BJC: Annual Report 2009 EN

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Sun Mon

5&(0&,.3, &8 <*11 &8 .3+7&897:(9:7* .3;*892*39 $-74:,- 4:9 9-* >*&7 1&88 !&(0&,.3, ':8.3*88 '*3*+.9*) +742 9-* )*(7*&8* .3 0*> 7&< 2&9*7.&1 57.(*8 *85*(.&11> 84)& &8- 574):(9.;.9> .2574;*2*39 &3) .3(7*&8* .3 &;*7&,* 8*11.3, 57.(* 3 9-* 49-*7 -&3) 9-* 5*7+472&3(* 4+ 1:2.3:2 &3 !&(0&,.3, ':8.3*88 5.(0*) :5 .3 9-* 1&89 6:&79*7 +742 -.,-*7 )*2&3)8 -.,-*7 &1:2.3:2 8(7&5 57.(*8 &3) 14<*7 -.,- (489 .3;*3947> <&8 & (-&11*3,.3, >*&7 +47 9-* &1;&3.?*) #9**1 #97:(9:7*8 &3) 3,.3**7.3, !74):(98 #*7;.(*8 ':8.3*88*8 ):* 94 9-* 14<*7 .3+7&897:(9:7* )*2&3)8 +742 9-* *(4342> 814<)4<3 4<*;*7 9-* ':8.3*88*8 <*7* 89.11 &'1* 94 2&.39&.3 8&1*8 &9 @8 1*;*1

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Tue

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

Wed

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Thu

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Fri

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Sat

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2009

Industrial Supply Chain Consumer Supply Chain Healthcare & Technical Supply Chain International Business Group Others

2008

10,700 7,063 4,458 276 303

Industrial Supply Chain Consumer Supply Chain Healthcare & Technical Supply Chain International Business Group Others

2007

10,741 6,854 4,365 86 196

Industrial Supply Chain Consumer Supply Chain Healthcare & Technical Supply Chain

8,972 6,197 3,993

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Ready with

creativity

We are ready to offer a better quality of life and to contribute to society, the community and the environment

Sun Mon Tue Wed

Scholarships offered to employees’ children BJC has made an effort to promote higher education among youth while offering financial aid for our employees’ children through a scholarship called “Chang Puak Scholarship”. This scholarship sponsors those selected children ranging from primary school, secondary school to college. In 2009 alone, BJC provided 6 of these scholarships worth a total of THB 85,000.

College Scholarship offered by BJC Foundation To offer higher education for those students who are in need but lack funds, the BJC Foundation has been providing 31 college scholarships each academic year since 1987, totalling 100 scholarships from 1992 onwards. The foundation managed to provide one scholarship per academic year and continued to do so until the student completed college, equivalent to a total value of THB 1,800,000 per academic year.

From 2010 onwards, our scholarship policies have been changed to enhance both the quality of the candidates

Thu

On November 21-22, 2009, the foundation organized a Scholarship Relations Fair for 17 college students in their third and fourth year, who received our scholarships, to grow their out-of-college experience prior to the actual graduation.

(II) Scholarships for Classroom Building Project BJC realizes a large number of schools in rural areas still need classroom buildings.

Therefore, BJC attempts to select candidates to receive our scholarships for classroom building/ re-modeling, restroom building or even study materials.

In 2009 alone, BJC has provided scholarships valued at THB 800,000 to Ban Nong Son Puek Padungvit School in Thamaka, Kanchanaburi. The lecture building will be completed by March 2010.

BJC is proud to be one of the key companies to support the competency enhancement of Thai youth, as they are the future of Thailand.

Fri

(I) Scholarship Offers

and their readiness for the labor market after graduation.

Also, we decided to offer larger scholarship for the individuals in accordance with the current economy.

Sat

BJC considers the role of education as a major drive for the brighter future of Thai industries. The key activities towards education support under our social development project of 2010 include the following:

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Sun Mon

5 - Year Financial Highlights

2006

2005 lic Company Limited ucker Pub Berli J Annual Report 2009

Major Shareholders

Tue

2007

Wed

2008

Thu

2009

No. 1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Shareholders TCC Holding Company Limited UOB Kay Hian Private Limited Pol Mun Kong Company Limited Social Securities Office (2 Ports) American International Assurance Company, Limited-Tiger Mahakul Trading Company Limited Thai Taweetun Open Fund Nichanon Company Limited American International Assurance Company, Limited-Apex Ms.Somruedee Sirawongprasert

No. of Shares

%

1,121,704,820 189,919,300 47,617,500 24,555,000 21,504,250 18,060,000 18,000,000 13,000,000 11,296,000 10,410,800

70.631 11.959 2.998 1.546 1.354 1.137 1.133 0.819 0.711 0.656

Sat

Fri

Major Shareholders as of the lastest closing registrar book date as of 28 August 2009

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Annual Report 2009

lic Company Limited ucker Pub Berli J

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Annual Report 2009

lic Company Limited ucker Pub Berli J

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Annual Report 2009

lic Company Limited ucker Pub Berli J

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Annual Report 2009

lic Company Limited ucker Pub Berli J

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Content Page Directorsâ&#x20AC;&#x2122; Report

2

Audit Committee Report

3

Risk Management Committee Report

5

Risk Factors

6

Major Shareholders

8

Related Parties Transactions

9

Audit Report of Certified Public Accountant

45

Financial Statements

47

Notes to the Financial Statements

57

Details of Shareholding in Subsidiaries, Associates and Other Companies

139

1

Directorsâ&#x20AC;&#x2122; Report

4HE "OARD OF $IRECTORS IS RESPONSIBLE FOR THE CONSOLIDATED FINANCIAL STATEMENTS OF THE #OMPANY AND ITS SUBSIDIARIES

AND THE FINANCIAL INFORMATION SHOWN IN THE !NNUAL 2EPORT 4HE FINANCIAL STATEMENTS ARE PREPARED ACCORDING TO THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN 4HAILAND BASED ON APPROPRIATE ACCOUNTING POLICIES AND CAREFUL JUDGMENT INCLUDING THE DISCLOSURE OF SUFFICIENT INFORMATION IN NOTES TO FINANCIAL STATEMENTS 4HE "OARD OF $IRECTORS MAINTAINS SUFFICIENT INTERNAL CONTROLS TO ENSURE THAT THE RECORDING OF FINANCIAL DATA IS CORRECT

COMPLETE AND SUFFICIENT TO MAINTAIN ASSET VALUE AND PREVENT FRAUD !LONG WITH THIS THE "OARD OF $IRECTORS HAS APPOINTED AN !UDIT #OMMITTEE COMPRISING MEMBERS WHO ARE NOT FROM MANAGEMENT TO VERIFY THE FINANCIAL REPORTS AND INTERNAL CONTROL SYSTEMS 4HIS SUBJECT IS FURTHER CONFIRMED BY THE !UDIT #OMMITTEE 2EPORT IN THE !NNUAL 2EPORT 4HE "OARD OF $IRECTORS IS SATISFIED WITH THE #OMPANY}S INTERNAL CONTROL SYSTEM AND THE ACCURACY OF THE FINANCIAL STATEMENTS OF THE #OMPANY AND ITS SUBSIDIARIES AS OF $ECEMBER

-R #HAROEN 3IRIVADHANABHAKDI #HAIRMAN OF THE "OARD OF $IRECTORS

-R !SWIN 4ECHAJAREONVIKUL 0RESIDENT

Audit Committee Report

"ERLI *UCKER 0UBLIC #OMPANY ,IMITED}S !UDIT #OMMITTEE THE l#OMMITTEEm COMPRISES THREE INDEPENDENT DIRECTORS WHO ARE KNOWLEDGEABLE CAPABLE AND HIGHLY EXPERIENCED NAMELY -R 3TAPORN +AVITANON AS THE #HAIRMAN OF THE !UDIT #OMMITTEE -R 7EERAWONG #HITTMITTRAPAP AND $R 3UVIT -AESINCEE AS !UDIT #OMMITTEE MEMBERS 4HEY PERFORM THEIR DUTIES ACCORDING TO THE !UDIT #OMMITTEE #HARTER APPROVED BY "ERLI *UCKER 0UBLIC #OMPANY ,IMITED THE l#OMPANYm }S "OARD OF $IRECTORS AND REGULATIONS OF THE 3ECURITIES AND %XCHANGE #OMMISSION l3%#m

AS WELL AS THE 3TOCK %XCHANGE OF 4HAILAND l3%4m

)N THE #OMMITTEE ORGANIZED FIVE REGULAR MEETINGS AND EXTRAORDINARY MEETING IN WHICH THE AUTHORIZED AUDITOR +0-' 0HOOMCHAI !UDIT ,TD THE l%XTERNAL !UDITORm WAS INVITED TO JOIN BUT WITHOUT THE #OMPANY}S MANAGEMENT INVOLVEMENT 4HE MEETING ATTENDANCE OF EACH COMMITTEE MEMBER IS AS FOLLOWS

Audit Committee

Attendance/ Total meetings

-R 3TAPORN +AVITANON

-R 7EERAWONG #HITTMITTRAPAP

$R 3UVIT -AESINCEE

4HE #OMMITTEE MEETINGS IN WERE HELD JOINTLY WITH THE MANAGEMENT OF THE #OMPANY

'ROUP !UDIT $IVISION THE l)NTERNAL !UDITORm AND THE %XTERNAL !UDITOR %SSENCES OF THE MEETINGS ARE AS FOLLOWS

4O REVIEW THE #OMPANY}S FINANCIAL STATEMENTS THE AUDITOR}S REPORT AND THE AUDIT OF THE FINANCIAL

STATEMENTS AND RECOMMENDATIONS RELATED TO ACCOUNTING STANDARDS 4HE #OMMITTEE VIEWS THAT

THE #OMPANY}S FINANCIAL STATEMENTS ARE PREPARED ACCORDING TO THE GENERALLY ACCEPTED ACCOUNTING

PRINCIPLES AND ARE ACCURATE COMPLETE AND RELIABLE WHILE INFORMATION IS SUFFICIENTLY DISCLOSED

2 3

4O CONSIDER CONNECTED TRANSACTIONS AND OR CONFLICT OF INTEREST ISSUES TO ENSURE ACCURATE SUFFICIENT

REASONABLE AND FAIR REPORT 4HE #OMMITTEE VIEWS THAT THE AFOREMENTIONED TRANSACTIONS ARE REASONABLE FAIR AND ARE CONDUCTED FOR THE BEST POSSIBLE BENEFITS OF THE #OMPANY WHILE INFORMATION IS DISCLOSED ACCURATELY AND COMPLETELY 4HE #OMMITTEE JOINTLY WORKED WITH THE )NTERNAL !UDITOR ON THE SCOPE OF RESPONSIBILITY AND DUTY OF THE )NTERNAL !UDITOR REVIEWED AND ACKNOWLEDGED THE QUARTERLY AUDIT REPORT )N ADDITION THE #OMMITTEE CLOSELY MONITORED THE PROGRESS AND IMPLEMENTATION OF ACTIVITIES RELATED TO ITS RECOMMENDATION AND ADVICE 3UFFICIENCY AND APPROPRIATENESS OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS WERE ASSESSED WHILE THE AUDIT PLAN FOR WAS APPROVED 4HE #OMMITTEE VIEWS THAT THE #OMPANY}S INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS ARE ADEQUATE AND APPROPRIATE 4O REVIEW THE RESULT OF IMPLEMENTATION OF REGULATIONS SPECIFIED BY THE 3%# 3%4 LAWS AND REGULATIONS RELATED TO THE #OMPANY}S BUSINESS AS WELL AS GOOD CORPORATE GOVERNANCE PRACTICE 4HE #OMMITTEE VIEWS THAT THE #OMPANY HAS APPROPRIATELY RESPECTED THE RULES AND REGULATIONS SET BY THE 3%# 3%4

RELATED LAWS AND REGULATIONS AND ALREADY HAS GOOD CORPORATE GOVERNANCE PRACTICE

4HE #OMMITTEE PROPOSED THAT +0-' 0HOOMCHAI !UDIT ,TD CONTINUES TO BE ENTRUSTED WITH THE ROLE AS THE %XTERNAL !UDITOR OF THE #OMPANY IN 4HE REMUNERATION HAS BEEN PROPOSED TO THE !NNUAL 'ENERAL -EETING OF 3HAREHOLDERS FOR APPROVAL 4HIS PROCESS ENTAILED ASSESSING FOR THEIR INDEPENDENT PERFORMANCE KNOWLEDGE COMPETENCY AND EXPERIENCE

4HE #OMMITTEE CONSIDERS THAT THE #OMPANY}S FINANCIAL STATEMENTS ARE PREPARED IN ACCORDANCE WITH THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES 4HE DISCLOSURE OF CONNECTED TRANSACTION IS ACCURATE WHILE THE #OMPANY}S INTERNAL CONTROL AND RISK MANAGEMENT SYSTEMS ARE EFFICIENT AND APPROPRIATE )N ADDITION THE #OMPANY STRICTLY RESPECTS LAWS REGULATIONS AND OTHER COMMITMENT AND HAS GOOD CORPORATE GOVERNANCE PRACTICE AND TRANSPARENCY

-R 3TAPORN +AVITANON #HAIRMAN OF THE !UDIT #OMMITTEE &EBRUARY

Risk Management Committee Report 4HE "OARD OF $IRECTORS OF "ERLI *UCKER 0UBLIC #OMPANY ,IMITED THE l#OMPANYm REALIZES THE IMPORTANCE OF RISK MANAGEMENT IN CURRENT CHANGING BUSINESS ENVIRONMENT DRIVEN BY BOTH INTERNAL AND EXTERNAL FACTORS THAT HAVE DIRECT AND INDIRECT IMPACT ON THE #OMPANY AND THE "*# 'ROUP l"*#m 7ELL DEFINED RISK MANAGEMENT POLICY IS SET FOR EACH BUSINESS UNIT AND COMMUNICATED ACROSS THE ORGANIZATION 4HE "OARD OF $IRECTORS HAS APPOINTED THE 2ISK -ANAGEMENT #OMMITTEE THE l#OMMITTEEm TO FORMULATE POLICY AND STRATEGIES ANALYZE AND MANAGE RISKS TO ENSURE THAT THE RISKS ARE CONTAINED AT APPROPRIATE LEVELS 4HE #OMMITTEE IS ALSO RESPONSIBLE FOR REPORTING THE RISKS TO THE #OMPANY}S %XECUTIVE "OARD ON A QUARTERLY BASIS )N THE #OMMITTEE PERFORMED ITS TASKS ASSIGNED BY THE "OARD OF $IRECTORS AND CONTINUOUSLY SUPERVISED THE RISK MANAGEMENT ACTIVITIES 4HE #OMMITTEE HELD FOUR MEETINGS -AJOR TASKS ACHIEVED ARE AS FOLLOWS

3TUDYING CORPORATE RISK PROFILE AT BOTH STRATEGIC AND OPERATIONAL LEVELS TO ENSURE THAT RISK MANAGEMENT COVERS ALL ACTIVITIES IN EACH FUNCTION OF "*# 2ELATED RISKS WERE ALSO CONSIDERED #REATING RISK MANAGEMENT PROCESS AND PLAN TO REDUCE RISK ACCORDING TO RISK APPETITE WHILE ALLOWING "*# TO ACHIEVE VISION AND MISSION !PPROVING PROJECTS AND ACTIVITIES THAT SUPPORT RISK MANAGEMENT FOR EACH FUNCTION OF "*# AS WELL AS PROVIDING RECOMMENDATION ON RISK MANAGEMENT &OLLOWING UP WITH EACH FUNCTION OF "*# ON RISK MANAGEMENT ACTIVITIES ON A REGULAR BASIS AND PERFORMING RISK ASSESSMENT ON A QUARTERLY BASIS TO ENSURE THAT THE #OMPANY}S RISK MANAGEMENT PLAN IS SUFFICIENT AND APPROPRIATE IN CHANGING ENVIRONMENT %NCOURAGING THE #OMPANY}S EXECUTIVES AND EMPLOYEES TO REALIZE THE IMPORTANCE OF RISK MANAGEMENT OF CERTAIN RISKS THAT MAY PREVENT "*# FROM ACHIEVING ITS VISION AND MISSION AS WELL AS ENSURING EFFECTIVE IMPLEMENTATION OF RISK MANAGEMENT AT BOTH STRATEGIC AND OPERATIONAL LEVELS

4HE #OMMITTEE CONSIDERS THAT THE RISK MANAGEMENT SYSTEM OF "*# IS EFFICIENT EFFECTIVE SUFFICIENT AND APPROPRIATE FOR ITS CURRENT BUSINESS ENVIRONMENT AND SUPPORTS CORPORATE COMPETITIVENESS 4HE #OMMITTEE CAREFULLY PERFORMS ITS DUTY AT ITS BEST CAPACITY KNOWLEDGE AND WITH INDEPENDENCE WHILE PROVIDING STRAIGHTFORWARD OPINIONS TO EVERY UNIT IN ORDER TO ENSURE THAT RISK MANAGEMENT OF "*# IS APPROPRIATE IN CURRENT BUSINESS ENVIRONMENT 3UCH ACTION IS BELIEVED TO ENABLE THE #OMPANY TO MAINTAIN GOOD CORPORATE GOVERNANCE PRACTICE AND BRING ABOUT THE BEST BENEFITS TO "*# SHAREHOLDERS AND STAKEHOLDERS

-R !SWIN 4ECHAJAREONVIKUL #HAIRMAN OF THE 2ISK -ANAGEMENT #OMMITTEE -ARCH

4 5

Risk Factors

4HE GLOBAL FINANCIAL MARKET STARTED TO SEE AN UPWARD TREND IN AS MANY LARGE MULTINATIONAL COMPANIES POSTED POSITIVE PERFORMANCE RESULT (OWEVER 4HAILAND CONTINUED TO EXPERIENCE ECONOMIC CRISIS CAUSED BY NEGATIVE INTERNAL AND EXTERNAL FACTORS SINCE 4HE FINANCIAL CRISIS IN THE 5NITED 3TATES WHICH HAD SERIOUS IMPACT ON OTHER ECONOMIES RESULTED IN SLOW CONSUMPTION AND DIRECT AND INDIRECT ADVERSE IMPACT ON COMPANIES OPERATING BUSINESS RELATED TO DAILY CONSUMED PRODUCTS AND SERVICES )NTERNAL POLITICAL INSTABILITY HEAVILY DETERIORATED FOREIGN INVESTORS} CONFIDENCE IN THE COUNTRY WHILE THE STOCK INDEX FELL SHARPLY (OWEVER "ERLI *UCKER 0UBLIC #OMPANY ,IMITED THE l#OMPANYm REALIZES THE IMPORTANCE OF THESE PROBLEMS BY CLOSE MONITORING POLITICAL AND ECONOMIC DEVELOPMENT AND ADJUSTING STRATEGIES ACCORDINGLY WHILE TRYING TO CONTAIN THE RISKS AT APPROPRIATE LEVELS )N ADDITION TO OIL PRICE RISKS POLITICAL INSTABILITY AND THE GLOBAL ECONOMIC RECESSION MENTIONED ABOVE THE #OMPANY}S MAJOR RISKS ARE AS FOLLOWS

1.

Risks from major customersâ&#x20AC;&#x2122; demand for packaging products

-AJOR CUSTOMERS} DEMAND FLUCTUATION MEANS IMMEDIATE CHANGES AND THUS HAS IMPACT ON THE #OMPANY}S PERFORMANCE 3UCH SITUATION HAPPENED FROM TIME TO TIME BECAUSE THE MAJOR CUSTOMERS HAVE RELATIONSHIPS WITH THE #OMPANY AS ITS SUBSIDIARIES IN THE SAME LEVEL OF THE PARENT COMPANY

Risk management

p

p p p

#LOSELY MONITORING CUSTOMERS} DEMAND AND PROMPTLY COMMUNICATING WITH THE CUSTOMERS TO PREPARE FOR CHANGES %NGAGING MOSTLY ONE TO THREE YEAR CONTRACTS $ISTRIBUTING PRODUCTS TO DIFFERENT CUSTOMER GROUPS AND EXPANDING CUSTOMER BASE 3EEKING OPPORTUNITIES FROM NEW PRODUCTS AND MARKETS TO REDUCE RISKS FROM CONCENTRATION OF CUSTOMERS

2.

Risks from raw material shortage and increasing prices

4HE #OMPANY AND THE "*# 'ROUP l"*#m ARE POSED TO RISKS OF RAW MATERIAL SHORTAGE AND INCREASING PRICES OF RAW MATERIALS SUCH AS SILICA SAND CULLET PULP AND TALLOW )N ADDITION FUEL OIL ,0' AND NATURAL GAS ARE MAJOR PRODUCTION COSTS OF "*# #HANGES IN PRICES OF THESE PRODUCTS WILL HAVE MAJOR IMPACT ON THE PRODUCTION COSTS

Risk management

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3.

Risks of liquidity management

-AKING COMMODITY FUTURE CONTRACT FOR FUEL OIL ,0' NATURAL GAS AND PULP AT AN APPROPRIATE TIME AND CLOSELY MONITORING THE SITUATION AND PRICE MOVEMENT 0REPARING THE FLEXIBLE PROCUREMENT POLICY THAT ALLOWS "*# TO SOURCE RAW MATERIALS FROM DIFFERENT SOURCES

TO ENTER PARTNERSHIP WITH MAJOR SUPPLIERS AND TO ORDER RAW MATERIALS IN BIG VOLUME IN ORDER TO ACHIEVE THE LOWEST POSSIBLE COST PER UNIT AND TO INCREASE STORAGE SPACE TO MATCH WELL WITH THE RAW MATERIAL VOLUME ORDERED )MPLEMENTING CERTIFIED VENDOR SYSTEM IN ORDER TO INCREASE QUALITY OF RAW MATERIALS AND ENSURING LONG TIME BUSINESS RELATIONSHIP )NCREASING RAW MATERIAL SOURCING CHANNELS BY PRODUCING OR DEVELOPING THE RAW MATERIAL SOURCE SUCH AS STARTING POTATO FARMS AND EXPANDING FARM AREAS IN ORDER TO REDUCE RISKS FROM CLIMATE FLUCTUATION WHICH REDUCE POTATO IMPORT FROM OTHER COUNTRIES 3EEKING ALTERNATIVE RAW MATERIALS TO PREPARE FOR POSSIBLE SHORTAGE OR PRICE FLUCTUATION

4HE GLOBAL ECONOMIC CRISIS HAS PROMPTED FINANCIAL INSTITUTIONS TO BE MORE CAREFUL AND VERY STRICT IN LOAN AND CREDIT EXTENSION !S A RESULT LOCAL BUSINESSES HAVE MORE LIQUIDITY PROBLEMS 4HE #OMPANY THEREFORE HAS TO ENSURE SUFFICIENT REVOLVING CAPITAL

Risk management

p

4HE #OMPANY CONTROLS THE VOLUME AND STORAGE PERIOD OF ITS INVENTORY AT THE APPROPRIATE LEVEL AND CAREFULLY CONSIDERS INVESTMENT PROJECTS -EANWHILE IT DELAYS NEW PROJECTS OR THOSE THAT TAKE LONG TIME TO YIELD AS WELL AS PREPARES FOR EMERGENCY LOAN SOURCES TO PREPARE FOR SITUATIONS THAT NEEDS CASH IMMEDIATELY

6 7

Major Shareholders

No.

Shareholders

No. of Shares

4## (OLDING #OMPANY ,IMITED

5/" +AY (IAN 0RIVATE ,IMITED

0OL -UN +ONG #OMPANY ,IMITED

3OCIAL 3ECURITIES /FFICE 0ORTS

!MERICAN )NTERNATIONAL !SSURANCE #OMPANY ,IMITED 4IGER

-AHAKUL 4RADING #OMPANY ,IMITED

4HAI 4AWEETUN /PEN &UND

.ICHANON #OMPANY ,IMITED

!MERICAN )NTERNATIONAL !SSURANCE #OMPANY ,IMITED !PEX

-S 3OMRUEDEE 3IRAWONGPRASERT

4OTAL

%

!S OF $ECEMBER THERE IS NO DIRECTOR HOLDS ANY COMMON SHARES OF THE #OMPANY AND ITS SUBSIDIERIES

Related parties transactions

1

&OR THE FISCAL YEAR ENDED $ECEMBER AND $ECEMBER THE #OMPANY HAS SIGNIFICANT CONNECTED BUSINESS TRANSACTIONS AS SHOWN IN &INANCIAL 3TATEMENTS THE DETAILS ARE AS BELOWS

Revenues

1.1 Revenue from Sales 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

3UBSIDIARIES

"*# (EALTHCARE #OMPANY 3ALE OF MEDICALS AND HOSPITAL SUPPLIES $IRECT SUBSIDIARIES

,IMITED

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS TO BE $IRECT SUBSIDIARIES ,IMITED COMPOUNDED IN FOODS DRINKS

AND COSMETICS

"ERLI *UCKER ,OGISTICS #USTOMS CLEARING WAREHOUSING $IRECT SUBSIDIARIES TRANSPORTATION AND DISTRIBUTION SERVICE ,IMITED

"*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS

$IRECT SUBSIDIARIES STATIONARY AND CONSTRUCTION SUPPLIES #OMPANY LIMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS $IRECT SUBSIDIARIES

AND CONFECTIONARY

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS $IRECT SUBSIDIARIES

"ERLI *UCKER &OODS ,IMITED -ANUFACTURER OF SNACK FOODS $IRECT SUBSIDIARIES

4HAI 'LASS )NDUSTRIES -ANUFACTURER OF GLASS CONTAINERS $IRECT SUBSIDIARIES 0UBLIC #OMPANY ,IMITED

#OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS )NDIRECT SUBSIDIARIES ,IMITED

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS $IRECT SUBSIDIARIES ,IMITED

"*# )NTERNATIONAL !GENT $IRECT SUBSIDIARIES #OMPANY ,IMITED

3ALES OF GOODS AND SERVICES

PLUS MARGIN

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8 9

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES 4HAI 3CANDIC 3TEEL #OMPANY ,IMITED 4 # # 4ECHNOLOGY #OMPANY ,IMITED

!SSOCIATES "ERLI $YNAPLAST #OMPANY ,IMITED

-ANUFACTURER OF GAVALNIZED STEEL STRUCTURES

)NDIRECT SUBSIDIARIES

)NFORMATION 4ECHNOLOGY SERVICE $IRECT SUBSIDIARIES PROVIDER

4OTAL

-ANUFACTURER OF RIGIDPLASTIC CONTAINERS

*OINT VENTURE

THE #OMPANY HOLDS OF SHARES

4OTAL

/THER RELATED PARTIES 4HAI "EVERAGE 2ECYCLE 3ALES OF PACKAGING AND GLASS #O DIRECTOR #OMPANY ,IMITED CONTAINERS

&ORMERLY NAME "ANGNA ,OGISTICS #OMPANY ,IMITED

"EERTHIP "REWERY 3PIRITS DISTILLER #O DIRECTOR #OMPANY ,IMITED

"EER 4HAI 0UBLIC 3PIRITS DISTILLER #O DIRECTOR #OMPANY ,IMITED

#O DIRECTOR 3URA "ANGYIKHAN #OMPANY 3PIRITS DISTILLER ,IMITED

#OSMOS "REWERY 3PIRITS DISTILLER #O DIRECTOR 4HAILAND #OMPANY ,IMITED

)MPORT WHOLESALE PAPER FILTER SPARE #O DIRECTOR 0AN )NTERNATIONAL 4HAILAND #OMPANY ,IMITED PARTS AND MACHINERY

+ANKWAN #OMPANY 3PIRITS DISTILLER #O DIRECTOR ,IMITED

+ANCHANASINGKORN 3PIRITS DISTILLER #O DIRECTOR #OMPANY ,IMITED

3ALES OF GOODS AND SERVICES PLUS MARGIN

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3ALES OF GOODS AND SERVICES

PLUS MARGIN

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2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE COMPANY

/THER RELATED PARTIES ,UCKCHAI ,IQUOR 4RADING 3PIRITS DISTILLER #O DIRECTOR #OMPANY ,IMITED

#O DIRECTOR .ATEECHAI #OMPANY ,IMITED 3PIRITS DISTILLER

#O DIRECTOR 3ANG 3OM #OMPANY ,IMITED 3PIRITS DISTILLER

4HEPARUNOTHAI #OMPANY 3PIRITS DISTILLER #O DIRECTOR ,IMITED

4HANAPAKDI #OMPANY 3PIRITS DISTILLER #O DIRECTOR ,IMITED

#O DIRECTOR 5NITED 7INERY AND $ISTILLERY 3PIRITS DISTILLER #OMPANY ,IMITED

4HE #HONBURI 3UGAR #ORP 3UGAR MANUFACTURER #O DIRECTOR ,IMITED

.ORTH 0ARK 'OLF !ND 3PORT 'OLF #OURSE AND SPORT CLUB SERVICE #O DIRECTOR #LUB #OMPANY ,IMITED

!THIMART #OMPANY ,IMITED 3PIRITS DISTILLER #O DIRECTOR

3 3 +ARNSURA #OMPANY 3PIRITS DISTILLER #O DIRECTOR ,IMITED

7ATTANA 0HAT 4RADING "EER AND SODA DISTRIBUTOR #O DIRECTOR #OMPANY ,IMITED

0OMTHIP #OMPANY ,IMITED 3PIRITS DISTILLER #O DIRECTOR

3PORT AND 2ECREATION 3PORT 3ERVICE #O DIRECTOR #OMPANY ,IMITED

3OUTH %AST #APITAL ,IMITED 6EHICLE BUSINESSES #O DIRECTOR

3OUTHEAST ,IFE )NSURANCE ,IFE INSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

3OUTHEAST !SSURANCE !SSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

3OUTHEAST 'ROUP #OMPANY #AR AND OFFICE SUPPLIES LEASING #O DIRECTOR ,IMITED

3ALES OF GOODS AND

SERVICES PLUS MARGIN

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10 11

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE COMPANY

/THER RELATED PARTIES 4 # # (OLDING #OMPANY (OLDING COMPANY -AJOR SHAREHOLDERS ,IMITED

AND CO DIRECTOR

4HAI "EVERAGE 0UBLIC (OLDING COMPANY #O DIRECTOR #OMPANY ,IMITED

4ARAGO #OMPANY ,IMITED !GRICULTURE #O DIRECTOR

4ERRAGO "IO 4ECH "IOGAS MANUFACTURING BUSINESSES #O DIRECTOR #OMPANY ,IMITED

)RRIGATION SYSTEM AND BIOTECHNOLOGY #OMMON DIRECTORS AND OR 4ERRAGO 4ECHNOLOGY #OMPANY ,IMITED DEVELOPMENT BUSINESSES COMMON SHAREHOLDERS

4ERRAGO &ERTILIZER 3ALES OF BIO WASTE FROM WATER #O DIRECTOR #OMPANY ,IMITED TREATMENT SYSTEM

&UENGFUANANT #OMPANY 3PIRITS DISTILLER #O DIRECTOR ,IMITED

-ONGKOLSAMAI #OMPANY 3PIRITS DISTILLER #O DIRECTOR ,IMITED

3IMATHURAKIJ ,AND DEVELOPMENT #O DIRECTOR

"ANGNA 0ATTANAKIT 7AREHOUSE BUSINESSES #OMMON DIRECTORS AND OR #OMPANY ,IMITED

COMMON SHAREHOLDERS

#HOR #HANA !NAN 0ANICH 0ROPERTY DEVELOPMENT I E MALL MARKET #OMMON DIRECTORS AND OR #OMPANY ,IMITED TOWNHOME CAR PARKING LOT FOR RENT COMMON SHAREHOLDERS

)NDARA )NSURANCE 0UBLIC !SSURANCE BUSINESSES #OMMON DIRECTORS AND OR #OMPANY ,IMITED

COMMON SHAREHOLDERS

,AN #HANG $EVELOPMENT 0ROPERTY DEVELOPMENT #OMMON DIRECTORS AND OR #OMPANY ,IMITED AND MANAGEMENT COMMON SHAREHOLDERS

,IFESTYLE &OODCOURTS &OOD CENTER AND #OMMON DIRECTORS AND OR #OMPANY ,IMITED )NTELLECTRAL 0ROPERTY )0 SERVICES COMMON SHAREHOLDERS

. # # -ANAGEMENT 3PACE RENTAL FOR EXIBITION #OMMON DIRECTORS AND OR $EVELOPMENT #OMPANY BUSINESSES COMMON SHAREHOLDERS ,IMITED

2ED "ULL $ISTILLERY 3PIRITS DISTILLER AND SALES #O DIRECTOR #OMPANY ,IMITED

3IAM &OOD 0RODUCTS -ANUFACTURE EXPORT SALE OF #O DIRECTOR 0UBLIC #OMPANY ,IMITED SECONDARY PROCESSED AGRICULTURAL

PRODUCTS

3ALES OF GOODS AND SERVICES PLUS MARGIN

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2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE COMPANY

/THER RELATED PARTIES 4HE 3UPHANBURI 3UGAR 3ALES AND EXPORT SUGAR #O DIRECTOR )NDUSTRY #OMPANY ,IMITED

4## #APITAL ,AND ,IMITED 0ROPERTY DEVELOPMENT #O DIRECTOR

4 # # #OMMERCIAL 0ROPERTY 0ROPERTY MANAGEMENT AND #O DIRECTOR -ANAGEMENT #OMPANY ,IMITED SALES OF FOOD BEVERAGE

! NANTASIRI 0ATTANA 0ROPERTY MANAGEMENT #O DIRECTOR #OMPANY ,IMITED

4## ,AND #OMPANY ,IMITED -ORTGAGE PAWN SALE OF CONSIGNMENT #O DIRECTOR

AND OTHER BUSINESS TRANSACTION

RELATED TO IMMOVABLE ASSETS

4## ,AND #OMMERCIAL !DVERTISEMENT BUSINESSES #O DIRECTOR #OMPANY ,IMITED

4## ,AND $EVELOPMENT 0ROPERTY MANAGEMENT #O DIRECTOR #OMPANY ,IMITED AND DEVELOPMENT

4## ,AND 2ETEL (OTEL RESTAURANT BAR NIGHT CLUB #O DIRECTOR #OMPANY ,IMITED BOWLING BUSINESSES

4## (OTEL 'ROUP )NVESTMENT IN STAKE INTEREST BOND #O DIRECTOR #OMPANY ,IMITED

4## (OTEL -ANAGEMENT 0ROPERTY MANAGEMENT AND #O DIRECTOR #OMPANY ,IMITED DEVELOPMENT

4 # # (OTEL #OLLECTION (OTEL AND RESTAURANT #O DIRECTOR #OMPANY ,IMITED

4## 0ROPERTY $EVELOPMENT 0ROPERTY MANAGEMENT AND #O DIRECTOR #OMPANY ,IMITED DEVELOPMENT

4## 6ALUE (OTELS (OTEL AND RESTAURANT #O DIRECTOR #OMPANY ,IMITED

4HIPPATTANA !RCADE 3PACE RENTAL SERVICES #O DIRECTOR #OMPANY ,IMITED

#RISTALLA #OMPANY ,IMITED 3UGAR CANE PLANTING #O DIRECTOR

#RISTALLA %NGINEERING 3ALES OF MACHINES ENGINES

#O DIRECTOR #OMPANY ,IMITED MECHANIC TOOLS DYNAMOS

4HAI !LCOHOL 0UBLIC !LCOHOL -ANUFACTURE #O DIRECTOR #OMPANY ,IMITED

3ALES OF GOODS AND SERVICES PLUS MARGIN

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12 13

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE COMPANY

/THER RELATED PARTIES .UM +IJJAKARN 3ALES AND WHOLESALES OF SPIRITS #OMPANY ,IMITED

$HIPAYA 3UGAR 3ALES AND WHOLESALES OF SUGAR #OMPANY ,IMITED

.UM 4HURAKIJ #OMPANY 3ALES AND WHOLESALES OF SPIRITS ,IMITED

.UM .AKORN #OMPANY 7HOLESALES OF SPIRITS ,IMITED

.UM 0ALANG #OMPANY 3ALES AND WHOLESALES OF SPIRITS ,IMITED

.UM -UANG #OMPANY 3ALES AND WHOLESALES OF SPIRITS ,IMITED

.UM 9UK #OMPANY ,IMITED 3ALES AND WHOLESALES OF SPIRITS

0LANTHEON #OMPANY ,IMITED )NVESTMENT IN RELATED AGRICULTURAL

INDUSTRIAL BUSINESSES

3IAM 2EALTY #OMPANY 0ROPERTY MANAGEMENT ,IMITED

3URA 0ISET 4HIPHARAT 3ALES OF SPIRITS #OMPANY ,IMITED

4## ,AND )NDUSTRIAL AND 0ROJECT MANAGEMENT AND ,OGISTICS #OMPANY ,IMITED PROJECT CONSULTANT

4###, 7IRELESS #OMPANY 0ROPERTY DEVELOPMENT FOR RENT ,IMITED AND FOR SALE

5NIVENTURES 0UBLIC -INING AND TRADING ZINC OXIDE #OMPANY ,IMITED

4HAI !GRO 0RODUCTS 0ROCESSING AGRICULTURAL PRODUCTS #OMPANY ,IMITED

4HE 5TTARADIT 3UGAR -ANUFACTURE SALE EXPORT SUGAR )NDUSTRY #OMPANY ,IMITED

0AKSONG #APITAL #OMPANY (OLDING COMPANY ,IMITED

3IRIWANA #OMPANY ,IMITED 0ROPERTY DEVELOPMENT

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#O DIRECTOR

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#O DIRECTOR

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#O DIRECTOR

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

3ALES OF GOODS AND SERVICES

PLUS MARGIN

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2ELATED #OMPANY

4YPE OF BUSINESS

/THER RELATED PARTIES 4## ,AND )NTERNATIONAL 0ROPERTY DEVELOPMENT 4HAILAND #OMPANY ,IMITED

'OLDEN 7EALTH #OMPANY 0ROJECT CONSULTANT AND 0ROJECT ,IMITED MANAGEMENT

/ISHI 'ROUP 0UBLIC *APANESE 2ESTAURANT BUSINESSES #OMPANY ,IMITED

/ISHI 4RADING #OMPANY 3ALES AND PRODUCE INSTANT ,IMITED JAPANESE FOODS

3 ! 3 4RADING 0ROPERTY TRADING BUSINESSES #OMPANY ,IMITED

3ERVICE !LLIANCE #OMPANY #AR PARKING LOT RENTAL ,IMITED SERVICE BUSINESSES

7IENGSIRI #OMPANY ,IMITED 0ROPERTY DEVELOPMENT

4## ,AND ,OGISTICS 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

4## ,AND )NDUSTRIAL 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

4###, .ARATHIWAD 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

4###, .ORTH 0ARK 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

4###, +RUNGTHON 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

4## ,UXURY (OTELS AND (OTEL AND RESTAURANT 2ESORTS #OMPANY ,IMITED

,ASTICA #OMPANY ,IMITED 4RADING OF RAW RUBBER MATERIALS

) ,AUNDRY 3ERVICE 4EXTILES MANUFACTURER AND #OMPANY ,IMITED ,AUNDRY SERVICES BUSINESSES

.ONGKHAI #OUNTRY 'OLF CLUB AND PROPERTY 'OLF #LUB #OMPANY ,IMITED DEVELOPMENT BUSINESSES

.ORM #OMPANY ,IMITED )NTERIOR DESIGN

)NVESTMENT IN IMMOVABLE PROPERTIES .IMI 3UKHOTHAI #OMPANY ,IMITED

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE COMPANY $ECEMBER $ECEMBER #O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

3ALES OF GOODS AND SERVICES PLUS MARGIN

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#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

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#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

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14 15

2ELATED #OMPANY

6ALUE IN THOUSAND "AHT 2ELATIONSHIP WITH FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

4YPE OF BUSINESS

/THER RELATED PARTIES !T -EDIAFRONT #OMPANY !DVERTISEMENT AND PUBLICATION ,IMITED SERVICES BUSINESSES

!G WELL #OMPANY ,IMITED TRADING OF FERTILIZER PESTICIDE

HERBICIDE

4HE 'RAND ,UANG 0RABANG !SSETS MANAGEMENT SERVICE #OMPANY ,IMITED BUSINESSES

7RANGYER "EVERAGE 3ALES AND DISTRIBUTION OF #OMPANY ,IMITED HERBICIDE AND SPIRITS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR #OMMON SHAREHOLDERS

#O DIRECTOR

$HANASINDHI #OMPANY ,IMITED "UILDINGS CONSTRUCTION #O DIRECTOR

.UMRUNGROD #OMPANY 7HOLESALE OF WHISKY AND #O DIRECTOR ,IMITED ALCOHOL CONSULTANT SERVICE

#O DIRECTOR .UM 4HIP #OMPANY ,IMITED 3ALES OF PLYWOOD

$HOS0AAK #OMPANY ,IMITED !DVERTISEMENT AND 0UBLIC RELATIONS #O DIRECTOR

"AANBOUNG 6ETCHAKIJ #LINICAL BUSINESSES #O DIRECTOR #OMPANY ,IMITED

. # # %XHIBITION /RGANIZER "UILDING MANAGEMENT AND #O DIRECTOR #OMPANY ,IMITED PROJECT MANAGEMENT

4HAI "EVERAGE -ARKETING 3ALES OF IMPORTED SPIRITS #O DIRECTOR #OMPANY ,IMITED

.ATURA #OMPANY "IO DIESEL BUSINESSES #O DIRECTOR ,IMITED

%ASTERN 3EABOARD )NDUSTRIAL )NDUSTRIAL ZONE MANAGEMENT #O DIRECTOR %STATE 2AYONG #OMPANY BUSINESSES ,IMITED

4OTAL

3ALES OF GOODS AND SERVICES PLUS MARGIN

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1.2 Revenue from rental and service 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS

STATIONERY AND CONSTRUCTION SUPPLIES #OMPANY ,IMITED

$IRECT SUBSIDIARIES

4HE #OMPANY RENTED SPACE FOR SUBSIDIARY COMPANIES AND CHARGED FOR UTILITIES ACCORDING TO CONTRACTUALLY AGREED PRICE WHICH WAS CLOSE TO MARKET PRICE 4HE CONTRACT WAS ON ANNUAL BASIS

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

3UBSIDIARIES "ERLI *UCKER &OODS

-ANUFACTURER OF SNACK FOODS

$IRECT SUBSIDIARIES

"ERLI *UCKER ,OGISTICS ,IMITED #USTOMS CLEARING WAREHOUSING $IRECT SUBSIDIARIES

TRANSPORTATION AND DISTRIBUTION SERVICE

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS $IRECT SUBSIDIARIES ,IMITED

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS $IRECT SUBSIDIARIES ,IMITED

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL SUPPLIES $IRECT SUBSIDIARIES ,IMITED

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS $IRECT SUBSIDIARIES

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS $IRECT SUBSIDIARIES

AND CONFECTIONERY

4HAI 'LASS )NDUSTRIES -ANUFACTURER OF GLASS CONTAINER $IRECT SUBSIDIARIES 0UBLIC #OMPANY ,IMITED

#OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS )NDIRECT SUBSIDIARIES ,IMITED

4HAI 3CANDIC 3TEEL -ANUFACTURER OF GALVANISED )NDIRECT SUBSIDIARIES #OMPANY ,IMITED STEEL STRUCTURES

"*# )NTERNATIONAL !GENT $IRECT SUBSIDIARIES #OMPANY ,IMITED

-ONTANA #OMPANY ,IMITED 3ALES OF MEDICAL PRODUCTS $IRECT SUBSIDIARIES

4 # # 4ECHNOLOGY )NFORMATION SERVICES $IRECT SUBSIDIARIES #OMPANY ,IMITED

-ARBLE 3TONES ,IMITED $ORMANT )NDIRECT SUBSIDIARIES

4HAI &LOURSPAR -INERALS $ORMANT $IRECT SUBSIDIARIES #OMPANY ,IMITED

4OTAL

4HE #OMPANY RENTED SPACE FOR ,IMITED SUBSIDIARY COMPANIES AND CHARGED FOR UTILITIES ACCORDING TO CONTRACTUALLY AGREED PRICE WHICH WAS CLOSE TO MARKET PRICE 4HE CONTRACT WAS ON ANNUAL BASIS

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16 17

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

!SSOCIATES

)MPORTER AND DISTRIBUTOR OF SODA ASH *OINT VENTURE THE #OMPANY "ERLI !SIATIC 3ODA #OMPANY ,IMITED

HOLDS OF SHARES

"ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC CONTAINERS *OINT VENTURE THE #OMPANY ,IMITED

HOLDS OF SHARES

4HE #OMPANY RENTED SPACE FOR ASSOCIATED COMPANIES AND CHARGED FOR UTILITIES ACCORDING TO CONTRACTUALLY AGREED PRICE WHICH WAS CLOSE TO MARKET PRICE 4HE CONTRACT WAS ON ANNUAL BASIS

l

4OTAL

/THER RELATED PARTIES 4HAI "EVERAGE 2ECYCLE 3ALES OF 0ACKAGING AND #OMPANY ,IMITED GLASS CONTAINERS &ORMERLY "ANGNA

,OGISTICS #OMPANY ,IMITED

#O DIRECTOR

4OTAL

4HE SUBSIDIARY COMPANY RENTED SPACE TO THE RELATED PARTIES AND CHARGED RENTAL FEE ACCORDING TO THE CONTRACT IN WHICH THE PRICE WAS CLOSE TO MARKET PRICE 4HE CONTRACT WAS ON ANNUAL BASIS

1.3 Income from allocation of administrative expense 2ELATED #OMPANY

4YPE OF BUSINESS

3UBSIDIARIES

"*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCT STATIONERY #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

"ERLI *UCKER &OODS ,IMITED -ANUFACTURER OF SNACK FOODS

"ERLI *UCKER ,OGISTICS #USTOMS CLEARING WAREHOUSING

TRANSPORTATION AND DISTRIBUTION SERVICE ,IMITED

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS ,IMITED

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS ,IMITED

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

4HE #OMPANY CHARGED MANAGEMENT FEE AND OTHER EXPENSES SUCH AS (UMAN 2ESOURCE -ANAGEMENT

&INANCIAL AND !CCOUNTING 3ERVICE

,EGAL 3ERVICE )NFORMATION 3YSTEM 3ERVICE TO SUBSIDIARY COMPANIES FROM ALLOCATED ACTUAL COST

l

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL ,IMITED SUPPLIES

$IRECT SUBSIDIARIES

4HE #OMPANY CHARGED MANAGEMENT

FEE AND OTHER EXPENSES SUCH AS

(UMAN 2ESOURCE -ANAGEMENT

&INANCIAL AND !CCOUNTING 3ERVICE

,EGAL 3ERVICE )NFORMATION 3YSTEM

3ERVICE TO SUBSIDIARY COMPANIES

FROM ALLOCATED ACTUAL COST

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

4HAI 'LASS )NDUSTRIES 0UBLIC -ANUFACTURER OF GLASS CONTAINER #OMPANY ,IMITED

4HAI 3CANDIC 3TEEL -ANUFACTURER OF GALVANISED STEEL #OMPANY ,IMITED STRUCTURES

#OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS ,IMITED

*ACY &OODS 3DN "HD -ANUFACTURER OF SNACK FOODS

-ONTANA #OMPANY ,IMITED 3ALES OF MEDICAL PRODUCTS

4 # # 4ECHNOLOGY )NFORMATION SERVICES #OMPANY ,IMITED

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

4OTAL

!SSOCIATES "ERLI !SIATIC 3ODA #OMPANY ,IMTED

"*# -ARINE 2ESOURCES $EVELOPMENT #OMPANY ,IMITED

l

l

l

l

l

l

l

l

)MPORTER AND DISTRIBUTOR OF SODA ASH *OINT VENTURE THE #OMPANY

HOLDS OF SHARES

/PERATED IN LEASE PRAWN PONDS 3UBSIDIARY AND THE #OMPANY AND EQUIPMENT HOLDS OF SHARES

4HE #OMPANY CHARGED MANAGEMENT FEE AND OTHER EXPENSES SUCH AS (UMAN 2ESOURCE -ANAGEMENT

&INANCIAL AND !CCOUNTING 3ERVICE

,EGAL 3ERVICE )NFORMATION 3YSTEM 3ERVICE TO ASSOCIATED COMPANIES FROM ALLOCATED ACTUAL COST

l

4OTAL

18 19

1.4 Interest Income 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

4HE #OMPANY CHARGED INTEREST ON LOAN TO SUBSIDIARY COMPANIES AT THE BORROWING COST AND MARKET RATES

l

l

3UBSIDIARIES "*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS

#OMPANY ,IMITED STATIONERY AND CONSTRUCTION SUPPLIES

"ERLI *UCKER &OODS ,IMITED -ANUFACTURER OF SNACK FOODS

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS ,IMITED

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL ,IMITED SUPPLIES

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS

4HAI 'LASS )NDUSTRIES 0UBLIC -ANUFACTURER OF GLASS CONTAINER #OMPANY ,IMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

4HAI 3CANDIC 3TEEL #OMPANY ,IMITED

)NDIRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

-ANUFACTURER OF GALVANISED STEEL STRUCTURES

"ERLI *UCKER ,OGISTICS #USTOM CLEARING WAREHOUSING

,IMITED TRANSPORTATION AND DISTRIBUTION SERVICE

-ONTANA #OMPANY ,IMITED 3ALES OF MEDICAL PRODUCTS

"*# )NTERNATIONAL #OMPANY !GENT ,IMITED (ONG +ONG

4OTAL

!SSOCIATES "ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC CONTAINER *OINT VENTURE THE COMPANY ,IMITED

HOLDS OF SHARES

4OTAL

l

l

l

l

l

l

l

l

4HE #OMPANY CHARGED INTEREST ON LOAN TO ASSOCIATED COMPANIES AT THE BORROWING COST AND MARKET RATES

1.5 Other income 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES "ALL #ORPORATION -ANUFACTURER AND DISTRIBUTION -AJOR SHAREHOLDER OF

PACKAGING SUBSIDIARY}S SHAREHOLDER

"AANBOUNG 6ETCHAKIJ #LINICAL BUSINESSES #O DIRECTOR #OMPANY ,IMITED

4ERRAGO &ERTILIZER #OMPANY 7HOLESALE OF BIOWASTE FROM #O DIRECTOR ,IMITED WATER TREATMENT SYSTEM

4HAI !GRO 0RODUCTS 0ROCESSED AGRICULTURAL PRODUCTS AND #OMMON DIRECTORS AND OR #OMPANY ,IMITED RELATED BUSINESSES COMMON SHAREHOLDERS

)NDARA )NSURANCE 0UBLIC )NSURANCE BUSINESSES #OMMON DIRECTORS AND OR #OMPANY ,IMITED

COMMON SHAREHOLDERS

4## ,AND #OMPANY ,IMITED -ORTGAGE PAWN SALE OF CONSIGNMENT #O DIRECTOR

AND OTHER BUSINESS TRANSACTION

RELATED TO IMMOVABLE ASSETS

3OUTHEAST !SSURANCE )NSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

4ARAGO #OMPANY ,IMITED !GRICULTURE #O DIRECTOR

4OTAL

3UBSIDIARY COMPANIES WERE R ECEIVED TRADE DISCOUNT FROM PURCHASING FINISHED GOODS AND SEVICES FROM OTHER RELATED PARTIES

3UBSIDIARY COMPANIES WERE RECEIVED INTEREST INCOME GAIN ON DISPOSALS OF EQUIPMENT AND GAIN ON EXCHANGE FROM OTHER RELATED PARTIES

l

l

l

l

l

l

20 21

2

Expenditures 2.1 Purchase of goods and services 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

3UBSIDIARIES "*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS

#OMPANY ,IMITED STATIONERY AND CONSTRUCTION SUPPLIES

"ERLI *UCKER ,OGISTICS ,IMITED #USTOMS CLEARING WAREHOUSING

TRANSPORTATION AND DISTRIBUTION SERVICE

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS ,IMITED

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS ,IMITED

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL ,IMITED SUPPLIES

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS

4HAI 'LASS )NDUSTRIES -ANUFACTURER OF GLASS CONTAINER 0UBLIC #OMPANY ,IMITED

"ERLI *UCKER &OODS ,IMITED -ANUFACTURER OF SNACK FOODS

#OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS ,IMITED

4 # # 4ECHNOLOGY )NFORMATION SERVICES #OMPANY ,IMITED

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

0URCHASE OF GOODS AND RECEIVING

SERVICES WITH MARKET PRICE NET OF

MARK UP MARGIN OF THE #OMPANY

l

l

l

l

l

l

4HE #OMPANY PURCHASED GLASS

CONTAINERS FROM SUBSIDIARY

COMPANY BASED ON MARKET PRICE

NET OF MARK UP MARGIN WHICH

WERE MUTUALLY AGREED

0URCHASE OF GOODS AND RECEIVING

SERVICES WITH MARKET PRICE NET OF

MARK UP MARGIN OF THE #OMPANY

l

4OTAL

4HE #OMPANY HIRED SUBSIDIARY COMPANY FOR CONSULTING AND DEVELOPING INFORMATION SYSTEM 4HE PRICE IS BASED ON COST PLUS MARGIN

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

!SSOCIATES "ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC ,IMITED CONTAINERS

)MPORTER AND DISTRIBUTOR OF SODA ASH "ERLI !SIATIC 3ODA #OMPANY ,IMITED

+AEWGRUNGTHAI 4RADING CULLETS GLASS BOTTLE

#OMPANY ,IMITED PLASTICS AND USED SUPPLIES

*OINT VENTURE THE #OMPANY

0URCHASE OF GOODS AND RECEIVING HOLDS OF SHARES

SERVICES WITH MARKET PRICE NET OF

MARK UP MARGIN OF THE #OMPANY

*OINT VENTURE THE #OMPANY

l HOLDS OF SHARES

3UBSIDIARY HOLDS OF SHARES

l 4OTAL

/THER RELATED PARTIES 0ISETKIJ #OMPANY ,IMITED 4RADING CULLETS GLASS BOTTLE

#O DIRECTOR

PLASTICS AND USED SUPPLIES

4HAI "EVERAGE 2ECYCLE 3ALES OF PACKAGING AND GLASS #O DIRECTOR #OMPANY ,IMITED CONTAINERS

"EERTHIP "REWERY 3PIRITS $ISTILLERY #O DIRECTOR #OMPANY ,IMITED

4 # # (OTEL #OLLECTION (OTEL AND RESTAURANT #O DIRECTOR #OMPANY ,IMITED

"EER 4HAI 0UBLIC 3PIRITS $ISTILLERY #O DIRECTOR #OMPANY ,IMITED

3OUTH %AST #APITAL 6EHICLES BUSINESSES #O DIRECTOR #OMPANY ,IMITED

3OUTHEAST !SSURANCE )NSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

#O DIRECTOR #OSMOS "REWERY 4HAILAND 3PIRITS $ISTILLERY #OMPANY ,IMITED

"ANGNA 'LASS #OMPANY -ANUFACTURING AND SALES #O DIRECTOR ,IMITED OF GLASS BOTTLE

$HOS0AAK #OMPANY !DVERTISEMENT AND PUBLIC RELATIONS #O DIRECTOR ,IMITED

0URCHASE OF GOODS AND RECEIVING

SERVICES WITH MARKET PRICE NET OF

MARK UP MARGIN OF THE #OMPANY

l

l

l

l

l

l

l

l

l

22 23

2ELATED #OMPANY

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

4YPE OF BUSINESS

/THER RELATED PARTIES 1UEEN 0ARK (OTEL #OMPANY ,IMITED

)MMOVABLE PROPERTY RENTAL BUSINESSES #O DIRECTOR AND INVESTMENT BUSINESSES

4OTAL

0URCHASE OF GOODS AND RECEIVING SERVICES WITH MARKET PRICE NET OF MARK UP MARGIN OF THE #OMPANY

2.2 Rental and Service Expenses 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES 2UBIA )NDUSTRIES ,IMITED

/THER RELATED PARTIES 4ARAGO #OMPANY ,IMITED

#HOR #HANA !NAN 0ANICH #O ,TD

3OUTH %AST #APITAL #OMPANY ,IMITED

3OUTHEAST !SSURANCE #OMPANY ,IMITED

3OUTHEAST ,IFE )NSURANCE #OMPANY ,IMITED

-ANUFACTURER OF SOAP COSMETICS AND CONFECTIONERY

$IRECT SUBSIDIARIES

4HE SUBSIDIARY COMPANY CHARGED RENTAL FEE ACCORDING TO CONTRACT WHICH WAS BASED ON FAIR PRICE AND CLOSE TO MARKET PRICE AND THE CONDITION OF SPACE 4HE CONTRACT WAS ON ANNUAL BASIS

4OTAL

!GRICULTURE

0ROPERTY DEVELOPMENT I E MALL

MARKET TOWNHOME CAR PARKING LOT FOR RENT

4RADING OF USED SUPPLIES

)NSURANCE BUSINESSES

)NSURANCE BUSINESSES

#O DIRECTOR

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

4HE SUBSIDIARY COMPANY CHARGED RENTAL FEE TO ASSOCIATED COMPANY BASED ON CONTRACTUALLY FAIR PRICE

l

l

l

l

4OTAL

2.3 Interest Expenses 2ELATED #OMPANY

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

4YPE OF BUSINESS

3UBSIDIARIES -ONTANA #OMPANY ,IMITED 3ALES OF MEDICAL PRODUCTS

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

"ERLI *UCKER ,OGISTICS #USTOMS CLEARING WAREHOUSING

,IMITED TRANSPORTATION AND DISTRIBUTION

SERVICE

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS ,IMITED

4HAI 3CANDIC 3TEEL -ANUFACTURER OF GALVANISED STEEL #OMPANY ,IMITED STRUCTURES

"ERLI *UCKER 3PECIALITIES 3ALE OF #HEMICALS ,IMITED

"ERLI *UCKER &OODS 3ALES OF SNACK FOODS ,IMITED

"*# (EALTHCARE 3ALES OF MEDICALS AND HOSPITAL #OMPANY ,IMITED SUPPLIES

"*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS

#OMPANY ,IMITED STATIONERY AND CONSTRUCTION

SUPPLIES

4HAI &LOURSPAR -INERALS $ORMANT #OMPANY ,IMITED

"*# )NTERNATIONAL !GENT #OMPANY ,IMITED

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

l

l

$IRECT SUBSIDIARIES

l

$IRECT SUBSIDIARIES

l

$IRECT SUBSIDIARIES

l

4OTAL

4HE SUBSIDIARY COMPANY LENT TO THE #OMPANY AND CHARGED INTEREST AT THE BORROWING COST AND MARKET RATE

l

l

l

l

l

24 25

2.4 Purchase sparepart and equipment 2ELATED #OMPANY /THER RELATED PARTIES "ALL #ORPORATION

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

4YPE OF BUSINESS

-ANUFACTURER AND DISTRIBUTION PACKAGING

-AJOR SHAREHOLDER OF SUBSIDIARY}S SHAREHOLDER

4HE SUBSIDIARY COMPANY PURCHASED SPAREPART AND EQUIPMENT FROM OTHER RELATED PARTIES

4OTAL

2.5 Royalty fee 2ELATED #OMPANY

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

4YPE OF BUSINESS

/THER RELATED PARTIES "ALL #ORPORATION

3

-ANUFACTURER AND DISTRIBUTION PACKAGING

-AJOR SHAREHOLDER OF SUBSIDIARY}S SHAREHOLDER

4OTAL

4HE SUBSIDIARY COMPANY PAID

ROYALTY FEE TO OTHER RELATED PARTIES

FOR THE TECHNICAL LICENSE

Trade Accounts Receivable 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL ,IMITED SUPPLIES

4HAI 'LASS )NDUSTRIES -ANUFACTURER OF GLASS CONTAINER 0UBLIC #OMPANY ,IMITED

"ERLI *UCKER 3PECIALITIES 3ALE OF #HEMICALS ,IMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

"ERLI *UCKER &OODS ,IMITED 3ALES OF SNACK FOODS

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

#OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS ,IMITED

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS

)NDIRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

4RADE 2ECEIVABLE FOR SALE

TRANSACTION IN

l

l

l

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS

#OMPANY ,IMITED STATIONERY AND CONSTRUCTION

SUPPLIES

"ERLI *UCKER ,OGISTICS ,IMITED #USTOMS CLEARING WAREHOUSING

TRANSPORTATION AND DISTRIBUTION SERVICE

"*# )NTERNATIONAL #OMPANY !GENT ,IMITED (ONG +ONG

4 # # 4ECHNOLOGY )NFORMATION 4ECHNOLOGY SERVICES #OMPANY ,IMITED PROVIDER

4HAI 3CANDIC 3TEEL -ANUFACTURER OF GALVANISED STEEL #OMPANY ,IMITED STRUCTURES

!SSOCIATES "ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC ,IMITED CONTAINERS

/THER RELATED PARTIES !G WELL #OMPANY ,IMITED TRADING OF FERTILIZER PESTICIDE

HERBICIDE

! NANTASIRI 0ATANA 0ROPERTY MANAGEMENT AND #OMPANY ,IMITED PROPERTY DEVELOPMENT

!THIMART #OMPANY ,IMITED 3PIRITS DISTILLER

"ANGNA 0ATTANAKIT 7AREHOUSE BUSINESSES #OMPANY ,IMITED

"EER 4HAI 3PIRITS DISTILLER 0UBLIC #OMPANY ,IMITED

$IRECT SUBSIDIARIES

4RADE 2ECEIVABLE FOR SALE

TRANSACTION IN

$IRECT SUBSIDIARIES

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

$IRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

l

l

l

4OTAL

*OINT VENTURE THE COMPANY HOLDS OF SHARES

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

4OTAL

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

l

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

l

l

l

l

26 27

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

/THER RELATED PARTIES "EERTHIP "REWERY 3PIRITS $ISTILLER #O DIRECTOR 0UBLIC #OMPANY ,IMITED

#HOR #HANA !NAN 0ROPERTY DEVELOPMENT I E MALL #OMMON DIRECTORS AND OR 0ANICH #OMPANY ,IMITED MARKET TOWNHOME CAR PARKING LOT COMMON SHAREHOLDERS

FOR RENT

#O DIRECTOR #OSMOS "REWERY 4HAILAND "EER BREWERY #OMPANY ,IMITED

#RISTALLA %NGINEERING 3ALES OF MACHINES ENGINES

#OMMON DIRECTORS AND OR #OMPANY ,IMITED MECHANIC TOOLS VEHICLES DYNAMOS COMMON SHAREHOLDERS

#RISTALLA #OMPANY ,IMITED 3UGAR CANE PLANTING #O DIRECTOR

$HANASINDHI #OMPANY 0ROPERTY CONSTRUCTION #O DIRECTOR ,IMITED

$HIPAYA 3UGAR 3ALES AND WHOLESALE OF SUGAR #OMMON DIRECTORS AND OR #OMPANY ,IMITED

COMMON SHAREHOLDERS

&UENGFUANANT #OMPANY 3PIRITS $ISTILLER #O DIRECTOR ,IMITED

'OLDEN 7EALTH #OMPANY #ONSULTANT SERVICE #O DIRECTOR ,IMITED

+ANKWAN #OMPANY ,IMITED 3PIRITS $ISTILLER #O DIRECTOR

+ANCHANASINGKORN 3PIRITS $ISTILLER #O DIRECTOR #OMPANY ,IMITED

,AN #HANG $EVELOPMENT 0ROPERTY DEVELOPMENT AND #OMMON DIRECTORS AND OR #OMPANY ,IMITED PROPERTY MANAGEMENT COMMON SHAREHOLDERS

,IFESTYLE &OODCOURTS &OOD COURT BUSINESSES AND #OMMON DIRECTORS AND OR )NTELLECTUAL 0ROPERTY )0 RENTAL SERVICE COMMON SHAREHOLDERS #OMPANY ,IMITED

,UCKCHAI ,IQUOR 4RADING 3PIRITS $ISTILLER #O DIRECTOR #OMPANY ,IMITED

-ONGKOLSAMAI #OMPANY 3PIRITS $ISTILLER #O DIRECTOR ,IMITED

.ATEECHAI #OMPANY 3PIRITS $ISTILLER #O DIRECTOR ,IMITED

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

l

l

l

l

l

l

l

l

l

l

l

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES .ATURA #OMPANY "IO DIESEL RELATED BUSINESSES ,IMITED

.ORTH 0ARK 'OLF 3PORT 'OLF COURSE AND SPORTS SERVICE #REATION #OMPANY ,IMITED

0AKSONG #APITAL #OMPANY (OLDING COMPANY ,IMITED

0AN )NTERNATIONAL 4HAILAND )MPORT WHOLESALE OF PAPER FILTER #OMPANY ,IMITED SPAIR PARTS MANCHINES

0LANTHEON #OMPANY ,IMITED )NVESMENT IN AGRICULTURAL RELATED

INDUSTRIAL BUSINESS

2ED "ULL $ISTILLERY 7HISKY DISTILLERY #OMPANY ,IMITED

3 3 +ARNSURA #OMPANY 3PIRITS $ISTILLER ,IMITED

3ANG 3OM #OMPANY ,IMITED 3PIRITS $ISTILLER

3IAM &OOD 0RODUCTS 0ROCESSED AGRICULTURAL PRODUCTS AND 0UBLIC #OMPANY ,IMITED RELATED BUSINESSES

3IAM 2EALTY #OMPANY 0ROPERTY MANAGEMENT AND ,IMITED SERVICE BUSINESSES

3IMATHURAKIJ #OMPANY ,AND MANAGEMENT ,IMITED

3OUTH %AST #APITAL ,IMITED 6EHICLES BUSINESSES

3OUTHEAST !SSURANCE )NSURANCE BUSINESSES #OMPANY ,IMITED

3OUTHEAST 'ROUP 0ROVIDE CREDIT FOR CAR AND #OMPANY ,IMITED OFFICE SUPPLIES LEASING BUSINESSES

3OUTHEAST ,IFE )NSURANCE ,IFE INSURANCE BUSINESSES #OMPANY ,IMITED

3PORTS AND 2ECREATION 3PORTS SERVICE %NTERPRISE #OMPANY ,IMITED

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

l

l

l

l

l

l

l

l

l

l

l

l

l

l

l

28 29

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES

3URA "ANGYIKHAN 3PIRITS $ISTILLER #O DIRECTOR #OMPANY ,IMITED

3URA 0ISET 4HIPHARAT 4RADING OF WHISKY #OMMON DIRECTORS AND OR #OMPANY ,IMITED

COMMON SHAREHOLDERS

4## #APITAL ,AND ,IMITED 0ROPERTY DEVELOPMENT #O DIRECTOR

4 # # #OMMERCIAL "UILDING MANANGMENT BUSINESSES #O DIRECTOR 0ROPERTY -ANAGEMENT AND SALES OF FOOD AND BEVERAGE #OMPANY ,IMITED

4 # # (OLDING #OMPANY )NVESTMENT IN OTHER COMPANY -AJOR SHAREHOLDERS AND CO DIRECTOR ,IMITED

4 # # (OTEL #OLLECTION (OTEL AND RESTAURANT #O DIRECTOR #OMPANY ,IMITED

4## (OTEL 'ROUP )NVESTMENT IN STAKE INTEREST BOND #O DIRECTOR #OMPANY ,IMITED

4## (OTEL -ANAGEMENT 0ROPERTY DEVELOPMENT #O DIRECTOR #OMPANY ,IMITED

4## ,AND #OMMERCIAL !DVERTISEMENT AND PUBLICATION #O DIRECTOR #OMPANY ,IMITED SERVICES BUSINESSES

4## ,AND $EVELOPMENT 0ROPERTY DEVELOPMENT #O DIRECTOR #OMPANY ,IMITED

4## ,AND )NDUSTRIAL AND 0ROJECT CONSULTANT AND PROJECT #O DIRECTOR ,OGISTICS #OMPANY ,IMITED MANAGEMENT BUSINESSES

4## ,AND 2ETEL (OTEL RESTAURANT BAR NIGHT CLUB #O DIRECTOR #OMPANY ,IMITED BOWLING BUSINESSES

4## ,AND #OMPANY ,IMITED -ORTGAGE PAWN SALE OF CONSIGNMENT #O DIRECTOR

AND OTHER BUSINESS TRANSACTION

RELATED TO IMMOVABLE ASSETS

4## ,UXURY (OTELS AND (OTEL AND RESTAURANT #OMMON DIRECTORS AND OR 2ESORT #OMPANY ,IMITED COMMON SHAREHOLDERS

#O DIRECTOR 4## 0ROPERTY $EVELOPMENT 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

l

l

l

l

l

l

l

l

l

l

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES 4###, 7IRELESS #OMPANY 0ROPERTY DEVELOPMENT ,IMITED

4ERRAGRO "IO 4ECH "IOGAS MANUFACTURER #OMPANY ,IMITED

4ERRAGRO &ERTILIZER 7HOLESALE OF BIO WASTE FROM #OMPANY ,IMITED WATER TREATMENT SYSTEM

4ERRAGRO 4ECHNOLOGY )RRIGATION SYSTEM DEVELOPMENT #OMPANY ,IMITED RELATED BUSINSSES AND RELATED

BIOTECHNOLOGY BUSINESSES

4ARAGO #OMPANY ,IMITED !GRICULTURE

4HAI !GRO 0RODUCTS 0ROCESSING AGRICULTURAL PRODUCTS #OMPANY ,IMITED

4HAI !LCOHOL 0UBLIC !LCOHOL DISTILLER #OMPANY ,IMITED

4HAI "EVERAGE 0UBLIC )NVESTMENT IN OTHER COMPANY #OMPANY ,IMITED

4HAI "EVERAGE 2ECYCLE 4RADING OF GLASSES AND PACKAGING #OMPANY ,IMITED PRODUCTS

4HANAPAKDI #OMPANY ,IMITED 3PIRITS $ISTILLER

4HE 3UPHANBURI 3UGAR 3ALES WHOLESALES EXPORT SUGAR )NDUSTRY #OMPANY ,IMITED

4HE 5TTARADIT 3UGAR )NDUSTRY 3ALES WHOLESALES EXPORT SUGAR #OMPANY ,IMITED

4HEPARUNOTHAI #OMPANY 3PIRITS $ISTILLER ,IMITED

4HIPPATTANA !RCADE 3PACE RENTAL SERVICE BUSINESSES #OMPANY ,IMITED

5NITED 7INERY AND $ISTILLERY 3PIRITS $ISTILLER #OMPANY ,IMITED

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

l

#O DIRECTOR

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

l

l

#O DIRECTOR

#O DIRECTOR

#O DIRECTOR

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

l

l

l

l

l

l

l

l

l

l

l

30 31

2ELATED #OMPANY

4YPE OF BUSINESS

6ALUE IN THOUSAND "AHT 2ELATIONSHIP WITH FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES 5NIVENTURES 0UBLIC -INING AND TRADING ZINC OXIDE #O DIRECTOR #OMPANY ,IMITED

7ATTANAPAT 4RADING $ISTRIBUTOR BEER AND SODA #O DIRECTOR #OMPANY ,IMITED

7ORLD "OOK AND -EDIA &OOD COURT BUSINESSES AND SPACE #OMMON DIRECTORS AND OR #OMPANY ,IMITED RENTAL SERVICE BUSINESSES COMMON SHAREHOLDERS

/ISHI 4RADING #OMPANY 3ALES AND PRODUCE HALF DONE #O DIRECTOR ,IMITED JAPANESE FOODS

7RANGYER "EVERAGE -ANUFACTURE AND SALE OF HERBICIDE #O DIRECTOR #OMPANY ,IMITED WHISLY AND WHISKY PACKAGE GLASS

4HE 'RAND ,UANG 0RABANG 0ROPERTY MANAGEMENT SERVICE #OMMON DIRECTORS AND OR #OMPANY ,IMITED BUSINESSES COMMON SHAREHOLDERS

3IRIWANA #OMPANY ,IMITED 0ROPERTY DEVELOPMENT #O DIRECTOR

. # # %XHIBITION /RGANIZER "UILDING MANAGEMENT AND PROJECT #OMMON DIRECTORS AND OR #OMPANY ,IMITED MANAGEMENT BUSINESSES COMMON SHAREHOLDERS

"AANBOUNG 6ETCHAKIJ #LINICAL BUSINESSES #O DIRECTOR #OMPANY ,IMITED

$HOS 0AAK #OMPANY ,IMITED !DVERTISEMENT AND PUBLIC RELATIONS #O DIRECTOR

4

4OTAL

4RADE 2ECEIVABLE FOR SALE TRANSACTION IN

l

l

l

l

l

l

l

l

l

Trade Account Payable 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "ERLI *UCKER ,OGISTICS ,IMITED #USTOMS CLEARING WAREHOUSING $IRECT SUBSIDIARIES TRANSPORTATION AND DISTRIBUTION SERVICE

"*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS STATIONERY $IRECT SUBSIDIARIES #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL $IRECT SUBSIDIARIES ,IMITED SUPPLIES 4HAI 'LASS )NDUSTRIES 0UBLIC -ANUFACTURER OF GLASS CONTAINER $IRECT SUBSIDIARIES #OMPANY ,IMITED

4RADE !CCOUNT 0AYABLE FROM

PURCHASE OF GOODS AND SERVICE

IN

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS $IRECT SUBSIDIARIES

"ERLI *UCKER 3PECIALITIES 3ALES CHEMICALS TO BE COMPOUNDED $IRECT SUBSIDIARIES ,IMITED IN FOODS DRINKS AND COSMETICS

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS $IRECT SUBSIDIARIES

AND CONFECTIONERY

"ERLI *UCKER &OODS ,IMITED 3ALES OF SNACK FOODS $IRECT SUBSIDIARIES

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS $IRECT SUBSIDIARIES ,IMITED

"*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS STATIONERY $IRECT SUBSIDIARIES #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

#OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS )NDIRECT SUBSIDIARIES ,IMITED

4OTAL

!SSOCIATES "ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC ,IMITED CONTAINERS

)MPORTER AND DISTRIBUTOR OF SODA ASH "ERLI !SIATIC 3ODA #OMPANY ,IMITED

+AEWGRUNGTHAI #OMPANY 4RADING CULLETS GLASS BOTTLE PLASTICS ,IMITED AND USED SUPPLIES

4RADE !CCOUNT 0AYABLE FROM PURCHASE OF GOODS AND SERVICE

IN

l

l

l

l

l

l

*OINT VENTURE THE #OMPANY

4RADE !CCOUNT 0AYABLE FROM HOLDS OF SHARES

PURCHASE OF GOODS AND SERVICE

IN

*OINT VENTURE THE #OMPANY

l HOLDS OF SHARES

3UBSIDIARY HOLDS OF SHARES

l 4OTAL

32 33

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES 0ISETKIJ #OMPANY ,IMITED 4RADING CULLETS GLASS BOTTLE

PLASTICS AND USED SUPPLIES

"ANGNA 'LASS #OMPANY -ANUFACTURER OF GLASS CONTAINER ,IMITED

"ALL #ORPORATION -ANUFACTURER AND DISTRIBUTION

PACKAGING

3OUTHEAST ,IFE )NSURANCE ,IFE INSURANCE BUSINESSES #OMPANY ,IMITED

3OUTH %AST #APITAL ,IMITED 6EHICLES BUSINESSES

5

#O DIRECTOR

#O DIRECTOR

-AJOR SHAREHOLDER OF SUBSIDIARY}S SHAREHOLDER

#O DIRECTOR

#O DIRECTOR

4RADE !CCOUNT 0AYABLE FROM

PURCHASE OF GOODS AND SERVICE

IN

l

l

l

l

4OTAL

Short term loan to related parties 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS STATIONERY $IRECT SUBSIDIARIES #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

4HAI 3ANCELLA #OMPANY $ORMANT )NDIRECT SUBSIDIARIES ,IMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS $IRECT SUBSIDIARIES

AND CONFECTIONERY

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS TO BE COMPOUNDED $IRECT SUBSIDIARIES ,IMITED IN FOODS DRINKS AND COSMETICS "ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS

4HAI 'LASS )NDUSTRIES -ANUFACTURER OF GLASS CONTAINER 0UBLIC #OMPANY ,IMITED

4HAI 3CANDIC 3TEEL -ANUFACTURER OF GALVANISED STEEL #OMPANY ,IMITED STRUCTURES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

4HE #OMPANY PROVIDED SHORT TERM

AND CALL LOAN TO SUBSIDIARY

COMPANY AT THE MARKET

INTEREST RATE

l

!LLOWANCE FOR DOUBTFUL ACCOUNTS

4HE #OMPANY PROVIDED SHORT TERM

AND CALL LOAN TO SUBSIDIARY

COMPANY AT THE MARKET

INTEREST RATE

l

l

l

l

2ELATED #OMPANY

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

4YPE OF BUSINESS

3UBSIDIARIES "ERLI *UCKER &OODS ,IMITED 3ALES OF SNACK FOODS

"*# )NTERNATIONAL #OMPANY !GENT ,IMITED (ONG +ONG

6

$IRECT SUBSIDIARIES

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

4OTAL

Short term loan from related parties

2ELATED #OMPANY

4YPE OF BUSINESS

4HE #OMPANY PROVIDED SHORT TERM

AND CALL LOAN TO SUBSIDIARY COMPANY AT THE MARKET

INTEREST RATE

l

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES -ONTANA #OMPANY ,IMITED 3ALES OF MEDICAL PRODUCTS $IRECT SUBSIDIARIES

"ERLI *UCKER ,OGISTICS ,IMITED #USTOMS CLEARING WAREHOUSING $IRECT SUBSIDIARIES

TRANSPORTATION AND DISTRIBUTION SERVICE

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS $IRECT SUBSIDIARIES ,IMITED

4HAI &LOURSPAR -INERALS $ORMANT $IRECT SUBSIDIARIES #OMPANY ,IMITED

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL $IRECT SUBSIDIARIES ,IMITED SUPPLIES

"*# )NDUSTRIAL AND 3ALES OF IMAGING PRODUCTS STATIONERY $IRECT SUBSIDIARIES 4RADING #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

"ERLI *UCKER 3PECIALTIES 3ALE OF CHEMICALS TO BE COMPOUNDED $IRECT SUBSIDIARIES ,IMITED IN FOODS DRINKS AND COSMETICS

"*# )NTERNATIONAL !GENT $IRECT SUBSIDIARIES #OMPANY ,IMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS $IRECT SUBSIDIARIES

AND CONFECTIONERY

4OTAL

4HE #OMPANY RECEIVED DEPOSIT FROM SUBSIDIARY COMPANY AND ISSUED CALLED PROMISSORY NOTE AT MARKET RATE

l

l

l

l

l

l

l

l

34 35

7

Long term loan 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE C#OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS

4HAI 'LASS )NDUSTRIES 0UBLIC -ANUFACTURER OF GLASS CONTAINER #OMPANY ,IMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

"ERLI *UCKER &OODS ,IMITED 3ALES OF SNACK FOODS

8

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

4OTAL

4HE #OMPANY GRANTED LONG TERM

LOAN TO THE SUBSIDIARY COMPANY AT

THE FIXED INTEREST RATE AT P A

REPAYMENT IN -ARCH

l

l

l

Other receivables 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS STATIONERY $IRECT SUBSIDIARIES #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

"ERLI *UCKER &OODS ,IMITED 3ALES OF SNACK FOODS $IRECT SUBSIDIARIES

-ONTANA #OMPANY ,IMITED 3ALES OF MEDICAL PRODUCTS $IRECT SUBSIDIARIES

"*# -ARKETING #OMPANY 3ALES OF CONSUMER PRODUCTS $IRECT SUBSIDIARIES ,IMITED

"ERLI *UCKER 3PECIALTIES 3ALES OF CHEMICALS TO BE COMPOUNDED $IRECT SUBSIDIARIES ,IMITED IN FOODS DRINKS AND COSMETICS

"*# (EALTHCARE #OMPANY 3ALES OF MEDICALS AND HOSPITAL $IRECT SUBSIDIARIES ,IMITED SUPPLIES

"ERLI *UCKER #ELLOX ,IMITED -ANUFACTURER OF PAPER PRODUCTS $IRECT SUBSIDIARIES

4HAI 'LASS )NDUSTRIES -ANUFACTURER OF GLASS CONTAINER $IRECT SUBSIDIARIES 0UBLIC #OMPANY ,IMITED

/THER RECEIVABLES FROM RENTAL AND

SERVICE FEE AND OR MANAGEMENT

FEE PER INCOME FROM RENTAL

AND SERVICE FEE AND INCOME

FROM ALLOCATION OF ADMINISTRATIVE

EXPENSE

l

l

l

l

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

3UBSIDIARIES #OSMA -EDICAL #OMPANY 3ALES OF MEDICAL PRODUCTS ,IMITED

2UBIA )NDUSTRIES ,IMITED -ANUFACTURER OF SOAP COSMETICS

AND CONFECTIONERY

"*# )NTERNATIONAL #OMPANY !GENT ,IMITED

4HAI 3CANDIC 3TEEL -ANUFACTURER OF GALVANISED STEEL #OMPANY ,IMITED STRUCTURES

"*# )NTERNATIONAL #OMPANY !GENT ,IMITED (ONG +ONG

*ACY &OODS 3DN "HD 3ALES OF SNACK FOODS

4HAI 3ANCELLA #OMPANY $ORMANT ,IMITED

!SSOCIATES "ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC ,IMITED CONTAINERS

)MPORTER AND DISTRIBUTOR OF SODA ASH "ERLI !SIATIC 3ODA #OMPANY ,IMITED

"*# -ARINE 2ESOURCES /PERATED IN LEASE PRAWN PONDS $EVELOPMENT #OMPANY AND EQUIPMENT ,IMITED

)NDIRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

$IRECT SUBSIDIARIES

/THER RECEIVABLES FROM RENTAL AND

SERVICE FEE AND OR MANAGEMENT

FEE PER INCOME FROM RENTAL

AND SERVICE FEE AND INCOME

FROM ALLOCATION OF ADMINISTRATIVE

EXPENSE

l

l

)NDIRECT SUBSIDIARIES

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

)NDIRECT SUBSIDIARIES

)NDIRECT SUBSIDIARIES

l

l

l

l !LLOWANCE FOR DOUBTFUL ACCOUNTS

4OTAL

*OINT VENTURE THE #OMPANY HOLDS OF SHARES

*OINT VENTURE THE #OMPANY HOLDS OF SHARES

*OINT VENTURE THE #OMPANY HOLDS OF SHARES

4OTAL

/THER RECEIVABLES FROM RENTAL AND SERVICE FEE AND OR MANAGEMENT FEE PER INCOME FROM RENTAL AND SERVICE FEE AND INCOME FROM ALLOCATION OF ADMINISTRATIVE EXPENSE

l

l

36 37

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES "ALL #ORPORATION ,IMITED

9

-ANUFACTURER AND DISTRIBUTION PACKAGING

-AJOR SHAREHOLDER OF SUBSIDIARY}S SHAREHOLDER

4OTAL

/THER RECEIVABLES FROM RENTAL AND

SERVICE FEE AND OR MANAGEMENT

FEE PER INCOME FROM RENTAL

AND SERVICE FEE AND INCOME

FROM ALLOCATION OF ADMINISTRATIVE

EXPENSE

Other payables 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

3UBSIDIARIES "ERLI *UCKER ,OGISTICS ,IMITED #USTOMS CLEARING WAREHOUSING $IRECT SUBSIDIARIES

TRANSPORTATION AND DISTRIBUTION

SERVICE

"*# )NDUSTRIAL AND 4RADING 3ALES OF IMAGING PRODUCTS STATIONERY $IRECT SUBSIDIARIES #OMPANY ,IMITED AND CONSTRUCTION SUPPLIES

"*# )NTERNATIONAL !GENT $IRECT SUBSIDIARIES #OMPANY ,IMITED

4HAI &LOURSPAR -INERALS $ORMANT $IRECT SUBSIDIARIES #OMPANY ,IMITED

4 # # 4ECHNOLOGY )NFORMATION SERVICES $IRECT SUBSIDIARIES #OMPANY ,IMITED

4OTAL

/THER ACCOUNTS PAYABLE FROM

2ENTAL AND 3ERVICE

%XPENSES AND OR )NTEREST

%XPENSES AND OR 0URCHASE

3PAREPART AND %QUIPMENT

l

l

l

l

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

!SSOCIATES "ERLI $YNAPLAST #OMPANY -ANUFACTURER OF RIGID PLASTIC ,IMITED CONTAINERS

*OINT VENTURE THE #OMPANY HOLDS OF SHARES

4OTAL

/THER RELATED PARTIES

3OUTH %AST #APITAL ,IMITED 6EHICLES BUSINESSES #O DIRECTOR

3OUTHEAST !SSURANCE )NSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

3OUTHEAST ,IFE )NSURANCE ,IFE INSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

4HAI "EVERAGE 2ECYCLE 3ALES OF 0ACKAGING AND GLASS #O DIRECTOR #OMPANY ,IMITED CONTAINERS &OUMERLY NAME "ANGNA ,OGISTICS #OMPANY ,IMITED

$HOS0AAK #OMPANY ,IMITED !DVERTISEMENT AND PUBLIC RELATIONS #O DIRECTOR

0ACIFIC ,EISURE #OMPANY 4OUR SERVICE )NDIRECT SUBSIDIARIES ,IMITED

4 # # (OTEL #OLLECTION (OTEL ANS RESTAURANT #O DIRECTOR #OMPANY ,IMITED

4OTAL

/THER ACCOUNTS PAYABLE FROM 2ENTAL AND 3ERVICE %XPENSES AND OR )NTEREST %XPENSES AND OR 0URCHASE 3PAREPART AND %QUIPMENT

/THER ACCOUNTS PAYABLE FROM 2ENTAL AND 3ERVICE %XPENSES AND OR )NTEREST %XPENSES AND OR 0URCHASE 3PAREPART AND %QUIPMENT

l

l

l

l

l

l

38 39

10 Other current assets

2ELATED #OMPANY

4YPE OF BUSINESS

6ALUE IN THOUSAND "AHT 2ELATIONSHIP WITH FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES

4ARAGO #OMPANY ,IMITED !GRICULTURE #O DIRECTOR

4 # # (OLDING #OMPANY (OLDNG IN OTHER COMPANIES} STAKE -AJOR SHAREHOLDERS AND ,IMITED

CO DIRECTOR

#HOR #HANA !NAN 0ANICH 0ROPERTY DEVELOPMENT I E MALL #OMMON DIRECTORS AND OR #OMPANY ,IMITED MARKET TOWNHOME CAR PARKING LOT COMMON SHAREHOLDERS

FOR RENT

#O DIRECTOR 3ANG 3OM #OMPANY ,IMITED 3PIRITS $ISTILLERY

4HAI "EVERAGE -ARKETING 3ALES OF IMPORTED WHISKY #O DIRECTOR #OMPANY ,IMITED

.UM 9UK #OMPANY ,IMITED 3ALES AND WHOLESALE OF WHISKY #OMMON DIRECTORS AND OR

COMMON SHAREHOLDERS

4## ,AND $EVELOPMENT 0ROPERTY DEVELOPMENT #O DIRECTOR #OMPANY ,IMITED

4## ,AND #OMPANY -ORTGAGE PAWN SALE OF CONSIGNMENT #O DIRECTOR ,IMITED AND OTHER BUSINESS TRANSACTION

RELATED TO IMMOVABLE ASSETS

#O DIRECTOR 3IRIWANA #OMPANY ,IMITED 0ROPERTY DEVELOPMENT

0LANTHEON #OMPANY )NVESTMENT IN RELATED AGRICULTURAL #O DIRECTOR INDUSTRIAL RELATED BUSINESSES ,IMITED

3OUTHEAST !SSURANCE )NSURANCE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

4## ,AND 2ETEL #OMPANY (OTEL RESTAURANT BAR NIGHT CLUB #O DIRECTOR ,IMITED BOWLING BUSINESSES

)NDARA )NSURANCE 0UBLIC )NSURANCE BUSINESSES #OMMON DIRECTORS AND OR #OMPANY ,IMITED

COMMON SHAREHOLDERS

#O DIRECTOR 4## 0ROPERTY $EVELOPMENT 0ROPERTY DEVELOPMENT #OMPANY ,IMITED

/THER CURRENT ASSETS FROM SELLING FINISHED GOODS AND SERVICES

l

l

l

l

l

l

l

l

l

l

l

l

l

2ELATED #OMPANY

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

4YPE OF BUSINESS

/THER RELATED PARTIES 4HIPPATTANA !RCADE #OMPANY ,IMITED

4 # # #OMMERCIAL 0ROPERTY -ANAGEMENT #OMPANY ,IMITED

4HAI "EVERAGE 0UBLIC #OMPANY ,IMITED

4###, 7IRELESS #OMPANY ,IMITED

3PACE RENTAL BUSINESSES #O DIRECTOR

0ROPERTY MANAGEMENT AND SALES #O DIRECTOR OF FOODS BEVERAGE

)NVESTMENT IN OTHER COMPANY}S STAKE #O DIRECTOR

0ROPERTY DEVELOPMENT #OMMON DIRECTORS AND OR

COMMON SHAREHOLDERS

/THER CURRENT ASSETS FROM SELLING FINISHED GOODS AND SERVICES

4OTAL

l

l

11 Other non-current assets 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES

#HOR #HANA !NAN 0ANICH 0ROPERTY DEVELOPMENT I E MALL #OMMON DIRECTORS AND OR #OMPANY ,IMITED MARKET TOWNHOME CAR PARKING LOT COMMON SHAREHOLDERS

FOR RENT

4OTAL

/THER CURRENT ASSETS FROM SELLING FINISHED GOODS AND SERVICES

40 41

12 Other current liabilities

2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION $ECEMBER $ECEMBER THE #OMPANY

/THER RELATED PARTIES

"ALL #ORPORATION -ANUFACTURER AND DISTRIBUTION

PACKAGING

3OUTH %AST #APITAL ,IMITED 6EHICLES BUSINESSES

3OUTHEAST ,IFE )NSURANCE ,IFE INSURANCE BUSINESSES #OMPANY ,IMITED

-AJOR SHARHOLDER OF SUBSIDIARY}S SHAREHOLDER

#O DIRECTOR

#O DIRECTOR

3OUTHEAST !SSURANCE )NSURANCE BUSINESSES #OMPANY ,IMITED

7ATTANA 0HAT 4RADING 4RADING OF BEER AND SODA #OMPANY ,IMITED

4 # # (OTEL #OLLECTION (OTEL AND RESTAURANT #OMPANY ,IMITED

#HOR #HANA !NAN 0ANICH 0ROPERTY DEVELOPMENT I E MALL

#OMPANY ,IMITED MARKET TOWNHOME CAR PARKING

LOT FOR RENT

#O DIRECTOR

#O DIRECTOR

4HAI "EVERAGE 0UBLIC )NVESTMENT IN OTHER COMPANY}S #OMPANY ,IMITED STAKE

. # # -ANAGEMENT 3PACE RENTAL FOR EXHIBITION $EVELOPMENT #OMPANY BUSINESSES ,IMITED

3IAM &OOD 0RODUCTS 0UBLIC -ANUFACTURE DISTRIBUTE

#OMPANY ,IMITED EXPORT AGRI FOODS

#HAROENWANNAKIJ #OMPANY )NVESTMENT VEHICLE ,IMITED

/THER CURRENT LIABILITIES FROM

PURCHASING SPAREPART

/THER CURRENT LIABILITIES FROM

PURCHASING FINISHED GOODS

AND SERVICES

l

l

l

#O DIRECTOR

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

l

l

#O DIRECTOR

l

#OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

l

#O DIRECTOR

#O DIRECTOR

l

l

4OTAL

13 Other non-current liabilities 2ELATED #OMPANY

4YPE OF BUSINESS

2ELATIONSHIP WITH 6ALUE IN THOUSAND "AHT FOR THE YEAR ENDED FOR THE YEAR ENDED "USINESS TRANSACTION THE #OMPANY $ECEMBER $ECEMBER

/THER RELATED PARTIES 4HAI "EVERAGE 0UBLIC )NVESTMENT IN OTHER COMPANY}S #O DIRECTOR #OMPANY ,IMITED STAKE

0ROPERTY MANAGEMENT AND SALES OF #O DIRECTOR 4 # # #OMMERCIAL 0ROPERTY -ANAGEMENT FOODS BEVERAGE #OMPANY ,IMITED

4HIPPATTANA !RCADE 3PACE RENTAL SERVICE BUSINESSES #O DIRECTOR #OMPANY ,IMITED

#HOR #HANA !NAN 0ANICH 0ROPERTY DEVELOPMENT I E MALL #OMMON DIRECTORS AND OR #OMPANY ,IMITED MARKET TOWNHOME CAR PARKING LOT COMMON SHAREHOLDERS

FOR RENT

"AANBOUNG 6ETCHAKIJ #LINICAL BUSINESSES #O DIRECTOR #OMPANY ,IMITED

4## ,AND #OMPANY -ORTGAGE PAWN SALE OF CONSIGNMENT #O DIRECTOR ,IMITED AND OTHER BUSINESS TRANSACTION

RELATED TO IMMOVABLE ASSETS

'OLDEN 7EALTH #OMPANY 0ROJECT CONSULTANT AND MANAGEMENT #O DIRECTOR ,IMITED SERVICE BUSINESSES

4## ,AND 2ETEL (OTEL RESTAURANT BAR NIGHT CLUB #O DIRECTOR #OMPANY ,IMITED BOWLING BUSINESSES

4OTAL

2ELATED 0ARTIES 0RICING 0OLICY

/THER NON CURRENT LIABILITIES FROM PURCHASING FINISHED GOODS AND SERVICES

l

l

l

l

l

l

l

4HE ABOVE RELATED PARTIES TRANSACTIONS ARE NORRMAL BUSINESS CONDITION AND IN ACCORDANCE WITH THE CONTRACT 4HEY ARE BASED ON MARKET PRICE OR AT CONTRACTUALLY AGREED PRICE WHERE NO MARKET PRICE EXISTS 4HE SELLING PRICE OF GOODS IS CALCULATED FROM ACQUIRED COST PLUS MARGIN 4HE PURCHASE PRICE IS BASED ON MARKET PRICE LESS MARGIN 4HE INTEREST ON INTERCOMPANY LOAN IS CHARGED AT BORROWING COST AND MARKET RATE 4HE ADMINISTRATIVE EXPENSES ARE ALLOCATED FROM ACTUAL COST INCURRED TO SUBSIDIARY AND ASSOCIATED COMPANIES

42 43

.ECESSITY AND 2ATIONALE OF THE TRANSACTION

4HE RELATED PARTIES TRANSACTIONS ARE INCURRED IN ORDER TO MAXIMIZE THE BENEFIT FROM ALLOCATING RESOURCES OF THE 'ROUP

!PPROVAL PROCEDURE OF RELATED PARTIES TRANSACTION

4HE #OMPANY HAS SET A CLEAR AUTHORIZED POLICY AND PROCEDURE FOR RELATED PARTIES TRANSACTION 4HEY HAD BEEN APPROVED BY THE "OARD OF $IRECTORS AND BY 3HAREHOLDERS} MEETING IF REQUIRED 4HEY HAD ALSO BEEN REPORTED TO THE 3TOCK %XCHANGE OF 4HAILAND

2ELATED 0ARTIES 4RANSACTION 0OLICY IN THE FUTURE

)N CASE THERE IS ANY RELATED PARTIES TRANSACTION IN THE FUTURE THE #OMPANY WILL PURSUE ACCORDING TO THE 3ECURITIES AND %XCHANGE !CT REGULATION ANNOUNCEMENT OR ORDER OF THE 3TOCK %XCHANGE OF 4HAILAND AND COMPLIED WITH ACCOUNTING STANDARD OF DISCLOSURE OF RELATED PERSONS OR TRANSACTIONS SET BY THE &EDERATION OF !CCOUNTING 0ROFESSION

)N CASE OF NORMAL BUSINESS TRANSACTIONS AND BEING RELATED PARTIES TRANSACTION IN THE FUTURE THE #OMPANY HAS SET STANDARD AND GUIDELINES FOR NORMAL BUSINESS PRACTICE BASE ON APPROPRIATE FAIR AND TRACEABLE PRICE 4HE TRANSACTIONS ARE APPROVED BY THE "OARD OF $IRECTORS ACCORDING TO THE SAID STANDARD AND GUIDELINES

Berli Jucker Public Company Limited and its Subsidiaries Annual financial statements and Audit Report of Certified Public Accountant For the years ended 31 December 2009 and 2008

45 45

Audit Report of Certified Public Accountant 4O THE SHAREHOLDERS OF "ERLI *UCKER 0UBLIC #OMPANY ,IMITED ) HAVE AUDITED THE ACCOMPANYING CONSOLIDATED AND SEPARATE BALANCE SHEETS AS AT $ECEMBER AND

AND THE RELATED STATEMENTS OF INCOME CHANGES IN EQUITY AND CASH FLOWS FOR THE YEARS THEN ENDED OF "ERLI *UCKER 0UBLIC #OMPANY ,IMITED AND ITS SUBSIDIARIES AND OF "ERLI *UCKER 0UBLIC #OMPANY ,IMITED RESPECTIVELY 4HE #OMPANY}S MANAGEMENT IS RESPONSIBLE FOR THE CORRECTNESS AND COMPLETENESS OF INFORMATION PRESENTED IN THESE FINANCIAL STATEMENTS -Y RESPONSIBILITY IS TO EXPRESS AN OPINION ON THESE FINANCIAL STATEMENTS BASED ON MY AUDITS !S DESCRIBED IN NOTE TO THE FINANCIAL STATEMENTS THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED $ECEMBER HAVE BEEN RESTATED TO GIVE RETROSPECTIVE APPLICATION TO A TRANSACTION INVOLVING AN ENTITY UNDER COMMON CONTROL WHICH OCCURRED DURING AND WAS ACCOUNTED FOR IN A MANNER SIMILAR TO POOLING OF INTERESTS ) HAVE AUDITED THE ADJUSTMENTS THAT WERE APPLIED TO THE RESTATEMENT OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR AND IN MY OPINION THESE ADJUSTMENTS ARE APPROPRIATE AND HAVE BEEN PROPERLY APPLIED ) CONDUCTED MY AUDITS IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING STANDARDS 4HOSE STANDARDS REQUIRE THAT ) PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE ABOUT WHETHER THE FINANCIAL STATEMENTS ARE FREE OF MATERIAL MISSTATEMENT !N AUDIT INCLUDES EXAMINING ON A TEST BASIS EVIDENCE SUPPORTING THE AMOUNTS AND DISCLOSURES IN THE FINANCIAL STATEMENTS !N AUDIT ALSO INCLUDES ASSESSING THE ACCOUNTING PRINCIPLES USED AND SIGNIFICANT ESTIMATES MADE BY MANAGEMENT AS WELL AS EVALUATING THE OVERALL FINANCIAL STATEMENT PRESENTATION ) BELIEVE THAT MY AUDITS PROVIDE A REASONABLE BASIS FOR MY OPINION )N MY OPINION THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS REFERRED TO ABOVE PRESENT FAIRLY IN ALL MATERIAL RESPECTS THE FINANCIAL POSITIONS AS AT $ECEMBER AND AND THE RESULTS OF OPERATIONS AND CASH FLOWS FOR THE YEARS THEN ENDED OF "ERLI *UCKER 0UBLIC #OMPANY ,IMITED AND ITS SUBSIDIARIES AND OF "ERLI *UCKER 0UBLIC #OMPANY ,IMITED RESPECTIVELY IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

.IRAND ,ILAMETHWAT #ERTIFIED 0UBLIC !CCOUNTANT 2EGISTRATION .O

+0-' 0HOOMCHAI !UDIT ,TD "ANGKOK &EBRUARY

Balance sheets Berli Jucker Public Company Limited and its Subsidiaries Balance sheets As at 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS

!SSETS

.OTE

2ESTATED IN "AHT

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

46 47

Berli Jucker Public Company Limited Annual Report 2009

#URRENT ASSETS #ASH AND CASH EQUIVALENTS 4RADE ACCOUNTS RECEIVABLE 3HORT TERM LOANS TO AND OTHER RECEIVABLES FROM RELATED PARTIES )NVENTORIES /THER CURRENT ASSETS 4OTAL CURRENT ASSETS

.ON CURRENT ASSETS )NVESTMENTS IN SUBSIDIARIES )NVESTMENTS IN ASSOCIATES /THER LONG TERM INVESTMENTS ,ONG TERM LOANS TO RELATED PARTIES ,EASEHOLD LAND 0ROPERTY PLANT AND EQUIPMENT )NTANGIBLE ASSETS $EFERRED TAX ASSETS /THER NON CURRENT ASSETS 4OTAL NON CURRENT ASSETS

4OTAL ASSETS

Balance sheets Berli Jucker Public Company Limited and its Subsidiaries Balance sheets As at 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS

,IABILITIES AND EQUITY

.OTE

2ESTATED IN "AHT

#URRENT LIABILITIES "ANK OVERDRAFTS AND SHORT TERM LOANS FROM

FINANCIAL INSTITUTIONS 4RADE ACCOUNTS PAYABLE

#URRENT PORTION OF LONG TERM LOANS 3HORT TERM LOANS FROM AND OTHER PAYABLES TO RELATED PARTIES

)NCOME TAX PAYABLE

/THER CURRENT LIABILITIES 4OTAL CURRENT LIABILITIES

.ON CURRENT LIABILITIES ,ONG TERM LOANS FROM FINANCIAL INSTITUTIONS

$EBENTURES

0ROVISIONS FOR STAFF RETIREMENT BENEFITS

$EFERRED TAX LIABILITIES

/THER NON CURRENT LIABILITIES 4OTAL NON CURRENT LIABILITIES

4OTAL LIABILITIES

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Balance sheets Berli Jucker Public Company Limited and its Subsidiaries Balance sheets As at 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS

,IABILITIES AND EQUITY

.OTE

2ESTATED IN "AHT

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

48 49

Berli Jucker Public Company Limited Annual Report 2009

%QUITY

3HARE CAPITAL !UTHORISED SHARE CAPITAL

)SSUED AND PAID UP SHARE CAPITAL

2ESERVES 3HARE PREMIUM

3URPLUS ARISING FROM BUSINESS COMBINATION UNDER COMMON CONTROL

$ONATED SURPLUS

3URPLUS ON DISPOSALS OF #OMPANY}S SHARES HELD BY A SUBSIDIARY

#URRENCY TRANSLATION DIFFERENCES

2ETAINED EARNINGS !PPROPRIATED

,EGAL RESERVE

2ESERVE FOR BUSINESS EXPANSION 5NAPPROPRIATED

4OTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE #OMPANY

-INORITY INTERESTS

4OTAL EQUITY

4OTAL LIABILITIES AND EQUITY

Statements of income Berli Jucker Public Company Limited and its Subsidiaries Statements of income For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS .OTE

2ESTATED IN "AHT

2EVENUES

2EVENUE FROM SALE OF GOODS AND RENDERING OF SERVICES

.ET FOREIGN EXCHANGE GAIN

$IVIDEND INCOME

/THER INCOME

4OTAL REVENUES

%XPENSES

#OST OF SALE OF GOODS AND RENDERING OF SERVICES

3ELLING EXPENSES

!DMINISTRATIVE EXPENSES

-ANAGEMENT BENEFIT EXPENSES

.ET FOREIGN EXCHANGE LOSS

4OTAL EXPENSES

3HARE OF PROFITS OF ASSOCIATES

0ROFIT BEFORE FINANCE COSTS AND INCOME TAX EXPENSE

&INANCE COSTS

0ROFIT BEFORE INCOME TAX EXPENSE

)NCOME TAX EXPENSE

0ROFIT FOR THE YEAR

0ROFIT ATTRIBUTABLE TO

%QUITY HOLDERS OF THE #OMPANY

-INORITY INTERESTS

0ROFIT FOR THE YEAR

%ARNINGS PER SHARE

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

3URPLUS ARISING 3HARE FROM BUSINESS COMBINATION PREMIUM UNDER COMMON CONTROL

4OTAL EQUITY

IN "AHT

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

2ETAINED EARNINGS

!PPROPRIATED TO 4OTAL EQUITY #URRENCY 5NAPPROPRIATED ATTRIBUTABLE TO -INORITY TRANSLATION !PPROPRIATED RESERVE FOR BUSINESS EQUITY HOLDERS INTERESTS DIFFERENCES TO LEGAL RESERVE EXPANSION OF THE #OMPANY

5NREALISED SURPLUS DEFICITS

#ONSOLIDATED FINANCIAL STATEMENTS 2ESTATED 3URPLUS ON $ONATED DISPOSALS OF #OMPANY}S (EDGING SURPLUS SHARES HELD BY RESERVE A SUBSIDIARY

2ESERVES

3URPLUS ARISING FROM BUSINESS COMBINATION UNDER COMMON CONTROL

2ESTATED BALANCE

5NREALISED GAINS LOSSES

!DJUSTMENT ON PORTION CHANGE OF INVESTMENT

(EDGING RESERVE

4RANSLATION OF FINANCIAL STATEMENTS DIFFERENCES

.ET INCOME EXPENSE RECOGNISED DIRECTLY IN EQUITY

0ROFIT FOR THE YEAR

4OTAL RECOGNISED INCOME AND EXPENSE

$IVIDENDS

$IVIDENDS OF SUBSIDIARIES PAID TO MINORITY INTERESTS

"ALANCE AT $ECEMBER

"ALANCE AT *ANUARY

.OTE

)SSUED AND PAID UP SHARE CAPITAL

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Statements of changes in equity

Statements of changes in equity

Berli Jucker Public Company Limited Annual Report 2009

50 51

IN "AHT

4OTAL EQUITY

3URPLUS ON !PPROPRIATED 4OTAL EQUITY DISPOSALS OF #URRENCY !PPROPRIATED TO RESERVE FOR ATTRIBUTABLE TO -INORITY #OMPANY}S TRANSLATION TO LEGAL RESERVE BUSINESS 5NAPPROPRIATED EQUITY HOLDERS OF INTERESTS SHARES HELD BY DIFFERENCES EXPANSION THE #OMPANY A SUBSIDIARY

2ETAINED EARNINGS

#ONSOLIDATED FINANCIAL STATEMENTS 2ESTATED

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

3URPLUS ARISING FROM BUSINESS COMBINATION UNDER COMMON CONTROL

2ESTATED BALANCE

5NREALISED GAINS LOSSES

!DJUSTMENT ON PORTION CHANGE OF INVESTMENT

4RANSLATION OF FINANCIAL STATEMENTS DIFFERENCES

.ET INCOME EXPENSE RECOGNISED DIRECTLY IN EQUITY

0ROFIT FOR THE YEAR

4OTAL RECOGNISED INCOME AND EXPENSE

#ONSIDERATION PAID TO SHAREHOLDER OF SUBSIDIARY

FOR COMMON CONTROL TRANSACTION

$IVIDENDS

$IVIDENDS OF SUBSIDIARIES PAID TO MINORITY INTERESTS

$IVIDENDS PAID BY SUBSIDIARIES BEFORE BUSINESS RESTRUCTURING

"ALANCE AT $ECEMBER

$ONATED SURPLUS

3URPLUS ARISING 3HARE FROM BUSINESS PREMIUM COMBINATION UNDER COMMON CONTROL

2ESERVES

"ALANCE AT *ANUARY

.OTE

)SSUED AND PAID UP SHARE CAPITAL

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Statements of changes in equity

Statements of changes in equity

3HARE PREMIUM

)SSUED AND PAID UP SHARE CAPITAL

$ONATED SURPLUS

2ESERVES

IN "AHT

!PPROPRIATED TO LEGAL RESERVE

3EPARATE FINANCIAL STATEMENTS

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

0ROFIT FOR THE YEAR $IVIDENDS "ALANCE AT $ECEMBER AND *ANUARY 0ROFIT FOR THE YEAR $IVIDENDS "ALANCE AT $ECEMBER

"ALANCE AT *ANUARY

.OTE

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Statements of changes in equity

Statements of changes in equity

!PPROPRIATED TO RESERVE FOR BUSINESS EXPANSION

2ETAINED EARNINGS

Berli Jucker Public Company Limited Annual Report 2009

52 53

5NAPPROPRIATED

4OTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE #OMPANY

Statements of cash flows Berli Jucker Public Company Limited and its Subsidiaries Statements of cash flows For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS .OTE #ASH FLOWS FROM OPERATING ACTIVITIES

0ROFIT FOR THE YEAR

!DJUSTMENTS FOR

$EPRECIATION AND AMORTISATION

)NTEREST INCOME

&INANCE COSTS

$IVIDEND INCOME

"AD AND DOUBTFUL DEBTS EXPENSE

/BSOLETE AND SLOW MOVING INVENTORIES REVERSAL )MPAIRMENT OF INVESTMENTS REVERSAL

)MPAIRMENT OF UNUSED ASSETS

2EVENUE FROM UNBILLED CONSTRUCTION WORK IN PROGRESS 5NREALISED GAIN LOSS ON EXCHANGE

5NREALISED GAIN ON FAIR VALUE OF DERIVATIVE 0ROVISIONS FOR STAFF RETIREMENT BENEFITS

'AIN LOSS ON DISPOSALS OF EQUIPMENT

,OSS ON WRITE OFF OF EQUIPMENT

,OSS ON WRITE OFF OF INTANGIBLE ASSETS

3HARE OF PROFITS OF ASSOCIATES

)NCOME TAX EXPENSE

2ESTATED IN "AHT

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Statements of cash flows Berli Jucker Public Company Limited and its Subsidiaries Statements of cash flows For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS .OTE

2ESTATED IN "AHT

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

54 55

Berli Jucker Public Company Limited Annual Report 2009

#HANGES IN OPERATING ASSETS AND LIABILITIES 4RADE ACCOUNTS RECEIVABLE

/THER RECEIVABLES FROM RELATED PARTIES

)NVENTORIES

/THER CURRENT ASSETS

/THER NON CURRENT ASSETS

4RADE ACCOUNTS PAYABLE

/THER PAYABLES TO RELATED PARTIES

/THER CURRENT LIABILITIES

3TAFF RETIREMENT BENEFITS PAID

/THER NON CURRENT LIABILITIES

)NCOME TAX PAID

.ET CASH PROVIDED BY USED IN OPERATING ACTIVITIES

#ASH FLOWS FROM INVESTING ACTIVITIES

)NTEREST RECEIVED

$IVIDENDS RECEIVED

0URCHASE OF PROPERTY PLANT AND EQUIPMENT 3ALES OF PROPERTY PLANT AND EQUIPMENT

0URCHASE OF INTANGIBLE ASSETS

3HORT TERM LOANS TO RELATED PARTIES

0ROCEEDS FROM SHORT TERM LOANS TO RELATED PARTIES 0URCHASE OF INVESTMENTS

3ALES OF INVESTMENTS

,ONG TERM LOAN TO RELATED PARTIES

.ET CASH OUTFLOW ON ACQUISITION OF SUBSIDIARIES .ET CASH USED IN PROVIDED BY INVESTING ACTIVITIES

Statements of cash flows Berli Jucker Public Company Limited and its Subsidiaries Statements of cash flows For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 3EPARATE FINANCIAL STATEMENTS .OTE

2ESTATED IN "AHT

#ASH FLOWS FROM FINANCING ACTIVITIES

)NTEREST PAID

$IVIDENDS PAID TO EQUITY HOLDERS OF THE #OMPANY

$IVIDENDS PAID TO MINORITY INTERESTS

$IVIDEND PAID BY SUBSIDIARIES BEFORE BUSINESS RESTRUCTURING

0ROCEEDS FROM SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS

2EPAYMENT OF SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS

0ROCEEDS FROM SHORT TERM LOANS FROM RELATED PARTIES

2EPAYMENT OF SHORT TERM LOANS FROM RELATED PARTIES

0ROCEEDS FROM LONG TERM LOANS FROM FINANCIAL INSTITUTIONS

2EPAYMENT OF LONG TERM LOANS FROM FINANCIAL INSTITUTIONS

.ET PROCEEDS FROM ISSUING OF DEBENTURES

.ET CASH USED IN PROVIDED BY FINANCING ACTIVITIES

.ET INCREASE DECREASE IN CASH AND CASH EQUIVALENTS

#ASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

%FFECT OF EXCHANGE RATE CHANGES ON BALANCES HELD IN FOREIGN CURRENCIES

#ASH AND CASH EQUIVALENTS AT END OF YEAR

#ASH AND CASH EQUIVALENTS AS SHOWN IN THE STATEMENTS OF CASH FLOWS CONSISTED OF

#ASH AND CASH EQUIVALENTS AS SHOWN IN THE BALANCE SHEETS

,ESS "ANK OVERDRAFTS

#ASH AND CASH EQUIVALENTS AS SHOWN IN THE STATEMENTS OF CASH FLOWS

.ON CASH TRANSACTIONS

0URCHASE OF PLANT AND EQUIPMENT ON CREDIT TERMS

4HE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

Note

Contents

'ENERAL INFORMATION "ASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 3IGNIFICANT ACCOUNTING POLICIES !CQUISITIONS AND BUSINESS RESTRUCTURING 2ELATED PARTY TRANSACTIONS AND BALANCES #ASH AND CASH EQUIVALENTS 4RADE ACCOUNTS RECEIVABLE )NVENTORIES /THER CURRENT ASSETS )NVESTMENTS IN SUBSIDIARIES )NVESTMENTS IN ASSOCIATES /THER LONG TERM INVESTMENTS 0ROPERTY PLANT AND EQUIPMENT )NTANGIBLE ASSETS $EFERRED TAX /THER NON CURRENT ASSETS )NTEREST BEARING LIABILITIES 4RADE ACCOUNTS PAYABLE /THER CURRENT LIABILITIES 0ROVISION FOR STAFF RETIREMENT BENEFITS /THER NON CURRENT LIABILITIES 3HARE CAPITAL !DDITIONAL PAID IN CAPITAL AND RESERVES 3EGMENT INFORMATION /THER INCOME 3ELLING EXPENSES !DMINISTRATIVE EXPENSES %XPENSES BY NATURE %MPLOYEE BENEFIT EXPENSES &INANCE COSTS )NCOME TAX EXPENSE 0ROMOTIONAL PRIVILEGES %ARNINGS PER SHARE $IVIDENDS &INANCIAL INSTRUMENTS #OMMITMENTS WITH NON RELATED PARTIES #APITAL MANAGEMENT %VENTS AFTER THE REPORTING PERIOD 4HAI !CCOUNTING 3TANDARDS 4!3 NOT YET ADOPTED 2ECLASSIFICATION OF ACCOUNTS

56 57

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

1

4HESE NOTES FORM AN INTEGRAL PART OF THE FINANCIAL STATEMENTS 4HE FINANCIAL STATEMENTS WERE AUTHORISED FOR ISSUE BY THE "OARD OF $IRECTORS ON &EBRUARY

General information

"ERLI *UCKER 0UBLIC #OMPANY ,IMITED THE l#OMPANYm IS INCORPORATED IN 4HAILAND AND HAS ITS REGISTERED OFFICE AT "ERLI *UCKER (OUSE 3OI 2UBIA 3UKHUMVIT 2OAD "ANGKOK

4HE #OMPANY WAS LISTED ON THE 3TOCK %XCHANGE OF 4HAILAND IN !PRIL

4HE IMMEDIATE AND ULTIMATE PARENT COMPANY DURING THE FINANCIAL YEAR WAS 4 # # (OLDING #OMPANY ,IMITED WHICH WAS INCORPORATED IN 4HAILAND

4HE PRINCIPAL BUSINESSES OF THE #OMPANY AND ITS SUBSIDIARIES TOGETHER REFERRED TO AS THE l'ROUPm ARE INVOLVED IN MANUFACTURING DISTRIBUTION AND OTHER SERVICE ACTIVITIES IN THE FOLLOWING AREAS

Industrial supply chain

4HE 'ROUP IS INVOLVED IN THE MANUFACTURING MARKETING AND DISTRIBUTION OF GLASS CONTAINERS

ALUMINUM CAN AND RIGID PLASTIC CONTAINERS AND IN THE DESIGN SUPPLY AND ASSEMBLY OF AUTOMATION CONTROL SYSTEMS INDUSTRIAL EQUIPMENT LOGISTICS WAREHOUSE AND GALVANISED STEEL TOWERS FOR POWER TRANSMISSION LINES

Consumer supply chain

4HE 'ROUP IS INVOLVED IN THE MANUFACTURING MARKETING AND DISTRIBUTION OF VARIOUS CONSUMER PRODUCTS INCLUDING TISSUE PAPER PERSONAL PRODUCTS SOAPS AND SHAMPOOS SNACK FOODS AND CONFECTIONERY 4HESE PRODUCTS ARE MARKETED AND DISTRIBUTED UNDER "*#}S OWN BRAND NAMES AS WELL AS UNDER CONTRACTS WITH THIRD PARTIES )N ADDITION THE 'ROUP IS INVOLVED IN PROVIDING CUSTOMS CLEARING WAREHOUSING TRANSPORTATION AND DISTRIBUTION SERVICE FOR BOTH 'ROUP COMPANIES AND OUTSIDE CUSTOMERS

Technical supply chain

4HE 'ROUP IS INVOLVED IN THE IMPORTING AND DISTRIBUTION OF VARIOUS PRODUCTS INCLUDING STATIONERY

INDUSTRIAL CHEMICALS FOOD INGREDIENTS PHARMACEUTICALS IMAGING PRODUCTS AND HOSPITAL SUPPLIES

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

$ETAILS OF THE #OMPANY}S SUBSIDIARIES AS AT $ECEMBER AND WERE AS FOLLOWS .AME OF THE ENTITY $IRECT SUBSIDIARIES -ONTANA #OMPANY ,IMITED

"ERLI *UCKER &OODS ,IMITED 2UBIA )NVESTMENTS ,IMITED

"ERLI *UCKER ,OGISTICS ,IMITED

"*# -ARKETING #OMPANY ,IMITED "*# (EALTHCARE #OMPANY ,IMITED

"*# )NDUSTRIAL AND 4RADING #OMPANY ,IMITED

4HAI &LOURSPAR -INERALS #OMPANY ,IMITED "*# )NTERNATIONAL #OMPANY ,IMITED "ERLI *UCKER -YANMAR ,IMITED "*# )NTERNATIONAL #OMPANY ,IMITED 2UBIA )NDUSTRIES ,IMITED

"ERLI *UCKER 3PECIALTIES ,IMITED 4HAI 'LASS )NDUSTRIES 0UBLIC #OMPANY ,IMITED "ERLI *UCKER #ELLOX ,IMITED 4 # # 4ECHNOLOGY #OMPANY ,IMITED

4HAI "EVERAGE #AN ,IMITED

)NDIRECT SUBSIDIARIES *ACY &OODS 3DN "HD #OSMA -EDICAL #OMPANY ,IMITED 4HAI 3CANDIC 3TEEL #OMPANY ,IMITED

"*# )NTERNATIONAL 6IETNAM #OMPANY ,IMITED &ORMERLY 6INA 'LASS )NDUSTRIES ,IMITED -ARBLE 3TONES #OMPANY ,IMITED 4HAI 3ANCELLA #OMPANY ,IMITED

4YPE OF BUSINESS

#OUNTRY OF INCORPORATION

3ALE OF COSMETICS AND 4HAILAND MACHINERY -ANUFACTURE OF SNACK FOODS 4HAILAND )NVESTMENT VEHICLE "RITISH 6IRGIN

)SLANDS #USTOMS CLEARING WAREHOUSING 4HAILAND TRANSPORTATION AND DISTRIBUTION SERVICE 3ALE OF CONSUMER PRODUCTS 4HAILAND 3ALE OF MEDICALS AND 4HAILAND HOSPITAL SUPPLIES 3ALE OF IMAGING PRODUCT STATIONERY 4HAILAND AND CONSTRUCTION SUPPLIES $ORMANT 4HAILAND !GEN 4HAILAND )MPORT AND EXPORT -YANMAR !GENT (ONG +ONG -ANUFACTURE OF SOAP COSMETICS 4HAILAND AND CONFECTIONERY 3ALE OF CHEMICALS 4HAILAND -ANUFACTURE OF GLASS CONTAINERS 4HAILAND -ANUFACTURE OF PAPER PRODUCTS 4HAILAND 2ENDERING SERVICES OF INFORMATION 4HAILAND TECHNOLOGY -ANUFACTURE OF ALUMINIUM CAN 4HAILAND

/WNERSHIP INTEREST

-ANUFACTURE OF SNACK FOODS 3ALE OF MEDICAL PRODUCTS -ANUFACTURE OF GALVANISED STEEL STRUCTURES !GENT

-ALAYSIA 4HAILAND 4HAILAND

6IETNAM

$ORMANT $ORMANT

4HAILAND 4HAILAND

4HE #OMPANY HAS THE POWER TO GOVERN THE FINANCIAL AND OPERATING POLICIES OF THIS SUBSIDIARY

58 59

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

2

Basis of preparation of the financial statements

4HE FINANCIAL STATEMENTS ISSUED FOR 4HAI REPORTING PURPOSES ARE PREPARED IN THE 4HAI LANGUAGE 4HIS %NGLISH TRANSLATION OF THE FINANCIAL STATEMENTS HAS BEEN PREPARED FOR THE CONVENIENCE OF READERS NOT CONVERSANT WITH THE 4HAI LANGUAGE

4HE FINANCIAL STATEMENTS ARE PREPARED IN ACCORDANCE WITH 4HAI !CCOUNTING 3TANDARDS l4!3m AND 4HAI &INANCIAL 2EPORTING 3TANDARDS l4&23m INCLUDING RELATED INTERPRETATIONS AND GUIDELINES PROMULGATED BY THE &EDERATION OF !CCOUNTING 0ROFESSIONS l&!0m AND WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN 4HAILAND

/N -AY THE &!0 ANNOUNCED !NNOUNCEMENT .O THE RE NUMBERING OF 4!3 TO THE SAME NUMBERS AS THE )NTERNATIONAL !CCOUNTING 3TANDARDS l)!3m ON WHICH THE 4!3 4&23 ARE BASED

4HE 'ROUP #OMPANY HAS ADOPTED THE FOLLOWING REVISED 4!3 4&23 AND ACCOUNTING GUIDANCE WHICH WERE ISSUED BY THE &!0 DURING AND AND EFFECTIVE FOR ANNUAL ACCOUNTING PERIODS BEGINNING ON OR AFTER *ANUARY

4!3 REVISED )MPAIRMENT OF !SSETS

4&23 REVISED .ON CURRENT !SSETS (ELD FOR 3ALE AND $ISCONTINUED /PERATIONS

FORMERLY 4!3

&RAMEWORK FOR THE 0REPARATION AND 0RESENTATION OF &INANCIAL 3TATEMENTS REVISED EFFECTIVE ON *UNE

!CCOUNTING 'UIDANCE ABOUT ,EASEHOLD 2IGHT EFFECTIVE ON *UNE

!CCOUNTING 'UIDANCE ABOUT "USINESS #OMBINATION UNDER #OMMON #ONTROL

4HE ADOPTION OF THESE REVISED 4!3 4&23 AND ACCOUNTING GUIDANCE DOES NOT HAVE ANY MATERIAL IMPACT ON THE CONSOLIDATED OR SEPARATE FINANCIAL STATEMENTS

4HE &!0 HAS ISSUED DURING A NUMBER OF NEW AND REVISED 4!3 4&23 WHICH ARE NOT CURRENTLY EFFECTIVE AND HAVE NOT BEEN ADOPTED IN THE PREPARATION OF THESE FINANCIAL STATEMENTS 4HESE NEW AND REVISED 4!3 4&23 ARE DISCLOSED IN NOTE

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE FINANCIAL STATEMENTS ARE PRESENTED IN 4HAI "AHT ROUNDED IN THE NOTES TO THE FINANCIAL STATEMENTS TO THE NEAREST THOUSAND UNLESS OTHERWISE STATED 4HEY ARE PREPARED ON THE HISTORICAL COST BASIS EXCEPT AS STATED IN THE ACCOUNTING POLICIES

4HE PREPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH 4!3 AND 4&23 REQUIRES MANAGEMENT TO MAKE JUDGEMENTS ESTIMATES AND ASSUMPTIONS THAT AFFECT THE APPLICATION OF POLICIES AND REPORTED AMOUNTS OF ASSETS LIABILITIES INCOME AND EXPENSES !CTUAL RESULTS MAY DIFFER FROM ESTIMATES

%STIMATES AND UNDERLYING ASSUMPTIONS ARE REVIEWED ON AN ONGOING BASIS 2EVISIONS TO ACCOUNTING ESTIMATES ARE RECOGNISED IN THE PERIOD IN WHICH ESTIMATES ARE REVISED AND IN ANY FUTURE PERIODS AFFECTED

)NFORMATION ABOUT SIGNIFICANT AREAS OF ESTIMATION UNCERTAINTY AND CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES THAT HAVE THE MOST SIGNIFICANT EFFECT ON THE AMOUNT RECOGNISED IN THE FINANCIAL STATEMENTS IS INCLUDED IN THE FOLLOWING NOTES

.OTE "USINESS COMBINATION .OTE 5TILISATION OF TAX LOSSES .OTE 0ROVISION FOR STAFF RETIREMENT BENEFITS .OTE 6ALUATION OF FINANCIAL INSTRUMENTS

3

Significant accounting policies

(a)

Basis of consolidation

4HE CONSOLIDATED FINANCIAL STATEMENTS RELATE TO THE #OMPANY AND ITS SUBSIDIARIES AND THE 'ROUP}S INTERESTS IN ASSOCIATES

4HE FINANCIAL STATEMENTS OF "ERLI *UCKER -YANMAR #OMPANY ,IMITED A SUBSIDIARY WHICH WAS REGISTERED IN 5NION OF -YANMAR ARE NOT INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS AS THIS SUBSIDIARY OPERATES UNDER RESTRICTIONS OF THE 'OVERNMENT OF 5NION OF -YANMAR !S A RESULT THE #OMPANY LOSES THE POWER TO GOVERN THE FINANCIAL AND OPERATING POLICIES OF THIS SUBSIDIARY

60 61

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

"USINESS COMBINATIONS

"USINESS COMBINATIONS ARE ACCOUNTED FOR UNDER THE PURCHASE METHOD 4HE COST OF AN ACQUISITION IS MEASURED AT THE FAIR VALUE OF THE ASSETS GIVEN EQUITY INSTRUMENTS ISSUED AND LIABILITIES INCURRED OR ASSUMED AT THE DATE OF EXCHANGE PLUS COSTS DIRECTLY ATTRIBUTABLE TO THE ACQUISITION

"USINESS COMBINATIONS OF ENTITIES UNDER COMMON CONTROL ARE ACCOUNTED FOR USING A METHOD SIMILAR TO THE POOLING OF INTEREST METHOD AND IN ACCORDANCE WITH THE 'UIDELINE ISSUED IN BY THE &!0

3UBSIDIARIES

3UBSIDIARIES ARE ENTITIES CONTROLLED BY THE 'ROUP #ONTROL EXISTS WHEN THE 'ROUP HAS THE POWER

DIRECTLY OR INDIRECTLY TO GOVERN THE FINANCIAL AND OPERATING POLICIES OF AN ENTITY SO AS TO OBTAIN BENEFITS FROM ITS ACTIVITIES 4HE FINANCIAL STATEMENTS OF SUBSIDIARIES ARE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS FROM THE DATE THAT CONTROL COMMENCES UNTIL THE DATE THAT CONTROL CEASES 4HE ACCOUNTING POLICIES OF SUBSIDIARIES HAVE BEEN CHANGED WHERE NECESSARY TO ALIGN THEM WITH THE POLICIES ADOPTED BY THE 'ROUP

!SSOCIATES

!SSOCIATES ARE THOSE ENTITIES IN WHICH THE 'ROUP HAS SIGNIFICANT INFLUENCE BUT NOT CONTROL OVER THE FINANCIAL AND OPERATING POLICIES 3IGNIFICANT INFLUENCE IS PRESUMED TO EXIST WHEN THE 'ROUP HOLDS BETWEEN AND OF THE VOTING POWER OF ANOTHER ENTITY 4HE CONSOLIDATED FINANCIAL STATEMENTS INCLUDE THE 'ROUP}S SHARE OF THE INCOME EXPENSES AND EQUITY MOVEMENTS OF ASSOCIATES FROM THE DATE THAT SIGNIFICANT INFLUENCE COMMENCES UNTIL THE DATE THAT SIGNIFICANT INFLUENCE CEASES 7HEN THE 'ROUP}S SHARE OF LOSSES EXCEEDS ITS INTEREST IN AN ASSOCIATE THE 'ROUP}S CARRYING AMOUNT IS REDUCED TO NIL AND RECOGNITION OF FURTHER LOSSES IS DISCONTINUED EXCEPT TO THE EXTENT THAT THE 'ROUP HAS INCURRED LEGAL OR CONSTRUCTIVE OBLIGATIONS OR MADE PAYMENTS ON BEHALF OF THE ASSOCIATE

4RANSACTIONS ELIMINATED ON CONSOLIDATION

)NTRA GROUP BALANCES AND TRANSACTIONS AND ANY UNREALISED INCOME OR EXPENSES ARISING FROM INTRA GROUP TRANSACTIONS ARE ELIMINATED IN PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS 5NREALISED GAINS ARISING FROM TRANSACTIONS WITH ASSOCIATES ARE ELIMINATED AGAINST THE INVESTMENT TO THE EXTENT OF THE 'ROUP}S INTEREST IN THE INVESTEE 5NREALISED LOSSES ARE ELIMINATED IN THE SAME WAY AS UNREALISED GAINS BUT ONLY TO THE EXTENT THAT THERE IS NO EVIDENCE OF IMPAIRMENT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(b)

Foreign currencies

&OREIGN CURRENCY TRANSACTIONS

4RANSACTIONS IN FOREIGN CURRENCIES ARE TRANSLATED TO 4HAI "AHT AT THE FOREIGN EXCHANGE RATES RULING AT THE DATES OF THE TRANSACTIONS

-ONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES AT THE REPORTING DATE ARE TRANSLATED TO 4HAI "AHT AT THE FOREIGN EXCHANGE RATES RULING AT THAT DATE &OREIGN EXCHANGE DIFFERENCES ARISING ON TRANSLATION ARE RECOGNISED IN THE STATEMENT OF INCOME

.ON MONETARY ASSETS AND LIABILITIES MEASURED AT COST IN FOREIGN CURRENCIES ARE TRANSLATED TO 4HAI "AHT USING THE FOREIGN EXCHANGE RATES RULING AT THE DATES OF THE TRANSACTIONS

&OREIGN ENTITIES

4HE ASSETS AND LIABILITIES OF FOREIGN ENTITIES ARE TRANSLATED TO 4HAI "AHT AT THE FOREIGN EXCHANGE RATES RULING AT THE REPORTING DATE

'OODWILL AND FAIR VALUE ADJUSTMENTS ARISING ON THE ACQUISITION OF FOREIGN ENTITIES ARE STATED AT EXCHANGE RATES RULING ON TRANSACTION DATES

4HE REVENUES AND EXPENSES OF FOREIGN ENTITIES ARE TRANSLATED TO 4HAI "AHT AT RATES APPROXIMATING THE FOREIGN EXCHANGE RATES RULING AT THE DATES OF THE TRANSACTIONS

&OREIGN EXCHANGE DIFFERENCES ARISING ON TRANSLATION ARE RECOGNISED IN A SEPARATE COMPONENT OF EQUITY UNTIL DISPOSAL OF THE INVESTMENTS

(c)

Derivative financial instruments

$ERIVATIVE FINANCIAL INSTRUMENTS ARE USED TO MANAGE EXPOSURE TO FOREIGN EXCHANGE INTEREST RATE AND COMMODITY PRICE RISKS ARISING FROM OPERATIONAL AND FINANCING ACTIVITIES $ERIVATIVE FINANCIAL INSTRUMENTS ARE NOT USED FOR TRADING PURPOSES (OWEVER DERIVATIVES THAT DO NOT QUALIFY FOR HEDGE ACCOUNTING ARE ACCOUNTED FOR AS TRADING INSTRUMENTS

62 63

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(d)

$ERIVATIVE FINANCIAL INSTRUMENTS ARE RECOGNISED INITIALLY AT FAIR VALUE ATTRIBUTABLE TRANSACTION COSTS ARE RECOGNISED IN THE STATEMENT OF INCOME WHEN INCURRED 3UBSEQUENT TO INITIAL RECOGNITION THEY ARE REMEASURED AT FAIR VALUE 4HE GAIN OR LOSS ON REMEASUREMENT TO FAIR VALUE IS RECOGNISED IMMEDIATELY IN THE STATEMENT OF INCOME (OWEVER WHERE DERIVATIVES QUALIFY FOR HEDGE ACCOUNTING RECOGNITION OF ANY RESULTANT GAIN OR LOSS DEPENDS ON THE NATURE OF THE ITEM BEING HEDGED SEE ACCOUNTING POLICY D

4HE FAIR VALUE OF INTEREST RATE SWAPS IS BASED ON BROKER QUOTES AT THE REPORTING DATE

4HE FAIR VALUE OF FORWARD EXCHANGE CONTRACTS IS BASED ON THEIR LISTED MARKET PRICE AT THE REPORTING DATE

Hedging

&AIR VALUE HEDGES

7HERE A DERIVATIVE FINANCIAL INSTRUMENT HEDGES THE CHANGES IN FAIR VALUE OF A RECOGNISED ASSET

LIABILITY OR UNRECOGNISED FIRM COMMITMENT ANY GAIN OR LOSS ON REMEASURING THE FAIR VALUE OR FOREIGN CURRENCY COMPONENT OF THE HEDGING INSTRUMENT IS RECOGNISED IN THE STATEMENT OF INCOME 4HE HEDGED ITEM IS ALSO STATED AT FAIR VALUE IN RESPECT OF THE RISK BEING HEDGED WITH ANY GAIN OR LOSS BEING RECOGNISED IN THE STATEMENT OF INCOME

)N ADDITION A SUBSIDIARY OF THE #OMPANY ENTERED INTO A NATURAL GAS HEDGING AGREEMENT IN WHICH PREMIUMS AND THE DIFFERENCE OF THE NATURAL GAS PRICE ARISING FROM THIS AGREEMENT WILL BE RECORDED AS EXPENSES IN THE STATEMENT OF INCOME

#ASH FLOW HEDGES

7HERE A DERIVATIVE FINANCIAL INSTRUMENT IS DESIGNATED AS A HEDGE OF THE VARIABILITY IN CASH FLOWS OF A RECOGNISED ASSET OR LIABILITY OR A HIGHLY PROBABLE FORECAST TRANSACTION THE EFFECTIVE PART OF ANY GAIN OR LOSS ON THE DERIVATIVE FINANCIAL INSTRUMENT IS RECOGNISED DIRECTLY IN EQUITY

)F A HEDGE OF A FORECAST TRANSACTION SUBSEQUENTLY RESULTS IN THE RECOGNITION OF A FINANCIAL ASSET OR FINANCIAL LIABILITY THE ASSOCIATED CUMULATIVE GAINS OR LOSSES THAT WERE RECOGNISED DIRECTLY IN EQUITY ARE RECOGNISED IN THE STATEMENT OF INCOME IN THE SAME PERIOD OR PERIODS DURING WHICH THE ASSET ACQUIRED OR LIABILITY ASSUMED AFFECTS THE STATEMENT OF INCOME

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

)F A HEDGE OF A FORECAST TRANSACTION SUBSEQUENTLY RESULTS IN THE RECOGNITION OF A NON FINANCIAL ASSET OR NON FINANCIAL LIABILITY OR A FORECAST TRANSACTION FOR A NON FINANCIAL ASSET OR NON FINANCIAL LIABILITY BECOMES A FIRM COMMITMENT FOR WHICH FAIR VALUE HEDGE ACCOUNTING IS APPLIED THE ASSOCIATED CUMULATIVE GAINS OR LOSSES THAT WERE RECOGNISED DIRECTLY IN EQUITY ARE REMOVED FROM EQUITY AND RECOGNISED IN THE STATEMENT OF INCOME IN THE SAME PERIOD OR PERIODS DURING WHICH THE ASSET ACQUIRED OR LIABILITY ASSUMED AFFECTS THE STATEMENT OF INCOME

&OR CASH FLOW HEDGES OTHER THAN THOSE NOTED IN THE PRECEDING TWO PARAGRAPHS THE ASSOCIATED CUMULATIVE GAINS OR LOSSES THAT WERE RECOGNISED DIRECTLY IN EQUITY ARE REMOVED FROM EQUITY AND RECOGNISED IN THE STATEMENT OF INCOME IN THE SAME PERIOD OR PERIODS DURING WHICH THE HEDGED FORECAST TRANSACTION AFFECTS THE STATEMENT OF INCOME

$ISCONTINUING HEDGE ACCOUNTING

(EDGE ACCOUNTING IS DISCONTINUED PROSPECTIVELY WHEN THE HEDGING INSTRUMENT EXPIRES OR IS SOLD

TERMINATED OR EXERCISED OR NO LONGER QUALIFIES FOR HEDGE ACCOUNTING !NY CUMULATIVE GAIN OR LOSS ON THE HEDGING INSTRUMENT EXISTING IN EQUITY IS RETAINED IN EQUITY AND IS RECOGNISED WHEN THE FORECAST TRANSACTION IS ULTIMATELY RECOGNISED IN THE STATEMENT OF INCOME 7HEN A FORECAST TRANSACTION IS NO LONGER EXPECTED TO OCCUR THE CUMULATIVE GAIN OR LOSS THAT WAS REPORTED IN EQUITY IS RECOGNISED IN THE STATEMENT OF INCOME IMMEDIATELY

(e)

Cash and cash equivalents

#ASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOWS COMPRISE CASH BALANCES CALL DEPOSITS AND HIGHLY LIQUID SHORT TERM INVESTMENTS "ANK OVERDRAFTS THAT ARE REPAYABLE ON DEMAND ARE A COMPONENT OF CASH AND CASH EQUIVALENTS FOR THE PURPOSE OF THE STATEMENT OF CASH FLOWS

(f)

Trade and other accounts receivable

4RADE AND OTHER ACCOUNTS RECEIVABLE ARE STATED AT THEIR INVOICE VALUE LESS ALLOWANCE FOR DOUBTFUL ACCOUNTS

4HE ALLOWANCE FOR DOUBTFUL ACCOUNTS IS ASSESSED PRIMARILY ON ANALYSIS OF PAYMENT HISTORIES AND FUTURE EXPECTATIONS OF CUSTOMER PAYMENTS "AD DEBTS ARE WRITTEN OFF WHEN INCURRED

64 65

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(g)

(h)

(i)

Inventories

)NVENTORIES ARE STATED AT THE LOWER OF COST AND NET REALISABLE VALUE

#OST IS CALCULATED USING THE WEIGHTED AVERAGE COST AND FIRST IN FIRST OUT PRINCIPLES AND COMPRISES ALL COSTS OF PURCHASE COSTS OF CONVERSION AND OTHER COSTS INCURRED IN BRINGING THE INVENTORIES TO THEIR PRESENT LOCATION AND CONDITION )N THE CASE OF MANUFACTURED INVENTORIES AND WORK IN PROGRESS COST INCLUDES AN APPROPRIATE SHARE OF PRODUCTION OVERHEADS BASED ON NORMAL OPERATING CAPACITY

.ET REALISABLE VALUE IS THE ESTIMATED SELLING PRICE IN THE ORDINARY COURSE OF BUSINESS LESS THE ESTIMATED COSTS TO COMPLETE AND TO MAKE THE SALE

!N ALLOWANCE IS MADE FOR ALL DETERIORATED DAMAGED OBSOLETE AND SLOW MOVING INVENTORIES

Construction work in progress

#ONSTRUCTION WORK IN PROGRESS REPRESENTS THE GROSS UNBILLED AMOUNT EXPECTED TO BE COLLECTED FROM CUSTOMERS FOR CONTRACT WORK PERFORMED TO DATE )T IS MEASURED AT COST PLUS PROFIT RECOGNISED LESS PROGRESS BILLINGS AND RECOGNISED LOSSES #OST INCLUDES ALL EXPENDITURE RELATED DIRECTLY TO SPECIFIC PROJECTS AND AN ALLOCATION OF FIXED AND VARIABLE COSTS INCURRED IN THE 'ROUP}S #OMPANY}S CONTRACT ACTIVITIES BASED ON NORMAL OPERATING CAPACITY

5NBILLED CONSTRUCTION WORK IN PROGRESS IS PRESENTED AS A PART OF OTHER CURRENT ASSETS IN THE BALANCE SHEET )F PAYMENTS RECEIVED FROM CUSTOMERS EXCEED THE INCOME RECOGNISED THEN THE DIFFERENCE IS PRESENTED AS A PART OF OTHER CURRENT LIABILITIES IN THE BALANCE SHEET

Investments

)NVESTMENTS IN SUBSIDIARIES AND ASSOCIATES

)NVESTMENTS IN SUBSIDIARIES AND ASSOCIATES IN THE SEPARATE FINANCIAL STATEMENTS OF THE #OMPANY ARE ACCOUNTED FOR USING THE COST METHOD )NVESTMENTS IN ASSOCIATES IN THE CONSOLIDATED FINANCIAL STATEMENTS ARE ACCOUNTED FOR USING THE EQUITY METHOD

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(j)

(k)

)NVESTMENTS IN OTHER EQUITY SECURITIES

%QUITY SECURITIES WHICH ARE NOT MARKETABLE ARE STATED AT COST LESS ANY IMPAIRMENT LOSSES

$ISPOSAL OF INVESTMENTS

/N DISPOSAL OF AN INVESTMENT THE DIFFERENCE BETWEEN NET DISPOSAL PROCEEDS AND THE CARRYING AMOUNT IS RECOGNISED IN THE STATEMENT OF INCOME

)F THE 'ROUP #OMPANY DISPOSES OF PART OF ITS HOLDING OF A PARTICULAR INVESTMENT THE DEEMED COST OF THE PART SOLD IS DETERMINED USING THE WEIGHTED AVERAGE METHOD APPLIED TO THE CARRYING VALUE OF THE TOTAL HOLDING OF THE INVESTMENT

Leasehold land

,EASEHOLD LAND IS STATED AT COST LESS ACCUMULATED AMORTISATION

!MORTISATION

!MORTISATION IS CHARGED TO THE STATEMENT OF INCOME ON A STRAIGHT LINE BASIS OVER THE PERIOD OF THE CONTRACT

Property, plant and equipment

/WNED ASSETS

0ROPERTY PLANT AND EQUIPMENT ARE STATED AT COST LESS ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES

,EASED ASSETS

,EASES IN TERMS OF WHICH THE 'ROUP #OMPANY SUBSTANTIALLY ASSUMES ALL THE RISK AND REWARDS OF OWNERSHIP ARE CLASSIFIED AS FINANCE LEASES 0ROPERTY PLANT AND EQUIPMENT ACQUIRED BY WAY OF

66 67

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

FINANCE LEASES IS CAPITALISED AT THE LOWER OF ITS FAIR VALUE AND THE PRESENT VALUE OF THE MINIMUM LEASE PAYMENTS AT THE INCEPTION OF THE LEASE LESS ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES ,EASE PAYMENTS ARE APPORTIONED BETWEEN THE FINANCE CHARGES AND REDUCTION OF THE LEASE LIABILITY SO AS TO ACHIEVE A CONSTANT RATE OF INTEREST ON THE REMAINING BALANCE OF THE LIABILITY &INANCE CHARGES ARE CHARGED DIRECTLY TO THE STATEMENT OF INCOME

$EPRECIATION

$EPRECIATION IS CHARGED TO THE STATEMENT OF INCOME ON A STRAIGHT LINE BASIS OVER THE ESTIMATED USEFUL LIVES OF EACH PART OF AN ITEM OF PROPERTY PLANT AND EQUIPMENT 4HE ESTIMATED USEFUL LIVES ARE AS FOLLOWS "UILDINGS LAND AND BUILDING IMPROVEMENT

-ACHINERY AND EQUIPMENT

&URNITURE FIXTURES AND OFFICE EQUIPMENT

6EHICLES

.O DEPRECIATION IS PROVIDED ON LAND AND ASSETS UNDER CONSTRUCTION

(l)

YEARS YEARS YEARS YEARS

Intangible assets 'OODWILL

'OODWILL IN A BUSINESS COMBINATION REPRESENTS THE EXCESS OF THE COST OF ACQUISITION OVER THE FAIR VALUE OF THE 'ROUP}S SHARE OF THE IDENTIFIABLE NET ASSETS ACQUIRED .EGATIVE GOODWILL IN A BUSINESS COMBINATION REPRESENTS THE EXCESS OF THE FAIR VALUE OF THE 'ROUP}S SHARE OF THE IDENTIFIABLE NET ASSETS ACQUIRED OVER THE COST OF ACQUISITION 4HE 'ROUP CHANGED ITS ACCOUNTING POLICY FOR GOODWILL WITH EFFECT FROM *ANUARY AS FOLLOWS

!CQUISITIONS PRIOR TO *ANUARY 'OODWILL AND NEGATIVE GOODWILL WAS STATED AT COST FROM THE DATE OF INITIAL RECOGNITION AND AMORTISED OVER ITS ESTIMATED USEFUL LIFE OF YEARS /N *ANUARY THE 'ROUP #OMPANY DISCONTINUED AMORTISATION OF GOODWILL 4HE REMAINING BALANCE IS SUBJECT TO TESTING FOR IMPAIRMENT

AS DESCRIBED IN NOTE N .EGATIVE GOODWILL CARRIED IN THE FINANCIAL STATEMENTS AS AT $ECEMBER WAS DERECOGNISED BY CREDITING UNAPPROPRIATED RETAINED EARNINGS ON *ANUARY

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(m)

(n)

!CQUISITIONS ON OR AFTER *ANUARY 'OODWILL IS MEASURED AT COST LESS ACCUMULATED IMPAIRMENT LOSSES 'OODWILL IS TESTED FOR IMPAIRMENT AS DESCRIBED IN NOTE N .EGATIVE GOODWILL IS RECOGNISED IMMEDIATELY IN THE STATEMENT OF INCOME

/THER INTANGIBLE ASSETS

/THER INTANGIBLE ASSETS THAT ARE ACQUIRED BY THE 'ROUP #OMPANY WHICH HAVE FINITE USEFUL LIVES

ARE STATED AT COST LESS ACCUMULATED AMORTISATION AND IMPAIRMENT LOSSES /THER INTANGIBLE ASSETS ARE AMORTISED IN THE STATEMENT OF INCOME ON A STRAIGHT LINE BASIS OVER THEIR ESTIMATED USEFUL LIVES FROM THE DATE THAT THEY ARE AVAILABLE FOR USE 4HE ESTIMATED USEFUL LIVES ARE AS FOLLOWS

3OFTWARE LICENCES YEARS 0ATENTS AND TRADEMARKS YEARS

.O AMORTISATION IS PROVIDED ON INTANGIBLE ASSETS UNDER INSTALLATION

Other assets

4RANSPORTATION PACKAGING PRESENTED IN OTHER NON CURRENT ASSETS IS AMORTISED OVER ITS USEFUL LIFE RANGING FROM TO MONTHS

Impairment

4HE CARRYING AMOUNTS OF THE 'ROUP}S #OMPANY}S ASSETS ARE REVIEWED AT EACH REPORTING DATE TO DETERMINE WHETHER THERE IS ANY INDICATION OF IMPAIRMENT )F ANY SUCH INDICATION EXISTS THE ASSET}S RECOVERABLE AMOUNTS ARE ESTIMATED &OR GOODWILL THE RECOVERABLE AMOUNT IS ESTIMATED AT EACH REPORTING DATE AND AS AND WHEN INDICATORS OF IMPAIRMENT ARE IDENTIFIED

!N IMPAIRMENT LOSS IS RECOGNISED IF THE CARRYING AMOUNT OF AN ASSET OR ITS CASH GENERATING UNIT EXCEEDS ITS RECOVERABLE AMOUNT 4HE IMPAIRMENT LOSS IS RECOGNISED IN THE STATEMENT OF INCOME

#ALCULATION OF RECOVERABLE AMOUNT 4HE RECOVERABLE AMOUNT OF A NON FINANCIAL ASSET IS THE GREATER OF THE ASSET}S VALUE IN USE AND FAIR VALUE LESS COSTS TO SELL )N ASSESSING VALUE IN USE THE ESTIMATED FUTURE CASH FLOWS ARE DISCOUNTED

68 69

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(o)

(p)

TO THEIR PRESENT VALUE USING A PRE TAX DISCOUNT RATE THAT REFLECTS CURRENT MARKET ASSESSMENTS OF THE TIME VALUE OF MONEY AND THE RISKS SPECIFIC TO THE ASSET &OR AN ASSET THAT DOES NOT GENERATE CASH INFLOWS LARGELY INDEPENDENT OF THOSE FROM OTHER ASSETS THE RECOVERABLE AMOUNT IS DETERMINED FOR THE CASH GENERATING UNIT TO WHICH THE ASSET BELONGS

2EVERSALS OF IMPAIRMENT

!N IMPAIRMENT LOSS IN RESPECT OF A FINANCIAL ASSET IS REVERSED IF THE SUBSEQUENT INCREASE IN RECOVERABLE AMOUNT CAN BE RELATED OBJECTIVELY TO AN EVENT OCCURRING AFTER THE IMPAIRMENT LOSS WAS RECOGNISED

!N IMPAIRMENT LOSS IN RESPECT OF GOODWILL IS NOT REVERSED )MPAIRMENT LOSSES RECOGNISED IN PRIOR PERIODS IN RESPECT OF OTHER NON FINANCIAL ASSETS ARE ASSESSED AT EACH REPORTING DATE FOR ANY INDICATIONS THAT THE LOSS HAS DECREASED OR NO LONGER EXISTS !N IMPAIRMENT LOSS IS REVERSED IF THERE HAS BEEN A CHANGE IN THE ESTIMATES USED TO DETERMINE THE RECOVERABLE AMOUNT !N IMPAIRMENT LOSS IS REVERSED ONLY TO THE EXTENT THAT THE ASSET}S CARRYING AMOUNT DOES NOT EXCEED THE CARRYING AMOUNT THAT WOULD HAVE BEEN DETERMINED NET OF DEPRECIATION OR AMORTISATION IF NO IMPAIRMENT LOSS HAD BEEN RECOGNISED

Interest-bearing liabilities

)NTEREST BEARING LIABILITIES ARE RECOGNISED INITIALLY AT COST LESS ATTRIBUTABLE TRANSACTION CHARGES 3UBSEQUENT TO INITIAL RECOGNITION INTEREST BEARING LIABILITIES ARE STATED AT AMORTISED COST WITH ANY DIFFERENCE BETWEEN COST AND REDEMPTION VALUE BEING RECOGNISED IN THE STATEMENT OF INCOME OVER THE PERIOD OF THE BORROWINGS

Trade and other accounts payable

4RADE AND OTHER ACCOUNTS PAYABLE ARE STATED AT COST

(q)

Employee benefits

$EFINED CONTRIBUTION PLANS

/BLIGATIONS FOR CONTRIBUTIONS TO DEFINED CONTRIBUTION PENSION PLANS ARE RECOGNISED AS AN EXPENSE IN THE STATEMENT OF INCOME AS INCURRED

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

$EFINED BENEFIT PLANS

4HE DEFINED BENEFIT RETIREMENT PLAN IS BASED ON THE YEARS OF SERVICE AND REMUNERATION AT RETIREMENT AND IS PROVIDED FOR ALL EMPLOYEES 4HE PLAN IS NOT FUNDED BUT A RESERVE FOR THE LIABILITY IS RECORDED IN THE FINANCIAL STATEMENTS !NNUAL PENSION COST IS ESTIMATED BY REFERENCE TO EXPECTED FINAL EMPLOYEE BENEFITS LENGTH OF SERVICE AND OTHER RELATED FACTORS

(r)

Provisions

! PROVISION IS RECOGNISED WHEN THE 'ROUP #OMPANY HAS A PRESENT LEGAL OR CONSTRUCTIVE OBLIGATION AS A RESULT OF A PAST EVENT AND IT IS PROBABLE THAT AN OUTFLOW OF ECONOMIC BENEFITS WILL BE REQUIRED TO SETTLE THE OBLIGATION AND A RELIABLE ESTIMATE CAN BE MADE OF THE AMOUNT OF THE OBLIGATION )F THE EFFECT IS MATERIAL PROVISIONS ARE DETERMINED BY DISCOUNTING THE EXPECTED FUTURE CASH FLOWS AT A PRE TAX RATE THAT REFLECTS CURRENT MARKET ASSESSMENTS OF THE TIME VALUE OF MONEY AND WHERE APPROPRIATE THE RISKS SPECIFIC TO THE LIABILITY

(s)

Surplus arising from business combination under common control

3URPLUS ARISING FROM BUSINESS COMBINATION UNDER COMMON CONTROL ARISES FROM THE MERGER OF BUSINESSES UNDER THE COMMON CONTROL OF THE ULTIMATE MAJORITY SHAREHOLDER OF THE #OMPANY 4HE SURPLUS REPRESENTS THE DIFFERENCE BETWEEN THE COST OF THE COMBINATION AND THE CARRYING AMOUNTS OF NET IDENTIFIABLE ASSETS AT THE DATE OF COMBINATION 4HE #OMPANY RECOGNISES THE DIFFERENCE ARISING FROM COMMON CONTROL TRANSACTIONS UNDER SHAREHOLDERS} EQUITY UNTIL DISPOSAL OF THE INVESTMENT

(t)

Revenue

2EVENUE EXCLUDES VALUE ADDED TAXES AND IS ARRIVED AT AFTER DEDUCTION OF TRADE DISCOUNTS

3ALE OF GOODS AND SERVICES RENDERED

2EVENUE IS RECOGNISED IN THE STATEMENT OF INCOME WHEN THE SIGNIFICANT RISKS AND REWARDS OF OWNERSHIP HAVE BEEN TRANSFERRED TO THE BUYER ¨ .O REVENUE IS RECOGNISED IF THERE IS CONTINUING MANAGEMENT INVOLVEMENT WITH THE GOODS OR THERE ARE SIGNIFICANT UNCERTAINTIES REGARDING RECOVERY OF THE CONSIDERATION DUE ASSOCIATED COSTS OR THE PROBABLE RETURN OF GOODS 3ERVICE INCOME IS RECOGNISED AS SERVICES ARE PROVIDED

70 71

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(u)

2ENTAL INCOME

2ENTAL INCOME IS RECOGNISED IN THE STATEMENT OF INCOME ON A STRAIGHT LINE BASIS OVER THE TERM OF THE LEASE ,EASE INCENTIVES GRANTED ARE RECOGNISED AS AN INTEGRAL PART OF THE TOTAL RENTAL INCOME #ONTINGENT RENTALS ARE RECOGNISED AS INCOME IN THE ACCOUNTING PERIOD IN WHICH THEY ARE EARNED

,ONG TERM LEASE PREMIUMS RECEIVED IN ADVANCE ARE BOOKED AS DEFERRED INCOME AND ARE DEALT WITH UNDER OTHER NON CURRENT LIABILITIES )NCOME IS RECOGNISED ON A STRAIGHT LINE BASIS OVER THE DURATION OF THE LEASE )NCOME RECOGNISABLE WITHIN ONE YEAR IS DEALT WITH AS PART OF OTHER CURRENT LIABILITIES

)NTEREST AND DIVIDEND INCOME

)NTEREST INCOME IS RECOGNISED IN THE STATEMENT OF INCOME AS IT ACCRUES $IVIDEND INCOME IS RECOGNISED IN THE STATEMENT OF INCOME ON THE DATE THE 'ROUP}S #OMPANY}S RIGHT TO RECEIVE PAYMENTS IS ESTABLISHED

/THER INCOME IS RECOGNISED ON AN ACCRUAL BASIS

Expenses

/PERATING LEASES

0AYMENTS MADE UNDER OPERATING LEASES ARE RECOGNISED IN THE STATEMENT OF INCOME ON A STRAIGHT LINE BASIS OVER THE TERM OF THE LEASE ,EASE INCENTIVES RECEIVED ARE RECOGNISED IN THE STATEMENT OF INCOME AS AN INTEGRAL PART OF THE TOTAL LEASE PAYMENTS MADE #ONTINGENT RENTALS ARE CHARGED TO THE STATEMENTS OF INCOME FOR THE ACCOUNTING PERIOD IN WHICH THEY ARE INCURRED

&INANCE COSTS

)NTEREST EXPENSES AND SIMILAR COSTS ARE CHARGED TO THE STATEMENT OF INCOME FOR THE PERIOD IN WHICH THEY ARE INCURRED EXCEPT TO THE EXTENT THAT THEY ARE CAPITALISED AS BEING DIRECTLY ATTRIBUTABLE TO THE ACQUISITION CONSTRUCTION OR PRODUCTION OF AN ASSET WHICH NECESSARILY TAKES A SUBSTANTIAL PERIOD OF TIME TO BE PREPARED FOR ITS INTENDED USE OR SALE 4HE INTEREST COMPONENT OF FINANCE LEASE PAYMENTS IS RECOGNISED IN THE STATEMENT OF INCOME USING THE EFFECTIVE INTEREST RATE METHOD

/THER EXPENSES ARE RECOGNISED ON AN ACCRUAL BASIS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

(v)

4

Income tax

)NCOME TAX ON THE PROFIT OR LOSS FOR THE YEAR COMPRISES CURRENT AND DEFERRED TAX )NCOME TAX IS RECOGNISED IN THE STATEMENT OF INCOME EXCEPT TO THE EXTENT THAT IT RELATES TO ITEMS RECOGNISED DIRECTLY IN EQUITY IN WHICH CASE IT IS RECOGNISED IN EQUITY

#URRENT TAX

#URRENT TAX IS THE EXPECTED TAX PAYABLE ON THE TAXABLE INCOME FOR THE YEAR USING TAX RATES ENACTED OR SUBSTANTIVELY ENACTED AT THE REPORTING DATE AND ANY ADJUSTMENT TO TAX PAYABLE IN RESPECT OF PREVIOUS YEARS

$EFERRED TAX

$EFERRED TAX IS RECOGNISED IN RESPECT OF TEMPORARY DIFFERENCES BETWEEN THE CARRYING AMOUNTS OF ASSETS AND LIABILITIES FOR FINANCIAL REPORTING PURPOSES AND THE AMOUNTS USED FOR TAXATION PURPOSES $EFERRED TAX IS NOT RECOGNISED FOR THE FOLLOWING TEMPORARY DIFFERENCES THE INITIAL RECOGNITION OF GOODWILL THE INITIAL RECOGNITION OF ASSETS OR LIABILITIES IN A TRANSACTION THAT IS NOT A BUSINESS COMBINATION AND THAT AFFECTS NEITHER ACCOUNTING NOR TAXABLE PROFIT AND DIFFERENCES RELATING TO INVESTMENTS IN SUBSIDIARIES TO THE EXTENT THAT IT IS PROBABLE THAT THEY WILL NOT REVERSE IN THE FORESEEABLE FUTURE $EFERRED TAX IS MEASURED AT THE TAX RATES THAT ARE EXPECTED TO BE APPLIED TO THE TEMPORARY DIFFERENCES WHEN THEY REVERSE BASED ON THE LAWS THAT HAVE BEEN ENACTED OR SUBSTANTIVELY ENACTED BY THE REPORTING DATE

! DEFERRED TAX ASSET IS RECOGNISED TO THE EXTENT THAT IT IS PROBABLE THAT FUTURE TAXABLE PROFITS WILL BE AVAILABLE AGAINST WHICH THE TEMPORARY DIFFERENCES CAN BE UTILISED $EFERRED TAX ASSETS ARE REVIEWED AT EACH REPORTING DATE AND REDUCED TO THE EXTENT THAT IT IS NO LONGER PROBABLE THAT THE RELATED TAX BENEFIT WILL BE REALISED

Acquisitions and business restructuring

Acquisitions

)N -AY A SUBSIDIARY OF THE #OMPANY ACQUIRED A INTEREST IN 'AEW 'RUNG 4HAI #O ,TD

A COMPANY ENGAGED IN THE TRADING OF BOTTLES CULLET PLASTIC AND OTHER USED SUPPLIES

BY PAYING "AHT MILLION IN CASH FOR THE SHARES 4HE SUBSIDIARY}S INTEREST IN THE NET ASSETS OF THE ACQUIREE AT THE DATE OF ACQUISITION AMOUNTED TO "AHT MILLION

4HE CONSOLIDATED FINANCIAL STATEMENTS OF THE 'ROUP FOR THE YEAR ENDED $ECEMBER INCLUDE THE 'ROUP}S SHARE OF THE NET PROFITS OF THE SAID COMPANY FROM THE DATE OF ACQUISITION TO THE END OF THE REPORTING PERIOD

72 73

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

Business restructuring

)N *ULY THE #OMPANY ENTERED INTO A RESTRUCTURING TRANSACTION UNDER WHICH THE #OMPANY ACQUIRED A INTEREST IN 4 # # 4ECHNOLOGY #OMPANY ,IMITED l4##4m FROM THE ULTIMATE PARENT COMPANY !S A RESULT THE #OMPANY}S TOTAL INTEREST IN 4##4 INCREASED TO !S THE SAME ULTIMATE CONTROLLING SHAREHOLDER CONTROLLED 4##4 BOTH BEFORE AND AFTER THE RESTRUCTURING THE CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED ON THE BASIS OF A BUSINESS COMBINATION INVOLVING AN ENTITY UNDER COMMON CONTROL !CCORDINGLY THE BUSINESS COMBINATION HAS BEEN ACCOUNTED FOR BY THE #OMPANY IN A MANNER SIMILAR TO A POOLING OF INTERESTS AND THE ASSETS

LIABILITIES AND CONTINGENT LIABILITIES OF 4##4 ACQUIRED BY THE #OMPANY HAVE BEEN ACCOUNTED FOR AT BOOK VALUES

)N PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS OF THE 'ROUP THE ASSETS LIABILITIES REVENUES AND EXPENSES OF 4##4 ARE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS AND ARE STATED AT THEIR CARRYING VALUES 4HE CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN PREPARED AS IF THE TRANSFERS WERE COMPLETED ON *ANUARY THE BEGINNING OF THE EARLIEST PERIOD PRESENTED

4HE CONSOLIDATED BALANCE SHEET AS AT $ECEMBER AND THE CONSOLIDATED RELATED STATEMENT OF INCOME FOR THE YEAR ENDED $ECEMBER HAVE BEEN RESTATED ACCORDINGLY 4HE EFFECTS OF THE RESTATEMENT ON THE CONSOLIDATED BALANCE SHEET AS AT $ECEMBER AND THE CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED $ECEMBER ARE SUMMARISED AS FOLLOWS

#ONSOLIDATED

"ALANCE SHEET 4OTAL ASSETS 4OTAL LIABILITIES 3URPLUS ARISING FROM BUSINESS COMBINATION UNDER COMMON CONTROL -INORITY INTERESTS 4OTAL EQUITY

3TATEMENT OF INCOME 4OTAL REVENUES #OST OF SALES OF GOODS AND RENDERING OF SERVICES 3ELLING EXPENSES !DMINISTRATIVE EXPENSES 0ROFIT FOR THE YEAR %ARNINGS PER SHARE "AHT

%FFECT OF THE "ALANCE AFTER "ALANCE PREVIOUSLY REPORTED RESTATEMENT RESTATEMENT IN THOUSAND "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE DIFFERENCE OF "AHT MILLION BETWEEN THE CONSIDERATION OF "AHT MILLION TO BE PAID

BY THE #OMPANY FOR THE ACQUISITION OF THE INTEREST IN 4##4 AND THE CARRYING AMOUNT OF THE NET IDENTIFIABLE ASSETS OF 4##4 AT THE DATE OF THE TRANSACTION AND ATTRIBUTABLE TO THE #OMPANY}S EQUITY INTEREST OF "AHT MILLION IS INCLUDED IN l3URPLUS ARISING FROM BUSINESS COMBINATION UNDER COMMON CONTROLm

5

Related party transactions and balances

2ELATED PARTIES ARE THOSE PARTIES LINKED TO THE 'ROUP AND THE #OMPANY AS SHAREHOLDERS OR BY COMMON SHAREHOLDERS OR DIRECTORS 4RANSACTIONS WITH RELATED PARTIES ARE CONDUCTED AT PRICES BASED ON MARKET PRICES OR WHERE NO MARKET PRICE EXISTS AT CONTRACTUALLY AGREED PRICES

2ELATIONSHIPS WITH RELATED PARTIES THAT CONTROL OR JOINTLY CONTROL THE #OMPANY OR ARE BEING CONTROLLED OR JOINTLY CONTROLLED BY THE #OMPANY OR HAVE TRANSACTIONS WITH THE 'ROUP OTHER THAN SUBSIDIARIES AND ASSOCIATES SEE NOTES AND WERE AS FOLLOWS

#OUNTRY OF .ATURE OF RELATIONSHIPS .AME OF ENTITIES INCORPORATION

NATIONALITY

4 # # (OLDING #OMPANY ,IMITED .AKORNCHUEN #OMPANY ,IMITED "EER 4HAI 0UBLIC #OMPANY ,IMITED "EERTHIP "REWERY #OMPANY ,IMITED #OSMOS "REWERY 4HAILAND #OMPANY ,IMITED 3ANG 3OM #OMPANY ,IMITED !THIMART #OMPANY ,IMITED +ANKWAN #OMPANY ,IMITED 4HEPARUNOTHAI #OMPANY ,IMITED +ANCHANASINGKORN #OMPANY ,IMITED ,UCKCHAI ,IQUOR 4RADING #OMPANY ,IMITED &UENGFUANANT #OMPANY ,IMITED 3 3 +ARNSURA #OMPANY ,IMITED 3IMATHURAKIJ #OMPANY ,IMITED 4HANAPAKDI #OMPANY ,IMITED .ATEECHAI #OMPANY ,IMITED -ONGKOLSAMAI #OMPANY ,IMITED 3URA "ANGYIKHAN #OMPANY ,IMITED 0ISETKIJ #OMPANY ,IMITED 4HAI "EVERAGE 2ECYCLE #OMPANY ,IMITED

4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND

-AJOR SHAREHOLDERS AND CO DIRECTORS #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR

74 75

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

.AME OF ENTITIES

#OUNTRY OF INCORPORATION NATIONALITY

4HAI "EVERAGE 0UBLIC #OMPANY ,IMITED 3OUTH %AST #APITAL #OMPANY ,IMITED 3OUTHEAST ,IFE )NSURANCE #OMPANY ,IMITED 3OUTHEAST !SSURANCE #OMPANY ,IMITED 4HAI "EVERAGE -ARKETING #OMPANY ,IMITED 4ARAGO #OMPANY ,IMITED 5NITED 7INERY AND $ISTILLERY #O ,TD 4HE #HONBURI 3UGAR #ORP ,TD 0AN )NTERNATIONAL 4HAILAND #O ,TD .ORTH 0ARK 'OLF !ND 3PORT #LUB #O ,TD 4 # # (OTEL #OLLECTION #O ,TD 3PORTS AND 2ECREATION %NTERPRISE #O ,TD 7RANGYER "EVERAGE #O ,TD %ASTERN 3EABOARD )NDUSTRIAL %STATE 2AYONG #O ,TD 7ATTANAPAT 4RADING #OMPANY ,IMITED 0OMTHIP #OMPANY ,IMITED ! NANTASIRI 0ATANA #O ,TD

!G 7ELL #O ,TD

!T -EDIAFRONT #O ,TD

"ANGNA 0ATTANAKIT #O ,TD

#HAROENWANNAKIJ #O ,TD

#HOR #HANA !NAN 0ANICH #O ,TD

#RISTALLA #O ,TD

#RISTALLA %NGINEERING #O ,TD

$HIPAYA 3UGAR #O ,TD

'OLDEN 7EALTH #O ,TD

4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND 4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

.ATURE OF RELATIONSHIPS #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #O DIRECTOR #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

.AME OF ENTITIES

) ,AUNDRY 3ERVICE #O ,TD

)NDARA )NSURANCE 0UBLIC #OMPANY ,IMITED

,AN #HANG $EVELOPMENT #O ,TD

,ASTICA #O ,TD

,IFESTYLE &OODCOURTS #O ,TD

. # # -ANAGEMENT $EVELOPMENT #O ,TD

. # # %XHIBITION /RGANIZER #O ,TD

.ATURA #O ,TD

.ONGKHAI #OUNTRY 'OLF #LUB #O ,TD

.ORM #O ,TD

.ORTH 0ARK 'OLF 3PORT #REATION #O ,T D

.UM +IJJAKARN #O ,TD

.UM -UANG #O ,TD

.UM .AKORN #O ,TD

.UM 0ALANG #O ,TD

.UM 4HURAKIJ #O ,TD

.UM 9UK #O ,TD

/ISHI 'ROUP 0UBLIC #OMPANY ,IMITED

#OUNTRY OF INCORPORATION NATIONALITY 4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

.ATURE OF RELATIONSHIPS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

76 77

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

.AME OF ENTITIES

/ISHI 4RADING #O ,TD

0AKSONG #APITAL #O ,TD

0LANTHEON #O ,TD

2ED "ULL $ISTILLERY #O ,TD

3 ! 3 4RADING #O ,TD

3ERVICE !LLIANCE #O ,TD

3IAM &OOD 0RODUCTS 0UBLIC #OMPANY ,IMITED

3IAM 2EALTY #O ,TD

3IRIWANA #O ,TD

3OUTHEAST 'ROUP #O ,TD

3URA 0ISET 4HIPHARAT #O ,TD

4 # # #OMMERCIAL 0ROPERTY -ANAGEMENT #O ,TD

4## #APITAL ,AND ,IMITED

4## (OTEL 'ROUP #O ,TD

4## (OTEL -ANAGEMENT #O ,TD

4## ,AND #O ,TD

4## ,AND #OMMERCIAL #O ,TD

4## ,AND $EVELOPMENT #O ,TD

#OUNTRY OF INCORPORATION NATIONALITY 4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

.ATURE OF RELATIONSHIPS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

.AME OF ENTITIES

4## ,AND )NDUSTRIAL AND ,OGISTICS #O ,TD

4## ,AND )NDUSTRIAL #O ,TD

4## ,AND )NTERNATIONAL 4HAILAND #O ,TD

4## ,AND )NTERNATIONAL #O ,TD

4## ,AND ,ASER #O ,TD

4## ,AND ,OGISTICS #O ,TD

4## ,AND 2ETEL #O ,TD

4## ,UXURY (OTELS AND 2ESORT #O ,TD

4## 0ROPERTY $EVELOPMENT #O ,TD

4## 6ALUE (OTELS #O ,TD

4###, +RUNGTHON #O ,TD

4###, .ARATHIWAD #O ,TD

4###, .ORTH 0ARK #OMPANY ,IMITED

4###, 7IRELESS #O ,TD

4ERRAGRO "IO 4ECH #O ,TD

4ERRAGRO $EVELOPMENT #O ,TD

4ERRAGRO &ERTILIZER #O ,TD

4ERRAGRO 4ECHNOLOGY #O ,TD

#OUNTRY OF INCORPORATION NATIONALITY 4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

.ATURE OF RELATIONSHIPS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS

78 79

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

.AME OF ENTITIES

4HAI !GRO 0RODUCTS #O ,TD

4HAI !LCOHOL 0UBLIC #OMPANY ,IMITED

4HE 'RAND ,UANG 0RABANG #O ,TD

4HE 3UPHANBURI 3UGAR )NDUSTRY #O ,TD

4HE 5TTARADIT 3UGAR )NDUSTRY #O ,TD

4HIPPATTANA !RCADE #O ,TD

5NIVENTURES 0UBLIC #OMPANY ,IMITED

7IENGSIRI #O ,TD

7ORLD "OOK AND -EDIA #O ,TD

.IMI 3UKHOTHAI #O ,TD

$HANASINDHI #O ,TD

1UEEN 0ARK (OTEL #O ,TD

$HOS0AAK #O ,TD

.UM 4HIP #O ,TD

.UMRUNGROD #O ,TD

"AANBOUNG 6ETCHAKIJ #O ,TD

"ALL #ORPORATION

#OUNTRY OF INCORPORATION NATIONALITY 4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

4HAILAND

5NITED 3TATE

.ATURE OF RELATIONSHIPS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS #OMMON DIRECTORS AND OR COMMON SHAREHOLDERS -AJOR SHAREHOLDER OF SUBSIDIARY}S SHAREHOLDERS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE PRICING POLICIES FOR PARTICULAR TYPES OF TRANSACTIONS ARE EXPLAINED FURTHER BELOW 4RANSACTIONS

0RICING POLICIES

3ALE OF GOODS AND RENDERING OF SERVICES 'OODS AND SERVICES PLUS MARGIN 0URCHASE OF GOODS AND RECEIVING OF SERVICES -ARKET PRICE NET OF MARK UP MARGIN OF THE #OMPANY )NCOME FROM ALLOCATION OF ADMINISTRATIVE EXPENSES !LLOCATED FROM THE ACTUAL COST OCCURRED 2ENTAL AND SERVICES INCOMES #ONTRACTUALLY AGREED PRICES 2ENTAL AND SERVICES EXPENSES #ONTRACTUALLY AGREED PRICES ,ICENSE AND TECHNICAL ASSISTANT EXPENSES #ONTRACTUALLY AGREED PRICES /THER INCOME /THER EXPENSES #ONTRACTUALLY AGREED PRICES )NTEREST INCOME )NTEREST EXPENSE )NTEREST RATES ARE CHARGED AT THE BORROWING COST

AND MARKET RATES

3IGNIFICANT TRANSACTIONS FOR THE YEARS ENDED $ECEMBER AND WITH RELATED PARTIES

WERE AS FOLLOWS #ONSOLIDATED FINANCIAL STATEMENTS

IN THOUSAND "AHT

3UBSIDIARIES 3ALES OF GOODS AND RENDERING OF SERVICES 0URCHASES OF GOODS AND RECEIVING OF SERVICES 2ENTAL AND SERVICES INCOMES )NCOME FROM ALLOCATION OF ADMINISTRATIVE EXPENSES 2ENTAL AND SERVICES EXPENSES )NTEREST INCOME )NTEREST EXPENSE

!SSOCIATES 3ALES OF GOODS AND RENDERING OF SERVICES 0URCHASES OF GOODS AND RECEIVING OF SERVICES 2ENTAL AND SERVICES INCOMES )NCOME FROM ALLOCATION OF ADMINISTRATIVE EXPENSES )NTEREST INCOME

3EPARATE FINANCIAL STATEMENTS

80 81

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

/THER RELATED PARTIES

#ONSOLIDATED FINANCIAL STATEMENTS

3ALES OF GOODS AND RENDERING OF SERVICES 0URCHASES OF GOODS AND RECEIVING OF SERVICES 0URCHASE SPARE PART AND EQUIPMENT ,ICENSE FEE /THER INCOME 2ENTAL INCOME 2ENTAL AND SERVICE EXPENSES

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE #OMPANY PAID DIRECTORS} REMUNERATION AND DIRECTORS} BONUSES TO DIRECTORS FOR THE YEAR ENDED $ECEMBER IN THE AMOUNT OF "AHT MILLION "AHT MILLION

"ALANCES AS AT $ECEMBER AND WITH RELATED PARTIES WERE AS FOLLOWS

4RADE ACCOUNTS RECEIVABLE FROM RELATED PARTIES

3UBSIDIARIES !SSOCIATES /THER RELATED PARTIES 4OTAL 3HORT TERM LOANS TO AND OTHER RECEIVABLE FROM RELATED PARTIES #OMPRISING

/THER RECEIVABLES FROM RELATED PARTIES NET 3HORT TERM LOANS TO RELATED PARTIES NET 4OTAL /THER RECEIVABLES FROM RELATED PARTIES

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3UBSIDIARIES !SSOCIATES

,ESS ALLOWANCE FOR DOUBTFUL ACCOUNTS .ET

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

,OANS TO RELATED PARTIES

)NTEREST RATE

PER ANNUM

3HORT TERM LOANS 3UBSIDIARIES "ERLI *UCKER #ELLOX ,IMITED

4HAI 'LASS )NDUSTRIES 0UBLIC #OMPANY ,IMITED

"ERLI *UCKER 3PECIALTIES ,IMITED

4HAI 3ANCELLA #OMPANY ,IMITED

"*# )NDUSTRIAL AND 4RADING #OMPANY ,IMITED

2UBIA )NDUSTRIES ,IMITED

4HAI 3CANDIC 3TEEL #OMPANY ,IMITED

"ERLI *UCKER &OODS ,IMITED

"*# )NTERNATIONAL #OMPANY ,IMITED

,ESS ALLOWANCE FOR DOUBTFUL ACCOUNTS

3HORT TERM LOANS TO RELATED PARTIES NET

,ONG TERM LOANS 3UBSIDIARIES "ERLI *UCKER #ELLOX ,IMITED 4HAI 'LASS )NDUSTRIES 0UBLIC #OMPANY ,IMITED 2UBIA )NDUSTRIES ,IMITED "ERLI *UCKER &OODS ,IMITED 4OTAL

#ONSOLIDATED 3EPARATE FINANCIAL STATEMENTS FINANCIAL STATEMENTS

IN THOUSAND "AHT

82 83

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

)NTEREST RATE

3UMMARY OF LOANS TO RELATED PARTIES 3HORT TERM LOANS ,ONG TERM LOANS

,ESS ALLOWANCE FOR DOUBTFUL 4OTAL LOANS TO RELATED PARTIES NET

PER ANNUM

#ONSOLIDATED 3EPARATE FINANCIAL STATEMENTS FINANCIAL STATEMENTS

IN THOUSAND "AHT

-OVEMENTS DURING THE YEARS ENDED $ECEMBER AND OF LOANS TO RELATED PARTIES WERE AS FOLLOWS ,OANS TO RELATED PARTIES

#ONSOLIDATED FINANCIAL STATEMENTS

IN THOUSAND "AHT

3HORT TERM LOANS 3UBSIDIARIES !T *ANUARY )NCREASE $ECREASE !T $ECEMBER

!SSOCIATES !T *ANUARY $ECREASE !T $ECEMBER

4OTAL SHORT TERM LOANS TO RELATED PARTIES !T *ANUARY )NCREASE $ECREASE !T $ECEMBER ,ESS ALLOWANCE FOR DOUBTFUL ACCOUNTS .ET

3EPARATE FINANCIAL STATEMENTS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS

IN THOUSAND "AHT

,ONG TERM LOANS 3UBSIDIARIES !T *ANUARY )NCREASE !T $ECEMBER

#ONSOLIDATED FINANCIAL STATEMENTS

3UBSIDIARIES !SSOCIATES /THER RELATED PARTIES 4OTAL

#OMPRISING /THER PAYABLES TO RELATED PARTIES 3HORT TERM LOANS FROM RELATED PARTIES 4OTAL /THER PAYABLES TO RELATED PARTIES

3UBSIDIARIES !SSOCIATES /THER RELATED PARTIES 4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

4RADE ACCOUNTS PAYABLE TO RELATED PARTIES

3HORT TERM LOANS FROM AND OTHER PAYABLE TO RELATED PARTIES

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

84 85

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

,OANS FROM RELATED PARTIES

3HORT TERM LOANS 3UBSIDIARIES "*# -ARKETING #OMPANY ,IMITED "*# (EALTHCARE #OMPANY ,IMITED "ERLI *UCKER 3PECIALTIES ,IMITED "*# )NDUSTRIAL AND 4RADING #OMPANY ,IMITED 4HAI &LOURSPAR -INERALS #OMPANY ,IMITED "ERLI *UCKER ,OGISTICS ,IMITED -ONTANA #OMPANY ,IMITED "*# )NTERNATIONAL #OMPANY ,IMITED 2UBIA )NDUSTRIES ,IMITED 3HORT TERM LOANS FROM RELATED PARTIES

)NTEREST RATE

PER ANNUM

#ONSOLIDATED 3EPARATE FINANCIAL STATEMENTS FINANCIAL STATEMENTS

IN THOUSAND "AHT

-OVEMENTS DURING THE YEARS ENDED $ECEMBER AND OF LOANS FROM RELATED PARTIES WERE AS FOLLOWS ,OANS FROM RELATED PARTIES

3HORT TERM LOANS 3UBSIDIARIES !T *ANUARY )NCREASE $ECREASE !T $ECEMBER

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

/THER BALANCES OF ASSETS AND LIABILITIES AS AT $ECEMBER AND WITH OTHER RELATED PARTIES WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

/THER CURRENT ASSETS /THER ASSETS /THER CURRENT LIABILITIES /THER LIABILITIES

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

Significant agreements with related parties

)4 3ERVICE !GREEMENT

4 # # 4ECHNOLOGY #O ,TD A SUBSIDIARY COMPANY ENTERED INTO SERVICE AGREEMENTS WITH VARIOUS RELATED COMPANIES FOR THE PROVISION OF ONGOING SUPPORT MAINTENANCE OF SYSTEMS AND )4 EQUIPMENT RENTAL UNDER THE PRICES AND CONDITIONS STATED IN THE AGREEMENTS

'LASS BOTTLE PURCHASE AND SALE AGREEMENT

4HE #OMPANY ENTERED INTO A GLASS BOTTLE PURCHASE AND SALE AGREEMENT WITH 4HAI "EVERAGE 2ECYCLE #OMPANY ,IMITED A RELATED PARTY TO PURCHASE SELL GLASS BOTTLES FOR A PERIOD OF TWO YEARS AND EIGHT MONTHS EFFECTIVE FROM -AY TO $ECEMBER UNDER THE PRICE AND CONDITIONS STATED IN THE CONTRACT

4ECHNICAL !SSISTANCE !GREEMENT

4HAI "EVERAGE #AN ,TD A SUBSIDIARY COMPANY ENTERED INTO A TECHNICAL AGREEMENT WITH A FOREIGN RELATED PARTY "ALL #ORPORATION WHEREBY THE LATTER PROVIDES THE SUBSIDIARY WITH TECHNICAL AND CONSULTING SERVICES 4HE SUBSIDIARY IS COMMITTED TO PAY THE TECHNICAL AND CONSULTING FEES IN ACCORDANCE WITH THE AGREEMENT

,ICENSE !GREEMENT

4HAI "EVERAGE #AN ,TD A SUBSIDIARY COMPANY ENTERED INTO A LICENSE AGREEMENT WITH ITS FOREIGN RELATED PARTY "ALL #ORPORATION UNDER WHICH THE LATTER PROVIDES THE SUBSIDIARY WITH LICENSED

86 87

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

TECHNOLOGY 4HE SUBSIDIARY IS COMMITTED TO PAY ANNUAL FIXED ROYALTY FEE OF 53$ FOR THE PERIOD FROM 3EPTEMBER TO $ECEMBER AND THEN FROM *ANUARY TO $ECEMBER THE SUBSIDIARY HAS TO PAY ANNUAL MINIMUM ROYALTY FEE PLUS VARIABLE FEE BASED ON THE TOTAL QUANTITY OF SETS MANUFACTURED AND SOLD BY THE SUBSIDIARY !S AT $ECEMBER AND

THE SUBSIDIARY HAD COMMITMENT FOR ANNUAL MINIMUM ROYALTY FEE OVER THE TERM OF AGREEMENT PAYABLE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

-INIMUM ANNUAL ROYALTY FEE 7ITHIN ONE YEAR !FTER ONE YEAR BUT WITHIN FIVE YEARS !FTER FIVE YEARS 4OTAL /THER COMMITMENTS

53 $OLLARS

#ONSOLIDATED FINANCIAL STATEMENTS

.ON CANCELLABLE OPERATING LEASE COMMITMENTS 7ITHIN ONE YEAR !FTER ONE YEAR BUT WITHIN FIVE YEARS 4OTAL

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

#ONTINGENT LIABILITIES

!S AT $ECEMBER THE #OMPANY WAS CONTINGENTLY LIABLE TO FINANCIAL INSTITUTIONS FOR GUARANTEEING CREDIT FACILITIES OBTAINED BY ITS SUBSIDIARIES AND ASSOCIATES TOTALING "AHT MILLION "AHT MILLION

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

6

Cash and cash equivalents

#ONSOLIDATED FINANCIAL STATEMENTS

#ASH ON HAND #ASH AT BANKS CURRENT ACCOUNTS #ASH AT BANKS SAVINGS ACCOUNTS (IGHLY LIQUID SHORT TERM INVESTMENTS 4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE CURRENCY DENOMINATION OF CASH AND CASH EQUIVALENTS AS AT $ECEMBER WAS AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

7

Trade accounts receivable .OTE

IN THOUSAND "AHT

4HAI "AHT 4(" AND OTHER FUNCTIONAL CURRENCIES OF FOREIGN SUBSIDIARIES 5NITED 3TATES $OLLARS 53$ %URO %52 /THERS 4OTAL

2ELATED PARTIES

3EPARATE FINANCIAL STATEMENTS

#ONSOLIDATED FINANCIAL STATEMENTS

/THER PARTIES

)NSTALLMENT RECEIVABLES

,ESS UNEARNED INTEREST ON INSTALLMENT CONTRACTS

,ESS ALLOWANCE FOR DOUBTFUL ACCOUNTS

4OTAL

"AD AND DOUBTFUL DEBTS EXPENSES FOR THE YEAR

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

88 89

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

!GING ANALYSES FOR TRADE ACCOUNTS RECEIVABLE WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

2ELATED PARTIES 7ITHIN CREDIT TERMS /VERDUE ,ESS THAN MONTHS MONTHS MONTHS /VER MONTHS 4OTAL /THER PARTIES 7ITHIN CREDIT TERMS /VERDUE ,ESS THAN MONTHS MONTHS MONTHS /VER MONTHS

,ESS ALLOWANCE FOR DOUBTFUL ACCOUNT .ET 4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE NORMAL CREDIT TERM GRANTED BY THE 'ROUP RANGES FROM DAYS TO DAYS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE CURRENCY DENOMINATION OF TRADE ACCOUNTS RECEIVABLE AS AT $ECEMBER WAS AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

8

4HAI "AHT 4(" AND OTHER FUNCTIONAL CURRENCIES OF FOREIGN SUBSIDIARIES 5NITED 3TATES $OLLARS 53$ %URO %52 /THERS 4OTAL

Inventories

&INISHED GOODS 7ORK IN PROGRESS 2AW MATERIALS AND PACKAGING MATERIALS !SSEMBLIES AND SPARE PARTS /THER MATERIALS 'OODS IN TRANSIT

,ESS ALLOWANCE FOR OBSOLETE AND SLOW MOVING INVENTORIES .ET

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

90 91

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

9

Other current assets

.OTE

10

0URCHASE VALUE ADDED TAX 7ITHHOLDING TAX 0REPAID EXPENSES &ARMER RECEIVABLES !DVANCE PAYMENTS 5NBILLED WORK IN PROGRESS &AIR VALUE ADJUSTMENTS ON DERIVATIVES /THER RECEIVABLES /THERS

,ESS ALLOWANCE FOR DOUBTFUL ACCOUNTS .ET

#ONSOLIDATED FINANCIAL STATEMENTS

IN THOUSAND "AHT

Investments in subsidiaries

.OTE

3EPARATE FINANCIAL STATEMENTS

!T *ANUARY !CQUISITION )NCREASE IN SHARE CAPITAL OF SUBSIDIARY 4RANSFER FROM BUSINESS RESTRUCTURING 2EVERSAL OF ALLOWANCE FOR IMPAIRMENT $ISPOSALS !T $ECEMBER

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

"ERLI *UCKER &OODS ,IMITED 2UBIA )NVESTMENTS ,IMITED "ERLI *UCKER ,OGISTICS ,IMITED "*# -ARKETING #OMPANY ,IMITED "*# (EALTHCARE #OMPANY ,IMITED "*# )NDUSTRIAL AND 4RADING #OMPANY ,IMITED 4HAI &LOURSPAR -INERALS #OMPANY ,IMITED "*# )NTERNATIONAL #OMPANY ,IMITED "ERLI *UCKER -YANMAR ,IMITED "*# )NTERNATIONAL #OMPANY ,IMITED 2UBIA )NDUSTRIES ,IMITED "ERLI *UCKER 3PECIALTIES ,IMITED 4HAI 'LASS )NDUSTRIES 0UBLIC #OMPANY ,IMITED "ERLI *UCKER #ELLOX ,IMITED 4 # # 4ECHNOLOGY #OMPANY ,IMITED 4HAI "EVERAGE #AN ,IMITED 4HAI 3CANDIC 3TEEL #OMPANY ,IMITED -ARBLE 3TONES #OMPANY ,IMITED 4OTAL

+YATS CURRENCY

-ONTANA #OMPANY ,IMITED

0AID UP CAPITAL

/WNERSHIP INTEREST

#OST METHOD

IN THOUSAND "AHT

)MPAIRMENT

$IVIDEND INCOME

!T COST NET

)NVESTMENTS IN SUBSIDIARIES AS AT $ECEMBER AND AND DIVIDEND INCOME FROM THOSE INVESTMENTS FOR THE YEARS THEN ENDED WERE AS FOLLOWS

3EPARATE FINANCIAL STATEMENTS

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

92 93

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

11 Investments in associates

.OTE

!T *ANUARY

3HARE OF NET PROFITS OF INVESTMENTS EQUITY METHOD

!CQUISITION

4RANSFER DUE TO BUSINESS RESTRUCTURING

!LLOWANCE FOR IMPAIRMENT OF INVESTMENT $IVIDEND INCOME

$ISPOSALS

!T $ECEMBER

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

2ESTATED IN THOUSAND "AHT

"*# -ARINE 2ESOURCES $EVELOPMENT #OMPANY ,IMITED "ERLI !SIATIC 3ODA #OMPANY ,IMITED "ERLI $YNAPLAST #OMPANY ,IMITED !$!4 3ALES 4HAILAND ,IMITED 0ACIFIC ,EISURE 4HAILAND ,IMITED 'AEW 'RUNG 4HAI #O ,TD 4OTAL

IN THOUSAND "AHT

$IVIDEND INCOME

0AID UP CAPITAL

/WNERSHIP INTEREST

#ONSOLIDATED FINANCIAL STATEMENTS 2ESTATED %QUITY METHOD )MPAIRMENT !T EQUITY NET #OST METHOD

)NVESTMENTS IN ASSOCIATES AS AT $ECEMBER AND AND DIVIDEND INCOME FROM THOSE INVESTMENTS FOR THE YEARS THEN ENDED WERE AS FOLLOWS

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

94 95

#OMPANY ,IMITED "ERLI !SIATIC 3ODA #OMPANY ,IMITED "ERLI $YNAPLAST #OMPANY ,IMITED 4 # # 4ECHNOLOGY #OMPANY ,IMITED 4OTAL

"*# -ARINE 2ESOURCES $EVELOPMENT

!T COST NET

IN THOUSAND "AHT

0AID UP CAPITAL

/WNERSHIP INTEREST

3EPARATE FINANCIAL STATEMENTS )MPAIRMENT #OST METHOD

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

$IVIDEND INCOME

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

12 Other long-term investments

/THER LONG TERM INVESTMENTS AS AT $ECEMBER AND COMPRISED GENERAL INVESTMENTS IN EQUITY SECURITIES AS FOLLOWS

#OST METHOD #ONSOLIDATED 3EPARATE

3IAM #EMENT -YANMAR 4RADING ,TD

/WNERSHIP INTEREST 0AID UP CAPITAL FINANCIAL STATEMENTS FINANCIAL STATEMENTS

IN THOUSAND +YATS IN THOUSAND "AHT

+YATS CURRENCY

96 97

!T *ANUARY !DDITIONS !CQUISITIONS THROUGH BUSINESS COMBINATIONS 4RANSFERS $ISPOSALS 7RITTEN OFF 4RANSLATION DIFFERENCES ON CONSOLIDATION !T $ECEMBER AND *ANUARY !DDITIONS 4RANSFERS $ISPOSALS 7RITTEN OFF 4RANSLATION DIFFERENCES ON CONSOLIDATION !T $ECEMBER

#OST

IN THOUSAND "AHT

6EHICLES

#ONSOLIDATED FINANCIAL STATEMENTS &URNITURE FIXTURES ,AND AND LAND "UILDINGS AND -ACHINERY AND AND OFFICE BUILDING IMPROVEMENT EQUIPMENT IMPROVEMENT EQUIPMENT

13 Property, plant and equipment

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

!SSETS UNDE CONSTRUCTION

4OTAL

!CCUMULATED DEPRECIATION !T *ANUARY $EPRECIATION CHARGE FOR THE YEAR !CQUISITIONS THROUGH BUSINESS COMBINATIONS 4RANSFERS $ISPOSALS 7RITTEN OFF !T $ECEMBER AND *ANUARY $EPRECIATION CHARGE FOR THE YEAR 4RANSFERS $ISPOSALS 7RITTEN OFF !T $ECEMBER

IN THOUSAND "AHT

6EHICLES

#ONSOLIDATED FINANCIAL STATEMENTS &URNITURE FIXTURES ,AND AND LAND "UILDINGS AND -ACHINERY AND AND OFFICE BUILDING IMPROVEMENT IMPROVEMENT EQUIPMENT EQUIPMENT

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

98 99

!SSETS UNDE CONSTRUCTION

4OTAL

!LLOWANCE FOR IMPAIRMENT !T *ANUARY )NCREASE !T $ECEMBER AND *ANUARY )NCREASE $ECREASE !T $ECEMBER

.ET BOOK VALUE !T $ECEMBER !T $ECEMBER

IN THOUSAND "AHT

6EHICLES

#ONSOLIDATED FINANCIAL STATEMENTS &URNITURE FIXTURES ,AND AND LAND "UILDINGS AND -ACHINERY AND AND OFFICE BUILDING IMPROVEMENT IMPROVEMENT EQUIPMENT EQUIPMENT

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

!SSETS UNDE CONSTRUCTION

4OTAL

#OST !T *ANUARY !DDITIONS 4RANSFERS $ISPOSALS 7RITTEN OFF !T $ECEMBER AND *ANUARY !DDITIONS 4RANSFERS $ISPOSALS 7RITTEN OFF !T $ECEMBER

IN THOUSAND "AHT

6EHICLES

3EPARATE FINANCIAL STATEMENTS &URNITURE FIXTURES ,AND AND LAND "UILDINGS AND -ACHINERY AND AND OFFICE BUILDING IMPROVEMENT IMPROVEMENT EQUIPMENT EQUIPMENT

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

100 101

!SSETS UNDE CONSTRUCTION

4OTAL

!CCUMULATED DEPRECIATION !T *ANUARY $EPRECIATION CHARGE FOR THE YEAR $ISPOSALS 7RITTEN OFF !T $ECEMBER AND *ANUARY $EPRECIATION CHARGE FOR THE YEAR $ISPOSALS 7RITTEN OFF !T $ECEMBER .ET BOOK VALUE !T $ECEMBER !T $ECEMBER

IN THOUSAND "AHT

6EHICLES

3EPARATE FINANCIAL STATEMENTS &URNITURE FIXTURES ,AND AND LAND "UILDINGS AND -ACHINERY AND AND OFFICE BUILDING IMPROVEMENT IMPROVEMENT EQUIPMENT EQUIPMENT

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

!SSETS UNDE CONSTRUCTION

4OTAL

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

!S AT $ECEMBER AND LAND AND LAND IMPROVEMENTS ON THE CONSOLIDATED BASIS INCLUDED THE EXCESS OF ACQUISITION COSTS ATTRIBUTABLE TO LAND VALUE AMOUNTING TO "AHT MILLION REPRESENTING THE DIFFERENCES BETWEEN THE FAIR VALUES OF LAND AT THE DATES OF ACQUISITIONS OF SUBSIDIARIES AND THE ORIGINAL COSTS OF THE LAND TO THE SUBSIDIARIES CONCERNED 4AXES THAT MIGHT BECOME PAYABLE ON THE REALISATION OF REVALUATION SURPLUSES THROUGH DISPOSALS OF THESE ASSETS ARE INCLUDED UNDER DEFERRED INCOME TAX LIABILITIES IN THE CONSOLIDATED FINANCIAL STATEMENTS

4HE GROSS AMOUNT OF THE 'ROUP}S FULLY DEPRECIATED PROPERTY PLANT AND EQUIPMENT THAT WAS STILL IN USE AS AT $ECEMBER AMOUNTED TO "AHT MILLION "AHT MILLION FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND AMOUNTED TO "AHT MILLION "AHT MILLION FOR THE SEPARATE FINANCIAL STATEMENTS

14 Intangible assets

#ONSOLIDATED FINANCIAL STATEMENTS 'OODWILL

#OST

0ATENTS AND TRADEMARKS

4OTAL

IN THOUSAND "AHT

!T $ECEMBER .EGATIVE GOODWILL DERECOGNISED !T *ANUARY !DDITIONS 4RANSFERS $ISPOSALS !T $ECEMBER AND *ANUARY !DDITIONS $ISPOSALS !T $ECEMBER

3OFTWARE 3OFTWARE LICENCES LICENCES UNDER INSTALMENT

102 103

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS 0ATENTS AND TRADEMARKS

'OODWILL

.ET BOOK VALUE !T $ECEMBER !T $ECEMBER

4OTAL

IN THOUSAND "AHT

!CCUMULATED AMORTISATION !T $ECEMBER .EGATIVE GOODWILL DERECOGNISED !T *ANUARY !MORTISATION CHARGE FOR THE YEAR 4RANSFERS $ISPOSALS !T $ECEMBER AND *ANUARY !MORTISATION CHARGE FOR THE YEAR 4RANSFERS $ISPOSALS !T $ECEMBER

3OFTWARE 3OFTWARE LICENCES LICENCES UNDER INSTALMENT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

3EPARATE FINANCIAL STATEMENTS 0ATENTS AND TRADEMARKS

IN THOUSAND "AHT

#OST !T *ANUARY !DDITIONS !T $ECEMBER AND *ANUARY !DDITIONS $ISPOSALS !T $ECEMBER

!CCUMULATED AMORTISATION !T *ANUARY !MORTISATION CHARGE FOR THE YEAR !T $ECEMBER AND *ANUARY !MORTISATION CHARGE FOR THE YEAR $ISPOSALS !T $ECEMBER

.ET BOOK VALUE !T $ECEMBER !T $ECEMBER

3OFTWARE 3OFTWARE LICENCES ยกย 4OTAL ยฅย LICENCES UNDER INSTALMENT

4HE GROSS AMOUNT OF THE 'ROUP}S FULLY AMORTISED INTANGIBLE ASSETS THAT WAS STILL IN USE AS AT $ECEMBER AMOUNTED TO "AHT MILLION "AHT MILLION FOR THE CONSOLIDATED FINANCIAL STATEMENTS AND AMOUNTED TO "AHT MILLION "AHT MILLION FOR THE SEPARATE FINANCIAL STATEMENTS

104 105

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

15 Deferred tax

$EFERRED TAX ASSETS AND LIABILITIES DETERMINED AFTER APPROPRIATE OFFSETTING ARE INCLUDED IN THE BALANCE SHEETS AS FOLLOWS

#ONSOLIDATED 3EPARATE

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

IN THOUSAND "AHT

$EFERRED TAX ASSETS $EFERRED TAX LIABILITIES .ET

-OVEMENTS IN DEFERRED TAX ASSETS AND LIABILITIES DURING THE YEAR WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS .OTE

!T *ANUARY

#HARGED CREDITED TO !T $ECEMBER

STATEMENT OF INCOME NOTE IN THOUSAND "AHT

$EFERRED TAX ASSETS )NVESTMENTS IMPAIRMENT

0ROPERTY PLANT AND EQUIPMENT IMPAIRMENT /THER ALLOWANCES AND PROVISIONS

,OSS CARRY FORWARD

4OTAL

$EFERRED TAX LIABILITIES 0ROPERTY PLANT AND EQUIPMENT REVALUATION 4OTAL

.ET

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS !T *ANUARY

.OTE

#HARGED CREDITED TO !T $ECEMBER

STATEMENT OF INCOME NOTE IN THOUSAND "AHT

$EFERRED TAX ASSETS )NVESTMENTS IMPAIRMENT

0ROPERTY PLANT AND EQUIPMENT IMPAIRMENT /THER ALLOWANCES AND PROVISIONS

,OSS CARRY FORWARD

4OTAL

$EFERRED TAX LIABILITIES 0ROPERTY PLANT AND EQUIPMENT REVALUATION 4OTAL

.ET

3EPARATE FINANCIAL STATEMENTS #HARGED !T *ANUARY CREDITED TO !T $ECEMBER

STATEMENT OF INCOME NOTE IN THOUSAND "AHT

.OTE

$EFERRED TAX ASSETS )NVESTMENTS IMPAIRMENT /THER ALLOWANCES AND PROVISIONS 4OTAL

106 107

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

3EPARATE FINANCIAL STATEMENTS

$EFERRED TAX ASSETS )NVESTMENTS IMPAIRMENT /THER ALLOWANCES AND PROVISIONS 4OTAL

#HARGED !T *ANUARY CREDITED TO !T $ECEMBER

STATEMENT OF INCOME NOTE IN THOUSAND "AHT

$EFERRED TAX ASSETS ARISING FROM TEMPORARY DIFFERENCES THAT HAVE NOT BEEN RECOGNISED IN THE

FINANCIAL STATEMENTS WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

,OSS CARRY FORWARD 4EMPORARY DIFFERENCES .ET

16 Other non-current assets

$EPOSITS 4RANSPORTATION PACKAGING 5NUSED ASSETS /THERS 4OTAL

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

17 Interest-bearing liabilities

!S AT $ECEMBER AND THE INTEREST BEARING LIABILITIES WHICH ARE UNSECURED WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

.OTE

#URRENT "ANK OVERDRAFTS

3HORT TERM LOANS FROM FINANCIAL INSTITUTIONS 4OTAL BANK OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS

#URRENT PORTION OF LONG TERM LOANS 3HORT TERM LOANS FROM RELATED PARTIES 4OTAL CURRENT

.ON CURRENT ,ONG TERM LOANS FROM FINANCIAL INSTITUTIONS $EBENTURE

4OTAL .ON CURRENT

4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE PERIODS TO MATURITY OF INTEREST BEARING LIABILITIES AS AT $ECEMBER WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

7ITHIN ONE YEAR !FTER ONE YEAR BUT WITHIN FIVE YEARS 4OTAL

108 109

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

$EBENTURES

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

0RINCIPAL ,ESS ACCUMULATED AMORTISATION OF TRANSACTION COSTS .ET

$URING -ARCH THE #OMPANY ISSUED "AHT MILLION UNSECURED DEBENTURES MATURING IN -ARCH )NTEREST IS PAID SEMI ANNUALLY AT THE RATE OF PER ANNUM 4HE #OMPANY IS REQUIRED TO MAINTAIN AN INTEREST BEARING DEBT TO EQUITY RATIO OF NO MORE THAN TO BASED ON THE ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

3UBSEQUENTLY ON /CTOBER THE #OMPANY ENTERED INTO AN INTEREST RATE SWAP AGREEMENT WITH A FINANCIAL INSTITUTION FOR ONE YEAR STARTING FROM 3EPTEMBER TO 3EPTEMBER 4HE #OMPANY PAYS 4HAI "AHT FLOATING RATE BASE ON AVERAGE OF MONTH FIXED DEPOSIT RATE QUOTED

BY REFERENCE COMMERCIAL BANKS PLUS PER ANNUM AND RECEIVES FIXED INTEREST AT PER ANNUM BEING THE INTEREST RATE OF THE #OMPANY}S DEBENTURES SEMI ANNUALLY

!S AT $ECEMBER SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS IN THE CONSOLIDATED FINANCIAL STATEMENTS ARE DETAILED BELOW

A 3HORT TERM LOAN CONTRACT FROM A FINANCIAL INSTITUTION OF 4HAI "EVERAGE #AN ,IMITED A SUBSIDIARY COMPANY "AHT MILLION FIXED INTEREST PAYABLE MONTHLY AT PER ANNUM 4HE LOAN IS REPAYABLE IN FIVE EQUAL MONTHLY INSTALLMENTS COMMENCING FROM *ANUARY

OF "AHT MILLION AND A FINAL INSTALLMENT IN *UNE OF "AHT MILLION

B 3HORT TERM NOTE PAYABLES FROM FINANCIAL INSTITUTIONS OF "AHT MILLION "AHT

MILLION

!S AT $ECEMBER AND LONG TERM LOANS ARE DETAILED BELOW

A ,ONG TERM LOANS OF 4HAI 'LASS 0UBLIC #OMPANY ,IMITED A SUBSIDIARY COMPANY CONSISTED OF LOANS WITH FINANCIAL INSTITUTIONS AS DETAILED BELOW

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE FIRST LOAN IS A "AHT LOAN OF "AHT MILLION WITH YEAR TERM COMMENCING FROM THE FIRST QUARTER OF 4HE OUTSTANDING BALANCE AS AT $ECEMBER WAS "AHT MILLION 4HIS LOAN IS REPAYABLE IN FOUR EQUAL QUARTERLY INSTALLMENTS OF "AHT MILLION FROM *UNE TO -ARCH )NTEREST IS PAYABLE QUARTERLY AT FIXED RATE OF PER ANNUM

$URING THIS SUBSIDIARY MADE PAYMENTS OF THE FIRST LOAN WITH INTEREST WHEN THEY FELL DUE

4HE SECOND LOAN IS A "AHT LOAN OF "AHT MILLION WITH YEAR TERM COMMENCING FROM THE THIRD QUARTER OF 4HE OUTSTANDING BALANCE AS AT $ECEMBER WAS "AHT MILLION "AHT MILLION 4HIS LOAN IS REPAYABLE IN ELEVEN EQUAL QUARTERLY INSTALLMENTS OF "AHT MILLION FROM /CTOBER TO *ULY OF "AHT MILLION )NTEREST IS PAYABLE QUARTERLY AT FIXED RATE OF PER ANNUM

B ,ONG TERM LOANS OF "ERLI *UCKER #ELLOX ,IMITED A SUBSIDIARY COMPANY CONSISTED OF LOANS WITH FINANCIAL INSTITUTIONS AS DETAILED BELOW

4HE FIRST LOAN IS A "AHT LOAN WITH OUTSTANDING BALANCES AS AT $ECEMBER OF "AHT MILLION 4HIS LOAN IS REPAYABLE IN SIXTEEN EQUAL QUARTERLY INSTALLMENTS OF "AHT MILLION FROM -ARCH TO $ECEMBER )NTEREST IS PAYABLE AT FIXED RATES AS FOLLOWS

0ERIOD )NTEREST RATE PER ANNUM *ULY TO -ARCH

!PRIL TO -ARCH

!PRIL TO $ECEMBER

4HE SECOND LOAN IS A "AHT LOAN OF "AHT MILLION WITH YEAR TERM COMMENCING FROM THE SECOND QUARTER OF 4HE OUTSTANDING BALANCE AS AT $ECEMBER WAS "AHT MILLION 4HIS LOAN IS REPAYABLE IN TWELVE EQUAL QUARTERLY INSTALLMENTS OF "AHT MILLION

COMMENCING FROM *ULY TO !PRIL )NTEREST IS PAYABLE ON A MONTHLY BASIS AT THE FOLLOWING RATES

ST YEAR FIXED RATE AT PER ANNUM ND YEAR FIXED RATE AT PER ANNUM RD YEAR FIXED RATE AT PER ANNUM

$URING THIS SUBSIDIARY MADE PAYMENTS OF THE FIRST LOAN AND THE SECOND LOAN WITH INTEREST WHEN THEY FELL DUE

110 111

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

C ,ONG TERM LOANS OF 4HAI "EVERAGE #AN ,TD A SUBSIDIARY COMPANY CONSISTED OF A LOAN FROM FINANCIAL INSTITUTIONS AS DETAILED BELOW

4HE LOAN IS A "AHT LOAN OF "AHT MILLION DRAWN DOWN IN THE FOURTH QUARTER OF 4HE OUTSTANDING BALANCE AS AT $ECEMBER WAS "AHT MILLION 4HE LOAN IS REPAYABLE IN TWENTY FOUR EQUAL MONTHLY INSTALLMENTS FROM *ANUARY TO $ECEMBER WITH FIXED INTEREST PAYABLE MONTHLY AT PER ANNUM

$URING THIS SUBSIDIARY MADE PAYMENTS OF THE FIRST LOAN WITH INTEREST WHEN THEY FELL DUE

D ,ONG TERM LOANS OF 4 # # 4ECHNOLOGY #OMPANY ,IMITED A SUBSIDIARY COMPANY CONSISTED OF A LOAN FROM A FINANCIAL INSTITUTION AS DETAILED BELOW

4HE LOAN IS A "AHT LOAN WITH CREDIT FACILITIES OF "AHT MILLION AND OUTSTANDING BALANCE AS AT $ECEMBER WAS "AHT MILLION 4HIS YEARS LOAN IS REPAYABLE IN FIVE EQUAL QUARTERLY INSTALLMENTS AT LEASE "AHT MILLION COMMENCING FROM !PRIL AND THE LAST REPAYMENT TO BE MADE BY *ULY )NTEREST IS PAYABLE ON A MONTHLY BASIS AT A FIXED RATE OF PER ANNUM

5NDER THESE LOAN AGREEMENTS THE SUBSIDIARIES ARE REQUIRED TO COMPLY WITH CONDITIONS AND RESTRICTIONS STIPULATED IN THE LOAN AGREEMENTS SUCH AS MAINTENANCE OF FINANCIAL RATIO ETC !S AT $ECEMBER THE 'ROUP AND THE #OMPANY HAD UNUTILISED CREDIT FACILITIES TOTALING "AHT

MILLION AND "AHT MILLION RESPECTIVELY "AHT MILLION AND "AHT

MILLION RESPECTIVELY

)NTEREST BEARING LIABILITIES AS AT $ECEMBER AND THE 'ROUP AND THE #OMPANY WERE DENOMINATION ENTIRELY IN 4HAI "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

18 Trade accounts payable #ONSOLIDATED FINANCIAL STATEMENTS .OTE

2ELATED PARTIES

/THER PARTIES 4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE CURRENCY DENOMINATION OF TRADE ACCOUNTS PAYABLE AS AT $ECEMBER WAS AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

4HAI "AHT 4(" AND OTHER FUNCTIONAL CURRENCIES OF FOREIGN SUBSIDIARIES 5NITED 3TATES $OLLARS 53$ *APANESE 9EN *09 %URO %52 /THERS 4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

19 Other current liabilities

#ONSOLIDATED FINANCIAL STATEMENTS .OTE

0AYABLES FOR ASSET PURCHASES

$EFERRED INCOME

7ITHHOLDING TAX PAYABLE

/THER PAYABLE

!CCRUED ADVERTISING AND PROMOTION !CCRUED COMMISSION

/THERS

4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

112 113

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE CURRENCY DENOMINATION OF OTHER CURRENT LIABILITIES AS AT $ECEMBER WAS AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

4HAI "AHT 4(" AND OTHER FUNCTIONAL CURRENCIES OF FOREIGN SUBSIDIARIES 5NITED 3TATES $OLLARS 53$ /THERS 4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

20 Provision for staff retirement benefits

#HANGES IN PROVISION FOR STAFF RETIREMENT BENEFITS FOR THE YEARS ENDED $ECEMBER AND WERE AS FOLLOWS #ONSOLIDATED 3EPARATE

FINANCIAL STATEMENTS

!T *ANUARY )NCREASED $ECREASED !T $ECEMBER

21 Other non-current liabilities

,ONG TERM LEASE INCOME /THER LIABILITIES 4OTAL

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

22 Share capital

!UTHORISED !T *ANUARY ORDINARY SHARES !T $ECEMBER ORDINARY SHARES

)SSUED AND PAID !T *ANUARY ORDINARY SHARES !T $ECEMBER ORDINARY SHARES

0AR VALUE

PER SHARE .UMBER !MOUNT .UMBER !MOUNT IN "AHT IN THOUSAND SHARES IN THOUSAND "AHT

23 Additional paid-up capital and reserves

Share premium

3ECTION OF THE 0UBLIC #OMPANIES !CT " % REQUIRES COMPANIES TO SET ASIDE SHARE SUBSCRIPTION MONIES RECEIVED IN EXCESS OF THE PAR VALUE OF THE SHARES ISSUED TO A RESERVE ACCOUNT lSHARE PREMIUMm 3HARE PREMIUM IS NOT AVAILABLE FOR DIVIDEND DISTRIBUTION

Donated Surplus

4HE DONATED SURPLUS OF "AHT MILLION RESULTED FROM PROFITS MADE BY A DIRECTOR OF THE #OMPANY IN ON THE SALE OF RIGHTS ISSUE SHARES NOT SUBSCRIBED FOR BY THE SHAREHOLDERS AND RESOLD TO THE PUBLIC ON THE 3TOCK %XCHANGE OF 4HAILAND 4HE DONATED SURPLUS IS NOT AVAILABLE FOR DIVIDEND DISTRIBUTION

Surplus on disposal of Companyâ&#x20AC;&#x2122;s shares held by a subsidiary

4HE SURPLUS ON SALE OF THE #OMPANY}S SHARES HELD BY A SUBSIDIARY OF "AHT MILLION IS SHOWN UNDER THE EQUITY IN THE CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH THE PRESCRIBED TREATMENT FOR TREASURY STOCK AND IS NOT AVAILABLE FOR DIVIDEND DISTRIBUTION

114 115

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

Hedging reserve

4HE HEDGING RESERVE COMPRISES THE EFFECTIVE PORTION OF THE CUMULATIVE NET CHANGE IN THE FAIR VALUE OF CASH FLOW HEDGING INSTRUMENTS

Legal reserve

3ECTION OF THE 0UBLIC #OMPANIES !CT " % REQUIRES THAT A COMPANY SHALL ALLOCATE NOT LESS THAN OF ITS ANNUAL NET PROFIT LESS ANY ACCUMULATED LOSSES BROUGHT FORWARD TO A RESERVE ACCOUNT lLEGAL RESERVEm UNTIL THIS ACCOUNT REACHES AN AMOUNT NOT LESS THAN OF THE REGISTERED AUTHORISED CAPITAL 4HE LEGAL RESERVE IS NOT AVAILABLE FOR DIVIDEND DISTRIBUTION

!S AT $ECEMBER AND LEGAL RESERVE AS PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS INCLUDES THE 'ROUP}S SHARE OF THE LEGAL RESERVE OF THE SUBSIDIARIES OF "AHT MILLION

Reserve for business expansion

4HE RESERVE FOR BUSINESS EXPANSION REPRESENTS AN INTERNAL RESERVE FOR BUSINESS EXPANSION OF THE 'ROUP 4HE RESERVE FOR BUSINESS EXPANSION IS NOT AVAILABLE FOR DIVIDEND DISTRIBUTION

24 Segment information

3EGMENT INFORMATION IS PRESENTED IN RESPECT OF THE 'ROUP}S BUSINESS SEGMENTS BASED ON THE 'ROUP}S MANAGEMENT AND INTERNAL REPORTING STRUCTURE

4HE 'ROUP COMPRISES THE FOLLOWING MAIN BUSINESS SEGMENTS

3EGMENT )NDUSTRIAL SUPPLY CHAIN 3EGMENT #ONSUMER SUPPLY CHAIN 3EGMENT 4ECHNICAL SUPPLY CHAIN

-ANAGEMENT CONSIDERS THAT THE 'ROUP OPERATES MAINLY IN 4HAILAND AND HAS THEREFORE ONLY ONE MAJOR GEOGRAPHIC SEGMENT

3HARE OF PROFIT OF ASSOCIATES 0ROFIT BEFORE FINANCIAL COSTS AND INCOME TAX EXPENSE &INANCE COSTS 0ROFIT BEFORE INCOME TAX EXPENSE )NCOME TAX EXPENSE 0ROFIT FOR THE YEAR

#OST OF SALES AND SERVICES 3ELLING AND ADMINISTRATIVE EXPENSES 4OTAL EXPENSES

3EGMENT

3ALES AND SERVICES /THER INCOME 4OTAL REVENUES

"USINESS SEGMENT RESULTS

For the years ended 31 December 2009 and 2008

3EGMENT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

116 117

%LIMINATIONS

4OTAL

/THER 3EGMENT

IN MILLION "AHT

3EGMENT

#ASH AND CASH EQUIVALENTS 4RADE ACCOUNTS RECEIVABLE 3HORT TERM LOANS TO AND OTHER RECEIVABLES FROM RELATED PARTIES )NVENTORIES /THER CURRENT ASSETS 4OTAL CURRENT ASSETS

)NVESTMENTS IN ASSOCIATES /THER LONG TERM INVESTMENTS ,ONG TERM LOANS TO RELATED PARTIES ,EASEHOLD LAND 0ROPERTY PLANT AND EQUIPMENT )NTANGIBLE ASSETS $EFERRED TAX ASSETS /THER NON CURRENT ASSETS 4OTAL NON CURRENT ASSETS 4OTAL ASSETS

"USINESS SEGMENT FINANCIAL POSITION

3EGMENT

3EGMENT

For the years ended 31 December 2009 and 2008

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

4OTAL

%LIMINATIONS

/THER 3EGMENT

IN MILLION "AHT

3EGMENT

,ONG TERM LOANS FROM FINANCIAL INSTITUTIONS $EBENTURES

,ONG TERM LOANS FROM RELATED PARTIES

0ROVISIONS FOR STAFF RETIREMENT BENEFITS

$EFERRED TAX LIABILITIES

/THER NON CURRENT LIABILITIES

4OTAL NON CURRENT LIABILITIES

4OTAL LIABILITIES

"ANK OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS 4RADE ACCOUNTS PAYABLE #URRENT PORTION OF LONG TERM LOANS 3HORT TERM LOANS FROM AND OTHER PAYABLES TO RELATED PARTIES /THER CURRENT LIABILITIES 4OTAL CURRENT LIABILITIES

3EGMENT

For the years ended 31 December 2009 and 2008

3EGMENT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

118 119

4OTAL

%LIMINATIONS

/THER 3EGMENT

IN MILLION "AHT

3EGMENT

#APITAL EXPENDITURE $EPRECIATION !MORTISATION 'AIN ON DISPOSAL OF ASSETS

3EGMENT

For the years ended 31 December 2009 and 2008

3EGMENT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements

/THER 3EGMENT

IN MILLION "AHT

3EGMENT

%LIMINATIONS

4OTAL

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

25 Other income

#ONSOLIDATED FINANCIAL STATEMENTS

)NTEREST INCOME 'AIN ON DISPOSAL OF ASSETS 2ENTAL AND SERVICE INCOME 3ALE SCRAP #OMMISSION INCOME 2EVERSAL OF ALLOWANCE FOR IMPAIRMENT OF INVESTMENT /THERS 4OTAL

26 Selling expenses

$ISTRIBUTION -ARKETING 0ERSONNEL /THERS 4OTAL

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

27 Administrative expenses #ONSOLIDATED FINANCIAL STATEMENTS

IN THOUSAND "AHT

0ERSONNEL /THERS 4OTAL

3EPARATE FINANCIAL STATEMENTS

120 121

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

28 Expenses by nature #ONSOLIDATED FINANCIAL STATEMENTS

#HANGES IN INVENTORIES OF FINISHED GOODS AND WORK IN PROGRESS 0URCHASED GOODS AVAILABLE FOR SALES 2AW MATERIALS AND CONSUMABLES USED $EPRECIATION AND AMORTIZATION EXPENSE %MPLOYEE BENEFITS EXPENSE

29 Employee benefit expenses

-ANAGEMENT 7AGES AND SALARIES $EFINED CONTRIBUTION AND BENEFIT PLANS

/THER EMPLOYEES 7AGES AND SALARIES $EFINED CONTRIBUTION AND BENEFIT PLANS /THERS

4OTAL

IN THOUSAND "AHT

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE DEFINED CONTRIBUTION PLANS COMPRISE PROVIDENT FUNDS ESTABLISHED BY THE #OMPANY 'ROUP FOR ITS EMPLOYEES -EMBERSHIP TO THE FUNDS IS ON A VOLUNTARY BASIS #ONTRIBUTIONS ARE MADE MONTHLY

BY THE EMPLOYEES AT RATES RANGING FROM TO OF THEIR BASIC SALARIES AND BY THE #OMPANY 'ROUP AT RATES RANGING FROM TO OF THE EMPLOYEES} BASIC SALARIES 4HE PROVIDENT FUNDS ARE REGISTERED WITH THE -INISTRY OF &INANCE AS JURISTIC ENTITIES AND ARE MANAGED BY A LICENSED &UND -ANAGER

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

30 Finance costs #ONSOLIDATED FINANCIAL STATEMENTS

IN THOUSAND "AHT

.OTE

)NTEREST PAID TO 2ELATED PARTIES &INANCIAL INSTITUTIONS !MORTISATION OF TRANSACTION COSTS CAPITALISED

3EPARATE FINANCIAL STATEMENTS

#APITALISED AS COST OF ASSETS UNDER CONSTRUCTION .ET

4HE FINANCE COSTS HAVE BEEN CAPITALISED AT A RATE OF TO TO FOR ASSETS UNDER CONSTRUCTION

31 Income tax expense

#ONSOLIDATED FINANCIAL STATEMENTS .OTE

#URRENT TAX EXPENSE

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

#URRENT YEAR

5NDER OVER PROVIDED IN PRIOR YEARS

$EFERRED TAX EXPENSE

-OVEMENTS IN TEMPORARY DIFFERENCES

4OTAL

122 123

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

2ECONCILIATION OF EFFECTIVE TAX RATE

2ATE IN THOUSAND

"AHT

0ROFIT BEFORE INCOME TAX EXPENSE

)NCOME TAX USING THE 4HAI CORPORATION TAX RATE

)NCOME TAX REDUCTION

%FFECT OF DIFFERENT TAX RATES IN FOREIGN JURISDICTIONS

)NCOME NOT SUBJECT TO TAX

%XPENSES NOT DEDUCTIBLE FOR TAX PURPOSES

5TILISATION OF PREVIOUSLY UNRECOGNISED TAX LOSSES

4OTAL

2ECONCILIATION OF EFFECTIVE TAX RATE

#ONSOLIDATED FINANCIAL STATEMENTS

2ATE IN THOUSAND

"AHT

3EPARATE FINANCIAL STATEMENTS

2ATE IN THOUSAND

"AHT

0ROFIT BEFORE INCOME TAX EXPENSE

)NCOME TAX USING THE 4HAI CORPORATION TAX RATE

)NCOME TAX REDUCTION

)NCOME NOT SUBJECT TO TAX

%XPENSES NOT DEDUCTIBLE FOR TAX PURPOSES

4OTAL

2ATE IN THOUSAND

"AHT

)NCOME TAX REDUCTION

2OYAL $ECREE .O " % DATED !UGUST GRANTS COMPANIES LISTED ON THE 3TOCK %XCHANGE OF 4HAILAND A REDUCTION IN THE CORPORATE INCOME TAX RATE FROM TO FOR TAXABLE PROFIT NOT EXCEEDING "AHT MILLION FOR THE THREE CONSECUTIVE ACCOUNTING PERIODS BEGINNING ON OR AFTER *ANUARY

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

32 Promotional privileges

"Y VIRTUE OF THE PROVISIONS OF THE )NDUSTRIAL )NVESTMENT 0ROMOTION !CT OF " % "ERLI *UCKER #ELLOX #OMPANY ,IMITED A SUBSIDIARY HAS BEEN GRANTED PRIVILEGES BY THE "OARD OF )NVESTMENT FOR PAPER MANUFACTURING ACTIVITIES BY .O DATED *ULY FOR SANITARY PAPERS MANUFACTURING AND .O DATED /CTOBER FOR PAPER PULP MANUFACTURING 4HE MAJOR PRIVILEGES GRANTED TO THE SUBSIDIARY ARE AS FOLLOWS

A EXEMPTION FROM PAYMENT OF IMPORT DUTY ON MACHINERY APPROVED BY THE "OARD

B EXEMPTION FROM CORPORATE INCOME TAX FOR THE PROFIT EARNED UNDER PROMOTIONAL PRIVILEGES AT NOT OVER OF INVESTMENT EXCLUDE LAND AND CAPITAL FUND FOR A PERIOD OF YEARS FROM THE DATE OPERATING INCOME IS FIRST DERIVED 4HE EXEMPTION OF CORPORATE INCOME TAX MUST NOT EXCEED "AHT MILLION FOR THE PROMOTIONAL PRIVILEGES .O AND NOT EXCEED "AHT MILLION FOR THE PROMOTIONAL PRIVILEGES .O 4HUS THIS WILL BE VARIED

BY THE INVESTMENT EXCLUDING ACTUAL COST OF LAND AND CAPITAL FUND AT THE FIRST OPERATION DATE UNDER PROMOTIONAL PRIVILEGES PROJECT

C A REDUCTION IN THE NORMAL INCOME TAX RATE ON THE NET PROFIT DERIVED FROM CERTAIN OPERATIONS FOR A PERIOD OF FIVE YEARS COMMENCING FROM THE EXPIRY DATE IN B ABOVE AND

D DOUBLE DEDUCTION OF TRANSPORTATION EXPENSES ELECTRICITY EXPENSES AND WATER EXPENSES FOR A PERIOD OF TEN YEARS FROM THE DATE ON WHICH THE INCOME IS FIRST DERIVED FROM SUCH OPERATIONS

"Y VIRTUE OF THE PROVISIONS OF THE )NDUSTRIAL )NVESTMENT 0ROMOTION !CT OF " % 4HAI "EVERAGE #AN ,TD A SUBSIDIARY HAS BEEN GRANTED PRIVILEGES BY THE "OARD OF )NVESTMENT RELATING TO MANUFACTURE OF !LUMINIUM CAN UNDER CATEGORY THE MANUFACTURE OF METAL PRODUCTS INCLUDING METAL PARTS DATED *UNE 4HE PRIVILEGES GRANTED INCLUDE

A EXEMPTION FROM PAYMENT OF IMPORT DUTY ON MACHINERY APPROVED BY THE "OARD

B EXEMPTION FROM PAYMENT OF INCOME TAX FOR CERTAIN OPERATIONS FOR A PERIOD OF YEARS FROM THE DATES ON WHICH THE INCOME IS FIRST DERIVED FROM SUCH OPERATIONS (OWEVER THE CORPORATE INCOME TAX EXEMPTION IS TOTALLY NOT OVER THAN TIME OF THE TOTAL INVESTMENT IN THIS PROJECT EXCLUDING COST OF LAND AND WORKING CAPITAL

C IF A LOSS IS INCURRED DURING THE PERIOD OF EXEMPTION FROM CORPORATE INCOME TAX THE #OMPANY SHALL BE GRANTED PERMISSION TO DEDUCT SUCH ANNUAL LOSS FROM THE NET INCOME AFTER THE

124 125

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

EXPIRATION OF THE PERIOD OF EXEMPTION OF CORPORATE INCOME TAX PERIOD FOR NOT MORE THAN YEARS FROM THE EXPIRY DATE OF SUCH PERIOD

"Y VIRTUE OF THE PROVISIONS OF THE )NDUSTRIAL )NVESTMENT 0ROMOTION !CT OF " % 4HAI "EVERAGE #AN ,TD A SUBSIDIARY HAS BEEN GRANTED PRIVILEGES BY THE "OARD OF )NVESTMENT RELATING TO MANUFACTURE OF !LUMINIUM END FOR BEVERAGE PACKAGING UNDER CATEGORY THE MANUFACTURE OF METAL PRODUCTS INCLUDING METAL PARTS DATED *ULY 4HE PRIVILEGES GRANTED INCLUDE

A A REDUCTION OF IMPORT DUTY ON APPROVED MACHINERY WITHIN THE SPECIFIC PERIOD

B EXEMPTION FROM PAYMENT OF INCOME TAX FOR CERTAIN OPERATIONS FOR A PERIOD OF YEARS FROM THE DATES ON WHICH THE INCOME IS FIRST DERIVED FROM SUCH OPERATIONS (OWEVER THE CORPORATE INCOME TAX EXEMPTION IS TOTALLY NOT OVER THAN TIME OF THE TOTAL INVESTMENT IN THIS PROJECT EXCLUDING COST OF LAND AND WORKING CAPITAL

C IF A LOSS IS INCURRED DURING THE PERIOD OF EXEMPTION FROM CORPORATE INCOME TAX THE #OMPANY SHALL BE GRANTED PERMISSION TO DEDUCT SUCH ANNUAL LOSS FROM THE NET INCOME AFTER THE EXPIRATION OF THE PERIOD OF EXEMPTION OF CORPORATE INCOME TAX PERIOD FOR NOT MORE THAN YEARS FROM THE EXPIRY DATE OF SUCH PERIOD

"Y VIRTUE OF THE PROVISIONS OF THE )NDUSTRIAL )NVESTMENT 0ROMOTION !CT OF " % 4HAI "EVERAGE #AN ,TD A SUBSIDIARY HAS BEEN GRANTED PRIVILEGES BY THE "OARD OF )NVESTMENT RELATING TO MANUFACTURE OF !LUMINIUM CAN AND !LUMINIUM END FOR BEVERAGE PACKAGING UNDER CATEGORY

THE MANUFACTURE OF METAL CONTAINERS DATED !UGUST 4HE PRIVILEGES GRANTED INCLUDE

A A REDUCTION OF IMPORT DUTY ON APPROVED MACHINERY WITHIN THE SPECIFIC PERIOD

B EXEMPTION FROM PAYMENT OF INCOME TAX FOR CERTAIN OPERATIONS FOR A PERIOD OF YEARS FROM THE DATES ON WHICH THE INCOME IS FIRST DERIVED FROM SUCH OPERATIONS

C IF A LOSS IS INCURRED DURING THE PERIOD OF EXEMPTION FROM CORPORATE INCOME TAX THE #OMPANY SHALL BE GRANTED PERMISSION TO DEDUCT SUCH ANNUAL LOSS FROM THE NET INCOME AFTER THE EXPIRATION OF THE PERIOD OF EXEMPTION OF CORPORATE INCOME TAX PERIOD FOR NOT MORE THAN YEARS FROM THE EXPIRY DATE OF SUCH PERIOD

D A DEDUCTION FOR A PERIOD OF TEN YEARS OF AN AMOUNT EQUAL TO OF THE INCREASE IN EXPORTED INCOME OF CERTAIN PROMOTED OPERATIONS OVER THE INCOME FROM THOSE OPERATIONS FOR THE PREVIOUS YEAR (OWEVER THE EXPORT SALES OF THAT YEAR MUST NOT BE LESS THAN THE AVERAGE IN THE LAST THREE YEARS EXCEPTED FOR THE FIRST TWO YEARS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

!S PROMOTED COMPANIES THE SUBSIDIARIES MUST COMPLY WITH CERTAIN TERMS AND CONDITIONS PRESCRIBED IN THE PROMOTIONAL CERTIFICATES

3UMMARY OF REVENUE FROM PROMOTED AND NON PROMOTED BUSINESSES

#ONSOLIDATED FINANCIAL STATEMENTS

0ROMOTED .ON PROMOTED BUSINESSES BUSINESSES

4OTAL

0ROMOTED .ON PROMOTED BUSINESSES BUSINESSES

4OTAL

IN THOUSAND "AHT

%XPORT SALES

,OCAL SALES

%LIMINATIONS

4OTAL 2EVENUE

33 Earnings per share

4HE CALCULATIONS OF EARNINGS PER SHARE FOR THE YEARS ENDED $ECEMBER AND WERE BASED ON THE PROFIT FOR THE YEARS ATTRIBUTABLE TO EQUITY HOLDERS OF THE #OMPANY AND THE NUMBER OF ORDINARY SHARES OUTSTANDING DURING THE YEARS AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

0ROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE #OMPANY .UMBER OF ORDINARY SHARES OUTSTANDING %ARNINGS PER SHARE IN "AHT

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

34 Dividends

!T THE "OARD OF $IRECTORS} -EETING OF THE #OMPANY HELD ON !UGUST THE DIRECTORS PASSED A RESOLUTION APPROVING THE INTERIM DIVIDEND PAYMENT FOR THE YEAR OF "AHT PER SHARE

AMOUNTING TO "AHT MILLION 4HIS INTERIM DIVIDEND WAS PAID TO SHAREHOLDERS ON 3EPTEMBER

!T THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS OF THE #OMPANY HELD ON !PRIL THE SHAREHOLDERS APPROVED THE APPROPRIATION OF DIVIDENDS OF "AHT PER SHARE AMOUNTING TO "AHT MILLION /N 3EPTEMBER THE INTERIM DIVIDEND WAS PAID OF "AHT PER SHARE

126 127

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

AMOUNTING TO "AHT MILLION 4HE REMAINING DIVIDEND PAYMENT OF "AHT PER SHARE

AMOUNTING TO "AHT MILLION WAS PAID TO SHAREHOLDERS ON -AY

!T THE "OARD OF $IRECTORS} -EETING OF THE #OMPANY HELD ON !UGUST THE DIRECTORS PASSED A RESOLUTION APPROVING THE INTERIM DIVIDEND PAYMENT FOR THE YEAR OF "AHT PER SHARE

AMOUNTING TO "AHT MILLION 4HIS INTERIM DIVIDEND WAS PAID TO SHAREHOLDERS ON 3EPTEMBER

!T THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS OF THE #OMPANY HELD ON !PRIL THE SHAREHOLDERS APPROVED THE APPROPRIATION OF DIVIDENDS OF "AHT PER SHARE AMOUNTING TO "AHT MILLION /N 3EPTEMBER THE INTERIM DIVIDEND WAS PAID OF "AHT PER SHARE

AMOUNTING TO "AHT MILLION 4HE REMAINING DIVIDEND PAYMENT OF "AHT PER SHARE

AMOUNTING TO "AHT MILLION WAS PAID TO SHAREHOLDERS ON -AY

35 Financial instruments

Financial risk management policies

4HE 'ROUP #OMPANY IS EXPOSED TO NORMAL BUSINESS RISKS FROM CHANGES IN MARKET INTEREST RATES AND CURRENCY EXCHANGE RATES AND FROM NON PERFORMANCE OF CONTRACTUAL OBLIGATIONS BY COUNTERPARTIES 4HE 'ROUP #OMPANY DOES NOT HOLD OR USE DERIVATIVE FINANCIAL INSTRUMENTS FOR SPECULATIVE OR TRADING PURPOSES

2ISK MANAGEMENT IS INTEGRAL TO THE WHOLE BUSINESS OF THE 'ROUP #OMPANY 4HE 'ROUP #OMPANY HAS A SYSTEM OF CONTROLS IN PLACE TO CREATE AN ACCEPTABLE BALANCE BETWEEN THE COST OF RISKS OCCURRING AND THE COST OF MANAGING THE RISKS 4HE MANAGEMENT CONTINUALLY MONITORS THE 'ROUP}S #OMPANY}S RISK MANAGEMENT PROCESS TO ENSURE THAT AN APPROPRIATE BALANCE BETWEEN RISK AND CONTROL IS ACHIEVED

Interest rate risk

)NTEREST RATE RISK IS THE RISK THAT FUTURE MOVEMENTS IN MARKET INTEREST RATES WILL AFFECT THE RESULTS OF THE 'ROUP}S #OMPANY}S OPERATIONS AND ITS CASH FLOWS BECAUSE LOAN INTEREST RATES ARE MAINLY FIXED 4HE 'ROUP #OMPANY IS PRIMARILY EXPOSED TO INTEREST RATE RISK FROM ITS BORROWINGS NOTE 4HE 'ROUP #OMPANY MITIGATES THIS RISK BY ENSURING THAT THE MAJORITY OF ITS BORROWINGS ARE AT FIXED INTEREST RATES AND USES DERIVATIVE FINANCIAL INSTRUMENTS TO MANAGE EXPOSURE TO FLUCTUATIONS IN INTEREST RATES ON SPECIFIC BORROWINGS

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

4HE EFFECTIVE INTEREST RATES OF INTEREST BEARING FINANCIAL LIABILITIES AS AT $ECEMBER AND THE PERIODS IN WHICH THOSE LIABILITIES MATURE OR RE PRICE WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS %FFECTIVE &LOATING &IXED INTEREST RATE MATURING INTEREST RATE INTEREST RATE 7ITHIN !FTER YEAR BUT YEARS WITHIN YEARS

#URRENT 3HORT TERM LOANS FROM FINANCIAL INSTITUTIONS #URRENT PORTION OF LONG TERM LOANS .ON CURRENT ,ONG TERM LOANS FROM FINANCIAL INSTITUTIONS $EBENTURES 4OTAL

#URRENT "ANK OVERDRAFTS 3HORT TERM LOANS FROM FINANCIAL INSTITUTIONS #URRENT PORTION OF LONG TERM LOANS .ON CURRENT ,ONG TERM LOANS FROM FINANCIAL INSTITUTIONS $EBENTURES 4OTAL

4OTAL

IN MILLION "AHT

128 129

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

3EPARATE FINANCIAL STATEMENTS %FFECTIVE &IXED INTEREST RATE MATURING INTEREST RATE 7ITHIN !FTER YEAR BUT YEARS WITHIN YEARS

#URRENT 3HORT TERM LOANS FROM RELATED PARTIES .ON CURRENT $EBENTURES 4OTAL

#URRENT 3HORT TERM LOANS FROM RELATED PARTIES .ON CURRENT $EBENTURES 4OTAL

4OTAL

IN MILLION "AHT

Foreign currency risk

4HE 'ROUP #OMPANY IS EXPOSED TO FOREIGN CURRENCY RISK RELATING TO PURCHASES AND SALES WHICH ARE DENOMINATED IN FOREIGN CURRENCIES 4HE 'ROUP #OMPANY PRIMARILY UTILISES FORWARD EXCHANGE CONTRACTS WITH MATURITIES OF LESS THAN ONE YEAR TO HEDGE SUCH FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES 4HE FORWARD EXCHANGE CONTRACTS ENTERED INTO AT THE REPORTING DATE ALSO RELATE TO ANTICIPATED PURCHASES AND SALES DENOMINATED IN FOREIGN CURRENCIES FOR THE SUBSEQUENT PERIOD

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

!T $ECEMBER THE 'ROUP AND THE #OMPANY WERE EXPOSED TO FOREIGN CURRENCY RISK IN RESPECT OF FINANCIAL ASSETS AND LIABILITIES DENOMINATED IN THE FOLLOWING CURRENCIES

#ONSOLIDATED 3EPARATE

FINANCIAL STATEMENTS

.OTE

5NITED 3TATES $OLLARS #ASH AND CASH EQUIVALENTS 4RADE ACCOUNTS RECEIVABLE 4RADE ACCOUNTS PAYABLE /THER CURRENT LIABILITIES 'ROSS BALANCE SHEET EXPOSURE

%STIMATED FORECAST SALES %STIMATED FORECAST PURCHASES 'ROSS EXPOSURE

#URRENCY FORWARDS .ET EXPOSURE

*APENESE 4RADE ACCOUNTS PAYABLE 'ROSS BALANCE SHEET EXPOSURE

%STIMATED FORECAST PURCHASES 'ROSS EXPOSURE #URRENCY FORWARDS .ET EXPOSURE

FINANCIAL STATEMENTS

IN THOUSAND "AHT

130 131

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

#ONSOLIDATED FINANCIAL STATEMENTS .OTE

%URO #ASH AND CASH EQUIVALENTS 4RADE ACCOUNTS RECEIVABLE 4RADE ACCOUNTS PAYABLE 'ROSS BALANCE SHEET EXPOSURE

%STIMATED FORECAST PURCHASES 'ROSS EXPOSURE

#URRENCY FORWARDS .ET EXPOSURE

/THER CURRENCIES #ASH AND CASH EQUIVALENT 4RADE ACCOUNTS RECEIVABLE 4RADE ACCOUNTS PAYABLE /THER CURRENT LIABILITIES 'ROSS BALANCE SHEET EXPOSURE

%STIMATED FORECAST PURCHASES 'ROSS EXPOSURE

#URRENCY FORWARDS .ET EXPOSURE

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

)N ORDER TO MANAGE THE RISKS ARISING FROM FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES THE 'ROUP MAKES USE OF THE FOLLOWING DERIVATIVE FINANCIAL INSTRUMENTS

Forward foreign exchange contracts

!T $ECEMBER THE OUTSTANDING FORWARD FOREIGN EXCHANGE CONTRACTS WERE SUMMARISED AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS #URRENCY

3EPARATE FINANCIAL STATEMENTS

!VERAGE !VERAGE &AIR !MOUNT CONTRACT CONTRACT &AIR !MOUNT CONTRACT CONTRACT VALUE VALUE RATE RATE

IN THOUSAND "AHT

&ORWARD CONTRACTS BOUGHT 53$

*09

'"0

!5$

%52

3'$

#(&

4OTAL

&ORWARD CONTRACTS SOLD 53$

132 133

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

!T $ECEMBER THE OUTSTANDING FORWARD FOREIGN EXCHANGE CONTRACTS WERE SUMMARISED AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS #URRENCY

!VERAGE !VERAGE &AIR !MOUNT CONTRACT CONTRACT &AIR !MOUNT CONTRACT CONTRACT VALUE VALUE RATE RATE

&ORWARD CONTRACTS BOUGHT 53$

*09

'"0

!5$

#!$

%52

3'$

#(&

4OTAL

&ORWARD CONTRACTS BOUGHT 53$

%52

4OTAL

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

4HE FAIR VALUES OF FORWARD FOREIGN EXCHANGE CONTRACTS HAVE BEEN CALCULATED USING MARKET RATES QUOTED BY THE 'ROUP}S BANKERS TO TERMINATE THE CONTRACTS AT THE REPORTING DATE

Credit risk

#REDIT RISK IS THE POTENTIAL FINANCIAL LOSS RESULTING FROM THE FAILURE OF A CUSTOMER OR A COUNTERPARTY TO SETTLE ITS FINANCIAL AND CONTRACTUAL OBLIGATIONS TO THE 'ROUP #OMPANY AS AND WHEN THEY FALL DUE

-ANAGEMENT HAS A CREDIT POLICY IN PLACE AND THE EXPOSURE TO CREDIT RISK IS MONITORED ON AN ONGOING BASIS #REDIT EVALUATIONS ARE PERFORMED ON ALL CUSTOMERS REQUIRING CREDIT OVER A CERTAIN AMOUNT !T THE REPORTING DATE THERE WERE NO SIGNIFICANT CONCENTRATIONS OF CREDIT RISK 4HE MAXIMUM EXPOSURE TO CREDIT RISK IS REPRESENTED BY THE CARRYING AMOUNT OF EACH FINANCIAL ASSET IN THE BALANCE SHEET (OWEVER DUE TO THE LARGE NUMBER OF PARTIES COMPRISING THE 'ROUP}S #OMPANY}S CUSTOMER BASE -ANAGEMENT DOES NOT ANTICIPATE MATERIAL LOSSES FROM ITS DEBT COLLECTION

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

Liquidity risk

4HE 'ROUP #OMPANY MONITORS ITS LIQUIDITY RISK AND MAINTAINS A LEVEL OF CASH AND CASH EQUIVALENTS DEEMED ADEQUATE BY MANAGEMENT TO FINANCE THE 'ROUP}S #OMPANY}S OPERATIONS AND TO MITIGATE THE EFFECTS OF FLUCTUATIONS IN CASH FLOWS

Determination of fair values

! NUMBER OF THE 'ROUP}S #OMPANY}S ACCOUNTING POLICIES AND DISCLOSURES REQUIRE THE DETERMINATION OF FAIR VALUE FOR BOTH FINANCIAL AND NON FINANCIAL ASSETS AND LIABILITIES 4HE FAIR VALUE IS THE AMOUNT FOR WHICH AN ASSET COULD BE EXCHANGED OR A LIABILITY SETTLED BETWEEN KNOWLEDGEABLE WILLING PARTIES IN AN ARM}S LENGTH TRANSACTION &AIR VALUES HAVE BEEN DETERMINED FOR MEASUREMENT AND OR DISCLOSURE PURPOSES BASED ON THE FOLLOWING METHODS 7HEN APPLICABLE

FURTHER INFORMATION ABOUT THE ASSUMPTIONS MADE IN DETERMINING FAIR VALUES IS DISCLOSED IN THE NOTES SPECIFIC TO THAT ASSET OR LIABILITY

#ASH AND CASH EQUIVALENTS TRADE ACCOUNTS RECEIVABLE AND SHORT TERM LOANS TO RELATED PARTIES STATED IN THE BALANCE SHEET APPROXIMATE THEIR FAIR VALUES DUE TO THE RELATIVELY SHORT TERM MATURITY OF THESE FINANCIAL INSTRUMENTS

/THER LONG TERM INVESTMENT HAD NOT SIGNIFICANTLY DIFFERENT FROM THE CARRYING VALUES STATED IN THE BALANCE SHEET

"ANK OVERDRAFTS AND SHORT TERM LOANS FROM FINANCIAL INSTITUTIONS TRADE ACCOUNTS PAYABLE

SHORT TERM LOANS FROM RELATED PARTIES AND OTHER CURRENT LIABILITIES THE CARRYING AMOUNTS STATED IN THE BALANCE SHEET OF THESE FINANCIAL LIABILITIES APPROXIMATE THEIR FAIR VALUES BECAUSE OF THE SHORT TERM PERIOD TO MATURITY OF THESE FINANCIAL INSTRUMENTS

&AIR VALUES OF DEBENTURES AS AT $ECEMBER AND WERE AS FOLLOWS

#ONSOLIDATED FINANCIAL STATEMENTS

#ARRYING VALUE

$EBENTURE FIXED INTEREST RATE !T $ECEMBER !T $ECEMBER

3EPARATE FINANCIAL STATEMENTS

&AIR #ARRYING VALUE VALUE IN THOUSAND "AHT

&AIR VALUE

134 135

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

&AIR VALUE OF DEBENTURES IS BASED ON MARKET PRICE AT THE REPORTING DATE

&AIR VALUE OF INTEREST RATE SWAP AS AT $ECEMBER "AHT MILLION WAS RECOGNISED AS UNREALISED GAIN ON FAIR VALUE OF DERIVATIVE IN THE STATEMENT OF INCOME

-OST OF THE CARRYING AMOUNTS OF THE OTHER FINANCIAL ASSETS AND LIABILITIES APPROXIMATE TO THEIR FAIR VALUES IN THE BALANCE SHEET )NFORMATION ON THE FAIR VALUES OF FORWARD FOREIGN EXCHANGE CONTRACTS ARE DISCLOSED AS ABOVE

36 Commitments with non-related parties

#APITAL COMMITMENTS #ONTRACTED BUT NOT PROVIDED FOR "UILDINGS AND OTHER CONSTRUCTIONS -ACHINERY AND EQUIPMENT 4OTAL

.ON CANCELLABLE OPERATING LEASE COMMITMENTS 7ITHIN ONE YEAR !FTER ONE YEAR BUT WITHIN FIVE YEARS !FTER FIVE YEARS 4OTAL

/THER COMMITMENTS 5NUSED LETTERS OF CREDITS FOR GOODS AND SUPPLIES &ORWARD CONTRACTS "ANK GUARANTEES 4OTAL

#ONSOLIDATED FINANCIAL STATEMENTS

3EPARATE FINANCIAL STATEMENTS

IN THOUSAND "AHT

!S AT $ECEMBER A SUBSIDIARY OF THE #OMPANY HAD COMMITMENTS WITH NON RELATED PARTIES TO PURCHASE GOODS AND SUPPLIES IN THE AMOUNT OF 53$ MILLION AND 9%. MILLION

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

37 Capital management

4HE "OARD}S POLICY IS TO MAINTAIN A STRONG CAPITAL BASE SO AS TO MAINTAIN INVESTOR CREDITOR AND MARKET CONFIDENCE AND TO SUSTAIN FUTURE DEVELOPMENT OF THE BUSINESS 4HE "OARD MONITORS THE RETURN ON CAPITAL AND ALSO MONITORS THE LEVEL OF DIVIDENDS TO ORDINARY SHAREHOLDERS

38 Events after the reporting period

4HE "OARD OF $IRECTORS} -EETING HELD ON &EBRUARY PROPOSED A RESOLUTION APPROVING A DIVIDEND PAYMENT IN RESPECT OF THE RESULTS OF THE OPERATIONS IN OF "AHT PER SHARE ON

SHARES TOTALING "AHT MILLION 4HE #OMPANY PAID AN INTERIM DIVIDEND OF "AHT PER SHARE TOTALING "AHT MILLION IN 3EPTEMBER 4HE REMAINING YEAR END DIVIDEND OF "AHT PER SHARE AMOUNTED TO "AHT MILLION

(OWEVER THIS RESOLUTION IS SUBJECT TO APPROVAL AT THE /RDINARY 'ENERAL -EETING OF 3HAREHOLDERS

39 Thai Accounting Standards (TAS) not yet adopted

4HE 'ROUP #OMPANY HAS NOT ADOPTED THE FOLLOWING NEW AND REVISED 4!3 THAT HAVE BEEN ISSUED AS OF THE REPORTING DATE BUT ARE NOT YET EFFECTIVE 4HE NEW AND REVISED 4!3 ARE ANTICIPATED TO BECOME EFFECTIVE FOR ANNUAL FINANCIAL PERIODS BEGINNING ON OR AFTER *ANUARY IN THE YEAR INDICATED

4!3 4OPIC 9EAR

4!3 !CCOUNTING FOR 'OVERNMENT 'RANTS AND $ISCLOSURES OF

'OVERNMENT !SSISTANCE 4!3 REVISED 2ELATED 0ARTY $ISCLOSURES FORMERLY 4!3

4!3 )NVESTMENT 0ROPERTY

-ANAGEMENT IS PRESENTLY CONSIDERING THE POTENTIAL IMPACT OF ADOPTING AND INITIAL APPLICATION OF THESE NEW AND REVISED 4!3 ON THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

136 137

Berli Jucker Public Company Limited and its Subsidiaries Notes to the financial statements For the years ended 31 December 2009 and 2008

40 Reclassification of accounts

#ERTAIN ACCOUNTS IN THE FINANCIAL STATEMENTS HAVE BEEN RECLASSIFIED TO CONFORM TO THE PRESENTATION IN THE FINANCIAL STATEMENTS AS FOLLOWS

3EPARATE FINANCIAL STATEMENTS #ONSOLIDATED FINANCIAL STATEMENTS "EFORE RECLASS 2ECLASS 2ESTATED

!FTER "EFORE RECLASS RECLASS 2ESTATED 2ECLASS IN THOUSAND "AHT

!FTER RECLASS

"ALANCE SHEET )NVESTMENTS IN SUBSIDIARIES AND ASSOCIATES

)NVESTMENTS IN SUBSIDIARIES

)NVESTMENTS IN ASSOCIATES

3TATEMENT OF INCOME 2EVENUE FROM SALE OF GOODS AND RENDERING OF SERVICES

3ELLING AND ADMINISTRATIVE EXPENSES

3ELLING EXPENSES

!DMINISTRATIVE EXPENSES

-ANAGEMENT BENEFIT EXPENSES

)NTEREST EXPENSE

&INANCE COSTS

4HE RECLASSIFICATIONS HAVE BEEN MADE TO COMPLY WITH THE CLASSIFICATION SET OUT IN THE 0RONOUNCEMENT OF THE $EPARTMENT OF "USINESS $EVELOPMENT 2E $ETERMINATION OF ITEMS IN THE FINANCIAL STATEMENTS " % DATED *ANUARY

DETAILS OF SHAREHOLDING

IN SUBSIDIARIES (BJC GROUPâ&#x20AC;&#x2122;S SHAREHOLDING EXCEEDING 50%) AS OF 31 DECEMBER 2009 NAME OF COMPANY

HEAD OFFICE

Montana Co., Ltd.

Bangkok

Berli Jucker Foods Ltd.

Bangkok

Rubia Investments Ltd.

British Virgins

Berli Jucker Logistics Ltd.

Bangkok

BJC Marketing Co., Ltd.

Bangkok

BJC Healthcare Co., Ltd Bangkok (Formerly named : BJC Trading Co., Ltd.) BJC Industrial and Trading Co., Ltd Bangkok (Formerly named : BJC Engineering Co., Ltd.) Thai Fluorspar & Minerals Co., Ltd. Berli Jucker (Myanmar) Ltd.

Bangkok Myanmar

Cosma Medical Co., Ltd. BJC International Co., Ltd.

Bangkok Bangkok

Jacy Foods Sdn. Bhd.

Malaysia

BJC International Company Limited

Hong Kong

BJC Glass Company Limited

Hong Kong

Thai - Scandic Steel Co., Ltd.

Rayong

Marble & Stones Co., Ltd. Rubia Industries Ltd.

Bangkok Samutprakarn

Berli Jucker Specialties Ltd.

Bangkok

Thai Glass Industries Public Co., Ltd.

Bangkok

Vina Glass Industries Co., Ltd. (Formerly named : BJC International (Vietnam) Limited Berli Jucker Cellox Ltd.

Vietnam Bangkok

T.C.C. Techonology Co., Ltd.

Bangkok

TYPE OF BUSINESS

TYPES OF SHARES

Sales of cosmetics Ordinary and machinery Manufactures, markets Ordinary and distributes of snack foods Islands Investment Ordinary vehicle Custom clearing, Ordinary warehousing, transportation and distribution services Sales of consumer Ordinary product Sales of medical, chemical Ordinary and hospital supplies Sales of imaging product, Ordinary stationary, machinery and construction supplies Dormant Ordinary Import and export Ordinary

NUMBER OF SHARES

500 3,200,000

ISSUED PAR VALUE (BAHT)

1,000

PAID-UP CAPITAL (BAHT)

500,000

NUMBER OF HELD % SHARESHARES OF HOLDING

500 100.00

100 320,000,000 3,200,000 100.00

30,000

1,000 30,000,000

30,000 100.00

500,000

100 50,000,000

500,000 100.00

10,000,000

10 100,000,000 10,000,000 100.00

20,000,000

10 200,000,000 20,000,000 100.00

25,000,000

10 250,000,000 25,000,000 100.00

20,000 510

Sales of medicine Ordinary 50,000 Import and export Ordinary 10,000,000 products and raw materials Manufacturing snack Ordinary 12,000,000 food trading, import Ordinary 48,000,000 and export Investment, Trading, Ordinary 10,000 Import and Export (Non Operation) Manufactures of Ordinary 4,560,000 Preference 1,300,000 galvanized steel structures Dormant Ordinary 998,000 Manufactures of soap, Ordinary 70,000 cosmetics and confectionery Sales of chemical Ordinary 18,250 products Manufacture of glass Ordinary 117,000,000 containers Manufacture of glass containers (Non-operation) Manufactures, markets Ordinary 90,000,000 and distributes of sanitary paper Information services Ordinary 18,000,000

100 2,000,000 20,000 1,000 510,000 510 Kyats Kyats 100 1,325,000 50,000 10 25,000,000 10,000,000

100.00 100.00 100.00 100.00

1 12,000,000 12,000,000 100.00 Rm Rm 1 2,200,000 48,000,000 100.00 HKD HKD 1 10,000 10,000 100 HKD HKD 100 456,000,000 4,560,000 100 130,000,000 1,300,000

100 99.85

100 99,800,000 1,000 70,000,000

998,000 69,892

99.77 99.85

3,500 63,875,000

18,095

99.15

10 1,170,000,000 115,335,260

98.59

- 14,000,000 US$

-

98.59

10 900,000,000 845,356,000

94.84

10 180,000,000 91,800,000

51

DETAILS OF SHAREHOLDING IN ASSOCIATES AND ORTHER COMPANIES (BJC GROUPâ&#x20AC;&#x2122;S SHAREHOLDING NOT EXCEEDING 50%) AS OF 31 DECEMBER 2009 NAME OF COMPANY

HEAD OFFICE

BJC Marine Resources Development Co., Ltd. Samutprakarn Berli Asiatic Soda Co., Ltd. Bangkok Thai Beverage Can Co., Ltd Saraburi

TYPE OF BUSINESS

TYPES OF SHARES

NUMBER OF SHARES

Berli Dynaplast Co., Ltd.

Bangkok

Gaew Grung Thai Co.,Ltd

Ayutthaya

Siam Cement Myanmar Trading Ltd.

Myanmar

Dormant Ordinary 100,000 Sales of soda ash Ordinary 6,400,000 Manufactures and Ordinary 100,000,000 marketing aluminum cans and ends Manufactures of rigid Ordinary 3,039,334 plastic containers Sales of Cullet, Plastic Ordinary 3,200,000 and used materials Cement distributor Ordinary 220

Pathum Thani Water Co., Ltd.

Bangkok

Clean water supply

Ordinary 11,020,000

ISSUED PAR VALUE (BAHT)

PAID-UP CAPITAL (BAHT)

NUMBER OF HELD % SHARESHARES OF HOLDING

1,000 94,400,000 50,000 6.25 40,000,000 3,200,000 10 1,000,000,000 50,000,000

50.00 50.00 50.00

100 303,933,400 1,489,270

49.00

100 320,000,000

800,000

24.65

6,000 1,320,000 Kyats Kyats 100 1,102,000,000

33

15.00

1

-