RATCH: Annual Report 2002 by Nat Kim

Good Corporate

Governance

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Ratchaburi Electricity Generating Holding Public Company Limited

19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√»—æ∑å 0 2978 5000 ‚∑√ “√ 0 2937 9321 19 SCB Park Plaza, Tower 3 East, th 20 Floor, Ratchadapisek Rd., Ladyao, Jatujak, Bangkok 10900 Tel. (66) 2978 5000 Fax. (66) 2937 9321 www.ratch.co.th

Annual Report 2002 Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

Annual Report 2002

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

Public

Shareholders

Employees

Customers Transparency

Best Practice

Fairness

Accountability

Value

Business Partners

Government

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Ratchaburi Electricity Generating Holding Public Company Limited

æ≈—ß √â“ß √√§åÕπ“§µ ë Powering the Future

4 ¿“æ√«¡∑“ß¥â“π°“√‡ß‘π

Good Corporate

Financial Overview

6 º≈°“√¥”‡π‘πß“π‡¥àπ„π√Õ∫ªï 2545

Highlights of Operations in 2002

12 “√®“°ª√–∏“π°√√¡°“√

Message from the Chairman

“√∫—≠

Tableof

Contents

17 §≥–°√√¡°“√∫√‘…—∑

Public

Board of Directors

Governance °“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

24 §≥–ºŸâ∫√‘À“√

Executive Officers

28 ‚§√ß √â“ß°“√∫√‘À“√ Organization Chart

Shareholders

30 ‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπ

Management and Shareholding Structure

Customers Transparency

Best Practice

Fairness

Accountability

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

46 ¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π

The Industry and Competition

50 ªí®®—¬§«“¡‡ ’Ë¬ß Risk Factors

53 ‚§√ß°“√„πÕπ“§µ Future Projects

Employees

Value

Business Partners

54 √“¬°“√√–À«à“ß°‘®°“√∑’Ë‡°’¬«¢âÕß°—π

Transactions with Related Companies

61 §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘π Management Discussion & Analysis

69 °“√√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ Report on Compliance with Principles of Good Corporate Governance

84 §«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡

Responsibilities to Environment and Society

89 ß∫°“√‡ß‘π

Financial Statements

122 ¢âÕ¡Ÿ≈Õ◊ËπÊ

Other Facts

127 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ

Other Reference Persons

128 ¥√√™π’ Index

Government

ç°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’é ‡ªìπ‡ªÑ“À¡“¬¢Õß°“√¥”‡π‘πß“π¢Õß °≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∑’Ë®—°µâÕß ªØ‘∫—µ‘ „Àâ —¡ƒ∑∏‘º≈ ∫πæ◊Èπ∞“π·Ààß°“√¬÷¥¡—Ëπ „π®√‘¬∏√√¡ ∑’Ë§”π÷ß∂÷ßª√–‚¬™πå¢Õß à«π√«¡‡ªìπ ”§—≠ §«“¡√—∫º‘¥™Õ∫ µàÕª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√¥”‡π‘πß“π ¥â«¬°“√ §«∫§ÿ¡§«“¡‡ ’Ë¬ßÕ¬à“ß√Õ∫§Õ∫·≈–√Õ∫¥â“π °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ “√ π‡∑»∑’Ë ”§—≠¢Õß∫√‘…—∑œ Õ¬à“ß∂Ÿ°µâÕß·≈–∑—Ë«∂÷ß µ≈Õ¥®π °“√¥Ÿ·≈·≈–ªØ‘∫—µ‘µàÕºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°§πÕ¬à“ß‡∑à“‡∑’¬¡°—π ‘Ëß‡À≈à“π’ÈÀ≈Õ¡√«¡‡ªìπ§à“π‘¬¡Õß§å°√∑’Ë§«√§à“·°à°“√ªØ‘∫—µ‘ ◊∫∑Õ¥µ≈Õ¥‰ª ‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∑ÿ°ΩÉ“¬ π—∫µ—Èß·µà ºŸâ∂◊ÕÀÿâπ æπ—°ß“π ¿“§√—∞ ºŸâ√à«¡§â“ ≈Ÿ°§â“ ·≈– “∏“√≥™π „π∞“π–ºŸâ¡’ à«π‰¥â à«π‡ ’¬¢Õß∫√‘…—∑œ

Ratchaburi Electricity Generating Holding PCL. Group aims to comply with Good Corporate Governance based on adherance to best practice as essential with integrity, accountability to efficiency of operation with thorough risk management, transparency to information disclosure on accurate and coverage basis and fairness to all stakeholders on equal manner. All of these are the Groupûs value in maximizing benefit to all stakeholders including shareholders, employees, government, business partners, customers and public.

hareholders

mployees

overnment

usiness Partners

ustomers

ublic

°“√ √â“ß§«“¡‡®√‘≠‡µ‘∫‚µ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â√—∫º≈µÕ∫·∑π ∑’‡Ë À¡“– ¡ ‡ªìπ«—µ∂ÿª√– ß§åÀ≈—° ¢Õß∫√‘…—∑œ πÕ°®“°π’È ∫√‘…—∑œ ®–‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫ º≈ª√–°Õ∫°“√Õ¬à“ß∂Ÿ°µâÕß µ“¡§«“¡‡ªìπ®√‘ß √«¡∑—ßÈ √“¬ß“π ∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ µàÕºŸâ∂◊ÕÀÿâπÕ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â∑√“∫ ·≈–„™â‡ªìπ¢âÕ¡Ÿ≈ª√–‡¡‘π °“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ

æπ—°ß“π§◊ÕÀ—«„®¢Õß∫√‘…—∑œ ´÷Ëß∫√‘…—∑œ ®– àß‡ √‘¡„Àâ æπ—°ß“π¡’§«“¡√Ÿâ§«“¡ “¡“√∂ ∑’Ë‡À¡“– ¡°—∫∏ÿ√°‘® ·≈–®– ¥Ÿ·≈æπ—°ß“π∑ÿ°§π¥â«¬ §«“¡‡ ¡Õ¿“§ ¬ÿµ‘∏√√¡ √«¡∑—Èß„Àâº≈µÕ∫·∑π∑’Ë‡ªìπ∏√√¡ ·≈–‡À¡“– ¡

∫√‘…—∑œ ‡™◊ËÕ¡—Ëπ«à“°“√ª√–°Õ∫ ∏ÿ√°‘®Õ¬à“ß´◊ËÕµ√ß ¡’®√‘¬∏√√¡ ·≈–§ÿ≥∏√√¡ ‡ªìπ·π«∑“ß°“√ ª√–°Õ∫∏ÿ√°‘®∑’Ë∂Ÿ°µâÕß·≈–¬—Ëß¬◊π ¥—ßπ—Èπ ∫√‘…—∑œ ®–§”π÷ß∂÷ßÀπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫∑’Ë¡’µàÕ™“µ‘ »“ π“ æ√–¡À“°…—µ√‘¬å ·≈–®–¬÷¥∂◊Õ°“√ªØ‘∫—µ‘µ“¡ °ÆÀ¡“¬∑’Ë „™â°”°—∫∏ÿ√°‘®°“√§â“ Õ¬à“ß‡§√àß§√—¥ ‚ª√àß„ ¡’§ÿ≥∏√√¡ ·≈–§«“¡√—∫º‘¥™Õ∫

°“√∑’®Ë –º≈—°¥—π„Àâ∫√‘…∑— œ ‡µ‘∫‚µ °â“«Àπâ“µàÕ‰ª‰¥â §«√®–‰¥â√—∫ °“√ π—∫ πÿπ®“°æ—π∏¡‘µ√∑“ß ∏ÿ√°‘® ¥—ßπ—Èπ ∑ÿ°∏ÿ√°√√¡¢Õß ∫√‘…—∑œ ®–¥”‡π‘π°“√Õ¬à“ß ‚ª√àß„ µ√ß‰ªµ√ß¡“ ·≈–‡ªìπ∏√√¡ Õ’°∑—Èß¬—ß®–ªØ‘∫—µ‘ µàÕ°—π·∫∫æ—π∏¡‘µ√ ‡æ◊ËÕ√à«¡¡◊Õ °—π √â“ß§«“¡‡®√‘≠°â“«Àπâ“ „Àâ°—∫∫√‘…—∑œ

∫√‘…—∑œ µ√–Àπ—°¥’«à“≈Ÿ°§â“‡ªìπ ¥—ß‡ âπ‡≈◊Õ¥∑’ËÀ≈àÕ‡≈’È¬ß∫√‘…—∑œ „Àâ‡®√‘≠‡µ‘∫‚µÕ¬à“ß¡—Ëπ§ß ´÷Ëß ∫√‘…—∑œ µâÕßµ‘¥µ“¡·≈– µ√«® Õ∫ª√– ‘∑∏‘¿“æ °“√∑”ß“π¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ ¡—Ëπ„®«à“º≈º≈‘µ¡’§ÿ≥¿“æ·≈– ∫√‘°“√‡ªìπ∑’Ëæ÷ßæÕ„®¢Õß≈Ÿ°§â“

‰øøÑ“‡ªìπªí®®—¬∑’Ë®”‡ªìπµàÕ°“√ ¥”√ß™’«‘µ¢Õß∑ÿ°§π„π —ß§¡ ·≈–¬—ß‡ªìπªí®®—¬ ”§—≠µàÕ°“√ æ—≤π“‡»√…∞°‘®·≈– —ß§¡¢Õß ª√–‡∑» „π∞“π–∑’ËºŸâº≈‘µ‰øøÑ“ √“¬„À≠à¢Õßª√–‡∑» ∫√‘…—∑œ ®÷ß¡’§«“¡√—∫º‘¥™Õ∫∑’Ë®–™à«¬ √—°…“‡ ∂’¬√¿“æ¢Õß√–∫∫‰øøÑ“ ‡æ◊ËÕ„ÀâºŸâ „™â‰øøÑ“¡’‰øøÑ“„™âÕ¬à“ß ¡—Ëπ§ß √«¡∑—Èß¬—ßµâÕßª°ªÑÕß¥Ÿ·≈ ·≈–√—°…“ ‘Ëß·«¥≈âÕ¡Õ¬à“ß µàÕ‡π◊ËÕß

The Company's main objective is to create growth and appropriate return to shareholders. Operating performance is disclosed on accurate and consistent basis for shareholders to acknowledge and evaluate overall administration of the Company.

The Company's major assets are employees. The Company will support and foster employees to enhance their abilities suited to its business. Employees will be treated on equal and fair manner together with appropriate compensation.

In operating the business for continuous success, the Company believes that honesty, integrity and ethic need to be maintained. The Company is responsible for communities and society and compliance with all relevant rule and regulation applicable.

Due to the fact that business partners could support the Company's growth, all business transactions need to be fair, transparent and straight-forward. In addition, business partners are treated well for mutual benefits.

As the Company is customer-oriented, operational efficiency needs to be monitored and reviewed to ensure quality service for customer's satisfaction.

As electricity is a main factor for people and economic and social development of the country. The Company, as a major independent power producer, is responsible for assisting the country in maintaining electricity stability and for taking care of environment.

2 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

Ratchaburi Electricity Generating Holding Public Company Limited

¿“æ√«¡∑“ß¥â“π°“√‡ß‘π

Financial

Overview

Àπà«¬ : ≈â“π∫“∑ / Unit : Million Baht

2545/2002

Õ—µ√“ à«π∑“ß°“√‡ß‘π/Financial Ratios

2544/2001

∞“π–°“√‡ß‘π/Financial Position ‘π∑√—æ¬å√«¡ Àπ’ È π‘ √«¡ ∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« à«π¢ÕßºŸ∂â Õ◊ Àÿπâ

Total Assets Total Liabilities Issued and Paid-up Capital Shareholdersû Equity

¥Õ°‡∫’¬È ®à“¬ §à“„™â®à“¬√«¡ ¿“…’‡ß‘π‰¥â °”‰√ ÿ∑∏‘

Electricity Sales Other Income Total Revenues Cost of Sales Selling and Administrative Expenses Interest Expenses Total Expenses Income Tax Net Profit

67,784.038 45,209.889

Õ—µ√“ à«π ¿“æ§≈àÕß (‡∑à“) Õ—µ√“ à«π ¿“æ§≈àÕß À¡ÿπ‡√Á« (‡∑à“) Õ—µ√“ à«π ¿“æ§≈àÕß °√–· ‡ß‘π ¥ (‡∑à“) Õ—µ√“ à«πÀ¡ÿπ‡«’¬π ≈Ÿ°Àπ’°È “√§â“ (‡∑à“) √–¬–‡«≈“‡°Á∫Àπ’‡È ©≈’¬Ë («—π) Õ—µ√“ à«πÀ¡ÿπ‡«’¬π‡®â“Àπ’È (‡∑à“) √–¬–‡«≈“™”√–Àπ’È («—π)

39,849.880 20,554.671

14,500.000 22,574.149

14,500.000 19,295.209

27,493.217 661.645 28,154.862 20,833.211

17,422.697 491.604 17,914.301 12,802.869

422.900 1,966.882 23,222.993 (202.929) 4,728.940

377.167 1,386.276 14,566.312 (288.449 ) 3,059.540

≈â“π∫“∑ Million Baht 4,728.94 67,784.04

60,000 40,000

Õ—µ√“°”‰√¢—πÈ µâπ (%) Ratio of Gross Profit to Net Sales (%) Õ—µ√“°”‰√ ÿ∑∏‘ (%) Ratio of Net Profit to Net Sales (%) Õ—µ√“º≈µÕ∫·∑πºŸ∂â Õ◊ Àÿπâ (%) Rate of Return on Equity (%)

5,000

3,000 36,946.89

39,849.88

1.82

3.46

1.59

3.11

0.93

1.58

5.93 60.68 7.23 49.82

6.04 59.56 6.80 52.96

24.22 16.80 22.59

26.52 17.08 17.22

8.79

7.97

16.11 0.52

14.83 0.47

8,774.22

5,970.14

16.30

15.55

21.58

20.88

2.00

1.07

2.60

3.55

15.57 3.26

13.31 2.11

Õ—µ√“ à«π· ¥ßª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π/Efficiency Ratio

4,000

3,059.54

Current Ratio (Times) Acid Test Ratio or Quick Ratio (Times) Cash Flow from Operation to Current Liabilities Ratio (Times) Accounts Receivable Turnover Ratio (Times) Average Collection Period (Days) Accounts Payable Turnover Ratio (Times) Average Payment Period (Days)

Õ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√À“°”‰√/Profitability Ratio

≈â“π∫“∑ Million Baht

80,000

2544/2001

Õ—µ√“ à«π· ¥ß ¿“æ§≈àÕß/Liquidity Ratio

º≈°“√¥”‡π‘πß“π/Operating Results √“¬‰¥â§à“¢“¬‰øøÑ“ √“¬‰¥âÕ◊Ëπ √“¬‰¥â√«¡ µâπ∑ÿπ¢“¬ §à“„™â®à“¬„π°“√∫√‘À“√

2545/2002

2,000

Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å√«¡ (%) Õ—µ√“º≈µÕ∫·∑π®“° ‘π∑√—æ¬å∂“«√ (%) Õ—µ√“°“√À¡ÿπ¢Õß ‘π∑√—æ¬å (‡∑à“) °”‰√ ÿ∑∏‘°Õà πÀ—° ¥Õ°‡∫’¬È ¿“…’‡ß‘π‰¥â §à“‡ ◊ÕË ¡√“§“·≈– §à“µ—¥®à“¬ (EBITDA) (≈â“π∫“∑) Õ—µ√“º≈µÕ∫·∑π EBITDA µàÕ ‘π∑√—æ¬å√«¡ (%) Õ—µ√“º≈µÕ∫·∑π EBITDA µàÕ ‘π∑√—æ¬å∂“«√ (%)

Rate of Return on Assets (%) Rate of Return on Fixed Assets (%) Assets Turnover Ratio (Times) EBITDA (Million Baht) Ratio of EBITDA to Assets (%) Ratio of EBITDA to Fixed Assets (%)

Õ—µ√“ à«π«‘‡§√“–Àåπ‚¬∫“¬∑“ß°“√‡ß‘π/Financial Policy Ratio Õ—µ√“ à«πÀπ’ È π‘ µàÕ Debt to Equity Ratio (Times) à«π¢ÕßºŸ∂â Õ◊ Àÿπâ (‡∑à“) Õ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√ Debt Service Coverage ™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’¬È (‡∑à“) Ratio (DSCR) (Times)

¢âÕ¡Ÿ≈µàÕÀÿπâ /Per Share Data 20,000

1,000

203.89 0

0 2543/2000

2544/2001

2545/2002

2543/2000

‘π∑√—æ¬å√«¡/Total Assets …—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 4 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

2544/2001

¡Ÿ≈§à“µ“¡∫—≠™’µÕà Àÿπâ (∫“∑) °”‰√ ÿ∑∏‘µÕà Àÿπâ (∫“∑)

Book Value Per Share (Baht) Earnings Per Share (Baht)

2545/2002

°”‰√ ÿ∑∏‘/Net Profit ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 5

Ratchaburi Electricity Generating Holding Public Company Limited

º≈°“√¥”‡π‘πß“π‡¥àπ„π√Õ∫ªï 2545

Highlights of

Operations in 2002

°“√¥”‡π‘π∏ÿ√°‘® °“√√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‰¥â√—∫ ‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√™’ ¥ÿ ∑’Ë 1-2 ®“°°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ·≈–√—∫‚Õπ™ÿ¥∑’Ë 3 ‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 àßº≈„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ ‡ªìπ∫√‘…—∑º≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë ÿ¥¢Õßª√–‡∑» ¡’°”≈—ßº≈‘µµ‘¥µ—Èß √«¡ 3,645 ‡¡°–«—µµå À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ß°“√º≈‘µ∑—Èßª√–‡∑» ª√–°Õ∫ ¥â«¬ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ®”π«π 2 ‡§√◊ËÕß °”≈—ß°“√º≈‘µ‡§√◊ËÕß≈– 735 ‡¡°–«—µµå √«¡°”≈—ß°“√º≈‘µ 1,470 ‡¡°–«—µµå ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡®”π«π 3 ™ÿ¥ °”≈—ß °“√º≈‘µ™ÿ¥≈– 725 ‡¡°–«—µµå √«¡°”≈—ß°“√º≈‘µ 2,175 ‡¡°–«—µµå

√—∫‚Õπ‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ√à«¡ 3 ™ÿ¥

√«¡°”≈—ßº≈‘µ 2,175 ‡¡°–«—µµå Transfer of Ratchaburi Combined Cycle Power Plant Blocks 1-3 with

total capacity of 2,175 megawatts

Operation Transfer of Ratchaburi Combined Cycle Power Plant Blocks 1-3 Ratchaburi Electricity Generating Co., Ltd., its subsidiary, completed the transfer of Combined Cycle Power Plant Blocks 1-2 and Block 3 from the Electricity Generating Authority of Thailand (EGAT) on April 18, 2002 and November 1, 2002, respectively. Currently, Ratchaburi Electricity Generating Co., Ltd. is Thailand largest independent power producer with total capacity of 3,645 megawatts or 14% of total installed capacity in Thailand, comprising of two thermal units of 1,470 megawatts and three combined-cycle blocks of 2,175 megawatts.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 6 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

°“√‡®√®“ª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ©∫—∫·°â‰¢Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ ≈¥¿“√–¥Õ°‡∫’È¬ °—∫ ∂“∫—π°“√‡ß‘π´÷Ëß‡ªìπ‡®â“Àπ’È®”π«π 19 √“¬ ‡¡◊ËÕ«—π∑’Ë 20 ¡‘∂ÿπ“¬π 2545 ´÷Ëß √«¡ 6 ªï ‡ªìπ‡ß‘π µ“¡ —≠≠“©∫—∫·°â‰¢¥—ß°≈à“«‰¥âª√—∫≈¥Õ—µ√“¥Õ°‡∫’¬È ‡ß‘π°Ÿ‡â ªìπ√–¬–‡«≈“ 6 ªï ®“°‡¥‘¡ Õ—µ√“¥Õ°‡∫’È¬≈Ÿ°§â“™—Èπ¥’ (MLR: Minimum Lending Rate) ‡©≈’Ë¬¢Õß 4 ∏π“§“√ §◊Õ 2,734 ≈â“π∫“∑ ∏π“§“√°√ÿß‰∑¬ ∏π“§“√°√ÿß‡∑æ ∏π“§“√‰∑¬æ“≥‘™¬å ·≈–∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“ Save approximately µ≈Õ¥Õ“¬ÿ —≠≠“ ‡ªìπÕ—µ√“„À¡à ¥—ßπ’È Baht 2,734 million 1) Õ—µ√“¥Õ°‡∫’È¬ MLR -1.50% √–¬–‡«≈“ 3 ªï·√° µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2545 in interest payment ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2548 for the 6 years 2) Õ—µ√“¥Õ°‡∫’È¬ MLR -1.125% √–¬–‡«≈“ 3 ªï∂—¥‰ª µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2548 ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2551 3) Õ—µ√“¥Õ°‡∫’È¬ MLR µ“¡ —≠≠“‡ß‘π°Ÿâ‡¥‘¡ µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2551 ®π ‘Èπ ÿ¥√–¬–‡«≈“ —≠≠“‡ß‘π°Ÿâ §«“¡ ”‡√Á®„π°“√ª√—∫≈¥Õ—µ√“¥Õ°‡∫’¬È ™à«¬≈¥¿“√–§à“¥Õ°‡∫’¬È ·°à∫√‘…∑— ¬àÕ¬„π™à«ß√–À«à“ß«—π∑’Ë 1 °√°Æ“§¡ 2545 ∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 287 ≈â“π∫“∑ ·≈–µ≈Õ¥√–¬–‡«≈“ 6 ªï µ—Èß·µà «—π∑’Ë 1 °√°Æ“§¡ 2545 ∂÷ß «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2551 ∫√‘…—∑¬àÕ¬ “¡“√∂≈¥¿“√–¥Õ°‡∫’È¬®à“¬‡ªìπ ®”π«π‡ß‘πª√–¡“≥ 2,734 ≈â“π∫“∑ Interest Rates Reduction on Debt Ratchaburi Electricity Generating Co., Ltd. has signed a revised loan agreement with 19 financial institution creditors on June 20, 2002. The amendment has reduced interest rate from the original MLR, which is an average rate of Krung Thai Bank, Bangkok Bank, Siam Commercial Bank and Bank of Ayudhaya to the new rates with following details 1) MLR- 1.50% in the first 3 years, starting from July 1, 2002 to June 30, 2005. 2) MLR- 1.125% for the next 3 years, beginning from July 1, 2005 to June 30, 2008. 3) MLR as agreed in the original agreement, beginning from July 1, 2008 until the contract expires. Ratchaburi Electricity Generating Co., Ltd. would save approximately Baht 2,734 million in interest payment for the 6 years beginning from July 1, 2002 to June 30, 2008 and Baht 287 million for 6-month period of July 1, 2002 to December 31, 2002.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 7

Ratchaburi Electricity Generating Holding Public Company Limited

µ‘¥µ—Èß‚´≈à“‡´≈≈å ‡¡◊ËÕ«—π∑’Ë 5 ‘ßÀ“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π∫—π∑÷°§«“¡‡¢â“„® °—∫ °øº. ‡æ◊ËÕ √à«¡‚§√ß°“√ “∏‘µ√–∫∫º≈‘µ·≈–®”Àπà“¬‰øøÑ“æ≈—ß· ßÕ“∑‘µ¬å∫πÀ≈—ß§“∫â“π√–¬–∑’Ë 2 ´÷Ëß‚§√ß°“√¥—ß °≈à“«‰¥â√—∫°“√ π—∫ πÿπ®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π ”π—°ß“π§≥–°√√¡°“√ π‚¬∫“¬ æ≈—ßß“π·Ààß™“µ‘ ( ”π—°ß“ππ‚¬∫“¬·≈–·ºπæ≈—ßß“π À√◊Õ πæ. „πªí®®ÿ∫—π) ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√°— …å æ≈—ßß“π ·≈–·ºß‚´≈à“‡´≈≈å¥ß— °≈à“«®–π”‰ªµ‘¥µ—ßÈ ∑’ÕË “§“√ ”π—°ß“π∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¥â«¬ °“√√—∫øíß§«“¡§‘¥‡ÀÁπ®“°™ÿ¡™π„π‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á° ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‰¥â®—¥ª√–™ÿ¡√—∫øíß§«“¡§‘¥‡ÀÁπ¢Õß™ÿ¡™π„π‚§√ß°“√ µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°®”π«π 3 ·Ààß ª√–°Õ∫¥â«¬ ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ®—ßÀ«—¥≈æ∫ÿ√’ ‡¢◊ËÕπ‡®â“æ√–¬“ ®—ßÀ«—¥™—¬π“∑ ·≈–‡¢◊ËÕπ§≈Õß∑à“¥à“π ®—ßÀ«—¥π§√π“¬° √«¡ 5 §√—Èß ´÷Ëßº≈ª√“°Ø«à“ ºŸâ‡¢â“√à«¡ª√–™ÿ¡¡“°°«à“√âÕ¬≈– 73 ¢Õß·µà≈–‚§√ß°“√‡ÀÁπ¥â«¬°—∫‚§√ß°“√œ °“√‡¬’Ë¬¡™¡‚√ß‰øøÑ“√“™∫ÿ√’ „πªï 2545 ¡’º Ÿâ π„®‡¢â“‡¬’¬Ë ¡™¡°“√¥”‡π‘πß“π¢Õß‚√ß‰øøÑ“√“™∫ÿ√’ ´÷ßË ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπ ºŸâ¥”‡π‘π°“√∫√‘À“√ ‡ªìπ®”π«π¡“°°«à“ 5,000 §π ‚¥¬ à«π„À≠à‡ªìππ—°‡√’¬π π‘ ‘µπ—°»÷°…“ Àπà«¬ß“π √“™°“√ Õß§å°√‡Õ°™π ª√–™“™π∑’ËÕ“»—¬Õ¬Ÿà∫√‘‡«≥√Õ∫‚√ß‰øøÑ“√“™∫ÿ√’ ·≈–ª√–™“™π∑—Ë«‰ª

Solar Cells Project On August 5, 2002, Ratchaburi Electricity Generating Co., Ltd. signed a memorandum of understanding with EGAT to participate in Phase 2 of a demonstration project to produce and distribute solar energy rooftops. The project seeks support in its installation of solar panels from the Energy Conservation Fund of the National Energy Policy Office (changed name to Energy Policy and Planning Office or EPPO). The solar panels will be installed on the office building of Ratchaburi Electricity Generating Co., Ltd. Public Participation for Mini Hydro Power Plant Project Ratchaburi Energy Co., Ltd. organized five public participations regarding the installation of three mini hydro generators to be located at Pasak Chonlasit Dam in Lopburi Province, Chao Phraya Dam in Chainat Province, and Khlong Tha Dan Dam in Nakhon Nayok Province. More than 73% of those attendances agreed to the projects. A Site Visit at Ratchaburi Power Plant During 2002 the Ratchaburi Power Plant was visited by a large number of interested people. Ratchaburi Electricity Generating Co., Ltd. welcomed more than 5,000 persons who came on site visits. Most of the groups consisted of students, government employees, private organizations, local residents, and general public.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 8 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

°“√∫√‘À“√·≈–°“√®—¥°“√ °”Àπ¥π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ‡¡◊ËÕ«—π∑’Ë 23 ∏—π«“§¡ 2545 §≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡ÀÁπ™Õ∫„Àâ¡’°“√°”Àπ¥π‚¬∫“¬ °“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß°≈ÿà¡∫√‘…—∑œ ·≈–‡¡◊ËÕ«—π∑’Ë 14 ¡°√“§¡ 2546 ‰¥â‡ÀÁπ™Õ∫ „πÀ≈—°°“√°“√°”°—∫°‘®°“√∑’Ë¥’¢Õß°≈ÿà¡∫√‘…—∑œ ´÷Ëß Õ¥§≈âÕß°—∫§«“¡¡ÿàßÀ«—ß¢Õß µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬§√Õ∫§≈ÿ¡µ—Èß·µà®√‘¬∏√√¡„π°“√¥”‡π‘πß“π∑’Ë‡πâπ §«“¡´◊ËÕ —µ¬å ÿ®√‘µ·≈–§”π÷ß∂÷ßº≈ª√–‚¬™πå¢Õß à«π√«¡ √–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ §«“¡√—¥°ÿ¡ °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈– “√ π‡∑»∑’Ë ”§—≠¢Õß°≈ÿà¡∫√‘…—∑œ Õ¬à“ß∂Ÿ°µâÕß·≈– ∑—«Ë ∂÷ß ®π∂÷ß°“√ªØ‘∫µ— µ‘ Õà ºŸ∂â Õ◊ Àÿπâ ·≈–°“√¥Ÿ·≈√—°…“º≈ª√–‚¬™πå¢ÕßºŸ¡â ’ «à π‰¥â‡ ’¬µà“ßÊ Õ¬à“ß‡∑à“‡∑’¬¡ °“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡µ“¡¡“µ√∞“π ISO 14001 ‡¡◊ËÕ«—π∑’Ë 13 ‘ßÀ“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â·µàßµ—Èß °øº. ‡ªìπ∑’Ë ª√÷°…“°“√®—¥∑”√–∫∫°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡µ“¡¡“µ√∞“π ISO 14001 √«¡∂÷ß °“√µ√«®µ‘¥µ“¡º≈°“√¥”‡π‘πß“π¿“¬À≈—ß‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π √«¡√–¬–‡«≈“ 8 ªï ∑—Èßπ’È §“¥«à“∫√‘…—∑¬àÕ¬®– “¡“√∂π”¡“µ√∞“π°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡¡“ªØ‘∫—µ‘ „™â „π°“√¥”‡π‘πß“π¢Õß‚√ß‰øøÑ“√“™∫ÿ√’‰¥âª√–¡“≥‡¥◊Õπ‡¡…“¬π 2546

§≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡ÀÁπ™Õ∫„Àâ¡’°“√ °”Àπ¥π‚¬∫“¬°“√°”°—∫

¥Ÿ·≈°‘®°“√∑’Ë¥’ ¢Õß°≈ÿ¡à ∫√‘…∑— œ The Companyûs Board of Directors approved a policy of good

corporate governance

Management Good Corporate Governance Policy On December 23, 2002, the Companyûs Board of Directors approved a policy of good corporate governance and declared them effective for the entire Group of companies on January 14, 2003. This policy incorporates the principles of good corporate governance advocated by the Stock Exchange of Thailand, by which it covers high ethical values, maintains standard of honesty, adheres to strict system of internal control. The disclosure of significant information concerning its group are accurate and coverage. The treatment of all shareholders and other stakeholders are on equal manner. Application for Environment Management Standard of ISO 14001 On August 13, 2002, Ratchaburi Electricity Generating Co., Ltd. signed an 8-year contract with EGAT as a consultant in organizing the ISO 14001 standard system of environmental management for the Ratchaburi Power Plant. Ratchaburi Electricity Generating Co., Ltd. plans to implement this system from April 2003 onwards.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 9

Ratchaburi Electricity Generating Holding Public Company Limited

—ß§¡·≈– ‘Ëß·«¥≈âÕ¡ ∫√‘°“√Àπà«¬·æ∑¬å‡§≈◊ËÕπ∑’Ë ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â „Àâ°“√ π—∫ πÿπ∫√‘°“√∑“ß°“√·æ∑¬å·°à™ÿ¡™π„πæ◊Èπ∑’Ë 8 µ”∫≈ ‚¥¬ √à«¡°—∫‚√ßæ¬“∫“≈√“™∫ÿ√’ ·≈–‚√ßæ¬“∫“≈¥”‡π‘π –¥«° ®—¥Àπà«¬·æ∑¬å‡§≈◊ÕË π∑’Ë„Àâ∫√‘°“√µ√«®√—°…“ ÿ¢¿“æ ‚√§∑—Ë«‰ª ·≈–∑—πµ°√√¡‚¥¬‰¡à§‘¥§à“„™â®à“¬ √«¡ 15 §√—Èß ®”π«π 2,365 §π ‚§√ß°“√™’««‘∂’‡æ◊ËÕ°“√æ—≤π“Õ¬à“ß¬—Ëß¬◊π ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â®¥— Õ∫√¡ ç‚§√ß°“√™’««‘∂‡’ æ◊ÕË °“√æ—≤π“Õ¬à“ß¬—ßË ¬◊π µ“¡·π«æ√–√“™¥”√‘ ‡√◊ËÕß‡»√…∞°‘®æÕ‡æ’¬ßé ´÷Ëß‡ªìπ°“√„Àâ§«“¡√Ÿâ·≈–·π–π”·π«∑“ß°“√¥”√ß™’«‘µÕ¬à“ß¡’§ÿ≥¿“æ °“√Õ∫√¡ ¥—ß°≈à“«¡’µ«— ·∑π®“°Àπà«¬ß“π√“™°“√ ºŸπâ ”™ÿ¡™π∑âÕß∂‘πË „πæ◊πÈ ∑’Ë 8 µ”∫≈ √Õ∫Ê ‚√ß‰øøÑ“√“™∫ÿ√’ ◊ÕË ¡«≈™π ∑âÕß∂‘πË ª√–™“™π∑—«Ë ‰ª ·≈–ºŸªâ Ø‘∫µ— ß‘ “π °øº. ∑’ªË Ø‘∫µ— ß‘ “π„π‚√ß‰øøÑ“√“™∫ÿ√’ ‡¢â“√à«¡Õ∫√¡®”π«π 371 §π

∫√‘…—∑æ≈—ßß“π∑’Ë¡’°“√°”°—∫°‘®°“√¥’‡¥àπÕ—π¥—∫ 3 ¢Õß‡Õ‡™’¬ ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ‰¥â√∫— °“√®—¥Õ—π¥—∫„Àâ‡ªìπ∫√‘…∑— æ≈—ßß“π∑’¡Ë °’ “√°”°—∫°‘®°“√ ¥’‡¥àπ (Best Corporate Governance Scores: Utilities Sector) Õ—π¥—∫ 3 ¢Õß¿Ÿ¡‘¿“§‡Õ‡™’¬ ®“°π‘µ¬ “√ ‡Õ‡™’¬¡—ππ’Ë (©∫—∫‡¥◊Õπµÿ≈“§¡) ´÷ßË ‡ªìπ°“√√«∫√«¡§–·ππ∑’Ë‰¥â®“° ”√«®§«“¡§‘¥‡ÀÁπ∫√‘…∑— À≈—°∑√—æ¬å™π—È π” ¢Õß‚≈° ·≈–π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å „π¿Ÿ¡‘¿“§‡Õ‡™’¬ æ√âÕ¡°—ππ’È ∫√‘…—∑œ ¬—ß‰¥â√—∫°“√®—¥Õ—π¥—∫„Àâ‡ªìπ∑’Ë 1 ¢Õßª√–‡∑»‰∑¬ ¥â«¬ °“√®—¥°“√ ‘Ëß·«¥≈âÕ¡¥’‡¥àπª√–®”ªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫§—¥‡≈◊Õ°„Àâ‡ªìπ ∂“πª√–°Õ∫°“√∑’ËªØ‘∫—µ‘µ“¡¡“µ√°“√„π√“¬ß“π °“√«‘‡§√“–Àåº≈°√–∑∫ ‘Ëß·«¥≈âÕ¡·≈–°“√®—¥°“√ ¿“æ·«¥≈âÕ¡¥’‡¥àπ ª√–®”ªï 2545 À√◊Õ EIA Award 2002 ®“° ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡ °√–∑√«ß∑√—æ¬“°√∏√√¡™“µ‘ ·≈– ‘Ëß·«¥≈âÕ¡ ∑—Èßπ’È √“ß«—≈¥—ß°≈à“«‰¥âæ‘®“√≥“§—¥‡≈◊Õ°®“° ∂“πª√–°Õ∫°“√®”π«π°«à“ 400 ·Ààß

√“ß«—≈ ∫√‘…—∑∑’Ë¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπ ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ‰¥â√∫— √“ß«—≈∫√‘…∑— ∑’¡Ë °’ “√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπ À√◊Õ Disclosure Award 2002 ®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°.≈.µ.) ´÷Ëß‰¥âæ‘®“√≥“ ®“°°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï (·∫∫ 56-1) ¢Õß∫√‘…—∑®¥∑–‡∫’¬π„π µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∑’Ë „Àâ¢âÕ¡Ÿ≈§√∫∂â«π ‡æ’¬ßæÕ ·≈–‡ªìπª√–‚¬™πåµàÕºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ

«ππ«√“™∫ÿ√’√¡¬å - «π “∏“√≥–·Ààß§ÿ≥¿“æ «ππ«√“™∫ÿ√’√¡¬å ´÷ËßÕ¬Ÿà¿“¬„µâ°“√¥Ÿ·≈·≈–∫”√ÿß√—°…“¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫√“ß«—≈ ç ÿ¢¿“æ ¥„ „π ‘ßË ·«¥≈âÕ¡∑’‡Ë À¡“– ¡ «π “∏“√≥– ( «π ÿ¢¿“æ) πà“√◊πË √¡¬åé ®“°°√¡Õπ“¡—¬ °√–∑√«ß “∏“√≥ ÿ¢ ´÷ßË √“ß«—≈¥—ß°≈à“«‡ªìπ°“√√—∫√Õß «ππ«√“™∫ÿ√√’ ¡¬å „π∞“π– «π§ÿ≥¿“æ√–¥—∫¥’¡“°¢Õßª√–‡∑»

Social & Environment

The Third Best Corporate Governance in Asia The October 2002 issue of Asiamoney magazine awarded Ratchaburi Electricity Generating Holding PCL. the third best corporate governance scores in the energy sector in Asia, based on a survey of views from the world leading securities companies and analysts in Asia. The Company, in addition, obtained first ranking in the energy sector in Thailand.

The Mobile Medical Unit Service Ratchaburi Electricity Generating Co., Ltd., together with Ratchaburi Hospital and Damnoen Saduak Hospital, have organized a mobile medical unit and covered all related expenses for general medical problems and dentistry to serve 2,365 patients in 8 subdistricts for the total 15 expeditions. The Quality of Living for Sustainable Development Project Ratchaburi Electricity Generating Co., Ltd. organized a course entitled çThe Lifestyles for Sustainable Development Project, according to His Majestyûs Principle of Economic Self-Sufficiencyé at which it educated the implementation of how to live with quality of life. 371 participants were interested members of the government employees, community leaders from the eight subdistricts surrounding the plant, local members of the mass media, the general public, and employees of EGAT working at the plant.

Awards Disclosure Award 2002 The Company was given the 2002 Disclosure Award from the Securities and Exchange Commission (SEC) by which consideration made based on the disclosure of Form 561 from all registered companies on the Stock Exchange of Thailand for completed, sufficient and beneficial information to shareholders and investors.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 10 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

EIA Award 2002 Ratchaburi Electricity Generating Co., Ltd. won recognition as an industrial site that has complied with rules for environmental impact assessments and for good environmental management in 2002 or EIA Award 2002 from the Office of Natural Resources and Environmental Policy and Planning in the Ministry of Natural Resources and Environment. In this year, selection process was made from over 400 applicants. Navaratchaburirom - High Quality of Public Park Ratchaburi Electricity Generating Co., Ltd. was presented with an award for maintaining a health park that promotes good health, environmental excellence, and public recreation and pleasant surroundings from the Department of Health, Ministry of Public Health. The park was selected as one of the best in Thailand.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 11

Ratchaburi Electricity Generating Holding Public Company Limited

“√®“°ª√–∏“π°√√¡°“√ º≈°“√¥”‡π‘πß“π ªï 2545

Message from the

Chairman

‡√’¬π ºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π º¡¡’§«“¡¬‘π¥’‡ªìπÕ¬à“ß¬‘Ëß∑’Ë®–‡√’¬π„Àâ∑à“π∑√“∫∂÷ßº≈°“√¥”‡π‘πß“πª√–®”ªï 2545 ¢Õß°≈ÿà¡∫√‘…—∑ º≈‘µ ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ´÷ßË ‡ªìπÕ’°ªïÀπ÷ßË ∑’∫Ë √‘…∑— œ ¡’º≈ß“π‡ªìπ∑’πË “à æÕ„® ‡æ√“–„πªïπ’È ¿“√°‘® À≈—°¢Õß∫√‘…—∑œ §◊Õ°“√√—∫‚Õπ‚√ß‰øøÑ“®“°°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ∑’Ë‰¥â¥”‡π‘π°“√ ¡“µ—Èß·µàªï 2543 ‰¥â ”‡√Á®≈ÿ≈à«ß¥â«¬¥’ ‚¥¬∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â√—∫‚Õπ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1 ·≈–™ÿ¥∑’Ë 2 ®“° °øº. ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ·≈–‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 3 ´÷Ëß‡ªìπ™ÿ¥ ÿ¥∑â“¬‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 §«“¡ ”‡√Á®¥—ß°≈à“«∑”„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπºŸâº≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë ÿ¥¢Õßª√–‡∑» ª√–°Õ∫¥â«¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ 2 ‡§√◊ËÕß ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ 3 ™ÿ¥ ¡’°”≈—ß°“√º≈‘µ µ‘¥µ—Èß√«¡ 3,645 ‡¡°–«—µµå §‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ßº≈‘µµ‘¥µ—Èß∑—Èßª√–‡∑» (24,949 ‡¡°–«—µµå) Õ’°∑—Èß¬—ß‡ªìπº≈„Àâ∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬·¢Áß·°√àß¬‘Ëß¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ¡’ ‘π∑√—æ¬å√«¡®”π«π 67,784 ≈â“π∫“∑ Àπ’È ‘π√«¡®”π«π 45,210 ≈â“π∫“∑ ·≈– à«π¢Õß ºŸâ∂◊ÕÀÿâπ®”π«π 22,574 ≈â“π∫“∑

To All Shareholders, I am very pleased to inform the 2002 operating performance for the Group of Ratchaburi Electricity Generating Holding PCL. It was another satisfactory year since the Company achieved its major duty by completing the transfer of ownership of all power plants from the Electricity Generating Authority of Thailand (EGAT) at which the efforts have been commenced since 2000. The Companyûs subsidiary, Ratchaburi Electricity Generating Co., Ltd. completed the transfer of Combined Cycle Power Plant Blocks 1 and 2 on April 18, 2002, while the Block 3 was transferred on November 1 of the same year. With the success completion of these transfers, Ratchaburi Electricity Generating Co., Ltd became the largest independent power producer in the country, namely 2 Thermal Power Plant Units and 3 Combined Cycle Power Plant Blocks for the total capacity of 3,645 megawatts or 14 percent of Thailandûs total installed capacity (24,949 megawatts). As of December 31, 2002, the Company and its subsidiaries were in a stable financial position with total assets amounted to Baht 67,784 million; total liabilities were Baht 45,210 million; and total shareholdersû equity of Baht 22,574 million. …—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 12 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

ªï 2545 π—∫‡ªìπªï∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’º≈°“√¥”‡π‘πß“π‚¥¥‡¥àπ¡“° ‚¥¬¡’°”‰√ ÿ∑∏‘‡æ‘Ë¡¢÷Èπ®“°ªï 2544 √âÕ¬≈– 54.56 ®“°®”π«π 3,060 ≈â“π∫“∑ (2.11 ∫“∑µàÕÀÿâπ) ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π 4,729 ≈â“π∫“∑ §‘¥‡ªìπ°”‰√ ÿ∑∏‘µàÕÀÿâπ 3.26 ∫“∑ ∑—Èßπ’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬‰øøÑ“„Àâ·°à °øº. ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 √âÕ¬≈– 57.80 ‡ªìπ‡ß‘π®”π«π 27,493 ≈â“π∫“∑ ‚¥¬®”·π°‡ªìπ§à“§«“¡æ√âÕ¡®à“¬®”π«π 9,360 ≈â“π∫“∑ ·≈–§à“ æ≈—ßß“π‰øøÑ“ 18,133 ≈â“π∫“∑ πÕ°®“°π’È¬—ß¡’√“¬‰¥âÕ◊ËπÊ Õ’°®”π«π 662 ≈â“π∫“∑ ´÷Ëß¡“®“°¥Õ°‡∫’È¬ √—∫·≈–‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“ ¢≥–∑’Ë§à“„™â®à“¬¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’®”π«π 23,426 ≈â“π∫“∑ ·¬°‡ªìπµâπ∑ÿπ¢“¬®”π«π 20,833 ≈â“π∫“∑ §à“„™â®à“¬„π°“√¢“¬·≈–°“√∫√‘À“√®”π«π 423 ≈â“π∫“∑ ¥Õ°‡∫’È¬®à“¬®”π«π 1,967 ≈â“π∫“∑ ·≈–¿“…’‡ß‘π‰¥â®”π«π 203 ≈â“π∫“∑ „πªï∑º’Ë “à π¡“ ∫√‘…∑— œ ¬—ß§ß¬÷¥π‚¬∫“¬°“√§«∫§ÿ¡·≈–∫√‘À“√§à“„™â®“à ¬µà“ßÊ „Àâ¡ª’ √– ‘∑∏‘¿“æÕ¬à“ßµàÕ‡π◊ÕË ß ´÷Ëß§«“¡æ¬“¬“¡¥—ß°≈à“«ª√“°Ø„Àâ‡ÀÁπ‡¥àπ™—¥®“°§«“¡ ”‡√Á®„π°“√‡®√®“≈¥¥Õ°‡∫’È¬‡ß‘π°Ÿâ®“°‡®â“Àπ’È´÷Ëß ‡ªìπ ∂“∫—π°“√‡ß‘π∑—Èß 19 √“¬ ‡ªìπ√–¬–‡«≈“ 6 ªï ¡’º≈∫—ß§—∫„™âµ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2545 ´÷Ëß™à«¬„Àâ ¿“√–¥Õ°‡∫’È¬®à“¬¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß‰ª‰¥â∂÷ß 2,734 ≈â“π∫“∑ „πªï∑’Ëºà“π¡“ ∫√‘…—∑¬àÕ¬ “¡“√∂≈¥§à“¥Õ°‡∫’È¬‡ªìπ‡ß‘π®”π«π 287 ≈â“π∫“∑ ¢≥–∑’Ë§«“¡ “¡“√∂„π°“√ ¥”‡π‘πß“π¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬§≈àÕßµ—«¡“°¬‘ßË ¢÷πÈ ¥—ß®–‡ÀÁπ®“°Õ—µ√“ à«π ¿“æ§≈àÕßÕ¬Ÿ∑à √’Ë –¥—∫ 1.82 ‡∑à“ ·≈–§«“¡ “¡“√∂„π°“√™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬Õ¬Ÿà∑’Ë√–¥—∫ 2.60 ‡∑à“

Operating Performance in 2002 The operating performance was remarkable for the Company and its subsidiaries, net profit rose from 2001 by 54.56 percent at which Baht 3,060 million was reported in 2001(Baht 2.11 per share) and Baht 4,729 million was (Baht 3.26 per share) for 2002. Income from sales of electricity for the Company and its subsidiaries increased from 2001 by 57.80 percent to the amount of Baht 27,493 million, divided into availability payment of Baht 9,360 million and energy payment of Baht 18,133 million. In addition, other incomes of Baht 662 million were received from interest income and compensation for late transfer of Combined Cycle Power Plants. Total expenses amount to Baht 23,426 million comprised of cost of sales Baht 20,833 million, selling and administrative expenses of Baht 423 million, interest expenses of Baht 1,967 million and income taxes of Baht 203 million. In 2002, the Company continued adhering to the policy of controls and manages expense on efficiency basis. This effort could be clearly seen on the successful negotiation of an interest rate reduction on the loans with the 19 financial institutions for 6 years beginning from July 1, 2002. As a result of this transaction, total saving is Baht 2,734 million. The subsidiary was able to save interest expense of Baht 287 million in 2002; whereas, the liquidity ratio of the Company and its subsidiaries was at 1.82 times and the debt service coverage ratio was at 2.60 times.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 13

Ratchaburi Electricity Generating Holding Public Company Limited

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ °“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¬—ß§ß¬÷¥·π«∑“ß°“√∑”ß“π·∫∫‚ª√àß„ ‡ªìπ∏√√¡ ·≈– µ√«® Õ∫‰¥â ‚¥¬¡’§≥–°√√¡°“√µ√«® Õ∫ ·≈–Àπà«¬ß“πµ√«® Õ∫¿“¬„π‡ªìπ°≈‰° ”§—≠„π°“√µ‘¥µ“¡ µ√«® Õ∫°“√∑”ß“π¢Õß∫√‘…—∑œ ‡æ◊ËÕª√–‚¬™πå¢ÕßºŸâ¡’ à«π‰¥â à«π‡ ’¬∑ÿ°ΩÉ“¬ πÕ°®“°π’È ∫√‘…—∑œ ¬—ß¡’ π‚¬∫“¬∑’Ë®–π”À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬¡“„™â ‚¥¬‰¥â®—¥µ—Èß §≥–∑”ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß°≈ÿà¡∫√‘…—∑ ‡æ◊ËÕ»÷°…“·≈–π”À≈—°‡°≥±å°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬¡“„™â „π°“√æ—≤π“·≈–ª√—∫ª√ÿß√–∫∫°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ „Àâ ¥’¬‘Ëß¢÷Èπ ‡¡◊ËÕ«—π∑’Ë 14 ¡°√“§¡ 2546 §≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ ‡æ◊ÕË „Àâ°√–∫«π°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ∑’ ∫’Ë √‘…∑— œ °”≈—ß¥”‡π‘π°“√Õ¬Ÿ¡à ª’ √– ‘∑∏‘¿“æ¬‘ßË ¢÷πÈ ¢≥–‡¥’¬«°—π ¬—ß‡ªìπ°“√‡µ√’¬¡§«“¡æ√âÕ¡ Ÿà°“√®—¥Õ—π¥—∫°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ „πªï 2546 ¥â«¬ √“ß«—≈°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπ À√◊Õ Disclosure Award 2002 ®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫ À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°.≈.µ.) ·≈– √“ß«—≈∫√‘…—∑æ≈—ßß“π∑’Ë¡’°“√°”°—∫¥Ÿ·≈°‘®°“√¥’‡¥àπ (Best Corporate Governance: Utilities sector) Õ—π¥—∫ 3 ¢Õß¿Ÿ¡‘¿“§‡Õ‡™’¬ ·≈–Õ—π¥—∫∑’Ë 1 ¢Õßª√–‡∑»‰∑¬ ®“°π‘µ¬ “√‡Õ‡™’¬¡—ππ’Ë ‡ªìπ‡§√◊ËÕßæ‘ Ÿ®πå „Àâ‡ÀÁπ∂÷ß§«“¡µ—Èß„®·≈–§«“¡®√‘ß„®¢Õß§≥–°√√¡°“√ ∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√∑’Ë®–¬°√–¥—∫°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ „Àâ¡’¡“µ√∞“π‡∑’¬∫‡∑à“ “°≈

§«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ ·¡â®–µ√–Àπ—°¥’«à“‰øøÑ“‡ªìπªí®®—¬∑’Ë¡’§«“¡ ”§—≠µàÕ°“√‡µ‘∫‚µ∑“ß‡»√…∞°‘®·≈– —ß§¡¢Õßª√–‡∑» ·µà ∫√‘…—∑œ °Á¬—ß§ß¡ÿàß¡—Ëπ¥Ÿ·≈√—°…“ ‘Ëß·«¥≈âÕ¡ æ√âÕ¡∑—Èß„ à „®„π§ÿ≥¿“æ™’«‘µ¢Õß™ÿ¡™π‡ ¡Õ¡“ πÕ°‡Àπ◊Õ ®“°°“√‡§“√æ·≈–ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ √–‡∫’¬∫ ¢âÕ∫—ß§—∫∑’Ë‡°’Ë¬«¢âÕßµà“ßÊ Õ¬à“ß‡§√àß§√—¥

Good Corporate Governance The Companyûs and its subsidiariesûs commitment to transparency, fairness, and accountability remains intact. The Audit Committee monitors general adherence to the commitment which beneficial to all stakeholders. In addition, the Company has a policy to implement the principles of good corporate governance advocated by the Stock Exchange of Thailand (SET). A working group for this has been set up to study and implement SETûs guideline on good corporate governance for development and improvement of management for the entire group of the companies. On January 14, 2003, the Companyûs Board of Directors announced the policy of good corporate governance to improve the current corporate governance procedure and to prepare for Corporate Governance Rating in 2003. The Disclosure Award 2002 from the Securities and Exchange Commission and the third best corporate governance scores in the power sector of Asia, and the first ranking in Thailand from Asiamoney magazine were the proofs of the Board of Directorsû and managementûs determination to standardize the Companyûs corporate governance.

Responsibilities to Environment and Society The Company has recognized that electricity is important to social and economic development of the country; however, it is dedicated to strict observance of environmental integrity besides the adherence to all environmental laws and regulations.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 14 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

√“ß«—≈ EIA AWARD 2002 ®“°°√–∑√«ß∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡ ‚¥¬ ”π—°ß“ππ‚¬∫“¬·≈– ·ºπ∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡∑’Ë¡Õ∫„Àâ°—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ π—∫‡ªìπ√“ß«—≈·Ààß §«“¡¿“§¿Ÿ¡‘ „®¢Õß∫√‘…∑— œ ∑’ Ë –∑âÕπ„Àâ‡ÀÁπ∂÷ß‡®µπ“√¡≥å¢Õß∫√‘…∑— œ ∑’Ë‰¥â∑¡ÿà ‡∑∑√—æ¬“°√µà“ßÊ ‡æ◊ÕË „Àâ°“√ ∑”ß“π¥â“π ‘Ëß·«¥≈âÕ¡¢Õß∫√‘…—∑¬àÕ¬‡ÀÁπº≈Õ¬à“ß‡ªìπ√Ÿª∏√√¡ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß°“√≈ß∑ÿπµ‘¥µ—Èß√–∫∫ Õÿª°√≥å ‡∑§‚π‚≈¬’∑∑’Ë π— ¡—¬‡™◊ÕË ∂◊Õ‰¥â‡æ◊ÕË µ‘¥µ“¡·≈–µ√«® Õ∫§ÿ≥¿“æÕ“°“» §ÿ≥¿“æπÈ”º‘«¥‘π πÈ”„µâ¥π‘ ·≈–∫àÕπÈ”µ◊Èπ πÈ”∫“¥“≈ ‡ ’¬ß ‘Ëß¡’™’«‘µ„ππÈ” ∑√—æ¬“°√ —µ«åªÉ“ °“√°”®—¥¢Õß‡ ’¬ ¢≥–‡¥’¬«°—π°Á¡’°“√ µ√«® Õ∫ ∑¥ Õ∫ ·≈–ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ¢ÕßÕÿª°√≥å √–∫∫·≈–°√–∫«π°“√ªÑÕß°—π√—°…“ ‘Ëß·«¥≈âÕ¡ „ÀâÕ¬Ÿà „π ¿“æ∑’Ë „™âß“π‰¥â¥’Õ¬à“ß ¡Ë”‡ ¡Õ πÕ°®“°π’È ∫√‘…—∑¬àÕ¬¬—ß‰¥â‡√‘Ë¡®—¥∑”√–∫∫°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡µ“¡¡“µ√∞“π ISO 14001 ‚¥¬‰¥â ≈ßπ“¡·µàßµ—Èß °øº. ‡ªìπ∑’Ëª√÷°…“°“√®—¥∑”√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ ·≈–§“¥«à“®–‰¥â√—∫°“√√—∫√Õß ¡“µ√∞“π ISO 14001 „πªï 2546 ”À√—∫°“√¥”‡π‘πß“π¥â“π —ß§¡„πªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥‚§√ß°“√Àπà«¬·æ∑¬å‡§≈◊ËÕπ∑’Ë ÕÕ°„Àâ∫√‘°“√„πæ◊Èπ∑’Ë „°≈â‡§’¬ß‚√ß‰øøÑ“√“™∫ÿ√’ ®”π«π 8 µ”∫≈ ‚§√ß°“√™’««‘∂’‡æ◊ËÕ°“√æ—≤π“Õ¬à“ß¬—Ëß ¬◊πµ“¡·π«æ√–√“™¥”√‘‡»√…∞°‘®æÕ‡æ’¬ß °“√™à«¬‡À≈◊ÕºŸâª√– ∫Õÿ∑°¿—¬ °“√„Àâ§«“¡ π—∫ πÿπ‚§√ß°“√ “∏“√≥°ÿ»≈µà“ß Ê Õ’°∑—Èß¬—ß‰¥âª√—∫ª√ÿß «ππ«√“™∫ÿ√’√¡¬å „Àâ‡ªìπ «π “∏“√≥–∑’Ë¡’§ÿ≥¿“æ ”À√—∫™ÿ¡™π „Àâ ¡°—∫∑’Ë‰¥â√∫— °“√¬°¬àÕß®“°°√–∑√«ß “∏“√≥ ÿ¢„Àâ‡ªìπ «π “∏“√≥–§ÿ≥¿“æ¬Õ¥‡¬’¬Ë ¡ ¿“¬„µâ™Õ◊Ë √“ß«—≈ ç ÿ¢¿“æ ¥„ „π ‘Ëß·«¥≈âÕ¡∑’Ë‡À¡“– ¡ «π “∏“√≥– ( «π ÿ¢¿“æ) πà“√◊Ëπ√¡¬å é ´÷Ëß «ππ’È‰¥â®—¥ √â“ß ¢÷Èπ‡¡◊ËÕªï 2543 ∫πæ◊Èπ∑’Ë 72 ‰√à ∫√‘‡«≥¥â“πÀπâ“‚√ß‰øøÑ“√“™∫ÿ√’ ‚¥¬¡ÿàßÀ«—ß„Àâ‡ªìπ ∂“π∑’Ëæ—°ºàÕπ À¬àÕπ„®¢Õß™ÿ¡™π„°≈â‡§’¬ß‚√ß‰øøÑ“·≈–ª√–™“™π∑—Ë«‰ª„π®—ßÀ«—¥√“™∫ÿ√’

EIA Award 2002 from the Ministry of Natural Resources and Environment, presented by the Office of Natural Resources and Environment Policy and Planning was of proud for the Company on environmental concerns. The Company invested in modern technology equipment for constant monitoring of environmental conditions including meticulous surveys for quality of air, surface water, underground water, shallow well water, artesian well water, noise levels, marine life, wildlife, as well as waste management while environmental conservation systems and devices have been carefully and regularly maintained. The subsidiary has, moreover, a policy to implement ISO 14001 standards of environmental management, and has hired the EGAT as a consultant, aiming to achieve ISO 14001 certificates by 2003. In 2002 the Company and its subsidiaries enhanced the amount of care lavished on the environment and society. Among the socially beneficial activities of the Group during the year were organization of a mobile clinic to provide medical services to residents of 8 districts in the vicinity of Ratchaburiûs plant, sponsorship of a development program promoting lifestyles in keeping with His Majestyûs doctrine of economic sufficiency, aid to victims of flooding, and other charity projects. In addition, the Company improved the conditions of the Navaratchaburirom Park; of 72 Rais area located in front of the Companyûs power plants and built in 2000. As a result, the park was given an award from Ministry of Public Health on nationwide basis for its atmosphere of favorable health, appropriateness of its environmental design, and pleasant surroundings.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 15

Ratchaburi Electricity Generating Holding Public Company Limited

§≥–°√√¡°“√∫√‘…—∑ ®“°∑’Ë°≈à“«¡“¢â“ßµâπ®–‡ÀÁπ«à“ªï 2545 ‡ªìπªï·Ààß§«“¡ ”‡√Á®„π∑ÿ°¥â“π¢Õß∫√‘…—∑œ ´÷Ëß‡ªìπ‡§√◊ËÕß∫àß™’È«à“ ∫√‘…∑— œ¡’√“°∞“π∑’·Ë ¢Áß·°√àß·≈–æ√âÕ¡∑’®Ë –°â“« Ÿ°à “√‡µ‘∫‚µÕ¬à“ß¡—πË §ß„πÕπ“§µ ‡æ√“–π—∫®“°π’È‰ª ¿“√°‘® À≈—°¢Õß∫√‘…—∑œ §◊Õ°“√ √â“ß§«“¡‡µ‘∫‚µ·°à°‘®°“√·≈–‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘®„Àâ°—∫ºŸâ¡’ à«π‰¥â‡ ’¬µà“ßÊ ‚¥¬∫√‘…∑— œ ®–· «ßÀ“‚Õ°“ °“√≈ß∑ÿπ‡æ◊ÕË ‡æ‘¡Ë √“¬‰¥â πÕ°‡Àπ◊Õ®“°°“√§«∫§ÿ¡√“¬®à“¬ ·≈–∫√‘À“√§«“¡ ‡ ’¬Ë ßµà“ßÊ „ÀâÕ¬Ÿà „π√–¥—∫∑’§Ë «∫§ÿ¡‰¥â æ√âÕ¡∑—ßÈ µâÕß¥Ÿ·≈√—°…“ ¡√√∂π–¢Õß‚√ß‰øøÑ“∑—ßÈ À¡¥„Àâ “¡“√∂‡¥‘π ‡§√◊ËÕß‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈– “¡“√∂√Õß√—∫§«“¡µâÕß°“√„™â‰øøÑ“¢Õßª√–™“™π‰¥âÕ¬à“ß¡—Ëπ§ß ªï∑’Ëºà“π¡“ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß®—¥µ—Èß¢÷Èπ‡æ◊ËÕ‡ªìπ°≈‰°„π°“√¢¬“¬∏ÿ√°‘®‡¢â“ Ÿà∏ÿ√°‘®º≈‘µ‰øøÑ“ ¢π“¥‡≈Á°·≈–∏ÿ√°‘®Õ◊πË Ê ∑’‡Ë °’¬Ë «¢âÕß ‰¥â√«à ¡°—∫ °øº. ¥”‡π‘π‚§√ß°“√µ‘¥µ—ßÈ ‡§√◊ÕË ß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á° ®”π«π 3 ·Ààß§◊Õ ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ®—ßÀ«—¥≈æ∫ÿ√’ ‡¢◊ËÕπ‡®â“æ√–¬“ ®—ßÀ«—¥™—¬π“∑ ·≈–‡¢◊ËÕπ §≈Õß∑à“¥à“π ®—ßÀ«—¥π§√π“¬° √«¡°”≈—ßº≈‘µµ‘¥µ—Èßª√–¡“≥ 28 ‡¡°–«—µµå ´÷Ëß‚§√ß°“√∑—Èß 3 ·Ààß ‰¥â√—∫ °“√‡ÀÁπ™Õ∫„π‡∫◊ÕÈ ßµâπ®“°§≥–°√√¡°“√°Õß∑ÿπ‡æ◊ÕË àß‡ √‘¡°“√Õπÿ√°— …åæ≈—ßß“π ·≈–§“¥«à“®–‡√‘¡Ë ¥”‡π‘π °“√°àÕ √â“ß‰¥â „πªï 2546 „ππ“¡¢Õß∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) º¡¢Õ™◊πË ™¡·≈–¢Õ∫§ÿ≥„π§«“¡∑ÿ¡à ‡∑ ‡ ’¬ ≈– ·≈–µ—ßÈ „®∑”ß“π¢Õßæπ—°ß“π ºŸ∫â √‘À“√ ·≈–§≥–°√√¡°“√∫√‘…∑— ¢Õß∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ·≈–∫√‘…∑— √“™∫ÿ√æ’ ≈—ßß“π ®”°—¥ ∑’√Ë «à ¡·√ß√à«¡„®‡ªìπÀπ÷ßË ‡¥’¬« °—ππ”æ“∫√‘…—∑œ ∫√√≈ÿ‡ªÑ“À¡“¬‰¥âÕ¬à“ßπà“¬‘π¥’¬‘Ëß æ√âÕ¡°—ππ’È º¡¢Õ¢Õ∫§ÿ≥ºŸâ∂◊ÕÀÿâπ ·≈–ª√–™“™π∑ÿ° §π∑’Ë‰¥â π—∫ πÿπ°“√¥”‡π‘πß“π¢Õß°≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ¥â«¬¥’‡ ¡Õ¡“

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ª√–∏“π°√√¡°“√ As aforementioned, 2002 was the successful year for the Company on every aspects, which will be a strong foundation for the growth in the future. From the current onwards, the major duty of the company is to increase values to all stakeholders by investments, cost controls and risk managements. In addition, the Company has to maintain the availability and operating characteristics of the power plants in order to operate efficiency and securely serve power demands. In 2002, Ratchaburi Energy Co., Ltd., set up as an arm for investment in small power producer and other related business, has jointed with EGAT to invest in the mini hydro power plants at three locations, i.e. Pasak Chonlasit, Lopburi Province, Chao Phraya Dam, Chainat Province, and Khlong Tha Dan Dam, Nakhon Nayok Province. The total installed capacity at these three sites will be around 28 megawatts. These projects obtained preliminary consent from the Energy Conservation Fund and constructions expected to commence in 2003

Board of

Directors

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå

Mr. Somchai Richupan

ª√–∏“π°√√¡°“√ ª√–∏“π°√√¡°“√°”Àπ¥§à“µÕ∫·∑π Õ“¬ÿ 64 ªï °“√»÷°…“ ë Ph.D. (Economics), University of Florida, U.S.A. ë M.A. (Economics), University of Florida, U.S.A. ë ª√‘≠≠“µ√’ ‡»√…∞»“ µ√∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - ª√–∏“π ∂“∫—πæ—≤π“ ¬“¡ - ª√–∏“π°√√¡°“√ °“√‰øøÑ“ΩÉ“¬º≈‘µ ·Ààßª√–‡∑»‰∑¬ (°øº.) - ª√–∏“π°√√¡°“√»Ÿπ¬å´◊ÈÕ¢“¬µ√“ “√Àπ’È‰∑¬ ë Õ¥’µ - ª√–∏“π°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ - ºŸâÕ”π«¬°“√ ”π—°ß“π‡»√…∞°‘®°“√§≈—ß °√–∑√«ß°“√§≈—ß - Õ∏‘∫¥’°√¡ √√æ “¡‘µ - π—°‡»√…∞»“ µ√å ª√–®”°Õß∑ÿπ°“√‡ß‘π√–À«à“ßª√–‡∑» (IMF) - ª√–∏“π°√√¡°“√∏π“§“√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“ ·Ààßª√–‡∑»‰∑¬ - ª√–∏“π°√√¡°“√ ∫√‘…∑— ∫“ß®“°ªî‚µ√‡≈’¬¡ ®”°—¥ (¡À“™π) - ª√–∏“π°√√¡°“√∏π“§“√Õ“§“√ ß‡§√“–Àå - °√√¡°“√„π§≥–°√√¡°“√æ—≤π“‡»√…∞°‘® ·≈– —ß§¡·Ààß™“µ‘ - °√√¡°“√∏π“§“√·Ààßª√–‡∑»‰∑¬

Chairman Chairman of Remuneration Committee Age 64 Education ë Ph.D. (Economics), University of Florida, U.S.A. ë M.A. (Economics), University of Florida, U.S.A. ë Bachelor of Economics, Thammasat University Working Experiences ë Current - President, Siam Development Institute (SDI) - Chairman, Electricity Generating Authority of Thailand (EGAT) - Chairman, Thai Bond Dealer Center ë Previous - Chairman, Ratchaburi Electricity Generating Co., Ltd. - Director-General, The Fiscal Policy Office, Ministry of Finance (MOF) - Director-General, The Excise Department, MOF - Economist, International Monetary Fund (IMF) - Chairman, Export-Import Bank of Thailand (EXIM Bank) - Chairman, Bangchak Petroleum PCL. - Chairman, Government Housing Bank - Director, National Economic & Social Development Board - Director, Bank of Thailand

On behalf of the Company, I would like to express my gratitude to all our employees, executives, and the Board of Directors at Ratchaburi Electricity Generating Holding PCL., Ratchaburi Electricity Generating Co., Ltd., and Ratchaburi Energy Co., Ltd. for their great efforts and achievements. My appreciation is also extended to our shareholders and all citizens who have supported and encouraged the Company continuously.

Mr. Somchai Richupan Chairman …—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 16 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 17

Ratchaburi Electricity Generating Holding Public Company Limited

π“¬∑«’ ∫ÿµ√ ÿπ∑√

π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å

π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√

Mr. Boonchoo Direksathapon

°√√¡°“√ °√√¡°“√°”Àπ¥§à“µÕ∫·∑π Õ“¬ÿ 63 ªï °“√»÷°…“ ë Advanced Management Program ®“°¡À“«‘∑¬“≈—¬Œ“√å«“√å¥ À√—∞Õ‡¡√‘°“ ë ª√‘≠≠“¥ÿ…Æ’∫—≥±‘µ°‘µµ‘¡»—°¥‘Ï “¢“«‘»«°√√¡»“ µ√å ®“° ∂“∫—π‡∑§‚π‚≈¬’æ√–®Õ¡‡°≈â“‡®â“§ÿ≥∑À“√ ≈“¥°√–∫—ß ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ·≈–¡À“«‘∑¬“≈—¬∫Ÿ√æ“ ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ “¢“‡§√◊ËÕß°≈ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 1) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - ª√–∏“π°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ - ª√–∏“π°√√¡°“√∫√‘À“√ ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) - ª√–∏“π°√√¡°“√∫√‘…—∑ ∫√‘À“√ ‘π∑√—æ¬åæ≠“‰∑ ®”°—¥ - °√√¡°“√ °øº.

°√√¡°“√ Õ“¬ÿ 49 ªï °“√»÷°…“ ë Ph.D. (M.E.) Oregon State University, U.S.A. ë M.S. (M.E.) Oregon State University, U.S.A. ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ “¢“‡§√◊ËÕß°≈ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - √ÕßÕ∏‘°“√∫¥’ΩÉ“¬«‘™“°“√ ¡À“«‘∑¬“≈—¬‡™’¬ß„À¡à - °√√¡°“√ °øº. - ∑’Ëª√÷°…“§≥–°√√¡°“√Õ”π«¬°“√ «‘»«°√√¡ ∂“π ·Ààßª√–‡∑»‰∑¬ „πæ√–∫√¡√“™Ÿª∂—¡¿å “¢“¿“§‡Àπ◊Õ - ‡≈¢“πÿ°“√ ¿“¡À“«‘∑¬“≈—¬‡™’¬ß„À¡à ë 2541-2543 √ÕßÕ∏‘°“√∫¥’ ΩÉ“¬«‘®—¬·≈–∑√—æ¬å ‘π ¡À“«‘∑¬“≈—¬‡™’¬ß„À¡à ë 2529-2538 °√√¡°“√·≈–‡≈¢“πÿ°“√«‘»«°√√¡ ∂“π ·Ààßª√–‡∑»‰∑¬ „πæ√–∫√¡√“™Ÿª∂—¡¿å “¢“¿“§‡Àπ◊Õ ë 2528-2540 §≥∫¥’§≥–«‘»«°√√¡»“ µ√å ¡À“«‘∑¬“≈—¬‡™’¬ß„À¡à

Mr. Tawee Butrsoonthorn

Mr. Norkun Sitthiphong

Director Member of Remuneration Committee Age 63 Education ë Advanced Management Program, Harvard University, U.S.A. ë Honorary Doctorate Degree in Engineering, Chulalongkorn University, King Mongkuts Institute of Technology Ladkrabang and Burapha University ë Bachelor of Mechanical Engineering (1st Class Honor), Chulalongkorn University Working Experiences ë Current - Chairman, Ratchaburi Electricity Generating Co., Ltd. - Chairman of Executive Board of The Thai Military Bank - Chairman, Payathai Asset Management Co., Ltd. - Director of EGAT

Director Age 49 Education ë Ph.D. (M.E.) Oregon State University, U.S.A. ë M.S. (M.E.) Oregon State University, U.S.A. ë Bachelor of Mechanical Engineering, Chulalongkorn University Working Experiences ë Current - Vice President for Academic Affairs, Chiang Mai University - Director of EGAT - Advisor, Board of Directors, The Engineering Institute of Thailand (Northern) - Secretary of The Chiang Mai University Council ë 1998-2000 Vice President for Research and Property Affairs, Chiang Mai University ë 1986-1995 Director and Secretary of The Engineering Institute of Thailand (Northern) ë 1985-1997 Dean, Faculty of Engineering, Chiang Mai University

°√√¡°“√ °√√¡°“√ºŸâ®—¥°“√ Õ“¬ÿ 56 ªï °“√»÷°…“ ë «ÿ≤‘∫—µ√ ¡“™‘°Õ“«ÿ‚ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ë ª√‘≠≠“∫—µ√«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ ë ª√–°“»π’¬∫—µ√ À≈—° Ÿµ√°“√‡ß‘π ”À√—∫ºŸâ∫√‘À“√√–¥—∫ Ÿß ·≈–À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß Harvard Business School, U.S.A. ë ª√–°“»π’¬∫—µ√ À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß ∂“∫—π∫—≥±‘µ ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ¢Õßª√–‡∑»Õ—ß°ƒ… (Fellow Chartered Accountant-England & Wales) ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - °√√¡°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ - °√√¡°“√·≈–√—°…“°“√°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ë 2542-2543 √ÕßºŸâ«à“°“√∫—≠™’·≈–°“√‡ß‘π ·≈–∑”Àπâ“∑’Ë√ÕßºŸâ«à“°“√∫√‘À“√ °øº. ë 2540-2542 √ÕßºŸâ«à“°“√∫—≠™’·≈–°“√‡ß‘π °øº. ë 2537-2540 ºŸâ™à«¬ºŸâ«à“°“√æ—≤π“∏ÿ√°‘® °øº. ë 2529-2537 ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ °øº.

Director Managing Director Age 56 Education ë Diploma, Fellow Member Thai Institute of Directors Association ë Diploma, National Defence College ë Diploma, the Finance for Senior Executives Course and the Program for Management Development (PMD), Harvard Business School, U.S.A. ë Diploma, the Senior Executive Program, SASIN Graduate Institute of Business Administration of Chulalongkorn University ë Fellow Member of the Institute of Chartered Accountants in England & Wales ë Bachelor Degree of Accounting (2nd Class Honor), Chulalongkorn University Working Experiences ë Current - Director, Ratchaburi Energy Co., Ltd. - Director and Acting Managing Director of Ratchaburi Electricity Generating Co., Ltd. ë 1999-2000 Deputy Governor-Account and Finance and Acting Deputy Governor-Administration, EGAT ë 1997-1999 Deputy Governor-Account and Finance, EGAT ë 1994-1997 Assistant Governor-New Business Ventures, EGAT ë 1986-1994 Director, Controller Department, EGAT

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 18 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 19

Ratchaburi Electricity Generating Holding Public Company Limited

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π“¬Õÿ¥¡ ∏ÿ««ß»å

π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡

°√√¡°“√ Õ“¬ÿ 60 ªï °“√»÷°…“ ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ («‘»«°√√¡‰øøÑ“°”≈—ß) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - ª√–∏“π°√√¡°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ - °√√¡°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ - °√√¡°“√·≈–ºŸâ«à“°“√ °øº. ë 2540-2543 ºŸâ®—¥°“√„À≠à∏ÿ√°‘®º≈‘µ‰øøÑ“ 2 °øº. ë 2539-2540 ºŸâ®—¥°“√„À≠à ‚√ß‰øøÑ“·¡à‡¡“– °øº. ë 2536-2539 ºŸâÕ”π«¬°“√ΩÉ“¬‡¥‘π‡§√◊ËÕß‚√ß‰øøÑ“ ·¡à‡¡“– °øº.

°√√¡°“√ Õ“¬ÿ 59 ªï °“√»÷°…“ ë ª√‘≠≠“‚∑ «‘»«°√√¡»“ µ√å «‘»«°√√¡‡§√◊ËÕß°≈ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ «‘»«°√√¡‡§√◊ËÕß°≈ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - ºŸâ®—¥°“√„À≠à∏ÿ√°‘®«‘»«°√√¡ °øº. ë 2541-2543 ºŸâ™à«¬ºŸâ®—¥°“√„À≠à∏ÿ√°‘®«‘»«°√√¡ °øº. ë 2540-2541 ºŸâ™à«¬ºŸâ®—¥°“√„À≠à∏ÿ√°‘®«‘»«°√√¡ √—°…“°“√ºŸâ®—¥°“√‚§√ß°“√«‘»«°√√¡ ‚√ß‰øøÑ“πÈ”¡—π·≈–°ä“´ √–¬–∑’Ë 1 °øº. ë 2539-2540 √ÕßºŸâ®—¥°“√„À≠à∏ÿ√°‘®«‘»«°√√¡ √—°…“°“√ ºŸâ®—¥°“√‚§√ß°“√«‘»«°√√¡ ‚√ß‰øøÑ“πÈ”¡—π·≈– °ä“´ √–¬–∑’Ë 1 °øº. ë 2539 ºŸâ®—¥°“√ΩÉ“¬«‘»«°√√¡‡§√◊ËÕß°≈ √—°…“°“√ ºŸâ®—¥°“√‚§√ß°“√«‘»«°√√¡ ‚√ß‰øøÑ“πÈ”¡—π·≈– °ä“´ √–¬–∑’Ë 1 °øº.

°√√¡°“√ °√√¡°“√°”Àπ¥§à“µÕ∫·∑π Õ“¬ÿ 59 ªï °“√»÷°…“ ë ª√‘≠≠“‚∑ Electronic Engineering NUFFIC ‡π‡∏Õ√å·≈π¥å ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ ‰øøÑ“ ◊ËÕ “√ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - °√√¡°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ - °√√¡°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ - ºŸâ®—¥°“√„À≠à∏ÿ√°‘®º≈‘µ‰øøÑ“ 2 °øº. ë 2541-2543 ºŸâ®—¥°“√„À≠à∏ÿ√°‘®∫”√ÿß√—°…“ °øº. ë 2540-2541 ºŸâ™à«¬ºŸâ®—¥°“√„À≠à∏ÿ√°‘®∫”√ÿß√—°…“ °øº. ë 2535-2540 ºŸâ®—¥°“√ΩÉ“¬∫”√ÿß√—°…“‰øøÑ“ °øº.

°√√¡°“√Õ‘ √– °√√¡°“√°”Àπ¥§à“µÕ∫·∑π Õ“¬ÿ 45 ªï °“√»÷°…“ ë ª√‘≠≠“‡Õ°¥â“π°“√‡ß‘π University of Mississippi, U.S.A. ë ª√‘≠≠“‚∑¥â“π°“√‡ß‘π Marshall University, U.S.A. ë ª√‘≠≠“µ√’¥â“π°“√®—¥°“√√–À«à“ßª√–‡∑» Boston University, U.S.A. ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - °√√¡°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ - °√√¡°“√ ∫√‘…—∑ ∑à“Õ“°“»¬“π‰∑¬ ®”°—¥ (¡À“™π) - √ÕßºŸâÕ”π«¬°“√ ”π—°ß“π§≥–°√√¡°“√π‚¬∫“¬ √—∞«‘ “À°‘® °√–∑√«ß°“√§≈—ß ë 2543 ºŸÕâ ”π«¬°“√ ”π—°ªØ‘∫—µ‘°“√·ª√√Ÿª√—∞«‘ “À°‘® ”π—°√—∞«‘ “À°‘®·≈–À≈—°∑√—æ¬å¢Õß√—∞ °√–∑√«ß°“√§≈—ß ë 2541 π—°«‘™“°“√§≈—ß 9 ™™. ”π—°√—∞«‘ “À°‘®·≈– À≈—°∑√—æ¬å¢Õß√—∞ °√–∑√«ß°“√§≈—ß ë 2539 ºŸâÕ”π«¬°“√ à«π∫√‘À“√À≈—°∑√—æ¬å¢Õß√—∞ °√¡∫—≠™’°≈“ß °√–∑√«ß°“√§≈—ß

Mr. Vitaya Kotcharug

Mr. Suporn Hotimavorakul

Mr. Udom Thuvavong

Mr. Areepong Bhoocha-oom

Director Age 60 Education ë Bachelor of Engineering (Electrical Power Engineering), Chulalongkorn University Working Experiences ë Current - Chairman, Ratchaburi Energy Co., Ltd. - Director, Ratchaburi Electricity Generating Co., Ltd. - Director and Governor of EGAT ë 1997-2000 President-Generation Business 2, EGAT ë 1996-1997 President, Mae Moh Thermal Plant, EGAT ë 1993-1996 Manager, Mae Moh Power Plant Operation Division, EGAT

Director Age 59 Education ë Master of Mechanical Engineering, Chulalongkorn University ë Bachelor of Mechanical Engineering (2nd Class Honor), Chulalongkorn University Working Experiences ë Current - President, Engineering Business, EGAT ë 1998-2000 Vice President, Engineering Business, EGAT ë 1997-1998 Vice President, Engineering Business, Acting Director, Gas-fired and Oil-fired Power Plant Engineering Division Phase 1, EGAT ë 1996-1997 Manager, Mechanical Engineering Division, Acting Director, Gas-fired and Oil-fired Power Plant Engineering Division Phase 1, EGAT ë 1996 Director, Mechanical Engineering Division, Acting Lignite-fired Power Plant Engineering Division Phase 1, EGAT

Director Member of Remuneration Committee Age 59 Education ë Master of Electronic Engineering The Netherlands Universities Foundation For International Co-operation ë Bachelor of Electrical Engineering (2nd Class Honor), Chulalongkorn University Working Experiences ë Current - Director, Ratchaburi Energy Co., Ltd. - Director, Ratchaburi Electricity Generating Co., Ltd. - President, Generation Business 2, EGAT ë 1998-2000 President, Maintenance Business, EGAT ë 1997-1998 Vice President, Maintenance Business, EGAT ë 1992-1997 Manager, Electrical Maintenance Division, EGAT

Independent Director Member of Remuneration Committee Age 45 Education ë Ph.D. Finance, University of Mississippi, U.S.A. ë MBA Finance, Marshall University, U.S.A. ë B.S. International Management, Boston University, U.S.A. Working Experiences ë Current - Director, Ratchaburi Electricity Generating Co., Ltd. - Director, Airport Authority of Thailand - Deputy Director General ë 2000 Director of Privatisation, Office of State Enterprise & Government Securities, Ministry of Finance ë 1998 Fiscal Analyst 9, Office of State Enterprise & Government Securities, Ministry of Finance ë 1996 Division Director for Government Portfolio Management, Ministry of Finance

π“¬«‘∑¬“ §™√—°…å

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 20 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 21

Ratchaburi Electricity Generating Holding Public Company Limited

π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å

π“¬æ‘™“≠ ∂“ªπ®“√ÿ

π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å

Mr. Narong Wongpaiboon

°√√¡°“√Õ‘ √– ª√–∏“π°√√¡°“√µ√«® Õ∫ Õ“¬ÿ 66 ªï °“√»÷°…“ ë ª√–°“»π’¬∫—µ√À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß Harvard Business School, U.S.A. ë ª√‘≠≠“‚∑ ∫√‘À“√∏ÿ√°‘® (∫—≠™’) Syracuse University, U.S.A. ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë 2540-2543 ∑’Ëª√÷°…“ ∫√‘…—∑ °—≈øáÕ‘‡≈Á§µ√‘° ®”°—¥ (¡À“™π) ë 2536-2540 √ÕßºŸâ«à“°“√∫—≠™’·≈–°“√‡ß‘π °øº. ë 2532-2536 ºŸâ™à«¬ºŸâ«à“°“√ΩÉ“¬∫—≠™’·≈–°“√‡ß‘π °øº. ë 2530-2532 ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π °øº. ë 2529-2530 ºŸâÕ”π«¬°“√ΩÉ“¬ß∫ª√–¡“≥ °øº. ë 2528-2529 ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π °øº.

°√√¡°“√Õ‘ √– °√√¡°“√µ√«® Õ∫ Õ“¬ÿ 66 ªï °“√»÷°…“ ë √—∞»“ µ√¡À“∫—≥±‘µ (∫√‘À“√√—∞°‘®) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ë π‘µ‘»“ µ√∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ª√–«—µ‘°“√∑”ß“π ë 2536-2539 ºŸâ∑√ß§ÿ≥«ÿ≤‘¥â“π„Àâ§”ª√÷°…“∑“ß°ÆÀ¡“¬ (π‘µ‘°√ 10) ”π—°ß“πª≈—¥°√–∑√«ßÕÿµ “À°√√¡ ë 2535-2536 ºŸâ‡™’Ë¬«™“≠æ‘‡»…¥â“π„Àâ§”ª√÷°…“∑“ß°ÆÀ¡“¬ (π‘µ‘°√ 9) ”π—°ß“πª≈—¥°√–∑√«ßÕÿµ “À°√√¡ ë 2532-2534 ºŸâµ√«®√“™°“√°√¡∑√—æ¬“°√∏√≥’

°√√¡°“√Õ‘ √– °√√¡°“√µ√«® Õ∫ Õ“¬ÿ 66 ªï °“√»÷°…“ ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ ‡§√◊ËÕß°≈ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë ªí®®ÿ∫—π - °√√¡°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ë 2539 ºŸâ®—¥°“√„À≠à∏ÿ√°‘®∫”√ÿß√—°…“ °øº. ë 2538-2539 √ÕßºŸâ«à“°“√ΩÉ“¬∫”√ÿß√—°…“ °øº. ë 2536-2538 ºŸâ™à«¬ºŸâ«à“°“√‚√ß‰øøÑ“∫“ßª–°ß °øº. ë 2533-2536 ºŸâ™à«¬ºŸâ«à“°“√ΩÉ“¬∫”√ÿß√—°…“ °øº. ë 2528-2533 ºŸâÕ”π«¬°“√‚√ß‰øøÑ“∫“ßª–°ß °øº. ë 2526-2528 ºŸâÕ”π«¬°“√‚√ß®—°√æ√–π§√„µâ °øº.

Independent Director Member of Audit Committee Age 66 Education ë Bachelor of Mechanical Engineering (2nd Class Honor) Chulalongkorn University Working Experiences ë Current - Director, Ratchaburi Electricity Generating Co., Ltd. ë 1996 President, Maintenance Business, EGAT ë 1995-1996 Deputy Governor- Bang Pakong Power Plant, EGAT ë 1993-1995 Assistant Governor-Bang Pakong Power Plant, EGAT ë 1990-1993 Assistant Governor-Maintenance, EGAT ë 1985-1990 Superintendent, Bang Pakong Power Plant, EGAT ë 1983-1985 Superintendent, South Bangkok Power Plant, EGAT

Mrs. Pimolsri Siripaibul

Mr. Picharn Satapanajaru

Independent Director Chairman of Audit Committee Age 66 Education ë Diploma, Advanced Management Program : The International Senior Managersû Program (AMP: ISMP), Harvard Business School, U.S.A. ë Master of Business Administration (Accounting), Syracuse University, U.S.A. ë Bachelor of Accountancy, Chulalongkorn University Working Experiences ë 1997-2000 Advisor, Gulf Electric Public Company Limited ë 1993-1997 Deputy Governor- Account and Finance, EGAT ë 1989-1993 Assistant Governor-Account and Finance, EGAT ë 1987-1989 Treasurer, Finance Department, EGAT ë 1986-1987 Director, Budget Department, EGAT ë 1985-1986 Treasurer, Finance Department, EGAT

Independent Director Member of Audit Committee Age 66 Education ë Master of Political Science (Public Administration), Thammasat University ë Bachelor of Law, Thammasat University Working Experiences ë 1993-1996 Senior Legal Advisor, Office of the Permanent Secretary, Ministry of Industry ë 1992-1993 Senior Expert, Office of the Permanent Secretary, Ministry of Industry ë 1989-1991 Inspector General, Department of Mineral Resources

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 22 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 23

Ratchaburi Electricity Generating Holding Public Company Limited

§≥–ºŸâ∫√‘À“√ Executive

Officers

1. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√

2. π“¬ ¡“π æß…åª√–¿“æ—π∏å

3. π“ß “««—®π“ Õ—ß»ÿ‚°¡ÿ∑°ÿ≈

4. π“¬‡∑Õ¥æ—π∏ÿå Õ‘π∑√¡À“

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√Õß°√√¡°“√ºŸâ®—¥°“√æ—≤π“∏ÿ√°‘® Õ“¬ÿ 58 ªï °“√»÷°…“ ë ª√‘≠≠“‚∑ «‘»«°√√¡æ—≤π“·À≈àßπÈ” ∂“∫—π‡∑§‚π‚≈¬’·Ààß‡Õ‡´’¬ ë ª√‘≠≠“µ√’ «‘»«°√√¡‚¬∏“ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë 2544-ªí®®ÿ∫π— °√√¡°“√·≈–√—°…“°“√°√√¡°“√ ºŸâ®—¥°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ë 2542-2543 ºŸâ™à«¬ºŸâ«à“°“√æ—≤π“∏ÿ√°‘® °øº. ë 2538-2542 ºŸâÕ”π«¬°“√ΩÉ“¬®—¥°“√∏ÿ√°‘®„π‡§√◊Õ °øº. ë 2533-2538 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬«“ß·ºπ √–∫∫‰øøÑ“ °øº. ë 2525-2533 ºŸâ™à«¬À—«Àπâ“°Õß»÷°…“§«“¡‡À¡“– ¡ ‚§√ß°“√ °øº.

√Õß°√√¡°“√ºŸâ®—¥°“√∫—≠™’·≈–°“√‡ß‘π Õ“¬ÿ 56 ªï °“√»÷°…“ ë ª√‘≠≠“‚∑ Master of Management ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë °.æ. 43-°.æ. 44 °√√¡°“√„π§≥–°√√¡°“√¥”‡π‘π°“√ À°√≥åÕÕ¡∑√—æ¬å °øº. ®”°—¥ ë 2540-2543 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬°”°—∫·≈–«‘‡§√“–Àå ∫—≠™’·≈–°“√‡ß‘π °øº. ë 2538-2540 À—«Àπâ“°Õßª√–¡«≈·≈–«‘‡§√“–Àå∫—≠™’ °“√‡ß‘π·≈–ß∫ª√–¡“≥ ΩÉ“¬°”°—∫·≈– «‘‡§√“–Àå∫—≠™’·≈–°“√‡ß‘π °øº.

ºŸâ®—¥°“√ ”π—°µ√«® Õ∫¿“¬„π Õ“¬ÿ 47 ªï °“√»÷°…“ ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ( “¢“µâπ∑ÿπ) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë 2540-2543 À—«Àπâ“°Õßµ√«® Õ∫√–∫∫ß“π§Õ¡æ‘«‡µÕ√å ΩÉ“¬µ√«® Õ∫¿“¬„π °øº. ë 2539-2540 ºŸâ™à«¬À—«Àπâ“°Õßµ√«® Õ∫√–∫∫ß“π §Õ¡æ‘«‡µÕ√å ΩÉ“¬µ√«® Õ∫¿“¬„π °øº. ë 2535-2539 ºŸâ™à«¬À—«Àπâ“°Õßµ√«® Õ∫ 4 ΩÉ“¬µ√«® Õ∫ ¿“¬„π °øº. ë 2530-2535 À—«Àπâ“·ºπ°µ√«® Õ∫√–∫∫ß“π§Õ¡æ‘«‡µÕ√å °Õßµ√«® Õ∫ 4 ΩÉ“¬µ√«® Õ∫¿“¬„π °øº. ë 2528-2530 À—«Àπâ“·ºπ°µ√«® Õ∫«— ¥ÿ·≈–∑√—æ¬å ‘π 3 °Õßµ√«® Õ∫ 3 ΩÉ“¬µ√«® Õ∫¿“¬„π °øº.

Mr. Boonchoo Direksathapon

Mr. Smarn Phongprapaphan

Ms. Vajana Angsukomutkul

Mr. Thoedpan Indramaha

Managing Director Age 56 Education ë Diploma, the Finance for Senior Executives Course and the Program for Management Development (PMD), Harvard Business School, U.S.A. ë Diploma, the Senior Executive Program, SASIN Graduate Institute of Business Administration of Chulalongkorn University ë Bachelor Degree of Accounting (2nd Class Honor), Chulalongkorn University Working Experiences ë Current - Director, Ratchaburi Energy Co., Ltd. - Director and Acting Managing Director of Ratchaburi Electricity Generating Co., Ltd.

Deputy Managing Director-Business Ventures Age 58 Education ë Master of Engineering (Water Resource Development), Asian Institute of Technology ë Bachelor of Engineering (Civil Engineering), Chulalongkorn University Working Experiences ë 2001-Current Director and Acting Managing Director of the Ratchaburi Energy Co., Ltd. ë 1999-2000 Assistant Governor-Business Ventures, EGAT ë 1995-1999 Director-Portfolio Management Division, EGAT ë 1990-1995 Assistant Director-System Planning Division, EGAT ë 1982-1990 Assistant Chief-Department of Project Feasibility Study, EGAT

Deputy Managing Director-Accounting and Finance Age 56 Education ë Master of Management, SASIN Graduate Institute of Business Administration of Chulalongkorn University ë Bachelor of Accountancy (2nd Class Honor), Chulalongkorn University Working Experiences ë Feb. 00-Feb. 01 Member of The Board of Directors, The Saving Cooperative of EGAT. ë 1997-2000 Assistant Director, Controller Division, EGAT ë 1995-1997 Chief, Account Finance and Budget Report and Analysis Department, Controller Division, EGAT

Director, Office of Internal Audit Age 47 Education ë Bachelor of Accountancy (Costing), Chulalongkorn University Working Experiences ë 1997-2000 Chief, Computer Audit Department, Internal Audit Division, EGAT ë 1996-1997 Assistant Chief, Computer Audit Department, Internal Audit Division, EGAT ë 1992-1996 Assistant Chief, Audit Department 4, Internal Audit Division, EGAT ë 1987-1992 Head, Computer Audit Section, Audit Department 4, Internal Audit Division, EGAT ë 1985-1987 Head, Materials, Supplies and Property Audit Section 3, Audit Department 3, Internal Audit Division, EGAT

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ºŸâ®—¥°“√ΩÉ“¬∫—≠™’ Õ“¬ÿ 55 ªï °“√»÷°…“ ë ª√–°“»π’¬∫—µ√ Senior Executive Program ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ª√–°“»π’¬∫—µ√ Advanced Mini MBA ®ÿÃ“≈ß°√≥å ¡À“«‘∑¬“≈—¬ ë ª√–°“»π’¬∫—µ√ Mini MBA ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë 2540-2543 π—°∫—≠™’√–¥—∫ 10 À—«Àπâ“°≈ÿà¡«‘‡§√“–Àå°“√‡ß‘π ·≈–ß∫ª√–¡“≥ΩÉ“¬´◊ÈÕ‰øøÑ“„πª√–‡∑» °øº. ë 2537-2540 π—°∫—≠™’√–¥—∫ 10 À—«Àπâ“°≈ÿà¡«‘‡§√“–Àå°“√‡ß‘π ΩÉ“¬æ—≤π“∏ÿ√°‘® °øº. ë 2536-2537 ºŸ™â «à ¬À—«Àπâ“°Õßª√–¡«≈∫—≠™’ ΩÉ“¬∫—≠™’ °øº.

ºŸâ®—¥°“√ΩÉ“¬®—¥°“√∏ÿ√°‘® Õ“¬ÿ 44 ªï °“√»÷°…“ ë Master of Business Administration, Monash University, Australia, Certificate of Merit in International Business ë Master of Engineering, Asian Institute of Technology ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√å (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ¡À“«‘∑¬“≈—¬¢Õπ·°àπ ë Certificate in Electric Power Development from Swedish Board of Investment and Technical Support (BITS), Sweden ª√–«—µ‘°“√∑”ß“π ë 2545 √—°…“°“√√Õß°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ë 2543 «‘»«°√√–¥—∫ 10 À—«Àπâ“°≈ÿ¡à »÷°…“·≈–ª√– “πß“π æ—≤π“∏ÿ√°‘® ΩÉ“¬®—¥°“√∏ÿ√°‘®„π‡§√◊Õ °øº. ë 2541-2542 «‘»«°√√–¥—∫ 10 À—«Àπâ“°≈ÿà¡‡®√®“·≈–∫√‘À“√ —≠≠“ ΩÉ“¬´◊ÈÕ‰øøÑ“„πª√–‡∑» °øº. ë 2539-2540 «‘»«°√√–¥—∫ 10 À—«Àπâ“§≥–‡®√®“´◊ÕÈ ¢“¬‰øøÑ“ ®“° IPP ·≈– ªª. ≈“« ΩÉ“¬æ—≤π“∏ÿ√°‘® °øº. ë 2537-2539 «‘»«°√√–¥—∫ 9 À—«Àπâ“§≥–‡®√®“´◊ÈÕ¢“¬‰øøÑ“ ®“° ªª. ≈“« ΩÉ“¬æ—≤π“∏ÿ√°‘® °øº.

ºŸâ®—¥°“√ΩÉ“¬∫√‘À“√ß“π∑—Ë«‰ª Õ“¬ÿ 44 ªï °“√»÷°…“ ë Master of Public and Private Management ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å ë Advanced Mini MBA ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ª√‘≠≠“µ√’ √—∞»“ µ√å “¢“∫√‘À“√√—∞°‘® ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ª√–«—µ‘°“√∑”ß“π ë 2541-2543 À—«Àπâ“°Õß®—¥À“·≈–∫√‘°“√ ΩÉ“¬∫√‘À“√·≈– ·ºπß“π¥â“π°“√„™â‰øøÑ“ °øº. ë 2540-2541 «‘∑¬“°√√–¥—∫ 9 ºŸ™â «à ¬À—«Àπâ“‚§√ß°“√ ª√—∫ª√ÿßª√– ‘∑∏‘¿“æÕÿª°√≥å‰øøÑ“ ΩÉ“¬ªØ‘∫µ— °‘ “√ ¥â“π°“√„™â‰øøÑ“ °øº. ë 2538-2540 À—«Àπâ“·ºπ°∫√‘À“√ß“π∫ÿ§§≈ ”π—°ß“π °“√®—¥°“√¥â“π°“√„™â‰øøÑ“ °øº.

ºŸ®â ¥— °“√ΩÉ“¬°“√‡ß‘π Õ“¬ÿ 52 ªï °“√»÷°…“ ë ª√‘≠≠“‚∑ Master of Management ∂“∫—π∫—≥±‘µ ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√–«—µ‘°“√∑”ß“π ë 2538-2544 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬®—¥°“√∏ÿ√°‘® „π‡§√◊Õ °øº. ë 2537-2538 π—°∫—≠™’√–¥—∫ 10 ΩÉ“¬®—¥°“√∏ÿ√°‘® „π‡§√◊Õ °øº. ë 2536-2537 À—«Àπâ“°Õßª√–¡«≈∫—≠™’ ΩÉ“¬∫—≠™’ °øº.

Mrs. Arunee Rojanapenkul

Mr. Peerawat Pumthong

Mr. Prayut Thongsuwan

Mrs. Darunee Abhinoraseth

Director Accounting Division Age 55 Education ë Certificate in Senior Executive Program, Sasin Graduate Institute of Business Administration in Chulalongkorn University. ë Certificate in Advanced Mini MBA, Chulalongkorn University. ë Certificate in Mini MBA, Chulalongkorn University. ë Bachelor of Accountancy, Chulalongkorn University. Working Experiences ë 1997-2000 Accountant Level 10, Chief, Finance Analysis and Budgeting Group, Domestic Power Purchase Division, EGAT ë 1994-1997 Accountant Level 10, Chief, Finance Analysis Group, Business Venture Division, EGAT ë 1993-1994 Assistant Chief, Accounting Department, Accounting Division, EGAT

Director, Business Management Division Age 44 Education ë Master of Business Administration, Monash University, Australia, Certificate of Merit in International Business ë Master of Engineering, Asian Institute of Technology ë Bachelor of Engineering (2nd Class Honor), Khonkaen University ë Certificate in Electric Power Development from Swedish Board of Investment and Technical Support (BITS), Sweden Working Experiences ë Current Acting Deputy Managing Director of the Ratchaburi Energy Co., Ltd. ë 2000 Chief, Business Venture Group Portfolio Management Division, EGAT ë 1998-1999 Chief, Contract Negotiation and Management Group, Domestic Power Purchase Division, EGAT ë 1996-1997 Chief, Engineering and Project Implementation Group, Business Venture Division, EGAT ë 1994-1996 Engineer Level 9, Acting Chief, Engineering and Project Implementation Group, Business Venture Division, EGAT

Director, General Administration Division Age 44 Education ë Master of Public and Private Management, The National Institute of Development Administration ë Certificate in Advanced Mini MBA, Chulalongkorn University ë Bachelor of Political Science (Public Administration), Thammasat University Working Experiences ë 1998-2000 Chief, Procurement and General Services Department, Demand Side Management and Planning Division, EGAT ë 1997-1998 Assistant Chief, Appliances Efficiency Improvement Project, Demand Side Implementation Division, EGAT ë 1995-1997 Head, Personnel Section, Demand Side Management Office, EGAT

Director, Finance Division Age 52 Education ë Master of Management, SASIN Graduate Institute of Business Administration of Chulalongkorn University ë Bachelor of Accountancy (2nd Class Honor), Chulalongkorn University Working Experiences ë 1995-2001 Assistant Director, Portfolio Management Division, EGAT ë 1994-1995 Accountant Level 10, Portfolio Management Division, EGAT ë 1993-1994 Chief, General Accounting Department, Accounting Division, EGAT

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Shareholding Structure ¥â«¬π‚¬∫“¬¢Õß∫√‘…—∑œ „π°“√¡ÿàß‡πâπ°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·≈–§«“¡¡ÿàß¡—Ëπ∑’Ë®–∏”√ßµπ‡ªìπ∫√√…—∑ ¿‘∫“≈ (Good Corporate Governance) µ“¡‡®µπ“√¡≥å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑œ ®÷ß‰¥â¥”‡π‘π°“√®—¥µ—Èß§≥–°√√¡°“√µ“¡¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡ ‚ª√àß„ ·≈–√—∫º‘¥™Õ∫µàÕºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬Õ¬à“ß‡∑à“‡∑’¬¡

§≥–°√√¡°“√∫√‘…—∑œ ¡’Àπâ“∑’Ë°”Àπ¥π‚¬∫“¬·≈–∑∫∑«π„Àâ§«“¡‡ÀÁπ™Õ∫π‚¬∫“¬·≈–·ºπ°“√¥”‡π‘π ß“π ¢≥–‡¥’¬«°—π¬—ß∑”Àπâ“∑’Ë°”°—∫¥Ÿ·≈°“√∑”ß“π¢ÕßΩÉ“¬∫√‘À“√„ÀâªØ‘∫—µ‘µ“¡π‚¬∫“¬∑’Ë‰¥â«“ß‰«âÕ¬à“ß ‡§√àß§√—¥·≈–„Àâ‡°‘¥ª√– ‘∑∏‘º≈ Ÿß ÿ¥ µ“¡ª°µ‘ ∫√‘…—∑œ ‰¥â°”Àπ¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ‡¥◊Õπ≈– 1 §√—Èß ‚¥¬®–®—¥ àß«“√–°“√ ª√–™ÿ¡·≈–‡Õ° “√°“√ª√–™ÿ¡„Àâ§≥–°√√¡°“√æ‘®“√≥“≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ ‡æ◊ËÕ„Àâ¡’°“√æ‘®“√≥“ Õ¬à“ß√Õ∫§Õ∫ ·≈–®—¥ √√‡«≈“‰«âÕ¬à“ß‡æ’¬ßæÕ°—∫«“√–°“√ª√–™ÿ¡ ·≈–¡“°æÕ∑’§Ë ≥–°√√¡°“√®–Õ¿‘ª√“¬ ª√–‡¥Áπ ”§—≠µà“ßÊ ‚¥¬∑—Ë«°—π „πªï 2545 §≥–°√√¡°“√∫√‘…—∑œ ¡’°“√ª√–™ÿ¡√«¡®”π«π 12 §√—Èß

§≥–°√√¡°“√∫√‘…—∑ ªí®®ÿ∫—π ∫√‘…—∑œ ¡’§≥–°√√¡°“√®”π«π 11 ∑à“π ¥—ß¡’√“¬π“¡µàÕ‰ªπ’È 1. π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ª√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√°”Àπ¥§à“µÕ∫·∑π 2. π“¬∑«’ ∫ÿµ√ ÿπ∑√ °√√¡°“√·≈–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π 3. π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å °√√¡°“√ 4. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ °√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√ 5. π“¬«‘∑¬“ §™√—°…å °√√¡°“√ 6. π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ °√√¡°“√ 7. π“¬Õÿ¥¡ ∏ÿ««ß»å °√√¡°“√·≈–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π 8. π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ °√√¡°“√Õ‘ √–·≈–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π 9. π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫ 10.π“¬æ‘™“≠ ∂“ªπ®“√ÿ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫ 11.π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫

With the policies committed to the principles of good corporate governance in accordance with the Stock Exchange of Thailand (SET) requirements, the Company has organized its Board of Directors in accordance with SET guidelines that provide for greater transparency and accountability to all stakeholders on equitability basis.

The Board of Directors The Board of Directors is composed of 11 persons, as follows: 1. Mr. Somchai Richupan Chairman of the Board of Directors and Chairman of Remuneration Committee 2. Mr. Tawee Butrsoonthorn Director and Member of Remuneration Committee 3. Mr. Norkun Sitthiphong Director 4. Mr. Boonchoo Direksathapon Director and Managing Director 5. Mr. Vitaya Kotcharug Director 6. Mr. Suporn Hotimavorakul Director 7. Mr. Udom Thuvavong Director and Member of Remuneration Committee 8. Mr. Areepong Bhoocha-oom Independent Director and Member of Remuneration Committee 9. Mrs. Pimolsri Siripaibul Independent Director and Chairman of Audit Committee 10.Mr. Picharn Satapanajaru Independent Director and Member of Audit Committee 11.Mr. Narong Wongpaiboon Independent Director and Member of Audit Committee

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 30 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

°√√¡°“√Õ‘ √– „π§≥–°√√¡°“√∫√‘…—∑œ ®”π«π 11 ∑à“π ¡’®”π«π 4 ∑à“π ¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √– ´÷Ëß∑”Àπâ“∑’Ë æ‘®“√≥“¥â«¬¥ÿ≈æ‘π®‘ ∑’‡Ë ªìπÕ‘ √–‡æ◊ÕË „Àâπ‚¬∫“¬ ·ºπ°“√¥”‡π‘πß“π ·≈–°“√∫√‘À“√ß“π¢Õß∫√‘…∑— œ ∂Ÿ°µâÕß Õ¥§≈âÕß°—∫°ÆÀ¡“¬ «—µ∂ÿª√– ß§å ¢âÕ∫—ß§—∫ ·≈–¡µ‘º∂Ÿâ Õ◊ Àÿπâ ´÷ßË ∂◊Õ‡ªìπ°“√ª°ªÑÕßº≈ª√–‚¬™πå¢ÕßºŸ∂â Õ◊ Àÿπâ „Àâ¡’§«“¡‡∑à“‡∑’¬¡°—π

The Board of Directors is responsible for overseeing the Companyûs overall business strategies and operations and determining the Companyûs statutory and non-statutory policies. Furthermore, the Board directly supervises executive managementûs procedures, ensuring that all of these produces are consistent with pre-determines policies and objectives. Board meeting are held once a month. The meeting agenda and pertinent documentation are presented to all members of the board, for consideration and to enable each director to prepare for discussion, in advance before the meeting date. In 2002, there were a total of 12 board meetings.

Independent Directors Of the eleven directors on the Board of Directors four members are independent directors. The independent directors are designated to independent scrutinize the Companyûs policy, business plan and management to ensure that each complies with the laws, goals, regulations and resolutions of the shareholderûs meetings. This ensures that the interests of all shareholders are equally protected.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 31

Ratchaburi Electricity Generating Holding Public Company Limited

§≥–°√√¡°“√µ√«® Õ∫ „π§≥–°√√¡°“√∫√‘…—∑œ ®”π«π 11 ∑à“π ¡’ 3 ∑à“π¥”√ßµ”·Àπàß„π§≥–°√√¡°“√µ√«® Õ∫ ∑”Àπâ“∑’Ë Õ∫∑“π√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ „Àâ∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ πÕ°®“°π’È ¬—ß®—¥„Àâ¡’√–∫∫°“√§«∫§ÿ¡ ¿“¬„π·≈–µ√«® Õ∫¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ ·≈– “¡“√∂∫√‘À“√§«“¡‡ ’Ë¬ß‰¥âÕ¬à“ß‡À¡“– ¡ πÕ°‡Àπ◊Õ ®“°°“√ªØ‘∫µ— µ‘ “¡°ÆÀ¡“¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å °Æ√–‡∫’¬∫¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–°ÆÀ¡“¬∏ÿ√°‘®∑’Ë‡°’Ë¬«¢âÕßµà“ßÊ πÕ°®“°π’È ¬—ß∑”Àπâ“∑’Ë§—¥‡≈◊Õ° ‡ πÕ·µàßµ—Èß ·≈–‡ πÕ§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ „Àâ·°à§≥–°√√¡°“√¢Õß∫√‘…—∑œ „Àâ§«“¡‡ÀÁπ™Õ∫ ·≈–π”‡ πÕµàÕ∑’ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—µ‘ Õ’°∑—Èß¬—ßæ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’ §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå „Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π √«¡∑—Èß√—∫º‘¥™Õ∫°“√®—¥∑”√“¬ß“π°“√ °”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫ ∑’Ë≈ßπ“¡‚¥¬ª√–∏“π°√√¡°“√µ√«® Õ∫ ‚¥¬‡ªî¥‡º¬‰«â „π √“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ §≥–°√√¡°“√µ√«® Õ∫ ¬—ß¡’∫∑∫“∑ ”§—≠„π°“√µ√«® Õ∫¥Ÿ·≈°“√¥”‡π‘πß“π¢Õß ”π—°µ√«® Õ∫¿“¬„π „π‡√◊ÕË ßµà“ßÊ √«¡∂÷ß¢Õ∫‡¢µ°“√ªØ‘∫µ— ß‘ “π ·ºπ°“√µ√«® Õ∫ª√–®”ªïß∫ª√–¡“≥ µ≈Õ¥®π∫ÿ§≈“°√‚¥¬ ®–æ‘®“√≥“„Àâ¡§’ «“¡‡À¡“– ¡°—∫∫∑∫“∑§«“¡√—∫º‘¥™Õ∫„πß“π ¢≥–‡¥’¬«°—π¬—ßæ‘®“√≥“°“√·µàßµ—ßÈ ‚¬°¬â“¬ À√◊Õ‡≈‘°®â“ß ºŸâ®—¥°“√ ”π—°µ√«® Õ∫¿“¬„π√«¡∑—Èßæ‘®“√≥“√“¬ß“πº≈°“√ªØ‘∫—µ‘ß“π ·≈–§«“¡‡ªìπ Õ‘ √–¢Õß ”π—°µ√«® Õ∫¿“¬„π¥â«¬

Audit Committee Of the eleven directors on the Board of Director three members hold positions as directors of the Audit Committee. The committee is responsible for auditing financial reports for accuracy and adequacy. It also monitors and controls efficiency in the internal control system and internal audit system to ensure that all risks are being properly managed. The committeeûs roles and responsibilities are in compliance with the Securities and Exchange Act, the SETûs regulations and other related business laws. The committee also proposes to the Board of Directors and later to the Shareholder Annual Meeting for approval of the companyûs and its subsidiariesû appointment of the auditor and their auditing fees. The committee, furthermore, considers for reviewing the Companyûs disclosure of connected transactions or other transactions to guarantee that no conflict of interest exists. The committee is also responsible for preparing the report on auditing results, which is signed by the Audit Committee Chairman and incorporates in the Companyûs annual report. The Audit Committee also plays a key role in monitoring and reviewing the performance of the Office of Internal Audit in various areas, including the scope of work, the auditing plan, budgeting and manpower based on job description and qualifications. It also reviews the appointment or transfer or dismissal of Director of the Office of Internal Audit; and reviews reports on the performance and independence of the Office of Internal Audit.

§≥–°√√¡°“√µ√«® Õ∫®–√“¬ß“π‡√◊ËÕß∑’Ëµ√«®æ∫ À√◊Õ¢âÕ ß —¬µà“ßÊ „Àâ§≥–°√√¡°“√∫√‘…—∑œ √—∫∑√“∫ ‡æ◊ËÕÀ“·π«∑“ß„π°“√·°â‰¢ª√—∫ª√ÿßÀ≈—ß®“°∑’Ë‰¥â√—∫√“¬ß“π°“√µ√«® Õ∫·≈â«

§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π „π§≥–°√√¡°“√∫√‘…—∑œ ®”π«π 11 ∑à“π ¡’ 4 ∑à“π ¥”√ßµ”·Àπàß„π§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ¡’Àπâ“∑’æË ®‘ “√≥“°”Àπ¥§à“µÕ∫·∑π ‰¥â·°à ‡ß‘π‡¥◊Õπ ‡∫’¬È ª√–™ÿ¡ ‡∫’¬È ‡≈’¬È ß ‚∫π— À√◊Õº≈ª√–‚¬™πåµÕ∫·∑π „π≈—°…≥–Õ◊ËπÊ ¢Õß§≥–°√√¡°“√∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡·∑π∫√‘…—∑œ ºŸâ¡’Õ”π“®≈ßπ“¡·∑π∫√‘…—∑œ §◊Õ π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ª√–∏“π°√√¡°“√ À√◊Õ π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ °√√¡°“√ºŸâ®—¥°“√ §π„¥§πÀπ÷Ëß≈ß≈“¬¡◊Õ™◊ËÕ·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ À√◊Õ π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å π“¬«‘∑¬“ §™√—°…å π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ π“¬Õÿ¥¡ ∏ÿ««ß»å π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å π“¬æ‘™“≠ ∂“ªπ®“√ÿ π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å Õß„π·ª¥§π≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π·≈–ª√–∑—∫µ√“ ”§—≠ ¢Õß∫√‘…—∑œ

°“√ √√À“°√√¡°“√ ∫ÿ§§≈∑’¥Ë ”√ßµ”·Àπàß°√√¡°“√¢Õß∫√‘…∑— œ µâÕß¡’§≥ÿ ¡∫—µ·‘ ≈–‰¡à¡≈’ °— …≥–µâÕßÀâ“¡µ“¡∑’°Ë ÆÀ¡“¬°”Àπ¥ ‚¥¬§≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π‰¡àπâÕ¬°«à“‡®Á¥§π·≈–‰¡à‡°‘π°«à“ ‘∫‡ÕÁ¥§π ¡“®“°°“√‡≈◊Õ°µ—Èß¢Õß∑’Ë ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ·≈–°√√¡°“√‰¡àπÕâ ¬°«à“°÷ßË Àπ÷ßË ¢Õß®”π«π°√√¡°“√∑—ßÈ À¡¥µâÕß¡’∂π‘Ë ∑’ÕË ¬Ÿà „π√“™Õ“≥“®—°√

The Audit Committee will report the results or any doubts of the audit to the Board of Directors for acknowledgement and guidelines for further improvement.

Remuneration Committee Of the eleven directors on the Board of Directors four members of members of the Remuneration Committee. The committee is responsible for determining the compensation of the Board of Directors and executives of the Company and its subsidiaries, including salaries, meeting allowances, living allowances, bonuses or other forms of benefits.

Authorized Directors The authorized directors of the Company are either Mr. Somchai Richupan, Chairman of the Board, or Mr. Boonchoo Direksathapon, Managing Director, who can validate documents by affixing their signatures and the Companyûs seal, or any two of the following eight persons, namely Mr. Norkun Sitthiphong, Mr. Vitaya Kotcharug, Mr. Suporn Hotimavorakul, Mr. Udom Thuvavong, Mr. Areepong Bhoocha-oom, Mrs. Pimolsri Siripaibul, Mr. Picharn Satapanajaru, or Mr. Narong Wongpaiboon, who jointly can validate documents by affixing their signatures and the Companyûs seal.

Selection of Directors The Directors of the Company shall be a qualified person and not prohibited by laws. The Board of Directors has a minimum of seven directors but not more than eleven. All of them have been selected and formally appointed by the shareholders meeting. No fewer than half of all directors shall domicile in the Kingdom of Thailand.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 32 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 33

Ratchaburi Electricity Generating Holding Public Company Limited

”À√—∫À≈—°‡°≥±å·≈–«‘∏°’ “√‡≈◊Õ°µ—ßÈ °√√¡°“√‰¥â¥”‡π‘π°“√µ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…∑— œ‚¥¬°√√¡°“√¡“®“°°“√ ‡≈◊Õ°µ—Èß¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¥—ßπ’È 1. ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ß‡∑à“°—∫®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà ‚¥¬Àπ÷ËßÀÿâπ¡’Àπ÷Ëß‡ ’¬ß 2. ºŸ∂â Õ◊ Àÿπâ ·µà≈–§π®–„™â ∑‘ ∏‘‡≈◊Õ°∫ÿ§§≈‡¥’¬«À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√°Á‰¥â ·µàµÕâ ß‰¡à‡°‘π®”π«π°√√¡°“√ ∑’Ë‰¥â√—∫°“√‡ πÕ™◊ËÕ‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ 3. „π°√≥’∑’ËºŸâ∂◊ÕÀÿâπ„™â ‘∑∏‘‡≈◊Õ°À≈“¬§π‡ªìπ°√√¡°“√ ºŸâ∂◊ÕÀÿâπµâÕß≈ß§–·ππ‡ ’¬ß„Àâ·µà≈–∫ÿ§§≈‡∑à“°—∫ ®”π«π§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà ·µà®–·∫àß§–·ππ‡ ’¬ß„Àâ·°àºŸâ „¥¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â 4. ∫ÿ§§≈´÷ßË ‰¥â√∫— §–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“ ‡ªìπºŸâ‰¥â√∫— ‡≈◊Õ°µ—ßÈ ‡ªìπ°√√¡°“√‡∑à“®”π«π°√√¡°“√ ∑’Ë®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „π°√≥’∫ÿ§§≈´÷Ëß‰¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π ®”π«π°√√¡°“√∑’®Ë –æ÷ß‡≈◊Õ°µ—ßÈ „π§√—ßÈ π—πÈ „Àâª√–∏“π∑’ªË √–™ÿ¡‡ªìπºŸÕâ Õ°‡ ’¬ß™’¢È “¥‡æ‘¡Ë ¢÷πÈ Õ’°Àπ÷ßË ‡ ’¬ß ‡æ◊ËÕ„Àâ‰¥â®”π«π°√√¡°“√∑’Ë®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „π°“√ª√–™ÿ¡ “¡—≠ºŸ∂â Õ◊ Àÿπâ ª√–®”ªï∑°ÿ §√—ßÈ ®–¡’°√√¡°“√æâπ®“°µ”·ÀπàßÀπ÷ßË „π “¡‡ªìπÕ—µ√“ À“°®”π«π °√√¡°“√∑’Ë¡’Õ¬Ÿà ‰¡à “¡“√∂·∫àß‡ªìπ “¡ à«π‰¥â≈ßµ—« „Àâ°√√¡°“√®”π«π∑’Ë „°≈â‡§’¬ß∑’Ë ÿ¥°—∫ à«πÀπ÷Ëß„π “¡æâπ®“°µ”·Àπàß °“√æâπ®“°µ”·Àπàß¢Õß°√√¡°“√„πªï·√°·≈–ªï∑’Ë Õß¿“¬À≈—ß°“√®¥∑–‡∫’¬π∫√‘…—∑ „Àâ „™â«‘∏’®—∫ ≈“° à«πªïµàÕ‰ª°√√¡°“√∑’Ë¥”√ßµ”·Àπàßπ“π∑’Ë ÿ¥®–µâÕßæâπ®“°µ”·Àπàß ∑—Èßπ’È °√√¡°“√∑’Ëæâπ®“°µ”·Àπàß µ“¡«“√–Õ“®‰¥â√—∫‡≈◊Õ°µ—Èß‡¢â“¡“¥”√ßµ”·Àπàß„À¡à‰¥â

°√≥’∑’Ëµ”·Àπàß°√√¡°“√«à“ß≈ß¥â«¬‡ÀµÿÕ◊Ëπ πÕ°‡Àπ◊Õ®“°∂÷ß§√“«ÕÕ°µ“¡«“√– „Àâ§≥–°√√¡°“√∫√‘…—∑ ‡≈◊Õ°ºŸâ∂◊ÕÀÿâπ À√◊Õ∫ÿ§§≈„¥∫ÿ§§≈Àπ÷Ëß´÷Ëß¡’§ÿ≥ ¡∫—µ‘·≈–‰¡à¡’≈—°…≥–µâÕßÀâ“¡µ“¡°ÆÀ¡“¬«à“¥â«¬∫√‘…—∑ ¡À“™π®”°—¥‡ªìπ°√√¡°“√·∑π„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…∑— œ §√“«∂—¥‰ª ‡«âπ·µà«“√–¢Õß°√√¡°“√ ®–‡À≈◊ÕπâÕ¬°«à“ Õß‡¥◊Õπ ∫ÿ§§≈´÷Ëß‡¢â“‡ªìπ°√√¡°“√·∑π¥—ß°≈à“« ®–Õ¬Ÿà „πµ”·Àπàß°√√¡°“√‰¥â‡∑à“«“√– ∑’Ë‡À≈◊ÕÕ¬Ÿà¢Õß°√√¡°“√∑’Ë·∑π ∑—Èßπ’È §≥–°√√¡°“√∫√‘…—∑œ ®–µâÕß¡’¡µ‘¥â«¬§–·ππ‡ ’¬ß‰¡àπâÕ¬°«à“ “¡ „π ’Ë¢Õß®”π«π°√√¡°“√∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà À“°°√√¡°“√∑’Ë‡À≈◊ÕÕ¬Ÿà¡’®”π«ππâÕ¬°«à“Õß§åª√–™ÿ¡ „Àâ°√√¡°“√∑’Ë‡À≈◊ÕÕ¬Ÿà°√–∑”°“√„ππ“¡¢Õß §≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µà‡©æ“–°“√®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ‡≈◊Õ°µ—Èß°√√¡°“√·∑πµ”·Àπàß∑’Ë«à“ß ‡∑à“π—Èπ °“√ª√–™ÿ¡¥—ß°≈à“«„Àâ°√–∑”¿“¬„πÀπ÷Ëß‡¥◊Õππ—∫·µà«—π∑’Ë®”π«π°√√¡°“√∑’Ë‡À≈◊ÕÕ¬ŸàπâÕ¬°«à“ ®”π«π∑’Ë‡ªìπÕß§åª√–™ÿ¡ ∫ÿ§§≈∑’Ë‡¢â“‡ªìπ°√√¡°“√·∑ππ—Èπ®–Õ¬Ÿà „πµ”·Àπàß‰¥â‡∑à“«“√–∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà¢Õß °√√¡°“√∑’Ë·∑π‡∑à“π—Èπ

The selection criteria and procedures of the Board of Directors are provided below: 1. Each Shareholder has the voting right equally to the shares that one owns. One share has one vote. 2. Each Shareholder can vote for one or more directors but shall not exceed the number of directors who has nominated as the director(s.) 3. In the event of exercising voting rights for more than one director, the shareholder has the right to vote for each director in a ratio that is consistent with the voting right that one has acquired. However, such voting right shall not be divided by given fewer or more votes to particular candidate. 4. The candidates who acquire the highest vote arranged by respective order are elected as the Companyûs directors for that particular election. In the event that there is more than one candidate in the subsequent level have equal votes, the Chairman will be granted one more voting right to make the final decision to appoint who is the director in the meeting. At the every Shareholders Annual Meeting, one third of the directors are obliged to resign. If the existing number of directors cannot be divided precisely, the number of directors, which is nearest to one third, will be asked to resign. The resignation of directors in the first and second year after the Company has registered will be implemented according to a drawing method. In the following years, the directors who have stayed for the longest period of time in their posts will be required to resign. However, there are no restrictions against the re-election of directors who were previously directors of the Company.

If the director resigns for other reasons, other than the expiry of the term, the Board of Directors must select one shareholder, who is qualified and is not prohibited by the laws applying to public company limited to replace the vacant position at the next Board meeting. In the case of any director having less than two months remaining on their term, the replaced director must be nominated as a director for the period of time, which the previous director has left. In addition, the Board of Directors of Company shall approve such case with the vote of three forth of the remaining directors. If the number of directors is less than the quorum, the remaining directors are allowed to act on behalf of the board only to conduct shareholder meeting specifically for the purpose of electing directorships, which are vacant. The meeting must be held within one month since the date on which the number of directors has been less than the quorum. The replacement will be posted in the position for the remaining term of the former directors.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 34 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 35

Ratchaburi Electricity Generating Holding Public Company Limited

√–∫∫°“√§«∫§ÿ¡¿“¬„π §≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡ÀÁπ™Õ∫„Àâ ”π—°µ√«® Õ∫¿“¬„π ¡’Àπâ“∑’Ë√“¬ß“πº≈°“√¥”‡π‘πß“πµàÕ§≥– °√√¡°“√µ√«® Õ∫·≈–°√√¡°“√ºŸ®â ¥— °“√ ‚¥¬°”Àπ¥∫∑∫“∑·≈–§«“¡√—∫º‘¥™Õ∫¢Õß ”π—°µ√«® Õ∫¿“¬„π √ÿª‰¥â¥—ßπ’È 1. Õ∫∑“π·≈–ª√–‡¡‘π§«“¡‡æ’¬ßæÕ ·≈–ª√– ‘∑∏‘¿“æ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ 2. Õ∫∑“π§«“¡‡™◊ËÕ∂◊Õ‰¥â ·≈–§«“¡∂Ÿ°µâÕß¢Õß¢âÕ¡Ÿ≈ “√ π‡∑»∑“ß¥â“π°“√‡ß‘π °“√ªØ‘∫—µ‘ß“π ·≈– °“√√“¬ß“π¢âÕ¡Ÿ≈ “√ π‡∑»¥—ß°≈à“« 3. Õ∫∑“π«‘∏’°“√¥Ÿ·≈√—°…“∑√—æ¬å ‘π √«¡∂÷ß°“√µ√«® Õ∫°“√¡’Õ¬Ÿà®√‘ß¢Õß∑√—æ¬å ‘ππ—Èπ 4. Õ∫∑“π·≈–ª√–‡¡‘π°“√„™â∑√—æ¬“°√µà“ßÊ ¢Õß∫√‘…—∑œ „Àâ¡’ª√– ‘∑∏‘¿“æ·≈–ª√–À¬—¥ 5. µ‘¥µ“¡º≈°“√µ√«® Õ∫ ·≈–°“√ªØ‘∫—µ‘µ“¡¢âÕ‡ πÕ·π–

°“√§«∫§ÿ¡°“√„™â¢âÕ¡Ÿ≈¿“¬„π µ“¡√–‡∫’¬∫¢Õß∫√‘…—∑œ ‰¥â°”Àπ¥„Àâ¡’°“√ªÑÕß°—π°“√· «ßÀ“º≈ª√–‚¬™πå®“°°“√„™â¢âÕ¡Ÿ≈¿“¬„π ¢Õß∫√‘…—∑œ ∑’Ë¬—ß‰¡à¡’°“√‡ªî¥‡º¬µàÕ “∏“√≥™π ·≈–¢âÕ¡Ÿ≈∑’Ë¡’º≈µàÕ°“√‡§≈◊ËÕπ‰À«¢Õß√“§“´◊ÈÕ¢“¬ À≈—°∑√—æ¬å¢Õß∫√‘…∑— œ „πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬„Àâº∑Ÿâ ‡’Ë °’¬Ë «¢âÕß∂◊ÕªØ‘∫µ— Õ‘ ¬à“ß‡§√àß§√—¥ ¥—ßπ’È

Internal Control System The Board of Directors has agreed that the Office of Internal Audit has the responsibilities to report operating performance of the Company to the Audit Committee and Managing Director. Additionally, the Office of Internal Audit is designated to perform other functions as follows: 1. Review and evaluate the internal control system of the company and its subsidiaries for sufficiency and efficiency. 2. Review financial and operating information, and financial and operating reports for reliability and accuracy. 3. Review the asset custody procedures, and determine that these assets exist in the stated condition. 4. Review and evaluate the Companyûs resource utilization for efficiency and economical use. 5. Monitor results of auditing and offer appropriate recommendations.

Control on Inside Information The Companyûs regulation identifies the beneficial protection of the Companyûs inside information that has not yet been disclosed to the public, and the information that has influence on share price movement in the Stock Exchange of Thailand. Related persons must strictly perform the following rules:

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 36 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

çÀâ“¡¡‘ „Àâ°√√¡°“√ ºŸ∫â √‘À“√ ·≈–æπ—°ß“π √«¡∂÷ß§Ÿ à ¡√ ·≈–∫ÿµ√∑’¬Ë ß— ‰¡à∫√√≈ÿπµ‘ ¿‘ “«–¢Õß∫ÿ§§≈¥—ß°≈à“« „™â¢âÕ¡Ÿ≈¿“¬„π ´÷Ëß¬—ß¡‘‰¥â‡ªî¥‡º¬ ‡æ◊ËÕ∑”°“√´◊ÈÕ ¢“¬ ‚Õπ À√◊Õ√—∫‚ÕπÀ≈—°∑√—æ¬å¢Õß∫√‘…—∑œ °àÕπ∑’Ë ¢âÕ¡Ÿ≈π—Èπ®–‡ªî¥‡º¬µàÕ “∏“√≥™π ºŸâΩÉ“Ωóπ®–¡’ ‚∑…µ“¡√–‡∫’¬∫¢Õß∫√‘…—∑œé ç°“√´◊ÈÕ ¢“¬ ‚Õπ À√◊Õ√—∫‚ÕπÀ≈—°∑√—æ¬å¢Õß∫√‘…—∑œ °√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ®–µâÕß√“¬ß“π °“√‡ª≈’¬Ë π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµÕà ”π—°ß“π °.≈.µ. ·≈–µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¿“¬„π 3 «—π ∑”°“√ π—∫®“°«—π∑’Ë¡’°“√´◊ÈÕ ¢“¬ ‚Õπ ·≈–√—∫‚Õπ À“°‰¡à¥”‡π‘π°“√¥—ß°≈à“«®–¡’‚∑…µ“¡¡“µ√“ 275 ·Ààß æ.√.∫. À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 µâÕß√–«“ß‚∑…ª√—∫‰¡à‡°‘π 500,000 ∫“∑ ·≈– ª√—∫Õ’°«—π≈–‰¡à‡°‘π 10,000 ∫“∑ µ≈Õ¥‡«≈“∑’Ë¬—ß¡‘‰¥âªØ‘∫—µ‘ „Àâ∂Ÿ°µâÕß °√√¡°“√·≈–ºŸâ∫√‘À“√ ®–µâÕß®—¥ àß ”‡π“√“¬ß“π¥—ß°≈à“« ®”π«π 1 ™ÿ¥ „Àâ·°à∫√‘…—∑œ ‡æ◊ËÕ‡°Á∫‰«â‡ªìπÀ≈—°∞“πé πÕ°‡Àπ◊Õ®“°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’·≈â« ∫√‘…—∑œ ¬—ß‰¥âπ”À≈—°·Ààß§ÿ≥∏√√¡¡“„™â „π°“√ªØ‘∫—µ‘ß“π¥â«¬ ∑—Èßπ’È §≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥®√√¬“∫√√≥„π°“√¥”‡π‘πß“π¢Õß°≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) √«¡∑—Èß®√√¬“∫√√≥¢ÕßºŸâ∫√‘À“√ ·≈–®√√¬“∫√√≥¢Õßæπ—°ß“π ‡æ◊ËÕ„™â‡ªìπ ¡“µ√∞“π„π°“√ªØ‘∫—µ‘ß“π

çDirectors, executives, and employees including spouses and children who have not attained to manhood, shall not use inside information to buy or sell or transfer or receive the Companyûs securities before that information is disclosed to the public. Any person who breaks this rule will be penalized in accordance with the Companyûs regulations.é çFor the purchase or sales or transfer or receipt of the Companyûs securities, the Companyûs directors and executives must report changes in shareholding to office of the Securities Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) within 3 business days from the buying or selling or transferring or receiving date. If not, they shall be penalized by Section 275 of Securities Act B.E. 2535: provided that they shall be liable to a fine not exceeding Baht 500,000 and a further fine not exceeding Baht 10,000 for everyday during which the contravention continues. Directors and executives must submit one copy of such report to Company as an evidence.é In addition to good corporate governance, the Company employs good business ethics in its operations. The Board of Directors has instituted a code of ethics for the group of companies comprised under Ratchaburi Electricity Generating Holding PCL. for both management and staff.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 37

Ratchaburi Electricity Generating Holding Public Company Limited

‚§√ß √â“ßºŸâ∂◊ÕÀÿâπ Shareholding

Structure Oversea-Chinese Bank Nominees Pte., Ltd.

0.37%

∫√‘…—∑À≈—°∑√—æ¬å‰∑¬æ“≥‘™¬å ®”°—¥ SCB Securities Co., Ltd.

0.34%

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Company Limited

°Õß∑ÿπ∫”‡ÀπÁ®∫”π“≠¢â“√“™°“√ The Government Pension Fund

0.77%

HSCB (Singapore) Nominees Pte., Ltd. Morgan Stanley & Co International Limited

1.66% 1.81% State Street Bank and Trust Company 2.16% ∏π“§“√ÕÕ¡ ‘π Government Saving Bank 2.62% °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æπ—°ß“π °øº. EGAT Employee’s Provident Fund

45.00%

100%

°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand

3.34%

°≈ÿà¡∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π) Banpu Group of Companies

14.99%

100%

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) Ratchaburi Electricity Generating Holding PCL.

26.94% ºŸâ≈ß∑ÿπ∑—Ë«‰ª ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥

General Public

Ratchaburi Energy Company Limited

√“¬™◊ËÕ 10 Õ—π¥—∫ºŸâ∂◊ÕÀÿâπ„À≠à¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 2 ‡¡…“¬π 2545 The Companyûs top ten largest shareholders as at April 2, 2002 ®”π«πÀÿâπ / Number of Shares

1 °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand 2 °≈ÿà¡∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π) Banpu Group of Companies 3 °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æπ—°ß“π °øº. EGAT Employeeûs Provident Fund 4 ∏π“§“√ÕÕ¡ ‘π Government Saving Bank

√âÕ¬≈– / %

652,500,000

45.00

217,400,000

14.99

48,485,396

3.34

38,000,000

2.62

®”π«πÀÿâπ / Number of Shares

5 6 7 8

State Street Bank and Trust Company Morgan Stanley & Co International Limited HSBC (Singapore) Nominees Pte., Ltd. °Õß∑ÿπ∫”‡ÀπÁ®∫”π“≠¢â“√“™°“√ The Government Pension Fund 9 Oversea-Chinese Bank Nominees Pte., Ltd. 10 ∫√‘…—∑À≈—°∑√—æ¬å ‰∑¬æ“≥‘™¬å ®”°—¥ SCB Securities Co., Ltd.

√âÕ¬≈– / %

31,326,300 26,888,000 24,104,500

2.16 1.81 1.66

11,219,000 5,301,300

0.77 0.37

5,000,000

0.34

∑’Ë¡“ : ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ Source : Thailand Securities Depository Company Limited

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 38 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 39

Ratchaburi Electricity Generating Holding Public Company Limited

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Nature of

Business ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) °àÕµ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 7 ¡’π“§¡ 2543 ªí®®ÿ∫—π¡’∑ÿπ ®¥∑–‡∫’¬π™”√–·≈â«®”π«π 14,500 ≈â“π∫“∑ ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑œ ‡ªìπ°“√≈ß∑ÿπ„π ∫√‘…∑— ¬àÕ¬„π√Ÿª¢Õß∫√‘…∑— ‚Œ≈¥‘ßÈ ´÷ßË √“¬‰¥âÀ≈—°¡“®“°‡ß‘πªíπº≈¢Õß∫√‘…∑— ¬àÕ¬ §◊Õ ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–„™âÀ≈—°‡°≥±å·≈–‡ß◊ËÕπ‰¢µ“¡¢âÕ∫—ß§—∫ ∫√‘…—∑®”°—¥ °≈à“«§◊Õ ®–®à“¬‡ß‘πªíπº≈®“°‡ß‘π°”‰√ πÕ°®“°π’È¬—ßµâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢¢Õß —≠≠“‡ß‘π°Ÿâ ∑’Ë°”Àπ¥„Àâ∫√‘…—∑¬àÕ¬µâÕß ”√Õß‡ß‘π‰«â „π∫—≠™’‡ß‘π ”√Õß‡æ◊ËÕ°“√™”√–Àπ’ÈÕ’°¥â«¬ ªí®®ÿ∫—π∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∂◊ÕÀÿâπ√âÕ¬≈– 100 „π∫√‘…—∑¬àÕ¬ 2 ·Ààß §◊Õ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ·≈–∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ∑—Èßπ’È ∫√‘…—∑œ ‰¥â°”Àπ¥∑‘»∑“ß°“√ ¥”‡π‘πß“π ·≈–·ºπ°≈¬ÿ∑∏åµà“ßÊ „Àâ Õ¥§≈âÕß°—∫‡ªÑ“À¡“¬°“√æ—≤π“ ·≈–°“√¢¬“¬°‘®°“√¢Õß∫√‘…—∑œ ∑’¡Ë ßÿà ≈ß∑ÿπ„π∏ÿ√°‘®º≈‘µ‰øøÑ“·≈–∏ÿ√°‘®∑’‡Ë °’¬Ë «¢âÕß ‚¥¬∫√‘…∑— œ ®– π—∫ πÿπ‡ß‘π∑ÿπ„Àâ‡æ’¬ßæÕµàÕ°“√¥”‡π‘πß“π √«¡∑—Èß¡’ à«π√à«¡„π°“√°”Àπ¥π‚¬∫“¬·≈–µ‘¥µ“¡µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑∑’Ë≈ß∑ÿπ

Ratchaburi Electricity Generating Holding PCL. is, a holding company set up on March 7, 2000 with the current registered and paid-up share capital of Baht 14,500 million, committed to investing in its subsidiaries. Its core income derives from dividends acquired from one of its subsidiaries, Ratchaburi Electricity Generating Co., Ltd. The prevailing criteria of dividend payments by Ratchaburi Electricity Generating Co., Ltd. follow the dividend payment terms and conditions applicable to a limited company. Dividends are paid in proportion to earnings and in conformity with the terms stipulated in a loan agreement for debt service account. At present, the Company owns 100 percent of Ratchaburi Electricity Generating Co., Ltd. and Ratchaburi Energy Co., Ltd.. The Company sets a clear corporate strategy and direction to facilitate its development and expansion in businesses, which mainly focuses on investing in power generating and related businesses. The Company will provide adequate financial supports to those invested companies as well as direct the appropriate policies together with thorough operational audits implemented to ensure its stable foundation and growth in order to maximize the returns to shareholders, employees, and society.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 40 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑¬àÕ¬ 1. ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ °àÕµ—Èß‡¡◊ËÕ«—π∑’Ë 20 ¡’π“§¡ 2543 ªí®®ÿ∫—π¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â«®”π«π 18,275 ≈â“π∫“∑ ¥”‡π‘π∏ÿ√°‘®º≈‘µ‰øøÑ“ ‚¥¬¡’‚√ß‰øøÑ“µ—ßÈ Õ¬Ÿ∑à ®’Ë ß— À«—¥√“™∫ÿ√’ ∫πæ◊πÈ ∑’Ë 2,158 ‰√à §√Õ∫§≈ÿ¡ 3 Õ”‡¿Õ §◊Õ Õ”‡¿Õ¥”‡π‘π –¥«° Õ”‡¿Õ‚æ∏“√“¡ ·≈–Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥√“™∫ÿ√’ ‚√ß‰øøÑ“√“™∫ÿ√’ ¡’¡Ÿ≈§à“ª√–¡“≥ 60,700 ≈â“π∫“∑ ‡ªìπ‚√ß‰øøÑ“∑’Ë¡’‡∑§‚π‚≈¬’°“√º≈‘µÕ—π∑—π ¡—¬ „™â°ä“´∏√√¡™“µ‘®“°·À≈àß¬“¥“π“ ·≈–·À≈àß‡¬µ“°ÿπ ª√–‡∑» À¿“æ‡¡’¬π¡“√å‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—°„π°“√ º≈‘µ‰øøÑ“ ª√–°Õ∫¥â«¬ 1. ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ 2 ‡§√◊ËÕß ¢π“¥°”≈—ßº≈‘µ‡§√◊ËÕß≈– 735 ‡¡°–«—µµå √«¡ 1,470 ‡¡°–«—µµå „™â°ä“´∏√√¡™“µ‘‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—° ·≈–πÈ”¡—π‡µ“‡ªìπ‡™◊ÈÕ‡æ≈‘ß ”√Õß ‰¥â√—∫‚Õπ®“° °øº.‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543 2. ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1-3 ¢π“¥°”≈—ßº≈‘µ™ÿ¥≈– 725 ‡¡°–«—µµå √«¡ 2,175 ‡¡°–«—µµå „™â°ä“´∏√√¡™“µ‘‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—° ·≈–πÈ”¡—π¥’‡´≈‡ªìπ‡™◊ÈÕ‡æ≈‘ß ”√Õß ∑—Èßπ’È ™ÿ¥∑’Ë 1 ·≈–™ÿ¥∑’Ë 2 ‰¥â√—∫‚Õπ®“° °øº. ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 à«π™ÿ¥∑’Ë 3 ‰¥â√—∫‚Õπ¡“®“° °øº. ‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545

Subsidiaries 1. Ratchaburi Electricity Generating Co., Ltd. Ratchaburi Electricity Generating Co., Ltd. was set up on March 20, 2000 with the current registered capital of Baht 18,275 million for electricity generating business. The power plants occupy the area of 2,158 Rai covering 3 districts in Ratchaburi province. The modern technology power plants with total value of Baht 60,700 million use natural gas from Yadana and Yetakun of Union of Myanmar as their primary fuel. The plants comprise of 1. Two Thermal Power Plant Units with an installed capacity of 735 megawatts each and the total capacity of 1,470 megawatts, were transferred from EGAT on October 31, 2000. Natural gas is the primary fuel whereas fuel oil is the secondary source. 2. Three Combined Cycle Power Plant Blocks with an installed capacity of 725 megawatts each and the total capacity of 2,175 megawatts use natural gas as their primary fuel and diesel as secondary. Blocks 1 and 2 were transferred from EGAT on April 18, 2002, and Block 3 on November 1, 2002.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 41

Ratchaburi Electricity Generating Holding Public Company Limited

ªí®®ÿ∫—π ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπºŸâº≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë¡’°”≈—ß°“√º≈‘µ Ÿß ÿ¥„π ª√–‡∑»‰∑¬ ¡’°”≈—ß°“√º≈‘µ√«¡ 3,645 ‡¡°–«—µµå À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ßº≈‘µ∑—Èßª√–‡∑» 2. ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ °àÕµ—Èß‡¡◊ËÕ«—π∑’Ë 4 °—π¬“¬π 2544 ¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â« 190 ≈â“π∫“∑ (≥ «—π∑’Ë 22 ¡°√“§¡ 2546) ¡ÿàß‡πâπ°“√≈ß∑ÿπ„π°‘®°“√‰øøÑ“ ´÷Ëß Õ¥§≈âÕß°—∫‡ªÑ“À¡“¬·≈–·ºπ°“√ ¥”‡π‘πß“π¢Õß∫√‘…—∑œ ∑’Ë¡ÿàßÀ«—ß®– √â“ß¡Ÿ≈§à“‡æ‘Ë¡„Àâ°—∫ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 15 µÿ≈“§¡ 2544 ∫√‘…—∑œ √à«¡°—∫ °øº. ‰¥â¬◊Ëπ¢Õ√—∫‡ß‘π π—∫ πÿπ®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√ Õπÿ√—°…åæ≈—ßß“π„π‚§√ß°“√‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á° ®”π«π 3 ‚§√ß°“√ ‰¥â·°à ‡¢◊ËÕπ‡®â“æ√–¬“ ®—ßÀ«—¥ ™—¬π“∑ ‡¢◊ÕË πªÉ“ —°™≈ ‘∑∏‘Ï ®—ßÀ«—¥≈æ∫ÿ√’ ·≈–‡¢◊ÕË π§≈Õß∑à“¥à“π ®—ßÀ«—¥π§√π“¬° (¥Ÿ√“¬≈–‡Õ’¬¥„πµ“√“ß) ·≈–‡¡◊ËÕ«—π∑’Ë 21 ¡’π“§¡ 2545 §≥–°√√¡°“√°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π ‰¥âæ‘®“√≥“·≈–¡’ ¡µ‘‡ÀÁπ™Õ∫„πÀ≈—°°“√„Àâ°“√ π—∫ πÿπ‡ß‘π®“°°Õß∑ÿπœ ‡ªìπ§à“æ≈—ßß“π‰øøÑ“∑’ Ë ßà ‡¢â“√–∫∫‰øøÑ“®”π«π 0.20 ∫“∑µàÕÀπà«¬ ‚¥¬°”Àπ¥„ÀâµâÕß¥”‡π‘π°“√√—∫øíß§«“¡§‘¥‡ÀÁπ®“°ª√–™“™π ‚¥¬√Õ∫æ◊Èπ∑’Ëµ—Èß‚§√ß°“√ ∑’ËÕ¬Ÿà „π√—»¡’√–¬–∑“ßª√–¡“≥ 10 °‘‚≈‡¡µ√ Currently Ratchaburi Electricity Generating Co., Ltd. is the largest independent power producer in Thailand with a total installed capacity of 3,645 megawatts or 14 percent of the country's total installed capacity. 2. Ratchaburi Energy Co., Ltd. Ratchaburi Energy Co., Ltd. was set up on September 4, 2001 with the registered capital of Baht 190 million (as of January 22, 2003). Its primary objective is to study and invest in projects according to the Companyûs plan which emphasizing on electricity generating business and increasing shareholders value. On October 15, 2001, EGAT and the Company submitted the project proposal to the Energy Conservation Fund for obtaining a support for the 3 projects namely Pasak Chonlasit Dam in Lopburi Province, Chao Phraya Dam in Chainat Province and Khlong Tha Dan Dam in Nakhon Nayok Province (as described in Table below), and on March 21, 2002 the Fund approved in principle to financially support the projects by Baht 0.20 per unit of electricity generate under the condition of public participation from the communities living within the distance of 10 kilometers from the projects. ‚§√ß°“√ Projects 1. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï Mini hydro power plant at Pasak Chonlasit Dam 2. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë ‡¢◊ËÕπ‡®â“æ√–¬“ Mini hydro power plant at Chao Phraya Dam 3. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë ‡¢◊ËÕπ§≈Õß∑à“¥à“π Mini hydro power plant at Khlong Tha Dan Dam

∑’Ëµ—Èß Location ®.≈æ∫ÿ√’

°”≈—ßº≈‘µ (‡¡°–«—µµå) Capacity (megawatts) 6

Lopburi Province ®.™—¬π“∑

∑—Èßπ’È ∫√‘…—∑œ ‰¥â¥”‡π‘π°“√®—¥ª√–™ÿ¡√—∫øíß§«“¡§‘¥‡ÀÁπ®“°™ÿ¡™π„πæ◊Èπ∑’Ë°àÕ √â“ß‚§√ß°“√ ∑—Èß 3 ·Ààß µ“¡‡ß◊ËÕπ‰¢¥—ß°≈à“«¢â“ßµâπ ¥—ß√“¬≈–‡Õ’¬¥„πµ“√“ß¢â“ß≈à“ßπ’È ¿“¬À≈—ß°“√ª√–™ÿ¡√—∫øíß§«“¡§‘¥‡ÀÁπ®“°™ÿ¡™π ∫√‘…—∑œ ·≈– °øº. ‰¥â‡ πÕ√“¬ß“πº≈°“√ª√–™ÿ¡·°à §≥–°√√¡°“√°Õß∑ÿπœ ‡æ◊ËÕª√–°Õ∫°“√æ‘®“√≥“Õπÿ¡—µ‘‚§√ß°“√ ´÷Ëß§“¥«à“®–‰¥â√—∫°“√Õπÿ¡—µ‘·≈–‡√‘Ë¡ ¥”‡π‘π°“√°àÕ √â“ß‰¥â „πªï 2546 ∫√‘…—∑œ ‰¥â ‚Õπ ‘∑∏‘·≈–Àπâ“∑’Ë°“√¥”‡π‘π‚§√ß°“√‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑—Èß 3 ·Ààß ·°à∫√‘…—∑ √“™∫ÿ√’ æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‡ªìπºŸâ¥”‡π‘π°“√µàÕ‰ª

‚§√ß°“√

«—π∑’Ë®—¥ª√–™ÿ¡ √—∫øíß§«“¡§‘¥‡ÀÁπ Projects Public Participation Date 1. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï 3 °√°Æ“§¡ 2545 Mini hydro power plant at Pasak Chonlasit Dam July 3, 2002 4 °√°Æ“§¡ 2545 July 4, 2002 2. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ‡®â“æ√–¬“ 5 °√°Æ“§¡ 2545 Mini hydro power plant at Chao Phraya Dam July 5, 2002 1 µÿ≈“§¡ 2545 October 1, 2002 3. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ§≈Õß∑à“¥à“π 8 °√°Æ“§¡ 2545 Mini hydro power plant at Khlong Tha Dan Dam July 8, 2002

∂“π∑’Ë®—¥ª√–™ÿ¡ Venue ®.≈æ∫ÿ√’ Lopburi Province ®. √–∫ÿ√’ Saraburi Province ®.™—¬π“∑ Chainat Province ®.™—¬π“∑ Chainat Province ®.π§√π“¬° Nakhon Nayok Province

The public participation for residents in the vicinity of the projects have been conducted at the 3 location as table above: After public participation have been conducted the Company and EGAT submitted the reports to the Fund for consideration and expected to obtain the consent and to begin the construction in 2003. The Company has transferred the rights and duties on operating of the 3 mini hydro generator projects to Ratchaburi Energy Co., Ltd.

Chainat Province ®.π§√π“¬°

Nakhon Nayok Province √«¡°”≈—ßº≈‘µ Total Capacity

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 42 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 43

Ratchaburi Electricity Generating Holding Public Company Limited

‚§√ß √â“ß√“¬‰¥â¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‚§√ß √â“ß√“¬‰¥âæπ◊È ∞“π¢Õß∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¿“¬„µâ ≠— ≠“´◊ÕÈ ¢“¬‰øøÑ“¢Õß‚√ß‰øøÑ“√“™∫ÿ√’ ·∫àßÕÕ°‡ªìπ 2 à«πÀ≈—° Ê §◊Õ 1)§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ (Availability Payment çAPé) §à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ °”Àπ¥¢÷Èπ‡æ◊ËÕ„Àâ§√Õ∫§≈ÿ¡§à“„™â®à“¬§ß∑’Ë∑—ÈßÀ¡¥ ´÷Ëß‰¥â·°à §à“„™â®à“¬§ß∑’Ë „π°“√¥”‡π‘π°“√·≈–∫”√ÿß√—°…“ §à“„™â®à“¬∫”√ÿß√—°…“À≈—° §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ °“√™”√–§◊π ¥Õ°‡∫’È¬‡ß‘π°Ÿâ·≈–‡ß‘π°Ÿâ ·≈–º≈µÕ∫·∑π°“√≈ß∑ÿπµàÕºŸâ∂◊ÕÀÿâπ ‚¥¬∑—Ë«‰ª·≈â«§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ ®–¢÷πÈ Õ¬Ÿ°à ∫— «à“‚√ß‰øøÑ“¡’§«“¡æ√âÕ¡∑’®Ë –º≈‘µ ·≈–®à“¬°√–· ‰øøÑ“‰¥âµ“¡∑’Ë °øº. µâÕß°“√‚¥¬‰¡à§”π÷ß∂÷ß «à“ °øº. ®– —Ëß„Àâ ‚√ß‰øøÑ“®à“¬‰øøÑ“À√◊Õ‰¡à°Áµ“¡ 2)§à“æ≈—ßß“π‰øøÑ“ (Energy Payment çEPé) §à“æ≈—ßß“π‰øøÑ“∂Ÿ°°”Àπ¥¢÷Èπ‡æ◊ËÕ‡ªìπ°“√™¥‡™¬„Àâ°—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ”À√—∫æ≈—ßß“π ‰øøÑ“ ÿ∑∏‘∑’Ëº≈‘µ‰¥â·≈–π” àß„Àâ °øº. „π·µà≈–‡¥◊Õπ §à“æ≈—ßß“π‰øøÑ“¡’ à«πª√–°Õ∫À≈—° Õß à«π§◊Õ 1. §à“‡™◊ÈÕ‡æ≈‘ß (Fuel Payment) 2. §à“„™â®“à ¬º—π·ª√„π°“√ªØ‘∫µ— °‘ “√·≈–∫”√ÿß√—°…“ (Variable Operating and Maintenance Payment)

Revenue Structure of the Company and its Subsidiaries The basic income of Ratchaburi Electricity Generating Co., Ltd. can be divided into two main parts. 1) Availability Payment (AP) Availability payments have been arranged to cover all fixed costs and operating expenses, such as fixed operating and maintenance costs, selling and administrative expenses, debt servicing, and return on investments for shareholders. These availability payments are subjected to the power plantsû availability to generate power according to the order of EGAT, whether dispatch is made or not. 2) Energy Payment (EP) Energy payments are paid monthly to compensate Ratchaburi Electricity Generating Co., Ltd. for the net amount of electricity generated and transmitted to EGAT. These payments consist of two main parts: 1. Fuel payments. 2. Variable operating and maintenance payments.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 44 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

‚§√ß √â“ß√“¬‰¥â¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ªï 2544-2545 Revenue Structure of the Company and its Subsidiaries 2001-2002 ª√–‡¿∑¢Õß√“¬‰¥â Type of Revenue √“¬‰¥â§“à ¢“¬‰øøÑ“ Electricity sales - §à“§«“¡æ√âÕ¡ ®à“¬æ≈—ß‰øøÑ“ - Availability Payment (AP) - §à“æ≈—ßß“π‰øøÑ“ - Energy Payment (EP) ¥Õ°‡∫’È¬√—∫ Interest Income

¥”‡π‘π°“√‚¥¬ Company

°“√∂◊ÕÀÿâπ ¢Õß∫√‘…—∑œ (√âÕ¬≈–) Companyûs Shareholding (%)

∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Co., Ltd.

100

∫¡®. º≈‘µ‰øøÑ“ √“™∫ÿ√’ ‚Œ≈¥‘Èß Ratchaburi Electricity Generating Holding PCL. ∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Co., Ltd. ∫√‘…—∑ √“™∫ÿ√’ æ≈—ßß“π ®”°—¥ Ratchaburi Energy Co., Ltd. ‡ß‘π™¥‡™¬®“°°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß √“™∫ÿ√’ ®”°—¥ §«“¡√âÕπ√à«¡≈à“™â“ Compensation for Ratchaburi Electricity late transfer of Generating Co., Ltd. Combined Cycle Power Plant ‡ß‘π™¥‡™¬®“°°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“ ª√—∫ª√ÿß√–∫∫ √“™∫ÿ√’ ®”°—¥ ‡º“‰À¡â ‚√ß‰øøÑ“ Compensation for Ratchaburi Electricity combustion system Generating Co., Ltd. improvement of power plants Õ◊ËπÊ ∫¡®. º≈‘µ‰øøÑ“ Others √“™∫ÿ√’ ‚Œ≈¥‘Èß Ratchaburi Electricity Generating Holding PCL. ∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Co., Ltd. √«¡√“¬‰¥â Total Revenues

√“¬‰¥â/Revenue 2545/2002 2544/2001 ≈â“π∫“∑ √âÕ¬≈– ≈â“π∫“∑ √âÕ¬≈– Million % Million % Baht Baht

9,360.022

33.24

6,444.079

35.97

18,133.195

64.41

10,978.618

61.29

25.971

0.09

21.136

0.12

100

148.480

0.53

105.883

0.59

100

0.238

100

322.302

1.14

353.720

100

132.110

0.47

0.193

0.019

100

0.091

1.97

32.525

0.12

10.581

0.06

28,154.862

100.00

17,914.301

100.00

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 45

Ratchaburi Electricity Generating Holding Public Company Limited

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π The Industry and

Competition

2. °“√æ¬“°√≥å§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥·≈–æ≈—ßß“π‰øøÑ“ §«“¡µâÕß°“√‰øøÑ“æ¬“°√≥å‚¥¬§≥–Õπÿ°√√¡°“√°“√æ¬“°√≥å§«“¡µâÕß°“√‰øøÑ“®—¥∑”‡¡◊ÕË ‡¥◊Õπ ‘ßÀ“§¡ 2545 „™â¢âÕ ¡¡ÿµ‘∞“π∑“ß‡»√…∞°‘® Õ¥§≈âÕß°—∫°“√§“¥°“√≥å¿“«–‡»√…∞°‘®‰∑¬¢Õß ”π—°ß“π§≥– °√√¡°“√æ—≤π“°“√‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ ( »™.) ´÷Ëß°”Àπ¥«à“‡»√…∞°‘®‰∑¬®–¢¬“¬µ—«„πÕ—µ√“ ‡©≈’Ë¬√âÕ¬≈– 4-5 µàÕªï „π™à«ß·ºπæ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ ©∫—∫∑’Ë 9 ·≈–®–¢¬“¬µ—« Ÿß¢÷Èπ„π ªï∂—¥Ê ‰ª º≈°“√æ¬“°√≥å§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥·≈–æ≈—ßß“π‰øøÑ“¢Õß§≥–Õπÿ°√√¡°“√°“√æ¬“°√≥å§«“¡ µâÕß°“√‰øøÑ“ §“¥«à“®–‡æ‘¡Ë ¢÷πÈ „π™à«ß·ºπæ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ ©∫—∫∑’Ë 9 ∂÷ß©∫—∫∑’Ë 11 ¥—ßπ’È

1. §«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥¢Õßªï 2545 ‡∑’¬∫°—∫ªï 2544 „πªï 2545 §«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥‡æ‘¡Ë ¢÷πÈ ®“°ªï 2544 ª√–¡“≥√âÕ¬≈– 3.44 ‡¡◊ÕË ‡¥◊Õπ‡¡…“¬π 2545 ∑’Ë√–¥—∫ 16,681 ‡¡°–«—µµå ‡æ‘Ë¡¢÷Èπ®“° 16,126.40 ‡¡°–«—µµå „π‡¥◊Õπ‡¡…“¬π 2544 ·ºπæ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ National Economic and Social Development Plan ©∫—∫∑’Ë ªïß∫ª√–¡“≥ 1 ‡æ‘Ë¡®“° No. Fiscal Year (B.E) From

1. Peak Demand in Fiscal Year 2002 and 2001 In 2002 the peak demand was in April at 16,681 megawatts. This was 3.44% higher than demand in April 2001, which was at 16,126.40 megawatts.

§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥ªï 2545 ‡∑’¬∫°—∫ªï 2544 Peak Demand in Fiscal Year 2002 and 2001 ‡¡°–«—µµå/Megawatt

2544/2001

17,000

2545/2002

16,500

9 10 11

2545-2549 2550-2554 2555-2559

16,126 21,648 29,321

§«“¡µâÕß°“√„™â‰øøÑ“ Ÿß ÿ¥ (‡¡°–«—µµå) Peak Demand (Megawatt) ‡ªìπ To 21,648 29,321 38,851

‡æ‘Ë¡¢÷Èπ ‡æ‘Ë¡¢÷Èπ‡©≈’Ë¬ (%) Increase Average Increase (%) 5,522 7,673 9,530

6.07 6.26 5.79

À¡“¬‡Àµÿ / Note 1 1 µÿ≈“§¡-30 °—π¬“¬π / 1 October-30 September

16,000 15,500 15,000

2. Forecast of Peak Demand and Energy Generation

14,500 14,000 13,500 13,000 12,500 µ.§./Oct. æ.¬./Nov. ∏.§./Dec. ¡.§./Jan. °.æ./Feb. ¡’.§./Mar. ‡¡.¬./Apr. æ.§./May ¡‘.¬./June °.§./July

∑’Ë¡“ : °øº.

.§./Aug. °.¬./Sep.

‡¥◊Õπ/Month

The forecast of peak demand and engey generation by Thailand Load Forecasting Sub-committee was prepared in August 2002 using economic assumptions based on forecast by the Office of National Economic and Social Development Board. The expectation is that the Thai economy will grow by 4-5% per year during the period of the 9th National Economic and Social Development Plan, and, this rate will increase subsequently. Estimates of peak demand and energy generation made by Thailand Load Forecasting Sub-committee predict a rise during the period of the 9th to the 11th National Economic and Social Development Plans, as follows:

Source : EGAT

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 46 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 47

Ratchaburi Electricity Generating Holding Public Company Limited

°√“ø· ¥ß°“√æ¬“°√≥å§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥·≈–æ≈—ßß“π‰øøÑ“ Forecasts of Peak Demand and Energy Generation ‡¡°–«—µµå/

≈â“π°‘‚≈«—µµå™—Ë«‚¡ß/

Megawatt

GWh

§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥ (‡¡°–«—µµå) Peak Demand (MW)

°“√´◊ÈÕ¢“¬‰øøÑ“·∫∫ NESA ‡ªìπ°“√∑” —≠≠“≈à«ßÀπâ“´◊ÈÕ¢“¬‰øøÑ“πÕ°µ≈“¥√–À«à“ßºŸâ´◊ÈÕ·≈–ºŸâ¢“¬ „π√“§“∑’Ëµ°≈ß°—π ·µàºŸâ´◊ÈÕ·≈–ºŸâ¢“¬®–µâÕß·®âßª√‘¡“≥∑’Ë∑” —≠≠“‰«â°—∫Àπà«¬ß“π∫√‘À“√ —≠≠“´÷Ëß ‡ªìπÀπà«¬ß“π°≈“ß ºŸâ√à«¡µ≈“¥ “¡“√∂´◊ÈÕ¢“¬‰øøÑ“„πµ≈“¥´◊ÈÕ¢“¬‰øøÑ“ (Power Exchange) ‡æ◊ËÕ ª√—∫ª√‘¡“≥‰øøÑ“µ“¡§«“¡µâÕß°“√∑’Ë‡°‘¥¢÷Èπ®√‘ß ¢≥–‡¥’¬«°—π °øº. ‡ πÕ‚§√ß √â“ß°‘®°“√‰øøÑ“·∫∫ Third Party Access ‚¥¬„π√–¬–·√° °øº. ¬—ß§ß ‡ªìπ‡®â“¢Õß·≈–¥”‡π‘π°‘®°“√º≈‘µ‰øøÑ“ °‘®°“√√–∫∫ àß‰øøÑ“ ·≈–»Ÿπ¬å§«∫§ÿ¡√–∫∫‰øøÑ“ ‚§√ß √â“ß·∫∫π’È ®–‡ªî¥‚Õ°“ „Àâ≈°Ÿ §â“√“¬„À≠à “¡“√∂´◊ÕÈ ‰øøÑ“µ√ß®“°ºŸºâ ≈‘µ‰øøÑ“‡Õ°™π∑’Ë‰¡à¡ ’ ≠— ≠“´◊ÕÈ ¢“¬‰øøÑ“√–¬–¬“« °—∫ °øº. ‚¥¬‡ ’¬§à“∏√√¡‡π’¬¡ºà“π “¬∑’Ë‡√’¬°«à“ Third Party Access Fee „π¥â“π°“√‡µ√’¬¡§«“¡æ√âÕ¡ ∫√‘…—∑œ ‰¥â¡’°“√®—¥‡µ√’¬¡Ωñ°Õ∫√¡∫ÿ§≈“°√ ‡æ◊ËÕ√Õß√—∫°“√·¢àß¢—π®“° °“√ª√—∫‡ª≈’Ë¬π‚§√ß √â“ß°‘®°“√‰øøÑ“„πÕπ“§µ ‰¡à«à“√Ÿª·∫∫‚§√ß √â“ß„πÕπ“§µ®–‡ªìπ·∫∫„¥

°“√º≈‘µæ≈—ßß“π (≈â“π°‘‚≈«—µµå™—Ë«‚¡ß) Energy Generation (GWh)

ªï/Year

3. Õÿµ “À°√√¡‰øøÑ“ ”π—°ß“ππ‚¬∫“¬·≈–·ºπæ≈—ßß“π ( πæ.) ‡ πÕ√à“ßæ√–√“™∫—≠≠—µ‘°“√ª√–°Õ∫°‘®°“√æ≈—ßß“π„Àâ¡’°“√ ª√—∫‚§√ß √â“ß°‘®°“√‰øøÑ“·≈–°“√®—¥µ—Èßµ≈“¥°≈“ß´◊ÈÕ¢“¬‰øøÑ“ (Power Pool) ¿“¬„πªï 2546 ‡æ◊ËÕ„Àâ ‡°‘¥°“√·¢àß¢—π„π√–¥—∫§â“ àß (Wholesale Competition) ·≈–§â“ª≈’° (Retail Competition) ‚¥¬ºŸâ „™â ‰øøÑ“∑ÿ°√“¬¡’∑“ß‡≈◊Õ°„π°“√´◊ÈÕ‰øøÑ“·µà¬—ß‰¡à¡’¢âÕ¬ÿµ‘ µàÕ¡“ πæ. ‰¥âπ”ª√–‡¥Áπ§«“¡‡ÀÁπ¢ÕßÀ≈“¬ ΩÉ“¬¡“ª√—∫ª√ÿß‚§√ß √â“ß°‘®°“√‰øøÑ“ ‚¥¬‡ πÕ‚§√ß √â“ß·∫∫ New Electricity Supply Arrangement (NESA)

3. The Power Industry Energy Policy and Planning Office (EPPO) has proposed that new legislation is enacted to restructure the power industry and to establish a power pool by 2003. This would stimulate competition in the wholesale and retail sectors and gives greater choice to consumers. However, no decision has been reached. The EPPO drew upon the ideas of many parties to propose a restructuring of the power industry in the form of a New Electricity Supply Arrangement (NESA).

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 48 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

With NESA, forward contracts would be made off-market at an agreed price, but the amount to be purchased by contract would be declared to a central contract administering body. Market participants can trade for imbalance demand in Power Exchange to adjust the real-time demand/ supply of the market. At the same time, EGAT proposed a power business structure involving Third Party Access. In its initial stage, EGAT would continue to own and operate energy generation and transmission facilities and dispatching centers but largescale consumers would be able to purchase power directly from private producers who have no long-term power purchase agreement with EGAT. However, they would pay third party access fees for utilizing EGATûs assets. The Company has been training its personnel to be ready for the competition to be engendered by this restructuring of the power industry, whatever form it takes.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 49

Ratchaburi Electricity Generating Holding Public Company Limited

ªí®®—¬§«“¡‡ ’Ë¬ß

Risk

Factors

1. ¥â“πªØ‘∫—µ‘°“√

§«“¡‡ ’Ë¬ß¢Õß∫√‘…—∑œ ®–‡°‘¥®“°°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑¬àÕ¬ ·µà‡π◊ËÕß®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 3 ‡√’¬∫√âÕ¬·≈â« ∑”„Àâ§«“¡‡ ’Ë¬ß„π°“√‚Õπ‚√ß‰øøÑ“ à«π∑’‡Ë À≈◊ÕÀ¡¥‰ª·≈–æ√âÕ¡∑’®Ë –√—∫√Ÿ√â “¬‰¥â‡æ‘¡Ë ¢÷πÈ ®“°ªï 2544 ∑—ßÈ π’È ∫√‘…∑— œ ‰¥â¡ ’ ≠— ≠“´◊ÕÈ ¢“¬‰øøÑ“√–¬– ¬“« 25 ªï °—∫ °øº. ‚¥¬ —≠≠“¥—ß°≈à“«√–∫ÿ∂÷ß§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“·≈–§à“æ≈—ßß“π‰øøÑ“∑’Ë∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫®–§√Õ∫§≈ÿ¡ªí®®—¬§«“¡‡ ’Ë¬ß‰«â∑ÿ°¥â“π·≈â« ”À√—∫∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß¢≥–π’ÈÕ¬Ÿà „π√–À«à“ß¥”‡π‘π‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ß πÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ¢Õß°√¡™≈ª√–∑“π 3 ·Ààß §“¥«à“®–‡æ‘Ë¡°”≈—ß°“√º≈‘µª√–¡“≥ 28 ‡¡°–«—µµå ‚¥¬ ‚§√ß°“√§“¥«à“®–‡√‘¡Ë ¥”‡π‘π°“√°àÕ √â“ß„πªï 2546 ·≈–·≈â«‡ √Á®„πªï 2548 ·≈–®–∑” —≠≠“´◊ÕÈ ¢“¬‰øøÑ“ √–¬–¬“«°—∫ °øº. ‡™àπ‡¥’¬«°—π°—∫ºŸâ¢“¬‰øøÑ“√“¬‡≈Á° ¥—ßπ—Èπ ‚¥¬√«¡·≈â«∫√‘…—∑œ ®–¡’§«“¡‡ ’Ë¬ßµË” ·µàÕ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ¬—ß¡’§«“¡‡ ’Ë¬ß„π°“√¥”‡π‘π∏ÿ√°‘® ¢Õß∫√‘…—∑¬àÕ¬ ¥—ßµàÕ‰ªπ’È

√–¥—∫§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ ‡π◊ËÕß®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ √—∫‚Õπ‚√ß‰øøÑ“®“° °øº. °àÕπ°“√∑¥ Õ∫§à“°”≈—ßº≈‘µµ“¡ —≠≠“ ·≈–§à“§ÿ≥≈—°…≥–¢ÕßÀπà«¬º≈‘µ‰øøÑ“ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®÷ß‰¥â√—∫§à“§«“¡æ√âÕ¡®à“¬ æ≈—ß‰øøÑ“µ“¡§à“°”≈—ß°“√º≈‘µ·≈–§à“§ÿ≥≈—°…≥–¢ÕßÀπà«¬º≈‘µ‰øøÑ“∑’ËÕ¬Ÿà „π —≠≠“°àÕπ ·≈–‰¥â√—∫§à“ æ≈—ßß“π‰øøÑ“µ“¡§à“„™â®“à ¬·≈–ª√–¡“≥°“√„™â‡™◊ÕÈ ‡æ≈‘ß∑’‡Ë °‘¥¢÷πÈ ®√‘ß ∑”„Àâ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¡à¡§’ «“¡‡ ’¬Ë ß„π°“√µâÕßªØ‘∫µ— µ‘ “¡¡“µ√∞“π°“√º≈‘µ‰øøÑ“„π™à«ß√–¬–‡«≈“¥—ß°≈à“« ¿“¬À≈—ß®“°∑’Ë °øº. ‰¥â∑”°“√∑¥ Õ∫ª√– ‘∑∏‘¿“æ‡§√◊ËÕß‡æ◊ËÕ°”Àπ¥§à“§ÿ≥ ¡∫—µ‘∑“ß‡∑§π‘§·≈â«‡ √Á® ®π∂÷ß«—π∑’Ë‰¥â¡’°“√ÕÕ° Àπ—ß ◊Õ√—∫√Õß°“√°àÕ √â“ß (Final Acceptance Date) ¢Õß‚√ß‰øøÑ“·µà≈–Àπà«¬·≈â« °øº. ®–®à“¬§à“§«“¡ æ√âÕ¡®à“¬æ≈—ß‰øøÑ“µ“¡§à“°”≈—ß°“√º≈‘µ·≈–§à“§ÿ≥≈—°…≥–¢ÕßÀπà«¬º≈‘µ‰øøÑ“µ“¡§à“∑’Ë‰¥â√—∫®“°°“√ ∑¥ Õ∫ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√¥”√ß§à“§ÿ≥ ¡∫—µ‘¥—ß°≈à“« ·≈–‡ªìπºŸâ √—∫§«“¡‡ ’Ë¬ß„π‡√◊ËÕß§à“ª√—∫ À“°§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“≈¥≈ß‚¥¬¡‘‰¥â‡°‘¥¢÷Èπ®“°§«“¡∫°æ√àÕß¢Õß ‡§√◊ÕË ß®—°√ Õ¬à“ß‰√°Áµ“¡ ‡æ◊ÕË ‡ªìπ°“√≈¥§«“¡‡ ’¬Ë ß®“°°“√≈¥≈ß¢Õß√“¬‰¥â‡π◊ÕË ß®“°§à“ª√—∫∑’ÀË °— ≈¥®“°§à“§«“¡æ√âÕ¡ ®à“¬æ≈—ß‰øøÑ“ —≠≠“´◊ÈÕ¢“¬‰øøÑ“°”Àπ¥„Àâ¡’¢âÕ®”°—¥¢Õß∫∑ª√—∫ ‚¥¬°”Àπ¥«à“ ∂â“§à“ª√—∫®“°∫∑ª√—∫ ∫“ßª√–‡¿∑µË”°«à“§à“°”Àπ¥¢—ÈπµË” (√âÕ¬≈– 0.5 ¢Õß§à“§«“¡æ√âÕ¡®à“¬√“¬ªï) °“√ª√—∫®–‰¡à‡°‘¥¢÷Èπ ·≈– ®–ª√—∫‰¡à‡°‘π°«à“§à“°”Àπ¥ Ÿß ÿ¥ (√âÕ¬≈– 2 ¢Õß§à“§«“¡æ√âÕ¡®à“¬√“¬ªï)

For The Company, risk potential is mainly in the business of its subsidiaries. Since Ratchaburi Electricity Generating Co., Ltd. has already acquired the combined cycle power plant block 3, the risk of ownership transfer is no longer appeared, and the income recognition has increased from 2001. The subsidiary has 25-year power purchase agreements with EGAT, in which both the energy payments and the availability payments taking all risk factors into account. At this time, Ratchaburi Energy Co., Ltd. is installing mini hydro generators in the Royal Irrigation Department’s dam sites at three locations. Construction of these projects, which will add around 28 megawatts of capacity to the Company, is due to begin in 2003 and be completed by 2005. A long-term power purchase agreement with EGAT, similar to those signed by other small power producers, will be made. In general, the Companyûs risk level is low, however, there are some operational and financial risks of the subsidiaries as follows:

1. Operational Risks

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 50 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Availability of the Power Plant Since Ratchaburi Electricity Generating Co., Ltd. has been transferred from EGAT before performing the completed performance testing, it shall receive availability payments based on contracted capacity and Contracted Operating Characteristics (COC) which previously set in the contracts, and energy payments are based on actual variable operation expenses and actual fuel consumption cost. Thus, the company did not experience any risk from operations during the above-mentioned period. From the time that the performance testing has already completed and the Final Acceptance Date (FAD) certificate was issued by EGAT, Ratchaburi Electricity Generating Co., Ltd. will obtain availability payments according to the test record and it shall be responsible for maintaining the availability and operating characteristics of the power plant and take the risk for penalties if the availability of power declines for any reasons other than degrade in the machinery. To reduce this risk of diminished income due to penalties deducted from availability payments, the power purchase agreements specifies limits to these penalties, which there are no any penalties deduction if the total penalties are not more than 0.5% of annual availability payments and the total penalties deducted from the availability payment shall not exceed 2%.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 51

Ratchaburi Electricity Generating Holding Public Company Limited

‚§√ß°“√„πÕπ“§µ Future √–¥—∫§à“Õ—µ√“§«“¡√âÕπ (Heat Rate) µ—Èß·µà«—π∑’Ë∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ √—∫‚Õπ‚√ß‰øøÑ“®“° °øº. ®π∂÷ß«—π∑’Ë °øº. ¥”‡π‘π°“√∑¥ Õ∫ ª√– ‘∑∏‘¿“æ‡§√◊ÕË ß ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–¬—ß‰¡à¡§’ «“¡‡ ’¬Ë ß®“°Õ—µ√“§«“¡√âÕπ„π™à«ßπ’È ‡π◊ÕË ß®“° °øº. ®–®à“¬§à“‡™◊ÈÕ‡æ≈‘ß„Àâ·°à∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ µ“¡ª√‘¡“≥∑’Ë „™â®√‘ß À≈—ß®“°∑’Ë “¡“√∂«—¥ Õ—µ√“§«“¡√âÕπ®“°°“√∑¥ Õ∫ª√– ‘∑∏‘¿“æ‡§√◊ÕË ß·≈â« °øº. ®–®à“¬§à“‡™◊ÕÈ ‡æ≈‘ß„π°“√º≈‘µæ≈—ßß“π‰øøÑ“∑’Ë √–¥—∫Õ—µ√“§«“¡√âÕπ∑’√Ë –¥—∫Àπ÷ßË ‡∑à“π—πÈ À“°∫√‘…∑— ¬àÕ¬‰¡à “¡“√∂√—°…“Õ—µ√“§«“¡√âÕπ„π√–¥—∫∑’µË °≈ß‰¥â ∫√‘…—∑¬àÕ¬®–µâÕß√—∫º‘¥™Õ∫µâπ∑ÿπ§à“‡™◊ÈÕ‡æ≈‘ß∑’Ë‡æ‘Ë¡¢÷Èπ‡Õß

2. §«“¡‡ ’Ë¬ß¥â“π°“√‡ß‘π ‡ß‘π°Ÿâ√–¬–¬“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπÕ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« ´÷Ëßµ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ ‚§√ß √â“ß¢Õß‡ß‘π√“¬‰¥â¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∑’Ë‰¥â√—∫®“° °øº. ‰¥â™¥‡™¬§«“¡º—πº«π¢Õß Õ—µ√“¥Õ°‡∫’È¬‰«â¥â«¬ ·≈–‡ß‘π°Ÿâ√–¬–¬“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπ‡ß‘π°Ÿâ °ÿ≈∫“∑ ®÷ß‰¡à¡’ §«“¡‡ ’Ë¬ß∑“ß¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑» Õ¬à“ß‰√°Áµ“¡ §à“„™â®“à ¬ à«π∑’‡Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ‰¥â·°à §à“Õ–‰À≈àÕªÿ °√≥å∑µ’Ë Õâ ßπ”‡¢â“®“°µà“ßª√–‡∑» À“°¡’°“√ª√—∫√“§“‡æ‘Ë¡ Ÿß¢÷Èπ°«à“¥—™π’√“§“ºŸâº≈‘µ (Manufacturing Unit Value Index; MUV) ∑’Ëª√–°“» ‚¥¬∏π“§“√‚≈° °øº. ®–™à«¬√—∫¿“√– à«π‡æ‘Ë¡®“°√“§“∑’Ë‡æ‘Ë¡µ“¡∑’Ëµ°≈ß°—π„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“

Heat Rate From the date on which the power plant has transferred from EGAT until the date that the performance tests commenced, Ratchaburi Electricity Generating Co., Ltd. did not experience any risk related to the heat rate, since EGAT paid for actual fuel costs. After the FAD, heat rate has been verified from the performance testing; therefore, EGAT will pay fuel costs for energy generation at one definite heat rate from such testing. If this new verified heat rate cannot be maintained, Ratchaburi Electricity Generating Co., Ltd. will be responsible for any corresponding increases in fuel costs.

2. Financial Risks The interest rate on the subsidiaryûs long-term loan is floating rate. In conjunction, in the structure of revenue, interest payment has been paid to Ratchaburi Electricity Generating Co., Ltd. through the availability payments which indexed to the market minimum lending rate to mitigate the risk from interest rate fluctuation. According to the contract, compensation for interest rate instability is taken into account. This long-term loan, moreover, is denominated in Thai Baht, and thus is not subject to exchange rate volatility. There are, nonetheless, expenses related to foreign currency, such as the cost of spare parts that must be imported. If these costs rise above the costs which escalated by the Manufacturing Unit Value Index (MUV) declared by the World Bank, EGAT will help to bear the burden of the increasing cost as agreed in the Power Purchase Agreement.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 52 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Projects

‡π◊ÕË ß®“°‡¥‘¡‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’‰¥â∂°Ÿ ÕÕ°·∫∫„Àâ√Õß√—∫°”≈—ßº≈‘µª√–¡“≥ 5,820 ‡¡°–«—µµå ´÷ßË ¢≥–π’È ‰¥â¥”‡π‘π°“√µ‘¥µ—ßÈ ‚√ß‰øøÑ“¢π“¥°”≈—ßº≈‘µ√«¡ 3,645 ‡¡°–«—µµå·≈â« ¥—ßπ—πÈ ‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’ ®÷ß¡’»—°¬¿“æ·≈–§«“¡æ√âÕ¡„π°“√¢¬“¬°”≈—ß°“√º≈‘µ‡æ‘Ë¡ ‡π◊ËÕß®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¬—ß¡’∑’Ë¥‘π·≈–∑√—æ¬å ‘π à«π°≈“ß ‡™àπ √–∫∫πÈ” ∑àÕ°ä“´ ‡ªìπµâπ ‡µ√’¬¡æ√âÕ¡‰«â·≈â« µ—Èß·µà«—π∑’Ë∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ √—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ‡§√◊ËÕß∑’Ë 1 ·≈–‡§√◊ËÕß∑’Ë 2 ∫√‘…—∑œ ‚¥¬ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ °”≈—ßÕ¬Ÿà „π√–À«à“ß°“√¥”‡π‘π°“√‚§√ß°“√ µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ¢Õß°√¡™≈ª√–∑“π ®”π«π 3 ·Ààß‰¥â·°à ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ®.≈æ∫ÿ√’ ‡¢◊ËÕπ‡®â“æ√–¬“ ®.™—¬π“∑ ·≈–‡¢◊ËÕπ§≈Õß∑à“¥à“π ®.π§√π“¬° √«¡°”≈—ßº≈‘µª√–¡“≥ 28 ‡¡°–«—µµå ¿“¬„µâ ≠— ≠“´◊ÕÈ ¢“¬‰øøÑ“‚¥¬ºŸºâ ≈‘µ‰øøÑ“¢π“¥‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ‚§√ß°“√¥—ß°≈à“« ‰¥â√—∫°“√ π—∫ πÿπ®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π·≈–§“¥«à“°“√°àÕ √â“ß®–·≈â«‡ √Á®æ√âÕ¡ ®à“¬°√–· ‰øøÑ“‡™‘ßæ“≥‘™¬å‰¥â „πªï 2548

EGAT designed Ratchaburi Power Plant to have a total capacity of 5,820 megawatts; however, only the capacity of 3,645 megawatts was installed. Thus, Ratchaburi Power Plant has capability to expand its capacity by which Ratchaburi Electricity Generating Co., Ltd. acquired common facilities, such as water systems and gas pipelines, for such an expansion on the date it received ownership of the two thermal units. Ratchaburi Energy Co., Ltd., meanwhile, is installing mini hydro generators in the Royal Irrigation Departmentûs damsites at three locations, namely Pasak Chonlasit Dam, Lopburi Province, Chao Phraya Dam, Chainat Province, and Khlong Tha Dan Dam, Nakhon Nayok Province. The three projects will add approximately 28 megawatts to the Companyûs capacity, as per Power Purchase Agreement applied to the renewable small power producers. These projects are receiving subsidy from the Energy Conservation Fund, and are due for completion and commercial operation date by 2005.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 53

Ratchaburi Electricity Generating Holding Public Company Limited

√“¬°“√√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Transactions with

Related Companies ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) (∫√‘…—∑œ) ¡’√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’ËÕ“®¡’§«“¡ ¢—¥·¬âß°—π ‚¥¬¡’≈—°…≥–§«“¡ —¡æ—π∏å¥—ßπ’È 1. ∫√‘…—∑œ °—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’§«“¡‡°’Ë¬«æ—π‚¥¬°√√¡°“√∫√‘…—∑œ ‡ªìπ°√√¡°“√·≈– ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’√“¬°“√∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È 1.1 ¢âÕµ°≈ß°“√„Àâ∫√‘°“√ (Provision of Management Services) ‡¡◊ËÕ«—π∑’Ë 20 µÿ≈“§¡ 2543 ∫√‘…—∑œ ‰¥â≈ßπ“¡„π¢âÕµ°≈ß°“√„Àâ∫√‘°“√¥â“π°“√∫√‘À“√®—¥°“√·°à ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‚¥¬‡√’¬°‡°Á∫§à“∫√‘°“√≈à«ßÀπâ“‡ªìπ‡«≈“ 18 ‡¥◊Õπ Õ—µ√“§à“∫√‘°“√ ‡¥◊Õπ≈– 48.600 ≈â“π∫“∑ ‡√‘Ë¡µ—Èß·µà‡¥◊Õπæƒ»®‘°“¬π 2543 ·≈– ‘Èπ ÿ¥‡¥◊Õπ‡¡…“¬π 2545 ‡¡◊ËÕ«—π∑’Ë 1 °√°Æ“§¡ 2545 ∫√‘…—∑œ ‰¥â≈ßπ“¡„π¢âÕµ°≈ß°“√„Àâ∫√‘°“√·≈–®—¥°“√°—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡æ◊ËÕ„Àâ∫√‘°“√ß“πµ√«® Õ∫¿“¬„π ß“π¥â“π°ÆÀ¡“¬ ß“π‡∑§‚π‚≈¬’ “√ π‡∑»·≈–√–∫∫ ◊ÕË “√ ·≈–ß“π∫√‘À“√°“√‡ß‘π ‡ªìπ√–¬–‡«≈“ 8 ‡¥◊Õπ µ—ßÈ ·µà‡¥◊Õπæƒ…¿“§¡ 2545 ∂÷ß‡¥◊Õπ∏—π«“§¡ 2545 ‚¥¬§‘¥§à“∫√‘°“√µ“¡∑’Ë‡°‘¥¢÷Èπ®√‘ß ‡ªìπ®”π«π 0.731 ≈â“π∫“∑ 2. ∫√‘…—∑œ °—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ¡’≈—°…≥–§«“¡‡°’Ë¬«æ—π°—π‚¥¬ °øº. ‡ªìπ ºŸâ ∂◊ Õ Àÿâ π√“¬„À≠à¢Õß∫√‘…—∑œ ·≈–°√√¡°“√ °øº. ∫“ß∑à“π‡ªìπ°√√¡°“√∫√‘…—∑œ ¡’ —≠≠“∑’Ë ‡°’Ë¬«¢âÕß°—π ¥—ßπ’È

The Company and its subsidiaries have engaged in transactions with the potential for conflicts of interest, as follows: 1. The Company and Ratchaburi Electricity Generating Co., Ltd. are related through common shareholdings and directorships. Connected transaction between these two parties comprised of: 1.1 An agreement for the provision of management services. On October 20, 2000, the Company signed an agreement whereby it would provide management services to Ratchaburi Electricity Generating Co., Ltd. at a cost of Baht 48.6 million per month, to be paid 18 months in advance, for the period from November 2000 to April 2002. On July 1, 2002, moreover, the Company signed an agreement to provide the subsidiary with management and services related to internal audit, legal affair, information technology and communication system, and financial management for a period of 8 months, from May 2002 to December 2002, at actual operating costs, amounting to Baht 0.731 million 2. The Company and EGAT are related as EGAT is a major shareholder of the Company and some of EGAT's directors are directors of the Company. Related agreement between these two parties comprised of:

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 54 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

2.1 —≠≠“‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â „π°“√¢¬“¬‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’ ∫√‘…—∑œ ‰¥â≈ßπ“¡ —≠≠“®â“ß °øº. ‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â „π°“√¢¬“¬‚§√ß°“√‚√ß‰øøÑ“æ≈—ß §«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 4, 5 ·≈– 6 ‡¡◊ËÕ«—π∑’Ë 22 °ÿ¡¿“æ—π∏å 2545 ‚¥¬ —≠≠“‡√‘Ë¡¡’º≈µ—Èß·µà «—π∑’Ë≈ßπ“¡„π —≠≠“ ·≈– ‘Èπ ÿ¥≈ß‡¡◊ËÕ °øº. ‰¥â¥”‡π‘π°“√»÷°…“·≈â«‡ √Á®µ“¡ —≠≠“ ª√–¡“≥ °≈“ßªï 2546 √“§“ —≠≠“ 5.200 ≈â“π∫“∑ (‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡) 2.2 —≠≠“‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â ‚§√ß°“√‚√ß‰øøÑ“·°≈∫∑’Ë®—ßÀ«—¥Õ¬ÿ∏¬“ ∫√‘…∑— œ ‰¥â≈ßπ“¡ —≠≠“®â“ß °øº. ‡æ◊ÕË »÷°…“§«“¡‡ªìπ‰ª‰¥â¢Õß‚§√ß°“√‚√ß‰øøÑ“·°≈∫∑’®Ë ß— À«—¥ Õ¬ÿ∏¬“ ‡¡◊ÕË «—π∑’Ë 29 µÿ≈“§¡ 2545 —≠≠“‡√‘¡Ë ¡’º≈µ—ßÈ ·µà«π— ∑’≈Ë ßπ“¡„π —≠≠“®π∂÷ß«—π∑’Ë 4 °—π¬“¬π 2546 ‡ªìπ‡ß‘π®”π«π 1.600 ≈â“π∫“∑ ∑—ßÈ π’È ‚§√ß°“√¥—ß°≈à“«‡ªìπ°“√»÷°…“√à«¡°—π√–À«à“ß∫√‘…∑— œ °—∫∫√‘…—∑ TOYOTA TSUSHO ·≈–‰¥âµ°≈ß®â“ß °øº. ¥”‡π‘π°“√»÷°…“·≈–®à“¬§à“®â“ß∑’Ëª√÷°…“ §π≈–§√÷Ëß‚¥¬∑” —≠≠“®â“ß·¬°°—π§π≈–©∫—∫ 3. ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ °—∫ °øº. ‡°’¬Ë «æ—π°—π‚¥¬ °√√¡°“√¢Õß °øº. ∫“ß∑à“π‡ªìπ°√√¡°“√ ¢Õß ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’ —≠≠“∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È 3.1 —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈– 2 ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â®“à ¬‡ß‘π≈à«ßÀπâ“·°à °øº. ”À√—∫√–∫∫¢π àßπÈ”¡—π‡µ“ ®”π«π 400 ≈â“π∫“∑ (‡ªìπ à«πÀπ÷Ëß¢Õß√“§“∑√—æ¬å ‘π„π°“√‚Õπ‚√ß‰øøÑ“µ“¡ —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈– 2 ‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543) ¢≥–π’È °øº. ‰¥â¥”‡π‘π°“√ ®—¥À“∑’Ë¥‘π·≈–®â“ß∑’Ëª√÷°…“‡æ◊ËÕ»÷°…“º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡‡√’¬∫√âÕ¬·≈â« ·≈–°”≈—ß§—¥‡≈◊Õ° ºŸâ√—∫‡À¡“°àÕ √â“ß√–∫∫¢π àßπÈ”¡—π‡µ“„Àâ·≈â«‡ √Á®·≈– àß¡Õ∫„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ µàÕ‰ª 2.1 A contract hiring EGAT to conduct a feasibility study for expanding the Ratchaburi Power Plant's Combined Cycle Blocks 4, 5, and 6, effective from February 22, 2002, the date of signing, and will end when EGAT completes the feasibility study as contracted (mid-2003), at a cost of Baht 5.2 million (excluding VAT). 2.2 A contract hiring EGAT to conduct a feasibility study of a rice husk firing power plant in Ayutaya effective from October 29, 2002, the date of signing until on September 4, 2003. The cost of Baht 1.6 million is split evenly between the Company and its study partner Toyota Tsusho, with each of the partners holding contract with EGAT seperately. 3. Ratchaburi Electricity Generating Co., Ltd. and EGAT are related as some directors of Ratchaburi Electricity Generating Co., Ltd. are EGAT's directors. Related agreement between these two parties comprised of: 3.1 Due to the Assets Purchase Agreement of Thermal Power Plant Units 1 and 2. The subsidiary made an advance payment of Baht 400 million (part of a transfer of assets pertaining to Thermal Power Plant Units 1 and 2 on October 31, 2000) to EGAT for the fuel oil delivery system. EGAT has already acquired land and hired a consultant to conduct an environmental impact assessment, and is now in the process of selecting a contractor for the construction of the fuel oil delivery system, which will then be transferred to the subsidiary.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 55

Ratchaburi Electricity Generating Holding Public Company Limited

3.2 —≠≠“´◊ÈÕ¢“¬‰øøÑ“ - ‚√ß‰øøÑ“√“™∫ÿ√’ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“®“°‚√ß‰øøÑ“√“™∫ÿ√’ °—∫ °øº. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ¡’Õ“¬ÿ —≠≠“ 25 ªï ”À√—∫ªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’√“¬‰¥â®“°°“√®”Àπà“¬æ≈—ßß“π‰øøÑ“ ‡ªìπ‡ß‘π®”π«π 27,493.217 ≈â“π∫“∑ 3.3 —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 3.3.1 —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â∑” —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 °—∫ °øº. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ´÷Ëßµ“¡ —≠≠“œ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–‰¥â√—∫‚Õπ°√√¡ ‘∑∏‘Ï „π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1 ·≈– 2 ¿“¬„π «—π∑’Ë 31 ‘ßÀ“§¡ 2544 ·≈–«—π∑’Ë 30 ‡¡…“¬π 2545 ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ √“™∫ÿ√’™ÿ¥∑’Ë 3 ‡π◊ËÕß®“° °øº. ‰¡à “¡“√∂ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ „Àâ·°à∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥âµ“¡°”Àπ¥ ‚¥¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-2 ‰¥â àß¡Õ∫„π«—π∑’Ë 18 ‡¡…“¬π 2545 ·≈– ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 3 ‰¥â àß ¡Õ∫„π«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ¥—ßπ—Èπ „πªï 2545 ∫√‘…—∑œ ®÷ß‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß ¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√≈’ “à ™â“ ®“° °øº. ‡ªìπ‡ß‘π®”π«π 322.302 ≈â“π∫“∑ 3.3.2 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â „Àâ °øº. ‡™à“æ◊Èπ∑’Ë ”À√—∫∑”°“√°àÕ √â“ß‚√ß‰øøÑ“æ≈—ß §«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 ∑—Èßπ’È‡√‘Ë¡µ—Èß·µà‡¥◊Õπæƒ»®‘°“¬π 2543 ®π∂÷ß«—π∑’Ë ‚Õπ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 3 ‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 §à“‡™à“æ◊Èπ∑’Ë „π ªï 2545 ‡ªìπ‡ß‘π®”π«π 4.760 ≈â“π∫“∑

3.4 —≠≠“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ «—π∑’Ë 26 µÿ≈“§¡ 2543 ‚¥¬«à“®â“ß °øº.‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“√“™∫ÿ√’√«¡∂÷ß°“√∫”√ÿß√—°…“ ∑—Ë«‰ª·≈–°“√´àÕ¡∫”√ÿß√—°…“À≈—° ‡ªìπ‡«≈“ª√–¡“≥ 9 ªï ”À√—∫ªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ ¡’§à“„™â®à“¬¥â“πªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‡ªìπ®”π«π 579.762 ≈â“π∫“∑ 3.5 —≠≠“®â“ß¥”‡π‘πß“πµ‘¥µ“¡µ√«® Õ∫§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡‚√ß‰øøÑ“√“™∫ÿ√’ ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â∑” —≠≠“®â“ß °øº. ‡æ◊ÕË „Àâ¥”‡π‘πß“πµ‘¥µ“¡µ√«® Õ∫§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡‚√ß‰øøÑ“√“™∫ÿ√’ ‡¡◊ËÕ«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2545 √–¬–‡«≈“¥”‡π‘πß“π 12 ‡¥◊Õπ ‡√‘Ë¡ µ—Èß·µà¡°√“§¡ 2545-∏—π«“§¡ 2545 √“§“ —≠≠“∑—Èß ‘Èπ‡ªìπ®”π«π 2.455 ≈â“π∫“∑ (‰¡à√«¡ ¿“…’¡≈Ÿ §à“‡æ‘¡Ë ) 3.6 —≠≠“„Àâ∫√‘°“√®—¥∑”·≈–µ√«®µ‘¥µ“¡¿“¬„π√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ (ISO 14001) ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“®â“ß °øº. ‡æ◊ÕË „Àâ∫√‘°“√®—¥∑”·≈–µ√«®µ‘¥µ“¡ √–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ (ISO 14001) ‡¡◊ËÕ«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ‚¥¬ —≠≠“π’È¡’√–¬–‡«≈“ µ—Èß·µà«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ∂÷ß«—π∑’Ë 31 °√°Æ“§¡ 2553 À√◊Õ«—π∑’Ë —≠≠“„Àâ∫√‘°“√ß“π ‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“ (Operation and Maintenance Agreement : OMA) °“√„Àâ∫√‘°“√ ¢Õß °øº. ·∫àßÕÕ°‡ªìπ 2 √–¬– §◊Õ

3.2 According to the 25-year Power Purchase Agreement signed on October 9, 2000, the subsidiary earned Baht 27,493.217 million from electricity sales in 2002. 3.3 The Assets Purchase Agreement of Combined Cycle Power Plant Blocks 1-3 3.3.1 On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd. signed the Assets Purchase Agreement for Combined Cycle Power Plant Blocks 1-3, whereby ownership of Blocks 1-2 would be transferred on August 31, 2001 and of Block 3 on April 30, 2002. As EGAT was unable to make these transfers on the agreed dates, with Blocks 1-2 transferred on April 18, 2002 and Block 3 transferred on November 1, 2002, EGAT compensated the subsidiary for the delay with a payment of Baht 322.302 million 3.3.2 Ratchaburi Electricity Generating Co., Ltd. leased land to EGAT for the construction of Combined Cycle Power Plant Blocks 1-3. The lease period was from November 2000 until the transfer of Combined Cycle Power Plant Block 3 on November 1, 2002. In 2002, the rent paid for this lease was Baht 4.760 million.

3.4 According to Operation and Maintenance Agreement. Ratchaburi Electricity Generating Co., Ltd. signed the contract on October 26, 2000 hiring EGAT to operate and maintain the power plants as well as carry out general and major maintenance for a period of approximately 9 years. In 2002, operating and maintenance expenses were Baht 579.762 million. 3.5 A contract to investigate environmental quality at the Ratchaburi Power Plant. The subsidiary hired EGAT to investigate the Plant's environmental quality on February 25, 2002, for a sum of Baht 2.455 million (excluding VAT). The period of the contract was from January to December 2002. 3.6 A contract to provide services, operations, and monitoring in accordance with the ISO 14001 environmental management system. Ratchaburi Electricity Generating Co., Ltd. hired EGAT on August 1, 2002 for a period lasting from August 1, 2002 to July 31, 2010, or until the expiry of the Operation and Maintenance Agreement. The EGAT's services may be divided into two phases:

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Ratchaburi Electricity Generating Holding Public Company Limited

- √–¬–∑’Ë 1 ‡ªìπ°“√®—¥∑”·≈–π”√–∫∫ ISO 14001 ‡¢â“„™âß“π°àÕπ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√∫— „∫√—∫√Õß√–∫∫¡“µ√∞“π “°≈¥â“π ‘ßË ·«¥≈âÕ¡ °øº. §‘¥§à“∫√‘°“√‡ªìπ®”π«π 3.600 ≈â“π∫“∑ - √–¬–∑’Ë 2 ‡ªìπ°“√µ√«®ª√–‡¡‘π·≈–µ√«®µ‘¥µ“¡¿“¬„π√–∫∫°“√®—¥°“√ À≈—ß®“°∑’∫Ë √‘…∑— º≈‘µ ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫„∫√—∫√Õß√–∫∫¡“µ√∞“π “°≈¥â“π ‘Ëß·«¥≈âÕ¡ °øº. §‘¥§à“∫√‘°“√ ‡ªìπ®”π«π 0.400 ≈â“π∫“∑µàÕªï 3.7 —≠≠“°“√∫√‘À“√®—¥°“√ Parts of GAS Turbine Model MS9001FA ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“®â“ß °øº. ‡æ◊ËÕ∫√‘À“√®—¥°“√ Parts of GAS Turbine Model MS9001FA ‡¡◊ËÕ«—π∑’Ë 1 ‘ßÀ“§¡ 2545 √–¬–‡«≈“ —≠≠“µ—Èß·µà«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ∂÷ß«—π∑’Ë 31 °√°Æ“§¡ 2557 §à“∫√‘°“√µ“¡ —≠≠“π’È·∫àßÕÕ°‡ªìπ 2 à«π §◊Õ §à“∫√‘°“√ √“¬‡¥◊Õπ„πÕ—µ√“‡¥◊Õπ≈– 1.000 ≈â“π∫“∑ (‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡) ·≈–§à“¥”‡π‘π°“√‡æ◊ËÕ°“√ ®—¥À“·≈–´àÕ¡´÷Ëß®–§‘¥§à“„™â®à“¬µ“¡∑’Ë‡°‘¥¢÷Èπ®√‘ß 3.8 °“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ 1)∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ ≈ß«—π∑’Ë 29 ‘ßÀ“§¡ 2545 √–À«à“ß °øº. ∫√‘…—∑ ªµ∑. ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‚¥¬∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ µ°≈ß„Àâ ªµ∑. «à“®â“ß °øº. ‡æ◊ËÕ¥”‡π‘π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1 ∂÷ß 3 ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈– 2 √«¡∂÷ß°“√∫√‘À“√ —≠≠“·≈–„Àâ§”ª√÷°…“°“√ª√—∫ª√ÿß·≈–¥”‡π‘π°“√ Tuning √–∫∫‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ ‡æ◊ËÕ„Àâ ‚√ß‰øøÑ“√“™∫ÿ√’ “¡“√∂√—∫°ä“´∏√√¡™“µ‘∑’Ë¡’§à“§«“¡√âÕπ 803-858 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ (Gross Calorific Value based on saturated basis) ‚¥¬§à“„™â®à“¬ ∑—ÈßÀ¡¥„π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ªµ∑.‡ªìπºŸâ√—∫¿“√– - Phase 1: Setting up and implementation of the ISO 14001 system for the subsidiary before the system is certified as compliant with international environmental standards. EGAT will charge Baht 3.6 million for this phase. - Phase 2: Assessment and monitoring of the system after the subsidiary receives the certification. EGAT will charge Baht 0.400 million per year. 3.7 A contract to service parts of GAS Turbine Model MS9001FA. The subsidiary signed a contract on August 1, 2002 hiring EGAT from August 1, 2002 to July 31, 2014. The work is divided in two parts. The servicing part is paid at a rate of Baht 1 million per month (excluding VAT), while procurement and repairment are paid for as occurred, at actual cost. 3.8 Improvement of the combustion system at the Ratchaburi Power Plant. 1) A memorandum of agreement was signed on August 29, 2002, whereby Ratchaburi Electricity Generating Co., Ltd. agrees to have PTT PLC. (PTT) hiring EGAT to improve the Combined Cycle Power Plant Blocks 1-3 and Thermal Power Plant Units 1-2 and to serve as a contract manager and consultant in the improvement and tuning of the system so that the plants can take natural gas with a gross calorific value on a saturated basis of 803-858 BTU per cubic foot. PTT bears all expenses related to this improvement.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 58 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

2)∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√¿’ “¬À≈—ßªï æ.». 2545 ≈ß«—π∑’Ë 30 °—π¬“¬π 2545 ®—¥∑”¢÷Èπ√–À«à“ß ∫√‘…—∑ ªµ∑. ®”°—¥ (¡À“™π) °—∫ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‚¥¬ ªµ∑. µ°≈ß™”√–‡ß‘π„Àâ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡æ◊ËÕ ™¥‡™¬§à“ ÷°À√Õ §à“‡ ’¬À“¬¢ÕßÕÿª°√≥å §à“‡™◊ÈÕ‡æ≈‘ß·≈–Õ◊ËπÊ „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ √«¡‡ªìπ®”π«π 132.110 ≈â“π∫“∑ 4. ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–ºŸâ „Àâ°Ÿâ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’§«“¡‡°’Ë¬«æ—π°—π‚¥¬°√√¡°“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡ªìπª√–∏“π °√√¡°“√∫√‘À“√∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) π—∫ πÿπ‡ß‘π°Ÿâ·°à ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ „π√Ÿª —≠≠“ ‡ß‘π°Ÿ√â –¬–¬“« ‚¥¬¡’¬Õ¥‡ß‘π°Ÿ§â ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π‡ß‘π 2,519.469 ≈â“π∫“∑ ·≈–¡’¬Õ¥¥Õ°‡∫’È¬®à“¬„πªï 2545 ‡ªìπ®”π«π 103.875 ≈â“π∫“∑ 5. ∫√‘…∑— √“™∫ÿ√æ’ ≈—ßß“π ®”°—¥ °—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ‡°’¬Ë «æ—π°—π‚¥¬ °√√¡°“√ ¢Õß °øº. ∫“ß∑à“π‡ªìπ°√√¡°“√¢Õß ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ¡’ —≠≠“∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È

2) A memorandum of agreement was signed on September 30, 2002, whereby the subsidiary agrees to have PTT Public Co., Ltd. (PTT) compensate the subsidiary for any losses due to deterioration or damage of equipment, consumption of fuel, and the like. In 2002 the subsidiary received the payments amounting to Baht 132.110 million. 4. The Company and Ratchaburi Electricity Generating Co., Ltd.'s lenders related as a director of the Company is the Executive Chairman of Thai Military Bank PCL. The bank provided a long-term loan to Ratchaburi Electricity Generating Co., Ltd. of which Baht 2,519.469 million remain to be paid as of December 31, 2002, and interest payment of Baht 103.875 million in 2002. 5. Ratchaburi Energy Co., Ltd. and the EGAT are related as some of the EGAT's directors are also directors of Ratchaburi Energy Co., Ltd. The two parties have related agreement as follows:

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 59

Ratchaburi Electricity Generating Holding Public Company Limited

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘π Management 5.1 ∫—π∑÷°¢âÕµ°≈ß‚§√ß°“√ àß‡ √‘¡ºŸâº≈‘µ‰øøÑ“√“¬‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ‡¡◊ËÕ«—π∑’Ë 12 µÿ≈“§¡ 2544 ∫√‘…—∑œ °—∫ °øº. ‰¥â≈ßπ“¡„π∫—π∑÷°¢âÕµ°≈ß‚§√ß°“√ àß‡ √‘¡ºŸâº≈‘µ ‰øøÑ“√“¬‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ‚¥¬‰¥â√à«¡°—π¬◊Ëπ¢âÕ‡ πÕµàÕ ”π—°ß“ππ‚¬∫“¬·≈–·ºπ æ≈—ßß“π ( πæ.) ‡æ◊ËÕ¢Õ√—∫°“√ π—∫ πÿπ∑“ß°“√‡ß‘π®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π „π‚§√ß°“√ àß‡ √‘¡ºŸâº≈‘µ‰øøÑ“√“¬‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ´÷Ëß∫√‘…—∑œ °—∫ °øº. ®–√à«¡°—π ¥”‡π‘π‚§√ß°“√»÷°…“§«“¡‡À¡“– ¡·≈–≈ß∑ÿπµ‘¥µ—ßÈ ‡§√◊ÕË ß°”‡π‘¥‰øøÑ“∑’‡Ë ¢◊ÕË π¢Õß°√¡™≈ª√–∑“π ®”π«π 4 ·Ààß ‰¥â·°à ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ‡¢◊ËÕπ§≈Õß∑à“¥à“π ‡¢◊ËÕπ‡®â“æ√–¬“ ·≈–‡¢◊ËÕππ‡√»«√ 5.2 ∫—π∑÷°¢âÕµ°≈ß°“√‡¢â“∂◊ÕÀÿπâ ∫√‘…∑— √“™∫ÿ√æ’ ≈—ßß“π ®”°—¥ √–À«à“ß°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑» ‰∑¬ ·≈– ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡¡◊ËÕ«—π∑’Ë 25 °—π¬“¬π 2545 ∫√‘…—∑œ ‰¥â≈ßπ“¡„π∫—π∑÷°¢âÕµ°≈ß°“√‡¢â“∂◊ÕÀÿâπ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ °—∫ °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ ‡æ◊ÕË ∑”§«“¡‡¢â“„®°—π√–À«à“ß °øº. ·≈– ∫√‘…∑— œ ‡°’¬Ë «°—∫°“√‡¢â“∂◊ÕÀÿâπ„π∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ‚¥¬„Àâ °øº. ¡’ ‘∑∏‘‡¢â“∂◊ÕÀÿâπ„π ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ‡æ◊ËÕ¥”‡π‘π‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“∑’Ë‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ‡¢◊ÕË π§≈Õß∑à“¥à“π ·≈–‡¢◊ÕË π‡®â“æ√–¬“ „π —¥ à«π‰¡à‡°‘π√âÕ¬≈– 49 ¢ÕßÀÿπâ ∑’®Ë ”Àπà“¬·≈â«∑—ßÈ À¡¥ ¢Õß∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ∑—ßÈ π’¢È Õâ ¡Ÿ≈√“¬≈–‡Õ’¬¥√“¬°“√√–À«à“ß°—π‰¥â‡ªî¥‡º¬‰«â „πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 4 ”À√—∫ ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ´÷Ëß§≥–°√√¡°“√µ√«® Õ∫‰¥â Õ∫∑“π√“¬°“√√–À«à“ß°—π¢Õß ∫√‘…—∑œ·≈â« ¡’§«“¡‡ÀÁπ«à“√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢‚¥¬∑—Ë«‰ª ·≈–‡ªìπ‰ª µ“¡ª°µ‘¢Õß∏ÿ√°‘®º≈‘µ‰øøÑ“¢Õßª√–‡∑» 5.1 A memorandum of agreement to support renewable small power producers. On October 12, 2001, Ratchaburi Energy Co., Ltd. signed a memorandum of agreement with EGAT whereby the two parties would submit a proposal to the Energy Policy and Planning Office (EPPO) seeking financial support from the Energy Conservation Fund. EGAT and Ratchaburi Energy Co., Ltd. would jointly study the appropriateness and the investment in installing mini hydro generators at four Royal Irrigation Department's damsites namely Pasak Chonlasit Dam, Khlong Tha Dan Dam and Chao Phraya Dam and Naresuan Dam. 5.2 A memorandum of agreement on holding shares in Ratchaburi Energy Co., Ltd. between the EGAT and the Company. On September 25, 2002, the Company signed a memorandum of agreement whereby EGAT would hold no more than 49% of all issued shares in Ratchaburi Energy Co., Ltd. for the installation of mini hydro generators at Pasak Chonlasit Dam, Khlong Tha Dan Dam, and Chao Phraya Dam. All of these related transactions have been disclosed in Note 4 of the notes to the financial statements for the year ending December 31, 2002. The Audit Committee has reviewed these transactions and is of the opinion that they are in accordance with prevailing conditions and normal for Thailand's power industry.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 60 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Discussion & Analysis

1. √“¬ß“π«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π „πªï 2545 °“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ª√– ∫§«“¡ ”‡√Á®‡ªìπ∑’Ëπà“æÕ„® ‚¥¬„π√–À«à“ßªï ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬À≈—°‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-2 ·≈–™ÿ¥∑’Ë 3 ®“° °øº. ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ·≈–«—π∑’Ë 1 æƒ»®‘°“¬π 2545 µ“¡≈”¥—∫ àß º≈„Àâ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπºŸºâ ≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑ ’Ë ¥ÿ ¢Õßª√–‡∑» ‚¥¬¡’°”≈—ßº≈‘µ√«¡ 3,645 ‡¡°–«—µµå À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ßº≈‘µ√«¡¢Õßª√–‡∑» πÕ°®“°π’È∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âæ¬“¬“¡À“·π«∑“ß„π°“√≈¥µâπ∑ÿπ∑“ß°“√‡ß‘π‡æ◊ËÕ‡ √‘¡ √â“ß∞“π– ∑“ß°“√‡ß‘π¢Õß∫√‘…∑— œ „Àâ·¢Áß·°√àß¬‘ßË ¢÷πÈ ‚¥¬„πªïπ∫’È √‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥âª√– ∫§«“¡ ”‡√Á® „π°“√‡®√®“ª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ ‚¥¬‡®â“Àπ’È‡ß‘π°Ÿâ‰¥âª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬®“°Õ—µ√“ MLR ‡ªìπ MLR -1.50% „π™à«ß√–¬–‡«≈“ 3 ªï·√°√–À«à“ß«—π∑’Ë 1 °√°Æ“§¡ 2545 ∂÷ß 30 ¡‘∂ÿπ“¬π 2548 Õ—µ√“ ¥Õ°‡∫’È¬ MLR -1.125% „π√–À«à“ß«—π∑’Ë 1 °√°Æ“§¡ 2548 ∂÷ß 30 ¡‘∂ÿπ“¬π 2551 ·≈–§ßÕ—µ√“¥Õ°‡∫’È¬ MLR µ“¡ —≠≠“‡ß‘π°Ÿâ‡¥‘¡µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2551 ®π ‘Èπ ÿ¥Õ“¬ÿ —≠≠“‡ß‘π°Ÿâ ‡ªìπº≈„Àâ „πªï 2545 ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ “¡“√∂ª√–À¬—¥¥Õ°‡∫’¬È ‡ß‘π°Ÿâ„π™à«ß 6 ‡¥◊ÕπÀ≈—ß‰¥â‡ªìπ®”π«π 287 ≈â“π∫“∑ 1.1 °“√«‘‡§√“–Àå√“¬‰¥â º≈°“√¥”‡π‘πß“π„πªï 2545 ¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’√“¬‰¥â√«¡∑—Èß ‘Èπ 28,154.862 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (17,914.301 ≈â“π∫“∑) ‡ªìπ®”π«π 10,240.561 ≈â“π∫“∑ À√◊Õ§‘¥ ‡ªìπ√âÕ¬≈– 57.16 ‚¥¬¡’ “‡ÀµÿÀ≈—° ¥—ßπ’È

1. Analysis of Operating Performance In 2002 the operational results of the Company and its subsidiaries were highly satisfactory. During the year, Ratchaburi Electricity Generating Co., Ltd., the main subsidiary of the Company, acquired the Combined Cycle Power Plant Blocks 1-3 from EGAT, with blocks 1-2 transferred on April 18, 2002 and block 3 on November 1, 2002. Thus, the subsidiary became the largest independent power producer in the country, with an installed capacity of 3,645 megawatts or 14% of the nation's total capacity. The Company and its subsidiaries made major efforts to reduce their financial costs in order to improve their financial strength. The subsidiary successfully negotiated a lower interest rate on its loan, with creditors agreeing to reduce the rate from MLR to MLR -1.50% for the first three years during the period July 1, 2002 to June 30, 2005, and from MLR to MLR -1.125% during the period July 1, 2005 to June 30, 2008, and to maintain the original MLR rate from July 1, 2008 until the end of the contract. As a result of this agreement, the subsidiary was able to save Baht 287 million in interest expenses during the second haft of 2002. 1.1 Analysis of Income In 2002 the Company and its subsidiaries earned Baht 28,154.862 million, increased by Baht 10,240.561 million or 57.16% from Baht 17,914.301 million in 2001. The main reasons for this are as follows:

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 61

Ratchaburi Electricity Generating Holding Public Company Limited

1) √“¬‰¥â§à“¢“¬‰øøÑ“ ÿ∑∏‘ ®”π«π 27,493.217 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (17,422.697 ≈â“π∫“∑) ‡ªìπ®”π«π 10,070.520 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 57.80 ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“° °øº. ‡√’¬∫√âÕ¬·≈â« ‚¥¬¡’ª√‘¡“≥æ≈—ßß“π‰øøÑ“∑’Ë®”Àπà“¬„πªï 2545 ‡ªìπ®”π«π 13,802.777 ≈â“π°‘‚≈«—µµå-™—Ë«‚¡ß ´÷Ëß‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (7,337.304 ≈â“π°‘‚≈«—µµå-™—Ë«‚¡ß) ‡ªìπ®”π«π 6,465.473 ≈â“π°‘ ‚≈«—µµå-™—Ë«‚¡ß ‡π◊ËÕß®“° ªï 2544 ¡’°“√‡¥‘π‡§√◊ËÕß‡©æ“–‚√ß‰øøÑ“æ≈—ß §«“¡√âÕπ√“™∫ÿ√’‡§√◊ËÕß∑’Ë 1 ·≈– 2 ‡∑à“π—Èπ 2) ¥Õ°‡∫’È¬√—∫ „πªï 2545 ®”π«π 174.689 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (127.110 ≈â“π∫“∑) ‡ªìπ®”π«π 47.579 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 37.43 “‡ÀµÿÀ≈—°‡π◊ËÕß®“°„πªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π‰ª≈ß∑ÿπ„πµ√“ “√∑“ß°“√‡ß‘π¡“°¢÷Èπ 3) ‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“∑’Ë‰¥â√∫— ®“° °øº. „πªï 2545 ®”π«π 322.302 ≈â“π ∫“∑ µË”°«à“ªï 2544 (353.720 ≈â“π∫“∑) ‡ªìπ®”π«π 31.418 ≈â“π∫“∑ ‡π◊ËÕß®“°„πªï 2544 ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√∫— ‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-2 ≈à“™â“‡ªìπ‡«≈“ 4 ‡¥◊Õπ Õ—µ√“§à“ª√—∫‡¥◊Õπ≈– 88.430 ≈â“π∫“∑ „π¢≥–∑’Ëªï 2545 ‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-2 ≈à“™â“‡ªìπ‡«≈“ 3 ‡¥◊Õπ 18 «—π (1 ¡°√“§¡ 2545-18 ‡¡…“¬π 2545) ·≈–‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 3 ≈à“™â“‡ªìπ‡«≈“ 6 ‡¥◊Õπ Õ—µ√“§à“ª√—∫‡¥◊Õπ≈– 0.659 ≈â“π∫“∑

4) ‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“ „πªï 2545 ®”π«π 132.110 ≈â“π∫“∑ ‡¡◊ËÕ «—π∑’Ë 29 ‘ßÀ“§¡ 2545 ·≈–«—π∑’Ë 30 °—π¬“¬π 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â∑” ∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ °—∫ °øº. ·≈–∫√‘…—∑ ªµ∑. ®”°—¥ (¡À“™π) ‡æ◊ËÕ¥”‡π‘π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ „Àâ “¡“√∂√—∫°ä“´∏√√¡™“µ‘∑’Ë ¡’§à“§«“¡√âÕπ 803-858 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ ´÷Ëß·µ°µà“ß‰ª®“°∑’Ë°”Àπ¥„π —≠≠“´◊ÈÕ¢“¬ °ä“´∏√√¡™“µ‘ (730-800 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ) ©∫—∫«—π∑’Ë 27 µÿ≈“§¡ 2543 ‚¥¬∫√‘…—∑®–‰¥â√—∫ §à“™¥‡™¬ ”À√—∫§à“ ÷°À√Õ §à“‡ ’¬À“¬¢ÕßÕÿª°√≥å §à“‡™◊ÈÕ‡æ≈‘ß·≈–Õ◊ËπÊ 5) √“¬‰¥âÕ◊ËπÊ ®”π«π 32.544 ≈â“π∫“∑ Ÿß°«à“ªï 2544 ‡ªìπ®”π«π 21.770 ≈â“π∫“∑ “‡Àµÿ À≈—°‡π◊ËÕß®“° °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß ®”π«π 21.760 ≈â“π∫“∑ 1.2 °“√«‘‡§√“–Àåµâπ∑ÿπ·≈–§à“„™â®à“¬ µâπ∑ÿπ·≈–§à“„™â®à“¬„πªï 2545 ®”π«π√«¡∑—Èß ‘Èπ 23,425.922 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (14,854.761 ≈â“π∫“∑) ‡ªìπ®”π«π 8,571.161 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 57.70 ‡π◊ËÕß®“° “‡Àµÿ¥—ßµàÕ‰ªπ’È 1) µâπ∑ÿπ¢“¬ „πªï 2545 ®”π«π 20,833.211 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (12,802.869 ≈â“π∫“∑) ‡ªìπ®”π«π 8,030.342 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 62.72 “‡ÀµÿÀ≈—°‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“° °øº. ·≈â« ®÷ß∑”„Àâ¡’°“√‡¥‘π‡§√◊ËÕßº≈‘µ‰øøÑ“‡æ‘Ë¡¢÷Èπ

1) Income from electricity sales amounted to Baht 27,493.217 million, increased by Baht 10,070.520 million or 57.80% from Baht 17,422.697 million in 2001. This was because in 2002 Ratchaburi Electricity Generating Co., Ltd. acquired Combined Cycle Power Plant Blocks 1-3 from EGAT. In 2002 the subsidiary sold 13,802.777 million kWh of power generation, 6,465.473 million kWh more than 7,337.304 million kWh sold in 2001, when only its Thermal Power Plant Units 1 and 2 were operated. 2) Interest income amounted to Baht 174.689 million, increased by Baht 47.579 million 37.43% from Baht 127.110 million in 2001. This was because the Company and its subsidiaries invested more in financial instruments. 3) Income from compensation paid by EGAT for late transfer of power plants in 2002 amounted to Baht 322.302 million, Baht 31.418 million lower than the Baht 353.720 million received in 2001. This was because the Ratchaburi Electricity Generating Co., Ltd. received payment for a 4-month delay in the transfer of two blocks of Combined Cycle Power Plant at a rate of Baht 88.430 million per month in 2001, while in 2002 the delay was three months and eighteen days (January 1, 2002 to April 18, 2002) for the Blocks 1-2 and six months for Block 3, at a rate of Baht 0.659 million per month.

4) Income from compensation paid for improvements of the power plant's combustion system, amounting to Baht 132.110 million. On August 29, 2002 and September 30, 2002 Ratchaburi Electricity Generating Co., Ltd. signed a memorandum of agreement to improve the Ratchaburi Power Plant's combustion system with EGAT and PTT so that it could take natural gas with heating value of 803-858 BTU per cubic foot. This differs from the specified value in Gas Sale Agreement (730-800 BTU per cubic foot) of October 27, 2000. Thus, the subsidiary will be compensated for any losses due to deterioration or damage of equipment, consumption of fuel, and the like. 5) Other incomes amounted to Baht 32.544 million, higher than Baht 21.770 million in 2001. Main reason was derived from realized foreign exchange gain of Baht 21.760 million. 1.2 Analysis of Costs and Expenses In 2002 costs and expenses amounted to Baht 23,425.922 million, increased by Baht 8,571.161 million or 57.70% from Baht 14,854.761 million in 2001. The main reasons for this are as follows: 1) The cost of sales amounted to Baht 20,833.211 million, increased by Baht 8,030.342 million or 62.72% from Baht 12,802.869 million in 2001. This was mainly because in 2002 Ratchaburi Electricity Generating Co., Ltd. received ownership of Combined Cycle Power Plant Blocks 1-3 from EGAT, resulting in higher power generation.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 62 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

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Ratchaburi Electricity Generating Holding Public Company Limited

2) §à“„™â®“à ¬„π°“√¢“¬·≈–∫√‘À“√ „πªï 2545 ®”π«π 400.187 ≈â“π∫“∑ Ÿß°«à“ªï 2544 (358.732 ≈â“π∫“∑) ‡ªìπ®”π«π 41.455 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 11.56 “‡ÀµÿÀ≈—°‡π◊ËÕß®“° „πªï 2545 ¡’§à“„™â®à“¬∑’Ëª√÷°…“∑“ß°“√‡ß‘π·≈–°ØÀ¡“¬‡°’Ë¬«°—∫°“√·°â‰¢ —≠≠“‡ß‘π°Ÿâ‡æ◊ËÕª√—∫≈¥ Õ—µ√“¥Õ°‡∫’È¬ 3) ¥Õ°‡∫’È¬®à“¬ ªï 2545 ®”π«π 1,966.882 ≈â“π∫“∑ Ÿß°«à“ªï 2544 (1,386.276 ≈â“π∫“∑) ‡ªìπ ®”π«π 580.606 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 41.88 ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑¬àÕ¬¡’°“√‡∫‘°‡ß‘π °Ÿâ√–¬–¬“«‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-2 „π«—π∑’Ë 18 ‡¡…“¬π 2545 ®”π«π 18,715.965 ≈â“π∫“∑ ·≈–‡∫‘°‡ß‘π°Ÿ√â –¬–¬“«‡æ◊ÕË ´◊ÕÈ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 3 „π«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ®”π«π 5,246.541 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ Õ—µ√“¥Õ°‡∫’¬È ‡©≈’¬Ë ¢Õßªï 2545 ‡∑à“°—∫√âÕ¬≈– 6.33 ´÷ßË µË”°«à“Õ—µ√“¥Õ°‡∫’¬È ‡©≈’¬Ë ¢Õßªï 2544 ´÷ßË ‡∑à“°—∫√âÕ¬≈– 7.51 ‡π◊ÕË ß®“°¡’°“√·°â‰¢ —≠≠“‡ß‘π°Ÿ‡â æ◊ÕË ª√—∫≈¥Õ—µ√“¥Õ°‡∫’¬È ‚¥¬¡’º≈µ—ßÈ ·µà 1 °√°Æ“§¡ 2545 1.3 √ÿªº≈°“√¥”‡π‘πß“π º≈°“√¥”‡π‘πß“π„πªï 2545 ¡’°”‰√ ÿ∑∏‘ ®”π«π 4,728.940 ≈â“π∫“∑ §‘¥‡ªìπ°”‰√µàÕÀÿâπ‡∑à“°—∫ 3.26 ∫“∑µàÕÀÿπâ ‡¡◊ÕË ‡ª√’¬∫‡∑’¬∫°—∫º≈°“√¥”‡π‘πß“πß«¥‡¥’¬«°—π¢Õßªï 2544 ∑’¡Ë °’ ”‰√ ÿ∑∏‘ ®”π«π 3,059.540 ≈â“π∫“∑ ª√“°Ø«à“°”‰√ ÿ∑∏‘‡æ‘Ë¡¢÷Èπ®”π«π 1,669.400 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ§‘¥ ‡ªìπ√âÕ¬≈– 54.56 ‚¥¬¡’√“¬‰¥â√«¡∑—Èß ‘Èπ 28,154.862 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 10,240.561 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 57.16 µâπ∑ÿπ·≈–§à“„™â®à“¬„πªï 2545 ®”π«π√«¡∑—Èß ‘Èπ 23,425.922 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 8,571.161 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ§‘¥‡ªìπ√âÕ¬≈– 57.70

2. √“¬ß“π«‘‡§√“–Àå∞“π–°“√‡ß‘π

2) Sales and administrative expenses amounted to Baht 400.187 million, 41.455 million or 11.56% higher than Baht 358.732 million in 2001. This was mainly because of the increase in financial and legal advisory fees related to the revisions of the loan agreement for interest rate reduction. 3) Interest payments amounted to Baht 1,966.882 million, Baht 580.606 million or 41.88% higher than Baht 1,386.276 million in 2001 because the subsidiary made the long-term loans drawdown for the purchase of Combined Cycle Power Plant Blocks 1-2 on April 18, 2002 and block 3 on November 1, 2002, amounting Baht 18,715.965 million and Baht 5,246.541 million, respectively. The average rate of interest paid in 2002, however, was 6.33%, lower than the average of 7.51% in 2001, due to the revisions of the loan agreement with a lower rate of interest effective from July 1, 2002. 1.3 Summary of Operating Performance In 2002 net profits amounted to Baht 4,728.940 million, or Baht 3.26 per share. This represents an increase of Baht 1,669.400 million or 54.56% from Baht 3,059.540 million in 2001. Total income in 2002 amounted to Baht 28,154.862 million, increased by Baht 10,240.561 million or 57.16% from 2001. Costs and expenses in 2002 amounted to Baht 23,425.922 million, increased by Baht 8,571.161 million or 57.70% from 2001.

2. Analysis of Financial Status

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2.1 °“√«‘‡§√“–Àå ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’ ‘π∑√—æ¬å√«¡∑—Èß ‘Èπ ®”π«π 67,784.038 ≈â“π∫“∑ ‚¥¬‡∑’¬∫°—∫ªï°àÕπ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π 27,934.158 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 70.10 “‡ÀµÿÀ≈—°‡π◊ËÕß®“° 1) ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ®”π«π 95.342 ≈â“π∫“∑ ≈¥≈ß®“°ªï°Õà π‡ªìπ®”π«π 159.369 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 62.57 ‡π◊ËÕß®“°π”‡ß‘π‰ª≈ß∑ÿπ„πµ√“ “√∑“ß°“√‡ß‘π¡“°¢÷Èπ 2) ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ®”π«π 3,789.277 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ‡ªìπ®”π«π 2,629.796 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 40.97 3) ≈Ÿ°Àπ’È°“√§â“ ®”π«π 6,451.600 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 3,634.595 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 1.3 ‡∑à“ ‡π◊ËÕß®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’√“¬‰¥â§à“¢“¬‰øøÑ“‡æ‘Ë¡¢÷Èπ ®“°‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 4) «— ¥ÿ§ß‡À≈◊Õ ®”π«π 1,370.962 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 577.100 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 72.70 ‡π◊ËÕß®“°„πªï 2545 ¡’«— ¥ÿÕÿª°√≥åÕ–‰À≈à¢Õß‚√ß‰øøÑ“æ≈—ß §«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 5) ‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π ®”π«π 1,548.144 ≈â“π∫“∑ ‡æ‘¡Ë ¢÷πÈ ®“°ªï°Õà π ‡ªìπ®”π«π 1,424.954 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 11.6 ‡∑à“ ª√–°Õ∫¥â«¬

2.1 Analysis of Assets As at December 31, 2002, the total assets of the Company and its subsidiaries amounted to Baht 67,784.038 million, increased by Baht 27,934.158 million or 70.10% from the previous year. The main reasons are as follows: 1) Cash and cash equivalents amounted to Baht 95.342 million, decreased by Baht 159.369 million or 62.57% from 2001 because more investments were made in financial instruments. 2) Short-term investments amounted to Baht 3,789.277 million, Baht 2,629.795 million or 40.97% lower than in 2001. 3) Trade receivable amounted to Baht 6,451.600 million, Baht 3,634.595 million or 1.3 times higher than in 2001 because Ratchaburi Electricity Generating Co., Ltd. earned more income from electricity sales by its Combined Cycle Power Plant Blocks 1-3. 4) Inventory amounted to Baht 1,370.962 million, Baht 577.100 million or 72.70% higher than in 2001 because of the acquisition of equipment and parts for Combined Cycle Power Plant Blocks 1-3. 5) Long-term investments used as collateral amounted to Baht 1,548.144 million, Baht 1,424.954 million or 11.6 times higher than in 2001. These investments comprised of:

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Ratchaburi Electricity Generating Holding Public Company Limited

- µ—Î« —≠≠“„™â‡ß‘π ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ®”π«π 531.817 ≈â“π∫“∑ - µ—«Î ·≈°‡ß‘π ÿ∑∏‘ ®”π«π 672.500 ≈â“π∫“∑ ‡æ‘¡Ë ¢÷πÈ ®“°ªï°Õà π‡ªìπ®”π«π 628.535 ≈â“π∫“∑ - Àÿπâ °Ÿ∑â ®’Ë –∂◊Õ‰«â®π§√∫°”Àπ¥ ®”π«π 343.846 ≈â“π∫“∑ ‡æ‘¡Ë ¢÷πÈ ®“°ªï°Õà π‡ªìπ®”π«π 264.602 ≈â“π∫“∑ 6) ∑’Ë¥‘π ‘Ëßª≈Ÿ° √â“ß ·≈–Õÿª°√≥å- ÿ∑∏‘ ®”π«π 53,279.115 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ ®”π«π 25,228.500 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 89.94 ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑¬àÕ¬ ‰¥â´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“° °øº. 2.2 °“√«‘‡§√“–ÀåÀπ’È ‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’Àπ’È ‘π√«¡∑—ÈßÀ¡¥ ®”π«π 45,209.889 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 24,655.218 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 119.95 “‡Àµÿ À≈—°‡π◊ËÕß®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â‡∫‘°‡ß‘π°Ÿâ√–¬–¬“«∑—ÈßÀ¡¥®”π«π 23,962.506 ≈â“π∫“∑ ‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 Àπ’È ‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ª√–°Õ∫¥â«¬ 1) Àπ’È ‘πÀ¡ÿπ‡«’¬π ®”π«π 6,555.728 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 3,499.591 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 1.1 ‡∑à“ ‡π◊ËÕß®“° ‡®â“Àπ’È°“√§â“‡æ‘Ë¡¢÷Èπ ®”π«π 2,197.522 ≈â“π∫“∑ ´÷Ëß‡ªìπº≈®“°°“√„™â°ä“´∏√√¡™“µ‘‡æ‘Ë¡¢÷Èπ ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ∑’Ë‰¥â√—∫‚Õπ®“° °øº. „π√–À«à“ßªï 2545 πÕ°®“°π’È Àπ’È ‘π∑’Ë§√∫°”Àπ¥™”√–„πÀπ÷Ëßªï ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ‡ªìπ®”π«π 1,473.346 ≈â“π∫“∑

- promissory notes amounting Baht 531.817 million more than the previous year. - bills of exchange (net) amounting Baht 672.500 million, Baht 628.535 million more than the previous year. - debentures held until their maturity, amounting Baht 343.846 million, Baht 264.602 million more than the previous year. 6) Land, plant, and equipment (net), amounted to Baht 53,279.115 million, increased by Baht 25,228.500 million or 89.94% from 2001 because the subsidiary purchased Combined Cycle Power Plant Blocks 1-3 from EGAT. 2.2 Analysis of Liabilities As at 31 December, 2002, the total liabilities of the Company and its subsidiaries amounted to Baht 45,209.889 million, increased by Baht 24,655.218 million or 119.95% from the previous year. The main reason is that Ratchaburi Electricity Generating Co., Ltd. made the long-term loan drawdown amounting Baht 23,962.506 million to purchase Combined Cycle Power Plant Blocks 1-3. The total liabilities of the Company and its subsidiaries comprised of: 1) Current liabilities amounted to Baht 6,555.728 million, Baht 3,499.591 million or 1.1 times higher than in 2001. This was because trade payable increased by Baht 2,197.522 million, the result of using more natural gas during 2002 for Combined Cycle Power Plant Blocks 1-3 transferred from EGAT. In addition, debt due within one year increased by Baht 1,473.346 million.

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2) Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ´÷Ëßª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ√–¬–¬“«·≈–Õ◊ËπÊ ®”π«π 38,654.161 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 21,155.627 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 1.2 ‡∑à“ ‡π◊ËÕß®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡∫‘°‡ß‘π°Ÿâ√–¬–¬“«‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®”π«π 23,962.506 ≈â“π∫“∑ ·µà „π√–À«à“ßªï‰¥â¡’°“√™”√–§◊π‡ß‘πµâπ‡ß‘π°Ÿâ 1,331.1447 ≈â“π∫“∑ πÕ°®“°π’È‡ß‘π°Ÿâ√–¬–¬“« à«π∑’Ë§√∫°”Àπ¥™”√–„πÀπ÷Ëßªï ´÷Ëß∂◊Õ‡ªìπÀπ’È ‘πÀ¡ÿπ‡«’¬π ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 1,473.346 ≈â“π∫“∑ 2.3 °“√«‘‡§√“–Àå à«π¢ÕßºŸâ∂◊ÕÀÿâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ ¡’ «à π¢ÕßºŸ∂â Õ◊ Àÿπâ √«¡∑—ßÈ ‘πÈ ®”π«π 22,574.149 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 3,278.940 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 16.99 ‡π◊ËÕß®“° º≈°”‰√®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„πªï 2545 ®”π«π 4,728.940 ·≈–‰¥â®à“¬ ‡ß‘πªíπº≈·°àºŸâ∂◊ÕÀÿâπ®”π«π 1,450 ≈â“π∫“∑ ∫√‘…—∑œ ¡’∑ÿπ®¥∑–‡∫’¬π·≈–Àÿâπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« ®”π«π 14,500 ≈â“π∫“∑ ¡’ à«π‡°‘π ¡Ÿ≈§à“Àÿâπ ®”π«π 1,531.778 ≈â“π∫“∑ ”√Õßµ“¡°ÆÀ¡“¬ ®”π«π 399.619 ≈â“π∫“∑ °”‰√ – ¡∑’Ë¬—ß‰¡à‰¥â®—¥ √√ ®”π«π 6,142.752 ≈â“π∫“∑

3. √“¬ß“π«‘‡§√“–Àå°√–· ‡ß‘π ¥ ß∫°√–· ‡ß‘π ¥· ¥ß°√–· ‡ß‘π ¥∑’Ë‡ª≈’Ë¬π·ª≈ß®“°°‘®°√√¡¥”‡π‘πß“π °‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡ ®—¥À“‡ß‘π ≥ «—π ‘πÈ ß«¥∫—≠™’ ·≈–· ¥ß°√–· ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥§ß‡À≈◊Õª≈“¬ªï¢Õß∫√‘…∑— œ ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π 95.342 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ‡ªìπ®”π«π 159.369 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 62.57 “‡Àµÿ √ÿª‰¥â¥—ßπ’È 2) Non-current liabilities amounted to Baht 38,654.161 million, Baht 21,155.627 million or 1.2 times higher than in 2001 due to the fact that a long-term loan of Baht 23,962.506 million was incurred for the purchase of Combined Cycle Power Plant Blocks 1-3 from EGAT. However, during 2002 a principal repayment was Baht 1,331.447 million. In addition, current portion of long-term loans due within one year as current liabilities, Baht 1,473.346 million higher than in 2001. 2.3 Analysis of Shareholders' Equity As at December 31, 2002, total shareholders' equity in the Company and its subsidiaries amounted to Baht 22,574.149 million, increased by Baht 3,278.940 million or 16.99% from 2001. This was attributed to profits from the operations of the Company and its subsidiaries amounting Baht 4,728.940 million and Baht 1,450 million in dividends being paid out. The Companyûs issued and paid-up capital amounted to Baht 14,500 million, with Baht 1,531.778 million in premiums on shares. The legal reserve amounted to Baht 399.619 million, and unappropriated retained earnings amounted to Baht 6,142.752 million.

3. Analysis of Cash Flow The statement of cash flow refers to the changes of cash flow from operations, investments, and financing activities as at the end of a fiscal period. The ending balance of cash equivalents for the Company and its subsidiaries as at December 31, 2002 was Baht 95.342 million, decreased by Baht 159.369 million or 62.57% from the previous year. The reasons are as follows:

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 67

Ratchaburi Electricity Generating Holding Public Company Limited

°“√√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ Report on Compliance with Principles of 1)°√–· ‡ß‘π ¥ ÿ∑∏‘∑’Ë‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π ®”π«π 4,479.284 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ‡ªìπ®”π«π 143.581 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 3.31 ‡π◊ÕË ß®“°≈Ÿ°Àπ’°È “√§â“·≈–«— ¥ÿ§ß‡À≈◊Õ‡æ‘¡Ë ¢÷πÈ 2)°√–· ‡ß‘π ¥ ÿ∑∏‘∑®’Ë “à ¬ÕÕ°®“°°‘®°√√¡≈ß∑ÿπ ®”π«π 25,820.167 ≈â“π∫“∑ ‡æ‘¡Ë ¢÷πÈ ®“°ªï°Õà π‡ªìπ ®”π«π 21,395.324 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 4.8 ‡∑à“ ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“° °øº. 3)°√–· ‡ß‘π ¥ ÿ∑∏‘∑’Ë‰¥â¡“®“°°‘®°√√¡®—¥À“‡ß‘π ®”π«π 21,181.514 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ‡ªìπ®”π«π 21,409.601 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 93.9 ‡∑à“ ‡π◊ÕË ß®“°„πªï 2545 ¡’°√–· ‡ß‘π‡¢â“¡“®“° ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«‡æ◊ÕË ´◊ÕÈ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®”π«π 23,962.506 ≈â“π∫“∑ ·≈–¡’°“√®à“¬§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®”π«π 1,331.447 ≈â“π∫“∑

1) Net cash flow from operations amounted to Baht 4,479.284 million, Baht 143.581 million baht or 3.31% higher than in 2001 due to trade receivable and inventories increased. 2) Net cash flow from investments amounted to Baht 25,820.167 million, increased by Baht 21,395.324 million or 4.8 times from 2001 because Ratchaburi Electricity Generating Co., Ltd. purchased Combined Cycle Power Plant Blocks 1-3 from EGAT in 2002 3) Net cash flow from financing amounted to Baht 21,181.514 million, Baht 21,409.601 million or 93.9 times higher than in 2001 because of an inflow of Baht 23,962.506 million in long-term loans for the purchase of Combined Cycle Power Plant Blocks 1-3 and the long-term loans repayment of Baht 1,331.447 million.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 68 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Good Corporate Governance ∫√‘…∑— œ ‰¥âµ√–Àπ—°∂÷ß§«“¡ ”§—≠¢ÕßÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë Õ’ π— ‡ªìπªí®®—¬À≈—°„π°“√¥”‡π‘π°“√¢Õß ∫√‘…—∑œ ´÷Ëß®–‡ √‘¡ √â“ß„ÀâÕß§å°√¡’√–∫∫∑’Ë¡’ª√– ‘∑∏‘¿“æ ¡’§«“¡‚ª√àß„ ·≈–¡’§«“¡¬ÿµ‘∏√√¡µàÕºŸâ¡’ à«π ‰¥â‡ ’¬∑ÿ°ΩÉ“¬ „πªï 2545 ∫√‘…—∑œ ‰¥âªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ¥—ßπ’È

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ ‡¡◊ËÕ«—π∑’Ë 23 ∏—π«“§¡ 2545 §≥–°√√¡°“√∫√‘…—∑œ ‰¥â „Àâ§«“¡‡ÀÁπ™Õ∫„π°“√°”Àπ¥π‚¬∫“¬°“√°”°—∫ ¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ ·≈–§≥–°√√¡°“√∫√‘…—∑œ ‰¥â¡’ª√–°“»°”Àπ¥À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß°≈ÿà¡ ∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 14 ¡°√“§¡ 2546 ´÷Ëß§√Õ∫§≈ÿ¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààß ª√–‡∑»‰∑¬ ¥—ßπ’È 1)®—¥„Àâ¡’°“√∫√‘À“√ß“π·≈–¥”‡π‘πß“π‚¥¬¬÷¥À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ (Good Corporate Governance) ¢®—¥ªí≠À“§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πåÕ¬à“ß√Õ∫§Õ∫¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ Õ¬à“ß ¡’‡Àµÿ¡’º≈ ·≈–‡ªìπÕ‘ √– ¿“¬„π°√Õ∫®√‘¬∏√√¡∑’Ë¥’ 2)®—¥„Àâ¡’√–∫∫§«∫§ÿ¡ ∑—Èß°“√§«∫§ÿ¡∑“ß°“√‡ß‘π °“√¥”‡π‘πß“π °“√°”°—∫¥Ÿ·≈°“√ªØ‘∫—µ‘ß“π °“√ µ√«® Õ∫¿“¬„π °“√§«∫§ÿ¡·≈–°“√®—¥°“√§«“¡‡ ’Ë¬ß∑’Ë¡’ª√– ‘∑∏‘¿“æ·≈–∑—Ë«∂÷ß 3) àß‡ √‘¡°”°—∫¥Ÿ·≈‡æ◊ÕË „Àâ¡π—Ë „®«à“ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈– “√ π‡∑»∑’ Ë ”§—≠¢Õß°≈ÿ¡à ∫√‘…∑— œ Õ¬à“ß∂Ÿ°µâÕß ∑—π‡«≈“ ·≈–‚ª√àß„ 4) àß‡ √‘¡·≈– π—∫ πÿπ„ÀâªØ‘∫µ— µ‘ Õà ºŸ∂â Õ◊ Àÿπâ ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—πµ“¡À≈—°°“√¢Õß∫√‘…∑— ¡À“™π®”°—¥ 5) àß‡ √‘¡¥Ÿ·≈„Àâ¡π—Ë „®«à“ ‘∑∏‘µ“¡°ÆÀ¡“¬¢ÕßºŸ¡â ’ «à π‰¥â‡ ’¬ Õ“∑‘ ≈Ÿ°§â“ ≈Ÿ°®â“ß §Ÿ§à “â ºŸ∂â Õ◊ Àÿπâ ºŸ≈â ß∑ÿπ ‡®â“Àπ’È §Ÿà·¢àß ºŸâ Õ∫∫—≠™’Õ‘ √– ¿“§√—∞ ·≈–™ÿ¡™π∑’Ë∫√‘…—∑œ µ—ÈßÕ¬Ÿà‰¥â√—∫°“√§ÿâ¡§√Õß·≈–ªØ‘∫—µ‘¥â«¬¥’ The Company is well aware of the importance of good corporate governance to the Companyûs operations in terms of promoting efficient, transparent systems that are fair to all stakeholders. In 2002 the Company implemented principles of good corporate governance as follows:

1. Policies of Good Corporate Governance On December 23, 2002, the Companyûs Board of Directors approved a policy of good corporate governance and declared them effective for the entire Group of companies on January 14, 2003. This policy incorporates the principles of good corporate governance advocated by the Stock Exchange of Thailand, namely: 1) To establish a system of management and operations adhering to good corporate governance, the Company must eliminate conflicts of interest and maintain standards of honesty, integrity, rationality, independence, and high ethical values. 2) To establish a system of financial, operational, administrative, internal audit, and risk management and controls that are effective and comprehensive. 3) To promote and ensure the accurate, timely and transparent disclosure of significant information concerning its group activities. 4) To support the treatment of all shareholders on an equal manner, according to the code of conduct for public companies. 5) To ensure that all stakeholders, such as customers, employees, business partners, shareholders, investors, creditors, competitors, independent auditors, the State, and the community in the Companyûs vicinity, obtain their legal rights, protection, and good treatment.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 69

Ratchaburi Electricity Generating Holding Public Company Limited

2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬

∫√‘…—∑œ ‰¥âÕ”π«¬§«“¡ –¥«°„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬¡’°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—π ºŸâ∂◊ÕÀÿâπ “¡“√∂„™â ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π°“√‡≈◊Õ°§≥–°√√¡°“√∫√‘…—∑œ °“√≈ß¡µ‘ °“√· ¥ß§«“¡§‘¥‡ÀÁπ ·≈–°“√µ—Èß§”∂“¡„¥Ê µàÕ∑’Ëª√–™ÿ¡ µ“¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡√◊ËÕß∑’Ë‡ πÕ ºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬¡’ ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π„π°“√√—∫∑√“∫ “√ π‡∑»∑’Ë∂Ÿ°µâÕß ∑—π°“≈ ‡ªî¥‡º¬ §√∫∂â«π ·≈– “¡“√∂µ√«® Õ∫¢âÕ¡Ÿ≈µà“ßÊ ‰¥â ‚¥¬„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2544 (ª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë 22 ‡¡…“¬π 2545) ∫√‘…—∑œ ‰¥â®—¥‡µ√’¬¡¢âÕ¡Ÿ≈·≈–‡Õ° “√„πÀπ—ß ◊Õπ—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬¡’§«“¡‡ÀÁπ ¢Õß§≥–°√√¡°“√„π·µà≈–«“√–‡æ◊ËÕæ‘®“√≥“ àß„ÀâºŸâ∂◊ÕÀÿâπ∑√“∫≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ 7 «—π∑”°“√ „π«“√–æ‘®“√≥“‡≈◊Õ°µ—ßÈ °√√¡°“√·∑π°√√¡°“√∑’ÕË Õ°µ“¡«“√–·≈–≈“ÕÕ° ∫√‘…∑— œ ‰¥â®¥— ∑”¢âÕ¡Ÿ≈‡∫◊ÕÈ ßµâπ ¢Õß∫ÿ§§≈∑’Ë‡ πÕ„Àâ∑’Ëª√–™ÿ¡æ‘®“√≥“‡≈◊Õ°µ—Èß ª√–°Õ∫¥â«¬ Õ“¬ÿ °“√»÷°…“ §«“¡√Ÿâ ª√– ∫°“√≥å ‡ªìπµâπ ·≈–‡æ◊ËÕª√–°Õ∫°“√æ‘®“√≥“°”Àπ¥§à“µÕ∫·∑π°√√¡°“√ ∫√‘…—∑œ ‰¥â™’È·®ß„Àâ∑’Ëª√–™ÿ¡∑√“∫√“¬ ≈–‡Õ’¬¥‡°’Ë¬«°—∫®”π«π‡ß‘π ·≈– ‘∑∏‘ª√–‚¬™πåÕ◊Ëπ„¥∑’Ë‰¥â√—∫„π∞“π–°√√¡°“√ πÕ°®“°π’È „π«“√–æ‘®“√≥“ ·µàßµ—ÈßºŸâ Õ∫∫—≠™’·≈–°”Àπ¥§à“∏√√¡‡π’¬¡„π°“√ Õ∫∫—≠™’ ‰¥â¡’°“√√–∫ÿ™◊ËÕ·≈– ”π—°ß“π Õ∫∫—≠™’ ·≈– §à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’ „π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2545 (11 ‡¡…“¬π 2546) ∫√‘…—∑œ ¡’π‚¬∫“¬®–ª√—∫ª√ÿß¢âÕ¡Ÿ≈ ª√–°Õ∫°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕ„Àâ¡’√“¬≈–‡Õ’¬¥¡“°¬‘Ëß¢÷Èπ ‡π◊ËÕß®“°∫√‘…—∑œ µ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß ‘∑∏‘¢ÕßºŸ∂â Õ◊ Àÿπâ „π°“√‡¢â“∂÷ß¢âÕ¡Ÿ≈¢Õß∫√‘…∑— œ ‚¥¬„π‡√◊ÕË ß‡æ◊ÕË æ‘®“√≥“®–‡æ‘¡Ë √“¬≈–‡Õ’¬¥ ‡Àµÿº≈ §«“¡ ®”‡ªìπ º≈°√–∑∫∑—Èß¥â“π∫«°·≈–≈∫„π·µà≈–«“√–

∫√‘…∑— œ √—∫√Ÿ∂â ß÷ ‘∑∏‘¢ÕßºŸ¡â ’ «à π‰¥â‡ ’¬µ“¡∑’°Ë ÆÀ¡“¬°”Àπ¥·≈–¡’π‚¬∫“¬∑’®Ë –¥Ÿ·≈„Àâ¡π—Ë „®«à“ ‘∑∏‘¥ß— °≈à“« ‰¥â√—∫°“√§ÿâ¡§√Õß·≈–ªØ‘∫—µ‘¥â«¬¥’ ∑—Èßæπ—°ß“π §Ÿà§â“ ™ÿ¡™π §Ÿà·¢àß ‡®â“Àπ’È µ≈Õ¥®π “∏“√≥™π·≈– —ß§¡‚¥¬√«¡Õ¬à“ß‡À¡“– ¡ ·≈–®–„Àâ¡°’ “√√à«¡¡◊Õ°—π√–À«à“ß∫√‘…∑— œ ·≈–ºŸ¡â ’ «à π‰¥â‡ ’¬„π°≈ÿ¡à µà“ßÊ µ“¡ ∫∑∫“∑·≈–Àπâ“∑’Ë ‡æ◊ËÕ„Àâ°‘®°“√¢Õß∫√‘…—∑œ ¥”‡π‘π‰ª¥â«¬¥’ ¡’§«“¡¡—Ëπ§ß·≈–¡’º≈ª√–‚¬™πå∑’Ë‡ªìπ∏√√¡ ·°à∑ÿ°ΩÉ“¬ µ≈Õ¥°“√¥”‡π‘πß“π∑’ºË “à π¡“ ∫√‘…∑— œ ‰¥â¡°’ “√ªØ‘∫µ— µ‘ Õà æπ—°ß“πÕ¬à“ß‡∑à“‡∑’¬¡ ‡ªìπ∏√√¡ ·≈–„Àâº≈µÕ∫·∑π ∑’‡Ë À¡“– ¡ °“√´◊ÕÈ ‘π§â“·≈–∫√‘°“√®“°§Ÿ§à “â ‡ªìπ‰ªµ“¡‡ß◊ÕË π‰¢∑“ß°“√§â“ √«¡∂÷ß°“√ªØ‘∫µ— µ‘ “¡ —≠≠“µàÕ§Ÿ§à “â ¡’°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢°“√°Ÿâ¬◊¡‡ß‘πµ“¡¢âÕµ°≈ßÕ¬à“ß‡§√àß§√—¥ ¡’§«“¡‡Õ“„®„ à·≈–√—∫º‘¥™Õ∫µàÕ≈Ÿ°§â“ √—°…“§«“¡≈—∫¢Õß≈Ÿ°§â“ Õ’°∑—Èß„π®√√¬“∫√√≥¢Õß∫√‘…—∑œ ‰¥â¡’°“√√–∫ÿ∂÷ß°“√ª√–æƒµ‘ªØ‘∫—µ‘¿“¬„µâ°√Õ∫ °µ‘°“¢Õß°“√·¢àß¢—π∑’Ë¥’ ‰¡à· «ßÀ“¢âÕ¡Ÿ≈∑’Ë‡ªìπ§«“¡≈—∫¢Õß§Ÿà·¢àß∑“ß°“√§â“¥â«¬«‘∏’°“√∑’Ë‰¡à ÿ®√‘µÀ√◊Õ ‰¡à‡À¡“– ¡ ·≈–∫√‘…—∑œ ¡’π‚¬∫“¬∑’Ë®–ª√–°Õ∫∏ÿ√°‘® ‚¥¬§”π÷ß∂÷ß ¿“æ·«¥≈âÕ¡‡ªìπ ”§—≠ ∫√‘…—∑œ ¡’ §«“¡√—∫º‘¥™Õ∫µàÕ ¿“æ·«¥≈âÕ¡¢Õß™ÿ¡™π ·≈– —ß§¡ ¥—ß√“¬≈–‡Õ’¬¥∑’Ë√–∫ÿ„πÀπâ“ 84

2. Rights of Shareholders The Company has facilitated shareholders meetings on equal treatment basis. Shareholders have been free to vote as they pleased in appointing the Companyûs Board of Directors, in passing resolutions, in expressing their opinions, and in voicing questions and concerns at meetings in accordance with meeting procedures and the agenda of the meeting. All shareholders have had equal access to accurate, timely, disclose, complete, and verifiable information. During the General Meeting of Shareholders for 2001 (held on April 22, 2002), the Company prepared all relevant information in the Notice of the General Meeting of Shareholders, and included therewith the Board of Directorsû views on each agenda. This Notice was sent to shareholders seven working days before the appointed date of meeting. In the agenda to consider appointment of directors in place of those retiring by rotating and resinging, the Company provided such information regarding candidates as their ages, education, background, knowledge, and experience. The Shareholders Meeting were informed the directorûs remuneration both in monetary and non-monetary terms. And with regard to the appointment of Companyûs Auditor and determination of the Auditorûs remuneration, the Company named the Auditors, their Auditing Office, and the remuneration they would obtain. For the 2002 General Meeting of Shareholders (on April 11, 2003), the Company will provide more details on each agenda in accordance with its commitment to the right of shareholders on complete access to all necessary information, particularly on details for consideration, rationale and positively or negatively impact to the Company.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 70 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ „π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ª√–∏“π∑’ªË √–™ÿ¡¡’Àπâ“∑’®Ë ¥— √√‡«≈“„ÀâÕ¬à“ß‡À¡“– ¡·≈– àß‡ √‘¡„Àâº∂Ÿâ Õ◊ Àÿπâ ¡’‚Õ°“ ‚¥¬‡∑à“‡∑’¬¡°—π„π°“√· ¥ß§«“¡‡ÀÁπ·≈–µ—Èß§”∂“¡„¥Ê µàÕ∑’Ëª√–™ÿ¡ µ“¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–

3. Rights of Stakeholders The Company acknowledges the stakeholdersû rights as defined by law, and its policies are meant to ensure that these rights - of employees, business partners, the community, competitors, creditors, and the public as a whole - are protected and enforced. The Company co-operates with these groups in ways appropriate their status and function so that corporate operations may proceed in a manner consonant with stability and justice to all. In all of its operations, the Company has consistently treated its employees fairly and equitably and given them appropriate remuneration. Its purchase of goods and services from business partners has been conducted according to the conditions of good business practice and the stipulations of business contracts. Terms and conditions on loans agreement have, likewise, been strictly honored. Customers have been well and responsibly taken care of, and their affairs kept in confidence. Another aspect of corporate ethics is the Companyûs respect for the rules governing fair competition. The Company has not sought to discover the secrets of its rivals by underhanded or unethical approaches. The Companyûs policy is to conduct its business with due respect to environmental integrity and with a sense of responsibility for the welfare of the communities and the society in which it operates, as can be seen in details on page 84.

4. The Shareholdersû Meeting At a meeting of shareholders, the Chairman is responsible for allotting time in appropriate fashion and ensuring that all shareholders have equal opportunities to express their opinions and raise questions on the subject of discussion on the agenda.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 71

Ratchaburi Electricity Generating Holding Public Company Limited

‡√◊ÕË ß∑’‡Ë πÕ §≥–°√√¡°“√∫√‘…∑— œ §≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π∑ÿ°∑à“π ‰¥â‡¢â“ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕµÕ∫§”∂“¡ ¢âÕ ß —¬ ·≈–™’È·®ß¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡µàÕ∑’Ëª√–™ÿ¡ „π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2544 ∫√‘…—∑œ ‰¥â‡ªî¥„Àâ≈ß∑–‡∫’¬π≈à«ßÀπâ“°àÕπ°“√ª√–™ÿ¡ ‡ªìπ‡«≈“ 2 ™—Ë«‚¡ß ‚¥¬«—π ‡«≈“ ·≈– ∂“π∑’Ëª√–™ÿ¡ ‰¡à‡ªìπÕÿª √√§„π°“√‡¢â“√à«¡ª√–™ÿ¡ §≥–°√√¡°“√∫√‘…—∑œ µ≈Õ¥®π§≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ∑—ÈßÀ¡¥®”π«π 11 ∑à“π ‰¥â‡¢â“ √à«¡ª√–™ÿ¡ °àÕπ‡√‘Ë¡°“√ª√–™ÿ¡ ¡’°“√·®âß«‘∏’ªØ‘∫—µ‘ „π°“√≈ß§–·ππ‡ ’¬ß„π·µà≈–«“√–°“√ª√–™ÿ¡‡æ◊ËÕ„Àâ ‡ªìπ‰ªµ“¡¢âÕæ÷ßªØ‘∫µ— ‘ ”À√—∫°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— ®¥∑–‡∫’¬π¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ’°∑—Èß¡’°“√‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ· ¥ß§«“¡§‘¥‡ÀÁπ·≈–´—°∂“¡ °“√≈ß§–·ππ‡ ’¬ß‡ªìπ‰ªµ“¡≈”¥—∫«“√– ∑’Ë°”Àπ¥ √“¬ß“π°“√ª√–™ÿ¡¡’ “√– ”§—≠§√∫∂â«π ‡™àπ §”™’È·®ß∑’Ë‡ªìπ “√– ”§—≠ §”∂“¡ ¢âÕ§‘¥‡ÀÁπ «‘∏’ ≈ß§–·ππ‡ ’¬ß «‘∏’π—∫§–·ππ‡ ’¬ß §–·ππ‡ ’¬ß∑’Ë‡ÀÁπ¥â«¬ ‰¡à‡ÀÁπ¥â«¬ ·≈–ß¥ÕÕ°‡ ’¬ß ¡’°“√®—¥∑” √“¬ß“π°“√ª√–™ÿ¡‡ √Á® ¡∫Ÿ√≥å¿“¬„π‡«≈“ 2 «—πÀ≈—ß®“°«—πª√–™ÿ¡ Õ’°∑—Èß¡’√–∫∫°“√®—¥‡°Á∫√“¬ß“π °“√ª√–™ÿ¡∑’Ë¥’ ∑’Ë “¡“√∂µ√«® Õ∫·≈–Õâ“ßÕ‘ß‰¥â

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå ª√–∏“π°√√¡°“√∫√‘…—∑œ ¡’Àπâ“∑’Ë§Õ¬¥Ÿ·≈„Àâ°√√¡°“√∑ÿ°§π∑”ß“π‚¥¬· ¥ß∫∑∫“∑‡µÁ¡∑’Ë·≈–Õ¬à“ß °√–µ◊Õ√◊Õ√âπ‡ªìπ§≥–‡¥’¬«°—π ∑—Èß„π‡√◊ËÕß°“√®—¥°“√∏ÿ√°‘®·≈–°“√°”°—∫¥Ÿ·≈

The Board of Directors, the Audit Committee, and the Remuneration Committee were all presented at the meetings of shareholders to answer questions and submit additional information as required. At the General Meeting of Shareholders for 2001, the registration was opened two hours prior to the meeting. The day, time, and place of meeting were not inconvenient in any way for those wishing to attend. All eleven members of the Board of Directors, together with the Audit Committee and the Remuneration Committee, were in attendance. Before commencing the meeting, the method of voting for each item on the agenda was explained so as to facilitate the conduct of the meeting in accordance with the requirements for a meeting of shareholders of SET. All shareholders were given the opportunity to express their opinions and raise questions. Voting was conducted in sequence with stated agenda. The minutes of the meeting were fully noted, including all significant statements, questions, opinions, methods of voting, methods of counting votes, and the tallies of agreed and disagreed votes and silences. The minutes of the meeting were fully compiled within two days from the date of meeting, and were properly stored for verification and reference.

5. Leadership and Vision The duty of the Chairman of the Board of Directors is to facilitate and support all the directors so that they perform their functions with enthusiasm, as one body, in terms of both management and supervision.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 72 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

°“√‡ πÕ∫ÿ§§≈‡æ◊ËÕ‡¢â“√—∫°“√æ‘®“√≥“‡≈◊Õ°µ—Èß‡ªìπ°√√¡°“√∫√‘…—∑œ ®–æ‘®“√≥“®“°∑—°…–·≈–§ÿ≥ ¡∫—µ‘ ∑’®Ë ”‡ªìπ¢Õß°√√¡°“√‡¡◊ÕË √«¡°—π‡ªìπ°√√¡°“√∑—ßÈ §≥– ‚¥¬§”π÷ß∂÷ßª√–‡¥Áπ§«“¡À≈“°À≈“¬¢ÕßÕ“¬ÿ ∑—°…– §«“¡ “¡“√∂‡©æ“–¥â“π∑’Ë‡ªìπª√–‚¬™πå°—∫∫√‘…—∑œ °“√‡µÁ¡„®∑’Ë®–Õÿ∑‘»‡«≈“·≈–§«“¡æ¬“¬“¡„Àâ°—∫°“√ ‡ªìπ°√√¡°“√ ∑—Èßπ’È ‡æ◊ËÕ‡ √‘¡ √â“ß„Àâ¡’§≥–°√√¡°“√∑’Ë‡¢â¡·¢Áßµ“¡§«“¡µâÕß°“√ ≥ ‡«≈“π—ÈπÊ §≥–°√√¡°“√∫√‘…∑— œ ¡’§«“¡‡ªìπÕ‘ √–„π°“√µ—¥ ‘π„®‡æ◊ÕË ª√–‚¬™πå ßŸ ÿ¥¢Õß∫√‘…∑— œ ·≈–ºŸ∂â Õ◊ Àÿπâ ‚¥¬√«¡ ·≈–¡’∫∑∫“∑ ”§—≠„π‡√◊ËÕß¥—ßµàÕ‰ªπ’È 1)°”Àπ¥ „Àâ§«“¡‡ÀÁπ™Õ∫ ∑∫∑«π «‘ ¬— ∑—»πå ¿“√°‘® π‚¬∫“¬ ”§—≠ ‡ªÑ“À¡“¬∑“ß°“√‡ß‘π·≈–ß∫ª√–¡“≥ ·ºπ°≈¬ÿ∑∏å¢Õß∫√‘…—∑œ 2)µ‘¥µ“¡º≈°“√ªØ‘∫µ— ß‘ “π¢ÕßΩÉ“¬∫√‘À“√‡æ◊ÕË ∑√“∫§«“¡°â“«Àπâ“°“√¥”‡π‘πß“πµ“¡‡ªÑ“À¡“¬À√◊Õ·ºπ Õ¬à“ß ¡Ë”‡ ¡Õ 3)¥Ÿ·≈„Àâ¡’√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ·≈–µ‘¥µ“¡Õ¬à“ß ¡Ë”‡ ¡Õ 4)„Àâπ‚¬∫“¬„π°“√®—¥„Àâ¡’¡“µ√°“√∑’Ë‡À¡“– ¡„π°“√∫√‘À“√·≈–®—¥°“√§«“¡‡ ’Ë¬ß ´÷Ëß‡ªìππ‚¬∫“¬ ”§—≠·≈–‡√àß¥à«π∑’Ë∫√‘…—∑œ ®–π”‰ªªØ‘∫—µ‘ „Àâ‡°‘¥º≈ ”‡√Á®Õ¬à“ß‡ªìπ√Ÿª∏√√¡µàÕ‰ª §≥–°√√¡°“√¢Õß∫√‘…∑— œ ‰¥â®¥— „Àâ¡º’ ∫Ÿâ √‘À“√∑’¡Ë §’ «“¡√Ÿâ §«“¡ “¡“√∂Õ¬à“ß¡◊ÕÕ“™’æ ¡’√–∫∫°“√°”°—∫¥Ÿ·≈ °‘®°“√∑’¥Ë ’ ·≈–¡’ª√– ‘∑∏‘¿“æ ·≈–¡’§«“¡¡ÿßà ¡—πË „π°“√«“ß√“°∞“π°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ „Àâ·¢Áß·°√àß ¡—Ëπ§ß ¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ‡æ◊ËÕ„Àâ¡’»—°¬¿“æ·≈–§«“¡æ√âÕ¡Õ¬à“ß‡µÁ¡∑’Ë ”À√—∫°“√·¢àß¢—π∑—Èß„πªí®®ÿ∫—π ·≈–„πÕπ“§µ ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ √â“ß§«“¡‡®√‘≠‡µ‘∫‚µÕ¬à“ß¬—Ëß¬◊π„Àâ·°à∫√‘…—∑œ Õ—π®– àßº≈µàÕ°“√ √â“ß¡Ÿ≈§à“‡æ‘Ë¡„Àâ·°àºŸâ∂◊ÕÀÿâπ·≈– —ß§¡‚¥¬√«¡„π∑’Ë ÿ¥

When considering those individuals who are to be appointed to the position of director, the Board of Directors should consider both their personal skills and their qualities in relation to the entire members. Diversity of age, skill base, specialized capabilities useful to the Company, and willingness to give their time and effort to the duties of directorship have all to be considered. The Board of Directors is free to make decisions in the best interests of the Company and its shareholders, and the main functions of the Board of Directors are as follows: 1) To determine, approve, and review the vision, mission, main policies, financial and budgetary objectives, and strategic plans of the Company. 2) To consistently monitor the work of management for operational progress according to targets or plans. 3) To ensure of an adequate system for internal controls and constantly follow up on their application. 4) To institute the appropriate measures to manage risk and apply them as matters of urgent policy for the Company to implement in its quest for success. The Board of Directors aims to maintain a management team endowed with knowledge, ability, professionalism, a system of good corporate governance and efficiency for placing the Companyûs operations on a solid foundation basis, and for enhancing competition capacity both in the present and in the future. The goal of management is to produce sustainable growth which will lead to the end result of value added to the Companyûs shareholders and the society as a whole.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 73

Ratchaburi Electricity Generating Holding Public Company Limited

¥â«¬§≥–°√√¡°“√∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√¡’§«“¡√—∫º‘¥™Õ∫µ“¡Àπâ“∑’ËµàÕºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√∫√‘…—∑œ ®÷ß‡ªìπºŸæâ ®‘ “√≥“„Àâ¡°’ “√°”Àπ¥·≈–·¬°∫∑∫“∑ Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫√–À«à“ß§≥–°√√¡°“√∑ÿ°™ÿ¥ ·≈–ΩÉ“¬∫√‘À“√ ‚¥¬°”Àπ¥√–¥—∫Õ”π“®¥”‡π‘π°“√∑“ß°“√‡ß‘πÕ¬à“ß™—¥‡®π Õ’°∑—ßÈ ¡’°“√ ◊ÕË “√∫∑∫“∑ Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¥—ß°≈à“«Õ¬à“ß™—¥‡®πµàÕ§≥–°√√¡°“√∑ÿ°™ÿ¥ ΩÉ“¬∫√‘À“√ ·≈–æπ—°ß“π

6. §«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πå µ≈Õ¥°“√¥”‡π‘πß“π∑’Ëºà“π¡“ §≥–°√√¡°“√∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√ ‰¥âæ‘®“√≥“¢®—¥ªí≠À“§«“¡¢—¥·¬âß ¢Õßº≈ª√–‚¬™πåÕ¬à“ß√Õ∫§Õ∫ ¥â«¬§«“¡´◊ÕË —µ¬å ®ÿ √‘µ Õ¬à“ß¡’‡Àµÿ¡º’ ≈·≈–‡ªìπÕ‘ √– ¿“¬„π°√Õ∫®√‘¬∏√√¡ ∑’Ë¥’ ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ‚¥¬√«¡‡ªìπ ”§—≠ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡‚ª√àß„ ·≈–ªÑÕß°—π°“√· «ßÀ“º≈ª√–‚¬™πå à«πµπ §≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥ §” —Ëß‡æ◊ËÕ∂◊ÕªØ‘∫—µ‘ „π°“√Àâ“¡¡‘ „Àâ°√√¡°“√ ºŸâ∫√‘À“√ æπ—°ß“π ≈Ÿ°®â“ß √«¡∑—Èß§Ÿà ¡√ ·≈–∫ÿµ√∑’Ë¬—ß‰¡à ∫√√≈ÿπ‘µ‘¿“«–¢Õß∫ÿ§§≈¥—ß°≈à“« „™â¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑œ À√◊Õ¢Õß°≈ÿà¡∫√‘…—∑œ ∑’Ë¡’ “√– ”§—≠ ·≈– ¬—ß¡‘‰¥â‡ªî¥‡º¬µàÕ “∏“√≥™π ‡æ◊ËÕª√–‚¬™πå¢Õßµπ‡ÕßÀ√◊ÕºŸâÕ◊Ëπ §≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕ§≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕ√—∫∑√“∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–√“¬°“√∑’Ë ¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ´÷Ëß‰¥â¡’°“√æ‘®“√≥“§«“¡‡À¡“– ¡Õ¬à“ß√Õ∫§Õ∫ ·≈–‰¥âªØ‘∫—µ‘µ“¡À≈—° ‡°≥±å∑’Ëµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬°”Àπ¥„π°“√√“¬ß“π·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«∑ÿ°‰µ√¡“ Õ¬à“ß ‡§√àß§√—¥ √«¡∑—ßÈ ‰¥â¡°’ “√‡ªî¥‡º¬‰«â „π√“¬ß“πª√–®”ªï ·≈–·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï (·∫∫ 56-1) ¥â«¬

As the Board of Directors and management are jointly liable to the shareholders, the Board of Directorsû responsibility is to define and divide the various functions, duties, and responsibilities between itself, its sub-committees and management. The financial authority of each level of management is clearly specified, and the stated functions, duties and responsibilities of each party are conveyed to every committee, management, and staff.

6. Conflicts of Interest The Board of Directors and management have always taken into consideration to eliminate conflicts of interest and maintain standards of honesty, integrity, rationality, independence, and high ethical values. To achieve transparency and prevent the misuse of resources for personal gain or that of others, the Board of Directors has determined a list of commands and prohibitions for directors, management, employees, hired workers, and their spouses and under-age children with regard to significant inside information of the Company or its affiliates that has not yet been disclosed to the public. The Audit Committee has advised the Board of Directors on the acknowledgement of connected transactions and conflict of interest. These recommendations have been carefully considered; in accordance with SETûs requirements regarding the reporting. The disclosures of such information are strictly implemented in every quarter including revelation in the Companyûs annual report and in Disclosure Form 56-1.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 74 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

7. ®√‘¬∏√√¡∏ÿ√°‘® §≥–°√√¡°“√∫√‘…—∑œ ∂◊Õ‡ªìπ§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∑—Èß§≥–„π°“√®—¥„Àâ¡’√–∫∫∑’Ë „Àâ§«“¡ ¡—πË „®«à“°‘®°√√¡µà“ßÊ ¢Õß∫√‘…∑— œ ‰¥â¥”‡π‘π‰ª„π≈—°…≥–∑’∂Ë °Ÿ µâÕßµ“¡°ÆÀ¡“¬·≈–®√‘¬∏√√¡∑’¥Ë ’ ‚¥¬∫√‘…∑— œ ‰¥â®—¥∑”®√√¬“∫√√≥¢÷Èπ‡ªìπ·π«∑“ß„π°“√ª√–æƒµ‘ªØ‘∫—µ‘¢ÕßºŸâ∫√‘À“√ ·≈–æπ—°ß“π ·≈–¡’¥”‡π‘π°“√ ‡æ◊ËÕ„ÀâºŸâ∫√‘À“√·≈–æπ—°ß“π∑ÿ°§π‰¥â∑√“∫·≈–‡¢â“„®∂÷ß¡“µ√∞“π°“√ªØ‘∫—µ‘µπµ“¡∑’Ë∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ §“¥À«—ß √«¡∑—Èß®—¥„Àâ¡’°“√‡ΩÑ“ —ß‡°µ„Àâ¡’°“√ªØ‘∫—µ‘µ“¡Õ¬à“ß®√‘ß®—ß Õπ÷Ëß ®√√¬“∫√√≥∑’Ë∫√‘…—∑œ ®—¥∑”¢÷Èπµ—Èß·µà«—π∑’Ë 8 ¡’π“§¡ 2544 ®”π«π 3 ©∫—∫ ‰¥â·°à ®√√¬“∫√√≥ ∫√‘…—∑ ®√√¬“∫√√≥ºŸâ∫√‘À“√ ·≈–®√√¬“∫√√≥æπ—°ß“π ‰¥âæ—≤π“¢÷Èπ¥â«¬§«“¡‡™◊ËÕ¡—Ëπ«à“ °“√ª√–°Õ∫ ∏ÿ√°‘®„Àâª√– ∫§«“¡ ”‡√Á®Õ¬à“ß¬—Ëß¬◊π ·≈– “¡“√∂∏”√ß§«“¡‡ªìπ∫√‘…—∑™—Èππ”„π∏ÿ√°‘®π—Èπ πÕ°‡Àπ◊Õ®“° §«“¡¡ÿàß¡—Ëπ‡Õ“„®„ à „π°“√ªØ‘∫—µ‘ß“π æ—≤π“‡∑§‚π‚≈¬’ „À¡àÊ ·≈–¡’√–∫∫°“√∫√‘À“√°“√®—¥°“√·≈– °“√°”°—∫¥Ÿ·≈∑’Ë¥’·≈â« ¬—ßµâÕß¬÷¥¡—Ëπ„π®√‘¬∏√√¡·≈–§ÿ≥∏√√¡„π°“√ª√–°Õ∫∏ÿ√°‘® ¥”‡π‘π∏ÿ√°‘®Õ¬à“ß ‚ª√àß„ ¡’§ÿ≥∏√√¡ ¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸâ¡’ à«π‰¥â‡ ’¬ §”π÷ß∂÷ß —ß§¡·≈– ‘Ëß·«¥≈âÕ¡Õ¬à“ß®√‘ß®—ß

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π 11 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπÕ‘ √–‰¡àπâÕ¬°«à“Àπ÷Ëß„π “¡¢Õß ®”π«π°√√¡°“√∑—Èß§≥– ‚¥¬∫√‘…—∑œ ¡’°√√¡°“√Õ‘ √–∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ 4 ∑à“π §≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°∑à“π‰¥â√—∫°“√·µàßµ—Èß®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ·≈–‡¡◊ËÕ§√∫«“√– ·≈â«Õ“®‰¥â√—∫‡≈◊Õ°µ—Èß‡¢â“¥”√ßµ”·Àπàß„À¡à‰¥â §≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡≈◊Õ°°√√¡°“√Àπ÷Ëß∑à“π¢÷Èπ¥”√ß µ”·Àπàßª√–∏“π°√√¡°“√∫√‘…—∑œ

7. Business Ethics The Board of Directors is seriously aware of its responsibility to institute a system which will ensure that all activities are both legal and ethical. The Company has codes of conduct for management and staff and ensures that all parties know and understand how to perform according to the expectations of the Company and its shareholders. Furthermore, means of monitoring of these ethical standards has been implemented. As of March 8, 2001, the Company has produced three codes of conduct, namely for the Company, for management, and for staff. All three codes are based on the belief that sustainable success in business depends on high ethical standards. The Company is convinced that its status as a business leader requires not only attention to operational excellence, new technologies, and effective systems of management and control, but also on morality, ethics, transparency, virtue, responsibility to stakeholders, and care of social and environmental importance.

8. The Balance Provided by Non-Managerial Directors The Board of Directors consists of eleven persons, of whom no less than one third are independent directors. The Company, thus, has four independent directors. All directors are appointed in a meeting of shareholders. Each director holds his/her position for three years. At the end of this term he/she may be re-elected to the same position. The Board of Directors selects one director to be the Chairman of the Board.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 75

Ratchaburi Electricity Generating Holding Public Company Limited

‡π◊ËÕß®“°‰¥âµ√–Àπ—°«à“ §≥–°√√¡°“√∑’Ë¡’§«“¡‡ªìπÕ‘ √–‡ªìπ ‘Ëß®”‡ªìπ ”À√—∫‚§√ß √â“ß°“√°”°—∫¥Ÿ·≈∑’Ë ¡∫Ÿ√≥å ∫√‘…—∑œ ®÷ß„Àâ§«“¡ ”§—≠Õ¬à“ß¡“°°—∫§«“¡‡ªìπÕ‘ √–„π°“√µ—¥ ‘π„®¢Õß°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕ ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ‚¥¬√«¡ °√√¡°“√∫√‘…∑— œ ∑ÿ°∑à“πªØ‘∫µ— À‘ πâ“∑’¥Ë «â ¬§«“¡´◊ÕË —µ¬å ®ÿ √‘µ·≈–√–¡—¥√–«—ß√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…∑— œ ‚¥¬µ√–Àπ—°‡ ¡Õ«à“‡ªìπµ—«·∑π¢ÕßºŸ∂â Õ◊ Àÿπâ ∑”Àπâ“∑’Ë „π°“√π”·≈–‡ΩÑ“ —ß‡°µ°“√ªØ‘∫µ— ß‘ “π¢ÕßΩÉ“¬∫√‘À“√

9. °“√√«¡À√◊Õ·¬°µ”·Àπàß 1)ª√–∏“π°√√¡°“√∫√‘…—∑œ ‡ªìπµ—«·∑π¢ÕßºŸâ∂◊ÕÀÿâπ√“¬„À≠à ´÷Ëß∂◊ÕÀÿâπ√âÕ¬≈– 45 ¢ÕßÀÿâπ∑—ÈßÀ¡¥ 2)ª√–∏“π°√√¡°“√∫√‘…—∑œ ‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π°—∫°√√¡°“√ºŸâ®—¥°“√ ·µà∑—Èß Õß∑à“π‡ªìπµ—«·∑π®“° °≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à Õ¬à“ß‰√°Áµ“¡ ‚§√ß √â“ß§≥–°√√¡°“√∫√‘…—∑œ ª√–°Õ∫¥â«¬ °√√¡°“√∑’Ë‡ªìπ Õ‘ √–¡“°°«à“Àπ÷Ëß„π “¡¢Õß°√√¡°“√∑—Èß§≥– ´÷Ëß®–∑”„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–°“√ Õ∫∑“π°“√ ∫√‘À“√ß“π

10. §à“µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√ §à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑œ Õ¬Ÿà „π≈—°…≥–∑’Ë‡À¡“– ¡ ‡ª√’¬∫‡∑’¬∫‰¥â°—∫√–¥—∫∑’ËªØ‘∫—µ‘Õ¬Ÿà „π Õÿµ “À°√√¡‡¥’¬«°—π ·≈–ª√–‚¬™πå∑’Ë§“¥«à“®–‰¥â®“°°√√¡°“√∫√‘…—∑œ ·µà≈–∑à“π °√√¡°“√∫√‘…—∑œ ∑’Ë ‰¥â√—∫¡Õ∫À¡“¬Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫‡æ‘Ë¡¢÷Èπ ‡™àπ ‡ªìπ§≥–°√√¡°“√¥â“πµà“ßÊ ®–‰¥â√—∫§à“µÕ∫·∑π ‡æ‘Ë¡‡µ‘¡∑’Ë‡À¡“– ¡¥â«¬

Considering the need for independent directors in a complete supervisory structure, the Company has given considerably importance to the capacity for independent decision-making among its directors as a way of assuring that the best interests of the Company and shareholders are maintained. All Company directors perform their duties honestly, ethically, and in ways to protect the Companyûs interests. They act as agents of the shareholders and thus their obligation is to lead and observe the work of management.

9. Combining or Separating Positions 1) Chairman of the Board of Director represent the major shareholder, of 45% holding stake. 2) Chairman of the Board of Director and Managing Director are representative of the major shareholder. However, the total members of the Board of Director consist of more than one third of independent directors; thus, the balance of supervisory and the reviewing of administration are maintained.

10. Remuneration for Directors and Management The remuneration for directors is stated at a reasonable level in comparison to similar positions in the same industry and in view of the benefits to be derived from their works. Directors who are given multiple duties and responsibilities are given remuneration that is accordingly higher.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 76 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

„π à«π¢Õß°√√¡°“√∫√‘…∑— œ ∑’‡Ë ªìπºŸ∫â √‘À“√®–‰¥â√∫— §à“µÕ∫·∑π∑’‡Ë ™◊ÕË ¡‚¬ß°—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ·≈–º≈ªØ‘∫—µ‘ß“π¢Õß°√√¡°“√ §à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑œ µâÕß‰¥â√—∫°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ §à“µÕ∫·∑πºŸâ∫√‘À“√√–¥—∫ Ÿß‡ªìπ‰ªµ“¡À≈—°°“√·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑œ °”Àπ¥ ´÷Ëß‡™◊ËÕ¡‚¬ß °—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–º≈°“√¥”‡π‘πß“π¢ÕßºŸâ∫√‘À“√·µà≈–∑à“π ‚¥¬‰¥âºà“π°“√æ‘®“√≥“ ·≈–°≈—πË °√Õß®“°§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ·≈–„™â∫√√∑—¥∞“π∑’Ë‰¥âµ°≈ß°—π‰«â≈«à ßÀπâ“°—∫ºŸ∫â √‘À“√ √–¥—∫ Ÿßµ“¡‡°≥±å∑‡’Ë ªìπ√Ÿª∏√√¡ §≥–°√√¡°“√∫√‘…∑— œ Õπÿ¡µ— §‘ “à µÕ∫·∑πºŸ∫â √‘À“√√–¥—∫ Ÿß‡ªìπ¢—πÈ ÿ¥∑â“¬ „π√“¬ß“πª√–®”ªï §≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡ªî¥‡º¬∂÷ßπ‚¬∫“¬§à“µÕ∫·∑π·≈–®”π«π§à“µÕ∫·∑π¢Õß °√√¡°“√∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß µ“¡∑’Ë§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å°”Àπ¥ ¥—ß√“¬≈–‡Õ’¬¥∑’Ë√–∫ÿ„πÀπâ“ 124

11. °“√ª√–™ÿ¡§≥–°√√¡°“√ ∫√‘…—∑œ ®—¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–°”Àπ¥°“√ª√–™ÿ¡≈à«ßÀπâ“‡ªìπ°“√ ª√–®” ‡æ◊ËÕ„Àâ§≥–°√√¡°“√∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√∑ÿ°∑à“π ‰¥â√—∫∑√“∫·≈–®—¥‡«≈“‡æ◊ËÕ°“√ª√–™ÿ¡‰¥âÕ¬à“ß ¡’ª√– ‘∑∏‘º≈ ‚¥¬¡’‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡§√∫∂â«π ·≈– àß„Àâ§≥–°√√¡°“√∫√‘…—∑œ ≈à«ßÀπâ“°àÕπ °“√ª√–™ÿ¡‰¡àπâÕ¬°«à“ 7 «—π „π√–À«à“ß°“√ª√–™ÿ¡ ª√–∏“π°√√¡°“√œ ‰¥â àß‡ √‘¡„Àâ¡’°“√„™â¥ÿ≈æ‘π‘® ∑’Ë√Õ∫§Õ∫·≈–®—¥ √√‡«≈“‰«âÕ¬à“ß‡æ’¬ßæÕ∑’ËΩÉ“¬∫√‘À“√®–‡ πÕ‡√◊ËÕß·≈–¡“°æÕ∑’Ë°√√¡°“√®–Õ¿‘ª√“¬ ªí≠À“ ”§—≠°—πÕ¬à“ß√Õ∫§Õ∫‚¥¬∑—Ë«°—π °√√¡°“√¡’Àπâ“∑’ËµâÕß‡¢â“ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß ¬°‡«âπ°√≥’∑’Ë¡’‡Àµÿº≈æ‘‡»…®√‘ßÊ ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥ 2-3 ™—Ë«‚¡ß

Directors who are serving with management role receive a level of remuneration in line with the Companyûs operational results and their individual performances. Remuneration for directors must be approved at a meeting of shareholders. Remuneration for senior executives is determined according to the principles and policies of the Board of Directors, and is linked to the Companyûs operational results and the performance of each individual executive. These issues are considered and reviewed by the Remuneration Committee, using a set of key performance indicators agreed upon in advance. The Board of Directors gives final approval for remuneration paid to senior executives. In this annual report, the Board of Directors has disclosed the Companyûs remuneration policy and the amounts paid to directors and senior executives, as per regulations of the Securities Exchange Commission and the Stock Exchange of Thailand with details on page 124.

11. Meetings of the Board of Directors The Company holds regular meetings of the Board of Directors, and consistently gives advance notice of them as well so that the directors and management have sufficient opportunity to allot time for each meeting. A full set of documents to be used in the meeting are sent to the directors at least seven days ahead of the meeting date. During the meeting, the Chairman advocates circumspection in discussion and the apportionment of time sufficient for the management to propose issues and for the directors to thoroughly address those issues. The directors are obliged to attend every meeting, except in truly extraordinary circumstances. Each meeting normally lasts for 2-3 hours.

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Ratchaburi Electricity Generating Holding Public Company Limited

‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑œ ∑”Àπâ“∑’Ë¥Ÿ·≈°‘®°√√¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ‚¥¬∫—π∑÷°√“¬ß“π°“√ ª√–™ÿ¡·≈–®—¥‡°Á∫‡Õ° “√‡°’Ë¬«°—∫°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ √“¬ß“π°“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ¡’ “√– ”§—≠§√∫∂â«π ∑”‡ √Á® ¡∫Ÿ√≥å „π‡«≈“∑’Ë‡À¡“– ¡ ·≈–¡’√–∫∫°“√®—¥‡°Á∫∑’Ë¥’ “¡“√∂µ√«® Õ∫·≈–Õâ“ßÕ‘ß‰¥â „π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ¡’°“√‡™‘≠ΩÉ“¬∫√‘À“√√–¥—∫ Ÿß‡¢â“√à«¡ª√–™ÿ¡‡æ◊ËÕ„Àâ “√ π‡∑»√“¬ ≈–‡Õ’¬¥‡æ‘¡Ë ‡µ‘¡„π∞“π–ºŸ‡â °’¬Ë «¢âÕß°—∫ªí≠À“‚¥¬µ√ß ·≈–‡æ◊ÕË „Àâ∑√“∫°“√∑”ß“π¢Õß§≥–°√√¡°“√∫√‘…∑— œ ‚¥¬„πªï 2545 ∑’Ëºà“π¡“ §≥–°√√¡°“√∫√‘…—∑œ ¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ ®”π«π 12 §√—Èß ·≈–°“√‡¢â“ √à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ·µà≈–∑à“π √ÿª‰¥â ¥—ßπ’È

The Secretary of the Board of Directors attends to the activities of the Board of Directors, records the minutes, and is in charge of all documents related to meetings of the Board of Directors. Minutes of the meetings, with all relevant matters included, are prepared on timely manner and properly stored for verification and reference. At Board meetings, senior management are invited to provide additional information, as those directly involved with the matter, and to observe the workings of the Board at the meantime. In 2002 the Board of Directors met twelve times, on a regular basis. The attendances of directors are summarized as follows:

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 78 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

§≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) The Board of Directors of Ratchaburi Electricity Generating Holding PCL.

°√√¡°“√ Name of Director 1. π“¬»‘««ß»å ®—ß§»‘√‘ Mr. Sivavong Changkasiri π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå Mr. Somchai Richupan 2. π“¬∫ÿ≠ àß æàÕ§â“∑Õß Mr. Boonsong Paukatong π“¬∑«’ ∫ÿµ√ ÿπ∑√ Mr. Tawee Butrsoonthorn 3. π“¬∏«—™™—¬ ¬ß°‘µµ‘°ÿ≈ Mr. Twatchai Yongkittikul π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å Mr. Norkun Sitthiphong 4. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ Mr. Boonchoo Direksathapon 5. π“¬«‘∑¬“ §™√—°…å Mr. Vitaya Kotcharug 6. π“¬»‘√‘∑—µ °≈—Ëπ§«“¡¥’ Mr. Siridat Glankwahmdee π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ Mr. Suporn Hotimavorakul 7. π“¬Õÿ¥¡ ∏ÿ««ß»å Mr. Udom Thuvavong 8. π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ Mr. Areepong Bhoocha-oom 9. π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å Mrs. Pimolsri Siripaibul 10. π“¬æ‘™“≠ ∂“ªπ®“√ÿ Mr. Picharn Satapanajaru 11. π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å Mr. Narong Wongpaiboon

°“√¥”√ßµ”·Àπàß „πªï 2545 Duration of Tenure in 2002 ¡°√“§¡ - ¡’π“§¡ January - March ‡¡…“¬π - ∏—π«“§¡ April - December ¡°√“§¡ - ¡’π“§¡ January - March ‡¡…“¬π - ∏—π«“§¡ April - December ¡°√“§¡ - ¡’π“§¡ January - March ‡¡…“¬π - ∏—π«“§¡ April - December ¡°√“§¡ - ∏—π«“§¡ January - December ¡°√“§¡ - ∏—π«“§¡ January - December ¡°√“§¡ - ¡’π“§¡ January - March ‡¡…“¬π - ∏—π«“§¡ April - December ¡°√“§¡ - ∏—π«“§¡ January - December ¡°√“§¡ - ∏—π«“§¡ January - December ¡°√“§¡ - ∏—π«“§¡ January - December ¡°√“§¡ - ∏—π«“§¡ January - December ¡°√“§¡ - ∏—π«“§¡ January - December

°“√‡¢â“√à«¡ª√–™ÿ¡ „πªï 2545 (§√—Èß) 2002 Attendance Board Meetings 3/3 9/9 3/3 9/9 3/3 9/9 12/12 12/12 3/3 9/9 12/12 12/12 12/12 12/12 12/12

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 79

Ratchaburi Electricity Generating Holding Public Company Limited

12. §≥–°√√¡°“√Õ◊ËπÊ

13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π

§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥„Àâ¡’§≥–°√√¡°“√™ÿ¥µà“ßÊ ‚¥¬¡’ ¡“™‘°ª√–°Õ∫¥â«¬°√√¡°“√∫√‘…—∑œ ∑’Ë‰¡à ‡ªìπºŸâ∫√‘À“√ ‡æ◊ËÕ·∫àß‡∫“¿“√–Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑œ „π°“√æ‘®“√≥“°≈—Ëπ°√Õß°‘®°“√∑’Ë‰¥â√—∫ ¡Õ∫À¡“¬„Àâ¡’§«“¡∂Ÿ°µâÕß ™—¥‡®π ·≈– ¡∫Ÿ√≥å‡∫◊ÈÕßµâπ °àÕππ”‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ æ‘®“√≥“Õπÿ¡—µ‘ ‡ÀÁπ™Õ∫ À√◊Õ√—∫√Õß ·≈â«·µà°√≥’ §≥–°√√¡°“√™ÿ¥µà“ßÊ ¢Õß∫√‘…—∑œ ¡’¥—ßπ’È 1)§≥–°√√¡°“√µ√«® Õ∫ ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 8 ‘ßÀ“§¡ 2543 ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ª√–°Õ∫¥â«¬ °√√¡°“√ 3 ∑à“π ∑ÿ°∑à“π‡ªìπ°√√¡°“√Õ‘ √– ´÷Ëß√“¬™◊ËÕ·≈–Àπâ“∑’Ë¢Õß°√√¡°“√ µ√«® Õ∫· ¥ß„π‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿπâ Àπâ“ 32 „πªï 2545 ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√ µ√«® Õ∫Õ¬à“ß ¡Ë”‡ ¡Õ√«¡ 5 §√—Èß ·≈–‰¥â√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß 2)§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 27 æƒ»®‘°“¬π 2543 ¡’«“√–°“√¥”√ßµ”·Àπàß §√“«≈– 3 ªï ª√–°Õ∫¥â«¬°√√¡°“√ 4 ∑à“π ´÷ßË √“¬™◊ÕË ·≈–Àπâ“∑’¢Ë Õß§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π · ¥ß„π‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπÀπâ“ 33 „πªï 2545 §≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π¡’ °“√ª√–™ÿ¡∑—Èß ‘Èπ 3 §√—Èß ·≈–√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß

∫√‘…—∑œ ‰¥â „Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π∑—Èß„π√–¥—∫∫√‘À“√·≈–√–¥—∫ªØ‘∫—µ‘ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ ®÷ß‰¥â°”Àπ¥¿“√–Àπâ“∑’Ë Õ”π“®°“√¥”‡π‘π°“√¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß ™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√„™â∑√—æ¬å π‘ ¢Õß∫√‘…∑— œ „Àâ‡°‘¥ª√–‚¬™πå·≈–¡’°“√·∫àß·¬°Àπâ“∑’ºË ªŸâ Ø‘∫µ— ß‘ “π ºŸµâ ¥‘ µ“¡ §«∫§ÿ¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π ‡æ◊ÕË „Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡ πÕ°®“°π’È ¬—ß¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«°—∫√–∫∫°“√‡ß‘π ‚¥¬∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑“ß°“√‡ß‘π ‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫ ∫√‘…∑— œ ¡’ ”π—°µ√«® Õ∫¿“¬„π∑”Àπâ“∑’µË √«® Õ∫‡æ◊ÕË „Àâ¡π—Ë „®«à“°“√ªØ‘∫µ— ß‘ “πÀ≈—°·≈–°‘®°√√¡∑“ß°“√ ‡ß‘π ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√µ“¡·π«∑“ß∑’Ë°”Àπ¥·≈–¡’ª√– ‘∑∏‘¿“æ √«¡∂÷ßµ√«® Õ∫°“√ªØ‘∫—µ‘ ß“πµ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑œ (Compliance Control) ·≈–‡æ◊ËÕ„ÀâÀπà«¬ß“π µ√«® Õ∫¿“¬„π¡’§«“¡‡ªìπÕ‘ √– “¡“√∂∑”Àπâ“∑’Ëµ√«® Õ∫·≈–∂à«ß¥ÿ≈‰¥âÕ¬à“ß‡µÁ¡∑’Ë ∫√‘…—∑œ ®÷ß‰¥â °”Àπ¥„Àâ ”π—°µ√«® Õ∫¿“¬„π√“¬ß“πº≈°“√µ√«® Õ∫‚¥¬µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫ ®“°√“¬ß“πº≈°“√µ√«® Õ∫¿“¬„π ‰¡àæ∫ª√–‡¥Áπ§«“¡º‘¥æ≈“¥∑’Ë ”§—≠ °“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªµ“¡ ¢—ÈπµÕπ∑’Ë°”Àπ¥‰«â ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¥’·≈–¡’ª√– ‘∑∏‘¿“æ√—¥°ÿ¡‡æ’¬ßæÕ ·≈–‰¥â¡’°“√¥Ÿ·≈ ªÑÕß°—π∑√—æ¬å ‘π¡‘ „ÀâºŸâ∫√‘À“√·≈–æπ—°ß“ππ”‰ª„™â ‚¥¬¡‘™Õ∫

12.Other Directors

13.Systems of Internal Controls and Audit

The Board of Directors has instituted the other two Committees, composed of non-managerial directors. These Committees help alleviate the obligations of the Board of Directors in considering the matters assigned to them and giving preliminary attention to their correctness, clarity, and completeness before proposing them to the Board of Directors for approval or authorization, as required. 1)The Audit Committee was established on August 8, 2000. The committee consist of three independent directors, and each has a tenure of three years. Their names and duties of the Audit Commitee shown in management and shareholding structure on page 32. In 2002, the Audit Committee met five times regularly, every reports of meeting were submitted to the Board of Directors. 2)The Remuneration Committee was established on November 27, 2000. Each of its four occupants has tenure of three years. Their names and duties of Remuneration Committee shown in management and shareholding structure on page 33. In 2002, the Remuneration Committee met three times regularly, every reports of meeting were submitted to the Board of Directors.

The Company believes that a system of internal controls is essential for efficiency at both executive and operational levels. It has, accordingly, spelled out clearly what the obligations and authority are for each level, how the use of assets is to be supervised in the best way possible, and how the implementation of operational level, monitoring level and assessment level are separated from each other in ways that facilitate balance and mutual scrutiny. The Company has also set up internal controls in monetary matters, including proper working procedures that have been proposed to the appropriate authority in management. The purpose of the Office of Internal Audit is to ensure that the Companyûs main operations and financial activities are effective, within the defined guidelines, and in compliance with all relevant laws and regulations. To ensure, moreover, that the Office of Internal Audit has the independence and ability to investigate and deliberate freely, the Companyûs structure has allowed the Office to report its findings directly to Audit Committee. From internal audit reports, not any significant defects in operations have been revealed. All operations have proceeded according to order, governed by proper systems of internal controls and adequate circumspection and efficiency. The misappropriation of assets to the private use of employees or executives has been guarded against and prevented.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 80 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 81

Ratchaburi Electricity Generating Holding Public Company Limited

14. √“¬ß“π¢Õß§≥–°√√¡°“√

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ

§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß °“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „πª√–‡∑»‰∑¬ ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈æ‘π‘®Õ¬à“ß √–¡—¥√–«—ß·≈–ª√–¡“≥°“√¥’∑ ’Ë ¥ÿ „π°“√®—¥∑” √«¡∑—ßÈ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠Õ¬à“ß‡æ’¬ßæÕ„πÀ¡“¬‡Àµÿ ª√–°Õ∫ß∫°“√‡ß‘π §≥–°√√¡°“√∫√‘…∑— œ ‰¥â®¥— „Àâ¡°’ “√¥”√ß√—°…“‰«â´ß÷Ë √–∫∫§«∫§ÿ¡¿“¬„π∑’¡Ë ª’ √– ‘∑∏‘º≈ ‡æ◊ÕË „Àâ¡π—Ë „®‰¥âÕ¬à“ß ¡’‡Àµÿº≈«à“°“√∫—π∑÷°¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â´÷Ëß∑√—æ¬å ‘π ·≈–‡æ◊ÕË „Àâ∑√“∫®ÿ¥ÕàÕπ‡æ◊ÕË ªÑÕß°—π‰¡à „Àâ‡°‘¥°“√∑ÿ®√‘µÀ√◊Õ°“√¥”‡π‘π°“√∑’ºË ¥‘ ª°µ‘Õ¬à“ß¡’ “√– ”§—≠ ‚¥¬ §≥–°√√¡°“√µ√«® Õ∫‡ªìπºŸ¥â ·Ÿ ≈√—∫º‘¥™Õ∫‡°’¬Ë «°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π ·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’È ª√“°Ø„π√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ ´÷Ëß· ¥ß‰«â „πÀπâ“ 90 §≥–°√√¡°“√œ ¡’§«“¡‡ÀÁπ«à“√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…∑— œ ‚¥¬√«¡Õ¬Ÿà „π√–¥—∫∑’πË “à æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈µàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‚¥¬§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥∑”√“¬ß“π§«“¡√—∫º‘¥™Õ∫µàÕ√“¬ß“π∑“ß°“√‡ß‘π∂—¥®“° √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’ ¥—ß¡’√“¬≈–‡Õ’¬¥√–∫ÿ‰«â „πÀπâ“ 92

§≥–°√√¡°“√∫√‘…∑— œ µ√–Àπ—°¥’«“à ¢âÕ¡Ÿ≈¢Õß∫√‘…∑— œ ∑—ßÈ ∑’‡Ë °’¬Ë «°—∫°“√‡ß‘π·≈–∑’Ë‰¡à „™à°“√‡ß‘π ≈â«π¡’º≈µàÕ °√–∫«π°“√µ— ¥ ‘ π „®¢ÕßºŸâ ≈ ß∑ÿ π ·≈–ºŸâ ¡’ à « π‰¥â‡ ’¬¢Õß∫√‘…—∑œ ®÷ß„Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬ “√ π‡∑»∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ·≈–∑—Ë«∂÷ß ∑—Èß‚¥¬ºà“π™àÕß∑“ß·≈– ◊ËÕ°“√‡º¬·æ√à¢âÕ¡Ÿ≈ µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– Website ¢Õß∫√‘…—∑œ æ√âÕ¡∑—Èß‰¥â®—¥µ—Èß ç à«π π—°≈ß∑ÿπ —¡æ—π∏å·≈–«‘‡§√“–Àå∏ÿ√°‘®é ‡æ◊ËÕ√—∫º‘¥™Õ∫ß“π‡°’Ë¬«°—∫ºŸâ≈ß∑ÿπ —¡æ—π∏å (Investor Relations) ∑”Àπâ“∑’Ëµ‘¥µàÕ ◊ËÕ “√·≈–„Àâ∫√‘°“√¢âÕ¡Ÿ≈ ¢à“« “√ ·≈–°‘®°√√¡µà“ßÊ ¢Õß∫√‘…—∑œ ·°à ºŸâ≈ß∑ÿπ ∂“∫—π ºŸ∂â Õ◊ Àÿπâ π—°«‘‡§√“–Àå ¿“§√—∞∑’‡Ë °’¬Ë «¢âÕß ·≈–ª√–™“™π∑—«Ë ‰ª ∑—ßÈ π’È ºŸ≈â ß∑ÿπ “¡“√∂µ‘¥µàÕÀπà«¬ß“π¥—ß°≈à“« ‰¥â∑’Ë ‚∑√. 0-2978-5075 À√◊Õ∑’Ë website: www.ratch.co.th À√◊Õ∑’Ë e-mail address: polagornk@ratch.co.th °“√∑’Ë∫√‘…—∑œ ¥”‡π‘π°“√µ“¡À≈—°°“√¥—ß°≈à“«‡ªìπº≈„Àâ∫√‘…—∑œ ‰¥â√—∫√“ß«—≈∫√‘…—∑∑’Ë¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ¥’‡¥àπª√–®”ªï 2545 À√◊Õ Disclosure Award 2002 ´÷Ëß®—¥‚¥¬ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–µ≈“¥À≈—°∑√—æ¬å ‡¡◊ËÕ«—π∑’Ë 5 æƒ»®‘°“¬π 2545 πÕ°®“°π’È ∫√‘…—∑œ ¬—ß‰¥â√—∫°“√®—¥Õ—π¥—∫®“°π‘µ¬ “√ ‡Õ‡™’¬¡—ππ’Ë (Asiamoney) ©∫—∫ª√–®”‡¥◊Õπµÿ≈“§¡ 2545 „Àâ‡ªìπ∫√√…—∑¿‘∫“≈¥’‡¥àπ (Best Corporate Governance Scores) „π°≈ÿà¡∏ÿ√°‘®æ≈—ßß“π Õ—π¥—∫ 3 ¢Õß∑«’ª‡Õ‡™’¬ (Õ—π¥—∫∑’Ë 1 ¢Õß°≈ÿà¡∏ÿ√°‘®æ≈—ßß“π „πª√–‡∑»‰∑¬) ´÷Ëß√“ß«—≈¥—ß°≈à“«‡ªìπº≈ ”√«®§«“¡§‘¥‡ÀÁπ®“°∫√‘…—∑·≈–π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å™—Èππ” ¢Õß‚≈°·≈–¢Õß¿Ÿ¡‘¿“§‡Õ‡™’¬

14.Report of the Board of Directors

15. Relations with Investors

The Board of Directors is responsible for the financial statements and other financial information appears in the annual report pertaining to the Company and its subsidiaries. The financial statements are prepared in accordance with generally accepted accounting principles in Thailand. Accounting policies are chosen for their appropriateness and carefully and consistently implemented and prepared while based on the best possible estimates. All significant information is disclosed in the notes accompanying the financial statements. The Board of Directors maintains an effective system of internal controls so as to provide reasonable assurance that accounting data are recorded correctly, completely, and thoroughly enough to protect assets. This approach also enables the detection of weaknesses and their rectification so as to prevent malfeasance or other improper conduct. The Audit Committee is responsible for the quality of financial statements and the system of internal controls. The Report of the Audit Committee appears on page 90. The Board of Directors has an opinion that the Companyûs system of internal controls is in generally good order and of sufficient quality to give grounds for reasonable confidence in the reliability of the financial statements of the Company and its subsidiaries as of December 31, 2002. The responsibility statement from the Board of Directors to the financial report of the Company appears on page 92.

The Board of Directors is well aware that information, whether financial or non-financial, will have a major impact on the decisions of investors and stakeholders. Disclosure of accurate, complete, transparent, and thorough information is, therefore, regarded as most important, along with dissemination through various channels, including the SET, the Companyûs website, and an Investor Relations and Business Analysis Division. This Division is responsible for investor relations and making contacts with and providing news, information, and other activities to institutional investors, shareholders, analysts, relevant state agencies, and the general public. Investors are able to contact this Division at telephone 66-2978-5075, at the Companyûs website (www.ratch.co.th), or by e-mail at polagornk@ratch.co.th. Because of these measures, the Company was given the 2002 Disclosure Award by the Securities Exchange Commission on November 5, 2002. The October 2002 issue of Asiamoney magazine also awarded the Company the third best corporate governance scores in the energy sector in Asia (first ranking in the energy sector in Thailand), based on the assessment survey from the world leading securities companies and analysts in Asia.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 82 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 83

Ratchaburi Electricity Generating Holding Public Company Limited

§«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡

Responsibilities to

Environment and Society ·π«∑“ßªØ‘∫—µ‘¥â“π ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ ‡ªìππ‚¬∫“¬ ”§—≠∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¬÷¥¡—Ëπ¥”‡π‘π°“√ „Àâ‡°‘¥ª√– ‘∑∏‘º≈Õ¬à“ß ¡Ë”‡ ¡Õ ¥â«¬µ√–Àπ—°¥’«“à ∫√‘…∑— œ ‡ªìπ à«πÀπ÷ßË ¢Õß —ß§¡ ¥—ßπ—πÈ §«“¡√—∫º‘¥™Õ∫ µàÕ ‘ßË ·«¥≈âÕ¡·≈– —ß§¡®÷ß‡ªìπÀπâ“∑’∑Ë º’Ë ∫Ÿâ √‘À“√·≈–æπ—°ß“π∑ÿ°§πµâÕß¬÷¥∂◊ÕªØ‘∫µ— Õ‘ ¬à“ß‡§√àß§√—¥µ≈Õ¥‰ª

¡“µ√°“√‡¢â¡ß«¥ „ à „®¥Ÿ·≈ ¡Ë”‡ ¡Õ ∑’Ëºà“π¡“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‰¥â¥”‡π‘π°“√ªÑÕß°—π·≈–§«∫§ÿ¡º≈°√–∑∫¥â“π ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ π—∫µ—ßÈ ·µà°“√‡≈◊Õ°„™â°“ä ´∏√√¡™“µ‘´ß÷Ë ‡ªìπ‡™◊ÕÈ ‡æ≈‘ß∑’Ë‰¥â√∫— °“√¬Õ¡√—∫«à“‡ªìπ‡™◊ÕÈ ‡æ≈‘ß∑’ Ë –Õ“¥‡ªìπ‡™◊ÕÈ ‡æ≈‘ßÀ≈—° ‡≈◊Õ°„™â‡∑§‚π‚≈¬’∑’Ë∑—π ¡—¬·≈–¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ”À√—∫°√–∫«π°“√º≈‘µ°√–· ‰øøÑ“ ¡’√–∫∫®—¥°“√ ·≈–ªÑÕß°—π§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡„π∑ÿ°¢—ÈπµÕπ¢Õß°√–∫«π°“√º≈‘µ°√–· ‰øøÑ“ πÕ°‡Àπ◊Õ®“°°“√ªØ‘∫—µ‘ µ“¡¢â Õ °”Àπ¥·≈–°ÆÀ¡“¬ ‘Ë ß ·«¥≈â Õ ¡∑’Ë ‡ °’Ë ¬ «¢â Õ ß Õ— π ‡ªì π ¡“µ√°“√‡∫◊È Õ ßµâ π „π°“√¥”‡π‘ π °“√ ¥â“π ‘Ëß·«¥≈âÕ¡·≈– —ß§¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ πÕ°®“°π’È ¬—ß‰¥â«à“®â“ßΩÉ“¬ ‘Ëß·«¥≈âÕ¡ °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ‡ªìπºŸâ¥”‡π‘π°“√µ√«® Õ∫§ÿ≥¿“æ ‘ßË ·«¥≈âÕ¡∑ÿ°¥â“π π—∫µ—ßÈ ·µà°“√µ√«® Õ∫§ÿ≥¿“æÕ“°“» °“√µ√«® Õ∫§«“¡∂Ÿ°µâÕß¢Õß°“√ ∑”ß“π¢Õß√–∫∫µ√«®«—¥ª√‘¡“≥ “√‡®◊Õªπ®“°ª≈àÕß‚√ß‰øøÑ“ °“√µ√«® Õ∫§«“¡∂Ÿ°µâÕß¢Õß°“√∑”ß“π ¢Õß√–∫∫µ√«®«—¥§ÿ≥¿“æÕ“°“»„π∫√√¬“°“»·∫∫µàÕ‡π◊ÕË ß °“√µ√«®«—¥√–¥—∫‡ ’¬ß„π∫√‘‡«≥∑’µË ß—È ‚√ß‰øøÑ“ ·≈–æ◊πÈ ∑’™Ë ¡ÿ ™π„°≈â ‚√ß‰øøÑ“ °“√µ√«®«—¥§ÿ≥¿“æπÈ” §ÿ≥¿“æπÈ”∑‘ßÈ §ÿ≥¿“æ¥‘π ‘ßË ¡’™«’ µ‘ „ππÈ” ∑√—æ¬“°√ —µ«åªÉ“‚¥¬√Õ∫æ◊Èπ∑’Ë ‚√ß‰øøÑ“ √–∫∫§«“¡ª≈Õ¥¿—¬ “∏“√≥– √–∫∫ ÿ¢“¿‘∫“≈·≈–°“√°”®—¥¢Õß‡ ’¬ µ≈Õ¥®π§ÿ≥¿“æ™’«‘µ¢Õß™ÿ¡™π‚¥¬√Õ∫‚√ß‰øøÑ“ The Company and its subsidiaries are effectively and continuously committed to environmental and social policies that are based on a recognition of the Companyûs obligations as a corporate citizen and on the need for both management and staff to implement them.

Strict Measures Demanding Constant Attention The Company and its subsidiaries have managed their greatest effort to prevent any environmental or social impact from their operations. Among the preliminary measures dictated by this commitment are the choice of natural gas, a clean-burning fuel, as the power plantûs main energy input, the use of modern, high-efficiency technology for the generation, the application of environmental management and controls at every stage of production, and compliance with all relevant environmental laws and regulations. In addition, the Company has hired the Environmental Division of the EGAT to examine all aspects of environmental quality. In terms of air and noise pollution, this includes inspecting the accuracy of meter systems detecting the presence of contaminants in stack emissions, continuously inspecting the accuracy of ambient air quality meter systems, and measuring noise levels around the power plant and in the communities near the power plant. In terms of water and ground pollution, this includes inspecting water and wastewater quality, soil quality, and marine and wildlife in the vicinity of the power plant. More generally, environmental inspections include public security systems, systems of hygiene and waste disposal, and community standards of living in the vicinity of the power plant. …—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 84 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

´÷ßË º≈®“°°“√µ√«® Õ∫æ∫«à“ ‘ßË ·«¥≈âÕ¡·≈–™ÿ¡™π‚¥¬√Õ∫‚√ß‰øøÑ“‰¡à‰¥â√∫— º≈°√–∑∫®“°°“√¥”‡π‘πß“π ¢Õß‚√ß‰øøÑ“√“™∫ÿ√’ ‚¥¬§ÿ≥¿“æÕ“°“» πÈ” ¥‘π ‡ ’¬ß Õ¬Ÿà „π‡°≥±å∑’Ë¥’°«à“¡“µ√∞“π∑’Ë°ÆÀ¡“¬°”Àπ¥‰«â πÕ°®“°π’È √–∫∫µ√«® Õ∫§ÿ≥¿“æ ·≈–Õÿª°√≥åµ√«®«—¥§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡ ¢Õß‚√ß‰øøÑ“¬—ßÕ¬Ÿà „π ¿“æ ∑’Ë „™âß“π‰¥â¥·’ ≈–¡’ª√– ‘∑∏‘¿“æ‡∑’¬∫‡∑à“¡“µ√∞“π “°≈ ®“°¡“µ√°“√¥â“π ‘Ëß·«¥≈âÕ¡∑’Ë‡¢â¡ß«¥·≈–‚ª√àß„ ¥—ß°≈à“« ∫√‘…—∑œ ®÷ß¡’§«“¡æ√âÕ¡∑’Ë®–‡ªî¥‡º¬¢âÕ¡Ÿ≈ ∑ÿ°¥â“π·°à “∏“√≥™πµ≈Õ¥‡«≈“ ‚¥¬„πªï∑º’Ë “à π¡“®÷ß¡’°“√®—¥ √â“ß·ºàπªÑ“¬Õ‘‡≈Á°∑√Õπ‘° å µ‘¥µ—ßÈ ‰«â∫√‘‡«≥ ¥â“πÀπâ“∑“ß‡¢â“‚√ß‰øøÑ“√“™∫ÿ√’ ‡æ◊ÕË · ¥ß§à“°”≈—ß°“√º≈‘µ‰øøÑ“ ·≈–§à“¡≈ “√¥â“π ‘ßË ·«¥≈âÕ¡ ‡™àπ Õ“°“» πÈ” ·≈–Õ◊ËπÊ ≥ ‡«≈“π—ÈπÊ ‡æ◊ËÕ„Àâ “∏“√≥™πµ√«® Õ∫‰¥â

«ππ«√“™∫ÿ√’√¡¬å »Ÿπ¬å√«¡‡æ◊ËÕ ÿ¢¿“æ™ÿ¡™π «ππ«√“™∫ÿ√√’ ¡¬å ‡ªìπ «π‡©≈‘¡æ√–‡°’¬√µ‘‡π◊ÕË ß„π‚Õ°“ æ√–√“™æ‘∏¡’ À“¡ß§≈‡©≈‘¡æ√–™π¡æ√√…“ §√∫ 6 √Õ∫ æ√–∫“∑ ¡‡¥Á®æ√–‡®â“Õ¬ŸàÀ—« ‡æ◊ËÕ ¿“æ·«¥≈âÕ¡∑’Ë¥’·≈–‡ √‘¡ √â“ß§ÿ≥¿“æ™’«‘µ¢Õß™ÿ¡™π‚¥¬ √Õ∫‚√ß‰øøÑ“ ‡ªî¥‚Õ°“ „Àâ™¡ÿ ™π„°≈â‡§’¬ß·≈–ª√–™“™π∑—«Ë ‰ª‰¥â „™â‡ªìπ ∂“π∑’ÕË Õ°°”≈—ß°“¬ æ—°ºàÕπÀ¬àÕπ„® ·≈–∑”°‘®°√√¡√à«¡°—π¢Õß™ÿ¡™π

It was found that the impact of the operations on its physical and social environment, in terms of air, water, and soil quality and noise, was well below legally mandated limits. The inspection systems and measuring equipment used by the power plant, moreover, were in good working order and of international standards. Given the strictness and transparency to these environmental measures, the Company is ready to disclose all pertinent information to the public at any time. In 2002 the Company set up an electronic sign near the front entrance to the plant displaying its current capacity and readings of air and water quality and other environmental variables for the public to observe.

Navaratchaburirom Park: A Centre for Community Health Navaratchaburirom is a public park dedicated to His Majesty the King in honour of his 72nd anniversary, and designed to contribute to the environmental well-being and quality of life of communities in the vicinity of the power plant. Local residents and members of the public are free to use this park for exercise, recreation, and community activities.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 85

Ratchaburi Electricity Generating Holding Public Company Limited

≈—°…≥–¢Õß «ππ«√“™∫ÿ√√’ ¡¬å ‡ªìπ «π “∏“√≥∫π‡π◊ÕÈ ∑’Ë 72 ‰√à µ—ßÈ Õ¬Ÿ∫à √‘‡«≥∑“ß‡¢â“‚√ß‰øøÑ“√“™∫ÿ√’ ª√–°Õ∫ ‰ª¥â«¬·ª≈ß “∏‘µ°“√‡°…µ√ «π ¡ÿπ‰æ√ æ◊Èπ∑’ËÕ‡π°ª√– ß§å √–πÈ”∑√ßÕ‘ √– ·≈– π“¡°’Ã“°≈“ß·®âß ´÷Ë ß „πªí ® ®ÿ ∫— π π’È ‰¥â¡’ª√–™“™π‡¢â“¡“‡≈àπ°’Ã“·≈–æ—°ºàÕπ°—π‡ªìπ®”π«π¡“° ®÷ßπ—∫‰¥â«à“‡ªìπ ∂“π∑’Ë æ—°ºàÕπÀ¬àÕπ„® ‡ªìπ»Ÿπ¬å√«¡ ”À√—∫°“√‡≈àπ°’Ã“·≈–∑”°‘®°√√¡µà“ßÊ ¢Õß™ÿ¡™π∫√‘‡«≥„°≈â‡§’¬ß

§ÿ≥¿“æ™’«‘µ∑’Ë¥’°—∫°“√æ—≤π“∑’Ë¬—Ëß¬◊π ”À√—∫§«“¡√—∫º‘¥™Õ∫¥â“π —ß§¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µ√–Àπ—°¥’«à“ §ÿ≥¿“æ™’«‘µ∑’Ë¥’¢Õßª√–™“™π®– π”‰ª Ÿà°“√æ—≤π“ª√–‡∑»Õ¬à“ß¬—Ëß¬◊π ¥â«¬‡Àµÿπ’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¥â „Àâ°“√ π—∫ πÿπ°‘®°√√¡ ∑“ß —ß§¡∑’‡Ë ªìπª√–‚¬™πåµÕà à«π√«¡∑—ßÈ „π√–¥—∫∑âÕß∂‘πË ·≈–√–¥—∫™“µ‘Õ¬à“ßµàÕ‡π◊ÕË ß „πªï 2545 ∫√‘…∑— œ ·≈– ∫√‘…—∑¬àÕ¬‰¥â àß‡ √‘¡·≈– π—∫ πÿπ°‘®°√√¡ —ß§¡µà“ßÊ √ÿª‰¥â¥ß— π’È ë °“√ àß‡ √‘¡°‘®°√√¡°“√»÷°…“·≈–‡¬“«™π Õ“∑‘ °“√¡Õ∫Õÿª°√≥å°“√‡√’¬π°“√ Õπ §Õ¡æ‘«‡µÕ√å ·≈– Àπ—ß ◊Õ àß‡ √‘¡§«“¡√Ÿâ „Àâ·°à ∂“π»÷°…“ àß‡ √‘¡·≈– π—∫ πÿπ °‘®°√√¡‡æ◊ËÕ°“√»÷°…“ π—∫ πÿπ ‚§√ß°“√Õπÿ√—°…å·≈–æ—≤π“ ‘Ëß·«¥≈âÕ¡„π‚√ß‡√’¬π π—∫ πÿπ°‘®°√√¡„π‚Õ°“ ”§—≠µà“ßÊ √«¡∑—Èß„Àâ ∑ÿπ°“√»÷°…“‡æ◊ÕË àß‡ √‘¡„Àâπ°— ‡√’¬π∑’¢Ë “¥·§≈π∑ÿπ∑√—æ¬å‰¥â¡’ ‚Õ°“ ‰¥â√∫— °“√»÷°…“Õ¬à“ß‡∑à“‡∑’¬¡

Navaratchaburirom Park occupies 72 rai near the entrance to the power plant. It contains ùdemonstrationû farmland, a herbal garden, a multi-purpose area, a free form pool, and an outdoor stadium. Great numbers of people make use of the facilities for sports and recreation, and community activities.

Quality of Life and Sustainable Development The Company and its subsidiaries are well aware that the peopleûs quality of life is the basis for sustainable national development, and so support social activities that are beneficial either locally or nationally. In 2002 the Company and its subsidiaries promoted and assisted the following: ë Educational and youth-oriented activities, such as donations of school supplies, computers, and books to educational institutions, programs to conserve and develop school environments, special educational events, and scholarships for underprivileged students.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 86 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

ë °“√ àß‡ √‘¡°‘®°√√¡°“√æ—≤π“™ÿ¡™π Õ“∑‘ ‚§√ß°“√π”‡æ◊ËÕπ∫â“π‡¬’Ë¬¡™¡‚√ß‰øøÑ“√“™∫ÿ√’‡æ◊ËÕ‡º¬ ·æ√à¢âÕ¡Ÿ≈¢à“« “√µà“ßÊ ¢Õß‚√ß‰øøÑ“√“™∫ÿ√’ ‚§√ß°“√‡¬’Ë¬¡‡¬’¬π™ÿ¡™π‡æ◊ËÕ√—∫øíßªí≠À“·≈–„Àâ§«“¡ √Ÿ¥â “â π‡°…µ√°√√¡ ‘ßË ·«¥≈âÕ¡ ·≈–¥â“π°“√º≈‘µ‰øøÑ“¢Õß‚√ß‰øøÑ“√“™∫ÿ√·’ °àÕ“ “ ¡—§√ª√–™“ —¡æ—π∏å À¡Ÿà∫â“π ‡°…µ√°√·≈–™ÿ¡™π√Õ∫‚√ß‰øøÑ“ π—∫ πÿπ‡§√◊ËÕß¡◊Õ·≈–Õÿª°√≥å ”À√—∫„™â „π°“√æ—≤π“ ™ÿ¡™π·°àÕß§å°“√∫√‘À“√ à«πµ”∫≈ ™ÿ¡™π ·≈–Õß§å°√µà“ßÊ „π®—ßÀ«—¥√“™∫ÿ√’ πÕ°®“°π’È ¬—ß‰¥â π—∫ πÿπ°‘®°√√¡√≥√ß§å‡æ◊ËÕµàÕµâ“π¬“‡ æµ‘¥Õ’°À≈“¬°‘®°√√¡ ‡™àπ °“√·¢àß¢—π°’Ã“µâ“π¬“ ‡ æµ‘¥ π—∫ πÿπ°“√°àÕ √â“ß≈“π°’Ã“µâ“π¬“‡ æµ‘¥ π—∫ πÿπ°“√®—¥Õ∫√¡ —¡¡π“‡°’Ë¬«°—∫°“√µàÕµâ“π ¬“‡ æµ‘¥ ‡ªìπµâπ ë °“√ àß‡ √‘¡¥â“π°’Ã“ Õ“∑‘ π—∫ πÿπ°‘®°√√¡°“√·¢àß¢—πøÿµ∫Õ≈ øÿµ´Õ≈ ·≈–°’Ã“æ◊Èπ∫â“π¢ÕßÀπà«¬ ß“πµà“ßÊ π—∫ πÿπ°“√·¢àß¢—πøÿµ∫Õ≈ª√–‡æ≥’ ‡ªµÕß ·≈–°’Ã“Õ◊ËπÊ ¢Õß™¡√¡ ¡“§¡ ·≈–Àπà«¬ ß“πµà“ßÊ ¢Õß®—ßÀ«—¥√“™∫ÿ√’ π—∫ πÿπ°“√®—¥°“√·¢àß¢—π°’Ã“¢Õß ∂“π»÷°…“µà“ßÊ π—∫ πÿπ°“√ ·¢àß¢—π°’Ã“°Õ≈åø ‚∫«å≈‘Ëß ·≈–·√≈≈’Ë‡æ◊ËÕ°“√°ÿ»≈ ‡ªìπµâπ ë °“√ àß‡ √‘¡°‘®°√√¡¥â“π»“ π“ Õ“∑‘ π—∫ πÿπ°“√°àÕ √â“ß»“ π ∂“π π—∫ πÿπ«— ¥ÿÕÿª°√≥å ”À√—∫ æ—≤π“·≈–∫Ÿ√≥–«—¥ √«¡∑—Èß®—¥∑”∫ÿ≠∑Õ¥°∞‘π “¡—§§’ª√–®”ªï „π®—ßÀ«—¥√“™∫ÿ√’ ‡ªìπµâπ

ë Community development activities, such as inviting neighbors to visit the Ratchaburi Power Plant and learn about its operations, visiting communities to listen to problems and provide knowledge about agriculture, the environment, and the activities of the Ratchaburi Power Plant to volunteers, village co-ordinators, farmers, and communities near the power plant, and supplying tools and equipment for community development to service groups in subdistricts and communities in Ratchaburi. The Company also supports many anti-narcotic campaigns, including anti-drug sports tournaments, the construction of an anti-drug sports facility, and seminars and courses designed to fight the spread of narcotics. ë Athletic activities, such as football tournaments and other sports organized by local work ` groups, traditional football, petanque, and other sports contests organized by various clubs, associations, and other work groups in Ratchaburi, and competitions by various institutions in golf, bowling, and charity car rallies. ë Religious activities, such as the building of religious structures, the supply of materials and equipment for developing or repairing temples, and contributions to the annual religious Kathin ceremony in Ratchaburi.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 87

Ratchaburi Electricity Generating Holding Public Company Limited

ß∫°“√‡ß‘π

ë °“√ àß‡ √‘¡°‘®°√√¡ “∏“√≥°ÿ»≈ Õ“∑‘ π—∫ πÿπ°“√¥”‡π‘π°‘®°“√¢Õß™¡√¡ ·≈–Õß§å°√∑âÕß∂‘Ëπ„π ®—ßÀ«—¥√“™∫ÿ√’ √à«¡°‘®°√√¡°“√°ÿ»≈¢ÕßÀπà«¬ß“π √“™°“√ ·≈–Õß§å°√µà“ßÊ „π®—ßÀ«—¥√“™∫ÿ√’ √«¡ ∑—ßÈ ‡¢â“√à«¡°‘®°√√¡ª√–®”ªï¢Õß®—ßÀ«—¥√“™∫ÿ√’ ®—¥°‘®°√√¡°√–™—∫§«“¡ —¡æ—π∏åÕπ— ¥’°∫— Àπà«¬ß“π√“™°“√ ¿“§‡Õ°™π ∂“π»÷°…“ ™ÿ¡™π·≈– ◊ÕË ¡«≈™πÕ¬à“ßµàÕ‡π◊ÕË ß πÕ°®“°π’È ‰¥â∫√‘®“§‡ß‘π„Àâ ¿“°“™“¥‰∑¬ ·≈–√à«¡∫√‘®“§‡ß‘π‡æ◊ÕË ™à«¬‡À≈◊ÕºŸªâ √– ∫¿—¬ ë °“√ àß‡ √‘¡°‘®°√√¡°“√∑àÕß‡∑’Ë¬«¢Õß®—ßÀ«—¥√“™∫ÿ√’ Õ“∑‘ π—∫ πÿπ°“√®—¥ß“π∑àÕß‡∑’Ë¬«ª√–®”ªï¢Õß ®—ßÀ«—¥√“™∫ÿ√’ àß‡ √‘¡°“√®—¥À“·À≈àß∑àÕß‡∑’Ë¬«·Ààß„À¡à „π®—ßÀ«—¥√“™∫ÿ√’ ·≈–®—ßÀ«—¥‡™’¬ß„À¡à √«¡ ∑—ßÈ àß‡ √‘¡·≈– π—∫ πÿπ°“√®—¥°‘®°√√¡‡æ◊ÕË °“√∑àÕß‡∑’¬Ë «¢Õß®—ßÀ«—¥√“™∫ÿ√’ ë °“√ àß‡ √‘¡Õπ“¡—¬·≈– “∏“√≥ ÿ¢™ÿ¡™π Õ“∑‘ °“√®—¥„Àâ¡’Àπà«¬·æ∑¬å‡§≈◊ËÕπ∑’ËÕÕ°„Àâ∫√‘°“√™ÿ¡™π ‚¥¬√Õ∫‚√ß‰øøÑ“√“™∫ÿ√’ °“√ àß‡ √‘¡·≈– π—∫ πÿπ„Àâ¡’°“√„™â «ππ«√“™∫ÿ√’√¡¬å ‡æ◊ËÕÕÕ°°”≈—ß°“¬ ·≈–æ—°ºàÕπÀ¬àÕπ„® π—∫ πÿπ°“√®—¥°‘®°√√¡ ·≈–®—¥À“‡«™¿—≥±å „ÀâÀπà«¬ß“π¥â“π “∏“√≥ ÿ¢ ‡ªìπµâπ

Financial Statements 90 √“¬ß“π§≥–°√√¡°“√µ√«® Õ∫

Report of the Audit Committee

“√∫—≠

Contents

92 √“¬ß“π§«“¡√—∫º‘¥™Õ∫ ¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π Responsibility Statement from the Board of Directors to the Financial Report of the Company

94 √“¬ß“πºŸâµ√«® Õ∫∫—≠™’Õ‘ √–

Report of Certified Public Accountant

96 ß∫¥ÿ≈

Balance Sheets

100 ß∫°”‰√¢“¥∑ÿπ

Statements of Income

101 ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß¢Õß à«πºŸâ∂◊ÕÀÿâπ ë Public welfare activities, such as support for the work of various clubs and organizations in Ratchaburi, charitable activities by government offices and other organizations in Ratchaburi, participation in the annual provincial events of Ratchaburi, public relations activities to foster ties with private and government organizations, educational institutions, communities, and the mass media, and donations of money to the Thai Red Cross and to disaster victims. ë Activities related to tourism in Ratchaburi, such as the provinceûs annual tourist festival, the inauguration of new tourist sites in Ratchaburi and Chiang Mai, and other events to promote Ratchaburiûs tourist industry. ë Public and community health activities, such as the mobile medical unit providing health services to communities surrounding the Ratchaburi Power Plant, the use of Navaratchaburirom Park for public exercise and recreation, and the supply of medical equipment to public health units.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 88 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Statements of Changes in Shareholders’ Equity

102 ß∫°√–· ‡ß‘π ¥

Statements of Cash Flows

104 À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

Notes to Financial Statements

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ Report of the

Audit Committee

§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬°√√¡°“√®”π«π 3 ∑à“π ‚¥¬¡’π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å ‡ªìπª√–∏“π°√√¡°“√µ√«® Õ∫ π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å ·≈–π“¬ æ‘™“≠ ∂“ªπ®“√ÿ ‡ªìπ°√√¡°“√µ√«® Õ∫ ∑—Èßπ’È °√√¡°“√·µà≈–∑à“π‰¡à ‰¥â‡ªìπ‡®â“Àπâ“∑’Ë∫√‘À“√À√◊Õ æπ—°ß“π¢Õß∫√‘…∑— œ ·≈–¡’º®Ÿâ ¥— °“√ ”π—°µ√«® Õ∫¿“¬„π∑”Àπâ“∑’‡Ë ªìπ‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’¢Õ∫‡¢µ°“√ªØ‘∫µ— ß‘ “π Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫µ“¡√–‡∫’¬∫¢Õß∫√‘…∑— «à“¥â«¬ §≥–°√√¡°“√µ√«® Õ∫ æ.». 2543 ´÷Ëß Õ¥§≈âÕß°—∫·π«∑“ßªØ‘∫—µ‘∑’Ë¥’¢Õß§≥–°√√¡°“√µ√«® Õ∫∑’Ë ®—¥∑”¢÷Èπ‚¥¬µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ „π√Õ∫ªï 2545 §≥–°√√¡°“√µ√«® Õ∫∑ÿ°∑à“π‰¥âª√–™ÿ¡√à«¡°—π 5 §√—Èß ·≈–‰¥â‡ πÕº≈°“√ª√–™ÿ¡µàÕ §≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕ∑√“∫∑ÿ°§√—Èß ‚¥¬¡’°‘®°√√¡∑’Ë ”§—≠ √ÿª‰¥â¥—ßπ’È ë Õ∫∑“πß∫°“√‡ß‘π√“¬‰µ√¡“ ·≈–ß∫°“√‡ß‘πª√–®”ªï√à«¡°—∫ºŸâ Õ∫∫—≠™’ °àÕππ”‡ πÕµàÕ§≥– °√√¡°“√∫√‘…∑— œ ë Õ∫∑“π§«“¡¡’ª√– ‘∑∏‘¿“æ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π ë Õ∫∑“π°“√§«∫§ÿ¡¥Ÿ·≈∑√—æ¬å ‘π ë Õ∫∑“π°“√‡ªî¥‡º¬√“¬°“√∑’Ë¡’§«“¡‡°’Ë¬«‚¬ß°—π ·≈–√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ë Õ∫∑“π„Àâ∫√‘…—∑œ ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–°ÆÀ¡“¬Õ◊Ëπ ∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ ë æ‘®“√≥“ „Àâ·π«∑“ß·≈–„Àâ§«“¡‡ÀÁπ™Õ∫·ºπ°“√µ√«® Õ∫¢Õß ”π—°µ√«® Õ∫¿“¬„π ë Õ∫∑“πº≈°“√ªØ‘∫—µ‘ß“π·≈–¢âÕ‡ πÕ·π–¢Õß ”π—°µ√«® Õ∫¿“¬„π §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ß∫°“√‡ß‘π¢Õß∫√‘…∑— œ ‰¥â®¥— ∑”¢÷πÈ µ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–°ÆÀ¡“¬Õ◊Ëπ∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß ∫√‘…∑— œ °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π√“¬ß“π∑“ß°“√‡ß‘π¡’§«“¡§√∫∂â«π ∂Ÿ°µâÕß ‡™◊ÕË ∂◊Õ‰¥â √–∫∫°“√§«∫§ÿ¡¿“¬„π ¢Õß∫√‘…—∑œ ¡’ª√– ‘∑∏‘¿“æ‡æ’¬ßæÕ °“√ªØ‘∫—µ‘ß“π‚¥¬∑—Ë«‰ª¡’¢—ÈπµÕπ·≈–À≈—°‡°≥±å∑’Ë‡À¡“– ¡ ‰¡à¡’¢âÕ ∫°æ√àÕß∑’Ë‡ªìπ “√– ”§—≠ Õπ÷Ëß §≥–°√√¡°“√µ√«® Õ∫‰¥âæ‘®“√≥“§—¥‡≈◊Õ° ·≈–„Àâ§«“¡‡ÀÁπ™Õ∫„π°“√π”‡ πÕµàÕ§≥–°√√¡°“√ ∫√‘…—∑œ ‡æ◊ËÕ‡ πÕµàÕ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ Õπÿ¡—µ‘°“√®â“ß KPMG Phoomchai Audit Ltd. ·≈–·µàßµ—Èß π“¬«‘π‘® »‘≈“¡ß§≈ (ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3378) À√◊Õπ“¬‰«‚√®πå ®‘π¥“¡≥’æ‘∑—°…å (ºŸâ Õ∫∫—≠™’ √—∫Õπÿ≠“µ‡≈¢∑’Ë 3565) ‡ªìπºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ª√–®”ªï∫—≠™’ 2546 ‚¥¬¡’§à“∏√√¡‡π’¬¡„π°“√ Õ∫ ∫—≠™’‡ªìπ‡ß‘π 283,000 ∫“∑

(π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å) ª√–∏“π°√√¡°“√µ√«® Õ∫

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 90 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

The Audit Committee of Ratchaburi Electricity Generating Holding PCL. consists of three directors: Mrs. Pimolsri Siripaibul acting as Chairman, along with Mr. Narong Wongpaiboon and Mr.Picharn Satapanajaru acting as members of the committee. None of the directors are executive or staff of the Company. In connection, the Director of the Office of Internal Audit serves as Secretary of the Audit Committee. The duties roles and responsibilities of the Audit Committee are in line with the Companyûs notification of Audit Committee B.E. 2543, which is in accordance with the Stock Exchange of Thailandûs regulations. In 2002, there were five Audit Committee meetings and reported the results of each meeting to the Companyûs Board of Directors. The main activities of the Audit Committee were as follows: ë Reviewing the Companyûs quarterly and annual financial statements with the Companyûs Auditor before submitting to the Board of Directors. ë Reviewing the Companyûs system of internal controls. ë Reviewing custody of assets. ë Reviewing the disclosure of connected transactions and potential conflicts of interest. ë Reviewing the Companyûs performance to be complied with the Securities and Exchange Act, the Stock Exchange of Thailandûs regulations and other related business laws. ë Considering, guiding, and approving the audit plans of the Office of Internal Audit. ë Reviewing the achievements and recommendations of the Office of Internal Audit. In the opinion of the Audit Committee, they considered that the Companyûs financial statements were prepared in accordance with generally accepted accounting principles, that the Company complied with the Securities and Exchange Act, the Stock Exchange of Thailandûs regulations and other related business laws. The information disclosed in its financial reports were complete, correct, and reliable. The internal control system was sufficient and effective. Its operations, in general, followed principles and procedures that were appropriate and free from material defects. The Audit Committee has consented to appoint KPMG Phoomchai Audit Ltd. to be the companyûs auditor for the fiscal year 2003, the fee in the aggregate amount will be 283,000 baht, and also proposed the Board of Directors to present to the Annual General Shareholdersû Meeting for approval. In this connection, the Audit Committee also requested to the Annual General Shareholdersû Meeting to appoint Mr. Winid Silamongkol (Certified Public Account Registration No. 3378) or Mr. Viroj Jindamaneepitak (Certified Public Account Registration No. 3565) to be the auditor for the company.

(Mrs. Pimolsri Siripaibul) Chairman of Audit Committee

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 91

Ratchaburi Electricity Generating Holding Public Company Limited

√“¬ß“π§«“¡√—∫º‘¥™Õ∫ ¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘π Responsibility Statement from the

Board of Directors to the Financial Report of the Company

§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ √«¡∂÷ß¢âÕ¡Ÿ≈ “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Æ„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’ ∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈¬æ‘π‘®Õ¬à“ß √–¡—¥√–«—ß·≈–ª√–¡“≥°“√∑’Ë¥’∑’Ë ÿ¥„π°“√®—¥∑” √«¡∑—Èß„Àâ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë ”§—≠Õ¬à“ß‡æ’¬ßæÕ „πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ‡æ◊ËÕ„Àâ‡ªìπª√–‚¬™πåµàÕºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ∑—Ë«‰ªÕ¬à“ß‚ª√àß„ §≥–°√√¡°“√∫√‘…∑— œ ‰¥â®¥— „Àâ¡·’ ≈–¥”√ß√—°…“‰«â´ß÷Ë √–∫∫§«∫§ÿ¡¿“¬„π∑’‡Ë À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ ‡æ◊ÕË „Àâ¡—Ëπ„®‰¥âÕ¬à“ß¡’‡Àµÿº≈«à“¢âÕ¡Ÿ≈∑“ß°“√∫—≠™’¡’§«“¡∂Ÿ°µâÕß§√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â´÷Ëß ∑√—æ¬å ‘π µ≈Õ¥®π‡æ◊ËÕªÑÕß°—π‰¡à „Àâ‡°‘¥°“√∑ÿ®√‘µÀ√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠ „π°“√π’§È ≥–°√√¡°“√∫√‘…∑— œ ‰¥â·µàßµ—ßÈ §≥–°√√¡°“√µ√«® Õ∫ ‡æ◊ÕË ∑”Àπâ“∑’ Ë Õ∫∑“ππ‚¬∫“¬°“√∫—≠™’ ·≈–§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π Õ∫∑“π√–∫∫°“√§«∫§ÿ¡¿“¬„π ·≈–°“√µ√«® Õ∫¿“¬„π ‚¥¬ §«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕß∑’Ëª√“°Æ„π√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫´÷Ëß · ¥ß‰«â „π√“¬ß“πª√–®”ªï·≈â« ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’ ¢Õß∫√‘…∑— §◊Õ ∫√‘…∑— ”π—°ß“π ‡Õ ®’ «’ - ≥ ∂≈“ß ®”°—¥ „π°“√µ√«® Õ∫π—πÈ ∑“ß§≥–°√√¡°“√∫√‘…∑— œ ‰¥â π—∫ πÿπ¢âÕ¡Ÿ≈·≈–‡Õ° “√µà“ßÊ ‡æ◊ËÕ„ÀâºŸâ Õ∫∫—≠™’ “¡“√∂µ√«® Õ∫·≈–· ¥ß§«“¡‡ÀÁπ‰¥âµ“¡ ¡“µ√∞“π°“√ Õ∫∫—≠™’ ‚¥¬§«“¡‡ÀÁπ¢ÕßºŸâ Õ∫∫—≠™’‰¥âª√“°Æ„π√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’´÷Ëß· ¥ß‰«â „π √“¬ß“πª√–®”ªï·≈â« §≥–°√√¡°“√∫√‘…—∑œ ¡’§«“¡‡ÀÁπ«à“√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ‚¥¬√«¡Õ¬Ÿà „π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈‰¥â«à“ ß∫°“√‡ß‘π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ª√–®” ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ¡’§«“¡‡™◊ÕË ∂◊Õ‰¥â ‚¥¬∂◊ÕªØ‘∫µ— µ‘ “¡¡“µ√∞“π°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª·≈– ªØ‘∫—µ‘∂Ÿ°µâÕßµ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë‡°’Ë¬«¢âÕß

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ª√–∏“π°√√¡°“√

π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ °√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 92 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

The Board of Directors is responsible for the financial statements of Ratchaburi Electricity Generating Holding PCL. and the consolidated financial statements of the Company and its subsidiaries including financial information as appeared in this annual report. The financial statements are prepared in accordance with generally accepted accounting principles, applying the appropriate and consistent accounting policies with careful consideration and best estimation. The Company has properly disclosed all important information in the notes to the financial statements for the benefit of shareholders and investors on transparent basis. The Board of Directors has provided and maintained the appropriate and efficient internal control system to ensure that the accounting records are accurate, complete, and enough to protect its assets and prevent fraud and materially irregular operation. In this regard, the Board of Directors has appointed the Audit Committee to review accounting policies and quality of the financial reports, internal control and internal audit system. The Audit Committee's opinion is appeared in this annual report. The financial statements of Ratchaburi Electricity Generating Holding PCL. and the consolidated financial statements of the Company and its subsidiaries have been audited by the Company's Auditor, namely SGV-Na Thalang Co., Ltd. The Board of Directors supplied all relevant information and documents to the Auditor to express an opinion in accordance with generally accepted auditing standards. The Auditor's opinion is presented in the auditor's report as past of this annual report. The Board of Directors believes that the overall internal control system of the Company is at satisfactory and ensures that the financial statements of Ratchaburi Electricity Generating Holding PCL. and the consolidated financial statements of the Company and its subsidiaries for the year ending December 31, 2002 are prepared in accordance with generally accepted accounting principles and complied with all relevant rules and regulations as applicable.

Mr. Somchai Richupan Chairman

Mr. Boonchoo Direksathapon Director and Managing Director

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 93

Ratchaburi Electricity Generating Holding Public Company Limited

√“¬ß“πºŸâµ√«® Õ∫∫—≠™’Õ‘ √– Report of Certified

Public Accountant

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ß∫°“√‡ß‘π ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈–√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

Ratchaburi Electricity Generating Holding PCL. and Subsidiaries Financial Statements for the years ended December 31, 2002 and 2001 and Report of Certified Public Accountant

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ REPORT OF CERTIFIED PUBLIC ACCOUNTANT ‡ πÕ ºŸâ∂◊ÕÀÿâπ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) To the Shareholders of Ratchaburi Electricity Generating Holding PCL. ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈–ß∫°”‰√¢“¥∑ÿπ ß∫· ¥ß°“√‡ª≈’Ë¬π ·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ·≈–ß∫°√–· ‡ß‘π ¥ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ¢â“æ‡®â“¬—ß‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈– ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫·µà≈–ªï ‘πÈ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬ ´÷ßË ºŸ∫â √‘À“√¢Õß°‘®°“√ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫ „π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“« ®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¥âªØ‘∫µ— ß‘ “πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ´÷ßË °”Àπ¥„Àâ¢“â æ‡®â“µâÕß«“ß·ºπ ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«∏‘ °’ “√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—ßÈ ∑’‡Ë ªìπ®”π«π‡ß‘π ·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥ °“√‡°’¬Ë «°—∫√“¬°“√∑“ß°“√‡ß‘π∑’‡Ë ªìπ “√– ”§—≠ ´÷ßË ºŸ∫â √‘À“√‡ªìπºŸ®â ¥— ∑”¢÷πÈ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡ ‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π·≈–ß∫°“√‡ß‘π√«¡¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈–º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫·µà≈–ªï π‘È ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘ßÈ ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬ ‚¥¬∂Ÿ°µâÕßµ“¡∑’§Ë «√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª

I have audited the balance sheets of Ratchaburi Electricity Generating Holding PCL. as at December 31, 2002 and 2001, and the related statements of income, changes in shareholdersû equity and cash flows for the years then ended. I have also audited the consolidated balance sheets of Ratchaburi Electricity Generating Holding PCL. and subsidiaries as at December 31, 2002 and 2001, and the related consolidated statements of income, changes in shareholdersû equity and cash flows for the years then ended. These financial statements are the responsibility of the Companyûs management as to their correctness and completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements and the consolidated financial statements referred to above present fairly, in all material respects, the financial positions of Ratchaburi Electricity Generating Holding PCL. and subsidiaries as at December 31, 2002 and 2001 and the results of their operations and their cash flows for the years then ended in conformity with generally accepted accounting principles.

π“¬«‘π‘® »‘≈“¡ß§≈ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ∑–‡∫’¬π‡≈¢∑’Ë 3378

Mr. Winid Silamongkol C.P.A. (THAILAND) Registration No. 3378

°√ÿß‡∑æ¡À“π§√ 31 ¡°√“§¡ 2546

Bangkok January 31, 2003

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 94 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 95

Ratchaburi Electricity Generating Holding Public Company Limited

ß∫¥ÿ ≈ Balance Sheets ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë

As at 31 December 2002 and 2001

∫“∑ / In Baht ß∫°“√‡ß‘π√«¡ Consolidated

‘π∑√—æ¬å ASSETS

À¡“¬‡Àµÿ Notes

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π CURRENT ASSETS ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ Cash and cash equivalents 5 ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„π‡ß‘πΩ“°ª√–®” Short-term investments in fixed deposits ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î« —≠≠“„™â‡ß‘π Short-term investments in promissory notes ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î«·≈°‡ß‘π - ÿ∑∏‘ Short-term investments in bills of exchange - net ‡ß‘π≈ß∑ÿπ√–¬– —Èπ∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π Short-term investments pledged as collateral - µ—Î« —≠≠“„™â‡ß‘π - Promissory notes 5 - µ—Î«·≈°‡ß‘π - ÿ∑∏‘ - Bills of exchange - net 5 à«π¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π ∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï - ÿ∑∏‘ Current portion of long-term investment in bills of exchange - net 8 à«π¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å §È”ª√–°—π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï Current portion of long-term investments pledged as collateral - µ—Î«·≈°‡ß‘π - ÿ∑∏‘ - Bills of exchange - net 5, 8 - Àÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ - ÿ∑∏‘ - Held-to-maturity debentures - net 5, 9 ≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Trade receivable from related party 4 ‡ß‘π≈à«ßÀπâ“·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Advance to and other receivable from related party 4 ≈Ÿ°Àπ’ÕÈ π◊Ë Other receivable «— ¥ÿ§ß‡À≈◊Õ Supplies 6 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ Other current assets - ¿“…’‡ß‘π‰¥â®à“¬≈à«ßÀπâ“ - Prepaid income tax - ≈Ÿ°Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡ - Value-added tax receivable - Õ◊ËπÊ - Others √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π Total Current Assets

2545/2002

∫“∑ / In Baht

2544/2001

2545/2002

2544/2001

95,342,290

254,710,907

7,582,777

25,109,249

102,475

340,100,000

102,475

340,100,000

579,000,000

59,250,000

575,000,000

50,000,000

198,122,717

1,503,515,000

4,321,600,000

1,706,660,183

1,500,000,000

9,973,848

46,903,002

9,973,848

21,695,566

9,705,596

6,409,957,349

2,817,004,653

20,352,304

185,610,115

194,087

90,000,000

1,370,961,565

793,861,578

43,649,869

26,355,871

43,602,558

26,311,625

2,831,319

7,838,481

2,831,319

7,838,481

44,068,178

69,948,086

6,657,638

8,252,437

11,945,012,948

10,584,108,004

645,944,702

655,734,509

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’/È The accompanying notes are an integral part of these financial statements.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 96 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

ß∫°“√‡ß‘π√«¡ Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

‘π∑√—æ¬å (µàÕ) ASSETS ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π NON-CURRENT ASSETS ‡ß‘π≈à«ßÀπâ“·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Advance to related party ≈Ÿ°Àπ’È°“√§â“√–¬–¬“«°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Long-term trade receivable from related party ‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬ Investments in shares of subsidiary companies - «‘∏ ’ «à π‰¥â‡ ’¬ - at equity method ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π - ÿ∑∏‘ Long-term investment in bills of exchange - net ‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π Long-term investments pledged as collateral - µ—Î« —≠≠“„™â‡ß‘π - Promissory notes - µ—Î«·≈°‡ß‘π - ÿ∑∏‘ - Bills of exchange - net - Àÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ - ÿ∑∏‘ - Held-to-maturity debentures - net ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ Property, plant and equipment - net §à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’ - ÿ∑∏‘ Deferred loan fees - net ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ Other non-current assets √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π Total Non-Current Assets √«¡ ‘π∑√—æ¬å TOTAL ASSETS

À¡“¬‡Àµÿ Notes

2545/2002

400,000,000

41,642,502

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

2544/2001

21,896,288,897

18,838,917,412

9,539,954

531,817,000

5, 8

625,578,119

43,946,121

5, 9

322,150,089

69,537,911

53,279,115,154

28,050,615,380

635,957,143

689,700,000

2,764,657

5, 10, 1 11

2544/2001

400,000,000

4, 7 8

2545/2002

9,539,954

67,453,294

81,474,915

2,432,184

2,372,776

2,274,248

55,839,024,664

29,265,771,550

21,966,114,967

18,932,206,529

67,784,037,612

39,849,879,554

22,612,059,669

19,587,941,038

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’/È The accompanying notes are an integral part of these financial statements.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 97

Ratchaburi Electricity Generating Holding Public Company Limited

ß∫¥ÿ ≈ Balance Sheets ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë

As at 31 December 2002 and 2001

∫“∑ / In Baht ß∫°“√‡ß‘π√«¡ Consolidated

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ LIABILITIES AND SHAREHOLDERSû EQUITY

À¡“¬‡Àµÿ Notes

Àπ’È ‘πÀ¡ÿπ‡«’¬π CURRENT LIABILITIES ‡®â“Àπ’È°“√§â“ Accounts payable - trade à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Current portion of long-term loans - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - Related party 4, 5, 10, 13 - ∂“∫—π°“√‡ß‘πÕ◊Ëπ - Other financial institutions 5, 10, 13 ‡ß‘π√—∫≈à«ßÀπâ“·≈–‡®â“Àπ’ÈÕ◊Ëπ Advance from and other payable - ∫√‘…—∑¬àÕ¬·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - Subsidiary and related party 4 - ∫√‘…∑— Õ◊πË - Others ‡®â“Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡ Value-added tax payable ¿“…’‡ß‘π‰¥â§â“ß®à“¬ Income tax payable §à“∏√√¡‡π’¬¡∑“ß°“√‡ß‘π§â“ß®à“¬ Accrued financial fee Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË Other current liabilities √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π Total Current Liabilities Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π NON-CURRENT LIABILITIES ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Long-term loans - net of current portion - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - Related party 4, 5, 10, 13 - ∂“∫—π°“√‡ß‘πÕ◊Ëπ - Other financial institutions 5, 10, 13 Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π·≈– —≠≠“‡™à“´◊ÈÕ - ÿ∑∏‘ Liabilities under finance lease and hire-purchase contracts - net √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π Total Non-Current Liabilities √«¡Àπ’È ‘π Total Liabilities

2545/2002

∫“∑ / In Baht

2544/2001

2545/2002

2544/2001

3,981,739,535

1,784,217,237

138,117,727

32,550,776

2,103,787,970

736,009,224

21,377,088

33,783,874

30,282,771

426,930

194,401,545

128,085,196

93,341,970

61,222,824

164,457,481

7,000,000

57,600,000

84,114,950

154,176,541

35,340,366

25,522,084

6,555,728,061

3,056,137,103

35,767,296

288,936,287

2,381,350,589

740,921,400

36,270,340,788

16,753,056,100

2,469,236

4,556,335

2,143,435

3,796,135

38,654,160,613

17,498,533,835

2,143,435

3,796,135

45,209,888,674

20,554,670,938

37,910,731

292,732,422

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’/È The accompanying notes are an integral part of these financial statements.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 98 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

ß∫°“√‡ß‘π√«¡ Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

69,012,658

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ) LIABILITIES AND SHAREHOLDERSû EQUITY

À¡“¬‡Àµÿ Notes

à«π¢ÕßºŸâ∂◊ÕÀÿâπ SHAREHOLDERSû EQUITY ∑ÿπ‡√◊ÕπÀÿâπ - Àÿâπ “¡—≠¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ∑ÿπ®¥∑–‡∫’¬π 1,450,000,000 Àÿâπ Àÿâπ∑’ËÕÕ°·≈– ‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« 1,450,000,000 Àÿâπ Share capital - common shares, Baht 10 par value Authorized share capital - 1,450,000,000 shares Issued and paid-up share capital - 1,450,000,000 shares à«π‡°‘π¡Ÿ≈§à“Àÿâπ Premium on share capital °”‰√ – ¡ Retained earnings - ®—¥ √√‡æ◊ËÕ ”√Õßµ“¡°ÆÀ¡“¬ - Appropriated for legal reserve 14 - ¬—ß‰¡à‰¥â®—¥ √√ - Unappropriated √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Total Shareholdersû Equity √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ TOTAL LIABILITIES AND SHAREHOLDERSû EQUITY

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

2545/2002

2544/2001

2545/2002

2544/2001

14,500,000,000

1,531,778,000

399,618,547

163,171,531

399,618,547

163,171,531

6,142,752,391

3,100,259,085

6,142,752,391

3,100,259,085

22,574,148,938

19,295,208,616

22,574,148,938

19,295,208,616

67,784,037,612

39,849,879,554

22,612,059,669

19,587,941,038

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’/È The accompanying notes are an integral part of these financial statements.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 99

Ratchaburi Electricity Generating Holding Public Company Limited

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

ß∫°”‰√¢“¥∑ÿ π Statements of Income ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë

Statements of Changes in Shareholders’ Equity

For the years ended December 31, 2002 and 2001

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë For the years ended December 31, 2002 and 2001 ∫“∑ / In Baht ß∫°“√‡ß‘π√«¡ Consolidated À¡“¬‡Àµÿ Notes √“¬‰¥â REVENUES ¢“¬ ÿ∑∏‘ Net sales √“¬‰¥â§“à ∫√‘°“√ Management service income à«π‰¥â‡ ’¬„π°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ Equity in net income of subsidiary companies ¥Õ°‡∫’È¬√—∫ Interest income ‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“ Compensation for late transfer of power plant ‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“ Compensation of combustion system improvement √“¬‰¥âÕ◊Ëπ Other income √«¡√“¬‰¥â Total Revenues µâπ∑ÿπ·≈–§à“„™â®à“¬ COSTS AND EXPENSES µâπ∑ÿπ¢“¬ Cost of sales §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ Selling and administrative expenses §à“µÕ∫·∑π°√√¡°“√ Directorûs remuneration √«¡µâπ∑ÿπ·≈–§à“„™â®à“¬ Total Costs and Expenses °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥â INCOME BEFORE INTEREST EXPENSE AND INCOME TAX ¥Õ°‡∫’È¬®à“¬ Interest Expense ¿“…’‡ß‘π‰¥â Income Tax °”‰√ ÿ∑∏‘ NET INCOME °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π Basic Earnings per Share

2545/2002

∫“∑ / In Baht ß∫°“√‡ß‘π√«¡/Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

2544/2001

2545/2002

2544/2001

4 27,493,217,258

17,422,696,729

195,130,665

583,194,888

4,670,233,775

2,706,387,855

25,971,089

21,136,094

174,689,118 17 17

127,109,766

322,302,000

353,720,000 -

132,109,851

À¡“¬‡Àµÿ Note

32,544,109

10,774,266

19,010

192,635

28,154,862,336

17,914,300,761

4,891,354,539

3,310,911,472

¬Õ¥µâπªï ≥ «—π∑’Ë 1 ¡°√“§¡ 2544 Balance, beginning of year - January 1, 2001 ”√Õßµ“¡°ÆÀ¡“¬ Legal reserve °”‰√ ÿ∑∏‘ ”À√—∫ªï Net income for the year ¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2544 Balance, end of year - December 31, 2001 ”√Õßµ“¡°ÆÀ¡“¬ Legal reserve °”‰√ ÿ∑∏‘ ”À√—∫ªï Net income for the year ‡ß‘π ¥ªíπº≈®à“¬ Cash dividend payment ¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 Balance, end of year - December 31, 2002

Àÿâπ “¡—≠∑’ËÕÕ° ·≈–™”√–·≈â« Issued and Paid-up Common Share Capital

à«π‡°‘π ¡Ÿ≈§à“Àÿπâ Premium on Share Capital

”√Õß µ“¡°ÆÀ¡“¬ Legal Reserve

°”‰√ – ¡ Retained Earnings

√«¡ Total

14,500,000,000

1,531,778,000

7,230,118

196,660,880

16,235,668,998

155,941,413

( 155,941,413 )

3,059,539,618

14,500,000,000

1,531,778,000

163,171,531

3,100,259,085

19,295,208,616

236,447,016

( 236,447,016 )

4,728,940,322

( 1,450,000,000 )

14,500,000,000

1,531,778,000

399,618,547

6,142,752,391

22,574,148,938

∫“∑ / In Baht ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑/The Company Only

4 22 22

20,833,210,897

12,802,868,812

400,186,755

358,732,235

125,163,798

88,274,921

22,713,826

18,435,000

16,707,500

15,000,000

21,256,111,478

13,180,036,047

141,871,298

103,274,921

6,898,750,858

4,734,264,714

4,749,483,241

3,207,636,551

( 1,966,881,819 )

( 1,386,276,282 )

( 301,937 )

( 377,561 )

( 202,928,717 )

( 288,448,814 )

( 20,240,982 )

( 147,719,372 )

4,728,940,322

3,059,539,618

4,728,940,322

3,059,539,618

3.26

2.11

3.26

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È / The accompanying notes are an integral part of these financial statements.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 100 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

2.11

À¡“¬‡Àµÿ Note ¬Õ¥µâπªï ≥ «—π∑’Ë 1 ¡°√“§¡ 2544 Balance, beginning of year - January 1, 2001 ”√Õßµ“¡°ÆÀ¡“¬ Legal reserve °”‰√ ÿ∑∏‘ ”À√—∫ªï Net income for the year ¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2544 Balance, end of year - December 31, 2001 ”√Õßµ“¡°ÆÀ¡“¬ Legal reserve °”‰√ ÿ∑∏‘ ”À√—∫ªï Net income for the year ‡ß‘π ¥ªíπº≈®à“¬ Cash dividend payment ¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 Balance, end of year - December 31, 2002

Àÿâπ “¡—≠∑’ËÕÕ° ·≈–™”√–·≈â« Issued and Paid-up Common Share Capital

à«π‡°‘π ¡Ÿ≈§à“Àÿπâ Premium on Share Capital

”√Õß µ“¡°ÆÀ¡“¬ Legal Reserve

°”‰√ – ¡ Retained Earnings

√«¡ Total

14,500,000,000

1,531,778,000

7,230,118

196,660,880

16,235,668,998

155,941,413

( 155,941,413 )

3,059,539,618

14,500,000,000

1,531,778,000

163,171,531

3,100,259,085

19,295,208,616

236,447,016

( 236,447,016 )

4,728,940,322

( 1,450,000,000 )

14,500,000,000

1,531,778,000

399,618,547

6,142,752,391

22,574,148,938

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È / The accompanying notes are an integral part of these financial statements.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 101

Ratchaburi Electricity Generating Holding Public Company Limited

ß∫°√–· ‡ß‘ π ¥ Statements of Cash Flows ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë

For the years ended December 31, 2002 and 2001

∫“∑ / In Baht ß∫°“√‡ß‘π√«¡ Consolidated À¡“¬‡Àµÿ Notes °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π CASH FLOWS FROM OPERATING ACTIVITIES: °”‰√ ÿ∑∏‘ Net income √“¬°“√ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π : Adjustments to reconcile net income to net cash provided by (used in) operating activities : à«π‰¥â‡ ’¬„π°”‰√ ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ Equity in net income of subsidiary companies §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’ Depreciation and amortization √“¬‰¥â§à“∫√‘°“√µ—¥∫—≠™’ Amortization of service income à«πµË”¢Õß‡ß‘π≈ß∑ÿπµ—¥®”Àπà“¬ - ÿ∑∏‘ Amortization of discount on investments - net °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß Unrealized gain on foreign exchange ¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ Deferred income tax ‘π∑√—æ¬å¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) : Decrease (increase) in operating assets : ≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Trade receivable from related party ‡ß‘π≈à«ßÀπâ“·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Advance to and other receivable from related party ≈Ÿ°Àπ’ÕÈ π◊Ë Other receivable «— ¥ÿ§ß‡À≈◊Õ Supplies ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ Other current assets ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ Other non-current assets Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) : Increase (decrease) in operating liabilities : ‡®â“Àπ’È°“√§â“ Accounts payable - trade ‡®â“Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Other payable to related party ‡®â“Àπ’ÕÈ π◊Ë Other payable ‡®â“Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡ Value-added tax payable ¿“…’‡ß‘π‰¥â§â“ß®à“¬ Income tax payable §à“∏√√¡‡π’¬¡∑“ß°“√‡ß‘π§â“ß®à“¬ Accrued financial fee Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË Other current liabilities ‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π Net Cash Provided by (Used in) Operating Activities

2545/2002

4,728,940,322

2544/2001

3,059,539,618

1,235,878,215

19,686,623

12,765,759

( 194,398,296 )

( 583,194,888 )

( 433,893 )

( 3,866,604 )

( 7,899,967 ) 59,480,770

( 3,634,595,197 )

130,583,429

165,257,811

( 148,960,122 )

( 90,000,000 )

4,728,940,322

( 194,087 )

48,535,826

( 577,099,987 )

( 45,227,018 )

13,593,071

( 17,472,318 )

( 10,688,972 )

(8,220,380 )

( 332,473 )

( 1,758,271 )

( 98,528 )

(1,641,544 )

2,197,522,298

( 198,276,273 )

( 12,406,786 )

( 19,468,502 )

423,681

35,698,386

( 4,102,093 )

34,717,578

93,341,970

( 103,234,656 )

164,457,481

( 50,600,000 )

( 66,505,733 )

( 72,592,434 )

97,989,894

7,277,107

6,295,146

4,479,284,104

4,335,703,173

( 188,732,476 )

( 111,264,357 )

( 69,012,658 ) -

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’/È The accompanying notes are an integral part of these financial statements.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 102 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

À¡“¬‡Àµÿ Notes

2544/2001

(2,706,387,855 )

1,875,470,134

2545/2002

( 4,670,233,775 )

( 5,400,299 )

ß∫°“√‡ß‘π√«¡ Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

( 25,653,664 )

∫“∑ / In Baht

69,012,658 -

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ CASH FLOWS FROM INVESTING ACTIVITIES ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„π‡ß‘πΩ“°ª√–®”≈¥≈ß Decrease in short-term investments in fixed deposits ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î« —≠≠“„™â‡ß‘π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß (Increase) decrease in short-term investments in promissory notes ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î«·≈°‡ß‘π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß (Increase) decrease in short-term investments in bills of exchange ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î« —≠≠“„™â‡ß‘π‡æ‘Ë¡¢÷Èπ Increase in long-term investments in promissory notes ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π‡æ‘Ë¡¢÷Èπ Increase in long-term investments in bills of exchange ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥‡æ‘Ë¡¢÷Èπ Increase in long-term investments in held-to-maturity debentures ‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷Èπ Increase in investments in shares of subsidiary companies ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ Dividend received from subsidiary company ´◊ÈÕ ‘π∑√—æ¬å∂“«√ Purchase of fixed assets ‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ Net Cash Provided by (Used in) Investing Activities °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π CASH FLOWS FROM FINANCING ACTIVITIES: √—∫‡ß‘π°Ÿâ¬◊¡√–¬–¬“« Proceeds from long-term loans ®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« Repayment of long-term loans ®à“¬™”√–Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π·≈– —≠≠“‡™à“´◊ÈÕ Payment of liabilities under finance lease and hire-purchase contracts à«π‡°‘π¡Ÿ≈§à“Àÿâπ Premium on share capital ‡ß‘πªíπº≈®à“¬ Dividend payment ‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π Net Cash Provided by (Used in) Financing Activities ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥≈¥≈ß - ÿ∑∏‘ NET DECREASE IN CASH AND CASH EQUIVALENTS ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπªï CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘Èπªï CASH AND CASH EQUIVALENTS, END OF YEAR ¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ß∫°√–· ‡ß‘π ¥ ADDITIONAL CASH FLOWS INFORMATION ‡ß‘π ¥®à“¬√–À«à“ßªï Cash paid during the year - ¥Õ°‡∫’¬È ®à“¬ - Interest expense - ¿“…’‡ß‘π‰¥â - Income tax

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only

2545/2002

2544/2001

2545/2002

339,997,525

819,900,000

339,997,525

339,900,000

2,298,335,000

( 3,379,250,000 )

( 525,000,000 )

( 50,000,000 )

4,172,264 ( 531,817,000 ) ( 615,230,552 )

( 1,641,772,670 ) ( 52,156,339 )

198,122,716 -

( 144,743,389 ) ( 9,134,591 )

( 265,396,556 )

( 79,105,236 )

( 27,050,227,051 ) ( 25,820,166,370 )

( 92,458,813 ) ( 4,424,843,058 )

23,962,506,176 (1,331,446,602 )

( 2,087,100 ) (1,447,458,825 )

( 212,462,500 ) ( 2,002,303 ) ( 13,622,000 ) -

( 2,275,000,000 ) 3,887,862,289 ( 5,665,002 ) 1,620,317,528

( 1,652,700 ) -

2544/2001

( 10,000,000 ) ( 72,078,817 ) 53,943,203

( 1,567,903 ) (13,622,000 )

21,181,513,649

( 228,086,803 )

( 1,447,458,825 ) ( 1,449,111,525 )

( 159,368,617 )

( 317,226,688 )

( 17,526,473 )

( 72,511,057 )

254,710,907

571,937,595

25,109,249

97,620,306

95,342,290

254,710,907

7,582,776

25,109,249

1,966,881,819 323,457,372

1,386,276,281 64,510,565

301,937 106,544,572

377,561 30,170,889

(15,189,903 )

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’/È The accompanying notes are an integral part of these financial statements.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 103

Ratchaburi Electricity Generating Holding Public Company Limited

À¡“¬‡Àµÿ ª√–°Õ∫ß∫°“√‡ß‘π Notes to Financial Statements ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ë As at 31 December 2002 and 2001

1. ∑—Ë«‰ª

1. GENERAL

∫√‘…—∑ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë°“√‰øøÑ“ ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ∂◊ÕÀÿâπ √âÕ¬≈– 45 ®¥∑–‡∫’¬π‡ªìπ ∫√‘…—∑®”°—¥„πª√–‡∑»‰∑¬‡¡◊ËÕ«—π∑’Ë 7 ¡’π“§¡ 2543 ·≈–‰¥â·ª≈ß ¿“æ ‡ªìπ∫√‘…—∑¡À“™π‡¡◊ËÕ«—π∑’Ë 18 ‘ßÀ“§¡ 2543 µàÕ¡“‡¡◊ËÕ«—π∑’Ë 13 µÿ≈“§¡ 2543 ∫√‘…—∑‰¥â®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬Õ¬à“ß‡ªìπ ∑“ß°“√ ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑§◊Õ ‡æ◊ËÕ≈ß∑ÿπ„π∫√‘…—∑∑’Ë¡’«—µ∂ÿª√– ß§å §≈â“¬§≈÷ßÀ√◊Õ‡°’¬Ë «°—∫«—µ∂ÿª√– ß§å¢Õß∫√‘…∑— (‚√ß‰øøÑ“) æπ—°ß“π¢Õß∫√‘…∑— ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π 46 §π ·≈– 44 §π µ“¡ ≈”¥—∫ §à“„™â®à“¬∑’Ë‡°’Ë¬«°—∫æπ—°ß“π¢Õß∫√‘…—∑ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 50.8 ≈â“π∫“∑ ·≈– 40.1 ≈â“π∫“∑ µ“¡≈”¥—∫ ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑µ—ÈßÕ¬Ÿà∑’Ë 19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æ¡À“π§√ ª√–‡∑»‰∑¬

Company Ratchaburi Electricity Generating Holding PCL., which is 45% owned by Electricity Generating Authority of Thailand (EGAT), was incorporated as a limited company in Thailand on March 7, 2000 and was transformed to a public company on August 18, 2000. Subsequently on October 13, 2000, the Company was officially listed in the Stock Exchange of Thailand. The principal business of the Company is to invest in other companies, whose objectives equivalent or similar to the Companyûs objectives (Power Plant). The number of employees of the Company as at December 31, 2002 and 2001 were 46 and 44, respectively. The employee costs for the years ended December 31, 2002 and 2001 amounted to Baht 50.8 million and Baht 40.1 million, respectively. The registered office address of the Company is located at 19 SCB Park Plaza, Tower 3 East, 20th Floor, Ratchadapisek Road, Ladyao, Jatujak, Bangkok, Thailand.

∫√‘…—∑¬àÕ¬ ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷ßË ‡ªìπ∫√‘…∑— ¬àÕ¬∑’∫Ë √‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ (√âÕ¬≈– 100) ®¥∑–‡∫’¬π‡ªìπ ∫√‘…—∑®”°—¥„πª√–‡∑»‰∑¬‡¡◊ËÕ«—π∑’Ë 20 ¡’π“§¡ 2543 ‡æ◊ËÕª√–°Õ∫∏ÿ√°‘® ‡°’¬Ë «°—∫°“√æ—≤π“·≈–¥”‡π‘πß“π‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’ ‰¥â·°à ‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ º≈º≈‘µ®–∂Ÿ°¢“¬„Àâ·°à °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ¿“¬„µâ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ 25 ªï µ“¡·ºπ√–¥¡∑ÿπ®“°¿“§‡Õ°™π„π‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’ æπ—°ß“π ¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π 38 §π ·≈– 36 §π µ“¡≈”¥—∫ §à“„™â®à“¬∑’Ë‡°’Ë¬«°—∫æπ—°ß“π¢Õß∫√‘…—∑¬àÕ¬ ”À√—∫ ·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 35.4 ≈â“π ∫“∑ ·≈– 29.8 ≈â“π∫“∑ µ“¡≈”¥—∫ ∑’ËÕ¬Ÿà¢Õß∫√‘…—∑¬àÕ¬µ—ÈßÕ¬Ÿà∑’Ë 128 À¡Ÿà 6 µ”∫≈æ‘°ÿ≈∑Õß Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥√“™∫ÿ√’ ª√–‡∑»‰∑¬

Subsidiary Companies Ratchaburi Electricity Generating Co., Ltd., a wholly-owned subsidiary company (100%) of Ratchaburi Electricity Generating Holding PCL., was incorporated as a limited company in Thailand on March 20, 2000 to develop and operate the Ratchaburi Power Plant comprising the Thermal Generating Units and the Combined Cycle Generating Units. The output is sold to the Electricity Generating Authority of Thailand (EGAT) under 25-year Power Purchase Agreement according to the Private Participation Plan in the Ratchaburi Power Plant Project. The number of employees of the subsidiary company as at December 31, 2002 and 2001 were 38 and 36, respectively. The employee costs for the years ended December 31, 2002 and 2001 amounted to Baht 35.4 million and Baht 29.8 million, respectively. The registered office address of the subsidiary company is located at 128 Moo 6 Pikhultong, Muang District, Ratchaburi Province, Thailand.

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∂◊ÕÀÿâπ∑—ÈßÀ¡¥ (√âÕ¬≈– 100) ®¥∑–‡∫’¬π‡ªìπ ∫√‘…—∑„πª√–‡∑»‰∑¬‡¡◊ËÕ«—π∑’Ë 4 °—π¬“¬π 2544 ¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ≈ß∑ÿπ „π‚§√ß°“√µà“ßÊ ∑“ß¥â“π∏ÿ√°‘®‡°’Ë¬«°—∫æ≈—ßß“π‰øøÑ“ æπ—°ß“π¢Õß ∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ¡’®”π«π 3 §π §à“„™â®à“¬‡°’Ë¬« °—∫æπ—°ß“π¢Õß∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ¡’ ®”π«π‡ß‘π 0.6 ≈â“π∫“∑ ∑’ÕË ¬Ÿ¢à Õß∫√‘…∑— ¬àÕ¬µ—ßÈ Õ¬Ÿ∑à ’Ë 19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ ®µÿ®—°√ °√ÿß‡∑æ¡À“π§√ ª√–‡∑»‰∑¬ ¡Ÿ≈∞“π ”À√—∫°“√®—¥∑”ß∫°“√‡ß‘π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥∑”∫—≠™’ ‚¥¬∫—π∑÷°∫—≠™’‡ªìπ‡ß‘π∫“∑·≈–‰¥â®—¥∑” ß∫°“√‡ß‘π·≈–ß∫°“√‡ß‘π√«¡‡ªìπ ¿“…“‰∑¬µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß ∑—Ë«‰ª„πª√–‡∑»‰∑¬ ´÷ËßÕ“®‰¡à‡ªìπ‰ªµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„π ª√–‡∑»Õ◊ËπÊ ∑—Èßπ’È ß∫°“√‡ß‘π·≈–ß∫°“√‡ß‘π√«¡π’È‰¡à‰¥â¡’«—µ∂ÿª√– ß§å∑’Ë®– · ¥ß∞“π–°“√‡ß‘π º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥µ“¡À≈—°°“√∫—≠™’

Ratchaburi Energy Co., Ltd., a wholly-owned subsidiary company (100%) of Ratchaburi Electricity Generating Holding PCL., was incorporated as a limited company in Thailand on September 4, 2001 to invest in other power plant projects. The number of employees of the subsidiary company as at December 31, 2002 was 3. The employee costs for the year ended December 31, 2002 amounted to Baht 0.6 million. The registered office address of the subsidiary company is located at 19 SCB Park Plaza, Tower 3 East, 20th Floor, Ratchadapisek Road, Ladyao, Jatujak, Bangkok, Thailand. Basis of Preparation of the Financial Statements The Company and the subsidiary companies maintain their official accounting records in Thai Baht and prepare their statutory financial statements in the Thai language in conformity with generally accepted accounting principles in Thailand, which may not conform with generally accepted accounting principles in other countries. The accompanying financial statements and consolidated financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 104 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∑’Ë√—∫√Õß∑—Ë«‰ª¢Õßª√–‡∑»Õ◊Ëπ∑’Ë ‰¡à „™àª√–‡∑»‰∑¬ ¥—ßπ—Èπ ß∫°“√‡ß‘π·≈– ß∫°“√‡ß‘π√«¡π’È®÷ß‰¡à‰¥â®—¥∑”¢÷Èπ‡æ◊ËÕª√–‚¬™πå ”À√—∫∫ÿ§§≈∑’Ë‰¡à∑√“∫∂÷ß À≈—°°“√∫—≠™’·≈–«‘∏’ªØ‘∫—µ‘∑“ß∫—≠™’ „πª√–‡∑»‰∑¬

generally accepted in countries and jurisdictions other than Thailand. Accordingly, these financial statements and consolidated financial statements are not designed for those who are not informed about Thai accounting principles and practices.

‡æ◊ËÕ§«“¡ –¥«°¢ÕßºŸâÕà“πß∫°“√‡ß‘π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥∑”ß∫°“√ ‡ß‘π·≈–ß∫°“√‡ß‘π√«¡©∫—∫¿“…“Õ—ß°ƒ…¢÷Èπ®“°ß∫°“√‡ß‘π·≈–ß∫°“√‡ß‘π √«¡©∫—∫¿“…“‰∑¬´÷Ëß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ π”‡ πÕ‡æ◊ËÕ«—µ∂ÿª√– ß§å¢Õß °“√√“¬ß“π¿“¬„πª√–‡∑»

For the convenience of the reader, an English translation of financial statements and consolidated financial statements has been prepared from the statutory Thai language financial statements and consolidated financial statements which are issued for domestic reporting purposes.

2. °“√®—¥∑”ß∫°“√‡ß‘π√«¡

2. PRINCIPLES OF CONSOLIDATION

∫√‘…∑— · ¥ßß∫°“√‡ß‘π√«¡ ”À√—∫·µà≈–ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫¡“µ√∞“π∑“ß°“√∫—≠™’‡√◊ËÕß∑’Ë 44 çß∫°“√‡ß‘π √«¡·≈–°“√∫—≠™’ ”À√—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é ´÷Ëß¡’º≈„™â∫—ß§—∫ ”À√—∫ ß∫°“√‡ß‘π∑’Ë¡’√Õ∫√–¬–‡«≈“∫—≠™’ ‘Èπ ÿ¥„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2543

The Company has presented the consolidated financial statements for the years ended December 31, 2002 and 2001 in compliance with the Accounting Standard No. 44 çConsolidated Financial Statements and Accounting for Investments in Subsidiariesé which becomes effective for fiscal years beginning on or after January 1, 2000.

ß∫°“√‡ß‘π√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ‰¥â √«¡∫—≠™’µà“ßÊ ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈– ∫√‘…—∑¬àÕ¬¥—ßπ’È

The accompanying consolidated financial statements for the years ended December 31, 2002 and 2001 include the accounts of Ratchaburi Electricity Generating Holding PCL. and subsidiaries as follows: —¥ à«π°“√∂◊ÕÀÿâπ (√âÕ¬≈–)/Percentage of Ownership 2545/2002 2544/2001

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Company Limited ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ Ratchaburi Energy Company Limited

100

√“¬°“√∫—≠™’∑’Ë¡’π—¬ ”§—≠∑’Ë¡’°—∫∫√‘…—∑¬àÕ¬‰¥âÀ—°°≈∫≈∫°—π·≈â«„πß∫°“√ ‡ß‘π√«¡

Significant intercompany transactions with the subsidiary companies have been eliminated.

3. √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

°“√√—∫√Ÿ√â “¬‰¥â √“¬‰¥â§à“¢“¬‰øøÑ“¢Õß∫√‘…—∑¬àÕ¬ª√–°Õ∫¥â«¬ √“¬‰¥â§à“§«“¡æ√âÕ¡®à“¬ æ≈—ß‰øøÑ“·≈–√“¬‰¥â§à“æ≈—ßß“π‰øøÑ“ - √“¬‰¥â§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ √—∫√Ÿâµ“¡Õ—µ√“∑’Ë°”Àπ¥‰«â „π —≠≠“´◊ÈÕ¢“¬‰øøÑ“ - √“¬‰¥â§à“æ≈—ßß“π‰øøÑ“ √—∫√Ÿâ‡¡◊ËÕ®à“¬æ≈—ßß“π‰øøÑ“„Àâ°—∫≈Ÿ°§â“µ“¡ ®”π«πÀπà«¬¢“¬‰øøÑ“ ≥ ®ÿ¥®à“¬µ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“

Revenue Recognition The subsidiary companyûs electricity sales consist of availability payment and energy payment. - Revenue received from the availability payment is recognized at the specified rate in the Power Purchase Agreement (PPA). - Revenue from energy payment is recognized upon the transmission units at the point of buying and selling as stipulated in the PPA.

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ¥Õ°‡∫’È¬‡ªìπ√“¬‰¥âµ“¡ —¥ à«π¢Õß√–¬–‡«≈“‚¥¬ §”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß¢Õß ‘π∑√—æ¬å

Interest income is recognized on a time proportion basis that reflects the effective yield on the asset.

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥‡ªìπ‡ß‘π∑’∫Ë √‘…∑— ·≈–∫√‘…∑— ¬àÕ¬‡°Á∫‰«â „™â‡æ◊ÕË «—µ∂ÿª√– ß§å∑«—Ë ‰ª √“¬°“√ ‡∑’¬∫‡∑à“‡ß‘π ¥ ‰¥â·°à ‡ß‘πΩ“°∏π“§“√√–¬– —Èπ´÷Ëß‡ªìπ‡ß‘π≈ß∑ÿπ∑’Ë¡’ ¿“æ §≈àÕß Ÿß·≈–æ√âÕ¡∑’Ë®–‡ª≈’Ë¬π‡ªìπ‡ß‘π ¥∑’Ë·πàπÕπ ‡¡◊ËÕ§√∫°”Àπ¥¿“¬„π “¡‡¥◊ÕπÀ√◊ÕπâÕ¬°«à“´÷Ëß¡’§«“¡‡ ’Ë¬ß„π°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“πâÕ¬

Cash and Cash Equivalents Cash on hand is kept for general use within the Company and subsidiary companies. Cash equivalents are bank deposits in shortterm, highly liquid investments that are readily convertible to known amounts of cash with original maturity of three months or less that are subject to an insignificant risk of change in value.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 105

Ratchaburi Electricity Generating Holding Public Company Limited

≈Ÿ°Àπ’È·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È· ¥ß„π√“§“∑’Ë√–∫ÿ‰«â ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ∫√‘…—∑·≈– ∫√‘…∑— ¬àÕ¬µ—ßÈ §à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠‡∑à“°—∫®”π«πÀπ’∑È §’Ë “¥«à“®–‡√’¬°‡°Á∫®“° ≈Ÿ°Àπ’È ‰¡à‰¥â ∑—Èßπ’È ‚¥¬°“√ª√–¡“≥®“°ª√– ∫°“√≥å „π°“√‡√’¬°‡°Á∫Àπ’È §«∫§Ÿà°—∫°“√«‘‡§√“–Àå∞“π–ªí®®ÿ∫—π¢Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√§“¥«à“®–‡°Á∫Àπ’È ‰¥â∑—ÈßÀ¡¥ ¥—ßπ—Èπ ®÷ß‰¡à‰¥âµ—Èß§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠

Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are stated at face value net of allowance for doubtful accounts. The Company and subsidiary companies provide an allowance for doubtful accounts equal to the estimated collection losses that may be incurred in the collection of all receivables. The estimated losses are based on collection experience coupled with a review of the current status of the existing receivables. Management expects all receivables are collectible. Thus no allowance is provided.

°“√µ’√“§“«— ¥ÿ§ß‡À≈◊Õ ∫√‘…—∑¬àÕ¬µ’√“§“«— ¥ÿ§ß‡À≈◊Õ„π√“§“µâπ∑ÿπ∂—«‡©≈’Ë¬À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®– ‰¥â√∫— ·≈â«·µà√“§“„¥®–µË”°«à“ Õ–‰À≈à‚√ß‰øøÑ“‡ªìπÕ–‰À≈à∑’Ë „™â ”À√—∫Õÿª°√≥å ‡©æ“–„π‚√ß‰øøÑ“¢Õß∫√‘…—∑¬àÕ¬

Inventory Valuation Supplies are valued at the lower of average cost or net realizable value. Spare parts of power plant represent spare parts which are used for equipment in a subsidiary companyûs power plant.

‡ß‘π≈ß∑ÿπ ∫√‘…—∑∫—π∑÷°‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬µ“¡«‘∏’ à«π‰¥â‡ ’¬

Investments The Company accounts for its investments in shares of subsidiary companies at the equity method.

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„πµ—Î«·≈°‡ß‘π·≈–Àÿâπ°Ÿâ∑’Ë®–∂◊Õ‰«â®π The Company and subsidiary companies account for their investments §√∫°”Àπ¥„π√“§“∑ÿπµ—¥®”Àπà“¬‚¥¬„™â«‘∏’Õ—µ√“¥Õ°‡∫’È¬∑’Ë·∑â®√‘ß ∫√‘…—∑ in bills of exchange and held-to-maturity debentures, at the amortized cost using the effective yield method. The Company and subsidiary ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°‡ß‘π≈ß∑ÿπ„πµ—Î« —≠≠“„™â‡ß‘π„π√“§“∑ÿπ companies account for their investments in promissory notes at cost. Depreciation and Amortization §à“‡ ◊ËÕ¡√“§“·≈–√“¬®à“¬µ—¥∫—≠™’ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—¥§à“‡ ◊ËÕ¡√“§“‚√ß‰øøÑ“ Õ“§“√·≈–Õÿª°√≥å ‚¥¬«‘∏’ Depreciation of property, power plant and equipment has been computed by the straight-line method over the estimated useful lives ‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¢Õß ‘π∑√—æ¬å ¥—ßπ’È of the assets as follows: ªï/Years ‚√ß‰øøÑ“ Power plant Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä Equipment for Combined Cycle Power Plant Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß Buildings and structures ‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“π Furniture, fixtures and office equipment ¬“πæ“Àπ– Vehicles

25 4-25 20 5

Such a reversal should not exceed the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for the asset in prior periods. However, there was no impairment loss on assets during the year.

§à“∫”√ÿß√—°…“ √“¬®à“¬„π°“√∫”√ÿß√—°…“·≈–´àÕ¡·´¡ ∫—π∑÷°‡ªìπ§à“„™â®“à ¬‡¡◊ÕË ‡°‘¥√“¬°“√ π—πÈ à«π√“¬®à“¬∑’¡Ë ≈’ °— …≥–‡ªìπ√“¬®à“¬ ΩÉ“¬∑ÿπ‰¥â∫π— ∑÷°√«¡‰«â „π∫—≠™’Õ“§“√ ·≈–Õÿª°√≥å∑’Ë‡°’Ë¬«¢âÕß

Maintenance Expenditures on repair and maintenance are charged to expense at the time the expenditures are incurred. Expenditures of a capital nature are added to the related property, plant and equipment.

¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ ¿“…’‡ß‘π‰¥â§”π«π®“°º≈°”‰√ ”À√—∫ªï ‚¥¬æ‘®“√≥“∂÷ß¿“…’‡ß‘π‰¥â√Õ°“√ µ—¥∫—≠™’ ¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’· ¥ß∂÷ßº≈°√–∑∫∑“ß¿“…’ ÿ∑∏‘¢Õßº≈ ·µ°µà“ß™—«Ë §√“«√–À«à“ß√“§“µ“¡∫—≠™’°∫— ∞“π¿“…’¢Õß ‘π∑√—æ¬å·≈–Àπ’ È π‘ „πß∫¥ÿ≈ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬«—¥¡Ÿ≈§à“ ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ ·≈–Àπ’ È π‘ ¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’¥«â ¬Õ—µ√“¿“…’∑§’Ë “¥«à“®–µâÕß„™â „πß«¥ ∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‰¥â√—∫ª√–‚¬™πå®“° ‘π∑√—æ¬åÀ√◊Õ®–µâÕß®à“¬™”√– Àπ’È ‘π °“√«—¥ ¡Ÿ≈§à“Àπ’È ‘π¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’·≈– ‘π∑√—æ¬å¿“…’ ‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ –∑âÕπ„Àâ‡ÀÁπ∂÷ßº≈∑“ß¿“…’∑’Ë®–‡°‘¥¢÷Èπµ“¡≈—°…≥–∑’Ë ∫√‘ …— ∑ ·≈–∫√‘ …— ∑ ¬à Õ ¬§“¥«à “ ®–‰¥â √— ∫ ª√–‚¬™πå ® “°√“§“µ“¡∫— ≠ ™’ ¢ Õß ‘π∑√—æ¬å·≈–®à“¬™”√–√“§“µ“¡∫—≠™’¢ÕßÀπ’È ‘π ≥ «—π∑’Ë „πß∫¥ÿ≈

Deferred Income Tax The income tax charge is based on profit for the year and considers deferred taxation. Deferred income taxes reflect the net tax effects of temporary differences between the tax basis of an asset or liability and its carrying amount in the balance sheet. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Company and subsidiary companies expect, at the balance sheet date, to recover or settle the carrying amount of their assets and liabilities.

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’‡¡◊ËÕ¡’§«“¡ ‡ªìπ‰ª‰¥â«à“°”‰√∑“ß¿“…’¡’‡æ’¬ßæÕµàÕ°“√„™âª√–‚¬™πå¢Õß ‘π∑√—æ¬å¿“…’ ‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ ≥ «—π∑’Ë „πß∫¥ÿ≈ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âª√–‡¡‘π ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’∑’Ë‰¡à ‰¥â√—∫√Ÿâ „À¡à ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ √—∫√Ÿâ ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’∑’Ë‰¡à ‰¥â√—∫√Ÿâ „πÕ¥’µ‡∑à“°—∫®”π«π∑’Ë æ∫«à“¡’§«“¡‡ªìπ ‰ª‰¥â§àÕπ¢â“ß·πàπÕπ∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‰¥â√—∫ ª√–‚¬™πå®“° ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’π—Èπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≈¥¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’≈ß¥â«¬®”π«π∑’Ë ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬æ‘®“√≥“·≈â«‡ÀÁπ«à“¡’§«“¡πà“®–‡ªìπ‰¡à∂÷ß√–¥—∫§«“¡ ‡ªìπ ‰ª‰¥â§àÕπ¢â“ß·πàÕ’°µàÕ‰ª∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–¡’°”‰√∑“ß¿“…’ ‡æ’¬ßæÕ∑’®Ë –π” ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’∑ß—È À¡¥À√◊Õ∫“ß à«π¡“„™â

Deferred tax assets are recognized when it is probable that sufficient taxable profits will be available against which the deferred tax assets can be utilized. At each balance sheet date, the Company and subsidiary companies re-assess unrecognized deferred tax assets. The Company and subsidiary companies recognize a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The Company and subsidiary companies conversely reduce the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

°“√‡™à“ ‘π∑√—æ¬å °“√‡™à“ ‘π∑√—æ¬å´ß÷Ë §«“¡‡ ’¬Ë ß·≈–°√√¡ ‘∑∏‘¢Ï Õß ‘π∑√—æ¬å∑‡’Ë ™à“‡ªìπ¢ÕßºŸâ „Àâ ‡™à“ ‰¥â®—¥ª√–‡¿∑‡ªìπ°“√‡™à“¥”‡π‘πß“π §à“‡™à“∑’Ë®à“¬¿“¬„µâ°“√‡™à“¥”‡π‘π ß“π‰¥â∫—π∑÷°‡ªìπ§à“„™â®à“¬Õ¬à“ß‡ªìπ√–∫∫¿“¬„µâÕ“¬ÿ —≠≠“‡™à“

Leases Lease of assets under which all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases. Lease payments under an operating lease are recognized as expense on a systematic basis over the lease term.

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¬“πæ“Àπ–µ“¡ —≠≠“‡™à“°“√‡ß‘π‡ªìπ ‘π∑√—æ¬å ·≈–Àπ’È ‘π¥â«¬®”π«π‡∑à“°—∫√“§“ ¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑’Ë‡™à“ ≥ «—π‡√‘Ë¡ µâπ¢Õß —≠≠“‡™à“ À√◊Õ¡Ÿ≈§à“ªí®®ÿ∫—π¢Õß®”π«π‡ß‘π¢—ÈπµË”∑’ËµâÕß®à“¬µ“¡ —≠≠“‡™à“·≈â«·µà®”π«π„¥®–µË”°«à“ ´÷Ëß„™âÕ—µ√“¥Õ°‡∫’È¬µ“¡ —≠≠“‡™à“ ”À√—∫°“√§‘¥≈¥‡æ◊ËÕ§”π«≥¡Ÿ≈§à“ªí®®ÿ∫—π¢Õß®”π«π‡ß‘π¢—ÈπµË”∑’ËµâÕß®à“¬ µ“¡ —≠≠“‡™à“ ‚¥¬¥Õ°‡∫’È¬®à“¬®–∂Ÿ°∫—π∑÷°µ“¡ß«¥µà“ßÊ µ≈Õ¥Õ“¬ÿ —≠≠“‡™à“µ“¡¬Õ¥§ß‡À≈◊Õ¢ÕßÀπ’È ‘πµ“¡ —≠≠“‡™à“„π·µà≈–ß«¥

The Company and subsidiary companies record transportation equipment under financial lease, as asset and liability in the balance sheet at amount equal to the fair value of such asset at the inception of the contract or, if lower, at the present value of the minimum payments. In calculating the present value of the minimum payments, the discount factor used is the interest rate implicit in the contract. The interest charge is recorded to periods during the term based on the remaining balance of the liability of each period.

∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬µ—¥∫—≠™’§“à ∏√√¡‡π’¬¡‡°’¬Ë «°—∫‡ß‘π°Ÿ√â Õ°“√µ—¥∫—≠™’ ‚¥¬ Deferred loan fees are amortized by the straight-line basis over the period of the credit agreement of 14 years. «‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ —≠≠“‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«‡ªìπ√–¬–‡«≈“ 14 ªï °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–ª√–‡¡‘π°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’‡Àµÿ°“√≥å À√◊Õ¡’°“√‡ª≈’¬Ë π·ª≈ß ¿“æ°“√≥å∑∑’Ë ”„Àâ‡°‘¥¢âÕ∫àß™’«È “à ¡Ÿ≈§à“∑’§Ë “¥«à“®–‰¥â √—∫§◊π¢Õß ‘π∑√—æ¬å¡’®”π«πµË”°«à“¡Ÿ≈§à“∑’Ë∫—π∑÷°∫—≠™’‰«â ¢“¥∑ÿπ®“°°“√ ¥âÕ¬§à“∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®– ∫—π∑÷°°≈—∫∫—≠™’√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡ªìπ√“¬‰¥â

‡¡◊ËÕ¢âÕ∫àß™’È‡°’Ë¬«°—∫°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ª À√◊Õ¢“¥∑ÿπ ®“°°“√¥âÕ¬§à“¡’®”π«π≈¥≈ß ®”π«π‡ß‘π∑’Ë°≈—∫√“¬°“√®–µâÕß‰¡à Ÿß°«à“ ¡Ÿ≈§à“µ“¡∫—≠™’ ( ÿ∑∏‘®“°§à“‡ ◊ÕË ¡√“§“À√◊Õ√“¬®à“¬µ—¥∫—≠™’) ∑’§Ë «√‡ªìπÀ“° ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à‡§¬√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬åπ—Èπ „πß«¥°àÕπÊ Õ¬à“ß‰√°Áµ“¡ ∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬‰¡à¡º’ ≈¢“¥∑ÿπ®“°°“√¥âÕ¬ §à“¢Õß ‘π∑√—æ¬å „π√–À«à“ßªï

Impairment of Assets Assets are reviewed for impairment whenever events or changes in circumstances indicate that the recoverable amount of assets is below their carrying amount. An impairment loss is recognized as an expense in the statement of income. A reversal of impairment loss is recognized as income when there is an indication that the impairment loss recognized for the asset no longer exists or to be decreased.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 106 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 107

Ratchaburi Electricity Generating Holding Public Company Limited

√“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» √“¬°“√∫—≠™’∑‡’Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑»„π√–À«à“ßªï‰¥â∫π— ∑÷°‰«â „π∫—≠™’‚¥¬„™â Õ—µ√“·≈°‡ª≈’Ë¬π´÷Ëß„°≈â‡§’¬ß°—∫Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π ∑√—æ¬å·≈–Àπ’ È π‘ ∑’‡Ë ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë „πß∫¥ÿ≈ ‰¥â·ª≈ß§à“‡ªìπ ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß∏π“§“√ ≥ «—ππ—Èπ °”‰√À√◊Õ¢“¥∑ÿπ®“° °“√·ª≈ß§à“∫—π∑÷°‡ªìπ√“¬‰¥âÀ√◊Õ§à“„™â®à“¬„π°“√¥”‡π‘πß“π¢Õßªï

Foreign Currency Transactions Transactions in foreign currencies throughout the years are recorded at rates which approximate current rates prevailing at the date of transactions. The balances of assets and liabilities denominated in foreign currencies at the balance sheet dates are translated into Baht at the exchange rates prevailing at those dates. Gains or losses from translation are credited or charged to operations.

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘¥â«¬®”π«πÀÿâπ∑’Ë¡’Õ¬Ÿà „π√–À«à“ßªï∂«— ‡©≈’¬Ë ∂à«ßπÈ”Àπ—° (1,450,000,000 Àÿπâ „πªï 2545 ·≈– 2544)

Basic Earnings per Share Basic earnings per share is determined by dividing the net income by the weighted average number of shares outstanding during the years (1,450,000,000 shares in 2002 and 2001).

4. √“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

4. RELATED PARTY TRANSACTIONS

∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬¡’√“¬°“√∫—≠™’°∫— °‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π‡ªìπ®”π«π¡“° ‘π∑√—æ¬å Àπ’ È π‘ √“¬‰¥â µâπ∑ÿπ·≈– §à“„™â®“à ¬ à«π„À≠à¢Õß∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬‡°‘¥¢÷Èπ°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¥—ß°≈à“« °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡À≈à“π’È ‡°’Ë¬«¢âÕß°—π‚¥¬°“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ°√√¡°“√√à«¡°—π º≈¢Õß√“¬°“√ ¥—ß°≈à“«´÷Ëß‡ªìπ√“¬°“√ª°µ‘∏ÿ√°‘®‡ ¡◊Õπ‡ªìπ√“¬°“√∑’Ë°√–∑”°—∫∫ÿ§§≈ ¿“¬πÕ°‰¥â√«¡‰«â „πß∫°“√‡ß‘π·≈â«

The Company and subsidiary companies have extensive transactions with their related parties. A significant portion of the Companyûs and subsidiary companiesû assets, liabilities, revenues, costs and expenses arose from transactions with said related parties. These related parties are related through common shareholdings and/or directorships. The effects of these transactions, which are in the normal course of business on an armûs-length basis, are reflected in the accompanying financial statements.

√“¬°“√°—∫∫√‘…—∑¬àÕ¬·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π∑’Ë¡’ “√– ”§—≠ ”À√—∫·µà≈– Significant transactions with its subsidiary and related parties for the years ended December 31, 2002 and 2001 were as follows: ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’¥—ßµàÕ‰ªπ’È

π‚¬∫“¬°“√°”Àπ¥√“§“ Policy of Pricing √“¬‰¥â/Revenues - ¢“¬ µ“¡∑’Ëµ°≈ß‰«â „π —≠≠“ Sales Negotiated agreement - ‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“ µ“¡∑’Ëµ°≈ß‰«â „π —≠≠“ Compensation for late Negotiated agreement transfer of power plant - ‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß √–∫∫‡º“‰À¡â ‚√ß‰øøÑ“ µ“¡∑’Ëµ°≈ß‰«â „π —≠≠“ Compensation for combustion Negotiated agreement system improvement - √“¬‰¥â§“à ∫√‘°“√ µ“¡∑’Ëµ°≈ß‰«â „π —≠≠“ Management service income Negotiated agreement µâπ∑ÿπ·≈–§à“„™â®à“¬/Costs and Expenses - §à“πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß √“§“µ≈“¥ Cost of fuel oil Market price - §à“‰øøÑ“ √“§“µ≈“¥ Cost of electricity Market price - §à“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“ µ“¡∑’Ëµ°≈ß‰«â „π —≠≠“ Operation and Negotiated agreement maintenance expenses - §à“∫√‘À“√®—¥°“√√–∫∫ ‘Ëß·«¥≈âÕ¡ µ“¡∑’Ëµ°≈ß‰«â „π —≠≠“ Environmental system Negotiated agreement management fee - ¥Õ°‡∫’¬È ®à“¬ Õ—µ√“¥Õ°‡∫’È¬µ≈“¥ Interest expense Market interest rate

æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 27,493,217

17,422,697

322,302

353,720

132,110 -

195,131

583,195

1,064,095

6,116

101,917

74,211

584,762

546,290

3,143

1,150

103,875

58,660

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 108 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Balances of receivables from and payables to subsidiary and related parties as at December 31, 2002 and 2001 were as follows: æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’·È ≈–‡®â“Àπ’∫È √‘…∑— ¬àÕ¬·≈–°‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’¥—ßµàÕ‰ªπ’È

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Trade receivable from related party - °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand ‡ß‘π≈à«ßÀπâ“·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Advance to and other receivable from related party - °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand ‡ß‘π≈à«ßÀπâ“·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Advance to related party - °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand ≈Ÿ°Àπ’È°“√§â“√–¬–¬“«°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Long-term trade receivable from related party - °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand ‡ß‘π√—∫≈à«ßÀπâ“·≈–‡®â“Àπ’ÈÕ◊Ëπ∫√‘…—∑¬àÕ¬ ·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Advance from and other payable to subsidiary and related party - ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Company Limited - °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ Electricity Generating Authority of Thailand √«¡/Total ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«®“°°‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π (À¡“¬‡Àµÿ 13) Long-term loans from related party (Note 13) - ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) Thai Military Bank Public Company Limited À—° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Less portion due within one year ÿ∑∏‘/Net

6,409,957

2,817,005

20,352

185,610

400,000

41,643

194,398

21,377 21,377

33,784 33,784

427 427

3 194,401

2,519,469

773,472

(138,118 ) 2,381,351

( 32,551) 740,921

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ≈Ÿ°Àπ’È°“√§â“¬—ßÕ¬Ÿà „π°”Àπ¥√–¬– ‡«≈“°“√™”√–∑—ÈßÀ¡¥

As at December 31, 2002 and 2001, trade receivable from related party is current.

‡ß‘π√—∫≈à«ßÀπâ“®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â·°à ¬Õ¥§ß‡À≈◊Õ¢Õß ‡ß‘π√—∫≈à«ßÀπâ“®“°∫√‘…—∑¬àÕ¬ ”À√—∫ §à“∫√‘°“√‡ªìπ‡«≈“ 18 ‡¥◊Õπ ¿“¬„µâ —≠≠“°“√„Àâ∫√‘°“√ (Provision of Management Services) ≈ß«—π∑’Ë 20 µÿ≈“§¡ 2543 ´÷Ëß‰¥âµ—¥®”Àπà“¬À¡¥·≈â«„π‡¥◊Õπ‡¡…“¬π 2545

Advance from Ratchaburi Electricity Generating Company Limited represented the outstanding balance of advance received from the subsidiary company for the management service fee for a period of 18 months under the Provision of Management Services Agreement dated October 20, 2000. The balance was fully amortized in April 2002.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 109

Ratchaburi Electricity Generating Holding Public Company Limited

‡ß‘π≈à«ßÀπâ“·°à°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ‰¥â·°à ‡ß‘π®à“¬ ≈à«ßÀπâ“ ”À√—∫√–∫∫¢π àßπÈ”¡—π‡µ“®”π«π‡ß‘π 400 ≈â“π∫“∑ (´÷ßË ‡ªìπ à«π Àπ÷ßË ¢Õß√“§“∑√—æ¬å π‘ ∑—ßÈ ‘πÈ ®”π«π‡ß‘π√«¡ 30,472 ≈â“π∫“∑ ‚¥¬‰¥â¡°’ “√ ‚Õπ·≈â«‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543) ∑—Èßπ’È °øº. ¬—ß‰¡à∑”°“√°àÕ √â“ß„Àâ·°à ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ Õ¬à“ß‰√°Áµ“¡ °øº. ‰¥â ¥”‡π‘π°“√®—¥À“∑’Ë¥‘π·≈–®â“ß∑’Ëª√÷°…“‡æ◊ËÕ»÷°…“º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡ ‡√’¬∫√âÕ¬·≈â« ·≈–°”≈—ß§—¥‡≈◊Õ°ºŸâ√—∫‡À¡“°àÕ √â“ß‡æ◊ËÕ°àÕ √â“ß√–∫∫¢π àß πÈ”¡—π‡µ“„Àâ·≈â«‡ √Á®·≈– àß¡Õ∫„Àâ·°à∫√‘…—∑¬àÕ¬µàÕ‰ª

Advance to Electricity Generating Authority of Thailand (EGAT) represented advance payment for the fuel oil handling system amounting to Baht 400 million (a part of the assets totalling Baht 30,472 million that were transferred on October 31, 2000). EGAT has not constructed the project for Ratchaburi Electricity Generating Company Limited a subsidiary company. However EGAT has already acquire land, and hired consultant for conducting a study of environment impact evaluation, and is selecting construction contractor, in order to construct the fuel oil handling system and hand over to the subsidiary company.

5. ‘π∑√—æ¬å∑’Ë®”π”À√◊Õ®”πÕß‰«â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π

5. ASSETS PLEDGED/MORTGAGED AS COLLATERALS

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‘π∑√—æ¬åµàÕ‰ªπ’È¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â®”π”À√◊Õ ®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§È” ª√–°—π ‘π‡™◊ÕË ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«µ“¡∑’°Ë ≈à“«‰«â „πÀ¡“¬‡Àµÿ 8, 9, 10 ·≈– 13 °) ‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π®”π«π‡ß‘π√«¡ 85.6 ≈â“π∫“∑ ¢) ‡ß‘π≈ß∑ÿπ√–¬– —πÈ „πµ—«Î —≠≠“„™â‡ß‘π®”π«π‡ß‘π√«¡ 1,503.5 ≈â“π∫“∑ §) ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î«·≈°‡ß‘π®”π«π‡ß‘π√«¡ 1,706.7 ≈â“π∫“∑ ß) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î« —≠≠“„™â‡ß‘π®”π«π‡ß‘π√«¡ 531.8 ≈â“π∫“∑ ®) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π®”π«π‡ß‘π√«¡ 672.5 ≈â“π∫“∑ ©) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ®”π«π‡ß‘π√«¡ 343.8 ≈â“π∫“∑ ™) ∑’¥Ë π‘ ‚√ß‰øøÑ“ Õ“§“√·≈– ‘ßË ª≈Ÿ° √â“ß∑—ßÈ À¡¥´÷ßË ¡’¡≈Ÿ §à“µ“¡∫—≠™’ ∑ÿ ∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ®”π«π‡ß‘π√«¡ 52,705.6 ≈â“π∫“∑

As at December 31, 2002, the following assets of Ratchaburi Electricity Generating Company Limited, a subsidiary company, are either pledged or mortgaged as collaterals for long-term loan credit facilities as discussed in Notes 8, 9, 10 and 13. a) Deposits at financial institutions totalling Baht 85.6 mil ion b) Short-term investments in promissory notes totalling Baht 1,503.5 mil ion. c) Short-term investments in bil s of exchange totalling Baht 1,706.7 mil ion. d) Long-term investments in promissory notes totalling Baht 531.8 mil ion. e) Long-term investments in bil s of exchange totalling Baht 672.5 mil ion. f ) Long-term investments in debentures totalling Baht 343.8 mil ion. g) All of the land, power plant, buildings and structures with net book value as at December 31, 2002 totalling Baht 52,705.6 mil ion.

6. «— ¥ÿ§ß‡À≈◊Õ

6. SUPPLIES

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 «— ¥ÿ§ß‡À≈◊Õ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¡’¥—ßµàÕ‰ªπ’È

As at December 31, 2002 and 2001, supplies of Ratchaburi Electricity Generating Company Limited, a subsidiary company, consisted of:

æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ The Company Only √“§“∑ÿπ √“§“µ“¡«‘∏’ à«π‰¥â‡ ’¬ Cost Value Equity Value 2545/2002 2544/2001 2545/2002 2544/2001

ª√–‡¿∑ ≈—°…≥– ∂◊ÕÀÿâπ ¢Õß∏ÿ√°‘® §«“¡ —¡æ—π∏å √âÕ¬≈– Type of Type of Percentage Business Relation of Ownership ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ º≈‘µ‰øøÑ“ ∂◊ÕÀÿâπ Ratchaburi Electricity Generating Electricity Shareholding 100 18,275,000 Co., Ltd. Generating ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ≈ß∑ÿπ ∂◊ÕÀÿâπ Ratchaburi Energy Co., Ltd. Investment Shareholding 100 10,000 √«¡ Total

864,505

560,673

414,012

233,189

92,445 1,370,962

793,862

21,891,026

18,829,329

10,000

5,263

9,588

21,896,289

18,838,917

In 2002, Ratchaburi Electricity Generating Company Limited, a subsidiary company, increased authorized share capital from Baht 16,000 million (divided into 1,600,000,000 shares at Baht 10 par value) to Baht 18,275 million (divided into 1,827,500,000 shares at Baht 10 par value). Moreover, the Company had dividend income from such subsidiary company of Baht 3,887.9 million, which comprised of 2001 annual dividend of Baht 2,687.9 million and 2002 interim dividend of Baht 1,200 million.

8. ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π - √“§“∑ÿπµ—¥®”Àπà“¬

8. LONG-TERM INVESTMENTS IN BILLS OF EXCHANGE - At Amortized Cost

æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 à«π∑’Ë‰¡à‰¥â§È”ª√–°—π/Non-Pledged µ—Î«·≈°‡ß‘π Bill of exchange À—° ¥Õ°‡∫’È¬√Õµ—¥∫—≠™’ Less deferred interest À—° à«π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï Less portion due within one year ÿ∑∏‘/Net à«π∑’Ë§È”ª√–°—π/Pledged µ—Î«·≈°‡ß‘π Bills of exchange À—° ¥Õ°‡∫’È¬√Õµ—¥∫—≠™’ Less deferred interest À—° à«π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï Less portion due within one year ÿ∑∏‘/Net

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 110 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

16,000,000

„πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â‡æ‘Ë¡∑ÿπ®¥ ∑–‡∫’¬π®“° 16,000 ≈â“π∫“∑ (·∫àß‡ªìπ 1,600,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ 18,275 ≈â“π∫“∑ (·∫àß‡ªìπ 1,827,500,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) πÕ°®“°π—Èπ ∫√‘…—∑¡’√“¬‰¥â‡ß‘πªíπº≈®“°∫√‘…—∑¬àÕ¬¥—ß°≈à“« ®”π«π‡ß‘π 3,887.9 ≈â“π∫“∑ ´÷ßË ª√–°Õ∫¥â«¬‡ß‘πªíπº≈ª√–®”ªï 2544 ®”π«π ‡ß‘π 2,687.9 ≈â“π∫“∑ ·≈–‡ß‘πªíπº≈√–À«à“ß°“≈ªï 2545 ®”π«π‡ß‘π 1,200 ≈â“π∫“∑

æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 Õ–‰À≈à ‚√ß‰øøÑ“ Spare parts of power plant πÈ”¡—π‡™◊ÕÈ ‡æ≈‘ß Fuel oil Õ–‰À≈à√–À«à“ß∑“ß Spare parts in transit √«¡/Total

7. INVESTMENTS IN SHARES OF SUBSIDIARY COMPANIES - At Equity Method

7. ‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬ - «‘∏’ à«π‰¥â‡ ’¬

10,000

( 26) 9,974

( 26 ) 9,974

( 9,974) -

( 460) 9,540 9,540

695,000

48,000

( 22,519) 672,481

( 4,054 ) 43,946

( 46,903) 625,578

43,946

( 9,974 ) -

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 111

Ratchaburi Electricity Generating Holding Public Company Limited

‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π à«π∑’Ë ‰¡à ‰¥â§È”ª√–°—π¥—ß°≈à“«¢Õß∫√‘…—∑ ‚¥¬ ∂“∫—π°“√‡ß‘π„πª√–‡∑» ·ÀàßÀπ÷Ëß ´÷ËßºŸâ∫√‘À“√µ—Èß„®®–∂◊Õ‰«â®π§√∫ °”Àπ¥ µ—Î«·≈°‡ß‘ππ’È¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.75 µàÕªï ·≈–¡’°”Àπ¥ ‰∂à∂Õπ§◊π„π«—π∑’Ë 23 ¡°√“§¡ 2546

Long-term investment in the Companyûs non-pledged bill of exchange was issued by a local financial institution which management intends to hold to maturity. This bill of exchange bears interest at the rate of 4.75% per annum and is redeemable on January 23, 2003.

‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—«Î ·≈°‡ß‘π à«π∑’§Ë È”ª√–°—π¥—ß°≈à“«¢Õß∫√‘…∑— º≈‘µ‰øøÑ“ √“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ÕÕ°‚¥¬ ∂“∫—π°“√‡ß‘π„πª√–‡∑» “¡·Ààß ´÷ËßºŸâ∫√‘À“√µ—Èß„®®–∂◊Õ‰«â®π§√∫°”Àπ¥ µ—Î«·≈°‡ß‘π‡À≈à“π’È¡’Õ—µ√“¥Õ°‡∫’È¬ √âÕ¬≈– 3 ∂÷ß√âÕ¬≈– 4.625 µàÕªï ·≈–¡’°”Àπ¥‰∂à∂Õπ§◊π„π«—π∑’Ë·µ°µà“ß °—πµ—Èß·µà‡¥◊Õπ°√°Æ“§¡ 2546 ∂÷ß‡¥◊Õπæƒ»®‘°“¬π 2550

Long-term investments in pledged bills of exchange of Ratchaburi Electricity Generating Company Limited, a subsidiary company, were issued by three local financial institutions, which management intends to hold to maturity. These bills of exchange bear interest at the rate of 3% to 4.625% per annum and are redeemable on the varying dates from July 2003 to November 2007.

‡ß‘π≈ß∑ÿπ„πµ—Î«·≈°‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«¢â“ßµâπ‰¥â „™â‡ªìπÀ≈—°∑√—æ¬å §È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â „πÀ¡“¬‡Àµÿ 5 ·≈– 13

The above investments in bills of exchange of subsidiary company are pledged as collateral for long-term loans as discussed in Notes 5 and 13.

9. ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ - √“§“∑ÿπ 9. LONG-TERM INVESTMENTS IN HELD-TO-MATURITY DEBENTURES - At Amortized Cost µ—¥®”Àπà“¬ æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 Àÿπâ °Ÿ/â Debentures - §√∫°”Àπ¥‰¡à‡°‘π 1 ªï Due within 1 year - §√∫°”Àπ¥¡“°°«à“ 1 ªï ∂÷ß 5 ªï Due over 1 year to 5 years - §√∫°”Àπ¥¡“°°«à“ 5 ªï ¢÷Èπ‰ª Due over 5 years √«¡/Total ∫«° (À—°) ¥Õ°‡∫’È¬√Õµ—¥®à“¬ Add (Less) deferred interest À—° à«π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï - ÿ∑∏‘®“°¥Õ°‡∫’È¬√Õµ—¥®à“¬ Less portion due within one year - net of deferred interest ÿ∑∏‘/Net

21,123

10,000

305,998

70,000

7,984 335,105

80,000

8,741 343,846

( 21,696) 322,150

( 756) 79,244

( 9,706) 69,538

‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ¥—ß°≈à“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß ‡ªìπ∫√‘…—∑¬àÕ¬ÕÕ°‚¥¬∫√‘…—∑„πª√–‡∑» Õß·Ààß ´÷ËßºŸâ∫√‘À“√µ—Èß„®®–∂◊Õ‰«â ®π§√∫°”Àπ¥ Àÿâπ°Ÿâπ’È¡’Õ—µ√“¥Õ°‡∫’È¬∑’Ë°”Àπ¥‰«â√âÕ¬≈– 3.65 ∂÷ß√âÕ¬≈– 11.5625 µàÕªï (Õ—µ√“¥Õ°‡∫’È¬∑’Ë·∑â®√‘ß√âÕ¬≈– 3.39 ∂÷ß√âÕ¬≈– 4.89 µàÕªï) ·≈–¡’°”Àπ¥‰∂à∂Õπ§◊π„π«—π∑’Ë·µ°µà“ß°—πµ—Èß·µà‡¥◊Õπ°—π¬“¬π 2545 ∂÷ß ‡¥◊Õπ¡‘∂ÿπ“¬π 2554

Long-term investments in debentures of Ratchaburi Electricity Generating Company Limited, a subsidiary company, were issued by two local companies, which management intends to hold to maturity. These debentures bear interest at the coupon rate of 3.65% to 11.5625% per annum (effective rate of 3.39% to 4.89% per annum) and are redeemable on the varying dates from September 2002 to June 2011.

‡ß‘π≈ß∑ÿπ„πÀÿâπ°Ÿâ¥—ß°≈à“«¢â“ßµâπ‰¥â „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«µ“¡∑’Ë°≈à“«‰«â „πÀ¡“¬‡Àµÿ 5 ·≈– 13

The above investments in debentures are pledged as collaterals for long-term loans as discussed in Notes 5 and 13.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 112 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

10.PROPERTY, PLANT AND EQUIPMENT - Net

10.∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘

æ—π∫“∑/In Thousand Baht ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2545 Balance as at January 1, 2002

√“§“∑ÿπ/At Cost ∑’Ë¥‘π Land ‚√ß‰øøÑ“ Power plant Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä Equipment for Combined Cycle Power Plant Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß Buildings and structures ‡§√◊ÕË ßµ°·µàß µ‘¥µ—ßÈ ·≈–‡§√◊ÕË ß„™â ”π—°ß“π Furniture, fixtures and office equipment ¬“πæ“Àπ– Vehicles Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä √–À«à“ß∑“ß Equipment for Combined Cycle Power Plant in transit ‡§√◊ËÕß®—°√√–À«à“ßµ‘¥µ—Èß Machinery under installation √«¡√“§“∑ÿπ/Total Cost §à“‡ ◊ÕË ¡√“§“ – ¡ Accumulated Depreciation ‚√ß‰øøÑ“ Power plant Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä Equipment for Combined Cycle Power Plant Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß Buildings and structures ‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“π Furniture, fixtures and office equipment ¬“πæ“Àπ– Vehicles √«¡§à“‡ ◊ËÕ¡√“§“ – ¡ Total Accumulated Depreciation ÿ∑∏‘/Net

720,974

ß∫°“√‡ß‘π√«¡/Consolidated ‡æ‘Ë¡¢÷Èπ ≈¥≈ß Addition Deduction

720,974

21,098,094

49,206,328

5,465,856

470,231

303

470,534

92,469

9,165

101,634

28,908

12,650

41,558

463,293

11,192 29,432,008

866 27,050,227

12,058 56,482,235

1,334,478

1,596,847

2,931,325

175,243

27,546

24,025

51,571

11,830

19,193

31,023

7,538

6,420

13,958

1,381,392 28,050,616

1,821,728

3,203,120 53,279,115

28,108,234 -

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 Balance as at December 31, 2002

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 113

Ratchaburi Electricity Generating Holding Public Company Limited

æ—π∫“∑/In Thousand Baht ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 1 ¡°√“§¡ 2545 Balance as at January 1, 2002

√“§“∑ÿπ/At Cost ‡§√◊ÕË ßµ°·µàßµ‘¥µ—ßÈ ·≈–‡§√◊ÕË ß„™â ”π—°ß“π Furniture, fixtures and office equipment ¬“πæ“Àπ– Vehicles √«¡√“§“∑ÿπ/Total Cost §à“‡ ◊ÕË ¡√“§“ – ¡ Accumulated Depreciation ‡§√◊ÕË ßµ°·µàßµ‘¥µ—ßÈ ·≈–‡§√◊ÕË ß„™â ”π—°ß“π Furniture, fixtures and office equipment ¬“πæ“Àπ– Vehicles √«¡§à“‡ ◊ËÕ¡√“§“ – ¡ Total Accumulated Depreciation ÿ∑∏‘/Net

77,931

ß∫°“√‡ß‘π√«¡/Consolidated ‡æ‘Ë¡¢÷Èπ ≈¥≈ß Addition Deduction

3,253

17,553 95,484

2,412 5,665

9,311

15,835

4,698

3,852

14,009 81,475

19,687

µ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 17 °. „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â√—∫‚Õπ°√√¡ ‘∑∏‘Ï „π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1, 2 ·≈– 3 ‚¥¬°“√®à“¬‡ß‘π„Àâ·°à °øº. ®”π«π‡ß‘π√«¡ 26,300 ≈â“π ∫“∑

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 Balance as at December 31, 2002

25,146

8,550

33,696 67,453

As discussed in Note 17 a, in 2002, the titte of the Combined Cycle Generating units of Ratchaburi Power Plant was transferred from EGAT to Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, for Blocks 1, 2 and 3 with payment totaling Baht 26,300 million.

∑’Ë¥‘π ‚√ß‰øøÑ“ Õ“§“√ ·≈– ‘Ëßª≈Ÿ° √â“ß∑—ÈßÀ¡¥¢Õß∫√‘…—∑¬àÕ¬ ´÷Ëß¡’¡Ÿ≈§à“ µ“¡∫—≠™’ ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π‡ß‘π√«¡ 52,705.6 ≈â“π∫“∑ ‰¥â®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë °≈à“«‰«â „πÀ¡“¬‡Àµÿ 5 ·≈– 13

All of a subsidiary companyûs land, power plant, buildings and structures, which have net book value as at December 31, 2002 totalling Baht 52,705.6 million, are mortgaged as collateral for longterm loans as discussed in Notes 5 and 13.

11.DEFERRED LOAN FEES æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 464,881

504,167

171,076 635,957

185,533 689,700

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 114 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

12.¿“…’‡ß‘π‰¥â

12.INCOME TAX æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001

19,965 101,149

Depreciation, which was charged to the statements of income of the Company only, for the years ended December 31, 2002 and 2001 amounted to Baht 19.7 million and Baht 12.7 million, respectively. Depreciation, which was charged to the consolidated statements of income, for the years ended December 31, 2002 and 2001 amounted to Baht 1,821.7 million and Baht 1,182.1 million, respectively.

§à“∏√√¡‡π’¬¡‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’ Deferred up-front fee §à“∏√√¡‡π’¬¡°“√®—¥À“‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’ Deferred debt arrangement fee √«¡/Total

On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, recognized up-front fee and debt arrangement fee of Baht 44,000 million of loan, amounting to Baht 550 million and Baht 202.4 million, respectively as deferred expense and amortized over the term of the credit agreement of 14 years.

81,184

§à“‡ ◊ÕË ¡√“§“∑’∫Ë π— ∑÷°‰«â „πß∫°”‰√¢“¥∑ÿπ‡©æ“–∫√‘…∑— ”À√—∫·µà≈–ªï π‘È ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 19.7 ≈â“π∫“∑ ·≈– 12.7 ≈â“π∫“∑ µ“¡≈”¥—∫ §à“‡ ◊ÕË ¡√“§“´÷ßË ∫—π∑÷°‰«â „πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ ·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 1,821.7 ≈â“π∫“∑ ·≈– 1,182.1 ≈â“π∫“∑ µ“¡≈”¥—∫

11.§à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’

‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑ ¬àÕ¬∫—π∑÷°§à“∏√√¡‡π’¬¡‡ß‘π°Ÿâ·≈–§à“∏√√¡‡π’¬¡ °“√®—¥À“‡ß‘π°Ÿâ¢Õß«ß‡ß‘π °Ÿâ√–¬–¬“« 44,000 ≈â“π∫“∑ ‡ªìπ‡ß‘π 550 ≈â“π∫“∑ ·≈– 202.4 ≈â“π∫“∑ µ“¡≈”¥—∫ ‡ªìπ√“¬®à“¬√Õ°“√µ—¥∫—≠™’·≈–µ—¥®à“¬µ“¡Õ“¬ÿ —≠≠“‡ß‘π°Ÿâ √–¬–¬“«‡ªìπ‡«≈“ 14 ªï

¿“…’‡ß‘π‰¥â ”À√—∫ªï (∑“ß¿“…’) Current income tax for the year (tax base) ∫«° ¿“…’‡ß‘π‰¥â√Õµ—¥∫—≠™’ Add deferred income tax ¿“…’‡ß‘π‰¥â (∑“ß∫—≠™’) Income tax (Accounting base)

202,929

228,968

20,241

99,184

59,481

48,535

202,929

288,449

20,241

147,719

¿“…’‡ß‘π‰¥â√Õµ—¥∫—≠™’ ”À√—∫ªï 2544 ‡°‘¥®“°§«“¡·µ°µà“ß™—Ë«§√“«„π°“√ ∫—π∑÷°¢“¥∑ÿπ – ¡∑“ß¿“…’¬°¡“

The deferred income tax for the year 2001 pertained to temporary difference of tax loss carryforwards.

13.‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

13.LONG-TERM LOANS æ—π∫“∑/In Thousand Baht 2545/2002 °‘®°“√ ∑’‡Ë °’¬Ë «¢âÕß°—π Related Party

‡ß‘π°Ÿâ√–¬–¬“« Long-term loans À—° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï Less portion due within one year ÿ∑∏‘ Net

∂“∫—π °“√‡ß‘πÕ◊πË Other Financial Institutions

2544/2001 °‘®°“√ ∂“∫—π ∑’‡Ë °’¬Ë «¢âÕß°—π °“√‡ß‘πÕ◊πË Related Party Other Financial Institutions

2,519,469

38,374,129

773,472

17,489,065

( 138,118)

( 2,103,788 )

( 32,551)

( 736,009)

2,381,351

36,270,341

740,921

16,753,056

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“‡ß‘π°Ÿâ °ÿ≈‡ß‘π ∫“∑°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß ‡¡◊ÕË «—π∑’Ë 9 µÿ≈“§¡ 2543 «ß‡ß‘π 44,000 ≈â“π∫“∑ «ß‡ß‘π°Ÿâ¥—ß°≈à“«ª√–°Õ∫¥â«¬

Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into long-term loan agreement in Thai Baht with several banks and financial institutions to borrow credit facilities of Baht 44,000 million on October 9, 2000. The loans consist of:

°) ‡ß‘π°Ÿ√â –¬–¬“« ”À√—∫´◊ÕÈ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ÕË ß∑’Ë 1 ·≈– 2 ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 (Tranche A) ®”π«π 42,500 ≈â“π∫“∑ ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«‡∑à“°—∫§à“ ‡©≈’Ë¬¢Õß Minimum Lending Rate (MLR) ¢Õß 4 ∏π“§“√‰¥â·°à ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) ∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“ ®”°—¥ (¡À“™π)

a) Long-term loan of Baht 42,500 million (Tranche A) is for the purchase of the Thermal Power Plant Units 1 and 2 and Combined Cycle Plant Blocks 1-3. It is subject to floating interest rate at the average Minimum Lending Rate (MLR) of 4 Banks, consisting of Krung Thai Bank PCL., Siam Commercial Bank PCL., Bangkok Bank PCL. and Bank of Ayudhya PCL.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 115

Ratchaburi Electricity Generating Holding Public Company Limited

‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π°Ÿâ‡√‘Ë¡µâπ®“° Tranche A1 ®”π«π‡ß‘π 18,475 ≈â“π∫“∑ ‡ß‘π°Ÿâπ’È¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬ 3 ‡¥◊Õπ √«¡ 53 ß«¥ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 28 °—π¬“¬π 2544 ·≈–¡’°”Àπ¥™”√–¥Õ°‡∫’È¬ ‡ªìπ√“¬‡¥◊Õπ ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π°Ÿâ §√—Èß∑’Ë Õß®“° Tranche A2 ®”π«π‡ß‘π 18,716 ≈â“π∫“∑ ‡ß‘π°Ÿâπ’È ¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬ 3 ‡¥◊Õπ √«¡ 52 ß«¥ ‡√‘Ë¡µ—Èß·µà «—π∑’Ë 28 ¡‘∂ÿπ“¬π 2545 ·≈–¡’°”Àπ¥™”√–¥Õ°‡∫’È¬‡ªìπ√“¬‡¥◊Õπ ·≈–‡¡◊ÕË «—π∑’Ë 1 æƒ»®‘°“¬π 2545 ∫√‘…∑— ‰¥â‡∫‘°‡ß‘π°Ÿ§â √—ßÈ ÿ¥∑â“¬®“° Tranche A3 ®”π«π‡ß‘π 5,246.5 ≈â“π∫“∑ ‡ß‘π°Ÿâ¬◊¡π’È¡’°”Àπ¥ ™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬ 3 ‡¥◊Õπ√«¡ 49 ß«¥‡√‘¡Ë µ—ßÈ ·µà«π— ∑’Ë 31 ∏—π«“§¡ 2545 ·≈–¡’°”Àπ¥™”√–¥Õ°‡∫’¬È ‡ªìπ√“¬‡¥◊Õπ ∑—ßÈ π’È ∫√‘…∑— ‰¥â „™â‡ß‘π ‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑®”π«π 62.5 ≈â“π∫“∑ ∑¥·∑π‡ß‘π °Ÿâ Tranche A3 ∑’Ë‡∫‘°‰¥â‰¡à§√∫«ß‡ß‘π°Ÿâ

On October 31, 2000, the Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, made the initial drawdown from Tranche A1 loan for the amount of Baht 18,475 million. The principal is repayable in 53 quarterly installments commencing from September 28, 2001 and interest is payable monthly. On April 18, 2002, the subsidiary company made the second drawdown from Tranche A2 loan for the amount of Baht 18,716 million. The principal is repayable in 52 quarterly installments commencing from June 28, 2002 and interest is payable monthly. And on November 1, 2002, the subsidiary company made the final drawdown from Tranche A3 loan for the amount of Baht 5,246.5 million. The principal is repayable in 49 quarterly installments commencing from December 31, 2002 and interest is payable monthly. The subsidiary company used its cash from operations of Baht 62.5 million compensating an undrawdown portion of Tranche A3 loan.

‡¡◊ËÕ«—π∑’Ë 20 ¡‘∂ÿπ“¬π 2545 ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“·°â‰¢ —≠≠“ ‡ß‘π°Ÿâ°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß„π à«π¢Õß«ß‡ß‘π°Ÿâ √–¬–¬“« ”À√—∫´◊ÈÕ‚√ß‰øøÑ“®”π«π‡ß‘π 42,500 ≈â“π∫“∑ ‡æ◊ËÕª√—∫ ≈¥Õ— µ √“¥Õ°‡∫’È ¬ ‡ªì π Õ— µ √“¥Õ°‡∫’È ¬ ≈Õ¬µ— « ‡∑à “ °— ∫ §à “ ‡©≈’Ë ¬ ¢Õß Minimum Lending Rate (MLR) ¢Õß∏π“§“√„πª√–‡∑» 4 ·Ààß ≈∫¥â«¬ √âÕ¬≈– 1.50 ”À√—∫√–¬–‡«≈“µ—ßÈ ·µà«π— ∑’Ë 1 °√°Æ“§¡ 2545 ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2548 ≈∫¥â«¬√âÕ¬≈– 1.125 ”À√—∫√–¬–‡«≈“ µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2548 ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2551 ·≈–‰¡à¡’ à«π≈∫¥Õ°‡∫’È¬ ”À√—∫√–¬–‡«≈“∑’Ë‡À≈◊Õ

On June 20, 2002, the subsidiary company entered into loan amendment agreement with several banks and financial institutions covering long-term loan for purchase of Power Plant of Baht 42,500 million to reduce interest rate to floating interest rate at the average Minimum Lending Rate (MLR) of four local banks minus 1.50% for the period from July 1, 2002 to June 30, 2005, minus 1.125% for the period from July 1, 2005 to June 30, 2008, and without reduction of interest for the remaining period.

¢) ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“« ”À√—∫„™â®“à ¬‡ªìπ‡ß‘π≈ß∑ÿπÀ¡ÿπ‡«’¬π (Tranche B) ®”π«π 1,500 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’È¬·∫∫≈Õ¬µ—«‡∑à“°—∫§à“‡©≈’Ë¬ ¢Õß Minimum Overdraft Rate (MOR) ¢Õß 4 ∏π“§“√ ‰¥â·°à ∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π) ∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“ ®”°—¥ (¡À“™π) ‚¥¬∫√‘…—∑¬àÕ¬¡’ ‘∑∏‘®–‡∫‘°„™â‡ß‘π°Ÿâ „π√–¬–‡«≈“ 1 ‡¥◊Õπ 2 ‡¥◊Õπ À√◊Õ 3 ‡¥◊Õπ °”Àπ¥™”√–§◊π‡ß‘π°Ÿâµ“¡√–¬–‡«≈“¥—ß°≈à“« ·≈–™”√–¥Õ°‡∫’¬È ‡ªìπ√“¬‡¥◊Õπ Õ¬à“ß‰√°Áµ“¡ ‡¡◊ÕË «—π∑’Ë 22 °√°Æ“§¡ 2545 ∫√‘…—∑¬àÕ¬‰¥â¢Õ¬°‡≈‘°«ß‡ß‘π°Ÿâ¬◊¡ Tranche B ®“°ºŸâ „Àâ°Ÿâ

b) Long-term loan of Baht 1,500 million (Tranche B) is for working capital. It is subject to floating interest rate at Minimum Overdraft Rate (MOR) of 4 Banks, consisting of Krung Thai Bank PCL., Siam Commercial Bank PCL., Bangkok Bank PCL., and Bank of Ayudhya PCL.. The subsidiary company has the right to select terms of loan either 1, 2, or 3 months, which principal repayment would be in line with the loan terms with monthly interest payment. However, on July 22, 2002, the subsidiary company cancelled Tranche B credit facilities from lenders.

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«§È”ª√–°—π‚¥¬ ‘π∑√—æ¬å∑’Ë®”π”À√◊Õ®”πÕß‰«â‡ªìπÀ≈—° ∑√—æ¬å§È”ª√–°—πµ“¡∑’Ë°≈à“«‰«â „πÀ¡“¬‡Àµÿ 5, 8, 9 ·≈– 10

Long-term loans are secured by assets pledged/mortgaged as collateral as discussed in Notes 5, 8, 9 and 10.

14. ”√Õßµ“¡°ÆÀ¡“¬

14.LEGAL RESERVE

µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535 ∫√‘…—∑µâÕß®—¥ √√∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªï ÿ∑∏‘®“°¢“¥∑ÿπ – ¡ ¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßµ“¡π’È®–¡’‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â

Under the provisions of the Limited Public Companies Act B.E. 2535, the Company is required to appropriate at least 5% of its annual net income (after deduction of the deficit brought forward, if any) until the reserve reaches 10% of the Companyûs authorized share capital. The reserve is not available for dividend distribution.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 116 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

15.‡ß‘π ¥ªíπº≈

15.CASH DIVIDENDS

„π∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªï¢ÕßºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 22 ‡¡…“¬π 2545 ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑‰¥âÕπÿ¡—µ‘ „Àâ®à“¬‡ß‘πªíπº≈®”π«π ‡ß‘π√«¡ 1,450 ≈â“π∫“∑ (Àÿâπ≈– 1 ∫“∑) æ√âÕ¡®—¥ √√∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬‡ªìπ‡ß‘πª√–¡“≥ 155.9 ≈â“π ∫“∑ ®“°°”‰√ ÿ∑∏‘ªï 2544 ‡ß‘πªíπº≈¥—ß°≈à“«‰¥â®à“¬·≈â«„π«—π∑’Ë 10 æƒ…¿“§¡ 2545

At the annual general shareholdersû meeting held on April 22, 2002, the shareholders approved to pay cash dividends totalling Baht 1,450 million (Baht 1 per share) and legal reserve of approximately Baht 155.9 million out of 2001 earnings. Such dividends were paid on May 10, 2002.

16. ‘∑∏‘æ‘‡»…∑’Ë‰¥â√—∫®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ

16.PROMOTIONAL PRIVILEGES

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ‘∑∏‘ æ‘‡»…‚¥¬ —ß‡¢ª¡’¥—ßπ’È§◊Õ ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘‡ªìπ√–¬–‡«≈“ 8 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¥”‡π‘πæ“≥‘™¬°‘® («—π∑’Ë 31 µÿ≈“§¡ 2543 ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ ·≈–«—π∑’Ë 18 ‡¡…“¬π 2545 ”À√—∫ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡)

By virtue of the provisions of the Industrial Investment Promotional Act B.E. 2520, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, was granted certain privileges which included among others, the exemption from payment of income tax for a period of 8 years from the start of commercial operations (October 31, 2000 for the Thermal Generating Power Plant and April 18, 2002 for the Combined Cycle Generating Power Plant).

√“¬‰¥â¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ”À√—∫ ·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ®”·π°µ“¡°‘®°“√∑’Ë‰¥â √—∫°“√ àß‡ √‘¡·≈–°‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡¡’¥—ßπ’È

The revenues of Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, for the years ended December 31, 2002 and 2001 are divided into promoted and non-promoted businesses as follows: æ—π∫“∑/In Thousand Baht

2545/2002 °‘®°√√¡∑’Ë‰¥â√—∫ °‘®°√√¡∑’Ë‰¡à‰¥â√—∫ °“√ àß‡ √‘¡ °“√ àß‡ √‘¡ Promoted Non-Promoted Business Business √“¬‰¥â/REVENUES ¢“¬ ÿ∑∏‘ Net sales ¥Õ°‡∫’È¬√—∫ Interest income √“¬‰¥â™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“ Compensation for late transfer of power plant √“¬‰¥â‡ß‘π™¥‡™¬®“°°“√ ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ‚√ß‰øøÑ“ Compensation for combustion system improvement √“¬‰¥âÕ◊Ëπ Other income √«¡√“¬‰¥â Total Revenues

√«¡ Total

°‘®°√√¡∑’Ë‰¥â√—∫ °“√ àß‡ √‘¡ Promoted Business

2544/2001 °‘®°√√¡∑’Ë‰¡à‰¥â√—∫ °“√ àß‡ √‘¡ Non-Promoted Business

27,493,217

17,422,697

147,973

148,480

860

322,302

132,110

27,216

5,310

32,526

332

10,249

10,581

27,520,940

607,695

28,128,635

17,423,889

468,992

17,892,881

27,493,217 507

„π∞“π–‡ªìπ∫√‘…∑— ∑’Ë‰¥â√∫— °“√ àß‡ √‘¡°“√≈ß∑ÿπ‡æ◊ÕË °“√Õÿµ “À°√√¡ ∫√‘…∑— ¬àÕ¬µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥µà“ßÊ ∑’Ë°”Àπ¥„π∫—µ√ àß‡ √‘¡ °“√≈ß∑ÿπ

√«¡ Total

17,422,697

105,023

105,883

353,720

As a promoted company, the subsidiary company must comply with certain terms and conditions provided for in the promotional certificate.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 117

Ratchaburi Electricity Generating Holding Public Company Limited

17. —≠≠“ °. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1, 2 ·≈– 3 °—∫ °øº. „π√“§“µ≈“¥´÷Ëßª√–‡¡‘π√“§“‚¥¬ºŸâª√–‡¡‘π √“§“Õ‘ √– ‡ªìπ‡ß‘π 26,300 ≈â“π∫“∑ ∫√‘…—∑¬àÕ¬‰¥â√—∫‚Õπ°√√¡ ‘∑∏‘Ï „π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’¥—ß°≈à“««—π∑’Ë 18 ‡¡…“¬π 2545 ( ”À√—∫™ÿ¥∑’Ë 1 ·≈– 2) ·≈–«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ( ”À√—∫™ÿ¥∑’Ë 3) ‡π◊ËÕß®“° °øº. ‰¡à “¡“√∂ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1 2 ·≈– 3 ¥—ß°≈à“«„Àâ·°à∫√‘…—∑¬àÕ¬‰¥âµ“¡‡«≈“∑’Ë°”Àπ¥§◊Õ«—π∑’Ë 31 ‘ßÀ“§¡ 2544 ( ”À√—∫™ÿ¥∑’Ë 1 ·≈– 2) ·≈–«—π∑’Ë 30 ‡¡…“¬π 2545 ( ”À√—∫™ÿ¥∑’Ë 3) ¥—ßπ—Èπ∫√‘…—∑¬àÕ¬®÷ß‰¥â√—∫‡ß‘π™¥‡™¬‡π◊ËÕß®“°°“√ àß ¡Õ∫‚√ß‰øøÑ“≈à“™â“®“° °øº. ‡ªìπ‡ß‘π√«¡ª√–¡“≥ 322.3 ≈â“π∫“∑ ·≈– 353.7 ≈â“π∫“∑ „πªï 2545 ·≈– 2544 µ“¡≈”¥—∫ ´÷Ëß‰¥â∫—π∑÷° ‡ªìπ√“¬‰¥â „πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫·µà≈–ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544

17. AGREEMENTS a) On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into sale and purchase of the Combined Cycle Generating Blocks 1, 2 and 3 of Ratchaburi Power Plant with EGAT at the market price appraised by the independent appraiser of Baht 26,300 million. The title of the Combined Cycle Generating Units of Ratchaburi Power Plant was transferred to the subsidiary company on April 18, 2002 (for Blocks 1 and 2) and November 1, 2002 (for Block 3). Since EGAT had not been able to transfer the Combined Cycle Generating Blocks 1, 2 and 3 to the subsidiary company by the originally agreed date on August 31, 2001 (for Blocks 1 and 2) and April 30, 2002 (for Block 3), the subsidiary company was therefore entitled to receiving compensation for late transfer from EGAT totalling approximately Baht 322.3 million and Baht 353.7 million in the years 2002 and 2001, respectively, which was recorded as income in the consolidated statements of income for the years ended December 31, 2002 and 2001.

¢. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ b) On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into 25-year Power Purchase ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫ °øº. ‡ªìπ‡«≈“ 25 ªï ‚¥¬ Agreement with EGAT whereby the subsidiary company will supply ∫√‘…—∑¬àÕ¬®–®”Àπà“¬‰øøÑ“∑’Ëº≈‘µ®“°‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ‡§√◊ËÕß∑’Ë the electric power from the Thermal Generating Units 1 and 2 1 ·≈– 2 ·≈–∑’Ëº≈‘µ®“°‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1 2 ·≈– 3 and the Combined Cycle Generating Blocks 1, 2 and 3 to EGAT „Àâ·°à °øº. „πª√‘¡“≥·≈–√“§“∑’Ëµ°≈ß°—π at the agreed quantity and price. §. ‡¡◊ËÕ«—π∑’Ë 26 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ c) On October 26, 2000, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into the Operation and Maintenance ∫√‘…∑— ¬àÕ¬‰¥â∑” —≠≠“ªØ‘∫µ— °‘ “√·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“°—∫ °øº. ‡ªìπ Agreement with EGAT for a period of approximately 9 years ‡«≈“ª√–¡“≥ 9 ªï ‚¥¬ °øº. ®–‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ whereby EGAT will operate and provide maintenance services √“™∫ÿ√’ √«¡∂÷ß°“√∫”√ÿß√—°…“∑—Ë«‰ª·≈–°“√´àÕ¡∫”√ÿß√—°…“À≈—°„Àâ·°à including general maintenance and major overhaul for the ∫√‘…—∑¬àÕ¬„π√“§“§à“∫√‘°“√µ“¡∑’Ëµ°≈ß°—π„π —≠≠“ subsidiary company at the agreed price. ß. ‡¡◊ËÕ«—π∑’Ë 27 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ d) On October 27, 2000, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into 25-year Gas Sales Agreement ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬ °ä“´∏√√¡™“µ‘°—∫∫√‘…—∑ ªµ∑. ®”°—¥ with PTT PLC. (PTT) whereby PTT will supply natural gas to the (¡À“™π) (ªµ∑.) ‡ªìπ‡«≈“ 25 ªï ‚¥¬ ªµ∑. ®–®”Àπà“¬°ä“´∏√√¡™“µ‘ subsidiary company at the agreed quantity and price. „Àâ°—∫∫√‘…—∑¬àÕ¬„πª√‘¡“≥·≈–√“§“∑’Ëµ°≈ß°—π ‡¡◊ËÕ«—π∑’Ë 29 ‘ßÀ“§¡ 2545 ·≈–«—π∑’Ë 30 °—π¬“¬π 2545 ∫√‘…—∑¬àÕ¬ ‰¥â∑”∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫ ‡º“‰À¡â ‚√ß‰øøÑ“√“™∫ÿ√’ °—∫ °øº. ·≈– ªµ∑. ‡æ◊ÕË ¥”‡π‘π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’ „Àâ “¡“√∂√—∫°ä“´∏√√¡™“µ‘∑¡’Ë §’ “à §«“¡√âÕπ 803-858 ∫’∑¬’ µŸ Õà ≈Ÿ°∫“»°åøµÿ ´÷Ëß·µ°µà“ß‰ª®“°∑’Ë°”Àπ¥„π —≠≠“ (730-800 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ) ‚¥¬∫√‘…∑— ¬àÕ¬®–‰¥â√∫— §à“™¥‡™¬ ”À√—∫§à“ ÷°À√Õ §à“‡ ’¬À“¬¢ÕßÕÿª°√≥å §à“‡™◊ÈÕ‡æ≈‘ß·≈– Õ◊ËπÊ ´÷Ëß„πªï 2545 ∫√‘…—∑¬àÕ¬‰¥â√—∫§à“™¥‡™¬®“°°“√ ª√—∫ª√ÿß√–∫∫‡º“‰À¡â¥—ß°≈à“«‡ªìπ®”π«π‡ß‘π 132.1 ≈â“π∫“∑ ´÷Ëß‰¥â ∫—π∑÷°‡ªìπ√“¬‰¥â „πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï π‘È ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545

On August 29, 2002 and September 30, 2002, the subsidiary company entered into memorandum of understanding relating to the combustion system improvement for Ratchaburi Power Plant with EGAT and PTT to improve the combustion system in order to match with gas with heating value at 803-858 BTU per cubic foot, which was different from the rate specified in the agreement (730-800 BTU per cubic foot). In this connection, the subsidiary company will receive the compensation for damage of equipment, fuel cost and etc. In 2002, the subsidiary company received such compensation for combustion system improvement amounting to Baht 132.1 million, which was recorded as income in the consolidated statement of income for the year ended December 31, 2002.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 118 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

®. ‡¡◊ËÕ«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2544 ∫√‘…—∑‰¥â∑” —≠≠“‡™à“∑’Ë∑”°“√ ”π—°ß“π e) On February 1, 2001, the Company entered into a rental agreement with a local company to lease its new office premises and other ·Ààß„À¡à°∫— ∫√‘…∑— „πª√–‡∑»·ÀàßÀπ÷ßË ‡ªìπ‡«≈“ 3 ªï ‚¥¬¡’§“à ‡™à“√«¡∑—ßÈ facilities for a period of 3 years with annual rental and facility ‘ËßÕ”π«¬§«“¡ –¥«°Õ◊ËπÊ √«¡ªï≈– 7.3 ≈â“π∫“∑ „π°“√π’È ∫√‘…—∑‰¥â charges approximately totalling Baht 7.3 million. In this consideration, ®à“¬‡ß‘π¡—¥®”®”π«π‡ß‘π 2 ≈â“π∫“∑ ´÷Ëß‰¥â· ¥ß‰«â¿“¬„µâ ‘π∑√—æ¬å‰¡à the Company paid deposit of Baht 2 million, which was presented À¡ÿπ‡«’¬πÕ◊Ëπ„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 under other non-current assets in the balance sheets as at December 31, 2002 and 2001. ©. ‡¡◊ËÕ«—π∑’Ë 26 °—π¬“¬π 2544 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ f) On September 26, 2001, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into supply and/or repair of ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“®—¥À“·≈–/À√◊Õ´àÕ¡Õ–‰À≈à ”À√—∫‚√ß‰øøÑ“ parts agreement for the Combined Cycle Generating of Ratchaburi æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’°—∫§Ÿà —≠≠“√à«¡§â“√–À«à“ß General Electric Power Plant with the Consortium of General Electric International International Operations Co., Inc. ·≈– GE Energy Parts, Inc. ‡ªìπ Operations Co., Inc. and GE Energy Parts, Inc. for a period of ‡«≈“ 12 ªï „π√“§“µ“¡∑’Ëµ°≈ß°—π„π —≠≠“ 12 years at the agreed price. ™. ‡¡◊ËÕ«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ g) On August 1, 2002, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, entered into Parts Management Agreement ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“°“√∫√‘À“√®—¥°“√Õ–‰À≈à ”À√—∫ Gas Turbine for Gas Turbine Model MS9001FA with EGAT for a period of 12 Model MS9001FA °—∫ °øº. ‡ªìπ‡«≈“ 12 ªï „π√“§“µ“¡∑’Ëµ°≈ß°—π years at the agreed price. „π —≠≠“

18. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ „πªï 2543 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â‡¢â“√à«¡°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æª√–‡¿∑ ®à“¬ ¡∑∫ ”À√—∫æπ—°ß“π¢Õß °øº. °“√‡¢â“‡ªìπ ¡“™‘°°Õß∑ÿπ‡ªìπ‰ª µ“¡§«“¡ ¡—§√„®¢Õßæπ—°ß“π ‚¥¬æπ—°ß“π®à“¬ – ¡·≈–∫√‘…—∑·≈– ∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫‡¢â“°Õß∑ÿπ‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 5 ¢Õß‡ß‘π ‡¥◊ Õ πæπ— ° ß“π °Õß∑ÿ π ”√Õß‡≈’È ¬ ß™’ æ æπ— ° ß“ππ’È ‰ ¥â ® ¥∑–‡∫’ ¬ π‡ªì π π‘µ∫‘ §ÿ §≈°—∫°√–∑√«ß°“√§≈—ßµ“¡æ√–√“™∫—≠≠—µ°‘ Õß∑ÿπ ”√Õß‡≈’¬È ß™’æ æ.». 2530 ‡ß‘π°Õß∑ÿπ∑’Ë®¥∑–‡∫’¬ππ’È∫√‘À“√‚¥¬ºŸâ®—¥°“√°Õß∑ÿπµ“¡¢âÕ°”Àπ¥ ¢Õß°Æ°√–∑√«ß©∫—∫∑’Ë 2 (æ.». 2532) ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530

18. PROVIDENT FUND In 2000, the Company and subsidiary companies joined the contributory employeesû provident fund of EGAT for their employees. Membership to the fund is on a voluntary basis. Contributions are made monthly by the employees and by the Company and subsidiary companies at 5% of employeesû basic salaries. The provident fund was registered with the Ministry of Finance as a juristic entity under the provisions of the Provident Fund Act B.E. 2530. The fund is managed by a Fund Manager in accordance with the terms and conditions prescribed in the Ministerial Regulation No. 2 (B.E. 2532) issued under the Provident Fund Act B.E. 2530.

‡ß‘π ¡∑∫¢Õß∫√‘…—∑´÷Ëß‰¥â∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ‡©æ“– The Companyûs contribution, which was charged to the statements ∫√‘…—∑ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π of income of the Company only for the years ended December 31, 2002 and 2001 amounted to Baht 1.7 million and Baht 1.3 million, ‡ß‘π 1.7 ≈â“π∫“∑ ·≈– 1.3 ≈â“π∫“∑ µ“¡≈”¥—∫ respectively. ‡ß‘π ¡∑∫¢Õß∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬´÷ßË ‰¥â∫π— ∑÷°‡ªìπ§à“„™â®“à ¬„πß∫°”‰√¢“¥ The Companyûs and subsidiary companies contributions, which were ∑ÿπ√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π charged to the consolidated statements of income for the years ended December 31, 2002 and 2001 amounted to Baht 2.8 million ‡ß‘π 2.8 ≈â“π∫“∑ ·≈– 2.3 ≈â“π∫“∑ µ“¡≈”¥—∫ and Baht 2.3 million, respectively.

19. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë¡’Õ¬Ÿà „πß∫¥ÿ≈‰¥â√«¡‡ß‘π ¥ ·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ√–¬– —πÈ ‡ß‘π≈ß∑ÿπ„πÀÿπâ °Ÿâ ≈Ÿ°Àπ’°È “√§â“ ≈Ÿ°Àπ’ÈÕ◊Ëπ ‡®â“Àπ’È°“√§â“ ‡®â“Àπ’ÈÕ◊Ëπ ‡ß‘π≈ß∑ÿπ√–¬–¬“« ·≈–‡ß‘π°Ÿâ¬◊¡√–¬– ¬“« π‚¬∫“¬°“√∫—≠™’ ”À√—∫°“√∫—π∑÷°·≈–°“√«—¥¡Ÿ≈§à“¢Õß√“¬°“√‡À≈à“ π’È‰¥â‡ªî¥‡º¬‰«â „ππ‚¬∫“¬°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß„πÀ¡“¬‡Àµÿ 3

19. DISCLOSURES OF FINANCIAL INSTRUMENTS Financial assets and financial liabilities carried on the balance sheet include cash and cash equivalents, short-term investments, investments in debentures, trade and other accounts receivable and payable, long-term investments, and long-term loans. The accounting policies on recognition and measurement of these items are disclosed in the respective accounting policies in Note 3.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 119

Ratchaburi Electricity Generating Holding Public Company Limited

§«“¡‡ ’Ë¬ß¥â“π ¿“æ§≈àÕß §«“¡‡ ’Ë ¬ ß¥â “ π ¿“æ§≈à Õ ß‡°‘ ¥ ®“°§«“¡‡ªì π ‰ª‰¥â ∑’Ë ≈Ÿ ° §â “ Õ“®®–‰¡à “¡“√∂®à“¬™”√–Àπ’È „Àâ·°à∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¿“¬„π°”Àπ¥‡«≈“‚¥¬ ª°µ‘¢Õß°“√§â“ ‡æ◊ËÕ®—¥°“√§«“¡‡ ’Ë¬ßπ’È ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âª√–‡¡‘π §«“¡ “¡“√∂∑“ß°“√‡ß‘π¢Õß≈Ÿ°§â“‡ªìπ√–¬–Ê

Liquidity Risk Liquidity risk arises from the possibility that customers may not be able to settle obligations to the Company and subsidiary companies within the normal terms of trade. To manage this risk, the Company and subsidiary companies periodically assess the financial viability of customers.

‡ß‘π≈ß∑ÿπ√–¬–¬“«´÷ßË ∂◊Õ‰«â®π§√∫°”Àπ¥„π°“√¥”‡π‘πß“πª°µ‘ ¡Ÿ≈§à“∑’µË Õâ ß ‰∂à∂Õπ„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡

Long-term investments held to maturity in the normal course of business - the redemption amount approximates their fair value.

‡ß‘π≈ß∑ÿπ„πÀÿâπ°Ÿâ¡’¡Ÿ≈§à“¬ÿµ‘∏√√¡ (√“§“µ≈“¥∑’Ë°”Àπ¥) „°≈â‡§’¬ß°—∫√“§“ µ“¡∫—≠™’

Investments in debentures-the fair value (quoted market price) approximates their carrying value.

§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à¡’§«“¡‡ ’Ë¬ß∑’Ë‡ªìπ “√– ”§—≠®“°Õ—µ√“·≈°‡ª≈’Ë¬π ‡π◊ËÕß®“°∏ÿ√°√√¡À≈—°¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬°√–∑”‡ªìπ‡ß‘π∫“∑

Foreign Currency Risk The Company and subsidiary companies have no significant foreign currency risk since the major business transactions of the Company and subsidiary companies are denominated in Thai Baht.

‡ß‘π≈ß∑ÿπ„πÀÿπâ ∑ÿπ´÷ßË ‰¡à¡√’ “§“¢“¬„πµ≈“¥ ¡Ÿ≈§à“¬ÿµ∏‘ √√¡∑’ Ë “¡“√∂§”π«≥ ‰¥âÕ¬à“ß¡’‡Àµÿº≈§”π«≥®“° ‘π∑√—æ¬å ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ¥—ß°≈à“«„°≈â‡§’¬ß °—∫√“§“µ“¡∫—≠™’

Investment in shares, which there is no quoted market prices - a reasonable estimate of fair value has been calculated based on the underlying net asset base for such investment approximate their carrying values.

§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ §«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕÀ¡“¬∂÷ß§«“¡‡ ’Ë¬ß∑’Ë§Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡¢âÕ °”Àπ¥„π — ≠ ≠“´÷Ë ß °à Õ „Àâ ‡ °‘ ¥ §«“¡‡ ’ ¬ À“¬∑“ß°“√‡ß‘ π ·°à ∫ √‘ …— ∑ ·≈– ∫√‘…—∑¬àÕ¬ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à¡’§«“¡‡ ’Ë¬ß∑’Ë‡ªìπ “√– ”§—≠∑“ß¥â“π ‘π‡™◊ËÕ°—∫∫√‘…—∑„¥∫√‘…—∑Àπ÷ËßÀ√◊Õ°≈ÿà¡¢Õß∫√‘…—∑ ‡π◊ËÕß®“°º≈º≈‘µ¢Õß ∫√‘…—∑¬àÕ¬®–∂Ÿ°¢“¬„Àâ·°à °øº. ¿“¬„µâ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ 25 ªï

Credit Risk Credit risk refers to the risk that counterparty will default in its contractual obligations resulting in a financial loss to the Company and subsidiary companies. The Company and subsidiary companies have no significant credit risk with any single counterparty or group counterparties since output is being sold to EGAT under a 25-year Power Purchase Agreement.

‡®â“Àπ’°È “√§â“·≈–‡®â“Àπ’ÕÈ π◊Ë ¡’√“§“µ“¡∫—≠™’¢ÕßÀπ’ È π‘ ∑“ß°“√‡ß‘π„°≈â‡§’¬ß °—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡‡π◊ËÕß®“°‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π‡À≈à“π’È®–§√∫°”Àπ¥„π √–¬–‡«≈“Õ—π —Èπ

Trade and other accounts payable - the carrying amounts of these financial liabilities approximate their fair values due to the relatively short-term maturity of these financial instruments.

‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«∑’¡Ë Õ’ µ— √“¥Õ°‡∫’¬È ≈Õ¬µ—«´÷ßË ‡ªìπÕ—µ√“∑âÕßµ≈“¥ ¡’√“§“µ“¡ ∫—≠™’ „°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡

Long-term loans carrying a floating rate, which is considered to be market rate - the carrying value approximates their fair value.

√“§“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È∑’Ë∫—π∑÷°„πß∫¥ÿ≈ ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (∂â“¡’) ‡ªìπ¡Ÿ≈§à“ Ÿß ÿ¥∑’Ë‡°‘¥®“°§«“¡‡ ’Ë¬ß∑“ß¥â“π ‘π‡™◊ËÕ

The carrying amount of accounts receivable recorded in the balance sheet, net of allowance for doubtful accounts (if any), represents the maximum exposure to credit risk.

20. à«πß“π¢Õß∫√‘…—∑

20. SEGMENTATION OF BUSINESS

∫√‘…∑— ¥”‡π‘π∏ÿ√°‘®‡°’¬Ë «°—∫°“√≈ß∑ÿπ„π∫√‘…∑— ∑’¡Ë «’ µ— ∂ÿª√– ß§å§≈â“¬§≈÷ßÀ√◊Õ ‡°’Ë¬«°—∫«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ (∏ÿ√°‘®‡°’Ë¬«°—∫‚√ß‰øøÑ“) ·≈–∫√‘…—∑¬àÕ¬ ¥”‡π‘π∏ÿ√°‘®‡°’¬Ë «°—∫°“√æ—≤π“·≈–¥”‡π‘πß“π‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’ ‰¥â·°à ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ ΩÉ“¬∫√‘À“√æ‘®“√≥“ «à“∏ÿ√°‘®¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡ªìπ “¬∏ÿ√°‘®∑’Ë‡ªìπÕß§å√«¡·≈– π—∫ πÿπ ´÷Ëß°—π·≈–°—π‚¥¬∂◊Õ«à“∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ à«πß“π∑“ß∏ÿ√°‘®À≈—°‡æ’¬ß à«πß“π‡¥’¬« πÕ°®“°π’È ‡¡◊ÕË æ‘®“√≥“∂÷ß‡°≥±å∑”‡≈∑’µË ß—È ¢Õß°“√¥”‡π‘πß“π ¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·≈–‡°≥±å¢Õßµ≈“¥·≈â« ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¡’ à«πß“π∑“ß¿Ÿ¡‘»“ µ√å‡æ’¬ß à«πß“π‡¥’¬«‡π◊ËÕß®“°∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¥”‡π‘π∏ÿ√°‘®‡©æ“–„πª√–‡∑»‰∑¬‡∑à“π—Èπ

The Companyûs operations are to invest in other companies, whose objectives equivalent or similar to the Companyûs objectives (Power Plant) and the operations of Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, are to develop and operate the Ratchaburi Power Plant comprising the Thermal Generating Units and the Combined Cycle Generating Units. Management considers this as an integrated and complementary line of business and determines that the Company and the subsidiary companies have only one major industry segment. Moreover, in terms of operating locations and market areas, the Company and the subsidiary companies have only one geographical segment since they operate solely in Thailand.

21. ¿“√–ºŸ°æ—π

21. COMMITMENT

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑ ¬àÕ¬¡’‡≈µ‡µÕ√åÕÕø‡§√¥‘µ∑’Ë¬—ß‰¡à‰¥â „™â®”π«π‡ß‘π 40.3 ≈â“π∫“∑

As at December 31, 2002, Ratchaburi Electricity Generating Co., Ltd., a subsidiary company, had unused letter of credit amounting to Baht 40.3 million.

§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬‡°‘¥®“°°“√º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„π ∑âÕßµ≈“¥´÷Ëß®–¡’º≈°√–∑∫„π∑“ß≈∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈– ∫√‘…—∑¬àÕ¬∑—Èß„πªí®®ÿ∫—π·≈–Õπ“§µ ºŸâ∫√‘À“√‡™◊ËÕ«à“∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ¡’§«“¡‡ ’¬Ë ß„πÕ—µ√“¥Õ°‡∫’¬È πâÕ¬ ‡π◊ÕË ß®“°¿“√–¥Õ°‡∫’¬È ≈Õ¬µ—«µ“¡‡ß◊ÕË π‰¢ —≠≠“‡ß‘π°Ÿâ√–¬–¬“« (À¡“¬‡Àµÿ 13 °) π—Èπ‰¥â°”Àπ¥‰«â „π§à“æ≈—ß‰øøÑ“ µ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ (À¡“¬‡Àµÿ 17 ¢) ¥—ßπ—Èπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ®÷ß‰¡à‰¥â∑” —≠≠“‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“«

Interest Rate Risk Interest rate risk arises from the fluctuations in market interest rates, which may have negative effect to current and future operations of the Company and subsidiary companies. Management believes that the interest rate risk is minimum because the floating interest rate according to the condition in long-term loan agreement (Note 13 a) is included in the energy payment as specified in the Power Purchase Agreement (Note 17 b). Hence, the Company and subsidiary companies have no hedging agreement to protect against such risk.

¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ¡Ÿ≈§à“¬ÿµ∏‘ √√¡ À¡“¬∂÷ß ®”π«π‡ß‘π∑’ºË ´Ÿâ Õ◊È ·≈–ºŸ¢â “¬µ°≈ß·≈°‡ª≈’¬Ë π‡§√◊ÕË ß ¡◊Õ∑“ß°“√‡ß‘π°—π„π¢≥–∑’Ë∑—Èß ÕßΩÉ“¬¡’§«“¡√Õ∫√Ÿâ·≈–‡µÁ¡„®„π°“√·≈° ‡ª≈’¬Ë π ·≈– “¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π≈—°…≥–¢ÕßºŸ∑â ’Ë‰¡à¡’ §«“¡‡°’¬Ë «¢âÕß°—π ¡Ÿ≈§à“¬ÿµ∏‘ √√¡‰¥â¡“®“°√“§“µ≈“¥∑’°Ë ”Àπ¥ °√–· ‡ß‘π ¥§‘¥≈¥ À√◊Õ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘·≈â«·µà§«“¡‡À¡“– ¡

Fair Value of Financial Instruments Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between knowledgeable willing parties in an armûs length transaction. Fair values are obtained from quoted market prices, discounted cash flow model or net asset values as appropriate.

∫√‘…∑— ·≈–∫√‘…∑— ¬àÕ¬„™â«∏‘ °’ “√·≈– ¡¡µ‘∞“π¥—ßµàÕ‰ªπ’È „π°“√ª√–¡“≥¡Ÿ≈§à“ ¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

The following methods and assumptions are used to estimate the fair value of each class of financial instruments.

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ√–¬– —πÈ ·≈–≈Ÿ°Àπ’È ¡’√“§“µ“¡ ∫—≠™’ „°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ∏‘ √√¡ ‡π◊ÕË ß®“°‡§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘π‡À≈à“π’®È –§√∫ °”Àπ¥„π√–¬–‡«≈“Õ—π —Èπ

Cash and cash equivalents, short-term investments and accounts receivable - the carrying values approximate their fair values due to the relatively short-term maturity of these financial instruments.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 120 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 121

Ratchaburi Electricity Generating Holding Public Company Limited

¢âÕ¡Ÿ≈Õ◊ËπÊ 22. ¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡

22. ADDITIONAL INFORMATION

µâπ∑ÿπ¢“¬ª√–°Õ∫¥â«¬:

Cost of sales consisted of:

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ª√–°Õ∫¥â«¬:

§à“„™â®“à ¬æπ—°ß“π Employee costs §à“∑’Ëª√÷°…“ Consultant fee §à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâµ—¥∫—≠™’ Amortization of loan fees §à“‡ ◊ËÕ¡√“§“ Depreciation §à“∏√√¡‡π’¬¡°“√·°â‰¢ —≠≠“‡ß‘π°Ÿâ Loan amendment fee §à“ºŸ°æ—π‡ß‘π°Ÿâ Loan commitment fee Õ◊ËπÊ Others √«¡ Total

18,072,240

10,937,044

1,772,089

1,141,183

593,251

546,290

226,763

69,791

168,868

108,561

20,833,211

12,802,869

Facts

°“√∂◊ÕÀÿâπ¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√„π∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ The Executives holding shares in the company and subsidiaries

æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 µâπ∑ÿπ‡™◊ÕÈ ‡æ≈‘ß Fuel cost §à“‡ ◊ËÕ¡√“§“ Depreciation §à“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“ Operation and maintenance expense §à“‡∫’¬È ª√–°—π Insurance premium Õ◊ËπÊ Others √«¡ Total

Other

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 As at December 31, 2002

Selling and administrative expenses consisted of: æ—π∫“∑/In Thousand Baht ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ Consolidated The Company Only 2545/2002 2544/2001 2545/2002 2544/2001 86,761

69,946

50,784

40,142

65,634

56,439

17,855

2,104

53,743

49,638

40,953

19,687

12,766

28,291

20,346

55,288

95,774

82,363

36,838

33,263

400,187

358,732

125,164

88,275

∑’Ë No.

ºŸ∫â √‘À“√ Name of Executives

1. π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå Mr.Somchai Richupan 2. π“¬∑«’ ∫ÿµ√ ÿπ∑√ Mr.Tawee Butrsoonthorn 3. π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å Mr.Norkun Sitthiphong 4. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ Mr.Boonchoo Direksathapon 5. π“¬«‘∑¬“ §™√—°…å Mr.Vitaya Kotcharug 6. π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ Mr. Suporn Hotimavorakul 7. π“¬Õÿ¥¡ ∏ÿ««ß»å Mr.Udom Thuvavong 8. π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ Mr.Areepong Bhoocha-oom 9. π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å Mrs. Pimolsri Siripaibul 10. π“¬æ‘™“≠ ∂“ªπ®“√ÿ Mr. Picharn Satapanajaru 11. π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å Mr. Narong Wongpaiboon 12. π“¬ ¡“π æß…åª√–¿“æ—π∏å Mr.Smarn Phongprapaphan 13. π“ß “««—®π“ Õ—ß»ÿ‚°¡ÿ∑°ÿ≈ Ms. Vajana Angsukomutkul 14. π“¬‡∑Õ¥æ—π∏ÿå Õ‘π∑√¡À“ Mr.Thoedpan Indramaha 15. π“¬æ’√–«—≤πå æÿà¡∑Õß Mr.Peerawat Pumthong 16. π“¬ª√–¬ÿ∑∏ ∏ß ÿ«√√≥ Mr.Prayut Thongsuwan 17. π“ßÕ√ÿ≥’ ‚√®π‡æÁ≠°ÿ≈ Mrs. Arunee Rojanapenkul 18. π“ß¥√ÿ≥’ Õ¿‘π√‡»√…∞å Mrs. Darunee Abhinoraseth

®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà Amount of Shareholding ∫¡®. º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘ßÈ ∫√‘…∑— º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∫√‘…∑— √“™∫ÿ√æ’ ≈—ßß“π ®”°—¥ Ratchaburi Electricity Ratchaburi Electricity Ratchaburi Generating Holding PCL. Generating Co., Ltd. Energy Co., Ltd. 1 -

233,800

83,876

96,500

24,330

125,500

8,149

180,000

25,000

7,300

5,300

À¡“¬‡Àµÿ : °“√∂◊ÕÀÿâπ¢ÕßºŸâ∫√‘À“√ ‰¥âπ—∫√«¡Àÿâπ¢Õß§Ÿà ¡√ ·≈–∫ÿµ√∑’Ë¬—ß‰¡à∫√√≈ÿπ‘µ‘¿“«–¥â«¬ Note : Executivesû shareholding includes shares hold by sponse and children before becoming sui juris.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 122 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 123

Ratchaburi Electricity Generating Holding Public Company Limited

§à“µÕ∫·∑πºŸâ∫√‘À“√ªï 2545 Remuneration for Executives in 2002 1.§à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π

1.Monetary Remuneration

1.1§à“µÕ∫·∑π√«¡§≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß 1.1Total Remuneration for the Board of Directors of ®”°—¥ (¡À“™π) Ratchaburi Electricity Generating Holding PCL. §à“µÕ∫·∑π/Remuneration ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration ∫“∑/In Baht ‚∫π— /Bonuses 151/ 11,250,000 2/ 5,457,500 ‡∫’¬È ª√–™ÿ¡/Meeting Allowances 14 √«¡/Total 16,707,500 1/ 1/ §≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π∑—Èß ‘Èπ 11 √“¬ „π√–À«à“ßªï The Board of Directors consisted of 11 persons. During 2545 ¡’°√√¡°“√æâπµ”·Àπàßµ“¡«“√– 3 √“¬ ≈“ÕÕ°®“° 2002, the terms of 3 persons expired, 1 person resigned, µ”·Àπàß 1 √“¬ ·≈–‰¥â·µàßµ—Èß°√√¡°“√‡¢â“√—∫µ”·Àπàß„À¡à and 4 persons were appointed as replacements. ·∑π 4 √“¬ 2/ 2/ °√√¡°“√∫√‘…—∑œ ´÷Ëß‡ªìπºŸâ∫√‘À“√‰¡à‰¥â√—∫‡∫’È¬ª√–™ÿ¡ Directors who were also the Company executives did ‡∫’È¬ª√–™ÿ¡ ª√–°Õ∫¥â«¬ ‡∫’È¬ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ not receive meeting allowances. §≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√°”Àπ¥§à “ Meeting allowances comprised of meetings of the Board µÕ∫·∑π of Directors, the Audit Committee, and the Remuneration Committee. 1.2 §à“µÕ∫·∑πºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ 1.2 Remuneration for Executives of Ratchaburi Electricity Generating Holding PCL. (¡À“™π) §à“µÕ∫·∑π/Remuneration ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration ∫“∑/In Baht ‡ß‘π‡¥◊Õπ/Salaries 8 17,799,000 ‚∫π— /Bonuses 8 7,404,877 √«¡/Total 25,203,877 1.3 §à“µÕ∫·∑π√«¡§≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ 1.3 Total Remuneration for the Board of Directors of Ratchaburi Electricity Generating Co., Ltd. §à“µÕ∫·∑π/Remuneration ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration ∫“∑/In Baht 1,955,822 ‚∫π— /Bonuses 51/ 2,749,871 ‡∫’¬È ª√–™ÿ¡/Meeting Allowances 112/ √«¡/Total 4,705,693 1/ 1/ §≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’®”π«π∑—Èß The Board of Directors consisted of 8 persons. During ‘Èπ 8 √“¬ „π√–À«à“ßªï 2545 ¡’°√√¡°“√æâπµ”·Àπàßµ“¡ 2002, the terms of 3 persons expired, 1 person resigned, «“√– 3 √“¬ ≈“ÕÕ°®“°µ”·Àπàß 1 √“¬ ·≈–‰¥â·µàßµ—Èß and 4 persons were appointed as replacements. Directors °√√¡°“√‡¢â“√—∫µ”·Àπàß„À¡à·∑π 4 √“¬ ´÷ßË °√√¡°“√∫√‘…∑— of Ratchaburi Electricity Generating Co., Ltd. who were º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∑’Ë‡ªìπ°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“ also directors of Ratchaburi Electricity Generating Holding √“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‰¡à ‰¥â√—∫‚∫π— ‡π◊ËÕß®“° PCL. did not receive bonuses, as it had been decided „πªïπ’È ‰¥â°”Àπ¥À≈—°‡°≥±å „Àâ ‰¥â√—∫‚∫π— ®“°∫√‘…—∑ º≈‘µ that in such cases Ratchaburi Electricity Generating ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡æ’¬ß·Ààß‡¥’¬« Holding PCL. would provide all bonuses only. 2/ 2/ °√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπºŸâ∫√‘À“√ Directors who were also executives of Ratchaburi Electricity ‰¡à‰¥â√—∫‡∫’È¬ª√–™ÿ¡ Generating Co., Ltd. did not receive meeting allowances.

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 124 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

1.4 Remuneration for Executives of Ratchaburi Electricity Generating Co., Ltd. ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration ∫“∑/In Baht 7,695,120 41/ 2/ 3,193,032 4 10,888,152

1.4 §à“µÕ∫·∑πºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ §à“µÕ∫·∑π/Remuneration ○

○

‡ß‘π‡¥◊Õπ/Salaries ‚∫π— /Bonuses √«¡/Total 1/

○

ºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®”π«π 4 √“¬ ‰¡à√«¡ºŸâ∫√‘À“√∑’Ë‰¥â√—∫ Assignment ´÷Ëß‰¥â√—∫§à“µÕ∫·∑π ®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

○

Only 4 executives of Ratchaburi Electricity Generating Co., Ltd. Excluding one on assignment received his compensation from Ratchaburi Electricity Generating Holding PCL.

1.5 §à“µÕ∫·∑π√«¡§≥–°√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥

○

1.5 Total Remuneration for the Board of Directors of Ratchaburi Energy Co., Ltd. §à“µÕ∫·∑π/Remuneration ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration ∫“∑/In Baht 1/ ‚∫π— /Bonuses 6 396,884 2/ 903,750 ‡∫’È¬ª√–™ÿ¡/Meeting Allowances 7 √«¡/Total 1,300,634 1/ §≥–°√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ¡’®”π«π∑—Èß ‘Èπ The Board of Directors consisted of 8 persons. During 8 √“¬ „π√–À«à“ßªï 2545 ¡’°√√¡°“√æâπµ”·Àπàß µ“¡«“√– 2002, the terms of 3 expired, 1 person resigned, and 4 3 √“¬ ≈“ÕÕ°®“°µ”·Àπàß 1 √“¬ ·≈–‰¥â·µàßµ—Èß°√√¡°“√ persons were appointed as replacements. Directors of ‡¢â“√—∫µ”·Àπàß„À¡à·∑π 4 √“¬ ´÷Ëß°√√¡°“√∫√‘…—∑ √“™∫ÿ√’ Ratchaburi Energy Co., Ltd. who were also directors of æ≈—ßß“π ®”°—¥ ∑’Ë‡ªìπ°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ Ratchaburi Electricity Generating Holding PCL. and/or ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–/À√◊Õ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ Ratchaburi Electricity Generating Co., Ltd. did not receive ®”°—¥ ‰¡à‰¥â√—∫‚∫π— ‡π◊ËÕß®“°„πªïπ’È‰¥â°”Àπ¥À≈—°‡°≥±å bonuses, as it had been decided that in such cases all „Àâ ‰¥â√—∫‚∫π— ®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ bonuses would be provided by Ratchaburi Electricity (¡À“™π) À√◊Õ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡æ’¬ß·Ààß Generating Holding PCL. only or Ratchaburi Electricity ‡¥’¬« Generating Co., Ltd. only. 2/ °√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπºŸâ∫√‘À“√ Directors who were also executives of Ratchaburi Electricity ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∫√‘…—∑ Generating Holding PCL., Ratchaburi Electricity Generating º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ·≈–∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ Co., Ltd., or Ratchaburi Energy Co., Ltd. did not receive ‰¡à‰¥â√∫— ‡∫’¬È ª√–™ÿ¡ meeting allowances.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 125

Ratchaburi Electricity Generating Holding Public Company Limited

○

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 1.6 §à“µÕ∫·∑πºŸâ∫√‘À“√¢Õß∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥

1.6 Remuneration for Executives of Ratchaburi Energy Co., Ltd. §à“µÕ∫·∑π/Remuneration ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration ∫“∑/In Baht ‡ß‘π‡¥◊Õπ/Salaries 11/ 312,000 ‚∫π— /Bonuses √«¡/Total 312,000 1/ ºŸâ∫√‘À“√¢Õß∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ®”π«π 1 √“¬ Only 1 executive of Ratchaburi Energy Co., Ltd. Excluding ‰¡à√«¡ºŸâ∫√‘À“√∑’Ë‰¥â√—∫ Assignment ´÷Ëß‰¥â√—∫§à“µÕ∫·∑π one on assignment received his remuneration from ®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) Ratchaburi Electricity Generating Holding PCL.

Other

Reference Persons

π“¬∑–‡∫’¬πÀÿâπ/Share Registrar ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ 62 ∂ππ√—™¥“¿‘‡…° ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110 ‚∑√»—æ∑å 66 (0) 2359 1200-2 ‚∑√ “√ 66 (0) 2359-1259

Thailand Securities Depository Company Limited The Stock Exchange of Thailand Building, 62 Ratchadapisek Road, Klongtoey, Bangkok 10110 Tel. 66 (0) 2359 1200-2 Fax. 66 (0) 2359-1259

ºŸâ Õ∫∫—≠™’/Auditor 2.§à“µÕ∫·∑πÕ◊Ëπ

2.Other Types of Remuneration

‡ß‘π ¡∑∫°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ¢ÕßºŸâ∫√‘À“√ ∫√‘…—∑ Company ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) Ratchaburi Electricity Generating Holding PCL.

Contributions to the executivesû provident funds: ®”π«π√“¬ Number of Persons 8

‡ß‘π ¡∑∫°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ(∫“∑) Contributions to Provident Funds(In Baht) 889,950

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ Ratchaburi Electricity Generating Co., Ltd.

384,756

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ Ratchaburi Energy Co., Ltd.

15,600

∫√‘…—∑ ”π—°ß“π ‡Õ ®’«’-≥ ∂≈“ß ®”°—¥ ™—Èπ 22 Õ“§“√ ¬“¡∑“«‡«Õ√å 989 ∂ππæ√–√“¡ 1 ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 66 (0) 2658 0611 ‚∑√ “√ 66 (0) 2658 0660

SGV-Na Thalang Company Limited 22nd Floor, Siam Tower 989 Rama 1 Road, Pathumwan, Bangkok 10330 Tel. 66 (0) 2658 0611 Fax. 66 (0) 2658 0660

∑’Ëª√÷°…“°ÆÀ¡“¬/Legal Advisor ∫√‘…—∑ Œ—πµ—π ·Õπ¥å «‘≈‡≈’Ë¬¡ å (‰∑¬·≈π¥å) ®”°—¥ ™—Èπ 34 Õ—∫¥ÿ≈√“Œ‘¡ ‡æ≈ ∂ππæ√–√“¡ 4 °√ÿß‡∑æœ 10500 ‚∑√»—æ∑å 66 (0) 2636 2366 ‚∑√ “√ 66 (0) 2636 2377 ∫√‘…—∑ ”π—°ß“π°ÆÀ¡“¬ ¬“¡π‘µ‘ ®”°—¥ ™—Èπ 12 ∑“«‡«Õ√å 1 ‡« ∑å ‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ 18 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√»—æ∑å 66 (0) 2937 5000 ‚∑√ “√ 66 (0) 2937 5001

Hunton & Williams (Thailand) Limited 34th Floor, Abdulrahim Place, Rama IV Road, Bangkok 10500 Tel. 66 (0) 2636 2366 Fax. 66 (0) 2636 2377 Siam Niti Law Office Company Limited 12th Floor, West Tower 1, SCB Park Plaza, 18 Ratchadapisek Road, Ladyao, Jutujak, Bangkok 10900 Tel. 66 (0) 2937 5000 Fax. 66 (0) 2937 5001

∑’Ëª√÷°…“∑“ß°“√‡ß‘π/Financial Advisor ∫√‘…—∑À≈—°∑√—æ¬å ‰∑¬æ“≥‘™¬å ®”°—¥ 130-132 Õ“§“√ ‘π∏√∑“«‡«Õ√å 3 ™—Èπ 26 ∂ππ«‘∑¬ÿ ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 66 (0) 2263 3500 ‚∑√ “√ 66 (0) 2263 3801-2

SCB Securities Company Limited 130-132 Sindhorn Building, Tower 3, 25th-26thFloor, Wireless Road, Pathumwan, Bangkok 10330 Tel. 66 (0) 2263 3500 Fax. 66 (0) 2263 3801-2

∑’Ëª√÷°…“∑“ß¥â“π‡∑§π‘§«‘»«°√√¡/Technical Engineer Advisor ∫√‘…—∑ ´“√å‡®π∑å ·Õπ¥å ≈—π¥’ ®”°—¥ 55 ∂ππÕ‘ ∑å ¡Õπ‚√ ™‘§“‚° ¡≈√—∞Õ‘≈‘πÕ¬ å 60603-5780 À√—∞Õ‡¡√‘°“ ‚∑√»—æ∑å (312) 269 7257 ‚∑√ “√ (312) 269 2680

…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 126 ∫√‘ Ratchaburi Electricity Generating Holding Public Company Limited

Sargent & Lundy Consulting Group 55 East Monroe Street, Chicago, IL 60603-5780 USA Tel. (312) 269 7257 Fax. (312) 269 2680

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 127

Ratchaburi Electricity Generating Holding Public Company Limited

¥√√™π’

Index

1. ¢âÕ¡Ÿ≈∑—Ë«‰ª General Information 1.1 ∫√‘…—∑ 12-16, 40-43, 129 The Company 1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 38-39 Juristic Persons with 10% upward Shareholding by the Company 1.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 127 Other Reference Persons 2. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑œ 4-5 Financial Overview 3. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Nature of Business 3.1 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬ 40-43, 104 The Companyûs and the Subsidiaryûs Nature of Business 3.2 ‚§√ß √â“ß√“¬‰¥â 44-45 Revenue Structure 3.3 °“√‡ª≈’Ë¬π·ª≈ß„πªï∑’Ëºà“π¡“ 6-16, 46-49 Changed in Previous Year 4. ªí®®—¬§«“¡‡ ’Ë¬ß 50-52 Financial Statements Risk Factors 5. ‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπ Management and Shareholding Structure 5.1 ºŸâ∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° 38-39 Top Ten Largest Shareholders 5.2 °“√®—¥°“√ Management 5.2.1 ‚§√ß √â“ß°“√®—¥°“√ 17-33 Management Structure 5.2.2 °“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√ 33-35 Nomination of Directors 5.2.3 §à“µÕ∫·∑πºŸâ∫√‘À“√ 124-126 Remuneration for Executives 5.2.4 °“√°”°—∫¥Ÿ·≈°‘®°“√ 69-83 Good Coporate Governance 5.2.5 °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π 36-37 Control on Inside Information 5.2.6 °“√§«∫§ÿ¡¿“¬„π 36 Internal Control 6. √“¬°“√√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 54-60 Transactions with Related Companies 7. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘π 61-68 Management Discussion & Analysis 8. ß∫°“√‡ß‘π 89-122

128 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

Ratchaburi Electricity Generating Holding Public Company Limited

∑’ËÕ¬Ÿà¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

Company and

Subsidiaries Address ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ‘ µå ™—Èπ 20 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√„πª√–‡∑» ‚∑√®“°µà“ßª√–‡∑» ‚∑√»—æ∑å 0 2978 5000 (66) 2978 5000 ‚∑√ “√ 0 2937 9321 (66) 2937 9321 Ratchaburi Electricity Generating Holding Public Company Limited 19 SCB Park Plaza, Tower 3 East, 20th Floor, Ratchadapisek Road, Ladyao, Jatujak, Bangkok 10900 Thailand Domestic International Tel. 0 2978 5000 (66) 2978 5000 Fax. 0 2937 9321 (66) 2937 9321 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ 128 À¡Ÿà 6 µ”∫≈æ‘°ÿ≈∑Õß Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥√“™∫ÿ√’ 70000 ‚∑√„πª√–‡∑» ‚∑√®“°µà“ßª√–‡∑» ‚∑√»—æ∑å 0 2978 5111-9 (66) 2978 5111-9 0 3236 5740 µàÕ 3210 (66) 3236 5740 µàÕ 3210 ‚∑√ “√ 0 2978 5110 (66) 2978 5110 0 3236 5740 µàÕ 3204 (66) 3236 5740 µàÕ 3204 Ratchaburi Electricity Generating Company Limited 128 Moo 6 T. Phikhultong A. Muang Ratchaburi 70000 Thailand Domestic International Tel. 0 2978 5111-9 (66) 2978 5111-9 0 3236 5740 Ext. 3210 (66) 3236 5740 Ext. 3210 Fax. 0 2978 5110 (66) 2978 5110 0 3236 5740 Ext. 3204 (66) 3236 5740 Ext. 3204 ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ 19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√„πª√–‡∑» ‚∑√®“°µà“ßª√–‡∑» ‚∑√»—æ∑å 0 2978 5000 (66) 2978 5000 ‚∑√ “√ 0 2937 9321 (66) 2937 9321 Ratchaburi Energy Company Limited 19 SCB Park Plaza, Tower 3 East, 20th Floor, Ratchadapisek Road, Ladyao, Jatujak, Bangkok 10900 Thailand Domestic International Tel. 0 2978 5000 (66) 2978 5000 Fax. 0 2937 9321 (66) 2937 9321

Good Corporate

Governance

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Ratchaburi Electricity Generating Holding Public Company Limited

Annual Report 2002 Ratchaburi Electricity Generating Holding Public Company Limited

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Annual Report 2002

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Public

Shareholders

Employees

Customers Transparency

Best Practice

Fairness

Accountability

Value

Business Partners

Government

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Ratchaburi Electricity Generating Holding Public Company Limited

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