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GROWING TOGETHER

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FINANCIAL HIGHTLIGHTS

18ǰǰ ÖćøüĉđÙøćąĀŤñúÖćøéĞćđîĉîÜćîĒúąåćîąÖćøđÜĉî

OPERATIONAL RESULTS AND FINANCIAL STATUS

29ǰǰ ÿćøÝćÖðøąíćîÙèąÖøøöÖćøïøĉþĆì 31 ǰ ÿćøÝćÖðøąíćîđÝšćĀîšćìĊęïøĉĀćøǰǰ ǰ

ǰ 34 ǰ 38ǰǰ 40 ǰ

66ǰǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ 139 ǰ 145ǰǰ 148 ǰ 166ǰǰ 212ǰǰ 214 216 ǰ 222 ǰ

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS ǰ MESSAGE FROM CHIEF EXECUTIVE OFFICER AND PRESIDENT

ĒúąÖøøöÖćøñĎšÝĆéÖćøĔĀ⊠ÙèąÖøøöÖćøïøĉþĆìǰ ÙèąÝĆéÖćøǰ ðøąüĆêĉÖøøöÖćøĒúąñĎšïøĉĀćøǰ

BOARD OF DIRECTORS MANAGEMENT BOARD BOARD OF DIRECTORS AND MANAGEMENT BOARD

îē÷ïć÷ĒúąõćóøüöÖćøðøąÖĂïíčøÖĉÝǰǰ ēÙøÜÿøšćÜøć÷ĕéšǰ ÖúčŠöÿĉîÙšćĒúąïøĉÖćøìćÜïøøÝčõĆèæŤ ÖúčŠöÿĉîÙšćĒúąïøĉÖćøìćÜĂčðēõÙïøĉēõÙ ÖúčŠöÿĉîÙšćĒúąïøĉÖćøìćÜđüßõĆèæŤĒúąìćÜđìÙîĉÙ ÖúčŠöíčøÖĉÝĂČęîėǰ ÿĉîÙšć×ĂÜïĊđÝàĊ ðŦÝÝĆ÷ÙüćöđÿĊę÷Ü ēÙøÜÿøšćÜÖćøëČĂĀčšîĒúąÖćøÝĆéÖćøǰ ÖćøÖĞćÖĆïéĎĒúÖĉÝÖćøǰ îē÷ïć÷ÖćøÝŠć÷đÜĉîðŦîñú ìøĆó÷ćÖøïčÙÙú ÖćøÙüïÙčöõć÷ĔîĒúąÖćøïøĉĀćøÝĆéÖćøÙüćöđÿĊę÷Ü ×šĂöĎúìĆęüĕðĒúą×šĂöĎúÿĞćÙĆâĂČęî

POLICY AND OVERALL BUSINESS OPERATIONS REVENUE STRUCTURE PACKAGING SUPPLY CHAIN CONSUMER SUPPLY CHAIN HEALTHCARE AND TECHNICAL SUPPLY CHAIN OTHERS BUSINESS GROUP OUR BRAND RISK FACTORS SHAREHOLDING STRUCTURE AND MANAGEMENT STRUCTURE CORPORATE GOVERNANCE DIVIDEND PAYMENT POLICY HUMAN RESOURCES INTERNAL AUDIT AND RISK MANAGEMENT CORPORATE INFORMATION

Č B/Ĕ 6'A 8 C 1&Ĕ6 %5I

131th year Historic Milestones

2425 1882

2510 1967

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2467 1924

2518 1975

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2544 2001

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2549 2006

2536 1993 2508 1965 ¾ ¦¶Æ£ ¿ ¦ ³¤ ˳¾ µ ³ ¿ ¬¹n «m¨ ¡³£Á ¤® ¤²¨¾ | ¤º ¤µª² ¡³£Á n ¸Æ® u ¤µª² ¾ ®¤q¦¶Æ £¹ ¾ ®¤q ˳ ² v 7KH &RPSDQ\ ZDV FKDQJHG LQWR D PDMRULW\ RZQHG 7KDL /LPLWHG &RPSDQ\ XQGHU WKH QDPH %HUOL -XFNHU &R /WG

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2550 2007 ¶¾ ¶  n £³£ ¹¤ µ ¤¤ ¹¡ ² qÁ¬n ¤® ¦¹¢ ¦µ ¡² q ³m Ä Á¬n¢³ · Ç À £Â n ®¸Ç ¬¹ n ¤n®£¦± Á ¤µª ²  £¾ ¾¨®¤q¾¤ ¿ ˳ ² ·Æ ¾ | ¤µª² ºn ¦µ ¤± k® ¿¦± ³ ®±¦º¢¾µ ¶£¢ ² Ç Ë³Á ¤±¾ ©Â £ 7KH &RPSDQ\ DFTXLUHG D VWDNH LQ 7KDL %HYHUDJH &DQ &R /WG 7KDLODQGtV OHDGLQJ PDQXIDFWXUHU RI DOXPLQXP FDQV DQG FDQ HQGV

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2553 2010 2551 2008 ¶¾ ¶  n¾ n³ ¸®Ç µ ³¤ ® ¤µª ² ¾ ¶ º i «q ¾®« ¶¾® ¶¾® ¶ ·Æ ¾ | ºn ¦µ ¢² ¤²Æ ® ¤® ¿¦± ¢ · Ç ¤º Á ¤±¾ ©¢³¾¦¾ ¶£ À £ ¦µ ¿¦± Ë ³ ¬ m ³ £¢² ¤²Æ ® ¤® ˳¬ m³£ ² Ç Á ¤±¾ ©¢³¾¦¾ ¶£ ¿¦±«m ®®  £² ¤±¾ ©Á ¿ ¾®¾ ¶£¬¦³£ ¤±¾ © ®³ µ¾ m ¤±¾ © «µ À ¤q ¯m® c¦ µ c «q ¿¦± ¤ºÂ · Æ ³¤¾ n³ ¸®Ç µ ³¤Á ¤² Ç ¶Ç n m¨£ £³£ ¦³ ¿¦± ³ ³¤ ¦µ «µ n³Á ¦¹¢m ¢ ¾ ¶£Ç ¨ ® ¶¾ ¶ ®® «º m ¦³ Á ¿ ¡º¢¡µ ³ ¾®¾ ¶£ ±¨² ®® ¾ ¶£ Á n 7KH &RPSDQ\ DFTXLUHG D VWDNH LQ -DF\ )RRGV 6QG %KG D 0DOD\VLDQ PDQXIDFWXUHU DQG GLVWULEXWRU RI SRWDWR FKLSV DQG H[WUXGHG VQDFNV ERWK LQ LWV GRPHVWLF PDUNHW DQG RWKHU $VLDQ FRXQWULHV LQFOXGLQJ 6LQJDSRUH +RQJ .RQJ 3KLOLSSLQHV DQG %UXQHL 7KH DFTXLVLWLRQ HQDEOHG %-& WR H[SDQG LWV VQDFN PDUNHWV DQG PDQXIDFWXULQJ EDVH LQ 6RXWKHDVW $VLD

2554 2011

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Č B/Ĕ 6'A 8 C 1&Ĕ6 %5I

131th year Historic Milestones

2555 2012 ¶¾ ¶  n¾ | ¤µª ² ² Ç Ë³Á ² ¶¬¦² ¤² £q 6(7

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16

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15 '6'Ĝ1&)4 1 6'A 8 C

2556

2555

2554

2553

2552

2556

2555

42,226 42,839 3,757 575

37,429 38,055 3,603 503

31,235 31,708 3,415 366

25,625 25,903 3,089 227

22,428 22,699 1,957 222

12.8 12.6 4.3 14.3

19.8 20.0 5.5 37.4

3,182

3,100

3,049

2,862

1,735

2.6

1.7

567 2,615 189 2,426

605 2,495 80 2,415

672 2,377 237 2,140

668 2,194 293 1,901

415 1,320 58 1,262

-6.3 4.8 136.3 0.5

-10.0 5.0 -66.2 12.9

4,480 44,503 14,896 17,699 14,760

4,745 38,260 11,156 16,284 13,728

5,159 32,999 9,282 14,530 12,543

2,124 27,677 6,852 12,934 11,415

3,216 23,036 5,172 11,374 10,351

-5.6 16.3 33.5 8.7 7.5

-8.0 15.9 20.2 12.1 9.5

1,590,441 9.29 1.00 1.53 0.44 0.40

1,588,125 8.64 1.00 1.52 0.32 0.52

1,588,125 7.90 1.00 1.35 0.28 0.45

1,588,125 7.19 1.00 1.20 0.25 0.35

1,588,125 6.52 1.00 0.79 0.12 0.21

0.1 7.5 0.0 0.7 37.5 -23.1

0.0 9.4 0.0 12.6 14.3 15.6

23.91 5.75 55.07 5.45 17.03 1.30 0.84

24.12 6.45 55.24 6.31 18.38 1.39 0.69

24.70 6.85 54.18 6.48 17.86 1.56 0.64

25.68 7.42 50.12 6.87 17.47 1.22 0.53

22.77 5.63 41.52 5.48 12.68 1.45 0.45

-0.9 -10.9 -0.3 -13.6 -7.3 -6.5 21.7

-2.4 -5.8 2.0 -2.6 2.9 -10.9 7.8

% GROWTH RATE

DESCRIPTION

Statements of income

UNIT

2013

2012

2011

2010

2009

2013

2012

%DKW 0LOOLRQ

Revenue from sale of goods and 42,226 37,429 31,235 25,625 22,428 rendering of services 42,839 38,055 31,708 25,903 22,699 Total revenue 3,757 3,603 3,415 3,089 1,957 Operating profit 575 503 366 227 222 Finance costs Profit before income tax expense 3,182 3,100 3,049 2,862 1,735 and non-controlling interests 567 605 672 668 415 Income tax expense Profit before non-controlling 2,615 2,495 2,377 2,194 1,320 interests 189 80 237 293 58 Non-controlling interests 2,426 2,415 2,140 1,901 1,262 Net income Statements of financial position %DKW 0LOOLRQ

4,480 4,745 5,159 2,124 3,216 Working capital 44,503 38,260 32,999 27,677 23,036 Total assets 14,896 11,156 9,282 6,852 5,172 Net interest-bearing liabilities 17,699 16,284 14,530 12,934 11,374 Total shareholders' equity Shareholders' equity attributable to 14,760 13,728 12,543 11,415 10,351 owners of the Company Share capital data Issued and paid-up share capital (, 6KDUH 1,590,441 1,588,125 1,588,125 1,588,125 1,588,125 9.29 8.64 7.90 7.19 6.52 Book value per share %DKW

1.00 1.00 1.00 1.00 1.00 Par value per share %DKW

1.53 1.52 1.35 1.20 0.79 Basic earnings per share %DKW

0.44 0.32 0.28 0.25 0.12 Interim dividend per share %DKW

0.40 0.52 0.45 0.35 0.21 Year-end dividend per share %DKW

Financial ratios 23.91 24.12 24.70 25.68 22.77 Gross profit margin

5.75 6.45 6.85 7.42 5.63 Net income

55.07 55.24 54.18 50.12 41.52 Total dividend payout ratio

5.45 6.31 6.48 6.87 5.48 Return on total assets

Return on average net shareholders' 17.03 18.38 17.86 17.47 12.68

equity

12.8

19.8

12.6 4.3 14.3

20.0 5.5 37.4

2.6

1.7

-6.3

-10.0

4.8

5.0

136.3 0.5

-66.2 12.9

-5.6 16.3 33.5 8.7

-8.0 15.9 20.2 12.1

7.5

9.5

0.1 7.5 0.0 0.7 37.5 -23.1

0.0 9.4 0.0 12.6 14.3 15.6

-0.9 -10.9 -0.3 -13.6

-2.4 -5.8 2.0 -2.6

-7.3

2.9

Annual Report 2013 Berli Jucker Public Company Limited

17

6'+èA '64/Ę ) 6' N6A 8 6 B)4 6 4 6'A è Operational Results and Financial Status L=ANW =LJE 6? L=.dLW3N3"L3

Operational Results

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Overall performance

ÂŤĂ‹³¤²Â›Âœd ›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmŽ£¢œ¤³£Ă‚•nÂŠÂłÂƒÂƒ³¤ „³£¿Œ¹à n›¤¾Âƒ³¤ ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒ ÂœdƒmŽš À•£žÂœ|šÂ?Œ¢³ÂŠÂłÂƒ¤³£Ă‚•nÂ˜ÂśĂ†žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ„Ž‰˜šÂƒÂƒŒšm¢¾ÂšÂ†nÂł ¿Œ¹Â›¤¾Âƒ³¤Ă€Â•£žÂ‹Â&#x;³¹Ž£m³‰£¾‰Æ ƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰ŽšÂœĂ€ÂĄÂ† ›¤¾Ă€ÂĄÂ†

For fiscal year 2013, sales were Baht 42,226 million, an increase of 12.8% from last year. The increase was attributed to all supply chains, particularly Consumer Supply Chains.

For fiscal year 2013, gross profit was Baht 10,095 ÂŤĂ‹³¤²Â›Âœd ›¤¾ªÂ˜² ¿Œ¹Â›¤¾ªÂ˜² ÂŁmŽ£¢œÂƒÂłĂ‹ Ă‚¤Â„²ÂšĂ‡ –nšžÂ˜mÂłÂƒ²Â› million, increasing 11.8% from last year from all supply ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒŽm š ÂŠÂłÂƒÂ˜šÂƒÂƒŒš¢m chains. Gross profit margin in 2013 was 23.9%, decreasing ¾š†n³¿Œ¹Â›¤¾Âƒ³¤ ÂŤm¨ÂšŽ²Â–¤³ÂƒĂ‹ÂłĂ‚¤Â„²Ă‡ÂšÂ–nš„Ž‰œd žÂ˜mÂłÂƒ²Â› 0.2% from last year as a result of lower gross profit margin ¤nÂŽÂŁÂŚÂą Œ•Œ‰¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš À•£¢³ÂŠÂłÂƒŽ²Â–¤³ of Consumer Supply Chain. ÂƒĂ‹ÂłĂ‚¤Â„²ÂšĂ‡ –nš˜œŒĂ† Â•ÂŚÂ‰Â„ÂŽÂ‰ÂƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰ŽšÂœĂ€ÂĄÂ†Â›¤¾Ă€ÂĄÂ† For fiscal year 2013, selling and administrative ÂŤĂ‹³¤²Â›Âœd ›¤¾ª²Â˜¢œÂ†m³à ÂŒnŠm³£à šƒ³¤Â„³£¿Œ¹Â›¤¾³¤ expenses were Baht 7,017 million, increasing 14.7% from žÂ˜mÂłÂƒ²Â› ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš ¿Œ¹ last year. In terms of percentage to sales, 2013 selling ¢œŽÂ–² ¤³m¨ÂšÂ†m³à ÂŒnŠ³m ÂŁĂ ÂšÂƒ³¤Â„³£¿Œ¹Â›¤¾³¤Â–mŽ£Ž•„³£ žÂ˜mÂłÂƒ²Â› and administrative expenses were 16.6%, an increase of ¤nÂŽÂŁÂŚÂą žÂ&#x;¾Æ¢Â„¡Ă‡Âš¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš 0.3% from last year. ÂƒĂ‹ÂłĂ‚¤ÂŠÂłÂƒÂƒ³¤Â•Ă‹³žÂšÂľÂšÂ‰ÂłÂšÂŤĂ‹³¤²Â›Âœd žÂ˜mÂłÂƒ²Â› Operating profit for the year 2013 was Baht 3,756 ÂŚnÂłÂšÂ›ÂłÂ˜žÂ&#x;¾Æ¢Â„¡Ă‡Âš¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš million, representing an increase of 4.2% from last year. ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™¾Ă‹³¤²Â›Âœd žÂ˜mÂłÂƒ²Â› ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢ „¡Ă‡Âš¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš ÂŤm¨ÂšÂƒĂ‹ÂłĂ‚¤šÂ˜Â™¾Ă‹³¤²Â›ÂŤm¨ÂšÂ„Ž‰ Â?º—n ¸Žšnš„Ž‰›¤¾ª²Â˜ žÂ˜mÂłÂƒ²Â› ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡ÂšĂ‡ ¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš À•£¢œŽ²Â–¤³ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™¾Ă‹³¤²Â›Â?Âşn—¸Žšnš„Ž‰›¤¾ª²Â˜ žÂ˜mÂłÂƒ²Â›¤nÂŽÂŁÂŚÂą Œ•Œ‰¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš

Net profit for the year 2013 was Baht 2,615 million, showing an increase of 4.8% from last year. Net profit attributable to equity holders of the company was Baht 2,426 million, an increase of 0.5% from the previous year while net profit margin was 5.7%, down 0.8% from last year.

›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmÂŽÂŁ ¢œÂƒĂ‹ÂłĂ‚¤Â–mŽšnš„²Ă‡ÂšÂ&#x;¸Ă‡ÂšÂ‘ÂłÂšÂœd The company and its subsidiaries reported basic žÂ˜mÂłÂƒ²Â› Â›ÂłÂ˜ žÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂœdƒmŽš Â?¡Ă†Â‰¢œÂƒĂ‹ÂłĂ‚¤Â–mŽšnš earnings per share of Baht 1.53 in 2013 compared to Baht „²Ă‡ÂšÂ&#x;¸Ă‡ÂšÂ‘³šžÂ˜mÂłÂƒ²Â› Â›ÂłÂ˜ 1.52 in last year.

18

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Financial Performance Summary - by business

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6DOHV Sales of Packaging Supply Chain in 2013 were Baht 17,748 million, an increase of 5.2% from last year. The increase was from both Glass Packaging and Aluminum Can businesses.

ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™Âľ ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™¾à šœd žÂ˜mÂłÂƒ²Â› ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš¤nÂŽÂŁÂŚÂą ÂŠÂłÂƒÂœdƒmŽš ¿Œ¹¢œŽ²Â–¤³ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™Âľ žÂ˜mÂłÂƒ²Â›¤nÂŽÂŁÂŚÂą Âœ¤²Â›Â–²¨žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒ¤nÂŽÂŁÂŚÂą Ă ÂšÂœd ƒmŽš À•£žÂœ|šÂ?ÂŚÂŠÂłÂƒÂ?ÂŚÂœ¤¹ÂƒÂŽÂ›Âƒ³¤Â˜ÂśĂ†Â•ÂśÂ„¡Ă‡ÂšÂ„Ž‰˜²Ă‡Â‰Â™š¤ÂƒÂľÂŠ ›¤¤ÂŠš¥²Â”Â’qÂżÂƒn¨¿Œ¹Â™š¤ÂƒÂľÂŠÂ›¤¤ÂŠš¥²Â”Â’qƒ¤¹ÂœkŽ‰

1HW SURILW 2013 Net profit was Baht 1,596 million, increased 21.8% from last year. Net profit margin was 9.0%, increasing from 7.8% in last year. The increase was from better performance of both Glass Packaging and Aluminum Can businesses.

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6DOHV Glass Packaging business, representing approximately 64% of Packaging Supply Chain sales, reported sales of Baht 11,426 million, an increase of 3.3% from last year. The increase was from higher sales of Thailand operation from an increase in selling price, while the volume dropped. Vietnam sales rose 46.4% from last year due to significant increase in sales volumes while Malaysian sales decreased. 1HW SURILW 2013 Net profit was Baht 1,253 million, increased 18.7% from last year due to the production cost control effort of Thailand operation, lower loss of Vietnam operation in accordance to higher sales, and the efficiency of production cost control and lower financial costs of Malaysia operation.

Annual Report 2013 Berli Jucker Public Company Limited

19

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1HW SURILW 2013 Net profit was Baht 303 million, increased 34.4% from last year. The increase was from higher net profit of Thailand operation together with lower loss of Vietnam operation from improvement of the utilization rate from 37% in previous year to 86% in 2013, resulting in lower cost of production.

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6DOHV Sales of Aluminum Can business in 2013 were Baht 6,323 million, representing approximately 36% of Packaging Supply Chain sales and showing the increase of 9.0% from last year. The increase was mainly from Vietnam operation, while sales of Thailand operation slightly dropped from lower export sales.

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6DOHV Sales of Consumer Supply Chain in 2013 were Baht 14,783 million, an increase of 33.9% from last year. The increase was from all business groups where International Trading showed the highest growth.

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1HW SURILW Consumer Supply Chain reported net profit of Baht 528 million in 2013, decreased 11.9% from previous year. The decline was from all business groups except Personal Care and Cosmetic.

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6DOHV Sales of Foods group, representing approximately 35% of Consumer Supply Chain sales, showed an increase from previous year. The increase was from new flavor and new snack products e.g. ‘Party’ caramel popcorn, beverages both under BJC owned brand and 3rd party brands, and Yogurt from BJC Danone Dairy Co.,Ltd. which was consolidated since June 2012.

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1HW SURILW Net profit of Foods group decreased from last year mainly from a record of Baht 78.3 million gain from bargain purchase in BJC Danone Dairy Co.,Ltd last year. Excluding such transaction, net profit of 2013 still improved from increasing in net SURILW RI %-& )RRGV 0DOD\VLD 6GQ %KG IURP production control effort and lower selling and administrative expenses.

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6DOHV Sales of Non-Foods Group, representing approximately 37% of 2013 Consumer Supply Chain sales, reported the sales increase from last year. The increase was from Tissue business, particularly BJC owned brand i.e. Cellox, Zilk and Maxmo, while sales of personal care and cosmetic products decreased due to lower sales of ‘Berli Pops’ Cosmetics. +RZHYHU VDOHV RI s%RWDQLFDOVt DQG s*ROGt 3DUURW soap and ‘Premedica’ skincare products increased as they were well perceived by consumers. 1HW SURILW Net profit increased from last year from lower cost of crude palm and coconut oil, the key raw material of personal care and cosmetic products, even though selling and administrative expenses increased. Net profit of Tissue business declined from higher cost of hard wood fiber.

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6DOHV Sales of Logistics business, accounting for approximately 1% of 2013 Consumer Supply Chain sales, showed a decrease from last year as a result of lower sales of Custom Brokerage Services which was driven by lower numbers of importers and exporters from economic slowdown. Transportation and Warehouse services continued to grow. 1HW SURILW 2013 net profit declined from last year which was mainly from additional natural disaster insurance expenses and rental expenses of new warehouses.

Annual Report 2013 Berli Jucker Public Company Limited

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,QWHUQDWLRQDO 7UDGLQJ Sales of International Trading group in 2013 represented approximately 27% of 2013 Consumer Supply Chain sales.

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6DOHV Sales of Thai Corp International Vietnam significantly increased from last year. The increase was from higher sales of Red Bull, canned fish and new principle products i.e. ‘Yappy’ snack, ‘Tipco’ fruit juice and ‘ARS’ insecticide together with additional sales of Tofu and bean curd products from Ichiban Company Limited since March 2013. 1HW SURILW 2013 net profit showed the increase from last year. The increase was in accordance to sales growth and the effort to control selling and administrative expenses, resulting in 9.7% lower selling and administrative expenses than last year.

w 7KDL $Q *URXS

6DOHV Thai An Group was consolidated since March 2013. In 2013, Thai An Group reported sales of Baht 2,698 million, mainly from sales of Procter & Gamble products. 1HW SURILW Thai An Group reported loss of Baht 36 million. This was due to relatively high financial cost even though the company had tried to restructure its cost of fund.

w +HDOWKFDUH DQG 7HFKQLFDO 6XSSO\ &KDLQ

6DOHV 6DOHV RI +HDOWKFDUH DQG 7HFKQLFDO 6XSSO\ Chain in 2013 were Baht 7,315 million, an increase of 2.3% from last year. The increase was from both +HDOWKFDUH DQG 7HFKQLFDO 6XSSO\ &KDLQ 1HW SURILW 2013 Net profit was Baht 576 million, decreasing 5.9% from last year. The decrease was IURP ERWK +HDOWKFDUH DQG 7HFKQLFDO 6XSSO\ &KDLQ

ƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰ž¨ÂŒ¥²Â”Â’q

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¤³£Ă‚•nÂŠÂłÂƒÂƒ³¤Â„³£ £Ž•„³£Â„Ž‰ƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤ Â˜ÂłÂ‰žÂ˜Â†ÂšÂľÂ†Ă šœd ¢œ²Â•ÂŤm¨Âš¤nÂŽÂŁÂŚÂą „Ž‰¤³£Ă‚•n ÂŠÂłÂƒÂƒ³¤Â„³£Â„Ž‰ƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰ž¨ÂŒ¥²Â”Â’q¿Œ¹ žÂ˜Â†ÂšÂľÂ† žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒÂœdƒmŽš ˜²Ă‡Â‰ÂšÂśĂ‡žÂœ|šƒ³¤žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ„Ž‰˜šÂƒ ƒŒšm¢Â™š¤ÂƒÂľÂŠ ÂŁÂƒž¨nš™š¤ÂƒÂľÂŠÂ?Œ¾–À†¤Â‰¤n³‰žŒĂ…ƒŒšÂ›²Â‰Âƒ¹œ¢œ £Ž•„³£ŒÂ•ÂŚÂ‰ À•£™š¤ÂƒÂľÂŠ¨¾Š¨Âƒ¤¤¢¢œ£ŽÂ•Â„³£à šm¨ÂšÂ„Ž‰ /RJLVWLF :DUHKRXVH žÂ&#x;¾Æ¢Â„¡Ă‡Âš ™š¤ÂƒÂľÂŠÂƒ³¤Â&#x;¾¢Â&#x;q¢œÂƒ³¤ „³£žÂ†¤¸ŽĂ† ‰Š²Âƒ¤Â„ÂšÂłÂ•à èm•nžÂ&#x;¾¢Ă† „¡ÂšĂ‡ ¿Œ¹Â™š¤ÂƒÂľÂŠžÂ†¢œ¥Â”² Â’q ŽšÂ–³Âƒ¤¤¢¢œ£ŽÂ•Â„³£ÂŠÂłÂƒÂƒ³¤žÂ–¾›À–„Ž‰žÂ†¢œ¥Â”² Â’qÂœ¤šÂ‰ ¿–mÂ‰ÂƒÂŚÂľĂ†Âš¿Œ¹¤Ž³³¤ Ă ÂšÂ„Â”ÂąÂ˜ÂśĂ†Â™š¤ÂƒÂľÂŠÂ?Œ¾–À†¤Â‰¤n³‰ žŒĂ…ƒŒšÂ›²Â‰Âƒ¹œ¢¤œ ³£Ă‚•nà šm¨ÂšÂ„Ž‰À†¤Â‰Âƒ³¤ž³Ă€Â˜¤Â†¢ÂšÂłÂ†¢ 7HOHFRPPXQLFDWLRQ 7RZHU ¿Œ¹Ă€Â†¤Â‰¤n³‰žŒĂ…ÂƒÂŚÂ•ÂŚÂ‰ ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™Âľ ÂƒĂ‹ÂłĂ‚¤šÂ˜Â™ÂľÂ„Ž‰ƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰žÂ˜Â†ÂšÂľÂ† ÂŚÂ•ÂŚÂ‰ÂŠÂłÂƒÂœdƒŽm š ÂŠÂłÂƒÂƒĂ‹ÂłĂ‚¤šÂ˜Â™ÂľÂ˜ÂŚÂśĂ† •Œ‰„Ž‰™š¤ÂƒÂľÂŠÂƒ³¤Â&#x;¾¢Â&#x;q ¿Œ¹Âƒ³¤Â„ÂłÂ•Â˜šÂšžÂ&#x;¾¢Ă† „¡ÂšĂ‡ „Ž‰™š¤ÂƒÂľÂŠÂ?Œ¾–À†¤Â‰¤n³‰žŒĂ…ƒŒšÂ› ²Â‰Âƒ¹œ ÂŤm¨ÂšÂƒĂ‹ÂłĂ‚¤šÂ˜Â™ÂľÂ„Ž‰™š¤ÂƒÂľÂŠ¨¾Š¨Âƒ¤¤¢¿Œ¹Â™š¤ÂƒÂľÂŠ žÂ†¢œ¥Â”² Â’qŽ–š ³Âƒ¤¤¢Âœ¤²Â›žÂ&#x;¾¢Ă† „¡ÂšĂ‡ Ă€Â•ÂŁÂƒĂ‹ÂłĂ‚¤Â˜œŒĂ† •Œ‰„Ž‰ ™š¤ÂƒÂľÂŠÂƒ³¤Â&#x;¾¢Â&#x;qžÂœ|šÂ?ÂŚÂŠÂłÂƒÂ•ÂŽÂƒžÂ›ÂśĂ‡ÂŁÂŠm³£Â˜ÂśĂ†žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŤm¨Âš ƒ³¤Â„ÂłÂ•Â˜šÂšžÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ„Ž‰™š¤ÂƒÂľÂŠÂ?Œ¾–À†¤Â‰¤n³‰žŒĂ…ƒŒšÂ› ²Â‰Âƒ¹œ¢³ÂŠÂłÂƒÂ–nš˜šÂšÂƒ³¤Â?ÂŚÂľÂ–Â˜ÂśĂ†žÂ&#x;¾Æ¢ºÂ‰Â„¡Ă‡ÂšÂŠÂłÂƒŽ²Â–¤³Âƒ³¤ Ă ÂŒnÂƒÂłĂ‹ Œ²Â‰Âƒ³¤Â?ÂŚÂľÂ–Â˜œŒĂ† •Œ‰ ÂŤĂ‹³¤²Â›Â™š¤ÂƒÂľÂŠ¨¾Š¨Âƒ¤¤¢¿Œ¹Â™š¤ÂƒÂľÂŠ žÂ†¢œ¥Â”² Â’qŽ–š ³Âƒ¤¤¢¢œÂƒÂłĂ‹ Ă‚¤šÂ˜Â™¾žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŠÂłÂƒÂƒ³¤Â†¨Â›Â†š¢ –nš˜šÂšÂŤÂľÂšÂ†n³„³£¿Œ¹Â†m³à ÂŒnŠ³m ÂŁĂ ÂšÂƒ³¤Â„³£¿Œ¹Â›¤¾³¤Â˜ϢÆ Âś Âœ¤¹¾Â˜Â™¾¥³Â&#x;•œ„¡Ă‡Âš

+HDOWKFDUH 6XSSO\ &KDLQ

6DOHV +HDOWKFDUH 6XSSO\ &KDLQ UHSUHVHQWLQJ DSSUR[LPDWHO\ RI +HDOWKFDUH DQG 7HFKQLFDO Supply Chain sales, reported the increase in both Pharmaceutical and Medical divisions. The increase in Pharmaceutical division was from higher sales of blood related medicines, kidney medicines, oncology medicines and diabetic medicines. The increase in Medical division was from higher sales of Radiology equipment and emergency equipment and devices. 1HW SURILW Net profit in 2013 decreased from last year from heavy selling and administrative expenses of both Pharmaceutical and Medical divisions, particularly selling expenses as a result of intense competition.

7HFKQLFDO 6XSSO\ &KDLQ

6DOHV Sales of Technical Supply Chain, representing DSSUR[LPDWHO\ RI +HDOWKFDUH DQG 7HFKQLFDO Supply Chain sales, increased from last year from all business units except Galvanized Steel Structure business. The increase was from higher sales of Engineering business especially in Logistics and Warehouse sector, higher sales of graphic machines together with higher sales of food ingredients in Specialties products business. Sales of Galvanized Steel Structure business declined as a result of lower sales of Telecommunication Tower and General Steel Structure. 1HW SURILW Net profit decreased from last year, from higher interest expense of Graphic business and increased loss of Galvanized Steel Structure business as a result of higher cost of production and lower utilization rate. In 2013, net profit of Engineering business and Specialties products increased from the better control of production cost and selling and administrative expenses.

Annual Report 2013 Berli Jucker Public Company Limited

23

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Financial Status

ÂŤÂľÂšÂ˜¤²Â&#x;ÂŁq¤¨¢Â„Ž‰›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmÂŽÂŁ ” ¨²ÂšÂ˜ÂśĂ† As of December 31, 2013, BJC reported total assets ™²Âš¨³Â†¢ ¢œÂŠĂ‹ÂłÂš¨ÂšÂ˜²Ă‡Â‰ÂŤÂľĂ‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒ of Baht 44,503 million, increased Baht 6,243 million or ÂŤÂľĂ‡ÂšÂœdƒmŽš ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą À•£¢œ 16.3% from last year. The details compared to the end of ¤³£Œ¹žŽœ£Â•ž¢¸Ă†ŽžÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂŤÂľĂ‡ÂšÂœdƒmŽš •²Â‰ÂšÂśĂ‡ last year are as follows: w ÂŚÂşÂƒÂŹÂšÂśÂƒĂ‡ ³¤Â†nÂł ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą À•£žÂœ|šƒ³¤žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ–³¢Âƒ³¤žÂŠ¤¾è žÂ–¾›À–„Ž‰£Ž•„³£ ˜²Â‰Ă‡ šœŽĂ‡ –² ¤³m¨Âš¢šÂšž¨œ£ÂšÂ„ÂŽÂ‰ÂŚÂşÂƒÂŹÂšÂśĂ‡ ƒ³¤Â†nÂł Âœd †¾•žÂœ|šžÂ˜mÂłÂƒ²Â› žÂ˜mÂł žÂœ¤œ£Â›žÂ˜ϣ› ƒ²Â›ÂœdƒmŽš Â?¡Ă†Â‰Â†ÂľÂ•žÂœ|šžÂ˜mÂłÂƒ²Â› žÂ˜mÂł w ÂŚÂşÂƒÂŹÂšœŽĂ‡ š¸Ă† ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą ÂŤm¨Âšà èmžÂƒÂľÂ•ÂŠÂłÂƒÂƒ³¤žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ„Ž‰ ¥³ªœÂ?¸Ă‡Ž¤ŽÂ„Ž†¸Âš ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ w ¾š†n³†‰žŒ¸Ž ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą À•£m¨Âšà èmš¾ †n³†‰žŒ¸Ž Â˜ÂśĂ†žÂ&#x;¾Æ¢Â„¡Ă‡Âš¢³ÂŠÂłÂƒÂƒŒšm¢¾ÂšÂ†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰Â›¤¤ÂŠš¥²Â”Â’q ˜²Ă‡Â‰ÂšÂśĂ‡Ž²Â–¤³m¨Âš¢šÂšž¨œ£ÂšÂ„Ž‰¾š†n³†‰žŒ¸Žà šœd †¾•žÂœ|šžÂ˜mÂłÂƒ²Â› žÂ˜mÂł žÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂœdƒŽm ÂšÂ˜ÂśÂ†Ă† •¾ žÂœ|š žÂ˜mÂłÂƒ²Â› žÂ˜mÂł w žÂ‰ÂľÂšÂŚÂ‰Â˜šÂšĂ š›¤¾ª²Â˜¤m¨¢ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą Â?¡Ă†Â‰žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒÂŤm¨ÂšÂżÂ›m‰ ÂƒĂ‹ÂłĂ‚¤ÂŠÂłÂƒÂ›¤¾ª²Â˜¤m¨¢ w žÂ‰ÂľÂšÂŚÂ‰Â˜šÂš¤¹£¹£³¨Ž¸Ă†ÂšÂŠĂ‹ÂłÂš¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą žÂƒÂľÂ•ÂŠÂłÂƒÂƒ³¤Â?¸Ă‡ÂŽÂ™š¤ÂƒÂľÂŠ à š–mÂłÂ‰Âœ¤¹žÂ˜Š w ÂŤÂľÂ˜Â™ÂľÂƒ³¤žÂŒmÂł ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ Œ•Œ‰ ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą ÂŚÂ•ÂŚÂ‰ÂŠÂłÂƒ¤³£Âƒ³¤¤¹¨m³‰›¤¾ª²Â˜ÂŁmÂŽÂŁ Â?¡Â‰Ă† •n¤¨¢žÂ„n³¢³Ž£ºmĂ ÂšÂƒŒš¢m ›¤¾ªÂ˜² à š¤¹¨mÂłÂ‰Âœd ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ ¿Œ¹žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŠÂłÂƒÂƒ³¤Â?¸ŽĂ‡ ™š¤ÂƒÂľÂŠ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜

24

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w 7UDGH UHFHLYDEOH ZDV %DKW PLOOLRQ LQFUHDVHG Baht 850 million or 12.4% in accordance with an increase in sales. Trade receivable turnover ratio was 5.79 times compared to last year at 5.67 times. w 2WKHU UHFHLYDEOH ZDV %DKW PLOOLRQ LQFUHDVHG Baht 152 million or 13.5%, mainly from an increase in value added tax refundable of Baht 104 million. w ,QYHQWRU\ ZDV %DKW PLOOLRQ LQFUHDVHG %DKW 1,580 million or 23.0%, mainly from an increase in inventories, particular from Packaging Supply Chain. Inventory turnover ratio was 4.20 times compared to last year at 4.74 times. w ,QYHVWPHQW LQ DVVRFLDWHV ZDV %DKW PLOOLRQ increased Baht 35 million or 8.1% from sharing of profits from associates. w 2WKHU ORQJ WHUP LQYHVWPHQW ZDV %DKW PLOOLRQ increased Baht 27 million or 3,207.2%, mainly from business acquisitions abroad. w /HDVHKROG ZDV %DKW PLOOLRQ GHFUHDVHG %DKW million or 8.7%. The decrease was from the elimination entries in subsidiary that acquired during the year of Baht 91 million and an increase of Baht 43 million resulted from business acquisitions.

w Â˜ÂśÂ•Ă† š¾ Ž³†³¤¿Œ¹ŽšÂœÂƒ¤Â”q ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą žÂƒÂľÂ•ÂŠÂłÂƒÂƒ³¤Â?¸Ă‡ÂŽ ™š¤ÂƒÂľÂŠ ÂŚnÂłÂšÂ›ÂłÂ˜ ›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmŽ£¢œÂƒ³¤ŒÂ‰Â˜šÂš žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ À•£¢³ÂŠÂłÂƒÂƒŒšm¢Â™š¤ÂƒÂľÂŠŒ²ÂƒÂ†¸Ž ƒŒšm¢¾ÂšÂ†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰Â›¤¤ÂŠš¥²Â”Â’q ÂŚnÂłÂšÂ›ÂłÂ˜ ¿Œ¹ÂƒŒš¢m ¾š†n³¿Œ¹Â›¤¾Âƒ³¤Â˜ÂłÂ‰ŽšÂœĂ€ÂĄÂ†Â›¤¾Ă€ÂĄÂ† ÂŚnÂłÂšÂ›ÂłÂ˜ „”¹žÂ•œ£¨Âƒ²ÂšÂ›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmŽ£¢œÂ†m³ž¸Ă†Ž¢¤³Â†³¹¢ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒÂƒ³¤Â–²Â•Â†m³ž¸Ă†Ž¢¤³Â†Âł ÂŚnÂłÂšÂ›ÂłÂ˜ ˜²Ă‡Â‰ÂšÂśĂ‡ ›¤¾ª²Â˜¢œŽ²Â–¤³Â?ÂŚÂ–ÂŽÂ›ÂżÂ˜ÂšÂŠÂłÂƒÂŤÂľÂšÂ˜¤²Â&#x;ÂŁq—³¨¤à šœd †¾•žÂœ|š¤nÂŽÂŁÂŚÂą žÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂœdƒmŽš Â?¡Ă†Â‰Â†ÂľÂ•žÂœ|š ¤nÂŽÂŁÂŚÂą w †m³†¨³¢Âš¾£¢ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂƒÂľÂ•ÂŠÂłÂƒÂƒ³¤Â?¸Ă‡ÂŽÂ™š¤ÂƒÂľÂŠĂ š–mÂłÂ‰Âœ¤¹žÂ˜Š w ÂŤÂľÂšÂ˜¤²Â&#x;ÂŁqĂ‚¢m¢Â–Âś ¨² –šŽ¸ÂšĂ† ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š ¤nÂŽÂŁÂŚÂą À•£žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ ÂŠÂłÂƒÂŒ¸Ă†ÂŽÂ˜ÂłÂ‰Âƒ³¤Â†n³¿Œ¹Â†m³Œ¾Â„ÂŤÂľÂ˜Â™ÂľĂŠÂ?Ž ˜q¿¨¤q „”¹žÂ•œ£¨Âƒ²ÂšÂ›¤¾ªÂ˜² ¿Œ¹Â›¤¾ªÂ˜² ÂŁmŽ£¢œÂ†Âłm –²Â•ÂŠĂ‹³Âšm³£Ă‹³¤²Â› Âœd ÂŚnÂłÂšÂ›ÂłÂ˜

w 3URSHUW\ SODQW DQG HTXLSPHQW ZDV %DKW million, increased Baht 2,024 million or 12.2% mainly from business acquisitions of Baht 216 million. The company and its subsidiaries invested in capital expenditure of Baht 3,601 million; mainly Baht 2,665 million from Packaging Supply Chain and Baht 466 million from Consumer Supply Chain. The accumulated depreciation increased from depreciation of Baht 1,884 million. Return on fixed assets ratio was 23.7% compared to last year at 25.5%. w *RRGZLOO ZDV %DKW PLOOLRQ LQFUHDVHG %DKW 1,526 million from business acquisitions abroad. w 2WKHU LQWDQJLEOH DVVHW ZDV %DKW PLOOLRQ increased Baht 212 million or 17.9%. The increase of Baht 314 million came from software licenses and trade name spending. The amortization expense of the year was Baht 112 million.

w ÂŤÂľÂšÂ˜¤²Â&#x;ÂŁq¥³ªœžÂ‰ÂľÂšĂ‚•n¤ŽÂƒ³¤Â–²Â•Â›²èÂŒÂś ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą ÂŤm¨Âšà èm žÂƒÂľÂ•ÂŠÂłÂƒÂŤÂľÂšÂ˜¤²Â&#x;ÂŁq¥³ªœžÂ‰ÂľÂšĂ‚•n¤ŽÂƒ³¤Â–²Â•Â›²èÂŒÂśÂŠÂłÂƒ¤³£Âƒ³¤ Â„ÂłÂ•Â˜šÂš¹¢£Âƒ¢³Ă‹³¤²Â›Â™š¤ÂƒÂľÂŠÂ˜ÂśĂ†žÂ&#x;¾Æ‰ž¤¾Ă†¢Â•Ă‹³žÂšÂľÂšÂƒ³¤

w 'HIHUUHG WD[ DVVHW ZDV %DKW PLOOLRQ LQFUHDVHG Baht 84 million or 17.0%, mainly from increasing deferred tax assets of losses carried forward from businesses which just started operation during the year.

šœĂ‡ š¾ ¤¨¢Â„Ž‰›¤¾ªÂ˜² ¿Œ¹Â›¤¾ªÂ˜² ÂŁmÂŽÂŁ ” ¨²ÂšÂ˜Âś Æ ™²Âš¨³Â†¢ ¢œÂŠĂ‹ÂłÂš¨ÂšÂ˜²Ă‡Â‰ÂŤÂľĂ‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒ ÂŤÂľĂ‡ÂšÂœdƒmŽšŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|šƒ³¤žÂ&#x;¾Æ¢Â„¡Ă‡Âš ¤nÂŽÂŁÂŚÂą Â?¡Â‰Ă† ¢œ¤³£Œ¹žŽœ£Â•ž¢¸ŽĂ† žÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂŤÂľÂšĂ‡ ÂœdƒŽm š •²Â‰ÂšÂśĂ‡

Total liabilities of Company and its subsidiaries as of December 31, 2013 was Baht 26,804 million, increased Baht 4,827 million or 22.0% from last year. The details of changes compared to the end of last year are as follows:

w šœĂ‡ š¾ ˜ϢÆ ÂĄÂś ³¤¹Â•ÂŽÂƒžÂ›ϣÇ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą À•£žÂœ|šƒ³¤ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ„Ž‰žÂ‰ÂľÂšÂƒÂşn£¸¢¤¹£¹²Ă‡Âš ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ ¿Œ¹žÂ‰ÂľÂšÂƒÂşn£¸¢¤¹£¹£³¨ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜

w ,QWHUHVW EHDULQJ GHEW ZDV %DKW PLOOLRQ increased Baht 3,504 million or 26.6%, mainly from an increase in short-term loan of Baht 1,328 million and long-term loan of Baht 2,177 million.

w žÂŠn³ÂšÂśĂ‡Âƒ³¤Â†nÂł ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠĂ‹ÂłÂš¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą ¿Œ¹¢œŽ²Â–¤³m¨ÂšÂƒ³¤ ¢šÂšž¨œ£ÂšÂ„Ž‰žÂŠn³ÂšÂśÂƒĂ‡ ³¤Â†nÂłÂœd †¾•žÂœ|šžÂ˜mÂłÂƒ²Â› žÂ˜mÂł žÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂœdƒmŽš Â?¡Ă†Â‰Â†ÂľÂ•žÂœ|šžÂ˜mÂłÂƒ²Â› žÂ˜mÂł

w 7UDGH SD\DEOH ZDV %DKW PLOOLRQ LQFUHDVHG Baht 634 million or 14.2%. Trade payable turnover ratio was 6.73 times compared to last year at 7.15 times.

w žÂŠn³ÂšÂśĂ‡Ž¸Ă†Âš ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠĂ‹ÂłÂš¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š¤nÂŽÂŁÂŚÂą ÂŤm¨Âšà èmžÂƒÂľÂ•ÂŠÂłÂƒžÂŠn³ÂšÂśĂ‡ †mÂłÂ?¸Ă‡ŽžÂ‰ÂľÂšÂŚÂ‰Â˜šÂš ÂŚnÂłÂšÂ›ÂłÂ˜

w 2WKHU SD\DEOH ZDV %DKW PLOOLRQ LQFUHDVHG Baht 721 million or 27.8%, mainly from an increase in payables relating to investment purchases of Baht 256 million.

Annual Report 2013 Berli Jucker Public Company Limited

25

ÂŤm¨ÂšÂ„Ž‰Â?Âşn—¸Žšnš¤¨¢Â„Ž‰›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmÂŽÂŁ ” ¨²ÂšÂ˜ÂśĂ† ™²Âš¨³Â†¢ ¢œÂŠĂ‹ÂłÂš¨ÂšÂ˜²Ă‡Â‰ÂŤÂľĂ‡Âš ÂŚnÂłÂšÂ›ÂłÂ˜ žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒÂŤÂľĂ‡ÂšÂœdƒmŽšŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ †¾•žÂœ|š ¤nÂŽÂŁÂŚÂą Â?¡Ă†Â‰¢œ¤³£Œ¹žŽœ£Â•Âƒ³¤žÂœÂŚÂśĂ†ÂŁÂšÂżÂœÂŚÂ‰ •²Â‰ÂšÂśĂ‡ w žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂ•n¨£Â?ÂŚÂƒĂ‹ÂłĂ‚¤šÂ˜Â™ÂľÂŠÂłÂƒÂƒ³¤Â•Ă‹³žÂšÂľÂšÂ‰ÂłÂš Âœ¤¹ÂŠĂ‹ÂłÂœd ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ w žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒÂƒ³¤žÂ&#x;¾Æ¢Â˜šÂššnš³¢²è ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ w žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒÂŤm¨ÂšÂ„Ž‰m¨ÂšĂ‚•nžœ£Â˜ÂśĂ†Ă‚¢m¢œŽĂ‹ÂłÂšÂłÂŠÂ†¨Â›Â†š¢ Â˜ÂśĂ† žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŠÂłÂƒÂƒ³¤žÂ&#x;¾¢Ă† ˜šÂšÂ„Ž‰›¤¾ªÂ˜² ÂŁmŽ£À•£ŽË³š³Š†¨Â›Â†š¢ Ă‚¢mžÂœÂŚÂśĂ†ÂŁÂšÂżÂœÂŚÂ‰ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ ¿Œ¹žÂ&#x;¾Æ¢Â„¡Ă‡ÂšÂŠÂłÂƒ ƒ³¤Â?¸Ă‡ÂŽÂ™š¤ÂƒÂľÂŠĂ š–mÂłÂ‰Âœ¤¹žÂ˜Š ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ w ÂŚÂ•ÂŚÂ‰ÂŠÂłÂƒÂƒ³¤žÂœÂŚÂśĂ†ÂŁÂšÂżÂœÂŚÂ‰²Â•ÂŤm¨ÂšÂƒ³¤Â—¸Žšnšà š›¤¾ª²Â˜ ÂŁmÂŽÂŁ ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜

Shareholder’s equity of Company and its subsidiaries as of December 31, 2013 was Baht 17,699 million, increased Baht 1,415 million or 8.7% from last year. The changes mainly came from: w $Q LQFUHDVH LQ QHW SURILW DIWHU WD[ IRU WKH \HDU of Baht 2,615 million. w $Q LQFUHDVH LQ DGGLWLRQDO SDLG XS VKDUH FDSLWDO RI Baht 116 million. w $Q LQFUHDVH LQ DFTXLVLWLRQ RI QRQ FRQWUROOLQJ LQWHUHVWV with no-change in control of Baht 255 million and from business acquisitions abroad of Baht 57 million. w 7KH GHFUHDVH IURP FKDQJLQJ LQ RZQHUVKLS LQWHUHVW in a subsidiary of Baht 109 million.

w Œ•Œ‰•n¨£Â?ÂŚÂŠÂłÂƒÂƒ³¤ÂŠm³£žÂ‰ÂľÂšÂœzšÂ?ŒŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ À•£¿£ÂƒžÂœ|šƒ³¤ÂŠm³£žÂ‰ÂľÂšÂœzšÂ?ŒŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ ¤¸Ž šnšŒ¹ Â›ÂłÂ˜ ÂŤĂ‹³¤²Â›Â?ÂŚÂœ¤¹ÂƒÂŽÂ›Âƒ³¤ ‰¨Â• žÂ•¸ŽÂšŒ²Â‰Â„Ž‰œd ž¢¸Ă†Ž¨²ÂšÂ˜ÂśĂ† Â&#x;¼ª¥³†¢ –³¢¢Â–ÂľÂ˜ÂœÂśĂ† ¤¹ÂŒš¢³¢²èÂ?º—n Ž¸ šÂšn ž¢¸ŽĂ† ¨²ÂšÂ˜Âś Æ ž¢ª³£Âš ¿Œ¹ÂŠm³£žÂ‰ÂľÂšÂœzšÂ?Œ¤¹¨mÂłÂ‰Âƒ³ŒÂŠĂ‹ÂłÂš¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ ¤¸ŽšnšŒ¹ Â›ÂłÂ˜ ÂŤĂ‹³¤²Â›Â?ÂŚÂœ¤¹ÂƒÂŽÂ›Âƒ³¤Â‰¨Â• žÂ•¸ŽÂš¿¤ÂƒÂ„Ž‰œd ž¢¸Ă†Ž¨²ÂšÂ˜ÂśĂ† ƒ²Âš£³£Âš –³¢ ¢Â–ÂľÂ˜ÂśĂ†Âœ¤¹ÂŒš¢Â†Â”ÂąÂƒ¤¤¢Âƒ³¤Â›¤¾ª²Â˜ž¢¸Ă†Ž¨²ÂšÂ˜ÂśĂ† ¾‰³†¢ 2556

w $ GHFUHDVH IURP GLYLGHQG SD\PHQW RI %DKW million, of which was paid for the second half-year performance of 2012 of Baht 826 million or Baht 0.52 per share on May 23, 2013 by the approved resolution of the Ordinary General Meeting of Shareholders held on April 25, 2013, and interim dividend for the first-half year performance of 2013 of Baht 700 million or Baht 0.44 per share on September 12, 2013 by the approved resolution of the Board of Directors Meeting held on August 13, 2013.

w Œ•Œ‰ŠË³š¨Âš ÂŚnÂłÂšÂ›ÂłÂ˜ •n¨£Â?ÂŚÂŠÂłÂƒžÂ‰ÂľÂšÂœzšÂ?Œ„Ž‰ ›¤¾ª²Â˜ÂŁmÂŽÂŁÂ˜ÂśĂ†ÂŠm³£à nÂżÂƒmÂŤm¨ÂšĂ‚•nžœ£Â˜ÂśĂ†Ă‚¢m¢œŽĂ‹ÂłÂšÂłÂŠÂ†¨Â›Â†š¢

w $ GHFUHDVH RI %DKW PLOOLRQ IURP GLYLGHQGV RI subsidiaries paid to non-controlling interests.

Ž²Â–¤³m¨ÂšÂŹÂšÂśĂ‡ÂŤÂľÂšÂ–mÂŽÂŤm¨ÂšÂ„Ž‰Â?Âşn—¸Žšnš ÂŤĂ‹³¤²Â›Âœd žÂ˜mÂłÂƒ²Â› žÂ˜mÂł žÂ&#x;¾Æ¢Â„¡Ă‡Âšž¢¸Ă†ŽžÂœ¤œ£Â›žÂ˜ϣ›ƒ²Â›ÂœdƒmŽš Â?¡Ă†Â‰ žÂ˜mÂłÂƒ²Â› žÂ˜mÂł ³žÂ–šŒ²Âƒ¢³ÂŠÂłÂƒÂƒ³¤žÂ&#x;¾¢Ă† „¡ÂšĂ‡ šÂ˜Â™ÂľÂ„Ž‰ žÂ‰ÂľÂšÂƒÂşn£¸¢ÂŠÂłÂƒÂŤÂ—³›²ÂšÂƒ³¤žÂ‰ÂľÂš –³¢Â˜ÂśĂ†Ă‚•nÂƒÂŚm³¨Ă‚¨nà š²¨Â„nÂŽ ÂŹÂšÂśĂ‡ÂŤÂľÂšÂ˜ÂśĂ†¢œ¥³¤¹Â•ÂŽÂƒžÂ›ÂśĂ‡ÂŁÂ„Ž‰›¤¾ª²Â˜¿Œ¹Â›¤¾ª²Â˜ÂŁmÂŽÂŁ

Total debt to equity ratio was reported at 1.51 times in 2013, compared to last year at 1.35 times due mainly to an increase in net borrowing from financial institutions as indicated above in the interest-bearing debt section.

26

øćáĂœÄ‡ÎðøÄ…Ă?ÄžÄ‡Ă°Ĺ˜Ç° Ç° ïøĉÞĆÏǰđïĂøŤúÄŠÄ™ǰáÄ?ÙđÖĂøŤǰĂ?ĞćÖĆÊǰ ÜĀćĂ&#x;ĂŽ

Annual Report 2013 Berli Jucker Public Company Limited

27

28

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.6' 6 '4 6 4 ''% 6' 'è-5 Message from the Chairman of the Board of Directors ž¤œ£Âš ˜m³šÂ?Âşn—¸Žšnš

Dear Shareholders,

„nÂłÂ&#x;žÂŠn³¤ºn¡ÂƒÂŁÂľÂšÂ•ÂśÂ˜ÂśĂ†Ă‚•nžĂ…š ƒŒšm¢Â›¤¾ª²Â˜ žÂ›Ž¤qŒœÆ £šÂ†žÂƒŽ¤q ÂŠĂ‹ÂłÂƒ²Â• ¢³ÂŒÂš ¢œÂƒ³¤žÂ–¾›À–¿Œ¹Âƒ³¤Â&#x;²Â“š³™š¤ÂƒÂľÂŠà ¢mĂ„ Ă‚ÂœĂ Âš ˜¾ŠÂ˜ÂłÂ‰Â˜ÂśĂ†ÂŠÂąÂšĂ‹ÂłÂ&#x;³›¤¾ª²Â˜Ă‚œ›¤¤ŒšžÂœi³¢³£Â„Ž‰ƒ³¤žÂœ|šŽ‰†qƒ¤ ÂŒ²Ă‡ÂšÂšĂ‹³à š¥º¢¾¥³Â† ÂŤĂ‹³¤²Â›Âœd ÂšÂŽÂƒÂŠÂłÂƒÂŠ¹¢œÂ?ÂŚÂœ¤¹ÂƒÂŽÂ›Âƒ³¤ Â˜ÂśĂ†Â•œ¿Œn¨ £²Â‰Ă‚•n¢œÂƒ³¤ŒÂ‰Â˜šÂšà ¢mžÂ&#x;¸Ă†ÂŽÂ„£³£ÂƒĂ‹³Œ²Â‰Âƒ³¤Â?Œ¾–„Ž‰ ›¤¤ÂŠš¥Â”² Â’q ¢œÂƒ³¤ŒÂ‰Â˜šÂš¿Œ¹¤m¨¢Â˜šÂšžÂ&#x;¸ŽĂ† „£³£žÂ†¤¸ŽÂ„m³£ Â&#x;¤nŽ¢Â˜²Â‰Ă‡ ÂŒmÂŽÂ‰Â˜ÂłÂ‰Âƒ³¤ÂŠ²Â•ÂŠĂ‹³Âšm³£¾ÂšÂ†nÂł ÂšÂŽÂƒÂŠÂłÂƒÂšÂśĂ‡£²Â‰žÂ„nÂłÂ?¸Ă‡ÂŽÂƒÂľÂŠÂƒ³¤žÂ&#x;¸Ă†ÂŽ žÂ&#x;¾Æ¢Â?Œ¾–¥²Â”Â’q¿Œ¹ÂŒmÂŽÂ‰Â˜ÂłÂ‰ÂŠĂ‹³Âšm³£¾ÂšÂ†n³ŽšÂœĂ€ÂĄÂ†Â›¤¾Ă€ÂĄÂ†Ă š Âœ¤¹žÂ˜Šž¨œ£Â•Âš³¢Â?¡Â‰Ă† ÂƒĂ‹³Œ²Â‰žÂŠ¤¾èžÂ–¾›À–Ž£m³‰¤¨Â•ž¤Ă…¨ ƒ³¤à n†¨³¢ Ë³†²èà ÂšÂ–ÂŚÂłÂ•Âƒ³¤Â†nÂłÂœÂŚÂśÂƒÂ„ÂŽÂ‰Âœ¤¹žÂ˜Šž¨œ£Â•Âš³¢ š²Â›¨m³žÂœ|šƒ³¤ ¨³Â‰¤³ÂƒÂ‘ÂłÂšÂ˜ÂśĂ†Â•œ¿Œ¹ž¤¾¢¤n³‰Š²ÂƒÂŁÂĄÂłÂ&#x;Ă ÂŹnƒ²Â›ÂƒŒšm¢à šƒ³¤Â„£³£ –mÂŽĂ‚Âœ£²Â‰Âœ¤¹žÂ˜ŠžÂ&#x;¸Ă†ÂŽÂšÂ›n³šŽ¸Ă†ÂšĂ„à š¤¹£¹£³¨

I am pleased to see Berli Jucker PCL’s group of companies grow and develop new businesses, heading towards its target in becoming one of the leading organizations in the region. Besides strong performance in 2013, the company had invested to increase packaging business capacity as well as invested and co-invested to expand network and distribution channels. In addition, it had also made an acquisition to add new products and distribution channels for consumer goods in Vietnam, which were enjoying rapid growth. The move is considered to be positive fundamental establishment that will enhance expansion potential for the group to neighbouring countries in the long run.

ÂšÂŽÂƒÂŠÂłÂƒÂšÂśĂ‡ „nÂłÂ&#x;žÂŠn³¤ºn¡ÂƒÂĄÂłÂ†¥º¢¾à ÂŠÂ˜ÂśĂ†Ă‚Â•nžĂ…š—¡Â‰Â†¨³¢Â–²Ă‡Â‰Ă Š „Ž‰†”¹Â?Âşn›¤¾³¤ÂƒŒšm¢Â›¤¾ª²Â˜ žÂ›Ž¤qŒœÆ £šÂ†žÂƒŽ¤q ÂŠĂ‹ÂłÂƒ²Â• ¢³ÂŒÂš Â˜ÂśĂ†Ă ÂŹn†¨³¢Ă‹ÂłÂ†²èƒ³¤Â&#x;²Â“š³ŽÂ‰Â†qƒ¤¿Œ¹Â›šÂ†ÂŚÂłÂƒ¤Âƒ¨mÂł †š ˜²Ă‡Â‰Ă š¿Œ¹Â–mÂłÂ‰Âœ¤¹žÂ˜Š Â?m³šÀ†¤Â‰Âƒ³¤Â–m³‰Ä žÂŒmš ƒ³¤¤²ÂƒÂŞÂłÂ†¨³¢ –mŽžÂš¸Ă†ÂŽÂ‰Â„Ž‰¥³¨¹Â?ÂşnšË³à šŽ‰†qƒ¤ /HDGHUVKLS &RQWLQXLW\ ¿Œ¹ žÂšnÂšÂŁĂ‹Ă‡ÂłÂƒ³¤Â›¤¾³¤ÂƒĂ‹³Œ²Â‰Â†ÂšžÂŒÂľÂ‰ÂƒŒ£šÂ˜Â™q 6WUDWHJLF :RUNIRUFH 0DQDJHPHQW À•£Â•n¤ž¾ ¤¾¢Ă† ˠ¤Â‰Âƒ³¤à ¢m •nÂżÂƒm Ă ÂŹn˜šš ƒ³¤Š¡ÂƒÂŞÂł ÂżÂƒmš²ÂƒŠ¡ÂƒÂŞÂłÂœ¤¹žÂ˜Šž¨œ£Â•Âš³¢¿Œ¹Â&#x;¢m³žÂ„n³¢³Š¡ÂƒÂŞÂłÂ–mŽà š¤¹Â•²Â› Âœ¤¾èè³Ă€Â˜Ă š¢³¨¾Â˜£³Œ²£ÂŒ²ÂšĂ‡ ÂšĂ‹ÂłÂ„ÂŽÂ‰Âœ¤¹žÂ˜ŠĂ‚Â˜ÂŁ žÂ&#x;¸ŽĂ† žÂœ|šƒ³¤ žÂ–¤œ£¢Â›šÂ†ÂŚÂłÂƒ¤Â„Ž‰›¤¾ªÂ˜² Ă ÂšÂƒ³¤Â›¤¾³¤Â™š¤ÂƒÂľÂŠĂ š–mÂłÂ‰Âœ¤¹žÂ˜Š ¿Œ¹ ˠ¤Â‰Âƒ³¤ (PSOR\HH 6WRFN 2ZQHUVKLS 3ODQ (623 ÂšÂŽÂƒÂŠÂłÂƒ šœÇ£²Â‰Â†Â‰¤n³‰†¨³¢Â?ÂşÂƒÂ&#x;²Âš¤¹¨m³‰Ž‰†qƒ¤¿Œ¹Â&#x;š²ÂƒÂ‰ÂłÂš Â?m³š ˠ¤Â‰Âƒ³¤¢ŽÂ›Â˜šÂšÂƒ³¤Š¡Âƒª³¿Âƒm›šÂ–¤Â&#x;š²ÂƒÂ‰ÂłÂšÂŽÂŁm³‰–mŽžÂš¸Ă†ÂŽÂ‰

Moreover, I am proud of the determination by the board of Berli Jucker PCL’s group of companies for emphasizing on development of the organization and over 11,000 employees locally and abroad. Among development projects being implemented were Leadership Continuity and Strategic Workforce Management. The company had initiated new projects such as granting scholarships to Vietnamese and Burmese students to engage in graduate studies at leading universities in Thailand. This is to prepare human resources for overseas business management and the Employee Stock 2ZQHUVKLS 3ODQ (623 ,Q DGGLWLRQ WKH FRPSDQ\ DOVR tightened relationship between the organization and staffs through continuous granting of scholarships to children of employees.

„nÂłÂ&#x;žÂŠnÂł „Ž„Ž›†šÂ”Â?Âşn—¸Žšnš ÂŚÂşÂƒÂ†nÂł Â&#x;²ÂšÂ™¢¾Â–¤Â˜ÂłÂ‰Âƒ³¤Â†nÂł ¿Œ¹ šm¨£Â‰ÂłÂšÂ–mÂłÂ‰Ă„Â˜ÂśĂ†Ă‚Â•nĂ ÂŹnƒ³¤Âš²Â›ÂŤÂššÂšÂƒÂľÂŠÂƒ³¤Â„Ž‰ž¤³ Â˜Ă‹³à n ž¤³³¢³¤Â—•Ë³žÂšÂľÂšÂƒ³¤¢³Ă‚•n•n¨£Â•Âś Ž•†ŒnŽ‰ƒ²Â›¨¾²£Â˜²ŠÂšq¿Œ¹ ›¤¤ŒšžÂœi³¢³£Â˜ÂśĂ†¨³Â‰Ă‚¨n ¿Œ¹Â„Ž„Ž›†šÂ” †”¹Â?Âşn›¤¾³¤¿Œ¹ Â&#x;š²ÂƒÂ‰ÂłÂšÂ˜šÂƒÂ†Âš Â˜ÂśĂ†Ă ÂŹn†¨³¢¤m¨¢¢¸ŽžÂœ|šŽ£m³‰•œ ÂŒm¨£Âƒ²ÂšÂ˜Ă‹³à n ÂƒÂľÂŠÂƒ³¤Â&#x;²Â“ÂšÂłÂƒn³¨Âšn³¢³ÂƒÂ„¡Ă‡ÂšÂ–³¢ŒĂ‹ÂłÂ•²Â›

I would like to thank our shareholders, clients, business partners, and other agencies that supported and accommodated our business operations, enabling us to achieve our visions and targets. I also would like to thank the management and all employees for all their superb cooperation in continuously developing the organization.

„Ž¿Â•Â‰Â†¨³¢Âš²Â›Â—¸Ž Best Regards, š³£žÂŠ¤¾è ¾¤¾¨²Â“š¥²ÂƒÂ•Âś Âœ¤¹Â™ÂłÂšÂƒ¤¤¢Âƒ³¤ Mr. Charoen Sirivadhanabhakdi Chairman of the Board of Directors Annual Report 2013 Berli Jucker Public Company Limited

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.6' 6 '4 6 A Ä•6/ Ä•6 9 I 'è/6' B)4 ''% 6' Ä•= 5 6'D/gÄ” Message from Chief Executive Officer and President ž¤œ£Âš ˜m³šÂ?Âşn—¸Žšnš

Dear Shareholders,

Âœd š²Â›žÂœ|ÂšÂŽÂśÂƒÂœdš¡Â‰Ă† „Ž‰ƒ³¤žÂœŒœ£Ă† ÂšÂżÂœÂŚÂ‰Â„ÂŽÂ‰žŠ¤ªÂ‘ÂƒÂľÂŠĂ‚Â˜ÂŁ ÂŽÂŁm³‰¢œÂš£² Ë³†²è À•£à š†¤¡Â‰Ă† Âœd¿¤Âƒ žŠ¤ªÂ‘ÂƒÂľÂŠĂ‚Â˜£žÂ–¾›À–•n¨£Âƒ³¤ Ă ÂŒnŠ³m £„Ž‰¥³†¤²Â‘›³Œ¿Œ¹žŽÂƒÂŒÂš ¿–mž¢¸ŽĂ† žÂ„n³º m ÂŒm¨Â‰Â†¤¡Â‰Ă† ÂœdŒ²Â‰ Ž²Â–¤³Âƒ³¤žÂ–¾›À–•²Â‰ÂƒÂŚm³¨Â—ÂşÂƒÂƒ¤¹Â˜Â›Â•n¨£žÂ–šÂƒ³¤Â”q†¨³¢Ă‚¢m‰› Â˜ÂłÂ‰Âƒ³¤ž¢¸ŽÂ‰¿Œ¹Âƒ³¤à ÂŒnŠ³m £„Ž‰Â?º›n ¤¾Ă€ÂĄÂ†Â˜ÂśÂœĂ† ¤²Â›Â–²¨ŒÂ•ÂŚÂ‰ Â?¡Â‰Ă† ÂœzŠŠ²£ •²Â‰ÂƒÂŚm³¨ ÂŤm‰Â?ÂŚÂƒ¤¹Â˜Â›Ă€Â•ÂŁÂ–¤Â‰Â–mŽƒ³¤Â•Ă‹³žÂšÂľÂšÂ™š¤ÂƒÂľÂŠÂ„Ž‰ ›œžÂŠÂ?Âś

The year 2013 was a year of upheavals and change. Thai economy had a good start for the first two quarters with rising private and government expenditures. The 2nd half of 2013 was a completely different story with elevating political tensions and contracting consumer spending. BJC’s performance also reflected well with what happened in Thai macro economy overall.

ÂŽÂŁm³‰Â¤ÂƒĂ…•œ Âœd £²Â‰Â—¸ŽžÂœ|šœdÂ˜ÂśĂ† ›œžÂŠÂ?Âś ³¢³¤Â—•Ë³žÂšÂľÂšÂ™š¤ÂƒÂľÂŠ Ă ÂŹn›¤¤ŒšÂ–³¢ÂƒŒ£šÂ˜Â™qÂ˜ÂśĂ†Ă‚Â•n¨³Â‰Ă‚¨n Â˜ÂśÂ–Ă† ÂŽn ‰ƒ³¤ÂŠ¹žÂœ|šÂ?ºšn ³Ë ƒ³¤Âƒ¤¹ÂŠ³£ ¾š†n³à š¤¹Â•²Â›¥º¢¾¥³Â† šŽƒžÂš¸ŽÂŠÂłÂƒÂƒ³¤žÂœ|šÂ?ÂşnšË³à šƒ³¤Â?Œ¾– ¿Œ¹Âƒ¤¹ÂŠ³£¾ÂšÂ†n³à šœ¤¹žÂ˜ŠĂ‚Â˜ÂŁ À•£à šžÂ•¸ŽÂšÂƒš¢¥³Â&#x;²ÂšÂ™q ›œžÂŠÂ?œÂ•nžÂ„nÂłÂ?¸Ă‡ÂŽÂƒÂľÂŠÂƒ³¤ Ž¾Š¾›²Â‰ Â?¡Ă†Â‰žÂœ|šÂ?ÂşnÂ?Œ¾–¾š†n³Ž³³¤ÂŒ²Ă‡ÂšÂšĂ‹Âł Ă ÂšÂœ¤¹žÂ˜Šž¨œ£Â•Âš³¢ ¿Œ¹Â–mŽ¢³à šžÂ•¸ŽÂš¢œÂšÂłÂ†¢ •nžÂ„nÂłÂ?¸ŽĂ‡ ÂƒÂľÂŠÂƒ³¤Â„Ž‰ Ă‚Â˜Ž²Âš Â?¡Ă†Â‰Â•Ă‹³žÂšÂľÂšÂ™š¤ÂƒÂľÂŠ ƒ¤¹ÂŠ³£¾ÂšÂ†nÂł †n³m‰¿Œ¹Â†nÂł ÂœÂŚÂśÂƒĂ ÂšÂœ¤¹žÂ˜Šž¨œ£Â•Âš³¢ Â?¡Ă†Â‰ž¢¸Ă†Ž¤¨¢Âƒ²Â›Â™š¤ÂƒÂľÂŠÂƒ¤¹ÂŠ³£¾ÂšÂ†nÂłÂ˜ÂśĂ†¢œ ÂŽÂŁÂşmžÂ•¾¢¥³£à –n›¤¾ª²Â˜ Ă‚Â˜ÂŁÂ†Ž¤qÂœ ÂŤm‰Â?ÂŚĂ ÂŹn›œžÂŠÂ?œ„¡Ă‡ÂšžÂœ|šš¡Ă†Â‰Ă š Â?ÂşnšË³™š¤ÂƒÂľÂŠÂƒ¤¹ÂŠ³£¾ÂšÂ†n³à šœ¤¹žÂ˜Šž¨œ£Â•Âš³¢ •n¨£žÂ†¤¸ŽÂ„m³£ ƒ¤¹ÂŠ³£¾ÂšÂ†nÂłÂƒ¨mÂł ¿m‰ ˜²Ă†¨Âœ¤¹žÂ˜Š

As we looked back to our achievements in 2013, we were proud of how we executed strategies to transform ourselves from a Thai conglomerate into a regional distribution powerhouse. In February 2013, we finished the acquisition of Ichiban, a leading food manufacturer in Vietnam. In March 2013, we consummated our acquisition of Thai An, Vietnam’s leading distributor, wholesaler, and retailer. Thai An and Thai Corp, which we acquired in 2012, enabled BJC to be one of Vietnam’s largest distribution company with the widest coverage network of more than 200,000 points throughout Vietnam.

à šm¨ÂšÂ„Ž‰™š¤ÂƒÂľÂŠÂƒ³¤Â?Œ¾– ›œžÂŠÂ?œŠ²Â•žÂœ|šÂ?ÂşnÂ?Œ¾–›¤¤ÂŠš¥²Â”Â’qÂżÂƒn¨ ¤³£à èmÂ˜ÂśĂ†šÂ•Ă š¥º¢¾¥³Â†žŽžÂŒϣ–¹¨²ÂšÂŽÂŽÂƒžÂ‹ϣ‰à –n¿Œ¹žÂœ|šÂ?ÂşnÂ?Œ¾– ƒ¤¹ÂœkŽ‰ŽŒº¢¾žÂšœ£¢¤³£à èmÂ˜ÂśĂ†šÂ•Ă šœ¤¹žÂ˜ŠĂ‚Â˜ÂŁ Ă€Â•ÂŁĂ ÂšÂœd ›œžÂŠÂ?œ¢œÂƒĂ‹³Œ²Â‰Âƒ³¤Â?Œ¾–›¤¤ÂŠš¥²Â”Â’qÂżÂƒn¨¤¨¢Âƒ¨mÂł –²ÂšÂ–mŽ¨²Âš ÂŠÂłÂƒÂ‘ÂłÂšÂƒ³¤Â?ÂŚÂľÂ–Ă ÂšÂœ¤¹žÂ˜ŠĂ‚Â˜ÂŁ ¢³žŒžÂ?ϣ ¿Œ¹ž¨œ£Â•Âš³¢ À•£ à šžÂ•¸ŽÂšž¢ª³£Âš ›œžÂŠÂ?œÂ•nž¤¾¢Ă† •Ë³žÂšÂľÂšÂƒ³¤Â?Œ¾–›¤¤ÂŠš¥Â”² Â’qÂżÂƒn¨ ÂŠÂłÂƒžÂ–³ŒŽ¢¿Âƒn¨à ¢mžÂ–ÂłÂ˜Âś Æ Â˜ÂśĂ€Ă† ¤Â‰Â‰ÂłÂšÂżÂƒn¨ÂŠ²Â‰¨²Â•¤¹Â›š¤ Âś ÂƒĂ‹³Œ²Â‰ ƒ³¤Â?Œ¾– –²ÂšÂ–mŽ¨²Âš ¿Œ¹Ă‚•n£šÂ•Â•Ă‹³žÂšÂľÂšÂƒ³¤Â?Œ¾–›¤¤ÂŠš¥Â”² Â’q ÂżÂƒn¨ÂŠÂłÂƒžÂ–³ŒŽ¢¿Âƒn¨žÂ•¾¢ ŠË³š¨Âš žÂ–ÂłÂ˜ÂśĂ†Ă€¤Â‰Â‰ÂłÂšÂżÂƒn¨¤³ªÂ?¤q ›º¤Â”ÂąÂ?¡Ă†Â‰Â–²Ă‡Â‰ÂŽÂŁÂşmà šžÂ„–Œš¢ÂŒÂšž¢¸ŽÂ‰ •n¨£ÂƒĂ‹³Œ²Â‰Âƒ³¤Â?Œ¾–žÂ˜mÂłÂƒ²ÂšÂ˜ÂśĂ† –²ÂšÂ–mŽ¨²Âš ˜²Ă‡Â‰ÂšÂśĂ‡žÂ&#x;¸Ă†ŽžÂœ|šƒ³¤ŒÂ•Â–nš˜šÂšÂƒ³¤Â?ÂŚÂľÂ–ÂŠÂłÂƒÂƒ³¤à ÂŒn žÂ†¤¸ŽĂ† ‰Š²Âƒ¤žÂƒmÂłÂ˜ϢÆ ÂœÂś ¤¹¾Â˜Â™¾¥³Â&#x;ƒ³¤Â?Œ¾––˳Æ ¿Œ¹Â†¨³¢Ă‚¢mžÂ&#x;ϣ‰Â&#x;ÂŽ „Ž‰¨²Â–—šÂ•ÂľÂ›ÂƒoÂłÂ?™¤¤¢ÂŒÂłÂ–Âľ –mŽ¢³à šžÂ•¸ŽÂš¢¾Â—šÂš³£Âš ›œžÂŠÂ?œ¢œÂƒ³¤Â„£³£ÂƒĂ‹³Œ²Â‰Âƒ³¤Â?ÂŚÂľÂ–Âƒ¤¹ÂœkŽ‰ŽŒº¢¾žÂšœ£¢žÂ&#x;¾Æ¢Â„¡Ă‡Âš ÂŚnÂłÂšÂƒ¤¹ÂœkŽ‰–mÂŽÂœd¿Œ¹ÂƒĂ‹³Œ²Â‰Âƒ³¤Â?ÂŚÂľÂ–ÂžÂłÂƒ¤¹ÂœkŽ‰žÂ&#x;¾¢Ă† „¡ÂšĂ‡ ÂŚn³š ÂŒÂľÂšĂ‡ –mÂŽÂœd Â–ÂŽÂƒÂŁĂ‹ÂłĂ‡ ƒ³¤žÂœ|šÂ?ÂşÂ?n Œ¾–¿Œ¹Â?ºŠn ³Ë šm³£Âƒ¤¹ÂœkŽ‰ŽŒº¢ž¾ šœ£¢ ¤³£à èmÂ˜ÂŤÂśĂ† •š Ă ÂšÂœ¤¹žÂ˜ŠĂ‚Â˜ÂŁÂ•n¨£ÂƒĂ‹³Œ²Â‰Âƒ³¤Â?ÂŚÂľÂ–Âƒ¤¹ÂœkŽ‰ŽŒº¢ž¾ šœ£¢ ¤¨¢¢³ÂƒÂƒ¨mÂł ÂŚnÂłÂšÂƒ¤¹ÂœkŽ‰–mÂŽÂœd¿Œ¹ÂžÂłÂƒ¤¹ÂœkŽ‰¢³ÂƒÂƒ¨mÂł ÂŚnÂłÂšÂŒÂľĂ‡ÂšÂ–mÂŽÂœd ¿Œ¹¢œÂƒĂ‹³Œ²Â‰Âƒ³¤Â?ÂŚÂľÂ–Âƒ¤¹ÂœkŽ‰ŽŒº¢¾žÂšœ£¢¤¨¢ ¢³ÂƒÂƒ¨mÂł ÂŚnÂłÂšÂƒ¤¹ÂœkŽ‰–mÂŽÂœdÂŠÂłÂƒÂ‘ÂłÂšÂƒ³¤Â?ÂŚÂľÂ–Ă ÂšÂœ¤¹žÂ˜ŠĂ‚Â˜ÂŁ ¿Œ¹Âœ¤¹žÂ˜Šž¨œ£Â•Âš³¢ Â?¡Ă†Â‰Ă šžÂ•¸ŽÂšÂƒ²Âš£³£Âš Â˜ÂśĂ†Â?m³š¢³ Ă€¤Â‰Â‰ÂłÂšÂ?ÂŚÂľÂ–Âƒ¤¹ÂœkŽ‰ŽŒº¢¾žÂšœ£¢à šœ¤¹žÂ˜Šž¨œ£Â•Âš³¢³¢³¤Â—

On a manufacturing front, we were proud to be South East Asia’s largest glass bottle manufacturer and Thailand’s largest aluminium can maker. In 2013 our glass manufacturing capacity reached more than 3,460 tons per day across all our production bases in Thailand, Malaysia and Vietnam. In April 2013, we started up our 2nd glass furnace at our Saraburi plant with a capacity of 300 tons per day, whereas we retired two of our glass furnace at Rajburana, which had total capacity of 200 tons per day. Our Rajburana was our oldest glass plant and resided in an area now considered city. Manufacturing costs there were relatively higher because of shortage of natural gas supply and lower efficiency. In June 2013, we also expanded our aluminium can line capacity by adding 400 million cans and 730 million ends per year, solidifying our position as Thailand’s largest can manufacturer and supplier with more than 2,200 million cans per year and more than 2,700 million ends per year, while our total aluminum can capacity accounted for more than 3,000 million cans per year across our production bases in Thailand and Vietnam. We continued to strive for manufacturing excellence. In September 2013, our aluminium can plant in Vietnam reached a breakeven in terms of profitability within 15 months since our startup.

Annual Report 2013 Berli Jucker Public Company Limited

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2013 was also a year that BJC started our own food and pharmaceutical retailers. In June 2013, we opened our first Ogenki store, which was our first drug and health store in Bangkok, and reached 8 stores by the year end 2013. u2JHQNLv ZDV GHULYHG IURP u2JHQNL GHVX ND"v ZKLFK PHDQV u$UH \RX ZHOO"v LQ -DSDQHVH :LWK PRUH H[SDQVLRQ LQ and the years to come, Ogenki store would allow us to distribute more of our consumer and healthcare products under our private and house brands. We also set up for the first time our convenience store brands in Vietnam and Laos. Stores under our B’s mart brand in Vietnam and under our brand M-point in Laos were among the top three players there. We finished 2013 with 73 book retail stores, 8 healthcare stores, and almost 90 stores of convenience stores in Vietnam and Laos. This year we again set another record in our corporate history. Despite all econo-political challenges, we managed to increase our sales by 13% from 2012 to reach 42,226 million baht and our net profit was increased to 2,426 million baht. Our sales outside Thailand also reached another record high of 19.1% of our total sales, with Vietnam accounting for the highest portion. We would like to take this opportunity to express our sincere appreciation to our shareholders, customers, investors, business partners and more than 10,000 employees for continued support of our company. Best regards,

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In Other Non-listed Companies : Total of 7 Companies - Vice Chairman of Siriwana Company Limited - Vice Chairman of Planteon Company Limited - Chairman of Sangsom Group - Vice Chairman of TCC Land Company Limited &KDLUPDQ RI %HHU 7KLS %UHZHU\ &RPSDQ\ /LPLWHG - Vice Chairman of Southeast Group Company Limited 9LFH &KDLUPDQ RI WKH ([HFXWLYH %RDUG RI 7&& +ROGLQJ *URXS /HJDO GLVSXWDWLRQ LQ WKH SUHFHGLQJ \HDUV None 6KDUHKROGLQJ SRUWLRQ None 5HODWLRQVKLS EHWZHHQ 'LUHFWRUV DQG ([HFXWLYHV Spouse of Mr. Charoen Sirivadhanabhakdi, Mother of Mr.Thapana Sirivadhanabhakdi, Mrs. Thapanee Techajareonvikul and Mr. Panot Sirivadhanabhakdi

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:RUNLQJ ([SHULHQFHV LQ WKH SUHFHGLQJ \HDUV Aug 2012 - Present Senior Executive Vice President of 6SHFLDO $IIDLUV 7&& +ROGLQJ &RPSDQ\ /LPLWHG Nov 2011 - Present Vice Chairman of the Executive Board Plantheon Company Limited Oct 2011 - Present Director and Chairman of the Executive Board Terrago Bio-Tech Company Limited 2010 - Present Director Quality Pine Apple Products Company Limited Jun 2009 – Present Director and Chairman of the Executive Board Terrago Fertilizer Company Limitled Jan 2008 - Present Director Vice Chairman ofthe Executive Board Risk Management Committee Member Berli Jucker Public Company Limited 2007 - Present Director and Vice Chairman of the Executive Board Siam Food Products Public Company Limited 0DU 1RY $FWLQJ 6HQLRU ([HFXWLYH 9LFH 3UHVLGHQW RI International Business Group $FWLQJ 6HQLRU ([HFXWLYH 9LFH 3UHVLGHQW RI Processed Goods Plantheon Company Limited Jan 2009 - Mar 2011 President Plantheon Company Limited

ƒ³¤Â•Ă‹³¤Â‰Â–Ă‹³¿Âšm‰ƒ¤¤¢Âƒ³¤à šœzŠŠšÂ›²Âš ›¤¾ª²Â˜ÂŠÂ•ÂŠ¹žÂ›ϣšŽ¸Ă†Âš ¢œÂŠĂ‹ÂłÂš¨Âš ›¤¾ª²Â˜ •nÂżÂƒm ƒ¤¤¢Âƒ³¤¿Œ¹¤ŽÂ‰Âœ¤¹Â™ÂłÂšÂƒ¤¤¢Âƒ³¤Â›¤¾³¤ ›¤¾ª²Â˜ Ž³³¤£³¢ ÂŠĂ‹ÂłÂƒ²Â• ¢³ÂŒÂš ›¤¾ª²Â˜Ž¸Ă†Âš ¢œÂŠĂ‹ÂłÂš¨Âš ›¤¾ª²Â˜ •nÂżÂƒm ¤ŽÂ‰Âƒ¤¤¢Âƒ³¤Â?ÂşnŠ²Â•Âƒ³¤à èmŽ³¨šĂ€ÂŤ ÂƒÂľÂŠÂƒ³¤Â&#x;¾žŠª ›¤¾ª²Â˜ Â˜ÂśÂ?ÂśÂ?Âś À¯Œ•¾Ç‰ ÂŠĂ‹ÂłÂƒ²Â• ¤ŽÂ‰Âœ¤¹Â™ÂłÂšÂƒ¤¤¢Âƒ³¤Â›¤¾³¤ ›¤¾ª²Â˜ Â&#x;¤¤Â”™¾Ž¤ ÂŠĂ‹ÂłÂƒ²Â• ƒ¤¤¢Âƒ³¤ ¿Œ¹Âœ¤¹Â™ÂłÂšÂƒ¤¤¢Âƒ³¤Â›¤¾³¤ ›¤¾ª²Â˜ žÂ˜Ž¤³Ă€Âƒ¤ ›ÀŽ žÂ˜Â† ÂŠĂ‹ÂłÂƒ²Â• ƒ¤¤¢Âƒ³¤ ›¤¾ª²Â˜ †¨ŽŒ¾Â–ς Ă‚Â&#x;šq ¿ŽÂœžÂœcÂŚ Ă€Âœ¤Â•²ÂƒÂŤq ÂŠĂ‹ÂłÂƒ²Â• ƒ¤¤¢Âƒ³¤ ¿Œ¹Âœ¤¹Â™ÂłÂšÂƒ¤¤¢Âƒ³¤Â›¤¾³¤ ›¤¾ª²Â˜ žÂ˜Ž¤³Ă€Âƒ¤ ž Ž¤q–¾ÂŒžÂ?Ž¤q ÂŠĂ‹ÂłÂƒ²Â•

Positions at the present ,Q 2WKHU /LVWHG &RPSDQLHV Total of 1 company - Director and Vice Chairman of the Executive Board of Siam Food Products Public Company Limited ,Q 2WKHU 1RQ OLVWHG &RPSDQLHV Total of 5 Companies - Senior Executive Vice President of Special Affairs of TCC +ROGLQJ &RPSDQ\ /LPLWHG - Vice Chairman of the Executive Board of Plantheon Company Limited - Director and Chairman of the Executive Board of Terrago Bio-Tech Company Limited - Director of Quality Pine Apple Products Company Limited - Director and Chairman of the Executive Board of Terrago Fertilizer Company Limited

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Annual Report 2013 Berli Jucker Public Company Limited

45

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46

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:RUNLQJ ([SHULHQFHV LQ WKH SUHFHGLQJ \HDUV 2013 - Present Director Fraser and Neave, Limited 2013 - Present Director Times Publishing Limited 2011 - Present Vice Chairman No. 4 and Vice Chairman of the Executive Committee No.1 Sermsuk Public Company Limited 2011 - Present Chairman of the Executive Committee Oishi Group Public Company Limited 2008 - Present President and Chief Executive Officer Thai Beverage Public Company Limited 2008 - Present Vice Chairman South East Group of Companies Chairman Thai Drink Company Limited 2007 - Present Director and Chairman of the Executive Committee Univentures Public Company Limited 2007 - Present Vice Chairman Siam Food Products Public Company Limited 2006 - Present Vice Chairman Oishi Group Publice Company Limited 2004 - Present Vice Chairman Red Bull Distillery Group of Companies 2004 - Present Director and Vice Chairman of the Executive Board %HHU 7KDL 3XEOLF &RPSDQ\ /LPLWHG 2004 - Present Vice Chairman Dhospaak Company Limited 9LFH &KDLUPDQ :UDQJ\HU %HYHUDJH &RPSDQ\ /LPLWHG 3UHVHQW 9LFH &KDLUPDQ &KDLUPDQ RI ([HFXWLYH %RDUG Thai Beverage Logistics Company Limited 3UHVHQW 9LFH &KDLUPDQ &RVPRV %UHZHU\ 7KDLODQG &RPSDQ\ /LPLWHG Chairman Thai Beverage Marketing Company Limited 3UHVHQW 9LFH &KDLUPDQ 1R &KLHI ([HFXWLYH 2IILFHU ,QWHUQDWLRQDO %HYHUDJH +ROGLQJV /LPLWHG 2001 - Present Director Berli Jucker Public Company Limited Present Director TCC Technology Company Limited Chula United Company Limited Adelfos Company Limited Pathombhakdi Company Limited Positions at the present ,Q 2WKHU /LVWHG &RPSDQLHV Total of 6 Companies - Director of Fraser and Neave, Limited /LVWHG &RPSDQ\ LQ 6LQJDSRUH ([FKDQJH

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- President and Chief Executive Officer of Thai Beverage Public Company Limited - Vice Chairman of Siam Food Products Public Company Limited ,Q 2WKHU 1RQ OLVWHG &RPSDQLHV Total of 14 Companies - Director of Times Publishing Limited - Vice Chairman of South East Group of Companies - Chairman of Thai Drink Company Limited - Vice Chairman of Red Bull Distillery Group of Companies - Director and Vice Chairman of the Executive Committee of Beer Thai 3XEOLF &RPSDQ\ /LPLWHG - Vice Chairman of Dhospaak Company Limited 9LFH &KDLUPDQ RI :UDQJ\HU %HYHUDJH &RPSDQ\ /LPLWHG 9LFH &KDLUPDQ &KDLUPDQ RI ([HFXWLYH %RDUG RI 7KDL %HYHUDJH Logistics Company Limited 9LFH &KDLUPDQ RI &RVPRV %UHZHU\ 7KDLODQG &RPSDQ\ /LPLWHG - Chairman of Thai Beverage Marketing Company Limited 9LFH &KDLUPDQ 1R &KLHI ([HFXWLYH 2IILFHU RI ,QWHUQDWLRQDO %HYHUDJH +ROGLQJV /LPLWHG - Director of Chula United Company Limited - Director of Adelfos Company Limited - Director of Pathombhakdi Company Limited /HJDO GLVSXWDWLRQ LQ WKH SUHFHGLQJ \HDUV None 6KDUHKROGLQJ SRUWLRQ None 5HODWLRQVKLS EHWZHHQ 'LUHFWRUV DQG ([HFXWLYHV Son of Mr. Charoen and Khunying Wanna Sirivadhanabhakdi, brother of Mrs. Thapanee Techajareonvikul and Mr. Panot Sirivadhabhakdi Annual Report 2013 Berli Jucker Public Company Limited

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Director (DVWHUQ 6HDERDUG ,QGXVWULDO (VWDWH 5D\RQJ Company Limited Director and Executive Director Siam Food Products Public Company Limited Univentures Public Company Limited Director Thai Beverage Public Company Limited Director Siriwana Company Limited Director Cristalla Company Limited Director Plantheon Company Limited Director TCC Land Company Limited Director and Executive Director Berli Jucker Public Company Limited Director %HHUWKLS %UHZHU\ &RPSDQ\ /LPLWHG Director T.C.C. Technology Company Limited

Positions at the present ,Q 2WKHU /LVWHG &RPSDQLHV Total of 4 Companies - Director of Golden Land Property Development Public Company Limited - Director and Executive Director of Siam Food Products Public Company Limited - Director and Executive Director of Univentures Public Company Limited - Director of Thai Beverage Public Company Limited /LVWHG &RPSDQ\ LQ 6LQJDSRUH ([FKDQJH

,Q 2WKHU 1RQ OLVWHG &RPSDQLHV Total of 31 Companies - Director Thip Sukhothai Bio-Tech Company Limited Thip Suphanburi Bio Energy Company Limited 7&& $VVHWV 7KDLODQG &RPSDQ\ /LPLWHG Kasem Subsiri Company Limited SMJC Development Company Limited TCC Sports and Recreations Company Limited TCC Exhibition and Convention Center Company Limited TCC Trade and Convention Center Company Limited Thip Sukhothai Bio Refinery Company Limited Thip Kampangpetch Bio Energy Company Limited Thip Nakhonsawan Bio Energy Company Limited Thip Sukhothai Bio Energy Company Limited Thip Sugar Kampangphet Company Limited Thip Sugar NakhonSawan Company Limited Thip Sugar Sukhothai Company Limited the Suphanburi Sugar Industry Company Limited North Park Real Estate Company Limited Nong Khai Country Golf Club Company Limited 7&& +ROGLQJ &RPSDQ\ /LPLWHG Terragro Fertilizer Company Limited TCC Land Retail Company Limited Norm Company Limited North Park Golf and Sports Club Company Limited Paksong Capital Company Limited Adelfos Company Limited (DVWHUQ 6HDERDUG ,QGXVWULDO (VWDWH 5D\RQJ &RPSDQ\ /LPLWHG Siriwana Company Limited Cristalla Company Limited Plantheon Company Limited TCC Land Company Limited %HHUWKLS %UHZHU\ &RPSDQ\ /LPLWHG /HJDO GLVSXWDWLRQ LQ WKH SUHFHGLQJ \HDUV None 6KDUHKROGLQJ SRUWLRQ None 5HODWLRQVKLS EHWZHHQ 'LUHFWRUV DQG ([HFXWLYHV Son of Mr. Charoen and Khunying Wanna Sirivadhanabhakdi, Brother of Mr. Thapana Sirivadhanabhakdi and Mrs. Thapanee Techajareonviku Annual Report 2013 Berli Jucker Public Company Limited

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55

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Annual Report 2013 Berli Jucker Public Company Limited

65

C& 6&B)4$6"'+% 6' '4 1 <' 8 Policy and Overall Business Operations

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66

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67

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7KH &RPSDQ\ KDV HQWHUHG LQWR WKH -RLQW 9HQWXUH Agreement with Mr. Phongpaseuth Kanlagna to invest in %-& 0SRLQW ,QWHUQDWLRQDO 7KH &RPSDQ\ DQG 0U 3UDVHUW UHVSHFWLYHO\ RZQ DQG LQ WKH -9 WKDW RSHUDWHV wholesale and retail business of general goods. The investment will enhance the expansion of business portfolio DQG VDOH FKDQQHOV RI FRQVXPHU SURGXFWV LQ 7KDLODQG /DR and other regional countries.

C ' .'ĕ6 '6&E ĕ REVENUE STRUCTURE

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Annual Report 2013 Berli Jucker Public Company Limited

71

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Despite the gradual improvement in the economic DQG ILQDQFLDO FULVLV LQ WKH 86 DQG (XURSH LQ WKH domestic demand of glass packaging decreased. The FRQWUDFWLRQ LQ GHPDQG ZDV PDLQO\ IURP D GRZQWXUQ LQ GRPHVWLF HFRQRP\ DQG H[SRUW VORZGRZQ 7KH RYHUVXSSO\ VLWXDWLRQ KDV EHFRPH WKH FRQFHUQ WULJJHULQJ WKH PRXQWLQJ FRPSHWLWLRQ HVSHFLDOO\ LQ WKH VHFRQG KDOI RI *LYHQ the fiercer competition the firm was able to report slight

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73

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Packaging Product Division Packaging Product Division of Berli Jucker Public &RPSDQ\ /LPLWHG LV D PDUNHWHU DQG GLVWULEXWRU RI WKH JODVV SDFNDJLQJ IRU 7KDL *ODVV ,QGXVWULHV 3XEOLF &RPSDQ\ /LPLWHG DQG 7KDL 0DOD\D *ODVV &RPSDQ\ /LPLWHG ZKLFK are the subsidiaries of BJC.

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TBC PRODUCTION CAPACITY

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ANNUAL PRODUCTION CAPACITY / 330 ML. SINCE THE OPERATION IN JUNE 2012

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X731 million cans Annual Report 2013 Berli Jucker Public Company Limited

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The Division markets and distributes products throughout Thailand and overseas. It also is responsible IRU PDUNHWLQJ DQG DGYHUWLVLQJ DFWLYLWLHV WKURXJK 79 PDJD]LQH UDGLR SULQWHG DGV DV ZHOO DV SURPRWLRQ DW SRLQW RI VDOHV Domestic market The Food Product Division can be divided into three EXVLQHVV XQLWV DV IROORZV 6QDFN DQG &RQIHFWLRQDU\ Beverage 'LDU\ 6QDFN DQG &RQIHFWLRQDU\ SURGXFWV LQFOXGH WKH SURGXFWV XQGHU u%-&v EUDQG L H 3RWDWR FKLS XQGHU u7DVWRv EUDQG ([WUXGHG VQDFNV FDUDPHO FRDWHG FKLS XQGHU u3DUW\v EUDQG &KRFRODWH FRDWHG VQDFN XQGHU u&DPSXVv EUDQG 5LFH FUDFNHUV VQDFN XQGHU u'R]Rv EUDQG DQG )ULHG VHDZHHG XQGHU u2QRULv DQG u.DUDPXFKRv EUDQGV 6DOHV RI VQDFN SURGXFWV GHFOLQHG E\ IURP ODVW \HDU GXH WR KLJKHU competition and less impact from the sales promotion WKDQ WKH FRPSDQ\tV WDUJHW +RZHYHU WKH 'LYLVLRQ KDV never stopped pushing marketing activities and continues to launch new products to the market such as the introduction RI WZR QHZ IODYRUV RI 7DVWR 6SLF\ *ULOOHG &KLFNHQ DQG WKH *ULOOHG 6TXLG 6HDZHHG 5ROO 3DUW\ ZLWK &DUDPHO SRSFRUQ 'R]R ZLWK RUDQJH DQG VHDZHHG IODYRUV DQG .DUDPXFKR with chilli and wasabi flavors.

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'DLU\ SURGXFWV FRQVLVW RI 8+7 0ROW &KRFRODWH XQGHU u&DPSXV &KRFR 'ULQNv EUDQG DQG \RJKXUW XQGHU u$FWLYLDv ¦¹¢m ¦µ ¡² q ¢ ¢¾ ¤¶£Ç ¨¿¦±À£¾ µ¤ q · Æ ¤± ® n¨£ brand. The sales growth was 120% compared with 2012 ¦µ ¡² q¾ ¤¸Æ® ¸Æ¢£º¾® ¶ ¤« Å® À ¿¦ ¢®¦ q ¤³¿ ¢ z« GULYHQ E\ PDUNHWLQJ DFWLYLWLHV VXFK DV SRLQW RI VDOH Å® À ¤µÈ À£¾ µ¤q n¨£¿¦±À£¾ µ¤q ¤n®¢ ¸Æ¢ ¤³ ¿® ¶¾¨¶£ SURPRWLRQ 0RUH SURGXFWV ODXQFKHG H[FOXVLYHO\ DW (OHYHQ ¢¶£® ³£¾ µ À ¤n®£¦± ¾¢¸Æ®¾ ¤¶£ ¾ ¶£ ² d stores LQFOXGH $FWLYLD GULQN ZLWK WKH &UHDP\ 6WUDZEHUU\ DQG À £¢¶ µ ¤¤¢ ³ ³¤ ¦³ ¶Æ ˳¾ µ ³¤®£ºm ¾ m ³¤ ² ˳ Mixed EHUU\ IODYRUV DQG $FWLYLD ZLWK WKH 6DNXUD DQG 0HORQ À ¤À¢ ² Æ ¹ ³£Á¬n ² º n ¤µÀ¡ ³¤¨³ ¦³ «µ n³¾ µ¢Æ ¾ m flavors. ¿® ¶¾¨¶£ ¦µÆ « ®¾ ®¤¶Æ¿¦±¢µ q¾ ®¤¶Æ ¿® ¶¾¨¶£ ¦µÆ ³ º¤± ¿¦±¾¢¦¦® ˳¬ m³£¾ ³± ¶Æ (OHYHQ ¿® ¶¾¨¶£ ¢¾ ¤¶Ç£¨ ¤n®¢ ¸Æ¢Â ¢² «º ¤ Ëdz ³¦ ¬¨³ n®£ ¤« ¤¤¢ ³ µ ¿¦±¤« ¤¹ ¿¦± ¢¾ ¤¶Ç£¨ ¤n®¢ ¸Æ¢ ¤³ ¿ ®² ¦µÆ «n¢¿¦± « ¤®¾ ®¤¶Æ

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International market Food Product Division for the overseas market is FODVVLILHG LQWR WZR W\SHV )LUVW LV WKH WUDGLQJ EXVLQHVV which exports products to other countries such as Cambodia DQG /DRV $QRWKHU LV WKH PDQXIDFWXULQJ EXVLQHVV ZKLFK LV RSHUDWHG E\ %-& )RRG 0DOD\VLD 6'1 %+' IRUPHU u-& )RRG 6'1 %+' 7KH VDOHV JURZWK IURP WUDGLQJ EXVLQHVV ZDV DERXW RYHU WKH SUHYLRXV \HDU DQG WKH VDOH JURZWK IURP %-& )RRG 0DOD\VLD 6'1 %+' ZDV DSSUR[LPDWHO\ RYHU WKH SUHYLRXV \HDU Annual Report 2013 Berli Jucker Public Company Limited

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HIMALAYA PRODUCTS

PREMEDICA PRODUCTS

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Annual Report 2013 Berli Jucker Public Company Limited

99

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Berli Jucker Cellox Limited Berli Jucker Cellox Ltd. is a manufacturer of tissue SURGXFWV LQFOXGLQJ WRLOHW WLVVXH IDFLDO WLVVXH PXOWL SXUSRVH WLVVXH DQG SDSHU QDSNLQ DV ZHOO DV WKRVH SURGXFWV WKDW DUH XVHG LQ FHUWDLQ LQVWLWXWLRQV VXFK DV KRVSLWDOV IDFWRULHV RIILFHV VFKRROV KRWHOV DQG HWF 7KH FRPSDQ\ GLVWULEXWHV WKH SURGXFWV XQGHU EUDQG &HOOR[ =LON %HOOH DQG 0D[PR GRPHVWLFDOO\ DQG RYHUVHDV L H 9LHWQDP &DPERGLD 6LQJDSRUH /DRV DQG 0\DQPDU 7KH FRPSDQ\ VWULYHV WR EH WKH OHDGLQJ PDQXIDFWXUHU WKDW RIIHUV TXDOLW\ SURGXFWV that suit consumer needs and continual product development. ,Q GRPHVWLF VDOHV LQFUHDVHG IURP WKH SUHYLRXV \HDU 2(0 IRU GHSDUWPHQW VWRUH GURSSHG GXH WR WKH FKDQJH LQ &XVWRPHUtV SROLF\ WR OHVV HPSKDVL]H RQ LWV KRXVH EUDQGV ZKLOH VDOHV RI %-&tV EUDQGV LQFOXGLQJ &HOOR[ =LON %HOOH 0D[PR DQG %-& +\JLHQLVW LQFUHDVHG WKDQNV PDLQO\ WR &HOOR[ DQG 0D[PR EUDQGV DV WKH premium toilet tissue and multi-purpose tissue segments grew stronger than the overall market.

Annual Report 2013 Berli Jucker Public Company Limited

101

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competition from other manufacturers that are now expanding their production capacities.

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Rubia Industries Limited

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103

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Channel Development Division $IWHU WKH UHVWUXFWXUH RI &RQVXPHU 6XSSO\ &KDLQ %-& set up the Channel Development Division in order to help managing and strengthen the distribution channel as follows. Expanding the retail distribution coverage to more WKDQ VWRUHV ZLWK PRUH WKDQ YDQV and 35 distributors in Throungout Thailand. 'HYHORSLQJ LQVWLWXWH GLVWULEXWRUV VXFK DV KRVSLWDOV IDFWRULHV KRWHO RIILFH DQG HGXFDWLRQ FHQWHU FXUUHQWO\ WKHUH DUH PRUH WKDQ LQVWLWXWH distribution. 'HYHORSLQJ EXVLQHVV DQG ORJLVWLFV V\VWHP LQ order to export both our products and non-our SURGXFWV WR DERDUG SDUWLFXODUO\ LQ $6($1 FRXQWULHV VXFK DV 9LHWQDP /DRV &DPERGLD 0DOD\VLD DQG 6LQJDSRUH E\ FRRUGLQDWLQJ ZLWK RXU SDUWQHUVKLSV 6XSSRUWLQJ FRPHUFLDO WHDPV DQG H[WUD VDOHV XQLW including merchandising and in-store teams in Mordern Trade and Traditional Trade channels. ,Q &KDQQHO 'HYHORSPHQW 'LYLVLRQ DLPV WR expand and strengthen its sales and distribution network LQ UHWDLO VWRUHV WKURXJK VDOHV DJHQWV $OVR WKH GLYLVLRQ ZRXOG OLNH WR LPSURYH HIILFLHQF\ RI ,QVWLWXWLRQ 6HUYLFH Business Team as to grows our business to all institutions indomestic and aboard.

Annual Report 2013 Berli Jucker Public Company Limited

105

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Logistics Business Berli Jucker Logistics Company Limited %HUOL -XFNHU /RJLVWLFV &RPSDQ\ /LPLWHG SURYLGHV ZDUHKRXVH VWRUDJH LQYHQWRU\ PDQDJHPHQW VHUYLFHV DQG GLVWULEXWLRQ VHUYLFH DFURVV FRXQWU\ :H DUH DOVR UHVSRQVLEOH IRU ERWK FOLHQWV LQ %-&tV JURXS DQG H[WHUQDO FOLHQWV LQFOXGLQJ customs clearing for import and export shipments. 'HVSLWH RI D GHFHOHUDWHG JURZWK LQ 7KDLODQG HFRQRP\ LQ %-& ORJLVWLFV VDOHV URVH LPSUHVVLYHO\ <R< to 707 million baht thanks to an increased demand for logistic services from both existing and new customers. Warehouse management and logistic services in JUHZ <R< FRQWULEXWHG E\ KLJKHU YROXPH DQG LQFUHDVHG VWRUDJH VSDFH IURP WR VTP including an additional world-class distribution centre of VTP RSHUDWLQJ VLQFH 6HSWHPEHU 7KHVH QHZ facilities were set for the new clients such as Reckitt %HQFNLVHU 7KDLODQG %LR &RQVXPHU 7RS &KDURHQ HWF ,Q DGGLWLRQ ZH DLP WR H[SDQG PRUH GLVWULEXWLRQ FHQWHUV LQ 2014 in order to support more business opportunities in future. 5HYHQXH IURP &XVWRPV %URNHUDJH 6HUYLFHV LQ GURSSHG <R< 7KLV ZDV PDLQO\ GXH WR D GURS LQ exporting freight a decrease of shipments and discontinuing QRQ SURILW FXVWRPHUV 1HYHUWKHOHVV ZH DUH ORRNLQJ IRU WKH EXVLQHVV RSSRUWXQLW\ IURP FURVV ERUGHU WUDQVSRUWDWLRQ as Thailand is located as a center of logistics in This region. Competition in the logistics business is high from LQWHUQDWLRQDO SOD\HUV KDYLQJ JOREDO RU UHJLRQDO QHWZRUNV 1HYHUWKHOHVV ZH FDQ FRPSHWH LQ WKH PDUNHW E\ RIIHULQJ ZRUOG FODVV IDFLOLW\ VWUXFWXUH DQG WHFKQRORJ\ ZLWK HIIHFWLYH FRVW PDQDJHPHQW ,Q ZH DGGHG PRUH SURIHVVLRQDO WHDPV ZLWK KLJK H[SHULHQFHV WR ZRUN FORVHO\ ZLWK FOLHQWV DQG KHOS GHYHORS EXVLQHVV RSSRUWXQLW\ LQ RUGHU WR JDLQ more market share in the competitive position.

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113

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189

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195

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(1) Shareholders : Besides their basic rights of shareholders and rights stipulated by the law, the Company adheres to its pledge given to shareholders and strives to conduct business efficiently to earn maximum profits to pay dividends to shareholders at a constant and suitable rate. (2) Employees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tV VDYLQJ FRRSHUDWLRQ LQ RUGHU WR VHFXUH WKHLU IXWXUH ILQDQFLDO VWDELOLW\ (3) Customers : 7KH &RPSDQ\ LV GHWHUPLQHG WR SURYLGH FXVWRPHUV ZLWK PD[LPXP EHQHILW LQ WHUPV RI TXDOLW\ DQG SULFH DQG WR GHYHORS DQG PDLQWDLQ VXVWDLQDEOH UHODWLRQVKLSV ZLWK LWV FXVWRPHUV 7KHUHIRUH LW KDV HVWDEOLVKHG D GHGLFDWHG RIILFH WR SURYLGH SURGXFW LQIRUPDWLRQ SUREOHP VROYLQJ WLSV DQG WR KDQGOH FRPSODLQWV YLD KRW OLQH VHUYLFHV LQ YDULRXV FRQVXPHU VXSSO\ FKDLQ VXFK DV 7$672 SRWDWR FKLSV 'R=R x5LFH FUDFNHUV VQDFN DQG 3DUURW VRDS WR HQVXUH WKH WRWDO VDWLVIDFWLRQ RI FXVWRPHUV %XVLQHVV 3DUWQHUV 7R FRPSO\ ZLWK WKH WUDGLQJ FRPSHWLWLYH FRQWH[W E\ VWULFWO\ XSKROGLQJ LWV SURPLVHV RXU &RGH RI &RQGXFW DQG FRPPLWPHQWV WR SDUWQHUV LQFOXGH SURYLGLQJ TXDOLW\ SURGXFWV ZLWK RQ WLPH GHOLYHU\ (5) Competitors : 7KH &RPSDQ\ RSHUDWHV ZLWKLQ D FRPSHWLWLYH FRQWH[W E\ EHLQJ IDLU DQG VWULFWO\ IROORZLQJ WKH ODZV DQG LWV &RGH RI &RQGXFW H J QR GLVSXWH ZLWK FRPSHWLWRUV RU XVLQJ FRPSHWLWRUHVt LQVLGH LQIRUPDWLRQ IURP WKH IUDXG VRXUFHV

Annual Report 2013 Berli Jucker Public Company Limited

201

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207

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Annual Report 2013 Berli Jucker Public Company Limited

213

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215

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6'A รจ '4 7 ฤ รครงรงย

DL=4K} '6& 6 +6%'5 8 1 1 4 ''% 6' Ä”1'6& 6 6 6'A è '6& 6 1 4 ''% 6' '+ .1 '6& 6 1 =Ä•.1 5g 9'5 1 <g6

6'A è /%6&A/ < '4 1 6'A è '6& 6''4/+Ä”6 5

II III VI 1 13 113

'6& 6 +6%'5 8 1 1 4 ''% 6' Ĕ1'6& 6 6 6'A 8 ³ ¦¦¤ µ¦ ¦·¬´ Á } ¼o¦´ · ° n° µ¦Á · ¨³ µ¦Á · ¦ª¤ ° ¦·¬´ ¨³ ¦·¬´ ¥n°¥ ¦ª¤ ´Ê o°¤¼¨­µ¦­ Á « µ µ¦Á · ¸ É ¦µ Ä ¦µ¥ µ ¦³ ε e ¹É ´ ε ¹Ê µ¤¤µ ¦ µ µ¦ ´ ¸ ¸É¦´ ¦° ´ÉªÅ à ¥ ¦·¬´ Á¨º° Ä o Ã¥ µ¥ µ¦ ´ ¸ ¸ÉÁ®¤µ³­¤ µ¤®¨´ ªµ¤¦³¤´ ¦³ª´ º° · ´ ·°¥nµ ­¤ÎɵÁ­¤° ¨³Ä o ¦³¤µ µ¦ ¸É­¤Á® »­¤ ¨Ä µ¦ ´ ε ¦ª¤ ´Ê ¤¸ µ¦Á d Á ¥ o°¤¼¨­Îµ ´ °¥nµ Á¡¸¥ ¡°Ä ®¤µ¥Á® » ¦³ ° µ¦Á · ´Ê ¸Ê µ¦Á · ´ ¨nµªÅ o nµ µ¦ ¦ª ­° ¨³Ä®o ªµ¤Á®È °¥nµ Ťn¤¸Á ºÉ° Å µ ¼o­° ´ ¸°·­¦³ ¹ ­³ o° µ ³ µ¦Á · ¨³ ¨ µ¦ εÁ · µ ¸É o ¦· ¹É Á } ¦³Ã¥ r n° ¼o º°®»o ¨³ ´ ¨ » ´ÉªÅ ³ ¦¦¤ µ¦ ¦·¬´ Å o ´ Ä®o¤¸Â¨³ ε¦ Ūo ¹É ¦³ µ¦ ¦·®µ¦ ªµ¤Á­¸É¥ ¨³¦³ µ¦ ª »¤£µ¥Ä ¸ÉÁ®¤µ³­¤Â¨³¤¸ ¦³­· · ¨ Á¡ºÉ°Ä®o¤´É Ä Å o°¥nµ ¤¸Á® » ¨ªnµ µ¦ ´ ¹ o°¤¼¨ µ ´ ¸¤¸ ªµ¤ ¼ o° ¦ oª ¨³Á¡¸¥ ¡° ¸É ³ ε¦ ¦´ ¬µÅªo ¹É ¦´¡¥r­· ° ¦·¬´ ¨³ Á¡ºÉ°Ä®o ¦µ » °n° Á¡ºÉ° j° ´ ŤnÄ®oÁ · µ¦ » ¦· ®¦º° µ¦ εÁ · µ¦ ¸É · ·°¥nµ ¤¸­µ¦³­Îµ ´ Ä µ¦ ¸ Ê ³ ¦¦¤ µ¦ ¦·¬´ Å o n ´Ê ³ ¦¦¤ µ¦ ¦ª ­° ¹É ¦³ ° oª¥ ¦¦¤ µ¦°·­¦³¦ª¤ nµ Á } ¼o ¼Â¨¦´ · ° Á ¸É¥ª ´ µ¦­° µ » £µ¡ ° ¦µ¥ µ µ µ¦Á · ¨³¦³ ª »¤£µ¥Ä Ä®oÁ®¤µ³­¤Â¨³¤¸ ¦³­· ·£µ¡ ­° µ Ä®o ¦·¬ ´ · ´ · µ¤ ®¤µ¥ ¸É Á ¸É¥ª o° ´ »¦ · ° ¦·¬´ ¦ª¤ ´Ê ¦µ¥ µ¦ ¸ÉÁ ¸É¥ªÃ¥ ´ Á¡ºÉ°Ä®o¤´É Ä ªnµ¦µ¥ µ¦ ´ ¨nµª­¤Á® »­¤ ¨Â¨³Á } ¦³Ã¥ r­¼ ­» n° ¦·¬´ ¨³ ªµ¤Á®È ° ³ ¦¦¤ µ¦ ¦ª ­° Á ¸É¥ª ´ Á¦ºÉ° ¸Ê ¦µ Ä ¦µ¥ µ ° ³ ¦¦¤ µ¦ ¦ª ­° ¹É ­ ŪoÄ ¦µ¥ µ ¦³ ε e¨oª ³ ¦¦¤ µ¦ ¦·¬´ ¤¸ ªµ¤Á®È ªnµ¦³ ª »¤£µ¥Ä ° ¦·¬´ à ¥¦ª¤°¥¼nÄ ¦³ ´ ¸É nµ¡°Ä ¨³­µ¤µ¦ ­¦oµ ªµ¤Á ºÉ°¤´É °¥nµ ¤¸Á® » ¨ n° ªµ¤Á ºÉ° º°Å o ° µ¦Á · ° ¦·¬´ ¨³ µ¦Á · ¦ª¤ ° ¦·¬´ ¨³ ¦·¬´ ¥n°¥ ª´ ¸É ´ ªµ ¤

Á ¦· ­·¦·ª´ £´ ¸ ¦³ µ ¦¦¤ µ¦

°´«ª· Á ³Á ¦· ª· »¨ ¦³ µ Á oµ® oµ ¸É ¦·®µ¦Â¨³ ¦¦¤ µ¦ ¼o ´ µ¦Ä® n

II

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'6& 6 1 4 ''% 6' '+ .1 ³ ¦¦¤ µ¦ ¦ª ­° ° ¦·¬´ Á °¦r¨¸É ¥» Á °¦r ε ´ ¤®µ ¦·¬´ ¦³ ° oª¥ ¦¦¤ µ¦°·­¦³ nµ à ¥¤¸ µ¥ ¦³­· ·Í à ª·Å¨ ¼¨ Á } ¦³ µ ³ ¦¦¤ µ¦ ¦ª ­° µ¥ª¸¦³ª r · r¤· ¦£µ¡ µ¥­»ª· ¥r Á¤¬· ¦¸¥r ¨³ ¡¨ 妪 Á° §¬ ³ ¨° ´ r Á } ¦¦¤ µ¦ ¦ª ­° ¹ É ³ ¦¦¤ µ¦ ¦ª ­° ³ ¦¦¤ µ¦ ¤¸ ªµ¤¦¼ o ªµ¤­µ¤µ¦ · ´ ®· oµ ¸ÂÉ ¨³¤¸ ªµ¤¦´ · ° µ¤ ¸ÅÉ o¦ ´ ¤° ®¤µ¥ µ ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³­° ¨o° µ¤ o° ε® ° ³ ¦¦¤ µ¦ ε ´ ®¨´ ¦´¡¥r ¨³ ¨µ ®¨´ ¦´¡¥r ¨ ¦ª¤ ´Ê ¨µ ®¨´ ¦´¡¥r®n ¦³Á «Å ¥ ¨

Ä e ¤¸ µ¦ ´ ¦³ »¤ ³ ¦¦¤ µ¦ ¦ª ­° ¦ª¤ ´Ê ­·Ê ¦´Ê à ¥Á } µ¦ ¦³ »¤ µ¤ªµ¦³ · ¦´Ê ¦nª¤ ´ iµ¥ ¦·®µ¦ iµ¥ ¦ª ­° £µ¥Ä ° ¦·¬ ´ iµ¥ ¦ª ­° ¨³ ¼­o ° ´ ¸ ¨³ µ¦ ¦³ »¤Ä ªµ¦³¡·Á«¬¦nª¤ ´ ¼­o ° ´ ¸ à ¥Å¤n¤¸ iµ¥ ´ µ¦ ε ª ¦´ Ê Á¡º°É Ä®o¤ ´É Ä ªnµ ¼­o ° ´ ¸­µ¤µ¦ ­ ªµ¤Á®È ¸ÁÉ } °·­¦³ ¹ É µ¦Á oµ¦nª¤ ¦³ »¤ ° ¦¦¤ µ¦ ¦ª ­°  n¨³ nµ ­¦» Å o ´ ¸Ê ¦µ¥ ºÉ° ³ ¦¦¤ µ¦ ¦ª ­°

µ¥ ¦³­· ·Í µ¥ª¸¦³ª r µ¥­»ª· ¥r ¡¨ 妪 Á° §¬ ³

à ª·Å¨ ¼¨ · r¤· ¦£µ¡ Á¤¬· ¦¸¥r ¨° ´ r

µ¦Á oµ ¦³ »¤ µ¦ ¦³ »¤ ´Ê ®¤ ¦´Ê

µ¦ ¦³ »¤ ³ ¦¦¤ µ¦Ä e ´ ¹Ê à ¥ ¦³ »¤¦nª¤ ´ iµ¥ ¦·®µ¦ ° ¦·¬´ iµ¥ ¦ª ­° ¨³ ¼o­° ´ ¸ ¹É ­¦» Å o ´ n°Å ¸Ê µ¦­° µ ¦µ¥ µ µ µ¦Á · ³ ¦¦¤ µ¦­° µ ¦µ¥ µ µ µ¦Á · ¦µ¥Å ¦¤µ­Â¨³­° µ ¦µ¥ µ µ µ¦Á · ¦³ ε e ° ¦·¬´ ¨³ µ¦Á · ¦ª¤ ¦nª¤ ´ iµ¥ ´ µ¦Â¨³ ¼o­° ´ ¸ Á¡ºÉ°Ä®o¤´É Ä ªnµ ¦·¬´ ´ 妵¥ µ µ µ¦Á · °¥nµ ¼ o° µ¤ ¸É ª¦Ä ­µ¦³­Îµ ´ µ¤¤µ ¦ µ µ¦ ´ ¸ ¸É¦´ ¦° ´ÉªÅ ¡¦o°¤ ´Ê ¤¸ µ¦Á d Á ¥ o°¤¼¨°¥nµ Á¡¸¥ ¡° ¦ oª ¨³Á ºÉ° º°Å o ¦µ¥ µ¦Á ¸É¥ªÃ¥ ´ ®¦º°°µ ¤¸ ªµ¤ ´ Â¥o µ ¨ ¦³Ã¥ r ³ ¦¦¤ µ¦¡· µ¦ µ ­° µ ¦µ¥ µ¦¦³®ªnµ ´ ¹ É °µ ¤¸ ªµ¤ ´ Â¥o µ ¨ ¦³Ã¥ r ¦nª¤ ´ ¼­o ° ´ ¸Â¨³ iµ¥ ¦ª ­° Á¡ºÉ°Ä®o¤´É Ä ªnµ¦µ¥ µ¦ ´ ¨nµª ¤¸ µ¦Á d Á ¥ o°¤¼¨°¥nµ ¼ o° µ¤ ¸É ª¦Ä ­µ¦³­Îµ ´ ­¤Á® »­¤ ¨ Á } o° ¨ µ µ¦ oµ ¸É¤¸Á ºÉ° Å µ¦ oµÃ ¥ ´ÉªÅ µ¦ · ´ · µ¤ ®¤µ¥Â¨³ ¦³Á ¸¥ ³ ¦¦¤ µ¦­° µ µ¦ · ´ · µ¤ o° ε® ° ³ ¦¦¤ µ¦ ε ´ ®¨´ ¦´¡¥r¨³ ¨µ ®¨´ ¦´¡¥r ¨µ ®¨´ ¦´¡¥r ®n ¦³Á «Å ¥ ®¤µ¥ ¨³ ¦³Á ¸¥ o° ´ ´ nµ Ç ¸ÉÁ ¸É¥ª o° ´ »¦ · ° ¦·¬´ ¦ª¤ ¹ µ¦ ε ´ ¼Â¨ · µ¦ ¸É ¸

III

ĎĈĔâúĆĔāąŋ øĈĕ÷ĎĈĔâúĆĔāąŋĠĎŇèþĆēğúċģúą âðĎĄĕą ĠĈēâðĆēğýĘąýãňĐýĔèåĔýøŇĕèĥ úĘħğâĘħąĊãňĐè âĔýûěĆâėéãĐèýĆėČĔú ĆĊĄùęèâĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷Ę ğāĚħĐĢĎňĄĔħüĢéĊŇĕâĕĆþñėýĔøėèĕüãĐèýĆėČĔúğþŎüģþ øĕĄâðĎĄĕą ãňĐâĬĕĎü÷ ĠĈēâðğâöôŋúĘħğâĘħą ĊãňĐè ĆĊĄùęèĄĘâĕĆâĬĕâĔý÷ĜĠĈâėéâĕĆúĘħ÷Ę ĠĈēģĄŇ ĄĘ þĆēğ÷ĦüúĘħğâĘħąĊãňĐèâĔýâĕĆþñėýĔøėúĘħğãňĕãŇĕąĎĈĘâğĈĘħąèĎĆĚĐģĄŇþñėýĔøėøĕĄâðĎĄĕą

'6& 6 1 4 ''% 6' '+ .1 } Ĕ1~

âĕĆâĬĕâĔý÷ĜĠĈèĕüøĆĊéčĐýăĕąĢü åöēâĆĆĄâĕĆčĐýúĕüĠÿüâĕĆøĆĊéčĐýĆēąēąĕĊ ĠÿüâĕĆøĆĊéčĐýþĆēéĬĕþĿ âĕĆþñėýĔøėèĕü øĕĄĠÿü ìęħèéĔ÷úĬĕãęĨüġ÷ąāėéĕĆöĕøĕĄĆē÷ĔýåĊĕĄğčĘħąè øĈĐ÷éüčĐýúĕüÿĈâĕĆøĆĊéčĐýġ÷ąĢĎň ãňĐĠüēüĬĕĠĈēøė÷øĕĄâĕĆ÷ĬĕğüėüâĕĆĠâňģãøĕĄĆĕąèĕüÿĈâĕĆøĆĊéčĐýĢüþĆēğ÷ĦüúĘħĄĘüĔ ąčĬĕåĔîĐĔü Á¡ºÉ°Ä®o¤´É Ä ªnµ µ¦ · ´ · µ ° ¦·¬´ Á } Å µ¤ ®¤µ¥ o° ε® ¨³ Á r ¸ÉÁ ¸É¥ª o° ¦ª¤ ¹ ¤¸ µ¦ ε ´ ¼Â¨ ğþŎü ·þĆēġąëüŋ øŇĐâĕĆğāė ħĄþĆēčė ûėă°ĕāèĕüøĆĊéčĐýăĕąĢü ğāĚ ĢéĊŇ ·ĕâĕĆøĆĊéčĐýăĕąĢüģ÷ň µ¦ ¸É ¸ ¨³Å¤n ¤¸ ¦³Á È ¸ÉÁ ¸úÉ¥ª o ´ µ¦ · ´ · ¸ÉÁ oµ nµ¥®¨¸ Á¨¸ħĐÉ¥ĢĎň ®¦ºĄ°ĔħüŤn ´ · µ¤ ®¤µ¥ åĆĐýåĈěĄâĆēýĊüèĕüúĘħčĬĕåĔî ĄĘåĊĕĄğþŎüĐėčĆēĠĈēčĐ÷åĈňĐèâĔýĄĕøĆòĕüĊėëĕëĘāøĆĊéčĐý µ¦ ε ´ ¼Â¨ µ ¦ª ­° £µ¥Ä ăĕąĢü

³ ¦¦¤ µ¦­° µ  µ¦ ¦ª ­° ¦³¥³¥µª  µ¦ ¦ª ­° ¦³ ε e µ¦ · ´ · µ µ¤Â ¹É ´ ε ¹Ê à ¥ ¡· 鵦 µ µ¤¦³ ´ °o  ³ 娳 · µ¤ µ¦ εÁ · µ¦Â oÅ µ¤¦µ¥ µ âĕĆāė ĕĆöĕĠøŇèøĔ Ĩè ªµ¤Á­¸ ÿĜňčĐýýĔ¥É ¨° ­° µ ¨ µ¦ ¦ª ­° à ¥Ä®o îëĘþĆēéĬĕþĿ ¨ µ¦ ¦ª ­° Ä ¦³Á È ¸¤É ¸ ¥´ ­Îµ ´ °´ Á } ¦³Ã¥ r °n µ¦Á¡·¤É ¦³­· ·£µ¡ µ ¦ª ­° £µ¥Ä Á¡º°É Ä®o¤ ´É Ä ªnµ µ¦ åöēâĆĆĄâĕĆģ÷ň āėéĕĆöĕğĎĦ ëĐýĢĎňýĆėČúĔ É­ ÷Ę úĜňë ġûĄĔ čě ģëąąċ čĐýýĔ ëĘ éĬĕâĔ÷ ğþŎ üµ ¸ÿĜ¡ňč ¦ª ­° £µ¥Ä Đý ¦ª ­° £µ¥Ä Å o ¦° ¨»ü ¤ ¦³ ª µ ¸ ε ´Ĉ Đąúŋ ¤¸ ªµ¤Á } °·­ú¦³Â¨³­° ¨o ° ´  ¦ µ ª·

ýĔîëĘãĐèâĈěŇĄýĆėČĔú čĬĕĎĆĔýþĿ ġ÷ąāėéĕĆöĕéĕâåĊĕĄğþŎüĐėčĆēĠĈēåĊĕĄğëĘħąĊëĕîĢüĊėëĕëĘā µ¦ µÂ n Ê ¼o­Ć° ´ ¸ ¦³ ε e ħģ÷ňğčüĐøŇĐåöēâĆĆĄâĕĆýĆėČĔú ğāĚħĐüĬĕğčüĐĢĎňúĘħ úĔĨèüĘ µ¦¡· ĨÿĜňčĐýýĔ îëĘé ´ēģ÷ň ĔýåŇĕ øĐýĠúüøĕĄúĘ ³ ¦¦¤ µ¦Å o¡· µ¦ µÁ®È ° Ä®o ¦·¬´ ¸¨°¥ r ¼o à ¤´ ­» Å ¥¥« ­° ´ ¸ ε ´ Á } ¼o­° ´ ¸ ° ¨»n¤ ¦·¬´ þĆēëě ĄčĕĄĔ ÿĜňùĚĐà ¥¡· Ďěňüāė 鵦 µ µ ªµ¤Á } ĕĆöĕĐüěĄøĔ øė ĐŇ ģþ°·­¦³Â¨³ ªµ¤Á ¸É¥ª µ Ä ª· µ ¸¡ ´Ê ¸Ê ¼o­° ´ ¸ ³Å o¦´ nµ °  µ¤ ¸É ­Îµ®¦´ e î Å oÁ­ ° n° ³ ¦¦¤ µ¦ ¦·¬´ Á¡ºÉ° εÁ­ °Ä®o ¸É ¦³ »¤­µ¤´ ¼o º°®»o ¡· µ¦ µ° »¤´ · n°Å

ġ÷ąčĆě þ åöēâĆĆĄâĕĆģ÷ň þ ñė ýĔ øė Ď üň ĕ úĘħ ÷ň Ċ ąåĊĕĄĆĐýåĐý ğþŎ ü Đė č Ćē Ġč÷èåĊĕĄğĎĦ ü ĐąŇ ĕ è à ¥­¦»Ĩ è üĘ ³ ¦¦¤ µ¦Å o · å´ ĊĕĄğĎĦ ·® oµ ¸É oªü¥ ªµ¤¦° ° Á } °·­¦³ ­ ªµ¤Á®È Ê ¸Ê ³ ¦¦¤ µ¦ øĆèģþøĆèĄĕ úĔ Ĩ åöēâĆĆĄâĕĆĄĘ ĊŇ ĕ ĆĕąèĕüúĕèâĕĆğèė ü ãĐèýĆė ČĔ ú ùĜ°¥nâµøň ¦ Å ¦ ¤µ ´ Đ èøĕĄúĘħ å ĊĆĢü ¤¸ ĕªµ¤Á®È ªnµ ¦µ¥ µ µ µ¦Á · î ° ¦· ´ ¼ o°ħ Ċ µ¤ ¸ É ª¦Ä ­µ¦³­Îµ ´ µ¤¤µ ¦ µ µ¦ ´ ¸ ¦¸É ´ ¦° ´ªÉ Å ¦³ µ¦ ª »¤ čĕĆēčĬ åĔ îøĕĄĄĕøĆòĕüâĕĆýĔ ëĘúĘħ ĆĔý¬ĆĐèúĔ ģþ ĆēýýâĕĆåĊýåě ĄăĕąĢüĄĘ åĊĕĄğĎĄĕēčĄğāĘ ą èāĐ £µ¥Ä ¤¸ ªµ¤Á®¤µ³­¤Á¡¸¥ ¡° ¦³ ª µ¦ ¦ª ­° ­° ¨o° ´ ¤µ ¦ µ ª· µ ¸¡ ¦ª ­° £µ¥Ä ¨° ¤¸ µ¦ ε ´ ¼Â¨ µ¦ âĆēýĊüâĕĆøĆĊéčĐýčĐ÷åĈň ĐèâĔ ĄĕøĆòĕüĊė ëĕëĘāøĆĊéčĐýăĕąĢü øĈĐ÷éüĄĘ ĈâĕĆ ÁÉ ¸¥É ª o° ´ · ´ · µ Ä®o ¼ o° µ¤ ®¤µ¥ªn µ oýª¥®¨´ ¦´¡¥r¨³ ¨µ ®¨´ ¦´¡¥r o° ε® ° ¨µ ®¨´â ĕĆâĬ ¦´¡ĕ¥râĔ ý®¦º÷Ĝ°Ġ ®¤µ¥ ¸ ° ¦· nµ Ç Å o ¥nµ Á®¤µ³­¤ ­° ¨o ° ´ ­£µ¡Âª ¨o µÁ · »¦ · Ä { » ´ âúĆĔāąŋ þñėýĔø »¦ėè ·ĕüĢĎň ùĜâ¬øň ´ Р¨³ Á r èøĕĄâðĎĄĕąĊŇ ĕ÷ňĊ°ąĎĈĔ âúĆĔāąŋĠĈēøĈĕ÷ĎĈĔ âúĆĔāąŋ °ãň¤ µ¦ Î ĐâĬĕĎü÷ãĐèøĈĕ÷ĎĈĔ ĎĆĚ Đ âðĎĄĕąúĘħ ğ âĘħ ą Ċãň Đ èâĔ ý ûě Ć âė é ãĐèýĆė ČĔ ú ĠĈēâðğâöôŋ øŇ ĕ èĥģ÷ň Đ ąŇ ĕ èğĎĄĕēčĄ čĐ÷åĈň Đ èâĔ ý čăĕāĠĊ÷ĈňĐĄâĕĆ÷ĬĕğüėüûěĆâėéĢüþŌééěýĔü

µ¥ ¦³­· ·Í à ª·Å¨ »¨

(üĕąþĆēčė úûėī ġçĊėģĈâěĈ) ¦³ µ ³ ¦¦¤ µ¦ ¦ª ­° »¤£µ¡´ r þĆēûĕüåöēâĆĆĄâĕĆøĆĊéčĐý

IV

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

âěĄăĕāĔüûŋ

3DJH RI

4=NCK1 W4G= ?O_ <R W G= #dL K. ;EL%3 X?J4=NCK1< G<

"4 L=W"N3 DdLE=K45 DN`3DR.AK31O_ ûù 2K3AL ; úýý

'6& 6 1 =ĕ.1 5g 9'5 1 <g6 A. 1 =ĕ ;1/<ĕ B)4 4 ''% 6' 'è-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~

oµ¡Á oµÅ o ¦ª ­° µ¦Á · ¦ª¤ ° ¦·¬´ Á °¦r¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ ¨³ µ¦Á · Á ¡µ³ · µ¦ ° ¦·¬´

Á °¦r¨¸É ¥» Á °¦r ε ´ ¤®µ ¹É ¦³ ° oª¥ ­ µ ³ µ¦Á · ¦ª¤ ¨³Á ¡µ³ · µ¦ ª´ ¸É ´ ªµ ¤ ¨³ εŦ µ » Á È Á­¦È ¦ª¤ ¨³Á ¡µ³ · µ¦ ­ µ¦Á ¨¸É¥  ¨ ­nª ° ¼o º°®»o ¦ª¤Â¨³Á ¡µ³ · µ¦ ¨³ ¦³Â­Á · ­ ¦ª¤Â¨³Á ¡µ³ · µ¦ ­Îµ®¦´ e­·Ê ­» ª´ Á ¸¥ª ´ ¦ª¤ ¹ ®¤µ¥Á® »­¦» Ã¥ µ¥ µ¦ ´ ¸ ¸É­Îµ ´ ¨³®¤µ¥Á® »Á¦ºÉ° °ºÉ Ç ªµ¤¦´ · ° ° ¼o ¦·®µ¦ n° µ¦Á · ¼o ¦·®µ¦Á } ¼o¦´ · ° Ä µ¦ ´ 娳 µ¦ εÁ­ ° µ¦Á · Á®¨nµ ¸Êà ¥ ¼ o° µ¤ ¸É ª¦ µ¤¤µ ¦ µ µ¦¦µ¥ µ µ µ¦Á · ¨³ ¦´ · ° Á ¸É¥ª ´ µ¦ ª »¤£µ¥Ä ¸É ¼o ¦·®µ¦¡· µ¦ µªnµ εÁ } Á¡ºÉ°Ä®o­µ¤µ¦ ´ ε µ¦Á · ¸É ¦µ« µ µ¦Â­ o°¤¼¨ ¸É ´ n° o°Á È ¦· °´ Á } ­µ¦³­Îµ ´ Ťnªnµ ³Á · µ µ¦ » ¦· ®¦º° o° · ¡¨µ ªµ¤¦´ · ° ° ¼o­° ´ ¸ oµ¡Á oµÁ } ¼¦o ´ · ° Ä µ¦Â­ ªµ¤Á®È n° µ¦Á · ´ ¨nµª µ ¨ µ¦ ¦ª ­° ° oµ¡Á oµ oµ¡Á oµÅ o · ´ · µ ¦ª ­° µ¤ ¤µ ¦ µ µ¦­° ´ ¸ ¹É ε® Ä®o oµ¡Á oµ · ´ · µ¤ o° ε® oµ ¦¦¥µ ¦¦ ¦ª¤ ¹ ªµ  ¨³ · ´ · µ ¦ª ­° Á¡ºÉ°Ä®oÅ o ªµ¤Á ºÉ°¤´É °¥nµ ­¤Á® »­¤ ¨ªnµ µ¦Á · ¦µ« µ µ¦Â­ o°¤¼¨ ¸É ´ n° o°Á È ¦· °´ Á } ­µ¦³­Îµ ´ ®¦º°Å¤n

VI

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'6& 6 1 =ĕ.1 5g 9'5 1 <g6 } Ĕ1~

µ¦ ¦ª ­° ¦ª¤ ¹ µ¦Ä oª · ¸ µ¦ ¦ª ­° Á¡º°É Ä®oÅ o¤µ ¹ É ®¨´ µ µ¦­° ´ ¸Á ¸¥É ª ´ ε ª Á · ¨³ µ¦Á d Á ¥ o°¤¼¨Ä µ¦Á · ª· ¸ µ¦ ¦ª ­° ¸ÉÁ¨º° Ä o ¹Ê °¥¼n ´ »¨¥¡· · ° ¼o­° ´ ¸ ¹É ¦ª¤ ¹ µ¦ ¦³Á¤· ªµ¤Á­¸É¥ µ µ¦Â­ o°¤¼¨ ¸É ´ n° o°Á È ¦· °´ Á } ­µ¦³­Îµ ´ ° µ¦Á · Ťnªnµ ³Á · µ µ¦ » ¦· ®¦º° o° · ¡¨µ Ä µ¦ ¦³Á¤· ªµ¤Á­¸É¥ ´ ¨nµª ¼o­° ´ ¸¡· µ¦ µ µ¦ ª »¤ £µ¥Ä ¸ÁÉ ¸¥É ª o° ´ µ¦ ´ ε ¨³ µ¦ εÁ­ ° µ¦Á · à ¥ ¼ o° µ¤ ¸ É ª¦ ° · µ¦ Á¡º°É °°  ª· ¸ µ¦ ¦ª ­° ¸ÁÉ ®¤µ³­¤ ´ ­ µ µ¦ r  nŤnÄ nÁ¡º°É ª´ » ¦³­ rÄ µ¦Â­ ªµ¤Á®È n° ¦³­· · ¨ ° µ¦ ª »¤£µ¥Ä ° · µ¦ µ¦ ¦ª ­° ¦ª¤ ¹ µ¦ ¦³Á¤· ªµ¤Á®¤µ³­¤ ° Ã¥ µ¥ µ¦ ´ ¸ ¸É ¼o ¦·®µ¦Ä o¨³ ªµ¤­¤Á® »­¤ ¨ ° ¦³¤µ µ¦ µ ´ ¸ ¸É ´ ε ¹Ê à ¥ ¼o ¦·®µ¦ ¦ª¤ ´Ê µ¦ ¦³Á¤· µ¦ εÁ­ ° µ¦Á · à ¥¦ª¤

oµ¡Á oµÁ ºÉ°ªnµ®¨´ µ µ¦­° ´ ¸ ¸É oµ¡Á oµÅ o¦´ Á¡¸¥ ¡°Â¨³Á®¤µ³­¤Á¡ºÉ°Ä oÁ } Á rÄ µ¦Â­ ªµ¤Á®È ° oµ¡Á oµ

ªµ¤Á®È oµ¡Á oµÁ®È ªnµ µ¦Á · ¦ª¤Â¨³ µ¦Á · Á ¡µ³ · µ¦ oµ o ¸Ê ­ µ ³ µ¦Á · ° ¦·¬´ Á °¦r¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ ¨³ ° ¦·¬´ Á °¦r¨¸É ¥» Á °¦r ε ´ ¤®µ ª´ ¸É ´ ªµ ¤ ¨³ ¨ µ¦ εÁ · µ ¨³ ¦³Â­Á · ­ ­Îµ®¦´ e­·Ê ­» ª´ Á ¸¥ª ´ à ¥ ¼ o° µ¤ ¸É ª¦Ä ­µ¦³­Îµ ´ µ¤¤µ ¦ µ µ¦¦µ¥ µ µ µ¦Á ·

$EZ*_9@CMT;'E IS;9Wg ®² $ZCBT@S;: ®±±³

-ITGT _9WD;=ER_LEV2$V+ >[ LO<<S -WES<O;Z T7_G%9R_<WD; °¯¬­ <EVKS9 6WGOD9 9[ - a:CS9LZ c-DDJ LO<<S -W +lT$S6

VII

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6 4 6'A 8 +5 9I 5 +6 % ¦·¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n°¥ ­ µ ³ µ¦Á · ª´ ¸É 31 ´ ªµ ¤ 2556

® n ª¥ : µ ®¤µ¥Á® »

µ¦Á · ¦ª¤ ª´ ¸É ª´ ¸É 31 ´ ªµ ¤ 31 ´ ªµ ¤ 2556 2555

µ¦Á · Á ¡µ³ · µ¦ ª´ ¸É ª´ ¸É 31 ´ ªµ ¤ 31 ´ ªµ ¤ 2556 2555

­· ¦´¡¥r ­· ¦´¡¥r®¤» Áª¸¥ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµÂ¨³¨¼ ® ¸Ê°ºÉ ¨¼ ® ¸Ê µ¦ oµ ¨¼ ® ¸Ê°ºÉ Á · Ä®o ¥¼o ¤º ¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ Á · Ä®o ¥¼o ¤º ¦³¥³­´Ê  n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ­· oµ Á®¨º° ­· ¦´¡¥r®¤» Áª¸¥ °ºÉ ¦ª¤­· ¦´¡¥r®¤» Áª¸¥ ­· ¦´¡¥rŤn ®¤» Áª¸¥ Á · ¨ » Ä ¦· ¬ ´ ¥n°¥ Á · ¨ » Ä · µ¦ ¸É ª »¤¦n ª¤ ´ Á · ¨ » Ä ¦· ¬ ´ ¦n ª¤ Á · ¨ » ¦³¥³¥µª°ºÉ Á · Ä®o ¼¥o ¤º ¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ­· · µ¦Á nµ °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » ¸É · °µ µ¦Â¨³°» ¦ r nµ ªµ¤ · ¥¤ ­· ¦´¡¥rŤn¤¸ ª´ °ºÉ ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ­· ¦´¡¥rŤn®¤» Áª¸¥ °ºÉ ¦ª¤­· ¦´¡¥rŤn®¤» Áª¸¥ ¦ª¤­· ¦´¡¥r

6

1,779,970,834

2,015,453,398

286,794,580

354,111,119

5,7 5,8

7,721,218,591 1,278,646,227

6,871,269,769 1,126,431,387

4,421,137,416 3,584,622,942

3,970,800,246 453,516,477

5 5 9 5

8,443,294,373 91,759,242 19,314,889,267

6,863,842,833 94,839,620 16,971,837,007

1,350,000,000 616,685,469 1,540,814,325 34,899,869 11,834,954,601

253,700,000 1,441,899,330 13,160,005 6,487,187,177

10 11 12 13 5

467,211,032 27,680,786 545,497,317 106,555,011 18,606,784,766 3,270,819,839 1,398,863,380 579,044,816 185,310,900 25,187,767,847 44,502,657,114

432,379,450 836,709 597,386,221 100,271,500 16,583,070,987 1,744,677,954 1,186,904,372 494,915,665 147,857,662 21,288,300,520 38,260,137,527

12,444,295,138 231,912,768 100 261,000,000 72,879,024 337,147,462 68,661,956 133,000,990 8,458,158 13,557,355,596 25,392,310,197

11,050,931,929 3,121,689,435 231,912,768 836,709 1,991,000,000 74,187,693 303,412,412 52,167,365 117,991,615 5,452,623 16,949,582,549 23,436,769,726

14 15 16 17 18 5

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê

1

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6 4 6'A 8 } Ĕ1~ +5 9I 5 +6 % ¦·¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n°¥ ­ µ ³ µ¦Á · n° ª´ ¸É ´ ªµ ¤

® n ª¥ : µ µ¦Á · ¦ª¤ ª´ ¸É ª´ ¸É 31 ´ ªµ ¤ 31 ´ ªµ ¤ 2556 2555

µ¦Á · Á ¡µ³ · µ¦ ª´ ¸É ª´ ¸É 31 ´ ªµ ¤ 31 ´ ªµ ¤ 2556 2555

19

3,861,455,730

4,065,336,329

1,215,000,000

1,470,000,000

5,20 5,21

5,093,792,507 3,312,561,410

4,460,197,818 2,591,940,783

2,819,630,014 959,059,610

2,402,732,861 1,269,039,313

19 19 5,19

696,381,606 1,597,211,559 229,796,008 43,791,081 14,834,989,901

762,166,382 291,527,447 55,478,562 12,226,647,321

1,499,611,559 808,139,443 78,340,265 4,128,092 7,383,908,983

700,352,805 79,365,774 106,686 5,921,597,439

7,622,464,280 2,898,113,075 675,833,706 640,800,516 131,533,523 11,968,745,100 26,803,735,001

3,947,566,323 4,396,256,372 647,494,720 636,242,999 122,105,305 9,749,665,719 21,976,313,040

4,576,000,000 2,898,113,075 154,080,100 66,176,275 7,694,369,450 15,078,278,433

3,076,000,000 4,396,256,372 150,432,263 69,342,607 7,692,031,242 13,613,628,681

®¤µ¥Á® »

® ¸­Ê · ¨³­n ª ° ¼o °º ®»o ® ¸Ê­· ®¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á oµ® ¸Ê µ¦ oµÂ¨³Á oµ® ¸Ê°ºÉ Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê°ºÉ Á · ¼¥o ¤º ¦³¥³¥µª ¸É ¹ ε® ε¦³ £µ¥Ä ® ¹É ¸ ®» o ¼ o ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ Á · ¼¥o ¤º ¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ £µ¬¸Á · Å o µo nµ¥ ® ¸Ê­· ®¤» Áª¸¥ °ºÉ ¦ª¤® ¸Ê­· ®¤» Áª¸¥ ® ¸Ê­· Ťn ®¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · ®» o ¼o ® ¸Ê­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ® ¸Ê­· Ťn®¤» Áª¸¥ °ºÉ ¦ª¤® ¸Ê ­· Ťn®¤» Áª¸¥ ¦ª¤® ¸­Ê ·

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê

2

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

5

19 19 18 22 5

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6 4 6'A 8 } Ĕ1~ +5 9I 5 +6 % ¦·¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n°¥ ­ µ ³ µ¦Á · n° ª´ ¸É ´ ªµ ¤

® n ª¥ : µ ®¤µ¥Á® »

µ¦Á · ¦ª¤ ª´ ¸É ª´ ¸É 31 ´ ªµ ¤ 31 ´ ªµ ¤ 2556 2555

µ¦Á · Á ¡µ³ · µ¦ ª´ ¸É ª´ ¸É 31 ´ ªµ ¤ 31 ´ ªµ ¤ 2556 2555

1,668,125,000

1,668,125,000

1,668,125,000

1,668,125,000

1,590,441,200

-

1,590,441,200

-

-

1,588,125,000

-

1,588,125,000

3,865,044,840 (544,760,675) (172,761,694) 36,867,563

3,751,379,641 (544,760,675) 36,867,563

3,865,044,840 36,867,563

3,751,379,641 36,867,563

32,173,940 115,443,794

32,173,940 54,115,569

115,443,794

54,115,569

166,812,500 87,400,260 9,510,972,197 72,227,457 14,759,861,382 2,939,060,731 17,698,922,113

158,812,500 87,400,260 8,618,590,624 (54,772,756) 13,727,931,666 2,555,892,821 16,283,824,487

166,812,500 85,000,000 4,454,421,867 10,314,031,764 10,314,031,764

158,812,500 85,000,000 4,148,840,772 9,823,141,045 9,823,141,045

44,502,657,114

38,260,137,527

25,392,310,197

23,436,769,726

® ¸­Ê · ¨³­n ª ° ¼o °º ®»o ( n°) ­n ª ° ¼o °º ®»o » Á¦º ° ®» o » ³Á ¸¥

23

®» o ­µ¤´ 1,668,125,000 ®» o ¤¼¨ nµ®» o ¨³ 1 µ » ¸É°° ¨³ ε¦³Â¨oª ®» o ­µ¤´ 1,590,441,200 ®» o ¤¼¨ nµ®» o ¨³ 1 µ 妳 ¦ ¨oª ®» o ­µ¤´ 1,588,125,000 ®» o ¤¼¨ nµ®» o ¨³ 1 µ 妳 ¦ ¨oª ­n ª Á · » ­n ª Á · ¤¼¨ nµ®» o ­n ª Îɵ ªnµ » µ µ¦¦ª¤ »¦ · £µ¥Ä o µ¦ ª »¤Á ¸¥ª ´ ­n ª Îɵ ªnµ » µ µ¦Á ¨¸É¥  ¨ ­´ ­n ª µ¦ º°®» o Ä ¦· ¬ ´ ¥n°¥ ­n ª Á · » µ µ¦ ¦· µ ­n ª Á · » µ µ¦ ε® nµ¥®» o ° ¦· ¬ ´ ¸É º°Ã ¥ ¦· ¬ ´ ¥n°¥ Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ°®» o εŦ­³­¤ ´ ­¦¦Â¨oª » ­Îµ¦° µ¤ ®¤µ¥ » ­Îµ¦° Á¡ºÉ° ¥µ¥ · µ¦ ¥´ ŤnÅ o ´ ­¦¦ ° r ¦³ ° °ºÉ ° ­n ª ° ¼ o º°®» o ¦ª¤­n ª ° ¦·¬´ ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ ¦ª¤­n ª ° ¼o °º ®»o ¦ª¤® ¸­Ê · ¨³­n ª ° ¼o °º ®»o

4.2

23

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê

3

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

N6E' 6 < A H A.'H ¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n °¥ .N6/'5 Č.8ù .< +5 9I 5 ¦·+6 % εŦ µ » Á È Á­¦È ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

® n ª¥ : µ µ¦Á · ¦ª¤ ®¤µ¥Á® » ¦µ¥Å o ¦µ¥Å o µ µ¦ µ¥Â¨³ µ¦Ä®o ¦· µ¦ εŦ µ °´ ¦µÂ¨ Á ¨¸É¥ ­» · Á · ´ ¨¦´ ° Á ¸Ê¥¦´ ¦µ¥Å o°ºÉ ¦ª¤¦µ¥Å o nµÄ o nµ¥ o » µ¥Â¨³ µ¦Ä®o ¦· µ¦ nµÄ o nµ¥Ä µ¦ µ¥ nµÄ o nµ¥Ä µ¦ ¦· ®µ¦ o » µ µ¦Á · ¦ª¤ nµÄ o nµ¥ ­n ª  n εŦ µ Á · ¨ » Ä ¦· ¬ ´ ¦n ª¤ εŦ n° £µ¬¸Á · Å o nµÄ o nµ¥£µ¬¸Á · Å o εŦ­Îµ®¦´ ¸

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê

4

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

µ¦Á · Á ¡µ³ · µ¦

2556

2555

2556

2555

42,226,367,872 101,804,715 6,202,489 15,274,892 489,772,070 42,839,422,038

37,429,057,947 86,883,747 1,416,416 22,702,188 514,442,762 38,054,503,060

22,001,960,625 10,285,926 1,024,335,506 102,946,483 464,370,907 23,603,899,447

21,560,790,731 6,865,281 665,135,390 99,645,745 378,137,402 22,710,574,549

32,131,329,935 4,468,380,393 2,548,212,951 575,180,008 39,723,103,287

28,401,957,163 4,034,299,409 2,081,445,513 502,880,742 35,020,582,827

17,636,089,530 2,270,257,288 1,273,057,220 372,493,244 21,551,897,282

17,082,190,548 2,530,859,794 1,024,385,172 295,815,597 20,933,251,111

64,931,586 3,181,250,337 (566,584,277) 2,614,666,060

65,977,934 3,099,898,167 (604,614,775) 2,495,283,392

2,052,002,165 (212,829,090) 1,839,173,075

1,777,323,438 (273,472,901) 1,503,850,537

5,25

5

28

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

N6E' 6 < A H A.'H } Ĕ1~ ¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n °¥ .N6/'5 Č.8ù .< +5 9I 5 ¦·+6 % εŦ µ » Á È Á­¦È n° ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

® n ª¥ : µ µ¦Á · ¦ª¤ ®¤µ¥Á® » εŦ µ » Á È Á­¦È °ºÉ ¨ nµ µ µ¦Â ¨ nµ µ¦Á · εŦ µ » Á È Á­¦È °ºÉ ­Î µ®¦´ ¸ - ­» · µ £µ¬¸ εŦ µ » Á È Á­¦È ¦ª¤­Î µ®¦´ ¸ ­n ª ° εŦ ¸ÉÁ È ° ¼ o º°®» o ° ¦· ¬ ´ Ä® n ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ εŦ­Îµ®¦´ ¸ ­n ª ° εŦÁ È Á­¦È ¦ª¤ ¸ÉÁ È ° ¼ o º°®» o ° ¦· ¬ ´ Ä® n ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ εŦÁ È Á­¦È ¦ª¤­Î µ®¦´ ¸ εŦ n °®»o ( µ ) εŦ n°®» o ´Ê ¡ºÊ µ εŦ n°®» o ¦´ ¨

30 30

µ¦Á · Á ¡µ³ · µ¦

2556

2555

2556

2555

127,000,213 127,000,213 2,741,666,273

(61,567,923) (61,567,923) 2,433,715,469

1,839,173,075

1,503,850,537

2,425,973,553 188,692,507 2,614,666,060

2,414,791,700 80,491,692 2,495,283,392

1,839,173,075 1,839,173,075

1,503,850,537 1,503,850,537

2,552,973,766 188,692,507 2,741,666,273

2,353,223,777 80,491,692 2,433,715,469

1,839,173,075 1,839,173,075

1,503,850,537 1,503,850,537

1.53 1.52

1.52 1.52

1.16 1.15

0.95 0.95

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê 5

5

6 ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6'A )9I& B ) .Ĕ+ 1 =ĕ ;1/<ĕ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n°¥ .N6/'5 Č.8ù .< +5 9I 5 +6 % ¦·¬ ´ ­ µ¦Á ¨¸ ¥É  ¨ ­n ª ° ¼o °º ®»o ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556

® n ª¥ : µ µ¦Á · ¦ª¤

» Á¦º° ®»o ¸É°° ¨³ ®¤µ¥Á® » ε¦³Â¨o ª ¥° Á®¨º° ª´ ¸É 1 ¤ ¦µ ¤ 2556 Ä ­Îµ ´ ­ ­· · ¸É ³ º°Ê ®»o

­n ª Á · ¤¼¨ n µ®»o

­n ª Á · » ­n ª Îɵ ªnµ » ­n ª Îɵ ªnµ » µ µ¦¦ª¤ »¦ · µ µ¦Á ¨¸¥É  ¨ £µ¥Ä o µ¦ ª »¤ ­´ ­n ª µ¦ º°®»o ­n ª Á · » Á ¸¥ª ´ Ä ¦·¬ ´ ¥n °¥ µ µ¦ ¦· µ

1,588,125,000

3,751,379,641

(544,760,675)

-

-

-

-

-

36,867,563 -

­n ª Á · » µ µ¦ ε® n µ¥®»o ° ¦·¬ ´ ¸É º° à ¥ ¦·¬ ´ ¥n°¥ 32,173,940 -

° r ¦³ ° °º É ° ­n ª ° ¼o º°®»o

εŦ­³­¤ Ä ­Î µ ´ ­ ­· · ¸É ³ º°Ê ®»o

» ­Î µ¦° µ¤ ®¤µ¥

­Îµ¦° Á¡º°É ¥µ¥ · µ¦

54,115,569

158,812,500

87,400,260

61,328,225

-

-

¥´ Ťn Å o ´ ­¦¦ 8,618,590,624 -

¨ n µ µ µ¦Â ¨ nµ µ¦Á ·

¦ª¤­n ª ° ¼o º°®»o ° ¦·¬ ´

(54,772,756) 13,727,931,666

­n ª Å o Á­¸ ¥ ¸ÉŤn ¤¸°µÎ µ ª »¤

¦ª¤­n ª ° ¼o º°®»o

2,555,892,821

16,283,824,487

-

61,328,225

-

61,328,225

-

115,981,399

-

115,981,399

¦µ¥ µ¦ ´ ¼o º°®»o ¸É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o Á · » ¸ÉÅ o ¦´ µ ¼o º°®»o ¨³ µ¦ ´ ­¦¦­n ª » Ä®o o ¼ º°®»o µ¦Á¡·É¤ » ®» o ­µ¤´ » ­Îµ¦° µ¤ ®¤µ¥ Á · ´ ¨Ä®o ¼o º°®» o ° ¦· ¬ ´

2,316,200

31

113,665,199

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8,000,000 -

-

-

-

(8,000,000)

-

-

-

-

-

(1,525,591,980)

-

(1,525,591,980)

-

(1,525,591,980)

Á · ´ ¨ ° ¦· ¬ ´ ¥n°¥ nµ¥Ä®o n­nª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤

-

¦ª¤Á · » ¸ÉÅ o ¦´ µ ¼o º°®»o ¨³ µ¦ ´ ­¦¦­n ª » Ä®o o ¼ º°®»o

2,316,200

113,665,199

-

-

-

-

-

-

-

8,000,000

-

-

-

-

-

(1,533,591,980)

-

(1,409,610,581)

(172,761,694)

(181,844,686)

(181,844,686)

(181,844,686) (1,591,455,267)

µ¦Á ¨¸¥É  ¨ Ä ­n ª Å o Á­¸ ¥Ä ¦·¬ ´ ¥n °¥ Á ¨¸É¥  ¨ ­´ ­n ª µ¦ º°®» o Ä ¦· ¬ ´ ¥n°¥

4

-

-

-

(172,761,694)

-

-

-

-

-

-

-

­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ µ µ¦ ºÊ°Á · ¨ »

4

-

-

-

-

-

-

-

-

-

-

-

-

63,738,894

(109,022,800)

57,244,126

57,244,126

­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ µ µ¦Á¡·É¤ » ° ¦· ¬ ´ ¥n°¥ à ¥°Îµ µ ª »¤Å¤nÁ ¨¸É¥  ¨ ¦ª¤ µ¦Á ¨¸¥É  ¨ Ä ­n ª Å o Á­¸ ¥Ä ¦·¬ ´ ¥n°¥ ¦ª¤¦µ¥ µ¦ ´ ¼o º°®»o ¸É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o

-

-

-

-

-

-

-

-

-

-

-

254,902,280

254,902,280

-

-

-

(172,761,694)

-

-

-

-

-

-

-

(172,761,694)

375,885,300

203,123,606

-

(172,761,694)

-

-

-

-

(1,533,591,980)

-

(1,582,372,275)

194,040,614

(1,388,331,661)

-

2,614,666,060

2,316,200

113,665,199

8,000,000

-

εŦ ( µ » ) Á È Á­¦È ­Î µ®¦´ ¸ εŦ­Îµ®¦´ ¸

-

-

-

-

-

-

-

-

-

2,425,973,553

2,425,973,553

188,692,507

εŦ ( µ » ) Á È Á­¦È °ºÉ

-

-

-

-

-

-

-

-

-

-

127,000,213

127,000,213

434,789

127,435,002

1,590,441,200

3,865,044,840

(544,760,675)

(172,761,694)

115,443,794

166,812,500

87,400,260

2,425,973,553 9,510,972,197

127,000,213 72,227,457

2,552,973,766 14,759,861,382

189,127,296 2,939,060,731

2,742,101,062 17,698,922,113

¦ª¤ εŦ ( µ » ) Á È Á­¦È ­Î µ®¦´ ¸ ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2556 ®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­nª ® ¹É ° µ¦Á · ¸Ê

36,867,563

32,173,940

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6'A )9I& B ) .Ĕ+ 1 =ĕ ;1/<ĕ } Ĕ1~ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n°¥ .N6/'5 Č.8ù .< +5 9I 5 +6 % ¦·¬ ­ µ¦Á ¨¸ ¥É  ¨ ­n ª ° ¼o °º ®»o n° ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556

® n ª¥ : µ µ¦Á · ¦ª¤

®¤µ¥Á® » ¥° Á®¨º° ª´ ¸É 1 ¤ ¦µ ¤ 2555

» Á¦º° ®»o ¸É°° ¨³ ε¦³Â¨oª 1,588,125,000

Ä ­Î µ ´ ­ ­· · ¸É ³ º°Ê ®»o

­n ª Á · ¤¼¨ nµ®»o 3,751,379,641

­n ª Á · » ­n ª Á · » µ µ¦¦ª¤ »¦ · £µ¥Ä o µ¦ ª »¤ ­n ª Á · » Á ¸¥ª ´ µ µ¦ ¦· µ (544,760,675)

36,867,563

­n ª Á · » µ µ¦ ε® n µ¥®»o ° ¦·¬ ´ ¸É º° à ¥ ¦·¬ ´ ¥n°¥ 32,173,940

° r ¦³ ° °º É ° ­n ª ° ¼o º°®»o

εŦ­³­¤ Ä ­Î µ ´ ­ ­· · ¸É ³ º°Ê ®»o 54,115,569

» ­Îµ¦° µ¤ ®¤µ¥ 158,812,500

­Îµ¦° Á¡º°É ¥µ¥ · µ¦ 87,400,260

¥´ Ťn Å o ´ ­¦¦ 7,426,606,867

¨ n µ µ µ¦Â ¨ n µ µ¦Á · 6,795,167

-

-

-

-

-

31

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

¦ª¤Á · » ¸ÉÅ o ¦´ µ ¼o º°®»o ¨³ µ¦ ´ ­¦¦­n ª » Ä®o o¼ º°®»o

-

-

-

-

-

-

-

-

(1,222,807,943)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(1,222,807,943)

¦ª¤­n ª ° ¼o º°®»o ° ¦·¬ ´

­n ª Å o Á­¸ ¥ ¸ÉŤn ¤¸°µÎ µ ª »¤

¦ª¤­n ª ° ¼o º°®»o

12,543,400,263

1,986,829,036

14,530,229,299

-

-

-

-

54,115,569

-

54,115,569

-

-

(1,222,807,943)

-

(1,222,807,943)

-

(1,222,807,943)

¦µ¥ µ¦ ´ ¼o º°®»o ¸É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o Á · » ¸ÉÅ o ¦´ µ ¼o º°®»o ¨³ µ¦ ´ ­¦¦­n ª » Ä®o o¼ º°®»o Á · ´ ¨Ä®o ¼ o º°®» o ° ¦· ¬ ´

-

Á · ´ ¨ ° ¦· ¬ ´ ¥n°¥ nµ¥Ä®o n­nª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤

-

(122,504,682)

(122,504,682)

(122,504,682)

(1,345,312,625)

-

323,369,032

323,369,032

-

-

287,707,743

287,707,743

-

-

611,076,775

611,076,775

-

(1,222,807,943)

488,572,093

(734,235,850)

-

2,414,791,700

80,491,692

2,495,283,392

(1,222,807,943)

µ¦Á ¨¸¥É  ¨ Ä ­n ª Å o Á­¸ ¥Ä ¦·¬ ´ ¥n °¥ ­nª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ µ µ¦ ºÊ°Á · ¨ » ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

µ µ¦Á¡·¤É » ° ¦· ¬ ´ ¥n°¥ ¦ª¤ µ¦Á ¨¸¥É  ¨ Ä ­n ª Å o Á­¸ ¥Ä ¦·¬ ´ ¥n°¥ ¦ª¤¦µ¥ µ¦ ´ ¼o º°®»o ¸É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o εŦ ( µ » ) Á È Á­¦È ­Îµ®¦´ ¸ εŦ­Îµ®¦´ ¸

-

-

-

-

-

-

-

-

2,414,791,700

εŦ ( µ » ) Á È Á­¦È °ºÉ

-

-

-

-

-

-

-

-

-

(61,567,923)

(61,567,923)

2,414,791,700 8,618,590,624

(61,567,923) (54,772,756)

2,353,223,777 13,727,931,666

¦ª¤ εŦ ( µ » ) Á È Á­¦È ­Î µ®¦´ ¸ ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2555

7 ®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­nª ® ¹É ° µ¦Á · ¸Ê

1,588,125,000

3,751,379,641

(544,760,675)

36,867,563

32,173,940

54,115,569

158,812,500

87,400,260

80,491,692 2,555,892,821

(61,567,923) 2,433,715,469 16,283,824,487

8 ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6'A )9I& B ) .Ĕ+ 1 =ĕ ;1 ¦·/<¬ĕ ´ } Ĕ 1~ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n °¥ .N6/'5 Č.8ù .< +5 9I 5 +6 % ­ µ¦Á ¨¸¥É  ¨ ­n ª ° ¼o °º ®»o n° ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

® n ª¥ : µ µ¦Á · Á ¡µ³ · µ¦

¥° Á®¨º° ª´ ¸É 1 ¤ ¦µ ¤ 2556 Ä ­Îµ ´ ­ ­· · ¸É ³ º°Ê ®»o ¦µ¥ µ¦ ´ ¼o º°®»o ¸ É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o Á · » ¸ÅÉ o ¦´ µ ¼o º°®»o ¨³ µ¦ ´ ­¦¦­n ª » Ä®o o ¼ º°®»o µ¦Á¡·¤É » ®» o ­µ¤´ » ­Îµ¦° µ¤ ®¤µ¥ Á · ´ ¨Ä®o ¼ o º°®» o ° ¦· ¬ ´ ¦ª¤¦µ¥ µ¦ ´ ¼o º°®»o ¸ É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o εŦÁ È Á­¦È ­Î µ®¦´ ¸ εŦ­Îµ®¦´ ¸ ¦ª¤ εŦÁ È Á­¦È ­Î µ®¦´ ¸ ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2556

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­nª ® ¹É ° µ¦Á · ¸Ê

­n ª Á · » ­n ª Á · ­n ª Á · » ¤¼¨ n µ®»o µ µ¦ ¦· µ

®¤µ¥Á® »

» Á¦º ° ®»o ¸°É ° ¨³ ε¦³Â¨o ª

23

1,588,125,000 -

3,751,379,641 -

2,316,200 2,316,200

113,665,199 113,665,199

1,590,441,200

3,865,044,840

31

36,867,563 -

-

36,867,563

Ä ­Î µ ´ ­ ­· · ¸ É ³ º°Ê ®»o 54,115,569 61,328,225

-

115,443,794

» ­Î µ¦° µ¤ ®¤µ¥

158,812,500 -

8,000,000 8,000,000

166,812,500

εŦ­³­¤ ­Î µ¦° Á¡º°É ¥µ¥ · µ¦

85,000,000 -

-

85,000,000

¥´ Ťn Å o ´ ­¦¦ ¦ª¤­n ª ° ¼o º°®»o 4,148,840,772 -

9,823,141,045 61,328,225

(8,000,000) (1,525,591,980) (1,533,591,980)

115,981,399 (1,525,591,980) (1,409,610,581)

1,839,173,075 1,839,173,075 4,454,421,867

1,839,173,075 1,839,173,075 10,314,031,764

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

B. 6'A )9I& B ) .Ĕ+ 1 =ĕ ;1 ¦·/<ĕ ¬ ´ } Ĕ Á °¦r1¨¸É~¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n °¥ .N6/'5 Č.8ù .< +5 9I 5 +6 % ­ µ¦Á ¨¸¥É  ¨ ­n ª ° ¼o °º ®»o n° ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

® n ª¥ : µ

®¤µ¥Á® » ¥° Á®¨º° ª´ ¸É 1 ¤ ¦µ ¤ 2555 ¦µ¥ µ¦ ´ ¼o º°®»o ¸ É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o Á · » ¸ÅÉ o ¦´ µ ¼o º°®»o ¨³ µ¦ ´ ­¦¦­n ª » Ä®o o ¼ º°®»o Á · ´ ¨Ä®o ¼ o º°®» o ° ¦· ¬ ´ ¦ª¤¦µ¥ µ¦ ´ ¼o º°®»o ¸ É ´ ¹ à ¥ ¦ Á o µ­n ª ° ¼o º°®»o Ä ­Î µ ´ ­ ­· · ¸É ³ º°Ê ®»o εŦÁ È Á­¦È ­Î µ®¦´ ¸ εŦ­Îµ®¦´ ¸ ¦ª¤ εŦÁ È Á­¦È ­Î µ®¦´ ¸ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2555

9 ®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­nª ® ¹É ° µ¦Á · ¸Ê

» Á¦º ° ®»o ¸°É ° ¨³ ε¦³Â¨o ª 1,588,125,000

µ¦Á · Á ¡µ³ · µ¦ ­n ª Á · » Ä ­Î µ ´ ­n ª Á · ­n ª Á · » ­ ­· · » ­Îµ¦° ¤¼¨ n µ®»o µ µ¦ ¦· µ ¸ É ³ º°Ê ®»o µ¤ ®¤µ¥ 3,751,379,641

36,867,563

31

-

-

-

23

-

-

-

-

-

-

1,588,125,000

3,751,379,641

36,867,563

-

54,115,569 54,115,569

158,812,500

εŦ­³­¤ ­Îµ¦° Á¡º°É ¥µ¥ · µ¦ 85,000,000

-

-

-

-

-

-

158,812,500

85,000,000

¥´ ŤnÅ o ´ ­¦¦

¦ª¤­n ª ° ¼o º°®»o

3,867,798,177

9,487,982,881

(1,222,807,942) (1,222,807,942)

(1,222,807,942) (1,222,807,942)

-

54,115,569

1,503,850,537 1,503,850,537

1,503,850,537 1,503,850,537

4,148,840,772

9,823,141,045

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

'4B.A è . ¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n °¥ .N6/'5 Č.8ù .< +5 9I 5 ¦·+6 % ¦³Â­Á · ­ ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

® n ª¥ : µ µ¦Á · ¦ª¤ ®¤µ¥Á® » ¦³Â­Á · ­ µ · ¦¦¤ εÁ · µ εŦ n° £µ¬¸Á · Å o ¦µ¥ µ¦ ¦´ ¦» nµÁ­ºÉ °¤¦µ µ nµ ´ ε® nµ¥­· ¦´¡¥rŤn¤¸ ª´ ° Á ¸Ê¥¦´ o » µ µ¦Á · Á · ´ ¨¦´ εŦ µ µ¦ µ¥Á · ¨ » Ä ¦· ¬ ´ ¥n°¥ εŦ µ µ¦ n°¦° ¦µ µ ºÊ° ® ¸Ê ­¼ ¨³® ¸Ê ­ ­´¥ ³­¼ ­· oµ¨oµ­¤´¥Â¨³Á ¨ºÉ° Å®ª oµ ( ¨´ ¦µ¥ µ¦) nµÄ o nµ¥ ¨ ¦³Ã¥ r¡ ´ µ µ » µ °´ ¦µÂ¨ Á ¨¸É¥ ¸É¥ ´ ŤnÁ · ¹Ê ¦· ( εŦ) µ » µ ¤¼¨ nµ¥» · ¦¦¤ ° ¦µ­µ¦° »¡ ´ r ¸É¥ ´ ŤnÁ · ¹Ê ¦· ¨´ ¦µ¥ µ¦ µ » µ µ¦ o°¥ nµ ° °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » ¨´ ¦µ¥ µ¦ µ » µ µ¦ o°¥ nµ ° °µ µ¦Â¨³°» ¦ r εŦ µ µ¦ ε® nµ¥°µ µ¦Â¨³°» ¦ r µ » µ µ¦ ´ ε® n µ¥°» ¦ r µ » µ µ¦ ´ ε® nµ¥­· · µ¦Á nµ µ » µ µ¦ ´ ε® n µ¥­· ¦´¡¥rŤn¤¸ ª´ εŦ µ µ¦ ε® nµ¥Á · ¨ » ¦³¥³¥µª°ºÉ µ » µ µ¦ ε® n µ¥Á · ¨ » Ä · µ¦ ¸É ª »¤¦n ª¤ ´ ­n ª  n εŦ µ Á · ¨ » Ä ¦· ¬ ´ ¦n ª¤

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê

10

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

10

2556

µ¦Á · Á ¡µ³ · µ¦ 2555

2556

2555

3,181,250,337

3,099,898,167

2,052,002,165

1,777,323,438

1,887,258,233 134,963,948 (15,274,892) 575,180,008 (6,202,489) (3,231,900) 1,921,842 29,400,150 157,773,558 (40,142,190) (374,277) (345,882) (8,965,377) 38,739,174 137,659 (5,720) (64,931,586) 5,867,150,596

1,642,809,160 108,346,554 (22,702,188) 502,880,742 (1,416,416) (78,339,680) 2,661,678 (39,378,524) 133,038,642 (26,620,672) 12,292,561 (3,644,957) (910,337) (5,785,872) 111,910,470 1,591,351 6,815,865 (65,977,934) 5,377,468,610

84,292,412 16,461,652 (102,946,483) 372,493,244 (1,024,335,506) 6,471,303 6,407,985 77,459,210 (2,091,821) (25,310,803) (1,837,637) 1,526,516 (5,720) 15,742,107 1,476,328,624

66,356,705 13,198,479 (99,645,745) 295,815,597 (665,135,390) 11,827,109 (1,389,753) 69,495,912 (3,715,714) 1,519,285 (4,096,466) 1,196,753 1,462,750,210

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

'4B.A è . } Ĕ1~ ¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬ ´ ¥n °¥ .N6/'5 Č.8ù .< +5 9I 5 ¦·+6 % ¦³Â­Á · ­ n° ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

® n ª¥ : µ µ¦Á · ¦ª¤ ®¤µ¥Á® » µ¦Á ¨¸É¥  ¨ Ä ­· ¦´ ¡¥r ¨³® ¸­Ê · εÁ · µ ¨¼ ® ¸Ê µ¦ oµ ¨¼ ® ¸Ê °ºÉ ­· oµ Á®¨º° ­· ¦´¡¥r®¤» Áª¸¥ °ºÉ ­· ¦´¡¥rŤn®¤» Áª¸¥ °ºÉ Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê°ºÉ ® ¸Ê­· ®¤» Áª¸¥ °ºÉ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ¸É nµ¥Ä ¦³®ªnµ ¸ ® ¸Ê­· Ťn®¤» Áª¸¥ °ºÉ Á · ­ Å o¤µ µ · ¦¦¤ εÁ · µ nµ¥£µ¬¸Á · Å o Á · ­ ­» ·Å o¤µ µ · ¦¦¤ εÁ · µ ¦³Â­Á · ­ µ · ¦¦¤¨ » ¦´ ° Á ¸Ê¥ ¦´ Á · ´ ¨ Á · ­ nµ¥ ºÊ ° ¸É · °µ µ¦ ¨³°» ¦ r Á · ­ ¦´ µ µ¦ µ¥ ¸É · °µ µ¦ ¨³°» ¦ r Á · ­ nµ¥ ºÊ°­· ¦´¡¥rŤn¤¸ ª´ Á · ­ nµ¥­· · µ¦Á nµ Á · ­ nµ¥Á¡ºÉ° µ¦¨ » ­» · Á · ­ nµ¥Ä®o ¼¥o ¤º ¦³¥³­´Ê  n · µ¦ ¸ÉÁ ¸É¥ª o° ´ Á · ­ ¦´ µ Á · Ä®o ¥¼o ¤º ¦³¥³­´Ê  n · µ¦ ¸ÉÁ ¸É¥ª o° ´ Á · ­ nµ¥Ä®o ¼¥o ¤º ¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o° ´ Á · ­ ¦´ µ µ¦Ä®o ¥¼o ¤º ¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o° ´ Á · ­ ¦´ µ Á · Ä®o ¥¼o ¤º ¦³¥³¥µª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ Á · ­ nµ¥Á¡ºÉ° µ¦ ºÊ °Á · ¨ » Ä ¦· ¬ ´ ¥n°¥ Á · ­ ¦´ µ µ¦Á ¨¸É¥  ¨ ­´ ­n ª µ¦ º°®» o Á · ­ ¦´ µ µ¦ µ¥Á · ¨ » ¦³¥³¥µª°ºÉ Á · ­ ­» ·Ä o Å Ä · ¦¦¤¨ »

µ¦Á · Á ¡µ³ · µ¦

2556

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2555

(763,610,963) 108,175,381 (1,427,437,948) 35,242,144 (37,043,929) 572,934,913 527,016,837 (9,869,003) (69,564,515) (22,629,078) 4,780,364,435 (692,302,334) 4,088,062,101

(547,673,628) (193,427,824) (1,696,610,699) 145,881,998 (14,397,833) 932,566,084 358,645,870 4,000,177 (61,484,703) 13,794,620 4,318,762,672 (659,861,947) 3,658,900,725

(455,642,455) (3,002,306) (99,281,234) (21,739,864) (3,005,536) 417,822,956 (317,177,404) 29,332,210 (12,364,917) (3,166,332) 1,008,103,742 (228,863,973) 779,239,769

(285,391,004) (277,449,680) (297,752,727) (9,800,908) 1,841,588 147,723,165 111,730,195 (1,562,600) (21,388,340) 492,244 831,192,143 (320,770,320) 510,421,823

15,029,618 36,302,493 (3,656,038,688) 39,314,272 (313,555,434) (1,302,117,137) -

22,392,824 51,476,417 (3,661,427,502) 16,842,828 (80,019,372) (94,687,010) (146,507,942) -

102,939,367 1,024,335,506 (125,203,173) 4,634,332 (33,086,362) (4,807,485,944) 4,444,500,474 380,000,000

99,657,781 665,135,390 (103,127,091) 9,088,945 (15,791,104) (2,063,052,889) 3,120,552,889 (261,000,000) -

130,631,900 3,541,686 (5,046,891,290)

(3,891,929,757)

(1,393,363,209) 842,329 (401,886,680)

150,000,000 (2,607,097,935) (1,005,634,014)

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê

11

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1&

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® n ª¥ : µ µ¦Á · ¦ª¤ ®¤µ¥Á® » ¦³Â­Á · ­ µ · ¦¦¤ ´ ®µÁ · nµ¥ ° Á ¸Ê¥ nµ¥Á · ´ ¨Ä®o ¼ o º°®» o ° ¦· ¬ ´ Á · ´ ¨ ° ¦· ¬ ´ ¥n°¥ nµ¥Ä®o n­nª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ Á · ­ ¦´ µ Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · 妳 º Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á · ­ ¦´ µ Á · ¼¥o ¤º ¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ 妳 º Á · ¼¥o ¤º ¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ Á · ­ ¦´ µ Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · 妳 º Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · 妳 º ®» o ¼o Á · ­ ¦´ ­» · µ µ¦Ä o­· · ʺ °®» o ­µ¤´ Á · ­ ¦´ µ µ¦Á¡·É¤ » ° ¦· ¬ ´ ¥n°¥ µ ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ Á · ­ ­» ·Å o¤µ µ (Ä o Å Ä ) · ¦¦¤ ´ ®µÁ · Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á n µÁ · ­ (¨ ¨ ) Á¡·¤É ¹ Ê ­» · Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ª´ ¸É 1 ¤ ¦µ ¤ ¨ ¦³ µ °´ ¦µÂ¨ Á ¨¸É¥ ° Á · ¦µ nµ ¦³Á « Á®¨º°­·Ê ¸ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á n µÁ · ­ ª´ ¸É 31 ´ ªµ ¤ .

®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­n ª ® ¹É ° µ¦Á · ¸Ê 12

12

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µ¦Á · Á ¡µ³ · µ¦

2556

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2556

2555

(562,348,835) (1,525,591,980) (181,844,686) 25,021,509,086 (25,795,623,497) 4,340,000,000 (814,146,443) (179,200,000) 93,713,452 254,902,280 651,369,377

(517,456,378) (1,222,807,943) (122,504,682) 14,358,556,180 (12,913,581,172) 1,749,929,390 (1,114,459,151) 287,707,743 505,383,987

(365,577,739) (1,525,591,980) 18,160,000,000 (18,415,000,000) 1,544,579,211 (1,436,792,572) 1,500,000,000 93,713,452 (444,669,628)

(269,779,201) (1,222,807,942) 8,755,000,000 (7,835,000,000) 1,791,292,260 (2,077,842,977) 1,500,000,000 640,862,140

(307,459,812) 2,015,453,398 71,977,248

272,354,955 1,827,867,604 (84,769,161)

(67,316,539) 354,111,119 -

145,649,949 208,461,170 -

1,779,970,834

2,015,453,398

286,794,580

354,111,119

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13

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14

­µ¦ ´ nµÄ o nµ¥ ¨ ¦³Ã¥ r ° ¡ ´ µ nµÄ o nµ¥ µ¤¨´ ¬ ³ nµÄ o nµ¥£µ¬¸Á · Å o ­· · ¦³Ã¥ r µ µ¦­n Á­¦·¤ µ¦¨ » εŦ n°®»o ´Ê ¡ºÊ µ ¨³ εŦ n°®»o ¦´ ¨ Á · { ¨ Á ¦ºÉ° ¤º° µ µ¦Á · £µ¦³ ¼ ¡´ ´ · µ¦ ¸ÉŤnÁ ¸É¥ª o° ´ Á® » µ¦ r£µ¥®¨´ ¦° ¦³¥³Áª¨µ ¸É¦µ¥ µ µ¦° »¤´ · µ¦Á ·

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o °¤¼¨ ´ÉªÅ ¦· ¬ ´ Á °¦r ¨¸É ¥» Á °¦r ε ´ (¤®µ ) “ ¦· ¬ ´ ” Á È · · » ¨ ¸É ´ ´Ê ¹Ê Ä ¦³Á «Å ¥ ¨³¤¸ ¸É°¥¼n ³Á ¸¥ ´Ê °¥¼ n ¸É °µ µ¦Á °¦r¨¸É ¥» Á °¦r Á¨ ¸É 99 °¥¦¼ Á ¸¥ ­» ¤» ª· 42  ª ¡¦³Ã Á ¨° Á ¥ ¦» Á ¡² 10110 ¦· ¬ ´ ³Á ¸¥ ´ ¨µ ®¨´ ¦´¡¥r®n ¦³Á «Å ¥ Á¤ºÉ°Á º° Á¤¬µ¥ ¸ 2518 ¦· ¬ ´ Ä® n ¨³ ¦· ¬ ´ Ä® nÄ ¨Îµ ´ ­¼ ­» Ä ¦³®ªnµ ¸ Å o n ¦· ¬ ´ ¸ ¸ ¸ ñ¨ ·Ê ε ´ ¹É Á È · · » ¨ ¸É ´ ´Ê ¹Ê Ä ¦³Á «Å ¥ ¦· ¬ ´ ¦· ¬ ´ ¥n°¥Â¨³ · µ¦ ¸É ª »¤¦n ª¤ ´ ° ¦· ¬ ´ ¦ª¤ ´ Á¦¸ ¥ ªnµ “ ¨»n¤ ¦· ¬ ´ ” εÁ · » ¦ · ®¨´ Á ¸É¥ª ´ µ¦ ¨· µ¦ ´ ε® nµ¥ ¨³ µ¦Ä®o ¦· µ¦ oµ nµ Ç ´ ¸Ê ­· o µÂ¨³ ¦· µ¦ µ ¦¦ »£´ r ¨»n ¤ ¦· ¬ ´ Á È ¼ o ¨· ´ µ¦ ¨µ ¨³ ´ ε® n µ ¥ ¦¦ » £ ´ r oª ¦³ q ° °¨¼ ¤· Á ¸ ¥ ¤ ¨³ ¦¦ » £ ´ r ¡¨µ­ · Â È ­· o µÂ¨³ ¦· µ¦ µ °» ã ¦· ã ¨»n ¤ ¦· ¬ ´ Á È ¼ o ¨· ´ µ¦ ¨µ ¨³ ´ ε® n µ¥­· oµ°» ã ¦· ã n µ Ç Å o n ¦³ µ¬° µ¤´¥ ­· oµ Á ¦ºÉ ° Ä o­nª ´ª (­ ¼n  ¤¡¼ ¨³Á ¦ºÉ ° ­Îµ°µ ) ¤ Á ¸Ê¥ª Á ¦ºÉ ° ºÉ¤Â¨³¨¼ °¤ ¨»n¤ ¦· ¬ ´ ´ µ¦ ¨µ ¨³ ´ ε® nµ¥­· oµ ´Ê ¸ÉÁ È ¦µ ° Á °¦r ¨¸É ¥» Á °¦r ª ¼n ´ ­· oµ£µ¥Ä o­´ µ ´ ¦· ¬ ´ °ºÉ ° µ ´Ê ¨»n¤ ¦· ¬ ´ Ä®o ¦· µ¦ oµ ¡· ¸ µ¦°° ­· oµ ¨´ ­· oµ ­n ¨³ ´ ­n ­· oµ Ä®o n ¨»n¤ ¦· ¬ ´ Á ¸ ¥ª ´ ¨³ ¦· ¬ ´ °ºÉ ­· o µÂ¨³ ¦· µ¦ µ Áª £´ r ¨³ µ Á · ¨»n¤ ¦· ¬ ´ Á È ¼ o µÎ Á oµ ¨³ ´ ε® n µ¥­· oµ®¨µ ®¨µ¥Á ¸É ¥ª ´ ­µ¦Á ¤¸ ¸ÉÄ oÄ °» ­µ® ¦¦¤ ­µ¦ ­¤°µ®µ¦ Á£­´ £´ r Áª £´ r ¨· £´ rÁ à 襸 µ £µ¡ ¨³Á ¦ºÉ ° ¤º° µ µ¦Â¡ ¥r ¨³Á È ¼°o °  ´ ®µ ¨³ ´ ε® n µ¥ Á ¦ºÉ ° ¤º°Â¨³°» ¦ r ¦³ ª »¤°´ à ¤´ · Á ¦ºÉ ° ¤º°Á¡ºÉ° µ¦°» ­µ® ¦¦¤ °» ¦ r ¨´ ­· oµ ¨³ ­n ­· oµ ¨³Ã ¦ Á®¨È Á­µÅ¢¢o µÂ¦ ­¼ » ­´ ³­¸

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15

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16

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16

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3.1

Á r Ä µ¦ ´ ε µ¦Á · ¦ª¤ µ¦Á · ¦ª¤ ¦³ ° oª¥ µ¦Á · ° ¦· ¬ ´ ¦· ¬ ´ ¥n°¥ ¨³ · µ¦ ¸É ª » ¤¦n ª¤ ´ ¦ª¤ ´ Á¦¸ ¥ ªnµ “ ¨»n¤ ¦· ¬ ´ ” ¨³­n ª Å oÁ­¸ ¥ ° ¨»n¤ ¦· ¬ ´ Ä ¦· ¬ ´ ¦n ª¤ µ¦¦ª¤ »¦ · ¨»n¤ ¦· ¬ ´ ´ ¹ ´ ¸­µÎ ®¦´ µ¦¦ª¤ »¦ · µ¤ª· ¸ ʺ ° ¥ Áªo Ä ¦ ¸ ¸ÉÁ È µ¦¦ª¤ »¦ · £µ¥Ä o µ¦ ª »¤Á ¸¥ª ´ µ¦ ª » ¤ ®¤µ¥ ¹ °Îµ µ Ä µ¦ ε® Ã¥ µ¥ µ µ¦Á · ¨³ µ¦ εÁ · µ ° · µ¦Á¡ºÉ °Ä®oÅ o¤µ ¹É ¦³Ã¥ r µ · ¦¦¤ ° · µ¦ ´Ê Ä µ¦¡· µ¦ µ°Îµ µ Ä µ¦ ª »¤ · µ¦ o° ε­· · Ä µ¦°° Á­¸ ¥ ¸ÉÁ · ¹Ê ¤µ¦ª¤Ä µ¦¡· µ¦ µ ª´ ¸É ʺ ° · µ¦ º °ª´ ¸É °µÎ µ Ä µ¦ ª »¤ ´Ê Å o ¼ ð Å ¥´ ¼ o ʺ ° µ¦ ε® ª´ ¸É ʺ ° · µ¦Â¨³ µ¦¦³ » Á ¸É ¥ª ´ µ¦Ã° °Îµ µ ª » ¤ µ n µ¥® ¹É Å ¥´ °¸ n µ¥® ¹É o° Ä o »¨¥¡· · Á oµ¤µ Á ¸É¥ª o° nµ ªµ¤ · ¥¤ ¼ ª´ ¤¼¨ nµ ª´ ¸É ʺ ° à ¥ª´ µ ¤¼¨ nµ¥» · ¦¦¤ ° ­·É °  ¸É ð Ä®o É ¹ ¦ª¤ ¹ µ¦¦´ ¦¼ o ε ª ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤Ä ¼ o ¼ ºÊ ° ®´ oª¥¤¼¨ nµ­» · ¤¼¨ nµ¥» · ¦¦¤ ° ­· ¦´¡¥r ¸É¦³ »Å o ¸É Å o¤µÂ¨³® ¸Ê­· ¸É¦´ ¤µ ¹É ª´ ¤¼¨ nµ ª´ ¸É ʺ ° ­·É °  ¸Éð Ä®o o° ª´ oª¥¤¼¨ nµ¥» · ¦¦¤ ° ­· ¦´¡¥r ¸Éð Å ® ¸Ê­· ¸É ¨»n¤ ¦· ¬ ´ n° ¹Ê Á¡ºÉ° nµ¥ 妳 Ä®o nÁ oµ ° Á ·¤ ¨³­n ª Å oÁ­¸ ¥Ä ­n ª ° Á oµ ° ¸É°° à ¥ ¨»n¤ ¦· ¬ ´ ´Ê ¸Ê­·É °  ¸Éð Ä®o¥ ´ ¦ª¤ ¹ ¤¼¨ nµ¥» · ¦¦¤ ° ® ¸Ê­· ¸É°µ Á · ¹Ê ¨³¤¼¨ nµ ° à ¦ µ¦ nµ¥Ã ¥Ä o®» o Á È Á r ¸É°°  à ¦ µ¦ ° ¼ o ¼ ºÊ °Á¤ºÉ°¦ª¤ »¦ · ®µ µ¦¦ª¤ »¦ · ¤¸ ¨Ä®o­·Ê ­» ªµ¤­´¤¡´ r ° à ¦ µ¦Á ·¤¦³®ªnµ ¨»n¤ ¦· ¬ ´ ¨³ ¼ o ¼ ºÊ ° Ä®oÄ o¦µ µ ¸É É µÎ ªnµ¦³®ªnµ ¤¼¨ nµ µ µ¦¥ Á¨· ­´ µ µ¤ ¸É ¦³ »Ä ­´ µ ¨³¤¼¨ nµ° r ¦³ ° ° ¨µ Å ®´ µ ­·É °  ¸Éð Ä®o ¨³¦´ ¦¼ oÁ È nµÄ o nµ¥°ºÉ ® ¸Ê ­· ¸É°µ Á · ¹Ê ° ¦· ¬ ´ ¸É ¼ ºÊ ° ¸É¦´ ¤µ µ µ¦¦ª¤ » ¦ · ¦´ ¦¼ oÁ È ® ¸Ê ­· ®µ ¤¸£µ¦³ ¼ ¡´ Ä ´ » ´ ¹É Á · ¹Ê µ Á® » µ¦ rÄ ° ¸ ¨³­µ¤µ¦ ª´ ¤¼¨ nµ¥» · ¦¦¤Å o°¥nµ nµÁ ºÉ° º° ¨»n¤ ¦· ¬ ´ ª´ ¤¼¨ nµ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ µ¤°´ ¦µ­n ª Å oÁ­¸ ¥Ä ­· ¦´¡¥r­» · ¸ÉÅ o¤µ µ ¼ o ¼ ºÊ ° o » ¸ÉÁ ¸É ¥ª o° ´ µ¦ ºÊ ° ° ¨»n¤ ¦· ¬ ´ ¸ÉÁ · ¹Ê ¹É Á È ¨¤µ µ µ¦¦ª¤ » ¦ · Á n nµ ¸É ¦¹ ¬µ ®¤µ¥ nµ ¦¦¤Á ¸¥¤ª· µ ¸¡Â¨³ nµ ¸É ¦¹ ¬µ°ºÉ Ç º°Á È nµÄ o nµ¥Á¤ºÉ°Á · ¹Ê

22

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8 A 1'Ę 9I &< ÎA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ¦·¬-´ 5 Á °¦r ¨ ¸É ¥» )Á °¦r µ ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É +5 ´ 9 I ªµ ¤ 5 +6 % µ¦¦ª¤ »¦ · ¹É Á · µ µ¦Ã° ­n ª Å oÁ­¸ ¥Ä · µ¦£µ¥Ä o µ¦ ª »¤ ° ¼ o º°®» o ¹É ª »¤ ¨»n¤ ¦· ¬ ´ º°Á È µ¦Á oµ ¦° ¦° Á­¤º° ªnµÅ oÁ · ¹Ê ´Ê  nª ´ o ª ° ¸ Á ¦¸ ¥ Á ¸¥ n° ® oµ­» ®¦º ° ª´ ¸É¤¸ µ¦¦ª¤ » ¦ · £µ¥Ä o µ¦ ª »¤Á ¸ ¥ª ´ Á¡ºÉ° ¦´ ¦» µ¦Á · Á ¦¸ ¥ Á ¸¥ ­· ¦´¡¥r¨³® ¸Ê ­· ¸ÉÅ o¤µ ³ ¼ ¦´ ¦¼ o ªo ¥¤¼¨ nµ µ¤ ´ ¸ n° µ¦ ´ ε µ¦Á · ¦ª¤£µ¥Ä o µ¦ ª »¤ ° ¼ o º°®» o ¸É ¨»n¤ ¦· ¬ ´ ¤¸­nª ª »¤ ­n ª ¦³ ° °ºÉ ° ­n ª ° Á oµ ° ¸ÉÅ o¤µ µ µ¦¦ª¤ » ¦ · º°Á È ­n ª ® ¹É ° » ° ¨»n¤ ¦· ¬ ´ Áªo  n­nª ¸É Å o¤µ ´Ê Å o¦´ ¦¼ oÁ È ­n ª ® ¹É ° ­n ª Á · ¤¼¨ nµ®» o Á · ­ nµ¥Ä µ¦¦ª¤ »¦ · ¦´ ¦¼ oà ¥ ¦ Ä ­n ª ° Á oµ ° µ¦ ´ ¦µ¥ µ¦Ä µ¦Á · ¦ª¤ ¦µ¥ µ¦ ´ ¸¦³®ªnµ ¦· ¬ ´ ¨³ ¦· ¬ ´ ¥n°¥ ¸É¤¸­µ¦³­Îµ ´ Å o ¼ ´ ´ ¸ °° µ µ¦Á · ¦ª¤ ¸Ê ¨oª µ¦Á · ¦ª¤ ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 Å o ´ ε ¹Ê à ¥Ä o µ¦Á · ° ¦· ¬ ´ ¥n°¥ ­Îµ®¦´ ¸ ­·Ê ­» ª´ Á ¸¥ª ´ 3.2

Á · ¦µ n µ ¦³Á « ¦µ¥ µ¦ ´ ¸ ¸ÉÁ È Á · ¦µ n µ ¦³Á « ¦µ¥ µ¦ ´ ¸ ¸ÉÁ È Á · ¦µ nµ ¦³Á «Â ¨ nµÁ È Á · µ à ¥Ä o° ´ ¦µÂ¨ Á ¨¸É¥ ª´ ¸ÉÁ · ¦µ¥ µ¦ ­· ¦´¡¥r¨³® ¸Ê­· ¸ÉÁ È ´ªÁ · ¨³Á È Á · ¦µ nµ ¦³Á « ª´ ¸É¦µ¥ µ  ¨ nµÁ È Á · µ à ¥Ä o° ´ ¦µ ¨ Á ¨¸É¥ ª´ ´Ê εŦ®¦º ° µ » µ µ¦Â ¨ nµ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È ­· ¦´¡¥r¨³® ¸Ê­· ¸ÉŤnÁ È ´ªÁ · ¹É Á · µ ¦µ¥ µ¦ ´ ¸ ¸ÉÁ È Á · ¦µ nµ ¦³Á « ¹É ´ ¹ µ¤Á r¦µ µ » Á ·¤  ¨ nµÁ È Á · µ à ¥Ä o° ´ ¦µÂ¨ Á ¨¸É¥ ª´ ¸ÉÁ · ¦µ¥ µ¦ · µ¦Ä n µ ¦³Á « ­· ¦´¡¥r¨³® ¸Ê­· ° · µ¦Ä nµ ¦³Á «Â ¨ nµÁ È Á · µ à ¥Ä o° ´ ¦µÂ¨ Á ¨¸É¥ ª´ ¸É¦µ¥ µ nµ ªµ¤ · ¥¤Â¨³¦µ¥ µ¦ ¦´ ¦» ¤¼¨ nµ¥» · ¦¦¤ ¸ÉÁ · µ µ¦ ºÊ ° · µ¦Ä nµ ¦³Á «  ¨ nµÁ È Á · µ à ¥Ä o° ´ ¦µÂ¨ Á ¨¸É¥ ª´ ¸ÉÁ · ¦µ¥ µ¦ ¦µ¥Å o¨³ nµÄ o nµ¥ ° · µ¦Ä nµ ¦³Á «Â ¨ nµÁ È Á · µ à ¥Ä o° ´ ¦µÂ¨ Á ¨¸É¥ ¸ÉÄ ¨oÁ ¸¥ ´ °´ ¦µ ª´ ¸ÉÁ · ¦µ¥ µ¦ ¨ nµ µ °´ ¦µÂ¨ Á ¨¸É¥ ¸É Á · µ µ¦Â ¨ nµ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È °ºÉ ¨³Â­ Á È ¦µ¥ µ¦ ¨ nµ µ °´ ¦µÂ¨ Á ¨¸É¥ Ä ­n ª ° ¼ o º°®» o ªnµ¤¸ µ¦ ε® nµ¥Á · ¨ » ´Ê °° Å ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

23

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

3.3

Á ¦ºÉ ° ¤º° µ µ¦Á · ¸ÉÁ È ¦µ­µ¦° »¡ ´ r Á ¦ºÉ ° ¤º ° µ µ¦Á · ¸É Á È ¦µ­µ¦° » ¡ ´ rÅ o ¼ ε¤µÄ oÁ¡ºÉ ° ´ µ¦ ªµ¤Á­¸É ¥ ¸É Á · µ µ¦Á ¨¸É ¥  ¨ Ä °´ ¦µÂ¨ Á ¨¸É¥ Á · ¦µ nµ ¦³Á « °´ ¦µ ° Á ¸Ê¥ ¨³ ªµ¤Á­¸É ¥ ° ¦µ µ­· oµÃ£ £´ r ¸É Á · µ · ¦¦¤ εÁ · µ · ¦¦¤ ´ ®µÁ · ¨³ · ¦¦¤¨ » ¨»n¤ ¦· ¬ ´ Å o µÎ ­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµ (Forward Foreign Exchange Contracts) Ä µ¦ ¦· ®µ¦ ªµ¤Á­¸É ¥ ° ­· ¦´¡¥r¨³® ¸Ê­· ¸ÉÁ · µ µ¦Á ¨¸É¥  ¨ ° °´ ¦µÂ¨ Á ¨¸É¥ Á · ¦µ nµ ¦³Á « à ¥Å oÁ · Á ¥ ¦µ¥¨³Á°¸¥ Á¡·É¤Á ·¤Á ¸É¥ª ´ Á ¦ºÉ ° ¤º° µ µ¦Á · Ūo¨oªÄ ®¤µ¥Á® » °o 32 εŦ µ » ¸ÉÁ · ¹Ê µ ­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµ ¹É Ä oÁ¡ºÉ° o ° ´ ªµ¤Á­¸É ¥ ° ­· ¦´¡¥r ¨³® ¸Ê­· ¦´ ¦¼ oÁ È ¦µ¥Å o®¦º ° nµÄ o nµ¥Ä εŦ µ » Á È Á­¦È ε ª Á · ¸É °o nµ¥Â¨³ ε ª Á · ¸É ³Å o¦´ µ¤­´ µ ´ ¨nµªÂ­ ®´ ¨ ´ Ä Â­ µ ³ µ¦Á · ¨³¦ª¤°¥¼Än ¦µ¥ µ¦­· ¦´¡¥r®¦º °® ¸Ê­· Ä Â­ µ ³ µ¦Á · ¨»n¤ ¦· ¬ ´ Ťn¤¸ Ã¥ µ¥ ¸É ³ ¦³ ° » ¦ ¦¦¤ ¦µ­µ¦ µ µ¦Á · ¸ÉÁ È ¦µ­µ¦° »¡ ´ rÁ¡ºÉ° µ¦Á È ÎµÅ¦®¦º ° Á¡ºÉ° µ¦ oµ

3.4

µ¦ o ° ´ ªµ¤Á­¸É¥ µ¦ o ° ´ ªµ¤Á­¸É ¥ µ ¤¼¨ n µ¥» · ¦¦¤ Ä ¦ ¸ ¸ÉÁ ¦ºÉ ° ¤º ° µ µ¦Á · ¸É Á È ¦µ­µ¦° » ¡ ´ r ¼ Ä oÄ µ¦ o ° ´ ªµ¤Á­¸É ¥ n ° µ¦Á ¨¸É ¥  ¨ Ä ¤¼¨ nµ¥» · ¦¦¤ ° ­· ¦´¡¥r ® ¸Ê ­· ®¦º ° o° ¼ ¤´ ¸É ¥ ´ Ťn¤¸ µ¦¦´ ¦¼ o εŦ®¦º ° µ » µ µ¦ ¸ ¦µ µ µ¤ ¤¼¨ nµ¥» · ¦¦¤®¦º °° r ¦³ ° ¸ÉÁ È Á · ¦µ nµ ¦³Á « ° Á ¦ºÉ ° ¤º° µ µ¦Á · ¸É Ä o o° ´ ªµ¤Á­¸É ¥ ¼ ´ ¹ Á È nµÄ o nµ¥®¦º °¦µ¥Å oÄ ÎµÅ¦ µ » Á È Á­¦È ¦µ¥ µ¦ ¸ÉÅ o¦´ µ¦ o ° ´ ªµ¤Á­¸É ¥ ¸¦µ µ µ¤ ¤¼¨ nµ¥» · ¦¦¤Á¡ºÉ°Ä®o­° ¨o° ´ ªµ¤Á­¸É ¥ ¸É¤¸ µ¦ o ° ´ ° µ ¸Ê ¦· ¬ ´ ¥n°¥Â®n ® ¹É Å o µÎ ¦³ ´ ªµ¤Á­¸É ¥ ¦µ µ pµ ¦¦¤ µ · nµ ¦¦¤Á ¸ ¥¤Ä µ¦ ´ 娳­n ª nµ ° ¦µ µ pµ ¦¦¤ µ · ¸ÉÁ · µ µ¦ ε­´ µ ´ ¹ Á È nµÄ o nµ¥Ä εŦ µ » Á È Á­¦È

3.5

Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á n µÁ · ­ Á · ­ ¨³¦µ¥ µ¦Á ¸ ¥ Á nµÁ · ­ ¦³ ° oª¥ ¥° Á · ­ ¥° Á · µ µ µ¦ » ¦³Á£ ¸É ¹ ε® nµ¥ Ä ¦³¥³Áª¨µ­µ¤Á º° ®¦º ° o°¥ ªnµ à ¥Å¤n¦ª¤Á · µ µ µ¦ ¸É¤¸£µ¦³ ¼ ¡´ ¨³Á · ¨ » ¦³¥³­´Ê ¸É¤¸ ­£µ¡ ¨n° ­¼ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

24

24

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

3.6

¨¼ ® ¸Ê µ¦ o µÂ¨³¨¼ ® ¸Ê°ºÉ ¨¼ ® ¸Ê µ¦ oµÂ¨³¨¼ ® ¸Ê°ºÉ ­ Ä ¦µ µ µ¤Ä  o ® ¸Ê® ´ nµÁ ºÉ°® ¸Ê­ ­´¥ ³­¼ nµÁ ºÉ°® ¸Ê ­ ­´¥ ³­¼ ¦³Á¤· à ¥ µ¦ª·Á ¦µ³®r ¦³ª´ · µ¦ 妳® ¸Ê ¨³ µ¦ µ µ¦ rÁ ¸É¥ª ´ µ¦ 妳® ¸Ê Ä ° µ ° ¨¼ oµ ¨¼ ® ¸Ê ³ ¼ ´ ε® nµ¥ ´ ¸Á¤ºÉ° ¦µ ªnµÁ È ® ¸Ê­¼

3.7

­· o µ Á®¨º° ­· oµ Á®¨º°Â­ Ä ¦µ µ » ®¦º °¤¼¨ nµ­» · ¸É ³Å o¦´ ¨oªÂ n¦µ µÄ ³ Îɵ ªnµ o » ° ­· oµ ε ª à ¥Ä oª· ¸ ª´ Á ¨¸É¥ nª Îʵ® ´ ¨³Á oµ n° °° n° o » ­· oµ ¦³ ° oª¥¦µ µ » ¸É ʺ ° o » Ä µ¦ ´  ¨ ®¦º ° o » °ºÉ Á¡ºÉ°Ä®o­· oµ°¥¼nÄ ­ µ ¸É¨³­£µ¡ ´ » ´ Ä ¦ ¸ ° ­· oµ ­ÎµÁ¦È ¦¼ ¨³­· oµ¦³®ªnµ ¨· ¸É ¨· Á° o » ­· oµ ε ª à ¥ µ¦Ä o o » ¤µ ¦ µ ¹É Å o¦´ µ¦ ¦´ ¦» Ä®oÄ ¨oÁ ¸¥ ´ ¦µ µ » ´ªÁ ¨¸É¥¦ª¤ µ¦ ´ ­n ª ° nµÃ­®» ¥o µ¦ ¨· °¥nµ Á®¤µ³­¤Ã ¥ ε ¹ ¹ ¦³ ´ ε¨´ µ¦ ¨· µ¤ · ¤¼¨ n µ­» · ¸É ³Å o¦´ Á È µ¦ ¦³¤µ ¦µ µ ¸É ³ µ¥Å o µ µ¦ εÁ · » ¦ · · ®´ oª¥ n µÄ o nµ¥ ¸É µÎ Á È Ã ¥ ¦³¤µ Ä µ¦ µ¥

3.8

µ n °­¦o µ µ¤­´ µ¦³®ªn µ n °­¦o µ µ n°­¦oµ µ¤­´ µ¦³®ªnµ n°­¦oµ ­ ¹ ¤¼¨ nµ µ ¸É¥ ´ ŤnÁ¦¸ ¥ Á È ¹É µ ªnµ ³Á È Å o µ ¨¼ oµ­Îµ®¦´ ­´ µ µ n°­¦oµ ¸É¤¸°¥¼ n ª´ ´Ê o » µ ¦³®ªnµ n°­¦oµ ª´ ¤¼¨ nµ oª¥ o » µ¦ n°­¦oµ ª εŦ ¸É¦´ ¦¼ o ®´ oª¥ ε ª ¸ÉÁ¦¸ ¥ Á È µ ¨¼ oµÂ¨³ µ » ¸É ¦´ ¦¼ o o » µ¦ n°­¦oµ ¦ª¤ nµÄ o nµ¥ ¸ÉÁ ¸É ¥ª o° à ¥ ¦ ´ µ n°­¦oµ µ¤­´ µ ´Ê ®¤ ¨³ µ¦ ´ ­n ª o » ¸É ¨³ o » ´  ¦ ¹É Á · ¹Ê µ¤­´ µ n°­¦oµ ° ¨»n¤ ¦· ¬ ´ à ¥ ¹Ê °¥¼ n ´ ªµ¤­µ¤µ¦ Ä µ¦ εÁ · µ µ¤ · ¤¼¨ nµ µ n°­¦oµ µ¤­´ µ¦³®ªnµ n°­¦oµ ­ Á È ¦µ¥ µ¦Â¥ nµ ®µ £µ¥Ä o­· ¦´¡¥r®¤» Áª¸¥ Ä Â­ µ ³ µ µ¦Á · ¨ nµ ° ε ª ¸ÉÁ¦¸ ¥ Á È µ ¨¼ oµ ¸É­¼ ªnµ¦µ¥Å o nµ n°­¦oµ ¸É¦´ ¦¼ o­ £µ¥Ä o ® ¸Ê­· ®¤» Áª¸¥ Ä Â­ µ ³ µ¦Á ·

25

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

25

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

3.9

Á · ¨ » Á · ¨ » Ä ¦· ¬´ ¥n °¥ · µ¦ ¸É ª »¤¦n ª¤ ´ ¨³ ¦· ¬´ ¦n ª¤ Á · ¨ » Ä ¦· ¬ ´ ¥n°¥ · µ¦ ¸É ª »¤¦n ª¤ ´ ¨³ ¦· ¬ ´ ¦n ª¤ Ä µ¦Á · Á ¡µ³ · µ¦ ° ¦· ¬ ´ ´ ¹ ´ ¸ à ¥Ä oª· ¸¦µ µ » ­n ª µ¦ ´ ¹ ´ ¸ Á · ¨ » Ä · µ¦ ¸É ª »¤¦n ª¤ ´ ¨³ ¦· ¬ ´ ¦n ª¤ Ä µ¦Á · ¦ª¤ Ä oª· ¸¦ª¤­´ ­n ª ¨³ª· ¸­nª Å oÁ­¸ ¥ µ¤¨Îµ ´ Á · ¨ » Ä ¦µ­µ¦ » °ºÉ Á · ¨ » Ä ¦µ­µ¦ » ¹É ŤnÄ n®¨´ ¦´¡¥rÄ ªµ¤ o° µ¦ ° ¨µ ­ Ä ¦µ µ » ®´ nµÁ ºÉ° µ µ¦ o°¥ nµ µ¦ ε® n µ¥Á · ¨ » Á¤ºÉ°¤¸ µ¦ ε® nµ¥Á · ¨ » ¨ nµ ¦³®ªnµ ε ª Á · ­» · ¸ÉÅ o¦´ ¨³¤¼¨ nµ µ¤ ´ ¸ ³ ¼ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È Ä ¦ ¸ ¸É ¨»n¤ ¦· ¬ ´ ε® nµ¥Á · ¨ » ¸É º°°¥¼n µ ­n ª µ¦ ε ª o » ­Îµ®¦´ Á · ¨ » ¸É µÎ ® nµ¥Å ¨³ Á · ¨ » ¸É¥ ´ º°°¥¼Än oª· ¸ ª´ Á ¨¸É¥ nª Îʵ® ´ ¦´ Ä o ´ ¤¼¨ nµ µ¤ ´ ¸ ° Á · ¨ » ¸ÉÁ®¨º°°¥¼ n Ê ´ ®¤

3.10 ­· · µ¦Á n µ ­· · µ¦Á nµÂ­ Ä ¦µ µ » ®´ nµ ´ ε® nµ¥­³­¤ n µ ´ ε® n µ¥ nµ ´ ε® nµ¥ ´ ¹ Á È nµÄ o nµ¥Ä εŦ µ » Á È Á­¦È ε ª à ¥ª· ¸Á­o ¦ µ¤°µ¥» ° ­´ µ ´ ¸Ê

26

­· · µ¦Á nµ ¸É · ­· · µ¦Á nµ¡ºÊ ¸É°µ µ¦

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

37 - 87 ¸ 3 - 30 ¸

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

3.11 °­´ ®µ¦· ¤ ¦´ ¡¥r Á¡º°É µ¦¨ » °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » Å o n°­´ ®µ¦· ¤ ¦´¡¥r ¸É º° ¦° Á¡ºÉ°®µ ¦³Ã¥ r µ ¦µ¥Å o nµÁ nµ®¦º ° µ ¤¼¨ nµ ¸É Á¡·É ¤ ¹Ê ®¦º ° ´Ê ­° °¥nµ ´Ê ¸Ê Å ¤n Å o¤¸Å ªoÁ ¡ºÉ ° µ¥ µ¤ · »¦ · ®¦º ° Ä oÄ µ¦ ¨· ®¦º ° ´ ®µ­· oµ ®¦º ° Ä®o ¦· µ¦®¦º °Ä oÄ µ¦ ¦· ®µ¦ µ °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » ­ Ä ¦µ µ » ®´ nµÁ­ºÉ °¤¦µ µ­³­¤Â¨³ µ » µ µ¦ o°¥ nµ o » ¦ª¤ nµÄ o nµ¥ µ ¦ Á¡ºÉ°Ä®oÅ o¤µ ¹É °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » o » µ¦ n°­¦oµ ¸É · µ¦ n°­¦oµ Á° ¦ª¤ ¹ o » ª´ » · nµÂ¦ µ ¦ ¨³ o » µ ¦ °ºÉ Á¡ºÉ°Ä®o°­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » °¥¼nÄ ­£µ¡ ¡¦o°¤Ä o µ ¨³¦ª¤ ¹ o » µ¦ ¼¥o º¤ nµÁ­ºÉ °¤¦µ µ ³ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È ¹É ε ª à ¥ª· ¸Á­o ¦ µ¤°µ¥» µ¦Ä o µ à ¥ ¦³¤µ ° ­· ¦´¡¥r n¨³¦µ¥ µ¦ ¦³¤µ µ¦°µ¥» µ¦Ä o µ ° ­· ¦´¡¥r­ Å o ´ ¸Ê °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ »

20 - 30 ¸

3.12 ¸É · °µ µ¦Â¨³°» ¦ r

µ¦¦´ ¦¼o ¨³ µ¦ª´ ¤¼¨ n µ ¸É · ­ Ä ¦µ µ » ®´ nµÁ ºÉ° µ µ¦ o°¥ nµ oµ¤¸ °µ µ¦Â¨³°» ¦ r­ oª¥¦µ µ » ®´ nµÁ­ºÉ °¤¦µ µ­³­¤Â¨³ nµÁ ºÉ° µ µ¦ o°¥ nµ oµ¤¸

¦µ µ » ¦ª¤ ¹ o » µ ¦ ¸ÉÁ ¸É¥ª o° ´ µ¦Å o¤µ ° ­· ¦´¡¥r o » ° µ¦ n°­¦oµ ­· ¦´¡¥r ¸É · µ¦ n°­¦oµ Á° ¦ª¤ ¹ o » ° ª´­ » ¦ µ µ ¦ ¨³ o » µ ¦ °ºÉ Ç ¸ÉÁ ¸É¥ª o° ´ µ¦ ´ ®µ­· ¦´¡¥r Á¡ºÉ°Ä®o­· ¦´¡¥r Ê ´ °¥¼Än ­£µ¡ ¸É¡¦o°¤ ³Ä o µ Å o µ¤ª´ » ¦³­ r o » Ä µ¦¦ºÊ ° ° µ¦ ¥oµ¥ µ¦ ¼¦ ³ ­ µ ¸É Ê ´ ° ­· ¦´¡¥r¨³ o » µ¦ ¼¥o º¤ ­Îµ®¦´ Á ¦ºÉ ° ¤º° ¸É ª »¤Ã ¥¨· ­· r °¢Âª¦r É ¹ Ťn­µ¤µ¦ ε µ Å oà ¥ ¦µ« µ ¨· ­· r °¢Âª¦r Ê ´ Ä®o º°ªnµ¨· ­· r °¢Âª¦r ´ ¨nµªÁ È ­n ª ® ¹É ° °» ¦ r ­n ª ¦³ ° ° ¦µ¥ µ¦ ¸É · °µ µ¦ ¨³°» ¦ r n¨³¦µ¥ µ¦ ¸É¤¸°µ¥» µ¦Ä®o ¦³Ã¥ rŤnÁ nµ ´ o° ´ ¹  n¨³­n ª ¦³ ° ¸É¤¸ ¥´ ­Îµ ´ Â¥ nµ ®µ µ ´ εŦ®¦º ° µ » µ µ¦ ε® nµ¥ ¸É · °µ µ¦ ¨³°» ¦ r º° ¨ nµ ¦³®ªnµ ­·É °  ­» · ɸŠo¦´ µ µ¦ ε® nµ¥ ´ ¤¼¨ nµ µ¤ ´ ¸ ° ¸É · °µ µ¦ ¨³°» ¦ r à ¥¦´ ¦¼ o­» · Á È ¦µ¥Å o°ºÉ Ä ÎµÅ¦ µ » Á È Á­¦È ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

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'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤ o » ¸É Á · ¹ Ê Ä £µ¥®¨´ o » Ä µ¦Á ¨¸É¥  ­n ª ¦³ ° ³¦´ ¦¼ oÁ È ­n ª ® ¹É ° ¤¼¨ nµ µ¤ ´ ¸ ° ¦µ¥ µ¦ ¸É · °µ µ¦Â¨³ °» ¦ r oµ¤¸ ªµ¤Á È Å Å o n° oµ  n ¸É ¨»n¤ ¦· ¬ ´ ³Å o¦´ ¦³Ã¥ rÁ · Á«¦¬ · Ä ° µ µ ¦µ¥ µ¦ ´Ê ¨³­µ¤µ¦ ª´ ¤¼¨ nµ o » ° ¦µ¥ µ¦ ´Ê Å o°¥nµ n µÁ ºÉ ° º° ·Ê ­n ª ¸É ¼ Á ¨¸É¥  ³ ¼ ´ ε® n µ¥ µ¤ ¤¼¨ nµ µ¤ ´ ¸ o » ¸ÉÁ · ¹Ê Ä µ¦ n °¤ 妻 ¸É · °µ µ¦Â¨³°» ¦ r ¸ÉÁ · ¹Ê Á È ¦³ ε ³¦´ ¦¼ oÄ ÎµÅ¦ ®¦º ° µ » Á¤ºÉ°Á · ¹Ê n µÁ­ºÉ °¤¦µ µ n µÁ­ºÉ °¤¦µ µ ε ª µ ¤¼¨ n µ Á­ºÉ °¤­£µ¡ ° ¦µ¥ µ¦°µ µ¦ ¨³°» ¦ r ¹É ¦³ ° oª¥¦µ µ » ° ­· ¦´¡¥r®¦º ° o » Ä µ¦Á ¨¸É¥  °ºÉ ®´ oª¥¤¼¨ nµ Á®¨º° ° ­· ¦´¡¥r n µÁ­ºÉ °¤¦µ µ ´ ¹ Á È n µÄ o nµ¥Ä εŦ µ » Á È Á­¦È ε ª à ¥ª· ¸Á­o ¦ µ¤Á r°µ¥» µ¦Ä o µ à ¥ ¦³¤µ ° ­n ª ¦³ ° ° ­· ¦´¡¥r n¨³¦µ¥ µ¦ ¦³¤µ µ¦°µ¥» µ¦Ä o µ ° ­· ¦´¡¥r­ Å o ´ ¸Ê °µ µ¦Â¨³­n ª ¦´ ¦» ¸É · ¨³°µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r­µÎ ´ µ ¥µ ¡µ® ³

5 - 50 5 - 20 3 - 10 5 - 10

¸ ¸ ¸ ¸

¨»n¤ ¦· ¬ ´ Ťn · nµÁ­ºÉ °¤¦µ µ­Îµ®¦´ ¸É · ¨³­· ¦´¡¥r ¸É°¥¼¦n ³®ªnµ µ¦ n°­¦oµ ª· ¸ µ¦ · nµÁ­ºÉ °¤¦µ µ °µ¥» µ¦Ä®o ¦³Ã¥ r ° ­· ¦´¡¥r ¨³¤¼¨ nµ Á®¨º° ¼ ª °¥nµ o°¥ ¸É­» » ­·Ê ¦° ¸ ´ ¸ ¨³ ¦´ ¦» µ¤ ªµ¤Á®¤µ³­¤ 3.13 n µ ªµ¤ ·¥¤ nµ ªµ¤ · ¥¤ ¸É Á · µ µ¦ ºÊ ° · µ¦ ° ¦· ¬ ´ ¥n°¥¦´ ¦¼ oÄ ­· ¦´¡¥rŤn¤¸ ª´ µ¦¦´ ¦¼ o¤¼¨ nµÁ¦·É ¤Â¦ ° nµ ªµ¤ ·¥¤ Å o° · µ¥Ä ®¤µ¥Á® » ¦³ ° µ¦Á · 3.1 £µ¥®¨´ µ µ¦¦´ ¦¼ oÁ¤ºÉ°Á¦·É ¤Â¦ nµ ªµ¤ · ¥¤ ³ ¼ ª´ ¤¼¨ nµ oª¥ª· ¸¦µ µ » ®´ µ » µ µ¦ o°¥ nµ ´Ê  nª ´ ¸É 1 Á¤¬µ¥ 2551 Ä µ¦Á · ¦ª¤Å o®¥» µ¦ ´ ε® nµ¥ nµ ªµ¤ ·¥¤ à ¥Á ¨¸É¥ Á È µ¦ ¦³Á¤· o°¥ nµ ° nµ ªµ¤ ·¥¤Â ¨»n¤ ¦· ¬ ´ ε µ¦ ¦³Á¤· µ¦ o°¥ nµ ° nµ ªµ¤ ·¥¤Á È ¦³ ε » ¸ à ¥Å¤n µÎ ¹ ¹ ªnµ ³¤¸ °o n ¸Ê ° µ¦ o°¥ nµÁ · ¹Ê ®¦º °Å¤n

28

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'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­»8ù ª´.< ¸+5 É ´ 9 I 5 +6 % ªµ ¤ 3.14 ­· ¦´ ¡¥r Ťn ¤¸ ´ª ­· ¦´ ¡¥r Ťn ¤¸ ´ª °ºÉ Ç ­· ¦´¡¥rŤn¤¸ ª´ °ºÉ Ç ¸É ¨»n¤ ¦· ¬ ´ ºÊ °¤µÂ¨³¤¸°µ¥» µ¦Ä o µ ε ´ ­ Ä ¦µ µ » ®´ nµ ´ ε® n µ¥ ­³­¤Â¨³ nµÁ ºÉ° µ µ¦ o°¥ nµ n µ ´ ε® n µ¥ nµ ´ ε® nµ¥ ε ª à ¥ 妵 µ » ° ­· ¦´¡¥r®¦º ° ε ª °ºÉ ¸ÉÄ o ¦µ µ » ®´ oª¥¤¼¨ nµ Á®¨º° nµ ´ ε® n µ¥¦´ ¦¼ o Ä ÎµÅ¦ µ » Á È Á­¦È à ¥ª· ¸Á­o ¦ ¹É à ¥­n ª Ä® n ³­³ o° ¦¼  ¸É µ ªnµ ³Å o¦´ ¦³Ã¥ rÄ ° µ µ ­· ¦´¡¥r Ê ´ µ¤¦³¥³Áª¨µ ¸É µ ªnµ ³Å o¦´ ¦³Ã¥ r µ ­· ¦´¡¥rŤn¤¸ ª´ ¹É Ťn¦ª¤ nµ ªµ¤ ·¥¤ à ¥Á¦·É ¤ ´ ε® nµ¥­· ¦´¡¥rŤn¤¸ ª´ Á¤ºÉ°­· ¦´¡¥r Ê ´ ¡¦o°¤ ¸É ³Ä®o ¦³Ã¥ r ¦³¤µ µ¦°µ¥» µ¦Ä o µ ° ­· ¦´¡¥r­ Å o ´ ¸Ê n° µ µ¦ ´ ε® nµ¥ nµ­· · ´ ¦Â¨³Á ¦ºÉ ° ®¤µ¥ µ¦ oµ nµ¨· ­· ·Í °¢ rª¦r

20 ¸ 10 ¸ 3-10 ¸

ª· ¸ µ¦ ´ ε® nµ¥ ¦³¥³Áª¨µ ¸É µ ªnµ ³Å o¦´ ¦³Ã¥ r ¨³ ¤¼¨ nµ Á®¨º° ³Å o¦´ µ¦ ª » ­·Ê ¦° ¸ ´ ¸Â¨³ ¦´ ¦» µ¤ ªµ¤Á®¤µ³­¤ 3.15 µ¦ o °¥ n µ ¥° ­· ¦´¡¥r µ¤ ´ ¸ ° ¨»n¤ ¦· ¬ ´ Å o¦´ µ¦ ª » ª´ ¸É¦µ¥ µ ªnµ¤¸ °o n ¸ÊÁ¦ºÉ ° µ¦ o°¥ nµ®¦º °Å¤n Ä ¦ ¸ ¸É¤¸ °o n ¸Ê ³ ε µ¦ ¦³¤µ ¤¼¨ nµ­· ¦´¡¥r ¸É µ ªnµ ³Å o¦´ º ­Îµ®¦´ nµ ªµ¤ · ¥¤ ³ ¦³¤µ ¤¼¨ nµ ¸É µ ªnµ ³Å o¦´ º » ¸ Ä nª Áª¨µÁ ¸¥ª ´ µ » µ µ¦ o°¥ nµ¦´ ¦¼ oÁ¤ºÉ°¤¼¨ nµ µ¤ ´ ¸ ° ­· ¦´¡¥r®¦º °¤¼¨ nµ µ¤ ´ ¸ ° ® nª¥­· ¦´¡¥r ¸É n°Ä®oÁ · Á · ­ ­¼ ªnµ¤¼¨ nµ ¸É ³Å o¦´ º µ » µ µ¦ o°¥ nµ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È Áªo  nÁ¤ºÉ°¤¸ µ¦ ¨´ ¦µ¥ µ¦ µ¦ ¦³Á¤· ¤¼¨ nµ ° ­· ¦´¡¥rÁ¡·É¤ ° ­· ¦´¡¥r ·Ê Á ¸¥ª ´ ¸ÉÁ ¥¦´ ¦¼ oÄ ­n ª ° ¼ o º°®» o ¨³¤¸ µ¦ o°¥ nµ Ä Áª¨µ n°¤µ Ä ¦ ¸ Ê ¸ ³¦´ ¦¼ oÄ ­n ª ° ¼ o º°®» o ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

29

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

µ¦ ε ª ¤¼¨ n µ ¸É µ ªn µ ³Å o ¦´ º ¤¼¨ nµ ¸É µ ªnµ ³Å o¦´ º ° ­· ¦´¡¥r ¸ÉŤnÄ n­· ¦´¡¥r µ µ¦Á · ®¤µ¥ ¹ ¤¼¨ nµ µ µ¦Ä o ° ­· ¦´¡¥r ®¦º °¤¼¨ nµ¥» · ¦¦¤ ° ­· ¦´¡¥r® ´ o » Ä µ¦ µ¥Â¨oªÂ n¤¼¨ nµÄ ³­¼ ªnµ Ä µ¦ ¦³Á¤· ¤¼¨ nµ µ µ¦ Ä o ° ­· ¦´¡¥r ¦³¤µ µ¦ ¦³Â­Á · ­ ¸É ³Å o¦´ Ä ° µ ³ · ¨ Á È ¤¼¨ nµ ´ » ´ à ¥Ä o° ´ ¦µ · ¨ n° ε ¹ £µ¬¸Á · Å oÁ¡ºÉ°Ä®o­³ o° ¤¼¨ nµ ¸É°µ ¦³Á¤· Å oÄ ¨µ ´ » ´ ¹É  ¦Å µ¤Áª¨µÂ¨³ ªµ¤Á­¸É ¥ ¸É¤¸ n°­· ¦´¡¥r ­Îµ®¦´ ­· ¦´¡¥r ¸ÉŤn n°Ä®oÁ · ¦³Â­Á · ­ ¦´ à ¥°·­¦³ µ ­· ¦´¡¥r°ºÉ ³¡· µ¦ µ¤¼¨ nµ ¸É µ ªnµ ³Å o¦´ º ¦ª¤ ´ ® nª¥­· ¦´¡¥r ¸É n°Ä®oÁ · Á · ­ ¸É­· ¦´¡¥r Ê ´ Á ¸É¥ª o° oª¥ µ¦ ¨´ ¦µ¥ µ¦ o °¥ n µ µ » µ µ¦ o°¥ nµ ° ­· ¦´¡¥r µ µ¦Á · ³ ¼ ¨´ ¦µ¥ µ¦ Á¤ºÉ°¤¼¨ nµ ¸É µ ªnµ ³Å o¦´ º Á¡·É¤ ¹Ê Ä £µ¥®¨´ ¨³ µ¦Á¡·É¤ ¹Ê ´Ê ­´¤¡´ rà ¥ ¦ ´ µ » µ µ¦ o°¥ nµ ¸ÉÁ ¥¦´ ¦¼ oÄ ÎµÅ¦ µ » Á È Á­¦È µ » µ µ¦ o°¥ nµ ° nµ ªµ¤ ·¥¤ ³Å¤n¤¸ µ¦ ¦´ ¦» ¨´ ¦µ¥ µ¦ µ » µ µ¦ o°¥ nµ ° ­· ¦´¡¥r ¸É ŤnÄ n ­· ¦´¡¥r µ µ¦Á · °ºÉ Ç ¸É Á ¥¦´ ¦¼ oÄ ª n° ³ ¼ ¦³Á¤· » ª´ ¸É ¸É°° ¦µ¥ µ ªnµ¤¸ °o n ¸Ê Á¦ºÉ ° µ¦ o°¥ nµ®¦º °Å¤n µ » µ µ¦ o°¥ nµ ³ ¼ ¨´ ¦µ¥ µ¦ ®µ ¤¸ µ¦Á ¨¸É¥  ¨ ¦³¤µ µ¦ ¸ÉÄ oÄ µ¦ ε ª ¤¼¨ nµ ¸É µ ªnµ ³Å o¦´ º µ » µ µ¦ o°¥ nµ ³ ¼ ¨´ ¦µ¥ µ¦Á¡¸¥ Á nµ ¸É¤¼¨ nµ µ¤ ´ ¸ ° ­· ¦´¡¥rŤnÁ · ªnµ¤¼¨ nµ µ¤ ´ ¸£µ¥®¨´ ®´ nµÁ­ºÉ °¤¦µ µ®¦º ° nµ ´ ε® nµ¥ Á­¤º° ® ¹É ŤnÁ ¥¤¸ µ¦ ´ ¹ µ » µ µ¦ o°¥ nµ¤µ n° 3.16 ® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ ® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ ´ ¹ Á¦·É ¤Â¦ Ä ¤¼¨ nµ¥» · ¦¦¤®´ nµÄ o nµ¥ ¸ÉÁ ¸É¥ª ´ µ¦Á · ® ¸Ê­· £µ¥®¨´ µ µ¦ ´ ¹ ® ¸Ê ­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ ³ ´ ¹ n°¤µÃ ¥ª· ¸¦µ µ » ´ ε® nµ¥ ¨ nµ ¦³®ªnµ ¥° ® ¸Ê Á¦·É ¤Â¦ ¨³¥° ® ¸Ê Á¤ºÉ° ¦ ε® Å n ° ³ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È ¨° °µ¥» µ¦ ¼¥o º¤ 3.17 ¨ ¦³Ã¥ r ° ¡ ´ µ à ¦ µ¦­¤ Á · à ¦ µ¦­¤ Á · Á È Ã ¦ µ¦ ¨ ¦³Ã¥ r¡ ´ µ ®¨´ °° µ µ ¹É · µ¦ nµ¥­¤ Á È Îµ ª Á · ¸É n ° Å °¸ · µ¦® ¹É Â¥ nµ ®µ ° » ­Îµ¦° Á¨¸Ê¥ ¸ ¡ ¨³ ³Å¤n¤¸£µ¦³ ¼ ¡´ µ¤ ®¤µ¥®¦º ° £µ¦³ ¼ ¡´ à ¥° »¤µ ¸É ³ o° nµ¥­¤ Á¡·É¤Á ·¤ £µ¦³ ¼ ¡´ Ä µ¦­¤ Á oµÃ ¦ µ¦­¤ Á · ³ ¼ ¦´ ¦¼ o Á È nµÄ o nµ¥¡ ´ µ Ä ÎµÅ¦ µ » Á È Á­¦È Ä ¦° ¦³¥³Áª¨µ ¸É¡ ´ µ Å o µÎ µ Ä®o ´ · µ¦

30

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'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % à ¦ µ¦ ¨ ¦³Ã¥ r ¸É µÎ ® Ūo à ¦ µ¦ ¨ ¦³Ã¥ r ¸É µÎ ® ŪoÁ È Ã ¦ µ¦ ¨ ¦³Ã¥ r®¨´ °° µ µ ° Á® º ° µ à ¦ µ¦­¤ Á · £µ¦³ ¼ ¡´ ­» · ° ¨»n¤ ¦· ¬ ´ µ à ¦ µ¦ ¨ ¦³Ã¥ r ¸É µÎ ® Ūo ¼ ε ª Â¥ nµ ®µ Á È ¦µ¥Ã ¦ µ¦ µ µ¦ ¦³¤µ ¨ ¦³Ã¥ rÄ ° µ ¸É Á · µ µ¦ ε µ ° ¡ ´ µ Ä ´ » ´ ¨³Ä ª n ° Ç ¨ ¦³Ã¥ r ´ ¨nµ ªÅ o¤¸ µ¦ · ¨ ¦³Â­Á · ­ Á¡ºÉ°Ä®oÁ È ¤¼¨ nµ ´ » ´ à ¥ ε ª ¡ºÊ µ ° Á · Á º ° ¡ ´ µ °´ ¦µ¤¦ ³ °µ¥» µ ¨³ ´ ´¥ °ºÉ Ç ´Ê ¸Ê ° ´ ¦µ · ¨ ¸É Ä oÄ µ¦ ε ª £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ®¨´ °° µ µ °oµ °· µ °´ ¦µ ¨ °  ° ¡´ ´ ¦¦´ µ¨ Á¤ºÉ°¤¸ µ¦Á¡·É¤ ¨ ¦³Ã¥ rÄ Ã ¦ µ¦ ¨ ¦³Ã¥ r ­´ ­n ª ¸ÉÁ¡·É¤ ¹Ê ° ¨ ¦³Ã¥ r ¸ÉÁ ¸É¥ª o° ´ o » ¦· µ¦Ä ° ¸ ° ¡ ´ µ ¦´ ¦¼ o à ¥ª· ¸Á­o ¦ µ¤¦³¥³Áª¨µ ´ªÁ ¨¸É ¥ ¹ ª´ ¸É ¨ ¦³Ã¥ r Ê ´ Á È ­· · µ ¨ ¦³Ã¥ r ¸ÉÁ È ­· · µ ³¦´ ¦¼ oÁ È nµÄ o nµ¥Ä εŦ®¦º ° µ » Á È Á­¦È ´ ¸ ¨»n¤ ¦· ¬ ´ ¦´ ¦¼ o µÎ Ŧ µ » µ µ¦ ¦³¤µ µ¦ µ¤®¨´ µ¦ · «µ­ ¦r ¦³ ´ £´¥ ´Ê ®¤ ¸ÉÁ · ¹Ê Ä ¦µ¥ µ¦ εŦ µ » Á È Á­¦È °ºÉ ¨³¦´ ¦¼ o nµÄ o nµ¥ ° à ¦ µ¦ ¨ ¦³Ã¥ r ¸É µÎ ® ŪoÄ ÎµÅ¦ µ » Á È Á­¦È ¨ ¦³Ã¥ r ¦³¥³¥µª°ºÉ ° ¡ ´ µ £µ¦³ ¼ ¡´ ­» · ° ¨»n¤ ¦· ¬ ´ ¸ÉÁ È ¨ ¦³Ã¥ r¦³¥³¥µª ° ¡ ´ µ ° Á® º ° µ à ¦ µ¦ ε µ Á È ¨ ¦³Ã¥ rÄ ° µ ¸É Á · µ µ¦ ε µ ° ¡ ´ µ Ä ´ » ´ ¨³ ª n° ¹É ¨ ¦³Ã¥ r Ê ¸ Å o ε ª à ¥ ´ · «µ­ ¦r ¦³ ´ £´¥°·­¦³Â¨³ µ o°­¤¤ · µ µ · «µ­ ¦r ¦³ ´ £´¥ µ¤ª· ¸ · ¨  n ¨³® n ª¥ ¸É ¦³¤µ µ¦Åªo °´ Á È ¦³¤µ µ¦ µ ¤¼¨ n µ ´ » ´ ° ¦³Â­Á · ­ ° ¨ ¦³Ã¥ r ¸É µ ªnµ ³ o° nµ¥Ä ° µ εŦ µ » µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥¦´ ¦¼ oÄ Á È ­n ª ® ¹É Ä ÎµÅ¦ µ » Á È Á­¦È °ºÉ Á¤ºÉ°Á · ¹Ê ¨ ¦³Ã¥ r ¦³¥³­´Ê ° ¡ ´ µ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¦³¥³­´Ê ° ¡ ´ µ ª´ ¤¼¨ nµÃ ¥¤·Å o · ¨ ¦³Â­Á · ­ ¨³¦´ ¦¼ oÁ È nµÄ o nµ¥ Á¤ºÉ°¡ ´ µ ε µ Ä®o ® ¸Ê ­· ¦´ ¦¼ o ªo ¥¤¼¨ nµ ¸É µ ªnµ ³ nµ¥ 妳­Îµ®¦´ µ¦ nµ¥Ã ´­Á È Á · ­ ¦³¥³­´Ê ®¦º ° µ¦ ´ ­n ª εŦ ®µ ¨»n¤ ¦· ¬ ´ ¤¸ £µ¦³ ¼ ¡´ µ¤ ®¤µ¥®¦º °£µ¦³ ¼ ¡´ à ¥° » ¤µ ¸É ³ o° n µ ¥°´ Á È ¨¤µ µ µ¦ ¸É¡ ´ µ Å o µÎ µ Ä®oÄ ° ¸ ¨³£µ¦³ ¼ ¡´ ¸Ê­µ¤µ¦ ¦³¤µ Å o°¥nµ ­¤Á® »­¤ ¨

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3.18 µ¦ n µ¥Ã ¥Ä o ®o » Á È Á r ¦µ¥ nµ¥Ã ¥Ä o®»o Á È Á r ¸É µÎ ¦³ oª¥ ¦µ­µ¦ » ¸É · µ¦Ä®o­· ·  n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ³ ¼ ª´ oª¥ ¤¼¨ nµ¥» · ¦¦¤ ° ¦µ­µ¦ » ¸É°° Ä®o ª´ ¸ÉÄ®o­· · ¤¼¨ nµ¥» · ¦¦¤ ° ¦µ­µ¦ » ¸É°° Ä®o ª´ ¤¼¨ nµÃ ¥ ª· ¸ Black-Scholes Model £µ¥Ä o °o ­¤¤ · µ µ µ¦Á · Á n ¦µ µ®» o ª´ ¸ÉÄ®oÄ ­Îµ ´ ­ ­· · ¦µ µÄ o­· · nµ ªµ¤ ´ ª ° ¦µ µ®» o ¸É µ ®ª´ n ª Áª¨µ ¸É µ ªnµ ³¤¸ ¤¼ o µÄ oÄ ­Îµ ´ ­ ­· · ¦ °´ ¦µÁ · ´ ¨ ¸É µ ®ª´ ¨³°´ ¦µ ° Á ¸Ê¥ ¨° ªµ¤Á­¸É ¥ ¤¼¨ nµ¥» · ¦¦¤ ° ¦µ­µ¦ » ¸É°° Ä®o ª´ ¸ÉÄ®o­· · ³ ¼ ´ ¹ Á È nµÄ o nµ¥ oª¥ª· ¸Á­o ¦ ¨° ¦³¥³Áª¨µ ¸É o° · ´ · µ¤Á ºÉ ° Å µ¦Å o¦´ ­· · ¨³¦´ ¦¼ oÄ ­n ª ° Á oµ ° ¸É Á ¸É ¥ª o° £µ¥Ä o °o ­´ · ¬ µ ° ¨»n¤ ¦· ¬ ´ ªnµ ¦µ­µ¦ » ´ ¨nµª ³ ¼ Ä o­· · Ê ´ ®¤ » Ç­·Ê ¦° ¦³¥³Áª¨µ ¸É¦µ¥ µ ¨»n¤ ¦· ¬ ´ ³ ¦³¤µ ε ª ¼¤o µÄ o ¦µ­µ¦ » ´ ¨nµª ®µ o°¤¼¨Ä £µ¥®¨´ n ¸Ê ªnµ ε ª ¦µ­µ¦ » ¸É µ ªnµ ³Å o¦´ ­· ·  nµ µ ¦³¤µ µ¦Á · ¤ ª´ ¸É Å o¦´ ­· · ­n ª nµ ³ ¼ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È ¨³ ¦´ ¦» £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ 3.19 ­n ª n µ µ µ¦¦ª¤ »¦ · £µ¥Ä o µ¦ ª »¤Á ¸¥ª ´ ­n ª nµ µ µ¦¦ª¤ »¦ · £µ¥Ä o µ¦ ª »¤Á ¸¥ª ´ Á · ¹Ê µ µ¦¦ª¤ » ¦ · ¸É°¥¼n£µ¥Ä o µ¦ ª »¤Á ¸¥ª ´ ° ¼ o º°®» o ¦µ¥Ä® n ° ¦· ¬ ´ ¹É Á È ­n ª nµ ¦³®ªnµ o » µ¦¦ª¤ »¦ · ´ ¤¼¨ nµ µ¤ ´ ¸ ­· ¦´¡¥r ¸É¦³ » Å o­» · ª´ ¸É ¦ª¤ » ¦ · ­n ª n µ µ µ¦¦ª¤ » ¦ · £µ¥Ä o µ¦ ª » ¤Á ¸ ¥ª ´ Ä®o ´ ¹ ŪoÁ È ¦µ¥ µ¦ nµ ®µ Ä ­n ª ° ¼ o º°®» o ªnµ ³¤¸ µ¦ ε® nµ¥Á · ¨ » °° Å 3.20 ¦µ¥Å o ¦µ¥Å o ¸É¦´ ¦¼ oŤn¦ª¤£µ¬¸¤¨¼ nµÁ¡·É¤Â¨³Â­ ­» · µ ­n ª ¨ µ¦ oµ µ¦ µ¥­· o µÂ¨³Ä®o ¦· µ¦ ¦µ¥Å o¦´ ¦¼ oÄ ÎµÅ¦ µ » Á È Á­¦È Á¤ºÉ°Å o𠪵¤Á­¸É ¥ ¨³ ¨ °  ° ªµ¤Á È Á oµ ° ­· oµ ¸É ¤¸ ´¥­Îµ ´ Å Ä®o ´ ¼ o ʺ °Â¨oª ¨³ ³Å¤n¦´ ¦¼ o¦µ¥Å o µo n µ¥ ¦· ®µ¦¥´ ¤¸ µ¦ ª »¤®¦º ° ¦· ®µ¦­· oµ ¸É µ¥Å ¨oª ´Ê ®¦º °¤¸ ªµ¤Å¤n n ° ¸É ¤¸ ¥´ ­Îµ ´ Ä µ¦Å o¦´ ¦³Ã¥ rÁ · Á«¦¬ · µ µ¦ µ¥­· oµ®¦º °Ä®o ¦· µ¦ ´Ê Ťn°µ ª´ ¤¼¨ nµ ° ε ª ¦µ¥Å o¨³ o » ¸ÉÁ · ¹Ê Å o°¥nµ nµÁ ºÉ ° º° ®¦º °¤¸ ªµ¤Á È Å Å o n° oµ  n ° ¸É ³ o° ¦´ º ­· oµ ¦µ¥Å o µ µ¦Ä®o ¦· µ¦¦´ ¦¼ oÁ¤ºÉ°¤¸ µ¦Ä®o ¦· µ¦

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'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ ¦µ¥Å o nµÁ n µ ¦µ¥Å o nµÁ nµ µ °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » ¦´ ¦¼ oà ¥ª· ¸Á­o ¦ ¨° °µ¥»­´ µÁ n µ nµÄ o nµ¥Á¦·É ¤Â¦ ¸ÉÁ · ¹Ê Á È µ¦Á ¡µ³Á¡ºÉ°Ä®oÁ · ­´ µÁ nµ¦´ ¦¼ oÁ È ­n ª ® ¹É ° nµÁ nµ ´Ê ­·Ê µ¤­´ µ nµÁ nµ ¸É°µ Á · ¹Ê ¦´ ¦¼ oÁ È ¦µ¥Å o Ä ¦° ¦³¥³Áª¨µ ´ ¸ É ¹ nµÁ nµ ´Ê Á · ¹Ê Á · ´ ¨¦´ ¨»n¤ ¦· ¬ ´ ¦´ ¦¼ oÁ · ´ ¨¦´ Ä ª´ ¸É ¨»n¤ ¦· ¬ ´ ¤¸­· · Å o¦´ Á · ´ ¨ ° Á ¸¥Ê ¦´ ° Á ¸Ê¥¦´ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È µ¤Á r oµ 3.21 o » µ µ¦Á · o » µ µ¦Á · ¦³ ° oª¥ ° Á ¸Ê¥ nµ¥ ° Á · ¼¥o º¤ ¨³­·É °  ¸É µ ªnµ ³ o° nµ¥ o » µ¦ ¼¥o º¤ ¸É ŤnÅ oÁ ¸É ¥ª ´ µ¦Å o¤µ µ¦ n °­¦oµ ®¦º ° µ¦ ¨· ­· ¦´¡¥r ¸ÉÁ oµÁ ºÉ ° Å ¦´ ¦¼ oÄ ÎµÅ¦ µ » Á È Á­¦È à ¥Ä oª· ¸° ´ ¦µ ° Á ¸Ê¥ ¸É o ¦· 3.22 ­´ µÁ n µ ­´ µÁ n µ εÁ · µ ­´ µÁ nµ¦³¥³¥µªÁ¡ºÉ°Á nµ­· ¦´¡¥rà ¥ ¸É ªµ¤Á­¸É ¥ ¨³ ¨ °  ° ªµ¤Á È Á oµ ° ­n ª Ä® n °¥¼n ´ ¼Äo ®oÁ nµ ³ ´ Á È ­´ µÁ nµ εÁ · µ Á · ¸É °o nµ¥£µ¥Ä o­´ µÁ nµ εÁ · µ ­» · µ ­·É °  ¼ Ä ¸É Å o¦´ µ ¼Äo ®oÁ nµ ³ ´ ¹ Ä ÎµÅ¦ µ » Á È Á­¦È à ¥Ä oª· ¸Á­o ¦ ¨° °µ¥» ° ­´ µÁ nµ ´Ê nµÄ o nµ¥ ¸ÉÁ · ¹Ê µ µ¦¥ Á¨· ­´ µÁ nµ εÁ · µ n° ®¤ °µ¥» µ¦Á nµ Á n Á ¸Ê¥ ¦´ ¸É °o nµ¥Ä®o ´ ¼Äo ®oÁ nµ ³ ´ ¹ Á È nµÄ o nµ¥Ä ¦³¥³Áª¨µ ´ ¸ ¸É µ¦¥ Á¨· ´Ê Á · ¹Ê 3.23 £µ¬¸Á · Å o nµÄ o nµ¥£µ¬¸Á · Å o­µÎ ®¦´ ¸ ¦³ ° oª¥£µ¬¸Á · Å o ´ » ´ ¨³£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ £µ¬¸Á · Å o ´ » ´ ¨³£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¦´ ¦¼ oÄ ÎµÅ¦ µ » Á È Á­¦È Áªo  nÄ ­n ª ¸ÉÁ ¸É¥ª ´ ¦µ¥ µ¦ ¸ÉÁ ¸É¥ª o° Ä µ¦¦ª¤ »¦ · ®¦º ° ¦µ¥ µ¦ ¸É¦´ ¦¼ oà ¥ ¦ Ä ­n ª ° ¼ o º°®» o ®¦º ° εŦ µ » Á È Á­¦È °ºÉ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

33

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

£µ¬¸Á · Å o ´ » ´ Å o n£µ¬¸ ¸É µ ªnµ ³ nµ¥ 妳®¦º °Å o¦´ 妳 à ¥ ε ª µ εŦ®¦º ° µ » ¦³ ε ¸ ¸É °o Á­¸ ¥£µ¬¸ à ¥Ä o° ´ ¦µ£µ¬¸ ¸É ¦³ µ«Ä o ¨° µ¦ ¦´ ¦» µ £µ¬¸ ¸ÉÁ ¸É¥ª ´ ¦µ¥ µ¦Ä ¸ n° Ç £µ¬¸ Á · Å o¦ ° µ¦ ´ ´ ¸ ´ ¹ à ¥ ε ª µ ¨Â n µ ´É ª ¦µª ¸É Á · ¹Ê ¦³®ªn µ ¤¼ ¨ n µ µ¤ ´ ¸ ° ­· ¦´ ¡¥r¨³® ¸Ê ­· ¨³ ε ª ¸É Ä oÁ¡ºÉ ° ªµ¤¤»n ®¤µ¥ µ £µ¬¸ £µ¬¸ Á · Å o¦° µ¦ ´ ´ ¸ ³Å¤n ¼ ¦´ ¦¼ o Á¤ºÉ°Á · µ ¨Â nµ ´ªÉ ¦µª n°Å ¸Ê µ¦¦´ ¦¼ o nµ ªµ¤ · ¥¤Ä ¦´Ê ¦ Ä µ¦Á · ¦ª¤ µ¦¦´ ¦¼ o­· ¦´¡¥r®¦º ° ® ¸Ê ­· Ä ¦´Ê ¦ ¹É Á È ¦µ¥ µ¦ ¸É ŤnÄ n µ¦¦ª¤ » ¦ · ¨³¦µ¥ µ¦ ´Ê Ťn¤¸ ¨ ¦³ n° εŦ µ » µ ´ ¸ ®¦º ° µ £µ¬¸ ¨³ ¨Â nµ ¸É Á ¸É ¥ª o° ´ Á · ¨ » Ä ¦· ¬ ´ ¥n°¥Â¨³ · µ¦ ¸É ª »¤¦n ª¤ ´ ®µ Á È Å Å oªnµ ³Å¤n¤¸ µ¦ ¨´ ¦µ¥ µ¦Ä ° µ °´ Ä ¨o £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ª ´ ¤¼¨ nµÃ ¥Ä o° ´ ¦µ£µ¬¸ ¸É µ ªnµ ³Ä o ´ ¨Â nµ ´ªÉ ¦µªÁ¤ºÉ°¤¸ µ¦ ¨´ ¦µ¥ µ¦ à ¥Ä o° ´ ¦µ£µ¬¸ ¸É ¦³ µ«Ä o®¦º ° ¸É µ ªnµ¤¸ ¨ ´ ´ Ä o ª´ ¸É¦µ¥ µ Ä µ¦ ε® ¤¼¨ nµ ° £µ¬¸Á · Å o ´ » ´ ¨³£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¨»n¤ ¦· ¬ ´ o° ε ¹ ¹ ¨ ¦³ ° ­ µ µ¦ r µ £µ¬¸ ¸É Ťn  n ° ¨³°µ ε Ä®o ε ª £µ¬¸ ¸É o° n µ¥Á¡·É ¤ ¹Ê ¨³¤¸ ° Á ¸Ê ¥ ¸É o° 妳 ¨»n¤ ¦· ¬ ´ Á ºÉ °ªnµÅ o Ê ´ £µ¬¸Á · Å o µo nµ¥Á¡¸¥ ¡°­Îµ®¦´ £µ¬¸Á · Å o ¸É ³ nµ¥Ä ° µ ¹É Á · µ µ¦ ¦³Á¤· ¨ ¦³ µ ®¨µ¥ ´ ´¥ ¦ª¤ ¹ µ¦ ¸ ªµ¤ µ ®¤µ¥£µ¬¸ ¨³ µ ¦³­ µ¦ rÄ ° ¸ µ¦ ¦³Á¤· ¸Ê °¥¼n ¡ºÊ µ µ¦ ¦³¤µ µ¦Â¨³ o°­¤¤ · µ ¨³°µ ³Á ¸É ¥ª o° ´ µ¦ ´ ­· Ä Á ¸É ¥ª ´ Á® » µ¦ rÄ ° µ o°¤¼¨Ä®¤nÇ°µ ³ εĮo ¨»n¤ ¦· ¬ ´ Á ¨¸É¥ µ¦ ´ ­· Ä Ã ¥ ¹Ê °¥¼n ´ ªµ¤Á¡¸¥ ¡° ° £µ¬¸Á · Å o µo nµ¥ ¸É¤¸°¥¼ n µ¦Á ¨¸É¥  ¨ Ä £µ¬¸Á · Å o µo nµ¥ ³ ¦³ n° nµÄ o nµ¥£µ¬¸Á · Å oÄ ª ¸ÉÁ · µ¦Á ¨¸É¥  ¨ ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¨³® ¸Ê ­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ³®´ ¨ ´ Á¤ºÉ°Á È nµ£µ¬¸Á · Å o ¸É ³ o° ε­n Ä®o ´ ® n ª¥ ´ Á È £µ¬¸Á ¸ ¥ª ´ ¨³ ¦· ¬ ´ ¨³ ¦· ¬ ´ ¥n°¥Ä ¨»n¤ ¦· ¬ ´ ¤¸ ªµ¤ ´Ê Ä ¸É ³Á­¸ ¥ £µ¬¸Á · Å o ªo ¥¥° ­» · ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ³ ´ ¹ n°Á¤ºÉ°¤¸ ªµ¤Á È Å Å o n° oµ  n ° ªnµ εŦÁ¡ºÉ°Á­¸ ¥£µ¬¸ Ä ° µ ³¤¸ µÎ ª Á¡¸¥ ¡° ´ µ¦Ä o ¦³Ã¥ r µ ¨Â nµ ´ªÉ ¦µª ´ ¨nµª ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ³ ¼ ª » ª´ ¸É ¦µ¥ µ ¨³ ³ ¼ ¦´ ¨ ¨ Á nµ ¸É ¦³Ã¥ r µ £µ¬¸ ³¤¸Ã° µ­ ¼ Ä o ¦· ¦· ¬ ´ ¦´ ¦¼ o® ¸Ê ­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ­Îµ®¦´ ¨Â nµ ´ªÉ ¦µª ¸É °o Á­¸ ¥£µ¬¸ » ¦µ¥ µ¦Ä µ¦Á · ¦ª¤ ¨³ µ¦Á · Á ¡µ³ · µ¦

34

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34

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

3.24 εŦ n °®»o εŦ n °®» o ´Ê ¡ºÊ µ ε ª à ¥ µ¦®µ¦ ε Ŧ­Îµ ®¦´ ¸ ¸É Á È ° ¼ o º °®» o ­µ¤´ oª ¥ ε ª ®» o ­µ¤´ ´ªÁ ¨¸É¥ nª Îʵ® ´ ¸É º°Ã ¥ » ¨£µ¥ ° Ä ¦³®ªnµ ¸ ¨³ εŦ n°®» o ¦´ ¨ ε ª µ ε ª ®» o ­µ¤´ ´ªÁ ¨¸É¥ nª Îʵ® ´ ¸É¦ª¤­¤¤ · µ ªnµ®» o ­µ¤´ Á ¸¥ Á nµ ¦´ ¨ Å o ¼  ¨ Á È ®» o ­µ¤´ ´Ê ®¤ 3.25 ¦³¤µ µ¦ µ ´ ¸Â¨³Â®¨n o °¤¼¨Á ¸¥É ª ´ ªµ¤Å¤n  n ° ° µ¦ ¦³¤µ µ¦ Ä µ¦ ´ ε µ¦Á · Ä®oÁ È Å µ¤®¨´ µ¦ ´ ¸ ¸É¦´ ¦° ´ªÉ Å ¼ o ¦· ®µ¦ ° ¨»n¤ ¦· ¬ ´ o° °µ«´¥ »¨¥¡· · Ä µ¦ ε® Ã¥ µ¥ µ¦ ´ ¸ µ¦ ¦³¤µ µ¦Â¨³ µ¦ ´Ê o°­¤¤ · µ ®¨µ¥ ¦³ µ¦ ¹É ¤¸ ¨ ¦³ n° µ¦Â­ ε ª ­· ¦´¡¥r ® ¸Ê­· ¨³ µ¦Á · Á ¥ o°¤¼¨Á ¸É¥ª ´ ­· ¦´¡¥r¨³® ¸Ê ­· ¸É°µ Á · ¹Ê ª´ ¸ÉÄ Â­ µ ³ µ¦Á · ¦ª¤ ´Ê µ¦Â­ ¦µ¥Å o ¨³ nµÄ o nµ¥ ° ª ´ ¸ ¹ ¤oªnµ µ¦ ¦³¤µ µ¦ ° ¼ o ¦· ®µ¦ Å o¡· µ¦ µ °¥nµ ­¤Á® »­¤ ¨£µ¥Ä oÁ® » µ¦ r ³ ´Ê ¨ ¸ÉÁ · ¹Ê ¦· °µ ¤¸ ªµ¤Â nµ Å µ ¦³¤µ µ¦ ´Ê µ¦Ä o »¨¥¡· · ¸É­µÎ ´ Ä µ¦Ä o Ã¥ µ¥ µ¦ ´ ¸¤¸ ´ n°Å ¸Ê µ¦ o °¥ n µ ¥° ­· ¦´¡¥r Á®¨º° µ¤ ´ ¸ ° ¨»n¤ ¦· ¬ ´ ³¤¸ µ¦ ª » ª´ ¸É Ä Â­ µ ³ µ¦Á · ªnµ¤¸ °o n ¸Ê Á¦ºÉ ° µ¦ o°¥ nµ®¦º °Å¤n Ä ¦ ¸ ¸É¤¸ °o n ¸Ê ³ ε µ¦ ¦³¤µ ¤¼¨ nµ ¸É µ ªnµ ³Å o¦´ º ° ­· ¦´¡¥r µ¦¦´ ¦¼o ­· ¦´ ¡¥r £µ¬¸Á · Å o ¦° ´ ´ ¸ ¸ÉÁ ¸É¥ª o ° ´ ¨ µ » ­³­¤¥ ¤µ ­· ¦´¡¥r£µ¬¸ Á · Å o¦° ´ ´ ¸ ³¦´ ¦¼ oÁ¤ºÉ° ¦· ¬ ´ µ µ¦ r Å o n ° ªnµ ³¤¸ ¦³Ã¥ r µ £µ¬¸Ä ° µ ¨³Ã° µ­ ¸É ¦· ¬ ´ ³¤¸ µÎ Ŧ µ £µ¬¸Á¡¸¥ ¡° ¸É ³­µ¤µ¦ Ä o ¦³Ã¥ r µ ¨ µ » µ £µ¬¸­³­¤

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35

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

µ¦ ºÊ° »¦ ·

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4.2 Thai An Vietnam Joint Stock Company Á¤ºÉ°ª´ ¸É 8 ¤¸ µ ¤ 2556 ¦· ¬ ´ ¥n°¥Â®n ® ¹É ° ¦· ¬ ´ Å o ʺ °®» o ­µ¤´ ε ª 39,000,000 ®» o ° Thai An Vietnam Joint Stock Company (“Thai An”) ¹É Á ·¤Á È · µ¦ ¸ÉŤnÁ ¸É¥ª o° ´ · Á È ­´ ­n ª ¦o°¥¨³ 65 ° » ¸É °° ¨³ ε¦³Â¨oª à ¥¤¸ µ¦ 妳Á · µ ­n ª ε ª 806.54 ¨oµ µ ¨³ ´ ¹ ­·É °  ¸É ¦· ¬ ´ µ ªnµ ³ o° n µ¥£µ¥Ä o­´ µ ºÊ ° µ¥ » ¦ · ε ª 179.76 ¨oµ µ Á È ® ¸Ê ­· Ä µ¦ ¸É Thai An ³­µ¤µ¦ ε¦ Á ºÉ° Å µ µ¦ oµ ­· · Ä µ¦ εÁ · »¦ · oµ ¨¸ ¨³ ¨ µ¦ εÁ · µ ° Thai An µ¤ ¸É¦³ »ÅªoÄ ­´ µ ¤¼¨ nµ¥» · ¦¦¤ ° ­· ¦´¡¥r­» · ¸É¦³ »Å o ° · µ¦ ¸É ¼ ºÊ ° ª´ ¸É ʺ ° »¦ · ¦³ ° oª¥¦µ¥ µ¦ n°Å ¸Ê Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ ¨¼ ® ¸Ê°ºÉ ­· oµ Á®¨º° Á · ¨ » ¦³¥³¥µª°ºÉ ¸É · °µ µ¦ ¨³°» ¦ r Á · ¼¥o º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê°ºÉ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ ­· ¦´¡¥r°ºÉ / (® ¸Ê­· °ºÉ ) - ­» · ­· ¦´¡¥r ¨³® ¸­Ê · ­» · ¸É¦³ »Å o ­n ª ° ¼ o ¸ÉŤn¤¸°µÎ µ ª »¤Ä µ¦ ¼ ºÊ ° ¦ª¤­·É ° Â Ä µ¦ ºÊ° nµ ªµ¤ ·¥¤ Á · ­ ¸ÉÅ o¤µ ­·É ° Â Ä µ¦ ºÊ°­» ·

® n ª¥ : ¡´ µ 52,968 71,790 242,370 173,837 40,740 68,335 (477,853) (86,940) (217,201) (243,401) (69,275) (20,573) 32,949 1,418,557 (52,968)

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¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³/®¦º ° ¼ o º°®» o ¦n ª¤ ´ ´ ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³/®¦º ° ¨´ ¬ ³ ªµ¤­´ ¡´ r ´ ¦· ¬ ´ ¼ o º°®» o ¦n¤ª¤ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³/®¦º ° ¼ o ªº°¤ ´ ®» o ¦n¨³ ª¤ ´ ®¦º ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ° ¼ o º°®»¤¸ o ¦¦¤ µ¦¦n ¦n ª¤ ´ ´ª ¤ ´ ¦· ¬Â¨³/®¦º ´ ¼ o ªº°¤ ´ ®» o ¦n¨³ ª¤ ´ ®¦º ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¤ ´¬ ´Â¨³/®¦º ° ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ¤ ´ ®¦º ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¤ ´¬ ´Â¨³ ®¦º ° ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¼ o º ° ®» o ¦n ª ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ¤ ´¬ ´Â¨³ ®¦º ° ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¼ o º ° ®» o ¦n ª ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¼ o º ° ®» o ¦n ª ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º°ª®»¤ ´ o ¦n ªÂ¨³ ®¦º ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º ° ®» o ¦n ª ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ¼ o º°®»¤¸ o ¦n¦¦¤ µ¦¦n ª¤ ´ ´ ª ¦· ¤ ´¬ ´ ¨³ ®¦º ° ¼ o º ° ®» o ¦n ª ¤ ´ ´ ° ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ¼ o º°®» o ¦n ª¤ ´ ´ ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ° ¼ o º°®» o ¦n ª¤ ´ ´ ¦· ¬ ´ ¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º °

¦· ¨ ¸É ¥» )Á °¦r ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ '8¬-´ Á °¦r 5 A 1'Ę 9I &< εA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î.Nµ6®¦´/'5 ¸ ­· Č Ê ­». 8ù ª´ .< ¸ É ´ +5 9ªµ ¤ I 5 +6 %

ºÉ° · µ¦

189

¦· ¬ ´ ¸ ¸ ¸ ñÁ ¨ °­Á­ ¤ Á Á¤o r ε ´

190

¼ o ¦· ®µ¦­Îµ ´

¨´ ¬ ³ »¦ ·

¦³Á « ¸ É ´ ´Ê ­´ µ ·

¨´ ¬ ³ ªµ¤­´ ¤¡´ r

» ¦ · °­´ ®µ¦· ¤ ¦´¡¥r

Å ¥

¤¸ ¦¦¤ µ¦¦n ª¤ ´ ¨³ ®¦º ° ¼ o º°®» o ¦n ª¤ ´ ´ ¦· ¬ ´

-

Å ¥

» ¨ ¸É¤¸°µÎ µ ¨³ ªµ¤ ¦´ · ° µ¦ªµ  ­´É µ¦Â¨³ ª »¤ · µ¦ nµ Ç ° · µ¦Å¤nªµn µ ¦ ®¦º ° µ °o°¤ ´Ê ¸Ê¦ª¤ ¹ ¦¦¤ µ¦ ° · µ¦ (Ťnªµn ³ ε® oµ ¸É Ä ¦³ ´ ¦· ®µ¦®¦º °Å¤n)

¦µ¥ µ¦ ¸É­µÎ ´ ´ » ¨ ®¦º ° · µ¦ ¸ÉÁ ¸É¥ª o° ´ ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ­¦» Å o ´ ¸Ê

µ¦Á · ¦ª¤ 2556 2555

¦·¬ ´ ¥n °¥ µ¥­· oµÂ¨³ ¦· µ¦ ºÊ °­· oµÂ¨³ ¦· µ¦ Á · ´ ¨¦´ ° Á ¸Ê¥¦´ ¦µ¥Å o°ºÉ ¦µ¥Å o µ µ¦ ´ ­n ª nµÄ o nµ¥ Ä µ¦ ¦· ®µ¦ ´ µ¦ nµÄ o nµ¥Ä µ¦ µ¥Â¨³ ¦· ®µ¦ ° Á ¸Ê¥ nµ¥ ºÊ °­· ¦´¡¥r µª¦ · µ¦ ¸É ª »¤¦n ª¤ ´ Á · ´ ¨¦´ ¦µ¥Å o°ºÉ ¦µ¥Å o µ µ¦ ´ ­n ª nµÄ o nµ¥ Ä µ¦ ¦· ®µ¦ ´ µ¦ nµÄ o nµ¥Ä µ¦ µ¥Â¨³ ¦· ®µ¦ 47

® n ª¥ : ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

-

-

494,855 11,845,239 769,496 98,478 153,540

89,651 11,840,052 613,659 91,961 68,185

-

-

212,950 272,944 14,052 -

202,729 199,385 18,545 821

-

-

220,050 112

-

-

-

2,880 -

2,926 231

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

47

144

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& /%6&A/ < ¬´ ¥n°¥ ¦·¬´ Á °¦r ¨ ¸É ¥»'4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· .N®¤µ¥Á® » 6/'5 Č ¦³ ° µ¦Á · .8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

µ¦Á · ¦ª¤ 2556 2555

¦·¬ ´ ¦n ª¤ µ¥­· oµÂ¨³ ¦· µ¦ ºÊ °­· oµÂ¨³ ¦· µ¦ Á · ´ ¨¦´ ¦µ¥Å o°ºÉ ¦µ¥Å o µ µ¦ ´ ­n ª nµÄ o nµ¥ Ä µ¦ ¦· ®µ¦ ´ µ¦ nµÄ o nµ¥Ä µ¦ µ¥Â¨³ ¦· ®µ¦ · µ¦°º É ¸ÉÁ ¸¥É ª o ° ´ µ¥­· oµÂ¨³ ¦· µ¦ ºÊ °­· oµÂ¨³ ¦· µ¦ µ¥­· ¦´¡¥r µª¦ ¦µ¥Å o°ºÉ nµÄ o nµ¥Ä µ¦ µ¥Â¨³ ¦· ®µ¦ ¼o ¦·®µ¦­Î µ ´ nµ °  ¼ o ¦· ®µ¦­Îµ ´ ¨ ¦³Ã¥ r¦³¥³­´Ê ° ¡ ´ µ ¨ ¦³Ã¥ r®¨´ °° µ µ ¨ ¦³Ã¥ r¦³¥³¥µª°ºÉ

48

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

® n ª¥ : ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

5,658 1,151,360 30,100 7,159

6,886 1,104,642 50,060 13,408

84

78

29,100 2,533

50,060 2,353

3,537 -

385 6

3,537 -

385 6

6,869,507 502,994 12,561 73,240

5,967,524 442,457 48 2,231 54,340

1,582,952 69,697 12,561 43,267

1,900,000 3,454 2,165 37,366

50,355 3,940 10,271

54,740 3,237 9,027

50,355 3,940 10,271

54,740 3,237 9,027

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& /%6&A/ < ¬´ ¥n°¥ ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

Ã¥ µ¥ µ¦ ε® ¦µ µ¦³®ªnµ ´ ¦µ¥ µ¦ µ¥­· oµÂ¨³ ¦· µ¦ ºÊ °­· oµÂ¨³ ¦· µ¦ Á · ´ ¨¦´ ° Á ¸Ê¥¦´ ¦µ¥Å o°ºÉ ¦µ¥Å o µ µ¦ ´ ­n ª nµÄ o nµ¥Ä µ¦ ¦· ®µ¦ ´ µ¦ nµÄ o nµ¥Ä µ¦ µ¥Â¨³ ¦· ®µ¦ ° Á ¸Ê¥ nµ¥ ºÊ °Â¨³ µ¥­· ¦´¡¥r µª¦

Ã¥ µ¥ µ¦ ε® ¦µ µ ª εŦ µ o » µ¦Å o¤µ ° ­· oµÂ¨³ ¦· µ¦ ´Ê ¦µ µ ¨µ ­» · µ εŦ­n ª Á¡·É¤ ° ¦· ¬ ´ µ¤°´ ¦µ ¸É ¦³ µ«Ä®o ´ ¼ o º°®» o ¦µ¥°ºÉ °´ ¦µ ° Á ¸Ê¥ ε® µ o » µ¦ ¼¥o º¤Â¨³°´ ¦µ ° Á ¸Ê¥ o° ¨µ ¦µ µ ¸É ¨ ´ µ¤­´ µ ε ª µ o » ¸ÉÁ · ¹Ê ¦· ¦µ µ ¸É ¨ ´ µ¤­´ µ °´ ¦µ ° Á ¸Ê¥ ε® µ o » µ¦ ¼¥o º¤Â¨³°´ ¦µ ° Á ¸Ê¥ o° ¨µ ¦µ µ ¸É ¨ ¦n ª¤ ´

¥° Á®¨º° ´ · µ¦ ¸ÉÁ ¸É¥ª o° ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê

¨¼ ® ¸Ê µ¦ o µ ¦· ¬ ´ ¥n°¥ ¦· ¬ ´ ¦n ª¤ · µ¦°ºÉ ¸ÉÁ ¸É¥ª o° ´ ¦ª¤

µ¦Á · ¦ª¤ 2556 2555 3,240 1,213,402

-1,109 1,233,075

® n ª¥ : ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 252,069 460 116,714

50,636 14 42,561

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

49

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& /%6&A/ < ¬´ ¥n°¥ ¦·¬´ Á °¦r ¨ ¸É ¥»'4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· .N®¤µ¥Á® » 6/'5 Č .¦³ ° µ¦Á · 8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

¨¼ ® ¸Ê°ºÉ ¦· ¬ ´ ¥n°¥ · µ¦ ¸É ª »¤¦n ª¤ ´ ¦· ¬ ´ ¦n ª¤ · µ¦°ºÉ ¸ÉÁ ¸É¥ª o° ´ ¦ª¤ Á · Ä®o o ¥¼ ¤º ¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ ¦· ¬ ´ ¥n°¥ ¦ª¤ Á · Ä®o o ¥¼ ¤º ¦³¥³­´Ê  n · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¦· ¬ ´ ¥n°¥ ¦ª¤ Á · Ä®o o ¥¼ ¤º ¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¦· ¬ ´ ¥n°¥ ¦ª¤

50

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ : ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

970 21,772

3,375,473 941 970 14,286

74,427 683 245 3,048

1,350,000

-

616,686

253,700

261,000

1,991,000

815 13,689

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬/%6&A/ < ´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦· '4 1 6'A è ¬´ ¥n°¥ ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

¦µ¥¨³Á°¸¥ Á · Ä®o ¥¼o º¤¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê

® n ª¥ ¡´ µ

Á · Ä®o o¥¼ º¤¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ ¦·¬´ ¥n °¥ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ¢¼o ­r ε ´ ¦· ¬ ´ °» ­µ® ¦¦¤ εÁ ¦ºÉ °  oªÅ ¥ ε ´ (¤®µ ) ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r Á ¨¨È° r ε ´ ¦ª¤

°´ ¦µ ° Á ¸¥Ê ¦o °¥¨³ n ° ¸

2556 2555 4.00 4.00 4.00

µ¦Á · ¦ª¤ 2556 2555

¦µ¥¨³Á°¸¥ Á · Ä®o ¥¼o º¤¦³¥³­´Ê  n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê °´ ¦µ ° Á ¸¥Ê ¦o °¥¨³ n ° ¸

2556 2555 Á · Ä®o o¥¼ º¤¦³¥³­´Ê  n · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¦·¬´ ¥n °¥ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ¢¼o ­r ε ´ 2.60 ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r è ·­ · ­r ε ´ 2.60 ¦· ¬ ´ ¸Á ¸ è ·­ · ­r ° r ª¦rÁ±oµ­r ε ´ Á ·¤ ºÉ° ¦· ¬ ´ ¸Á ¸ °· Á °¦rÁ ´ É Â ¨ ε ´ ) 2.60 3.20 ¦· ¬ ´ Å ¥-­Â · ­ ¸¨ ε ´ 3.20 ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r Á ¨¨È° r ε ´ 2.60 3.20 Phu Thai Group Joint Stock Company 3.00 ¦ª¤

µ¦Á · ¦ª¤ 2556 2555

µ¦Á · Á ¡µ³ · µ¦ 2556 2555 150,000 1,000,000 200,000 ® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 62,000 3,059 13,667 261,500 276,460

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

87,700 106,000 60,000

51

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& '4 1 6'A è ¬´ ¥n°¥ ¦·¬/%6&A/ < ´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦· .N6/'5 ¦³ ° µ¦Á · Č.8ù .< +5 9I 5 +6 % ®¤µ¥Á® » ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

¦µ¥¨³Á°¸¥ Á · Ä®o ¥¼o º¤¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê °´ ¦µ ° Á ¸¥Ê ¦o °¥¨³ n ° ¸

2556 2555 Á · Ä®o o¥¼ º¤¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¦·¬´ ¥n °¥ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r Á ¨¨È° r ε ´ 4.00 ¦· ¬ ´ °» ­µ® ¦¦¤ εÁ ¦ºÉ °  oªÅ ¥ ε ´ (¤®µ ) 4.00 ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ¢¼o ­r ε ´ 4.00 4.00 ¦· ¬ ´ ¦¼ Á ¸¥°» ­µ® ¦¦¤ ε ´ 4.00 ¦ª¤

Á o µ® ¸Ê µ¦ o µ ¦· ¬ ´ ¥n°¥ ¦· ¬ ´ ¦n ª¤ · µ¦°ºÉ ¸ÉÁ ¸É¥ª o° ´ ¦ª¤

ª´ ¸É ¦ µ¦Á · ¦ª¤ ε® ε¦³ 2556 2555

µ¦Á · Á ¡µ³ · µ¦ 2556 6 2555

31 ¡ 2557

-

-

31 ¡ 2557 30 2559 31 ¤¸ 2557

-

500,000

1,000,000 261,000 411,000 80,000

µ¦Á · ¦ª¤ 2556 2555 223,233 56,323

1,985,955 17,420

1,710,542

49,756 1,480

33,146 229 1,595

9,771 8,764

Á · ¼o¥¤º ¦³¥³­´Ê µ · µ¦ ¸ÁÉ ¸¥É ª o ° ´ ¦· ¬ ´ ¥n°¥ ¦ª¤

-

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

Á o µ® ¸Ê°ºÉ ¦· ¬ ´ ¥n°¥ · µ¦ ¸É ª »¤¦n ª¤ ´ ¦· ¬ ´ ¦n ª¤ · µ¦°ºÉ ¸ÉÁ ¸É¥ª o° ´ ¦ª¤

52

® n ª¥ ¡´ µ

158,265 31,947

3,053 -

808,139

700,353

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& '4 1 6'A è ¬´ ¥n°¥ ¦·¬/%6&A/ < ´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦· .N6/'5 ¦³ ° µ¦Á · Č.8ù .< +5 9I 5 +6 % ®¤µ¥Á® » ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

¦µ¥¨³Á°¸¥ Á · ¼¥o º¤¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê °´ ¦µ ° Á ¸¥Ê ¦o °¥¨³ n ° ¸

2556 2555 Á · ¼o¥º¤¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ¦·¬´ ¥n °¥ ¦· ¬ ´ Å ¥ ¨µ­Á à 襸 ε ´ Á ·¤ ºÉ° ¦· ¬ ´ ¸Á ¸ ¤µ¦rÁ È ·Ê ε ´ ) ¦· ¬ ´ ¸Á ¸ Á±¨ r ¦r ε ´ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ­Á Á ¸¥¨ ¸Ê­r ε ´ ¦· ¬ ´ ¸Á ¸ °· ´­Á ¦¸ ¥¨ ° r Á ¦ ·Ê ε ´ ¦· ¬ ´ Å ¥¢¨´ª­ µ¦r ° r ¤·Á °¦´¨­r ε ´ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r è ·­ · ­r ε ´ ¦· ¬ ´ ¤´ µ ε ´ ¦· ¬ ´ Å ¥-­Â · ­ ¸¨ ε ´ ¦· ¬ ´ ¸Á ¸ ¡ Á ·Ê ε ´ ¦· ¬ ´ ¦¼ Á ¸¥°» ­µ® ¦¦¤ ε ´ ¦ª¤

1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40 1.40

1.85 1.85 1.85 1.85 2.00 1.85 1.85 1.85 -

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

83,654 166,282 64,534 245,269 5,300 96,700 133,000 2,400 11,000

82,854 213,985 55,142 239,800 5,300 9,672 91,200 2,400

¥° Á®¨º°°ºÉ ° ­· ¦´¡¥r¨³® ¸Ê­· ´ · µ¦ ¸ÉÁ ¸É¥ª o° ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê ® n ª¥ ¡´ µ µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2555 2556 ­· ¦´¡¥r®¤» Áª¸¥ °ºÉ 47,429 ­· ¦´¡¥rŤn®¤» Áª¸¥ °ºÉ 7 ® ¸Ê­· Ťn®¤» Áª¸¥ °ºÉ 10,932 9,790 ­´ µ­Îµ ´ ¸É ε ´ · µ¦ ¸ÉÁ ¸¥É ª o ° ´ ­´ µÄ®o ¦· µ¦ o µ ¦³ ­µ¦­ Á « ¦· ¬ ´ ¸ ¸ ¸ Á à 襸 ε ´ ¹É Á È ¦· ¬ ´ ¥n°¥ ° ¦· ¬ ´ Å oÁ oµ ε­´ µÄ®o ¦· µ¦ ´ ¦· ¬ ´ ¸ÉÁ ¸É¥ª o° ´ ®¨µ¥Â®n Á¡ºÉ°Ä®o ¦· µ¦ ¼Â¨¦´ ¬µ ¡´ µ¦³ °¤¡·ªÁ °¦r ¨³Ä®oÁ nµ°» ¦ r °¤¡·ªÁ °¦r à ¥ ¨ Ä®o ¦· µ¦ Ä ¦µ µÂ¨³Á ºÉ° Å ¸É¦³ »ÅªoÄ ­´ µ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

53

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥»'4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ +6 % .N®¤µ¥Á® » 6/'5 Č .¦³ ° µ¦Á · 8ù .< +5 9I 5 ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

­´ µ º Ê° µ¥ ª  o ª ¦· ¬ ´ ¨³ ¦· ¬ ´ ¥n°¥Å oÁ oµ ε­´ µ ºÊ ° µ¥ ª  oª ´ ¦· ¬ ´ Å ¥Á ¢Áª°Á¦ ¦¸ Å Á ·¨ ε ´ ¹É Á È ¦· ¬ ´ ¸É Á ¸É¥ª o° ´ Á È ¦³¥³Áª¨µ­µ¤ ¸ Á¦·É ¤ ´Ê  nª ´ ¸É 1 ¤ ¦µ ¤ 2556 ¹ ª´ ¸É 31 ´ ªµ ¤ 2558 à ¥ ¨ ºÊ ° µ¥ ª  oªÄ ¦µ µÂ¨³Á ºÉ° Å ¸É¦³ »Ä ­´ µ ­´ µ º Ê° µ¥­· o µ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ¢¼o ­r ε ´ ¹É Á È ¦· ¬ ´ ¥n°¥ ° ¦· ¬ ´ Å oÁ oµ ε­´ µ ºÊ ° µ¥­· oµ ´ ¦· ¬ ´ ð°· · ¦»p ε ´ ¤®µ ¹É Á È ¦· ¬ ´ ¸ÉÁ ¸É¥ª o° ´ Á È ¦³¥³Áª¨µ­° ¸ Á¦·É ¤ ´Ê  nª ´ ¸É 21 ¤¸ µ ¤ 2556 ¹ ª´ ¸É 20 ¤¸ µ ¤ 2558 à ¥ ¨ ºÊ ° µ¥­· oµÄ ¦µ µÂ¨³Á ºÉ° Å ¸É¦³ »ÅªoÄ ­´ µ ­´ µÄ®o ¦· µ¦ ´ ε® n µ¥­· o µ ¦· ¬ ´ Å oÁ oµ ε ­´ µÄ®o ¦· µ¦ ´ ε ® n µ ¥­· oµ ´ ¦· ¬ ´ ð°· · ¦»p ε ´ ¤®µ ¹É Á È ¦· ¬ ´ ¸É Á ¸É ¥ª o° ´ Á È ¦³¥³Áª¨µ­µ¤ ¸ Á¦·É ¤ ´Ê  nª ´ ¸É 15 ¡§¬£µ ¤ 2555 ¹ ª´ ¸É 14 ¡§¬£µ ¤ 2558 à ¥ ¨ Ä®o ¦· µ¦Ä ¦µ µÂ¨³Á ºÉ° Å ¸É¦³ »ÅªoÄ ­´ µ £µ¦³ ¼ ¡´ °ºÉ Ç µ¦Á · ¦ª¤ 2556 2555 £µ¦³ ¼ ¡´ µ¤­´ µÁ n µ εÁ · µ ¸¥É Á¨· Ťn Å o £µ¥Ä ® ¹É ¸ Á · ® ¹É ¸  nŤnÁ · ®oµ ¸ Á · ªnµ®oµ ¸ ¦ª¤

54

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

65,706 115,091 392

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2555 2556

41,542 84,444 223

28,231 55,421

24,543 53,134

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ®¦´/'5 ¸ ­· ČÊ .­»8ù ª´.< ¸É +5 ´ 9 I ªµ ¤ 5 +6 % o °¤¼¨Á¡·¤É Á ·¤Á ¸¥É ª ´ ¦³Â­Á · ­ 6.1 ¦µ¥ µ¦ ¸É ŤnÁ È ´ªÁ · ¸É ¤¸­µ¦³­Îµ ´ Ä µ¦Á · ¦ª¤Â¨³ µ¦Á · Á ¡µ³ · µ¦­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556 2555

nµ ºÊ°°» ¦ r­nª ¸É¥ ´ oµ 妳

108,316

163,554

4,293

2,543

6.2 Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥

µ¦Á · ¦ª¤ 2556 2555

Á · ­ Ä ¤º° Á · µ µ µ¦ ¦³Á£ ¦³Â­¦µ¥ª´ Á · µ µ µ¦ ¦³Á£ °°¤ ¦´¡¥r Á · ¨ » ¦³¥³­´Ê ¸É¤¸­£µ¡ ¨n° ­¼ Á È Ä ¤º° ¦ª¤

6.3

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

43,494 811,798 907,647 8,273 8,759

21,406 850,105 444,032 633,915 65,995

348 135,975 150,472

283 74,704 213,129 65,995

¥° Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ´ µ¤ ¦³Á£ ­ »¨Á · ¦µÅ o ´ ¸Ê

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556 2555

­ »¨Á · µ ¨³­ »¨Á · ¸ÉÄ oÄ µ¦ εÁ · µ ° ¦· ¬ ´ ¥n°¥ ­ »¨Á · °¨¨µ¦r­®¦´ ­ »¨Á · ¦· · ¤µÁ¨Á ¸¥ ­ »¨Á · °¨¨µ¦r­· à ¦r ­ »¨Á · Áª¸¥ µ¤ ° °ºÉ Ç ¦ª¤

1,368,120 386,019 13,126 11,810 896

1,877,241 125,617 8,155 3,771 669

286,204 539 52

353,419 681 11

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

55

55

¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ '8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤ .N6/'5 Č.8ù .< +5 9I 5 +6 %

¨¼ ® ¸ Ê µ¦ o µ ¨¼ ® ¸Ê µ¦ oµ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ · µ¦ ¸ÉÁ ¸É¥ª o° ´ · µ¦°ºÉ Ç ¨¼ ® ¸Ê µ¤­´ µ n° 妳 ®´ ° Á ¸Ê¥ ¸É¥ ´ ŤnÁ · ¹Ê µ¤­´ µ n° 妳 ®´ nµÁ º°É ® ¸Ê­ ­´¥ ³­¼ ¦ª¤ ® ¸Ê­¼ ¨³® ¸Ê­ ­´¥ ³­¼ ­Îµ®¦´ ¸

®¤µ¥Á® »

µ¦Á · ¦ª¤ 2556 2555 1,216,642 6,635,993 32,596

1,234,184 5,767,298 30,010

369,243 4,145,006 24,318

93,211 3,959,450 29,490

(3,013) (160,999)

(1,145) (159,077)

(752) (116,677)

(1,145) (110,206)

µ¦ª·Á ¦µ³®r°µ¥» ° ¨¼ ® ¸Ê µ¦ oµ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê

· µ¦ ¸ÁÉ ¸¥É ª o ° ´ ¥´ Ťn ¦ ε® ε¦³ Á · ε® ε¦³: o°¥ ªnµ 3 Á º° 3 - 6 Á º° 6 - 12 Á º° ¤µ ªnµ 12 Á º° · µ¦°º É Ç ¥´ Ťn ¦ ε® ε¦³ Á · ε® ε¦³: o°¥ ªnµ 3 Á º° 3 - 6 Á º° 6 - 12 Á º° ¤µ ªnµ 12 Á º° ®´ nµÁ ºÉ°® ¸Ê­ ­´¥ ³­¼ ¦ª¤

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

1,162,945

637,341

298,759

26,561

42,953 5,829 2,338 2,577

553,124 8,056 12,941 22,722

66,487 3,413 72 512

58,816 4,203 15 3,616

4,791,936

3,732,836

2,833,766

2,397,451

1,506,709 128,587 103,077 135,267 (160,999)

1,668,868 174,629 89,477 130,353 (159,077)

1,112,460 71,382 55,683 95,281 (116,677)

1,324,295 128,924 51,756 85,369 (110,206)

à ¥ ·¦³¥³Áª¨µ µ¦Ä®o­· Á ºÉ°Â n¨ ¼ oµ ° ¨»n¤ ¦· ¬ ´ ¤¸¦³¥³Áª¨µ ´Ê  n 45 ª´ ¹ 75 ª´ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ 56 ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

56

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» '4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Č ¦³ ° µ¦Á · .8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

¥° ¨¼ ® ¸Ê µ¦ oµ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ´ µ¤ ¦³Á£ ­ »¨Á · ¦µÅ o ´ ¸Ê ­ »¨Á · µ ¨³­ »¨Á · ¸ÉÄ oÄ µ¦ εÁ · µ ° ¦· ¬ ´ ¥n°¥ ­ »¨Á · °¨¨µ¦r­®¦´ ­ »¨Á · ¥¼Ã¦ ­ »¨Á · °¨¨µ¦r­· rà ¦r ­ »¨Á · Áª¸¥ µ¤ ° °ºÉ Ç ¦ª¤

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556 2555 7,440,116 225,477 14,046 33,222 154,787 14,570

6,529,704 435,650 27,730 32,072 5,191

4,448,164 85,030 182 4,439

4,011,641 36,062 27,575 5,482 246

¨¼ ® ¸°Ê ºÉ ¨¼ ® ¸Ê°ºÉ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥

®¤µ¥Á® » ¨¼ ® ¸Ê°ºÉ - · µ¦ ¸ÉÁ ¸É¥ª o° ´ nµÄ o nµ¥ nµ¥¨nª ® oµ ¨¼ ® ¸ÊÁ ¬ ¦ ¦ Á · ¦° nµ¥ ¤¼¨ nµ ° µ ¦³®ªnµ ε ¸É¥ ´ ŤnÁ¦¸ ¥ Á È °ºÉ Ç ®´ nµÁ ºÉ°® ¸Ê­ ­´¥ ³­¼ ¦ª¤ ® ¸Ê­¼ ¨³® ¸Ê­ ­´¥ ³­¼ ( ¨´ ¦µ¥ µ¦) ­Îµ®¦´ ¸

µ¦Á · ¦ª¤ 2556 2555 22,742 128,061 17,072 177,941 74,591 860,160 (1,921)

14,504 56,669 30,206 186,349 276,122 576,322 (13,741)

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 3,391,670 13,237 66,074 73,859 40,848 (1,065)

78,403 9,123 64,878 275,365 26,334 (587)

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

57

'8-5 A 1'Ę)9I &< A 1'Ę A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥»'4 1 6'A è Á °¦r ε ´ ¤®µ ¨³ ¦· /%6&A/ < ¬´ ¥n°¥ +6 % .N®¤µ¥Á® » 6/'5 Č ¦³ ° µ¦Á · .8ù .< +5 9I 5 ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤

­· o µ Á®¨º° ­· oµ Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ µ¦Á · ¦ª¤ 2556 2555 ­· oµ­ÎµÁ¦È ¦¼ ­· oµ¦³®ªnµ ¨· ª´ » · ¨³ª´­ »®¸ ®n° ­nª ¦³ ° ¨³°³Å®¨n ª´­ »°ºÉ ­· oµ¦³®ªnµ µ ®´ nµÁ ºÉ°­· oµ¨oµ­¤´¥Â¨³Á ¨ºÉ° Å®ª oµ ¦ª¤

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

3,979,895 349,782 2,320,286 1,071,018 109,865 827,687 (215,239)

3,153,777 413,874 1,866,174 919,955 76,833 619,069 (185,839)

1,357,129 83,071 80,236 12,022 127,008 (118,652)

1,290,193 109,472 65,392 4,314 19 84,753 (112,244)

o » ° ­· oµ Á®¨º° ¸É ´ ¹ Á È nµÄ o nµ¥Â¨³Å o¦ª¤Ä ´ ¸ o » µ¥ ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ µ¦Á · ¦ª¤ 2556 2555

o » ° ­· oµ Á®¨º° ¸É ´ ¹ Á È nµÄ o nµ¥ ¨³Å o¦ª¤Ä ´ ¸ o » µ¥ - o » µ¥ 32,101,930 28,441,335 - µ¦ ¦´ ¨ ¤¼¨ nµÁ È ¤¼¨ nµ­» · ¸É µ ªnµ ³Å o¦´ ( ¨´ ¦µ¥ µ¦) 29,400 (39,378) ¦ª¤

58

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2555 2556 17,629,682 17,083,581 6,408 (1,390)

5 A 1'Ę )9I Î&<µ ´ A 1'Ę N6 5 }%/6 ~ B)4 '8 ¦· '8 ¬´ Á °¦r ¨ ¸É ¥» Á °¦r ¤®µ ¨³ ¦· ¬´ ¥n°¥ -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î.N µ®¦´6 /'5 ¸ ­· Ê ­» Č .ª´ 8ù ¸.< É ´ +5 ªµ ¤ 9I 5 +6 % ¦· ¬ ´ ¥n°¥

Á · ¨ » Ä ¦·¬ ´ ¥n °¥ Á · ¨ » Ä ¦· ¬ ´ ¥n°¥ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¨³Á · ´ ¨¦´ µ Á · ¨ » ­Îµ®¦´ ¸ ­·Ê ­» ª´ Á ¸¥ª ´ ¤¸ ´ ¸Ê ­´ ­n ª ªµ¤ Á È Á oµ ° ¦o °¥¨³

2556 2555 98.80 98.80 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

® n ª¥ ¡´ µ

µ¦Á · Á ¡µ³ · µ¦ » ε¦³Â¨oª 2556 2555 500 500 320,000 320,000 30,000 30,000 50,000 50,000 100,000 100,000 200,000 200,000 250,000 250,000 2,000 2,000

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

59

¦· ¬ ´ ¤´ µ ε ´ ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ¢¼o ­r ε ´ Rubia Investments Limited ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r è ·­ · ­r ε ´ ¦· ¬ ´ Å ¥ ¨µ­Á à 襸 ε ´ (Á ·¤ ºÉ° ¦· ¬ ´ ¸Á ¸ ¤µ¦rÁ È ·Ê ε ´ ) ¦· ¬ ´ ¸Á ¸ Á±¨ r ¦r ε ´ ¦· ¬ ´ ¸Á ¸ °· ´­Á ¦¸ ¥¨ ° r Á ¦ ·Ê ε ´ ¦· ¬ ´ Å ¥¢¨´ª­ µ¦r ° r ¤·Á °¦´¨­r ε ´ ¦· ¬ ´ ¸Á ¸ è ·­ · ­r ° r ª¦rÁ±oµ­r ε ´ (Á ·¤ ºÉ° ¦· ¬ ´ ¸Á ¸ °· Á °¦rÁ ´ É Â ¨ ε ´ ) 100.00 100.00 1,611,000(3) Berli Jucker (Myanmar) Limited 100.00 100.00 510(1) BJC International Company Limited 100.00 100.00 381,441(2)(4) ¦· ¬ ´ ¦¼ Á ¸¥°» ­µ® ¦¦¤ ε ´ 99.76 99.76 70,000 ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r ­Á Á ¸¥¨ ¸Ê­r ε ´ 98.30 98.30 63,875 ¦· ¬ ´ °» ­µ® ¦¦¤ εÁ ¦ºÉ °  oªÅ ¥ ε ´ ¤®µ

98.59 98.59 1,170,000 ¦· ¬ ´ Á °¦r¨¸É ¥» Á °¦r Á ¨¨È° r ε ´ 94.84 94.84 900,000 ¦· ¬ ´ ¸ ¸ ¸ Á à 襸 ε ´ 51.00 51.00 180,000 ¦· ¬ ´ Å ¥Á Áª°¦rÁ¦  ε ´ 50.00 50.00 1,500,000(6) ¦· ¬ ´ Å ¥-­Â · ­ ¸¨ ε ´ (5) 34.13 34.13 586,000 ¦· ¬ ´ ®· °n° ¨³«·¨µ ε ´ (5) 5.00 5.00 99,800 ¦· ¬ ´ ¸Á ¸ ¡ Á ·Ê ε ´ 100.00 100.00 2,055,000 ¦· ¬ ´ ¸Á ¸ ¦¸ Á ¨ ε ´ 99.98 99.98 250 ¦ª¤ (1) ­ »¨Á · ´ (2) ­ »¨Á · °¨¨µ¦r ±n° (3) ¦· ¬ ´ ¸Á ¸ è ·­ · ­r ° r ª¦rÁ±oµ­r ε ´ Å oÁ¡·É¤ » ³Á ¸¥ Á È 1,611 ¨oµ µ Ä ¦³®ªnµ ¸ (4) BJC International Company Limited Å oÁ¡·É¤ » ³Á ¸¥ Á È 650 ¨oµ Á®¦¸ ¥ °¨¨µ¦r±n° Ä ¦³®ªnµ ¸ (5) ¦· ¬ ´ Å ¥-­Â · ­ ¸¨ ε ´ ¨³ ¦· ¬ ´ ®· °n° ¨³«·¨µ ε ´ Á È ¦· ¬ ´ ¥n°¥ µ °o°¤ ° ¦· ¬ ´ (6) ¦· ¬ ´ Å ¥Á Áª°¦rÁ¦  ε ´ Å oÁ¡·É¤ » ³Á ¸¥ Á È 1,500 ¨oµ µ Ä ¦³®ªnµ ¸

1,300,000 510(1) 164,941(2) 70,000 63,875 1,170,000 900,000 180,000 1,000,000 586,000 99,800 2,055,000 250

ª· ¸¦µ µ » 2556 2555 494 494 320,041 320,041 30,000 30,000 50,000 50,000 102,550 102,550 200,000 200,000 250,000 250,000 1,999 1,999 1,611,000(3) 2,076 1,506,123 77,123 70,504 3,504,453 1,039,531 96,237 1,324,000 200,000 4,990 2,055,000 250

59

1,300,000 2,076 673,760 77,123 70,504 3,504,453 1,039,531 96,237 1,074,000 200,000 4,990 2,055,000 250

µ¦ o°¥ nµ 2556 -

2555 -

(2,076)

(2,076)

¦µ µ » - ­» · 2556 2555 494 494 320,041 320,041 30,000 30,000 50,000 50,000 102,550 102,550 200,000 200,000 250,000 250,000 1,999 1,999 1,611,000 1,506,123 77,123 70,504 3,504,453 1,039,531 96,237 1,324,000 200,000 4,990 2,055,000 250

1,300,000 673,760 77,123 70,504 3,504,453 1,039,531 96,237 1,074,000 200,000 4,990 2,055,000 250

Á · ´ ¨¦´ 2556 2555 84,940 105,100 64,000 51,200 38,500 15,000 30,600 15,200 2,250 13,000 -

56,983 276,852 39,263 11,108 165,000

36,033 7,858 213,407 39,263 10,098 107,500

60 ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& '4 1 6'A è ¬´ ¥n°¥ ¦·/%6&A/ < ¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦· .N6/'5 ¦³ ° µ¦Á · Č.8ù .< +5 9 I 5 +6 % ®¤µ¥Á® » ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

Á · ¨ » Ä · µ¦ ¸É ª »¤¦n ª¤ ´ Á · ¨ » Ä · µ¦ ¸É ª »¤¦n ª¤ ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¨³Á · ´ ¨¦´ µ Á · ¨ » ­Îµ®¦´ ¸ ­·Ê ­» ª´ Á ¸¥ª ´ ¤¸ ´ ¸Ê

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BJC O-I Glass Pte. Ltd.

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Á · ´ ¨¦´ 2556 2555

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Ä Á º° ´ ªµ ¤ 2556 ¦· ¬ ´ Å o µ¥Á · ¨ » Ä BJC O-I Glass Pte. Ltd. Ä®o n ¦· ¬ ´ ¥n°¥Â®n ® ¹É ° ¦· ¬ ´ Á È ¨Ä®o ¦· ¬ ´ ¤¸ ¨ µ » µ µ¦ ε® nµ¥Á · ¨ » ε ª 15.74 ¨oµ µ

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·/%6&A/ < ¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦· '4 1 6'A è ¬´ ¥n°¥ ®¤µ¥Á® » .N6/'5 ¦³ ° µ¦Á · Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

Á · ¨ » Ä ¦·¬ ´ ¦n ª¤ Á · ¨ » Ä ¦· ¬ ´ ¦n ª¤ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¨³Á · ´ ¨¦´ µ Á · ¨ » ­Îµ®¦´ ¸ ­·Ê ­» ª´ Á ¸¥ª ´ ¤¸ ´ ¸Ê ­´ ­n ª ªµ¤ Á È Á oµ ° ¦o °¥¨³

2556 2555 50.00 50.00 50.00 50.00 49.00 49.00 24.65 24.65

¦· ¬ ´ ¸ Á ¸ ¤µ¦¸ ¦¸ °­Á ­ ·Áª¨¨° Á¤o r ε ´ ¦· ¬ ´ Á °¦r ¨¸É Á°Á ¸¥ ·Ë à µ ε ´ ¦· ¬ ´ Á °¦r ¨¸É Å nµ¡¨µ­ ε ´ ¦· ¬ ´  oª ¦» Å ¥ ε ´ ¦ª¤

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

­´ ­n ª ªµ¤ Á È Á oµ ° ¦o °¥¨³

2556 2555

61

¦· ¬ ´ ¸ Á ¸ ¤µ¦¸ ¦¸ °­Á ­ · Áª¨¨° Á¤o r ε ´ ¦· ¬ ´ Á °¦r ¨¸É Á°Á ¸ ¥ ·Ë à µ ε ´ ¦· ¬ ´ Á °¦r ¨¸É Å nµ¡¨µ­ ε ´ ¦ª¤

49.99 50.00 49.00

49.99 50.00 49.00

® n ª¥ ¡´ µ

µ¦Á · ¦ª¤ » ε¦³Â¨oª 2556 2555 94,400 40,000 303,933 320,000

94,400 40,000 303,933 320,000

ª· ¸¦µ µ » 2556 52,372 24,872 195,069 80,000

2555 52,372 24,872 195,069 80,000

ª· ¸­nª Å oÁ­¸ ¥ 2556 2555 14,007 41,816 324,827 86,561

2556

13,535 32,715 301,273 84,856

94,400 40,000 303,933

ª· ¸¦µ µ » 2556 2555

94,400 40,000 303,933

52,372 24,872 195,069

61

52,372 24,872 195,069

µ¦ o°¥ nµ 2556 2555 (40,400)

14,400 14,700 1,000

43,200 6,860

® n ª¥ ¡´ µ

µ¦Á · Á ¡µ³ · µ¦ » ε¦³Â¨oª 2556 2555

Á · ´ ¨¦´ 2555

(40,400)

¦µ µ » -­» · 2556 2555 11,972 24,872 195,069

Á · ´ ¨¦´ 2556 2555

11,972 24,872 14,400 195,069 14,700

43,200 6,860

¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ '8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

.N6/'5 Č.8ù .< +5 9I 5 +6 %

Á · ¨ » ¦³¥³¥µª°º É Á · ¨ » ¦³¥³¥µª°ºÉ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 Á È Á · ¨ » ´ªÉ Å Ä ¦µ­µ¦ » ¤¸ ´ ¸Ê ® n ª¥ ¡´ µ ª· ¸¦µ µ » µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2556 2555 Siam Cement Myanmar Trading Ltd. 837 837 Phu Thai Thanh Hoa Joint Stock Company 16,000 Viet - My Milk Joint Stock Company 5,281 La Martiniquaise (Vietnam) Wine and Spiritueux 6,400 Company Limited ¦ª¤

°­´ ®µ¦·¤ ¦´¡¥r Á¡º°É µ¦¨ » °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ ¦µ µ » ª´ ¸É 1 ¤ ¦µ ¤ 𠤵 µ ­· ¦´¡¥r°ºÉ ð Å ¸É · °µ µ¦Â¨³°» ¦ r ¨ nµ µ µ¦Â ¨ nµ µ¦Á · ª´ ¸É ´ ªµ ¤ n µÁ­ºÉ°¤¦µ µ­³­¤Â¨³ n µÁ ºÉ° µ µ¦ o°¥ n µ ª´ ¸É 1 ¤ ¦µ ¤ nµÁ­ºÉ °¤¦µ µ­Îµ®¦´ ¸ nµÁ º°É µ¦ o°¥ nµ ¨´ ¦µ¥ µ¦ 𠤵 µ ­· ¦´¡¥r°ºÉ ð Å ¸É · °µ µ¦Â¨³°» ¦ r ¨ nµ µ µ¦Â ¨ nµ µ¦Á · ª´ ¸É ´ ªµ ¤

®¤µ¥Á® »

¤¼¨ n µ­» · µ ´ ¸ ª´ ¸É ´ ªµ ¤

62

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62

® n ª¥ ¡´ µ

µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2556 2555 226,250 206,546 458,707 460,364 7,928 19,704 11,156 (5,036) (1,657) 453 - - - (125,978) (111,048) (384,520) (381,034) (3,503) (4,079) (4,693) (4,551) 3,644 (7,771) (14,495) 6,527 1,065 (86) -

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » ¦³ ° oª¥ ¦´¡¥r­· ¸É ¤¸ » ­¤ ´ ·Á · ¡µ · ¥r ¸ÉÄ®oÁ n µÂ n » ¨ ¸É­µ¤Â¨³Ä®oÁ n µ  n » ¨®¦º ° · µ¦ ¸É Á ¸É ¥ª o° ´ à ¥ · µ¦Å oð ¦´¡¥r­· ­n ª ® ¹É µ °­´ ®µ¦· ¤ ¦´¡¥rÁ¡ºÉ° µ¦¨ » Á È ¸É · °µ µ¦Â¨³°» ¦ r Á ºÉ ° µ ¨»n¤ ¦· ¬ ´ Å o¤¸ µ¦ ´ ­· Ä ¸É ³Ä o ¦³Ã¥ r µ ­· ¦´¡¥r ´ ¨nµªÁ° ¼®¤µ¥Á® » ¦³ ° µ¦Á · o°15) ¸É · °µ µ¦ ¨³°» ¦ r ¸É · °µ µ¦Â¨³°» ¦ r ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ ª´ ¸ É ´ ªµ ¤ ¦µ µ » ¸É · ¨³­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r ­Îµ ´ µ ¥µ ¡µ® ³ ­· ¦´¡¥r¦³®ªnµ n°­¦oµ ¦ª¤¦µ µ » nµÁ­ºÉ °¤¦µ µ­³­¤ ­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r ­Îµ ´ µ ¥µ ¡µ® ³ ¦ª¤ nµÁ­ºÉ °¤¦µ µ­³­¤ ®´ nµÁ ºÉ° µ¦ o°¥ nµ - ¸É · °µ µ¦Â¨³°» ¦ r ¦ª¤

® n ª¥ ¡´ µ

µ¦Á · ¦ª¤ ¥° Á®¨º° Á¡·¤É ¹ Ê Å o ¤µ ε® n µ¥ ð Á o µ ¨ n µ µ ª´ ¸ É µ µ¦ ¨ ¨ ð °° µ¦Â ¨ n µ ¤ ¦µ ¤ ¦ª¤ »¦ · ¦´ ¦» µ¦Á ·

¥° Á®¨º° ª´ ¸ É ´ ªµ ¤

2,521,672 4,937,386 20,242,158

11,816 416,006 1,354,844

167,769 27,718

(24,880) (127,968)

21,120 724,504 1,934,956

199 63,185 112,646

2,554,807 6,283,970 23,544,354

1,575,684 129,302 2,240,862 31,647,064

186,009 29,904 1,602,222 3,600,801

2,854 16,885 562 215,788

(29,983) (18,206) (2,350) (203,387)

66,067 296 (2,746,753) 190

4,840 3,708 2,093 186,671

1,805,471 161,889 1,096,636 35,447,127

(40,015) (2,402,054) (11,390,176)

(3,598) (166,560) (1,528,062)

-

9,554 88,127

(7,820) 2,627

(16) (4,123) (18,635)

(43,629) (2,571,003) (12,846,119)

(1,166,391) (64,130) (15,062,766)

(161,609) (23,926) (1,883,755)

-

26,247 10,371 134,299

2,491 449 (2,253)

(1,305) (743) (24,822)

(1,300,567) (77,979) (16,839,297)

-

346

(164)

-

(1,227)

(1,045)

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

63

-5 ¨ A 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ¦·¬ '8 ´ Á °¦r ¸É ¥» Á °¦r) 9I Î&<µ ´ A 1'Ę ¤®µ ¨³ ¦· ¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · +5 ªµ ¤ 9I 5 +6 % ­Î µ®¦´.N 6 ¸/'5 ­·Ê ­» Č ª´. 8ù ¸.< É ´ ® n ª¥ ¡´ µ

ª´ ¸ É ´ ªµ ¤ ¦µ µ » ¸É · ¨³­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r ­Îµ ´ µ ¥µ ¡µ® ³ ­· ¦´¡¥r¦³®ªnµ n°­¦oµ ¦ª¤¦µ µ » nµÁ­ºÉ °¤¦µ µ­³­¤ ­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r ­Îµ ´ µ ¥µ ¡µ® ³ ­· ¦´¡¥r¦³®ªnµ n°­¦oµ ¦ª¤ nµÁ­ºÉ °¤¦µ µ­³­¤

µ¦Á · ¦ª¤ ¥° Á®¨º° Á¡·¤É ¹ Ê Å o ¤µ ε® n µ¥ ð Á o µ ¨ n µ µ ª´ ¸ É µ µ¦ ¨ ¨ ð °° µ¦Â ¨ n µ ¤ ¦µ ¤ ¦ª¤ »¦ · ¦´ ¦» µ¦Á · 2,311,261 4,143,324 17,823,855

204,327 2,807 352,891

78,836 173,214

(37,040) (151,698)

5,983 749,338 2,041,985

101 121 1,911

2,521,672 4,937,386 20,242,158

1,321,751 110,867 2,051,614 27,762,672

142,892 33,794 3,022,650 3,759,361

2,310 172,191 426,551

(22,670) (23,969) (72,387) (307,764)

131,367 8,623 (2,941,142) (3,846)

34 (13) 7,936 10,090

1,575,684 129,302 2,240,862 31,647,064

40 139

(40,015) (2,402,054) (11,390,176)

11 7 4,003 4,200

(1,166,391) (64,130) (15,062,766)

(1,921) (156,853) (1,322,383)

-

13,340 135,272

(1,022) (6,038)

(1,052,138) (60,892) (12,186) (13,618,035)

(136,972) (20,599) (1,638,728)

-

22,077 17,354 6,704 194,747

631

-

-

910

(2,137)

1,479 (4,950)

-

-

n µÁ­ºÉ °¤¦µ µ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ 2556 2555

64

(38,094) (2,257,559) (10,197,166)

®´ nµÁ ºÉ° µ¦ o°¥ nµ - ¸É · °µ µ¦Â¨³°» ¦ r ¦ª¤

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

¥° Á®¨º° ª´ ¸ É ´ ªµ ¤

(1,227)

¡´ µ ¡´ µ

1,883,755 1,638,728

'8¬-´ Á °¦r 5 A 1'Ę 9I &< εA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ¦· ¨ ¸É ¥» )Á °¦r ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · 6/'5 +5 9 ªµ ¤ I 5 +6 % ­Î.Nµ®¦´ ¸ ­·Ê Č ­». 8ù ª´ .< ¸ É ´

ª´ ¸ É ´ ªµ ¤

¦µ µ » ¸É · ¨³­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r­µÎ ´ µ ¥µ ¡µ® ³ ­· ¦´¡¥r¦³®ªnµ n°­¦oµ ¦ª¤¦µ µ »

¥° Á®¨º° ª´ ¸ É ¤ ¦µ ¤

9,796 314,605 84,929 656,598 68,734 9,979 1,144,641

µ¦Á · Á ¡µ³ · µ¦ Á¡·¤É ¹ Ê Îµ® n µ¥ ð Á o µ ¨ ¨ ð °° ¦´ ¦» 8,845 44,735 23,880 8,228 41,266 126,954

(274) (4,047) (12,838) (1,342) (18,501)

(498) (210,841) (23,996) (577,673) (28,221) (841,229)

¦ª¤

(727) (10,439) (21,581) (33,463) (13,389) (79,599)

198 3,933 10,047 14,178

¥° Á®¨º° ª´ ¸ É ´ ªµ ¤

540 (11,156) (7,830) 46,451 (46,861) (18,856)

nµÁ­ºÉ °¤¦µ µ­³­¤ ­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r­µÎ ´ µ ¥µ ¡µ® ³ ¦ª¤ nµÁ­ºÉ °¤¦µ µ­³­¤

® n ª¥ ¡´ µ

19,181 303,449 121,560 722,882 64,124 3,042 1,234,238

7,771 1,788 9,559

(1,225) (213,509) (43,591) (607,203) (31,563) (897,091)

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

65

¦· '8 ¬´ - Á °¦r ¨ ¸É ¥» Á °¦r ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ 5 A 1'Ę )9I &< Î µA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î.Nµ®¦´ ¸ ­· Ê Č­». ª´8ù .< ¸ É ´ 6/'5 +5 9ªµ ¤ I 5 +6 %

ª´ ¸ É ´ ªµ ¤

¦µ µ » ¸É · ¨³­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r­µÎ ´ µ ¥µ ¡µ® ³ ­· ¦´¡¥r¦³®ªnµ n°­¦oµ ¦ª¤¦µ µ » nµÁ­ºÉ °¤¦µ µ­³­¤ ­nª ¦´ ¦» ¸É · °µ µ¦Â¨³­nª ¦´ ¦» °µ µ¦ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r Á ¦ºÉ °  n · ´Ê ¨³°» ¦ r­µÎ ´ µ ¥µ ¡µ® ³ ¦ª¤ nµÁ­ºÉ °¤¦µ µ­³­¤ ¦ª¤ n µÁ­ºÉ °¤¦µ µ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ 2556 2555

¥° Á®¨º° ª´ ¸ É ¤ ¦µ ¤

9,796 312,378 43,468 600,082 63,927 30,442 1,060,093

(480) (199,252) (12,608) (552,368) (30,239) (794,947)

® n ª¥ ¡´ µ

µ¦Á · Á ¡µ³ · µ¦ Á¡·¤É ¹ Ê Îµ® n µ¥ ð Á o µ ¨ ¨ ð °° ¦´ ¦» 41,529 13,144 24,923 26,075 105,671

(18) (10,524) (11,417) (26,691) (13,156) (61,806)

-

¥° Á®¨º° ª´ ¸ É ´ ªµ ¤

2,227 - 44,819 (46,538) 508

(68) (1,447) (20,116) (21,631)

(1,065) (1,065)

29 1,386 15,174 16,589

9,796 314,605 84,929 656,598 68,734 9,979 1,144,641

(498) (210,841) (23,996) (577,673) (28,221) (841,229)

¡´ µ

79,599

¡´ µ

61,806

µ¦ ÎµÊ ¦³ ´ ° ¦· ¬´ ¥n °¥ ª´ ¸É 31 ´ ªµ ¤ 2556 °µ µ¦¤¼ ¨ n µ µ¤ ´ ¸ ε ª 138 ¨oµ µ ° ¦· ¬´ ¥n °¥Â®n ® ¹É Å o º °Á È ®¨´ ¦³ ´ µ¤ ´ ¹ o° ¨ µ¦ ¼¥o º¤Á · ¦³¥³¥µª ´ ­ µ ´ µ¦Á · ®n ® ¹É ( Ťn ¤¸ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¸É · °µ µ¦ ¨³°» ¦ rÄ µ¦Á · ¦ª¤Å o¦ª¤­n ª Á · °´ Á ºÉ ° ¤µ µ ¦µ µ ¸ÉÁ¡·É¤ ¹Ê à ¥¤¸¤¼¨ nµ µ¤ ´ ¸ µÎ ª 1,999 ¨oµ µ ¨³ 1,952 ¨oµ µ µ¤¨Îµ ´ ¹É Á È ¨ nµ ¦³®ªnµ ¤¼¨ nµ¥» · ¦¦¤ ´ ¦µ µ » Á ·¤ ° ¸É · °µ µ¦ ¨³°» ¦ r ° ¦· ¬ ´ ¥n°¥ ª´ ¸É ¦· ¬ ´ ºÊ °®» o £µ¦³£µ¬¸Á · Å o ¸É°µ ³Á · ¹Ê µ ­n ª Á · µ µ¦ ¸ ¦µ µÁ¡·É¤ ¹Ê ®µ ¤¸ µ¦ ε® n µ ¥­· ¦´¡ ¥rÁ®¨nµ ¸Ê ´ ¹ ŪoÁ È ® ¸Ê ­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ Ä µ¦Á · ¦ª¤

66

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ®¦´/'5 ¸ ­· ČÊ .­»8ù ª´.< ¸+5 É ´ 9 I ªµ ¤ 5 +6 % n µ ªµ¤ ·¥¤ nµ ªµ¤ ·¥¤ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ ¦µ µ » ª´ ¸É 1 ¤ ¦µ ¤ Å o¤µ µ µ¦¦ª¤ »¦ · ¨ nµ µ µ¦Â ¨ nµ µ¦Á · ª´ ¸ É ´ ªµ ¤

®¤µ¥Á® »

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556 2555 1,744,678 1,507,051

1,744,678 -

-

-

19,091

­· ¦´¡¥r Ťn ¤ ¸ ª´ °º É ­· ¦´¡¥rŤn¤¸ ª´ °ºÉ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ ª´ ¸ É ´ ªµ ¤ ¦µ µ » n° µ µ¦ ´ ε® nµ¥ ºÉ° µ µ¦ oµ ªµ¤­´¤¡´ r ´ ¨¼ oµ ¸ÉÁ ¸É¥ª o° nµ¨· ­· ·Í °¢ rª¦r nµ¨· ­· ·Í °¢ rª¦r¦³®ªnµ · ´Ê ­· ¦´¡¥rŤn¤¸ ª´ °ºÉ Ç ¦ª¤¦µ µ » nµ ´ ε® nµ¥­³­¤ n° µ µ¦ ´ ε® nµ¥ ºÉ° µ µ¦ oµ ªµ¤­´¤¡´ r ´ ¨¼ oµ ¸ÉÁ ¸É¥ª o° nµ¨· ­· ·Í °¢ rª¦r ­· ¦´¡¥rŤn¤¸ ª´ °ºÉ Ç ¦ª¤ nµ ´ ε® nµ¥­³­¤ ¦ª¤

¥° Á®¨º° ª´ ¸ É ¤ ¦µ ¤ 98,654 195,913 819,509 443,017 13,518 1,570,611

µ¦Á · ¦ª¤ Á¡·¤É ¹ Ê Å o ¤µ µ ε® n µ¥ ð Á o µ µ¦¦ª¤ »¦ · ð °° ¦´ ¦» 134,486 143,748 24,337 10,984 313,555

(9,866) (4,933) (7,914) (85,340) (35,793) (288,501) (62,742) (716) (383,707) (112,098)

1,423 1,423

(5,469) (5,469)

-

5,469 5,469

® n ª¥ ¡´ µ ¨ n µ µ ¥° Á®¨º° µ¦Â ¨ n µ ª´ ¸ É µ¦Á · ´ ªµ ¤

28,960 (29,690) 4,201 3,471 266 (1,436) (1,170)

6,347 1,085 279 7,711

98,654 336,746 819,509 612,764 8,165 15,464 1,891,302

(373) (422) (138) (933)

(14,799) (8,287) (121,133) (345,930) (2,290) (492,439)

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

67

¦·¬ '8 ´ Á °¦r ¨ ¸É ¥» Á °¦r ¤®µ ¨³ ¦· ¬´ ¥n°¥ -5 A 1'Ę )9I Î&<µ ´ A 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î µ®¦´ ¸ ­·Ê ­» Č ª´. 8ù ¸.< É ´ .N6 /'5 +5 ªµ ¤ 9I 5 +6 %

ª´ ¸ É ´ ªµ ¤ ¦µ µ » n° µ µ¦ ´ ε® nµ¥ ºÉ° µ µ¦ oµ ªµ¤­´¤¡´ r ´ ¨¼ oµ ¸ÉÁ ¸É¥ª o° nµ¨· ­· ·Í °¢ rª¦r nµ¨· ­· ·Í °¢ rª¦r¦³®ªnµ · ´Ê ¦ª¤¦µ µ »

¥° Á®¨º° ª´ ¸ É ¤ ¦µ ¤

nµ ´ ε® nµ¥­³­¤ n° µ µ¦ ´ ε® nµ¥ ªµ¤­´¤¡´ r ´ ¨¼ oµ ¸ÉÁ ¸É¥ª o° nµ¨· ­· ·Í °¢ rª¦r ¦ª¤ nµ ´ ε® nµ¥­³­¤ ¦ª¤

98,654 195,913 819,509 378,989 1,964 1,495,029

® n ª¥ ¡´ µ µ¦Á · ¦ª¤ Á¡·¤É ¹ Ê Å o ¤µ µ ε® n µ¥ ð Á o µ ¨ n µ µ ¥° Á®¨º° µ¦¦ª¤ »¦ · ð °° µ¦Â ¨ n µ ª´ ¸ É ¦´ ¦» µ¦Á · ´ ªµ ¤ 68,465 11,554 80,019

(4,933) (4,933) (49,548) (35,792) (247,724) (42,293) (302,205) (83,018)

5,710 5,710

(9,941) (9,941)

-

3,121 3,121

85

nµ ´ ε® n µ¥­³­¤ nµ¨· ­· ·Í °¢ rª¦r ¦ª¤ nµ ´ ε® nµ¥­³­¤ ¦ª¤

68

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

85

(291)

(1,609) (1,609)

4 4

¡´ µ ¡´ µ

¥° Á®¨º° ª´ ¸É ¤ ¦µ ¤ 147,537 13,518 161,055

µ¦Á · Á ¡µ³ · µ¦ Á¡·¤É ¹ Ê Îµ® n µ¥ ð Á o µ ð °° 8,862 24,225 33,087

-

(16,462) (16,462)

-

(9,866) (85,340) (288,501) (383,707)

112,098 83,018

® n ª¥ ¡´ µ ¥° Á®¨º° ª´ ¸É ´ ªµ ¤

27,326 (27,456) (130)

(108,888) (108,888)

98,654 195,913 819,509 443,017 13,518 1,570,611

(291)

-

n µ ´ ε® n µ¥­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ 2556 2555

ª´ ¸É ´ ªµ ¤ ¦µ µ » nµ¨· ­· ·Í °¢ rª¦r nµ¨· ­· ·Í °¢ rª¦r¦³®ªnµ · ´Ê ¦ª¤¦µ µ »

-

183,725 10,287 194,012

-

(125,350) (125,350)

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É +5 ´ 9 I ªµ ¤ 5 +6 % ª´ ¸É ´ ªµ ¤ ¦µ µ » nµ¨· ­· ·Í °¢ rª¦r nµ¨· ­· ·Í °¢ rª¦r¦³®ªnµ · ´Ê ¦ª¤¦µ µ » nµ ´ ε® n µ¥­³­¤ nµ¨· ­· ·Í °¢ rª¦r ¦ª¤ nµ ´ ε® nµ¥­³­¤ ¦ª¤ nµ ´ ε® n µ¥­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É ´ ªµ ¤ 2556 2555

¥° Á®¨º° ª´ ¸É ¤ ¦µ ¤

143,300 1,964 145,264

µ¦Á · Á ¡µ³ · µ¦ Á¡·¤É ¹ Ê Îµ® n µ¥ ð Á o µ ð °° 4,237 11,554 15,791

-

(13,199) (13,199)

¥° Á®¨º° ª´ ¸É ´ ªµ ¤

(95,689) (95,689)

® n ª¥ ¡´ µ

147,537 13,518 161,055

¡´ µ ¡´ µ

(108,888) (108,888)

16,462 13,199

£µ¬¸Á · Å o ¦° µ¦ ´ ´ ¸ ­· ¦´¡¥r¨³® ¸Ê­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ ® n ª¥ ¡´ µ µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2556 2555 ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ 579,045 494,916 133,001 117,992 ® ¸Ê­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ (675,834) (647,495) ¦ª¤

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

69

¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ '8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

.N6/'5 Č.8ù .< +5 9I 5 +6 %

¦µ¥ µ¦Á ¨ºÉ° Å®ª ° ­· ¦´¡¥r¨³® ¸Ê­· £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¸ÉÁ · ¹Ê Ä ¦³®ªnµ ¸ ¤¸ ´ ¸Ê ª´ ¸É ´ ªµ ¤ ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ nµÁ ºÉ° µ¦ o°¥ nµ ° Á · ¨ » nµÁ ºÉ° µ¦ o°¥ nµ ° ¸É · °µ µ¦Â¨³°» ¦ r ­Îµ¦° ¨³ ¦³¤µ µ¦® ¸Ê­· °ºÉ µ » ­³­¤¥ ¤µ ¦ª¤ ® ¸Ê£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¸É · °µ µ¦Â¨³°» ¦ r ( µ µ¦ ¦´ ¦» ¤¼¨ nµ¥» · ¦¦¤ µ µ¦¦ª¤ · µ¦

°ºÉ Ç ¦ª¤ ¦ª¤ ª´ ¸É ´ ªµ ¤ ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ nµÁ ºÉ° µ¦ o°¥ nµ ° Á · ¨ » nµÁ ºÉ° µ¦ o°¥ nµ ° ¸É · °µ µ¦Â¨³°» ¦ r ­Îµ¦° ¨³ ¦³¤µ µ¦® ¸Ê­· °ºÉ µ » ­³­¤¥ ¤µ ¦ª¤ ® ¸Ê£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¸É · °µ µ¦Â¨³°» ¦ r ( µ µ¦ ¦´ ¦» ¤¼¨ nµ¥» · ¦¦¤ µ µ¦¦ª¤ · µ¦

°ºÉ Ç ¦ª¤

70

µ¦Á · ¦ª¤ ´ ¹ Á È ¦µ¥ n µ¥ ¨ n µ µ µ¦ ª´ ¸É ¦µ¥Å oÄ Â ¨ n µ ´ ªµ ¤ Å o¤µ µ εŦ µ » µ¦¦ª¤ »¦ · µ¦Á ·

ª´ ¸É ¤ ¦µ ¤ 8,495 1,053 265,923 219,445

(346) 2,964 73,460

-

(158) 8,209

8,495 707 268,729 301,114

494,916

76,078

-

8,051

579,045

(538,671) (108,824)

(493) (26,968)

-

(878)

(539,164) (136,670)

(647,495)

(27,461)

-

(878)

(675,834)

® n ª¥ ¡´ µ

µ¦Á · ¦ª¤ ´ ¹ Á È ¦µ¥ n µ¥ ¨ n µ µ ª´ ¸É ¦µ¥Å oÄ µ¦Â ¨ nµ ´ ªµ ¤ Å o¤µ µ εŦ µ » µ¦¦ª¤ »¦ · µ¦Á ·

ª´ ¸É ¤ ¦µ ¤ 8,495 1,760 313,192 104,712

(707) (48,397) 54,733

1,039 60,000

428,159

5,629

61,039

(544,094) (133,501)

5,423 24,578

-

30,001

-

(677,595)

¦ª¤

® n ª¥ ¡´ µ

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

70

-

8,495 1,053 265,923 219,445

89 89

494,916

99

(538,671) (108,824)

99

(647,495)

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ ª´ ¸É ´ ªµ ¤ ­· ¦´ ¡¥r £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ nµÁ º°É µ¦ o°¥ nµ ° Á · ¨ » ­Îµ¦° ¨³ ¦³¤µ µ¦® ¸Ê­· °ºÉ ¦ª¤

ª´ ¸É ¤ ¦µ ¤ 8,495 109,497

ª´ ¸É ´ ªµ ¤ ­· ¦´ ¡¥r £µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ nµÁ º°É µ¦ o°¥ nµ ° Á · ¨ » ­Îµ¦° ¨³ ¦³¤µ µ¦® ¸Ê­· °ºÉ ¦ª¤

ª´ ¸É ¤ ¦µ ¤ 8,495 125,886

® n ª¥ ¡´ µ

µ¦Á · Á ¡µ³ · µ¦ ´ ¹ Á È ¦µ¥ n µ¥ ¦µ¥Å oÄ ÎµÅ¦ µ »

15,009

ª´ ¸É ´ ªµ ¤

® n ª¥ ¡´ µ

µ¦Á · Á ¡µ³ · µ¦ ´ ¹ Á È ¦µ¥ n µ¥ ¦µ¥Å oÄ ÎµÅ¦ µ »

(16,389)

8,495 124,506

ª´ ¸É ´ ªµ ¤

8,495 109,497

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

71

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

® ¸­Ê · ¸É¤£¸ µ¦³ ° Á ¸¥Ê ® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥

®¤µ¥Á® » ­n ª ¸®É ¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á · ¼¥o ¤º ¦³¥³¥µª ¸É ¹ ε® ε¦³ £µ¥Ä ® ¹É ¸ ®» o ¼ o ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ Á · ¼¥o ¤º ¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ ¦ª¤­n ª ¸®É ¤» Áª¸¥ ­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · ®» o ¼o ¦ª¤­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ ¦ª¤

µ¦Á · ¦ª¤ 2556 2555 3,861,456 696,382 1,597,212 7,622,464 2,898,113

4,065,336

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 1,215,000

1,470,000

762,167 1,499,612 808,139 3,947,566 4,576,000 4,396,256 2,898,113

700,353

3,076,000 4,396,256

® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥Â­ µ¤¦³¥³Áª¨µ ¦ ε® µ¦ nµ¥ 妳 ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 Å o ´ ¸Ê

¦ ε® £µ¥Ä ® ¹É ¸ Á · ® ¹É ¸  nŤnÁ · ®oµ ¸ ¦ª¤

72

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

® n ª¥ ¡´ µ µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2556 2555 6,155,050 4,827,503 3,522,751 2,170,353 10,520,577 8,343,822 7,474,113 7,472,256

¦· ¨ ¸É ¥» ) Á °¦r ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ '8¬-´ Á °¦r 5 A 1'Ę 9I &< εA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î.Nµ6®¦´/'5 ¸ ­· Č Ê ­». 8ù ª´ .< ¸ É ´ +5 9ªµ ¤ I 5 +6 %

®»o ¼o ®» o ¼ o ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ ­n ª ¸®É ¤» Áª¸¥ Á · o ®´ nµ ´ ε® nµ¥­³­¤ ° nµÄ o nµ¥Ä µ¦°° ®» o ¦ª¤­n ª ¸®É ¤» Áª¸¥ ­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ Á · o ®´ nµ ´ ε® nµ¥­³­¤ ° nµÄ o nµ¥Ä µ¦°° ®» o ¦ª¤­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ ¦ª¤

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

1,597,600

-

1,500,000

-

(388)

(388)

2,900,000

4,400,000

2,900,000

4,400,000

(1,887)

(3,744)

(1,887)

(3,744)

¦· ¬ ´ Å o°° ®» o ¼Âo Ťn¤¸®¨´ ¦³ ´ ¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê ª´ ¸°É ° ®»o ¼o

ε ª Á ·

­n ª ¸ É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸ ¡§¬£µ ¤ 2554 1,500 ¨oµ µ

°´ ¦µ ° Á ¸¥Ê ε® ε¦³ ° Á ¸¥Ê ε® ε¦³ º ¦o °¥¨³ n° ¸

­n ª ¸ É ¹ ε® ε¦³Á · ªn µ® ¹ É ¸ ¦ µ ¤ 2553 1,900 ¨oµ µ ¡§¬£µ ¤ 2554 1,000 ¨oµ µ ¦ª¤

¨o µ µ

3.77

» ª 6 Á º°

¡§¬£µ ¤ 2557

3.45 3.98

» ª 6 Á º° » ª 6 Á º°

¦ µ ¤ 2558 ¡§¬£µ ¤ 2559

´Ê ¸Ê ¦· ¬ ´ o° ε¦ °´ ¦µ­n ª ® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ n°­n ª ° ¼ o º°®» o Ä °´ ¦µ­n ª ŤnÁ · 1.75 n° 1 à ¥¡· µ¦ µ µ µ¦Á · ¦ª¤ ¦³ ε ¸ ­Îµ®¦´ ®» o ¼ o Ê ´ ®¤ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦· ¬ ´ ¤¸ ° ´ ¦µ­n ª ´ ¨nµªÅ¤nÁ · °´ ¦µ­n ª ¸É µÎ ® ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

73

73

¦·¬-´ 5 Á °¦r ¨ ¸É ¥» )Á °¦r µ ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ '8 A 1'Ę 9I &< ÎA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è .N­Îµ6®¦´/'5 ¸ ­· ČÊ ­». 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % ª´ ¸É 31 ´ ªµ ¤ 2556 ¦· ¬ ´ ¥n°¥Â®n ® ¹É ¤¸®» o ¼ o ¸É Ê µÎ ¦³ ´ à ¥­ µ ´ µ¦Á · ®n ® ¹É ε ª 61,000 ¨oµ Áª¸¥ µ¤ ° à ¥¤¸° ´ ¦µ ° Á ¸Ê¥Á nµ ´ °´ ¦µ ° Á ¸Ê¥Á · µ ´ªÁ ¨¸É¥ ° µ µ¦ 4 ®n ª 4% n° ¸ ´ ¸Ê ª´ ¸°É ° ®»o ¼o

ε ª Á ·

­n ª ¸ É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸ ¡§« · µ¥ 2554 97.60 ¨oµ µ ¦ª¤

°´ ¦µ ° Á ¸¥Ê ε® ε¦³ ° Á ¸¥Ê ¦o °¥¨³ n° ¸ 11.875

» ª 6 Á º°

ε® ε¦³ º

¡§« · µ¥ 2557

¨o µ µ

Á · ¼o¥¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · ª´ ¸É 31 ´ ªµ ¤ 2556 Á · ¼¥o º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · Ä µ¦Á · ¦ª¤Â¨³ µ¦Á · Á ¡µ³ · µ¦ Á È Á · ¼¥o º¤¦³¥³­´Ê ¦³Á£ ´ªÌ ­´ µÄ oÁ · µ ­ µ ´ µ¦Á · ®¨µ¥Â®n Á È Îµ ª Á · 3,861 ¨oµ µ °´ ¦µ ° Á ¸Ê¥¦o°¥¨³ 2.10 - 8.00 n° ¸ ¨³ ε ª Á · 1,215 ¨oµ µ °´ ¦µ ° Á ¸Ê¥¦o°¥¨³ 2.44 - 2.80 n° ¸ µ¤¨Îµ ´ Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¨nµª ¸Ê Ťn¤¸ µ¦ ε­· ¦´¡¥r µª¦®¦º °®¨´ ¦´¡¥r°ºÉ Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á · ¥ Áªo Á · ¼¥o º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · ° Ichiban Company Limited ¤¸ µ¦ Îʵ ¦³ ´ µ¦ ¼¥o º¤Á · à ¥ ¼ o º°®» o ¦µ¥¥n°¥ ° ¦· ¬ ´ ´ ¨nµªÁ Ȥ ε ª Á È Á · 250,000 °¨¨µ¦r­®¦´ ª´ ¸É 31 ´ ªµ ¤ 2555 Á · ¼¥o º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · Ä µ¦Á · ¦ª¤Â¨³ µ¦Á · Á ¡µ³ · µ¦ Á È Á · ¼¥o º¤¦³¥³­´Ê ¦³Á£ ´ªÌ ­´ µÄ oÁ · µ ­ µ ´ µ¦Á · ®¨µ¥Â®n Á È Îµ ª Á · 4,065 ¨oµ µ °´ ¦µ ° Á ¸Ê¥ ¦o°¥¨³ 2.94 - 12.00 n° ¸ ¨³ ε ª Á · 1,470 ¨oµ µ °´ ¦µ ° Á ¸Ê¥¦o°¥¨³ 2.95 - 3.14 n° ¸ µ¤¨Îµ ´ Á · ¼¥o º¤ ¦³¥³­´Ê µ ­ µ ´ µ¦Á · ´ ¨nµª ¸Ê Ťn¤¸ µ¦ ε­· ¦´¡¥r µª¦®¦º °®¨´ ¦´¡¥r°ºÉ Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á · Á · ¼o¥¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 Á · ¼¥o º¤¦³¥³¥µª ¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê 1)

Á · ¼¥o º¤¦³¥³¥µª ° ¦· ¬ ´ ¦³ ° oª¥ Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Ä Á º° ¡§¬£µ ¤ 2556 ¦· ¬ ´ Å o µÎ ­´ µ ¼¥o º¤Á · ¦³¥³¥µªÁ È ­ »¨Á · µ ´ ­ µ ´ µ¦Á · ®n ® ¹É Ä ª Á · ¦ª¤ 1,500 ¨oµ µ ¹É ª´ ¸É 31 ´ ªµ ¤ 2556 ¤¸¥° oµ ε ª 1,500 ¨oµ µ Á · ¼¥o º¤ ´ ¨nµª¤¸ µÎ ® nµ¥ 妳 º Á · o ´Ê ®¤ Ä ¸ ¸É 5 ´ µ ª´ Á · Á · ¼ o ª ¦ ¨³ 妳 ° Á ¸Ê ¥ Ä °´ ¦µ ¸É¦o°¥¨³ 3.60 n° ¸

74

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Á · ¼¥o º¤¦³¥³¥µª ° ¦· ¬ ´ Å ¥Á Áª°¦r Á¦  ε ´ ¹É Á È ¦· ¬ ´ ¥n°¥ ¦³ ° oª¥ Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 800 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 360 ¨oµ µ ¨o µ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 3 ¸ ¦ ε® ε¦³ º Á È ¦µ¥ ª 18 ª ¨³ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 4.40 n° ¸ Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 600 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 600 ¨oµ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 3 ¸ ¦ ε® ε¦³ º Á È ¦µ¥ ª 18 ª ¨³ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 3.55 n° ¸ Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 600 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 600 ¨oµ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 3 ¸ ¦ ε® ε¦³ º Á È ¦µ¥ ª 18 ª ¨³ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 3.38 n° ¸ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · oµ o Ťn¤¸ µ¦ ε­· ¦´¡¥r µª¦®¦º °®¨´ ¦´¡¥r°Éº Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á ·

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75

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Á · ¼¥o º¤¦³¥³¥µª ° Malaya-Vietnam Glass Limited ¹É Á È ¦· ¬ ´ ¥n°¥ µ °o°¤ ° · µ¦ ¸É ª »¤ ¦n ª¤ ´ ° ¦· ¬ ´ ¥n°¥ ¦³ ° oª¥Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Á · ¼¥o º¤­ »¨Á · °¨¨µ¦r ­®¦´ ª Á · ¼¥o º¤ ε ª Á · 17 ¨oµ °¨¨µ¦r ­®¦´ ¤¸ °o ε® µ¤­´ µ ­µ¤µ¦ Á · Á · ¼Åo o Ê ´ ­ »¨Á · °¨¨µ¦r ­®¦´ ¨³Áª¸¥ µ¤ ° à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 0.05 ¨oµ °¨¨µ¦r ­®¦´ ¨³ ε ª Á · 244,684.65 ¨oµ Áª¸¥ µ¤ ° ¨o µ °¨¨µ¦r ­®¦´ ¨³ ¨o µ Áª¸¥ µ¤ ° ¤¸ µÎ ® ¦³¥³Áª¨µ 5 ¸ 6 Á º° à ¥Å o¦´ ¦³¥³Áª¨µ n° ´ 21 Á º ° ¦ ¤¸° ´ ¦µ ° Á ¸Ê ¥¨°¥ ´ª°oµ °· ´ °´ ¦µ ° Á ¸Ê ¥Á · ¼ o ° µ µ¦ ª ¦o°¥¨³ 1.5 n° ¸ Á · ¼¥o º¤­ »¨Á · °¨¨µ¦r ­®¦´ ª Á · ¼¥o º¤ ε ª Á · 2 ¨oµ °¨¨µ¦r ­®¦´ ¤¸ °o ε® µ¤­´ µ ­µ¤µ¦ Á · Á · ¼Åo o Ê ´ ­ »¨Á · °¨¨µ¦r ­®¦´ ¨³Áª¸¥ µ¤ ° à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 31,238.89 ¨oµ Áª¸¥ µ¤ ° ¨o µ Áª¸ ¥ µ¤ ° ¤¸ µÎ ® ¦³¥³Áª¨µ 5 ¸ à ¥Å o¦´ ¦³¥³Áª¨µ n° ´ Ä ¸ ¦ ¤¸° ´ ¦µ ° Á ¸Ê¥¨°¥ ´ª°oµ °· ´ °´ ¦µ ° Á ¸Ê¥Á · ¼o ° µ µ¦ ª ¦o°¥¨³ 1.5 n° ¸ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · oµ o ¤¸ µ¦ Îʵ ¦³ ´ à ¥ ¦· ¬ ´ Malaya Glass Products Sdn Bhd ¹É Á È ¦· ¬ ´ ¤n ° ¦· ¬ ´ ¥n°¥ ´ ¨nµª

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Á · ¼¥o º¤¦³¥³¥µª ° Malaya Glass Products Sdn Bhd ¹É Á È ¦· ¬ ´ ¥n°¥ µ ¦ ° · µ¦ ¸É ª »¤ ¦n ª¤ ´ ° ¦· ¬ ´ ¥n°¥ ¦³ ° oª¥Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Á · ¼¥o º¤­ »¨¦· · ¤µÁ¨Á ¸ ¥ ª Á · ¼¥o º¤ ε ª Á · 95 ¨oµ ¦· · ¤µÁ¨Á ¸ ¥ à ¥¤¸ ¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2555 Á È Îµ ª Á · 31.34 ¨oµ ¦· · ¤µÁ¨Á ¸ ¥ ¤¸ µÎ ® ¦³¥³Áª¨µ 4 ¸ ¤¸° ´ ¦µ ° Á ¸Ê¥ ¸É¦o°¥¨³ 4.55 n° ¸ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · oµ o Ťn¤¸ µ¦ ε­· ¦´¡¥r µª¦®¦º °®¨´ ¦´¡¥r°ºÉ Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á ·

76

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Á · ¼¥o º¤¦³¥³¥µª ° Ichiban Company Limited ¹É Á È ¦· ¬ ´ ¥n°¥ µ °o°¤ ¦³ ° oª¥Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Á · ¼¥o º¤­ »¨Á · °¨¨µ¦r ­®¦´ ª Á · ¼¥o º¤ ε ª Á · 2 ¨oµ °¨¨µ¦r ­®¦´ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 1.30 ¨oµ °¨¨µ¦r ­®¦´ ¤¸ µÎ ® ¦³¥³Áª¨µ 6 ¸ ¤¸° ´ ¦µ ° Á ¸Ê ¥ °oµ °· ´ o » µ µ¦Á · ° µ µ¦ ª ¦o°¥¨³ 1.25 n° ¸ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · oµ o ¤¸ µ¦ ε­· · µ¦Á nµ ¸É · ¤¼¨ nµ µ¤ ´ ¸ µÎ ª 40 ¨oµ µ ¨³°µ µ¦¤¼¨ nµ µ¤ ´ ¸ µÎ ª 138 ¨oµ µ Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á · µ¤ ¸É¦³ »ÅªoÄ ®¤µ¥Á® » °o 15

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Á · ¼¥o º¤¦³¥³¥µª ° ¦· ¬ ´ ¸ ¸ ¸ . Á à 襸 ε ´ ¹É Á È ¦· ¬ ´ ¥n°¥ ¦³ ° oª¥ Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 160 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 57.88 ¨oµ µ ¨o µ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 3 ¸ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 4.37 n° ¸ Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 140 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 134.16 ¨oµ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 4 ¸ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 4.16 n° ¸ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · ´ ¨nµªÅ¤n¤¸ µ¦ ε­· ¦´¡¥r µª¦®¦º °®¨´ ¦´¡¥r°Éº Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á · ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

77

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % 8)

Á · ¼¥o º¤¦³¥³¥µª ° ¦· ¬ ´ Å ¥ ¤µ¨µ¥µ ¨µ­ ε ´ ¹É Á È ¦· ¬ ´ ¥n°¥ µ °o°¤ ¦³ ° oª¥ Á · ¼¥o º¤ µ ­ µ ´ µ¦Á · ´ ¸Ê Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 940 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 940 ¨oµ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 4 ¸ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 3.88 n° ¸ Á · ¼¥o º¤­ »¨Á · µ ª Á · ¼¥o º¤ ε ª Á · 560 ¨oµ µ à ¥¤¸¥° oµ ª´ ¸É 31 ´ ªµ ¤ 2556 Á È Îµ ª Á · 560 ¨oµ µ ¤¸ µÎ ® ¦³¥³Áª¨µ 4 ¸ 妳 ° Á ¸Ê¥Ä °´ ¦µ ¸É¦o°¥¨³ 3.88 n° ¸ Á · ¼¥o º¤¦³¥³¥µª µ ­ µ ´ µ¦Á · ´ ¨nµªÅ¤n¤¸ µ¦ ε­· ¦´¡¥r µª¦®¦º °®¨´ ¦´¡¥r°ºÉ Å Îʵ ¦³ ´ µ¦ ¼¥o º¤Á ·

ª´ ¸É 31 ´ ªµ ¤ 2556 ¨»n¤ ¦· ¬ ´ ¨³ ¦· ¬ ´ ¤¸ª Á · ­· Á ºÉ ° ¹É ¥´ ¤·Å oÁ · Ä oÁ È Îµ ª Á · ¦ª¤ 26,578 ¨oµ µ ¨³ 7,699 ¨oµ µ µ¤¨Îµ ´ ( ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´

® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ´ µ¤ ¦³Á£ ­ »¨Á · ¦µÅ o ´ ¸Ê ­ »¨Á · µ ¨³­ »¨Á · ¸ÉÄ oÄ µ¦ εÁ · µ ° ¦· ¬ ´ ¥n°¥Ä nµ ¦³Á « ­ »¨Á · Áª¸¥ µ¤ ° ­ »¨Á · °¨¨µ¦r­®¦´ ¦ª¤

78

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µ¦Á · ¦ª¤ 2556 2555 16,413,374 204,649 57,604

13,168,997 2,328

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 10,966,864

9,642,609

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Á o µ® ¸ Ê µ¦ o µ Á oµ® ¸Ê µ¦ oµ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥ · µ¦ ¸ÉÁ ¸É¥ª o° ´ · µ¦°ºÉ Ç ¦ª¤

®¤µ¥Á® »

µ¦Á · ¦ª¤ 2556 2555 279,556 4,814,237

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

190,212 4,269,986

2,003,375 816,255

1,710,542 692,191

¥° Á oµ® ¸Ê µ¦ oµ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ´ µ¤ ¦³Á£ ­ »¨Á · ¦µÅ o ´ ¸Ê ­ »¨Á · µ ¨³­ »¨Á · ¸ÉÄ oÄ µ¦ εÁ · µ ° ¦· ¬ ´ ¥n°¥ ­ »¨Á · °¨¨µ¦r­®¦´ ­ »¨Á · Á¥ ¸É »n ­ »¨Á · ¥¼Ã¦ ­ »¨Á · °¨¨µ¦r­· à ¦r ­ »¨Á · ° r­Á °¦r¨· ­ »¨Á · Áª¸¥ µ¤ ° °ºÉ Ç ¦ª¤

µ¦Á · ¦ª¤ 2556 2555 2,774,045 1,759,160 208,869 121,287 21,213 62,990 139,936 6,293

2,732,995 1,374,785 133,205 112,768 13,641 67,298 25,506

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

2,467,582 249,159 1,436 85,550 9,972 5,931

2,127,878 191,096 2,407 71,737 4,833 356 4,426

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

79

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® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 51,236 4,293 55,404 99,049 2,062 65,293 212,056 116,166 353,500

34,970 2,543 106,695 93,602 2,488 67,626 383,839 162,724 414,552

¥° Á oµ® ¸Ê°ºÉ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ´ µ¤ ¦³Á£ ­ »¨Á · ¦µÅ o ´ ¸Ê µ¦Á · ¦ª¤ 2556 2555 ­ »¨Á · µ ¨³­ »¨Á · ¸ÉÄ oÄ µ¦ εÁ · µ ° ¦· ¬ ´ ¥n°¥ 2,977,636 2,488,410 ­ »¨Á · °¨¨µ¦r­®¦´ 56,595 15,430 ­ »¨Á · ¥¼Ã¦ 19,859 62,615 ­ »¨Á · °°­Á ¦Á¨¸¥ 37,091 25,054 ­ »¨Á · °¨¨µ¦r­· à ¦r 6,215 432 ­ »¨Á · Áª¸¥ µ¤ ° 215,017 °ºÉ Ç 148 ¦ª¤

80

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® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 956,050 2,642 41 326

1,268,037 565 49 388

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µ¦Á · ¦ª¤ 2556 2555

461,341 179,460

132,771 21,309

130,399 20,033

55,530 18,648

53,968 24,955

13,068 2,930

12,611 2,769

εŦ µ » Á È Á­¦È ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

¦ª¤

455,415 180,828

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® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

à ¦ µ¦­Îµ¦° εÁ® È ¡ ´ µ ¨»n¤ ¦· ¬ ´ ¨³ ¦· ¬ ´ ´ µ¦Ã ¦ µ¦ εÁ® È Îµ µ ¡ ´ µ µ¤ o° ε® ° ¡¦³¦µ ´ ´ · »¤o ¦° ¦ µ ¡ « 2541 Ä µ¦Ä®o ¨ ¦³Ã¥ rÁ¤ºÉ°Á ¬¸¥  n¡ ´ µ µ¤­· · ¨³°µ¥» µ £µ¦³ ¼ ¡´ µ¤ ­ µ ³ µ¦Á · ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ n°Å ¸Ê

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556 2555

¤¼¨ nµ ´ » ´ ° £µ¦³ ¼ ¡´ ¸ÉŤnÅ o ´ Ä®o¤¸ ° » £µ¦³ ¼ ¡´ µ¤ ­ µ ³ µ¦Á ·

461,341 455,415 132,771 130,399

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81

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % µ¦Á ¨¸É¥  ¨ Ä ¤¼¨ nµ ´ » ´ ° £µ¦³ ¼ ¡´ ° à ¦ µ¦ ¨ ¦³Ã¥ r £µ¦³ ¼ ¡´ ° à ¦ µ¦ ¨ ¦³Ã¥ r ª´ ¸É 1 ¤ ¦µ ¤ ¨ ¦³Ã¥ r nµ¥Ã ¥Ã ¦ µ¦ o » ¦· µ¦ ´ » ´ ¨³ ° Á ¸Ê¥ Å o¤µ µ µ¦¦ª¤ »¦ · ¨ nµ µ µ¦Á ¨¸É¥  ¨ °´ ¦µÂ¨ Á ¨¸É¥ Á · ¦µ nµ ¦³Á « £µ¦³ ¼ ¡´ ° à ¦ µ¦ ¨ ¦³Ã¥ r ª´ ¸ É ´ ªµ ¤

® n ª¥ ¡´ µ

µ¦Á · ¦ª¤ 2556 2555 455,415 438,238 (49,548) (37,726) 55,530 53,968 927 (56) 8

nµÄ o nµ¥ ¸É¦´ ¦¼ oÄ ÎµÅ¦®¦º ° µ » ®¤µ¥Á® » ¦³ ° µ¦Á · o° 26) o » ¦· µ¦ ´ » ´ ° Á ¸Ê¥ µ £µ¦³ ¼ ¡´ ¦ª¤

µ¦Á · ¦ª¤ 2556 2555 38,550 38,055 16,980 15,913

nµÄ o nµ¥ ´ ¨nµª oµ o ¦´ ¦¼ oÄ ¦µ¥ µ¦ n°Å ¸ÊÄ ÎµÅ¦ µ » Á È Á­¦È o » µ¥ nµÄ o nµ¥Ä µ¦ µ¥ nµÄ o nµ¥Ä µ¦ ¦· ®µ¦ ¦ª¤

82

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µ¦Á · ¦ª¤ 2556 2555 30,465 32,348 6,826 5,578 18,239 16,042

µ¦Á · Á ¡µ³ · µ¦ 2556 2555 130,399 136,788 (10,696) (19,000) 13,068 12,611

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 8,394 8,147 4,674 4,464 ® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 32 29 4,615 4,242 8,421 8,340

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É +5 ´ 9 I ªµ ¤ 5 +6 % o°­¤¤ ·®¨´ Ä µ¦ ¦³¤µ µ¦ µ¤®¨´ µ¦ · «µ­ ¦r ¦³ ´ £´¥ ª´ ¸É ¦µ¥ µ ­ à ¥ª· ¸ ª´ Á ¨¸É¥ nª Îʵ® ´

°´ ¦µ · ¨ ¦o °¥¨³

µ¦Á¡·É¤ ¹Ê ° Á · Á º° Ä ° µ ¦o °¥¨³

µ¦Á · ¦ª¤ 2556 2555 4.00 4.00 4.00 - 5.50 4.00 - 5.50

µ¦Á · Á ¡µ³ · µ¦ 2556 2555 4.00 4.00 4.82 4.82

» ³Á ¸¥ ¨³Ä ­Î µ ´ ­ ­· · ¸É ³ ºÊ°®»o ­µ¤´ 23.1 » ³Á ¸¥ Á¤ºÉ°ª´ ¸É 25 Á¤¬µ¥ 2555 ¸É ¦³ »¤­µ¤´ ¼ o º°®» o ¦´Ê ¸É 1/2555 ¤¸¤ ·° »¤ ´ · Ä®oÁ¡·É¤ » ³Á ¸¥ ° ¦· ¬ ´ ε ª 80,000,000 µ µ » ³Á ¸ ¥ Á · ¤ ε ª 1,588,125,000 µ Á È » ³Á ¸¥ Ä®¤n µÎ ª 1,668,125,000 µ à ¥ µ¦°° ®» o ­µ¤´ Á¡·É¤ » ε ª 80,000,000 ®» o ¤¼¨ nµ ¸É ¦µÅªo®»o ¨³ 1 µ Á¡ºÉ°¦° ¦´ à ¦ µ¦Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ Ä®o n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ¦· ¬ ´ ¥n°¥ ¦· ¬ ´ εÁ · µ¦ ³Á ¸¥ Á¡·É¤ » ´ ¦¤¡´ µ »¦ · µ¦ oµ ¦³ ¦ª ¡µ · ¥r Á¤ºÉ°ª´ ¸É 11 ¡§¬£µ ¤ 2555 Ä ¦³®ªnµ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¦· ¬ ´ Å oÁ¡·É¤ » ¸É °° ¨³ ε¦³Â¨oª ° ¦· ¬ ´ ´ ¸Ê µ¦Á ¨¸É¥  ¨ ª´ ¸É ³Á ¸¥ ´ ¦¤¡´ µ »¦ · µ¦ oµ » ¸É°° ¨³ ε¦³Â¨oª ¦³ ¦ª ¡µ · ¥r 3 ¤· » µ¥ 2556

Á¡·¤É » -®» o ­µ¤´ 2,096,400 ®» o ¤¼¨ nµ ¸É ¦µ Ūo®» o ¨³ 1 µ

» ¸É°° ¨³ ε¦³Â¨oªÄ®¤n

¦µ¥¨³Á°¸¥

1,590,221,400 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 1 µ¤Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ ¸É °° ¨³Á­ ° µ¥Ä®o n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ®¦º ° ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1

1,590,354,200 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 2 µ¤Ä ­Îµ ´ ­ 1 ¦ µ ¤ 2556 Á¡·É¤ » -®» o ­µ¤´ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ ¸É °° ¨³Á­ ° 132,800 ®» o ¤¼¨ nµ ¸É ¦µÅªo µ¥Ä®o n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ 1 µ ®¦º ° ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1 1 ­· ®µ ¤ 2556

1,590,379,500 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 3 µ¤Ä ­Îµ ´ ­ Á¡·¤É » -®» o ­µ¤´ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬´ ¸É °° ¨³Á­ ° 25,300 ®» o ¤¼¨ nµ ¸É ¦µÅªo µ¥Ä®o n ¼o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ®¦º ° 1 µ ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1 ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

83

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % ª´ ¸É ³Á ¸¥ ´ µ¦Á ¨¸É¥  ¨ ¦¤¡´ µ »¦ · µ¦ oµ » ¸É°° ¨³ ε¦³Â¨oª ¦³ ¦ª ¡µ · ¥r 2 ´ ¥µ¥ 2556 Á¡·É¤ » -®» o ­µ¤´ 19,700 ®» o ¤¼¨ nµ ¸É ¦µÅªo 1 µ

1 »¨µ ¤ 2556

Á¡·¤É » -®» o ­µ¤´ 2,500 ®» o ¤¼¨ nµ ¸É ¦µÅªo 1 µ

1 ¡§« · µ¥ 2556 Á¡·É¤ » -®» o ­µ¤´ 17,500 ®» o ¤¼¨ nµ ¸É ¦µÅªo 1 µ

2 ´ ªµ ¤ 2556

Á¡·¤É » -®» o ­µ¤´ 22,000 ®» o ¤¼¨ nµ ¸É ¦µÅªo 1 µ

» ¸É°° ¨³ ε¦³Â¨oªÄ®¤n

¦µ¥¨³Á°¸¥

1,590,399,200 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 4 µ¤Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ ¸É °° ¨³Á­ ° µ¥Ä®o n ¼o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ®¦º ° ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1 1,590,401,700 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 5 µ¤Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ ¸É °° ¨³Á­ ° µ¥Ä®o n ¼o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ®¦º ° ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1 1,590,419,200 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 6 µ¤Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ ¸É °° ¨³Á­ ° µ¥Ä®o n ¼o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ®¦º ° ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1 1,590,441,200 µ Á È ¨¤µ µ µ¦Ä o­· · ¦´Ê ¸É 7 µ¤Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ ¸É °° ¨³Á­ ° µ¥Ä®o n ¼o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ®¦º ° ¦· ¬ ´ ¥n°¥ ¦´Ê ¸É 1

23.2 Ä ­Î µ ´ ­ ­· · ¸É ³ ºÊ°®»o ­µ¤´ (1) Á¤ºÉ°ª´ ¸É 25 Á¤¬µ¥ 2555 ¸É ¦³ »¤­µ¤´ ¼ o º°®» o ° ¦· ¬ ´ ¦´Ê ¸É 1/2555 ¤¸¤ ·° »¤ ´ ·Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ Ä®o n ¼ o ¦· ®µ¦ ¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ¦· ¬ ´ ¥n°¥ Á¡ºÉ °Á È µ¦ °  µ¦ ε µ ε ª ŤnÁ · 16 ¨oµ ® nª¥ °´ ¦µ µ¦Ä o­· · ¸ÉÄ ­Îµ ´ ­ ­· · 1 ® nª¥ n°®» o ­µ¤´ 1 ®» o Ä ¦µ µ µ¦Ä o­· · ¸É 40.46 µ n°®» o ­µ¤´ °µ¥»Ä ­Îµ ´ ­ ­· · ŤnÁ · 5 ¸ ´ µ ª´ ¸É°° Ä ­Îµ ´ ­ ­· · à ¥Á ºÉ° Š¨³¦³¥³Áª¨µ µ¦Ä o­· · ¸É­µÎ ´ ¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê x

84

Á¤ºÉ° ¦· ¬ ´ Å o°° ¨³Á­ °Ä ­Îµ ´ ­ ­· ·  n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¦ ¦³¥³Áª¨µ 1 ¸ ¼ o º°Ä ­Îµ ´ ­ ­· · ­µ¤µ¦ Ä o­· · ʺ °®» o ­µ¤´ Å oÄ Îµ ª ŤnÁ · ® ¹É Ä ­µ¤­n ª ° ε ª Ä ­Îµ ´ ­ ­· · Ê ´ ®¤ ¸É ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³/®¦º ° ¦· ¬ ´ ¥n°¥  n¨³¦µ¥Å o¦´ ´ ­¦¦ µ ¦· ¬ ´ ªnµ ³ ¦ °µ¥»Ä ­Îµ ´ ­ ­· ·

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¦· ¨ ¸É ¥» ) Á °¦r ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ '8¬-´ Á °¦r 5 A 1'Ę 9I &< εA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î.Nµ6®¦´/'5 ¸ ­· Č Ê ­». 8ù ª´ .< ¸ É ´ +5 9ªµ ¤ I 5 +6 % x

x

Á¤ºÉ° ¦· ¬ ´ Å o°° ¨³Á­ °Ä ­Îµ ´ ­ ­· ·  n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¦ ¦³¥³Áª¨µ 2 ¸ ¼ o º°Ä ­Îµ ´ ­ ­· · ­µ¤µ¦ Ä o­· · ʺ °®» o ­µ¤´ Å oÁ¡·É¤°¸ Ä Îµ ª ŤnÁ · ® ¹É Ä ­µ¤­n ª ° Ä ­Îµ ´ ­ ­· · Ê ´ ®¤ ¸É ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³/®¦º ° ¦· ¬ ´ ¥n°¥Â n ¨³ ¦µ¥Å o¦´ ´ ­¦¦ µ ¦· ¬ ´ ªnµ ³ ¦ °µ¥»Ä ­Îµ ´ ­ ­· · Á¤ºÉ° ¦· ¬ ´ Å o°° ¨³Á­ °Ä ­Îµ ´ ­ ­· ·  n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¦ ¦³¥³Áª¨µ 3 ¸ ¼ o º °Ä ­Îµ ´ ­ ­· · ­µ¤µ¦ Ä o­· · ʺ °®» o ­µ¤´ Å oÄ Ä ­Îµ ´ ­ ­· · Ê ´ ®¤ ¸É ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³/®¦º ° ¦· ¬ ´ ¥n°¥Â n¨³¦µ¥Å o¦´ ´ ­¦¦ µ ¦· ¬ ´ ¹É ¦ª¤ ¹ ­n ª ¸É ŤnÅ o¤¸ µ¦Ä o­· · Ä ¸ ¸É 1 ¨³ ¸ ¸É 2 ´Ê ¸Ê ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³/®¦º ° ¦· ¬ ´ ¥n°¥ ³­µ¤µ¦ Ä o­· · ªnµ ³ ¦ °µ¥»Ä ­Îµ ´ ­ ­· · ´Ê ¸Ê µ¤Á ºÉ ° Å Ä µ¦Ä o­· · Ä Ä ­Îµ ´ ­ ­· · ¼ o º °Ä ­Îµ ´ ­ ­· · ³ o° ¤¸ ­ µ ³ Á È ¼ o ¦· ®µ¦Â¨³¡ ´ µ Ä ª´ ε® µ¦Ä o­· · Ê ´

(2)

Á¤ºÉ°ª´ ¸É 25 Á¤¬µ¥ 2556 ¸É ¦³ »¤­µ¤´ ¼ o º°®» o ° ¦· ¬ ´ ¦´Ê ¸É 1/2556 ¤¸¤ ·° »¤ ´ ·Ä ­Îµ ´ ­ ­· · ɸ ³ ºÊ °®» o ­µ¤´ Ä®o n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³ ¦· ¬ ´ ¥n°¥Á¡·É¤Á ·¤ à ¥¤¸Á ºÉ° Š¨³ ¦³¥³Áª¨µ µ¦Ä o­· · Á n Á ¸¥ª ´ ¤ · ¸É ¦³ »¤Ä ¦µªÂ¦

Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê à ¦ µ¦ BJC ESOP 2012 ¦´Ê ¸É 1 BJC ESOP 2012 ¦´Ê ¸É 2

°µ¥»­ ´ µ ( ¸ ) 5 5

ª´ ¸ÉÄ®o­· · ª´ ¸É®¤ °µ¥» 15 ¡ 55 15 ¡ 60 18 ¤· ¥ 56 18 ¤· ¥ 61

ε ª ­· · ¸É°° (® nª¥) 14,800,000 10,000,000

°´ ¦µ µ¦Ä o­· · n° 1 ® nª¥ ¦µ µÄ o­· · Ä ­Îµ ´ ­ ­· · ( µ n°®»o ) 1 40.46 1 68.43

¤¼¨ nµ¥» · ¦¦¤ ° Ä ­Îµ ´ ­ ­· · ª´ ¤¼¨ nµÃ ¥ª· ¸ Black-Scholes Model £µ¥Ä o °o ­¤¤ · µ µ µ¦Á · ´ ¸Ê Ä ­Îµ ´ ­ ­· · ¦´Ê ¸É 1/2555 ¦µ µ®» o ª´ ¸ÉÄ®oÄ ­Îµ ´ ­ ­· · ¦µ µÄ o­· · nµ ªµ¤ ´ ª ° ¦µ µ®» o ¸É µ ®ª´ nª Áª¨µ ¸É µ ªnµ ³¤¸ ¤¼ o µÄ oÄ ­Îµ ´ ­ ­· · ¦ °´ ¦µÁ · ´ ¨ ¸É µ ®ª´ °´ ¦µ ° Á ¸Ê¥ ¨° ªµ¤Á­¸É ¥ 85

¸ ¸É 1 40.25 40.46 33.74% 3 ¸ 1.78% 3.83%

¸ ¸É 2 40.25 40.46 33.74% 3.5 ¸ 1.78% 3.83%

¸ ¸É 3 40.25 40.46 33.74% 4 ¸ 1.78% 3.83%

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

85

¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ '8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

.N6/'5 Č.8ù .< +5 9I 5 +6 % Ä ­Îµ ´ ­ ­· · ¦´Ê ¸É 2/2555 ¦µ µ®» o ª´ ¸ÉÄ®oÄ ­Îµ ´ ­ ­· · ¦µ µÄ o­· · nµ ªµ¤ ´ ª ° ¦µ µ®» o ¸É µ ®ª´ nª Áª¨µ ¸É µ ªnµ ³¤¸ ¤¼ o µÄ oÄ ­Îµ ´ ­ ­· · ¦ °´ ¦µÁ · ´ ¨ ¸É µ ®ª´ °´ ¦µ ° Á ¸Ê¥ ¨° ªµ¤Á­¸É ¥

¸ ¸É 1 52.00 68.43 36.39% 3 ¸ 1.71% 3.84%

¸ ¸É 2 52.00 68.43 36.39% 3.5 ¸ 1.71% 3.84%

¸ ¸É 3 52.00 68.43 36.39% 4 ¸ 1.71% 3.84%

¦µ¥ µ¦Á ¨ºÉ° Å®ª­Îµ®¦´ Ä ­Îµ ´ ­ ­· · ­µÎ ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê 2556

¥° Á®¨º° ª´ ¸É 1 ¤ ¦µ ¤ Ä ­Îµ ´ ­ ­· · ¸É°° Ä®o Ä ­Îµ ´ ­ ­· · ¸É ¼ ¦· Ä ­Îµ ´ ­ ­· · ¸É¤¸ µ¦Ä o­· · ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤

2555

ε ª ¦µ µÄ o­· · ε ª ­· · ʺ °®» o ´ªÁ ¨¸É¥ nª Îʵ® ´ ­· · ʺ °®» o µ n°®» o

® nª¥

® nª¥

14,438,900 40.46 10,000,000 68.43 14,800,000 (517,500) 40.46 (361,100) (2,316,200) 40.46 21,605,200 53.41 14,438,900

Ä ­Îµ ´ ­ ­· · ¸É¤¸ µ¦Ä o­· · ª´ ¸É 31 ´ ªµ ¤ 2556 ¤¸ ´ n°Å ¸Ê ε ª ¸ÉÄ o­· · ¨Îµ ´ µ¦Ä®o­· · ® nª¥

Ä ­Îµ ´ ­ ­· · ¸É°° Ä®o ª´ ¸É 15 ¡§¬£µ ¤ 2555 2,096,400 132,800 25,300 19,700 2,500 17,500 22,000 2,316,200

86

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86

ª´ ¸ÉÄ®o­· · 3 ¤· ¥ 2556 1 2556 1 ­ 2556 2 ¥ 2556 1 2556 1 ¡ ¥ 2556 2 2556

¦µ µÄ o­· · ´ªÁ ¨¸É¥ nª Îʵ® ´ µ n°®» o

40.46 40.46 40.46

¦µ µ®» o ª´ ¸ÉÄ o­· · µ n°®» o

58.00 48.00 44.50 38.25 46.25 48.00 45.50

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 % ­· · ʺ °®» o ¸É Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸¦µ µÄ o­· · ª´ Á ¨¸É¥ nª Îʵ® ´ Á nµ ´ 53.41 µ ¨³ 40.46 µ µ¤¨Îµ ´ ¨³°µ¥»­ ´ µ Á®¨º° ´ªÁ ¨¸É¥ nª Îʵ® ´ Á nµ ´ 3.87 ¸ ¨³ 4.37 ¸ µ¤¨Îµ ´

­n ª Á · ¤¼¨ n µ®»o µ¤ ´ ´ ·Â®n ¡¦³¦µ ´ ´ · ¦· ¬ ´ ¤®µ ε ´ ¡.«. 2535 ¤µ ¦µ 51 Ä ¦ ¸ ¸É ¦· ¬ ´ Á­ ° µ¥®» o ­¼ ªn µ ¤¼ ¨ n µ ®» o ¸É ³Á ¸ ¥ Ūo ¦· ¬´ o° ε n µ ®» o ­n ª Á · ¸Ê ´Ê Á È » ­Î µ ¦° (“­n ª Á · ¤¼ ¨ n µ ®» o ”) ­n ª Á · ¤¼¨ nµ®» o ¸Ê ³ εŠnµ¥Á È Á · ´ ¨Å¤nÅ o ­n ª Á · » µ µ¦ ¦· µ ­n ª Á · » µ µ¦ ¦· µ ε ª Á · 37 ¨oµ µ Á È Á · ¸É Å o¦´ µ ¦¦¤ µ¦ ¦· ¬ ´ ¸É Å o µÎ Ŧ µ µ¦ ε® n µ¥ ®» o Á¡·É¤ » ° ¦· ¬ ´ Ä ¸ 2537 ε ª 397,104 ®» o ¸ÉÁ®¨º° µ µ¦ ° ºÊ °Â¨³ ε® nµ¥ n° ¦³ µ ´ªÉ Å Ä ¨µ ®¨´ ¦´¡¥r®n ¦³Á «Å ¥ ­n ª Á · » µ µ¦ ¦· µ ¸Ê ³ εŠnµ¥Á È Á · ´ ¨Å¤nÅ o ­n ª Á · » µ µ¦ ε® n µ¥®»o ° ¦· ¬ ´ ¸ É °º à ¥ ¦· ¬ ´ ¥n °¥ ­n ª Á · » µ µ¦ ε® nµ¥®» o ° ¦· ¬ ´ ¸É º°Ã ¥ ¦· ¬ ´ ¥n°¥ ε ª 32 ¨oµ µ Å o­ Ūo£µ¥Ä o­nª ° ¼ o º°®» o Ä µ¦Á · ¦ª¤ µ¤Â ª µ · ´ ·­µÎ ®¦´ ®» o ºÊ ° º ¨³ ³ εŠnµ¥Á È Á · ´ ¨Å¤nÅ o

» ­Î µ¦° » ­Îµ¦° ¦³ ° oª¥ µ¦ ´ ­¦¦ εŦ¨³/®¦º ° εŦ­³­¤ » ­Îµ¦° µ¤ ®¤µ¥ µ¤ ´ ´ ·Â®n ¡¦³¦µ ´ ´ · ¦· ¬ ´ ¤®µ ε ´ ¡.«. 2535 ¤µ ¦µ 116 ¦· ¬ ´ ³ o° ´ ­¦¦ » ­Îµ¦° (“­Îµ¦° µ¤ ®¤µ¥”) °¥nµ o°¥¦o°¥¨³ 5 ° εŦ­» · ¦³ ε ¸ ®¨´ µ ®´ µ » ­³­¤¥ ¤µ ( oµ¤¸) ªnµ­Îµ¦° ´ ¨nµª¤¸ µÎ ª Ťn °o ¥ ªnµ¦o°¥¨³ 10 ° » ³Á ¸¥ Á · ­Îµ¦° ¸Ê ³ εŠnµ¥Á È Á · ´ ¨ ŤnÅ o » ­Îµ¦° Á¡º°É ¥µ¥ · µ¦ ­Îµ¦° Á¡ºÉ° ¥µ¥ · µ¦ ¦³ ° oª¥­Îµ¦° £µ¥Ä ° ¨»n¤ ¦· ¬ ´ ¸É ´ ­¦¦ ¹Ê Á¡ºÉ°Ä oÄ µ¦ ¥µ¥ » ¦ · ° ¨»n¤ ¦· ¬ ´ Ä ° µ ­Îµ¦° Á¡ºÉ° ¥µ¥ · µ¦ ¸Ê ³ εŠnµ¥Á È Á · ´ ¨Å¤nÅ o

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

87

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É +5 ´ 9 I ªµ ¤ 5 +6 % ° r ¦³ ° °º É ° ­n ª ° ¼o °º ®»o ¨ n µ µ µ¦Â ¨ n µ µ¦Á · ¨ n µ µ µ¦Â ¨ n µ µ¦Á · ­ Ä ­n ª ° Á oµ ° ¦³ ° oª ¥ ¨ n µ µ µ¦Â ¨ n µ ´Ê ®¤ µ µ¦Á · ° ® nª¥ µ Ä nµ ¦³Á «Â¨³ µ¦Â ¨ nµ® ¸Ê­· µ µ¦ o ° ´ ªµ¤Á­¸É ¥ Ä Á · ¨ » ­» · ° ¦· ¬ ´

­n ª µ εÁ · µ ¨»n¤ ¦· ¬ ´ Å o µÎ Á­ ° o°¤¼¨ µ µ¦Á · ε µ¤­n ª µ » ¦ · ¦¼  ®¨´ Ä µ¦¦µ¥ µ ­n ª µ » ¦ · ¡· µ¦ µ µ ¦³ µ¦ ¦· ®µ¦ µ¦ ´ µ¦Â¨³Ã ¦ ­¦o µ µ¦¦µ¥ µ µ µ¦Á · £µ¥Ä ° ¨»n ¤ ¦· ¬ ´ Á È Á rÄ µ¦ ε® ­n ª µ Ã¥ µ¥ µ¦ ´ ¸­µÎ ®¦´ ­n ª µ εÁ · µ Á È Å µ¤ Ã¥ µ¥ µ¦ ´ ¸ ¸É ¨nµªÅªoÄ ®¤µ¥Á® » °o 3 ¨»n¤ ¦· ¬ ´ ´ ¹ ¦µ¥ µ¦ µ¥Â¨³Ã° ¦³®ªnµ ­n ª µ Á n Á ¸ ¥ª ´ µ¦ µ¥Â¨³Ã° Ä®o n » ¨£µ¥ ° ¹É Á È Å µ¤¦µ µ ¨µ ´ » ´ ¨»n¤ ¦· ¬ ´ Á­ °­n ª µ »¦ · ¸É­µÎ ´ ´ ¸Ê ­n ª µ ­· oµÂ¨³ ¦· µ¦ µ ¦¦ »£ ´ r ­n ª µ ­· oµÂ¨³ ¦· µ¦ µ °» ã ¦· ã ­n ª µ ­· oµÂ¨³ ¦· µ¦ µ Áª £´ r¨³ µ Á · Ä ¦³®ªnµ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¨»n¤ ¦· ¬ ´ Ťn¤¸¦µ¥Å o µ µ¦ µ¥Â¨³Ä®o ¦· µ¦ ´ ¨¼ oµ » ¨£µ¥ ° ¦µ¥Ä ¦µ¥® ¹É ¸É¤¸ µÎ ª Á · ´Ê  n¦o°¥¨³ 10 ¹Ê Å ° ¦µ¥Å o¦ª¤

88

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­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

­n ª µ εÁ · µ ε µ¤ ¦³Á£ »¦ · Ä µ¦Á · ¦ª¤­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê ­n ª µ ­n ª µ ­n ª µ °º É Ç ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ ¦µ¥Å o µ µ¦ µ¥Â¨³ µ¦Ä®o ¦· µ¦ ° Á ¸Ê¥¦´ ¦µ¥Å o°ºÉ ¦ª¤¦µ¥Å o

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

¨¦ª¤ ° εŦ®¦º ° µ » ° ­n ª µ n° o » µ µ¦Á · o » µ µ¦Á · ¨¦ª¤ ° εŦ®¦º ° µ » ° ­n ª µ ­nª  n εŦ µ ¦· ¬ ´ ¦n ª¤ nµÄ o nµ¥£µ¬¸Á · Å o εŦ­» ·­µÎ ®¦´ ¸

17,748.1 3.9 328.3 18,080.3

2,382.2 (204.8) 2,177.4

14,783.1 3.4 183.5 14,970.0

648.6 (98.0) 550.6

7,315.3 12.8 31.1 7,359.2

754.3 (53.4) 700.9

2,728.5 104.7 1,366.4 4,199.6

1,020.9 (331.3) 689.6

® n ª¥ ¨oµ µ

µ¦Á · ¦ª¤ ¦µ¥ µ¦ ´ ´ ¸ ¦³®ªnµ ­n ª µ (348.7) (109.5) (1,311.5)

(1,114.5) 112.3

89

89

¦ª¤

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& /%6&A/ < '4 1 6'A è .N6/'5 Č.8ù .< +5 9I 5 +6 %

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& /%6&A/ < '4 1 6'A è ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ .N®¤µ¥Á® » 6/'5 Ȧ³ ° µ¦Á · .8ù .< +5 9 I 5 +6 %

­n ª µ ­n ª µ ­n ª µ

16,864.9 13.3 204.4 17,082.6

1,975.2 (250.9) 1,724.3

11,039.5 2.1 250.5 11,292.1

716.7 (45.4) 671.3

7,152.5 19.5 85.7 7,257.7

751.4 (3.1) 748.3

°º É Ç

¦µ¥ µ¦ ´ ´ ¸ ¦³®ªnµ ­n ª µ

¦ª¤

2,532.0 89.3 1,023.1 3,644.4

(159.8) (101.5) (961.0)

863.1 (314.1) 549.0

(769.6) 110.6

90 ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·/%6&A/ < ¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦· '4 1 6'A è ¬´ ¥n°¥ ®¤µ¥Á® » .N6/'5 ¦³ ° µ¦Á · Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

­n ª µ ­n ª µ ­n ª µ ª´ ¸É 31 ´ ªµ ¤ ­· ¦´¡¥r¦ª¤ ° ­n ª µ ® ¸Ê­· ¦ª¤ ° ­nª µ

°º É Ç

¦µ¥ µ¦ ´ ´ ¸ ¦³®ªnµ ­n ª µ

25,008.0

10,774.5

4,524.5

7,117.6

(2,921.9)

9,970.1

5,274.9

1,510.4

12,432.6

(2,384.3)

µ¦Á · ¦ª¤ ¦ª¤ ­n ª µ ­n ª µ ­n ª µ

® n ª¥ ¨oµ µ °º É Ç

¦µ¥ µ¦ ´ ´ ¸ ¦³®ªnµ ­n ª µ

22,006.9

7,785.5

4,674.4

6,612.2

(2,818.9)

8,406.8

2,384.0

1,277.9

10,692.9

(785.3)

¦ª¤

o °¤¼¨­n ª µ εÁ · µ °ºÉ ­n ª µ ­n ª µ ­n ª µ

°º É Ç

¦µ¥ µ¦ ´ ´ ¸ ¦³®ªnµ ­n ª µ

­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ nµÁ­ºÉ °¤¦µ µÂ¨³ nµ ´ ε® nµ¥

1,339.2

379.3

52.2

251.5

-

µ¦Á¡·É¤ ¹Ê ° ­· ¦´¡¥rŤn®¤» Áª¸¥ ° ­nª µ

2,693.3

2,271.3

89.1

646.6

-

90

µ¦Á · ¦ª¤ ¦ª¤ ­n ª µ ­n ª µ ­n ª µ

® n ª¥ ¨oµ µ °º É Ç

¦µ¥ µ¦ ´ ´ ¸ ¦³®ªnµ ­n ª µ

¦ª¤

1,170.2

325.5

60.9

194.6

-

3,156.8

888.2

84.0

231.6

-

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& /%6&A/ < '4 1 6'A è 6/'5¨ ¸É ¥» Á °¦r Č. 8ù ε.< ´ ¤®µ ¨³ ¦· +5 9I 5 ¬´ +6 % ¦·¬´ .N Á °¦r ¥n°¥

®¤µ¥Á® » ¦³ ° µ¦Á · ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

­n ª µ εÁ · µ ε µ¤Á £¼¤·«µ­ ¦rÄ µ¦Á · ¦ª¤­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê

­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ ¦µ¥Å o¦ª¤

£µ¥Ä ¦³Á «

£µ¥ ° ¦µ¥ µ¦ ´ ´ ¸ ¦³Á « ¦³®ªnµ ­n ª µ

35,735.9

8,696.8

(1,593.3)

ª´ ¸É 31 ´ ªµ ¤ ­· ¦´¡¥rŤn®¤» Áª¸¥ (1)

16,493.2

7,435.3

-

(1) ­· ¦´¡¥rŤn®¤» Áª¸¥ Ťn¦ª¤Á · ¨ » ­· ¦´¡¥r£µ¬¸Á · Å o¦° µ¦ ´ ´ ¸ ¨³­· ¦´¡¥rŤn®¤» Áª¸¥ °ºÉ

® n ª¥ ¨oµ µ

µ¦Á · ¦ª¤

¦ª¤ ¦ ª¤

34,649.0

£µ¥ ° ¦µ¥ µ¦ ´ ´ ¸ ¦³Á « ¦³®ªnµ ­n ª µ 4,689.0 (1,283.5)

14,735.2

5,477.1

£µ¥Ä ¦³Á «

-

¦ª¤ ¦ ª¤

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

91

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ®¦´ /'5 ¸ ­· ČÊ .­»8ù ª´.< ¸+5 É ´ 9 I ªµ ¤ 5 +6 % Ä ¦³®ªnµ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨»n¤ ¦· ¬ ´ Å o¤¸ µ¦Á ¨¸É¥  ¨ Á ¸É¥ª ´ µ¦ εÁ­ ° o°¤¼¨ µ µ¦Á · ε µ¤­n ª µ à ¥ µ¦Á ¨¸É¥  Ũ¢r ­Å ¨r µ ­n ª µ 3 Å ¦ª¤Ä ­n ª µ °ºÉ Ç Á¡ºÉ°Ä®o¤¸ ªµ¤Á®¤µ³­¤ ´ » ¦ · ° ¨»n¤ ¦· ¬ ´ ´ ´Ê ¦µ¥Å o¨³ ¨ µ¦ εÁ · µ µ ­n ª µ µ » ¦ · Ä µ¦Á · ¦ª¤­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2555 Å o¤¸ µ¦ ´ ¦³Á£ ¦µ¥ µ¦Ä®¤n Á¡ºÉ°Ä®o­° ¨o° ´ µ¦ εÁ­ ° o°¤¼¨ µ µ¦Á · ε µ¤­n ª µ Ä µ¦Á · ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 à ¥ ¨ ¦³ µ µ¦Á ¨¸É¥  ¨ ­n ª µ ¤¸ ´ ¸Ê ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸ É 31 ´ ªµ ¤ 2555

¦µ¥Å o µ ¨¼ oµ£µ¥ ° ¦µ¥Å o¦³®ªnµ ­nª µ ¨¦ª¤ ° εŦ®¦º ° µ » ° ­n ª µ

92

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

® n ª¥ ¨o µ µ ­n ª µ °º É Ç n ° ¦´ ¦» ®¨´ ¦´ ¦» n ° ¦´ ¦» ®¨´ ¦´ ¦» 8,090.0 7,205.4 1,655.7 3,602.7 69.9 52.3 1,098.8 41.6 795.6 748.3 501.7 549.0

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É +5 ´ 9 I ªµ ¤ 5 +6 %

n µÄ o nµ¥ ¨ ¦³Ã¥ r ° ¡ ´ µ nµÄ o nµ¥ ¨ ¦³Ã¥ r ° ¡ ´ µ ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê ¼o ¦·®µ¦ Á · Á º° ¨³ nµÂ¦ Á · ­¤ ° » ­Îµ¦° Á¨¸Ê¥ ¸¡ Á · ­Îµ¦° εÁ® È ¡ ´ µ Á · ­Îµ¦° à ¦ µ¦ ¨ ¦³Ã¥ r°ºÉ °ºÉ Ç ¡ ´ µ °ºÉ Á · Á º° ¨³ nµÂ¦ Á · ­¤ ° » ­Îµ¦° Á¨¸Ê¥ ¸¡ Á · ­Îµ¦° εÁ® È ¡ ´ µ Á · ­Îµ¦° à ¦ µ¦ ¨ ¦³Ã¥ r°ºÉ °ºÉ Ç ¦ª¤ n µÄ o nµ¥ ¨ ¦³Ã¥ r ° ¡ ´ µ

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

50,305 2,506 1,434 10,271 50

54,700 1,899 1,338 9,027 40

50,305 2,506 1,434 10,271 50

54,700 1,899 1,338 9,027 40

3,355,092 120,732 54,096 84,988 166,276

3,069,920 115,647 52,630 54,372 132,921

975,935 37,373 11,634 54,106 91,746

808,859 33,138 11,273 32,187 73,992

à ¦ µ¦ ¨ ¦³Ã¥ r ¸É µÎ ® Ūo ¦µ¥¨³Á°¸¥ ° à ¦ µ¦ ¨ ¦³Ã¥ r ¸É µÎ ® ŪoÁ · Á ¥Ä ®¤µ¥Á® » ¦³ ° µ¦Á · o° 22 à ¦ µ¦­¤ Á · ¸É µÎ ® Ūo ¨»n ¤ ¦· ¬ ´ Å o ´ ´Ê ° » ­Î µ ¦° Á¨¸Ê ¥ ¸ ¡ ­Î µ ®¦´ ¡ ´ µ ° ¨»n ¤ ¦· ¬´ ¡ºÊ µ ªµ¤­¤´ ¦Ä ° ¡ ´ µ Ä µ¦Á È ­¤µ · ° ° » à ¥¡ ´ µ nµ¥Á · ­³­¤Ä °´ ¦µ¦o°¥¨³ 3 ¹ °´ ¦µ¦o°¥¨³ 7.5 ° Á · Á º° » Á º° ¨³ ¨»n¤ ¦· ¬ ´ nµ¥­¤ Ä °´ ¦µ¦o°¥¨³ 3 ¹ °´ ¦µ¦o°¥¨³ 7.5 ° Á · Á º° ° ¡ ´ µ » Á º° ° » ­Îµ¦° Á¨¸Ê¥ ¸ ¡ ¸Ê Å o ³Á ¸¥ Á È ° » ­Îµ¦° Á¨¸Ê¥ ¸ ¡ µ¤ o° ε® ° ¦³ ¦ª µ¦ ¨´ ¨³ ´ µ¦ ° » à ¥ ¼ o ´ µ¦ ° » ¸ÉÅ o¦´ ° » µ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

93

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Îµ6®¦´/'5 ¸ ­· ČÊ .­» 8ù ª´.< ¸ É ´ +5 9 ªµ ¤ I 5 +6 %

n µÄ o nµ¥ µ¤¨´ ¬ ³ µ¦Á · Å o¦ª¤ µ¦ª·Á ¦µ³®r nµÄ o nµ¥ µ¤® oµ ¸É nµÄ o nµ¥ µ¤¨´ ¬ ³ ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ´ ¸Ê µ¦Á ¨¸É¥  ¨ Ä ­· oµ­ÎµÁ¦È ¦¼ ¨³ µ ¦³®ªnµ ε ­· oµ ¸É ʺ°¤µÁ¡ºÉ° µ¥ ª´ » · ¨³ª´­ »­·Ê Á ¨º° ¸ÉÄ oÅ nµÁ­ºÉ °¤¦µ µÂ¨³ nµ ´ ε® nµ¥ nµÄ o nµ¥ ¨ ¦³Ã¥ r ° ¡ ´ µ µ » µ µ¦ ε® nµ¥Á · ¨ » °ºÉ Ç ¦ª¤

®¤µ¥Á® »

µ¦Á · ¦ª¤ 2556 2555 (598,538) 10,827,365 11,818,505 2,022,222 3,845,750 11,232,619

(813,941) 8,354,455 11,486,135 1,751,156 3,492,494 10,247,403

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

(105,323) (297,753) 16,924,954 17,379,944 100,754 79,555 1,235,360 1,026,453 15,736 3,007,923 2,449,237

n µÄ o nµ¥£µ¬¸Á · Å o nµÄ o nµ¥£µ¬¸Á · Å o ¸É¦´ ¦¼ oÄ ÎµÅ¦ µ » Á È Á­¦È ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê n µÄ o nµ¥£µ¬¸Á · Å o ´ » ´ ­Îµ®¦´ ¸ ´ » ´ £µ¬¸ ¸ n° Ç ¸É ´ ¹ ÎɵŠ­¼ Å

¦ª¤ £µ¬¸Á · Å o ¦° µ¦ ´ ´ ¸ µ¦Á ¨¸É¥  ¨ ° ¨ nµ ´ªÉ ¦µª µ¦¨ £µ¬¸Á · Å o - ¦° µ¦ ´ ´ ¸ ¦ª¤ ¦ª¤ n µÄ o nµ¥£µ¬¸Á · Å o

94

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®¤µ¥Á® »

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

617,712 (2,511)

672,646 (32,402)

231,095 (3,257)

256,497 587

(48,617)

(36,120) 491

(15,009

( )

7,455 8,934

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( ) Ä®oÅ o¦´ ¥ Áªo °µ ¦ µÁ oµ­Îµ®¦´ Á ¦ºÉ ° ´ ¦ µ¤ ¸É ³ ¦¦¤ µ¦­n Á­¦· ¤ µ¦ ¨ » ¡· µ¦ µ° »¤ ´ · ( ) Å o¦´ ¥ Áªo £µ¬¸Á · Å o · · » ¨­Îµ®¦´ εŦ­» · ¸ÉÅ o µ µ¦ ¦³ ° · µ¦ ¸ÉÅ o¦´ ­n Á­¦· ¤¦ª¤ ´ ŤnÁ · ¦o °¥¨³ 100 ° Á · ¨ » Ťn¦ª¤ n µ ¸É · ¨³ » ®¤» Áª¸¥ ¤¸ µÎ ® Áª¨µ 7 ¸ ´  nª ´ ¸ÉÁ¦·É ¤¤¸¦µ¥Å o µ µ¦ ¦³ ° · µ¦ ´Ê ( ) Ä ¦ ¸ ¸É ¦³ ° · µ¦ µ » Ä n ª Áª¨µÅ o¦´ ¥ Áªo £µ¬¸Á · Å o · · » ¨ Å o¦´ ° » µ Ä®o µÎ ¨ µ » ¦³ ε ¸ ¸É Á · ¹Ê Ä n ª Áª¨µ ´Ê Å ®´ °° µ ε Ŧ­» · ¸É Á · ¹Ê £µ¥®¨´ ¦³¥³Áª¨µÅ o ¦´ ¥ Áªo £µ¬¸ Á · Å o · · » ¨ ¤¸ µÎ ® Áª¨µÅ¤nÁ · 5 ¸ ´  nª ´ ¡o ε® Áª¨µ ´Ê

2089(2)/2548 ¨ ª´ ¸É1 ´ ªµ ¤ 2548

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99

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­· · ¦³Ã¥ r ¨³Á ºÉ° Å ¸É­Îµ ´

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Å o¦´ ° » µ Ä®o µÎ ¨ µ » ¦³ ε ¸ ¸É Á · ¹Ê Ä n ª Áª¨µ ´Ê Å ®´ °° µ ε Ŧ­» · ¸É Á · ¹Ê £µ¥®¨´ ¦³¥³Áª¨µÅ o¦´ ¥ Áªo £µ¬¸ Á · Å o · · » ¨¤¸ ε® Áª¨µÅ¤nÁ · 5 ¸ ´  nª ´ ¡o ε® Áª¨µ ´Ê

Á ºÉ ° µ Á È · µ¦ ¸É Å o¦´ µ¦­n Á­¦· ¤ µ¦¨ » ¦· ¬ ´ ¥n°¥ ³ o° · ´ · µ¤Á ºÉ° Š¨³ o° ε® µ¤ ¸É ¦³ »ÅªoÄ ´ ¦­n Á­¦· ¤ µ¦¨ »

εŦ n °®»o ´Ê ¡º Ê µ ¨³ εŦ n °®»o ¦´ ¨ εŦ n°®» o ­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ε ª µ εŦ­Îµ®¦´ ¸ ¸ÉÁ È ­n ª ° ¼ o º°®» o ­µ¤´ ° ¦· ¬ ´ ¨³ ε ª ®» o ­µ¤´ ¸É ª´ Á ¨¸É¥ nª Îʵ® ´ ° ®» o ­µ¤´ ¸É º°Ã ¥ ¼ o º°®» o à ¥Â­ µ¦ ε ª ´ ¸Ê µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2556 2555 ¡´ µ ¡´ ®»o 2,425,974 2,414,792 1,839,173 1,503,850 1,589,432 1,588,125 1,589,432 1,588,125

­Îµ®¦´ ¸ ­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ εŦ n °®»o ´Ê ¡º Ê µ εŦ ¸ÉÁ È ­nª ° ¼ o º°®»o ­µ¤´ ° ¦· ¬ ´ ε ª ®»o ­µ¤´ ¸É ª´ Á ¨¸É¥ nª Îʵ® ´ ° ®»o ­µ¤´ εŦ n °®»o ´Ê ¡º Ê µ µ εŦ n °®»o ¦´ ¨ ε ª ®»o ­µ¤´ ´ªÁ ¨¸É¥ nª Îʵ® ´ ¸ÉÄ oÄ µ¦ ε ª εŦ n°®»o ´Ê ¡ºÊ µ ¨ ¦³ µ Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ°®»o ­µ¤´ ε ª ®»o ­µ¤´ ´ªÁ ¨¸É¥ nª Îʵ® ´ Á®¨º° ª´ ­·Ê ª ¦´ ¨ εŦ n °®»o ¦´ ¨ µ

1,589,432 3,600

1,588,125 1,665

1,589,432 3,600

1,588,125 1,665

1,593,032

1,589,790

1,593,032

1,589,790

εŦ n°®» o ¦´ ¨ Á · µ Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ µ¤ ¸É ¨nµªÅªoÄ ®¤µ¥Á® » ¦³ ° µ¦Á · o° ¸É 23

100

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100

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Á · ´ ¨ Ä µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ° ¦· ¬ ´ Á¤ºÉ°ª´ ¸É 13 ­· ®µ ¤ 2556 ¸É ¦³ » ¤¤¸¤ ·° »¤ ´ · µ¦ ´ ­¦¦ εŦ µ ¨ µ¦ εÁ · µ 6 Á º° ¦ ° ¸ 2556 Á È Á · ´ ¨¦³®ªnµ µ¨Ä °´ ¦µ®» o ¨³ 0.44 µ ¦ª¤Á È Îµ ª Á · ´Ê ­·Ê 699.77 ¨oµ µ à ¥Á · ´ ¨ ´ ¨nµªÅ o nµ¥Ä®o n ¼ o º°®» o Ä ª´ ¸É 12 ´ ¥µ¥ 2556 Ä µ¦ ¦³ »¤­µ¤´ ¦³ ε ¸ ° ¼ o º°®» o ° ¦· ¬ ´ Á¤ºÉ°ª´ ¸É 25 Á¤¬µ¥ 2556 ¼ o º°®» o ¤¸¤ ·° »¤ ´ · µ¦ ´ ­¦¦ εŦÁ È Á · ´ ¨Ä °´ ¦µ®» o ¨³ 0.84 µ Á È Îµ ª Á · ´Ê ­·Ê 1,334.03 ¨oµ µ ¹É ­n ª ® ¹É Å o nµ¥Á È Á · ´ ¨¦³®ªnµ µ¨Ä °´ ¦µ®» o ¨³ 0.32 µ ¦ª¤Á È Îµ ª Á · 508.20 ¨oµ µ Á¤ºÉ°ª´ ¸É 7 ´ ¥µ¥ 2555 Á®¨º° µ¦ nµ¥Á · ´ ¨°¸ Ä °´ ¦µ®» o ¨³ 0.52 µ ¦ª¤Á È Îµ ª Á · 825.83 ¨oµ µ à ¥Á · ´ ¨ ´ ¨nµªÅ o nµ¥Ä®o n ¼ o º°®» o Ä ª´ ¸É 23 ¡§¬£µ ¤ 2556 Ä µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ° ¦· ¬ ´ Á¤ºÉ°ª´ ¸É 9 ­· ®µ ¤ 2555 ¸É ¦³ »¤¤¸¤ ·° »¤ ´ · µ¦ ´ ­¦¦ εŦ µ ¨ µ¦ εÁ · µ 6 Á º° ¦ ° ¸ 2555 Á È Á · ´ ¨¦³®ªnµ µ¨Ä °´ ¦µ®» o ¨³ 0.32 µ ¦ª¤Á È Îµ ª Á · ´Ê ­·Ê 508.2 ¨oµ µ à ¥Á · ´ ¨ ´ ¨nµªÅ o nµ¥Ä®o n ¼ o º°®» o Ä ª´ ¸É 7 ´ ¥µ¥ 2555 Ä µ¦ ¦³ »¤­µ¤´ ¦³ ε ¸ ° ¼ o º°®» o ° ¦· ¬ ´ Á¤ºÉ°ª´ ¸É 25 Á¤¬µ¥ 2555 ¼ o º°®» o ¤¸¤ ·° »¤ ´ · µ¦ ´ ­¦¦ εŦÁ È Á · ´ ¨Ä °´ ¦µ®» o ¨³ 0.73 µ Á È Îµ ª Á · ´Ê ­·Ê 1,159.33 ¨oµ µ ¹É ­n ª ® ¹É Å o nµ¥Á È Á · ´ ¨¦³®ªnµ µ¨Ä °´ ¦µ®» o ¨³ 0.28 µ ¦ª¤Á È Îµ ª Á · 444.68 ¨oµ µ Á¤ºÉ°ª´ ¸É 9 ´ ¥µ¥ 2554 Á®¨º° µ¦ nµ¥Á · ´ ¨°¸ Ä °´ ¦µ®» o ¨³ 0.45 µ ¦ª¤Á È Îµ ª Á · 714.65 ¨oµ µ à ¥Á · ´ ¨ ´ ¨nµªÅ o nµ¥Ä®o n ¼ o º°®» o Ä ª´ ¸É 24 ¡§¬£µ ¤ 2555

Á ¦ºÉ° ¤º° µ µ¦Á · Ã¥ µ¥ µ¦ ´ µ¦ ªµ¤Á­¸É¥ µ o µ µ¦Á · ¨»n¤ ¦· ¬ ´ ¤¸ ªµ¤Á­¸É ¥ µ µ¦ εÁ · » ¦ · µ¤ · µ µ¦Á ¨¸É¥  ¨ °´ ¦µ ° Á ¸Ê¥Â¨³°´ ¦µÂ¨ Á ¨¸É¥ Á · ¦µ nµ ¦³Á « ¨³ µ µ¦Å¤n · ´ · µ¤ o° ε® µ¤­´ µ ° ¼n­´ µ ¨»n¤ ¦· ¬ ´ Ťn¤¸ µ¦ º°®¦º ° Ä oÁ ¦ºÉ ° ¤º° µ µ¦Á · ¸ÉÁ È ¦µ­µ¦° »¡ ´ r Á¡ºÉ° µ¦Á È ÎµÅ¦®¦º ° µ¦ oµ µ¦ ´ µ¦ ªµ¤Á­¸É ¥ Á È ­n ª ¸É ­Îµ ´ ° » ¦ · ° ¨»n¤ ¦· ¬ ´ ¨»n¤ ¦· ¬ ´ ¤¸¦ ³ Ä µ¦ ª »¤ Ä®o¤¸ ªµ¤­¤ »¨ ° ¦³ ´ ªµ¤Á­¸É ¥ ¸É ¥°¤¦´ Å o à ¥¡· µ¦ µ¦³®ªnµ o » ¸É Á · µ ªµ¤Á­¸É ¥ ¨³ o » ° µ¦ ´ µ¦ ªµ¤Á­¸É ¥ n µ¥ ¦· ®µ¦Å o¤¸ µ¦ ª » ¤ ¦³ ª µ¦ µ¦ ´ µ¦ ªµ¤Á­¸É ¥ ° ¨»n¤ ¦· ¬ ´ °¥nµ n°Á ºÉ° Á¡ºÉ°Ä®o¤ ´É Ä ªnµ¤¸ ªµ¤­¤ »¨¦³®ªnµ ªµ¤Á­¸É ¥ ¨³ µ¦ ª »¤ ªµ¤Á­¸É ¥ ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

101

'8¬-´ Á °¦r 5 A 1'Ę 9I &< εA 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ¦· ¨ ¸É ¥» ) Á °¦r ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · +5 9ªµ ¤ I 5 +6 % ­Î.Nµ6®¦´/'5 ¸ ­·Ê Č ­». 8ù ª´ .< ¸ É ´ µ¦ ¦· ®µ¦ ´ µ¦ » Ã¥ µ¥ ° ³ ¦¦¤ µ¦ ¦· ¬ ´ º ° µ¦¦´ ¬µ¦³ ´ Á · » Ä®o¤ ´É Á¡ºÉ°¦´ ¬µ ´ ¨ » Á oµ® ¸Ê ¨³ ªµ¤Á ºÉ °¤´ É ° ¨µ ¨³ n°Ä®oÁ · µ¦¡´ µ ° » ¦ · Ä ° µ ³ ¦¦¤ µ¦Å o¤¸ µ¦ ε ´ ¼Â¨ ¨ °  µ µ¦ ¨ » ¹É ¨»n¤ ¦· ¬ ´ ¡· µ¦ µ µ ­´ ­n ª ° ¨ °  µ · ¦¦¤ εÁ · µ n°­n ª ° Á oµ ° ¦ª¤ ¹É Ťn¦ª¤ ­n ª Å oÁ­¸ ¥ ¸ÉŤn¤¸°µÎ µ ª »¤ °¸ ´Ê ¥´ ε ´ ¼Â¨¦³ ´ µ¦ nµ¥Á · ´ ¨Ä®o n ¼ o º°®» o ­µ¤´ ªµ¤Á­¸É¥ o µ °´ ¦µ ° Á ¸Ê¥ ªµ¤Á­¸É ¥ oµ °´ ¦µ ° Á ¸Ê ¥ ®¤µ¥ ¹ ªµ¤Á­¸É ¥ ¸É Á · µ µ¦Á ¨¸É ¥  ¨ ¸É ³Á · Ä ° µ ° °´ ¦µ ° Á ¸Ê¥Ä ¨µ ¹É ­n ¨ ¦³ n° µ¦ εÁ · µ ¨³ ¦³Â­Á · ­ ° ¨»n¤ ¦· ¬ ´ ¨»n¤ ¦· ¬ ´ ¤¸ ªµ¤Á­¸É ¥ oµ °´ ¦µ ° Á ¸Ê¥ ¸ÉÁ · µ Á · ¼¥o º¤ ¼®¤µ¥Á® » °o 19) ¨»n¤ ¦· ¬ ´ ¤¸ µ¦ ¼Â¨ ªµ¤Á­¸É ¥ oµ °´ ¦µ ° Á ¸Ê¥¤µ à ¥ ¨° à ¥ ´ » ´ °´ ¦µ ° Á ¸Ê ¥ ° Á · ¼¥o º¤­n ª Ä® n¤¸° ´ ¦µ ¸É ¨³°¥¼nÄ ¦³ ´ ¸É nµ¡°Ä ¨³ ¨»n¤ ¦· ¬ ´ ­µ¤µ¦ Ä oÁ ¦ºÉ ° ¤º° µ µ¦Á · ¸ÉÁ È ¦µ­µ¦° »¡ ´ r µo µ¦Â¨ Á ¨¸É¥ °´ ¦µ ° Á ¸Ê¥ Á¡ºÉ°Ä oÄ µ¦ ´ µ¦ ªµ¤Á­¸É ¥ ¸ÉÁ · µ ªµ¤ ´ ª ° °´ ¦µ ° Á ¸Ê¥ ¸ÉÁ · µ Á · ¼¥o º¤Á È µ¦Á ¡µ³ °´ ¦µ ° Á ¸Ê¥ ¸É o ¦· ° Á · ¼¥o º¤ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¨³¦³¥³ ¸É ¦ ε® ε¦³®¦º ° ε® °´ ¦µÄ®¤n¤¸ ´ ¸Ê ª´ ¸ É 31 ´ ªµ ¤ 2556

­n ª ¸®É ¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á · ¼¥o ¤º ¦³¥³¥µª ¸É ¹ ε® ε¦³ £µ¥Ä ® ¹É ¸ ®» o ¼ o ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ ­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · ®» o ¼o ¦ª¤

102

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µ¦Á · ¦ª¤ °´ ¦µ ° Á ¸Ê¥ ¸É ¦ ε® ε¦³

°´ ¦µ ° Á ¸Ê¥ ¸É o ¦· ¦o °¥¨³ n ° ¸

£µ¥Ä ® ¹É ¸

®¨´ µ 1 ¸  n£µ¥Ä 5 ¸

® n ª¥ ¡´ µ

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3.48

3,861,456

-

3,861,456

6.04 4.27

696,382 1,597,212

-

696,382 1,597,212

3.99 3.64

7,622,464 7,622,464 2,898,113 2,898,113

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­n ª ¸®É ¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á · ¼¥o ¤º ¦³¥³¥µª ¸É ¹ ε® ε¦³ £µ¥Ä ® ¹É ¸ ­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · ®» o ¼o ¦ª¤ ª´ ¸ É 31 ´ ªµ ¤ 2556

­n ª ¸®É ¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á · ¼¥o ¤º ¦³¥³­´Ê µ · µ¦ ¸ÉÁ ¸É¥ª o° ´ ®» o ¼ o ¸É ¹ ε® ε¦³£µ¥Ä ® ¹É ¸ ­n ª ¸ÅÉ ¤n ®¤» Áª¸¥ Á · ¼¥o ¤º ¦³¥³¥µª µ ­ µ ´ µ¦Á · ®» o ¼o ¦ª¤

µ¦Á · ¦ª¤ °´ ¦µ ° Á ¸Ê¥ ¸É ¦ ε® ε¦³

°´ ¦µ ° Á ¸Ê¥ ¸É o ¦· ¦o °¥¨³ n ° ¸

® n ª¥ ¡´ µ

£µ¥Ä ® ¹É ¸

®¨´ µ 1 ¸  n£µ¥Ä 5 ¸

3.83

4,065,336

-

4,065,336

5.99

762,167

-

762,167

4.69 3.68

3,947,566 4,396,256

µ¦Á · Á ¡µ³ · µ¦ °´ ¦µ ° Á ¸Ê¥ ¸É ¦ ε® ε¦³

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1,215,000 808,139 1,499,612

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3.66 3.64

4,576,000 2,898,113

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4,576,000 2,898,113

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103

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® n ª¥ ¡´ µ

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£µ¥Ä ® ¹É ¸

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¦ª¤

3.02 1.85

1,470,000 700,353

-

1,470,000 700,353

3.69 3.68

3,076,000 4,396,256

3,076,000 4,396,256

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104

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · +5 9ªµ ¤ I 5 +6 % ­Î.Nµ6®¦´/'5 ¸ ­·Ê Č­». 8ù ª´ .< ¸ É ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¨»n¤ ¦· ¬ ´ ¤¸ ªµ¤Á­¸É ¥ µ °´ ¦µÂ¨ Á ¨¸É¥ Á · ¦µ nµ ¦³Á «°´ Á È ¨ ¤µ µ µ¦¤¸­· ¦´¡¥r µ µ¦Á · ® ¸Ê ­· µ µ¦Á · ¨³£µ¦³ ¼ ¡´ ¸É Á È Á · ¦µ nµ ¦³Á « ¸É ¤¸ µ¦ ε ­´ µ o ° ´ ªµ¤Á­¸É ¥ ´ ¸Ê

Á · °¨¨µ¦r ­®¦´

®¤µ¥Á® »

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556

2555

Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ

386,019 225,477

125,617 435,650

539 85,030

681 36,062

® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ Á oµ® ¸Ê µ¦ oµ

(57,604) (1,759,160)

(2,328) (1,374,785)

(249,159)

(191,096)

Á oµ® ¸Ê °ºÉ

(56,595)

(15,430)

(2,642)

(565)

¥° ´ ¸Ä ­ µ ³ µ¦Á · ¸É¤¸ ªµ¤Á­¸É¥ ¦³¤µ µ¦¥° ºÊ°­· oµ ¦³¤µ µ¦¥° µ¥­· oµ

¥° ¦ª¤ ªµ¤Á­¸É¥ ´Ê ­·Ê

(426,263) 148,361

(1,576,015) 429,879

(230,802) -

(266,054) -

­´ µ ºÊ°Á · ¦µ nµ ¦³Á «

470,781

2,254,192

53,052

187,616

­´ µ µ¥Á · ¦µ nµ ¦³Á «

(335,105)

(95,576)

(297,436)

(2,281)

(208,869)

¥° ªµ¤Á­¸É¥ Á®¨º°­» ·

(133,205)

(1,436)

(2,407)

Á · Á¥ ¸É »n Á oµ® ¸Ê µ¦ oµ ¥° ´ ¸Ä ­ µ ³ µ¦Á · ¸É¤¸ ªµ¤Á­¸É¥ ¦³¤µ µ¦¥° ºÊ°­· oµ ¥° ¦ª¤ ªµ¤Á­¸É¥ ´Ê ­·Ê ­´ µ ºÊ°Á · ¦µ nµ ¦³Á « ¥° ªµ¤Á­¸É¥ Á®¨º°­» ·

(17,470) 37,244

(20,303)

(17,353)

(19,702)

76,775

2,836

1,512

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

105

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

Á · ¥¼Ã¦ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê°ºÉ ¥° ´ ¸Ä ­ µ ³ µ¦Á · ¸É¤¸ ªµ¤Á­¸É¥

®¤µ¥Á® »

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

µ¦Á · ¦ª¤ 2556

2555

161 14,046 (121,287) (19,859)

351 27,730 (112,768) (62,615)

182 (85,550) (41)

27,575 (71,737) (49)

¦³¤µ µ¦¥° ºÊ°­· oµ ¥° ¦ª¤ ªµ¤Á­¸É¥ ´Ê ­·Ê

(1,062,299)

(1,018,404)

(48,588)

(54,792)

­´ µ ºÊ°Á · ¦µ nµ ¦³Á « ­´ µ µ¥Á · ¦µ nµ ¦³Á « ¥° ªµ¤Á­¸É¥ Á®¨º°­» ·

29,938

118,470 (27,405)

25,865

66,552 (27,405)

4,439 (9,972) (326) (3,940) 4,816

5,482 (4,833) (388) (4,847) 82

­ »¨Á · °¨¨µ¦r ­· à ¦r Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê°ºÉ ¥° ´ ¸Ä ­ µ ³ µ¦Á · ¸É¤¸ ªµ¤Á­¸É¥ ¦³¤µ µ¦¥° ºÊ°­· oµ ¥° ¦ª¤ ªµ¤Á­¸É¥ ´Ê ­·Ê ­´ µ ºÊ°Á · ¦µ nµ ¦³Á « ¥° ªµ¤Á­¸É¥ Á®¨º°­» ·

106

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

13,126 33,222 (21,213) (6,215) (7,927) 7,531

3,771 32,072 (13,641) (432) (6,300) 82

-

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ ®¤µ¥Á® » ­ »¨Á · Áª¸¥ µ¤ ° Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ ® ¸Ê­· ¸É¤¸£µ¦³ ° Á ¸Ê¥ Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê °ºÉ ¥° ´ ¸Ä ­ µ ³ µ¦Á · ¸É¤¸ ªµ¤Á­¸É¥

µ¦Á · ¦ª¤ 2556

2555

11,810 154,787 (204,649) (139,936) (215,017)

-

¦³¤µ µ¦¥° ºÊ°­· oµ ¥° ¦ª¤ ªµ¤Á­¸É¥ ´Ê ­·Ê

-

­´ µ ºÊ°Á · ¦µ nµ ¦³Á « ¥° ªµ¤Á­¸É ¥ Á®¨º°­» ·

-

­ »¨Á · n µ ¦³Á «°ºÉ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê °ºÉ ¥° ´ ¸Ä ­ µ ³ µ¦Á · ¸É¤¸ ªµ¤Á­¸É¥ ¦³¤µ µ¦¥° ºÊ° ¥° ¦ª¤ ªµ¤Á­¸É¥ ´Ê ­·Ê ­´ µ ºÊ°Á · ¦µ nµ ¦³Á « ¥° ªµ¤Á­¸É ¥ Á®¨º°­» ·

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 52

-

-

-

-

734 14,570 (69,283) (37,239)

8,473 5,191 (92,804) (25,054)

(5,931)

11 246 (4,782)

(21,410)

(15,611)

(349,023)

(1,699)

2,049

18,682

20,068

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

107

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ Ä µ¦ ¦· ®µ¦ ªµ¤Á­¸É ¥ ¸É Á · µ µ¦Á ¨¸É¥  ¨ °´ ¦µÂ¨ Á ¨¸É ¥ Á · ¦µ nµ ¦³Á «Â¨³°´ ¦µ ° Á ¸Ê ¥ ¨»n¤ ¦· ¬ ´ Ä o ¦µ­µ¦° »¡ ´ r µ µ¦Á · ´ ¸Ê ­´ µ ºÊ° µ¥Á · ¦µ n µ ¦³Á «¨n ª ® o µ ª´ ¸É 31 ´ ªµ ¤ 2556 ¥° Á®¨º°­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµ ­¦» Å o ´ ¸Ê ® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦

µ¦Á · ¦ª¤

­ »¨Á ·

ε ª Á · ¦µ °´ ¦µ ´ªÁ ¨¸É¥ ¤¼¨ nµ µ¤ nµ ¦³Á « µ¤­´ µ ­´ µ

­´ µ ºÊ°Á · ¦µ n µ ¦³Á « °¨¨µ¦r­®¦´ 14,446 Á¥ ¸É »n 118,000 ° r­Á °¦r¨· 350 ¥¼Ã¦ 688 °¨¨µ¦r­· à ¦r 295 °¨¨µ¦r ±n° 168 °¨¨µ¦r °°­Á ¦Á¨¸¥ 10 ¦ª¤

­´ µ µ¥Á · ¦µ n µ ¦³Á « °¨¨µ¦r­®¦´ 10,369 ¦ª¤

108

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

ε ª ¤¼¨ nµ Á · ¦µ °´ ¦µ ´ªÁ ¨¸É¥ ¤¼¨ nµ µ¤ ¥» · ¦¦¤ nµ ¦³Á « µ¤­´ µ ­´ µ

32.59 0.32 50.58 43.51 25.53 4.08 29.40

470,781 37,244 17,703 29,938 7,531 685 294

459,999 37,544 18,996 31,077 7,638 714 293

1,655 9,033 593 188 -

32.04 0.31 43.60 25.68

53,052 2,836 25,865 4,816

32.32

335,105

341,487

9,200

32.33 297,436

¤¼¨ nµ ¥» · ¦¦¤

54,382 2,833 26,771 4,856

303,747

'8-5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N6/'5 Č.8ù .< +5 9I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ ª´ ¸É 31 ´ ªµ ¤ 2555 ¥° Á®¨º°­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµ ­¦» Å o ´ ¸Ê

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦

µ¦Á · ¦ª¤

­ »¨Á ·

ε ª Á · ¦µ °´ ¦µ ´ªÁ ¨¸É¥ ¤¼¨ nµ µ¤ nµ ¦³Á « µ¤­´ µ ­´ µ

­´ µ ºÊ°Á · ¦µ n µ ¦³Á « °¨¨µ¦r­®¦´ 72,166 Á¥ ¸É »n 199,966 ° r­Á °¦r¨· 394 ¥¼Ã¦ 2,934 °¨¨µ¦r­· à ¦r 3 ¢¦´ r­ª·­Á °¦r¨ r 17 ¦ª¤ ­´ µ µ¥Á · ¦µ n µ ¦³Á « °¨¨µ¦r­®¦´ ¥¼Ã¦ ¦ª¤

3,073 678

ε ª ¤¼¨ nµ Á · ¦µ °´ ¦µ ´ªÁ ¨¸É¥ ¤¼¨ nµ µ¤ ¥» · ¦¦¤ nµ ¦³Á « µ¤­´ µ ­´ µ

31.24 0.38 48.46 40.38 25.15 33.25

2,254,192 2,247,788 76,775 72,724 19,510 19,508 118,470 119,505 82 82 558 564

¤¼¨ nµ ¥» · ¦¦¤

6,084 4,260 30 1,647 3 17

30.84 187,616 0.36 1,512 49.17 1,491 40.41 66,552 25.15 82 33.25 558

31.10 40.44

95,576 95,626 27,405 27,320

73 678

31.23 40.44

2,282 27,405

186,824 1,512 1,502 67,155 82 564

2,235 27,320

¤¼¨ nµ¥» · ¦¦¤ ° ­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµ ε ª à ¥Ä o° ´ ¦µ o° ¨µ ¸É µÎ ® à ¥ µ µ¦ ° ¨»n¤ ¦· ¬ ´ ª´ ¸É¦µ¥ µ ªµ¤Á­¸É¥ µ o µ ­· Á ºÉ° ªµ¤Á­¸É ¥ µ oµ ­· Á ºÉ ° º ° ªµ¤Á­¸É ¥ ¸É ¨¼ oµ®¦º ° ¼n­´ µÅ¤n­µ¤µ¦ 妳® ¸Ê  n ¨»n¤ ¦· ¬ ´ µ¤Á ºÉ ° Å ¸É ¨ ŪoÁ¤ºÉ° ¦ ε® n µ¥ ¦· ®µ¦Å o µÎ ® Ã¥ µ¥ µ oµ ­· Á ºÉ °Á¡ºÉ° ª »¤ ªµ¤Á­¸É ¥ µ oµ ­· Á ºÉ ° ´ ¨nµªÃ ¥­¤ÎɵÁ­¤° à ¥ µ¦ª·Á ¦µ³®r µ ³ µ µ¦Á · ° ¨¼ oµ » ¦µ¥ ¸É °ª Á · ­· Á ºÉ°Ä ¦³ ´ ® ¹É Ç ª´ ¸ÉÄ ¦µ¥ µ Ťn¡ ªnµ ¤¸ ªµ¤Á­¸É ¥ µ ­· Á ºÉ ° ¸É Á È ­µ¦³­Îµ ´ ªµ¤Á­¸É ¥ ­¼ ­» µ oµ ­· Á ºÉ °Â­ ŪoÄ ¦µ µ µ¤ ´ ¸ ° ­· ¦´ ¡¥r µ µ¦Á ·  n¨³¦µ¥ µ¦Ä ­ µ ³ µ¦Á · °¥nµ Ŧ È µ¤Á ºÉ ° µ ¨»n¤ ¦· ¬ ´ ¤¸ µ ¨¼ oµ ε ª ¤µ n µ¥ ¦· ®µ¦Å¤nÅ o µ ªnµ ³Á · ¨Á­¸ ¥®µ¥ ¸É¤¸­µ¦³­Îµ ´ µ µ¦Á È ® ¸ÊŤnÅ o

ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ ïøĉþĆìǰđïĂøŤúĊęǰ÷čÙđÖĂøŤǰÝĞćÖĆéǰ öĀćßî

109

¦· '8 ¬´ - Á °¦r ¨ ¸É ¥» Á °¦r ¤®µ ¨³ ¦· ¬´ ¥n°¥ 5 A 1'Ę )9I &< Î µ ´A 1'Ę N6 5 }%/6 ~ B)4 '8 -5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ ®¤µ¥Á® » ¦³ ° µ¦Á · /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · ­Î.Nµ®¦´ ¸ ­· Ê Č­». ª´8ù .< ¸ É ´ 6/'5 +5 9ªµ ¤ I 5 +6 % ­Î µ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤ ªµ¤Á­¸É¥ µ ­£µ¡ ¨n ° ªµ¤Á­¸É¥ µ ­£µ¡ ¨n ° ¨»n¤ ¦· ¬ ´ ¤¸ µ¦ ª »¤ ªµ¤Á­¸É ¥ µ µ¦ µ ­£µ¡ ¨n° à ¥ µ¦¦´ ¬µ¦³ ´ ° Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨»n¤ ¦· ¬ ´ ¤¸ µ¦ ª »¤ ªµ¤Á­¸É ¥ µ µ¦ µ ­£µ¡ ¨n° à ¥ µ¦¦´ ¬µ¦³ ´ ° Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ Ä®oÁ¡¸¥ ¡° n° µ¦ εÁ · µ ° ¨»n¤ ¦· ¬ ´ ¨³Á¡ºÉ° εĮo ¨ ¦³ µ ªµ¤ ´ ª ° ¦³Â­Á · ­ ¨ ¨ Ä®oÁ¡¸¥ ¡° n° µ¦ εÁ · µ ° ¨»n¤ ¦· ¬ ´ ¨³Á¡ºÉ° εĮo ¨ ¦³ µ ªµ¤ ´ ª ° ¦³Â­Á · ­ ¨ ¨ µ¦ ε® ¤¼¨ n µ¥» · ¦¦¤ µ¦ ε® ¤¼¨ n µ¥» · ¦¦¤ Ã¥ µ¥ µ¦ ´ ¸Â¨³ µ¦Á · Á ¥ ° ¨»n¤ ¦· ¬ ´ ε® Ä®o¤¸ µ¦ ε® ¤¼¨ nµ¥» · ¦¦¤ ´Ê ­· ¦´¡¥r¨³® ¸Ê ­· Ã¥ µ¥ µ¦ ´ ¸Â¨³ µ¦Á · Á ¥ ° ¨»n¤ ¦· ¬ ´ ε® Ä®o¤¸ µ¦ ε® ¤¼¨ nµ¥» · ¦¦¤ ´Ê ­· ¦´¡¥r¨³® ¸Ê ­· µ µ¦Á · ¨³Å¤nÄ n µ µ¦Á · ¤¼¨ n µ ¥» · ¦¦¤ ®¤µ¥ ¹ ε ª Á · ¸É ¼ o ʺ °Â¨³ ¼ o µ¥ ¨ ¨ Á ¨¸É ¥ µ µ¦Á · ¨³Å¤nÄ n µ µ¦Á · ¤¼¨ n µ ¥» · ¦¦¤ ®¤µ¥ ¹ ε ª Á · ¸É ¼ o ʺ °Â¨³ ¼ o µ¥ ¨ ¨ Á ¨¸É ¥ ­· ¦´¡¥r®¦º ° 妳® ¸Ê­· ´ Ä ³ ¸É Ê ´ ­° n µ¥¤¸ ªµ¤¦° ¦¼ o¨³Á È¤Ä Ä µ¦Â¨ Á ¨¸É¥ ´ ¨³­µ¤µ¦ ­· ¦´¡¥r®¦º ° 妳® ¸Ê­· ´ Ä ³ ¸É Ê ´ ­° n µ¥¤¸ ªµ¤¦° ¦¼ o¨³Á È¤Ä Ä µ¦Â¨ Á ¨¸É¥ ´ ¨³­µ¤µ¦ n°¦° ¦µ µ ´ Å o°¥nµ Á È °·­¦³Ä ¨´ ¬ ³ ° ¼ o ¸ÉŤn¤¸ ªµ¤Á ¸É¥ª o° ´ ª´ » ¦³­ r ° µ¦ª´ ¤¼¨ nµÂ¨³ n°¦° ¦µ µ ´ Å o°¥nµ Á È °·­¦³Ä ¨´ ¬ ³ ° ¼ o ¸ÉŤn¤¸ ªµ¤Á ¸É¥ª o° ´ ª´ » ¦³­ r ° µ¦ª´ ¤¼¨ nµÂ¨³/ ®¦º ° µ¦Á · Á ¥¤¼¨ nµ¥» · ¦¦¤ ¼ ε® à ¥ª· ¸ n°Å ¸Ê o°¤¼¨Á¡·É¤Á ·¤Á ¸É¥ª ´ ­¤¤ · µ Ä µ¦ ε® ¤¼¨ nµ ®¦º ° µ¦Á · Á ¥¤¼¨ nµ¥» · ¦¦¤ ¼ ε® à ¥ª· ¸ n°Å ¸Ê o°¤¼¨Á¡·É¤Á ·¤Á ¸É¥ª ´ ­¤¤ · µ Ä µ¦ ε® ¤¼¨ nµ ¥» · ¦¦¤ ¼ Á · Á ¥Ä ®¤µ¥Á® » ¸ÉÁ ¸É¥ª o° ´ ­· ¦´¡¥r¨³® ¸Ê­· ´Ê Ç ¥» · ¦¦¤ ¼ Á · Á ¥Ä ®¤µ¥Á® » ¸ÉÁ ¸É¥ª o° ´ ­· ¦´¡¥r¨³® ¸Ê­· ´Ê Ç Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ ¨¼ ® ¸Ê °ºÉ ¨³Á · Ä®o ¥¼o º¤Â n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ¤¸¦µ µ µ¤ ´ ¸ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ ¨¼ ® ¸Ê µ¦ oµ ¨¼ ® ¸Ê °ºÉ ¨³Á · Ä®o ¥¼o º¤Â n · µ¦ ¸ÉÁ ¸É¥ª o° ´ ¤¸¦µ µ µ¤ ´ ¸ Ä ¨oÁ ¸¥ ´ ¤¼¨ nµ¥» · ¦¦¤ Á ºÉ° µ Á ¦ºÉ ° ¤º° µ µ¦Á · Á®¨nµ ¸Ê ³ ¦ ε® Ä ¦³¥³Áª¨µ°´ ­´Ê Ä ¨oÁ ¸¥ ´ ¤¼¨ nµ¥» · ¦¦¤ Á ºÉ° µ Á ¦ºÉ ° ¤º° µ µ¦Á · Á®¨nµ ¸Ê ³ ¦ ε® Ä ¦³¥³Áª¨µ°´ ­´Ê Á · ¨ » ¦³¥³¥µª°ºÉ ¤¸¤¨¼ nµ¥» · ¦¦¤Å¤n nµ µ ¤¼¨ nµ µ¤ ´ ¸ ª´ ¸É¦µ¥ µ °¥nµ ¤¸­µ¦³­Îµ ´ Á · ¨ » ¦³¥³¥µª°ºÉ ¤¸¤¨¼ nµ¥» · ¦¦¤Å¤n nµ µ ¤¼¨ nµ µ¤ ´ ¸ ª´ ¸É¦µ¥ µ °¥nµ ¤¸­µ¦³­Îµ ´ Á · ¼¥o º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê °ºÉ Á · ¼¥o º¤ µ · µ¦ ¸É Á ¸É ¥ª o° ´ ¨³® ¸Ê ­· Á · ¼¥o º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · Á oµ® ¸Ê µ¦ oµ Á oµ® ¸Ê °ºÉ Á · ¼¥o º¤ µ · µ¦ ¸É Á ¸É ¥ª o° ´ ¨³® ¸Ê ­· ®¤» Áª¸¥ °ºÉ ¤¸ ¦µ µ µ¤ ´ ¸ ª´ ¸É ¦µ¥ µ ° ® ¸Ê ­· µ µ¦Á · Ä ¨oÁ ¸ ¥ ´ ¤¼¨ n µ¥» · ¦¦¤Á ºÉ ° µ ®¤» Áª¸¥ °ºÉ ¤¸ ¦µ µ µ¤ ´ ¸ ª´ ¸É ¦µ¥ µ ° ® ¸Ê ­· µ µ¦Á · Ä ¨oÁ ¸ ¥ ´ ¤¼¨ n µ¥» · ¦¦¤Á ºÉ ° µ Á ¦ºÉ ° ¤º° µ µ¦Á · Á®¨nµ ¸Ê ³ ¦ ε® Ä ¦³¥³Áª¨µ°´ ­´Ê Á ¦ºÉ ° ¤º° µ µ¦Á · Á®¨nµ ¸Ê ³ ¦ ε® Ä ¦³¥³Áª¨µ°´ ­´Ê ¤¼¨ nµ¥» · ¦¦¤ ° ®» o ¼ o ª´ ¸É ´ ªµ ¤ ¨³ ¤¸ ´ ¸Ê ¤¼¨ nµ¥» · ¦¦¤ ° ®» o ¼ o ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê ® n ª¥ ¡´ µ

®»o ¼o ®»o ¼o ª´ ¸É ´ ªµ ¤ ª´ ¸É 31 ´ ªµ ¤ 2556 ª´ ¸É ´ ªµ ¤ ª´ ¸É 31 ´ ªµ ¤ 2555

µ¦Á · ¦ª¤ ¦ª¤ ¤¼¨ nµ µ ¤¼¨ n µ¦Á · ¤¼¨ n µ ¸ nµ ¥» ¤¼· ¨¦¦¤ µ¤ ´ µ¤ ´ ¸ ¥» · ¦¦¤ 4,495,325 4,511,473 4,396,256 4,423,540

® n ª µ¦ ¥ ¡´ µ µ¦Á · Á ¡µ³ · ¤¼¨ nµ ¤¼ µ¦Á · ¨ nµ Á ¡µ³ · µ¦ ¤¼ ¨ n µ ¤¼ nµ ¥» · ¨¦¦¤ µ¤ ´ ¸ µ¤ ´ ¸ ¥» · ¦¦¤ 4,397,725 4,413,873 4,396,256 4,423,540

¤¼¨ nµ¥» · ¦¦¤ ° ®» o ¼ o º° µ¤¦µ µ ¨µ ° ®» o ¼ o ª´ ¸É¦µ¥ µ ¤¼¨ nµ¥» · ¦¦¤ ° ®» o ¼ o º° µ¤¦µ µ ¨µ ° ®» o ¼ o ª´ ¸É¦µ¥ µ ­· ¦´¡¥r¨³® ¸Ê­· µ µ¦Á · °ºÉ ­n ª Ä® n­ ¤¼¨ nµ¥» · ¦¦¤Ã ¥ ¦³¤µ µ¤ ε ª Á · ¸É­ Ä Â­ ­· ¦´¡¥r¨³® ¸Ê­· µ µ¦Á · °ºÉ ­n ª Ä® n­ ¤¼¨ nµ¥» · ¦¦¤Ã ¥ ¦³¤µ µ¤ ε ª Á · ¸É­ Ä Â­ µ ³ µ¦Á · ­n ª o°¤¼¨Á ¸É¥ª ´ ¤¼¨ nµ¥» · ¦¦¤ ° ­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµÅ o­ Ūo¨oª µ ³ µ¦Á · ­n ª o°¤¼¨Á ¸É¥ª ´ ¤¼¨ nµ¥» · ¦¦¤ ° ­´ µ ºÊ ° µ¥Á · ¦µ nµ ¦³Á «¨nª ® oµÅ o­ Ūo¨oª oµ o o oµ o ÜïÖćøđÜĉîðøąÝĞćðŘǰ ǰ

110

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110

'8 ¦·-¬´ 5 Á °¦r A 1'Ę )9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ/'5 Č.8ù .< +5 9I 5 +6 % ®¦´ ¸ ­·Ê ­» ª´ ¸ É ´ ªµ ¤

£µ¦³ ¼ ¡´ ´ · µ¦ ¸ÉŤn Á ¸¥É ª o ° ´ £µ¦³ ¼ ¡´ ´ · µ¦ ¸ÉŤnÁ ¸É¥ª o° ´ ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¦³ ° oª¥

£µ¦³ ¼ ¡´ ¦µ¥ n µ¥ n µ¥ » ­´ µ ¸É¥ ´ ŤnÅ o¦´ ¦¼ o °µ µ¦Â¨³­·É ¨¼ ­¦oµ °ºÉ Á ¦ºÉ ° ´ ¦Â¨³°» ¦ r ¦ª¤

µ¦Á · ¦ª¤ 2556 2555

® n ª¥ ¡´ µ µ¦Á · Á ¡µ³ · µ¦ 2556 2555

92,647 137,069 1,240,894 781,208

£µ¦³ ¼ ¡´ µ¤­´ µÁ n µ εÁ · µ ¸É¥ Á¨· Ťn Å o £µ¥Ä ® ¹É ¸ 327,511 240,525 Á · ® ¹É ¸  nŤnÁ · ®oµ ¸ 271,459 472,593 Á · ®oµ ¸ 172,844 143,639 ¦ª¤ £µ¦³ ¼ ¡´ °ºÉ Ç Á¨ Á °¦r°°¢Á ¦ · ­Îµ®¦´ ºÊ °­· oµ ¨³ª´­ » ¸É¥ ´ ŤnÅ oÄ o 797,544 2,052,507 8,854 1,214,776 ® ´ ­º ° Îʵ ¦³ ´ µ µ µ¦ 878,391 924,370 288,168 302,004 ¦ª¤ £µ¦³ ¼ ¡´ nµ¨· ­· ·Í ¦µ¥ ¸ ´Ê Îɵ ¨° °µ¥»­´ µ ´ · µ¦ ¸É ŤnÁ ¸É ¥ª o° ´ ®n ® ¹É ª´ ¸É 31 ´ ªµ ¤ 2556 ¨³ 2555 ¤¸ ´ ¸Ê µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ · µ¦ 2556 2555 2556 2555 °¨¨µ¦r ­®¦´

n µ¨· ­· ·Í¦µ¥ ¸ ´Ê Îɵ £µ¥Ä ® ¹É ¸ 640,000 520,000 Á · ® ¹É ¸  nŤnÁ · ®oµ ¸ 2,267,945 2,587,945 Á · ªnµ®oµ ¸ 1,280,000 1,600,000 ¦ª¤

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111

'8 -5 A 1'Ę)9I &< A 1'Ę N6 5 }%/6 ~ B)4 '8-5 &Ĕ1& ¦·¬´ Á °¦r ¨ ¸É ¥» Á °¦r ε ´ ¤®µ ¨³ ¦·¬´ ¥n°¥ /%6&A/ < '4 1 6'A è ®¤µ¥Á® » ¦³ ° µ¦Á · .N­Î6µ®¦´/'5 ¸ ­· ČÊ .­»8ù ª´.< ¸ É +5 ´ 9 ªµ ¤ I 5 +6 % ª´ ¸É 31 ´ ªµ ¤ 2556 ¦· ¬ ´ ¥n°¥Â®n ® ¹É ° ¦· ¬ ´ ¤¸£µ¦³ ¼ ¡´ ´ · µ¦ ¸ÉŤnÁ ¸É¥ª o° ´ ¦³Á£ ε­´ É ºÊ ° ¸É ¼ o µ¥­· oµ ¨ ¨oª ε ª Á · ¦ª¤ 39.15 ¨oµ °¨¨µ¦r­®¦´ ¨³ 809.79 ¨oµ Á¥ ¸É »n ª´ ¸É 31 ´ ªµ ¤ 2555 ¦· ¬ ´ ¥n°¥Â®n ® ¹É ° ¦· ¬ ´ ¤¸£µ¦³ ¼ ¡´ ´ · µ¦ ¸ÉŤnÁ ¸É¥ª o° ´ ¦³Á£ ε­´ É ºÊ ° ¸É ¼ o µ¥­· oµ ¨ ¨oª ε ª Á · ¦ª¤ 66.81 ¨oµ °¨¨µ¦r­®¦´ ¨³ 1,359.83 ¨oµ Á¥ ¸É »n

Á® » µ¦ r £µ¥®¨´ ¦° ¦³¥³Áª¨µ ¸É¦µ¥ µ (1) Á¤ºÉ °ª´ ¸É 26 »¤£µ¡´ r 2557 ¸É ¦³ » ¤ ³ ¦¦¤ µ¦ ¦· ¬ ´ Å o¤¸¤ · Á ­ °Ä®o nµ ¥Á · ´ ¨­Îµ®¦´ ¨ µ¦ εÁ · µ Ä ¸ 2556 Ä °´ ¦µ®» o ¨³ 0.84 µ ´Ê ¸Ê ¦· ¬ ´ Å o nµ¥Á · ´ ¨¦³®ªnµ µ¨Ä Á º ° ´ ¥µ¥ 2556 ®» o ¨³ 0.44 µ Á®¨º° nµ¥ ª ­·Ê ¸ ®» o ¨³ 0.40 µ ´Ê ¸Ê ¤ · ´ ¨nµª o° Å o¦´ µ¦ ° »¤ ´ · µ ¸É ¦³ »¤­µ¤´ ¼ o º°®» o (2)

Á¤ºÉ°ª´ ¸É 26 »¤£µ¡´ r 2557 ¸É ¦³ » ¤ ³ ¦¦¤ µ¦ ¦· ¬ ´ ¤¸¤ · Ä®o°° ¨³Á­ ° µ¥Ä ­Îµ ´ ­ ­· · ¸É ³ ºÊ °®» o ­µ¤´ ° ¦· ¬ ´ Ä®o n ¼ o ¦· ®µ¦Â¨³¡ ´ µ ° ¦· ¬ ´ ¨³/®¦º ° ¦· ¬ ´ ¥n°¥ µ¤Ã ¦ µ¦ Employee Stock Option Program (“à ¦ µ¦ BJC ESOP 2012”) ¦´Ê ¸É 3 ε ª ŤnÁ · 16,000,000 ® nª¥

µ¦° »¤ ´ · µ¦Á · µ¦Á · ¸ÊÅ o¦´ ° »¤ ´ ·Ä®o°° µ¦Á · µ ³ ¦¦¤ µ¦Á¤ºÉ°ª´ ¸É 26 »¤£µ¡´ r 2557

112

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