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Contents 2 4 6 25 26 27 29 49 51 56 58 59 94

Financial Highlights Message from the Chairman Nature of Business Future Projects Risk Factors Shareholdrs’ Structure Management Structure Connected Transaction Analysis of Operating Performance and Financial Status Report of the Audit Committee Report of the Independent Certified Public Accountants Financial Statements General Corporate information and Other References


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Financial Highlights Operating Performance (Units: Thousand Baht) 5HYHQXH IURP VDOHV DQG VHUYLFHV 2WKHU LQFRPH 7RWDO UHYHQXH *URVV SURILW 1HW SURILW ORVV

2006

2005

2004

2003

2002

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Growth Rates (Units: Percent)

2006

2005

2004

2003

2002

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1. Corporate governance policies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Key Financial ratios 31 Dec 2006

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S & P SYNDICATE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 BAHT

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S & P SYNDICATE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

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ANNUAL REPORT 2006


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S & P SYNDICATE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF CHANGES IN SHAREHOLERS’ EQUITY (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

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S & P SYNDICATE PUBLIC COMPANY LIMITED AND SUBSIDIARIES STATEMENTS OF FLOWS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 BAHT

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CASH FLOWS FROM OPERATING ACTIVITIES

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