Annual Report 2012

Page 1

+:* :!#+8 ;#ā beee Annual Report 2012

"+<19 D =5= 5=D- F +!< 2č Q: 9 Ů)3: !) KCE ELECTRONICS PUBLIC COMPANY LIMITED

QUALITY POLICY

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KCE commits to provide products and services to meet or exceed agreed requirements for all of our customers through continuous improvement and by doing it right the first time.

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8 ++) :+"+<19 -Q: 9"

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ĉ: 5"E ! ++) :+

ĉ:D"=M*#+8 @) Q:!/! +9 M D ÄŠ:#+8 @) Ĺľ Q:E3!ĉ ĹŽ": ĹŻ ĹŽ": ĹŻ Q:!/!#+8 @) 9 M 3) #Ä beee #Ä beed #Ä beee #Ä beed #Ä beee #Ä beed abĹľab #+8 :! ++) :+ aŲbe`Ų``` aŲbe`Ų``` ci`Ų``` cd`Ų``` acĹľac E-8 ++) :+ $AÄŠ 9 :+ abĹľab f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` acĹľac ++) :+ abĹľab f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` acĹľac ++) :+ aaĹľab f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` acĹľac ++) :+ aaĹľab f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` abĹľac ++) :+ abĹľab dĹľac Ĺł f``Ų``` a``Ų``` bh`Ų``` ++) :+ Ĺł iĹľac Ĺł bbeŲ``` f``Ų``` Ĺł ++) :+ abĹľab f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` acĹľac ++) :+ abĹľab ++) :+ f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` acĹľac eŲde`Ų``` eŲde`Ų``` bŲffeŲ``` bŲc``Ų```

8 ++) :+ +/ 25" -Q: 9" a b c d e

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ĉ: 5"E ! ++) :+ ĹŽ": ĹŻ #Ä beee #Ä beed Ĺł d``Ų``` d``Ų``` Ĺł Ĺł c``Ų``` c``Ų``` c``Ų``` Ĺł c``Ų``` aŲ```Ų``` aŲ```Ų```

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18

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#Ä beee Q:!/!D <! ĹŽ": ĹŻ b`Ųch`Ųfge cŲafiŲbdb

Q:!/! +:* i i

#Ä beed Q:!/!D <! ĹŽ": ĹŻ bcŲafaŲhf` cŲgbaŲdic

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/:))@ĉ )9L! 5 8 ++) :+"+<19 7 %Ą:*"+<3:+ E-8&!9 :! @ ! =LG3Ċ /:)2Q: 9 G! :+ Q:D!<! @+ < E-8 :+"+<3:+ 9 :+ :)E!/ : :+ Q: 9" AE- < :+ =L = 5*ĉ: D#đ!+A# ++)E-8 ĉ5D!?L5 aŴ 2< < 5 $AĊ ?53@Ċ! !F*":*G! :+# #ą5 2< < 9M!&?M! :!$AĊ ?53@Ċ! "+<19 7 # #ą5 E-8+9 1:2< < 5 $AĊ ?53@Ċ! @ -@ĉ)G3ĊH Ċ+9"2< <&?M! :! ĉ: J 9M G! :!8!9 - @!G!3-9 +9&*č E-8 :!8D Ċ: 5 "+<19 # <"9 < ĉ5$AĊ ?53@Ċ! @ J -@ĉ) 9M $AĊ ?53@Ċ!+:*G3 ĉ +:**ĉ5* $AĊ ?53@Ċ! ĉ: : < 3+?5!9 - @!2 :"9! Ċ/* /:)D2)5(: E-8D ĉ:D =*) 9! :) Ċ5 Q:3! E-8 3):* =LD =L*/ Ċ5 :)E!/ : :+# #ą5 E-8+9 1:2< <

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19

D =5= +:* :!#+8 Q:#ā beee

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bhhŲi`i aŲ`ihŲgcd

aegŲihi

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bhhŲi`i aŲbhbŲghc ŎdeaŲdhhů ŎbaŲdg`ů aŲ`ihŲgcd

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aiaŲdhc biŲ`hc

aŲf`g

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aiaŲdhc d`Ų`ef Ŏb`bŲdefů biŲ`hc

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eŲc`hŲag`

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KCE

ĩŖŖŝʼnŔ ĺōŘŗŚŜ

b`ab

Financial Highlights (based on Consolidated Financial Statements) Unit : Million Baht 2012

2011

2010

Total revenues

7,205.644

7,394.171

7,491.116

EBITDA

1,376.363

828.724

1,319.263

712.328

132.021

534.615

1,647.975

791.040

876.055

1.55

0.28

1.15

460,439

464,045

463,654

4,804

4,921

5,013

10,255.567

9,278.124

8,752.912

Total liabilities Total shareholders' equity

7,178.339 3,077.228

6,769.932 2,508.192

6,108.130 2,644.782

Issued and paid up capital

472.601

472.224

471.067

n/a

71.43%

39.13%

Net profit (loss) Net cash provided by operating activities Net profit (loss) per share / Average (baht) Share outstanding (Weighted average) (Thousand Shares) Number of employees (person) Total assets

% Dividends / Net profit

KCE Annual Report 2012

140

Summarized Financial Data Unit : Million Baht 2012

10,255.567 9,278.124 8,752.912

Total Shareholders' Equity

3,077.228 2,508.192 2,644.782

Sales and Service Income

6,477.890 7,201.065 7,261.176

Total Revenues

7,205.644 7,394.171 7,491.116

Gross Margin

1,245.570 1,244.063 1,436.151

Net Profit (Loss) Million Baht 2012

132.021

534.615

1,647.975

791.040

876.055

Gross Profit Margin / Total Sales and Service

19.23%

17.28%

19.78%

EBIT / Total Sales and Service

13.72%

3.84%

9.94%

Net Income / Total Sales and Service

11.00%

1.83%

7.36%

Return on Shareholders' Equity

23.15%

5.26%

20.21%

6.95%

1.42%

6.11%

Net cash provided by operating activities / Sales and Service Income

25.44%

10.99%

12.06%

Net cash provided by operating activities / Shareholders' equity

53.55%

Net cash from Operating Activities Financial Ratios

Return on Assets

31.54%

Total Assets Million Baht 2012 11,000.00 9,900.00 9,700.00 9,500.00 9,300.00 9,100.00 8,900.00 8,700.00

1.55

0.28

1.15

Dividend Per Share (Baht)

n/a

0.20

0.45

Book Value Per Share (Baht)

6.51

5.31

5.61

2011

2010

Shareholders's Equity Million Baht

33.12%

Earning Per Share (Baht)

534.62

712.328

132.02

Net Profit (Loss)

800.00 600.00 400.00 200.00 0 -200.00 -400.00 -600.00 -800.00

2012 3,100.00 3,000.00 2,900.00 2,800.00 2,700.00 2,600.00 2,500.00 2,400.00 2,300.00

2011

2508.19

721.404

712.33

276.353

10,255.57

888.695

2010

2010

3,077.228

Operating profit before interest and tax

2011

8,752.91

7,178.339 6,769.932 6,108.130

2010

141

2,644.78

Total Liabilities

9,000.00 8,000.00 7,000.00 6,000.00 5,000.00 4,000.00 3,000.00 2,000.00 1,000.00

2011

7,491.116

Total Revenues Million Baht

2010

7,394.171

2011

9,278.12

Total Assets

2012

7,205.644

Financial Data

KCE Annual Report 2012

2012 Directors Report We are pleased to report that KCE Group’s total revenue for 2012 amounted to Baht 6,477 million (USD 209.4 million), compared to Baht 7,201 million (USD 237.8 million) in 2011. The 2012 total revenue is down marginally on 2011 because production at KCE Technology (KCET), following the 2011 floods, did not restart until March 2012. Since the restart, sales have recovered at over 10% per quarter. Revenue in Q4 2012 was Baht 1,868 million, an encouraging 39% increase on Q1 2012 sales.

During the period, the group’s insurance claim following the 2011 floods was settled with its insurers at Baht 496.7 million. The group has received partial payment on account from its insurers and expects to receive full payment during the course of 2013.

Consolidated net profit increased from Baht 132 million in 2011 to Baht 712 million in 2012. The increase in net profit was due to improvements in production efficiency and yields following the restart of KCET, and was achieved despite substantial statutory increases in the minimum wage and increased raw material costs.

ä KCE Electronics Plc Sales revenues increased by 0.70%, from Baht 3,468 million in 2011 to Baht 3,493 million in 2012, and profits increased by 25%, from Baht 257.8 million to Baht 322.2 million over the same period.

KCE Group’s successful acquisition of Chemtronics in October 2012 has also helped to bolster 2012 net profit. Chemtronics is a chemical recycling company. The Chemtronics first quarter revenue contribution after acquisition in 2012 was Baht 55.6 million, with profits of Baht 24.9 million. The directors are excited about the potential positive revenue and profit contribution for a full accounting period in 2013.

KCE Annual Report 2012

142

Results Summary The Group Company earnings are summarized as follows:

ä KCEI Sales revenues increased by 19%, from Baht 1,311 million in 2011 to 1,558 million in 2012, resulting in profit increasing by 41% from Baht 20.1 million to Baht 28.3 million over the same period. ä KCET Due to the flooding, sales revenues decreased by 39%, from Baht 3,160 million in the previous year to Baht 1,933 million in 2012. Profit increased by 214%, from

a loss of Baht 229.5 million to a profit of Baht 262.7 million over the same period. ä TLM Sales revenues decreased by 16%, from Baht 1,709 million in 2011 to Baht 1,440 million in 2012. Profit for the year increased by 49%, from Baht 92.5 million to Baht 137.6 million over the same period. ä KCE Thailand Due to the flooding, sales revenues decreased by 16%, from Baht 282 million in the previous year to Baht 236 million in 2012, and profit increased 1,504%, from a loss of Baht 1.0 million to a profit of Baht 14.8 million over the same period. ä Chemtronics Following the merger, Q4 2012 sales revenues were Baht 69 million. Profit for the same period was Baht 26.4 million.

car output is estimated to grow from 80 million cars today to 94 million cars in 2015. Average usage of PCBs by compact cars is currently estimated to be around 0.5m2. Midsize cars use a PCB area of approximately 0.6m2. High-end cars currently use between 1m2 and 2m2 of PCB. Although growth in the number of cars sold in mature markets, such as the USA and Europe, is slowing compared to Asia, the growth in electrical content on each car is increasing rapidly in all markets due to safety legislation and consumer requirements. It is expected that compact and midsize cars will see an increase in PCB usage in the next three years following the expected increase in automotive electrical content from the present USD 150 billion per year to USD 200 billion per year by 2015.

Outlook

We are optimistic about the company’s prospects for the forthcoming years. Market conditions have improved and, with the effective refurbishment of KCE Technology following the 2011 floods, the KCE Group is very well positioned to benefit from the growth in automotive electronics.

KCE’s sales are diversified among three main market sectors - Automotive, Industrial and Consumer. The largest sector for the company is Automotive, which now accounts for over 65% of sales. Worldwide

The Board of Directors would like to pay particular thanks to its staff, suppliers and customers, shareholders and stakeholders for their tremendous and continued support during the past year.

143

KCE Annual Report 2012

Report of the Audit Committee to Shareholders This report covers the period of the operation of the KCE Electronics Public Company Limited, ending on December 31, 2012. The Committee members are Lt. Gen. Suprija Mokkhavesa (Chairman), Khun Ubol Jiramongkol, and Khun Paitoon Taveebhol. During fiscal 2012, The Committee held 5 meetings with perfect attendance each time to consult the management, the external, and internal auditors. On four occasions the CEO also joined the meetings. The essence of the performance is as follow: 1. The accuracy, completeness, and reliability of financial reports The committee reviewed the quarterly and annual financial statements, significant accounting policies and financial reports, coupled with the consideration of the external auditor’s scope and methods, and jointly investigated all issues with the management. It is the committee’s view that the company financial reports were prepared in accordance with the generally accepted accounting principles. They are accurate, complete, and reliable. 2. The adequacy of internal control, internal audit, and corporate governance The committee reviewed the adequacy of internal audit plans, audit reports, and internal control and found that internal audit practices was consistant with professional standards. In addition, the management had timely initiated appropriate actions to redress possible shortcomings. The committee remarked that the company’s internal control was adequate, and the internal audit practices were independent and appropriate. 3. Transactions with conflicts of interest The committee reviewed the financial statements and significant financial activity among its subsidiaries and associated companies, and put a special emphasis on the related transaction, possible conflict of interest transaction in compliance with laws and SET regulations to ensure that they were reasonable and yielded maximum benefits to company. 4. Appropriateness, deliberated, selection, and appointment of the external auditor The Committee assessed the external auditor’s independence and performance in 2012, the first year of this audit company. The overall performance was satisfactory. After considering the appropriateness of the audit fee against the scope of work, the committee, then, proposed to the Board to re-appoint KPMG Phoomchai Audit Ltd, to be the auditor for 2013 for a fee of Baht. 3,464,000.

KCE Annual Report 2012

144

5. Compliance with securities and exchange laws, the Stock Exchange of Thailand’s regulations, and applicable laws. The committee regularly reviewed company’s compliance with securities and exchange laws, the Stock Exchange of Thailand’s regulations and applicable laws. The committee considered the transactions needing compliance with such laws and regulations to be correct. 6. Overall view of the performance in compliance with the charter Based on self-assessment of the Committee’s performance in 2012, the overall evaluation was summarized as adequate and complete.

Lt. Gen. Suprija Mokkhavesa, MD (Chairman of the audit committee) Mrs. Ubol Jiramongkol Mr. Paitoon Taveebhol 12 February 2013

145

KCE Annual Report 2012

Nature of Business KCE Electronics Public Company Limited (KCE) manufactures and distributes printed circuit boards (PCBs). It was established on November 5th, 1982 with an initial registered capital of Baht 12 million. The core business of the Company is the production and distribution of printed circuit boards (PCBs), manufactured from an epoxy glass copper lead laminate, under the “KCE” trademark. In the initial stage, KCE produced only double-sided boards. With continuous development, KCE is now able to produce high quality and complex multilayer boards. The PCB is the foundation component of computers, telecommunication devices and most electronic equipment. The Company listed on the Stock Exchange of Thailand in 1988, converting its status from a limited company to a Public Company Limited in December 1992. As at December 2011, the Company’s registered capital was Baht 491,829,500, with paid up capital of Baht 472,600,769. KCE manufactures and exports high quality PCBs, double-sided PTH and multilayer PCBs from 4-20 layers, which most of the products are for export. Making PCBs requires advanced technology, specific techniques and high reliability performance standard of the industry; therefore, KCE’s strategy focuses on quality, technology development and enhancement of technical skills. The Company has continued to expand its business by enlarging plant facilities to increase production capacity and establishing sales representatives in many overseas countries to serve the increasing demand of PCBs in the growing world electronics industry. In 2012, the Company entered a joint venture to establish KCE Taiwan Co., Ltd., located in Taiwan. KCE Taiwan is an overseas sourcing representative for raw material and machinery for the Company and its subsidiaries. The Company acquired Chemtronics Technology (Thailand) Co., Ltd., and invested 97.25% of total issued and fully paid up capital in its ordinary share. Chemtronics Technology holds 100% of the shares in its subsidiary,Chemtronics Chemical Co., Ltd. Chemtronics is a PCB ink producer and PCB chemical recycling company. The benefits from the investment in Chemtronics are not only a reduction in the waste disposal burden,but also the considerable gain from recycling used chemicals solution.

KCE Annual Report 2012

146

Company Structure KCE Electronics Public Company Limited

25%

25% KCE America Inc.

99.99%

100%

97.25%

60%

49%

KCE International Co., LTD

KCE Technology Co., LTD

Chemtronic Technology Company Limited

KCE (Thailand) Company Limited

KCE Taiwan Company Limited

24.50% KCE Singapore PTE. Ltd.

25.20% 74.80% Thai Laminate Manufacturer Co.,LTD

96.03% Chemtronic Chemical Company Limited

24.50%

147

KCE Annual Report 2012

Top Ten Shareholders From Shareholders List As at December 28,2012

Shareholders

Number of Shares

Percentage

Thailand Securities Depository Company Limited for Depositor

285,829,443

60.48

Mr. Bancha

Ongkosit

50,455,180

10.67

Mr. Athasidh

Ongkosit

20,300,000

4.29

Mr. Panja

Senadisai

20,169,400

4.26

Mrs. Voraluksana Ongkosit

19,955,000

4.22

Ms. Chutinart

18,600,000

3.93

17,144,616

3.62

Ongkosit

Thailand Securities Depository Company Limited For Depositors Mrs. Siriphan

Suntanaphan

5,804,900

1.22

Chantima

Ongkosit, MD

4,775,700

1.01

Mrs. Ubol

Chiramongkol

3,940,100

0.83

KCE Annual Report 2012

148

Board of Directors ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś őś ŋŗŕŘŚőśōŌ ŗŎ h ŌőŚōŋŜŗŚś ʼnś ŎŗŔŔŗşś Ģ

01

Mr. Bancha Ongkosit

Age 61 Years No. of Shares 50,455,180 Shares Chairman and Managing Director Education ä ĻıĩĬŲ ĻĽĺĺĭŁ ĬıĸŴ įĺĩĸİıī ĬĭĻıįĶ ŮĻĭīķĶĬ īĴĩĻĻ İķĶķĽĺĻů ä ĺĭıįĩļĭ īķĴĴĭįĭ ķĮ ĩĺļĻŲ ĭĶįĴĩĶĬ Experience aigd ų aiha ijōŖšŗŖ Ŭ ĭŋœŐʼnŚŌŜ ŮļŐʼnőŔʼnŖŌů ĴŜŌŴ aiha ų aihb ijŝʼnŖŏ īŐʼnŚŗōŖ ĭŔōŋŜŚŗŖőŋś īŗŴŲ ĴŜŌŴ aihb ų ĸŚōśōŖŜ īŐʼnőŚŕʼnŖ ʼnŖŌ ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aihh ų ĸŚōśōŖŜ ij ī ĭ ıŖŜōŚŖʼnŜőŗŖʼnŔ īŗŕŘʼnŖš ĴőŕőŜōŌ aii` ų ĸŚōśōŖŜ ijīĭ ĩŕōŚőŋʼn ıŖŋŴ aiia ų ĸŚōśōŖŜ ijīĭ ĻőŖŏʼnŘŗŚō ĸļĭ ĴļĬŴ aiie ų ĸŚōśōŖŜ ļŐʼnő ĴʼnŕőŖʼnŜō ĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŕŘʼnŖš ĴőŕőŜōŌ b``` ų ĸŚōśōŖŜ ijīĭ ļōŋŐŖŗŔŗŏš īŗŕŘʼnŖš ĴőŕőŜōŌ b``f ų ĸŚōśōŖŜ īŐōŕŜŚŗŖőŋ ļōŋŐŖŗŔŗŏš ŮļŐʼnőŔʼnŖŌů īŗŕŘʼnŖš ĴőŕőŜōŌ b``g ų ĸŚōśōŖŜ ijīĭ ŮļŐʼnőŔʼnŖŌů īŗŕŘʼnŖš ĴőŕőŜōŌ b``h ų ĸŚōśōŖŜ īŐōŕŜŚŗŖőŋ īŐōŕőŋʼnŔ īŗŕŘʼnŖš ĴőŕőŜōŌ b`ab ų ĸŚōśōŖŜ ijīĭ ŮļʼnőşʼnŖů īŗŕŘʼnŖš ĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b``d ĬőŚōŋŜŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů

02

Lt. Gen. Suprija Mokkhavesa, MD

Age 75 Years No. of Shares 2,361,400 Shares ĬőŚōŋŜŗŚ ŵ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōō ŵ ĩŝŌőŜ īŗŕŕőŜŜōō ŵ ıŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚ Education ä ĩĪŲ İʼnŚŞʼnŚŌ īŗŔŔōŏō ä ĵŴĬŴŲīŴĵŴ ĵŋįőŔŔ ĽŖőŞōŚśőŜš ä ĮŴĺŴīŴĻ Ůīů ĺŗšʼnŔ īŗŔŔōŏō ŗŎ ĻŝŚŏōŗŖś ŗŎ īʼnŖʼnŌʼn Experiences aigb ų aigd ĻŜʼnŎŎŲ ķŚŜŐŗŘʼnōŌőŋ ĬōŘʼnŚŜŕōŖŜ ĻőŚőŚʼnŒŲ İŗśŘőŜʼnŔ aigd ų aihc ĻŜʼnŎŎŲ ķŚŜŐŗŘʼnōŌőŋ ĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ İŗśŘőŜʼnŔ aihc ų aihi īŐőōŎŲ ķŚŜŐŗŘʼnōŌőŋś ĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ İŗśŘőŜʼnŔ aihc ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚ ŵ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō Remuneration Committee / Audit īŗŕŕőŜŜōō ŵ ıŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aihd ų aii` ĭŠʼnŕőŖōŚ őŖ ķŚŜŐŗŘʼnōŌőŋśŲ ĵōŌőŋʼnŔ īŗŝŖŋőŔ ŗŎ ļŐʼnőŔʼnŖŌ aihg ų ĸŚōśōŖŜ ĩŌŞőśŗŚŲ ĵʼnŐʼnŞʼnŋŐőŚʼnŔŗŖŏœŗŚŖ ĮŗŝŖŌʼnŜőŗŖ aihi ų aii` ĩśśőśŜʼnŖŜ ĬőŚōŋŜŗŚŲ ķŚŜŐŗŘʼnōŌőŋ ĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ İŗśŘőŜʼnŔ aii` ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ĭŌŝŋʼnŜőŗŖ Ŭ ĿōŔŎʼnŚō ĮŗŝŖŌʼnŜőŗŖ aii` ų aiia ĩśśŗŋőʼnŜō ĬōʼnŖŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ īŗŔŔōŏō ŗŎ ĵōŌőŋőŖō ĸŚōśőŌōŖŜŲ ĩśōʼnŖ ķŚŜŐŗŘʼnōŌőŋ Association ĸŚōśőŌōŖŜŲ ĺŐōŝŕʼnŜőśŕ ĩśśŗŋőʼnŜőŗŖ ŗŎ ļŐʼnőŔʼnŖŌ ĸŚōśőŌōŖŜŲ ĺŗšʼnŔ īŗŔŔōŏō ŗŎ ĻŝŚŏōŗŖś ŗŎ īʼnŖʼnŌʼn aiia ų aiib ĺōŘŚōśōŖŜʼnŜőŞō ŗŎ ķŚŜŐŗŘʼnōŌőŋ ĻŝŚŏōŗŖśŲ ĺŗšʼnŔ īŗŔŔōŏō ŗŎ ĻŝŚŏōŗŖś ŗŎ ļŐʼnőŔʼnŖŌ

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aiia ų aiib īŐʼnőŚŕʼnŖŲ ķŚŜŐŗŘʼnōŌőŋś ĪŗʼnŚŌ ŗŎ ĭŠʼnŕőŖōŚśŲ ĵōŌŌőŋʼnŔ īŗŝŖŋőŔ ŗŎ ļŐʼnőŔʼnŖŌ aiia ų aiic ĬőŚōŋŜŗŚ ŗŎ ĭŌŝŋʼnŜőŗŖŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ īŗŔŔōŏō ŗŎ ĵōŌőŋőŖō aiic ų aiid ĩśśőśŜʼnŖŜ ĻŝŚŏōŗŖ įōŖōŚʼnŔŲ ĵōŌőŋʼnŔ ĬōŘʼnŚŜŕōŖŜŲ ĺŗšʼnŔ ļŐʼnő ĩŚŕš aiid ų aiie ĬōŘŝŜš ĻŝŚŏōŗŖ įōŖōŚʼnŔŲ ĵōŌőŋʼnŔ ĬōŘʼnŚŜŕōŖŜŲ ĺŗšʼnŔ ļŐʼnő ĩŚŕš aiie ų aiig ĬőŚōŋŜŗŚ įōŖōŚʼnŔŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ Medical Center aiie ų aiig ĬőŚōŋŜŗŚŲ ĶʼnŜőŗŖʼnŔ ĺōśōʼnŚŋŐ īŗŝŖŋőŔ aiig ų aiih ĬőŚōŋŜŗŚŲ ĵōŌőŋʼnŔ īŗŝŖŋőŔ ŗŎ ļŐʼnőŔʼnŖŌ aiig ų aiih ĻŝŚŏōŗŖ įōŖōŚʼnŔŲ ĵōŌőŋʼnŔ ĬōŘʼnŚŜŕōŖŜŲ ĺŗšʼnŔ ļŐʼnő ĩŚŕš aiig ų b``a īŐʼnőŚŕʼnŖŲ ĮŗŝŖŌʼnŜőŗŖ ŎŗŚ ĸŐŚʼnŕŗŖŏŐŝŜœŔʼnŗ ĵōŌőŋʼnŔ īŗŔŔōŏō aiih ų b``a īŐʼnőŚŕʼnŖŲ ĩŚŜŐŚőŜőś ĮŗŝŖŌʼnŜőŗŖ aiih ĮōŔŔŗşśŐőŘ ĭŠʼnŕőŖōŚŲ ĺŗšʼnŔ īŗŔŔōŏō ŗŎ ķŚŜŐŗŘʼnōŌőŋ ĻŝŚŏōŗŖ ŗŎ ļŐʼnőŔʼnŖŌ b``` ų ĸŚōśōŖŜ īŐʼnőŚŕʼnŖ ŗŎ ĻŝŊŋŗŕŕőŜŜōō ŎŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖ ŗŎ ķŚŜŐŗŘʼnōŌőŋ ļŚʼnőŖőŖŏ Centers b``` ų b``a īŐʼnőŚŕʼnŖŲ ĭŠōŋŝŜőŞō īŗŕŕőŜŜōō ŗŎ ĵōŌőŋʼnŔ ĻŜʼnŎŎ ķŚŏʼnŖőŢʼnŜőŗŖŲ ķŚŜŐŗŘʼnōŌőŋ ĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ İŗśŘőŜʼnŔ 2001 - 2003 ĶʼnŜőŗŖʼnŔ ĬōŔōŏʼnŜō ŎŗŚ ļŐʼnőŔʼnŖŌŲ ĻŴıŴīŴķŴļŴ b``b ĬőŚōŋŜŗŚŲ ļŐʼnő ķŚŜŐŗŘʼnōŌőŋ ĮŗŝŖŌʼnŜőŗŖ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů b``d ĮőŖʼnŖŋō ŎŗŚ ĶŗŖ ĮőŖʼnŖŋō ĬőŚōŋŜŗŚ Other Programs / Seminars aiih ĩŝŌőŜ īŗŕŕőŜŜōōś ıŖ ļŐʼnőŔʼnŖŌ Ģ ĿŐʼnŜ ĿŗŚœś ĪōśŜŲ Īš ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ aiii ıŖŜōŚŖʼnŔ ĩŝŌőŜŗŚś ĿŗŚœ ĭŎŎōŋŜőŞōŔš ĿőŜŐ ĩŝŌőŜ īŗŕŕőŜŜōō Īš ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ Royal Decorations ä ijőŖŜ įŚʼnŖŌ īŚŗśś ŮĮőŚśŜ īŔʼnśśů ŗŎ ŜŐō ŕŗśŜ ĭŠʼnŔŜōŌ ķŚŌōŚ ŗŎ ĿŐőŜō ĭŔōŘŐʼnŖŜ ä ijőŖŜ įŚʼnŖŌ īŗŚŌŗŖ ŮĻŘōŋőʼnŔ īŔʼnśśů ŗŎ ŜŐō ŕŗśŜ ĶŗŊŔō ķŚŌōŚ ŗŎ īŚŗşŖ ŗŎ ļŐʼnőŔʼnŖŌ

KCE Annual Report 2012

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03

Mr. Panja Senadisa

Age 65 Years No. of Shares 21,443,400 Shares Director Education ä ĵʼnśŜōŚŭś ĬōŏŚōō őŖ ĪŝśőŖōśś ĩŌŕőŖőśŜŚʼnŜőŗŖŲ ĻŝŎŎŗŔœ ĽŖőŞōŚśőŜšŲ ĵʼnśśʼnŋŐŝśōŜŜśŲ ĽŴĻŴĩŴ ä ĸʼnŚŜőŋőŘʼnŖŜś ŜŐō ŌŗŋŜŗŚʼnŔ ŘŚŗŏŚʼnŕ ŮıŖŌŝśŜŚőʼnŔ ĪŝśőŖōśś ĩŌŕőŖőśŜŚʼnŜőŗŖů ĩŌŕőŖőśŜŚʼnŜőŗŖ ʼnŖŌ ĵʼnŖʼnŏōŕōŖŜ īŗŔŔōŏōŲ ijőŖŏ ĵŗŖŏœŝŜÝś ıŖśŜőŜŝŜō ŗŎ ļōŋŐŖŗŔŗŏš ĴʼnŌœŚʼnŊʼnŖŏ Experiences aigb ų aigd ĩŌŕőŖőśŜŚʼnŜőŞō ķŎŎőŋōŚŲ ĵőŖőśŜŚš ŗŎ Commerce aigb ų aigd ĻōŖőŗŚ ĻʼnŔōśŲ ĸŔʼnŖŖőŖŏ ĩŖʼnŔšśŜŲ ĮŗŚŌ ĵŗŜŗŚ ŮļŐʼnőŔʼnŖŌů īŗŴŲ ĴŜŌŴ aigd ų aigf ļōʼnśŝŚš ĵʼnŖʼnŏōŚŲ īŗŕŕōŚŋőʼnŔ īŚōŌőŜ īŗŚŘŴ ŮļŐʼnőŔʼnŖŌů aigf ų aiia ľőŋō ĸŚōśőŌōŖŜŲ ĪʼnŖŏœŗœ ĪʼnŖœ ĸīĴŴ aihc ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸīĴŴ aiia ų aiid ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚŲ İŬĹ ŮļŐʼnőŔʼnŖŌů ĴŜŌŴ 1993 - 2007 Director & Remuneration Committee Ļĵī ĵŗŜŗŚ ĸīĴ aiid ų aiig ĸŚōśőŌōŖŜŲ ĺʼnőŕŗŖ īŗŴŲ ĴŜŌŴ aiie ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ļŐʼnő ĴʼnŕőŖʼnŜō ĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŕŘʼnŖš ĴőŕőŜōŌ aiii ų b``f ĬőŚōŋŜŗŚŲ ĩŌŞőśŗŚ Ŭ ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲ īľĬ ĭŖŜōŚŜʼnőŖŕōŖŜ ĸīĴŴ b``` ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ īŐʼnőŚŕʼnŖ ŗŎ ĩŝŌőŜ īŗŕŕőŜŜōō Ŭ ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲ ĻŗŕŊŗŗŖ ĩŌŞʼnŖŋō ļōŋŐŖŗŔŗŏš ĸīĴŴ

b``b ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚ Ŭ ĩŝŌőŜ īŗŕŕőŜŜōō Ŭ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲ ļŚőŖőŜš ĿʼnŜŜŐʼnŖʼn ĸīĴŴ b``c ų b``h ĩŌŞőśŗŚŲ ļōŋŐŖőŋŗŔŗŚ ŮļŐʼnőŔʼnŖŌů īŗŴŲ ĴŜŌŴ b``c ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚ Ŭ ĩŝŌőŜ īŗŕŕőŜŜōōŲ ĺʼnśʼn ĸŚŗŘōŚŜš ĬōŞōŔŗŘŕōŖŜ ĸīĴŴ b``d ų b`aa īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌŲ ĬōŞʼn ĸŚŗŘōŚŜš ĸīĴŴ b``e ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚ Ŭ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōōŴ ĸšŔŗŖ ĸīĴŴ b``f ų b``i ĬőŚōŋŜŗŚŲ ĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚ Ŭ Remuneration Committee įŗŞōŚŖŕōŖŜ ĻʼnŞőŖŏ ĪʼnŖœŴ Completed Program from Thai Institute of Directors (IOD) b``b ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů b``d ĩŝŌőŜ īŗŕŕőŜŜōō ĸŚŗŏŚʼnŕ Ůĩīĸů b``g ĺŗŔō ŗŎ ŜŐō īŗŕŘōŖśʼnŜőŗŖ īŗŕŕőŜŜōō Other Programs / Seminars b``i ĴōʼnŌōŚ ĸŚŗŏŚʼnŕ ũ hŲ Capital Market Academy ĸŝŊŔőŋ ĬőŚōŋŜŗŚ īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ũ b ĸŝŊŔőŋ ĬőŚōŋŜŗŚ ıŖśŜőŜŝŜō ŮĸĬıů ļŗŘ ĭŠōŋŝŜőŞō ĸŚŗŏŚʼnŕ őŖ īŗŕŕōŚŋō ʼnŖŌ ļŚʼnŌō Ůļĭĸīŗļů ũ d

04

Chantima Ongkosit, MD

Age 67 Years No. of Shares 4,532,200 Shares Director Education ä ĵŴĬŴ ŮaśŜ īŔʼnśś İŗŖŗŚśů īŐőʼnŖŏŕʼnő ĽŖőŞōŚśőŜš ä ĬőŘŔŗŕʼnŜōŲ ĩŕōŚőŋʼnŖ ĪŗʼnŚŌ ŗŎ ĸśšŋŐőʼnŜŚš ʼnŖŌ ĶōŝŚŗŔŗŏš ä ĺōśőŌōŖŋš ļŚʼnőŖőŖŏ őŖ ĸśšŋŐőʼnŜŚš ʼnŖŌ ĶōŝŚŗŔŗŏšŲ ĬōŘʼnŚŜŕōŖŜ ŗŎ ĸśšŋŐőʼnŜŚšŲ ĽŖőŞōŚśőŜš ŗŎ ŔŔŔőŖŗőśŲ īŐőŋʼnŏŗŲ ŔŔŔőŖŗőśŲ ĽŴĻŴĩŴ Experiences aigf ų aigh ĩśśőśŜʼnŖŜ ĸŚŗŎōśśŗŚ ŗŎ ĸśšŋŐőʼnŜŚšŲ ĽŖőŞōŚśőŜš ŗŎ ŔŔŔőŖŗőśŲ īŐőŋʼnŏŗŲ ŔŔŔőŖŗőśŲ ĽŴĻŴĩŴ aigf ų aigh ĩśśŗŋőʼnŜō ĬőŚōŋŜŗŚ ŗŎ ĩŎŎōŋŜőŞō ĬőśŗŚŌōŚś īŔőŖőŋŲ ĽŖőŞōŚśőŜš ŗŎ ŔŔŔőŖŗőśŲ īŐőŋʼnŏŗŲ ŔŔŔőŖŗőśŲ ĽŴĻŴĩŴ aigf ų aiih īŐőōŎ ŗŎ ıŖųŘʼnŜőōŖŜ ʼnŖŌ ĺōśōʼnŚŋŐ ĽŖőŜŲ ĿōśŜśőŌō ľōŜōŚʼnŖ ĩŌŕőŖőśŜŚʼnŜőŗŖ İŗśŘőŜʼnŔ īŐőŋʼnŏŗŲ ıŔŔőŖŗőśŲ ĽŴĻŴĩŴ aigh ų aih` ĴōŋŜŝŚōŚ ŗŎ ĸśšŋŐőʼnŜŚšŲ ĮʼnŋŝŔŜš ŗŎ ĵōŌőŋőŖō ʼnŜ ĺʼnŕʼnŜŐőŊŗŌő İŗśŘőŜʼnŔŲ ĵʼnŐőŌŗŔ ĽŖőŞōŚśőŜš aih` ų aihd ĩśśőśŜʼnŖŜ ĸŚŗŎōśśŗŚ ŗŎ ĸśšŋŐőʼnŜŚšŲ ĮʼnŋŝŔŜš ŗŎ ĵōŌőŋőŖō ʼnŜ ĺʼnŕʼnŜŐőŊŗŌő İŗśŘőŜʼnŔŲ ĵʼnŐőŌŗŔ ĽŖőŞōŚśőŜš aihc ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aihe ų ĸŚōśōŖŜ ĻŘōŋőʼnŔ ĴōŋŜŝŚōŚ ŗŎ ĸśšŋŐőʼnŜŚšŲ ĮʼnŋŝŔŜš ŗŎ ĵōŌőŋőŖō ʼnŜ ĺʼnŕʼnŜŐőŊŗŌő İŗśŘőŜʼnŔ ĵʼnŐőŌŗŔ ĽŖőŞōŚśőŜš ʼnŖŌ ĻŗŕŌōŜ īŐʼnŗŘŚʼnšʼn ıŖśŜőŜŝŜō ŗŎ ĸśšŋŐőʼnŜŚš

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aiih ų b``g ĬőŚōŋŜŗŚŲ ij ī ĭŴ ıŖŜōŚŖʼnŜőŗŖʼnŔ īŗŴŲ ĴŜŌ aiig ų b``d ĬőŚōŋŜŗŚŲ ļŐʼnő ĴʼnŕőŖʼnŜō ŕʼnŖŝŎʼnŋŜŝŚōŚ īŗŴŲ ĴŜŌ b``` ų b``g ĬőŚōŋŜŗŚŲ ijīĭ ļōŋŐŖŗŔŗŏš īŗŴŲ ĴŜŌ b``c ų ĸŚōśōŖŜ īŐʼnőŚŕʼnŖ ŗŎ ĸĩī ŮĻőʼnŕů īŗŴŲ ĴŜŌ īŐʼnőŚŕʼnŖ ŗŎ ĵʼnŖʼnŚŗŕ İŗśŘőŜʼnŔ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů b``d ĮőŖʼnŖŋō ŎŗŚ ĶŗŖųĮőŖʼnŖŋō ĬőŚōŋŜŗŚ b``h ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů

05

Mrs. Ubol Chiramongkol

Age 62 Years No. of Shares 3,940,600 Shares ĬőŚōŋŜŗŚŵ ĩŝŌőŜ īŗŕŕőŜŜōō ŵ ıŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚ Education ĵĪĩŲ ijʼnśōŜśʼnŚŜ ĽŖőŞōŚśőŜš Experiences aigd ų aiid ĩőŚ ŎŚʼnŖŋō ĩőŚŔőŖō aiid ų aiif ĬőŚōŋŜŗŚ Ŭ ĭŠōŋŝŜőŞō ľőŋō ĸŚōśőŌōŖŜŲ įōŖōŚʼnŔ ĵōŌőʼn ļōŋŐ īŗŴŲ ĴŜŌ ĬőŚōŋŜŗŚŲ īőŖō īŗŔŗŚ ĴʼnŊ īŗŴŲ ĴŜŌ aiie ų aiif ĬőŚōŋŜŗŚŲ ļŐʼnő ĵʼnŏŖōŜőŋś ĸīĴ aiie ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aiih ų ĸŚōśōŖŜ ĩŝŌőŜ īŗŕŕőŜŜōŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ļŐʼnő ıŖśŜőŜŝŜō ŗŎ ĬőŚōŋŜŗŚ ĩśśŗŋőʼnŜőŗŖ ŮıķĬů b``d ĮőŖʼnŖŋō ŎŗŚ ĶŗŖ ĮőŖʼnŖŋō ĬőŚōŋŜŗŚ ļŐʼnő ıŖśŜőŜŝŜō ŗŎ ĬőŚōŋŜŗŚ ĩśśŗŋőʼnŜőŗŖ ŮıķĬů Other Programs / Seminars aiih ĩŝŌőŜ īŗŕŕőŜŜōōś ıŖ ļŐʼnőŔʼnŖŌ Ģ ĿŐʼnŜ ĿŗŚœś ĪōśŜŲ Īš ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ aiii ıŖŜōŚŖʼnŔ ĩŝŌőŜŗŚś ĿŗŚœ ĭŎŎōŋŜőŞōŔš ĿőŜŐ ĩŝŌőŜ īŗŕŕőŜŜōōŲ ŮŊš ŜŐō őŖśŜőŜŝŜō ŗŎ ıŖŜōŚŖʼnŔ ĩŝŌőŜŗŚ ŗŎ ļŐʼnőŔʼnŖŌůŲ ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ

KCE Annual Report 2012

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06

Mr. Paitoon Taveebhol

Age 62 Years No. of Shares None ĬőŚōŋŜŗŚ ŵ ĩŝŌőŜ īŗŕŕőŜŜōōŵ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ Education ä ĪŴĩŴ ŮĩŋŋŗŝŖŜőŖŏů ĺʼnŕœŐʼnŕŐʼnōŖŏ ĽŖőŞōŚśőŜš ä ĵĪĩŲ ijʼnśōŜśʼnŚŜ ĽŖőŞōŚśőŜš ä īōŚŜőŎőŋʼnŜō őŖ ĩŝŌőŜőŖŏ ļŐʼnŕŕʼnśʼnŜ ĽŖőŞōŚśőŜš Experiences aiia ų b``c ľőŋō ĸŚōśőŌōŖŜŲ īŗŝŖŋőŔ ĵōŕŊōŚ ļŐō ıŖśŜőŜŝŜō ŗŎ īōŚŜőŎőōŌ ĩŋŋŗŝŖŜʼnŖŜś ʼnŖŌ ĩŝŌőŜŗŚś ŗŎ ļŐʼnőŔʼnŖŌ aiia ų b``e ĸŚōśőŌōŖŜŲ ĻōŋŚōŜʼnŚš įōŖōŚʼnŔ ļŐō ĩĻĭĩĶ ĮōŌōŚʼnŜőŗŖ ŗŎ ĩŋŋŗŝŖŜʼnŖŜś aiih ų b``` ľőŋō ĸŚōśőŌōŖŜŲ īŗŝŖŋőŔ ĵōŕŊōŚ ļŐō ıŖśŜőŜŝŜō ŗŎ ıŖŜōŚŖʼnŔ ĩŝŌőŜŗŚś ŗŎ ļŐʼnőŔʼnŖŌ b``c ų b``e ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚŲ Īļ ĪŝśőŖōśś īŗŖśŝŔŜőŖŏ īŗŴŲ ĴŜŌŴ b``d ų ĸŚōśōŖŜ ĪŗʼnŚŌ ĵōŕŊōŚŲ ĵʼnŜōŚ Ĭōő ıŖśŜőŜŝŜō b``h ų b`aa ľőŋō īŐʼnőŚŕʼnŖŲ ĵʼnŜōŚ Ĭōő ıŖśŜőŜŝŜō ĮŗŝŖŌʼnŜőŗŖ ĸŚōśőŌōŖŜŲ ĵʼnŜōŚ Ĭōő ıŖśŜőŜŝŜō ĸʼnŚōŖŜ ʼnŖŌ ļōʼnŋŐōŚ ĩśśŗŋőʼnŜőŗŖ b``h ų ĸŚōśōŖŜ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚŲ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĶŗŕőŖʼnŜőŗŖ ʼnŖŌ ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲ ĩŝŌőŜ ʼnŖŌ īį īŗŕŕőŜŜōō ĵōŕŊōŚŲ ĻŗŕŊŗŗŖ ĩŌŞʼnŖŋō ļōŋŐŖŗŔŗŏš ĸŔŋŴ b``i ų b`aa ĩŝŌőŜŲ ĮŗŔŔŗşőŖŏ ʼnŖŌ ĭŞʼnŔŝʼnŜőŗŖ īŗŕŕőŜŜōōŲ ĿʼnŔʼnőŔʼnœ ĽŖőŞōŚśőŜš ĬőŚōŋŜŗŚŲ ĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚŲ ĻįľųĶʼn ļŐʼnŔʼnŖŏ īŗŴŲ ĴŜŌŴ ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚŲ ĩŚŜŐŝŚ ĩŖŌōŚśŗŖ ĪŝśőŖōśś ĩŌŞőśŗŚš ĴŜŌŴ

b`aa ų ĸŚōśōŖŜ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚŲ īŐʼnőŚŕʼnŖ ŗŎ Audit Committee ĵōŕŊōŚ ŗŎ īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō Committee Īőŏ ī ĻŝŘōŚ īōŖŜōŚ ĸŔŋŴ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚŲ ĩŝŌőŜ īŗŕŕőŜŜōō ĵōŕŊōŚ ĭʼnśš Īŝš ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b`ab ĵŗŖőŜŗŚőŖŏ ŜŐō ıŖŜōŚŖʼnŔ ĩŝŌőŜ ĮŝŖŋŜőŗŖ Ůĵıĩů ĵŗŖőŜŗŚőŖŏ ŜŐō ĻšśŜōŕ ŗŎ ıŖŜōŚŖʼnŔ īŗŖŜŚŗŔ ʼnŖŌ ĺőśœ ĵʼnŖʼnŏōŕōŖŜ Ůĵıĺů ĵŗŖőŜŗŚőŖŏ ŜŐō ĹŝʼnŔőŜš ŗŎ ĮőŖʼnŖŋőʼnŔ ĺōŘŗŚŜőŖŏ ŮĵĮĺů ĺŗŔō ŗŎ ŜŐō īŗŕŘōŖśʼnŜőŗŖ īŗŕŕőŜŜōō Ůĺīīů b``h ĵŗŖőŜŗŚőŖŏ ĮŚʼnŝŌ ĺőśœ ĵʼnŖʼnŏōŕōŖŜ ŮĵĮĵů īŐʼnŚŜōŚōŌ ĬőŚōŋŜŗŚ īŔʼnśś ŮĺųīĬīů b``e ĩŝŌőŜ īŗŕŕőŜŜōō ĸŚŗŏŚʼnŕ Ůĩīĸů ĺŗŔō ŗŎ īŐʼnőŚŕʼnŖ ĸŚŗŏŚʼnŕ Ůĺīĸů b``c ĬőŚōŋŜŗŚ īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů ĬőŚōŋŜŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů Other Programs / Seminars b`aa ĮőŖʼnŖŋőʼnŔ ĺōŘŗŚŜőŖŏ ĻŜʼnŖŌʼnŚŌ ŎŗŚ ĶŗŖųĸŝŊŔőŋš ĩŋŋŗŝŖŜʼnŊŔō ĭŖŜőŜőōś īŗŚŚŝŘŜőŗŖ ĸŚōŞōŖŜőŗŖ ʼnŖŌ ŚōŘŗŚŜőŖŏ ŝŖŌōŚ Ķĩīīŭś Ĵʼnş ĩŝŌőŜ īŗŕŕőŜŜōō ĮŗŚŝŕ 11th ĩśőʼnŖ ĮŗŚŝŕ ŗŖ īŗŚŘŗŚʼnŜō ĻŗŋőʼnŔ ĺōśŘŗŖśőŊőŔőŜš ŮĩĮīĻĺů ĩŖŜőųīŗŚŚŝŘŜőŗŖ Ĭʼnš Ģ ĸŗşōŚ ŗŎ īŐʼnŖŏō Ŝŗ ļŐʼnőŔʼnŖŌ

153

KCE Annual Report 2012

07

08

Mrs. Voraluksana Ongkosit

Age 61 Years No. of Shares 30,202,800 Shares

Mrs. Siriphan Suntanaphan

Age 58 Years No. of Shares 5,554,900 Shares

ĬőŚōŋŜŗŚ ŵ ĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚ

Director

Education ä ĸıļĵĩĶ ĬıĸŴ ĪĽĻıĶĭĻĻ Ŭ ĻĭīĺĭļĩĺıĩĴ ĻļŴ IJĩĵĭĻ īķĴĴĭįĭŲ ĭĶįĴĩĶĬ

Education ä ĪŴĩŴŲ īŐŝŔʼnŔŗŖŏœŗŚŖ ĽŖőŞōŚśőŜš

Experiences aigb ų aigc ĮōŌōŚʼnŔ ĭŔōŋŜŚőŋ īŗŚŘŗŚʼnŜőŗŖ aigd ų aigi įŚʼnŖŜ ĩŌŞōŚŜőśőŖŏ aigi ų aihh ijōŖšŗŖ Ŭ ĭŋœŐʼnŚŌŜ ŮļŐʼnőŔʼnŖŌů ĴļĬŴ aihh ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ıŖŜōŚŖʼnŜőŗŖʼnŔ īŗŕŘʼnŖš ĴőŕőŜōŌ aihi ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aiie ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ļŐʼnő ĴʼnŕőŖʼnŜō ĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŕŘʼnŖš ĴőŕőŜōŌ b``` ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ļōŋŐŖŗŔŗŏš īŗŕŘʼnŖš ĴőŕőŜōŌ b``g ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ŮļŐʼnőŔʼnŖŌů īŗŕŘʼnŖš ĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů b``d ĮőŖʼnŖŋō ŎŗŚ ĶŗŖ ų ĮőŖʼnŖŋō ĬőŚōŋŜŗŚ b``e ļŐʼnő ĬőŚōŋŜŗŚś īŗŕŘōŖśʼnŜőŗŖ ĻŝŚŞōš b``dŲ b``h ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů b`aa ĮőŖʼnŖŋőʼnŔ ıŖśŜŚŝŕōŖŜ ŎŗŚ ĬőŚōŋŜŗŚ

KCE Annual Report 2012

154

Experiences aihf ų aiib ĬōŘŝŜš ŗŎ ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚŲ Ļļij īŗŕŘŝŜōŚ īŗŴŲ ĴŜŌ aiib ų b``h įōŖōŚʼnŔ ĵʼnŖʼnŏōŚŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aiib ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚŲ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ aiie ų ĸŚōśōŖŜ ĬőŚōŋŜŗŚ ļŐʼnő ĴʼnŕőŖʼnŜō ĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŴŲĴŜŌŴ Completed Program from Thai Institute of Directors (IOD) b``d ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ĮőŖʼnŖŋō ŎŗŚ ĶŗŖųĮőŖʼnŖŋō ĬőŚōŋŜŗŚ b``h ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů

Management Staff Mr. Bancha Ongkosit

Chairman / Managing Director aihb ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mr. Pitharn Ongkosit

Deputy Managing Director b``i ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mrs. Voraluksana Ongkosit

ĬőŚōŋŜŗŚ ŵ ĭŠōŋŝŜőŞōŭś ķŎŎőŋō ĬőŚōŋŜŗŚ aihi ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mrs. Tanyarat Tessalee

Accounting Director b``d ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mrs. Saovalak Waramitsakul

ĵʼnŖŝŎʼnŋŜŝŚőŖŏ ĻŝŘŘŗŚŜ ĬőŚōŋŜŗŚ aihc ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mr. Noppadol Tabtieang

ĵʼnŖŝŎʼnŋŜŝŚőŖŏ ķŘōŚʼnŜőŗŖ ĬőŚōŋŜŗŚ aihd ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mr. Fredrick Gharapet Ohanian

ķŝʼnŔőŜš ĬőōŚŋŜŗŚ b``h ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

Mr. Tantikorn Changkanark

İŝŕʼnŖ ĺōśŗŝŚŋō ʼnŖŌ ĩŌŕőŖőśŜŚʼnŜőŗŖ ĬőŚōŋŜŗŚ b``i ų ĸŚōśōŖŜ Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ

155

KCE Annual Report 2012

Remuneration Remuneration ļŐō ŘʼnšŕōŖŜ ŎŗŚ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŋŗŖśőśŜś ŗŎ ŜŐō ʼnŖŖŝʼnŔ ŚōŕŝŖōŚʼnŜőŗŖ ʼnŖŌ ŜŐō ŕōōŜőŖŏ ʼnŔŔŗşʼnŖŋōś ʼnś ʼnŘŘŚŗŞōŌ Ŋš ŜŐō śŐʼnŚōŐŗŔŌōŚś ʼnŜ ŜŐō ĩįĵ ĶŗŴ bhŵb`aa ŗŖ ĩŘŚőŔ bhthŲ b`aa ʼnŖŌ ŜŐō ĩįĵ ĶŗŴ biŵb`ab ŗŖ ĩŘŚőŔ 27thŲ b`ab ŚōśŘōŋŜőŞōŔšŴ Directors Remuneration No. Name 1 ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ 2 3 4 5 6 7 8 9

ĵŚŴ ĸʼnŖŒʼn ĻōŖʼnŌőśʼnő ĬŚŴ īŐʼnŖŜőŕʼn ķŖŏœŗśőŜ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĴŜŴ įōŖŴ ĬŚŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĬŚŴ ļŐŗŖŏŌōō ĻŐʼnőŘʼnŖőŋŐ ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ ĵŚśŴ ĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ Total

Meeting Fee

Position 2012 2011 2012 2011 Chairman and aŲbe`Ų``` aŲbe`Ų``` ci`Ų``` cd`Ų``` Managing Director Director f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` Director f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` Director f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` Director f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` Director f``Ų``` a``Ų``` bh`Ų``` Director f``Ų``` bbeŲ``` Director f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` Director f``Ų``` f``Ų``` cbeŲ``` bh`Ų``` 5,450,000 5,450,000 2,665,000 2,300,000

No. of Meeting 2012 13/13

2011 12/12

13/13 13/13 13/13 12/13 4/13 9/13 13/13 13/13

12/12 12/12 11/12 11/12 12/12 12/12 12/12

Audit Committee No. 1 2 3 4 5

Name ĬŚŴ ļŐŗŖŏŌōō ĻŐʼnőŘʼnŖőŋŐ ĴŜŴ įōŖŴ ĬŚŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĴŜŴ įōŖŴ ĬŚŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĵŚśŴ ĽŊŗŔ Chiramongkol ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ Total

Title īŐʼnőŚŕʼnŖ ŗŎ ĩŝŌőŜ īŗŕŕőŜŜōō īŐʼnőŚŕʼnŖ ŗŎ ĩŝŌőŜ īŗŕŕőŜŜōō Audit Committee Audit Committee Audit Committee

Remuneration 2012 2011 d``Ų``` d``Ų``` c``Ų``` c``Ų``` c``Ų``` c``Ų``` 1,000,000 1,000,000

Management ļŐō śŋʼnŔō ʼnŖŌ ŋŗŕŘŗŖōŖŜś ŗŎ ŚōŕŝŖōŚʼnŜőŗŖ ŎŗŔŔŗş ŜŐō ŋŗŕŘʼnŖšÝś ŘŚőŖŋőŘŔōś ʼnŖŌ ŘŗŔőŋšŲ ŋŗŚŚōŔʼnŜőŖŏ Ŝŗ ŜŐō ŋŗŕŘʼnŖšÝś ŗŘōŚʼnŜőŖŏ ŚōśŝŔŜś ʼnŖŌ ōʼnŋŐ őŖŌőŞőŌŝʼnŔÝś ŋŗŖŜŚőŊŝŜőŗŖŴ

Item ĻʼnŔʼnŚš ĪŗŖŝś ŵ ĸŚŗŞőŌōŖŜ ĮŝŖŌ

KCE Annual Report 2012

156

No. 9 9

2012 Amount (Baht) b`Ųch`Ųfge cŲafiŲbdb

No. 9 9

2011 Amount (Baht) bcŲafaŲhf` cŲgbaŲdic

Corporate Governance Report 2012 KCE Electronics Public Company Limited ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŗŎ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ŎőŚŕŔš ŊōŔőōŞōś őŖ ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ʼnŖŌ őś ŋŗŕŕőŜŜōŌ őŖ ŌőŚōŋŜőŖŏ őŜś ŊŝśőŖōśśōś şőŜŐőŖ ŜŐō ŎŚʼnŕōşŗŚœ ŗŎ ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋōŴ ijīĭ ʼnŌŐōŚōś Ŝŗ ŜŐō ĸŚőŖŋőŘŔōś ŗŎ įŗŗŌ īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋōŲ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌÝś ŏŝőŌōŔőŖōś ʼnŖŌ őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō ŔʼnşŴ īŗŕŘŔőʼnŖŋō Ŝŗ īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō őś ŋŚőŜőŋʼnŔ őŖ ʼnśśőśŜőŖŏ ijīĭ Ŝŗ ŏʼnőŖ ŜŐō ŜŚŝśŜ ʼnŖŌ ŜŐō ŋŗŖŎőŌōŖŋō ŎŚŗŕ ʼnŔŔ śŜʼnœōŐŗŔŌōŚś ʼnŖŌ Ŝŗ ʼnŋŐőōŞō ʼn ŔŗŖŏųŜōŚŕ śŗŝŖŌŲ śōŋŝŚōŲ ʼnŖŌ śŝśŜʼnőŖʼnŊŔō ŋŗŚŘŗŚʼnŜō śŝŋŋōśś ʼnŖŌ ōŋŗŖŗŕőŋ ŏŚŗşŜŐŴ ĻőŖŋō ŜŐō šōʼnŚ b``iŲ ŜŐō ŋŗŕŘʼnŖšÝś īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō ŘŗŔőŋőōś ʼnŖŌ ŘŚʼnŋŜőŋōśŲ őŖŋŔŝŌőŖŏ ŜŐō ŋŗŌō ŗŎ ŋŗŖŌŝŋŜś şōŚō ŋŗŕŘőŔōŌ őŖŜŗ ijīĭ īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō İʼnŖŌŊŗŗœ şŐőŋŐ şʼnś ŚōŞőōşōŌ ʼnŖŌ ŚōŞőśōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚ őŖ šōʼnŚ b`aaŴļŐō ŝŘŌʼnŜō ŐōŔŘś ŏŗŞōŚŖ ijīĭ ŊŝśőŖōśś ŘŚʼnŋŜőŋō Ŝŗ ʼnŌŐōŚō Ŝŗ ŜŐō śŜŚŝŋŜŝŚō ʼnŖŌ ŜŐō ŘŚőŖŋőŘŔōś ŚōŋŗŕŕōŖŌōŌ Ŋš ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ʼnś şōŔŔ ʼnś ŜŐŗśō ŗŎ ŜŐō ķŚŏʼnŖőŢʼnŜőŗŖ ŎŗŚ ĭŋŗŖŗŕőŋ īŗŗŘōŚʼnŜőŗŖ ʼnŖŌ ĬōŞōŔŗŘŕōŖŜ ŮķĭīĬů Ŝŗ ŋŗŖŎŗŚŕ Ŝŗ ŜŐō őŖŜōŚŖʼnŜőŗŖʼnŔ śŜʼnŖŌʼnŚŌŴ ijīĭ ŎŗśŜōŚś ʼnşʼnŚōŖōśś ʼnŖŌ ŘʼnŚŜőŋőŘʼnŜőŗŖ ŗŎ ŏŗŗŌ īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō ŘŗŔőŋš ŜŐŚŗŝŏŐŗŝŜ ŜŐō ŗŚŏʼnŖőŢʼnŜőŗŖŴ ļŐō īį ŘŗŔőŋš őś ŌőśŋŔŗśōŌ ŜŐŚŗŝŏŐ ŌőŎŎōŚōŖŜ ŋŗŕŕŝŖőŋʼnŜőŗŖ ŋŐʼnŖŖōŔś őŖŋŔŝŌőŖŏ ŜŐō ŋŗŕŘʼnŖšÝś şōŊśőŜō Ŝŗ ŘŚŗŕŗŜō ŜŐőś śšśŜōŕ ʼnŕŗŖŏ ijīĭ ŕʼnŖʼnŏōŕōŖŜś ʼnŖŌ ōŕŘŔŗšōōś ʼnŖŌ Ŝŗ őŖśŜőŔŔ ŜŐō ŘŚőŖŋőŘŔōś őŖŜŗ ŜŐō ŋŗŚŘŗŚʼnŜō ŋŝŔŜŝŚōŴ ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ ŕʼnŖʼnŏōŕōŖŜ ʼnŖŌ ʼnŔŔ ōŕŘŔŗšōōś ŘōŚŎŗŚŕ ŜŐōőŚ ŚōśŘōŋŜőŞō ŌŝŜőōś őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō ŔʼnşŲ ŜŐō ŚŝŔōś ʼnŖŌ ŚōŏŝŔʼnŜőŗŖś ʼnŖŌ ŊŝśőŖōśś ōŜŐőŋśŴ ijīĭ ŊŝśőŖōśśōś ʼnŚō ŋŗŖŌŝŋŜōŌ şőŜŐ ʼn ŞőśőŗŖ Ŝŗ ŋŚōʼnŜō ŔŗŖŏ ų ŜōŚŕ ŞʼnŔŝō ʼnŖŌ şőŜŐ ŐőŏŐ ōŜŐőŋʼnŔ śŜʼnŖŌʼnŚŌś ʼnŖŌ ŎŗŔŔŗş ŜŐōśō őŕŘŗŚŜʼnŖŜ ŋŐʼnŚʼnŋŜōŚőśŜőŋśĢ ʼnŋŋŗŝŖŜʼnŊőŔőŜšŲ ŚōśŘŗŖśőŊőŔőŜšŲ ŜŚʼnŖśŘʼnŚōŖŋšŲ ʼnŖŌ ŎʼnőŚ ʼnŖŌ ōřŝőŜʼnŊŔō ŜŚōʼnŜŕōŖŜŴ ļŐō īŗŕŘʼnŖš ʼnŋŜś őŖ ʼn ŎʼnőŚŲ ŔʼnşŎŝŔ ʼnŖŌ ōŜŐőŋʼnŔ ŕʼnŖŖōŚ şőŜŐ ʼnŔŔ śŜʼnœōŐŗŔŌōŚś ʼnŖŌ ŜŐōőŚ ŚōŘŚōśōŖŜʼnŜőŞōśŴ ļŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ʼnŖŌ ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō īŗŕŕőśśőŗŖ ŘŗśőŜőŗŖōŌ ijīĭ ʼnś ßľōŚš įŗŗŌà ŎŗŚ ŎőŞō ŋŗŖśōŋŝŜőŞō šōʼnŚś b``hųb`abŲ ßįŗŗŌà őŖ b``g ʼnŖŌ ßľōŚš įŗŗŌà őŖ b``f őŖ ŜŐō ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō śŝŚŞōšś őŖ ŜŐō ŗŞōŚʼnŔŔ ŘōŚŎŗŚŕʼnŖŋō Ŋš ŜŐō ļŐʼnő ıŖśŜőŜŝŜō ŗŎ ĬőŚōŋŜŗŚś ĩśśŗŋőʼnŜőŗŖ ŮıķĬůŴ ļŐō ŚōśŝŔŜś ŗŎ ŜŐō ŚʼnŜőŖŏś ŎŗŚ ŜŐō ŘʼnśŜ śōŞōŖ šōʼnŚś ŚōŎŔōŋŜ ijīĭÝś ŋŗŖśŜʼnŖŜ ŌōŌőŋʼnŜőŗŖ Ŝŗ őŖŜōŏŚʼnŜō śŗŝŖŌ ōŜŐőŋś ʼnŖŌ ŜŐō ŘŚőŖŋőŘŔōś ŗŎ įŗŗŌ īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō őŖŜŗ őŜś ŊŝśőŖōśś ŘŚʼnŋŜőŋōś ʼnŖŌ őŜś ŋŗŚŘŗŚʼnŜō ŋŝŔŜŝŚōŴ 1. Rights of Shareholders Policy of Protecting Shareholders’ Rights ijīĭ ŘŚŗŜōŋŜś ŜŐō ŚőŏŐŜś ʼnŖŌ ŜŐō őŖŜōŚōśŜś ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚśŲ ŊŗŜŐ ʼnś őŖŞōśŜŗŚś ʼnŖŌ ŗşŖōŚś ŗŎ ŜŐō ŋŗŕŘʼnŖšŲ şŐōŜŐōŚ őŜÝś ŕʼnŒŗŚőŜšŲ ŕőŖŗŚőŜšŲ ŎŗŚōőŏŖ ŗŚ őŖśŜőŜŝŜőŗŖʼnŔ śŐʼnŚōŐŗŔŌōŚśŴ ijīĭ ŎʼnŋőŔőŜʼnŜōś ŜŐō ŖōōŌś ŗŎ őŜś śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ōŖśŝŚōś ōřŝőŜʼnŊŔō ʼnŖŌ ŎʼnőŚ ŜŚōʼnŜŕōŖŜŲ ŋŗŕŘŔšőŖŏ şőŜŐ ʼnŘŘŔőŋʼnŊŔō Ŕʼnşś ʼnŖŌ ŏŝőŌōŔőŖōś ŘŚŗŜōŋŜőŖŏ śŐʼnŚōŐŗŔŌōŚśÝ Ŋʼnśőŋ ŚőŏŐŜśŴ ļŐō ŚőŏŐŜś ŗŎ śŐʼnŚōŐŗŔŌōŚś ʼnŚō śŜőŘŝŔʼnŜōŌ őŖ ŜŐō ŋŗŕŘʼnŖšÝś īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō ĸŗŔőŋš Ŝŗ ōŖśŝŚō ŎʼnőŚ ŜŚōʼnŜŕōŖŜ ʼnŖŌ ŘŚŗŜōŋŜ ŜŐō śŐʼnŚōŐŗŔŌōŚÝś ŚőŏŐŜ Ŝŗ ŚōŏőśŜōŚ ʼnś ʼnŖ ŗşŖōŚ ŗŎ ŜŐō śŐʼnŚō ŗŎ ŜŐō ŋŗŕŘʼnŖšģ Ŝŗ ŊŝšŲ śōŔŔŲ ŗŚ Ŝŗ ŜŚʼnŖśŎōŚ śŐʼnŚōśģ ŜŐō ŚőŏŐŜ Ŝŗ śŐʼnŚōŘʼnŚŜ ŗŎ ŜŐō ŘŚŗŎőŜ ŗŎ ŜŐō ŋŗŕŘʼnŖš őŖ ŎŗŚŕ ŗŎ ŌőŞőŌōŖŌś ģ ŜŐō ŚőŏŐŜ Ŝŗ ŗŊŜʼnőŖ ŚōŔōŞʼnŖŜ ʼnŖŌ ʼnŌōřŝʼnŜō őŖŎŗŚŕʼnŜőŗŖ ŗŖ ŜŐō ŋŗŕŘʼnŖš őŖ ʼn ŜőŕōŔš ŕʼnŖŖōŚ ʼnŖŌ ŗŖ ʼn ŚōŏŝŔʼnŚ Ŋʼnśőśģ ŜŐō ŚőŏŐŜ Ŝŗ ŘʼnŚŜőŋőŘʼnŜō ʼnŖŌ ŞŗŜō őŖ ŜŐō śŐʼnŚōŐŗŔŌōŚś ŕōōŜőŖŏś Ŋš śōŔŎ ŗŚ Ŋš ŘŚŗŠšģ ŜŐō ŚőŏŐŜ Ŝŗ ōŔōŋŜ ŗŚ ŜōŚŕőŖʼnŜō

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KCE Annual Report 2012

ŕōŕŊōŚś ŗŎ ŜŐō ŊŗʼnŚŌģ ŜŐō ŚőŏŐŜ Ŝŗ ŌōŋőŌō ŗŖ ʼnŔŔ ŎŗŚŕś ŗŎ ŚōŕŝŖōŚʼnŜőŗŖ ŎŗŚ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśģ ŜŐō ŚőŏŐŜ Ŝŗ ʼnŘŘŗőŖŜ ʼnŖŌ ŜōŚŕőŖʼnŜō ŜŐō ōŠŜōŚŖʼnŔ ʼnŝŌőŜŗŚ ʼnŖŌ śōŜ ŜŐōőŚ ŎōōśĢ ŜŐō ŚőŏŐŜ Ŝŗ ŘŚŗŘŗśō ʼnŏōŖŌʼn őŜōŕś ŎŗŚ ŜŐō śŐʼnŚōŐŗŔŌōŚ ŕōōŜőŖŏśģ ŜŐō ŚőŏŐŜ Ŝŗ ŘʼnŚŜőŋőŘʼnŜō őŖŲ ʼnŖŌ Ŝŗ Ŋō őŖŎŗŚŕōŌ ŚōŏʼnŚŌőŖŏ ŕʼnŒŗŚ ŌōŋőśőŗŖ ŋŗŖŋōŚŖőŖŏ ŎŝŖŌʼnŕōŖŜʼnŔ ŋŗŚŘŗŚʼnŜō ŋŐʼnŖŏōś ʼnŖŌ ŜŐō ŚőŏŐŜ Ŝŗ Ŋō őŖŎŗŚŕōŌ ʼnŖŌ Ŝŗ ŕʼnœō ŌōŋőśőŗŖś ŗŖ ʼnŖš œōš ŜŚʼnŖśʼnŋŜőŗŖś ŜŐʼnŜ ʼnŎŎōŋŜ ŜŐō ŋŗŕŘʼnŖš śŝŋŐ ʼnśĢ ŌőŞőŌōŖŌ ŘʼnšŕōŖŜŲ ʼnŕōŖŌŕōŖŜś Ŝŗ ŜŐō ŋŗŕŘʼnŖšÝś ʼnŚŜőŋŔō ŗŎ ʼnśśŗŋőʼnŜőŗŖ ŗŚ ŜŐō ŋŗŕŘʼnŖšÝś ŊšŔʼnşśŲ ŋʼnŘőŜʼnŔ őŖŋŚōʼnśōś ŗŚ ŌōŋŚōʼnśōśŲ ŜŐō ʼnŘŘŚŗŞʼnŔ ŗŎ ōŠŜŚʼnŗŚŌőŖʼnŚš ŜŚʼnŖśʼnŋŜőŗŖśŲ ōŜŋŴ ĬōŜʼnőŔś ŚōŏʼnŚŌőŖŏ ŜŐō ōŠōŚŋőśō ŗŎ ŜŐō ŚőŏŐŜ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚś şʼnś ŌőśŜŚőŊŝŜōŌ Şőʼn ĻĭļÝś őŖŎŗŚŕʼnŜőŗŖ ŋŐʼnŖŖōŔ ʼnŖŌ ŜŐō ŋŗŕŘʼnŖš şōŊśőŜō Ŝŗ ōŖśŝŚō ʼnŖ ōřŝőŜʼnŊŔō ŜŚōʼnŜŕōŖŜ ŗŎ śŐʼnŚōŐŗŔŌōŚś ŜŐŚŗŝŏŐ ʼnŋŋōśśőŊőŔőŜš ŗŎ őŖŎŗŚŕʼnŜőŗŖŴ ijīĭ śōŖŌś ʼnŔŔ śŐʼnŚōŐŗŔŌōŚś śőŏŖőŎőŋʼnŖŜ ʼnŖŌ śŝŎŎőŋőōŖŜŔš ŌōŜʼnőŔōŌ őŖŎŗŚŕʼnŜőŗŖ ŚōŏʼnŚŌőŖŏ ŜŐō ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏ ŘŚőŗŚ Ŝŗ ŜŐō ŌʼnŜō ŗŎ ŜŐō ŕōōŜőŖŏŴ ļŐō śŐʼnŚōŐŗŔŌōŚśÝ ŚőŏŐŜ Ŝŗ ʼnŜŜōŖŌ ʼnŖŌ Ŝŗ ŞŗŜō ŗŖ ŜŐō ŚōśŗŔŝŜőŗŖś őŖ ŜŐō ĩįĵ őś ŋŔōʼnŚŔš śŜʼnŜōŌ őŖ ŜŐō ĴōŜŜōŚ ŗŎ ıŖŞőŜʼnŜőŗŖ Ŝŗ ʼnŜŜōŖŌ ŜŐō ĩįĵŴ ĩŖš śŐʼnŚōŐŗŔŌōŚś şŐŗ őś ŝŖʼnŊŔō Ŝŗ ʼnŜŜōŖŌ ŜŐō ĩįĵ ŋʼnŖ ʼnŘŘŗőŖŜ ʼn ŚōŘŚōśōŖŜʼnŜőŞō şŐőŋŐ ŋʼnŖ Ŋō ʼnŖŗŜŐōŚ ŘōŚśŗŖ ŗŚ ʼnŖ őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚ Ŝŗ ʼnŋŜ ʼnś ŘŚŗŠšŲ ŝśőŖŏ ŜŐō ŘŚŗŠš ŎŗŚŕ ʼnŜŜʼnŋŐōŌ Ŝŗ ŜŐō ĶŗŜőŋō ŗŎ ŜŐō ĵōōŜőŖŏŴ ļŐō ĸŚŗŠš ŎŗŚŕ şʼnś ŘŚōŘʼnŚōŌ őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō śŘōŋőŎőŋʼnŜőŗŖ ŌōŎőŖōŌ Ŋš ŜŐō ĵőŖőśŜŚš ŗŎ īŗŕŕōŚŋō şŐōŚōŊš ōʼnŋŐ őŖŌőŞőŌŝʼnŔ ʼnŏōŖŌʼn ŋʼnŖ Ŋō ŞŗŜōŌ śŘōŋőŎőŋʼnŔŔš ʼnŋŋŗŚŌőŖŏ Ŝŗ ŜŐō śŐʼnŚōŐŗŔŌōŚśÝ şőśŐŴ ijīĭ ŘŚŗŞőŌōś ŜŐō ŌŝŜš śŜʼnŕŘ Ŝŗ Ŋō śōʼnŔōŌ ŗŖ ŜŐō ŘŚŗŠš ŎŗŚŕŴ ĻŐʼnŚōŐŗŔŌōŚś şŐŗ ʼnŚŚőŞō ŔʼnŜō ŋʼnŖ ŞŗŜō ŗŖ ŜŐō ʼnŏōŖŌʼn őŖ şŐőŋŐ ŜŐō ŚōśŗŔŝŜőŗŖ ŐʼnŌ ŖŗŜ ŊōōŖ ŚōʼnŋŐōŌŴ ıŖ b`abŲ ŜŐō ĩįĵ şʼnś ŐōŔŌ ŗŖ ĩŘŚőŔ bgthŲ b`ab ʼnŜ ĪʼnŔŔŚŗŗŕ ĪŲ gth ŎŔŗŗŚŲ ŜŐō ĿōśŜőŖ įŚʼnŖŌō ĻŝœŐŝŕŞőŜ İŗŜōŔŲ bei ĻŝœŐŝŕŞőŜ ĺŗʼnŌŲ ĪʼnŖŏœŗœ a`aa` ʼnŜ aeŴ`` ŘŕŴ ļŐō ŞōŖŝō ŗŎ ŜŐō ĩįĵ şʼnś ŋŐŗśōŖ Ŋōŋʼnŝśō őŜ şʼnś ōʼnśőŔš ʼnŋŋōśśőŊŔō Ŝŗ śŐʼnŚōŐŗŔŌōŚśŴ ijīĭ ōŖŋŗŝŚʼnŏōś śŐʼnŚōŐŗŔŌōŚś Ŝŗ ʼnŜŜōŖŌŲ Ŝŗ ōŠŘŚōśś ŜŐōőŚ ŗŘőŖőŗŖśŲ ʼnŖŌ Ŝŗ řŝōśŜőŗŖś ŗŚ Ŝŗ ŏőŞō śŝŏŏōśŜőŗŖśŴ ĩ ĪʼnŚ īŗŌō śšśŜōŕ şʼnś ŝśōŌ ʼnŜ ŜŐō b`ab ĩįĵ ŎŗŚ ŚōŏőśŜŚʼnŜőŗŖ ʼnŖŌ ŞŗŜō ŋŗŝŖŜőŖŏŴ ĮŗŚ ōʼnŋŐ ʼnŏōŖŌʼn őŜōŕŲ ŜŐō ŊʼnŔŔŗŜś ʼnŚō ŋŗŔŔōŋŜōŌ ŎŚŗŕ ŜŐō śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ŋŗŝŖŜōŌ őŖ ŜŐŚōō ŏŚŗŝŘś Ģ ĩŘŘŚŗŞōŌŲ ĬőśʼnŘŘŚŗŞōŌ ŗŚ ĩŊśŜʼnőŖōŌŴ ĩŖ ıŖŌōŘōŖŌōŖŜ ŗŊśōŚŞōŚ ʼnŖŌ őŖśŘōŋŜŗŚ şʼnś ʼnŘŘŗőŖŜōŌ Ŝŗ ŞʼnŔőŌʼnŜō ŜŐō ŞŗŜőŖŏ ŘŚŗŋōŌŝŚō ʼnŖŌ ŞŗŜō ŋŗŝŖŜőŖŏŴ ĻŐʼnŚōŐŗŔŌōŚś ʼnŚō ōŖŜőŜŔōŌ Ŝŗ ŞōŚőŎš ōʼnŋŐ ŞŗŜőŖŏ ŚōśŝŔŜ ʼnŎŜōŚ ŜŐō ĵōōŜőŖŏŴ ļŐŚōō ŌőŚōŋŜŗŚś ŕŝśŜ ŚōŜőŚō ŎŚŗŕ ŗŎŎőŋō ŗŖ ʼn ŚŗŜʼnŜőŗŖʼnŔ Ŋʼnśőś őŖ ōʼnŋŐ ĩįĵŴ ļŐō śŐʼnŚōŐŗŔŌōŚś ʼnŚō őŖŎŗŚŕōŌ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŘőŖőŗŖ Ŝŗ ŚōųōŔōŋŜ ŜŐō ŌőŚōŋŜŗŚśŴ ıŖŎŗŚŕʼnŜőŗŖ ŚōŏʼnŚŌőŖŏ ŜŐō ŌőŚōŋŜŗŚś Ŝŗ Ŋō ŖŗŕőŖʼnŜōŌ őś ŘŚŗŞőŌōŌ Ŝŗ ŜŐō śŐʼnŚōŐŗŔŌōŚśŴ ĩŏōŲ ōŌŝŋʼnŜőŗŖŲ ōŠŘōŚőōŖŋōśŲ ŜŚʼnőŖőŖŏŲ ʼnś şōŔŔ ʼnś őŕŘŗŚŜʼnŖŜ ŘŗśőŜőŗŖś ŐōŔŌ őŖ ŜŐō ŘʼnśŜ ʼnŖŌ ŋŝŚŚōŖŜŔš ʼnŚō ŘŚŗŞőŌōŌ Ŝŗ ŜŐō śŐʼnŚōŐŗŔŌōŚś śŗ ŜŐʼnŜ ŜŐō śŐʼnŚōŐŗŔŌōŚś ŋʼnŖ ŕʼnœō ʼnŖ őŖŎŗŚŕōŌ ŌōŋőśőŗŖŴ ļŐō śŐʼnŚōŐŗŔŌōŚś ŋʼnŖ ʼnŔśŗ ŘŚŗŘŗśō Ŗʼnŕō ŗŎ őŖŌőŞőŌŝʼnŔś ŎŗŚ ŌőŚōŋŜŗŚśŐőŘ ŗŎ ŜŐō ŋŗŕŘʼnŖšŴ ĶŗŖō şʼnś ŘŚŗŘŗśōŌ őŖ b`abŴ ĩŖ ĩŏōŖŌʼn őŜōŕ ŚōŏʼnŚŌőŖŏ ʼnŔŔ ŎŗŚŕś ŗŎ ŚōŕŝŖōŚʼnŜőŗŖ ŎŗŚ ŜŐō ĪŗʼnŚŌ ŕōŕŊōŚś őś őŖŋŔŝŌōŌ ʼnŖŖŝʼnŔŔš őŖ ŜŐō ĩŖŖŝʼnŔ ĺōŘŗŚŜŴ ŮĮŝŔŔ ŌōŜʼnőŔś ŋʼnŖ Ŋō ŎŗŝŖŌ ŗŖ ĸʼnŏō aefů ļŐō ĩŏōŖŌʼn ŎŗŚ ŜŐō ĩįĵ şʼnś ŋŗŖśőŌōŚōŌ ʼnś ʼnŘŘōʼnŚōŌ ŗŖ ŜŐō ĴōŜŜōŚ ŗŎ ıŖŞőŜʼnŜőŗŖ Ŝŗ ŜŐō ĩįĵ ŲōʼnŋŐ ŕōōŜőŖŏ ʼnŏōŖŌʼn ŌōʼnŔ şőŜŐ ŗŖŔš ŗŖō őŜōŕŲ şőŜŐŗŝŜ ʼnŖš ŋŐʼnŖŏōś őŖ ŜŐō ŗŚŌōŚ ʼnŖŌ ŜŐōŚō şōŚō Ŗŗ ŗŜŐōŚ ʼnŏōŖŌʼn ŚʼnőśōŌ őŖ ŜŐō ĩįĵŴ

KCE Annual Report 2012

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ļŐō śŐʼnŚōŐŗŔŌōŚś şōŚō ʼnŔŔŗşōŌ Ŝŗ ŎŚōōŔš ōŠŘŚōśś ŜŐōőŚ ŗŘőŖőŗŖśŲ ŏőŞō śŝŏŏōśŜőŗŖś ʼnŖŌ Śʼnőśō řŝōśŜőŗŖś ŊōŎŗŚō ŋʼnśŜőŖŏ ŞŗŜōśŴ ļŐō ōŠōŋŝŜőŞō ŚōśŘŗŖśőŊŔō ŎŗŚ ŜŐō ŎőōŔŌ şōŚō ŘŚōśōŖŜ Ŝŗ ʼnŖśşōŚ ʼnŖš řŝōśŜőŗŖś ŗŚ őŖřŝőŚőōśŴ The 2012 Annual General Meeting of Shareholders (AGM) ijīĭ ŐŗŔŌś ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō ŔōŏʼnŔ ŘŚŗŋōŌŝŚōś ʼnŖŌ ŜŐō ŚōřŝőŚōŕōŖŜ ŗŎ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ʼnś şōŔŔ ʼnś ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō īŗŕŕőśśőŗŖ ŮĻĭīůŴ ļŐō ĩįĵ őś ŐōŔŌ şőŜŐőŖ d ŕŗŖŜŐś ʼnŎŜōŚ ŜŐō ōŖŌ ŗŎ ŜŐō ŎőśŋʼnŔ šōʼnŚ ʼnŖŌ őŖ ŝŚŏōŖŜ śőŜŝʼnŜőŗŖś ŚōŏʼnŚŌőŖŏ őśśŝōś ŜŐʼnŜ ŋŗŖŋōŚŖ śŐʼnŚōŐŗŔŌōŚśÝ ŕʼnŒŗŚ őŖŜōŚōśŜ ŗŚ ŚōřŝőŚőŖŏ śŐʼnŚōŐŗŔŌōŚśÝ ʼnŘŘŚŗŞʼnŔŲ ʼnŖ ōŠŜŚʼnŗŚŌőŖʼnŚš ŕōōŜőŖŏ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚś ŋʼnŖ Ŋō ŋʼnŔŔōŌŴ ļŐōŚō şʼnś Ŗŗ ĭŠŜŚʼnŗŚŌőŖʼnŚš ĵōōŜőŖŏ ŗŎ ŜŐō ĻŐʼnŚōŐŗŔŌōŚś őŖ b`abŴ ıŖ b`abŲ ļŐō ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏ ŗŎ ijīĭ Ůĩįĵů ŖŗŴ biŵb`ab şʼnś ŐōŔŌ ŗŖ ĩŘŚőŔ bgth b`ab ʼnŜ ĪʼnŔŔŚŗŗŕ ĪŲ gth ŎŔŗŗŚŲ ŜŐō ĿōśŜőŖ įŚʼnŖŌō ĻŝœŐŝŕŞőŜ İŗŜōŔŲ bei ĻŝœŐŝŕŞőŜ ĺŗʼnŌŲ ĪʼnŖŏœŗœ a`aa` ʼnŜ aeŴ`` ŘŕŴ ļŐō ŞōŖŝō ŗŎ ŜŐō ĩįĵ şʼnś ōʼnśőŔš ʼnŋŋōśśőŊŔō Ŝŗ śŐʼnŚōŐŗŔŌōŚśŴ Prior to the Meeting ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ĵōōŜőŖŏ ŚōśŗŔŞōŌ ŜŐō śŋŐōŌŝŔō ŗŎ ŌőŞőŌōŖŌ ŘʼnšŕōŖŜśģ ŜŐō ŌʼnŜō ŗŎ ŜŐō b`ab ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏģ ŌōŜʼnőŔōŌ ʼnŏōŖŌʼnś ʼnś şōŔŔ ʼnś ŜŐō ĪŗʼnŚŌÝś ŗŘőŖőŗŖś ģ ŜŐō ŚōŔōŞʼnŖŜ ŌōŜʼnőŔś ʼnŖŌ ŌʼnŜō ŗŎ ŋŔŗśőŖŏ ŜŐō ŚōŏőśŜŚʼnŜőŗŖ Ŋŗŗœ őŖ ŗŚŌōŚ Ŝŗ ŌōŜōŚŕőŖō ŜŐō ŚőŏŐŜ Ŝŗ ʼnŜŜōŖŌ ŜŐō ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏ ʼnŖŌ ŌőŞőŌōŖŌ ŘʼnšŕōŖŜŴ ļŐō ŖŗŜőŋō ŗŎ śŐʼnŚōŐŗŔŌōŚśÝ ŕōōŜőŖŏ őŖŋŔŝŌőŖŏ ŜŐō ŕōōŜőŖŏ ʼnŏōŖŌʼn ŊŗŜŐ őŖ ļŐʼnő ʼnŖŌ ĭŖŏŔőśŐ şʼnś śōŖŜ Ŝŗ ŜŐō ļŐʼnőŔʼnŖŌ ĻōŋŝŚőŜőōś ĬōŘŗśőŜŗŚš īŗŴŲ ĴŜŌŴ ŗŖ ŜŐō ĩŘŚőŔ a`thŲ b`ab ʼnŖŌ şʼnś ŘŗśŜōŌ őŖ ŜŐō īŗŕŘʼnŖšÝś ĿōŊśőŜō ŮşşşŴœŋōŜŐʼnőŴőŖŴŜŐů ŗŖ ŜŐō śʼnŕō ŌʼnšŲ ag Ōʼnšś ŘŚőŗŚ Ŝŗ ŜŐō ŕōōŜőŖŏ ŌʼnŜō Ŝŗ ʼnŔŔŗş Ŝőŕō ŎŗŚ ŜŐō śŐʼnŚōŐŗŔŌōŚś Ŝŗ ŚōŞőōş ŕōōŜőŖŏÝś ʼnŏōŖŌʼn ʼnŖŌ ŖōŋōśśʼnŚš őŖŎŗŚŕʼnŜőŗŖ ŚōŏʼnŚŌőŖŏ ŜŐō őśśŝōś Ŝŗ Ŋō ŌōŋőŌōŌ ʼnŜ ŜŐō ŕōōŜőŖŏŴ ļŐō őŖŞőŜʼnŜőŗŖ Ŝŗ ŜŐō ĩįĵ şʼnś ʼnŔśŗ ʼnŖŖŗŝŖŋōŌ őŖ ŊŗŜŐ ļŐʼnő ʼnŖŌ ĭŖŏŔőśŐ ĸŚōśś ŎŚŗŕ ĩŘŚőŔ a`th-12th ŎŗŚ ŜŐŚōō ŋŗŖśōŋŝŜőŞō ŌʼnšśŲ ag Ōʼnšś ŘŚőŗŚ Ŝŗ ŜŐō ĩįĵŴ ļŐō ŌŗŋŝŕōŖŜś ŘŚŗŞőŌōŌ Ŝŗ ŜŐō śŐʼnŚōŐŗŔŌōŚś őŖ b`ab şōŚō ʼnś ŎŗŔŔŗşśĢ ä ļŐō ŔōŜŜōŚ ŗŎ ıŖŞőŜʼnŜőŗŖ Ŝŗ ŜŐō ijīĭ ĩįĵ ŖŗŴbiŵb`ab śŜʼnŜőŖŏ ŜŐō ŌʼnŜōŲ ŜŐō Ŝőŕō ʼnŖŌ ŜŐō ŞōŖŝō ŎŗŚ śŐʼnŚōŐŗŔŌōŚśÝ ŕōōŜőŖŏś ʼnŖŌ ŖōŋōśśʼnŚš őŖŎŗŚŕʼnŜőŗŖ ŚōŏʼnŚŌőŖŏ ŜŐō őśśŝōś Ŝŗ Ŋō ŌōŋőŌōŌ ʼnŜ ŜŐō ŕōōŜőŖŏŴ ĭʼnŋŐ ʼnŏōŖŌʼn şōŚō ŋŔōʼnŚŔš śŘōŋőŎőōŌ şŐōŜŐōŚ őŜ şʼnś ŎŗŚ ʼnŋœŖŗşŔōŌŏōŕōŖŜŲ ʼnŘŘŚŗŞʼnŔ ŗŚ ŎŗŚ ŋŗŖśőŌōŚʼnŜőŗŖŴ ļŐō ŗŘőŖőŗŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼn şʼnś ʼnŔśŗ ŘŚŗŞőŌōŌŴ ä ĵőŖŝŜōś ŗŎ ŜŐō b`aa ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏ ŗŎ ĻŐʼnŚōŐŗŔŌōŚś ĶŗŴ bh ŵ b`aa ä b`aa ĩŖŖŝʼnŔ ĺōŘŗŚŜ ōőŜŐōŚ őŖ ŜŐō ŎŗŚŕʼnŜ ŗŎ ʼn īĬųĺķĵ ŗŚ ŘŚőŖŜōŌ ŋŗŘšŴ ä ĶŗŕőŖʼnŜőŗŖ ŗŎ ĬőŚōŋŜŗŚśĢļŐō Śōśŝŕōś ŗŎ ŜŐō ŌőŚōŋŜŗŚś şŐŗ şōŚō Ŝŗ ŚōŜőŚō Ŋš ŚŗŜʼnŜőŗŖ őŖ ŜŐō šōʼnŚ b`ab şŐŗŕ ŜŐō ĪŗʼnŚŌ ŐʼnŌ ŚōŋŗŕŕōŖŌōŌ ŚōųōŔōŋŜőŗŖś ŎŗŚ ʼnŖŗŜŐōŚ ŜōŚŕŴ ijīĭ ŘŚŗŞőŌōś Ŋʼnśőŋ őŖŎŗŚŕʼnŜőŗŖ ŗŖ ŜŐō ŋʼnŖŌőŌʼnŜōś ŜŐʼnŜ őŖŋŔŝŌō ŖʼnŕōŲ ʼnŏōŲ ŜšŘō ŗŎ ŌőŚōŋŜŗŚśŐőŘŲ ōŌŝŋʼnŜőŗŖŲ ŌőŚōŋŜŗŚÝś ŜŚʼnőŖőŖŏ ŋŗŝŚśōś ʼnŜŜōŖŌōŌŲ ōŠŘōŚőōŖŋōŲ ŐŗŔŌőŖŏ ŘŗśőŜőŗŖś őŖ ŗŜŐōŚ ŊŝśőŖōśśōśŲ ŘʼnŚŜőŋőŘʼnŜőŗŖ őŖ ŕōōŜőŖŏś ŌŝŚőŖŏ ŜŐō ŘŚōŞőŗŝś šōʼnŚ ʼnŖŌ ŗŜŐōŚ ŚōŔōŞʼnŖŜ őŖŎŗŚŕʼnŜőŗŖŴ ä ĩŘŘŗőŖŜŕōŖŜ ŗŎ ĭŠŜōŚŖʼnŔ ĩŝŌőŜŗŚśĢ ĬōŜʼnőŔś ŗŎ ŜŐō ŘŚŗŘŗśōŌ ʼnŝŌőŜŗŚś őŖŋŔŝŌőŖŏ Ŗʼnŕōś ŗŎ ŜŐō ʼnŝŌőŜŗŚś ʼnŖŌ ŜŐōőŚ ʼnŎŎőŔőʼnŜőŗŖ ŎŗŚ ŋŗŖśőŌōŚʼnŜőŗŖŴ ä īŗŕŘʼnŖšÝś ŊšŔʼnşś ŚōŔʼnŜőŖŏ Ŝŗ ŜŐō ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏŴ

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KCE Annual Report 2012

ä ĸŚŗŠš ĮŗŚŕ ʼnś ŚōŋŗŕŕōŖŌōŌ Ŋš ŜŐō ĬōŘʼnŚŜŕōŖŜ ŗŎ ĪŝśőŖōśś ĬōŞōŔŗŘŕōŖŜŲ ĵőŖőśŜŚš ŗŎ īŗŕŕōŚŋō őŖ şŐőŋŐ ōʼnŋŐ őŖŌőŞőŌŝʼnŔ ʼnŏōŖŌʼn ŋʼnŖ Ŋō ŞŗŜōŌ śŘōŋőŎőŋʼnŔŔšŴ ä ĩ ŔőśŜ ŗŎ ŌŗŋŝŕōŖŜś ʼnŖŌ őŌōŖŜőŎőŋʼnŜőŗŖ ŚōřŝőŚōŌ ŎŗŚ ĩįĵ ʼnŜŜōŖŌʼnŖŋō şőŜŐ ōŠŘŔʼnŖʼnŜőŗŖ ŗŎ ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ʼn ŘŚŗŠšŲ ŚōŏőśŜŚʼnŜőŗŖ ŘŚŗŋōśśŲ ŞŗŜőŖŏ ŘŚŗŋōŌŝŚō ʼnŖŌ ŜŐō ŋŗŝŖŜőŖŏ ŗŎ ŜŐō ŞŗŜōśŴ ä ĵʼnŘ ŗŎ ŜŐō ĵōōŜőŖŏ ŞōŖŝōŴ ĻŐʼnŚōŐŗŔŌōŚś şŐŗ ŋʼnŖŖŗŜ ʼnŜŜōŖŌ ŜŐō ŕōōŜőŖŏ ŋʼnŖ ʼnŘŘŗőŖŜ ʼn ŘŚŗŠš Ŝŗ ŜŐō ŕōōŜőŖŏ ŗŚ ʼnŘŘŗőŖŜ ŜŐŚŗŝŏŐ ĸŚŗŠš ĮŗŚŕ ĪŲ ŗŖ şŐőŋŐ ŜŐō śŐʼnŚōŐŗŔŌōŚś ŋʼnŖ śŜʼnŜō ŜŐōőŚ ŞŗŜőŖŏ ŘŚōŎōŚōŖŋōŴ ļŐō Ŗʼnŕōś ʼnŖŌ ŘŚŗŎőŔōś ŗŎ ŜŐō őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚś ʼnŚō ŘŚŗŞőŌōŌ ŎŗŚ śŐʼnŚōŐŗŔŌōŚś ŞŗŜőŖŏ Ŋš ŘŚŗŠšŴ The Meeting ļŐō b`ab ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏ ŗŎ ĻŐʼnŚōŐŗŔŌōŚś şʼnś ŋŐʼnőŚōŌ Ŋš ŜŐō ŋŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌŲ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜŴ ĩŔŔ ŗŎ ŜŐō ijīĭ ŌőŚōŋŜŗŚś ʼnŜŜōŖŌōŌ ŜŐō ĵōōŜőŖŏŴ ĩ ŜŗŜʼnŔ ŗŎ b`b śŐʼnŚōŐŗŔŌōŚś ʼnŜŜōŖŌōŌ ŜŐō ĩįĵ b`abŲ hh śŐʼnŚōŐŗŔŌōŚś ŐŗŔŌőŖŏ afhŲaaeŲbbe śŐʼnŚōś ʼnŜŜōŖŌōŌ ŜŐō ŕōōŜőŖŏ ʼnŖŌ aad śŐʼnŚōŐŗŔŌōŚś ŚōŘŚōśōŖŜōŌ Ŋš ʼnŝŜŐŗŚőŢōŌ ŘŚŗŠš ŐŗŔŌőŖŏ hbŲd`cŲhid śŐʼnŚōśŲ ʼn ŜŗŜʼnŔ ŗŎ be`ŲeaiŲacb śŐʼnŚōśŲ şŐőŋŐ şʼnś ecŴih ŘōŚŋōŖŜ ŗŎ ŜŐō ŘʼnőŌ ŝŘ śŐʼnŚōś ŗŎ dfdŲ`ecŲgfi śŐʼnŚōś ʼnŖŌ ŕŗŚō ŜŐʼnŖ ŗŖō ŜŐőŚŌ ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŘʼnőŌųŝŘ ŋʼnŘőŜʼnŔ ŋŗŖśŜőŜŝŜőŖŏ ʼn řŝŗŚŝŕŴ ļŐō ŕōŕŊōŚś ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś şōŚō ŘŚōśōŖŜ őŖ ŜŐō b`ab ĩįĵ şŐőŋŐ őŖŋŔŝŌōŌ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō ʼnŖŌ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĶŗŕőŖʼnŜőŗŖ ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŴ ijīĭ ŘŚŗŞőŌōŌ b ŐŗŝŚś ŚōŏőśŜŚʼnŜőŗŖ ŘōŚőŗŌ ʼnŖŌ ŝśōŌ ʼn ŋŗŕŘŝŜōŚőŢōŌ ŊʼnŚ ŋŗŌō śšśŜōŕ ŎŗŚ ŚōŏőśŜŚʼnŜőŗŖ ŗŎ śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ŘŚŗŠš ŐŗŔŌōŚś ʼnŖŌ ŞŗŜō ŋŗŝŖŜőŖŏŴ ĻōŘʼnŚʼnŜō ŞŗŜőŖŏ śŔőŘś şōŚō ŘŚŗŞőŌōŌ ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼn őŜōŕśŴ ļŐőś ŘŚŗŋōśś ŘŚŗŞőŌōŌ ʼnŌŌőŜőŗŖʼnŔ ŋŗŖŞōŖőōŖŋō ʼnŖŌ śŘōōŌŴ ĬŝŚőŖŏ ŜŐō ĵōōŜőŖŏŲ śŐʼnŚōŐŗŔŌōŚś şōŚō śŜőŔŔ ʼnŊŔō Ŝŗ ŚōŏőśŜōŚ Ŝŗ ʼnŜŜōŖŌ ŜŐō ĵōōŜőŖŏ ʼnŖŌ ŋʼnśŜ ŞŗŜōś ŗŖ ʼnŏōŖŌʼn őŜōŕś ŖŗŜ šōŜ ŚōśŗŔŞōŌŴ ĵŚśŴļʼnŖšʼnŚʼnŜ ļōśśʼnŔōōŲ ŜŐō īŗŕŘʼnŖšÝś ĻōŋŚōŜʼnŚš ʼnŖŌ ĩŋŋŗŝŖŜőŖŏ ĬőŚōŋŜŗŚŲ şōŔŋŗŕōŌ ŜŐō śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ őŖŜŚŗŌŝŋōŌ ŜŐō ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ ijīĭ ĵʼnŖʼnŏōŕōŖŜŲ ŜŐō ĩŝŌőŜŗŚś ŎŚŗŕ ĭŚŖśŜ Ŭ ŁŗŝŖŏ īŗŴŲ ĴŜŌ ʼnŖŌ ŜŐō ĴōŏʼnŔ īŗŖśŝŔŜʼnŖŜ ŎŚŗŕ īŴĪŴĴʼnşŴ ĩŎŜōŚ ŜŐō ĿōśŜőŖ įŚʼnŖŌō ĻŝœŐŝŕŞőŜ İŗŜōŔÝś ŗŎŎőŋōŚ ōŠŘŔʼnőŖōŌ ŜŐō śʼnŎōŜš ŕōʼnśŝŚōś ʼnŖŌ ŔŗŋʼnŜőŗŖ ŗŎ ŎőŚō ōśŋʼnŘōś őŖ ŋʼnśō ŗŎ ōŕōŚŏōŖŋšŲ ĵŚśŴ ļʼnŖšʼnŚʼnŜ ļōśśʼnŔōōŲ ŘŚŗŞőŌōŌ ʼn śŝŕŕʼnŚš ŚōŏʼnŚŌőŖŏ ŜŐō ŞŗŜōś ŚōŘŚōśōŖŜōŌ ʼnŜ ŜŐō ŕōōŜőŖŏŲ ōŠŘŔʼnőŖōŌ ŜŐō ŞŗŜőŖŏ ŘŚŗŋōŌŝŚōŲ ŞŗŜō ŋŗŝŖŜőŖŏ ŘŚŗŋōśśŲ ŜŐō ŞŗŜőŖŏ ŘŚŗŋōśś Şőʼn ŋŗŕŘŝŜōŚőŢōŌ ŊʼnŚ ŋŗŌōŲ ŜŐō ŞŗŜō ŋŗŔŔōŋŜőŗŖ ŘŚŗŋōśśŲ ʼnŖŌ ŜŐō śŝŕŕʼnŜőŗŖ ŗŎ ŞŗŜōś ʼnś ŎŗŔŔŗşśĢ ä ĩŎŜōŚ ŜŐō ŚōŏőśŜŚʼnŜőŗŖŲ ōʼnŋŐ śŐʼnŚōŐŗŔŌōŚś ŗŚ ŘŚŗŠš ŐŗŔŌōŚś şŗŝŔŌ ŚōŋōőŞō ĩ śōŜ ŗŎ ŞŗŜőŖŏ ŋʼnŚŌśŲ ŗŖō ŋʼnŚŌ ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼn śŜʼnŜōŌ őŖ ŜŐō ŖŗŜőŋō ŗŎ ŜŐō ĩįĵ b`abŴ ĭʼnŋŐ ŞŗŜőŖŏ ŋʼnŚŌ ŐʼnŌ ŜŐō Ŗʼnŕō ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚ ŗŚ ŘŚŗŠšŲ ŜŐō ŖŝŕŊōŚś ŗŎ ŜŐō śŐʼnŚōś ŗşŖōŌ ʼnŖŌ ŜŐō ʼnŏōŖŌʼn Ŝŗ Ŋō ŞŗŜōŌŴ ä ļŐō ĻŐʼnŚōŐŗŔŌōŚś ŋŗŝŔŌ ŞŗŜō Ŝŗ ŌőśʼnŘŘŚŗŞō ŗŚ Ŝŗ ŚōŎŚʼnőŖ ŎŚŗŕ ŞŗŜőŖŏ ʼnŖŌ şōŚō ŚōřŝōśŜōŌ Ŝŗ śőŏŖ ōʼnŋŐ ŞŗŜőŖŏ ŋʼnŚŌŴ ĽŖŕʼnŚœōŌ ŞŗŜőŖŏ ŋʼnŚŌś ʼnŖŌ ŞŗŜőŖŏ ŋʼnŚŌś ŜŐʼnŜ ʼnŚō ŖŗŜ ŚōŜŝŚŖōŌ ʼnŚō Ŝŗ Ŋō ŋŗŖśőŌōŚōŌ ʼnś ʼnŘŘŚŗŞʼnŔŴ ä ļŐō śőŏŖōŌ ŞŗŜőŖŏ ŋʼnŚŌś şōŚō ŋŗŔŔōŋŜōŌ ŎŚŗŕ ŜŐō ĻŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ŜŐō ŘŚŗŠőōś ʼnŎŜōŚ ŜŐō ŞŗŜőŖŏ ŐʼnŌ ŊōōŖ ŋʼnśŜŲ ʼnŎŜōŚ ōʼnŋŐ ʼnŏōŖŌʼn ŐʼnŌ ŊōōŖ ʼnŌŌŚōśśōŌ ʼnŖŌ ŌőśŋŝśśōŌŴ ļŐō ŚōśŝŔŜś ŗŎ ŜŐō ŞŗŜőŖŏ ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼn őś ŌőśŘŔʼnšōŌ ŗŖ ŜŐō śŋŚōōŖ ʼnŖŌ ʼnŔŔ ŞŗŜőŖŏ ŊʼnŔŔŗŜś ʼnŚō œōŘŜŴ

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ä ļŐō īŐʼnőŚŕʼnŖ şŗŝŔŌ ŜŐōŖ ōőŜŐōŚ ŘŚŗŋōōŌ şőŜŐ ŜŐō ŕōōŜőŖŏ ŗŚ şŗŝŔŌ şʼnőŜ ŎŗŚ ŜŐō ŚōśŝŔŜ ŗŎ ŜŐō ŞŗŜō ŋŗŝŖŜ ʼnś ŌōōŕōŌ ʼnŘŘŚŗŘŚőʼnŜōŴ ijīĭ ʼnŘŘŗőŖŜś ŞŗŜőŖŏ ŗŊśōŚŞōŚ ʼnŖŌ őŖśŘōŋŜŗŚ Ŝŗ ŞʼnŔőŌʼnŜō ŜŐō ŞŗŜōś ʼnŜ ŜŐō ĩįĵŴ ä ĩŜ ŜŐō ŋŗŖŋŔŝśőŗŖ ŗŎ ŜŐō ĩįĵ b`abŲ ŜŐō īŐʼnőŚŕʼnŖ śŝŕŕʼnŚőŢōŌ ŜŐō ŚōśŝŔŜś ŗŎ ŜŐō ŞŗŜőŖŏ ŎŗŚ ōʼnŋŐ ŗŎ ŜŐō ʼnŏōŖŌʼn ŎŗŚ ŜŐō ʼnśśōŕŊŔšŴ ļŐō ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŏʼnŞō ŘŚőŗŚőŜš Ŝŗ ʼnŜŜōŖŌőŖŏ ŜŐō b`ab ĩįĵ ʼnŖŌ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŘŚōśőŌōŌ ʼnś ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĩįĵŴ ĩŎŜōŚ şōŔŋŗŕőŖŏ ŜŐō śŐʼnŚōŐŗŔŌōŚśŲ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜŲ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ őŖŜŚŗŌŝŋōŌ ŜŐō ijīĭ ŌőŚōŋŜŗŚś ʼnŖŌ ijīĭ ŕʼnŖʼnŏōŕōŖŜŴ ļŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏ ŋŗŖŌŝŋŜōŌ ŜŐō ŕōōŜőŖŏ Ŋš ʼnŌŌŚōśśőŖŏ ōʼnŋŐ ʼnŏōŖŌʼn ʼnś śŜʼnŜōŌ őŖ ŜŐō őŖŞőŜʼnŜőŗŖ Ŝŗ ŜŐō ĩįĵ biŵb`ab ʼnŖŌ Ŗŗ ŗŜŐōŚ ʼnŏōŖŌʼn şʼnś ʼnŌŌōŌ Ŝŗ ŜŐō b`ab ĩįĵŴ ĬŝŚőŖŏ ŜŐō ĩįĵŲ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚśÝ ŕōōŜőŖŏ ʼnŔŔŗşōŌ śŐʼnŚōŐŗŔŌōŚś ŎŝŔŔ ŗŘŘŗŚŜŝŖőŜš Ŝŗ ʼnśœ řŝōśŜőŗŖś ʼnŖŌ ŕʼnœō ŚōŋŗŕŕōŖŌʼnŜőŗŖśŲ ʼnŖŌ ŘŚŗŞőŌōŌ ŋŗŕŘŚōŐōŖśőŞō ŋŔʼnŚőŎőŋʼnŜőŗŖ şŐōŖ ŚōřŝōśŜōŌŴ ķŜŐōŚ ŌőŚōŋŜŗŚś ʼnŖŌ ŕʼnŖʼnŏōŕōŖŜś ʼnŔśŗ ŋŔʼnŚőŎőōŌ ʼnŖŌ ʼnŖśşōŚōŌ ŚōŔʼnŜōŌ őśśŝōśŴ ļŐō ŕōōŜőŖŏ ŕőŖŝŜōś ʼnŖŌ ŌōŜʼnőŔōŌ ŞŗŜōś ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼn őŜōŕ şōŚō ŚōŋŗŚŌōŌ Ŋš ŜŐō īŗŕŘʼnŖšÝś ĻōŋŚōŜʼnŚšŴ ĻŐʼnŚōŐŗŔŌōŚś şōŚō ŏőŞōŖ śŝŎŎőŋőōŖŜ Ŝőŕō Ŝŗ Řŗśō řŝōśŜőŗŖś ŗŚ ŕʼnœō śŝŏŏōśŜőŗŖśŴ ĬōŜʼnőŔōŌ ʼnŖŌ ōŖŋŗŕŘʼnśśőŖŏ ʼnŖśşōŚś şōŚō ŘŚŗŞőŌōŌ Ŋš ĪŗʼnŚŌ ŕōŕŊōŚś ʼnŖŌ ŕʼnŖʼnŏōŕōŖŜ őŖ ŚōśŘŗŖśō Ŝŗ řŝōśŜőŗŖś ŘŗśōŌ Ŋš śŐʼnŚōŐŗŔŌōŚś ŘŚőŗŚ Ŝŗ ŞŗŜőŖŏŴ ıŖ ŋŗŝŖŜőŖŏ ŞŗŜōśŲ ŜŐō īŗŕŘʼnŖš ʼnŊőŌōŌ śŜŚőŋŜŔš Ŋš őŜś ŗşŖ ŏŝőŌōŔőŖō ŗŎ ŗŖō śŐʼnŚō ŗŖō ŞŗŜō Ŋʼnśőś ʼnŖŌ ʼnŘŘŚŗŞʼnŔ şʼnś ŊʼnśōŌ ŗŖ ŕʼnŒŗŚőŜš ŞŗŜōŴ ļŐō ŞŗŜō şʼnś ŋŗŝŖŜōŌ ʼnś ŗŖō ŞŗŜō ŘōŚ śŐʼnŚō ʼnŖŌ ŜŐō ŚōśŗŔŝŜőŗŖ şʼnś Ŋš ŜŐō ŕʼnŒŗŚőŜš ŞŗŜōśŴ ıŎ ŜŐō ŞŗŜōś şōŚō ōřŝʼnŔŲ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ŕōōŜőŖŏ şŗŝŔŌ ŐʼnŞō ŗŖō ŞŗŜō Ŝŗ ŌōŋőŌō ŊōśőŌōś ŜŐō ŞŗŜōś ōŖŜőŜŔōŌ Ŝŗ ʼnś śŐʼnŚōŐŗŔŌōŚśŴ ļŐō īŗŕŘʼnŖšÝ ś ĻōŋŚōŜʼnŚš ŚōŋŗŚŌōŌ ŜŐō ŚōśŗŔŝŜőŗŖś ŗŎ ŜŐō ŕōōŜőŖŏ Ŋš ŋŔʼnśśőŎšőŖŏ őŖŜŗ ʼnŘŘŚŗŞʼnŔ ŞŗŜōśŲ ŗŊŒōŋŜőŗŖ ŞŗŜōś ʼnŖŌ ʼnŊśŜōŖŜőŗŖ ŞŗŜōś ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼn őŖ şŚőŜőŖŏ ʼnŖŌ ʼnŔśŗ ŚōŋŗŚŌōŌ őŖ ŌōŜʼnőŔśĢ ŜŐō řŝōśŜőŗŖśŲ ŜŐō ʼnŖśşōŚś ʼnŖŌ ŜŐō ŗŘőŖőŗŖś ŕʼnŌō ŌŝŚőŖŏ ŜŐō ŕōōŜőŖŏŴ ĺōśŗŔŝŜőŗŖś şőŜŐ ŞŗŜőŖŏ ŚōśŝŔŜś şōŚō ŚōŋŗŚŌōŌ őŖ ŜŐō śŐʼnŚōŐŗŔŌōŚśÝ ŕōōŜőŖŏ ŕőŖŝŜōśŴ ļŐō b`ab ĩįĵÝś ŌŝŚʼnŜőŗŖ şʼnś ŎŗŚ ʼnŘŘŚŗŠőŕʼnŜōŔš bųc ŐŗŝŚśŲ őŖ şŐőŋŐ ŜŐō ŚōŏőśŜŚʼnŜőŗŖ śŜʼnŚŜōŌ ʼnŜ abŴc` ŘŕŴ ļŐō ŕōōŜőŖŏ ŋŗŕŕōŖŋōŌ ʼnŜ aeŴ`` ŐŚŴ ʼnŖŌ ōŖŌōŌ ʼnŜ agŴc` ŐŚŴ Post AGM ijīĭ śŝŊŕőŜś ŜŐō ŚōśŗŔŝŜőŗŖ ŗŎ ŜŐō ĩįĵ ŜŐŚŗŝŏŐ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ Ŝŗ Ŋō ŘŗśŜōŌ ŗŖ ŜŐō śʼnŕō Ōʼnš ŎŗŚ ŜŐō ŌőśśōŕőŖʼnŜőŗŖ ŗŎ ŜŐō őŖŎŗŚŕʼnŜőŗŖŴ ĿőŜŐőŖ ad Ōʼnšś ŘŗśŜ ĩįĵŲ ŜŐō ŚōśŗŔŝŜőŗŖś ʼnŖŌ ŜŐō ŞŗŜőŖŏ ŚōśŝŔŜś ŗŎ ŜŐō ĩįĵ ŜŗŏōŜŐōŚ şőŜŐ ŜŐō ŌōŜʼnőŔōŌ ŚōŋŗŚŌ ŗŎ ŜŐō řŝōśŜőŗŖśŲ ŜŐō ʼnŖśşōŚśŲ ŜŐō ŋŗŕŕōŖŜś ʼnŖŌ ŜŐō ŗŘőŖőŗŖś ŌŝŚőŖŏ ŜŐō ŕōōŜőŖŏ şōŚō ŚōŘŗŚŜōŌ Ŝŗ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ŮĻĭļů ʼnŖŌ ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō īŗŕŕőśśőŗŖ ŮĻĭīů ʼnŖŌ şōŚō ʼnŔśŗ ŘŗśŜōŌ őŖ ŜŐō ŋŗŕŘʼnŖšÝś şōŊśőŜōĢ şşşŴœŋōŜŐʼnőŴőŖŴŜŐŴ ĮŗŚ ŜŐō ĩįĵ ŐōŔŌ őŖ b`abŲ ŜŐō ļŐʼnő ıŖŞōśŜŗŚś ĩśśŗŋőʼnŜőŗŖ ʼnŖŌ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ŚʼnŜōŌ ijīĭ ĩįĵ b`ab őŖ ŜŐō ßľōŚš įŗŗŌà ŋʼnŜōŏŗŚšŲ şőŜŐ ʼn śŋŗŚō őŖ ŜŐō ŚʼnŖŏō ŗŎ h`ųhiŴ ļŐō ŚōŋŗŕŕōŖŌʼnŜőŗŖś ŕʼnŌō ŜŐŚŗŝŏŐ ŜŐō ʼnśśōśśŕōŖŜ şőŔŔ Ŋō őŖŜōŏŚʼnŜōŌ őŖ ŎŝŜŝŚō ĩįĵ ŎŗŚ ŎŝŚŜŐōŚ őŕŘŚŗŞōŕōŖŜŴ

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2. Equitable Treatment of Shareholders ijīĭ ŚōŋŗŏŖőŢōś ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ ʼnŔŔ śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ʼnŌŐōŚōś Ŝŗ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ŘŚʼnŋŜőŋō Ŝŗ ōŖśŝŚō ŜŐō ōřŝőŜʼnŊŔō ŜŚōʼnŜŕōŖŜ ŗŎ ʼnŔŔ śŐʼnŚōŐŗŔŌōŚśŴ ļŐōŚō őś Ŗŗ ŌőśŋŚőŕőŖʼnŜőŗŖ ŗŎ śŐʼnŚōŐŗŔŌōŚś şŐōŜŐōŚ ŕʼnŒŗŚ ŗŚ ŕőŖŗŚŲ ŎŗŚōőŏŖ ŗŚ őŖśŜőŜŝŜőŗŖʼnŔŴ ļŐō śŐʼnŚōŐŗŔŌōŚś ʼnŚō ŘŚŗŜōŋŜōŌ ŎŚŗŕ ʼnŊŝśőŞō ʼnŋŜőŗŖ ŊšŲ ŗŚ őŖ ŜŐō őŖŜōŚōśŜ ŗŎ ŋŗŖŜŚŗŔŔőŖŏ śŐʼnŚōŐŗŔŌōŚś ʼnŋŜőŖŏ ŌőŚōŋŜŔš ŗŚ őŖŌőŚōŋŜŔšŴ ijīĭÝś ŏŝőŌōŔőŖō Ŝŗ ŎŗśŜōŚ ōřŝőŜʼnŊŔō ŜŚōʼnŜŕōŖŜ ŗŎ śŐʼnŚōŐŗŔŌōŚś őŖŋŔŝŌōś ŜŐō ŎŗŔŔŗşőŖŏŴ 2.1 Designation of proxies to the Annual General Meeting of Shareholders ĩŔŔ śŐʼnŚōŐŗŔŌōŚś ŚōŋōőŞōŌ ōřŝőŜʼnŊŔō ʼnŖŌ ŎʼnőŚ ŜŚōʼnŜŕōŖŜ ʼnŖŌ Ŝŗ ŕʼnőŖŜʼnőŖ ŜŐō ŚőŏŐŜś Ŝŗ ŜŐō ĩįĵ ōőŜŐōŚ őŖ ŘōŚśŗŖ ŗŚ Ŋš ŘŚŗŠšŴ ĻŐʼnŚōŐŗŔŌōŚś ŕʼnš ʼnŔśŗ ŌōŔōŏʼnŜō ŜŐōőŚ ŞŗŜōś Ŝŗ ʼnŖš ŗŎ ŜŐō ijīĭ őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚśŴ ļŐō Ŗʼnŕōś ʼnŖŌ ŌōŜʼnőŔś ŗŎ ōʼnŋŐ őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚ şōŚō śōŖŜ şőŜŐ ŜŐō ŘŚŗŠš ŎŗŚŕś ʼnś ŌōŎőŖōŌ Ŋš ŜŐō ĵőŖőśŜŚš ŗŎ īŗŕŕōŚŋō şőŜŐŗŝŜ ŋŗŖŌőŜőŗŖŴ ĩŔŔ őŖŎŗŚŕʼnŜőŗŖ şʼnś ŘŚŗŞőŌōŌ ŊŗŜŐ őŖ ļŐʼnő ʼnŖŌ őŖ ĭŖŏŔőśŐŴ ĩŔŔ ŌŗŋŝŕōŖŜś śōŖŜ Ŝŗ ŎŗŚōőŏŖ śŐʼnŚōŐŗŔŌōŚś şōŚō ŜŚʼnŖśŔʼnŜōŌ őŖŜŗ ĭŖŏŔőśŐŴ ļŐō īŗŕŘʼnŖšÝś ŘŚŗŠš ŎŗŚŕś ŋŗŕŘŔš şőŜŐ ŜŐō ŚōŏŝŔʼnŜőŗŖś ŗŎ ŜŐō ĪŝśőŖōśś ĬōŞōŔŗŘŕōŖŜ ĪŝŚōʼnŝ ŗŎ ŜŐō ĵőŖőśŜŚš ŗŎ ŋŗŕŕōŚŋō şŐőŋŐ ŚōŋŗŕŕōŖŌōŌ ŜŐʼnŜ ōʼnŋŐ ʼnŏōŖŌʼn ŋʼnŖ Ŋō ŞŗŜōŌ śŘōŋőŎőŋʼnŔŔš ʼnŖŌ śōŘʼnŚʼnŜōŔšŴ ıŖ b`abŲ ŜŐō ŘŚŗŠš ŎŗŚŕś śōŖŜ şőŜŐ ĩŖŖŝʼnŔ ĺōŘŗŚŜ Ŝŗ ʼnŔŔ śŐʼnŚōŐŗŔŌōŚś ag Ōʼnšś ŘŚőŗŚ Ŝŗ ŜŐō ĩįĵ ŋŗŖŜʼnőŖ ŜŐō ŎŗŔŔŗşőŖŏ őŖśŜŚŝŋŜőŗŖś ŎŗŚ ŜŐō śŐʼnŚōŐŗŔŌōŚśĢ 1. In the event that the shareholder is a natural person:

aŴa ĩŜŜōŖŌʼnŖŋō őŖ ŘōŚśŗŖĢ ĩ ŞʼnŔőŌ ŗŎŎőŋőʼnŔ ıĬ ŋʼnŚŌ őŖ şŐōŚō ʼn ŘŐŗŜŗŏŚʼnŘŐ őś śŐŗşŖŲ ōŴŏŴ ŘōŚśŗŖʼnŔ ıĬ ŋʼnŚŌŲ ŌŚőŞōŚ ŔőŋōŖśōŲ ŗŚ ŘʼnśśŘŗŚŜŴ aŴb ĩŜŜōŖŌʼnŖŋō Ŋš ŘŚŗŠšĢ Ůʼnů ʼn ŘŚŗŠš ŎŗŚŕŲ ŜŐō ŎŗŚŕ ŗŎ şŐőŋŐ őś ʼnŜŜʼnŋŐōŌ ŐōŚōŜŗ ŜŗŏōŜŐōŚ şőŜŐ ŜŐō ŖŗŜőŋō ŎŗŚ ŋʼnŔŔőŖŏ ŜŐō ʼnŖŖŝʼnŔ ŏōŖōŚʼnŔ ŕōōŜőŖŏ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚśŲ ŜŐʼnŜ őś ŋŗŕŘŔōŜōŔš ŎőŔŔōŌŲ śőŏŖōŌ Ŋš ŜŐō ŘŚŗŠš ŏŚʼnŖŜŗŚ ŮŜŐō śŐʼnŚōŐŗŔŌōŚů ʼnŖŌ ŜŐō ŘŚŗŠšģ ŮŊů ʼn ŋŗŘš ŗŎ ŜŐō ŘŚŗŠš ŏŚʼnŖŜŗŚÝś ŗŎŎőŋőʼnŔ ıĬ ŋʼnŚŌ ʼnś ŚōŎōŚŚōŌ Ŝŗ őŖ aŴa ŋōŚŜőŎőōŌ ŜŚŝō ʼnŖŌ ŋŗŚŚōŋŜ Ŋš ŜŐō ŘŚŗŠš ŏŚʼnŖŜŗŚģ ʼnŖŌ Ůŋů ʼnŖ ŗŚőŏőŖʼnŔ ŗŎ ŜŐō ŘŚŗŠšÝś ŗŎŎőŋőʼnŔ ıĬ ŋʼnŚŌ ʼnś ŚōŎōŚŚōŌ Ŝŗ őŖ aŴaŴ

2. In the event that the shareholders is a juristic person:

KCE Annual Report 2012

bŴa ĩŜŜōŖŌʼnŖŋō őŖ ŘōŚśŗŖ Ŋš ʼnŖ ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞō ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚ Ģ Ůʼnů ʼnŖ ŗŚőŏőŖʼnŔ ŗŎ śŝŋŐ ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞōÝś ŗŎŎőŋőʼnŔ ıĬ ŋʼnŚŌ ʼnś ŚōŎōŚŚōŌ Ŝŗ őŖ aŴa ģ ʼnŖŌ ŮŊů ʼn ŋŗŘš ŗŎ ŜŐō ĩŎŎőŌʼnŞőŜ ŗŚ īōŚŜőŎőŋʼnŜō ŗŎ ıŖŋŗŚŘŗŚʼnŜőŗŖ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚ śŐŗşőŖŏ ŜŐō Ŗʼnŕō ŗŎ śŝŋŐ ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞō ʼnś ʼn ŘōŚśŗŖ ŐʼnŞőŖŏ ŘŗşōŚ ʼnŖŌ ʼnŝŜŐŗŚőŜš Ŝŗ ʼnŋŜ ŗŖ ŜŐō śŐʼnŚōŐŗŔŌōŚÝś ŊōŐʼnŔŎ ʼnŖŌ śŝŋŐ ŋŗŘš ŗŎ ŜŐō ĩŎŎőŌʼnŞőŜ ŗŚ īōŚŜőŎőŋʼnŜō ŗŎ ıŖŋŗŚŘŗŚʼnŜőŗŖ ŕŝśŜ Ŋō ŋōŚŜőŎőōŌ ŜŚŝō ʼnŖŌ ŋŗŚŚōŋŜ Ŋš śŝŋŐ ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞōŴ bŴb ĩŜŜōŖŌʼnŖŋō Ŋš ŘŚŗŠšĢ Ůʼnů ʼn ŘŚŗŠš ŎŗŚŕŲ ŜŐō ŎŗŚŕ ŗŎ şŐőŋŐ őś ʼnŜŜʼnŋŐōŌ ŐōŚōŜŗ ŜŗŏōŜŐōŚ şőŜŐ ŜŐō ŖŗŜőŋō ŎŗŚ ŋʼnŔŔőŖŏ ŜŐō ʼnŖŖŝʼnŔ ŏōŖōŚʼnŔ ŕōōŜőŖŏ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚśŲ ŜŐʼnŜ őś ŋŗŕŘŔōŜōŔš ŎőŔŔōŌŲ śőŏŖōŌ Ŋš ŜŐō ŘŚŗŠš ŏŚʼnŖŜŗŚ ŮŜŐō śŐʼnŚōŐŗŔŌōŚů ʼnŖŌ ŜŐō ŘŚŗŠšģ

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ŮŊů ʼn ŋŗŘš ŗŎ ŜŐō ĩŎŎőŌʼnŞőŜ ŗŚ īōŚŜőŎőŋʼnŜō ŗŎ ıŖŋŗŚŘŗŚʼnŜőŗŖ ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚ śŐŗşőŖŏ ŜŐʼnŜ ŜŐō Ŗʼnŕō ŗŎ ŜŐō ŘōŚśŗŖ şŐŗ śőŏŖś őŖ ŜŐō ŘŚŗŠš ŎŗŚŕ ʼnś ŜŐō ŘŚŗŠš ŏŚʼnŖŜŗŚ őś ʼnŖ ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞō ŗŎ ŜŐō śŐʼnŚōŐŗŔŌōŚ ŐʼnŞőŖŏ ŘŗşōŚ ʼnŖŌ ʼnŝŜŐŗŚőŜš Ŝŗ ʼnŋŜ ŗŖ ŜŐō śŐʼnŚōŐŗŔŌōŚÝś ŊōŐʼnŔŎ ʼnŖŌ śŝŋŐ ŋŗŘš ŗŎ ŜŐō ĩŎŎőŌʼnŞőŜ ŗŚ īōŚŜőŎőŋʼnŜō ŗŎ őŖŋŗŚŘŗŚʼnŜőŗŖ ŕŝśŜ Ŋō ŋōŚŜőŎőōŌ ŜŚŝō ʼnŖŌ ŋŗŚŚōŋŜ Ŋš śŝŋŐ ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞōģ ʼnŖŌ Ůŋů ʼnŖ ŗŚőŏőŖʼnŔ ŗŎ ŜŐō ŘŚŗŠšÝś ŗŎŎőŋőʼnŔ ıĬ ŋʼnŚŌ ʼnś ŚōŎōŚŚōŌ Ŝŗ őŖ aŴa

3. In the event that the shareholder is a non-Thai shareholder or is a juristic person incorporated under foreign laws:

ĸŚŗŞőśőŗŖś śŘōŋőŎőōŌ őŖ ŘʼnŚʼnŏŚʼnŘŐś ŖŗśŴa ʼnŖŌ b ʼnŊŗŞō śŐʼnŔŔ Ŋō ʼnŘŘŔőōŌ ŕŝŜʼnŜőś ŕŝŜʼnŖŌőś Ŝŗ ʼn ŖŗŖųļŐʼnő śŐʼnŚōŐŗŔŌōŚ ŗŚŲ ʼnś ŜŐō ŋʼnśō ŕʼnšŲ Ŋō ʼn śŐʼnŚōŐŗŔŌōŚ şŐőŋŐ őś ŒŝŚőśŜőŋ ŘōŚśŗŖ őŖŋŗŚŘŗŚʼnŜōŌ ŝŖŌōŚ ŎŗŚōőŏŖ Ŕʼnşś śŝŊŒōŋŜ Ŝŗ ŜŐō ŎŗŔŔŗşőŖŏ ŋŗŖŌőŜőŗŖśĢ Ůʼnů ĩŎŎőŌʼnŞőŜ ŗŚ īōŚŜőŎőŋʼnŜō ŗŎ ıŖŋŗŚŘŗŚʼnŜőŗŖ ŗŎ śŝŋŐ ŒŝŚőśŜőŋ ŘōŚśŗŖ ŕʼnš Ŋō őśśŝōŌ Ŋš ōőŜŐōŚ ŜŐō ŏŗŞōŚŖŕōŖŜʼnŔ ʼnŝŜŐŗŚőŜš ŗŎ ŜŐō ŋŗŝŖŜŚš őŖ şŐōŚō śŝŋŐ ŒŝŚőśŜőŋ ŘōŚśŗŖ őś śőŜŝʼnŜōŌ ŗŚ Ŋš ʼnŖ ŗŎŎőŋōŚ ŗŎ śŝŋŐ ŒŝŚőśŜőŋ ŘōŚśŗŖŲ ŘŚŗŞőŌōŌ ŜŐʼnŜ śŝŋŐ ʼnŖ ĩŎŎőŌʼnŞőŜ ŗŚ īōŚŜőŎőŋʼnŜō ŗŎ ıŖŋŗŚŘŗŚʼnŜőŗŖ ŕŝśŜ ŋŗŖŜʼnőŖ ŜŐō Ŗʼnŕō ŗŎ ŜŐō ŒŝŚőśŜőŋ ŘōŚśŗŖŲ ŜŐō ʼnŌŌŚōśś ŗŎ ŜŐō ŐōʼnŌ ŗŎŎőŋō ŗŎ ŜŐō ŒŝŚőśŜőŋ ŘōŚśŗŖŲ ʼnŖŌ ŜŐō ŖʼnŕōŮśů ŗŎ ŜŐō ŘōŚśŗŖŮśů ŐʼnŞőŖŏ ʼnŝŜŐŗŚőŜš Ŝŗ śőŏŖ ŗŖ ŊōŐʼnŔŎ ŗŎ ŜŐō ŒŝŚőśŜőŋ ŘōŚśŗŖ ŜŗŏōŜŐōŚ şőŜŐ ʼnŖš ŚōśŜŚőŋŜőŗŖś ŗŚ ŋŗŖŌőŜőŗŖś ŗŎ ŜŐō ŘŗşōŚ ŗŎ śŝŋŐ ŘōŚśŗŖŮśůģ ʼnŖŌ ŮŊů ĭŖŏŔőśŐ ŜŚʼnŖśŔʼnŜőŗŖ őś ŚōřŝőŚōŌ Ŝŗ Ŋō ʼnŜŜʼnŋŐōŌ ŎŗŚ ʼnŖš ŗŚőŏőŖʼnŔ ŌŗŋŝŕōŖŜ şŐőŋŐ őś ŖŗŜ ŕʼnŌō őŖ ĭŖŏŔőśŐ ʼnŖŌ śŝŋŐ ŜŚʼnŖśŔʼnŜőŗŖ ŕŝśŜ Ŋō ŋōŚŜőŎőōŌ Ŋš ŜŐō ʼnŝŜŐŗŚőŢōŌ ŚōŘŚōśōŖŜʼnŜőŞōŮśů ŗŎ śŝŋŐ ŒŝŚőśŜőŋ ŘōŚśŗŖŴ

2.2 Facilitation for the shareholders to attend AGM ijīĭ ōŖśŝŚōś ŜŐō ōřŝőŜʼnŊŔō ŜŚōʼnŜŕōŖŜ ŗŎ ʼnŔŔ śŐʼnŚōŐŗŔŌōŚśŲ őŖŋŔŝŌőŖŏ ŕőŖŗŚőŜš ʼnŖŌ ŎŗŚōőŏŖ śŐʼnŚōŐŗŔŌōŚśŴ ĩŔŔ śŐʼnŚōŐŗŔŌōŚś ŐʼnŞō ŜŐō ŚőŏŐŜ Ŝŗ ŎʼnőŚ ŘŚʼnŋŜőŋō şőŜŐŗŝŜ ŌőśŋŚőŕőŖʼnŜőŗŖŴ ĺōŏőśŜŚʼnŜőŗŖ Ŝŗ ʼnŜŜōŖŌ ŜŐō ĩįĵ ŊōŏʼnŖ b ŐŗŝŚś ŘŚőŗŚ Ŝŗ ŜŐō ŋŗŕŕōŖŋōŕōŖŜ ŗŎ ŜŐō ŕōōŜőŖŏ ʼnŖŌ ŋŗŖŜőŖŝōŌ ŜŐŚŗŝŏŐ ŜŐō ōŖŌ ŗŎ ŜŐō ĩįĵŴ ĩįĵ ŚōŏőśŜŚʼnŜőŗŖ śŜʼnŚŜōŌ ʼnŜ abŴc` ŐŚśŴ ʼnŜ ŜŐō ĪʼnŔŔŚŗŗŕ ĪŲ ŲĿōśŜőŖ įŚʼnŖŌ ĻŝœŐŝŕŞőŜ İŗŜōŔŴ ļŐō ŞōŖŝō şʼnś ŋŐŗśōŖ ŎŗŚ ŜŐō ĩįĵ ŎŗŚ őŜś ŋŗŖŞōŖőōŖŜ ŔŗŋʼnŜőŗŖ ʼnŖŌ Ŝŗ ŎʼnŋőŔőŜʼnŜō ʼnŋŋōśśőŊőŔőŜš ŎŗŚ ŜŐō śŐʼnŚōŐŗŔŌōŚśŴ ijīĭ śŜʼnŎŎ şʼnś ŘŚōśōŖŜōŌ ʼnŜ ŜŐō ŕōōŜőŖŏ Ŝŗ ŘŚŗŞőŌō őŖŎŗŚŕʼnŜőŗŖ ŚōŏʼnŚŌőŖŏ ŚōŏőśŜŚʼnŜőŗŖŲ Ŝŗ ŋŗŔŔōŋŜ ʼnŖŌ Ŝŗ ŋŗŝŖŜ ŞŗŜō ŊʼnŔŔŗŜśŲ Ŝŗ ŋŗŔŔōŋŜ řŝōśŜőŗŖś ʼnŖŌ Ŝŗ ŘŚŗŞőŌō ʼnŖš ʼnśśőśŜʼnŖŋō ŜŐʼnŜ şōŚō ŚōřŝőŚōŌŴ

ä ijīĭ ŗŚŏʼnŖőŢōŌ ʼn śšśŜōŕʼnŜőŋ ʼnŖŌ ōŎŎōŋŜőŞō ŊʼnŚ ŋŗŌō ŚōŏőśŜŚʼnŜőŗŖ ŘŚŗŋōśś Ŝŗ ŎʼnŋőŔőŜʼnŜō ŜŐō śŐʼnŚōŐŗŔŌōŚś ʼnŜŜōŖŌőŖŏ ŜŐō ŕōōŜőŖŏŴ ĻŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ŜŐōőŚ ŘŚŗŠőōś şōŚō ōŠŘōŌőŜōŌ ŜŐŚŗŝŏŐ ŜŐō ŚōŏőśŜŚʼnŜőŗŖ ŘŚŗŋōśś şőŜŐ ʼn ŔʼnŚŏō ŖŝŕŊōŚ ŗŎ śŜʼnŎŎ ŗŖ ŐʼnŖŌ Ŝŗ ŎʼnŋőŔőŜʼnŜō ŜŐō ŘŚŗŋōśśŴ ä ĩŔŔ śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ ŘŚŗŠőōś şōŚō ŘŚŗŞőŌōŌ şőŜŐ ŜŐō ŞŗŜőŖŏ śŔőŘśŲ ŗŖō ŎŗŚ ōʼnŋŐ ʼnŏōŖŌʼnŴ ä ĻŐʼnŚōŐŗŔŌōŚś şōŚō ŗŎŎōŚōŌ śŖʼnŋœśŲ śŗŝŞōŖőŚś ʼnŖŌ ŚōŎŚōśŐŕōŖŜśŴ

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Voting Cards Procedure at the AGM ijīĭ ŝśōś ŞŗŜőŖŏ ŋʼnŚŌś ŎŗŚ ʼnŔŔ ĵōōŜőŖŏ ʼnŏōŖŌʼnś ʼnŖŌ ŚōŜʼnőŖōŌ ŞŗŜőŖŏ ŋʼnŚŌś ŗŎ ŜŐŗśō şŐŗ ŌőŌ ŖŗŜ ʼnŏŚōō şőŜŐ ĵōōŜőŖŏ ŚōśŗŔŝŜőŗŖś ŗŚ ʼnŊśŜʼnőŖōŌ ŎŚŗŕ ōŠōŚŋőśőŖŏ ŜŐōőŚ ŚőŏŐŜśŴ ĮŗŚ ŜŐō ĬőŚōŋŜŗŚ ĭŔōŋŜőŗŖ ĩŏōŖŌʼnŲ ŜŐō ŘŚŗŘŗśōŌ ŖŗŕőŖōōś Ŝŗ ŚōŘŔʼnŋō ŞʼnŋʼnŖŋőōś ʼnŚőśőŖŏ Ŋš ŚŗŜʼnŜőŗŖ şōŚō ŋŗŖśőŌōŚōŌ őŖŌőŞőŌŝʼnŔŔšŴ 2.3 Prevention of use of internal information by directors and staff. ĵōʼnśŝŚōś ŐʼnŞō ŊōōŖ ŜʼnœōŖ Ŝŗ ŘŚōŞōŖŜ őŖśőŌōŚ ŜŚʼnŌőŖŏ ʼnŖŌ ŜŐō ŕőśŝśō ŗŎ őŖŜōŚŖʼnŔ őŖŎŗŚŕʼnŜőŗŖ Ŋš ŜŐō īŗŕŘʼnŖšÝś ĪŗʼnŚŌ ŕōŕŊōŚśŲ ŕʼnŖʼnŏōŕōŖŜ ʼnŖŌ śŜʼnŎŎ őŖŋŔŝŌőŖŏ ŜŐōőŚ śŘŗŝśōś ʼnŖŌ ŜŐōőŚ ŝŖŌōŚų ʼnŏōŌ ŋŐőŔŌŚōŖŴ ĪŗʼnŚŌ ŕōŕŊōŚś ʼnŖŌ ŜŐŗśō şŐŗ ŐʼnŞō ŚōŜőŚōŌ ŎŚŗŕ ŗŎŎőŋō ŗŎ Ŗŗ ŕŗŚō ŜŐʼnŖ f ŕŗŖŜŐś ʼnŚō ŘŚŗŐőŊőŜōŌ ŎŚŗŕ ŕʼnœőŖŏ ʼnŖš ŜŚʼnŖśʼnŋŜőŗŖś őŖ ŚōŏʼnŚŌś Ŝŗ ijīĭ śŐʼnŚōś ŎŚŗŕ a ŕŗŖŜŐ ŘŚőŗŚ ʼnŖŌ c Ōʼnšś ŘŗśŜųŌőśŋŔŗśŝŚō ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŎőŖʼnŖŋőʼnŔ ŘōŚŎŗŚŕʼnŖŋōŴ ļŐō īŗŕŘʼnŖšÝś ĪŗʼnŚŌ ŕōŕŊōŚś ʼnŖŌ őŜś ōŠōŋŝŜőŞōś ʼnŚō ŚōřŝőŚōŌ Ŝŗ ŌőśŋŔŗśō ŜŐōőŚ őŖŞōśŜŕōŖŜś őŖ ijīĭ śŐʼnŚōśŴ ĺōŘŗŚŜś ŗŎ ŜŐōőŚ ŐŗŔŌőŖŏ ŕŝśŜ Ŋō ŝŘŌʼnŜōŌ ʼnŖŌ śŝŊŕőŜŜōŌ Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŗŖ ʼn ŚōŏŝŔʼnŚ ŊʼnśőśŴ ĩŔŔ ŌőŚōŋŜŗŚś ʼnŖŌ ōŠōŋŝŜőŞōś ʼnŚō Ŝŗ ŌőśŋŔŗśō Ŝŗ ŜŐō ŊŗʼnŚŌ şŐōŜŐōŚ ŜŐōš ʼnŖŌ ŜŐōőŚ ŚōŔʼnŜōŌ ŘʼnŚŜőōś ŐʼnŞō őŖŜōŚōśŜ őŖ ʼnŖš ŜŚʼnŖśʼnŋŜőŗŖ ŗŚ ŕʼnŜŜōŚ ŌőŚōŋŜŔš ʼnŎŎōŋŜőŖŏ ŜŐō ŋŗŕŘʼnŖšŴ ļŐōŚō şōŚō Ŗŗ ŚōŔʼnŜōŌ ų ŘʼnŚŜš ŜŚʼnŖśʼnŋŜőŗŖś őŖ b`abŴ Penalty regarding the use of internal information by executives and employee ä ļŐō īŗŕŘʼnŖš Őʼnś őŖśŜőŜŝŜōŌ ŕōʼnśŝŚōś Ŝŗ ŘŚōŞōŖŜ ŜŐō ŝśō ŗŎ ŜŐō īŗŕŘʼnŖšÝś őŖŎŗŚŕʼnŜőŗŖ Ŋš ŘŚŗŐőŊőŜőŖŏ ŜŐō ŝŖőŜś Ŝŗ şŐőŋŐ ŜŐō őŖŎŗŚŕʼnŜőŗŖ őś ŕʼnŌō œŖŗşŖ ŎŚŗŕ ŌőśŋŔŗśőŖŏ śŝŋŐ őŖŎŗŚŕʼnŜőŗŖ Ŝŗ őŚŚōŔōŞʼnŖŜ ŝŖőŜś ŗŚ ŘōŚśŗŖśŴ ä ļŐō īŗŕŘʼnŖš ōŠōŋŝŜőŞōś şŐŗ ŗŊŜʼnőŖ ŜŐō īŗŕŘʼnŖšÝś ŎőŖʼnŖŋőʼnŔ őŖŎŗŚŕʼnŜőŗŖ śŐʼnŔŔ ŖŗŜ ŘōŚśŗŖʼnŔŔš ŝśō śŝŋŐ őŖŎŗŚŕʼnŜőŗŖ ŘŚőŗŚ Ŝŗ ŘŝŊŔőŋ ŌőśŋŔŗśŝŚō ʼnŖŌ şőŔŔ ŚōŎŚʼnőŖ ŎŚŗŕ ŜŐō ŜŚʼnŌőŖŏ ŗŎ ŜŐō īŗŕŘʼnŖšÝś śōŋŝŚőŜőōś ŎŗŚ ʼn ŘōŚőŗŌ ŗŎ ŗŖō ŕŗŖŜŐ ŘŚőŗŚ Ŝŗ ŜŐō ŘŝŊŔőŋ ŌőśŋŔŗśŝŚō ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜśŴ ä ĽŘŗŖ ŜŐō ŔőśŜőŖŏ ŗŎ ŜŐō īŗŕŘʼnŖšÝś śōŋŝŚőŜőōś ŗŖ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌŲ ŜŐō īŗŕŘʼnŖš ŚōřŝőŚōś ŜŐʼnŜ ŜŐō ŌőŚōŋŜŗŚś ʼnŖŌ ōŠōŋŝŜőŞōś śŐʼnŔŔ ŐʼnŞō ŜŐō ŌŝŜš Ŝŗ ŚōŘŗŚŜ ŜŐōőŚ ŐŗŔŌőŖŏ ŗŎ ŜŐō īŗŕŘʼnŖš śōŋŝŚőŜőōś ŝŖŌōŚ ĻōŋŜőŗŖ ei ŗŎ ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō ĩŋŜ ĪŴĭŴ bece ʼnŖŌ śŐʼnŔŔ ŋŗŕŘŔš şőŜŐ ŜŐō ĶŗŜőŎőŋʼnŜőŗŖ ŗŎ ŜŐō ķŎŎőŋō ŗŎ ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō īŗŕŕőśśőŗŖ ĶŗŴ ĻŗŚIJŗŚ adŵbed`Ų ŌʼnŜōŌ ĵʼnš baŲ aiig ŚōĢ ĸŚōŘʼnŚʼnŜőŗŖ ʼnŖŌ ĬőśŋŔŗśŝŚō ŗŎ ŜŐō İŗŔŌőŖŏ ŗŎ ĻōŋŝŚőŜőōśŴ ĶŗŖųŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐőś ŘŚŗŞőśőŗŖ şőŔŔ Ŋō śŝŊŒōŋŜ Ŝŗ ʼn ŘōŖʼnŔŜš ŝŖŌōŚ ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō ĩŋŜ ĪŴĭŴ bece ʼnŖŌ ŝŖŌōŚ ŜŐō ŚōřŝőŚōŕōŖŜś ŗŎ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌŴ ļŐō īŗŕŘʼnŖš şőŔŔ ʼnŔśŗ Ŝʼnœō ŘŚŗŘōŚ ŌőśŋőŘŔőŖʼnŚš ʼnŋŜőŗŖĢ ŞōŚŊʼnŔ ŗŚ şŚőŜŜōŖ ŚōŘŚőŕʼnŖŌŲ ŘŚŗŊʼnŜőŗŖŲ ŜōŚŕőŖʼnŜőŗŖ ŗŎ ōŕŘŔŗšŕōŖŜ Ŋš śŝŕŕʼnŚš ŌőśŕőśśʼnŔŲ ŌőśŋŐʼnŚŏō ŗŚ ŌōŘŗśőŜőŗŖŲ ʼnŏʼnőŖśŜ ŜŐō ŘōŚśŗŖś şŐŗ ʼnŋřŝőŚō ŊōŖōŎőŜ őŖ ŝśőŖŏ ŗŚ ŌőśŋŔŗśőŖŏ ŜŐō īŗŕŘʼnŖšÝś őŖŜōŚŖʼnŔ őŖŎŗŚŕʼnŜőŗŖŲ şŐőŋŐ ŕʼnš ŋʼnŝśō Ōʼnŕʼnŏō Ŝŗ ŜŐō īŗŕŘʼnŖšŴ ļŐō śōŞōŚőŜš ŗŎ ŘŝŖőśŐŕōŖŜ śŐʼnŔŔ Ŋō ʼnŘŘŚŗŘŚőʼnŜō Ŝŗ ŜŐō őŖŜōŖŜőŗŖ ʼnŖŌ śōŞōŚőŜš ŗŎ śŝŋŐ ŗŎŎōŖŋōŴ Conflict of interest and Related Party Transaction ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś Ōŗōś ŖŗŜ ʼnŔŔŗş ŌőŚōŋŜŗŚśŲ ōŠōŋŝŜőŞōś ʼnŖŌ śŜʼnŎŎ Ŝŗ śōōœ ŘōŚśŗŖʼnŔ ŏʼnőŖś ŗŚ Ŝŗ ōŖŏʼnŏō őŖ ŊŝśőŖōśś őŖ ŌőŚōŋŜ ŋŗŕŘōŜőŜőŗŖ şőŜŐ ŜŐō ŋŗŕŘʼnŖš ŗŚ őŖ ŜŚʼnŖśʼnŋŜőŗŖś ŜŐʼnŜ ŕʼnš ŔōʼnŌ Ŝŗ

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ʼn ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜś şőŜŐ ŜŐō īŗŕŘʼnŖšŴ ıŎ śŝŋŐ ʼn ŜŚʼnŖśʼnŋŜőŗŖ őś ŝŖʼnŞŗőŌʼnŊŔōŲ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś śŐʼnŔŔ ōŖśŝŚō ŜŐʼnŜ ŜŐō ŜŚʼnŖśʼnŋŜőŗŖ őś ŋʼnŚŚőōŌ ŗŝŜ şőŜŐ ŜŚʼnŖśŘʼnŚōŖŋš ʼnŖŌ ŎʼnőŚŖōśś śőŕőŔʼnŚ Ŝŗ ŜŚʼnŖśʼnŋŜőŗŖś ŋʼnŚŚőōŌ ŗŝŜ şőŜŐ ŝŖŚōŔʼnŜōŌ ŘʼnŚŜőōśŴ ıŖ ʼnŔŔ ŕōōŜőŖŏś őŖŋŔŝŌőŖŏ ĩįĵ ŕōōŜőŖŏŲ ŜŐō ŜŐőŚŌ ŘʼnŚŜš şŐŗ ŕʼnš ŐʼnŞō ŋŗŖŎŔőŋŜśŲ őŖŜōŚōśŜś ŗŚ ʼnŖš ŗŜŐōŚ ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜ őś Ŝŗ őŖŎŗŚŕ ŜŐō ŕōŕŊōŚś ŗŎ ŜŐō ŕōōŜőŖŏ ŗŎ ŜŐō ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜ ŗŚ ŚōŔʼnŜōŌŖōśś ʼnŖŌ őś Ŝŗ ŚōŎŚʼnőŖ ŎŚŗŕ ŋŗŖśőŌōŚőŖŏ ŗŚ ʼnŘŘŚŗŞőŖŏ ŜŐʼnŜ ŜŚʼnŖśʼnŋŜőŗŖŴ ļŐō īŗŕŘʼnŖš ŎŗŔŔŗşś ŜŐō ŏŝőŌōŔőŖōś ʼnŖŌ ŘŚŗŋōŌŝŚōś ʼnś śŜőŘŝŔʼnŜōŌ Ŋš ŜŐō Ļĭļ śőŖŋō ĻōŘŜōŕŊōŚ b``d ŜŐʼnŜ Ģ ä ıŖŎŗŚŕʼnŜőŗŖ ŌőśŋŔŗśŝŚō őś ʼn ŕŝśŜģ śŐŗŝŔŌ ŜŐōŚō Ŋō ʼnŖš ŚōŔʼnŜőŗŖśŐőŘ ŜŐʼnŜ ŎʼnŔŔś şőŜŐőŖ ŜŐō ŌōŎőŖőŜőŗŖ ʼnś śŜőŘŝŔʼnŜōŌ Ŋš ŜŐō ĻĭīŴ ĬőśŋŔŗśŝŚō őś ŕʼnŌō ŗŖ ŜŐō ŘōŚśŗŖ ŗŚ ōŖŜőŜš ŜŐʼnŜ őś ŚōŔʼnŜōŌŴ ä ĭʼnŋŐ Ŝőŕō ŜŐōŚō őś ʼn Ŗōş ŕʼnŖʼnŏōŕōŖŜ ʼnŘŘŗőŖŜŕōŖŜģ ŜŐō īŗŕŘʼnŖš ĻōŋŚōŜʼnŚš śōŖŌś ŜŐō ßĬōŜʼnőŔś ŗŎ ĺōŔʼnŜōŌ ĸōŚśŗŖś ĮŗŚŕà ʼnś ŘōŚ ŜŐō ĻĭīÝś ŏŝőŌōŔőŖōś ŚōŔʼnŜőŖŏ Ŝŗ őŖŎŗŚŕʼnŜőŗŖ ŌőśŋŔŗśŝŚō ŎŗŚ ŔőśŜōŌ ŋŗŕŘʼnŖőōś ŗŖ ŚōŔʼnŜōŌ ŘʼnŚŜš ŜŚʼnŖśʼnŋŜőŗŖśŲ ĪŴĭŴ bedf ŎŗŚ ŜŐō ŖōşŔš ʼnŘŘŗőŖŜōŌ ŘōŚśŗŖ Ŝŗ ŎőŔŔ ʼnŖŌ śőŏŖųŗŎŎ ŗŖ ŜŐō őŖŜōŏŚőŜš ŗŎ őŖŎŗŚŕʼnŜőŗŖ ŘŚŗŞőŌōŌŴ ļŐō ŌŗŋŝŕōŖŜ őś Ŝŗ Ŋō ŚōŜŝŚŖōŌ Ŝŗ ŜŐō īŗŕŘʼnŖšÝś ĻōŋŚōŜʼnŚš şŐŗ őś ŚōśŘŗŖśőŊŔō ŎŗŚ śŝŕŕʼnŚőŢőŖŏ ŜŐō őŖŎŗŚŕʼnŜőŗŖ ŗŎ ŚōŔʼnŜōŌ ŘōŚśŗŖś ʼnŖŌ ŊŝśőŖōśś ōŖŜőŜőōś ŎŗŚ ŚōŞőōş ŘŝŚŘŗśōśŴ ä ļŐō őŖŎŗŚŕʼnŜőŗŖ ŘŚŗŞőŌōŌ Ŝŗ ōʼnŋŐ ŊŝśőŖōśś ŝŖőŜ śōŚŞōś ʼnś ŚōŎōŚōŖŋō ŎŗŚ śŋŚōōŖőŖŏ ŘŚŗŘŗśʼnŔś śōōœőŖŏ ŕʼnŖʼnŏōŕōŖŜ ŗŚ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŘŘŚŗŞʼnŔŴ ä ĺōŔʼnŜōŌ ŘʼnŚŜš ŜŚʼnŖśʼnŋŜőŗŖś ʼnŚō Ŝŗ Ŋō ŌőśŋŔŗśōŌ őŖ ŜŐō ĩŖŖŝʼnŔ ĺōŘŗŚŜ ŮĮŗŚŕ efųbů ʼnŖŌ ŜŐō ʼnŖŖŝʼnŔ ŌőśŋŔŗśŝŚō ŗŎ ŜŐō īŗŕŘʼnŖšÝś őŖŎŗŚŕʼnŜőŗŖ ŮĮŗŚŕ efųaůŴ ļŐōŚō şōŚō Ŗŗ ŚōŔʼnŜōŌ ŘʼnŚŜš ŜŚʼnŖśʼnŋŜőŗŖ őŖ b`abŴ ĩŔŔ śŐʼnŚōŐŗŔŌōŚś ŐʼnŞō ōřŝʼnŔ ʼnŋŋōśś Ŝŗ ijīĭ őŖŎŗŚŕʼnŜőŗŖ ŜŐŚŗŝŏŐ ŞʼnŚőŗŝś ŋŐʼnŖŖōŔśŴ ĸŐŗŖō Ģ ffbųcbf`aifųi ĮʼnŠ Ģ ffbųcbf`c`` ĿōŊśőŜō Ģ şşşŴœŋōŜŐʼnőŴőŖŴŜŐ ĭųĵʼnőŔ Ģ őŖŎŗŚŕʼnŜőŗŖĨœŋōŴŋŗŴŜŐ ĸŗśŜʼnŔ ĵʼnőŔĢ ĭŠōŋŝŜőŞōśÝ ķŎŎőŋō ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ abeųabeŵaŲa ĵŗŗ d ĴʼnŜ ijŚʼnŊʼnŖŏ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜō īŐʼnŔŗŖŏœŚŝŖŏ ĺŗʼnŌŲ ijşʼnŖŏ ĴŝŕŘŔʼnŜōş ĴʼnŜ ijŚʼnŊʼnŖŏŲ ĪʼnŖŏœŗœ a`eb` 3. Roles of Stakeholders ijīĭ őś ʼnşʼnŚō ŗŎ ŜŐō ŚōśŘŗŖśőŊőŔőŜőōś Ŝŗ ŜŐō śŜʼnœōŐŗŔŌōŚśŲ ŚōśŘōŋŜś ŜŐō śŜʼnœōŐŗŔŌōŚśÝ ŔōŏʼnŔ ŚőŏŐŜś ʼnŖŌ ōŖśŝŚōś ŜŐʼnŜ ŜŐŗśō ŚőŏŐŜś ʼnŚō ŘŚŗŜōŋŜōŌŴ ļŐō īŗŕŘʼnŖš ŘŚŗŞőŌōś ŎʼnőŚ ŜŚōʼnŜŕōŖŜ ʼnŖŌ Ŝʼnœōś őŖŜŗ ʼnŋŋŗŝŖŜ ŜŐō őŖŜōŚōśŜś ŗŎ ŜŐō śŜʼnœōŐŗŔŌōŚś şŐőŋŐ őŖŋŔŝŌōŲ ŊŝŜ ŖŗŜ ŔőŕőŜōŌ ŜŗŲ ŞʼnŚőŗŝś ŏŚŗŝŘśģ ŜŐō śŐʼnŚōŐŗŔŌōŚśŲ ŜŐō ōŕŘŔŗšōōśŲ ŜŐō ŕʼnŖʼnŏōŕōŖŜŲ ŜŐō ŋŝśŜŗŕōŚśŲ ŜŐō śŝŘŘŔőōŚśŲ ŜŐō ŋŚōŌőŜŗŚśŲ ŜŐō ŋŗŕŕŝŖőŜšŲ ŜŐō śŗŋőōŜšŲ ŜŐō ŏŗŞōŚŖŕōŖŜŲ ŜŐō ōŖŞőŚŗŖŕōŖŜŲ ŜŐō ŘŝŊŔőŋŲōŜŋŴ ĺōŋŗŏŖőŢőŖŏ ŜŐō ŚŗŔō ŗŎ ijīĭ ʼnś ŗŖō ŗŎ ŜŐō ŕʼnŒŗŚ ļŐʼnő ŕʼnŖŝŎʼnŋŜŝŚőŖŏ őŖŌŝśŜŚőʼnŔ ŔōʼnŌōŚśŲ ijīĭ ŘŔʼnŋōś ŜŐō ŘŚŗŜōŋŜőŗŖ ŗŎ ŜŐō ōŖŞőŚŗŖŕōŖŜ ʼnŖŌ śʼnŎōŜš ʼnś ŗŖō ŗŎ őŜś ŘŚőŗŚőŜőōśŴ

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ļŐō īŗŕŘʼnŖš ōŖŋŗŝŚʼnŏōś ʼnŋŜőŞō ŋŗųŗŘōŚʼnŜőŗŖ ŊōŜşōōŖ ŜŐō īŗŕŘʼnŖš ʼnŖŌ ŜŐō śŜʼnœōŐŗŔŌōŚś őŖ ŋŚōʼnŜőŖŏ şōʼnŔŜŐŲ ŒŗŊś ʼnŖŌ ŜŐō śŝśŜʼnőŖʼnŊőŔőŜš ŗŎ ŎőŖʼnŖŋőʼnŔŔš śŗŝŖŌ ōŖŜōŚŘŚőśō ʼnŖŌ ōŖśŝŚōś ŜŐʼnŜ ʼnŔŔ ŊŝśőŖōśś ŌōŋőśőŗŖś ʼnŖŌ ʼnŋŜőŗŖś ŋŗŕŘŔš şőŜŐ ʼnŔŔ ʼnŘŘŔőŋʼnŊŔō Ŕʼnşś ʼnŖŌ ŚōŏŝŔʼnŜőŗŖśŴ ĻŜʼnœōŐŗŔŌōŚś ŗŎ ijīĭ ʼnŚō ŜŚōʼnŜōŌ ŎʼnőŚŔš őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐōőŚ ŔōŏʼnŔ ŚőŏŐŜś ʼnś śŘōŋőŎőōŌ őŖ ŚōŔōŞʼnŖŜ ŔʼnşśŴ ļŐō īŗŕŘʼnŖš śōŜś ʼn ŋŔōʼnŚ ŘŗŔőŋš ŗŖ ŎʼnőŚ ŜŚōʼnŜŕōŖŜ ŎŗŚ ōʼnŋŐ ʼnŖŌ ōŞōŚš śŜʼnœōŐŗŔŌōŚŴ ļŐō ŚőŏŐŜś ŗŎ śŜʼnœōŐŗŔŌōŚś ŜŐʼnŜ ʼnŚō ōśŜʼnŊŔőśŐōŌ Ŋš Ŕʼnş ŗŚ ŜŐŚŗŝŏŐ ŕŝŜŝʼnŔ ʼnŏŚōōŕōŖŜś ʼnŚō ŚōśŘōŋŜōŌŴ ĩŖš ʼnŋŜőŗŖś ŜŐʼnŜ ŋʼnŖ Ŋō ŋŗŖśőŌōŚōŌ őŖ ŞőŗŔʼnŜőŗŖ ŗŎ śŜʼnœōŐŗŔŌōŚśÝ ŔōŏʼnŔ ŚőŏŐŜś ʼnŚō ŘŚŗŐőŊőŜōŌŴ ĩŖš ŞőŗŔʼnŜőŗŖ şőŔŔ Ŋō ōŎŎōŋŜőŞōŔš ŚōŌŚōśśōŌŴ ıŖ ŜŐō ŁōʼnŚ b`abŲ ŜŐōŚō ʼnŚō Ŗŗ ŔōŏʼnŔ őśśŝōś ŚōŏʼnŚŌőŖŏ ʼnŖš ŗŎ ŜŐō śŜʼnœōŐŗŔŌōŚśŴ ļŐō īŗŕŘʼnŖš ŘŚŗŞőŌōś ʼn ŕōŋŐʼnŖőśŕ ŜŐʼnŜ śŜʼnœōŐŗŔŌōŚś ŋʼnŖ őŖŞŗŔŞō őŖ őŕŘŚŗŞőŖŏ ŜŐō ŋŗŕŘʼnŖš ŘōŚŎŗŚŕʼnŖŋō Ŝŗ ōŖśŝŚō ŜŐō ŎőŚŕÝś śŝśŜʼnőŖʼnŊőŔőŜšŴ ıŖ ŗŚŌōŚ ŎŗŚ śŜʼnœōŐŗŔŌōŚś Ŝŗ ŘʼnŚŜőŋőŘʼnŜō ōŎŎōŋŜőŞōŔšŲ ʼnŔŔ ŚōŔōŞʼnŖŜ őŖŎŗŚŕʼnŜőŗŖ őś ŌőśŋŔŗśōŌ Ŝŗ ŜŐōŕ őŖ ŎŗŚŕ efųaŲ ŜŐō ijīĭ ĩŖŖŝʼnŔ ĺōŘŗŚŜŲ ʼnŖŌ ŜŐō īŗŕŘʼnŖšÝś şōŊśőŜō şşşŴœŋōŜŐʼnőŴőŖŴŜŐ Ŵ ļŐō śŜʼnœōŐŗŔŌōŚś ŋʼnŖ ŋŗŕŕŝŖőŋʼnŜō ŜŐŚŗŝŏŐ ŕʼnőŔŲ ōŕʼnőŔŲ ŜōŔōŘŐŗŖōŲ őŖŜŚʼnŖōŜĢ ijīĭ İŗŕō ʼnŖŌ ŜŐō ʼnŊŗŞō ŕōŖŜőŗŖōŌ şōŊśőŜō Ŝŗ ŜŐō īŗŕŘʼnŖš ʼnŖš ŋŗŖŋōŚŖś ʼnŊŗŝŜ őŔŔōŏʼnŔ ŗŚ ŝŖōŜŐőŋʼnŔ ŘŚʼnŋŜőŋōśŲ őŖŋŗŚŚōŋŜ ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜőŖŏŲ őŖśŝŎŎőŋőōŖŜ őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔŲ ōŜŋŴ ļŐō ŚőŏŐŜś ʼnŖŌ ŜŐō ŋŗŖŎőŌōŖŜőʼnŔőŜš ŗŎ ʼnŖš ŘōŚśŗŖ şŐŗ ŋŗŕŕŝŖőŋʼnŜōś śŝŋŐ ŋŗŖŋōŚŖś şőŔŔ Ŋō ŘŚŗŜōŋŜōŌŴ ļŐōŚō şōŚō Ŗŗ ŋŗŕŘŔʼnőŖŜś őŖ ŁōʼnŚ b`abŴ ijīĭ ŐŗŖŗŚś ŋŗŕŕőŜŕōŖŜś Ŝŗ śŜʼnœōŐŗŔŌōŚśģ ŋŗŕŘōŜōś őŖ ŊŝśőŖōśś ŎʼnőŚŔš ʼnŖŌ ōŜŐőŋʼnŔŔšĢ ŘŚŗŞőŌōś ŎʼnőŚ ʼnŖŌ ōřŝʼnŔ ŜŚōʼnŜŕōŖŜ Ŝŗ ōŕŘŔŗšōōś ʼnŖŌ ʼnśśŝŕōś ŜŐō ŚōśŘŗŖśőŊőŔőŜš Ŝŗ śŗŋőōŜšŴ ļŐō ŘŗŔőŋőōś ʼnŚō ŋŔōʼnŚŔš śŜʼnŜōŌ őŖ ŜŐō īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō İʼnŖŌŊŗŗœŴ Shareholders ijīĭ ŋŗŖŜőŖŝʼnŔŔš śŜŚőŞōś ŎŗŚ śŝŘōŚőŗŚ ŘōŚŎŗŚŕʼnŖŋōŲ ŜʼnœőŖŏ őŖŜŗ ʼnŋŋŗŝŖŜ ŜŐō ŋŝŚŚōŖŜ ʼnŖŌ ŘŗŜōŖŜőʼnŔ Śőśœ ōŖŞőŚŗŖŕōŖŜŴ ıŜ őś ŗŝŚ ŌŝŜš Ŝŗ ōŖśŝŚō ŜŚʼnŖśŘʼnŚōŖŋš őŖ ijīĭÝś ŗŘōŚʼnŜőŗŖ ʼnŖŌ Ŝŗ Ōŗ ŗŝŚ ŝŜŕŗśŜ Ŝŗ śʼnŎōŏŝʼnŚŌ ijīĭÝś ʼnśśōŜś ʼnŖŌ Ŝŗ ŝŘŐŗŔŌ ŗŝŚ ŚōŘŝŜʼnŜőŗŖŴ ijīĭ ŘōŚŎŗŚŕś ŌŝŜőōś şőŜŐ ŐŗŖōśŜšŲ őŖŜōŏŚőŜš ʼnŖŌ ŎʼnőŚŖōśś ŎŗŚ ŜŐō ŊōŖōŎőŜ ŗŎ ŕʼnŒŗŚ ʼnŖŌ ŕőŖŗŚ śŐʼnŚōŐŗŔŌōŚś ʼnś şōŔŔ ʼnś ŗŜŐōŚ ŚōŔʼnŜōŌ ŘʼnŚŜőōś ŜŗĢ ä ĵʼnŖʼnŏō ŎŗŚ śŜʼnŊŔō ŔŗŖŏųŜōŚŕ śŝśŜʼnőŖʼnŊŔō ŏŚŗşŜŐ şŐőŔō ŕʼnŠőŕőŢőŖŏ śŐʼnŚōŐŗŔŌōŚśÝ şōʼnŔŜŐŴ ä ijŖŗşŔōŌŏōʼnŊŔš ōŠōŋŝŜō ŚōśŘŗŖśőŊőŔőŜőōś şőŜŐ ŝŜŕŗśŜ ŋʼnŚō ʼnŖŌ ŘŚŗŎōśśőŗŖʼnŔőśŕŴ ä ĻʼnŎōŏŝʼnŚŌ ŜŐō īŗŕŘʼnŖšÝś ʼnśśōŜśŴ ä ĬőśŋŔŗśō śŝŎŎőŋőōŖŜ ʼnŖŌ ʼnŋŋŝŚʼnŜō ŎőŖʼnŖŋőʼnŔ ʼnŖŌ ŖŗŖųŎőŖʼnŖŋőʼnŔ őŖŎŗŚŕʼnŜőŗŖ ŗŖ ŜŐō īŗŕŘʼnŖšÝś ŗŘōŚʼnŜőŖŏ ʼnŖŌ ŎőŖʼnŖŋőʼnŔ śŜʼnŜŝś Employees ijīĭ ĿŗŚœŎŗŚŋō ŚōŘŚōśōŖŜś ŜŐō ŋŗŕŘʼnŖšÝś ŕŗśŜ ŞʼnŔŝʼnŊŔō ʼnśśōŜŴ ĻŜʼnŎŎ ŌōŞōŔŗŘŕōŖŜ ŊŗŜŐ ŘŚŗŎōśśőŗŖʼnŔŔš ʼnŖŌ ŘōŚśŗŖʼnŔŔš ʼnŚō ōŖŋŗŝŚʼnŏōŌ śŗ ŜŐʼnŜ ijīĭ ōŕŘŔŗšōōś ŋʼnŖ ʼnŜŜʼnőŖ ŜŐō ŐőŏŐōśŜ ŔōŞōŔ ŗŎ ŋŗŕŘōŜōŖŋōŴ ijīĭ ōŕŘŔŗšōōś ŚōŋōőŞō ŎʼnőŚ ŜŚōʼnŜŕōŖŜ şőŜŐ śʼnŔʼnŚš ʼnŖŌ ŊōŖōŎőŜś ŋŗŕŘʼnŚʼnŊŔō ŗŚ ŊōŜŜōŚ Ŝŗ ŜŐŗśō őŖ ŜŐō śʼnŕō őŖŌŝśŜŚšŴ ĭʼnŋŐ ōŕŘŔŗšōō ŚōŋōőŞōś ʼnŖ ĭŕŘŔŗšōō İʼnŖŌŊŗŗœ şŐőŋŐ ŌōŎőŖōś ŚŝŔōśŲ ŚōŏŝŔʼnŜőŗŖśŲ ŘŚŗŋōŌŝŚōŲ ʼnŖŌ şōŔŎʼnŚō ŎŗŚ ijīĭÝś ōŕŘŔŗšōōśŴ ļŐō ijīĭ şōŔŎʼnŚō ŋŗŕŕőŜŜōō Ŕŗŗœś ʼnŎŜōŚ ŜŐō ōŕŘŔŗšōōÝś ŊōŖōŎőŜś şőŜŐ śŝŊŋŗŕŕőŜŜōō ŎŗŚ ŐŗŝśőŖŏŲ ŔőŎō ʼnŖŌ ŐōʼnŔŜŐ őŖśŝŚʼnŖŋōŲ ŜŚʼnŖśŘŗŚŜʼnŜőŗŖŲ śŋŐŗŔʼnŚśŐőŘ ŎŗŚ ōŕŘŔŗšōōśÝ ŋŐőŔŌŚōŖ ʼnŖŌ ŎŗŗŌ śōŚŞőŋōśŴ ijīĭ Ŏŗŋŝśōś ŗŖ ŘŚŗŕŗŜőŖŏ ōŕŘŔŗšōōśÝŐōʼnŔŜŐ ʼnŖŌ śʼnŎōŜš ʼnŖŌ ŋŗŕŘōŜőŜőŞō ŚōŕŝŖōŚʼnŜőŗŖŴ ijīĭ ŐʼnŌ ʼn ŚōşʼnŚŌ ŘŗŔőŋš ŜŐʼnŜ ʼnŋŋŗŝŖŜś ŎŗŚ ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŗŎ ŜŐō ŋŗŕŘʼnŖš ŊōšŗŖŌ śŐŗŚŜųŜōŚŕ ŎőŖʼnŖŋőʼnŔ ŕōʼnśŝŚōŴ ıŖ ŜŐō ŘʼnśŜŲ ŜŐō ŋŗŕŘʼnŖš ŐʼnŌ ŗŎŎōŚōŌ ßōŕŘŔŗšōō śŜŗŋœ ŗŘŜőŗŖ ŘŚŗŏŚʼnŕà ŮĭĻķĸů ʼnś ʼnŖ őŖŋōŖŜőŞō ŎŗŚ ŜŐō ōŕŘŔŗšōōÝś ŋŗŖŜŚőŊŝŜőŗŖ ʼnŖŌ Ŝŗ ŐōŔŘ ŕŗŜőŞʼnŜō ōŕŘŔŗšōōśÝ ŌōŌőŋʼnŜőŗŖ Ŝŗ ŚōʼnŋŐ ŜŐō ŋŗŕŘʼnŖšÝś ŏŗʼnŔŴ

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ijīĭ ĶōşśŔōŜŜōŚ őś ŘŝŊŔőśŐōŌ řŝʼnŚŜōŚŔš Ŝŗ ŘŚŗŞőŌō ŋŗŕŕŝŖőŋʼnŜőŗŖ şőŜŐőŖ ŜŐō ŋŗŕŘʼnŖš şŐőŔō ijīĭ įʼnŢōŜŜō őś ʼnŋŋōśśőŊŔō őŖ ŜŐō ŋŗŕŘʼnŖšÝś şōŊśőŜōŴ ķŜŐōŚ ŊōŖōŎőŜś ʼnŖŌ ʼnŋŜőŞőŜőōś ŗŎŎōŚōŌ Ŝŗ ijīĭ ōŕŘŔŗšōōś ʼnŚōĢ ä ĸŚŗŞőŌōŖŜ ĮŝŖŌ ä İōʼnŔŜŐ ıŖśŝŚʼnŖŋōŲ ĩŋŋőŌōŖŜ ıŖśŝŚʼnŖŋō Ŭ įŚŗŝŘ ıŖśŝŚʼnŖŋō ä ľʼnŚőŗŝś ĪŗŖŝśōś ŜŐʼnŜ őŖŋŔŝŌō Ģ ĻŐőŎŜ ĪŗŖŝśŲ ĩŜŜōŖŌʼnŖŋō ĪŗŖŝśųĮŗŚ ōŕŘŔŗšōōś şŐŗ ʼnŚō ŖŗŜ ʼnŊśōŖŜŲ ŔōʼnŞōŲ ŔʼnŜō őŖ ŜŐō ŕŗŖŜŐ ŕŗŚō ŜŐʼnŖ ŜŐō ŖŝŕŊōŚ ŗŎ Ōʼnšś ŚōřŝőŚōŌŴ ĩŖŌ ĵŗŖŜŐŔš ĪŗŖŝś ŎŗŚ śŜʼnŎŎ şŐŗśō śʼnŔʼnŚš őś ŖŗŜ ŗŞōŚ ĪʼnŐŜŴadŲ```Ŵ ä ĻŜőŘōŖŌ Ŝŗ ʼnśśőśŜ şőŜŐ ŋŗśŜ ŗŎ ŔőŞőŖŏ ŎŗŚ ʼnŔŔ ōŕŘŔŗšōōś ä İŗŝśőŖŏ ŊōŖōŎőŜ ŎŗŚ ʼnŔŔ ijīĭ ōŕŘŔŗšōō ä ĮŚōō ŏōŖōŚʼnŔ ŘŐšśőŋʼnŔ ʼnŖŌ ŕōŌőŋʼnŔ ōŠʼnŕőŖʼnŜőŗŖś ʼnŚō ŘŚŗŞőŌōŌ ʼnŖŖŝʼnŔŔš ŎŗŚ ōŕŘŔŗšōōśŴ ä ĴʼnŊŗŚʼnŜŗŚš ŊŔŗŗŌ ŜōśŜś ʼnŚō ŗŎŎōŚōŌ Ŝşőŋō šōʼnŚŔš ʼnś ʼn ŘŚōŞōŖŜőŞō ŕōʼnśŝŚō ŎŗŚ ŜŐŗśō şŗŚœőŖŏ şőŜŐ ŋŐōŕőŋʼnŔśŴ ä ļşōŖŜš ŎŗŝŚ ŐŗŝŚ ŎőŚśŜųʼnőŌ ŖŝŚśőŖŏ śōŚŞőŋō őś ʼnŔśŗ ʼnŞʼnőŔʼnŊŔō ʼnŜ ōŞōŚš ŘŔʼnŖŜ ä ĮőŖʼnŖŋőʼnŔ ʼnśśőśŜʼnŖŋō ŎŗŚĢ ŎŝŖōŚʼnŔ ŋŚōŕʼnŜőŗŖŲ şōŌŌőŖŏś ʼnŖŌ ŏőŎŜś ŎŗŚ ŜŐŗśō ŐŗśŘőŜʼnŔőŢōŌŴ ä ĮŚōō ŜŚʼnŖśŘŗŚŜʼnŜőŗŖ ʼnŖŌ ŝŖőŎŗŚŕ őŖŋŔŝŌőŖŏ śŐŗōś ä ļŐō ŚőŏŐŜ Ŝŗ ŔōʼnŞō ōŴŏŴ ĸōŚśŗŖʼnŔ ŔōʼnŞōŲ Ļőŋœ ŔōʼnŞōŲ ĩŖŖŝʼnŔ ŔōʼnŞōŲ ĵʼnŜōŚŖőŜš ŔōʼnŞōŲ ķŚŌőŖʼnŜőŗŖ ŔōʼnŞōŲ ōŜŋŴ ä ĻŜŝŌōŖŜ ĻŋŐŗŔʼnŚśŐőŘ Ŝŗ ijīĭ ōŕŘŔŗšōōÝś ŋŐőŔŌŚōŖ ä ĴōŋŜŝŚōś ŗŖ ŐōʼnŔŜŐ ŜŗŘőŋś śŝŋŐ ʼnś ĪőŚŜŐ īŗŖŜŚŗŔŲ ōŜŋŴ ä ĸŚŗŎōśśőŗŖʼnŔ ŜŚʼnőŖőŖŏ ŘŚŗŏŚʼnŕś ʼnŚō ŗŎŎōŚōŌ Ŝŗ ijīĭ ōŕŘŔŗšōōś Ŝŗ ōŖŐʼnŖŋō şŗŚœ ōŎŎőŋőōŖŋš ŜŐŚŗŝŏŐ İŝŕʼnŖ ĺōśŗŝŚŋō ĬōŞōŔŗŘŕōŖŜ ĻōŕőŖʼnŚ ʼnŖŌ ļŚʼnőŖőŖŏ īŗŝŚśōś şŐőŋŐ őŖŋŔŝŌōųŌőśŋőŘŔőŖōŲ Ŝōʼnŕ ŊŝőŔŌőŖŏŲ ŜōʼnŕşŗŚœ ʼnŖŌ ŔōʼnŌōŚśŐőŘŴ ä ĮŚōō Śőŋō ʼnŖŌ Ŕŗş ŋŗśŜ ŋŗŖśŝŕōŚ ŘŚŗŌŝŋŜ śʼnŔō ŕŗŖŜŐŔš ä īŗŝŚśōś ʼnŖŌ ŜŚʼnőŖőŖŏ Ŝŗ ŌōŞōŔŗŘ ʼnŔŜōŚŖʼnŜőŞō śœőŔŔś ʼnŖŌ ōŠŜŚʼn őŖŋŗŕō śŝŋŐ ʼnś ŕőŚŚŗŚ ʼnŚŜ ʼnŖŌ ŘŚŗŌŝŋŜőŗŖ ŗŎ ŗŚŏʼnŖőŋ ŎōŚŜőŔőŢōŚŴ ä ĺōŔőŏőŗŝś īōŚōŕŗŖš ʼnŖŌ ĵōŚőŜųŕʼnœőŖŏ ŎŗŚ Ķōş ŁōʼnŚ ä ĻʼnŎō ĬŚőŞőŖŏ şőŜŐ Ķŗ ĩŔŋŗŐŗŔ ĸŚŗŒōŋŜ ŎŗŚ ĻŗŖŏœŚʼnŖ ŐŗŔőŌʼnšŴ ä ļŐʼnő ĺōŔőŏőŗŝś īōŚōŕŗŖš ŗŖ ĻŗŖŏœŚʼnŖ ŌʼnšŴ ä Ķŗ ĻŕŗœőŖŏ ĸŚŗŒōŋŜ ä īŗŖŜōśŜ ŎŗŚ ĪōśŜ eĻ ĵŗŜŜŗ ä ĻʼnŎōŜš ĭŠŐőŊőŜőŗŖ ŗŖ ĻʼnŎōŜš Ĭʼnš

167

KCE Annual Report 2012

Training and Development ijīĭ ŐʼnŞō ʼn ŘŗŔőŋš ŎŗŚ ōŕŘŔŗšōō ŌōŞōŔŗŘŕōŖŜ ŘŚŗŏŚʼnŕ Ŝŗ ōŖŐʼnŖŋō ŜŐōőŚ œŖŗşŔōŌŏō ʼnŖŌ ŘŗŜōŖŜőʼnŔŴ ıŖ b`ab ŜŐō ŜŚʼnőŖőŖŏ ŋŗŝŚśōś ŎŗŚ ŜŐō ĭŕŘŔŗšōōś őŖŋŔŝŌōŌŲ ŊŝŜ ŖŗŜ ŔőŕőŜōŌ ŜŗŲ ŜŐō ŎŗŔŔŗşőŖŏģ

No.

1 2 3 4 5 6 7 8 9

10

Course

Objective

Quality ĸŚōŘŚōŏ Ŭ ĴʼnŕőŖʼnŜō ļŗ ōŌŝŋʼnŜō śŜʼnŎŎ ŎŗŚ ŜŐō ŘŚŗŌŝŋŜőŗŖ Material ŘŚŗŋōśś ŗŎ ĸŚōŘŚōŏ ʼnŖŌ ĴʼnŕőŖʼnŜō ĸĺķįĺĩĵĵıĶį ıĶ ļŗ ōŌŝŋʼnŜō İŗş Ŝŗ ʼnŘŘŔš īũ Ŀıļİ ĵıīĺķĻķĮļ ĸĺķįĺĩĵĵıĶį ıĶ īũ Ŀıļİ ľıĻĽĩĴ ĻļĽĬıķ b`a` ĵıīĺķĻķĮļ ľıĻĽĩĴ ĻļĽĬıķ b`a` Ĺī g ļŗŗŔś ļŗ ŘŚŗŞőŌō ŜŐō œŖŗşŔōŌŏō őŖ g ļŗŗŔś ŎŗŚ ŘŚŗŊŔōŕ śŗŔŞőŖŏ ıĻķ ŵ ļĻafidi ļŗ ōŌŝŋʼnŜō śŜʼnŖŌʼnŚŌ ŗŎ ıĻķ ŵ ļĻafidi

Target Group

All employee All employee

Date

ĶŗŞōŕŊōŚ dŴ` bcŲ b`ab ĬōŋōŕŊōŚ gŴ` aaųacŲ b`ab

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ March ĻŚŴ ĭŖŏőŖōōŚŵ ĭŖŏőŖōōŚ iŲ b`ab ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ April ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ b`Ų b`ab Document Control ļŗ ŜŚʼnőŖ ʼnŖŌ ŕʼnŖʼnŏō ŜŐō ŌŗŋŝŕōŖŜ Ĺĩ ĬŗŋŝŕōŖŜ IJŝŖō ĻšśŜōŕ ŚōŋŗŚŌ śšśŜōŕ şőŜŐ ŚōŔʼnŜō ŎŗŚ śŜʼnŖŌʼnŚŌ bbŲ b`ab ŗŎ řŝʼnŔőŜš ĵōʼnśŝŚőŖŏ ĻšśŜōŕ ļŗ ŜŚʼnőŖ śŜʼnŎŎ Ŝŗ Ŋō ʼnŊŔō ĵōʼnśŝŚőŖŏ ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ IJŝŔš Analysis ĻšśŜōŕ ĩŖʼnŔšśőś Ŋš ĩĸĹĸ śšśŜōŕ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ eŲ b`ab ĮʼnőŔŝŚō ĵŗŌō ʼnŖŌ ĭŎŎōŋŜ ļŗ ōŌŝŋʼnŜō śŜʼnŎŎ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ĮʼnőŔŝŚō ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ IJŝŔš ĩŖʼnŔšśőś ŮĮĵĭĩů ĵŗŌō ʼnŖŌ ĭŎŎōŋŜ ĩŖʼnŔšśőś Ŋš ŘŚŗŋōśśőŖŏ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ abŲ b`ab ŗŎ ĩŝŜŗŕŗŊőŔō ıŖŌŝśŜŚš ŮĮĩųd`ů ĻŜʼnŜőśŜőŋʼnŔ ĸŚŗŋōśś ļŗ ŘŚŗŞőŌō Ŋʼnśőŋ śŜʼnŜőśŜőŋʼnŔ œŖŗşŔōŌŏō ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ĻōŘŜōŕŊōŚ īŗŖŜŚŗŔ Ģ ĻĸīŲ ŜŐʼnŜ ŋʼnŖ Ŋō ʼnŘŘŔőōŌ Ŝŗ şŗŚœ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ bfŲ b`ab ĴōŞōŔ a ʼnŖŌ b ĸīĪ İʼnŖŌŔőŖŏ ļŗ ŜŚʼnőŖ İŗş Ŝŗ ŕŗŞō ĸīĪ ōŎŎōŋŜőŞōŔš ĻŚŴķŎŎőŋōŚ ŵ ķŎŎőŋōŚ ŵ May ʼnŖŌ ŋŗŚŚōŋŜŔš ŎŗŚ şʼnśŜō Ŝőŕō ŚōŌŝŋŜőŗŖ ĻŚŴĮŗŚōŕʼnŖ ŵ ĮŗŚōŕʼnŖŲ bcŲ b`ab ĻŚŴ ļōŋŐŖőŋőʼnŖ ŵ ļōŋŐŖőŋőʼnŖŲ ĴōʼnŌōŚ ʼnŖŌ ĩŔŔ ĭŕŘŔŗšōō ļŗ ŎŗśŜōŚ ŜŐō œŖŗşŔōŌŏō ʼnŖŌ ĩĸĹĸ ļōʼnŕ ʼnŖŌ Ĺĩ IJŝŖō łōŚŗ ĬōŎōŋŜ īŗŝŚśō ŎŗŚ ĩĸĹĸ Ŝōʼnŕ ŮĩŌŞʼnŖŋō ŝŖŌōŚśŜʼnŖŌ ŜŐō ŋŗŖŋōŘŜ ŗŎ ßłōŚŗ ĬōŎōŋŜà aeŲ b`ab ĸŚŗŌŝŋŜ ĹŝʼnŔőŜš ĸŔʼnŖŖőŖŏů őŖ ĸŚŗŌŝŋŜőŗŖ śŗ ŜŐʼnŜ ŜŐō ŋŗŖŋōŘŜ ŋʼnŖ Ŋō ʼnŘŘŔőōŌ Ŝŗ ŜŐō ŘʼnŖŖőŖŏ ʼnŖŌ ŌōŞōŔŗŘőŖŏ ŘŚŗŌŝŋŜőŗŖ ŘŚŗŋōśś ŜŐʼnŜ şőŔŔ ŔōʼnŌ Ŝŗ łōŚŗ ĬōŎōŋŜ

KCE Annual Report 2012

168

Period No. of People 19 40

hŴ`

48

hŴ`

48

bŴe

57

bŴ`

44

gŴe

48

gŴ`

38

fŴ`

26

bŴe

57

11

12 13 14

15 16 17 18

19 20 21 22

23 24

ĿŐš ų ĿŐš ĩŖʼnŔšśőś

ļŗ Ŋō ʼnŊŔō Ŝŗ ĿŐš ų ĿŐš ʼnŖʼnŔšśőś őś used to eliminate losses through and Ŝŗ ŘŚŗŞőŌō ʼn ŊōŜŜōŚ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ŜŐō ŚŗŗŜ ŋʼnŝśō ʼnŖʼnŔšśőś ŗŎ ŜŐō ŘŚŗŊŔōŕ ŋŗŚŚōŋŜŔšŴ Safety ĻʼnŎōŜš őŖ ŜŐō şŗŚœŘŔʼnŋō ļŗ ŜŚʼnőŖ ŜŐō śʼnŎōŜš őŖ ŜŐō şŗŚœŘŔʼnŋō ŎŗŚ śŝŘōŚŞőśŗŚ ʼnŖŌ ıŖŋŔŝŌőŖŏ ŜŐō ŘŚōŞōŖŜőŗŖ ʼnŖŌ ŋŗŖŜŚŗŔ ŗŎ Management accidents and occupational diseases ĸĸĭ ŮĸōŚśŗŖʼnŔ ĸŚŗŜōŋŜőŗŖ ļŗ ōŌŝŋʼnŜō ʼnŔŔ ōŕŘŔŗšōōś ŝŖŌōŚśŜʼnŖŌ ĭřŝőŘŕōŖŜů ŜŐō ŖʼnŜŝŚōŲ ŎŝŖŋŜőŗŖśŲ ʼnŖŌ ŕōŜŐŗŌś ŗŎ ŝśō ʼnŊŗŝŜ ĸĸĭ īŐōŕőŋʼnŔ İʼnŢʼnŚŌ ļŚʼnőŖőŖŏ ļŗ ŜŚʼnőŖ ŜŐō īŐōŕőŋʼnŔ İʼnŢʼnŚŌ ĮŗŚ śʼnŎō ŵ ŐʼnŖŌŔőŖŏŲ śŜŗŚʼnŏō ʼnŖŌ ŌőśŘŗśʼnŔ ŗŎ ŋŐōŕőŋʼnŔ

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ March ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ iŲ b`ab

6

36

ĻŚŴ ĮŗŚōŕʼnŖŲ ĮŗŚōŕʼnŖŲ ķŘōŚʼnŜŗŚ ʼnŖŌ ĵʼnŖʼnŏōŕōŖŜ

March bgŲ b`ab

hŴ`

32

All employee

ĻōŘŜōŕŊōŚ gŴ` acŲ b`ab

50

All employee

ĮōŊŚŝʼnŚš acŲ b`ab

cŴ`

43

ıŖŜōŚŖʼnŔ ĩŝŌőŜőŖŏ ļĴĻ 8001

ļŐʼnő ŔʼnŊŗŝŚ śŜʼnŖŌʼnŚŌ ĪŗʼnŚŌ

May bdŲ b`ab

gŴ`

12 - 15

ļŗ śōŜŝŘ śŜʼnŖŌʼnŚŌőŢō őŖŜōŚŖʼnŔ ʼnŝŌőŜőŖŏ ŘŚŗŋōśś Ŝŗ Ŋō őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ļŐʼnő ĴʼnŊŗŝŚ ĻŜʼnŖŌʼnŚŌ ļĴĻ h``a ų b`a` ĭĺļ ŮĭŕōŚŏōŖŋš ļŗ ŜŚʼnőŖ ĭŕōŚŏōŖŋš ĺōśŘŗŖśō ļōʼnŕ ĺōśŘŗŖśō ļōʼnŕů ʼnŖŌ İŗş Ŝŗ ŚōʼnŋŜ ŜŐō ōŕōŚŏōŖŋš őśśŝō ĮőŚō ĮőŏŐŜőŖŏ ʼnŖŌ ĮőŚō ļŗ ōŌŝŋʼnŜō ŜŐō şʼnš Ŝŗ ĮőŚō ĮŔőŏŐŜ ʼnŖŌ Drill ĮőŚō ĬŚőŔŔ ĻʼnŎōŜš ŗŎŎőŋōŚ ļŚʼnőŖőŖŏ ļŗ ōŌŝŋʼnŜō śŜʼnŎŎ ŚōŏʼnŚŌőŖŏ şŗŚœ śʼnŎōŜšģ śʼnŎōŜš ʼnŖŌ ŚōŔōŞʼnŖŜ Ŕʼnşśģ ŘŚōŞōŖŜőŗŖ ʼnŖŌ ŋŗŖŜŚŗŔ ŗŎ ʼnŋŋőŌōŖŜśŲ ŗŋŋŝŘʼnŜőŗŖʼnŔ ŐōʼnŔŜŐ ŚőśœśŲ őŌōŖŜőŎőŋʼnŜőŗŖ ŗŎ őŖŋőŌōŖŋō ʼnŖŌ őŔŔŖōśśōś ŎŚŗŕ ŗŋŋŝŘʼnŜőŗŖ ŗŚ őŖŌŝśŜŚšŴ īŗŖŜőŖŝŗŝś e Ļ ļŗ ōŌŝŋʼnŜō ʼnŔŔ śŜʼnŎŎ ŊōŜŜōŚ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ŜŐō Ļe śŜʼnŖŌʼnŚŌ ĭŕōŚŏōŖŋš ŋŗŖŜŚŗŔ ŗŎ ļŗ ŐōŔŘ śŜʼnŎŎ Ŝŗ ŋŗŖŜŚŗŔ ŎőŚōś ŜŐʼnŜ ʼnŚō ŎőŚō ŋʼnŝśōŌ Ŋš ŋʼnŝśōŌ Ŋš ōŔōŋŜŚőŋőŜš ʼnŖŌ short - circuited electricity ŎŔʼnŕŕʼnŊŔō ŏʼnś śŝŋŐ ʼnś ĩŋōŜŗŖō IJĻĩ ų IJŗŊ ĻʼnŎōŜš ļŗ ōŌŝŋʼnŜōŌ İŗş Ŝŗ śʼnŎōŜš ʼnŖʼnŔšśőś Analysis şőŜŐ ŎŗŔŔŗş ŜŐō ŏŝőŌōŔőŖō ŎŗŚ İʼnŢʼnŚŌ ıŌōŖŜőŎőŋʼnŜőŗŖ Ŭ ĺőśœ ĩśśōśśŕōŖŜ ĮŗŚœŔőŎŜ ĻœőŔŔś ʼnŖŌ ĻʼnŎōŜš ļŗ ŌōŞōŔŗŘ śœőŔŔś őŖ ŝśőŖŏ ĮŗŚœŔőŎŜ ʼnŖŌ ļŚʼnőŖőŖŏ Ŝŗ ŎŗŔŔŗş śʼnŎōŜš ŘŚŗŋōŌŝŚō

ĭĺļ ļōʼnŕ

IJŝŔš hŴ` baŲ b`ab ĭĺļ ļōʼnŕ ʼnŖŌ ʼnŔŔ ĭŕŘŔŗšōō ĬōŋōŕŊōŚ 4 bfŲ b`ab ķŎŎőŋōŚ ĬōŋōŕŊōŚ 8 adŲ b`ab

858

All Employee

59

Employee associated ĻʼnŎōŜš ĪŗʼnŚŌ

ĭŕŘŔŗšōō ŗŎ ĿʼnŚōŐŗŝśōŲ ĵʼnŜōŚőʼnŔ ĸŚōŘʼnŚʼnŜőŗŖŲ ĻŜŗŋœ ĮőŖőśŐōŌ įŗŗŌś Human Resource İŗŕō ĻōŚŞőŋō ĻšśŜōŕ ĩŔŔ ōŕŘŔŗšōōś Ŝŗ ŐʼnŞō ʼn ŊōŜŜōŚ All employee (a system that manages ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŖ Őŗş Ŝŗ ŗŘōŚʼnŜō ŜŐō ijīĭ őŖŜōŚŖʼnŔŔšů İŗŕō ĻōŚŞőŋō śšśŜōŕŴ ĭŎŎōŋŜőŞō īŗʼnŋŐőŖŏ ĻœőŔŔś ļŗ Ŋō ʼnŊŔō ŝŖŌōŚśŜʼnŖŌ ŜŐō ōŎŎōŋŜőŞō ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ŮĮŗŚōŕʼnŖů coaching skills ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ

August gŴ` a`Ų b`ab ĻōŘŜōŕŊōŚ gŴ` biŲ b`ab

25

33

40

May biŲ b`ab

gŴ`

40

March bcŲ b`ab

gŴc`

23

ĮōŊŚŝʼnŚš bdŲ b`ab

aŴ`

30 - 40

March afŲ b`ab

gŴ`

40

169

KCE Annual Report 2012

25

26

27

28 29

hĬ ŮhĬ ĸŚŗŊŔōŕ ĻŗŔŞőŖŏ ļŗ őŕŘŚŗŞō ĹŝʼnŔőŜš īŗŖŜŚŗŔ ĻšśŜōŕ ĸŚŗŋōśśů ŜŐŚŗŝŏŐ ŘŚŗŊŔōŕ ʼnŖʼnŔšśőś ʼnŖŌ ŋŗŚŚōŋŜőŞō ʼnŋŜőŗŖ ʼnś şōŔŔ ʼnś ŘŚōŞōŖŜőŞō ʼnŋŜőŗŖ ʼnŖŖŝʼnŔŔšŴ ijĸıś ļŗ ŐōŔŘ śŜʼnŎŎ ʼnŜ ʼnŔŔ ŔōŞōŔś Ŝŗ ŐʼnŞō ŜŐō œŖŗşŔōŌŏō ʼnŖŌ ŋŔōʼnŚ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ŜŐō ŋŗŖŋōŘŜ ʼnŖŌ ʼnŊŔō Ŝŗ őŕŘŔōŕōŖŜ ijĸı Ŝŗ ŕōʼnśŝŚō ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŗŎ ōʼnŋŐ őŖŌőŞőŌŝʼnŔÝś şŗŚœŴ ĻōŞōŖ ŐʼnŊőŜś ŗŎ İőŏŐŔš ļŗ ŎʼnŋőŔőŜʼnŜō ŌōŞōŔŗŘ ŗŎ g ŘŚőŖŋőŘŔōśģ ĭŎŎōŋŜőŞō ĸōŗŘŔō ŞőśőŗŖŲ ŔōʼnŌōŚśŐőŘŲ őŖŜōŚŘōŚśŗŖʼnŔ ŚōŔʼnŜőŗŖśŐőŘŲ ŋŗŕŕŝŖőŋʼnŜőŗŖŲ ōŕŘʼnŜŐšŲ ŜōʼnŕşŗŚœ ʼnŖŌ ŋŚōʼnŜőŞőŜš ļōʼnŋŐőŖŏ ĻœőŔŔś ļŗ ŜŚʼnőŖ ʼnŖŌ ōŌŝŋʼnŜō ŜŐō ŜōʼnŋŐőŖŏ śœőŔŔś

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ĶŗŞōŕŊōŚ gŴ` ĻŚŴ ķŎŎőŋōŚ ŵ ĮŗŚōŕʼnŖ ŵ bgŲ b`ab ĴōʼnŌōŚ

37

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ

aŴ`

71

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ĻōŘŜōŕŊōŚ hŴ` ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ ŵ bbŲ b`ab ĮŗŚōŕʼnŖ ʼnŖŌ ķŎŎőŋōŚ

69

IJŝŔš fŲ b`ab

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ March ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ afŲ b`ab ļŗ ŜŚʼnőŖ ʼnŖŌ ōŌŝŋʼnŜō İŗş Ŝŗ ŕʼnŖʼnŏō ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ March ʼnŖŌ śŗŔŞō ŜŐō ŝŖōŠŘōŋŜōŌ ŘŚŗŊŔōŕ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ bhŲ b`ab

İŗş Ŝŗ īŗŖŜŚŗŔ ŝŖōŠŘōŋŜōŌ ōŞōŖŜ

7

40

gŴ``

35

fŴ`

49

hŴ`

27

gŴ`

35

cŴ`

41

fŴ`

40

gŴ`

36

gŴ`

29

Environment 30

ıĻķe```a Ģ b`aa

31

ıĻķ ad``a Ģ b``d

32

ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ķŋŜŗŊōŚ ĺŗŔōŲ ĬŝŜőōś ʼnŖŌ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ afŲ b`ab ŚōśŘŗŖśőŊőŔőŜőōś ŗŎ ŜŐō şŗŚœőŖŏ ŋŗŕŕőŜŜōō ʼnŖŌ superintendent on energy management ĩşʼnŚōŖōśś ŗŎ ōŖōŚŏš ļŗ ŘŗőŖŜ ʼnŖŌ ŘʼnŚŜőŋőŘʼnŜō ŗŎ ʼnşʼnŚōŖōśś ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ķŋŜŗŊōŚ ŋŗŖśōŚŞʼnŜőŗŖ ŗŎ ōŖōŚŏš ŋŗŖśōŚŞʼnŜőŗŖ ŎŗŚ ŚōŔʼnŜō şőŜŐ ĻŚŴķŎŎőŋōŚ ŵ ĮŗŚōŕʼnŖ ŵ ĴōʼnŌōŚ eŲ b`ab Ŕʼnş th Įĩĭĩ d Edition% ļŗ ŘŚŗŞőŌō ʼn ŊōŜŜōŚ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ĮōŊŚŝʼnŚš īŗŖŜŚŗŔ ĸŔʼnŖ ŜŐō ŞŝŔŖōŚʼnŊőŔőŜš ʼnŖŌ őŕŘʼnŋŜ ʼnŖʼnŔšśőśŴ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ bcŲ b`ab Īš ŜŐō śŜʼnŖŌʼnŚŌś ŗŎ ıĻķ ŵ ļĻ afidi Ģ 2009 ĩśŘōŋŜ ıŌōŖŜőŎőŋʼnŜőŗŖ ŎŗŚ ıŖ ŗŚŌōŚ Ŝŗ ŋŗŕŘŔš şőŜŐ Ŕʼnş ʼnŖŌ ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ August ĭŖŞőŚŗŖŕōŖŜʼnŔ ĻšśŜōŕ ōŌŝŋʼnŜō śʼnŎōŜš őŖ ŜŐō şŗŚœŘŔʼnŋōŲ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ aeŲ b`ab őŖŋŔŝŌőŖŏ ŗŎ ōŖŞőŚŗŖŕōŖŜʼnŔ śšśŜōŕ ĴōʼnŌōŚśŐőŘ ŎŗŚ ōŖōŚŏš ļŗ ŊōŜŜōŚ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ŚŗŜōŲ ŌŝŜőōś ĻŚŴ ķŎŎőŋōŚ ŵ ķŎŎőŋōŚ ŵ ĮŗŚōŕʼnŖ ŵ ĻōŘŜōŕŊōŚ management ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜőōś ŗŎ ŜŐō şŗŚœőŖŏ ĴōʼnŌōŚ aiŲ b`ab committee and superintendent on energy management

33 34

35 36

KCE Annual Report 2012

ļŗ ŘŗőŖŜ ŗŎ ĿŗŚœśŐŗŘ ŗŖ ĽŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ıĻķe```aĢb`aa ļŗ ŐōŔŘ ōŕŘŔŗšōōś ʼnŜ ŜŐō śŝŘōŚŞőśŗŚ ŔōŞōŔ Ŝŗ ŝŖŌōŚśŜʼnŖŌ ŜŐō ŚōŏŝŔʼnŜőŗŖś ŚōŏʼnŚŌőŖŏ ōŖŞőŚŗŖŕōŖŜʼnŔŔš ŚōŔʼnŜōŌ őśśŝōś ļŗ ōŌŝŋʼnŜō śŜʼnŎŎ ŊōŜŜōŚ ŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎ ōŖōŚŏš ŋŗŖśōŚŞʼnŜőŗŖ

170

ĻŚŴ ķŎŎőŋōŚ ŵ ķŎŎőŋōŚ ŵ ĮŗŚōŕʼnŖ ŵ ĴōʼnŌōŚ ĻŚŴ ĻŝŘōŚŞőśŗŚ ŵ ĻŝŘōŚŞőśŗŚ ŵ ĻŚŴ ĭŖŏőŖōōŚ ŵ ĭŖŏőŖōōŚ

March hŲ b`ab ĮōŊŚŝʼnŚš aeŲ b`ab

ļŐō śʼnŎōŜš ŗŎ ŜŐō ōŕŘŔŗšōōś őś ŝŜŕŗśŜ őŕŘŗŚŜʼnŖŜ ʼnŖŌ ijīĭ őŕŘŔōŕōŖŜś śŜŚőŋŜ śʼnŎōŜš ŘŗŔőŋšŴ ļŐōŚō ŐʼnŞō ŊōōŖ ŞʼnŚőŗŝś ŜŚʼnőŖőŖŏ ʼnŖŌ śōŕőŖʼnŚś ŎŗŚ śʼnŎōŜšŲ ŐōʼnŔŜŐŲ ōŖŞőŚŗŖŕōŖŜ ʼnŖŌ ŗŜŐōŚ şŗŚœų ŚōŔʼnŜōŌ őśśŝōś Ŝŗ ŎŗśŜōŚ ŌōŞōŔŗŘŕōŖŜ ʼnŖŌ őŕŘŚŗŞōŕōŖŜ ŗŎ œŖŗşŔōŌŏōŲ śœőŔŔś ʼnŖŌ Ŝŗ ŕʼnŠőŕőŢō ŜŐō ŘŗŜōŖŜőʼnŔ ŗŎ ŜŐō ōŕŘŔŗšōōśŴ KCE Safety Policy aŴ ĿŗŚœ ĻʼnŎōŜš ʼnŜ ijīĭ őś ōŞōŚš ōŕŘŔŗšōōÝś ŚōśŘŗŖśőŊőŔőŜšģ ōʼnŋŐ őŖŌőŞőŌŝʼnŔ ʼnŜ ʼnŔŔ ŔōŞōŔś ŕŝśŜ ŋŗŔŔʼnŊŗŚʼnŜō Ŝŗ ŋŗŖŜŚőŊŝŜō Ŝŗ ŜŐō śʼnŎōŜš ŎŗŚ ŗŖōśōŔŎ ʼnŖŌ ŗŜŐōŚśŴ bŴ ijīĭ ōŖŋŗŝŚʼnŏōś ʼnŖŌ śŝŘŘŗŚŜś ōŞōŚš ŎŗŚŕ ŗŎ śʼnŎōŜš ų ŚōŔʼnŜōŌ ʼnŋŜőŞőŜőōś śŝŋŐ ʼnś ŜŚʼnőŖőŖŏ ŋŗŝŚśōśŲ ŕŗŜőŞʼnŜőŗŖŲ őŕŘŚŗŞōŕōŖŜ ŗŎ şŗŚœŘŔʼnŋō ŋŗŖŌőŜőŗŖś ʼnŖŌ ōŖŞőŚŗŖŕōŖŜŴ cŴ ĭŞōŚš śŝŘōŚŞőśŗŚ ʼnŖŌ ʼnŊŗŞō Őʼnś ŜŐō ŚōśŘŗŖśőŊőŔőŜš ŗŎ ŕŗŖőŜŗŚőŖŏ ŜŐō śʼnŎōŜš ŗŎ ŜŐō śŝŊŗŚŌőŖʼnŜōś ʼnŖŌ Ŝŗ ŗŞōŚśōō ŜŐʼnŜ ŜŐō śʼnŎōŜš ŚŝŔōś ʼnŚō śŜŚőŋŜŔš ʼnŌŐōŚōŌ ŜŗŴ dŴ ĩŔŔ ōŕŘŔŗšōōś şőŔŔ ŘʼnŚŜőŋőŘʼnŜō ʼnŖŌ ŋŗŗŘōŚʼnŜō şőŜŐ ʼnŔŔ ŜŐō ŋŗŕŘʼnŖšÝś śʼnŎōŜš ʼnŖŌ ŗŋŋŝŘʼnŜőŗŖʼnŔ ŐōʼnŔŜŐ ŘŚŗŒōŋŜŴ eŴ ijīĭ şőŔŔ ŕŗŖőŜŗŚ ʼnŖŌ ōŞʼnŔŝʼnŜō ŜŐō ŚōśŝŔŜś ŗŎ ŜŐō őŕŘŔōŕōŖŜʼnŜőŗŖ śʼnŎōŜš ʼnŖŌ ŗŋŋŝŘʼnŜőŗŖʼnŔ ŐōʼnŔŜŐ ŘŗŔőŋš őŖ ŗŚŌōŚ Ŝŗ ōŖśŝŚō śŜŚőŋŜ ŋŗŕŘŔőʼnŖŋō ʼnŖŌ ŕʼnŠőŕŝŕ ōŎŎōŋŜőŞōŖōśśŴ In 2012, KCE employees participated in the following activities : ä ĺōŔőŏőŗŝś īōŚōŕŗŖš ʼnŖŌ ĵōŚőŜųŕʼnœőŖŏ ŎŗŚ Ķōş ŁōʼnŚ ä ļŐʼnő ĺōŔőŏőŗŝś īōŚōŕŗŖš ŗŖ ĻŗŖŏœŚʼnŖ Ĭʼnš ä ĻʼnŎōŜš ĭŠŐőŊőŜőŗŖ ŗŖ ĻʼnŎōŜš Ĭʼnš ä ĻʼnŔōś ĵōŚŋŐʼnŖŌőśōś ŗŖ ĪʼnŚŏʼnőŖ Ĭʼnš ä īŗŖŜōśŜ ŎŗŚ ŜŐō ŊōśŜ eĻ śŔŗŏʼnŖ ä ĻʼnŎō ĬŚőŞőŖŏ şőŜŐ Ķŗ ĩŔŋŗŐŗŔ ĸŚŗŒōŋŜ ŎŗŚ ĻŗŖŏœŚʼnŖ Ĭʼnš ä ĩ ŕʼnŚʼnŜŐŗŖ őŖ ŜŐō ŐŗŖŗŚ ŗŎ İőś ĵʼnŒōśŜš ŜŐō ijőŖŏ ŗŖ ĬōŋōŕŊōŚ eth ä ĩ ŕʼnŚʼnŜŐŗŖ őŖ ŜŐō ŐŗŖŗŚ ŗŎ İōŚ ĵʼnŒōśŜš ŜŐō ĹŝōōŖ ŗŖ ĩŝŏŝśŜ abth ä ļŚʼnőŖőŖŏ ʼnŖŌ śōŕőŖʼnŚ ŗŖ ĿŐőŜō ĮʼnŋŜŗŚš ĸŚŗŒōŋŜ Ŝŗ ŚőŌ ŗŎ ŌŚŝŏś ŝśʼnŏō Customers ijīĭ śŜŚőŞōś Ŝŗ ʼnŋŐőōŞō ŋŝśŜŗŕōŚ śʼnŜőśŎʼnŋŜőŗŖ Ŋš ŘŚŗŞőŌőŖŏ řŝʼnŔőŜš ŘŚŗŌŝŋŜś ʼnŖŌŌōŔőŞōŚőŖŏ ōŠŋōŘŜőŗŖʼnŔ śōŚŞőŋō Ŝŗ ŗŝŚ ŋŝśŜŗŕōŚśŴ ijīĭ Őʼnś ʼn ŘŗŔőŋš Ŝŗ ŘŚŗŞőŌō ŘŚŗŌŝŋŜś ŜŐʼnŜ ŕōōŜ ŗŚ ōŠŋōōŌ ŜŐō ŋŝśŜŗŕōŚś ōŠŘōŋŜʼnŜőŗŖŴ ijīĭ ŊōŔőōŞōś őŖ śŜŚŗŖŏ ōŜŐőŋʼnŔ śŜʼnŖŌʼnŚŌś ʼnŖŌ ŋʼnŚŚőōś ŗŝŜ ŗŝŚ ŊŝśőŖōśś şőŜŐ ŝŖŋŗŕŘŚŗŕőśőŖŏ őŖŜōŏŚőŜš ʼnŖŌ ŐŗŖōśŜš őŖ ʼnŔŔ ŚōśŘōŋŜśŴ ijīĭ ŘŚŗŜōŋŜś ŗŝŚ ŋŝśŜŗŕōŚś ʼnŖŌ ŕʼnőŖŜʼnőŖś ŜŐō ŜŚŝśŜ ŘŔʼnŋōŌ őŖ ŝś Ŋš ōŖśŝŚőŖŏ ŜŐʼnŜ ʼnŔŔ őŖŎŗŚŕʼnŜőŗŖ ŚōŔʼnŜőŖŏ Ŝŗ ŗŝŚ ŋŝśŜŗŕōŚś ŊŝśőŖōśś ʼnŎŎʼnőŚś ŚōŕʼnőŖś ŋŗŖŎőŌōŖŜőʼnŔ ʼnŜ ʼnŔŔ ŜőŕōŴ ijīĭ Őʼnś śōŜ ŝŘ śʼnŔōś ʼnŖŌ śŝŘŘŗŚŜ ŗŎŎőŋōś ŏŔŗŊʼnŔŔš Ŝŗ ōŖśŝŚō ŋŝśŜŗŕōŚśÝ śʼnŜőśŎʼnŋŜőŗŖŴļŐō ŋŗŕŘʼnŖš ŌōŞōŔŗŘś ʼnŖŌ ŕʼnőŖŜʼnőŖś ʼn śŝśŜʼnőŖʼnŊŔō ŚōŔʼnŜőŗŖśŐőŘ şőŜŐ ŗŝŚ ŋŝśŜŗŕōŚśŴ Quality Policy “KCE commits to provide products and services to meet or exceed agreed requirements for all of our customers through continuous improvement and by doing it right the first time.”

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KCE Annual Report 2012

ĩŔŔ ijīĭ śŜʼnŎŎ ŚōŋŗŏŖőŢōś ŋŝśŜŗŕōŚś ʼnś ʼn ŘŚőŗŚőŜš ʼnŖŌ ʼnőŕś Ŝŗ ŘŚŗŞőŌō śʼnŜőśŎʼnŋŜőŗŖ Ŝŗ ŋŝśŜŗŕōŚś ʼnŜ ʼnŔŔ ŔōŞōŔśŴ īŝśŜŗŕōŚś śʼnŜőśŎʼnŋŜőŗŖ śŝŚŞōšś ʼnŚō ŋŗŖŌŝŋŜōŌ ʼnŖŖŝʼnŔŔš ʼnŖŌ ŜŐō ŚōśŝŔŜś ŗŎ ŜŐō śŝŚŞōšś ʼnŚō ŝŜőŔőŢōŌ Ŝŗ őŕŘŚŗŞō řŝʼnŔőŜš śōŚŞőŋōŴ ıŖ b`abŲ ʼnŔŔ ijīĭ ŋŝśŜŗŕōŚś ŋŗŖŌŝŋŜōŌ ŘŔʼnŖŜś ŞőśőŜś ʼnŖŌ ʼnŝŌőŜ ŜŐō ŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŘŚŗŋōśś aųc Ŝőŕōś ŘōŚ šōʼnŚŴ ļŐōŚō şōŚō Ŗŗ ŋŗŕŘŔʼnőŖŜś ŗŎ ŋŝśŜŗŕōŚśÝ ŌőśśʼnŜőśŎʼnŋŜőŗŖ őŖ b`abŴ Supplier ijīĭ ŊōŔőōŞōś őŖ ŊōőŖŏ ŎʼnőŚ ʼnŖŌ ŌōŎőŖōŌ ŋŗŖŌŝŋŜ ōŜŐőŋś őŖ ŌōʼnŔőŖŏś şőŜŐ ʼnŔŔ ŘʼnŚŜőōś ŐʼnŞőŖŏ ʼn ŊŝśőŖōśś ŚōŔʼnŜőŗŖśŐőŘ şőŜŐ ŜŐō ŋŗŕŘʼnŖšŴ ļŐō ŘŚŗŋŝŚōŕōŖŜ ŘŗŔőŋš ʼnŖŌ ŜŐō śōŚŞőŋō ʼnŋřŝőśőŜőŗŖ ŘŚŗŋōśś ʼnŚō ŋŔōʼnŚŔš ŌōŎőŖōŌŴ ļŐō ŕʼnŜōŚőʼnŔ ŘŝŚŋŐʼnśőŖŏ ŘŚŗŋōŌŝŚōŲ ŜŐō śŝŘŘŔőōŚ ʼnŖŌ ŜŐō śŝŊŋŗŖŜŚʼnŋŜŗŚ řŝʼnŔőŎőŋʼnŜőŗŖ ŘŚŗŋōŌŝŚōŲ ŜŐō ŜōŚŕś ʼnŖŌ ŋŗŖŌőŜőŗŖś ʼnŚō śōŜ Ŝŗ ōŖśŝŚō ŎʼnőŚŖōśś ŊōŜşōōŖ ŜŐō īŗŕŘʼnŖš ʼnŖŌ śŝŘŘŔőōŚś Ŋš şʼnš ŗŎ ŜŚʼnŖśŘʼnŚōŖŜ ŘŚŗŋŝŚōŕōŖŜ śšśŜōŕŴ ļŐō īŗŕŘʼnŖš ʼnŊőŌōś Ŋš ŜŐō ŜōŚŕś ʼnŖŌ ŋŗŖŌőŜőŗŖś śŜőŘŝŔʼnŜōŌ őŖ ŋŗŖŜŚʼnŋŜś ʼnŖŌ ŕʼnœō ŜőŕōŔš ŘʼnšŕōŖŜśŴ ļŐōŚō ŐʼnŞō ŊōōŖ Ŗŗ ŌőśŘŝŜōś şőŜŐ ŜŐō ijīĭ śŝŘŘŔőōŚś ŗŚ ŋŗŕŘōŜőŜŗŚś őŖ b`abŴ Creditors ijīĭ őś ŋŗŕŕőŜŜōŌ Ŝŗ ŌőśŋőŘŔőŖō őŖ ŜŐō ŗŘōŚʼnŜőŗŖ ŗŎ ŗŝŚ ŊŝśőŖōśś ʼnŖŌ ōŖśŝŚō ŜŐʼnŜ ʼnŔŔ ŊŝśőŖōśś ŌōŋőśőŗŖś ʼnŖŌ ʼnŋŜőŗŖś ŋŗŕŘŔš şőŜŐ ŜŐō ŜōŚŕś ŗŎ ŔŗʼnŖ ʼnŖŌ ŗŊŔőŏʼnŜőŗŖ ʼnś şōŔŔ ʼnś şőŜŐ ʼnŔŔ ʼnŘŘŔőŋʼnŊŔō Ŕʼnşś ʼnŖŌ ŚōŏŝŔʼnŜőŗŖśŴ ļŐō īŗŕŘʼnŖš ŗŊśōŚŞōś ŏŗŗŌ śŜʼnŖŌʼnŚŌś ŗŎ ŊōŐʼnŞőŗŚ ʼnŖŌ ŐŗŖŗŚőŖŏ ʼnŔŔ ŋŗŕŕőŜŕōŖŜś ŕʼnŌō Ŝŗ ŋŚōŌőŜŗŚśŴ ļŐō īŗŕŘʼnŖš ŘōŚŎŗŚŕś ʼnŋŋŗŚŌőŖŏ Ŝŗ ŜŐō ŜōŚŕś ŗŎ ŜŐō ŔŗʼnŖś ʼnŖŌ ŚōśŘōŋŜ ŗŊŔőŏʼnŜőŗŖ ŜŗşʼnŚŌś ŋŚōŌőŜŗŚś şőŜŐ ŘŚŗŕŘŜ ŋŗŕŕŝŖőŋʼnŜőŗŖ ʼnŖŌ őŖŎŗŚŕʼnŜőŗŖ şŐōŖ ŌōōŕōŌ ŖōŋōśśʼnŚšŴ ĪőŔŔőŖŏ ŌʼnŜōŲ ŌŗŋŝŕōŖŜś ʼnŖŌ ŋŗŖŌőŜőŗŖś ŎŗŚ ŘʼnšŕōŖŜ ʼnŚō ŋŔōʼnŚŔš őŖŎŗŚŕōŌ Ŝŗ ijīĭ ŋŚōŌőŜŗŚśŴ Competitors ĪŝśőŖōśś ŜŚʼnŖśʼnŋŜőŗŖś ʼnŜ ijīĭ ʼnŚō ŘōŚŎŗŚŕōŌ ōŜŐőŋʼnŔ ʼnŖŌ şőŜŐ ŜŚʼnŖśŘʼnŚōŖŋšŴ ĪŝśőŖōśś ŋŗŕŘōŜőŜőŗŖś ʼnŚō ŋŗŖŌŝŋŜōŌ ŎʼnőŚŔš şőŜŐŗŝŜ őŔŔōŏʼnŔ ŗŚ ŝŖōŜŐőŋʼnŔ ŘŚʼnŋŜőŋōśŴ ijīĭ Ōŗōś ŖŗŜ śōōœ ŎŗŚ śōŋŚōŜ őŖŎŗŚŕʼnŜőŗŖ ŗşŖōŌ Ŋš ŜŐō ŋŗŕŘōŜőŜŗŚś őŖ ʼnŖ ŝŖōŜŐőŋʼnŔ ŕʼnŜŜōŚ ŗŚ ŝŖśŝőŜʼnŊŔš śŝŋŐ ʼnś ŘʼnšŕōŖŜ ŎŗŚ ŜŐō ŋŗŕŘōŜőŜŗŚÝś ōŕŘŔŗšōō Ŝŗ Ŕōʼnœ ŞʼnŔŝʼnŊŔō őŖŎŗŚŕʼnŜőŗŖŴ ijīĭ ʼnŔśŗ Ōŗōś ŖŗŜ őŖŜōŖŜőŗŖʼnŔŔš Ōʼnŕʼnŏō ŜŐō ŋŗŕŘōŜőŜŗŚÝś ŚōŘŝŜʼnŜőŗŖŴ Environment ĺōŋŗŏŖőŢőŖŏ ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ ŜŐō ōŖŞőŚŗŖŕōŖŜŲ śőŖŋō b``g ijīĭ Ŋōŋʼnŕō ʼn ŕōŕŊōŚ ŗŎ ŜŐō įŔŗŊʼnŔ īŗŕŘʼnŋŜ ōśŜʼnŊŔőśŐōŌ Ŋš ŜŐō ĽŖőŜōŌ ĶʼnŜőŗŖś ŮĽĶů ʼnŖŌ ŋŗŕŕőŜś Ŝŗ ŜŐō a` ŘŚőŖŋőŘŔōś őŖ ŚōśŘōŋŜ Ŝŗ ŐŝŕʼnŖ ŚőŏŐŜśŲ ŔʼnŊŗŝŚ ŚőŏŐŜśŲ ŜŐō ŘŚŗŜōŋŜőŗŖ ŗŎ ŜŐō ōŖŞőŚŗŖŕōŖŜ ʼnŖŌ ʼnŖŜőųŋŗŚŚŝŘŜőŗŖ ʼnś ŎŗŔŔŗşśĢ Human Rights aŴ ijīĭ śŝŘŘŗŚŜś ʼnŖŌ ŚōśŘōŋŜś ŜŐō ŘŚŗŜōŋŜőŗŖ ŗŎ őŖŜōŚŖʼnŜőŗŖʼnŔŔš ŘŚŗŋŔʼnőŕōŌ ŐŝŕʼnŖ ŚőŏŐŜśģ ʼnŖŌ bŴ ĿőŔŔ ŖŗŜ ŋŗŖŌŗŖō Ŝŗ ŐŝŕʼnŖ ŚőŏŐŜś ʼnŊŝśōśŴ Labour Standards cŴ ĽŘŐŗŔŌ ŜŐō ŎŚōōŌŗŕ ŗŎ ʼnśśŗŋőʼnŜőŗŖ ʼnŖŌ ŜŐō ōŎŎōŋŜőŞō ŚōŋŗŏŖőŜőŗŖ ŗŎ ŜŐō ŚőŏŐŜ Ŝŗ ŋŗŔŔōŋŜőŞō ŊʼnŚŏʼnőŖőŖŏģ dŴ ĭŔőŕőŖʼnŜőŗŖ ŗŎ ʼnŔŔ ŎŗŚŕś ŗŎ ŎŗŚŋōŌ ʼnŖŌ ŋŗŕŘŝŔśŗŚš ŔʼnŊŗŚģ eŴ ĭŎŎōŋŜőŞō ʼnŊŗŔőŜőŗŖ ŗŎ ŋŐőŔŌ ŔʼnŊŗŚģ ʼnŖŌ fŴ ĭŔőŕőŖʼnŜőŗŖ ŗŎ ŌőśŋŚőŕőŖʼnŜőŗŖ őŖ ŚōśŘōŋŜ ŗŎ ōŕŘŔŗšŕōŖŜ ʼnŖŌ ŗŋŋŝŘʼnŜőŗŖŴ KCE Annual Report 2012

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Environment gŴ ĻŝŘŘŗŚŜ ʼn ŘŚōŋʼnŝŜőŗŖʼnŚš ʼnŘŘŚŗʼnŋŐ Ŝŗ ōŖŞőŚŗŖŕōŖŜʼnŔ ŋŐʼnŔŔōŖŏōśģ hŴ ĽŖŌōŚŜʼnœō őŖőŜőʼnŜőŞōś Ŝŗ ŘŚŗŕŗŜō ŏŚōʼnŜōŚ ōŖŞőŚŗŖŕōŖŜʼnŔ ŚōśŘŗŖśőŊőŔőŜšģ ʼnŖŌ iŴ ĭŖŋŗŝŚʼnŏō ŜŐō ŌōŞōŔŗŘŕōŖŜ ʼnŖŌ ŌőŎŎŝśőŗŖ ŗŎ ōŖŞőŚŗŖŕōŖŜʼnŔ ŎŚőōŖŌŔš ŜōŋŐŖŗŔŗŏőōśŴ Anti-Corruption a`Ŵ ĿŗŚœ ʼnŏʼnőŖśŜ ŋŗŚŚŝŘŜőŗŖ őŖ ʼnŔŔ őŜś ŎŗŚŕśŲ őŖŋŔŝŌőŖŏ ōŠŜŗŚŜőŗŖ ʼnŖŌ ŊŚőŊōŚšŴ İőŏŐ ōŖŞőŚŗŖŕōŖŜʼnŔ śŜʼnŖŌʼnŚŌ őś ŕʼnőŖŜʼnőŖōŌ śŜŚőŋŜŔš ʼnŜ ijīĭŲ ŋŗŕŘŔšőŖŏ şőŜŐ ŜŐō ʼnśśŗŋőʼnŜōŌ Ŕʼnş ʼnŖŌ ŚōŏŝŔʼnŜŗŚš ŚōřŝőŚōŕōŖŜśŴ ĭŖōŚŏš ʼnŖŌ ŖʼnŜŝŚʼnŔ ŚōśŗŝŚŋōś ʼnŚō ŝŜőŔőŢōŌ ōŎŎōŋŜőŞōŔš ʼnŖŌ ōŎŎőŋőōŖŜŔš şőŜŐ ŕʼnŒŗŚ őŖŞōśŜŕōŖŜ őŖ ŜŐō şʼnśŜō ŜŚōʼnŜŕōŖŜ śšśŜōŕśŴ ĩŔŔ ijīĭ ŘŔʼnŖŜś ʼnŚō ŔŗŋʼnŜōŌ şőŜŐőŖ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜō şŐōŚō ōŖŞőŚŗŖŕōŖŜ ŘŚŗŜōŋŜőŗŖ ʼnŖŌ őŕŘʼnŋŜ Ŝŗ ōŖŞőŚŗŖŕōŖŜ ʼnŚō ŋŗŖŌŝŋŜōŌ śŜŚőŋŜŔšŴ ijīĭ ŋŗŕŕőŜś Ŝŗ ŜŐō ōŖŞőŚŗŖŕōŖŜ ŘŗŔőŋš ʼnś ŎŗŔŔŗşś Ģ Environment Management Policy ßijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖšŲ ŕʼnŖŝŎʼnŋŜŝŚōŚ ʼnŖŌ ōŠŘŗŚŜōŚ ŗŎ ĸŚőŖŜōŌ īőŚŋŝőŜ ĪŗʼnŚŌ ŮĸīĪů őś ŋŗŕŕőŜŜōŌ Ŝŗ ōśŜʼnŊŔőśŐ ĭŖŞőŚŗŖŕōŖŜ ĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕ ŜŐŚŗŝŏŐ ŋŗŕŘŔšőŖŏ şőŜŐ ŜŐō ijīĭ ĭŖŞőŚŗŖŕōŖŜ ĵʼnŖʼnŏōŕōŖŜ ĸŗŔőŋš ʼnś ŎŗŔŔŗşśĢ

ä ļŐō īŗŕŘʼnŖš şőŔŔ ŋŗŖŜőŖŝŗŝśŔš ŕōōŜ ŜŐō ŔōŏʼnŔ ŚōřŝőŚōŕōŖŜ ʼnś şōŔŔ ʼnś ŋŗŖŜŚőŊŝŜōś Ŝŗ ŜŐō őŕŘŚŗŞōŕōŖŜ ŗŎ ōŖŞőŚŗŖŕōŖŜʼnŔ őśśŝōśŴ ä ĺōŌŝŋŜőŗŖ ŗŎ şʼnśŜō ŕʼnŜōŚőʼnŔś ä ĭŎŎōŋŜőŞō ʼnŖŌ ōŎŎőŋőōŖŜ ŝŜőŔőŢʼnŜőŗŖ ŗŎ ŖʼnŜŝŚʼnŔ ŚōśŗŝŚŋōśŴ ä īŗŖŜőŖŝŗŝś ʼnśśōśśŕōŖŜ ʼnŖŌ ōŞʼnŔŝʼnŜőŗŖ ŗŎ ŜŐō ōŖŞőŚŗŖŕōŖŜ ŕʼnŖʼnŏōŕōŖŜ śšśŜōŕŲ Ŝŗ ŚōŞőōş ŗŊŒōŋŜőŞōśŲ ʼnŖŌ ŜʼnŚŏōŜś Ŝŗ ōŖśŝŚō śŝŋŋōśś ŗŎ ŜŐō ōŎŎōŋŜőŞōŖōśś ŗŎ ŜŐō śšśŜōŕŴ ä ĸŚŗŕŗŜō ʼnŖŌ ŌōŞōŔŗŘ śŜʼnŎŎ ʼnşʼnŚōŖōśś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜš Ŝŗ ŜŐō ōŖŞőŚŗŖŕōŖŜ ŜŐŚŗŝŏŐ ŋŗŕŕŝŖőŋʼnŜőŗŖŲ ŘŚŗŞőśőŗŖ ŗŎ ŚōŔōŞʼnŖŜ őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ŋŗŗŘōŚʼnŜőŗŖ ʼnŕŗŖŏ śŜʼnŎŎŲ śŝŘŘŔőōŚśŲ ŋŝśŜŗŕōŚśŲ ŏŗŞōŚŖŕōŖŜ ʼnŏōŖŋőōśŲ ŜŐō ŘŚőŞʼnŜō śōŋŜŗŚ ʼnŖŌ ŜŐō ŏōŖōŚʼnŔ ŘŝŊŔőŋŴ

ijīĭ Őʼnś ŊōōŖ ʼnşʼnŚŌōŌ ıĻķ ad``a şŐőŋŐ őś ŜŐō īōŚŜőŎőŋʼnŜō ŎŗŚ ĭŎŎōŋŜőŞō ĭŖŞőŚŗŖŕōŖŜʼnŔ ĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕ ŎŚŗŕ ĻįĻ ļŐʼnőŔʼnŖŌ ʼnŖŌ ŜŐō ʼnŋŋŚōŌőŜʼnŜőŗŖ ŎŚŗŕ ıĻķŵļĻ afidiŲ ŜŐō īōŚŜőŎőŋʼnŜō ŗŎ ĹŝʼnŔőŜš ĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕ ŗŎ ļōŋŐŖőŋʼnŔ ĻŘōŋőŎőŋʼnŜőŗŖ ŎŗŚ ĩŝŜŗŕŗŜőŞō ĸŚŗŌŝŋŜőŗŖ ʼnŖŌ ĺōŔōŞʼnŖŜ ĻōŚŞőŋō ĸʼnŚŜ ķŚŏʼnŖőŢʼnŜőŗŖŲ ijīĭ ʼnŌŐōŚō śŜŚőŋŜŔš Ŝŗ ŜŐō śŜʼnŖŌʼnŚŌś ʼnŖŌ őŖ b`ab şʼnś ʼnŝŌőŜōŌ ʼnŖŌ ʼnŘŘŚŗŞōŌ Ŋš ŜŐō ʼnŋŋŚōŌőŜʼnŜőŗŖ ŋŗŕŕőŜŜōō ŗŖ ŜŐō Ŝşŗ śŝŚŞōšś ŘōŚŎŗŚŕōŌ őŖ ĮōŊŚŝʼnŚš ʼnŖŌ ķŋŜŗŊōŚ b`ab ŜŐʼnŜ ŜŐō īŗŕŘʼnŖš Őʼnś ʼnŌŐōŚōŌ Ŝŗ ʼnŔŔ ŜŐō śŜőŘŝŔʼnŜőŗŖśŲ ŕōōŜőŖŏ ŜŐō śŜʼnŖŌʼnŚŌś ŗŎ ŜŐō ĭŎŎōŋŜőŞō ĭŖŞőŚŗŖŕōŖŜ ĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕ ʼnŖŌ ĹŝʼnŔőŜš ĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕŴ ıŖ ŜŐō šōʼnŚ b`abŲ ijīĭ ŋŗŖŌŝŋŜōŌ śōŞōŚʼnŔ ʼnŋŜőŞőŜőōś ŎŗŚ ōŕŘŔŗšōōś Ŝŗ ŘʼnŚŜőŋőŘʼnŜō őŖ ŗŚŌōŚ Ŝŗ śŝŘŘŗŚŜ ŜŐō ōŖŞőŚŗŖŕōŖŜ śʼnŎōŜš ŘŗŔőŋš ʼnś ŚōŋŗŕŕōŖŌōŌ Ŋš ıĻķ ad``a ʼnś ŎŗŔŔŗşś Ģ

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ä ĩŘŘŗőŖŜōŌ ʼn ŋŗŕŕőŜŜōō Ŝŗ ŋŗŖśōŚŞō ōŔōŋŜŚőŋőŜš ʼnŖŌ Ŝŗ ŚōŌŝŋō ōŖōŚŏš ŋŗŖśŝŕŘŜőŗŖ ŌŗşŖ Ŝŗ dŴe œŴĿŴŐŚŵśřŴ ŎŜŴ ļŐō ŚōśŘŗŖśőŊőŔőŜőōś ŗŎ ŜŐō ŋŗŕŕőŜŜōō őś Ŝŗ Ģ İŗŔŌ ŕŗŖŜŐŔš ŕōōŜőŖŏś Ŝŗ ʼnŖʼnŔšŢō ōŖōŚŏš ŝŜőŔőŢōŌ ʼnŖŌ Ŝŗ őśśŝō ŖōŋōśśʼnŚš ŕōʼnśŝŚōś Ŝŗ ŔŗşōŚ the use ıŖŞōśŜőŏʼnŜō ŜŐō ŋʼnŝśō ŗŎ ŜŐō őŖŋŚōʼnśōŌ ōŖōŚŏš ŋŗŖśŝŕŘŜőŗŖ ʼnŖŌ Ŝŗ ʼnŜŜʼnőŖ ŏŝőŌōŔőŖōś ŎŗŚ a solution ķŚŏʼnŖőŢōŌ ʼnŋŜőŞőŜőōś Ŝŗ ŘŚŗŕŗŜō ʼnşʼnŚōŖōśś ŗŎ ŜŐō ŋŗŕŘʼnŖšÝś ßĻʼnŞőŖŏ ŖʼnŜŝŚʼnŔ ĺōśŗŝŚŋōś ĸŗŔőŋšà ʼnŕŗŖŏ ʼnŔŔ ōŕŘŔŗšōōśŴ ļŐō ŚōŘŗŚŜ ŗŎ b`ab ŎŗŝŖŌ ŜŐʼnŜ ijīĭ ŚōŌŝŋōŌ ŜŐō ŋŗŖśŝŕŘŜőŗŖ Ŋš eŴcfū ŗŚ Ŋš acbŲeid ŊʼnŐŜ ŘōŚ ŕŗŖŜŐŴ Q

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ļōʼnŕ ŕōōŜőŖŏ Ŝşőŋō ŕŗŖŜŐŔš Ŝŗ ʼnŖʼnŔšŢō şʼnŜōŚ ŝśʼnŏō ʼnŖŌ Ŝŗ őŕŘŔōŕōŖŜ ŖōŋōśśʼnŚš ŕōʼnśŝŚōśŴ ıŖŞōśŜőŏʼnŜō ŜŐō ŋʼnŝśō ŗŎ őŖŋŚōʼnśōŌ şʼnŜōŚ ŝśʼnŏō őŖ ŗŚŌōŚ Ŝŗ ŌōŞōŔŗŘ ŖōŋōśśʼnŚš ŘŗŔőŋš Ŝŗ śŗŔŞō ŜŐō ŘŚŗŊŔōŕśŴ ĭŖŋŗŝŚʼnŏō ōŕŘŔŗšōōś Ŝŗ ŘʼnŚŜőŋőŘʼnŜō őŖ ŋŗŖśōŚŞőŖŏ şʼnŜōŚ ŜŐŚŗŝŏŐ şʼnŜōŚųŋŗŖśōŚŞʼnŜőŗŖ ʼnşʼnŚōŖōśś ʼnŋŜőŞőŜőōśŴ

ä ĺōŌŝŋŜőŗŖ ŗŎ şʼnśŜō ŘŚŗŌŝŋŜ ŎŚŗŕ ŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŘŚŗŋōśśŴ ļŐō ŏŗʼnŔ őś śōŜ ʼnŜ Ĥ`Ŵg`ū ŎŗŚ őŖŖōŚ ŔʼnšōŚ ʼnŖŌ ĤdŴe`ū ŎŗŚ ŗŝŜōŚ ŔʼnšōŚŴ ĩ Ŝōʼnŕ şʼnś ŌōŞōŔŗŘōŌ Ŝŗ ŕʼnŖʼnŏō ŜŐőś ŘŚŗŒōŋŜŴ ä ĩŋŜőŞőŜőōś Ŝŗ ŘŚŗŕŗŜō śʼnŎōŜš ʼnŖŌ ōŖŞőŚŗŖŕōŖŜ ʼnşʼnŚōŖōśś ŜŐŚŗŝŏŐ ŐʼnŞőŖŏ ʼn ijīĭ śʼnŎōŜš şōōœŴ ĩŋŜőŞőŜőōś őŖŋŔŝŌō ŊŝŜ ŖŗŜ ŔőŕőŜōŌ Ŝŗ ŘŚŗŞőśőŗŖ ŗŎ ōŖŞőŚŗŖŕōŖŜ ʼnşʼnŚōŖōśś őŖŎŗŚŕʼnŜőŗŖŲ ŎŝŖ ʼnŋŜőŞőŜőōśŲ śŝŋŐ ʼnś řŝőŢ ʼnŖŌ ŊőŖŏŗ ŏʼnŕōśŴ ä ķŚŏʼnŖőŢōŌ ʼn ŘŚŗŏŚʼnŕ Ŝŗ ŚōŌŝŋō ŜŐō ŝśō ŗŎ ŘʼnŘōŚ ʼnŖŌ ŘŐŗŜŗ ŋŗŘš Ŝŗ śʼnŞō ŖʼnŜŝŚʼnŔ ŚōśŗŝŚŋōś Ŋš ōŖŋŗŝŚʼnŏőŖŏ ōŕŘŔŗšōō ŊōŐʼnŞőŗŚŲ ŔōʼnŚŖőŖŏ Ŝŗ ŗŚŏʼnŖőŢō şŗŚœ ʼnŖŌ ŘŔʼnŖŴ ļŐőś ŘŚŗŏŚʼnŕ şʼnś śŜʼnŚŜōŌ śőŖŋō ĩŘŚőŔ Ŝŗ ĵʼnš ʼnŖŌ ŜŐō ŚōśŝŔŜ Őʼnś śŐŗşŖ ŋŗŖŜőŖŝōŌ ŕŗŖŜŐŔš ŚōŌŝŋŜőŗŖ ŗŎ ŘʼnŘōŚ ŝśōŴ ĻőŖŋō b`a`Ų ijīĭ ŐʼnŞō ŋŗŕŕōŖŋōŌ ŜŐō řŝʼnŔőŜš ŘŗŔőŋš śšśŜōŕŲ ʼnś ŎŗŔŔŗşś Ģ ä ĩś ijīĭ Őʼnś ŊōōŖ ʼnşʼnŚŌōŌ ıĻķŵļĻ afidiŲ īōŚŜőŎőŋʼnŜō ŗŎ ĹŝʼnŔőŜš ĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕ ŗŎ ļōŋŐŖőŋʼnŔ śŘōŋőŎőŋʼnŜőŗŖ ŎŗŚ ĩŝŜŗŕʼnŜőŋ ĸŚŗŌŝŋŜőŞō ʼnŖŌ ĺōŔōŞʼnŖŜ ĻōŚŞőŋō ĸʼnŚŜŴŲ ĻįĻ Őʼnś ʼnŝŌőŜōŌ ʼnŖŌ ʼnŘŘŚŗŞōŌ ŜŐō ʼnŋŋŚōŌőŜʼnŜőŗŖ IJŝŖō b`abŴ ä ıŕŘŔōŕōŖŜʼnŜőŗŖ ŗŎ ʼn ŘŚŗŏŚʼnŕ Ŝŗ őŕŘŚŗŞō ijīĭÝś řŝʼnŔőŜš śŜʼnŖŌʼnŚŌ ŜŐŚŗŝŏŐ ßīŗŖŜőŖŝŗŝś ĹŝʼnŔőŜš ıŕŘŚŗŞōŕōŖŜ ĸŚŗŏŚʼnŕà ŮĹıĸů Ŋš ŜŐō ŋŚŗśśōŌųŎŝŖŋŜőŗŖʼnŔ ŜōʼnŕŴ ļŐō ŏŗʼnŔś ŗŎ ŜŐō ŘŚŗŏŚʼnŕ ʼnŚō Ŝŗ ŚōŌŝŋō şʼnśŜō ʼnŖŌ Ŝŗ őŕŘŚŗŞō ŜŐō řŝʼnŔőŜš ŗŎ ŜŐō ŘŚŗŌŝŋŜőŗŖ ŘŚŗŋōśśŴ ļŐō Ŝōʼnŕ ŚōśŘŗŖśőŊŔō ŋŗŖśőśŜś ŗŎ ŘōŚśŗŖŖōŔ ŎŚŗŕ ŌőŎŎōŚōŖŜ ŌōŘʼnŚŜŕōŖŜś śŝŋŐ ʼnś ĭŖŏőŖōōŚőŖŏŲ ĸŚŗŋōśś ĭŖŏőŖōōŚŲ ĸŔʼnŖŖőŖŏ īŗŖŜŚŗŔŲ ĸŚŗŌŝŋŜőŗŖ ĹŝʼnŔőŜš ʼnŖŌ ŗŜŐōŚ ŚōŔʼnŜōŌ ŌōŘʼnŚŜŕōŖŜśŴ ļŐō ļōʼnŕ őś ŕōōŜś ōŞōŚš şōōœŲ ŎŗŚ ŎŝŚŜŐōŚ őŕŘŚŗŞōŕōŖŜŴ ä ĩŌŌőŜőŗŖ ŗŎ Ŗōş ŜōŋŐŖŗŔŗŏš śŝŋŐ ʼnś ĩŝŜŗ ľőśŝʼnŔ ıŖśŘōŋŜőŗŖ Ůĩľıů şŐőŋŐ őś ŋʼnŘʼnŊŔō ŗŎ ŌōŜōŋŜőŖŏ śŝŚŎʼnŋō ŌōŎōŋŜś ŕŗŚō ōŎŎōŋŜőŞōŔš ʼnŖŌ ŚʼnŘőŌŔš Ŝŗ ŘŚōŞōŖŜ ŋŗśŕōŜőŋ ŚōŒōŋŜőŗŖ ŎŚŗŕ ŋŝśŜŗŕōŚŴ

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ijīĭ őś ŌōŌőŋʼnŜōŌ Ŝŗ ŋŚōʼnŜō ŕŗŚō ōŖŞőŚŗŖŕōŖŜʼnŔŔš ŎŚőōŖŌŔš ŘŚŗŌŝŋŜś Ŝŗ ŘŚŗŌŝŋō ĭŖŞőŚŗŖŕōŖŜʼnŔŔš śʼnŎō ĸīĪ ŘŚŗŌŝŋŜś ʼnŖŌ şŗŚœ şőŜŐ ŗŝŚ ŋŝśŜŗŕōŚś ʼnŖŌ Śʼnş ŕʼnŜōŚőʼnŔ śŝŘŘŔőōŚś Ŝŗ ŘŚŗŌŝŋō ōŖŞőŚŗŖŕōŖŜʼnŔŔš ŎŚőōŖŌŔš ŘŚŗŌŝŋŜś śŝŋŐ ʼnś ĴōʼnŌųĮŚōō ʼnŖŌ İʼnŔŔŗŏōŖų ĮŚōō ĸŚŗŌŝŋŜś ʼnś şōŔŔ ʼnś ŜŐō ŝśō ŗŎ ōŖŞőŚŗŖŕōŖŜʼnŔŔš ŎŚőōŖŌŔš ŘʼnŋœʼnŏőŖŏ ŕʼnŜōŚőʼnŔ Ŋš ŝśőŖŏ ŊŝŊŊŔō ŘʼnŋœʼnŏőŖŏ ŘŚŗŌŝŋŜ őŖśŜōʼnŌ ŗŎ ŘŔʼnśŜőŋ ŎŗʼnŕŴ Society and Community ijīĭ ŞʼnŔŝōś ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ ŋŗŖŜŚőŊŝŜőŖŏ Ŝŗ ŋŗŕŕŝŖőŜšŲ śŗŋőōŜšŲ ŚōŔőŏőŗŖ ʼnŖŌ ŋŝŔŜŝŚōŲ ŖʼnŜŝŚʼnŔ ŚōśŗŝŚŋōś ʼnŖŌ ŜŐō ōŖŞőŚŗŖŕōŖŜ ʼnŖŌ ŜŐʼnŜ ŗŎ ŜŐō ŏōŖōŚʼnŔ ŘŝŊŔőŋŴ ļŐō īŗŕŘʼnŖš ŘŚŗŕŗŜōś ʼn ŋŝŔŜŝŚō ŗŎ ŊōőŖŏ śŗŋőʼnŔŔš ŚōśŘŗŖśőŊŔō ŎŗŚ ʼnŔŔ śŜʼnŎŎ ŔōŞōŔśŴ ijīĭ Őʼnś ŗŚŏʼnŖőŢōŌ ʼnŋŜőŞőŜőōś ŜŐʼnŜ ʼnŚō ōŖŞőŚŗŖŕōŖŜʼnŔŔš ʼnŖŌ śŗŋőʼnŔŔš ŚōŔʼnŜōŌ őŖ ŞʼnŚőŗŝś ŎŗŚŕś Ŋš ŎŗŋŝśőŖŏ ŗŖ ŜŐō ōŎŎőŋőōŖŜ ōŋŗŖŗŕš ŋŗŖŋōŘŜŲ őŕŘŚŗŞőŖŏ ŜŐō ōŌŝŋʼnŜőŗŖ śŜʼnŖŌʼnŚŌ ŎŗŚ šŗŝŖŏōŚ ŏōŖōŚʼnŜőŗŖśŲ ŐōʼnŔŜŐ ʼnŖŌ ŕőŖŌ ŌōŞōŔŗŘŕōŖŜś ʼnŖŌ ŗŜŐōŚ ʼnŋŜőŞőŜőōś ŚōŔʼnŜōŌ Ŝŗ ʼnŚŜś ʼnŖŌ śŘŗŚŜśŴ ıŖ b`abŲ ijīĭ ŜŗŏōŜŐōŚ şőŜŐ ŜŐō ōŕŘŔŗšōōś ŐʼnŞō ŘʼnŚŜőŋőŘʼnŜōŌ őŖ ŜŐō ŎŗŔŔŗşőŖŏ ʼnŋŜőŞőŜőōś Ŝŗ ŋŗŖŜŚőŊŝŜō Ŝŗ ŜŐō ŋŗŕŕŝŖőŜšŲ ŚōŔőŏőŗŖ ʼnŖŌ ŜŐō ŘŝŊŔőŋ Ģ

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įőŎŜ ŌŗŖʼnŜőŗŖ ŎŗŚ ŜŐō ŋŐőŔŌŚōŖ ŗŖ īŐőŔŌŚōŖŭś Ĭʼnš őŖ ʼnŚōʼn ŖōʼnŚ ĴʼnŜ ijŚʼnŊʼnŖŏ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜō įőŎŜ ĬŗŖʼnŜőŗŖ ŎŗŚ ŜŐō ŋŐőŔŌŚōŖ ŗŎ ıʼnŕųĻŝŚōō ĻŋŐŗŗŔ ʼnŖŌ ĶőœŗŜ ĻŋŐŗŗŔ őŖ ĻʼnŕŝŜŘŚʼnœʼnŚŖ ĸŚŗŞőŖŋō ĸŝŊŔőŋ ĻōŚŞőŋō ʼnŋŜőŞőŜš ŜŐŚŗŝŏŐ ŊōʼnŋŐ ŋŔōʼnŖőŖŏ ʼnŜ İŝʼn İőŖŲ ĸōŜŋŐʼnŊŝŚő ĸŝŊŔőŋ ĻōŚŞőŋō ʼnŋŜőŞőŜš ŜŐŚŗŝŏŐ ŊōʼnŋŐ ŋŔōʼnŖőŖŏ ʼnŜ īŐʼnųĩŕŲ ĸōŜŋŐʼnŊŝŚő ĵʼnŖŏŚŗŞō ĸŔʼnŖŜőŖŏ őŖ ŐŗŖŗŚ ŗŎ İōŚ ĵʼnŒōśŜš ŜŐō ĹŝōōŖ ʼnŖŌ İőś ĺŗšʼnŔ İőŏŐŖōśś īŚŗşŖ ĸŚőŖŋō ĵʼnŐʼn ľʼnŒőŚʼnŔŗŖŏœŗŚŖ ʼnŜ ĪʼnŖŏ ĸŗŗŲ ĻʼnŕŝŜŘŚʼnœʼnŚŖ ļşōŖŜš śŋŐŗŔʼnŚśŐőŘ ŎŝŖŌśŲ ōʼnŋŐ ʼnŜ bŲe`` ĪʼnŐŜ Ŝŗ ŜŐō ŋŐőŔŌŚōŖ ŗŎ ijīĭ ōŕŘŔŗšōōś ĻŋŐŗŔʼnŚśŐőŘ ŌŗŖʼnŜőŗŖś ŎŗŚ ijŗœ ĴʼnŕŌŝʼnŖ ĻŋŐŗŗŔŲ ĩŕŘŐŝŚ ĻŚőœŗŚŖŘŐŝŕŲ ĻŝŚőŖ ĸŚŗŞőŖŋō ĻŋŐŗŔʼnŚśŐőŘ ŌŗŖʼnŜőŗŖś Ŝŗ ŜŐō ŋŐőŔŔŌŚōŖ ŗŎ ŜŐō śŗŔŌőōŚś őŖ ĻŝŚʼnśő ĵőŔőŜʼnŚš īʼnŕŘŲ ijʼnŖŋŐʼnŖʼnŊŝŚő ĬŗŖʼnŜőŗŖ śŘŗŚŜ ōřŝőŘŕōŖŜ ŎŗŚ ĻŝŚʼnśő ĵőŔőŜʼnŚš īʼnŕŘŲ ijʼnŖŋŐʼnŖʼnŊŝŚő ĻŋŐŗŗŔ ōřŝőŘŕōŖŜ ŌŗŖʼnŜőŗŖ ŎŗŚ ŌőśʼnŌŞʼnŖŜʼnŏō ŋŐőŔŌŚōŖ ŗŎ ĸōŜŋŐʼnŊŝŚő ĸʼnŖšʼnŖŝœŝŔ ĻŋŐŗŗŔŲ ĸōŜŋŐʼnŊŝŚő ĸŚŗŞőŖŋō ĻŋŐŗŔʼnŚśŐőŘ ʼnŖŌ śŋŐŗŗŔ ōřŝőŘŕōŖŜ ŌŗŖʼnŜőŗŖ Ŝŗ ĿʼnŜ ijŐʼnŗ ļʼnŕŗŖōŲ ĸōŜŋŐʼnŊŝŚő ĸŚŗŞőŖŋō ĸŗŘŘš śʼnŔō śŝŘŘŗŚŜ ŗŖ ľōŜōŚʼnŖś Ĭʼnš ĻŗŋőʼnŔ ʼnŋŜőŞőŜš şőŜŐ ĴŝŕŘŝŜŜŚʼn īŗŕŕŝŖőŜš śŝŋŐ ʼnś ŜŚʼnőŖőŖŏ ŎŗŚ ĭŖŢšŕō ıŗŖőŋ ĸŔʼnśŕʼn ʼnŖŌ ĭĵ ŮĭŎŎōŋŜőŞō ĵőŋŚŗųŗŚŏʼnŖőśŕʼnů Ŝŗ őŖŋŚōʼnśō ŜŐō ʼnŏŚőŋŝŔŜŝŚʼnŔ ŘŚŗŌŝŋŜőŞőŜš ʼnŖŌ şʼnśŜō ŜŚōʼnŜŕōŖŜŴ ĻŘŗŖśŗŚ ŎŗŚ ßĴŗŞō Ŭ īʼnŚō ŎŗŚ ŜŐō ĭŔŌōŚś ĸŚŗŒōŋŜà ʼnŜ ĿʼnŜ ĪŝŖŏ Īŝʼn īŗŕŕŝŖőŜšŲ ĴʼnŜ ijŚʼnŊʼnŖŏ ĪŔŗŗŌ ŌŗŖʼnŜőŗŖ Ŋš ijīĭ ōŕŘŔŗšōōś Ŝŗ ŜŐō ĺōŌ īŚŗśś ŜŐŚŗŝŏŐ ĴʼnŜ ijŚʼnŊʼnŖŏ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜō ŎŗŚ ĪŔŗŗŌ ĬŗŖʼnŜőŗŖ ĸŚŗŒōŋŜŴ ĪŔŗŗŌ ŌŗŖʼnŜőŗŖ Ŋš ijīĭ ōŕŘŔŗšōōś ŜŐŚŗŝŏŐ ĺōŌ īŚŗśś ĵŗŊőŔō ĽŖőŜśŴ ĻŋŐŗŔʼnŚśŐőŘ ŌŗŖʼnŜőŗŖś ŎŗŚ ĵʼnŐőŌŗŔ ĽŖőŞōŚśőŜš ŏŚʼnŌŝʼnŜō śŜŝŌōŖŜśŴ ĬŗŖʼnŜőŗŖś ŗŎ ŕŗŖōš ʼnŖŌ ŗŜŐōŚ ŖōŋōśśʼnŚš őŜōŕśŲ śŝŋŐ ʼnś ŚőŋōŲ ŘŚōśōŚŞōŌ ŎŗŗŌ ʼnŖŌ ŕōŌőŋőŖōśŲ Ŝŗ ŐōŔŘ ŘʼnŜőōŖŜś şőŜŐ İıľ ʼnŜ ĿʼnŜ ĸŐŚʼnŊʼnŜ ĶʼnŕŘŝŲ ĴŗŘŊŝŚőŴ īĻĺ ĩŋŜőŞőŜš ũ a ų ĻŗŋőʼnŔ ʼnŋŜőŞőŜőōś ʼnŜ ĶŗŖŏ İőŖ ĻŋŐŗŗŔŲ ĻŝŘŐʼnŖŊŝŚő ŗŖ ĶŗŞōŕŊōŚ cŲ b`ab īĻĺ ĩŋŜőŞőŜš ũ b ų ĻŗŋőʼnŔ ʼnŋŜőŞőŜőōś ʼnŜ ļŝŖŏ ĸʼnŒʼnŚŖ ĻŋŐŗŗŔŲ ĽŜŐʼnőŜŐʼnŖő ĸŚŗŞőŖŋō ŗŖ ĬōŋōŕŊōŚ cŲ b`ab

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KCE Annual Report 2012

Disclosure and Transparency ijīĭ ŚōŋŗŏŖőŢōś ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ őŖŎŗŚŕʼnŜőŗŖ ŌőśŋŔŗśŝŚō Ŋōŋʼnŝśō őŜ ŏŚōʼnŜŔš ʼnŎŎōŋŜś ŌōŋőśőŗŖ ų ŕʼnœőŖŏ Ŋš őŖŞōśŜŗŚś ʼnŖŌ śŜʼnœōŐŗŔŌōŚśŴ ijīĭ ŌőśŋŔŗśōś ʼnŋŋŝŚʼnŜō ʼnŖŌ ŋŗŕŘŔōŜō ŋŗŚŘŗŚʼnŜō őŖŎŗŚŕʼnŜőŗŖŲ ŊŗŜŐ ŎőŖʼnŖŋőʼnŔ ʼnŖŌ ŖŗŖųŎőŖʼnŖŋőʼnŔ ʼnś śŘōŋőŎőōŌ őŖ ŚōŔōŞʼnŖŜ ŚōŏŝŔʼnŜőŗŖś őŖ ŜőŕōŔš ʼnŖŌ ŜŚʼnŖśŘʼnŚōŖŜ ŕʼnŖŖōŚś ŜŐŚŗŝŏŐ ŞʼnŚőŗŝś ŋŐʼnŖŖōŔśŲ ŜŐō Ļĭļ īŗŕŕŝŖőŜš ĸŗŚŜʼnŔ ŮŗŎ ŜŐō śŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌůŲ ĩŖŖŝʼnŔ ĻŜʼnŜōŕōŖŜ ŮĮŗŚŕ efųaůŲ ʼnŖŖŝʼnŔ ŚōŘŗŚŜśŲ ʼnś şōŔŔ ʼnś Şőʼn ŋŗŕŘʼnŖš şōŊśőŜō şşşŴœŋōŜŐʼnőŴőŖŴŜŐ ŮļŐʼnő ʼnŖŌ ĭŖŏŔőśŐů Ŝŗ ōŖśŝŚō ŎʼnŋŜŝʼnŔ ŘŚōśōŖŜʼnŜőŗŖ ŗŎ ŞőŜʼnŔ őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ŜŚʼnŖśŘʼnŚōŖŜ ŊŝśőŖōśś ŘŚʼnŋŜőŋōśŴ ijīĭ ŌőśŜŚőŊŝŜōś ŜŐō ʼnŖŖŝʼnŔ ŚōŘŗŚŜŲ ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜ ʼnŖŌ őŖŎŗŚŕʼnŜőŗŖ ōŠŘŔʼnőŖőŖŏ ŎōʼnŜŝŚōś ŗŎ ijīĭÝś ŘōŚŎŗŚŕʼnŖŋō őŖ ŜŐō ŘŚōŞőŗŝś šōʼnŚ Ŝŗ śŐʼnŚōŐŗŔŌōŚś ʼnŖŖŝʼnŔŔš ŎŗŚ ŜŐō ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏ ŗŎ ĻŐʼnŚōŐŗŔŌōŚśŴ ļŐō īŗŕŘʼnŖš Őʼnś ōśŜʼnŊŔőśŐōŌ ʼn ŘŗŔőŋš ŎŗŚ ĭŠŜōŚŖʼnŔ īŗŕŕŝŖőŋʼnŜőŗŖś ʼnś ŚōŋŗŕŕōŖŌōŌ Ŋš ŜŐō ĸŚőŖŋőŘŔōś ŎŗŚ ķŖŏŗőŖŏ ĬőśŋŔŗśŝŚō ʼnŖŌ ĵʼnŜōŚőʼnŔ ĬōŞōŔŗŘŕōŖŜ ĺōŘŗŚŜőŖŏ Ŋš ĴőśŜōŌ ĭŖŜőŜőōś Ŝŗ Ŋō ŘŚʼnŋŜőŋōŌ Ŋš śŜʼnŎŎ ŕōŕŊōŚś ʼnś ŎŗŔŔŗşśĢ ä ijīĭ śŜŚőŞōś Ŝŗ ŏőŞō ʼnŔŔ ŘʼnŚŜőōś ʼnŖ ōřŝʼnŔ ŜŚōʼnŜŕōŖŜ ŋŗŖśőśŜōŖŜŔš şőŜŐőŖ ŜŐō śōŜ ŎŚʼnŕōşŗŚœ Ŋš ʼnŞŗőŌőŖŏ ŎʼnŞŗŚőŜőśŕś ŗŚ śőŜŝʼnŜőŗŖś şŐōŚō ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜ ŕʼnš ʼnŚőśōŴ ä ĬőśśōŕőŖʼnŜőŗŖ ŗŎ ijīĭ őŖŎŗŚŕʼnŜőŗŖ şőŔŔ Ŋō ŕʼnŌō ŋŔōʼnŚŲ ʼnŋŋŝŚʼnŜō ʼnŖŌ ŜŚʼnŖśŘʼnŚōŖŜŴ ļŐō őŖŎŗŚŕʼnŜőŗŖ őś Ŝŗ Ŋō ŋŚōŌőŊŔō ʼnŖŌ śŜŚʼnőŏŐŜŎŗŚşʼnŚŌŲ ʼnŖŌ ŌőśŜŚőŊŝŜōŌ Ŝŗ śŜʼnœōŐŗŔŌōŚś őŖ ʼn ŋŔōʼnŚŲ ōʼnśőŔš ŝŖŌōŚśŜŗŗŌŲ ʼnŖŌ ŜőŕōŔš ŕʼnŖŖōŚŴ ä ĩŖš ŚōŔōʼnśō ŗŎ ijīĭ őŖŎŗŚŕʼnŜőŗŖ şőŔŔ Ŋō ōŖśŝŚōŌ ŜŐʼnŜ őŜ Ōŗōś ŖŗŜ ŒōŗŘʼnŚŌőŢō ŋŔőōŖŜ ŚōŔʼnŜőŗŖśŐőŘśŲ ŗŚ ŊŚōʼnŋŐ ŚōŏŝŔʼnŜőŗŖś ŋŗŖŋōŚŖőŖŏ ŋŗŖŎőŌōŖŜőʼnŔ őŖŎŗŚŕʼnŜőŗŖ ŗŎ ŋŔőōŖŜśŲ śŐʼnŚōŐŗŔŌōŚś ŗŚ ŗŜŐōŚ śŜʼnœōŐŗŔŌōŚśŴ ä ijīĭ ōŕŘŔŗšōōś ŕŝśŜ ŎŗŔŔŗş ijīĭÝś īŗŌō ŗŎ īŗŖŌŝŋŜ şŐōŚō śōŖśőŜőŞō őŖŎŗŚŕʼnŜőŗŖ őś őŖŞŗŔŞōŌŴ ä ĻŘŗœōśŘōŚśŗŖś ŎŗŚ ijīĭ ŋŗŖŋōŚŖőŖŏ śōŖśőŜőŞō őŖŎŗŚŕʼnŜőŗŖ ʼnŚō ŔőŕőŜōŌ Ŝŗ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌŴ ļŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ ŗŚ ʼn ĬőŚōŋŜŗŚ ŗŚ ʼnŖ ōŠōŋŝŜőŞō ŋʼnŖ Ŋō ŌōśőŏŖʼnŜōŌ Ŋš ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ Ŝŗ ʼnŋŜ ʼnś ʼn śŘŗœōśŘōŚśŗŖ Ŝŗ ŚōŔōʼnśō őŖŎŗŚŕʼnŜőŗŖ ʼnŊŗŝŜ śōŔōŋŜōŌ őŕŘŗŚŜʼnŖŜ őśśŝōśŴ ijīĭ ōŕŘŐʼnśőŢōś ŌőśŋŔŗśŝŚō ŗŎ őŖŎŗŚŕʼnŜőŗŖ Ŋš ŋŗŖśőśŜōŖŜŔš ʼnŌŐōŚőŖŏ Ŝŗ ŜŐō ŘŚőŖŋőŘŔō ŗŎ ŜŚʼnŖśŘʼnŚōŖŋšŲ ŎʼnőŚŖōśśŲ ŋŗŕŘŔōŜōŖōśśŲ ŘŚŗŕŘŜŖōśś ʼnŖŌ ʼnŋŋŝŚʼnŋš ŊšĢ ä ĬőśŋŔŗśō ʼnŋŋŝŚʼnŜōŲ ŋŗŕŘŔōŜō ʼnŖŌ ŜőŕōŔš ŎőŖʼnŖŋőʼnŔ őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ŖŗŖų ŎőŖʼnŖŋőʼnŔ őŖŎŗŚŕʼnŜőŗŖŴ ä ļŐō ĪŗʼnŚŌ őś ŚōśŘŗŖśőŊŔō ŎŗŚ ŜŐō ŋŗŕŘʼnŖšÝś ʼnŖŌ őŜś śŝŊśőŌőʼnŚőōśÝ ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜśŲ ŜŐō ĪŗʼnŚŌÝś śŜʼnŜōŕōŖŜś ʼnŖŌ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōōÝś ŚōŘŗŚŜ ʼnŚō ŘŚōśōŖŜōŌ őŖ ŜŐō īŗŕŘʼnŖšÝś ĩŖŖŝʼnŔ ĺōŘŗŚŜŴ ĩŔŔ őŖŎŗŚŕʼnŜőŗŖ ŘŚōśōŖŜōŌ őŖ ŜŐō ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜś őś ŋŗŚŚōŋŜŲ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŏōŖōŚʼnŔŔš ʼnŋŋōŘŜōŌ ʼnŋŋŗŝŖŜőŖŏ ŘŚőŖŋőŘŔōś ʼnŖŌ śŜʼnŖŌʼnŚŌśŲ ʼnŖŌ Őʼnś ŊōōŖ ʼnŝŌőŜōŌ Ŋš ʼnŖ őŖŌōŘōŖŌōŖŜ ōŠŜōŚŖʼnŔ ʼnŝŌőŜŗŚ ʼnŖŌ őś ŝŘ Ŝŗ ŌʼnŜōŴ ä ļŐō śŝŕŕʼnŚš ŗŎ ŜŐō ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ŘŗŔőŋš ŜŗŏōŜŐōŚ şőŜŐ ŜŐō őŕŘŔōŕōŖŜʼnŜőŗŖ ŗŎ ŜŐō ŘŗŔőŋš őś ŘŚōśōŖŜōŌ ŜŐŚŗŝŏŐ ŞʼnŚőŗŝś ŋŐʼnŖŖōŔś śŝŋŐ ʼnś ŜŐō ŋŗŕŘʼnŖšÝś ʼnŖŖŝʼnŔ ŚōŘŗŚŜś ʼnŖŌ ŜŐō ŋŗŕŘʼnŖšÝś şōŊśőŜō şşşŴœŋōŜŐʼnőŴőŖŴŜŐŴ ä ļŐō ŌőŚōŋŜŗŚś ʼnŖŌ ŜŐō ōŠōŋŝŜőŞōśÝ ŚōŕŝŖōŚʼnŜőŗŖś şőŜŐ ŜŐō ʼnŕŗŝŖŜ ŗŎ ŘʼnšŕōŖŜ ŜŐʼnŜ ŋŗŚŚōśŘŗŖŌś Ŝŗ ŜŐō ŋŗŖŜŚőŊŝŜőŗŖś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜőōś ŗŎ ōʼnŋŐ ŘōŚśŗŖ ʼnŚō ʼnŔśŗ ŌőśŋŔŗśōŌ Şőʼn ŜŐō śʼnŕō ŋŐʼnŖŖōŔŴ ļŐō ʼnŕŗŝŖŜ ŚōŘŚōśōŖŜőŖŏ ŜŐō ŌőŚōŋŜŗŚśÝ Ŏōō ŎŚŗŕ ŜŐō śŝŊśőŌőʼnŚőōś őś Ŝŗ Ŋō ŌőśŋŔŗśōŌŴ

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ä ĬőśŋŔŗśō ʼnŝŌőŜ ʼnŖŌ ŖŗŖ ų ʼnŝŌőŜ ŎōōŴ ä ļŐō īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō ŚōŘŗŚŜ ʼnŔśŗ ŌōśŋŚőŊōś ŜŐō ŚŗŔōś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜőōś ŗŎ ŜŐō ŌőŚōŋŜŗŚś ʼnś şōŔŔ ʼnś ŘŚŗŞőŌōś ŜŐō ŖŝŕŊōŚ ŗŎ ŕōōŜőŖŏ ʼnŖŌ ʼnŜŜōŖŌʼnŖŋō ŗŎ ōʼnŋŐ ŌőŚōŋŜŗŚ ōʼnŋŐ šōʼnŚŴ ä ĩŔŔ ŌőŚōŋŜŗŚś ʼnŚō Ŝŗ ŌőśŋŔŗśō ʼnŖŌŵŗŚ ŚōŘŗŚŜ ŜŐōőŚ śōŋŝŚőŜőōś ŜŚʼnŌőŖŏ ʼnŖŌ ŐŗŔŌőŖŏ Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚÝś ŕōōŜőŖŏŴ ĩŔŔ ʼnŖŖŝʼnŔ ŚōŘŗŚŜ ŋʼnŖ Ŋō ŌŗşŖŔŗʼnŌōŌ őŖ ŊŗŜŐ ŔʼnŖŏŝʼnŏōś ŎŚŗŕ ŗŝŚ şōŊśőŜōŴ ĮŝŚŜŐōŚ őŖŎŗŚŕʼnŜőŗŖ ŋʼnŖ Ŋō ŗŊŜʼnőŖōŌ Ŋš ŋŗŖŜʼnŋŜőŖŏ ŜŐō ŋŗŕŘʼnŖšÝś őŖŞōśŜŗŚ ŚōŔʼnŜőŗŖ ʼnŜ `bųcbf`aif ōŠŜŴ aabŲ aadŴ ļŐō īŗŕŘʼnŖš ŘŚŗŞőŌōś ʼn ŕōŋŐʼnŖőśŕ Ŝŗ ŎʼnŋőŔőŜʼnŜō śŜʼnœōŐŗŔŌōŚśÝ őŖŞŗŔŞōŕōŖŜ őŖ őŕŘŚŗŞőŖŏ ŜŐō ŋŗŕŘʼnŖš ŘōŚŎŗŚŕʼnŖŋō Ŝŗ ōŖśŝŚō ŜŐō ŎőŚŕÝś ŋŗŖŜőŖŝŗŝś ŏŚŗşŜŐ ʼnŖŌ śŝŋŋōśśŴ ıŖ ŗŚŌōŚ ŎŗŚ śŜʼnœōŐŗŔŌōŚś Ŝŗ ŘʼnŚŜőŋőŘʼnŜō ōŎŎōŋŜőŞōŔšŲ ʼnŔŔ ŚōŔōŞʼnŖŜ őŖŎŗŚŕʼnŜőŗŖ őś ŌőśŋŔŗśōŌ őŖ ŜŐō ŎŗŚŕ efųaŲ ŜŐō ijīĭ ĩŖŖŝʼnŔ ĺōŘŗŚŜŲ ŜŐō īŗŕŘʼnŖšÝś şōŊśőŜōŲ şşşŴœŋōŴŐřŴŋŗŕŲ şşşŴœŋōŜŐʼnőŴőŖŴŜŐŴ ļŐō śŜʼnœōŐŗŔŌōŚś ŋʼnŖ ŋŗŕŕŝŖőŋʼnŜō ŜŐŚŗŝŏŐ ŕʼnőŔŲ ōŕʼnőŔŲ ŜōŔōŘŐŗŖō ʼnŖŌ ŜŐō ŕōŖŜőŗŖōŌ şōŊśőŜō Ŝŗ ŜŐō īŗŕŘʼnŖš ʼnŖš ŋŗŖŋōŚŖś ʼnŊŗŝŜ őŔŔōŏʼnŔ ŗŚ ŝŖōŜŐőŋʼnŔ ŘŚʼnŋŜőŋōśŲ őŖŋŗŚŚōŋŜ ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜőŖŏŲ őŖśŝŎŎőŋőōŖŜ őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔŲ ōŜŋŴ Investor Relations ļŐō ŕōŕŊōŚ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŘŘŗőŖŜōŌ ʼnś ŜŐō ŋŗŕŘʼnŖš ŘŝŊŔőŋ ŚōŔʼnŜőŗŖ ŚōŘŚōśōŖŜʼnŜőŞō ŕōōŜś ŚōŏŝŔʼnŚŔš şőŜŐ ʼnŖʼnŔšśŜś ʼnŖŌ ŜŐō ŘŚōśś ʼnś ŚōřŝōśŜōŌŴ ĩŖʼnŔšśŜ ŊŚőōŎőŖŏś ʼnŖŌ ŘŚōśś ŋŗŖŎōŚōŖŋōś ʼnŚō ʼnŌŌőŜőŗŖʼnŔ ŋŐʼnŖŖōŔś ŗŎ ŌőśŜŚőŊŝŜőŖŏ ŋŗŚŘŗŚʼnŜō őŖŎŗŚŕʼnŜőŗŖŴ ıŖ b`abŲ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌŲ ŜŐō ŌőŚōŋŜŗŚś ʼnŖŌ ŜŐō śōŖőŗŚ ōŠōŋŝŜőŞō ŘŚŗŞőŌōŌ őŖŎŗŚŕʼnŜőŗŖ Ŝŗ őŖŞōśŜŗŚś h Ŝőŕōś őŖ ŜōŔōŋŗŖŎōŚōŖŋōśŲ őŖŌőŞőŌŝʼnŔ ŕōōŜőŖŏś ʼnŖŌ ŋŗŕŘʼnŖš ŞőśőŜśŴ ļŐōŚō şōŚō śőŠ ʼnŖʼnŔšśŜśÝ ŕōōŜőŖŏś ŐōŔŌ őŖ b`abŴ ijīĭ ʼnŔśŗ ŘʼnŚŜőŋőŘʼnŜōŌ őŖ īŗŕŘʼnŖš ľőśőŜ şőŜŐ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ Ŝŗ ŘŚŗŞőŌō őŖŎŗŚŕʼnŜőŗŖ Ŝŗ śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ őŖŞōśŜŗŚś ŗŖ ĵʼnŚŋŐ adthŲ b`abŴ Meeting Investors ijīĭ ŒŗőŖōŌ őŖŞōśŜŗŚųŕōōŜőŖŏ ʼnŋŜőŞőŜőōś Ŝŗ ōŖśŝŚō ŜŐʼnŜ śōŖőŗŚ ōŠōŋŝŜőŞōś ʼnŖŌ ıŖŞōśŜŗŚ ĺōŔʼnŜőŗŖś ŕōōŜ őŖŞōśŜŗŚś ʼnŖŌ ōŠŘŔʼnőŖ śŘōŋőŎőŋ őŖŎŗŚŕʼnŜőŗŖ ŗŖ ŘōŚŎŗŚŕʼnŖŋōŲ śŜŚʼnŜōŏőŋ ŘŔʼnŖśŲ ŏŝőŌōŔőŖōś ŗŖ ŊŝśőŖōśś ŏŚŗşŜŐ ʼnŖŌ ʼn śŝŕŕʼnŚš ŗŎ ŕʼnŒŗŚ ōŞōŖŜśŲ őŖŋŔŝŌőŖŏ ʼnŖśşōŚőŖŏ řŝōśŜőŗŖśŴ 4. Roles and Responsibilities of the Board ļŐō ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŘʼnŚŜőŋőŘʼnŜō őŖ śōŜŜőŖŏ ŜŐō ŌőŚōŋŜőŗŖ ŎŗŚ ŜŐō ŏŚŗşŜŐ ʼnŖŌ ŜŐō ŌōŞōŔŗŘŕōŖŜ ŗŎ ijīĭŲ ŜŐŚŗŝŏŐ ŌōŜōŚŕőŖőŖŏ ŜŐō śŜŚʼnŜōŏőōś ʼnŖŌ ŘŗŔőŋőōś ʼnŖŌ ŏőŞőŖŏ ʼnŌŞőŋō ʼnŖŌ ŚōŋŗŕŕōŖŌʼnŜőŗŖśŲ ʼnś şōŔŔ ʼnś őŖ ŌőŚōŋŜőŖŏŲ ŗŞōŚśōōőŖŏŲ ʼnŖŌ ŕŗŖőŜŗŚőŖŏ ŜŐō śŜʼnŜŝś ʼnŖŌ ŘŚŗŏŚōśś ŗŎ ŜŐō ŞʼnŚőŗŝś ŗŘōŚʼnŜőŗŖʼnŔ ʼnśŘōŋŜś ŗŎ ŜŐō īŗŕŘʼnŖš ŗŖ ʼn ŚōŏŝŔʼnŚ ŊʼnśőśŴ ļŐō ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś Őʼnś ʼn œōš ŚŗŔō őŖ śōŜŜőŖŏ ŜŐō ōŜŐőŋʼnŔ ŜŗŖō ŗŎ ŜŐō ŋŗŕŘʼnŖš şŐőŋŐ ŏŗōś ŊōšŗŖŌ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō ŔʼnşŴ ıŖ b`abŲ ŜŐō īŗŕŘʼnŖšÝś ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŋŗŖśőśŜōŌ ŗŎ h ŌőŚōŋŜŗŚśŴ ĩŔŔ ʼnŚō œŖŗşŔōŌŏōʼnŊŔō ʼnŖŌ ŋŗŕŘōŜōŖŜ şőŜŐ ŜŐō śœőŔŔśŲ ōŠŘōŚőōŖŋōŲ ʼnŖŌ ōŠŘōŚŜőśō ŜŐʼnŜ ʼnŚō ŝśōŎŝŔ Ŝŗ ŜŐō ŋŗŕŘʼnŖšŴ ĭʼnŋŐ ŊŗʼnŚŌ ŕōŕŊōŚ Őʼnś ŋŗŖŜŚőŊŝŜōŌ ŊŗŜŐ Ŝőŕō ʼnŖŌ ŌōŌőŋʼnŜőŗŖ Ŝŗ ijīĭ ŋŚōʼnŜőŖŏ ʼn śŜŚŗŖŏ ŊŗʼnŚŌ ŗŎ ŌőŚōŋŜŗŚś Ŝŗ ŌōŜōŚŕőŖō ŜŐō ŊŝśőŖōśś ŌőŚōŋŜőŗŖś ʼnŖŌ ŘŗŔőŋőōśŲ Ŝŗ śŝŘōŚŞőśō ʼnŖŌ ŕŗŖőŜŗŚ ŜŐō ŋŗŕŘʼnŖšÝś ŗŘōŚʼnŜőŗŖś Ŝŗ ōŖśŝŚō ʼnŔŔ ʼnŋŜőŞőŜőōś ʼnŚō ŋŗŖŌŝŋŜōŌ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŚōŔōŞʼnŖŜ Ŕʼnşś ʼnŖŌ ōŜŐőŋʼnŔ śŜʼnŖŌʼnŚŌśŴ ĩŔŔ ŌőŚōŋŜŗŚś ŝŖŌōŚśŜʼnŖŌ ŜŐōőŚ ŚŗŔōś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜőōś

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ʼnŖŌ ŜŐō ŖʼnŜŝŚō ŗŎ ŜŐō ŋŗŕŘʼnŖšÝś ŊŝśőŖōśśŴ ļŐōš ōŠŘŚōśś ŜŐōőŚ őŌōʼnś őŖŌōŘōŖŌōŖŜŔš şőŜŐ ŞőśőŗŖ ʼnŖŌ ŔōʼnŌōŚśŐőŘ ʼnŖŌ ʼnŔşʼnšś ŝŘŌʼnŜō ŜŐōŕśōŔŞōśŴ ijīĭ ĬőŚōŋŜŗŚś ŘōŚŎŗŚŕ ŜŐōőŚ ŌŝŜőōś őŖ ŏŗŗŌ ŎʼnőŜŐŲ şőŜŐ Ōŝō ŌőŔőŏōŖŋō ʼnŖŌ ŋʼnŚōŲ őŖ ŜŐō ŊōśŜ őŖŜōŚōśŜ ŗŎ ŜŐō ŋŗŕŘʼnŖš ʼnŖŌ ʼnŔŔ śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ őŖ ʼnŋŋŗŚŌʼnŖŋō Ŝŗ ŜŐō ŘŚőŖŋőŘŔōś ŗŎ ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋōŴ The Structure of The Board of Directors ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚ őś ŋŗŕŘŗśōŌ ŗŎ ʼn ŜŗŜʼnŔ h ŌőŚōŋŜŗŚśŲ ŜŐŚōō ŗŎ şŐŗŕ ʼnŚō őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚśŲ ōřŝőŞʼnŔōŖŜ Ŝŗ ŕŗŚō ŜŐʼnŖ ŗŖō ŜŐőŚŌ ŗŎ ŜŐō ŊŗʼnŚŌ śőŢōŴ ļŐōŚō ʼnŚō Ŝşŗ ōŠōŋŝŜőŞō ŌőŚōŋŜŗŚś ʼnŖŌ ŜŐŚōō ŖŗŖ ų ōŠōŋŝŜőŞō ŌőŚōŋŜŗŚśŴ ļŐō ŜōŚŕ ŎŗŚ śōŚŞőŋō ŎŗŚ ōʼnŋŐ ŌőŚōŋŜŗŚśŐőŘ őś ŜŐŚōō šōʼnŚśģ ŜŐō ŌőŚōŋŜŗŚ ŜōŖŌōŚś ŐőśŵŐōŚ ŚōśőŏŖʼnŜőŗŖ ʼnŜ ŜŐō ōŖŌ ŗŎ ŜŐō ŜōŚŕ ʼnŖŌ ŋʼnŖ Ŋō ŚōųōŔōŋŜōŌ Ŋš ŞŗŜőŖŏ őŖ ŜŐō ĩįĵŴ ļŐō ʼnŏō ŗŎ ŚōŜőŚōŕōŖŜ őś ŋŗŕŘŔōŜőŖŏ ge šōʼnŚś ŗŎ ʼnŏō ŘŚőŗŚ Ŝŗ ŜŐō ŖōŠŜ ĩįĵŴ ļŐō ŌőŚōŋŜŗŚśÝ ŖŗŕőŖʼnŜőŗŖ ŘŚŗŋōśś őś ŜŚʼnŖśŘʼnŚōŖŜŲ şőŜŐŗŝŜ ʼnŖš őŖŎŔŝōŖŋō ŗŎ ŋŗŖŜŚŗŔŔőŖŏ śŐʼnŚōŐŗŔŌōŚś ŗŚ ŕʼnŖʼnŏōŕōŖŜŲ ʼnŖŌ ŋŚōŌőŊŔō Ŝŗ ʼnŔŔ ŮŌōŜʼnőŔś őŖ ŕőŖŝŜōś ŗŎ b`ab ĩįĵ ʼnŜ şşşŴœŋōŜŐʼnőŴőŖŴŜŐůŴ ļŐōŚō őś ʼn ŊŗʼnŚŌ ŌőŞōŚśőŜš şőŜŐőŖ ŜŐō śŜŚŝŋŜŝŚō ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ KCE Board of Directors a ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ b ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĵŴĬ c ĵŚŴ ĸʼnŖŒʼn ĻōŖʼnŌőśʼnő d īŐʼnŖŜőŕʼn ķŖŏœŗśőŜŲ ĵŴĬŴ e ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ f ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ g ĵŚśŴ ĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ h ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ

īŐʼnőŚŕʼnŖ ʼnŖŌ ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ŵ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ŵ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ʼnŖŌ ĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ŵ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ

ĩŕŗŖŏ ŜŐō ĪŗʼnŚŌ ĬőŚōŋŜŗŚśŲ ŎőŞō ŐʼnŞō ŊōōŖ ʼnŘŘŗőŖŜōŌ ʼnś ʼnŝŜŐŗŚőŢōŌ ŌőŚōŋŜŗŚśŲ ŖʼnŕōŔšŲ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜŲ ĵŚŴ ĸʼnŖŒʼn ĻōŖʼnŌőśʼnőŲ ĬŚŴ īŐʼnŖŜőŕʼn ķŖŏœŗśőŜŲ ĵŚśŴ ĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖŲ ʼnŖŌ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜŴ ĩŖš Ŝşŗ ŗŎ ŜŐō ʼnŝŜŐŗŚőŢōŌ ŌőŚōŋŜŗŚś ʼnŚō ʼnŝŜŐŗŚőŢōŌ Ŝŗ śőŏŖ ŒŗőŖŜŔš ŗŖ ŊōŐʼnŔŎ ŗŎ ŜŐō ŋŗŕŘʼnŖšŴ Policy on Appointment and Term of KCE Directorship ä ĩŘŘŗőŖŜŕōŖŜĢ ļŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ijīĭ ŌőŚōŋŜŗŚ őś ŜŐŗŝŏŐ ŕʼnŒŗŚőŜš ŞŗŜőŖŏ ʼnŜ ŜŐō ĩįĵŴ ĭʼnŋŐ śŐʼnŚō ŐōŔŌ Ŋš ŗŖō śŐʼnŚōŐŗŔŌōŚ őś ōřŝőŞʼnŔōŖŜ Ŝŗ ŗŖō ŞŗŜō ʼnŖŌ ŞŗŜőŖŏ őś śōŘʼnŚʼnŜōŌ ŎŗŚ ōʼnŋŐ őŖŌőŞőŌŝʼnŔ ŋʼnŖŌőŌʼnŜō ŖŗŕőŖʼnŜōŌŴ ļŐō ŌőŚōŋŜŗŚś şŐŗ ŚōŜőŚōŌ Ŋš ŚŗŜʼnŜőŗŖ ʼnŚō Ŝŗ ŚōŎŚʼnőŖ ŎŚŗŕ ŞŗŜőŖŏŴ ä ĬŝŚʼnŜőŗŖ ŗŎ ĬőŚōŋŜŗŚÝś ļōŚŕĢ ļŐō ŜōŚŕ ŎŗŚ ʼnŔŔ ŌőŚōŋŜŗŚśŐőŘś őś ŜŐŚōō šōʼnŚśŴ ĩŜ ĩįĵŲ ŗŖō ŜŐőŚŌ ŗŎ ŌőŚōŋŜŗŚś şŗŝŔŌ ōŖŌ ŜŐōőŚ ŜōŚŕŴ ıŎ ŜŐō ŖŝŕŊōŚ ŗŎ ŜŐō śŝŊŒōŋŜōŌ ŌőŚōŋŜŗŚś ŋŗŝŔŌ ŖŗŜ Ŋō ŌőŞőŌōŌ ōŠʼnŋŜŔš őŖŜŗ ŜŐŚōō ŘʼnŚŜśŲ ŜŐō ŖŝŕŊōŚ ŗŎ ŌőŚōŋŜŗŚś Ŝŗ ōŖŌ ŜŐō ŌőŚōŋŜŗŚśŐőŘ ŕŝśŜ Ŋō ŋŔŗśō Ŝŗ ŜŐō aŵc ŚʼnŜőŗ ʼnś ŕŝŋŐ ʼnś ŘŗśśőŊŔō ʼnŖŌ ŋʼnŖ Ŋō ŚōųōŔōŋŜōŌ Ŋš ŞŗŜőŖŏ őŖ ŜŐō ĩįĵŴ ıŖ ŋŐŗŗśőŖŏ ŜŐŗśō ŌőŚōŋŜŗŚś şŐŗ ŚōŜőŚōŲ ŔōŖŏŜŐ ŗŎ śōŚŞőŋō ŗŖ ŜŐō ŊŗʼnŚŌ śŐŗŝŔŌ Ŋō ŋŗŖśőŌōŚōŌŲ śŗ ŜŐʼnŜ ŜŐŗśō şŐŗ ŐʼnŞō śōŚŞōŌ ŔŗŖŏōśŜ ʼnŚō ŕŗśŜ ōŔőŏőŊŔō Ŝŗ ŚōŜőŚōŴ ĶōŞōŚŜŐōŔōśśŲ ʼn ŚōŜőŚőŖŏ ŌőŚōŋŜŗŚ őś ōŔőŏőŊŔō ŎŗŚ ŚōųōŔōŋŜőŗŖŴ

KCE Annual Report 2012

178

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Death ĺōśőŏŖʼnŜőŗŖ ŮōŎŎōŋŜőŞō ŎŚŗŕ ŜŐō Ōʼnš ŜŐō īŗŕŘʼnŖš ŚōŋōőŞōś ŜŐō ŚōśőŏŖʼnŜőŗŖ ŔōŜŜōŚů ĽŖřŝʼnŔőŎőōŌ ŗŚ ŘŚŗŐőŊőŜōŌ ŎŚŗŕ ŐŗŔŌőŖŏ ŌőŚōŋŜŗŚÝś ŘŗśőŜőŗŖ ʼnś śŜʼnŜōŌ őŖ ŜŐō ĸŝŊŔőŋ īŗŕŘʼnŖš ĩŋŜ ĪŴĭŴ beceÝś ĩŚŜőŋŔō fhŴ ļōŚŕőŖʼnŜőŗŖ Ŋš śŐʼnŚōŐŗŔŌōŚśÝ ŚōśŗŔŝŜőŗŖ ʼnŜ ŜŐō ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏŲ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō ĸŝŊŔőŋ īŗŕŘʼnŖš ĩŋŜ ĪŴĭŴ beceÝś ĩŚŜőŋŔō gfŴ ļōŚŕőŖʼnŜōŌ Ŋš ŋŗŝŚŜ ŗŚŌōŚŴ

ä ľʼnŋʼnŖŋšĢ ĿŐōŖ ŜŐōŚō őś ʼn ŌőŚōŋŜŗŚ ŞʼnŋʼnŖŋš Ōŝō Ŝŗ ŗŜŐōŚ ŋŗŖŌőŜőŗŖś ŚʼnŜŐōŚ ŜŐʼnŖ Ŋš ŚŗŜʼnŜőŗŖŲ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŘŘŗőŖŜś ʼn řŝʼnŔőŎőōŌ ŘōŚśŗŖ ʼnś śŝŊŕőŜŜōŌ Ŋš ŜŐō ĶŗŕőŖʼnŜőŗŖ īŗŕŕőŜŜōōŲ şŐŗ ŕōōŜś ŜŐō ŋŚőŜōŚőʼn ʼnś ŚōřŝőŚōŌ Ŋš ŜŐō īŗŕŘʼnŖš ĩŚŜőŋŔō ŗŎ ĩśśŗŋőʼnŜőŗŖ Ŝŗ ŎőŔŔ ŜŐō ŘŗśőŜőŗŖ ʼnŖŌ ʼnŜŜōŖŌ ŜŐō ŖōŠŜ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚÝś ŕōōŜőŖŏ ŝŖŔōśś ŜŐō ōŠŘőŚʼnŜőŗŖ ŗŎ ŜŐō ŜōŚŕ ŗŎ śŝŋŐ ŌőŚōŋŜŗŚ ōŖŌś őŖ Ŕōśś ŜŐʼnŖ Ŝşŗ ŕŗŖŜŐś ŊōŎŗŚō ŜŐō ŖōŠŜ ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏŴ Ķŗ Ŕōśś ŜŐʼnŖ ŜŐŚōō ŎŗŝŚŜŐ ŗŎ ŜŐō ŖŝŕŊōŚ ŗŎ ŚōŕʼnőŖőŖŏ ŌőŚōŋŜŗŚś ŕŝśŜ ʼnŘŘŚŗŞō ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ŜŐō śʼnőŌ ŌőŚōŋŜŗŚŴ ļŐō ʼnŘŘŗőŖŜōŌ ŌőŚōŋŜŗŚ şőŔŔ ŚōŕʼnőŖ őŖ ŗŎŎőŋō ŝŖŜőŔ ŜŐō ŖōŠŜ ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏŴ ä ĶŝŕŊōŚ ŗŎ īŗŖśōŋŝŜőŞō ŜōŚŕśĢ ļŐō īŗŕŘʼnŖš ŊōŔőōŞōś ŜŐʼnŜ ōʼnŋŐ ŗŎ őŜś ōŔōŋŜōŌ ŌőŚōŋŜŗŚś őś ʼn ŐőŏŐŔš řŝʼnŔőŎőōŌ őŖŌőŞőŌŝʼnŔ şŐŗ őś œŖŗşŔōŌŏōʼnŊŔō ʼnŖŌ ōŎŎōŋŜőŞōŴ ıŎ śŐʼnŚōŐŗŔŌōŚś śŐŗş ŋŗŖŎőŌōŖŋō őŖ ʼn ŌőŚōŋŜŗŚ Ŋš ŚōųōŔōŋŜőŖŏ Őőŕ ŗŚ ŐōŚŲ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś şőŔŔ ŐŗŖŗŚ ŜŐʼnŜ ŌōŋőśőŗŖŴ ä ļŐō ŕōŕŊōŚś ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŚō ŖŗŜ Ŝŗ ŐŗŔŌ ŜŐʼnŖ ŎőŞō ŊŗʼnŚŌ śōʼnŜś őŖ ŘŝŊŔőŋųŔőśŜōŌ ŋŗŕŘʼnŖőōśŴ Scope of Authority and Duties of the Board of Directors ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś Őʼnś ŜŐō ŎŗŔŔŗşőŖŏ ʼnŝŜŐŗŚőŜőōśĢ aŴ ĩŋŜőŖŏ őŖ ʼn ŊōśŜ őŖŜōŚōśŜ ŗŎ śŐʼnŚōŐŗŔŌōŚś ŮĮőŌŝŋőʼnŚš ĬŝŜšů Ŋš ŗŊśōŚŞőŖŏ ŜŐō ŎŗŔŔŗşőŖŏ ŎŗŝŚ ŕʼnőŖ ŘŚʼnŋŜőŋōśĢ aŴa ĸōŚŎŗŚŕőŖŏ őŜś ŌŝŜőōś şőŜŐ ʼnŔŔ ŋőŚŋŝŕśŘōŋŜőŗŖ ʼnŖŌ ŋʼnŝŜőŗŖ ŮĬŝŜš ŗŎ īʼnŚōů aŴb ĸōŚŎŗŚŕőŖŏ őŜś ŌŝŜőōś şőŜŐ ŎʼnőŜŐŎŝŔŖōśś ʼnŖŌ ŐŗŖōśŜš ŮĬŝŜš ŗŎ ĴŗšʼnŔŜšů aŴc ĸōŚŎŗŚŕőŖŏ őŜś ŌŝŜőōś őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŔʼnşśŲ ŗŊŒōŋŜőŞōśŲ ĩŚŜőŋŔōś ŗŎ ĩśśŗŋőʼnŜőŗŖŲ ʼnŖŌ ŚōśŗŔŝŜőŗŖś ŗŎ śŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜŜőŖŏś ŮĬŝŜš ŗŎ ķŊōŌőōŖŋōů aŴd ĬőśŋŔŗśőŖŏ őŖŎŗŚŕʼnŜőŗŖ Ŝŗ śŐʼnŚōŐŗŔŌōŚś ʼnŋŋŝŚʼnŜōŔšŲ ŋŗŕŘŔōŜōŔšŲ ʼnŖŌ ŜŚʼnŖśŘʼnŚōŖŜŔš ŮĬŝŜš ŗŎ ĬőśŋŔŗśŝŚōů bŴ ĭśŜʼnŊŔőśŐ ŜŐō ŞőśőŗŖŲ ŕʼnŖŌʼnŜōŲ ŘŗŔőŋšŲ ŗŘōŚʼnŜőŗŖʼnŔ ʼnŖŌ ŊŝŌŏōŜ ŘŔʼnŖ ʼnŖŌ śŝŘōŚŞőśō ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŗŎ ŜŗŘ ōŠōŋŝŜőŞōś Ŝŗ ōŎŎőŋőōŖŜŔš ʼnŖŌ ōŎŎōŋŜőŞōŔš ŋŗŕŘŔš şőŜŐ ŜŐō ŘŗŔőŋš ŎŗŚ ŜŐō śōŋŝŚőŜšŲ ŜŐō ŊʼnŔʼnŖŋōŌ ʼnŖŌ śŝśŜʼnőŖʼnŊŔō őŖŜōŚōśŜ ŗŎ ʼnŔŔ śŜʼnœōŐŗŔŌōŚśŴ cŴ ĽŖŌōŚŜʼnœō ŜŐō īŗŕŘʼnŖš ŕʼnŖʼnŏōŕōŖŜ őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō ŔʼnşŲ ŜŐō īŗŕŘʼnŖš ŗŊŒōŋŜőŞōś ʼnŖŌ ĩŚŜőŋŔōś ŗŎ ĩśśŗŋőʼnŜőŗŖ ʼnŖŌ ŜŐō ŚōśŗŔŝŜőŗŖś ŗŎ ŜŐō ĻŐʼnŚōŐŗŔŌōŚś ĵōōŜőŖŏ şőŜŐ őŖŜōŏŚőŜš ʼnŖŌ őŖ ŏŗŗŌ ŎʼnőŜŐŲ Ŝŗ ŘŚŗŜōŋŜ ŜŐō īŗŕŘʼnŖš őŖŜōŚōśŜŴ dŴ ĺōŞőōş ʼnŖŌ ōŖŌŗŚśō ŜŐō ŕʼnŖʼnŏōŕōŖŜ śŜŚʼnŜōŏšŴ e ĺōŞőōş ŜŐō īŗŕŘʼnŖšÝś ŗŘōŚʼnŜőŗŖʼnŔ ʼnŖŌ ŌōŞōŔŗŘŕōŖŜ ŘŔʼnŖ őŖ ŗŚŌōŚ Ŝŗ Ŋō ŋŗŕŘōŜőŜőŞō őŖ ŜŐō őŖŜōŚŖʼnŜőŗŖʼnŔ ʼnŚōŖʼnŴ fŴ īŗŖŌŝŋŜ ʼnśśōśśŕōŖŜ ŗŎ ŜŐō īŗŕŘʼnŖš ŘōŚŎŗŚŕʼnŖŋō ŚōśŝŔŜ ʼnŖŌ ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŗŎ ōŠōŋŝŜőŞōśŴ gŴ ĻŝŘōŚŞőśō ʼnŖŌ ōŠʼnŕőŖō ŜŐō ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜ śšśŜōŕ ŎŗŚ ʼnŋŋŝŚʼnŋšŲ ŜŚʼnŖśŘʼnŚōŖŋš ʼnŖŌ ʼnŌōřŝʼnŋšŴ

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KCE Annual Report 2012

hŴ īŗŕŘŔš śŜŚőŋŜŔš şőŜŐ ŜŐō īŗŕŘʼnŖš śŝŘōŚŞőśőŗŖ ŘŗŔőŋšŴ iŴ ĺōŞőōş ŜŐō ŌōŜōŚŕőŖʼnŜőŗŖ ŗŎ ŌőŚōŋŜŗŚś ʼnŖŌ ōŠōŋŝŜőŞōś ŚōŕŝŖōŚʼnŜőŗŖ ŎŗŚ ŜŐō ŊōśŜ ʼnŖŌ śŝśŜʼnőŖʼnŊŔō őŖŜōŚōśŜ ŗŎ ŜŐō īŗŕŘʼnŖš ʼnŖŌ ŜŐō śŐʼnŚōŐŗŔŌōŚśŴ a`Ŵ ĻŝŘōŚŞőśō ŜŐō ŘŚŗŋōśś ŗŎ ʼnŘŘŗőŖŜŕōŖŜ ʼnŖŌ ōŔōŋŜőŗŖ ŗŎ ŌőŚōŋŜŗŚś ŎŗŚ ŜŐō ŘŝŚŘŗśō ŗŎ ŜŚʼnŖśŘʼnŚōŖŋš ʼnŖŌ ŋŔʼnŚőŜšŴ aaŴ ĵŗŖőŜŗŚ ʼnŖŌ ŕʼnŖʼnŏō ʼnŖš ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜ şŐőŋŐ ŕʼnš ŗŋŋŝŚŴ ĸŚŗŕŗŜō ʼnşʼnŚōŖōśś ŗŎ ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ ŜŐō őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔ śšśŜōŕ ʼnŖŌ őŖŜōŚŖʼnŔ ʼnŝŌőŜś Ŝŗ ŚōŌŝŋō ŜŐō Śőśœ ŗŎ ŎŚʼnŝŌŲ ʼnŊŝśō ŗŎ ʼnŝŜŐŗŚőŜš ʼnŖŌ ŘŚōŞōŖŜ ʼnŖš őŔŔōŏʼnŔ ʼnŋŜśŴ abŴ ĸŚŗŜōŋŜőŖŏ ŜŐō ŚőŏŐŜ ŗŎ ŜŐō ʼnŔŔ śŐʼnŚōŐŗŔŌōŚś ʼnŖŌ śŜʼnœōŐŗŔŌōŚśŴ ĵŗŖőŜŗŚ ʼnŖŌ śŝŘōŚŞőśō ŜŐō ŌőśŋŔŗśŝŚō ŗŎ őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ŋŗŕŕŝŖőŋʼnŜőŗŖ őŖ ʼnŖ ʼnŋŋŝŚʼnŜōŲ ŋŗŕŘŔōŜō ʼnŖŌ ŜŚʼnŖśŘʼnŚōŖŜ ŕʼnŖŖōŚŴ acŴ ĺōŞőōş ŜŐō ŚōŋŚŝőŜŕōŖŜ ʼnŖŌ ŖŗŕőŖʼnŜőŗŖ ŗŎ ōŠōŋŝŜőŞōś ŎŗŚ ŖōŋōśśʼnŚš ŚōŘŔʼnŋōŕōŖŜŴ adŴ ĻōŜ ŜŐō īŗŕŘʼnŖš ŕʼnŖʼnŏōŚőʼnŔ ŘŔʼnŖ ʼnŖŌ ŘŗŔőŋš ʼnŖŌ ŚōŞőōş ŜŐō īŗŕŘʼnŖšÝś ŗŘōŚʼnŜőŗŖʼnŔ ŚōśŝŔŜŴ aeŴ ķŞōŚśōōőŖŏ ʼnŖŌ ŌōŞōŔŗŘőŖŏ ŜŐō Śőśœ ŕʼnŖʼnŏōŕōŖŜ śšśŜōŕŲ ʼnŖŌ ŜŐō īŗŚŘŗŚʼnŜō įŗŞōŚŖʼnŖŋō ŗŎ ijīĭ Ŝŗ ŚōʼnŋŐ ŜŐō śŜʼnŖŌʼnŚŌ ʼnŋŋōŘŜōŌ őŖŜōŚŖʼnŜőŗŖʼnŔŔšŴ afŴ ĩśśōśś ŜŐō ĪŗʼnŚŌ ʼnŖŌ őŜś ŋŗŕŕőŜŜōō ŘōŚŎŗŚŕʼnŖŋō ʼnŖŖŝʼnŔŔš ʼnŖŌ ōʼnŋŐ őŖŌőŞőŌŝʼnŔ ŌőŚōŋŜŗŚ ŘōŚŎŗŚŕś ʼn śōŔŎ ʼnśśōśśŕōŖŜŴ agŴ ĩŜŜōŖŌ ʼnŔŔ ŕōōŜőŖŏś ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌ ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏśŲ ōŠŋōŘŜ őŖ ŝŖʼnŞŗőŌʼnŊŔō ŋőŚŋŝŕśŜʼnŖŋōś şőŜŐ ʼnŌŞʼnŖŋō ŖŗŜőŎőŋʼnŜőŗŖ Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŚ ŜŐō ĻōŋŚōŜʼnŚš Ŝŗ ŜŐō ĪŗʼnŚŌŴ ĿŐōŖ ŌōōŕōŌ ŖōŋōśśʼnŚš ʼnŖŌ ʼnŘŘŚŗŘŚőʼnŜōŲ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŕʼnš śōōœ ōŠŜōŚŖʼnŔ ŋŗŖśŝŔŜʼnŜőŗŖ ŎŚŗŕ ōŠŜōŚŖʼnŔ ŋŗŖśŝŔŜʼnŖŜś ŗŚ ōŠŘōŚŜś őŖ ŗŜŐōŚ ŎőōŔŌśŴ Corporate Governance Policy and Business Ethics ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś Őʼnś ōŕŘŐʼnśőŢōŌ ŗŖ ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō şŐőŋŐ ŋʼnŖ Ŋō ŋŔʼnśśőŎőōŌ őŖŜŗ e śōŋŜőŗŖś ʼnś ŎŗŔŔŗşśĢ ä ä ä ä ä

ĻŐʼnŚōŐŗŔŌōŚśÝ ĺőŏŐŜś ĭřŝʼnŔ ļŚōʼnŜŕōŖŜ Ŝŗ ĻŐʼnŚōŐŗŔŌōŚś ĺŗŔōś ŗŎ ĻŜʼnœōŐŗŔŌōŚś ĬőśŋŔŗśŝŚō ʼnŖŌ ļŚʼnŖśŘʼnŚōŖŋš ĺōśŘŗŖśőŊőŔőŜőōś ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś

ıŖ ŜŐō ŁōʼnŚ b`abŲ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ŘŗŔőŋőōś şʼnś ōŞʼnŔŝʼnŜōŌŴ ļŐō ŚōśŝŔŜś ŗŎ ŜŐō ōŞʼnŔŝʼnŜőŗŖ őŖŌőŋʼnŜō ŜŐʼnŜ ŜŐō īŗŕŘʼnŖš şʼnś őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŕŗśŜ ŗŎ ŜŐō śŘōŋőŎőōŌ ŏŝőŌōŔőŖōś ʼnŖŌ ŘŗŔőŋőōśŲ Internal Control and Audit System ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś Őʼnś ŘŝŜ ōŕŘŐʼnśőś ŗŖ ŐʼnŞőŖŏ ʼnŖ ōŎŎőŋőōŖŜ ʼnŖŌ ōŎŎōŋŜőŞō őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔ śšśŜōŕŴ ļŐō ıŖŜōŚŖʼnŔ ĩŝŌőŜ śšśŜōŕ ŕŗŖőŜŗŚ ʼnŖŌ ōŖśŝŚō ŜŐʼnŜ ŜŐō īŗŕŘʼnŖš Őʼnś ʼnŖŌ őś őŖ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō ŘŚōśŋŚőŊōŌ ŘŗŔőŋőōś ʼnŖŌ ŏŝőŌōŔőŖōś ŚōŏʼnŚŌőŖŏ ŗŘōŚʼnŜőŖŏ ŋŗŖŜŚŗŔŲ ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜőŖŏŲ őŖŎŗŚŕʼnŜőŗŖ ŜōŋŐŖŗŔŗŏš ʼnś şōŔŔ ʼnś ʼnŘŘŔőŋʼnŊŔō ŚŝŔōś ʼnŖŌ ŚōŏŝŔʼnŜőŗŖś ʼnś ŚōřŝőŚōŌ Ŋš ŋŗŕŘōŜōŖŜ ʼnŝŜŐŗŚőŜőōśŴ ļŐō ŋŗŕŘŔőʼnŖŋō ŝŖőŜ śŐʼnŔŔ ŌōŜōŚŕőŖō ʼnŖ ʼnŝŌőŜ ŘŔʼnŖ ŜŐʼnŜ ŎŝŔŔš ŋŗŞōŚś ŗŘōŚʼnŜőŗŖś ŗŎ ʼnŔŔ ŎŝŖŋŜőŗŖśŲ ʼnŖŌ ŜŐō ŘŔʼnŖ śŐʼnŔŔ Ŋō ōŞʼnŔŝʼnŜōŌ ōŞōŚš řŝʼnŚŜōŚŴ ĻŝŎŎőŋőōŖŋš ŗŎ őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔ śšśŜōŕś śŐʼnŔŔ ʼnŔśŗ Ŋō ōŞʼnŔŝʼnŜōŌ ōŞōŚš řŝʼnŚŜōŚ ʼnś şōŔŔŴ ıŖ ŜŐō ŁōʼnŚ b`abŲ ŜŐō īŗŕŘʼnŖš şʼnś őŖ ŎŝŔŔ ŋŗŕŘŔőʼnŖŋō şőŜŐ őŜś ŗŘōŚʼnŜőŖŏ ŘŗŔőŋőōś ʼnŖŌ ʼnŘŘŔőŋʼnŊŔō ŚŝŔōśŲ ŚōŏŝŔʼnŜőŗŖś ʼnŖŌ ŏŝőŌōŔőŖōś ʼnś ŘŚōśŋŚőŊōŌ Ŋš ŜŐō ŚōŔōŞʼnŖŜ ʼnŝŜŐŗŚőŜőōśŴ

KCE Annual Report 2012

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Conflict of Interest ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś śōŜ ŝŘ ʼn ŋŔōʼnŚ ŘŗŔőŋš ŚōŏʼnŚŌőŖŏ ŋŗŖśőŌōŚʼnŜőŗŖ ʼnŖŌ ʼnŘŘŚŗŞʼnŔ ŗŎ ŕʼnŜŜōŚś ŜŐʼnŜ ŕʼnš ŋʼnŝśō ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜŴ ĬőŚōŋŜŗŚś śŐʼnŔŔ ŌőśŋŔŗśō ŜŐōőŚ ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜ ŘŚőŗŚ Ŝŗ ŜŐō ŕōōŜőŖŏŲ őŎ ʼnŖšŴ ĬőŚōŋŜŗŚś ʼnŚō ŖŗŜ ʼnŔŔŗşōŌ Ŝŗ ʼnŜŜōŖŌ ŗŚ ŞŗŜō őŖ ŜŐō ŕōōŜőŖŏ śŐŗŝŔŌ ŜŐōŚō Ŋō ʼn ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜŴ ıŖ ŋʼnśō ŜŐōŚō ŕʼnš Ŋō ʼnŖš ŜŚʼnŖśʼnŋŜőŗŖś ŗŚ ŕʼnŜŜōŚś şőŜŐ ŕʼnŜōŚőʼnŔ ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜŲ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŕʼnš ʼnśśőŏŖ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō Ŝŗ ŋŗŖśőŌōŚ ʼnŖŌ ŘŚŗŘŗśō ŜŐōőŚ ŗŘőŖőŗŖ Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ Risk Management Policy ļŐō īŗŕŘʼnŖš ŕʼnš Ŏʼnŋō ŊŗŜŐ őŖŜōŚŖʼnŔ ʼnŖŌ ōŠŜōŚŖʼnŔ ŊŝśőŖōśś Śőśœś őŖ őŜś ŗŘōŚʼnŜőŗŖŴ ļŗ ŗŚŌōŚ Ŝŗ ŋŗŕŊʼnŜ şőŜŐ śŝŋŐ ŚőśœśŲ ŜŐō īŗŕŘʼnŖš Őʼnś ŋŗŖŜőŖŝʼnŔŔš ŌōŞōŔŗŘōŌ ʼnŖŌ őŕŘŔōŕōŖŜōŌ Śőśœ ŕʼnŖʼnŏōŕōŖŜ śšśŜōŕśŴ Overview of Risk Management

ä ĺőśœ ŕʼnŖʼnŏōŕōŖŜ ʼnŜ ŊŗŜŐ ŘŗŔőŋš ʼnŖŌ ŗŘōŚʼnŜőŖŏ ŔōŞōŔ śŐʼnŔŔ Ŋō ŝŖŌōŚ ŜŐō ŚōśŘŗŖśőŊőŔőŜš ŗŎ ōʼnŋŐ śŝŊŋŗŕŕőŜŜōōŴ ä ķŘōŚʼnŜőŗŖ ŗŎ ŜŐō īŗŕŘʼnŖš őś ŝŖŌōŚ ŜŐō ŗŚŏʼnŖőŢʼnŜőŗŖʼnŔ śŜŚŝŋŜŝŚōŲ şőŜŐ ŋŐōŋœ ʼnŖŌ ŊʼnŔʼnŖŋō ŕōŋŐʼnŖőśŕśŴ

Independent Directors ijīĭ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚś ōŠōŚŋőśō őŜś ŌŝŜőōś ŗŎ ŕŗŖőŜŗŚőŖŏ ŕʼnŖʼnŏōŚőʼnŔ ŘōŚŎŗŚŕʼnŖŋō ʼnŖŌ ŘŚōŞōŖŜőŖŏ ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜŲ ōŠōŚŋőśőŖŏ ŗŊŒōŋŜőŞō ŒŝŌŏōŕōŖŜ Ŋš ŊōőŖŏ őŖŌōŘōŖŌōŖŜ ŗŎ ŕʼnŖʼnŏōŕōŖŜŲ ŎŗŔŔŗş ŜŐō ŋŚőŜōŚőʼn ŗŎ Ļĭī ʼnŖŌ Ļĭļ ʼnś ŎŗŔŔŗşś Ģ ä ĻŐʼnŔŔ ŖŗŜ ŐŗŔŌ śŐʼnŚō ōŠŋōōŌőŖŏ `Ŵeū ŗŎ ŜŐō ŞŗŜőŖŏ śŐʼnŚōś ŗŎ ijīĭ őŜś śŝŊśőŌőʼnŚőōśŲ ʼnśśŗŋőʼnŜōŌŲ ŗŚ ŚōŔʼnŜōŌ ŋŗŕŘʼnŖőōś ŮőŖŋŔŝŌőŖŏ ŜŐō śŐʼnŚōś ŐōŔŌ Ŋš ŋŗŖŖōŋŜ ŘʼnŚŜőōś ŝŖŌōŚ ĻōŋŜőŗŖ beh ŗŎ ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō ŔʼnşśůŴ ä İʼnŞō ŖŗŜ ŊōōŖ ŗŚ ʼnŚō ŖŗŜ őŖŞŗŔŞōŌ őŖ ŜŐō ŋŗŕŘʼnŖš ʼnś ʼnŖš ŗŎ ŜŐō ŎŗŔŔŗşőŖŏĢ

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ļŐō ŕʼnŖʼnŏōŕōŖŜŲ ĭŕŘŔŗšōōśŲ ŗŚ ŎŗŚŕōŚ ōŕŘŔŗšōōś ŗŎ ŜŐō ŋŝŚŚōŖŜ ōŠŜōŚŖʼnŔ ʼnŝŌőŜŗŚ ĮŗŚŕōŚ şʼnŏō ōʼnŚŖōŚś őŖŋŔŝŌőŖŏ ʼnŖ ʼnŝŌőŜ ʼnŌŞőśŗŚśŲ ŔōŏʼnŔ ŗŚ ŗŜŐōŚ ʼnŌŞőśŗŚś ŗŎ ijīĭ ĭŕŘŔŗšōŌ Ŋš ijīĭŲ ŗŚ İʼnŞō ŋŗŖŜŚŗŔ ŗŞōŚ ijīĭŲ őŜś śŝŊśőŌőʼnŚőōś ʼnŖŌ ʼnśśŗŋőʼnŜōśŲ IJŝŚőśŜőŋ ŘōŚśŗŖś ŜŐʼnŜ ŋŗŝŔŌ Řŗśō ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜŲ ōŠŋōŘŜ şŐōŖ śŝŋŐ řŝʼnŔőŎőŋʼnŜőŗŖś ŐʼnŞō ōŖŌōŌ ŎŗŚ ŕŗŚō ŜŐʼnŖ Ŝşŗ šōʼnŚśŴ İʼnŞō ŐʼnŌ ŊŝśőŖōśś ŚōŔʼnŜőŗŖśŐőŘ şőŜŐ ŜŐō ŋŗŕŘʼnŖš őŖ ŜŐō ŘʼnśŜ Ŝşŗ šōʼnŚśŴ

ä İʼnŞō ʼnŊśŗŔŝŜōŔš Ŗŗ ŞōśŜōŌ őŖŜōŚōśŜś őŖ ijīĭŲ őŜś śŝŊśőŌőʼnŚőōśŲ ʼnśśŗŋőʼnŜōś ŗŚ ŚōŔʼnŜōŌ ŋŗŕŘʼnŖőōśŲ ŗŚ ŒŝŚőśŜőŋ ŘōŚśŗŖś şőŜŐ ŘŗśśőŊŔō ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜ ŐʼnŕŘōŚőŖŏ őŖŌōŘōŖŌōŖŜ ōŠōŚŋőśō ŗŎ ŌőśŋŚōŜőŗŖ őŖŋŔŝŌőŖŏ ŋŝśŜŗŕōŚśŲ ŊŝśőŖōśś ŘʼnŚŜŖōŚśŲ ʼnŖŌ ŜŚʼnŌō ŗŚ ŔŗʼnŖ ŋŚōŌőŜŗŚśŵŌōŊŜŗŚśŴ ä ĩŚō ŖŗŜ ŋŔŗśō ŚōŔʼnŜőŗŖ ŚōŔʼnŜōŌ Ŋš ŊŔŗŗŌ ŗŚ Ŋš ŚōŏőśŜŚʼnŜőŗŖ ŗŚ ŐʼnŞō ŗŜŐōŚ ŚōŔʼnŜőŗŖśŐőŘ ŜŐʼnŜ ŋŗŝŔŌ ŌōŘŚőŞō őŖŌōŘōŖŌōŖŋō şőŜŐ ŜŐō ŕʼnŖʼnŏōŕōŖŜŲ ŕʼnŒŗŚ śŐʼnŚōŐŗŔŌōŚś ŗŎ ijīĭŲ ijīĭ įŚŗŝŘ ŋŗŕŘʼnŖőōśŲ ʼnśśŗŋőʼnŜōŌ ŋŗŕŘʼnŖőōśŲ ŗŚ ŒŝŚőśŜőŋ ŘōŚśŗŖś ŜŐʼnŜ ŋŗŝŔŌ Řŗśō ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜŴ ä ĶŗŜ ŊōőŖŏ ʼnŘŘŗőŖŜōŌ ʼnś ʼnŖ ʼnŏōŖŜ Ŝŗ ŘŚōśōŚŞō ŜŐō őŖŜōŚōśŜś ŗŎ ŌőŚōŋŜŗŚś ŗŚ ŕʼnŒŗŚ śŐʼnŚōŐŗŔŌōŚśŴ

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KCE Annual Report 2012

Independent Directors aŴ ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĵŴĬ bŴ ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ cŴ ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ

ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ

ĩŔŔ ijīĭ ŌőŚōŋŜŗŚś ŕōōŜ ŜŐō řŝʼnŔőŎőŋʼnŜőŗŖś ʼnś śŘōŋőŎőōŌ ʼnŊŗŞōŴ ļŐōŚō şōŚō Ŗŗ ŚōŔʼnŜōŌ ŜŚʼnŖśʼnŋŜőŗŖś ŗŚ ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜś őŖ b`abŴ ļŐō ŋŗŕŘʼnŖš Őʼnś ŜŐŚōō őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚśŲ ŜŐŚōō ŌőŚōŋŜŗŚś ʼnŖŌ Ŝşŗ ōŠōŋŝŜőŞō ŌőŚōŋŜŗŚśŲ ŗŖō şŐŗ őś ŜŐō ŋŗŕŘʼnŖšÝś ŋŐʼnőŚŕʼnŖ ʼnŖŌ ŕʼnŖʼnŏőŖŏ ŌőŚōŋŜŗŚ ʼnŖŌ ŜŐō ŗŜŐōŚ őś ŜŐō ĭŠōŋŝŜőŞōśÝ ķŎŎőŋō ĬőŚōŋŜŗŚŴ ĶŗŖō ŗŎ ŜŐō ōŠōŋŝŜőŞō ŌőŚōŋŜŗŚ śōŚŞōś ŗŖ ŗŜŐōŚ ŊŗʼnŚŌ ŗŎ ŘŝŊŔőŋŔš ŔőśŜōŌ ŋŗŕŘʼnŖšŴ ļŐō ŖŗŖųōŠōŋŝŜőŞōś ŌőŚōŋŜŗŚś ŐʼnŞō ŋŗŕŘōŜōŖŋōŲ śœőŔŔśŲ œŖŗşŔōŌŏōśŲ ʼnŖŌ ōŠŘōŚőōŖŋōś őŖ ŜŐō ŋŗŕŘʼnŖš őŖŌŝśŜŚšŴ Board of Directors’ Meetings ļŐō ĪŗʼnŚŌ ŒŗőŖŜŔš śŋŐōŌŝŔōś ŕōōŜőŖŏ ŌʼnŜōś ŎŗŚ ōŖŜőŚō šōʼnŚ őŖ ʼnŌŞʼnŖŋōŲ şőŜŐ ŕŗŖŜŐŔš ŕōōŜőŖŏ ʼn šōʼnŚŴ ʼnŖŌ śŘōŋőʼnŔ ŚŗŝŖŌś ŗŎ ŕōōŜőŖŏś ŋŗŝŔŌ Ŋō ŋʼnŔŔōŌ ʼnś ŌōōŕōŌ ŖōŋōśśʼnŚšŴ ıŖ b`abŲ ŜŐōŚō şōŚō ac ĪŗʼnŚŌ ŕōōŜőŖŏśŴ ļŐō īŐʼnőŚŕʼnŖ ʼnŖŌ ŜŐō īŗŕŘʼnŖš ĻōŋŚōŜʼnŚš ŒŗőŖŜŔš śōŜ ʼn ŋŔōʼnŚ ʼnŏōŖŌʼn ŊōŎŗŚō ōʼnŋŐ ĪŗʼnŚŌ ŕōōŜőŖŏŴ ĩŔŔ ĬőŚōŋŜŗŚś ŋʼnŖ ŎŚōōŔš ŘŚŗŘŗśō ŜŐōőŚ ʼnŏōŖŌʼn őŜōŕś ŎŗŚ ŋŗŖśőŌōŚʼnŜőŗŖ Ŋš ŜŐō īŐʼnőŚŕʼnŖ ŊōŎŗŚō őŖŋŔŝśőŗŖ őŖ ʼn ŕōōŜőŖŏŴ ļŐō īŗŕŘʼnŖš ĻōŋŚōŜʼnŚšŲ ĵŚśŴ ļʼnŖšʼnŚʼnŜ ļōśśʼnŔōōŲ őś ŘŚŗŎōśśőŗŖʼnŔ ʼnŖŌ řŝʼnŔőŎőōŌ şőŜŐ ōŌŝŋʼnŜőŗŖ ʼnŖŌ ōŠŘōŚőōŖŋōś őŖ ʼnŋŋŗŝŖŜʼnŖŋš ʼnŖŌ ŎőŖʼnŖŋōŴ ļŐō īŗŕŘʼnŖš ĻōŋŚōŜʼnŚš śŝŊŕőŜ ŕōōŜőŖŏ ŌŗŋŝŕōŖŜś ŜŐʼnŜ ŋʼnŖ Ŋō ŚōŞōʼnŔōŌ őŖ şŚőŜŜōŖ ŎŗŚŕ şőŜŐŗŝŜ ʼnŎŎōŋŜőŖŏ ijīĭÝś ŊŝśőŖōśś ŗŘōŚʼnŜőŗŖś Ŝŗ ŜŐō ŌőŚōŋŜŗŚś ʼnŜ ŔōʼnśŜ g Ōʼnšś őŖ ʼnŌŞʼnŖŋō ŎŗŚ ŋŗŖśőŌōŚʼnŜőŗŖŲ ŜŗŏōŜŐōŚ şőŜŐ őŖŞőŜʼnŜőŗŖ ŔōŜŜōŚś śŘōŋőŎšőŖŏ ŜŐō ʼnŏōŖŌʼnŲ ŕōōŜőŖŏ ŌʼnŜōŲ Ŝőŕō ʼnŖŌ ŘŔʼnŋōŴ ıŖ ōŕōŚŏōŖŋőōśŲ Ŝŗ ŘŚŗŜōŋŜ ŜŐō īŗŕŘʼnŖšÝś ŚőŏŐŜś ŗŚ őŖŜōŚōśŜśŲ ʼnŖ ʼnŘŘŗőŖŜŕōŖŜ ŎŗŚ śŝŋŐ ŕōōŜőŖŏ ŜŐŚŗŝŏŐ ŗŜŐōŚ ŕōŜŐŗŌś ʼnŜ śŐŗŚŜōŚ ŖŗŜőŋōŴ ĺōřŝōśŜś ŎŗŚ ŕŗŚō őŖŎŗŚŕʼnŜőŗŖ ŋŗŝŔŌ Ŋō ŗŊŜʼnőŖōŌ ŎŚŗŕ ŜŐō ĭŠōŋŝŜőŞō ķŎŎőŋōŴ ĵōŕŊōŚś ŗŎ ŜŐō ĪŗʼnŚŌ ŋŗŝŔŌ ʼnŔśŗ ŚōřŝōśŜ ŎŗŚ ŚōřŝőŚōŌ ʼnŌŌőŜőŗŖʼnŔ ʼnŏōŖŌʼn őŜōŕ ŎŗŚ ŜŐō ĪŗʼnŚŌ ĵŗŖŜŐŔš ĵōōŜőŖŏŴ ĬŝŚőŖŏ ōʼnŋŐ ŕōōŜőŖŏŲ ŜŐō īŐʼnőŚŕʼnŖ ʼnŔŔŗŋʼnŜōś ōŖŗŝŏŐ Ŝőŕō ŎŗŚ ŌőśŋŝśśőŗŖ ŗŎ ōʼnŋŐ śőŏŖőŎőŋʼnŖŜ őśśŝō ʼnŖŌ ōŖŋŗŝŚʼnŏōś ʼnŔŔ ŌőŚōŋŜŗŚś Ŝŗ ōŠŘŚōśś őŌōʼnś şőŜŐ ŜŐō īŗŕŘʼnŖš ĻōŋŚōŜʼnŚš ʼnŖŌ ŔōŏʼnŔ ŌōŘʼnŚŜŕōŖŜ őŖ ʼnŜŜōŖŌʼnŖŋō Ŝŗ Ŝʼnœō ŖŗŜōśŴ ļŐō ŕōōŜőŖŏ ŝśŝʼnŔŔš ŚōřŝőŚōŌ ʼnŘŘŚŗŠőŕʼnŜōŔš c ŐŗŝŚśŴ ļŐō ōŠōŋŝŜőŞōś şőŜŐ ŌőŚōŋŜ ŚōśŘŗŖśőŊőŔőŜš ŘōŚŜʼnőŖőŖŏ őśśŝōś ŌőśŋŝśśōŌ őŖ ŜŐō ŕōōŜőŖŏ ŋŗŝŔŌ Ŋō őŖŞőŜōŌ Ŝŗ ŋŔʼnŚőŎš ʼnŖŌ ŘŚŗŞőŌōŌ őŖŎŗŚŕʼnŜőŗŖŴ ļŐō īŗŕŘʼnŖšÝś ʼnŜŜŗŚŖōš ʼnŜŜōŖŌōŌ ʼnŔŔ ŜŐō ŕōōŜőŖŏŲ ŚōŋŗŚŌōŌ ŜŐō ŕőŖŝŜōś ʼnŖŌ ŕʼnŖʼnŏōŌ ʼnŔŔ ŌŗŋŝŕōŖŜś ʼnś şōŔŔ ʼnś ŏőŞőŖŏ ʼnŌŞőŋō Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌ ĭŠōŋŝŜőŞōś ŚōŏʼnŚŌőŖŏ ŋŗŕŘŔőʼnŖŋō őśśŝōśŴ ĬőŚōŋŜŗŚ şŐŗ Őʼnś ʼn ŞōśŜōŌ őŖŜōŚōśŜ őŖ ŜŐō ʼnŏōŖŌʼn őŜōŕ ŕŝśŜ ʼnŊśŜʼnőŖ ŎŚŗŕ ŕōōŜőŖŏŴļŐō ŋŗŕŘʼnŖš ŚōřŝőŚōś ʼn ŕőŖőŕŝŕ ŗŎ řŝŗŚŝŕ ŗŎ ʼnŜ ŔōʼnśŜ bŵc ŎŗŚ ŊŗʼnŚŌ ŌōŋőśőŗŖŴ

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ıŖ b`abŲ ŜŐōŚō şōŚō ʼn ŜŗŜʼnŔ ŗŎ ac ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśÝ ĵōōŜőŖŏśŲ ʼnŔŔ ŌőŚōŋŜŗŚś ʼnŜŜōŖōŌ ŕŗŚō ŜŐʼnŖ geū ŗŎ ŜŐō ŕōōŜőŖŏś őŖ b`abŴ ļŐō ŕōōŜőŖŏ ʼnŜŜōŖŌʼnŖŋō ŗŎ ōʼnŋŐ ŌőŚōŋŜŗŚ őś ʼnś ŎŗŔŔŗşśĢ Name aŴ ĵŚŴ ĪʼnŖŋŐʼn bŴ ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn cŴ ĵŚŴ ĸʼnŖŒʼn dŴ īŐʼnŖŜőŕʼn eŴ ĵŚśŴ ĽŊŗŔ fŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn gŴ ĵŚśŴ ĻőŚőŘŐʼnŖ hŴ ĵŚŴ ĸʼnőŜŗŗŖ

Attendance / Total Meeting ķŖŏœŗśőŜ ĵŗœœŐʼnŞōśʼnŲ ĵĬ ĻōŖʼnŌőśʼnő ķŖŏœŗśőŜŲ ĵĬ īŐőŚʼnŕŗŖŏœŗŔ ķŖŏœŗśőŜ ĻŝŖŜʼnŖʼnŘŐʼnŖ ļʼnŞōōŊŐŗŔ

acŵac abŵac acŵac acŵac acŵac acŵac acŵac iŵac

Role of the Chairman ļŐō īŐʼnőŚŕʼnŖ ŎŝŖŋŜőŗŖś ʼnś ŜŐō ŔōʼnŌōŚ ŗŎ ŜŐō ŊŗʼnŚŌŴ İō Őʼnś ŜŐō ŚōśŘŗŖśőŊőŔőŜš ŗŎ śōŜŜőŖŏ ŊŗʼnŚŌ ʼnŏōŖŌʼnŲ ŘŚŗŞőŌőŖŏ őŖŎŗŚŕʼnŜőŗŖ Ŝŗ ŌőŚōŋŜŗŚśŲ ʼnŖŌ Ŝŗ ŋŗŖŌŝŋŜ ŗŘōŖ ŊŗʼnŚŌŚŗŗŕ ŌőśŋŝśśőŗŖśŲ ōŖʼnŊŔőŖŏ ŜŐō ŌőŚōŋŜŗŚś Ŝŗ ŏōŖōŚʼnŜō ŜŐō ōŎŎōŋŜőŞō ŊŗʼnŚŌ ŌōŊʼnŜō ʼnŖŌ ŌőśŋŝśśőŗŖ ʼnŖŌ ŘŚŗŞőŌō ŜŐō ŋŗŖśŜŚŝŋŜőŞō ŋŐʼnŔŔōŖŏō şŐőŋŐ ŜŐō ŋŗŕŘʼnŖš ŖōōŌśŴ ļŐō īŐʼnőŚŕʼnŖ şŗŚœś Ŝŗ ŋŚōʼnŜō ʼnŖŌ ŕʼnőŖŜʼnőŖ ŜŐō ŋŝŔŜŝŚō ŗŎ ŗŘōŖŖōśś ʼnŖŌ ŋŗŖśŜŚŝŋŜőŞō ŋŐʼnŔŔōŖŏō şŐőŋŐ ʼnŔŔŗşś ʼn ŌőŞōŚśőŜš ŗŎ Şőōşś Ŝŗ Ŋō ōŠŘŚōśśōŌŴ ļŐō īŐʼnőŚŕʼnŖ őś ʼnŔśŗ ʼnŞʼnőŔʼnŊŔō Ŝŗ śŐʼnŚōŐŗŔŌōŚś ŎŗŚ ŌőʼnŔŗŏŝō ŗŖ œōš ŕʼnŜŜōŚś ŗŎ ŜŐō ŋŗŕŘʼnŖšÝś ŏŗŞōŚŖʼnŖŋō ʼnŖŌ şŐōŚō śŐʼnŚōŐŗŔŌōŚś ŐʼnŞō ŘʼnŚŜőŋŝŔʼnŚ ŋŗŖŋōŚŖśŴ Directors’ Training ļŐō ŌőŚōŋŜŗŚś ʼnŜ ijīĭ ʼnŚō ōŖŋŗŝŚʼnŏōŌ Ŝŗ śōōœ ōŠŜŚʼn ŜŚʼnőŖőŖŏ Ŝŗ ōŖŐʼnŖŋō ŜŐōőŚ œŖŗşŔōŌŏō ʼnŖŌ ŝŖŌōŚśŜʼnŖŌőŖŏ őŖ ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋōŲ ŜŐō ŚŝŔōś ʼnŖŌ ŚōŏŝŔʼnŜőŗŖśŲ ŌőŚōŋŜŗŚśÝ ŚŗŔō ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜš őŖ ŋŗŚŘŗŚʼnŜō ŕʼnŖʼnŏōŕōŖŜ ŎŗŚ ŐőŏŐ ōŎŎőŋőōŖŋš ʼnŖŌ ōŜŐőŋśŴ Summary of the directors’ training programs

aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ ä ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``d b ĴŜŴ įōŖŴ ĬŚŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼnŲ ĵĬ ä ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``d ä ĮőŖʼnŖŋō ĮŗŚ ĶŗŖ ĮőŖʼnŖŋō ĬőŚōŋŜŗŚ ų b``d ä ıŖŜōŚŖʼnŔ ĩŝŌőŜŗŚś ĿŗŚœ ĭŎŎōŋŜőŞōŔš şőŜŐ ĩŝŌőŜ īŗŕŕőŜŜōō ų aiii ä ĩŝŌőŜ īŗŕŕőŜŜōō ĸŚŗŏŚʼnŕ ų aiii ä ĺŗŔō ʼnŖŌ ĬŝŜőōś ŗŎ ĩŝŌőŜ īŗŕŕőŜŜōōŲ ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ŮĻĭļů ų aiih cŴ ĵŚŴ ĸʼnŖŒʼn ĻōŖʼnŌőśʼnő ä īŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ŎŗŚ ĬőŚōŋŜŗŚś ʼnŖŌ ĭŠōŋŝŜőŞōś ŗŎ ĻŜʼnŜō ĭŖŜōŚŘŚőśōś ʼnŖŌ ĸŝŊŔőŋ ķŚŏʼnŖőŢʼnŜőŗŖś ų b``i ä ĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚś īŗŝŚśō Ŋš īʼnŘőŜʼnŔ ĵʼnŚœōŜ ĩŋʼnŌōŕš ų b``i ä ßĺŗŔō ŗŎ īŗŕŘōŖśʼnŜőŗŖ īŗŕŕőŜŜōōà ļŐʼnő ıŖśŜőŜŝŜō ŗŎ ĬőŚōŋŜŗŚ ĩśśŗŋőʼnŜőŗŖ ŮıķĬů ųb``g

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ä ĩŝŌőŜ īŗŕŕőŜŜōō ĸŚŗŏŚʼnŕ Ůĩīĸů ų b``d ä ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů ų b``b īŐʼnŖŜőŕʼn ķŖŏœŗśőŜŲ ĵĬ ä ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů ų b``h ä ĮőŖʼnŖŋō ĮŗŚ ĶŗŖųĮőŖʼnŖŋō ĬőŚōŋŜŗŚ ų b``d ä ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``c ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ ä ĮőŖʼnŖŋō ĮŗŚ ĶŗŖųĮőŖʼnŖŋō ĬőŚōŋŜŗŚ ų b``d ä ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``c ä ĩŝŌőŜ īŗŕŕőŜŜōō ĸŚŗŏŚʼnŕ Ůĩīĸů ų b``` ä ıŖŜōŚŖʼnŔ ĩŝŌőŜőŗŚś ĿŗŚœ ĭŎŎōŋŜőŞōŔš ĿőŜŐ ĩŝŌőŜ īŗŕŕőŜŜōō ų aiii ä īŗŖŜőŖŝőŖŏ ĬōŞōŔŗŘŕōŖŜ ĸŚŗŏŚʼnŕ ŎŗŚ ĩŝŌőŜ īŗŕŕőŜŜōō ų aiii ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ä ĮőŖʼnŖŋőʼnŔ ıŖśŜŚŝŕōŖŜ ŎŗŚ ĬőŚōŋŜŗŚś ų b`ab ä ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů ų b``h ä ļŐʼnő ĬőŚōŋŜŗŚś īŗŕŘōŖśʼnŜőŗŖ ĻŝŚŞōš ų b``e ä ĮőŖʼnŖŋō ĮŗŚ ĶŗŖųĮőŖʼnŖŋō ĬőŚōŋŜŗŚ ų b``d ä ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``c ĵŚśŴ ĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ ä ĬőŚōŋŜŗŚś īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů ų b``h ä ĮőŖʼnŖŋō ĮŗŚ ĶŗŖųĮőŖʼnŖŋō ĬőŚōŋŜŗŚ ų b``d ä ĬőŚōŋŜŗŚś ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``d ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ ä ĵŗŖőŜŗŚőŖŏ ŜŐō ıŖŜōŚŖʼnŔ ĩŝŌőŜ ĮŝŖŋŜőŗŖ Ůĵıĩů ų b`a` ä ĵŗŖőŜŗŚőŖŏ ŜŐō ĻšśŜōŕ ŗŎ ıŖŜōŚŖʼnŔ īŗŖŜŚŗŔ ʼnŖŌ ĺőśœ ĵʼnŖʼnŏōŕōŖŜ Ůĵıĺů ų b`a` ä ĵŗŖőŜŗŚőŖŏ ŜŐō ĹŝʼnŔőŜš ŗŎ ĮőŖʼnŖŋőʼnŔ ĺōŘŗŚŜőŖŏ ŮĵĮĺů ų b`a` ä ĺŗŔō ŗŎ ŜŐō īŗŕŘōŖśʼnŜőŗŖ īŗŕŕőŜŜōō Ůĺīīů ų b`a` ä ĵŗŖőŜŗŚőŖŏ ĮŚʼnŝŌ ĺőśœ ĵʼnŖʼnŏōŕōŖŜ ŮĵĮĵů ų b``i ä īŐʼnŚŜōŚōŌ ĬőŚōŋŜŗŚ īŔʼnśś ŮĺųīĬīů ų b``h ä ĩŝŌőŜ īŗŕŕőŜŜōō ĸŚŗŏŚʼnŕ Ůĩīĸů ų b``e ä ĺŗŔō ŗŎ īŐʼnőŚŕʼnŖ ĸŚŗŏŚʼnŕ Ůĺīĸů ų b``e ä ĬőŚōŋŜŗŚ īōŚŜőŎőŋʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬīĸů ų b``c ä ĬőŚōŋŜŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖ ĸŚŗŏŚʼnŕ ŮĬĩĸů ų b``c

Subcommittees ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś śōŜś ŋŗŕŕőŜŜōōś Ŝŗ śŜŝŌš ʼnŖŌ śŋŚōōŖ śŘōŋőʼnŔ Ŝʼnśœś ŗŖ ŊōŐʼnŔŎ ŗŎ ŜŐō ŊŗʼnŚŌ ōśŘōŋőʼnŔŔš őśśŝōś ŜŐʼnŜ ŖōōŌōŌ ŝŖŊőʼnśōŌ ŗŘőŖőŗŖśŴ īŗŕŕőŜŜōōś ŐʼnŞō ʼn ŋŔōʼnŚ śŋŗŘō ŗŎ ŜŐōőŚ şŗŚœŲ ŚŗŔōś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜőōś ʼnś şōŔŔ ʼnś ŜŐō şŗŚœőŖŏ ŘŚŗŋōŌŝŚōś śŝŋŐ ʼnś ŕōōŜőŖŏś ʼnŖŌ ŚōŘŗŚŜőŖŏ Ŝŗ ŜŐō ŊŗʼnŚŌŴ ĩŔŔ ŋŗŕŕőŜŜōō ŕōŕŊōŚś ʼnŖŌ ŜŐō ŋŐʼnőŚŕʼnŖ ŗŎ ōʼnŋŐ ŋŗŕŕőŜŜōō ʼnŚō őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚśŴ

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1. The Audit Committee ļŐō īŗŕŘʼnŖš ŋŗŕŘŔőōś şőŜŐ ŜŐō Ŕʼnş Ŋš ōśŜʼnŊŔőśŐőŖŏ ʼnŖ ĩŝŌőŜ īŗŕŕőŜŜōō śŜʼnŎŎōŌ şőŜŐ ʼnŔŔ őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚśŴļŐō őŖŜōŚŖʼnŔ ʼnŝŌőŜ ŚōŘŗŚŜś ŌőŚōŋŜŔš Ŝŗ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōōŴ ļŐō ĩŝŌőŜ īŗŕŕőŜŜōō ŋŗŕŘŚőśōś ŗŎ ŜŐŚōō ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚś Ģ aŴ ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĵŴĬŴ bŴ ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ cŴ ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ

īŐʼnőŚŕʼnŖ ŗŎ ĩŝŌőŜ īŗŕŕőŜŜōō ĩŝŌőŜ īŗŕŕőŜŜōō ĩŝŌőŜ īŗŕŕőŜŜōō

ıŖ b`abŲ ijīĭ ŐōŔŌ e ĩŝŌőŜ īŗŕŕőŜŜōō ŕōōŜőŖŏśŴ ĩŏōŖŌʼnś şōŚō śōŖŜ Ŝŗ ŜŐō ŋŗŕŕőŜŜōō ŕōŕŊōŚś ŎŗŚ ʼnŜ ŔōʼnśŜ g Ōʼnšś őŖ ʼnŌŞʼnŖŋō ʼnŖŌ ʼnŔŔ ŕōŕŊōŚś ŗŎ ŜŐō īŗŕŕőŜŜōō ʼnŜŜōŖŌōŌ ŜŐō ŕōōŜőŖŏŴ ļŐō ĺōŘŗŚŜ ŎŚŗŕ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō ŋʼnŖ Ŋō ŞőōşōŌ őŖ ŜŐō ʼnŖŖŝʼnŔ ŚōŘŗŚŜŴ Name Attendance / Total Meeting aŴ ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĵŴĬŴ eŵe bŴ ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ eŵe cŴ ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ cŵe

ļŐō ĩŝŌőŜ īŗŕŕőŜŜōō ŕōōŜś ŜŐō ŎŗŔŔŗşőŖŏ ŋŚőŜōŚőʼnĢ ä ıŖŌōŘōŖŌōŖŜ ŎŚŗŕ ŕʼnŖʼnŏōŕōŖŜ ʼnŖŌ ŕʼnŒŗŚ śŐʼnŚōŐŗŔŌōŚś Ŝŗ ŜŐō ōŠŜōŖŜ ŜŐʼnŜ ŜŐōŚō őś Ŗŗ őŖŎŔŝōŖŋō ŗŖ ōőŜŐōŚ ŜŐō ʼnŝŌőŜ ŗŎ őŜś őŖřŝőŚőōśŴ ä İʼnŞō śŝŎŎőŋőōŖŜ œŖŗşŔōŌŏō ŗŎ ŊŝśőŖōśśŲ ʼnŋŋŗŝŖŜőŖŏ ʼnŖŌ ŎőŖʼnŖŋō Ŝŗ Ŋō ʼnŊŔō Ŝŗ ŝŖŌōŚśŜʼnŖŌ ʼnŖŌ őŌōŖŜőŎš ŘŚŗŊŔōŕś ʼnŖŌ ŏőŞō ŋŗŕŘōŜōŖŜ ʼnŌŞőŋōŴ ä İʼnŞō ʼnŝŜŐŗŚőŜš Ŝŗ ʼnŋŋōśś ʼnŖš őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ŌŗŋŝŕōŖŜśŲ Ŝŗ ŚōřŝōśŜ ʼnŖš ōŠōŋŝŜőŞōś ʼnŖŌ ōŕŘŔŗšōōś ŎŗŚ ʼnŌŌőŜőŗŖʼnŔ őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ŋŔʼnŚőŎőŋʼnŜőŗŖŲ ʼnŖŌ Ŝŗ ŋŗŖŜʼnŋŜ ʼnŖŌ ŋŗŖśŝŔŜ ōŠŜōŚŖʼnŔ ʼnŝŌőŜŗŚś ŌőŚōŋŜŔšŴ ä ĭśŜʼnŊŔőśŐ őŖŌōŘōŖŌōŖŜ ŖōŜşŗŚœśŲ śŝŋŐ ʼnś őŖŜōŚŖʼnŔ ʼnŝŌőŜ ŝŖőŜ Ŝŗ ʼnŋŜ ʼnś ʼn śōŋŚōŜʼnŚš ʼnŖŌ ŎŗŔŔŗş ŝŘ şŗŚœ ŎŗŚ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōōŴ ä İʼnŞō ŎŝŔŔ śŝŘŘŗŚŜ ŗŎ ŜŐō ŊŗʼnŚŌ ŗŎ ŌőŚōŋŜŗŚś ʼnŖŌ œōš ōŠōŋŝŜőŞōśŲ şŐŗ ŝŖŌōŚśŜʼnŖŌ ŜŐō ŋŗŕŕőŜŜōōÝś ŚŗŔō őŖ ŚōŔőōŞőŖŏ ŜŐō ŊŗʼnŚŌ ŗŎ ŋōŚŜʼnőŖ ŌŝŜőōś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜőōśŲ Ŝŗ ŚōŌŝŋō ŜŐō ŋŗŕŘʼnŖšÝś ŚőśœŲ ŊŝőŔŌ ŝŘ śŐʼnŚōŐŗŔŌōŚ ŋŗŖŎőŌōŖŋōŲ ʼnŖŌ ŕʼnŠőŕőŢō ŞʼnŔŝō Ŝŗ ŜŐō ŋŗŕŘʼnŖšŴ Scope of Authority, Duties and Responsibilities of the Audit Committee ä īŗŖŌŝŋŜ ʼnŖ ʼnŝŌőŜ Ŝŗ ōŖśŝŚō ŜŐʼnŜ ŜŐō īŗŕŘʼnŖš Őʼnś ŘŚōŘʼnŚōŌ ʼnŋŋŝŚʼnŜō ʼnŖŌ ʼnŌōřŝʼnŜō ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜś ʼnŖŌ ŐʼnŞō ŜŐō ʼnŝŌőŜŗŚ ʼnŜŜōŖŌ ŜŐō īŗŕŕőŜŜōō ĵōōŜőŖŏ řŝʼnŚŜōŚŔšģ ä īŗŖŌŝŋŜ ʼnŖ ʼnŝŌőŜ Ŝŗ ōŖśŝŚō ŜŐʼnŜ ŜŐō īŗŕŘʼnŖš ŋŗŕŘŔőōś şőŜŐ ŜŐō ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō ĩŋŜŲ ŜŐō ĺōřŝőŚōŕōŖŜś ŗŎ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ʼnŖŌ ŗŜŐōŚ Ŕʼnşś ŚōŔʼnŜőŖŏ Ŝŗ ŜŐō īŗŕŘʼnŖšÝś ŊŝśőŖōśśģ ä ĺōŞőōş ŜŐō ŌőśŋŔŗśŝŚō ŗŎ ŜŐō īŗŕŘʼnŖšÝś őŖŎŗŚŕʼnŜőŗŖ őŖ ŜŐō ŋʼnśō ŗŎ ŋŗŖŖōŋŜōŌ ŜŚʼnŖśʼnŋŜőŗŖś ŗŚ ŜŚʼnŖśʼnŋŜőŗŖś şŐőŋŐ ŕʼnš ŋʼnŝśō ŋŗŖŎŔőŋŜś ŗŎ őŖŜōŚōśŜŲ őŖ ŗŚŌōŚ Ŝŗ ōŖśŝŚō ŜŐʼnŜ śŝŋŐ ŜŚʼnŖśʼnŋŜőŗŖś ʼnŚō ʼnŋŋŝŚʼnŜō ʼnŖŌ ŋŗŕŘŔōŜōģ ä īŗŖŌŝŋŜ ʼnŖ ʼnŝŌőŜ Ŝŗ ōŖśŝŚō ŜŐʼnŜ ŜŐō īŗŕŘʼnŖš Őʼnś ŘŚŗŘōŚ ʼnŖŌ ōŎŎōŋŜőŞō śšśŜōŕś ŗŎ őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔ ʼnŖŌ őŖŜōŚŖʼnŔ ʼnŝŌőŜŲ ŋŗŖŌŝŋŜ ʼnŖ ʼnŝŌőŜ ŗŎ ŜŐō ŚōśŝŔŜŲ ŏŝőŌōŔőŖōś ʼnŖŌ ʼnśśōśśŕōŖŜ ŗŎ ŜŐō ŚōŞőōş ŗŎ īŗŕŘʼnŖš ŗŘōŚʼnŜőŗŖś őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŏōŖōŚʼnŔŔš ʼnŋŋōŘŜōŌ ŘŚŗŋōŌŝŚōś ʼnŖŌ śŜʼnŖŌʼnŚŌś ʼnŖŌ ŋŗŗŚŌőŖʼnŜō şőŜŐ ŜŐō īŗŕŘʼnŖšÝś ʼnŝŌőŜŗŚģ

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ä ĺōŞőōşŲ śōŔōŋŜ ʼnŖŌ ŖŗŕőŖʼnŜō ŜŐō īŗŕŘʼnŖšÝś ʼnŝŌőŜŗŚŲ ʼnŖŌ ŚōŞőōş ŜŐō ŘŚŗŘŗśōŌ ŌōŜōŚŕőŖʼnŜőŗŖ ŗŎ ʼnŝŌőŜőŖŏ Ŏōōģ ä ļŐō ĩŝŌőŜ īŗŕŕőŜŜōō Őʼnś ŚōśŘŗŖśőŊőŔőŜš ŎŗŚ ŕʼnœőŖŏ ʼn ŚōŋŗŕŕōŖŌʼnŜőŗŖ ʼnŖŌ ʼnŘŘŚŗŞʼnŔ ŗŖ ŜŐō ʼnŘŘŗőŖŜŕōŖŜŲ ŚōʼnŘŘŗőŖŜŕōŖŜ ʼnŖŌ ŚōŕŗŞʼnŔ ŗŎ ŜŐō ōŠŜōŚŖʼnŔ ʼnŝŌőŜŗŚŴ ä ļŐō ĩŝŌőŜ īŗŕŕőŜŜōō őś ŚōśŘŗŖśőŊŔō Ŝŗ ŜŐō ʼnŌōřŝʼnŋš ʼnŖŌ őŖŜōŏŚőŜš ŗŎ ŜŐō ŋŗŕŘʼnŖšÝś őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔŲ śšśŜōŕś ŎŗŚ Śőśœ ŕʼnŖʼnŏōŕōŖŜŲ ʼnŖŌ ŋŗŕŘŔőʼnŖŋō şőŜŐ ŜŐō Ŕʼnş ʼnŖŌ ŚōŔōŞʼnŖŜ śŜʼnŖŌʼnŚŌś ä ĵʼnœō ʼnŖ ʼnśśōśśŕōŖŜ ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŕʼnŒŗŚ Śőśœś ʼnŖŌ ŏőŞō ʼnŌŞőŋō Ŝŗ ŕőŖőŕőŢō ŜŐō ŕʼnŏŖőŜŝŌō ŗŎ śŝŋŐ Śőśœśģ ä ĭŖśŝŚō ŜŐō őŖŜōŏŚőŜš ŗŎ ŚōŘŗŚŜőŖŏŲ őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔŲ ʼnŖŌ Śőśœ ŕʼnŖʼnŏōŕōŖŜ śšśŜōŕśŴ ä ĩŘŘŚŗŞō ŜŐō ŖŗŕőŖʼnŜőŗŖ ʼnŖŌ ŜŚʼnŖśŎōŚŲ ʼnŖŌ ŚōŞőōş ŜŐō ŚōşʼnŚŌőŖŏ ŗŚ ŘŝŖőśŐŕōŖŜ ŗŎ ŜŐō īŐőōŎ ŗŎ ŜŐō īŗŕŘʼnŖš ıŖŜōŚŖʼnŔ ĩŝŌőŜ ĽŖőŜģ ä ĩŘŘŚŗŞō ŜŐō ʼnŝŌőŜ ŘŔʼnŖ ŗŎ ŜŐō ıŖŜōŚŖʼnŔ ĩŝŌőŜ ĽŖőŜģ ĺōŞőōş ŜŐō ŊŝŌŏōŜ ŘŔʼnŖ ʼnŖŌ ŜŐō ŕʼnŖŘŗşōŚ ŗŎ ŜŐō ıŖŜōŚŖʼnŔ ĩŝŌőŜ ĽŖőŜģ ä ĺōŞőōş ʼnŖŌ ŕʼnœō ʼnŖ ʼnśśōśśŕōŖŜ ŗŎ ŜŐō śŝŘōŚŞőśőŗŖ ŘōŚŎŗŚŕʼnŖŋō ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō ʼnŖŌ ŘŚōŘʼnŚō ŜŐō ŚōŘŗŚŜ ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō Ŝŗ Ŋō ŌőśŋŔŗśōŌ őŖ ŜŐō īŗŕŘʼnŖš ʼnŖŖŝʼnŔ ŚōŘŗŚŜģ ä ļŐō īŐʼnőŚŕʼnŖ ŗŚ ŜŐō ŕōŕŊōŚś ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō śŐʼnŔŔ ʼnŜŜōŖŌ ŜŐō ĻŐʼnŚōŐŗŔŌōŚś ĵōōŜőŖŏ őŖ ŗŚŌōŚ Ŝŗ ŏőŞō ōŠŘŔʼnŖʼnŜőŗŖ ŗŖ ŜŐō ŕʼnŜŜōŚś ŚōŔʼnŜőŖŏ Ŝŗ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō ŗŚ ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ŜŐō īŗŕŘʼnŖšÝś ʼnŝŌőŜŗŚģ ä ĺōŞőōş ʼnŖŌ ŚōŞőśō ŜŐō ŝŘŌʼnŜō ŗŎ ŜŐō īŐʼnŚŜōŚ ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō ʼnŖŖŝʼnŔŔš ŮőŎ őŜ őś ŌōōŕōŌ ʼnŘŘŚŗŘŚőʼnŜōůģ ʼnŖŌ ä ļʼnœō ʼnŖš ŗŜŐōŚ ʼnŋŜőŗŖś ʼnś ʼnśśőŏŖōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ őŖŋŔŝŌőŖŏ ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ŜŐō īŐőōŎ ŗŎ ŜŐō ıŖŜōŚŖʼnŔ ĩŝŌőŜ ĽŖőŜ ŗŚ ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ŜŐō ĻōŖőŗŚ ĵʼnŖʼnŏōŚ ŎŚŗŕ ŜŐō īŗŕŘʼnŖš ĻōŋŚōŜʼnŚőʼnŜ ʼnś ĻōŋŚōŜʼnŚš ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōōŴ

2. The Remuneration Committee ıŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ʼnŖŌ ŜŐō ŌōśőŚʼnŊŔō ŏŝőŌōŔőŖōś ŎŗŚ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŗŎ ŜŐō ŔőśŜōŌ ŋŗŕŘʼnŖőōś ŗŖ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌŲ ŜŐō īŗŕŘʼnŖšÝś ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŐʼnŞō ʼnŘŘŗőŖŜōŌ ŜŐō ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōō Ŝŗ śōŜ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖś ŘŝŚśŝʼnŖŜ Ŝŗ ŜŐō şŚőŜŜōŖ ŘŗŔőŋőōś ʼnś ŎŗŔŔŗşśĢ ļŐō ĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōō őś ŋŗŕŘŚőśōŌ ŗŎ ŜŐŚōō ŌőŚōŋŜŗŚśĢ aŴ ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn bŴ ĵŚŴ ĸʼnŖŒʼn cŴ ĵŚśŴ ĽŊŗŔ

ĵŗœœŐʼnŞōśʼnŲ ĵŴĬŴ ĻōŖʼnŌőśʼnő īŐőŚʼnŕŗŖŏœŗŔ

īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĺōŕŝŖōŚʼnŜőŗŖ ŋŗŕŕőŜŜōōŵ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ ĶŗŖųĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ

Scope of Authority and Duties of the Remuneration Committee ä ĬōŜōŚŕőŖō ŎʼnőŚ ʼnŖŌ ŚōʼnśŗŖʼnŊŔō ŘŚŗŋōŌŝŚōś ʼnŖŌ ŚōřŝőŚōŕōŖŜś ŎŗŚ ŚōŕŝŖōŚʼnŜőŗŖ ŘʼnšŕōŖŜ Ŝŗ ŌőŚōŋŜŗŚś ʼnŖŌ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚś ʼnŖŌ ŘŚŗŘŗśō ŜŐō śʼnŕō ŎŗŚ ŜŐō ʼnŘŘŚŗŞʼnŔ ŗŎ ŜŐō ĻŐʼnŚōŐŗŔŌōŚś ĵōōŜőŖŏŴ ä ĭŞʼnŔŝʼnŜō ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŚōśŝŔŜ ŗŎ ŜŐō ŜŗŘ ōŠōŋŝŜőŞōś őŖŌőŞőŌŝʼnŔŔšŲ ʼnś ŘŚŗŘŗśōŌ Ŋš ŜŐō ĸŚōśőŌōŖŜŲ ŎŗŚ ŜŐō ŘŝŚŘŗśō ŗŎ ŜŐō ŌōŜōŚŕőŖʼnŜőŗŖ ŗŎ ŚōŕŝŖōŚʼnŜőŗŖ ŘŚőŗŚ Ŝŗ ŜŐō ʼnŖŖŝʼnŔ śŝŊŕőśśőŗŖ ŎŗŚ ʼnŘŘŚŗŞʼnŔ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ ä ĸŚŗŘŗśō ŏŝőŌōŔőŖōś ʼnŖŌ ŘŚŗŋōŌŝŚōś ŎŗŚ ŘʼnšŕōŖŜ ŗŎ ŚōŕŝŖōŚʼnŜőŗŖ ʼnŖŌ ŗŜŐōŚ ŊōŖōŎőŜś Ŝŗ ŜŐō

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ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌ śŝŊųŋŗŕŕőŜŜōōś ʼnŘŘŗőŖŜōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ ä īŗŕŘŔš şőŜŐ ŜŐō ŌŝŜőōś ʼnśśőŏŖōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ ä ıŖ śōŜŜőŖŏ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖŲ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖ ŋŗŕŕőŜŜōō şőŔŔ ŋŗŖśőŌōŚ ŜŐō ŌőŚōŋŜŗŚśÝ ŌŝŜőōśŲ ŚōśŘŗŖśőŊőŔőŜőōś ʼnŖŌ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖ ŚʼnŜō ŗŎ ŋŗŕŘʼnŚʼnŊŔō ŔőśŜōŌ ŋŗŕŘʼnŖőōś ŗŖ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌŴ ļŐō ŋŗŕŕőŜŜōō őś ŚōśŘŗŖśőŊŔō ŎŗŚ ŕŗŖőŜŗŚőŖŏ ʼnŖŌ śŜŝŌšőŖŏ ŋŐʼnŖŏōś ʼnŖŌ ŜŚōŖŌś őŖ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ ļŐō ŌőŚōŋŜŗŚśÝ ŚōŕŝŖōŚʼnŜőŗŖ śŐŗŝŔŌ Ŋō ʼnŌōřŝʼnŜō Ŝŗ ŘŚŗŞőŌō őŖŋōŖŜőŞōś ŎŗŚ ŜŐō ŌőŚōŋŜŗŚś Ŝŗ ŘōŚŎŗŚŕ ŜŐōőŚ ŌŝŜőōś Ŝŗ ōŖśŝŚō ŜŐō īŗŕŘʼnŖšÝś śŝŋŋōśś ʼnŖŌ ʼnŋŐőōŞōŕōŖŜ ŗŎ ŜŐō ŌōśőŚōŌ ŊŝśőŖōśś ŌőŚōŋŜőŗŖŴ ļŐō ŚōŕŝŖōŚʼnŜőŗŖ śŐŗŝŔŌ Ŋō ŋŗŖśőŌōŚōŌ şőŜŐ ŜŚʼnŖśŘʼnŚōŖŋš Ŝŗ ōŖśŝŚō ŜŐō śŐʼnŚōŐŗŔŌōŚśÝ ŋŗŖŎőŌōŖŋōŴ ä ĺōŘŗŚŜ Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŎŜōŚ ōŞōŚš ŕōōŜőŖŏ ŗŎ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖ ŋŗŕŕőŜŜōō

ıŖ b`abŲ ŜŐō ŚōŕŝŖōŚʼnŜőŗŖ ŗŎ ŌőŚōŋŜŗŚś őŖ ŎőśŋʼnŔ šōʼnŚ b`ab şʼnś ʼnŘŘŚŗŞōŌ ʼnŜ ŜŐō ĩŖŖŝʼnŔ įōŖōŚʼnŔ ĵōōŜőŖŏ ĶŗŴ bi ŵ b`ab ŐōŔŌ ŗŖ ĩŘŚőŔ bgthŲ b`ab ʼnś ŎŗŔŔŗşśĢ

ä ĺōŕŝŖōŚʼnŜőŗŖ ŎŗŚ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚ ĪʼnŐŜŴ aŲbe`Ų``` ŵ šōʼnŚ ʼnŖŌ ijīĭ ĬőŚōŋŜŗŚ ʼnŜ ĪʼnŐŜŴ f``Ų``` ŵ šōʼnŚŴ ä ĩŜŜōŖŌʼnŖŋō Įōō ŎŗŚ īŐʼnőŚŕʼnŖ ĪʼnŐŜŴ c`Ų```ŵŕōōŜőŖŏ ʼnŖŌ ĪʼnŐŜŴ beŲ```ŵŘōŚśŗŖŵŕōōŜőŖŏ ŎŗŚ ŗŜŐōŚ ĬőŚōŋŜŗŚśŴ ä ĺōŕŝŖōŚʼnŜőŗŖ ŎŗŚ īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō őś ĪʼnŐŜŴ d``Ų``` ŵ šōʼnŚ ʼnŖŌ ĪʼnŐŜŴ c``Ų``` ŵ ŘōŚśŗŖ ŵ šōʼnŚ ŎŗŚ ĩŝŌőŜ ĬőŚōŋŜŗŚŴ

The Nomination Committee ļŐō ĶŗŕőŖʼnŜőŗŖ īŗŕŕőŜŜōō őś ŋŗŕŘŗśōŌ ŗŎ ŜŐŚōō ŌőŚōŋŜŗŚśŲ Ŝşŗ ʼnŚō őŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚś ʼnŖŌ ŗŖō őś ʼn ŖŗŖų ōŠōŋŝŜőŞō ŌőŚōŋŜŗŚŴ ļŐō īŗŕŕőŜŜōō őś őŖ ŋŐʼnŚŏō ŗŎ ŜŐō ŖŗŕőŖʼnŜőŗŖ ŗŎ ŘōŚśŗŖś řŝʼnŔőŎőōŌ Ŝŗ Ŋōŋŗŕō ŌőŚōŋŜŗŚś Ŝŗ ŚōŘŔʼnŋō ŜŐŗśō şŐŗ ʼnŚō ŚōŜőŚōŌ Ŋš ŚŗŜʼnŜőŗŖŲ ŗŚ ŗŜŐōŚ ŚōʼnśŗŖśŴ ļŐō ĶŗŕőŖʼnŜőŗŖ īŗŕŕőŜŜōō ŗŎ ŜŐō īŗŕŘʼnŖš ŋŗŖśőśŜś ŗŎ ŜŐō ŎŗŔŔŗşőŖŏ ŌőŚōŋŜŗŚśĢ aŴ ĴŜŴ įōŖŴ ĻŝŘŚőŒʼn bŴ ĵŚŴ ĸʼnŖŒʼn cŴ ĵŚśŴ ĽŊŗŔ

ĵŗœœŐʼnŞōśʼnŲ ĵŴĬŴ ĻōŖʼnŌőśʼnő īŐőŚʼnŕŗŖŏœŗŔ

īŐʼnőŚŕʼnŖ ŗŎ ĶŗŕőŖʼnŜőŗŖ īŗŕŕőŜŜōō ŵ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ ĶŗŖųĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ

ļŐō ĶŗŕőŖʼnŜőŗŖ īŗŕŕőŜŜōō ŘōŚŎŗŚŕś ŜŐō ŎŗŔŔŗşőŖŏ ŌŝŜőōśĢ ä ĻŘōŋőŎš řŝʼnŔőŎőŋʼnŜőŗŖś ŗŎ ʼnŖš ŘōŚśŗŖ Ŝŗ Ŋō ŖŗŕőŖʼnŜōŌ ŎŗŚ ŌőŚōŋŜŗŚśŐőŘ ʼnŖŌ Ŕʼnš ŌŗşŖ ŜŐō ŌőŚōŋŜŗŚ ŖŗŕőŖʼnŜőŗŖ ŘŚŗŋōśś Ŝŗ ŚōŘŔʼnŋō ŜŐō ŚōŜőŚőŖŏ ŌőŚōŋŜŗŚŲ ŋŗŖśőŌōŚőŖŏ ŌőŞōŚśō ŋʼnŖŌőŌʼnŜōś şőŜŐ śœőŔŔśŲ ōŠŘōŚőōŖŋōŲ ʼnŖŌ ōŠŘōŚŜőśō ä ıŌōŖŜőŎš řŝʼnŔőŎőōŌ ŋʼnŖŌőŌʼnŜōś Ŝŗ ŚōŘŔʼnŋō ŌőŚōŋŜŗŚś ŚōŜőŚőŖŏ ʼnŜ ŜŐō ōŖŌ ŗŎ ŜŐōőŚ ŜōŚŕŲ ŗŚ şŐʼnŜōŞōŚ ŜŐō ŋʼnśō ŕʼnš Ŋō ʼnŖŌ śŝŊŕőŜ ʼn ŔőśŜ ŗŎ ŖŗŕőŖōōś Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌŵŗŚ ĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏ ŎŗŚ ŚōśŗŔŝŜőŗŖŴ ä ĺōŋŗŕŕōŖŌ ʼn ŘŔʼnŖ ŎŗŚ śŝŋŋōśśőŗŖ ŗŎ ŜŐō īŗŕŘʼnŖšÝś īĭķ ʼnŖŌ ŜŐō ŜŗŘ ōŠōŋŝŜőŞōś Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŎŗŚ ŋŗŖśőŌōŚʼnŜőŗŖŴ ä ĸōŚŎŗŚŕ ŗŜŐōŚ ŌŝŜőōś ʼnś ʼnśśőŏŖōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ

187

KCE Annual Report 2012

The Executive Committee ļŗ ōŖśŝŚō ŜŐō ŊōśŜ ōŎŎőŋőōŖŋš őŖ ŜŐō īŗŕŘʼnŖšÝś ŕʼnŖʼnŏōŕōŖŜ őŖ ŔőŖō şőŜŐ ŜŐō ŌőŚōŋŜőŗŖŲ ŘŗŔőŋš ʼnŖŌ ŗŊŒōŋŜőŞōś śŜőŘŝŔʼnŜōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnś şōŔŔ ʼnś Ŝŗ ōŖśŝŚō ŜŐō ŘŚŗśŘōŚőŜš ʼnŖŌ śŝśŜʼnőŖʼnŊőŔőŜš ŗŎ ŜŐō ŊŝśőŖōśśŲ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś Őʼnś ʼnŘŘŗőŖŜōŌ ĭŠōŋŝŜőŞō īŗŕŕőŜŜōō şőŜŐ ŜŐō śŋŗŘō ŗŎ ŚōśŘŗŖśőŊőŔőŜőōś ʼnŝŜŐŗŚőŢōŌ Ŋš ŜŐō ŊŗʼnŚŌ őŖ şŚőŜőŖŏŴ ļŐō ŋŝŚŚōŖŜ ĭŠōŋŝŜőŞō īŗŕŕőŜŜōō ŋŗŖśőśŜś ŗŎ c ŕōŕŊōŚś şŐŗ ŐʼnŞō œŖŗşŔōŌŏō ʼnŖŌ ŋʼnŘʼnŊőŔőŜš őŖ ŕʼnŖʼnŏōŕōŖŜ ʼnś ŎŗŔŔŗşśĢ Name aŴ ĵŚŴ ĪʼnŖŋŐʼn bŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn cŴ ĵŚŴ ĸőŜŐʼnŚŖ

ķŖŏœŗśőŜ ķŖŏœŗśőŜ ķŖŏœŗśőŜ

Title īŐʼnőŚŕʼnŖŵĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ŵĭŠōŋŝŜőŞōśÝķŎŎőŋō ĬőŚōŋŜŗŚ ĬōŘŝŜš ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ

Scope of Authority and Duties of the Executive Committee aŴ ĻŝŘōŚŞőśō ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŗŎ ŜŐō ĵʼnŖʼnŏōŕōŖŜ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ īŗŕŘʼnŖš ŘŗŔőŋšŲ ŐʼnŞō ŗŞōŚʼnŔŔ ŚōśŘŗŖśőŊőŔőŜš ŎŗŚ ʼnŖŌ Ŝʼnœō ŋŗŖŜŚŗŔ ŗŎ ŜŐō ōŠŘōŖśōś ʼnŖŌ őŖŞōśŜŕōŖŜ ŎŝŖŌś ʼnś ŗŝŜŔőŖōŌ őŖ ŜŐō īŗŕŘʼnŖšÝś ĩŖŖŝʼnŔ ĸŔʼnŖ ʼnś ʼnŘŘŚŗŞōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ bŴ ĺōŞőōş ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŚōśŝŔŜ ŝŖŌōŚ ŜŐō ŕʼnŖʼnŏōŕōŖŜ ŘŗŔőŋš ʼnŖŌ ŌōŜōŚŕőŖō ŜŐō ŘŗśőŜőŗŖŲ śŜŚʼnŜōŏš ʼnŖŌ ŗŘōŚʼnŜőŗŖʼnŔ ŘŔʼnŖś őŖ ŗŚŌōŚ Ŝŗ ʼnŋŐőōŞō ŜŐō īŗŕŘʼnŖšÝś ŝŔŜőŕʼnŜō ŏŗʼnŔŴ cŴ ļʼnœō ŚōśŘŗŖśőŊőŔőŜš ŎŗŚ ŜŐō ŘōŚŎŗŚŕʼnŖŋō ŚōśŝŔŜś ŗŎ ŜŐō ĵʼnŖʼnŏōŕōŖŜ ʼnŖŌ ŏőŞō ʼnŌŞőŋō ŎŗŚ ŜŚŗŝŊŔōśŐŗŗŜőŖŏ őŖ ŗŚŌōŚ Ŝŗ ōŎŎőŋőōŖŜŔš ʼnŋŐőōŞō ŜŐō īŗŕŘʼnŖšÝś ŏŗʼnŔŴ dŴ ļʼnœō ŋŗŖŜŚŗŔ ŗŎ ŜŐō īŗŕŘʼnŖšÝś ōŠŘōŖśō ŊŝŌŏōŜ ʼnś ʼnśśőŏŖōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŗŚ ʼnś ŗŝŜŔőŖōŌ őŖ ŜŐō īŗŕŘʼnŖšÝś ĩŖŖŝʼnŔ ĸŔʼnŖŴ eŴ Īō ŚōśŘŗŖśőŊŔō ŎŗŚ ʼnŖŌ ʼnŘŘŚŗŞō ŜŐō ŘŚŗŋŝŚōŕōŖŜ ŗŎ ŔŗŖŏųŜōŚŕ ʼnŖŌ śŐŗŚŜųŜōŚŕ ŔŗʼnŖś ʼnŖŌ ŜŐō ŗŘōŖőŖŏ ʼnŖŌ ŋŔŗśőŖŏ ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŊʼnŖœ ʼnŋŋŗŝŖŜśŴ fŴ ĸŚŗŞőŌō őŖŎŗŚŕʼnŜőŗŖ ʼnŖŌ ʼnŌŞőŋō Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś őŖ śŝŘŘŗŚŜ ŗŎ ʼnŖš ŌōŋőśőŗŖųŕʼnœőŖŏ ŎŗŚ ŜŐō īŗŕŘʼnŖšŴ gŴ ĻŗŔŞō ŘŚŗŊŔōŕś ŗŚ ŋŗŖŎŔőŋŜś şŐőŋŐ ŐʼnŞō őŕŘʼnŋŜ ŝŘŗŖ ŜŐō ŗŚŏʼnŖőŢʼnŜőŗŖ ŗŎ ŜŐō īŗŕŘʼnŖšŴ hŴ ĵʼnőŖŜʼnőŖ ōŎŎőŋőōŖŜ ŋŗŕŕŝŖőŋʼnŜőŗŖ şőŜŐ ŜŐō śŜʼnœōŐŗŔŌōŚśŴ iŴ ĺōŞőōş ŜŐō īŗŕŘʼnŖšÝś ŎŝŖŌŚʼnőśőŖŏ ŘŔʼnŖ ŎŗŚ ŎŝŚŜŐōŚ śŝŊŕőśśőŗŖ Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ a`Ŵ ĩŘŘŚŗŞō ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ʼnŌŞőśŗŚś ŎŗŚ śŘōŋőŎőŋ ʼnŚōʼnśŲ ʼnś ŚōřŝőŚōŌ Ŋš ŜŐō īŗŕŘʼnŖšÝś ŊŝśőŖōśś ŗŘōŚʼnŜőŗŖśŴ ļŐō ʼnŝŜŐŗŚőŢʼnŜőŗŖŲ ʼnś śŜʼnŜōŌ ʼnŊŗŞōŲ ŏŚʼnŖŜōŌ Ŝŗ ŜŐō ĭŠōŋŝŜőŞō īŗŕŕőŜŜōō śŐʼnŔŔ Ŋō śŝŊŒōŋŜ Ŝŗ ŜŐō ŚōřŝőŚōŕōŖŜś ŗŎ ŜŐō ŚōŔōŞʼnŖŜ Ŕʼnşś ʼnŖŌ ŜŐō īŗŕŘʼnŖšÝś ŚŝŔōś ʼnŖŌ ŚōŏŝŔʼnŜőŗŖśŴ İŗşōŞōŚŲ ŜŐō ĭŠōŋŝŜőŞō īŗŕŕőŜŜōō őś ŖŗŜ ʼnŝŜŐŗŚőŢōŌ Ŝŗ ʼnŘŘŚŗŞō ʼnŖš ʼnŋŜőŗŖ şŐőŋŐ şőŔŔ ŋʼnŝśō ŗŚ ŕʼnš ŋʼnŝśō ʼn ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜ ŗŚ ŗŎ ŘōŚśŗŖś Ůʼnś śŘōŋőŎőōŌ őŖ ŜŐō Ļĭī ĶŗŜőŎőŋʼnŜőŗŖůŴ ıŖ śŝŋŐ ŋʼnśōŲ ŜŐō ĭŠōŋŝŜőŞō īŗŕŕőŜŜōō śŐʼnŔŔ ʼnŌŌŚōśś śŝŋŐ ŕʼnŜŜōŚś Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŎŗŚ ŜŐōőŚ ŎŝŚŜŐōŚ ŋŗŖśőŌōŚʼnŜőŗŖŴ Combined and Segregation of Positions ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜŲ ŐŗŔŌś ŜŐō ŘŗśőŜőŗŖ ŗŎ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ ʼnŖŌ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚŴ ļŐőś őś ŌōōŕōŌ ʼnś ʼn ŚōřŝőśőŜō ŎŗŚ ŜŐō ŗŖŏŗőŖŏ śŝŋŋōśś ŗŎ ŜŐō īŗŕŘʼnŖš ʼnś ŜŐō ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜŲ ŜŐō ŘőŗŖōōŚ ʼnŖŌ ŎŗŝŖŌōŚ ŗŎ ŜŐō ŎőŚśŜ ļŐʼnőųŗşŖōŌ ĴőśŜōŌ ĭŔōŋŜŚŗŖőŋś īŗŕŘʼnŖš Ŝŗ ŕʼnŖŝŎʼnŋŜŝŚō şŗŚŔŌ ŋŔʼnśś ŐőŏŐ řŝʼnŔőŜš ĸīĪ ŗŎŎōŚś Őőś ŝŖőřŝō ōŠŘōŚŜőśōŲ

KCE Annual Report 2012

188

œŖŗşŔōŌŏōŲ śœőŔŔś ʼnŖŌ ōŠŘōŚőōŖŋō ŜŐʼnŜ ŋʼnŖŖŗŜ Ŋō šōŜ śŝŊśŜőŜŝŜōŌ ŝŖŜőŔ ijīĭ śŝŋŋōśśőŗŖ ŘŔʼnŖ ŎŗŚ ļŗŘ ĭŠōŋŝŜőŞō ĸŗśőŜőŗŖ őś ʼnŋŋŗŕŘŔőśŐōŌŴ İŗşōŞōŚŲ ŜŐō ŘŗşōŚ ʼnŖŌ ʼnŝŜŐŗŚőŜőōś ŎŗŚ ōʼnŋŐ ŘŗśőŜőŗŖ ʼnŚō ŋŔōʼnŚŔš śōŘʼnŚʼnŜōŌ ʼnŖŌ ŌōŎőŖōŌŴ ļŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō īŗŕŘʼnŖš őś ŗŖō ŗŎ ŜŐō ŌőŚōŋŜŗŚśŲ şŐŗ ʼnŋŜ ʼnś ʼn ŝŖőŜʼnŚš ŏŚŗŝŘ ŮŜŐō ŊŗʼnŚŌůŴ ļŐōŚōŎŗŚōŲ ŜŐō īŐʼnőŚŕʼnŖ ŗŎ ŜŐō ĪŗʼnŚŌ Őʼnś ŖōőŜŐōŚ ŜŐō ʼnŊśŗŔŝŜō ŖŗŚ śŝŘōŚőŗŚ ŘŗşōŚśŴ ļŐō ĸŝŊŔőŋ īŗŕŘʼnŖš ĩŋŜ ŌōśŋŚőŊōś ŜŐō ʼnŌŌőŜőŗŖʼnŔ ŚōśŘŗŖśőŊőŔőŜőōś ʼnŖŌ ŌŝŜőōś ŗŎ ŜŐō īŐʼnőŚŕʼnŖ śŝŋŐ ʼnśĢ ä ĩŋŜőŖŏ ʼnś ʼn ŋŐʼnőŚŕʼnŖ ʼnŜ ŊŗʼnŚŌ ŕōōŜőŖŏ ä İʼnŞőŖŏ ʼn ŋʼnśŜőŖŏ ŞŗŜō ä īʼnŔŔőŖŏ ŊŗʼnŚŌ ŕōōŜőŖŏśŲ ʼnŖŌ ä ĩŋŜőŖŏ ʼnś ʼn ŋŐʼnőŚŕʼnŖ ʼnŜ śŐʼnŚōŐŗŔŌōŚ ŕōōŜőŖŏś Scope of Authority and Duties of Managing Director ĩŋŋŗŚŌőŖŏ Ŝŗ ŜŐō īŗŕŘʼnŖšÝś ĩŚŜőŋŔōś ŗŎ ĩśśŗŋőʼnŜőŗŖŲ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ Őʼnś ʼnŝŜŐŗŚőŜš ʼnŖŌ ŌŝŜőōś őŖ ŚōśŘōŋŜ ŗŎ ŜŐō ŕʼnŖʼnŏōŕōŖŜ ŗŎ ŜŐō īŗŕŘʼnŖš ʼnś ʼnśśőŏŖōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌ śŐʼnŔŔ ŕʼnŖʼnŏō ŜŐō īŗŕŘʼnŖš Ŋš śŜŚőŋŜŔš ŋŗŕŘŔšőŖŏ şőŜŐ ŜŐō ŘŔʼnŖ ʼnŖŌ ŊŝŌŏōŜ ʼnś ʼnŘŘŚŗŞōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŐŗŖōśŜŔšŲ ŎʼnőŜŐŎŝŔŔš ʼnŖŌ ŋʼnŚōŎŝŔŔšŲ ʼnŖŌ ŘŚŗŜōŋŜ ŜŐō ŊōśŜ őŖŜōŚōśŜ ŗŎ ŜŐō īŗŕŘʼnŖš ʼnŖŌ ŜŐō śŐʼnŚōŐŗŔŌōŚśŴ ļŐō ʼnŝŜŐŗŚőŜš ʼnŖŌ ŌŝŜőōś ŗŎ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ śŐʼnŔŔ őŖŋŔŝŌō ŜŐō ŎŗŔŔŗşőŖŏ ŕʼnŜŜōŚś ŗŚ ʼnŋŜőŞőŜőōśĢ aŴ ĻŝŘōŚŞőśō ŜŐō ŊŝśőŖōśś ŗŘōŚʼnŜőŗŖś ʼnŖŌŵŗŚ ŏōŖōŚʼnŔ ŕʼnŖʼnŏōŕōŖŜ ŗŎ ŜŐō īŗŕŘʼnŖšŴ bŴ ĭŕŘŔŗšŲ ʼnŘŘŗőŖŜŲ ŚōŕŗŞōŲ ŜŚʼnŖśŎōŚŲ ŘŚŗŕŗŜōŲ ŌōŕŗŜōŲ ŚōŌŝŋō śʼnŔʼnŚš ŗŚ şʼnŏōśŲ ŗŚ Ŝʼnœō ŌőśŋőŘŔőŖʼnŚš ʼnŋŜőŗŖś ʼnŏʼnőŖśŜ ŜŐō śŜʼnŎŎ ʼnŖŌ ōŕŘŔŗšōōśŲ ʼnŖŌ ŏőŞō śŝŕŕʼnŚš ŌőśŕőśśʼnŔ Ŝŗ ŜŐō śŜʼnŎŎ ʼnŖŌ ōŕŘŔŗšōōśŲ ōŠŋōŘŜ ŎŗŚ ŜŐō ŘŗśőŜőŗŖ ŗŎ İōʼnŌ ŗŎ ĬōŘʼnŚŜŕōŖŜ ŗŚ ōřŝőŞʼnŔōŖŜ ŎŗŚ şŐőŋŐ ŜŐō ŌőśŕőśśʼnŔ ŚōřŝőŚōś ŜŐō ʼnŘŘŚŗŞʼnŔ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ ʼnś śŜőŘŝŔʼnŜōŌ őŖ ŜŐō ĿŗŚœőŖŏ ĺŝŔōśŴ cŴ Īō ʼnŝŜŐŗŚőŢōŌ Ŝŗ ŌőŚōŋŜŲ ŋŗŖŜʼnŋŜŲ őŖśŜŚŝŋŜŲ Ŝʼnœō ʼnŋŜőŗŖŲ ōŖŜōŚ őŖŜŗ ŔōŏʼnŔ ʼnŋŜśŲ ʼnŏŚōōŕōŖŜśŲ ŌőŚōŋŜőŞōśŲ ŖŗŜőŋōś ŗŚ ʼnŖš ŔōŜŜōŚś őŖ ŗŚŌōŚ Ŝŗ ŋŗŕŕŝŖőŋʼnŜō şőŜŐ ŏŗŞōŚŖŕōŖŜ ʼnŏōŖŋőōśŲ śŜʼnŜō ōŖŜōŚŘŚőśōś ʼnŖŌ ŗŜŐōŚ ŘōŚśŗŖśŲ ʼnś şōŔŔ ʼnś Ŝʼnœō ʼnŖš ŖōŋōśśʼnŚš ʼnŖŌ ʼnŘŘŚŗŘŚőʼnŜō ʼnŋŜőŗŖ Ŝŗ ŋŗŕŘŔōŜō ŜŐō ʼnŎŗŚōŕōŖŜőŗŖōŌ ʼnŋŜőŗŖśŴ dŴ įőŞō ʼnŘŘŚŗŞʼnŔ ʼnŖŌ ʼnŝŜŐŗŚőŢō śŝŊųʼnŏōŖŜś őŖ ŏŚʼnŖŜőŖŏ ʼnŘŘŚŗŞʼnŔ Ŝŗ ŜŐō ŘʼnšŕōŖŜ ŎŗŚ ŘŚŗŋŝŚōŕōŖŜ ŗŎ ŘŚŗŘōŚŜš ʼnŖŌ śōŚŞőŋōśŲ ŎŗŚ ŜŐō īŗŕŘʼnŖšÝś ŊōŖōŎőŜŴ ļŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚÝś ʼnŝŜŐŗŚőŜš Ŝŗ ʼnŘŘŚŗŞō ŘʼnšŕōŖŜ őś ŔőŕőŜōŌ Ŝŗ ĪʼnŐŜ h`` ŕőŔŔőŗŖ ŎŗŚ ŖŗŚŕʼnŔ ŋŗŕŕōŚŋőʼnŔ ŜŚʼnŖśʼnŋŜőŗŖś ʼnŖŌ ĪʼnŐŜ d`` ŕőŔŔőŗŖ ŎŗŚ ŘŚŗŋŝŚōŕōŖŜ ŗŎ ŗŜŐōŚ ŘŚŗŘōŚŜšŴ ļŐō ŘʼnšŕōŖŜ ōŠŋōōŌőŖŏ ŜŐō ŔőŕőŜ ŗŎ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚÝś ʼnŘŘŚŗŞʼnŔ śŐʼnŔŔ Ŋō ŘŚŗŘŗśōŌ ŎŗŚ ʼnŘŘŚŗŞʼnŔ ŗŎ ŜŐō ĭŠōŋŝŜőŞō īŗŕŕőŜŜōōŴ eŴ ĬőŚōŋŜ ŜŐō ŘŚōŘʼnŚʼnŜőŗŖ ʼnŖŌ śŝŊŕőśśőŗŖ ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŊŝśőŖōśś ŘŗŔőŋšŲ ʼnś şōŔŔ ʼnś ŊŝśőŖōśś ʼnŖŌ ŊŝŌŏōŜ ŘŔʼnŖś ŎŗŚ ŜŐō ʼnŘŘŚŗŞʼnŔ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŲ ʼnŖŌ ŚōŘŗŚŜ ŜŐō ŘŚŗŏŚōśś ŝŖŌōŚ ŜŐō ʼnŘŘŚŗŞōŌ ŊŝśőŖōśś ʼnŖŌ ŊŝŌŏōŜ ŘŔʼnŖś Ŝŗ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś řŝʼnŚŜōŚŔšŴ fŴ ĵʼnŖʼnŏō ŗŚ ŝŖŌōŚŜʼnœō ŜŐō ŊŝśőŖōśś őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō ŘŗŔőŋšŲ ŊŝśőŖōśś ʼnŖŌ ŊŝŌŏōŜ ŘŔʼnŖś şŐőŋŐ ʼnŚō ʼnŘŘŚŗŞōŌ Ŋš ŜŐō īŗŕŘʼnŖš ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌŵŗŚ ŜŐō īŗŕŘʼnŖš ĭŠōŋŝŜőŞō īŗŕŕőŜŜōōŴ gŴ Īō ōŔőŏőŊŔō Ŝŗ ʼnŝŜŐŗŚőŢō śŝŊųʼnŏōŖŜś ʼnŖŌŵŗŚ ʼnśśőŏŖ ŗŜŐōŚ ŘōŚśŗŖś Ŝŗ ŘōŚŎŗŚŕ ŋōŚŜʼnőŖ ŌŝŜőōśŴ ĻŝŋŐ ʼnŝŜŐŗŚőŢʼnŜőŗŖ ʼnŖŌŵŗŚ ʼnśśőŏŖŕōŖŜ śŐʼnŔŔ Ŋō śŝŊŒōŋŜ Ŝŗ ŜŐō ōŠŜōŖŜ ŗŎ ʼnŝŜŐŗŚőŢʼnŜőŗŖ ŝŖŌōŚ ŜŐőś ĸŗşōŚ ŗŎ ĩŜŜŗŚŖōš ʼnŖŌŵŗŚ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō ŚōŏŝŔʼnŜőŗŖśŲ ŚŝŔōś ŗŚ ŌőŚōŋŜőŞōś śŜőŘŝŔʼnŜōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ʼnŖŌŵŗŚ ŜŐō īŗŕŘʼnŖšŴ

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hŴ ĩŘŘŚŗŞō ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ŜŐō ʼnŝŜŐŗŚőŢōŌ śőŏŖʼnŜŗŚš ŎŗŚ ŋŐōŋœś ŗŚ ŕŗŖōšųŗŚŌōŚőŖŏ ŌŗŋŝŕōŖŜś ŗŎ ŜŐō īŗŕŘʼnŖšŲ ʼnś şōŔŔ ʼnś ʼnŏŚōōŕōŖŜśŲ ʼnŋŋŗŝŖŜőŖŏ ʼnŖŌ ŎőŖʼnŖŋőʼnŔ ŌŗŋŝŕōŖŜś ʼnŖŌ ŏōŖōŚʼnŔ ŌŗŋŝŕōŖŜśŴ iŴ ĩŋŜ ʼnś ŕʼnŖʼnŏōŕōŖŜ ʼnŌŞőśŗŚ őŖ ŚōśŘōŋŜ ŗŎ ŜŐō ŎőŖʼnŖŋőʼnŔŲ ŕʼnŚœōŜőŖŏŲ ŐŝŕʼnŖ ŚōśŗŝŚŋōś ʼnŖŌ ŗŜŐōŚ ŗŘōŚʼnŜőŗŖś ŘŗŔőŋš şŐőŋŐ őś ŚōŔʼnŜōŌ Ŝŗ ŜŐō īŗŕŘʼnŖš ŊŝśőŖōśś ŗŘōŚʼnŜőŗŖśŴ a`Ŵ ĩŘŘŚŗŞō ŜŐō ʼnŘŘŗőŖŜŕōŖŜ ŗŎ ʼnŌŞőśŗŚś ŎŗŚ śŘōŋőŎőŋ Ŝʼnśœś ʼnś ŚōřŝőŚōŌ ŎŗŚ ŜŐō īŗŕŘʼnŖš ŊŝśőŖōśś ŗŘōŚʼnŜőŗŖśŴ aaŴ ĩŋŜ ʼnś ŜŐō īŗŕŘʼnŖšÝś ʼnŝŜŐŗŚőŢōŌ ŘōŚśŗŖ őŖ ŕʼnŖʼnŏőŖŏ ŜŐō īŗŕŘʼnŖš ŊŝśőŖōśśŲ őŖ ʼnŔŔ ŚōśŘōŋŜśŲ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō īŗŕŘʼnŖšÝś ŗŊŒōŋŜőŞōśŲ ŚŝŔōśŲ ŘŗŔőŋőōśŲ ŚōŏŝŔʼnŜőŗŖśŲ ŋŗŌōś ŗŎ ŋŗŖŌŝŋŜŲ ŌőŚōŋŜőŞōśŲ ŚōśŗŔŝŜőŗŖś ŗŎ ĻŐʼnŚōŐŗŔŌōŚś ĵōōŜőŖŏ ʼnŖŌŵŗŚ ŚōśŗŔŝŜőŗŖś ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ĵōōŜőŖŏ ʼnŖŌ ŜŐō ĭŠōŋŝŜőŞō īŗŕŕőŜŜōōŴ İŗşōŞōŚŲ ŜŐō ʼnŝŜŐŗŚőŢʼnŜőŗŖ ŏŚʼnŖŜōŌ Ŝŗ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚŲ ʼnś şōŔŔ ʼnś ŜŐō ʼnŝŜŐŗŚőŢʼnŜőŗŖ ŏŚʼnŖŜōŌ Ŝŗ ʼn ŜŐőŚŌ ŘʼnŚŜš şŐŗ őś ʼnŘŘŚŗŞōŌ Ŋš ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ śŐʼnŔŔ ōŠŋŔŝŌō ŜŐō ʼnŝŜŐŗŚőŜš ʼnŖŌŵ ŗŚ ʼnŝŜŐŗŚőŢʼnŜőŗŖ Ŝŗ ʼnŘŘŚŗŞō ʼnŖš ŜŚʼnŖśʼnŋŜőŗŖ őŖ şŐőŋŐ ŜŐō ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ ŗŚ śŝŋŐ ʼnŝŜŐŗŚőŢōŌ ŜŐőŚŌ ŘʼnŚŜš ŕʼnš ŐʼnŞō ŋŗŖŎŔőŋŜśŲ őŖŜōŚōśŜ ŗŚ ʼnŖš ŗŜŐōŚ ŋŗŖŎŔőŋŜ ŗŎ őŖŜōŚōśŜ Ůʼnś śŘōŋőŎőōŌ őŖ ŜŐō īŗŕŘʼnŖšÝś ĩŚŜőŋŔōś ŗŎ ĩśśŗŋőʼnŜőŗŖ ʼnŖŌ ʼnś ŖŗŜőŎőōŌ Ŋš ŜŐō ķŎŎőŋō ŗŎ ĻōŋŝŚőŜőōś ʼnŖŌ ĭŠŋŐʼnŖŏō īŗŕŕőśśőŗŖů şőŜŐ ŜŐō īŗŕŘʼnŖš ŗŚ őŜś śŝŊśőŌőʼnŚőōśŴ ļŐō ʼnŎŗŚōŕōŖŜőŗŖōŌ ŜŚʼnŖśʼnŋŜőŗŖś śŐʼnŔŔ Ŋō ŘŚŗŘŗśōŌ ŎŗŚ ŜŐō ŋŗŖśőŌōŚʼnŜőŗŖ ʼnŖŌ ʼnŘŘŚŗŞʼnŔ ŗŎ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ĵōōŜőŖŏ ʼnŖŌŵŗŚ ŜŐō ĻŐʼnŚōŐŗŔŌōŚś ĵōōŜőŖŏ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō īŗŕŘʼnŖšÝś ĩŚŜőŋŔōś ŗŎ ĩśśŗŋőʼnŜőŗŖ ŗŚ ŜŐō ŚōŔōŞʼnŖŜ ŔʼnşśŲ ōŠŋōŘŜ ŎŗŚ ŜŐō īŗŕŘʼnŖšÝś ŖŗŚŕʼnŔ ŊŝśőŖōśś ŜŚʼnŖśʼnŋŜőŗŖś şŐőŋŐ ʼnŚō ŗŝŜŔőŖōŌ őŖ ŜŐō ŘŗŔőŋš ʼnŖŌ ŚōřŝőŚōŕōŖŜś ʼnŘŘŚŗŞōŌ Ŋš ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō Ŕʼnşś ŏŗŞōŚŖőŖŏ śōŋŝŚőŜőōś ʼnŖŌ ōŠŋŐʼnŖŏō ʼnŖŌ ŜŐō ŚōŏŝŔʼnŜőŗŖśŲ ŖŗŜőŎőŋʼnŜőŗŖśŲ ŌőŚōŋŜőŞōś ʼnŖŌ ŚŝŔōś ŗŎ ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌŴ Succession Plan for Top Executive Position at KCE ļŐō śŝŋŋōśśőŗŖ ŘŔʼnŖ ŎŗŚ ŜŐō ŜŗŘ ōŠōŋŝŜőŞōś ʼnŜ ijīĭ őś ŋʼnŚŚőōŌ ŗŝŜ Ŋš ŜŐō ĶŗŕőŖʼnŜőŗŖ ŋŗŕŕőŜŜōō ʼnŖŌ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśŴ ļŐō ŘŚŗŋōśś śŜʼnŚŜś şőŜŐ ŜŐō ŚōŋŚŝőŜŕōŖŜ ŗŎ ŋʼnŖŌőŌʼnŜōś şŐŗ Řŗśśōśś ŜŐō řŝʼnŔőŎőŋʼnŜőŗŖŲ ŜʼnŔōŖŜ ʼnŖŌ őŖŜōŏŚőŜšŴ ļŐō Ŏŗŋŝś ŗŎ ŜŐō ŚōŋŚŝőŜŕōŖŜ őś ŗŖ ŜŐō šŗŝŖŏ ŜʼnŔōŖŜś ʼnś ŜŐōš ŋʼnŖ Ŋō ŜŚʼnőŖōŌ ʼnŖŌ ŌōŞōŔŗŘōŌ Ŝŗ Ŋō ŜŐō ŎŝŜŝŚō ŔōʼnŌōŚśŴ

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Industry Status and Competition Industry status ļŐō ŏŚŗşŜŐ ŗŎ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš ŋŗŚŚōŔʼnŜōś şőŜŐ ŜŐō ŏŔŗŊʼnŔ ōŋŗŖŗŕőŋ ŏŚŗşŜŐ ʼnŖŌ ŜŐʼnŜ ŗŎ ŜŐō őŖŌŝśŜŚőōś ŜŐʼnŜ ŝŜőŔőŢō ōŔōŋŜŚŗŖőŋ ŋŗŕŘŗŖōŖŜśŴ ļŐőś ŕʼnŚœōŜ śōŋŜŗŚ ōŖŋŗŕŘʼnśśōś śōŞōŚʼnŔ őŖŌŝśŜŚőōś śŝŋŐ ʼnś ŋŗŕŘŝŜōŚś ʼnŖŌ ŘōŚőŘŐōŚʼnŔśŲ ŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖśŲ ʼnŝŜŗŕŗŜőŞō ʼnŖŌ ŕʼnŖš ŗŜŐōŚ ŐőŏŐ ŜōŋŐŖŗŔŗŏš őŖŌŝśŜŚőōśŴ ļŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš Őʼnś ōŖŒŗšōŌ ŕʼnŖš śŝŋŋōśśőŞō šōʼnŚś ŗŎ ŏŚŗşŜŐŴ İŗşōŞōŚŲ őŖ b``hŲ ŜŐō ŏŔŗŊʼnŔ ōŋŗŖŗŕőŋ ŌŗşŖŜŝŚŖ ŔōŌ Ŝŗ ʼn śŐʼnŚŘ ŎʼnŔŔ őŖ ŏŔŗŊʼnŔ ŌōŕʼnŖŌ ʼnŖŌ ŋʼnŝśōŌ ŜŐō ŗŞōŚʼnŔŔ şŗŚŔŌşőŌō ŕʼnŚœōŜ Ŝŗ śŔŗş ŌŗşŖŲ ōśŘōŋőʼnŔŔš ŜŐō ōŔōŋŜŚŗŖőŋś ʼnŖŌ ʼnŝŜŗŕŗŜőŞō őŖŌŝśŜŚőōśŴ īŗŖśōřŝōŖŜŔšŲ şŗŚŔŌşőŌō ĸīĪ ŌōŕʼnŖŌ şʼnś ʼnŎŎōŋŜōŌŴ īŗŖŜőŖŝőŖŏ ŚōŋŗŞōŚš őŖ ŜŐō ŏŔŗŊʼnŔ ōŋŗŖŗŕš ŎŗŔŔŗşōŌ ŜŐō őŕŘŚŗŞōŕōŖŜ ŜŐʼnŜ ŊōŏʼnŖ őŖ ŕőŌųb``iŴ ļŐō ʼnŝŜŗŕŗŜőŞō ŕʼnŚœōŜ ŚōŋŗŞōŚōŌ śŜŚŗŖŏŔš őŖ b`a`Ų ʼnŖŌ ŌōŕʼnŖŌ őŖ ŋŗŖśŝŕōŚ ŘŚŗŌŝŋŜś ŏŚōşŴ ļŐō ōŋŗŖŗŕőŋ ōŖŞőŚŗŖŕōŖŜ ŚōŕʼnőŖōŌ ŘŗśőŜőŞō őŖ b`aaŲ ʼnŔŜŐŗŝŏŐ ʼnŜ ʼn śŔŗş ŘʼnŋōŴ ĮŝŚŜŐōŚ ŏŚŗşŜŐ őś ōŠŘōŋŜōŌ őŖ ŏŔŗŊʼnŔ ʼnŝŜŗŕŗŜőŞō ŘŚŗŌŝŋŜőŗŖŲ ʼnś şōŔŔ ʼnś őŖ ʼnŝŜŗŕŗŜőŞō ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜ ŘŚŗŌŝŋŜőŗŖŴ ıŜ şʼnś ōśŜőŕʼnŜōŌ ŜŐʼnŜ ŜŐō ŏŚŗşŜŐ ŚʼnŜō őŖ b`ac ŎŗŚ ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜ ʼnŖŌ ŜŐō ŏŔŗŊʼnŔ ĸīĪ ŕʼnŚœōŜ şŗŝŔŌ Ŋō ʼnŊŗŝŜ hŴhū ʼnŖŌ fŴ`ūŲ ŚōśŘōŋŜőŞōŔš ŮśŗŝŚŋōĢ ĭŔōŋŜŚŗŖőŋ ķŝŜŔŗŗœ īŗŚŘŗŚʼnŜőŗŖ ʼnŖŌ ĶļıůŴ ļŐō ʼnŝŜŗŕŗŜőŞō ĸīĪ ŕʼnŚœōŜ Őʼnś ʼnŜŜŚʼnŋŜőŞō ŏŚŗşŜŐ ŘŚŗśŘōŋŜś ŗŎ ʼnŊŗŝŜ hŴgūŲ Ŋōŋʼnŝśō ŗŎ ŊŗŜŐ ŜŐō ŏŚŗşŜŐ őŖ ŞōŐőŋŔō ŘŚŗŌŝŋŜőŗŖ ʼnŖŌ ŜŐō őŖŋŚōʼnśőŖŏ ōŔōŋŜŚŗŖőŋ ŋŗŖŜōŖŜ ŗŎ ōʼnŋŐ ŞōŐőŋŔōŴ Printed Circuit Board Industry ļŐō ŘŚőŖŜōŌ ŋőŚŋŝőŜ ŊŗʼnŚŌ ŮĸīĪů őś ʼnŖ őŕŘŗŚŜʼnŖŜ ŋŗŕŘŗŖōŖŜ ŗŎ ʼnŔŔ ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜ ʼnŖŌ ŋʼnŖ Ŋō ŏŚŗŝŘōŌ őŖŜŗ Ŝşŗ ŕʼnŒŗŚ ŋʼnŜōŏŗŚőōśĢ ŜŐō ŎŔōŠőŊŔō ĸīĪ ʼnŖŌ ŜŐō ŚőŏőŌ ĸīĪŴ İŗşōŞōŚŲ ŜŐō ŚőŏőŌ ĸīĪ ŋʼnŖ ʼnŔśŗ Ŋō ŋŔʼnśśőŎőōŌ Ŋš ŜōŋŐŖŗŔŗŏš ʼnś ŎŗŔŔŗşśĢ ä Single-sided PCB: ļŐō ŋőŚŋŝőŜ őś ŘŚőŖŜōŌ ŗŖŜŗ ŗŖō śőŌō ŗŎ ŜŐō ŊŗʼnŚŌ ʼnŖŌ ŜŐō ŘŚŗŋōśś őś śőŕŘŔōŲ ŝśőŖŏ Ŕŗş ŜōŋŐŖŗŔŗŏšŴ ļŐō ĸīĪ őś ŜŐō ŋŗŕŘŗŖōŖŜ ŎŗŚ ŏōŖōŚʼnŔ ōŔōŋŜŚŗŖőŋś ōřŝőŘŕōŖŜŴ ä Double-sided PCB: ļŐō ŋőŚŋŝőŜ őś ŘŚőŖŜōŌ ŗŖ ŊŗŜŐ śőŌōś ŗŎ ŜŐō ŊŗʼnŚŌŲ ŝŜőŔőŢőŖŏ śŜʼnŖŌʼnŚŌ ŜōŋŐŖŗŔŗŏš ʼnŖŌ ʼn śőŕŘŔō ŘŚŗŋōśśŴ ļŐō ĸīĪ ŋʼnŖ Ŋō ʼn ŋŗŕŘŗŖōŖŜ ŎŗŚ ŋŗŕŘŝŜōŚ ōřŝőŘŕōŖŜŲ ļľ ʼnŖŌ ŏōŖōŚʼnŔ ōŔōŋŜŚŗŖőŋ ʼnŘŘŔőʼnŖŋōśŴ ä Multi-layer PCB: ļŐō ŕŝŔŜőųŔʼnšōŚ ĸīĪ ŋŗŕŊőŖōś ʼn ŌŗŝŊŔōųśőŌōŌ ŊŗʼnŚŌ őŖŜŗ ʼn ŕŝŔŜőųŔʼnšōŚ ŊŗʼnŚŌŲ ŝŜőŔőŢőŖŏ ŐőŏŐ ŜōŋŐŖŗŔŗŏš ʼnŖŌ śŘōŋőʼnŔ śœőŔŔśŴ ļŐō ŕŝŔŜőųŔʼnšōŚ ĸīĪ őś ŝśōŌ őŖ ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜ ŜŐʼnŜ ŚōřŝőŚōś ŐőŏŐ ŚōŔőʼnŊőŔőŜšŲ ŘʼnŚŜőŋŝŔʼnŚŔš ŎŗŚ ʼnŝŜŗŕŗŊőŔōŴ PCB Manufacturers in Europe and the USA ļŐō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚőŖŏ őŖŌŝśŜŚš őŖ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩ Őʼnś ŊōōŖ őŖ ŚʼnŘőŌ ŌōŋŔőŖō Ōŝō Ŝŗ ŜŐō ŐőŏŐōŚ ŘŚŗŌŝŋŜőŗŖ ŋŗśŜśŴ ļŐőś ŏŚŗŝŘ ŗŎ ŕʼnŖŝŎʼnŋŜŝŚōŚś ŝŖŌōŚşōŖŜ śŜŚʼnŜōŏőŋ ŋŐʼnŖŏōś ʼnŖŌ ŋŝŚŚōŖŜŔš Ŏŗŋŝśōś őŖśŜōʼnŌ ŗŖ ŜŐō ŘŚŗŌŝŋŜőŗŖ ŗŎ ŐőŏŐōŚ ŜōŋŐŖŗŔŗŏš ʼnŖŌ ŕŗŚō śŘōŋőʼnŔőŢōŌ ŘŚŗŌŝŋŜś ŚʼnŜŐōŚ ŜŐʼnŖ ŗŖ ŔŗşųŘŚőŋōŌ ŕʼnśś ŕʼnŖŝŎʼnŋŜŝŚőŖŏŴ ļŐō ŜʼnŚŏōŜ ŕʼnŚœōŜ őś őŖ ŜŐō ŌōŎōŖśőŞō ŗŚ ŘŚŗŜōŋŜōŌ śōŋŜŗŚŲ őŴōŴ ʼnŝŜŗŕŗŜőŞō ŘŚŗŌŝŋŜŴ

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PCB Manufacturers in China ĮŚŗŕ b``d ų b``hŲ ŜŐō ĸīĪ őŖŌŝśŜŚš őŖ īŐőŖʼn Őʼnś ŏŚŗşŖ ŌŚʼnŕʼnŜőŋʼnŔŔšŲ şőŜŐ őŖŋŚōʼnśőŖŏ ŏŔŗŊʼnŔ ŕʼnŚœōŜ śŐʼnŚō Ōŝō Ŝŗ śŜŚŗŖŏ śŝŘŘŗŚŜ ŎŚŗŕ ŜŐō īŐőŖōśō įŗŞōŚŖŕōŖŜ ʼnŖŌ ŜŐō Ŕŗş ŔʼnŊŗŚ ŋŗśŜŴ ĵŗśŜ ŗŎ ŜŐō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś őŖ īŐőŖʼn ʼnŚō ŎŗŚōőŏŖųŗşŖōŌ ŊŝśőŖōśśōśŲ ʼnś ŕʼnŖŝŎʼnŋŜŝŚōŚś ŎŚŗŕ ŞʼnŚőŗŝś ŋŗŝŖŜŚőōś śŝŋŐ ʼnś ŜŐō ĽĻĩŲ ļʼnőşʼnŖ ʼnŖŌ IJʼnŘʼnŖ ŕŗŞōŌ ŜŐōőŚ ŘŚŗŌŝŋŜőŗŖ Ŋʼnśōś Ŝŗ īŐőŖʼn Ŝŗ ŊōŖōŎőŜ ŎŚŗŕ ŏŗŞōŚŖŕōŖŜ ŘŚőŞőŔōŏōś ʼnŖŌ őŖŋōŖŜőŞōśŴ ĸīĪ ŘŚŗŌŝŋŜőŗŖ őŖ īŐőŖʼn őś ŕʼnőŖŔš ŕʼnśś ŘŚŗŌŝŋŜőŗŖŲ ŎŗŋŝśőŖŏ ŗŖ ŔʼnŚŏō ŞŗŔŝŕō ʼnŖŌ Ŕŗş ŋŗśŜ ŘŚŗŌŝŋŜőŗŖŴ ļŐőś Őʼnś ŚōśŝŔŜōŌ őŖ ʼn ŌōŋŚōʼnśō ŗŎ ĸīĪ ŘŚőŋōś ʼnŖŌ ʼn ŎőōŚŋō ŘŚőŋō şʼnŚ şŗŚŔŌşőŌōŴ ĻőŖŋō b``iŲŜŐō īŐőŖōśō įŗŞōŚŖŕōŖŜ Őʼnś śŜŗŘŘōŌ ŏőŞőŖŏ őŖŞōśŜŕōŖŜ ŘŚőŞőŔōŏōś ŎŗŚ ŜŐō ĸīĪ őŖŌŝśŜŚšŲ ŜŐō ŚōśŝŔŜ ŗŎ śŗŕō ĸīĪ ŎʼnŋŜŗŚőōś ŖŗŜ ŐʼnŞőŖŏʼnŖ ōŎŎőŋőōŖŜ şʼnśŜōşʼnŜōŚ ŜŚōʼnŜŕōŖŜ śšśŜōŕŲ ŔōʼnŌőŖŏ Ŝŗ śōŚőŗŝś ŘŗŔŔŝŜőŗŖŴ Īōŋʼnŝśō ŗŎ ŜŐō ŚʼnŘőŌ őŖŋŚōʼnśō őŖ ŔʼnŊŗŚ ŋŗśŜś ʼnŖŌ šŝʼnŖ ʼnŘŘŚōŋőʼnŜőŗŖŲ ŜŐō ŚʼnŜō ŗŎ ŏŚŗşŜŐ ŗŎ ŜŐō ĸīĪ őŖŌŝśŜŚš őŖ īŐőŖʼn Őʼnś ŖŗŜʼnŊŔš śŔŗşōŌŲ ʼnś Őʼnś ŘŚőŋō ŋŗŕŘōŜőŜőŗŖŴ PCB Manufacturers in Thailand ļŐō ŕʼnŒŗŚőŜš ŗŎ ŜŐō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś őŖ ļŐʼnőŔʼnŖŌ Ŏŗŋŝś ŗŖ ŕʼnśśőŞō ŘŚŗŌŝŋŜőŗŖ ŗŎ ĸīĪś ŎŗŚ ŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖŲ ŋŗŕŘŝŜōŚ ʼnŖŌ ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜŲ şŐōŚō ŜŐōŚō őś ŐőŏŐ ŋŗŕŘōŜőŜőŗŖ őŖ ŘŚŗŌŝŋŜ ŘŚőŋōŴ ļŐōŚōŎŗŚōŲ ŜŐō ŘŚőŋō ŘŚōśśŝŚō ŕŗŚō ʼnŌŞōŚśōŔš ʼnŎŎōŋŜś ŜŐőś ŏŚŗŝŘ ŗŎ ŕʼnŖŝŎʼnŋŜŝŚōŚś ŜŐʼnŖ ŕʼnŖŝŎʼnŋŜŝŚōŚś şőŜŐ ŐőŏŐōŚ ŜōŋŐŖŗŔŗŏšŲ şŐōŚō řŝʼnŔőŜš ʼnŖŌ ŚōŔőʼnŊőŔőŜš ʼnŚō ŕŗŚō ŋŚŝŋőʼnŔ ŜŐʼnŖ ŘŚőŋőŖŏ ʼnŔŗŖōŴ Automobile Industry ļŐō ʼnŝŜŗŕŗŊőŔō őŖŌŝśŜŚš ŕʼnŚœōŜ ʼnŋŋŗŝŖŜś ŎŗŚ ŕŗŚō ŜŐʼnŖ ĽĻĬ b ŜŚőŔŔőŗŖ şőŜŐ ʼn ŌőśŜŚőŊŝŜőŗŖ ŗŎ ĽĻĬ e ŐŝŖŌŚōŌ ŊőŔŔőŗŖ Ŝŗ ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś őŖ bf ŋŗŝŖŜŚőōś şŗŚŔŌşőŌōŴ ļŐō őŖŋŚōʼnśőŖŏ ŋŗŕŘŔōŠőŜőōś ŗŎ ŜŐō ʼnŝŜŗŕŗŊőŔō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš ŖōŋōśśőŜʼnŜō Ŗōş ʼnŖŌ ŐőŏŐōŚ őŖŖŗŞʼnŜőŗŖś ʼnŖŌ ŜōŋŐŖŗŔŗŏőōś ŎŚŗŕ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚšŴ Factors Affecting the Printed Circuit Board Industry ä ĸŚőŋō ĮŔŝŋŜŝʼnŜőŗŖ ŗŎ įŗŔŌŲ īŗŘŘōŚ ʼnŖŌ ķőŔ ĮŗŚ ŜŐō ŘʼnśŜ šōʼnŚśŲ ŜŐō ŘŚőŋō ŗŎ ŏŗŔŌ ʼnŖŌ ŋŗŘŘōŚŲ ŜŐō ŕʼnőŖ Śʼnş ŕʼnŜōŚőʼnŔś ŎŗŚ ŜŐō ŘŚŗŌŝŋŜőŗŖ ŗŎ ĸīĪśŲ ŐʼnŞō ŎŔŝŋŜŝʼnŜōŌ ʼnŖŌ ŋŗŖŜőŖŝʼnŔŔš ōśŋʼnŔʼnŜōŌ ʼnś ʼn ŚōśŝŔŜ ŗŎ ŜŐō őŖŋŚōʼnśōŌ ŌōŕʼnŖŌ ŘŚōŌŗŕőŖʼnŖŜŔš ŎŚŗŕ īŐőŖʼn ʼnŖŌ ıŖŌőʼnŲ şŐőŋŐ ŖōōŌ Ŝŗ ʼnŋŋŝŕŝŔʼnŜō Śʼnş ŕʼnŜōŚőʼnŔ śŝŘŘŔőōś őŖ ʼnŖŜőŋőŘʼnŜőŗŖ ŗŎ ŜŐō ŚʼnŘőŌŔš ʼnśŋōŖŌőŖŏ ŌōŕʼnŖŌŴ ļŐőś ŋŗŖśōřŝōŖŜŔš ŔōŌ Ŝŗ őŖŋŚōʼnśōŌ śŘōŋŝŔʼnŜőŗŖ ʼnŖŌ ŎŝŚŜŐōŚ śŜŚōŖŏŜŐōŖőŖŏ ŗŎ ŜŐō ŘŚőŋōŴ ĵōʼnŖşŐőŔōŲ ŜŐō ōśŋʼnŔʼnŜőŗŖ ŗŎ ŜŐō ŏŔŗŊʼnŔ ŋŚŝŌō ŗőŔ ŘŚőŋō őŕŘʼnŋŜōŌ ʼnŔŔ őŖŌŝśŜŚőōś ŜŐʼnŜ ŝŜőŔőŢō ŘōŜŚŗŔōŝŕųŚōŔʼnŜōŌ ŘŚŗŌŝŋŜś śŝŋŐ ʼnś ŔʼnŕőŖʼnŜō ŎŗŚ ĸīĪ ŘŚŗŌŝŋŜőŗŖŴ ļŐō őŖŋŚōʼnśō ŗŎ ŜŐō Śʼnş ŕʼnŜōŚőʼnŔś ŘŚőŋō ŎŗŚ ŏŗŔŌŲ ŋŗŘŘōŚ ʼnŖŌ ŗőŔ ŌőŚōŋŜŔš őŖŋŚōʼnśōŌ ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŋŗśŜśŴ ä ļŐō ĻŜŚōŖŏŜŐōŖőŖŏ ŗŎ ŜŐō ļŐʼnő īŝŚŚōŖŋš ļŐō ŞŗŔʼnŜőŔőŜš ʼnŖŌ ŜŐō śŜŚōŖŏŜŐōŖőŖŏ ŗŎ ŜŐō ļŐʼnő ŋŝŚŚōŖŋš Őʼnś ʼn ŖōŏʼnŜőŞō őŕŘʼnŋŜ ŗŖ ŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŋŗśŜś ʼnŖŌ śʼnŔōś ŚōŞōŖŝōŲ ʼnś őŜ ŕʼnš ŚōŌŝŋō ŜŐō ŋŗŕŘōŜőŜőŞōŖōśś ŗŎ ʼnŔŔ ōŠŘŗŚŜōŚśŴ

KCE Annual Report 2012

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Competition

ĸīĪ őŖŌŝśŜŚš ŋŗŕŘōŜőŜőŗŖ ŞʼnŚőōś ʼnŋŋŗŚŌőŖŏ Ŝŗ ŜŐō ŕʼnŚœōŜ śōŋŜŗŚĢ ä ļŐō ŕʼnśś ŘŚŗŌŝŋŜőŗŖ ĸīĪ őŖŌŝśŜŚšŲ ŝśōŌ őŖ ŜŐō ŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖśŲ ŋŗŕŘŝŜōŚ ʼnŖŌ ŘōŚőŘŐōŚʼnŔś ʼnŖŌ ōŔōŋŜŚőŋʼnŔ ŘŚŗŌŝŋŜś śōŋŜŗŚśŲ Ŏʼnŋōś ŘŚőŋō ŋŗŕŘōŜőŜőŗŖ ŎŚŗŕ ŕʼnŖŝŎʼnŋŜŝŚōŚś ŔŗŋʼnŜőŖŏ Ŝŗ ŔŗşōŚ ŋŗśŜ ŋŗŝŖŜŚőōś śŝŋŐ ʼnś īŐőŖʼnŴ ä ļŐō ĬōŎōŖśőŞō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś śŝŋŐ ʼnś ʼnŝŜŗŕŗŜőŞō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚšŲ ŔŗŋʼnŜōŌ ŕʼnőŖŔš őŖ ĩśőʼnŲ ŐʼnŞō Ŕōśś ŘŚőŋō ŋŗŕŘōŜőŜŗŚś ŊŝŜ ŋŗŕŘōŜō ŎŗŚ řŝʼnŔőŜš ŘŚŗŌŝŋŜśŴ ä ļŐō ĸŚŗŜōŋŜōŌ ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚśŲ ŕʼnőŖŔš ŔŗŋʼnŜōŌ őŖ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩŲ ŋŗŖŜŚŗŔ ŜŐō ŘŚŗŜōŋŜōŌ ōŔōŋŜŚŗŖőŋś ŕʼnŚœōŜ śŝŋŐ ʼnś ŕőŔőŜʼnŚš ŗŚ şʼnŚŎʼnŚō ōřŝőŘŕōŖŜ ʼnŖŌ ŕōŌőŋʼnŔ ŌōŞőŋōś ʼnś şōŔŔ ʼnś ŖʼnŜőŗŖʼnŔ śōŋŝŚőŜš ŚōŔʼnŜōŌ őŖŌŝśŜŚőōś ŜŐʼnŜ Ōŗ ŖŗŜ ŋŗŕŘōŜō şőŜŐ ŜŐō ŚōśŜ ŗŎ ŜŐō ĸīĪ őŖŌŝśŜŚšŴ ä ļŐō ĸŚŗŜŗŜšŘō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś ŕōōŜ ŜŐō ŚōřŝőŚōŕōŖŜś ŗŎ ŜŐőś ŐőŏŐŔš śŘōŋőʼnŔőŢōŌ ʼnŖŌ śŘōŋőŎőŋ ŕʼnŚœōŜ şőŜŐ ʼn ŞōŚš śŐŗŚŜ ŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŔőŎōŲ ʼnŖŌ ʼnŚō ŝśŝʼnŔŔš ŘŗśőŜőŗŖōŌ ŔŗŋʼnŔŔš őŖ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩŴ

ijīĭÝś ŔʼnŚŏōśŜ ŕʼnŚœōŜ śōŋŜŗŚ őś ŜŐō ʼnŝŜŗŕŗŜőŞō őŖŌŝśŜŚšŲ şŐōŚō ŜŐōŚō őś Ŕōśś ŘŚőŋō ŋŗŕŘōŜőŜőŗŖ ŊŝŜ ŕŗŚō ŋŗŕŘōŜőŜőŗŖ ŎŗŚ řŝʼnŔőŜš ʼnŖŌ ŚōŔőʼnŊőŔőŜšŴ ļŐō ŋŝŚŚōŖŜ ŋŗŕŘōŜőŜŗŚś őŖ ŜŐőś ŕʼnŚœōŜ ʼnŚō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś őŖ ļʼnőşʼnŖ ʼnŖŌ ŔŗŋʼnŔ ŕʼnŖŝŎʼnŋŜŝŚōŚś ŔŗŋʼnŜōŌ őŖ įōŚŕʼnŖšŲ ĭŝŚŗŘō ŗŚ ŜŐō ĽĻĩŴ Opportunities and Obstacles ļŐʼnőŔʼnŖŌ ŗŎŎōŚś ŐőŏŐ őŖŞōśŜŕōŖŜ ŘŗŜōŖŜőʼnŔ ŎŗŚ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš Ŋōŋʼnŝśō ŗŎ ŜŐō ŚōŔʼnŜőŞōŔš Ŕŗş ŔʼnŊŗŚ ŋŗśŜ şŐōŖ ŋŗŕŘʼnŚōŌ Ŝŗ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩŴ İŗşōŞōŚŲ Ōŝō Ŝŗ őŖʼnŌōřŝʼnŜō ŏŗŞōŚŖŕōŖŜʼnŔ śŝŘŘŗŚŜŲ ŜŐō ŋŗŝŖŜŚš őś śŐŗŚŜ ŗŎ śœőŔŔōŌ şŗŚœōŚśŲ ĸīĪ śŘōŋőʼnŔőśŜś ʼnŖŌ ŗŜŐōŚ őŕŘŗŚŜʼnŖŜ ŐŝŕʼnŖ ŚōśŗŝŚŋōśŴ ļŐōŚōŎŗŚōŲ őŜ őś ŖōŋōśśʼnŚš Ŝŗ ŚōŔš ŗŖ ŜōŋŐŖŗŔŗŏš ŜŚʼnŖśŎōŚ ŎŚŗŕ ŎŗŚōőŏŖ śŘōŋőʼnŔőśŜśŴ Key Success Factors

ijīĭ ʼnŖŌ őŜś śŝŊśőŌőʼnŚőōś Řʼnš ŕŗśŜ ʼnŜŜōŖŜőŗŖ Ŝŗ ŜŐō ŎŗŔŔŗşőŖŏ ŎŗŝŚ ŎʼnŋŜŗŚśĢ aŴ İőŏŐ ĹŝʼnŔőŜš ĸŚŗŌŝŋŜśĢ ijīĭ Őʼnś ŊōōŖ ʼnşʼnŚŌōŌ ıĻķ ŵ ļĻ afidi īōŚŜőŎőŋʼnŜőŗŖŲ ʼnŖ őŖŜōŚŖʼnŜőŗŖʼnŔŔš ŚōŋŗŏŖőŢōŌ řŝʼnŔőŜš śŜʼnŖŌʼnŚŌŲ ōŞōŚš šōʼnŚ śőŖŋō b``cŴ ıŖ ʼnŌŌőŜőŗŖŲ ijīĭ ŕōōŜś ŕʼnŖš ŗŜŐōŚ řŝʼnŔőŜš śŜʼnŖŌʼnŚŌś ʼnŖŌ Őʼnś ŚōŋōőŞōŌ ʼnşʼnŚŌś ŎŚŗŕ ŕʼnŖš ŗŎ őŜś ŋŝśŜŗŕōŚśŴ ļŐőś ŋŗŖŎőŚŕś ŜŐō ŋŗŖŎőŌōŖŋō őŖ ijīĭÝś ŘŚŗŌŝŋŜŴ bŴ Ĵŗş ĸŚŗŌŝŋŜőŗŖ īŗśŜĢ ıŜ őś Ŝŗ ijīĭÝś ʼnŌŞʼnŖŜʼnŏō ŜŐʼnŜ őŜś ŗşŖ ŔʼnŕőŖʼnŜō ŘŔʼnŖŜ Őʼnś śŝŘŘŗŚŜōŌ ʼnŔŔ ŗŎ őŜś ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŎʼnŋőŔőŜőōśŴ cŴ ķŖųŜőŕō ĬōŔőŞōŚšĢ

ijīĭ őś ŋŗŕŕőŜŜōŌ Ŝŗ ŌōŔőŞōŚ ŎŝŔŔ ŔŗŜś ŗŖ Ŝőŕō Ŝŗ ŕōōŜ ŜŐō ŋŝśŜŗŕōŚÝś ŚōřŝőŚōŌ ŔōʼnŌųŜőŕōŴ

193

KCE Annual Report 2012

dŴ ĻʼnŔōś ʼnŖŌ ĩŎŜōŚ ĻʼnŔōś ĻōŚŞőŋōĢ ĻʼnŔōś ŚōŘŚōśōŖŜʼnŜőŞō ŗŎŎőŋōś ʼnŚō ŔŗŋʼnŜōŌ őŖ ŕʼnŖš śŜŚʼnŜōŏőŋ ŔŗŋʼnŜőŗŖś őŖ ŜŐō ĽijŲ ŜŐō ĽĻĩŲ ĻőŖŏʼnŘŗŚōŲ įōŚŕʼnŖšŲ ĵōŠőŋŗŲ ĪŚʼnŢőŔ ʼnŖŌ īʼnŖʼnŌʼnŴ ļŐōš ŗŎŎōŚ ŎŝŔŔ ʼnŖŌ ŋŗŕŘŚōŐōŖśőŞō śʼnŔōś ʼnŖŌ śōŚŞőŋō ŎŗŚ şŗŚŔŌşőŌō ŋŝśŜŗŕōŚśŲ őŖŋŔŝŌőŖŏ ŋŗŗŚŌőŖʼnŜőŗŖ ŗŎ ŜŐō ŋŝśŜŗŕōŚÝś ŘŝŚŋŐʼnśō ŗŚŌōŚ őśśŝʼnŖŋōŲ ŕŗŖőŜŗŚőŖŏ ŗŎ ŜŐō ŌōŔőŞōŚš ŘōŚ ŜʼnŚŏōŜŲ ŚōŋōőŞőŖŏ ŋŝśŜŗŕōŚ ŋŗŕŘŔʼnőŖŜś ʼnŖŌ ʼnŌŞőśőŖŏ ŗŖ řŝʼnŔőŜš ŘŚŗŊŔōŕś ŊōŎŗŚō ŜŐō ŕʼnŜŜōŚ őś śōŖŜ Ŝŗ ŜŐō ŎʼnŋŜŗŚšÝś Ĺĩ ʼnŖŌ ŗŜŐōŚ ŜōŋŐŖőŋʼnŔ ŌōŘʼnŚŜŕōŖŜśŲ ʼnś ŖōŋōśśʼnŚšŴ External factors that may affect the Electronics Industry and KCE currently and in the near future ļŐō b``hų`i ŏŔŗŊʼnŔ ōŋŗŖŗŕőŋ ŋŚőśőś şʼnś ŜŐō œōš ŎʼnŋŜŗŚ ʼnŎŎōŋŜőŖŏ ʼnŔŔ őŖŌŝśŜŚőōśŲ őŖŋŔŝŌőŖŏ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚšŴ İŗşōŞōŚŲ ŜŐō ōŋŗŖŗŕőŋ śŔŗşŌŗşŖ őŖ ŜŐō ōŔōŋŜŚŗŖőŋś ʼnŖŌ ʼnŝŜŗŕŗŜőŞō őŖŌŝśŜŚőōś Őʼnś śŜʼnŚŜōŌ Ŝŗ ŚōŋŗŞōŚ ʼnŖŌ ŌōŕʼnŖŌ Őʼnś őŖŋŚōʼnśōŌŲ ŘʼnŚŜőŋŝŔʼnŚŔš őŖ ŜŐō śōŋŗŖŌ ŐʼnŔŎ ŗŎ b``iŴ İŗşōŞōŚŲ ŌŝŚőŖŏ ŜŐō ŋŚőśőś ŜŐō īŗŕŘʼnŖš şʼnś ŖŗŜ ŗŖŔš ʼnŊŔō Ŝŗ ŕʼnőŖŜʼnőŖ őŜś ōŠőśŜőŖŏ ŕʼnŚœōŜ śŐʼnŚōŲ ŊŝŜ ʼnŔśŗ ŐʼnŌ ʼnŖ ŗŘŘŗŚŜŝŖőŜš Ŝŗ ōŖŔʼnŚŏō őŜś ŋŝśŜŗŕōŚ ŊʼnśōŲ ʼnś ŕʼnŖš ĸīĪ ŕʼnœōŚś őŖ ĭŝŚŗŘō ʼnŖŌ ĩśőʼn ŋŔŗśōŌŲ őŖŋŔŝŌőŖŏ śŗŕō ŗŎ ŜŐō īŗŕŘʼnŖšÝś ŋŗŕŘōŜőŜŗŚśŴ ĩŝŜŗŕŗŜőŞō ŜōŋŐŖŗŔŗŏš ŜŚōŖŌś ŐʼnŞō Ŋōŋŗŕō őŕŘŗŚŜʼnŖŜ őŖ ĸīĪ ŜōŋŐŖŗŔŗŏš ʼnŖŌ ŔōʼnŌ Ŝŗ řŝőŋœ ŋŐʼnŖŏōśŴ ĩŖ őŖŋŚōʼnśőŖŏ ŌōŕʼnŖŌ ŎŗŚ śʼnŎōŜš ʼnŖŌ ōŖŜōŚŜʼnőŖŕōŖŜ ōřŝőŘŕōŖŜŲ řŝʼnŔőŜš ʼnŖŌ ŚōŔőʼnŊőŔőŜšŲ ʼnŖŌ ŜŐō őŖŋŚōʼnśőŖŏ ŜŚōŖŌ ŎŗŚ ŐšŊŚőŌ ŞōŐőŋŔōś ŐʼnŞō ŌŚőŞōŖ ʼnŝŜŗŕŗŜőŞō ōŔōŋŜŚőŋʼnŔ ōřŝőŘŕōŖŜ śʼnŔōś ŝŘ Ŋš ŕŗŚō ŜŐʼnŖ b``ūŴ ĸīĪ ŌōŕʼnŖŌ ŎŗŚ ŜŐō ŏŔŗŊʼnŔ ʼnŝŜŗŕŗŜőŞō őŖŌŝśŜŚš Őʼnś ŚʼnŘőŌŔš ŏŚŗşŖ őŖ ŔőŖō şőŜŐ ŜŐō ŚōřŝőŚōŕōŖŜ ŎŗŚ ŋŗŕŘŔōŠ ŎŝŖŋŜőŗŖʼnŔőŜš ŗŎ ōŔōŋŜŚŗŖőŋś ōřŝőŘŕōŖŜŴ ijīĭ őś şōŔŔ ŘŗśőŜőŗŖōŌ Ŝŗ śŝŘŘŗŚŜ ŜŐō ŏŚŗşŜŐ őŖ ŜŐō ʼnŝŜŗŕŗŜőŞō őŖŌŝśŜŚšŴ

KCE Annual Report 2012

194

Management Discussion and Analysis Overall Group Financial Performance in 2012 ļŐō ŗŞōŚʼnŔŔ b`ab ŎőŖʼnŖŋőʼnŔ ŘōŚŎŗŚŕʼnŖŋōŲ ŎŗŔŔŗşőŖŏ ŜŐō śōŞōŚō ŎŔŗŗŌ őŖ ŜŐō ŔʼnśŜ řŝʼnŚŜōŚ ŗŎ b`aaŲ Őʼnś ŏŚʼnŌŝʼnŔŔš ŚōŋŗŞōŚōŌ řŝʼnŚŜōŚųŗŖųřŝʼnŚŜōŚ ŮĹųŗųĹůŲ ŘʼnŚŜőŋŝŔʼnŚŔš ŌŝŚőŖŏ ŜŐō ŔʼnśŜ řŝʼnŚŜōŚ ŗŎ ŜŐőś šōʼnŚŲ ŋŔōʼnŚŔš śŐŗşőŖŏ ʼn śŜŚŗŖŏōŚ ŚōŜŝŚŖŲ ʼnś ōŠŘōŋŜōŌ Ŋš ŕʼnŖʼnŏōŕōŖŜŴ ıŖ b`abŲ ŜŐō ŋŗŕŘʼnŖšÝś ŋŗŖśŗŔőŌʼnŜōŌ śʼnŔōś ʼnŖŌ śōŚŞőŋō ŚōŞōŖŝō ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ fŲdggŴi ŕőŔŔőŗŖ ŮĽĻĬ b`iŴd ŕőŔŔőŗŖůŲ ŋŗŕŘʼnŚōŌ Ŝŗ ĪʼnŐŜ gŲb`aŴa ŕőŔŔőŗŖ ŮĽĻĬ bcgŴb ŕőŔŔőŗŖů őŖ b`aaŲ ʼn ŚōŌŝŋŜőŗŖ őŖ ŏŚŗşŜŐ ŗŎ aaū őŖ ŌŗŔŔʼnŚ ŜōŚŕśŴ ļŐō ŋŗŕŘʼnŖš ʼnŋŐőōŞōŌ ʼn ŋŗŖśŗŔőŌʼnŜōŌ ŖōŜ ŘŚŗŎőŜ ŗŎ ĪʼnŐŜ gabŴc ŕőŔŔőŗŖ ʼnŖŌ ŗŘōŚʼnŜőŖŏ ŘŚŗŎőŜ ŗŎ ĪʼnŐŜ eecŴc ŕőŔŔőŗŖŲ ōŠŋŔŝŌőŖŏ ŜŐō Ŕŗśś ŎŚŗŕ ŎŗŚōőŏŖ ōŠŋŐʼnŖŏō ŚʼnŜō ʼnŖŌ ŐōŌŏőŖŏ ŮĮŗŚōŠůŴ ļŐőś ŋŗŕŘʼnŚōś Ŝŗ ʼn ŎőśŋʼnŔ šōʼnŚ b`aa ŖōŜ ŘŚŗŎőŜ ŗŎ ĪʼnŐŜ acbŴ` ŕőŔŔőŗŖ ʼnŖŌ ŗŘōŚʼnŜőŖŏ ŘŚŗŎőŜ ŗŎ ĪʼnŐŜ cciŴi ŕőŔŔőŗŖŴ

ķŘōŚʼnŜőŖŏ ŚōśŝŔŜś őŖ b`ab şōŚō ʼnś ŎŗŔŔŗşśĢ ŮőŖ ŕőŔŔőŗŖ ĪʼnŐŜů ĹŝʼnŚŜōŚ a ĹŝʼnŚŜōŚ b ĹŝʼnŚŜōŚ c ĹŝʼnŚŜōŚ d b`ab ĻʼnŔōś aŲcdeŴb aŲe`gŴf aŲgegŴa aŲhfhŴ` fŲdggŴi įŚŗśś ŘŚŗŎőŜ aiŴ` aiŴc ahŴ` b`Ŵe aiŴb ķŘōŚʼnŜőŖŏ ŘŚŗŎőŜ Ůūů hbŴc addŴh adhŴf aggŴf eecŴc

ŮōŠŋŔŝŌőŖŏ ĮŗŚōŠů

ĶōŜ ŘŚŗŎőŜ

agiŴc

ggŴi

bdbŴe

babŴf

gabŴc

ļŐō ŏŗŗŌ ŗŘōŚʼnŜőŖŏ ŚōśŝŔŜś őŖ b`ab şōŚō ʼnŋŐőōŞōŌ ŕʼnőŖŔš Ŋš ŜŐō ijīĭ ļōŋŐŖŗŔŗŏš Ůijīĭļů ŘŗśŜųŎŔŗŗŌ ŚōŋŗŞōŚšģ ŐŗşōŞōŚŲ ŘŚŗŌŝŋŜőŗŖ ōŎŎőŋőōŖŋš őŕŘŚŗŞōŕōŖŜ őŖ ʼnŔŔ ŘŔʼnŖŜśŲ şŐőŋŐ ŚōśŝŔŜōŌ őŖ ŐőŏŐōŚ ŘŚŗŌŝŋŜőŞőŜš ʼnŖŌ ŚōŌŝŋōŌ ŋŗśŜ ŗŎ ŘŚŗŌŝŋŜőŗŖģ śŝŋŋōśśŎŝŔ ŋŗŖŜŚŗŔ ŗŎ śŋŚʼnŘʼnŏōģ ʼnŖŌ ŋŗŖŜőŖŝōŌ śʼnŔōś ŏŚŗşŜŐ őŖ ōʼnŋŐ řŝʼnŚŜōŚŲ ʼnŔŔ ŋŗŖŜŚőŊŝŜōŌ Ŝŗ ʼnŖ őŖŋŚōʼnśō őŖ ŏŚŗśś ŕʼnŚŏőŖŴ ıŖ ʼnŌŌőŜőŗŖŲ ŚōŋŗŏŖőŜőŗŖ ŗŎ őŖśŝŚʼnŖŋō ŋŔʼnőŕ ŋŗŕŘōŖśʼnŜőŗŖ ʼnŖŌ ŜŐō ŋŗŖśŗŔőŌʼnŜőŗŖ ŗŎ śʼnŔōś ʼnŖŌ ŘŚŗŎőŜ ʼnŎŜōŚ ŜŐō ʼnŋřŝőśőŜőŗŖ ŗŎ ʼn śŝŊśőŌőʼnŚš ŮīŐōŕŜŚŗŖőŋśů śŝŘŘŗŚŜōŌ b`ab ʼnŋŐőōŞōŕōŖŜśŴ İŗşōŞōŚŲ ŎőŖʼnŖŋőʼnŔ ŘōŚŎŗŚŕʼnŖŋō şʼnś ŖōŏʼnŜőŞōŔš ʼnŎŎōŋŜōŌ Ŋš ŜŐō ŏŗŞōŚŖŕōŖŜÝś ŕőŖőŕŝŕ şʼnŏō őŖŋŚōʼnśō ŘŗŔőŋšŲ ŐőŏŐōŚ Śʼnş ŕʼnŜōŚőʼnŔ ŘŚőŋōś ʼnŖŌ Ŕŗş ŝŜőŔőŢʼnŜőŗŖ ŗŎ ŘŚŗŌŝŋŜőŗŖ ŋʼnŘʼnŋőŜš ʼnŜ ijīĭļ şŐōŖ ŋŗŕŘʼnŚōŌ şőŜŐ ßŖŗŚŕʼnŔà ŘŚōųŎŔŗŗŌ řŝʼnŚŜōŚ ŔōŞōŔśŴ Revenues Analysis Sales and service income ĮŗŔŔŗşőŖŏ ŜŐō ŚōŋŗŚŌ ŐőŏŐ śʼnŔōś őŖ Ĺc b`aaŲ ŏŚŗşŜŐ śŜŗŘŘōŌ ŌŝŚőŖŏ ŜŐō ŔʼnśŜ řŝʼnŚŜōŚ ŗŎ b`aa şŐōŖ ŎŔŗŗŌşʼnŜōŚ ŎŗŚŋōŌ ŜŐō śŐŝŜŌŗşŖ ŗŎ ŜŐō ijīĭļ ŎʼnŋŜŗŚš őŖ ŕőŌųķŋŜŗŊōŚŲ ŚōśŝŔŜőŖŏ őŖ ŔŗşōŚ ŘŚŗŌŝŋŜőŗŖ ʼnŜ ŗŜŐōŚ ijīĭ ŘŔʼnŖŜś ʼnŖŌ ŋʼnŝśőŖŏ ʼn śʼnŔōś Ŕŗśś ŗŎ efū ŎŚŗŕ ŜŐō ŘŚōŞőŗŝś řŝʼnŚŜōŚŴ ĿŐōŖ ŜŐō ŎŔŗŗŌ śőŜŝʼnŜőŗŖ şʼnś ŚōśŗŔŞōŌ ʼnŜ ŜŐō ŊōŏőŖŖőŖŏ ŗŎ Ĺa b`abŲ ŜŐō ijīĭļ ŎʼnŋŜŗŚš şʼnś ŚōśŜʼnŚŜōŌŲ Ŗōş ŕʼnŋŐőŖōŚš şʼnś őŖśŜʼnŔŔōŌŲ ŜŐō ŎʼnŋŜŗŚš ŚōśŝŕōŌ ŗŘōŚʼnŜőŗŖ ʼnŖŌ ʼn ŘŐʼnśōŌ őŖŋŚōʼnśō őŖ ŋʼnŘʼnŋőŜš őŕŘŔōŕōŖŜōŌŴ ļŐō ŘŚŗŌŝŋŜőŗŖ ōŎŎőŋőōŖŋš ŗŎ ŜŐō ijīĭļ ŎʼnŋŜŗŚš Őʼnś ŊōōŖ śŝŋŋōśśŎŝŔ ʼnŖŌ ŜŐō ŕőŖőŕŝŕ śŋŚʼnŘʼnŏō ŚʼnŜō ŗŎ ŜŐō ŘŚŗŌŝŋŜőŗŖ ŘŚŗŋōśś Őʼnś ŊōōŖ ŕōŜŲ ŚōśŝŔŜőŖŏ őŖ őŖŋŚōʼnśōŌ ŘŚŗŌŝŋŜőŞőŜš Ŝŗ śōŚŞőŋō ŗŚŌōŚś ŎŚŗŕ ŚōŜŝŚŖőŖŏ ŋŝśŜŗŕōŚśŴ ļŐőś ʼnŋŋōŔōŚʼnŜōŌ śʼnŔōś ŏŚŗşŜŐ ĹųŗųĹ ŎŚŗŕ Ĺa b`ab Ŝŗ Ĺd b`abŲ şŐōŖ ŗŞōŚʼnŔŔ ŋʼnŘʼnŋőŜš ŝŜőŔőŢōŌ şʼnś ʼnŊŗŞō h`ū ŗŎ ŜŐō ŐőŏŐōśŜ ŘŚōųŎŔŗŗŌ ŔōŞōŔŲ ŕʼnœőŖŏ Ĺd b`ab ŜŐō ŊōśŜ řŝʼnŚŜōŚ ŗŎ ŜŐō šōʼnŚŴ

195

KCE Annual Report 2012

Quarterly revenues from sales were as follows:

ŮĽŖőŜĢ ŕőŔŔőŗŖ ĽĻĬů 2012 2011 ĹŝʼnŚŜōŚ a ĽĻĬ dcŴf ŕ ĽĻĬ f`Ŵh ŕ ĹŝʼnŚŜōŚ b ĽĻĬ dhŴd ŕ ĽĻĬ ffŴ` ŕ ĹŝʼnŚŜōŚ c ĽĻĬ efŴc ŕ ĽĻĬ g`Ŵh ŕ ĹŝʼnŚŜōŚ d ĽĻĬ faŴb ŕ ĽĻĬ ciŴf ŕ Ű ĽĻĬ b`iŴe ŕ ĽĻĬ bcgŴb ŕ ŮŰ ĮŔŗŗŌşʼnŜōŚ őŖŝŖŌʼnŜőŗŖ őŖ ķŋŜŗŊōŚ b`aaů

In 2012, the layer count proportion was as follows:

ĬŗŝŊŔōųśőŌōŌ ĸīĪś d ĴʼnšōŚ ĸīĪś fű ĴʼnšōŚ ĸīĪś

Ůū śřŴŎŜŴů 2011 b`Ŵ`ū eiŴ`ū baŴ`ū

ŮĽŖőŜĢ ū Ŝŗ ļŗŜʼnŔ ĻʼnŔōśů 2012 2011 fbŴ`ū fbŴ`ū afŴgū afŴcū agŴhū agŴiū cŴeū cŴhū

2012 biŴgū eeŴaū aeŴbū

Sales distribution by territory was as follows:

ĭŝŚŗŘō ĽŖőŜōŌ ĻŜʼnŜōś ĩśőʼn ĴŗŋʼnŔ

Compensation from insurance claim ĩ śŝŊśőŌőʼnŚšŲ ijīĭ ļōŋŐŖŗŔŗŏš ŮijīĭļůŲ śŐŝŜ ŌŗşŖ őŜś ŗŘōŚʼnŜőŗŖ ŎŚŗŕ ķŋŜŗŊōŚ abŲ b`aa Ōŝō Ŝŗ ŜŐō ŘŔʼnŖŜ ŊōőŖŏ őŖŝŖŌʼnŜōŌ şőŜŐ ŎŔŗŗŌşʼnŜōŚŴ ļŐō ŋŗŕŘʼnŖš ŐʼnŌ ĩŔŔ ĺőśœś ʼnŖŌ ĪŝśőŖōśś ıŖŜōŚŚŝŘŜőŗŖ ıŖśŝŚʼnŖŋō şőŜŐ ŎŝŔŔ ŚōŘŔʼnŋōŕōŖŜ ŞʼnŔŝō ŗŎ őŖśŝŚōŌ ʼnśśōŜśŲ ōŖśŝŚőŖŏ ʼnŌōřŝʼnŜō ŋŗŕŘōŖśʼnŜőŗŖ ŎŗŚ ŎŔŗŗŌ ŌʼnŕʼnŏōŴ ıŖ ŎőśŋʼnŔ šōʼnŚś b`aa ʼnŖŌ b`abŲ ŜŐō ʼnŋŋŗŝŖŜś ŎŗŚ ŜŐō ŋŗŕŘʼnŖš ʼnŖŌ őŜś śŝŊśőŌőʼnŚőōś őŖŋŔŝŌōŌ ŜŐō ŎŗŔŔŗşőŖŏ ŋŗŕŘōŖśʼnŜőŗŖ ŎŚŗŕ őŖśŝŚʼnŖŋō ŋŔʼnőŕś ŎŗŚ ŎŔŗŗŌőŖŏĢ

b`ab īŗŕŘōŖśʼnŜőŗŖ ŎŚŗŕ ŋŔʼnőŕśĢ ijīĭļ ebe ķŜŐōŚ ŋŗŕŘʼnŖőōś 30 eee Ĵōśś ʼnśśōŜ şŚőŜōųŗŎŎ Ůehů ĶōŜ ŋŗŕŘōŖśʼnŜőŗŖ ŎŚŗŕ ŋŔʼnőŕś 497

b`aa

ŮıŖ ŕőŔŔőŗŖ ĪʼnŐŜů ļŗŜʼnŔ

aŲfah 0 aŲfah ŮaŲedhů 70

bŲadc 30 bŲagc ŮaŲf`fů 567

ĬŝŚőŖŏ b`abŲ ŜŐō ŋŗŕŘʼnŖš ŚōŋōőŞōŌ őŖŜōŚőŕ ŘʼnšŕōŖŜ ŎŚŗŕ ŜŐō őŖśŝŚōŚ ŎŗŚ ʼnŊŗŝŜ ĪʼnŐŜ aŲc`` ŕőŔŔőŗŖŴ īŔʼnőŕ ŎőŖʼnŔőŢʼnŜőŗŖ őś ōŠŘōŋŜōŌ ŌŝŚőŖŏ Ĺc b`acŴ KCE Annual Report 2012

196

Other income ķŜŐōŚ őŖŋŗŕō şʼnś ʼnś ŎŗŔŔŗşśĢ ŮĽŖőŜĢ ĵőŔŔőŗŖ ĪʼnŐŜů 2012 2011 ĻʼnŔōś ŗŎ śŋŚʼnŘ ŕʼnŜōŚőʼnŔ bhŴg ieŴh įʼnőŖ ŎŚŗŕ ĮŗŚōŠ ʼnŖŌ ŐōŌŏőŖŏ aeiŴ` ` ķŜŐōŚ ŕőśŋōŔŔʼnŖōŗŝś őŖŋŗŕō dcŴb a`Ŵc ļŗŜʼnŔ ŗŜŐōŚ őŖŋŗŕō bc`Ŵi a`fŴa Cost of Sales/Gross Margin Analysis ļŐō b`ab ŋŗśŜ ŗŎ śʼnŔōś şʼnś ʼnŖ ʼnŞōŚʼnŏō ŗŎ h`ū Ŝŗ śʼnŔōśŲ ʼn bū ŌōŋŚōʼnśō ŎŚŗŕ b`aaŲ ŚōśŝŔŜőŖŏ őŖ ʼn ŐőŏŐōŚ ŏŚŗśś ŕʼnŚŏőŖ ŎŚŗŕ ahū Ŝŗ b`ūŲ ŜŐō ŚōśŝŔŜ ŗŎ ŘŚŗŌŝŋŜőŗŖ ōŎŎőŋőōŖŋš ʼnŖŌ ʼnŌŒŝśŜŕōŖŜ őŖ ŘŚŗŌŝŋŜőŗŖ ŜōŋŐŖőřŝōŴ ļŐőś ōŖʼnŊŔōŌ ijīĭļ ʼnŖŌ ŗŜŐōŚ ijīĭ ŘŔʼnŖŜś Ŝŗ ʼnŋŐőōŞō ŐőŏŐōŚ ŘŚŗŌŝŋŜőŞőŜšŲ ʼn ŋŚŝŋőʼnŔ ŋŗśŜ śʼnŞőŖŏ ōŔōŕōŖŜŴ ıŖ ʼnŌŌőŜőŗŖŲ ŋŔŗśō śŝŘōŚŞőśőŗŖŲ ŔʼnŊŗŚ śœőŔŔ ŌōŞōŔŗŘŕōŖŜ ʼnŖŌ ŜőŏŐŜ ŋŗŖŜŚŗŔ ŗŎ ŜŐō ŘŚŗŌŝŋŜőŗŖ ŔőŖō ŚōśŝŔŜōŌ őŖ ʼn ŔŗşōŚ śŋŚʼnŘ ŚʼnŜō ʼnŖŌ ŜŐō ʼnŋŐőōŞōŕōŖŜ ŗŎ ŜʼnŚŏōŜōŌ šőōŔŌśŲ şŐőŔō ŕōōŜőŖŏ ŜŐō řŝʼnŔőŜš śŜʼnŖŌʼnŚŌ ŗŎ ŋŝśŜŗŕōŚśŴ ĩŔŜŐŗŝŏŐ ŜŐōŚō şōŚō őŕŘʼnŋŜś ŎŚŗŕ ŜŐō ʼnŌŒŝśŜŕōŖŜ ŗŎ ŜŐō ŕőŖőŕŝŕ şʼnŏō ŘōŚ ŏŗŞōŚŖŕōŖŜ ŘŗŔőŋš ŮşŐőŋŐ ŋʼnŝśōŌ ʼnŖ őŖŋŚōʼnśō őŖ ŔʼnŊŗŚ ŋŗśŜ ŗŎ hųa`ūůŲ ŜŐō őŖŋŚōʼnśō őŖ Śʼnş ŕʼnŜōŚőʼnŔ ŘŚőŋōś ʼnŖŌ ŜŐō ijīĭļ ŗŘōŚʼnŜőŗŖ ŔōŞōŔ ŊōőŖŏ ŔŗşōŚ ŜŐʼnŖ ŜŐō ŘŚōųŎŔŗŗŌ ŔōŞōŔŲ įĸ őŕŘŚŗŞōŌ śʼnŜőśŎʼnŋŜŗŚšŲ ŘʼnŚŜőŋŝŔʼnŚŔš őŖ Ĺd b`abŴ Sales and Administrative Expenses Analysis ĻōŔŔőŖŏ ōŠŘōŖśō ŚōŕʼnőŖōŌ ʼnŜ fŴgū Ŝŗ ŜŗŜʼnŔ śʼnŔōś ʼnŖŌ ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ dcbŴg ŕőŔŔőŗŖŲ ŌōŋŚōʼnśőŖŏ ŎŚŗŕ ĪʼnŐŜ dffŴi ŕőŔŔőŗŖ őŖ b`aaŴ ĩś ŕŝŋŐ ʼnś h`ū ŗŎ ŜŐō ŜŗŜʼnŔ śōŔŔőŖŏ ōŠŘōŖśō ŏŚōş ʼnŜ ŜŐō śʼnŕō ŘŚŗŘŗŚŜőŗŖ Ŝŗ śʼnŔōśŲ őŖŋŔŝŌőŖŏ ŎŚōőŏŐŜ ʼnŖŌ őŖśŝŚʼnŖŋō ŋŗśŜśŲ śʼnŔōś ŋŗŕŕőśśőŗŖ ŎŗŚ ŗŞōŚśōʼnś śʼnŔōś ŚōŘŚōśōŖŜʼnŜőŞōśŲ ŋʼnŚŜŗŖ ʼnŖŌ ŘʼnŋœőŖŏ ŋŗśŜśŲ ʼnŖŌ ŗŜŐōŚ ŋŗśŜś ŜŐʼnŜ ŞʼnŚš Ŝŗ śʼnŔōśŴ ļŐō ŚōŕʼnőŖőŖŏ b`ū ʼnŋŋŗŝŖŜōŌ ŎŗŚ ŗŜŐōŚ ŎőŠōŌ ŋŗśŜś ų śʼnŔōś śŜʼnŎŎ ŋŗśŜśŲ ŘŚŗŌŝŋŜ ŔőʼnŊőŔőŜš ʼnŖŌ ŚōŋʼnŔŔ őŖśŝŚʼnŖŋō ŘŚōŕőŝŕśŲ śʼnŕŘŔō ŘŚŗŌŝŋŜśŲ ŚōŒōŋŜŵŚōŜŝŚŖś ʼnŖŌ śŗŚŜőŖŏ ŋŗśŜśŲ ʼnŖŌ ŕőśŋōŔŔʼnŖōŗŝś śʼnŔōś ŗŎŎőŋō ōŠŘōŖśōśŴ ĩŌŕőŖőśŜŚʼnŜőŞō ōŠŘōŖśō ŋŗŞōŚś ŕŗśŜŔš ŎőŠōŌ ōŠŘōŖśōśŲ őŴōŴŲ ʼnŌŕőŖőśŜŚʼnŜőŞō śŜʼnŎŎ ŋŗśŜśŲ śŜʼnŎŎ şōŔŎʼnŚō ʼnŖŌ ŊōŖōŎőŜśŲ ŏōŖōŚʼnŔ ŚōŘʼnőŚ ʼnŖŌ ŕʼnőŖŜōŖʼnŖŋō ŋŗśŜśŲ ŋŗŖŜŚʼnŋŜōŌ śŗŎŜşʼnŚō ŕʼnőŖŜōŖʼnŖŋōŲ ŝŜőŔőŜőōś ŋŗśŜśŲ śōŋŝŚőŜš ʼnŖŌ śʼnŎōŜš ōŠŘōŖśōśŲ ŜŚʼnŞōŔőŖŏ ōŠŘōŖśōśŲ ŋŗŕŕŝŖőŋʼnŜőŗŖ ōŠŘōŖśōśŲ ŜŚʼnŖśŘŗŚŜʼnŜőŗŖ ŋŗśŜśŲ ŔōŏʼnŔ ŋŗŖśŝŔŜőŖŏ ʼnŖŌ ʼnŝŌőŜőŖŏ ŎōōśŲ ŘŚŗŘōŚŜš ʼnŖŌ ʼnŔŔ Śőśœś őŖśŝŚʼnŖŋō ŋŗśŜśŲ ʼnŖŌ ĺŬĬ ōŠŘōŖŌőŜŝŚōŴ ıŜ ʼnŔśŗ őŖŋŔŝŌōś ŌōŘŚōŋőʼnŜőŗŖ ŋŗśŜ ŮŗŖ ŖŗŖųŘŚŗŌŝŋŜőŗŖ ʼnśśōŜśůŲ ʼnŔŔŗşʼnŖŋō ŮŚōŞōŚśʼnŔů ŎŗŚ ŌŗŝŊŜŎŝŔ ʼnŋŋŗŝŖŜśŲ ʼnŖŌ Ŕŗśś ŎŚŗŕ ŎőŠōŌ ʼnśśōŜ şŚőŜōųŗŎŎ ʼnŖŌ ŗŜŐōŚ ŏōŖōŚʼnŔ ʼnŌŕőŖőśŜŚʼnŜőŞō ōŠŘōŖśōśŴ ıŖ b`abŲ ʼnŌŕőŖőśŜŚʼnŜőŞō ōŠŘōŖśō şʼnś ĪʼnŐŜ fdbŴd ŕőŔŔőŗŖŲ ŋŗŕŘʼnŚōŌ Ŝŗ ĪʼnŐŜ fheŴa ŕőŔŔőŗŖ őŖ ŘŚōŞőŗŝś šōʼnŚŴ ļŐō ŌōŋŚōʼnśō şʼnś ʼn ŚōśŝŔŜ ŗŎ ŜŐō ŎŗŔŔŗşőŖŏĢ ä ıŖ b`aaŲ ʼn Ŕŗśś ŎŚŗŕ ŎŗŚōőŏŖ ōŠŋŐʼnŖŏō ŚʼnŜō ʼnŖŌ ŐōŌŏőŖŏ ʼnŋŜőŞőŜőōś ŗŎ ĪʼnŐŜ gh ŕőŔŔőŗŖ şʼnś őŖŋŔŝŌōŌŲ ŏŚŗŝŘōŌ ŝŖŌōŚ ʼnŌŕőŖőśŜŚʼnŜőŞō ōŠŘōŖśōŴ ıŖ b`abŲ ŜŐōŚō şʼnś ʼn ŘŚŗŎőŜ ŎŚŗŕ ŎŗŚōőŏŖ ōŠŋŐʼnŖŏō ŚʼnŜōŲ ŏŚŗŝŘōŌ ŝŖŌōŚ ķŜŐōŚ őŖŋŗŕōŴ ä ıŖŋŚōʼnśōŌ őŖśŝŚʼnŖŋō ŘŚōŕőŝŕ ŗŎ ĪʼnŐŜ be ŕőŔŔőŗŖŴ ä ĺōŋŗŚŌ ŎʼnőŚ ŞʼnŔŝō ŗŎ ʼn ĿʼnŚŚʼnŖŜ ŮĭĻķĸųĿdů ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ ab ŕőŔŔőŗŖ ŮʼnŋŋŗŚŌőŖŏ Ŝŗ ĩŋŋŗŝŖŜőŖŏ ĻŜʼnŖŌʼnŚŌ ļĮĺĻ bůŴ ä ķŜŐōŚ ōŠŘōŖśō ŌōŋŚōʼnśō ŗŎ ĪʼnŐŜ b ŕőŔŔőŗŖ. Financial Status Assets ļŗŜʼnŔ ʼnśśōŜś ʼnś ŗŎ ĬōŋōŕŊōŚ caŲ b`abŲ ʼnŋŋŗŚŌőŖŏ Ŝŗ ŜŐō ijīĭ ŋŗŖśŗŔőŌʼnŜōŌ ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜśŲ ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ a`ŲbeeŴf ŕőŔŔőŗŖŲ ŋŗŖśőśŜőŖŏ ŗŎ ŋŝŚŚōŖŜ ʼnśśōŜś ŗŎ ĪʼnŐŜ dŲfieŴa ŕőŔŔőŗŖģ ŘŚŗŘōŚŜšŲ ŘŔʼnŖŜ ʼnŖŌ ōřŝőŘŕōŖŜ ŗŎ ĪʼnŐŜ eŲbcgŴ` ŕőŔŔőŗŖ ŖōŜģ ʼnŖŌ őŖŞōśŜŕōŖŜś őŖ ʼnśśŗŋőʼnŜōś ʼnŖŌ ŗŜŐōŚ ŖŗŖųŋŝŚŚōŖŜ ʼnśśōŜś ŗŎ ĪʼnŐŜ cbcŴe ŕőŔŔőŗŖŴ

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KCE Annual Report 2012

ļŐō őŖŋŚōʼnśō őŖ ŜŗŜʼnŔ ʼnśśōŜś ŎŚŗŕ ĪʼnŐŜ iŲbghŴa ŕőŔŔőŗŖ őŖ b`aa şʼnś Ōŝō ŕʼnőŖŔš Ŝŗ ŜŐō őŖŋŚōʼnśō őŖ ŘŚŗŘōŚŜšŲ ŘŔʼnŖŜ ʼnŖŌ ōřŝőŘŕōŖŜ ŗŎ ĪʼnŐŜ aŲ``aŴi ŕőŔŔőŗŖ ŎŗŚ ŜŐō ŘŝŚŋŐʼnśō ŗŎ ŚōŘŔʼnŋōŕōŖŜ ŕʼnŋŐőŖōŚšģ ŗŜŐōŚ ʼnśśōŜś ŌʼnŕʼnŏōŌ Ŋš ŎŔŗŗŌőŖŏ ŗŎ ĪʼnŐŜ aŲddeŴc ŕőŔŔőŗŖģ ʼnŌŌőŜőŗŖʼnŔ ʼnśśōŜś ŎŚŗŕ ŜŐō ʼnŋřŝőśőŜőŗŖ ŗŎ īŐōŕŜŚŗŖőŋśŲ ʼn śŝŊśőŌőʼnŚšŲ ŗŎ ĪʼnŐŜ iaŴh ŕőŔŔőŗŖģ ŌōŘŚōŋőʼnŜőŗŖ ŗŎ ĪʼnŐŜ dggŴd ŕőŔŔőŗŖģ ʼnŖŌ ʼnśśōŜ şŚőŜōųŗŎŎ ŗŎ ĪʼnŐŜ egŴh ŕőŔŔőŗŖŴ ļŐō őŖŋŚōʼnśō ʼnŔśŗ őŖŋŔŝŌōŌ ʼn ĪʼnŐŜ giŴh ŕőŔŔőŗŖ įŗŗŌşőŔŔ ŎŚŗŕ ŜŐō ʼnŋřŝőśőŜőŗŖ ŗŎ īŐōŕŜŚŗŖőŋśģ ʼnŖŌ ʼnŖ őŖŋŚōʼnśō őŖ őŖŜʼnŖŏőŊŔō ʼnśśōŜś ŚōŔʼnŜōŌ Ŝŗ ŜŐō ŘŝŚŋŐʼnśō ŗŎ śŗŎŜşʼnŚōŲ ŔőŋōŖśōŲ ŘŚŗŏŚʼnŕ ŌōŞōŔŗŘŕōŖŜ ŋŗśŜ ʼnŖŌ ŋŗŖśŝŔŜőŖŏ Ŏōō ŗŎ ĪʼnŐŜ gdŴb ŕőŔŔőŗŖŴ ĩś ŗŎ ĬōŋōŕŊōŚ caŲ b`abŲ ŜŐō śōŘʼnŚʼnŜō ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜ ŎŗŚ ŜŐō ŋŗŕŘʼnŖš ŗŖŔš śŐŗşōŌ ʼnŖ őŖŋŚōʼnśō őŖ ŜŐō ıŖŞōśŜŕōŖŜś őŖ ĻŝŊśőŌőʼnŚőōś ŗŎ ĪʼnŐŜ bchŴf ŕőŔŔőŗŖŲ ʼnś ŎŗŔŔŗşśĢ ä ļŐō ŋŗŕŘʼnŖš ʼnŋřŝőŚōŌ ʼnŖ őŖŞōśŜŕōŖŜ őŖ īŐōŕŜŚŗŖőŋś ŎŗŚ ĪʼnŐŜ bccŴh ŕőŔŔőŗŖ ä ļŐō őśśŝʼnŖŋō ŗŎ ʼn ĿʼnŚŚʼnŖŜ Ŝŗ ŜŐō ŌőŚōŋŜŗŚś ʼnŖŌ ōŕŘŔŗšōōś ŗŎ śŝŊśőŌőʼnŚőōś ŞʼnŔŝōŌ ʼnŜ ĪʼnŐŜ fŴc ŕőŔŔőŗŖ ä ĻʼnŔōś ŗŎ śŐʼnŚōś őŖ ʼn śŝŊśőŌőʼnŚš ŎŗŚ ĪʼnŐŜ aŴe ŕőŔŔőŗŖ Trade and other receivables - net ijīĭ ŋŝśŜŗŕōŚś ʼnŚō śŗŕō ŗŎ ŜŐō şŗŚŔŌÝś ŔōʼnŌőŖŏ ōŔōŋŜŚŗŖőŋś ŋŗŕŘʼnŖőōśŲ şőŜŐ ʼn ŏŗŗŌ ŚōŘŝŜʼnŜőŗŖ őŖ ŜŐō őŖŌŝśŜŚšŴ ļŗŜʼnŔ ŜŚʼnŌō ʼnŖŌ ŗŜŐōŚ ŚōŋōőŞʼnŊŔōś őŖŋŚōʼnśōŌ ŎŚŗŕ ĪʼnŐŜ aŲedfŴd ŕőŔŔőŗŖ ŖōŜ őŖ b`aa Ŝŗ ĪʼnŐŜ bŲbadŴh ŕőŔŔőŗŖ őŖ b`abŲ ŜŐō ŚōśŝŔŜ ŗŎ ʼnŖ őŖŋŚōʼnśō őŖ śʼnŔōś ŚōŞōŖŝōŴ ļŐō ʼnŞōŚʼnŏō Ōʼnš ŚōŋōőŞʼnŊŔō şʼnś a`h ŌʼnšśŴ ijīĭ ŘŗŔőŋš őś ŜŐʼnŜ ʼnŖ ʼnŔŔŗşʼnŖŋō ŎŗŚ ŌŗŝŊŜŎŝŔ ʼnŋŋŗŝŖŜś őś ōśŜʼnŊŔőśŐōŌ ŎŗŚ ʼnŕŗŝŖŜś ŘʼnśŜ Ōŝō ŗŞōŚ i` Ōʼnšś ʼnŜ ʼn ŚʼnŜō ŗŎ beū ʼnŖŌ ŎŗŚ ʼnŕŗŝŖŜś ŘʼnśŜ Ōŝō ŗŞōŚ ah` Ōʼnšś ʼnŜ ʼn ŚʼnŜō ŗŎ e`ūŴ ļŐō ʼnŔŔŗşʼnŖŋō ŎŗŚ ŌŗŝŊŜŎŝŔ ʼnŋŋŗŝŖŜś ōśŜʼnŊŔőśŐōŌ ŊʼnśōŌ ŗŖ ŜŐőś ŘŗŔőŋš ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ `Ŵce ŕőŔŔőŗŖ ʼnś ʼnŜ ĬōŋōŕŊōŚ caŲ b`abŴ Inventory - net ĩś ŗŎ ĬōŋōŕŊōŚ caŲ b`abŲ ŜŐō ŋŗŕŘʼnŖš ŐʼnŌ ʼn ŖōŜ őŖŞōŖŜŗŚš ŗŎ ĪʼnŐŜ aŲbd`Ŵb ŕőŔŔőŗŖŲ ŝŘ ŎŚŗŕ ŜŐō b`aa ŎőŏŝŚō ŗŎ ĪʼnŐŜ aŲ`giŴg ŕőŔŔőŗŖŲ ŜŐō ŚōśŝŔŜ ŗŎ ʼnŖ őŖŋŚōʼnśō őŖ ŘŚŗŌŝŋŜőŗŖ Ŝŗ śŝŘŘŗŚŜ ŋŝśŜŗŕōŚ ŗŚŌōŚśŴ ijīĭ ŘŗŔőŋš őś Ŝŗ ōśŜʼnŊŔőśŐ ʼnŖ ʼnŔŔŗşʼnŖŋō ŎŗŚ ŌőŕőŖŝŜőŗŖ őŖ ŞʼnŔŝō ŗŎ őŖŞōŖŜŗŚš őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŜŐō ʼnŏőŖŏ ŗŎ őŖŌőŞőŌŝʼnŔ ŕʼnŜōŚőʼnŔ ŜšŘō ʼnŖŌ ʼnŖ ʼnŔŔŗşʼnŖŋō ŎŗŚ ŌőŕőŖŝŜőŗŖ őŖ ŜŐō ŞʼnŔŝō ŗŎ ŎőŖőśŐōŌ ŏŗŗŌś Ŝŗ ŖōŜ ŚōʼnŔőŢʼnŊŔō ŞʼnŔŝō ŮĶĺľůŴ ĩś ŗŎ ĬōŋōŕŊōŚ caŲ b`abŲ ijīĭ ōśŜʼnŊŔőśŐōŌ ʼnŔŔŗşʼnŖŋōś ŎŗŚ ŌőŕőŖŝŜőŗŖ őŖ ŞʼnŔŝō ŗŎ őŖŞōŖŜŗŚš ʼnŕŗŝŖŜőŖŏ Ŝŗ ĪʼnŐŜ dgŴc ŕőŔŔőŗŖŲ ʼnŖŌ ŚōŋŗŚŌōŌ ŜŐō ŌőŕőŖŝŜőŗŖ ŞʼnŔŝō ʼnŕŗŝŖŜőŖŏ Ŝŗ ĪʼnŐŜ adŴb ŕőŔŔőŗŖ őŖ ŋŗśŜ ŗŎ śʼnŔōś ŗŎ b`abŴ ıŖŞōŖŜŗŚš Ōʼnšś şōŚō d` Ōʼnšś őŖ b`ab ʼnŖŌ śʼnŕō ʼnś őŖ ŔʼnśŜ šōʼnŚŴ Liabilities ŮĽŖőŜĢ ĵőŔŔőŗŖ ĪʼnŐŜů 2012 2011 2010 ļŗŜʼnŔ ĴőʼnŊőŔőŜőōś gŲagh fŲgg` fŲa`h ĬōŊŜĢ ĻŐŗŚŜųŜōŚŕ ŊŗŚŚŗşőŖŏ bŲhab Ůeaūů cŲeea Ůffūů cŲafi Ůfdūů ĴŗŖŏųŜōŚŕ ŔŗʼnŖ bŲfi` aŲfac aŲdhg ĴōʼnśőŖŏ 29 75 261 ĴōʼnśőŖŏ eŲeca eŲcai dŲiag ļŗŜʼnŔ ĬōŊŜųŜŗųĭřŝőŜš bŴcc bŴg` bŴca ļőŕōś ĮŗŔŔŗşőŖŏ ŌōŊŜ ŚōśŜŚŝŋŜŝŚōŲ ŋōŚŜʼnőŖ ŜšŘōś ŗŎ śŐŗŚŜųŜōŚŕ ŊŗŚŚŗşőŖŏ şōŚō ŜŚʼnŖśŎōŚŚōŌ Ŝŗ ŔŗŖŏŜōŚŕ ŔŗʼnŖśģ ŐŗşōŞōŚŲ ŜŗŜʼnŔ ŌōŊŜ ŚōŕʼnőŖś ŐőŏŐ ʼnś ʼn ŚōśŝŔŜ ŗŎ ŜŐō ŜōŕŘŗŚʼnŚš ŝśō ŗŎ ŜŐō ŎŔŗŗŌ Śōśŋŝō ŎʼnŋőŔőŜš ŎŚŗŕ ŜŐō ŊʼnŖœ KCE Annual Report 2012

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Ŝŗ ŘŝŚŋŐʼnśō ŚōŘŔʼnŋōŕōŖŜ ŕʼnŋŐőŖōś ŎŗŚ ŜŐō ŚōśŜŗŚʼnŜőŗŖ ŗŎ ijīĭļŴ ļŐō ŊŗŚŚŗşőŖŏ şőŔŔ Ŋō śōŜŜŔōŌ Ŋš őŖśŝŚʼnŖŋō ŋŗŕŘōŖśʼnŜőŗŖ ŋʼnśŐ ŎŔŗşŴ ļŐō ŌōŊŜŵōřŝőŜš ŚʼnŜőŗ şőŔŔ Ŋō őŕŘŚŗŞōŌ Ŝŗ ʼn ŔŗşōŚ ŔōŞōŔ ŗŖŋō ŜŐō ŋŔʼnőŕ őś ŎőŖʼnŔőŢōŌ ʼnŖŌ ŘʼnőŌŴ ĩś ʼnŜ ĬōŋōŕŊōŚ caŲ b`abŲ ŜŐō Ĭŵĭ ŚʼnŜőŗ şʼnś ŔŗşōŚ ŜŐʼnŖ őŖ ŘʼnśŜ šōʼnŚś Ōŝō Ŝŗ ʼn śőŏŖőŎőŋʼnŖŜ őŖŋŚōʼnśō őŖ śŐʼnŚōŐŗŔŌōŚ ōřŝőŜšŲ ŜŐō ŚōśŝŔŜ ŗŎ ŘŚŗŎőŜ ŎŗŚ ŜŐō šōʼnŚ ŗŎ ĪʼnŐŜ gab ŕőŔŔőŗŖ ʼnŖŌ ʼnŌŌőŜőŗŖʼnŔ śŐʼnŚō ŋʼnŘőŜʼnŔ ŗŎ ĪʼnŐŜ gc ŕőŔŔőŗŖŲ ŗŎŎśōŜ Ŋš ŜŐō ŌőŞőŌōŖŌ ŘʼnšŕōŖŜ ŗŎ ŊʼnŐŜ acg ŕőŔŔőŗŖ ʼnŖŌ śŐʼnŚō ŚōŘŝŚŋŐʼnśō ŗŎ ĪʼnŐŜ a`e ŕőŔŔőŗŖŴ Liquidity ĿőŜŐ ŗŘōŚʼnŜőŗŖʼnŔ ŘŚŗŎőŜ ŌŝŚőŖŏ b`ab ʼnŖŌ ŋʼnśŐ ŚōŋōőŞōŌ ŎŚŗŕ őŖśŝŚʼnŖŋō ŋŔʼnőŕśŲ ijīĭ ʼnŋŐőōŞōŌ ŘŗśőŜőŞō ŋʼnśŐ ŎŔŗş ŎŚŗŕ ŗŘōŚʼnŜőŗŖś ŜŗŜʼnŔőŖŏ ĪʼnŐŜ aŲfdh ŕőŔŔőŗŖŴ ĶōŜ ŋʼnśŐ ŝśōŌ őŖ őŖŞōśŜőŖŏ ʼnŋŜőŞőŜőōś ŎŗŚ ŜŐō ŘŝŚŋŐʼnśō ŗŎ ōřŝőŘŕōŖŜ ʼnŋŋŗŝŖŜōŌ ŎŗŚ ĪʼnŐŜ aŲaeb ŕőŔŔőŗŖĢ ŚōŘŔʼnŋōŕōŖŜ ŗŎ ŎŔŗŗŌųŌʼnŕʼnŏōŌ ŕʼnŋŐőŖōŚš ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ ie` ŕőŔŔőŗŖ ʼnŖŌ őŖŞōśŜŕōŖŜ őŖ ʼn Ŗōş śŝŊśőŌőʼnŚš ŋŗŕŘʼnŖš ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ ag` ŕőŔŔőŗŖŴ īʼnśŐ ŝśōŌ őŖ ŎőŖʼnŖŋőŖŏ ʼnŋŜőŞőŜőōś şʼnś ĪʼnŐŜ fcd ŕőŔŔőŗŖģ ŚōŕʼnőŖőŖŏ ŋʼnśŐ ʼnś ŗŎ ĬōŋōŕŊōŚ caŲ b`ab şʼnś ĪʼnŐŜ cig ŕőŔŔőŗŖŴ ĩś ŗŎ ĬōŋōŕŊōŚ caŲ b`abŲ ŜŐōŚō şʼnś ʼn śŔőŏŐŜ ŋŐʼnŖŏō Ŝŗ ŜŐō īŝŚŚōŖŜ ĺʼnŜőŗ Ŝŗ `Ŵh` Ŝőŕōś ŎŚŗŕ `Ŵi` Ŝőŕōś őŖ b`aaŲ ŜŐō ŚōśŝŔŜ ŗŎ ʼnŖ őŖŋŚōʼnśō őŖ ŋŝŚŚōŖŜ ŔőʼnŊőŔőŜőōśŴ ļŐō ŋŗŕŘʼnŖš őś ʼnŊŔō Ŝŗ Řʼnš śŝŘŘŔőōŚś ŗŖ Ōŝō ŌʼnŜōś ʼnŖŌ śōŚŞőŋō ŌōŊŜ ŗŖ ʼnŏŚōōŌ ŜōŚŕśŴ ļŗŜʼnŔ ŔőřŝőŌőŜš ʼnŜ šōʼnŚųōŖŌ őŖŋŔŝŌōŌ ŋʼnśŐ ʼnŖŌ ʼnŖ ʼnŌōřŝʼnŜō şŗŚœőŖŏ ŋʼnŘőŜʼnŔ ŎʼnŋőŔőŜšģ őŖ ʼnŌŌőŜőŗŖŲ ʼnŌŌőŜőŗŖʼnŔ ŋʼnśŐ ŎŚŗŕ ŜŐō őŖśŝŚʼnŖŋō ŋŔʼnőŕ őś ōŠŘōŋŜōŌ Ŝŗ Ŋō ŚōŋōőŞōŌ ŌŝŚőŖŏ ŖōŠŜ šōʼnŚŲ şŐőŋŐ şőŔŔ Ŋō ŘŚőŕʼnŚőŔš ŐōŔŘŎŝŔ ŎŗŚ śŐŗŚŜųŜōŚŕ ŌōŊŜ ŚōŌŝŋŜőŗŖŴ Capital Structure

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ļŐō ŋʼnŘőŜʼnŔ śŜŚŝŋŜŝŚō Őʼnś ŊōōŖ ŚōŞőōşōŌ ʼnŖŌ şŐōŚō ŘŗśśőŊŔō ŌōŊŜ Őʼnś ŊōōŖ ŚōśŜŚŝŋŜŝŚōŌŲ ŚōŌŝŋőŖŏ őŖ ŜŐō įōʼnŚőŖŏ ĺʼnŜőŗ ŏŚʼnŌŝʼnŔŔš ŊōőŖŏ ŚōŌŝŋōŌ ŎŚŗŕ ŜŐō ŔōŞōŔ ŗŎ bŴe Ŝőŕōś őŖ b``hģ ŐŗşōŞōŚŲ ŜŐō ŚʼnŜőŗ Śŗśō ʼnŜ šōʼnŚųōŖŌ b`aa Ōŝō Ŝŗ ŜŐō ŐőŏŐ ŜōŕŘŗŚʼnŚš śŐŗŚŜųŜōŚŕ ŌōŊŜ ŝśōŌ ŎŗŚ ijīĭļ ŘŔʼnŖŜ ŚōśŜŗŚʼnŜőŗŖŴ ĮŗŚŜŝŖʼnŜōŔšŲ ŜŐō śőŜŝʼnŜőŗŖ ŋŗŖŜőŖŝōŌ Ŝŗ őŕŘŚŗŞō ʼnŖŌ ʼnś ŗŎ šōʼnŚųōŖŌ b`abŲ ŜŐō ŚʼnŜőŗ şʼnś ŚōŌŝŋōŌ Ŝŗ aŴh ŜőŕōśŲ Ōŝō Ŝŗ ŜŐō śőŏŖőŎőŋʼnŖŜ őŖŋŚōʼnśō őŖ śŐʼnŚōŐŗŔŌōŚ ōřŝőŜšŴ ļŐō ŋŗŕŘʼnŖš Őʼnś ʼn ŜʼnŚŏōŜ Ŝŗ ŚōŌŝŋō ŜŐō įōʼnŚőŖŏ ĺʼnŜőŗ Ŝŗ ʼnŘŘŚŗŠőŕʼnŜōŔš aŴ` Ŝőŕōś şőŜŐőŖ ŜŐō ŖōŠŜ šōʼnŚŴ Capital Expenditure ļŗŜʼnŔ ŋʼnŘőŜʼnŔ ōŠŘōŖŌőŜŝŚō ŎŗŚ b`ab ʼnŕŗŝŖŜōŌ Ŝŗ ĪʼnŐŜ aŲdde ŕőŔŔőŗŖ Ůbbū Ŝŗ śʼnŔōśůŲ ŕŗśŜŔš ŎŗŚ ŜŐō ʼnŋřŝőśőŜőŗŖ ŗŎ ŚōŘŔʼnŋōŕōŖŜ ŕʼnŋŐőŖōś ʼnŖŌ ijīĭ ļōŋŐŖŗŔŗŏš ŚōśŜŗŚʼnŜőŗŖŴ ķŜŐōŚ ōŠŘōŖŌőŜŝŚōś şōŚō ŎŗŚ śŝŊśőŌőʼnŚőōśŲ Ŝŗ ŋŗŞōŚ ōŎŎőŋőōŖŋš őŕŘŚŗŞōŕōŖŜ ŘŚŗŒōŋŜś ʼnŖŌ ŖōŋōśśʼnŚš ōřŝőŘŕōŖŜ ʼnŖŌ ŎʼnŋőŔőŜš őŕŘŚŗŞōŕōŖŜŴ ļŐōŚō şōŚō Ŗŗ ŕʼnŒŗŚ ōŠŘʼnŖśőŗŖ ŘŚŗŒōŋŜś ŌŝŚőŖŏ ŜŐō šōʼnŚŴ ļŐō ŋʼnŘőŜʼnŔ ōŠŘōŖŌőŜŝŚō ʼnŔśŗ őŖŋŔŝŌōŌ ʼnśśōŜś ŗŎ ʼn ŖōşŔš ʼnŋřŝőŚōŌ śŝŊśőŌőʼnŚš ŜŗŜʼnŔőŖŏ ĪʼnŐŜ ib ŕőŔŔőŗŖŴ

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Potential Factors that could Influence Company Performance ļŐō ijīĭ ŘŚŗŌŝŋŜ őś ʼn ŘŚőŖŜōŌ ŋőŚŋŝőŜ ŊŗʼnŚŌ ŜŐʼnŜ őś ŜŐō ŎŗŝŖŌʼnŜőŗŖ ŋŗŕŘŗŖōŖŜ ŎŗŚ ʼnŔŔ ōŔōŋŜŚŗŖőŋś ŘŚŗŌŝŋŜśŲ ŊŝŜ őŜ őś ŕŗśŜŔš ŝśōŌ ŎŗŚ ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜ őŖ ʼnŝŜŗŕŗŊőŔōśŴ ļŐōŚōŎŗŚōŲ ŜŐō ŋŗŕŘʼnŖšÝś ŊŝśőŖōśś őś ŐōʼnŞőŔš ŌōŘōŖŌōŖŜ ŗŖ ŜŐō ŏŚŗşŜŐ ŗŎ ŜŐō ʼnŝŜŗŕŗŜőŞō śōŋŜŗŚŴ ļŐőś őś ŜŐō ŘŚōŌŗŕőŖʼnŖŜ ŎʼnŋŜŗŚ őŖŎŔŝōŖŋőŖŏ ŜŐō ŋŗŕŘʼnŖšÝś ŘōŚŎŗŚŕʼnŖŋōŴ ĻōŞōŖŜš ŘōŚŋōŖŜ ŗŎ ijīĭ śʼnŔōś ʼnŚō ŌōŖŗŕőŖʼnŜōŌ őŖ ĽĻ ŌŗŔŔʼnŚ ŜōŚŕś ʼnŖŌ f`ū ŗŎ ŜŐō Śʼnş ŕʼnŜōŚőʼnŔ ʼnŖŌ ŗŜŐōŚ ŋŗśŜś ʼnŚō őŖ ĽĻ ŌŗŔŔʼnŚśŴ ļŐōŚōŎŗŚōŲ ŎŔŝŋŜŝʼnŜőŗŖ őŖ ŋŝŚŚōŖŋš ōŠŋŐʼnŖŏō ŚʼnŜōś ʼnŎŎōŋŜś ŜŐō ŋŗŕŘʼnŖšÝś ŎőŖʼnŖŋőʼnŔ ŘōŚŎŗŚŕʼnŖŋō ʼnŋŋŗŚŌőŖŏŔšŴ īŗŕŕŗŌőŜš ŘŚőŋō ŮŋŗŘŘōŚŲ ŏŗŔŌ ʼnŖŌ ŗőŔů ų īŗŘŘōŚ őś ʼnŖ ōśśōŖŜőʼnŔ Śʼnş ŕʼnŜōŚőʼnŔ őŖ ĸīĪ ŘŚŗŌŝŋŜőŗŖŴ ļŐō ŋŗśŜ ŗŎ ŜŐō ŋŗŘŘōŚ ŋŗŖŜōŖŜ ŚōŘŚōśōŖŜś a`ųacū ŗŎ ŜŐō ŘŚŗŌŝŋŜÝś śōŔŔőŖŏ ŘŚőŋōŴ ĩś ŜŐō śōŔŔőŖŏ ŘŚőŋō őś ŖōŏŗŜőʼnŜōŌ ŗŖ ʼnŖ ʼnŖŖŝʼnŔ ŊʼnśőśŲ ŋŗŕŕŗŌőŜš ŘŚőŋō ŎŔŝŋŜŝʼnŜőŗŖ ŋŗŝŔŌ ʼnŎŎōŋŜ ŋŗŕŘʼnŖš ŘōŚŎŗŚŕʼnŖŋōŴ Exceptional Items ĩ śŝŊśőŌőʼnŚšŲ ijīĭ ļōŋŐŖŗŔŗŏš ŮijīĭļůŲ śŐŝŜ ŌŗşŖ őŜś ŗŘōŚʼnŜőŗŖ ŎŚŗŕ ķŋŜŗŊōŚ abŲ b`aa Ōŝō Ŝŗ ŜŐō ŘŔʼnŖŜ ŊōőŖŏ őŖŝŖŌʼnŜōŌ şőŜŐ ŎŔŗŗŌşʼnŜōŚŴ ıŖ ŜŐō b`aa ŋŗŖśŗŔőŌʼnŜōŌ ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜŲ ŜŐō ŋŗŕŘʼnŖš ʼnŖŌ śŝŊśőŌőʼnŚőōś ŚōŋŗŏŖőŢōŌ őŖśŝŚʼnŖŋō ŚōŋŗŞōŚš ŜŗŜʼnŔőŖŏ ĪʼnŐŜ aŲfah ŕőŔŔőŗŖŲ ʼnŖŌ ʼnśśōŜś ŜŗŜʼnŔőŖŏ ĪʼnŐŜ aŲedh şōŚō şŚőŜŜōŖ ŗŎŎŲ ŚōśŝŔŜőŖŏ őŖ ʼn ŖōŜ ŋŗŕŘōŖśʼnŜőŗŖ ŗŎ ĪʼnŐŜ g` ŕőŔŔőŗŖŴ ıŖ ŜŐō b`ab ŋŗŖśŗŔőŌʼnŜōŌ ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜŲ ŜŐō ŋŗŕŘʼnŖš ʼnŖŌ śŝŊśőŌőʼnŚőōś ŚōŋŗŏŖőŢōŌ őŖśŝŚʼnŖŋō ŚōŋŗŞōŚš ŜŗŜʼnŔőŖŏ ĪʼnŐŜ eee ŕőŔŔőŗŖŲ ʼnŖŌ ʼnśśōŜś ŜŗŜʼnŔőŖŏ ĪʼnŐŜ eh şōŚō şŚőŜŜōŖ ŗŎŎŲ ŚōśŝŔŜőŖŏ őŖ ʼn ŖōŜ ŋŗŕŘōŖśʼnŜőŗŖ ŗŎ ĪʼnŐŜ dig ŕőŔŔőŗŖŴ Plan ijīĭ ŋŗŖŜőŖŝōś Ŝŗ Ŏŗŋŝś ŗŖ ʼnŌŞʼnŖŋōŌ ŜōŋŐŖŗŔŗŏš ŌōŞōŔŗŘŕōŖŜ ʼnŖŌ řŝʼnŔőŜš ŘōŚŎŗŚŕʼnŖŋō őŖ ŗŚŌōŚ Ŝŗ œōōŘ Řʼnŋō şőŜŐ őŖŋŚōʼnśőŖŏ ŎŝŖŋŜőŗŖʼnŔőŜš ŚōřŝőŚōŕōŖŜś ʼnŖŌ Ŝŗ ŋʼnŘŜŝŚō ŜŐō ŏŚŗşőŖŏ őŖŌŝśŜŚš ŗŎ ʼnŝŜŗŕŗŜőŞō ĸīĪŴ ijīĭ ŏŗōś ŎŗŚşʼnŚŌ şőŜŐ ōŖŐʼnŖŋōŌ ŔōŞōŔś ŗŎ ōŎŎőŋőōŖŋš ŜŐʼnŜ şőŔŔ ŋŗŖŜőŖŝō Ŝŗ őŕŘŚŗŞō ʼnŖŌ śŝŘŘŗŚŜ ŘŚŗŎőŜ ŏŚŗşŜŐŴ ļŐō ŋŗŕŘʼnŖš şőŔŔ ŊŝőŔŌ ʼn śŜŚŗŖŏ ŎŗŝŖŌʼnŜőŗŖ ŎŗŚ ŜŐō ŎŝŜŝŚō Ŋš ŔōŞōŚʼnŏőŖŏ ijīĭÝś ōŠŘōŚŜőśō őŖ ŜŐō ʼnŝŜŗŕŗŜőŞō ōŔōŋŜŚŗŖőŋś śōŋŜŗŚŲ őŖŋŚōʼnśőŖŏ ĺŬĬ őŖ ŐőŏŐųŜōŋŐ ĸīĪśŲ ʼnŖŌ ōŖŔʼnŚŏőŖŏ ŜŐō ŋŗŕŘʼnŖšÝś ŋŝśŜŗŕōŚ ŊʼnśōŲ ŜʼnŚŏōŜőŖŏ ŐőŏŐ ŏŚŗşŜŐ ŏŚŗŝŘś őŖ ŜŐō ĩśőʼnŖ ŕʼnŚœōŜ Ŝŗ ʼnŋŋōŔōŚʼnŜō ŊŝśőŖōśś ōŠŘʼnŖśőŗŖŴ ĩ Ŗōş ŘŔʼnŖŜ ŎʼnŋőŔőŜš şőŜŐ ʼn ŋʼnŘʼnŋőŜš ŗŎ b ŕőŔŔőŗŖ śřŴŎŜŴ ʼn ŕŗŖŜŐŲ Ŝŗ Ŋō ŔŗŋʼnŜōŌ ŗŖ ŜŐō ĴʼnŜijŚʼnŊʼnŖŏ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜōŲ őś ŘŔʼnŖŖōŌ Ŝŗ śŝŘŘŗŚŜ őŖŋŚōʼnśōŌ ŞŗŔŝŕō ŚōřŝőŚōŌ ŎŗŚ Ŗōş ʼnŖŌ ōŠőśŜőŖŏ ŋŝśŜŗŕōŚśŴ ļŐō ŋŗŖśŜŚŝŋŜőŗŖ ŗŎ ŜŐō ŎőŚśŜ ŘŐʼnśō őś ŘŔʼnŖŖōŌ Ŝŗ śŜʼnŚŜ őŖ Ĺc b`acŲ ʼnŖŌ śŐŗŝŔŌ Ŋō ŚōʼnŌš ŎŗŚ ŗŘōŚʼnŜőŗŖ őŖ Ĺc b`adŲ şőŜŐ ʼn ŕʼnŠőŕŝŕ ŋʼnŘʼnŋőŜš ŗŎ g``Ų``` śřŴŎŜŴ ʼn ŕŗŖŜŐŴ ıŖŞōśŜŕōŖŜ őŖ ŜŐō ŎŗŔŔŗşőŖŏ ŘŐʼnśō şőŔŔ Ŋō ʼnśśōśśōŌ ʼnś Ŝŗ ŜŐō ʼnŘŘŚŗŘŚőʼnŜō ŜőŕőŖŏ ʼnŖŌ ŘŚŗŒōŋŜ ŎŝŖŌőŖŏ ʼnŞʼnőŔʼnŊőŔőŜšŴ

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Persons with vested interest and cross over transactions ijīĭ ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś ŎŗŔŔŗş ŜŐō ŏŗŗŌ ŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋō ʼnś śōŜ Ŋš ŜŐō ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌŴ ļŐō ŊŗʼnŚŌ őś ŋŗŕŘŚőśōŌ ŗŎ h ŌőŚōŋŜŗŚś ʼnś ŎŗŔŔŗşśĢ Board of Directors of KCE Electronics Public Co., Ltd. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ ʼnŖŌ ĵʼnŖʼnŏőŖŏ ĬőŚōŋŜŗŚ bŴ ĵŚŴ ĸʼnŖŒʼn ĻōŖʼnŌőśʼnő ĬőŚōŋŜŗŚ cŴ ĬŚŴ īŐʼnŖŜőŕʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ dŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ ʼnŖŌ ĭŠōŋŝŜőŞō ĬőŚōŋŜŗŚ eŴ ĴŜŴ įōŖŴ ĬŚŴ ĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĬőŚōŋŜŗŚ ʼnŖŌ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ fŴ ĵŚśŴ ĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ ĬőŚōŋŜŗŚ ʼnŖŌ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ gŴ ĵŚśŴ ĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ ĬőŚōŋŜŗŚ hŴ ĵŚŴ ĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ ĬőŚōŋŜŗŚ ʼnŖŌ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚ Board of Directors of K. C. E. International Co., Ltd. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ bŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴ ĵŚŴ ĸŗŖ ĬŝŚőšʼnŊʼnŖŔōŖŏ ĬőŚōŋŜŗŚ dŴ ĵŚśŴ ĿʼnŖŞʼnŌōō ĸʼnŜʼnśʼnŚŜ ĬőŚōŋŜŗŚ eŴ ĵŚŴ ĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ Board of Directors of KCE Technology Co., Ltd. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ bŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴ ĵŚŴ ĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ dŴ ĵśŴ ĶőŜʼnšʼn ĺŗŒʼnŖʼnœʼnŕŘŐŗŔ ĬőŚōŋŜŗŚ eŴ ĵŚśŴ ļʼnŖšʼnŚʼnŜ ļōśśʼnŔōō ĬőŚōŋŜŗŚ Board of Directors of Thai Laminate Manufacturer Co., Ltd. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ bŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴ ĵŚśŴ ĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ ĬőŚōŋŜŗŚ dŴ ĵŚŴ ĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ eŴ ĵŚŴ ĸʼnŖŒʼn ĻōŖʼnŌőśʼnő ĬőŚōŋŜŗŚ Board of Directors of Thai Business Solution Co., Ltd. aŴ ĵŚŴ ĩŜŐʼnśőŌŐ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴ ĵŚŴ ĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴ ĵŴĴŴ ĸőŔʼnŕ ĺʼnŒʼnŜʼnŖʼnŞőŖ ĬőŚōŋŜŗŚ dŴ ĵŚŴ īŐʼnşʼnŔőŜ īŐŗŗŘŚōōŌʼn ĬőŚōŋŜŗŚ eŴ ĵŚŴ ļŝŕŖŝ ļŝŋŐőŖŌʼn ĬőŚōŋŜŗŚ

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KCE America Inc. consists of 2 directors. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ KCE Singapore Pte. Ltd. consists of 2 directors. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴ ĵŚśŴ ľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ Chemtronic Technology (Thailand) Co., Ltd. consists of 5 directors. a ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴ ĵŚŴ ĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴ ĵŚŴ ĩŜŐőŜ œŚʼnőŚőœśŐ ĬőŚōŋŜŗŚ dŴ ĵŚŴ ĴőŖ ĸŗųīŐőŝŖŏ ĬőŚōŋŜŗŚ eŴ ĵŚśŴ ĻŝŖōō ĭœŜōōŚʼnŒőŜ ĬőŚōŋŜŗŚ KCE Taiwan Co., Ltd. Consists of 6 directors. aŴ ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴ ĵŚŴ ĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴ ĵŚśŴ ļʼnŖšʼnŚʼnŜ ļōśśʼnŔōō ĬőŚōŋŜŗŚ dŴ ĵŚŴ ĸʼnśʼnŖőŖ ļŝŋŐőŖŌʼn ĬőŚōŋŜŗŚ eŴ ĵŚŴ ĴʼnŚŚš ĴőŖ ĬőŚōŋŜŗŚ fŴ ĵśŴ IJōŖŖš İśőʼnŗ ĬőŚōŋŜŗŚ

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Risk Factors and Risk Management ıŖ ōŞʼnŔŝʼnŜőŖŏ ŜŐō ŋŗŕŘʼnŖšŲ ŜŐō ŎŗŔŔŗşőŖŏ ŎʼnŋŜŗŚś ŗŝŜŔőŖō ŜŐō Śőśœś ŚōŔʼnŜōŌ Ŝŗ ŗŝŚ ŊŝśőŖōśś ŗŘōŚʼnŜőŗŖśŲ ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚšŲ ŏŔŗŊʼnŔ ōŋŗŖŗŕšŲ ŕʼnŚœōŜ ŋŗŖŌőŜőŗŖśŲ ŜōŋŐŖŗŔŗŏš ŌōŞōŔŗŘŕōŖŜ ʼnŖŌ ŎőŖʼnŖŋőʼnŔ śőŜŝʼnŜőŗŖŴ ļŐō śŜŚʼnŜōŏš Ŝŗ ŚōśŘŗŖŌ Ŝŗ ŜŐōśō ŕʼnŜŜōŚś ʼnŖŌ ŗŝŚ Śőśœ ŕʼnŖʼnŏōŕōŖŜ ŘŚŗŋōŌŝŚōś ʼnŚō ŌōśŋŚőŊōŌ ŊōŔŗşŴ External Risk Factors ä ĿŗŚŔŌ ĭŋŗŖŗŕš ĺőśœ ļŐō ŏŚŗşŜŐ ŗŎ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš ŋŗŚŚōśŘŗŖŌś şőŜŐ ŜŐō ŏŚŗşŜŐ ŗŎ ŜŐō şŗŚŔŌ ōŋŗŖŗŕš ʼnŖŌ ŜŐō ŏŚŗşŜŐ ŗŎ ŜŐō őŖŌŝśŜŚőōś ŜŐʼnŜ ŚōřŝőŚō ōŔōŋŜŚŗŖőŋ ŋŗŕŘŗŖōŖŜś śŝŋŐ ʼnś ŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖśŲ ŋŗŕŘŝŜōŚśŲ ʼnŝŜŗŕŗŊőŔōŲ őŖŌŝśŜŚőʼnŔ ōřŝőŘŕōŖŜŲ ŐőŏŐ ŜōŋŐŖŗŔŗŏš őŖśŜŚŝŕōŖŜś ʼnŖŌ ŘōŚőŘŐōŚʼnŔśŴ ļŐŝśŲ ŜŐō ŋšŋŔőŋʼnŔ ŋŐʼnŖŏō ŗŎ ŜŐō ōŋŗŖŗŕš ʼnŖŌ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš ŋʼnŖ őŖśŜőŏʼnŜō ŝŖŌōśőŚʼnŊŔō ŋŐʼnŖŏō őŖ śʼnŔōś ŞŗŔŝŕō ʼnŖŌ ŘŚőŋōŴ ļŐō ŋŗŕŘʼnŖšÝś śŜŚʼnŜōŏš Őʼnś ŊōōŖ Ŝŗ ŋŗŖŋōŖŜŚʼnŜō ŗŖ ŏŚŗşőŖŏ ōŖŌųŕʼnŚœōŜśŲ őŖŋŔŝŌőŖŏ ŜŐō ʼnŝŜŗŕŗŜőŞō ʼnŖŌ őŖŌŝśŜŚőʼnŔ śōŋŜŗŚśŲ şŐőŋŐ ʼnŚō ŕŗŚō śŜʼnŊŔōŲ ʼnŖŌ ŜŐō ŐőŏŐųōŖŌ ŋŗŖśŝŕōŚ ōŔōŋŜŚŗŖőŋś ŕʼnŚœōŜŲ şŐőŔō ŕʼnőŖŜʼnőŖőŖŏ ŗŜŐōŚ ŜŚʼnŌőŜőŗŖʼnŔ ōŖŌųŕʼnŚœōŜś ŎŗŚ ŌőŞōŚśőŎőŋʼnŜőŗŖŴ ä ļōŋŐŖŗŔŗŏš ĺőśœ ĩś ĸīĪś ŚōŕʼnőŖ ŜŐō ŊʼnśőŋŲ őŚŚōŘŔʼnŋōʼnŊŔō ŋŗŕŘŗŖōŖŜ ŗŎ ʼnŔŔ ōŔōŋŜŚŗŖőŋ ŘŚŗŌŝŋŜśŲ ijīĭÝś ōŠŘŗśŝŚō Ŝŗ ŜōŋŐŖŗŔŗŏőŋʼnŔ Śőśœś őś ŕʼnőŖŔš ŚōŔʼnŜōŌ Ŝŗ ŜŐō ŌōŜʼnőŔōŌ ŋŐʼnŖŏōś őŖ ŜŐō ŌōśőŏŖśŲ ŘŚŗŌŝŋŜőŗŖ ŜōŋŐŖőřŝōś ʼnŖŌ Śʼnş ŕʼnŜōŚőʼnŔŴ ijīĭ őŖŞōśŜś őŖ ŖōŋōśśʼnŚšŲ Ŗōş ŝŘų ŜŗųŌʼnŜō ōřŝőŘŕōŖŜ Ŝŗ śŝŘŘŗŚŜ śŝŋŐ ŋŐʼnŖŏōś ōŎŎōŋŜőŞōŔšŴ ĩś ŜŐō ŜŚōŖŌ őŖ ŜŐō ōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚš őś Ŝŗ Ŏŗŋŝś ŗŖ śŕʼnŔŔōŚŲ ŕŗŚō ōŎŎőŋőōŖŜ ʼnŖŌ ŕŗŚō ŋŗŕŘŔőŋʼnŜōŌ ŌōśőŏŖśŲ ĸīĪś ʼnŚō ŋŗŖśōřŝōŖŜŔš śŕʼnŔŔōŚ şőŜŐ ŕŗŚō őŖŜŚőŋʼnŜō ŌōśőŏŖś ʼnŖŌ ŐőŏŐōŚ ŔʼnšōŚ ŋŗŝŖŜśŴ ļŐőś ŚōśŝŔŜś őŖ ŋŐʼnŖŏōś őŖ ŘŚŗŌŝŋŜőŗŖ ŜōŋŐŖŗŔŗŏš Ŝŗ ŘŚŗŌŝŋō ŕŗŚō ōŎŎőŋőōŖŋš ʼnŖŌ ŚōŔőʼnŊőŔőŜšŴ ĵŗŚōŗŞōŚŲ ʼnś ŜŐō ŋŗŖŋōŚŖ ŎŗŚ ŜŐō ōŖŞőŚŗŖŕōŖŜ ŏŚŗşśŲ ŜŐōŚō ʼnŚō ŕŗŚō ŌōŕʼnŖŌś ŎŗŚ ŋŐʼnŖŏōś őŖ ŏŚōōŖ Śʼnş ŕʼnŜōŚőʼnŔś śŝŋŐ ʼnś ŐʼnŔŗŏōŖųŎŚōō ŔʼnŕőŖʼnŜō ʼnŖŌ ŔōʼnŌųŎŚōō ĸīĪśŴ ĵʼnŜōŚőʼnŔ ŋŐʼnŖŏōś őŖ ŜŐō ŚōśőśŜʼnŖŋō ŗŎ ŜŐō ōŖŞőŚŗŖŕōŖŜ şőŜŐ ŞʼnŚšőŖŏ ŜōŕŘōŚʼnŜŝŚōś ʼnŖŌ ŚʼnŘőŌ Ůİıįİ ĸĭĺĮķĺĵĩĶīĭ ĵĩļĭĺıĩĴůŴ ļŐō ŘŚōŞőŗŝśŔš ŕōŖŜőŗŖōŌ ŋŐʼnŖŏōś őŖ ŜōŋŐŖŗŔŗŏš ŕʼnš ʼnŎŎōŋŜ ŘŚŗŌŝŋŜőŗŖ ŋʼnŘʼnŋőŜšŲ śʼnŔōś ʼnŖŌ ŗŘōŚʼnŜőŖŏ ŘŚŗŎőŜŴ İŗşōŞōŚŲ ijīĭ őś ŋŗŖśŜʼnŖŜŔš ŘŚōŘʼnŚōŌ Ŝŗ ŕōōŜ śŝŋŐ ŋŐʼnŔŔōŖŏōś ŗŎ ŜōŋŐŖŗŔŗŏőŋʼnŔ ŋŐʼnŖŏō ŜŐŚŗŝŏŐ ŋŗŖŜőŖŝŗŝś ŚōśōʼnŚŋŐ ʼnŖŌ ŌōŞōŔŗŘŕōŖŜ Ŝŗ ʼnŌŞʼnŖŋō ŜŐō ŋŗŕŘʼnŖšÝś ŘŚŗŌŝŋŜś ʼnŖŌ ŘŚŗŌŝŋŜőŗŖ ŘŚŗŋōśś ʼnŖŌ Ŝŗ őŖŋŚōʼnśō ŜŐō ŘŚŗŌŝŋŜőŗŖ ŋʼnŘʼnŋőŜš Ŝŗ ŕōōŜ ŜŐō ŖōōŌś ŗŎ ŋŝśŜŗŕōŚśŴ ĩś ijīĭ Ŏŗŋŝśōś ŗŖ ŘŚŗŌŝŋőŖŏ ŕōŌőŝŕ Ŝŗ ŐőŏŐ řŝʼnŔőŜš ĸīĪśŲ ŜŐō ŋŗŕŘʼnŖšÝś ʼnŔŚōʼnŌš ʼnŌŞʼnŖŋōŌ ŜōŋŐŖŗŔŗŏš őś Ŕōśś ʼnŎŎōŋŜōŌ Ŋš ŜōŋŐŖŗŔŗŏš ŋŐʼnŖŏōśŴ ļŐō ŋŗŕŘʼnŖšÝś ŘŗŔőŋšŲ şŐőŋŐ őś ʼnőŕōŌ ʼnŜ řŝʼnŔőŜš ŋŗŖŜŚŗŔŲ ŗŖųŜőŕō ŌōŔőŞōŚš ʼnŖŌ ʼnśśőśŜʼnŖŋō Ŝŗ ŋŝśŜŗŕōŚśŲ Őʼnś śŝśŜʼnőŖōŌ ŔŗŖŏ şŗŚœőŖŏ ŚōŔʼnŜőŗŖśŐőŘś şőŜŐ ŔōʼnŌőŖŏ őŖŜōŚŖʼnŜőŗŖʼnŔ ŋŝśŜŗŕōŚś şŗŚŔŌşőŌōŲ ʼnŖŌ ŐōŔŘś ijīĭ ŋŗŘō ōŎŎōŋŜőŞōŔš şőŜŐ ŋŐʼnŖŏőŖŏ ŜōŋŐŖŗŔŗŏšŴ

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ä ĵʼnŚœōŜ ĺőśœ ʼnŖŌ īŗŕŘōŜőŜőŗŖ ĺőśœ ĵʼnŖš ŎʼnŋŜŗŚś ʼnŎŎōŋŜ ŕʼnŚœōŜ ŚőśœŲ ŚʼnŖŏőŖŏ ŎŚŗŕ ŎʼnŋŜŗŚś ŗŎ ŜŐō ŋŝśŜŗŕōŚ ŋŗŝŖŜőōśŲ őŴōŴ ŜŐō ōŋŗŖŗŕőŋ ʼnŖŌ ŘŗŔőŜőŋʼnŔ śőŜŝʼnŜőŗŖŲ őŖŜōŚŖʼnŜőŗŖʼnŔ ŜŚʼnŌō ŘŗŔőŋőōśŲ şʼnŚŲ ŝŖŚōśŜ ʼnŖŌ ŜōŚŚŗŚőśŕŲ ōŜŋŴ Ŝŗ ŎʼnŋŜŗŚś ʼnŚőśőŖŏ ʼnŜ ŜŐō ŋŝśŜŗŕōŚ ŔōŞōŔŲ śŝŋŐ ʼnś ŕōŚŏōŚś ŗŚ ŜʼnœōŗŞōŚ ŗŎ ŋŗŕŘʼnŖőōś ʼnŖŌ ŋŐʼnŖŏōś őŖ ŊŝšőŖŏ ŘŗŔőŋőōśŴ ıŖ ŗŚŌōŚ Ŝŗ ŌōŋŚōʼnśō ŕʼnŚœōŜ ŚőśœŲ ijīĭ ŌőŞōŚśőŎőōŌ őŜś śʼnŔōś ʼnŋŚŗśś ŕʼnŖš őŖŌŝśŜŚőōśŲ ōŞōŖ ŜŐŗŝŏŐ őŜś ŔʼnŚŏōśŜ ŕʼnŚœōŜ őś ŜŐō ʼnŝŜŗŕŗŜőŞō śōŋŜŗŚŲ ʼnŖŌ őŖ ŚōŏőŗŖś ŜŐŚŗŝŏŐŗŝŜ ŜŐō şŗŚŔŌŲ őŖŋŔŝŌőŖŏ ĭŝŚŗŘōŲ ŜŐō ĽĻĩ ʼnŖŌ ĩśőʼnŴ ļŐō ŋŗŕŘōŜőŜőŞō Śőśœ őśŲ ŗŖ ŜŐō ŗŖō ŐʼnŖŌŲ ŘŚőŋō ŋŗŕŘōŜőŜőŗŖŲ şŐōŚō ŜŐō ŋŗŕŘōŜőŜŗŚś ʼnŚō ļʼnőşʼnŖōśō ʼnŖŌ īŐőŖōśō ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚśŴ ļŐőś Ōŗōś ŖŗŜ ʼnŎŎōŋŜ ŗŖŔš ijīĭŲ ŊŝŜ ʼnŔŔ ĸīĪ ŘŚŗŌŝŋōŚś őŖ ŜŐō şŗŚŔŌŴ ĭŞōŖ ŜŐŗŝŏŐ ijīĭ ʼnŖŌ īŐőŖʼn Ōŗ ŖŗŜ ŌőŚōŋŜŔš ŋŗŕŘōŜōŲ ʼnś ŊŗŜŐ śōŚŞō ŌőŎŎōŚōŖŜ ŋŝśŜŗŕōŚ ŏŚŗŝŘśŲ ijīĭ ŋʼnŖŖŗŜ ʼnŞŗőŌ ŜŐō őŕŘʼnŋŜ ŗŎ ŜŐőś őŖŌőŚōŋŜ ŘŚőŋőŖŏ ŘŚōśśŝŚōŴ ķŖ ŜŐō ŗŜŐōŚ ŐʼnŖŌŲ ŜŐōŚō őś ŋŗŕŘōŜőŜőŗŖ ʼnŕŗŖŏ ŔŗŋʼnŔ ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚōŚś őŖ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩŴ ĸīĪś ŘŚŗŌŝŋōŌ őŖ ĭŝŚŗŘō ʼnŚō ŘōŚŋōőŞōŌ Ŝŗ Ŋō ŗŎ ŊōŜŜōŚ řŝʼnŔőŜš ŜŐʼnŖ ĸīĪś ŕʼnŌō őŖ ļŐʼnőŔʼnŖŌŲ ŊōśőŌōś ŜŐō ŜŚʼnŖśŘŗŚŜʼnŜőŗŖ ŊōőŖŏ ŕŗŚō ŋŗŖŞōŖőōŖŜŴ İŗşōŞōŚŲ ŜŐō ŘŚőŋō ŘŚōśśŝŚō şőŔŔ ŌŚőŞō ŕŗśŜ ōŔōŋŜŚŗŖőŋ ōřŝőŘŕōŖŜ ŕʼnŖŝŎʼnŋŜŝŚōŚś Ŝŗ ŜŝŚŖ Ŝŗ ĩśőʼn ŎŗŚ ʼn Ŕŗş ŘŚőŋō ŘŚŗŌŝŋŜŴ ĩś ʼn ŚōśŝŔŜŲ ŜŐō ŕőŏŚʼnŜőŗŖ ŗŎ ĸīĪ ŘŚŗŌŝŋŜőŗŖ ŎŚŗŕ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩ Őʼnś ʼnŋŋōŔōŚʼnŜōŌŴ ıŜ őś ōŠŘōŋŜōŌ ŜŐʼnŜ ĸīĪ ŘŔʼnŖŜś őŖ ĭŝŚŗŘō ʼnŖŌ ŜŐō ĽĻĩ şŗŝŔŌ ŋŗŖŜőŖŝō Ŝŗ ŌŗşŖśőŢō ʼnŖŌ ŘŚŗŊʼnŊŔš ŕʼnŖš ŕŗŚō şőŔŔ ŋŔŗśō ŌŗşŖŴ Internal Risk Factors ä ĸŚŗŌŝŋŜőŗŖ ĺőśœ ĸŚŗŌŝŋŜőŗŖ ŋʼnŖ Ŋō ʼnŎŎōŋŜōŌ Ŋš ŜŐō ŋŐʼnŖŏōś ŋʼnŝśōŌ Ŋš ŜŐō ŋŗŖśŜʼnŖŜ ŌōŕʼnŖŌ ŎŗŚ Ŗōş ŘŚŗŌŝŋŜőŗŖ ŜōŋŐŖŗŔŗŏőōś ʼnś şōŔŔ ʼnś ŜŐō ōŠŘʼnŖśőŗŖ ŗŎ ŘŚŗŌŝŋŜőŗŖ ŋʼnŘʼnŋőŜš Ŝŗ ŕōōŜ ŜŐō ŖōōŌś ŗŎ ŜŐō ŋŝśŜŗŕōŚśŴ ijīĭ ŋŗŖŜőŖŝōś Ŝŗ őŕŘŚŗŞō ʼnŖŌ ŌōŞōŔŗŘ őŜś ŘŚŗŌŝŋŜőŗŖ ŜōŋŐŖőřŝōś Ŝŗ ŗŞōŚŋŗŕō ŜŐőś őśśŝōŴ ĩ œŖŗşŔōŌŏōʼnŊŔō ʼnŖŌ śœőŔŔōŌ ŔʼnŊŗŚ ŎŗŚŋō őś ŋŚŝŋőʼnŔ Ŝŗ ŜŐō ŋŗŕŘʼnŖšÝś śŝŋŋōśśŴ ĴʼnŊŗŚ śŐŗŚŜʼnŏōś ŗŚ ʼnŖš ŔʼnŊŗŚųŚōŔʼnŜōŌ ŘŚŗŊŔōŕś şŗŝŔŌ ŌőŚōŋŜŔš ŚōśŝŔŜ őŖ ŔŗşōŚ ŘŚŗŌŝŋŜőŞőŜš ʼnŖŌ ŘŚŗŌŝŋŜ ŚōŔőʼnŊőŔőŜšŴ īŗŖŜőŖŝŗŝś ŜōŋŐŖőŋʼnŔ ŜŚʼnőŖőŖŏ ʼnŖŌ ŘŚŗŘōŚ ōŌŝŋʼnŜőŗŖ ʼnŚō ŘŚŗŞőŌōŌ Ŝŗ ōŖśŝŚō ŜŐō ōŎŎōŋŜőŞōŖōśś ʼnŖŌ śœőŔŔ ŌōŞōŔŗŘŕōŖŜ ŗŎ ijīĭ śŜʼnŎŎŴ ijīĭ śŐŗşś ʼn śŜŚŗŖŏ ŋŗŕŕőŜŕōŖŜ Ŝŗ őŜś şŗŚœŎŗŚŋō ʼnŖŌ ŘŚŗŞőŌōś ʼnŘŘŚŗŘŚőʼnŜō őŖŋōŖŜőŞōś ʼnŖŌ ŊōŖōŎőŜś Ŝŗ ōŕŘŔŗšōōś Ŝŗ ōŖśŝŚō ʼn ŔŗŖŏųŜōŚŕ ʼnŖŌ ŚōşʼnŚŌőŖŏ ŚōŔʼnŜőŗŖśŐőŘŴ ĸŚŗŌŝŋŜőŗŖ ŕʼnš Ŋō ʼnŜ Śőśœ Ōŝō Ŝŗ ŎőŚō ʼnŖŌ ŖʼnŜŝŚʼnŔ ŌőśʼnśŜōŚśŲ ʼnś ŜŐō ŋŗŕŘʼnŖš ŕʼnš Ŕŗśō őŜś ŋŝśŜŗŕōŚś Ŝŗ ʼn ŋŗŕŘōŜőŜŗŚŲ ŜŐō ŘŚŗŌŝŋŜőŗŖ ŕŝśŜ Ŋō śŜŗŘŘōŌ ʼnŖŌ ŜŐōŚō őś ʼnŌŌőŜőŗŖʼnŔ ŋŗśŜ ŎŗŚ ŜŐō ŔőŖō ŚōųśŜʼnŚŜŴ ļŐōŚōŎŗŚōŲ ŜŐō ŋŗŕŘʼnŖš ʼnŖŌ őŜś śŝŊśőŌőʼnŚőōś ŐŗŔŌ ʼnŖ őŖśŝŚʼnŖŋō ŘŗŔőŋš Ŝŗ ŘŚŗŜōŋŜ ŎŚŗŕ ŘŗśśőŊŔō Ōʼnŕʼnŏō ŋʼnŝśōŌ Ŋš ŎőŚō ʼnŖŌ ŊŝśőŖōśś őŖŜōŚŚŝŘŜőŗŖś ŋŚōʼnŜōŌ Ŋōŋʼnŝśō ŗŎ ŘŔʼnŖŜ śŝśŘōŖśőŗŖŴ ĩŖ ʼnŖŖŝʼnŔ ŚōŞőōş őś ŋʼnŚōŎŝŔŔš ŋŗŖŌŝŋŜōŌ Ŝŗ ōŖśŝŚō ŜŐʼnŜ ŜŐō ŘŚŗŘōŚ ŋŗŞōŚʼnŏō őś ŕʼnőŖŜʼnőŖōŌ ŎŗŚ ʼnŔŔ ōŞōŖŜŝʼnŔőŜőōśŴ ä ĺʼnş ĵʼnŜōŚőʼnŔ ĺőśœ ĺʼnş ŕʼnŜōŚőʼnŔ Śőśœ őś ʼnśśŗŋőʼnŜōŌ şőŜŐ œōš ŕʼnŜōŚőʼnŔś śŐŗŚŜʼnŏōś ŜŐʼnŜ ŔōʼnŌ Ŝŗ ʼnŖ ŝŖŘŔʼnŖŖōŌ ŔőŖōųŌŗşŖŲ ŜŐō ŝśʼnŏō ŗŎ őŕŘŚŗŘōŚ śŘōŋőŎőŋʼnŜőŗŖ ŗŚ śŝŊųśŜʼnŖŌʼnŚŌ řŝʼnŔőŜšŲ ʼnś şōŔŔ ʼnś ʼn ŚőśőŖŏ őŖ ŕʼnŜōŚőʼnŔ ŘŚőŋōŴ ijīĭ őŖŞōśŜōŌ őŖ őŜś śŝŊśőŌőʼnŚšŲ ļŐʼnő ĴʼnŕőŖʼnŜō ĵʼnŖŝŎʼnŋŜŝŚō īŗŴŲ ĴŜŌŴ ŮļĴĵů Ŝŗ ŘŚŗŌŝŋō ĴʼnŕőŖʼnŜō ʼnŖŌ śŝŘŘŔš ʼnŔŔ

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ŕʼnŜōŚőʼnŔś Ŝŗ ŗŜŐōŚ ĸīĪ ŘŔʼnŖŜś ŗŎ ijīĭŴ ļŐőś ŐōŔŘś ijīĭ Ŝŗ śōŋŝŚō ŜŐō ʼnŞʼnőŔʼnŊőŔőŜš ŗŎ œōš Śʼnş ŕʼnŜōŚőʼnŔś ʼnŖŌ Ŋō ʼnŊŔō Ŝŗ ŗŘŜőŕőŢō ŜŐō ŝśʼnŏō ŗŎ śŝŋŐ ŕʼnŜōŚőʼnŔśŲ ʼnś ļĴĵ ŋʼnŖ śŝŘŘŔš ʼn śŘōŋőŎőŋ śőŢō ʼnŖŌ ŜšŘō ŜŐʼnŜ ŎŝŚŜŐōŚ ōʼnśōś ŜŐō ŘŚŗŌŝŋŜőŗŖ ŘŚŗŋōśśŴ ĩŋřŝőśőŜőŗŖ ŗŎ īŐōŕŜŚŗŖőŋśŲ ŜŐō ĸīĪ őŖœ ŘŚŗŌŝŋōŚ ʼnŖŌ ŋŐōŕőŋʼnŔ ŚōŋšŋŔőŖŏ ŗŘōŚʼnŜőŗŖŲ ŐōŔŘś ōŔőŕőŖʼnŜō ŜŐō Śőśœ ŗŎ Śʼnş ŕʼnŜōŚőʼnŔ śŐŗŚŜʼnŏōŴ ĮŝŚŜŐōŚŕŗŚōŲ ŜŐō ŒŗőŖŜ ŞōŖŜŝŚō őŖ ijīĭ ļʼnőşʼnŖ ʼnŔśŗ ōŖŐʼnŖŋōśŜŐō Śʼnş ŕʼnŜōŚőʼnŔ śŗŝŚŋőŖŏ ŋʼnŘʼnŊőŔőŜšŲ ŎŝŚŜŐōŚ ŕőŖőŕőŢőŖŏ ŜŐō ŚőśœŴ ĺʼnş ŕʼnŜōŚőʼnŔś ŜŐʼnŜ ʼnŚō ʼnśśŗŋőʼnŜōŌ şőŜŐ ŋŗŘŘōŚ ʼnŖŌ ŏŗŔŌ ų ŔʼnŕőŖʼnŜōŲ ŋŗŘŘōŚ ŎŗőŔŲ ŋŗŘŘōŚ ʼnŖŗŌō ʼnŖŌ ŏŗŔŌ śʼnŔŜ ų ŐʼnŞō ʼn ŘŚőŋō ŚőśœŲ ʼnś ŜŐōš ʼnŚō ŌōŘōŖŌōŖŜ ŗŖ ŜŐō ŕʼnŚœōŜ ŘŚőŋō ŗŎ ŋŗŘŘōŚ ʼnŖŌ ŏŗŔŌŴ ļŐō ŋŗŕŘʼnŖšÝś ŘŗŔőŋš őś Ŝŗ ŝśō ʼn ŎőŖʼnŖŋőʼnŔ ŌōŚőŞʼnŜőŞō Ŝŗ ŐōŌŏō ŜŐō ŋŗŕŕŗŌőŜš ŘŚőŋō ʼnś ʼnŘŘŚŗŘŚőʼnŜōŴ ijīĭ śŗŝŚŋōś ŗŜŐōŚ Śʼnş ŕʼnŜōŚőʼnŔś ʼnŖŌ śŝŘŘŔőōś ŎŚŗŕ Ŝşŗ ŗŚ ŜŐŚōō ŕʼnőŖ śŝŘŘŔőōŚś ŎŗŚ ōʼnŋŐ őŜōŕ ŎŚŗŕ ŜŐō ĩŘŘŚŗŞōŌ ľōŖŌōŚ ĴőśŜŴ ļŐō ŋŗŕŘʼnŖš Őʼnś ŎŗŚŏōŌ ŏŗŗŌ ŚōŔʼnŜőŗŖśŐőŘś şőŜŐ őŜś ŕʼnŒŗŚ śŝŘŘŔőōŚśŲ śŝŘŘŗŚŜōŌ Ŋš őŜś ŔŗŖŏ ŜŚʼnŋœ ŚōŋŗŚŌŴ ļŐō ŏŔŗŊʼnŔ ŘŚőŋō ŗŎ Śʼnş ŕʼnŜōŚőʼnŔ őś ŋŔŗśōŔš ŕŗŖőŜŗŚōŌ ʼnŖŌ őŖŞōŖŜŗŚőōś ʼnśśŝŚōŌ Ŝŗ Ŋō ʼnŌōřŝʼnŜō ŎŗŚ śŕŗŗŜŐ ʼnŖŌ ŋŗŖŜőŖŝŗŝś ŗŘōŚʼnŜőŗŖŴ ä ĮőŖʼnŖŋőʼnŔ ĺőśœ ļŐō īŗŕŘʼnŖš őś ōŠŘŗśōŌ Ŝŗ Śőśœś ŎŚŗŕ ŜŐō ŖŗŚŕʼnŔ ŋŗŝŚśō ŗŎ ŊŝśőŖōśśŲ ŋŐʼnŖŏōś őŖ őŖŜōŚōśŜ ŚʼnŜōś ʼnŖŌ ŎŗŚōőŏŖ ōŠŋŐʼnŖŏō ŚʼnŜōś ʼnŖŌ ŎŚŗŕ ŊŚōʼnŋŐōŌ ŋŗŖŜŚʼnŋŜśŴ ļŐō īŗŕŘʼnŖš Ōŗōś ŖŗŜ ŐŗŔŌ ŗŚ őśśŝō ŎőŖʼnŖŋőʼnŔ ŌōŚőŞʼnŜőŞōś őŖ ʼn śŘōŋŝŔʼnŜőŞō ŕʼnŖŖōŚŴ ļŐō īŗŕŘʼnŖš ŚōʼnŔőŢōś ŜŐō őŕŘŗŚŜʼnŖŋō ŗŎ Śőśœ ŕʼnŖʼnŏōŕōŖŜŴ ļŐō īŗŕŘʼnŖš Őʼnś ʼn ŋŗŖŜŚŗŔ śšśŜōŕ Ŝŗ ŕʼnőŖŜʼnőŖ ʼnŖ ʼnŋŋōŘŜʼnŊŔō ŔōŞōŔ ŗŎ ŚőśœŲ ŋŗŖśőŌōŚőŖŏ ŜŐō őŕŘʼnŋŜ ŜŐʼnŜ ŋŗŝŔŌ Ŋō ŋʼnŝśōŌ ʼnŖŌ ŜŐō ŋŗśŜ Ŝŗ ŕʼnŖʼnŏō ŜŐō ŚőśœŴ ļŐō īŗŕŘʼnŖšÝś ĵʼnŖʼnŏōŕōŖŜ Őʼnś ŋŗŖŜőŖŝōŌ Ŝŗ ŋŗŖŜŚŗŔ ŜŐō Śőśœ ŕʼnŖʼnŏōŕōŖŜ ŘŚŗŋōśś Ŝŗ ōŖśŝŚō ŜŐō Śőśœ őŕŘʼnŋŜ őś ŊʼnŔʼnŖŋōŌ ʼnŏʼnőŖśŜ ŜŐō Śőśœ ŕʼnŖʼnŏōŕōŖŜ ŋŗśŜŴ ļŐō īŗŕŘʼnŖšÝś ĺőśœ ĸŗŔőŋš őś ʼnś ŎŗŔŔŗşśĢ Interest rate risk ļŐō Śőśœ őś ŎŚŗŕ ŋŐʼnŖŏőŖŏ őŖŜōŚōśŜ ŚʼnŜōś őŖ ŜŐō ŕʼnŚœōŜŲ şŐőŋŐ ʼnŎŎōŋŜ ŜŐō īŗŕŘʼnŖšÝś ŗŘōŚʼnŜőŗŖ ʼnŖŌ ŋʼnśŐ ŎŔŗşŴ ĵŗśŜ ŗŎ ŜŐō ŎőŖʼnŖŋőʼnŔ ʼnśśōŜś ʼnŖŌ ŔőʼnŊőŔőŜőōś ŗŎ ŜŐō īŗŕŘʼnŖš ŐʼnŞō ʼnŖ ʼnśśŗŋőʼnŜōŌ őŖŜōŚōśŜ ŊŝŚŌōŖ şőŜŐ ʼn ŚʼnŜō ŜŐʼnŜ ŎŔŝŋŜŝʼnŜōś Ŝŗ ŕʼnŚœōŜ ŚʼnŜō ŗŚ ʼn ŎőŠōŌ őŖŜōŚōśŜ ŚʼnŜō ŜŐʼnŜ őś ŖōʼnŚ ŜŐō ŋŝŚŚōŖŜ ŕʼnŚœōŜ ŚʼnŜōŴ Foreign exchange rate ĭŠŘŗśŝŚō Ŝŗ ŎŗŚōőŏŖ ōŠŋŐʼnŖŏō ŚʼnŜō Śőśœ őś ŚōŔʼnŜōŌ Ŝŗ ŜŐō ŘŝŚŋŐʼnśō ŗŎ Śʼnş ŕʼnŜōŚőʼnŔ ŗŚ ŜŐō śʼnŔō ŗŎ ŜŐō ŘŚŗŌŝŋŜŲ şŐōŚō ŜŐō ŜŚʼnŖśʼnŋŜőŗŖś ʼnŚō őŖ ŞʼnŚőŗŝś ŎŗŚōőŏŖ ŋŝŚŚōŖŋőōśģ ŜŐō īŗŕŘʼnŖš ōŖŜōŚś ʼn ĮŗŚşʼnŚŌ ōŠŋŐʼnŖŏō ŋŗŖŜŚʼnŋŜ ŎŗŚ ŎŗŚōőŏŖ ŋŝŚŚōŖŋšŲ şőŜŐ ōŠŘőŚʼnŜőŗŖ şőŜŐőŖ ŗŖō šōʼnŚŲőŖ ŗŚŌōŚ Ŝŗ ŐōŌŏō ŜŐō ŎőŖʼnŖŋőʼnŔ ʼnśśōŜś ʼnŖŌ ŔőʼnŊőŔőŜőōś ŐōŔŌ őŖ ŎŗŚōőŏŖ ŋŝŚŚōŖŋšŴ ļŐō ĮŗŚşʼnŚŌ ōŠŋŐʼnŖŏō ŋŗŖŜŚʼnŋŜ ʼnś ʼnŜ ŜŐō ŚōŘŗŚŜőŖŏ ŌʼnŜō ŚōŔʼnŜōś Ŝŗ ŜŐō ŘŝŚŋŐʼnśō ʼnŖŌ śʼnŔō ŜŚʼnŖśʼnŋŜőŗŖś ŗŎ ŜŐō ŖōŠŜ ŘōŚőŗŌŴ

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KCE Annual Report 2012

Credit risk ļŐō ŋŚōŌőŜ Śőśœ ŚōŔʼnŜōś Ŝŗ ŋŝśŜŗŕōŚś şŐŗ Ōŗ ŖŗŜ ŐʼnŞō ŜŐō ʼnŊőŔőŜš Ŝŗ Řʼnš ŜŐō ŌōŊŜ ŗŖ ŜŐō ʼnŏŚōōŌ ŜōŚŕśŗŖ ŜŐō Ōŝō ŌʼnŜōŴ ļŐō īŗŕŘʼnŖšÝś ĵʼnŖʼnŏōŕōŖŜ őś ŌōŜōŚŕőŖōŌ Ŝŗ ōśŜʼnŊŔőśŐ ʼn ŋŚōŌőŜ ŘŗŔőŋš ŎŗŚ ʼnŖʼnŔšŢőŖŏ ŘŗŜōŖŜőʼnŔ ŋŝśŜŗŕōŚśÝ ŎőŖʼnŖŋőʼnŔ ŘŗśőŜőŗŖśőŖ ŗŚŌōŚ Ŝŗ śōŜ ʼn ŋŚōŌőŜ ŔőŕőŜŴ ĩś ŗŎ ŜŐō ŚōŘŗŚŜőŖŏ ŌʼnŜōŲ ŜŐō īŗŕŘʼnŖš őś ŖŗŜ śŝŊśŜʼnŖŜőʼnŔŔš ōŠŘŗśōŌ Ŝŗ ŋŚōŌőŜ ŚőśœŴ ļŐō ŕʼnŠőŕŝŕ ŋŚōŌőŜ Śőśœ ōŠŘŗśŝŚō őś śŐŗşŖ őŖ ŜŐō ĪʼnŔʼnŖŋō ĻŐōōŜŲ ŜŐō Ŋŗŗœ ŞʼnŔŝō ŗŎ ŎőŖʼnŖŋőʼnŔ ʼnśśōŜś ʼnŖŌ ŔőʼnŊőŔőŜőōśŴ ĩŔŜŐŗŝŏŐ ŜŐō ŏŚŗŝŘ Őʼnś ʼn ŏŚōʼnŜ ŖŝŕŊōŚ ŗŎ ŋŝśŜŗŕōŚśŲ ŜŐō īŗŕŘʼnŖšÝś ĵʼnŖʼnŏōŕōŖŜ Ōŗōś ŖŗŜ ōŠŘōŋŜ ʼn śŝŊśŜʼnŖŜőʼnŔ őŕŘʼnŋŜ ŎŚŗŕ ŖŗŖųŋŗŔŔōŋŜőŊŔō ŌōŊŜŴ ä ĺőśœ ŗŖ ĶŗŖųŘʼnšŕōŖŜ ŎŚŗŕ ĻʼnŔōś ĺōŘŚōśōŖŜʼnŜőŞōś ʼnŖŌ īŝśŜŗŕōŚś ĻőŠŜš ŘōŚŋōŖŜ ŗŎ ŜŐō ŜŗŜʼnŔ śʼnŔōś ŗŎ ŜŐō ijīĭ ŏŚŗŝŘ ʼnŚō ŜŚʼnŖśʼnŋŜōŌ ŜŐŚŗŝŏŐ ŜŐō ijīĭ śʼnŔōś ŚōŘŚōśōŖŜʼnŜőŞōś ʼnŖŌ ŜŐō ŚōŕʼnőŖőŖŏ d`ū ŗŎ śʼnŔōś ʼnŚō śŐőŘŘōŌ ŌőŚōŋŜŔš Ŝŗ ŋŝśŜŗŕōŚśŴ ĻʼnŔōś ŚōŘŚōśōŖŜʼnŜőŞōś ʼnŔśŗ ŋŗŔŔōŋŜ ŜŐō ŘʼnšŕōŖŜś ŎŚŗŕ ŋŝśŜŗŕōŚś ŗŖ ŊōŐʼnŔŎ ŗŎ ijīĭ ʼnŖŌ ŚōŕőŜ ŜŐō ŕŗŖōš Ŝŗ ijīĭ ŗŖ ŜŐō ʼnŏŚōōŌ śŋŐōŌŝŔōŴ ĿŐőŔō ŖŗŖųŘʼnšŕōŖŜ ŎŚŗŕ ŚōŘŚōśōŖŜʼnŜőŞōś ŕʼnš Řŗśō ʼn ŎőŖʼnŖŋőʼnŔ ŚőśœŲ ŜŐōŚō Őʼnś ŖōŞōŚ ŊōōŖ śŝŋŐ ʼnŖ őŖŋőŌōŖŜŴ Ļŗŕō ŚōŘŚōśōŖŜʼnŜőŞōś ʼnŚō ʼn ijīĭ ʼnśśŗŋőʼnŜōŌ ŋŗŕŘʼnŖšŲ şŐőŔō śŗŕō ŚōŘŚōśōŖŜʼnŜőŞōś ʼnŚō ŖŗŜ ŚōŔʼnŜōŌ ŋŗŕŘʼnŖšŲ ŊŝŜ ŐʼnŞō ŐʼnŌ ʼn ŏŗŗŌ ʼnŖŌ ŔŗŖŏ ŔʼnśŜőŖŏ ŚōŔʼnŜőŗŖśŐőŘ şőŜŐ ijīĭ ŎŗŚ ŗŞōŚ b` šōʼnŚśŴ ĵŗŚōŗŞōŚŲ ŜŐō ŕʼnŒŗŚőŜš ŗŎ ijīĭ ŋŝśŜŗŕōŚś ʼnŚō şŗŚŔŌ ŔōʼnŌőŖŏ ŋŗŕŘʼnŖőōś şőŜŐ śŜŚŗŖŏ ŎőŖʼnŖŋőʼnŔ śŜʼnŜŝś ʼnŖŌ ŐőśŜŗŚš ŗŎ ŔŗŖŏ şŗŚœőŖŏ ŚōŔʼnŜőŗŖśŐőŘś şőŜŐ ijīĭŴ ĩŔŔ ŜŐōśō ŎʼnŋŜŗŚś ŐōŔŘ ōŔőŕőŖʼnŜō ŜŐō Śőśœ ŗŎ ŖŗŖųŘʼnšŕōŖŜ ŎŚŗŕ ŚōŘŚōśōŖŜʼnŜőŞō ʼnŖŌ ŋŝśŜŗŕōŚśŴ ĽśŝʼnŔŔšŲ ŌōŔʼnšōŌ ŘʼnšŕōŖŜ ŗŋŋŝŚś ʼnś ʼn ŚōśŝŔŜ ŗŎ ŗŜŐōŚ ŗŘōŚʼnŜőŗŖʼnŔ őśśŝōś ʼnŖŌ ŖŗŜ ŚōŔʼnŜőŖŏ Ŝŗ ŖŗŖųŘʼnšŕōŖŜŴ

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General Information īŗŕŘʼnŖš Ķʼnŕō Ģ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ ĶʼnŜŝŚō ŗŎ ĪŝśőŖōśś Ģ ļŐō ĵʼnŖŝŎʼnŋŜŝŚō ʼnŖŌ ĬőśŜŚőŊŝŜőŗŖ ŗŎ ĸĺıĶļĭĬ īıĺīĽıļ ĪķĩĺĬ ŗŚ ĸīĪ ĺōŏőśŜōŚōŌ īʼnŘőŜʼnŔ Ģ diaŲhbiŲe`` ĪʼnŜŐ ŮdgbŲf``Ųgfi ĻŐʼnŚōśůŲ ĩŜ ĬōŋōŕŊōŚ b`Ų b`ab ĩŌŌŚōśś Ģ abeųabeŵaŲa ĵŗŗ d ĴʼnŜ ijŚʼnŊʼnŖŏ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜō ĴŝŕŘŔʼnŜōşŲ ĴʼnŜ ijŚʼnŊʼnŖŏŲ ĪʼnŖŏœŗœ a`eb` ĿōŊśőŜō Ģ ŐŜŜŘĢŵŵşşşŴœŋōŜŐʼnőŴőŖŴŜŐ ļōŔŴ Ģ Ůffbů cbfų`aif ĮʼnŠ Ģ Ůffbů cbfų`c`` ļŐō ŕŝŔŜőŔʼnšōŚ ĸīĪś şőŜŐ ŐőŏŐōŚ ŔʼnšōŚ ŋŗŝŖŜ ŘŚŗŌŝŋōś ʼnŜ ijīĭ ĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋ īŗŕŘʼnŖš ĴőŕőŜōŌ ŮĸʼnŚōŖŜ īŗŕŘʼnŖšů ʼnŜ ĴʼnŜ ijŚʼnŊʼnŖŏ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜōŴ įŚŗŝŘ ŗŎ ijīĭ őś ŋŗŖśőśŜőŖŏ ŗŎ Ģ aŴ ļŐō ŌŗŝŊŔō śőŌōŌ ĸīĪś ŘŚŗŌŝŋōś ʼnŜ ijŴīŴĭŴ ıŖŜōŚŖʼnŜőŗŖʼnŔ īŗŴŲ ĴŜŌŴŲ ʼn śŝŊśőŌőʼnŚš ŗŎ ijīĭ ŮiiŴiiū ŗşŖōŌů ʼnŜ ĪʼnŖŏŘŗŗ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜōŴ bŴ ijīĭ ļōŋŐŖŗŔŗŏš īŗŴŲ ĴŜŌŴŲ ʼn śŝŊśőŌőʼnŚš ŗŎ ijīĭ Ůa``ū ŗşŖōŌů ʼnŜ İőųļōŋŐ ıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜō Ŝŗ ōŠŘʼnŖŌ ŜŐō ŋʼnŘʼnŋőŜš ŗŎ ĸīĪ ŕʼnŖŝŎʼnŋŜŝŚőŖŏŴ cŴ ļŐʼnő ĴʼnŕőŖʼnŜō ĵʼnŖŝŎʼnŋŜŝŚōŚś īŗŴŲ ĴŜŌŴŲ ʼn śŝŊśőŌőʼnŚš ŗŎ ijīĭ Ůa``ū ŗşŖōŌů ŘŚŗŌŝŋōś ʼn ŕʼnŒŗŚ ĸīĪ ĺʼnş ŕʼnŜōŚőʼnŔŲ ŘŚōŘŚōŏ ʼnŖŌ ŔʼnŕőŖʼnŜōŴ dŴ ijīĭ ŮļŐʼnőŔʼnŖŌů īŗŕŘʼnŖš ĴőŕőŜōŌ şʼnś őŖŋŗŚŘŗŚʼnŜōŌ ʼnś ʼn ŔőŕőŜōŌ ŋŗŕŘʼnŖš ŗŖ ĵʼnŚŋŐ hŲ b``g şőŜŐ ʼn ŘʼnőŌ ŝŘ ŋʼnŘőŜʼnŔ ŗŎ ĪʼnŐŜŴ cŲf``Ų``` Ŝŗ Ŋō ŜŐō ŔŗŋʼnŔ ŌőśŜŚőŊŝŜŗŚ ŗŎ ĸīĪś őŖ ļŐʼnőŔʼnŖŌŴ ijīĭ ŐŗŔŌś f`ū ŗŎ ŘʼnőŌ ŝŘ ŋʼnŘőŜʼnŔ ŗŎ ijīĭ ŮļŐʼnőŔʼnŖŌůŴ eŴ ijīĭ ĩŕōŚőŋʼn ıŖŋŴŲ Őʼnś ŚōŏőśŜōŚōŌ śŐʼnŚō ŋʼnŘőŜʼnŔ ʼnŖŌ ŎŝŔŔš ŘʼnőŌ ŝŘ ĽĻĬ e`Ų``` Ŝŗ Ŋō ŗŎŎōŚőŖŏ ŎŝŔŔ ŋŗŕŕōŚŋőʼnŔ ʼnŖŌ ŜōŋŐŖőŋʼnŔ śŝŘŘŗŚŜ Ŝŗ ŜŐō ŋŝśŜŗŕōŚś őŖ ĩŕōŚőŋʼnŲ ijīĭ ŐŗŔŌ e`ūŴ fŴ ijīĭ ĻőŖŏʼnŘŗŚō ĸļĭŴŲ Őʼnś ŚōŏőśŜōŚōŌ śŐʼnŚō ŋʼnŘőŜʼnŔ ʼnŖŌ ŎŝŔŔš ŘʼnőŌ ŝŘ ĽĻĻ e``Ų``` Ŝŗ Ŋō ŗŎŎōŚőŖŏ ŎŝŔŔ ŋŗŕŕōŚŋőʼnŔ ʼnŖŌ ŜōŋŐŖőŋʼnŔ śŝŘŘŗŚŜ Ŝŗ ŜŐō ŋŝśŜŗŕōŚś őŖ ĩśőʼnŲ ijīĭ ŐŗŔŌ diūŴ gŴ ļŐʼnő ĪŝśőŖōśś ĻŗŔŝŜőŗŖ īŗŴŲ ĴŜŌŴ ŮļĪĻů şʼnś őŖŋŗŚŘŗŚʼnŜōŌ ʼnś ʼn ŔőŕőŜōŌ ŋŗŕŘʼnŖš ŝŖŌōŚ ļŐʼnő Ŕʼnş ŗŖ ĵʼnš th 26 Ų b``hŴ ļĪĻ Őʼnś ŚōŏőśŜōŚōŌ śŐʼnŚō ŋʼnŘőŜʼnŔ ʼnŖŌ ŎŝŔŔš ŘʼnőŌ ŝŘ c ŕőŔŔőŗŖ ĪʼnŜŐŴ ĸōŚŎŗŚŕś ŊŝśőŖōśś őŖ ıļ ŚōŔʼnŜōŌ ŘŚŗŒōŋŜ Ŏŗŋŝś ŗŖ ĻŗŎŜşʼnŚō ŌōŞōŔŗŘŕōŖŜŲ İʼnŚŌşʼnŚō őŖśŜʼnŔŔʼnŜőŗŖŲ īŗŖśŝŔŜʼnŜőŗŖ ʼnŖŌ ıŕŘŔōŕōŖŜʼnŜőŗŖŴ ijīĭ ŐŗŔŌś aiū ŗŎ ŘʼnőŌ ŝŘ ŋʼnŘőŜʼnŔ ŗŎ ļĪĻŴ hŴ ıŖ b`abŲ ŜŐō īŗŕŘʼnŖš ōŖŜōŚōŌ ʼn ŒŗőŖŜ ŞōŖŜŝŚō Ŝŗ ōśŜʼnŊŔőśŐ ijīĭ ļʼnőşʼnŖ īŗŴŲ ĴŜŌŲ şőŜŐ ŜŐō ŎŝŔŔš ŘʼnőŌ ŝŘ ŋʼnŘőŜʼnŔ ĶļĬ cŲ```Ų``` ŔŗŋʼnŜōŌ őŖ ļʼnőşʼnŖŴ ijīĭ ļʼnőşʼnŖ őś ʼnŖ ŗŞōŚśōʼnś śŗŝŚŋőŖŏ ŚōŘŚōśōŖŜʼnŜőŞō ŎŗŚ Śʼnş ŕʼnŜōŚőʼnŔ ʼnŖŌ ŕʼnŋŐőŖōŚš ŎŗŚ ŜŐō īŗŕŘʼnŖš ʼnŖŌ őŜś śŝŊśőŌőʼnŚőōśŴ

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iŴ ıŖ b`abŲ ŜŐō īŗŕŘʼnŖš ʼnŋřŝőŚōŌ īŐōŕŜŚŗŖőŋś ļōŋŐŖŗŔŗŏš ŮļŐʼnőŔʼnŖŌů īŗŴŲ ĴŜŌ ʼnŖŌ őŖŞōśŜ igŴbeū ŗŎ ŜŗŜʼnŔ ŝśōŌ ʼnŖŌ ŎŝŔŔš ŘʼnőŌ ŝŘ ŋʼnŘőŜʼnŔŴ īŐōŕŜŚŗŖőŋś ļōŋŐŖŗŔŗŏš ŐŗŔŌś a``ū ŗŎ ŜŐō śŐʼnŚō őŖ őŜś śŝŊśőŌőʼnŚšŲ īŐōŕŜŚŗŖőŋś īŐōŕőŋʼnŔ īŗŴŲ ĴŜŌŴ īŐōŕŜŚŗŖőŋś őś ʼn ĸīĪ őŖœ ŘŚŗŌŝŋōŚ ʼnŖŌ ĸīĪ ŋŐōŕőŋʼnŔ ŚōŋšŋŔőŖŏ ŋŗŕŘʼnŖšŴ ļŐō ŊōŖōŎőŜś ŎŚŗŕ ŜŐō őŖŞōśŜŕōŖŜ őŖ īŐōŕŜŚŗŖőŋś ʼnŚō ŖŗŜ ŗŖŔš ʼn ŚōŌŝŋŜőŗŖ őŖ ŜŐō şōśŜ ŌőśŘŗśʼnŔ ŊŝŚŌōŖŲ ŊŝŜ ʼnŔśŗ ŜŐō ŋŗŖśőŌōŚʼnŊŔō ŏʼnőŖ ŎŚŗŕ ŚōŋšŋŔőŖŏ ŝśōŌ ŋŐōŕőŋʼnŔś śŗŔŝŜőŗŖŴ Other References Registrar ļŐʼnőŔʼnŖŌ ĻōŋŝŚőŜőōś ĬōŘŗśőŜŗŚš īŗŕŘʼnŖš ĴőŕőŜōŌŴ fb ĻŜŗŋœ ĭŠŋŐʼnŖŏō ŗŎ ļŐʼnőŔʼnŖŌ ĪŝőŔŌőŖŏ ĺʼnŜŋŐʼnŌʼnŘőśōœ ĺŗʼnŌŲ ijŔŗŖŏŜŗōšŲ ijŔŗŖŏŜŗōš ĪʼnŖŏœŗœ a`aa` ļōŔ Ģ `bųbbiųbh``Ų `bųefdųeeii ĮʼnŠ Ģ `bųfedųedbg Auditor ĵŚŴ ľōōŚʼnŋŐʼnő ĺʼnŜʼnŖʼnŒʼnŚʼnŜœŝŔ īōŚŜőŎőōŌ ĸŝŊŔőŋ ĩŋŋŗŝŖŜ ĺōŏőśŜŚʼnŜőŗŖ ĶŗŴ dcbc ʼnŖŌŵŗŚ ĵŚŴľőŋŐőōŖ ļŐʼnŕŜŚʼnœŝŔ īōŚŜőŎőōŌ ĸŝŊŔőŋ ĩŋŋŗŝŖŜ ĺōŏőśŜŚʼnŜőŗŖ ĶŗŴ cahc ʼnŖŌŵŗŚ ĵśŴ ĪŗŖŏœŗŜ ĩŕśʼnŏōʼnŕ īōŚŜőŎőōŌ ĸŝŊŔőŋ ĩŋŋŗŝŖŜ ĺōŏőśŜŚʼnŜőŗŖ ĶŗŴ cfhd ijĸĵį ĸŐŗŗŕŋŐʼnő īŗŴĴŜŌŴ 50th -51st ĭŕŘőŚō ļŗşōŚŲ aie ĻŗŝŜŐ ĻʼnŜŐŗŚŖŲ ĪʼnŖŏœŗœ a`ab` ļōŔ Ģ `bųfggųb``` ĮʼnŠ Ģ `bųfggųbbbb Law Consultant Office īŴ ĪŴ ĴĩĿ ķŎŎőŋō īŗŕŘʼnŖš ĴőŕőŜōŌ iiŵbb a`ŜŐ ĮŔŗŗŚ ĻʼnŜŐŗŚŖ ļŐʼnŖő ĪŝőŔŌőŖŏ bŲ ĶŗŚŜŐ ĻʼnŜŐŗŚŖ ĺŗʼnŌŲ ĻőŔŗŕŲ ĪʼnŖŏŚʼnœŲ ĪʼnŖŏœŗœ a`e`` ļŐʼnőŔʼnŖŌ ļōŔ Ģ `bųbchųcfhiųibŲ `bųbccųeciiŲ `bųbccųfhfi ĮʼnŠ Ģ `bųbcfųdih`

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Report of the Board of Directors’ Responsibilities for Financial Statements ļŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚś őś ŚōśŘŗŖśőŊŔō ŎŗŚ ŜŐō ŋŗŖśŗŔőŌʼnŜōŌ ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜś ŗŎ ŜŐō īŗŕŘʼnŖš ʼnŖŌ śŝŊśőŌőʼnŚőōś ʼnŖŌ ŎőŖʼnŖŋőʼnŔ őŖŎŗŚŕʼnŜőŗŖ śŜʼnŜōŌ őŖ ŜŐō ĩŖŖŝʼnŔ ĺōŘŗŚŜŴ ļŐō ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜś şōŚō ŘŚōŘʼnŚōŌ őŖ ʼnŋŋŗŚŌʼnŖŋō şőŜŐ ŏōŖōŚʼnŔŔš ʼnŋŋōŘŜōŌ ʼnŘŘŚŗŘŚőʼnŜō ʼnŋŋŗŝŖŜőŖŏ ŘŚőŖŋőŘŔōś ʼnŖŌ ŘŚʼnŋŜőŋōś ŗŖ ʼn ŚōŏŝŔʼnŚ Ŋʼnśőś őŖ ļŐʼnőŔʼnŖŌŴ ĵʼnŜōŚőʼnŔ őŖŎŗŚŕʼnŜőŗŖ şʼnś śŝŎŎőŋőōŖŜŔš ŌőśŋŔŗśōŌ őŖ ŜŐō ĶŗŜōś ŗŎ ŜŐō ĮőŖʼnŖŋőʼnŔ ĻŜʼnŜōŕōŖŜśŴ ļŐō ĪŗʼnŚŌ ʼnŘŘŗőŖŜōŌ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōō şŐŗ ŋŗŕŘŚŗŕőśōś ŗŎ ıŖŌōŘōŖŌōŖŜ ĬőŚōŋŜŗŚś Ŝŗ ŗŞōŚśōō ŜŐō řŝʼnŔőŜš ŗŎ ŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜś ʼnŖŌ őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔ ŗŎ ŜŐō īŗŕŘʼnŖšŴ ļŐō ĩŝŌőŜ īŗŕŕőŜŜōōÝś Şőōşś ŚōŏʼnŚŌőŖŏ ŜŐőś őśśŝō őś ŌőśŋŔŗśōŌ őŖ ŜŐőś ĩŖŖŝʼnŔ ĺōŘŗŚŜ ŝŖŌōŚ ŜŐō śōŋŜőŗŖ ŗŎ ŜŐō ĩŝŌőŜ īŗŕŕőŜŜōōÝś ĺōŘŗŚŜŴ ıŖ ŜŐō ĪŗʼnŚŌ ŗŎ ĬőŚōŋŜŗŚśÝ ŗŘőŖőŗŖŲ ŜŐō őŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔ śšśŜōŕ őś ʼnŌōřŝʼnŜō ʼnŖŌ ŋʼnŖ ʼnśśŝŚō ŜŐō ŚōŔőʼnŊőŔőŜš ŗŎ ŜŐō ŋŗŖśŗŔőŌʼnŜōŌ ŎőŖʼnŖŋőʼnŔ śŜʼnŜōŕōŖŜś ŗŎ ŜŐō īŗŕŘʼnŖš ʼnŖŌ śŝŊśőŌőʼnŚőōś ʼnś ʼnŜ ĬōŋōŕŊōŚ caŲ b`abŴ

ĵŚŴ ĪʼnŖŋŐʼn ķŖŏœŗśőŜ Chairman

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Independent Auditor’s Report To the shareholders of KCE Electronics Public Company Limited I have audited the accompanying consolidated and separate financial statements of KCE Electronics Public Company Limited and its subsidiaries, and of KCE Electronics Public Company Limited, respectively, which comprise the consolidated and separate statements of financial position as at 31 December 2012, the consolidated and separate statements of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. Management’s Responsibility for the Consolidated and Separate Financial Statements Management is responsible for the preparation and fair presentation of these consolidated and separate financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility My responsibility is to express an opinion on these consolidated and separate financial statements based on my audit. I conducted my audit in accordance with Thai Standards on Auditing. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated and separate financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Opinion In my opinion, the consolidated and separate financial statements referred to above present fairly, in all material respects, the financial position as at 31 December 2012 and the financial performance and cash flows for the year then ended of KCE Electronics Public Company Limited and its subsidiaries, and of KCE Electronics Public Company Limited, respectively, in accordance with Thai Financial Reporting Standards.

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Other Matter The financial statements of KCE Electronics Public Company Limited and its subsidiaries, and of KCE Electronics Public Company Limited for the year ended 31 December 2011, were audited by another auditor who expressed an unmodified opinion on those statements on 27 February 2012 with emphasis of matter in relation to the adoption of the revised and new accounting standards issued by the Federation of Accounting Professions during the year 2011.

(Veerachai Ratanajaratkul) Certified Public Accountant Registration No. 4323 KPMG Phoomchai Audit Ltd. Bangkok 12 February 2013

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Statements of financial position KCE Electronics Public Company Limited and its subsidiaries As at 31 December 2012 and 2011 Consolidated financial statements Note 2012 2011 Assets Current assets 7 397,177,878 535,535,464 Cash and cash equivalents 2,092,673 3,319,338 Short-term investments in trading securities 8 2,214,826,850 1,546,419,993 Trade and other receivables 9 1,240,204,237 1,079,741,866 Inventories 3 762,222,414 1,663,673,410 Insurance claim receivable 77,378,773 44,079,539 Other current assets 4,695,129,490 4,871,542,945 Total current assets Non-current assets 10 77,673,638 82,132,877 Investments in associates 11 Investments in subsidiaries 1,198,842 Other long-term investments 12 5,237,038,462 4,235,134,544 Property, plant and equipment 5,13 79,792,930 Goodwill 14 160,682,290 86,444,636 Intangible assets 4,051,786 2,868,840 Other non-current assets 5,560,437,948 4,406,580,897 Total non-current assets 10,255,567,438 9,278,123,842 Total assets

The accompanying notes are an integral part of these financial statements.

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(Unit : Baht) Separate financial statements 2012 2011 94,974,827 142,492,106 2,092,673 3,319,338 1,032,409,860 1,033,393,142 443,995,004 503,835,609 10,000,000 10,357,001 11,208,620 1,595,907,649 1,692,170,531 3,962,579 2,396,120,815 570,000 1,116,775,609 70,688,813 3,571,127 3,591,688,943 5,187,596,592

2,422,385 2,157,485,580 1,189,451,707 61,690,437 2,051,848 3,413,101,957 5,105,272,488

Statements of financial position (Continued) KCE Electronics Public Company Limited and its subsidiaries As at 31 December 2012 and 2011 (Unit : Baht) Consolidated Separate financial statements financial statements Note 2012 2011 2012 2011 Liabilities and equity Current liabilities Bank overdrafts and short-term loans 15 2,811,806,023 3,551,067,328 709,522,460 1,213,876,779 from financial institutions 16 1,566,474,785 1,466,676,670 781,344,827 874,417,630 Trade and other payables Current portion of liabilities under 15 19,700,090 51,511,153 14,857,666 43,348,043 hire-purchase and finance lease liabilities 15 1,373,024,542 352,563,795 301,676,686 124,726,453 Current portion of long-term loans 11,687,281 Income tax payable 1,741,188 2,160,269 1,637,556 1,009,415 Other current liabilities 5,784,433,909 5,423,979,215 1,809,039,195 2,257,378,320 Total current liabilities Non-current liabilities Liabilities under hire-purchase and 15 9,600,948 23,636,852 5,221,146 19,339,836 finance lease agreements 15 1,317,002,997 1,260,174,590 613,577,551 229,162,110 Long-term loans 17 67,301,346 62,141,650 34,983,607 31,496,383 Employee benefit obligations 1,393,905,291 1,345,953,092 653,782,304 279,998,329 Total non-current liabilities 7,178,339,200 6,769,932,307 2,462,821,499 2,537,376,649 Total liabilities

The accompanying notes are an integral part of these financial statements.

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Statements of financial position (Continued) KCE Electronics Public Company Limited and its subsidiaries As at 31 December 2012 and 2011 Consolidated financial statements Note 2012 2011 Liabilities and equity Equity 18 Share capital 491,829,500 500,000,000 Authorised share capital 472,600,769 472,224,269 Issued and paid-up share capital 19 (105,582,361) (70,050,487) Treasury shares 1,110,753,348 1,107,752,659 Premium on ordinary shares 18 4,008,644 Share warrants Retained earnings Appropriated 20 50,000,000 50,000,000 Legal reserve 19, 20 105,582,361 70,050,487 Treasury shares reserve 1,481,908,205 942,274,954 Unappropriated (55,451,954) (52,074,343) Other components of equity Equity attributable to owners of 3,063,819,012 2,520,177,539 the Company 13,409,226 (11,986,004) Non-controlling interests 3,077,228,238 2,508,191,535 Total equity 10,255,567,438 9,278,123,842 Total liabilities and equity

The accompanying notes are an integral part of these financial statements.

KCE Annual Report 2012

214

(Unit : Baht) Separate financial statements 2012 2011

491,829,500 500,000,000 472,600,769 472,224,269 (105,582,361) (70,050,487) 1,110,753,348 1,107,752,659 4,008,644 -

50,000,000 105,582,361 1,087,412,332 -

50,000,000 70,050,487 937,918,911 -

2,724,775,093 2,567,895,839 2,724,775,093 2,567,895,839 5,187,596,592 5,105,272,488

Statements of comprehensive income KCE Electronics Public Company Limited and its subsidiaries For the year ended 31 December 2012 and 2011 Consolidated financial statements Note 2012 2011 6 Income Revenue from sale of goods and 6,477,889,690 7,201,064,787 28 rendering of services 87,002,532 496,765,367 3 Compensation from insurance claim 11 Dividend income from subsidiaries 230,989,043 106,103,222 22 Other income 7,205,644,100 7,394,170,541 Total income 6 Expenses Cost of sale of goods and rendering of 5,232,319,245 5,957,001,387 services 432,746,165 466,936,879 23 Selling expenses 642,370,741 685,126,192 22,24 Administrative expenses 159,279,417 153,493,499 26 Finance costs 6,466,715,568 7,262,557,957 Total expenses Share of loss from investments 10 (2,621,463) (358,862) in associates 736,307,069 131,253,722 Profit before income tax 27 (19,802,391) (2,302,577) Income tax expense 716,504,678 128,951,145 Profit for the year Other comprehensive income Foreign currency translation differences (3,377,611) 5,676,033 for foreign operations Other comprehensive income for (3,377,611) 5,676,033 the year, net of income tax Total comprehensive income for 713,127,067 134,627,178 the year

(Unit : Baht) Separate financial statements 2012 2011 3,493,128,645 3,467,623,552 97,723 10,291,288 71,808,180 49,560,045 86,033,631 3,661,261,744 3,517,281,320

2,868,460,411 2,765,293,670 215,076,092 226,742,641 203,917,225 222,605,149 44,774,575 51,619,350 3,339,073,078 3,259,416,035 322,188,666 322,188,666

257,865,285 257,865,285

-

-

-

-

322,188,666

257,865,285

The accompanying notes are an integral part of these financial statements.

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KCE Annual Report 2012

Statements of comprehensive income (Continued) KCE Electronics Public Company Limited and its subsidiaries For the year ended 31 December 2012 and 2011 Consolidated financial statements Note 2012 2011 Profit attributable to: 712,328,496 132,020,833 Owners of the Company 4,176,182 (3,069,688) Non-controlling interests 716,504,678 128,951,145 Profit for the year Total comprehensive income attributable to: 708,950,885 137,696,866 Owners of the Company 4,176,182 (3,069,688) Non-controlling interests Total comprehensive income for 713,127,067 134,627,178 the year Earnings per share 29 1.55 0.28 Basic earnings per share 29 1.55 0.28 Diluted earnings per share

The accompanying notes are an integral part of these financial statements.

KCE Annual Report 2012

216

(Unit : Baht) Separate financial statements 2012 2011 322,188,666 322,188,666

257,865,285 257,865,285

322,188,666 -

257,865,285 -

322,188,666

257,865,285

0.70 0.70

0.56 0.56

217

KCE Annual Report 2012

30

18

Share premium

-

-

6,780,020

6,780,020 -

472,224,269 (70,050,487) 1,107,752,659

-

1,157,000 (30,213,802)

1,157,000 (30,213,802) -

471,067,269 (39,836,685) 1,100,972,639

Treasury shares

The accompanying notes are an integral part of these financial statements.

Year ended 31 December 2011 Balance at 1 January 2011 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the Company Issue of ordinary shares Treasury shares purchased Reserve for treasury shares Dividend Total contributions by and distributions to owners of the Company Comprehensive income for the year Profit or loss Other comprehensive income Total comprehensive income for the year Balance at 31 December 2011

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

-

-

-

-

-

Share warrants

Statements of Changes in Equity

50,000,000

-

-

-

50,000,000

70,050,487

-

30,213,802

30,213,802 -

5,676,033

-

-

-

-

-

5,676,033

-

-

132,020,833 5,676,033

(207,757,669)

7,937,020 (30,213,802) (185,480,887)

(3,069,688) -

-

-

128,951,145 5,676,033

(207,757,669)

7,937,020 (30,213,802) (185,480,887)

(8,916,316) 2,581,322,026

Total equity

132,020,833 5,676,033 5,676,033 137,696,866 (3,069,688) 134,627,178 942,274,954 (13,515,883) (38,558,460) (52,074,343) 2,520,177,539 (11,986,004) 2,508,191,535

132,020,833 -

(215,694,689)

(30,213,802) (185,480,887)

39,836,685 1,025,948,810 (19,191,916) (38,558,460) (57,750,376) 2,590,238,342

Consolidated financial statements Other components of shareholders’ equity Excess of investments arising from additional purchases of investments in subsidiaries at a price higher than the net book value of the Retained earnings subsidiaries Equity Appropriated at the Total other attributable to Noncontrolling Legal Treasury shares Translation acquisition components owners of date of equity the Company interests reserve Unappropriated adjustments reserve

(Unit : Baht)

KCE Annual Report 2012

218

18, 19 18 19 19 19 18 30

-

-

Share warrants

-

3,000,689

-

-

3,000,689

4,008,644

-

4,008,644

-

-

4,008,644

(61,879,987) 64,880,676 4,008,644 -

472,600,769 (105,582,361) 1,110,753,348

-

(35,531,874)

-

-

376,500

-

(35,531,874)

-

376,500

Share premium

(70,050,487) 1,107,752,659

(8,170,500) 70,050,487 8,547,000 (105,582,361) -

472,224,269

Treasury shares

The accompanying notes are an integral part of these financial statements.

Year ended 31 December 2012 Balance at 1 January 2012 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the Company Reduction of ordinary shares Issue of ordinary shares Treasury shares purchased Decrease of reserve for treasury shares Increase of reserve for treasury shares Share-based payment transactions Dividend Total contributions by and distributions to owners of the Company Changes in ownership interests in subsidiaries Acquisition of non-controlling interests with a change in control Addition of non-controlling interests from disposal of subsidiary Total transactions with owners, recorded directly in equity Comprehensive income for the year Profit or loss Other comprehensive income Total comprehensive income for the year Balance at 31 December 2012

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

50,000,000

-

-

-

-

-

-

50,000,000

-

712,328,496 (3,377,611)

-

-

-

-

-

-

-

-

-

-

-

(3,377,611)

-

-

-

-

-

21,467,403

4,343,645

712,328,496 (3,377,611)

4,176,182 -

(165,309,412) 21,219,048

-

-

716,504,678 (3,377,611)

(144,090,364)

21,467,403

4,343,645

(165,309,412) (4,592,000) (169,901,412)

73,427,676 73,427,676 (105,582,361) (105,582,361) 4,008,644 4,008,644 (137,163,371) (4,592,000) (141,755,371)

712,328,496 (3,377,611) (3,377,611) 708,950,885 4,176,182 713,127,067 105,582,361 1,481,908,205 (16,893,494) (38,558,460) (55,451,954) 3,063,819,012 13,409,226 3,077,228,238

-

35,531,874 (172,695,245)

-

-

35,531,874 (172,695,245)

-

Total equity

(Unit : Baht)

942,274,954 (13,515,883) (38,558,460) (52,074,343) 2,520,177,539 (11,986,004) 2,508,191,535

(70,050,487) 70,050,487 105,582,361 (105,582,361) (137,163,371)

70,050,487

Consolidated financial statements Other components of shareholders’ equity Excess of investments arising from additional purchases of investments in subsidiaries at a price higher than the net book Retained earnings value of the Equity subsidiaries Appropriated Nonat the Total other attributable to Legal Treasury shares Translation acquisition components owners of controlling reserve Unappropriated adjustments reserve date of equity the Company interests

Statements of Changes in Equity (Continued)

219

KCE Annual Report 2012

30

18 (30,213,802) (30,213,802) (70,050,487)

1,157,000 472,224,269

(39,836,685)

Treasury shares

1,157,000 -

471,067,269

The accompanying notes are an integral part of these financial statements.

Year ended 31 December 2012 Balance at 1 January 2011 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the Company Issue of ordinary shares Treasury shares purchased Reserve for treasury shares Dividend Total contributions by and distributions to owners of the Company Comprehensive income for the year Profit or loss Other comprehensive income Total comprehensive income for the year Balance at 31 December 2011

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

1,107,752,659

-

-

6,780,020

6,780,020 -

1,100,972,639

Share premium

-

-

-

-

-

-

Share warrants

50,000,000

-

-

-

-

50,000,000

70,050,487

-

-

30,213,802

30,213,802 -

39,836,685

937,918,911

257,865,285

257,865,285 -

(215,694,689)

(30,213,802) (185,480,887)

895,748,315

Retained earnings Appropriated Treasury shares Legal reserve reserve Unappropriated

Separate financial statements

Statements of Changes in Equity (Continued)

2,567,895,839

257,865,285

257,865,285 -

(207,757,669)

7,937,020 (30,213,802) (185,480,887)

2,517,788,223

Total equity

(Unit : Baht)

KCE Annual Report 2012

220 (105,582,361)

472,600,769

(35,531,874)

376,500 -

70,050,487 (105,582,361) -

(8,170,500) 8,547,000 -

-

(70,050,487)

Treasury shares

472,224,269

The accompanying notes are an integral part of these financial statements.

Year ended 31 December 2012 Balance at 1 January 2012 Transactions with owners, recorded directly in equity Contributions by and distributions to owners of the Company 18, 19 Reduction of ordinary shares 18 Issue of ordinary shares 19 Treasury shares purchased 19 Decrease of reserve for treasury shares 19 Increase of reserve for treasury shares 18 Shared-based payment transactions 30 Dividend Total contributions by and distributions to owners of the Company Comprehensive income for the year Profit or loss Other comprehensive income Total comprehensive income for the year Balance at 31 December 2012

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

1,110,753,348

-

-

3,000,689

(61,879,987) 64,880,676 -

1,107,752,659

Share premium

4,008,644

-

-

4,008,644

4,008,644 -

-

Share warrants

50,000,000

-

-

-

-

50,000,000

105,582,361

-

-

35,531,874

(70,050,487) 105,582,361 -

70,050,487

1,087,412,332

322,188,666

322,188,666 -

(172,695,245)

70,050,487 (105,582,361) (137,163,371)

937,918,911

Retained earnings Appropriated Treasury shares Legal reserve reserve Unappropriated

Separate financial statements

Statements of Changes in Equity (Continued)

2,724,775,093

322,188,666

322,188,666 -

(165,309,412)

73,427,676 (105,582,361) 4,008,644 (137,163,371)

2,567,895,839

Total equity

(Unit : Baht)

Statements of cash flows KCE Electronics Public Company Limited and its subsidiaries For the year ended 31 December 2012 and 2011 Consolidated financial statements 2012 2011 Cash flows from operating activities 716,504,678 128,951,145 Profit for the year Adjustments for 358,862 2,621,463 Share of loss from investments in associates 477,401,106 548,157,527 Depreciation 4,214,270 10,266,908 Amortisation Allowance for doubtful accounts 188,001 trade accounts receivable Allowance (reversal) of net realisable value of inventories 14,230,881 (11,086,937) Reversal of non-controlling interests (21,467,403) from disposal of subsidiary (1,758,695) Gain on disposal of subsidiary (2,641,978) (2,439,972) Gain on disposals of equipment 1,269,881 455,064,873 Loss from write-off of inventories 44,868,894 1,123,231,752 Loss from write-off of equipment (8,127,906) Reversal of allowance for impairment on fixed assets 7,962,568 7,243,785 Provision for long-term employee benefits Unrealised loss (gain) on exchange rate and (71,601,989) 156,811,005 hedging activities 12,380,000 Share-based payment transactions Unrealised loss (gain) on revaluation of investments 61,970 (1,226,665) in trading securities Dividends income from subsidiaries Accrued dividend income from subsidiary 152,387,871 145,098,781 Interest expense 2,302,577 19,802,391 Income tax expense 1,360,483,134 2,550,546,510

(Unit : Baht) Separate financial statements 2012 2011 322,188,666

257,865,285

153,663,227 5,807,947

160,386,683 4,002,657

(2,875,786)

185,629 1,947,252

(605,982) 557,996 3,487,224

(996,110) 11,854,853 630,341 3,512,136

(14,700,430) 6,084,770

43,727,358 -

(1,226,665) (67,398,180) (4,410,000) 49,242,488 449,815,275

61,970 42,180,590 525,358,644

Changes in operating assets and liabilities 9,759,447 (226,602,964) (613,451,409) 59,962,327 Trade and other receivables 901,450,996 (1,569,015,092) (10,000,000) Insurance claim receivable (162,590,150) (191,557,012) 62,716,392 (131,394,023) Inventories (26,834) 408,726 (27,006,468) (7,688,538) Other current assets 2,708,924 385,802 978,334 2,908,517 Other non-current assets 205,361,313 (41,858,056) (108,747,337) 182,158,194 Trade and other payables 743,826 628,140 (2,160,268) 1,543,757 Other current liabilities (8,677,215) (9,280,215) (2,084,089) Employee benefit obligations 1,660,981,393 795,562,198 404,966,445 344,268,552 Cash generated from operating activities (13,005,994) (4,522,503) (1,260,346) (1,024,562) Income tax paid Net cash from operating activities

1,647,975,399

791,039,695

403,706,099

343,243,990

The accompanying notes are an integral part of these financial statements.

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Statements of cash flows (Continued) KCE Electronics Public Company Limited and its subsidiaries For the year ended 31 December 2012 and 2011 Consolidated financial statements 2012 2011 Cash flows from investing activities Cash paid for additional investments (1,540,000) in associate and subsidiary 5,676,819 5,977,235 Proceeds from disposals of equipment (950,313,879) (284,804,360) Purchases of equipment (35,877,250) (15,300,123) Purchases of computer software Dividend received from a subsidairy company (170,752,065) Net cash outflow on acquisition of subsidiary 900,000 Net cash inflow on disposal of subsidiary (1,151,906,375) (294,127,248) Net cash used in investing activities Cash flows from financing activities (158,019,125) (139,622,595) Interest paid Increase (decrease) in bank overdrafts and short-term loans from financial institutions (1,357,282,127) 307,555,794 Repayment of liabilities under hire-purchase and (50,658,455) (108,191,016) finance lease agreements 1,620,000,000 1,593,799,298 Proceed from long-term loans (501,841,846) (1,550,338,623) Repayment of long-term loans Proceed from capital increase 65,056,320 7,937,020 and warrants exercised (105,582,361) (30,213,802) Purchase of treasury shares (141,755,371) (185,480,887) Dividend paid (4,343,645) Acquistion of non-controlling interest Net cash from (used in) financing activities (634,426,610) (104,554,811) Net increase (decrease) in cash and cash (138,357,586) 392,357,636 equivalents 535,535,464 143,177,828 Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 397,177,878 535,535,464 Non-cash transactions 1) Non-cash related transaction for operating activities 63,459,297 Increase in employee benefit obligations 2) Non-cash related transactions for investing activities Net decrease (increase) in other receivable from disposals of machinery and equipment Net increase (decrease) in trust receipts from 621,877,050 7,050,193 purchases of machinery and equipment Net increase (decrease) in other account payable from purchases of machinery and equipment (155,524,073) 288,814,504 3) Non-cash related transaction for financing activities Assets acquired under hire-purchase and 4,811,487 2,257,526 finance lease agreements The accompanying notes are an integral part of these financial statements. KCE Annual Report 2012

222

(Unit : Baht) Separate financial statements 2012 2011 (1,540,000) (200,000,000) 1,602,589 3,809,668 (53,999,100) (86,523,289) (14,533,368) (11,635,528) 67,398,180 66,495,800 (233,810,199) 900,000 (233,981,898) (227,853,349) (50,837,091)

(41,061,511)

(514,332,609)

149,629,418

(42,609,067) 700,000,000 (131,773,301)

(97,741,470) 299,240,159 (96,227,416)

65,056,320 7,937,020 (105,582,361) (30,213,802) (137,163,371) (185,480,887) (217,241,480) 6,081,511 (47,517,279) 142,492,106 94,974,827

121,472,152 21,019,954 142,492,106

-

36,661,462

(727,394)

727,394

11,223,015

(9,632,371)

19,153,006

743,750

-

(1,606,474)

Notes to the Financial Statements KCE Electronics Public Company Limited and its subsidiaries Note 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Contents General information Basis of preparation of the financial statements Impact of severe flooding in Thailand Significant accounting policies Acquisitions of subsidiary Related parties Cash and cash equivalents Trade and other receivables Inventories Investments in associates Investments in subsidiaries Property, plant and equipment Goodwill Intangible assets Interest-bearing liabilities Trade and other payables Employee benefit obligations Share capital Treasury shares Reserves Segment information Gain (loss) on exchange rate and from hedging activities Selling expenses Administrative expenses Expenses by nature Finance costs Income tax expense Promotional privileges Earnings per share Dividends Financial instruments Commitments Contingent liabilities Thai Financial Reporting Standards (TFRS) not yet adopted Reclassification of accounts

223

KCE Annual Report 2012

These notes form an integral part of the interim financial statements. The financial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language statutory financial statements, and were approved and authorised for issue by the Board of Directors on 12 February 2013. 1 General information KCE Electronics Public Company Limited (“the Company”) was incorporated as a limited company under Thai law and was transformed to be a public limited company under the Public Limited Companies Act on 21 December 1992. The Company has its registered office at No. 125-125/1, 1 Moo 4 Lat Krabang Industrial Estate, Kwang Lumplatew, Khet Lat Krabang, Bangkok. The principal business of the Company is the manufacture and distribution of printed circuit board products. Details of the Company’s subsidiaries as at 31 December 2012 and 2011 are given in notes 6 and 11. 2 Basis of preparation of the financial statements (a) Statement of compliance The financial statements are prepared in accordance with Thai Financial Reporting Standards (TFRS); guidelines promulgated by the Federation of Accounting Professions (“FAP”); and applicable rules and regulations of the Thai Securities and Exchange Commission. As at 31 December 2012, the FAP had issued a number of new and revised TFRS which are expected to be effective for financial statements beginning on or after 1 January 2013 and have not been adopted in the preparation of these financial statements. These new and revised TFRS are disclosed in note 34. (b) Basis of measurement The financial statements have been prepared on the historical cost basis unless otherwise stated in accounting policies. (c)

Presentation currency The financial statements are prepared and presented in Thai Baht. All financial information presented in Thai Baht has been rounded in the notes to the financial statements to the nearest thousand.

(d) Use of estimates and judgment The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which estimates are revised and in any future periods affected.

KCE Annual Report 2012

224

3 Impact of severe flooding in Thailand During the fourth quarter of the year 2011, there was severe flooding in Thailand. The location of KCE Technology Co., Ltd., a subsidiary’s factory and offices, was inundated. The damages from the flood incident are estimated to by approximately Baht 1,712 million which consist of damages to fixed assets of Baht 1,115 million, damages to inventories of Baht 433 million and other damages of Baht 164 million. The loss from the incidents is covered by the subsidiary’s insurance, which covers all risks and business interruption. The management of the Company and its subsidiary is virtually certain that there is insurance coverage for all of the losses. As at 31 December 2011, the subsidiary recognised insurance claim receivable from property damage of Baht 1,548 million and business interruption loss of Baht 70 million. For the year ended 31 December 2012, KCE Electronics Public Company Limited, KCE Technology Co., Ltd.(subsidiary), Thai Laminate Manufacturer Co., Ltd.(subsidiary), and KCE (Thailand) Co., Ltd.(subsidiary) recognised compensation from insurance claim for business interruption of Baht 10 million, Baht 467 million, Baht 10 million, and Baht 10 million, respectively. 4 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a) Basis of consolidation The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates. Business combinations The Group applies the acquisition method for all business combinations other than those with entities under common control. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The acquisition date is the date on which control is transferred to the acquirer. Judgment is applied in determining the acquisition date and determining whether control is transferred from one party to another. Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any non-controlling interest in the acquiree, less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed, all measured as of the acquisition date. Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Group to the previous owners of the acquiree, and equity interests issued by the Group. Consideration transferred also includes the fair value of any contingent consideration. A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present obligation and arises from a past event, and its fair value can be measured reliably.

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The Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree. Transaction costs that the Group incurs in connection with a business combination, such as legal fees, and other professional and consulting fees are expensed as incurred. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. Losses applicable to non-controlling interests in a subsidiary are allocated to non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Investments in associates are accounted for in the consolidated financial statements using the equity method (equity-accounted investees) and are recognised initially at cost. The cost of the investment includes transaction costs. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to Thai Baht at the foreign exchange rates ruling at the dates of the transactions. KCE Annual Report 2012

226

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to Thai Baht at the foreign exchange rates ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss. Non-monetary assets and liabilities measured at cost in foreign currencies are translated to Thai Baht using the foreign exchange rates ruling at the dates of the transactions. Foreign entities The assets and liabilities of foreign entities are translated to Thai Baht at the foreign exchange rates ruling at the reporting date. The revenues and expenses of foreign are translated to Thai Baht at rates approximating the foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on translation are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity until disposal of the investment. (c)

Derivatives Forward exchange contracts Receivables and payables arising from forward exchange contracts are translated into Baht at the rates of exchange ruling at the end of reporting period. Gains and losses from the translation are included in determine income. Premiums or discounts on forward exchange contracts are amortised on a straight-line basis over the contract periods. Currency option agreements Currency option agreements are contracts between two parties whereby the seller grants the buyer a future option to buy (call option) or to sell (put option) foreign currency at an exchange rate stipulated in the agreement. the Group enters into such agreements in order to manage foreign exchange risk. The notional amounts of cross currency option agreements utilised by the Group to manage foreign exchange risk are not recognised as assets or liabilities upon inception of the agreement, but fees paid by the Group in respect of such agreements are amortised on a straight-line basis over the term of the agreements. Cross currency and interest rate swap agreements Cross currency and interest rate swap agreements are contracts between the Group and counterparties to exchange amounts of principal denominated in different currencies upon inception of the agreements, either over the term of the agreement or on maturity, depending on the terms of the agreements made with the counterparties. In addition, each counterparty receives or pays interest in amounts calculated on the basis of the pre-determined principal and interest rates throughout the term of the agreements.

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With regard to amounts receivable or payable under cross currency and interest rate swap agreements which the Group use to manage foreign exchange and interest rate risk, receivables or payables under cross currency agreements are translated at the rate of exchange applying on the end of reporting period, with unrealised gains or losses on such translation included in profit or loss. The differential to be paid or received by the Group under interest rate swap agreements is recognised as an adjustment to interest income or interest expense over the term of the agreement. Gains or losses arising upon the termination of agreements or the early settlement of the underlying liabilities are recognised in profit or loss. Receivables and payables under cross currency and interest rate swap agreements are presented net in the statement of financial position. Commodities hedge agreements The Group enters into commodities hedge agreements whereby the Group are committed to purchase commodities at the price and quantity as stipulated in the agreements. The Group enters into such agreements in order to manage such risk. The Group recognises unrealised gains or losses on the change of fair value of such commodities hedge agreements in profit or loss. (d) Cash and cash equivalents Cash and cash equivalents in the statements of cash flows comprise cash balances, call deposits and highly liquid short-term investments. Bank overdrafts that are repayable on demand are a component of financing activities for the purpose of the statement of cash flows. (e) Trade and other accounts receivable Trade and other accounts receivable are stated at their invoice value less allowance for doubtful accounts. The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer payments. Bad debts are written off when incurred. (f)

Inventories Inventories are measured at the lower of cost and net realisable value. Cost is calculated using the weighted average cost principle, and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. In the case of manufactured inventories and work-in-progress, cost includes an appropriate share of production overheads based on normal operating capacity and is calculated using standard cost adjusted to approximate average cost. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale.

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(g) Investments Investments in associates and subsidiaries Investments in associates and subsidiaries entities in the separate financial statements of the Company are accounted for using the cost method. Investments in associates in the consolidated financial statements are accounted for using the equity method. Investments in other debt and equity securities Debt securities and marketable equity securities held for trading are classified as current assets and are stated at fair value, with any resultant gain or loss recognised in profit or loss. Equity securities which are not marketable are stated at cost less any impairment losses. Disposal of investments On disposal of an investment, the difference between net disposal proceeds and the carrying amount together with the associated cumulative gain or loss that was reported in equity is recognised in profit or loss. If the Group 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. (h) Property, plant and equipment Recognition and measurement Owned assets Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised net within other income in profit or loss.

229

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Leased assets Leases in terms of which the Group substantially assumes all the risk and rewards of ownership are classified as finance leases. Plant and equipment acquired by way of 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. Lease 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. Finance charges are charged directly to the profit or loss. Subsequent costs The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value. Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. The estimated useful lives are as follows: Buildings and plant Machinery and plant equipment Plant and building improvement Furniture, fixtures and office equipment Vehicles

20 - 25 5 - 20 5 - 20 5 - 10 5

years years years years years

No depreciation is provided on freehold land or assets under construction. Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. (i)

Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. The measurement of goodwill at initial recognition is described in note 4(a). Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses.

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Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred. Amortisation Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Software licences

5 - 15 years

Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. (j)

Impairment The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an exceeds its recoverable amount. The impairment loss is recognised in profit or loss unless it reverses a previous revaluation credited to equity, in which case it is charged to equity. Calculation of recoverable amount The recoverable amount of a non-financial asset is the greater of the asset’s value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted 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. For 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. Reversals of impairment An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods in respect of non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An 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.

231

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(k)

Interest-bearing liabilities Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges. Subsequent to initial recognition, interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in profit or loss over the period of the borrowings on an effective interest basis.

(l)

Trade and other accounts payable Trade and other accounts payable are stated at cost.

(m) Employee benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service costs and the fair value of any plan assets are deducted. The discount rate is the yield at the reporting date on government bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed regularly by a qualified actuary using the projected unit credit method. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognised in profit or loss on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised immediately in profit or loss. The Group recognises all actuarial gains and losses arising from defined benefit plans in other comprehensive income and all expenses related to defined benefit plans in profit or loss. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

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A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Share-based payments The grant-date fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met. (n) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. 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 the risks specific to the liability. The unwinding of the discount is recognised as finance cost. (o) Treasury shares When share capital recognised as equity is repurchased, the amount of consideration paid, including directly attributable costs, is classified as treasury shares and recognised as a deduction from equity. An equal amount is appropriated from retained earnings and taken to a reserve for treasury shares within equity. When treasury shares are sold, the amount received is recognised as an increase in equity by crediting the cost of the treasury shares sold, calculated using the weighted average method, to the treasury shares account and transferring the equivalent amount back from reserve for treasury shares to retained earnings. Surpluses on the sale of treasury shares are taken directly to a separate category within equity, ‘Surplus on treasury shares’. Net deficits on sale or cancellation of treasury shares are debited to retained earnings after setting off against any remaining balance of surplus on treasury shares. (p) Revenue Revenue excludes value added taxes and is arrived at after deduction of trade discounts and volume rebates. Sale of goods and services rendered Revenue is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyer. No 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. Service income is recognised as services are provided taking into account the stage of completion.

233

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Dividend income Dividend income is recognised in profit or loss on the date the Group’s right to receive payments is established. Interest income Interest income is recognised in profit or loss as it accrues. (q) Finance costs Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and contingent consideration. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. (r)

Lease payments Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of the lease. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed. Determining whether an arrangement contains a lease At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfillment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of the underlying asset. At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Group’s incremental borrowing rate.

(s)

Income tax Income tax on the profit or loss for the year comprises current tax. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. In determining the amount of current tax, the Group takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including

KCE Annual Report 2012

234

interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. (t)

Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period, adjusted for own shares held. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares, which comprise convertible notes and share options granted to employees.

5 Acquisition of subsidiary On 2 October 2012, the Group obtained a controlling interest of Chemtronic Technology (Thailand) Co., Ltd. (“Chemtronic�), which is engaged in the business of operating a factory manufacturing ink for printed circuit board and chemical solution used in the production of printed circuit board by acquiring ordinary shares at the proportion of 97.25% of the total issued and fully paid up shares. Taking control of Chemtronic will enable the Group to increase profitability in the production process and have enough chemicals while shortage. For the period from 2 October 2012 to 31 December 2012, Chemtronic contributed revenue of Baht 69 million and profit of Baht 26 million to the Group’s results. If the acquisition had occurred on 1 January 2012, management estimates that consolidated revenue for the year ended 31 December 2012 would have been Baht 284 million. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2012. The following summarises the major classes of consideration transferred, and the recognised amounts of assets acquired and liabilities assumed at the acquisition date:

235

KCE Annual Report 2012

Identifiable assets acquired, liabilities assumed and goodwill Carrying amounts 63,058 48,960 13,373 61,149 (59,253) 127,287

Cash and cash equivalents Trade and other receivables Inventories Property, plant and equipment Other liabilities Total identifiable net assets Interest in acquire Net identifiable assets acquired and liabilities assumed Total consideration transferred Goodwill

(Unit : Thousand Baht) Fair value Recognised adjustments values 63,058 48,960 13,373 30,664 91,813 (59,253) 30,664 157,951 97.25% 153,607 (233,400) 79,793

The goodwill is attributable mainly to the skills and technical talent of Chemtronic’s work force, and the synergies expected to be achieved from integrating Chemtronic into the Group’s business. None of the goodwill recognised is expected to be deductible for income tax purposes. The Group is continuing its review of these matters during the measurement period. If new information obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date identifies adjustments to the above determined fair values, or any additional assets or liabilities that existed at the acquisition date, then the acquisition accounting will be revised. 6 Related parties For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. Relationships with subsidiaries and associates entities are described in notes 10 and 11. Relationships with key management and other related parties were as follows: Name of entities

Country of incorporation / nationality

Nature of relationships

Key management personnel

Thai

Persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of the Group.

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236

The pricing policies for particular types of transactions are explained further below: Transactions Subsidiaries

Pricing policies

Sales of goods

Market prices and prices per job order for each product which are agreed between the parties Rendering of service Market prices and prices per job order for each product which are agreed between the parties Sales of property, plant and equipment Net book value plus margin and prices agreed between the parties Dividend income As announced in the minute of shareholders’ meeting Other income Prices agreed between the parties Purchase of goods Market prices and prices per job order for each product which are agreed between the parties Purchase of property, plant Prices agreed between the parties and equipment Associates Sales of goods Purchase of raw materials Commission expense

Market prices at which similar quality products are sold under same conditions Market prices at which similar quality products are purchased under same conditions At the rate agreed between the parties which is general rate for the same business

237

KCE Annual Report 2012

Significant transactions for the years ended 31 December with related parties were as follows:

For the years ended 31 December Subsidiaries Sale of goods Rendering of service Rental income Other income Sales of property, plant and equipment Purchases of goods Purchases of property, plant and equipment Other expense Dividend income Associates Sales of goods Purchase of raw material Commission expense Purchases of property, plant and equipment Other expense Key management personnel Key management personnel compensation Short-term employee benefit Share-based payments Total key management personnel compensation

Consolidated financial statements 2012 2011

(Unit : Million Baht) Separate financial statements 2012 2011

-

-

168 21 5 10 1 1,022 18 7 72

276 17 4 7 1 1,089 6 -

1,037 59 53 8 5

1,171 52 50 6

598 17 29 4 2

575 18 29 -

78 5 83

72

40 3 43

35

72

35

Balances as at 31 December with related parties were as follows: Trade receivables - related parties Subsidiaries KCE Technology Co., Ltd. K.C.E. International Co., Ltd. KCE (Thailand) Co., Ltd. Thai Laminate Manufacturer Co., Ltd. Associates KCE America, Inc. KCE Singapore Pte., Ltd. KCE Taiwan Co., Ltd. Total

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238

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

29,298 5,825 8,342 1,358

93,489 41,546 3,508 688

337,548 40,177 69 377,794

297,822 33,350 331,172

205,073 8,257 258,153

163,011 12,405 314,647

Other receivables - related parties Subsidiaries KCE Technology Co., Ltd. Chemtronic Technology (Thailand) Co., Ltd. K.C.E. International Co., Ltd. KCE (Thailand) Co., Ltd. Thai Laminate Manufacturer Co., Ltd. Thai Business Solution Co., Ltd. Associate KCE Singapore Pte., Ltd. Other related party Thai Business Solution Co., Ltd. Total

Trade payables - related parties Subsidiaries Thai Laminate Manufacturer Co., Ltd. K.C.E. International Co., Ltd. KCE Technology Co., Ltd. Chemtronic Chemical (Thailand) Co., Ltd. Associates KCE Taiwan Co., Ltd KCE Singapore Pte., Ltd. Total

Other payables for purchase of machineries and equipment - related parties Subsidiaries KCE Technology Co., Ltd. Thai Business Solution Co., Ltd. Associate KCE Taiwan Co., Ltd. Other related party Thai Business Solution Co., Ltd. Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

2,980 2,911 1,506 5 -

3,623 811 5 176 46

1,342

-

1,342

-

10 1,352

-

10 8,754

4,661

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

266,133 39,448 27,109 6,737

349,433 39,856 14,864 -

31,248 19,524 50,772

15,112 15,112

17,259 16,086 372,772

12,460 416,613

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

8,470 -

430

396

-

-

-

891 1,287

-

700 9,170

430

239

KCE Annual Report 2012

Other payables - related parties Subsidiaries K.C.E. International Co., Ltd. KCE Technology Co., Ltd. Thai Business Solution Co., Ltd. Thai Laminate Manufacturer Co., Ltd. Associate KCE Singapore Pte., Ltd. Other related party Thai Business Solution Co., Ltd. Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

-

3,627 1,017 25 20

18,364

11,105

1,730

2,655

3,113 21,477

11,105

930 2,660

7,344

Guarantee obligations with related parties The Company and its subsidiaries have outstanding guarantee obligations with its related parties, as described in Note 32 to the financial statements. 7 Cash and cash equivalents Consolidated financial statements 2012 2011 Cash on hand Cash at banks - current accounts Cash at banks - savings accounts Highly liquid short-term investments Others Total

269 219,498 102,088 75,000 323 397,178

207 442,153 60,175 33,000 535,535

(Unit : Thousand Baht) Separate financial statements 2012 2011 50 64,099 30,826 94,975

50 119,739 22,703 142,492

The currency denomination of cash and cash equivalents as at 31 December was as follows: Consolidated financial statements 2012 2011 Thai Baht (THB) United States Dollars (USD) Euro (EUR) Great British Pound (GBP) Total KCE Annual Report 2012

240

391,184 3,007 2,282 705 397,178

521,607 10,928 2,304 696 535,535

(Unit : Thousand Baht) Separate financial statements 2012 2011 89,481 2,678 2,111 705 94,975

129,014 10,652 2,130 696 142,492

8 Trade and other receivables Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

6

377,794 1,581,479 1,959,273 (353) 1,958,920

331,172 1,150,850 1,482,022 (353) 1,481,669

258,153 756,598 1,014,751 (322) 1,014,429

314,647 703,635 1,018,282 (322) 1,017,960

6

1,352 254,555 255,907 2,214,827

64,751 64,751 1,546,420

8,754 9,227 17,981 1,032,410

4,661 10,772 15,433 1,033,393

Note Trade receivable Related parties Other parties Total Less allowance for doubtful accounts Net Other receivables Related parties Other parties Total Total trade and other receivables Bad and doubtful debts expense for the year ended 31 December

-

188

-

186

Aging analysis for trade accounts receivable were as follows:

Related parties Within credit terms Overdue: Less than 3 months 3 - 6 months 6 - 12 months Over 12 months Less allowance for doubtful accounts Other parties Within credit terms Overdue: Less than 3 months 3 - 6 months 6 - 12 months Over 12 months Less allowance for doubtful accounts Net

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

309,850

275,413

204,305

210,832

67,766 129 33 16 377,794 377,794

54,915 677 167 331,172 331,172

53,528 123 39 158 258,153 258,153

75,310 28,342 163 314,647 314,647

1,241,118

848,883

591,016

539,931

333,728 4,652 1,632 349 1,581,479 (353) 1,581,126 1,958,920

281,651 18,789 1,456 71 1,150,850 (353) 1,150,497 1,481,669

165,582 756,598 (322) 756,276 1,014,429

145,861 16,412 1,360 71 703,635 (322) 703,313 1,017,960

241

KCE Annual Report 2012

The normal credit terms granted by the Group range from 30 days to 120 days. The currency denomination of trade accounts receivable as at 31 December was as follows:

Thai Baht (THB) United States Dollars (USD) Euro (EUR) Great British Pound (GBP) Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

66,863 1,525,496 354,552 12,009 1,958,920

52,501 629,395 320,525 12,008 1,014,429

26,679 977,800 476,381 809 1,481,669

141,984 538,142 337,214 620 1,017,960

9 Inventories

Finished goods Work in progress Raw materials Factory supplies Spare parts Goods in transit Less allowance for decline in value Total Inventories recognised as an expense in ‘cost of sales of goods’: - Cost - Write-down to net realisable value (reversal) Net total

KCE Annual Report 2012

242

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

263,314 181,956 308,604 317,255 121,890 94,534 1,287,553 (47,349) 1,240,204

167,526 222,750 321,291 251,296 119,447 30,550 1,112,860 (33,118) 1,079,742

66,852 89,266 82,296 130,564 56,240 35,455 460,673 (16,678) 443,995

70,852 154,239 109,943 133,108 49,832 5,416 523,390 (19,554) 503,836

5,175,418 14,231 5,189,649

5,934,241 (11,087) 5,923,154

2,871,336 (2,876) 2,868,460

2,763,347 1,947 2,765,294

10 Investments in associates Consolidated financial statements Equity Method 2012 2011 Associates At 1 January Share of loss from investments in associates using equity method Foreign currency translation differences for foreign operations Acquisitions At 31 December

82,133

76,816

(2,621)

(359)

(3,378) 1,540 77,674

5,676 82,133

(Unit : Thousand Baht) Separate financial statements Cost Method 2012 2011 2,422

2,422

-

-

1,540 3,962

2,422

243

KCE Annual Report 2012

KCE Annual Report 2012

244 50.00 49.00 -

Associates KCE America, Inc. KCE Singapore Pte., Ltd. KCE Taiwan Co., Ltd. Total

(3)

25.0 24.5 49.0

(%) 25.0 24.5 -

(%)

Ownership interest 2012 2011

USD 50,000 SGD 500,000 NTD 3,000,000

USD 50,000 SGD 500,000 -

USD 50,000 SGD 500,000 NTD 3,000,000

USD 50,000 SGD 500,000 -

322 2,100 1,540 3,962

322 2,100 2,422

Separate financial statements Paid-up capital Cost 2012 2011 2012 2011

Foreign raw materials and machinery sourcing representative of the Group

50.00 49.00 49.00

(%)

(2)

United States Singapore Taiwan

(%)

Foreign sale representative of the Group

(1) (1) (2)

Country of incorporation

(1)

Associates KCE America, Inc. KCE Singapore Pte., Ltd. KCE Taiwan Co., Ltd. Total

Type of business

Consolidated financial statements Ownership interest Paid-up capital 2012 2011 2012 2011

Investments in associates as at 31 December were as follows:

644 4,201 4,845

2011

-

-

Impairment 2012 2011

644 4,201 1,540 6,385

2012

Cost

55,421 26,712 82,133

322 2,100 1,540 3,962

322 2,100 2,422

Equity - net 2012 2011

(Unit : Thousand Baht)

55,198 20,890 1,586 77,674

Equity 2012 2011

(Unit : Thousand Baht)

245

KCE Annual Report 2012

31 December 31 December 31 December

At 1 January Acquisitions Additions Disposals Warrant granted to subsidiaries’ directors and employees At 31 December

11 Investments in subsidiaries

KCE America, Inc. KCE Singapore Pte., Ltd. KCE Taiwan Co., Ltd. Total

(%) 50.00 49.00 49.00

5

Notes

(%) 50.00 49.00 -

Reporting date Ownership interest 2012 2011 431 109 540

342 68 42 452

2,157,485 233,810 (1,470) 6,296 2,396,121 1,957,485 200,000 2,157,485

312 62 374

Total liabilities 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

446 110 45 601

Total assets 2012 2011 986 148 49 1,183

1,095 170 1,265

Total revenues 2012 2011

The following summarised financial information on interests in associates is not adjusted for the percentage ownership held by the Group:

1 (4) (2) (5)

3 (2) 1

(Unit : Million Baht) Net profit/(loss) 2012 2011

KCE Annual Report 2012

246 97.25 74.80 60.00 -

96.03

(2) (3) (4) (5)

(2)

-

74.80 60.00 49.00

100.00 99.99

(%)

4,800

48,000 250,000 3,600 3,000

4,800

48,000 250,000 3,600 3,000

-

-

233,810 368,460 368,460 2,160 2,160 1,470 2,389,825 2,157,485

1,600,000 1,600,000 1,600,000 1,600,000 100,000 100,000 185,395 185,395

The manufacture and distribution of printed circuit board products The manufacture and distribution of chemicals products The manufacture and distribution of prepreg and laminate products The domestic sale representative A service provider for computer system implementation and support

100.00 99.99

(1) (1)

(%)

Ownership Interest 2012 2011

All subsidiaries were incorporated in Thailand.

(1) (2) (3) (4) (5)

Direct subsidiaries KCE Technology Co., Ltd. K.C.E. International Co., Ltd. Chemtronic Technology (Thailand) Co., Ltd. Thai Laminate Manufacturer Co., Ltd. KCE (Thailand) Co., Ltd. Thai Business Solution Co., Ltd. Total Indirect subsidiaries Chemtronic Chemical Co., Ltd.

Type of business

-

756 124 6,296

3,583 1,833

-

-

-

Separate financial statements Warrant granted to subsidiaries’ directors and Paid-up capital Cost employees 2012 2011 2012 2011 2012 2011

-

-

233,810 369,216 368,460 2,284 2,160 1,470 2,396,121 2,157,485

1,603,583 1,600,000 187,228 185,395

Total 2012 2011

-

37,400 4,410 71,808

29,998

-

-

-

Dividend income 2012 2011

(Unit : Thousand Baht)

Investments in subsidiaries as at 31 December 2012 and 2011, and dividend income from those investments for the years then ended, were as follows:

On 16 June 2011, the Extraordinary General Meeting of the shareholders of KCE Technology Co., Ltd. approved the increase of the subsidiary’s registered share capital from Baht 1,400 million (140,000,000 ordinary shares of Baht 10 each) to Baht 1,600 million (160,000,000 ordinary shares of Baht 10 each) through an issuance of 20,000,000 new ordinary shares at a par value of Baht 10 each, totaling Baht 200 million. The Company acquired and fully paid all the newly issued ordinary shares during the year. The subsidiary registered the share capital increase with the Ministry of Commerce on 29 June 2011. At the board of directors’ meeting of the Company held on 22 May 2012, the board of directors approved to sell investment of 90,000 ordinary shares or 30% of the issue and paid-up share capital in Thai Business Solution Co., Ltd. to a shareholder of Thai Business Solution Co., Ltd. at a price of Baht 10 per share, totaling Baht 0.9 million. The investment was sold in November 2012. Therefore, the Company held the rest of investment of 19% of the issue and paid-up share capital and has no ability to control or exercise significant influence in making financial and operating decisions. As such, the Company recorded the rest of investment as other long-term investment in the statement of financial position as at 31 December 2012.

247

KCE Annual Report 2012

KCE Annual Report 2012

248

Cost At 1 January 2011 Additions Transfers Disposals At 31 December 2011 and 1 January 2012 Additions Acquired in business combinations Transfers Disposals At 31 December 2012 Accumulated depreciation and allowance for losses on decline in values At 1 January 2011 Depreciation charge for the year Reversal of impairment losses Transfers Disposals At 31 December 2011 and 1 January 2012 Depreciation charge for the year Losses on decline in values Disposals At 31 December 2012 Net book value At 1 January 2011 At 31 December 2011 and 1 January 2012 At 31 December 2012 194,954 40,215 (5,643) 229,526 553,458 373,161 578,122

-

337,187

337,187 352,175

2,917,448 3,046,650

4,080,606

61,222 62,870

124,732

145,364 24,602 (1) 169,965

128,718 27,777 (11,131)

3,919,605 429,139 (8,128) (603,227)

369,359 69,773 (244,178)

3,737,389 384,632 (67,896) 4,054,125

206,586 7,174 19,219 (144) 232,835

6,654,837 83,881 55,760 405,676 (99,379) 7,100,775

568,115 2,334 15,200 227,688 (5,689) 807,648

337,187 388 14,600 352,175

253,450 10,002 7,081 (63,947)

8,000,211 59,581 100,164 (1,505,119)

922,817 585 52,063 (407,350)

Buildings and plant

12,848 17,387

4,697

7,967 7,434

8,446

12,736 846 13,582

44,910 44,583

39,448

43,546 15,941 (19,056) 40,431

288,909 1,098,734

157,989

-

191,483 29,083

1,607

-

4,235,135 5,237,038

5,308,170

4,541,907 477,401 (99,084) 4,920,224

4,867,679 548,158 (8,128) (865,802) 35,340 11,686 (3,480) 12,020 872 (156) 402,637 8,911 (3,630) 407,918 11,165 (6,488) 412,595

8,777,042 1,445,294 91,813 3 (156,890) 10,157,262

10,175,849 600,944 (7,382) (1,992,369) 191,483 40,056 (202,456) 29,083

1,607 198,423 (8,547) -

288,909 1,282,783 (451,488) (21,470) 1,098,734

157,989 295,270 (158,762) (5,588)

88,456 13,899 4,934 175 (22,450) 85,014

74,788 19,088 635 (6,055)

Total

20,703 288 25 21,016

20,466 393 (156)

Machinery Machinery and and equipment equipment installation in transit

(Unit : Thousand Baht)

420,766 14,491 1,319 1,164 (7,758) 429,982

407,334 17,602 (16) (4,154)

Consolidated financial statements Furniture, Fixtures and Machinery office Buildings and plant Plant equipment improvement equipment improvement Vehicles

337,187 -

Land

12 Property, plant and equipment

249

KCE Annual Report 2012

Cost At 1 January 2011 Additions Transfers Disposals At 31 December 2011 and 1 January 2012 Additions Transfers Disposals At 31 December 2012 Depreciation and impairment losses in values At 1 January 2011 Depreciation charge for the year Transfers Disposals /Amortization At 31 December 2011 and 1 January 2012 Depreciation charge for the year Impairment losses Disposals At 31 December 2012 Net book value At 1 January 2011 At 31 December 2011 and 1 January 2012 At 31 December 2012 132,229 35 132,264 132,264

71,575 4,658 76,233 3,680 79,913 60,654 56,031 52,351

164,000 -

164,000 388 164,388

-

-

164,000

164,000 164,388

Land

Buildings and plant

834,312 785,429

915,354

1,292,209 117,892 (16,650) 1,393,451

45,564 30,274

60,131

130,501 20,934 (1) 151,434

106,805 23,762 (66)

176,065 5,787 (144) 181,708

2,126,521 47,766 22,356 (17,763) 2,178,880

1,193,003 124,362 (25,156)

166,936 9,195 (66)

2,108,357 30,346 14,171 (26,353)

16,945 20,198

7,171

27,205 5,222 (329) 32,098

8,788 8,110

9,258

9,526 738 10,264

8,753 773 -

19,440 15,045

11,181

15,395 5,197 (7,193) 13,399

13,794 3,584 (1,983)

34,835 802 (7,193) 28,444

18,314 60 18,374

44,150 8,486 3 (343) 52,296

25,094 3,248 (1,137)

24,975 14,258 (4,398)

18,011 303 -

32,265 13,657 (111) (1,661)

Separate financial statements Furniture, Fixtures and Machinery office Buildings and plant Plant equipment improvement equipment improvement Vehicles

44,372 40,981

34,137

-

-

-

-

-

-

44,372 26,843 (22,356) (7,878) 40,981

-

-

34,137 24,295 (14,060) -

Machinery Machinery and and equipment equipment installation in transit

1,189,452 1,116,776

1,261,886

1,551,069 153,663 (24,173) 1,680,559

1,419,024 160,387 (28,342)

2,740,521 90,132 3 (33,321) 2,797,335

2,680,910 92,089 (32,478)

Total

(Unit : Thousand Baht)

The gross amount of the Group’s and the Company’s fully depreciated property, plant and equipment that was still in use as at 31 December 2012 amounted to Baht 1,994 million (2011: Baht 1,718 million) for the consolidated financial statements and Baht 932 million (2011: Baht 786 million) for the separate financial statements. 12.1 The Company and its two subsidiaries, K.C.E. International Co., Ltd. and Thai Laminate Manufacturer Co., Ltd., entered into negative pledge memorandums which are part of bank overdrafts and loans agreements. Under these memorandums, the Company and its subsidiaries are not allowed to dispose of, transfer, mortgage or provide any lien on their assets, as stipulated in such memorandums. 12.2 The subsidiaries of the Company have mortgaged and pledged the following property, plant and equipment. 12.2.1 Thai Laminate Manufacturer Co., Ltd. has mortgaged its construction and pledged its machinery with total net book value as at 31 December 2012 of Baht 171 million (2011: Baht 202 million), as collateral for loans from banks, as described in Note 15. 12.2.2 KCE Technology Co., Ltd. has mortgaged its land and construction thereon and pledged its machinery with a total net book value as at 31 December 2012 of Baht 1,084 million (2011: Baht 1,164 million), as collateral for bank overdrafts and loans from banks, as described in Note 15. 12.3 The Company and its subsidiaries have capitalised interest expenses as part of costs of machinery and equipment under installation for the years ended 31 December 2012 and 2011 as follows: Consolidated financial statements 2012 2011 Interest expenses capitalised as cost of machinery and equipment (Thousand Baht) Capitalisation rate (% per annum)

KCE Annual Report 2012

250

12,559 1.70 – 3.34

262 2.14 - 2.26

Separate financial statements 2012 2011 -

-

13 Goodwill

Note Cost At 1 January Acquired through business combinations At 31 December Impairment losses At 1 January Impairment loss At 31 December Net book value At 1 January At 31 December

5

(Unit : Thousand Baht) Consolidated financial statements 2012 2011 79,793 79,793

-

-

-

79,793

-

14 Intangible assets (Unit : Thousand Baht) Software licences Consolidated Separate financial financial statements statements Cost At 1 January 2011 Additions At 31 December 2011 and 1 January 2012 Additions Transfers in/(out) Disposals At 31 December 2012 Amortisation and impairment losses At 1 January 2011 Amortisation for the year At 31 December 2011 and 1 January 2012 Amortisation for the year Disposals At 31 December 2012 Net book value At 1 January 2011 At 31 December 2011 and 1 January 2012 At 31 December 2012

126,333 15,300 141,633 84,810 (3) (641) 225,799

72,438 12,037 84,475 14,810 (3) 99,282

50,974 4,214 55,188 10,266 (337) 65,117

18,782 4,003 22,785 5,808 28,593

75,359 86,445 160,682

53,656 61,690 70,689

251

KCE Annual Report 2012

15 Interest-bearing liabilities Consolidated financial statements 2012 2011 Current Bank overdrafts - secured Short-term loans from financial institutions - secured Packing credits - secured Trust receipts - secured Total bank overdrafts and short-term loans from financial institutions Current portion of long-term loans - secured Current portion of liabilities under hire-purchase and finance lease liabilities Total current interest-bearing liabilities Non-current Long-term loans - secured Liabilities under hire-purchase and Finance lease agreements Total non-current interest-bearing liabilities Total

(Unit : Thousand Baht) Separate financial statements 2012 2011

2,484 664,450 1,216,887 927,985

918,950 2,042,462 589,655

2,484 80,000 570,887 56,151

240,000 920,149 53,728

2,811,806 1,373,025

3,551,067 352,564

709,522 301,677

1,213,877 124,727

19,700 4,204,531

51,511 3,955,142

14,858 1,026,057

43,348 1,381,952

1,317,003

1,260,174

613,578

229,162

9,601 1,326,604 5,531,135

23,637 1,283,811 5,238,953

5,221 618,799 1,644,856

19,340 248,502 1,630,454

The periods to maturity of interest-bearing liabilities, excluding liabilities under hire-purchase and finance lease liabilities, as at 31 December were as follows: (Unit : Thousand Baht) Consolidated Separate financial statements financial statements 2012 2011 2012 2011 4,184,831 3,903,631 1,011,199 1,338,604 Within one year 1,317,003 1,260,174 613,578 229,162 After one year but within five years After five years 5,501,834 5,163,805 1,624,777 1,567,766 Total

KCE Annual Report 2012

252

Secured interest-bearing liabilities as at 31 December were secured on the following assets: Consolidated financial statements 2012 2011 Property, plant and equipment Total

1,254,994 1,254,994

1,245,981 1,245,981

(Unit : Thousand Baht) Separate financial statements 2012 2011 -

-

15.1 Bank overdrafts and partial loans from financial institutions of the Company are guaranteed by K.C.E. International Co., Ltd., a subsidiary company. 15.2 Bank overdrafts and loans from financial institutions of K.C.E. International Co., Ltd., a subsidiary company, are guaranteed by the Company. 15.3 Bank overdrafts and loans from financial institutions of KCE Technology Co., Ltd., a subsidiary company, are guaranteed by the Company and are secured by the mortgage of land and construction thereon and the pledge of most of machinery of such subsidiary company. 15.4 Long-term loans from financial institutions of K.C.E. International Co., Ltd., a subsidiary company, are guaranteed by the Company. Under the loan agreement, the subsidiary company has to comply with certain conditions, including maintaining interest bearing debt to equity ratio of not more than 2:1 and debt service coverage ratio (DSCR) of not less than 1.2:1. 15.5 Long-term loans from financial institutions of Thai Laminate Manufacturer Co., Ltd., a subsidiary, are secured by mortgage and pledge of subsidiary’s construction and machinery. 15.6 Long-term loans from financial institutions of KCE Technology Co., Ltd., a subsidiary, are in US Dollar, with a SIBOR (Singapore Interbank Offered Rate) plus rates as specified in agreements. The loans are guaranteed by the Company and are secured by the mortgage of the subsidiary’s land and construction thereon and the pledge of most of the subsidiary’s machinery.

253

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KCE Annual Report 2012

254

Contract date

Credit facility

KCE Technology Co., Ltd. 1 17 October 2012 2 12 May 2011 amendment on 22 December 2011 3 19 May 2011 31 January 2012 4 17 October 2012 5 250,000 262,471 15,758 61,555 322,383 912,167

Thousand US dollar 2,700 Thousand US dollar 10,000 Thousand US dollar 10,475

12,865 235,897 657,833

409,071

45,592 45,592

-

123,110 123,110 15,389 20,273 35,662

150,000 20,515 10,674 65,764 366,625 613,578

(in thousand Baht) 5,734 50,000 13,111 17,543 91,563 123,726 301,677

Thousand Baht 300,000 Thousand US dollar 25,605

K.C.E International Co., Ltd. 1 13 June 2011 Thousand US dollar 3,000 2 24 June 2011 Thousand US dollar 2,255

The Company only Thousand Baht 250,000 2 April 2008 1. 4 October 2012 Thousand Baht 200,000 2. Thousand US dollar 1,800 25 March 2011 3. Thousand US dollar 2,850 25 March 2011 4. Thousand US dollar 7,000 19 July 2011 5. 26 November 2012 Thousand US dollar 16,500 6. Total loans of the Company Subsidiaries Thai Laminate Manufacturer Co., Ltd. 1 12 May 2011 Thousand US dollar 4,000

No.

28,623 297,452 322,383 1,570,000

250,000 671,542

60,981 20,273 81,254

123,110 123,110

5,734 200,000 33,626 28,217 157,327 490,351 915,255

6 years 4 years 1 year 3 months

1 year 3 months 4 years 11 months

6 years 2 years

3 years

3 years 10 months 4 years 4 years 3 months 5 years 6 months 3 years 6 months 3 years 6 months

Outstanding long-term loan amount Current Non-current portion portion Total Loan period

Details of long-term loans from banks as at 31 December 2012 are as follows:

3 months 1 month

3 months

1 month 3 months 1 month 1 month 1 month 1 month

SIBOR + fixed percentage SIBOR + fixed percentage fixed percentage

3 months 3 months 3 months

fixed percentage within 12 months SIBOR + fixed percentage 1 month

SIBOR 3M + fixed percentage SIBOR 1M + fixed percentage

SIBOR 3M + fixed percentage

MLR - fixed percentage fixed percentage SIBOR 3M + fixed percentage SIBOR 3M + fixed percentage SIBOR 3M + fixed percentage SIBOR 3M + fixed percentage

(Percent per annum)

1 month 1 month 1 month

1 month 1 month

1 month 1 month

1 month

1 month 3 months 1 month 1 month 1 month 1 month

Significant terms and conditions of loan agreements Principal Interest Interest rate repayment repayment

255

KCE Annual Report 2012

Contract date

Credit facility

409 409 1,071,348 1,373,025

703,425 1,317,003

(in thousand Baht) 409 409 1,774,773 2,690,028

2 years 4 months

MLR - fixed percentage

(Percent per annum) 1 month

1 month

As at 31 December 2012 the Group and the Company had unutilised credit facilities totalling Baht 7,427 million and US dollar 22 million (Baht 1,510 million for separate financial statements).

Total loans of subsidiaries Total loans of the Company and subsidiaries

Chemtronic Technology (Thailand) Co., Ltd. 1 22 November 2010 Thousand Baht 2,509

No.

Outstanding long-term loan amount Current Non-current portion portion Total Loan period

Significant terms and conditions of loan agreements Principal Interest Interest rate repayment repayment

Liabilities under hire-purchase and finance lease liabilities Liabilities under hire-purchase and finance lease liabilities as at 31 December were payable as follows (Unit : Thousand Baht) Consolidated financial statements 2012 2011

Within one year After one year but within five years Total

Future minimum lease payments 20,497

Interest (797)

10,105 30,602

(504) (1,301)

Present value Future of minimum minimum lease lease payments payments 19,700 53,957 9,601 29,301

24,621 78,578

Interest (2,446)

Present value of minimum lease payments 51,511

(984) (3,430)

23,637 75,148

(Unit : Thousand Baht) Separate financial statements 2012

Within one year After one year but within five years Total

Future minimum lease payments 15,375

Interest (517)

5,459 20,834

(238) (755)

2011 Present value Future of minimum minimum lease lease payments payments 14,858 45,259 5,221 20,079

20,058 65,317

Interest (1,911)

Present value of minimum lease payments 43,348

(718) (2,629)

19,340 62,688

The Group entered into a number of hire-purchase and finance lease agreements with leasing companies for rental of machinery and equipment for use in their operations, whereby they are committed to pay rental on a monthly basis. The terms of the agreements are generally 4 years. At the end of each agreement, the Company and its subsidiaries have an option to purchase such machinery and equipment at terms and prices which are specified in the lease agreements.

KCE Annual Report 2012

256

The currency denomination of interest-bearing liabilities as at 31 December was as follows: Consolidated financial statements 2012 2011 Thai Baht (THB) United States Dollars (USD) Euro (EUR) Yen Total

2,644,923 2,877,888 6,574 1,750 5,531,135

2,306,248 2,929,233 3,472 5,238,953

(Unit : Thousand Baht) Separate financial statements 2012 2011 725,297 919,559 1,644,856

1,040,422 590,032 1,630,454

16 Trade payables and others

Note Trade payables Related parties Other parties Other payables for purchase of machineries and equipment Related parties Other parties Other payables Related parties Other parties Accrued expenses Total trade and other payables

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

6

50,772 1,040,543

15,112 835,410

372,772 281,907

416,613 335,957

6

1,287 202,536

359,346

9,170 30,487

430 20,075

6

21,477 41,389 208,471 1,566,475

11,105 69,585 176,119 1,466,677

2,660 12,927 71,422 781,345

7,344 24,440 69,559 874,418

17 Employee benefit obligations The Group adopted TAS 19 - Employee Benefits with effect from 1 January 2011. The Group opted to record the transitional obligation as at 1 January 2011, totaling Baht 63.5 million for the Group and Baht 36.7 million for the Company, as an adjustment to retained earnings as at 1 January 2011. Movement in the present value of the defined benefit obligations Consolidated financial statements 2012 2011 Defined benefit obligations at 1 January Increase from acquisition of subsidiary Decrease from disposal of subsidiary Benefits paid by the plan Current service costs and interest Defined benefit obligations at 31 December

(Unit : Thousand Baht) Separate financial statements 2012 2011

62,142 3,216 (1,677) (3,624) 7,244

63,459 (9,280) 7,963

31,496 3,487

36,661 (8,677) 3,512

67,301

62,142

34,983

31,496

257

KCE Annual Report 2012

Expense recognised in profit or loss Consolidated financial statements 2012 2011 Current service costs Interest on obligation Total

5,053 2,191 7,244

5,781 2,182 7,963

(Unit : Thousand Baht) Separate financial statements 2012 2011 2,212 1,275 3,487

2,245 1,267 3,512

The expense is recognised in the following line items in the statement of comprehensive income: Consolidated financial statements 2012 2011 Cost of sales Administrative expenses Total

3,250 3,994 7,244

3,159 4,804 7,963

(Unit : Thousand Baht) Separate financial statements 2012 2011 1,752 1,735 3,487

1,632 1,880 3,512

Principal actuarial assumptions at the reporting date (expressed as weighted averages): (%)

Discount rate Future salary increases

Consolidated financial statements 2012 2011

Separate financial statements 2012 2011

3.8 4.0-8.0

3.8 4.0-8.0

3.8 4.0-8.0

3.8 4.0-8.0

Assumptions regarding future mortality are based on published statistics and mortality tables. 18 Share capital

Authorised At 1 January - ordinary shares Reduction of shares At 31 December - ordinary shares Issued and paid-up At 1 January - ordinary shares Reduction of shares Issue of new shares At 31 December - ordinary shares KCE Annual Report 2012

258

Par value per share (in Baht)

2012

2011

Number

1 1

500,000 (8,170)

500,000 (8,170)

500,000 -

500,000 -

1

491,830

491,830

500,000

500,000

1 1 1

472,224 (8,170) 8,547

472,224 (8,170) 8,547

471,067 1,157

471,067 1,157

1

472,601

472,601

472,224

472,224

Baht Number (thousand shares / thousand Baht)

Baht

Share warrants During 2007, the Company issued and allotted 3,000,000 registered and nontransferable (except for transferring as stipulated in the prospectus) warrants free of charge to the employees of the Company and/ or its subsidiaries. These warrants are exercisable at a price of Baht 3.93 per share at a ratio of 1 warrant to 1 new ordinary share, every quarter from 15 to 18 of March, June, September and December, for a period of 5 years from the issue date, starting from 15 to 18 September 2008 and with a final exercise date of 18 June 2012. The aforesaid exercise price and/or exercise ratio may be adjusted if certain events stipulated in the prospectus occur. As at 31 December 2012, there was no outstanding balance of these warrants. Subsequently on 29 April 2010, the Annual General Meeting of the Company’s shareholders passed a resolution approving the issuance and offering 10,000,000 registered and nontransferable (except for transferring as stipulated in the prospectus for ESOP-W3) warrants free of charge to the directors and employees of the Company and/or its subsidiaries, and allocation of shares to reserve for the exercise of the warrants. These warrants are exercisable at a price of Baht 6.86 per share at a ratio of 1 warrant to 1 new ordinary share, every quarter from 15 to 18 of March, June, September and December, for a period of 3 years from the issue date, starting from 15 to 18 June 2010 and with a final exercise date of 18 June 2013. Subsequently on 28 April 2011, the Annual General Meeting of the Company’s shareholders passed a resolution approving to establish the issuance and offering of 10,000,000 registered and nontransferable (except for transferring as stipulated in the prospectus for ESOP-W4) warrants free of charge to the directors and employees of the Company and/or its subsidiaries, and allocation of shares to reserve for the exercise of the warrants. These warrants are exercisable at a price of Baht 7.81 per share at a ratio of 1 warrant to 1 new ordinary share, every quarter from 1 to 10 of March, June, September and December, for a period of 5 years from the issue date. The Company granted the said warrants to the directors and employees of the Company and/or it subsidiaries on 12 March 2012, which is the date of notification of conditions and arrangements in excersing the warrants to the directors and employees. The first exercise period is 1 to 10 June 2012 and the final exercise date is 10 March 2017. As the Thai Financial Reporting Standards 2 (TFRS2): Share-based Payment was effective for the share-based payment awards granted on or after 1 January 2011. Therefore, according to TFRS2, ESOP-W4 has to be measured by using the fair value of the warrants on the grant date. Measurement of fair value The fair value of the warrants granted “ESOP-W4” was measured based on Binomial option pricing model. Expected volatility is estimated by considering historic average share price volatility during the period 13 March 2007 to 12 March 2012.

259

KCE Annual Report 2012

The inputs used in the measurement of the fair values at grant date of warrants “ESOP-W4� were as follows: Fair value at grant date Share price at grant date Exercise price Expected volatility (%) Expected dividends (%) Risk-free interest rate (%) Termination rate (%)

Baht 1.238 Baht 5.15 Baht 7.81 45.62 2.67 3.42 0.26

The expense recognised from share-based payment transaction for the year ended 31 December 2012 was Baht 12.4 million for the consolidated financial statements and Baht 6.1 million for the separate financial statements. Movements of share warrants during the year ended 31 December 2012 and 2011 are summarised below: 2012 Units Warrants issued at 1 January Add: Warrants issued during the year Less: Exercised during the year Cancelled during the year Warrants issued at 31 December

2,800 10,000 (8,547) 4,253

2011

Amount Units thousand unit / thousand Baht 12,380 (8,371) 4,009

4,430 (1,157) (473) 2,800

Amount -

In September 2012, the Company received share subscription from ESOP-W3 for 920,000 additional ordinary shares of Baht 6.86 each share and from ESOP-W4 for 4,320,000 additional ordinary shares of Baht 7.81 each share supporting the exercise of the warrants, totaling of Baht 40,050,400. The Company registered the said increase of new shares with the Ministry of Commerce on 26 September 2012. In December 2012, the Company received share subscription from ESOP-W3 for 865,000 additional ordinary shares of Baht 6.86 each share and from ESOP-W4 for 2,442,000 additional ordinary shares of Baht 7.81 each share supporting the exercise of the warrants, totaling of Baht 25,005,920. The Company registered the said increase of new shares with the Ministry of Commerce on 26 December 2012. As at 31 December 2012, share warrants outstanding consists of share warrants of ESOP-W3 of 1,015,000 units and ESOP-W4 of 3,238,000 units.

KCE Annual Report 2012

260

19 Treasury shares As at 31 December 2012 and 2011, details of treasury shares are as follows: Consolidated/ separate financial statements

Cost of treasury shares (Thousand Baht) Number of treasury shares (Thousand shares) Average price per share (Baht) Percentage of treasury shares to the Company’s shares in issue

2012

2011

105,582 14,000 7.54 2.96

70,050 8,170 8.57 1.73

On 20 July 2010, the meeting of the Board of Directors of the Company No. 7/2010 passed the resolutions approving the Company’s share repurchase program for financial management, with value not exceeding Baht 90 million, and not exceeding the Company’s retained earnings. The number of shares repurchased will be 10 million shares at the par value of Baht 1 each, or equal to 2.14% of the total paid-up share capital. The repurchase period will be from 9 August 2010 to 8 February 2011. Any shares bought back are to be resold on the Stock Exchange of Thailand during the period from 9 August 2011 to 8 February 2012. Resale of shares, cancellations of the repurchased shares and reductions of share capital are to conform with the 2001 Ministerial Regulations on the principles and procedures for the repurchase and resale of shares. The determination of the resale price will be taken into account the prevailing market price at the time of sale. During the first quarter of 2012, the Company reduced its authorised and issued and paid-up share capital by way of writing off all 8,170,500 repurchased shares with a par value of Baht 1 each which remain unsold, as empowered by the resolution of the Company’s Board of Directors’ meeting No. 7/2010. This resulted in a decrease in its authorised and issued and paid-up share capital from authorised share capital of 500 million ordinary shares (Baht 1 each) and issued and paid-up share capital of 472,224,269 ordinary shares (Baht 1 each) to authorised share capital of 491,829,500 ordinary shares (Baht 1 each) and issued and paid-up share capital of 464,053,769 ordinary shares (Baht 1 each). The Company registered the reduction of its registered share capital with the Ministry of Commerce on 15 February 2012. On 22 May 2012, the meeting of the Board of Directors of the Company No. 6/2012 passed the resolutions approving the Company’s share repurchase program for financial management, with value not exceeding Baht 280 million, and not exceeding the Company’s retained earnings. The number of shares repurchased will be 46.4 million shares at the par value of Baht 1 each, or equal to 10.00% of the total paid-up share capital. The repurchase period will be from 11 June 2012 to 10 December 2012. The period for the resale of shares bought back will be considered by the Board of Directors after 6 months from the completion date of share repurchase program and not later than 3 years from the time. Any shares bought back are to be resold on the Stock Exchange of Thailand. Resale of shares, cancellations of the repurchased shares and reductions of share capital are to conform with the 2001 Ministerial Regulations on the principles and procedures for the repurchase and resale of shares. The determination of the resale price will take into account the prevailing market price at the time of sale.

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KCE Annual Report 2012

During the year ended 31 December 2012, the Company repurchased 14 million ordinary shares with total cost of Baht 105.58 million and set aside Baht 105.58 million of its retained earnings as reserve for treasury shares. As at 31 December 2012, total shares repurchased by the Company were 14 million ordinary shares with total cost of Baht 105.58 million and reserve for treasury shares amounted to Baht 105.58 million. 20 Reserves Reserves comprise: Appropriations of profit and/or retained earnings Legal reserve Section 116 of the Public Companies Act B.E. 2535 Section 116 requires that a public company shall allocate not less than 5% of its annual net profit, less any accumulated losses brought forward, to a reserve account (“legal reserve”), until this account reaches an amount not less than 10% of the registered authorised capital. The legal reserve is not available for dividend distribution. Treasury shares reserve The treasury shares reserve represents the amount appropriated from retained earnings equal to the cost of the Company’s own shares held by the Group. The treasury shares reserve is not available for dividend distribution. Other components of equity Currency translation differences The currency translation differences account within equity comprises all foreign currency differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign operation. Movements in reserves Movements in reserves are shown in the statements of changes in equity.

KCE Annual Report 2012

262

263

KCE Annual Report 2012

America 2012 2011 57,286 57,286 11,982

34,359 7,860 42,219 10,166

56,084 12,925 69,009 34,702

-

347,099 818,663 1,165,762

405,024 911,834 1,316,858

4,802,994 7,658,014 12,461,008

3,829,399 7,462,051 11,291,450

-

1,578 29,956 31,534

Service provider business 2012 2011

90,417 111,734 202,151

-

Chemical business 2012 2011

Transfer prices between business segments are as set out in Note 6 to the financial statements..

Property, plant and equipment Other assets Total assets

Prepreg and Laminate Printed Circuit Board business business 2012 2011 2012 2011

(866) (3,360,852) (3,361,718)

Elimination of intersegment revenues 2012 2011 (3,472) (3,569,882) (3,573,354)

2012

Total 2011

(Unit : Thousand Baht)

(359) (2,303) 128,951

5,237,038 5,018,529 10,255,567

2012

2011 4,235,135 5,042,989 9,278,124

Total

(Unit : Thousand Baht)

(2,622) (19,802) 716,505

496,765 87,003 230,989 106,103 (432,746) (466,937) (642,370) (685,126) (159,280) (153,493)

6,477,890 7,201,065 (2,285,476) (2,770,837) (2,285,476) (2,770,837) 6,477,890 7,201,065 (4,739) 2,188 1,245,571 1,244,063

Chemical business Eliminating entries 2012 2011 2012 2011

Financial information by business segment for the consolidated statements of financial position as at 31 December 2012 and 2011 are as follows:

Revenues from external 59,669 108,271 948,708 1,115,587 3,778,628 4,274,778 1.577,515 1,668,070 6,304,851 7,058,435 customers 891,883 1,162,442 891,883 1,162,442 Inter-segment revenues 1,380,668 1,600,535 1,440,337 1,708,806 948,708 1,115,587 3,778,628 4,274,778 2,469,398 2,830,512 7,196,734 8,220,877 Total revenues 1,007,025 1,073,329 Segment operating profit 196,601 158,380 Unallocated profit and expenses: Compensation from insurance claim Other income Selling expenses Administrative expenses Finance cost Share of loss from investments in associates Corporate income tax Profit for the period

Prepreg and Laminate business 2012 2011

Consolidated financial statements For the years ended 31 December 2012 and 2011 Printed Circuit Board business Service provider Europe Asia Total business 2012 2011 2012 2011 2012 2011 2012 2011

The Company and its subsidiaries’ operations mainly involve business segments in printed circuit board, prepreg and laminate products with production facilities in Thailand and operate in both local and overseas markets. Financial information of the Company and its subsidiaries by business for the years ended 31 December 2012 and 2011 is as follows:

21 Segment information

22 Gain (loss) on exchange rate and from hedging activities

Included in other income - Gain on exchange rate and from hedging activities - net Included in administrative expenses - Loss on exchange rate and from hedging activities - net

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

159,011

-

53,729

-

-

(78,663)

-

(22,017)

23 Selling expenses

Freight charge Commission expense Employee benefit expenses Others Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

202,126 155,043 8,871 66,706 432,746

125,620 57,021 3,420 29,015 215,076

216,280 141,322 8,444 100,891 466,937

125,382 56,560 3,367 41,434 226,743

24 Administrative expenses

Employee benefit expenses Loss from business interruption Depreciation of property, plant and equipment Insurance expense Repair and maintenance expenses Others Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

345,783 117,391 27,095 43,168 23,431 85,503 642,371

122,554 11,509 7,248 8,287 54,319 203,917

347,466 100,707 25,209 17,682 16,447 177,615 685,126

129,810 10,036 2,722 6,342 73,695 222,605

25 Expenses by nature The statements of income include an analysis of expenses by function. Expenses by nature disclosed in accordance with the requirements of various TFRS were as follows:

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264

Note Raw materials and consumables used Employee benefit expenses Utility expenses Depreciation of property, plant and equipment Freight charge Repair and maintenance expenses Commission expense

12 23 23

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

3,014,949 1,287,588 488,070

3,466,361 1,264,798 462,949

1,969,587 506,095 173,768

2,061,073 474,000 150,911

477,401 202,126 171,545 155,043

548,158 216,280 227,847 141,322

153,663 125,620 79,142 57,021

160,387 125,382 64,225 56,560

26 Finance costs

Note Interest expenses to banks Less: amounts included in the cost of qualifying assets: - Machinery and equipment Net

12

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

171,838

153,755

51,619

44,775

(12,559) 159,279

(262) 153,493

51,619

44,775

27 Income tax expense Income tax reduction Royal Decree No. 530 B.E. 2554 dated 21 December 2011 grants a reduction in the corporate income tax rate for the three accounting periods 2012, 2013 and 2014; from 30% to 23% for the accounting period 2012 which begins on or after 1 January 2012 and to 20% for the following two accounting periods 2013 and 2014 which begin on or after 1 January 2013 and 2014, respectively. It is understood that the Government will proceed to amend the law in order to maintain the corporate income tax rate at not higher than 20% for the accounting period 2015 which begins on or after 1 January 2015 and onwards in order to give full effect to the Cabinet resolution dated 11 October 2011 to increase Thailand’s tax competitiveness. The current tax expense in the consolidated and separate statements of comprehensive income is less than the amount determined by applying the Thai corporation tax rate to the accounting profit for the year principally because: (a) a significant portion of the Group’s profit was derived from promoted activities for which are not subject to tax. (b) unutilised tax losses brought forward from the previous year have been utilised during the year to set-off against the current year’s tax charge. (c) of the different treatment for accounting and taxation purposes of certain items of expense.

265

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KCE Annual Report 2012

266 5 years

Granted (Expired)

Granted

Granted

Granted

4 June 2000

1 September 3 November 1 September 2006 2000 2003

7 July 2004

2 May 2007

25 June 2001

Granted (Expired)

Granted

7 years (Expired)

22 December 2009

Granted (Expired)

3 years (Expired)

Not granted Not granted Not granted Not granted

3 years (Expired)

8 August 1998

Granted

Granted (Expired)

3 years (Expired)

Granted (Expired)

Granted

Granted

Not granted

3 years (Expired)

Not granted Not granted Not granted Not granted Not granted Not granted Not granted

Granted

Granted (Expired)

3 years (Expired)

8 years

1 November 2004

Granted (Expired)

Granted

21 August 2012

Not granted

Granted

Not granted Not granted

7 years (Expired)

19 April 2007

Not granted

Granted

Not granted

8 years

Chemtronic Technology (Thailand) KCE Technology Co., Ltd. Co., Ltd 1378/2543 1598(2)/2547 2432(2)/2555 1987(2)/2550 Manufacturing Manufacturing Manufacturing Manufacturing of of Printed of Printed of Printed Copper Sulfate Circuit Board Circuit Board Circuit Board

Granted (Expired)

3 years (Expired)

3 years (Expired)

KCE Electronics Public Company Limited 1292/2539 1062/2541 1065/2543 Manufacturing Manufacturing Manufacturing of Printed of Printed of Printed Circuit Board Circuit Board Circuit Board

3. The significant privileges are 3.1 Exemption from corporate 3 years income tax on net income (Expired) from promoted operations and exemption from income tax on dividends paid from the income of the operations throughout the period in which the corporate income tax is exempted. 3.2 Allowance for 5% of the Granted increment in export income (Expired) over the preceding year for ten years, providing that the export income of that particular year should not be lower than the average export income over the three preceding years except for the first two years. 3.3 Exemption from import duty Granted on machinery as approved by the board 3.4 Exemption from import Granted duty on raw materials and (Expired) essential supplies used in export production for a period of one year from the first import date. 4. Date of first earning operating income 6 January 1996

Details 1. Certificate No. 2. Promotional privileges for

K.C.E. International Co., Ltd. Thai Laminate Manufacturer Co., Ltd. 1278(2)/2548 1099/2544 1249(1)/2545 1664(2)/2547 1176(2)/2550 1160(2)/2551 Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing of Printed of Prepreg of Laminate of Prepreg of Prepreg and of Prepreg and Laminate Circuit Board Laminate

The Group and its subsidiaries have been granted promotional privileges under the Investment Promotion Act B.E. 2520 by the Board of Investment under certain significant conditions. Significant privileges of the Company and its subsidiaries are as follows:

28 Promotional privileges

As promoted companies, the Group must comply with certain terms and conditions prescribed in the promotional certificates. Summary of revenue from promoted and non-promoted businesses: (Unit : Thousand Baht) Separate financial statements 2012 NonPromoted promoted businesses businesses Export sales Local sales Total Revenue

-

3,269,416 223,713 3,493,129

Total 3,269,416 223,713 3,493,129

2011 NonPromoted promoted businesses businesses -

3,347,039 120,585 3,467,624

Total 3,347,039 120,585 3,467,624

29 Earnings per share Basic earnings per share The calculations of basic earnings per share for the years ended 31 December 2012 and 2011 were based on the profit for the years attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding during the periods as follows: Consolidated Separate financial statements financial statements 2012 2011 2012 2011 thousand Baht / thousand Shares Profit attributable to ordinary shareholders of the Company (basic) Number of ordinary shares outstanding at 1 January Less Treasury shares/ Reduction of shares Number of ordinary shares outstanding net of treasury shares/ reduction of shares Effect from treasury shares repurchases during the year Effect from ordinary shares issued during the year Weighted average number of ordinary shares outstanding (basic) Earnings per share (basic) (in Baht)

712,328

132,021

322,189

257,865

472,224 (8,170)

471,067 (4,150)

472,224 (8,170)

471,067 (4,150)

464,054

466,917

464,054

466,917

(5,112)

(3,685)

(5,112)

(3,685)

1,497

813

1,497

813

460,439 1.55

464,045 0.28

460,439 0.70

464,045 0.56

267

KCE Annual Report 2012

Diluted earnings per share The calculations of diluted earnings per share for the years ended 31 December 2012 and 2011 were based on the profit for the years attributable to ordinary holders of the Company and the weighted average number of ordinary shares outstanding during the periods after adjusting for the effects of all diluted potential ordinary shares as follows: Consolidated financial statements 2012 2011

Separate financial statements 2012 2011

(thousand Baht/ thousand shares)

Profit attributable to ordinary shareholders of the Company Weighted average number of ordinary shares outstanding (basic) Effect of share warrants Weighted average number of ordinary shares outstanding (diluted) Earnings per share (diluted) (in Baht)

712,328

132,021

322,189

257,865

460,439 64

464,045 62

460,439 64

464,045 62

460,503 1.55

464,107 0.28

460,503 0.70

464,107 0.56

30 Dividends On 28 April 2011, the Annual General Meeting of the Company’s shareholders approved the payment of dividend in respect of the Company’s operating results for the period from 1 July 2010 to 31 December 2010 at Baht 0.30 per share to the ordinary shareholders, totaling approximately Baht 139.1 million. The payment of dividend has been made on 27 May 2011. On 16 August 2011, the meeting of the Board of Directors of the Company approved the payment of interim dividend in respect of the Company’s operating results for the period from 1 January 2011 to 30 June 2011 at Baht 0.10 per share to the ordinary shareholders, totaling approximately Baht 46.4 million. The payment of interim dividend has been made on 16 September 2011. On 27 April 2012, the Annual General Meeting of the Company’s shareholders approved the payment of dividend in respect of the Company’s operating results for the period from 1 July 2011 to 31 December 2011 at Baht 0.10 per share to the ordinary shareholders, totaling approximately Baht 46.4 million. The payment of dividend has been made on 10 May 2012. On 7 August 2012, the meeting of the Board of Directors of the Company approved the payment of interim dividend in respect of the Company’s operating results for the period from 1 January 2012 to 30 June 2012 at Baht 0.20 per share to the ordinary shareholders, totaling approximately Baht 90.8 million. The payment of interim dividend has been made on 7 September 2012.

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268

31 Financial instruments Financial risk management policies The Group 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. The Group does not hold or issue derivative financial instruments for speculative or trading purposes. Risk management is integral to the whole business of the Group. The Group 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. The management continually monitors the Group’s risk management process to ensure that an appropriate balance between risk and control is achieved. Capital management The Board of Directors’ 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. The Board monitors the return on capital, which the Group defines as result from operating activities divided by total shareholders’ equity, excluding non-controlling interests and also monitors the level of dividends to ordinary shareholders. Interest rate risk Interest rate risk is the risk that future movements in market interest rates will affect the results of the Group’s operations and its cash flows because financial assets and liabilities interest rates are mainly adjust in accordance to market rate or are fixed which is close to current market rate. The effective interest rates of financial assets as at 31 December and the periods in which those assets mature were as follows: Consolidated financial statements After 1 year Effective interest but within 5 rate Within 1 year years After 5 years Total (% per annum) (in million Baht) 2012 Current Cash and cash equivalents Total 2011 Current Cash and cash equivalents Total

0.10 – 2.50

397 397

-

-

397 397

0.10 – 3.15

536 536

-

-

536 536

269

KCE Annual Report 2012

Separate financial statements After 1 year Effective but within 5 interest rate Within 1 year years After 5 years (% per annum) (in million Baht) 2012 Current Cash and cash equivalents Total 2011 Current Cash and cash equivalents Total

Total

0.10 – 0.75

95 95

-

-

95 95

0.10 – 0.75

142 142

-

-

142 142

The effective interest rates of interest-bearing financial liabilities as at 31 December and the periods in which those liabilities mature or re-price were as follows: Consolidated financial statements After 1 year Effective interest but within 5 rate Within 1 year years After 5 years Total (% per annum) (in million Baht) 2012 Bankoverdrafts and shortterm loans from financial institutions Liabilities under hire-purchase and finance lease liabilites Long-term loans Total 2011 Bank overdrafts and shortterm loans from financial institutions Liabilities under hire-purchase and finance lease liabilites Long-term loans Total

KCE Annual Report 2012

270

1.20 – 7.90

2,812

-

-

2,812

1.88 – 7.92 2.25 – 5.64

20 1,373 4,205

9 1,317 1,326

-

29 2,690 5,531

1.35 – 4.78

3,551

-

-

3,551

1.88 – 7.92 2.13 – 6.00

51 353 3,955

24 1,260 1,284

-

75 1,613 5,239

Separate financial statements After 1 year Effective but within 5 interest rate Within 1 year years After 5 years (% per annum) (in million Baht) 2012 Bank overdrafts and shortterm loans from financial institutions Liabilities under hire-purchase and finance lease liabilites Long-term loans Total 2011 Bank overdrafts and shortterm loans from financial institutions Liabilities under hire-purchase and finance lease liabilites Long-term loans Total

Total

1.20 – 7.65

710

-

-

710

3.77 – 5.12 2.25 – 5.64

15 302 1,027

5 613 618

-

20 915 1,645

1.35 – 4.78

1,214

-

-

1,214

3.77 – 5.12 2.13 – 5.50

44 125 1,383

19 229 248

-

63 354 1,631

Foreign currency risk The Group is exposed to foreign currency risk relating to purchases and sales which are denominated in foreign currencies. The Group primarily utilizes forward exchange contracts with maturities of less than one year to hedge such financial assets and liabilities denominated in foreign currencies. The forward exchange contracts entered into at the reporting date also relate to anticipated purchases and sales, denominated in foreign currencies, for the subsequent period.

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KCE Annual Report 2012

At 31 December 2012, the Group and the Company were exposed to foreign currency risk in respect of financial assets and liabilities denominated in the following currencies: Consolidated financial statements

Separate financial statements

Currency Financial assets

Financial liabilities

Financial assets

Financial liabilities

(Thousand Unit) US dollar Euro Pound sterling Japanese yen SG dollar Swiss franc dollar HK dollar

50,839 8,891 260 -

138,032 1,990 2 199,936 73 13 5

20,801 8,038 260 -

Exchange rate as at 31 December 2012 Buying rate Selling rate (Baht per unit of foreign currency)

45,062 836 2,019 53 6 5

30.3873 40.1344 48.8331 0.3500 24.6996 33.1686 3.9043

30.7775 40.8603 49.7030 0.3580 25.2835 33.8519 3.9813

Forward exchange contracts Consolidated financial statements 2012 2011 Other commitments Forward exchange contracts Buy US dollar Euro Sell US dollar Euro

(Unit : Thousand Baht) Separate financial statements 2012 2011

2,970 296

1,219 84

-

-

5,383 3,200

11,865 3,609

1,383 3,200

4,432 2,800

Currency call option agreements Currency

Call option

US dollar

Bought amount

Strike rate

Delivery date

(Thousand) 10,000

(Baht per unit of foreign currency) 31.70

7 January 2013

When exchange rate on delivery date is higher than call option strike rate, the Company will buy US dollar at strike rate. As at 31 December 2012, fair value of currency call option agreements was Baht 0.09 million.

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272

Cross currency and interest rate swap As at 31 December 2012, the Company had a cross currency and interest rate swap agreement with a local financial institution for the period from 29 April 2011 to 30 January 2013 by which the Company agreed to swap the currency and interest rate of Baht 64 million using exchange rate of Baht 30.10 per 1 USD and swap a floating interest rate of THB MLR minus 1.50% to 2.00% per annum to US fixed interest rate of 3.47% per annum. As at 31 December 2012, Thai Laminate Manufacturer Co., Ltd, a subsidiary company, had an interest rate swap agreement with a local financial institution for the period from 7 July 2011 to 7 July 2014 by which the subsidiary company agreed to swap the interest rate of its USD 6 million facilities from a floating interest rate of US LIBOR (3 months) plus fixed percent per annum to US fixed interest rate of 3.06% per annum. Credit risk Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial and contractual obligations to the Group as and when the fall due. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. At the reporting date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. However, due to the large number of parties comprising the Group’s customer base, Management does not anticipate material losses from its debt collection. Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows. Determination of fair values A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. The 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. Fair values have been determined for disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Most of financial assets and liabilities of the Group were short-term.-The fair value of financial assets and liabilities is taken to approximate the carrying value as determined in the statement of financial position. The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date. The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price at the reporting date for the residual maturity of the contract using a risk-free interest rate (based on government bonds).

273

KCE Annual Report 2012

32 Commitments

Capital commitments Unrecognised purchase orders for machinery and equipment Total Non-cancellable operating lease and long-term service commitments Within one year After one year but within five years Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

166,067 166,067

25,393 25,393

21,277 21,277

14,470 14,470

39,508 2,007 41,515

31,596 2,608 34,204

17,405 336 17,741

17,313 1,520 18,833

As at 31 December 2012 and 2011, the Group has forward exchange contracts, currency call option agreements and cross currency and interest rate swap as stated in Note 31. Guarantees As at 31 December 2012 and 2011, the Company and its subsidiaries had contingent liabilities in respect of cross guarantees of loans and other credit facilities as follows: (Unit : Thousand Baht) Guarantor Guarantee company KCE Electronics Plc. K.C.E. International Co., Ltd. 2012 2011 2012 2011 KCE Electronics Plc. 115 288 - Baht K.C.E. International Co., Ltd. 119 107 - Baht 3 4 - US dollar KCE Technology Co., Ltd. 2,350 2,697 - Baht 42 24 - US dollar As at 31 December 2012, the Company and its subsidiaries had contingent liabilities in respect of bank guarantees issued on their behalf amounting to Baht 44 million (the Company only: Baht 31 million) in respect of certain performance bonds as required in the normal course of business, mainly for guarantee of electricity payment.

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274

33 Contingent liabilities As at 31 December 2012, the Company had contingent liabilities in respect of specific business tax assessment from the Revenue Department’s officer of Baht 4 million because the Company provided guarantee to a related party without fee. On 9 July 2009, the Central Tax Court announced a judgment which was in favour of the Company and overturned the assessment of officer and the Tax Appeal Board’s judgment from the Revenue Department. Later on 7 September 2009, the Revenue Department lodged an appeal against the Central Tax Court’s judgment and the Central Tax Court had issued a court receipt for such appeal. On 4 February 2013, the Supreme Court judged to confirm the Central Tax court’s judgment. Therefore, the Company won the case and there are no longer any contingent liabilities. 34 Thai Financial Reporting Standards (TFRS) not yet adopted The Group has not adopted the following new and revised TFRS that have been issued as of the reporting date but are not yet effective. The new and revised TFRS are expected to become effective for annual financial periods beginning on or after 1 January in the year indicated in the following table. TFRS

TAS 12 TAS 21 (revised 2009) TFRS 8

Year effective

Topic

Income Taxes The Effects of Changes in Foreign Exchange Rates Operating Segments

2013 2013 2013

Management expects to adopt and apply these new TFRS in accordance with the FAP’s announcement and has made a preliminary assessment of the potential initial impact on the consolidated and separate financial statements of those new standards assessed to have the greatest potential impact on the financial statements in the period of initial application. These standards are as follows: TAS 12 – Income taxes The principal change introduced by TAS 12 is the requirement to account for deferred tax liabilities and assets in the financial statements. Deferred tax liabilities and assets are the amounts of income taxes payable and recoverable, respectively, in future periods in respect of temporary differences between the carrying amount of the liability or asset in the statement of financial position and the amount attributed to that liability or asset for tax purposes; and the carryforward of unused tax losses. Currently, the Group does not recognise deferred tax in the financial statements.

275

KCE Annual Report 2012

The Group will adopt TAS 12 with effect from 1 January 2013. The effects of the change will be recognised retrospectively in the financial statements and the statement of financial position as at 31 December 2012 and 2011 will be adjusted accordingly. Management estimates that the impact on the statements of financial position as at 31 December 2012 and 2011 will be as follows:

Statement of financial position Estimated changes as a result of the adoption retrospectively of TAS 12 - Income taxes: Increase in deferred tax assets Increase in deferred tax liabilities Increase (Decrease) in retained earnings Increase (Decrease) in equity Decrease (Increase) in non-controlling interests Increase (Decrease) in total equity

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

16,774 (11,175) 5,599 6,336 (737) 5,599

(9,287) (9,287) (9,287) (9,287)

72,757 72,757 72,724 33 72,757

55,064 55,064 55,064 55,064

The impact on the statements of comprehensive income for 2013 and subsequent periods is not presently determinable. TAS 21 (revised 2009) - The effects of changes in foreign exchange rates The principal change introduced by TAS 21 is the introduction of the concept of functional currency, which is defined as the currency of the primary economic environment in which the entity operates. TAS 21 requires the entity to determine its functional currency and translate foreign currency items into its functional currency, reporting the effects of such translation in accordance with the provisions of TAS 21. Foreign currencies are defined by TAS 21 as all currencies other than the entity’s functional currency. Management has determined that the functional currency of the Company is Thai Baht. Accordingly, the adoption of TAS 21 from 1 January 2013 is not expected to have a significant impact on the Group’s reported assets, liabilities, or retained earnings.

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276

35 Reclassification of accounts Certain accounts in the statement of financial position as at 31 December 2011 have been reclassified to conform to the presentation in the 2012 financial statements as follows: (Unit : Million Baht) Consolidated Separate financial statements financial statements Before After Before After Reclassi- Reclassi- Reclassi- Reclassi- Reclassi- Reclassification fication fication fication fication fication Statement of financial position 83 (80) 3 82 (80) 2 Other non-current assets Liabilities under hirepurchase and finance (104) 80 (24) (99) 80 (19) lease agreements -

-

The reclassifications have been made because, in the opinion of management, the new classification is more appropriate to the Group’s business.

277

KCE Annual Report 2012

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KCE Annual Report 2012

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