:: Annual Report 2004 ::

„∫ª√–°“»‡°’¬√µ‘§ÿ≥·≈–√“ß«—≈ 1

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√“ß«—≈ çQuality & Integration Supplier of The Yearé ®“°∫√‘…—∑ Jabil Circuit, Mexico „∫ª√–°“»‡°’¬√µ‘§ÿ≥ çGREEN PARTNERé ®“°∫√‘…—∑ SONY Corporation „∫ª√–°“»‡°’¬√µ‘§ÿ≥·≈–√“ß«—≈ çSUPPLIER OF THE YEAR 2002é ®“°∫√‘…—∑ CONTINENTAL TEMIC, Germany „∫ª√–°“»‡°’¬√µ‘§ÿ≥·≈–√“ß«—≈ çPREFERRED SUPPLIERé ®“°∫√‘…—∑ SIEMENS VDO AUTOMOTIVE, Germany ISO/TS 16949 „∫√—∫√Õß√–∫∫∫√‘À“√§ÿ≥¿“æ¡“µ√∞“π ”À√—∫ Õÿµ “À°√√¡¬“π¬πµå·≈–™‘Èπ à«πª√–°Õ∫¬“π¬πµå

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Certificates and Awards 7 1 2 3-4

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Award çQuality & Integration Supplier of The Yearé from Jabil Circuit, Mexico Certificate çGREEN PARTNERé from SONY Corporation Certificate and Award çSUPPLIER OF THE YEAR 2002é from CONTINENTAL TEMIC, Germany Certificate and Award çPREFERRED SUPPLIERé from SIEMENS VDO AUTOMOTIVE, Germany ISO/TS 16949 - Certificate of Quality Management System of Technical Specification for Automotive Production and Relevant Service Part Organization.

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CONTENTS

®ÿ¥‡¥àπ„π√Õ∫ªï 2547

2004 Financial Highlights

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

Summarized Financial Data

√“¬ß“π¢Õß§≥–°√√¡°“√

Directorsû Report

√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫

The Audit Committee Report

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

Nature of Business

°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√°

Top Ten Shareholders from Shareholder List

§≥–°√√¡°“√∫√‘…—∑

Companyûs Directors

‡®—“Àπâ“∑’√Ë –¥—∫ºŸ∫â √‘À“√

Management Staff

§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

Remuneration

√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√

Corporate Governance Report

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π

Industrial Status and Competition

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√

Management Analysis

∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π

Persons with vested interest and cross over transactions

ªí®®—¬§«“¡‡ ’Ë¬ß

Risk Factors

¢âÕ¡Ÿ≈∑—«Ë ‰ª

General Information

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’·≈–ß∫°“√‡ß‘π

Report of Independent Auditor and Financial Statements

√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2

Check List of 56-2

®ÿ¥‡¥àπ„π√Õ∫ªï 2547 2004 FINANCIAL HIGHLIGHTS Àπà«¬ : ≈â“π∫“∑/Unit : Million Baht

2547/2004 √“¬√—∫∑—ßÈ ‘πÈ Total revenues °”‰√ (¢“¥∑ÿπ) °àÕπ¿“…’‡ß‘π‰¥â Profit before income taxes °”‰√ ÿ∑∏‘ (¢“¥∑ÿπ) Net profit (loss) ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡°“√¥”‡π‘πß“π Net cash provided by operating activities °”‰√ (¢“¥∑ÿπ) µàÕÀÿâπ / ∂—«‡©≈’Ë¬ (∫“∑) Net profit (loss) per share / Average (baht) ®”π«πÀÿâπ (∂—«‡©≈’Ë¬) (æ—πÀÿâπ) Share outstanding (Weighted average) (Thousand Shares) ®”π«πæπ—°ß“π (§π) Number of employees (person) ‘π∑√—æ¬å√«¡ Total assets ‡ß‘π°Ÿâ√–¬–¬“« Long term obligations √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à Total shareholdersû equity of the company ∑ÿπ™”√–·≈â« Issued and paid up capital % ‡ß‘πªíπº≈ / °”‰√ ÿ∑∏‘ % Dividends / Net profit

√“¬√—∫∑—Èß ‘Èπ/Total revenues ≈â“π∫“∑/Million Baht

2002 2003 2004

6000 5000 4000

2546/2003

5,939.511

5,124.077

3,735.393

266.445

321.027

183.968

240.924

299.138

148.040

(32.818)

319.720

341.847

0.78

0.98

0.49

309,097

305,862

301,312

3,590

2,836

2,268

8,689.930

6,991.326

5,783.215

2,024.915

1,648.805

1,635.787

2,258.598

2,057.821

1,812.448

314.930

312.170

308.270

13.07%

15.65%

41.28%

°”‰√ (¢“¥∑ÿπ) °àÕπ¿“…’‡ß‘π‰¥â/Profit before income taxes ≈â“π∫“∑/Million Baht 2002 2003 350 300 2004 250 200

3000

266.445

321.027

100

183.968

5,939.511

5,124.077

1000

3,735.393

150 2000

2545/2002

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ SUMMARIZED FINANCIAL DATA Àπà«¬ : ≈â“π∫“∑/Unit : Million Baht

· ¥ß¢âÕ¡Ÿ≈‡ª√’¬∫‡∑’¬∫∑“ß°“√‡ß‘π / Financial Data

2547/2004

2546/2003

2545/2002

8,689.930

6,991.326

5,783.215

6,293.396

4,906.596

3,948.064

2,258.598

2,057.821

1,812.448

5,713.275

4,969.247

3,619.329

1,070.225

1,086.407

769.067

240.924

299.138

148.040

(32.818)

319.720

341.847

5,939.511

5,124.077

3,735.393

4.22%

6.02%

4.09%

10.67%

14.54%

8.17%

2.77%

4.28%

2.56%

-0.57%

6.43%

9.45%

-1.45%

15.54%

18.86%

0.78

0.98

0.49

0.15

2.00

6.73

6.02

‘π∑√—æ¬å√«¡ Total Assets Àπ’È ‘π√«¡ Total Liabilities √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à Total shareholdersû Equity of the company √“¬‰¥â®“°°“√¢“¬ Sales Revenue °”‰√¢—πÈ µâπ Gross Profit °”‰√ ÿ∑∏‘ (¢“¥∑ÿπ) Net Profit (Loss) ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡°“√¥”‡π‘πß“π Net cash provided by operating activities √“¬‰¥â√«¡ Total Revenues

Õ—µ√“ à«π∑“ß°“√‡ß‘π / Financial Ratios Õ—µ√“°”‰√ ÿ∑∏‘µàÕ√“¬‰¥â¢“¬ Net Income : Total Sales Õ—µ√“º≈µÕ∫·∑πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Return on Shareholdersû Equity Õ—µ√“º≈µÕ∫·∑πµàÕ ‘π∑√—æ¬å√«¡ Return on Assets ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡°“√¥”‡π‘πß“π µàÕ¬Õ¥¢“¬ Net cash provided by operating activities / Sales ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡°“√¥”‡π‘πß“π µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ Net cash provided by operating activities / Shareholdersû equity °”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑µàÕÀÿâπ) Earning Per Share (Baht) ‡ß‘πªíπº≈µàÕÀÿâπ (∫“∑µàÕÀÿâπ) Dividend Per Share (Baht) ¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑µàÕÀÿâπ) Book Value Per Share (Baht)

8000

1000

2000 0

8,689.930

4000

6,991.326

1500

5,783.215

6000

500

2,258.598

2002 2003 2004

10000

√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à/Total Shareholderûs Equity of the company ≈â“π∫“∑/Million Baht 2002 2003 2500 2004 2000 2,057.821

≈â“π∫“∑/Million Baht

1,812.448

‘π∑√—æ¬å√«¡/Total Assets

7.31

Annual Report 2004 KCE ELECTRONICS PCL.

√“¬ß“π¢Õß§≥–°√√¡°“√ ”À√—∫ªï 2547

ªï»—°√“™ 2547 ‡ªìπÕ’°ªïÀπ÷Ëß∑’Ë¬“°¬‘Ëß‰¡àπâÕ¬‰ª°«à“ªï∑’Ëºà“π¡“ ”À√—∫‡§´’Õ’ ∑à“¡°≈“ß ¿“«–µ≈“¥‚≈°∑’Ë¬—ß‰¡à øóôπµ—« ·≈–¬—ß§ß¡’·√ß°¥¥—π¥â“π√“§“ Ÿß ´÷Ëß‡æ‘Ë¡§«“¡√ÿπ·√ß„Àâ°—∫°“√·¢àß¢—π∑“ß∏ÿ√°‘® ·≈–√«¡∂÷ß ∂“π°“√≥å¢Õß µ≈“¥‡ß‘π∑’Ë¡’§«“¡º—πº«π©—∫æ≈—π·≈–¬“°µàÕ°“√§“¥°“√≥å ‡§´’Õ’¬—ß§ß¬÷¥π‚¬∫“¬°“√µ≈“¥∑’Ë¡’¬ÿ∑∏»“ µ√åÕ—π™—¥‡®π ·≈–¡’¡“µ√°“√‡™‘ß√ÿ°„π°“√¢¬“¬µ≈“¥·≈–∞“π≈Ÿ°§â“ ∑”„Àâ‡§´’Õ’ “¡“√∂ΩÉ“Õÿª √√§·≈–ºà“πæâπ«‘°ƒµ‘°“√≥åµà“ßÊ √Õ∫¥â“π‰ª‰¥â¥â«¬¥’Õ’°§√—ÈßÀπ÷Ëß Õ’°∑—Èß¬—ß¡’°“√‡µ‘∫‚µ¢Õß¬Õ¥¢“¬∂÷ß√âÕ¬≈– 15 „π¢≥–∑’Ë§à“‡ß‘π∫“∑·¢Áß§à“¢÷Èπ Õ¬à“ß¡“°°Áµ“¡ ®“°ß∫°“√‡ß‘π√«¡¢Õß°≈ÿà¡ ‡§´’Õ’ ¡’¬Õ¥¢“¬ 5,713 ≈â“π∫“∑ ®“° 4,969 ≈â“π∫“∑„πªï°àÕπ ·µà‡π◊ËÕß¥â«¬¡’°“√ ¢¬“¬°“√≈ß∑ÿπÕ¬à“ßµàÕ‡π◊ËÕß„π∫√‘…—∑¬àÕ¬ ®÷ß¡’§à“„™â®à“¬∑’Ë Ÿß¢÷Èπµ“¡‰ª¥â«¬ ‡™àπ §à“‡ ◊ËÕ¡√“§“∑√—æ¬å ‘π ∑’Ë¡’°“√µ—¥ §à“„™â®à“¬‡æ‘Ë¡¢÷Èπ∂÷ß 92 ≈â“π∫“∑„πªï 2547 ·≈–®“°¿“«–µâπ∑ÿπ«—µ∂ÿ¥‘∫∑’Ë Ÿß¢÷Èπ‚¥¬‡©æ“–„π‰µ√¡“ ÿ¥∑â“¬¢Õßª’ ∑”„ÀâÕ—µ√“°”‰√¢—Èπµâπ‚¥¬‡©≈’Ë¬≈¥≈ß‰ª√âÕ¬≈– 3 ·≈–¡’°”‰√ ÿ∑∏‘√«¡ 241 ≈â“π∫“∑„πªï 2547 ≈¥≈ß®“°ªï°àÕπ∑’Ë 299 ≈â“π∫“∑ º≈°“√¥”‡π‘πß“π‡©æ“– à«π¢Õß∫√‘…—∑¡’¥—ßπ’È : ë ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ¡’¬Õ¥¢“¬ 2,114 ≈â“π∫“∑ ·≈–¡’°”‰√ ÿ∑∏‘ 105 ≈â“π∫“∑ ë ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ¡’¬Õ¥¢“¬ 1,253 ≈â“π∫“∑ ·≈–¡’°”‰√ ÿ∑∏‘ 171 ≈â“π∫“∑ ë ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ¡’¬Õ¥¢“¬ 893 ≈â“π∫“∑ (‡æ‘Ë¡¢÷Èπ 46% ‡¡◊ËÕ‡∑’¬∫°—∫ªï°àÕπ) ·≈– ¡’°”‰√ ÿ∑∏‘ 109 ≈â“π∫“∑ ë ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ¡’¬Õ¥¢“¬ 2,680 ≈â“π∫“∑ (‡æ‘Ë¡¢÷Èπ 24% ®“°ªï°àÕπ) ·µà¡’¢“¥∑ÿπ ÿ∑∏‘ 37 ≈â“π∫“∑ ®–‡ÀÁπ‰¥â«“à º≈°“√¥”‡π‘πß“π¢Õß°≈ÿ¡à ‰¥â√∫— º≈°√–∑∫‡ªìπÕ¬à“ß¡“°®“°º≈°“√¥”‡π‘πß“π¢Õß∫√‘…∑— ‡§´’Õ’ ‡∑§‚π‚≈¬’ °“√‡µ‘∫‚µ¢Õß¬Õ¥¢“¬¢Õß°≈ÿà¡‡ªìπº≈¡“®“°°“√¢¬“¬°”≈—ß°“√º≈‘µ¢Õß∫√‘…—∑‡§´’Õ’ ‡∑§‚π‚≈¬’ ·≈–°”‰√ ÿ∑∏‘¢Õß°≈ÿà¡ ∑’Ë≈¥πâÕ¬≈ß‰ªπ—Èπ°Á∂Ÿ°°√–∑∫¥â«¬º≈¢“¥∑ÿπ®“°∫√‘…—∑‡§´’Õ’ ‡∑§‚π‚≈¬’¥â«¬‡™àπ°—π πÕ°®“°π’ÈÀ“°«‘‡§√“–Àå ∂“π°“√≥å „π™à«ßªï∑’Ëºà“π¡“ ®–æ∫«à“®“°™à«ßµâπªï∂÷ß‰µ√¡“ 3 π—Èπ ¬Õ¥¢“¬·≈–°”‰√¢Õß°≈ÿà¡¡’°“√‡µ‘∫‚µÕ¬à“ß ¡Ë”‡ ¡Õ„πÕ—µ√“ ∑’Ëπà“æÕ„® À“°·µàª√– ∫ªí≠À“Àπ—°„π‰µ√¡“ ÿ¥∑â“¬¢Õßªï ·≈–‡°‘¥º≈¢“¥∑ÿπ„π‰µ√¡“ 4 ®÷ß∑”„Àâº≈°“√¥”‡π‘π ß“π¢Õßªï 2547 ∂¥∂Õ¬≈ß ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ‰¥â¢¬“¬°“√≈ß∑ÿπ‡æ◊ËÕ‡æ‘Ë¡°”≈—ß°“√º≈‘µ·ºàπæ‘¡æå«ß®√‰øøÑ“ (Outer Layer) ‚§√ß°“√ 3 ´÷Ëß·≈â«‡ √Á®„πª≈“¬‰µ√¡“ ·√°¢Õßªï 2547 ∑”„Àâ°”≈—ß°“√º≈‘µ‡æ‘Ë¡¢÷Èπ‡ªìπ 900,000 µ“√“ßøÿµµàÕ‡¥◊Õπ ¡’°“√„™â °”≈—ß°“√º≈‘µ„π‚§√ß°“√ à«π¢¬“¬¥—ß°≈à“«‰¥â∂÷ß 35% „π‰µ√¡“ 3 ·µà‰¡à “¡“√∂√—°…“√–¥—∫°“√º≈‘µπ’È‰«â‰¥â„π ‰µ√¡“ 4 ‡π◊ËÕß®“°ª√– ∫ªí≠À“„π°“√º≈‘µ ªí≠À“µà“ßÊ ¥—ß°≈à“«‡ªìπªí≠À“∑“ß‡∑§π‘§∑’Ëæ∫‰¥â‡ ¡Õ ‚¥¬‡©æ“– „π™à«ß∑’Ë¡’°“√ª√—∫‡æ‘Ë¡√–¥—∫°“√º≈‘µ ·µàªí≠À“‡À≈à“π’È°Á‰¥â√—∫°“√¥Ÿ·≈„π∑—π∑’ ¡’°“√«‘‡§√“–Àå∂÷ß “‡Àµÿ¢Õßªí≠À“ ·≈–

DIRECTORSû REPORT

2004 was another extremely difficult year for KCE, for numerous reasons; a slow recovery rate from the world economic recession, relentless pressure on prices, influence by increased competition in the marketplace, together with the unpredictable and volatile currency market. Despite these unfavorable challenges KCE remained pro-active in its marketing strategy of expansion and the widening of the customer base. As a result an increase in sales revenue of 15% over 2003 was achieved despite the stronger Baht. The 2004 Consolidated Financial Statement shows total sales revenue to be Baht 5,713 million, up from 4,969 million in the previous year, and net profit to be Baht 241 million, down from Baht 299 million. The decrease in net profit was due to two main causes. Firstly, company expenditure was higher following the expansion of investment in the subsidiaries. For example, asset depreciation expenses rose by Baht 92 million during the year. Secondly, the subsidiaries experienced an increase in raw material costs during the 4th quarter. This resulted in a 3% reduction in gross profit, which in turn decreased the companyûs net profit. The 2004 operation results by company are as follows:ë KCE: sales of Baht 2,114 million with a net profit of Baht 105 million; ë KCEI: sales of Baht 1,253 million with a net profit of Baht 171 million; ë TLM: sales of Baht 893 million (up 46%) with a net profit of Baht 109 million; ë KCET: sales of Baht 2,680 million (up 24%) with a net loss of Baht 37 million. Thus it is clear that the Groupûs performance was directly affected by KCETûs results. For instance sales growth came partly from the increased capacity at KCET, but at the same time, the Groupûs decreased net profit was due in large part to KCETûs losses. It should, however, be noted that these losses occurred only in the 4th quarter, but greatly affected the overall company performance for the year 2004. KCETûs outer layer production capacity expanded from 600,000 to 900,000 sq ft. and brought into operation at the end of the 1st quarter. By the end of the 3rd quarter, 35% of the expanded capacity was being utilized. However during the 4th quarter, the plant experienced technical problems typically of a step up in production capacity. This caused a severe decrease in the level of capacity utilization. Fortunately, most of the problems were identified and corrective action plan were put in place by the end of the year. Implementation is in progress and we are confident of operating at full capacity by the second quarter of 2005. To cope with a planned capacity of 900,000 sq ft. and increase in value added product i.e. a higher proportion of multilayer and higher layer count product, KCET needs more space for warehousing and inner layer production. Phase IV of the expansion strategy has been implemented.

Annual Report 2004 KCE ELECTRONICS PCL.

‰¥â¥”‡π‘π°“√·°â‰¢‰ª·≈â«‡ªìπ à«π„À≠à„π™à«ß ‘Èπªï Õ¬à“ß‰√°Áµ“¡°“√ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ°“√º≈‘µ¬—ßÕ¬Ÿà„π√–À«à“ß°“√ ¥”‡π‘π°“√·≈–‡ªìπ‰ªÕ¬à“ßµàÕ‡π◊ËÕß ‡æ◊ËÕ‡µ√’¬¡√Õß√—∫°“√º≈‘µÕ¬à“ß‡µÁ¡ª√– ‘∑∏‘¿“æ∑’Ë§“¥«à“®–‡√‘Ë¡‰¥â„π‰µ√¡“ Õß ‡æ◊ËÕ√Õß√—∫°”≈—ß°“√º≈‘µ 900,000 µ“√“ßøÿµµàÕ‡¥◊Õπæ√âÕ¡∑—Èß‡æ‘Ë¡¡Ÿ≈§à“„Àâ°—∫ ‘π§â“ ‡™àπ°“√‡æ‘Ë¡°“√º≈‘µ·∫∫ À≈“¬™—Èπ (Multilayer) „Àâ¡“°¢÷Èπ ·≈–°“√‡æ‘Ë¡®”π«π™—Èπ (Layer count) ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”‡ªìπ∑’Ë®–µâÕß¢¬“¬ æ◊Èπ∑’Ë‚√ßß“π ‡æ◊ËÕ„™â‡ªìπ§≈—ß ‘π§â“·≈– à«π°“√º≈‘µ¢Õß Inner Layer ‡æ‘Ë¡¢÷Èπ¥â«¬ ∫√‘…—∑œ ®÷ß‰¥â´◊ÈÕ∑’Ë¥‘π¥â“π¢â“ß‚√ßß“π ‡æ‘Ë¡Õ’° 8 ‰√à ‡æ◊ËÕ √â“ßÕ“§“√ ”À√—∫‚√ßß“π à«π¢¬“¬‚§√ß°“√ 4 ·≈–„™â‡ªìπ§≈—ß ‘π§â“ §“¥«à“‚§√ß°“√®–‡√‘Ë¡¥”‡π‘π °“√º≈‘µ‰¥â„πª≈“¬‰µ√¡“ ·√°¢Õßªï 2548 „πªï 2547 §≥–°√√¡°“√∫√‘…—∑‰¥âµ—¥ ‘π„®·¬°∏ÿ√°‘®º≈‘µ·ºàπ≈“¡‘‡πµÕÕ°®“°∏ÿ√°‘®À≈—° ‡π◊ËÕß®“°∏ÿ√°‘®º≈‘µ·ºàπ ≈“¡‘‡πµ ‡ªìπ∏ÿ√°‘®∑’Ë¡’»—°¬¿“æ„π°“√‡µ‘∫‚µ Ÿß·≈– “¡“√∂∑”°“√µ≈“¥‰¥â∑—Èß„πª√–‡∑»·≈–µà“ßª√–‡∑» ·µà¡’§«“¡ ®”‡ªìπ„π°“√¢¬“¬°“√≈ß∑ÿπÕ’°¡“° ‡æ◊ËÕ≈¥¿“√–µâπ∑ÿπ¢Õß‡ß‘π∑ÿπ∑’Ë®–‡¢â“¡“ π—∫ πÿπ°“√¢¬“¬µ—«¢Õß∏ÿ√°‘® ‡¡◊ËÕ«—π∑’Ë 15 ∏—π«“§¡ 2547 ∫√‘…—∑‰¥â¥”‡π‘π°“√¢“¬Àÿâπ∑’Ë∫√‘…—∑∂◊ÕÕ¬Ÿà„π∫√‘…—∑‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ‚¥¬‡§´’Õ’≈¥ —¥ à«π°“√∂◊ÕÀÿâπ≈ß®“°√âÕ¬≈– 93.68 ‡ªìπ√âÕ¬≈– 71.60 πÕ°®“°π’È∫√‘…—∑¬—ß‰¥âª√—∫π‚¬∫“¬°“√¢“¬„Àâ¡’°“√¢¬“¬∞“π≈Ÿ°§â“ Ÿà≈Ÿ°§â“πÕ°°≈ÿà¡¡“°¢÷Èπ ‚¥¬¡’‡ªÑ“À¡“¬°“√¢“¬ „Àâ°≈ÿà¡≈Ÿ°§â“∑—Ë«‰ª‰¡àµË”°«à“√âÕ¬≈– 30 „πªï 2548 ®“°°“√‡ª≈’Ë¬π·ª≈ßπ‚¬∫“¬°“√¢“¬π’È∑”„Àâ∫√‘…—∑„π°≈ÿà¡µâÕß —Ëß´◊ÈÕ ·≈–π”‡¢â“·ºàπ≈“¡‘‡πµ®“°ºŸâ¢“¬Õ◊Ëπ„πµà“ßª√–‡∑» ‡ªìπº≈„ÀâµâÕß ”√Õß«—µ∂ÿ¥‘∫§ß§≈—ß„πª√‘¡“≥∑’Ë Ÿß¢÷Èπ¡“° Õ’°∑—Èß ¬—ßµâÕß√—∫§«“¡‡ ’Ë¬ß„π°“√‡ª≈’Ë¬π·ª≈ß¢Õß√“§“µ≈“¥·≈–Õ—µ√“·≈°‡ª≈’Ë¬π¥â«¬ °“√µ—¥ ‘π„®¢Õß§≥–°√√¡°“√∫√‘…—∑„π°“√·¬°∏ÿ√°‘®º≈‘µ·ºàπ≈“¡‘‡πµÕÕ°®“°∏ÿ√°‘®À≈—°¢Õß°≈ÿà¡„π§√—Èßπ’È∂◊Õ«à“ ‡ªìππ‚¬∫“¬∑’Ë‡À¡“– ¡„π√–¬–¬“« ·≈–‡ªìπ§«“¡®”‡ªìπ∑“ß∏ÿ√°‘®Õ¬à“ß·∑â®√‘ß À“°·µà„π¢≥–‡¥’¬«°—πÕ“® àßº≈ °√–∑∫„π¥â“πÕ◊Ëπ∑’Ë‡°‘π°“√§“¥°“√≥åµàÕ°≈ÿà¡‡§´’Õ’ „π√–¬–‡«≈“Àπ÷Ëß µ≈Õ¥√–¬–‡«≈“∑’Ëºà“π¡“ ‡§´’Õ’‰¥â√—∫§«“¡‰«â«“ß„®®“°≈Ÿ°§â“ ∑—Èß„π¥â“π¡“µ√∞“π°“√º≈‘µ ·≈–°“√∫√‘°“√ ¥—ß®–‡ÀÁπ ‰¥â®“°√“ß«—≈µà“ßÊ ¡“°¡“¬∑’Ëπà“¿Ÿ¡‘„® √«¡∂÷ß°“√∑’Ë∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π§ÿ≥¿“æ ISO/TS16949 „π‡¥◊Õπ°ÿ¡¿“æ—π∏å∑’Ëºà“π¡“ ´÷Ëß “¡“√∂‡æ‘Ë¡§«“¡‡™◊ËÕ¡—Ëπ„π¡“µ√∞“π°“√º≈‘µ„Àâ°—∫≈Ÿ°§â“‰¥â‡ªìπÕ¬à“ß¥’ „πªïÀπâ“ ‡§´’Õ’ ¡’·ºπ¢¬“¬°“√≈ß∑ÿπ‡æ◊ËÕ‡æ‘Ë¡°”≈—ß°“√º≈‘µÕ’°À≈“¬‚§√ß°“√ ‡æ◊ËÕ„Àâ‡æ’¬ßæÕ°—∫°“√¢¬“¬µ—« ¢Õßµ≈“¥ À≈—ß°“√¢¬“¬°“√≈ß∑ÿπ ∫√‘…—∑‡§´’Õ’ Õ’‡≈Á§‚∑√π‘§ å ·≈–∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ·µà≈–∫√‘…—∑®–¡’ °”≈—ß°“√º≈‘µ Ÿß ÿ¥ 450,000 µ“√“ßøÿµµàÕ‡¥◊Õπ „π¢≥–∑’Ë∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ¡’°“√¢¬“¬°“√≈ß∑ÿπ„π Inner Layer line 4 ‡æ◊ËÕ π—∫ πÿπ°“√º≈‘µ 900,000 µ“√“ßøÿµµàÕ‡¥◊Õπ °”≈—ß°“√º≈‘µ√«¡¢Õß°≈ÿà¡®–‡æ‘Ë¡¢÷Èπ‡ªìπ 1.8 ≈â“πµ“√“ßøÿµ µàÕ‡¥◊Õπ §“¥«à“‚§√ß°“√ à«π¢¬“¬¥—ß°≈à“«®–‡√‘Ë¡¥”‡π‘π°“√‰¥â„πµâπ‰µ√¡“ 2 ¢Õßªï 2548

Eight rai (3.16 acres) of land have been bought for the siting of the new factory and main warehouse facility. This is expected to be in operation by the end of the 1st quarter of 2005. In 2004 the Board of Directors decided to separate the Laminate business from the company没s core PCB operation, due to a high growth potential and an increasing market demand for laminate products both locally and overseas. The growth in market demand for Laminate products necessitated a huge investment in the expansion of production capacity. To seek the fund for the expansion, on 15th December 2004, KCE Electronics partially sold its shares of Thai Laminate Manufacturer Co.,Ltd. This reduced KCE没s share holding from 93.68% to 71.60% by the end of the year. During the year, new customers have been introduced reducing KCE没s share of product from 100% to less than 80% of the total output, with a target of 30% of sales to independent customers in 2005. This new TLM sales strategy did cause a major problem for the KCE group, as laminate had to be imported requiring KCE group to hold large amounts of stock, due to increased shipping time. This further exposed them to the fluctuations in world market prices, as well as the associated currency exchange risk. The decision by the Board to spin off TLM, in the long term is basically necessary and commercially sound, but on the short term it has had far reaching and perhaps unforeseen effects on other subsidiaries. Right from the start KCE has consistently maintained strict quality control and a high level of production efficiency. This in turn has enabled the company to enjoy a high level of trust and confidence with its customers. So it is very gratifying to record that KCE Technology received its ISO/TS 16949 certification in February 2004. In 2005, KCE will continue to invest funds to support its expanding capacity and enable it to meet the demands of a growing market. When all expansion projects are completed, KCE Electronics and KCE International will each have a production capacity of 450,000 sq ft per month and KCET will have a capacity of 900,000 sq ft per month. This brings the group没s total capacity to 1.8 million sq ft per month. It is expected that this total expanded capacity will be fully operational, from the second quarter of 2005.

Annual Report 2004 KCE ELECTRONICS PCL.

§≥–°√√¡°“√∫√‘…—∑¬—ß¥”‡π‘π°“√Õ¬à“ßµàÕ‡π◊ËÕß„π¥â“π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·≈–‰¥âªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫ °“√¥Ÿ·≈°‘®°“√∑’Ë¥’µ“¡‡°≥±å°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ 15 ¢âÕ ´÷Ëß°”Àπ¥‚¥¬µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– ∫√‘…∑— ‰¥â√∫— °“√®—¥Õ—π¥—∫«à“‡ªìπ∫√‘…∑— ·π«Àπâ“ ∑’¡Ë °’ “√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë „’ π¥â“π°“√°”°—∫¥Ÿ·≈°‘®°“√ „π¥â“π ‘∑∏‘¢Õß ºŸâ∂◊ÕÀÿâπ °“√ªØ‘∫—µ‘∑’Ë‡∑à“‡∑’¬¡°—πµàÕºŸâ∂◊ÕÀÿâπ ∫∑∫“∑¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬ °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–§«“¡‚ª√àß„ ·≈– §«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√ ´÷ßË ∑”°“√ ”√«®·≈–ª√–‡¡‘πº≈‚¥¬ ¡“§¡ àß‡ √‘¡ ∂“∫—π°√√¡°“√∫√‘…∑— ‰∑¬ (IOD) ¥â«¬§«“¡ π—∫ πÿπ®“°µ≈“¥À≈—°∑√—æ¬å ·≈– ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–µ≈“¥À≈—°∑√—æ¬å §≥–°√√¡°“√∫√‘…∑— œ ¢Õ¢Õ∫§ÿ≥∑à“πºŸ∂â Õ◊ Àÿπâ ºŸ√â «à ¡∑ÿπ ≈Ÿ°§â“ ·≈–æπ—°ß“π∑ÿ°§π´÷ßË ‡ªìπ°”≈—ß ”§—≠∑’ Ë ¥ÿ ∑’√Ë «à ¡ √â“ß §«“¡ ”‡√Á®Õ—ππà“¿Ÿ¡‘„®π’È √«¡∂÷ß ∂“∫—π°“√‡ß‘π ∑’Ë¡Õ∫§«“¡‡™◊ËÕ¡—Ëπ ·≈–„Àâ°“√ π—∫ πÿπ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ¥â«¬¥’µ≈Õ¥¡“

π“¬∫—≠™“ Õß§å‚¶…‘µ ª√–∏“π°√√¡°“√

The company also continued complying with the 15 Good Corporate Governance Principles. From the survey and evaluation of good governance in Thai listed companies by the Thai Institute of Directors Association, KCE is ranked in the 霉Top Quartile没 that had improved their CG performance in 5 categories. Those categories are the rights of shareholders, the equitable treatment of shareholders, the role of shareholders, and the disclosure and transparency of Board responsibilities. The Board of Directors wishes to thank the shareholders, partners, customers, staff, and financial institutes for all their support and confidence in our Group.

Bancha Ongkosit Chairman

Annual Report 2004 KCE ELECTRONICS PCL.

√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫

‡√’¬π ∑à“πºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕªØ‘∫—µ‘Àπâ“∑’Ë„Àâ‡ªìπ‰ªµ“¡«—µ∂ÿª√– ß§å §≥–°√√¡°“√µ√«® Õ∫‰¥âª√–™ÿ¡√à«¡°—∫ºŸâ∫√‘À“√, ‡®â“Àπâ“∑’ËΩÉ“¬ ∫—≠™’·≈–°“√‡ß‘π, ºŸâ Õ∫∫—≠™’Õπÿ≠“µ, ºŸâµ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ „π√Õ∫ªï 2547 √«¡ 5 §√—Èß ·≈–‰¥âπ” àß √“¬ß“π°“√ª√–™ÿ¡µàÕ§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß ‚¥¬¡’ “√– ”§—≠¥—ßπ’È 1. Õ∫∑“π·≈–æ‘®“√≥“§«“¡∂Ÿ°µâÕß¢Õß√“¬ß“πß∫°“√‡ß‘π∫√‘…∑— œ √«¡∑—ßÈ ∫√‘…∑— √à«¡·≈–∫√‘…∑— ¬àÕ¬ µ“¡∑’‰Ë ¥â√∫— ¡Õ∫À¡“¬®“°§≥–°√√¡°“√∫√‘…—∑œ §≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ß∫°“√‡ß‘π ”À√—∫ªï æ.». 2547 ¡’§«“¡™—¥‡®π ·≈–∂Ÿ°µâÕßµ“¡À≈—°ªØ‘∫—µ‘∑“ß∫—≠™’ ‚¥¬¡’ “√– ”§—≠„π¢âÕ —ß‡°µ∑’Ë· ¥ß„πÀ¡“¬‡Àµÿ ª√–°Õ∫ß∫°“√‡ß‘π∑’Ë‡æ’¬ßæÕ·≈–∂Ÿ°µâÕß 2. Õ∫∑“π·≈–æ‘®“√≥“√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π√–À«à“ß∫√‘…—∑œ °—∫∫√‘…—∑√à«¡·≈–∫√‘…—∑¬àÕ¬ ‡æ◊ËÕµ√«® Õ∫ ª√–‡¥Áπ∑’ËÕ“®‡°’Ë¬«¢âÕß°—∫§«“¡¢—¥·¬âß¥â“πº≈ª√–‚¬™πå 3. æ‘ ® “√≥“·≈–„Àâ §”‡ πÕ·π–·°à ºŸâ µ √«® Õ∫¿“¬„π ‚¥¬§≥–°√√¡°“√µ√«® Õ∫‰¥â æ‘ ® “√≥“√“¬ß“π °“√µ√«® Õ∫¿“¬„π·≈–„Àâ¢âÕ‡ πÕ·π–·°àºŸâµ√«® Õ∫¿“¬„π ∑’Ë‡°’Ë¬«°—∫ª√– ‘∑∏‘¿“æ·≈–§«“¡‡æ’¬ßæÕ ¢Õß√–∫∫°“√µ√«® Õ∫¿“¬„π Õ’°∑—Èß‡ πÕ·π–·π«∑“ß°“√·°â‰¢∑’Ë‡À¡“– ¡„π ∂“π°“√≥å∑’Ë®”‡ªìπ ·≈–„Àâ §«“¡‡ÀÁπ™Õ∫„π·ºπß“π°“√µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑œ ”À√—∫ªï æ.». 2548 4. §≥–°√√¡°“√µ√«® Õ∫‰¥âæ‘®“√≥“§à“ Õ∫∫—≠™’¢Õß∫√‘…—∑ºŸâ Õ∫∫—≠™’ ·≈–‰¥âµ°≈ß„Àâ‡æ‘Ë¡‰¥â„π‡°≥±å∑’Ë ‡À¡“– ¡µàÕß“πµ√«® Õ∫∑“ß∫—≠™’·≈–°“√‡ß‘π∑’Ë‡æ‘Ë¡¢÷Èπµ“¡°“√¢¬“¬µ—«¢Õß°‘®°“√¢Õß∫√‘…—∑œ ¥—ßπ—Èπ §≥–°√√¡°“√µ√«® Õ∫ ®÷ß‡ πÕ„Àâ ∫√‘…—∑ Ernst & Young Corporate Services Ltd. ‡ªìπºŸâ Õ∫∫—≠™’ ¢Õß∫√‘…—∑ ”À√—∫ªï 2548 µàÕ‰ªÕ’°«“√–Àπ÷Ëß ‚¥¬®–π”‡ πÕ‡æ◊ËÕ¢ÕÕπÿ¡—µ‘®“°ºŸâ∂◊ÕÀÿâπ„π°“√ª√–™ÿ¡„À≠à “¡—≠ ª√–®”ªï§√—ÈßµàÕ‰ª §≥–°√√¡°“√µ√«® Õ∫ ¡’¢âÕ —ß‡°µ«à“º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ „πªïπ’È·¡â®–¡’¬Õ¥¢“¬‡æ‘Ë¡¢÷Èπ·µàº≈°”‰√ °≈—∫≈¥≈ß‡¡◊ËÕ‡∑’¬∫°—∫„πªï∑’Ëºà“π¡“ ∑—Èßπ’È‡ªìπ‡æ√“–º≈°√–∑∫ ”§—≠®“° ∂“π°“√≥å‡ª≈’Ë¬π·ª≈ß¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π „π√–À«à“ßªï·≈–°“√·¢àß¢—π∑“ß∏ÿ√°‘®∑’Ë‡æ‘Ë¡¢÷Èπ

π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ (ª√–∏“π) æ≈‚∑ π“¬·æ∑¬å ÿª√’™“ ‚¡°¢–‡« π“ßÕÿ∫≈ ®‘√–¡ß§≈ §≥–°√√¡°“√µ√«® Õ∫ 25 ¡’π“§¡ 2548

THE AUDIT COMMITTEE REPORT

To Shareholders In performing the oversight role, the Audit committee convened with the management, chief financial officer and accountant, independent auditor and internal auditor in 5 meetings during fiscal year 2004. The minute of each meeting was routinely submitted to the Board of Directors for their attention. The matters for consideration were as the followings: 1. Reviewing and discussing the audited financial report and its consolidated statements for the fiscal year 2004 with the management and independent auditor on behalf of the Board of Directors, the Audit Committee considered the Statements conformed in general to the accepted accounting principles and duly represented the overall financial standing of the company and its subsidiaries. The significant data and information disclosed in the notes of the statements were accurate and adequate. 2. Reviewing the related transactions between the company and its subsidiaries to oversee any activities that may lead to the problem of conflict of interest. 3. Examined the key systems of internal control, internal audit function, and appropriate action taken where necessary for adequacy and effectiveness. The Audit Committee also acknowledged reports of internal auditing, controlling, follow up actions for the year 2004, and approved an internal auditing plan for fiscal year 2005. 4. The Audit Committee negotiated the proposed 2005 auditing fee with current independent auditor firm (Ernst & Young). A reasonable increase in the fee was agreed upon since there have been increasing accounting activities over the previous year. Thus, the Audit Committee would recommend that Ernst & Young Corporate Services Ltd. be re-appointed as company没s independent Registered Auditor firm for the fiscal year 2005 subject to shareholder ratification at the shareholder meeting. The Audit Committees has observed that the company没s consolidated performance showed a decline profit compared with the previous year despite the increased sales amount. The decline was mainly affected by currency exchange situation and global pricing competitiveness. Dr. Thongdee Shaipanich (Chairman) Lt. Gen. Dr. Suprija Mokkhavesa Mrs. Ubol Chiramongkol Audit Committee March 25, 2005

Annual Report 2004 KCE ELECTRONICS PCL.

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® NATURE OF BUSINESS

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ‡ªìπºŸâº≈‘µ ·≈–®”Àπà“¬·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å (PRINTED CIRCUIT BOARD À√◊Õ PCB) ‚¥¬‡ªìπ°“√º≈‘µ‡æ◊ËÕ àßÕÕ°‡ªìπ à«π„À≠à µàÕ¡“ ‘π§â“ª√–‡¿∑π’È ‰¥â¡°’ “√æ—≤π“Õ¬à“ßµàÕ‡π◊ÕË ß Õ’°∑—Èß§«“¡µâÕß°“√„πµ≈“¥‚≈°‡æ‘Ë¡¢÷Èπ ∑”„Àâ∫√‘…—∑œ ‰¥â¡’ °“√¢¬“¬‚√ßß“πº≈‘µ·≈–µ—«·∑π®”Àπà“¬ ªí®®ÿ∫—π∫√‘…—∑œ ¡’∫√‘…—∑¬àÕ¬ ‰¥â·°à ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ‚¥¬∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ‰¥â∂◊ÕÀÿâπÕ¬Ÿà ®”π«π 94.99% ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ º≈‘µ·≈–®”Àπà“¬·ºàπ PCB ª√–‡¿∑ DOUBLE SIDED PTH ·≈–∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ Õ’°·ÀàßÀπ÷Ëß ∫√‘…—∑œ ∂◊ÕÀÿâπÕ¬Ÿà®”π«π 100% º≈‘µ·≈– ®”Àπà“¬ PRINTED CIRCUIT BOARD À√◊Õ PCB ª√–‡¿∑ MULTILAYER à«π∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ®–º≈‘µ PCB ª√–‡¿∑ MULTILAYER °«à“ 80% ·≈–¬—ß¡’ ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷ßË ‡ªìπ∫√‘…∑— ¬àÕ¬ ‰¥â∂Õ◊ Àÿπâ Õ¬Ÿ®à ”π«π 71.20% ∫√‘…∑— π’È ∑”°“√ º≈‘µ COPPER CLAD LAMINATE ·≈– PREPREG ´÷Ëß ‡ªìπ«—µ∂ÿ¥‘∫ ”§—≠„π°“√º≈‘µ·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å πÕ°®“°π’È¬—ß¡’∫√‘…—∑„π‡§√◊Õ ´÷Ëß∑”Àπâ“∑’Ë‡ªìπµ—«·∑π ®”Àπà“¬ PCB §◊Õ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ (∫√‘…—∑√à«¡) ‰¥â∂◊ÕÀÿâπÕ¬Ÿà®”π«π 50% ·≈– ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ (∫√‘…—∑√à«¡) ‰¥â∂◊ÕÀÿâπÕ¬Ÿà®”π«π 49%

KCE Electronics Public Company Limited (KCE) is the manufacturer and distributor of printed circuit board (PCB). Most of the products are for export. Since the products are under continuous developing and the global demand are rising, KCE expanded its business by establishing subsidiaries and associated companies. The subsidiaries are consisting of 1) K.C.E. International Co.,Ltd. manufactures double sided PCB (94.99% own by KCE), 2) KCE Technology Co.,Ltd manufacture the printed circuit board (100% own by KCE). , 3) Thai Laminate Manufacturer Co.Ltd. manufacturer of the copper clad laminated and preimpregnated prepreg, the important materials for PCB (71.20% own by KCE). The Associated companies are consisting of 1) KCE America Corporation Inc.- the Sales Representative in U.S.A. and 2) KCE Singapore Pte. - the Sales Representatives in Singapore.

‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß°≈ÿà¡∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ COMPANY STRUCTURE ∫¡®. ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å

KCE

25.00% 25.00%

94.99%

100%

∫®°. ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ‡π≈

∫®°. ‡§´’Õ’ ‡∑§‚π‚≈¬’

KCEI

KCET

24.50%

‡§´’Õ’ Õ‡¡√‘°“

‡§´’Õ’ ‘ß§‚ª√å

KCEA

KCES

19.20% 52.00%

∫®°. ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å

TLM

24.50%

Annual Report 2004 KCE ELECTRONICS PCL.

°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° TOP TEN SHAREHOLDERS FROM SHAREHOLDER LIST

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 AS AT DECEMBER 31, 2004

™◊ÕË SHAREHOLDERS

®”π«πÀÿâπ NUMBER OF SHARES

√âÕ¬≈– PERCENTAGE

189,959,250

62.32

THAILAND SECURITIES

39,858,770

12.66

π“¬∫—≠™“ Õß§å‚¶…‘µ Mr. Bancha Ongkosit

18,299,920

6.00

π“¬ªí≠®– ‡ π“¥‘ —¬ Mr. Panja Senadisai

12,938,600

4.11

π“ß«√≈—°…≥å Õß§å‚¶…‘µ Mrs. Voraluksana Ongkosit

11,510,000

3.80

∫√‘…—∑»Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) Thailand Securities Depository Company Limited for Depositor

π“¬‡®…Æ“ ‡≈‘»π—π∑ªí≠≠“ Mr. Jessada Lertnantapanya ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ Chantima Ongkosit M.D.

8,119,000

2.58

4,274,500

1.36

π“ßÕÿ∫≈ ®‘√–¡ß§≈ Mrs. Ubol Chiramongkol

3,690,100

1.17

π“ß “«®«∫®—π∑√å ¿‘√¡¬å¿—°¥’ Ms. Chuabchan Bhirombhakdi

2,862,500

0.91

π“¬·æ∑¬å‡°√’¬ß‰°√ Õ—§√«ß»å Kriangkrai Akarawong M.D.

2,505,200

0.80

§≥–°√√¡°“√∫√‘…—∑œ BOARD OF DIRECTORS

§≥–°√√¡°“√ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ®–ª√–°Õ∫¥â«¬°√√¡°“√∑—ÈßÀ¡¥ 8 ∑à“π ¥—ßπ’È 1. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ 1. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences:

Address: No. of Shares: Relationship with others:

π“¬∫—≠™“ Õß§å‚¶…‘µ ª√–∏“π°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√ ‰∑¬ 9 °—π¬“¬π 2494 ·µàßß“π ∫ÿµ√ 3 §π SIAD, SURREY DIP. GRAPHIC DESIGN (SECOND CLASS HONOURS) æ.». 2517-2525 ë KENYON & ECKHARDT (THAILAND) LTD. ë Àâ“ßÀÿâπ à«π®”°—¥ §«ß‡®√‘≠ æ.». 2526-ªí®®ÿ∫—π ë ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 98 ´. æ—≤π“°“√ 56 ·¢«ß «πÀ≈«ß °∑¡. 18,299,920 Àÿâπ (‡ªìπ “¡’) π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ Mr. Bancha Ongkosit Chairman and Managing Director Thai September 9, 1951 Married (3 Children) SIAD, SURREY DIP. GRAPHIC DESIGN (Second Class Honours) 1974-1982 ë Kenyon & Eckhardt (Thailand) Ltd. ë Kuang Charoen Electronics Company Ltd. 1983- Present ë KCE Electronics Public Company Ltd. 98 Pattanakarn 56, Suan Luang, Bangkok 18,299,920 Shares (Husband of) Mrs. Voraluksana Ongkosit Executive Director

Annual Report 2004 KCE ELECTRONICS PCL.

§≥–°√√¡°“√∫√‘…—∑œ

2. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ

π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ ‰∑¬ 10 °—π¬“¬π 2491 ·µàßß“π ∫ÿµ√ 3 §π ª√‘≠≠“‚∑ ¥â“π∫√‘À“√∏ÿ√°‘® (MBA) ¡À“«‘∑¬“≈—¬´—øøÕ≈å° ¡≈√—∞‡¡ ´“´Ÿ‡ ∑´å À√—∞Õ‡¡√‘°“ æ.». 2514-2515 ë ‡®â“Àπâ“∑’‚Ë ∑ 2 °Õß°“√ª√–°—π¿—¬ °√–∑√«ßæ“≥‘™¬å æ.». 2515-2517 ë π—°«‘®—¬·≈–«“ß·ºπ Õ“«ÿ‚ ΩÉ“¬°“√µ≈“¥ ë ∫√‘…—∑øÕ√å¥¡Õ‡µÕ√å (ª√–‡∑»‰∑¬) ®”°—¥ æ.». 2517-2519 ë ºŸâ®—¥°“√ΩÉ“¬°“√‡ß‘π ∫√‘…—∑‡§√¥‘µ°“√æ“≥‘™¬å (ª√–‡∑»‰∑¬) ®”°—¥ æ.». 2519-2524 ë ‡®â“Àπâ“∑’∫Ë √‘À“√ ™—πÈ √ÕßºŸ®â ¥— °“√ (VP) ∏π“§“√°√ÿß‡∑æ ®”°—¥ æ.». 2534-2537 ë °√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— ‡Õ™ ·Õπ¥å §‘« (ª√–‡∑»‰∑¬) ®”°—¥ æ.». 2537-2540 ë °√√¡°“√ºŸâÕ”π«¬°“√ ∫√‘…—∑ ‰√¡Õπ ®”°—¥ æ.». 2526-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) æ.». 2536-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ «’‡¥π¡Õ‡µÕ√å ®”°—¥ (¡À“™π) æ.».2540-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ ∫’ ‡ÕÁ¡ ‡Õ ®”°—¥ æ.». 2542-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…∑— ´’«¥’ ’ ‡ÕÁπ‡µÕ√å‡∑π‡¡π∑å ®”°—¥ (¡À“™π) æ.». 2543-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ ¡∫Ÿ√≥å ·Õä¥«“π´å ‡∑§‚π‚≈¬’ ®”°—¥ (¡À“™π) æ.». 2545-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ ∑√’π’µ’È «—≤π“ ®”°—¥ (¡À“™π) æ.». 2546-ªí®®ÿ∫—π ë °√√¡°“√ ∫√‘…—∑ √ “ ∑“«‡«Õ√å ®”°—¥ 10 ´. Õ‘π∑“¡√– 40 ·¢«ß¥‘π·¥ß ‡¢µ¥‘π·¥ß °∑¡. 12,938,600 Àÿâπ ‰¡à¡’

BOARD OF DIRECTORS

2. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences:

Address: No. of Shares: Relationship with others:

Mr. Panja Senadisai Director Thai September 10, 1948 Married (3 Children) Masterûs Degree in Business Administration Suffolk University, Massachusetts, USA 1971-1972 ë Administrative Officer, Ministry of Commerce 1972-1974 ë Senior Sales, Planning Analyst, Ford Motor Company (Thailand) Ltd. 1974-1976 ë Treasury Manager, Commercial Credit Corp. (Thailand) 1976-1991 ë Vice President, Bangkok Bank PCL. 1991-1994 ë Managing Director, H & Q (Thailand) Ltd. 1994-1997 ë President, Raimon Co.,Ltd. 1997 - Present ë Advisor & Director, KCE Electronics PCL. 1999 - Present ë Advisor & Director, CVD Entertainment PCL. 1999-2003 ë Director, Cinecolor Lab Co.,Ltd. 2003 - Present ë Advisor, Cinecolor Lab Co.,Ltd. 2004 - Present ë Chairman of the Board, Deva Property PCL. 10 Indhamara 40, Suthisarn Road, Bangkok 12,938,600 Shares None

Annual Report 2004 KCE ELECTRONICS PCL.

3. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“

ª√–«—µ‘°“√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ

·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ ‰∑¬ 6 ∏—π«“§¡ 2489 À¬à“ (∫ÿµ√ 1 §π) ë Diplomat, American Board of Psychiatry and Neurology ë Residency training in Psychiatry and Neurology, Department of Psychiatry, University of Illinois, Chicago, Illinois, U.S.A. æ.». 2519-2521 ë Assistant Professor of Psychiatry, University of Illinois, Chicago, Illinois, U.S.A. æ.». 2520-2521 ë Associate Director of Affective Disorders Clinic, University of Illinois, Chicago, Illinois, U.S.A. æ.». 2520-2521 ë Chief of In-patient and Research Unit, Westside Veteran Administration Hospital, Chicago, Illinois, U.S.A. æ.». 2521-2523 ë Õ“®“√¬åª√–®”¿“§«‘™“®‘µ‡«™»“ µ√å §≥–·æ∑¬å»“ µ√å ‚√ßæ¬“∫“≈√“¡“∏‘∫¥’ ¡À“«‘∑¬“≈—¬¡À‘¥≈ æ.». 2523-2527 ë ºŸâ™à«¬»“ µ√“®“√¬åª√–®”¿“§«‘™“®‘µ‡«™»“ µ√å §≥–·æ∑¬å»“ µ√å ‚√ßæ¬“∫“≈√“¡“∏‘∫¥’ ¡À“«‘∑¬“≈—¬¡À‘¥≈ æ.». 2528-ªí®®ÿ∫—π ë ®‘µ·æ∑¬å∑’Ëª√÷°…“ ‚√ßæ¬“∫“≈ ¡‘µ‘‡«™ ÿ¢ÿ¡«‘∑ §≈‘π‘°·æ∑¬å ÿ¢ÿ¡«‘∑ ÿ¢ÿ¡«‘∑ 31 ë Õ“®“√¬åæ‘‡»…¿“§«‘™“®‘µ‡«™»“ µ√å §≥–·æ∑¬å»“ µ√å ‚√ßæ¬“∫“≈√“¡“∏‘∫¥’ ¡À“«‘∑¬“≈—¬¡À‘¥≈ §≥–·æ∑¬å»“ µ√å ‚√ßæ¬“∫“≈»‘√‘√“™ ¡À“«‘∑¬“≈—¬¡À‘¥≈ æ.» 2526 - ªí®®ÿ∫—π ë °√√¡°“√∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) æ.» 2531 - ªí®®ÿ∫—π ë °√√¡°“√∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ æ.» 2540 - 2547 ë °√√¡°“√∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ æ.» 2543 - ªí®®ÿ∫—π ë °√√¡°“√∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ æ.» 2546 - ªí®®ÿ∫—π ë ª√–∏“π°√√¡°“√∫√‘…—∑ æ’‡Õ´’ ( ¬“¡) ®”°—¥ ª√–∏“π°√√¡°“√‚√ßæ¬“∫“≈¡π“√¡¬å ‚√ßæ¬“∫“≈‡©æ“–∑“ß ÿ¢¿“æ®‘µ 100 ¡. 9 ·¢«ß¥Õ°‰¡â ‡¢µª√–‡«» °∑¡. 4,274,500 Àÿâπ (‡ªìπæ’Ë “«) π“¬∫—≠™“ Õß§å‚¶…‘µ/ª√–∏“π°√√¡°“√ ·≈–°√√¡°“√ºŸâ®—¥°“√

3. Name: Position: Nationality: Date of Birth: Marital Status: Education:

Experiences:

Address: No. of Shares: Relationship with others:

Dr. Chantima Ongkosit Director Thai December 6, 1946 Divorced (1 Child) ë Diplomat, American Board of Psychiatry and Neurology ë Residency training in Psychiatry and Neurology, Department of Psychiatry, University of Illinois, Chicago, Illinois, USA 1976-1978 ë Assistant Professor of Psychiatry, University of Illinois, Chicago, Illinois, USA 1977-1978 ë Associate Director of Affective Disorders Clinic University of Illinois, Chicago, Illinois, USA 1977-1978 ë Chief of In-patient and Research Unit Westside Veteran Administration Hospital, Chicago, Illinois, USA 1978-1980 ë Lecturer of Psychiatry, Faculty of Medicine at Ramathibodi Hospital, Mahidol University 1980-1984 ë Assistant Professor of Psychiatry, Faculty of Medicine at Ramathibodi Hospital, Mahidol University 1983- Present ë Director, KCE Electronics Public Company Ltd. 1988- Present ë Director, K.C.E. International Company Ltd. 1989- Present ë Psychiatric Consultant at Samitivej Hospital and Sukhimvit Medical Center 1997-2004 ë Director, Thai Laminate Manufacturer Co.,Ltd. 2000-Present ë Director, KCE Technology Company Ltd. 2003-Present ë Chairman of PAC (Siam) Co.,Ltd. ë Chairman of Manarom Hospital 100 Moo. 9, Kwang Dokmai, Prawet, Bangkok 4,274,500 Shares (Sister of) Mr. Bancha Ongkosit/Chairman and Managing Director

Annual Report 2004 KCE ELECTRONICS PCL.

4. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ 5. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π ∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ 6. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ

π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√/°√√¡°“√∫√‘À“√ ‰∑¬ 15 ‘ßÀ“§¡ 2494 ·µàßß“π ∫ÿµ√ 3 §π PITMAN DIP. BUSINESS & SECRETARIAL æ.». 2515-2516 FEDERAL ELECTRIC CORPORATION æ.». 2517-2522 GRANT ADVERTISING æ.». 2522-2531 KENYON & ECKHARDT (THAILAND) LTD. æ.». 2532-ªí®®ÿ∫—π ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 98 ´. æ—≤π“°“√ 56 ·¢«ß «πÀ≈«ß °∑¡. 11,510,000 Àÿâπ (‡ªìπ¿√√¬“) π“¬∫—≠™“ Õß§å‚¶…‘µ/ª√–∏“π°√√¡°“√ ·≈–°√√¡°“√ºŸâ®—¥°“√ æ≈‚∑ π“¬·æ∑¬å ÿª√’™“ ‚¡°¢–‡« °√√¡°“√µ√«® Õ∫/°√√¡°“√Õ‘ √– ‰∑¬ 20 µÿ≈“§¡ 2481 ·µàßß“π ∫ÿµ√ 2 §π M.D., C.M, McGill UNIVERSITY ë 1 æƒ…¿“§¡ 2517 √.æ. æ√–¡ß°ÿÆ‡°≈â“ ë æ.». 2540-2543 ‡®â“°√¡·æ∑¬å∑À“√∫° 50 ÿ¢ÿ¡«‘∑ 63 æ√–‚¢πß °∑¡. 1,257,600 Àÿâπ ‰¡à¡’ π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ ª√–∏“π°√√¡°“√µ√«® Õ∫/°√√¡°“√Õ‘ √– ‰∑¬ 7 ¡°√“§¡ 2478 ·µàßß“π ∫ÿµ√ 2 §π ·æ∑¬å»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬·æ∑¬å»“ µ√å F.A.C.S DIPLOMATE AMERICAN BOARD OF SURGERY æ.». 2515 ë Õ“®“√¬å¿“§«‘™“»—≈¬“»“ µ√å §≥–·æ∑¬å»“ µ√å ¡À“«‘∑¬“≈—¬¡À‘¥≈ æ.». 2538-2543 ë ºŸâÕ”π«¬°“√ √.æ. ¡‘µ‘‡«™ 19/4 ´.æ√âÕ¡æ√√§ ·¢«ß§≈Õßµ—π ‡¢µ§≈Õß‡µ¬ °∑¡. 100,600 Àÿâπ ‰¡à¡’

4. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences:

Address: No. of Shares: Relationship with others: 5. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences: Address: No. of Shares: Relationship with others: 6. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences:

Address: No. of Shares: Relationship with others:

Mrs. Voraluksana Ongkosit Director/Executive Director Thai August 15, 1951 Married (3 Children) PITMAN DIP. Business & Secretarial 1972-1973 Federal Electric Corporation 1974-1979 Grant Advertising 1979-1988 Kenyon & Eckhardt (Thailand) Ltd. 1989-Present KCE Electronics Public Company Ltd. 98 Pattanakarn 56, Suan Luang, Bangkok 11,510,000 Shares (Wife of) Mr. Bancha Ongkosit/Chairman and Managing Director Lt. Gen. Dr. Suprija Mokkhavesa Audit Committee/Independent Director Thai October 20, 1938 Married (2 Children) M.D.,C.M, McGill University May 1, 1974 Phramongkutklao Hospital 1997-2000 Surgeon General of the Royal Thai Army Medical Department 50 Sukhumvit 63, Phrakanong, Bangkok 1,257,600 Shares None Dr. Thongdee Shaipanich Chairman of Audit Committe/Independent Director Thai January 7, 1935 Married (2 Children) Doctor of Medicine, 1972 ĂŤ Lecturer of Surgery Department, Faculty of Medicine, Mahidol University 1995-2000 ĂŤ Director of Samitivej Hospital 19/4 Phromprak, Klongton, Klongtoey, Bangkok 100,600 Shares None

Annual Report 2004 KCE ELECTRONICS PCL.

7. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°∫— ºŸ∫â √‘À“√Õ◊πË 8. ™◊ÕË µ”·Àπàß —≠™“µ‘ «—π‡¥◊Õπªï‡°‘¥ ∂“π¿“æ °“√»÷°…“ ª√–«—µ°‘ “√∑”ß“π

∑’ËÕ¬Ÿà ®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà §«“¡ —¡æ—π∏å°—∫ºŸâ∫√‘À“√Õ◊Ëπ

π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√/°√√¡°“√∫√‘À“√ ‰∑¬ 26 æƒ…¿“§¡ 2498 ·µàßß“π ∫ÿµ√ 2 §π ª√‘≠≠“µ√’Õ—°…√»“ µ√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ æ.». 2529-2535 ë √Õß°√√¡°“√ ∫√‘…—∑ ¬“¡‰∑·§ππå æ.». 2535-ªí®®ÿ∫—π ë ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 877/6 ¡. 12 ·¢«ß∫“ßπ“ ‡¢µæ√–‚¢πß °∑¡. 3,206,200 Àÿâπ (‡ªìππâÕß “«) π“¬∫—≠™“ Õß§å‚¶…‘µ ª√–∏“π°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√ π“ßÕÿ∫≈ ®‘√–¡ß§≈ °√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ ‰∑¬ 12 ¡°√“§¡ 2494 ¡à“¬ ∫ÿµ√ 3 §π MBA ¡À“«‘∑¬“≈—¬‡°…µ√»“ µ√å æ.». 2517-2537 ë “¬°“√∫‘π·Õ√åø√“π å °∑¡. æ.». 2537-2539 ë °√√¡°“√∫√‘À“√ ∫√‘…—∑ ‡®π‡πÕ√—≈ ¡’‡¥’¬‡∑Á§ ®”°—¥ 91 À¡Ÿà∫â“π∏“√“√¡≥å √“¡§”·Àß 9 «—ß∑ÕßÀ≈“ß °√ÿß‡∑æœ 3,690,100 Àÿâπ ‰¡à¡’

7. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences:

Address: No. of Shares: Relationship with others: 8. Name: Position: Nationality: Date of Birth: Marital Status: Education: Experiences:

Address: No. of Shares: Relationship with others:

Mrs. Siriphan Santanaphan Director Thai May 26, 1955 Married (2 Children) B.A, Chulalongkorn University 1986-1992 ë Siam Thai Can Co.,Ltd. 1992 - Present ë KCE Electronics Public Company Ltd. 877/6 Moo.12, Bangna, Phrakanong, Bangkok 3,206,200 Shares (Sister of) Mr. Bancha Ongkosit Chairman and Managing Director Mrs. Ubol Chiramongkol Director and Audit Committee Thai January 12, 1951 Widow (3 Children) MBA, Kasetsart University 1974-1994 ë Air France Airline. 1994-1996 ë Executive Director, General Media Tech Co.,Ltd. 91 Thararom, Ramkhamhaeng 9, Wangthonglang, Bangkok 3,690,100 Shares None

Annual Report 2004 KCE ELECTRONICS PCL.

‡®â“Àπâ“∑’Ë√–¥—∫ºŸâ∫√‘À“√

™◊ÕË

µ”·Àπàß

ª√– ∫°“√≥å

π“¬∫—≠™“ Õß§å‚¶…‘µ

ª√–∏“π°√√¡°“√/°√√¡°“√ºŸâ®—¥°“√ 2525-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

π“ß«√≈—°…≥å Õß§å‚¶…‘µ

°√√¡°“√∫√‘À“√/

2532-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

ºŸâÕ”π«¬°“√ ”π—°∫√‘À“√ π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å

°√√¡°“√∫√‘À“√/ºŸâ®—¥°“√∑—Ë«‰ª

2535-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

π“¬Õ“∑‘µ¬å ‰°√ƒ°…å

ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π

2535-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

π“ß∏—≠√—µπå ‡∑»πå “≈’

ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’

2547-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

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2527-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

π“¬™Ÿƒ°…å ‚™µ‘¡“√—µπå

ºŸâÕ”π«¬°“√ΩÉ“¬®—¥´◊ÈÕ

2532-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

π“¬πæ¥≈ ∑—∫‡∑’Ë¬ß

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2531-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

π“ß‡ “«≈—°…≥å «√“¡‘µ√ °ÿ≈ ºŸâÕ”π«¬°“√ΩÉ“¬ π—∫ πÿπ°“√º≈‘µ 2526-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) π“¬‡ Áß ·µß∑Õß

ºŸâÕ”π«¬°“√ΩÉ“¬∑√—æ¬“°√¡πÿ…¬å ·≈–∫√‘À“√

2543-ªí®®ÿ∫—π : ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

MANAGEMENT STAFF

NAME

POSITION

EXPERIENCE

Mr. Bancha Ongkosit

Chairman/Managing Director 1982-Present : KCE Electronics Public Company Limited

Mrs. Voraluksana Ongkosit

Executive Director/

1989-Present : KCE Electronics Public Company Limited

Executives没 Office Mrs. Siriphan Suntanaphan Executive Director/

1993-Present : KCE Electronics Public Company Limited

General Manager Mr. Athit Krairisksh

Finance Director

1992-Present : KCE Electronics Public Company Limited

Mrs. Tanyarat Tessalee

Accounting Director

2004-present : KCE Electronics Public Company Limited

Mr. Vitagora Lerdpisarn

Manufacturing

1984-Present : KCE Electronics Public Company Limited

Operation Director Mr. Chulerg Chotimarat

Purchasing Director

1989-Present : KCE Electronics Public Company Limited

Mr. Noppadol Tabtieang

Quality Director

1988-Present : KCE Electronics Public Company Limited

Mrs. Saovalak Waramitsakul Manufacturing Support

1983-Present : KCE Electronics Public Company Limited

Director Mr. Seng Tangthong

Human Resource and

2000-Present : KCE Electronics Public Company Limited

Administration Director

Annual Report 2004 KCE ELECTRONICS PCL.

§à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√

§à“µÕ∫·∑π°√√¡°“√ ∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬§à“µÕ∫·∑π°√√¡°“√‰«âÕ¬à“ß™—¥‡®π·≈–‚ª√àß„ ‚¥¬ §à“µÕ∫·∑πÕ¬Ÿà„π√–¥—∫Õÿµ “À°√√¡‡¥’¬«°—π·≈–‡æ’¬ßæÕ∑’Ë®–¥Ÿ·≈√—°…“°√√¡°“√∑’Ë¡’§ÿ≥ ¡∫—µ‘∑’ËµâÕß°“√·≈–‰¥â ¢ÕÕπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈â« °√√¡°“√∑’Ë‰¥â√—∫¡Õ∫„Àâ‡ªìπ°√√¡°“√µ√«® Õ∫ ‰¥â√—∫§à“µÕ∫·∑π‡æ‘Ë¡µ“¡ª√‘¡“≥ §«“¡√—∫º‘¥™Õ∫∑’Ë‡æ‘Ë¡¢÷Èπ §à“µÕ∫·∑πºŸâ∫√‘À“√ ‡ªìπ‰ªµ“¡À≈—°°“√·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑°”Àπ¥ ´÷Ëß‡™◊ËÕ¡‚¬ß°—∫º≈°“√ ¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–º≈°“√¥”‡π‘πß“π¢ÕßºŸâ∫√‘À“√·µà≈–∑à“π „πªï 2547 ·≈– 2546 ∫√‘…—∑ ‰¥â®à“¬§à“µÕ∫·∑πµà“ßÊ „Àâ·°à°√√¡°“√·≈–ºŸâ∫√‘À“√ ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È :-

§à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π °√√¡°“√ ≈”¥—∫ ∑’Ë

√“¬™◊ËÕ

µ”·Àπàß

§à“µÕ∫·∑π°√√¡°“√ ªï 2547

π“¬∫—≠™“ Õß§å‚¶…‘µ

2 3

π“ªí≠®– ‡ π“¥‘ —¬ ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ π“ß«√≈—°…≥å Õß§å‚¶…‘µ æ≈‚∑ π“¬·æ∑¬å ªÿ √’¢“ ‚¡°¢–‡« π“¬·æ∑¬å∑Õß¥’ ™—¬æ“≥‘™ π“ßÕÿ∫≈ ®‘√–¡ß§≈ π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å

4 5 6 7 8

ªï 2546

§à“‡∫’È¬ª√–™ÿ¡ ªï 2547

ªï 2546

®”π«π§√—Èß∑’Ëª√–™ÿ¡ ªï 2547

ªï 2546

ª√–∏“π°√√¡°“√·≈– °√√¡°“√ºŸ®â ¥— °“√ 800,000.00 600,000.00 216,000.00 °√√¡°“√ 400,000.00 300,000.00 180,000.00

180,000.00 144,000.00

12 12

°√√¡°“√ °√√¡°“√

400,000.00 300,000.00 180,000.00 400,000.00 300,000.00 180,000.00

144,000.00 144,000.00

12 12

°√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√Õ‘ √– °√√¡°“√

400,000.00 400,000.00 400,000.00 400,000.00

132,000.00 132,000.00 144,000.00 108,000.00

8 12 12 12

11 11 12 9

√«¡∑—Èß ‘Èπ

300,000.00 300,000.00 300,000.00 300,000.00

120,000.00 180,000.00 180,000.00 180,000.00

3,600,000.00 2,700,000.00 1,416,000.00 1,128,000.00

§≥–°√√¡°“√µ√«® Õ∫ (Àπà«¬ : ∫“∑)

≈”¥—∫∑’Ë

1 2 3

√“¬™◊ËÕ

æ≈‚∑ π“¬·æ∑¬å ÿª√’¢“ ‚¡°¢–‡« π“¬·æ∑¬å∑Õß¥’ ™—¬æ“≥‘™ π“ßÕÿ∫≈ ®‘√–¡ß§≈ √«¡∑—Èß ‘Èπ

µ”·Àπàß

ª√–∏“π°√√¡°“√µ√«® Õ∫ °√√¡°“√µ√«® Õ∫ °√√¡°“√µ√«® Õ∫

§à“µÕ∫·∑π°√√¡°“√ ªï 2547

ªï 2546

150,000.00 150,000.00 150,000.00

450,000.00

REMUNERATION

The remuneration of KCE directors and management is clearly stipulated and transparent. The scale and components of remuneration are fair and comparable to the standard to the general practice in the same industry, corresponding to the work experience, responsibilities as well as the contributions each individual made to the company. The directors participating in the audit committee receive the increased compensation correlating with the added responsibility. The remuneration of the management follows the principles and guidelines as set by the KCE Board of Directors which correspond to the company没s annual performance as well as the contributions made by each individual to the company. In year 2004, the remuneration of the directors and managements are as follows :Directors No.

Name

Position

Remuneration 2004

Chairman and Managing Director Mr. Panja Senadisai Director Dr. Chantima Ongkosit Director Mrs. Voraluksana Ongkosit Director Lt. Gen. Dr. Suprija Mokkhavesa Director Dr. Thongdee Shaipanich Director Mrs. Ubol Chiramongkol Director Mrs. Siriphan Suntanaphan Director

2003

Meeting Fee 2004

No. of Meeting

2003

2004

2003

Mr. Bancha Ongkosit

2 3 4 5 6 7 8

Total

800,000.00 600,000.00 216,000.00 400,000.00 300,000.00 180,000.00 400,000.00 300,000.00 180,000.00

180,000.00 144,000.00 144,000.00

12 12 12

400,000.00 300,000.00 180,000.00

144,000.00

400,000.00 300,000.00 120,000.00 400,000.00 300,000.00 180,000.00 400,000.00 300,000.00 180,000.00

132,000.00 132,000.00 144,000.00

8 12 12

11 11 12

400,000.00 300,000.00 180,000.00

108,000.00

3,600,000.00 2,700,000.00 1,416,000.00 1,128,000.00

Audit Committee (Unit : Baht) No

1 2 3

Name

Dr. Thongdee Shaipanich Lt. Gen. Dr. Suprija Mokkhavesa Mrs. Ubol Chiramongkol Total

Title

Chairman of Audit Committee Audit Committee Audit Committee

Remuneration

2004

2003

150,000.00 150,000.00 150,000.00

450,000.00

Annual Report 2004 KCE ELECTRONICS PCL.

°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√ ªï 2546

ªï 2547

√“¬°“√

®”π«π

®”π«π‡ß‘π√«¡ (∫“∑)

®”π«π

®”π«π‡ß‘π√«¡ (∫“∑)

‡ß‘π‡¥◊Õπ ‚∫π— / ‡ß‘π ¡∑∫°Õß∑ÿπ ”√Õß ‡≈’È¬ß™’æ

9 9

20,133,6002,011,725.-

9 9

20,792,400.3,320,388.-

§à“µÕ∫·∑πÕ◊ËπÊ ∫√‘…—∑œ ¡’‚§√ß°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ „Àâ·°à°√√¡°“√, æπ—°ß“π ‚¥¬¡’ «—µ∂ÿª√– ß§å‡æ◊ËÕ‡°‘¥·√ß®Ÿß„®·≈–‡ªìπ§à“µÕ∫·∑π°“√ªØ‘∫—µ‘ß“π¢Õß°√√¡°“√ æπ—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ´÷Ëß ‡ªìπ‚§√ß°“√∑’Ë‰¥â√—∫Õπÿ¡—µ‘·≈â«„πªï 2543 √–¬–‡«≈“µàÕ‡π◊ËÕß°—π 5 ªï ‘Èπ ÿ¥‚§√ß°“√‡¥◊Õπ æƒ…¿“§¡ 2548 „πªï 2547 ºŸâ∫√‘À“√√«¡∑—Èß°√√¡°“√∫√‘…—∑„π∞“π–ºŸâ∫√‘À“√‰¥â√—∫„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ‚¥¬‰¥â√—∫Õπÿ¡—µ‘®“°ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 21/2547 °√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√∑’Ë‰¥â√—∫®—¥ √√„∫ ”§—≠· ¥ß¡’¥—ßπ’È 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸ®â ¥— °“√ 700,000 Àπà«¬ 2. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√∫√‘À“√ 450,000 Àπà«¬ 3. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√∫√‘À“√ 400,000 Àπà«¬ 4. π“¬πæ¥≈ ∑—∫‡∑’Ë¬ß ºŸÕâ ”π«¬°“√ΩÉ“¬§ÿ≥¿“æ 40,000 Àπà«¬ 5. π“ß‡ “«≈—°…≥å «√“¡‘µ√ °ÿ≈ ºŸâÕ”π«¬°“√ΩÉ“¬ π—∫ πÿπ°“√º≈‘µ 40,000 Àπà«¬ 6. π“¬Õ“∑‘µ¬å ‰°√ƒ°…å ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π 15,000 Àπà«¬ 7. π“¬«‘∑°√ ‡≈‘»‰æ»“≈ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√º≈‘µ 15,000 Àπà«¬ 8. π“¬™Ÿƒ°…å ‚™µ‘¡“√—µπå ºŸâÕ”π«¬°“√ΩÉ“¬®—¥´◊ÈÕ 15,000 Àπà«¬ 9. π“ß ÿπ’¬å ‡Õ°∏’√®‘µµå ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ 20,000 Àπà«¬ √«¡ 1,695,000 Àπà«¬ à«πæπ—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 1,065,000 Àπà«¬ ∑—Èßπ’È‰¡à¡’ æπ—°ß“πºŸâ„¥πÕ°®“°∑’Ë°≈à“«¢â“ßµâπ‰¥â√—∫ ‘∑∏‘„π°“√√—∫À≈—°∑√—æ¬å‡°‘π√âÕ¬≈– 5 ¢Õß®”π«πÀ≈—°∑√—æ¬å∑’ËÕÕ°∑—ÈßÀ¡¥ „π§√—Èßπ’È ·≈–‡¡◊ËÕ√«∫√«¡√“¬™◊ËÕ°√√¡°“√ ·≈–/À√◊Õ æπ—°ß“π∑—ÈßÀ¡¥‰¡à‡°‘π 35 √“¬ √«¡‡ªìπ 2,760,000 Àπà«¬

Executive Director and Management 2003

Item Salary Bonus / Provident Fund

2004

No.

Amount (Baht)

No.

Amount (Baht)

9 9

20,133,6002,011,725.-

9 9

20,792,400.3,320,388.-

Managing Director 700,000 Executive Director 450,000 Executive Director 400,000 Quality Director 40,000 Manufacturing Support Director 40,000 Finance Director 15,000 Manufacturing Operation Director 15,000 Purchasing Director 15,000 Accounting Director 20,000 Total 1,695,000

Units Units Units Units Units Units Units Units Units Units

KCE and KCE subsidiaries Employees of not more than 35 persons were allotted 1,065,000 units. None of the allotment exceeded 5% of the total warrants issued. Total number of warrants approved was 2,760,000 units.

Annual Report 2004 KCE ELECTRONICS PCL.

√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√

1) π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) µ√–Àπ—°∂÷ß§«“¡ ”§—≠ ·≈–ª√–‚¬™πå¢Õß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥«’ à“ ‡ªìπªí®®—¬ ”§—≠∑’Ë®–™à«¬ àß‡ √‘¡º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ Õ¬à“ß¬—Ëß¬◊π·≈–‡ªìπ·π«∑“ß ”À√—∫°“√∫√‘À“√ß“π∑’Ë®– π”‰ª Ÿà§«“¡πà“‡™◊ËÕ∂◊Õ·≈–°“√‡µ‘∫‚µÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ¢ÕßÕß§å°√ À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë‰¥â°”Àπ¥‰«â„π °“√¥”‡π‘π∏ÿ√°‘® Õ—π‰¥â·°à °“√¥”‡π‘πß“πÕ¬à“ßÕ‘ √– ¡’§«“¡‚ª√àß„ ·≈–§«“¡ “¡“√∂™’È·®ßÕ¬à“ß¡’‡Àµÿº≈ ¡’°“√ √â“ß §«“¡‡¢â“„®·≈–ªØ‘∫—µ‘„π√–¥—∫§≥–°√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π ¬÷¥¡—ËπµàÕÀ≈—°°“√·≈–¢âÕæ÷ßªØ‘∫—µ‘¢Õß°“√°”°—∫ ¥Ÿ·≈°‘®°“√∑’Ë¥’ Õ’°∑—Èß¡’¡“µ√°“√„π°“√ª√–‡¡‘π‡æ◊ËÕ„Àâ¡’°“√ª√—∫ª√ÿß„π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’Õ¬à“ßµàÕ‡π◊ËÕß §≥–°√√¡°“√·≈–ºŸâ∫√‘À“√¬—ß§ß¡’∫∑∫“∑ ”§—≠„π°“√‡ªìπºŸâπ”„π¥â“π°“√°”°—∫¥Ÿ·≈ ¥â«¬µ√–Àπ—°∂÷ß§«“¡ √—∫º‘¥™Õ∫∑’Ë¡’µàÕºŸâ∂◊ÕÀÿâπ µâÕß°”°—∫¥Ÿ·≈„Àâ°“√∫√‘À“√‡ªìπ‰ªµ“¡‡ªÑ“À¡“¬·≈–°≈¬ÿ∑∏å·π«∑“ß∑’Ë‰¥â°”Àπ¥¢÷ÈπÕ¬à“ß¡’ ª√– ‘∑∏‘¿“æ‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥·°àºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°ΩÉ“¬ ‰¡à«à“®–‡ªìπºŸâ∂◊ÕÀÿâπ √—∞∫“≈ ‡®â“Àπ’È ºŸâ§â“ ºŸâ¢“¬ ºŸâ√à«¡∑ÿπ æπ—°ß“π µ≈Õ¥®π —ß§¡·≈– ‘Ëß·«¥≈âÕ¡ ∫√‘…—∑œ ®÷ß‰¥â°”Àπ¥„Àâ¡’À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’‚¥¬¬÷¥∂◊Õµ“¡·π«∑“ß ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬‡ªìπÀ≈—°„π°“√ªØ‘∫—µ‘ 15 ¢âÕ ·≈–®—¥„Àâ¡’√–∫∫°“√√“¬ß“π·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈ ∑’Ë§√∫∂â«π ∂Ÿ°µâÕß·≈–‚ª√àß„ ‚¥¬‰¥â‡ªî¥‡º¬‰«â„π Website ¢Õß∫√‘…—∑ ´÷ËßºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ “¡“√∂‡¢â“¥Ÿ‰¥â µ≈Õ¥‡«≈“ §≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡ªìπºŸâ∑’Ë¡’§«“¡√Ÿâ§«“¡ “¡“√∂ ¡’»—°¬¿“æ ·≈–‰¥âºà“π°“√Õ∫√¡À≈—° Ÿµ√ IOD ·≈â« ∑ÿ°∑à“π „πÀ—«¢âÕ Directorship ·≈–‡¢â“Õ∫√¡À≈—° Ÿµ√µà“ßÊ ¢Õß IOD ‡æ‘Ë¡‡µ‘¡„πªï 2547 §≥–°√√¡°“√·≈–ºŸâ∫√‘À“√ ¬—ß§ß¡’∫∑∫“∑ ”§—≠„π°“√‡ªìπºŸâπ”„π¥â“π°“√°”°—∫¥Ÿ·≈ ¥â«¬µ√–Àπ—°∂÷ß§«“¡√—∫º‘¥™Õ∫∑’Ë¡’µàÕºŸâ∂◊ÕÀÿâπ µâÕß°”°—∫ ¥Ÿ·≈„Àâ°“√∫√‘À“√‡ªìπ‰ªµ“¡«‘ ¬— ∑—»πå·≈–°≈¬ÿ∑∏å∑‰’Ë ¥â°”Àπ¥¢÷πÈ Õ¬à“ß¡’ª√– ‘∑∏‘¿“æ‡æ◊ÕË ª√–‚¬™πå ßŸ ÿ¥·°àº¡Ÿâ ’ «à π‰¥â‡ ’¬ ∑ÿ°ΩÉ“¬ ‰¡à«à“®–‡ªìπºŸâ∂◊ÕÀÿâπ ºŸâ√à«¡∑ÿπ ‡®â“Àπ’È ºŸâ§â“ ºŸâ¢“¬ √—∞∫“≈ æπ—°ß“π µ≈Õ¥®π —ß§¡·≈– ‘Ëß·«¥≈âÕ¡

2) ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ®—¥°√–∫«π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬‰¥â°”Àπ¥„Àâ¡’¢—ÈπµÕπ°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπÕ¬à“ß∂Ÿ°µâÕßµ“¡°ÆÀ¡“¬ ·≈–‡ªì π ‰ªµ“¡À≈— ° ‡°≥±å ¢ Õßµ≈“¥À≈— ° ∑√— æ ¬å · Àà ß ª√–‡∑»‰∑¬·≈– π— ∫ πÿ π „Àâ ¡’ ° “√ªØ‘ ∫— µ‘ µà Õ ºŸâ ∂◊ Õ Àÿâ π ∑ÿ ° √“¬ Õ¬à“ß‡∑à“‡∑’¬¡°—π„π∑’Ëª√–™ÿ¡ ‚¥¬‰¥â°”Àπ¥¢—ÈπµÕπ°“√„™â ‘∑∏‘°“√≈ß§–·ππ‡ ’¬ß¢ÕßºŸâ∂◊ÕÀÿâπ„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ Õ¬à“ß™—¥‡®π „π°“√‡¢â“√à«¡ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ºŸâ∂◊ÕÀÿâπ¡’‚Õ°“ ∑’Ë®–‰¥â Õ∫∂“¡°√√¡°“√„π·µà≈–«“√– ·≈–ºŸâ∂◊ÕÀÿâπ “¡“√∂ ¡Õ∫©—π∑–„π°“√ÕÕ°‡ ’¬ß„Àâ°—∫°√√¡°“√Õ‘ √–‰¥â ∫√‘…—∑œ ‰¥â°”Àπ¥„Àâ¡’°“√ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï¿“¬„π‰¡à‡°‘π 4 ‡¥◊Õππ—∫·µà«—π ‘Èπ ÿ¥√Õ∫∫—≠™’ ¢Õß∫√‘…—∑œ ‚¥¬„πªï 2547 ∫√‘…—∑œ ‰¥â¡’°“√ª√–™ÿ¡ “¡—≠„À≠àºŸâ∂◊ÕÀÿâπ„π«—π∑’Ë 28 ‡¡…“¬π 2547 ≥ ÀâÕßÀ√√…“ ‚√ß·√¡¡≥‡±’¬√ ∂ππ ÿ√«ß»å °√ÿß‡∑æ¡À“π§√ ‡«≈“ 15.00 π. ‚¥¬„π°“√æ‘®“√≥“®—¥À—«¢âÕ‡¢â“‡ªìπ«“√–°“√ª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâππ—Èπ ∑“ß∫√‘…—∑œ ®–‡√‘Ë¡¥”‡π‘π°“√ª√–¡“≥‡¥◊Õπ°ÿ¡¿“æ—π∏å¢Õß∑ÿ°ªï ‚¥¬‡ πÕµàÕ°√√¡°“√ºŸâ®—¥°“√ ·≈–ª√–∏“π°√√¡°“√ ‡æ◊ËÕæ‘®“√≥“°àÕππ”‡ πÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–‰¥â®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡‰ª¬—ßºŸâ∂◊ÕÀÿâπ¿“¬„π ‰¡àπâÕ¬°«à“ 14 «—π°àÕπ«—πª√–™ÿ¡ ‚¥¬¡’√“¬≈–‡Õ’¬¥«“√–°“√ª√–™ÿ¡æ√âÕ¡∑—Èß‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡∑’Ë¡’¢âÕ¡Ÿ≈ §√∫∂â«π‡æ’¬ßæÕ„ÀâºŸâ∂◊ÕÀÿâπ„™âª√–°Õ∫„π°“√µ—¥ ‘π„®≈ß§–·ππ„π·µà≈–«“√– ∑—Èßπ’È®–¡’¡µ‘®“°∑’Ëª√–™ÿ¡§≥–°√√¡°“√ ª√–°Õ∫‡æ◊ËÕ°“√æ‘®“√≥“„π·µà≈–«“√–¥â«¬ πÕ°®“°π’È °àÕπ°“√ª√–™ÿ¡ 14 «—π ∫√‘…—∑œ ‰¥â≈ßª√–°“»„πÀπ—ß ◊Õæ‘¡æå√“¬«—π∑—Èß¿“…“‰∑¬·≈–¿“…“Õ—ß°ƒ… ‡ªìπ‡«≈“ 3 «—πµ‘¥µàÕ°—π ·≈–„π«—π∑’Ë¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫°“√≈ß∑–‡∫’¬π∑’Ë¡’ª√– ‘∑∏‘¿“æ ‡æ◊ÕË Õ”π«¬§«“¡ –¥«°·°àº∂Ÿâ Õ◊ Àÿπâ ∑’‡Ë ¢â“√à«¡°“√ª√–™ÿ¡ ‚¥¬ºŸ∂â Õ◊ Àÿπâ “¡“√∂≈ß∑–‡∫’¬π≈à«ßÀπâ“‰¥â 2 ™—«Ë ‚¡ß°àÕπ°”Àπ¥ ‡«≈“ª√–™ÿ¡µ“¡ ∂“π∑’Ë∑’Ë‰¥â√–∫ÿ‰«â„πÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ ·≈–ºŸâ∂◊ÕÀÿâπ®–µâÕß· ¥ß∫—µ√ª√–™“™π‡¡◊ËÕ≈ß∑–‡∫’¬π°àÕπ °“√‡¢â“ª√–™ÿ¡∑ÿ°§√—Èß

CORPORATE GOVERNANCE REPORT

1) Corporate Governance Policy KCE Electronics Public Company recognizes that good corporate governance is an important factor that contributes to the long-term sound, secure, and sustainable corporate growth and success. Effective Governance is central to the fundamental ideas of independent, transparency and accountability. The company creates a better understanding and practices of the good corporate governance at the level of directors, management, and employees. The company没s corporate governance policies and practices are complied into a manual The Company evaluates and assesses the Corporate Governance and implements necessary measures for continuous governance improvement. The KCE Board of Directors acts with due diligence, integrity and care to provide the strategic guidance, effective motoring, supervision of the management as well as regularly reviews and improves the policy to attain transparency and accountability to maximize the corporate value to all shareholders and stakeholders. The Company governance practices follow the 15 principles as set by the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand. Timely, transparent and accurate disclosure in both Thai and English languages are made on all material issues regarding the corporation in the company没s website accessible to all interested parties at www.kce.hq.com, www.kcethai.com. KCE Directors are capable and knowledgeable. All of KCE directors have participated in IOD ( Institute of Director) Directorship Programs and other interesting IOD courses in 2004. Directors and management have important roles as leaders in corporate governance as they realize their responsibilities to the shareholders. They are to govern and manage the Company effectively in accordance with the vision and strategy set up for all stakeholders: shareholders, partners, lenders, suppliers, the government, employees as well as the society and the environment.

2) The Rights of Shareholders The Shareholders没 Meetings are organized in accordance with the legal procedures and the requirement of the Stock Exchange of Thailand (SET). The Company facilitates equitable rights among shareholders at these meetings by declaring clear voting procedures to all shareholders present. The shareholders were provided with the opportunity to address issue relevant to every agenda to the Board. Shareholders could exercise their rights to vote either in person or in absentia with equal rights by granting their proxy to independent directors. The Annual General Meeting of KCE (AGM) is held yearly within 4 months after the end of fiscal year. In 2004, the AGM was held on April 28 at Hansa Room, Montien Hotel, Surawongse Road, Bangkok. The Company prepares and organizes the agenda of the AGM for approval by the Chairman, Managing Director, and the Board of Directors since February each year. The invitation letters and information regarding the AGM were sent 14 days prior to the meeting. The location and agenda of the meeting, as well as full information regarding the issues on the agenda were sent to the shareholders. Each item on the agenda included the opinions of the Board of Directors. The AGM was also announced in both Thai and English Press for three continuous days, fourteen days prior to the meeting in 2004. The Company organized the systematic and effective registration process to facilitate the shareholders who attended the meeting. Shareholders presenting Identification Card can pre-register two hours prior to the AGM. Annual Report 2004 KCE ELECTRONICS PCL.

«“√–∑’Ë®–π”‡ πÕ„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâππ—Èπ ®”·π°‰¥â‡ªìπ 2 ª√–‡¿∑À≈—°¥—ßπ’È 1. «“√–‡°’Ë¬«°—∫°‘®°“√∑’Ë∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ®–æ÷ß°√–∑” Õ“∑‘ 1.1 «“√–‡æ◊ËÕ√—∫∑√“∫‡√◊ËÕß√“¬ß“πª√–®”ªï 1.2 «“√–‡æ◊ËÕπÿ¡—µ‘ß∫°“√‡ß‘π¢Õß∫√‘…—∑ 1.3 «“√–‡æ◊ËÕæ‘®“√≥“·≈–Õπÿ¡—µ‘°“√®à“¬‡ß‘πªíπº≈ 1.4 «“√–‡æ◊ËÕ°“√æ‘®“√≥“‡≈◊Õ°µ—Èß°√√¡°“√°≈—∫‡¢â“¡“¥”√ßµ”·Àπàß„À¡àÀ≈—ß°“√À¡¥Õ“¬ÿµ“¡«“√– 1.5 «“√–‡æ◊ËÕ°“√æ‘®“√≥“·µàßµ—ÈßºŸâ Õ∫∫—≠™’∫√‘…—∑œ ·≈–Õπÿ¡—µ‘§à“ Õ∫∫—≠™’ª√–®”ªï 1.6 «“√–æ‘®“√≥“„π‡√◊ËÕßÕ◊ËπÊ (∂â“¡’) 2. «“√–‡°’Ë¬«°—∫‡√◊ËÕß∑’ËµâÕßπ”‡ πÕµàÕ∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπµ“¡¢âÕ°”Àπ¥æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ À√◊Õ ¢âÕ°”Àπ¥¢Õß§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å Õ“∑‘ 2.1 «“√–‡æ◊ËÕÕπÿ¡—µ‘°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑ 2.2 «“√–‡æ◊ËÕ¢ÕÕπÿ¡—µ‘°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘¢Õß‚§√ß°“√ ESOP 2.3 «“√–°“√·°â‰¢‡æ‘Ë¡‡µ‘¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑ πÕ°‡Àπ◊Õ®“°°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï·≈â« À“°¡’§«“¡®”‡ªìπµâÕßæ‘®“√≥“„π‡√◊ËÕß„¥‡ªìπ°√≥’‡√àß¥à«π ´÷Ëß°√–∑∫À√◊Õ‡°’Ë¬«¢âÕß°—∫º≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ À√◊ÕµâÕß‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥¢Õß°ÆÀ¡“¬ ∑’ËµâÕß‡ πÕ¢ÕÕπÿ¡—µ‘ µàÕºŸâ∂◊ÕÀÿâπ ∫√‘…—∑œ ®–‡√’¬°ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡ªìπ°√≥’‰ª

3) ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬ ∫√‘…—∑œ ‡§“√æ„π ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â à«π‡ ’¬·≈–‰¥â°”Àπ¥‡ªìπ·π«ªØ‘∫—µ‘‰«â„π®√√¬“∫√√≥¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ ‡°‘¥§«“¡¡—Ëπ„®„π ‘∑∏‘µ“¡°ÆÀ¡“¬∑’Ë‡°’Ë¬«¢âÕß„¥Ê ¢ÕßºŸâ¡’ à«π‰¥â à«π‡ ’¬ ∑—ÈßºŸâ∂◊ÕÀÿâπ æπ—°ß“π ºŸâ∫√‘À“√ ≈Ÿ°§â“ §Ÿà§â“ ‡®â“Àπ’È —ß§¡ ‘Ëß·«¥≈âÕ¡ µ≈Õ¥®π “∏“√≥™π ·≈–‰¥â π—∫ πÿπ„Àâ¡’°“√ªØ‘∫—µ‘∑’Ë¥’µàÕºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°°≈ÿà¡ ∫√‘…—∑œ ¬÷¥¡—Ëπ„ππ‚¬∫“¬·≈–¢âÕ°”Àπ¥µ“¡√–‡∫’¬∫°“√∫√‘À“√ß“π∑√—æ¬“°√∫ÿ§§≈¥â“π°“√®â“ßß“π·≈–°”Àπ¥ º≈µÕ∫·∑π æπ— ° ß“π∑ÿ ° §π®–‰¥â √— ∫ °“√ªØ‘ ∫— µ‘ · ≈–º≈ª√–‚¬™πå µ Õ∫·∑π‡ªì π ®”π«π‡∑à “ °— ∫ À√◊ Õ ¡“°°«à “ ‡¡◊Ë Õ ‡ª√’¬∫‡∑’¬∫°—∫ ∂“πª√–°Õ∫°“√Õ◊πË Ê „πÕÿµ “À°√√¡‡¥’¬«°—π æπ—°ß“π∑ÿ°§π®–‰¥â√∫— §Ÿ¡à Õ◊ æπ—°ß“π∑’√Ë –∫ÿ¢Õâ §«√ªØ‘∫µ— ‘ °Æ√–‡∫’¬∫ ¢—ÈπµÕπ„π°“√ªØ‘∫—µ‘ß“π·≈– «— ¥‘°“√µà“ßÊ ∑’Ëæπ—°ß“πæ÷ß®–‰¥â√—∫ ‚¥¬®–¡’§≥–°√√¡°“√ «— ¥‘°“√ æπ—°ß“π¥Ÿ·≈ ‘∑∏‘¢Õßæπ—°ß“π‡ªìπ ”§—≠ ·≈–¡’§≥–Õπÿ°√√¡°“√¥Ÿ·≈‡√◊ÕË ß∑’æË °— °“√‡¥‘π∑“ß ·≈–¥â“πÕ“À“√ πÕ°®“°π’È ∑“ß∫√‘…—∑œ ¬—ß®—¥∑”«“√ “√ ‡§´’Õ’ ‡æ◊ËÕ‡ªìπ ◊ËÕ°≈“ß„π°“√ ◊ËÕ “√¢âÕ¡Ÿ≈µà“ßÊ „Àâæπ—°ß“π√—∫∑√“∫ ‚¥¬¢âÕ¡Ÿ≈‡À≈à“π’È ®–Õà“π‰¥â®“° Website ¢Õß∫√‘…—∑¥â«¬ ∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ§«“¡ª≈Õ¥¿—¬„π°“√∑”ß“π‡ªìπÕ¬à“ß¬‘Ëß ‚¥¬¡’°“√Õ∫√¡ KYT (Koken Yoshi Training) „π™à«ßµâπ¢Õß°“√∑”ß“π∑ÿ°°–´÷Ëß‡ªìπ°“√Õ∫√¡¥â“π‡∑§π‘§°“√ª≈Õ¥Õÿ∫—µ‘‡Àµÿ ‡æ◊ËÕ π—∫ πÿπ„Àâæπ—°ß“π ‰¥âµ√–Àπ—°·≈–§”π÷ß∂÷ß§«“¡ ”§—≠¢Õß§«“¡ª≈Õ¥¿—¬„π°“√∑”ß“π ®—¥„Àâ¡’°“√Õ∫√¡ JSA (Job Safety Analysis) ‡ªìπª√–®”∑ÿ° —ª¥“Àå·≈–¡’°“√Õ∫√¡ Safety Patrol- °“√µ√«®√–∫∫§«“¡ª≈Õ¥¿—¬„π‚√ßß“π ·≈–°“√Õ∫√¡∑’¡ß“π µÕ∫ πÕßµàÕ ¿“«–©ÿ°‡©‘π ERT (Emergency Response Team) ‡ªìπª√–®”∑ÿ°Ê ‡¥◊Õπ ‚¥¬æπ—°ß“π∑ÿ°§π®–‰¥â√—∫ Õÿª°√≥åªÑÕß°—π¿—¬ à«π∫ÿ§§≈ ¡’°“√®—¥Õ∫√¡°“√´âÕ¡¥—∫‡æ≈‘ß‡∫◊ÈÕßµâπ ®—¥Õ∫√¡´âÕ¡ªØ‘∫—µ‘°“√Àπ’‰øµ“¡µ“√“ß‡«≈“ ∑’‰Ë ¥â°”Àπ¥‰«âÕ¬à“ß ¡Ë”‡ ¡Õ ®—¥„Àâ¡°’ “√µ√«® ÿ¢¿“ææπ—°ß“π‡ªìπª√–®”∑ÿ°Ê ªï ¡’∫√‘°“√°“√µ√«®‡≈◊Õ¥‡æ◊ÕË À“ª√‘¡“≥ “√‡§¡’„π√à“ß°“¬ªï≈– 2 §√—Èß ·≈–∫√‘…—∑œ ¬—ß®—¥„Àâ¡’Àπà«¬∫√‘°“√°“√ª∞¡æ¬“∫“≈‡∫◊ÈÕßµâπµ≈Õ¥ 24 ™—Ë«‚¡ß „π∑ÿ°Ê ‚√ßß“π ∑“ß¥â“π°‘®°√√¡∑“ß —ß§¡ ∑“ß∫√‘…—∑œ °Á‰¥â®—¥„Àâ¡’°‘®°√√¡ Walk Rally °’Ã“ ’ °“√∑—»π»÷°…“πÕ° ∂“π∑’Ë ·≈–°“√®—¥ß“π —ß √√§åµ“¡‡∑»°“≈µà“ßÊ πÕ°®“°π’È æπ—°ß“π·≈– À¿“æ·√ßß“π¢Õß∫√‘…—∑œ ¬—ß‰¥â√à«¡°—π®—¥°“√ ∑Õ¥ºâ“ªÉ“·≈–∑”°‘®°√√¡°“√°ÿ»≈‚¥¬°“√∫√‘®“§‡ß‘π·≈– ‘Ëß¢Õß„Àâ°—∫ ∂“π∑’Ëµà“ßÊ ¥â«¬

The agenda presented in the AGM can be divided into two main categories : 1. The agenda stipulated in AGM. 1.1 To acknowledge the Annual Report of the Company for the preceeding year. 1.2 To approve the Balance Sheet, the Profit and Loss statements and cash flow of the company. 1.3 To consider and approve the appropriation of the profit and dividend payment. 1.4 To consider re-election of the directors retiring by rotations. 1.5 To approve an appointment and the remuneration of the auditors. 1.6 To consider other businesses. (If any) 2. The agenda to be presented to the AGM in accordance with the Law on Public Limited Companies, Stock Exchange of Thailand, and Securities and Exchange Commission of Thailand such as :2.1 An increase of capital. 2.2 Allotment of the warrants under ESOP. 2.3 Amendment of the Articles of the Association of the Company. Extra Ordinary Shareholdersû Meeting is set as deemed necessary to consider issues that are of urgent nature pertaining to the benefits of the shareholders or in accordance to the conditions or legal stipulations requiring shareholdersû approval.

3) Rights of Stakeholders The Company respects the stakeholdersû legal rights and ensures that those rights are protected. The Board provides fair treatment and takes into account the interest of the stakeholders which include various groups; the shareholders, the employees, the management, the customers, the suppliers, the community, the environment, and the public. The Company encourages active co-operation between the Company and the stakeholders. KCE has strong commitment to the workforces and follows the regulations of the Human Resources Department which has a clearcut employment and compensation work instructions. KCE employees receive fair treatment with salary and benefits comparable or better to those in the same industry. Each employee receives an Employee Handbook which defines rules, regulations, procedure, and welfare for KCEûs employees. The KCE welfare committee looks after the employeeûs benefits with subcommittee for housing, transportation, and food services. KCE Newsletter is published quarterly to provide communication within the company while KCE Gazette is accessible in the companyûs website. The safety of the employees is utmost important and KCE implements strict safety policy. KYT (Koken Yoshi Training) is conducted at the beginning of every work shift to promote awareness of work safety, JSA (Job Safety Analaysis) is performed weekly, while Safety Patrol and ERT (Emergency Response Team) are conducted monthly. Employees are provided with PPE (Personal Protection Equipment). Fire Fighting and Fire Drill are conducted regularly. Free general physical and medical examinations are provided annually for employees. Laboratory blood tests are offered twice yearly as a preventive measure for those working with chemicals. Twenty four hour first-aid nursing service is also available at every plant. Social activities for employees include walk rallies, sport days, sightseeing trips and holidays celebrations. The KCE employees together with the KCE Labour Union contributes to the community through various donations and religious functions. Annual Report 2004 KCE ELECTRONICS PCL.

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4) °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ „πªï 2547 ∫√‘…—∑œ ‰¥â®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 22/2547 ‡¡◊ËÕ«—π∑’Ë 28 ‡¡…“¬π 2547 ≥. ÀâÕßÀ√√…“ ‚√ß·√¡¡≥‡±’¬√ ∂ππ ÿ√«ß»å ‚¥¬‰¥â¥”‡π‘π°“√ª√–™ÿ¡µ“¡¢—ÈπµÕπÕ¬à“ß∂Ÿ°µâÕßµ“¡°ÆÀ¡“¬ ¡’°“√‡√’¬°ª√–™ÿ¡·≈– ®—¥ àß‡Õ° “√æ√âÕ¡Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡∑’Ë¡’√“¬≈–‡Õ’¬¥«“√–°“√ª√–™ÿ¡·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√∫√‘…—∑œ ‰ª¬—ß ºŸâ∂◊ÕÀÿâπ°àÕπ°“√ª√–™ÿ¡ 14 «—π ·≈–¡’°“√≈ßª√–°“»‡√’¬°ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑“ßÀπ—ß ◊Õæ‘¡æå∑—Èß¿“…“‰∑¬·≈–¿“…“Õ—ß°ƒ… °“√¥”‡π‘π°“√ª√–™ÿ¡‡ªìπ‰ªµ“¡¢—ÈπµÕπ°“√¥”‡π‘π°“√ª√–™ÿ¡∑’Ë™—¥‡®π ¡’°“√®—¥∑”√“¬ß“π°“√ª√–™ÿ¡µ“¡À≈—°‡°≥±å ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑œ ‰¥â·®âß∂÷ßÀ≈—°‡°≥±å·≈–«‘∏’°“√ÕÕ°‡ ’¬ß≈ß§–·ππ¢ÕßºŸâ∂◊ÕÀÿâπ„Àâ∑√“∫Õ¬à“ß™—¥‡®π∑ÿ°§√—Èß°àÕπ °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈–·∂≈ß„Àâ∑√“∫„π°“√ª√–™ÿ¡∑ÿ°«“√–∑’ËµâÕß¡’°“√„™â ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ ‚¥¬„πÀ≈—°‡°≥±å ∑—«Ë ‰ª„π°“√ª√–™ÿ¡∑ÿ°§√—ßÈ µâÕß¡’§–·ππ‡ ’¬ß®“°ºŸ∂â Õ◊ Àÿπâ ‰¡àπÕâ ¬°«à“ 3 „π 4 ¢ÕßºŸ∂â Õ◊ Àÿπâ ∑’¡Ë ’ ∑‘ ∏‘ÕÕ°‡ ’¬ß∑’‡Ë ¢â“√à«¡ª√–™ÿ¡ ª√–∏“π°√√¡°“√∫√‘…—∑ °√√¡°“√∫√‘…—∑ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π °√√¡°“√∑’Ë‡ªìπ Õ‘ √– ·≈–°√√¡°“√ºŸâ®—¥°“√ √«¡∂÷ßºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ ®–‡¢â“√à«¡ª√–™ÿ¡‚¥¬æ√âÕ¡‡æ√’¬ß‡æ◊ËÕ√à«¡™’È·®ßµÕ∫ ¢âÕ´—°∂“¡¢ÕßºŸâ∂◊ÕÀÿâπ ¡’√–‡∫’¬∫«“√–ª°µ‘„π°“√ª√–™ÿ¡ ‰¥â·°à °“√æ‘®“√≥“º≈°“√¥”‡π‘πß“πª√–®”ªï °“√®à“¬‡ß‘π ªíπº≈ °“√·µàßµ—ÈßºŸâ Õ∫∫—≠™’·≈–°”Àπ¥§à“µÕ∫·∑π °“√·µàßµ—Èß°√√¡°“√·∑π°√√¡°“√∑’ËÀ¡¥«“√– ·≈–°“√°”Àπ¥ §à“µÕ∫·∑π°√√¡°“√ πÕ°®“°π’È¬—ß¡’«“√–¢Õß°“√æ‘®“√≥“·°â‰¢¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ „Àâ Õ¥§≈âÕß°—∫·π«∑“ß °“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õßµ≈“¥À≈—°∑√—æ¬å °“√æ‘®“√≥“/°“√®—¥ √√ ·≈–√“¬™◊ËÕ§≥–°√√¡°“√ ·≈–/À√◊Õ æπ—°ß“π ºŸâ∑’Ë®–‰¥â√—∫„∫ ”§—≠· ¥ß ‘∑∏‘·≈–®”π«π„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ µ“¡‚§√ß°“√ ESOP °“√æ‘®“√≥“°“√¢“¬Àÿâπ¢Õß∫√‘…—∑¬àÕ¬ ´÷Ëß∂◊Õ«à“‡ªìπ√“¬°“√∑’Ë‡°’Ë¬«¢âÕß°—π ´÷Ëß∑ÿ°«“√–∑’Ë°√√¡°“√‡ πÕµàÕºŸâ∂◊ÕÀÿâπ ‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°ºŸâ∂◊ÕÀÿâπ¥â«¬‡ ’¬ß¢â“ß¡“° ·≈–¡’°“√®—¥∑”√“¬ß“π°“√ª√–™ÿ¡∑’Ë¡’ “√– ”§—≠§√∫∂â«π„π‡«≈“

The Company clearly defines the material purchasing procedure, the supplier and the subcontractor qualification procedure, the terms and conditions to ensure fairness between the Company and suppliers by way of transparent procurement system. KCE provides a long-term employee incentive scheme to align employees and shareholdersรป interests by establishing Employee Share Option Program (ESOP). Professional training programs are offered to KCE employees to enhance work efficiency through Human Resource Development Seminar and Training Plan. Quality and service are offered to KCE customers. Working with the customers and raw material suppliers, KCE is dedicated to creating more environmentally friendly products to produce environmentally safe PCB products such as Lead Free and Hallogen Free Products as well as the use of environmentally friendly packaging material by using bubble packaging product instead of plastic foam. The Company has been awarded ISO/TS 16949 which is the Certificate of Quality Management System of Technical Specification for Automotive Production and Relevant Service Part Organization, and ISO 14001 which is the Certificate for Effective Environmental Management System from SGS Thailand. High environmental standard is maintained strictly at KCE, complying with the associated law and regulatory requirements. Energy and natural resources are utilized effectively and efficiently with major investment in the waste treatment systems. All KCE plants are located within Industrial Estate where environment protection and impact to environment are conducted strictly. As a responsible member of the community, the Company values the importance of contributing to society, religion and culture. In 2004, KCE has contributed to various causes such as providing scholarship and developing school at Baan Chamthong, Uttaradit Province, a multi-purposed building at Baan Charoen Samakkeetham School, Amnajcharoen Province, providing scholarship to medical students at Mahidol University. Donation was also made to The Phra Racha Wang Derm Restoration Foundation, books were donated to various schools while clothes and other necessities were donated to the victims in the six Southern Provinces. KCE management and employees participated in the religious functions yearly (Tod Pha Paa).

4) Shareholders Meeting In 2004, the Annual General Meeting was held on 28th April, 2004 at Montien Hotel, Bangkok in strict accordance with legal procedure. The invitation and meeting documents to inform all concerned of the meeting agendas were sent 14 days prior to the meeting as well as were announced in both Thai and English Press. Meeting procedure as well as the submission of meeting reports have been in line with the SETรปs requirements. The names and necessary personal records of new Directors chosen to replace those Directors who resigned because of their term completion only to the shareholders prior to the meeting. The method for the counting of shareholder votes is clearly stated on every occasion prior to a meeting, such method has been announced. Number of votes required for approval is not less than three-fourth of the total number of votes cast by the shareholders present and entitled to vote. The Board Chairman, all of the Directors, the Audit Committee, Remuneration Committee, Independent Directors, President, and the Companyรปs auditor were present at the Shareholdersรป Meetings to answer any question raised. The agenda considered were the Companyรปs annual operating results and dividend payment, the appointment and remuneration of the auditors and the appointment of the new directors replacing those who resigned Annual Report 2004 KCE ELECTRONICS PCL.

∑’Ë‡À¡“– ¡ ‚¥¬¡’°“√∫—π∑÷°¡µ‘¢Õß∑’Ëª√–™ÿ¡·≈–º≈°“√≈ß§–·ππ‡ ’¬ß §”∂“¡ ·≈–§«“¡§‘¥‡ÀÁπµà“ßÊ ‰«â¥â«¬ ∑—Èßπ’È „π√–À«à“ß°“√ª√–™ÿ¡‰¥â¡’°“√®—¥ √√‡«≈“„Àâ°—∫ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ Õ∫∂“¡·≈–„Àâ°√√¡°“√‰¥â™’È·®ßÕ¬à“ß¡’‡Àµÿº≈·≈–‡æ’¬ßæÕ ´÷Ëß‚¥¬ª°µ‘°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ®–„™â‡«≈“‚¥¬ª√–¡“≥ 1 ™—Ë«‚¡ß ·≈–∫√‘…—∑œ ‰¥â·®âß¡µ‘∑’Ëª√–™ÿ¡„À≠à “¡—≠ ºŸâ∂◊ÕÀÿâπ„Àâ·°àµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¿“¬„π 14 «—ππ—∫®“°«—πª√–™ÿ¡

5) ‚§√ß √â“ß°“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√·≈–§«“¡‡ªìπÕ‘ √– §≥–°√√¡°“√∫√‘…—∑œ ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë¡’ª√– ∫°“√≥å®“°À≈“°À≈“¬«ß°“√∏ÿ√°‘®„π “¢“µà“ßÊ ¢Õß ∏ÿ√°‘®®”π«π 8 ∑à“π ¥—ßπ’È 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸâ®—¥°“√·≈–ª√–∏“π°√√¡°“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ °√√¡°“√·≈–°√√¡°“√Õ‘ √– 4. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 5. æ≈‚∑ π.æ. ÿª√’™“ ‚¡°¢–‡« °√√¡°“√·≈–°√√¡°“√Õ‘ √– 6. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 7. π“ßÕÿ∫≈ ®‘√–¡ß§≈ °√√¡°“√·≈–°√√¡°“√Õ‘ √– 8. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√ √“¬™◊ËÕ§≥–°√√¡°“√∫√‘…—∑œ „πªí®®ÿ∫—π√–∫ÿ„π‡Õ° “√Àπâ“ 15 §≥–°√√¡°“√∫√‘…—∑œ ¡’ —¥ à«π°√√¡°“√Õ‘ √–µàÕ°√√¡°“√ºŸâ∫√‘À“√ ®”π«π 3 µàÕ 5 ∑à“π ´÷Ëß¡“°°«à“ Àπ÷ßË „π “¡¢Õß®”π«π°√√¡°“√∑—ßÈ À¡¥ Õ—π‡ªìπº≈„Àâ‡°‘¥°“√∂à«ß¥ÿ≈√–À«à“ß°“√°”°—∫·≈–°“√∫√‘À“√ß“π „π°“√ª√–™ÿ¡ §≥–°√√¡°“√·µà≈–§√—Èß·≈–µ≈Õ¥√–¬–‡«≈“∑’Ë∑”Àπâ“∑’Ë °√√¡°“√‰¡à‰¥â∂Ÿ°§√Õ∫ß”À√◊Õ∂Ÿ°®”°—¥∫∑∫“∑ª√–°“√Àπ÷Ëß ª√–°“√„¥ ∑—Èßπ’È∑ÿ°§π‰¥â∑”Àπâ“∑’Ë¥Ÿ·≈·≈–ª°ªÑÕßº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬ ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬‡ªìπÕ¬à“ß¥’ πÕ°®“°π’È °√√¡°“√Õ‘ √–¢Õß∫√‘…—∑œ ‡ªìπ∫ÿ§§≈∑’Ë¡’§ÿ≥ ¡∫—µ‘§√∫∂â«π ·≈–¡’§«“¡‡ªìπÕ‘ √–µ“¡∑’Ëµ≈“¥À≈—°∑√—æ¬å ·Ààßª√–‡∑»‰∑¬‰¥â°”Àπ¥

6) ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πå «‘ —¬∑—»πå : ç∫√‘…—∑œ ‡ªìπºŸâπ”„π°“√º≈‘µ·≈–∫√‘°“√·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å ‚¥¬¬÷¥∂◊Õ π‚¬∫“¬§ÿ≥¿“æ ¢Õß∫√‘…—∑œ ‡ªìπÀ≈—° º≈‘µ·≈–∫√‘°“√≈Ÿ°§â“„Àâ‰¥âµ“¡∑’Ëµ°≈ßÀ√◊Õ¥’°«à“ ‚¥¬ª√—∫ª√ÿß§ÿ≥¿“æ Õ¬à“ßµàÕ‡π◊ËÕß·≈–∑”„Àâ∂Ÿ°µâÕß„π§√—Èß‡¥’¬«é §≥–°√√¡°“√¢Õß∫√‘…—∑œ ¡’¿“«–ºŸâπ” «‘ —¬∑—»πå ¡’§«“¡Õ‘ √–„π°“√µ—¥ ‘π„®„π°“√∑’Ë®–°”°—∫·≈–¥Ÿ·≈°‘®°“√ ¢Õß∫√‘…—∑œ „Àâ‡ªìπ‰ªµ“¡«—µ∂ÿª√– ß§å·≈–‡ªÑ“À¡“¬∑’Ë‰¥â°”Àπ¥‰«â „Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ ‚¥¬ ‰¥â¬¥÷ À≈—°°ÆÀ¡“¬·≈–À≈—°®√‘¬∏√√¡∑’∑Ë “ß§≥–°√√¡°“√∫√‘…∑— œ ‰¥â«“ß°≈¬ÿ∑∏å ·π«∑“ß„π°“√¥”‡π‘π∏ÿ√°‘® «—µ∂ÿª√– ß§å ‡ªÑ“À¡“¬ ß∫ª√–¡“≥ ·ºπ°“√≈ß∑ÿπ ·≈–„Àâ√–∫∫∫—≠™’°“√‡ß‘π¡’§«“¡∂Ÿ°µâÕß·≈–πà“‡™◊ËÕ∂◊Õ πÕ°®“°π’§È ≥–°√√¡°“√ ¬—ß‰¥â¡’«‘ —¬∑—»πå∑’Ë™—¥‡®π∂÷ß§«“¡√—∫º‘¥™Õ∫¢ÕßΩÉ“¬∫√‘À“√·≈–Àπâ“∑’Ë√—∫º‘¥™Õ∫¢Õß°√√¡°“√∫√‘…—∑œ Õ”π“® °“√¥”‡π‘π°“√µà“ßÊ ‚¥¬‡©æ“–∑“ß¥â“π°“√‡ß‘π°Á‰¥â¡’°“√°”Àπ¥‰«âÕ¬à“ß™—¥‡®π π‚¬∫“¬∫√‘…—∑œ §√Õ∫§≈ÿ¡∂÷ß º≈ª√–‚¬™πå¢ÕßºŸ¡â ’ «à π‰¥â‡ ’¬∑ÿ°ΩÉ“¬ ‰¡à«“à ®–‡ªìπ‡√◊ÕË ß§«“¡ª≈Õ¥¿—¬·≈– ÿ¢¿“æ„π°“√∑”ß“π¢Õßæπ—°ß“π °“√ªØ‘∫µ— ‘ µ“¡¢âÕ°”Àπ¥ ‘Ëß·«¥≈âÕ¡ °“√ªØ‘∫—µ‘µ“¡°Æ¢âÕ∫—ß§—∫¢Õß‚√ßß“πÕÿµ “À°√√¡ §«“¡ —¡æ—π∏åµàÕºŸâ∂◊ÕÀÿâπ·≈– °“√‡Õ“ª√–°—π ”À√—∫§≥–°√√¡°“√·≈–æπ—°ß“π °“√∑”ß“π¢Õß§≥–°√√¡°“√∫√‘…—∑œ ¡’§«“¡‡ªìπÕ‘ √–„π°“√¥”‡π‘π °“√Õ¬à“ß‡µÁ¡∑’Ë‚¥¬‰¡à¢÷ÈπÕ¬Ÿà°—∫§«“¡‡ÀÁπ„¥Ê ¢ÕßΩÉ“¬∫√‘À“√

by term rotation. Also considered were the remuneration of the Board of Directors, and the amendment of the Companyûs Articles of Association to comply, they are in line with the SETûs Good Corporate Governance guidelines. The names of the Directors and/or employees and the number of warrant also to be allocated under ESOP were considered and approved in the AGM meeting. The Sale of shares of subsidiary company regarded as a connected transaction under the Notification of the Stock Exchange of Thailand was presented for approval. All proposed agenda items were approved by the shareholders. The minutes of the Shareholdersû Meeting were properly recorded with vote counting, questions, and comments from the shareholders and finally, disclosure within the allotted time and in the appropriate manner. The 2003 General Shareholders Meeting took about one hour. The Resolution of the AGM was reported to the Stock Exchange of Thailand within 14 days after the meeting.

5) Structure and Balance of Power of the Board of Directors The KCE Board of Directors is composed of eight directors who are capable and knowledgeable in various businesses. 1. Mr. Bancha Ongkosit Chairman and Managing Director 2. Mr. Panja Senadisai Director 3. Dr. Thongdee Shaibanich Director 4. Dr.Chantima Ongkosit Director 5. Lt. Gen. Dr. Suprija Mokkhavesa Director 6. Mrs. Ubol Chiramongkol Director 7. Mrs. Voraluksana Ongkosit Director 8. Mrs. Siriphan Suntanaphan Director Details concerning current Directors are on page 15 There are three independent directors to five with executive roles which is more than one-third of the Board of Directors. This balance between executive and non-executive directors ensure independent and conformance with the SET requirement. In every Board of Directors meetings, directors remain free of undue influence and are unlimited in the role they may wish to assume, in order to oversee the effectiveness of the Company and to protect the assets of all stakeholders. An Independent Director is defined as a director fulfilling the criteria as required by the SET.

6) Leadership and Vision Vision : çKCE is an industry leader in providing both the products and services that are critically important to its customerûs success. KCE is dedicated to meet and exceed, not only todayûs strategic requirements but tomorrows as well.é The board participate in providing the leadership and the vision in policy making, strategic formulation and making decisions in the best interest of the company and the shareholders. Complying with applicable law and code of ethics, the board reviews, guides and approves corporate strategy, budget business plan, corporate performance, major capital expenditures and ensure the integrity of the company accounting and financing system. The Board of Director has stipulated a clear vision of operational responsibilities and duties between the board and management. Operational powers, especially financial powers are also clearly defined. The Company policies include those regarding occupational health and safety, environmental regulations, industrial relations regulations, shareholdersû relation and Directors and officerûs insurance. The board exercises objective judgment on corporate affairs independent from the management.

Annual Report 2004 KCE ELECTRONICS PCL.

∫√‘…—∑œ ‰¥â π—∫ πÿπ„Àâ§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡¢â“√—∫°“√Õ∫√¡„πÀ≈—° Ÿµ√µà“ßÊ ∑’Ë‡°’Ë¬«¢âÕß°—∫°“√°”°—∫ ¥Ÿ·≈°‘®°“√∑’Ë¥’‡æ◊ËÕ∑’Ë®–‰¥âπ”§«“¡√Ÿâ¡“æ—≤π“°“√¥”‡π‘πß“π„πÀπâ“∑’Ë√—∫º‘¥™Õ∫„Àâ¥’¬‘Ëß¢÷Èπ ‚¥¬§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°∑à“π‰¥âºà“π°“√Õ∫√¡À≈—° Ÿµ√µà“ßÊ ®“° ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ ¥—ßπ’È 1. π“¬∫—≠™“ Õß§å‚¶…‘µ Directors Accreditation Program 2. π“¬ªí≠®– ‡ π“¥‘ —¬ Directors Certification Program 3. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ Directors Accreditation Program 4. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ Directors Accreditation Program, Finance for Non-Finance Director 5. æ≈‚∑ π.æ. ÿª√’™“ ‚¡°¢–‡« Directors Accreditation Program 6. π“ßÕÿ∫≈ ®‘√–¡ß§≈ Directors Accreditation Program 7. π“ß«√≈—°…≥å Õß§å‚¶…‘µ Directors Accreditation Program, Finance for Non-Finance Director 8. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å Directors Accreditation Program, Finance for Non-Finance Director

7) ®√‘¬∏√√¡∑“ß∏ÿ√°‘® ∫√‘…—∑œ ‰¥â¬÷¥¡—Ëπ„π·π«∑“ß°“√¥”‡π‘π∏ÿ√°‘®∑’Ë‚ª√àß„ ÿ®√‘µ·≈–‡ªìπ∏√√¡ µ“¡·π«∑“ß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ §≥–°√√¡°“√∫√‘…—∑œ ‡®â“Àπâ“∑’Ë∫√‘À“√·≈–æπ—°ß“π∑ÿ°§π¡’¿“√–Àπâ“∑’Ë√à«¡°—π„π°“√ªØ‘∫—µ‘Àπâ“∑’Ëµ“¡¢Õ∫‡¢µ §«“¡√—∫º‘¥™Õ∫µàÕ∫√‘…—∑œ ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬ ¥â«¬§«“¡´◊ËÕ —µ¬å ÿ®√‘µ ¿“¬„µâ°Æ√–‡∫’¬∫¢Õß∫√‘…—∑œ ∫πæ◊Èπ∞“π ¢Õß®√√¬“∫√√≥‡¬’Ë¬ß¡◊ÕÕ“™’æ ‚¥¬∫√‘…—∑œ ‰¥â¡’°“√ª√–°“»∫—ß§—∫„™â®√√¬“∫√√≥æπ—°ß“π·≈–®√√¬“∫√√≥„π°“√ ¥”‡π‘π∏ÿ√°‘®„Àâæπ—°ß“π‰¥â¬÷¥∂◊Õ‡ªìπ·π«∑“ßªØ‘∫—µ‘Õ¬à“ß¡’®√‘¬∏√√¡

8) §«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ∫√‘…—∑œ ¡’√–‡∫’¬∫§«∫§ÿ¡„π‡√◊ËÕß¢Õß°“√¢—¥·¬âßº≈ª√–‚¬™πå¢Õß∫√‘…—∑ §≥–°√√¡°“√∫√‘…—∑œ ªØ‘∫—µ‘ß“π ¥â«¬§«“¡´◊ËÕ —µ¬å·≈–¡’Õ‘ √–„π°“√µ—¥ ‘π„®‡æ◊ËÕ„Àâ‡°‘¥ª√–‚¬™πå Ÿß ÿ¥µàÕ∫√‘…—∑œ ¡’°“√°”°—∫¥Ÿ·≈°“√„™â¢âÕ¡Ÿ≈¿“¬„π °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„¥Ê ∑’Ë¡’§«“¡‡°’Ë¬«‚¬ß°—π·≈–√“¬°“√√–À«à“ß°—π·≈–°“√∂◊Õ§√ÕßÀÿâπ„¥Ê Õ¬à“ß„°≈â™‘¥ ∑—Èßπ’È ‡æ◊ËÕªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬„π°“√ªÑÕß°—πªí≠À“§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå À√◊Õ§«“¡‡ ’¬À“¬µàÕ∫√‘…—∑œ §≥–°√√¡°“√„Àâ§«“¡ ”§—≠„π°“√æ‘®“√≥“√“¬°“√∑’ËÕ“®°àÕ„Àâ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ·≈–√“¬°“√ ∑’Ë‡°’Ë¬«‚¬ß°—π ‡¡◊ËÕ¡’√“¬°“√¥—ß°≈à“«‡°‘¥¢÷Èπ®–‰¥â√—∫°“√æ‘®“√≥“Õ¬à“ß∂’Ë∂â«π ‚ª√àß„ ·≈–‡ªî¥‡º¬‡ªìπ°√≥’‰ª §Ÿà°√≥’ ∑’Ë‡°’Ë¬«¢âÕß„π°“√∑”√“¬°“√®–‰¥â√—∫°“√µ√«® Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫·≈–‰¥â√—∫°“√Õ∏‘∫“¬∂÷ß§«“¡®”‡ªìπ §«“¡‡À¡“– ¡ ·≈– ¡‡Àµÿ ¡º≈¢Õß°“√°√–∑” √«¡∂÷ß‡ªî¥‡º¬„π√“¬ß“πª√–®”ªï À√◊Õ„π·∫∫ 56-1 ΩÉ“¬∫√‘À“√ „π√–¥—∫ºŸâÕ”π“¬°“√¢÷Èπ‰ª¢Õß∫√‘…—∑œ ®–µâÕß‡ªî¥‡º¬°“√¥”√ßµ”·Àπàß°√√¡°“√ª√÷°…“ æπ—°ß“π √«¡∂÷ß°“√ ∂◊Õ§√ÕßÀÿπâ „π∫√‘…∑— „¥Ê ‡°‘π°«à“√âÕ¬≈–Àâ“ ‡æ◊ÕË ªÑÕß°—πªí≠À“§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πåÀ√◊Õ§«“¡‡ ’¬À“¬µàÕ∫√‘…∑— œ ∫√‘…—∑œ ¡’π‚¬∫“¬≈ß‚∑…æπ—°ß“π∑’Ëπ”¢âÕ¡Ÿ≈¿“¬„π‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµ—«À√◊Õª√–‚¬™πå∑“ß∏ÿ√°‘®Õ◊Ëπ„¥∑’ËÕ“®∑”„Àâ ‡°‘¥§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πåÀ√◊ÕÕ“®®–‡°‘¥§«“¡‡ ’¬À“¬µàÕ∏ÿ√°‘®‰¥â æπ—°ß“π∑ÿ°§π®–µâÕß≈ßπ“¡„π —≠≠“√—°…“ §«“¡≈—∫∑“ß∏ÿ√°‘® (Non- disclosure) ·≈– —≠≠“‰¡à·¢àß¢—π°—∫∫√‘…—∑ (Non-compete) °√√¡°“√·≈–ºŸâ∫√‘À“√ µâÕß√“¬ß“π°“√∂◊Õ§√Õß À√◊Õ°“√´◊ÈÕ¢“¬Àÿâπ¢Õß∫√‘…—∑œ µàÕµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–§≥–°√√¡°“√ °”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å¿“¬„π‡«≈“ “¡«—π ºŸâ≈–‡¡‘¥°Æ®–∂Ÿ°≈ß‚∑…‚¥¬ æ.√.∫. À≈—°∑√—æ¬å·≈– µ≈“¥À≈— ° ∑√— æ ¬å æ.». 2535 ºŸâ ∫ √‘ À “√¢Õß∫√‘ …— ∑ œ ·≈–æπ— ° ß“π∑’Ë ¡’ à « π‡°’Ë ¬ «¢â Õ ß°— ∫ ¢â Õ ¡Ÿ ≈ ”§— ≠ ®–µâ Õ ß ‰¡à∑”°“√´◊ÈÕ¢“¬Àÿâπ¢Õß∫√‘…—∑œ „π√–À«à“ß‡µ√’¬¡°“√‡ªî¥‡º¬ß∫°“√‡ß‘π„π√–À«à“ßªïÕ’°¥â«¬

The board members are encourage to participate in a corporate governance training to further enhance the board没s effectiveness in performing their duties. All of board members have passed either the Directors Certification or the Directors Accreditation Program and other programs offered by IOD as follows :Names of Directors with Directors Certification or Accreditation 1. Mr. Bancha Ongkosit Directors Accreditation Program 2. Mr. Panja Senadisai Directors Certification Program 3. Dr. Thongdee Shaibanich Directors Accreditation Program 4. Dr. Chantima Ongkosit Directors Accreditation Program, Finance For Non-Finance Director 5. Lt. Gen. Dr. Suprija Mokkhavesa Directors Accreditation Program 6. Mrs. Ubol Chiramongkol Directors Accreditation Program 7. Mrs. Voraluksana Ongkosit Directors Accreditation Program, Finance For Non-Finance Director 8. Mrs. Siriphan Suntanaphan Directors Accreditation Program, Finance For Non-Finance Director

7) Business Ethics The Company follows and monitors compliance with the code of ethics according to the principles of good governance. The Board of Directors, executives and employees of the Company are required to adhere to the code of conduct and code of business conduct guideline in carrying out their duties for the Company with the honesty and fairness to the Company, the various stakeholders and society as a whole, and are also required to sign an agreement contract to such effect.

8) Conflict of Interest KCE has established the rules and regulations to manage the potential conflicts of interests that might occur. KCE Board of Directors act with honesty and independence to the best interests of the company by closely supervising the use of inside information and the disclosure of related-party transactions and shareholding information. The SET requirements are followed to avoid conflict of interests. The Board carefully considers items which may become a potential conflict of interest and has procedures for the approval of connected items. However, if the conflict of interest should occur, the matter would be determined case by case with care and ethically with transparency and fully disclosed. The related-parties transactions or any connected transactions are approved by the Audit Committees to ensure the appropriateness of the transaction are disclosed in the Annual Report, the Annual Information Form or the 56-1 Form. The management at executive levels are required to disclose information about being a Director, Advisor or employee or shareholder with a stake exceeding 5% of any company, to avoid possible conflicts of interest. The Company has regulations and penalties for executive officers and staff to prevent the use of inside information for their own benefits, business or ventures which may involve a conflict of interest or a damage to the company. All employees are required to sign a contract with the company accepting a non disclosure and a non competing policy stipulated by the company. The Directors and top management reports their dealings with the company没s shares with the company. Transactions or transfers of the Company没s stocks to the Office of the Securities and Stock Exchange Supervision Committee and the Stock Exchange of Thailand within 3 days. Any person who does not comply with the regulations shall be penalized as stipulated in the Act on the Securities and Stock Exchange B.E. 1992. The Company没s executives and employees involved in sensitive information for disclosure to the public are not to make any transaction or trade any Company shares, especially during the quarterly and yearly financial disclosure preparation period. Annual Report 2004 KCE ELECTRONICS PCL.

9) §à“µÕ∫·∑π°√√¡°“√·≈–ºŸâ∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑œ æ‘®“√≥“§à“µÕ∫·∑π·°à°√√¡°“√·≈–ΩÉ“¬∫√‘À“√ µ“¡À≈—°‡°≥±å∑’Ë™—¥‡®π·≈–‚ª√àß„ ‚¥¬§à“µÕ∫·∑π®–Õ¬Ÿà„π√–¥—∫¡“µ√∞“π‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫„πÕÿµ “À°√√¡‡¥’¬«°—π °”Àπ¥§à“µÕ∫·∑πµ“¡ª√– ∫°“√≥å ·≈–Àπâ“∑’Ë§«“¡√—∫º‘¥™Õ∫¢ÕßºŸâ∫√‘À“√·µà≈–∑à“π ”À√—∫§à“µÕ∫·∑π„πªï 2547 ‰¥âºà“π°“√æ‘®“√≥“®“°∑’Ëª√–™ÿ¡ ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 21/2004 „π«—π∑’Ë 28 ‡¡…“¬π 2547 ¥—ßπ’È °√√¡°“√ ®”π«π

ªï 2546 ®”π«π‡ß‘π√«¡ (∫“∑)

®”π«π

8 8 3

1,128,000.2,700,000.450,000.-

8 8 3

√“¬°“√

®”π«π

ªï 2546 ®”π«π‡ß‘π√«¡ (∫“∑)

®”π«π

ªï 2547 ®”π«π‡ß‘π√«¡ (∫“∑)

‡ß‘π‡¥◊Õπ ‚∫π— /‡ß‘π ¡∑∫°Õß∑ÿπ ”√Õß‡≈’¬È ß™’æ

20,133,600-

20,792,400.-

2,011,725.-

3,320,388.-

√“¬°“√ ‡∫’¬È ª√–™ÿ¡ §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√µ√«® Õ∫

ªï 2547 ®”π«π‡ß‘π√«¡ (∫“∑) 1,323,000.3,600,000.450,000.-

°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√

§à“µÕ∫·∑πÕ◊ËπÊ ∫√‘…—∑œ ¡’‚§√ß°“√ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ „Àâ·°à°√√¡°“√ æπ—°ß“π ‚¥¬¡’ «—µ∂ÿª√– ß§å‡æ◊ËÕ √â“ß·√ß®Ÿß„®„π°“√∑”ß“π·≈–‡ªìπ§à“µÕ∫·∑π°“√ªØ‘∫—µ‘ß“π¢Õß°√√¡°“√ æπ—°ß“π¢Õß∫√‘…—∑œ ·≈– ∫√‘…—∑¬àÕ¬ ´÷Ëß‡ªìπ‚§√ß°“√∑’Ë‰¥â√—∫Õπÿ¡—µ‘·≈â«„πªï 2543 ‚§√ß°“√¡’Õ“¬ÿ 5 ªï ‘Èπ ÿ¥‚§√ß°“√„π‡¥◊Õπæƒ…¿“§¡ 2548 „π°“√ª√–™ÿ¡ºŸ∂â Õ◊ Àÿπâ §√—ßÈ ∑’Ë 22/2547 ºŸ∂â Õ◊ Àÿπâ ‰¥âÕπÿ¡µ— °‘ “√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘„Àâ·°àº∫Ÿâ √‘À“√√«¡∑—ßÈ °√√¡°“√ ∫√‘…—∑„π∞“π–ºŸâ∫√‘À“√ ¥—ßπ’È 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸ®â ¥— °“√ 700,000 Àπà«¬ 2. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√∫√‘À“√ 450,000 Àπà«¬ 3. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√∫√‘À“√ 400,000 Àπà«¬ 4. π“¬πæ¥≈ ∑—∫‡∑’Ë¬ß ºŸÕâ ”π«¬°“√ΩÉ“¬§ÿ≥¿“æ 40,000 Àπà«¬ 5. π“ß‡ “«≈—°…≥å «√“¡‘µ√ °ÿ≈ ºŸâÕ”π«¬°“√ΩÉ“¬ π—∫ πÿπ°“√º≈‘µ 40,000 Àπà«¬ 6. π“¬Õ“∑‘µ¬å ‰°√ƒ°…å ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π 15,000 Àπà«¬ 7. π“¬«‘∑°√ ‡≈‘»‰æ»“≈ ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√º≈‘µ 15,000 Àπà«¬ 8. π“¬™Ÿƒ°…å ‚™µ‘¡“√—µπå ºŸâÕ”π«¬°“√ΩÉ“¬®—¥´◊ÈÕ 15,000 Àπà«¬ 9. π“ß ÿπ’¬å ‡Õ°∏’√®‘µµå ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ 20,000 Àπà«¬ √«¡ 1,695,000 Àπà«¬

9) Remuneration of Directors and Executives The Board of Directors stipulate remuneration for directors and management with a fair, clear and transparent criteria. The scale and components of remuneration are comparable to the standard to the general practice in the same industry, corresponding to the work experience, responsibilities as well as the contributions each individual made to the company. The remuneration of directors in fiscal year 2004 was disclosed and approved by shareholders at the 21/2004 Annual General Meeting held on April 28th, 2004. In year 2004, the remuneration of the directors and managements are as follows :Directors Year 2003 Year 2004 Description No. of Directors Amount (Baht) No. of Directors Amount (Baht) Meeting Fee 8 1,128,000.8 1,323,000.Director没s Remuneration 8 2,700,000.8 3,600,000.Audit Committee没s Remuneration 3 450,000.3 450,000.Executive Directors and Executives Description Meeting Fee Bonus/Provident Fund

Year 2003 No. of Directors Amount (Baht) 9 20,133,6009 2,011,725.-

Year 2004 No. of Directors Amount (Baht) 9 20,792,400.9 3,320,388.-

Other Remuneration KCE establishes an Employee Share Option Program (ESOP) as a long term employee incentive scheme. The ESOP was approved in year 2000 in the AGM for five years terminating in May 2005. In 2004, the names of the executives and the number of the warrants approved in the AGM 21th/ 2004 are as follows :1. Mr. Bancha Ongkosit Managing Director 700,000 Units 2. Mrs. Siriphan Suntanaphan Executive Director 450,000 Units 3. Mrs. Voraluksana Ongkosit Executive Director 400,000 Units 4. Mr. Noppadol Tabtieang Quality Director 40,000 Units 5. Mrs. Saovalak Waramitsakul Manufacturing Support Director 40,000 Units 6. Mr. Athit Krairiksh Finance Director 15,000 Units 7. Mr. Vitagora Lertpaisarn Manufacturing Operation Director 15,000 Units 8. Mr. Chulerg Chotimarat Purchasing Director 15,000 Units 9. Mrs. Sunee Ek-Teerachit Accounting Director 20,000 Units Total 1,695,000 Units KCE and KCE subsidiaries Employees of not more than 35 persons were allotted 1,065,000 units. None of the allotment exceeded 5% of the total warrants issued. Total number of warrants approved was 2,760,000 units.

Annual Report 2004 KCE ELECTRONICS PCL.

à«πæπ—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 1,065,000 Àπà«¬ ∑—Èßπ’È‰¡à¡’ æπ—°ß“πºŸâ„¥πÕ°®“°∑’Ë°≈à“«¢â“ßµâπ‰¥â√—∫ ‘∑∏‘„π°“√√—∫À≈—°∑√—æ¬å‡°‘π√âÕ¬≈– 5 ¢Õß®”π«πÀ≈—°∑√—æ¬å∑’ËÕÕ°∑—ÈßÀ¡¥ „π§√—Èßπ’È ·≈–‡¡◊ËÕ√«∫√«¡√“¬™◊ËÕ°√√¡°“√·≈–À√◊Õæπ—°ß“π∑—ÈßÀ¡¥‰¡à‡°‘π 35 √“¬ √«¡‡ªìπ 2,760,000 Àπà«¬

10) °“√√«¡À√◊Õ·¬°µ”·Àπàß ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ¡’ºŸâ°àÕµ—Èß∫√‘…—∑œ ¥”√ßµ”·Àπàßª√–∏“π°√√¡°“√ ·≈–‡π◊ËÕß®“° ∫√‘…—∑œ ‡ªìπºŸâº≈‘µ·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å∑’Ë¡’§ÿ≥¿“æ º≈‘µ‚¥¬‡§√◊ËÕß®—°√∑’Ë¡’‡∑§‚π‚≈¬’ Ÿß·≈–∑—π ¡—¬ ®÷ß¡’ §«“¡‡À¡“– ¡∑’Ë®–¥”√ßµ”·Àπàß°√√¡°“√ºŸâ®—¥°“√Õ’°Àπ÷Ëßµ”·Àπàß ·µà„π∑“ßªØ‘∫—µ‘∑—Èß Õßµ”·Àπàß¡’°“√·∫àß·¬° Õ”π“®·≈–∫∑∫“∑Àπâ“∑’ËÕ¬à“ß™—¥‡®π ‰¡à°â“«°à“¬µàÕ°—π ª√–∏“π°√√¡°“√¡’∫∑∫“∑‡ªìπºŸâπ”·≈–¡’ à«π ”§—≠„π°“√µ—¥ ‘π„®‡√◊ËÕßπ‚¬∫“¬¢Õß∫√‘…—∑œ ´÷Ëß‡ªìπº≈¡“®“° °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ∑’Ë‰¥âæ‘®“√≥“√à«¡°—∫ΩÉ“¬∫√‘À“√ Õ’°∑—Èß¡’∫∑∫“∑„π°“√∑∫∑«π°“√∫√‘À“√ß“π¢Õß ºŸâ∫√‘À“√«à“¡’°“√°”°—∫¥Ÿ·≈∑’Ë¥’µ“¡À≈—°‡°≥±å¥—ß°≈à“«À√◊Õ‰¡à ·≈–‡ªìπºŸâ§«∫§ÿ¡°“√ª√–™ÿ¡§≥–°√√¡°“√¢Õß∫√‘…—∑œ „Àâ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ‚¥¬°“√ π—∫ πÿπº≈—°¥—π„Àâ°√√¡°“√∑ÿ°§π¡’ à«π√à«¡„π°“√„Àâ§«“¡§‘¥‡ÀÁπ·≈– ¡’ «à π√à«¡„π°“√µ—¥ ‘π„® à«π°√√¡°“√ºŸ®â ¥— °“√¡’∫∑∫“∑·≈–Àπâ“∑’∑Ë ®’Ë –µâÕßªØ‘∫µ— µ‘ “¡π‚¬∫“¬·≈–·π«∑“ß°“√∫√‘À“√µ“¡∑’§Ë ≥–°√√¡°“√ ∫√‘…∑— œ ‰¥â¡Õ∫À¡“¬‡æ◊ÕË „Àâ‡°‘¥ª√–‚¬™πå ßŸ ÿ¥µàÕ∫√‘…∑— ´÷ßË ∂÷ß·¡â«“à ª√–∏“π°√√¡°“√®–¥”√ßµ”·Àπàß„π Õß ∂“π¿“æ °Á‰¡àª√“°Ø«à“¡’°“√¢—¥·¬âß∑“ßº≈ª√–‚¬™πå„¥Ê „πÕß§å°√‡°‘¥¢÷Èπ ‡π◊ËÕß®“°¡’§≥–°√√¡°“√∫√‘…—∑œ ·≈–§≥–°√√¡°“√ µ√«® Õ∫§Õ¬°”°—∫¥Ÿ·≈Õ¬ŸàÕ¬à“ß„°≈â™‘¥ §≥–°√√¡°“√∫√‘…—∑œ ¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫„π°“√°”Àπ¥π‚¬∫“¬°“√¥”‡π‘π∏ÿ√°‘® µ√«® Õ∫°“√¥”‡π‘πß“π¥â“π °“√‡ß‘π °”Àπ¥·ºπ°≈¬ÿ∑∏å «‘ —¬∑—»πå ·ºπß“π ·≈–∫√‘À“√ß“πµ“¡·π«∑“ß¢ÕßÀ≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ¡’∫∑∫“∑„π°“√∫√‘À“√ß“πÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ·≈–√—°…“º≈ª√–‚¬™πå„Àâ°—∫ºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°ΩÉ“¬ §≥–°√√¡°“√∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸâ®—¥°“√·≈–ª√–∏“π°√√¡°“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ °√√¡°“√·≈–°√√¡°“√Õ‘ √– 4. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 5. æ≈‚∑ π.æ. ÿª√’™“ ‚¡°¢–‡« °√√¡°“√·≈–°√√¡°“√Õ‘ √– 6. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 7. π“ßÕÿ∫≈ ®‘√–¡ß§≈ °√√¡°“√ 8. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸ®â ¥— °“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 4. æ≈‚∑ π.æ. ÿª√’™“ ‚¡°¢–‡« °√√¡°“√ 5. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 6. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√

10) Aggregation and Segregation of Positions The founder of KCE Electronics Public Company Limited hold the position of the Chairman of the Board of Directors. As KCE is the first and only Thai electronics company to produce high technology and quality PCB, it befits that the founder should also hold the position of Managing Director. However, the power and authorities for each positions are clearly separated and defined. The Chairman takes the role of the leader involved with KCE strategies. Company business policy, however, is determined jointly by the Board of Directors and the Management. It is also the Board没s role to challenge the Company没s business management in accordance with Good Corporate Governance guidelines and to assure that Board of Directors没 Meetings are conducted successfully. All directors are urged to participate as well as raise any searching questions they may have. The role and duty of the Managing Director is to follow the policy and strategies as set by the Board of Directors to ensure the maximum performance. Although the Chairman assumes a dual roles, any potential of conflict of interest is not present as a Board of Directors as well as the Audit Committee monitor the functions of the company management closely. KCE Board of Directors has the following authority and responsibilities: providing the directions for the company Corporate Governance policies and practices, reviewing of the company没s financial performance and corporate governance as reported in the annual report, business policy, strategic plan, vision, monitoring and following up on Company performance. The Board of Directors role is to oversee the effectiveness of the company and protect the assets of all KCE stakeholders. KCE Board of Directors follow the good corporate governance as set by the Stock Exchange of Thailand. The board is comprised of 8 directors as follows :1. Mr. Bancha Ongkosit Chairman and Managing Director 2. Mr. Panja Senadisai Director 3. Dr. Thongdee Shaipanich Chairman of Audit Committee and Independent Director 4. Dr. Chantima Ongkosit Director 5. Lt. Gen. Dr.Suprija Mokkhavesa Audit Committee and Independent Director 6. Mrs. Voraluksana Ongkosit Director and Executive Director 7. Mrs. Ubol Chiramongkol Audit Committee and Independent Director 8. Mrs. Siriphan Suntanaphan Director and Executive Director Board of Directors of K.C.E. International Co.,Ltd. 1. Mr. Bancha Ongkosit Managing Director 2. Mr. Panja Senadisai Director 3. Dr. Chantima Ongkosit Director 4. Lt. Gen. Dr.Suprija Mokkhavesa Director 5. Mrs. Voraluksana Ongkosit Director and Executive Director 6. Mrs. Siriphan Suntanaphan Director and Executive Director

Annual Report 2004 KCE ELECTRONICS PCL.

§≥–°√√¡°“√∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸ®â ¥— °“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 4. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 5. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å ª√–∏“π°√√¡°“√∫√‘À“√ 2. π“¬√—ß ‘π ◊∫· ß ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 3. π“¬ª°√≥å Õ¥ÿ≈æ—π∏ÿå °√√¡°“√ºŸ®â ¥— °“√ 4. π“ß∑—°…‘≥“ ‡°…¡ —πµå ≥ Õ¬ÿ∏¬“ °√√¡°“√µ√«® Õ∫ 5. π“ß∑—»π“≈—°…≥å —πµ‘°ÿ≈ °√√¡°“√µ√«® Õ∫ 6. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 7. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√ 8. π“¬¿§«—µ ‚°«‘∑«—≤πæß»å °√√¡°“√ 9. π“ß¢π‘…∞“ √√æÕ“…“ °√√¡°“√

11) §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’Õ”π“®Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫ ¥—ßπ’È 1. Õ∫∑“π„Àâ∫√‘…—∑œ ¡’√“¬ß“π∑“ß°“√‡ß‘π∑’Ë∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ ‚¥¬®—¥„Àâ¡’ºŸâ Õ∫∫—≠™’‡¢â“√à«¡ª√–™ÿ¡¥â«¬ ∑ÿ°‰µ√¡“ 2. Õ∫∑“π„Àâ∫√‘…∑— œ¡’°“√ªØ‘∫µ— µ‘ “¡°ÆÀ¡“¬«à“¥â«¬æ√–√“™∫—≠≠—µÀ‘ ≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å¢âÕ°”Àπ¥ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–°ÆÀ¡“¬Õ◊Ëπ„¥∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ 3. æ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—πÀ√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß ∑“ßº≈ª√–‚¬™πå„Àâ¡’§«“¡∂Ÿ°µâÕß§√∫∂â«π 4. Õ∫∑“π„Àâ∫√‘…—∑œ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π·≈–√–∫∫°“√µ√«® Õ∫¿“¬„π∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ √«¡∑—Èß¡’Àπâ“∑’Ë Õ∫∑“π√“¬ß“πº≈°“√µ√«® Õ∫ ·π«∑“ß°“√µ√«® Õ∫ ·≈–ª√–‡¡‘πº≈°“√µ√«® Õ∫ °“√¥”‡π‘πß“π¥â“πµà“ßÊ ¢Õß∫√‘…—∑œ µ“¡«‘∏’°“√·≈–¡“µ√∞“π∑’Ë¬Õ¡√—∫‚¥¬∑—Ë«‰ª·≈–ª√– “πß“π°—∫ ºŸ â Õ∫∫—≠™’¢Õß∫√‘…∑— 5. æ‘®“√≥“ §—¥‡≈◊Õ° ·≈–‡ πÕ·µàßµ—ÈßºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ √«¡∑—Èß°“√æ‘®“√≥“‡ πÕ§à“µÕ∫·∑π°“√ Õ∫∫—≠™’ 6. ª√–‡¡‘π§«“¡‡ ’Ë¬ß∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–„Àâ§”·π–π”„π°“√≈¥§«“¡‡ ’Ë¬ß 7. „Àâ§«“¡‡ÀÁπ™Õ∫°“√·µàßµ—Èß ‚¬°¬â“¬ ·≈–°“√æ‘®“√≥“§«“¡¥’ §«“¡™Õ∫ À√◊Õ°“√≈ß‚∑…À—«Àπâ“Àπà«¬ß“π °“√µ√«® Õ∫¿“¬„π¢Õß∫√‘…—∑ 8. „Àâ§«“¡‡ÀÁπ™Õ∫·ºπß“π°“√µ√«® Õ∫¢ÕßÀπà«¬ß“π°“√µ√«® Õ∫¿“¬„π 9. æ‘®“√≥“ß∫ª√–¡“≥ ·≈–Õ—µ√“°”≈—ß¢ÕßÀπà«¬ß“π°“√µ√«® Õ∫¿“¬„π 10. æ‘®“√≥“ª√–‡¡‘πº≈°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫·≈–®—¥∑”‡ªìπ√“¬ß“π‡ªî¥‡º¬‰«â„π √“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ

Board of Directors of KCE Technology Co.,Ltd 1. Mr. Bancha Ongkosit 2. Mr. Panja Senadisai 3. Dr. Chantima Ongkosit 4. Mrs. Voraluksana Ongkosit 5. Mrs. Siriphan Suntanaphan

Managing Director Director Director Director and Executive Director Director and Executive Director

Board of Directors of Thai Laminate Manufacturer Co.,Ltd. 1. Mrs. Siriphan Suntanaphan Chairman of Board of Directors 2. Mr. Rangsin Suebsang Chairman of Audit Committee 3. Dr. Pakorn Adulphan Managing Director 4. Mrs. Thaksina Kasemsant Na Ayutthaya Independent Director and Audit Committee 5. Mrs. Thasnalak Santikul Independent Director and Audit Committee 6. Mr. Panja Senadisai Director 7. Mrs. Voraluksana Ongkosit Director 8. Mrs. Kanitha Subpa-asa Director 9. Mr. Pakawat Kowitwattaphong Director

11) Audit Committee The Audit Committee has the following responsibilities: 1. To review and audit the Companyûs financial report, so as to ensure that it is correct and sufficient, with the Companyûs auditor also to attend the quarterly meeting. 2. To review and audit the Companyûs operations to ensure that they are in compliance with the Securities and Exchange Acts, Regulations of the Stock Exchange of Thailand, and any other relevant laws. 3. To consider KCE information disclosure on matters related to connected transactions or conflict-of-interest transactions to ensure that they are correct and sufficient. 4. To review the internal control and internal audit systems to ensure that they are appropriate and effective, and, by coordinating with the external auditors, ensure that the audit report, the audit method and the audit report evaluation are of the required standard. 5. To consider, select and propose the appointment of KCEûs external auditors, including their fees. 6. To assess KCE major risks and provide suggestions to minimize such risks. 7. To approve the appointment, rotation, performance appraisal and reward / punishment for the head of the department responsible for auditing. 8. To consider the audit plan. 9. To consider the budget and manpower of the audit unit. 10. To evaluate the Audit Committeeûs performance on corporate governance and disclosure this evaluation in the annual report. 11. To ensure that the Chairman of the Audit Committee, or a Director to the Audit Committee, attends the Shareholdersû meetings to clarify any matters pertaining to the Audit Committee or the appointment of the external auditors. Annual Report 2004 KCE ELECTRONICS PCL.

11. ª√–∏“π°√√¡°“√µ√«® Õ∫À√◊Õ°√√¡°“√µ√«® Õ∫µâÕß‡¢â“√à«¡ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‡æ◊ËÕ™’È·®ß „π‡√◊ËÕß∑’Ë‡°’Ë¬«°—∫§≥–°√√¡°“√µ√«® Õ∫ À√◊Õ°“√·µàßµ—ÈßºŸâ Õ∫∫—≠™’ 12. æ‘®“√≥“∑∫∑«π‡æ◊ËÕª√—∫ª√ÿß°Æ∫—µ√§≥–°√√¡°“√µ√«® Õ∫‡ªìπª√–®”∑ÿ°ªï (À“°¡’§«“¡®”‡ªìπ) 13. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’Ë§≥–°√√¡°“√¡Õ∫À¡“¬ √«¡∑—Èß°“√·µàßµ—ÈßÀ—«Àπâ“Àπà«¬ß“π°“√µ√«® Õ∫ ¿“¬„πÀ√◊Õ°“√·µàßµ—ÈßºŸâ®—¥°“√Õ“«ÿ‚ ®“° ”π—°ß“π‡≈¢“πÿ°“√¡“‡ªìπ‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑œ ‰¥â¡’°“√®—¥µ—Èß§≥–°√√¡°“√µ√«® Õ∫ ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπÕ‘ √– ®”π«π 3 ∑à“π ´÷Ëß‡ªìπ∫ÿ§§≈ ∑’Ë¡’§ÿ≥ ¡∫—µ‘§√∫∂â«πµ“¡∑’Ë°”Àπ¥‚¥¬µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈–‡ªìπºŸâ∑’Ë¡’§«“¡√Ÿâ·≈–ª√– ∫°“√≥å¥â“π °“√∫—≠™’·≈–°“√ Õ∫∫—≠™’ ¥—ßπ’È 1. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ ª√–∏“π°√√¡°“√µ√«® Õ∫ 2. æ≈‚∑ π“¬·æ∑¬å ÿª√’™“ ‚¡°¢–‡« °√√¡°“√µ√«® Õ∫ 3. π“ßÕÿ∫≈ ®‘√–¡ß§≈ °√√¡°“√µ√«® Õ∫

12) √–∫∫°“√§«∫§ÿ¡·≈–µ√«® Õ∫¿“¬„π §≥–°√√¡°“√∫√‘…—∑œ ·≈–§≥–°√√¡°“√µ√«® Õ∫‡ªìπºŸâµ√«® Õ∫√–∫∫°“√§«∫§ÿ¡¿“¬„π‡√◊ËÕßµà“ßÊ ‡™àπ √–∫∫°“√∫√‘À“√¥â“π°“√‡ß‘π ‡ª√’¬∫‡∑’¬∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ °—∫°≈¬ÿ∑∏å·≈–‡ªÑ“À¡“¬ °“√ªØ‘∫—µ‘„Àâ Õ¥§≈âÕß°—∫°ÆÀ¡“¬·≈–√–‡∫’¬∫ ∫√‘…—∑ ¡’Àπà«¬ß“πµ√«® Õ∫¿“¬„π∑’Ë®–∑”°“√∑¥ Õ∫§«“¡∂Ÿ°µâÕß¢Õß¢âÕ¡Ÿ≈ √«¡∂÷ß°“√¥Ÿ·≈°“√‡°Á∫√—°…“·≈–°“√„™âß“π∑√—æ¬å ‘π ª√–‡¡‘π§«“¡‡æ’¬ßæÕ·≈–ª√– ‘∑∏‘¿“æ¢Õß√–∫∫§«∫§ÿ¡¿“¬„π ¢Õß√–∫∫ß“πµà“ßÊ æ√âÕ¡¥â«¬°“√«“ß·ºπ°“√µ√«® Õ∫·≈–µ‘¥µ“¡„Àâ¡’°“√ªØ‘∫—µ‘µ“¡·ºπ‚¥¬¡’®ÿ¥ª√– ß§å ‡æ◊ËÕ„Àâ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈ ‚¥¬∫√‘…—∑œ ‰¥â®—¥µ—ÈßÀπà«¬ß“πµ√«® Õ∫¿“¬„π ‡æ◊ËÕ§«∫§ÿ¡§«“¡‡ ’Ë¬ß∑—Èß„π√–¥—∫Õß§å°√·≈–√–¥—∫Àπà«¬ß“π §≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ√—∫º‘¥™Õ∫‡°’Ë¬«°—∫ß∫°“√‡ß‘π “√ π‡∑»∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈–°“√√“¬ß“π∑“ß°“√‡ß‘π„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ®–‰¥â√—∫°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’«à“∂Ÿ°µâÕß µ“¡∑’Ë§«√„π “√– ”§—≠µ“¡¡“µ√∞“π∫—≠™’∑’Ë‡ªìπ∑’Ë¬Õ¡√—∫„πª√–‡∑»‰∑¬ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë ”§—≠·≈–‡æ’¬ßæÕ „πß∫°“√‡ß‘π §≥–°√√¡°“√∫√‘…∑— œ ¬—ß¡’§«“¡√—∫º‘¥™Õ∫„π°“√®—¥√—°…“‰«â´ß÷Ë √–∫∫¿“¬„π∑’¡Ë ª’ √– ‘∑∏‘¿“æ‡æ◊ÕË √â“ß§«“¡¡—πË „® Õ¬à“ß¡’‡Àµÿº≈„π à«π∑’Ë‡°’Ë¬«°—∫ß∫°“√‡ß‘π«à“¡’°“√∫—π∑÷°¢âÕ¡Ÿ≈Õ¬à“ß∂Ÿ°µâÕß·≈– ¡∫Ÿ√≥å ¡’°“√¥Ÿ·≈°“√‡°Á∫√—°…“ ·≈–°“√„™âß“π¢Õß∑√—æ¬å ‘π ·≈–‡æ◊ËÕ‡ªìπ°“√ªÑÕß°—π°“√ªØ‘∫—µ‘‚¥¬¡‘™Õ∫À√◊Õ∑ÿ®√‘µ„¥Ê „π∏ÿ√°‘® ∑“ß§≥–°√√¡°“√ ∫√‘…—∑ ®÷ß‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫´÷Ëßª√–°Õ∫¥â«¬°√√¡°“√Õ‘ √–®”π«π 3 ∑à“π ‡æ◊ËÕ„Àâ§«∫§ÿ¡¥Ÿ·≈„Àâ∫√‘…—∑œ ¡’√–∫∫√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫°“√µ√«® Õ∫∑’Ë¡’ª√– ‘∑∏‘¿“æ §≥–°√√¡°“√µ√«® Õ∫‰¥â„Àâ§«“¡‡ÀÁπµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ „πªï∑’Ëºà“π¡“«à“¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π ∑’Ë‡À¡“– ¡·≈–‡æ’¬ßæÕ·≈â« ¥—ß√“¬≈–‡Õ’¬¥„πÀ—«¢âÕ√“¬ß“π°√√¡°“√µ√«® Õ∫ „π√“¬ß“πª√–®”ªï

13) °“√ª√–™ÿ¡§≥–°√√¡°“√ §≥–°√√¡°“√∫√‘…—∑œ ¡’°”Àπ¥°“√ª√–™ÿ¡∑ÿ°Ê ‡¥◊Õπµ≈Õ¥∑—Èßªï ‚¥¬¡’°“√°”Àπ¥µ“√“ß«—πª√–™ÿ¡‰«â≈à«ßÀπâ“ µ≈Õ¥∑—Èßªï „πªï 2547 ‰¥â°”Àπ¥„Àâ¡’°“√ª√–™ÿ¡∑ÿ°«—πÕ—ß§“√∑’Ë “¡¢Õß‡¥◊Õπ ‚¥¬¡’°“√ª√–™ÿ¡∑—ÈßÀ¡¥ 12 §√—Èß «“√–°“√ª√–™ÿ¡∑’Ë ”§—≠„π·µà≈–§√—Èß ª√–°Õ∫‰ª¥â«¬°“√æ‘®“√≥“·ºπ∏ÿ√°‘® æ‘®“√≥“º≈°“√¥”‡π‘πß“π ·ºπ°“√≈ß∑ÿπ °“√®—¥À“‡ß‘π∑ÿπ °“√Õπÿ¡—µ‘‡ß‘π°Ÿâ¬◊¡ ·≈–µ‘¥µ“¡º≈°“√¥”‡π‘πß“πÕ◊ËπÊ ¢Õß∫√‘…—∑œ

12. To review the Audit Committee Charter for revision (if necessary) annually. 13. To assume any other responsibilities as assigned by the Board of Directors as well as to appoint the Chief of the Internal Audit or Senior Manager, Corporate Secretary Office to be Secretary of the Audit Committee. The Audit Committee comprises three Directors. 1. Dr. Thongdee Shaipanich 2. Lt.Gen. Dr. Suprija Mokkhavesa 3. Mrs. Ubol Chiramongkol

Chairman of the Audit Committee Director of Audit Committee Director of Audit Committee

12) Controlling System and Internal Audit The Board of Directors together with the Audit Committee monitor the controlling system in various area such as the financial system, the Companyûs performance in accordance to the Companyûs strategy and objectives, compliance with the statute law and the Companyûs rules and regulations. An internal audit operation is established as a separate unit in the company to review the accuracy and completeness of data, including review of controls for the storage and use of assets, to assess the adequacy and efficiency of internal control systems for various work systems, and to make plans to monitor and audit compliance, with the objective of making the Companyûs operation efficient and effective. The Company also establishes appropriate internal control systems for risk management both corporate and departmental levels. The Board of Directors is responsible for the financial statement of the Company and its subsidiaries, and the financial data which appears in the Annual Report. These financial statements are prepared in conformance with generally accepted accounting principles recognized in Thailand. Suitable accounting policies have been chosen and applied consistently with direction, using the best estimates. There has also been adequate disclosure of important information in the notes to the financial statement. The Board of Directors has maintained effective internal control systems for reasonable confidence that accounting data has been recorded accurately and completely to maintain the Companyûs assets, and to be apprised of loopholes to prevent significant corruption or abnormal business practices. The Board of Directors has appointed the Audit Committee, comprising of non-executive directors, to supervise and take responsibility for the quality of financial reports and internal control systems. The Companyûs Audit Committee has the opinion that the Companyûs operations over the last year had adequate and suitable internal control systems, as stated in the Report of the Audit Committee included in the Companyûs Annual Report.

13) Board of Directorsû Meeting The Board of Directors meet monthly throughout the year. The dates of the meetings are set in advance at the beginning of each year. In 2004, the monthly meeting was held on the third Tuesday of each month, resulting in a total of twelve meetings. In each meeting, the monthly meeting agenda and the monthly operating report were agreed upon. Business plan, financial reviews, investment and loanûs approval and follow up of the company performance are items in the meeting agenda.

Annual Report 2004 KCE ELECTRONICS PCL.

”π—°∫√‘À“√¢Õß∫√‘…—∑œ ¡’Àπâ“∑’Ë„π°“√π—¥À¡“¬®—¥‡µ√’¬¡‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡„Àâ‡æ’¬ßæÕ·≈–®—¥ àß Àπ—ß ◊Õ‡™‘≠ª√–™ÿ¡≈à«ßÀπâ“ 14 «—π °àÕπ«—πª√–™ÿ¡ ‡æ◊ËÕ„Àâ°√√¡°“√‰¥â¡’‡«≈“»÷°…“°àÕπ „π°“√ª√–™ÿ¡·µà≈–§√—Èß ®–„™â‡«≈“ª√–¡“≥ 3 ™—Ë«‚¡ß ∑’Ëª√÷°…“ΩÉ“¬°ÆÀ¡“¬¢Õß∫√‘…—∑ ∑”Àπâ“∑’Ë„π°“√®¥∫—π∑÷° ®—¥∑”√“¬ß“π°“√ª√–™ÿ¡ √«¡∑—ßÈ „Àâ§”·π–π”„π¥â“π°Æ‡°≥±åµ“à ßÊ ∑’‡Ë °’¬Ë «¢âÕß¥â«¬ ”π—°∫√‘À“√‡ªìπºŸ®â ¥— ‡°Á∫√“¬ß“π°“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√ ∫√‘…—∑ ∑’Ëºà“π°“√√—∫√Õß®“°§≥–°√√¡°“√∫√‘…—∑ √«¡∂÷ß‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡‡æ◊ËÕæ√âÕ¡°“√µ√«® Õ∫®“° §≥–°√√¡°“√ ºŸâ∂◊ÕÀÿâπ ·≈–ºŸâ∑’Ë‡°’Ë¬«¢âÕß „πªï 2547°√√¡°“√·µà≈–∑à“π¡’√“¬≈–‡Õ’¬¥°“√‡¢â“√à«¡ª√–™ÿ¡¥—ßπ’È √“¬™◊ËÕ§≥–°√√¡°“√ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ 3. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ 4. π“ß«√≈—°…≥å Õß§å‚¶…‘µ 5. æ≈‚∑ π“¬·æ∑¬å ÿª√’™“ ‚¡°¢–‡« 6. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ 7. π“ßÕÿ∫≈ ®‘√–¡ß§≈ 8. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å ®”π«π°“√ª√–™ÿ¡∑—Èß ‘Èπ„πªï 2547

‡¢â“√à«¡ª√–™ÿ¡/§√—Èß 12 12 12 12 8 12 12 12 12

„πªï 2547§≥–°√√¡°“√µ√«® Õ∫¡’°“√ª√–™ÿ¡∑—Èß ‘Èπ 4 §√—Èß¥—ßπ’È √“¬™◊ËÕ§≥–°√√¡°“√µ√«® Õ∫ ‡¢â“√à«¡ª√–™ÿ¡/§√—Èß 1. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ 4 2. æ≈‚∑ π“¬·æ∑¬å ÿª√’™“ ‚¡°¢–‡« 4 3. π“ßÕÿ∫≈ ®‘√–¡ß§≈ 4 §ÿ≥ ¡∫—µ‘¢Õß§≥–°√√¡°“√·≈–§à“µÕ∫·∑π°√√¡°“√·µà≈–√“¬ ‰¥â¡’√“¬ß“π‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï

14) §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ ∫√‘…—∑œ „Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ·≈–∑—Ë«∂÷ß ∑—Èß√“¬ß“π¢âÕ¡Ÿ≈ ∑“ß°“√‡ß‘π·≈–¢âÕ¡Ÿ≈∑—Ë«‰ª µ≈Õ¥®π¢âÕ¡Ÿ≈ ”§—≠∑’Ë¡’º≈°√–∑∫µàÕ√“§“À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ ‚¥¬‰¥â‡º¬·æ√à ¢âÕ¡Ÿ≈¢à“« “√µà“ßÊ ‡æ◊ËÕ„ÀâºŸâ≈ß∑ÿπ·≈–ºŸâ‡°’Ë¬«¢âÕß‰¥â√—∫∑√“∫ ∑—Èß‚¥¬ºà“π™àÕß∑“ß·≈– ◊ËÕ “√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈–∑’Ë‡«Á∫‰´µå www.kce.co.th À√◊Õ www.kcethai.com „Àâ°—∫ºŸâ≈ß∑ÿπ π—°«‘‡§√“–Àå ·≈–ª√–™“™π∑—Ë«‰ª À√◊ÕºŸâ≈ß∑ÿπ “¡“√∂µ‘¥µàÕÀπà«¬ß“π∫√‘…—∑‰¥â∑’Ë 02-326-0196-9 µàÕ 111-112 πÕ°®“°π’∫È √‘…∑— œ ‰¥â¡°’ “√æ∫ª–°—∫ºŸ≈â ß∑ÿπ π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å‡æ◊ÕË Õ∏‘∫“¬™’·È ®ß§«“¡§◊∫Àπâ“·≈–°“√¥”‡π‘πß“π ¢Õß∫√‘…—∑œ æ√âÕ¡∑—Èß„Àâ§«“¡√Ÿâ‡°’Ë¬«°—∫º≈‘µ¿—≥±å ¥—ßπ’È COMPANY VISIT ®“°π—°≈ß∑ÿπ ·≈–π—°«‘‡§√“–Àå ª√–¡“≥ 30 §√—ÈßµàÕªï µ“¡∑’Ë‰¥âµ‘¥µàÕ‡¢â“¡“ ANALYST MEETING ®“°π—°≈ß∑ÿπ π—°«‘‡§√“–Àå ª√–¡“≥ 3-4 §√—ÈßµàÕªï ∑—ßÈ π’‡È æ◊ÕË „Àâ°≈ÿ¡à ºŸ≈â ß∑ÿπ¡’§«“¡√Ÿ§â «“¡‡¢â“„®‡°’¬Ë «°—∫∫√‘…∑— œ ‰¥âÕ¬à“ß∂Ÿ°µâÕß æ√âÕ¡∑—ßÈ ∑“ß∫√‘…∑— œ „Àâ°“√¬Õ¡√—∫ ·≈– π„®∑’Ë®–‡¢â“¡“≈ß∑ÿπ Õ’°∑—Èß¬—ß∑”„Àâ∫√‘…—∑œ ‰¥â√—∫∑√“∫¡ÿ¡¡Õß¢Õß “∏“√≥™π∑’Ë¡’µàÕ∫√‘…—∑œ ´÷Ëß‡ªìπ à«πÀπ÷Ëß „π°“√«“ß‡ªÑ“À¡“¬·≈–°≈¬ÿ∑∏å¢Õß∫√‘…—∑œ πÕ°®“°π’È°√√¡°“√ºŸâ®—¥°“√∫√‘…—∑°Á‰¥â„Àâ§«“¡√à«¡¡◊Õ°—∫ ◊ËÕ‚∑√∑—»πå „π°“√„Àâ —¡¿“…≥åµàÕ “∏“√≥™π∂÷ß«‘ —¬∑—»πå °≈¬ÿ∑∏å ·≈–·ºπ°“√∫√‘À“√∏ÿ√°‘® ºà“π√“¬°“√ CEO VISION ∑“ß ∂“π’‚∑√∑—»πå ’™àÕß 9 Õ. .¡.∑.

The Executive Office sent the invitation letter and draft of the previous meeting report and information regarding the meeting agenda at least 14 days prior to the meeting date. Each meeting usually require approximately 3 hours. The Companyûs attorney attended all the meeting, recorded the minutes and managed all documents as well as giving advice to the Board of Directors and Executives regarding compliance issues. In 2004, the meeting attendance of each director is as follows :Meeting Attendance Mr. Bancha Ongkosit Mr. Panja Senadisai Dr. Chantima Ongkosit Mrs. Voraluksana Ongkosit Lt. Gen. Dr. Suprija Mokkhavesa Dr. Thongdee Shaipanich Mrs. Ubol Chiramongkol Mrs. Siriphan Suntanaphan

Number of Meeting 12 12 12 12 8 12 12 12

The Audit Committee met 4 times as shown: Name Number of Meeting 1. Lt. Gen. Dr. Suprija Mokkhavesa 4 2. Dr. Thongdee Shaipanich 4 3. Mrs. Ubol Chiramongkol 4 The board member background for each director and each directorûs remuneration are also disclosed in the Annual Report.

14. Relations with Investors. KCE discloses important information to the shareholders, security analysts, government, and general public in timely and transparent manners. Various information and news has been disseminated to investors and interested parties through various outlets and media of the Stock Exchange of Thailand and the companyûs website in both Thai and English language. (www.kce.co.th) or www.kcethai.com. Further information can be obtained by contacting the companyûs investor relation at 02-326-0196-9 ext. 111-112. Analyst briefings and press conferences are additional channels of distributing corporate information. The member of the Board of Directors appointed as the company public relation representative meet regularly with analysts and the press as requested. The Managing Director hold analyst meeting and press conference 4 times each year to clarify the quarterly operation result and provide other necessary information. The Managing Director also cooperates with the media to give an interview of his vision, strategy and business management through çCEO Visioné programe on T.V. channel 9.

Annual Report 2004 KCE ELECTRONICS PCL.

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Õÿµ “À°√√¡·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å‡°’Ë¬«‡π◊ËÕß‚¥¬µ√ß°—∫Õÿµ “À°√√¡Õ‘‡≈Á°∑√Õπ‘° å ´÷Ëß‡ªìπÕÿµ “À°√√¡ ∑’Ë¡’Õ—µ√“°“√¢¬“¬µ—«¡“°∑’Ë ÿ¥™π‘¥Àπ÷Ëß¢Õß‚≈° ª√–¡“≥«à“ ¿“«–°“√§â“ ·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å „πªï∑’Ëºà“π¡“ ¢¬“¬µ—«„πÕ—µ√“√âÕ¬≈– 7 ´÷Ëß¡’¡Ÿ≈§à“ª√–¡“≥ 40,000 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ·≈–§“¥«à“®–¡’°“√¢¬“¬µ—« Ÿß∂÷ß 5.2% µàÕªï®π∂÷ßªï §.». 2007 ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) àß ‘π§â“∑—ÈßÀ¡¥‰ª¢“¬„πµ≈“¥‚≈° ‚¥¬∑’Ë≈Ÿ°§â“∑’ËÕ¬Ÿà„π°≈ÿà¡∫√‘…—∑ ¢π“¥„À≠à ∑’Ë¡’™◊ËÕ‡ ’¬ß‡ªìπ∑’Ë√Ÿâ®—°°—π∑—Ë«‰ª ∫√‘…—∑œ ®÷ßµâÕßª√—∫µ—«„Àâ‡¢â“°—∫¡“µ√∞“π “°≈„π‡√◊ËÕßµâπ∑ÿπ ‡∑§‚π‚≈¬’ ·≈– °“√§«∫§ÿ¡§ÿ≥¿“ææ√âÕ¡∑—Èß°“√ àß¡Õ∫ ‘π§â“µ“¡‡«≈“∑’Ë°”Àπ¥ ≈Ÿ°§â“¢Õß∫√‘…—∑ à«π¡“°®–¡’ SUPPLIER BASE À≈“¬∫√‘…—∑®÷ßµâÕß·¢àß¢—π°—∫∫√‘…—∑ºŸâº≈‘µ√“¬Õ◊Ëπµ≈Õ¥¡“ ·≈–∫√‘…—∑œ “¡“√∂∑”‰¥â ¥—ß®–‡ÀÁπ«à“∫√‘…—∑œ ¡’¬Õ¥¢“¬ ‡æ‘Ë¡¢÷Èπ„πÕ—µ√“∑’Ë Ÿß°«à“Õ—µ√“°“√‡®√‘≠‡µ‘∫‚µ¢ÕßÕÿµ “À°√√¡‚¥¬√«¡

ªí®®—¬„π°“√ª√– ∫º≈ ”‡√Á® 1. °“√º≈‘µ ‘π§â“∑’Ë¡’§ÿ≥¿“æ HIGH QUALITY PRODUCT ´÷Ëß‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π√–∫∫ ISO/TS16949 ´÷Ëß‡ªìπ√–∫∫∫√‘À“√§ÿ≥¿“æ∑’Ë‰¥â√—∫°“√¬Õ¡√—∫„πÕÿµ “À°√√¡¬“π¬πµå∑—Ë«‚≈° ∑—Èß∑«’ªÕ‡¡√‘°“ ¬ÿ‚√ª ·≈–‡Õ‡™’¬ ·≈– ºà“π°“√µ√«® Õ∫§ÿ≥¿“æ‚¥¬¡“µ√∞“π‚≈° 2. °“√ àß¡Õ∫ ‘π§â“„Àâµ√ßµ“¡°”Àπ¥‡«≈“∑’Ë≈Ÿ°§â“µâÕß°“√„Àâ‰¥â∂÷ß 99% 3. °“√∫√‘°“√¥â“π°“√¢“¬·≈–°“√∫√‘°“√À≈—ß°“√¢“¬ ∫√‘…—∑œ ¡’ SALES OFFICE Õ¬ŸàÀ≈“¬·Ààß∑—Ë«‚≈° ´÷Ëß “¡“√∂„Àâ∫√‘°“√≈Ÿ°§â“‰¥â∑—π∑à«ß∑’„π∑ÿ°æ◊Èπ∑’Ë∑—Ë«‚≈°

‚Õ°“ ·≈–Õÿª √√§ Õÿµ “À°√√¡Õ‘‡≈Á°∑√Õπ‘° å¿“¬„πª√–‡∑»¡’»—°¬¿“æ„π°“√≈ß∑ÿπ§àÕπ¢â“ß Ÿß ‡æ√“–µâπ∑ÿπ·√ßß“πµË” ‡¡◊ËÕ‡∑’¬∫ °—∫ª√–‡∑»µà“ßÊ „π¬ÿ‚√ª·≈–Õ‡¡√‘°“ ·µà‡π◊ËÕß®“°°“√ π—∫ πÿπ∑“ß¿“§√—∞¬—ß‰¡à‡æ’¬ßæÕ ®÷ß∑”„Àâ¢“¥·§≈π∑√—æ¬“°√ ∫ÿ§§≈∑’Ë¡’§«“¡√Ÿâ §«“¡ “¡“√∂ ·≈–‡™’Ë¬«™“≠∑“ß¥â“π‡∑§‚π‚≈¬’°“√º≈‘µ∑’Ë∑—π ¡—¬ ®÷ßµâÕß¡’°“√®â“ßºŸâ‡™’Ë¬«™“≠®“° µà“ßª√–‡∑»‡¢â“¡“∑”ß“π

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INDUSTRIAL STATUS AND COMPETITION

PCB Manufacturing is one of the fastest growing sectors of the electronics industry. The average growth rate is forecast to increase to 5.2% per annum until 2007. KCE is primarily an export company and thus has had to meet international standards to compete in the world electronics market.

Key Success Factors KCE and its subsidiaries pay close attention to the following factors: 1. High Standard Quality KCE was awarded the ISO/TS 16949 Certification, an internationally recognized quality standard. 2. Delivery KCE is committed to deliver full lots on time to meet our customers time to market requirements. 3. Sales and Service Sales offers to provide full and comprehensive service for our customers.

Opportunity and Obstacles Thailand没s low labor cost has attracted significant investment in the electronics manufacturing industry. KCE has to import skilled technicians due to shortage of qualified manpower in the technology field.

External Factors currently effecting our company and industry in general The world economic downturn resulted in a general cutback in electronics expenditures. Falling demand caused downward pricing pressures that affected all PCB Manufacturer.

Annual Report 2004 KCE ELECTRONICS PCL.

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º≈ª√–°Õ∫°“√ „πªï 2547 Õÿª ß§å„π ‘π§â“Õ‘‡≈Á°∑√Õπ‘° åÕ¬Ÿà„π√–¥—∫∑√ßµ—«‡™àπ‡¥’¬«°—∫ªï°àÕπ ¢≥–∑’Ë°√–· ‘π§â“√“§“∂Ÿ°∑’Ë º≈‘µ®“°ª√–‡∑»®’π¬—ß§ß àß·√ß°¥¥—πµàÕµ≈“¥·≈–‡æ‘Ë¡§«“¡√ÿπ·√ß„Àâ°—∫°“√·¢àß¢—π∑“ß¥â“π√“§“¡“°¬‘Ëß¢÷Èπ ®“°°“√∑’Ë ∫√‘…—∑‰¥â¢¬“¬°”≈—ß°“√º≈‘µ„π∫√‘…—∑¬àÕ¬ 2 ·Ààß§◊Õ ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ·≈– ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ∑”„Àâ∫√‘…—∑¡’§«“¡ “¡“√∂„π°“√º≈‘µ ‘π§â“∑’Ë¡’‡∑§‚π‚≈¬’™—Èπ Ÿß ‡æ◊ËÕµÕ∫ πÕßµàÕ§«“¡µâÕß°“√¢Õß≈Ÿ°§â“ ‰¥â°«â“ß¢«“ß¬‘Ëß¢÷Èπ º≈°“√¥”‡π‘πß“πª√–®”ªï 2547 ®“°ß∫°“√‡ß‘π√«¡ ¡’√“¬‰¥â®“°°“√¢“¬√«¡®”π«π 5,713 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ √âÕ¬≈– 15 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫ªï 2546 ·≈–¡’°”‰√ ÿ∑∏‘‡∑à“°—∫ 240.9 ≈â“π∫“∑ ‚¥¬¡’Õ—µ√“°”‰√ ÿ∑∏‘Õ¬Ÿà∑’Ë√âÕ¬≈– 4.2 ¢Õß¬Õ¥¢“¬ ≥. ‘Èπªï 2547 ∫√‘…—∑¡’°”‰√µàÕÀÿâπ 0.78 ∫“∑ º≈°“√¥”‡π‘πß“πªï 2547 ‡°‘¥®“°¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷Èπ „πµ≈“¥∑—Ë«∑ÿ°¿Ÿ¡‘¿“§ ‚¥¬‡©æ“–µ≈“¥„π¿Ÿ¡‘¿“§‡Õ‡´’¬∑’Ë¡’°“√‡µ‘∫‚µ¥’·≈–‡ªìπ‰ªµ“¡°≈¬ÿ∑∏å°“√µ≈“¥∑’Ë‰¥â«“ß·ºπ‰«â §«“¡ “¡“√∂„π°“√∑”°”‰√‰¥â≈¥πâÕ¬≈ß‰ª®“°ªï°Õà π ‡ªìπº≈°√–∑∫®“°‡√◊ÕË ß§«“¡º—πº«π¢Õß§à“‡ß‘π·≈–µâπ∑ÿπ∑’ Ë ßŸ ™÷πÈ ®“°°“√ª√—∫√“§“≈“¡‘‡πµ·≈–«—µ∂ÿ¥‘∫Õ◊ËπÊ ª√–°Õ∫°—∫°“√º≈‘µ∑’Ë‰¡àÕ¬Ÿà„π√–¥—∫∑’Ë ¡Ë”‡ ¡Õ ‡π◊ËÕß®“°Õ¬Ÿà„π™à«ß√Õ¬µàÕ ¢Õß°“√ª√—∫°”≈—ß°“√º≈‘µ ∑”„Àâµâπ∑ÿπ¢“¬µàÕÀπà«¬‡æ‘Ë¡¢÷Èπ àßº≈„ÀâÕ—µ√“°”‰√¢—Èπµâπ≈¥µË”≈ß πÕ°®“°π’È ∫√‘…—∑¡’√“¬‰¥âÕ◊Ëπ®”π«π 219.5 ≈â“π∫“∑ ª√–°Õ∫¥â«¬ °”‰√®“°°“√¢“¬Àÿâπ∫√‘…—∑‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å „Àâ°—∫∫√‘…—∑Õ◊Ëπ´÷Ëß‰¡à„™à∫√‘…—∑„π‡§√◊Õ ®”π«π 60.6 ≈â“π∫“∑ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π®”π«π 56.4 ≈â“π∫“∑ √“¬‰¥â®“°¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡ ®”π«π 30.3 ≈â“π∫“∑ ·≈–√“¬‰¥âÕ◊ËπÊ Õ’°®”π«π 72.1 ≈â“π∫“∑ ®“°°“√¢“¬∑√—æ¬å ‘π∑’ËÀ¡¥ ¿“æ°“√„™âß“π §à“ª√—∫®“°°“√¬°‡≈‘°§” —Ëß´◊ÈÕ √“¬‰¥â§à“∫√‘°“√¢Õß»Ÿπ¬å´àÕ¡ ·≈–√“¬‰¥â ®“°°“√¢“¬‡»…«— ¥ÿµà“ßÊ §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√¡’Õ—µ√“ à«π§à“„™â®à“¬„πªï 2546 ·≈– 2547 ‡∑à“°—π∑’Ë√âÕ¬≈– 15 µàÕ¬Õ¥¢“¬ ª√–°Õ∫¥â«¬§à“√–«“ß¢π àß §à“π“¬Àπâ“ ‡ß‘π‡¥◊Õπæπ—°ß“π ·≈–§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√∑—Ë«‰ª √«¡∂÷ß§à“ ”√Õß Àπ’È Ÿ≠ §à“ ”√Õß‡º◊ËÕ°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“·≈– ‘π§â“ ”‡√Á®√Ÿª ¢“¥∑ÿπ®“°°“√µ—¥®”Àπà“¬∑√—æ¬å ‘π∑’Ë‡≈‘°„™âß“π ·≈–§à“„™â®à“¬ ‘π§â“√—∫§◊π ∫√‘…∑— ¬—ß§ß¥”‡π‘ππ‚¬∫“¬°“√∫√‘À“√‡ß‘πµ√“µà“ßª√–‡∑» ‚¥¬°“√¥”√ß ‘π∑√—æ¬å·≈–Àπ’ È π‘ „π °ÿ≈‡ß‘πµà“ßª√–‡∑» „Àâ¡’ —¥ à«π ¡¥ÿ≈°—π (Natural Hedges) πÕ°®“°π’È ¬—ß¡’°“√¢“¬‡ªìπ‡ß‘π °ÿ≈‡ß‘πµà“ßª√–‡∑»„π °ÿ≈‡ß‘πÀ≈—° 2 °ÿ≈ „πÕ—µ√“ à«π ‡ß‘π‡À√’¬≠ À√—∞œ : ‡ß‘π¬Ÿ‚√ ‡∑à“°—∫ √âÕ¬≈– 60 : 35 ‡æ◊ËÕ∫√√‡∑“º≈°√–∑∫®“°§«“¡º—πº«π¢Õß§à“‡ß‘π „πªï 2547 ·¡â«à“®–¡’º≈¢“¥∑ÿπÕ—µ√“·≈°‡ª≈’Ë¬π‡ªìπ®”π«π¡“°®“°‡ß‘π°Ÿâ ®”π«π 17.5 ≈â“π‡À√’¬≠ À√—∞œ ·≈–°“√‡ª≈’Ë¬π·ª≈ß‡ß‘π°Ÿâ¡“‡ªìπ‡ß‘π∫“∑ ·µà‚¥¬√«¡∫√‘…—∑¬—ß¡’°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬πÕ¬Ÿà‡ªìπ®”π«π 56.4 ≈â“π∫“∑ „πª≈“¬‰µ√¡“ ·√°¢Õßªï 2548 ‡¡◊ËÕ°“√ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ°“√º≈‘µ ·≈–°“√¢¬“¬°”≈—ß°“√º≈‘µ„π‚§√ß°“√ µà“ßÊ ¢Õß∑ÿ°∫√‘…—∑‡ √Á® ‘Èπ≈ß ®–¡’°“√„™â°”≈—ß°“√º≈‘µÕ¬à“ß‡µÁ¡ª√– ‘∑∏‘¿“æ‡§√◊ËÕß®—°√ ´÷Ëß®– àßº≈„Àâµâπ∑ÿπ°“√º≈‘µ µàÕÀπà«¬≈¥≈ß ∑”„Àâ¡’Õ—µ√“°”‰√¢—Èπµâπ∑’Ë‡À¡“– ¡ ®“°°“√ª√–¡“≥°“√¢Õß∫√‘…—∑ ®–¡’°“√¢¬“¬µ—«¢Õß¬Õ¥¢“¬ ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 20 Õ—π‡ªìπº≈ ”‡√Á®¢Õß°≈¬ÿ∑∏å∑“ß°“√µ≈“¥„π°“√‡≈◊Õ°°≈ÿà¡≈Ÿ°§â“‡ªÑ“À¡“¬ ·≈–°“√¢¬“¬µ≈“¥∑—Èß„π °≈ÿà¡·≈–πÕ°°≈ÿà¡„π∑ÿ°¿Ÿ¡‘¿“§

∞“π–°“√‡ß‘π·≈–§ÿ≥¿“æ ‘π∑√—æ¬å ‡¡◊ËÕæ‘®“√≥“°√–· ‡ß‘π ¥®“°°“√¥”‡π‘πß“πæ∫«à“„πªï 2546 ¡’°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π‡ªìπ∫«°Õ¬Ÿà 319.7 ≈â“π∫“∑ À“°·µà„πªï 2547 ¡’°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π‡ªìπ≈∫Õ¬Ÿà®”π«π 32.8 ≈â“π∫“∑ ‡ªìπº≈¡“ ®“°°“√∑’Ë∫√‘…—∑¡’ ‘π§â“§ß§≈—ß‡æ‘Ë¡¡“°¢÷Èπ°«à“ªï°àÕπ∂÷ß 535 ≈â“π∫“∑ ·≈–µâÕß„™â‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π„π°‘®°√√¡°“√ ¥”‡π‘πß“π‡æ‘Ë¡¡“°¢÷Èπ¥â«¬ „π°“√ π—∫ πÿπ√–¥—∫°“√º≈‘µ∑’Ëª√—∫ Ÿß¢÷Èπ®“°°“√¢¬“¬°”≈—ß°“√º≈‘µ„π∫√‘…—∑¬àÕ¬ °√–· ‡ß‘π ¥∂Ÿ°„™â„π°‘®°√√¡°“√≈ß∑ÿπ‡ªìπ à«π„À≠à ”À√—∫°“√≈ß∑ÿπ„π°“√¢¬“¬°”≈—ß°“√º≈‘µ√–¬–∑’Ë “¡¢Õß ∫√‘…—∑ ‡§´’Õ’

MANAGEMENT ANALYSIS

2004 Performance For the year 2004, demand for electronic merchandise remained at the same level as it was in the second half of the previous year. ùLow costû products from China continuously influenced price positioning and widely impacted on most related industries. The company strategic plan of investment expansion in its two subsidiaries (KCE Technology Co.,Ltd. and Thai Laminate Manufacturer Co.,Ltd.) exposed it to the most advanced technology in the region. This improved capability streng-thened the trust that valued customers already have in the company. The 2004 Consolidated Financial Statement shows: ë Total Sales Revenue to be Baht 5,713 million, a rise of 15% on 2003 ë Net Profit to be Baht 240.9 million and ë Gross Profit to be 4.2% of Sales At the end of 2004 the company earning was at Baht 0.78 per share. The operational performance for the current year is the result of increased sales in all regions. However the companyûs profitability has decreased slightly because of the increasing cost of major raw materials and production supplies. Moreover other company expenditures are higher because of the expansion investment in the subsidiaries, resulting in a consequent decrease in gross profit margin. The other income of Baht 219.5 million comprised gain from the sale of Thai Laminate Manufacture Co.,Ltd. shares to a third party investor for the amount of Baht 60.6 million; gain on the exchange rate of Baht 56.4 million; interest income of Baht 30.3 million and Baht 72.1 million for miscellaneous items including the sale of non-productive machines, the repair service center and others. Administrative and Selling expenses were maintained at 15% to sales, the same as the previous year. The common expenses were transportation and shipping expenses, which were impacted by higher fluctuation price of fuel. The others were staff costs and other general items including general provision, provision for diminution in the value of stock and stock obsolescence as well as losses from asset disposal and Research & Development expenses. The company continues to manage foreign exchange risk under the Natural Hedges strategy and keeps its foreign currency portfolio of Inflow and Outflow in balance. In minimizing risk from the volatile currency market, export sales are made in two major currencies: 60% in US dollars, 35% in Euros and 5% in others and local currency. In 2004 the company had a net currency exchange gain of Baht 56.4 million. Towards the year 2005, KCE will continue to invest funds to support its expanding capacity and it is expected that total expanded capacity will be fully operating and will bring about an improvement in profitability. The company set a projection of 20% growth in sales revenue for the year 2005 and a higher rate of return on investment despite the unpredictability of currency exchange.

Annual Report 2004 KCE ELECTRONICS PCL.

‡∑§‚π‚≈¬’ ®”°—¥ ·≈–¡’‡ß‘π ¥√—∫®“°°“√¢“¬Àÿâπ¢Õß ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ Õ¬Ÿà®”π«π 180 ≈â“π ∫“∑ ”À√—∫°‘®°√√¡®—¥À“‡ß‘π‡ªìπ°“√°Ÿâ¬◊¡√–¬– —Èπ‡æ◊ËÕ„™â‡ªìπ∑ÿπÀ¡ÿπ‡«’¬π ·≈–¡’‡ß‘π°Ÿâ√–¬–¬“«‡æ‘Ë¡¢÷Èπ‡æ◊ËÕ π—∫ πÿπ ‚§√ß°“√≈ß∑ÿπ¢Õß∫√‘…—∑ ∫√‘…—∑¡’ ¿“æ§≈àÕß„π√–¥—∫‡¥’¬«°—∫ªï°àÕπ Õ—µ√“ à«π ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πµàÕÀπ’È ‘πÀ¡ÿπ‡«’¬π Õ¬Ÿà∑’Ë 0.75 ‡∑à“ ¡’‡ß‘π°Ÿâ√–¬– —Èπ‡æ‘Ë¡¢÷Èπ ‡æ◊ËÕ‡¢â“¡“‡ √‘¡ ¿“æ§≈àÕß„π°“√¥”‡π‘πß“π¢≥–∑’Ë¡’°“√‡æ‘Ë¡°”≈—ß°“√º≈‘µ‡ªìπÕ¬à“ß¡“°„π ‰µ√¡“ “¡ Õ—µ√“ à«π§«“¡ “¡“√∂„π°“√™”√–¥Õ°‡∫’È¬ Õ¬Ÿà∑’Ë 2.73 ‡∑à“ ‡æ√“–¡’¿“√–¥Õ°‡∫’È¬‡æ‘Ë¡¢÷Èπ®“°‡ß‘π°Ÿâ √–¬–¬“«‡æ◊ËÕ°“√¢¬“¬°“√≈ß∑ÿπ„π∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ §ÿ≥¿“æ¢Õß ‘π∑√—æ¬å·≈–Õ—µ√“ à«π∑“ß°“√‡ß‘π —¥ à«π¢Õß ‘π∑√—æ¬å ≈Ÿ°Àπ’È°“√§â“ ÿ∑∏‘ ‘π§â“§ß‡À≈◊Õ ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å- ÿ∑∏‘ Õ◊ËπÊ

2547 20% 15% 63% 2% 100%

2546 21% 11% 63% 5% 100%

®“°π‚¬∫“¬∫√‘À“√≈Ÿ°Àπ’È∑’Ë‡§√àß§√—¥ Õ—µ√“°“√À¡ÿπ‡«’¬π¢Õß≈Ÿ°Àπ’È°“√§â“Õ¬Ÿà„π√–¥—∫§ß∑’Ë ∑’Ë 100 «—π à«π ‘π§â“ §ß§≈—ß¡’Õ—µ√“°“√À¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ‡ªìπ 94 «—π®“°ªï°àÕπ 72 «—π ‡æ√“–¡’°“√ µäÕ°«—µ∂ÿ¥‘∫ Ÿß¢÷Èπ ‡æ◊ËÕ π—∫ πÿπ °“√º≈‘µÀ≈—ßª√—∫°“√¢¬“¬°”≈—ß°“√º≈‘µ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ¡’®”π«π 7,452 ≈â“π∫“∑ (√“§“∑ÿπ°àÕπÀ—°§à“‡ ◊ËÕ¡) ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 1,363 ≈â“π∫“∑ ∑√—æ¬å π‘ ∑’‡Ë æ‘¡Ë à«π„À≠à‡ªìπ‚§√ß°“√¢¬“¬°”≈—ß°“√º≈‘µ√–¬– “¡ ¢Õß∫√‘…∑— ‡§´’Õ’ ‡∑§‚π‚≈¬’ ‚§√ß°“√‡æ‘¡Ë “¬°“√º≈‘µ Prepreg ¢Õß∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ‚§√ß°“√ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ°“√∑”ß“π¢Õß‡§√◊ËÕß®—°√°“√º≈‘µ „π∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘° å ·≈–‚§√ß°“√ Plating line „À¡à¢Õß∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ‚§√ß°“√≈ß∑ÿπ ∑—ÈßÀ¡¥¡’·À≈àß‡ß‘π∑ÿπ®“°°“√°Ÿâ¬◊¡√–¬–¬“« ‚¥¬‰¥âÕ—µ√“¥Õ°‡∫’È¬∑’Ë§àÕπ¢â“ßµË” àßº≈„ÀâÕ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ‡æ‘Ë¡¢÷Èπ ®“° 2.43 ‡∑à“ ‡ªìπ 2.63 ‡∑à“„πªïªí®®ÿ∫—π

Financial Status Net cash flow from operating activities in 2003 and 2004 was a positive Baht 319.7 million and a negative Baht 32.8 million respectively. The decrease of cash from operation was caused by a significant increase in inventories of raw materials and the increase of working capital required to support the expanding production capacity, particularly in KCE Technology. The cash is used mostly in investing activities in its subsidiaries and the capacity expansion Phase III at KCE Technology and there is cash amounts to Baht 180 million received from the sales of Thai Laminate Manufacturer没s shares. Short-term funding from financial institutes is used for working capital while additional long-term financing is used for investments projects. This year, the Current Asset to Current Liability Ratio is at 0.75 times , as a result of the increase in short-term loans for working capital needed since the previous third quarter. Interest coverage ratio stood at 2.73 times because of the increasing interest burden from additional financing. Financial ratios Trade account receivable-net Inventories Property, Plant & Equipment-net Others

2004 20% 15% 63% 2% 100%

2003 21% 11% 63% 5% 100%

Trade Receivable turnover remained at 100 days, in line with the agreed trade credit term. Inventory Turnover rose from 72 days to 94 days, reflecting the increase in stocks held referred to above. Property, Plant and Equipment amounts (at cost) to Baht 7,452 million in 2004, an increase of Bht 1,363 million from 2003. These figures reflect the additional investment in KCE Technology, the 4th Prepreg Line in Thai Laminate Manufacturer, the Efficiency Improvement projects at KCE Electronic and the new Plating line at K.C.E. International. All investment projects are funded by longterm loans from financial institutes at reasonably low interest rates. The increasing financing activities resulted in an increase to the Debt Equity Ratio from 2.43 to 2.63 at the end of 2004.

Annual Report 2004 KCE ELECTRONICS PCL.

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§≥–°√√¡°“√¢Õß∫√‘…—∑œ ªØ‘∫—µ‘µ“¡¢âÕæ÷ßªØ‘∫—µ‘∑’Ë¥’µ“¡·π«∑“ß¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ Õ”π“® °“√§«∫§ÿ¡¢Õß∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ¡’°√√¡°“√·≈–°√√¡°“√∫√‘À“√ ®”π«π 8 ∑à“π §≥–°√√¡°“√∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸâ®—¥°“√·≈–ª√–∏“π°√√¡°“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. π“¬·æ∑¬å∑Õß¥’ ™—¬æ“π‘™ °√√¡°“√·≈–°√√¡°“√Õ‘ √– 4. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 5. æ≈‚∑ π.æ. ÿª√’™“ ‚¡°¢–‡« °√√¡°“√·≈–°√√¡°“√Õ‘ √– 6. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 7. π“ßÕÿ∫≈ ®‘√–¡ß§≈ °√√¡°“√ 8. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸ®â ¥— °“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 4. æ≈‚∑ π.æ ÿª√’™“ ‚¡°¢–‡« °√√¡°“√ 5. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 6. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ºŸ®â ¥— °“√ 2. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 3. ·æ∑¬åÀ≠‘ß®—π∑‘¡“ Õß§å‚¶…‘µ °√√¡°“√ 4. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√·≈–°√√¡°“√∫√‘À“√ 5. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√·≈–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å ª√–∏“π°√√¡°“√∫√‘À“√ 2. π“¬√—ß ‘π ◊∫· ß ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 3. π“¬ª°√≥å Õ¥ÿ≈æ—π∏ÿå °√√¡°“√ºŸ®â ¥— °“√ 4. π“ß∑—°…‘≥“ ‡°…¡ —πµå ≥ Õ¬ÿ∏¬“ °√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ 5. π“ß∑—»π“≈—°…≥å —πµ‘°ÿ≈ °√√¡°“√·≈–°√√¡°“√µ√«® Õ∫ 6. π“¬ªí≠®– ‡ π“¥‘ —¬ °√√¡°“√ 7. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√ 8. π“ß¢π‘…∞“ √√æÕ“…“ °√√¡°“√ 9. π“¬¿§«—µ ‚°«‘∑«—≤πæß»å °√√¡°“√ §≥–°√√¡°“√¢Õß∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ 2. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√ Õ”π“®°“√§«∫§ÿ¡¢Õß∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ ª√–°Õ∫¥â«¬ 1. π“¬∫—≠™“ Õß§å‚¶…‘µ °√√¡°“√ 2. π“ß«√≈—°…≥å Õß§å‚¶…‘µ °√√¡°“√ 3. π“ß»‘√‘æ√√≥ —π∏π–æ—π∏å °√√¡°“√

PERSONS WITH VESTED INTEREST AND CROSS OVER TRANSACTIONS

KCE Board of Directors follow the good corporate governance as set by the Stock Exchange of Thailand. The board is comprised of 8 directors as follows :1. Mr. Bancha Ongkosit Chairman and Managing Director 2. Mr. Panja Senadisai Director 3. Dr. Thongdee Shaipanich Director and Independent Director 4. Dr. Chantima Ongkosit Director 5. Lt. Gen. Dr.Suprija Mokkhavesa Director and Independent Director 6. Mrs. Voraluksana Ongkosit Director and Executive Director 7. Mrs. Ubol Chiramongkol Director 8. Mrs. Siriphan Suntanaphan Director and Executive Director Board of Directors of K.C.E. International Co.,Ltd. 1. Mr. Bancha Ongkosit Managing Director 2. Mr. Panja Senadisai Director 3. Dr. Chantima Ongkosit Director 4. Lt. Gen. Dr.Suprija Mokkhavesa Director 5. Mrs. Voraluksana Ongkosit Director and Executive Director 6. Mrs. Siriphan Suntanaphan Director and Executive Director Board of Directors of KCE Technology Co.,Ltd 1. Mr. Bancha Ongkosit 2. Mr. Panja Senadisai 3. Dr. Chantima Ongkosit 4. Mrs. Voraluksana Ongkosit 5. Mrs. Siriphan Suntanaphan

Managing Director Director Director Director and Executive Director Director and Executive Director

Board of Directors of Thai Laminate Manufacturer Co.,Ltd. 1. Mrs. Siriphan Suntanaphan Chairman of Board of Directors 2. Mr. Rangsin Suebsang Chairman of Audit Committee 3. Mr. Pakorn Adulphan Managing Director 4. Mrs. Thaksina Kasemsant Na Ayutthaya Director and Audit Committee 5. Mrs. Thasnalak Santikul Director and Audit Committee 6. Mr. Panja Senadisai Director 7. Mrs. Voraluksana Ongkosit Director 8. Mrs. Kanitha Subpa-asa Director 9. Mr. Pakawat Kowitwattaphong Director KCE America Inc. consists of 2 directors. 1. Mr. Bancha Ongkosit 2. Mrs. Voraluksana Ongkosit

Director Director

KCE Singapore Pte. Ltd. consists of 3 directors. 1. Mr. Bancha Ongkosit Director 2. Mrs. Voraluksana Ongkosit Director 3. Mrs. Siriphan Suntanaphan Director

Annual Report 2004 KCE ELECTRONICS PCL.

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ªí®®—¬∑’°Ë Õà „Àâ‡°‘¥§«“¡‡ ’¬Ë ßµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ®–¡’√–¥—∫§«“¡‡ ’¬Ë ß∑’·Ë µ°µà“ß°—π‰ªµ“¡ ¿“æ·«¥≈âÕ¡ ∑“ß∏ÿ√°‘® °“√º≈‘µ·≈–°“√‡¡◊Õß ¥—ßπ’È 1.1 §«“¡‡ ’Ë¬ß∑“ß∏ÿ√°‘®®“°°“√æ÷Ëßæ“Õÿµ “À°√√¡Õ‘‡≈Á°∑√Õπ‘° å ¥â«¬∫√‘…—∑œ ‡ªìπºŸâº≈‘µ·≈–®”Àπà“¬·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å (PRINTED CIRCUIT BOARD) ´÷Ëß‡ªìπ ™‘Èπ à«π ”§—≠„π°“√º≈‘µÕÿª°√≥åÕ‘‡≈Á°∑√Õπ‘° å™π‘¥µà“ßÊ ·≈–‡ªìπÕÿµ “À°√√¡∑’Ë¡’ ¿“«–°“√·¢àß¢—π Ÿß ·≈–∑’Ë¡’ °“√‡ª≈’Ë¬π·ª≈ßÕ¬à“ß√«¥‡√Á« °àÕ„Àâ‡°‘¥º≈°√–∑∫µàÕ§«“¡µâÕß°“√´◊ÈÕ¢Õß≈Ÿ°§â“ ·≈–√“§“¢Õßº≈‘µ¿—≥±å ∑”„Àâ ‡°‘¥§«“¡‡ ’Ë¬ß∑“ß∏ÿ√°‘®‰¥âßà“¬ ∑“ß∫√‘…—∑œ ®÷ß‰¥â°”Àπ¥π‚¬∫“¬®—¥®”Àπà“¬µ≈“¥ºŸâ´◊ÈÕ„Àâ¡’§«“¡À≈“°À≈“¬ ‚¥¬·¬°ª√–‡¿∑¢ÕßÕÿµ “À°√√¡ ‡æ◊ËÕ≈¥º≈°√–∑∫∑’ËÕ“®®–‡°‘¥¢÷Èπ‰¥â°—∫Õÿµ “À°√√¡„¥Õÿµ “À°√√¡Àπ÷Ëß 1.2 °“√‡ª≈’Ë¬π·ª≈ß¢Õß ‘π§â“·≈–‡∑§‚π‚≈¬’ Õÿµ “À°√√¡Õ‘‡≈Á°∑√Õπ‘° å ‡ªìπÕÿµ “À°√√¡∑’¡Ë °’ “√‡ª≈’¬Ë π·ª≈ß«‘«≤ — π“°“√¥â“π‡∑§‚π‚≈¬’Õ¬à“ß√«¥‡√Á« ·≈– ¡’°“√¢¬“¬µ—«∑“ß∏ÿ√°‘®Õ¬à“ßµàÕ‡π◊ËÕß ∑”„Àâ∫√‘…—∑œ ´÷Ëß‡ªìπºŸâº≈‘µ ‘π§â“Õ‘‡≈Á°∑√Õπ‘° å„π°≈ÿà¡¢ÕßÕÿµ “À°√√¡ ™‘Èπ à«π§Õ¡æ‘«‡µÕ√å °≈ÿà¡∏ÿ√°‘® ◊ËÕ “√‚∑√§¡π“§¡ °≈ÿà¡Õÿµ “À°√√¡¬“π¬πµå ·≈–°≈ÿà¡Õÿµ “À°√√¡∑—Ë«‰ª ‰¥â√—∫∑√“∫«‘«—≤π“°“√·≈–°“√‡ª≈’Ë¬π·ª≈ßµ≈Õ¥‡«≈“ “¡“√∂°â“«∑—π‡∑§‚π‚≈¬’„À¡àÊ ‡À≈à“π—Èπ·≈–π”¡“„™â„π °“√ÕÕ°·∫∫ «‘®—¬·≈–æ—≤π“º≈‘µ¿—≥±å∑’Ë¡’§ÿ≥¿“æ∑’Ë Ÿß¢÷Èπ„π√“§“µâπ∑ÿπ°“√º≈‘µ∑’ËµË”°«à“‡¥‘¡ ·≈–¡’§«“¡ Õ¥§≈âÕß°—∫§«“¡µâÕß°“√¢Õßµ≈“¥„π¢≥–π—Èπ 1.3 §«“¡‡ ’Ë¬ß¥â“π°“√º≈‘µ ¥â«¬‡∑§‚π‚≈¬’∑’Ë„™â„π°√–∫«π°“√º≈‘µ¢Õß∫√‘…—∑®”‡ªìπµâÕß„™â·√ßß“π∑’Ë¡’§ÿ≥ ¡∫—µ‘ ¡’§«“¡√Ÿâ ¡’∑—°…– ·≈–‡™’Ë¬«™“≠„π°“√„™â‡§√◊ËÕß®—°√·≈–¢—ÈπµÕπ°“√∑”ß“π ´÷Ëß∂â“À“°æπ—°ß“π¢“¥§ÿ≥ ¡∫—µ‘ À√◊Õ∫√‘…—∑œ ª√– ∫ ªí≠À“¢“¥·§≈π·√ßß“π °Á®– àßº≈°√–∑∫∂÷ß°“√¥”‡π‘πß“π¢Õß∫√‘…∑— œ ‰¥â ∫√‘…∑— œ ®÷ß‰¥â®¥— „Àâ¡°’ “√Õ∫√¡ ∑¥ Õ∫ ·≈–æ—≤π“°“√∑”ß“π¢Õßæπ—°ß“πÕ¬à“ß ¡Ë”‡ ¡Õ æ√âÕ¡∑—Èß‰¥âπ”‡§√◊ËÕß®—°√∑’Ë∑—π ¡—¬‡¢â“¡“„™â≈¥ªí≠À“µâπ∑ÿπ °“√º≈‘µ à«πªí≠À“§«“¡≈à“™â“„π°“√π”‡¢â“À√◊Õ¢“¥·§≈π«—µ∂ÿ¥‘∫®“°µà“ßª√–‡∑» ∫√‘…—∑œ ‰¥â¡’π‚¬∫“¬·≈– ¢—πÈ µÕπ°“√®—¥´◊ÕÈ «—µ∂ÿ¥∫‘ ‚¥¬¡’°“√‡≈◊Õ° SUPPLIER ∑’¡Ë ™’ Õ◊Ë ‡ ’¬ß·≈–‰«â«“ß„®‰¥â ¡’°®‘ °“√∑’¡Ë π—Ë §ß ¡’°“√µ√«® Õ∫ √“§“Õ¬à“ßµàÕ‡π◊ËÕß √«¡∂÷ß„Àâ¡’°“√ ”√Õß«—µ∂ÿ¥‘∫„πª√‘¡“≥∑’Ë‡æ’¬ßæÕ∑’Ë®– àß„Àâ°—∫ “¬ß“π°“√º≈‘µ¢Õß∫√‘…—∑œ „Àâ¥”‡π‘π‰ª‰¥âÕ¬à“ßµàÕ‡π◊ËÕß 1.4 §«“¡‡ ’Ë¬ß®“°«—µ∂ÿ¥‘∫À≈—°∫“ßª√–‡¿∑ ª√‘¡“≥«—µ∂ÿ¥‘∫∑’Ë„™â„π°√–∫«π°“√º≈‘µ¢Õß∫√‘…—∑œ ®”π«π 45% ¢Õß¬Õ¥¢“¬∑—ÈßÀ¡¥‡ªìπ«—µ∂ÿ¥‘∫∑’Ëπ”‡¢â“ ¡“®“°µà“ßª√–‡∑» ´÷Ëß∂â“À“°ª√– ∫ªí≠À“°“√¢“¥·§≈π À√◊Õ°“√‡ª≈’Ë¬π·ª≈ß√“§“ °Á®–π” àßº≈°√–∑∫µàÕ °“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‰¥â ·µà∑—Èßπ’È ∫√‘…—∑œ ‰¥â¡’¡“µ√°“√„π°“√·°â‰¢·≈–ªÑÕß°—πªí≠À“¥—ß°≈à“« ‚¥¬„Àâ °”Àπ¥π‚¬∫“¬ „Àâ∑“ß®—¥´◊ÈÕ¥”‡π‘π°“√®—¥À“·À≈àß«—µ∂ÿ¥‘∫„π·µà≈–ª√–‡¿∑ ®“°ºŸâ®—¥®”Àπà“¬À≈“¬Ê ·Ààß ∑—Èß¿“¬„πª√–‡∑»·≈–¿“¬πÕ°ª√–‡∑» ·≈–πÕ°®“°π’È‰¥â„Àâ∑“ß∫√‘…—∑¬àÕ¬„π°≈ÿà¡∫√‘…—∑ KCE ‡ªìπºŸâº≈‘µ«—µ∂ÿ¥‘∫ À≈—°„Àâ°—∫∫√‘…—∑œ ¥â«¬ 1.5 §«“¡‡ ’Ë¬ß„π¥â“π°“√≈ß∑ÿπ „π√–¬–∑’Ëºà“π¡“∫√‘…—∑œ ‰¥â¡’°“√≈ß∑ÿπ∫√‘…—∑¬àÕ¬ ´÷Ëß∫√‘…—∑¬àÕ¬„π√–¬–·√°¢Õß°“√≈ß∑ÿππ—Èπ º≈°“√ ¥”‡π‘πß“π¬—ß‰¡à “¡“√∂∑”‰¥âÕ¬à“ß‡µÁ¡∑’Ë ·µà§“¥«à“®–¥”‡π‘π°“√‰¥â‡µÁ¡∑’Ë¿“¬„π‡√Á«Ê π’È ‚¥¬°“√≈ß∑ÿπ¢Õß ∫√‘…—∑œ ®–‡πâπ„π¥â“π°“√¢¬“¬¢Õ∫‡¢µ∏ÿ√°‘®ºà“π°—∫∫√‘…—∑¬àÕ¬„Àâ¡“°¢÷Èπ √«¡∑—Èß≈ß∑ÿπ„π∏ÿ√°‘®∑’Ë®– “¡“√∂ àß‡ √‘¡ ‘π§â“¢Õß∫√‘…∑— œ „Àâ¡§’ «“¡·¢Áß·°√àß¡“°¢÷πÈ ·≈–®– àßº≈µÕ∫·∑π∑’¥Ë ¡’ “ Ÿºà ∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ „πÕπ“§µ

RISK FACTORS

The followings are the major risk factors that may affect the company没s performance: 1.1 Electronics Industry Risk KCE manufactures and exports printed circuit board, an essential component of electronic products. However, the rapid change and the fierce competitiveness of the electronics industry can instigate undesirable change in sales volume and price. KCE has diversified its customer base in order to diminish such impact. 1.2 Technology Risk Electronics Industry is dynamic with demand for newer and better technology. KCE has kept ahead with advanced technology and has invested in R&D to be foremost in the industry. 1.3 Production Risk While cost of labour appears low when compared to the total cost of manufacturing, the knowledge and skill of the KCE staff is crucial to KCE success. Shortage or any labour related problem would result in low productivity. KCE provides continuous staff training and education to ensure maximum growth and development of KCE staff. Automated machineries have also been added to reduce the cost of production. To safeguard against shortage of raw material, KCE suppliers are reputable, and selected on the basis of reliability. Global price of raw material is closely monitored and inventories assured to be adequate for smooth and continuous operation. 1.4 Raw Material Risk KCE imports 45% of raw material for manufacturing activities. Shortage of necessary raw material would effect the company没s operation. To protect against such shortage, KCE has retained various suppliers globally as well as invested in a subsidiary company to manufacture laminate for KCE Printed Circuit Board production. 1.5 Investment Risk KCE has continued to expand through investments in new subsidiary companies and associated companies. The new starting subsidiary company没s performance is not expected to be profitable yet, however, these investments are anticipated to contribute to the future strength and benefits of the company. 1.6 Economic, Political and International Trade Policies Risk Depending on whether the economic, political and international trade policies of the major customer countries such as U.K., Germany and U.S.A. is positive or negative, this factor may affect the company accordingly. KCE has maintained a balanced customer base to minimize any unpredicted impact. 1.7 Policy change in Major Customers Risk Significant changes have occurred in the electronics industry such as merging of companies and take-overs as well as the changes in the business strategies and buying policies. Any such change in KCE major customer would affect the performance of the company.

Annual Report 2004 KCE ELECTRONICS PCL.

1.6 §«“¡‡ ’Ë¬ß¿“«–‡»√…∞°‘®·≈–°“√‡¡◊Õß π‚¬∫“¬°“√§â“√–À«à“ßª√–‡∑»§Ÿà§â“ ”§—≠ °“√‡ª≈’¬Ë π·ª≈ß¿“«–‡»√…∞°‘® °“√‡¡◊Õß ·≈–π‚¬∫“¬°“√§â“√–À«à“ßª√–‡∑»§Ÿ§à “â ”§—≠ ‡™àπ ª√–‡∑»Õ—ß°ƒ… Ω√—Ëß‡» ‡¬Õ√¡—π ·≈–Õ‡¡√‘°“ ¬àÕ¡ àßº≈°√–∑∫∑“ß¥â“π∫«°·≈–≈∫µàÕº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ∂â“À“° ¿“«–‡»√…∞°‘®·≈–°“√‡¡◊Õß¥’¢÷Èπª√‘¡“≥°“√ —Ëß´◊ÈÕ¢Õß∫√‘…—∑œ °Á®–¡’®”π«π¡“°¢÷Èπ ·µà∂â“À“°¿“«–‡»√…∞°‘® ·≈–°“√‡¡◊Õß∂¥∂Õ¬≈ß °Á®–¡’º≈°√–∑∫µ√ß°—π¢â“¡ ·µàÕ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ °Á‰¥âæ¬“¬“¡√—°…“ ¡¥ÿ≈„π°“√§â“ °—∫§Ÿà§â“ ‚¥¬¡‘‰¥â‡πâπ°“√∑”∏ÿ√°‘®°—∫ª√–‡∑»„¥‡ªìπæ‘‡»… 1.7 §«“¡‡ ’Ë¬ß®“°°“√‡ª≈’Ë¬π·ª≈ß∑’Ë¡’ “√– ”§—≠„π°≈ÿà¡∞“π≈Ÿ°§â“√“¬„À≠à ªí®®—¬§«“¡‡ ’Ë¬ß¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ §◊Õ°“√‡ª≈’Ë¬π·ª≈ß∑’Ë¡’ “√– ”§—≠„π°≈ÿà¡∞“π≈Ÿ°§â“√“¬„À≠à ´÷ËßÕ“®‡°‘¥¢÷Èπ‰¥â‡π◊ËÕß®“°ªí®®—¬¿“¬πÕ° ‡™àπ °“√‡ª≈’Ë¬π·ª≈ß¢Õß‡®â“¢Õß°‘®°“√À√◊Õ°“√‡ª≈’Ë¬π·ª≈ß∑“ß¥â“π ‚ª√·°¡¢Õßº≈‘µ¿—≥±å ∂÷ß·¡â«à“°≈¬ÿ∑∏å¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ §◊Õ°“√¡’∞“π≈Ÿ°§â“∑’ËÕ¬Ÿà„πÀ≈“¬Õÿµ “À°√√¡ °“√‡ª≈’Ë¬π·ª≈ß∑’Ë‡ªìπ “√– ”§—≠¢Õß≈Ÿ°§â“√“¬„À≠à °Á “¡“√∂ àßº≈°√–∑∫µàÕº≈ª√–°Õ∫°“√¢Õß∫√‘…—∑œ ‰¥â 1.8 ß§√“¡, §«“¡‰¡à ß∫·≈–°“√°àÕ°“√√â“¬Õ“®¡’º≈°√–∑∫‰¥âµàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ∂â“‡°‘¥ ß§√“¡ §«“¡‰¡à ß∫·≈–°“√°àÕ°“√√â“¬∑—Èß¿“¬„π·≈–πÕ°ª√–‡∑» ¬àÕ¡‡°‘¥º≈°√–∑∫µàÕµ≈“¥‚≈° ª√–‡∑»§Ÿà§â“ À√◊Õª√–‡∑»‰∑¬ ·≈–Õ“® àßº≈°√–∑∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ‰¥â

1.8 War, Unrest and Terrorism Risk The impact of the above may affect KCE indirectly unless the incidence has major global effect or bears direct effect to major customer countries.

Annual Report 2004 KCE ELECTRONICS PCL.

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∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ‡¥‘¡™◊ËÕ ∫√‘…—∑ §«ß‡®√‘≠ Õ’‡≈§‚∑√π‘§ å ®”°—¥ ”π—°ß“π·≈–‚√ßß“π µ—ÈßÕ¬Ÿà‡≈¢∑’Ë 125-125/1, 1 À¡Ÿà 4 π‘§¡Õÿµ “À°√√¡≈“¥°√–∫—ß ∂ππ©≈Õß°√ÿß ·¢«ß≈”ª≈“∑‘« ‡¢µ≈“¥°√–∫—ß °√ÿß‡∑æœ ‚∑√»—æ∑å (662) 326-0196 ‚∑√ “√ (662) 326-0300 ‡§´’Õ’œ ‡√‘Ë¡°àÕµ—Èß„πªï 2525 ‰¥â‡¢â“®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬„πªï 2531 ·≈–‰¥â·ª√ ¿“æ ∫√‘…—∑¡À“™π„πªï 2535 ªí®®ÿ∫—π¡’∑ÿπ®¥∑–‡∫’¬π 450 ≈â“π∫“∑ ∑’Ë‡√’¬°™”√–·≈â«√«¡ 314.93 ≈â“π∫“∑ ‡§´’Õ’œ ‡ªìπºŸâº≈‘µ·≈–®”Àπà“¬·ºàπæ‘¡æå«ß®√Õ‘‡≈Á°∑√Õπ‘° å À√◊Õ À√◊Õ PCB (PRINTED CIRCUIT BOARD) ´÷Ëß‡ªìπ·ºàπ EPOXY GLASS ∑’Ë¡’ ◊ËÕπ”‰øøÑ“ ‡™àπ µ–°—Ë« ∑Õß·¥ß‡§≈◊Õ∫Õ¬Ÿà¿“¬„µâ‡§√◊ËÕßÀ¡“¬°“√§â“ çKCEé º≈‘µ¿—≥±å¥—ß°≈à“«‡ªìπ™‘Èπ à«π ”§—≠¢—Èπæ◊Èπ∞“π„π°“√ª√–°Õ∫‡§√◊ËÕß§Õ¡æ‘«‡µÕ√å ‡§√◊ËÕß¡◊Õ ◊ËÕ “√ ‚∑√§¡π“§¡ ‡§√◊ËÕß¡◊ÕÕ‘‡≈Á°∑√Õπ‘° å‡°◊Õ∫∑ÿ°ª√–‡¿∑ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ∫√‘…—∑·¡à‡ªìπºŸâº≈‘µ·ºàπ PCB ª√–‡¿∑ MULTILAYER ªí®®ÿ∫—π ¡’∫√‘…—∑¬àÕ¬§◊Õ 1) ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ‚¥¬∫√‘…—∑œ ‰¥â∂◊ÕÀÿâπÕ¬Ÿà®”π«π 94.99% ¡’‚√ßß“πÕ¬Ÿà∑’Ëπ‘§¡ Õÿµ “À°√√¡∫“ßªŸ º≈‘µ‡©æ“–·ºàπ PCB ª√–‡¿∑ DOUBLE SIDED 2) ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ‡ªìπºŸâº≈‘µæ√’‡æ√§ ·≈–≈“¡‘‡πµ ´÷Ëß‡ªìπ«—µ∂ÿ¥‘∫∑’Ë ”§—≠ „π°“√º≈‘µ PCB ∫√‘…—∑œ ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‰∑¬≈“¡‘‡πµ Õ¬Ÿà®”π«π 71.20% 3) ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ´÷Ëß∫√‘…—∑∂◊ÕÀÿâπÕ¬Ÿà®”π«π 100% º≈‘µ·≈–®”Àπà“¬·ºàπ PCB ‚√ßß“πµ—ÈßÕ¬Ÿà∑’Ë π‘§¡Õÿµ “À°√√¡‰Œ-‡∑§ ®—ßÀ«—¥æ√–π§√»√’Õ¬ÿ∏¬“ ∫√‘…—∑œ ¡’ ”π—°ß“π¢“¬„π¬ÿ‚√ª Õ‡¡√‘°“ ·≈– ‘ß§å‚ª√å ´÷Ëß®–¥”‡π‘πß“π¥â“π°“√¢“¬ ·≈–°“√µ≈“¥‡æ◊ËÕµ‘¥µàÕ °—∫≈Ÿ°§â“„πª√–‡∑»µà“ßÊ ∑—Ë«‚≈° ‚¥¬∫√‘…—∑œ ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å Õ¬Ÿà 50.00% ·≈–∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ Õ¬Ÿà 49.00%

∫ÿ§§≈Õâ“ßÕ‘ß π“¬∑–‡∫’¬π ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ 62 Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4,6-7 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬ ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å : 02-359-1200 ‚∑√ “√ : 02-359-1259

ºŸâ Õ∫∫—≠™’ π“¬√ÿ∑√ ‡™“«π–°«’ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3247 À√◊Õ π“ß “¬Ωπ Õ‘π∑√å·°â« ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 4434 À√◊Õ π“ß “««‘ ÿµ“ ®√‘¬∏π“°√ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3858 ·Ààß∫√‘…—∑‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ™—Èπ 33 Õ“§“√‡≈§√—™¥“ 193/136-137 ∂ππ√—™¥“¿‘‡…°µ—¥„À¡à §≈Õß‡µ¬ °√ÿß‡∑æœ 10110 ‚∑√»—æ∑å : 02-264-0777, 02-661-9190 ‚∑√ “√ : 02-264-0789-90

∑’ªË √÷°…“∑“ß°ÆÀ¡“¬ ∫√‘…—∑ ‰«∑å ·Õπ¥å ‡§ (ª√–‡∑»‰∑¬) 999 Õ“§“√‡°…√æ≈“´à“ ™—Èπ 5 ∂ππ‡æ≈‘π®‘µ ·¢«ß≈ÿ¡æ‘π’ ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å : 02-656-1721 ‚∑√ “√ : 02-656-1733

GENERAL INFORMATION

KCE ELECTRONICS PUBLIC COMPANY LIMITED, Originally known as Kuang Charoen Electronics Company Limited, is located at 125-125/1, 1 Moo 4 Lat Krabang Industrial Estate, Chalongkrung Road, Kwang Lumplatew, Lat Krabang, Bangkok 10520. Tel. : (662) 326-0196 Fax : (662) 326-0300 Founded in 1982, the company became a public company listed on the Stock Exchange of Thailand in 1988, and conversed its status from a limited company to a Public Company Limited in 1992. The registered capital is now Baht 450 million, paid up Baht 314.93 million. The core business of the company is the production and distribution of Printed Circuit Board (PCB), essentially electrically conductive circuits manufactured from an epoxy glass copper lead laminated under the çKCEé trademark. Group of PCBs manufacturing is consisting of 3 subsidiaries. The multilayer PCBs with higher layer count produces at KCE Electronic Public Company Limited (Parent Company) at Lat Krabang Industrial Estate. The double sided PCBs produces at K.C.E.International Co., Ltd., a subsidiary of KCE (94.99% owned) at Bangpoo Industrial Estate. Thai Laminate Manufacturers Co., Ltd., a subsidiary Of KCE (71.20% owned) produces a major PCB Raw material, prepreg and laminate. KCE Technology Co., Ltd., a new subsidiary, of KCE (100% owned) at Hi-Tech Industrial Estate to Expand the capacity of PCB manufacturing KCE has a network of sales offices in Singapore, KCE Singapore Pte. Ltd. (49.00% owned), in America, KCE America Inc.(50% owned), and in Europe, offering full commercial and technical support to the customers worldwide.

Other References Registrar Thailand Securities Depository Company Limited. 4,6-7th Floor 62 The Stock Exchange of Thailand Building Ratchadapisek Road, Klongtoey Bangkok 10110 Thailand Tel : 02-359-1200 Fax : 02-359-1259

Auditor59 Mr. Ruth Chaowanagavi Certified Public Account No. 3247 Mrs. Saifon Inkaew Certified Public Account No. 4334 Ms. Vissuta Jariyathanakorn Certified Public Account No. 3858 Ernst & Young Office Limited. 33rd Floor, Lake Rachada Office Complex 193/136-137 New Ratchadapisek Road Klongtoey, Bangkok 10110 Tel : 02-264-0777, 02-661-9190 Fax : 02-264-0789-90

Law Consultant Office White & Case (Thailand) Limited. 999 Gaysorn Plaza, 5th Floor, Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Tel : 02-656-1721 Fax : 02-656-1733 Annual Report 2004 KCE ELECTRONICS PCL.

“√∫—≠ß∫¥ÿ≈ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ë √“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ë ß∫¥ÿ≈ ë ß∫°”‰√¢“¥∑ÿπ ë ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ ë ß∫°√–· ‡ß‘π ¥ ë À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

Annual Report 2004 KCE ELECTRONICS PCL.

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡ πÕµàÕºŸâ∂◊ÕÀÿâπ·≈–§≥–°√√¡°“√¢Õß ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß °“√‡ª≈’Ë ¬ π·ª≈ß à « π¢ÕßºŸâ ∂◊ Õ Àÿâ π √«¡·≈–ß∫°√–· ‡ß‘ π ¥√«¡ ”À√— ∫ ªï ‘È π ÿ ¥ «— π ‡¥’ ¬ «°— π ¢Õß·µà ≈ –ªï ¢ Õß ∫√‘ …— ∑ ‡§´’ Õ’ Õ’ ‡ ≈§‚∑√π‘ § å ®”°— ¥ (¡À“™π) ·≈–∫√‘ …— ∑ ¬à Õ ¬ ·≈–‰¥â µ √«® Õ∫ß∫°“√‡ß‘ π ‡©æ“–¢Õß ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß ·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π ¥—ß°≈à“«®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“ ¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª´÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâ Õ ß «“ß·ºπ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ß Õ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π ‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥ °“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠´÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡ ‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª ∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“ ¢â “ æ‡®â “ ‡ÀÁ π «à “ ß∫°“√‡ß‘ π ¢â “ ßµâ π π’È · ¥ß∞“π–°“√‡ß‘ π ≥ «— π ∑’Ë 31 ∏— π «“§¡ 2547 ·≈– 2546 º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß·µà≈–ªï¢Õß∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

√ÿ∑√ ‡™“«π–°«’ ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ ‡≈¢∑–‡∫’¬π 3247

∫√‘…—∑ ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ °√ÿß‡∑æœ : 7 °ÿ¡¿“æ—π∏å 2548

Report of Independent Auditor

Report of Independent Auditor To The Board of Directors and Shareholders of KCE Electronics Public Company Limited I have audited the consolidated balance sheets of KCE Electronics Public Company Limited and its subsidiary companies as at 31 December 2004 and 2003 and the related consolidated statements of earnings, changes in shareholder没s equity and cash flows for the years then ended, and the separate financial statements of KCE Electronics Public Company Limited for the same periods. These financial statements are the responsibility of the Company没s management as to their correctness and completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audits. I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial positions of KCE Electronics Public Company Limited and its subsidiary companies and of KCE Electronics Public Company Limited as at 31 December 2004 and 2003, and the results of their operations and cash flows for the years then ended in accordance with generally accepted accounting principles.

Ruth Chaowanagawi Certified Public Accountant (Thailand) No. 3247

Ernst & Young Office Limited Bangkok : 7 February 2005 Annual Report 2004 KCE ELECTRONICS PCL.

ß∫¥ÿ≈ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 (Àπà«¬ : ∫“∑)

À¡“¬‡Àµÿ

‘π∑√—æ¬å ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’°È “√§â“ °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Õ◊πË Ê À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ ≈Ÿ°Àπ’ÈÕ◊Ëπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π - ÿ∑∏‘ ‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË ≈Ÿ°Àπ’È°√¡ √√æ“°√ §à“„™â®à“¬®à“¬≈à«ßÀπâ“ ≈Ÿ°Àπ’ÈÕ◊Ëπ Õ◊ËπÊ √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË √«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ ´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√ ¢Õßµ≈“¥ ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ §à“§«“¡π‘¬¡ - ÿ∑∏‘ §à“§«“¡π‘¬¡µ‘¥≈∫ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ ‡ß‘π¡—¥®” Õ◊ËπÊ √«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π √«¡ ‘π∑√—æ¬å

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

147,509,526

203,140,464

63,695,934

67,816,457

426,773,799 1,283,764,822 1,710,538,621 -1,514,798 1,709,023,823

166,915,475 1,306,854,745 1,473,770,220 -163,222 1,473,606,998

193,490,572 396,924,054 590,414,626 -1,044,553 589,370,073

82,711,672 534,841,748 617,553,420 -163,222 617,390,198

1,366,467 1,304,939,355

1,403,538 791,237,918

1,298,983 353,976,512

56,704 262,258,028

30,333,915 9,712,502 3,271,873 6,400,593 49,718,883 3,212,558,054

29,495,743 11,680,376 3,321,784 4,691,071 49,188,974 2,518,577,892

1,894,307 2,936,689 415,860 1,180,853 6,427,709 1,014,769,211

3,548,695 6,642,448 353,094 1,015,404 11,559,641 959,081,028

49,411,089

42,974,379

1,528,734,071

1,731,384,541

9 10 8

903,923 5,433,381,427 202,551 -17,968,446

1,187,388 4,419,306,418 270,068 -

903,923 935,541,351 -

1,187,388 815,965,766 -

11,401,475 40,000 5,477,372,019 8,689,930,073

8,970,220 40,000 4,472,748,473 6,991,326,365

960,429 40,000 2,466,179,774 3,480,948,985

1,687,679 40,000 2,550,265,374 3,509,346,402

5 6

6 7

BALANCE SHEETS KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES AS AT 31 DECEMBER 2004 AND 2003 (Unit : Baht) Note

ASSETS CURRENT ASSETS Cash and cash equivalents Trade accounts receivable Related parties Others Less : Allowance for doubtful accounts Trade accounts receivable - net Amounts due from and short-term loans to related parties - net Inventories - net Other current assets Receivable from Revenue Department Prepaid expenses Other receivable Others Total other current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Investments in subsidiaries and associates accounted for under equity method Investments in marketable securities Property, plant and equipment - net Goodwill - net Negative goodwill Other non-current assets Deposits Others TOTAL NON-CURRENT ASSETS TOTAL ASSETS

5 6

6 7

8 9 10 8

CONSOLIDATED

THE COMPANY ONLY

2004

2003

2004

2003

147,509,526

203,140,464

63,695,934

67,816,457

426,773,799 1,283,764,822 1,710,538,621 -1,514,798 1,709,023,823

166,915,475 1,306,854,745 1,473,770,220 -163,222 1,473,606,998

193,490,572 396,924,054 590,414,626 -1,044,553 589,370,073

82,711,672 534,841,748 617,553,420 -163,222 617,390,198

1,366,467 1,304,939,355

1,403,538 791,237,918

1,298,983 353,976,512

56,704 262,258,028

30,333,915 9,712,502 3,271,873 6,400,593 49,718,883 3,212,558,054

29,495,743 11,680,376 3,321,784 4,691,071 49,188,974 2,518,577,892

1,894,307 2,936,689 415,860 1,180,853 6,427,709 1,014,769,211

3,548,695 6,642,448 353,094 1,015,404 11,559,641 959,081,028

49,411,089 903,923 5,433,381,427 202,551 -17,968,446

42,974,379 1,187,388 4,419,306,418 270,068 -

1,528,734,071 903,923 935,541,351 -

1,731,384,541 1,187,388 815,965,766 -

11,401,475 40,000 5,477,372,019 8,689,930,073

8,970,220 40,000 4,472,748,473 6,991,326,365

960,429 40,000 2,466,179,774 3,480,948,985

1,687,679 40,000 2,550,265,374 3,509,346,402

The accompanying notes are an integral part of the financial statements. Annual Report 2004 KCE ELECTRONICS PCL.

ß∫¥ÿ≈ (µàÕ) ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 (Àπà«¬ : ∫“∑)

À¡“¬‡Àµÿ

ß∫°“√‡ß‘π√«¡ 2547

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ Àπ’ È π‘ À¡ÿπ‡«’¬π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈– ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ‡®â“Àπ’°È “√§â“ °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π Õ◊πË Ê √«¡‡®â“Àπ’°È “√§â“ à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï ‡®â“Àπ’ÈÕ◊Ëπ·≈–‡ß‘π∑¥√Õß®“°°‘®°“√ ∑’Ë‡°’Ë¬«¢âÕß°—π Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ‡®â“Àπ’ÈÕ◊Ëπ®“°°“√´◊ÈÕ ‘π∑√—æ¬å∂“«√ §à“„™â®à“¬§â“ß®à“¬ ‡®â“Àπ’ÈÕ◊Ëπ ¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈§â“ß®à“¬ ¥Õ°‡∫’È¬§â“ß®à“¬ Õ◊πË Ê √«¡Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË √«¡Àπ’ È π‘ À¡ÿπ‡«’¬π Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß °”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π √«¡Àπ’ È π‘

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

2546

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547

2546

2,281,241,979

1,479,993,053

578,484,089

642,800,436

100,683,738 758,810,358 859,494,096

97,464,836 762,388,685 859,853,521

190,935,696 177,915,725 368,851,421

257,594,973 182,713,489 440,308,462

734,721,437

568,798,627

184,001,437

214,267,921

11,581,217

19,603,372

7,675,966

9,334,744

166,736,244 118,854,973 73,189,832 7,933,802 10,825,865 3,901,363 381,442,079 4,268,480,808

173,515,617 99,413,966 42,744,762 4,133,919 3,405,915 6,327,956 329,542,135 3,257,790,708

11,787,921 43,571,653 1,167,711 1,818,226 58,345,511 1,197,358,424

8,344,938 37,840,864 1,050,297 2,637,329 49,873,428 1,356,584,991

2,024,914,970 2,024,914,970 6,293,395,778

1,648,805,328 1,648,805,328 4,906,596,036

44,908,000 44,908,000 1,242,266,424

113,674,534 113,674,534 1,470,259,525

BALANCE SHEETS (Continued) KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES AS AT 31 DECEMBER 2004 AND 2003 (Unit : Baht) Note

CONSOLIDATED

2004 LIABILITIES AND SHAREHOLDERS没 EQUITY CURRENT LIABILITIES Bank overdrafts and short-term loans from financial institutions Trade accounts payable Related parties Others Total trade accounts payable Current portion of long-term loans Amounts due to and advances from related parties Other current liabilities Other payable from purchases of fixed assets Accrued expenses Other payable Corporate income tax payable Accrued interest expenses Others Total other current liabilities TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Long-term loans - net of current portion TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES

2003

THE COMPANY ONLY

2004

2003

2,281,241,979

1,479,993,053

578,484,089

642,800,436

100,683,738 758,810,358 859,494,096 734,721,437

97,464,836 762,388,685 859,853,521 568,798,627

190,935,696 177,915,725 368,851,421 184,001,437

257,594,973 182,713,489 440,308,462 214,267,921

11,581,217

19,603,372

7,675,966

9,334,744

166,736,244 118,854,973 73,189,832 7,933,802 10,825,865 3,901,363 381,442,079 4,268,480,808

173,515,617 99,413,966 42,744,762 4,133,919 3,405,915 6,327,956 329,542,135 3,257,790,708

11,787,921 43,571,653 1,167,711 1,818,226 58,345,511 1,197,358,424

8,344,938 37,840,864 1,050,297 2,637,329 49,873,428 1,356,584,991

2,024,914,970 2,024,914,970 6,293,395,778

1,648,805,328 1,648,805,328 4,906,596,036

44,908,000 44,908,000 1,242,266,424

113,674,534 113,674,534 1,470,259,525

The accompanying notes are an integral part of the financial statements. Annual Report 2004 KCE ELECTRONICS PCL.

À¡“¬‡Àµÿ

à«π¢ÕßºŸâ∂◊ÕÀÿâπ ∑ÿπ‡√◊ÕπÀÿâπ ∑ÿπ®¥∑–‡∫’¬π Àÿâπ “¡—≠ 450,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ∑ÿπÕÕ°®”Àπà“¬·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â« Àÿâπ “¡—≠ 314,930,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ (2546 : Àÿâπ “¡—≠ 312,170,000 Àÿâπ ¡Ÿ≈§à“ Àÿâπ≈– 1 ∫“∑) à«π‡°‘π¡Ÿ≈§à“Àÿâπ º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ – ¡ ®—¥ √√·≈â« - ”√Õßµ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ Àÿâπ¢Õß∫√‘…—∑œ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ √«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπ √«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

450,000,000

314,930,000

312,170,000

314,930,000

312,170,000

1,017,395,000 -2,128,574

1,013,255,000 -1,906,779

1,017,395,000 -2,128,574

1,013,255,000 -1,906,779

45,000,000 883,401,582 2,258,598,008 -19,915,447 157,851,734 2,396,534,295 8,689,930,073

45,000,000 689,302,657 2,057,820,878 -18,734,001 45,643,452 2,084,730,329 6,991,326,365

45,000,000 883,401,582 2,258,598,008 -19,915,447 2,238,682,561 3,480,948,985

45,000,000 689,302,657 2,057,820,878 -18,734,001 2,039,086,877 3,509,346,402

3.5, 13.3

BALANCE SHEETS (Continued) KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES AS AT 31 DECEMBER 2004 AND 2003 (Unit : Baht) Note

SHAREHOLDERSรป EQUITY Share capital Registered 450,000,000 ordinary shares of Baht 1 each Issued and fully paid-up 314,930,000 ordinary shares of Baht 1 each (2003 : 312,170,000 ordinary shares of Baht 1 each) Share premium Translation adjustments Retained earnings Appropriated - statutory reserve Unappropriated TOTAL SHAREHOLDERSรป EQUITY OF THE COMPANY COMPANYรปS SHARES HELD BY ITS SUBSIDIARIES MINORITY INTEREST equity attributable to minority shareholders of subsidiaries TOTAL SHAREHOLDERSรป EQUITY TOTAL LIABILITIES AND SHAREHOLDERSรป EQUITY

CONSOLIDATED

THE COMPANY ONLY

2004

2003

2004

2003

450,000,000

314,930,000

312,170,000

314,930,000

312,170,000

1,017,395,000 -2,128,574

1,013,255,000 -1,906,779

1,017,395,000 -2,128,574

1,013,255,000 -1,906,779

45,000,000 883,401,582

45,000,000 689,302,657

45,000,000 883,401,582

45,000,000 689,302,657

2,258,598,008

2,057,820,878

2,258,598,008

2,057,820,878

-19,915,447

-18,734,001

-19,915,447

-18,734,001

157,851,734 2,396,534,295

45,643,452 2,084,730,329

2,238,682,561

2,039,086,877

8,689,930,073

6,991,326,365

3,480,948,985

3,509,346,402

3.5, 13.3

The accompanying notes are an integral part of the financial statements. Annual Report 2004 KCE ELECTRONICS PCL.

ß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 (Àπà«¬ : ∫“∑)

À¡“¬‡Àµÿ

ß∫°“√‡ß‘π√«¡ 2547

√“¬‰¥â √“¬‰¥â®“°°“√¢“¬ à«π·∫àßº≈°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑√à«¡µ“¡«‘∏’ à«π‰¥â‡ ’¬ √“¬‰¥âÕ◊Ëπ °”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π ¥Õ°‡∫’È¬√—∫ Õ◊πË Ê √«¡√“¬‰¥âÕ◊Ëπ √«¡√“¬‰¥â §à“„™â®à“¬ µâπ∑ÿπ¢“¬ §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ §à“µÕ∫·∑π°√√¡°“√ ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π √«¡§à“„™â®à“¬ °”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√À≈—ß¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ °”‰√ ÿ∑∏‘ à«π∑’Ë‡ªìπ¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ °”‰√ ÿ∑∏‘ ”À√—∫ªï °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π °”‰√ ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (Àÿâπ) °”‰√µàÕÀÿâπª√—∫≈¥ °”‰√ ÿ∑∏‘ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° ª√—∫≈¥ (Àÿâπ)

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2546

2547

2546

5,713,275,389

4,969,246,523

2,114,831,737

2,158,917,156

6,658,509

4,187,787

136,070,541

278,660,980

60,660,000 56,439,178 30,345,404 72,132,559 219,577,141 5,939,511,039

94,232,562 30,521,486 25,888,307 150,642,355 5,124,076,665

60,660,000 21,177,012 30,016,073 27,371,896 139,224,981 2,390,127,259

30,138,196 12,637,992 42,776,188 2,480,354,324

4,643,050,585 864,032,259 18,165,600 5,525,248,444 414,262,595 -147,817,465 -14,398,429 252,046,701 -11,122,275 240,924,426

3,882,839,263 771,684,386 17,331,782 4,671,855,431 452,221,234 -131,194,415 -15,179,038 305,847,781 -6,710,091 299,137,690

1,797,784,556 313,599,163 14,020,200 2,125,403,919 264,723,340 -23,798,914 240,924,426 240,924,426

1,802,824,461 325,462,289 13,414,382 5,356,910 2,147,058,042 333,296,282 -34,158,592 299,137,690 299,137,690

0.78 309,096,997

0.98 305,861,951

0.78 309,096,997

0.98 305,861,951

0.78

0.97

0.78

0.97

309,149,497

307,843,375

309,149,497

307,843,375

6 6 16

13.4

STATEMENT OF EARNINGS KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES FOR THE YERA ENDED 31 DECEMBER 2004 AND 2003 (Unit : Baht) Note

CONSOLIDATED

2004 REVENUES Sales Share of profit from investments in subsidiaries and associates accounted for under equity method Other income Gain on sales of investments in subsidiary Gain on exchange rate Interest income Others Total other income TOTAL REVENUES EXPENSES Cost of sales Selling and administrative expenses Directors没 remuneration Loss on exchange rate TOTAL EXPENSES EARNINGS BEFORE INTEREST EXPENSES AND CORPORATE INCOME TAX INTEREST EXPENSES CORPORATE INCOME TAX EARNINGS AFTER CORPORATE INCOME TAX MINORITY INTERESTS IN NET EARNINGS NET EARNINGS FOR THE YEAR BASIC EARNINGS PER SHARE Net earnings Weighted average number of ordinary shares (shares) DILUTED EARNINGS PER SHARE Net earnings Diluted weighted average number of ordinary shares (shares)

THE COMPANY ONLY

2003

2004

2003

5,713,275,389

4,969,246,523

2,114,831,737

2,158,917,156

6,658,509

4,187,787

136,070,541

278,660,980

60,660,000 56,439,178 30,345,404 72,132,559 219,577,141 5,939,511,039

94,232,562 30,521,486 25,888,307 150,642,355 5,124,076,665

60,660,000 21,177,012 30,016,073 27,371,896 139,224,981 2,390,127,259

30,138,196 12,637,992 42,776,188 2,480,354,324

4,643,050,585 864,032,259 18,165,600 5,525,248,444

3,882,839,263 771,684,386 17,331,782 4,671,855,431

1,797,784,556 313,599,163 14,020,200 2,125,403,919

1,802,824,461 325,462,289 13,414,382 5,356,910 2,147,058,042

414,262,595 147,817,465 -14,398,429

452,221,234 -131,194,415 -15,179,038

264,723,340 -23,798,914 -

333,296,282 -34,158,592 -

252,046,701 -11,122,275 240,924,426

305,847,781 -6,710,091 299,137,690

240,924,426 240,924,426

299,137,690 299,137,690

0.78

0.98

0.78

0.98

309,096,997

305,861,951

309,096,997

305,861,951

0.78

0.97

0.78

0.97

309,149,497

307,843,375

309,149,497

307,843,375

6 6 16

13.4

The accompanying notes are an integral part of the financial statements. Annual Report 2004 KCE ELECTRONICS PCL.

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ ÿ∑∏‘ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 17) Àÿπâ “¡—≠∑’ÕË Õ°·≈–™”√–√–À«à“ßªï à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ ÿ∑∏‘ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 17) Àÿπâ “¡—≠∑’ÕË Õ°·≈–™”√–√–À«à“ßªï à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ à«π¢ÕßºŸ∂â Õ◊ Àÿâπ à«ππâÕ¬‡æ‘¡Ë ¢÷πÈ ∫√‘…—∑¬àÕ¬´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ

308,270,000 3,900,000 312,170,000 2,760,000 314,930,000

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

1,007,405,000 5,850,000 1,013,255,000 4,140,000 1,017,395,000

à«π‡°‘π ¡Ÿ≈§à“Àÿπâ

-1,906,779 -1,906,779 -221,795 -2,128,574 45,000,000 45,000,000 45,000,000 451,772,687 299,137,690 -61,607,720 689,302,657 240,924,426 -46,825,501 883,401,582

-18,734,001 -18,734,001 -1,181,446 -19,915,447

41,436,861 6,710,091 -2,503,500 45,643,452 11,122,275 -15,421,678 116,507,685 157,851,734

ß∫°“√‡ß‘π√«¡ °”‰√ – ¡ º≈µà“ß®“°°“√·ª≈ß ®—¥ √√·≈â« Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë à«π¢ÕßºŸâ∂◊ÕÀÿâπ §à“ß∫°“√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√ ∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ à«ππâÕ¬

1,835,150,547 -1,906,779 305,847,781 -64,111,220 3,900,000 5,850,000 2,084,730,329 -221,795 252,046,701 -62,247,179 2,760,000 4,140,000 116,507,685 -1,181,446 2,396,534,295

√«¡

(Àπà«¬ : ∫“∑)

Annual Report 2004

KCE ELECTRONICS PCL.

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

Balance as at 31 December 2002 Translation adjustments Net earnings for the year Dividend paid (Note 17) Issued and paid-up shares during the year Share premium Balance as at 31 December 2003 Translation adjustments Net earnings for the year Dividend paid (Note 17) Issued and paid-up shares during the year Share premium Increase in minority interests Company没s shares held by its subsidiaries Balance as at 31 December 2004 308,270,000 3,900,000 312,170,000 2,760,000 314,930,000

Share capital issued and fully paid-up

KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES AS AT 31 DECEMBER 2004 AND 2003

1,007,405,000 5,850,000 1,013,255,000 4,140,000 1,017,395,000

Share premium

STATEMENTS OF CHANGES IN SHAREHOLDERS没 EQUITY

-1,906,779 -1,906,779 -221,795 -2,128,574

Translation adjustments

45,000,000 45,000,000 45,000,000

451,772,687 299,137,690 -61,607,720 689,302,657 240,924,426 -46,825,501 883,401,582

-18,734,001 -18,734,001 -1,181,446 -19,915,447

CONSOLIDATED Retained earnings Appropriated Company没s shares statutory reserve Unappropriated held by subsidiaries

41,436,861 6,710,091 -2,503,500 45,643,452 11,122,275 -15,421,678 116,507,685 157,851,734

Minority interest

1,835,150,547 -1,906,779 305,847,781 -64,111,220 3,900,000 5,850,000 2,084,730,329 -221,795 252,046,701 -62,247,179 2,760,000 4,140,000 116,507,685 -1,181,446 2,396,534,295

Total

(Unit : Baht)

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ ÿ∑∏‘ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 17) Àÿπâ “¡—≠∑’ÕË Õ°·≈–™”√–√–À«à“ßªï à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 º≈µà“ß®“°°“√·ª≈ß§à“ß∫°“√‡ß‘π °”‰√ ÿ∑∏‘ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 17) Àÿπâ “¡—≠∑’ÕË Õ°·≈–™”√–√–À«à“ßªï à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ ∫√‘…—∑¬àÕ¬´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)

308,270,000 3,900,000 312,170,000 2,760,000 314,930,000

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

1,007,405,000 5,850,000 1,013,255,000 4,140,000 1,017,395,000

à«π‡°‘π ¡Ÿ≈§à“Àÿπâ

-1,906,779 -1,906,779 -221,795 -2,128,574

45,000,000 45,000,000 45,000,000

451,772,687 299,137,690 -61,607,720 689,302,657 240,924,426 -46,825,501 883,401,582

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ °”‰√ – ¡ º≈µà“ß®“°°“√·ª≈ß ®—¥ √√·≈â« §à“ß∫°“√‡ß‘π ”√Õßµ“¡°ÆÀ¡“¬ ¬—ß‰¡à‰¥â®—¥ √√

-18,734,001 -18,734,001 -1,181,446 -19,915,447

Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë ∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬

1,793,713,686 1,906,779 299,137,690 -61,607,720 3,900,000 5,850,000 2,039,086,877 -221,795 240,924,426 -46,825,501 2,760,000 4,140,000 -1,181,446 2,238,682,561

√«¡

(Àπà«¬ : ∫“∑)

Annual Report 2004

KCE ELECTRONICS PCL.

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

Balance as at 31 December 2002 Transaction adjustments Net earnings for the year Dividend paid (Note 17) Issued and paid-up shares during the year Share premium Balance as at 31 December 2003 Translation adjustments Net earnings for the year Dividend paid (Note 17) Issued and paid-up shares during the year Share premium Company没s shares held by its subsidiaries Balance as at 31 December 2004 308,270,000 3,900,000 312,170,000 2,760,000 314,930,000 1,007,405,000 5,850,000 1,013,255,000 4,140,000 1,017,395,000

Share capital issued Share and fully paid-up premium

KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES AS AT 31 DECEMBER 2004 AND 2003

STATEMENTS OF CHANGES IN SHAREHOLDERS没 EQUITY (Continued)

-1,906,779 -1,906,779 -221,795 -2,128,574

45,000,000 45,000,000 45,000,000

451,772,687 299,137,690 -61,607,720 689,302,657 240,924,426 -46,825,501 883,401,582

-18,734,001 -18,734,001 -1,181,446 -19,915,447

The Company Only Retained earnings Translation Appropriated Company没s shares adjustments statutory reserve Unappropriated held by subsidiaries

1,793,713,686 1,906,779 299,137,690 -61,607,720 3,900,000 5,850,000 2,039,086,877 -221,795 240,924,426 -46,825,501 2,760,000 4,140,000 -1,181,446 2,238,682,561

Total

(Unit : Baht)

ß∫°√–· ‡ß‘π ¥ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π °”‰√ ÿ∑∏‘ ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥√—∫ (®à“¬) ÿ∑∏‘®“°°‘®°√√¡¥”‡π‘πß“π : à«π·∫àßº≈°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡ µ“¡«‘∏’ à«π‰¥â‡ ’¬ §à“‡ ◊ÕË ¡√“§“ §à“§«“¡π‘¬¡µ—¥®”Àπà“¬ §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ Àπ’È Ÿ≠ (‚Õπ°≈—∫√“¬°“√) ¢“¥∑ÿπ (°”‰√) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß °”‰√®“°°“√®”Àπà“¬ ‘π∑√—æ¬å∂“«√ ¢“¥∑ÿπ®“°°“√µ—¥®”Àπà“¬ ‘π∑√—æ¬å∂“«√ °”‰√®“°°“√¢“¬Àÿâπ “¡—≠„π∫√‘…—∑¬àÕ¬ ¥Õ°‡∫’È¬√—∫®“°∫√‘…—∑√à«¡ ¢“¥∑ÿπ®“°°“√µ—¥®”Àπà“¬ ‘π§â“§ß‡À≈◊Õ ”√Õß‡º◊ËÕ°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“·≈– ‘π§â“≈â“ ¡—¬ °”‰√®“°°“√µ—¥®”Àπà“¬‡®â“Àπ’È°“√§â“ §à“µ—¥®”Àπà“¬ à«π‡æ‘Ë¡®“°°“√∑” —≠≠“´◊ÈÕ‡ß‘πµ√“ µà“ßª√–‡∑»≈à«ßÀπâ“ ¢“¥∑ÿπ (°”‰√ )∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®“°°“√ª√—∫¡Ÿ≈§à“ ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å„π§«“¡µâÕß°“√¢Õßµ≈“¥ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ °”‰√ ÿ∑∏‘®“°°“√¥”‡π‘πß“π°àÕπ°“√‡ª≈’Ë¬π·ª≈ß „π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π ‘π∑√—æ¬å®“°°“√¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) ≈Ÿ°Àπ’°È “√§â“ ‘π§â“§ß‡À≈◊Õ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊πË ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ Àπ’È ‘π®“°°“√¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡®â“Àπ’°È “√§â“ Àπ’ È π‘ À¡ÿπ‡«’¬πÕ◊πË ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°(„™â‰ª„π)°‘®°√√¡¥”‡π‘πß“π

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

240,924,426

299,137,690

240,924,426

299,137,690

-6,658,509 419,575,334 67,517 29,949,583 1,351,576 59,570,316 -12,664,622 1,755,052 -60,660,000 -29,949,583 16,878,968 5,289,307 -3,190,332

-4,187,787 327,487,952 6,032,029 29,942,634 -407,100 -68,955,173 -1,627,863 368,464 -29,942,634 27,936,573 6,591,580 -654,750

-136,070,541 113,005,316 29,949,583 881,331 7,799,324 -11,418,879 303,480 -60,660,000 -29,949,583 7,320,644 2,107,138 -3,190,332

-278,660,980 108,436,477 29,942,634 -407,100 -16,508 -332,671 238,454 -29,942,634 20,206,063 5,081,698 -654,750

186,000

283,465 11,122,275

-760,990 6,710,091

283,465 -

-760,990 -

673,644,773

597,856,716

161,285,372

152,267,383

-266,843,780 -535,869,712 -318,206 17,968,446

-430,672,223 -147,309,152 -16,201,576 -

10,403,191 -101,146,266 4,826,505 727,250

-143,830,988 4,656,300 -10,891 245,296

23,413,112 55,187,052 -32,818,315

274,326,534 41,719,691 319,719,990

-59,251,280 -1,403,323 15,441,449

106,030,607 14,825,526 134,183,233

STATEMENT OF CASH FLOWS KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES FOR THE YERA ENDED 31 DECEMBER 2004 AND 2003 (Unit : Baht) CONSOLIDATED

Cash Flows from operating activities Net earnings Adjustments to reconcile net earnings to net cash provided by (used in) operating activities :Share of profit from investments in subsidiaries and associates accounted for under equity method Depreciation Amortization of goodwill Provision for doubtful accounts Bad debts (reversal) Unrealised loss (gain) on exchange rate Gain on sales of fixed assets Loss from write-off of fixed assets Gain on sales of investments in subsidiary Interest income from associated company Loss from write-off of inventories Provision for diminution in value of stocks and stock obsolescence Gain from write-off of accounts payable Amortisation of premium on forward exchanges contracts Unrealised loss (gain) on revaluation of investments in marketable securities Minority interest in net earnings of subsidiaries Net earnings from operations before changes in operating assets and liabilities Operating assets decrease (increase) Trade accounts receivable Inventories Other current assets Other non-current assets Operating liabilities increase (decrease) Trade accounts payable Others current liabilities Net cash from (used in) operating activities

THE COMPANY ONLY

2004

2003

2004

2003

240,924,426

299,137,690

240,924,426

299,137,690

-6,658,509 419,575,334 67,517 29,949,583 1,351,576 59,570,316 -12,664,622 1,755,052 -60,660,000 -29,949,583 16,878,968

-4,187,787 327,487,952 6,032,029 29,942,634 -407,100 -68,955,173 -1,627,863 368,464 -29,942,634 27,936,573

-136,070,541 113,005,316 29,949,583 881,331 7,799,324 -11,418,879 303,480 -60,660,000 -29,949,583 7,320,644

-278,660,980 108,436,477 29,942,634 -407,100 -16,508 -332,671 238,454 -29,942,634 20,206,063

5,289,307 -3,190,332 -

6,591,580 -654,750 186,000

2,107,138 -3,190,332 -

5,081,698 -654,750 -

283,465 11,122,275

-760,990 6,710,091

283,465 -

-760,990 -

673,644,773

597,856,716

161,285,372

152,267,383

-266,843,780 -535,869,712 -318,206 17,968,446

-430,672,223 -147,309,152 -16,201,576 -

10,403,191 -101,146,266 4,826,505 727,250

-143,830,988 4,656,300 -10,891 245,296

23,413,112 55,187,052 -32,818,315

274,326,534 41,719,691 319,719,990

-59,251,280 -1,403,323 15,441,449

106,030,607 14,825,526 134,183,233

The accompanying notes are an integral part of the financial statements. Annual Report 2004 KCE ELECTRONICS PCL.

ß∫°√–· ‡ß‘π ¥ (µàÕ) ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ 2547 °√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ ‡ß‘π ¥®à“¬´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π¡—¥®”§à“∑’Ë¥‘π·≈–‡§√◊ËÕß®—°√‡æ‘Ë¡¢÷Èπ ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬ ‡ß‘π ¥√—∫®“°°“√¢“¬Õÿª°√≥å ‡ß‘π ¥√—∫®“°°“√¢“¬Àÿâπ “¡—≠„π∫√‘…—∑¬àÕ¬ ‡ß‘π ¥®à“¬„π°“√´◊ÈÕ∑’Ë¥‘π·≈–Õÿª°√≥å à«π¢ÕßºŸ∂â Õ◊ Àÿπâ à«ππâÕ¬≈¥≈ß ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπ °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ®“° ∂“∫—π°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) ‡ß‘π ¥√—∫®“° (®à“¬™”√–) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ‡ß‘π ¥√—∫®“°Àÿâπ‡æ‘Ë¡∑ÿπ®“°°“√„™â„∫ ”§—≠· ¥ß ‘∑∏‘ ‡ß‘πªíπº≈®à“¬ ‡ß‘πªíπº≈®à“¬ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ ∫√‘…—∑¬àÕ¬´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑„À≠à ‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥≈¥≈ß - ÿ∑∏‘ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï ¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬‡æ‘Ë¡‡µ‘¡ ‡ß‘π ¥®à“¬√–À«à“ßªï ”À√—∫ ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È

2546

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547

2546

14,177,080 180,000,000 -1,221,376,684 -2,832,315 -1,030,031,919

-5,280,215 4,345,255 -950,500,045 -951,435,005

-130,506,000 348,483,770 25,339,796 180,000,000 -239,397,307 183,920,259

47,496,500 4,900,400 -185,182,084 -132,785,184

589,763,217 473,824,304 6,900,000 -46,665,101 -15,421,678 -1,181,446 1,007,219,296 -55,630,938 203,140,464 147,509,526

303,391,506 216,166,130 9,750,000 -61,607,720 -2,503,500 465,196,416 -166,518,599 369,659,063 203,140,464

-64,684,112 -99,033,018 6,900,000 -46,665,101 -203,482,231 -4,120,523 67,816,457 63,695,934

36,597,076 -62,540,588 9,750,000 -61,607,720 -77,801,232 -76,403,183 144,219,640 67,816,457

148,013,519 16,782,225

140,294,611 42,606,333

23,871,890 287,932

32,365,284 246,978

STATEMENT OF CASH FLOWS (Continued) KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES FOR THE YERA ENDED 31 DECEMBER 2004 AND 2003 (Unit : Baht) CONSOLIDATED

2004 Cash flows from investing activities Cassh paid for purchase of investments in subsidiary Increase in deposits for land and machinery Divident received from subsidiaries Cash received from sales of equipment Cash received from sales of investments in subsidiary Cash paid for purchase of land and equipmnt Decrease in minority interest Net cash from (used in) investing activities Cash flows from financing activities Increase (decrease) in bank overdrafts and short-term loans from financial institutions Cash received from (paid for) long-term loans Cash received for capital increase from exercise of warrants Dividend paid Dividend paid to minority shareholders of subsidiaries Increase in the Companies没s share held by it subsidiaries Net cash from (used in) financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Supplement cash flows information Cash paid during the year for :Interest expenses Corporate income tax

2003

THE COMPANY ONLY

2004

2003

14,177,080 180,000,000 -1,221,376,684 -2,832,315 -1,030,031,919

-5,280,215 4,345,255 -950,500,045 -951,435,005

-130,506,000 348,483,770 25,339,796 180,000,000 -239,397,307 183,920,259

47,496,500 4,900,400 -185,182,084 -132,785,184

589,763,217 473,824,304 6,900,000 -46,665,101 -15,421,678

303,391,506 216,166,130 9,750,000 -61,607,720 -2,503,500

-64,684,112 -99,033,018 6,900,000 -46,665,101 -

36,597,076 -62,540,588 9,750,000 -61,607,720 -

-1,181,446 1,007,219,296 -55,630,938 203,140,464 147,509,526

465,196,416 -166,518,599 369,659,063 203,140,464

-203,482,231 -4,120,523 67,816,457 63,695,934

-77,801,232 -76,403,183 144,219,640 67,816,457

148,013,519 16,782,225

140,294,611 42,606,333

23,871,890 287,932

32,365,284 246,978

The accompanying notes are an integral part of the financial statements. Annual Report 2004 KCE ELECTRONICS PCL.

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2. À≈—°‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ °)

ß∫°“√‡ß‘π√«¡π’È‰¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) (´÷ËßµàÕ‰ªπ’È ‡√’¬°«à“ ç∫√‘…—∑œé) ·≈–∫√‘…—∑¬àÕ¬ (´÷ËßµàÕ‰ªπ’È‡√’¬°«à“ ç∫√‘…—∑¬àÕ¬é) ¥—ßµàÕ‰ªπ’È :∫√‘…∑— ¬àÕ¬

Õ—µ√“√âÕ¬≈–¢Õß °“√∂◊ÕÀÿâπ‚¥¬∫√‘…—∑œ 2547 2546

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94.99

97.63 100.00

8 57

8 54

1 41

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NOTES TO THE FINANCIAL STATEMENTS KCE ELECTRONICS PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

1. GENERAL INFORMATION OF THE COMPANY AND SUBSIDIARIES The Company was incorporated as a limited company under Thai law and had transformed to be a public company under the Public Limited Companies Act on 21 December 1992. The Company operates in Thailand and its principal activity is the manufacture and distribution of printed circuit board products, with the registered office being located at No. 125-125/1, 1 Moo 4 Lat Krabang Industrial Estate, Kwang Lumplatew, Lat Krabang, Bangkok. K.C.E. International Co., Ltd., a subsidiary company, was incorporated as a limited company under Thai law. The registered office is located at No. 677 Moo 4 Export Processing Zone, Bangpoo Industrial Estate, Sukhumvit Road, Tambon Phraksa, Amphur Muang, Samutprakarn Province. The subsidiary company operates its business in Thailand and its principal activity is the manufacture and distribution of printed circuit board products. Thai Laminate Manufacturer Co., Ltd., a subsidiary company, was incorporated as a limited company under Thai law. The registered office is located at No. 115/2 Moo 4 Export Processing Zone, Lat Krabang Industrial Estate, Kwang Lumplatew, Lat Krabang, Bangkok. The subsidiary company operates its business in Thailand and its principal activity is the manufacture and distribution of prepreg and laminate products to the Company and two subsidiary companies (K.C.E. International Co., Ltd. and KCE Technology Co., Ltd). KCE Technology Co., Ltd., a subsidiary company, was incorporated as a limited company under Thai law. The registered office is located at No. 117, 118 Moo 1, Hi-Tech Industrial Estate, Tambon Ban Lain, Amphur Bang Pa-In, Pranakornsriayuthaya Province. The subsidiary company operates its business in Thailand and its principal activity is the manufacture and distribution of printed circuit board products.

2. BASIS OF CONSOLIDATION a) The consolidated financial statements include the financial statements of KCE Electronics Public Company Limited (hereinafter called çthe Companyé) and its subsidiaries (hereinafter called çthe subsidiariesé) as below :Subsidiaries

Percentage of shareholding 2004

2003

K.C.E. International Co., Ltd. 94.99 Thai Laminate Manufacturer Co., Ltd. 70.24 KCE Technology Co., Ltd. 100.00

94.99 97.63 100.00

Subsidiaryûs assets Subsidiaryûs revenues as as a percentage to the a percentage to the consolidated total assets consolidated total revenues 2004 2003 2004 2003 13 8 57

14 8 54

21 1 41

24 35

Material balances and transactions between the Company and its subsidiaries and investments in subsidiaries in the Companyûs accounts and subsidiariesû share capital have been eliminated from the consolidated financial statements.

The excess of cost over the net book value of investment in its subsidiaries at acquisition date has been shown as çGoodwillé under non-current assets in the consolidated balance sheets and is amortised as expenses over the periods of five and ten years.

The lower of cost of investments in subsidiaries and the net assets value of the subsidiaries at the time of acquisition has been shown as çNegative goodwillé under non-current assets in the consolidated balance sheets and is recognised as revenues over the periods of five years. Annual Report 2004 KCE ELECTRONICS PCL.

3. π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠ ß∫°“√‡ß‘ππ’®È ¥— ∑”¢÷πÈ µ“¡¡“µ√∞“π°“√∫—≠™’∑°’Ë ”Àπ¥‚¥¬ ¡“§¡π—°∫—≠™’·≈–ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ·Ààßª√–‡∑»‰∑¬ ´÷Ëß¡’º≈∫—ß§—∫µ“¡æ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 π‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚¥¬ √ÿª¡’¥—ßµàÕ‰ªπ’È :3.1 °“√√—∫√Ÿâ√“¬‰¥â °. √“¬‰¥â®“°°“√¢“¬ √“¬‰¥â ® “°°“√¢“¬· ¥ß¡Ÿ ≈ §à “ ¢Õß ‘ π §â “ ∑’Ë ‰ ¥â à ß ¡Õ∫µ“¡√“§“„π„∫°”°— ∫ ‘ π §â “ ´÷Ë ß ‰¡à √ «¡¿“…’ ¡Ÿ≈§à“‡æ‘Ë¡À≈—ß®“°À—° à«π≈¥·≈– ‘π§â“√—∫§◊π·≈â« ¢. ¥Õ°‡∫’È¬√—∫ ¥Õ°‡∫’È¬√—∫®–∫—π∑÷°‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß 3.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘ π ¥·≈–√“¬°“√‡∑’ ¬ ∫‡∑à “ ‡ß‘ π ¥ À¡“¬§«“¡√«¡∂÷ ß ‡ß‘ π ¥ ‡ß‘ π Ω“°∏π“§“√·≈–‡ß‘ π Ω“° °—∫ ∂“∫—π°“√‡ß‘π ´÷Ëß¡’°”Àπ¥®à“¬§◊π¿“¬„π√–¬–‡«≈“ 3 ‡¥◊Õπ À√◊ÕπâÕ¬°«à“π—∫µ—Èß·µà«—π∑’ËΩ“° ·≈–ª√“»®“°¿“√–ºŸ°æ—π 3.3 ≈Ÿ°Àπ’È°“√§â“·≈–§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“· ¥ßµ“¡¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–‰¥â√—∫ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µ—Èß§à“‡º◊ËÕÀπ’È ß —¬ ®– Ÿ≠ ”À√—∫º≈¢“¥∑ÿπ‚¥¬ª√–¡“≥∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√‡°Á∫‡ß‘π®“°≈Ÿ°Àπ’È‰¡à‰¥â ‚¥¬æ‘®“√≥“®“° ª√– ∫°“√≥å„π°“√‡°Á∫‡ß‘π„πÕ¥’µ ·≈–µ“¡ ∂“π–ªí®®ÿ∫—π¢Õß≈Ÿ°Àπ’È§ß§â“ß ≥ «—π∑’Ë„πß∫¥ÿ≈ 3.4 ‘π§â“§ß‡À≈◊Õ ‘π§â“§ß‡À≈◊Õ· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’‡¢â“°àÕπ - ÕÕ°°àÕπ) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–‰¥â √—∫·≈â«·µà√“§“„¥®–µË”°«à“ µâπ∑ÿπ¢Õß ‘π§â“ ”‡√Á®√Ÿª·≈–ß“π√–À«à“ßº≈‘µ‰¥â√«¡µâπ∑ÿπ¢Õß«—µ∂ÿ¥‘∫ §à“·√ß∑“ßµ√ß·≈–§à“‚ Àÿâ¬ „π°“√º≈‘µ ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë§“¥«à“®–‰¥â√—∫¢Õß ‘π§â“ª√–¡“≥®“°√“§“∑’Ë§“¥«à“®–¢“¬‰¥âµ“¡ª°µ‘¢Õß∏ÿ√°‘® À—°¥â«¬§à“„™â®à“¬„π°“√¢“¬ ‘π§â“π—Èπ ”√Õß‡º◊ËÕ°“√≈¥¡Ÿ≈§à“ ‘π§â“®–µ—Èß¢÷Èπ ”À√—∫ ‘π§â“∑’Ë≈â“ ¡—¬ ‡§≈◊ËÕπ‰À«™â“À√◊Õ‡ ◊ËÕ¡ ¿“æ 3.5 ‡ß‘π≈ß∑ÿπ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ („πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ) ·≈–∫√‘…—∑√à«¡· ¥ß¡Ÿ≈§à“µ“¡«‘∏’ à«π‰¥â‡ ’¬ ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ„π§«“¡µâÕß°“√¢Õßµ≈“¥´÷Ëß∂◊Õ‡ªìπÀ≈—°∑√—æ¬å‡æ◊ËÕ§â“· ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ´÷Ëß§”π«≥®“°√“§“‡ πÕ´◊ÈÕ§√—Èß≈à“ ÿ¥ ≥ ‘Èπ«—π∑”°“√ ÿ¥∑â“¬¢Õßªï¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¡Ÿ≈§à“∑’Ë‡ª≈’Ë¬π·ª≈ß‰ª¢ÕßÀ≈—°∑√—æ¬å¥—ß°≈à“« ®–√—∫√Ÿâ‡ªìπ√“¬‰¥âÀ√◊Õ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬· ¥ßµ“¡√“§“∑ÿπ´÷Ëß‡ªìπ√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ·≈– °”‰√À√◊Õ¢“¥∑ÿπ®“°°“√®”Àπà“¬√—∫√Ÿâ„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ 3.6 ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π· ¥ßµ“¡√“§“∑ÿπ Õ“§“√ ·≈–Õÿª°√≥å· ¥ßµ“¡√“§“∑ÿπÀ≈—ßÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡·≈–§à“‡º◊ËÕ °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (∂â“¡’)

3. SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with accounting standards pronounced by the Institute of Certified Accountants and Auditors of Thailand which are effective under the Accounting Act B.E. 2543 Significant accounting policies adopted by the Company and its subsidiaries are summarised below :3.1 Revenue recognition a) Sales Sales are the invoiced value, excluding value added tax, of goods supplied after deducting discounts and goods returned. b) Interest income Interest income is recorded on an accrual basis. 3.2 Cash and cash equivalents Cash and cash equivalents include cash in hand and at banks and deposits with financial institutions with an original maturity of 3 months or less and free from restrictions. 3.3 Trade accounts receivable and allowance for doubtful accounts Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may incur in collection of receivables. The adequacy of the allowance is based on collection experience and current status of receivables outstanding at the balance sheet date. 3.4 Inventories Inventories are valued at the lower of cost (first-in, first-out basis) and net realisable value. Cost of work in process and finished goods includes raw materials, direct labour and production overheads. The net realisable value of inventory is estimated from the estimated selling price in the ordinary course of business, less the estimated costs to complete the sale. Provision for diminution in value of inventories are set up for obsolete, slow-moving and deteriorated inventories. 3.5 Investments Investments in the subsidiaries (in the Company没s financial statements) and associates are stated under equity method. Investments in marketable securities held for trading are stated at fair value, which is based on the latest bid price of the last working day of the year as quoted on the Stock Exchange of Thailand. Changes in the carrying amount of securities are recorded as gain or loss on revaluation of investment in marketable securities in the earnings statements. Company没s shares held by subsidiaries are stated at cost and are presented as a deduction in shareholders没 equity. Gain or loss from sales of such shares is recognised in the shareholders没 equity. 3.6 Property, plant and equipment and depreciation Land is stated at cost. Plant and equipment are stated at cost less accumulated depreciation and provision for impairment of assets (if any).

Annual Report 2004 KCE ELECTRONICS PCL.

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ Õ∫∑“π°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å ¥—ß°≈à“« Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π (√“§“¢“¬ ÿ∑∏‘¢Õß ‘π∑√—æ¬åπ—ÈπÊ µ“¡ª°µ‘∏ÿ√°‘®À√◊Õ¡Ÿ≈§à“®“° °“√„™âß“π ·≈â«·µà√“§“„¥®– Ÿß°«à“) °“√ Õ∫∑“π®–æ‘®“√≥“ ‘π∑√—æ¬å·µà≈–√“¬°“√À√◊Õæ‘®“√≥“®“° Àπà«¬ ‘π∑√—æ¬å∑’Ë°àÕ„Àâ‡°‘¥‡ß‘π ¥·≈â«·µà°√≥’ „π°√≥’∑’Ë√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å Ÿß°«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–√—∫√Ÿâ ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–∫—π∑÷°°≈—∫√“¬°“√¢“¥∑ÿπ®“°°“√ ¥âÕ¬§à“‡¡◊ËÕ¡’¢âÕ∫àß™’È«à“°“√¥âÕ¬§à“¥—ß°≈à“«‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ªÀ√◊Õ¬—ß§ß¡’Õ¬Ÿà·µà‡ªìπ‰ª„π∑“ß∑’Ë≈¥≈ß §à “ ‡ ◊Ë Õ ¡√“§“¢ÕßÕ“§“√·≈–Õÿ ª °√≥å §”π«≥®“°√“§“∑ÿ π ‚¥¬„™â «‘ ∏’ ‡ â π µ√ßµ“¡Õ“¬ÿ ° “√„™â ß “π ‚¥¬ª√–¡“≥¢Õß ‘π∑√—æ¬å¥—ßµàÕ‰ªπ’È :Õ“§“√·≈–‚√ßß“π 20-25 ªï ‡§√◊ËÕß®—°√·≈–Õÿª°√≥å‚√ßß“π 5-16 ªï à«πª√—∫ª√ÿß‚√ßß“π·≈– ”π—°ß“π 5-20 ªï ‡§√◊ËÕßµ°·µàßµ‘¥µ—Èß·≈–Õÿª°√≥å ”π—°ß“π 5-10 ªï ¬“πæ“Àπ– 5 ªï ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π ß“π√–À«à“ß°àÕ √â“ß ·≈–‡§√◊ËÕß®—°√·≈–Õÿª°√≥å√–À«à“ß ∑“ß·≈–√–À«à“ßµ‘¥µ—Èß 3.7 °“√∫—π∑÷°µâπ∑ÿπ°“√°Ÿâ¬◊¡‡ß‘π‡ªìπ√“§“∑ÿπ¢Õß∑√—æ¬å ‘π µâ π ∑ÿ π °“√°Ÿâ ¬◊ ¡ ´÷Ë ß ‡°’Ë ¬ «‡π◊Ë Õ ß°— ∫ ‡ß‘ π °Ÿâ ¬◊ ¡ ∑’Ë °Ÿâ ¡ “‚¥¬‡©æ“– ”À√— ∫ °“√®— ¥ À“ ‘ π ∑√— æ ¬å ∂ “«√®–∂Ÿ ° π”‰ª√«¡‡ªì π à « πÀπ÷Ë ß ¢Õß√“§“∑ÿ π ¢Õß ‘ π ∑√— æ ¬å ∂ “«√®π°«à “ ‘ π ∑√— æ ¬å ∂ “«√π—È π ®–Õ¬Ÿà „ π ¿“ææ√â Õ ¡ ∑’Ë®–„™âß“π 3.8 §à“§«“¡π‘¬¡/§à“§«“¡π‘¬¡µ‘¥≈∫ à«π¢Õß√“§“∑ÿπ∑’Ë Ÿß°«à“/µË”°«à“√“§“µ“¡∫—≠™’¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ≥ «—π´◊ÈÕÀÿâπ∂◊Õ‡ªìπ §à“§«“¡π‘¬¡/§à“§«“¡π‘¬¡µ‘¥≈∫ ·≈–®–∂Ÿ°µ—¥®”Àπà“¬‡ªìπ§à“„™â®à“¬/√—∫√Ÿâ‡ªìπ√“¬‰¥â‚¥¬«‘∏’‡ âπµ√ß ¿“¬„π√–¬–‡«≈“ 5 ·≈– 10 ªï 3.9 ‡ß‘πµ√“µà“ßª√–‡∑» √“¬°“√∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»´÷Ëß‡°‘¥¢÷Èπ√–À«à“ßªï‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» §ß‡À≈◊ÕÕ¬Ÿà ≥ «—π∑’Ë„πß∫¥ÿ≈‰¥â ·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë„πß∫¥ÿ≈ ‡«âπ·µà√“¬°“√∑’Ë‰¥âµ°≈ßÕ—µ√“·≈°‡ª≈’Ë¬π ≈à«ßÀπâ“°—∫∏π“§“√‰«â®–„™âÕ—µ√“∑’Ëµ°≈ß°—ππ—Èπ·∑π °”‰√·≈–¢“¥∑ÿπ∑’‡Ë °‘¥®“°°“√‡ª≈’¬Ë π·ª≈ß„πÕ—µ√“·≈°‡ª≈’¬Ë π‰¥â√«¡Õ¬Ÿ„à π°“√§”π«≥º≈°“√¥”‡π‘πß“π 3.10 —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“ „π°“√∫√‘À“√§«“¡‡ ’Ë¬ß ¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡°‘¥®“°§«“¡‡ª≈’Ë¬π·ª≈ß¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»

The Company and its subsidiaries review the impairment of assets when there is an indication that the carrying value of an asset exceeds its recoverable amount (the higher of net selling price or value in use). The review is made for individual assets or for the cash generating unit, as the case may be. In case of the carrying value of asset is more than its recoverable amount, the Company and its subsidiaries will recognise loss from impairment in the earnings statements. The Company and its subsidiaries will reverse loss from impairment when the indication of impairment no longer exists or impairment decreases. Depreciation of plant and equipment is calculated by reference to their costs on the straight-line method over the estimated useful lives as follows :Building and plant - 20- 25 years Machinery and equipment 5-16 years Plant and office improvement 5-20 years Furniture, fixtures and office equipment 5-10 years Vehicles 5 years No depreciation is provided for land, construction in progress, and machinery and equipment in transit and under installation. 3.7 Capitalisation of borrowing cot as cost of assets The borrowing cost directly related to the acquisition of fixed assets is capitalised as part of cost of fixed assets, until the assets are ready for use. 3.8 Goodwill/Negative goodwill Excess/lower of cost over book value of investments in subsidiaries at the time of acquisition is accounted for as goodwill/negative goodwill and amortised/recognised as expense/revenue on the straight-line basis over the periods of five and ten years. 3.9 Foreign currencies Foreign currency transactions incurred during the year are translated into Baht at the rates ruling on the transaction dates. Assets and liabilities denominated in foreign currency outstanding on the balance sheet date are translated into Baht at the rates ruling on the balance sheet date, with the exception of those covered by forward exchange contracts which are translated into Baht at the contracted rates. Exchange gains and losses are included in determining earnings. 3.10 Forward foreign exchange contracts The Company and its subsidiary companies enter into forward exchange contracts in asset and liability management activities to control exposure to fluctuations in foreign exchange rates.

Annual Report 2004 KCE ELECTRONICS PCL.

à«πµà“ß¢ÕßÕ—µ√“·≈°‡ª≈’Ë¬π®“° —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“≈à«ßÀπâ“∑’Ë¬—ß‰¡à§√∫°”Àπ¥‡ªìπº≈µà“ß¢ÕßÕ—µ√“ ·≈°‡ª≈’Ë¬π∑—π∑’„π —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“°—∫Õ—µ√“·≈°‡ª≈’Ë¬πÕâ“ßÕ‘ß ≥ «—π ‘Èπªï¢Õß ∏π“§“√·Ààßª√–‡∑»‰∑¬ ·≈–∫—π∑÷°‡ªìπ√“¬‰¥âÀ√◊Õ§à“„™â®à“¬ ”À√—∫ªï º≈µà“ß√–À«à“ßÕ—µ√“·≈°‡ª≈’Ë¬π≈à«ßÀπâ“·≈–Õ—µ√“·≈°‡ª≈’Ë¬π∑—π∑’„π —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑» ≈à«ßÀπâ“π”¡“‡©≈’Ë¬√—∫√Ÿâ‡ªìπ√“¬‰¥â À√◊Õ§à“„™â®à“¬µ“¡Õ“¬ÿ¢Õß —≠≠“ 3.11 °”‰√µàÕÀÿâπ °”‰√µà Õ Àÿâ π ¢—È π æ◊È π ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ ∑ ∏‘ ”À√— ∫ ªï ¥â « ¬®”π«π∂— « ‡©≈’Ë ¬ ∂à « ßπÈ” Àπ— ° ¢Õß Àÿâπ “¡—≠∑’Ë∂◊Õ‚¥¬∫ÿ§§≈¿“¬πÕ°·≈–ÕÕ°Õ¬Ÿà„π√–À«à“ßªï °”‰√µàÕÀÿâπª√—∫≈¥§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬º≈√«¡¢Õß®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬ ∂à«ßπÈ”Àπ—°∑’∂Ë Õ◊ ‚¥¬∫ÿ§§≈¿“¬πÕ°·≈–ÕÕ°Õ¬Ÿ„à π√–À«à“ßªï°∫— ®”π«π∂—«‡©≈’¬Ë ∂à«ßπÈ”Àπ—°¢ÕßÀÿπâ “¡—≠∑’Ë ∫√‘…—∑œ Õ“®µâÕßÕÕ°‡æ◊ËÕ·ª≈ßÀÿâπ “¡—≠‡∑’¬∫‡∑à“ª√—∫≈¥∑—Èß ‘Èπ„Àâ‡ªìπÀÿâπ “¡—≠ 3.12 °“√„™âª√–¡“≥°“√∑“ß∫—≠™’ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª „π∫“ß°√≥’ ΩÉ“¬∫√‘À“√Õ“®µâÕß„™â°“√ ª√–¡“≥°“√√“¬°“√∫— ≠ ™’ ∫ “ß√“¬°“√ ´÷Ë ß ¡’ º ≈°√–∑∫µà Õ ®”π«π‡ß‘ π ∑’Ë · ¥ß„πß∫°“√‡ß‘ π ·≈– À¡“¬‡Àµÿ ª √–°Õ∫ß∫°“√‡ß‘ π ¥â « ¬‡Àµÿ π’È º≈∑’Ë ‡ °‘ ¥ ¢÷È π ®√‘ ß „π¿“¬À≈— ß ®÷ ß Õ“®·µ°µà “ ß‰ª®“°®”π«π ∑’Ëª√–¡“≥‰«â

4. ¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡‡°’Ë¬«°—∫°√–· ‡ß‘π ¥ √“¬°“√∑’Ë‰¡à‡°’Ë¬«¢âÕß°—∫‡ß‘π ¥∑’Ë ”§—≠‡ªìπ√“¬°“√°‘®°√√¡≈ß∑ÿπ ´÷Ëß‰¡à‡°’Ë¬«¢âÕß°—∫°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¡’¥—ßµàÕ‰ªπ’È :(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ´◊ÈÕ ‘π∑√—æ¬å∂“«√ ∫«° (À—°) : ‡®â“Àπ’ÈÕ◊Ëπ®“°°“√´◊ÈÕ ‘π∑√—æ¬å∂“«√ ‡®â“Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π®“°°“√´◊ÈÕ ‘π∑√—æ¬å∂“«√ ‡®â“Àπ’È‡ß‘πª√–°—πº≈ß“π ‡®â“Àπ’Èµ—Î«‡ß‘π®à“¬∑√— µå√’´’∑ ‡ß‘π¡—¥®”§à“ ‘π∑√—æ¬å∂“«√ ¥Õ°‡∫’È¬§â“ß®à“¬∑’Ë∫—π∑÷°‡ªìπµâπ∑ÿπ¢Õß ‡§√◊ËÕß®—°√·≈–Õÿª°√≥å ≈Ÿ°Àπ’ÈÕ◊Ëπ®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ ≈Ÿ°Àπ’È°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π®“°°“√¢“¬ ‘π∑√—æ¬å∂“«√ Õ◊πË Ê

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

390,990,402

414,497,557

15,758,916

11,601,602

(168,628,920)

(170,448,448)

(11,853,566)

(8,400,924)

(126,567) (280,500) (217,967,323) -

(2,067,847) (711,109) (234,624,371) (6,353,427)

(4,892,200) -

(3,250,678)

(103,939) 101,682

(297,355) 5,000

986,850 -

(3,984,835) -

50,000

Differences of exchange rate from undue forward foreign exchange contracts are the differences between the spot rate of the forward foreign exchange contract and the reference exchange rates of the Bank of Thailand at the end of the year and recorded as income or expenses for the year. Differences between the forward rate and the spot rate in forward foreign exchange contracts are amortised as income or expenses over the contract period. 3.11 Earnings per share Basic earnings per share is calculated by dividing net earnings for the year by the weighted average number of ordinary shares held by outsiders and in issue during the year. Diluted earnings per share is calculated by dividing net earnings for the year by the total sum of the weighted average number of ordinary shares held by outsiders and in issue during the year and the weighted average number of ordinary shares to be issued for conversion of all dilutive potential ordinary shares into ordinary shares. 3.12 Use of accounting estimates Preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates to certain accounting transactions, affecting amounts reported in the financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

4. ADDITIONAL CASH FLOWS INFORMATION Significant non-cash related transactions are transactions for investing activity which for the years ended 31 December 2004 and 2003 are as follows :(Unit : Baht) The Company Only

Consolidated

Purchase of fixed assets Add (less) : Other payable from purchases of fixed assets Amounts due to related parties for purchases of fixed assets Retention payable Trust receipts Deposits for fixed assets Accrued interest capitalised as costs of machinery and equipment Other receivable from sales of fixed assets Amounts due from related parties for sales of fixed assets Others

2004

2003

2004

2003

390,990,402

414,497,557

15,758,916

11,601,602

(168,628,920)

(170,448,448)

(11,853,566)

(8,400,924)

(126,567) (280,500) (217,967,323) -

(2,067,847) (711,109) (234,624,371) (6,353,427)

(4,892,200) -

(3,250,678)

(103,939) 101,682

(297,355) 5,000

986,850 -

(3,984,835) -

Annual Report 2004 KCE ELECTRONICS PCL.

50,000

5. ≈Ÿ°Àπ’È°“√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ·¬°µ“¡Õ“¬ÿÀπ’È∑’Ë§â“ß‰¥â ¥—ßµàÕ‰ªπ’È :(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡

≈Ÿ°Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π πâÕ¬°«à“ 3 ‡¥◊Õπ 3 - 6 ‡¥◊Õπ 6 - 12 ‡¥◊Õπ √«¡≈Ÿ°Àπ’°È “√§â“ - °‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π ≈Ÿ°Àπ’È°“√§â“ - Õ◊ËπÊ πâÕ¬°«à“ 3 ‡¥◊Õπ 3 - 6 ‡¥◊Õπ 6 - 12 ‡¥◊Õπ ¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª √«¡≈Ÿ°Àπ’È°“√§â“ - Õ◊ËπÊ √«¡≈Ÿ°Àπ’°È “√§â“ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

426,773,799 426,773,799

166,915,475 166,915,475

192,838,385 629,108 23,079 193,490,572

82,578,242 133,430 82,711,672

1,276,257,516 4,639,384 2,570,801 297,121 1,283,764,822 1,710,538,621 (1,514,798) 1,709,023,823

1,302,257,495 446,157 4,151,093 1,306,854,745 1,473,770,220 (163,222) 1,473,606,998

392,529,449 2,471,299 1,788,705 134,601 396,924,054 590,414,626 (1,044,553) 589,370,073

534,709,311 130,106 2,331 534,841,748 617,553,420 (163,222) 617,390,198

6. √“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π „π√–À«à“ßªï ∫√‘…—∑œ ¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π (‡°’Ë¬«¢âÕß°—π‚¥¬ °“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ°√√¡°“√√à«¡°—π) ´÷Ëß à«π„À≠à‡°’Ë¬«‡π◊ËÕß°—∫°“√´◊ÈÕ·≈–¢“¬ ‘π§â“·≈– ‘π∑√—æ¬å∂“«√·≈– §à“„™â®à“¬µà“ßÊ √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢À√◊Õ‡°≥±å∑’Ëµ°≈ß√à«¡°—π√–À«à“ß∫√‘…—∑œ ·≈–∫√‘…—∑‡À≈à“π—Èπ ·≈–‡ªìπ‰ªµ“¡ª°µ‘∑“ß∏ÿ√°‘® ‚¥¬ “¡“√∂ √ÿª‰¥â ¥—ßπ’È :-

TRADE ACCOUNTS RECEIVABLE The outstanding balance of trade accounts receivable as at 31 December 2004 and 2003 categorised by their aging is as follows :-

Consolidated

Trade accounts receivable - Related parties Less than 3 months 3 - 6 months 6 - 12 months Total trade accounts receivable related parties Trade accounts receivable - others Less than 3 months 3 - 6 months 6 - 12 months Over 12 months Total trade accounts receivable - others Total trade accounts receivable Less: Allowance for doubtful accounts Trade accounts receivable - net

(Unit: Baht) The Company Only

2004

2003

2004

2003

426,773,799 -

166,915,475 -

192,838,385 629,108 23,079

82,578,242 133,430 -

426,773,799

166,915,475

193,490,572

82,711,672

1,276,257,516 4,639,384 2,570,801 297,121 1,283,764,822 1,710,538,621 (1,514,798) 1,709,023,823

1,302,257,495 446,157 4,151,093 1,306,854,745 1,473,770,220 (163,222) 1,473,606,998

392,529,449 2,471,299 1,788,705 134,601 396,924,054 590,414,626 (1,044,553) 589,370,073

534,709,311 130,106 2,331 534,841,748 617,553,420 (163,222) 617,390,198

6. RELATED PARTY TRANSACTIONS During the years, the Company had significant business transactions with its subsidiary, associated, and related companies (related by way of common shareholders and/or common directors) mainly in respect of purchases and sales of goods and fixed assets and other expenses. Such transactions, which have been concluded on the terms and basis as determined by the Company and those companies and in the normal course of business, are summarised below :-

Annual Report 2004 KCE ELECTRONICS PCL.

ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

2547

2546

√“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑¬àÕ¬ (µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) ´◊ÈÕ ‘π§â“

613.2

704.8

¢“¬ ‘π§â“

64.1

40.6

§à“´◊ÕÈ ‘π∑√—æ¬å∂“«√ §à“¢“¬ ‘π∑√—æ¬å∂“«√ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑√à«¡·≈– ∫√‘…∑— ∑’‡Ë °’¬Ë «¢âÕß°—π ´◊ÈÕ«—µ∂ÿ¥‘∫

9.2 24.5

398.3

338.7

158.1

116.2

1,459.0

526.4

539.4

188.9

29.9 4.5 68.6

29.9 11.2 24.4

29.9 0.2 41.8

29.9 0.2 15.3

7.0 3.1

68.5

0.9

24.1

¢“¬ ‘π§â“

¥Õ°‡∫’È¬√—∫ §à“´◊ÕÈ ‘π∑√—æ¬å∂“«√ §à“π“¬Àπâ“®à“¬

§à“„™â®“à ¬Õ◊πË Ê √“¬‰¥âÕπ◊Ë Ê

2547

(Àπà«¬ : ≈â“π∫“∑) π‚¬∫“¬ °“√°”Àπ¥√“§“

2546

2.2

√“§“µ≈“¥·≈– √“§“∑’Ëµ°≈ß√à«¡°—π¢Õßß“π —Ëß∑”·µà≈–º≈‘µ¿—≥±å √“§“µ≈“¥·≈– √“§“∑’Ëµ°≈ß√à«¡°—π ¢Õßß“π —Ëß∑”·µà≈–º≈‘µ¿—≥±å √“§“∑’Ëµ°≈ß√à«¡°—π √“§“∑’Ëµ°≈ß√à«¡°—π

√“§“µ≈“¥ ”À√—∫ ‘π§â“∑’Ë¡’ §ÿ≥¿“æ„°≈â‡§’¬ß°—π·≈–‡ß◊ËÕπ‰¢ °“√´◊ÈÕ‡™àπ‡¥’¬«°—π √“§“µ≈“¥ ”À√—∫ ‘π§â“∑’Ë¡’ §ÿ≥¿“æ„°≈â‡§’¬ß°—π·≈–‡ß◊ËÕπ‰¢ °“√´◊ÈÕ‡™àπ‡¥’¬«°—π Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 7.5 µàÕªï √“§“∑’Ëµ°≈ß√à«¡°—π Õâ“ßÕ‘ß√“§“µ≈“¥·≈–√“§“∑’Ë µ°≈ß°—π¢Õßß“π —Ëß∑”·µà≈– ‘π§â“ √“§“∑’Ëµ°≈ß√à«¡°—π √“§“∑’Ëµ°≈ß√à«¡°—π

(Unit : Million Baht) Consolidated For the years ended 31 December

The Company Only For the years ended 31 December

2004

2003

Transactions with subsidiaries (being eliminated from the consolidated financial statements) Purchases of goods

613.2

704.8

Sales of goods

64.1

40.6

Purchases of fixed assets Sales of fixed assets Transactions with associated and related companies Purchases of raw materials

9.2 24.5

398.3

338.7

158.1

116.2

Sales of goods

1,459.0

526.4

539.4

188.9

Interest income

29.9

Purchases of fixed assets Commission expense

4.5 68.6

11.2 24.4

0.2 41.8

0.2 15.3

Other expenses Other income

7.0 3.1

2004

Pricing policy

68.5 -

2003

2.2

0.9 -

24.1 -

At market prices and mutually agreed prices for each job order of each product At market prices and mutually agreed prices for each job order of each product Mutually agreed prices Mutually agreed prices

Market prices at which similar quality products are purchased under same conditions Market prices at which similar quality products are purchased under same conditions Interest rate at 7.5 percent per annum Mutually agreed price At market prices and mutually agreed price for each job order of each product Mutually agreed prices Mutually agreed prices

Annual Report 2004 KCE ELECTRONICS PCL.

¬Õ¥§ß§â“ß¢Õß√“¬°“√¢â“ßµâπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 24547 ·≈– 2546 ‰¥â· ¥ß·¬°µà“ßÀ“°„πß∫¥ÿ≈ ´÷Ëß¡’ √“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È :(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ≈Ÿ°Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…∑— ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ √«¡≈Ÿ°Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≈Ÿ°Àπ’ÈÕ◊Ëπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…∑— ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ ∫√‘…—∑ Õ«“µ“ ´‘ ‡µÁ¡ å §Õ√åªÕ‡√™—Ëπ ‡ß‘π„Àâ°Ÿâ¬◊¡ ¥Õ°‡∫’È¬§â“ß√—∫ À—° : §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ √«¡≈Ÿ°Àπ’ÈÕ◊Ëπ·≈–‡ß‘π„Àâ°Ÿâ¬◊¡√–¬– —Èπ ·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π, ÿ∑∏‘ ‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ∫√‘…∑— ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ √«¡‡®â“Àπ’È°“√§â“ - °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

296,278,533 130,495,266 426,773,799

149,269,609 17,645,866 166,915,475

16,446,478 3,678,924 524,700 130,498,947 42,341,523 193,490,572

12,002,557 250,333 411,776 62,382,570 7,664,436 82,711,672

1,165,224 201,243 1,366,467

238,042 1,165,496 1,403,538

986,851 48,432 263,700 1,298,983

50,000 6,704

399,235,126 181,405,879 580,641,005 (580,641,005) -

399,235,126 151,456,296 550,691,422 (550,691,422) -

399,235,126 181,405,879 580,641,005 (580,641,005) -

399,235,126 151,456,296 550,691,422 (550,691,422) -

1,366,467

1,403,538

1,298,983

56,704

100,683,738 100,683,738

88,948,281 8,516,555 97,464,836

97,964,006 42,782,498 6,166,277 44,022,915 190,935,696

87,915,862 132,336,023 386,637 30,529,008 6,427,443 257,594,973

56,704

The outstanding balances of the above transactions as at 31 December 2004 and 2003 have been separately shown in the balance sheets as follows :(Unit: Baht) Consolidated

Trade accounts receivable - related parties KCE Technology Co., Ltd. K.C.E. International Co., Ltd. Thai Laminate Manufacturer Co., Ltd. KCE America, Inc. KCE Singapore Pte., Ltd. Total trade accounts receivable - related parties Amounts due from and short-term loans to related parties K.C.E. International Co., Ltd. Thai Laminate Manufacturer Co., Ltd. KCE America, Inc. KCE Singapore Pte., Ltd. Avatar Systems Corporation Loans Accrued interest income Less: Allowance for doubtful accounts Total amounts due from and short-term loans to related parties, net Trade accounts payable - related parties Thai Laminate Manufacturer Co., Ltd. KCE Technology Co., Ltd. K.C.E. International Co., Ltd. KCE Singapore Pte., Ltd. KCE America, Inc. Total trade accounts payable - related parties

The Company Only

2004

2003

2004

2003

296,278,533 130,495,266 426,773,799

149,269,609 17,645,866 166,915,475

16,446,478 3,678,924 524,700 130,498,947 42,341,523 193,490,572

12,002,557 250,333 411,776 62,382,570 7,664,436 82,711,672

1,165,224 201,243 1,366,467

238,042 1,165,496 1,403,538

986,851 48,432 263,700 1,298,983

50,000 6,704

399,235,126 181,405,879 580,641,005 (580,641,005) -

399,235,126 151,456,296 550,691,422 (550,691,422) -

399,235,126 181,405,879 580,641,005 (580,641,005) -

399,235,126 151,456,296 550,691,422 (550,691,422) -

1,366,467

1,403,538

1,298,983

56,704

100,683,738 100,683,738

88,948,281 8,516,555 97,464,836

97,964,006 42,782,498 6,166,277 44,022,915 190,935,696

87,915,862 132,336,023 386,637 30,529,008 6,427,443 257,594,973

56,704

Annual Report 2004 KCE ELECTRONICS PCL.

(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ ‡®â“Àπ’ÈÕ◊Ëπ·≈–‡ß‘π∑¥≈Õß®“°°‘®°“√ ∑’‡Ë °’¬Ë «¢âÕß°—π ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ √«¡‡®â“Àπ’ÈÕ◊Ëπ·≈–‡ß‘π∑¥√Õß ®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ

2547

2546

2547

2546

10,309,243 1,271,974

10,142,512 9,460,860

4,949,935 709,356 2,016,675 -

916,906 1,291,378 7,122,305 4,155

11,581,217

19,603,372

7,675,966

9,334,744

7. ‘π§â“§ß‡À≈◊Õ ‘π§â“§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ª√–°Õ∫¥â«¬ :(Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ 2547 ‘π§â“ ”‡√Á®√Ÿª ß“π√–À«à“ß∑” «—µ∂ÿ¥‘∫ «— ¥ÿ ‘Èπ‡ª≈◊Õß Õ–‰À≈à·≈–Õÿª°√≥å ‘π§â“√–À«à“ß∑“ß √«¡ À—° : ”√Õß‡º◊ËÕ°“√≈¥≈ß¢Õß¡Ÿ≈§à“ ‘π§â“ ·≈– ‘π§â“≈â“ ¡—¬ ‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘

2546

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ 2547

2546

181,820,538 299,243,270 389,200,864 193,656,749 217,667,121 39,498,349 1,321,086,891

119,045,625 158,773,955 197,677,159 185,162,221 124,900,866 16,666,580 802,226,406

29,174,408 96,912,641 78,022,186 77,372,293 62,361,745 17,322,075 361,165,348

35,168,752 60,339,048 57,050,194 64,853,616 46,139,075 3,789,041 267,339,726

(16,147,536) 1,304,939,355

(10,988,488) 791,237,918

(7,188,836) 353,976,512

(5,081,698) 262,258,028

(Unit : Baht) Consolidated

Amounts due to and advances from related parties KCE Technology Co., Ltd. K.C.E. International Co., Ltd. KCE Singapore Pte., Ltd. KCE America, Inc. Total amounts due to and advances from related parties

The Company Only

2004

2003

2004

2003

10,309,243 1,271,974

10,142,512 9,460,860

4,949,935 709,356 2,016,675 -

916,906 1,291,378 7,122,305 4,155

11,581,217

19,603,372

7,675,966

9,334,744

7. INVENTORIES As at 31 December 2004 and 2003, inventories consisted of :(Unit : Baht) Consolidated

2004 Finished goods Work in process Raw materials Supplies Spareparts Goods in transit Total Less : Provision for diminution in value of stocks and stock obsolescence Inventories - net

2003

The Company Only

2004

2003

181,820,538 299,243,270 389,200,864 193,656,749 217,667,121 39,498,349 1,321,086,891

119,045,625 158,773,955 197,677,159 185,162,221 124,900,866 16,666,580 802,226,406

29,174,408 96,912,641 78,022,186 77,372,293 62,361,745 17,322,075 361,165,348

35,168,752 60,339,048 57,050,194 64,853,616 46,139,075 3,789,041 267,339,726

(16,147,536) 1,304,939,355

(10,988,488) 791,237,918

(7,188,836) 353,976,512

(5,081,698) 262,258,028

Annual Report 2004 KCE ELECTRONICS PCL.

√«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡

∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥

∫√‘…∑— ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ∫√‘…—∑√à«¡ ∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥

∫√‘…—∑¬àÕ¬ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…∑— ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥

™◊ËÕ∫√‘…—∑ ∑ÿπ™”√–·≈â«

´◊ÈÕ¡“¢“¬‰ª ·ºàπ«ß®√æ‘¡æå ´◊ÈÕ¡“¢“¬‰ª ·ºàπ«ß®√æ‘¡æå 50,000 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ 500,000 ‡À√’¬≠ ‘ß§‚ª√å

º≈‘µ·ºàπ«ß®√æ‘¡æå 100,000,000 ∫“∑ º≈‘µ·ºàπæ√’‡æ° ·≈–≈“¡‘‡πµ 250,000,000 ∫“∑ º≈‘µ·ºàπ«ß®√æ‘¡æå 900,000,000 ∫“∑

ª√–‡¿∑°‘®°“√

47.770 24.500 49,411,089 49,411,089

25.000

52.000 100.000 -

70.239 100.000

48.750

94.993

—¥ à«π‡ß‘π≈ß∑ÿπ ß∫°“√‡ß‘π ‡©æ“–∫√‘…—∑œ (√âÕ¬≈–)

94.993

ß∫°“√‡ß‘π √«¡ (√âÕ¬≈–)

‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡µ“¡«‘∏’ à«π‰¥â‡ ’¬ª√–°Õ∫¥â«¬ :-

8. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑√à«¡´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬

17,749,044 42,974,379 42,974,379

31,662,045

2547 ∫“∑ 2546 ∫“∑

11,234,609 2,422,385 1,232,631,695

31,739,770

1,230,209,310

ß∫°“√‡ß‘π√«¡ ‡ß‘π≈ß∑ÿπ «‘∏’ à«π‰¥â‡ ’¬

2,100,569 2,422,385 1,174,915,295

321,816

157,710,310 900,000,000 1,172,492,910

172,499,000

2,100,569 41,923,507 1,528,734,071

321,816

99,999,910 900,000,000 1,486,810,564

172,493,000

10,555,358 38,622,278 1,731,384,541

31,368,149

262,396,123 669,601,881 1,692,762,263

554,812,560

7,214,270

31,408,008

300,336,787 707,138,030

685,287,446

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ‡ß‘π≈ß∑ÿπ «‘∏’√“§“∑ÿπ «‘∏’ à«π‰¥â‡ ’¬ 2547 2546 2547 2546 ∫“∑ ∫“∑ ∫“∑ ∫“∑

Annual Report 2004

KCE ELECTRONICS PCL.

100 101

Total investments in associates Total investments in subsidiary and associated companies

KCE Singapore Pte., Ltd.

Total investments in subsidiaries Associates KCE America, Inc.

KCE Technology Co., Ltd.

Thai Laminate Manufacturer Co., Ltd.

Subsidiaries K.C.E. International Co., Ltd.

Company没s name

Trading of Printed Circuit Board Trading of Printed Circuit Board S$ 500,000

US$ 50,000

Manufacturing of Printed Circuit Board Baht 100,000,000 Manufacturing of Prepreg and laminate Baht 250,000,000 Manufacturing of Printed Circuit Board Baht 900,000,000

Business activity Paid-up capital

47.770

48.750

100.000

70.239

94.993

24.500

25.000

100.000

52.000

94.993

Portion of Investment Consolidated The Company Only (%) (%)

17,749,044 49,411,089 49,411,089

31,662,045

11,234,609 42,974,379 42,974,379

31,739,770

Consolidated Investment Equity Method 2004 2003 Baht Baht

Investments in subsidiary and associated companies accounted for under equity method consist of :-

2,100,569 2,422,385 1,232,631,695

321,816

900,000,000 1,230,209,310

157,710,310

172,499,000

2004 Baht 2003 Baht

2,100,569 2,422,385 1,174,915,295

321,816

900,000,000 1,172,492,910

99,999,910

172,493,000

Cost method

300,336,787

685,287,446

31,408,008 10,555,358 7,214,270 41,923,507 38,622,278 1,528,734,071 1,731,384,541

31,368,149

669,601,881 707,138,030 1,486,810,564 1,692,762,263

262,396,123

554,812,560

Equity method 2004 2003 Baht Baht

The Company Only Investment

8. INVESTMENTS IN SUBSIDIARY AND ASSOCIATED COMPANIES ACCOUNTED FOR UNDER EQUITY METHOD

„π√–À«à“ßªï 2547 ∫√‘…—∑œ ‰¥â√—∫‡ß‘πªíπº≈®“°∫√‘…—∑¬àÕ¬ Õß·Ààß§◊Õ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ „πÕ—µ√“Àÿâπ≈– 23 ∫“∑ √«¡‡ªìπ‡ß‘π 218.5 ≈â“π∫“∑ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ „πÕ—µ√“Àÿâπ≈– 13 ∫“∑ √«¡‡ªìπ‡ß‘π 130.0 ≈â“π∫“∑ (2546 : ‡ß‘πªíπº≈®“°∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ „πÕ—µ√“Àÿâπ≈– 5 ∫“∑ √«¡‡ªìπ‡ß‘π 47.5 ≈â“π∫“∑) ∫√‘…—∑œ ‰¡à¡’¿“√–¿“…’®“°‡ß‘πªíπº≈∑’Ë‰¥â√—∫¥—ß°≈à“« ‡π◊ËÕß®“°‡ß‘πªíπº≈¥—ß°≈à“«‰¥â √—∫¬°‡«âπ‰¡àµâÕß√«¡‡ªìπ√“¬‰¥â‡æ◊ËÕ§”π«≥¿“…’µ“¡ª√–¡«≈√—…Æ“°√ ‡¡◊ËÕ«—π∑’Ë 1 ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¥â´◊ÈÕ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑ ¬àÕ¬·ÀàßÀπ÷Ëß®”π«π 6,000,000 Àÿâπ „π√“§“Àÿâπ≈– 15 ∫“∑ ´÷Ëß¡Ÿ≈§à“ ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬¥—ß°≈à“« µË”°«à“ ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘µ“¡∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë´◊ÈÕ‡ªìπ®”π«πª√–¡“≥ 17.97 ≈â“π∫“∑ ´÷Ëß· ¥ß‰«â‡ªìπ ç§à“§«“¡ π‘¬¡µ‘¥≈∫é ¿“¬„µâ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π„πß∫¥ÿ≈√«¡ ‡¡◊ËÕ«—π∑’Ë 15 ∏—π«“§¡ 2547 ∫√‘…—∑œ ‰¥â¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷ËßÕÕ°‰ª„Àâ·°à∫ÿ§§≈¿“¬πÕ°®”π«π 6,000,000 Àÿâπ „π√“§“Àÿâπ≈– 30 ∫“∑ ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ ¥—ß°≈à“«∑”„Àâ∫√‘…—∑œ ¡’°”‰√®“°°“√¢“¬‡ß‘π≈ß∑ÿπ®”π«π‡ß‘πª√–¡“≥ 60.66 ≈â“π∫“∑ ´÷Ëß· ¥ß‰«â¿“¬„µâ√“¬°“√ ç°”‰√ ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é „πß∫°”‰√¢“¥∑ÿπ 8.1 à«π·∫àßº≈°”‰√ (¢“¥∑ÿπ) ®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑√à«¡ Õß·Ààß´÷Ëß∫—π∑÷°‚¥¬«‘∏’ à«π‰¥â‡ ’¬ ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¡’¥—ßπ’È :-

—¥ à«π‡ß‘π≈ß∑ÿπ

∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥

2547 (√âÕ¬≈–)

2546 (√âÕ¬≈–)

2547 (√âÕ¬≈–)

2546 (√âÕ¬≈–)

48.75 47.77

0.14 2.62 2.76

(0.11) 1.52 1.41

—¥ à«π‡ß‘π≈ß∑ÿπ

∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥

ß∫°“√‡ß‘π√«¡ Õ—µ√“√âÕ¬≈–¢Õß °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘

ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ Õ—µ√“√âÕ¬≈–¢Õß °”‰√ (¢“¥∑ÿπ) ÿ∑∏‘

2547 (√âÕ¬≈–)

2546 (√âÕ¬≈–)

2547 (√âÕ¬≈–)

2546 (√âÕ¬≈–)

25.00 24.50

0.07 1.34 1.41

(0.05) 0.78 0.73

®”π«π‡ß‘π 2547 (∫“∑)

2546 (∫“∑)

344,260 6,314,249 6,658,509

(315,603) 4,503,390 4,187,787

®”π«π‡ß‘π 2547 (∫“∑)

2546 (∫“∑)

176,544 3,238,415 3,414,959

(161,848) 2,309,673 2,147,825

During 2004, the Company received dividend from K.C.E. International Co., Ltd., a subsidiary company, at Baht 23 per share, totaling Baht 218.5 million and from Thai Laminate Manufacturer Co., Ltd. at Baht 13 per share, totaling 130 million. (2003 : dividend from K.C.E. International Co., Ltd. at Baht 5 per share, totaling Baht 47.5 million). The Company has no tax burden on such dividend received as they can be excluded from its taxable income according to Revenue Code. The Company had on 1 December 2004 acquired investment in 6,000,000 ordinary shares of Thai Laminate Manufacturer Co., Ltd. at Baht 15 each, which cost of investments in subsidiary lower than the net assets value of the subsidiary at the time of acquisition of approximately Baht 17.97 million and has been shown as çNegative goodwillé under non-current assets in the consolidated balance sheets. On 15 December 2004, the Company sold investment in 6,000,000 ordinary shares of Thai Laminate Manufacturer Co., Ltd., a subsidiary company, to outsider at Baht 30 each. The Company had gained from these sale of approximately Baht 60.66 million and has been shown as çGain on sales of investments in subsidiaryé in earnings statements. 8.1 Share of profit (loss) from investments in two associates accounted for under the equity method for the years ended 31 December 2004 and 2003 is as follow :Percentage of

2004 (%) KCE America, Inc. KCE Singapore Pte., Ltd.

Percentage of

48.75 47.77

2003 (%) 48.75 47.77

25.00 24.50

2004 (%) 0.14 2.62 2.76

2003 (%) (0.11) 1.52 1.41

Amount 2004 (Baht)

2003 (Baht)

344,260 6,314,249 6,658,509

(315,603) 4,503,390 4,187,787

The Company Only Percentage of net earnings (loss)

Percentage of Investment 2004 (%)

KCE America, Inc. KCE Singapore Pte., Ltd.

Consolidated Percentage of net earnings (loss)

Percentage of Investment

2003 (%) 25.00 24.50

2004 (%) 0.07 1.34 1.41

2003 (%) (0.05) 0.78 0.73

Amount 2004 (Baht)

2003 (Baht)

176,544 3,238,415 3,414,959

(161,848) 2,309,673 2,147,825

Annual Report 2004 KCE ELECTRONICS PCL.

102 103

”À√—∫ªï 2547 à«π·∫àß°”‰√®“°‡ß‘π≈ß∑ÿπ„π∫√‘…—∑ ‡§´’Õ’ Õ‡¡√‘°“ Õ‘ß§å ®”°—¥ ·≈–∫√‘…—∑ ‡§´’Õ’ ‘ß§‚ª√å æ’∑’Õ’ ®”°—¥ §”π«≥®“°ß∫°“√‡ß‘π´÷Ëß¬—ß¡‘‰¥âºà“π°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑√à«¡ ‡π◊ËÕß®“°∫√‘…—∑√à«¡∑—Èß Õß·Ààß ¥—ß°≈à“«Õ¬Ÿà„πµà“ßª√–‡∑» ·≈–∫√‘…—∑œ ‰¡à¡’Õ”π“®„π°“√°”Àπ¥π‚¬∫“¬∑“ß°“√‡ß‘π·≈–°“√¥”‡π‘πß“π¢Õß∫√‘…—∑ ‡À≈à“π—Èπ √«¡∑—Èß°“√®—¥„Àâ¡’°“√µ√«® Õ∫ß∫°“√‡ß‘π 8.2 ∫√‘…—∑ Õ«“µ“ ´‘ ‡µÁ¡ å §Õ√åªÕ‡√™—Ëπ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑√à«¡·ÀàßÀπ÷Ëßª√–°Õ∫°‘®°“√Õ¬Ÿà∑’Ëª√–‡∑» À√—∞Õ‡¡√‘°“ ‰¥â¬◊Ëπ¥”‡π‘π°“√‡æ◊ËÕ™”√–∫—≠™’¿“¬„µâ°ÆÀ¡“¬¢Õß À√—∞Õ‡¡√‘°“ (Chapter 7 of the U.S. Federal Bankruptcy Code) ªí®®ÿ∫—π¬—ßÕ¬Ÿà„π√–À«à“ß°“√™”√–∫—≠™’ 8.3 „πªï 2541 ∫√‘…—∑œ ‰¥â®à“¬™”√–Àπ’È ‘π∑’Ë‡°‘¥¢÷Èπ®“°°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑ Õ«“µ“ ´‘ ‡µÁ¡ å §Õ√åªÕ‡√™—Ëπ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑√à«¡·ÀàßÀπ÷Ëß‡ªìπ®”π«π‡ß‘π√«¡ª√–¡“≥ 399 ≈â“π∫“∑ „πß∫°“√‡ß‘π√«¡·≈–„πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ ∫—π∑÷°√“¬°“√Àπ’È ‘π∑’Ë‡°‘¥®“°°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß ∫√‘…∑— ¥—ß°≈à“«‡ªìπ‡ß‘π„Àâ°¬Ÿâ ¡◊ √–¬– —πÈ ·°à°®‘ °“√∑’‡Ë °’¬Ë «¢âÕß°—π·≈–‰¥âµß—È §à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠ ”À√—∫‡ß‘π„Àâ°¬Ÿâ ¡◊ ¥—ß°≈à“«·≈–√“¬°“√§â“ß√—∫Õ◊πË Ê ®“°∫√‘…∑— ¥—ß°≈à“«∑—ßÈ ®”π«πµ“¡√“¬≈–‡Õ’¬¥„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ¢âÕ 6

Share of profit from investments in KCE America, Inc. and KCE Singapore Pte., Ltd. was calculated from the unaudited financial statements of those associated companies because both associated companies are in overseas and the Company has no power to direct the financial and operating policies of those companies, including the audit of their financial statements. 8.2 Avatar Systems Corporation, a subsidiary of an associated company which operated its business in the United States of America, filed for liquidation proceedings (under Chapter 7 of the U.S. Federal Bankruptcy Code). This company is still under liquidation process. 8.3 In 1998, the Company made repayment of liabilities from guarantees of loans of Avatar Systems Corporation, a subsidiary of an associated company, totaling approximately Baht 399 million in the consolidated financial statements and in the Company没s financial statements. As at 31 December 2004 and 2003, the Company have recorded the above transaction with that company as short-term loans to related parties and have set up a full allowance for such loans and other receivable from that company, as presented in Note 6 to the financial statements.

Annual Report 2004 KCE ELECTRONICS PCL.

104 105

482,978,706 16,800 13,341,376 496,336,882

114,312,423 21,591,913

135,904,336

368,666,283 360,432,546

228,825,725 152,170,226 (14,055,469) 366,940,482

228,825,725 366,940,482

Õ“§“√ ·≈–‚√ßß“π

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï (´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ) ªï 2546 ªï 2547

√“§“∑ÿπ : ≥ 31 ∏—π«“§¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ‚Õπ‡¢â“ (‚ÕπÕÕ°) ®”Àπà“¬ ≥ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ – ¡ : ≥ 31 ∏—π«“§¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“ – ¡ ”À√—∫ ‘π∑√—æ¬å∑’Ë ®”Àπà“¬√–À«à“ßªï ≥ 31 ∏—π«“§¡ 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ : ≥ 31 ∏—π«“§¡ 2546 ≥ 31 ∏—π«“§¡ 2547

∑’¥Ë π‘

9. ∑’Ë¥‘π Õ“§“√ ·≈–Õÿª°√≥å

2,507,307,138 3,589,024,201

(66,670,777) 1,677,618,575

1,395,841,447 348,447,905

3,903,148,585 48,808,857 1,405,462,996 (90,777,662) 5,266,642,776

‡§√◊ËÕß®—°√ ·≈–Õÿª°√≥å ‚√ßß“π

16,337,454 18,474,302

(3,600) 44,507,221

41,933,568 2,577,253

58,271,022 4,386,241 329,560 (5,300) 62,981,523

à«πª√—∫ª√ÿß ‚√ßß“π

207,493,823 245,869,952

(1,583,577) 148,569,467

109,952,674 40,200,370

317,446,497 33,439,008 45,370,381 (1,816,467) 394,439,419

‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈– Õÿª°√≥å ”π—°ß“π

4,567,391 3,891,292

5,733,217

5,032,418 700,799

9,599,809 2,334,139 (2,309,439) 9,624,509

à«πª√—∫ª√ÿß ”π—°ß“π

ß∫°“√‡ß‘π√«¡

9,912,300 12,134,433

(2,910,352) 21,112,039

17,965,297 6,057,094

27,877,597 9,975,723 11,652 (4,618,500) 33,246,472

¬“πæ“Àπ–

4,209,424 180,812,219

4,209,424 189,228,171 (12,625,376) 180,812,219

‚√ßß“π·≈– à«πª√—∫ª√ÿß ‚√ßß“π√–À«à“ß °àÕ √â“ß

1,025,897,404 622,337,325

1,025,897,404 1,018,994,464 (1,403,491,674) (19,062,869) 622,337,325

‡§√◊ËÕß®—°√·≈– Õÿª°√≥å √–À«à“ß µ‘¥µ—Èß

46,089,476 33,464,675

46,089,476 33,464,675 (46,089,476) 33,464,675

‡§√◊ËÕß®—°√ ·≈–Õÿª°√≥å √–À«à“ß∑“ß

327,487,952 419,575,334

4,419,306,418 5,433,381,427

(71,168,306) 2,033,444,855

1,685,037,827 419,575,334

6,104,344,245 1,492,818,304 (130,336,267) 7,466,826,282

√«¡

Àπà«¬ (∫“∑)

Annual Report 2004

KCE ELECTRONICS PCL.

106 107

482,978,706 16,800 13,341,376 496,336,882

114,312,423 21,591,913

135,904,336

368,666,283 360,432,546

228,825,725 152,170,226 (14,055,469) 366,940,482

228,825,725 366,940,482

Depreciation for the year (included in earnings statement) : Year 2003 Year 2004

Cost : 31 December 2003 Purchase Transfer in (out) Disposal 31 December 2004 Accumulated depreciation : 31 December 2003 Depreciation for the year Accumulated depreciation of disposed assets 31 December 2004 Net book value : 31 December 2003 31 December 2004

Land

Building and plant

2,507,307,138 3,589,024,201

(66,670,777) 1,677,618,575

1,395,841,447 348,447,905

3,903,148,585 48,808,857 1,405,462,996 (90,777,662) 5,266,642,776

Machinery and equipment

9. PROPERTY, PLANT AND EQUIPMENT

16,337,454 18,474,302

(3,600) 44,507,221

41,933,568 2,577,253

58,271,022 4,386,241 329,560 (5,300) 62,981,523

Plant improvement

207,493,823 245,869,952

(1,583,577) 148,569,467

109,952,674 40,200,370

317,446,497 33,439,008 45,370,381 (1,816,467) 394,439,419

Furniture, fixtures and office equipment

4,567,391 3,891,292

5,733,217

5,032,418 700,799

9,599,809 2,334,139 (2,309,439) 9,624,509

Office improvement

CONSOLIDATED

9,912,300 12,134,433

(2,910,352) 21,112,039

17,965,297 6,057,094

27,877,597 9,975,723 11,652 (4,618,500) 33,246,472

Vehicles

4,209,424 180,812,219

4,209,424 189,228,171 (12,625,376) 180,812,219

Plant and plant improvement under construction

1,025,897,404 622,337,325

1,025,897,404 1,018,994,464 (1,403,491,674) (19,062,869) 622,337,325

46,089,476 33,464,675

46,089,476 33,464,675 (46,089,476) 33,464,675

Machinery and equipment Machinery and under equipment installation in transit

327,487,952 419,575,334

4,419,306,418 5,433,381,427

(71,168,306) 2,033,444,855

1,685,037,827 419,575,334

6,104,344,245 1,492,818,304 (130,336,267) 7,466,826,282

Total

Unit (Baht)

71,045,125 980,000 72,025,125 41,560,081 3,393,876 44,953,957 29,485,044 27,071,168

112,496,889 119,107,002 231,603,891

112,496,889 231,603,891

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï (´÷Ëß√«¡Õ¬Ÿà„πß∫°”‰√¢“¥∑ÿπ) ªï 2546 ªï 2547

√“§“∑ÿπ : ≥ 31 ∏—π«“§¡ 2546 ´◊ÈÕ‡æ‘Ë¡ ‚Õπ‡¢â“ (‚ÕπÕÕ°) ®”Àπà“¬ ≥ 31 ∏—π«“§¡ 2547 §à“‡ ◊ËÕ¡√“§“ – ¡ : ≥ 31 ∏—π«“§¡ 2546 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“ – ¡ ”À√—∫ ‘π∑√—æ¬å ∑’Ë®”Àπà“¬√–À«à“ßªï ≥ 31 ∏—π«“§¡ 2547 ¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ : ≥ 31 ∏—π«“§¡ 2546 ≥ 31 ∏—π«“§¡ 2547

∑’¥Ë π‘

Õ“§“√ ·≈–‚√ßß“π

594,207,294 582,479,637

(23,749,573) 746,233,283

666,966,377 103,016,479

1,261,173,671 8,207,914 86,305,490 (26,974,155) 1,328,712,920

‡§√◊ËÕß®—°√ ·≈–Õÿª°√≥å ‚√ßß“π

5,919,055 6,688,889

(3,600) 34,289,720

32,475,884 1,817,436

38,394,939 2,259,410 329,560 (5,300) 40,978,609

5,245,208 6,067,605

(392,039) 16,004,930

14,523,523 1,873,446

19,768,731 2,591,463 112,000 (399,659) 22,072,535

4,483,813 4,037,655

4,885,475

4,439,317 446,158

8,923,130 8,923,130

3,541,993 2,352,375

(1,234,801) 10,617,368

9,394,248 2,457,921

12,936,241 1,960,350 11,652 (1,938,500) 12,969,743

¬“πæ“Àπ–

60,586,470 58,779,644

60,586,470 103,904,745 (87,738,702) (17,972,869) 58,779,644

‡§√◊ËÕß®—°√·≈– Õÿª°√≥å √–À«à“ß µ‘¥µ—Èß

16,460,487

16,460,487 16,460,487

‡§√◊ËÕß®—°√ ·≈–Õÿª°√≥å √–À«à“ß∑“ß

108,436,477 113,005,316

815,965,766 935,541,351

(25,380,013) 856,984,733

769,359,430 113,005,316

1,585,325,196 254,491,371 (47,290,483) 1,792,526,084

√«¡

Àπà«¬ (∫“∑)

Annual Report 2004

KCE ELECTRONICS PCL.

108 109

71,045,125 980,000 72,025,125 41,560,081 3,393,876 44,953,957 29,485,044 27,071,168

112,496,889 119,107,002 231,603,891

112,496,889 231,603,891

Depreciation for the year (included in earnings statement) : Year 2003 Year 2004

Land

Building and plant

594,207,294 582,479,637

(23,749,573) 746,233,283

666,966,377 103,016,479

1,261,173,671 8,207,914 86,305,490 (26,974,155) 1,328,712,920

Machinery and equipment

5,919,055 6,688,889

(3,600) 34,289,720

32,475,884 1,817,436

38,394,939 2,259,410 329,560 (5,300) 40,978,609

5,245,208 6,067,605

(392,039) 16,004,930

14,523,523 1,873,446

19,768,731 2,591,463 112,000 (399,659) 22,072,535

4,483,813 4,037,655

4,885,475

4,439,317 446,158

8,923,130 8,923,130

THE COMPANY ONLY Furniture, fixtures Plant and office Office improvement equipment improvement

3,541,993 2,352,375

(1,234,801) 10,617,368

9,394,248 2,457,921

12,936,241 1,960,350 11,652 (1,938,500) 12,969,743

Vehicles

60,586,470 58,779,644

60,586,470 103,904,745 (87,738,702) (17,972,869) 58,779,644

16,460,487

16,460,487 16,460,487

Machinery and equipment Machinery and under equipment installation in transit

108,436,477 113,005,316

815,965,766 935,541,351

(25,380,013) 856,984,733

769,359,430 113,005,316

1,585,325,196 254,491,371 (47,290,483) 1,792,526,084

Total

Unit : (Baht)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ Õß·Ààß§◊Õ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ¡’‡§√◊ËÕß®—°√·≈–Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â«·µà¬—ß „™âß“πÕ¬Ÿà √“§“∑ÿπ°àÕπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡¢Õß ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘πª√–¡“≥ 503.6 ≈â“π∫“∑ ·≈– 476.7 ≈â“π∫“∑ µ“¡≈”¥—∫ (ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ : 333.8 ≈â“π∫“∑ ·≈– 371.9 ≈â“π∫“∑ µ“¡≈”¥—∫) 9.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ Õß·Ààß§◊Õ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ·≈– ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ¡’‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π‚¥¬¡’ ‡ß◊ËÕπ‰¢„π —≠≠“«à“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–‰¡à®”Àπà“¬®à“¬‚Õπ ®”πÕß ®”π” À√◊Õ°àÕ¿“√–ºŸ°æ—π„¥Ê „π∑√—æ¬å ‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ 9.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…∑— œ ‰¥â®¥®”πÕß∑’¥Ë π‘ ∫“ß à«π·≈–∫√‘…∑— ¬àÕ¬ Õß·Ààß§◊Õ ∫√‘…∑— ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ‰¥â®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß·≈–®”π” ‡§√◊ËÕß®—°√ à«π„À≠à¢Õß∫√‘…—∑¬àÕ¬‡ªìπÀ≈—°ª√–°—π‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π (µ“¡∑’Ë °≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 11.3, 11.4, 12.1, 12.3 ·≈– 12.4) 9.3 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß¡’ ‡§√◊ËÕß®—°√¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’®”π«πª√–¡“≥ 12.1 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑¬àÕ¬¡’‰«â‡ªìπ‡§√◊ËÕß®—°√ ”√Õß·≈– ‡æ◊ËÕ‡æ‘Ë¡‡µ‘¡°”≈—ß°“√º≈‘µ∑’Ë§“¥«à“®–‡æ‘Ë¡¢÷Èπ„πÕπ“§µÕ—π„°≈â ∫√‘…—∑¬àÕ¬¥—ß°≈à“«®÷ß¡‘‰¥âµ—Èß ”√Õß‡æ◊ËÕ°“√ ¥âÕ¬§à“¢Õß‡§√◊ËÕß®—°√‡°à“¥—ß°≈à“«‰«â„π∫—≠™’ 9.4 ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â ∫—π∑÷°¥Õ°‡∫’È¬®à“¬‰«â‡ªìπ à«πÀπ÷Ëß¢Õßµâπ∑ÿπ‡§√◊ËÕß®—°√·≈–Õÿª°√≥å√–À«à“ßµ‘¥µ—Èß ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ªìπ®”π«π 7.2 ≈â“π∫“∑ ·≈– 0.2 ≈â“π∫“∑ µ“¡≈”¥—∫ (2546 : 3.1 ≈â“π∫“∑ ·≈– 8.5 ≈â“π∫“∑ µ“¡≈”¥—∫)

10. §à“§«“¡π‘¬¡ (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡

§à“§«“¡π‘¬¡ À—° : §à“§«“¡π‘¬¡µ—¥®”Àπà“¬ – ¡ §à“§«“¡π‘¬¡ - ÿ∑∏‘ §à“§«“¡π‘¬¡µ—¥®”Àπà“¬√–À«à“ßªï

2547

2546

57,204,718 (57,002,167) 202,551 67,517

57,204,718 (56,934,650) 270,068 6,032,029

As at 31 December 2004 and 2003, certain machinery and equipment of the Company and two subsidiaries, K.C.E. International Co., Ltd. and Thai Laminate Manufacturer Co., Ltd. have been fully depreciated but are still in use. The original cost, before accumulated depreciation, of those assets amounted to Baht 503.6 million and Baht 476.7 million, respectively (the Company Only : Baht 333.8 million and Baht 371.9 million, respectively). 9.1 As at 31 December 2004, the Company and its two subsidiaries, K.C.E. International Co., Ltd. and Thai Laminate Manufacturer Co., Ltd., have bank overdrafts and loans from financial institutions. Under these agreements, the Company and its subsidiaries are not allowed to dispose of, transfer, mortgage or provide any lien on their assets. 9.2 As at 31 December 2004, the Company has mortgaged part of land and its two subsidiaries, KCE Technology Co., Ltd. and Thai Laminate Manufacturer Co., Ltd. have mortgaged land and construction thereon and pledged most of machinery as collateral for bank overdrafts and loans from financial institutions (as presented in Notes 11.3, 11.4, 12.1, 12.3 and 12.4 to the financial statements). 9.3 As at 31 December 2004, Thai Laminate Manufacturer Co., Ltd., a subsidiary, had non-operating machinery with a net book value of approximately Baht 12.1 million which is held as spare machinery and for capacity increase which is expected to be required in the near future. Hence, the subsidiary has not set up provision for impairment of the value of such machinery in the accounts. 9.4 KCE Technology Co., Ltd. and Thai Laminate Manufacturer Co., Ltd., subsidiary companies, have capitalised interest expenses as part of costs of machinery and equipment under installation for the year ended 31 December 2004 of approximately Baht 7.2 million and Baht 0.2 million, respectively, (2003 : Baht 3.1 million and Baht 8.5 million, respectively).

10. GOODWILL (Unit: Baht)

Consolidated

Goodwill Less : Accumulated amortisation of goodwill Goodwill - net Amortisation expenses of goodwill for the year

2004

2005

57,204,718 (57,002,167) 202,551 67,517

57,204,718 (56,934,650) 270,068 6,032,029

Annual Report 2004 KCE ELECTRONICS PCL.

110 111

11. ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ ‘π‡™◊ÕË ‡æ◊ÕË °“√ àßÕÕ° ∑√— µå√´’ ∑’ √«¡

2547

2546

2547

35,221,772 630,338,343 1,203,500,000 412,181,864 2,281,241,979

3,733,274 456,370,750 603,000,000 416,889,029 1,479,993,053

600,330 157,338,343 412,500,000 8,045,416 578,484,089

2546 3,675,953 271,270,750 304,000,000 63,853,733 642,800,436

11.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√¢Õß∫√‘…—∑œ §È”ª√–°—π‚¥¬ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ 11.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√∫“ß à«π¢Õß∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å ‡π™—Ëπ·π≈ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß§È”ª√–°—π‚¥¬∫√‘…—∑œ (2546 : §È”ª√–°—π‚¥¬∫√‘…—∑œ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥) 11.3 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√∫“ß à«π¢Õß∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß§È”ª√–°—π‚¥¬∫√‘…—∑œ ·≈–∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ·≈–¡’°“√®¥®”πÕß ‘Ëßª≈Ÿ° √â“ß·≈–®”π”‡§√◊ËÕß®—°√ ∫“ß à«π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡ªìπÀ≈—°ª√–°—π 11.4 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√¢Õß∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß§È”ª√–°—π‚¥¬∫√‘…—∑œ ·≈–¡’°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß·≈– ®”π”‡§√◊ËÕß®—°√ à«π„À≠à¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«‡ªìπÀ≈—°ª√–°—π

12. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« (Àπà«¬ : ∫“∑)

ß∫°“√‡ß‘π√«¡ 2547 à«π∑’Ë‡ªìπ °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ‰¡à¡¬’ Õ¥§ß‡À≈◊Õ (2546 : 17.5 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“) à«π∑’Ë‡ªìπ °ÿ≈‡ß‘π¬Ÿ‚√ 4.0 ≈â“π¬Ÿ‚√ (2546 : ‰¡à¡’¬Õ¥§ß‡À≈◊Õ) à«π∑’Ë‡ªìπ °ÿ≈‡ß‘π∫“∑ À—° : à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë∂÷ß °”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï

2546

695,411,500

213,927,200 2,545,709,207 2,759,636,407 (734,721,437)

1,522,192,455 2,217,603,955 (568,798,627)

228,909,437 228,909,437 (184,001,437)

327,942,455 327,942,455 (214,267,921)

2,024,914,970

1,648,805,328

44,908,000

113,674,534

11. BANK OVERDRAFTS AND SHORT-TERM LOANS FROM FINANCIAL INSTITUTIONS Consolidated

Bank overdrafts Short-term loans Packing credits Trust receipts Total

(Unit: Baht) The Company Only

2004

2003

2004

2003

35,221,772 630,338,343 1,203,500,000 412,181,864 2,281,241,979

3,733,274 456,370,750 603,000,000 416,889,029 1,479,993,053

600,330 157,338,343 412,500,000 8,045,416 578,484,089

3,675,953 271,270,750 304,000,000 63,853,733 642,800,436

11.1 As at 31 December 2004 and 2003, bank overdrafts and loans from banks of the Company are guaranteed by K.C.E. International Co., Ltd., a subsidiary company. 11.2 As at 31 December 2004, certain bank overdrafts and loans from banks of K.C.E. International Co., Ltd., a subsidiary company, are guaranteed by the Company (2003 : guaranteed by the Company and Thai Laminate Manufacturer Co., Ltd.). 11.3 As at 31 December 2004 and 2003, certain bank overdrafts and loans from banks of Thai Laminate Manufacturer Co., Ltd., a subsidiary company, are guaranteed by the Company and K.C.E. International Co., Ltd., a subsidiary company and secured by the mortgage of construction and the pledge of part machineries of such subsidiary company. 11.4 As at 31 December 2004 and 2003, bank overdrafts and loans from banks of KCE Technology Co., Ltd., a subsidiary company, are guaranteed by the Company and are secured by the mortgage of land, construction thereon and the pledge of most of machinery of such subsidiary company.

12. LONG-TERM LOANS (Unit: Baht) Consolidated

2004 USD portion No balance (2003 : USD 17.5 million) EURO portion EURO 4.0 million (2003 : No balance) Baht portion Less: Current portion of long-term loans Long-term loans, net of current portion

2003

The Company Only

2004

2003

695,411,500

213,927,200 2,545,709,207 2,759,636,407 (734,721,437) 2,024,914,970

1,522,192,455 2,217,603,955 (568,798,627) 1,648,805,328

228,909,437 228,909,437 (184,001,437) 44,908,000

327,942,455 327,942,455 (214,267,921) 113,674,534

Annual Report 2004 KCE ELECTRONICS PCL.

112 113

≈”¥—∫∑’Ë

æƒ…¿“§¡ 2543 ∏—π«“§¡ 2543 æƒ»®‘°“¬π 2544 µÿ≈“§¡ 2545 ¡’π“§¡ 2546 ‡¡…“¬π 2546 ‡¡…“¬π 2546 °ÿ¡¿“æ—π∏å 2547 °√°Æ“§¡ 2547

«—π∑’Ë∑” —≠≠“

∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√

ºŸâ„Àâ°Ÿâ

√“¬≈–‡Õ’¬¥‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ¡’¥—ßπ’È :-

33,000,000 95,000,000 50,000,000 33,295,040 48,000,000 100,000,000 140,000,000 50,000,000 50,000,000

«ß‡ß‘π°Ÿ¬â ¡◊ ∫“∑ 2,750,000 23,750,000 8,300,000 7,398,898 12,900,000 36,964,539 41,930,000 25,000,000 25,008,000 184,001,437 15,750,000 6,250,000 22,908,000 44,908,000

®”π«π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« à«π∑’∂Ë ß÷ °”Àπ¥ à«π∑’∂Ë ß÷ °”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï ™”√–‡°‘π°«à“Àπ÷Ëßªï ∫“∑ ∫“∑ 2,750,000 23,750,000 8,300,000 7,398,898 28,650,000 36,964,539 41,930,000 31,250,000 47,916,000 228,909,437

√«¡ ∫“∑ 5 ªï 5 ªï 3 ªï 6 ‡¥◊Õπ 2 ªï 6 ‡¥◊Õπ 4 ªï 2 ªï 2 ªï 6 ‡¥◊Õπ 2 ªï 2 ªï

√–¬–‡«≈“ ‡ß‘π°Ÿâ

1 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ 3 ‡¥◊Õπ 1 ‡¥◊Õπ

1 ‡¥◊Õπ 1 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ 3 ‡¥◊Õπ 1 ‡¥◊Õπ

‰¡à‡°‘π 2.5 : 1 -

‡ß◊ÕË π‰¢∑’ Ë ”§—≠¢Õß —≠≠“‡ß‘π°Ÿ¬â ◊¡ ™”√–§◊π ™”√– Õ—µ√“ à«πÀπ’È ‘π ‡ß‘πµâπ ¥Õ°‡∫’È¬ µàÕ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ

Annual Report 2004

KCE ELECTRONICS PCL.

114 115

Contract date

November October March April April February July

2001 2002 203 2003 2003 2004 2004

12 May 2000 22 December 2000

3. 2 4. 28 5. 11 6. 18 7. 18 8. 5 9. 2 Total loans of the Company

The Company Only 1. 2.

No.

Bank Bank Bank Bank Bank Bank Bank

Bank Bank

Lender

50,000,000 33,295,040 48,000,000 100,000,000 140,000,000 50,000,000 50,000,000

33,000,000 95,000,000

Credit facility Baht

Details of long-term loans as at 31 December 2004 are as follows:-

8,300,000 7,398,898 12,900,000 36,964,539 41,930,000 25,000,000 25,008,000 184,001,437

2,750,000 23,750,000 15,750,000 6,250,000 22,908,000 44,908,000

8,300,000 7,398,898 28,650,000 36,964,539 41,930,000 31,250,000 47,916,000 228,909,437

2,750,000 23,750,000

Outstanding long-term loan amount Current Non-current portion portion Total Baht Baht Baht

3 years 6 months 2 years 6 months 4 years 2 years 2 years 6 months 2 years 2 years

5 years 5 years 3 months 3 months 1 month 1 month 1 month 3 months 1 month

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

1 month 1 month

not exceeding 2.5 : 1 -

Significant terms and conditions of loan agreements Loan Principal Interest Debt-toperiod repayment repayment equity ratio

∏π“§“√

∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√ ∏π“§“√

∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ 1. 18 °√°Æ“§¡ 2545

∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ 1. 9 2. 14 3. 25 4. 9 5. 20 6. 27

√«¡‡ß‘π°Ÿ¬â ¡◊ ¢Õß∫√‘…∑— ¬àÕ¬ √«¡‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

2544 2546 2546 2547 2547 2547

∏π“§“√ ∏π“§“√ ∏π“§“√

∫√‘…∑— ¬àÕ¬ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ 1. 11 ¡‘∂ÿπ“¬π 2546 2. 2 °√°Æ“§¡ 2547 3. 2 °√°Æ“§¡ 2547

°ÿ¡¿“æ—π∏å ‘ßÀ“§¡ ‘ßÀ“§¡ ‘ßÀ“§¡ °—π¬“¬π µÿ≈“§¡

ºŸâ„Àâ°Ÿâ

«—π∑’Ë∑” —≠≠“

≈”¥—∫∑’Ë

22,500,000 22,500,000

18,000,000 18,000,000

1,070,000,000 ∫“∑ 267,500,000 100,000,000 ∫“∑ 75,000,000 3,000,000 ¬Ÿ‚√ 445,500,000 ∫“∑ 704,049,770 ∫“∑ 167,720,000 124,500,000 ∫“∑ 510,220,000 550,720,000 734,721,437

340,000,000 ∫“∑

36,000,000 ∫“∑ 69,000,000 ∫“∑ 1,000,000 ¬Ÿ‚√

«ß‡ß‘π°Ÿ¬â ¡◊

206,000,000 206,000,000

24,000,000 69,000,000 53,481,800 146,481,800

√«¡ ∫“∑

401,250,000 668,750,000 75,000,000 160,445,400 160,445,400 445,500,000 445,500,000 536,329,770 704,049,770 124,500,000 124,500,000 1,668,025,170 2,178,245,170 1,980,006,970 2,530,726,970 2,024,914,970 2,759,636,407

183,500,000 183,500,000

6,000,000 69,000,000 53,481,800 128,481,800

®”π«π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« à«π∑’∂Ë ß÷ °”Àπ¥ à«π∑’∂Ë ß÷ °”Àπ¥ ™”√–¿“¬„πÀπ÷Ëßªï ™”√–‡°‘π°«à“Àπ÷Ëßªï ∫“∑ ∫“∑

6 ªï 3 ‡¥◊Õπ 2 ªï 6 ªï 6 ªï 4 ªï 6 ‡¥◊Õπ 6 ªï

5 ªï

2 ªï 4 ªï 4 ªï

√–¬–‡«≈“ ‡ß‘π°Ÿâ

3 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ

3 ‡¥◊Õπ

1 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ

1 ‡¥◊Õπ 1 ‡¥◊Õπ 3 ‡¥◊Õπ 3 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ

3 ‡¥◊Õπ

1 ‡¥◊Õπ 1 ‡¥◊Õπ 1 ‡¥◊Õπ

‡ß◊ÕË π‰¢∑’ Ë ”§—≠¢Õß —≠≠“‡ß‘π°Ÿ¬â ¡◊ ™”√–§◊π ™”√– Õ—µ√“ à«πÀπ’È ‘π ‡ß‘πµâπ ¥Õ°‡∫’È¬ µàÕ à«π¢ÕßºŸ∂â Õ◊ Àÿπâ

Annual Report 2004

KCE ELECTRONICS PCL.

116 117

2001 2003 2003 2004 2004 2004

KCE Technology Co., Ltd. 1. 2. 3. 4. 5. 6.

Total loans of subsidiaries Total loans of the Company and subsidiaries

February August August August September October

2002

Thai Laminate Manufacturer Co., Ltd. 1. 18 July

9 14 25 9 20 27

2003 2004 2004

Contract date

Subsidiaries K.C.E. International Co., Ltd. 1. 11 June 2. 2 July 3. 2 July

No.

Bank Bank Bank Bank Bank Bank

Bank

Bank Bank Bank

Lender

22,500,000 22,500,000

18,000,000 18,000,000

Baht1,070,000,000 267,500,000 Baht 100,000,000 75,000,000 EURO 3,000,000 Baht 445,500,000 Baht 704,049,770 167,720,000 Baht 124,500,000 510,220,000 550,720,000 734,721,437

Baht 340,000,000

Baht 36,000,000 Baht 69,000,000 EURO 1,000,000

206,000,000 206,000,000

24,000,000 69,000,000 53,481,800 146,481,800

Total Baht

183,500,000 183,500,000

6,000,000 69,000,000 53,481,800 128,481,800

Outstanding long-term loan amount Current Non-current Credit facility portion portion Baht Baht

6 years 3 months 2 years 6 years 6 years 4 years 6 months 6 years

5 years

2 years 4 years 4 years

3 months 3 months 3 months 3 months 3 months 3 months

3 months

1 month 1 month 1 month

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

3 months

1 month 1 month 1 month

Significant terms and conditions of loan agreements Loan Principal Interest Debt-toperiod repayment repayment equity ratio

12.1 ‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«®“°∏π“§“√·≈– ∂“∫—π°“√‡ß‘π¢Õß∫√‘…∑— œ‡ªìπ‡ß‘π°Ÿ â °ÿ≈∫“∑‚¥¬§‘¥Õ—µ√“¥Õ°‡∫’¬È Õ¬Ÿ√à –À«à“ß MLR (Minimum Loan Rate) ≈∫√âÕ¬≈– 4 µàÕªï ∂÷ß MLR ‡ß‘π°Ÿâ¬◊¡∫“ß à«π§È”ª√–°—π‚¥¬∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ·≈–∫√‘…—∑œ ‰¥â®¥®”πÕß∑’Ë¥‘π∫“ß à«π‡ªìπÀ≈—°ª√–°—π 12.2 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√¢Õß∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‡ªìπ ‡ß‘π°Ÿâ °ÿ≈‡ß‘π∫“∑·≈–¬Ÿ‚√ ¡’Õ—µ√“¥Õ°‡∫’È¬√–À«à“ß√âÕ¬≈– 3.50 µàÕªï ∂÷ß 3.85 µàÕªï ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ¥—ß°≈à“«§È”ª√–°—π‚¥¬∫√‘…—∑œ 12.3 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√¢Õß∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ‡ªìπ‡ß‘π°Ÿâ °ÿ≈‡ß‘π∫“∑‚¥¬¡’«ß‡ß‘π 340 ≈â“π∫“∑ ¡’Õ—µ√“¥Õ°‡∫’È¬√–À«à“ß√âÕ¬≈– 4.5 µàÕªï∂÷ß MLR (Minimum Loan Rate) ≈∫√âÕ¬≈– 1.5 µàÕªï ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«¥—ß°≈à“«§È”ª√–°—π‚¥¬∫√‘…—∑œ ·≈–°“√ ®¥®”πÕßÕ“§“√ ‘Ëßª≈Ÿ° √â“ß·≈–‡§√◊ËÕß®—°√∫“ß à«π¢Õß∫√‘…—∑¬àÕ¬ 12.4 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°∏π“§“√¢Õß∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‡ªìπ‡ß‘π°Ÿâ °ÿ≈ ‡ß‘π∫“∑·≈–¬Ÿ‚√ ¡’Õ—µ√“¥Õ°‡∫’È¬√–À«à“ß√âÕ¬≈– 4 µàÕªï ∂÷ß LIBOR ∫«°√âÕ¬≈– 2 µàÕªï ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ¥—ß°≈à“«§È”ª√–°—π‚¥¬∫√‘…∑— œ ·≈–‚¥¬°“√®¥®”πÕß∑’¥Ë π‘ æ√âÕ¡ ‘ßË ª≈Ÿ° √â“ß·≈–®¥®”π”‡§√◊ÕË ß®—°√ à«π„À≠à ¢Õß∫√‘…—∑¬àÕ¬

13. ∑ÿπ‡√◊ÕπÀÿπâ 13.1 °“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ “¡—≠ ‡¡◊ËÕ«—π∑’Ë 28 µÿ≈“§¡ 2546 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ Õπÿ¡—µ‘„Àâ¡’°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ ¢ÕßÀÿâπ “¡—≠®“°¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ‡ªìπÀÿâπ≈– 1 ∫“∑ ‚¥¬ª√—∫∑ÿπ®¥∑–‡∫’¬π®”π«π 45,000,000 Àÿâπ ‡ªìπ 450,000,000 Àÿâπ πÕ°®“°π’È ¬—ß‰¥âÕπÿ¡—µ‘°“√ª√—∫®”π«πÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕ Àÿâπ “¡—≠´÷ËßÕÕ°„Àâ·°à°√√¡°“√·≈–/À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ·≈–/À√◊Õ ∫√‘…—∑¬àÕ¬ ‚¥¬®”π«π„∫ ”§—≠ · ¥ß ‘∑∏‘∑’Ë®—¥ √√·≈â« ·µà¬—ß‰¡à‰¥â¢Õ„™â ‘∑∏‘„π¢≥–π—Èπ®”π«π 68,000 Àπà«¬ ª√—∫‡æ‘Ë¡‡ªìπ 680,000 Àπà«¬ ·≈–∑’Ë¬—ß‰¡à‰¥â®—¥ √√®”π«π 276,000 Àπà«¬ ª√—∫‡æ‘Ë¡‡ªìπ 2,760,000 Àπà«¬ ·≈–ª√—∫√“§“„™â ‘∑∏‘‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫¡Ÿ≈§à“Àÿâπ∑’Ëµ√“‰«â„π√“§“„™â ‘∑∏‘®“°‡¥‘¡Àÿâπ≈– 25 ∫“∑ ‡ªìπ 2.50 ∫“∑ 13.2 „∫ ”§—≠· ¥ß ‘∑∏‘ ‡¡◊ËÕ«—π∑’Ë 27 µÿ≈“§¡ 2542 ∑’Ëª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ·≈–‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2544 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¡’¡µ‘„ÀâÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ®”π«π 1,500,000 Àπà«¬ ‚¥¬‡ πÕ¢“¬„Àâ·°à°√√¡°“√·≈–/À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ·≈–/À√◊Õ∫√‘…—∑¬àÕ¬‚¥¬‰¡à§‘¥ ¡Ÿ≈§à“ „∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ ¡’ ‘∑∏‘„π°“√®Õß´◊ÈÕÀÿâπ “¡—≠„À¡à 1 Àÿâπ„π√“§“‡∑à“°—∫√âÕ¬≈– 25 ¢Õß√“§“ªî¥∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ∑’Ë´◊ÈÕ¢“¬„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ≥ «—π∑’Ë ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬åÕπÿ¡—µ‘ ·µà‰¡àµË”°«à“ 10 ∫“∑ √–¬– ‡«≈“„™â ‘∑∏‘∑ÿ°«—π∑’Ë 15 ¢Õß‡¥◊Õπ¡’π“§¡ ¡‘∂ÿπ“¬π °—π¬“¬π·≈–∏—π«“§¡¢Õß·µà≈–ªï ‚¥¬°”Àπ¥„Àâ„™â ‘∑∏‘ ¿“¬„π 5 ªï π—∫µ—Èß·µà«—π∑’ËÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘ ‡¡◊ËÕ«—π∑’Ë 28 ‡¡…“¬π 2546 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘„Àâ∫√‘…—∑œ ÕÕ°„∫ ”§—≠ · ¥ß ‘∑∏‘®”π«π 360,000 Àπà«¬„Àâ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ´÷Ëß‡ªìπ à«πÀπ÷Ëß ¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 1,500,000 Àπà«¬¢â“ßµâπ

12.1 Long-term loans from banks and financial institution of the Company are Baht loans which carry interest at the rate between MLR (Minimum Loan Rate) less 4% per annum and MLR. Certain loans are guaranteed by K.C.E. International Co., Ltd., a subsidiary company and are secured by the mortgage of part of the Companyûs land. 12.2 A long-term loan from bank of K.C.E. International Co., Ltd., a subsidiary company, is a Baht and EURO loans which carry interest at the rate between 3.50% and 3.85% per annum. The loan is guaranteed by the Company. 12.3 A long-term loan from bank of Thai Laminate Manufacturer Co., Ltd., a subsidiary company, is a Baht loan under the credit facility of Baht 340 million and carries interest rate at the rates between 4.5% and MLR (Minimum Loan Rate) less 1.5% per annum. The loan is guaranteed by the Company and is secured by the mortgage of the subsidiaryûs plant building and part of its machinery. 12.4 Long-term loans from banks of KCE Technology Co., Ltd. a subsidiary company are Baht and Euro loans which carry interest at the rate between 4% and LIBOR plus 2% per annum. These loans are guaranteed by the Company and are secured by the mortgage of the subsidiaryûs land and construction thereon and the pledge of most of the subsidiaryûs machinery.

13. SHARE CAPITAL 13.1 The change of par value of ordinary shares On 28 October 2003, the Extraordinary General Meeting of the Companyûs shareholders passed a resolution for the Company to change par value of ordinary shares from Baht 10 per share to Baht 1 per share and change number of the Companyûs registered ordinary shares from 45,000,000 shares to 450,000,000 shares. In addition, the Company is to change number of share warrants offered to directors and/or employees of the Company and its subsidiaries from 68,000 units to 680,000 units of issued but unexercised share warrant and from 276,000 units to 2,760,000 units of non-issuance share warrants and to adjust exercise price of warrant from Baht 25 to Baht 2.50 per share in order to be in line with par value of ordinary shares. 13.2 Share warrant On 27 October 1999, the Extraordinary General Meeting of the Companyûs Shareholders, and the Annual General Meeting of the Companyûs shareholders on 26 April 2001 passed a resolution to issue 1,500,000 units of share warrant to offer to the directors and/or employees of the Company and its subsidiaries at a price of Baht 0 (zero) per warrant. One warrant entitles the holder to purchase 1 ordinary share at 25% of the weighted average closing price of the Companyûs ordinary shares as traded on the Stock Exchange of Thailand, on the date approved by the Office of the Securities and Exchange Commission, but not less than Baht 10 per share. The exercise period is every 15th of March, June, September and December of each year for a period of five years from the date on which the warrants are issued. On 28 April 2003, the Annual General Meeting of the Companyûs shareholders passed a resolution for the Company to issue 360,000 units of share warrant to be offered to directors and employees of the Company and its subsidiaries, which is a part of the 1,500,000 units of share warrant mentioned above.

Annual Report 2004 KCE ELECTRONICS PCL.

118 119

„π√–À«à“ßªï 2546 ‰¥â¡’°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 329,000 Àπà«¬ ‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠ „π√“§“ 25 ∫“∑ µàÕÀÿâπ “¡—≠„À¡à 1 Àÿâπ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 329,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ (°àÕπ°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“Àÿâπ “¡—≠µ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 13.1) ·≈–®”π«π 610,000 Àπà«¬ (¿“¬À≈—ß°“√ª√—∫®”π«πÀπà«¬¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘µ“¡∑’°Ë ≈à“«„πÀ¡“¬‡Àµÿ 13.1) ‡æ◊ÕË ´◊ÕÈ Àÿπâ “¡—≠„π√“§“ 2.50 ∫“∑µàÕÀÿâπ “¡—≠„À¡à 1 Àÿâπ ‚¥¬ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 610,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑ ·≈–∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ™”√–·≈â«®“° 308,270,000 ∫“∑‡ªìπ 312,170,000 ∫“∑°—∫°√–∑√«ß æ“≥‘™¬å·≈â« ‡¡◊ËÕ«—π∑’Ë 28 ‡¡…“¬π 2547 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘„Àâ∫√‘…—∑œ ÕÕ° „∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë‡À≈◊ÕÕ¬Ÿà∑—ÈßÀ¡¥®”π«π 2,760,000 Àπà«¬ „Àâ·°à°√√¡°“√·≈–æπ—°ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ „π√–À«à“ßªï 2547 ‰¥â¡’°“√„™â ‘∑∏‘µ“¡„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 2,760,000 Àπà«¬ ‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠ ·≈â«„π√“§“ 2.5 ∫“∑µàÕÀÿâπ “¡—≠„À¡à 1 Àÿâπ ·≈–∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π‡æ‘Ë¡∑ÿπ™”√–·≈â«®“° 312,170,000 ∫“∑ ‡ªìπ 314,930,000 ∫“∑ °—∫°√–∑√«ßæ“≥‘™¬å·≈â« ‚¥¬ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 2,760,000 Àÿâπ ¡Ÿ≈§à“ Àÿâπ≈– 1 ∫“∑ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…∑— œ ¡’„∫ ”§—≠· ¥ß ‘∑∏‘∑®’Ë ¥— √√·≈â«·≈–¬—ß‰¡à‰¥â„™â ∑‘ ∏‘®”π«π 70,000 Àπà«¬ (2546 : 70,000 Àπà«¬) 13.3 Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬‡ªìπÀÿâπ “¡—≠ ´÷ËßÕÕ°®”Àπà“¬‚¥¬∫√‘…—∑œ ·≈–∂◊Õ‰«â‚¥¬∫√‘…—∑¬àÕ¬ Õß·Ààß§◊Õ ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ °“√∂◊ÕÀÿâπ¥—ß°≈à“«‰¥â· ¥ß‰«â‡ªìπ√“¬°“√À—°„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ· ¥ß à«π¢Õß ºŸâ∂◊ÕÀÿâπ¢Õß ∫√‘…—∑œ ÿ∑∏‘„πß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ´÷Ëß¡’√“¬≈–‡Õ’¬¥ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ¥—ßπ’È :-

®”π«πÀÿâπ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ (Àÿâπ) √“§“∑ÿπ¢ÕßÀÿâπ (∫“∑) à«π‡°‘π¡Ÿ≈§à“Àÿâπ (∫“∑) Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ (∫“∑)

2547

2546

4,358,700 24,063,245 (4,147,798) 19,915,447

4,239,200 22,881,799 (4,147,798) 18,734,001

During 2003, the 329,000 units of share warrant were exercised at Baht 25 per share through the issuance of 329,000 shares of Baht 10 each (prior to the change of par value of ordinary shares as discussed in Note 13.1 to the financial statement) and 610,000 at Baht 2.5 per share (after the change of par value of ordinary shares as discussed in Note 13.1 to the financial statement) through the issuance of 610,000 shares of Baht 1 each. The Company has already registered the increase in issued and paid-up share capital from Baht 308,270,000 to Baht 312,170,000 with the Ministry of Commerce. On 28 April 2004, the Annual General Meeting of the Companyûs shareholders approved to issue the remaining 2,760,000 units of share warrant to be offered to directors and employees of the Company and its subsidiaries. During 2004, the 2,760,000 units of share warrant were exercised at Baht 2.5 per share and the Company has registered the increase in its issued and paid-up share capital from Baht 312,170,000 to Baht 314,930,000, through the issuance of 2,760,000 shares of Baht 1 each, with the Ministry of Commerce. As at 31 December 2004, 70,000 units of issued share warrant remain unexercised (2003 : 70,000 units). 13.3 Companyûs shares held by its subsidiaries The Companyûs shares held by its subsidiaries represent the Companyûs ordinary shares which are held by its two subsidiaries, K.C.E. International Co., Ltd. and Thai Laminate Manufacturer Co., Ltd. This shareholding is presented as a deduction item in the shareholdersû equity in order to present the net Companyûs shareholdersû equity in consolidates financial statements and the separate financial statements of the Company. The details as at 31 December 2004 and 2003 are as follows :-

Number of shares held by its subsidiaries (shares) Cost of shares (Baht) Shares premium (Baht) Shares held by its subsidiaries (Baht)

2004

2003

4,358,700 24,063,245 (4,147,798) 19,915,447

4,239,200 22,881,799 (4,147,798) 18,734,001

Annual Report 2004 KCE ELECTRONICS PCL.

120 121

13.4 ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 Àÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°„πß∫°“√‡ß‘π√«¡·≈–ß∫°“√‡ß‘π ‡©æ“–¢Õß∫√‘…—∑œ §”π«≥¥—ßπ’È :(Àπà«¬ : Àÿâπ)

2547 ¬Õ¥¬°¡“ ∫«° : Àÿâπ “¡—≠∑’ËÕÕ°®”Àπà“¬·≈–™”√–√–À«à“ßªï À—° : Àÿâπ¢Õß∫√‘…—∑œ ∑’Ë∂◊Õ‚¥¬∫√‘…—∑¬àÕ¬ ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° ∫«° : Àÿâπ “¡—≠‡∑’¬∫‡∑à“ - „∫ ”§—≠· ¥ß ‘∑∏‘ (2547 : 0.07 ≈â“πÀÿâπ, 2546 : 2.83 ≈â“πÀÿâπ) ®”π«πÀÿâπ “¡—≠∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—°ª√—∫≈¥

2546

312,170,000 1,285,697 (4,358,700) 309,096,997

308,270,000 1,831,151 (4,239,200) 305,861,951

52,500 309,149,497

1,981,424 307,843,375

13.5 °“√‡æ‘Ë¡∑ÿπ¢Õß∫√‘…—∑¬àÕ¬ ‡¡◊ÕË «—π∑’Ë 10 æƒ»®‘°“¬π 2547 ∑’ªË √–™ÿ¡«‘ “¡—≠ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß ¡’¡µ‘Õπÿ¡—µ‘°“√‡æ‘Ë¡∑ÿπ‡ªìπ®”π«π 250 ≈â“π∫“∑ ‚¥¬ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡ 6 ≈â“πÀÿâπ Àÿâπ≈– 10 ∫“∑ ´÷Ëß‰¥â‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

14. ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ∫√‘…—∑œ ‰¡à¡’¿“√–¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√¢Õßªï 2547 ·≈– 2546 ‡π◊ËÕß®“°¡’º≈¢“¥∑ÿπ∑“ß¿“…’®“°°“√ µ—¥®”Àπà“¬≈Ÿ°Àπ’Èµ“¡§” —Ëß»“≈≈â¡≈–≈“¬°≈“ß ·≈–¡’º≈¢“¥∑ÿπ∑“ß¿“…’¬°¡“¡“°°«à“°”‰√ ÿ∑∏‘ ”À√—∫ªï ¿“…’‡ß‘π‰¥âπµ‘ ∫‘ §ÿ §≈ ”À√—∫°”‰√¢Õßªï 2547 ·≈– 2546 ¢Õß∫√‘…∑— ¬àÕ¬ “¡·Ààß§◊Õ ∫√‘…∑— ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—πË ·π≈ ®”°—¥ ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ·≈–∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ §”π«≥¢÷Èπ®“°°”‰√¢Õß à«πß“π∑’Ë‰¡à‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈µ“¡ ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ (∂â“¡’) À≈—ß∫«°°≈—∫¥â«¬ §à“„™â®à“¬´÷Ëß∂◊Õ‡ªìπ§à“„™â®à“¬∑“ß¿“…’‰¡à‰¥â ·≈–À—°º≈¢“¥∑ÿπ∑“ß¿“…’®“°°“√µ—¥®”Àπà“¬≈Ÿ°Àπ’Èµ“¡§” —Ëß»“≈≈â¡≈–≈“¬ °≈“ß

15. ”√Õßµ“¡°ÆÀ¡“¬ ∫√‘…—∑œ µâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ëß‰«â‡ªìπ∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªï®π°«à“ ∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¡“µ√“ 116 ·Ààßæ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535

16. §à“µÕ∫·∑π°√√¡°“√ §à“µÕ∫·∑π°√√¡°“√π’È‡ªìπº≈ª√–‚¬™πå∑’Ë®à“¬„Àâ·°à°√√¡°“√¢Õß∫√‘…—∑œ µ“¡¡“µ√“ 90 ¢Õß æ√–√“™∫—≠≠—µ‘ ∫√‘…—∑¡À“™π®”°—¥ ‚¥¬‰¡à√«¡‡ß‘π‡¥◊Õπ·≈–º≈ª√–‚¬™πå∑’Ë‡°’Ë¬«¢âÕß∑’Ë®à“¬„Àâ°—∫°√√¡°“√∫√‘À“√

13.4 Weighted average number of ordinary shares As at 31 December 2004 and 2003, the weighted average number of ordinary shares in the consolidated financial statements and the financial statement of the Company only are calculated as follows :(Unit : Shares)

2004 Balance brought forward Add: Issued and paid-up shares during the year Less: Shares of the Company held by subsidiaries Weighted average number of ordinary shares Add : Potential ordinary share - share warrants (2004 : 0.07 million shares, 2003 : 2.83 million shares) Diluted weighted average number of ordinary shares

2003

312,170,000 1,285,697 (4,358,700) 309,096,997

308,270,000 1,831,151 (4,239,200) 305,861,951

52,500 309,149,497

1,981,424 307,843,375

13.5 Increase in subsidiaryûs share capital On 10 November 2004, The Extraordinary General Meeting of the shareholders of Thai Laminate Manufacturer, a subsidiary company, passed a resolution for the increase in share capital of Baht 250 million through the issuance of 6 million ordinary shares at Baht 10 per share, which had already been fully paid up.

14. CORPORATE INCOME TAX No corporate income tax is payable on the Companyûs earnings for 2004 and 2003 because the Company has tax loss from the write-off of debts according to the Central Bankruptcy Courtûs order and has tax loss carried forward from prior years over its earnings for the year. Corporate income tax for the 2004 and 2003 earnings of subsidiary companies have been calculated from the non-BOI promoted earnings (if any), after adding back non-tax deductible expenses and loss from the write-off of debts according to the Central Bankruptcy Courtûs order.

15. STATUTORY RESERVE According to the Public Limited Companies Act B.E. 2535, the Company is required to set aside a statutory reserve at least 5% of its net earnings until the reserve reaches 10% of the registered share capital.

16. DIRECTORSû REMUNERATION Directorsû remuneration represents the benefits (exclusive of salaries, bonus and related benefits payable to executive directors) paid to companyûs directors in accordance with Section 90 of the Public Limited Companies Act.

Annual Report 2004 KCE ELECTRONICS PCL.

122 123

17. ‡ß‘πªíπº≈®à“¬ ‡¡◊ËÕ«—π∑’Ë 28 ‡¡…“¬π 2547 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘„Àâ∫√‘…—∑œ ®à“¬‡ß‘πªíπº≈®“°°“√¥”‡π‘πß“πªï 2546 „Àâ·°àº∂Ÿâ Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ „πÕ—µ√“Àÿπâ ≈– 0.15 ∫“∑ √«¡‡ªìπ®”π«π∑—ßÈ ‘πÈ ª√–¡“≥ 46.8 ≈â“π∫“∑ ‚¥¬∫√‘…—∑œ ‰¥â®à“¬‡ß‘πªíπº≈¥—ß°≈à“«„Àâ°—∫ºŸâ∂◊ÕÀÿâπ·≈â«„π«—π∑’Ë 21 æƒ…¿“§¡ 2547 ‡¡◊ËÕ«—π∑’Ë 28 ‡¡…“¬π 2546 ∑’Ëª√–™ÿ¡„À≠à “¡—≠ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ ‰¥â¡’¡µ‘Õπÿ¡—µ‘ª√–°“»®à“¬‡ß‘πªíπº≈„Àâ·°à ºŸâ∂◊ÕÀÿâπ„πÕ—µ√“ 2 ∫“∑µàÕÀÿâπ √«¡‡ªìπ‡ß‘π∑—Èß ‘Èπª√–¡“≥ 61.6 ≈â“π∫“∑ ´÷Ëß∫√‘…—∑œ ‰¥â®à“¬‡ß‘πªíπº≈¥—ß°≈à“«·≈â«„π «—π∑’Ë 23 æƒ…¿“§¡ 2546

18. ®”π«π·≈–§à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ß∫°“√‡ß‘π√«¡ 2547 ®”π«πæπ—°ß“π ≥ «—π ‘Èπªï (§π) §à“„™â®à“¬‡°’Ë¬«°—∫æπ—°ß“π ”À√—∫ªï (≈â“π∫“∑)

3,590 747

2546 2,836 641

2547 1,043 274

2546 771 254

19. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ Õß·Ààß§◊Õ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ·≈–æπ—°ß“π‰¥â√à«¡°—π®—¥µ—Èß°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ¿“¬„µâ°“√Õπÿ¡—µ‘®“°°√–∑√«ß°“√§≈—ß µ“¡ æ.√.∫. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530 ´÷Ëßª√–°Õ∫¥â«¬‡ß‘π∑’Ëæπ—°ß“π®à“¬ – ¡ ·≈–‡ß‘π∑’Ë∫√‘…—∑œ À√◊Õ∫√‘…—∑ ¬àÕ¬®à“¬ ¡∑∫„Àâ„πÕ—µ√“√âÕ¬≈– 3-8 ¢Õß‡ß‘π‡¥◊Õπ °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æπ’È∫√‘À“√‚¥¬∫√‘…—∑À≈—°∑√—æ¬å®—¥°“√°Õß∑ÿπ ∏π™“µ‘ ®”°—¥ „π√–À«à“ßªï 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫‡¢â“°Õß∑ÿπ´÷Ëß‰¥â∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°“√‡ß‘π √«¡‡ªìπ®”π«π‡ß‘π 12.1 ≈â“π∫“∑ (2546 : 12.1 ≈â“π∫“∑) ·≈–„πß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ ‡ªìπ®”π«π‡ß‘π 7.6 ≈â“π∫“∑ (2546 : 7.7 ≈â“π∫“∑)

17. DIVIDEND PAYMENT On 28 April 2004, the Annual General Meeting of the Company没s shareholders passed a resolution approving the payment of a dividend in respect of prior year没s earnings at Baht 0.15 per share, or a total sum of approximately Baht 46.8 million. The dividend was paid to the Company没s shareholders on 21 May 2004. On 28 April 2003, the Annual General Meeting of the Company没s shareholders passed a resolution approving the dividends distribution to shareholders at Baht 2 per share, totaling Baht 61.6 million. Such dividend was paid on 23 May 2003.

18. NUMBER OF EMPLOYEES AND RELATED COSTS Consolidated

2004 Number of employees at the end of year (Persons) Employee costs for the year (Million Baht)

3,590 747

The Company Only

2003 2,836 641

2004 1,043 274

2003 771 254

19. PROVIDENT FUND The Company, two subsidiary companies, K.C.E. International Co., Ltd. and Thai Laminate Manufacturer Co., Ltd., and their employees jointly established a provident fund as approved by the Ministry of Finance in accordance with the Provident Fund Act B.E. 2530. The fund is contributed by both employees and the Company or the subsidiary companies at the rates of 3-8 percent of their basic salaries and is managed by National Asset Management Co., Ltd. Total contributions of the Company and its subsidiary companies during 2004 amounted to approximately Baht 12.1 million (2003 : Baht 12.1 million) and Baht 7.6 million for the Company Only (2003 : Baht 7.7 million).

Annual Report 2004 KCE ELECTRONICS PCL.

124 125

‰¥â√∫—

‰¥â√∫— ( ‘Èπ ÿ¥·≈â«)

‰¥â√∫— °÷ßË Àπ÷ßË

‰¥â√∫—

3 ªï ( ‘Èπ ÿ¥·≈â«)

‰¥â√∫—

3 ªï ( ‘Èπ ÿ¥·≈â«)

‰¥â√∫—

3 ªï ( ‘Èπ ÿ¥·≈â«)

‰¥â√∫—

‰¡à‰¥â√—∫

3 ªï

‰¥â√∫—

‰¡à‰¥â√—∫

3 ªï

‰¥â√∫— ( ‘Èπ ÿ¥·≈â«)

‰¥â√∫—

7 ªï

1378/2543 º≈‘µ·ºàπ «ß®√æ‘¡æå

‰¥â√∫—

‰¡à‰¥â√—∫

7 ªï

1598(2)/2547 º≈‘µ·ºàπ «ß®√æ‘¡æå

∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥

4 ¡‘∂πÿ “¬π 2543 13 µÿ≈“§¡ 2542 15 ¡‘∂πÿ “¬π 2537 16 ¡°√“§¡ 2540 3 æƒ»®‘°“¬π 2543 1 °—π¬“¬π 2546 7 °√°Æ“§¡ 2547 25 ¡‘∂πÿ “¬π 2544 1 æƒ»®‘°“¬π 2547

3 ªï ( ‘Èπ ÿ¥·≈â«)

∫√‘…—∑ ‡§ ´’ Õ’ ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ 1015/2543 1003/2538 1618/2538 1099/2544 1249(1)/2545 1664(2)/2547 º≈‘µ·ºàπ º≈‘µ·ºàπ º≈‘µº≈‘µ¿—≥±å º≈‘µº≈‘µ¿—≥±å º≈‘µº≈‘µ¿—≥±å º≈‘µº≈‘µ¿—≥±å «ß®√æ‘¡æå «ß®√æ‘¡æå æ√’‡æ°·≈–≈“¡‘‡πµ æ√’‡æ° ≈“¡‘‡πµ æ√’‡æ°

3 ªï ( ‘Èπ ÿ¥·≈â«)

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 1292/2539 1062/2541 1065/2543 º≈‘µ·ºàπ º≈‘µ·ºàπ º≈‘µ·ºàπ «ß®√æ‘¡æå «ß®√æ‘¡æå «ß®√æ‘¡æå

3. ‘∑∏‘ª√–‚¬™πå ”§—≠∑’‰Ë ¥â√∫— 3.1 ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫ 3 ªï 3 ªï °”‰√ ÿ∑∏‘∑’Ë‰¥â®“°°“√ª√–°Õ∫°‘®°“√ ( ‘Èπ ÿ¥·≈â«) ( ‘Èπ ÿ¥·≈â«) ∑’Ë‰¥â√—∫°“√ àß‡ √‘¡·≈–‰¥â√—∫¬°‡«âπ ‰¡àµâÕßπ”‡ß‘πªíπº≈®“°°‘®°“√∑’Ë‰¥â√—∫ °“√ àß‡ √‘¡´÷Ëß‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â π‘µ‘∫ÿ§§≈‰ª√«¡§”π«≥‡æ◊ËÕ‡ ’¬¿“…’ 3.2 ‰¥â√—∫Õπÿ≠“µ„ÀâÀ—°‡ß‘π‰¥âæ÷ßª√–‡¡‘π ‰¥â√∫— ‰¥â√∫— ‡ªìπ®”π«π‡∑à“°—∫√âÕ¬≈–Àâ“¢Õß√“¬‰¥â ∑’Ë‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ®“°°“√ àßÕÕ° ‡ªìπ√–¬–‡«≈“ 10 ªï ∑—Èßπ’È √“¬‰¥â®“° °“√ àßÕÕ°¢Õßªïπ—ÈπÊ ®–µâÕß‰¡àµË”°«à“ √“¬‰¥â®“°°“√ àßÕÕ°‡©≈’Ë¬ “¡ªï ¬âÕπÀ≈—ß ¬°‡«âπ Õßªï·√° 3.3 ‰¥â√—∫¬°‡«âπÕ“°√¢“‡¢â“ ”À√—∫ ‰¥â√∫— ‰¥â√∫— ‡§√◊ËÕß®—°√µ“¡∑’Ë§≥–°√√¡°“√ æ‘®“√≥“Õπÿ¡µ— ‘ 3.4 ‰¥â√—∫¬°‡«âπÕ“°√¢“‡¢â“ ”À√—∫«—µ∂ÿ¥‘∫ ‰¥â√∫— ‰¥â√∫— ·≈–«— ¥ÿ®”‡ªìπ∑’ËµâÕßπ”‡¢â“®“° ( ‘Èπ ÿ¥·≈â«) ( ‘Èπ ÿ¥·≈â«) µà“ßª√–‡∑»‡æ◊ËÕ„™â„π°“√º≈‘µ‡æ◊ËÕ °“√ àßÕÕ°‡ªìπ√–¬–‡«≈“ 1 ªï π—∫µ—ßÈ ·µà«π— π”‡¢â“«—π·√° 4. «—π∑’‡Ë √‘¡Ë „™â ∑‘ ∏‘µ“¡∫—µ√ àß‡ √‘¡ 6 ¡°√“§¡ 2539 8 ‘ßÀ“§¡ 2541

1. ∫—µ√ àß‡ √‘¡‡≈¢∑’Ë 2 ‡æ◊ËÕ àß‡ √‘¡°“√≈ß∑ÿπ„π°‘®°“√

√“¬≈–‡Õ’¬¥

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘æ‘‡»…∑“ß¥â“π¿“…’Õ“°√®“°°√¡ àß‡ √‘¡°“√≈ß∑ÿπµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ‚¥¬°“√Õπÿ¡—µ‘¢Õß§≥–°√√¡°“√ àß ‡ √‘¡°“√≈ß∑ÿπ¿“¬„µâ‡ß◊ËÕπ‰¢µà“ßÊ ∑’Ë°”Àπ¥‰«â ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘ª√–‚¬™πå∑“ß¥â“π¿“…’Õ“°√∑’Ë¡’ “√– ”§—≠ ¥—ßµàÕ‰ªπ’È :-

20. ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ

Annual Report 2004

KCE ELECTRONICS PCL.

126 127

Granted -

Granted Granted (Expired)

4 June 2000

Granted

8 August 1998

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 of corporate income tax 3 years for net earnings from promotional (expired) privileges and exemption of income tax on dividends paid from the profit of the operations throughout the period in which the corporate income tax is exempted. 3.2 Allowance for 5% of the increment Granted in export income over the preceding year for ten years, providing that the export earnings of that particular year should not be lower than the average export earnings over the three preceding years except for the first two years. 3.3 Exemption of import duty on Granted machinery as approved by the board. 3.4 Exemption of import duty on raw Granted materials and significant supplies (Expired) 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

1. Certificate No. 2 Promotional privileges for

Details

13 October 1999

Granted

3 years (expired)

1015/2543 Manufacturing of Printed Circuit Board

15 June 1994

Granted (Expired)

50% Exemption

Granted

3 years (expired)

1003/2538 Manufacturing of Printed Circuit Board

K.C.E. International Co., Ltd.

Granted

3 years (expired)

Granted

Non-granted

3 years

1249(1)/2545 Manufacturing of Laminate

16 January 1997 3 November 2000 1 September 2003

Granted

3 years (expired)

1618/2538 1099/2544 Manufacturing Manufacturing of Prepreg and of Prepreg Laminate

7 July 2004

Granted

Non-granted

3 years

1664(2)/2547 Manufacturing of Prepreg

Thai Laminate Manufacturer Co., Ltd.

Granted

Non-granted

7 years

1598(2)/2547 Manufacturing of Printed Circuit Board

25 June 2001 1 November 2004

Granted (Expired)

Granted

7 years

1378/2543 Manufacturing of Printed Circuit Board

KCE Technology Co., Ltd.

The Company 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 follow :-

20. PROMOTIONAL PRIVILEGES

„π√–À«à“ßªï 2547 ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß‰¥â√—∫°“√Õπÿ¡—µ‘°“√ ¢Õ¬°‡≈‘°∫—µ√ àß‡ √‘¡‡≈¢∑’Ë 1618/2538 ≈ß«—π∑’Ë 18 ‘ßÀ“§¡ 2538 ®“° ”π—°ß“π§≥–°√√¡°“√ àß‡ √‘¡°“√≈ß∑ÿπ ‚¥¬‰¡à¡’¿“√–¿“…’Õ“°√¥â“π‡§√◊ËÕß®—°√·≈–«—µ∂ÿ¥‘∫µ“¡ª√–°“»∑’Ë ∫. 78/2547 ≈ß«—π∑’Ë 17 ‘ßÀ“§¡ 2547 √“¬‰¥â®“°°“√¢“¬¢Õß∫√‘…—∑œ ‡ªìπ√“¬‰¥â®“°°“√ àßÕÕ°·≈–°“√¢“¬„πª√–‡∑» ´÷Ëß “¡“√∂®”·π°µ“¡√“¬‰¥â à«π∑’Ë‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ·≈– à«π∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ ¥—ßµàÕ‰ªπ’È :(Àπà«¬ : ∫“∑) ß∫°“√‡ß‘π‡©æ“–¢Õß∫√‘…—∑œ °‘®°“√∑’Ë‰¥â√—∫ °‘®°“√∑’‰Ë ¡à‰¥â√∫— °“√ àß‡ √‘¡°“√≈ß∑ÿπ °“√ àß‡ √‘¡°“√≈ß∑ÿπ 2547 √“¬‰¥â®“°°“√¢“¬ √“¬‰¥â®“°°“√ àßÕÕ° √“¬‰¥â®“°°“√¢“¬„πª√–‡∑» √«¡√“¬‰¥âµ“¡¿“…’ √“¬‰¥â®“°°“√¢“¬Ω“° √«¡√“¬‰¥âµ“¡∫—≠™’

2546

2547

2546

√«¡ 2547

314,111,966 1,958,178,529 1,739,141,265 1,958,178,529 12,449,593 157,309,469 90,420,332 157,309,469 2,115,487,998 (656,261) 2,114,831,737

2546 2,053,253,231 102,869,925 2,156,123,156 2,794,000 2,158,917,156

21. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ 21.1 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’Ë¬«‡π◊ËÕß°—∫ —≠≠“‡™à“·≈– —≠≠“ ∫√‘°“√ ´÷Ëß¡’√–¬–‡«≈“µ—Èß·µà 1 ∂÷ß 3 ªï §à“‡™à“·≈–§à“∫√‘°“√¢—ÈπµË”„πÕπ“§µ∑’Ë®–µâÕß®à“¬µ“¡ —≠≠“ ®π°√–∑—Ëß ‘Èπ ÿ¥ —≠≠“„πß∫°“√‡ß‘π√«¡‡ªìπ®”π«πª√–¡“≥ 27.3 ≈â“π∫“∑ (‡©æ“–¢Õß∫√‘…—∑œ : 9.1 ≈â“π∫“∑) 21.2 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√„Àâ∏π“§“√ÕÕ°Àπ—ß ◊Õ §È”ª√–°—π‡ªìπ®”π«π‡ß‘π 38.4 ≈â“π∫“∑ (‡©æ“–¢Õß∫√‘…—∑œ : 12.6 ≈â“π∫“∑) 21.3 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ·≈–∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ´÷ßË ‡ªìπ∫√‘…∑— ¬àÕ¬¡’¿“√–ºŸ°æ—π‡°’¬Ë «°—∫°“√´◊ÕÈ ‡§√◊ÕË ß®—°√‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.4 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ 0.2 ≈â“π¬Ÿ‚√ ·≈– 0.8 ≈â“π∫“∑ À√◊Õ‡∑’¬∫‡∑à“√«¡∑—Èß ‘Èπª√–¡“≥ 27.7 ≈â“π∫“∑ (2546 : 3.1 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ·≈– 0.1 ≈â“π‡À√’¬≠ ‘ß§‚ª√å À√◊Õ‡∑’¬∫‡∑à“√«¡∑—Èß ‘Èπª√–¡“≥ 126.0 ≈â“π∫“∑)

In 2004, Thai Laminate Manufacturer Co., Ltd., a subsidiary company was approved by the Board of Investment to cancel the BOI certificate No. 1618/2538 dated 18 August 1995, whereby it would not be liable for duty on machinery and raw materials in accordance with the notification No. Bor. 78/2547 date 17 August 2004. Sales of the Company are both export and local sales which could be separated between promoted and non-promoted activities as follows :(Unit : Baht) The Company Only BOI 2004 sales Export Local sales Total sales per tax Consignment sales Total sales in the financial statements

NON-BOI 2003

2004

2003

Total 2004

314,111,966 1,958,178,529 1,739,141,265 1,958,178,529 12,449,593 157,309,469 90,420,332 157,309,469 2,115,487,998 (656,261) 2,114,831,737

2003 2,053,253,231 102,869,925 2,156,123,156 2,794,000 2,158,917,156

21. COMMITMENTS AND CONTINGENT LIABILITIES 21.1 As at 31 December 2004, the Company and its subsidiaries have rental and service contract commitments with a period of 1 - 3 years. The future minimum charge according to the agreements until the end of the agreements in the consolidated financial statements amounted to approximately Baht 27.3 million (The Company Only : Baht 9.1 million). 21.2 As at 31 December 2004, the Company and its subsidiaries have contingent liabilities in respect of bank guarantees issued on their behalves amounting to Baht 38.4 million (The Company Only : Baht 12.6 million). 21.3 As at 31 December 2004, two subsidiary companies, K.C.E. International Co., Ltd. and KCE Technology Co., Ltd., have commitments in respect of purchases of machinery amounting to approximately USD 0.4 million, EURO 0.2 million and Baht 0.8 million or equivalent totally to Baht 27.7 million (2003 : USD 3.1 million and SGD 0.1 million or equivalent totally to Baht 126.0 million).

Annual Report 2004 KCE ELECTRONICS PCL.

128 129

21.4 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ®“°°“√§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡·≈–«ß‡ß‘π ‘π‡™◊ËÕ∑ÿ°ª√–‡¿∑ √–À«à“ß°—π¥—ßπ’È :≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 §È”ª√–°—π„Àâ°∫— ºŸâ§È”ª√–°—π

∫√‘…—∑ ‡§ ´’ Õ’ ∫√‘…—∑ ‡§´’Õ’ ‡∑§‚π‚≈¬’ ®”°—¥ ∫√‘…—∑ ‰∑¬≈“¡‘‡πµ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥ ≈â“π∫“∑

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 355 ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ -

≈â“π‡À√’¬≠ À√—∞œ ≈â“π¬Ÿ‚√

≈â“π∫“∑

≈â“π‡À√’¬≠ À√—∞œ ≈â“π¬Ÿ‚√

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

≈â“π‡À√’¬≠ ≈â“π‡À√’¬≠ ≈â“π∫“∑ À√—∞œ ≈â“π¬Ÿ‚√ ≈â“π∫“∑ À√—∞œ ≈â“π¬Ÿ‚√

3,771 -

18 -

3 -

206 44

4 -

486

≥ «—π∑’Ë 31 ∏—π«“§¡ 2546 §È”ª√–°—π„Àâ°∫— ºŸâ§È”ª√–°—π

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 178 ∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ ‡§ ´’ Õ’ Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π) 36 ·≈–∫√‘…—∑ ‰∑¬≈“¡‘‡πµ ·¡πŸ·ø§‡®Õ‡√Õ√å ®”°—¥

≈â“π‡À√’¬≠ À√—∞œ ≈â“π¬Ÿ‚√

≈â“π∫“∑

≈â“π‡À√’¬≠ À√—∞œ ≈â“π¬Ÿ‚√

∫√‘…—∑ ‡§´’Õ’ Õ’‡≈§‚∑√π‘§ å ®”°—¥ (¡À“™π)

≈â“π‡À√’¬≠ ≈â“π‡À√’¬≠ ≈â“π∫“∑ À√—∞œ ≈â“π¬Ÿ‚√ ≈â“π∫“∑ À√—∞œ ≈â“π¬Ÿ‚√

2,317 -

18 -

159 61

1 -

470 -

21.4 The Company and its subsidiaries have contingent liabilities in respect of cross guarantees of loans and other credit facilities as follows :As at 31 December 2004 Guarantee provided to Guarantor

K.C.E. International Co., Ltd. KCE Technology Co., Ltd.

Baht KCE Electronics Plc. K.C.E. International Co., Ltd. KCE Electronics Plc. and K.C.E. International Co., Ltd.

Million Million USD EURO Baht USD EURO

Thai Laminate Manufacturer Co., Ltd.

KCE Electronics Plc.

Million Million Baht USD EURO Baht USD EURO

355 -

3,771 -

18 -

3 -

206 44

4 -

486

As at 31 December 2003 Guarantee provided to Guarantor

K.C.E. International Co., Ltd. KCE Technology Co., Ltd.

Baht 178 -

KCE Electronics Plc. K.C.E. International Co., Ltd. KCE Electronics Plc. and K.C.E. International Co., Ltd. K.C.E. Electronics Plc. and Thai Laminate 36 Manufacturer Co., Ltd.

Thai Laminate Manufacturer Co., Ltd.

KCE Electronics Plc.

Million Million Million Million USD EURO Baht USD EURO Baht USD EURO Baht USD EURO - 2,317 18 159 1 470 61 -

Annual Report 2004 KCE ELECTRONICS PCL.

130 131

2546 2547

‘π∑√—æ¬å∂“«√ ‘π∑√—æ¬åÕπ◊Ë ‘π∑√—æ¬å√«¡

2546 2547

√«¡ 2546

2547

√«¡ 2546

452,221,234 (131,194,415) (15,179,038) 305,847,781

∏ÿ√°‘®æ√’‡æ° ·≈–≈“¡‘‡πµ ∏ÿ√°‘®·ºàπ«ß®√æ‘¡æå √«¡ 2547 2546 2547 2546 2547 2546 451,945,255 466,170,711 4,981,436,172 3,953,135,707 5,433,381,427 4,419,306,418 498,227,216 334,556,273 2,758,321,430 2,237,463,674 3,256,548,646 2,572,019,947 950,172,471 800,726,984 7,739,757,602 6,190,599,381 8,689,930,073 6,991,326,365

(Àπà«¬ : ∫“∑)

(11,122,275) (6,710,091) 240,924,426 299,137,690

414,262,595 (147,817,465) (14,398,429) 252,046,701

6,658,509 4,187,787 6,658,509 4,187,787 210,785,216 123,948,319 219,577,141 150,642,355 5,037,223,478 4,484,681,735 5,939,511,039 5,124,076,665

26,694,036 639,394,930

2547

‡Õ‡™’¬

8,791,925 902,287,561

2546

∏ÿ√°‘®·ºàπ«ß®√æ‘¡æå

612,700,894 1,233,386,135 1,389,782,670 2,950,759,313 2,375,637,595 1,529,129,941 1,203,826,258 5,713,275,389 4,969,246,523 6,606,771,025 5,581,947,417 (893,495,636) (612,700,894) (893,495,636) (612,700,894) 612,700,894 4,819,779,753 4,356,545,629 5,713,275,389 4,969,246,523

2547

¬ÿ‚√ª

(Àπà«¬ : ∫“∑)

893,495,636 893,495,636

2546

Õ‡¡√‘°“

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π∑“ß∏ÿ√°‘® ”À√—∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ·≈– 2546 ‡ªìπ¥—ßµàÕ‰ªπ’È :-

À—° : à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π°”‰√ ÿ∑∏‘√«¡ °”‰√ ÿ∑∏‘

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈– ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ À—° : ¥Õ°‡∫’È¬®à“¬ ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈

√“¬‰¥â √“¬‰¥â®“°°“√¢“¬ À—° : √“¬°“√√–À«à“ß°—π ¢“¬ ÿ∑∏‘ à«π·∫àßº≈°”‰√®“°‡ß‘π≈ß∑ÿπ „π∫√‘…—∑√à«¡µ“¡«‘∏’ à«π‰¥â‡ ’¬ √“¬‰¥âÕ◊Ëπ √«¡√“¬‰¥â

2547

∏ÿ√°‘®æ√’‡æ° ·≈–≈“¡‘‡πµ

ß∫°“√‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡

∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π°‘®°“√„π à«πß“π∏ÿ√°‘®À≈—° §◊Õ °“√º≈‘µ·≈–®”Àπà“¬º≈‘µ¿—≥±å·ºàπ«ß®√æ‘¡æå æ√’‡æ°·≈–≈“¡‘‡πµ ‚¥¬¡’ à«πß“π∑“ß¿Ÿ¡‘»“ µ√å∑’Ë¥”‡π‘π °“√º≈‘µ„πª√–‡∑»‰∑¬ ·≈–¥”‡π‘π∏ÿ√°‘®∑—Èßµ≈“¥„πª√–‡∑»·≈–µà“ßª√–‡∑» ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‡°’Ë¬«°—∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®”·π°µ“¡ à«πß“π∑“ß∏ÿ√°‘®‡ªìπ ¥—ßµàÕ‰ªπ’È :-

22. °“√‡ πÕ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π°µ“¡ à«πß“π

Annual Report 2004

KCE ELECTRONICS PCL.

132 133

2004 2003 2004

Europe 2003

Property, plant and equipment - net Other assets Total assets

2004

Asia 2003 2004

Total 2003

2004

Total 2003

(Unit: Baht)

26,694,036 639,394,930

Prepreg and Laminate Business 2004 2003 451,945,255 466,170,711 498,227,216 334,556,273 950,172,471 800,726,984

(Unit: Baht) Total 2004 2003 2004 2003 4,981,436,172 3,953,135,707 5,433,381,427 4,419,306,418 2,758,321,430 2,237,463,674 3,256,548,646 2,572,019,947 7,739,757,602 6,190,599,381 8,689,930,073 6,991,326,365

Printed Circuit Board Business

452,221,234 (131,194,415) (15,179,038) 305,847,781 (11,122,275) (6,710,091) 240,924,426 299,137,690

414,262,595 (147,817,465) (14,398,429) 252,046,701

6,658,509 4,187,787 6,658,509 4,187,787 210,785,216 123,948,319 219,577,141 150,642,355 5,037,223,478 4,484,681,735 5,939,511,039 5,124,076,665

2003

America

Printed Circuit Board Business

Financial information by business segment for the consolidated balance sheets are as follows :-

Less: Minority interest in net earnings Net earnings

Earnings before interest expenses and corporate income tax Less: Interest expenses Corporate income tax

2004 Revenues Sales 893,495,636 Less: Intercompany transactions Net sales 893,495,636 Share of profit from investments in associates accounted for under equity method Other income 8,791,925 Total revenues 902,287,561

Prepreg and LaminateBusiness

Consolidated For the year ended 31 December

The Company and its subsidiaries没 operations mainly involve business segments in printed circuit board, prepreg and laminate products with production facilities in Thailand and operates in both local and overseas markets. Financial information of the Company and its subsidiaries by business and market is as follows :-

22. FINANCIAL INFORMATION BY SEGMENT

23. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß∑“ß°“√‡ß‘π ∫√‘ …— ∑ œ ·≈–∫√‘ …— ∑ ¬à Õ ¬¡’ § «“¡‡ ’Ë ¬ ß®“°§«“¡º— π º«π¢ÕßÕ— µ √“¥Õ°‡∫’È ¬ ·≈–Õ— µ √“·≈°‡ª≈’Ë ¬ π‡ß‘ π µ√“ µà“ßª√–‡∑»„πµ≈“¥·≈–®“°°“√∑’Ë§Ÿà —≠≠“Õ“®®–‰¡àªØ‘∫—µ‘µ“¡ —≠≠“„πÕπ“§µ ´÷Ëß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–æ‘®“√≥“ „™â‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π∑’Ë‡À¡“– ¡„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß¥—ß°≈à“« Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’π‚¬∫“¬ ∑’Ë®–ª√–°Õ∫∏ÿ√°√√¡µ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕ°“√‡°Áß°”‰√À√◊Õ‡æ◊ËÕ°“√§â“ §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬ §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬‡°‘¥®“°§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„πµ≈“¥„πÕπ“§µ ´÷Ëß®– àßº≈°√–∑∫µàÕ °“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ §«“¡‡ ’Ë¬ß¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“° Õ—µ√“¥Õ°‡∫’È¬‡π◊ËÕß®“°¡’‡ß‘πΩ“°°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√·≈–‡ß‘π°Ÿâ¬◊¡®“°∏π“§“√·≈– ∂“∫—π°“√‡ß‘π Õ¬à“ß‰√°Áµ“¡ ‡ß‘πΩ“°°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘π·≈–‡ß‘π°Ÿâ¬◊¡ à«π„À≠à¡’Õ—µ√“¥Õ°‡∫’È¬ª√—∫¢÷Èπ≈ß µ“¡Õ—µ√“µ≈“¥ (Floating interest rate) ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß¡‘‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—π §«“¡‡ ’Ë¬ß¥—ß°≈à“« §«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π §«“¡‡ ’¬Ë ß®“°Õ—µ√“·≈°‡ª≈’¬Ë π‡ß‘πµ√“µà“ßª√–‡∑»¢Õß∫√‘…∑— œ ·≈–∫√‘…∑— ¬àÕ¬ à«π„À≠à‡°’¬Ë «¢âÕß°—∫°“√¢“¬ ‘π§â“ °“√´◊ÈÕ«—µ∂ÿ¥‘∫ ‡ß‘π°Ÿâ¬◊¡‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’π‚¬∫“¬°“√∫√‘À“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ ‡ß‘πµ√“µà“ßª√–‡∑» ‚¥¬®–®—¥„Àâ ‘π∑√—æ¬å·≈–Àπ’È ‘π¥—ß°≈à“«¡’ª√‘¡“≥·≈–‡ß◊ËÕπ‰¢∑’Ë ¡¥ÿ≈°—π‚¥¬‡πâπ„Àâ°“√√—∫-®à“¬Õ¬Ÿà „π√–¬–‡«≈“∑’Ë„°≈â‡§’¬ß°—π πÕ°®“°π’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â‡¢â“∑” —≠≠“´◊ÈÕ‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“°—∫ ∏π“§“√æ“≥‘™¬å ‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π´÷Ëß¡’Õ“¬ÿ —≠≠“‰¡à‡°‘πÀπ÷Ëßªï ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’ —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ßª√–‡∑»≈à«ßÀπâ“§ß‡À≈◊ÕÕ¬Ÿà ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë¡’ “√– ”§—≠ ¥—ßπ’È :ß∫°“√‡ß‘π√«¡ °ÿ≈‡ß‘π

‘π∑√—æ¬å Àπ’ È π‘ (æ—πÀπà«¬) (æ—πÀπà«¬)

Àπ’ È π‘ (æ—πÀπà«¬)

Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2547 Õ—µ√“´◊ÈÕ

Õ—µ√“¢“¬

(∫“∑µàÕÀπ÷ßË Àπà«¬‡ß‘πµ√“µà“ßª√–‡∑»)

‡À√’¬≠ À√—∞Õ‡¡√‘°“ ¬Ÿ‚√ ªÕπ¥å ‡µÕ√å≈‘ß ‡¬π ‡À√’¬≠ ‘ß§‚ª√å

18,639 8,848 574 -

27,897 6,491 360 183,061 696

9,745 3,286 54 -

7,298 466 229 4,216 190

38.9198 52.8127 74.5266 0.3728 23.6427

39.2025 53.4818 75.3841 0.3788 24.0196

23. FINANCIAL INSTRUMENTS Financial risk management and policies The Company and its subsidiaries are exposed to risks from changes in market interest rates and in currency exchange rates, and from non-performance of contractual obligations by counterparties. The Company and its subsidiaries use derivative instruments, as and when they consider appropriate to manage such risks. The Company and its subsidiaries do not hold or issue derivative instruments for speculative or trading purposes. Interest rate risk The interest rate risk is the risk that future movements in market interest rates will affect the results of the Company没s and its subsidiaries没 operations and their cash flows. The Company and its subsidiaries没 exposure to interest rate risk relates primarily to cash at banks and deposits with financial institutions, bank overdrafts and loans from banks and financial institutions. Since the majority of these deposits with banks and financial institutions and loans carry floating interest rate, the Company and its subsidiaries do not use derivative financial instruments to hedge such risk. Foreign currency risk The Company and its subsidiaries没 exposure to foreign currency risk relates primarily to their revenues, purchases of materials and loans, which are denominated in foreign currencies. The Company and its subsidiaries have policies to manage their assets and liabilities denominated in foreign currencies through matching the quantities and conditions of those assets and liabilities, with emphasis on having receipts and payments occur at the same time. Moreover, the Company and its subsidiaries have entered into forward exchange contracts with banks to hedge foreign exchange risk which have maturities of less than one year. The Company and its subsidiaries have not forward exchange contracts outstanding as at 31 December 2004. As at 31 December 2004, the Company and its subsidiaries had significant assets and liabilities denominated in foreign currencies as follow :Consolidated Foreign currency

Assets Liabilities (Thousand (Thousand Unit) Unit)

The Company Only Assets (Thousand Unit)

Liabilities (Thousand Unit)

Exchange rate as at 31 December 2004 Buying rate

Selling rate

(Baht per unit of foreign currency)

USD EURO GBP JPY SGD

18,639 8,848 574 -

27,897 6,491 360 183,061 696

9,745 3,286 54 -

7,298 466 229 4,216 190

38.9198 52.8127 74.5266 0.3728 23.6427

Annual Report 2004 KCE ELECTRONICS PCL.

39.2025 53.4818 75.3841 0.3788 24.0196

134 135

§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ∑’Ë‡°’Ë¬«‡π◊ËÕß°—∫∫—≠™’≈Ÿ°Àπ’È°“√§â“ Õ¬à“ß‰√°Áµ“¡ΩÉ“¬∫√‘À“√ ¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¡à§“¥«à“∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’Ë‡ªìπ “√– ”§—≠®“°°“√‡°Á∫Àπ’È®“° ≈Ÿ°Àπ’È‡À≈à“π’È ‡π◊ËÕß®“°∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¢“¬ ‘π§â“„Àâ·°à≈Ÿ°§â“À≈“°À≈“¬ ·≈–≈Ÿ°Àπ’È à«π„À≠à¡’§«“¡ “¡“√∂ „π°“√™”√–Àπ’È¥’ ¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ ¥—ßπ—Èπ ¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¥—ß°≈à“«®÷ß· ¥ß¡Ÿ≈§à“‰¡à·µ°µà“ß®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡Õ¬à“ß¡’ “√– ”§—≠

24. °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π °“√· ¥ß√“¬°“√„πß∫°“√‡ß‘ππ’‰È ¥â®¥— ∑”¢÷πÈ ‡æ◊ÕË „Àâ‡ªìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“ ≈ß«—π∑’Ë 14 °—π¬“¬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543

25. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’È‰¥â√—∫°“√Õπÿ¡—µ‘®“°°√√¡°“√¢Õß∫√‘…—∑œ ·≈â«

Credit risk The Company and its subsidiaries expose to credit risk primarily with respect to trade accounts receivable. The management, however, does not expect material exposure to credit risk because the Company and the subsidiaries sell to diversed trade accounts receivable and most of accounts receivable have good payment abilities. Fair value Since the majority of financial assets and liabilities are short-term, the management believes that the fair value of financial assets and liabilities do not materially differ from their carrying value.

24. PRESENTATION The presentation of the financial statements has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 14 September 2001 as empowered under the Accounting Act B.E. 2543.

25. APPROVAL OF FINANCIAL STATEMENTS These financial statements have been approved by the director of the Company.

Annual Report 2004 KCE ELECTRONICS PCL.

136 137

√“¬°“√∑’Ë°”Àπ¥µ“¡·∫∫ 56-2 CHECK LIST OF 56-2 √“¬°“√/Items

Àπâ“/Page

¢âÕ¡Ÿ≈∑—«Ë ‰ª General Information ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª Financial Highlights of the Company ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Overview Business ªí®®—¬§«“¡‡ ’Ë¬ß Risk Factors ‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ Shareholders and Management Structures 5.1 ºŸâ∂◊ÕÀÿâπ (Shareholders) 5.2 °“√®—¥°“√ (Management) 5.3 °“√°”°—∫¥Ÿ·≈°‘®°“√ (Corporate Good Governance) √“¬°“√√–À«à“ß°—π Connected Transactions §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–º≈°“√¥”‡π‘πß“π Management Discussion and Analysis ß∫°“√‡ß‘π Financial Statements

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