:: Annual Report 2015 ::

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Annual Report 2015 Tirathai Public Limited

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Â…o °¤Ÿ¨ÂšÂľÂŠÂ„¾Œà Š¡ÂœĂƒÂ—¼­Œ ž Financial Highlights ­¾ŒÂ‹ÂľÂ„ÂžÂŚÂłÂ›ÂľÂœÂ„ŒŒ¤Â„¾Œ Message from the chairman ­¾ŒÂ‹ÂľÂ„„ŒŒ¤Â„¾ŒÂ&#x;Âźo‹—´ „¾Œ Message from the Managing Director Œ¾¼ÂŠÂľÂœÂ‡Â–³„ŒŒ¤Â„¾ŒÂ˜ÂŚÂŞÂ‹­°Â? Report of the Audit Committee Œ¾¼ÂŠÂľÂœÂ‡Â–³„ŒŒ¤Â„¾Œ­ŒŒŽ¾ Report of the Nominating Committee ‡–³„ŒŒ¤Â„¾ŒÂ?Œ¡´Âš Board of Directors ž‘¡ÂšÂœ¡ „¡Â‹Â„ŒŒ¤ Event Calendar ª¡­´¼Âš´Âœr ¥´ÂœÂ›Â„¡Â‹ Vision/Mission Â&#x;Âźo™º°ŽoÂœŒ¾¼Ă„ÂŽÂ?n Ă‚¨³ÂœĂƒÂĽÂ?¾¼Â„¾ŒÂ‹n ¾¼à Š¡ÂœÂž´ ÂœÂ&#x;¨ Major Shareholders and Dividend Policy ĂƒÂ‡ÂŚÂŠ­Œo ¾Š„¾ŒÂ‹´Â—„¾Œ Organization Chart „¾ŒÂ‹´Â—„¾Œ Management

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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x -XO\ y 1RZ - Director, Tirathai Public Company Limited - Audit Committee Member, Tirathai Public Company Limited x y 1RZ - Managing Director, (QJLQHHULQJ 'HYHORSPHQW . 3DUWQHUVKLS x y - Nominating Committee Member, Tirathai Public Company Limited x y - Nominating Committee Member, Tirathai Public Company Limited

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Annual Report 2015 Tirathai Public Limited

x -DQXDU\ y 3UHVHQW - Director and Chairman of Audit Committee, TMB Public Company Limited x 1RYHPEHU y 3UHVHQW - Director, Tirathai Public Company Limited - Audit Committee Member, Tirathai Public Company Limited x y - President of Deposit Protection Agency Important Experience - Deputy Secretary General (Investment) Government Pension Fund - Deputy General Manager, Deutsche Bank, Bangkok - Senior Vice President, Treasurer and member of the Executive Committee, Head of Correspondence Banking, Nakornthon Bank - Vice Chairman/Chairman of Audit Committee Thai Bond Market Association - Chairman, Thai Administration Services Co, Ltd. - Chairman, Fitch Ratings Co, Ltd. - Chairman, GPF Property Management Co, Ltd. - Director, Saha Thai Steel Pipe Public Co, Ltd. - Director, Thai Prosperity Advisory Co, Ltd. - Director, LMG Insurance Co, Ltd. - Director, Ifs Capital (Thailand) Public Co, Ltd.

กิจกรรมในปี 2558 Activities for the year 2015

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“Tirathai doing good for 28th anniversary� Tirathai Public Company Limited organized a doing good activity to celebrate their 28th anniver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y 6WDWHOHVV &KLOG )RVWHU KRPH

Annual Report 2015 Tirathai Public Limited

â€œŕ¸–ิรŕš„ŕ¸—ย อ฾ ๠อŕ¸™ŕ¸”ŕšŒ ŕš€อสâ€? รูบลอบบูนทผภควาลŕš€ŕ¸‚ŕš‰าŕšƒŕ¸ˆ ภŕ¸&#x;ŕ¸œ. Âœ¾¼­´¤¥´ÂœÂ›r ªŠr ÂžÂľÂœ „ŒŒ¤Â„¾ŒÂ&#x;Âźo‹´Â—„¾Œ Â?Œ¡ ´Âš ™¡ŒĂ…š¼ ‹Î¾„´Â— ¤Ž¾Â?Âœ ÂŽÂŚÂş ° 757 Ă„ÂœÂœ¾¤Â?Œ¡´Âš ™¡ŒĂ…š¼ °¸ Ă‚°ÂœÂ—r à °­ ‹Î¾„´Â— Â?Œ¡´ÂšĂ„ÂœĂ Â‡ÂŚÂş ° ÂĄÂŚo °¤Â&#x;ÂźoÂ?Œ¡Ž¾Œ ÂŚnª¤Œ´Â?¤°Â?­´Â?Â?ÂľÂ?´ÂœÂššÂ„‡ª¾¤à Â…o ¾Ä‹Œ³Žªn¾ŠÂ?Œ¡´Âš ™¡ŒĂ…š¼ °¸ Ă‚°ÂœÂ—r à °­ ‹Î¾„´Â— „´Â? „¾ŒĂ…¢¢o ¾ n ¾¼Â&#x;¨¡Â˜Ă‚ÂŽnŠžŒ³à šÅš¼ „¢Â&#x; ĂƒÂ—¼¤¸ Ă Â‹Â˜Â‹ĂŽÂľÂœÂŠÂš¸Ă‰Â‹³­Œo ¾Š‡ª¾¤Œnª¤¤º°ÂšÂľÂŠª¡Â?¾„¾Œ Ă„ÂœÂ„¾ŒĂ„Â?o ÂŠÂľÂœ Ă‚¨³Â„¾ŒÂ?ĂŽ¾ŒÂŠ Ϋ„¾Ž¤o °Ă‚ž¨ÂŠĂ…¢¢o ¾ÂŒŠ­ŸÂŠ Œª¤Â™šÂŠ°ÂžÂ„Œ–r­Â™ÂľÂœ¸Ă…¢¢o Âľ ĂƒÂ—¼¤¸ Âœ¾¼­Â›Âœ Â?ÂťÂ?žŒ³­ÂŠÂ‡r ΡŠÂ&#x;ÂźoÂŞÂľn „¾ŒŒ³Â?Â?­nŠ„¾ŒĂ…¢¢o ¾ n ¾¼Â&#x;¨¡Â˜Ă‚ÂŽnŠžŒ³à šÅš¼ Ă ÂžĂˆ Âœ Â&#x;Âźo¤°Â? – „¾ŒĂ…¢¢o ¾ n ¾¼Â&#x;¨¡Â˜Ă‚ÂŽnŠžŒ³à šÅš¼ œœšÂ?Œ¸

“Tirathai E&S� received the memorandum of understanding of EGAT Mr. Sumpan Vongphan, managing director of Tirathai Public Company Limited or TRT, on the behalf of Tirathai E&S Company /LPLWHG FRPSDQ\ VXEVLGLDULHV ZLWK WKH H[HFXWLYH PDQDJHUV UHFHLYHG WKH PHPRUDQGXP RI XQGHUVWDQGLQJ EHWZHHQ 7LUDWKDL 3XEOLF &RPSDQ\ /LPLWHG DQG (OHFWULFLW\ *HQHUDWLQJ $XWKRULW\ RI 7KDLODQG (*$7 ZLWK D purpose to create an academic cooperation in high-voltage transformer’s usability and maintenance including electrical substation equipment by having Mr. Suthon Boonprasong, Deputy Governor Transmission System of EGAT, as a giver at Electricity Generating Authority of Thailand, Nonthaburi

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TRT р╕гр╕▒р╕Ър╕бр╕нр╕Ър╕гр╕▓р╕Зр╕зр╕▒р╕ер╣Вр╕Др╕гр╕Зр╕Бр╕▓р╕гр╕Шр╕гр╕гр╕бр╕▓р╕ар╕┤р╕Ър╕▓р╕ер╕кр╕┤р╣Ир╕Зр╣Бр╕зр╕Фр╕ер╣Йр╕нр╕б (р╕Шр╕Зр╕Вр╕▓р╕зр╕Фр╕▓р╕зр╣Ар╕Вр╕╡р╕вр╕з) р╕Ыр╕гр╕░р╕Ир╣Нр╕▓р╕Ыр╕╡ 2558 ├Б┬д┬║├Й┬░┬к┬┤┬Ь┬б┬╗┬Ы┬Ъ┬╕├Й ┬Ы┬┤┬Ь┬к┬╡┬З┬д ┬б ┬л ├Б┬к┬и┬╡ ┬Ь ┬Щ┬╣┬К ┬Ь ┬Ц ├Г┬ж┬К├В┬ж┬д┬н┬к┬╖┬н├Г┬▒├Б┬Ш├И┬и ┬Ю┬╡┬жr ┬З ┬Ь┬╡┬е├Б┬и┬╖┬л 6ZLVVRWHO 1DL /HUW 3DUN +RWHO ├Г┬Ч┬е ┬ж┬┤┬Э├Е┬Чo ├Б┬Д┬╕┬е┬ж┬Ш┬╖┬Л┬╡┬Д ┬З┬╗┬Ц┬к┬╕┬ж┬б┬К┬лr ├Е┬Н┬е├Б┬б┬╖├Й┬д ┬Я┬╝o┬к┬╡n ┬Д┬╡┬ж ┬Д┬╡┬ж┬Ь┬╖┬З┬д┬░┬╗┬Ш┬н┬╡┬о┬Д┬ж┬ж┬д├В┬оn┬К┬Ю┬ж┬│├Б┬Ъ┬л├Е┬Ъ┬е ├Б┬Ю├И ┬Ь┬Ю┬ж┬│┬Ы┬╡┬Ь┬д┬░┬Э┬ж┬╡┬К┬к┬┤┬и├Д┬Ь┬б┬╖┬Ы┬╕

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Annual Report 2015 Tirathai Public Limited

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Tirathai showing potential in mai FORUM 2015

0U 8SDNRP 7KDZHHSKRN H[HFXWLYH GLUHFWRU RI 7LUDWKDL 3XEOLF &RPSDQ\ Limited or TRT, the first transformers manufacturer and distributor of Thailand, VKRZHG SRWHQWLDO LQ vPDL )2580 w ZKLFK LV RUJDQL]HG DV WKH VHFRQG year for the investors and visitors to see the strength of Thai’s transformer PDQXIDFWXUHU FRPSDQ\ WKDW LV UHDG\ WR EH WKH WRS UDQN LQ $(& PDUNHW DW 4XHHQ Sirikit National Convention Center.

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ถิรŕš„ŕ¸—ย ประภาศŕ¸ˆŕšˆายŕš€ŕ¸‡ินปู ŕ¸™ŕ¸œ฼ Âœ¾¼Âš°ÂŠÂ›´Â? ŽŠ­r¨Â—¾Œ¤£r ÂžÂŚÂłÂ›ÂľÂœÂ„ŒŒ¤Â„¾Œ ÂĄÂŚo °¤Â—o ÂŞÂĽ Âœ¾¼­´¤¥´ÂœÂ›r ªŠr ÂžÂľÂœ „ŒŒ¤Â„¾ŒÂ&#x;Âźo‹—´ „¾Œ Â?Œ¡ ´Âš ™¡ŒĂ…š¼ ‹Î¾„´Â— ¤Ž¾Â?Âœ ÂŽÂŚÂş ° 757 Â&#x;ÂźoÂ&#x;¨¡Â˜Ă‚¨³Â‹ĂŽ¾ŽÂœn¾¼ Ž¤o °Ă‚ž¨ÂŠĂ…¢¢o ¾°´ÂœÂ—´Â? Â…°ÂŠÂžŒ³à š ÂŚnª¤à ÂžĂˆ ÂœÂžÂŚÂłÂ›ÂľÂœĂ„ÂœÂ„¾ŒÂžÂŚÂłÂ?¤Ă„ÂŽÂ?n­¾¤´Â?Â&#x;Âźo™º° ÂŽÂťoÂœ žŒ³‹Î¾ž¸ Â…°ÂŠÂ?Œ¡ ´Âš² à ¥ºÉ°­ŒÂžÂ&#x;¨Â—ĂŽ¾à Âœ¡ÂœÂŠÂľÂœ Ă‚¨³°Âœ¤Â˜´ ¡Ă„ÂŽo ‹n¾¼à Š¡ÂœÂž´ ÂœÂ&#x;¨ ­ĂŽ¾ŽŒ´Â?Â&#x;¨Â„¾ŒÂ—ĂŽ¾à Âœ¡ÂœÂŠÂľÂœ­ĂŽ¾ŽŒ´Â?ž¸ Ă„Âœ°´Â˜ÂŚÂľ Â?ÂľÂšÂ˜n°ŽoÂœ Œª¤à ÂžĂˆ ÂœĂ ÂŠ¡ÂœÂ‹n¾¼Âž´ ÂœÂ&#x;¨Âš´ÂŠĂŠ ­¡ ĂŠÂœ Â?¾š ĂƒÂ—¼¤¸ Âœ¾¼­¡ÂŠÂŽÂł Âœ¡Â„Œ¥´ÂœÂ›Âťr Âœ¾¼Ă…˜o ‹Š°¸ ĂŠ Âœ¾¼°ÂžÂ„Œ¤ šª¸ĂƒÂŁÂ‡Ă‚¨³ ÂœÂľÂŠ­ÂœÂœ´ šr ­´ÂœÂ˜¡ĂƒÂ?˜¡ÂœÂœ´ šr Ă Â…o ¾Œn ª¤ÂžÂŚÂłÂ?¤ – ĂƒÂŚÂŠĂ‚Œ¤Ă‚Â„ÂŚÂœÂ—r Ăƒ¢ªrª¡ÂŠ­r ‡°ÂœĂ ÂŞÂœÂ?´ÂœĂ‰ ™ Œ¸ œ‡Œ¡ÂœÂšÂŚr

TIRATHAI ANNOUNCED TO PAY DIVIDENDS 0U 7KRQJWDW +RQJODGDURP &KDLUPDQ DOVR ZLWK 0U 6XPSDQ 9RQJSKDQ managing director of Tirathai Public Company Limited or TRT, the first transformers manufacturer and distributor of Thailand, presided over the company’s annual general meeting of shareholders 2015 to conclude the operating result and approve to pay dividends for the annual operating result at the rate of 0.10 EDKW SHU VWRFN WRWDOO\ EDKW 7KHUH ZHUH DOVR 0U 6LQJKD 1LNRUQSXQ 0U 7DL &KRQJ <LK 0U 8SDNURP 7KDZHHSKRNH DQG 0UV 6XQDQ 6DQWLFKRWLQDQ MRLQLQJ WKH PHHWLQJ DW WKH *UDQG )RXUZLQJV &RQYHQWLRQ KRWHO 6ULQDNDULQ 5RDG

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MOU SIGNING CEREMONY $VVRF 3URI 'U 3UDVHUW 3LQSUDWKRPUDW FKDQFHOORU RI 5DMDPDQJDOD 8QLYHUVLW\ RI 7HFKQRORJ\ 7KDQ\DEXUL DQG 0U 6XPSDQ 9RQJSKDQ managing director of Tirathai Public Company Limited signed a memorandum of understanding in academic cooperation and high-voltage WUDQVIRUPHUuV UHVHDUFK $V D UHVXOW 7LUDWKDL DQG 'HSDUWPHQW RI (OHFWULFDO (QJLQHHULQJ )DFXOW\ RI (QJLQHHULQJ ZLOO FRRSHUDWH LQ DFDGHPLF PDWWHU research, experience exchanging, personal development and admission of the cooperative education student to make students have a chance WR OHDUQ DQG WR GR DQ DFWXDO ZRUN DW WKH IDFWRU\ 6R WKLV LV DQRWKHU LPSRUWDQW VWHS VKRZLQJ WKDW v7LUDWKDLw FRQWULEXWHV LQ D FUHDWLRQ RI KLJK YROWDJH HQJLQHHULQJuV NQRZOHGJH IRU GXUDELOLW\ DQG EH DEOH WR FRQWLQXH LQ DFDGHPLF ZD\ ZKLFK LV EHQHILFLDO WR WKH FRXQWU\ $Q\ZD\ WKHUH ZHUH VWDII RI SURIHVVRUV H J $VVW 3URI 'U 6LYDNRUQ $QJWKRQJ 'HDQ $VVW 3URI 'U :DQFKDL 6XEVLQJKD 9LFH 'HDQ $VVW Prof. Pinit Jitjing, professor in the department of Electrical Engineering, etc. and also the executive team of Tirathai joining the ceremony on May WK DW WKH IDFXOW\ RI (QJLQHHULQJ 5DMDPDQJDOD 8QLYHUVLW\ RI 7HFKQRORJ\ 7KDQ\DEXUL

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VISION

To be a leading transformer manufacturer, distributor and comprehensive services provider in Asia and Oceania and to seek opporWXQLWLHV RI MRLQW YHQWXUH LQ UHODWHG HQHUJ\ EXVLQHVV 7KHVH ZLOO EH VXSSRUWHG ZLWK TXDOLW\ SHUIRUPDQFH VHUYLQJ FXVWRPHUuV GHPDQG RQ WKH basis of corporate good governance and social responsibility.

MISSION

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‡–³„ŒŒ¤Â„¾ŒÂ?Œ¡´Âš Board of Directors

à ¨Â…ÂľÂœÂťÂ„¾ŒÂ?Œ¡´Âš Company Secretary ­ĂŽÂľÂœ´Â„ÂŠÂľÂœà ¨Â…ÂľÂœÂťÂ„¾ŒÂ?Œ¡´Âš Company Secretary Office

‡–³„ŒŒ¤Â„¾ŒÂ?Œ¡Ž¾Œ Executive Committee

Â˜ÂŚÂŞÂ‹­°Â?£¾¼Ă„Âœ Internal Audit

„ŒŒ¤Â„¾ŒÂ&#x;Âźo‹—´ „¾Œ Managing Director

­nÂŞÂœÂšÂ—­°Â?Ă…¢¢o Âľ Electrical Test Bay Division

­nÂŞÂœ¥´Â•Âœ¾Œ³Â?Â?¤¾Â˜ÂŚÂ“ÂľÂœ Standard System Development Division

­nÂŞÂœÂ?ĂŽ¾ŒÂŠΫ„¾à ‡ŒºÉ°ÂŠÂ‹´Â„ÂŚ Machery Maintance Division

­nÂŞÂœÂ‹´Â—Ž¾Â¨³Â‡¨´ÂŠª´Â˜Â™ÂťÂ—¡Â? Purchasing and 5DZ 0DWHULDO :DUHKRXVH 'LYLVLRQ

Â&#x;ÂźoÂ?ÂŞn ¼„ŒŒ¤Â„¾ŒÂ&#x;Âźo‹—´ „¾Œ Assistant Managing Director (CRM)

Â&#x;ÂźoÂ?ÂŞn ¼„ŒŒ¤Â„¾ŒÂ&#x;Âźo‹—´ „¾Œ ­nÂŞÂœÂ?Œ¡Â„¾Œ

Assistant Managing Director (Service)

­nÂŞÂœÂ?Œ¡Â„¾Œ Service Division

 n ¾¼ª¡ªÂ„ŒŒ¤ Engineering Department

 n ¾¼Â…¾¼ Sales Department

 n ¾¼Â&#x;¨¡Â˜ Production Department

­nÂŞÂœ°°Â„Ă‚Â?Â?Ă…¢¢o Âľ Electrical Design Division

­nÂŞÂœĂƒÂŚÂŠÂŠÂľÂœ Plant 1 Division

­nÂŞÂœĂƒÂŚÂŠÂŠÂľÂœ Plant 2 Division

­nÂŞÂœ°°Â„Ă‚Â?Â?ĂƒÂ‡ÂŚÂŠ­Œo ¾Š 3RZHU

Construction Design Division

­nÂŞÂœÂ‡ÂŞÂ?‡¤ Production Planning & Control Plant 1 Division

­nÂŞÂœÂŞÂľÂŠĂ‚Â&#x;Âœ Planing Division

­nÂŞÂœ°°Â„Ă‚Â?Â?ĂƒÂ‡ÂŚÂŠ­Œo ¾Š (Distribution) Construction Design Division

 n ¾¼Â„¾Œà Š¡Âœ Â?´Â?Â?¸ Ă‚¨³ Ă ÂšÂ‡ĂƒÂœĂƒ¨¼¸­¾Œ­ÂœĂ š Finance, Accounting & IT Department

 n ¾¼ÂšŒ´¥¼¾Â„Œ¤Âœ¼r Ă‚¨³Â?Œ¡Ž¾Œ­ĂŽÂľÂœ´Â„ÂŠÂľÂœ HR & Office Administration Department

­nÂŞÂœÂ…¾¼Ă„œžŒ³à š Domestic Sales1 Division

­nÂŞÂœÂ…¾¼Â˜n¾ŠžŒ³à š Export Sales Division

­nÂŞÂœÂ„¾ŒÂŠ¡Âœ Finance Division

­nÂŞÂœÂšŒ´¥¼¾Â„Œ¤Âœ¼r Human Resources Division

­nÂŞÂœÂ…¾¼Ă„œžŒ³à š Domestic Sales 2 Division

­nÂŞÂœ­Âœ´Â?­ÂœÂťÂœÂ„¾ŒÂ…¾¼ ˜n¾ŠžŒ³à š

­nÂŞÂœÂ?´Â?Â?¸ Accounting 1 Division

­nÂŞÂœÂ›ŒÂ„¾ŒĂ‚¨³Â?Œ¡Â„¾Œ Office Administration Division

­nÂŞÂœÂžÂŚÂłÂ„´ÂœÂ‡ÂťÂ–£¾¥ 4XDOLW\ $VVXUDQFH Division

­nÂŞÂœÂ…¾¼Ă„œžŒ³à £Âš Domestic Sales 3 Division

­nÂŞÂœÂ›ŒÂ„¾ŒÂ…¾¼ Sales Administration Division

­nÂŞÂœÂ?´Â?Â?¸ Accounting 2 Division

­nÂŞÂœ¨ŸÂ„‡o ¾­´¤¥´ÂœÂ›r Customer Relation Division

­nÂŞÂœĂ Â˜Œ¸¼¤ °ÂžÂ„Œ–rĂ Â?ĂˆÂ—Ă Â˜¨ĂˆÂ— :RUNVKRS Division

­nÂŞÂœ­Âœ´Â?­ÂœÂťÂœÂ„¾ŒÂ…¾¼ Ă„ÂœÂžŒ³à š Supporting Domestic Sales Division

­nÂŞÂœÂ…Âœ­nŠ Ă‚¨³Â‡¨´ÂŠ­ĂŽ¾à ŒĂˆÂ‹ÂŚÂźÂž :DUHKRXVH Distribution Division

­nÂŞÂœĂ ÂšÂ‡ĂƒÂœ¨¸¼¸Ă‚¨³­¾Œ­ÂœĂ š Information Technology Division

­nÂŞÂœÂ?ĂŽ¾ŒÂŠΫ„¾š´ªĂ‰ Ş General Maintenance Division

Supporting Export Sales Division

Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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As of December 31st, 2015, the Nominating Committee of the Company consists of 3 members; each of them shall assume the office for a term of one year: Term to be ended by 1. Dr. Tongtaj Hongladarom Chairman 24/2/2017 2. Mr. Singha Nikornpun Nominating Committee Member 24/2/2017 3. Mr. Charuvit Suanmalee Nominating Committee Member 24/2/2017

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Annual Report 2015 Tirathai Public Limited

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6XSHUYLVH WKH EXVLQHVV RSHUDWLRQV RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK LWV EXVLQHVV SROLFLHV EXVLQHVV SODQV DQG EXVLQHVV VWUDWHJLHV as approved by the Board of Directors; $SSURYH WKH H[SHQVHV RU SD\PHQWV LQ FRQQHFWLRQ ZLWK WKH EXVLQHVV RSHUDWLRQV RU LQYHVWPHQW LQ QHZ SURMHFWV RU QHZ SXUFKDVH RU VDOH RI IL[HG DVVHWV RI WKH &RPSDQ\ DW HDFK WLPH ZLWK WKH YDOXH OLPLW RI PLOOLRQ %DKW $SSURYH WKH MRE ZRUN RUGHU TXRWDWLRQV H[HFXWLRQ RI FRQWUDFWV RU ERUURZLQJ JXDUDQW\ RU DQ\ MXULVWLF DFW LQ QRUPDO FRXUVH RI EXVLQHVV RI WKH &RPSDQ\ ZLWKLQ WKH DPRXQW OLPLW RI PLOOLRQ %DKW 4. Determine the structure of organization and management covering the details of selection, training, employment, and employment termination of the Company’s employees; 3URYLGH WKH HPSOR\HHVu ZHOIDUH LQ DFFRUGDQFH ZLWK FLUFXPVWDQFHV WUDGLWLRQV DQG WKH DSSOLFDEOH ODZ &RQVLGHU WKH H[HFXWLRQ RI FRQWUDFWV RI WKH &RPSDQ\ DQG LWV VXEVLGLDU\ UHODWLQJ WR ILQDQFH ERUURZLQJ DQG JXDUDQW\ DW HDFK WLPH ZLWK WKH DPRXQW OLPLW RI PLOOLRQ %DKW 7. Consider the sessions before submitting them to the Board of Directors for approval; 8. Recommend the Board of Directors to give approvals on goals, business policies, business plans, business strategies, management SRZHU DQQXDO H[SHQVH EXGJHW VFRSH RI SRZHUV DQG GXWLHV RI WKH 0DQDJLQJ 'LUHFWRU 9. Perform other duties as assigned by the Board of Directors at each time; 6XSHUYLVH WKH EXVLQHVV RSHUDWLRQV RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH ODZ REMHFWLYHV DQG UHJXODWLRQV RI WKH &RPSDQ\ DV ZHOO as resolutions of the shareholders’ meetings; 3URYLGHG WKDW WKH DERYH VDLG DXWKRUL]DWLRQ WR WKH ([HFXWLYH &RPPLWWHH VKDOO EH XQGHU WKH FULWHULD RI ODZ DQG UXOHV DQG UHJXODWLRQV RI WKH &RPSDQ\ DQG LQ FDVH RI DQ\ DFWLRQV ZKLFK KDYH RU PD\ KDYH EHQHILWV RU LQWHUHVWV RI DQ\ ([HFXWLYH 'LUHFWRU RU SDUWLHV LQ FRQIOLFW DV SHU WKH Announcement of the Securities and Exchange Commission), the Executive Committee shall propose the said transactions to the Board of 'LUHFWRUV IRU IXUWKHU FRQVLGHUDWLRQ RI WKH %RDUG RI 'LUHFWRUV ZKHUHDV VXFK ([HFXWLYH 'LUHFWRU DQG SDUWLHV ZKLFK PD\ EH LQ FRQIOLFW VKDOO KDYH no voting right in the Board of Directors’ Meeting on the said transactions.

7KH 0DQDJHPHQW $V RI 'HFHPEHU VW WKH 0DQDJHPHQW RI WKH &RPSDQ\ FRQVLVWV RI PHPEHUV DV IROORZV 1. Mr. Sumpan Vongphan Managing Director 0U <RVVDJRUQ %XUDNDPNRZLW $VVLVWDQW 0DQDJLQJ 'LUHFWRU &50

0U &KXPSRUQ .RRSLSDW $VVLVWDQW 0DQDJLQJ 'LUHFWRU 0DUNHWLQJ

0U 8SDNURP 7KDZHHSKRNH )LQDQFH $FFRXQWLQJ DQG ,QIRUPDWLRQ 7HFKQRORJ\ 0DQDJHU &RPSDQ\ 6HFUHWDU\ 5. Mr. Amporntat Poolcharoen Production Manager 0U 2XLFKDL 6LULZDMDQD 0DUNHWLQJ 0DQDJHU 7. Ms. Sunan Santichotinan Human Resources & Office Administration Manager 0U 6RPVDN .RRDPRUQSDWDQD (QJLQHHULQJ 0DQDJHU 3RZHUV DQG GXWLHV RI WKH 0DQDJLQJ 'LUHFWRU Operate and manage the normal business operations of the Company 7DNH DFWLRQV DQG PDQDJH WKH EXVLQHVV RSHUDWLRQV RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH EXVLQHVV SROLFLHV EXVLQHVV SODQV DQG business strategies, as approved by the Board of Directors; 2. Approve the expenses or payments under projects or investment or trading of fixed assets of the Company, as approved by the Executive Committee; $SSURYH WKH H[SHQVHV LQ QRUPDO EXVLQHVV RSHUDWLRQV RI WKH &RPSDQ\ ZLWKLQ WKH DPRXQW OLPLW RI PLOOLRQ %DKW DW HDFK WLPH $XWKRUL]H RU DVVLJQ DQ\ RWKHU SHUVRQ DV WKH 0DQDJLQJ 'LUHFWRU PD\ WKLQN ILW WR SHUIRUP WKH GXWLHV RQ KLV EHKDOI LQ PDWWHUV ZKLFK PD\ EH QHFHVVDU\ DQG H[SHGLHQW DFFRUGLQJ WR WKH ODZ UXOHV DQG UHJXODWLRQV RI WKH &RPSDQ\ 5. Perform other duties as assigned by the Board of Directors and/or by the Executive Committee on a case-by-case basis; 7DNH DFWLRQV DQG DSSURYH WKH DFFHSWDQFH RI HPSOR\PHQW MRE ZRUN RUGHUV DQG DJUHHPHQWV WR EH ELQGLQJ WKH QRUPDO EXVLQHVV RS HUDWLRQV RI WKH &RPSDQ\ ZKHUHDV WKH VDLG DPRXQW OLPLW VKDOO EH LQ DFFRUGDQFH ZLWK WKH UHJXODWLRQV RQ SRZHU RI DSSURYDO DQG RSHUDWLRQ RI WKH &RPSDQ\ ZKLFK KDYH EHHQ FRQVLGHUHG E\ WKH %RDUG RI 'LUHFWRUV SURYLGHG WKDW WKH VDLG DPRXQW OLPLW PD\ EH DGMXVWHG DV PD\ EH VXLWDEOH and at the discretion of the Board of Directors;

Annual Report 2015 Tirathai Public Limited

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'LUHFWRUV RI WKH &RPSDQ\ VKDOO EH QRPLQDWHG E\ WKH 1RPLQDWLQJ &RPPLWWHH ZKHUHDV WKH 1RPLQDWLQJ &RPPLWWHH VKDOO VHOHFW SHUVRQV WR DVVXPH WKH RIILFH RI WKH %RDUG RI 'LUHFWRUV E\ WDNLQJ DFFRXQW RI NQRZOHGJH DELOLWLHV DQG EXVLQHVV UHODWHG H[SHULHQFHV RU PD\ FRQVLGHU WKH H[SHULHQFHG PDMRU VKDUHKROGHUV RI WKH &RPSDQ\ KRZHYHU WKH DSSRLQWPHQW RI QHZ GLUHFWRUV VKDOO EH FRQVLGHUHG E\ WKH %RDUG RI 'LUHFWRUVu meeting attended by the Audit Committee. Moreover, the appointment of the Board of Directors shall be approved by the resolution of the shareholders’ meeting according to the &RPSDQ\uV 5HJXODWLRQV SUHVFULELQJ WKDW WKH VKDUHKROGHUVu PHHWLQJ VKDOO HOHFW WKH GLUHFWRUV DFFRUGLQJ WR WKH FULWHULD DQG SURFHGXUHV DV IROORZV (a) A shareholder shall have one vote per one share; E (DFK VKDUHKROGHU VKDOO XVH DOO RI KLV KHU YRWHV XQGHU D WR HOHFW RQH RU VHYHUDO SHUVRQ V DV GLUHFWRUV ZLWKRXW GLYLGLQJ DQ\ SRUWLRQV of his/her votes to any person; F 3HUVRQV ZKR KDYH UHFHLYHG KLJKHVW YRWHV ZLOO EH HOHFWHG DV GLUHFWRUV HTXDO WR WKH QXPEHU RI GLUHFWRUV UHTXLUHG ,Q FDVH WKH QXPEHU RI SHUVRQV ZKR KDYH EHHQ HOHFWHG ZLWK HTXDO ORZHU YRWHV H[FHHGV WKH QXPEHU RI GLUHFWRUV UHTXLUHG LQ VXFK HOHFWLRQ WKH &KDLUPDQ ZLOO KDYH WKH FDVWLQJ YRWH In each AGM, one-third of directors must be released from office. In case, the number of directors cannot be divided into three portions, the most approximate number to one-third of the directors shall be released from office. Directors to be released from office in the first year DQG LQ WKH VHFRQG \HDU DIWHU WKH &RPSDQ\uV UHJLVWUDWLRQ VKDOO EH VHOHFWHG E\ GUDZLQJ ORWV 0HDQZKLOH LQ WKH IROORZLQJ \HDUV GLUHFWRUV ZKR KDYH ORQJHVW EHHQ LQ RIILFH ZLOO EH UHOHDVHG IURP RIILFH 5HWLULQJ GLUHFWRUV PD\ EH UHHOHFWHG

&ULWHULD IRU 6HOHFWLRQ RI $XGLW 'LUHFWRUV ,QGHSHQGHQW 'LUHFWRUV

The Audit Committee consists of 3 independent directors; each of them shall assume the office for a term of three years. The Company KDV LWV SROLF\ WR VHOHFW WKH DXGLW GLUHFWRUV ZKRVH TXDOLILFDWLRQV VKDOO EH DV IROORZV +ROG VKDUHV QRW H[FHHGLQJ RI WKH SDLG XS FDSLWDO RI WKH &RPSDQ\ 2. Being a director not involved in the management of the Company and its related companies; %HLQJ D GLUHFWRU ZKR VKDOO QRW EH DQ HPSOR\HH VWDII RU FRQVXOWDQW SDLG ZLWK UHJXODU VDODULHV E\ WKH &RPSDQ\ LWV UHODWHG FRPSDQLHV or major shareholders of the Company; %HLQJ D GLUHFWRU ZKR KDV QHLWKHU GLUHFW QRU LQGLUHFW LQWHUHVWV LQ WHUPV RI ILQDQFH DQG PDQDJHPHQW RI WKH &RPSDQ\ DIILOLDWHG companies, or major shareholders of the Company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the Board of Directors and shall not be under the control of the management or major shareholders of the Company, including related persons or close relatives of the said persons; 0RUHRYHU WKH &RPSDQ\ KDV FRQVLGHUHG RWKHU DVSHFWV RI TXDOLILFDWLRQV VXFK DV H[SHULHQFH NQRZOHGJH H[SHUWLVH DQG HWKLFV WKXV IRU the maximum benefits of the Company.

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The Board of Directors and the management are ensure that the recruitment and action plans for nomination of the top management ZLOO KDYH EHHQ SUDFWLFDOO\ PDQDJHG WKURXJK WKH SULQFLSOH RI KXPDQ UHVRXUFHV PDQDJHPHQW

Annual Report 2015 Tirathai Public Limited

:+ 9 :+

n µ °  ¦¦¤ µ¦Â¨³ ¼o ¦·®µ¦ nµ °  ¸ÉÁ È ´ªÁ · nµ °  ³ ¦¦¤ µ¦ ¦· ¬´ ¨³ ³ ¦¦¤ µ¦ ¦ª ­°

¦µ¥ ºÉ°

¸

¸

nµ ° Â

Á ¸ Ê¥ ¦³ »¤

à ´­

nµ ° Â

Á ¸ Ê¥ ¦³ »¤

à ´­

300,000

120,000

250,000

300,000

150,000

250,000

µ¥­´¤¡´ r ª ¬r µ

60,000

125,000

75,000

125,000

µ¥°» ¦¤ ª¸Ã£

60,000

125,000

75,000

125,000

µ¥°´¤¡¦ ´ ¡¼¨Á ¦·

45,000

125,000

75,000

125,000

µ¥ µ¦»ª· ¥r ­ª ¤µ¨¸

60,000

125,000

75,000

125,000

µ¥°ª¥ ´¥ «·¦·ª µ

60,000

125,000

75,000

125,000

µ ­» ´ r ­´ ·Ã · ´ r

120,000

60,000

125,000

120,000

75,000

125,000

µ¥Å o °¸ Ê

120,000

60,000

125,000

120,000

75,000

125,000

¦ ¡·­ · ¨¸ Ê°µ ¦¦¤

180,000

250,000

180,000

250,000

µ¥ ¸¦ª» · «»£ª·¦·¥ »¨

120,000

125,000

135,000

125,000

µ¥­· ®³ · ¦¡´ »r

120,000

125,000

135,000

125,000

2,400,000

945,000

1,625,000

2,400,000

1,125,000

1,625,000

¦ ° ´

® ­r¨ µ¦¤£r

¦ª¤

¦ª¤ nµ ° Â Ä µ ³ ¦¦¤ µ¦ ¦ª ­° ¦ª¤ nµ ° Â Ä µ ³ ¦¦¤ µ¦ ¦· ®µ¦ ¸ÉÅ o ¦´ ° »¤ ´ Ä· µ¦ ¦³ »¤ ¦¦¤ µ¦ ¦´ Ê ¸É Ä µ¦ ¦³ »¤ ¼o º°®»o ¦´ Ê ¸É ¤¸¤ ·° »¤ ´ ·° »¤ ´ · µn °  ¦¦¤ µ¦ à ´­ ¨³Á ¸ Ê¥ ¦³ »¤ ¦³ ε ¸ ŤnÁ · ¨o µ µ

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ε ª ¦µ¥

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ε ª ¦µ¥

nµ ° Â µ

nµ °  ¦ª¤

8

19,199,760

20,336,382

à ´­¦ª¤

8

4,799,940

8

2,159,969

¦ª¤

8

23,999,700

8

22,496,351

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ľʼnŖʼnĹ?Ĺ•Ĺ?Ĺ–Ĺœ Remunerations of the Management Remunerations in Cash

Remunerations of the Board of Directors and Audit Committee

Name

Remunerations

Meeting

Bonus

Remunerations

Meeting $OORZDQFHV

Bonus

1. Dr. Tongtaj Hongladarom

300,000

$OORZDQFHV

250,000

300,000

150,000

250,000

2. Mr. Sumpan Vongphan

540,000

120,000

125,000

75,000

125,000

0U 8SDNURP 7KDZHHSKRNH

180,000

60,000

125,000

75,000

125,000

4. Mr. Amporntat Poolcharoen

180,000

60,000

125,000

75,000

125,000

5. Mr. Charuvit Suanmalee

180,000

45,000

125,000

75,000

125,000

0U 2XLFKDL 6LULZDMDQD

180,000

60,000

125,000

75,000

125,000

7. Ms. Sunan Santichotinan

120,000

60,000

125,000

120,000

75,000

125,000

0U 7DL &KRQJ <LK

120,000

60,000

125,000

120,000

75,000

125,000

9. Dr. Pisit Leeahtam

240,000

60,000

250,000

250,000

10. Mr. Teeravut Supaviriyakul

180,000

180,000

125,000

125,000

11. Mr. Singha Nikornpun

180,000

120,000

125,000

125,000

2,400,000

120,000

1,625,000

2,400,000

1,125,000

1,625,000

Total

,QFOXVLYH RI UHPXQHUDWLRQV RI $XGLW &RPPLWWHH ,QFOXVLYH RI UHPXQHUDWLRQ RI ([HFXWLYH &RPPLWWHH DSSURYHG E\ %RDUG RI 'LUHFWRU 0HHWLQJ 1R 6KDUHKROGHUVu UHVROXWLRQ DW $*0 DSSURYHG WKH GLUHFWRUVu UHPXQHUDWLRQV PHHWLQJ DOORZDQFHV DQG ERQXVHV IRU WKH \HDU ZLWK WKH DPRXQW OLPLW RI PLOOLRQ %DKW 5HPXQHUDWLRQV RI PHQDJPHQW Remunerations

2014 Persons

2015

Remunerations (Baht)

Persons

Remunerations (Baht)

Total remuneration

8

19,199,760

20,336,382

Total bonus

8

4,799,940

8

2,159,969

Total

8

23,999,700

8

22,496,351

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ÄŤĹ—ĹšĹ˜Ĺ—ĹšĹ‰ĹœĹ? ÄŻĹ—ĹžĹ?ŚŖʼnŖŋĹ? The Company has realized the significance of its good corporate governance and has thus prescribed the code of conduct UHODWLQJ WR WKH EXVLQHVV HWKLFV IRU WUDQVSDUHQF\ RI RSHUDWLRQ RI ZRUN RI VWDII DW DOO OHYHOV PRUHRYHU WKH &RPSDQ\uV PDQDJHPHQW KDV SXVKHG WKH HVWDEOLVKPHQW RI FRUSRUDWH JRYHUQDQFH FXOWXUH DV D EDVLV RI VXVWDLQDEOH JURZWK DQG JHQHUDWLRQ RI DGGHG YDOXH WR all stakeholders (please see further information in Form 56-1).

&RUSRUDWH *RYHUQDQFH 3ROLF\ 7R DFKLHYH WKH &RPSDQ\uV REMHFWLYHV RI EXVLQHVV RSHUDWLRQ WR FUHDWH UHVSRQVLELOLWLHV IRU SHUIRUPDQFH RI ZRUN DFFRUGLQJ WR the duties; to generate honesty-based transparency; to increase sustainable business competitiveness; and to increase the FRQILGHQFH RI VWDNHKROGHUV WKH %RDUG RI 'LUHFWRUV KDV GHWHUPLQHG LWV FRUSRUDWH JRYHUQDQFH SROLF\ DV IROORZV 2SHUDWH WKH EXVLQHVV ZLWK WUDQVSDUHQF\ DQG DFFRXQWDELOLW\ DQG GLVFORVH DGHTXDWH LQIRUPDWLRQ IRU DOO VWDNHKROGHUV 2. Manage the Company’s affairs at its full capabilities for the maximum benefits of shareholders; 3URYLGH WKH ULVN PDQDJHPHQW DQG FRQWURO V\VWHP RSHUDWH WKH &RPSDQ\uV EXVLQHVVHV ZLWK UHDVRQDEOH FDUH HYDOXDWH WKH risks; and determine strategies for correction and monitoring of risk management on a regular basis; 4. Provide equal and fair treatment to shareholders and all stakeholders; 5. Clearly organize the structure of roles, duties, and responsibilities of each group of directors; (QFRXUDJH WKH PDQDJHPHQW DQG DOO HPSOR\HHV WR SHUIRUP WKHLU GXWLHV ZLWK EXVLQHVV HWKLFV DQG ULJKWHRXVQHVV 7KH &RPSDQ\ KDV EHHQ UHJLVWHUHG ZLWK 0$, RQ 0D\ WK ZKHUHDV WKH %RDUG RI 'LUHFWRUV DQG WKH PDQDJHPHQW RI WKH &RPSDQ\ KDV LWV SROLF\ WR RSHUDWH EXVLQHVVHV ZLWK WUDQVSDUHQF\ WR DGKHUH WR WKH SULQFLSOH RI PHULW DQG WR FRPSO\ ZLWK WKH ODZ DQG the corporate governance policy of the Company; therefore, the Company has implemented its corporate governance policy for the purposes of transparency and accountability; and has disclosed adequate information to all related parties. The Company has reported the result of implementation of its good corporate governance policy in 2015 according to the principle of good FRUSRUDWH JRYHUQDQFH RI UHJLVWHUHG FRPSDQLHV RI DV IROORZV

5LJKW RI 6KDUHKROGHUV The Board of Directors has given the priority to the right of shareholders; and the Company has implemented its corporate JRYHUQDQFH SROLF\ E\ WDNLQJ DFFRXQW RI VKDUHKROGHUVu ULJKWV DV IROORZV 6WUXFWXUH RI 6KDUHKROGHUV 7KH &RPSDQ\ KDV RUJDQL]HG FOHDU DQG WUDQVSDUHQW VWUXFWXUH RI VKDUHKROGLQJ EHWZHHQ WKH &RPSDQ\ DQG LWV VXEVLGLDULHV DQG has disclosed the names, no. of shares and proportion of shareholding of major shareholders of the Company and its subsidiaries in Form 56-1 and the Annual Report. (QFRXUDJHPHQW RQ WKH ([HUFLVH RI 6KDUHKROGHUVu 5LJKWV The Company has its practical procedures to maintain and to protect its shareholders’ rights as from determining the good FRUSRUDWH JRYHUQDQFH SROLF\ ZLWK FRQFHUQV RI LWV VKDUHKROGHUVu ULJKWV DQG HQFRXUDJLQJ VKDUHKROGHUV WR H[HUFLVH WKH VDLG ULJKWV DQG WKHLU IXQGDPHQWDO ULJKWV DIWHU WKH WUDGLQJ RI VHFXULWLHV ULJKWV WR UHFHLYH GLYLGHQG VXSHUYLVLQJ WKH FRRUGLQDWLRQ EHWZHHQ VKDUHKROGHUV DQG WKH 5HJLVWUDU RI 7KDLODQG 6HFXULWLHV 'HSRVLWRU\ &R /WG 76' DV ZHOO DV HVWDEOLVKLQJ D ZRUN XQLW WR KDQGOH LQTXLULHV DQG WR IDFLOLWDWH VKDUHKROGHUV UHJDUGLQJ WKH UHJLVWUDWLRQ ZRUN PRUHRYHU WKH &RPSDQ\ KDV SURPRWHG WKH DFWLYH UROHV RI shareholders in the shareholders’ meetings, including the right of meeting attendance, the voting right, and the expression of RSLQLRQV VR WKDW VKDUHKROGHUV ZLOO KDYH DFWLYH SDUWLFLSDWLRQ LQ FRQVLGHULQJ WKH FUXFLDO PDWWHUV 0RUHRYHU WKH FRPSDQ\ KDV SROLF\ to facilitate and encourage the shareholders and fund managers to join the shareholders’ meeting. )DFLOLWDWLRQ RQ WKH H[HUFLVH RI ULJKW RI PHHWLQJ DWWHQGDQFH DQG WKH YRWLQJ ULJKW RI VKDUHKROGHUV The Company has facilitated its shareholders regarding the attendance and the exercise of the voting right in meetings and KDV UHIUDLQHG IURP DQ\ DFWLRQ ZKLFK PD\ LPSDLU WKHLU RSSRUWXQLWLHV WR DWWHQG PHHWLQJV DQG KDV PDQDJHG WR SURPRWH WKH H[HUFLVH RI ULJKW RI VKDUHKROGHUV EHIRUH GXULQJ DQG DIWHU WKH GDWH RI VKDUHKROGHUVu PHHWLQJV LQ FRPSOLDQFH ZLWK SULQFLSOHV DQG JXLGHOLQHV VSHFLILHG LQ v$*0 &KHFNOLVWw SUHVFULEHG E\ WKH 7KDL ,QYHVWRUV $VVRFLDWLRQ WKH /LPLWHG &RPSDQLHV $VVRFLDWLRQ DQG WKH 6HFXULWLHV and Exchange Commission. The Company has been evaluated by the Thai Investors Association, the Limited Companies $VVRFLDWLRQ DQG WKH 6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ LQ WKH $*0 DW WKH OHYHO RI Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Attendance/Total Meetings 2015 (Time)

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Leeahtam

4/4

4/4

2. Mr. Teeravut

Supaviriyakul

4/4

4/4

3. Mr. Singha

Nikornpun

4/4

4/4

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Attendance/Total Meetings 2015 (Time)

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Hongladarom

1/1

2015

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Vongphan

1/1

2015

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2015

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Attendance/Total Meetings 2014 (Times)

Attendance/Total Meetings 2015 (Times)

1. Dr. Tongtaj

Hongladarom

4/4

5/5

2. Mr. Sampan

Vongphan

4/4

5/5

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4/4

5/5

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Suanmalee

4/4

5/5

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5/5

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Poolcharoen

3/4

5/5

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Santichotinan

4/4

5/5

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4/4

5/5

9. Dr. Pisit

Leeahtam

4/4

4/5

10. Mr. Teeravut

Supaviriyakul

4/4

5/5

11. Mr. Singha

Nikornpun

4/4

5/5

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Annual Report 2015 Tirathai Public Limited

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ÄŤĹ—ĹšĹ˜Ĺ—ĹšĹ‰ĹœĹ? ÄŻĹ—ĹžĹ?ŚŖʼnŖŋĹ? The result of overall evaluation of 2015, including recommendation and additional comments obtained from the result of performance evaluation of the Board of Directors, shall be considered to find guidelines for improvement of operations in order to support the Board of Directors’ operations more effectively.

%XVLQHVV (WKLFV The Company has prepared the code of conduct relating to the business ethics of the Board of Directors, the Management, DQG HPSOR\HHV WR EH DGKHUHG E\ DOO UHODWHG SDUWLHV DV WKH JXLGHOLQHV IRU SHUIRUPDQFH RI GXWLHV LQ DFFRUGDQFH ZLWK WKH &RPSDQ\uV PLVVLRQV ZLWK KRQHVW\ DQG IDLU WUHDWPHQW WR WKH &RPSDQ\ DOO JURXSV RI VWDNHKROGHUV DQG WKH VRFLHW\ DV D ZKROH 3ROLF\ RQ 5HPXQHUDWLRQV IRU 'LUHFWRUV DQG WKH 0DQDJHPHQW The Company has clearly and transparently determined the policy on remunerations for its directors at reasonable levels and LQ DFFRUGDQFH ZLWK WKH VLWXDWLRQV RI WKH LQGXVWU\ LQ RUGHU WR DWWUDFW DQG PDLQWDLQ WKH GLUHFWRUV ZLWK UHTXLUHG TXDOLILFDWLRQV Remunerations must be approved by the shareholders’ meeting. 7KH &RPSDQ\ KDV IL[HG WKH UHPXQHUDWLRQV IRU WKH 0DQDJHPHQW LQ DFFRUGDQFH ZLWK WKH SULQFLSOH DQG SROLF\ SUHVFULEHG E\ WKH %RDUG RI 'LUHFWRUV ZKLFK LV LQ FRQQHFWLRQ ZLWK WKH RSHUDWLQJ UHVXOW RI WKH &RPSDQ\ DQG WKH SHUIRUPDQFH RI ZRUN RI HDFK RI WKH management. At present, the Company still does not have the Remuneration Committee but has proper remuneration considerDWLRQ SURFHGXUHV EDVHG RQ WKH GDWD RI UHPXQHUDWLRQV RI FRPSDQLHV RI VLPLODU VL]HV ZLWKLQ WKH LQGXVWU\ DV ZHOO DV WKH RSHUDWLQJ result of the Company. (Please see details in Remunerations of Directors and Management)

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6XFFHVVLRQ 3ODQ Regarding the succession plan and nomination of the top management, the Board of Directors and the management are DZDUH RI DFWLRQV WR HQVXUH WKDW WKH &RPSDQ\ VKDOO EH DEOH WR VHOHFW SHUVRQQHO WR DVVXPH UHVSRQVLELOLWLHV LQ WKH PDQDJHULDO SRVWV SURSHUO\ SURYLGHG WKDW FRQFUHWH SURFHVVHV DQG DFWLRQ SODQV VKDOO EH SURYLGHG LQ DFFRUGDQFH ZLWK WKH SULQFLSOH RI KXPDQ resources management. &RQWURO 6\VWHP DQG ,QWHUQDO $XGLW The Company has given the priority to the internal control system both at the managerial level and the operational level, and KDV GHWHUPLQHG WKH REOLJDWLRQV DQG SRZHUV RI RSHUDWRUV FRPPLWWHHV DQG WKH PDQDJHPHQW WHDP FOHDUO\ LQ ZULWLQJ DQG KDV supervised the utilization of the Company’s assets, and has separated the duties of operators, controllers, and evaluators for EDODQFH RI SRZHUV DQG FURVV H[DPLQDWLRQV DQG KDV DOVR GHWHUPLQHG WKH LQWHUQDO FRQWURO UHODWLQJ WR WKH ILQDQFLDO V\VWHP DQG KDV provided the financial reporting system to be proposed to the responsible line management.

Annual Report 2015 Tirathai Public Limited

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&RQIOLFW RI ,QWHUHVWV 7KH %RDUG RI 'LUHFWRUV VKDOO KDYH WR GHDO ZLWK WUDQVDFWLRQV ZKLFK PD\ KDYH FRQIOLFW RI LQWHUHVWV DQG VKDOO FDUHIXOO\ FRQVLGHU WKH VXLWDELOLW\ RI WKH VDLG WUDQVDFWLRQV EDVHG PDLQO\ RQ WKH &RPSDQ\uV EHQHILWV ,Q FDVH WKH &RPSDQ\ KDV DQ\ WUDQVDFWLRQV ZKLFK may have conflict of interests, the Company shall submit the said transactions to the Audit Committee for comments and shall then SURSRVH WKH VDLG WUDQVDFWLRQV IRU WKH %RDUG RI 'LUHFWRUVu FRQVLGHUDWLRQ 7KH &RPSDQ\ VKDOO VWULFWO\ FRPSO\ ZLWK FULWHULD SUHVFULEHG E\ WKH 6WRFN ([FKDQJH RI 7KDLODQG 7KH %RDUG RI 'LUHFWRUV KDV SUHVFULEHG WKDW DQ\ VWDNHKROGHU VKDOO QRW EH DOORZHG WR WDNH SDUW LQ WKH GHFLVLRQ PDNLQJ SURFHVV WR FRQVLGHU WKH WUDQVDFWLRQV EHWZHHQ WKH &RPSDQ\ DQG WKH VDLG VWDNHKROGHU ,Q WKH %RDUG of Directors has not received any report on conflict of interests; therefore, it has not submitted the said matter to the Audit Committee for consideration and comments. 8VH RI ,QWHUQDO 'DWD 7KH %RDUG RI 'LUHFWRUV KDV GHWHUPLQHG JXLGHOLQHV IRU GDWD VWRUDJH DQG SURWHFWLRQ ZKLFK VKDOO EH VWULFWO\ FRPSOLHG ZLWK WKURXJKRXW WKH RUJDQL]DWLRQ DV IROORZV 1. The Company has prescribed the protection of internal data use and prohibited the organizations involved from disclosing the internal data to non-related persons or organizations; 7KH PDQDJHPHQW RI WKH &RPSDQ\ ZKR KDV UHFHLYHG DQ\ VLJQLILFDQW GDWD ZKLFK PD\ KDYH SRWHQWLDO LPSDFWV RQ VWRFN price changes, shall not make use of the data before disclosing such data to the general public; moreover, the management shall QRW EH DOORZHG WR WUDGH WKH &RPSDQ\uV VWRFNV IRU PRQWKV DQG ZLWKLQ KRXUV EHIRUH DQG DIWHU WKH SHULRG ZKHQ WKH ILQDQFLDO VWDWHPHQWV RU WKH VLJQLILFDQW GDWD KDYH EHHQ GLVFORVHG WR WKH JHQHUDO SXEOLF DQG VKDOO QRW EH DOORZHG WR GLVFORVH VXFK VLJQLILFDQW data to the third persons; 3. Directors and the management of the Company shall be obliged to report their stockholding as per Clause 59, thus, to EH LQ DFFRUGDQFH ZLWK WKH $QQRXQFHPHQW RI WKH 2IILFH RI 6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ 1R 6RU -RU RQ WKH preparation and disclosure of stockholding reports; 3XQLVKPHQWV VKDOO EH SUHVFULEHG DQG LPSRVHG RQ DQ\ SHUVRQ ZKR YLRODWHV WKH PHDVXUHV RI LQWHUQDO GDWD SURWHFWLRQ DQG circular letters thereof shall be given to employees and the management; In the previous year, the Company has not received any report or complaint on commission of offences or any punishment of violators of internal data protection measures issued by directors, the management, and the related persons; \Personnel As of December 31st, 2015, the Company has totally 533 employees, dividing into 160 office employees and 373 line production employees. In 2015, the Company had no labor disputes. 5HPXQHUDWLRQV IRU (PSOR\HHV $V RI 'HFHPEHU VW WKH &RPSDQ\ KDV SDLG WKH UHPXQHUDWLRQV WR LWV HPSOR\HHV LQ WHUPV RI VDODULHV ZDJHV SURYLGHQW funds, bonuses and other benefits totally 193,188,588.13 Baht.

Annual Report 2015 Tirathai Public Limited

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Personnel Level

Average Hours Spent

Course Objective

Executive Officers, Managers and Supervisors

21.82

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Operational Officers

16.95

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Annual Report 2015 Tirathai Public Limited

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1,534,500 40,109,927 5,488,558 8,411,314 2,180,480 2,000,000 2,253,900 6,991,809 33,000 10,000 0 77 0 220,000 60,000

1,534,500 39,109,927 6,188,558 8,461,314 2,180,480 5,092,814 2,253,900 6,991,809 33,000 10,000 99,000 77 77 220,000 60,000

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ÄŤĹ—ĹšĹ˜Ĺ—ĹšĹ‰ĹœĹ? ÄŻĹ—ĹžĹ?ŚŖʼnŖŋĹ? Shareholding of Directors and Management of TRT as of 31.12.2014 compared to 31.12.2015

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Name 0U 7RQJWDM +RQJODGDURP Spouse and minor child 0U 6XPSDQ 9RQJSKDQ Spouse and minor child 0U 8SDNURP 7KDZHHSKRNH Spouse and minor child 0U &KDUXYLW 6XDQPDOHH Spouse and minor child 0U 2XLFKDL 6LULZDMDQD Spouse and minor child 0U $PSRUQWDW 3RROFKDURHQ Spouse and minor child 0U 6XQDQ 6DQWLFKRWLQDQ Spouse and minor child 0U 7DL &KRQJ <LK Spouse and minor child 'U 3LVLW /HHDKWDP Spouse and minor child 0U 7HHUDYXW 6XSDYLUL\DNXO Spouse and minor child 0U 6LQJKD 1LNRUQSXQ Spouse and minor child 0U <RVVDJRUQ %XUDNDPNRZLW Spouse and minor child 0U &KXPSRUQ .RRSLSDW Spouse and minor child 0U 6RPVDN .RRDUPRUQSDWDQD Spouse and minor child

As of 31.12.2015

As of 31.12.2014

1,534,500 40,109,927 5,488,558 8,411,314 2,180,480 2,000,000 2,253,900 6,991,809 33,000 10,000 0 77 0 220,000 60,000

1,534,500 39,109,927 6,188,558 8,461,314 2,180,480 5,092,814 2,253,900 6,991,809 33,000 10,000 99,000 77 77 220,000 60,000

Annual Report 2015 Tirathai Public Limited

Change Increase 0 1,000,000 (700,000) (50,000) 0 (3,092,814) 0 0 0 0 0 (77) 0 0

RI VKDUHKROGHULQJ in 2015

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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ε® nµ¥Ä ¦³Á « ®¤o °Â ¨ Å¢¢o µ ε¨´ ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ­nª ¦³ ° ®¤o °Â ¨ Å¢¢o µ ¦ª¤¦µ¥Å o µ Ä ¦³Á « ε® nµ¥ nµ ¦³Á « ®¤o °Â ¨ Å¢¢o µ ε¨´ ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ­nª ¦³ ° ®¤o °Â ¨ Å¢¢o µ ¦ª¤¦µ¥Å o µ nµ ¦³Á « ¦ª¤¦µ¥Å o ®¤o °Â ¨ Å¢¢o µ ε¨´ ¦ª¤¦µ¥Å o ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ¦ª¤¦µ¥Å o ­ªn ¦³ ° ®¤o °Â ¨ Å¢¢o µ ¦ª¤¦µ¥Å o µ µ¦ µ¥ ¦µ¥Å o µ µ¦Ä®o ¦· µ¦ ¦µ¥Å o µ µ¦ µ¥Â¨³ ¦· µ¦ ¦µ¥Å o µ ¦·¬´ ¥n°¥ ¦µ¥Å o °ºÉ Ç ¦ª¤¦µ¥Å o ­· ´ Ê Ê

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¸

¸

¨o µ µ

%

¨o µ µ

¦·¬´ ² ¦·¬´ ² ¦·¬´ ²

981.53 855.75 6.90 1,844.18

598.25 657.38 6.04 1,261.67

610.57 317.99 8.81 937.37

¦·¬´ ² ¦·¬´ ² ¦·¬´ ²

132.54 144.45 3.38 280.37 1,114.07 1,000.20 10.28 2,124.55 97.30 2,221.85 296.05 17.06 2,534.96

176.63 136.43 1.59 314.65 774.88 793.81 7.63 1,576.32 62.31 1,638.63 493.00 31.63 2,163.26

470.17 178.06 1.68 649.91 1,080.74 496.05 10.49 1,587.28 55.68 1,642.96 581.01 41.93 2,265.90

¦·¬´ ² ¦·¬´ ² ¦·¬´ ² ¦·¬´ ² ¦·¬´ ¥n°¥ ¦·¬´ ¥n°¥ ¦·¬´ ² ¦·¬´ ¥n°¥

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¨o µ µ

%

INCOME STRUCTURE ĹŖŋŗŕĹ? Ĺ›ĹœĹ?Ĺ‹ĹœĹ?ĹšĹ? Ĺ—ĹŽ ĹœĹ?Ĺ? ÄŤĹ—Ĺ•Ĺ˜Ĺ‰Ĺ–ĹĄ Ĺ‰Ĺ–ĹŒ Ĺ‘ĹœĹ› ÄťĹ?ĹŠĹ›Ĺ‘ĹŒĹ‘Ĺ‰ĹšĹ‘Ĺ?Ĺ›

,QFRPH VWUXFWXUH RI &RPSDQ\ DQG LWV VXEVLGLDULHV LV VKRZQ EHORZ

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Incomes - Local 3RZHU 7UDQVIRUPHUV Distribution Transformers Components of Transformers Total Incomes - Local Incomes - Export 3RZHU 7UDQVIRUPHUV Distribution Transformers Component of Transformers Total Incomes - Export 7RWDO ,QFRPH IURP 3RZHU 7UDQVIRUPHUV Total Income from Distribution Transformers Total Income from Component of Transformers Total Income from Sales Income from Service Total Income from Sales and Services Income from subsidaries company 2WKHU ,QFRPHVw Grand Total Incomes

2SHUUDWHG %\

0 %DKW

%

0 %DKW

%

0 %DKW

%

The Company The Company The Company

981.53 855.75 6.90 1,844.18

598.25 657.38 6.04 1,261.67

610.57 317.99 8.81 937.37

The Company The Company The Company

132.54 144.45 3.38 280.37 1,114.07 1,000.20 10.28 2,124.55 97.30 2,221.85 296.05 17.06 2,534.96

176.63 136.43 1.59 314.65 774.88 793.81 7.63 1,576.32 62.31 1,638.63 493.00 31.63 2,163.26

470.17 178.06 1.68 649.91 1,080.74 496.05 10.49 1,587.28 55.68 1,642.96 581.01 41.93 2,265.90

The Company The Company The Company The Company/Subsidairies

Subsidairies The Company/Subsidairies

Annual Report 2015 Tirathai Public Limited

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¦µ¥Å o ¦ª¤ ¥° ¦´ ε­´ É º Ê°Ä ¦³Á « ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ®¤o °Â ¨ Å¢¢o µ ε¨´ ¥° ¦´ ε­´ É º Ê° ¦·¬´ ¥n°¥ ¦ª¤ ¥° ¦´ ε­´ É º Ê° nµ ¦³Á « ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ®¤o °Â ¨ Å¢¢o µ ε¨´ ¥° ¦´ ε­´ É º Ê° ¦·¬´ ¥n°¥ ¦ª¤ ¦ª¤¥° ¦´ ε­´ É º Ê°Ä ¦³Á «Â¨³ nµ ¦³Á « ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ®¤o °Â ¨ Å¢¢o µ ε¨´ ¥° ¦´ ε­´ É º Ê° ¦·¬´ ¥n°¥ ¦ª¤ ¤¼¨ nµ µ Á®¨º°Ä ¦³Á « ­· Ê ´ ªµ ¤ ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ®¤o °Â ¨ Å¢¢o µ ε¨´ ¤¼¨ nµ µ Á®¨º° ¦·¬´ ¥n°¥ ¦ª¤ ¤¼¨ nµ µ Á®¨º° nµ ¦³Á « ­· Ê ´ ªµ ¤ ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ®¤o °Â ¨ Å¢¢o µ ε¨´ ¤¼¨ nµ µ Á®¨º° ¦·¬´ ¥n°¥ ¦ª¤ ¦ª¤¤¼¨ nµ µ Á®¨º° ´ Ä ¦³Á «Â¨³ n Ê µ ¦³Á « ®¤o °Â ¨ Å¢¢o µ¦³ ε® nµ¥ ®¤o °Â ¨ Å¢¢o µ ε¨´ ¤¼¨ nµ µ Á®¨º° ¦·¬´ ¥n°¥ ¦ª¤

ε ª Á · ¨o µ µ

2557 %

2558

ε ª Á · ¨o µ µ

%

ε ª Á · ¨o µ µ

%

2,534.96

2,163.36

2,265.90

890.10 787.74 92.00 1,769.84

487.96 506.24 334.00 1,328.20

316.58 1,039.04 460.09 1,815.71

127.51 188.85 450.00 766.36

101.05 308.76 409.81

162.14 475.88 1,344.00 1,982.02

1,017.61 976.59 542.00 2,536.20

589.01 815.00 334.00 1,738.01

478.72 1,514.92 1,804.09 3,797.73

83.93 515.09 599.02

78.00 952.00 1,500.70 2,530.70

50.00 388.00 438.00

258.43 593.67 33.45 885.55

2556

2556

42.74 204.38 450.00 697.12

56.91 298.64 250.00 605.55

2556 301.17 798.05 483.45 1,582.67

140.84 813.73 250.00 1,204.57

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2557

2557

2557

2558

2558

2558

128.00 1,340.00 1,500.70 2,968.70

ÄśĹ‰ĹœĹ?ĹšĹ? Ĺ—ĹŽ ÄŞĹ?śőŖĹ?śś ġĹ˜Ĺ?ĹšĹ‰ĹœĹ‘Ĺ—Ĺ– ğʼnŊŔĹ? Ĺ—ĹŽ ÄşĹ?Ĺ‹Ĺ?Ĺ‘ĹžĹ?ĹŒ ġĹšĹŒĹ?Śś Ĺ‰Ĺ–ĹŒ ĹœĹ?Ĺ? ĪʼnŋœŔŗĹ? ġĹšĹŒĹ?Śś Ĺ‘Ĺ– b`acĹłb`ae 2 5HFHLYHG 2UGHUV %DFNORJ 2UGHUV

7RWDO 5HYHQXH Received Orders - Local Distribution Transformers 3RZHU 7UDQVIRUPHUV Received Orders - subsidary companines 7RWDO Received Orders - Export Distribution Transformers 3RZHU 7UDQVIRUPHUV Received Orders - subsidary companines Total Total Received Orders both Local & Export Distribution Transformers 3RZHU 7UDQVIRUPHUV Received Orders - subsidary companines Total Backlog Orders - Local (as of December 31st) Distribution Transformers 3RZHU 7UDQVIRUPHUV Backlog Orders - subsidaries company Total Backlog Orders - Export (as of December 31st) Distribution Transformers 3RZHU 7UDQVIRUPHUV Backlog Orders - subsidaries company Total Total Backlog Orders of both Local & Export Distribution Transformers 3RZHU 7UDQVIRUPHUV Backlog Orders - subsidaries company Total

2 0LOOLRQ %DKW

%

2,265.90

487.96 506.24 334.00 1,328.20

316.58 1,039.04 460.09 1,815.71

101.05 308.76 409.81

162.14 475.88 1,344.00 1,982.02

589.01 815.00 334.00 1,738.01

478.72 1,514.92 1,804.09 3,797.73

83.93 515.09 599.02

78.00 952.00 1,500.70 2,530.70

50.00 388.00 438.00

%

0LOOLRQ %DKW

2,534.96

2,163.36

890.10 787.74 92.00 1,769.84

127.51 188.85 450.00 766.36 1,017.61 976.59 542.00 2,536.20

0LOOLRQ %DKW

258.43 593.67 33.45 885.55

2013

2013

42.74 204.38 450.00 697.12

56.91 298.64 250.00 605.55

2013 301.17 798.05 483.45 1,582.67

2 5

140.84 813.73 250.00 1,204.57

Annual Report 2015 Tirathai Public Limited

%

2014

2014

2014

2015

2015

2015

128.00 1,340.00 1,500.70 2,968.70

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Source: The Freedonia Group Inc.

Annual Report 2015 Tirathai Public Limited

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Source: Table of Electricity Demand Forecast, PDP 2015

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Source: EPPO

Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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The Company, therefore, is confident that it ZLOO EH DEOH WR PDQDJH WKH ULVNV IURP GHSHQGHQF\ RQ D NH\ DFFRXQW FXVWRPHU HIILFLHQWO\ )LQDQFLDO 5LVNV 5LVNV IURP ([FKDQJH 5DWHV The Company and its subsidiaries have had incomes from sales and costs in foreign currencies (costs include cost of sales and services, selling and DGPLQLVWUDWLYH H[SHQVHV DQG LQWHUHVW PRVWO\ LQ 86 GROODUV 6LQJDSRUH GROODUV DQG (XUR PHDQZKLOH RWKHU PLQRU FXUUHQFLHV LQFOXGH 6ZLVV IUDQF 6ZHGLVK NURQD and Japanese yen; therefore, the Company and its subsidiaries have the risks from the said exchange rates. +RZHYHU WKH &RPSDQ\ KDV GHWHUPLQHG LWV SROLF\ WR SUHYHQW WKH ULVNV IURP H[FKDQJH UDWHV LQ 86 GROODUV E\ RSHQLQJ D VDYLQJV DFFRXQW LQ 86 GROODUV IRU PDNLQJ D QDWXUDO KHGJH 7KH &RPSDQ\ ZDV DEOH WR VHWWOH WKH SD\PHQWV RI UDZ PDWHULDOV LQ 86 GROODUV DQG XVLQJ LW IRU WKH HVWLPDWLRQ RI WUDQVIRUPHU SULFHV 7KH &RPSDQ\ KDV SURYLGHG DQ DOORZDQFH IRU IOXFWXDWLRQ RI H[FKDQJH UDWHV DW D FHUWDLQ OHYHO In addition, the foreign currency rate is fluctuated significantly upon the economic condition. The Company is realized the significance of the said risk, and WKHUHIRUH KDV D SROLF\ WR DSSO\ IRU WKH IRUZDUG FRQWUDFW ZLWK WKH ILQDQFLDO LQVWLWXWLRQ DV LWuV DSSURSULDWH LQ RUGHU WR PLQLPL]H ULVN DV ZHOO 5LVNV IURP 1RQSD\PHQW RI 'LYLGHQG 7KH &RPSDQ\ KDV LWV SROLF\ WR SD\ GLYLGHQG DW WKH UDWH RI RI WKH QHW SURILWV DIWHU GHGXFWLQJ OHJDO UHVHUYHV DQG FRUSRUDWH LQFRPH WD[ $V RI 'HFHPEHU 31st, 2015 and 2014, the Company and its subsidiaries had the total liabilities of 1,947.70 million Baht and 1,478.97 million Baht and the equities of 1,077.14 PLOOLRQ %DKW DQG PLOOLRQ %DKW UHVSHFWLYHO\ DV D UHVXOW WKH GHEW WR HTXLW\ UDWLRV DV RI 'HFHPEHU VW DQG ZHUH DQG WLPHV UHVSHFWLYHO\ DV WKH &RPSDQ\ KDV ZHOO DQG SURSHU PDQDJHG LWV EXVLQHVV DQG WKHUHIRUH WKHUH LV QR ULVN IURP QRQSD\PHQW RI GLYLGHQG

Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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981.53 855.75 6.90 1,844.18

38.72 33.76 0.27 72.75

598.25 657.38 6.04 1,261.67

27.66 30.39 0.28 58.32

610.57 317.99 8.81 937.37

26.95 14.03 0.39 41.37

132.54 144.45 3.38 280.37 1,114.07 1,000.20 10.28 2,124.55 97.30 2,221.85 115.11 180.94 17.06 2,534.96

5.23 5.70 0.13 11.06 43.95 39.46 0.41 83.81 3.84 87.65 4.54 7.14 0.67 100.00

176.63 136.43 1.59 314.65 774.88 793.81 7.63 1,576.32 62.31 1,638.63 370.00 123.00 20.53 11.10 2,163.26

8.16 6.31 0.07 14.55 35.82 36.70 0.35 72.87 2.88 75.75 17.10 5.69 0.95 0.51 100.00

470.17 178.06 1.68 649.91 1,080.74 496.05 10.49 1,587.28 55.68 1,642.96 482.17 98.84 41.18 0.74 2,265.89

20.75 7.86 0.07 28.68 47.70 21.89 0.46 70.05 2.46 72.51 21.28 4.36 1.81 0.04 100.00

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2,009.83 1,015.01 3,024.84 1,351.86 595.84 1,947.70 1,077.14

1,884.58 768.62 2,653.20 1,404.36 74.62 1,478.98 1,174.22

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981.53 855.75 6.90 1,844.18

38.72 33.76 0.27 72.75

598.25 657.38 6.04 1,261.67

27.66 30.39 0.28 58.32

610.57 317.99 8.81 937.37

26.95 14.03 0.39 41.37

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132.54 144.45 3.38 280.37 1,114.07 1,000.20 10.28 2,124.55 97.30 2,221.85 115.11 180.94 17.06 2,534.96

5.23 5.70 0.13 11.06 43.95 39.46 0.41 83.81 3.84 87.65 4.54 7.14 0.67 100.00

176.63 136.43 1.59 314.65 774.88 793.81 7.63 1,576.32 62.31 1,638.63 370.00 123.00 20.53 11.10 2,163.26

8.16 6.31 0.07 14.55 35.82 36.70 0.35 72.87 2.88 75.75 17.10 5.69 0.95 0.51 100.00

470.17 178.06 1.68 649.91 1,080.74 496.05 10.49 1,587.28 55.68 1,642.96 482.17 98.84 41.18 0.74 2,265.89

20.75 7.86 0.07 28.68 47.70 21.89 0.46 70.05 2.46 72.51 21.28 4.36 1.81 0.04 100.00

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MB Current Asset Non-Current Asset Total Asset Current liability Non-Current liability Total liability Shareholder’s Equity

As at 31/12/2015

As at 31/12/2014

2,009.83 1,015.01 3,024.84 1,351.86 595.84 1,947.70 1,077.14

1,884.58 768.62 2,653.20 1,404.36 74.62 1,478.98 1,174.22

Annual Report 2015 Tirathai Public Limited

Difference 125.25 246.39 371.64 (52.50) 521.22 468.72 (97.08)

'LIIHUHQFH 6.79 32.06 14.00 (3.74) 698.50 31.69 (8.27)

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2558 (257.62) (248.17) 305.28 (200.50) 570.46 371.68

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Annual Report 2015 Tirathai Public Limited

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The procedures selected depend on the auditor’s MXGJPHQW LQFOXGLQJ WKH DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH ILQDQFLDO VWDWHPHQWV ZKHWKHU GXH WR IUDXG RU HUURU ,Q PDNLQJ WKRVH ULVN DVVHVVPHQWV WKH DXGLWRU FRQ siders internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV PDGH E\ PDQDJHPHQW DV ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ RI WKH ILQDQFLDO VWDWHPHQWV believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. 2SLQLRQ In my opinion, the financial statements present fairly, in all material respects, the consolidated financial position of Tirathai Public Company Limited and its subsidiaries as of DeFHPEHU DQG WKH UHVXOW RI WKHLU RSHUDWLRQV DQG WKHLU FDVK IORZV IRU WKH \HDU WKHQ HQGHG DQG WKH ILQDQFLDO SRVLWLRQ RI 7LUDWKDL 3XEOLF &RPSDQ\ /LPLWHG DV RI 'HFHPEHU WKH UHVXOWV RI LWV RSHUDWLRQV DQG LWV FDVK IORZV IRU WKH \HDU WKHQ HQGHG LQ DFFRUGDQFH ZLWK )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV 2WKHU PDWWHU The consolidated financial statements of Tirathai Public Company Limited and its subsidiaries and the separate financial statements of Tirathai Public Company Limited for the \HDU HQGHG 'HFHPEHU SUHVHQWHG KHUHLQ IRU FRPSDULVRQ ZKLFK DXGLWHG E\ DQRWKHU DXGLWRU LQ P\ RIILFH DQG UHSRUWHG LQ DFFRUGDQFH ZLWK 6WDQGDUGV RQ $XGLWLQJ DQG H[SUHVVHG an unqualified opinion in her report dated February 18, 2015. I have not performed any other audit procedures subsequent to such report date.

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­Îµ ´ µ Á° Á°È¤ ¸ °­Ã ·Á° ¦» Á ¡¤®µ ¦ ª´ ¸É »¤£µ¡´ r

$ 0 7 $662&,$7(6 Bangkok, Thailand February 23, 2016

.(65(( 1$521*'(- Certified Public Accountant Registration No. 76

Annual Report 2015 Tirathai Public Limited

"DD2 :!8 :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ µ µ¦Á · ¦ª¤ ®¤µ¥Á® »

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

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

ª´ ¸É ´ ªµ ¤

µ¦Á · Á ¡µ³ ¦·¬´

ª´ ¸É ´ ªµ ¤

371,682,141.14

570,463,755.20

611,720.00

751,850.00

¨³ ¨³ ¨³

792,362,786.03

466,338,404.97

34,412,468.63

16,159,676.72

-

-

¨³ 7

-

-

737,459,010.55

776,536,669.15

9,916,743.85

45,864,157.22

63,386,387.91

8,462,997.71

2,009,831,258.11

1,884,577,510.97

-

-

68,204,294.44

103,900,769.02

-

-

820,283,654.04

552,088,543.46

19,772,301.79

19,772,301.79

14,280,505.81

21,077,460.03

49,959,805.49

26,151,693.10

7,528,024.68

1,367,514.25

23,681,387.30

36,368,450.17

11,298,188.06

7,892,179.70

1,015,008,161.61

768,618,911.52

3,024,839,419.72

2,653,196,422.49

8 ¨³ ¨³ ¨³ 12 25

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

ª´ ¸É ´ ªµ ¤

ª´ ¸É ´ ªµ ¤

287,663,694.08 611,720.00 612,107,578.69 25,621,963.72 124,500,000.00

469,273,900.85 751,850.00 375,563,545.86 15,594,781.86 25,000,000.00

40,000,000.00 667,065,785.93

694,551,235.25

74,500.00 41,572,029.68 1,799,217,272.10

562,147.79 1,581,297,461.61

44,188,700.00 67,917,733.27 169,734,684.93 697,008,580.09 11,988,010.61 23,727,474.91

44,188,700.00 103,617,066.93 49,734,684.93 502,086,779.98 18,876,199.08 22,349,634.24

10,641,387.30 8,473,065.57 1,033,679,636.68 2,832,896,908.78

36,368,450.17 4,997,297.19 782,218,812.52 2,363,516,274.13

ÄťĹœĹ‰ĹœĹ?Ĺ•Ĺ?Ĺ–Ĺœ Ĺ—ĹŽ ĎőŖʼnŖŋőʼnŔ ĸĹ—Ĺ›Ĺ‘ĹœĹ‘Ĺ—Ĺ– Tirathai Public Company Limitrd and it’s Subsidiaries As of December 31, 2015 %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176 As of December 31, 2015 As of December 31, 2014

NOTE

$66(76

6(3$5$7( ),1$1&,$/ 67$7(0(176 As of December 31, 2015

As of December 31, 2014

287,663,694.08 611,720.00 612,107,578.69 25,621,963.72 124,500,000.00

469,273,900.85 751,850.00 375,563,545.86 15,594,781.86 25,000,000.00

40,000,000.00 667,065,785.93

694,551,235.25

74,500.00 41,572,029.68 1,799,217,272.10

562,147.79 1,581,297,461.61

44,188,700.00 67,917,733.27 169,734,684.93 697,008,580.09 11,988,010.61 23,727,474.91

44,188,700.00 103,617,066.93 49,734,684.93 502,086,779.98 18,876,199.08 22,349,634.24

10,641,387.30 8,473,065.57 1,033,679,636.68 2,832,896,908.78

36,368,450.17 4,997,297.19 782,218,812.52 2,363,516,274.13

&855(17 $66(76 Cash and cash equivalents

371,682,141.14

570,463,755.20

611,720.00

751,850.00

Ă‚¨³ Ă‚¨³ Ă‚¨³

792,362,786.03

466,338,404.97

34,412,468.63

16,159,676.72

-

-

Ă‚¨³ 7

-

-

737,459,010.55

776,536,669.15

9,916,743.85

45,864,157.22

63,386,387.91

8,462,997.71

2,009,831,258.11

1,884,577,510.97

-

-

68,204,294.44

103,900,769.02

-

-

820,283,654.04

552,088,543.46

19,772,301.79

19,772,301.79

14,280,505.81

21,077,460.03

49,959,805.49

26,151,693.10

7,528,024.68

1,367,514.25

- Advance payment for assets

23,681,387.30

36,368,450.17

- Others

11,298,188.06

7,892,179.70

1,015,008,161.61

768,618,911.52

3,024,839,419.72

2,653,196,422.49

Current investments - investments units Trade receivables - net Other receivables Short - term loan to related party Current portion of long - term loans to related parties - net Inventories - net Other current assets - Advances payment for goods and services - Others

Total current assets 121 &855(17 $66(76

8 Ă‚¨³ Ă‚¨³ Ă‚¨³

Investments in subsidiaries Other long - term investments Long - term loans to related parties - net Property, plant and equipment - net

*RRGZLOO

12 25

Intangible assets - net Deferred tax assets Other non - current assets

5HIXQGDEOH ZLWKKROGLQJ LQFRPH WD[

Total non - current assets 727$/ $66(76

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

Annual Report 2015 Tirathai Public Limited

"DD2 :!8 :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ µ µ¦Á · ¦ª¤ ª´ ¸É ´ ªµ ¤

ª´ ¸É ´ ªµ ¤

ª´ ¸É ´ ªµ ¤

ª´ ¸É ´ ªµ ¤

13

401,052,874.56

359,552,079.49

243,964,057.20

181,941,342.63

28

287,392,412.25

289,627,969.68

29,158,090.17 235,314,762.10

37,687,207.96 222,760,396.44

83,897,420.65 28,697,266.25 450,000,000.00 3,017,089.87

55,760,950.45 5,649,728.00 1,460,957.78 599,628,121.20 11,197,810.73

53,641,932.59 28,697,266.25 450,000,000.00 2,661,176.08

44,451,113.06 5,649,728.00 667,099.57 599,628,121.20 9,766,094.67

®¤µ¥Á® »

µ¦Á · Á ¡µ³ ¦·¬´

® ¸­Ê · ÁÁ¨³­n ª ° ¼o º°® o

® ¸­Ê · ®¤» Áª¸¥

Á · Á · Á · ´ ¸Â¨³Á · ¼o¥º¤¦³¥³­´ µ ­ µ ´ Ê µ¦Á ·

Á o µ® ¸ Ê µ¦ o µ

· µ¦ ¸ÉÁ ¸É¥ª o ° ´

· µ¦°ºÉ

Á o µ® ¸ Ê°ºÉ

nµÄ o µn ¥ o µ nµ¥

Á o µ® ¸ Ê nµ º Ê° ¦´¡¥r­ ·

® ¸ Ê­· ¦³¥³¥µª­nª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸

®»o ¼o­ªn ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸

Á · ¼o¥º¤¦³¥³­´ µ · Ê µ¦°ºÉ

£µ¬¸Á · Å o oµ nµ¥

® ¸ Ê­· ®¤» Áª¸¥ °ºÉ

Á · ¦´ ¨nª ® o µ nµ­· o µÂ¨³ ¦· µ¦

Á · ´ ¨ o µ nµ¥

°ºÉ Ç

¦ª¤® ¸ Ê­· ®¤» Áª¸¥

15 16 14

4

72,132,146.03 238,148.89 25,431,962.14 1,351,859,320.64

56,234,129.00 497,414.66 24,749,339.14 1,404,358,500.13

58,804,050.00 238,148.89 15,881,170.07 1,118,360,653.35

27,714,674.60 497,414.66 18,809,333.70 1,149,572,526.49

15 16 17

499,248,147.26 96,587,941.70 595,836,088.96 1,947,695,409.60

74,615,501.00 74,615,501.00 1,478,974,001.13

499,248,147.26 77,603,749.00 576,851,896.26 1,695,212,549.61

62,498,942.00 62,498,942.00 1,212,071,468.49

359,202,865.00

359,202,865.00

359,202,865.00

359,202,865.00

308,008,272.00 260,145,145.84

307,889,170.00 259,609,186.84

308,008,272.00 260,145,145.84

307,889,170.00 259,609,186.84

35,920,286.50 484,440,598.46 1,088,514,302.80 (11,370,292.68) 1,077,144,010.12 3,024,839,419.72

35,920,286.50 569,498,404.51 1,172,917,047.85 1,305,373.51 1,174,222,421.36 2,653,196,422.49

35,920,286.50 533,610,654.83 1,137,684,359.17 1,137,684,359.17 2,832,896,908.78

35,920,286.50 548,026,162.30 1,151,444,805.64 1,151,444,805.64 2,363,516,274.13

® ¸­Ê · Ťn ®¤» Áª¸¥

® ¸ Ê­· ¦³¥³¥µª

­» · µ ­nª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸

®»o ¼o ­» · µ ­nª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸

£µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ

¦ª¤® ¸ Ê­·

¦ª¤® ¸ Ê­· Ťn®¤» Áª¸¥

­n ª ° ¼o º°®»o

» Á¦º ° ®»o

» ³Á ¸¥

®»o ­µ¤´ ®»o ¤¼¨ nµ®»o ¨³ µ

» ¸É°° ε® nµ¥Â¨³ 妳Á Ȥ¤¼¨ nµÂ¨o ª

®»o ­µ¤´ ®»o ¤¼¨ nµ®»o ¨³ µ

ª´ ¸É ´ ªµ ¤ ¨³

®»o ­µ¤´ ®»o ¤¼¨ nµ®»o ¨³ µ

ª´ ¸É ´ ªµ ¤

­nª Á · ¤¼¨ nµ®»o

εŦ­³­¤

¨³

´ ­¦¦Â¨o ª ­Îµ¦° µ¤ ®¤µ¥

¥´ ŤnÅ o ´ ­¦¦

21

¦ª¤­nª ° ¼o º°®»o ¦· ¬´ Ä® n

­nª Å o Á­¸¥ ¸ÉŤn¤¸°Îµ µ ª »¤

¦ª¤­nª ° ¼o º°®»o

¦ª¤® ¸­Ê · ¨³­n ª ° ¼o º°®»o

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

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

ĻŜʼnŜōŕōŖŜ ŗŎ ĮőŖʼnŖŋőʼnŔ ĸŗśőŜőŗŖ Tirathai Public Company Limitrd and it’s Subsidiaries As of December 31, 2015 %DKW &2162/,'$7('

6(3$5$7( ),1$1&,$/

As of December 31, 2015

As of December 31, 2014

As of December 31, 2015

As of December 31, 2014

13

401,052,874.56

359,552,079.49

243,964,057.20

181,941,342.63

28

287,392,412.25

289,627,969.68

29,158,090.17 235,314,762.10

37,687,207.96 222,760,396.44

83,897,420.65 28,697,266.25 450,000,000.00 3,017,089.87

55,760,950.45 5,649,728.00 1,460,957.78 599,628,121.20 11,197,810.73

53,641,932.59 28,697,266.25 450,000,000.00 2,661,176.08

44,451,113.06 5,649,728.00 667,099.57 599,628,121.20 9,766,094.67

72,132,146.03 238,148.89 25,431,962.14 1,351,859,320.64

56,234,129.00 497,414.66 24,749,339.14 1,404,358,500.13

58,804,050.00 238,148.89 15,881,170.07 1,118,360,653.35

27,714,674.60 497,414.66 18,809,333.70 1,149,572,526.49

499,248,147.26 96,587,941.70 595,836,088.96 1,947,695,409.60

74,615,501.00 74,615,501.00 1,478,974,001.13

499,248,147.26 77,603,749.00 576,851,896.26 1,695,212,549.61

62,498,942.00 62,498,942.00 1,212,071,468.49

359,202,865.00

359,202,865.00

359,202,865.00

359,202,865.00

308,008,272.00 260,145,145.84

307,889,170.00 259,609,186.84

308,008,272.00 260,145,145.84

307,889,170.00 259,609,186.84

35,920,286.50 484,440,598.46 1,088,514,302.80 (11,370,292.68) 1,077,144,010.12 3,024,839,419.72

35,920,286.50 569,498,404.51 1,172,917,047.85 1,305,373.51 1,174,222,421.36 2,653,196,422.49

35,920,286.50 533,610,654.83 1,137,684,359.17 1,137,684,359.17 2,832,896,908.78

35,920,286.50 548,026,162.30 1,151,444,805.64 1,151,444,805.64 2,363,516,274.13

NOTE /,$%,/,7,(6 $1' 6+$5(+2/'(56u (48,7< &855(17 /,$%,/,7,(6 Bank overdrafts and short - term loans from financial institutions Trade payables - Related parties - Others Other payables - Accrued expenses - Payable on purchase of assets Current portion of long - term liabilities Current portion of debentures Short - term loans from others

15 16 14

Income tax payable Other current liabilities - Advances received for goods and services

4

- Accrued dividend payment - Others Total current liabilities 121 &855(17 /,$%,/,7,(6 Long - term liabilities - net of current portion Debentures - net of current portion Employee benefit obligation

15 16 17

Total non - current liabilities Total liabilities

6+$5(+2/'(56u (48,7< Share capital

¨³

Authorized share capital 359,202,865 ordinary shares of Baht 1.00 each Issued and fully paid - up share capital 308,008,272 ordinary shares of Baht 1.00 each as of December 31 , 2015 and 307,889,170 ordinary shares of Baht 1.00 each as of December 31 , 2014 Share premium Retained earnings Appropriated - legal reserve

8QDSSURSULDWHG

21

Total equity of parent Company’s shareholders Non - controlling interests Total shareholders’ equity 727$/ /,$%,/,7,(6 $1' 6+$5(+2/'(56u (48,7<

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

Annual Report 2015 Tirathai Public Limited

22

¨³

22

¨³

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

¥° Á®¨º° ª´ ¸É ´ ªµ ¤

nµ¥Á · ´ ¨

εŦ µ » Á È Á­¦È ¦ª¤­Îµ®¦´ ¸

Á¡·É¤ » ®»o ­µ¤´

¥° Á®¨º° ª´ ¸É ¤ ¦µ ¤

¥° Á®¨º° ª´ ¸É ´ ªµ ¤

nµ¥Á · ´ ¨

ð ŠεŦ­³­¤

εŦ µ » Á È Á­¦È ¦ª¤­Îµ®¦´ ¸

Á¡·É¤ » ®»o ­µ¤´

¥° Á®¨º° ª´ ¸É ¤ ¦µ ¤

®¤µ¥Á® »

259,609,186.84

307,889,170.00

-

-

-

4,500.00

259,604,686.84

307,888,170.00 1,000.00

260,145,145.84

308,008,272.00

-

-

-

-

-

535,959.00

259,609,186.84

35,920,286.50

-

-

-

35,920,286.50

35,920,286.50

-

-

-

-

35,920,286.50

569,498,404.51

(58,496,852.30)

48,075,366.88

-

579,919,889.93

484,440,598.46

(30,788,717.00)

(8,299,201.76)

(45,969,887.29)

-

569,498,404.51

´ ­¦¦Â¨o ª ­n ª Á · ¤¼¨ n µ®»o ­Îµ¦° µ¤ ®¤µ¥ ¥´ Ťn Å o ´ ­¦¦

119,102.00

307,889,170.00

» Á¦º° ®»o ¸É°° ¨³ 妳 Á Ȥ¤¼¨ n µÂ¨o ª

εŦ­³­¤

-

-

-

-

-

-

-

-

-

8,299,201.76

(8,299,201.76)

¨ εŦ µ » µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ ­Îµ®¦´ à ¦ µ¦ ¨ ¦³Ã¥ r ¡ ´ µ

° r ¦³ ° °ºÉ ° ­n ª ° ¼o °º ®»o εŦ µ » Á È Á­¦È °ºÉ

­n ª ° ¼o º°®»o ¦·¬´ Ä® n

µ

1,172,917,047.85

(58,496,852.30)

48,075,366.88

5,500.00

1,183,333,033.27

1,088,514,302.80

(30,788,717.00)

-

(54,269,089.05)

655,061.00

1,172,917,047.85

1,305,373.51

-

282,747.59

-

1,022,625.92

(11,370,292.68)

-

-

(12,675,666.19)

-

1,305,373.51

1,174,222,421.36

(58,496,852.30)

48,358,114.47

5,500.00

1,184,355,659.19

1,077,144,010.12

(30,788,717.00)

-

(66,944,755.24)

655,061.00

1,174,222,421.36

¦ª¤­n ª ° ­n ª Å o Á­¸¥ ¸ÉŤn ¤¸ ¦ª¤ ¼o º°®»o ¦·¬´ Ä® n °Îµ µ ª »¤ ­n ª ° ¼o º°®»o

"DD2 :+D#-=L*!DD#- 2ĉ/! 5 $AĊ ?53@Ċ!

" :+D <!+/) ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

Annual Report 2015 Tirathai Public Limited 22

¨³

22

¨³

259,609,186.84

307,889,170.00

-

-

-

4,500.00

259,604,686.84

307,888,170.00 1,000.00

260,145,145.84

308,008,272.00

-

-

-

-

-

535,959.00

259,609,186.84

119,102.00

307,889,170.00

6KDUH SUHPLXP

35,920,286.50

-

-

-

35,920,286.50

35,920,286.50

-

-

-

-

35,920,286.50

$SSURSULDWHG OHJDO UHVHUYH

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

Ending balances as of December 31, 2014

Dividend paid

Total comprehensive income (loss) for the year

Increased in ordinary share capital

Balances as of January 1, 2014

Ending balances as of December 31, 2015

Dividend paid

Transferred to retained earnings

Total comprehensive income (loss) for the year

Increased in ordinary share capital

Balances as of January 1, 2015

1RWH

,VVXHG DQG IXOO\ SDLG XS VKDUH FDSLWDO

569,498,404.51

(58,496,852.30)

48,075,366.88

-

579,919,889.93

484,440,598.46

(30,788,717.00)

(8,299,201.76)

(45,969,887.29)

-

569,498,404.51

8QDSSURSULDWHG

5HWDLQHG HDUQLQJV

%DKW

-

-

-

-

-

-

-

-

-

8,299,201.76

(8,299,201.76)

$FWXDULDO JDLQV ORVVHV RQ GHILQHG HPSOR\HH EHQHILW SODQV

2WKHU FRPSRQHQWV RI HTXLW\ 2WKHU FRPSUHKHQVLYH LQFRPH ORVV

(TXLW\ KROGHUV RI SDUHQW

1,172,917,047.85

(58,496,852.30)

48,075,366.88

5,500.00

1,183,333,033.27

1,088,514,302.80

(30,788,717.00)

-

(54,269,089.05)

655,061.00

1,172,917,047.85

1,305,373.51

-

282,747.59

-

1,022,625.92

(11,370,292.68)

-

-

(12,675,666.19)

-

1,305,373.51

7RWDO HTXLW\ RI SDUHQW &RPSDQ\uV 1RQ FRQWUROOLQJ VKDUHKROGHUV LQWHUHVWV

1,174,222,421.36

(58,496,852.30)

48,358,114.47

5,500.00

1,184,355,659.19

1,077,144,010.12

(30,788,717.00)

-

(66,944,755.24)

655,061.00

1,174,222,421.36

7RWDO VKDUHKROGHUuV HTXLW\

ĻļĩļĭĵĭĶļĻ ķĮ īİĩĶįĭĻ ıĶ ĻİĩĺĭİķĴĬĭĺĻÝ ĭĹĽıļŁ īķĶĻķĴıĬĩļĭĬ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ Tirathai Public Company Limitrd and it’s Subsidiaries As of December 31, 2015

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů 22

¨³

22

¨³

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

¥° Á®¨º° ª´ ¸É ´ ªµ ¤

nµ¥Á · ´ ¨

εŦ µ » Á È Á­¦È ¦ª¤­Îµ®¦´ ¸

Á¡·É¤ » ®»o ­µ¤´

¥° Á®¨º° ª´ ¸É ¤ ¦µ ¤

¥° Á®¨º° ª´ ¸É ´ ªµ ¤

nµ¥Á · ´ ¨

ð ŠεŦ­³­¤

εŦ µ » Á È Á­¦È ¦ª¤­Îµ®¦´ ¸

Á¡·É¤ » ®»o ­µ¤´

¥° Á®¨º° ª´ ¸É ¤ ¦µ ¤

®¤µ¥Á® »

259,609,186.84

-

-

-

307,889,170.00

4,500.00

259,604,686.84

307,888,170.00 1,000.00

260,145,145.84

308,008,272.00

-

-

-

-

535,959.00

-

259,609,186.84

35,920,286.50

-

-

-

35,920,286.50

35,920,286.50

-

-

-

-

35,920,286.50

´ ­¦¦Â¨o ª ­n ª Á · ¤¼¨ n µ®»o ­Îµ¦° µ¤ ®¤µ¥

119,102.00

307,889,170.00

» Á¦º° ®»o ¸É°° ¨³ 妳 Á Ȥ¤¼¨ n µÂ¨o ª

548,026,162.30

(58,496,852.30)

37,206,640.12

-

569,316,374.48

533,610,654.83

(30,788,717.00)

(4,438,252.00)

20,811,461.53

-

548,026,162.30

¥´ Ťn Å o ´ ­¦¦

εŦ­³­¤

­n ª ° ¼o º°®»o ¦·¬´ Ä® n

µ

¨ εŦ µ » µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ ­Îµ®¦´ à ¦ µ¦ ¨ ¦³Ã¥ r ¡ ´ µ

° r ¦³ ° °ºÉ ° ­n ª ° ¼o °º ®»o εŦ µ » Á È Á­¦È °ºÉ

-

-

-

-

-

-

-

4,438,252.00

(4,438,252.00)

-

-

1,151,444,805.64

(58,496,852.30)

37,206,640.12

5,500.00

1,172,729,517.82

1,137,684,359.17

(30,788,717.00)

-

16,373,209.53

655,061.00

1,151,444,805.64

¦ª¤ ­n ª ° ¼o °º ®»o

"DD2 :+D#-=L*!DD#- 2ĉ/! 5 $AĊ ?53@Ċ!

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¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

Annual Report 2015 Tirathai Public Limited 22

¨³

22

¨³

259,609,186.84

307,889,170.00

-

-

-

4,500.00

259,604,686.84

307,888,170.00 1,000.00

260,145,145.84

308,008,272.00

-

-

-

-

-

535,959.00

259,609,186.84

119,102.00

307,889,170.00

6KDUH SUHPLXP

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

Ending balances as of December 31, 2014

Dividend paid

Total comprehensive income (loss) for the year

Increased in ordinary share capital

Balances as of January 1, 2014

Ending balances as of December 31, 2015

Dividend paid

Transferred to retained earning

Total comprehensive income (loss) for the year

Increased in ordinary share capital

Balances as of January 1, 2015

1RWH

,VVXHG DQG IXOO\ SDLG XS VKDUH FDSLWDO

35,920,286.50

-

-

-

35,920,286.50

35,920,286.50

-

-

-

-

35,920,286.50

$SSURSULDWHG OHJDO UHVHUYH

548,026,162.30

(58,496,852.30)

37,206,640.12

-

569,316,374.48

533,610,654.83

(30,788,717.00)

(4,438,252.00)

20,811,461.53

-

548,026,162.30

8QDSSURSULDWHG

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-

-

-

-

-

-

-

4,438,252.00

(4,438,252.00)

-

-

1,151,444,805.64

(58,496,852.30)

37,206,640.12

5,500.00

1,172,729,517.82

1,137,684,359.17

(30,788,717.00)

-

16,373,209.53

655,061.00

1,151,444,805.64

7RWDO VKDUHKROGHUuV HTXLW\

ĻŜʼnŜōŕōŖŜ ŗŎ ĮőŖʼnŖŋőʼnŔ ĸŗśőŜőŗŖ Ļĭĸĩĺĩļĭ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ

Tirathai Public Company Limitrd and it’s Subsidiaries As of December 31, 2015

" Q:H+ : @! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ µ µ¦Á · ¦ª¤ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ®¤µ¥Á® » ¦µ¥Å o ¦µ¥Å o µ µ¦ µ¥ ¦µ¥Å o µ µ¦Ä®o ¦· µ¦ ¦µ¥Å o µ µ¦Ä®o ¦· µ¦ µ¤­´ µ n°­¦o µ ¦µ¥Å o °ºÉ εŦ µ °´ ¦µÂ¨ Á ¨¸É¥ ¨´ ¦µ¥ µ¦ nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ¨´ ¦µ¥ µ¦ µ » µ µ¦¨ ¤¼¨ nµ­· o µ Á®¨º° °ºÉ Ç ¦ª¤¦µ¥Å o n µÄ o nµ¥ o » µ¥ o » µ¦Ä®o ¦· µ¦ o » µ¦Ä®o ¦· µ¦ µ¤­´ µ n°­¦o µ nµÄ o µn ¥Ä µ¦ µ¥ nµÄ o µn ¥Ä µ¦ ¦· ®µ¦ nµÄ o µn ¥°ºÉ £µ¬¸ Á · Å o ® ´ ¸É µn ¥ ´ ´ ¸ o » µ µ¦Á · ¦ª¤ nµÄ o µn ¥ εŦ µ » n ° n µÄ o nµ¥£µ¬¸Á · Å o n µÄ o nµ¥ ¦µ¥Å o £µ¬¸Á · Å o εŦ µ » ­Îµ®¦´ ¸ µ¦Â n ´ εŦ µ » ­Îµ®¦´ ¸ ­nª ¸ÉÁ È ° ¼o º°®»o ¦· ¬´ Ä® n ­nª ¸ÉÁ È ° ­nª Å o Á­¸¥ ¸ÉŤn¤¸°Îµ µ ª »¤

4 3 7 28

4

¨³ 25

26

εŦ µ » n °®»o εŦ µ » n°®»o ´ Ê ¡º Ê µ εŦ µ » ­nª ¸ÉÁ È ° ¼o º°®»o ¦· ¬´ Ä® n εŦ µ » n°®»o ¦´ ¨ εŦ µ » ­nª ¸ÉÁ È ° ¼o º°®»o ¦· ¬´ Ä® n ®¤µ¥Á® » ¦³ ° µ¦Á · º°Á È ­nª ® ¹ É ° µ¦Á · ¸ Ê

2558

2557

2558

1,908,675,728.56 210,191,122.80 105,101,773.46

2,026,357,713.71 83,353,703.02 21,916,958.76

1,587,280,091.23 55,684,796.58 -

1,576,327,014.63 62,313,442.33 -

746,029.19 5,841,358.98 1,811,755.42 33,535,680.85 2,265,903,449.26

11,099,605.05 20,533,191.43 2,163,261,171.97

3,940,993.96 5,841,358.98 1,901,264.72 30,091,496.05 1,684,740,001.52

11,214,892.88 20,125,520.79 1,669,980,870.63

1,631,031,884.35 100,701,359.14 80,392,475.62 129,300,783.95 341,285,417.87 53,391,477.71 2,336,103,398.64 (70,199,949.38) (11,916,298.94) (58,283,650.44)

1,578,744,208.36 33,633,515.03 10,958,479.38 128,517,275.06 295,655,072.89 3,348,368.46 45,810,826.23 2,096,667,745.41 66,593,426.56 18,235,312.09 48,358,114.47

1,289,682,398.06 28,268,970.51 114,075,116.64 180,418,943.60 44,754,266.01 1,657,199,694.82 27,540,306.70 6,728,845.17 20,811,461.53

1,225,694,593.23 35,893,221.20 120,052,617.62 203,147,995.15 37,290,633.18 1,622,079,060.38 47,901,810.25 10,695,170.13 37,206,640.12

(45,969,887.29) (12,313,763.15) (58,283,650.44)

48,075,366.88 282,747.59 48,358,114.47

20,811,461.53 20,811,461.53

37,206,640.12 37,206,640.12

(0.15)

0.16

0.07

0.12

(0.15)

0.16

0.07

0.12

εŦ µ » ­Îµ®¦´ ¸ εŦ µ » Á È Á­¦È °ºÉ ¦µ¥ µ¦ ¸ÉŤn ¼ ´ ¦³Á£ ¦µ¥ µ¦Ä®¤n Á o µÅ Ūo Ä ÎµÅ¦®¦º ° µ » Ä £µ¥®¨´ ¨ εŦ µ » µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ ­Îµ®¦´ à ¦ µ¦ ¨ ¦³Ã¥ r¡ ´ µ £µ¬¸ Á · Å o Á ¸É¥ª o ° ´ ° r ¦³ ° °ºÉ ° ­nª ° ¼o º°®»o ¦ª¤¦µ¥ µ¦ ¸ÉŤn ¼ ´ ¦³Á£ ¦µ¥ µ¦Ä®¤n Á o µÅ Ūo Ä ÎµÅ¦®¦º ° µ » Ä £µ¥®¨´ εŦ µ » Á È Á­¦È °ºÉ ­Îµ®¦´ ¸ εŦ µ » Á È Á­¦È ¦ª¤­Îµ®¦´ ¸ µ¦Â n ´ εŦ µ » Á È Á­¦È ¦ª¤­Îµ®¦´ ¸ ­nª ¸ÉÁ È ° ¼o º°®»o ¦· ¬´ Ä® n ­nª ¸ÉÁ È ° ­nª Å o Á­¸¥ ¸ÉŤn¤¸°Îµ µ ª »¤

2557

" Q:H+ : @!D"K D2+K ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

µ¦Á · Á ¡µ³ ¦·¬´ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

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

2558

µ¦Á · Á ¡µ³ ¦·¬´ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 2558

2557

2557

(58,283,650.44)

48,358,114.47

20,811,461.53

37,206,640.12

17

(10,826,381.00)

-

(5,547,815.00)

-

¨³

2,165,276.20

-

1,109,563.00

-

(8,661,104.80) (8,661,104.80) (66,944,755.24)

48,358,114.47

(4,438,252.00) (4,438,252.00) 16,373,209.53

37,206,640.12

(54,269,089.05) (12,675,666.19) (66,944,755.24)

48,075,366.88 282,747.59 48,358,114.47

16,373,209.53 16,373,209.53

37,206,640.12 37,206,640.12

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

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

ÄťĹœĹ‰ĹœĹ?Ĺ•Ĺ?Ĺ–Ĺœ Ĺ—ĹŽ ĎőŖʼnŖŋőʼnŔ ĸĹ—Ĺ›Ĺ‘ĹœĹ‘Ĺ—Ĺ– Tirathai Public Company Limitrd and it’s Subsidiaries As of December 31, 2015 %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

6(3$5$7( ),1$1&,$/ 67$7(0(176

)25 7+( <($56 (1'(' '(&(0%(5

5(9(18(6 Revenues from sales Revenues from services Revenues from construction contracts Others income - Gain on exchange rate 5HYHUVDO RI DOORZDQFH IRU GRXEWIXO DFFRXQWV - Reversal of loss on devaluation of inventories - Others Total revenues (;3(16(6 Cost of sales Cost of services Cost of construction contracts Selling expenses Administrative expenses 2WKHU H[SHQVH ZLWKKROGLQJ WD[ ZULWH RII Finance cost Total expenses 352),7 /266 %()25( ,1&20( 7$; (;3(16(6 7$; (;3(16(6 ,1&20( 352),7 /266 )25 7+( <($56 352),7 /266 )25 7+( <($56 $775,%87$%/( 72 (48,7< +2/'(56 2) 7+( 3$5(17 NON - CONTROLLING INTERESTS ($51,1*6 /266 3(5 6+$5( BASIC EARNINGS (LOSS) PER SHARE 352),7 /266 (48,7< +2/'(56 2) 7+( 3$5(17 ',/87(' ($51,1* /266 3(5 6+$5( 352),7 /266 (48,7< +2/'(56 2) 7+( 3$5(17

1RWH

4 3 7 28

4

24 and 28 25

26

)25 7+( <($56 (1'(' '(&(0%(5

2015

2014

2015

1,908,675,728.56 210,191,122.80 105,101,773.46

2,026,357,713.71 83,353,703.02 21,916,958.76

1,587,280,091.23 55,684,796.58 -

1,576,327,014.63 62,313,442.33 -

746,029.19 5,841,358.98 1,811,755.42 33,535,680.85 2,265,903,449.26

11,099,605.05 20,533,191.43 2,163,261,171.97

3,940,993.96 5,841,358.98 1,901,264.72 30,091,496.05 1,684,740,001.52

11,214,892.88 20,125,520.79 1,669,980,870.63

1,631,031,884.35 100,701,359.14 80,392,475.62 129,300,783.95 341,285,417.87 53,391,477.71 2,336,103,398.64 (70,199,949.38) (11,916,298.94) (58,283,650.44)

1,578,744,208.36 33,633,515.03 10,958,479.38 128,517,275.06 295,655,072.89 3,348,368.46 45,810,826.23 2,096,667,745.41 66,593,426.56 18,235,312.09 48,358,114.47

1,289,682,398.06 28,268,970.51 114,075,116.64 180,418,943.60 44,754,266.01 1,657,199,694.82 27,540,306.70 6,728,845.17 20,811,461.53

1,225,694,593.23 35,893,221.20 120,052,617.62 203,147,995.15 37,290,633.18 1,622,079,060.38 47,901,810.25 10,695,170.13 37,206,640.12

(45,969,887.29) (12,313,763.15) (58,283,650.44)

48,075,366.88 282,747.59 48,358,114.47

20,811,461.53 20,811,461.53

37,206,640.12 37,206,640.12

(0.15)

0.16

0.07

0.12

(0.15)

0.16

0.07

0.12

2014

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

ĝğĊğĭľĭĜğĝ ġĎ čġľĸĺĭİĭĜĝĹĞĭ ĹĜčġľĭ Tirathai Public Company Limitrd and it’s Subsidiaries As of December 31, 2015 352),7 /266 )25 7+( <($56 OTHER COMPREHENSIVE INCOME (LOSS):

)25 7+( <($56 (1'(' '(&(0%(5

2015

1RWH

,WHPV WKDW ZLOO QRW EH UHFODVVLILHG VXEVHTXHQWO\ WR SURILW RU ORVVV Actuarial gains (losses) on defined employee benefit plans Deferred tax relating to other component of equity 7RWDO LWHPV WKDW ZLOO QRW EH UHFODVVLILHG VXEVHTXHQWO\ WR SURILW RU ORVVV 27+(5 &2035(+(16,9( ,1&20( /266 )25 7+( <($56 727$/ &2035(+(16,9( ,1&20( /266 )25 7+( <($56 727$/ &2035(+(16,9( ,1&20( /266 )25 7+( <($56 $775,%87$%/( 72 (48,7< +2/'(56 2) 7+( 3$5(17 NON - CONTROLLING INTERESTS

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17 17 and 25

2014

6(3$5$7( ),1$1&,$/ 67$7(0(176 )25 7+( <($56 (1'(' '(&(0%(5

2558

2557

(58,283,650.44)

48,358,114.47

20,811,461.53

37,206,640.12

(10,826,381.00) 2,165,276.20 (8,661,104.80) (8,661,104.80) (66,944,755.24)

48,358,114.47

(5,547,815.00) 1,109,563.00 (4,438,252.00) (4,438,252.00) 16,373,209.53

37,206,640.12

(54,269,089.05) (12,675,666.19) (66,944,755.24)

48,075,366.88 282,747.59 48,358,114.47

16,373,209.53 16,373,209.53

37,206,640.12 37,206,640.12

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

Annual Report 2015 Tirathai Public Limited

" +8DD2D <!2 ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ µ µ¦Á · ¦ª¤ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 2558 ¦³Â­Á · ­ µ · ¦¦¤ εÁ · µ εŦ µ » ­Îµ®¦´ ¸ ¦µ¥ µ¦ ¦´ ¦³ εŦ µ » ­Îµ®¦´ ¸ Á È Á · ­ ¦´ nµ¥ µ · ¦¦¤ εÁ · µ nµÁ­ºÉ°¤¦µ µÂ¨³ nµ ´ ε® nµ¥ £µ¬¸ Á · Å o ® ´ ¸É µn ¥ ´ ´ ¸ µ » εŦ µ °´ ¦µÂ¨ Á ¨¸É¥ ¸É¥ ´ ŤnÁ · ¹ Ê µ » µ µ¦¨ ¤¼¨ nµ­· o µ Á®¨º° ¨´ ¦µ¥ µ¦ µ » εŦ µ µ¦¨ ¦µ µ®¨´ ¦´¡¥r² µ » εŦ µ µ¦ µ¥ ¸É · °µ µ¦Â¨³°» ¦ r ® ¸ Ê­¼ ¨³® ¸ Ê­ ­´¥ ³­¼ ¨´ ¦µ¥ µ¦ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ° Á ¸ Ê¥¦´ o » µ µ¦Á · nµÄ o µn ¥ ¦µ¥Å o £µ¬¸ Á · Å o ¨¼ ® ¸ Ê µ¦ o µ¨ ¨ Á¡·É¤ ¹ Ê ¨¼ ® ¸ Ê°ºÉ ¨ ¨ Á¡·É¤ ¹ Ê Á · Ä®o o ¥¼ º¤Â n · µ¦ ¸ÉÁ ¸É¥ª o ° ´ ¨ ¨ Á¡·É¤ ¹ Ê ­· o µ Á®¨º°¨ ¨ Á¡·É¤ ¹ Ê ­· ¦´¡¥r®¤» Áª¸¥ °ºÉ ¨ ¨ Á¡·É¤ ¹ Ê Á o µ® ¸ Ê µ¦ o µ · µ¦ ¸ÉÁ ¸É¥ª o ° ´ Á¡·É¤ ¹ Ê ¨ ¨ Á o µ® ¸ Ê µ¦ o µ · µ¦°ºÉ Á¡·É¤ ¹ Ê ¨ ¨ Á o µ® ¸ Ê°ºÉ Á¡·É¤ ¹ Ê ¨ ¨ ® ¸ Ê­· ®¤» Áª¸¥ °ºÉ Á¡·É¤ ¹ Ê ¨ ¨ nµ¥£µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ nµ¥ nµÄ o µn ¥£µ¬¸ Á · Å o Á · ­ ­» ·Å o ¤µ µ Ä o Å Ä · ¦¦¤ εÁ · µ

2557

µ¦Á · Á ¡µ³ ¦·¬´ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 2558

2557

(58,283,650.44)

48,358,114.47

20,811,461.53

37,206,640.12

61,681,558.38 330,401.56 (1,811,755.42) 140,130.00 (419,303.88) (5,841,358.98) 13,767,314.70 (6,496,524.20) 53,391,477.71 (11,916,298.94) (315,349,980.02) (18,628,389.45) 40,889,414.02 (18,975,976.83) (3,604,108.82) 23,748,010.34 16,449,234.59 (2,621,255.00) (24,067,768.54) (257,618,829.22)

57,842,728.14 3,348,368.46 134,463.72 11,671,089.41 (100,290.00) (94,998.00) 11,707,961.61 9,763,135.00 (6,748,174.04) 45,810,826.23 18,235,312.09 107,365,195.99 (8,114,105.01) (8,786,192.67) (49,624,609.83) (12,946,672.90) (2,979,491.01) 23,668,342.75 (28,664,126.16) 219,846,878.25

46,260,252.97 (3,098,096.38) (1,901,264.72) 140,130.00 (397,194.26) (5,841,358.98) 10,212,307.00 (15,817,726.13) 44,754,266.01 6,728,845.17 (225,888,598.37) (7,282,308.66) (259,500,000.00) 29,386,714.04 (41,084,381.89) (8,529,117.79) 11,166,120.51 4,085,711.80 28,029,806.33 (655,315.00) (14,102,041.43) (382,521,788.25)

45,682,062.87 (536,665.54) 11,671,089.41 (100,290.00) (14,999.00) 11,707,961.61 7,828,106.00 (8,829,181.93) 37,290,633.18 10,695,170.13 179,011,743.70 (7,159,023.67) (37,334,684.93) 27,548,847.78 2,928,958.39 (4,333,565.84) (49,927,937.30) (9,452,531.24) (8,200,281.24) (26,412,964.59) 219,269,087.91

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

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6(3$5$7( ),1$1&,$/ 67$7(0(176

)25 7+( <($56 (1'(' '(&(0%(5

)25 7+( <($56 (1'(' '(&(0%(5

2015 &$6+ )/2:6 )520 23(5$7,1* $&7,9,7,(6 Profit (loss) for the years Adjustments to reconciles net profit (loss) for the year to net cash provided by (use in) operating activities: Depreciation and amortization expenses :LWKKROGLQJ WD[ ZULWH RII 8QUHDOL]HG ORVV JDLQ RQ H[FKDQJH UDWH Loss on devaluation of inventories (reversal) Loss (gain) from decline in value of marketable securities Loss (gain) on sale property, plant and equipment Bad debt and doubtful accounts (reversal) Employee benefit obligation Interest income Finance costs Tax expenses (income) Decrease (increase) in trade receivables Decrease (increase) in other receivables Decrease (increase) in loan to related party Decrease (increase) in inventories Decrease (increase) in other current assets Increase (decrease) in trade payables - related parties Increase (decrease) in trade payables - others Increase (decrease) in other payables Increase (decrease) in other current liabilities Employee benefit obligation paid Income tax paid 1HW FDVK LQIORZ RXWIORZ IURP RSHUDWLQJ DFWLYLWLHV

2014

2015

2014

(58,283,650.44)

48,358,114.47

20,811,461.53

37,206,640.12

61,681,558.38 330,401.56 (1,811,755.42) 140,130.00 (419,303.88) (5,841,358.98) 13,767,314.70 (6,496,524.20) 53,391,477.71 (11,916,298.94) (315,349,980.02) (18,628,389.45) 40,889,414.02 (18,975,976.83) (3,604,108.82) 23,748,010.34 16,449,234.59 (2,621,255.00) (24,067,768.54) (257,618,829.22)

57,842,728.14 3,348,368.46 134,463.72 11,671,089.41 (100,290.00) (94,998.00) 11,707,961.61 9,763,135.00 (6,748,174.04) 45,810,826.23 18,235,312.09 107,365,195.99 (8,114,105.01) (8,786,192.67) (49,624,609.83) (12,946,672.90) (2,979,491.01) 23,668,342.75 (28,664,126.16) 219,846,878.25

46,260,252.97 (3,098,096.38) (1,901,264.72) 140,130.00 (397,194.26) (5,841,358.98) 10,212,307.00 (15,817,726.13) 44,754,266.01 6,728,845.17 (225,888,598.37) (7,282,308.66) (259,500,000.00) 29,386,714.04 (41,084,381.89) (8,529,117.79) 11,166,120.51 4,085,711.80 28,029,806.33 (655,315.00) (14,102,041.43) (382,521,788.25)

45,682,062.87 (536,665.54) 11,671,089.41 (100,290.00) (14,999.00) 11,707,961.61 7,828,106.00 (8,829,181.93) 37,290,633.18 10,695,170.13 179,011,743.70 (7,159,023.67) (37,334,684.93) 27,548,847.78 2,928,958.39 (4,333,565.84) (49,927,937.30) (9,452,531.24) (8,200,281.24) (26,412,964.59) 219,269,087.91

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

Annual Report 2015 Tirathai Public Limited

" +8DD2D <!2 ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ µ µ¦Á · ¦ª¤ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¦³Â­Á · ­ µ · ¦¦¤¨ » ¦´ ° Á ¸ Ê¥ Á · ­ ¦´ µ µ¦ ε® nµ¥ ¸É · °µ µ¦Â¨³°» ¦ r º Ê° ¸É · °µ µ¦Â¨³°» ¦ r Á · ¨ » ¦³¥³¥µª°ºÉ ¨ ¨ Á¡·É¤ ¹ Ê ­· ¦´¡¥rŤn¤¸ ª´ ¨ ¨ Á¡·É¤ ¹ Ê ­· ¦´¡¥rŤn®¤» Áª¸¥ °ºÉ ¨ ¨ Á¡·É¤ ¹ Ê Á · ­ ­» ·Å o ¤µ µ Ä o Å Ä · ¦¦¤¨ » ¦³Â­Á · ­ µ · ¦¦¤ ´ ®µÁ · nµ¥ o » µ µ¦Á ·

Á · Á · Á · ´ ¸Â¨³Á · ¼o¥¤º ¦³¥³­´ µ ­ µ ´ Ê µ¦Á · Á¡·¤É ¹ Ê ¨ ¨

Á · ¼o¥º¤¦³¥³­´ µ · Ê µ¦°ºÉ Á¡·É¤ ¹ Ê ¨ ¨ ® ¸ Ê­· ¦³¥³¥µªÁ¡·É¤ ¹ Ê ¨ ¨ Á · ­ ¦´ µ µ¦°° ®»o ¼o ­» · Á · ­ ¦´ µ µ¦Á¡·É¤ » Å n ° ®»o ¼o nµ¥Á · ´ ¨ Á · ­ ­» ·Å o ¤µ µ Ä o Å Ä · ¦¦¤ ´ ®µÁ · Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á nµÁ · ­ Á¡·É¤ ¹ Ê ¨ ¨ ­» · Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á n µÁ · ­ ª´ o ¸ ¨ ¦³ µ °´ ¦µÂ¨ Á ¨¸É¥ ° Á · ¦µ n µ ¦³Á « Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á n µÁ · ­ ª´ ­· Ê ¸

µ¦Á · Á ¡µ³ ¦·¬´ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

2558

2557

2558

6,872,121.74 587,196.26 (283,771,875.88) 35,696,474.58 (4,146,773.86) (3,406,008.36) (248,168,865.52)

6,664,601.43 95,000.00 (185,312,976.91) 216,753.47 (6,590,185.40) (224,571.92) (185,151,379.33)

13,072,852.93 397,200.26 (182,441,839.37) 35,699,333.66 (3,483,073.86) (3,475,768.38) (140,231,294.76)

7,799,014.93 15,000.00 (165,482,339.09) 220,283.91 (4,208,095.40) 806,302.00 (160,849,833.65)

(48,252,996.79) 36,521,256.52 450,000,000.00 (1,460,957.78)

(45,268,252.94) 90,411,709.36 (12,024,164.69) 5,500.00 (58,608,857.54) (25,484,065.81) 9,211,433.11 561,252,322.09 570,463,755.20

(38,899,137.22) 60,510,334.30 450,000,000.00 (667,099.57) 498,870,005.00 655,061.00 (600,000,000.00) (31,047,982.77) 339,421,180.74 (183,331,902.27) 469,273,900.85 1,721,695.50 287,663,694.08

(37,330,018.19) 18,527,872.35 (10,982,741.65) 5,500.00 (58,608,857.54) (88,388,245.03) (29,968,990.77) 499,242,891.62 469,273,900.85

498,870,005.00 655,061.00 (600,000,000.00) (31,047,982.77) 305,284,385.18 (200,503,309.56) 570,463,755.20 1,721,695.50 371,682,141.14

µ¦Á · Á ¥Á¡·É¤Á ·¤ ¦³ ° ¦³Â­Á · ­ · ¦¦¤ ¸ÉŤn ¦³ Á · ­ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 2558 Á o µ® ¸ ÊÁ¡·É¤ ¹ Ê Îµ ª ¨o µ µ ¨³Á · nµ¥¨nª ® o µ¨ ¨ ¨o µ µ µ µ¦ º Ê° ¸É · °µ µ¦Â¨³°» ¦ rÄ µ¦Á · ¦ª¤ ¨³Á o µ® ¸ ÊÁ¡·É¤ ¹ Ê Îµ ª ¨o µ µ ¨³Á · nµ¥¨nª ® o µ¨ ¨ ¨o µ µ Ä µ¦Á · ¡µ³ ¦· ¬´

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6(3$5$7( ),1$1&,$/ 67$7(0(176 )25 7+( <($56 (1'(' '(&(0%(5

2015

2014

2015

6,872,121.74 587,196.26 (283,771,875.88) 35,696,474.58 (4,146,773.86) (3,406,008.36) (248,168,865.52)

6,664,601.43 95,000.00 (185,312,976.91) 216,753.47 (6,590,185.40) (224,571.92) (185,151,379.33)

13,072,852.93 397,200.26 (182,441,839.37) 35,699,333.66 (3,483,073.86) (3,475,768.38) (140,231,294.76)

7,799,014.93 15,000.00 (165,482,339.09) 220,283.91 (4,208,095.40) 806,302.00 (160,849,833.65)

(48,252,996.79)

(45,268,252.94)

(38,899,137.22)

(37,330,018.19)

36,521,256.52 450,000,000.00 (1,460,957.78) 498,870,005.00 655,061.00 (600,000,000.00) (31,047,982.77) 305,284,385.18 (200,503,309.56) 570,463,755.20

90,411,709.36 (12,024,164.69) 5,500.00 (58,608,857.54) (25,484,065.81) 9,211,433.11 561,252,322.09

60,510,334.30 450,000,000.00 (667,099.57) 498,870,005.00 655,061.00 (600,000,000.00) (31,047,982.77) 339,421,180.74 (183,331,902.27) 469,273,900.85

18,527,872.35 (10,982,741.65) 5,500.00 (58,608,857.54) (88,388,245.03) (29,968,990.77) 499,242,891.62

1,721,695.50 371,682,141.14

570,463,755.20

1,721,695.50 287,663,694.08

469,273,900.85

2014

&$6+ )/2:6 )520 ,19(67,1* $&7,9,7,(6 Interest received Proceeds from sale of property, plant and equipment Acquisition in property, plant and equipment Decrease (increase) in other long - term investments Decrease (increase) in intangible assets Decrease (increase) in other non - current assets

1HW FDVK LQIORZ RXWIORZ IURP LQYHVWLQJ DFWLYLWLHV

&$6+ )/2:6 )520 ),1$1&,1* $&7,9,7,(6 Finance costs paid Increase (decrease) in bank overdrafts and short - term loans from financial institution Increase (decrease) in short - term loans from other Increase (decrease) in long - term liabilities Cash received from debenture issuance - net Cash received from share capital increase Redemption Dividend paid

1HW FDVK LQIORZ RXWIORZ IURP ILQDQFLQJ DFWLYLWLHV

1(7 ,1&5($6( '(&5($6( ,1 &$6+ $1' &$6+ (48,9$/(176 &$6+ $1' &$6+ (48,9$/(176 %(*,11,1* 2) <($56 EFFECT FROM EXCHANGE RATE CHANGES ON BALANCES +2/' ,1 )25(,*1 &855(1&,(6 &$6+ $1' &$6+ (48,9$/(176 (1',1* 2) <($56

6833/(0(17$/ ',6&/2685(6 2) &$6+ )/2:6 ,1)250$7,21 Activities not affecting cash : )RU WKH \HDU HQGHG 'HFHPEHU 2 5 - Increase in payable amounted of Baht 22.64 million and decrease in advance payment amounted of Baht 12.69 million from purchases property, plant and equipment in consolidated financial statement and increase in payable amounted of Baht 22.64 million and decrease in advance payment amounted of Baht 25.73 million in separate financial statement. )RU WKH \HDU HQGHG 'HFHPEHU 2 - Decrease in payable amounted of Baht 1.27 million and increase in advance payment amounted of Baht 29.19 million from purchases property, plant and equipment in consolidated and separate financial statement. The accompanying notes to financial statements are an integral part of these financial statements.

Annual Report 2015 Tirathai Public Limited

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99.99 99.99 85.00

99.99 99.99 85.00

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Company 'LUHFW 6XEVLGLDULHV Tirathai E&S Co., Ltd. Thaifin Co., Ltd. / ' 6 0HWDO :RUN &R /WG ,QGLUHFW 6XEVLGLDU\ Joint Venture L.D.S. - N.D.P. / ' 6 0HWDO :RUN &R /WGuV KROGLQJ LV and (Tirathai E&S Co., Ltd’s KROGLQJ LV

Direct Subsidiaries:

Relationship

2015

2014

Distribution, installation and maintenance serYLFHRI HOHFWULFDO SRZHU HTXLSPHQW Manufacturing, repairing and maintenance service of transformer equipment *HQHUDO FXVWRP PHWDO ZRUN VHUYLFH

Distribution, installationand maintenance VHUYLFHRI HOHFWULFDO SRZHU HTXLSPHQW Manufacturing, repairing and maintenance service of transformer equipment *HQHUDO FXVWRP PHWDO ZRUN VHUYLFH

99.99

99.99

99.99

99.99

85.00

85.00

Submit tenders or offer to ZRUN IRU D IRUHLJQ FRXQWU\ (Obtained the tax ID QXPEHU ZLWK WKH 5HYHQXH Department on January 27, 2015)

Indirect shareholding

-

-

As of December 31, 2015 Joint Venture L.D.S. - N.D.P.’s capital amounted Baht 100 million. Significant intercompany transactions are eliminated from the consolidated financial statements.

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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These judgments and estimates affect reported amounts and disclosures and actual results could differ. Accounting judgments and estimates as IROORZ - Post - employment benefits under defined benefit plans. The obligation under the defined benefit plan is determined based on actuarial techniques. Such determination is made based on various assumptions, including discount rate, future salary increase rate, mortality rate and staff turnover rate. 2 6 (PSOR\HH EHQHILWV 6DODULHV ZDJHV ERQXVHV FRQWULEXWLRQV WR WKH VRFLDO VHFXULW\ IXQG SURYLGHQW IXQG DQG RWKHU EHQHILWV DUH UHFRJQL]HG DV H[SHQVHV ZKHQ LQFXUUHG 6HYHUDQFH 3D\PHQW DV VSHFLILHG LQ 7KDL /DZ DUH UHFRJQL]HG DV H[SHQVHV LQ WKH LQFRPH VWDWHPHQW DORQJ WKH VHUYLFH SHULRG RI HPSOR\HHV 7KH &RPSDQ\ DQG LWV VXEVLGLDULHVuV SRVW HPSOR\PHQW EHQHILW REOLJDWLRQV DUH HVWLPDWHG E\ D TXDOLILHG DFWXDU\ XQGHU WKH DFWXDULDO DVVXPSWLRQ XVLQJ WKH 3URMHFWHG 8QLW &UHGLW 0HWKRG +RZHYHU WKH DFWXDO EHQHILW REOLJDWLRQ PD\ EH GLIIHUHQW IURP WKH HVWLPDWH The Company and its subsidiaries recognized the actuarial gains or losses arising from defined benefit plan in the period incurred in other comprehensive income. 2 7 ,QFRPH WD[ Income tax for the year comprises current and deferred tax. Current and deferred tax are recognized in the statement of income except to the extent that they relate to business combination or items recognized directly in equity or other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date. 'HIHUUHG WD[ LV UHFRJQL]HG LQ UHVSHFW RI WHPSRUDU\ GLIIHUHQFHV EHWZHHQ WKH FDUU\LQJ DPRXQWV RI DVVHWV DQG OLDELOLWLHV IRU ILQDQFLDO UHSRUWLQJ SXUSRVHV DQG WKH DPRXQWV XVHG IRU taxation purposes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outstanding.

Annual Report 2015 Tirathai Public Limited

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨¼ ® ¸ Ê µ¦ o µ ­» · µ µ¦Á · ¦ª¤ ¨¼ ® ¸ Ê µ¦ o µ · µ¦ ¸ÉÁ ¸É¥ª o ° ´ · µ¦°ºÉ ¦ª¤ ®´ nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ¨¼ ® ¸ Ê µ¦ o µ ­» ·

µ¦Á · Á ¡µ³ ¦·¬´

2558

2557

2558

417,995.98 807,470,753.26 807,888,749.24 (15,525,963.21) 792,362,786.03

417,995.98 487,900,841.18 488,318,837.16 (21,980,432.19) 466,338,404.97

1,075,903.83 625,911,732.09 626,987,635.92 (14,880,057.23) 612,107,578.69

2557 7,459,945.84 389,438,126.23 396,898,072.07 (21,334,526.21) 375,563,545.86

ª´ ¸É ´ ªµ ¤ ¨³ ¨¼ ® ¸ Ê µ¦ o µÂ¥ µ¤°µ¥»® ¸ Ê ¸É oµ ε¦³Å o ´ ¸ Ê µ µ¦Á · ¦ª¤ ¥´ Ťn ¹ ε® ε¦³ Á · ε® ε¦³ o °¥ ªnµ Á º° ¤µ ªnµ Á º° ¹ Á º° ¤µ ªnµ Á º° ¹ Á º° ¤µ ªnµ Á º° ¹ Ê Å ¦ª¤ ®´ nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ¨¼ ® ¸ Ê µ¦ o µ ­» ·

µ¦Á · Á ¡µ³ ¦·¬´

2558 659,909,077.85

2557 360,467,853.70

2558 489,241,470.12

2557 273,044,938.20

49,388,975.23 54,789,552.27 28,275,180.68 15,525,963.21 807,888,749.24 (15,525,963.21) 792,362,786.03

100,129,705.83 1,287,670.40 2,762,575.04 23,671,032.19 488,318,837.16 (21,980,432.19) 466,338,404.97

40,281,004.53 54,309,923.36 28,275,180.68 14,880,057.23 626,987,635.92 (14,880,057.23) 612,107,578.69

96,786,311.52 1,279,121.10 2,762,575.04 23,025,126.21 396,898,072.07 (21,334,526.21) 375,563,545.86

µ¦Á ¨¸É¥  ¨ ° nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ¨¼ ® ¸ Ê µ¦ o µ Ä ¦³®ªnµ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¤¸ ´ ¸ Ê µ µ¦Á · ¦ª¤ ¥° Á®¨º° o ¸ ´ Á¡· Ê É¤Ä ¦³®ªnµ ¸ Å o ¦´ 妳 º Ä ¦³®ªnµ ¸ ¨ ¨ Á ºÉ° µ ´ Á È ® ¸ Ê­¼ ¥° Á®¨º° ¨µ¥ ¸

(21,980,432.19) (116,602.63) 5,957,961.61 613,110.00 (15,525,963.21)

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

µ¦Á · Á ¡µ³ ¦·¬´ (21,334,526.21) (116,602.63) 5,957,961.61 613,110.00 (14,880,057.23)

ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 75$'( 5(&(,9$%/(6 1(7 %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

2015 Trade receivables - Related party - Others Total /HVV $OORZDQFH IRU doubtful accounts Trade receivables - net

6(3$5$7( ),1$1&,$/ 67$7(0(176

2014

2015

2014

417,995.98 807,470,753.26

417,995.98 487,900,841.18

1,075,903.83 625,911,732.09

1,075,903.83 625,911,732.09

807,888,749.24 (15,525,963.21) 792,362,786.03

488,318,837.16 (21,980,432.19) 466,338,404.97

626,987,635.92 (14,880,057.23) 612,107,578.69

626,987,635.92 (14,880,057.23) 612,107,578.69

$V RI 'HFHPEHU DQG WKH WUDGH UHFHLYDEOHV DUH FODVVLILHG E\ DJLQJ DV IROORZV %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

Current Overdue Less than 3 months Over 3 months to 6 months Over 6 months to 12 months Over than 12 months Total /HVV $OORZDQFH IRU doubtful accounts Trade receivables - net

6(3$5$7( ),1$1&,$/ 67$7(0(176

2015 659,909,077.85

2014 360,467,853.70

2015 489,241,470.12

2014 273,044,938.20

49,388,975.23 54,789,552.27 28,275,180.68 15,525,963.21 807,888,749.24

100,129,705.83 1,287,670.40 2,762,575.04 23,671,032.19 488,318,837.16

40,281,004.53 54,309,923.36 28,275,180.68 14,880,057.23 626,987,635.92

96,786,311.52 1,279,121.10 2,762,575.04 23,025,126.21 396,898,072.07

(15,525,963.21) 792,362,786.03

(21,980,432.19) 466,338,404.97

(14,880,057.23) 612,107,578.69

(21,334,526.21) 375,563,545.86

7KH FKDQJH LQ WKH DOORZDQFH IRU GRXEWIXO DFFRXQWV IRU WKH \HDU HQGHG 'HFHPEHU LV DV IROORZ %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

Beginning balance Increased during the year Received during the year 'HFUHDVHG GXH WR ZULWH RII Ending balance

(21,980,432.19) (116,602.63) 5,957,961.61 613,110.00 (15,525,963.21)

Annual Report 2015 Tirathai Public Limited

6(3$5$7( ),1$1&,$/ 67$7(0(176

(21,334,526.21) (116,602.63) 5,957,961.61 613,110.00 (14,880,057.23)

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¤¼¨ n µ µ¤­´ µ ¸É¥´ Ťn Á¦¸ ¥ Á È µ ¨¼ o µ Á · ¦´ ¨n ª ® o µ µ ¨¼ o µ ª´ ¸É ´ ªµ ¤ ¨³ ¤¼¨ nµ µ¤­´ µ ¸É¥ ´ ŤnÁ¦¸ ¥ Á È µ ¨¼ o µ ¨³Á · ¦´ ¨nª ® o µ µ ¨¼ o µ ¤¸ ´ ¸ Ê µ µ¦Á · ¦ª¤ 2558 ¤¼¨ n µ µ µ¤­´ µ ¸É¥´ Ťn Á¦¸ ¥ Á È µ ¨¼ o µ ¤¼¨ nµ µ µ¤­´ µ µ¦¦´ ¦¼o¦µ¥Å o µ¤°´ ¦µ­nª ° µ ¸É εÁ­¦È ¹ ´ » ´ ®´ ε ª Á · ¸ÉÁ¦¸ ¥ Á È µ ¨¼ o µ ¤¼¨ nµ µ µ¤­´ µ ¸É¥ ´ ŤnÁ¦¸ ¥ Á È µ ¨¼ o µ Á · ¦´ ¨n ª ® o µ µ ¨¼ o µ ¤¼¨ nµ µ µ¤­´ µ ε ª Á · ¸ÉÁ¦¸ ¥ Á È µ ¨¼ o µ ®´ µ¦¦´ ¦¼o¦µ¥Å o µ¤°´ ¦µ­nª ° µ ¸É εÁ­¦È ¹ ´ » ´ Á · ¦´ ¨nª ® o µ µ ¨¼ o µ

µ¦Á · Á ¡µ³ ¦·¬´ 2557

2558

2557

63,200,000.00

-

-

-

45,377,482.24 (40,770,000.00)

-

-

-

4,607,482.24

-

-

-

-

75,341,250.00 24,708,353.60

-

-

-

(21,916,958.76) 2,791,394.84

-

-

ª´ ¸É ´ ªµ ¤ o » µ µ¤­´ µ ¸ÉÁ · ¹ Ê Â¨³ εŦ ¸É¦´ ¦¼o ¹ ´ » ´ Á È Îµ ª Á · ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´ ª´ ¸É ´ ªµ ¤ Á È Îµ ª Á · ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´ ¨³Á · ¦³ ´ ¨ µ ε ª ¨o µ µ ª´ ¸É ´ ªµ ¤ Á È Îµ ª Á · ¨o µ µ

5 ¨¼ ® ¸°Ê É º ¨¼ ® ¸ Ê°ºÉ ¦³ ° o ª¥ µ µ¦Á · ¦ª¤ ¦µ¥Å o oµ ¦´ Á · ¦° nµ¥ nµÄ o µn ¥ nµ¥¨nª ® o µ ¦ª¤

2558 788,666.57 8,118,347.19 25,505,454.87 34,412,468.63

µ¦Á · Á ¡µ³ ¦·¬´ 2557 1,075,492.11 1,658,317.42 13,425,867.19 16,159,676.72

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

2558 4,749,745.44 142,320.67 20,729,897.61 25,621,963.72

2557 2,004,872.24 433,760.62 13,156,149.00 15,594,781.86

ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 81%,//(' &2175$&7 5(9(18( $'9$1&( 5(&(,9(' $V RI 'HFHPEHU DQG XQELOOHG FRQWUDFW UHYHQXH DQG DGYDQFH UHFHLYHG DUH DV IROORZV %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

2015 8QELOOHG FRQWUDFW UHYHQXH 3URMHFW YDOXH DV SHU FRQWUDFW $FFXPXODWHG DPRXQW UHFRJQLVHG DV UHYHQXH RQ SHUFHQWDJH RI FRPSOHWLRQ EDVLV /HVV 9DOXH RI SURJUHVV ELOOLQJV 8QELOOHG FRQWUDFW UHYHQXH $GYDQFH UHFHLYHG 3URMHFW YDOXH DV SHU FRQWUDFW 9DOXH RI SURJUHVV ELOOLQJV /HVV $FFXPXODWHG DPRXQW UHFRJQLVHG DV UHYHQXH RQ SHUFHQWDJH RI FRPSOHWLRQ EDVLV $GYDQFH UHFHLYHG

6(3$5$7( ),1$1&,$/ 67$7(0(176

2014

2015

2014

63,200,000.00

-

-

-

45,377,482.24 (40,770,000.00) 4,607,482.24

-

-

-

-

75,341,250.00 24,708,353.60

-

-

-

(21,916,958.76) 2,791,394.84

-

-

As of December 31, 2015, the contract costs incurred and recognised profit to date amounted Baht 41.80 million and Baht 3.58 million, respectively (As of December 31, 2014 amounted Baht 10.96 million and Baht 10.96 million, respectively) and the retentions amount Baht 4 million (As of December 31, 2014 amounted Baht 2.68 million). 5 27+(5 5(&(,9$%/(6 2WKHU UHFHLYDEOHV DV IROORZV %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

Accrued incomes Advances payment Prepaid expenses Total

2015 788,666.57 8,118,347.19 25,505,454.87 34,412,468.63

2014 1,075,492.11 1,658,317.42 13,425,867.19 16,159,676.72

Annual Report 2015 Tirathai Public Limited

6(3$5$7( ),1$1&,$/ 67$7(0(176

2015 4,749,745.44 142,320.67 20,729,897.61 25,621,963.72

2014 2,004,872.24 433,760.62 13,156,149.00 15,594,781.86

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 6 Á · Ä®o o ¼¥º¤¦³¥³­´ Ê Â n · µ¦ ¸ÉÁ ¸É¥ª o ° ´

Á · Ä®o o ¥¼ º¤Â n ¦· ¬´ ¥n°¥

µ µ¦Á · Á ¡µ³ ¦·¬´

¥° Á®¨º° ª´ ¸É ´ ªµ ¤ 25,000,000.00

Á¡·É¤ ¹ Ê 173,500,000.00

¨ ¨ 74,000,000.00

¥° Á®¨º° ª´ ¸É ´ ªµ ¤ 124,500,000.00

Ä Å ¦¤µ­ ¸ ¦· ¬´ ² Å o Ä®o ¦· ¬´ ¥n°¥Â®n ® ¹ É ¼o¥º¤Á · ε ª ¨o µ µ Á È ´ªÌ ­´ µÄ o Á · ¦³¥³Áª¨µ ¸ ε ª ´ ¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ à ¥ Ťn¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ ¨³ Ä Å ¦¤µ­ ¸ ¦· ¬´ ² Å o Ä®o ¦· ¬´ ¥n°¥ ´ ¨nµª ¼o¥º¤Á · °¸ ε ª ¨o µ µ Á È ´ªÌ ­´ µÄ o Á · ¦³¥³Áª¨µ ¸ ε ª ´ ¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ à ¥ Ťn¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ ¨³ Ä Å ¦¤µ­ ¸ ¦· ¬´ ² Å o Ä®o ¦· ¬´ ¥n°¥ ´ ¨nµª ¼o¥º¤Á · °¸ ε ª ¨o µ µ Á È ´ªÌ ­´ µÄ o Á · ¦³¥³Áª¨µ ¸ ε ª ´ ¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ à ¥Å¤n¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ ¨³ Ä Å ¦¤µ­ ¸ ¦· ¬´ ² Å o Ä®o ¦· ¬´ ¥n°¥ ´ ¨nµª ¼o¥º¤Á · °¸ ε ª ¨o µ µ Á È ´ªÌ ­´ µÄ o Á · ¦³¥³Áª¨µ ¸ ε ª ´ ¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ à ¥ Ťn¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ ¨³ Ä Å ¦¤µ­ ¸ ¦· ¬´ ² Å o ε µ¦ n° ´ªÌ ­´ µÄ o Á · ´ ε ª ¨o µ µ ¦³¥³Áª¨µ ¸ Ä®o  n ¦· ¬´ ¥n°¥¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ ¨³ ¦· ¬´ ¥n°¥ ´ ¨nµª Å o 妳Á · ¼o¥º¤ n° ε® Á È Îµ ª ¨o µ µ n°¤µÁ¤ºÉ°ª´ ¸É ´ ªµ ¤ ¦· ¬´ ¥n°¥Å o °Ã° Á · ¼o¥º¤ ¸É o µ µ ­nª ε ª ¨o µ µ Å Á È Á · ¼o¥º¤¦³¥³¥µª µ¤ ¸É ¨nµªÅªo Ä ®¤µ¥Á® » ¦³ ° µ¦Á · o ° 7 ­· o µ Á®¨º° ­» · µ µ¦Á · Á ¡µ³ ¦·¬´

µ¦Á · ¦ª¤ ­· o µ­ÎµÁ¦È ¦¼ ­· o µ¦³®ªnµ ¨· ª´ » · ª´ » · ¦³®ªnµ µ ¦ª¤ ®´ nµÁ ºÉ°¤¼¨ nµ­· o µ¨ ¨ ­· o µ Á®¨º° ­» ·

2558 110,194,724.57 202,907,529.31 392,680,524.43 48,268,602.11 754,051,380.42 (16,592,369.87) 737,459,010.55

2557 123,747,043.32 292,864,288.15 355,914,237.16 22,415,225.81 794,940,794.44 (18,404,125.29) 776,536,669.15

2558 114,274,414.25 180,031,726.37 350,517,857.38 38,578,101.46 683,402,099.46 (16,336,313.53) 667,065,785.93

2557 127,936,084.38 228,782,711.79 333,654,791.52 22,415,225.81 712,788,813.50 (18,237,578.25) 694,551,235.25

µ¦Á ¨¸É¥  ¨ ° nµÁ ºÉ°¤¼¨ nµ­· o µ¨ ¨ Ä ¦³®ªnµ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¤¸ ´ ¸ Ê µ µ¦Á · ¦ª¤ ¥° Á®¨º° o ¸ ´ Á¡· Ê É¤Ä ¦³®ªnµ ¸ ¨ ¨ Á ºÉ° µ µ¥­· o µ ¨ ¨ Á ºÉ° µ ´ ε® nµ¥ ¥° Á®¨º° ¨µ¥ ¸

(18,404,125.29) (2,615,795.54) 4,427,550.96 (16,592,369.87)

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

µ¦Á · Á ¡µ³ ¦·¬´ (18,237,578.25) (2,526,286.24) 4,427,550.96 (16,336,313.53)

ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 6 6+257 7(50 /2$1 72 5(/$7(' 3$57< %DKW 6(3$5$7( ),1$1&,$/ 67$7(0(176

Loan to subsidiary

Balance as of December 31, 2014

Increase

Decrease

Balance as of December 31, 2015

25,000,000.00

173,500,000.00

74,000,000.00

124,500,000.00

7KH &RPSDQ\ ,Q WKH WK TXDUWHU RI \HDU WKH &RPSDQ\ KDG HQWHUHG LQWR ORDQ DJUHHPHQWV ZLWK WKH VDLG VXEVLGLDU\ LQ WKH DPRXQW RI %DKW PLOOLRQ ZKLFK LV SURPLVVRU\ QRWHV IRU \HDU ZLWK LQWHUHVW DW WKH UDWH RI S D ZKLFK LV XQVHFXUHG ,Q WKH VW TXDUWHU RI \HDU WKH &RPSDQ\ KDG HQWHUHG LQWR ORDQ DJUHHPHQWV ZLWK WKH VDLG VXEVLGLDU\ LQ WKH DPRXQW RI %DKW PLOOLRQ ZKLFK LV SURPLVVRU\ QRWHV IRU \HDU ZLWK LQWHUHVW DW WKH UDWH RI S D ZKLFK LV XQVHFXUHG ,Q WKH QG TXDUWHU RI \HDU WKH &RPSDQ\ KDG HQWHUHG LQWR ORDQ DJUHHPHQWV ZLWK WKH VDLG VXEVLGLDU\ LQ WKH DPRXQW RI %DKW PLOOLRQ ZKLFK LV SURPLV VRU\ QRWHV IRU \HDU ZLWK LQWHUHVW DW WKH UDWH RI S D ZKLFK LV XQVHFXUHG ,Q WKH UG TXDUWHU RI \HDU WKH &RPSDQ\ KDG HQWHUHG LQWR ORDQ DJUHHPHQWV ZLWK WKH VDLG VXEVLGLDU\ LQ WKH DPRXQW RI %DKW PLOOLRQ ZKLFK LV SURPLVVRU\ QRWHV IRU \HDU ZLWK LQWHUHVW DW WKH UDWH 7 ,19(1725,(6 1(7 %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

Finished goods :RUN LQ SURFHVV 5DZ PDWHULDOV 5DZ PDWHULDOV LQ WUDQVLW Total /HVV $OORZDQFH IRU GHYDOXDWLRQ of inventories Inventories - net

6(3$5$7( ),1$1&,$/ 67$7(0(176

2015 110,194,724.57 202,907,529.31 392,680,524.43 48,268,602.11 754,051,380.42

2014 123,747,043.32 292,864,288.15 355,914,237.16 22,415,225.81 794,940,794.44

2015 114,274,414.25 180,031,726.37 350,517,857.38 38,578,101.46 683,402,099.46

2014 127,936,084.38 228,782,711.79 333,654,791.52 22,415,225.81 712,788,813.50

(16,592,369.87) 737,459,010.55

(18,404,125.29) 776,536,669.15

(16,336,313.53) 667,065,785.93

(18,237,578.25) 694,551,235.25

0RYHPHQW RI DOORZDQFH IRU GHYDOXDWLRQ RI LQYHQWRULHV IRU WKH \HDU HQGHG 'HFHPEHU LV DV IROORZV %DKW &2162/,'$7(' ),1$1&,$/ 67$7(0(176

Beginning balance $OORZDQFH LQFUHDVHG GXULQJ WKH \HDU $OORZDQFH GHFUHDVHG GXH WR VDOH inventories $OORZDQFH GHFUHDVHG GXH WR ZULWH

(18,404,125.29) (2,615,795.54) 4,427,550.96 (16,592,369.87)

Annual Report 2015 Tirathai Public Limited

6(3$5$7( ),1$1&,$/ 67$7(0(176

(18,237,578.25) (2,526,286.24) 4,427,550.96 (16,336,313.53)

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

6,000,000.00 62,204,294.44 68,204,294.44

µ¦Á · ¦ª¤

µ

20.0

15.0

5.0

2557

6,000,000.00 97,900,769.02 103,900,769.02

2557

20.0

15.0

5.0

2558

¨o µ µ » ε¦³Â¨o ª

2557

6,000,000.00 61,917,733.27 67,917,733.27

2558

2558

2558

44,188,700.00

44,188,700.00

2,625,796.51

14,999,400.00 18,137,158.44 23,887,178.08

24,190,000.00 (70,702,793.57)

6,000,000.00 97,617,066.93 103,617,066.93

2557

4,999,300.00 40,924,209.12 35,974,096.99

2557

24,190,000.00

14,999,400.00

4,999,300.00

2557

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2558

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Á · ¨ » Ä ®»o ­µ¤´ Á · ¨ » ´ªÉ Å ¦· ¬´ ¸ÉÁ ¸É¥ª o ° ´ ¦· ¬´ ¢¼ · ´­Ã o °¦r ¦¼Á ε ´ Á · µ ¦³ ε ¦ª¤Á · ¨ » ¦³¥³¥µª°ºÉ

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2558

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º°®»o µ ¦ ¨³ ¼o ¦· ®µ¦¦nª¤ ´

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Annual Report 2015 Tirathai Public Limited

6KDUH KROGLQJ

5.0

15.0

20.0

Direct shareholding and joint directors

Direct shareholding and joint directors

Direct shareholding

2 5

6,000,000.00 62,204,294.44 68,204,294.44

2015

%$+7

20.0

15.0

5.0

2

6,000,000.00 97,900,769.02 103,900,769.02

2014

&2162/,'$7(' ),1$1&,$/ 67$7(0(176

Distribution, installation and maintenance VHUYLFH RI HOHFWULFDO SRZ er equipment Manufacturing, repairing And maintenance service of transformer equipment General custom metal ZRUN VHUYLFH

7\SH RI %XVLQHVV

5HODWLRQVKLS

0LOOLRQ %DKW 3DLG XS VKDUH FDSLWDO

2

6,000,000.00 61,917,733.27 67,917,733.27

2015

44,188,700.00

6,000,000.00 97,617,066.93 103,617,066.93

2,625,796.51

18,137,158.44 23,887,178.08

44,188,700.00

2014

2

40,924,209.12 35,974,096.99

2 5

24,190,000.00 (70,702,793.57)

14,999,400.00

4,999,300.00

2

24,190,000.00

14,999,400.00

4,999,300.00

2 5

%$+7 6(3$5$7( ),1$1&,$/ 67$7(0(176 ,QYHVWPHQW &RVW PHWKRG %RRN YDOXH

6(3$5$7( ),1$1&,$/ 67$7(0(176

2 5

+ROGLQJ RI LQYHVWPHQW

As of December 31, 2015 and 2014, fixed deposits are pledged to secure bank overdrafts and loans from banks, letter of credits and letter of guarantees.

Investments in ordinary shares - General investment - Related company: Fuji Tusco Corrugate Co., Ltd. Fixed deposits Total other long - term investments

9. OTHER LONG - TERM INVESTMENTS

Total

/ ' 6 0HWDO :RUN &R /WG

Thai Fin Co., Ltd.

Subsidiaries Companies Tirathai E&S Co., Ltd.

8 ,19(670(176 ,1 68%6,',$5,(6

Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ

7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ Á · Ä®o o ¼¥º¤¦³¥³¥µªÂ n · µ¦ ¸ÉÁ ¸É¥ª o ° ´ ­» · µ µ¦Á · ¦ª¤

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

¥° Á®¨º° ª´ ¸ ´ ªµ ¤ 10,928,974.76 559,469.18 11,488,443.94 (11,488,443.94) -

Á¡·É¤ ¹ Ê -

¨ ¨ -

-

-

-

-

-

¥° Á®¨º° ª´ ¸É ´ ªµ ¤ 10,928,974.76 559,469.18 11,488,443.94 (11,488,443.94) -

µ µ¦Á · Á ¡µ³ ¦·¬´

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

¥° Á®¨º° ª´ ¸ ´ ªµ ¤ 9,428,974.76 49,734,684.93 59,163,659.69 (9,428,974.76) 49,734,684.93 -

Á¡·É¤ ¹ Ê

¨ ¨

160,000,000.00

-

-

-

40,000,000.00

-

49,734,684.93

¥° Á®¨º° ª´ ¸É ´ ªµ ¤ 9,428,974.76 209,734,684.93 219,163,659.69 (9,428,974.76) 209,734,684.93 (40,000,000.00) 169,734,684.93

¦·¬´ ¸ÉÁ ¸É¥ª o ° ´ Ä Á º° »¨µ ¤ ¦· ¬´ ² Å o Á ¨¸¥É µ ´ªÌ ­´ µÄ o Á · ¦³Á£ Á¤ºÉ° ª µ¤Ã ¥Å¤n¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ Á È ­´ µ ¼o¥º¤Á · ¦³¥³¥µª à ¥¤¸ ε® ¦´ 妳 º Á · o ¨³ ° Á ¸ Ê¥ o µ ¦´ ε ª ª Ç ¨³ Á º° Á¦·É ¤ µ £µ¥Ä Á º° ´ ªµ ¤ ¨³£µ¥Ä Á º° ´ ªµ ¤ à ¥¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ 0/5 n° ¸ ´  n Ê ¸ ¦· ¬´ ² ¨³ ¦· ¬´ ¥n°¥ Å o ®¥» ´ ¹ ° Á ¸ Ê¥¦´ ° ¦· ¬´ ¸ÉÁ ¸É¥ª o ° ´ ®n ® ¹ É Â¨³ ´ n Ê µÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ Ūo Á Ȥ ε ª Á ºÉ° µ ªµ¤Å¤n n ° ¸É ³­µ¤µ¦ 妳 ® ¸ ʦ³¥³¥µª ¸É ¹ ε® Ä ¸ ¨³ µ¤¨Îµ ´ Ä Á º° ¡§¬£µ ¤ ¦· ¬´ ² Å o ¦´ 妳 º Á · o ε ª ¨o µ µ ¨³ ° Á ¸ Ê¥ o µ ¦´ ε ª ¨o µ µ ¦ª¤Á È Á · ¨o µ µ µ Á · ¸É ¦· ¬´ ¸ÉÁ ¸É¥ª o ° ´ ´ ¨nµª Å o ¦´ 妳 nµ®»o Á¡·É¤ » ¦· ¬´ ¥n°¥ Ä Á º° ´ ¥µ¥ ¦· ¬´ ² Å o ε­´ µÄ®o o ¥¼ º¤Á · ¦³¥³Áª¨µ ¸ ε ª ¨o µ µ ´ ¦· ¬´ ¥n°¥Â®n ® ¹ É Ã ¥¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ ¨³Å¤n¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ ¤¸ ε® ε¦³ º Á · o ´ Î Ê µ ª £µ¥Ä ª´ ¸É ´ ¥µ¥ ¨³¦´ 妳 ° Á ¸ Ê¥ » Ç Á º° à ¥Á¦·É ¤ 妳 ª ¦ Ä Á º° ´ ªµ ¤ n°¤µÄ ª´ ¸É »¤£µ¡´ r ¦· ¬´ ² Å o ε­´ µÄ®o o ¥¼ º¤Á · °¸ ´ ´ ¦· ¬´ ¥n°¥ ´ ¨nµªÄ ª Á · ¨o µ µ à ¥ ¦· ¬´ ¥n°¥ ³ °Á · Á · ¼oÁ È ª Ç µ¤ ªµ¤ εÁ È Â¨³ o ° Á · Á · ¼o µ¤­´ µ ¸ Ê£µ¥Ä ´ ªµ ¤ ¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ Ťn¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ ¨³ nµ¥ ° Á ¸ Ê¥ » Ç Á º° à ¥ 妳 ° Á ¸ Ê¥ ª ¦ £µ¥Ä Á º° ´ µ ª´ ¸É¦´ Á · ¼o ª ¦ Á · o ¤¸ ε® ε¦³ ª Ç ¨³Á nµÇ ´ » ª´ ¸É ´ ªµ ¤ °  n¨³ ¸ à ¥Á¦·É ¤ n° 妳 ª ¦ Ä ª´ ¸É ´ ªµ ¤ ¨³Ä ¦³®ªnµ ¸ ¦· ¬´ ¥n°¥Å o Á · Á · ¼o ª ¦ª¤ ε ª ¨o µ µ n°¤µÁ¤ºÉ°ª´ ¸É ´ ªµ ¤ ¦· ¬´ ¥n°¥Å o Á · Á · ¼o ε ª ¨o µ µ à ¥ °Ã° µ Á · ¼o¥º¤¦³¥³­´ ¤µÁ È Ê Á · ¼o¥º¤£µ¥Ä o ­ ´ µ ¸ Ê

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ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 10. LONG - TERM LOANS TO RELATED PARTIES - NET %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176

Loans Accrued interest Total /HVV $OORZDQFH IRU GRXEWIXO DFFRXQWV Less Current portion Long - term loans to related party - net

Balance as of December 31, 2014 10,928,974.76 559,469.18 11,488,443.94 (11,488,443.94) -

Increase -

Decrease -

-

-

-

-

Balance as of December 31, 2015 10,928,974.76 559,469.18 11,488,443.94 (11,488,443.94) -

%$+7 6(3$5$7( ),1$1&,$/ 67$7(0(176

Loans to related party Loans to subsidiary Total /HVV $OORZDQFH IRU GRXEWIXO DFFRXQWV Less Current portion Long - term loans to related party - net

Balance as of December 31, 2014 9,428,974.76 49,734,684.93 59,163,659.69 (9,428,974.76) 49,734,684.93

Increase

49,734,684.93

Decrease

160,000,000.00

-

-

-

40,000,000.00

-

Balance as of December 31, 2015 9,428,974.76 209,734,684.93 219,163,659.69 (9,428,974.76) 209,734,684.93 (40,000,000.00) 169,734,684.93

5HODWHG SDUW\ ,Q 2FWREHU WKH &RPSDQ\ FKDQJHG IURP SURPLVVRU\ QRWHV RQ FDOO ZLWKRXW FROODWHUDO WR ORQJ WHUP ORDQ FRQWUDFWV 7KH SULQFLSDOV DQG DFFUXHG LQWHUHVW LQFRPH WR EH UHSD\DEOH LQ VL[ PRQWK LQVWDOOPHQWV FRPPHQFLQJ IURP ZLWKLQ \HDU DQG ZLWKLQ \HDU DQG WKH LQWHUHVW UDWH RI 0/5 S D 6WDUWLQJ IURP \HDU WKH &RPSDQ\ DQG LWV VXEVLGLDULHV VWRS UHFRJQL]LQJ LQWHUHVW LQFRPH RI D UHODWHG FRPSDQ\ DQG SURYLGHG IRU DOORZDQFH IRU GRXEWIXO GHEWV of the total amount due to the uncertainty of ability to receive any payment due in year 2011 and in year 2012, respectively. In May 2008, the Company received the principals amounted Baht 4.46 million and accrued interest income amounted Baht 1.54 million totaling Baht 6 million received from the increased share capital of the said related company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loan under this agreement.

Annual Report 2015 Tirathai Public Limited

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

42,253,371.09 3,229,627.40 (2,640.00) 45,480,358.49 (34,342,783.89) (2,966,266.66) 698.06 (37,308,352.49) 7,910,587.20 8,172,006.00

576,306,050.16 42,413,934.83 (389,000.00) 266,523.94 618,597,508.93 (449,343,358.64) (30,606,204.95) 223,055.56 (479,726,508.03) 126,962,691.52 138,871,000.90

(180,409,784.51) (13,438,786.35) (193,848,570.86) 71,402,767.18 106,785,124.96

-

272,881,245.00 272,881,245.00

Á ¦ºÉ°  n ¨³Á ¦ºÉ° Ä o ­µÎ ´ µ

251,812,551.69 46,143,268.43 2,677,875.70 300,633,695.82

Á ¦ºÉ° ´ ¦ Á ¦ºÉ° ¤º°Â¨³°» ¦ r

272,881,245.00 272,881,245.00

°µ µ¦Â¨³ ­·É ¨¼ ­¦o µ

µ

614,713.76 200,755,345.90

14,883,838.17 76,150,600.61

5,275,795.49 16,668,330.67

-

-

(23,185,499.48) (3,726,576.34) 1,402,846.50 (25,509,229.32)

614,713.76 147,983,727.00 52,156,905.14 200,755,345.90

Á ¦ºÉ° ´ ¦ ¦³®ªn µ · ´ Ê

14,883,838.17 64,211,162.08 (2,944,399.64) 76,150,600.61

°µ µ¦ ¦³®ªn µ n °­¦o µ

28,461,294.97 15,119,113.52 (1,402,848.50) 42,177,559.99

¥µ ¡µ® ³

µ¦Á · ¦ª¤

nµÁ­ºÉ°¤¦µ µ­Îµ®¦´ ¸ ¨³ ¤¸ ε ª µ ¨³ ε ª µ µ¤¨Îµ ´ ¹ É Å o ¦ª¤°¥¼Än εŦ µ » ¨o ª

¦µ µ » ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ¦´ ð ð

ª´ ¸É ´ ªµ ¤ n µÁ­ºÉ°¤¦µ µ­³­¤ ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ª´ ¸É ´ ªµ ¤ ¤¼¨ n µ­» · µ¤ ´ ¸ ª´ ¸É ´ ªµ ¤ ª´ ¸É ´ ªµ ¤

¸É ·

¸É · °µ µ¦Â¨³°» ¦ r ­» ·

52,156,905.14 -

-

52,156,905.14 (52,156,905.14) -

Á ¦ºÉ° ´ ¦ ¦³®ªn µ µ

552,088,543.46 820,283,654.04

(687,281,426.52) (50,737,834.30) 1,626,600.12 (736,392,660.70)

1,239,369,969.98 319,100,833.26 (1,794,488.50) 1,556,676,314.74

¦ª¤

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

Annual Report 2015 Tirathai Public Limited 71,402,767.18 106,785,124.96

126,962,691.52 138,871,000.90

7,910,587.20 8,172,006.00

(34,342,783.89) (2,966,266.66) 698.06 (37,308,352.49)

(449,343,358.64) (30,606,204.95) 223,055.56 (479,726,508.03)

(180,409,784.51) (13,438,786.35) (193,848,570.86)

-

272,881,245.00 272,881,245.00

42,253,371.09 3,229,627.40 (2,640.00) 45,480,358.49

576,306,050.16 42,413,934.83 (389,000.00) 266,523.94 618,597,508.93

5,275,795.49 16,668,330.67

14,883,838.17 76,150,600.61

614,713.76 200,755,345.90

-

-

(23,185,499.48) (3,726,576.34) 1,402,846.50 (25,509,229.32)

0DFKLQHULHV LQ SURJUHVV

614,713.76 147,983,727.00 52,156,905.14 200,755,345.90

14,883,838.17 64,211,162.08 (2,944,399.64) 76,150,600.61

%XLOGLQJ LQ SURJUHVV

28,461,294.97 15,119,113.52 (1,402,848.50) 42,177,559.99

9HKLFOHV

&2162/,'$7(' ),1$1&,$/ 67$7(0(176 )XUQLWXUH DQG RIILFH HTXLSPHQW

251,812,551.69 46,143,268.43 2,677,875.70 300,633,695.82

0DFKLQHULHV WRROV DQG HTXLSPHQW

272,881,245.00 272,881,245.00

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Depreciation charges for the years 2015 and 2014 amounted to Baht 50,737,834.30 and Baht 43,833,984.27, respectively are included in the statement of income.

&RVW As of December 31, 2014 Increase Decrease Transfer in (out) As of December 31, 2015 $FFXPXODWHG GHSUHFLDWLRQ As of December 31, 2014 Increase Decrease As of December 31, 2015 1HW ERRN YDOXH As of December 31, 2014 As of December 31, 2015

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52,156,905.14 -

-

52,156,905.14 (52,156,905.14) -

0DFKLQHULHV LQ WUDQVLW

552,088,543.46 820,283,654.04

(687,281,426.52) (50,737,834.30) 1,626,600.12 (736,392,660.70)

1,239,369,969.98 319,100,833.26 (1,794,488.50) 1,556,676,314.74

7RWDO

ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ

7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

67,317,332.40 62,343,867.64

96,270,051.70 83,469,917.22

(387,571,767.67) (21,770,193.66) (409,341,961.33)

(160,711,817.21) (10,430,215.46) (171,142,032.67)

-

264,421,245.00 264,421,245.00

483,841,819.37 8,970,059.18 492,811,878.55

228,029,149.61 5,456,750.70 233,485,900.31

Á ¦ºÉ° ´ ¦ Á ¦ºÉ° ¤º°Â¨³°» ¦ r

264,421,245.00 264,421,245.00

°µ µ¦Â¨³ ­·É ¨¼ ­¦o µ

3,928,259.55 1,900,485.52

12,876,648.53 76,150,600.61

-

(18,288,897.16) (2,027,772.03) 1,402,846.50 (18,913,822.69)

(28,353,335.89) (1,660,813.49) (30,014,149.38) 4,501,623.90 3,118,291.63

12,876,648.53 63,273,952.08 76,150,600.61

°µ µ¦ ¦³®ªn µ n °­¦o µ

22,217,156.71 (1,402,848.50) 20,814,308.21

¥µ ¡µ® ³

32,854,959.79 277,481.22 33,132,441.01

Á ¦ºÉ°  n ¨³Á ¦ºÉ° Ä o ­µÎ ´ µ

52,156,905.14 -

502,086,779.98 697,008,580.09

(594,925,817.93) (35,888,994.64) 1,402,846.50 (629,411,966.07)

614,713.76 205,604,172.47

1,097,012,597.91 230,810,796.75 (1,402,848.50) 1,326,420,546.16

¦ª¤

52,156,905.14 (52,156,905.14) -

Á ¦ºÉ° ´ ¦ ¦³®ªn µ µ

614,713.76 152,832,553.57 52,156,905.14 205,604,172.47

Á ¦ºÉ° ´ ¦ ¦³®ªn µ · ´ Ê

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ª´ ¸É ´ ªµ ¤ ª´ ¸É ´ ªµ ¤

µ¦Á · ¦ª¤ 488.21 454.54

µ¦Á · Á ¡µ³ ¦·¬´ 416.53 394.84

¨o µ µ

ª´ ¸É ´ ªµ ¤ ¨³ ­· ¦´¡¥r µª¦ ¸É ´ nµÁ­ºÉ°¤¦µ µ®¤ ¨o ªÂ n¥ ´ Ä o µ °¥¼¤n ¸¦µ µ » Á ·¤ ´ ¸ Ê

nµÁ­ºÉ°¤¦µ µ­Îµ®¦´ ¸ ¨³ ¤¸ ε ª µ ¨³ ε ª µ µ¤¨Îµ ´ Å o ¦ª¤°¥¼Än εŦ µ » ¨o ª ª´ ¸É ´ ªµ ¤ ¨³ ¦·¬´ ² ¨³ ¦·¬´ ¥n°¥Å o ε ¸É · ¡¦o °¤­· É ¨¼ ­¦o µ ¨³Á ¦ºÉ ° ´ ¦ µ ­nª ε ° Ūo ´ µ µ¦Â¨³­ µ ´ µ¦Á · ®¨µ¥Â®n Á¡ºÉ°Á È µ¦ Πʵ ¦³ ´ ª Á · Á · Á · ´ ¸ Á · ¼o¥º¤ µ¦Á · Á¨ Á °¦r °°¢ Á ¦ · ¨³® ´ ­º° Πʵ ¦³ ´ Á¡ºÉ° »¦ · ° ¦·¬´ ²

¦µ µ » ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ¦´ ð ð

ª´ ¸É ´ ªµ ¤ n µÁ­ºÉ°¤¦µ µ­³­¤ ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ª´ ¸É ´ ªµ ¤ ¤¼¨ n µ­» · µ¤ ´ ¸ ª´ ¸É ´ ªµ ¤ ª´ ¸É ´ ªµ ¤

¸É ·

µ µ¦Á · Á ¡µ³ ¦·¬´

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

614,713.76 205,604,172.47

12,876,648.53 76,150,600.61

3,928,259.55 1,900,485.52

4,501,623.90 3,118,291.63

96,270,051.70 83,469,917.22

67,317,332.40 62,343,867.64

264,421,245.00 264,421,245.00

502,086,779.98 697,008,580.09

(594,925,817.93) (35,888,994.64) 1,402,846.50 (629,411,966.07) -

-

(18,288,897.16) (2,027,772.03) 1,402,846.50 (18,913,822.69)

(28,353,335.89) (1,660,813.49) (30,014,149.38)

(387,571,767.67) (21,770,193.66) (409,341,961.33)

(160,711,817.21) (10,430,215.46) (171,142,032.67)

-

52,156,905.14 -

1,097,012,597.91 230,810,796.75 (1,402,848.50) 1,326,420,546.16

52,156,905.14 (52,156,905.14) -

7RWDO

614,713.76 152,832,553.57 52,156,905.14 205,604,172.47

0DFKLQHULHV LQ WUDQVLW

12,876,648.53 63,273,952.08 76,150,600.61

0DFKLQHULHV LQ SURJUHVV

22,217,156.71 (1,402,848.50) 20,814,308.21

%XLOGLQJ LQ SURJUHVV

32,854,959.79 277,481.22 33,132,441.01

9HKLFOHV

483,841,819.37 8,970,059.18 492,811,878.55

)XUQLWXUH DQG RIILFH HTXLSPHQW

228,029,149.61 5,456,750.70 233,485,900.31

0DFKLQHULHV WRROV DQG HTXLSPHQW

264,421,245.00 264,421,245.00

%XLOGLQJ DQG FRQVWUXFWLRQ

Annual Report 2015 Tirathai Public Limited

As of December 31, 2015 As of December 31, 2014

488.21 454.54

CONSOLIDATED FINANCIAL STATEMENTS

416.53 394.84

SEPARATE FINANCIAL STATEMENTS

MILLION BAHT

$V RI 'HFHPEHU DQG IL[HG DVVHWV KDYH EHHQ IXOO\ GHSUHFLDWHG EXW DUH VWLOO LQ XVH LQ WKH RULJLQDO FRVW DV IROORZV

Depreciation charges for the years 2015 and 2014 amounted to Baht 35,888,994.64 and Baht 33,854,148.05, respectively are included in the statement of income. As of December 31, 2015 and 2014, certain land, building and construction, and machineries are mortgaged to several local banks and financial institutions as security againt bank overdrafts and loans from banks, letter of credit and letter of guarantees.

&RVW As of December 31, 2014 Increase Decrease Transfer in (out) As of December 31, 2015 $FFXPXODWHG GHSUHFLDWLRQ As of December 31, 2014 Increase Decrease As of December 31, 2015 1HW ERRN YDOXH As of December 31, 2014 As of December 31, 2015

/DQG

%$+7 6(3$5$7( ),1$1&,$/ 67$7(0(176

Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ

7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 2 ­· ¦´¡¥r Ťn ¤¸ ª´ ­» · µ µ¦Á · ¦ª¤ n µ°°  ¨· £´ r ¦° ´ ´ ¸

à ¦Â ¦¤ °¤¡·ªÁ °¦r

n µÄ ¦´ ¦° » £µ¡

¦µ µ » ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ¦´ ð ð ª´ ¸É ´ ªµ ¤ 2558 nµ ´ ε® nµ¥­³­¤ ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ª´ ¸É ´ ªµ ¤ ¤¼¨ nµ­» · µ¤ ´ ¸ ª´ ¸É ´ ªµ ¤ ª´ ¸É ´ ªµ ¤

nµ ´ ε® nµ¥­Îµ®¦´ ¸ ¨³ ¤¸ ε ª µ ¨³ ε ª µ µ¤¨Îµ ´ Å o ¦ª¤°¥¼Än εŦ µ » ¨o ª

¦ª¤

42,112,408.06 42,112,408.06

35,369,946.84 2,580,142.80 (2,157,500.09) 35,792,589.55

17,178,511.86 1,566,631.06 (693,286.03) 18,051,856.89

94,660,866.76 4,146,773.86 (2,850,786.12) 95,956,854.50

(42,112,408.06) (42,112,408.06)

(20,463,698.21) (6,696,925.41) 2,157,496.09 (25,003,127.53)

(11,007,300.46) (4,246,798.67) 693,286.03 (14,560,813.10)

(73,583,406.73) (10,943,724.08) 2,850,782.12 (81,676,348.69)

-

14,906,248.63 10,789,462.02

6,171,211.40 3,491,043.79

21,077,460.03 14,280,505.81

µ µ¦Á · Á ¡µ³ ¦·¬´ n µ°°  ¨· £´ r ¦° ´ ´ ¸

¦µ µ » ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ¦´ ð ð ª´ ¸É ´ ªµ ¤ 2558 nµ ´ ε® nµ¥­³­¤ ª´ ¸É ´ ªµ ¤ Á¡·É¤ ¹ Ê ¨ ¨ ª´ ¸É ´ ªµ ¤ 2558 ¤¼¨ nµ­» · µ¤ ´ ¸ ª´ ¸É ´ ªµ ¤ ª´ ¸É ´ ªµ ¤

à ¦Â ¦¤ °¤¡·ªÁ °¦r

n µÄ ¦´ ¦° » £µ¡

¦ª¤

42,112,408.06 42,112,408.06

32,987,856.84 1,916,442.80 (2,157,500.09) 32,746,799.55

17,178,511.86 1,566,631.06 (693,286.03) 18,051,856.89

92,278,776.76 3,483,073.86 (2,850,786.12) 92,911,064.50

(42,112,408.06) (42,112,408.06)

(20,282,869.16) (6,124,459.66) 2,157,496.09 (24,249,832.73)

(11,007,300.46) (4,246,798.67) 693,286.03 (14,560,813.10)

(73,402,577.68) (10,371,258.33) 2,850,782.12 (80,923,053.89)

-

12,704,987.68 8,496,966.82

6,171,211.40 3,491,043.79

18,876,199.08 11,988,010.61

nµ ´ ε® nµ¥­Îµ®¦´ ¸ ¨³ ¤¸ ε ª µ ¨³ ε ª µ µ¤¨Îµ ´ Å o ¦ª¤°¥¼Än εŦ µ » ¨o ª ª´ ¸É ´ ªµ ¤ ¨³ nµ°°  ¨· £´ r¦° ´ ´ ¸Â¨³Ã ¦Â ¦¤ °¤¡·ªÁ °¦r ¸É ´ ε® nµ¥®¤ ¨o ª  n ¦·¬´ ² ¨³ ¦·¬´ ¥n°¥¥´ Ä o ¦³Ã¥ r°¥¼¤n ¸¦µ µ » Á ·¤ ε ª ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´ Á ¡µ³ ¦·¬´ ¤¸ ε ª ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´

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Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 2 ,17$1*,%/( $66(76 1(7 %$+7 &2162/,'$7(' ),1$1&,$/ 'HIHUUHG SURGXFW GHVLJQ H[SHQVHV

&RVW As of December 31, 2014 Increase Decrease Transfer in (out) $V RI 'HFHPEHU 2 5 Accumulated amortization As of December 31, 2014 Increase 'HFUHDVH As of December 31, 2015 Net book value As of December 31, 2014 As of December 31, 2015

([SHQVH IRU TXDOLW\ FHUWLILFDWLRQ

&RPSXWHU VRIWZDUH

7RWDO

42,112,408.06 42,112,408.06

35,369,946.84 2,580,142.80 (2,157,500.09) 35,792,589.55

17,178,511.86 1,566,631.06 (693,286.03) 18,051,856.89

94,660,866.76 4,146,773.86 (2,850,786.12) 95,956,854.50

(42,112,408.06) (42,112,408.06)

(20,463,698.21) (6,696,925.41) 2,157,496.09 (25,003,127.53)

(11,007,300.46) (4,246,798.67) 693,286.03 (14,560,813.10)

(73,583,406.73) (10,943,724.08) 2,850,782.12 (81,676,348.69)

-

14,906,248.63 10,789,462.02

6,171,211.40 3,491,043.79

21,077,460.03 14,280,505.81

Amortization for the years 2015 and 2014 amounted to Baht 10,943,724.08 and Baht 12,008,743.87, respectively %$+7 6(3$5$7( ),1$1&,$/ 67$7(0(176 'HIHUUHG SURGXFW GHVLJQ H[SHQVHV

&RVW As of December 31, 2014 Increase Decrease Transfer in (out) $V RI 'HFHPEHU 2 5 Accumulated amortization As of December 31, 2014 Increase 'HFUHDVH As of December 31, 2015 Net book value As of December 31, 2014 As of December 31, 2015

&RPSXWHU VRIWZDUH

([SHQVH IRU TXDOLW\ FHUWLILFDWLRQ

7RWDO

42,112,408.06 42,112,408.06

32,987,856.84 1,916,442.80 (2,157,500.09) 32,746,799.55

17,178,511.86 1,566,631.06 (693,286.03) 18,051,856.89

92,278,776.76 3,483,073.86 (2,850,786.12) 92,911,064.50

(42,112,408.06) (42,112,408.06)

(20,282,869.16) (6,124,459.66) 2,157,496.09 (24,249,832.73)

(11,007,300.46) (4,246,798.67) 693,286.03 (14,560,813.10)

(73,402,577.68) (10,371,258.33) 2,850,782.12 (80,923,053.89)

-

12,704,987.68 8,496,966.82

6,171,211.40 3,491,043.79

18,876,199.08 11,988,010.61

Amortization for the year 2015 and 2014 amounted to Baht 10,371,258.33 and Baht 11,827,914.82, respectively are included in the statement of income. $V RI 'HFHPEHU DQG GHIHUUHG SURGXFW GHVLJQ H[SHQVHV DQG FRPSXWHU VRIWZDUH KDYH EHHQ IXOO\ DPRUWL]HG EXW H[SHFWHG WR XWLOL]H LQ WKH RULJLQDO FRVW DPRXQWHG %DKW 49.65 million and 49.43 million, respectively (the Company only : amounted to Baht 49.65 million and 49.43 million, respectively).

Annual Report 2015 Tirathai Public Limited

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ Á · Á · Á · ´ ¸Â¨³Á · ¼o¥º¤¦³¥³­´ Ê µ ­ µ ´ µ¦Á · µ µ¦Á · ¦ª¤ Á · Á · Á · ´ ¸ ´ªÌ ¨ Á · µ¥¨ °´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸

¦´­ r¦¸ ¸ ­r ¦ª¤

µ¦Á · Á ¡µ³ ¦·¬´

2558 26,469,812.31

2557 9,069,354.18

100,000,000.00 274,583,062.25 401,052,874.56

350,482,725.31 359,552,079.49

2558

2557 -

-

100,000,000.00 143,964,057.20 243,964,057.20

181,941,342.63 181,941,342.63

Á · Á · Á · ´ ¸Â¨³Á · ¼o¥º¤ µ µ µ¦Ä ¦³Á «®¨µ¥Â®n Πʵ ¦³ ´ à ¥ ε ° ¸É · ¡¦o °¤­· É ¨¼ ­¦o µ Á · µ µ µ¦Â¨³ ¦· ¬´ ¥n°¥ Á · ¼o¥º¤¦³¥³­´ Ê µ · µ¦°ºÉ µ µ¦Á · ¦ª¤Â¨³ µ¦Á · Á ¡µ³ ¦·¬´

Á · ¼o¥º¤¦³¥³­´ µ · Ê µ¦°ºÉ ¦ª¤

¥° Á®¨º° ª´ ¸ ´ ªµ ¤ 450,000,000.00 450,000,000.00

¥° Á®¨º° ª´ ¸É ´ ªµ ¤ -

ª´ ¸É ´ ªµ ¤ Á · ¼o¥º¤¦³¥³­´ µ · Ê µ¦°ºÉ Á È ´ªÌ ¨ Á · µ¥¨  n ¦· ¬´ ®¨´ ¦´¡¥r ®n ® ¹ É Ä °´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ à ¥Å¤n¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ Ä Á º° ¤ ¦µ ¤ ´ªÌ ¨ Á · µ¥¨ ´ ε ª ¨o µ µ ¹ ε® ε¦³Â¨³Ä ª´ Á ¸¥ª ´ ¦· ¬´ ² Å o ε µ¦ n° ´ªÌ ´ ¨nµª ¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ n° ¸ à ¥Å¤n¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´

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ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 %$1. 29(5'5$)76 $1' 6+257 7(50 /2$16 )520 ),1$1&,$/ ,167,787,216

%$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 Bank overdrafts Discounted bill of exchange ,QWHUHVW DW WKH UDWH RI S D

Trust receipts Total

2015 26,469,812.31

2014 9,069,354.18

100,000,000.00 274,583,062.25 401,052,874.56

350,482,725.31 359,552,079.49

6(3$5$7( ),1$1&,$/ 67$7(0(176 2015

2014 -

-

100,000,000.00 143,964,057.20 243,964,057.20

181,941,342.63 181,941,342.63

%DQN RYHUGUDIWV DQG ORDQV IURP VHYHUDO ORFDO EDQNV DUH VHFXUHG E\ WKH PRUWJDJH RI ODQG EXLOGLQJ DQG FRQVWUXFWLRQ WRJHWKHU ZLWK JXDUDQWHH E\ FDVK DW EDQNV DQG subsidiary. 6+257 7(50 /2$1 )520 27+(5 %$+7 &2162/,'$7(' $1' 6(3$5$7( ),1$1&,$/ 67$7(0(176

Short - term loan from other Total

As of December 31, 2015 450,000,000.00 450,000,000.00

As of December 31, 2014 -

$V RI 'HFHPEHU VKRUW WHUP ORDQV IURP RWKHU DUH GLVFRXQWHG ELOO RI H[FKDQJH WR D VHFXULW\ FRPSDQ\ ZLWK LQWHUHVW DW WKH UDWH RI S D ZKLFK LV XQVHFXUHG ,Q -DQXDU\ GLVFRXQWHG ELOOV RI H[FKDQJH DPRXQWHG %DKW PLOOLRQ ZHUH GXHG DQG RQ WKH VDPH GD\ WKH &RPSDQ\ UHQHZHG WKH VDLG XQVHFXUHG ELOOV ZLWK LQWHUHVW DW WKH UDWH RI S D

Annual Report 2015 Tirathai Public Limited

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 5 ® ¸­Ê · ¦³¥³¥µª µ µ¦Á · ¦ª¤ 2558 Á · ¼o¥º¤ ° ¦· ¬´ ² Á · ¼o¥º¤ ° ¦· ¬´ ¥n°¥ ®´ ­nª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸ ® ¸ Ê­· ¦³¥³¥µª ­» · µ ­nª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸

µ¦Á · Á ¡µ³ ¦·¬´

-

2557 667,099.57 793,858.21 1,460,957.78 (1,460,957.78)

-

-

2558 -

2557 667,099.57 667,099.57 (667,099.57)

-

-

¦·¬´ ² Á¤ºÉ°ª´ ¸É ¤· » µ¥ ¦· ¬´ ² Å o ε­´ µ ¼oÁ · ´ µ µ¦Ä ¦³Á «Â®n ® ¹ É Îµ ª ¨o µ µ Á¡ºÉ° º Ê° ¸É · ­Îµ®¦´ ­¦o µ æ µ à ¥¤¸° ´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ 0/5 n° ¸ à ¥ ε® ε¦³ º Á · o ¨³ ° Á ¸ Ê¥ » Á º° Ťn o°¥ ªnµÁ º° ¨³ µ ´  n Ê Á º° ¤· » µ¥ à ¥Ä®o Á­¦È ­· Ê £µ¥Ä ¦³¥³Áª¨µ ¸ ´ µ ª´ ¸É ε­´ µ ´ ¸ Ê Ä Á º° ¤ ¦µ ¤ Å o 妳 º Á · ¼o¥º¤ ´ ¨nµª o µ o ®¤ ¨o ª Á · ¼o¥º¤ ´ ¨nµª o µ o Πʵ ¦³ ´ à ¥ µ¦ ε ° ¸É · ´ ¨nµª ¦·¬´ ¥n °¥ Á¤ºÉ°ª´ ¸É »¤£µ¡´ r Á È ª´ n° ª´ ¸É ¦· ¬´ ² º Ê°Á · ¨ » Ä ¦· ¬´ °¨ ¸ Á°­ Á¤ ´¨ Áª·¦r ε ´ ¦· ¬´ °¨ ¸ Á°­ Á¤ ´¨ Áª·¦r ε ´ Å o ε­´ µ ¼oÁ · ´ µ µ¦Ä ¦³Á «Â®n ® ¹ É Îµ ª ¨o µ µ à ¥¤¸° ´ ¦µ ° Á ¸ Ê¥ ¸É¦o°¥¨³ n° ¸ ­Îµ®¦´ Á º° ¦ ¨³°´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ 60( 0/5 n° ¸ ®¨´ ¦ ε® Á º° à ¥ ε® ε¦³ º Á · o ¨³ ° Á ¸ Ê¥ » Á º° ´ ´  n Ê Á º° Á¤¬µ¥ à ¥Ä®o Á­¦È ­· Ê £µ¥Ä ¦³¥³Áª¨µ Á º° ´ µ ª´ Á¦·É ¤ n° 妳 ¦´ Ê Â¦ ¹ É Å o 妳 º ®¤ ¨o ª Á¤ºÉ°Á º° Á¤¬µ¥ n°¤µÁ¤ºÉ°ª´ ¸É ­· ®µ ¤ Á È ª´ n° ª´ ¸É ¦· ¬´ ² º Ê°Á · ¨ » Ä ¦· ¬´ °¨ ¸ Á°­ Á¤ ´¨ Áª·¦r ε ´ ¦· ¬´ °¨ ¸ Á°­ Á¤ ´¨ Áª·¦r ε ´ Å o ε­´ µ ¼o Á · ´ µ µ¦Ä ¦³Á « ´ ¨nµªÁ¡·É¤°¸ ε ª ¨o µ µ à ¥¤¸° ´ ¦µ ° Á ¸ Ê¥ ¸É¦o°¥¨³ n° ¸ ­Îµ®¦´ Á º° ¦ ¨³°´ ¦µ ° Á ¸ Ê¥¦o °¥¨³ 60( 0/5 n° ¸ ®¨´ ¦ ε® Á º° à ¥ ε® ε¦³ º Á · o ¨³ ° Á ¸ Ê¥ » Á º° ´ ´  n Ê Á º° »¨µ ¤ à ¥Ä®o Á­¦È ­· Ê £µ¥Ä ¦³¥³Áª¨µ Á º° ´ µ ª´ Á¦·É ¤ n° 妳 ¦´ Ê Â¦ Á · ¼o¥º¤ ´ ¨nµª o µ o Ťn¤¸®¨´ ¦´¡¥r Πʵ ¦³ ´ Ä Ç

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ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 5 /21* 7(50 /,$%,/,7,(6 %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 2015 Loan of the Company Loan of the subsidiary Less Current portion Long - term liabilities - net of current portion

6(3$5$7( ),1$1&,$/ 67$7(0(176

-

2014 667,099.57 793,858.21 1,460,957.78 (1,460,957.78)

-

-

2015 -

2014 667,099.57 667,099.57 (667,099.57)

-

-

7KH &RPSDQ\

2Q -XQH WKH &RPSDQ\ KDG HQWHUHG LQWR D ORDQ DJUHHPHQW ZLWK D ORFDO EDQN LQ WKH DPRXQW RI %DKW PLOOLRQ IRU DFTXLVLWLRQ RI ODQG WR FRQVWUXFW D QHZ IDFWRU\ 7KH LQWHUHVW LV DW WKH UDWH RI 0/5 S D 7KH SULQFLSDO DQG LQWHUHVW DUH UHSD\DEOH LQ HYHU\ PRQWK QRW OHVV WKDQ %DKW VWDUWLQJ -XQH DQG SDLG ZLWKLQ \HDUV FRPPHQFLQJ IURP WKH GDWH RI ORDQ DJUHHPHQW In January 2015, the Company paid the total remaining amount. This loan is secured by the mortgage of the said land. 6XEVLGLDU\

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hese loan are unsecured loans.

Annual Report 2015 Tirathai Public Limited

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ 6 ®»o ¼o ­» · ¥° Á®¨º° ° ´ ¸®o » ¼o ¦³ ° o ª¥

®»o ¼o ¸É°° ¦´ Ê ¸É ®»o ¼o ¸É°° ¦´ Ê ¸É ®»o ¼o ¸É°° ¦´ Ê ¸É ®»o ¼o ¸É°° ¦´ Ê ¸É ¦ª¤ ®´ Å n ° ®»o ¼o ¸É°° ¦´ Ê ¸É nµÄ o µn ¥Ä µ¦°° ®»o ¼o¦° ´ ´ ¸ ª nµ ´ ε® nµ¥ nµÄ o µn ¥Ä µ¦°° ®»o ¼o­³­¤ ¦ª¤ ®´ ®»o ¼o­ªn ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸ ¦ª¤®»o ¼o ­» · µ ­nª ¸É ¹ ε® ε¦³£µ¥Ä ® ¹ É ¸

µ ª´ ¸É ´ ªµ ¤ 600,000,000.00 200,000,000.00 200,000,000.00 100,000,000.00 1,100,000,000.00 (600,000,000.00) (3,361,268.00) 2,609,415.26 499,248,147.26 499,248,147.26

ª´ ¸É ´ ªµ ¤ 600,000,000.00 600,000,000.00 (2,231,273.00) 1,859,394.20 599,628,121.20 (599,628,121.20) -

µ¦°° ®»o ¼o ¦´ Ê ¸É Ä Á º° ¤· » µ¥ ¦·¬´ ² Å o °° ®»o ¼o · Ťn o°¥­· ·Â¨³Å¤n¤®¸ ¨´ ¦³ ´ Á È Îµ ª ® nª¥ ¤¼¨ nµ ¸ É ¦µÅªo ® nª¥¨³ µ ¦ª¤¤¼¨ nµ ¨o µ µ à ¥¤¸ª ´ » ¦³­ r Á¡ºÉ°¦° ¦´ µ¦ ¥µ¥ »¦ · ° ¦· ¬´ ¨³Ä o Á È Á · » ®¤» Áª¸¥ µ¦ εÁ · µ ®»o ¼o¤¸°µ¥» ¸ à ¥ ³ ¦ ε® Å n ° Ä ª´ ¸É ¤· » µ¥ ¼o º°®»o ¼o ³Å o ¦´ ° Á ¸ 洀 °´ ¦µ¦o °¥¨³ n° ¸ à ¥ ³ 妳 ° Á ¸ Ê¥¦µ¥Å ¦¤µ­Ä Á º° ¤¸ µ ¤ ¤· » µ¥ ´ ¥µ¥ ¨³ ´ ªµ ¤ ° » ¸ £µ¥Ä o Á ºÉ° Å ° o ° ε® ­· · ° ¼o º°®»o ¼oÅ o ¦³ » o° · ´ · ¨³ o ° ε ´ µ ¦³ µ¦ Á n µ¦ ε¦ °´ ¦µ­nª µ µ¦Á · ¨³ µ¦ n°®¨´ ¦³ ´ ®¦º °£µ¦³ ¼ ¡´

µ¦°° ®»o ¼o ¦´ Ê ¸É 2 Ä Á º° ¤¸ µ ¤ ¦·¬´ ² Å o °° ®»o ¼o · Ťn o°¥­· ·Â¨³Å¤n¤®¸ ¨´ ¦³ ´ Á È Îµ ª ® nª¥ ¤¼¨ nµ ¸ É ¦µÅªo ® nª¥¨³ µ ¦ª¤¤¼¨ nµ ¨o µ µ à ¥¤¸ª ´ » ¦³­ r Á¡ºÉ°¦° ¦´ µ¦ ¥µ¥ »¦ · ° ¦· ¬´ ¨³Ä o Á È Á · » ®¤» Áª¸¥ µ¦ εÁ · µ ®»o ¼o¤¸°µ¥» ¸ à ¥ ³ ¦ ε® Å n ° Ä ª´ ¸É ¤¸ µ ¤ ¼o º°®»o ¼o ³Å o ¦´ ° Á ¸ 洀 °´ ¦µ¦o °¥¨³ n° ¸ à ¥ ³ 妳 ° Á ¸ Ê¥ » Ç Á º° Ä Á º° ¤¸ µ ¤Â¨³ ´ ¥µ¥ ° » ¸ £µ¥Ä o Á ºÉ° Å ° o ° ε® ­· · ° ¼o º°®»o ¼oÅ o ¦³ » o° · ´ · ¨³ o ° ε ´ µ ¦³ µ¦ Á n µ¦ ε¦ °´ ¦µ­nª µ µ¦Á · ¨³ µ¦ n°®¨´ ¦³ ´ ®¦º °£µ¦³ ¼ ¡´

µ¦°° ®»o ¼o ¦´ Ê ¸É Ä Á º° Á¤¬µ¥ ¦·¬´ ² Å o °° ®»o ¼o · Ťn o°¥­· ·Â¨³Å¤n¤®¸ ¨´ ¦³ ´ Á È Îµ ª ® nª¥ ¤¼¨ nµ ¸ É ¦µÅªo ® nª¥¨³ µ ¦ª¤¤¼¨ nµ ¨o µ µ à ¥¤¸ª ´ » ¦³­ r Á¡ºÉ°¦° ¦´ µ¦ ¥µ¥ »¦ · ° ¦· ¬´ ¨³Ä o Á È Á · » ®¤» Áª¸¥ µ¦ εÁ · µ ®»o ¼o¤¸°µ¥» ¸ à ¥ ³ ¦ ε® Å n ° Ä ª´ ¸É Á¤¬µ¥ ¼o º°®»o ¼o ³Å o ¦´ ° Á ¸ 洀 °´ ¦µ¦o °¥¨³ n° ¸ à ¥ ³ 妳 ° Á ¸ Ê¥¦µ¥Å ¦¤µ­Ä Á º° ¤ ¦µ ¤ Á¤¬µ¥ ¦ µ ¤Â¨³ »¨µ ¤ ° » ¸ £µ¥Ä o Á ºÉ° Å ° o ° ε® ­· · ° ¼o º°®»o ¼oÅ o ¦³ » o° · ´ · ¨³ o ° ε ´ µ ¦³ µ¦ Á n µ¦ ε¦ °´ ¦µ­nª µ µ¦Á · ¨³ µ¦ n°®¨´ ¦³ ´ ®¦º °£µ¦³ ¼ ¡´

µ¦°° ®»o ¼o ¦´ Ê ¸É Ä Á º° ¦ µ ¤ ¦· ¬´ ² Å o °° ®»o ¼o · Ťn o°¥­· ·Â¨³Å¤n¤¸®¨´ ¦³ ´ Á È Îµ ª ® nª¥ ¤¼¨ nµ ¸É ¦µÅªo ® nª¥¨³ µ ¦ª¤¤¼¨ nµ ¨o µ µ à ¥¤¸ ª´ » ¦³­ rÁ¡ºÉ°¦° ¦´ µ¦ ¥µ¥ »¦ · ° ¦· ¬´ ¨³Ä o Á È Á · » ®¤» Áª¸¥ µ¦ εÁ · µ ®»o ¼o¤¸°µ¥» ¸ à ¥ ³ ¦ ε® Å n ° Ä ª´ ¸É ¦ µ ¤ ¼o º°®»o ¼o ³Å o ¦´ ° Á ¸ Ê¥ Ä °´ ¦µ¦o °¥¨³ n° ¸ à ¥ ³ 妳 ° Á ¸ Ê¥ » Ç Á º° Ä Á º° ¤ ¦µ ¤Â¨³ ¦ µ ¤ ° » ¸ £µ¥Ä o Á ºÉ° Å ° o ° ε® ­· · ° ¼o º°®»o ¼oÅ o ¦³ » o° · ´ · ¨³ o ° ε ´ µ ¦³ µ¦ Á n µ¦ ε¦ °´ ¦µ­nª µ µ¦Á · ¨³ µ¦ n°®¨´ ¦³ ´ ®¦º °£µ¦³ ¼ ¡´

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Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 6 '(%(1785(6 1(7 %DODQFH RI GHEHQWXUHV FRQVLVWHG RI WKH IROORZLQJ %$+7

Debentures issued no.1 Debentures issued no.2 Debentures issued no.3 Debentures issued no.4 Total Less Redemption debentures issued no.1 Deferred cost of issuing debentures Add Accumulated amortization of deferred cost of issuing debentures Total Less Current portion of debentures Total debentures - net of current portion

As of December 31, 2015 600,000,000.00 200,000,000.00 200,000,000.00 100,000,000.00 1,100,000,000.00 (600,000,000.00) (3,361,268.00)

AS OF DECEMBER 31, 2014 600,000,000.00 600,000,000.00 (2,231,273.00)

2,609,415.26 499,248,147.26 499,248,147.26

1,859,394.20 599,628,121.20 (599,628,121.20) -

'HEHQWXUHV LVVXHG QR ,Q -XQH WKH &RPSDQ\ LVVXHG DQG RIIHUHG XQLWV RI XQVXERUGLQDWHG DQG XQVHFXUHG GHEHQWXUHV ZLWK D SDU YDOXH RI %DKW HDFK RU D WRWDO %DKW PLOOLRQ WR EH XVHG IRU VXSSRUWLQJ WKH &RPSDQ\uV EXVLQHVV H[SDQGLQJ DQG ZRUNLQJ FDSLWDO UHTXLUHPHQW 7KH PDWXULW\ SHULRG RI WKH GHEHQWXUHV LV \HDUV ZLWK the redemption date being June 28, 2015. The debenture holders are entitled to receive interest at a rate of 5.30 percent per annum. Such interest is payable quarterly in March, June, September and December of every year. The terms and conditions of the debenture holders’ rights contain covenants, and restrictions pertaining to matters such as the maintenance of financial rations, and the assumption of guarantees or commitments. 'HEHQWXUHV LVVXHG QR 2 ,Q 0DUFK WKH &RPSDQ\ LVVXHG DQG RIIHUHG XQLWV RI XQVXERUGLQDWHG DQG XQVHFXUHG GHEHQWXUHV ZLWK D SDU YDOXH RI %DKW HDFK RU D WRWDO %DKW PLOOLRQ WR EH XVHG IRU VXSSRUWLQJ WKH &RPSDQ\uV EXVLQHVV H[SDQGLQJ DQG ZRUNLQJ FDSLWDO UHTXLUHPHQW 7KH PDWXULW\ SHULRG RI WKH GHEHQWXUHV LV \HDUV ZLWK the redemption date being March 9, 2017. The debenture holders are entitled to receive interest at a rate of 4 percent per annum. Such interest is payable six - months in March and September of every year. The terms and conditions of the debenture holders’ rights contain covenants, and restrictions pertaining to matters such as the maintenance of financial rations, and the assumption of guarantees or commitments. 'HEHQWXUHV LVVXHG QR ,Q $SULO WKH &RPSDQ\ LVVXHG DQG RIIHUHG XQLWV RI XQVXERUGLQDWHG DQG XQVHFXUHG GHEHQWXUHV ZLWK D SDU YDOXH RI %DKW HDFK RU D WRWDO %DKW PLOOLRQ WR EH XVHG IRU VXSSRUWLQJ WKH &RPSDQ\uV EXVLQHVV H[SDQGLQJ DQG ZRUNLQJ FDSLWDO UHTXLUHPHQW 7KH PDWXULW\ SHULRG RI WKH GHEHQWXUHV LV \HDUV ZLWK WKH redemption date being April 30, 2017. The debenture holders are entitled to receive interest at a rate of 3.95 percent per annum. Such interest is payable quarterly in January, April, July and October of every year. The terms and conditions of the debenture holders’ rights contain covenants, and restrictions pertaining to matters such as the maintenance of financial rations, and the assumption of guarantees or commitments. 'HEHQWXUHV LVVXHG QR ,Q -XO\ WKH &RPSDQ\ LVVXHG DQG RIIHUHG XQLWV RI XQVXERUGLQDWHG DQG XQVHFXUHG GHEHQWXUHV ZLWK D SDU YDOXH RI %DKW HDFK RU D WRWDO %DKW PLOOLRQ WR EH XVHG IRU VXSSRUWLQJ WKH &RPSDQ\uV EXVLQHVV H[SDQGLQJ DQG ZRUNLQJ FDSLWDO UHTXLUHPHQW 7KH PDWXULW\ SHULRG RI WKH GHEHQWXUHV LV \HDUV ZLWK WKH redemption date being July 16, 2018. The debenture holders are entitled to receive interest at a rate of 3.80 percent per annum. Such interest is payable six - months in January and July of every year. The terms and conditions of the debenture holders’ rights contain covenants, and restrictions pertaining to matters such as the maintenance of financial rations, and the assumption of guarantees or commitments.

Annual Report 2015 Tirathai Public Limited

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

7 £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r ¡ ´ µ µ¦Á ¨¸É¥  ¨ Ä ¤¼¨ nµ ´ » ´ ° £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¤¸ ´ ¸ Ê ¨o µ µ µ¦Á · ¦ª¤ 2558 £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ o ¸ ¨ ¦³Ã¥ r ¸É µn ¥Â¨o ª o » ¦· µ¦ ´ » ´ ¨³ ° Á ¸ Ê¥ ¨ µ » εŦ µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ¨µ¥ ¸

µ¦Á · Á ¡µ³ ¦·¬´

74.61 (2.62) 13.78

2557 64.86 9.76

2558 62.50 (0.66) 10.21

10.82 96.59

74.62

5.55 77.60

2557 54.67 7.83 62.50

nµÄ o µn ¥ ¸É¦´ ¦¼oÄ ÎµÅ¦ µ » ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¤¸ ´ ¸ Ê ¨o µ µ µ¦Á · ¦ª¤ 2558 o » ¦· µ¦ ´ » ´ o » ° Á ¸ Ê¥ ¦ª¤

µ¦Á · Á ¡µ³ ¦·¬´ 2557

11.16 2.62 13.78

2558 7.72 2.04 9.76

2557

8.05 2.16 10.21

6.12 1.71 7.83

¨ µ » εŦ µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ ¸É¦´ ¦¼oÄ ÎµÅ¦ µ » Á È Á­¦È °ºÉ Ä µ¦Á · ¦ª¤­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ Á È µ » ε ª ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´ Á ¡µ³ ¦· ¬´ Á È µ » ε ª Á · ¨o µ µ ¨³ ¨o µ µ µ¤¨Îµ ´

o °­¤¤ ·®¨´ Ä µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ ª´ ¸É ´ ªµ ¤ ¨³ ¤¸ ´ ¸ Ê ¦o °¥¨³ µ¦Á · ¦ª¤ °´ ¦µ · ¨ °´ ¦µ µ¦Á¡·É¤ ¹ Ê ° Á · Á º° °´ ¦µ µ¦®¤» Áª¸¥ ¡ ´ µ °´ ¦µ¤¦ ³

2558 2.49 - 3.17 8.00 702

µ¦Á · Á ¡µ³ ¦·¬´ 2557 3.33 - 3.73 5.00 - 8.00 702

2558 3.17 8.00 702

2557 3.73 8.00 702

¹ Ê °¥¼ n ´ °´ ¦µ ´ªÁ ¨¸É¥ ° ¨»¤n °µ¥»¡ ´ µ °o µ °· µ¤ µ¦µ ¤¦ ³Å ¥ ¦³Á£ ­µ¤´ 702 7KDL 0RUWDOLW\ 2UGLQDU\ 7DEOHV RI

µ¦ª·Á ¦µ³®r ªµ¤°n° Å®ª ° o °­¤¤ ·®¨´ Ä µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ o °­¤¤ ·®¨´ Ä µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥ ¸É 夵ª·Á ¦µ³®r ªµ¤°n° Å®ª Å o  n °´ ¦µ · ¨ °´ ¦µ µ¦Á¡·É¤ ¹ Ê ° Á · Á º° ¨³ µ¦¤¦ ³ à ¥ º°ªnµ o °­¤¤ · °ºÉ ŤnÁ ¨¸É¥  ¨ ¹ É ¨ ¦³ ° µ¦ª·Á ¦µ³®r ªµ¤°n° Å®ª µ µ¦Á ¨¸É¥  ¨ Ä o °­¤¤ · ¸ÉÁ ¸É¥ª o ° ¸É°µ Á È Å Å o °¥nµ ­¤Á® »­¤ ¨ ª´ ¸É ´ ªµ ¤ ¤¸ ´ ¸ Ê o µ°´ ¦µ · ¨ Á¡·É¤ ¹ Ê ¨ ¨ ¦o °¥¨³ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ Ä µ¦Á · ¦ª¤ ³¨ ¨ ¨o µ µ Á¡·É¤ ¹ Ê ¨o µ µ ¨³ µ¦Á · Á ¡µ³ ¦· ¬´ ³¨ ¨ ¨o µ µ Á¡·É¤ ¹ Ê ¨o µ µ

o µ°´ ¦µ µ¦Á¡·É¤ ¹ Ê ° Á · Á º° Á¡·É¤ ¹ Ê ¨ ¨ ¦o °¥¨³ £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ Ä µ¦Á · ¦ª¤ ³Á¡·É¤ ¹ Ê ¨o µ µ ¨ ¨ ¨o µ µ ¨³ µ¦Á · Á ¡µ³ ¦· ¬´ ³Á¡·É¤ ¹ Ê ¨o µ µ ¨ ¨ ¨o µ µ

o µ¡ ´ µ °µ¥»¥º ¹ Ê ­´ ¨ ¸ Ê £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ Ä µ¦Á · ¦ª¤ ³Á¡·É¤ ¹ Ê ¨o µ µ ¨ ¨ ¨o µ µ ¨³ µ¦Á · Á ¡µ³ ¦· ¬´ ³Á¡·É¤ ¹ Ê ¨o µ µ ¨ ¨ ¨o µ µ

Ä µ¦¦µ¥ µ µ¦ª·Á ¦µ³®r ªµ¤°n° Å®ª o µ o ¤¼¨ nµ ´ » ´ ° £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ Å o ε ª à ¥ µ¦Ä o ª · ¸Á ¸¥ª ´ ´ ¸É ε ª £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ¸É¦´ ¦¼oÄ Â­ µ ³ µ¦Á ·

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ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

7 (03/2<(( %(1(),7 2%/,*$7,21 0RYHPHQW LQ WKH SUHVHQW YDOXH RI WKH HPSOR\HH EHQHILW REOLJDWLRQ IRU WKH \HDUV HQGHG 'HFHPEHU DQG DUH DV IROORZV 0,//,21 %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 6(3$5$7( ),1$1&,$/ 67$7(0(176 2015 Employee benefit obligation at beginning of the years Benefits paid Current service cost and interest Actuarial losses (gains) on defined employee benefit plans Employee benefit obligation

2014

2015

2014

74.61 (2.62) 13.78

64.86 9.76

62.50 (0.66) 10.21

54.67 7.83

10.82 96.59

74.62

5.55 77.60

62.50

([SHQVHV UHFRJQL]HG LQ WKH VWDWHPHQW RI LQFRPH IRU WKH \HDUV HQGHG 'HFHPEHU DQG DUH DV IROORZV 0,//,21 %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 6(3$5$7( ),1$1&,$/ 67$7(0(176 2015 Current service costs Interest cost Total

2015

2014 11.16 2.62 13.78

2014 8.05 2.16 10.21

7.72 2.04 9.76

6.12 1.71 7.83

Total actuarial losses (gains) recognized in the other comprehensive income in Consolidated financial statements for the years ended December 31, 2015 and 2014 amounted of losses Baht 10.82 million and Baht - million, respectively (Separate financial statements amounted of losses Baht 5.55 million and Baht - million, respectively).

3ULQFLSDO DFWXDULDO DVVXPSWLRQV DV RI 'HFHPEHU DQG DUH DV IROORZV 3(5&(17 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 Discount rate Salary increase rate Employee turnover rate Mortality rate

2015 2.49 - 3.17 8.00 702

2014 3.33 - 3.73 5.00 - 8.00 702

6(3$5$7( ),1$1&,$/ 67$7(0(176 2015

2014

3.17 8.00 702

3.73 8.00 702

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Annual Report 2015 Tirathai Public Limited

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Annual Report 2015 Tirathai Public Limited

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10,695,170.13

£µ¬¸ Á · Å o ¸ÉÁ ¸É¥ª o ° ´ ­nª ¦³ ° ° εŦ µ » Á È Á­¦È °ºÉ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¦³ ° o ª¥ µ µ¦Á · ¦ª¤ 2558 nµÄ o µn ¥ ¦µ¥Å o £µ¬¸ Á · Å o ¦° µ¦ ´ ´ ¸ ¸ÉÁ ¸É¥ª o ° ´ ¨ µ » µ µ¦ ¦³¤µ µ¦ µ¤®¨´ · «µ­ ¦r ¦³ ´ £´¥

µ¦Á · Á ¡µ³ ¦·¬´ 2557

(2,165,276.20)

2558

-

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(1,109,563.00)

2557

-

Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 2 (;3(16(6 %< 1$785( 7KH VLJQLILFDQW H[SHQVHV FODVVLILHG E\ QDWXUH IRU WKH \HDUV HQGHG 'HFHPEHU DQG DUH DV IROORZV %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 Changes in inventories of finished goods and ZRUN LQ SURFHVV GHFUHDVH LQFUHDVH

Purchase finished goods 5DZ PDWHULDOV DQG FRQVXPDEOHV XVHG Employee benefits expenses Management benefit expense Depreciation and amortization expenses Loss on devaluation of inventories Bad debt and doubtful accounts :LWKKROGLQJ WD[ ZULWH RII

6(3$5$7( ),1$1&,$/ 67$7(0(176

2015

2014

2015

2014

103,509,077.59 4,595,000.00 1,216,254,462.94 389,717,558.92 45,296,189.01 61,681,558.38 -

(60,750,069.42) 7,335,000.00 1,304,270,355.33 318,998,492.20 40,271,243.00 57,842,728.11 11,671,089.41 11,707,961.61 3,348,368.46

62,412,655.55 4,595,000.00 1,026,350,182.79 205,462,587.62 29,792,575.38 46,260,252.97 -

(27,672,645.51) 7,335,000.00 1,045,344,181.80 208,516,035.19 29,565,758.00 45,682,062.87 11,671,089.41 11,707,961.61 -

25 7$; (;3(16(6 Tax expenses for the years ended December 31, 2015 and 2014 consisted of: %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 Current tax expense (income) Deferred tax expense (income) of temporary Tax expense (income) reported in the statement of income

6(3$5$7( ),1$1&,$/ 67$7(0(176

2015 9,726,537.25

2014 25,524,465.55

2015 6,997,122.84

2014 16,916,543.53

(21,642,836.19)

(7,289,153.46)

(268,277.67)

(6,221,373.40)

(11,916,298.94)

18,235,312.09

6,728,845.17

10,695,170.13

Income tax relating to each component of other comprehensive income for the years ended December 31, 2015 and 2014, consisted of: %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 2015 Deferred tax expense (income) relating to actuarial losses on defined employee benefit plans

2014

(2,165,276.20)

2015

-

Annual Report 2015 Tirathai Public Limited

6(3$5$7( ),1$1&,$/ 67$7(0(176

(1,109,563.00)

2014

-

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¦µ¥ µ¦ ¦³ ¥° ε ª Á · ¦³®ªnµ nµÄ o µn ¥ ¦µ¥Å o £µ¬¸ Á · Å o ´ ¨ ¼ ° εŦ µ ´ ¸ ´ °´ ¦µ£µ¬¸ ¸ÉÄ o ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ­µ¤µ¦ ­ Å o ´ ¸ Ê µ µ¦Á · ¦ª¤ εŦ µ » µ ´ ¸ n° £µ¬¸ Á · Å o · · » ¨ °´ ¦µ£µ¬¸ Á · Å o · · » ¨ εŦ µ » µ ´ ¸ n° £µ¬¸ Á · Å o · · » ¨ ¼ °´ ¦µ£µ¬¸ ¨ ¦³ µ £µ¬¸ ­Îµ®¦´ nµÄ o µn ¥ o ° ®o µ¤ nµÄ o µn ¥ ¸ÉÁ o µÁ ºÉ° Å ®´ Å o Á¡·É¤ nµÄ o µn ¥ ¦µ¥Å o £µ¬¸ Á · Å o ¸É­ °¥¼Än εŦ µ »

2558 (68,607,611.76) (13,721,522.35)

2557 80,460,084.25 16,092,016.85

2,063,466.76 (258,243.35) (11,916,298.94)

2,463,505.31 (320,210.07) 18,235,312.09

µ µ¦Á · Á ¡µ³ ¦·¬´ εŦ µ » µ ´ ¸ n° £µ¬¸ Á · Å o · · » ¨ °´ ¦µ£µ¬¸ Á · Å o · · » ¨ εŦ µ » µ ´ ¸ n° £µ¬¸ Á · Å o · · » ¨ ¼ °´ ¦µ£µ¬¸ ¨ ¦³ µ £µ¬¸ ­Îµ®¦´ nµÄ o µn ¥ o ° ®o µ¤ nµÄ o µn ¥ ¸ÉÁ o µÁ ºÉ° Å ®´ Å o Á¡·É¤ nµÄ o µn ¥ ¦µ¥Å o £µ¬¸ Á · Å o ¸É­ °¥¼Än εŦ µ »

2558 27,540,306.70 5,508,061.34

2557 47,901,810.25 9,580,362.05

1,457,847.18 (237,063.35) 6,728,845.17

1,404,728.80 (289,920.72) 10,695,170.13

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Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 5HFRQFLOLDWLRQ EHWZHHQ WD[ H[SHQVH LQFRPH DQG WKH SURGXFW RI DFFRXQWLQJ SURILW PXOWLSOLHG E\ WKH DSSOLFDEOH WD[ UDWHV IRU WKH \HDUV HQGHG 'HFHPEHU DQG DV IROORZV %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 Accounting profit (loss) before tax Applicable tax rate Accounting profit (loss) before tax multiplied by applicable tax rate Tax effect of : - Non - deductible expenses - Added deductible expenses

2015 (68,607,611.76) (13,721,522.35)

2014 80,460,084.25 16,092,016.85

2,063,466.76 (258,243.35) (11,916,298.94)

2,463,505.31 (320,210.07) 18,235,312.09

%$+7 6(3$5$7( ),1$1&,$/ 67$7(0(176 Accounting profit (loss) before tax Applicable tax rate Accounting profit (loss) before tax multiplied by applicable tax rate Tax effect of : - Non - deductible expenses - Added deductible expenses Tax expense (income) reported in the statements of income

2015 27,540,306.70

2014 47,901,810.25

5,508,061.34

9,580,362.05

1,457,847.18 (237,063.35) 6,728,845.17

1,404,728.80 (289,920.72) 10,695,170.13

Annual Report 2015 Tirathai Public Limited

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ­nª ¦³ ° ° ­· ¦´¡¥r¨³® ¸ Ê­· £µ¬¸ Á · Å o ¦° µ¦ ´ ´ ¸ ¦³ ° o ª¥¦µ¥ µ¦ ´ n°Å ¸ Ê µ µ¦Á · ¦ª¤ ¥° Á®¨º° ª´ ¸É ´ ªµ ¤ ­· ¦´ ¡¥r £µ¬¸Á · Å o ¦° µ¦ ´ ´ ¸ nµÁ º°É ¨ µ » µ µ¦ ¦´ ¨ ¦µ µ®¨´ ¦´¡¥r nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ nµÁ ºÉ° µ¦¨ ¨ ° ¤¼¨ nµ­· o µ Á®¨º° nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ° Á · Ä®o o ¥¼ º¤¦³¥³¥µª £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ¨ ¦³Ã¥ r µ µ » ­³­¤ µ £µ¬¸ ¦ª¤ ® ¸ Ê­· £µ¬¸ Á · Å o ¦° µ¦ ´ ´ ¸

¥° Á®¨º° ª´ ¸É ´ ªµ ¤

77,656.00 3,105,192.65 3,318,473.98 2,297,688.79 19,317,588.34 21,843,205.73 49,959,805.49 -

49,630.00 4,396,086.44 3,680,825.06 2,297,688.79 14,923,100.20 804,362.61 26,151,693.10 -

µ µ¦Á · Á ¡µ³ ¦·¬´ ¥° Á®¨º° ª´ ¸É ´ ªµ ¤ ­· ¦´¡¥r£µ¬¸ Á · Å o ¦° µ¦ ´ ´ ¸ nµÁ º°É ¨ µ » µ µ¦ ¦´ ¨ ¦µ µ®¨´ ¦´¡¥r nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ nµÁ ºÉ° µ¦¨ ¨ ° ¤¼¨ nµ­· o µ Á®¨º° nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ° Á · Ä®o o ¥¼ º¤¦³¥³¥µª £µ¦³ ¼ ¡´ ¨ ¦³Ã¥ r¡ ´ µ ¦ª¤ ® ¸ Ê­· £µ¬¸ Á · Å o ¦° µ¦ ´ ´ ¸

77,656.00 2,976,011.45 3,267,262.71 1,885,794.95 15,520,749.80 23,727,474.91 -

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¥° Á®¨º° ª´ ¸É ´ ªµ ¤ 49,630.00 4,266,905.24 3,647,515.65 1,885,794.95 12,499,788.40 22,349,634.24 -

ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 7KH FRPSRQHQWV RI GHIHUUHG WD[ DVVHWV DQG OLDELOLWLHV DUH DV IROORZV %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 As of December 31, 2015 'HIHUUHG WD[ DVVHWV $OORZDQFH IRU GLPLQXWLRQ LQ YDOXH RI LQYHVWPHQWV $OORZDQFH IRU GRXEWIXO DFFRXQWV $OORZDQFH IRU GHYDOXDWLRQ RI LQYHQWRULHV $OORZDQFH IRU GRXEWIXO DFFRXQWV RI ORQJ WHUP ORDQ (PSOR\HH EHQHILW REOLJDWLRQ 8QXVHG WD[ EHQHILWV RQ ORVV FDUU\ IRUZDUG 7RWDO 'HIHUUHG WD[ OLDELOLWLHV

As of December 31, 2014

77,656.00 3,105,192.65 3,318,473.98 2,297,688.79 19,317,588.34 21,843,205.73 49,959,805.49 -

49,630.00 4,396,086.44 3,680,825.06 2,297,688.79 14,923,100.20 804,362.61 26,151,693.10 -

%$+7 6(3$5$7( ),1$1&,$/ 67$7(0(176 As of December 31, 2015 Deferred tax assets $OORZDQFH IRU GLPLQXWLRQ LQ YDOXH RI LQYHVWPHQWV $OORZDQFH IRU GRXEWIXO DFFRXQWV $OORZDQFH IRU GHYDOXDWLRQ RI LQYHQWRULHV $OORZDQFH IRU GRXEWIXO DFFRXQWV RI ORQJ WHUP ORDQ Employee benefit obligation Total Deferred tax liabilities

77,656.00 2,976,011.45 3,267,262.71 1,885,794.95 15,520,749.80 23,727,474.91 -

Annual Report 2015 Tirathai Public Limited

As of December 31, 2014 49,630.00 4,266,905.24 3,647,515.65 1,885,794.95 12,499,788.40 22,349,634.24 -

(45.97) (45.97) 307.91 307.91 (0.15)

εŦ µ » ­nª ¸ÉÁ È ° ¼o º°®»o ¦· ¬´ Ä® n ¦´ ¦» εŦ µ » ­Îµ®¦´ ¸ εŦ µ » ¸ÉÄ o Ä µ¦ ε ª εŦ n°®»o ¨o µ µ

ε ª ®»o ­µ¤´ ¸É°° ε® nµ¥Â¨o ª ´ªÁ ¨¸É¥ nª Πʵ® ´

®»o ­µ¤´ ­nª Á¡·É¤ µ Ä ­Îµ ´ ­ ­· · ¸É ³ º Ê°®»o ­µ¤´ ¸É­¤¤ ·ªµn °° à ¥Å¤nÅ o ¦´ ­· É °  ε ª ®»o ­µ¤´ ´ªÁ ¨¸É¥ nª Πʵ® ´ ¸ÉÄ o Ä µ¦ ε ª εŦ n°®»o ¨o µ ®»o

εŦ µ » n°®»o µ ®»o

2558

307.89 0.16

48.08 48.08 307.89

2557

307.91 0.07

20.81 20.81 307.91

2558

307.89 0.12

37.21 37.21 307.89

2557

307.91 (0.15)

(45.97) (45.97) 307.91

2558

1.01 308.90 0.16

48.08 48.08 307.89

2557

307.91 0.07

20.81 20.81 307.91

2558

1.01 308.90 0.12

37.21 37.21 307.89

2557

­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ εŦ n °®»o ´ Ê ¡º Ê µ εŦ n °®»o ¦´ ¨ µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ ¦·¬´ µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ ¦·¬´

26 µ¦ ε ª εŦ n °®»o µ¦ ε ª εŦ n°®»o Ä µ¦Á · ¦ª¤Â¨³ µ¦Á · Á ¡µ³ ¦· ¬´ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¦³ ° o ª¥

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

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Profit (loss) attributable to equity holders of the parent Adjustment of profit (loss) for the years Profit (loss) for the calculation of earning per share (million Baht) 7KH ZHLJKWHG DYHUDJH QXPEHU RI RUGLQDU\ VKDUHV RXWVWDQGLQJ 7KH LQFUHPHQWDO RUGLQDU\ VKDUHV IURP WKH ZDUUDQWV DVVXPHG WR EH LVVXHG ZLWKRXW FRQVLGHUDWLRQ 7KH ZHLJKWHG DYHUDJH QXPEHU RI RUGLQDU\ VKDUHV IRU the calculation of earnings per share (million shares) Earnings (loss) per share (Baht / share)

48.08 48.08 307.89 307.89 0.16

307.91 (0.15)

2

(45.97) (45.97) 307.91

2 5

&2162/,'$7(' ),1$1&,$/ 67$7(0(176

',/87(' ($51,1* 3(5 6+$5(

307.91 0.07

-

20.81 20.81 307.91

2 5

307.89 0.12

-

37.21 37.21 307.89

2

307.91 (0.15)

-

(45.97) (45.97) 307.91

2 5

308.90 0.16

1.01

48.08 48.08 307.89

2

307.91 0.07

-

20.81 20.81 307.91

2 5

308.90 0.12

1.01

37.21 37.21 307.89

2

6(3$5$7( ),1$1&,$/ 67$7(0(176 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 6(3$5$7( ),1$1&,$/ 67$7(0(176

%$6,& ($51,1* 3(5 6+$5(

)25 7+( <($56 (1'(' '(&(0%(5

26 ($51,1*6 3(5 6+$5( &20387$7,21 Earnings per share computation in the consolidated and separate financial statements for the years ended December 31, 2015 and 2014, consisted of:

Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ

7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

Annual Report 2015 Tirathai Public Limited

o » µ µ¦Á · nµÄ o µn ¥ ¦µ¥Å o £µ¬¸ Á · Å o εŦ µ » ­Îµ®¦´ ¸

εŦ µ » ´ o Ê ÎµÅ¦ µ °´ ¦µÂ¨ Á ¨¸É¥ ¨´ ¦µ¥ µ¦ nµÁ ºÉ°® ¸ Ê­ ­´¥ ³­¼ ¨´ ¦µ¥ µ¦ µ » µ µ¦¨ ¤¼¨ nµ­· o µ Á®¨º° ¦µ¥Å o °ºÉ nµÄ o µn ¥Ä µ¦ µ¥ nµÄ o µn ¥Ä µ¦ ¦· ®µ¦ nµÄ o µn ¥°ºÉ £µ¬¸ Á · Å o ® ´ ¸É µn ¥ ´ ´ ¸

¦µ¥Å o µ µ¦ µ¥Â¨³ ¦· µ¦

1,360.81 246.85

2558 1,758.76 390.88

2557

Ä ¦³Á « 1,049.39 165.60

2558 553.17 131.21

2557 (186.23) (0.61)

2558 (180.30) (13.80)

2557

¨o µ µ µ¦Á · ¦ª¤ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ n µ ¦³Á « ¦µ¥ µ¦ ´ ´ ¸ 2,223.97 411.84 0.75 5.84 1.81 33.54 129.30 341.29 53.39 (11.92) (58.28)

2558

2,131.63 508.29 11.10 20.53 128.52 295.65 3.35 45.81 18.23 48.36

2557

¦ª¤

27 µ¦Á­ ° o °¤¼¨ µ µ¦Á · ε µ¤­n ª µ ¦· ¬´ ² ¨³ ¦· ¬´ ¥n°¥ ¦³ ° · µ¦Á ¸É¥ª ´ »¦ · ¨· ®¤o °Â ¨ Å¢¢oµ ª´­ »° » ¦ r®¤o °Â ¨ Å¢¢oµ n°¤ 妻 ¦´ ¬µÂ¨³ ¦· µ¦ · ´ ®¤o Ê °Â ¨ Å¢¢oµÂ¨³¦´ o µ Á ºÉ°¤ ¦³ ° Á®¨È  ¦¦¼ ´ªÉ Å Ã ¥¤¸­ªn µ µ £¼¤·«µ­ ¦r Ä ¦³Á «Å ¥Â¨³ n ´Ê µ ¦³Á « o °¤¼¨ µ µ¦Á · ε µ¤­nª µ µ £¼¤·«µ­ ¦r ° ¦· ¬´ ² ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¨³ ª´ ¸É ´ ªµ ¤ ¨³ Á È ´ ¸ Ê

3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

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Revenues from sales and services Gross profit (loss) Gain on exchange rate 5HYHUVDO DOORZDQFH IRU GRXEWIXO DFFRXQWV Reversal of loss on devaluation of inventories Others income Selling expenses Administrative expenses 2WKHU H[SHQVH ZLWKKROGLQJ WD[ ZULWH RII Finance costs Tax expenses (income) Profit (loss) for the years

2 1,758.76 390.88

2 5 1,360.81 246.85

'RPHVWLF 1,049.39 165.60

2 5 553.17 131.21

2 (186.23) (0.61)

2 5

0,//,21 %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 )25 7+( <($56 (1'(' '(&(0%(5 )RUHLJQ (OLPLQDWHG (180.30) (13.80)

2

2,223.97 411.84 0.75 5.84 1.81 33.54 129.30 341.29 53.39 (11.92) (58.28)

2 5

7RWDO 2,131.63 508.29 11.10 20.53 128.52 295.65 3.35 45.81 18.23 48.36

2

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ĶķļĭĻ ļķ ĮıĶĩĶīıĩĴ ĻļĩļĭĵĭĶļĻ

7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

Annual Report 2015 Tirathai Public Limited

447.91

+:* :!#+8 Q:#ā beeh "+<19 <+H * Q: 9 Ů)3: !ů

¦µ¥Å o µ µ¦ µ¥ ¦µ¥Å o µ µ¦Ä®o ¦· µ¦ ¦µ¥Å o °ºÉ ° Á ¸ Ê¥¦´ ° Á ¸ Ê¥¦´ ¦µ¥Å o µn Á nµ º Ê° º Ê°

2558 -

2557 -

6.29 6.02 0.63 10.19 0.62 176.17 18.88

2558 4.37 8.42 0.53 2.50 0.62 168.19 -

2557

­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ µ¦Á · ¦ª¤ µ¦Á · Á ¡µ³ ¦·¬´

331.77

2557

¦µ¥ µ¦ »¦ · ´ » ¨®¦º ° · µ¦ ¸ÉÁ ¸É¥ª o ° ´ ¦µ¥ µ¦ »¦ · ¸É­Îµ ´ ´ » ¨®¦º ° · µ¦ ¸ÉÁ ¸É¥ª o ° ´ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¤¸ ´ ¸ Ê

¨¼ ® ¸ Ê µ¦ o µ ­» · ¸É · °µ µ¦Â¨³°» ¦ r ­» · ­· ¦´¡¥r°ºÉ Ç ¦ª¤­· ¦´¡¥r

2558

Ä ¦³Á «

Ã¥ µ¥ µ¦ ε® ¦µ µ

134.57

2557

792.36 820.28 1,412.20 3,024.84

2558

2557 466.34 552.09 1,634.77 2,653.20

¦µ¥ µ¦ ´ ´ ¸

¦µ µ ¸É ¨ ¦nª¤ ´

Ťn nµ µ ¦µ¥ µ¦ ¸É ¦³ ε ´ · µ¦ ¸ÉŤnÁ ¸É¥ª o ° ´

¦µ µ µ¤­´ µ

µ¤®¤µ¥Á® » ¦³ ° µ¦Á · o ° ¨³

Ťn¤¸ ° Á ¸ Ê¥¦´ Á ºÉ° µ ®¥» ¦´ ¦¼o µ¤®¤µ¥Á® » ¦³ ° µ¦Á · o °

¦µ µ » ª εŦ­nª Á¡·É¤Ä °´ ¦µ ¸É ε® ¦nª¤ ´ à ¥ n µ¥ ¦· ®µ¦Ã ¥¡· µ¦ µ ªµ¤­¤Á® »­¤ ¨

¦µ µ » ª εŦ­nª Á¡·É¤Ä °´ ¦µ ¸É ε® ¦nª¤ ´ à ¥ n µ¥ ¦· ®µ¦Ã ¥¡· µ¦ µ ªµ¤­¤Á® »­¤ ¨

¦µ µ » ª εŦ­nª Á¡·É¤Ä °´ ¦µ ¸É ε® ¦nª¤ ´ à ¥ n µ¥ ¦· ®µ¦Ã ¥¡· µ¦ µ ªµ¤­¤Á® »­¤ ¨

344.45

2558

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3):*D3 @#+8 5" " :+D <! ¦· ¬´ ·¦Å ¥ ε ´ ¤®µ ¨³ ¦· ¬´ ¥n°¥ ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤

447.91

331.77

2

Revenues from sales Revenues from services Other income Interest income Interest income Rental income Purchase Purchase

0,//,21 %$+7

Annual Report 2015 Tirathai Public Limited 2 5 -

2 -

&2162/,'$7(' ),1$1&,$/ 67$7(0(176

6.29 6.02 0.63 10.19 0.62 176.17 18.88

2 5 4.37 8.42 0.53 2.50 0.62 168.19 -

2

6(3$5$7( ),1$1&,$/ 67$7(0(176

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134.57

2

792.36 820.28 1,412.20 3,024.84

2 5

7RWDO 466.34 552.09 1,634.77 2,653.20

2

At the rate agreed upon

Not different from the unrelated parties

Contract prices

According to note 6 and 10 to the financial statements

No interest charge due to stop recognition according to note 10 to the financial statements

Cost plus agreed margin

Cost plus agreed margin

Cost plus agreed margin

344.45

2 5

28 75$16$&7,216 :,7+ 5(/$7(' 3$57,(6 7KH VLJQLILFDQW EXVLQHVV WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV IRU WKH \HDUV HQGHG 'HFHPEHU DQG DUH DV IROORZV

Property, plant and equipment - net Other assets Total assets

Trade receivables - net

2 5

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,QIRUPDWLRQ DERXW PDMRU FXVWRPHUV For the year ended December 31, 2015, the Company and its subsidiaries’ revenues from domestic sales and service amounted Baht 310.73 million from one customer and foreign sales and service amounted Baht 399.13 million from one customer. For the year ended December 31, 2014, the Company and its subsidiaries’ revenues from domestic sales and service amounted Baht 709 million from one customer and foreign sales and service amounted Baht 215.54 million from one customer.

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7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5

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µ¦Á · Á ¡µ³ ¦·¬´ 2557

2558

2557

0.42 (0.42) 10.93 0.56

0.42 (0.42) 10.93 0.56

1.08 124.50 4.58 219.16 -

7.46 25.00 0.95 59.16 -

(11.49) -

(11.49) -

(9.43) 29.16

(9.43) 37.69

n µ °  ¼o ¦·®µ¦ nµ °  ¼o ¦·®µ¦ ¸ ÊÁ È ¨ ¦³Ã¥ r ¸É µn ¥Ä®o  n o ¼ ¦·®µ¦ ° ¦·¬ ´ ¦³ ° o ª¥ nµ °  ¸ÁÉ È ´ªÁ · Å o  n Á · Á º° ¨³ ¨ ¦³Ã¥ r Á¸É ¸É¥ª o ° ¦ª¤ ¹ ¨ ¦³Ã¥ r ° Â Ä ¦¼ °ºÉ ´ ¸ Ê Ê ¼o ¦· ®µ¦ ° ¦· ¬´ ®¤µ¥ ¹ » ¨ ¸É ε® µ¤ ®¤µ¥ªnµ o ª¥®¨´ ¦´¡¥r¨³ ¨µ ®¨´ ¦´¡¥r nµ °  ¼o ¦· ®µ¦­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¨³ ¤¸ ´ ¸ Ê µ µ¦Á · ¦ª¤ ¨ ¦³Ã¥ r¦³¥³­´ Ê ¨ ¦³Ã¥ r®¨´ °° µ µ ¦ª¤

2558 43,029,368.01 2,266,821.00 45,296,189.01

µ¦Á · Á ¡µ³ ¦·¬´ 2557 39,405,805.00 865,438.00 40,271,243.00

2558 28,154,290.38 1,638,285.00 29,792,575.38

2557 29,138,987.00 426,771.00 29,565,758.00

2 ­´ µ n µ Ç ª´ ¸É ´ ªµ ¤ ¦· ¬´ ² ¨³ ¦· ¬´ ¥n°¥¤¸£µ¦³ ¼ ¡´ µ µ¦ ε­´ µ nµ Ç ´ ¸ Ê ¦· ¬´ ² Å o ε­´ µ­· · ´ ¦· ¬´ nµ ¦³Á «Â®n ® ¹ É Ã ¥ ¦· ¬´ ² o ° nµ¥ nµ ¦¦¤Á ¸¥¤Ä °´ ¦µ ¸É ε® Ūo Ä ­´ µ ´ ¨nµª ¦· ¬´ ² ¨³ ¦· ¬´ ¥n°¥ ¤¸£µ¦³ ¼ ¡´ µ¤­´ µÁ nµ¦³¥³¥µª­Îµ®¦´ ¸É · ¡¦o °¤­· É ¨¼ ­¦o µ ¦ ¥ r¨³ °» ¦ r à ¥¤¸ª ´ ­· Ê ­» ° ­´ µ ´  n Ê ¸ nµ Á nµ ´ Î Ê Éµ µ¤­´ µ ¸É o° nµ¥Ä ° µ ¤¸ ´ ¸ Ê µ µ¦Á · ¦ª¤ ­´ µÁ nµ ¸É · ¡¦o °¤­· É ¨¼ ­¦o µ ¦ ¥ r °» ¦ r

Á · ® ¹ É ¸  nŤnÁ · ®o µ ¸ 8.02 10.75 0.89

ŤnÁ · ® ¹ É ¸ 8.82 4.98 0.68

µ¦Á · Á ¡µ³ ¦·¬´ Á · ® ¹ É ¸ ŤnÁ · ® ¹ É ¸  nŤnÁ · ®o µ ¸ 3.34 7.59 0.38 0.56

nµÁ nµ µ¤­´ µÁ nµ¦³¥³¥µª ´ ¨nµª o µ o ­Îµ®¦´ ¸ ­· Ê ­» ª´ ¸É ´ ªµ ¤ ¤¸ ε ª ¨o µ µ Á ¡µ³ ¦· ¬´ ¤¸ ε ª ¨o µ µ

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Ĝġğĭĝ ğġ ĎĹĜĊĜčĹĊĴ ĝğĊğĭľĭĜğĝ 7,5$7+$, 38%/,& &203$1< /,0,7(' $1' ,76 68%6,',$5,(6)25 7+( <($5 (1'(' '(&(0%(5 7KH RXWVWDQGLQJ EDODQFHV RI WKH WUDQVDFWLRQV ZLWK UHODWHG SDUWLHV DV SUHVHQWHG LQ WKH VWDWHPHQWV RI ILQDQFLDO SRVLWLRQ DUH DV IROORZV 0,//,21 %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 6(3$5$7( ),1$1&,$/ 67$7(0(176 2015 Trade receivables $OORZDQFH IRU GRXEWIXO DFFRXQWV WUDGH UHFHLYDEOHV Short - term loans Accrued interest income Long - term loans Accrued interest income $OORZDQFH IRU GRXEWIXO DFFRXQWV long - term loans and accrued interest income Trade payables

2014

2015

2014

0.42 (0.42) 10.93 0.56

0.42 (0.42) 10.93 0.56

1.08 124.50 4.58 219.16 -

7.46 25.00 0.95 59.16 -

(11.49) -

(11.49) -

(9.43) 29.16

(9.43) 37.69

0DQDJHPHQW EHQHILW H[SHQVHV Management benefit expenses consist the benefits paid to the Company’s management such as salaries and related benefit including the benefit paid E\ RWKHU PHDQV 7KH &RPSDQ\uV PDQDJHPHQW DUH WKH SHUVRQV ZKR DUH GHILQHG XQGHU WKH 6HFXULWLHV DQG ([FKDQJH 0DQDJHPHQW EHQHILW H[SHQVHV IRU WKH \HDUV HQGHG 'HFHPEHU DQG DUH DV IROORZV %$+7 &2162/,'$7(' ),1$1&,$/ 67$7(0(176 Short - term employee benefits Post - employment benefits Total

2015 43,029,368.01 2,266,821.00 45,296,189.01

6(3$5$7( ),1$1&,$/ 67$7(0(176

2014 39,405,805.00 865,438.00 40,271,243.00

2015 28,154,290.38 1,638,285.00 29,792,575.38

2014 29,138,987.00 426,771.00 29,565,758.00

2 $*5((0(176 $V RI 'HFHPEHU WKH &RPSDQ\ DQG LWV VXEVLGLDULHV KDYH FRPPLWPHQWV RI WKH FRQWUDFW DUH DV IROORZV 7KH &RPSDQ\ KDV VLJQHG D OLFHQVH DJUHHPHQW ZLWK D IRUHLJQ FRPSDQ\ DQG KDV EHHQ FRPPLWWHG WR SD\ IHHV DW WKH UDWH VSHFLILHG LQ WKH DJUHHPHQWV The Company and its subsidiaries have long - term lease commitments outstanding on a land, building and construction, vehicles and equipment for the H[SLUDWLRQ GDWHV UDQJH IURP )XWXUH PLQLPXP SD\PHQWV XQGHU WKH OHDVHV DUH DV IROORZV %$+7

Lease agreements Land, building and construction Vehicles Equipment

&2162/,'$7(' ),1$1&,$/ 67$7(0(176 Not later than Later than oneyear and one year not later than five years 8.82 8.02 4.98 10.75 0.68 0.89

6(3$5$7( ),1$1&,$/ 67$7(0(176 Later than oneyear and Not later than not later than five years one year 3.34 0.38

7.59 0.56

Rental expenses under the above leases for the year ended December 31, 2015 amounted to 14.94 Baht million (the Company only : amounted to Baht 3.70 million).

Annual Report 2015 Tirathai Public Limited

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µ¦Á · Á ¡µ³ ¦·¬´ 2557

2558

2557

130.73

34.05

92.66

34.05

927.02

696.64

610.35

481.89

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2015 130.73

2014

927.02

2015

2014

34.05

92.66

34.05

696.64

610.35

481.89

30.3 As of December 31, 2015 and 2014, the Company has contingent liabilities for guarantee to subsidiaries company’s credit facilities of Baht 2,283.09 PLOOLRQ DQG %DKW PLOOLRQ UHVSHFWLYHO\ ZLWK D ILQDQFLDO LQVWLWXWLRQ &$3,7$/ 0$1$*(0(17 The primary objective of the Company’s capital management is to ensure that it has an appropriate financial structure and preserves the ability to continue its business as a going concern. 7KH &RPSDQ\ PDQDJHV LWV FDSLWDO SRVLWLRQ ZLWK UHIHUHQFH WR LWV GHEW WR HTXLW\ UDWLR DQG LQWHUHVW EHDULQJ GHEW WR HTXLW\ UDWLR DOVR WR FRPSO\ ZLWK D FRQGLWLRQ LQ WKH ORQJ WHUP ORDQ DJUHHPHQWV DQG GHEHQWXUHV ZKLFK UHTXLUH WKH &RPSDQ\ WR PDLQWDLQ D FRQVROLGDWHG GHEW WR HTXLW\ UDWLR RI QRW PRUH WKDQ 2:1 and interest - bearing - debt - to - equity ratio not more than 1.5 : 1. $FFRUGLQJ WR WKH VWDWHPHQWV RI ILQDQFLDO SRVLWLRQ DV RI 'HFHPEHU DQG DV IROORZV

Debt - to - equity ratio Interest - bearing - debt - to - equity ratio

&2162/,'$7(' ),1$1&,$/ 67$7(0(176 As of As of December 31, 2014 December 31, 2015 1.26 : 1 1.81 : 1 0.82 : 1 1.25 : 1

6(3$5$7( ),1$1&,$/ 67$7(0(176 As of As of December 31, 2015 December 31, 2014 1.49 : 1 1.05 : 1 1.05 : 1 0.68 : 1

2 $33529$/ 2) ),1$1&,$/ 67$7(0(176 The financial statements have been approved on February 23, 2016 by the Board of Directors of the Company.

Annual Report 2015 Tirathai Public Limited

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µ » °» ¦¤ ª¸Ã£ ¦¦¤ µ¦ ¦·®µ¦Â¨³Á¨ µ » µ¦ ¦·¬´ LU#WLUDWKDL FR WK (02) 769 7699 ext. 1220 ¦·¬´ «¼ ¥r¦´ µ ®¨´ ¦´¡¥r ¦³Á «Å ¥ ε ´ Á¨ ¸É °µ µ¦ ¨µ ®¨´ ¦´¡¥r®n ¦³Á «Å ¥ ¦´ µ£·Á¬  ª · ÁÁ Á · ÁÁ ¦» Á ¡² (02) 009 9999 (02) 009 9991 µ Á ¬¦¸ ¦ rÁ ¼o­° ´ ¸¦´ ° » µ Á¨ ¸É ®¦º ° µ¥ ´¥¥» °´ «»ª· ¥µ ¼o­° ´ ¸¦´ ° » µ Á¨ ¸É ®¦º ° µ ´ ­¦´ ¦r ­Ã¦ ´ r ¸ ¼o­° ´ ¸¦´ ° » µ Á¨ ¸É ¦·¬´ Á° Á°È¤ ¸ °­Ã ·Á° ε ´ ­¸­¤¡¨µ nµ ­¸¨¤ µ ¦´ ¦» Á ¡² (02) 234-1676 (02) 237-2133 7LUDWKDL 3XEOLF &RPSDQ\ /LPLWHG v&RPSDQ\w

1DWXUH RI %XVLQHVV 0DQXIDFWXUHU DQG GLVWULEXWRU IRU ERWK GLVWULEXWLRQ DQG SRZHU WUDQVIRUPHUV LQFOXGLQJ installation service, oil filtering and filling service, maintenance, modification and repair, DQG WHVWLQJ RI WKH WUDQVIRUPHUV WRJHWKHU ZLWK SURYLGLQJ WUDQVIRUPHU UHQWDO VHUYLFH WR FXVWRPHUV 516/1 Moo 4 (Bangpoo Industrial Estate), Sukhumvit Rood, Tambon Prakekasa, Ampur Muang, Samutprakan, 10280 0107574800498 ZZZ WLUDWKDL FR WK (02) 769-7699, (02) 323-0818, (02) 709-3237-8 (02) 323-0910, (02) 709-3236 359,202,865 Baht 308,008,272 Baht (as of 31 December 2015)

308,008,272 shares (as of 31 December 2015) Baht 1 per shares 0U 8SDNURP 7KDZHHSKRNH Executive Director and Company Secretary LU#WLUDWKDL FR WK (02) 769-7699 ext. 1220 Thailand Securities Depository Company Limited The Stock Exchange of Thailand Building, 93 Ratchadaphisak Road, Din Daeng, Bangkok 10400 (02) 009 9999 (02) 009 9991 0UV .HVUHH 1DURQJGHM &3$ 1R RU 0U &KDL\XW $QJVXZLWWD\D &3$ 1R RU 3. Mrs. Natsarak Sarochahunjeen CPA No.4563 A.M.T Associates Company Limited 491/27 Silom Plaza, Silom Road Bangrak, Bangkok 10500 (02) 234-1676 (02) 237-2133

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www.tirathai.co.th

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