng Independent Director 3. Thor Santisiri Independent Director The Audit Committee had Five (05) meetings in 2015 plusother meetings with external auditors, management and internal auditors. All the members attended all the meetings thereby recording 100% attendance for the year. The Audit Committee performed the following duties in the 2015 financial year: Financial Statements – The Audit Committee reviewed and approved the Reviewed and Audited statements of the company on a regular basis before submitting to the Board of. Consultations were made with management of the company on various occasions to assure that committee members are satisfied with the reporting of the statements. The Committee also reviewed the statements of its subsidiaries and affiliates. The Committee is satisfied that the financial presentation is accurate and they are in conformity with the regulations of the Stock Exchange of Thailand and Securities Exchange Commission of Thailand. Internal Audit and Internal Control – The Internal Audit function has been outsourced to Mazars +imited in Thailand, Mazars +imited in Vietnam and Grant Thornton in Myanmar. Aside from approving the annual internal audit plan of the Internal Audit Department, the committee also held regular meetings with internal auditors,to discuss any outstanding issues related to the department’s function. 6e are confident that the Internal Auditors showed independence and diligence in reviewing various audit issues of the company. The committee is satisfied with the work of the outsourced Internal Auditor. External Auditors – The Audit Committee met with KPMG Phoomchai Audit +imited, Thailand, the company’s external auditor on the Reviewed and Audited financial statements regularly. The committee also discussed the annual audit plan, matters of concern with external auditors Risk Management – The Company continues to remain risk averse while maintaining a policy of growth. The Audit Committee has ensured that senior and middle management continue to have sound financial practice in managing foreign currency exposure, capital budgeting, material cost control, labor issues as well as safety measures. Related Party Transaction – The Audit Committee has reviewed the connected party transactions of the Company, its subsidiaries and affiliates. It is satisfied that transactions are reasonable in the normal course of business. The Audit Committee members have over the course of the 2015 year visited the company’s office and operations in Myanmar. The Audit Committee is pleased with the operational processes in overseas offices especially Myanmar, continued improvement in the areas of factory management including those of safety standards, administration, Internal Controls and financial management. The Audit Committee is satisfied that MEGA’s business unitshave been working hard to maintain the high standard of production, administration and financial discipline as its headquarters in Thailand. The Audit Committeewishes to thank the management team, internal audit staff and external auditors for their support in making the Committee’s job pleasant and efficient throughout the 2015 year.

Alan *am Independent Director Chairman of the Audit Committee 2 1

p m| j j ¦ q | mÓ ~ ¦ s jm| j j ¦ q | mÓ ~ ¦ k p Ô ­m }s ¨ j ~ }~ pm× j k }j Ìj j ¥ j x ~ j p¦ j }~² ¦ Óp j y ¥ ¦ m j k p m| j j ¦ m| j j jq j ® m| j j ¦ q | mÓ ~ ¦ p }s ¨ j qÓ mÓ ~ ¦ k p ¢Ô pm| j j ¦ ¢Ô } ¢p j p¦ j }~² ¦ Óp¦ j j ¡ ×k p m| j j ¦ q | mÓ ~ ¦ j © }Ô j j q² 3 Ó m ¢ Ó p¦qÔp j ~ s × ¥ j }

j j ¦ m| j j ¦ q | mÓ ~ ¦ j j j j ¦ ¥qÔ Ô ­

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¢ Ó p¦qÔp j j m| j j ¦ q | mÓ ~ ¦

p q² Ë

The Committee comprises of 3 Directors and the composition is as below: Mr. Manu Sawangjaeng Mr. Kirit Shah Mr. Vivek Dhawan

Independent Director and Chairman of Remuneration and Nomination Committee Director Director, Chief Executive Officer

The Remuneration and Nomination Committee held Two (02) meetings in 2015. All the members attended all the meetings thereby recording 100% attendance for the year for each member. The Committee performed the following duties in the 2015 financial year: Board of Directors – The Committee reviewed the structure of the Board including its Committees and also their roles and responsibilities. The Board’s orientation programs for new Directors and the policy of retirement by rotation was discussed. The Directors due for retirement by rotation and appointment in the Annual General Meeting were identified and recommended for appointment by vote in the coming Shareholders’ meeting. Diversity – The Committee reviewed the diversity in the Board of Directors and employees of the Company. The Company employed 54% female and 46% male employees as on December 31, 2015. The Committee continues to encourage employment for merit, talent and skills required. Remuneration The Committee reviewed the Company’s Remuneration levels and practices in respect of Directors and Employees. Succession Planning – The Committee reviewed the succession planning by the Company’s Management and Board of Directors as well as its Committees. Talent management and training – Company firmly believes that a talent pipeline is essential for ensuring the Company’s long term success and over the past few years the Human Capital Development’s training processes have been embedded across the Company to assist in training, retaining and developing existing employees while attracting new personnel to the organization. The Committee has reviewed and discussed the training programs for employees and Directors.

Manu Sawangjaeng Independent Director Chairman of the Remuneration and Nomination Committee 2 1

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¥ j } ¥qÔ Ô ­

p q² Ë

§ ¥qÔ Ô ­j ¥p

The financial statements have been audited by independent and qualified independent auditors who are satisfied that financial statements fairly present in all material respects the financial position as at December 31, 2015 and the financial performance and cash flows for the year ended on that date. The Board of Directors has provided and maintained an effective internal controls system to enable the preparation of consolidated and separate financial statements and to reasonably ensure that financial statements and accounting records are accurate, complete and adequate to protect its interests. To accomplish this task, the Board of Directors has appointed an Audit Committee, which consists of Independent Directors and is responsible for the quality of financial statements, Internal controls system and disclosure of related party transactions, whose comments on these issues are readily included in the Audit Committee Report in this Annual report. The Board of Directors is of the opinion that the Company’s overall internal controls system is adequate and suitable and has rendered reasonable credibility to the reliability of the consolidated financial statements of the Company and its subsidiaries for the year ended December 31, 2015.

Mr. Vivek Dhawan Chief Executive Officer

Mr. Thomas Abraham Chief Financial Officer

2 1

p j ¥p

p k p ¢Ô vs ¡v ~ ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558 ¥ ¢Ô ¡Ô ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) kÔ ¥qÔ ©}Ô~ q p j ¥p ¦ p j ¥p ¥r j qj k p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó (j ¡Ó ) ¦ k p ¥r ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ( ) ~ ² } t p­ j }Ô p ¦ }py j ¥p ¦ p ¦ }py j ¥p ¥r j qj | ­ 31 m 2558 p j² © k } ¡ ¥ ¬}¥ ¬q ¦ p j² © k } ¡ ¥ ¬}¥ ¬q¥r j qj p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô ¦ p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô ¥r j qj ¦ p j ¦ ¥p } ¦ p j ¦ ¥p }¥r j qj ² Ë ® ¡} ¥} j p ¥ ~¡t ­p j }Ô ¡ § j vs ­ ² m v¦ ¥ ­ p ­ « m }s k p ¢Ô ~Ó p j ¥p ¦ p j ¥p ¥r j qj ¢ Ô ¥ Û ¢ Ô }s ¨ j q } ² ¦ j ² ¥ p j ¥p ¦ p j ¥p ¥r j qj ¥ Ó §® } ¢j~Ô p~ m­ ~ ~ y j p pj ¥p ¦ }s ¥j ­ j j m m¡ ¨ ­ ¢Ô q | Ó q² ¥ Û ¥ ­ ¨ Ô q } ² p j ¥p ¦ p j ¥p ¥r j qj ­ q jj ¦ }pkÔ ¢ ­k }~Ó kÔ ¥ ¬qq p ¥ Û ² m v© Ó Ó q ¥j }q jj ¡q ~ kÔ } } m }s k p ¢Ô vs kÔ ¥qÔ ¥ Û ¢ Ô }s ¨ j ¦ }pm ¥ ¬ ~Ó p j ¥p ¦ p j ¥p ¥r j qj } pj Ó q j j ~ q k pkÔ ¥qÔ kÔ ¥qÔ ©}Ô x ~ p ~ q ~ ~ y j vs t ­pj² }¨ ÔkÔ ¥qÔ x ~ ~ kÔ j² }}Ô q | p p¦ ¦ x ~ p ~ q ¥ ­ ¨ Ô ©}Ôm ¥s ­ ­ Ó p ¥ ~¡ Ó p j ¥p ¦ p j ¥p ¥r j qj q jj ¦ }pkÔ ¢ ­k }~Ó kÔ ¥ ¬qq p ¥ Û ² m v © Ó j ~ q pj ¨sÔ j ~ q ¥ ­ ¨ Ô©}Ô t ­p jy j vs ¥j ­ j q² ¥p ¦ j ¥ Ê}¥ kÔ ¢ ¨ p j ¥p j ~ q ¥­ j¨sÔk ® ¢jÓ }¡ q k p ¢ Ô vs t p­ pj ¥ m ¥ ­ pq jj ¦ }pkÔ ¢ k­ } ~Ó kÔ ¥ ¬qq p ¥ Û ² m vk pp j ¥p © Ó Ó q ¥j }q jj ¡q ~ kÔ } } ¨ j ¥ m ¥ ­ p} pj Ó ¢Ô vs q | j m m¡ ¨ ­¥j ­ kÔ pj j q } ² ¦ j ² ¥ p j ¥p §} ¢j~Ô p~ m­ k pj qj ¥ ­ j¦ j ~ q ¥­ j j |× ¦~Ó© Ó¨sÓ¥ ­ ~ ¡ pm× ¨ j ¦ }p m ¥ ¬ ~Ó k pj m m¡ ¨ k pj qj j ~ q pj ¥ m ¥ k p § j vs ­ Ô¢ ¨sÔ¦ m ¥ ~¡ k p |j p vs ­q } ² k ® §} ¢Ô ®pj ¥ j ² ¥ p j ¥p §} kÔ ¥qÔ ¥s ­ Ó jy j vs ­kÔ ¥qÔ ©}Ô ¥ p ¦ ¥ ¥ ­ ¨sÔ¥ Û ¥j|z× ¨ j ¦ }pm ¥ ¬ k pkÔ ¥qÔ m ¥ ¬ kÔ ¥qÔ ¥ ¬ Ó p j ¥p ¦ p j ¥p ¥r j qj kÔ p~Ô ¦® }py j ¥p ¦ y j ¥p ¥r j qj k pj ¡ Ó ¦ ~ ² } | ­ 31 m 2558 j }² ¥ p ¦ j }² ¥ p ¥r j qj ¦ j ¦ ¥p } ¦ j ¦ ¥p }¥r j qj ² Ë ® ¡} ¥} j §} ¢j~Ô p~ ­m ¨ ² m v~ ~ y j p pj ¥p

( | s¡| j q© ) ¢Ô vs ¡v ~ ¥ k ¥ 6105 ¥m ¥ ¬ q ¢ ©s vs q² j } j ¡p¥ m 25 j¡ × 2559 p q² Ë

1

p ¦ }py j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

×

¥ ~¡

p j ¥p 31 m 2558 2557

p j ¥p ¥r j qj 31 m 2558 2557 ( )

× ¡ ¥ ¥p }¦ j ¥ ¥ Ó ¥p } ¥p p ¡ s ­ m ¢j ®j mÔ ¢j ® ­ ¥p ¨ Ôj¢Ô ® ¦jÓ ­¥j ­ kÔ p mÔ mp¥ ¥p qÓ Ó p Ô ¦jÓ ¢Ôk mÔ ¦ ¢Ôq }q² Ó × ¡ ¥ ש Ó ¡ ¥ ¥p p ¡ ¨ Ó ¥p p ¡ ¨ Ó ¥p p ¡ ­ ­} m ¦ ¡ j |× ×© Ó ~ ~ × ¥p ©}Ô j ~ } vs ש Ó ¡ ¥ ­ × © Ó ¡ ¥ ×

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® 1

p q² Ë

5 6 4, 7 4, 8 4 9

515,679 951,111 2,253,362 232,598 2,066,616 149,878 6,169,244

340,634 433,832 2,023,762 273,884 1,649,471 128,665 4,850,248

81,870 951,111 1,268,257 55,327 625,518 53,799 3,035,882

95,521 432,775 1,173,501 92,733 30,000 438,213 40,095 2,302,838

10 11 6 12 13 14

1,031,495 232,700 105,716 73,392 1,443,303

506,539 980,141 230,211 93,416 71,295 1,881,602

71,574 629,961 191,429 37,910 64,504 995,378

59,923 506,539 620,959 187,912 21,302 62,720 1,459,355

7,612,547

6,731,850

4,031,260

3,762,193

p ¦ }py j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

® ¦ Ó k p ¢Ô ¡Ô

¥ ~¡

p j ¥p 31 m 2558 2557

p j ¥p ¥r j qj 31 m 2558 2557 ( )

® ¡ ¥ ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥qÔ ®j mÔ ¥qÔ ® ­ ¥p j¢Ô ® ¦ } j¥ ® mÔ pqÓ ¦jÓj qj ­¥j ­ kÔ pj ¥p j¢Ô q j j ¥p ­ pj² } s² ¨ ­p Ë ® ~ vv ¥sÓ j ¥p ­ pj² }s² ¨ ­p Ë ¥p ©}ÔmÔ pqÓ mÓ ¨sÔqÓ mÔ pqÓ ® ¡ ¥ ® © Ó ¡ ¥ ¥p j¢Ô q j j ¥p ® ~ vv ¥sÓ j ¥p ® ¥p ©}Ô j ~ } vs ¢j § s × jp ® © Ó ¡ ¥ ­ ® © Ó ¡ ¥ ®

15 4, 16 4, 17 4, 15

543,270 1,604,214 331,033 -

354,188 1,305,884 363,438 -

264,041 170,516 75,612 -

262,865 154,488 12,089 2,543

15 15

82,543 8,421 80,143 445,617 3,095,241

75,392 198 55,497 366,240 2,520,837

48,435 69 30,116 74,819 663,608

44,239 75 13,720 50,901 540,920

15 15 14 18

67,954 16,318 1,349 94,422 2,595 182,638

137,173 185 2,877 90,111 2,405 232,751

48,000 52,740 100,740

87,795 69 56,783 144,647

3,277,879

2,753,588

764,348

685,567

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® p q² Ë

1 1

p ¦ }py j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

® ¦ Ó k p ¢Ô ¡Ô

¥ ~¡

p j ¥p 31 m 2558 2557

p j ¥p ¥r j qj 31 m 2558 2557 ( )

Ó k p ¢Ô ¡Ô ¡ ¥ ¡Ô ¡ q} ¥ ¡ ­ j¦ s² ¦ Ô Ó ¥j ¢ mÓ ¡Ô Ó ¥j ¢ mÓ ¡Ô v ¨ ² m v¦ }p t ® ¡Ô v j² © q } ¦ Ô ¡ ² p~ jw ² pj qj m }s ~Ó pm p© Ó©}Ôq } pm× j ­ k p Ó k p ¢Ô ¡Ô Ó k p ¨ vÓ Ó ©}Ô¥ ­© Ó ² qm m¡ Ó k p ¢Ô ¡Ô ® ¦ Ó k p ¢Ô ¡Ô

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® 1 2

p q² Ë

19 436,951 432,625

436,951 432,625

436,951 432,625

436,951 432,625

19 20

2,138,104 20,004

2,138,104 8,431

2,138,104 20,004

2,138,104 8,431

21 21

49,088 23,400 1,839,761 (168,292) 4,334,690 (22) 4,334,668

49,088 10,000 1,507,232 (167,200) 3,978,280 (18) 3,978,262

43,695 23,400 609,084 3,266,912 3,266,912

43,695 10,000 443,771 3,076,626 3,076,626

7,612,547

6,731,850

4,031,260

3,762,193

21

p j² © k } ¡ ¥ ¬ }¥ ¬ q ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥ ~¡

p j ¥p ² Ë ® ¡} ­ 31 m 2558 2557

p j ¥p ¥r j qj ² Ë ® ¡} ­ 31 m 2558 2557 ( )

©}Ô ©}Ôq jj k ¦ ¨ Ô j ©}Ôq jj p ¡ j² © q j ~ ¦ j¥ ­ ¡ ©}Ô ­ ©}Ô mÓ ¨sÔqÓ ~Ô ¡ k ¦ ¨ Ô j mÓ ¨sÔqÓ ¨ j k mÓ ¨sÔqÓ ¨ j k } ¡ q j ~ ¦ j¥ ­ ¡ ~Ô ¡ pj ¥p mÓ ¨sÔqÓ j² © jÓ ¥p ©}Ô mÓ ¨sÔqÓ ¥p ©}Ô j² © ² Ë j² © k } ¡ ¥ ¬}¥ ¬q ­ j ­q © Ó ¢jq } ¥ j ¨ Ó¥kÔ © © Ô¨ j² © k } ¡ j² © (k } ¡ )q jj |j ~ jj m| ~ ~ × j ² §m pj § s × jp j ­ q ¢jq } ¥ j ¨ Ó¥kÔ © © Ô¨ j² © k } ¡ ~Ó pq j ~ ¦ j¥ ­ q jj ¦ pmÓ Ó p ~Ó p ¥ j² © (k } ¡ ) ¥ ¬}¥ ¬q ­ ² Ë - ¡ q j j² © ¥ ¬}¥ ¬q ² Ë

22, 27

7,944,741 28,098 101,918 21,973 8,096,730

7,730,049 17,416 20,447 7,767,912

2,538,691 27,761 81,452 11,694 2,659,598

2,262,166 321,839 6,673 8,002 2,598,680

9, 22, 24 24 24

4,538,300 1,717,121 1,000,777 12,542 7,268,740

4,624,910 1,564,170 907,154 16,407 17,134 7,129,775

1,355,419 418,258 315,304 6,741 2,095,722

1,429,865 263,425 243,488 11,317 1,948,095

26 22

827,990 (132,249) 695,741

638,137 (90,289) 547,848

563,876 (37,118) 526,758

650,585 (18,916) 631,669

18

5,434

(823)

7,207

(4,300)

(1,090) 4,344 700,085

(27,217) (28,040) 519,808

7,207 533,965

(4,300) 627,369

25

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® p q² Ë

1

p j² © k } ¡ ¥ ¬ }¥ ¬ q ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥ ~¡

p j ¥p ² Ë ® ¡} ­ 31 m 2558 2557

p j ¥p ¥r j qj ² Ë ® ¡} ­ 31 m 2558 2557 ( )

j ¦ Óp Ù j² © Ó ­¥ Û k p ¨ vÓ Ó ­¥ Û k p Ó ©}Ô¥ ­© Ó ² qm m¡ j² © ² Ë

695,747 (6) 695,741

547,880 (32) 547,848

526,758 526,758

631,669 631,669

j ¦ Óp Ù j² © (k } ¡ ) ¥ ¬}¥ ¬q Ó ­¥ Û k p ¨ vÓ Ó ­¥ Û k p Ó ©}Ô¥ ­© Ó ² qm m¡ j² © (k } ¡ ) ¥ ¬}¥ ¬q ² Ë

700,089 (4) 700,085

519,838 (30) 519,808

533,965 533,965

627,369 627,369

0.80

0.63

0.61

0.73

j² © ~Ó ¡Ô k ® ® y ¦ } ( )

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® 1

p q² Ë

28

p q² Ë

1

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

§ © ² pj qj m }s ~Ó pm }mp¥ | ­ 31 m 2557

j² © k } ¡ ¥ ¬}¥ ¬q ² Ë j² © j² © k } ¡ ¥ ¬}¥ ¬q ­ j² © k } ¡ ¥ ¬}¥ ¬q ² Ë

j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô ¥p ¡ ©­ }Ô q j ¢ Ô ¡ Ô ¦ j q } Ó ¡ ¨ Ô Ô¢ ¡ Ô j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¥p Ù ¨ Ô ¢Ô ¡Ô k p j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô

² Ë ® ¡} ­ 31 m 2557 }mp¥ | ­ 1 j m 2557

² Ë ® ¡} ­ 31 m 2558

21

20 29

432,625

-

-

432,625

¡ ¥ ¡Ô ­ j¦ ¥ ~¡ s² ¦ Ô

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

2,138,104

-

-

2,138,104

Ó ¥j ¢ mÓ ¡Ô

8,431

-

8,431 8,431

-

49,088

-

-

49,088

10,000 10,000

-

-

-

j² © ² p ¨ ² m v j qj ¦ }p ¡ ² p m }s t ® ¡Ô v ~ jw ~Ó pm

(10,000) 1,507,232

547,880 (823) 547,057

(242,551) (242,551)

1,212,726

( )

p© Ó©}Ô q }

p j ¥p

p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô

(167,200)

(27,219) (27,219)

-

(139,981)

(167,200)

(27,219) (27,219)

-

(139,981)

3,978,280

547,880 (28,042) 519,838

8,431 (242,551) (234,120)

3,692,562

(18)

(32) 2 (30)

-

12

3,978,262

547,848 (28,040) 519,808

8,431 (242,551) (234,120)

3,692,574

pm× j ­ k p Ó k p ¢Ô ¡Ô Ó k p ~Ó pq j pm× j ­ Ó k p Ó ©}Ô¥ j ¦ pmÓ k p ¢Ô ¡Ô ­© Ó ² q Ó k p p j ¥p Ó k p ¢Ô ¡Ô k p m m¡ ¢Ô ¡Ô

1

p q² Ë

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

§ © ² pj qj m }s ~Ó pm qÓ ² pj qj m }s ~Ó pm }mp¥ | ­ 31 m 2558

j² © k } ¡ ¥ ¬}¥ ¬q ² Ë j² © j² © k } ¡ ¥ ¬}¥ ¬q ­ j² © k } ¡ ¥ ¬}¥ ¬q ² Ë

j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô ¥p ¡ ©­ }Ô q j ¢ Ô ¡ Ô ¦ j q } Ó ¡ ¨ Ô Ô¢ ¡ Ô j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¥p Ù ¨ Ô ¢Ô ¡Ô k p j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô

² Ë ® ¡} ­ 31 m 2558 }mp¥ | ­ 1 j m 2558

² Ë ® ¡} ­ 31 m 2558

21 21

20 29

432,625

-

-

432,625

¡ ¥ ¡Ô ­ j¦ ¥ ~¡ s² ¦ Ô

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

2,138,104

-

-

2,138,104

Ó ¥j ¢ mÓ ¡Ô

20,004

-

11,573 11,573

8,431

49,088

-

-

49,088

13,900 (500) 23,400

-

-

10,000

(13,900) 1,839,761

695,747 5,434 701,181

(354,752) (354,752)

1,507,232

( )

p j ¥p j² © ² p ¨ ² m v j qj ¦ }p ¡ ² p m }s p© Ó©}Ô t ® ¡Ô v ~ jw ~Ó pm q }

p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô

(168,292)

(1,092) (1,092)

-

(167,200)

(168,292)

(1,092) (1,092)

-

(167,200)

(500) 4,334,690

695,747 4,342 700,089

11,573 (354,752) (343,179)

3,978,280

(22)

(6) 2 (4)

-

(18)

(500) 4,334,668

695,741 4,344 700,085

11,573 (354,752) (343,179)

3,978,262

pm× j ­ k p Ó k p ¢Ô ¡Ô Ó k p ~Ó pq j pm× j ­ Ó k p Ó ©}Ô¥ j ¦ pmÓ k p ¢Ô ¡Ô ­© Ó ² q Ó k p p j ¥p Ó k p ¢Ô ¡Ô k p m m¡ ¢Ô ¡Ô

p q² Ë

1

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

§ © ² pj qj m }s ~Ó pm }mp¥ | ­ 31 m 2557

j² © k } ¡ ¥ ¬}¥ ¬q ² Ë j² © j² © k } ¡ ¥ ¬}¥ ¬q ­ j² © k } ¡ ¥ ¬}¥ ¬q ² Ë

j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¥p Ù ¨ Ô ¢Ô ¡Ô k p j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô

² Ë ® ¡} ­ 31 m 2557 }mp¥ | ­ 1 j m 2557

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

21

20 29

¥ ~¡

432,625

-

-

432,625

¡ ¥ ¡Ô ­ j¦ s² ¦ Ô

2,138,104

-

-

2,138,104

Ó ¥j ¢ mÓ ¡Ô

8,431

-

8,431 8,431

-

43,695

-

-

43,695

( )

¡ ² p ~ jw

p j ¥p ¥r j qj ¨ ² m v ¦ }p t ® ¡Ô v

p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô

10,000 10,000

-

-

-

j² © ² pj qj m }s ~Ó pm

(10,000) 443,771

631,669 (4,300) 627,369

(242,529) (242,529)

68,931

p© Ó©}Ô q }

3,076,626

631,669 (4,300) 627,369

8,431 (242,529) (234,098)

2,683,355

Ó k p ¢Ô ¡Ô

1

p q² Ë

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ®

§ © ² pj qj m }s ~Ó pm qÓ ² pj qj m }s ~Ó pm }mp¥ | ­ 31 m 2558

j² © k } ¡ ¥ ¬}¥ ¬q ² Ë j² © j² © k } ¡ ¥ ¬}¥ ¬q ­ j² © k } ¡ ¥ ¬}¥ ¬q ² Ë

j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¥p Ù ¨ Ô ¢Ô ¡Ô k p j j ¢Ô ¡Ô ­ j§} ~ p¥kÔ Ó k p ¢Ô ¡Ô

² Ë ® ¡} ­ 31 m 2558 }mp¥ | ­ 1 j m 2558

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

21 21

20 29

¥ ~¡

432,625

-

-

432,625

¡ ¥ ¡Ô ­ j¦ s² ¦ Ô

2,138,104

-

-

2,138,104

Ó ¥j ¢ mÓ ¡Ô

20,004

-

11,573 11,573

8,431

43,695

-

-

43,695

( )

¡ ² p ~ jw

p j ¥p ¥r j qj ¨ ² m v ¦ }p t ® ¡Ô v

p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô

13,900 (500) 23,400

-

-

10,000

j² © ² pj qj m }s ~Ó pm

(13,900) 609,084

526,758 7,207 533,965

(354,752) (354,752)

443,771

p© Ó©}Ô q }

(500) 3,266,912

526,758 7,207 533,965

11,573 (354,752) (343,179)

3,076,626

Ó k p ¢Ô ¡Ô

p j ¦ ¥p }

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

p j ¥p ² Ë ® ¡} ­ 31 m 2558 2557

p j ¥p ¥r j qj ² Ë ® ¡} ­ 31 m 2558 2557 ( )

j ¦ ¥p }q jj qj }² ¥ p j² © ² Ë j ¡p mÓ ¥ ­ m ¦ mÓ ~ }q² Ó mÓ ¥ ­ mÔ Ô ¦ j } ¢ mÓ k p mÔ mp¥ ©}Ôq jj p ¡ ~Ô ¡ pj ¥p mÓ ¥ ­ ® p q ¢v (j² © ) k } ¡ q j ~ ¦ j¥ ­ ­ p© Ó¥j }k ® q p j² © q jj q² Ó ­} m ¦ ¡ j |× ¢j § s × jp j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¥p ©}Ô j ¥ ­ ¦ p¨ צ ® }² ¥ p ¢j ®j mÔ ¢j ® ­ mÔ mp¥ ¥p qÓ Ó p Ô ¦jÓ ¢Ôk mÔ ¦ ¢Ôq }q² Ó ¥p j j ¥p ­~ } m²® j ש Ó ¡ ¥ ­ ¥qÔ ®j mÔ ¥qÔ ® ­ mÓ ¨sÔqÓ mÔ pqÓ ® © Ó ¡ ¥ ­ qÓ ² pj qj m }s ~Ó pm qÓ ¢j § s × jp ¥p }©}Ô q j (¨sÔ © ¨ ) j qj }² ¥ p qÓ ¥p ©}Ô ¥p } ¡ ©}Ô q j (¨sÔ © ¨ ) j qj }² ¥ p

695,741

547,848

526,758

631,669

145,243 16,740 (28,098) 12,542 29,839 (39,048) (513) 15,547 11,573 132,249 991,815

131,432 16,818 (17,416) 17,134 1,887 46,804 (1,850) 11,948 8,431 90,289 853,325

72,646 3,418 (27,761) 6,741 16,928 (48,124) 7,716 1,431 37,118 596,871

65,857 2,923 (321,839) 11,317 7,470 9,201 835 18,916 426,349

(172,805) 32,185 (427,490) (22,727) (1,978) 275,903 (24,243) 79,493 112 (500) (4,065) 725,700 (116,578) 609,122

(361,068) (99,198) 8,078 (27,869) 10,626 2,460 162,429 171,766 5,415 (490) 725,474 (111,257) 614,217

(63,907) 52,240 (190,723) (13,516) (1,784) 15,959 62,326 23,918 (500) (2,750) 478,134 (39,132) 439,002

(656,304) (43,244) 62,104 (11,143) 196 4,227 (20,300) (28,061) (238) (266,414) (15,567) (281,981)

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® p q² Ë

1

p j ¦ ¥p }

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥ ~¡

p j ¥p ² Ë ® ¡} ­ 31 m 2558 2557

p j ¥p ¥r j qj ² Ë ® ¡} ­ 31 m 2558 2557 ( )

j ¦ ¥p }q jj qj p ¡ } j¥ ® ¥p Ù t ® ­} m ¦ ¡ j |× ¥p p ¡ ¨ Ó ¥p ¨ Ôj¢Ô ¦jÓ ­¥j ­ kÔ pj s² m ¥p ¨ Ôj¢Ô ¦jÓ ­¥j ­ kÔ pj ¥p qÓ Ó p Ô t ® ­} t ® ש Ó ~ ~ k ­} m ¦ ¡ j |× k ¥p p ¡ ­ t ® ¥p p ¡ s ­ m t ® ¥p p ¡ ­ ¥p } ¡ ¨sÔ © ¨ j qj p ¡ j ¦ ¥p }q jj qj q } ¥p qÓ ~Ô ¡ pj ¥p qÓ ¥p Ù qÓ s² ® ~ vv ¥sÓ j ¥p ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥ ­ k ® ( } p) ¡ s² m ¥p j¢Ô s² m ¥p j¢Ô ® q j ­¥j ­ kÔ pj ¥p } ¡ ¨sÔ © ¨ j qj q } ¥p ¥p }¦ j ¥ ¥ Ó ¥p }¥ ­ k ® ( } p) ¡ ¥p }¦ j ¥ ¥ Ó ¥p } | ­ 1 j m j q j ~ ¦ j¥ ­ k p¥p ~ ~Ó p ¥ mp¥ ® Ë ¥p }¦ j ¥ ¥ Ó ¥p } | ­ 31 m j ­© Ó¨sÓ¥p } j ©}Ô t ­p ×~ vv ¥sÓ j ¥p ¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® 2

p q² Ë

5

13,417 (181,067) (12,154) 6,172 433,932 (444,572) (184,272)

14,033 (159,892) (35,280) (23,500) 2,210 (433,832) (506,539) (1,142,800)

13,080 (80,594) (1,509) 30,000 (4,571) 432,775 (444,572) (55,391)

18,344 300,000 (79,346) (165) (300,000) 670,000 (35,280) (432,775) (506,539) (365,761)

(12,524) (353,576) (2,720)

(17,313) (242,551) (299)

(6,766) (353,576) (75)

(11,550) (242,529) (99)

188,768 (66,651) (246,703)

(338,032) (73,212) (671,407)

2,767 (37,069) (2,543) (397,262)

(78,030) (43,652) (375,860)

178,147 340,634

(1,199,990) 1,540,309

(13,651) 95,521

(1,023,602) 1,119,123

(3,102) 515,679

315 340,634

81,870

95,521

39,736

-

-

-

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¥ ~¡

v

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

kÔ ¢ ­ © ¥j|z×j q } ² p j ¥p § j vs ­ ² m v ¡mm j qj ­¥j ­ kÔ pj ¥p }¦ j ¥ ¥ Ó ¥p } ¥p p ¡ ­ ¢j ®j mÔ ¢j ® ­ mÔ mp¥ ¥p p ¡ ¨ Ó ¥p p ¡ ¨ Ó ­} m ¦ ¡ j |× ×© Ó ~ ~ ¥p ©}Ô j ~ } vs ® ­ } j¥ ® ¥qÔ ®j mÔ ¥qÔ ® ­ ¢j § s × jp ¡ ¥ ¡Ô ¨ ² m v¦ }p t ® ¡Ô v ² p Ó p }² ¥ p mÓ ¨sÔqÓ § s ×k p jp mÓ ¨sÔqÓ ~ j | ~Ô ¡ pj ¥p ¥p ©}Ô § s ×q jj Óp¥ j p ¡ j² © ~Ó ¡Ô ¥p Ù ¥m ­ p pj ¥p ¢j j ¡mm j qj ­© Ó¥j ­ kÔ pj ¥ ~¡j |× p ¥ p ~ y j p pj ¥p ­ p© Ó©}Ô ¨sÔ j q } ¥ j ¨ Ó

p q² Ë

2 1

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥ ~¡ j p j ¥p ¥ Û Ó ­pk pp j ¥p ® p j ¥p ® ©}Ô ¡ ~ ¨ Ô jp j ¥p q jm| j j ¥ ­ ­ 25 j¡ × 2559

kÔ ¢ ­ © ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) Å Æ ¥ Û ~ ¡mm ­q }~ ®pk ® ¨ ¥ © ¦ ­ ¢Óq} ¥ ~ ®p ¢Ó¥ k ­ 384 ¢Ó 4 m ¡~ j p ¢ ~² ¦ j ² ¥ ¥ p ¡ j q p } ¡ j ¥ © ² jp ~ ¦ ¨ ¥ ¥ } ¢j } ¢¥m ¦ ¥m ¦ ² jp ~ ¦ j ¦ Ópt ­p ¢Ó ¨~Ô ¥ jÔ © Ò ©t¦ ¬ t× q² j } ( Ó ) ¨ ¥ pj ¥ } ¥ × §} ¥t ¡t¥ j ¢¥m ¥ ¥t Ê Ê × ¥m ¥} ¥t m t m ¦ j ¨ vÓ ¦ ¨ vÓ ² } ¢p ¡}¨ Ó p Ëm ¢ ¥~ t× q² j } t ­p¥ Û ~ ¡mm ­q }~ ®pk ® ¨ ¥ © q} ¥ j ~ } j צ Óp ¥ © ¥ ­ ­ 19 q j 2556 j ¡Ó }² ¥ ¡ j q j¥j ­ j j ~¦ q² Ó Ó ~ ¦ q² Ó ² ~ |z× ¥ ¥ s |z× ~ ¨ ­p¦ × ~ |z×q² Ó Ô ¥m ×¥~ × ~ |z× ¡ © ~ ¦ mÔ ¡ § m § m ®pj ¨ Ô j q }q² Ó ~ |z×} pj Ó ¥ }k p Ó ¦ Ó | ­ 31 m 2558 ¦ 2557 ©}Ô¥ Ê}¥ © Ô ¨ ¥ ~¡ j p j ¥p kÔ 4, 10 ¦ 11

¥j|z×j q } ² p j ¥p

j ¥j|z×j x ~ p j ¥p ®q } ² k ® ~ ~ y j p pj ¥p p¦ x ~ pj vs ­ j ¨sÔ §} s s vs (Å s s vs Æ) ¦ jw ¥ ¦ j m| j j j² j j צ ~ } j × ­¥j ­ kÔ p s s vs ©}Ô j¦ ¡p ~ y j p pj ¥p r t ­p pm ¨sÔ~® p¦~Ó ¥ vs ­¥ ­ ¨ p ­ 1 j m 2558 j x ~ ~ ~ y j p pj ¥p ­ j¦ ¡p¨ Ó ® ¨ Ô¥j }j ¥ ­ ¦ p § j vs k pj ¡Ó ¨ p¥ ­ p j ¥ ­ ¦ p ® © Ó j Ó p¥ Û ² m v~Ó p j ¥p j¥ q j ~ y j p pj ¥p ­ j¦ ¡p¨ ÓkÔ p~Ô s s vs ©}Ô j¦ ¡p ~ y j p p j ¥p r ­ « t ­p pm ² ¥ vs ­¥ ­ ¨ p ­ 1 j m 2558 ¥ Û ~Ô © ¦ © Ó©}Ô j ² ¨sÔ ² j q } ² p j ¥p ® ~ y j p pj ¥p ­ j¦ ¡p¨ Ó ­¥j ­ j j }² ¥ p k pj ¡Ó ©}Ô¥ Ê}¥ ¨ ¥ ~¡ j p j ¥p kÔ 33

2 2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

k ¥j|z×j } ¢ mÓ p j ¥p q® } ² k ® §} j¥j|z×j j~ m ¡ ¥} j¥ Ô j } p~Ó © ® ­ ¨sÔ p¥ j¨ j } ¢ mÓ ¨ ¦~Ó ¥ p j ¢j § s × jp

¥j|z×j } ¢ mÓ ¢ mÓ Ùqq¡ k p ¢j ~ § s × ­j² }© Ô ©}Ô¥ Ê}¥ © Ô ¨ ¥ ~¡ kÔ 3 (x)

m j¡ ¥p ­¨sÔ¨ j }² ¥ p ¦ ² ¥ p j ¥p p j ¥p ®q } ² ¦ ¦ }p Ó ¥p ~ ¥ Û ¥p t ­p¥ Û j¡ ¥p ­¨sÔ ¨ j }² ¥ p k p kÔ ¢ pj ¥p ®p } j Ù}¥ ¨ p j ¥p ¦ ¥ ~¡ j p j ¥p ¥ ­ ¨ Ô¦ }p¥ Û j j¥ Ô ­ ¡© Ô¥ Û Ó p ­ p j |j ¦ ¨sÔ q |v | ¨ j q } ² p j ¥p ¨ Ô¥ Û © ~ ~ y j p pj ¥p ¢ Ô ~Ô p¨sÔ q |v | j |¦ kÔ ~ y j t p­ j ~Ó j j² } § j vs ¦ j p q² ¥p ¥­ j ­ j × ® ©}Ô ¦ mÓ ¨sÔq Ó ¥­ j }k ® q p q ¦~j~Ó pq j ­ |© Ô |j ¦ kÔ ~ y ­¨sÔ ¨ j q } ² p j ¥p q ©}Ô j Ó p~Ó ¥ ­ p j |j p vs q j¨ p } vs ­ |j } pj Ó ©}Ô j ¦ ¨ p } m~ ­©}Ô j kÔ ~ y ¦ m © Ó¦ Ó k pj |j kÔ ¢ ¥j ­ j m © Ó¦ Ó k pj |j ­ ² m vt ­p m ¥ ­ p Ó p ² m v ­¥ Û ¥ ~¡¨ Ô~Ô p j ¡pq² ¥p ­ ¢Ô ¨ p j ¥p t ­p j }Ô ¥ ~¡ j p j ¥p ~Ó © ® ¥ ~¡kÔ 7 ¥ ~¡kÔ 9 ¥ ~¡kÔ 13

j | ¢ mÓ ­m } Ó q ©}Ô m k p ¢j ®j mÔ j } ¢ mÓ k p mÔ mp¥ j | ¢ mÓ ­m } Ó q ©}Ô m k p¥m ­ p j mÔ

j } ¢ mÓ ¡~ § j vs ¦ j ¥ Ê}¥ kÔ ¢ k pj ¡Ó kÔ j² }¨ Ô j } ¢ mÓ ¡~ ®p צ ® pj ¥p ¦ © Ó¨sÓ pj ¥p j ¡Ó ¢Ô ¥ ¢ mÓ j kÔ ¢ ­© Ó p¥j~©}Ô ¦ ¡pj } ¢ mÓ ­ ² m v Ó p ²­ ¥ j j ¨sÔkÔ ¢ q j ¡mm ­ ¥ ­ } ¢ mÓ ¡~ ¥sÓ m q j Ô j ~ p® m j ¡ Ó ¢ Ô ¥ ©}Ô ¥ jy ­©}Ô q j ¡mm ­ ­ ¡ kÔ ¡ ¥j ­ j j } ¢ mÓ pj q } } s ® k p ¢ mÓ ¡~ Ó ¥ Û © ~ j­ ² }© Ô ¨ ~ y j p pj ¥p Ó p¥

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥}¬ Ùv k pj } ¢ mÓ ­ ² m vq ¢j p ~Ó m| j j ~ q k pj ¡Ó ¥ ­ } ¢ mÓ ¡~ k p × ® j ¡Ó ©}Ô ¨sÔkÔ ¢ ­ p¥j~©}Ô ¨ Ô j ­ ¡}¥ Ó ­q ² ©}Ô ¢ mÓ ¡~ ¥ Ó ® ¢jq } ¥ ¨ ¦~Ó ² } s ® k p ¢ mÓ ¡~ ~ kÔ ¢ ­¨sÔ ¨ j ¥ ¢ mÓ } p ® Ç kÔ ¢ } 1 ¥ Û m ¥ t ® k (© Ó~Ô p ¡p) ¨ ~ } ­ m Ó p ² × ® Ó p¥} j Ç kÔ ¢ } 2 ¥ Û kÔ ¢ ­ ­ p¥j~©}Ô §} ~ p (¥sÓ m k ) §} Ô (¥sÓ ©}Ô q j m ) ² × ® ® ® j¥ q j m ¥ t ® k t ­p ¢Ó¨ kÔ ¢ } 1 Ç kÔ ¢ } 3 ¥ Û kÔ ¢ ² × ® ­© Ó©}Ô q jkÔ ¢ ­ p¥j~©}Ô (kÔ ¢ ­© Ó p¥j~©}Ô) jkÔ ¢ ­ ² ¨sÔ ¨ j } ¢ mÓ ¡~ k p × ® ¢jq } ¥ ² } s ® k p ¢ mÓ ¡~ ¦­ ~j~Ó pj j } ¢ mÓ ¡~ §} q ¢jq } ¥ ¨ ¨ } ¥} j ~ ² } s ® k p ¢ mÓ ¡~ k pkÔ ¢ ­ ¢Ó¨ } ~²­ ¡} ­ ² m v ² j } ¢ mÓ ¡~ §} j ¡Ó ¢Ôj § Ó p ² } s ® k p ¢ mÓ ¡~ | ® ¥ p ­¥j }j § k ® kÔ ¢ ¥ ­ ¥~ ¥j ­ j kÔ ~ y ­¨sÔ ¨ j } ¢ mÓ ¡~ ¢Ó¨ ¥ ~¡ j p j ¥p } p~Ó © ® Ç kÔ 20 Ç kÔ 30

j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z× ¥m ­ p pj ¥p

§ j vs ­ ² m v § j vs ­ ² ¥ } p~Ó © ® ©}Ô x ~ §} ²­ ¥ ² p j ¥p ¡j ¥ ­ p

j ¥j|zר j q } ² p j ¥p p j ¥p j }Ô p j ¥p k p ¦ Ó ( j ¥ j Ó Åj ¡Ó Æ) ¦ Ó ©}Ô¥ k pj ¡Ó ¨ Ó Ó Ó ¥ Û j qj ­ ¢Ó ¨~Ôj m m¡ k pj ¡Ó j m m¡ ¥j }k ® ¥ ­ j ¡Ó ¥ Ê} ¨ ~ ¦ ¦ q jj ¥j ­ kÔ pj j qj ® ¦ m ¨ j ¨sÔ ² q¥ j qj ® ² ¨ Ô¥j } j ~Ó q² ¥p ~ ¦ k pj ¡ Ó p j ¥p k p Ó ©}Ô ¢Ó¨ p j ¥p ¦~Ó ­ j m m¡ q p ­j m m¡ ® ¡} p Ó Ó ¥ Û j qj ­j ¡Ó Ó p ² m v§} ² q¥kÔ © Ó Ó ¨ j ~ } ¨q¥j ­ j § pj ¥p ¦ j }² ¥ p ¦~Ó© Ó p } ­q m m¡ m m¡ Ó ¨ § } pj Ó

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

Ó ©}Ô¥ ¨ Ó j vs ~ Ó ©}Ô¥ §} ¢Ô j ¥ ­ ¥ ­ ¦ j}Ô m ¡ t ­p p~Ô ¡ j ² j pj ¢Ô j ¥ ­ ¦ j Ó ¦ Ópj² © k } ¡ ¦ j² © k } ¡ ¥ ¬}¥ ¬q ­ k p¥p p ¡ ­ j~ Ó ©}Ô¥ k pj ¡Ó q ¢j j ¨ p j ¥p q p ­j ¡Ó ¢v¥ m Ó p ² m v ¥ ­ Ó ¦ Óp k } ¡ ­j ¡Ó ©}Ô q² ¥j j Ó Ó ©}Ô ¥ ¨ ­© p ¡ ® ¢ mÓ ~ vs k p Ó ©}Ô¥ k pj ¡ Ó q ¢j pq ¥ Û ¢ צ q © Ó ¢ Ô Ó ¦ Óp k } ¡ j~Ó © ¥ Ô ¦~Ój | ­j ¡Ó ¢j ~ jw ~Ô pqÓ ¥p ¥ ­ s² ¢j ¦ ¨ k p ¢Ô ¢j p ¡ j ~ } j ¨ p j ¥p }mp¥ ¦ j vs Ó pj qj ¨ j ¡ Ó p ©}Ô mÓ ¨sÔq Ó ­ p © Ó¥j }k ® q pt p­ ¥ Û q j j Ó pj qj ¨ j ¡ Ó ¢j~ } j ¨ j q } ² p j ¥p j² © ­ p© Ó¥j }k ® q pt ­p¥ Û q j j j Ó ¢j~ } j j ¥p p ¡ ¥ Ó ­j ¡Ó Ó ©}Ô¥ ¨ j qj ­ ¢j p ¡ ® k } ¡ ­ p© Ó¥j }k ® q p ¢j~ } j ¨ j | ¥} j j² © ­ p© Ó¥j }k ® q p ¦~Ó¥ Ó ­¥ ­ © Ó jy j }Ô mÓ ¥j }k ® k ¥p ~ ~Ó p ¥ j vs ­¥ Û ¥p ~ ~Ó p ¥ j vs ¥ ­ Û ¥p ~ ~Ó p ¥ ¦ pmÓ ¥ Û j¡ ¥p ­¨sÔ ¨ j }² ¥ p k p¦~Ó ¨ j ¡ Ó §} ¨sÔ ~ ¦ j¥ ­ | ­ ¥j } j צ ® ¥­ Û ~ ¥p ¦ ¥ Û ¥p ~ ~Ó p ¥ | ­ p ¦ pmÓ ¥ Û j¡ ¥p ­¨sÔ ¨ j }² ¥ p §} ¨sÔ ~ ¦ j¥ ­ | ® צ ® ­© Ó¥ Û ~ ¥p t p­ ¥j }q j j vs ¥ ­ Û ¥p ~ ~Ó p ¥ t p­ j~ ¥j|z× m ¡ ¥} ¦ pmÓ ¥ Û j¡ ¥p ­¨sÔ ¨ j }² ¥ p §} ¨sÔ ~ ¦ j¥ ­ | ­¥j } j ~Ó pk p ~ ¦ j¥ ­ ­¥j }k ® q jj ¦ pmÓ ¨ Ô ¢Ô¥ Û j² © k } ¡ ¨ p } vs ® Ó p ¨ ~Ó p ¥ צ ® k p Ó p ¨ ~Ó p ¥ ¦ pmÓ ¥ Û ¥p §} ¨sÔ ~ ¦ j¥ ­ | ­ p ©}Ô¦ mÓ ¨sÔqÓ k p Ó p ¨ ~Ó p ¥ ¦ pmÓ ¥ Û ¥p §} ¨sÔ ~ ¦ j¥ ­ ­¨j Ô¥m pj ~ | ­¥j } j ~Ó pq j ~ ¦ j¥ ­ ¥­ j }q jj ¦ pmÓ j¨ j² © k } ¡ ¥ ¬}¥ ¬q ­ ¦ ¦ }p¥ Û j ~Ó pq j ~ ¦ j¥ ­ ¨ Ó k p ¢Ô ¡Ô q j Ó j q² Ó ¥p p ¡ ® j© j¥ Ô ~Ó pq jj ¦ pmÓ ­ ¢j Ù Ó ¨ Ô Ó ©}Ô¥ ­© Ó ² qm m¡ ¥ ­ Ó p ~Ó p ¥ ¢jq² Ó Ó ©}Ô¥ ®p } ¥ p p Ó ­ ² ¨ Ô ¢v¥ j m m¡ m Ó p ² m v k p ~Ó pq j ~ ¦ j¥ ­ ­¥j ­ kÔ pj Ó p ~Ó p ¥ ® ~Ô p ¢jq } ¥ ¥ Û j² © k } ¡ §} ¥ Û Ó ­pk p j² © k } ¡ q jj q² Ó jj ¡ Ó q² Ó Ó ©}Ô¥ ¨ Ó ¥ p p Ó ¦~Ó p mp j m m¡ ~Ô p ¢j Ù } Ó ¨ Ô j Ó k p ¢Ô ¡Ô ­© Ó ² qm m¡ jj ¡Ó q² Ó ¥p p ¡ ¨ Ó p Ó §} ­j ¡Ó pmp j m m¡ Ó ­ ² m v ¢Ó j ¡Ó ~Ô pq } ¥ } p Ó ­¥j ­ kÔ p¥ Û j² © k } ¡ p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j ­¥ Û ~ ¥p ­¥ Û ¢j ® ¥qÔ ®j Ó p ¨ ~Ó p ¥ t ­pj ¡Ó ©}Ôm } Ó q ¦ j s² ® © Ó m ¥ Û © ©}Ô Ó q s² ¥p ¨ m~ ¨j Ô j² © ¦ k } ¡ q j ~ ¦ j¥ ­ q j j pj ¥p } pj Ó q ¢j q | ¥ Û Ó p­ k p¥p p ¡ ¡ ¨ Ó p ~Ó p ¥ ¦ ¢Ô ¨ j² © k } ¡ ¥ ¬}¥ ¬q ­ ¦ ¦ }p¥ Û j ~Ó pq j ~ ¦ j¥ ­ ¨ Ó k p ¢Ô ¡Ô q j Ó j q² Ó ¥p p ¡ ® j© m ¥p }¦ j ¥ ¥ Ó ¥p } ¥p }¦ j ¥ ¥ Ó ¥p }¨ p j ¦ ¥p } j }Ô }¥p } }¥p j m ¥ ¥ ­ ¥ j ¦ ¥p p ¡ ® ­ m Ó p ¢p ¥p ¥ j¥j vs m t ­pq ~Ô ps² m ¥ ­ p ¥ Û Ó ­pk pj qj q } ¥p ¨ p j ¦ ¥p } p ¢j ®j mÔ ¦ ¢j ® ­ ¢j ®j mÔ ¦ ¢j ® ­ ¦ }p¨ m ~ ¨ ¦qÔp ® jmÓ ¥ ­ ® p q ¢v mÓ ¥ ­ ® p q ¢v ¥ §} j ¥m × ~j s² ® ¦ j m }j |×¥j ­ j j s² ®¨ m~k p ¢jmÔ ¢j q® ¢j~ } q² Ó vs ¥ ­ Ó ¥ Û ® ¢v q mÔ mp¥ mÔ mp¥ ¦ }p¨ m ¡ ¢ mÓ ¡ ­q ©}Ô ¦ Ô ¦~Ó m ¨}q ~²­ j Ó ~Ô ¡ k p mÔ ² ¥ ¬q ¢ ¦ p Ó p ~m² |§} ¨sÔ ¥r ­ ~Ô ¡ mÔ j }Ô ~Ô ¡ ­t ® ~Ô ¡ ¨ j } }¦ p ~Ô ¡ ­ ¥ ­ ¨ Ô mÔ ¢Ó¨ ­¦ Ùqq¡ ¨ j | k p mÔ ² ¥ ¬q ¢ ¦ mÔ Ó p ~ ­ ~¥ p ~Ô ¡ mÔ j Ù Ó k p mÓ § ¡Ô j ~ Ó p¥ §} m² p p } j² pj ~~ j~ ¢ mÓ ¡ ­q ©}Ô ¥ Û j | m ­q k ©}Ôq jj }² ¥ ¡ j q j~ j}Ô mÓ ¨sÔqÓ ­q² ¥ Û §} |¨ j k r ¥p p ¡ ¥p p ¡ ¨ Ó ¦ Ó ¥p p ¡ ¨ Ó ¦ Ó ¨ p j ¥p ¥r j qj k p j vs §} ¨sÔ m ¡ Ó j j vs ¥p p ¡ ¨ Ó ¨ p j ¥p ¨sÔ Ó ©}Ô¥ j q² Ó ¥p p ¡ ¥ ­ j q² Ó ¥p p ¡ ~Ó p Ó pq² ¥p ¡ ­©}Ô ¦ ¢ mÓ ~ vs ¦ pj² © k } ¡ q jj ~ m j × ­¥j ­ kÔ p ­¥m j¨ Ó k p ¢Ô ¡Ô q ¢j j¨ j² © k } ¡ ¨ j | j ­ ¡ Ó q² Ó p Ó k p¥p p ¡ ­ ¢Ó j m² |~Ô ¡ ² ¥p p ¡ q­ ² Ó © ¦ ¥p p ¡ ­ p ¢Ó¨sÔ ¥r ­ Ó p ²® j ¨sÔj ¢ mÓ ~ vs k p¥p p ¡ ­¥ ¢Ó ®p }

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

s ­} m ¦ ¡ j |× j ¢Ô¦ j } ¢ mÓ × ­¥ Û j ±k pj qj ­} m ¦ ¡ j |צ }p}Ô m ¡ jmÓ ¥ ­ m ¦ k } ¡ q jj }Ô mÓ m ¡ p~Ô ¡ p~ p ­¥j ­ kÔ pj j ©}Ô k p × ~Ô ¡ k pj jÓ Ô p × ­j qj jÓ Ô p¥ p p~Ô ¡ k p }¡ ¦ pp p~ p ¦ ~Ô ¡ p~ p ­ « ¥­ j ­ kÔ pj j q } ×¥ ­ ¨ Ô × ® ¢Ó¨ ­ Ô q ¨sÔp ©}Ô~ m pm× ~Ô ¡ ¨ j ® j k Ô j ¢ | ­~ ®pk p צ ~Ô ¡ j j¢Ô ² ¥m ­ p ­m m¡ §} k ±t ~צ ×t ­p© Ó ² p ©}Ô §} q j k ±t ~צ × ® ¨ Ô Ó k ±t ~צ ×} pj Ó ¥ Û Ó ­pk p ¡ j |× Ó j k p j ­} m ¦ ¡ j |צ~Ó j ­ ¡j ¨ Ô § s ש Ó¥ Ó j ~Ô p j¦~Ó Ó j ­ ² m v ¦ j~Ó p jq jj j² © k } ¡ q jj q² Ó ­} m ¦ ¡ j |× m ~Ó p Ó p ­p~ ¦ ¡ ­©}Ô q jj q² Ó j ¢ mÓ ~ vs k p ­} m ¦ ¡ j |× §} ¢Ô ¡ ¥ Û ©}Ô ­ ¨ j² © k } ¡ × ­¥sÓ j ¥sÓ t ­pj ¡Ó ©}Ô Ó ¨ vÓk pm ¥ ­ p¦ ~ ¦ q jj m m p × ­¥sÓ ® « ¨ Ôq } ¥ ¥ Û vv ¥sÓ j ¥p Ó ­} m ¦ ¡ j |× ­©}Ô §} ² vv ¥sÓ j ¥p j¥ Û ×}Ô ¢ mÓ ¡~ ¢ mÓ Ùqq¡ k pq² ¥p k ® ~²­ ­~Ô pqÓ ~ vv ¥sÓ ¦ Ô ¦~Óq² ¨}q ~²­ j Ó j}Ô mÓ ¥ ­ m ¦ k } ¡ q jj }Ô mÓ mÓ ¥sÓ ­s² q ¦ j¥ Û Ó ­¥ Û mÓ ¨sÔqÓ pj ¥p ¦ Ó ­q jq j ®~ vv ¥ ­ ² ¨ Ô ~ } j¥ ® ¦~Ó Ë¥ Û ~ mp ­ ² }mp¥ k p ® mÓ ¨sÔqÓ pj ¥p q j§} ~ p¨ j² © k } ¡ ~Ô ¡ ­¥j }k ® ¨ p ~Ô ¡ ¨ j ¥ ­ ¦ Ó j q ¢Ô¥ Û Ó ­pk p ¢ mÓ ~ vs k p j ­} m ¦ ¡ j |× Ô m ¥ Û © ©}ÔmÓ kÔ p ¦ Ó j ­ ¡ Ó q ©}Ô § s ×¥s p¥ yj q¨ m~q j j ® ¦ } ¢ mÓ ~Ô ¡ k p j ® ©}Ô Ó p Ó ¥s ­ s ® Ó ­ ¢j¥ ­ ¦ q ¢j~ }q² Ó ~ ¢ mÓ ~ vs ~Ô ¡ ­¥j }k ® ¨ j tÓ ² ¡p ­} m ¦ ¡ j |× ­¥j }k ® ¥ Û q² q ¢Ô ¨ j² © k } ¡ ¥ ­ ¥j }k ® mÓ ¥ ­ m mÓ ¥ ­ m m² |q j ¢ mÓ ¥ ­ k p j m ¦ ¡ j |× t p­ j }Ô m ¡ k p × ~Ô ¡ ¨ j ¥ ­ ¦ ­ j}Ô ¢ mÓ mp¥ k p × mÓ ¥ ­ m j¥ Û mÓ ¨sÔqÓ ¨ p j² © k } ¡ m² |§} ¥ Ô ~ p~ ¥j|z× ¡j ¨ Ô § s × §} |k p Ó j k p צ~Ó j |j ¡j ¨ Ô § s ×k p צ }p©}Ô} p ® p q² Ë

2

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5 Ë 10 - 20 Ë 10 Ë 3-5 Ë 4-10 Ë 3-10 Ë 5-10 Ë

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3 - 10 Ë

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2

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p q² Ë

2

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21

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211

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{ ~Ô ¡ pj ¥p ~Ô ¡ pj ¥p j }Ô } j¥ ® qÓ k p¥p j¢Ô ¦ |j ® Ó ­¥ ­ k ® ¥ ­ pq j¥ ­ Ó © ¦ ­p~ ¦ ­m } Ó q ~Ô pqÓ ~Ô ¡ j j¢ Ô ­© Ó©}Ô¥j ­ j j ©}Ô j jÓ Ô p j ~ × ¥ ­ kÔ ¥p ­ ©k ¢Ô ¨ j² © k } ¡ §} ¨sÔ ~ } j¥ ® ¦­ Ôq p | vv ¥sÓ }² ¥ p qÓ ¨~Ô vv ¥sÓ }² ¥ p j¨ j² © k } ¡ §} ¥ Ô ~ p~ } ¡ vv ¥sÓ mÓ ¥sÓ ­ q¥j }k ® ~Ô p ² m² |q² ¥p k ® ~²­ ­~Ô pqÓ ~ ¥ ­mp¥ k p vv ¥sÓ ¥ ­ ©}Ô j j mÓ ¥sÓ j q² ¦ j ¥ vv ¥sÓ v ¥sÓ ¥ Û Ó j © Ó §} q | | ¥­ ­ ~Ô kÔ ~j p j ¡ Ó q q | Ó kÔ ~j p} pj Ó j }Ô vv ¥sÓ v q j × ­ j | ¥r ¥q qp Ô j x ~ ~ kÔ ~j p ® k ® ¢Ój j ¨sÔ × ­ j | ¥r ¥q qp ¦ kÔ ~j p ® q ² © ¢Ó ¨ j ¨sÔ × Ô ² ¨ Ôj ¡Ó ¨ j m m¡ j ¨sÔ × | ­¥ ­ ~Ô kÔ ~j p j ¥ kÔ ~j p¨ Ó j ¡Ó ¦ jmÓ ~ ¦ ² vv ¥sÓ ¦ Ó ­¥ Û pm× j ­ §} ¨sÔ ¢ mÓ ¡~ ¥ Û ¥j|z× ¨ j ¦ j jj ¡Ó ¡ Ó ¥ Û vv ¥sÓ j ¥p ¦~Ó© Ó ¦ Óp¦ jq² } pj Ó ©}Ô Ó p Ó ¥s ­ ¨ Ô ¢Ô צ ® ¨ q² ­¥ Ó j ¢ mÓ ¡~ k p × ­ j | ¥r ¥q qp ® pq j ® q² ® q } p~ q² ­qÓ ¦ ~Ô ¡ pj ¥p ~ q j ® q ¢Ô §} ¨sÔ ~ } j¥ ® ¥p j¢Ô Ó ¥ ­ k pj ¡Ó } ¥p ©}Ô mÓ ¨sÔq Ó ¥p ©}Ô ² Ë j }Ô ¥p ©}Ôk p Ë qÙ q¡ ¦ ¥p ©}Ô j ~ } vs ¥p ©}Ôk p Ë qÙ q¡ ¦ ¥p ©}Ô j ~ } vs ¢Ô ¨ j² © k } ¡ ¥ Ô ¦~Ó¨ Ó ­¥j ­ j j ­¥j ­ kÔ p¨ j ¡ j q j ­ ¢Ô §} ~ p¨ Ó k p ¢Ô ¡Ô j² © k } ¡ ¥ ¬}¥ ¬q ­ ¥p ©}Ôk p Ë Ùqq¡ ©}Ô¦jÓ ­m } Ó q qÓ s² ©}Ô s² §} m² |q jj² © k } ¡ q² Ë ­~ Ô p¥ §} ¨sÔ ~ ­ j ¨sÔ ­m } Ó pm ¨sÔ | ­ p ~ }q j ¡p p ­¥j ­ j j ¨ ËjÓ « ¥p ©}Ô j ~ } vs j§} m² |q j ¦~j~Ó ps ­ m ¥­ j }k ® Ó p ¢ mÓ ~ vs k p צ ® ¦ q² ­¨sÔ¥ ­ m ¡pÓ p ¥p ©}Ô j ~ } vs q © Ó j¢ ¢¥Ô ­ ¥j }q j ¦~j~Ó ps ­ m ~Ó © ® j ¢ Ô × ® ¨ m p® ¦ jt p­ ¥ Û j ­© Ó¨sÓj ¡ j q¦ j ® © Ó j ~Ó j² © k } ¡ p vs p ¦ ¦~j~Ó p ¥­ j ­ kÔ pj ¥p p ¡ ¨ Ó j¥ Û © ©}Ô Ó q © Ó j j j ¨ m~ ¨j Ô

212

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¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

m × ­ j Ó ¦ Ó ©}Ô¥ Ê}¥ ¨ ¥ ~¡ j p j ¥p kÔ 10 ¦ 11 ² m ×j ¢Ô ² m v ¦ ¡mm j qj ­¥j ­ kÔ pj ­ } p ® s ­ j qj ¢ ¥~ t× q² j } Al-Mayoni For Trading Services +td. Magnus Pharmaceuticals +td. ¦ jÔ × ¥ ¥q t ­ q² j } s ×¥ ¬jt×¥t ¥ t× s × t× § j¥j × q² j } ¥ ¥m |z× ( ¥ © ) q² j } § p¥ s { ¢Ô ² m v

¥ ­q }~ ®p / vs ~ © ¥ ¥ ¥ ¥ © © © ©

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§ j j² } m ² j ¦~Ó ¥ ©}Ô} p~Ó © ® j k mÔ ¦ j ¨ Ô j t ® mÔ ¦ ~ ¡} } j¥ ® ¦ } j¥ ® qÓ ©}Ô ­ ¦ mÓ ¨sÔqÓ ­

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§ j j² } m m ~ } jj² © Ó ¥ ­ ~Ô ¡ mÔ jj² © Ó ¥ ­ ~ ~ ­j² }© Ô ¨ vv m ~ ­~j p Ó j

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j ­ ² m vj ¡mm j qj ­¥j ­ kÔ pj ² ¦~Ó Ë ® ¡} ­ 31 m ¡ ©}Ô} p ®

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p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

Ó k mÔ j ¨ Ô j t ® mÔ j mÓ Ô } j¥ ® qÓ } j¥ ® ©}Ô ­ mÓ §o | mÓ j ¡ ¢Ô ² m v mÓ ~ ¦ ¢Ô ² m v § s × ® k p jp § s × p jq jp mÓ ¨sÔqÓ t ® ¡Ô v ­¥ ¨ Ôj jp mÓ ~ ¦ ¢Ô ² m v mÓ ~ ¦ j j j qj ­ ­¥j ­ kÔ pj k mÔ t ® mÔ j mÓ §o | ¥p q m

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1,063,760 71,149 34,762 24 113 822 18,005 33,465

1,059,199 62,720 20,748 43 4,826 1,254 19,183 -

126,391 1,131 286 127,808

79,503 1,227 167 80,897

16,740 721 286 17,747

15,668 859 167 16,694

7,440

7,440

7,440

7,440

14,341 13,742 19,421 500

41,038 20,419 -

14,341 7,826 19,421 500

41,038 8,331 -

p q² Ë

21

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}mp¥ j ¡mm j qj ­¥j ­ kÔ pj | ­ 31 m } p ® ¢j ®j mÔ ¡mm j qj ­¥j ­ kÔ pj

p j ¥p 2558 2557

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36,626 36,626

¢j ® ­ ¡mm j qj ­¥j ­ kÔ pj

62,524 62,524

527,424 36,626 564,050

p j ¥p 2558 2557

549,563 62,524 612,087

p j ¥p ¥r j qj 2558 2557 ( )

Ó j qj ­¥j ­ kÔ pj ¥p ¨ Ôj¢Ô ¦jÓj qj ­¥j ­ kÔ pj ¥p ¨ Ôj¢Ô ® Ó ¥p ¨ Ôj¢Ô ® ¦jÓj qj ­¥j ­ kÔ pj

106 106 ~ } j¥ ® 2558 2557 ( Ô ~Ó Ë) -

450 450

12,120 12,120

33,932 33,932

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1.65

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30,000 30,000

j ¥m ­ © k p¥p ¨ Ôj¢Ô ¦jÓj qj ­¥j ­ kÔ pj ² ¦~Ó Ë ® ¡} ­ 31 m } p ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

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30,000 (30,000) -

400,000 300,000 (670,000) 30,000

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¥qÔ ®j mÔ ¡mm j qj ­¥j ­ kÔ pj

p j ¥p 2558 2557

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17,668 17,668

p j ¥p 2558 2557

21,108 21,108

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244 244 ~ } j¥ ® 2558 2557 ( Ô ~Ó Ë) -

481 481

13,616 13,616

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1.70

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2,543 2,543

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p j ¥p ¥r j qj 2558 2557 ( )

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2,543 724 (3,267) -

2,603 43 (103) 2,543

p q² Ë

21

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15,593 454,826 37,753 7,507 515,679

29,262 241,147 70,101 124 340,634

4,728 76,042 1,100 81,870

18,539 76,982 95,521

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285,767 100,229 32,082 61,919 11,675 5 24,002 515,679

159,695 75,999 54,229 16,284 13,144 11,170 10,113 340,634

81,857 13 81,870

95,500 21 95,521

¥p p ¡ ­ p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

¥p p ¡ s ­ m ¥p j ® j j ¥p ¥p p ¡ ­ ¥p j j j ¥p

951,111 951,111

433,832 433,832

951,111 951,111

432,775 432,775

951,111

506,539 506,539 940,371

951,111

506,539 506,539 939,314

¥p p ¡ ­ | ­ 31 m 2558 j }Ô ¥p j q² q² 444.57 Ô ~ } j¥ ® Ô 1.73 ~Ó Ë ¦ q² 506.54 Ô ~ } j¥ ® Ô 3 ~Ó Ë (2557 Ô 3) ¦ q pj² } s² ¨ 7 ¥} ¦ 1 ¥} ~ ² } ¨ Ó p Ë ® ¡} ­ 31 m 2558 ¥p j~ } m²® j j j ¥p ¦ Óp ­pk p Ó ¦ Óp ­pq² 1.16 Ô ©}Ô j } m²® j j ¡Ó q pq } ¥ ¥p p ¡ } pj Ó q j¥p p ¡ s ­ m ¥ Û ¥p }¦ j ¥ ¥ Ó ¥p }

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j¡ ¥p j¡ ¥p ¥ v y ¥ j

951,111 951,111

939,314 1,057 940,371

951,111 951,111

939,314 939,314

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p j ¥p 2558 2557

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22

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4

36,626 2,243,911 2,280,537 (27,175) 2,253,362

62,524 1,970,555 2,033,079 (9,317) 2,023,762

564,050 721,135 1,285,185 (16,928) 1,268,257

612,087 561,414 1,173,501 1,173,501

29,839

1,887

16,928

-

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j ¥m × ¡k p ¢j ®j mÔ } p ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

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19,247

33,314

384,309

531,189

8,380 7,434 1,565 36,626

6,285 7,457 12,552 2,916 62,524

142,275 28,916 6,423 2,127 564,050

33,221 19,891 19,643 8,143 612,087

1,640,695

1,496,552

503,796

388,931

384,509 132,854 60,817 25,036 2,243,911 (27,175) 2,216,736

352,791 65,695 25,572 29,945 1,970,555 (9,317) 1,961,238

116,460 68,049 25,918 6,912 721,135 (16,928) 704,207

150,974 17,872 3,130 507 561,414 561,414

2,253,362

2,023,762

1,268,257

1,173,501

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221

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p j ¥p ¥r j qj 2558 2557 ( )

j¡ ¥p ¥ v y ¥ j j¡ ¥p j¡ ¥p ¥ } } p j¡ ¥p ¥ v ¥~ ¥ j¡ ¥p © q ¥ © j¡ ¥p ¢§ ­ «

1,451,911 460,856 145,664 77,549 62,433 43,854 38,270 2,280,537

1,290,445 462,112 109,007 55,183 56,407 18,279 41,646 2,033,079

892,012 340,000 43,854 9,319 1,285,185

709,997 419,131 26,094 18,279 1,173,501

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106

450

12,120

33,932

85,540 38,460 23,513 22,230 18,591 9,781

92,289 41,166 30,134 17,631 3,910 7,117

7,449 448 2,113 18,591 9,143

5,621 2,279 2,390 3,910 6,992

5,101 4,408 24,868 232,492 232,598

8,561 40,107 32,519 273,434 273,884

2,536 1,623 1,304 43,207 55,327

3,020 33,367 1,222 58,801 92,733

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mÔ mp¥ p j ¥p 2558 2557

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mÔ ² ¥ ¬q ¢ ~ ¡} mÔ Ó p ~ }¡ ® ¥ p © Ó¦ }¡§ pp mÔ Ó p p j mÓ ¥ ­ mÔ Ô ¦ j } ¢ mÓ mÔ mp¥ ¡

1,699,497 189,212 54,342 51,905 1,741 85,579 2,082,276 (15,660) 2,066,616

1,369,117 138,486 52,184 46,090 1,239 53,094 1,660,210 (10,739) 1,649,471

380,793 147,116 46,823 43,814 16,249 634,795 (9,277) 625,518

235,336 106,290 44,718 38,396 19,332 444,072 (5,859) 438,213

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4,521,560 16,740 4,538,300

4,608,092 16,818 4,624,910

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54,331 3,752 58,083

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84,561 83,825 736

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59,923 11,651 71,574

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340

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170

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9,469

14,885

15,281

15,163

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107,959

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107,959

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5,684

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15,837

16,414

15,012

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108,595

469,065

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15,269

15,698

15,012

17,381

108,527

429,726

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99.99 99.96 99.99 99.99 99.99

99.99 99.96

¥ ­j qj q }~ ®p } Ó m ¥ Û ¥qÔ k p 2558 2557 ( Ô )

¥ ~¡ j p j ¥p

410 156 100

2,534 500 410 156 100

2,534 500

¡ s² ¦ Ô 2558 2557

945 156 349 622,426

666,892

4,200 499 1,861 156 552

6,081 499

2558 2557 ( )

m ¡

133,800

133,800 -

-

¥p Ù 2558 2557

-

-

-

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

§m pj ¨ Ô t ® ¡Ô v¦jÓ jp j ¥ ­ k ® k p¥p p ¡ ¨ Ó ¨ Ó p Ë 2558 q² 10.1 Ô (2557 7 6 Ô ) ¥ Û q j§m pj ¨ Ô t ® ¡Ô v¦jÓ jp k p Ó (}¢ ¥ ~¡ 20) j ¥ ­ k ® k p¥p p ¡ ¨ Ó p~ p ¨ Ó p Ë 2558 ©}Ô¥ ­ ¥p p ¡ q² 1.3 Ô ¨ ¡ ­ j¦ s² ¦ Ô k p Mega +ifesciences +imited t ­p¥ Û Ó p~ pk p ¨ ¥ ¢¥m ¥ ­ k ¡ j q ¨ Ó p Ë 2558 ©}Ô¥ ­ ¥p p ¡ q² 0.2 Ô ¨ ¡ ­ j¦ s² ¦ Ô k p ¥ jÔ ¦m × q² j } t ­p¥ Û Ó p ~ pk p ¨ ¥ © ¥ ­ k ¡ j q ¨ Ó p Ë 2557 ©}Ôq} ¥ Mega +ifescience +imited t ­p¥ Û Ó ¨ ¥ ¢¥m ¥ Û q² ¥p 0.2 Ô j ¥ ­ k ® k p¥p p ¡ ¨ Ó p Ô ¨ Ó p Ë 2558 ¥ jÔ © Ò©t¦ ¬ t× q² j }t ­p¥ Û Ó ©}Ô¥ ­ ¥p p ¡ q² 38.9 Ô ¨ ¡ ­ j¦ s² ¦ Ô k p Mega +ifesciences (Australia) Pty. +imited t ­p¥ Û Ó p Ô k p ¥ ­ k ¡ j q ¨ Ó p Ë 2557 ¥ jÔ © Ò©t¦ ¬ t× q² j }t ­p¥ Û Ó ©}Ô¥ ­ ¥p p ¡ q² 45.0 Ô ¨ ¡ ­ j¦ s² ¦ Ô k p Mega +ifesciences (Vietnam) +imited t ­p¥ Û Ó p Ô k p ¥ ­ k ¡ j q ¨ Ó p Ë 2557 ¥ jÔ © Ò©t¦ ¬ t× q² j }t ­p¥ Û Ó ©}Ô¥ ­ ¥p p ¡ q² 31.4 Ô ¨ ¡ ­ j¦ s² ¦ Ô k p Mega +ifesciences (Australia) +imited t ­p¥ Û Ó p Ô k p ¥ ­ k ¡ j q

p q² Ë

22

2

p q² Ë

m ¡ | ­ 1 j m 2557 ¥ ­ k ® q² Ó § ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2557 ¦ 1 j m 2558 ¥ ­ k ® q² Ó § ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2558

­} m ¦ ¡ j |×

² Ë ® ¡} ­ 31 m 2558

2,828 2,828 2,828

(3,430) 63,784 64,435 52 128,271

Ó ¡p ­}

67,214 -

­}

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

(1,764) 438,466

428,938 6,308 4,984

(10,082)

325,573 1,577 111,870

m ¦ Ó ¡p m

¥ ~¡ j p j ¥p

(2,887) 23,549

20,625 6,579 (768) -

(588)

43,531 11,977 (34,295)

Ó ¡p m ¥sÓ

(859) 839,125

766,519 42,943 (1,777) 32,299

(11,002)

557,857 27,478 192,186

¥m ­ pq j ¦ ¡ j |× ( )

p j ¥p

(11,432) 231,299

251,025 21,227 (29,597) 76

(3,343)

230,842 29,688 (2,210) (3,952)

¥m ­ p~j¦~Óp ~ }~ ®p¦ ¥m ­ p¨sÔ ² jp

(8,877) 140,953

111,578 49,258 (11,378) 372

(2,195)

100,385 22,342 (8,989) 35

14,705

33,032 19,404 (37,731)

-

232,144 66,830 (265,942)

× Ó p j jÓ Ô p

(25,767) 1,819,196

1,678,329 210,154 (43,520) -

(30,640)

1,560,374 159,892 (11,199) (98)

p q² Ë

2 1

mÓ ¥ ­ m | ­ 1 j m 2557 mÓ ¥ ­ m ² Ë q² Ó § ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2557 ¦ 1 j m 2558 mÓ ¥ ­ m ² Ë q² Ó ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2558

² Ë ® ¡} ­ 31 m 2558

­}

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

2,828 2,828 2,828

-

Ó ¡p ­}

132 140,800

120,890 19,778 -

(1,106)

67,310 18,532 36,154

m ¦ Ó ¡p m

¥ ~¡ j p j ¥p

(1,431) 12,003

8,041 6,067 (674)

(251)

41,062 3,755 (36,525)

Ó ¡p m ¥sÓ

154 400,609

333,236 68,884 (1,665)

(3,952)

271,754 61,681 3,753

¥m ­ pq j ¦ ¡ j |× ( )

p j ¥p

(6,220) 165,293

174,401 25,369 (28,257)

(1,591)

156,515 24,863 (1,983) (3,403)

¥m ­ p~j¦~Óp ~ }~ ®p¦ ¥m ­ p¨sÔ ² jp

(2,949) 66,168

58,792 17,590 (7,265)

(588)

51,398 16,912 (8,853) (77)

-

-

-

-

× Ó p j jÓ Ô p

(10,314) 787,701

698,188 137,688 (37,861)

(7,488)

590,867 125,743 (10,836) (98)

2 2

p q² Ë

128,271 128,271

63,784 63,784

67,214 67,214

­}

-

-

-

Ó ¡p ­}

297,666 297,666

308,048 308,048

258,263 258,263

m ¦ Ó ¡p m

11,546 11,546

12,584 12,584

2,469 2,469

Ó ¡p m ¥sÓ

438,516 438,516

433,283 433,283

286,103 286,103

¥m ­ pq j ¦ ¡ j |× ( )

p j ¥p

65,860 146 66,006

76,411 213 76,624

74,048 279 74,327

¥m ­ p~j¦~Óp ~ }~ ®p¦ ¥m ­ p¨sÔ ² jp

37,587 37,198 74,785

52,319 467 52,786

48,295 692 48,987

14,705 14,705

33,032 33,032

232,144 232,144

× Ó p j jÓ Ô p

994,151 37,344 1,031,495

979,461 680 980,141

968,536 971 969,507

m × k pj ¡Ó jÓ jmÓ ¥ ­ m k p m ¦ ¡ j |× t ­p©}Ôm }mÓ ¥ ­ m ¥~¬ q² ¦ Ô ¦~Ó pmp¨sÔp q p | ­ 31 m 2558 q² 329 Ô (2557 332 Ô )

| ­ 31 m 2558 ¨~Ôj ±k p ¨~Ô vv ¥sÓ j ¥p

| ­ 31 m 2557 ¦ 1 j m 2558 ¨~Ôj ±k p ¨~Ô vv ¥sÓ j ¥p

¢ mÓ ¡ p vs | ­ 1 j m 2557 ¨~Ôj ±k p ¨~Ô vv ¥sÓ j ¥p

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

¥ ~¡ j p j ¥p

p q² Ë

2

m ¡ | ­ 1 j m 2557 ¥ ­ k ® § | ­ 31 m 2557 ¦ 1 j m 2558 ¥ ­ k ® § q² Ó | ­ 31 m 2558

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

2,828 2,828 2,828

24,996 24,996 26,789 51,785

­}

Ó ¡p ­}

¥ ~¡ j p j ¥p

305,728 4,984 310,712

227,780 77,948

m ¦ Ó ¡p m

623,838 31,617 32,299 (597) 687,157

427,869 9,510 186,459

42,516 3,749 448 46,713

37,975 3,006 1,535

p j ¥p ¥r j qj ¥m ­ p~j¦~Óp ¥m ­ pq j ~ }~ ®p¦ ¦ ¡ j |× ¥m ­ p¨sÔ ² jp ( )

6,973 1,035 8,008

6,973 -

33,031 17,404 (37,731) 12,704

232,143 66,830 (265,942)

× Ó p j jÓ Ô p

1,039,910 80,594 (597) 1,119,907

960,564 79,346 -

2

p q² Ë

mÓ ¥ ­ m | ­ 1 j m 2557 mÓ ¥ ­ m ² Ë | ­ 31 m 2557 ¦ 1 j m 2558 mÓ ¥ ­ m ² Ë q² Ó | ­ 31 m 2558

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

­}

2,828 2,828 2,828

-

Ó ¡p ­}

¥ ~¡ j p j ¥p

101,600 12,807 114,407

90,051 11,549

m ¦ Ó ¡p m

278,048 54,651 (597) 332,102

228,467 49,581

33,371 3,412 36,783

30,265 3,106

p j ¥p ¥r j qj ¥m ­ p~j¦~Óp ¥m ­ pq j ~ }~ ®p¦ ¦ ¡ j |× ¥m ­ p¨sÔ ² jp ( )

3,104 722 3,826

2,323 781

-

-

× Ó p j jÓ Ô p

418,951 71,592 (597) 489,946

353,934 65,017

p q² Ë

2

51,785 51,785

24,996 24,996

24,996 24,996

­}

-

-

-

Ó ¡p ­}

196,305 196,305

204,128 204,128

137,729 137,729

m ¦ Ó ¡p m

355,055 355,055

345,790 345,790

199,402 199,402

9,784 146 9,930

8,932 213 9,145

7,431 279 7,710

p j ¥p ¥r j qj ¥m ­ p~j¦~Óp ¥m ­ pq j ~ }~ ®p¦ ¦ ¡ j |× ¥m ­ p¨sÔ ² jp ( )

4,182 4,182

3,869 3,869

4,650 4,650

12,704 12,704

33,031 33,031

232,143 232,143

× Ó p j jÓ Ô p

629,815 146 629,961

620,746 213 620,959

606,351 279 606,630

m × k p jÓ jmÓ ¥ ­ m k p m ¦ ¡ j |× t ­p©}Ôm }mÓ ¥ ­ m ¥~¬ q² ¦ Ô ¦~Ó pmp¨sÔp q p | ­ 31 m 2558 q² 208 Ô (2557 205 Ô )

¢ mÓ ¡ p vs | ­ 1 j m 2558 ¨~Ôj ±k p ¨~Ô vv ¥sÓ j ¥p

| ­ 31 m 2557 ¦ 1 j m 2558 ¨~Ôj ±k p ¨~Ô vv ¥sÓ j ¥p

¢ mÓ ¡ p vs | ­ 1 j m 2557 ¨~Ôj ±k p ¨~Ô vv ¥sÓ j ¥p

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

¥ ~¡ j p j ¥p

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

ש Ó ~ ~ p j ¥p m ¥~ × t ~צ × t ~צ × Ó p~ }~ ®p ( )

¥m ­ p j mÔ m ¡ | ­ 1 j m 2557 ¥ ­ k ® § q² Ó ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2557 ¦ 1 j m 2558 ¥ ­ k ® § q² Ó ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2558

185,399 185,399 185,399

38,846 7,257 1,437 (48) (789) 46,703 6,984 14,245 (100) (2,627) 65,205

1,962 16,244 (1,437) 16,769 5,169 (14,245) 7,693

226,207 23,501 (48) (789) 248,871 12,153 (100) (2,627) 258,297

mÓ ~ }q² Ó | ­ 1 j m 2557 mÓ ~ }q² Ó ² Ë q² Ó ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2557 ¦ 1 j m 2558 mÓ ~ }q² Ó ² Ë q² Ó ~Ó pq jj ¥ ­ ¦ p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ | ­ 31 m 2558

-

13,191 5,689 (46) (174) 18,660 7,555 (100) (518) 25,597

-

13,191 5,689 (46) (174) 18,660 7,555 (100) (518) 25,597

185,399 185,399 185,399

25,655 28,043 39,608

1,962 16,769 7,693

213,016 230,211 232,700

¢ mÓ ¡ p vs | ­ 1 j m 2557 | ­ 31 m 2557 ¦ 1 j m 2558 | ­ 31 m 2558

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

p j ¥p ¥r j qj ¥m ­ p m ¥~ × j mÔ t ~צ × ( ) m ¡ | ­ 1 j m 2557 | ­ 31 m 2557 ¦ 1 j m 2558 ¥ ­ | ­ 31 m 2558

185,399 185,399 185,399

8,823 8,823 4,571 13,394

194,222 194,222 4,571 198,793

mÓ ~ }q² Ó | ­ 1 j m 2557 mÓ ~ }q² Ó ² Ë | ­ 31 m 2557 ¦ 1 j m 2558 mÓ ~ }q² Ó ² Ë | ­ 31 m 2558

-

5,470 840 6,310 1,054 7,364

5,470 840 6,310 1,054 7,364

¢ mÓ ¡ p vs | ­ 1 j m 2557 | ­ 31 m 2557 ¦ 1 j m 2558 | ­ 31 m 2558

185,399 185,399 185,399

3,353 2,513 6,030

188,752 187,912 191,429

¥ ­ ­ 12 m 2555 ©}Ô ² vv r j DHG Phamaceutical Joint Stock Company t ­p}² ¥ ¡ j q¨ ¥ ¥ } ¥ ­ t ® ¥m ­ p j mÔ × p Ùvv ¦ ¥ j ±~Ó p« ¥j ­ j ~ |z×t ­p ~¦ q² Ó ¨~Ô ¥m ­ p j mÔ Eugica ¨ ¥ ¥ } ¥ Û q² 6 Ô ¥ v y ¥ j ¥ ­ ­ 9 j jw m 2556 ×} pj Ó ¢jq } ¥ ¥ Û ¥m ­ p j mÔ ¥ ­ ¢j§ p j ¡Ó t ® ¥m ­ p j mÔ Eugica §} ~ ¡ pm× ­q ¥ ­ ¢ mÓ ¨ Ôj ¡ j q } pj Ó ¨ ¥ ¥ } ¦ ¢ m

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥p ©}Ô j ~ } vs צ ® ¥p ©}Ô j ~ } vs | ­ 31 m } p ® p j ¥p × 2558

® 2557

2558

2557

(237,902) 236,553 (1,349)

(193,336) 190,459 (2,877)

( ) jj ¥p ©}Ô × ( ® ) ¥p ©}Ô ~ } vs ¡

342,269 (236,553) 105,716

283,875 (190,459) 93,416

p j ¥p ¥r j qj × 2558

® 2557

2558

2557

( ) jj ¥p ©}Ô × ¥p ©}Ô ~ } vs ¡

2

p q² Ë

56,437 (18,527) 37,910

29,983 (8,681) 21,302

(18,527) 18,527 -

(8,681) 8,681 -

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j ¥m ­ © k p צ ® ¥p ©}Ô j ~ } vs ­¥j }k ® ¨ Ó p Ë } p ® p j ¥p j¥ Û ( qÓ ) / ©}Ô ¨ | ­ 1 j m 2558

j² © k } ¡ ( ¥ ~¡26)

~Ó pq j ~ ¦ j¥ ­

j² © k } ¡ ¥ ¬}¥ ¬q ­ ( )

| ­ 31 m 2558

× ¥p ©}Ô j ~ } vs ¢j ® |j ® § s × jp }k } ¡ j© ­ «

243,339 15,872 22,157 2,507 283,875

59,587 5,724 (3,639) (1,272) 60,400

(1,358) (1,358)

13 (113) (510) (38) (648)

302,939 20,125 18,008 1,197 342,269

® ¥p ©}Ô j ~ } vs mÔ mp¥ ­} m ¦ ¡ j |×

189,920 3,416 193,336

44,478 422 44,900

-

(334) (334)

234,398 3,504 237,902

90,539

15,500

(1,358)

(314)

104,367

¡

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

p j ¥p j¥ Û ( qÓ ) / ©}Ô ¨ | ­ 1 j m 2557

j² © k } ¡ ( ¥ ~¡26)

~Ó pq j ~ ¦ j¥ ­

j² © k } ¡ ¥ ¬}¥ ¬q ­ ( )

| ­ 31 m 2557

× ¥p ©}Ô j ~ } vs ¢j ® |j ® § s × jp }k } ¡ j© ­ «

245,138 14,989 25,826 2,614 288,567

(1,803) 1,109 (1,715) 37 (2,372)

-

4 (226) (1,954) (144) (2,320)

243,339 15,872 22,157 2,507 283,875

® ¥p ©}Ô j ~ } vs mÔ mp¥ ­} m ¦ ¡ j |×

204,658 7,621 212,279

(14,738) (4,214) (18,952)

-

9 9

189,920 3,416 193,336

76,288

16,580

-

(2,329)

90,539

¡

p j ¥p ¥r j qj j¥ Û ( qÓ ) / ©}Ô ¨ | ­ 1 j m 2558 × ¥p ©}Ô j ~ } vs ¢j ® |j ® § s × jp ­ « ® ¥p ©}Ô j ~ } vs mÔ mp¥ ¡ 2

p q² Ë

| ­ 31 m 2558

j² © k } ¡ j² © k } ¡ ( ¥ ~¡26) ¥ ¬}¥ ¬q ­ ( )

21,234 8,539 120 29,983

24,406 3,811 39 28,256

(1,802) (1,802)

45,730 10,548 159 56,437

8,681 8,681

9,846 9,846

-

18,527 18,527

21,302

18,410

(1,802)

37,910

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

p j ¥p ¥r j qj j¥ Û ( qÓ ) / ©}Ô ¨ | ­ 1 j m 2557

| ­ 31 m 2557

j² © k } ¡ j² © k } ¡ ( ¥ ~¡26) ¥ ¬}¥ ¬q ­ ( )

× ¥p ©}Ô j ~ } vs ¢j ® |j ® § s × jp ­ «

20,224 7,727 185 28,136

1,100 812 (65) 1,847

-

21,324 8,539 120 29,983

® ¥p ©}Ô j ~ } vs mÔ mp¥

10,149 10,149

(1,468) (1,468)

-

8,681 8,681

¡

17,987

3,315

-

21,302

× ¥p ©}Ô¥j }q j ¢j ®j mÔ q jj Óp j mÔ q j ¥ © © p~Ó p ¥ §} ¥j } ¥ ­ j Óp mÔ j ~Ó p ¥ ¦~Ój ¢Ô ©}Ô ¨ p j² © k } ¡ ¥j }k ® pq j mÔ ©}Ô ¢jk jq jj ¡Ó © p ¢jmÔ t ­p¥ Û ¡mm j ® ¥p ©}Ô¥j }q jj Óp j mÔ ¥sÓ j §} ¥j }~Ô ¡ k p ¥ ­ j Óp mÔ j~Ó p ¥ ¦~Ój ¢Ô~Ô ¡ k ¨ p j² © k } ¡ ¥j }k ® pq j mÔ ©}Ô ¢jk jq jj ¡Ó © p ¢jmÔ t ­p¥ Û ¡mm j

p q² Ë

2 1

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

® ­ } j¥ ® ¥ ~¡

p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

Ó ­ ¡ ¥ ¥p ¥ j¥j vs m - Ó ­© Ó j j ¥p j¢Ô ® q j j ¥p - Ó ­© Ó j j ~× t צ ¦ mj ®p¥m } ~ k } mÔ Óp j - ±j © Ó¥ ® ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥p j¢Ô q j j ¥p Ó ­ pj² } s² ¨ ­p Ë - Ó ­© Ó j j ¥p j¢Ô ® q j¦ } j¥ ® mÔ pqÓ ¦jÓ ¡mm j qj ­¥j ­ kÔ pj ® ~ vv ¥sÓ j ¥p Ó ­ pj² } s² ¨ ­p Ë ® ­ } j¥ ® ® Ó ­© Ó ¡ ¥ ¥p j¢Ô q j j ¥p - Ó ­© Ó j j ® ~ vv ¥sÓ j ¥p ® ­ } j¥ ® © Ó ¡ ¥

2 2

p q² Ë

4

4,341

3,753

-

3,753

262,267 276,662

239,094 111,341

260,579 3,462

195,202 63,910

543,270

354,188

264,041

262,865

82,543

75,392

48,435

44,239

-

-

-

2,543

8,421 634,234

198 429,778

69 312,545

75 309,722

67,954 16,318 84,272

137,173 185 137,358

48,000 48,000

87,795 69 87,864

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

® ­ } j¥ ® ¦ }p~ ¥ m j² }j qÓ s² | ­ 31 m ©}Ô} p ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

m j² } ¨ ­p Ë m j² } pq j ­p ˦~Ó© Ó¥j Ô Ë

634,234 84,272 718,506

429,778 137,358 567,136

312,545 48,000 360,545

309,722 87,864 397,586

¥p j¢Ô j j ¥p p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

vv ¥p j¢Ô 6 Ô ¥ v y ¥ j j² }qÓ s² m ¥ Û p } ¡j 3 ¥} p } 334,000 ¥ v y ¥ j §} ¥ ­ s² p }¦ j¨ ¥} j 2556 ¦ ~ } j¥ ® ¥ Ó j 4SD +IBOR j ~ Ó ¥ ­ Ô 2.15 ~Ó Ë (2557 : USD LIBOR

Ô 2 15 ~Ó Ë)

96,435

132,034

96,435

132,034

Ó vv ¥p j¢Ô 4 Ô ¥ v y ¥ j j² }qÓ s² m ¡j ¥} « 78,400 ¥ v y ¥ j §} ¥ ­ s² p }¦ j¨ ¥} ¡ 2556 ¦ ~ } j¥ ® ¥ Ó j 4SD +IBOR 1 ¥} j ~ Ó ¥ ­ Ô 1.90 ~Ó Ë (2557 : USD LIBOR

Ô 1 90 ~Ó Ë)

54,062 150,497

80,531 212,565

96,435

132,034

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p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

® ~ vv ¥sÓ j ¥p ® ~ vv ¥sÓ j ¥p | ­ 31 m ¥ }} p ® p j ¥p 2558 ¢ mÓ m~ k pq² ¥p k ® ~²­ ­ ~Ô pqÓ m j² }s² ¨ ­p Ë m j² }s² pq j ­p Ë ¦~Ó© Ó¥j Ô Ë

2557 ¢ mÓ ¢ mÓ m~ Ùqq¡ k p k pq² q² ¥p k ® ¥p k ® ~²­ ­ ~²­ ­~Ô pqÓ ~Ô pqÓ ( )

} j¥ ®

} j¥ ®

¢ mÓ Ùqq¡ k p q² ¥p k ® ~²­ ­~Ô pqÓ

11,101

2,680

8,421

210

12

198

18,210 29,311

1,892 4,572

16,318 24,739

189 399

4 16

185 383

p j ¥p ¥r j qj 2558 ¢ mÓ m~ k pq² ¥p k ® ~²­ ­ ~Ô pqÓ m j² }s² ¨ ­p Ë m j² }s² pq j ­p Ë ¦~Ó© Ó¥j Ô Ë

2557 ¢ mÓ ¢ mÓ m~ Ùqq¡ k p k pq² q² ¥p k ® ¥p k ® ~²­ ­ ~²­ ­~Ô pqÓ ~Ô pqÓ ( )

} j¥ ®

} j¥ ®

¢ mÓ Ùqq¡ k p q² ¥p k ® ~²­ ­~Ô pqÓ

73

4

69

87

12

75

73

4

69

73 160

4 16

69 144

} ® ­ } j¥ ® | ­ 31 m q }~ ¥ j¡ ¥p ~ ©}Ô} p ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

j¡ ¥p ¥ v y ¥ j j¡ ¥p j¡ ¥p ¥ v ¥~ ¥ j¡ ¥p ¥ ×qÕ }

2

p q² Ë

689,425 186 4,341 24,554 718,506

558,587 8,549 567,136

360,476 69 360,545

386,733 10,853 397,586

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥qÔ ®j mÔ p j ¥p 2558 2557

¥ ~¡

p j ¥p ¥r j qj 2558 2557 ( )

¡mm j qj ­¥j ­ kÔ pj ¡mm j qj ­ «

4

1,604,214 1,604,214

1,305,884 1,305,884

17,668 152,848 170,516

21,108 133,380 154,488

}¥qÔ ®j mÔ | ­ 31 m q }~ ¥ j¡ ¥p ~ ©}Ô} p ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

j¡ ¥p ¥ v y ¥ j j¡ ¥p j¡ ¥p ¥ ×qÕ } j¡ ¥p ¢§ j¡ ¥p ¥ } } p j¡ ¥p ¥ v ¥~ ¥ ­ «

1,202,485 317,590 1,319 29,930 32,344 14,860 5,686 1,604,214

1,058,289 208,791 321 13,204 17,017 7,810 452 1,305,884

88,820 42,056 20,000 17,668 1,972 170,516

39,046 84,757 9,523 21,108 54 154,488

¥qÔ ® ­ ¥ ~¡ ¡mm j qj ­¥j ­ kÔ pj ¡mm j qj ­ ¥qÔ ®mÓ §o | ¥p Ó p Ô q j ¢jmÔ ¥qÔ ® ¢ mÓ ¥ ­ ­ «

4

p j ¥p 2558 2557 244

200,419 55,494 16,932 57,944 330,789 331,033

p j ¥p ¥r j qj 2558 2557 ( ) 481

150,578 163,044 16,330 33,005 362,957 363,438

13,616

-

13,643 16,544 31,809 61,996 75,612

1,883 10,206 12,089 12,089

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¢j § s × jp p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

p ¦ }py j ¥p ¢j ¨ p ¦ }py j ¥p ² ¥p ² ¥ ¬q¦ ¥p s}¥s ~ jw ¦ pp © § s × ­ k p jp ² Ë ® ¡} ­ m p j² © k } ¡ ¥ ¬}¥ ¬q ¢Ô ¨ j² © k } ¡ ¥p ² ¥ ¬q¦ ¥p s}¥s ~ jw ¦ pp © § s × ­ k p jp

¢Ô ¨ j² © k } ¡ ¥ ¬}¥ ¬q ­ (j² © )k } ¡ q jj |~ jm| ~ ~ × j ­ ¢Ô ¨ Ó p Ë ~Ó p ~ ¦ j¥ ­

81,270 13,152 94,422

79,088 11,023 90,111

52,740 52,740

56,783 56,783

13,009 2,538 15,547

13,259 (1,311) 11,948

7,716 7,716

9,201 9,201

(6,792) (379) (7,171)

823 (756) 67

(9,009) (9,009)

4,300 4,300

¥p ² ¥ ¬q¦ ¥p s}¥s ~ jw ¦ pp © ¦ Ó ¨ ¥ © q }j §m pj ² ¥ ¬q¦ ¥p s}¥s jp ~ kÔ j² }k p s vv ~ m¡Ô m p¦ pp . . 2541 ¨ j ¨ Ô § s ×¥ ­ ¥j |¦jÓ jp ~ ¦ ¡p §m pj § s × ­j² }© Ô m ¥ ­ pq jj |j ~ jm| ~ ~ × j ©}Ô¦jÓ m ¥ ­ pk psÓ ps ~ m ¥ ­ p q j ~ ¦ j¥ ­ m ¥ ­ pq j ~ } j¥ ® ¦ m ¥ ­ pq j~ }

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¢j ~ p ¦ }py j ¥p } p~Ó © ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

94,422 94,422

¢ mÓ Ùqq¡ k p ¢j ­© Ó©}Ôq }¨ Ô j p ¡ ¢j ~ p ¦ }py j ¥p

90,111 90,111

52,740 52,740

56,783 56,783

j ¥ ­ ¦ p¨ ¢ mÓ Ùqq¡ k p ¢j k p§m pj § s ×

¥ ~¡

p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

¢j k p§m pj § s × | ­ 1 j m ¢Ô ¨ j² © k } ¡ ~Ô ¡ j Ùqq¡ } j¥ ® q j ¢j ¢Ô ¨ j² © k } ¡ ¥ ¬}¥ ¬q ­ (j² © ) k } ¡ q jj |~ jm| ~ ~ × j j q jj ¥ ­ ¦ p¨ ~ ¦ j¥ ­ ­ « § s ×qÓ ¢j k p§m pj § s × | ­ 31 m

90,111

78,586

56,783

43,520

13,713 1,834 15,547

9,436 2,512 11,948

6,413 1,303 7,716

7,238 1,963 9,201

(6,792) (379) (7,171)

823 (756) 67

(9,009) (9,009)

4,300 4,300

(4,065) (4,065)

(490) (490)

(2,750) (2,750)

(238) (238)

94,422

90,111

52,740

56,783

23

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

(j² © ) k } ¡ q jj |j ~ jm| ~ ~ × j ­ ¢Ô ¨ j² © k } ¡ ¥ ¬}¥ ¬q ­ ¥j }k ® q j p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

~ y pj ¥p j ¡pq j j |×

(2,778) (4,014) (6,792)

4,526 (3,703) 823

(5,873) (3,136) (9,009)

6,508 (2,208) 4,300

kÔ ~ ¨ j |j ~ jm| ~ ~ × j kÔ ~ j¨ j |j ~ jm| ~ ~ × j | ­ p (¦ }p§} ¥r ­ Ó p ²® j) ©}Ô¦jÓ p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( Ô )

~ m } } j ¥ ­ k ® k p¥p ¥} ¨ m~

0.93 - 2.94 4.44 - 5.00

3.92 - 4.28 1.50 - 7.00

2.89 5.00

4.11 7.00

kÔ ~ y ¥j ­ j ~ | ¨ m~ ~ kÔ ¢ p ~ ­¥ ¦ Ó ­ © ¦ ~ p | | ­ 31 m 2558 ¥ ¥r ­ Ó p ²® jk p ¢j § s × ­j² }© Ô¥ Û 27.2 Ë (2557: 28 2 Ë) j ¥m ×m Ó © j ¥ ­ ¦ p¨ ¦~Ó kÔ ~ y ­¥j ­ kÔ p¨ j |j ~ jm| ~ ~ × j ­ q¥ Û © ©}Ô Ó p ¥ ~¡ | ­ p §} Ó kÔ ~ y ­ « mp ­ q j ~Ó ¢j § s × ­j² }© Ô¥ Û q² ¥p } p~Ó © ® p j ¥p ¢j k p§m pj § s × | ­ 31 m 2558 ~ m } } (¥ ­ ¦ p Ô 1) j ¥ ­ k ® k p¥p ¥} ¨ m~ (¥ ­ ¦ p Ô 1)

p j ¥p ¥r j qj ( )

¥ ­ k ® (8,712) 10,702

} p 10,547 (8,988)

¥ ­ k ® (6,161) 7,490

} p 7,395 (6,364)

¦ Ô Ó j ¥m × ® © Ó©}Ôm² pj j q ~ ¦ ¥~¬ ¢ ¦ k pj ¦ ¥p } ­m } p ¨~Ô §m pj } pj Ó ¦~Ó©}Ô¦ }p |j m Ó © k pkÔ ~ y ~Ó p«

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¡ ¥ ¡Ô 2558 ¢ mÓ ¡Ô ~Ó ¡Ô ( )

q² ¡Ô

2557 q² ¥p q² ¡Ô ( ¡Ô )

q² ¥p

¡ q} ¥ | ­ 1 j m - ¡Ô v | ­ 31 m - ¡Ô v

0.5

873,901

436,951

873,901

436,951

0.5

873,901

436,951

873,901

436,951

¡ ­ j¦ s² ¦ Ô | ­ 1 j m - ¡Ô v | ­ 31 m - ¡Ô v

0.5

865,249

432,625

865,249

432,625

0.5

865,249

432,625

865,249

432,625

Ó ¥j ¢ mÓ ¡Ô ~ vv ~¦ Óp s vv ~ s q² j } . . 2535 ~ 51 ¨ j | ­ ¥ k ¡ Ô ¢pj Ó ¢ mÓ ¡ Ô q­ } ¥ © Ô ~Ô p ² mÓ ¡Ô Ó ¥j ®~ ®p¥ Û ¡ ² p (Å Ó ¥j ¢ mÓ ¡Ô Æ) Ó ¥j ¢ mÓ ¡Ô ®q ² © qÓ ¥ Û ¥p Ù © Ó©}Ô

¨ ² m v¦ }p t ® ¡Ô v §m pj ¨ Ô t ® ¡Ô v¦jÓ jp ¨ j s¡ v ¢Ô ¡Ô k p ¥ ­ ­ 7 ¡ 2556 ¢Ô ¡Ô ~ ¡ ~ j j¨ ² m v¦ }p t ® ¡Ô vk p ¦jÓ jp q² ­ ¢Ó¨ } ¢ÔsÓ ¢Ôq }j k ® © k pj ¡Ó §} j ¡Ó ©}Ô ² p ¥ ­ ¦qÔp ¥ }¥j ­ j §m pj ¨ Ô¦jÓ jp } pj Ó ¨ ¥} ¡ 2557

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j | ­ ² m v§} ¡ k p§m pj ¨ Ô t ® ¡Ô v¦jÓ jp ¥ k p j × m¡| ~ k p jp ¢Ô

¥ k p¨ ² m v¦ }p ¡k p¨ ² m v¦ }p ­¨ Ô q² ¨ ² m v¦ }p ­ j¨ Ô m ¥ k ~Ó Ó ~ j ¨sÔ m ¨sÔ ¥ ¨sÔ ¢ mÓ ¡~ k p¨ ² m v¦ }p

¨ ² m v¦ }p t ® ¡Ô vk p jp q² ¨ } ¢ÔsÓ ¢Ôq }j ¢pj Ó k p Ó ¦ / Ó | ­ p ­©}Ô j ¡ ~ j j¦ ¥ k ¨ ² m v¦ }p t ­p p jp q² ­©}Ô § Ô © q² ¢Ó ­ ­ ¨ k| ­ pmp©}Ô j qÔ pp q j Ó ¦ / Ó ¡s ­ ¢ Ô ¦ § ¥ ­ © Ó©}Ô ¥ Ô ¦~Ó¥ Û j § ~ ¥p ­ ©k ­ ¡© Ô ¨ kÔ j² } ¦ ¥p ­ ©kk p¨ ² m v¦ }p © Ó¥j 5 Ë q j ­ j¨ ² m v¦ }p 6 ¡ 2557 8,652,400 Ó 0 ¨ ² m v¦ }p 1 Ó t ® ¡Ô v©}Ô 1 ¡Ô ¥ Ô ¦~Ój | j ~ j ¨sÔ ~ ¥p ­ ©kj ~ ­q j² }¨ kÔ j² } ¦ ¥p ­ ©kk p¨ ² m v¦ }p 17.50 ~Ó ¡Ô t ­p¥ Ó j m ¥ k ¡Ô v~Ó s s ¥ Û m ®p¦ j ¡j ² j ¡} Ô k p¥} ¨ ¥ 6 ¥} ¥ ­ m ¥ 4 Ë 6 ¥} ¦~Ó j¨ ² m v¦ }p 8.35 ~Ó Ó

j ¡ Ó } ¢ mÓ ¡~ k p t ® ¡ Ô v§} Black-Scholes Model §} ~ p® ~ y Ó j t ® ¡ Ô v p® }q ¢j¨sÔ Ó p ¥ ¨sÔ j ¡Ó }mÓ m k p ¡Ô ~ kÔ ¢ ¥} Ô p 3 ¥} ¦ m² |¥ Û 12 ¥} kÔ ¡~ j¨ j } ¢ mÓ ¡~ j t ® ¡Ô v } p~Ó © ® m ¡Ô v | ¨ Ô ( ) m ¨sÔ ( ) ~ m k p ¡Ô ¡k p¨ ² m v¦ }p t ® ¡Ô ( Ë) ¥p Ù ~ ¦ ­m } p ( ) ~ } j¥ ® }m ¥ ­ p

2

p q² Ë

22.25 17.50 28.25% 5 0.18 3.09%

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j ¡Ó j j ¥j ­ j j j¨ ² m v¦ }p } p~Ó © ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

p ¦ }py j ¥p | ­ m ¥p p ¡ ¨ Ó ¨ ² m v¦ }p t ® ¡Ô v

(20,004)

(8,431)

17,738 (20,004)

7,596 (8,431)

11,573

8,431

1,431

835

p j² © k } ¡ ¥ ¬}¥ ¬q ² Ë ® ¡} ­ m mÓ ¨sÔqÓ ¨ j

² p ² p j }Ô j q } j² © ¦ j² © ² p~ jw ~ vv ~ ¦ Óp s vv ~ s q² j } . . 2535 ~ 116 q ~Ô pq } ¡ ² p (Å ² p~ jw Æ) Ó p Ô Ô 5 k pj² © ¡ q² Ë pq j jk } ¡ j ( Ô ) q j Ó ² p} pj Ó q² © Ó Ô j Ó Ô 10 k p ¡ q} ¥ ¥p ² p ®q ² © qÓ ¥ Û ¥p Ù © Ó©}Ô ² pj qj m }s ~Ó pm ¢Ô ¡Ô ~ ¡ ~ j q } j² © ¨ ~ © Ó¥j Ô 2 k p j² © p j k pj ¡Ó j qj ¥ ­ ¡ j qj m }s ~Ó pm §} j ¡Ó j ² pj qj m }s ~Ó pm | ­ 31 m 2558 q² 13.9 Ô (2557 : 10 0 Ô ) ¨ p j ¥p ¦ p j ¥p ¥r j qj ¨ Ó p Ë ® ¡} ­ 31 m 2558 ©}Ô q m¥p q² 0.5 Ô (2557 : © Ó ) ¨ Ô¦jÓ§ p¥ s { ¦ ©}Ô } }} pj Ó q j ² pj qj m }s ~Ó pm ¨ p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô ¦ p ¦ }pj ¥ ­ ¦ p Ó k p ¢Ô ¡Ô ¥r j qj pm× j ­ k p Ó k p ¢Ô ¡Ô ~Ó pq jj ¦ pmÓ p j ¥p ~Ó pq jj ¦ pmÓ p j ¥p ¦ }p¨ Ó k p¥qÔ k p j }Ô ~Ó pj ¦ pmÓ p® }q jp j ¥p k p Ó p ¨ ~Ó p ¥

p q² Ë

2 1

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

Ó p }² ¥ p Ó p ¡ j q j ¡Ó ¥ Ó p ¡ j q ­ ² m v} p ® Ó p 1 Ó p 2 Ó p 3

Ó p ¥m ­ p j mÔ Ó p q }q² Ó mÔ Ó p qÔ p ~ mÔ

Ó p ¥m ­ p j mÔ p j ~¦ q }q² Ó ¨~Ô¥m ­ p j mÔ k pj ¡Ó Ó p q }q² Ó mÔ p Ó p j t p­ ¨ Ô j }Ô j k Óp¦ j ~ } ¥ ­ j q }q² Ó mÔ ¦ j q }q² Ó mÔ ­ ~§} ¡mm ­ Ó p qÔ p ~ mÔ p Ó p ­ qÔ p ~ mÔ ¨ Ôj ­ j¥ q j mÔ ¨~Ô¥m ­ p j mÔ k pj ¡Ó kÔ ¢ j }² ¥ p k p¦~Ó Ó p ­ p ©}Ô ¢Ó} pkÔ p Ó p ® j }² ¥ p }§} ¨sÔj² © jÓ ¥p ©}Ôk p Ó p t ­p ² ¥ ¨ p j q }j ¨ ¦ §} ¢Ô ² q~ } ¨q ¢p ¡}}Ô j }² ¥ p k pj ¡Ó ¢Ô ¥s ­ Ó j ¨sÔj² © jÓ ¥p ©}Ô ¨ j } j }² ¥ p ® ¥ Û kÔ ¢ ­¥ ¨ j ¥ j }² ¥ p k p Ó p ¦ }m Ô pj j qj ­ ­ }² ¥ ¡ j q¨ ¡~ j ¥} j ©}Ô mÓ ¨sÔqÓ Ó p Ó p Ó p q }q² Ó mÔ ©}Ô ¨ Ô j j Ó p ¨~Ô¥m ­ p j mÔ k pj ¡Ó §} m ­j² } Ó pj ¥ Û © ~ j t ® k ~ j~ ¡ j q j }² ¥ p Ó p jÓ j }² ¥ p Ó p jÓ q j ©}Ôq jj }² ¥ p j qÓ Ù Ó ­¥j ­ kÔ p ¨ ¦~Ó Ó p ¦ ©}Ô (mÓ ¨sÔqÓ ) Ó p Ó p צ ® k p Ó p ­ p צ ® k p Ó p ­ p ¦ Óp~ Ó j }² ¥ p ­ צ ® ©}Ô ¨sÔp ~ q¡} pm×j }² ¥ p ¨ ¦~Ó Ó p

2 2

p q² Ë

p q² Ë

2

j j² © Ó p jÓ

©}Ô¦ mÓ ¨sÔqÓ ©}Ôq jj k mÔ ¦ ¨ Ô j ©}Ô (mÓ ¨sÔqÓ ) Ó p Ó p ©}Ô ­ ©}Ô Ó p

j kÔ ¢ ¥j ­ j ©}Ô ¥ ~ Ó p ¡ j q

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

3,738,533 (126,659) 7,917 3,619,791 629,603

4,051,900 (145,295) 9,213 3,915,818 765,633

Ó p ¥m ­ p j mÔ 2558 2557

¥ ~¡ j p j ¥p

214,140

3,412,829 145,295 5,465 3,563,589 239,658

3,567,446 126,659 5,699 3,699,804

109,384

480,012 559 480,571

56,104

424,070 533 424,603

Ó p j q }q² Ó mÔ Ó p qÔ p ~ mÔ 2558 2557 2558 2557 ( )

1,089,157

7,944,741 15,237 7,959,978

2558

925,365

7,730,049 14,149 7,744,198

2557

2

p q² Ë

2,376,830 149,725

2,173,929 126,562

Ó p ¥m ­ p j mÔ 2558 2557 1,883,955 1,393,664

1,534,722 1,086,288

244,592 21,195

149,980 17,908

Ó p j q }q² Ó mÔ Ó p qÔ p ~ mÔ 2558 2557 2558 2557 ( )

4,505,377 1,564,584

2558

Ó p 1 Ó p 2 Ó p 3

¥ ¥s ¦ t Êm ¦ j ¦ ¥ ¥s ~ jj p j ¡Ó ¥ ¥m y¥ j s

j ¡Ó ¥ Ó p ¢ ~ × ­ ² m v} p ®

¨ j ² ¥ j q² ¦ j Ó p ¢ ~ × ©}Ô~ Ó p ¦ j~ ¥k~ ¢ ~ ש}Ôj² }q j ­~ ®pk p ¢jmÔ ×~ Ó p ¦ j~ ­~ ®p p ¢ ~ ×k p ×

Ó p ¢ ~ ×

× Ó p ® Ó p

k kÔ ¢ ¥j ­ j j ¥p ~ Ó p ¡ j q

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

¥ ~¡ j p j ¥p

3,858,631 1,230,758

2557

p q² Ë

2

6,985,510 6,985,510 762,413

7,135,821 7,135,821 930,763

¥ ¥s ¦ t Êm 2558 2557

× ®

7,345,247 3,073,507

6,530,101 2,607,043

¥ ¥s ¦ t Êm 2558 2557

p kÔ ¢ ¥j ­ j pj ¥p ~ Ó p ¢ ~ ×

j }² ¥ p Ó p

©}Ô ©}Ôq jj k mÔ ¦ ¨ Ô j ©}Ô

m kÔ ¢ ¥j ­ j ©}Ô ¥ ~ Ó p ¢ ~ ×

² Ë ® ¡} ­ 31 m 2558

¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó

¥ ~¡ j p j ¥p

83,294

441,831 441,831

227,826 159,450

158,344 97,902

¦ j ¦ ¥ ¥s j p 2558 2557

82,534

471,315 471,315

¦ j ¦ ¥ ¥s j p 2558 2557

(3,890)

119,111 119,111

3,259 2,169

-

j ¡Ó ¥ ¥m y¥ j s 2558 2557 ( )

(44,288)

88,275 88,275

j ¡Ó ¥ ¥m y¥ j s 2558 2557 ( )

36,215 42,753

2558

­ «

120,148

249,330 249,330

2558

­ «

33,994 39,232

2557

83,548

183,597 183,597

2557

7,612,547 3,277,879

2558

1,089,157

7,944,741 7,944,741

2558

6,731,850 2,753,588

2557

925,365

7,730,049 7,730,049

2557

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j j } j² © k } ¡ צ ® 2558

2557 ( )

2

j² © k } ¡ j² © q j Ó p ­ p

1,089,157

925,365

q² ­© Ó©}Ô Ù Ó mÓ ¨sÔqÓ Ó j p ­ mÓ ¥ ­ m ¦ mÓ ~ }q² Ó ~Ô ¡ pj ¥p ©}Ô ­ mÓ ¨sÔqÓ ¥p ©}Ô j² ©

(138,216) (145,243) (12,542) 34,834 (132,249) 695,741

(162,378) (131,431) (17,134) 23,715 (90,289) 547,848

× ×k p Ó p ­ p q² ­© Ó©}Ô Ù Ó ×

4,505,377 3,107,170 7,612,547

3,858,631 2,873,219 6,731,850

® ® k p Ó p ­ p q² ­© Ó©}Ô Ù Ó ®

1,564,584 1,713,295 3,277,879

1,230,758 1,522,830 2,753,588

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

mÓ ¨sÔqÓ § s ×k p jp p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

¢Ô ¥p ¥} mÓ ¦ p ¦ § ¥p j p ¡ ² p¥ ® ps ¥p j p ¡ ¥p ² ¥ ¬q mÓ ¨sÔqÓ t ® ¡Ô v ­¥ ¨ Ôj jp mÓ ¨sÔqÓ

126,391 413 718 286 127,808

79,503 409 818 167 80,897

16,740 268 453 286 17,747

15,668 266 593 167 16,694

jp ­ ¥p ¥} mÓ ¦ p ¦ § ¥p j p ¡ ² p¥ ® ps ¥p j p ¡ ¥p ² ¥ ¬q mÓ ¨sÔqÓ t ® ¡Ô v ­¥ ¨ Ôj jp mÓ ¨sÔqÓ

1,213,918 39,291 14,829 11,287 1,279,325

1,168,710 19,956 11,131 8,264 1,208,061

399,024 5,809 7,263 1,145 413,241

342,932 5,704 8,608 668 357,912

j ¡Ó ©}Ôq }~ ®pj p ¡ ² p¥ ® ps ² jp k pj ¡Ó ® y m m ¨qk p jp ¨ j ¥ Û s jk pj p ¡ §} jp qÓ ¥p ¨ ~ Ô 3 k p¥p ¥} ¡j¥} ¦ j ¡Ó qÓ ¨ ~ Ô 3 k p¥p ¥} k p jp ¡j ¥} j p ¡ ² p¥ ® ps ® ©}Ôq} ¥ ¥ Û j p ¡ ² p¥ ® ps ~ kÔ j² }k pj pj m p¦ q }j j p ¡ §} ¢Ôq }j j p ¡ ­©}Ô ¡v ~

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

mÓ ¨sÔqÓ ~ j | p j² © k } ¡ ¥ ¬}¥ ¬q©}Ô j ¥m ×m Ó ¨sÔq Ó ~ Ô ­ mÓ ¨sÔq Ó ~ j | ©}Ô¥ Ê}¥ ~ kÔ j² }¨ ~ y j p pj ¥p r ~Ó p« } p ® p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

2

¢Ó¨ ~Ô ¡ k ¦ ¨ Ô j j ¥ ­ ¦ p¨ mÔ ² ¥ ¬q ¢ ¦ p Ó p ² ~ ¡} ¦ }¡ ® ¥ p¨sÔ© mÓ ¨sÔqÓ ¥j ­ j ¡m j mÓ ¥ ­ m ¦ mÓ ~ }q² Ó ­ «

(332,539) 4,126,827 410,933 87,648 245,431 4,538,300

(5,066) 3,895,583 397,521 80,602 256,270 4,624,910

(147,562) 962,693 290,669 67,456 182,163 1,385,419

23,271 887,865 267,901 61,130 189,698 1,429,865

¢Ó¨ mÓ ¨sÔqÓ ¨ j k mÓ §o | mÓ ¨sÔqÓ ¥j ­ j ¡m j mÓ k Óp mÓ Ô mÓ ¥ ­ m ¦ mÓ ~ }q² Ó ­ «

989,551 495,879 109,974 2,701 1,558 117,458 1,717,121

910,372 442,333 105,237 4,557 1,669 100,002 1,564,170

313,573 6,186 47,459 37,463 13,577 418,258

206,118 (7,409) 35,610 25,305 3,801 263,425

¢Ó¨ mÓ ¨sÔqÓ ¨ j mÓ ¨sÔqÓ ¥j ­ j ¡m j mÓ ¨sÔqÓ ¨ j ¥} p mÓ ¥ ­ m ¦ mÓ ~ }q² Ó mÓ ¨sÔqÓ ~ vv ¥sÓ }² ¥ p ® ¢v¦ ® p q ¢v mÓ ¨sÔqÓ ¥j ­ j j { ¥ s |z× mÓ ¥ s s mÓ j ¡ ­ «

500,321 122,152 56,037 48,649 29,839 29,108 26,152 188,519 1,000,777

449,104 133,546 49,160 46,880 1,887 24,598 32,672 169,307 907,154

134,133 27,710 5,190 2,728 16,928 19,935 10,715 33,465 64,500 315,304

114,114 25,839 4,727 2,951 13,516 15,814 66,527 243,488

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

~Ô ¡ pj ¥p ¥ ~¡

p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

} j¥ ® qÓ Ó ¥p j¢Ô ¦ ¥p ¥ j¥j vs q j m } j¥ ® qÓ ~Ô ¡ pj ¥p ­ ¡

4

11,329 11,329 1,213 12,542

17,116 17,116 18 17,134

6,729 6,729 12 6,741

43 11,256 11,299 18 11,317

¥p ©}Ô ¥p ©}Ô ­ ¢Ô¨ j² © k } ¡

¥ ~¡

p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

¥p ©}Ôk p Ë Ùqq¡ ² Ë Ùqq¡ ¡p ² ËjÓ « ¥p ©}Ô j ~ } vs j ¥ ­ ¦ pk p ~Ó ps ­ m ¥p ©}Ô

14

141,341 6,408 147,749

112,546 (5,677) 106,869

55,528 55,528

27,838 (5,607) 22,231

(15,500)

(16,580)

(18,410)

(3,315)

132,249

90,289

37,118

18,916

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j j }¥ ­ ~ ­¦ Ôq p p j ¥p 2558 ~ ( Ô ) j² © jÓ ¥p ©}Ô q² ~ ~ ¥p ©}Ô j q jm ¦~j~Ó pk p ~ ² j qj ¨ ~Ó p ¥ ©}Ô ­© Ó~Ô p¥ - § s ×q jj Óp¥ j p ¡ mÓ ¨sÔqÓ ~Ô p Ô p ¡p ² ËjÓ «

2557 ( ) 827,990 165,598

20

16

~ ( Ô )

( ) 638,137 127,627

20

30,107

8,775

(75,851) 5,987 6,408 132,249

(45,668) 5,232 (5,677) 90,289

14

p j ¥p ¥r j qj 2558 ~ ( Ô ) j² © jÓ ¥p ©}Ô q² ~ ~ ¥p ©}Ô ©}Ô ­© Ó~Ô p¥ - ¥p Ù - § s ×q jj Óp¥ j p ¡ mÓ ¨sÔqÓ ~Ô p Ô p ¡p ² ËjÓ «

2557 ( )

20

563,876 112,775

7

(75,851) 194 37,118

~ ( Ô )

( )

20

650,585 130,117

3

(60,000) (45,668) 74 (5,607) 18,916

j } ~ ¥p ©}Ô ~ ¡mm sj w j j~ m ¨ w j Ó }Ô j } ~ ¦ j¥ Ô w j r ­ 577 . . 2557 p ­ 10 q j 2557 k ¥ j } ~ ¥p ©}Ô ~ ¡mm Ô 20 ² ¥ vs Ë 2558 ­¥ ­ ¨ p ­ 1 j m 2558 ¥ ­ ­ 22 j m 2559 ¨ j s¡ ~ vv ~ ¦ Óps ~ ©}Ô ~ ¡ ~ ¨ Ô } ~ ¥p ©}Ô ~ ¡mm q j ~ Ô 30 ¥ Û ~ Ô 20 k pj² © ¡ ² ¥ vs ­¥ ­ ¨ p ­ 1 j m 2559 ¥ Û ~Ô © j ¡Ó ¨sÔ ~ ¥p ©}Ô Ô 20 ¨ j } ¢ mÓ ×¦ ® ¥p ©}Ô j ~ } vs | ­ 31 m 2558 ¦ 2557 ~ m² s ®¦qpk p s s vs ­ j¨ Ë 2555 2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

§ s ×q jj Óp¥ j p ¡ m| j j Óp¥ j p ¡ ¡ ~ ¨ Ô ©}Ô § s × j ¨ y ¢Ô©}Ô j Óp¥ j p ¡ ~ s vv ~ Óp¥ j p ¡ . . 2520 ¥ ­ ~ ®p¦~Ó ­ 31 j jw m 2555 t ­p ¡ ² m v©}Ô} p ® (j) ¨ Ô©}Ô j¥ Ô j k ¥kÔ ¦ ² ¥m ­ pq j ­©}Ô ¡ ~ §} m| j j Óp¥ j p ¡ (k) ¨ Ô©}Ô j¥ Ô ¥p ©}Ô ~ m¡ m ² j² © ¡ ­©}Ôq jj j j qj ­©}Ô j Óp¥ j ² }¥ Ô Ë ¦~Ó ¥­ ­ ©}Ôq jj j j qj ® ¥ ­ pq j¥ Û j qj ­©}Ô j Óp¥ j p ¡ q ~Ô p x ~ ~ ¥p ­ ©k¦ kÔ j² }~ ­ ¡© Ô ¨ ~ Óp¥ j p ¡ ©}Ô ­©}Ô j Óp¥ j p ¡ ¦ ­© Ó©}Ô j Óp¥ j p ¡ ¡ ©}Ô} p ® p j ¥p ¥r j qj 2558 j qj ­©}Ô j qj ­© Ó©}Ô j Óp¥ j Óp¥ k ~Ó p ¥ k ¨ ¥ ©}Ô

1,013,677 383,297 1,396,974

926,878 214,839 1,141,717

2557 j qj ­©}Ô j qj ­© Ó©}Ô j Óp¥ j Óp¥ ( ) 1,940,555 598,136 2,538,691

865,225 454,078 1,319,303

679,213 263,650 942,863

1,544,438 717,728 2,262,166

j² © ~Ó ¡Ô j² © ~Ó ¡Ô k ® ® y ¦ } j² © ~Ó ¡Ô k ® ® y ¦ } ² ¦~Ó Ë ® ¡} ­ 31 m 2558 ¦ 2557 m² |q jj² © ² Ë ­¥ Û Ó k p ¢Ô ¡Ô vk p ¦ q² ¡Ô v ­ jq² Ó ¦ Ô Ó p Ë } p~Ó © ® p j ¥p p j ¥p ¥r j qj 2558 2557 2558 2557 ( ¡Ô ) j² © ² Ë ­¥ Û Ó k p ¢Ô ¡Ô k p q² ¡Ô v§} ¥r ­ Ó p ²® j j² © ~Ó ¡Ô k ® ® y ¦ } ( )

695,747 865,249 0.80

547,880 865,249 0.63

526,758 865,249 0.61

p q² Ë

631,669 865,249 0.73

2 1

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j² © ~Ó ¡Ô } ¨ Ó p Ë 2557 j j¨ ² m v¦ }p t ® ¡Ô v ² jp ( ¥ ~¡ 20) j j¨ ² m v¦ }p t ® ¡Ô v ® © Ó ~Ó j m² |j² © ~Ó ¡Ô ¥ ­ pq j ¢ mÓ ¡~ k p j ­ p© Ó©}Ô q j jp j m ¨sÔ ¢pj Ó m ~ } ¥r ­ k p ¡Ô v¨ Ó p Ë

¥p Ù ¨ j s¡ m| j j ¥ ­ ­ 13 p m 2558 j j ~ ¡ ~ q } j² © ¥ Û ¥p Ù ¨ ~ ¡Ô 0.16 ¥ Û q² ¥p 138.4 Ô ¥p Ù } pj Ó ©}Ô ¢jqÓ ¨ ¥} j 2558 ¨ j s¡ v q² Ëk p ¢Ô ¡Ô k p ¥ ­ ­ 10 ¥ 2558 ¢Ô ¡Ô ~ ¡ ~ j q } j² © ¥ Û ¥p Ù ¨ ~ ¡Ô 0.25 ¥ Û q² ¥p 216.3 Ô ¥p Ù } pj Ó ©}Ô j¢ qÓ ¨ ¥} ¥ 2558 ¨ j s¡ m| j j k p ¥ ­ ­ 13 p m 2557 j j ~ ¡ ~ j q } j² © ¥ Û ¥p Ù Ó pj ¨ ~ ¡Ô 0.10 ¥ Û q² ¥p 86.5 Ô ¥p Ù } pj Ó ©}ÔqÓ ¨ Ó p¥} j 2557 ¨ j s¡ v q² Ëk p ¢Ô ¡Ô k p ¥ ­ ­ 11 ¥ 2557 ¢Ô ¡Ô ~ ¡ ~ j q } j² © ¥ Û ¥p Ù ¨ ~ ¡Ô 0.18 ¥ Û q² ¥p 156.0 Ô ¥p Ù } pj Ó ©}ÔqÓ ¨ Ó p¥} m 2557

¥m ­ p pj ¥p § j q }j m ¥ ­ p p}Ô j ¥p j ¡Ó m ¥ ­ pq jj }² ¥ ¡ j q~ j~ q jj ¥ ­ ¦ p ~ } j¥ ® ¦ ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ ¦ q jj © Ó x ~ ~ kÔ j² }~ vv k pm¢Ó vv j ¡Ó © Ó j j¥m ­ p pj ¥p ­¥ Û ~ ¡ × ¥ ­ j ¥j¬pj² © j mÔ j q }j m ¥ ­ p¥ Û Ó ­ ² m vk p ¡ j qk pj ¡ Ó j ¡ Ó ¨ j m m¡ ¨ Ô m }¡ k p } m ¥ ­ p ­ ©}Ô §} q | Ó p~Ô ¡ ­¥j }q jm ¥ ­ p¦ ~Ô ¡ k pj q }j m ¥ ­ p Î ©}Ô j m m¡ j j j q }j m ¥ ­ pk pj ¡Ó Ó p~Ó ¥ ­ p¥ ­ ¨ Ô ­ ¨q Ó m }¡ Ó pm ¥ ­ p¦ j m m¡ m ¥ ­ p j q }j ¡ § k pm| j j m j j } ¥p ¡ ¨ Ô ­ mp¥ ­ j j p ¡ ¥qÔ ¦® m ¥s ­ ­ k p~ }¦ jÓ ¨ Ô¥j }j { k p ¡ j q¨ m~ m| j j ©}Ô j j² j }¢¦ ~ ¦ q jj p ¡ t p­ j ¡ Ó q | q j } Ó k p ~ ¦ q jj qj }² ¥ p ~Ó Ó k p¥qÔ k p t ­p© Ó Ó ©}Ô¥ ­© Ó ² qm m¡ j ®p pj² j }¢¦ } j qÓ ¥p Ù ¨ Ô¦jÓ ¢Ô ¡Ô v

2 2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

m ¥ ­ p}Ô ~ } j¥ ® m ¥ ­ p}Ô ~ } j¥ ® pm ¥ ­ p ¥­ j }q jj ¥ ­ ¦ p q­ ¥j }¨ m~k p ~ } j¥ ® ¨ ~ } t p­ Óp j ~Ó j }² ¥ p ¦ j ¦ ¥p }k pj ¡Ó ¥ ­ pq j} j¥ ® k p¥p j¢Ô Ó ¨ vÓ ~ ~ j ¡Ó m ¥ ­ p}Ô ~ } j¥ ® ­¥j }q j¥p j¢Ô (}¢ ¥ ~¡kÔ 15) m k p} j¥ ® qÓ k pj ¡Ó k ® ¢Ój ~ y j ¥ ­ ¦ pk p} j¥ ® qÓ q j ~ ~ } ­ q¥ ­ ¦ p j ¥ ­ ¦ p¨ ~ } j¥ ® k pj ¡Ó ¨ ~ Ô 1 q Óp j ~Ó } j¥ ® qÓ k pj ¡Ó q² 7 Ô (2557: 6 Ô ) ~ } j¥ ® ­¦ Ôq pk p¥p j q² j j ¥p ¦ ¥p ¨ Ôj¢Ô ® ¦jÓ ­¥j ­ kÔ pj | ­ 31 m ¦ ­ m j² }s² j² } ~ ¨ Ó } p ®

~ } j¥ ® ­¦ Ôq p ( Ô ~Ó Ë) Ë ¡ ¥ ¥p j ® j j ¥p Ë ¡ ¥ ¥p j ® j j ¥p © Ó ¡ ¥ ¥p j j j ¥p

¨ 1 Ë

p j ¥p pq j 1 Ë ¦~Ó ¨ 5 Ë ( )

1.73 - 3.00

951,111 951,111

-

951,111 951,111

3.00

433,832

-

433,832

3.00

433,832

506,539 506,539

506,539 940,371

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

~ } j¥ ® ­¦ Ôq p ( Ô ~Ó Ë) Ë ¡ ¥ ¥p j ® j j ¥p Ë ¡ ¥ ¥p j ® j j ¥p ¥p ¨ Ôj¢Ô ® ¦jÓ ­¥j ­ kÔ pj © Ó ¡ ¥ ¥p j j j ¥p

2

p q² Ë

p j ¥p ¥r j qj ¨ 1 Ë pq j 1 Ë ¦~Ó ¨ 5 Ë ( )

1.73 - 3.00

951,111 951,111

-

951,111 951,111

3.00 1.65

432,775 30,000

-

432,775 30,000

3.00

462,775

506,539 506,539

506,539 969,314

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

~ } j¥ ® ­¦ Ôq pk p ® ­ } j¥ ® | ­ 31 m ¦ ­m j² }s² j² } ~ ¨ Ó } p ®

~ } j¥ ® ­¦ Ôq p ( Ô ~Ó Ë) Ë ¡ ¥ ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥p j¢Ô q j j ¥p ­ p j² }s² ¨ ­p Ë ® ~ vv ¥sÓ j ¥p ­ pj² } s² ¨ ­p Ë © Ó ¡ ¥ ¥p j¢Ô q j j ¥p ® ~ vv ¥sÓ j ¥p Ë ¡ ¥ ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥p j¢Ô q j j ¥p ­ p j² }s² ¨ ­p Ë ® ~ vv ¥sÓ j ¥p ­ pj² } s² ¨ ­p Ë © Ó ¡ ¥ ¥p j¢Ô q j j ¥p ® ~ vv ¥sÓ j ¥p

¨ 1 Ë

p j ¥p pq j 1 Ë ¦~Ó ¨ 5 Ë ( )

1.12 - 6.85

543,270

-

543,270

2.09 Á 2.73

82,543

-

82,543

3.10 - 12.83

8,421

-

8,421

2.09 - 2.73 3.10 - 12.83

634,234

67,954 16,318 84,272

67,954 16,318 718,506

1.10 - 1.51

354,188

-

354,188

2.05 - 2.44

75,392

-

75,392

3.63 - 10.97

198

-

198

2.05 - 2.44 3.63 - 10.97

429,778

137,173 185 137,358

137,173 185 567,136

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

~ } j¥ ® ­¦ Ôq p ( Ô ~Ó Ë) Ë ¡ ¥ ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥p j¢Ô q j j ¥p ­ p j² }s² ¨ ­p Ë ® ~ vv ¥sÓ j ¥p ­ pj² } s² ¨ ­p Ë © Ó ¡ ¥ ¥p j¢Ô q j j ¥p Ë ¡ ¥ ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥p j¢Ô q j j ¥p ­ p j² }s² ¨ ­p Ë ® ~ vv ¥sÓ j ¥p ­ pj² } s² ¨ ­p Ë ¥p j¢Ô q j ¡mm j qj ­¥j ­ kÔ pj © Ó ¡ ¥ ¥p j¢Ô q j j ¥p ® ~ vv ¥sÓ j ¥p

2

p q² Ë

p j ¥p ¥r j qj ¨ 1 Ë pq j 1 Ë ¦~Ó ¨ 5 Ë ( )

1.31

264,041

-

264,041

2.73

48,435

-

48,435

10.97

69

-

69

2.73

312,545

48,000 48,000

48,000 360,545

1.49

262,865

-

262,865

2.44

44,239

-

44,239

10.97 1.70

75 2,543

-

75 2,543

2.44 10.97

309,722

87,795 69 87,864

87,795 69 397,586

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

m ¥ ­ pq j¥p ~ ~Ó p ¥ j ¡Ó m ¥ ­ pq j ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ t ­p¥j }q jj t ® mÔ j k mÔ j j¢Ô ¥p ¦ ¥p p ¡ ­¥ Û ¥p ~ ~Ó p ¥ | ­ 31 m j ¡Ó ¦ m ¥ ­ pq j ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ ¥ Û q jj צ ® ­¥ Û ¥p ~ ~Ó p ¥ } p ®

¥ ~¡

p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

j¡ ¥p ¥ v y ¥ j ¥p }¦ j ¥ ¥ Ó ¥p } ¥p j q² j j ¥p ¢j ®j mÔ ® pj ¥p ­ } j¥ ® ¥qÔ ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

5 6 7 15 16

100,229 1,451,911 (689,425) (1,202,485) (339,770)

75,999 1,057 1,290,445 (558,587) (1,058,289) (249,375)

13 892,012 (360,476) (88,820) 442,729

21 709,997 (386,733) (39,046) 284,239

j¡ ¥p ¥ v ¥~ ¥ ¥p }¦ j ¥ ¥ Ó ¥p } ¢j ®j mÔ ® pj ¥p ­ } j¥ ® ¥qÔ ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

5 7 15 16

5 77,549 (4,341) (14,860) 58,353

11,170 55,183 (7,810) 58,543

(17,668) (17,668)

26,094 (21,108) 4,986

j¡ ¥p ¢§ ¢j ®j mÔ ¥qÔ ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

7 16

43,854 (29,930) 13,924

18,279 (13,204) 5,075

43,854 (20,000) 23,854

18,279 (9,523) 8,756

j¡ ¥p © q ¥ © ¥p }¦ j ¥ ¥ Ó ¥p } ¢j ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

5 7

61,919 62,433 124,352

16,284 56,407 72,691

-

-

j¡ ¥p ¥ } } p

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥ ~¡

p j ¥p 2558 2557

5 7 16

11,675 145,664 (32,344) 124,995

j¡ ¥p ¥ ×qÕ } ¥p }¦ j ¥ ¥ Ó ¥p } ® ­ } j¥ ® ¥qÔ ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

5 15 16

32,082 (24,554) (1,319) 6,209

­ « ¥p }¦ j ¥ ¥ Ó ¥p } ¢j ®j mÔ ¥qÔ ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

5 7 16

24,002 38,270 (5,686) 56,586

¥p }¦ j ¥ ¥ Ó ¥p } ¢j ®j mÔ ¥qÔ ®j mÔ } vs ¨ p ¦ }py j ¥p ­ m ¥ ­ p

( ) 13,144 109,007 (17,017) 105,134

p j ¥p ¥r j qj 2558 2557 -

-

54,229 (321) 53,908

-

-

10,113 41,646 (452) 51,307

9,319 (1,972) 7,347

(54) (54)

m ¥ ­ p p}Ô ¥s ­ m ¥ ­ p p}Ô ¥s ­ m m ¥ ­ p ­ ¢jmÔ m¢Ó vv © Ó s² ®¦jÓj ¡Ó ~ ¥p ­ ©k ­~j p© Ô¥ ­ m j² } Î ©}Ôj² } § p}Ô ¥s ­ ¥ ­ m m¡ m ¥ ­ p p}Ô ¥s ­ } pj Ó Ó p ²­ ¥ §} j ¥m ×y pj ¥p k p ¢jmÔ ¡j ­k p¥p ¥s ­ ¨ } ­p« | ­ p © Ó Ó m ¥ ­ pq j ¥s ­ ­¥ Û ² m v m ¥ ­ p ¢p ¡} p}Ô ¥s ­ ¦ }p© Ô ¨ m ~ vs k p × pj ¥p ¦~Ó j ¨ p ¦ }py pj ¥p Ó p© j¬~ ¥ ­ pq jj ¡Ó y ¢jmÔ q² j Î © Ó©}Ôm } Ó q ¥j } ¥ ­ ² m vq jj ¥j¬ ® © Ó©}Ô m ¥ ­ pq j m Ó p j ¡ Ó j m m¡ m ¥ ­ pq jj k } m Ó p§} j j } k p¥p }¦ j ¥ ¥ Ó ¥p }¨ Ô¥ p ~Ó j }² ¥ p k pj ¡Ó ¦ ¥ ­ ² ¨ Ô j q jm k pj ¦ ¥p } } p

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¢ mÓ ¡~ k p צ ® pj ¥p m ~ vs k p × pj ¥p ©}Ô¦jÓ ¥p }¦ j ¥ ¥ Ó ¥p } ¢j ®j mÔ ¦ ¢j ® ­ ¥p p ¡ s ­ m ¦ ¥p qÓ Ó p Ô ¦jÓ ¢Ôk mÔ ¦ ¢Ôq }q² Ó ¦ ® pj ¥p ©}Ô¦jÓ ¥p ¥ j¥j vs m ¦ ¥p j¢Ô ® q j j ¥p ¥qÔ ®j mÔ ¦ ¥qÔ ® ­ ¥p j¢Ô ® q jj qj ­¥j ­ kÔ pj ¥p ©}ÔmÔ pqÓ ¦ mÓ ¨sÔqÓ mÔ pqÓ ©}Ô Ô ¢ mÓ ¡~ Ó p Ó ¥s ­ ¦ Ô ¥ ­ pq j¥ Û j ­ ¡ ® m ~ vs k p¥p j¢ Ô q j pj ¥p m² | ¢ mÓ ¡~ §} Ô p p ~ } j¥ ® ~ ® pj ¥p ­© Ó©}Ô j ¢ mÓ }Ô ¢ mÓ ¡~ ® ~ vv ¥sÓ pj ¥p © Ó©}Ô j ¢ mÓ }Ô ¢ mÓ ¡~ ¦ ¢ mÓ ¡~ ¦~j~Ó pq j m ~ vs Ó p ² m v | ­ 31 m 2558 } p ® p j ¥p p j ¥p ¥r j qj m ~ vs ¢ mÓ ¡~ m ~ vs ¢ mÓ ¡~ ( ) ® ~ vv ¥sÓ pj ¥p

24,739

23,512

69

69

§ j vs ¦ j ¥ Ê}¥ k pj ¡Ó j² }¨ Ô j j² } ¢ mÓ ¡~ ®p צ ® pj ¥p ¦ © Ó¨sÓ pj ¥p ¢ mÓ ¡~ p m ­q ©}Ô q jj k × q qÓ ¥ ­ § ® ¨ j ­¥j }k ® ¨ j~ Ó p ¢Ô Ó ~ } | ­ } ¢ mÓ ~ ¡ pm×k pj } ¢ mÓ ¦ / j ¥ Ê}¥ ¢ mÓ ¡~ ¢jj² }§} ~Ó © ® kÔ ¢ ¥ ­ ¥~ ¥j ­ j ~ y ¨ j j² } ¢ mÓ ¡~ ¢j¥ Ê}¥ ¨ ¥ ~¡ ­¥j ­ kÔ pj צ ® ® «

p q² Ë

2

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¢j j ¡mm j qj ­© Ó¥j ­ kÔ pj p j ¥p 2558 2557

p j ¥p ¥r j qj 2558 2557 ( )

¢j qÓ Î ¡ vv ­ p© Ó©}Ô ¢Ô ­} m ¦ ­p ¢j Ô p ­ ¢j ~ vv ¥sÓ }² ¥ p ­ j¥ j© Ó©}Ô ¨ ­p Ë pq j ­p ˦~Ó© Ó¥j Ô Ë ¢j ­ « m² ­pt ® ­ ¢Ôk mÔ }¡~j p¦ Ô p m²® j q j m

94,080 49,150 5,289 148,519

129,074 24,414 153,488

94,080 49,150 143,230

94,080 22,331 116,411

39,417 39,151 78,568

19,447 12,913 32,360

7,097 10,319 17,416

7,812 1,200 9,012

123,315 46,779 170,094

166,099 63,108 229,207

123,315 46,779 170,094

166,099 61,108 227,207

vv ¥sÓ }² ¥ p j ¡Ó ©}Ô ² vv ¥sÓ }² ¥ p ² ¥sÓ ² jp ¦ m p mÔ t ­p ¥ k p vv ~ ®p¦~Ó 0.5 p 4 Ë vv q }q² Ó mÔ ¦ j j ¡Ó ©}Ô ² vv q }q² Ó mÔ ¦ j j j qj ­ ¨ ¥ §} mÓ ~ ¦ ­¦~j~Ó pj k ® ¢Ój q² |¦ ¡ j q ­j ² mÓ ~ ¦ ­¥ j¥j¬ pj ¡Ó ~ ­¦ Ó ¦ j ¡p¥ Û « §} j~ vv j¥ j©}Ô ¨ ­p ˧} ­j ¡Ó © Ó ¨}« ® ­ q¥j }k ® | ­ 31 m 2558 ® ­ q¥j }k ® j j ¥p ¥ ­ m²® j p¥p j¢Ô k p Ó ¦ Óp ¥ Û q² ¥p 1,225 Ô ¦ 13 Ô ¥ v y ¥ j (31 m 2557: 1,340 Ô ¦ 13 Ô ¥ v y ¥ j )

2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

¥ ~¡j |× p ¥ ­ p ¨ j s¡ m| j j ¥ ­ ­ 25 j¡ × 2559 m| j j ~ ¡ ~ j q } j² © ¥ Û ¥p Ù ¨ ~ ¡Ô 0.24 ¥ Û q² ¥p 207.7 Ô §} ¥p Ù } pj Ó ~Ô p©}Ô j ¡ ~ q j ­ s¡ v q² Ëk p ¢Ô ¡Ô k p

~ y j p pj ¥p ­ p© Ó©}Ô¨sÔ ~ y j p pj ¥p ­ j ¦ ¡p¨ Ó r ©}Ô j j ¦ p© Ó pm ¨sÔ ¦ © Ó©}Ô ² ¨sÔ ¨ j q } ² p j ¥p ® ~ y j p pj ¥p ­ j¦ ¡p¨ Ó¥ Ó ® q¥j ­ kÔ pj j }² ¥ p k pj ¡Ó ¦ x ~ j p j ¥p ² ¥ vs ­¥ ­ ¨ p ­ 1 j m ¨ Ë} p~Ó © ® j ¡Ó © Ó ¦ ­q ² ~ y j p pj ¥p ¥ Ó ® ¨sÔjÓ x ~ ~ y j p pj ¥p ~ y j vs r ­ 1 ( ¡p 2558) ~ y j vs r ­ 2 ( ¡p 2558) ~ y j vs r ­ 7 ( ¡p 2558) ~ y j vs r ­ 8 ( ¡p 2558) ~ y j vs r ­ 10 ( ¡p 2558) ~ y j vs r ­ 12 ( ¡p 2558) ~ y j vs r ­ 16 ( ¡p 2558) ~ y j vs r ­ 17 ( ¡p 2558) ~ y j vs r ­ 18 ( ¡p 2558) ~ y j vs r ­ 19 ( ¡p 2558) ~ y j vs r ­ 21 ( ¡p 2558) ~ y j vs r ­ 23 ( ¡p 2558) ~ y j vs r ­ 24 ( ¡p 2558) ~ y j vs r ­ 27 ( ¡p 2558) ~ y j vs r ­ 28 ( ¡p 2558) ~ y j vs r ­ 33 ( ¡p 2558) ~ y j vs r ­ 34 ( ¡p 2558) ~ y j vs r ­ 36 ( ¡p 2558) ~ y j vs r ­ 37 ( ¡p 2558) ~ y j vs r ­ 38 ( ¡p 2558) ~ y j vs r ­ 40 ( ¡p 2558)

Ë ­ pm ¨sÔ

¥ ­ p j ² ¥ p j ¥p mÔ mp¥ p j ¦ ¥p } § j vs j ¥ ­ ¦ p |j p vs ¦ kÔ } } ¥ ~¡j |× p ¥ p ¥p ©}Ô ­} m ¦ ¡ j |× vv ¥sÓ ©}Ô § s ×k p jp j q jj ¥ ­ ¦ pk p ~ ¦ j¥ ­ ¥p ~ ~Ó p ¥ ~Ô ¡ j j¢Ô j ¥ Ê}¥ kÔ ¢ ¥j ­ j ¡mm j qj ­¥j ­ kÔ pj p j ¥p ¥r j qj ¥p p ¡ ¨ Ó ¦ j Ó mÔ j² © ~Ó ¡Ô p j ¥p Ó pj j }Ô mÓ k p × |j ® ® ­ q¥j }k ® ¦ × ­ q¥j }k ® ש Ó ~ ~ p ×¥ ­ j p ¡

2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559 2559

p q² Ë

2 1

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

~ y j p pj ¥p ~ y j p pj ¥p r ­ 2 ( ¡p 2558) ~ y j p pj ¥p r ­ 8 ( ¡p 2558) ~ y j p pj ¥p r ­ 10 ( ¡p 2558) ~ y j p pj ¥p r ­ 11 ( ¡p 2558) ~ y j p pj ¥p r ­ 12 ( ¡p 2558) ~ y j p pj ¥p r ­ 13 ( ¡p 2558) j ~ m ~ y j p pj ¥p r ­ 10 ( ¡p 2558)

¥ ­ p j qÓ §} ¨sÔ ¡Ô ¥ Û ¥j|z×

Ë ­ pm ¨sÔ 2559

Ó p }² ¥ p

2559

p j ¥p

2559

j Ó j p

2559

j ¥ Ê}¥ kÔ ¢ ¥j ­ j Ó ©}Ô¥ ¨ j qj ­

2559

j } ¢ mÓ ¡~

2559

p j ¥p Ó pp }¦ j }Ô mÓ

2559

j ¡ Ó ©}Ô ¥ ¥ ® p~Ô p j ­ q¥j }k ® ~Ó p j ¥p p j ¥p ¥r j qj q jj x ~ ~ ~ y j p pj ¥p ­ j¦ ¡p¨ Ó¥ Ó ® t ­pm } Ó © Ó j ­ ² m v~Ó p j ¥p ¨ Ë ­ x ~

2 2

p q² Ë

¥ ~¡ j p j ¥p ¥ jÔ © Ò©t¦ ¬ t× q² j } ( s ) ¦ Ó ² Ë ® ¡} ­ 31 m 2558

j q } ¥ j ¨ Ó j p j ¨ p j ¥p Ë 2557 ©}Ô j q } ¥ j ¨ Ó¥ ­ ¨ Ô }m Ô pj j ² ¥ p j ¥p Ë 2558 j q } ¥ j ¨ Ó ­ ² m v } p ®

jÓ q } ¥ ¨ Ó

2557 p j ¥p q } ¥ ¨ Ó ( )

pq } ¥ ¨ Ó

p ¦ }py j ¥p | ­ m ¢j ®j mÔ ¢j ® ­ ¥p qÓ Ó p Ô ¦jÓ ¢Ôk mÔ ¦ ¢Ôq }q² Ó ¥qÔ ®j mÔ ¥qÔ ® ­ mÓ ¨sÔqÓ mÔ pqÓ

2,116,051 181,595 119,254 (1,403,926) (265,396) (356,829)

(92,289) 92,289 9,411 98,042 (98,042) (9,411) -

2,023,762 273,884 128,665 (1,305,884) (363,438) (366,240)

p j² © k } ¡ ¥ ¬}¥ ¬q ² Ë ® ¡} ­ m ~Ô ¡ k ¦ ¨ Ô j mÓ ¨sÔqÓ ¨ j k mÓ ¨sÔqÓ ¨ j

4,613,262 1,530,857 952,115

11,648 33,313 (44,961) -

4,624,910 1,564,170 907,154

j q } ¥ j ¨ Ó ®¥j }k ® ¥ ­ pq j ¢Ô ¥ ¬ Ó m ¥ j ¡ j qk pj ¡Ó jj Ó

p q² Ë

2

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

To the Shareholders of Mega Lifesciences Public Company Limited I have audited the accompanying consolidated and separate financial statements of Mega Lifesciences Public Company Limited and its subsidiaries (the “Group”), and of Mega Lifesciences Public Company Limited (the “Company”), respectively, which comprise the consolidated and separate statements of financial position as at 31 December 2015, the consolidated and separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Consolidated and Separate Financial Statements Management is responsible for the preparation and fair presentation of these consolidated and separate financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility My responsibility is to express an opinion on these consolidated and separate financial statements based 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 the consolidated and separate financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my opinion, the consolidated and separate financial statements present fairly, in all material respects, the financial position of the Group and the Company, respectively, as at 31 December 2015 and their financial performance and cash flows for the year then ended in accordance with Thai Financial Reporting Standards.

(Orawan Chunhakitpaisan) Certified Public Accountant Registration No. 6105 KPMG Phoomchai Audit Ltd. Bangkok 25 February 2016 2

2 1

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Assets Current assets Cash and cash equivalents Current investments Trade accounts receivable Other receivables Short-term loan to related party Inventories Advances to suppliers and distributors Total current assets Non-current assets Investments in associate Investments in subsidiaries Other long-term investments Property, plant and equipment Intangible assets Deferred tax assets Other non-current assets Total non-current assets Total assets

Note

Consolidated Separate financial statements financial statements 31 December 31 December 2015 2014 2015 2014 (in thousand Baht)

5 6 4, 7 4, 8 4 9

515,679 951,111 2,253,362 232,598 2,066,616 149,878 6,169,244

340,634 433,832 2,023,762 273,884 1,649,471 128,665 4,850,248

81,870 951,111 1,268,257 55,327 625,518 53,799 3,035,882

95,521 432,775 1,173,501 92,733 30,000 438,213 40,095 2,302,838

10 11 6 12 13 14

1,031,495 232,700 105,716 73,392 1,443,303

506,539 980,141 230,211 93,416 71,295 1,881,602

71,574 629,961 191,429 37,910 64,504 995,378

59,923 506,539 620,959 187,912 21,302 62,720 1,459,355

7,612,547

6,731,850

4,031,260

3,762,193

The accompanying notes are an integral part of these financial statement. 2 1

2

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Liabilities and equity Current liabilities Bank overdrafts and short-term loans from financial institutions Trade accounts payable Other payables Short-term loan from and interest payable to related party Current portion of long-term loans from financial institutions Current portion of finance lease liabilities Income tax payable Accrued expenses Total current liabilities Non-current liabilities Long-term loans from financial institutions Finance lease liabilities Deferred tax liabilities Employee benefit obligations Other non-current liabilities Total non-current liabilities Total liabilities

Note

Consolidated Separate financial statements financial statements 31 December 31 December 2015 2014 2015 2014 (in thousand Baht)

15 4, 16 4, 17

543,270 1,604,214 331,033

354,188 1,305,884 363,438

264,041 170,516 75,612

262,865 154,488 12,089

4, 15

-

-

-

2,543

15 15

82,543 8,421 80,143 445,617 3,095,241

75,392 198 55,497 366,240 2,520,837

48,435 69 30,116 74,819 663,608

44,239 75 13,720 50,901 540,920

15 15 14 18

67,954 16,318 1,349 94,422 2,595 182,638

137,173 185 2,877 90,111 2,405 232,751

48,000 52,740 100,740

87,795 69 56,783 144,647

3,277,879

2,753,588

764,348

685,567

The accompanying notes are an integral part of these financial statement. 2

2 1

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Liabilities and equity Equity Share capital: Authorised share capital Issued and paid-up share capital Additional paid in capital: Premium on ordinary shares Warrants Retained earnings Appropriated Legal reserve Corporate social responsibility reserve Unappropriated Other components of equity Equity attributable to owners of the Company Non-controlling interests Total equity Total liabilities and equity

Note

Consolidated Separate financial statements financial statements 31 December 31 December 2015 2014 2015 2014 (in thousand Baht)

19 436,951 432,625

436,951 432,625

436,951 432,625

436,951 432,625

19 20

2,138,104 20,004

2,138,104 8,431

2,138,104 20,004

2,138,104 8,431

21 21

49,088 23,400 1,839,761 (168,292) 4,334,690 (22) 4,334,668

49,088 10,000 1,507,232 (167,200) 3,978,280 (18) 3,978,262

43,695 23,400 609,084 3,266,912 3,266,912

43,695 10,000 443,771 3,076,626 3,076,626

7,612,547

6,731,850

4,031,260

3,762,193

21

The accompanying notes are an integral part of these financial statement. 2 1

2

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Note

Consolidated Separate financial statements financial statements Year ended Year ended 31 December 31 December 2015 2014 2015 2014 (in thousand Baht)

Income Revenue from sales of goods and rendering of services 22, 27 Investment income Net foreign exchange gain Other income Total income

7,944,741 28,098 101,918 21,973 8,096,730

7,730,049 17,416 20,447 7,767,912

2,538,691 27,761 81,452 11,694 2,659,598

2,262,166 321,839 6,673 8,002 2,598,680

Expenses Cost of sales of goods and rendering of services Selling expenses Administrative expenses Net foreign exchange loss Finance costs Total expenses

4,538,300 1,717,121 1,000,777 12,542 7,268,740

4,624,910 1,564,170 907,154 16,407 17,134 7,129,775

1,355,419 418,258 315,304 6,741 2,095,722

1,429,865 263,425 243,488 11,317 1,948,095

26 22

827,990 (132,249) 695,741

638,137 (90,289) 547,848

563,876 (37,118) 526,758

650,585 (18,916) 631,669

18

5,434

(823)

7,207

(4,300)

(1,090)

(27,217)

-

-

4,344 700,085

(28,040) 519,808

7,207 533,965

(4,300) 627,369

Profit before income tax expense Income tax expense Profit for the year Other comprehensive income Items that will never be reclassified to profit or loss Defined benefit plan actuarial gain (losses) Items that are or may be reclassified to profit or loss Foreign currency translation differences for foreign operations Other comprehensive income for the year, net of income tax Total comprehensive income for the year

9, 22, 24 24 24 25

The accompanying notes are an integral part of these financial statement. 2

2 1

STATEMENT OF COMPREHENSIVE INCOME

Note

Consolidated Separate financial statements financial statements Year ended Year ended 31 December 31 December 2015 2014 2015 2014 (in thousand Baht)

Profit attributable to: Owners of the Company Non-controlling interests Profit for the year

695,747 (6) 695,741

547,880 (32) 547,848

526,758 526,758

631,669 631,669

Total comprehensive income attributable to: Owners of the Company Non-controlling interest Total comprehensive income for the year

700,089 (4) 700,085

519,838 (30) 519,808

533,965 533,965

627,369 627,369

0.80

0.63

0.61

0.73

28

The accompanying notes are an integral part of these financial statement. ANNUAL REPORT 2015

279

General Information

Financial Information

Basic and diluted earnings per share (in Baht)

Corporate Governance

for the year ended 31 December 2015

Management

Overview

Mega Lifesciences Public Company Limited and its Subsidiaries

2 0

ANNUAL REPORT 2015 432,625

The accompanying notes are an integral part of these financial statement.

21

-

Comprehensive income for the year Profit Other comprehensive income Total comprehensive income for the year

Transfer to corporate social responsibility reserve Balance at 31 December 2014

-

432,625

Issued and paid-up Note share capital

Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the Company Share-based payment transactions 20 Dividends to owners of the Company 29 Total transactions with owners, recorded directly in equity

Year ended 31 December 2014 Balance at 1 January 2014

for the year ended 31 December 2015

Mega Lifesciences Public Company Limited and its Subsidiaries

2,138,104

-

-

2,138,104

Share premium

8,431

-

8,431 8,431

-

Warrants

49,088

-

-

49,088

Legal reserve

10,000 10,000

-

-

-

(10,000) 1,507,232

547,880 (823) 547,057

(242,551) (242,551)

1,212,726

(in thousand Baht)

(167,200)

(27,219) (27,219)

-

(139,981)

(167,200)

(27,219) (27,219)

-

(139,981)

3,978,280

547,880 (28,042) 519,838

8,431 (242,551) (234,120)

3,692,562

(18)

(32) 2 (30)

-

12

Consolidated financial statements Retained earnings Other component of equity Corporate Total Equity social Currency other attributable to responsibility translation components owners of Non-controlling reserve Unappropriated differences of equity the Company interests

STATEMENT OF CHANGES IN E UIT

3,978,262

547,848 (28,040) 519,808

8,431 (242,551) (234,120)

3,692,574

Total equity

ANNUAL REPORT 2015 432,625

Financial Information

The accompanying notes are an integral part of these financial statement.

21 21

-

Comprehensive income for the year Profit Other comprehensive income Total comprehensive income for the year

Transfer to corporate social responsibility reserve Utilisation of corporate social responsibility reserve Balance at 31 December 2015

-

432,625

Issued and paid-up Note share capital

Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the Company Share-based payment transactions 20 Dividends to owners of the Company 29 Total transactions with owners, recorded directly in equity

Year ended 31 December 2015 Balance at 1 January 2015

for the year ended 31 December 2015

Mega Lifesciences Public Company Limited and its Subsidiaries

20,004

-

11,573 11,573

8,431

Warrants

49,088

-

-

49,088

Legal reserve

Corporate Governance

2,138,104

-

-

2,138,104

Share premium

13,900 (500) 23,400

-

-

10,000

(168,292)

(1,092) (1,092)

-

(167,200)

Management

(13,900) 1,839,761

695,747 5,434 701,181

(354,752) (354,752)

1,507,232

(in thousand Baht)

(168,292)

(1,092) (1,092)

-

(167,200)

(500) 4,334,690

695,747 4,342 700,089

11,573 (354,752) (343,179)

3,978,280

Overview

(22)

(6) 2 (4)

-

(18)

Consolidated financial statements Retained earnings Other component of equity Corporate Total Equity social Currency other attributable to responsibility translation components owners of Non-controlling reserve Unappropriated differences of equity the Company interests

STATEMENT OF CHANGES IN E UIT

General Information

2 1

(500) 4,334,668

695,741 4,344 700,085

11,573 (354,752) (343,179)

3,978,262

Total equity

2 2

ANNUAL REPORT 2015

The accompanying notes are an integral part of these financial statement.

Transfer to corporate social responsibility reserve Balance at 31 December 2014

Comprehensive income for the year Profit Other comprehensive income Total comprehensive income for the year

Transactions with owners, recorded directly in equity Share-based payment transactions Dividends to owners of the Company Total transactions with owners, recorded directly in equity

Year ended 31 December 2014 Balance at 1 January 2014

for the year ended 31 December 2015

Mega Lifesciences Public Company Limited and its Subsidiaries

21

20 29

Note

432,625

-

-

432,625

Issued and paid-up share capital

2,138,104

-

-

2,138,104

Share premium

STATEMENT OF CHANGES IN E UIT

8,431

-

8,431 8,431

-

43,695

-

-

43,695

(in thousand Baht)

10,000 10,000

-

-

-

(10,000) 443,771

631,669 (4,300) 627,369

(242,529) (242,529)

68,931

Separate financial statements Retained earnings Corporate social Legal responsibility Warrants reserve reserve Unappropriated

3,076,626

631,669 (4,300) 627,369

8,431 (242,529) (234,098)

2,683,355

Total equity

ANNUAL REPORT 2015

Financial Information

The accompanying notes are an integral part of these financial statement.

Transfer to corporate social responsibility reserve Utilisation of corporate social responsibility reserve Balance at 31 December 2015

Comprehensive income for the year Profit Other comprehensive income Total comprehensive income for the year

Transactions with owners, recorded directly in equity Share-based payment transactions Dividends to owners of the Company Total transactions with owners, recorded directly in equity

Year ended 31 December 2015 Balance at 1 January 2015

for the year ended 31 December 2015

Mega Lifesciences Public Company Limited and its Subsidiaries

432,625

-

-

432,625

Corporate Governance

21 21

20 29

Note

Issued and paid-up share capital

2,138,104

-

-

2,138,104

Share premium

STATEMENT OF CHANGES IN E UIT

General Information

2

Management

20,004

-

11,573 11,573

8,431

43,695

-

-

43,695

(in thousand Baht)

13,900 (500) 23,400

-

-

10,000

Overview

(13,900) 609,084

526,758 7,207 533,965

(354,752) (354,752)

443,771

Separate financial statements Retained earnings Corporate social Legal responsibility Warrants reserve reserve Unappropriated

(500) 3,266,912

526,758 7,207 533,965

11,573 (354,752) (343,179)

3,076,626

Total equity

STATEMENT OF CASH FLO S Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Consolidated Separate financial statements financial statements Year ended Year ended 31 December 31 December 2015 2014 2015 2014 (in thousand Baht) Cash flows from operating activities Profit for the year Adjustments for Depreciation and amortisation Provision for obsolescense and decline in value of inventories Investment income Finance costs Provision for doubtful accounts Unrealised (gain) loss on exchange rate Gain on disposal of property, plant and equipment Employee benefit obligations Employee stock option Income tax expense Changes in operating assets and liabilities Trade accounts receivable Other receivables Inventories Advances to suppliers and distributors Restricted deposits at financial institutions Other non-current assets Trade accounts payable Other payables Accrued expenses Other non-current liabilities Utilisation of corporate social responsibility reserve Employee benefit obligations paid Cash generated from (used in) operating activities Income taxes paid Net cash from (used in) operating activities

695,741

547,848

526,758

631,669

145,243 16,740 (28,098) 12,542 29,839 (39,048) (513) 15,547 11,573 132,249 991,815

131,432 16,818 (17,416) 17,134 1,887 46,804 (1,850) 11,948 8,431 90,289 853,325

72,646 3,418 (27,761) 6,741 16,928 (48,124) 7,716 1,431 37,118 596,871

65,857 2,923 (321,839) 11,317 7,470 9,201 835 18,916 426,349

(172,805) 32,185 (427,490) (22,727) (1,978) 275,903 (24,243) 79,493 112 (500) (4,065) 725,700 (116,578) 609,122

(361,068) (99,198) 8,078 (27,869) 10,626 2,460 162,429 171,766 5,415 (490) 725,474 (111,257) 614,217

(63,907) 52,240 (190,723) (13,516) (1,784) 15,959 62,326 23,918 (500) (2,750) 478,134 (39,132) 439,002

(656,304) (43,244) 62,104 (11,143) 196 4,227 (20,300) (28,061) (238) (266,414) (15,567) (281,981)

The accompanying notes are an integral part of these financial statement. 2

ANNUAL REPORT 2015

STATEMENT OF CASH FLO S Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Effect of exchange rate changes on balances held in foreign currency Cash and cash equivalents at 31 December

5

13,080 (80,594) (1,509) 30,000 (4,571) 432,775 (444,572) (55,391)

18,344 300,000 (79,346) (165) (300,000) 670,000 (35,280) (432,775) (506,539) (365,761)

(12,524) (353,576) (2,720)

(17,313) (242,551) (299)

(6,766) (353,576) (75)

(11,550) (242,529) (99)

188,768 (66,651) (246,703)

(338,032) (73,212) (671,407)

2,767 (37,069) (2,543) (397,262)

(78,030) (43,652) (375,860)

178,147 340,634

(1,199,990) 1,540,309

(13,651) 95,521

(1,023,602) 1,119,123

(3,102) 515,679

315 340,634

81,870

95,521

39,736

-

-

-

Non-cash transactions Acquisition of assets by means of finance lease

The accompanying notes are an integral part of these financial statement. ANNUAL REPORT 2015

2 5

Management

14,033 (159,892) (35,280) (23,500) 2,210 (433,832) (506,539) (1,142,800)

Corporate Governance

Cash flows from financing activities Finance costs paid Dividends paid Finance lease payments Increase (decrease) in bank overdrafts and short-term loans from financial institutions, net Repayment of borrowings Repayment of short-term loans from related party Net cash used in financing activities

13,417 (181,067) (12,154) 6,172 433,932 (444,572) (184,272)

Financial Information

Cash flows from investing activities Interest received Dividend received Purchase of property, plant and equipment Investment in subsidiaries Short-term loan to related party Receipt of short-term loan to related party Advance payment for land Purchase of intangible assets Sale of property, plant and equipment Redemption of current investments Purchase of current investments Purchase of long-term investments Net cash used in investing activities

General Information

Note

Consolidated Separate financial statements financial statements Year ended Year ended 31 December 31 December 2015 2014 2015 2014 (in thousand Baht)

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Note

Contents

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34

General information Basis of preparation of the financial statements Significant accounting policies Related parties Cash and cash equivalents Other investments Trade accounts receivable Other receivables Inventories Investments in associate Investments in subsidiaries Property, plant and equipment Intangible assets Deferred tax Interest-bearing liabilities Trade accounts payable Other payables Employee benefit obligations Share capital Warrants Reserves Segment information Employee benefit expenses Expenses by nature Finance costs Income tax expense Promotional privileges Earnings per share Dividends Financial instruments Commitments with non-related parties Events after the reporting period Thai Financial Reporting Standards (TFRS) not yet adopted Reclassification of accounts

2

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

These notes form an integral part of the financial statements.

1

General information Mega Lifesciences Public Company Limited, “the Company”, is incorporated in Thailand and has its registered office at No. 384, Moo 4, Bangpoo Industrial Estate, Praksa, Muang - Samutprakarn, Samutprakarn, Thailand.

Management

The financial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Board of Directors on 25 February 2016.

The immediate and ultimate holding company during the financial year was Unistretch Limited, which is incorporated in Thailand. The Company was listed on the Stock Exchange of Thailand on 19 November 2013. The principal activities of the Group are the manufacture and sale through independent distributors of health food supplements, branded prescription pharmaceutical products, over-the-counter products, herbal products, vitamins and fast moving consumer goods as well as the provision of distribution services relating to such products.

Corporate Governance

The Company has representative offices in Vietnam, Uganda, Ukraine and Kenya and representative offices under Mega Lifesciences PTY Limited, a subsidiary, in Sri Lanka, Vietnam, Myanmar, Indonesia, Uzbekistan, Ukraine, Malaysia, Philippines, Kenya, India, Russia, Kazakhstan and Ghana.

Details of the Company’s associate and subsidiaries as at 31 December 2015 and 2014 are given in notes 4, 10 and 11.

Statement of compliance The financial statements are prepared in accordance with Thai Financial Reporting Standards (TFRS); guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai Securities and Exchange Commission. The FAP has issued new and revised TFRS effective for annual accounting periods beginning on or after 1 January 2015.The initial application of these new and revised TFRS has resulted in changes in certain of the Group’s accounting policies. These changes have no material effect on the financial statements.

Financial Information

(a)

a i of preparation of t e financial tatement

In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised TFRS which are effective for annual financial periods beginning on or after 1 January 2015 and have not been adopted in the preparation of these financial statements. Those new and revised TFRS that are relevant to the Group’s operations are disclosed in note 33.

ANNUAL REPORT 2015

2 7

General Information

2

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

(b)

Basis of measurement The financial statements have been prepared on the historical cost basis except for the following item, which is measured on an alternative basis on each reporting date. Item Employee benefit obligations

(c)

Measurement bases Present value of the defined benefit obligation, limited as explained in Note 3 (l)

Functional and Presentation currency The financial statements are presented in Thai Baht, which is the Company’s functional currency. All financial information presented in Thai Baht has been rounded in the financial statements and notes to the financial statements to the nearest thousand unless otherwise stated.

(d)

Use of estimates and judgements The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. Assumptions and estimation uncertainties Information about significant areas of estimation uncertainties that have a significant risk of resulting in a material adjustments to the amounts recognised in the financial statements is included in the following notes: Note 7 Note 9 Note 13

Recoverability of trade accounts receivable Valuation of inventories Recoverability of trademark

Measurement of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

2

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of TFRS, including the level in the fair value hierarchy in which such valuations should be classified.

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entirety measurement. The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in the following notes:

Corporate Governance

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Management

Significant valuation issues are reported to the Group Audit Committee.

Significant acco nting policie The accounting policies set out below have been applied consistently to all periods presented in these financial statements. Basis of consolidation The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associate. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. ANNUAL REPORT 2015

2 9

General Information

(a)

Financial Information

• Note 20 share-based payment arrangements • Note 30 financial instruments

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Associate Associate is the entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Interest in associate is accounted for using the equity method. It is recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of an associate, until the date on which significant influence ceases. When the Group’s share of losses exceeds its interest in an associate, the Group’s carrying amount of that interest is reduced to zero and recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the associate. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b)

Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency at the exchange rates at the dates of the transactions. Foreign currency differences are generally recognized in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated to Thai Baht at the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated to Thai Baht at rates approximating the exchange rates ruling at the dates of transactions.

290

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

When a foreign operation is disposed of in its entirety or partially such that control or significant influence is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of an associate while retaining significant influence, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income, and presented in the foreign currency translation reserve in equity until disposal of the investment. Cash and cash equivalents Cash and cash equivalents in the statements of cash flows comprise cash balances, call deposits and highly liquid short-term investments. Bank overdrafts that are repayable on demand are a component of financing activities for the purpose of the statement of cash flows. (d)

Trade and other accounts receivable Trade and other accounts receivable are stated at their invoice value less allowance for doubtful accounts.

Corporate Governance

(c)

Management

Foreign exchange differences are recognised in other comprehensive income and presented in the foreign currency translation reserve, except to extent that the translation difference is allocated to non-controlling interest.

Inventories Inventories are measured at the lower of cost and net realisable value. Cost of inventories is calculated using the weighted average cost and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale.

ANNUAL REPORT 2015

291

General Information

(e)

Financial Information

The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments. Bad debts are written off when incurred.

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

(f)

Investments Investments in associate and subsidiaries Investments in associate and subsidiaries in the separate financial statements of the Company are accounted for using the cost method. Investment in associate in the consolidated financial statements is accounted for using the equity method. Disposal of investments On disposal of an investment, the difference between net disposal proceeds and the carrying amount together with the associated cumulative gain or loss that was reported in equity is recognised in profit or loss. If the Group disposes of part of its holding of a particular investment, the deemed cost of the part sold is determined using the weighted average method applied to the carrying value of the total holding of the investment.

(g)

Property, plant and equipment Recognition and measurement Owned assets Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised net within other income in profit or loss. Leased assets Leases in terms of which the Group substantially assumes all the risk and rewards of ownership are classified as finance leases. Property, plant and equipment acquired by way of finance leases is capitalised at the lower of its fair value and the present value of the minimum lease payments at the inception of the lease, less accumulated depreciation and impairment losses. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to the profit or loss.

292

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Subsequent costs

Depreciation Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.

Management

The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

Depreciation is charged to the profit or loss on a straight line basis over the estimated useful lives of each component of an item of property, plant and equipment. The estimated useful lives are as follows: 5 years 10 - 20 years 10 years 3-5 years 4-10 years 3-10 years 5-10 years

Corporate Governance

Land improvements Building Building improvements Leasehold improvements Machinery and equipment Furniture, fixtures and office equipment Vehicles No depreciation is provided on freehold land and assets under construction.

Intangible assets Computer software Computer software that are acquired by the Group, which have finite useful lives, are stated at cost less accumulated amortisation and accumulated impairment losses. Trademark Trademark is classified under intangible assets. Trademark that is acquired by the Group and has indefinite useful life is measured at cost less accumulated impairment losses. Trademark that has indefinite useful life is reviewed at each reporting date to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite should be accounted for as a change in an accounting estimate. ANNUAL REPORT 2015

29

General Information

(h)

Financial Information

Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Amortisation Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Computer software

3 - 10 years

Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. (i)

Impairment The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is recognised in profit or loss. Calculation of recoverable amount The recoverable amount of a non-financial asset is the greater of the asset’s value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment Impairment losses recognised in prior periods in respect of non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

29

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

(j)

Interest-bearing liabilities Interest-bearing liabilities are recognised initially at fair value. Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the borrowings on an effective interest basis.

Management

Trade and other accounts payable Trade and other accounts payable are stated at cost. Employee benefits Defined contribution plans

Defined benefit plans The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. Remeasurements of the net defined benefit liability, actuarial gain or loss are recognized immediately in OCI. The Group determines the interest expense on the net defined benefit liability for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period, taking into account any changes in the net defined benefit liability during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. Other long-term employee benefits

Corporate Governance

Obligations for contributions to defined contribution plans are expensed as the related service is provided.

Financial Information

(l)

The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in profit or loss in the period in which they arise.

ANNUAL REPORT 2015

295

General Information

(k)

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Termination benefits Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognizes costs for a restructuring. If benefits are not expected to be settled wholly within 12 months of the end of the reporting period, then they are discounted. Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. Share-based payments The grant-date fair value of equity–settled share-based payment awards granted to employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. The Company recognized warrants granted to employees of subsidiaries in the separate financial statement as investment in subsidiaries. (m) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting the Group’s obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recongnises any impairment loss on the assets associated with that contract.

29

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

(n)

Revenue Revenue excludes value added taxes and other sales taxes and is arrived at after deduction of trade discounts and volume rebates.

Revenue is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods. Service income is recognised as services are provided.

Management

Sale of goods and services rendered

Investments

Corporate Governance

Revenue from investments comprises dividend and interest income from investments and bank deposits. Dividend income Dividend income is recognised in profit or loss on the date the Group’s right to receive payments is established. Interest income Interest income is recognised in profit or loss as it accrues. (o)

Finance costs

Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. Lease payments Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of the lease. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.

ANNUAL REPORT 2015

297

General Information

(p)

Financial Information

Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and contingent consideration.

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Determining whether an arrangement contains a lease At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfilment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of the underlying asset. At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Group’s incremental borrowing rate. (q)

Income tax Income tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in profit or loss except to the extent that they relate to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. In determining the amount of current tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

29

ANNUAL REPORT 2015

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding and share options granted to employees. Segment reporting Segment results that are reported to the Group’s Chief Executive Officer (CEO) and Chief Coach include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly other administrative expense and income tax expense.

Relate partie For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.

Financial Information

(s)

ANNUAL REPORT 2015

299

General Information

(r)

Corporate Governance

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Management

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Relationships with subsidiaries and associates are described in notes 10 and 11. Relationships with key management and other related parties were as follows: Name of entities

Unistretch Limited Al-Mayoni For Trading Services Ltd. Magnus Pharmaceuticals Ltd. Ambika Tours Agency Limited InsurExcellence Insurance Brokers Ltd. Linaria Chemical (Thailand) Limited Mechai Pattana School Key management personnel

Country of incorporation/ nationality Thailand Yemen Yemen Thailand Thailand Thailand Thailand

Nature of relationships

Ultimate parent of the Group Common shareholders Common shareholders Common shareholders and directors Common shareholders and directors Common shareholders and directors Common chairman Persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the Group.

The pricing policies for particular types of transactions are explained further below: Transactions Sale of goods and rendering of service Purchase of goods and raw materials Interest income and interest expense Other income and other expenses

00

ANNUAL REPORT 2015

Pricing policies Market price minus margin Cost plus margin Agreed rates stipulated in the agreements Contractually agreed prices

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Significant transactions for the years ended 31 December with related parties were as follows:

Directors’ remuneration Other related parties Sale of goods Purchase of goods or receiving of services Advertisement expenses Donations given

1,063,760 71,149 34,762 24 113 822 18,005 33,465

1,059,199 62,720 20,748 43 4,826 1,254 19,183 -

126,391 1,131 286 127,808

79,503 1,227 167 80,897

16,740 721 286 17,747

15,668 859 167 16,694

7,440

7,440

7,440

7,440

14,341 13,742 19,421 500

41,038 20,419 -

14,341 7,826 19,421 500

41,038 8,331 -

ANNUAL REPORT 2015

01

Management

-

Corporate Governance

Key management personnel Key management personnel compensation Short-term employee benefit Post-employment benefits Expense for employee stock option plan Total key management personnel Compensation

-

Financial Information

Subsidiaries Sale of goods and rendering of service Purchase of goods or receiving of service Commission expense Interest expense Interest income Other income Advertisement expense Support service expense

General Information

Year ended 31 December

Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht)

NOTES TO THE FINANCIAL STATEMENTS Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Balances as at 31 December with related parties were as follows: Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht)

Trade accounts receivable - related parties

Subsidiaries Other related parties Total

36,626 36,626

Subsidiaries Other related parties Total

Short-term loan Subsidiary Short-term loan to related party

527,424 36,626 564,050

549,563 62,524 612,087

Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht)

Other receivables - related parties

Loans to related party

62,524 62,524

106 106

12,120 12,120

33,932 33,932

Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht)

Interest rate 2015 2014 (% per annum) -

450 450

-

1.65

-

-

30,000 30,000

Movements during the years ended 31 December of loans to related parties were as follows: Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht) Subsidiary At 1 January Increase Decrease At 31 December

02

ANNUAL REPORT 2015

-

-

30,000 (30,000) -

400,000 300,000 (670,000) 30,000

NOTES TO THE FINANCIAL STATEMENTS Overview

Mega Lifesciences Public Company Limited and its Subsidiaries for the year ended 31 December 2015

Subsidiaries Other related parties Total

Short-term loan Subsidiary Short-term loan from related party

17,668 17,668

21,108 21,108

Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht)

Other payables - related parties

Loan from and interest payable to related party

-

244 244

13,616 13,616

-

Consolidated Separate financial statements financial statements 2015 2014 2015 2014 (in thousand Baht)

Interest rate 2015 2014 (% per annum) -

481 481

-

1.70

-

-

2,543 2,543

Corporate Governance

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