CONTENTS
66 68 69 70 77 78 81 82 84 85 87 93 96 98 99 107 115 124
Financial Highlights
Message from the Chairperson
Message from the CEO
Nature of Business
S&P Group Structure
Organization chart
Economic Climate and Business Competition
Notable Events
Report on the Board of Directors’ Responsibility for the Preparation of Financial Statements
Audit Committee’s Report
Analysis of the Operating Performance and Financial Status
4 1 T 4VCTJEJBSJFT BOE BGmMJBUFT
Connected Transactions
Risk Factors
Shareholder and Management Structure
Corporate Governance
Details of all Directors and Executives
General Corporate Information and Other References
Financial Highlight 2010
2009
2008
Revenues from Sales and Services
5,282
4,700
4,378
Total Revenues
5,335
4,764
4,437
(SPTT 1SPmU
Income Statement (Unit: Million Baht)
1SPmU #FGPSF 'JOBODF DPTUT BOE *ODPNF UBY FYQFOTFT
/FU 1SPmU
2,746
2,754
523
523
523
Balance Sheet (Unit: Million Baht) Total Assets 5PUBM -JBCJMJUJFT 4IBSFIPMEFST &RVJUZ Paid-up Capital
2,522
Financial Ratio -JRVJEJUZ 5JNFT
3FUVSO PO .BKPS 4IBSFIPMEFST &RVJUZ
3FUVSO PO "TTFUT
&BSOJOHT QFS 4IBSF
%JWJEFOE QFS 4IBSF
(SPTT 1SPmU .BSHJO /FU QSPmU NBSHJO
%FCU UP &RVJUZ 3BUJP 5JNFT Per Share Data (Unit: Baht per Share) #PPL 7BMVF QFS 4IBSF
%JWJEFOE 1BZPVU 3BUJP
066
S&P Annual Report 2010 www.snpfood.com
Revenue 2010 Revenue breakdown by Product
Revenue breakdown by Distribution Channel
0.06 % 0.99 %
8.27 %
3.19 % 0.99 %
13.12 % 13.12 %
9.30 %
44.91 % 76.53 %
29.52 % (Million Baht)
Domestic Restaurant & Bakery Shop
4,083
Oversea Restaurant
700
1 BDLBHFE 'PPE #BLFSZ 5SBEJOH
(Million Baht) #BLFSZ
%PNFTUJD 'PPE #FWFSBHF
Oversea Restaurant
700
Other Channels
3
1BDLBHFE 'PPE
Other Revenues
53
0UIFS 1SPEVDUT
5,335
Other Revenues
53
Total
Total
5,335
Performance 2010 Total Revenue (Million Baht) 6,000 5,000
5,335 4,437
4,764
4,000 3,000 2,000
2008
382 225
2008
2SHUDWLQJ &DVKĂ RZV 0LOOLRQ %DKW
800
800
Dividend per Share (Baht per Share)
700 500
450 400 350 300 250 200 50
600
1HW 3URĂ€W 0LOOLRQ %DKW
584
400
300
200
2008
2008
S&P Annual Report 2010 www.snpfood.com
067
Message from the Chairperson of the Board of Directors
Dear shareholders,
NBSLT UIF UI ZFBS UIBU 4 1 4ZOEJDBUF 1VCMJD
$PNQBOZ -JNJUFE IBT CFFO JO PQFSBUJPO *U XBT B ZFBS PG NBOZ notable incidents in Thailand, including political unrest; natural EJTBTUFS BT XFMM BT UIF TMPXJOH EPXO PG UIF FDPOPNZ CPUI EPNFTUJDBMMZ BOE HMPCBMMZ )PXFWFS XF IBWF BMXBZT NBJOUBJOFE our principle of fairness to our customers, giving back to society through corporate social responsibility (CSR), the development of our employees so that they could maximize their potential, and continued improvement in our operation and quality control TZTUFNT )FODF EVSJOH UIF QBTU ZFBS XF XFSF BCMF UP BDIJFWF BO BOOVBM HSPXUI PG XIJDI JODMVEFT UPUBM SFWFOVF PG NJMMJPO 5IBJ #BIU
0O CFIBMG PG UIF #PBSE * XPVME MJLF UP FYQSFTT NZ TJODFSF
UIBOLT UP BMM TIBSFIPMEFST BOE DVTUPNFST PG 4 1 XIP IBWF BMXBZT QPTJUJWFMZ TVQQPSUFE UIF DPNQBOZ * XPVME BMTP MJLF UP UIBOL the company’s management team and all our employees for their FGGPSUT JO IFMQJOH UP NPWF UIF DPNQBOZ JOUP UIF GVUVSF UPXBSET B TIBSFE HPBM JO B TUBCMF BOE TVTUBJOBCMF NBOOFS *U JT NZ TJODFSF IPQF UIBU XF XJMM CF BCMF UP DPOUJOVF UP CVJME PO UIF FGGPSUT XIJDI XF IBWF JNQMFNFOUFE JO WBSJPVT BSFBT PG UIF DPNQBOZ T PQFSBUJPOT in order to best support our business expansion domestically and BCSPBE JO UIF CFTU QPTTJCMF NBOOFS
Yours Sincerely, Patara Sila-On Chairperson
068
S&P Annual Report 2010 www.snpfood.com
Messages from the CEO
strength, innovation of our products and
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services, continued human resource
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EFWFMPQNFOU BT XFMM BT TPDJBM SFTQPOTJ-
PG Social and environmental aspects
CJMJUZ Improvement in operation system
The Company has actively engaged in
To reduce unnecessary procedures and
corporate social responsibility activities
DPTU UISPVHI FGmDJFODZ UIF DPNQBOZ
(CSR)
has implemented cost control measures
support for underprivileged students
through
through
the
aforementioned
and
or the Kitchen for Kids project to build
improvement in procurement system;
proper cooking facilities for communities
BT XFMM BT SBX NBUFSJBM VTBHF DPOUSPM
MFBEJOH UP HSFBUFS DPNNVOJUZ BXBSF-
JO PVS SFTUBVSBOUT 'VSUIFSNPSF XF
ness in the importance of developing the
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organizational management through our
offers an opportunity for the general
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public to practice Buddhist meditation
BT PVS GPDVT PO QSPKFDU CBTFE UFBNT
UISPVHI JUT NFEJUBUJPO SFUSFBU QSPHSBN
centralized
purchasing
Continued development of per-
As for the environment, our factories have
sonnel We are focused on personnel
continually improved their standards
As S&P Syndicate Public Company
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JO WBSJPVT BTQFDUT UP CF JO TUFQ XJUI
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their potential and through the ethos
modern international production standards
through many economic crises, such the
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XJUI UIF TBUJTGBDUJPO PG PVS DVTUPNFST BT
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training methods, such as the organizing
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of the intramural “Super Chef� competition
Looking ahead, although competi-
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and the support of our baristas to
tion is increasingly intense, in addition
PVS CVTJOFTT *O UIF JOUFSWFOJOH ZFBST
compete in national and international
to the uncertain domestic and global
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economy, I can reiterate that our de-
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employees to achieve higher levels of
termination to expand domestic and
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education and instilling a sense of
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belonging to the S&P Family for our
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generated
Dear shareholders,
despite
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an ethical manner through good corporate
GPSFDBTU PG FDPOPNJD TMPXEPXO )PXFWFS
XF XJMM DPOUJOVF UP FYQBOE PVS DPVSTF
HPWFSOBODF 8F BSF QSPVE UP CF BCMF UP
XF DPOUJOVF UP QVTI PO XJUI PVS CVTJOFTT
curriculum and accept more underprivi-
QSPWJEF DSFEJCJMJUZ BOE DPOmEFODF JO
expansion and to make improvements in
leged students into our vocational level
our shareholders, employees, partners,
the various aspects and systems of our
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customers, and society in a continued
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BOE OVUSJUJPO BU 4 1 -FBSOJOH $FOUFS 8F
NBOOFS 8F CFMJFWF UIBU PVS DPNNJUNFOU
BOE CBLFSJFT BOE UXP NPSF JOUFSOBUJPOBM
XJMM BMTP DPPQFSBUF XJUI UIF %FQBSUNFOU
BOE TUSBUFHZ XJMM FOBCMF VT UP DPOUJOVF
restaurant outlets, namely in Vienna and
of Vocational Studies to accept more
PVS FYQBOTJPO OP NBUUFS XIBU FYUFSOBM
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students under the bilateral cooperation
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system so that they can have a chance to
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TUVEZ BOE XPSL BU UIF TBNF UJNF
position as the market leader in the food
record
revenues,
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QSJODJQMFT XIJDI XJMM MFBE VT UP BDIJFWF
BOE CBLFSZ CVTJOFTT
our mission to be the leader in the food
Development of new products We
BOE CBLFSZ CVTJOFTT *U JT PVS HPBM UP
are determined to satisfy the needs of our
expand our business across the country
DVTUPNFST UISPVHI OFX TFBTPOBM NFOVT
BOE UIF XPSME UP BDIJFWF B TUSPOH
QSPNPUJPO PG QSPEVDUT OFX BOE FYJTUJOH
SFUBJM CVTJOFTT OFUXPSL CPUI EPNFTUJDBMMZ
through various methods, be it through
and internationally, to build competitive
restaurant promotions, special events,
Pravesvudhi Raiva
advantage through institutional devel-
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President and CEO
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BDIJFWF NBYJNVN CSBOE BXBSFOFTT S&P Annual Report 2010 www.snpfood.com
069
Nature of Business History and important developments
3FTUBVSBOU BOE #BLFSZ CVTJOFTT HSPVQ XBT GPVOEFE JO 'SPN GPPE JDF DSFBN BOE EFTTFSUT SFTUBVSBOUT JO 4PJ 1SBTBSONJU
Sukhumvit 23, the Company introduced its bakery line and become the leader in custom-made cake decoration and cartoon DIBSBDUFS DBLF JO 5IBJMBOE 4 1 GPPE BOE CBLFSZ BSF XFMM BDDFQUFE CZ DVTUPNFST XIJDI TVQQPSU TUPSF FYQBOTJPOT JO NBKPS BSFBT JO #BOHLPL BOE VQDPVOUSZ
*O 4 1 4ZOEJDBUF 1VCMJD $PNQBOZ -JNJUFE XBT MJTUFE JO UIF 4UPDL &YDIBOHF PG 5IBJMBOE 5IF $PNQBOZ IBT JOWFTUFE JO
CPUI SFTUBVSBOU BOE CBLFSZ CVTJOFTTFT VOEFS UIF CSBOE i4 1w 5IFSF XFSF 4 1 SFTUBVSBOUT BOE 4 1 CBLFSZ TIPQT UP SFTQPOE UP DVTUPNFST SFRVJSFNFOU 5IF $PNQBOZ IBT CVJMU UIF i4 1w CSBOE UP CF CSPBEMZ XFMM LOPXO .PSFPWFS UIF DPNQBOZ IBT CFFO WFSZ TVDDFTTGVM JO JOUSPEVDJOH OFX CSBOET TVDI BT 1BUBSB 1BUJP #MVF$VQ 7BOJMMB BOE NPPO DBLF CSBOET 4 1 BOE (PMEFO %SBHPO
'PS UIF PWFSTFBT CVTJOFTT UIF $PNQBOZ PQFOFE JUT mSTU 5IBJ SFTUBVSBOU VOEFS UIF OBNF 1BUBSB 'JOF 5IBJ $VJTJOF JO -POEPO
&OHMBOE 5IF SFTUBVSBOU XBT XFMM BDDFQUFE BOE JNQSPWFE QPQVMBSJUZ PG 5IBJ GPPE JO PWFSTFBT NBSLFU 5IF $PNQBOZ PQFOFE NPSF 5IBJ SFTUBVSBOUT MBUFS "T PG %FDFNCFS UIF $PNQBOZ IBT PWFSTFBT SFTUBVSBOUT VOEFS UIF CSBOET 1BUBSB 1BUJP 5)"¸ 4JBN ,JUDIFO BOE #BOHLPL +BN For ready-meal business, the Company has introduced frozen ready-to-eat food under the brand “Quick Meal� and sausage QSPEVDUT UP BDDPNNPEBUF DIBOHJOH DPOTVNFS T QSFGFSFODF BOE MJGFTUZMF 5IF $PNQBOZ IBT DPOUJOVFE UP JOWFTU JO SFBEZ NFBM SFTFBSDI BOE EFWFMPQNFOU UP SFTQPOE UP DVTUPNFS T EFNBOE CZ GPDVTJOH PO GPPE RVBMJUZ UBTUF BOE NFOV WBSJFUZ .PSFPWFS 4 1 (SPVQ JT UIF MFBEFS JO DBUFSJOH CVTJOFTT VOEFS UIF CSBOE $BUFSNBO BOE GPPE EFMJWFSZ TFSWJDF %FMJWFSZ *O BEEJUJPO UP CFJOH the leader in the food and bakery business the company is thus able to establish itself as one of the leaders in related services to domestic and international retail channels With continued expansion in the food and bakery business, the issue of production quality control became an important GBDUPS 'PS TVQQPSUJOH UIJT CVTJOFTT 4 1 DPOTUSVDUFE JUT CBLFSZ GBDUPSZ BU 4VLIVNWJU JO BOE JO UP FYQBOE UIF QSPEVDUJPO DBQBDJUZ UIF $PNQBOZ JOWFTUFE POF NPSF CBLFSZ QMBOU PO #BOHOB 5SBE 3PBE ,N "T XFMM BT JO UIF QSPWJODJBM BSFB JO $IJBOH .BJ BOE 1IVLFU 5IF $PNQBOZ BMTP DPOTUSVDUFE GSP[FO GPPE BOE TBVTBHF GBDUPSZ JO -BE ,SBCBOH *OEVTUSJBM &TUBUF
1SFTFOUMZ UIF $PNQBOZ JT UIF MFBEJOH SFTUBVSBOU BOE CBLFSZ PQFSBUPST 5IF QPMJDJFT UIBU UIF $PNQBOZ IBT NBJOUBJOFE PWFS UIF
MBTU ZFBST BSF UP PGGFS HPPE TFSWJDF BOE RVBMJUZ QSPEVDUT HPPE WBMVF QSPEVDUT PG JOUFSOBUJPOBM TUBOEBSET BT XFMM BT DPOUJOVPVTMZ EFWFMPQ BOE JOOPWBUF OFX QSPEVDUT UP CFTU SFTQPOE UP DVTUPNFS T OFFET
Business overview of the Company and subsidiaries S&P Syndicate Public Company Limited and its subsidiaries operate business related to restaurants, coffee and beverages, CBLFSZ BOE SFBEZ UP FBU GPPE BOE QSPEVDFT GPPE QSPEVDUT VOEFS UIF OBNF 4 1 %FUBJMT PG PQFSBUJPO QSPEVDU TFSWJDF UZQFT BOE TUSVDUVSFT PG UIF $PNQBOZ BSF BT GPMMPXT
1. Business operations by S&P Syndicate Public Company Limited 1.1 Domestic restaurant and bakery business
"T PG %FDFNCFS UIF $PNQBOZ PQFSBUFT SFTUBVSBOUT BOE CBLFSZ TUPSFT VOEFS 4 1 CSBOE DPOUSJCVUJOH NPTU UP
UIF $PNQBOZ T SFWFOVF 5IF $PNQBOZ QPTJUJPOT FBDI TUPSF UZQF EJGGFSFOUMZ UP CFUUFS TFSWF EJGGFSFOU HSPVQT PG DVTUPNFST 4 1 SFTUBVSBOUT BOE CBLFSJFT TUPSF XJMM GPDVT PO NBTT NBSLFU XIJMF PUIFS TQFDJBMUZ SFTUBVSBOU CSBOET XJMM UBSHFU NPSF TQFDJmD UBSHFU DVTUPNFST %FUBJMT PG EPNFTUJD SFTUBVSBOU BOE CBLFSZ CVTJOFTT PG UIF $PNQBOZ BSF BT GPMMPXT
070
S&P Annual Report 2010 www.snpfood.com
Number of outlets Restaurant and Bakery shop
Bangkok & Suburb
Upcountry
Total
4 1 #BLFSZ 4IPQ
4 1 3FTUBVSBOU
Vanilla Restaurant
5
-
5
Patio Restaurant
3
-
3
1BUBSB 3FTUBVSBOU
(SBOE 4FBTJEF 3FTUBVSBOU
5PUBM
Remark : The Company operates 192 BlueCup coffee shops in S&P restaurants and bakery shops. (1) S&P Bakery Shop & Corner
5IF #BLFSZ TIPQT PGGFS BMM LJOET PG CBLFSZ QSPEVDUT TBOEXJDI DPGGFF BOE SFBEZ UP FBU NFBM UP DVTUPNFST JO HFOFSBM DPNNVOJUZ
BSFBT TVDI BT TVQFSNBSLFUT EFQBSUNFOU TUPSFT BOE PGmDFT UP PGGFS DVTUPNFST BDDFTT UP UIF DPNQBOZ T ESJOLT DPGGFF DBLF DPPLJF TBOEXJDI CSFBE BOE SFBEZ UP FBU NFBM 5IF CSBODIFT BSF NBJOMZ MPDBUFE JO #BOHLPL BOE NBKPS DJUJFT JO 5IBJMBOE
(2) S&P Restaurant & Bakery S&P restaurant offers a variety of Thai food and international food, beverage and dessert, such as, BlueCup drink, Bakery QSPEVDU JDF DSFBN BT XFMM BT WBSJPVT SFBEZ NFBM QSPEVDUT 5IF $PNQBOZ QBZT BUUFOUJPO UP EFUBJMT RVBMJUZ GSFTIOFTT IZHJFOF TBGFUZ UPHFUIFS XJUI TFMFDUJOH UIF CFTU SBX NBUFSJBMT BOE DSFBUJOH NFOV CZ QSPGFTTJPOBM DIFG XJUI UBSHFUJOH NJEEMF DMBTT GBNJMZ UFFOBHFST BOE XPSLJOH QFPQMF 5IF SFTUBVSBOU QSPWJEFT FBU JO UBLF BXBZ BOE EFMJWFSZ TFSWJDFT 5IF DVTUPNFS DBO CVZ UBTUZ GSP[FO SFBEZ UP FBU NFBM DPPLJFT BOE 5IBJ TXFFUT *U JT B GBNJMZ SFTUBVSBOU GPS FWFSZPOF FWFSZUIJOH BOE FWFSZXIFSF
(3).Vanilla Group
7BOJMMB (SPVQ JT B CSBOE UBSHFUJOH UIF TUZMJTI DPOmEFOU UFFOBHFST BOE UIF ZPVOH QSPGFTTJPOBM DVTUPNFST 5IF SFTUBVSBOUT VOEFS
7BOJMMB (SPVQ PGGFS IJHI RVBMJUZ GPPE JO B VOJRVF BNCJBODF (3.1) Vanilla Industry: Tea Cake / D.I.Y. bakery / Cooking Workshop
5SFOEZ SFTUBVSBOUT GPS UFFOT MPDBUFE JO UIF IFBSU PG USFOEZ 4JBN 4RVBSF 5IJT SFTUBVSBOU T EFTJHO DPNCJOFT NPEFSO BOE
DMBTTJD TUZMFT *U TFSWFT TQBHIFUUJ TPVQ TBMBE QBTUSZ BOE DBLF 5IF SFTUBVSBOU BMTP PGGFST B XJEF WBSJFUZ PG DVMJOBSZ DPVSTFT GPS UIFJS PXO DPPLJOH BOE QBSUZ BU IPNF (3.2) Vanilla Restaurant: Breakfast / Lunch / Afternoon Tea / Dinner Gathering place in English pub environment located in the center of upscale Soi Thonglor (Sukhumvit 55), the restaurant JT EFDPSBUFE JO NPEFSO WJOUBHF TUZMF 5IF SFTUBVSBOU TFSWFT BMM EBZ NFBM BOE B WBSJFUZ PG DMBTTJD &VSPQFBO GPPE 5IF SFTUBVSBOU JT EJTUJODUJWF JO NFOV TFUUJOH BOE QSFTFOUJOH UIF GSFTIOFTT PG UIF CBLFSZ DPSOFS 9DQLOOD %UDVVHULH &DIp 3DWLVVHULH 6DORQ GH WKH &UHSHULH &KRFRODWLHU &RQĂ€VHULH
*OTQJSFE CZ 'SFODI $BGĂ? UIF SFTUBVSBOU JT EFTJHOFE UP mU NPEFSO MJGFTUZMF DVTUPNFST XIP DPNF UP TIPQ BU MVYVSJPVT
EFQBSUNFOU TUPSF 1BSBHPO 4IPQQJOH .BMM 5IF SFTUBVSBOU PGGFS DSFBUJWF NFOV TVDI BT DSFQF TBMBE TBOEXJDI DIPDPMBUF 'SFODI TXFFUT BOE TPVWFOJS
S&P Annual Report 2010 www.snpfood.com
071
(3.4) Vanilla Café: Japanese Style Café
*UBMJBO +BQBOFTF SFTUBVSBOU EFTJHOFE JO +BQBOFTF 3FUSP TUZMF FNQIBTJ[JOH PO TJNQMJDJUZ 5IF SFTUBVSBOU PGGFST QSJWBDZ BOE
B WBSJFUZ PG +BQBOFTF EJTIFT 5IF SFTUBVSBOU JT BUUSBDUFE CZ UIF WBSJFUZ PG +BQBOFTF TXFFUT TBNF BT UIF QBSUZ BU ZPVS GSJFOE QMBDF 5IJT DPOTJEFST BT B GBWPSBCMF DIPJDF PG UIF IJHI FOE DVTUPNFS (3.5) Royal Vanilla: Tea Room-Dimsum
$POUFNQPSBSZ $IJOFTF SFTUBVSBOU EFDPSBUFE XJUI IPNFMZ GVSOJUVSF JO USBEJUJPOBM $IJOFTF JOO BUNPTQIFSF TFSWJOH TJNQMF
BOE GBNJMJBS %JNTVN BOE $IJOFTF EJTIFT JO 7BOJMMB TUZMF (3.6) Sauce: Art literature cookbook
" MPGUZ TUZMF DPOUFNQPSBSZ CPPL TUPSF TFMMJOH CPPLT BCPVU BSUT MJUFSBUVSF BOE DPPLCPPLT BOE 4 1 BOE SFMBUFE QSPEVDUT (3.7) Teppan Ice: Japanese-style Teppan ice-cream
5IF +BQBOFTF TUZMF 5FQQBO JDF DSFBN PO UIF JDF DPME QBO NBLJOH JO GSPOU PG ZPV MPX GBU JDF DSFBN JO EJGGFSFOU nBWPST
JODMVEJOH TPZ NJML GSVJU ZPHVSU EBOHP BOE XBTBCJ UIF MBUFTU UBTUF GSPN +BQBO
(4) Patio: Delicatessen
5IF JOUFSOBUJPOBM SFTUBVSBOU TFSWFT UIF TQFDJmD HSPVQ PG DVTUPNFST XIP QSFGFS UIF JOUFSOBUJPOBM )PNF 4UZMF $PPLJOH JO
UIF TJNQMZ BOE SFMBY BUNPTQIFSF
(5) Patara: Fine Thai Cuisine
5IF SFTUBVSBOU PGGFST TUZMJTI 5IBJ DVJTJOF GPS CVTJOFTT HBUIFSJOHT BOE TQFDJBM PDDBTJPOT 5IF EÏDPS FWPLFT GFFMJOHT PG USBEJUJPOBM
ZFU DPNGPSUBCMF 5IBJ IPTQJUBMJUZ 5IF SFTUBVSBOU IBT SFDFJWFE 5IBJMBOE #FTU 3FTUBVSBOU BXBSE GPS UISFF DPOTFDVUJWF ZFBST
(6) Grand Seaside: Seafood
0GGFST TFBGPPE BOE 5IBJ GVTJPO GPPE BU -BFN 'BSO 4SJSBDIB
(7) BlueCup Coffee
4 1 CMVF DIJQ DPGGFF CSBOE DVSSFOUMZ PQFSBUFT DPVOUFST JO 4 1 PVUMFU 5IF CSBOE UXJDF XPO UIF i5IBJMBOE #FTU #BSJTUBw JO
BOE BOE i5IBJMBOE #FTU -BUUF "SUw JO BOE #MVF$VQ JT QSPVE UP EFWFMPQ HPPE DPGGFF CSFXFST PWFS UIF MBTU UFO ZFBST BOE XJMM DPOUJOVF UP HSPX BOE CFDPNF UIF MFBEJOH RVBMJUZ DPGGFF CSBOE PG 5IBJMBOE CSJOHJOH UIF QMFBTVSF PG ESJOLJOH DPGGFF UP BMM DPGGFF FOUIVTJBTUT
2. Business operations of subsidiary companies 2.1. S&P Global Co. Ltd.
1BJE VQ DBQJUBM PG NJMMJPO #BIU PG XIJDI UIF DPNQBOZ IPMEJOH 0QFSBUFT SFTUBVSBOUT BCSPBE BT GPMMPXT
2.1.1 Overseas Restaurant Business
5IF DPNQBOZ QSPVEMZ SFQSFTFOUT 5IBJ DVMUVSF PO DVJTJOF BTQFDU JO UIF GPSFJHO DPVOUSJFT "T PG %FDFNCFS
UIF $PNQBOZ PQFSBUFT SFTUBVSBOUT JO TFWFO DPVOUSJFT
072
S&P Annual Report 2010 www.snpfood.com
England
Taiwan
Singapore
Switzerland
China
Austria
Philippines
Total
1BUBSB
5)"¸
Patio
2
Siam Kitchen
2 7
7
#BOHLPL +BN
5IBJ 1BUJP
5PUBM
* Licensed brands
(1) Patara: Fine Thai Cuisine
"VUIFOUJD 5IBJ DVJTJOFT JO NPEFSO BOE FMFHBOU FOWJSPONFOU XJUI UIF XFTUFSO DPODFQU 1BUBSB SFTUBVSBOU DIBJO IBT GPVS
SFTUBVSBOUT JO &OHMBOE POF JO FBDI DPVOUSZ PG 4XJU[FSMBOE 4JOHBQPSF $IJOB BOE "VTUSJB
(2) THAÏ Restaurent: Contemporary Cuisine
5)"¸ $POUFNQPSBSZ $VJTJOF SFTUBVSBOU TFSWFT 5IBJ GPPE BOE ESJOLT 5IF JOUFSJPS DPNCJOFT 8FTUFSO BOE &BTUFSO EFTJHOT UP
EFMJWFS UIF CFTU EJOJOH FYQFSJFODF 5IF DVSSFOUMZ PQFSBUF POF JO (FOFWB 4XJU[FSMBOE
(3) THAÏ Take Away: Convenient Thai Food Outlet
5IBJ DVJTJOF TFSWJDFT JO DPOWFOJFOU TUZMF BOE RVJDL TFSWF UBSHFUJOH UIF SVTI IPVS DVTUPNFS JO UIF SFBTPOBCMF QSJDJOH
(4) Patio Thai: Joy of eating
5IBJ SFTUBVSBOUT XJUI GBTIJPOBCMF EFTJHO JOUFHSBUFE XJUI PSJHJOBM 5IBJ nBWPVS UP TVJU UIF MPDBM 5BJXBOFTF NBSLFU VOEFS
UIF TMPHBO i1BUJP 5IBJ $POUFNQPSBSZw 5IFSF BSF 1BUJP 3FTUBVSBOUT JO 5BJQFJ 5BJXBO
(5) Siam Kitchen: Authentic Thai Restaurant
4JBN ,JUDIFO DIBJO JT XFMM BDDFQUFE JO 4JOHBQPSF 5IF )BMBM DFSUJmFE DIBJO BOE JT UIF POMZ CSBOE BDDFTTJCMF GPS .VTMJN
DPOTVNFST *U JT OPX PQFSBUJOH PVUMFUT
(6) Bangkok Jam: Thai and Pan-Asian cuisine
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2.2 S&P Asset Co., Ltd.
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2.3 S&P Food Solutions Co., Ltd.
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S&P Annual Report 2010 www.snpfood.com
073
3. Business operations by Associate companies 3.1. HD Distributors (Thailand) Co., Ltd.
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3.2. Foodhouse Catering Services Co., Ltd.
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074
S&P Annual Report 2010 www.snpfood.com
Cookies
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S&P Annual Report 2010 www.snpfood.com
075
3. Other Services Delivery 1344
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076
S&P Annual Report 2010 www.snpfood.com
S&P Group Structure
S&P Syndicate Public Co., Ltd.
4 1 "TTFU $P -UE
S&P Food Solution $P -UE
S&P Global Co., Ltd.
96.00 %
S&P Restaurants Limited (England)
50.00 %
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50.00 %
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45.00 %
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70.00 %
HD Distributors 5IBJMBOE $P -UE
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62.00 %
Patara (Geneva) SA 4XJU[FSMBOE
50.00 %
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60.00 %
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90.79 % Patara International Restaurant Management #FJKJOH $P -UE
20.00 %
Patara Restaurant 7JFOOB (NCI
S&P Annual Report 2010 www.snpfood.com
077
Organization chart Board of Directors
Nomination and Remuneration Committee
Audit Committee
Executive Management Committee $XGLW 2IĂ€FH
President
Corporate Support
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Domestic Operation
Manufacturing
Finance and Accounting
Operation : S&P
Bakery
Research & Development
Operation : Specialty
Food
Human Resources
Trade
Information Technology
Business Development
Supply Chain
078
Executive Vice President
S&P Annual Report 2010 www.snpfood.com
Marketing
The managerial structure of the Company comprises 4 boards or committees, that is, the Board of Directors, the Audit Committee, /PNJOBUJPO BOE 3FNVOFSBUJPO $PNNJUUFF &YFDVUJWF .BOBHFNFOU $PNNJUUFF BOE .BOBHFNFOU 5FBN %FUBJMT PG UIFTF EJSFDUPST BSF BT GPMMPXT
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S&P Annual Report 2010 www.snpfood.com
079
Management Team
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(Details of all Directors and Executives are shown in the Appendix)
080
S&P Annual Report 2010 www.snpfood.com
Economic Climate and Business Competition
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S&P Annual Report 2010 www.snpfood.com
081
Notable Events
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Sukhumvit Bakery extended the Hazard Analysis and Critical Control Point (HACCP) to its brad production from NSF-
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082
S&P Annual Report 2010 www.snpfood.com
Corporate Social Responsibility Education O
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O
+PJOUFE XJUI 7&$ 0GmDF PG 7PDBUJPOBM &EVDBUJPO $PNNJTTJPO BSSBOHFE UIF USBJOJOH DPVSTF UP EFWFMPQ DBLF
EFDPSBUJPO TLJMMT UP UFBDIFST BOE TUVEFOUT GSPN WPDBUJPOBM TDIPPM
O
+PJOUFE XJUI UIF BDUJWJUJFT GPS FEVDBUJPO EFWFMPQNFOU JODMVEJOH EPOBUJPO PG NPOFZ BOE FEVDBUJPOBM FRVJQNFOUT UP many schools, such as set up S&P kitchen for kids project to renovate the hygiene kitchen and toilet facilities for many
TDIPPM JO SVSBM BSFBT
O
"DUJWBUJOH UIF th year continuing program for Cake decoration skill to 35 primary schools,
O
0SHBOJ[JOH TVNNFS DBNQ GPS DIJMESFO VOEFS UIF i)BQQZ %IBNNB )BQQZ )FBSUw QSPKFDU
O
Organizing PATARA Charity Cook Off in donation for building Food & Nutrition class room for Chitlada Vocational
4DIPPM
Social and Environment O
%POBUJOH NPOFZ UP WJDUJNT PG OBUVSBM EJTBTUFST TVDI BT UIF )BJUJ FBSUIRVBLF nPPEJOH JO 5IBJMBOE BOE UIF QVCMJD IFBMUI
PSHBOJ[BUJPO TVDI BT "OBOEBNBIJEPM 'PVOEBUJPO 4JSJSBK )PTQJUBM BOE 3BNBUIJCPEJ )PTQJUBM
O
Project to aid underprivileged people and youth activities: O
The Cake a Wish Make a Wish project, donating cakes to children, handicapped people, old people, and underprivileged people from 20 charities
O
The 4th i#SJOH CBDL UIF TNJMFw QSPKFDU EPOBUJOH MVODI UP VOEFSQSJWJMFHFE DIJMESFO PG UIF 3BOHTJU GPTUFS IPNF
O
Cooking demonstration activity for female inmates at the Lad Yao Penitentiary
O
+PJOFE UIF #BOHLPL .FUSPQPMJUBO "ENJOJTUSBUJPO JO PSHBOJ[JOH UIF NFSJU NBLJOH DFSFNPOZ BGUFS UIF QPMJUJDBM VOSFTU JO .BZ
O
0SHBOJ[FE B DBLF TIPX BOE TPME DPPLJFT UIF QSPDFFET PG XIJDI XBT EPOBUFE UP UIF 8PNFO T "TTPDJBUJPO PG 5IBJMBOE
on the occasion on Thai Women’s Day Furthermore, the Company has supported Meal and products to the activities of various PSHBOJ[BUJPOT BOE JOTUJUVUJPOT CPUI HPWFSONFOUBM BOE QVCMJD
S&P Annual Report 2010 www.snpfood.com
083
Report on the Board of Directors’ Responsibility for the Preparation of Financial Statements
5IF mOBODJBM TUBUFNFOUT PG 4 1 4ZOEJDBUF 1VCMJD $PNQBOZ -JNJUFE BOE JUT TVCTJEJBSJFT XIJDI IBWF CFFO DPNCJOFE JOUP
B DPOTPMJEBUFE mOBODJBM TUBUFNFOU IBWF CFFO QSFQBSFE JO DPOGPSNJUZ XJUI HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT VOEFS UIF "DDPVOUJOH "DU # & " % XIJDI JODMVEF BDDPVOUJOH TUBOEBSET JTTVFE VOEFS UIF "DDPVOUJOH 1SPGFTTJPO "DU # & " % BOE VOEFS UIF TUJQVMBUJPOT PG UIF 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPO HPWFSOJOH UIF QSFQBSBUJPO BOE QSFTFOUBUJPO PG mOBODJBM SFQPSUT TVCKFDU UP UIF 4FDVSJUJFT BOE &YDIBOHF "DU # & " % BT XFMM BT XJUI UIF /PUJmDBUJPO PG UIF %FQBSUNFOU PG #VTJOFTT %FWFMPQNFOU SF iQSFTDSJQUJPO PG CSJFG FOUSJFT UIBU NVTU CF DPOUBJOFE JO mOBODJBM TUBUFNFOUTw # & " % EBUFE +BOVBSZ
5IF #PBSE PG %JSFDUPST JT SFTQPOTJCMF GPS UIF mOBODJBM SFQPSUT QSFQBSFE PG 4 1 4ZOEJDBUF 1VCMJD $PNQBOZ -JNJUFE BOE JUT
TVCTJEJBSJFT TP UIBU JU JT SFBTPOBCMZ BTTVSFE UIBU UIF SFQPSUT IBWF SFnFDUFE UIF mOBODJBM TUBOEJOH JODPNF BOE FYQFOTFT BOE DBTI nPXT UIBU BSF SFBM BOE SFBTPOBCMF 5P UIJT DPSSFDU DPNQMFUF BOE TVGmDJFOU BDDPVOUJOH JOGPSNBUJPO IBT CFFO SFDPSEFE GPS UIF QVSQPTF PG NBJOUBJOJOH NBUFSJBM BTTFUT BOE USBOTBDUJPOT BOE JO UIF QSFQBSBUJPO PG UIF mOBODJBM SFQPSUT BQQSPQSJBUF BDDPVOUJOH QPMJDJFT XIJDI are constantly applied and conform to generally accepted accounting standards have been considered and selected for use and TJHOJmDBOU JOGPSNBUJPO IBT BMTP CFFO TVGmDJFOUMZ EJTDMPTFE JO UIF OPUFT UP UIF mOBODJBM TUBUFNFOUT PG 4 1 4ZOEJDBUF 1VCMJD $PNQBOZ -JNJUFE BOE JUT TVCTJEJBSJFT PO XIJDI UIF BVEJUPS IBT FYQSFTTFE PQJOJPOT JO UIF "VEJUPS T 3FQPSU
084
Patara Sila-On
Pravesvudhi Raiva
Chairperson
President
S&P Annual Report 2010 www.snpfood.com
Audit Committee’s Report
4 1 1VCMJD $P -UE T BVEJU DPNNJUUFF XBT BQQPJOUFE CZ UIF DPNQBOZ T CPBSE PG EJSFDUPST DPNQSJTJOH *OEFQFOEFOU %JSFDUPST
XJUI .T $BUUMFZB 4BFOHTBTUSB BT $IBJSNBO PG UIF BVEJU DPNNJUUFF BOE .S %VTJU /POUBOBLPSO BOE .T 4PQIBWBEFF 6UUBNPCPM BT members of the audit committee
5IF BVEJU DPNNJUUFF IBT UIF SFTQPOTJCJMJUZ PG FOTVSJOH USBOTQBSFODZ PG UIF DPNQBOZ T mOBODJBM BDDPVOU CFGPSF JU JT TVCNJUUFE
CFGPSF UIF CPBSE PG EJSFDUPST TIBSFIPMEFST BOE PUIFS TUBLFIPMEFST 5IF DPNNJUUFF JT BMTP SFTQPOTJCMF GPS FOTVSJOH FYBNJOBUJPO PG JOGPSNBUJPO SFMBUJOH UP mOBODJBM SFQPSUT JOUFSOBM BVEJUT BOE BVEJUT QFSGPSNFE CZ DFSUJmFE QVCMJD BDDPVOUBOUT SJTL NBOBHFNFOU BOE HPPE HPWFSOBODF JO DPNQMJBODF XJUI MBXT XJUI OP DPOnJDUT PG JOUFSFTU *U JT BMTP SFTQPOTJCMF GPS UIF TFMFDUJPO PG FYUFSOBM BVEJUPST JODMVEJOH QSPQPTJOH UIFJS SFNVOFSBUJPOT UP UIF CPBSE PG EJSFDUPST CFGPSF TVCNJUUJOH UP TIBSFIPMEFST GPS DPOTJEFSBUJPO *U BMTP QFSGPSNT PUIFS EVUJFT BTTJHOFE UP JU CZ UIF CPBSE PG EJSFDUPST
*O UIF "VEJU $PNNJUUFF IFME NFFUJOHT XJUI UIF DPNQBOZ T FYUFSOBM BVEJUPS UIF *OUFSOBM "VEJU %FQBSUNFOU UIF %FQVUZ
7JDF 1SFTJEFOU GPS "DDPVOUJOH BOE $PSQPSBUF 1MBO UIF SFMFWBOU NFNCFST PG UIF .BOBHFNFOU UFBN *UT EVUJFT QFSGPSNFE BSF JO TVNNBSZ BT GPMMPXT
&YBNJOBUJPO PG JOGPSNBUJPO SFMBUJOH UP mOBODJBM SFQPSUT PG UIF DPNQBOZ BOE TVCTJEJBSJFT GPS UIF ZFBS XIFSFCZ NFFUJOHT
XFSF IFME XJUI JOUFSOBM BVEJUT BOE BVEJUT QFSGPSNFE CZ DFSUJmFE QVCMJD BDDPVOUBOUT BOE UIF .BOBHFNFOU DPODFSOFE UP FOTVSF UIBU UIF $PNQBOZ T mOBODJBM SFQPSUT BOE TUBUFNFOUT IBE CFFO QSFQBSFE JO DPOGPSNJUZ XJUI BDDPVOUJOH TUBOEBSET BDDFQUFE BOE UIBU JOGPSNBUJPO IBE CFFO DPSSFDUMZ BOE TVGmDJFOUMZ EJTDMPTFE JO BEEJUJPO UP JNQMFNFOUBUJPO PG PCTFSWBUJPOT BOE TVHHFTUJPOT PG BVEJUPST With regards to the company’s and its subsidiaries’ quarterly and annual audit reports, the audit committee found no substantive JTTVFT EJGGFSFOU GSPN UIF mOBODJBM SFQPSUT QSFQBSFE CZ UIF DPNQBOZ 5IF BVEJU DPNNJUUFF FOEPSTFT UIF BVEJUPS T SFQPSU BOE UIF DPNQBOZ T BOE JUT TVCTJEJBSJFT mOBODJBM SFQPSUT BOE GPSXBSEFE JU UP UIF CPBSE PG EJSFDUPST UP DPOTJEFS GPS RVBSUFSMZ mOBODJBM SFQPSUT "T GPS BOOVBM mOBODJBM SFQPSUT UIF BVEJU DPNNJUUFF GPSXBSEFE JU UP UIF CPBSE PG EJSFDUPST UP DPOTJEFS CFGPSF QVUUJOH JU CFGPSF TIBSFIPMEFST UP FOEPSTF BU UIF BOOVBM TIBSFIPMEFST NFFUJOH
"TTFTTNFOU PG SJTL NBOBHFNFOU 5IF BVEJU DPNNJUUFF IBT DPOTJEFSFE JOGPSNBUJPO SFHBSEJOH SJTL NBOBHFNFOU GSPN SFMFWBOU
VOJUT BOE GPVOE UIBU JU XBT DPOTJTUFOU XJUI SFTVMUT QSPQPTFE CZ UIF JOUFSOBM BVEJU 5IJT JODMVEFT BEFRVBUF SJTL NBOBHFNFOU JNQPSUBOU SJTLT TVDI BT TUSBUFHJD SJTL QSPEVDUJPO DPTU SJTL PQFSBUJPOBM SJTL *$5 SJTL XIJDI XFSF BMM JODMVEFE JO UIF BOOVBM SFQPSU 'VSUIFSNPSF the audit committee made recommendations regarding continuation of improvement in risk assessment and risk management TZTUFNT
&YBNJOBUJPO PG *OUFSOBM $POUSPM "TTFTTNFOU o 5IF "VEJU $PNNJUUFF NFU XJUI UIF *OUFSOBM "VEJU %FQBSUNFOU UP DPOTJEFS BOE
endorse the annual internal control report, to be updated about implementation of the internal control plan, and listen to reports of JOUFSOBM DPOUSPM SFTVMUT PG WBSJPVT BDUJWJUJFT PG UIF DPNQBOZ *U DPODMVEFT UIBU UIF DPNQBOZ IBT BO JOUFSOBM DPOUSPM TZTUFN TVGmDJFOU BOE BQQSPQSJBUF GPS UIF DPOEVDU PG JUT CVTJOFTT JO DVSSFOU DPOEJUJPOT
S&P Annual Report 2010 www.snpfood.com
085
&YBNJOBUJPO PG *OUFSSFMBUFE 5SBOTBDUJPOT BOE $PNQMJBODF XJUI UIF -BX 5IF "VEJU $PNNJUUFF NFU XJUI UIF *OUFSOBM "VEJU
%FQBSUNFOU UIF %FQVUZ 7JDF 1SFTJEFOU GPS "DDPVOUJOH BOE $PSQPSBUF 1MBO UIF -BX 0GmDF .BOBHFS UP CF JOGPSNFE PG DIBOHFT JO SFMBUFE MBXT SFHVMBUJPOT EVSJOH UIF ZFBS XIJDI IBWF JNQBDUFE UIF DPNQBOZ T CVTJOFTT BOZ HVJEFMJOFT UP XIJDI UIF CPBSE PG EJSFDUPST UIF NBOBHFNFOU UFBN BOE UIF DPNQBOZ T FNQMPZFFT NVTU BEIFSF JO DPNQMJBODF XJUI UIF MBX 'VSUIFSNPSF UIF BVEJU DPNNJUUFF DPOTJEFSFE BOE XBT JOGPSNFE PG UIF DIBOHF JO BDDPVOUJOH TUBOEBSET XIJDI XJMM CF JO FGGFDU GSPN POXBSET GPS XIJDI QSFQBSBUJPOT IBWF BMSFBEZ CFFO NBEF
3FWJFXJOH JOUSB DPNQBOZ USBOTBDUJPOT SFHBSEJOH DPOnJDUT PG JOUFSFTU 5IF BVEJU DPNNJUUFF NFU XJUI UIF *OUFSOBM "VEJU
%FQBSUNFOU UIF NBOBHFNFOU UFBN GPS "DDPVOUJOH BOE mOBODF UIF -BX 0GmDF .BOBHFS BOE UIF NBOBHFNFOU UFBN UP CF JOGPSNFE PG BOE UP DPOTJEFS UIF BEFRVBDZ PG JOGPSNBUJPO EJTDMPTVSF GPS JOUSB DPNQBOZ USBOTBDUJPOT NBEF *O BEEJUJPO JU DPOTJEFSFE MJOLBHFT XIJDI DPVME FOTVF EVF UP DPOnJDUT PG JOUFSFTU 5P UIJT FOE JU DPODMVEFE UIBU JO UIF DPNQBOZ BOE JUT TVCTJEJBSJFT FOHBHFE JO OPSNBM CVTJOFTT USBOTBDUJPOT BOE UIBU BEFRVBUF JOGPSNBUJPO XFSF QSPQFSMZ EJTDMPTFE
1SPQPTBM GPS UIF "VEJUPS "QQPJOUNFOU o 5IF "VEJU $PNNJUUFF IBWJOH UBLFO JOUP DPOTJEFSBUJPO UIF JOEFQFOEFODF
performance and services of the auditor including the appropriateness of its remuneration, deemed that the auditor had satisfactorily HJWFO PQJOJPOT BOE SFDPNNFOEBUJPOT CFOFmDJBM UP UIF QSFQBSBUJPO PG UIF mOBODJBM SFQPSUT BOE UIF JOUFSOBM DPOUSPM *U XBT EFFNFE FYQFEJFOU UP QSPQPTF WJB UIF #PBSE PG %JSFDUPST UIBU UIF NFFUJOH PG TIBSFIPMEFST BQQPJOU %FMPJUUF 5PVDIF 5PINBUTV +BJZPT $P -UE CF SFBQQPJOUFE BT UIF BVEJUPS GPS
Furthermore, to maintain the independence of the internal audit department and of the company’s auditors, the audit committee had an open-door policy for the internal audit department and the company’s auditors to meet and report or consult on related NBUUFST JO BDDPSEBODF XJUI UIF SFNJU PG UIFJS SFTQPOTJCJMJUJFT
Cattleya Saengsastra Chairman, Audit Committee 'FCSVBSZ
086
S&P Annual Report 2010 www.snpfood.com
Analysis of the Operating Performance and Financial Status Balance Sheets As at December 31,
(Unit: Thousand Baht) CONSOLIDATED 2010
%
2009
%
ASSETS $633&/5 "44&54
$BTI BOE DBTI FRVJWBMFOUT
5FNQPSBSZ JOWFTUNFOUT
5SBEF BDDPVOUT SFDFJWBCMF OFU
4IPSU UFSN MPBOT UP SFMBUFE QBSUJFT
*OWFOUPSJFT
0UIFS DVSSFOU BTTFUT
5PUBM $VSSFOU "TTFUT
/0/ $633&/5 "44&54
%FQPTJUT VTFE BT DPMMBUFSBM
*OWFTUNFOUT JO BTTPDJBUFT
1SPQFSUZ QMBOU BOE FRVJQNFOU OFU
*OUBOHJCMF BTTFUT OFU
-FBTFIPME SJHIU OFU
-POH UFSN EFQPTJUT
0UIFS OPO DVSSFOU BTTFUT
Total Non-current Assets TOTAL ASSETS
S&P Annual Report 2010 www.snpfood.com
087
Balance Sheets (Continued) As at December 31,
(Unit: Thousand Baht) CONSOLIDATED 2010
%
2009
%
LIABILITIES AND SHAREHOLDERS! EQUITY CURRENT LIABILITIES
4IPSU UFSN MPBOT GSPN B mOBODJBM JOTUJUVUJPO
5SBEF BDDPVOUT QBZBCMF
4IPSU UFSN MPBOT GSPN SFMBUFE QBSUJFT
"DDSVFE JODPNF UBY
"DDSVFE FYQFOTFT
7BMVF BEEFE UBY QBZBCMF
$VSSFOU QPSUJPO PG MPOH UFSN MPBOT GSPN mOBODJBM JOTUJUVUJPOT
$VSSFOU QPSUJPO PG mOBODJBM MFBTF MJBCJMJUJFT
0UIFS DVSSFOU MJBCJMJUJFT
5PUBM $VSSFOU -JBCJMJUJFT
NON-CURRENT LIABILITIES
-POH UFSN MPBO GSPN mOBODJBM JOTUJUVUJPOT
'JOBODJBM MFBTF MJBCJMJUJFT
0UIFS OPO DVSSFOU MJBCJMJUJFT
5PUBM /PO DVSSFOU -JBCJMJUJFT
13&.*6. 0/ 03%*/"3: 4)"3&4
%*''&3&/$&4 0/ 53"/4-"5*0/ 0' 5)& '*/"/$*"- 45"5&.&/54
505"- -*"#*-*5*&4 SHAREHOLDERS’ EQUITY SHARE CAPITAL
PSEJOBSZ TIBSFT PG #BIU FBDI
*TTVFE BOE QBJE VQ TIBSF DBQJUBM
PSEJOBSZ TIBSFT PG #BIU FBDI GVMMZ QBJE
UNREALIZED GAIN ON REVALUATION OF AVAILABLE- FOR
4"-& 4&$63*5*&4
RETAINED EARNINGS
"QQSPQSJBUFE
-FHBM SFTFSWF
5SFBTVSZ TIBSFT SFTFSWF
6OBQQSPQSJBUFE
505"- ."+03 4)"3&)0-%&34 &26*5:
53&"463: 4)"3&4
.*/03*5: */5&3&45
505"- 4)"3&)0-%&34 &26*5:
TOTAL LIABILITIES AND SHAREHOLDERS! EQUITY
088
S&P Annual Report 2010 www.snpfood.com
STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31,
(Unit: Thousand Baht) CONSOLIDATED 2010
%
3FWFOVFT GSPN TBMFT BOE TFSWJDFT $PTU PG TBMFT BOE TFSWJDFT (SPTT QSPmU
2009
%
0UIFS JODPNFT
(BJO PO FYDIBOHF SBUF
%JWJEFOE JODPNF
0UIFST
1SPmU CFGPSF FYQFOTFT
4FMMJOH FYQFOTFT
.BOBHFNFOU CFOFmU FYQFOTFT
-PTT PO FYDIBOHF SBUF
"ENJOJTUSBUJWF FYQFOTFT
5PUBM FYQFOTFT 1SPmU CFGPSF mOBODF DPTUT BOE JODPNF UBY FYQFOTFT 'JOBODF DPTUT 4IBSF PG QSPmUT MPTTFT PO JOWFTUNFOUT JO BTTPDJBUFT 1SPmU CFGPSF JODPNF UBY FYQFOTFT *ODPNF UBY FYQFOTFT NET PROFIT
382,821
7.25
298,248
6.35
PROFIT ATTRIBUTABLE TO:
&RVJUZ IPMEFST PG UIF QBSFOU DPNQBOZ
.JOPSJUZ JOUFSFTU
Summary of 2010 Operating results
*O CVTJOFTT PQFSBUJPO IBE FYQFSJFODFE PCTUBDMFT BOE DIBMMFOHFT DBVTFE CZ EPNFTUJD BOE JOUFSOBUJPOBM FDPOPNJD
GBDUPST TVDI BT UIF QPMJUJDBM VOSFTU n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mU BO JODSFBTF PG #BIU NJMMJPO GSPN UIF QSFWJPVT ZFBS SFQSFTFOUJOH BO JODSFBTF PG
S&P Annual Report 2010 www.snpfood.com
089
Revenue from Sales and Services
5IF SFWFOVF GSPN TBMFT BOE TFSWJDFT JODSFBTFE GSPN #BIU NJMMJPO JO UP #BIU NJMMJPO XJUI UIF HSPXUI SBUF PG
XIJDI DBO CF DBUFHPSJ[FE JOUP UIF GPMMPXJOH TBMFT DIBOOFMT
Revenue breakdown by distribution channels
(Unit: Million Baht)
2010
2009
Distribution Channels Amount
%
Amount
1BDLBHFE GPPE BOE CBLFSZ USBEJOH CVTJOFTT
0WFSTFBT SFTUBVSBOU
5,282
100.00
4,700
100.00
12.38
%PNFTUJD SFTUBVSBOU BOE CBLFSZ TIPQ
Others* Total
%
Increase (Decrease) %
3FOUBM SFWFOVF
Domestic restaurant and bakery shop business
*O UIF SFWFOVF GSPN UIF %PNFTUJD SFTUBVSBOU BOE CBLFSZ TIPQ CVTJOFTT DPOUSJCVUFE UP PG UIF SFWFOVF GSPN TBMFT
BOE TFSWJDFT *U JODSFBTFE CZ PS CZ #BIU NJMMJPO EVF UP UIF HSPXUI PG UIF TBMFT WPMVNF PG UIF FYJTUJOH BOE OFX SFTUBVSBOU BOE CBLFSZ PVUMFUT *O UIF $PNQBOZ PQFOFE OFX PVUMFUT DPOTJTUJOH PG SFTUBVSBOUT BOE CBLFSZ TIPQT 5IF DPNQBOZ T UPUBM PG PVUMFUT BT PG ZFBS FOEFE DPNQSJTFE SFTUBVSBOUT BOE CBLFSZ TIPQT 5IF $PNQBOZ T GPDVT PO PQFOJOH NPSF OFX PVUMFUT JO QSPWJODJBM BSFBT IBT DBSSJFE PO UP UIJT ZFBS EVF UP UIF DPNQBOZ T SFDPHOJUJPO PG UIF HPPE USFOE JO DPOTVNFS QVSDIBTJOH QPXFS DPOEJUJPO BOE QPUFOUJBM JO WBSJPVT QSPWJODFT PG 5IBJMBOE BT XFMM BT UIF MPXFS SFOUBM BOE MBCPS DPTU XIFO DPNQBSFE XJUI #BOHLPL *O BEEJUJPO UIF $PNQBOZ IBT DPOUJOVFE UP JNQMFNFOU NBSLFUJOH BDUJWJUJFT UISPVHI BEWFSUJTJOH PO UFMFWJTJPO SBEJP BOE PUIFS UZQFT PG NFEJB CZ GPDVTJOH PO TUSFOHUIFOJOH UIF TFOTF PG USVTU BOE HPPEXJMM UPXBSET UIF i4 1w CSBOE
Packaged food and bakery trading business
*O TBMFT GSPN UIJT CVTJOFTT IBE B TIBSF PG PG UIF SFWFOVF GSPN TBMFT BOE TFSWJDFT BO JODSFBTF GSPN UIF
QSFWJPVT ZFBS BNPVOUJOH UP #BIU NJMMJPO 5IJT JNQSFTTJWF HSPXUI JT EVF UP PVS TUSBUFHZ UP FYQBOE DVTUPNFS CBTF JO MJOF XJUI UIF QSPMJGFSBUJPO PG NPEFSO USBEF CVTJOFTTFT BOE BMTP EVF UP PVS BMMJBODF XJUI OFX SFUBJM DPODFQUT
Overseas restaurant
3FWFOVF GSPN UIJT CVTJOFTT BDDPVOU GPS PG UIF SFWFOVF GSPN TBMFT BOE TFSWJDFT BO JODSFBTF PG #BIU NJMMJPO GSPN UIF
QSFWJPVT ZFBS XJUI B HSPXUI SBUF PG 5IJT JT EVF UP UIF JODSFBTFE QPQVMBSJUZ PG UP UIF GPPE BOE TFSWJDF JO PVS HMPCBM CSBODIFT %VSJOH UIF ZFBS UIF DPNQBOZ PQFOFE POF CSBODI JO 7JFOOB "VTUSJB JO +VOF BOE POF CSBODI JO 4JOHBQPSF JO /PWFNCFS
090
S&P Annual Report 2010 www.snpfood.com
Revenue breakdown by product type
(Unit: Million Baht)
2010
2009
Increase (Decrease) %
Product Amount
%
Amount
%
#BLFSZ
%PNFTUJD GPPE BOE CFWFSBHF
0WFSTFBT SFTUBVSBOU
'PPE QSPEVDUT
0UIFS QSPEVDUT
5,282
100.00
4,700
100.00
12.38
Total
'PPE QSPEVDUT QSPEVDFE CZ UIF DPNQBOZ DPOTJTUJOH PG 2VJDL .FBM TBVTBHFT +FMMZ BOE ESZ NJY $POTJTUJOH PG PVUTPVSDJOH DPOTJHONFOU PUIFS NJTDFMMBOFPVT QSPEVDUT BOE SFOUBM SFWFOVF
*O #BLFSZ QSPEVDUT IBE UIF IJHIFTU QSPQPSUJPO PG XIFO DPNQBSFE XJUI UIF SFWFOVF GSPN UIF TBMFT BOE TFSWJDFT
XIJMF UIF QSPQPSUJPO GPS UIF EPNFTUJD GPPE BOE CFWFSBHF XBT BU *O UFSNT PG UIF TBMFT HSPXUI WPMVNF #BLFSZ QSPEVDUT IBE B HSPXUI SBUF PG EVF UP OFX CSBODI FYQBOTJPOT BT XFMM BT JODSFBTFE TBMFT JO FYJTUJOH CSBODIFT UIF EFWFMPQNFOU PG QSPEVDU EJWFSTJmDBUJPO JO MJOF XJUI DPOTVNFS UBTUFT BOE UIF JODSFBTF PG TBMFT QSPNPUJPO BDUJWJUJFT 'PPE BOE CFWFSBHF IBE B HSPXUI SBUF PG JO XIJDI UIF $PNQBOZ IBE JOUSPEVDFE UIF IFBMUIZ DIPJDF NFOV TFBTPOBM GFTUJWF NFOVT XIJDI IBWF CFFO XFMM SFDFJWFE CZ FYJTUJOH BOE OFX UBSHFU DVTUPNFST
Cost of sales and services
*O UIF $PNQBOZ XBT BCMF UP EFDSFBTF UIF DPTU PG TBMFT BOE TFSWJDFT GSPN JO UP *U XBT BDIJFWFE
UISPVHI UIF FGmDJFODZ PG SBX NBUFSJBM DPTU NBOBHFNFOU JOWFOUPSZ NBOBHFNFOU SFTFBSDI BOE EFWFMPQNFOU PG QSPEVDUT EFWFMPQNFOU PG QSPEVDUJPO QSPDFTTFT JNQSPWFE NFBTVSFT UP SFEVDF QSPEVDUJPO XBTUF CPUI BU GBDUPSZ BOE BU SFUBJM MFWFMT
Expenses
*O UIF TBMFT FYQFOTF XIFO DPNQBSFE XJUI UIF TBMFT BOE TFSWJDFT SFWFOVF EFDSFBTFE GSPN JO UP EVF
UP UIF FGmDJFODZ PG FYQFOTF NBOBHFNFOU JO BMM BSFBT 5IF QSPQPSUJPO PG TBMFT FYQFOTF UP TBMFT GSPN TBMFT BOE TFSWJDFT EFDSFBTFE GSPN JO UP BOE PQFSBUJPO FYQFOTFT EFDSFBTFE GSPN JO UP UIJT ZFBS
1HW 3URÀW
5IF HSPXUI PG SFWFOVF GSPN TBMFT BOE TFSWJDFT JO UPHFUIFS XJUI UIF FGmDJFOU NBOBHFNFOU PG DPTU PG TBMFT BOE TBMFT
BOE PQFSBUJPO FYQFOTF IFMQFE UP JODSFBTF OFU QSPmU GSPN B SJTF PG JO UP JO /FU QSPmU JO JODSFBTFE GSPN #BIU NJMMJPO JO UP #BIU NJMMJPO JO BO JODSFBTF PG #BIU NJMMJPO PS BO JODSFBTF PG BOE UIF 30& JODSFBTFE GSPN JO UP JO
2SHUDWLQJ (IÀFLHQF\
5IF HSPVQ PG $PNQBOJFT IBE TVCTUBOUJBM SFUVSOT PO BTTFUT GSPN JO UP JO EVF UP UIF JODSFBTF PG
UIF $PNQBOZ T OFU QSPmU S&P Annual Report 2010 www.snpfood.com
091
2YHUYLHZ RI ÀQDQFLDO VWDWXV DQG FDVK ÁRZ VWDWHPHQW RI
5IF HSPVQ PG DPNQBOJFT IBE UPUBM BTTFUT BU ZFBS FOE PG #BIU NJMMJPO 5IF DVSSFOU BTTFUT BOE UIF OPO DVSSFOU
BTTFUT BDDPVOUFE GPS BOE SFTQFDUJWFMZ XIFSFBT UIF DVSSFOU MJBCJMJUJFT BDDPVOUFE GPS POMZ PG UPUBM BTTFUT 5IVT UIF MJRVJEJUZ JT BT UJNFT EVF UP UIF HSPVQ PG DPNQBOJFT SBQJE BTTFUT UVSOPWFS GSPN DBTI TBMFT
5IF OFU DBTI GSPN PQFSBUJPO XBT BU #BIU NJMMJPO BT B SFTVMU PG #BUI NJMMJPO QSPmU CFGPSF UBY BOE UIF UBY QBZNFOU PG #BIU
NJMMJPO
5IF DIBOHF PG DBTI VTFE JO JOWFTUJOH BOE mOBODJOH BDUJWJUJFT DPNQSJTFE DBTI SFDFJWFE GSPN TBMFT PG UFNQPSBSZ DBTI JOWFTUNFOU
PG #BIU NJMMJPO JOWFTUNFOU JO mYFE BTTFUT PG #BIU NJMMJPO SFTVMUJOH GSPN JOWFTUNFOU JO QSPEVDUJPO NBDIJOFSZ DPOTUSVDUJPO BOE GVSOJTIJOH EVF UP SFTUBVSBOU BOE CBLFSZ FYQBOTJPOT *O BEEJUJPO DBTI XBT VTFE UP QBZ PVU EJWJEFOE PG #BIU NJMMJPO BOE UP CVZ CBDL TIBSFT GPS QVSQPTFT PG mOBODJBM NBOBHFNFOU PG #BIU NJMMJPO $PVQMFE XJUI OFU DBTI nPX GSPN UIF PQFSBUJPO BOE PUIFS TVC JUFNT UIF HSPVQ PG $PNQBOJFT IBE B OFU JODSFBTF PG UIF DBTI UPUBMJOH #BIU NJMMJPO 8JUI UIF MBSHF BNPVOU PG FYJTUJOH DBTI BU #BIU NJMMJPO BT PG UIF CFHJOOJOH PG UIF DBTI BOE DBTI FRVJWBMFOU GPS UIF CVTJOFTT BT PG UIF FOE PG UIF ZFBS XBT BU #BIU NJMMJPO
Dividend payment policy
5IF DPNQBOZ XJMM EFDMBSF EJWJEFOET FWFSZ ZFBS BU UIF SBUF PG BQQSPYJNBUFMZ QFSDFOU PG UIF OFU QSPmU BGUFS UBY BDDPSEJOH UP UIF
DPOTPMJEBUFE mOBODJBM TUBUFNFOUT QSPWJEFE UIBU UIF BNPVOU UP CF EFDMBSFE TIBMM OPU FYDFFE UIF SFUBJOFE FBSOJOHT JO UIF $PNQBOZ T mOBODJBM TUBUFNFOUT *O UIF FWFOU UIBU UIF $PNQBOZ T mOBODJBM TUBUFNFOUT IBWF SFUBJOFE MPTT OP EJWJEFOE XJMM CF EFDMBSFE 'PS UIJT QVSQPTF UIF $PNQBOZ XJMM UBLF TVDI BDUJPO BT QSFTDSJCFE CZ UIF 1VCMJD -JNJUFE $PNQBOJFT -BX BOE UBLF JOUP DPOTJEFSBUJPO XIFSFCZ UIF $PNQBOZ XJMM CF BCMF UP QBZ EJWJEFOET XJUIPVU DBVTJOH TJHOJmDBOU FGGFDUT PO JUT CVTJOFTT 5IF EJWJEFOE QBZNFOU QPMJDZ PG UIF $PNQBOZ T TVCTJEJBSJFT MJLFXJTF UBLFT JOUP DPOTJEFSBUJPO UIF FDPOPNJD PVUMPPL BOE CVTJOFTT PQFSBUJOH QFSGPSNBODF
5IF #PBSE PG %JSFDUPST .FFUJOH OP IFME PO 'FCSVBSZ IBE QBTTFE SFTPMVUJPO UP QSPQPTF UIF "OOVBM (FOFSBM
.FFUJOH PG 4IBSFIPMEFST PO "QSJM UP BEPQU UIF JOUFSJN EJWJEFOE QBZNFOU PG #BIU QFS TIBSF QBJE PO 4FQUFNCFS BOE UP BQQSPWF UIF EJWJEFOE QBZNFOU GPS T PQFSBUJOH SFTVMU PG #BIU QFS TIBSF PS UIF SFNBJOJOH EJWJEFOE QBZNFOU PG #BIU QFS TIBSF *O DBTF PG UIF .FFUJOH PG 4IBSFIPMEFST BQQSPWFT UIF EJWJEFOE QBZNFOU BT QSPQPTFE UIF EJWJEFOE QBZPVU SBUJP PG UIF $PNQBOZ TIBMM CF Details of dividend payment for operating year 2010 compared with previous years.
Dividend Details
/FU 1SPmU .JMMJPO #BIU
/VNCFS PG TIBSFT
%JWJEFOE QBJE QFS TIBSF
5PUBM %JWJEFOE 1BJE
%JWJEFOE 1BZPVU 3BUJP
092
2010
2009
*OUFSJN %JWJEFOE #BIU TIBSFT
"EEJUJPOBM %JWJEFOE #BIU TIBSFT
*OUFSJN %JWJEFOE .JMMJPO #BIU
"EEJUJPOBM %JWJEFOE .JMMJPO #BIU
S&P Annual Report 2010 www.snpfood.com
4 1 T TVCTJEJBSJFT BOE BGmMJBUFT No. of common shares Names / Location
Type of business Total Shares
No. of shares held by S&P group
% Holding
S&P Syndicate Public Company Limited 4VLIVNWJU ,MPOHUBOOVB 7BEIBOB #BOHLPL 5FM 'BY
0QFSBUF SFTUBVSBOU CSBODIFT BOE CBLFSZ PVUMFUT QSPEVDF DBLF CSFBE CBLFSZ QSPEVDUT 5IBJ EFTTFSUT GSP[FO GPPET BOE CBLFSZ QSPWJEF EFMJWFSZ BOE DBUFSJOH TFSWJDFT *OWFTU BOE NBOBHF UIF SFTUBVSBOU JO PWFSTFBT
S&P Asset Company Limited 4PJ "UUBLSBWJ 4VLIVNWJU 3E ,MPOHUBO ,MPOHUPFJ #BOHLPL 5FM 'BY
$POEVDU SFBM FTUBUF EFWFMPQNFOU CVTJOFTT CZ SFOUJOH TQBDFT UP SFTUBVSBOUT
S&P Food Solution Company Limited (Formerly S&P Pizzanotti (Thailand), Limited) 4VLIVNWJU ,MPOHUBOOVB 7BEIBOB #BOHLPL 5FM 'BY
0QFSBUF QJ[[B EFMJWFSZ BOE *UBMJBO GPPE SFTUBVSBOU
S&P Global Company Limited 4VLIVNWJU ,MPOHUBOOVB 7BEIBOB #BOHLPL 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT JO PWFSTFBT DVSSFOUMZ XJUI TVCTJEJBSJFT BT GPMMPXT
S&P Restaurant Company Limited* 4VJUF 4IBGUFTCVSZ "WF -POEPO 8 % &6 6, 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUBSBw CSBOE JO &OHMBOE DVSSFOUMZ XJUI CSBODIFT
S&P Annual Report 2010 www.snpfood.com
093
No. of common shares Names / Location
Type of business
% Holding
Total Shares
No. of shares held by S&P group
Patara (Geneva) SA* /P 3VF EFT &BVY 7JWFT $) (FOFWB 4XJU[FSMBOE 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUBSBw CSBOE JO (FOFWB DVSSFOUMZ XJUI CSBODI
Theme Foods Pte Ltd.* )FOEFSTPO 3PBE 4JOHBQPSF 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUBSBw CSBOE JO 4JOHBQPSF DVSSFOUMZ XJUI CSBODI
SK Catering Pte Ltd.* )FOEFSTPO 3PBE 4JOHBQPSF 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT JO 4JOHBQPSF VOEFS 4JBN ,JUDIFO CSBOE DVSSFOUMZ XJUI CSBODIFT BOE VOEFS i#BOHLPL +BNw CSBOE DVSSFOUMZ XJUI CSBODI
Patara Taiwan Company Limited* "MMFZ 4FD 5VB )VB 4 3PBE 5BJQFJ 5BJXBO
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUBSBw CSBOE JO 5BJXBO DFBTF JUT PQFSBUJPO TJODF 0DUPCFS
Patio International Company Limited* ' /P +FO "J 3PBE 4FD 5BJQFJ 5BJXBO 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUJPw CSBOE JO 5BJXBO DVSSFOUMZ XJUI CSBODIFT
Thai Development SA.* /P 3VF EFT &BVY 7JWFT $) (FOFWB 4XJU[FSMBOE 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i5)"*w CSBOE JO (FOFWB DVSSFOUMZ XJUI CSBODI
094
S&P Annual Report 2010 www.snpfood.com
No. of common shares Names / Location
Type of business Total Shares
No. of shares held by S&P group
% Holding
Patara International Restaurant Management (Beijing) Co., Ltd.* th 'MPPS +JOCBP 1MBDF +JOCBP 4USFFU %POHDIFOH %JTUSJDU #FJKJOH $IJOB 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUBSBw CSBOE JO $IJOB DVSSFOUMZ XJUI CSBODI
Patara Restaurant, Vienna GmbH** 1FUFSTQMBU[ (PMETDINJFEHBTTF (SBCFO 7JFOOB "VTUSJB o 5PQ /S 8JFO 5FM 'BY
0QFSBUF 5IBJ SFTUBVSBOUT VOEFS i1BUBSBw CSBOE JO "VTUSJB DVSSFOUMZ XJUI CSBODI
HD Distributors (Thailand) Company Limited th nPPS (ZQTVN .FSUSPQPMJUBO 5PXFS 4SJ "ZVEIZB 3PBE 5BOPO 1IBZBUIBJ 4VQ EJTUSJDU 3BKEIBWFF #BOHLPL 5FM 'BY
4PMF JNQPSUFS BOE EJTUSJCVUPS PG )ĂŠBHFO %B[T JDF DSFBN
Foodhouse Catering Services Company Limited 4PJ 4VLIVWJU 1VOOBWJUIJ 4VLIVNWJU 3E #BOHDIBL 1SBLBOPOH #BOHLPL 5FM 'BY
0QFSBUF CVTJOFTT DBOUFFOT BOE QSPWJEFT nFYJCMF TFUT PG EJTIFT UP NFFU EJWFSTF OFFET PG )PTQJUBMT TDIPPM QVQJMT PGmDF 4UBGG BOE XPSLJOH DMBTTFT UISPVHIPVU 5IBJMBOE
/PUF
JOEJDBUFT B DPNQBOZ JO XIJDI TIBSFT BSF PXOFE CZ 4 1 (MPCBM $P -UE JOEJDBUFT B DPNQBOZ JO XIJDI 4 1 (MPCBM $P -UE 0XOT TIBSFT UISPVHI 4 1 3FTUBVSBOU $P -UE JO UIF 6, BOE PXOT TIBSFT UISPVHI 5IBJ %FWFMPQNFOU -UE DBMDVMBUFE CZ QFSDFOUBHF
S&P Annual Report 2010 www.snpfood.com
095
$POOFDUFE 5SBOTBDUJPOT 1. Revenue and Expense between the Company , Subsidiaries and Related parties Account name / Company!s name 4 1 (MPCBM $P -UE
4 1 'PPE 4PMVUJPO $P -UE
Amount (Million Baht) Relationship
4VCTJEJBSZ
4VCTJEJBSZ
Type of Transaction 2010
2009
3FWFOVFT GSPN TBMFT
3FOUBM JODPNF GSPN CVJMEJOHT BOE FRVJQNFOU
1VSDIBTFT PG HPPET TFSWJDFT
3FWFOVFT GSPN TBMFT
3FOUBM JODPNF GSPN CVJMEJOHT BOE FRVJQNFOU
0UIFS JODPNF
1VSDIBTFT PG HPPET
4 1 "TTFU $P -UE
4VCTJEJBSZ
3FOUBM PG QSFNJTFT BOE TFSWJDFT
)% %JTUSJCVUPST 5IBJMBOE $P -UE
"TTPDJBUF
3FWFOVFT GSPN TBMFT
3FOUBM JODPNF GSPN CVJMEJOHT BOE FRVJQNFOU
0UIFS JODPNF
%JWJEFOE JODPNF
1VSDIBTFT PG HPPET TFSWJDFT
'PPEIPVTF $BUFSJOH 4FSWJDFT $P -UE
"TTPDJBUF
3FWFOVFT GSPN TBMFT
5IF .JOPS 'PPE (SPVQ 1VCMJD $P -UE
3FMBUFE DPNQBOZ .JOPS *OUFSOBUJPOBM 1VCMJD $PNQBOZ -JNJUFE AT TVCTJEJBSJFT
3FWFOVFT GSPN TBMFT
096
S&P Annual Report 2010 www.snpfood.com
Account name / Company!s name
Amount (Million Baht) Relationship
Type of Transaction 2010
2009
3FWFOVFT GSPN TBMFT
3FWFOVFT GSPN TBMFT
4XFOTFO T 5IBJ -JNJUFE
3FWFOVFT GSPN TBMFT
4-35 -JNJUFE
3FWFOVFT GSPN TBMFT
5IF DPGGFF $MVC 5IBJMBOE -JNJUFE
3FWFOVFT GSPN TBMFT
.JOPS %2 -JNJUFE .JOPS %BJSZ -JNJUFE
3FMBUFE DPNQBOZ 5IF .JOPS 'PPE (SPVQ 1VCMJD $P -UEAT TVCTJEJBSJFT
4 3 &TUBUF $P -UE
3FMBUFE DPNQBOZ
3FOUBM PG QSFNJTFT
%JSFDUPST
%JSFDUPST
3FOUBM PG PGmDFT BOE TUPSBHF
2. Assets and Liabilities between the Company , Subsidiaries and Related parties
Account name / Company!s name
Amount (Million Baht) Relationship
Type of Transaction 2010
2009
4 1 (MPCBM $P -UE
4VCTJEJBSZ
5SBEF BDDPVOUT SFDFJWBCMF
4 1 'PPE 4PMVUJPO $P -UE
4VCTJEJBSZ
5SBEF BDDPVOUT SFDFJWBCMF
4 1 "TTFU $P -UE
4VCTJEJBSZ
5SBEF BDDPVOUT QBZBCMF
)% %JTUSJCVUPST 5IBJMBOE $P -UE
"TTPDJBUF
5SBEF BDDPVOUT SFDFJWBCMF
5SBEF BDDPVOUT QBZBCMF
'PPEIPVTF $BUFSJOH 4FSWJDFT $P -UE
"TTPDJBUF
5SBEF BDDPVOUT SFDFJWBCMF
5IF .JOPS 'PPE (SPVQ 1VCMJD $P -UE
3FMBUFE DPNQBOZ .JOPS *OUFSOBUJPOBM 1VCMJD $PNQBOZ -JNJUFE AT TVCTJEJBSJFT
5SBEF BDDPVOUT SFDFJWBCMF
.JOPS %2 -JNJUFE
3FMBUFE DPNQBOZ 5IF .JOPS 'PPE (SPVQ 1VCMJD $P -UEAT TVCTJEJBSJFT
5SBEF BDDPVOUT SFDFJWBCMF
5SBEF BDDPVOUT SFDFJWBCMF
4-35 -JNJUFE
5SBEF BDDPVOUT SFDFJWBCMF
5IF DPGGFF $MVC 5IBJMBOE -JNJUFE
5SBEF BDDPVOUT SFDFJWBCMF
.JOPS %BJSZ -JNJUFE
S&P Annual Report 2010 www.snpfood.com
097
3JTL 'BDUPST
*O EPJOH CVTJOFTT FBDI DPNQBOZ IBT EJGGFSFOU HPBMT BOE PCKFDUJWFT BDDPSEJOH UP UIFJS SFTQFDUJWF FOWJSPONFOUT .BOZ
EJGGFSFOU GBDUPST DBO BGGFDU FBDI DPNQBOZ T PQFSBUJPO BOE IFODF JUT HPBMT TVDI BT SJTL GBDUPST 5IFSFGPSF FBDI DPNQBOZ NVTU EFWFMPQ JUT PXO TZTUFN PG SJTL NBOBHFNFOU JO PSEFS UP BMMPX UIF DPNQBOZ UP BDIJFWF JUT HPBMT *O UIF DBTF PG 4 1 4ZOEJDBUF 1$- UIF CPBSE PG EJSFDUPST SFDPHOJ[FE BOE HBWF QSJPSJUZ UP SJTL NBOBHFNFOU BOE IBT FOTVSFE UIBU UIF PSHBOJ[BUJPO DBO BEBQU JUTFMG BT BOE XIFO OFDFTTBSZ &BDI CVTJOFTT VOJU JT BTTJHOFE JUT BQQSPQSJBUF SFTQPOTJCJMJUZ JO DPNQMJBODF XJUI UIF CSPBE PQFSBUJPO QPMJDZ /FWFSUIFMFTT UIF DPNQBOZ TUJMM GBDFT NBOZ SJTLT BOE NBOBHJOH UIFTF SJTLT XJUI UIF GPMMPXJOH NFBTVSFT
Strategic risk
4USBUFHZ JT BO JNQPSUBOU UPPM JO EFUFSNJOJOH UIF DPNQBOZ T EJSFDUJPO UPXBSET JUT TUBUFE HPBMT BOE PCKFDUJWFT *OBQQSPQSJBUF
TUSBUFHJFT DBO IBWF BEWFSTF JNQBDU PO CVTJOFTT UIFSFGPSF UIF DPNQBOZ IBT QVU JO QMBDF TUSBUFHJD BOE CVEHFUBSZ QMBOT UISPVHI XIJDI GBDUPST BGGFDUJOH CVTJOFTT PQFSBUJPO BSF BOBMZ[FE TVDI BT JOUFSOBM GBDUPST JOEVTUSJBM FOWJSPONFOU BOE DPNQFUJUJPO /FWFSUIFMFTT UIF DPNQBOZ IBT BMMPXFE GPS BEFRVBUF PSHBOJ[BUJPOBM DIBOHF JO MJOF XJUI UIF TFU TUSBUFHZ IBWJOH JO QMBDF B NPOJUPSJOH TZTUFN UP FOTVSF JNQMFNFOUBUJPO BDDPSEJOH UP TFU XPSL QMBOT
Production cost risk
5IF DPNQBOZ T NBJO CVTJOFTT JT JO GPPE QSPEVDUJPO BOE SFUBJM GPS XIJDI QSPEVDUJPO DPTU JT LFZ 7PMBUJMJUZ PG SBX NBUFSJBM QSJDF
VTFE JO QSPEVDUJPO JNQBDUT UIF DPTU PG QSPEVDUT BDDPSEJOHMZ "U UIF TBNF UJNF UIF QSJDFT PG PVS QSPEVDUT DBOOPU JODSFBTF JO UIF TBNF NBOOFS BT JU XPVME BGGFDU TBMFT 5IFSFGPSF UIF DPNQBOZ VTFT UIF DPODFQU PG SBX NBUFSJBM DPTU NBOBHFNFOU JO CVJMEJOH BMMJBODFT XJUI PVS CVTJOFTT QBSUOFST CVJMEJOH B TZTUFNBUJD OFUXPSL XJUI PVS SBX NBUFSJBM QSPWJEFST QMBOOJOH GPS DPTU JO EJTUSJCVUJPO MFWFSBHJOH SBX NBUFSJBM DPTUT BQQSPQSJBUF QSPEVDUJPO BOE TBMFT QMBOOJOH 'VSUIFSNPSF UIF DPNQBOZ IBT JO QMBDF B SFTFBSDI BOE EFWFMPQNFOU VOJU UP JNQSPWF UIF RVBMJUZ PG PVS QSPEVDUT BOE QSPDFTTFT JO PSEFS UP BDIJFWF HSFBUFS FGmDJFODZ BOE FGGFDUJWFOFTT JO QSPEVDUJPO
Operational risk
8JUIJO UIF PSHBOJ[BUJPO FBDI VOJU T PQFSBUJPO JT BO JNQPSUBOU TUFQ JO NPWJOH UIF DPNQBOZ UPXBSET JUT HPBMT BOE PCKFDUJWFT
5IF DPNQBOZ IBT JODSFBTFE UIF OVNCFS JG CSBODIFT BOE QPJOUT PG TBMFT IBT UBLFO JO NPSF FNQMPZFFT UP BDDPNNPEBUF FYQBOTJPO 5IFSFGPSF JG UIF FNQMPZFFT DBOOPU GVMmMM UIFJS GVODUJPOT TBUJTGBDUPSJMZ UIFO UIJT XJMM BGGFDU UIF QBDF BOE FGmDJFODZ PG PVS QSPHSFTT 5IF CPBSE PG EJSFDUPST BOE UIF NBOBHFNFOU SFDPHOJ[F UIJT GBDUPS BOE IBWF BSSBOHFE GPS USBJOJOH UP CVJME BQQSPQSJBUF DPNQFUFODZ GPS FBDI MFWFM PG FNQMPZFFT 5SBJOJOH BOE PQFSBUJPO NBOVBMT IBWF CFFO JTTVFE BOE GPS JNQPSUBOU GVODUJPOT UIFSF JT DMFBS TFQBSBUJPO PG EVUJFT UP TFSWF BT DIFDLT BOE CBMBODFT GPS FBDI PUIFS JO BEEJUJPO UP IBWJOH TZTUFNBUJD SFQPSUJOH 'VSUIFSNPSF UIF DPNQBOZ IBT JO QMBDF BO JOUFSOBM BVEJU EJWJTJPO JO PSEFS UP DIFDL BOE NPOJUPS JODMVEJOH QSPQPTJOH XBZT UP JNQSPWF TZTUFNT UP BEFRVBUFMZ TFSWF UIF PSHBOJ[BUJPO
Information and communication technology risk
"T UIF DPNQBOZ DPOUJOVFT UP FYQBOE JUT CSBODIFT BOE QPJOUT PG TBMFT *$5 QMBZT BO JNQPSUBOU SPMF JO TVQQPSUJOH UIF FGmDJFOU
PQFSBUJPO PG FBDI CVTJOFTT VOJU -JOLBHF XJUI SFTQFDUJWF TVCTJEJBSZ XPSL TZTUFNT EBUB TFDVSJUZ BOE BDDFTT UP JOGPSNBUJPO BOE EBUB USBOTNJTTJPO UP TVQQPSU WBSJPVT UZQFT PG SFQPSUT GPS VOJU IFBET BOE NBOBHFNFOU BMM IFMQ UPXBSET FGmDJFOU NBOBHFNFOU PG JOGPSNBUJPO 5IF DPNQBOZ IBT JO QMBDF BOE *$5 EJWJTJPO SFTQPOTJCMF GPS NBOBHJOH TZTUFNT BOE FOTVSJOH UIF PSHBOJ[BUJPO T SFBEJOFTT UP TVQQPSU OFX JOOPWBUJPOT BOE UFDIOPMPHZ "O *$5 NBTUFS QMBO IBT CFFO ESBGUFE UP SFTQPOE UP UIF DPNQBOZ T CVTJOFTT QMBO XIJDI JODMVEFT BO *$5 TFDVSJUZ QMBO POXBSE CVTJOFTT QMBO DPOUJOHFODZ QMBO DPOUSJCVUJOH UPXBSET FOIBODJOH XPSL JO UIF *$5 mFME 5IFSF JT SFHVMBS SFQPSUJOH BOE NPOJUPSJOH PG JNQMFNFOUBUJPO PG UIF TBJE XPSL QMBOT UP UIF NBOBHFNFOU UFBN /FWFSUIFMFTT UIFSF BSF PUIFS SJTL GBDUPS XIJDI DPVME BGGFDU NBOBHFNFOU PG UIF PSHBOJ[BUJPO 5P UIJT FOE UIF CPBSE PG EJSFDUPST BOE UIF NBOBHFNFOU UFBN IBWF QVU JO QMBDF B TZTUFN UP NBJOUBJO SJTLT BU B NBOBHFBCMF MFWFM IFODF SJTL NBOBHFNFOU DPOUJOVFT UP CF JNQSPWFE TZTUFNBUJDBMMZ BMMPXJOH UIF DPNQBOZ UP CFUUFS BDIJFWF JUT TFU PCKFDUJWFT
098
S&P Annual Report 2010 www.snpfood.com
Shareholder and .BOBHFNFOU 4USVDUVSF Shareholder Structure Share capital
5IF $PNQBOZ T TFDVSJUJFT DPNQSJTF PSEJOBSZ TIBSFT "T PG %FDFNCFS UIF $PNQBOZ T SFHJTUFSFE DBQJUBM JT
#BIU EJWJEFE JOUP PSEJOBSZ TIBSFT PG QBS WBMVF PG #BIU FBDI 5IF DBMMFE VQ DBQJUBM BNPVOUT UP #BIU EJWJEFE JOUP PSEJOBSZ TIBSFT PG QBS WBMVF PG #BIU FBDI
6KDUH UHSXUFKDVH SURJUDP IRU ÀQDQFLDO PDQDJHPHQW
"U UIF SFTPMVUJPOT PG UIF #PBSE PG %JSFDUPST .FFUJOH /P IFME PO 'FCSVBSZ UIF DPNQBOZ SFTPMWFE UP BQQSPWF
UIF TIBSF SFQVSDIBTF QSPHSBN GPS mOBODJBM NBOBHFNFOU QVSQPTF BOE EVF UP UIF DPNQBOZ T FYDFTT DBTI MJRVJEJUZ 5IF OVNCFS PG PSEJOBSZ TIBSFT UP CF SFQVSDIBTFE OPU FYDFFEJOH TIBSFT FRVBM PG UIF UPUBM OVNCFS PG UIF QBJE VQ TIBSF DBQJUBM PG UIF $PNQBOZ BOE JO UIF BNPVOU OPU FYDFFEJOH #BIU NJMMJPO 1FSJPE PG UIF TIBSF SFQVSDIBTF IBT BSSBOHFE EVSJOH .BSDI UP 4FQUFNCFS #Z UIF FOE UIF QFSJPE UIF DPNQBOZ IBT SFQVSDIBTFE JUT PSEJOBSZ TIBSFT UISPVHI UIF 4UPDL &YDIBOHF PG 5IBJMBOE GPS TIBSFT FRVBM UP PG UIF UPUBM OVNCFS PG UIF QBJE VQ TIBSF DBQJUBM GPS UIF UPUBM BNPVOU PG #BIU
Shareholders
5IF mSTU NBKPSJUZ TIBSFIPMEFST XIPTF OBNFT BQQFBSFE JO UIF SFHJTUFS PG TIBSFIPMEFST BT PG 'FCSVBSZ
BSF BT GPMMPXT
Group of Shareholders
Number of Shares
Percent
5IF 4JMB 0O BOE 3BJWB (SPVQT
.JOPS *OUFSOBUJPOBM 1VCMJD $PNQBOZ -JNJUFE
4 1 4ZOEJDBUF 1VCMJD $PNQBOZ -JNJUFE
$SFEJU 4VJTTF 4FDVSJUJFT &VSPQF -JNJUFE
.ST 4VQBQBO 1JDIBJSPOBSPOHTPOHLSBN
.S "SZVUI $IBSOTFUIJLVM
.S 5IBOBUIJQ 1IJDIFUWBOJDIDIPL
.ST 1BSJOZB ,IBODIBSPFOTVL
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S&P Annual Report 2010 www.snpfood.com
099
Management Structure (1) Board of Directors
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100
S&P Annual Report 2010 www.snpfood.com
Total Names / Position
Attendances / Meeting
Total Directors
Attendances / Meeting
(BOD/AGM)
Audit
Total
Committee
(Baht)
'PSNFS #PBSE NFNCFST XIP SFTJHOFE EVSJOH .S 1PUF 7JEFUZPOUSBLJDI %JSFDUPS
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3,610,000
Scope of Powers and Duties of the Board of Directors
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101
(2) Audit Committee The Audit Committee!s scope of authority and duties
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(3) Nomination and Remuneration Committee
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102
S&P Annual Report 2010 www.snpfood.com
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Additional information relating to the directors and executives is as follows:
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103
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104
S&P Annual Report 2010 www.snpfood.com
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Company Secretary
5IF #PBSE PG %JSFDUPST BQQPJOUFE B $PNQBOZ 4FDSFUBSZ DMFBSMZ BU UIF #PBSE PG %JSFDUPST .FFUJOH /P BU XIJDI
.S 7JUPPO 4JMB 0O XIP IBT LOPXMFEHF BOE BCJMJUZ UP QFSGPSN IFS EVUZ BOE DPNNFOU PS SFQPSU PO SFTVMUT UP UIF #PBSE PG %JSFDUPST GPS UIF QVSQPTF PG DPNQMJBODF XJUI QSJODJQMFT PG HPPE DPSQPSBUF HPWFSOBODF JODMVEJOH UIF QVCMJD MJNJUFE DPNQBOJFT MBX UIF MBX HPWFSOJOH TFDVSJUJFT BOE UIF 4UPDL &YDIBOHF BOE PUIFS QFSUJOFOU MBXT XBT BTTJHOFE UP DPOUJOVF UP TFSWF BT UIF $PNQBOZ 4FDSFUBSZ XJUI UIF EVUZ UP UBLF UIF GPMMPXJOH BDUJPOT
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S&P Annual Report 2010 www.snpfood.com
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5P NBLF BEWJDF PO MBXT BOE SVMFT PG XIJDI UIF #PBSE PG %JSFDUPST NVTU CF BXBSF GPS UIF QVSQPTF PG EJTDIBSHJOH JUT EVUJFT
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Remuneration for Directors and Executives
5IF $PNQBOZ IBT GPSNVMBUFE B QPMJDZ PO GBJS BOE SFBTPOBCMF SFNVOFSBUJPO GPS UIF EJSFDUPST UBLJOH JOUP DPOTJEFSBUJPO JUT
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(1) Remuneration for Board Members
5IF 0SEJOBSZ .FFUJOH PG 4IBSFIPMEFST IFME PO "QSJM SFTPMWFE UP BQQSPWF UIF EJSFDUPST SFNVOFSBUJPO EJWJEFE JOUP
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UIF #PBSE BU UIF SBUF PG #BIU QFS NFNCFS BOE NFNCFST PG UIF "VEJU $PNNJUUFF BU UIF SBUF PG #BIU QFS
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UIF $PNQBOZ UIBU JT HSBUVJUJFT BOE NFFUJOH BMMPXBODFT XIJDI BSF TFQBSBUFE BOE JOEJDBUFE GPS FBDI JOEJWJEVBM EJSFDUPS
(2) Remuneration for Executive Committee and Executives
5IF $PNQBOZ IBT mYFE UIF &YFDVUJWF $PNNJUUFF BOE FYFDVUJWFT SFNVOFSBUJPO JO BDDPSEBODF XJUI UIF QPMJDZ BOE DSJUFSJB
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*O UIF $PNQBOZ QBJE SFNVOFSBUJPO BT TBMBSJFT CPOVTFT TQFDJBM SFXBSET BOE USBWFM FYQFOTFT UP FYFDVUJWF DPNNJUUFF
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(3) Other Remuneration
*O BEEJUJPO CFTJEF UIF TBMBSJFT BOE CPOVTFT UIF $PNQBOZ IBT mYFE UIF SFNVOFSBUJPO BOE XFMGBSF JO CPUI NPOFUBSZ BOE
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$PSQPSBUF (PWFSOBODF
5IF #PBSE PG %JSFDUPST IBT DPNQMJFE XJUI HPPE QSBDUJDFT GPS EJSFDUPST PG B MJTUFE DPNQBOZ CZ BEPQUJOH UIF QSJODJQMFT PG HPPE
DPSQPSBUF HPWFSOBODF BOE SVMFT PG QSBDUJDF PG UIF 0GmDF PG UIF 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPO BOE UIF 4UPDL &YDIBOHF PG 5IBJMBOE BT HVJEFMJOFT BOE IBT BQQPJOUFE BO "VEJU $PNNJUUFF UP BTTJTU JO TVQFSWJTJOH JUT JOUFSOBM DPOUSPM TZTUFN BOE UP FOTVSF UIBU UIF QSJODJQMFT PG HPPE DPSQPSBUF HPWFSOBODF IBWF CFFO PCTFSWFE XJUI TVDI EFUBJMT BT TFU PVU BT GPMMPXT (1) Rights of Shareholders
5IF #PBSE PG %JSFDUPST IBT GPSNVMBUFE B DPSQPSBUF HPWFSOBODF QPMJDZ GPS B MPOH UFSN CFOFmU PG JUT TIBSFIPMEFST XJUIJO UIF GSBNF
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5IF SJHIU UP CF FOUJUMFE UP B EJWJEFOE BMMPUNFOU
5IF SJHIU UP CF BXBSF PG UIF #PBSE T SFTPMVUJPOT DPODFSOJOH EFUBJMT PG B NFFUJOH BOE UIF BHFOEB PG B NFFUJOH PG TIBSFIPMEFST
JO BEWBODF PG UIF EBUF PG UIF NFFUJOH UISPVHI JOGPSNBUJPO EJTDMPTFE PO UIF $PNQBOZ T XFCTJUF
5IF SJHIU UP SFDFJWF BO JOWJUBUJPO UP B NFFUJOH PG TIBSFIPMEFST BOE JOGPSNBUJPO PO UIF QMBDF UJNF BOE BHFOEB PG UIF NFFUJOH
UIF DSJUFSJB BOE QSPDFEVSF GPS BUUFOEBODF BOE UIF QPJOUT GPS DPOTJEFSBUJPO XJUI GBDUT SFBTPOT BOE UIF #PBSE T PQJOJPO DMFBSMZ
QSFTFOUFE JO FBDI JUFN PO UIF BHFOEB UP UIJT UIF $PNQBOZ XJMM BOOPVODF TVDI JOWJUBUJPO PO UIF $PNQBOZ T XFCTJUF BU MFBTU
EBZT JO BEWBODF CFGPSF UIF NFFUJOH BOE XJMM QVCMJTI UIF JOWJUBUJPO JO BU MFBTU POF EBJMZ OFXTQBQFS GPS DPOTFDVUJWF EBZT
CFGPSF UIF EBUF PG UIF NFFUJOH BOE UIF $PNQBOZ XJMM BSSBOHF GPS UIF UJNF BOE QMBDF UIBU BSF NPTU DPOWFOJFOU GPSUIF
TIBSFIPMEFST UP CF QSFTFOU BU UIF NFFUJOH
5IF $PNQBOZ BDDPSET BO PQQPSUVOJUZ GPS JUT TIBSFIPMEFST UP QSPQPTF B NFFUJOH BHFOEB JO BEWBODF BOE UP TFOE RVFTUJPOT
JO BEWBODF GPS UIF NFFUJOH PG TIBSFIPMEFST UISPVHI UIF $PNQBOZ T XFCTJUF BU MFBTU NPOUIT JO BEWBODF CFGPSF UIF NFFUJOH
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(2) Equal Treatment towards Shareholders
5IF $PNQBOZ IBT CFFO BXBSF PG BOE BUUBDIFE JNQPSUBODF UP GBJS BOE FRVBM USFBUNFOU UPXBSET JUT TIBSFIPMEFST 5P UIJT JU
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5P FODPVSBHF BOE BMMPX BMM HSPVQT PG TIBSFIPMEFST FTQFDJBMMZ NJOPSJUZ TIBSFIPMEFST UP IBWF B DIBODF UP QBSUJDJQBUF JO
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CZ UIF TIBSFIPMEFST PO UIF $PNQBOZ T XFCTJUF BU MFBTU NPOUIT JO BEWBODF CFGPSF UIF NFFUJOH PG TIBSFIPMEFST S&P Annual Report 2010 www.snpfood.com
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5P FODPVSBHF BOE BMMPX B TIBSFIPMEFS XIP JT OPU BCMF UP CF QSFTFOU BU B NFFUJOH UP IBWF B DIBODF UP HSBOU QSPYZ
*O UIF FWFOU UIF TIBSFIPMEFS JT OPU BCMF UP CF QSFTFOU BU UIF NFFUJOH PG TIBSFIPMEFST UIF $PNQBOZ PGGFST GPSNT PG
QSPYZ TP UIBU UIF TIBSFIPMEFS XJMM IBWF B DIBODF UP TFMFDU POF UIBU CFmUT UIF OFFET GPS IFS IJT VTF "MM UIF QSPYZ GPSNT
BSF EFUFSNJOFE CZ UIF %FQBSUNFOU PG #VTJOFTT %FWFMPQNFOU .JOJTUSZ PG $PNNFSDF
5IF HSBOUPS DBO HSBOU QSPYZ UP BO JOEFQFOEFOU EJSFDUPS XIP XJMM QFSGPSN UIF EVUZ JO BDDPSEBODF XJUI UIF HSBOUPS T
JOUFOUJPO 5IF $PNQBOZ IBT FODMPTFE EFUBJMT PG UIF JOEFQFOEFOU EJSFDUPST XJUI UIF QSPYZ GPSNT DPOUJOVPVTMZ BOE
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5IF #PBSE $IBJSNBO XIP XJMM BUUFOE BOE QSFTJEF BU FWFSZ NFFUJOH PG TIBSFIPMEFST BDDPSET BO PQQPSUVOJUZ GPS UIF
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5IF $PNQBOZ BDDPSET BO PQQPSUVOJUZ GPS UIF TIBSFIPMEFST UP SFTPMWF UP FMFDU FBDI JOEJWJEVBM EJSFDUPS
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(3) Roles of Stakeholders
5IF $PNQBOZ BUUBDIFT JNQPSUBODF UP UIF SJHIUT PG BMM HSPVQT PG TUBLFIPMEFST CZ DPNQMZJOH XJUI UIF SVMFT BOE SFHVMBUJPOT PG
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S&P Annual Report 2010 www.snpfood.com
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109
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S&P Annual Report 2010 www.snpfood.com
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111
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2010 Working Units
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Remuneration (Million Baht)
Number of Persons
Remuneration (Million Baht)
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5,238
907.97
5,219
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