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Step to a bright future for a sustainable growth With over 20 years of experience in field operation of “EastWater�, we are committed to the development and investment of our water related services to meet the increasing demand of water users. We always concern about the water quality by monitoring and researching the water regularly. We assigned the water management specialist to ensure that the water consumer will receive high quality water and services in order to give stakeholders greatest satisfaction by taking into account of the strong community, pleasant society and vibrant environment, for the sustainable growth in the future.


Step to the future with strong operational performance

With EastWater’s potentials, we are strived for the continuous andsystematic development by our strong management with the strategic visions which will lead us to define the target accurately, leading us to become the leader in the business line with the sustainable growth and running into the bright future confidently.


Step forward with dedicated management


With EastWater’s long-standing management, we are ready to continuously improve our potential for the better performance and to always keep the pace with the changes by applying the corporate governance for transparency and accountability. This will create the stakeholder’s confident.


Potential growth with the commitment investment

The significant force that drives the growth of East Water is the potential to invest in stable and consistence investments with the prudent business plan and strategy. Also, we operate with the strong financial position to enhance the production capacity and accommodate the consumer’s need, with the international quality standard.


Creativity and innovative from employees and specialist staffs

Creativity/Innovative in the business is what EastWater had always been committed to. From the experiences of the skilled employees and professional staffs, we are able to create the corporate culture that is full of dedication, active and truly an organization of development.


Stand by the environment and society


EastWater realized that the important of the efficient and sustainable growth comes from co-operation and unity, improving the potential in all the areas altogether. Therefore, we continuously establish the projects for society and environment to distribute the happiness, creating the sustainability for everyone and moving forward together into the bright future.


 Annual Report 2012

Highlights of the year Water distribution capacity and raw water consumption volume during 2005-2012 Unit: Million Cubic Meters/Year

2005

Total water consumption

190.10 199.36 211.20 227.69 221.27 244.88 261.51 278.69

Water distribution capacity

423.00 423.00 473.00 473.00 473.00 473.00 473.00 619.00

Water distribution capacity to water Consumption ratio (Times)

2.23

2006

2.12

2007

2.24

2008

2.08

2009

2.28

2010

1.93

2011

1.81

2012

1.70

Financial Ration Consolidated Financial Statement Description

Company financial Statement

2008 2009 20101 2011 2012 2008 2009 20101 2011 2012

Book value (per/share)

3.59 3.81 3.98 4.17 4.40 3.47

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Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° 

Dividend (per/share)

0.25 0.35 0.38 0.42 0.202 0.25

/FUǰQSPųUǰUPǰUPUBMǰJODPNFǰ  ǰ

3.63 3.74 3.91

4.09

0.35 0.38 0.42 0.202

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° 

Return on shareholders equity (ROE) (time) 10.70 12.96 13.41 14.88 17.40 10.09 12.96 12.83 14.25 17.23 Return on assets (ROA) (time)

5.97 8.73 9.46 9.76 10.68 5.87

8.63 9.66 9.84 11.05

Debt to equity ratios (D/E) (time)

0.56 0.44 0.49 0.55 0.70 0.52

0.35 0.41 0.49

0.63

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(million Baht)

4,000.0 3,500.0 3,000.0 2,500.0 2,000.0 1,500.0 1,000.0 500.0

3,726 3,310 3,107 2,878 2,401 2,430 2,437 2,094 1,899 1,416 1,240 808 340

441

500

508

Total Income Net Profit

867 1,008

571 441

1 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 year

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Source of income 100%

56 282

42 232

60 224

541

636

716

766

842

1,673

1,904

2,118

2,261

2,612

2008

2009

2010 1

2011

2012

80 143

49 224

90% 80% 70% 60% 50% 40% 30% 20% 10%

Others (MB) Rental and Service (MB) Sale of Tap Water (MB) Sale of Raw Water (MB)

0%

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Eastern Water Resources Development and Management PCL.

Income and Net Profit in past 10 years


 Annual Report 2012




“Leaders in sustainable water transportation management and develop environmental management for utilities and renewable energy�

Mission

1. To expand investment management and business development of water transport system for continued growth and sustainability. 2. To expand investment in environmental management for utilities and renewable energy. 3. To provide excellent service to our customers. 4. To manage based on principles of good governance, have a responsibility to community, social, and environmental including build ongoing relationships with stakeholders in order to visualize value of the business

Strategy

To be in line with its vision and mission, the company sets forth the strategy to be consistent with the following eight key focus areas:1. Manage financials, investments, risks, and effective transformation. 2. Manage and develop the sufficient raw water resources. 3. Maintain and develop the water pumping systems, tap water production system and expand investment in water business. 4. Develop and expand investment in related businesses such as environmental business, energy business and others to create investment opportunities. 5. Develop an excellent service system and build ongoing relationships with stakeholders. 6. Develop know how, information technology systems and innovation research to accommodate water pumping, water production and effect workflow. 7. Develop overall company’s quality management system. 8. Develop all the groups of people to have access to competition quality and ready for changes.

Eastern Water Resources Development and Management PCL.

Vision


 Annual Report 2012

The Company developed in sustainable way together with excellence under good corporate governance. Apart from this, the company is also aware of social responsibility and community this can be seen through CSR activities to meet the needs of its stakeholders with appropriate.




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Mr. Chanin Yensudjai Chairman of the Board of Directors

Eastern Water Resources Development and Management PCL.

Message from the Chairman


 Annual Report 2012

Board of Directors

Mr. Chanin Yensudchai

Mr. Jiratt Nithianantporn

Mr. Kallayana Vipattipumiprates

Age 53 Years Position Chairman (Independent Director) Work Experience 13 Dec 12-Present Chairman Eastern Water Resources Development and Management Plc. 2011-2012 Board of Directors Resolution Alliance Co.,Ltd. 2010-2012 Group CEO Bangkok 9 International Hospital Co.,Ltd 2009-2010 Board of Directors Yarnapund Group Co.,Ltd 2003-2010 Board of Directors Prasit Pattana Co.,Ltd Education  Master of Business Administration Worcester Polytechnic Institute, Worcester Massachusetts, USA  Engineering King Mongkut’s University of Technology Thonburi  Special Course ACP 28/2009, SFE 5/2009, RCC 2/2007, DCP 57/2005, DAP 32/2005, RCP 11/2005 Shareholding  22,100 shares or 0.001%*

Age 34 Years Position Board of Directors Chairman of Executive and Invesment Committee Work Experience 13 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 2012 Advisor to the Minister, Ministry of Interior Advisor to the Minister, Ministry of Transport Coordination Committee Member of the Act to provide for the Community, Prime Minister’s office 2010 Board of Directors Thailand Institute of Scientific and Technological Research (TISTR) 2009 Academician of Committee of Prevention and Mitigation from Natural Disasters and Public Hazard (The House of Representative) 2008-2009 Attach to the Secretarial of the Prime Minister’s Office Education  Bachelor of Business Administration Program in Industrial Management Bundit Borihanturakit University Special Course  None Shareholding  None

Age 47 Years Position Board of Directors (Independent Director) Work Experience 13 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. Present Deputy Director-General Department of Consular Affairs Ministry of Foreign Affairs of Thailand 2009-2012 Minister-counsellor and Minister Royal Thai Embassy, Yangon, Myanmar 2006-2009 Director of the East Asia 2 Ministry of Foreign Affairs of Thailand 2005-2006 Minister-counsellor Royal Thai Embassy,Yangon, Myanmar Education  International Relations and Diplomacy University of London  Bachelor of Political Science International Relations Ramkhamhaeng University Special Course  None Shareholding  None

O

O

O

O

O

O

O

* Without holding shares since 11 January 2013.

O

O

O

O


 Eastern Water Resources Development and Management PCL.

Gen. Chuchai Boonyoi

Mr. Prinya Nakchudtree

Age 61 Years Position Board of Directors (Independent Director) Work Experience 13 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 2008 Commander Armed Forces Security Center (AFSC) 2005-2006 Deputy Commander Armed Forces Security Center (AFSC) 2003-2005 Assistance Commander Armed Forces Security Center (AFSC) 1974-1986 Instructor at Department of Ordnance Engineering, Chulachomklao Royal Military Academy Education  Master of Science, Aerospace Engineering University of Southern California  Bachelor of Science (ARMY) Chulachomklao Royal Military Academy Special Course  NDC 2004 Shareholding  None

Age 71 Years Position Board of Directors (Independent Director) Work Experience 20 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 2012-Present Chairman The Commission on Local Government Personnel Standards 2011-Present Board of Directors Universal Utilities Co., Ltd. Board of Directors Bangpakong Water Supply Co., Ltd. (BWS) Board of Directors Nakhonsawan Water Supply Co., Ltd. (NWS) Board of Directors Chachoengsao Water Supply Co., Ltd. (CWS) 2008-Present Chairman Ekarat Solar Co., Ltd. Board of Directors Ekarat Engineering Plc. 2008-2011 Chairman Universal Utilities Co., Ltd. Chairman Bangpakong Water Supply Co., Ltd. (BWS) Chairman Nakhonsawan Water Supply Co., Ltd. (NWS) Chairman Chachoengsao Water

O

O

O

O

2001

Supply Co., Ltd. (CWS) Chairman The Provincial Electricity Authority Chairman The Provincial Waterworks Authority Chairman Eastern Water Resources Development and Management Plc. Board of Directors PTT Exploration and Production Plc. Board of Directors The Electricity Generating Plc.

Education  Ph.D. in Political Science (Hans) Ramkhamhaeng University  Master of Science in Economic Development Kasetsart University  Master of Political Science Sukhothai Thammathirat Open University  M.A. in Economics , Columbia University, USA  Bachelor of Education Srinakharinwirot University  Bachelor of Political Science Ramkhamhaeng University Special Course  ICMA14, KPI 6, NDC 1989, RCC 12/2011, SFE 13/2011, RCP 24/2010, DCP 111/2008 Shareholding  None

O

O

O

O O

O

O

O


 Annual Report 2012

Board of Directors

Mr. Chinawat Assavapokee

Mr. Thairatana Jotikabhukkana

Mrs. Rattana Kitchawan

Age 38 Years Position Board of Directors Director of Executive and Invesment Committee Work Experience 20 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 1999-Present Partner Baker & McKenzie Ltd. 2008-2009 Sub-committee (Finance) MCOT Plc. Education  LL M (Taxation) University of Washington  LL B Thammasat University Special Course  EDP-8/2011 Shareholding  None

Age 60 Years Position Board of Directors (Independent Director) Work Experience 20 Dec 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 2006-2012 Team Leader, Subsidiary Audit Department PTT Plc. 2002-2005 Audit Specialist , Office of Corporate Audit PTT Plc. 2000-2001 Senior Internal Auditor, Office of Corporate Audit PTT Plc. 1987-2000 Internal Auditor, Office of Corporate Audit PTT Plc. Education  M.S. (Computer Science) California State University, Chico, California, USA  B.S. (Accounting) Ramkhamhaeng University Special Course  None Shareholding  None

Age 55 Years Position Board of Directors Director of Risk Management Committee Work Experience Apr 12-Present Board of Directors Eastern Water Resources Development and Management Plc. 15 Mar 12-Present Governor, The Provincial Waterworks Authority (PWA) 2011-2012 Deputy Governor (Corporate Strategy and Finance) & Chief Financial officer The Provincial Waterworks Authority (PWA) 2009-2011 Deputy Governor (Planning and Strategy) & Chief Financial officer The Provincial Waterworks Authority (PWA) 2008 Deputy Governor (Administration&Finance) & Chief Financial officer The Provincial Waterworks Authority (PWA) 2007 Chief Financial officer 2004 Assistant Governor (Administration & Finance) & Chief Financial officer The Provincial Waterworks Authority (PWA) Education  Bachelor of Art (Finance) Thammasat University Special Course  DCP162/2012,GPL8 Shareholding  None

O O

O

O

O

O

O

O

O

O

O


 Eastern Water Resources Development and Management PCL.

Mr. Verapong Chaiperm

Mr.Sahust Pratuknukul

Mr. Praphant Asava-aree

Age 46 Years Position Board of Directors Director of Corporate Governance and Nominating Committee Director of Evaluation and Renumeration Committee Work Experience Apr 12-Present Board of Directors Eastern Water Resources Development and Management Plc. Mar 11-Present Governor Industrial Estate Authority of Thailand (IEAT) Jul 11-Mar 12 Deputy Governor (Corporate Strategy and Finance) The Industrial Estate Authority of Thailand (IEAT) Oct 08-Jun 11 Deputy Governor (Industrial Port) The Industrial Estate Authority of Thailand (IEAT) Jan 08-Sep 08 Acting Deputy Governer (Industrial Port) The Industrial Estate Authority of Thailand (IEAT) Oct 04-Sep 08 Director, Industrial Estate and Port Directing Department The Industrial Estate Authority of Thailand (IEAT) Nov 03-Oct 04 Director, Strategy and Business Development Department The Industrial Estate Authority of Thailand (IEAT) Education  D. Eng in Environmental Engineering (Water and Wastewater Engineering) Asian Institute of Technology (AIT)  M.S. in Civil Engineering (Environmental Engineering) University of Missouri-Rolla, USA  B.Eng. (Civil Engineering) Chulalongkorn University Special Course  DCP161/2012 Shareholding  None

Age 57 Years Position Board of Directors Director of Evaluation Committee and Renumeration Committee Director of Risk Management Committee Work Experience Apr 12-Present Board of Directors Eastern Water Resources Development and Management Plc. Oct 11-Present Chairman Natural Energy Development Co.,Ltd. Chairman NED Wind Co.,Ltd. Chairman Khanom Electricity Generating Co.,Ltd. Chairman EGCO Engineering and Service Co.,Ltd. Board of Directors Xayaburi Power Co.,Ltd. Board of Directors Gulf Electric Plc. Board of Directors BLCP Power Co.,Ltd. Oct 10-Sep 11 Deputy Governor-Policy and Planning Electricity Generating Authority of Thailand (EGAT) Jan 08-Dec 10 Board of Directors EGAT International Co.,Ltd. Education  Bachelor of Engineering (Electrical Engineering) Chulalongkorn University Special Course  DCP 73/2006, NDC 2008, CMA14 Shareholding  None

Age 56 Years Position Board of Directors Director of Executive and Invesment Committee Work Experience May 08-Present Board of Directors Jan 07-Jan 08 Board of Directors Eastern Water Resources Development and Management Plc. Apr 07-Present President & CEO Eastern Water Resources Development and Management Plc. Mar 07-Present Board of Directors Universal Utilities Co.,Ltd Apr 09-Present Board of Directors Thai Listed Companies Association Education  Executive Coaching,University of California Berkeley ,USA  Orchestrating Winning Program (OWP), IMD International Lausanne, Switzerland  Bachelor of Arts (Political Science) Ramkamhaeng University Special Course  DCP 101/2008  ACP 21/2007

O

O

O

O

O

Remarks DCP : RCP : ACP : NDC :

Director Certification Program Role of the Chairman Program Audit Committee Program The National Defence College

SFE RCC DAP CMA

O

O

O

O O

O

O

O

: : : :

Successful Formulation & Execution the Strategy Role of the Compensation Committee Director Accreditation Program Capital market Academy

EDP : Executive Development Program GPL : Governmental Administration and Public Law KPI : King Prajadhipok’s Institute


 Annual Report 2012

Executives Corporate

Mr. Praphant Asava-Aree

Mr. Jaroensuk Worapansopak

Mr. Namsak Wannavisute

Age 56 Years Position President & CEO Work Experience Eastern Water Resources Development and Management Pcl. Apr 07-Present President & CEO Eastern Water Resources Development and Management Pcl. Jan 07-Jan 08 Board of Director Eastern Water Resources Development and Management Pcl. Mar 07-Present Board of Director Universal Utilities Co., Ltd Apr 09-Present Board of Director Thai Listed Companies Association May 07-Feb 12 Board of Director Seamico Securities Plc. Education  B.A. (Political Science) Ramkamhaeng University Special Course  Executive Coaching University of California (Berkeley) USA., 2012  Orchestrating Winning Program (OWP), IMD International Lausanne, Switzerland  Corporate Governance for Directors and Senior Executives of Government Enterprise and Public Company, Class 4, The Public Director Institute (PDI) (2010)  DCP 101/2008*  ACP 21/2007 *

Age 49 Years Position Executive Vice President, Operation Work Experience Eastern Water Resources Development and Management Pcl. Feb 11-Present Executive Vice President, Operation Mar 10-Jan 10 Acting Executive Vice President, Operation Jan 09-Feb 10 Vice President, Customer Service Department and Acting Executive Vice President Project Planning and Customer Service Nov 02-Dec 08 Vice President, Project Planning Department Aug 08-May 09 Director Egcom Thara Co., Ltd. Education  M.Sc. Hydraulic Engineering, International Institute for Hydraulic and Environmental Engineering (IHE), Delft, The Netherlands.  B.E. in Water Resources, Kasetsart University Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  DCP 146/2011, 2011*  Senior Executive Program-SEP, 2010  Executive Development Program (EDP) Class 3, 2009

Age 47 Years Position Executive Vice President of Finance & Accounting Department Work Experience Eastern Water Resources Development and Management Pcl. Jan 11-Present Executive Vice President, Finance and Accounting Jan 09-Dec 10 Vice President, Finance and Accounting June 07-Dec 08 Vice President, General Affairs Department and Acting Vice President, Human Resources Department Nov 02-June 07 Vice President, Business Development Department Nov 01-Oct 02 Acting Vice President, Business Development Department Mar 01-Oct 01 Manager, Business Development Division Education  MS. (Finance) University of Colorado, USA  B.B.A. (Accounting and Finance), Thammasat University Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Advance Senior Executive Program-ASEP 2010

O

O

O

O

O O

O

O

O

O

O

O

O

O O

O


 Eastern Water Resources Development and Management PCL.

Mrs. Namphon Rassadanukul

Mrs. Thidarut Kraiprasit

Mr. Cherdchai Pitiwacharakul

Age 50 Years Position Senior Vice President, President & CEO Office and Corporate Secretary Work Experience Eastern Water Resources Development and Management Pcl. Jun 07-Present Senior Vice President, President and CEO Office and Corporate Secretary Feb 04-Jun 07 Senior Vice President, Internal Audit Department and Corporate Secretary Nov 01-Feb 04 Vice President Internal Audit Department Mar 01-Oct 01 Vice President, President and CEO Office 94-01 Vice President, Management Department Education  M. Pol. Sc. (Politics and Governments) Sukhothai Thammathirat  M.A. in Public Administration Glasgow College of Technology, UK  Certificate in Computer Programming and Information Processing, UK  B.A. Pol. Sc. (Public Administration) Thammasat University Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Senior Executive Program-SEP 2011  Director Certification Program - DCP 4/2000  Advanced Certificate, Public Administration and Law for Executives, Class 1, KPI  Advanced Certificate, Politics and Governance in Democratic systems for Executives, Class 11, KPI

Age 49 Years Position Senior Vice President, Internal Audit Department Work Experience Eastern Water Resources Development and Management Pcl. Jan 09-Present Senior Vice President, Internal Audit Department Jun 07-Dec 08 Senior Vice President, Finance and Accounting Department Oct 04-Jun 07 Senior Vice President, Finance and Human Resources Department 01-Oct 04 Vice President, Finance and Human Resources Department 97-01 Vice President, Finance and Procurement Department Education  MBA, Kasetsart University  BBA. (Accounting), Thammasat University  Certified Public Accountant (CPA) Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Audit Committee Program (ACP) Class 26/2009  Executive Development Program (EDP) Class 4  Advanced Certificate Course in Public Economics Management for Executives, Class 5

Age 48 Years Position Vice President, Operation and Customer Service Department Work Experience Eastern Water Resources Development and Management Pcl. Mar 10-Present Vice President, Operation and Customer Service Department Jan 09-Mar 10 Vice President, Business Development Department Aug 08-Jan 09 Acting Managing Director Universal Utilities Co., Ltd. Nov 07-Nov 08 Vice President, Special Project Department Nov 01-Nov 07 Vice President, Chachoengsao Operation Center, Acting Vice President, Rayong Operation Center Education  M.S. (Information Technology), King Mongkut’s Institute of Technology, Lat Krabang  B.E. Khon Kaen University Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Integration Water Resources Management for Executives, Class 2  Executive Development Program (EDP), Class 3

O

O

O O

O

O

O

O

O

O O O

O

O

O

O

O

O

O

O

O


 Annual Report 2012

Executives Corporate

Mrs. Wirawan Tharanont

Mr. Sombat Yusamart

Ms. Kanyanart Viraphandu

Age 54 Years Position Vice President, Corporate Affairs Department Work Experience Eastern Water Resources Development and Management Pcl. Jan 09-Present Vice President, Corporate Affairs Department Jun 07-Dec 08 Vice President, Internal Audit Department Oct 06-Jun 07 Vice President, Department of President and CEO Office Oct 05-Sep 06 Manager, Department of President and CEO Office 04-05 Corporate Risk Manager Education  MBA. Sasin Graduate Institute of Business Administration of Chulalongkorn University  B. Acc. Chulalongkorn University Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Company Secretary Programme,Thai Institute of Directors (IOD)  Occupational Safety and Environment at Work Sub-Committee  Organizational Risk Management Program, Listed Companies Association

Age 42 Years Position Vice President, Finance and Accounting Department Work Experience Eastern Water Resources Development and Management Pcl. Feb 11-Present Vice President, Finance and Accounting Department Oct 09-Jan 11 Assistant Vice President, Finance and Accounting Department Apr 09-Sep 09 Acting Assistant Vice President, Finance and Accounting Department Apr 09-Sep 09 Finance and Accounting Manager (Secondment-UU) Mar 07-Mar 09 Accounting Manager, Finance and Accounting Department Apr 05-Feb 07 Administrative and Finance Manager (Secondment-GWS) Nov 03-Mar 05 Budget and Finance Manager Finance and Accounting Department Apr 03-Oct 03 Acting Budget and Finance Manager, Finance&Accounting Department Jul 01-Mar 03 Senior Accountant Education  MBA Kasetsart University  BBA Kasetsart University (Accounting) Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Executive Development Program (EDP) Class 5

Age 43 Years Position Vice President, Corporate Communications Department Work Experience Eastern Water Resources Development and Management Pcl. Feb 11-Present Vice President, Corporate CommunicationsDepartment Aug 07-Jan 11 Assistant Vice President, Corporate Communication Department Oct 06-Jul 07 Public Relations Manager, CEO Office Oct 02-Sep 06 Administrative and General Cooperation Manager, (Secondment-EHP) Dec 01-Sep 02 Corporate Relations Manager, General Affairs Department Mar 01-Nov 01 Corporate Relations Manager, CEO Office Jan 96-Feb 01 Public Relations Specialist, General Affairs Department Education BBA., Assumption University Special Course  Leadership Development Workshop by Executive Coaching Institute, Berkeley USA., 2012  Executive Development Program (EDP) Class 5

O

O

O

O

O

O

O O

O

O

O

O

O

Remarks DCP : Director Certification Program RCP : Role of the Chairman Program ACP : Audit Committee Program

SFE : Successful Formulation & Execution the Strategy RCC : Role of the Compensation Committee DAP : Director Accreditation Program

EDP : Executive Development Program GPL : Governmental Administration and Public Law


 Eastern Water Resources Development and Management PCL.

Organization Structure Board of Directors Eastern Water Resources Development and Management Plc.

Management and Investment Committee

Audit Committee

Risk Management Committee

Corporate Governance and Nomination Committee

Regulation Enforcement and Operating Result Assessment and Renumeration Committee

President & CEO

President & CEO office and Corporate Secretary

Audit Department

Executive Vice President, Finance and Accounting

Executive Vice President Operation

Project Planning Department

Operation and Customer Service Department

Corporate Communications Department

Business Development Department

Human Resources Department

Corporate Affairs Department

Finance and Accounting Department

Information Technology Department


 Annual Report 2012

Industry and Competitiveness Analysis

5IFǰVOSBWFMJOHǰPGǰSFDFOUǰHMPCBMǰVODFSUBJOUJFT ǰTVDIǰBTǰUIFǰFMFDUJPOǰPGǰ UIFǰOFXǰ1SFTJEFOUǰPGǰUIFǰ6OJUFEǰ4UBUFT ǰUIFǰBMBSNJOHǰ64ǰ'JTDBMǰ$MJGG ǰUIFǰ XBOJOHǰGPSDFǰPGǰUIFǰ64ǰHPWFSONFOUĴTǰTUJNVMBUJOHǰųTDBMǰQPMJDZ ǰBOEǰUIFǰ UISFBUFOJOHǰųOBODJBMǰDSJTJTǰJOǰ&VSPQF ǰXBTǰBǰIVHFǰESBHǰPOǰUIFǰHSPXUIǰPGǰ 5IBJǰFDPOPNZǰ&TTFOUJBMMZ ǰ5IBJǰ(%1ǰHSPXUIǰJOǰǰJTǰFYQFDUFEǰUPǰCFǰBUǰ BǰNPEFTUǰMFWFMǰPGǰBQQSPYJNBUFMZǰ ǰXJUIǰBǰEJTBQQPJOUJOHǰFYQPSUǰ HSPXUIǰCFJOHǰUIFǰNBJOǰGBDUPSǰPGǰUIFǰNFEJPDSFǰųHVSFǰ /FWFSUIFMFTT ǰ 5IBJǰ FDPOPNZǰ TUJMMǰ CFOFųUFEǰ GSPNǰ TFWFSBMǰ TVQQPSUJOHǰ GBDUPST ǰJODMVEJOHǰUIFǰHSPXUIǰJOǰUFMFDPNNVOJDBUJPOǰTFDUPSǰEVFǰUPǰUIFǰ BVUIPSJ[BUJPOǰPGǰ(ǰMJDFOTJOH ǰUIFǰHSPXUIǰJOǰBVUPNPCJMFQBSUǰJOEVTUSZǰEVFǰ UPǰUIFǰUBYǰTVCTJEJ[BUJPOǰGPSǰUIFǰQVSDIBTFǰPGǰUIFǰųSTUǰDBS ǰUIFǰFYQBOTJPOǰ PGǰDPOTVNQUJPOǰEVFǰUPǰUIFǰHPWFSONFOUĴTǰTUJNVMBUJOHǰQPMJDJFT ǰBOEǰUIFǰ JODSFBTFǰJOǰGPSFJHOǰJOWFTUNFOUǰ 5IFǰJOEVTUSJFTǰUIBUǰGBDFEǰUIFǰIJHIFTUǰHSPXUIǰJOǰUIFǰFBTUFSOǰBSFBǰPGǰ5IBJMBOEǰ is automobile industry and automobile parts industry. Second to those BGPSFNFOUJPOFEǰXBTǰTFSWJDFǰBOEǰJOGSBTUSVDUVSFǰTFDUPS ǰTVDIǰBTǰJOEVTUSJBMǰ QBSLT ǰXIJDIǰGBDJMJUBUFǰUIFǰTIJGUǰPGǰQSPEVDUJPOǰCBTFǰJOUPǰUIFǰSFHJPO ǰBOEǰ JOUFSOBUJPOBMǰQSPDVSFNFOUǰPGųDFTǰ *10 ǰXIJDIǰJTǰCFDPNJOHǰNPSFǰQPQVMBSǰ FTQFDJBMMZǰUIPTFǰQSPDVSJOHǰGPSǰBVUPNPCJMFǰQBSUTǰFMFDUSPOJDǰQBSUTǰJOǰJOEVTUSZǰ BOEǰQVCMJDǰVUJMJUZǰQSPWJEFSTǰ*Oǰ ǰUIFǰOVNCFSǰPGǰQSPKFDUTǰBQQSPWFEǰ

GSPNǰ#0*ǰXBTǰǰQSPKFDUT ǰSFTVMUJOHǰ JOǰUIFǰJOWFTUNFOUǰPGǰ#BIUǰ ǰ NJMMJPOǰ BOEǰ UIFǰ FNQMPZNFOUǰ PGǰ 81,273 persons. Rayong received UIFǰIJHIFTUǰWPMVNFǰPGǰ#0*BQQSPWFEǰ JOWFTUNFOUǰPGǰOFBSMZǰ#BIUǰǰCJMMJPO ǰ PSǰ ǰ PGǰ UPUBMǰ #0*BQQSPWFEǰ investment. Chonburi came second XJUIǰ UIFǰ ųHVSFǰ PGǰ ǰ PGǰ UIFǰ #0*BQQSPWFEǰJOWFTUNFOUǰWPMVNFǰ




JODMVEFǰ /POH1MB-JBǰ ı.BQUBQVUǰ 1JQFǰǰ$POTUSVDUJPOǰ1SPKFDU ǰ5BQ .Bǰ3BXǰ8BUFSǰ3FTFSWFǰ$POTUSVDUJPOǰ 1SPKFDU ǰ.BQ,IBǰǰ1POEǰ$POTUSVDUJPOǰ 1SPKFDU ǰ $POUSPMǰ $FOUFSǰ 1SPKFDU ǰ -BFN$IBCBOHǰ%JTUSJCVUJPOǰ4ZTUFNǰ &GųDJFODZǰ&OIBODFNFOUǰ1SPKFDU ǰBOEǰ 3FHVMBUJOHǰ8FMMǰ1SPKFDUǰ5IFTFǰFGGPSUTǰ to ensure water supply stability IBWF ǰOFWFSUIFMFTT ǰMFEǰUPǰ&"458ĴTǰ JODSFBTFEǰDPTUǰPGǰQSPEVDUJPOǰ "QBSUǰGSPNǰSBXǰXBUFSǰEJTUSJCVUJPO ǰ the company also invested in other related businesses, taking advantages PGǰ QPUFOUJBMǰ TZOFSHJFTǰ XJUIJOǰ UIFǰ group. For example, it set up Clean 8BUFSǰ4VQQMZǰGPSǰ*OEVTUSJBMǰ6TFǰBOEǰ )PVTFIPMEǰ$POTVNQUJPOǰ*Oǰ ǰ EASTW pioneered in the initiative to DPOWFSUǰTFBǰXBUFSǰJOUPǰGSFTIǰXBUFSǰ CZǰUIFǰNFUIPEǰPGǰ3FWFSTFǰ0TNPTJTǰ 30 ǰ *Oǰ TPǰ EPJOHǰ JUǰ DPGPVOEFEǰ 4BNFEǰ6UJMJUJFTǰ$P ǰ-UEǰXJUIǰ3BZPOHǰ 1SPWJODJBMǰ"ENJOJTUSBUJWFǰ0SHBOJ[BUJPOǰ UPǰEJTUSJCVUFǰGSFTIǰXBUFSǰTVQQMZǰJOǰ Samed Island. In 2013, EASTW raises the bar even higher by opening new business lines, such as renewable FOFSHZǰ BOEǰ GVMMTFSWJDFǰ TBMWBHFǰ management, to nurture the growth PGǰJUTǰCVTJOFTTǰJOǰUIFǰGVUVSF

Eastern Water Resources Development and Management PCL.

&"458ǰ CVTJOFTTǰ QFSGPSNBODFǰ JTǰ Bǰ HPPEǰ HBVHFǰ PGǰ UIFǰ IFBMUIǰ PGǰ UIFǰ NBOVGBDUVSJOHǰJOEVTUSZǰ*Oǰ ǰUIFǰDPNQBOZǰEJTUSJCVUFEǰǰNJMMJPOǰ DVCJDǰNFUSFT ǰSFQSFTFOUJOHǰǰHSPXUIǰZPZǰ)PVTFIPMEǰXBUFSǰTVQQMZǰ QSPWJEFSTǰJOǰ$IPOCVSJǰXFSFǰUIFǰCJHHFTUǰCVZFSTǰDPNCJOFEǰVTBHFǰPGǰ1BUUBZBǰ 8BUFSXPSLT ǰ-BFN$IBCBOHǰ8BUFSXPSLTǰBOEǰ4SJ3BDIBǰ8BUFSXPSLTǰJODSFBTFEǰ CZǰǰNJMMJPOǰDVCJDǰNFUSFTǰ#PSXJO1MBVHEBOHǰBSFBǰBMTPǰTBXǰJUTǰXBUFSǰ DPOTVNQUJPOǰJODSFBTFEǰCZǰ ǰNBJOMZǰGSPNǰJOEVTUSJBMǰTFDUPS ǰXJUIǰUIFǰ IJHIFTUǰDPNJOHǰGSPNǰ&4*& ǰSFQSFTFOUJOHǰǰNJMMJPOǰDVCJDǰNFUSFTǰJODSFBTFǰ in water consumption. Growth in industrial plants and drought in the area, XIJDIǰQSPIJCJUFEǰNBOVGBDUVSFTǰGSPNǰQVNQJOHǰUIFJSǰPXOǰXBUFS ǰBSFǰUXPǰ NBJOǰGBDUPSTǰGPSǰUIFǰJOŴBUFEǰEFNBOEǰGPSǰSBXǰXBUFSǰTVQQMJFEǰCZǰ&"458ǰ 3BXǰXBUFSǰCVTJOFTTǰHFOFSBMMZǰIBTǰMPXǰMFWFMǰPGǰSJWBMSZǰ&"458ǰGBDFTǰOPǰ EJSFDUǰDPNQFUJUPSǰVQǰUPǰEBUFǰ0OFǰSFBTPOǰJTǰUIFǰIVHFǰBNPVOUǰPGǰJOWFTUNFOUǰ SFRVJSFEǰ*OǰPSEFSǰUPǰEJTUSJCVUFǰSBXǰXBUFSǰQSPųUBCMZ ǰBǰDPNQBOZǰNVTUǰDPWFSǰ an extensive service area, have voluminous reserve system in place, and IBWFǰBǰIJHIUFDIOPMPHZǰEJTUSJCVUJPOǰTZTUFNǰJOTUBMMFEǰ"MTP ǰUIFǰGBDUǰUIBUǰ water is a scarce resource leads to a company being required to obtain BOǰBVUIPSJ[BUJPOǰGSPNǰUIFǰHPWFSONFOUǰUPǰPGGFSǰUIFǰTFSWJDFǰ"MMǰPGǰUIFTFǰ GBDUPSTǰMFBEǰUPǰUIFǰCVTJOFTTĴǰOBUVSBMMZǰIJHIǰCBSSJFSǰPGǰFOUSZǰ 5IFǰMFWFMǰPGǰVTBCMFǰSBXǰXBUFSǰJTǰIVHFMZǰBGGFDUFEǰCZǰUIFǰWBSJBUJPOǰJOǰDMJNBUF ǰ or simply Climate Change, which has become more and more unpredictable OPXBEBZTǰ4VDIǰWBSJBUJPOTǰBSFǰDIBOHFTǰJOǰTVSGBDFǰUFNQFSBUVSF ǰDIBOHFTǰ JOǰXJOEǰDVSSFOU ǰDIBOHFTǰJOǰMFWFMǰPGǰSBJOGBMMT ǰBOEǰEFMBZǰJOǰSBJOJOHǰBOEǰ drought. These phenomena are technically known as the alteration between &Mǰ/JOPǰBOEǰ-Bǰ/JOBǰ"TǰDVSSFOUǰEFNBOEǰGPSǰSBXǰXBUFSǰJTǰBQQSPYJNBUFMZǰ FRVBMǰ UPǰ UIFǰ BNPVOUǰ PGǰ SBXǰ XBUFSǰ JOǰ JUTǰ OBUVSBMǰ TPVSDFT ǰ &"458ǰ IBTǰ CFFOǰJOWFTUJOHǰJOǰNBOZǰQSPKFDUTǰUPǰFOIBODFǰUIFǰFGųDJFODZǰPGǰJUTǰXBUFSǰ EJTUSJCVUJPOǰTZTUFNǰUPǰNBUDIǰXJUIǰUIFǰJODSFBTJOHǰEFNBOEǰGSPNǰJOEVTUSJBMǰ BOEǰIPVTFIPMEǰTFDUPSTǰBOEǰUPǰBWPJEǰXBUFSǰTVQQMZǰTIPSUBHFǰ4VDIǰQSPKFDUTǰ


 Annual Report 2012

Development and management of the major water distribution pipeline systems mainly in the Eastern Seaboard of Thailand. The Company distributes raw water to industrial estates, factories and waterworks through four major water




Raw Water Distribution (Core Business) &BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ.BOBHFNFOUǰ1VCMJDǰ$PNQBOZǰ -JNJUFEǰPSǰĶ&BTUǰ8BUFSķǰXBTǰGPVOEFEǰPOǰ0DUPCFSǰ ǰǰJTǰFOHBHFEǰ JOǰUIFǰEFWFMPQNFOUǰBOEǰNBOBHFNFOUǰPGǰUIFǰNBKPSǰXBUFSǰEJTUSJCVUJPOǰ QJQFMJOFǰTZTUFNTǰNBJOMZǰJOǰUIFǰ&BTUFSOǰ4FBCPBSEǰPGǰ5IBJMBOEǰ5IFǰ$PNQBOZǰ EJTUSJCVUFTǰ SBXǰ XBUFSǰ UPǰ JOEVTUSJBMǰ FTUBUFT ǰ GBDUPSJFTǰ BOEǰ XBUFSXPSLTǰ UISPVHIǰGPVSǰNBKPSǰXBUFSǰQJQFMJOFTǰJOǰ$IPOCVSJ ǰ3BZPOH ǰBOEǰ$IBDIPFOHTBPǰ BSFBT ǰDPWFSJOHǰBǰUPUBMǰPGǰǰLJMPNFUFSTǰXJUIǰUIFǰBWFSBHFǰDBQBDJUZǰPGǰ water distribution system in these areas is approximately 475 million cubic meters per year (m3/y). 5IFǰGPVSǰNBKPSǰXBUFSǰQJQFMJOFTǰJOǰUIFǰBSFBTǰPGǰ$IPOCVSJ ǰ3BZPOH ǰBOEǰ $IBDIPFOHTBPǰBSFǰ ǰ/POHǰ1MBǰ-BJ%PLǰ,SBJ.BQǰ5Bǰ1IVU4BUUBIJQǰ8BUFSǰ 1JQFMJOFǰ4ZTUFNǰ1SPKFDUǰ ǰ/POHǰ,IP-BFNǰ$IBCBOH1BUUBZB#BOHǰ1ISBǰ 8BUFSǰ1JQFMJOFǰ4ZTUFNǰ1SPKFDUǰ ǰ/POHǰ1MBǰ-BJ/POHǰ,IPǰ8BUFSǰ1JQFMJOFǰ 4ZTUFNǰ1SPKFDUǰBOEǰ ǰ8BUFSǰ1JQFMJOFǰ4ZTUFNǰ1SPKFDUǰJOǰ$IBDIPFOHTBPǰ area. Core Business Raw Water Distribution Water Resources Development and Management PCL. Related Businesses Water Supply Business Universal Utilities Co., LTD (100%)

Sattahip Waterworks Koh Lan Waterworks Koh Sichang Waterworks Borwin Waterwork Koh Samui Waterworks Rayong Waterworks

Nakhonsawan Water Supply Co., LTD (100%)

EGCOM Tara Co., LTD (15.88%)

Bangpakong Water Supply Co., LTD (100%)

Chacheongsao Water Supply Co., LTD (100%)

Eastern Water Resources Development and Management PCL.

Nature of business & Shareholding Ratio in its Subsidiaries


 Annual Report 2012

Risk Factors 8JUIÇ°GVMMÇ°BXBSFOFTTÇ°PGÇ°VODFSUBJOUJFTÇ° that encompass its business, Eastern Water Resources Development BOEÇ°.BOBHFNFOUÇ°1VCMJDÇ°$PNQBOZÇ° Limited (“EASTWâ€?) unequivocally GPDVTFTÇ° POÇ° UIFÇ° EFWFMPQNFOUÇ° PGÇ° JUTÇ° &OUFSQSJTFÇ° 3JTLÇ° .BOBHFNFOUÇ° &3. Ç° TDIFNFÇ° *OÇ° UIFÇ° QBTUÇ° ZFBST Ç° UIFÇ° DPNQBOZÇ° IBTÇ° JEFOUJĹłFEÇ° LFZÇ° GBDUPSTÇ°UIBUÇ°NBZÇ°TJHOJĹłDBOUMZÇ°BGGFDUÇ° water resource management, and, has strategically reviewed its organization structure, guidelines, and tools to strengthen its risk management capacity according UPÇ°UIFÇ°$040Ä´TÇ°&3.Ç°GSBNFXPSL Ç°BOÇ° JOUFSOBUJPOBMÇ°TUBOEBSEÇ°GPSÇ°UIFÇ°SJTLÇ° management procedure. 5IFÇ° 3JTLÇ° .BOBHFNFOUÇ° $PNNJUUFFÇ° is the main body responsible GPSÇ° FTUBCMJTIJOHÇ° BOEÇ° FWBMVBUJOHÇ° risk management policies and supervising corporate risks Its mission is to mitigate corporate risks to the predetermined limits UIBUÇ°XJMMÇ°TVQQPSUÇ°&"458Ä´TÇ°HSPXUIÇ° PCKFDUJWFTÇ° 5IFÇ° $PNNJUUFFÇ° executes its duty through the FOGPSDFNFOUÇ°PGÇ°UIFÇ°3JTLÇ°.BOBHFNFOUÇ° 1MBOÇ°BOEÇ°UIFÇ°FWBMVBUJPOÇ°PGÇ°2VBSUFSMZÇ° 3JTLÇ°.BOBHFNFOUÇ°3FQPSUÇ°&"458Ä´TÇ° LFZÇ°SJTLTÇ°JOÇ°Ç°BSFÇ°JEFOUJĹłFEÇ°BTÇ°  Ç° 3JTLÇ° PGÇ° 7BSJBUJPOÇ° JOÇ° %FNBOE 4VQQMZ Ç°  Ç° 3JTLÇ° PGÇ° 3BXÇ° 8BUFSÇ° Cost, 3) Operational Risk, 4) Risk PGÇ° $PNNVOJUZÇ° $POĹ´JDU Ç° BOEÇ°  Ç° Regulatory Risk.

1. Risk of Variation in Demand-Supply 5IFÇ° WBSJBUJPOÇ° JOÇ° %FNBOE4VQQMZÇ° PGÇ° XBUFSÇ° SFTPVSDFÇ° JTÇ° DBVTFEÇ° CZÇ° UIFÇ° GPMMPXJOHÇ°GBDUPST 1.1 Climate Variation and Drought In 2012, huge climatic variability, FTQFDJBMMZÇ°GSPNÇ°MBUF4FQUFNCFSÇ°UPÇ°%FDFNCFS Ç°MFEÇ°UPÇ°ESZOFTTÇ°BOEÇ°ESPVHIUÇ° JOÇ°UIFÇ°&BTUFSOÇ°QBSUÇ°PGÇ°5IBJMBOEÇ°5IFÇ°DPNQBOZÇ°SFTQPOEFEÇ°CZÇ°SFTFSWJOHÇ° IJHIFSÇ° WPMVNFÇ° PGÇ° SBXÇ° XBUFS Ç° BEKVTUJOHÇ° UIFÇ° QSPEVDUJPOÇ° QMBOÇ° NPSFÇ° GSFRVFOUMZ Ç°BOEÇ°DPPQFSBUJOHÇ°XJUIÇ°UIFÇ°&BTUFSOÇ°3FHJPOÇ°8BUFSÇ°.BOBHFNFOUÇ° War Room to monitor the situation attentively. 1.2 Sensitivity of Water Demand ForecastÇ°5PUBMÇ°EFNBOEÇ°PGÇ°SBXÇ°XBUFSÇ° JTÇ°JOUSJOTJDBMMZÇ°EJGĹłDVMUÇ°UPÇ°BOUJDJQBUFÇ°BTÇ°JUTÇ°EFUFSNJOBOUT Ç°CBTJDBMMZÇ°DMJNBUJDÇ° WBSJBCJMJUZÇ°BOEÇ°UIFÇ°FYQBOTJPOÇ°PGÇ°JOEVTUSZÇ°EFNBOEÇ°JOÇ°UIFÇ°&BTUFSOÇ°BSFB Ç° OBUVSBMMZÇ°Ĺ´VDUVBUFÇ°GSPNÇ°UJNFÇ°UPÇ°UJNFÇ°%FNBOEÇ°GPSFDBTUÇ°JTÇ°FWFOÇ°NPSFÇ° QSPUFBOÇ° GPSÇ° UIFÇ° DVTUPNFSTÇ° XJUIÇ° PXOFEÇ° SBXÇ° XBUFSÇ° TPVSDFTÇ° &"458Ç° NBOBHFTÇ° UIJTÇ° SJTLÇ° CZÇ° FOHBHJOHÇ° JOÇ° UIFÇ° .JOJNVNÇ° (VBSBOUFFÇ° "HSFFNFOUÇ° XJUIÇ°JUTÇ°DVTUPNFSTÇ°UPÇ°TFUÇ°BÇ°Ĺ´PPSÇ°POÇ°UIFÇ°NJOJNVNÇ°QVSDIBTFÇ°WPMVNFÇ°PGÇ° raw water. Additionally, it closely reconnects with the clients through DPOUJOVBMÇ° TJUFÇ° WJTJUTÇ° UPÇ° TPMJEJGZÇ° UIFJSÇ° SFMBUJPOTIJQÇ° BOEÇ° UPÇ° FYQMPSFÇ° UIFÇ° DMJFOUTÄ´Ç°QSPEVDUJPOÇ°QMBOTÇ°PSÇ°GVUVSFÇ°JOWFTUNFOUÇ°QSPKFDUTÇ°Ç°

2. Risk of Raw Water Cost &"458Ä´TÇ°SBXÇ°XBUFSÇ°DPTUÇ°JTÇ°EFUFSNJOFEÇ°CZÇ°UISFFÇ°  Ç°NBJOÇ°GBDUPSTÇ° 2.1 Water Diversion in Dry PeriodÇ°*OÇ°UIFÇ°ESJFTUÇ°QFSJPEÇ°PGÇ°UIFÇ°ZFBSÇ°GSPNÇ° 'FCSVBSZÇ°UPÇ°.BZ Ç°UIFÇ°DPNQBOZÇ°NVTUÇ°EJWFSTFÇ°BEEJUJPOBMÇ°SBXÇ°XBUFSÇ°GSPNÇ° NPSFÇ° EJTUBOUÇ° TPVSDFTÇ° UPÇ° CBMBODFÇ° PVUÇ° UIFÇ° EFNBOEÇ° GPSÇ° SBXÇ° XBUFSÇ° BOEÇ° BWPJEÇ°UIFÇ°EBNBHFÇ°PGÇ°XBUFSÇ°TDBSDJUZÇ°5IJTÇ°EJSFDUMZÇ°JODSFBTFTÇ°UIFÇ°BNPVOUÇ° PGÇ°FMFDUSJDJUZÇ°VTFEÇ°JOÇ°UIFÇ°EJWFSTJPOÇ°QSPDFTTÇ°BOEÇ°JOĹ´BUFTÇ°UIFÇ°UPUBMÇ°DPTUÇ° PGÇ°QSPEVDUJPOÇ°5IFÇ°DPNQBOZÇ°FGGFDUJWFMZÇ°NJUJHBUFTÇ°UIFÇ°SJTLÇ°CZÇ°HFOFSBUJOHÇ° Drought Simulation, in which various drought scenarios are scrutinized, BOEÇ°QSFQBSJOHÇ°%SPVHIUÇ°1MBOÇ°BDDPSEJOHMZÇ° 2.2 The Increase of Variable Tariff Charge (Ft)Ç°5IFÇ°1&"Ä´TÇ°7BSJBCMFÇ°5BSJGGÇ° $IBSHFÇ° 'U Ç°JTÇ°UIFÇ°NBJOÇ°DPNQPOFOUÇ°PGÇ°UIFÇ°DPNQBOZÄ´TÇ°DPTUÇ°PGÇ°QSPEVDUJPOÇ° &"458Ç°IBTÇ°JNQMFNFOUFEÇ°WBSJPVTÇ°NFBTVSFTÇ°UPÇ°NBOBHFÇ°UIFÇ°SJTLÇ°PGÇ°UIFÇ° JODSFBTFÇ°PGÇ°'UÇ°'PSÇ°FYBNQMF Ç°JUÇ°USJFTÇ°UPÇ°PQFSBUFÇ°TPNFÇ°PGÇ°UIFÇ°QSPDFEVSFT Ç° TVDIÇ°BTÇ°XBUFSÇ°QVNQJOH Ç°JOÇ°UIFÇ°0GG1FBLÇ°QFSJPE Ç°VTJOHÇ°BEWBODFEÇ°BOEÇ°NPSFÇ° FOFSHZTBWJOHÇ°UFDIOPMPHJFTÇ°*UÇ°BMTPÇ°FTUBCMJTIFEÇ°UIFÇ°&OFSHZÇ°4VTUBJOBCJMJUZÇ° 1SPKFDUÇ°UPÇ°EFDSFBTFÇ°UIFÇ°VTFÇ°PGÇ°FMFDUSJDJUZÇ°JOÇ°UIFÇ°PSHBOJ[BUJPOÇ°


 Eastern Water Resources Development and Management PCL.

2.3 Raw Water Quality in Rainy Season and Pollution in Raw Water Sources In the rainy seasons, raw water is usually contaminated with QPMMVUJPOǰ BOEǰ TFEJNFOUǰ UIBUǰ JTǰ EJTDIBSHFEǰ EVSJOHǰ UIFǰ SVOPGGT ǰ BOEǰ TPǰ CFDPNJOHǰNPSFǰUVSCJEǰ5IFǰEFUFSJPSBUJOHǰRVBMJUZǰPGǰSBXǰXBUFSǰBGGFDUTǰ UIFǰ DPNQBOZǰ CZǰ  ǰ JODSFBTJOHǰ UIFǰ DPTUǰ PGǰ XBUFSǰ USFBUNFOUǰ GPSǰ UIFǰ DVTUPNFSTǰBOEǰ ǰJODSFBTFǰUIFǰQSPEVDUJPOǰDPTUǰPGǰUIFǰDPNQBOZǰBTǰJUǰ OFFETǰUPǰEJWFSTFǰDMFBSFSǰSBXǰXBUFSǰGSPNǰGVSUIFSǰTPVSDFTǰ5PǰBMMFWJBUFǰUIFǰ problem, the company has constructed its raw water reservoirs, which, XIFOǰDPNQMFUFEǰJOǰ ǰXJMMǰTJHOJųDBOUMZǰJNQSPWFǰUIFǰRVBMJUZǰPGǰUIFǰ reserved raw water. Realizing that the population expansion is also the LFZǰGBDUPSǰUPǰUIFǰRVBMJUZǰPGǰXBUFS ǰUIFǰDPNQBOZǰDMPTFMZǰDPMMBCPSBUFTǰ XJUIǰUIFǰDPNNVOJUJFTǰBOEǰMPDBMJUJFTǰUPǰQSPUFDUǰUIFǰFOWJSPONFOUǰPGǰUIFǰ NJTQFSDFQUJPOǰ PGǰ UIFǰ DPNQBOZĴTǰ TVSSPVOEJOHǰBSFBTǰPGǰUIFǰTPVSDFTǰUISPVHIǰNBOZǰNVUVBMǰJOJUJBUJWFTǰ DPNQFUJUJWFǰVTFǰPGǰXBUFSǰSFTPVSDFǰ with local people. 3. Operational Risk 5. Regulatory risk 5IFSFǰBSFǰUXPǰLFZǰPQFSBUJPOBMǰSJTLTǰJOǰ&"458ĴTǰQSPEVDUJPOǰMJOFǰ ǰ 3JTLǰ PGǰ QPXFSǰ PVUBHF EASTW distributes its product to clients 24 .BOZǰSFHVMBUPSZǰVODFSUBJOUJFTǰNBZǰ IPVSTǰBǰEBZǰ6OFYQFDUFEǰTIVUEPXOǰEVFǰUPǰQPXFSǰGBJMVSFǰPSǰQJQFMJOFǰ QPTFǰBǰUISFBUǰUPǰUIFǰQFSGPSNBODFǰPGǰ NBJOUFOBODFǰDBOǰDBVTFǰBǰMPUǰPGǰEBNBHFTǰUPǰUIFǰCVTJOFTTǰ"TǰTVDI ǰUIFǰ the company. Such uncertainties are, DPNQBOZǰOFFETǰUPǰSFTFSWFǰTPNFǰMFWFMǰPGǰSBXǰXBUFSǰUPǰCFǰEJTUSJCVUFEǰ GPSǰFYBNQMF ǰUIFǰEFMBZFEǰJTTVBODFǰ during the emergency period. At present, the company has a reservoir PGǰSFMFWBOUǰHPWFSONFOUǰDFSUJųDBUFT ǰ TZTUFNǰ XJUIǰ UIFǰ DBQBDJUZǰ PGǰ  ǰ N 3 ǰ FRVJWBMFOUǰ UPǰ IPVSǰ and the indeterminate rental rate distribution. Furthermore, the company is building another reservoir in PGǰUIFǰ/PO1MB-BJ/POH,PIǰ8BUFSǰ UIFǰ.BSC,IBǰBSFBǰUPǰTVQQPSUǰBOPUIFSǰ ǰN3ǰPGǰSBXǰXBUFSǰ5IJTǰOFXǰ 1JQFMJOFǰ/FWFSUIFMFTT ǰUIFǰDPNQBOZǰ reservoir, expected to be completed in 2013, will immensely increase the has been able to maintain its good DBQBDJUZǰPGǰUIFǰSFTFSWFǰTZTUFNǰUPǰCFǰFRVJWBMFOUǰUPǰIPVSǰEJTUSJCVUJPOǰ relationship with the government ǰ3JTLǰPGǰ1JQFMJOFǰ%BNBHFTǰ5JNFJOEVDFEǰDPSSPTJPOǰBOEPSǰEBNBHFTǰ bodies. Actually, its business is GSPNǰDPOTUSVDUJPOǰJOǰOFBSCZǰTJUFTǰNBZǰMFBEǰUPǰTFWFSFEǰQJQFMJOFTǰ5IFǰ TVQQPSUFEǰ CZǰ UIFǰ QPMJDZǰ PGǰ UIFǰ company prevents this incidence by implementing continual Thai Government to promote the preventive maintenance and scheduled maintenance plans. It also industrial investment in Thailand NPMMJųFTǰUIFǰųOBODJBMǰFGGFDUǰCZǰUSBOTGFSSJOHǰUIFǰSJTLǰUISPVHIǰWBSJPVTǰUZQFTǰ and the tourism activities in the PGǰJOTVSBODFTǰUIBUǰDPWFSǰFYUFOTJWFǰDBVTFTǰPGǰEJTUSJCVUJPOǰJOUFSSVQUJPOǰ Eastern Sea Board area. 4VDIǰ JOTVSBODFTǰ BSFǰ QJQFMJOFTǰ JOTVSBODF ǰ BTTFUǰ JOTVSBODF ǰ UIJSEQBSUZǰ Beside corporate risks, which are TVQFSWJTFEǰCZǰUIFǰ3JTLǰ.BOBHFNFOUǰ JOTVSBODF ǰBOEǰCVTJOFTTJOUFSSVQUJPOǰJOTVSBODFǰ Committee, EASTW has also 4. Risk of Community Conflict EFWFMPQFEǰ UIFǰ 3JTLǰ .BOBHFNFOUǰ 5IFǰDPNQBOZĴTǰVTFǰPGǰXBUFSǰSFTPVSDFǰNBZǰQPTFǰTJHOJųDBOUǰJNQBDUǰPOǰ .BOVBMǰBOEǰ5IFǰ3JTLǰ.BOBHFNFOUǰ UIFǰ TVSSPVOEJOHǰ DPNNVOJUJFTǰ BOE ǰ JOFWJUBCMZ ǰ UIFǰ DPNQBOZĴTǰ JNBHFǰ "DUJPOǰ1MBOǰBTǰHVJEBODFǰBOEǰUPPMǰ /FWFSUIFMFTT ǰJUǰNFBOJOHGVMMZǰEFWPUFTǰJUTǰCVEHFUǰUPǰJNQSPWFǰUIFǰRVBMJUZǰPGǰ VTFEǰCZǰBMMǰPGǰJUTǰEFQBSUNFOUTǰUPǰ MJGFǰGPSǰQFPQMFǰBOEǰNBJOUBJOǰUIFǰIFBMUIǰPGǰUIFǰFOWJSPONFOUǰJOǰUIFǰSFMFWBOUǰ control and mitigate risks to an areas. Essentially, it has been supporting many local initiatives, such as BDDFQUBCMFǰMFWFMǰ3JTLǰGBDUPST ǰUIFJSǰ XBUFSXBZǰFYDBWBUJPOǰBOEǰNBJOUFOBODF ǰNPCJMFǰESJOLJOHXBUFSǰTUBUJPO ǰ JNQBDUT ǰBOEǰUIFJSǰGSFRVFODJFTǰBSFǰ TDIPMBSTIJQǰGPSǰZPVOHǰMFBEFSTǰJOǰFOWJSPONFOUǰBOEǰXBUFSǰTVTUBJOBCJMJUZǰ reviewed on a quarterly basis. Risk QSPKFDU ǰJOUFSUJEBMǰGPSFTUǰQSFTFSWBUJPOǰQSPKFDU ǰBOEǰPUIFSǰQIJMBOUISPQJDǰ GBDUPSTǰ BSFǰ JEFOUJųFEǰ BTǰ OPUǰ POMZǰ activities to community schools, monasteries, and local government the realized adverse events or agencies. This genuine compassion helps strengthen the bond with the damages, but also possible negative DPNNVOJUZǰ BOEǰ QSFWFOUTǰ DPOŴJDUTǰ UIBUǰ BSJTFǰ GSPNǰ UIFǰ DPNNVOJUZĴTǰ incidents that may be triggered by uncontrollable uncertainties.


 Annual Report 2012

Management Discussion and Analysis of the consolidated financial statement for the year 2012 1. Overall operating result CBIU ǰVQǰǰNJMMJPOǰCBIUǰPSǰVQǰǰ:P:ǰǰ/FUǰQSPųUǰXBTǰSFQPSUFEǰ and analysis on consolidated  ǰNJMMJPOǰCBIU ǰVQǰǰǰNJMMJPOǰCBIUǰPSǰVQǰǰ:P:ǰǰ5IFǰ financial statement EFUBJMTǰPGǰUIFǰQFSGPSNBODFǰBSFǰBTǰGPMMPX 'PSǰUIFǰDPOTPMJEBUFEǰ&"458ĴTǰQFS 1. Financial Highlights GPSNBODFǰ JOǰ UIFǰ ZFBSǰ  ǰ UIFǰ $PNQBSBUJWFǰUBCMFǰPGǰUIFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSJFTĴǰPQFSBUJOHǰSFTVMUTǰ company and its subsidiaries had GPSǰUIFǰZFBSǰǰBOEǰ UPUBMǰ SFWFOVFǰ PGǰ  ǰ NJMMJPOǰ Sales Volume ǰ ǰ 3BXǰ8BUFSǰ4BMFTǰ7PMVNFǰ .JMMJPOǰ$VCJDǰ.FUFST.$. ǰ ǰ ǰ 5BQǰ8BUFSǰ4BMFTǰ7PMVNFǰ .JMMJPOǰ$VCJDǰ.FUFST.$. ǰ

Ç° Ç° Ç° Ç° Ç° Ç° 4 5 Ç° Ç° Ç° Ç°

Financial Performance 3FWFOVFǰGSPNǰ3BXǰ8BUFSǰ 3FWFOVFǰGSPNǰ5BQǰ8BUFSǰ 3FWFOVFǰǰGSPNǰ3FOUBMǰǰ4FSWJDFTǰBOEǰ0UIFSǰ Total Revenue Total COGS and Expenses 1SPųUǰ -PTT ǰCFGPSFǰ*OUFSFTUǰBOEǰ5BYǰ /FUǰ1SPųUǰ -PTT ǰ

1.1 Analysis Report

2012

2011

Ç° Ç°

Ç° Ç°

2012  Ç° Ç° Ç° 3,725.95 2,031.23  Ç°  Ç°

2011  Ç° Ç° Ç° 3,310.04 1,798.84  Ç°  Ç°

Increase/(Decrease) MCM. % Ç°  Ç°  Increase/(Decrease) MB. % Ç°  Ç°   Ç° 

415.91 12.57 232.39 12.92 Ç°  Ç° 

UPVSJTNÇ°Ç°DPOTVNQUJPOÇ°JOÇ°$IPOCVSJ Ç°XIJDIÇ°BGGFDUFEÇ°TBMFTÇ°WPMVNFÇ°JOÇ°UIFÇ°BSFBÇ° 1.1.1 Analysis of Revenue: In 2012, UPÇ°JODSFBTFÇ°CZÇ°Ç° JJ Ç°IJHIFSÇ°EFNBOEÇ°GSPNÇ°1FUSPDIFNJDBMÇ°JOEVTUSJBMÇ°TFDUPSÇ° raw water sales volume increased JOÇ°3BZPOHÇ°XIJDIÇ°BGGFDUFEÇ°TBMFTÇ°WPMVNFÇ°JOÇ°UIFÇ°BSFBÇ°UPÇ°JODSFBTFÇ°CZÇ°Ç° 5BQÇ°XBUFSÇ°TBMFTÇ°WPMVNFÇ°VQÇ°Ç°.$.Ç°PSÇ°Ç°:P:Ç°XJUIÇ°BOÇ°JODSFBTJOHÇ°TBMFÇ° Ç°:P:Ç°GSPNÇ°Ç°NBJOÇ°GBDUPST proportion in Bangpakong, Chacoengsao, and Sattahip area. 1) Raw water sales volume was Ç° .$. Ç° VQÇ° Ç° .$.Ç° PSÇ°  Ç°3BXÇ°XBUFSÇ°UBSJGGÇ°IBTÇ°CFFOÇ°JODSFBTFEÇ°CZÇ°Ç°JOÇ°BDDPSEBODFÇ°XJUIÇ°#PBSEÄ´TÇ° Ç°:P:Ç°GSPNÇ°Ç° J Ç°IJHIFSÇ°HSPXUIÇ°PGÇ° approval.




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Analysis of costs and expenses (consolidation) Unit: Million Bahtǰ 5PUBMǰ3FWFOVFǰ $PTUǰPGǰ(PPETǰ4PMEǰ (SPTTǰ1SPųUǰ Selling and Administrative ǰǰǰ&YQFOTFǰ &#*5ǰ 'JOBODFǰ$PTUǰ &#5ǰ *ODPNFǰ5BYǰ /FUǰ1SPųUǰ

For common size analysis table BCPWF ǰJOǰ ǰUIFǰ&"458ĴTǰHSPTTǰ QSPųUǰ IBTǰ JNQSPWFEǰ GSPNǰ ǰ UPǰ ǰ 5IFǰ DPNQBOZǰ IBTǰ JOWFTUFEǰ NPSFǰUPǰJNQSPWFǰFGųDJFODZǰPGǰ%PLBJǰ QVNQJOHǰ TUBUJPOǰ GSPNǰ DPNQBOZĴTǰ cost control program. As a result, HSPTTǰ QSPųUǰ NBSHJOǰ JODSFBTFEǰ UPǰ ǰ JOǰ UIFǰ ųSTUǰ IBMGǰ PGǰ UIFǰ ZFBSǰ 'PSǰUIFǰTFDPOEǰIBMG ǰFBTUFSOǰQBSUǰ PGǰ 5IBJMBOEǰ GBDFEǰ XJUIǰ TMJHIUMZǰ EFDMJOFǰ PGǰ SBJOGBMMǰ 5IFǰ DPNQBOZǰ EFDJEFEǰUPǰSFTFSWFǰNPSFǰXBUFSǰGPSǰ EFNBOEǰJOǰǰ"TǰBǰSFTVMU ǰDPTUǰPGǰ FMFDUSJDJUZǰ SFQSFTFOUJOHǰǰPGǰ UIFǰUPUBMǰDPTU ǰJODSFBTFEǰCZǰǰ BDDPSEJOHǰUPǰUIFǰJODSFBTFǰPGǰTBMFTǰ WPMVNFǰ.PSFPWFS ǰTPVSDJOHǰXBUFSǰ GSPNǰ #BOHQBLPOHǰ 3JWFSǰ BGGFDUFEǰ DPTUǰPGǰFMFDUSJDJUZǰUPǰSJTFǰCZǰǰ 4PVSDJOHǰGSPNǰ1SBTBFǰ3FTFSWJPSǰBOEǰ SJTJOHǰ'5ǰXFSFǰBMTPǰJNQPSUBOUǰGBDUPSTǰ 5IFSFGPSF ǰ DPTUǰ PGǰ FMFDUSJDJUZǰ QFSǰ VOJUǰJODSFBTFEǰCZǰ

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1.1.3 Analysis of SG&A Expenses: *Oǰ ǰ4("ǰUPǰUPUBMǰSFWFOVFǰXBTǰ  ǰ JODSFBTFEǰ CZǰ ǰ DPNQBSFEǰ UPǰ UIFǰ QSFWJPVTǰ ZFBSǰ .PTUMZǰ GSPNǰUIFǰPDDBTJPOǰPGǰthǰ"OOJWFSTBSZ ǰTPǰUIBUǰUIFǰDPNQBOZǰEJEǰ$3. ǰ OFXTǰQVCMJTI ǰBOEǰQVCMJDǰSFMBUJPOǰPGǰDPNQBOZĴTǰBDUJWJUJFTǰBTǰXFMMǰBTǰ$43ǰ QSPKFDUTǰ*Oǰ ǰUIFǰJNQPSUBOUǰ$43ǰQSPKFDUǰXBTǰ3,ǰ1BSL ǰBǰIVHFǰMJWJOHǰ MJCSBSZǰBOEǰNFEJBǰUFDIOPMPHZǰBUǰ5BLTJOǰ)JHIǰ4DIPPMǰJOǰ3BZPOHǰBSFBǰXIJDIǰ XFǰJOWFTUFEǰǰNJMMJPOǰCBIUǰGPSǰUIFǰQSPKFDUǰ ǰ "OBMZTJTǰ PGǰ ųOBODFǰ DPTUT In 2012, interest expense increased CZǰ ǰ NJMMJPOǰ CBIU ǰ PSǰ ǰ :P:ǰ UPǰ ǰ NJMMJPOǰ CBIUǰ .BJOMZǰ GSPNǰJOUFSFTUǰFYQFOTFTǰGSPNǰUIFǰQSPKFDUTǰDPNQMFUFEǰJOǰǰ'PSǰUIFǰ DBQJUBMJ[FEǰJOUFSFTU ǰJUǰXBTǰSFDPSEFEǰJOǰUIFǰ8*1ǰJOǰBOǰBNPVOUǰPGǰǰ million baht. During the year, the company drawdown 2,339.97 million CBIUǰMPBOǰGPSǰTVQQPSUǰ5BQNBǰBOEǰ#BOHQSBǰQSPKFDUTǰ"TǰPGǰ%FDFNCFSǰ ǰ  ǰUIFǰBWFSBHFǰSBUFǰGPSǰJOUFSFTUǰFYQFOTFǰXBTǰ 1.1.5 Analysis of Tax:ǰ5BYǰSBUFǰIBTǰCFFOǰBEKVTUFEǰGSPNǰǰUPǰǰJOǰ accordance with government policy. As a result, income taxes reduced JOǰBNPVOUǰPGǰǰNJMMJPOǰCBIUǰGSPNǰ *Oǰ ǰ&"458ĴTǰOFUǰQSPųUǰJODSFBTFEǰǰNJMMJPOǰCBIUǰPSǰVQǰǰ GSPNǰBCPWFǰEFUBJMTǰ&#5ǰ &BSOJOHǰCFGPSFǰUBY ǰXBTǰ ǰNJMMJPOǰCBIUǰ PSǰVQǰ

Eastern Water Resources Development and Management PCL.

1.1.2


 Annual Report 2012

1.2

Statements of Financial Positions

Ç° Ç° Ç° 1 Total Asset 2 Total Liabilities 3 Total Equity Ç° "OBMZTJTÇ° PGÇ° "TTFUTÇ° "TÇ° PGÇ° December 31, 2012, total assets were 12,440.09 million baht, an JODSFBTFÇ° PGÇ°  Ç° NJMMJPOÇ° CBIUÇ° PSÇ° VQÇ° Ç° Ç° :P:Ç° Ç° 5PUBMÇ° BTTFUTÇ° JODSFBTFEÇ°NBJOMZÇ°GSPNÇ°DPOTUSVDUJPOÇ° PGÇ° 5BQNBÇ° SFTFSWPJSÇ° BOEÇ° #BOHQSBÇ° QVNQJOHÇ° TUBUJPOÇ° QSPKFDUTÇ° #PUIÇ° QSPKFDUTÇ° JODVSSFEÇ° 8*1Ç° JOÇ° BNPVOUÇ° PGÇ°Ç°NJMMJPOÇ°CBIUÇ°BOEÇ°Ç° NJMMJPOÇ° CBIUÇ° SFTQFDUJWFMZÇ° "TÇ° GPSÇ° /POHQMBMBJ.BQUIBQIVU Ç° UIFÇ° UIJSEÇ° pipeline, it was recorded as assets JOÇ°QBSUÇ°PGÇ°QJQFMJOFÇ°BOEÇ°IFBEÇ°UBOLÇ° XIJDIÇ° BGGFDUFEÇ° EFQSFDJBUJPOÇ° GPSÇ° UIFÇ° ZFBSÇ° JOÇ° BOÇ° BNPVOUÇ° PGÇ° Ç° million baht.

2012 .# Ç°

2011 .# Ç°

12,440.09 5,119.63 7,320.46

10,774.24 3,838.04 6,936.20

Increase (Decrease) .#Ç° Ç° 1,665.85 1,281.59 384.26

15.46 33.39 5.54

5IJTǰJTǰUPǰJODSFBTFǰTPVSDFTǰPGǰSBXǰXBUFSǰUPǰTFSWFǰGVUVSFǰIJHIFSǰEFNBOEǰ ǰ"OBMZTJTǰPGǰ&RVJUZǰ"TǰPGǰ%FDFNCFSǰ ǰ ǰUIFǰ$PNQBOZǰBOEǰJUTǰ TVCTJEJBSJFTǰSFQPSUFEǰUPUBMǰFRVJUZǰ ǰNJMMJPOǰCBIU ǰSFTVMUFEǰGSPNǰOFUǰ PGGǰCFUXFFOǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰǰBNPVOUǰ ǰNJMMJPOǰCBIUǰ and dividend payment total 831.86 million baht. In 2012, the company QBJEǰUIFǰEJWJEFOEǰBTǰGPMMPXJOHǰ ǰ'PSǰUIFǰZFBSǰ ǰǰCBUIǰQFSǰTIBSFǰ POǰ"QSJMǰ ǰǰ ǰ*OUFSJNǰEJWJEFOEǰGPSǰNPOUIǰQFSGPSNBODFǰPGǰFOEJOHǰ June 30, 2012, amount 0.20 baht per share on September 20, 2012.

2. Analysis of Cash flow For the year 2011, the company and its subsidiaries had cash and cash FRVJWBMFOUTÇ°PGÇ°CFHJOOJOHÇ°CBMBODFÇ°PGÇ°Ç°NJMMJPOÇ°CBIUÇ°%VSJOHÇ°UIFÇ°QFSJPE Ç° OFUÇ°DBTIÇ°JODSFBTFEÇ°CZÇ°Ç°NJMMJPOÇ°CBIUÇ°DPOTJTUJOHÇ°PGÇ°UIFÇ°GPMMPXJOH

/FUǰDBTIǰJOŴPXǰGSPNǰPQFSBUJOHǰBDUJWJUJFTǰPGǰ ǰNJMMJPOǰCBIU ǰ NBJOMZǰGSPNǰ ǰ ǰ *NQSPWFNFOUǰJOǰQFSGPSNBODFǰPGǰUIFǰDPNQBOZĴTǰFBSOJOHTǰCFGPSFǰ ǰ ǰ UBYǰBNPVOUFEǰUPǰ ǰNJMMJPOǰCBIU ǰXJUIǰOPODBTIǰJUFNTǰJODMVEJOHǰ ǰ "OBMZTJTǰPGǰ-JBCJMJUJFTǰ0WFSBMM ǰ depreciation expense amounted 313.56 million baht the company has better used long z Net cash used in investing activities were 1,957.63 million. The main UFSNǰMPBOǰUPǰųOBODFǰUIFǰDPOTUSVDUJPOǰ SFBTPOTǰBSFǰBTǰGPMMPXT PGǰ 5VQNBǰ SFTFSWPJSǰ BOEǰ #BOHQSBǰ ǰ ǰ 5IFǰ$"1&9ǰJOǰųYFEǰBTTFUTǰWBMVFEǰ ǰNJMMJPOǰCBIUǰXIJDIǰXBTǰ QVNQJOHǰTUBUJPOǰQSPKFDUTǰ0VUTUBOEJOHǰ ǰ ǰ NBJOMZǰJOWFTUFEǰJOǰUIFǰDPOTUSVDUJPOǰPGǰ5BQNBǰSFTFSWPJSǰBOEǰ#BOHQSBǰ MPBOǰGSPNǰųOBODJBMǰJOTUJUVUJPOǰXBTǰ ǰ ǰ QVNQJOHǰTUBUJPOǰQSPKFDUT recorded at 4,193.97 million baht up ǰ ǰ "EWBODFEǰQBZNFOUǰBNPVOUFEǰǰNJMMJPOǰCBIUǰGSPNǰTVDIǰQSPKFDUT ǰNJMMJPOǰCBIUǰPSǰǰ5IFǰ ǰ ǰ $BTIǰPVUŴPXǰJOWFTUJOHǰJOǰTIPSUUFSNǰJOWFTUNFOUǰBNPVOUFEǰǰ UPUBMǰDBQJUBMǰFYQFOEJUVSFTǰ $"1&9 ǰGPSǰ ǰ ǰ NJMMJPOǰCBIUǰXBTǰUPǰNBOBHFǰDBTIǰPOǰIBOEǰXJUIǰJOUFSFTUǰSBUFǰGSPNǰ CPUIǰQSPKFDUTǰBSFǰ ǰNJMMJPOǰCBIUǰ ǰ ǰ  and 849 million baht respectively. z




3. Key Financial Ratios

3BXǰXBUFSǰǰHSPTTǰQSPųUǰNBSHJOǰ  ǰ 5BQǰXBUFSǰǰHSPTTǰQSPųUǰNBSHJOǰ  ǰ 5PUBMǰHSPTTǰQSPųUǰNBSHJOǰUPǰUPUBMǰSFWFOVFǰ  ǰ /FUǰQSPųUǰNBSHJOǰUPǰUPUBMǰSFWFOVFǰ  ǰ 3FUVSOǰPOǰFRVJUZǰ 30& ǰ  ǰ 3FUVSOǰPOǰBTTFUTǰ 30" ǰ  ǰ %FCUǰUPǰFRVJUZǰSBUJPǰ 9 ǰ %4$3ǰ 9 ǰ ǰ

2012

2011

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° 

1SPųUBCJMJUZǰ3BUJPǰPGǰ(SPVQǰPGǰ$PNQBOZ (SPTTǰQSPųUǰNBSHJOǰPGǰ3BXǰ8BUFSǰǰ(SPTTǰQSPųUǰNBSHJOǰXBTǰBUǰ ǰ JODSFBTFEǰCZǰǰ:P:ǰEVFǰUPǰIJHIFSǰUBSJGGǰBOEǰWPMVNFǰXJUIǰHSPXUIǰPGǰ ǰBOEǰǰSFTQFDUJWFMZ (SPTTǰQSPųUǰNBSHJOǰPGǰ5BQǰ8BUFSǰǰ(SPTTǰQSPųUǰNBSHJOǰXBTǰBUǰ ǰ VQǰCZǰǰ:P:ǰ5IFǰNBJOǰSFBTPOǰXBTǰUIBUǰEFQSFDJBUJPOǰFYQFOTFǰGSPNǰ some plants were expired. Return on equity (ROE) and Return on Assets (ROA)ǰXFSFǰBUǰǰ BOEǰ ǰSFTQFDUJWFMZ ǰEVFǰUPǰIJHIFSǰHSPXUIǰJOǰSFWFOVFǰBOEǰMPXFSǰ income taxes rate. %FCUUPFRVJUZǰ SBUJPǰ %&ǰ 3BUJP ǰ BOEǰ %FCUǰ 4FSWJDFǰ $PWFSBHFǰ Ratio (DSCR). D/E ratio and DSCR was at 0.70x and 2.51x respectively, TMJHIUMZǰVQǰGSPNǰUIFǰQSFWJPVTǰZFBS ǰBTǰUIFǰDPNQBOZĴTǰMPOHǰUFSNǰMPBOǰ

Ç° Ç°

Ç°

Increase (decrease)        (0.16)

BOEÇ° OPODVSSFOUÇ° MJBCJMJUJFTÇ° JODSFBTFEÇ° 5IFÇ° DPNQBOZÄ´TÇ° D/E ratio and DSCR are maintained in line with those PGÇ°UIFÇ°MPBOÇ°DPWFOBOUT Ç°Y%&Ç° ratio and 1.1x DSCR

Eastern Water Resources Development and Management PCL.

/FUǰDBTIǰGSPNǰųOBODJOHǰBDUJWJUJFTǰPGǰǰNJMMJPOǰCBIUǰGSPNǰUIFǰUXPǰ ǰ ǰ %JWJEFOEǰQBZNFOUǰPGǰǰǰ main items, million baht as details in ǰ ǰ /FUǰ DBTIǰ JOŴPXǰ PGǰ  ǰ NJMMJPOǰ CBIUǰ GSPNǰ CPUIǰ TIPSUǰ BOEǰ 1.2.3 ǰ ǰ MPOHUFSNǰ MPBOTǰ GSPNǰ ųOBODJBMǰ JOTUJUVUJPOT ǰ OFUǰ PGGǰ XJUIǰ MPBOTǰ ǰ ǰ SFQBZNFOUǰPGǰ ǰNJMMJPOǰCBIU

z


 Annual Report 2012

In the past year, the company has been focusing on its implementation of the Principle of Good Corporate Governance for Listed Companies 2006, a guideline set forth by the Stock Exchange of Thailand (SET), and has also periodically reviewed its framework in an attempt to converge to the OECD’s Principle of Corporate Governance.




12.2 Shareholders’ Rights &"458ǰSFDPHOJ[FTǰJUTǰųEVDJBSZǰEVUZǰ to shareholders and so places great importance on promoting TIBSFIPMEFSTĴǰSJHIUT ǰTVDIǰBTǰUIFǰSJHIUǰ UPǰKPJOUMZǰEFUFSNJOFǰUIFǰDPNQBOZĴTǰ policies and guidelines, and the right UPǰSFDFJWFǰUIFǰDPNQBOZĴTǰJOGPSNBUJPOǰ in an accurate, transparent and timely manner.

1 2 . 3 Fa i r T r e a t m e n t o f Shareholders 5IFǰ#PBSEǰPGǰ%JSFDUPSǰQMBDFTǰHSFBUǰFNQIBTJTǰPOǰDPOEVDUJOHǰUIFǰCVTJOFTTǰ in accordance with good governance standards to maximize its return UPǰ TIBSFIPMEFST ǰ UBLJOHǰ JOUPǰ BDDPVOUǰ UIFǰ CFOFųUTǰ PGǰ BMMǰTUBLFIPMEFST ǰ including communities, society, and environment. In the past year, the DPNQBOZǰIBTǰCFFOǰGPDVTJOHǰPOǰJUTǰJNQMFNFOUBUJPOǰPGǰUIFǰ1SJODJQMFǰPGǰ (PPEǰ$PSQPSBUFǰ(PWFSOBODFǰGPSǰ-JTUFEǰ$PNQBOJFTǰ ǰBǰHVJEFMJOFǰTFUǰ GPSUIǰCZǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰBOEǰIBTǰBMTPǰQFSJPEJDBMMZǰ SFWJFXFEǰJUTǰGSBNFXPSLǰJOǰBOǰBUUFNQUǰUPǰDPOWFSHFǰUPǰUIFǰ0&$%ĴTǰ1SJODJQMFǰ PGǰ$PSQPSBUFǰ(PWFSOBODFǰ"EEJUJPOBMMZ ǰJUǰPSHBOJ[FEǰNBOZǰBDUJWJUJFTǰUIBUǰ promote good governance practices in the business group in a hope to JOTUJMMǰUIFǰDPNQBOZĴTǰDPSFǰWBMVFǰPGǰĶ5SBOTQBSFODZ ǰ)POFTUZ ǰ3FTQPOTJCJMJUZǰ BOEǰ$PNQFUJUJWFOFTTķǰJOUPǰUIFǰNJOETFUǰPGǰBMMǰPGǰJUTǰXPSLFST

Ç°.BOBHFNFOUÇ°1PMJDZÇ° 5IFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°FOEPSTFEÇ°UIFÇ°DPNQBOZÄ´TÇ°7JTJPO Ç°.JTTJPOÇ°BOEÇ°1PMJDZÇ° GPSÇ°DPSQPSBUFÇ°HPWFSOBODFÇ°POÇ°"VHVTUÇ°st, 2003. The Corporate Governance Board is assigned to periodically revise the governance policy and present UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOZÇ°BNFOENFOUTÇ°UPÇ°UIFÇ°TBJEÇ°QPMJDZÇ°JOÇ°PSEFSÇ°UPÇ° BQQSPQSJBUFMZÇ°SFTQPOEÇ°UPÇ°UIFÇ°EZOBNJDÇ°PGÇ°UIFÇ°DVSSFOUÇ°TJUVBUJPOT 5PÇ°QSPNPUFÇ°UIFÇ°BXBSFOFTTÇ°PGÇ°CVTJOFTTÇ°FUIJDT Ç°POFÇ°PGÇ°UIFÇ°NBJOÇ°UPQJDTÇ°JOÇ°UIFÇ° QSJODJQMFÇ°PGÇ°HPPEÇ°HPWFSOBODF Ç°UIFÇ°DPNQBOZÇ°IBTÇ°JUTÇ°OFXÇ°FNQMPZFFTÇ°QMFEHFEÇ° themselves by signing on the Business Ethics Acknowledgement Form on UIFÇ°PSJFOUBUJPOÇ°EBZÇ°.FNCFSTÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BSFÇ°BMTPÇ°SFRVJSFEÇ°UPÇ° TJHOÇ°POÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°)BOECPPLÇ°5IJTÇ°SFÅ´FDUTÇ°UIFÇ°DPNQBOZÄ´TÇ°TUSPOHÇ° EFUFSNJOBUJPOÇ°UPÇ°BEPQUÇ°HPPEÇ°HPWFSOBODFÇ°JOÇ°BMMÇ°PGÇ°JUTÇ°MFWFMTÇ°PGÇ°PQFSBUJPOÇ°Ç°

EASTW scrupulously ensures its FRVJUBCMFÇ° USFBUNFOUÇ° UPÇ° BMMÇ° PGÇ° JUTÇ° shareholders. For example, it encourages shareholders to attend BOEÇ° WPUFÇ° JOÇ° UIFÇ° TIBSFIPMEFSÄ´TÇ° meetings and grants the minority shareholders the right to nominate the board member and the right to propose the meeting agenda in advance. It also prepares the USBOTMBUFEÇ° WFSTJPOÇ° PGÇ° NFFUJOHÇ° EPDVNFOUÇ° UPÇ° GBDJMJUBUFÇ° JUTÇ° GPSFJHOÇ° shareholders.

12.4 Responsibilities to Stakeholders EASTW incorporates its business philosophies in every operation to ensure responsible and equitable treatment to all relevant stakeholders. 4VDIÇ°QIJMPTPQIJFTÇ°BSFÇ°BTÇ°GPMMPXT (1) Fiduciary duties to shareholders: The Company delivers appropriate SFUVSOTÇ°UPÇ°JUTÇ°NBKPSJUZÇ°TIBSFIPMEFST Ç° minority shareholders, and investors,

Eastern Water Resources Development and Management PCL.

Good Corporate Governance


 Annual Report 2012

BOEǰNBJOUBJOTǰJUTǰųOBODJBMǰTUBCJMJUZǰ to support sustainable business growth. (2) Responsibilities to customers: The Company continuingly develops and delivers good quality products and services to maximize customer TBUJTGBDUJPOǰǰ (3) Responsibilities to creditors: The Company adheres to the conditions BOEǰ DPWFOBOUTǰ TFUǰ GPSUIǰ JOǰ UIFǰ DSFEJUǰ BHSFFNFOUT ǰ SFGSBJOǰ GSPNǰ NJTSFQSFTFOUJOHǰųOBODJBMǰJOGPSNBUJPOǰ PGǰUIFǰDPNQBOZǰBOEǰUIFǰHSPVQ ǰBOEǰ BCTUBJOǰGSPNǰNJTBQQSPQSJBUJOHǰMPBOTǰ GPSǰJOBQQSPQSJBUFǰQVSQPTFT (4) Responsibilities to employees: The Company acknowledges and respects FNQMPZFFTĴǰMFHBMǰSJHIUTǰ*UǰFOTVSFTǰ that a good working environment, BQQSPQSJBUFǰXFMGBSFǰBSSBOHFNFOUTǰ BOEǰ GBJSǰ FNQMPZFFǰ USFBUNFOUǰ BSFǰ in place, and the compensation schemes are aligned with the industry. It encourages equitable TFMGEFWFMPQNFOUǰ PQQPSUVOJUJFTǰ BOEǰ FNQMPZFFTĴǰ QBSUJDJQBUJPOǰ JOǰ UIFǰ DPNQBOZĴTǰ EFDJTJPOǰ QSPDFTT ǰ IPQJOHǰ UPǰ GPSUJGZǰ UIFǰ CPOEǰ XJUIJOǰ the organization and promote the FNQMPZFFĴTǰTFOTFǰPGǰEFWPUJPOǰ (5) Responsibilities to business partners: The Company ensures that its relationships with its contractors,

suppliers and investors are based upon mutual agreements that will PQUJNJ[FǰUIFǰCFOFųUTǰPGǰBMMǰQBSUJFTǰJOWPMWFEǰ (6) Responsibilities to society, communities, and environment: The Company DPOEVDUTǰJUTǰCVTJOFTTǰXJUIǰGVMMǰBXBSFOFTTǰPGǰJUTǰQPUFOUJBMǰFYUFSOBMJUJFTǰ*Uǰ adheres to laws, regulations and relevant standards regarding hygiene, TBGFUZǰBOEǰXFMGBSFǰPGǰUIFǰDPNNVOJUJFTǰUPǰBWPJEǰBOZǰIBSNǰPOǰUIFǰMJWFTǰBOEǰ UIFǰQSPQFSUJFTǰPGǰQFPQMFǰBOEǰUPǰBWPJEǰBOZǰEBNBHFTǰPOǰUIFǰFOWJSPONFOUǰǰ 'JMJOHǰ$PNQMBJOUT &"458ǰTFUǰVQǰBǰTQFDJųDǰDIBOOFMǰUPǰIBOEMFǰDPNQMBJOUTǰSFHBSEJOHǰJMMFHBMǰ or unethical practices, inaccurate accounting entries, and inadequate JOUFSOBMǰDPOUSPMǰ*UǰBMTPǰQVUǰJOǰQMBDFǰBǰ8IJTUMFCMPXFSǰ1SPUFDUJPOǰ1MBOǰUPǰ QSPNPUFǰFGGFDUJWFOFTTǰPGǰUIFǰEFUFDUJPOǰBOEǰUIFǰSFTPMVUJPOǰPGǰNJTDPOEVDUTǰ BOEǰFSSPSTǰ5IFǰQPMJDZǰGPSǰDPNQMBJOUTǰJTǰEJTDMPTFEǰJOǰUIFǰBOOVBMǰSFQPSUǰ  ǰ$PNQMBJOUTǰDBOǰCFǰųMFEǰUPǰUIFǰ"VEJUǰ$PNNJUUFFǰWJB &NBJMǰ ǰ "VEJUǰDPNNJUUFFǰ"$@&8!FBTUXBUFSDPNǰǰ .BJMǰ ǰ "VEJUǰDPNNJUUFF ǰ ǰ &BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ.BOBHFNFOUǰ ǰ ǰ 1VCMJDǰ$PNQBOZǰ-JNJUFE 1 Soi Vibhavadi Rangsit 25, Vibhavadi Rangsit Road Chompol, Chatuchak, Bangkok 10900

12.5 Information Disclosure and Transparency 5IFÇ° #PBSEÇ° PGÇ° %JSFDUPSÇ° PGÇ° &"458Ç° BOEÇ° JUTÇ° TVCTJEJBSJFTÇ° FOTVSFTÇ° UIBUÇ° BOÇ° BQQSPQSJBUFÇ°TZTUFNÇ°JTÇ°QSPWJEFEÇ°UPÇ°FODPVSBHFÇ°UJNFMZ Ç°BDDVSBUFÇ°BOEÇ°FGGFDUJWFÇ° JOGPSNBUJPOÇ°EJTTFNJOBUJPOÇ°UPÇ°JUTÇ°SFMFWBOUÇ°TUBLFIPMEFSTÇ°JOÇ°DPNQMJBODFÇ°XJUIÇ° UIFÇ°SVMFTÇ°PGÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° 4&5 Ç°5IFZÇ°BMTPÇ°FODPVSBHFÇ° EJTDMPTVSFÇ°PGÇ°BEEJUJPOBMÇ°VTFGVMÇ°EBUB Ç°XJUIÇ°BOÇ°FYDFQUJPOÇ°NBEFÇ°GPSÇ°.BUFSJBMÇ° /POQVCMJDÇ°*OGPSNBUJPO Ç°XIJDIÇ°NVTUÇ°OPUÇ°CFÇ°EJTDMPTFEÇ°BUÇ°BOZÇ°UJNFÇ°

12.6 Board of Director’s Responsibilities Believing that good governance is the key to increasing shareholder WBMVF ǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰXIPMFIFBSUFEMZǰFYFSDJTFTǰJUTǰTVQFSWJTJPOǰ role guided by the principle. Essentially, the board closely monitors the DPNQBOZĴTǰNBOBHFNFOUǰUPǰFOTVSFǰUIBUǰJUǰDPOEVDUTǰUIFǰCVTJOFTTǰJOǰBOǰ FGGFDUJWFǰBOEǰFGųDJFOUǰGBTIJPOǰBOE ǰNPTUǰJNQPSUBOUMZ ǰBDUTǰJOǰHPPEǰGBJUIǰ POǰCFIBMGǰPGǰUIFǰTUBLFIPMEFSTǰJOǰJUTǰEBJMZǰNBOFVWFST

12.7 Shareholders’ Meeting #FGPSFǰUIFǰNFFUJOHǰEBUFǰ z ǰ 5IFǰDPNQBOZǰEJTTFNJOBUFEǰUIFǰJOGPSNBUJPOǰPGǰUIFǰEBUFǰBOEǰBHFOEBǰ ǰ GPSǰUIFǰǰ"OOVBMǰ(FOFSBMǰ.FFUJOHǰPGǰ4IBSFIPMEFSTǰUISPVHIǰUIFǰ4&5ĴTǰ ǰ *OGPSNBUJPOǰ4ZTUFNǰBOEǰ&"458ĴTǰXFCTJUFǰǰEBZTǰQSJPSǰUPǰUIFǰNFFUJOHǰ date z ǰ 5IFǰDPNQBOZǰEJTUSJCVUFEǰUIFǰJOWJUBUJPOǰMFUUFST ǰUIFǰEFUBJMTǰPGǰBHFOEBǰ UIFǰ ǰ PCKFDUJWFTǰPGǰUIFǰNFFUJOH ǰUIFǰSFBTPOTǰGPSǰUIFǰNFFUJOH ǰBOEǰUIFǰCPBSEĴTǰ ǰ PQJOJPO ǰBOEǰUIFǰQSPYZǰGPSNǰ JOǰ5IBJǰBOEǰ&OHMJTI ǰUPǰBMMǰTIBSFIPMEFSTǰ




ǰ UIFǰPSEFSǰPGǰUIFǰBHFOEB ǰCVUǰOPǰ ǰ POFǰQSPQPTFEǰ"GUFSǰUIFǰEFDMBSFEǰ agenda were scrutinized, the ǰ $IBJSNBOǰJOGPSNFEǰUIFǰ.FFUJOHǰ that the shareholders with the ǰ UPUBMǰ PGǰ POFUIJSETǰ  ǰ PGǰ UIFǰ shares subscribed could request additional agenda, but no one proposed. The Chairman then ǰ EFDMBSFEǰUIFǰNFFUJOHǰBEKPVSOFEǰǰ "GUFSǰUIFǰNFFUJOHǰEBUF z The company prepared the minutes ǰ PGǰUIFǰǰ"OOVBMǰ(FOFSBMǰ.FFUJOHǰ ǰ PGǰ 4IBSFIPMEFSTǰ BOEǰ EFMJWFSFEǰ to the Securities and Exchange Commission (SEC) within 14 days ǰ GSPNǰ UIFǰ EBUFǰ PGǰ UIFǰ NFFUJOHǰ The discussion and the meeting resolution were recorded clearly. The voting results were recorded as “Approve, Disapprove, and Abstain” z The company posted the minutes ǰ PGǰUIFǰǰ"OOVBMǰ(FOFSBMǰ.FFUJOHǰ ǰ PGǰ4IBSFIPMEFSTǰPOǰUIFǰDPNQBOZĴTǰ ǰ XFCTJUFǰ BOEǰ 4&5ĴTǰ *OGPSNBUJPOǰ ǰ 4ZTUFNǰXJUIJOǰǰEBZTǰGSPNǰUIFǰ ǰ EBUFǰPGǰUIFǰNFFUJOHǰ z ǰ 5IBJǰ*OWFTUPSTǰ"TTPDJBUJPOTǰ"(.ǰ ǰ "TTFTTNFOUǰ1SPKFDUǰSBUFEǰ&"458ĴTǰ ǰ BENJOJTUSBUJPOǰPGǰJUTǰǰ"OOVBMǰ ǰ (FOFSBMǰ.FFUJOHǰPGǰ4IBSFIPMEFSTǰ at “Excellence” level

Eastern Water Resources Development and Management PCL.

ǰ 5IFǰDPNQBOZǰBOOPVODFEǰUIFǰEJTUSJCVUJPOǰPGǰUIFǰNFFUJOHǰEPDVNFOUǰBUǰ least 14 days prior to the meeting date and published its annual ǰ NFFUJOHǰEBUFǰBOEǰBHFOEBǰJOǰUIFǰOFXTQBQFSǰGPSǰǰDPOTFDVUJWFǰEBZTǰ prior to the meeting date. The company also posted its invitation ǰ MFUUFSTǰ BOEǰ NFFUJOHǰ EPDVNFOUǰ POǰ JUTǰ XFCTJUFǰ ǰ EBZTǰ CFGPSFǰ UIFǰ meeting took place. z In the case that any shareholder could not attend the meeting, ǰ IFǰDPVMEǰQSPYZǰWPUFǰVTJOHǰUIFǰQSPYZǰGPSNǰJTTVFEǰCZǰUIFǰ%FQBSUNFOUǰ ǰ PGǰ#VTJOFTTǰ%FWFMPQNFOUǰ 'PSNǰ" ǰ#ǰBOEǰ$ ǰ5IFǰTIBSFIPMEFSǰDPVMEǰ ǰ JEFOUJGZǰIJTǰQSPYZǰPSǰBQQPJOUǰPOFǰPGǰUIFǰUXPǰJOEFQFOEFOUǰEJSFDUPSTǰ ǰ UPǰBUUFOEǰUIFǰNFFUJOHǰBOEǰWPUFǰPOǰCFIBMGǰPGǰIJNǰǰǰǰǰ z The company granted the minority shareholders the right to nominate ǰ UIFǰDPNQBOZĴTǰEJSFDUPSTǰBOEǰQSPQPTFǰUIFǰNFFUJOHǰBHFOEBǰUISPVHIǰ ǰ UIFǰDPNQBOZĴTǰXFCTJUFǰQSJPSǰUPǰUIFǰNFFUJOHǰEBUFǰ*Oǰ ǰUIFǰNJOPSJUZǰ ǰ TIBSFIPMEFSTǰDPVMEǰOPNJOBUFǰEJSFDUPSTǰTUBSUJOHǰGSPNǰ+BOVBSZǰ ǰǰ ǰ UPǰ'FCSVBSZǰ ǰǰUISPVHIǰ&"458ĴTǰXFCTJUFǰBOEǰ4&5ǰ*OGPSNBUJPOǰ System. 0OǰUIFǰNFFUJOHǰEBUF z ǰ 5IFǰ ǰ "OOVBMǰ (FOFSBMǰ .FFUJOHǰ PGǰ 4IBSFIPMEFSTǰ XBTǰ IFMEǰ POǰ ǰ .BSDIǰ ǰǰBUǰǰQNǰBUǰ+VQJUFSǰ3PPN ǰrdǰŴPPS ǰ.JSBDMFǰ(SBOEǰ ǰ $POWFOUJPOǰ)PUFM ǰ7JCIBWBEJǰ3BOHTJUǰ3PBE ǰ%POǰ.VBOH ǰ#BOHLPLǰ5IFǰ ǰ WPUJOHǰQSPDFEVSFǰXBTǰGBDJMJUBUFEǰXJUIǰUIFǰVTFǰPGǰBǰTQFDJBMǰFMFDUSPOJDǰ ǰ WPUJOHǰTZTUFNǰEFWFMPQFEǰCZǰUIFǰ5IBJǰ4FDVSJUZǰ%FQPTJUPSZǰ$P ǰ-UEǰ &7PUJOH ǰ z ǰ 5IFSFǰXFSFǰǰEJSFDUPSTǰQSFTFOUǰJOǰUIFǰNFFUJOHǰ ǰPGǰUIFǰEJSFDUPST ǰ ǰ JODMVEJOHǰ$IBJSNBOǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPST ǰ$IBJSNBOǰPGǰ&YFDVUJWFǰ ǰ BOEǰ*OWFTUNFOUǰ$PNNJUUFF ǰ$IBJSNBOǰPGǰ"VEJUǰ$PNNJUUFF ǰ$IBJSNBOǰ ǰ PGǰ $PSQPSBUFǰ (PWFSOBODFǰ $PNNJUUFFǰ BOEǰ /PNJOBUJOHǰ $PNNJUUFF ǰ ǰ $IBJSNBOǰPGǰǰ&WBMVBUJPOǰ$PNNJUUFFǰBOEǰ3FNVOFSBUJPOǰ$PNNJUUFF z Top executives, auditors, and legal advisers also attended the meeting ǰ UPǰBDLOPXMFEHFǰUIFǰTIBSFIPMEFSTĴǰPQJOJPOǰBOEǰHJWFǰFYQMBOBUJPOǰUPǰ any questions that might be raised z ǰ 1SJPSǰUPǰUIFǰDPNNFODFNFOUǰPGǰUIFǰNFFUJOH ǰUIFǰ$IBJSNBOǰBEWJTFEǰUIFǰ ǰ .FFUJOHǰUIFǰHPWFSOJOHǰSVMFT ǰJODMVEJOHǰUIFǰWPUJOHǰQSPDFTTǰGPSǰUIFǰCVTJOFTTǰ ǰ BHFOEBǰ#FGPSFǰFBDIǰWPUJOH ǰUIFǰ$IBJSNBOǰFODPVSBHFEǰUIFǰ.FFUJOHǰUPǰ ǰ SBJTFǰRVFSJFTǰBOEǰEJTDVTTFEǰPOǰJTTVFTǰJOǰBOǰBQQSPQSJBUFǰUJNFGSBNFǰ The Chairman then allowed the relevant directors and/or executives ǰ UPǰDMBSJGZǰUIFǰQPJOUTǰUPǰUIFǰ.FFUJOHĴTǰUIPSPVHIǰTBUJTGBDUJPOǰ5IFOǰUIFǰ ǰ $IBJSNBOǰDPNNFODFEǰUIFǰWPUJOHǰ'PSǰUIFǰFMFDUJPOǰPGǰUIFǰEJSFDUPST ǰUIFǰ ǰ $IBJSNBOǰJOGPSNFEǰUIFǰ.FFUJOHǰUPǰEJTDSFUFMZǰWPUFǰJOǰUIFǰCBMMPUǰQBQFST z ǰ #FGPSFǰUIFǰ$IBJSNBOǰEFDMBSFEǰUIFǰNFFUJOHǰBEKPVSOFE ǰUIFǰ$IBJSNBOǰ ǰ BOOPVODFEǰUIFǰSFTVMUTǰPGǰUIFǰWPUJOHǰGPSǰFBDIǰBHFOEBǰ5IFǰ$IBJSNBOǰ ǰ BEIFSFEǰ UPǰ UIFǰ SVMFTǰ PGǰ UIFǰ DPNQBOZǰ UPǰ DPOEVDUǰ UIFǰ NFFUJOHǰ JOǰ ǰ UIFǰPSEFSǰPGǰUIFǰEFDMBSFEǰBHFOEB ǰVOMFTTǰNPSFǰUIBOǰUXPUIJSETǰ  ǰ ǰ PGǰ UIFǰ TIBSFIPMEFSTǰ QSFTFOUǰ JOǰ UIFǰ NFFUJOHǰ WPUFEǰ GPSǰ Bǰ DIBOHFǰ PGǰ


 Annual Report 2012

NFFUJOHǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSǰVOEFSǰUIFǰBHFOEBǰĜ2VBSUFSMZǰ'JOBODJBMǰ Status Report�. In addition, the board also requires the management 5IFǰ#PBSEǰPGǰ%JSFDUPSǰEFUFSNJOFTǰ to report any changes in rules and regulations set by SET and SEC on UIFǰ DPNQBOZĴTǰ WJTJPO ǰ QPMJDZǰ BOEǰ a timely basis. strategic plans through its annual SFWJTJPOǰPGǰBǰZFBSǰDPSQPSBUFǰQMBOǰ 12.9 Conflicts of Interest UIBUǰ JTǰ KPJOUMZǰ GPSNFEǰ XJUIǰ UIFǰ FYFDVUJWFTǰǰ5IFǰDPSQPSBUFǰQMBOǰGPSǰ 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰFNCPEJFEǰQPMJDJFTǰPOǰDPOŴJDUǰPGǰJOUFSFTUǰJOǰUIFǰ UIFǰZFBSǰǰXJMMǰFNQIBTJ[Fǰ $PSQPSBUFǰ(PWFSOBODFǰ'SBNFXPSLǰBOEǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ)BOECPPLǰ POǰUIFǰSFJOGPSDFNFOUǰPGǰUIFǰCVTJOFTTǰ Such policies are: NJTTJPOǰBOEǰUIFǰSFBMJHONFOUǰPGǰUIFǰ z ǰ %JSFDUPSTǰXIPǰXJTIǰUPǰHJWFǰUIFǰQPXFSǰPGǰBUUPSOFZǰUPǰPUIFSǰQFSTPO T ǰ QPMJDZǰ XJUIǰ UIFǰ EZOBNJDǰ PGǰ UIFǰ to execute any legal transaction must do so in writing or have the surrounding situations to support ǰ BVUIPSJ[BUJPOǰSFDPSEFEǰJOǰUIFǰNJOVUFTǰPGǰUIFǰNFFUJOHǰPGǰUIFǰ#PBSEǰPGǰ &"458ĴTǰVMUJNBUFǰHPBMǰUPǰCFǰĜUIFǰ ǰ %JSFDUPSTǰ5IFǰBVUIPSJ[BUJPOǰNVTUǰCFǰTQFDJųD ǰBOEǰNVTUǰOPUǰCFǰHJWFOǰUPǰ Leader in Water Distribution Service ǰ UIFǰQFSTPOTǰXJUIǰQPTTJCMFǰDPOŴJDUǰPGǰJOUFSFTUǰJOǰUIFǰBVUIPSJ[FEǰUSBOTBDUJPO 1SPWJEFSǰXJUIǰ0QFSBUJPOǰBOEǰ4FSWJDFǰ z ǰ &WFSZǰQFSTPOOFMǰNVTUǰQVUǰIJTIFSǰCFTUǰFGGPSUǰUPǰBWPJEǰBOZǰBDUJPOǰUIBUǰ Excellence�. The plan will cover ǰ XJMMǰDSFBUFǰDPOŴJDUTǰPGǰJOUFSFTU ǰXIJDIǰXJMMǰEFTUSPZǰUIFǰHSPVQĴTǰPWFSBMMǰ the strategy to ensure raw water interest and derail working relationship. adequacy, the strategy to expand the water supply business, the strategy z Every personnel must disclose the transactions that may create to improve stakeholder relationship ǰ DPOŴJDUTǰPGǰJOUFSFTUǰUPǰUIFǰLOPXMFEHFǰPGǰIJTIFSǰTVQFSWJTPS ǰBUUBDIJOHǰ and service level excellence, and ǰ BOZǰEPDVNFOUǰEFQJDUJOHǰEFUBJMTǰPGǰUIFǰTBJEǰUSBOTBDUJPOTǰ5IFǰEPDVNFOUǰ the strategy to improve operational ǰ JTǰUPǰCFǰSFQPSUFEǰUPǰUIFǰ$IJFGǰ&YFDVUJWFǰ0GųDFS FGųDJFODZǰ UISPVHIǰ FGGFDUJWFǰ BOEǰ z ǰ %JSFDUPSTǰPGǰUIFǰDPNQBOZǰPSǰJUTǰTVCTJEJBSJFTǰNVTUǰSFGSBJOǰGSPNǰTFFLJOHǰ DPOUJOVBMǰQFSGPSNBODFǰNFBTVSFNFOUǰ ǰ QFSTPOBMǰ CFOFųUTǰ GPSǰ UIFNTFMWFT ǰ GBNJMJFT ǰ PSǰ GSJFOETǰ EJSFDUMZǰ BOEǰ *OǰUIFǰGPSNBUJPOǰQIBTF ǰUIFǰ&YFDVUJWFǰ ǰ JOEJSFDUMZ ǰ CZǰ VTJOHǰ QPXFS ǰ QSJWJMFHFT ǰ BOEǰ JOGPSNBUJPOǰ QSPWJEFEǰ CZǰ and Investment Committee is their position in the company SFTQPOTJCMFǰGPSǰUIFǰSFWJTJPOǰPGǰUIFǰ DPNQBOZĴTǰBOOVBMǰBDUJPOǰQMBOǰBOEǰ 5IFǰ #PBSEǰ PGǰ %JSFDUPSTǰ BOEǰ FYFDVUJWFTǰ BSFǰ SFRVJSFEǰ UPǰ EJTDMPTFǰ UIFǰ budgeting plan, and present to the GPMMPXJOHǰJOGPSNBUJPOǰ #PBSEǰPGǰ%JSFDUPSTǰGPSǰBQQSPWBMǰ*Oǰ z Transactions on which the directors, executives, or their related parties the implementation phase, the ǰ NBZǰIBWFǰJOUFSFTUTǰ5IFǰDPNQBOZĴTǰTFDSFUBSZǰTIBMMǰHBUIFSǰUIFǰJOGPSNBUJPO DPNQBOZĴTǰNBOBHFNFOUǰJTǰSFRVJSFEǰ UPǰSFQPSUǰRVBSUFSMZǰQSPHSFTTǰPGǰUIFǰ action plans and budget usage to the Audit Committee in order to JEFOUJGZǰ BOZǰ PCTUBDMFTǰ PSǰ JTTVFTǰ BSJTJOHǰ JOǰ UIFǰ JNQMFNFOUBUJPOǰ PGǰ the plan. 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰFWBMVBUJOHǰ NBOBHFNFOUĴTǰ QFSGPSNBODFǰ CZǰ DPNQBSJOHǰJUTǰQFSGPSNBODFǰXJUIǰLFZǰ CVTJOFTTǰPCKFDUJWFTǰBOEǰCZǰFWBMVBUJOHǰ UIFǰ DPNQBOZĴTǰ PWFSBMMǰ CVTJOFTTǰ QFSGPSNBODFǰ2VBSUFSMZǰNBOBHFNFOUǰ QFSGPSNBODFǰ JTǰ SFQPSUFEǰ JOǰ UIFǰ

12.8 Leadership and Vision




12.10 Business Ethics 5PÇ°NBOJGFTUÇ°JUTÇ°EFWPUJPOÇ°UPÇ°UIFÇ°QSJODJQMFÇ°PGÇ°HPPEÇ°DPSQPSBUFÇ°HPWFSOBODF Ç° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° FOEPSTFEÇ° UIFÇ° (SPVQÄ´TÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° 'SBNFXPSL Ç° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÄ´Ç° )BOECPPL Ç° BOEÇ° UIFÇ° )BOECPPLÇ° PGÇ° Business Ethics on August 17, 2006. These guidelines, which are constantly SFWJFXFEÇ°UPÇ°SFĹ´FDUÇ°UIFÇ°DIBOHJOHÇ°DPOEJUJPOÇ°PGÇ°UIFÇ°SFHVMBUPSZÇ°MBOETDBQF Ç° QSPWJEFÇ° TUBOEBSETÇ° GPSÇ° HPPEÇ° HPWFSOBODFÇ° QSBDUJDFTÇ° GPSÇ° UIFÇ° DPNQBOZÄ´TÇ° QFSTPOOFMÇ°PGÇ°FWFSZÇ°MFWFMÇ°&TTFOUJBMMZ Ç°NFNCFSTÇ°PGÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ° BSFÇ°SFRVJSFEÇ°UPÇ°TJHOÇ°POÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÄ´Ç°)BOECPPLÇ°&NQMPZFFTÇ° are also educated about good governance practices through regular training programs.

The Company’s Summary Information as of the fiscal year 2012 12.11 Power check and balance of Non-Executive Directors "TǰPGǰ%FDFNCFSǰ ǰ ǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰJTǰDPNQPTFEǰPGǰFMFWFOǰ  ǰNFNCFSTǰDPOTJTUJOHǰPGǰUIFǰGPMMPXJOH 0OFǰ  ǰPGǰJUTǰNFNCFSTǰUPǰCFǰ&YFDVUJWFǰ%JSFDUPSǰ 'JWFǰ  ǰPGǰJUTǰNFNCFSTǰUPǰCFǰ/PO&YFDVUJWFǰ%JSFDUPST ǰBOEǰ 'JWFǰ  ǰPGǰJUTǰNFNCFSTǰUPǰCFǰ*OEFQFOEFOUǰ%JSFDUPSTǰ

12.12 Centralization and Decentralization of Power 5IFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° QMBDFTÇ° BOÇ° JNQPSUBODFÇ° VQPOÇ° USBOTQBSFODZÇ° PGÇ° CVTJOFTTÇ°PQFSBUJPO Ç°EFDFOUSBMJ[BUJPOÇ°PGÇ°EFDJTJPOÇ°NBLJOH Ç°DMFBSÇ°TFQBSBUJPOÇ° PGÇ° QPXFSÇ° PGÇ° TDSFFOJOHÇ° BOEÇ° DPOTJEFSBUJPOÇ° PGÇ° BQQSPWBMÇ° $IBJSNBOÇ° PGÇ°

Eastern Water Resources Development and Management PCL.

ǰ POǰUIPTFǰUSBOTBDUJPOTǰBOEǰSFQPSUǰUPǰ$IBJSNBOǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ ǰ BOEǰ$IBJSNBOǰPGǰ"VEJUǰ$PNNJUUFFǰǰ z ǰ 1PTTFTTJPOǰPGǰTFDVSJUJFTǰCZǰUIFǰEJSFDUPST ǰFYFDVUJWFT ǰPSǰUIFJSǰSFMBUFEǰ ǰ QBSUJFTǰ5IFǰDPNQBOZǰTIBMMǰSFQPSUǰUIFǰTVNNBSZǰPGǰTVDIǰQPTTFTTJPOǰUPǰ ǰ UIFǰ#PBSEǰPGǰ%JSFDUPSTǰJOǰFBDIǰPGǰUIFǰNFFUJOHǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPST *OǰUIFǰDBTFǰPGǰDPOOFDUFEǰUSBOTBDUJPOT ǰUIFǰDPNQBOZǰXJMMǰBEIFSFǰUPǰUIFǰ SFHVMBUJPOTǰTFUǰGPSUIǰCZǰ4&5ǰBOEǰ4&$ǰ5IFǰDPNQBOZǰNBOBHFNFOUǰXJMMǰ JOGPSNǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰUIFǰTBJEǰUSBOTBDUJPOTǰBOEǰUIFǰEJSFDUPSTǰ related to the said transactions will be requested to leave the meeting during that agenda. The company also provides the connected transaction SFQPSUǰUPǰUIFǰFYFDVUJWFTǰUPǰBWPJEǰQSPDVSJOHǰGSPNǰTVQQMJFSTǰPSǰDPOUSBDUJOHǰ DPOUSBDUPSTǰUIBUǰNBZǰIBWFǰDPOŴJDUTǰPGǰJOUFSFTUǰ$POOFDUFEǰUSBOTBDUJPOTǰ BSFǰDBSFGVMMZǰTDSVUJOJ[FEǰCFGPSFǰBQQSPWBM ǰXJUIǰUIFǰQSJDFǰBOEǰDPOEJUJPOTǰ UIBUǰBSFǰUIFǰTBNFǰBTǰXPVMEǰCFǰBQQMJFEǰUPǰBǰOPSNBMǰUIJSEQBSUZǰĜBSNĴTǰ length� transaction. Connected transactions are disclosed in the annual SFQPSUǰBOEǰ'PSNǰǰ

the Board shall not be the same QFSTPOÇ° BTÇ° 1SFTJEFOUÇ° Ç° $&0Ç° 5IFÇ° NFNCFSTÇ°PGÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ° shall be Independent Directors with no authority to sign approval legal binding to the Company, no ĹłOBODJBMÇ°BOEÇ°NBOBHFNFOUÇ°DPOĹ´JDUTÇ° PGÇ°JOUFSFTUÇ°XJUIÇ°UIFÇ°$PNQBOZÇ°BOEÇ° JUTÇ°BGĹłMJBUFEÇ°DPNQBOJFTÇ°

12.13 Remunerations of Directors and Executives 3FNVOFSBUJPOTÇ° PGÇ° UIFÇ° #PBSEÇ° PGÇ° Directors and Executives are in accordance with the principles and policies which were stipulated CZÇ° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° 5IFÇ° Remuneration Committee shall DPOTJEFSÇ°UIFÇ°SFNVOFSBUJPOTÇ°GPMMPXJOHÇ° the period in the position based on UIFÇ°OFUÇ°QSPĹłU Ç°EJWJEFOEÇ°QBZNFOU Ç°BOEÇ° PQFSBUJOHÇ°SFTVMUTÇ°PGÇ°UIFÇ°$PNQBOZÂŻTÇ° Directors which are considered under the annual basis. The appropriate remuneration shall be proposed UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOEÇ°UIFÇ° TIBSFIPMEFSTÇ° JOÇ° UIFÇ° QBSUÇ° PGÇ° UIFÇ° #PBSEÇ°PGÇ°%JSFDUPST Ç°*OÇ°UIFÇ°ĹłTDBMÇ°ZFBSÇ°  Ç°UIFÇ°$PNQBOZÂŻTÇ°SFNVOFSBUJPOTÇ° QBJEÇ°UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ°BOEÇ° &YFDVUJWFTÇ°BSFÇ°BTÇ°GPMMPXTÇ°


 Annual Report 2012

Report of the Remunerations of the Directors and Executives for the fiscal year 2012 The remunerations of the Directors from January 1, 2012 - December 31, 2012 Unit : Baht Period Meeting Meeting Directors’ Month (s) in the in the Allowance Allowance Remuneration position position of the of the depending in 2012 in 2012 Company’s Subon the (Jan.- Dec. Board of Committee months in 12) (For Bonus Directors 5 the position Consideration)

Names of Directors

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Mr. Chanin Yensudchai Mr. Charnchai Soontharamut Mr. Somchai Choomrat Mr. Poonsak Pranootnaraparn Mr. Rungson Sriworasat Mr. Vichian Udamratanasil Mr. Permsak Rattana-ubon Mrs. Arunee Arkaraprasertkul Pol.Gen. Wutthi Phuawade Miss Narinee Talomsin Mrs. Namphon Rassadanukul Mr. Jiratt Nithianantporn Mr. Kallayana Vipattipumiprates General Chuchai Boonyoi Mr. Prinya Nakchudtree Mr. Chinawat Assavapokee Mr. Thairatana Jotikabhukkana Mrs. Rattana Kitehawan Mr. Verapong Chaiperm Mr. Sahust Pratuknukul Mr. Praphant Asava-Aree

Remark:

Chairman Former Chairman1 Former Director1 Former Director1 Former Director1 Former Director1 Former Director4 Former Director1 Former Director1 Former Director1 Former Director3 Director Director Director Director2 Director Director2 Director Director Director4 Director

1 11 12 12 11 3 4 12 11 11 1 1 1 1 8 7 8 12

12,500 137,500 120,000 120,000 110,000 30,000 30,000 120,000 110,000 110,000 10,000 10,000 80,000 70,000 80,000 120,000

180,000 260,000 130,000 20,000 20,000 240,000 40,000 120,000 10,000 70,000 40,000 180,000

37,500 412,500 360,000 360,000 330,000 90,000 120,000 360,000 330,000 330,000 30,000 30,000 30,000 240,000 210,000 240,000 360,000

1 11 12 12 11 3 4 12 11 11 1 1 1 1 8 7 8 12

Bonus in 2011 after the tax holding

121,516.50 109,364.85 109,364.85 401,004.45 364,549.50 109,364.85 109,364.85 109,364.85 486,066.006

1. Former Chairman and former Directors mean the Company’s Directors, whose post was retired before December 31, 2012. 2. The approval from the Board of Directors to appoint as the Company’s Directors on December 20, 2011, hence, they had not joined the Board of Directors’ meeting in 2012. 3. Mrs. Namphon Rassadanukul informed not to receive the remuneration of the Directors from the Company. 4. The remuneration of Mr. Permsak Ratanaubon of Baht 534,549.50 and the remuneration of Mr. Sahas Prataknukul of Baht 360,000 followed the regulations of Electricity Generating Public Company Limited (EGCO) which were directly transferred as director’s remuneration of directorship in other companies to the account of the Thai Rakpa Foundation. 5. The numbers of the meeting attendances are summarized in paragraph 43. 6. The deduction of the withholding tax is calculated in the Directors’ remunerations.




12.14 The Board of Directors’ Meeting The Board of Directors’ monthly meetings are normally scheduled on the fourth week of the month. The meetings are planned in advance for the whole year to facilitate the Directors’ time to attend for every meeting. The President & CEO, serving as the Secretary to the Board of Directors, shall coordinately include the scopes, importance orders, and subjects into meeting agendas. The important matters will be included in meeting agendas for consideration and other subjects will be ordered in certain agendas by their importance and urgency. The letter of meeting invitation with meeting agendas and relevant documents will be sent in advance to the Board of Directors to review the information before attending every meeting. During the meeting, after the completion of the management’s presentation, Chairman shall ask the Directors to raise questions or express their opinion and mutually discuss problems. Hence, the conclusion is received, Chairman shall provide conclusion BTǰUIFǰNFFUJOHĴTǰSFTPMVUJPOǰGPSǰDMBSJųDBUJPOǰBOEǰBDDVSBDZǰBOEǰNVUVBMǰ acknowledgement, leading to careful consideration as well as providing TVGųDJFOUǰ UJNFǰ GPSǰ UIFǰ %JSFDUPSTǰ UPǰ NVUVBMMZǰ EJTDVTTǰ UIFǰ QSPCMFNTǰ *Gǰ there is no objection to the meeting’s resolution, Chairman shall lead to the consideration of the following agenda.

'PSÇ°UIFÇ°ĹłTDBMÇ°ZFBSÇ° Ç°UIFÇ°#PBSEÇ°IFMEÇ°Ç°NFFUJOHTÇ°UIFSFÇ°XFSFÇ°Ç°NFFUJOHTÇ°5IFÇ°EFUBJMTÇ°BOEÇ°UIFÇ°JOEJWJEVBMÇ° directorĂ­s attendance can be summarized as follows: Meeting attended/ No. of Meetings

Name of Directors

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Mr. Chanin Yensudchai Mr. Charnchai Soontharamut* Mr. Somchai Choomrat Mr. Poonsak Pranootnaraparn Mr. Rungson Sriworasat Mr. Vichian Udamratanasil Mr. Permsak Rattana ubon Mrs. Arunee Arkaraprasertkul Pol. Gen.Wutthi Phuawade Miss Narinee Talomsin Mrs. Numphon Rassadanukul Mr. Jiratt Nithianantporn Mr. Kallayana Vipattipumiprates General Chuchai Boonyoi Mr. Prinya Nakchudtree Mr. Chinawat Assavapokee Mr. Thairatana Jotikabhukkana Mrs. Rattana Kitehawan Mr. Verapong Chaiperm Mr. Sahust Pratuknukul Mr. Praphant Asava-Aree

Chairman Former Chairman Former Director Former Director Former Director Former Director Former Director Former Director Former Director Former Director Former Director Director Director Director Director Director Director Director Director Director Director

1/1 12/12 13/13 13/13 12/12 3/3 3/3 13/13 12/12 12/12 1/1 0/1 1/1 8/10 7/9 9/10 14/14

Remark : *Mr. Charnchai Soontharamut passed away on December 3, 2012

Effective Period

Effective on Dec. 13, 2012 Sept 22, 2011 - Dec 3, 2012 Sept 22, 2011 - Dec 17, 2012 Sept 22, 2011 - Dec 17, 2012 Jan 31, 2011 - Dec 4, 2012 Dec 19, 2011 - Apr 1, 2012 Mar 24, 2011 - Apr 17, 2012 Oct 11, 2011 - Dec 17, 2012 Oct 11, 2011 - Dec 6, 2012 Oct 11, 2011 - Dec 6, 2012 Mar 29, 2012 - Apr 17, 2012 Effective on Dec. 13, 2012 Effective on Dec. 13, 2012 Effective on Dec. 13, 2012 Effective on Dec. 20, 2012 Effective on Dec. 20, 2012 Effective on Dec. 20, 2012 Effective on Apr 25, 2012 Effective on Apr 25, 2012 Effective on Apr 25, 2012 Jan 26, 2007 - Jan 24, 2008 May12, 2008 - Present

Eastern Water Resources Development and Management PCL.

12.13.1 Executive Remuneration The eleven (11) members of the Executives Directors and Executives PGÇ°UIFÇ°$PNQBOZÇ°SFDFJWFEÇ°CFOFĹłUTÇ°GPSÇ° the 2012 operating results in the form of salaries and remunerations at the total amount of Baht 34,314,408.85. 12.13.2 Securities Holding The eleven (11) members of the Board of Directors being appointed as of December 31, 2012, there were no member holding securities of the company which the details are appeared on page 18-21 Therefore, there were eight (8) members of the Executives Directors and Executives of the Company held 1,423,100 common shares (As of December 31, 2012).


 Annual Report 2012

5IFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰBǰQPMJDZǰUPǰTFUǰVQǰNFFUJOHTǰXJUIǰ*OEFQFOEFOUǰ UIFǰ$PNQBOZ¯TǰNJTTJPOTǰBOEǰQPMJDZǰ Directors and Directors meeting which excluded Executive Directors in prior to proposing them to the Board PGǰ%JSFDUPSTǰGPSǰBQQSPWBM ǰPSǰSBUJųDB January 2012. UJPO ǰPSǰGVSUIFSǰQSPWJEJOHǰBEEJUJPOBMǰ 12.15 The Sub-Committees recommendations, depending upon 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰBQQPJOUFEǰUIFǰ4VC$PNNJUUFFTǰXIJDIǰDPOTJTUǰ the case. Details on the committees PGǰNFNCFSTǰXJUIǰBQQSPQSJBUFǰFYQFSUJTFǰUPǰTUVEZǰBOEǰTDSFFOǰUIFǰXPSLTǰ BQQPJOUFEǰCZǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ BTTJHOFEǰUPǰUIFNǰUPǰJOJUJBMMZǰFOTVSFǰUIFJSǰBDDVSBDZǰBOEǰDMBSJUZǰGPMMPXJOHǰ and their meeting attendance during UIFǰųTDBMǰZFBSǰǰBSFǰBTǰGPMMPXT ǰ5IFǰ"VEJUǰ$PNNJUUFFǰBTǰPGǰ%FDFNCFSǰ ǰǰDPNQSJTFEǰUISFFǰ  ǰJOEFQFOEFOUǰEJSFDUPST ǰBOEǰPOFǰ  ǰ advisor, namely No.

Name-Surname

Ç° Ç°

.STÇ°"SVOFFÇ°"SLBSBQSBTFSULVMÇ°

Ç° Ç° Ç° Ç° Ç° Ç°

.SÇ°1PPOTBLÇ°1SBOPPUOBSBQBSOÇ° .SÇ°3VOHTPOÇ°4SJXPSBTBUÇ° .SÇ°$IBLLSJUÇ°1BSBQVOUBLVMÇ°

Position

Meeting attended/ No. of Meetings (times)

'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ° Committee 'PSNFSÇ°%JSFDUPSÇ° 'PSNFSÇ°%JSFDUPSÇ° "EWJTPSÇ°PGÇ°UIFÇ°"VEJUÇ°$PNNJUUFFÇ°

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°

Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°

Remark : As of December 31, 2012, there were no the appointment of Directors in place of the resigned Directors.

5IFǰ"VEJUǰ$PNNJUUFFǰJTǰSFTQPOTJCMFǰGPSǰFOTVSJOHǰUIFǰBDDVSBDZǰBOEǰDSFEJCJMJUZǰ PGǰUIFǰ$PNQBOZĴTǰųOBODJBMǰTUBUFNFOUǰGPMMPXJOHǰUIFǰHFOFSBMMZǰBDDFQUFEǰ JOUFSOBUJPOBMǰTUBOEBSEǰQSJPSǰUPǰQSPQPTJOHǰJUǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ5IFǰ $PNNJUUFFĴTǰNBOBHFNFOUǰQSPDFEVSFTǰTIBMMǰQFSGPSNǰXJUIǰFGGFDUJWFOFTT ǰ JOEFQFOEFODZ ǰBOEǰGPDVTǰPOǰUSBOTQBSFOUǰBOEǰDMFBSǰHVJEFMJOFTǰCFUXFFOǰ UIFǰ #PBSE ǰ UIFǰ *OUFSOBMǰ "VEJUǰ %FQBSUNFOU ǰ UIFǰ .BOBHFNFOU ǰ BOEǰ UIFǰ External Auditor in order to revise and provide recommendation in terms PGǰFGųDJFODZǰBOEǰFGGFDUJWFOFTTǰBTTFTTNFOUǰPGǰUIFǰ$PNQBOZĴTǰJOUFSOBMǰ control system in order to comply with the law and regulations. Also, the DPOTJEFSBUJPOǰPGǰDPOOFDUFEǰUSBOTBDUJPOǰPSǰDPOŴJDUǰPGǰJOUFSFTUǰUSBOTBDUJPOǰ TIBMMǰ CFǰ QFSGPSNFEǰ XJUIǰ MBXGVMǰ BOEǰ SFBTPOBCMFǰ JNQMFNFOUBUJPOǰ BOEǰ

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Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°.BOBHFNFOUÇ°BOEÇ°*OWFTUNFOUÇ°$PNNJUUFFÇ°DPNQSJTFEÇ°Ç°NFNCFST Ç°OBNFMZ No.

Name-Surname

Ç° Ç° Ç° Ç°

.SÇ°+JSBUUÇ°/JUIJBOBOUQPSO Ç° .SÇ°4PNDIBJÇ°$IPPNSBUÇ°

Ç° Ç° Ç° Ç° Ç° Ç°

.JTTÇ°/BSJOFFÇ°5BMPNTJOÇ° .SÇ°$IJOBXBUÇ°"TTBWBQPLFF Ç° .SÇ°1SBQIBOUÇ°"TBWB"SFFÇ°

Position

Meeting attended/ No. of Meetings (times)

$IBJSNBOÇ°PGÇ°UIFÇ°$PNNJUUFFÇ°  'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ°Ç° Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°

Committee 'PSNFSÇ°%JSFDUPSÇ° Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç° Ç° %JSFDUPSÇ°  %JSFDUPSÇ° 

Remark : *Has been appointed to replace the resigned Directors on December 20, 2012, hence, he had not attended the meeting of the Management and Investment Committee in 2012.




BOEǰDPOTJEFSǰSFWJTJPOǰPGǰCVTJOFTTǰQMBOT ǰPQFSBUJOHǰQMBOTǰBOEǰBOOVBMǰCVEHFUT ǰ BOEǰPUIFSǰNBUUFST ǰQBSUJDVMBSMZ ǰDPODFSOJOHǰQSPDVSFNFOUǰPGǰJOWFTUNFOUǰ QSPKFDUǰ XIJDIǰ JTǰ PWFSǰ UIFǰ BTTJHOFEǰ BVUIPSJ[BUJPOǰ CFGPSFǰ QSPQPTJOHǰ UPǰ UIFǰ#PBSEǰ*OǰBEEJUJPO ǰUIFǰ.BOBHFNFOUǰBOEǰ*OWFTUNFOUǰ$PNNJUUFFǰJTǰ SFTQPOTJCMFǰGPSǰEFUFSNJOBUJPOǰPGǰQSPDFEVSFTǰBOEǰQSJODJQMFTǰGPSǰJOWFTUNFOUǰ PGǰ QSPKFDUT ǰ ųOBODJBMǰ JOWFTUNFOU ǰ BOEǰ TVQQPSUJOHǰ NBOBHFNFOUǰ PGǰ UIFǰ NBOBHFNFOUǰJOǰPSEFSǰUPǰBDIJFWFǰUIFǰ$PNQBOZĴTǰHPBMTǰBOEǰPCKFDUJWFTǰ

Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°$PSQPSBUFÇ°(PWFSOBODFÇ°BOEÇ°/PNJOBUJOHÇ°$PNNJUUFFÇ°DPNQSJTFEÇ°Ç°NFN bers, namely No.

Name-Surname

Position

Ç° Ç°

.SÇ°3VOHTPOÇ°4SJXPSBTBUÇ°

Ç° Ç° Ç° Ç°

.STÇ°"SVOFFÇ°"SLBSBQSBTFSULVMÇ° .SÇ°7FSBQPOH1 Chaiperm

'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ°Ç° Committee 'PSNFSÇ°%JSFDUPSÇ° Director

Meeting attended/ No. of Meetings (times)

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç° Ç° Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç° Ç° 3/3

Remark : 1. Mr. Weerapong Chaiperm was appointed as the member of the Corporate Governance and Nominating Committee in April 2012. 2. As of December 31, 2012, there were no Directors appointed in place of the resigned Directors

Corporate Governance Corporate Governance is responsible GPSǰTVQQPSUJOHǰUIFǰPQFSBUJPOǰPGǰUIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ XJUIǰ BDDVSBDZ ǰ USBOTQBSFODZ ǰBOEǰCFOFųUǰNBJOUBJO JOHǰPGǰUIFǰ$PNQBOZĴTǰTIBSFIPMEFSTǰ and stakeholders by screening the NBOVBMǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPST ǰ #VTJOFTTǰ &UIJDT ǰ 4UBGGǰ &UIJDT ǰ BOEǰ FOTVSJOHǰUIFǰQSBDUJDBMǰSFTVMUǰPGǰUIFǰ development and the best practices

PGǰUIFǰ(PPEǰ$PSQPSBUFǰ(PWFSOBODFǰQSJODJQMFTǰ.PSFPWFS ǰUIFǰ$PNNJUUFFǰ JTǰUPǰFOTVSFǰUIBUǰUIFǰ$PNQBOZǰGPMMPXTǰJNQPSUBOUǰQSBDUJDFǰHVJEFMJOFTǰPGǰ UIFǰFGGFDUJWFǰDPSQPSBUFǰHPWFSOBODFǰQSPDFEVSFTǰXIJDIǰBSFǰTVJUBCMFǰBOEǰ JOǰBDDPSEBODFǰXJUIǰOPUJųDBUJPOTǰPGǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ5IFǰ BTTFTTNFOUǰTIBMMǰCFǰQFSGPSNFEǰQFSJPEJDBMMZǰJOǰBDDPSEBODFǰXJUIǰUIFǰQPMJDZǰ Nomination 5IFǰ/PNJOBUJOHǰ$PNNJUUFFǰJTǰBQQPJOUFEǰCZǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰUPǰTFMFDUǰ BOEǰOPNJOBUFǰTVJUBCMFǰQFSTPOTǰUPǰCFǰNFNCFSTǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ PGǰUIFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFEǰDPNQBOJFT ǰUIFǰ4VC$PNNJUUFFTǰPGǰ UIFǰ$PNQBOZ ǰBOEǰ1SFTJEFOUǰǰ$&0 ǰJODMVEJOHǰFYQSFTTǰBOǰPQJOJPOǰUPǰUIFǰ NBOBHFNFOUǰTUSVDUVSFǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰBOEǰUIFǰ4VC$PNNJUUFFTǰǰ

Ç°"TÇ°PGÇ°%FDFNCFSÇ° Ç° Ç°UIFÇ°3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÇ°DPNQSJTFE No.

Name-Surname

Position

Meeting attended/ No. of Meetings (times)

Ç° Ç°

.SÇ°4PNDIBJÇ°$IPPNSBUÇ°

'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ° Committee

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°

Ç° Ç°

1PM(FOÇ°8VUUIJÇ°1IVBXBEFÇ°

'PSNFSÇ°%JSFDUPSÇ°

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç° Ç°

Ç° Ç°

1

.STÇ°3BUUBOB Kitchawan

Director

1/3

Ç° Ç°

.SÇ°1SBQIBOUÇ°"TBWB"SFFÇ°

%JSFDUPSÇ°

Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°

Remark : 1. Mrs. Rattana Kitwan was appointed as the member of the Risk Management Committee in April 2012. 2. As of December 31, 2012, there were no Directors appointed in place of the resigned Directors

Eastern Water Resources Development and Management PCL.

5IFǰ.BOBHFNFOUǰBOEǰ *OWFTUNFOUǰ Committee have been assigned by the #PBSEǰPGǰ%JSFDUPSTǰUPǰCFǰSFTQPOTJCMFǰ GPSǰ FOTVSJOHǰ UIFǰ FGųDJFODZǰ BOEǰ TUSFOHUIǰPGǰUIFǰ$PNQBOZĴTǰCVTJOFTTǰ PQFSBUJPOǰGPMMPXJOHǰUIFǰQPMJDZǰPGǰUIFǰ Board. The Committee is to screen


 Annual Report 2012

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Name-Surname

Ç° Ç°

.SÇ°1PPOTBLÇ°1SBOPPUOBSBQBSOÇ°

Ç° Ç° Ç° Ç°

.SÇ°4BIVTUÇ°1SBUVLOVLVMÇ° .SÇ°7FSBQPOHÇ°$IBJQFSNÇ°

Position

'PSNFSÇ°$IBJSNBOÇ°PGÇ°UIFÇ° Committee %JSFDUPSÇ° %JSFDUPSÇ°

Meeting attended/ No. of Meetings (times)

Ç° 3FTJHOFEÇ°POÇ°%FDÇ° Ç°

 

Remark : As of December 31, 2012, there were no Directors appointed in place of the resigned Directors

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Eastern Water Resources Development and Management PCL.

Name of directors

12.17 Training of Directors




 Annual Report 2012

12.18 Nomination of directors and managements 5IFǰ$PNQBOZǰESBXOǰVQǰBǰ#PBSEǰPGǰ %JSFDUPSTĴǰNBOVBMǰXIJDIǰTUBUFEǰUIFǰ SFRVJSFNFOUǰUPǰGPMMPXǰUIFǰ$PNQBOZ¯Tǰ "SUJDMFǰ PGǰ "TTPDJBUJPOǰ BOEǰ 4UPDLǰ &YDIBOHFǰPGǰ5IBJMBOEĴTǰSFHVMBUJPOTǰ regarding the nomination and BQQPJOUNFOUǰPGǰTVJUBCMFǰDBOEJEBUFǰ GPSǰQPTJUJPOǰJOǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰ 5IFǰNBJOǰQSJODJQMFTǰGPSǰDPOTJEFSBUJPOǰ BSFǰBTǰGPMMPXT z ǰ .VTUǰCFǰSFBTPOBCMZǰRVBMJųFE ǰEPFTǰ OPUǰIBWFǰGPSCJEEFOǰDIBSBDUFSJTUJDTǰBTǰ prescribed under the Stock Exchange PGǰ5IBJMBOEĴTǰSFHVMBUJPOTǰBOEǰJGǰIPMEǰ BOǰJOEFQFOEFOUǰEJSFDUPSĴTǰTUBUVTǰPOFǰ NVTUǰIBWFǰBMMǰUIFǰRVBMJųDBUJPOTǰBTǰ TQFDJųFE z ǰ 5IFǰ$IBJSNBOǰPGǰUIFǰ#PBSEǰTIPVMEǰ be an independent director and should not be chairman or member PGǰPUIFSǰDPNNJUUFFT z ǰ 5IFǰ$PNQBOZǰIBTǰTQFDJųFEǰUIFǰ QPMJDZǰUPǰBQQPJOUǰJUTǰ#PBSEǰPGǰ%JSFDUPSTǰ UPǰCFǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰJUTǰ subsidiary in the event when the Company holds more than 50 percent or above share in its subsidiary. The Company should receive the rights UPǰBQQPJOUǰUIFǰ$PNQBOZĴTǰEJSFDUPSTǰ PSǰRVBMJųFEǰQFSTPOǰUPǰCFǰBǰNFNCFSǰ PGǰ#PBSEǰPGǰ%JSFDUPSTǰJOǰJUTǰTVCTJEJBSZ ǰ PGǰXIJDIǰUIFǰSJHIUTǰUPǰBQQPJOUǰUIFǰ FYFDVUJWFǰEJSFDUPSǰOPǰMFTTǰUIBOǰIBMGǰ PGǰUIFǰUPUBMǰPSǰGVUVSFǰOVNCFSǰPGǰUIFǰ executive directors in its subsidiary. *OǰBEEJUJPO ǰJGǰUIFǰ$PNQBOZǰIPMETǰ NPSFǰUIBOǰǰQFSDFOUǰPGǰTIBSFT ǰUIFǰ company should have the rights to BQQPJOUǰ UIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ JOǰ BDDPSEBODFǰ UPǰ UIFǰ QFSDFOUBHFǰ PGǰ its holdings.

z ǰ 5IFǰOVNCFSǰPGǰMJTUFEǰDPNQBOJFTǰUIBUǰEJSFDUPSTǰDBOǰUBLFǰQPTJUJPOǰJTǰ MJNJUFEǰ UPǰ FYFDVUJWFǰ EJSFDUPSǰ QPTJUJPOǰ PGǰ OPǰ FYDFFEJOHǰ GPVSǰ  ǰ MJTUFEǰ DPNQBOJFTǰBOEǰOPOFYFDVUJWFǰEJSFDUPSǰQPTJUJPOǰPGǰOPǰFYDFFEJOHǰųWFǰ  ǰ listed companies. z ǰ 5IFǰBQQSPQSJBUFǰBHFǰMJNJUǰGPSǰBǰQFSTPOǰUPǰCFǰBǰEJSFDUPSǰTIBMMǰOPUǰPWFSǰ UIFǰBHFǰPGǰTFWFOUZųWFǰ  ǰZFBSTǰBOEǰOPUǰMJNJUJOHǰUIFǰDPOTFDVUJWFǰUFSNTǰ JOǰPSEFSǰOPUǰMPTFǰUIFǰPQQPSUVOJUZǰGPSǰUIFǰBQQPJOUNFOUǰPGǰEJSFDUPSTǰXJUIǰ knowledge, ability and experience. z ǰ *OEFQFOEFOUǰ %JSFDUPSǰ OPUǰ IPMEJOHǰ TIBSFTǰ PGǰ UIFǰ DPNQBOZ ǰ QBSFOUǰ DPNQBOZ ǰJUTǰTVCTJEJBSZ ǰBGųMJBUFEǰDPNQBOZǰPSǰDPOŴJDUǰPGǰJOUFSFTUǰQBSUZǰ JODMVEJOHǰ SFMBUFEǰ QFSTPOTǰ VOEFSǰ 4FDUJPOǰ ǰ PGǰ UIFǰ 4FDVSJUJFTǰ BOEǰ Exchange Act B.E. 2551). 'VSUIFSNPSF ǰUIFǰDPNQBOZǰSFBMJ[FEǰUIFǰJNQPSUBODFǰPGǰNBOBHJOHǰDPPQFSBUJPOǰ FGųDJFOUMZǰTPǰBǰQPMJDZǰXBTǰESBXOǰVQǰUPǰQBTTǰPOǰUIFǰNBOBHFNFOUǰQPTJUJPOTǰ GPSǰ UIFǰ QVSQPTFǰ PGǰ TFUUJOHǰ FYBNQMFTǰ BOEǰ GSBNFXPSLTǰ GPSǰ QSFQBSJOHǰ FNQMPZFFTǰGPSǰUIFǰNBOBHFNFOUǰQPTJUJPOTǰVOEFSǰUSBOTQBSFODZ ǰGBJSOFTTǰ and can be monitored. (1) The Nomination Committee has the responsibilities to set up criteria JOǰOPNJOBUJOHǰBOEǰBQQSPWBMǰPGǰNBOBHFNFOUǰQPTJUJPOǰTVDDFTTJPOǰQMBOǰ 5IJTǰJODMVEFTǰųMUFSJOHǰNBOBHFNFOUǰPSǰPVUTJEFSǰGPSǰUIFǰ$IJFGǰ&YFDVUJWFǰ 0GųDFSǰQPTJUJPOǰBOEǰSFQPSUǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰGVSUIFSǰBQQSPWBMǰǰ  ǰ$IJFGǰ&YFDVUJWFǰ0GųDFSǰBOEǰSFMBUFEǰQBSUJFTǰIBWFǰUIFǰSFTQPOTJCJMJUJFTǰUPǰ set up criteria in nominating and developing skilled employees, including nominating executive vice president and others.




5IFǰDPNQBOZǰTUJQVMBUFTǰUIFǰ*OUFSOBMǰ*OGPSNBUJPOǰ"DDFTTǰ$POUSPMǰHVJEFMJOFTǰ GPSǰEJSFDUPST ǰNBOBHFNFOUTǰBOEǰFNQMPZFFTǰPGǰUIFǰDPNQBOZǰDPWFSJOHǰ VOEFSǰHPPEǰDPSQPSBUFǰHPWFSOBODFǰQSJODJQMFTǰBTǰGPMMPXT  ǰ5IFǰQPMJDZǰSFHBSEJOHǰUSBEJOHǰPGǰUIFǰDPNQBOZĴTǰTFDVSJUJFT .BOBHFNFOUTǰ BOEǰ FNQMPZFFTǰ PGǰ UIFǰ DPNQBOZǰ JODMVEJOHǰ TQPVTFǰ BOEǰ NJOPSJUZǰ PGǰ UIFǰ TUBUFEǰ QFSTPOTǰ NVTUǰ IFMEǰ CVZǰ TFMMǰ PSǰ USBOTGFSǰ PGǰ UIFǰ DPNQBOZĴTǰ TIBSFǰ  ǰ NPOUIǰ CFGPSFǰ SFMFBTJOHǰ ųOBODJBMǰ TUBUFNFOUTǰ UPǰ UIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰBOEǰUISFFǰ  ǰEBZTǰBGUFSǰUIFǰSFMFBTFǰPGǰ ųOBODJBMǰTUBUFNFOUTǰUPǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰGPSǰUIFǰQVSQPTFǰ PGǰMFUUJOHǰTIBSFIPMEFSTǰBOEǰJOWFTUPSTǰIBWFǰTVGųDJFOUǰUJNFǰUPǰBDDFTTǰBOEǰ VOEFSTUBOEǰUIFǰDPNQBOZĴTǰJNQPSUBOUǰNFTTBHFTǰPSǰųOBODJBMǰTUBUFNFOUTǰ UIBUǰIBTǰCFFOǰSFMFBTFEǰUPǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOE  ǰ5IFǰQPMJDZǰSFHBSEJOHǰCVTJOFTTǰJOGPSNBUJPOǰPGǰUIFǰDPNQBOZǰ ǰ%JSFDUPS ǰNBOBHFNFOUT ǰFNQMPZFFT ǰPVUTPVSDFSTǰBOEǰGSFFMBODFSTǰPGǰUIFǰ DPNQBOZǰTPNFUJNFǰIBTǰUPǰXPSLǰXJUIǰJOGPSNBUJPOǰBOEǰEPDVNFOUTǰUIBUǰ DBOOPUǰCFǰEJTDMPTFEǰUPǰUIFǰQVCMJDǰBOEPSǰDPOųEFOUJBMǰUSBEJOHǰJOGPSNBUJPOǰ TVDIǰBTǰDPOUFOUǰJOǰDPOUSBDUT ǰCMVFǰQSJOUT ǰNBQT ǰGPSNVMBTǰBOEǰJOOPWBUJPOTǰ FUDǰXIJDIǰUIFǰSJHIUTǰCFMPOHTǰUPǰUIFǰDPNQBOZǰ5IFǰQSPUFDUJPOǰPGǰUIPTFǰ JOGPSNBUJPOǰJTǰIJHIMZǰJNQPSUBOUǰGPSǰUIFǰTVDDFTTǰPGǰUIFǰDPNQBOZĴTǰGVUVSFǰ BTǰXFMMǰBTǰTUBCJMJUZǰPGǰFWFSZCPEZĴTǰKPC Those who held position as a director, management, employee, outsourcer PSǰGSFFMBODFSǰIBTǰUIFǰPCMJHBUJPOTǰUPǰFOUFSǰJOUPǰBOǰBHSFFNFOUǰGPMMPXJOHǰUIFǰ MBXTǰBOEǰDPEFǰPGǰDPOEVDUTǰOPUǰUPǰEJTDMPTFǰBOZǰDPOųEFOUJBMǰJOGPSNBUJPO ǰ EPDVNFOUBUJPOǰPSǰUSBEJOHǰJOGPSNBUJPOǰǰ

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Eastern Water Resources Development and Management PCL.

12.19 Internal Information Access Control


 Annual Report 2012

Definition of Independent Directors (4) Not having a business relationship with the Company, its parent DPNQBOZ ǰTVCTJEJBSZǰDPNQBOZ ǰBGųMJBUFǰDPNQBOZǰPSǰKVSJTUJDǰQFSTPOǰXIPǰ NBZǰIBWFǰDPOŴJDUǰPGǰJOUFSFTUǰQFSTPO ǰJOǰUIFǰNBOOFSǰXIJDIǰNBZǰJOUFSGFSFǰ XJUIǰIJTǰJOEFQFOEFOUǰKVEHFNFOU (a) Relationship characteristics 3FMBUJPOTIJQǰJOǰDIBSBDUFSJTUJDTǰPGǰQSPGFTTJPOBMǰTFSWJDFT  ǰ "VEJUPSǰ BOEǰ PUIFSǰ QSPGFTTJPOBMǰ TFSWJDFTǰ JODMVEJOHǰ UIPTFǰ BTǰ MFHBMǰ ǰ BEWJTPS ǰųOBODJBMǰBEWJTPS ǰQSPQFSUZǰBQQSBJTFS ǰFUD  ǰ 4JHOJųDBOUǰMFWFMǰPGǰOPUǰJOEFQFOEFOU ǰ ǰ "VEJUPSǰ1SPIJCJUFE0UIFS ǰ ǰ 0UIFSǰ 1SPGFTTJPOBMǰ TFSWJDFTǰ UIFǰ USBOTBDUJPOǰ WBMVFǰ PGǰ FYDFFEJOHǰ Baht 2 million per year. Trading/ Business Relationship (which is in ǰ ǰ MJOFǰXJUIǰUIFǰ4&5ĴTǰDPOOFDUFEǰUSBOTBDUJPOǰHVJEFMJOF

ǰ ǰ 3FMBUJPOTIJQǰDIBSBDUFSJTUJDTǰ$PWFSJOHǰBMMǰUZQFTǰPGǰCVTJOFTTǰTVDIǰBTǰ normal business transaction, real estate renting/ renting out transaction, property/service transaction and providing or receiving ǰ ǰ ųOBODJBMǰBJET ǰ ǰ 4JHOJųDBOUǰMFWFMǰPGǰOPUǰJOEFQFOEFOUǰ5SBOTBDUJPOǰWBMVFǰPGǰFYDFFEJOHǰ ǰ ǰ PSǰFRVBMǰUPǰ#BIUǰǰNJMMJPOǰPSǰFYDFFEJOHǰPSǰFRVBMǰUPǰǰPGǰUIFǰ ǰ ǰ /FUǰ5BOHJCMFǰ"TTFUǰ /5" ǰPGǰUIFǰ$PNQBOZ ǰTVCKFDUǰUPǰXIJDIǰJTǰMPXFSǰ ǰ ǰ 8IFOǰDPOTJEFSJOHǰUIFǰWBMVFǰPGǰUSBOTBDUJPO ǰUSBOTBDUJPOTǰPDDVSSJOHǰ during 6 months prior to the transaction date must be aggregated. C ǰ*Oǰ DBTFǰ UIFǰ SFMBUJPOTIJQǰ DIBSBDUFSJTUJDTǰ VOEFSǰ B ǰ XJUIǰ UIFǰ KVSJTUJDǰ ǰ QFSTPO ǰQFSTPOǰPGǰEFQFOEFODZǰTVDIǰBTǰNBKPSǰTIBSFIPMEFST ǰEJSFDUPSTǰ (unless Independent Directors/ Audit Committee) (c) Relationship In (a). and (b). shall not be involved at present and at ǰ MFBTUǰǰZFBSTǰCFGPSFǰBOǰBQQPJOUNFOUǰ  ǰ /PUǰ CFJOHǰ Bǰ EJSFDUPSǰ BQQPJOUFEǰ BTǰ SFQSFTFOUBUJWFǰ PGǰ EJSFDUPSTǰ PGǰ UIFǰDPNQBOZ ǰNBKPSǰTIBSFIPMEFSǰPSǰTIBSFIPMEFSǰXIPǰJTǰSFMBUFEǰUPǰUIFǰ DPNQBOZĴTǰNBKPSǰTIBSFIPMEFS  ǰ /PUǰ IBWJOHǰ BOZǰ DIBSBDUFSJTUJDTǰ XIJDIǰ NBZǰ QSFWFOUǰ JODBQBCMFǰ PGǰ expressing independent opinions  ǰ *OEFQFOEFOUǰ EJSFDUPSTǰ XIPǰ IBWFǰ RVBMJųDBUJPOTǰ VOEFSǰ ǰ NBZǰ CFǰ BVUIPSJ[FEǰCZǰUIFǰ$PNQBOZĴTǰ#PBSEǰPGǰ%JSFDUPSTǰUPǰEFUFSNJOFǰUIFǰCVTJOFTTǰ PQFSBUJPOǰ PGǰ UIFǰ DPNQBOZ ǰ JUTǰ QBSFOUǰ DPNQBOZ ǰ TVCTJEJBSZǰ DPNQBOZ ǰ BTTPDJBUFǰDPNQBOZ ǰTBNFMFWFMǰTVCTJEJBSZǰDPNQBOZǰPSǰKVSJTUJDǰQFSTPOTǰ XIJDIǰ TIBMMǰ CFǰ QPTTJCMFǰ PGǰ BOZǰ DPOŴJDUǰ PGǰ JOUFSFTUǰ VOEFSǰ DPMMFDUJWFǰ decision basis.

 ǰ ǰ/PO&YFDVUJWFǰ%JSFDUPSǰOPUǰUPǰCFǰ JOWPMWFEǰXJUIǰEBZUPEBZǰNBOBHFNFOUǰ BOEǰOPUǰCFJOHǰBǰTIBSFIPMEFSǰPGǰUIFǰ Company, parent company, its parent company, subsidiary company, BGųMJBUFǰDPNQBOZ ǰBOEǰOPUǰCFJOHǰBǰ director appointed as representative PGǰ NBKPSǰ TIBSFIPMEFSǰ BTǰ RVBMJųFEǰ to be in accordance with relevant laws. (2) Not being a person related by CMPPEǰPSǰMFHBMǰSFHJTUSBUJPOǰBTǰGBUIFS ǰ mother, spouse, sibling and child, JODMVEJOHǰTQPVTFǰPGǰDIJME ǰFYFDVUJWF ǰ NBKPSǰ TIBSFIPMEFS ǰ DPOUSPMMJOHǰ person, or person to be nominated as executive or controlling person PGǰ UIFǰ DPNQBOZǰ PSǰ JUTǰ TVCTJEJBSZǰ company (3) Not undertaking any business in the same nature and in competition UPǰ UIFǰ CVTJOFTTǰ PGǰ UIFǰ DPNQBOZǰ or its subsidiary company, or not CFJOHǰ Bǰ TJHOJųDBOUǰ QBSUOFSǰ JOǰ Bǰ partnership or being an executive EJSFDUPS ǰ FNQMPZFF ǰ TUBGG ǰ BEWJTPSǰ who receives salary or holding shares FYDFFEJOHǰPOFǰQFSDFOUǰPGǰUIFǰUPUBMǰ OVNCFSǰPGǰTIBSFTǰXJUIǰWPUJOHǰSJHIUTǰ PGǰPUIFSǰDPNQBOZǰXIJDIǰVOEFSUBLFTǰ business in the same nature and in DPNQFUJUJPOǰUPǰUIFǰCVTJOFTTǰPGǰUIFǰ /PUJųDBUJPOǰ PGǰ UIFǰ $BQJUBMǰ .BSLFUǰ 4VQFSWJTPSZǰ #PBSEǰ /Pǰ 5PSǰ $IPSǰ ǰ 3Fǰ company or its subsidiary company Application for and Approval of Offer for Sale of Newly Issued Shares.)




XJUIǰSFHBSETǰTIBSFIPMEFSTĴǰJNQPSUBOUǰ NBUUFSTǰ UPǰ QSPUFDUǰ TIBSFIPMEFSTĴǰ interest. Furthermore, the company has announced the compliance to the good corporate governance; the DPEFǰ PGǰ DPOEVDUTǰ GPSǰ UIFǰ #PBSEǰ PGǰ%JSFDUPSTǰBOEǰDPEFǰPGǰDPOEVDUTǰ GPSǰUIFǰFNQMPZFFTǰTPǰBMMǰMFWFMTǰPGǰ UIFǰ DPNQBOZĴTǰ FNQMPZFFǰ GPMMPXǰ the standards. Those employees WJPMBUFǰ UIFǰ DPEFǰ PGǰ DPOEVDUǰ XJMMǰ The company places an importance to internal control systems whereby be investigated and penalized in GPDVTJOHǰ POǰ BQQSPQSJBUFǰ JOUFSOBMǰ DPOUSPMǰ TZTUFNTǰ XIJDIǰ TVQQPSUǰ UIFǰ accordance to the policy. FGųDJFODZǰPGǰUIFǰCVTJOFTTǰPOǰųOBODJBM ǰPQFSBUJPOBMǰBOEǰSJTLǰNBOBHFNFOUǰ TJEFTǰ5IFǰQSJODJQMFTǰXIJDIǰBSFǰVTFEǰUPǰBTTFTTǰUIFǰTVGųDJFODZǰPGǰJOUFSOBMǰ *OǰBEEJUJPO ǰLFFQJOHǰJOǰNJOEǰPGǰUIFǰ GBJSOFTTǰUPǰTVQQMJFST ǰUIFǰDPNQBOZǰ DPOUSPMǰTZTUFNTǰDBOǰCFǰEJWJEFEǰJOUPǰųWFǰ  ǰBSFBTǰBTǰGPMMPXT stipulate the policy in dealing with Control Environmental TVQQMJFSTǰ JOǰ DPEFǰ PGǰ DPOEVDUǰ GPSǰ 5IFǰ #PBSEǰ PGǰ %JSFDUPSTǰ QMBZTǰ BOǰ JNQPSUBOUǰ SPMFǰ UPǰ TUJQVMBUFǰ WJTJPOT ǰ purchasing and create channels QPMJDJFTǰBOEǰTUSBUFHJFTǰCZǰTQFDJGZJOHǰMPOHǰUFSNǰCVTJOFTTǰQMBO ǰQSPWJEJOHǰ GPSǰ DPNQMBJOUǰ UIPVHIǰ DPNQBOZĴTǰ opinions and approving annual business plan including action plans set XFCTJUFǰBUǰ"$@&8!FBTUXBUFSDPN in line with the long term plans that leads to activities to set goals, PCKFDUJWFT ǰ CVEHFUT ǰ SJTLǰ GBDUPST ǰ BDUJWJUJFTǰ QMBOǰ GPSǰ FBDIǰ QFSJPEǰ BOEǰ NFBTVSBCMFǰSFUVSOTǰUPǰNFFUǰUIFǰPWFSBMMǰPCKFDUJWFǰ*OǰBEEJUJPO ǰUIFǰ,FZǰ 1FSGPSNBODFǰ*OEJDBUPSTǰ ,1*T ǰBSFǰBQQMJFEǰBMMǰBDSPTTǰDPSQPSBUJPOǰJOǰPSEFSǰ UPǰUSBDL ǰGBJSMZǰBOEǰFGGFDUJWFMZǰBTTFTTǰUIFǰQFSGPSNBODFǰJOǰMJOFǰXJUIǰUIFǰ DPNQBOZĴTǰHPBMǰBOEǰPCKFDUJWFǰ The company has organization structure which separates the responsibilities UPǰNBJOǰPQFSBUJOHǰGVODUJPOTǰBOEǰTVQQPSUJOHǰGVODUJPOTǰ'VSUIFSNPSF ǰUIFǰ JOUFSOBMǰNBOBHFNFOUǰQPMJDZǰGPDVTFTǰPOǰUIFǰDIFDLǰBOEǰCBMBODFǰPGǰUIFǰ #PBSEǰPGǰ%JSFDUPST ǰNBOBHFNFOUTǰBOEǰTIBSFIPMEFSTǰBTǰXFMMǰBTǰQSPWJEJOHǰBǰ DPNNVOJDBUJPOǰDIBOOFMǰGPSǰUIFǰJOWFTUPSTǰUPǰDPOTJTUFOUMZǰQSPWJEFǰDPNQBOZĴTǰ JOGPSNBUJPOǰUPǰUIFǰQVCMJDǰBOEǰTFUǰVQǰDPNNJUUFFTǰUPǰIFMQǰQSPWJEJOHǰPQJOJPOǰ

Eastern Water Resources Development and Management PCL.

Assessment of the Sufficiency of Internal Control System for 2012


 Annual Report 2012

Risk Management The company adopted the Enterprise 3JTLÇ°.BOBHFNFOUÇ°CZÇ°BTTFTTJOHÇ°SJTLTÇ° in each process and analyzing risk GBDUPSTÇ° DVSSFOUÇ° DPOUSPMÇ° NFBTVSFTÇ° as well as setting up more control measures by encouraging employees to be involved in the process. The company have a risk management GVODUJPOÇ°UPÇ°QSFQBSFÇ°SJTLÇ°NBOBHFNFOUÇ° QMBO Ç° GPMMPXÇ° VQÇ° IPXÇ° UPÇ° NJUJHBUFÇ° risk to the acceptable level and SFBTTFTTÇ°SJTLÇ°GBDUPSTÇ°BOEÇ°SFQPSUÇ°UPÇ° 3JTLÇ°.BOBHFNFOUÇ°$PNNJUUFFÇ°CFGPSFÇ° QSFTFOUJOHÇ°UPÇ°UIFÇ°#PBSEÇ°PGÇ°%JSFDUPSTÇ° FWFSZÇ°RVBSUFSÇ°GPSÇ°DPOTJEFSBUJPOTÇ°BOEÇ° provide decision which will lead to continuous risk management process. During 2012, the company has draw up business continuity plans.

Control Activities 5IFǰDPNQBOZǰTUJQVMBUFEǰUIFǰTDPQFǰPGǰ QPXFSǰBOEǰBVUIPSJ[BUJPOǰPGǰųOBODJBMǰ approvals in accordance to good corporate governance regarding UIFǰ TFQBSBUJPOǰ PGǰ EVUZǰ BOEǰ XPSLǰ segregation by separating the duty PGǰ BQQSPWBMT ǰ BDDPVOUǰ SFDPSEJOHT ǰ JOGPSNBUJPOǰBOEǰEVUZǰPGǰBTTFUǰLFFQJOHǰ

and supervision. Furthermore, the company has received the quality DFSUJųDBUJPOǰVOEFSǰ*40ǰǰBOEǰ*40ǰǰTUBOEBSET ǰXIJDIǰ TQFDJųFTǰUIBUǰUIFǰDPNQBOZǰNVTUǰQSFQBSFǰNBOVBMTǰBOEǰXPSLǰQSPDFEVSFTǰ BTǰ UIFǰ PQFSBUJOHǰ TUBOEBSEǰ SFGFSFODFǰ BTǰ XFMMǰ BTǰ QSPWJEFTǰ USBJOJOHTǰ GPSǰ employees to gain understandings and ability to operate correctly in accordance to the company stipulated operational process. In case there is a related party transaction between the company BOEǰJUTǰBGųMJBUFEǰDPNQBOJFTǰJODMVEJOHǰPUIFSǰKPJOUǰJOUFSFTUǰQBSUJFT ǰUIFǰ USBOTBDUJPOǰTIBMMǰBDDVSBUFMZǰHPǰUISPVHIǰUIFǰDPOTJEFSBUJPOǰPGǰBQQSPWBMǰ 8IFOǰ UIFSFǰ JTǰ Bǰ TJHOJųDBOUǰ SFMBUFEǰ QBSUZǰ USBOTBDUJPO ǰ JOUFSOBMǰ BVEJUǰ EFQBSUNFOU ǰBVEJUǰDPNNJUUFFT ǰNBOBHFNFOUǰBOEǰDFSUJųFEǰBVEJUPSǰXJMMǰ DBSFGVMMZǰDPOTJEFSǰBOEǰGPMMPXǰUIFǰSFRVJSFNFOUTǰPGǰUIFǰ4UPDLǰ&YDIBOHFǰ PGǰ5IBJMBOEǰ 4&5 ǰBOEǰEJTDMPTFǰJOǰUIFǰųOBODJBMǰSFQPSUTǰBOEǰSFQPSUǰUPǰUIFǰ Securities and Exchange Commission (SEC). Additionally, during voting GPSǰSFMBUFEǰQBSUZǰUSBOTBDUJPO ǰEJSFDUPSTǰUIBUǰIBWFǰKPJOUǰCFOFųUTǰNBZǰOPUǰ vote in the agenda. ǰ 5IFǰDPNQBOZǰIBTǰDPOUJOVPVTMZǰGPMMPXFEǰUIFǰPQFSBUJPOǰPGǰUIFǰBGųMJBUFEǰ DPNQBOJFTǰ 5IFǰ PQFSBUJOHǰ SFTVMUTǰ PGǰ FBDIǰ BGųMJBUFEǰ DPNQBOZǰ XJMMǰ CFǰ SFQPSUFEǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰBDLOPXMFEHFNFOUǰBOEǰBǰEFMFHBUFEǰ TQFDJBMǰVOJUǰXJMMǰNPOJUPSǰUIFǰPQFSBUJPOTǰGPMMPXJOHǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ SFTPMVUJPOǰBOEǰDPPSEJOBUFǰBMMǰDPNQBOJFTǰUPǰGPMMPXǰUIFǰTBNFǰEJSFDUJPOǰJOǰ DPNQMJBODFǰXJUIǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰQPMJDZǰ.PSFPWFS ǰUIFǰDPNQBOZǰ EFMFHBUFEǰ UIFǰ DPSQPSBUFǰ TFDSFUBSZǰ UPǰ TVQFSWJTFǰ UIFǰ DPNQBOZĴTǰ MFHBMǰ JTTVFTǰBTǰXFMMǰBTǰDPNQMJBODFǰJTTVFǰUPǰFOTVSFǰUIFǰDPNQBOZĴTǰPQFSBUJPOǰ is in accordance to related laws, rules and regulations.




5IFǰ$PNQBOZǰQSPWJEFTǰTVGųDJFOUǰTJHOJųDBODFǰJOGPSNBUJPOǰUISPVHIǰNBOZǰ DPNNVOJDBUJPOǰ DIBOOFMTǰ UPǰ UIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ GPSǰ DPOTJEFSBUJPOǰ "MMǰBHFOEBTǰPGǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ.FFUJOHǰBOEǰUIFǰTVCDPNNJUUFFǰXJMMǰ IBWFǰUIFǰEFUBJMTǰPGǰCBDLHSPVOEǰTVNNBSZ ǰTVQQPSUJOHǰSFBTPOT ǰQSFWJPVTǰ meeting resolutions, law indication related to the meeting agenda JGǰBOZ ǰBDUJPOǰQSPHSFTTǰPGǰUIFǰNBOBHFNFOUTǰGPMMPXJOHǰ#PBSETĴǰDPNNFOUTǰ BOEǰQSPQPTBMǰPGǰUIFǰTVHHFTUJPOTǰDPOTJTUJOHǰPGǰPQUJPOTǰGPSǰDPOTJEFSBUJPOTǰ 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰBQQPJOUFEǰUIFǰBVEJUǰDPNNJUUFFTǰUPǰSFWJFXǰUIFǰ $PNQBOZĴTǰųOBODJBMǰTUBUFNFOUTǰUPǰFOTVSFǰJUǰJTǰQSFQBSFEǰJOǰBDDPSEBODFǰ XJUIǰUIFǰBDDPVOUJOHǰQSJODJQMFTǰBOEǰEJTDMPTFEǰųOBODJBMǰJOGPSNBUJPOǰDPSSFDUMZǰ and transparently. Furthermore, the company has continuously adopted and developed JOGPSNBUJPOǰTZTUFNTǰBOEǰJOUFSOBMǰEBUBCBTFǰTZTUFNǰUPǰBDDPNNPEBUFǰBMMǰ MFWFMTǰPGǰUIFǰDPNQBOZĴTǰFNQMPZFFTǰUPǰBDDFTTǰUIFǰEBUBǰBOEǰJOGPSNBUJPOǰ UIBUǰJTǰSFMBUFEǰUPǰUIFJSǰPQFSBUJPOTǰTVGųDJFOUMZǰCZǰDMFBSMZǰEFUFSNJOFǰUIFǰ SJHIUTǰUPǰBDDFTTǰJOGPSNBUJPO

Monitoring Activities The company developed ongoing monitoring targeted operation as stipulated in the long term business plan and annual operation plan. 5IFǰSFTVMUǰPGǰUIFǰQSPHSFTTǰJOǰUIFǰPQFSBUJPOTǰBOEǰ,1*TǰXJMMǰCFǰRVBSUFSMZǰ QSFTFOUFEǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰDPOTJEFSBUJPOǰPGǰųYJOHǰUIFǰQSPDFTTǰ UPǰQSFWFOUǰGVUVSFǰFSSPST The company pays importance to internal auditing to increase corporate values with risk base audit and appointing audit department work together XJUIǰJOUFSOBMǰBVEJUǰDPOTVMUBOUTǰUPǰFWBMVBUFǰUIFǰFGųDJFODZǰBOEǰUIFǰFGGFDUJWFOFTTǰ

Eastern Water Resources Development and Management PCL.

Information and Communication

PGǰJOUFSOBMǰDPOUSPMǰTZTUFNTǰGPSǰBMMǰ business process and reporting UPǰNBOBHFNFOUǰBOEǰUIFǰ#PBSEǰPGǰ Directors every quarter to ensure UIFǰFGųDJFODZǰBOEǰFGGFDUJWFOFTTǰPGǰ UIFǰ DPNQBOZĴTǰ JOUFSOBMǰ DPOUSPMǰ system as well as the accuracy PGǰ JOGPSNBUJPOǰ JODMVEJOHǰ ųOBODJBMǰ JOGPSNBUJPOǰ BOEǰ PQFSBUJPOBMǰ JOGPSNBUJPOǰ The audit department monitors the DPSSFDUJWFǰBDUJPOǰVQPOǰUIFǰųOEJOHTǰ BOEǰTVHHFTUJPOTǰPGǰBVEJUǰDPNNJUUFFTǰ and reported to audit committee on continuous basis. Additionally, there is ongoing monitoring process through the international standards PGǰ*40ǰǰBOEǰ*40ǰǰ "DDPSEJOHǰUPǰUIFǰǰDPOTJEFSBUJPOǰPGǰ JNQPSUBOUǰJOGPSNBUJPOǰEFSJWFEǰGSPNǰ BTTFTTNFOUǰPGǰUIFǰBGPSFNFOUJPOFEǰ internal control systems, the Board PGǰ %JSFDUPSTǰ JTǰ DPOųEFOUǰ UIBUǰ UIFǰ $PNQBOZĴTǰJOUFSOBMǰDPOUSPMǰTZTUFNǰ JTǰTVGųDJFOUǰBOEǰBQQSPQSJBUFǰXJUIǰUIFǰ business operations, transparency and TVQQPSUǰFGGFDUJWFOFTTǰPGǰTVTUBJOBCMFǰ business operations.


 Annual Report 2012

Report of Corporate Governance of the Audit Committee for 2012 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰ&BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ .BOBHFNFOUǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰBQQPJOUFEǰUIFǰ"VEJUǰ$PNNJUUFFǰ XIJDIǰDPOTJTUTǰPGǰUISFFǰ  ǰJOEFQFOEFOUǰEJSFDUPSTǰXIPTFǰRVBMJųDBUJPOTǰ BSFǰBQQSPQSJBUFEǰBTǰTUJQVMBUFEǰCZǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰ .PSFPWFS ǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰIBTǰTQFDJųFEǰUIF��RVBMJųDBUJPO ǰQPTJUJPOǰ QFSJPE ǰBOEǰEVUJFTǰBOEǰSFTQPOTJCJMJUJFTǰPGǰUIFǰ"VEJUǰ$PNNJUUFFǰPGǰUIFǰ DPNQBOZǰ XSJUUFOǰ JOǰ UIFǰ $IBSUFSǰ PGǰ UIFǰ "VEJUǰ $PNNJUUFFǰ 5IFǰ "VEJUǰ Committee was changed in late 2012. At present, the Audit Committee JTǰDPNQSJTFEǰPGǰ.Sǰ5IBJSBUBOBǰ+PUJLBCIVLLBOB ǰ$IBJSNBOǰPGǰUIFǰ"VEJUǰ $PNNJUUFF ǰ(FOǰ$IVDIBJǰ#PPOZPJǰBOEǰ.Sǰ,BMMBZBOBǰ7JQBUUJQVNJQSBUFT ǰ .FNCFSǰPGǰUIFǰ"VEJUǰ$PNNJUUFFǰ In 2012, the Audit Committee held the meeting nine (9) times which included the meetings with internal auditor, executives and external auditor. The Audit Committee reports the meeting resolution and PQFSBUJPOǰPGǰUIFǰ"VEJUǰ$PNNJUUFFǰUPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ.FFUJOHǰJOǰ FWFSZǰRVBSUFSǰ)PXFWFS ǰUIFǰ"VEJUǰ$PNNJUUFFǰQFSGPSNFEǰJUTǰEVUJFTǰBTǰ TUJQVMBUFEǰJOǰUIFǰ$IBSUFSǰXIJDIǰDBOǰCFǰTVNNBSJ[FEǰBTǰGPMMPXTǰ

Company with the auditors and the internal auditors, as well as SFDFJWFEǰUIFǰFYQMBOBUJPOǰGSPNǰUIFǰ management to ensure that the ųOBODJBMǰTUBUFNFOUTǰBSFǰQSFQBSFEǰ accuracy, reliability, and the adequacy PGǰBDDPVOUJOHǰSFDPSET ǰUIFǰBEFRVBDZǰ 1. Review of Financial Reporting BOEǰUJNFMZǰEJTDMPTVSFTǰPGǰJOGPSNBUJPO ǰ 5IFǰ"VEJUǰ$PNNJUUFFǰIBTǰSFWJFXFEǰUIFǰRVBSUFSMZǰBOEǰBOOVBMǰųOBODJBMǰ including providing the important TUBUFNFOUTǰ ǰJODMVEJOHǰUIFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUTǰPGǰUIFǰ DPNNFOUTǰUIBUǰCFOFųUTǰUIFǰDPNQBOZ ǰ and the Audit Committee held one (1) meeting in private with the "VEJUPSTǰ XJUIPVUǰ UIFǰ QSFTFODFǰ PGǰ the management to acknowledge UIFǰ JOEFQFOEFODFǰ BOEǰ TDPQFǰ PGǰ XPSLǰPGǰUIFǰBVEJUPST

2. Review of the Effectiveness of the Internal Control Systems. The Audit Committee had considered UIFÇ° JOUFSOBMÇ° BVEJUÇ° QMBOTÇ° PGÇ° Ç° which was based on the risk all PQFSBUJOHÇ°QSPDFEVSFTÇ°GPSÇ°UIFÇ°(SPVQÇ° PGÇ°$PNQBOJFT Ç°UIFÇ°JOGPSNBUJPOÇ°GSPNÇ° the corporate risks assessment,




5IFÇ°"VEJUÇ°$PNNJUUFFÄ´TÇ°TVQFSWJTJPOÇ°JTÇ° UPÇ°FOTVSFÇ°UIFÇ°USBOTQBSFOUÇ°JOGPSNBUJPOÇ° disclosure and compliance with applicable laws related to the CVTJOFTTÇ°PQFSBUJPOÇ°BOEÇ°UIFÇ°MBXTÇ°PGÇ° the securities and exchange, including UIFÇ°NBOBHFNFOUÄ´TÇ°TVNNBSZÇ°SFQPSUÇ° to comply with related laws, rules, BOEÇ°SFHVMBUJPOTÇ°PGÇ°UIFÇ°$PNQBOZÇ°BUÇ° least twice a year.

4. Supervision of the Internal Audit FYFDVUJWFTǰJOUFSWJFX ǰųOBODJBMǰTUBUFNFOUǰBOBMZTJT ǰBOEǰUIFǰDPNNFOUTǰ SFDFJWFEǰGSPNǰUIFǰBVEJUPST 5IFǰ"VEJUǰ$PNNJUUFFǰIBEǰDPOTJEFSFEǰSFWJFXJOHǰUIFǰSFTVMUTǰPGǰUIFǰFGųDJFODZǰ BOEǰFGGFDUJWFOFTTǰBTTFTTNFOUǰPGǰUIFǰJOUFSOBMǰDPOUSPMǰTZTUFNǰXIJDIǰXFSFǰ quartery done by the Internal Audit Department and the consultant company in accordance with the international standards. The Audit $PNNJUUFFǰIBEǰQSPWJEFEǰBEEJUJPOBMǰTVHHFTUJPOǰXIJDIǰXBTǰCFOFųDJBMǰUPǰ NPSFǰFGGFDUJWFOFTTǰBOEǰFGųDJFODZǰPGǰPQFSBUJPOTǰ5IFǰNBOBHFNFOUǰTIBMMǰ DPOUJOVPVTMZǰSFQPSUǰNBOBHFNFOUĴTǰDPSSFDUJWFǰBDUJPOTǰUPǰUIFǰNFFUJOHǰPGǰ the Audit Committee. 5IFǰSFTVMUǰPGǰUIFǰBTTFTTNFOUǰPGǰUIFǰJOUFSOBMǰDPOUSPMǰTZTUFNǰSFQPSUFEǰ UIBUǰUIFǰ$PNQBOZĴTǰJOUFSOBMǰDPOUSPMǰTZTUFNǰXBTǰFGGFDUJWFǰBOEǰBEFRVBUFǰ XIJDIǰXBTǰJOǰBDDPSEBODFǰXJUIǰUIFǰPQJOJPOǰPGǰUIFǰBVEJUPS

The Audit Committee has considered BOEǰBQQSPWFEǰPGǰUIFǰBDUJPOǰQMBOT ǰBOOVBMǰ CVEHFU ǰBOEǰNBOQPXFSǰPGǰUIFǰ*OUFSOBMǰ Audit Department, as well as supports BOEǰFODPVSBHFTǰUIFǰJOEFQFOEFODZǰPGǰ UIFǰPQFSBUJPOǰPGǰUIFǰ"VEJUǰ%FQBSUNFOUǰ *OǰBEEJUJPO ǰUPǰJODSFBTFǰUIFǰFGųDJFODZǰ PGǰ UIFǰ PQFSBUJPO ǰ UIFǰ *OUFSOBMǰ "VEJUǰ Department directly reports to the Audit Committee.

Eastern Water Resources Development and Management PCL.

3. Compliance with applicable laws and regulations


 Annual Report 2012

In 2012, the Audit Committee had considered hiring a consultant company, ,1.(ǰ1IPPNDIBJǰ#VTJOFTTǰ"EWJTPSZǰ-UEǰ UPǰKPJOǰUIFǰJOUFSOBMǰBVEJUJOHǰPQFSBUJPOǰBTǰ BEWJTPSǰPGǰXJUIǰUIFǰ"VEJUǰ%FQBSUNFOUĴTǰ TUBGGTǰJOǰPSEFSǰUPǰQSPWJEFǰBOEǰFYDIBOHFǰ FYQFSJFODFǰGPSǰCFUUFSǰFGųDJFODZǰPGǰUIFǰ HSPVQǰPGǰDPNQBOJFTĴǰJOUFSOBMǰBVEJUJOHǰ 5IFǰųOEJOHTǰGSPNǰUIFǰBVEJUJOHǰXPVMEǰ continuously increase the value to the Company. The Audit Committee had considered BQQSPWBMǰPGǰUIFǰSFWJTJPOǰPGǰUIFǰNBOVBMǰ BOEǰUIFǰ$IBSUFSǰPGǰUIFǰ*OUFSOBMǰ"VEJUǰ Department which aligned with the changing situation.

5. Review of the Auditors’ operation and appointment of the Auditors for the year 2013 The Audit Committee held a private meeting with the external auditors in order to ensure that the external auditors are independent and OFVUSBMǰJOǰQFSGPSNBODFǰPGǰEVUJFTǰBOEǰ understand the internal audit plans BOEǰTDPQFǰPGǰXPSLǰPGǰUIFǰBVEJUPS 8JUIǰSFHBSEǰUPǰUIFǰBQQPJOUNFOUǰPGǰ BVEJUPSTǰGPSǰUIFǰZFBSǰ ǰUIFǰ"VEJUǰ Committee has acknowledged the BTTFTTNFOUǰSFTVMUTǰPGǰUIFǰBVEJUPSTĴǰ QFSGPSNBODFǰPGǰUIFǰQSFTFOU ǰOBNFMZǰ

1SJDFXBUFSIPVTFǰ$PPQFSTǰ"#"4ǰ-UEǰ Ķ1X$ķ ǰ"GUFSǰSFDFJWJOHǰUIFǰBTTFTTNFOUǰ SFTVMUǰ BOEǰ DPOTJEFSBUJPOǰ PGǰ FYQFSJFODF ǰ RVBMJųDBUJPO ǰ BOEǰ GFF ǰ UIFǰ Audit Committee had presented the result to the 2012 Annual General 4IBSFIPMEFSTĴǰ.FFUJOHǰGPSǰBQQSPWBMǰPGǰUIFǰBQQPJOUNFOUǰBVEJUPSTǰGSPNǰ 1SJDFXBUFSIPVTFǰ$PPQFSTǰ"#"4ǰ-UEǰ Ķ1X$ķ ǰBTǰUIFǰ$PNQBOZĴTǰBVEJUPSǰ GPSǰUIFǰZFBSǰ

6. Self-assessment of the Audit Committee and Review of the charter and manual of Audit Committee 5IFǰ "VEJUǰ $PNNJUUFFǰ IBEǰ QFSGPSNFEǰ TFMGBTTFTTNFOUǰ PGǰ UIFǰ XIPMFǰ DPNNJUUFFǰBOEǰQFSGPSNFEǰDSPTTǰJOEJWJEVBMǰBTTFTTNFOUǰXIJDIǰGPMMPXFEǰ UIFǰ(PPEǰ$PSQPSBUFǰ(PWFSOBODFǰBOEǰPGǰXIJDIǰUIFǰSFTVMUTǰXFSFǰSFQPSUFEǰ UPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰGPSǰDPOTJEFSBUJPOǰ)PXFWFS ǰUIFǰTFMGBTTFTTNFOUǰ SFTVMUǰXBTǰEFFNFEǰUPǰCFǰWFSZǰFYDFMMFOUǰ.PSFPWFS ǰUIFǰ"VEJUǰ$PNNJUUFFǰ SFWJFXFEǰUIFǰ$IBSUFSǰBOEǰUIFǰ"VEJUǰ$PNNJUUFFǰ.BOVBMǰUPǰDPNQMZǰXJUIǰ changing circumstances to ensure that the operation in the past year DPNQMFUFMZǰQFSGPSNFEǰBTǰBTTJHOFEǰBOEǰDPNQMJBODFǰXJUIǰUIFǰ#FTUǰ1SBDUJDFǰ HVJEFMJOFTǰPGǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰ5IJTǰXJMMǰCFǰQSPQPTFEǰ UPǰUIFǰ#PBSEǰPGǰ%JSFDUPSTĴǰ.FFUJOHǰGPSǰBQQSPWBM *OǰTVNNBSZ ǰUIFǰ"VEJUǰ$PNNJUUFFǰIBEǰDPNQMFUFMZǰQFSGPSNFEǰJUTǰEVUZǰBTǰ stipulated in the Audit Committee Charter, which have been approved CZǰUIFǰ#PBSEǰPGǰ%JSFDUPSTǰBOEǰDPNQMZǰXJUIǰUIFǰ4FDVSJUJFTǰBOEǰ&YDIBOHFǰ $PNNJTTJPOǰ 4&$ ǰBOEǰUIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOEǰ 4&5 ǰXIJDIǰUIJTǰ XBTǰDPOTJTUFOUǰXJUIǰUIFǰPQJOJPOǰPGǰUIFǰBVEJUPSǰPGǰUIFǰDPNQBOZǰSFQPSUFEǰ UIBUǰ ųOBODJBMǰ TUBUFNFOUTǰ PGǰ UIFǰ $PNQBOZǰ QSFTFOUFEǰ BDDVSBDZ ǰ JOǰ BMMǰ material respects, in accordance with the general accepted accounting TUBOEBSETǰPGǰ5IBJMBOEǰ.PSFPWFS ǰUIFǰDPNQBOZǰIBTǰTFUǰVQǰBǰTZTUFNǰPGǰ JOUFSOBMǰDPOUSPMTǰBOEǰJOUFSOBMǰBVEJUJOHǰXFSFǰBQQSPQSJBUFǰBOEǰFGGFDUJWFǰ 5IFǰPQFSBUJPOǰUISPVHIPVUǰUIFǰZFBSǰǰTIPXFEǰOPǰTJHOJųDBOUǰųOEJOHTǰ PGǰUIFǰOPODPNQMJBODFǰUPǰUIFǰSFHVMBUJPOT ǰPCMJHBUJPOT ǰBOEǰSFMBUFEǰMBXTǰ There were operational improvements to be consistent and appropriate to the current business environment.

Mr. Thairatana Jotikabhukkana, Chairman of the Audit Committee




Eastern Water Resources Development and Management Public Company Limited placed high emphasizes on the importance of good corporate governance. EASTW followed the “Principles of Good Corporate Governance GPSÇ°-JTUFEÇ°$PNQBOJFTÇ°ġǰTQFDJĹłFEÇ°CZÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ° (SET) as the guideline for EASTW corporate governance standard. The DSJUFSJBÇ° GPSÇ° FYBNJOJOHÇ° POÇ° UIFÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° PGÇ° 5IBJÇ° MJTUFEÇ° companies by Thai Institute of Director and Regulations of the Securities BOEÇ°&YDIBOHFÇ°$PNNJTTJPO Ç°JTÇ°VTFEÇ°BTÇ°UIFÇ°NBJOÇ°GBDUPSÇ°JOÇ°QSPNPUJOHÇ°UIFÇ° FGĹłDJFOUÇ°NBOBHFNFOUÇ°TZTUFNÇ°PGÇ°UIFÇ°DPNQBOZÇ°SFTVMUJOHÇ°JOÇ°USBOTQBSFODZ Ç° IPOFTUZ Ç°SFTQPOTJCJMJUZÇ°BOEÇ°DPNQFUJUJWFOFTTÇ°GPSÇ°UIFÇ°CFTUÇ°JOUFSFTUÇ°PGÇ°UIFÇ° company’s shareholders. *OÇ°  Ç° UIFÇ° $PSQPSBUFÇ° (PWFSOBODFÇ° BOEÇ° /PNJOBUJOHÇ° $PNNJUUFFÇ° BOEÇ° Board of Directors have revised the corporate governance rules of the East Water group. The result of the revised discussion on corporate governance is to include:

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)VNBOǰ3JHIUT ǰ Policy and practice against violating the intellectual property’s rights BOEǰDPQZSJHIUT ǰ 1PMJDZǰBOEǰQSBDUJDFǰBHBJOTUǰDPSSVQUJPOǰBOEǰCVTJOFTTǰGSBVE ǰ $&0ǰJTǰOPUǰBMMPXFEǰUPǰCFǰBǰCPBSEǰPGǰEJSFDUPSǰPGǰPUIFSǰDPNQBOZ *NQSPWJOHǰBOEǰQSPNPUJOHǰTPDJBMǰSFTQPOTJCJMJUJFT Approve the amendment of the Independent Directors’ manual in BDDPSEBODFǰXJUIǰ4FDVSJUJFTǰBOEǰ&YDIBOHFǰ$PNNJTTJPOǰBOOPVODFNFOU Approve the amendment of the corporate governance’s manual according with the international standard of the OECD member countries (Organization for Economic Co-operation and Development) BOEǰJOǰQSFQBSBUJPOǰGPSǰ"4&"/ǰDPNNVOJUZǰ5IFǰBNFOENFOUǰPGǰUIFǰ former principles has been categorized into 5 categories:

Ç°Ç°5IFÇ°SJHIUTÇ°PGÇ°TIBSFIPMEFST Ç°Ç°5IFÇ°FRVJUBCMFÇ°USFBUNFOUÇ°PGÇ°UIFÇ°TIBSFIPMEFST Ç°Ç°5IFÇ°SPMFÇ°PGÇ°TUBLFIPMEFSTÇ°JOÇ°DPSQPSBUFÇ°HPWFSOBODF

ǰ%JTDMPTVSFǰBOEǰUSBOTQBSFODZ 5. The responsibilities of the board. The Corporate Governance and /PNJOBUJOHǰ$PNNJUUFFǰBOEǰ#PBSEǰ of Directors have always been aware UIBUǰUIFǰHPPEǰDPSQPSBUFǰHPWFSOBODF ǰ is the source of the long term TVTUBJOBCMFǰHSPXUIǰPGǰUIFǰDPNQBOZ ǰ BOEǰBMTPǰJUǰJODSFBTFǰTUBLFIPMEFSTĴǰ DPOųEFOUǰ 5IFǰ DPNQBOZǰ USJFTǰ UPǰ adapt the governance with the present economy and situation for the best interest of shareholders. The #PBSETǰPGǰ%JSFDUPST ǰFYFDVUJWFT ǰBOEǰ employees have strictly followed the DPSQPSBUFǰHPWFSOBODFǰBTǰEFųOFEǰJOǰ the board of director’s manual and employee’s business ethic manual.

Mr. Verapong Chaiperm Member of the Corporate Governance and Nominating Committee

Eastern Water Resources Development and Management PCL.

Report of the Corporate Governance & Nominating Committee


 Annual Report 2012

Report of the Board of Directors’ Responsibility toward Financial Statement Report 5IFǰ#PBSEǰPGǰ%JSFDUPSTǰPGǰUIFǰ$PNQBOZǰIBEǰJOJUJBUFEǰųOBODJBMǰTUBUFNFOUǰ QSFQBSBUJPOǰUPǰQSFTFOUǰUIFǰ$PNQBOZĴTǰųOBODJBMǰQPTJUJPOTǰBOEǰPQFSBUJOHǰ SFTVMUTǰGPSǰUIFǰZFBSǰFOEFEǰ%FDFNCFSǰ ǰǰVOEFSǰUIFǰ1VCMJDǰ$PNQBOZǰ Act B.E. 2535. The Company’s Board of Directors has realized its duties BOEǰSFTQPOTJCJMJUZǰBTǰ%JSFDUPSTǰPGǰMJTUFEǰDPNQBOZǰJOǰUIFǰ4UPDLǰ&YDIBOHFǰ PGǰ5IBJMBOEǰUPǰCFǰSFTQPOTJCMFǰGPSǰųOBODJBMǰTUBUFNFOUTǰBOEǰDPOTPMJEBUFEǰ ųOBODJBMǰ TUBUFNFOUTǰ PGǰ UIFǰ $PNQBOZ ǰ JODMVEJOHǰ ųOBODJBMǰ JOGPSNBUJPOǰ BQQFBSFEǰJOǰUIFǰBOOVBMǰSFQPSUǰGPSǰUIFǰZFBSǰFOEFEǰ%FDFNCFSǰ ǰ 5IVT ǰUIFǰ$PNQBOZĴTǰ#PBSEǰPGǰ%JSFDUPSǰBQQPJOUFEǰUIFǰ"VEJUǰ$PNNJUUFFǰ XIJDIǰDPOTJTUTǰPGǰJOEFQFOEFOUǰ%JSFDUPSTǰBOEǰ/PO&YFDVUJWFǰ%JSFDUPSTǰPGǰ UIFǰ$PNQBOZǰXIPǰBSFǰSFTQPOTJCMFǰGPSǰUIFǰRVBMJUZǰPGǰųOBODJBMǰTUBUFNFOUTǰ and reviewing the adequacy and effectiveness of the internal control TZTUFNǰPGǰUIFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFEǰDPNQBOJFTǰUPǰSFBTPOBCMZǰFOTVSFǰ UIBUǰUIFǰSFDPSETǰPGǰBDDPVOUJOHǰJOGPSNBUJPOǰBSFǰBDDVSBUF ǰDPNQMFUF ǰBOEǰ BEFRVBUFǰUPǰQSPUFDUǰUIFǰ$PNQBOZĴTǰBTTFUT ǰJODMVEJOHǰCFJOHǰHVJEFMJOFTǰ GPSǰUIFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFEǰDPNQBOJFTǰUPǰTJHOJųDBOUMZǰ QSFWFOUǰ corruption or irregular activity. The opinion of the Audit Committee shall appear in the Corporate Governance Report of the Audit Committee of UIFǰųTDBMǰZFBSǰǰBTǰTIPXOǰJOǰUIJTǰ"OOVBMǰ3FQPSU 5IFSFGPSF ǰ UIFǰ #PBSEǰ PGǰ %JSFDUPSTǰ DPOTJEFSFEǰ UIBUǰ UIFǰ $PNQBOZĴTǰ ųOBODJBMǰTUBUFNFOUTǰXFSFǰDBSFGVMMZǰBOEǰSFBTPOBCMZǰQSFQBSFEǰXJUIǰUIFǰ best estimations under the appropriate accounting policies and consistent DPOGPSNJUZǰXJUIǰ5IBJǰHFOFSBMMZǰBDDFQUFEǰBDDPVOUJOHǰTUBOEBSET ǰJODMVEJOHǰ UIFǰTVGųDJFOUǰJNQPSUBOUǰJOGPSNBUJPOǰJTǰBMSFBEZǰEJTDMPTFEǰJOǰUIFǰ/PUFTǰUPǰ ųOBODJBMǰTUBUFNFOUT

Mr.Jiratt Nithianantporn Director

Mr.Chinawat Assavapokee Director




To the Shareholders of Eastern Water Resources Development and Management Public Company Limited I have audited the accompanying consolidated and company statements of Eastern Water Resources Development and Management Public Company Limited and its subsidiaries and of Eastern Water 3FTPVSDFTǰ %FWFMPQNFOUǰ BOEǰ .BOBHFNFOUǰ 1VCMJDǰ $PNQBOZǰ -JNJUFE ǰ XIJDIǰ DPNQSJTFǰUIFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰTUBUFNFOUTǰPGǰųOBODJBMǰQPTJUJPOǰBTǰ BUǰǰ%FDFNCFSǰ ǰBOEǰUIFǰSFMBUFEǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰTUBUFNFOUTǰ PGǰDPNQSFIFOTJWFǰJODPNF ǰDIBOHFTǰJOǰTIBSFIPMEFSTĴǰFRVJUZǰBOEǰDBTIǰŴPXTǰ GPSǰUIFǰZFBSǰUIFOǰFOEFE ǰBOEǰBǰTVNNBSZǰPGǰTJHOJųDBOUǰBDDPVOUJOHǰQPMJDJFTǰ and other notes. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these ųOBODJBMǰTUBUFNFOUTǰJOǰBDDPSEBODFǰXJUIǰ5IBJǰ'JOBODJBMǰ3FQPSUJOHǰ4UBOEBSET ǰ and for such internal control as management determines is necessary to FOBCMFǰUIFǰQSFQBSBUJPOǰPGǰųOBODJBMǰTUBUFNFOUTǰUIBUǰBSFǰGSFFǰGSPNǰNBUFSJBMǰ NJTTUBUFNFOU ǰXIFUIFSǰEVFǰUPǰGSBVEǰPSǰFSSPS Auditor’s Responsibility .ZǰSFTQPOTJCJMJUZǰJTǰUPǰFYQSFTTǰBOǰPQJOJPOǰPOǰUIFTFǰųOBODJBMǰTUBUFNFOUTǰCBTFEǰ on my audit. I conducted my audit in accordance with Thai Standards on Auditing. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether UIFǰųOBODJBMǰTUBUFNFOUTǰBSFǰGSFFǰGSPNǰNBUFSJBMǰNJTTUBUFNFOU An audit involves performing procedures to obtain audit evidence BCPVUǰ UIFǰ BNPVOUTǰ BOEǰ EJTDMPTVSFTǰ JOǰ UIFǰ ųOBODJBMǰ TUBUFNFOUTǰ 5IFǰ QSPDFEVSFTǰ TFMFDUFEǰ EFQFOEǰ POǰ UIFǰ BVEJUPSĴTǰ KVEHNFOU ǰ JODMVEJOHǰ UIFǰ BTTFTTNFOUǰ PGǰ UIFǰ SJTLTǰ PGǰ NBUFSJBMǰ NJTTUBUFNFOUǰ PGǰ UIFǰ ųOBODJBMǰ TUBUFNFOUT ǰXIFUIFSǰEVFǰUPǰGSBVEǰPSǰFSSPSǰ*OǰNBLJOHǰUIPTFǰSJTLǰBTTFTTNFOUT ǰ the auditor considers internal control relevant to the entity’s preparation BOEǰ GBJSǰ QSFTFOUBUJPOǰ PGǰ UIFǰ ųOBODJBMǰ TUBUFNFOUTǰ JOǰ PSEFSǰ UPǰ EFTJHOǰ BVEJUǰ QSPDFEVSFTǰUIBUǰBSFǰBQQSPQSJBUFǰJOǰUIFǰDJSDVNTUBODFT ǰCVUǰOPUǰGPSǰUIFǰQVSQPTFǰ PGǰFYQSFTTJOHǰBOǰPQJOJPOǰPOǰUIFǰFGGFDUJWFOFTTǰPGǰUIFǰFOUJUZĴTǰJOUFSOBMǰDPOUSPMǰ An audit also includes evaluating the appropriateness of accounting policies VTFEǰBOEǰUIFǰSFBTPOBCMFOFTTǰPGǰBDDPVOUJOHǰFTUJNBUFTǰNBEFǰCZǰNBOBHFNFOU ǰ BTǰXFMMǰBTǰFWBMVBUJOHǰUIFǰPWFSBMMǰQSFTFOUBUJPOǰPGǰUIFǰųOBODJBMǰTUBUFNFOUT *ǰCFMJFWFǰUIBUǰUIFǰBVEJUǰFWJEFODFǰ*ǰIBWFǰPCUBJOFEǰJTǰTVGųDJFOUǰBOEǰBQQSPQSJBUFǰ to provide a basis for my audit opinion.

Opinion *Oǰ NZǰ PQJOJPO ǰ UIFǰ DPOTPMJEBUFEǰ BOEǰ DPNQBOZǰ ųOBODJBMǰ TUBUFNFOUTǰ SFGFSSFEǰUPǰBCPWFǰQSFTFOUǰGBJSMZ ǰJOǰBMMǰ NBUFSJBMǰ SFTQFDUT ǰ UIFǰ DPOTPMJEBUFEǰ BOEǰ DPNQBOZǰ ųOBODJBMǰ QPTJUJPOǰ PGǰ Eastern Water Resources Development and Management Public Company Limited and its subsidiaries and of Eastern Water Resources Development and Management Public Company -JNJUFEǰBTǰBUǰǰ%FDFNCFSǰ ǰBOEǰ its consolidated and company results PGǰPQFSBUJPOTǰBOEǰDBTIǰŴPXTǰGPSǰUIFǰ year then ended in accordance with 5IBJǰ'JOBODJBMǰ3FQPSUJOHǰ4UBOEBSET Emphasis of Matter *ǰ ESBXǰ BUUFOUJPOǰ UPǰ /PUFǰ ǰ UPǰ UIFǰ ųOBODJBMǰ TUBUFNFOUTǰ SFHBSEJOHǰ UIFǰ compensation for the Company’s pipeline connecting project. The Company is paying the compensation at a preliminary rate because the government agency is considering a deal for the Company to rent/ manage the connecting projects and the DPNQFOTBUJPOǰSBUF ǰXIJDIǰNJHIUǰDIBOHFǰ .ZǰPQJOJPOǰJTǰOPUǰRVBMJųFEǰJOǰSFTQFDUǰ of this matter.

Vichien Khingmontri Certified Public Accountant (Thailand) No. 3977 PricewaterhouseCoopers ABAS Ltd. #BOHLPL Ç°'FCSVBSZÇ°

Eastern Water Resources Development and Management PCL.

Auditor’s Report


 Annual Report 2012

Statements of Financial Position Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes Assets Current assets $BTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ° 5FNQPSBSZÇ°JOWFTUNFOUTÇ° 5SBEFÇ°BOEÇ°PUIFSÇ°SFDFJWBCMFTÇ° Water loss treatment service income Ç° Ç°SFDFJWBCMFÇ°Ç°SFMBUFEÇ°QBSUZÇ° *OWFOUPSJFTÇ°Ç° 0UIFSÇ°DVSSFOUÇ°BTTFUTÇ°Ç° /PODVSSFOUÇ°BTTFUTÇ°DMBTTJĹłFEÇ°BTÇ°Ç° Ç° IFMEGPSTBMF Ç°OFUÇ° Total current assetsÇ° Non-current assets *OWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ° Ç°Ç°Ç° 0UIFSÇ°MPOHUFSNÇ°JOWFTUNFOUTÇ°Ç° *OWFTUNFOUÇ°QSPQFSUZÇ°Ç°OFUÇ° 1SPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°Ç°OFUÇ° "TTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ°Ç°OFUÇ° Deferred concession rights Ç° BDRVJTJUJPOÇ°DPTUTÇ°Ç°OFUÇ° *OUBOHJCMFÇ°BTTFUTÇ°Ç°OFUÇ° %FGFSSFEÇ°UBYÇ°BTTFUTÇ° 0UIFSÇ°OPODVSSFOUÇ°BTTFUTÇ° Total non-current assetsÇ° Total assetsÇ°

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2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

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  Ç°    Ç°Ç°Ç°Ç°Ç°Ç°      Ç°   Ç°

  Ç°   Ç°   Ç° Ç° Ç°Ç°Ç°

  Ç°   Ç°   Ç° Ç°   Ç°

Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°   Ç°    Ç° Ç° Ç°Ç°Ç° 

  Ç°

  Ç°

  Ç°

  

Ç° Ç°Ç° Ç°Ç° Ç°Ç° Ç°Ç°

Ç°Ç° Ç° Ç°Ç°Ç°   Ç°      Ç°   Ç°   Ç°      Ç°   Ç°   Ç°       Ç°    Ç°    Ç°       Ç°   Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°

Ç°Ç° Ç°Ç° Ç°Ç° Ç°Ç° Ç°

  Ç°   Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°   Ç°   Ç°   Ç°      Ç°   Ç° Ç°Ç°      Ç°   Ç°   Ç°       Ç°    Ç°    Ç°    

Ç°

   Ç°    Ç°    Ç° Ç°   Ç°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.




Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes Liabilities and shareholders’ equity Current liabilities 4IPSUUFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOTǰ 5SBEFǰBDDPVOUTǰQBZBCMFǰ 1BZBCMFǰGPSǰQVSDIBTFǰPGǰųYFEǰBTTFUTǰ Current portion of long-term liabilities ǰ VOEFSǰųOBODFǰMFBTFǰBHSFFNFOUTǰ Current portion of long-term loans ǰ GSPNǰųOBODJBMǰJOTUJUVUJPOTǰ $PSQPSBUFǰJODPNFǰUBYǰQBZBCMFǰ "DDSVFEǰFYQFOTFTǰ 0UIFSǰDVSSFOUǰMJBCJMJUJFTǰ

2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

Ç° Ç°Ç° Ç°

  Ç°   Ç°   Ç°

  Ç°   Ç°   Ç°

Ç°Ç°

  Ç°

  Ç°

  Ç°

  

Ç°Ç° Ç° Ç°Ç° Ç°

  Ç°   Ç°   Ç°   Ç°

  Ç°   Ç°   Ç°   Ç°

  Ç°   Ç°   Ç°   Ç°

           

Ç°

   Ç°

   Ç°    Ç°    

Ç°Ç° Ç°Ç° Ç°Ç° Ç°Ç° Ç°Ç°

 Ç°    Ç°   Ç°   Ç°   Ç°

  Ç°  Ç°       Ç°    Ç°       Ç°   Ç° Ç°Ç°Ç°Ç°   Ç°   Ç°      Ç°   Ç°   

Total non-current liabilitiesÇ°

Ç°

   Ç°

   Ç°    Ç°    

Total liabilitiesÇ°

Ç°

   Ç°

   Ç°    Ç°    

Total current liabilitiesÇ° Non-current liabilities -POHUFSNÇ°MJBCJMJUJFTÇ°VOEFSÇ°ĹłOBODFÇ°MFBTFÇ° Ç° BHSFFNFOUTÇ° -POHUFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° %FGFSSFEÇ°UBYÇ°MJBCJMJUJFTÇ° &NQMPZFFÇ°CFOFĹłUÇ°PCMJHBUJPOTÇ° 0UIFSÇ°OPODVSSFOUÇ°MJBCJMJUJFTÇ°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.

Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°   Ç°      Ç°   

Eastern Water Resources Development and Management PCL.

Statements of Financial Position (Cont’d)


 Annual Report 2012

Statements of Financial Position (Cont’d) Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes Liabilites and shareholders’ equity (Cont’d) Shareholders’equity Share capital 27 Registered share capital Ç° Ç° 0SEJOBSZÇ°TIBSFT Ç°   Ç° Ç° Ç° Ç° TIBSFTÇ°PGÇ°QBSÇ°#BIUÇ°Ç°FBDIÇ°Ç° Ç° Issued and paid-up share capital Ç° Ç° 0SEJOBSZÇ°TIBSFT Ç°   Ç° Ç° Ç° Ç° TIBSFTÇ°PGÇ°Ç°QBSÇ°#BIUÇ°Ç°FBDIÇ° Ç° 4IBSFÇ°QSFNJVNÇ° Ç°Ç° Retained earnings Ç° "QQSPQSJBUFEÇ°Ç°MFHBMÇ°SFTFSWFÇ° Ç°Ç° Ç° Ç°6OBQQSPQSJBUFEÇ°Ç° Ç° 0UIFSÇ°DPNQPOFOUTÇ°PGÇ°FRVJUZÇ° Ç°Ç° Equity attributable to owners Ç° PGÇ°UIFÇ°QBSFOUÇ° Ç° /PODPOUSPMMJOHÇ°JOUFSFTUTÇ° Ç° Total shareholders’ equityÇ°

Ç°

Total liabilities and shareholders’ equity ǰ

2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

Ç°    Ç°

Ç° Ç° Ç°    Ç°    Ç°    Ç°Ç°Ç°

Ç°    Ç°    Ç°

Ç° Ç° Ç°    Ç°    Ç°        Ç°    Ç°    

  Ç°    Ç°   Ç°

  Ç°   Ç°       Ç°    Ç°       Ç°   Ç°   Ç°

   Ç°   Ç°

   Ç°    Ç°       Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°

   Ç°

   Ç°    Ç°    Ç°

   Ç°    Ç°    Ç°    Ç°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.




Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011 Consolidated Notes

2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

Revenues 4BMFTÇ°Ç°SBXÇ°XBUFSÇ° 4BMFTÇ°Ç°UBQÇ°XBUFSÇ°

35 Ç° Ç°

   Ç°    Ç°   Ç°   Ç°

   Ç°       Ç°   

Total salesÇ° 3FOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNFÇ° 0UIFSÇ°JODPNFÇ°

Ç° Ç° Ç°Ç°

   Ç°    Ç°   Ç°   Ç°   Ç°   Ç°

   Ç°       Ç°      Ç°   

Ç°

   Ç°    Ç°

   Ç°    

Total revenuesÇ° Expenses $PTUTÇ°PGÇ°TBMFTÇ°Ç°SBXÇ°XBUFSÇ° $PTUTÇ°PGÇ°TBMFTÇ°Ç°UBQÇ°XBUFSÇ° Total costs of salesÇ° $PTUTÇ°PGÇ°SFOUBMÇ°BOEÇ°TFSWJDFTÇ° 4FMMJOHÇ°FYQFOTFTÇ° "ENJOJTUSBUJWFÇ°FYQFOTFTÇ° &YQFOTFTÇ°GPSÇ°EFWFMPQNFOUÇ°PGÇ°MJGFÇ°Ç° Ç° RVBMJUZÇ°BOEÇ°FOWJSPONFOUÇ° 'JOBODFÇ°DPTUTÇ°

35 Ç° Ç°

  Ç°   Ç°

  Ç°   Ç°

  Ç°   Ç°

     

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

   Ç°    Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç° Ç° Ç°   Ç°   Ç°   Ç°   Ç°

   Ç°       Ç°      Ç°      Ç°    Ç° Ç°   Ç°      Ç°   

Total expensesÇ°

Ç°Ç°

   Ç°    Ç°

   Ç°    

1SPĹłUÇ°CFGPSFÇ°JODPNFÇ°UBYÇ° *ODPNFÇ°UBYÇ°

Ç° Ç°Ç°

   Ç°    Ç°    Ç°    Ç°

   Ç°        Ç°   

Ç°

   Ç°    Ç°

   Ç°

/FUÇ°QSPĹłUÇ°GPSÇ°UIFÇ°ZFBSÇ°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.

  

Eastern Water Resources Development and Management PCL.

Statements of Comprehensive Income


 Annual Report 2012

Statements of Comprehensive Income (Cont’d) Eastern Water Resources Development and Management Public Company Limited As at 31 December 2012 and 2011 Consolidated Notes 0UIFSǰDPNQSFIFOTJWFǰJODPNFǰ (expense): Write off asset transferred from ǰ ǰ DVTUPNFSǰ ǰ ǰ "DUVBSJBMǰMPTTFTǰPOǰEFųOFEǰǰ ǰ ǰ ǰ FNQMPZFFǰCFOFųUǰQMBOTǰ ǰ ǰ *ODPNFǰUBYǰSFMBUJOHǰUPǰDPNQPOFOUTǰǰ ǰ of other comprehensive income ǰ ǰ GPSǰUIFǰZFBSǰ ǰ 0UIFSǰDPNQSFIFOTJWFǰFYQFOTFǰGPSǰ the year, net of taxǰ

Ç°

5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ° the yearÇ°

2012 (Baht)

Company

2011 (Baht)

   Ç° Ç°    Ç° Ç°   Ç°

   Ç° Ç° Ç°Ç°Ç° Ç° Ç°Ç°Ç°Ç°Ç°Ç°

2011 (Baht)

   Ç° Ç°    Ç° Ç°   Ç°

  

Ç° Ç°Ç°Ç°Ç° Ç° Ç°Ç°Ç°

   Ç°

   Ç°

  

Ç°

   Ç°    Ç°

   Ç°

  

1SPĹłUÇ°BUUSJCVUBCMFÇ°UP 0XOFSTÇ°PGÇ°UIFÇ°QBSFOUÇ°Ç° /PODPOUSPMMJOHÇ°JOUFSFTUTÇ° Ç° Ç° Ç°

Ç° Ç° Ç°

   Ç°    Ç°  Ç°  Ç°    Ç°    Ç°

   Ç° Ç°    Ç°

   Ç°Ç°Ç°Ç°   

5PUBMÇ°DPNQSFIFOTJWFÇ°JODPNFÇ° attributable to: 0XOFSTÇ°PGÇ°UIFÇ°QBSFOUÇ° /PODPOUSPMMJOHÇ°JOUFSFTUTÇ° Ç° Ç° Ç°

Ç° Ç° Ç°

   Ç°    Ç°  Ç°  Ç°    Ç°    Ç°

   Ç° Ç°Ç°    Ç°

   Ç°Ç°Ç°   

&BSOJOHTÇ°QFSÇ°TIBSFÇ°GPSÇ°QSPĹłUÇ°BUUSJCVUBCMFÇ°Ç°Ç° to owners of the parent (Baht) 34 Ç° #BTJDÇ°FBSOJOHTÇ°QFSÇ°TIBSFÇ° Ç°

   Ç°

2012 (Baht)

Ç°

Ç°

Ç°

Ç°

Ç°Ç°

Ç°

Ç°Ç°



The accompanying notes on pages 60 to 122 are an integral part of the financial statements.


Ç° Ç° Ç° Ç° Ç° Ç° Ç°Ç° Ç°

$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ°Ç°%FDFNCFSÇ°Ç°

Opening balance as at 1 January 2012 *OWFTUNFOUǰJOǰTVCTJEJBSZǰ ǰǰǰ Comprehensive income for the year ǰ ǰ/FUǰQSPųUǰGPSǰUIFǰZFBSǰ ǰ ǰ0UIFSǰDPNQSFIFOTJWFǰFYQFOTFǰ $PNQSFIFOTJWFǰJODPNFǰGPSǰUIFǰZFBSǰ %JWJEFOEǰQBJEǰ

$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ°Ç°%FDFNCFSÇ°Ç°

  Ç°

  Ç°    Ç°

Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.

  Ç°

  Ç°    Ç°

Ç°Ç°    Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°    Ç° Ç°Ç°Ç°    Ç°    Ç°    Ç°    Ç° Ç°    Ç°    Ç°    Ç°    Ç° Ç°Ç°Ç°    Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°    Ç°

   Ç°    Ç°   Ç°    Ç°

Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°

  Ç°    

 Ç°     Ç°Ç°Ç°Ç°Ç°Ç°   

 Ç°       Ç°   

  Ç°Ç°     Ç°  

  Ç°Ç°   

  Ç°      Ç°       Ç°   

Non-controlling Total interests Shareholders’ (Baht) equity (Baht)

  Ç°   Ç°    Ç°    Ç°    Ç°    Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°    Ç°

Total owners of the parent (Baht)

   Ç°    Ç°   Ç°    Ç°   Ç°   Ç°    Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç° Ç° Ç°Ç°

   Ç°    Ç°   Ç°    Ç°

   Ç°    Ç°   Ç°    Ç° Ç° Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°    Ç° Ç°Ç° Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°    Ç°

Opening balance as at 1 January 2011 $PNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBSÇ° %JWJEFOEÇ°QBJEÇ°

Premium on share capital (Baht)

Eastern Water Resources Development and Management PCL.

Notes

Issued and paid-up share capital (Baht)

Consolidated Owners of the paren Other components of shareholders’ equity Other Retained earnings comprehensive income Assets Total Appropriated Unappropriated (Baht) transferred from component - legal customers-net of equity reserve (Baht) (Baht) (Baht)

Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011

Statements of Changes in Shareholders’ Equity




   Ç°    Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç°

Ç° Ç° Ç° Ç° Ç° Ç°

Opening balance as at 1 January 2012ǰ Comprehensive income for the year ǰ ǰ /FUǰQSPųUǰGPSǰUIFǰZFBSǰ ǰ ǰ 0UIFSǰDPNQSFIFOTJWFǰFYQFOTFǰ

$PNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBSÇ° %JWJEFOEÇ°QBJEÇ° Ç°Ç°Ç°

$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ°Ç°%FDFNCFSÇ°Ç°

Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç° Ç°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.

   Ç°    Ç°

Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°

Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç°

   Ç°    Ç°

Ç°

$MPTJOHÇ°CBMBODFÇ°BTÇ°BUÇ°Ç°%FDFNCFSÇ°Ç°

Appropriated legal reserve (Baht)

  Ç°    Ç°

Ç°Ç°    Ç° Ç°Ç°Ç°    Ç°

Ç°Ç°    Ç° Ç°Ç°    Ç°

  Ç°    Ç°

  Ç°    Ç°

  Ç°

   Ç° Ç°Ç°Ç°Ç°Ç°

Ç°    Ç°

  Ç°

  Ç°

  Ç°    Ç° Ç°Ç°Ç°

Other comprehensive income Unappropriated Assets (Baht) transferred from customers-net (Baht)

Retained earnings

   Ç°    Ç°   Ç°    Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°   Ç° Ç°Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°    Ç°

Ç° Ç° Ç°Ç°

Premium on share capital (Baht)

Company Other components of shareholders’ equity

Opening balance as at 1 January 2011Ç° $PNQSFIFOTJWFÇ°JODPNFÇ°GPSÇ°UIFÇ°ZFBSÇ° %JWJEFOEÇ°QBJEÇ°

Note

Issued and paid-up share capital (Baht)

Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011

Statements of Changes in Shareholders’ Equity (Cont’d)

Total Shareholders’ equit (Baht)

  Ç°    

   Ç°     Ç°Ç°Ç°   

Ç°Ç°        Ç°   

  Ç°    Ç°

  Ç°    

  Ç°    Ç°    Ç°    Ç°Ç°   

Total other component of equity (Baht)

 Annual Report 2012




Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011 Consolidated Notes $BTIÇ°Ĺ´PXTÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFT 1SPĹłUÇ°CFGPSFÇ°JODPNFÇ°UBYÇ° Ç° "EKVTUNFOUTÇ°UPÇ°SFDPODJMFÇ°QSPĹłUÇ°CFGPSFÇ°Ç° Ç° Ç° JODPNFÇ°UBYÇ°UPÇ°OFUÇ°DBTIÇ°QSPWJEFEÇ°CZÇ°Ç° Ç° (paid from) operating activities Ç°Ç°Ç°Ç°Ç°-PTTFTÇ°POÇ°JNQBJSNFOUÇ°PGÇ°JOWFTUNFOUÇ° Ç° Reversal of allowance for diminution Ç° Ç° JOÇ°WBMVFÇ°PGÇ°JOWFOUPSJFTÇ° Ç° Ç° "MMPXBODFÇ°GPSÇ°EPVCUGVMÇ°BDDPVOUTÇ° SFWFSTBM Ç° Ç° Ç° %FQSFDJBUJPOÇ°  Ç° Ç°Ç° Amortisation of deferred concession Ç° Ç° Ç°Ç°SJHIUTÇ°BDRVJTJUJPOÇ°DPTUTÇ° Ç°Ç° Ç° "NPSUJTBUJPOÇ°PGÇ°SJHIUTÇ° Ç°Ç° Income from amortisation of assets Ç° Ç° USBOTGFSSFEÇ°GSPNÇ°DVTUPNFSTÇ° Ç° Losses on disposals/written off Ç° Ç° Ç°Ç°PGÇ°ĹłYFEÇ°BTTFUTÇ° Ç° Losses on written off of assets under Ç° Ç° DPODFTTJPOÇ°DPOUSBDUTÇ° Ç° Ç° &NQMPZFFÇ°CFOFĹłUÇ°PCMJHBUJPOTÇ° Ç° Ç° %JWJEFOEÇ°JODPNFÇ° Ç°Ç° Ç° *OUFSFTUÇ°JODPNFÇ° Ç°Ç° Ç° *OUFSFTUÇ°FYQFOTFTÇ°BOEÇ°BNPSUJTBUJPOÇ° of deferred interest under Ç° Ç° ĹłOBODFÇ°MFBTFÇ°BHSFFNFOUTÇ° Ç°

2012 (Baht)

Company

2011 (Baht)

2012 (Baht)

2011 (Baht)

   Ç° Ç° Ç°

   Ç° Ç° Ç°

   Ç° Ç° Ç°

   Ç° Ç° Ç°

  Ç°

 Ç°

Ç°

 Ç°

Ç°Ç°   Ç°   Ç°

   Ç°  Ç°   Ç°

Ç°   Ç°   Ç°

  

    Ç°

  Ç°   Ç°

  Ç°   Ç°

   Ç°

   Ç°

   Ç°

   Ç°

  Ç°

  Ç°

  Ç°

  Ç°

Ç°Ç°Ç°    Ç°    Ç°    Ç°

 Ç°   Ç°    Ç°    Ç°

Ç°Ç°    Ç°    Ç°    Ç°

Ç°Ç°Ç°Ç°Ç°      

  

  Ç°

  Ç°

  Ç°

  

*ODPNFÇ°GSPNÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ°CFGPSFÇ° Ç° changes in operating assets and liabilitiesÇ°Ç° (Increase) decrease in operating assets Ç° Ç° 5SBEFÇ°BOEÇ°PUIFSÇ°SFDFJWBCMFTÇ° Ç° Water loss treatment service income Ç° Ç° SFDFJWBCMFÇ°Ç°SFMBUFEÇ°QBSUZÇ° Ç° *OWFOUPSJFTÇ° Ç° Ç° Ç° 0UIFSÇ°DVSSFOUÇ°BTTFUTÇ° Ç° Ç° Ç° 0UIFSÇ°OPODVSSFOUÇ° Ç° Increase (decrease) in operating liabilities Ç° 5SBEFÇ°BDDPVOUTÇ°QBZBCMFÇ° Ç° Ç° "DDSVFEÇ°FYQFOTFTÇ° Ç° Ç° 0UIFSÇ°DVSSFOUÇ°MJBCJMJUJFTÇ° Ç° Ç° 0UIFSÇ°OPODVSSFOUÇ°MJBCJMJUJFTÇ° Ç° $BTIÇ°QSPWJEFEÇ°CZÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ° Ç° *OUFSFTUÇ°QBJEÇ° Ç° *ODPNFÇ°UBYÇ°QBJEÇ° Ç°

Ç°    Ç°

Ç°    Ç°

Ç°    Ç°

Ç°    Ç°

   Ç°

   Ç°

   Ç°

  

  Ç°  Ç°   Ç°    Ç°

  Ç°   Ç°    Ç°    Ç°

  Ç°   Ç°   Ç°   Ç°    Ç°    Ç°    Ç°

   Ç°    Ç°   Ç°   Ç°    Ç°    Ç°    Ç°

  Ç°   Ç°   Ç°   Ç°    Ç°    Ç°    Ç°

  Ç°   

  Ç°          

  

Net cash provided by operating activitiesÇ°

   Ç°

   Ç°

   Ç°

   Ç°

Ç°

The accompanying notes on pages 60 to 122 are an integral part of the financial statements.

Ç°Ç°Ç°Ç°Ç°   Ç°

Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç°Ç°

Ç°Ç°Ç°Ç°Ç° Ç°Ç°Ç°Ç°Ç° Ç°Ç° Ç°   Ç°   

Ç°Ç°Ç°Ç°Ç°   

Eastern Water Resources Development and Management PCL.

Statements of Cash Flows


 Annual Report 2012

Statements of Cash Flows (Cont’d) Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011 Consolidated Notes

2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

$BTIÇ°Ĺ´PXTÇ°GSPNÇ°JOWFTUJOHÇ°BDUJWJUJFT Ç° 1VSDIBTFÇ°PGÇ°TIPSUUFSNÇ°JOWFTUNFOUTÇ° Ç°Ç°    Ç°    Ç° Ç°Ç°Ç°Ç°Ç°   

Proceeds from redeem short-term Ç° Ç° JOWFTUNFOUTÇ° Ç°Ç°   Ç° Ç°Ç°Ç°   Ç° Ç° Ç° 1VSDIBTFÇ°PGÇ°OPODVSSFOUÇ°BTTFUTÇ°IFMEÇ°GPSÇ°TBMFÇ° Ç° Ç°   Ç° Ç°Ç°Ç°Ç°Ç°  Ç° 3FTUSJDUFEÇ°CBOLÇ°EFQPTJUTÇ° Ç° Ç°Ç°   Ç° Ç°Ç°    Dividend received from a subsidiary and Ç° Ç° BÇ°SFMBUFEÇ°QBSUZÇ°Ç° Ç°   Ç°   Ç°   Ç°   Ç° Ç° *OUFSFTUÇ°SFDFJWFEÇ° Ç°   Ç°   Ç°   Ç°    Ç° "EWBODFÇ°DPOTUSVDUJPOÇ°QBZBNFOUÇ° Ç°    Ç°    Ç°    Ç°   

Ç° 1VSDIBTFTÇ°PGÇ°JOWFTUNFOUÇ°QSPQFSUZÇ° Ç°   Ç°   Ç°   Ç°   Ç° Ç° 1SPDFFETÇ°GSPNÇ°EJTQPTBMTÇ°PGÇ°QSPQFSUZ Ç°QMBOU Ç° Ç° BOEÇ°FRVJQNFOUÇ° Ç°  Ç°  Ç° Ç°Ç°Ç°   Ç° 1VSDIBTFTÇ°PGÇ°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ° Ç°     Ç°     Ç°     Ç°    

Ç° 1VSDIBTFÇ°PGÇ°BTTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ° Ç°    Ç°    Ç° Ç°Ç°Ç°Ç°Ç°Ç°  Purchase of deferred concession rights Ç° Ç° BDRVJTJUJPOÇ°DPTUTÇ°Ç° Ç°    Ç°    Ç° Ç°Ç°  Ç° 1VSDIBTFÇ°PGÇ°JOUBOHJCMFÇ°BTTFUTÇ° Ç°    Ç°    Ç°    Ç°   

Net cash used in investing activitiesÇ° Ç°     Ç°     Ç°     Ç°    

$BTIÇ°Ĺ´PXTÇ°GSPNÇ°ĹłOBODJOHÇ°BDUJWJUJFT Proceeds from short-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° Ç°   Ç°   Ç°   Ç°  Payment on short-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ° Ç°    Ç°    Ç°    Ç°    Ç° Proceeds from long-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°Ç° Ç°    Ç°    Ç°    Ç°    Ç° Payment on long-term loans from Ç° Ç° ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°Ç° Ç°     Ç°    Ç°    Ç°   

Payment on liabilities under Ç° Ç° ĹłOBODFÇ°MFBTFÇ°BHSFFNFOUTÇ° Ç°    Ç°    Ç°    Ç°    Ç° Ç° *OUFSFTUÇ°QBJEÇ°GPSÇ°GVOEÇ°CPSSPXFEÇ°TQFDJĹłDBMMZ Ç° Ç° UPÇ°BDRVJSFÇ°RVBMJGZJOHÇ°BTTFUTÇ° Ç°    Ç°    Ç°    Ç°    Ç° Ç° %JWJEFOETÇ°QBJEÇ°UPÇ°(SPVQÄ´TÇ°TIBSFIPMEFSTÇ° Ç°    Ç°    Ç°    Ç°   

/FUÇ°DBTIÇ°QSPWJEFEÇ°CZÇ° VTFEÇ°JO Ç°ĹłOBODJOHÇ° activitiesÇ° Ç°   Ç°    Ç°   Ç°   

Net increase (decrease) in cash and cash equivalentsÇ° Ç°   Ç°    Ç°   Ç°   

$BTIÇ°BOEÇ°DBTIÇ°FRVJWBMFOUTÇ°BUÇ°CFHJOOJOHÇ°PGÇ°UIFÇ°ZFBSÇ°   Ç°   Ç°   Ç°    Cash and cash equivalents at ending of the yearÇ° Ç°Ç°   Ç°   Ç°   Ç°    4VQQMFNFOUBMÇ°DBTIÇ°Ĺ´PXÇ°JOGPSNBUJPO /PODBTIÇ°SFMBUFEÇ°USBOTBDUJPOTÇ° Ç° Ç° Ç° Ç° Ç° Ç° /FUÇ°JODSFBTFÇ°JOÇ°BDRVJTJUJPOÇ°BTTFUTÇ°POÇ°DSFEJUÇ° Ç°    Ç°   Ç°    Ç°    Ç° 3FDMBTTJĹłDBUJPOÇ°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°UPÇ°BTTFUTÇ°IFMEÇ°GPSÇ°TBMFÇ° SFWFSTBM Ç° Ç°    Ç°   Ç°    Ç°  Ç° 3FDMBTTJĹłDBUJPOÇ°BTTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ°Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°UPÇ°BTTFUTÇ°IFMEÇ°GPSÇ°TBMFÇ° SFWFSTBM Ç° Ç°    Ç°   Ç°    Ç°  The accompanying notes on pages 60 to 122 are an integral part of the financial statements.




Eastern Water Resources Development and Management Public Company Limited For the years ended 31 December 2012 and 2011

1 General information

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Eastern Water Resources Development and Management Public Company Limited (“the Companyâ€?) is a public limited company incorporated and resident in Thailand. The address of the Company’s registered PGĹłDFÇ°JTÇ°BTÇ°GPMMPXT

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23rd - 26thÇ° 'MPPST Ç° &BTUÇ° 8BUFSÇ° #VJMEJOH Ç° /PÇ° Ç° 4PJÇ° 7JQBWBEFFSBOHTJUÇ°  Ç° 7JQBWBEFFSBOHTJUÇ° 3PBE Ç° +PNQIPMÇ° 4VCEJTUSJDU Ç°$IBUVKBLÇ°%JTUSJDU Ç°#BOHLPL

Ç°

5IFÇ°$PNQBOZÇ°JTÇ°MJTUFEÇ°POÇ°UIFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ°Ç°'PSÇ°SFQPSUJOHÇ°QVSQPTFT Ç°UIFÇ°$PNQBOZÇ°BOEÇ°JUTÇ° subsidiaries are referred to as the Group.

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The principal business operations of the Group are development and management of the major water EJTUSJCVUJPOÇ°QJQFMJOFÇ°TZTUFNTÇ°JOÇ°UIFÇ°&BTUFSOÇ°4FBCPBSEÇ°BSFBÇ°PGÇ°5IBJMBOE Ç°TVQQMZÇ°PGÇ°SBXÇ°XBUFS Ç°QSPEVDFÇ°BOEÇ° TVQQMZÇ°PGÇ°UBQÇ°XBUFS Ç°XBUFSXPSLTÇ°NBOBHFNFOU Ç°BOEÇ°FOHJOFFSJOHÇ°TFSWJDFT

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5IFTFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° XFSFÇ° BVUIPSJTFEÇ° CZÇ° UIFÇ° #PBSEÇ° PGÇ° %JSFDUPSTÇ° POÇ° Ç°'FCSVBSZÇ°

2 Accounting policies 5IFÇ°QSJODJQBMÇ°BDDPVOUJOHÇ°QPMJDJFTÇ°BEPQUFEÇ°JOÇ°UIFÇ°QSFQBSBUJPOÇ°PGÇ°UIFTFÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°BSFÇ° set out below. Ç° #BTJTÇ°PGÇ°QSFQBSBUJPOÇ°PGÇ°ĹłOBODJBMÇ°TUBUFNFOUT Ç° 5IFÇ°DPOTPMJEBUFEÇ°BOEÇ°DPNQBOZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°IBWFÇ°CFFOÇ°QSFQBSFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°5IBJÇ°HFOFSBMMZÇ° Ç° BDDFQUFEÇ°BDDPVOUJOHÇ°QSJODJQMFTÇ°VOEFSÇ°UIFÇ°"DDPVOUJOHÇ°"DUÇ°#&Ç° Ç°CFJOHÇ°UIPTFÇ°5IBJÇ°"DDPVOUJOHÇ°4UBOEBSETÇ° Ç° JTTVFEÇ° VOEFSÇ° UIFÇ° "DDPVOUJOHÇ° 1SPGFTTJPOTÇ° "DUÇ° #&Ç°  Ç° BOEÇ° UIFÇ° ĹłOBODJBMÇ° SFQPSUJOHÇ° SFRVJSFNFOUTÇ° PGÇ° UIFÇ° Ç° 4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°$PNNJTTJPOÇ°VOEFSÇ°UIFÇ°4FDVSJUJFTÇ°BOEÇ°&YDIBOHFÇ°"DU Ç°

5IFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° IBWFÇ° CFFOÇ° QSFQBSFEÇ° VOEFSÇ° UIFÇ° IJTUPSJDBMÇ° DPTUÇ° convention.

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5IFǰQSFQBSBUJPOǰPGǰųOBODJBMǰTUBUFNFOUTǰJOǰDPOGPSNJUZǰXJUIǰ5IBJǰHFOFSBMMZǰBDDFQUFEǰBDDPVOUJOHǰQSJODJQMFTǰ SFRVJSFTǰUIFǰVTFǰPGǰDFSUBJOǰDSJUJDBMǰBDDPVOUJOHǰFTUJNBUFTǰ*UǰBMTPǰSFRVJSFTǰNBOBHFNFOUǰUPǰFYFSDJTFǰJUTǰKVEHFNFOUǰ in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement PSǰ DPNQMFYJUZ ǰ PSǰ BSFBTǰ XIFSFǰ BTTVNQUJPOTǰ BOEǰ FTUJNBUFTǰ BSFǰ TJHOJųDBOUǰ UPǰ UIFǰ DPOTPMJEBUFEǰ ųOBODJBMǰ TUBUFNFOUTǰBSFǰEJTDMPTFEǰJOǰ/PUFǰ

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"OÇ° &OHMJTIÇ° WFSTJPOÇ° PGÇ° UIFÇ° DPOTPMJEBUFEÇ° BOEÇ° DPNQBOZÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° IBTÇ° CFFOÇ° QSFQBSFEÇ° GSPNÇ° UIFÇ° TUBUVUPSZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°UIBUÇ°BSFÇ°JOÇ°UIFÇ°5IBJÇ°MBOHVBHFÇ°Ç°*OÇ°UIFÇ°FWFOUÇ°PGÇ°BÇ°DPOĹ´JDUÇ°PSÇ°BÇ°EJGGFSFODFÇ°JOÇ° JOUFSQSFUBUJPOÇ°CFUXFFOÇ°UIFÇ°UXPÇ°MBOHVBHFT Ç°UIFÇ°5IBJÇ°MBOHVBHFÇ°TUBUVUPSZÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°TIBMMÇ°QSFWBJM

Eastern Water Resources Development and Management PCL.

Notes to consolidated and company financial stements


 Annual Report 2012

2

Accounting policies (Cont’d)

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5IFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUTǰJODMVEFǰUIFǰųOBODJBMǰTUBUFNFOUTǰGPSǰUIFǰZFBSTǰFOEFEǰǰ%FDFNCFSǰ 2012 and 2011 of the Company and the following subsidiaries: Company’s name

Nature of business

Subsidiaries held directly by the Company Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°Ç°$PNQBOZÇ°-JNJUFEÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFS Ç°Ç° water loss treatment and investment in three tap water supply companies EW Utilities Company Limited Water transportation by pipeline EW Water Balance (Chonburi) Water transportation by pipeline Company Limited EW Smart Water (Rayong) Produce and supply of industrial Company Limited Samet Utilities Company Limited Produce tap water from sea water Subsidiaries held by Universal Utilities Company Limited Ç° $IBDIPFOHTBPÇ°8BUFSÇ°4VQQMZÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° Company Limited Ç° #BOHQBLPOHÇ°8BUFSÇ°4VQQMZÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° Company Limited Ç° /BLPSOTBXBOÇ°8BUFSÇ°4VQQMZÇ° 1SPEVDUJPOÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° Company Limited

Country of incorporation

Percentage of Shareholding 2012 (%)

2011 (%)

5IBJMBOEÇ°

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Thailand Thailand

100 100

-

Thailand

100

-

Thailand

55

-

5IBJMBOEÇ°

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5IBJMBOEÇ°

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5IBJMBOEÇ°

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ǰ /FXǰBDDPVOUJOHǰTUBOEBSET ǰOFXǰųOBODJBMǰSFQPSUJOHǰTUBOEBSET ǰOFXǰJOUFSQSFUBUJPOǰBOEǰBNFOENFOUTǰ to accounting standards B ǰ /FXǰBDDPVOUJOHǰTUBOEBSET ǰOFXǰųOBODJBMǰSFQPSUJOHǰTUBOEBSET ǰOFXǰJOUFSQSFUBUJPOǰBOEǰBNFOENFOUTǰ to accounting standards that are not yet effective but have been early adopted by the Group Effective for the periods beginning on or after 1 January 2013 ǰ ǰ 5"4ǰǰ *ODPNFǰUBYFT ǰ ǰ 5"4ǰǰEFBMTǰPOMZǰXJUIǰUBYFTǰPOǰJODPNF ǰDPNQSJTJOHǰDVSSFOUǰBOEǰEFGFSSFEǰUBYǰ$VSSFOUǰUBYǰFYQFOTFǰGPSǰ ǰ ǰ BǰQFSJPEǰJTǰCBTFEǰPOǰUIFǰUBYBCMFǰBOEǰEFEVDUJCMFǰBNPVOUTǰUIBUǰXJMMǰCFǰTIPXOǰPOǰUIFǰUBYǰSFUVSOǰGPSǰUIFǰ ǰ ǰ DVSSFOUǰZFBSǰ$VSSFOUǰUBYǰBTTFUTǰBOEǰMJBCJMJUJFTǰGPSǰUIFǰDVSSFOUǰBOEǰQSJPSǰQFSJPETǰBSFǰNFBTVSFEǰBUǰUIFǰ ǰ ǰ BNPVOUǰFYQFDUFEǰUPǰCFǰQBJEǰUPǰ SFDPWFSFEǰGSPN ǰUIFǰUBYBUJPOǰBVUIPSJUJFT ǰVTJOHǰUIFǰUBYǰSBUFTǰBOEǰUBYǰ ǰ ǰ MBXTǰ UIBUǰ IBWFǰ CFFOǰ FOBDUFEǰ PSǰ TVCTUBOUJWFMZǰ FOBDUFEǰ CZǰ UIFǰ TUBUFNFOUǰ PGǰ ųOBODJBMǰ QPTJUJPOǰ EBUFǰ ǰ ǰ %FGFSSFEǰUBYǰBDDPVOUJOHǰJTǰCBTFEǰPOǰUIFǰUFNQPSBSZǰEJGGFSFODFTǰCFUXFFOǰUIFǰUBYǰCBTFǰPGǰBOǰBTTFUǰPSǰ ǰ ǰ MJBCJMJUZǰ BOEǰ JUTǰ DBSSZJOHǰ BNPVOUǰ JOǰ UIFǰ ųOBODJBMǰ TUBUFNFOUTǰ 5IFǰ (SPVQǰ IBTǰ FBSMZǰ BEPQUFEǰ 5"4ǰ ǰ ǰ ǰ TJODFǰǰ+BOVBSZǰ C ǰ/FXǰBDDPVOUJOHǰTUBOEBSET ǰOFXǰųOBODJBMǰSFQPSUJOHǰTUBOEBSET ǰOFXǰJOUFSQSFUBUJPOǰBOEǰBNFOENFOUTǰUPǰ accounting standards that are not yet effective and have not been early adopted by the Group Effective for the periods beginning on or after 1 January 2013 TAS 20 Accounting for Government Grants and Disclosure of Government Assistance ǰ ǰ 5"4ǰǰ 3FWJTFEǰ ǰ 5IFǰ&GGFDUTǰPGǰ$IBOHFTǰJOǰ'PSFJHOǰ&YDIBOHFǰ3BUFT




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5'34Ç°Ç° 0QFSBUJOHÇ°4FHNFOUT 54*$Ç°Ç° (PWFSONFOUÇ°"TTJTUBODFÇ°Ç°/PÇ°4QFDJųDÇ°3FMBUJPOÇ°UPÇ°0QFSBUJOHÇ°"DUJWJUJFT 54*$Ç°Ç° *ODPNFÇ°5BYFTÇ°Ç°3FDPWFSZÇ°PGÇ°3FWBMVFEÇ°/PO%FQSFDJBCMFÇ°"TTFUT 54*$Ç°Ç° *ODPNFÇ°5BYFTÇ°Ç°$IBOHFTÇ°JOÇ°UIFÇ°5BYÇ°4UBUVTÇ°PGÇ°BOÇ°&OUJUZÇ°PSÇ°JUTÇ°4IBSFIPMEFST 5IFÇ°BDDPVOUJOHÇ°TUBOEBSETÇ°UIBUÇ°BSFÇ°JNQBDUFEÇ°UPÇ°UIFÇ°(SPVQ 5'34Ç°Ç°SFRVJSFTÇ°BÇ°NBOBHFNFOUÇ°BQQSPBDIÇ°VOEFSÇ°XIJDIÇ°TFHNFOUÇ°JOGPSNBUJPOÇ°JTÇ°QSFTFOUFEÇ°POÇ°UIFÇ°TBNFÇ°CBTJTÇ° UIBUÇ°VTFEÇ°GPSÇ°JOUFSOBMÇ°SFQPSUJOHÇ°QVSQPTFÇ°BTÇ°QSPWJEFEÇ°UPÇ°UIFÇ°DIJFGÇ°PQFSBUJOHÇ°EFDJTJPOÇ°NBLFSTÇ°5IFÇ°OFXÇ° standard will have an impact on disclosure. 5IFÇ°BDDPVOUJOHÇ°TUBOEBSETÇ°UIBUÇ°BSFÇ°OPUÇ°JNQBDUFEÇ°UPÇ°UIFÇ°(SPVQ 5"4Ç°Ç°BQQMJFTÇ°JOÇ°BDDPVOUJOHÇ°GPS Ç°BOEÇ°JOÇ°UIFÇ°EJTDMPTVSFÇ°PG Ç°HPWFSONFOUÇ°HSBOUTÇ°BOEÇ°JOÇ°UIFÇ°EJTDMPTVSFÇ°PGÇ°PUIFSÇ° forms of government assistance. Government grants are recognised when there is reasonable assurance that the entity will comply with conditions related to them and that the grants will be received. Grants SFMBUFEÇ°UPÇ°JODPNFÇ°BSFÇ°SFDPHOJTFEÇ°JOÇ°QSPųUÇ°PSÇ°MPTTÇ°PWFSÇ°QFSJPETÇ°OFDFTTBSZÇ°UPÇ°NBUDIÇ°UIFNÇ°XJUIÇ°UIFÇ°SFMBUFEÇ° costs that they are intended to compensate. Grants related to assets are either offset against the carrying BNPVOUÇ°PGÇ°UIFÇ°SFMFWBOUÇ°BTTFUÇ°PSÇ°QSFTFOUFEÇ°BTÇ°EFGFSSFEÇ°JODPNFÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGǰųOBODJBMÇ°QPTJUJPO 5"4Ç°Ç° SFWJTFEÇ° Ç°SFRVJSFTÇ°BOÇ°FOUJUZÇ°UPÇ°EFUFSNJOFÇ°JUTÇ°GVODUJPOBMÇ°DVSSFODZÇ°XIJDIÇ°JTÇ°UIFÇ°DVSSFODZÇ°PGÇ°UIFÇ° primary economic environment in which the entity operates. Currency other than functional currency of BOÇ°FOUJUZÇ°JTÇ°GPSFJHOÇ°DVSSFODZÇ°'PSFJHOÇ°DVSSFODZÇ°USBOTBDUJPOTÇ°BSFÇ°SFRVJSFEÇ°UPÇ°CFÇ°USBOTMBUFEÇ°JOUPÇ°UIFÇ°GVODUJPOBMÇ° DVSSFODZÇ°VTJOHÇ°UIFÇ°FYDIBOHFÇ°SBUFTÇ°QSFWBJMJOHÇ°BUÇ°UIFÇ°EBUFTÇ°PGÇ°UIFÇ°USBOTBDUJPOÇ°'PSFJHOÇ°FYDIBOHFÇ°HBJOTÇ°BOEÇ°MPTTFTÇ° SFTVMUJOHÇ°GSPNÇ°UIFÇ°TFUUMFNFOUÇ°PGÇ°TVDIÇ°USBOTBDUJPOTÇ°BOEÇ°GSPNÇ°USBOTMBUJPOÇ°BUÇ°ZFBSFOEÇ°FYDIBOHFÇ°SBUFÇ°PGÇ°NPOFUBSZÇ° JUFNTÇ° EFOPNJOBUFEÇ° JOÇ° GPSFJHOÇ° DVSSFODZÇ° BSFÇ° SFDPHOJTFEÇ° JOÇ° QSPųUÇ° PSÇ° MPTTÇ° 5IFÇ° TUBOEBSEÇ° QFSNJUTÇ° UIFÇ° QSFTFOUBUJPOÇ°DVSSFODZÇ°PGÇ°BÇ°SFQPSUJOHÇ°FOUJUZÇ°UPÇ°CFÇ°BOZÇ°DVSSFODJFTÇ°5IFÇ°SFTVMUTÇ°BOEǰųOBODJBMÇ°QPTJUJPOTÇ°PGÇ°BMMÇ° the Group entities that have a functional currency different from the presentation currency are translated in the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date PGÇ°UIBUÇ°TUBUFNFOUÇ°PGǰųOBODJBMÇ°QPTJUJPOÇ° C Ç°JODPNFÇ°BOEÇ°FYQFOTFTÇ°BSFÇ°USBOTMBUFEÇ°BUÇ°UIFÇ°FYDIBOHFÇ°SBUFÇ°BUÇ°UIFÇ° EBUFÇ°PGÇ°UIFÇ°USBOTBDUJPOTÇ°BOEÇ° D Ç°BMMÇ°SFTVMUJOHÇ°FYDIBOHFÇ°EJGGFSFODFTÇ°BSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ° comprehensive income. 54*$Ç°Ç°DMBSJųFTÇ°POÇ°5"4Ç°Ç°UIBUÇ°HPWFSONFOUÇ°BTTJTUBODFÇ°UPÇ°FOUJUJFTÇ°NFFUTÇ°UIFÇ°EFųOJUJPOÇ°PGÇ°HPWFSONFOUÇ°HSBOUTÇ° JOÇ°5"4Ç° Ç°FWFOÇ°JGÇ°UIFSFÇ°BSFÇ°OPÇ°DPOEJUJPOTÇ°TQFDJųDBMMZÇ°SFMBUJOHÇ°UPÇ°UIFÇ°PQFSBUJOHÇ°BDUJWJUJFTÇ°PGÇ°UIFÇ°FOUJUZÇ°PUIFSÇ° than the requirement to operate in certain regions or industry sectors. Such grants shall therefore not be credited directly to shareholders’ interests. 54*$Ç°Ç°DMBSJųFTÇ°UIBUÇ°EFGFSSFEÇ°UBYÇ°MJBCJMJUZÇ°PSÇ°BTTFUÇ°UIBUÇ°BSJTFTÇ°GSPNÇ°UIFÇ°SFWBMVBUJPOÇ°PGÇ°BÇ°OPOEFQSFDJBCMFÇ° BTTFUÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°5"4Ç°Ç°TIBMMÇ°CFÇ°NFBTVSFEÇ°POÇ°UIFÇ°CBTJTÇ°PGÇ°UIFÇ°UBYÇ°DPOTFRVFODFTÇ°UIBUÇ°XPVMEÇ°GPMMPXÇ° GSPNÇ°SFDPWFSZÇ°PGÇ°UIFÇ°DBSSZÇ°BNPVOUÇ°PGÇ°UIBUÇ°BTTFUÇ°UISPVHIÇ°TBMF Ç°SFHBSEMFTTÇ°PGÇ°UIFÇ°CBTJTÇ°PGÇ°NFBTVSJOHÇ°UIFÇ° carrying amount of that asset. 54*$Ç°Ç°DMBSJųFTÇ°UIBUÇ°BÇ°DIBOHFÇ°JOÇ°UIFÇ°UBYÇ°TUBUVTÇ°PGÇ°BOÇ°FOUJUZÇ°PSÇ°JUTÇ°TIBSFIPMEFSTÇ°EPFTÇ°OPUÇ°HJWFÇ°SJTFÇ°UPÇ° JODSFBTFTÇ° PSÇ° EFDSFBTFTÇ° JOÇ° BNPVOUTÇ° SFDPHOJTFEÇ° PVUTJEFÇ° QSPųUÇ° PSÇ° MPTTÇ° 5IFÇ° DVSSFOUÇ° BOEÇ° EFGFSSFEÇ° UBYÇ° DPOTFRVFODFTÇ°PGÇ°BÇ°DIBOHFÇ°JOÇ°UBYÇ°TUBUVTÇ°TIBMMÇ°CFÇ°JODMVEFEÇ°JOÇ°QSPųUÇ°PSÇ°MPTTÇ°GPSÇ°UIFÇ°QFSJPEÇ°VOMFTTÇ°UIPTFÇ° DPOTFRVFODFTÇ°SFMBUFEÇ°UPÇ°USBOTBDUJPOTÇ°BOEÇ°FWFOUTÇ°UIBUÇ°SFTVMU Ç°JOÇ°UIFÇ°TBNFÇ°PSÇ°EJGGFSFOUÇ°QFSJPE Ç°JOÇ°BÇ°EJSFDUÇ° credit or charge to the recognised amount of equity or in amounts recognised in other comprehensive JODPNFÇ°5IPTFÇ°UBYÇ°DPOTFRVFODFTÇ°TIBMMÇ°CFÇ°DIBSHFEÇ°EJSFDUMZÇ°UPÇ°FRVJUZÇ°PSÇ°PUIFSÇ°DPNQSFIFOTJWFÇ°JODPNF Ç° respectively.

Eastern Water Resources Development and Management PCL.

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 Annual Report 2012

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Accounting policies (Cont’d)

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Effective for the periods beginning on or after 1 January 2014 5'3*$ǰǰ %FUFSNJOJOHǰXIFUIFSǰBOǰ"SSBOHFNFOUǰDPOUBJOTǰBǰ-FBTF 5'3*$ǰǰ 4FSWJDFǰ$PODFTTJPOǰ"SSBOHFNFOUT 5'3*$ǰǰ $VTUPNFSǰ-PZBMUZǰ1SPHSBNNFT 54*$ǰǰ 4FSWJDFǰ$PODFTTJPOǰ"SSBOHFNFOUTǰ%JTDMPTVSF 5IFǰBDDPVOUJOHǰTUBOEBSETǰUIBUǰBSFǰJNQBDUFEǰUPǰUIFǰ(SPVQ 5'3*$ǰǰSFRVJSFTǰUIFǰEFUFSNJOBUJPOǰPGǰXIFUIFSǰBOǰBSSBOHFNFOUǰJTǰPSǰDPOUBJOTǰBǰMFBTFǰUPǰCFǰCBTFEǰPOǰ UIFǰTVCTUBODFǰPGǰUIFǰBSSBOHFNFOUǰ*UǰSFRVJSFTǰBOǰBTTFTTNFOUǰPGǰXIFUIFSǰ B ǰGVMųMNFOUǰPGǰUIFǰBSSBOHFNFOUǰ JTǰEFQFOEFOUǰPOǰUIFǰVTFǰPGǰBǰTQFDJųDǰBTTFUǰPSǰBTTFUTǰ UIFǰBTTFU ǰBOEǰ C ǰUIFǰBSSBOHFNFOUǰDPOWFZTǰBǰSJHIUǰ to use the asset. The management is currently assessing the impact of applying this interpretation. 5'3*$ǰǰEFBMTǰXJUIǰQVCMJDUPQSJWBUFǰTFSWJDFǰDPODFTTJPOǰBSSBOHFNFOUTǰGPSǰUIFǰEFMJWFSZǰPGǰQVCMJDǰTFSWJDFTǰ It applies only to concession agreements where the use of the infrastructure is controlled by the grantor. 5IJTǰJOUFSQSFUBUJPOǰSFRVJSFTǰUXPǰEJGGFSFOUǰBDDPVOUJOHǰUSFBUNFOUT ǰEFQFOEJOHǰPOǰUIFǰTQFDJųDǰUFSNTǰPGǰUIFǰ concession agreement. When the operator builds infrastructure and has an unconditional contractual SJHIUǰUPǰSFDFJWFǰDBTIǰPSǰBOPUIFSǰųOBODJBMǰBTTFUǰGSPNǰUIFǰHSBOUPS ǰUIBUǰSJHIUǰJTǰUSFBUFEǰBTǰBǰųOBODJBMǰBTTFUǰ 8IFOǰUIFǰPQFSBUPSǰCVJMETǰJOGSBTUSVDUVSFǰBOEǰSFDFJWFTǰBǰSJHIUǰ BǰMJDFODF ǰUPǰDIBSHFǰVTFSTǰPGǰUIFǰQVCMJDǰTFSWJDF ǰ that right is treated as an intangible asset. The management is currently assessing the impact of applying this interpretation. 54*$ǰǰDPOUBJOTǰEJTDMPTVSFǰSFRVJSFNFOUTǰJOǰSFTQFDUǰPGǰQVCMJDUPQSJWBUFǰTFSWJDFǰBSSBOHFNFOUTǰǰ5IJTǰTUBOEBSEǰ will have an impact on disclosure.

5IFǰBDDPVOUJOHǰTUBOEBSETǰUIBUǰBSFǰOPUǰJNQBDUFEǰUPǰUIFǰ(SPVQ ǰ 5'3*$ǰ ǰ DMBSJųFTǰ UIBUǰ XIFSFǰ HPPETǰ PSǰ TFSWJDFTǰ BSFǰ TPMEǰ UPHFUIFSǰ XJUIǰ Bǰ DVTUPNFSǰ MPZBMUZǰ JODFOUJWFǰ ǰ GPSǰFYBNQMF ǰMPZBMUZǰQPJOUTǰPSǰGSFFǰQSPEVDUT ǰUIFǰBSSBOHFNFOUǰJTǰBǰNVMUJQMFFMFNFOUǰBSSBOHFNFOU ǰBOEǰUIFǰ consideration received or receivable from the customer is allocated between the components of the arrangement using fair values.

ǰ (SPVQǰ"DDPVOUJOHǰǰ*OWFTUNFOUǰJOǰTVCTJEJBSJFTǰ Subsidiaries are all entities (including special purpose entities) over which the Group has the power ǰ UPǰ HPWFSOǰ UIFǰ ųOBODJBMǰ BOEǰ PQFSBUJOHǰ QPMJDJFTǰ HFOFSBMMZǰ BDDPNQBOZJOHǰ Bǰ TIBSFIPMEJOHǰ PGǰ NPSFǰ UIBOǰ ǰ POFIBMGǰ PGǰ UIFǰ WPUJOHǰ SJHIUTǰ 5IFǰ FYJTUFODFǰ BOEǰ FGGFDUǰ PGǰ QPUFOUJBMǰ WPUJOHǰ SJHIUTǰ UIBUǰ BSFǰ DVSSFOUMZǰ ǰ FYFSDJTBCMFǰ PSǰ DPOWFSUJCMFǰ BSFǰ DPOTJEFSFEǰ XIFOǰ BTTFTTJOHǰ XIFUIFSǰ UIFǰ (SPVQǰ DPOUSPMTǰ BOPUIFSǰ entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The ǰ DPOTJEFSBUJPOǰ USBOTGFSSFEǰ GPSǰ UIFǰ BDRVJTJUJPOǰ PGǰ Bǰ TVCTJEJBSZǰ JTǰ UIFǰ GBJSǰ WBMVFǰ PGǰ UIFǰ BTTFUTǰ USBOTGFSSFE ǰ the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. ǰ "DRVJTJUJPOSFMBUFEǰDPTUTǰBSFǰFYQFOTFEǰBTǰJODVSSFEǰ*EFOUJųBCMFǰBTTFUTǰBDRVJSFEǰBOEǰMJBCJMJUJFTǰBOEǰDPOUJOHFOUǰ liabilities assumed in a business combination are measured initially at their fair values at the acquisition ǰ EBUFǰ 0Oǰ BOǰ BDRVJTJUJPOCZBDRVJTJUJPOǰ CBTJT ǰ UIFǰ (SPVQǰ SFDPHOJTFTǰ BOZǰ OPODPOUSPMMJOHǰ JOUFSFTUǰ JOǰ UIFǰ acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.




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*OWFTUNFOUTÇ°JOÇ°TVCTJEJBSJFTÇ°BSFÇ°BDDPVOUFEÇ°GPSÇ°BUÇ°DPTUÇ°MFTTÇ°JNQBJSNFOUÇ°$PTUÇ°JTÇ°BEKVTUFEÇ°UPÇ°SFĹ´FDUÇ°DIBOHFTÇ° in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. 5IFÇ°FYDFTTÇ°PGÇ°UIFÇ°DPOTJEFSBUJPOÇ°USBOTGFSSFE Ç°UIFÇ°BNPVOUÇ°PGÇ°BOZÇ°OPODPOUSPMMJOHÇ°JOUFSFTUÇ°JOÇ°UIFÇ°BDRVJSFFÇ° and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of UIFÇ°(SPVQÄ´TÇ°TIBSFÇ°PGÇ°UIFÇ°JEFOUJĹłBCMFÇ°OFUÇ°BTTFUTÇ°BDRVJSFEÇ°JTÇ°SFDPSEFEÇ°BTÇ°HPPEXJMMÇ°*GÇ°UIJTÇ°JTÇ°MFTTÇ°UIBOÇ°UIFÇ° GBJSÇ°WBMVFÇ°PGÇ°UIFÇ°OFUÇ°BTTFUTÇ°PGÇ°UIFÇ°TVCTJEJBSZÇ°BDRVJSFEÇ°JOÇ°UIFÇ°DBTFÇ°PGÇ°BÇ°CBSHBJOÇ°QVSDIBTF Ç°UIFÇ°EJGGFSFODFÇ° JTÇ°SFDPHOJTFEÇ°EJSFDUMZÇ°JOÇ°QSPĹłUÇ°PSÇ°MPTT *OUFSDPNQBOZÇ°USBOTBDUJPOT Ç°CBMBODFTÇ°BOEÇ°VOSFBMJTFEÇ°HBJOTÇ°PSÇ°MPTTÇ°POÇ°USBOTBDUJPOTÇ°CFUXFFOÇ°(SPVQÇ°DPNQBOJFTÇ° are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. "Ç°MJTUÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°QSJODJQBMÇ°TVCTJEJBSJFTÇ°JTÇ°TFUÇ°PVUÇ°JOÇ°/PUFÇ° Foreign currency translation *UFNTÇ° JODMVEFEÇ° JOÇ° UIFÇ° ĹłOBODJBMÇ° TUBUFNFOUTÇ° PGÇ° FBDIÇ° FOUJUZÇ° JOÇ° UIFÇ° (SPVQÇ° BSFÇ° NFBTVSFEÇ° VTJOHÇ° 5IBJÇ° #BIUÇ° 5IFÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°BSFÇ°QSFTFOUFEÇ°JOÇ°5IBJÇ°#BIU 'PSFJHOÇ° DVSSFODZÇ° USBOTBDUJPOTÇ° BSFÇ° USBOTMBUFEÇ° JOUPÇ° 5IBJÇ° #BIUÇ° VTJOHÇ° UIFÇ° FYDIBOHFÇ° SBUFTÇ° QSFWBJMJOHÇ° BUÇ° UIFÇ° date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated UPÇ° 5IBJÇ° #BIUÇ° BUÇ° UIFÇ° FYDIBOHFÇ° SBUFÇ° QSFWBJMJOHÇ° BUÇ° UIFÇ° TUBUFNFOUÇ° PGÇ° ĹłOBODJBMÇ° QPTJUJPOÇ° EBUFÇ° (BJOTÇ° BOEÇ° MPTTFTÇ° SFTVMUJOHÇ° GSPNÇ° UIFÇ° TFUUMFNFOUÇ° PGÇ° GPSFJHOÇ° DVSSFODZÇ° USBOTBDUJPOT Ç° BOEÇ° GSPNÇ° UIFÇ° USBOTMBUJPOÇ° PGÇ° NPOFUBSZÇ°BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°EFOPNJOBUFEÇ°JOÇ°GPSFJHOÇ°DVSSFODJFT Ç°BSFÇ°SFDPHOJTFEÇ°JOÇ°UIFÇ°QSPĹłUÇ°PSÇ°MPTT

2.5 Cash and cash equivalents Ç° $BTIÇ° BOEÇ° DBTIÇ° FRVJWBMFOUTÇ° DPNQSJTFÇ° DBTIÇ° POÇ° IBOE Ç° EFQPTJUTÇ° IFMEÇ° BUÇ° DBMMÇ° XJUIÇ° CBOLTÇ° BOEÇ° ĹłYFEÇ° EFQPTJUÇ° Ç° XJUIÇ° BSFÇ° IFMEÇ° UPÇ° NBUVSJUZÇ° UISFFÇ° NPOUITÇ° PSÇ° MFTT Ç° BOEÇ° PUIFSÇ° TIPSUUFSNÇ° IJHIMZÇ° MJRVJEÇ° JOWFTUNFOUTÇ° XJUIÇ° maturities of three months or less from the date of acquisition. Ç° 5SBEFÇ°BDDPVOUTÇ°SFDFJWBCMFXBUFSÇ°MPTTÇ°USFBUNFOUÇ°TFSWJDFÇ°JODPNFÇ°SFDFJWBCMF Trade accounts receivable and water loss treatment service income receivable are carried at the original invoice amount and subsequently measured at the remaining amount less any allowance for doubtful receivables based on a review of all outstanding amounts at the year end. The amount of Ç° UIFÇ°BMMPXBODFÇ°JTÇ°UIFÇ°EJGGFSFODFÇ°CFUXFFOÇ°UIFÇ°DBSSZJOHÇ°BNPVOUÇ°PGÇ°UIFÇ°SFDFJWBCMFÇ°BOEÇ°UIFÇ°BNPVOUÇ°FYQFDUFEÇ° Ç° UPÇ°CFÇ°DPMMFDUJCMFÇ°#BEÇ°EFCUTÇ°BSFÇ°XSJUUFOÇ°PGGÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°JOÇ°XIJDIÇ°UIFZÇ°BSFÇ°JEFOUJĹłFEÇ°BOEÇ°SFDPHOJTFEÇ° Ç° JOÇ° QSPĹłUÇ° PSÇ° MPTTÇ° XJUIJOÇ° BENJOJTUSBUJWFÇ° FYQFOTFÇ° 5IFÇ° (SPVQÇ° SFDPSEÇ° SFWFOVFÇ° UIBUÇ° IBTÇ° CFFOÇ° SFDPHOJTFEÇ° as revenue but not yet billed to the customers under “Unbilled receivablesâ€? and “Unbilled water loss treatment service income receivableâ€? which have been included in trade accounts receivable Ç° BOEÇ°XBUFSÇ°MPTTÇ°USFBUNFOUÇ°TFSWJDFÇ°JODPNFÇ°SFDFJWBCMFÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ°ĹłOBODJBMÇ°QPTJUJPO 2.7 Inventories Inventories are stated at the lower of cost or net realisable value. Cost is determined by moving average basis. The cost of purchase comprises both the purchase price and costs directly attributable to the Ç° BDRVJTJUJPOÇ°PGÇ°UIFÇ°JOWFOUPSZ Ç°TVDIÇ°BTÇ°JNQPSUÇ°EVUJFTÇ°BOEÇ°USBOTQPSUBUJPOÇ°DIBSHFT Ç°MFTTÇ°BMMÇ°BUUSJCVUBCMFÇ°EJTDPVOUTÇ°Ç° Ç° /FUÇ°SFBMJTBCMFÇ°WBMVFÇ°JTÇ°UIFÇ°FTUJNBUFÇ°PGÇ°UIFÇ°TFMMJOHÇ°QSJDFÇ°JOÇ°UIFÇ°PSEJOBSZÇ°DPVSTFÇ°PGÇ°CVTJOFTT Ç°MFTTÇ°BQQMJDBCMFÇ° Ç° WBSJBCMFÇ°TFMMJOHÇ°FYQFOTFTÇ°"MMPXBODFÇ°JTÇ°NBEF Ç°XIFSFÇ°OFDFTTBSZ Ç°GPSÇ°PCTPMFUF Ç°TMPXÇ°NPWJOHÇ°BOEÇ°EFGFDUJWFÇ°JOWFOUPSJFT

Eastern Water Resources Development and Management PCL.

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 Annual Report 2012

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Accounting policies (Cont’d)

*OWFTUNFOUTǰ *OWFTUNFOUTǰPUIFSǰUIBOǰJOWFTUNFOUTǰJOǰTVCTJEJBSJFT ǰBTTPDJBUFTǰBOEǰJOUFSFTUTǰJOǰKPJOUǰWFOUVSFTǰBSFǰDMBTTJųFEǰ JOUPǰ UIFǰ GPMMPXJOHǰ GPVSǰ DBUFHPSJFTǰ  ǰ USBEJOHǰ JOWFTUNFOUTǰ  ǰ IFMEUPNBUVSJUZǰ JOWFTUNFOUTǰ  ǰ BWBJMBCMFGPSTBMFǰJOWFTUNFOUTǰBOEǰ  ǰHFOFSBMǰJOWFTUNFOUTǰ5IFǰDMBTTJųDBUJPOǰJTǰEFQFOEFOUǰPOǰUIFǰQVSQPTFǰ GPSǰ XIJDIǰ UIFǰ JOWFTUNFOUTǰ XFSFǰ BDRVJSFEǰ .BOBHFNFOUǰ EFUFSNJOFTǰ UIFǰ BQQSPQSJBUFǰ DMBTTJųDBUJPOǰ PGǰ JUTǰ investments at the time of the purchase and re-evaluates such designation on a regular basis. ǰ  ǰ*OWFTUNFOUTǰ UIBUǰ BSFǰ BDRVJSFEǰ QSJODJQBMMZǰ GPSǰ UIFǰ QVSQPTFǰ PGǰ HFOFSBUJOHǰ Bǰ QSPųUǰ GSPNǰ TIPSUUFSNǰ ǰ ǰ ŴVDUVBUJPOTǰJOǰQSJDFǰBSFǰDMBTTJųFEǰBTǰUSBEJOHǰJOWFTUNFOUTǰBOEǰJODMVEFEǰJOǰDVSSFOUǰBTTFUTǰ ǰ  ǰ*OWFTUNFOUTǰXJUIǰųYFEǰNBUVSJUZǰUIBUǰUIFǰNBOBHFNFOUǰIBTǰUIFǰJOUFOUǰBOEǰBCJMJUZǰUPǰIPMEǰUPǰNBUVSJUZǰBSFǰ ǰ ǰ DMBTTJųFEǰ BTǰ IFMEUPNBUVSJUZǰ BOEǰ BSFǰ JODMVEFEǰ JOǰ OPODVSSFOUǰ BTTFUT ǰ FYDFQUǰ GPSǰ NBUVSJUJFTǰ XJUIJOǰ ǰ ǰ ǰNPOUITǰGSPNǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰEBUFǰXIJDIǰBSFǰDMBTTJųFEǰBTǰDVSSFOUǰBTTFUTǰ ǰ  ǰ*OWFTUNFOUTǰJOUFOEFEǰUPǰCFǰIFMEǰGPSǰBOǰJOEFųOJUFǰQFSJPEǰPGǰUJNF ǰXIJDIǰNBZǰCFǰTPMEǰJOǰSFTQPOTFǰUPǰ ǰ ǰ MJRVJEJUZǰ OFFETǰ PSǰ DIBOHFTǰ JOǰ JOUFSFTUǰ SBUFT ǰ BSFǰ DMBTTJųFEǰ BTǰ BWBJMBCMFGPSTBMFǰ BOEǰ BSFǰ JODMVEFEǰ JOǰ ǰ ǰ OPODVSSFOUǰ BTTFUTǰ VOMFTTǰ NBOBHFNFOUǰ IBTǰ FYQSFTTFEǰ UIFǰ JOUFOUJPOǰ PGǰ IPMEJOHǰ UIFǰ JOWFTUNFOUǰ GPSǰ ǰ ǰ MFTTǰUIBOǰǰNPOUITǰGSPNǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰEBUFǰPSǰVOMFTTǰUIFZǰXJMMǰOFFEǰUPǰCFǰTPMEǰ ǰ ǰ UPǰSBJTFǰPQFSBUJOHǰDBQJUBM ǰJOǰXIJDIǰDBTFǰUIFZǰBSFǰJODMVEFEǰJOǰDVSSFOUǰBTTFUTǰ ǰ  ǰ*OWFTUNFOUTǰJOǰOPONBSLFUBCMFǰFRVJUZǰTFDVSJUJFTǰBSFǰDMBTTJųFEǰBTǰHFOFSBMǰJOWFTUNFOUT ǰ "MMǰDBUFHPSJFTǰPGǰJOWFTUNFOUǰBSFǰJOJUJBMMZǰSFDPHOJTFEǰBUǰDPTU ǰXIJDIǰJTǰFRVBMǰUPǰUIFǰGBJSǰWBMVFǰPGǰDPOTJEFSBUJPOǰ ǰ QBJEǰQMVTǰUSBOTBDUJPOǰDPTUǰ$VSSFOUMZ ǰUIFǰ(SPVQǰIBTǰJOWFTUNFOUTǰXJUIǰųYFEǰNBUVSJUZǰBOEǰJOWFTUNFOUTǰJOǰ ǰ OPONBSLFUBCMFǰFRVJUZ Held-to-maturity investments are carried at amortised cost using the effective yield method less impairment loss. ǰ *OWFTUNFOUǰ JOǰ OPONBSLFUBCMFǰ FRVJUZǰ TFDVSJUZǰ IFMEǰ BTǰ PUIFSǰ JOWFTUNFOUǰ JTǰ EFUFSNJOFEǰ BUǰ DPTUǰ MFTTǰ allowance for impairment. A test for impairment is carried out when there is a factor indicating that an investment might be impaired. ǰ *GǰUIFǰDBSSZJOHǰWBMVFǰPGǰUIFǰJOWFTUNFOUǰJTǰIJHIFSǰUIBOǰJUTǰSFDPWFSBCMFǰBNPVOU ǰJNQBJSNFOUǰMPTTǰJTǰDIBSHFEǰ to the income statement. ǰ 0OǰEJTQPTBMǰPGǰBOǰJOWFTUNFOU ǰUIFǰEJGGFSFODFǰCFUXFFOǰUIFǰOFUǰEJTQPTBMǰQSPDFFETǰBOEǰUIFǰDBSSZJOHǰBNPVOUǰ ǰ JTǰDIBSHFEǰPSǰDSFEJUFEǰUPǰUIFǰQSPųUǰPSǰMPTT 2.9 Non-current assets held-for-sale ǰ /PODVSSFOUǰ BTTFUTǰ BSFǰ DMBTTJųFEǰ BTǰ BTTFUTǰ IFMEGPSTBMFǰ XIFOǰ UIFJSǰ DBSSZJOHǰ BNPVOUǰ JTǰ UPǰ CFǰ SFDPWFSFEǰ principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of the carrying amount and fair value less cost to sell if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use. ǰ*OWFTUNFOUǰQSPQFSUZǰ ǰ 1SPQFSUZǰUIBUǰJTǰIFMEǰGPSǰMPOHUFSNǰSFOUBMǰZJFMETǰPSǰGPSǰDBQJUBMǰBQQSFDJBUJPOǰPSǰCPUI ǰBOEǰUIBUǰJTǰOPUǰPDDVQJFEǰ ǰ CZǰUIFǰDPNQBOJFTǰJOǰUIFǰDPOTPMJEBUFEǰ(SPVQ ǰJTǰDMBTTJųFEǰBTǰJOWFTUNFOUǰQSPQFSUZǰ*OWFTUNFOUǰQSPQFSUZǰ also includes property that is being constructed or developed for future use as investment property. ǰ *OWFTUNFOUǰQSPQFSUZǰJTǰNFBTVSFEǰJOJUJBMMZǰBUǰJUTǰDPTU ǰJODMVEJOHǰSFMBUFEǰUSBOTBDUJPOǰDPTUTǰBOEǰCPSSPXJOHǰDPTUTǰ ǰ #PSSPXJOHǰDPTUTǰBSFǰJODVSSFEǰGPSǰUIFǰQVSQPTFǰPGǰBDRVJSJOH ǰDPOTUSVDUJOHǰPSǰQSPEVDJOHǰBǰRVBMJGZJOHǰJOWFTUNFOUǰ property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction




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JTǰBDUJWFMZǰVOEFSXBZǰBOEǰDFBTFǰPODFǰUIFǰBTTFUǰJTǰTVCTUBOUJBMMZǰDPNQMFUF ǰPSǰTVTQFOEFEǰJGǰUIFǰEFWFMPQNFOUǰ of the asset is suspended. "GUFSǰJOJUJBMǰSFDPHOJUJPO ǰJOWFTUNFOUǰQSPQFSUZǰJTǰDBSSJFEǰBUǰDPTUǰMFTTǰBOZǰBDDVNVMBUFEǰEFQSFDJBUJPOǰBOEǰBOZǰ accumulated impairment losses. Land is not depreciated. Depreciation on other investment properties is calculated using the straight MJOFǰNFUIPEǰUPǰBMMPDBUFǰUIFJSǰDPTUǰUPǰUIFJSǰSFTJEVBMǰWBMVFTǰPWFSǰUIFJSǰFTUJNBUFEǰVTFGVMǰMJWFT ǰBTǰGPMMPXT Building 20 and 35 years Building improvement 10 years 4VCTFRVFOUǰFYQFOEJUVSFǰJTǰDBQJUBMJTFEǰUPǰUIFǰBTTFUĴTǰDBSSZJOHǰBNPVOUǰPOMZǰXIFOǰJUǰJTǰQSPCBCMFǰUIBUǰGVUVSFǰ FDPOPNJDǰCFOFųUTǰBTTPDJBUFEǰXJUIǰUIFǰFYQFOEJUVSFǰXJMMǰŴPXǰUPǰUIFǰ(SPVQǰBOEǰUIFǰDPTUǰPGǰUIFǰJUFNǰDBOǰ CFǰNFBTVSFEǰSFMJBCMZǰ"MMǰPUIFSǰSFQBJSTǰBOEǰNBJOUFOBODFǰDPTUTǰBSFǰFYQFOTFEǰXIFOǰJODVSSFEǰ8IFOǰQBSUǰPGǰ BOǰJOWFTUNFOUǰQSPQFSUZǰJTǰSFQMBDFE ǰUIFǰDBSSZJOHǰBNPVOUǰPGǰUIFǰSFQMBDFEǰQBSUǰJTǰEFSFDPHOJTFE

ǰ1SPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOU Land is stated at cost less allowance for impairment (if any). Plant and equipment are stated at cost less ǰ BDDVNVMBUFEǰEFQSFDJBUJPOǰBOEǰBMMPXBODFǰGPSǰJNQBJSNFOUǰ JGǰBOZ ǰ)JTUPSJDBMǰDPTUǰJODMVEFTǰFYQFOEJUVSFǰUIBUǰ is directly attributable to the acquisition of the items. ǰ 4VCTFRVFOUǰ DPTUTǰ BSFǰ JODMVEFEǰ JOǰ UIFǰ BTTFUĴTǰ DBSSZJOHǰ BNPVOUǰ PSǰ SFDPHOJTFEǰ BTǰ Bǰ TFQBSBUFǰ BTTFU ǰ BTǰ ǰ BQQSPQSJBUF ǰ POMZǰ XIFOǰ JUǰ JTǰ QSPCBCMFǰ UIBUǰ GVUVSFǰ FDPOPNJDǰ CFOFųUTǰ BTTPDJBUFEǰ XJUIǰ UIFǰ JUFNǰ XJMMǰ ǰ ŴPXǰUPǰUIFǰ(SPVQǰBOEǰUIFǰDPTUǰPGǰUIFǰJUFNǰDBOǰCFǰNFBTVSFEǰSFMJBCMZǰ5IFǰDBSSZJOHǰBNPVOUǰPGǰUIFǰSFQMBDFEǰ ǰ QBSUǰJTǰEFSFDPHOJTFEǰ"MMǰPUIFSǰSFQBJSTǰBOEǰNBJOUFOBODFǰBSFǰDIBSHFEǰUPǰQSPųUǰPSǰMPTTǰEVSJOHǰUIFǰųOBODJBMǰ period in which they are incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight line method to allocate their cost to their residual values over their estimated useful lives. ǰ 4JODFǰǰ+BOVBSZǰ ǰUIFǰ(SPVQǰIBTǰEFQSFDJBUFEǰUIFǰTJHOJųDBOUǰDPNQPOFOUǰPGǰFBDIǰJUFNǰTFQBSBUFMZǰBOEǰ ǰ DIBOHFEǰBDDPVOUJOHǰFTUJNBUFǰCZǰSFWJFXJOHǰVTFGVMǰMJWFTǰPGǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBTǰUIFǰGPMMPXJOH Before 2011

Since 1 January 2011

1VNQJOHÇ°QMBOUTÇ° #VJMEJOHÇ° -FBTFIPMEÇ°BOEÇ°CVJMEJOHÇ°JNQSPWFNFOUTÇ°

Ç°ZFBSTÇ°  Ç° Ç°Ç°ZFBSTÇ°  Ç°Ç°ZFBSTÇ°

 Ç°Ç°ZFBST  Ç° Ç°Ç°ZFBST  Ç°Ç°ZFBSTÇ°CVUÇ°OPUÇ° more than leased term

Machinery and equipment ǰ ǰ 8BUFSǰQPPM ǰ1JQFMJOFǰBOEǰSFMBUFEǰFRVJQNFOUǰ - Water pump ǰ ǰǰ4$"%" ǰ'JCFSǰ0QUJDǰ ǰ ǰǰ0UIFSǰNBDIJOFSJFTǰBOEǰFRVJQNFOUǰ 0GųDFǰFRVJQNFOUǰ 7FIJDMFTǰ

 Ç° Ç°Ç°ZFBSTÇ° 10 years  Ç°Ç°ZFBSTÇ°  Ç°Ç°ZFBSTÇ°  Ç°Ç°ZFBSTÇ° Ç°ZFBSTÇ°

Ç°ZFBST 30 years  Ç°Ç°ZFBST  Ç°Ç°ZFBST  Ç°Ç°ZFBST Ç°ZFBST

Eastern Water Resources Development and Management PCL.

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 Annual Report 2012

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5IFǰBTTFUTĴǰSFTJEVBMǰWBMVFTǰBOEǰVTFGVMǰMJWFTǰBSFǰSFWJFXFE ǰBOEǰBEKVTUFEǰJGǰBQQSPQSJBUF ǰBUǰUIFǰFOEǰPGǰFBDIǰ reporting period. The asset’s carrying amount is written-down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are ǰ SFDPHOJTFEǰXJUIJOǰij0UIFSǰ MPTTFT HBJOTǰǰOFUĴǰJOǰQSPųUǰPSǰMPTT ǰ *OUFSFTUǰDPTUTǰPOǰCPSSPXJOHTǰUPǰųOBODFǰUIFǰDPOTUSVDUJPOǰPGǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBSFǰDBQJUBMJTFEǰ ǰ BTǰQBSUǰPGǰDPTUǰPGǰUIFǰBTTFU ǰEVSJOHǰUIFǰQFSJPEǰPGǰUJNFǰSFRVJSFEǰUPǰDPNQMFUFǰBOEǰQSFQBSFǰUIFǰQSPQFSUZǰGPSǰ ǰ JUTǰJOUFOEFEǰVTFǰ5IFǰCPSSPXJOHǰDPTUTǰJODMVEFǰJOUFSFTUǰPOǰTIPSUUFSNǰBOEǰMPOHUFSNǰCPSSPXJOHT ǰSFMBUFEǰ ǰ UBYFTǰ BOEǰ BNPSUJTBUJPOǰ PGǰ EJTDPVOUTǰ PSǰ QSFNJVNTǰ SFMBUJOHǰ UPǰ CPSSPXJOHTǰ "MMǰ PUIFSǰ CPSSPXJOHǰ DPTUTǰ BSF ǰ SFDPSEFEǰBTǰFYQFOTFǰJOǰQSPųUǰBOEǰMPTT 2.12 Assets under concession contracts Assets under concession contracts are stated at cost less accumulated depreciation and allowance for ǰ JNǰQBJSNFOUǰ JGǰBOZ ǰ%FQSFDJBUJPOǰPGǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰIBTǰCFFOǰJODMVEFEǰJOǰQSPųUǰBOEǰMPTTǰ ǰ XIJDIǰIBTǰCFFOǰDPNQVUFEǰVTJOHǰUIFǰTUSBJHIUMJOFǰNFUIPEǰPWFSǰFTUJNBUFEǰVTFGVMǰMJGFǰCVUǰOPUǰFYDFFEǰUIFǰ ǰ DPODFTTJPOǰQFSJPEǰPGǰ ǰǰBOEǰǰZFBST 2.13 Deferred concession rights acquisition costs ǰ $PODFTTJPOǰ SJHIUTǰ BDRVJTJUJPOǰ DPTUTǰ DPOTJTUǰ PGǰ FYQFOTFTǰ JODVSSFEǰ EJSFDUMZǰ JOǰ SFMBUJPOǰ UPǰ PCUBJOJOHǰ UIFǰ ǰ DPODFTTJPOǰDPOUSBDUTǰGSPNǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ%FGFSSFEǰDPODFTTJPOǰSJHIUTǰBDRVJTJUJPOǰDPTUTǰ are stated at cost less accumulated amortisation and allowance for impairment (if any). Amortisation of ǰ EFGFSSFEǰDPODFTTJPOǰSJHIUTǰBDRVJTJUJPOǰDPTUT ǰXIJDIǰIBTǰCFFOǰDPNQVUFEǰVTJOHǰUIFǰTUSBJHIUMJOFǰNFUIPEǰPWFSǰ ǰ UIFǰDPODFTTJPOǰQFSJPETǰPGǰǰBOEǰǰZFBST ǰIBTǰCFFOǰJODMVEFEǰJOǰQSPųUǰBOEǰMPTT 2.14 Intangible assets 2.14.1 Rights to operate the businesses under concession Right to operate the subsidiaries’ businesses under concession awarded to the subsidiaries by the government agency or entity over a limited a concession period. Rights are stated at cost less accumulated amortisation and allowance for impairment (if any) and are amortised using the ǰ ǰ ǰ TUSBJHIUMJOFǰ NFUIPEǰ PWFSǰ Bǰ QFSJPEǰ PGǰ ǰ ZFBST ǰ CFJOHǰ UIFǰ DPODFTTJPOǰ QFSJPEǰ BXBSEFEǰ UPǰ UIFǰ subsidiaries to carry out their business operation. The carrying amounts of intangible assets are written down when there is an impairment. ǰ$PNQVUFSǰTPGUXBSF ǰ ǰ ǰ &YQFOEJUVSFǰ POǰ BDRVJSFEǰ DPNQVUFSǰ TPGUXBSFǰ JTǰ DBQJUBMJTFEǰ POǰ UIFǰ CBTJTǰ PGǰ UIFǰ DPTUTǰ JODVSSFEǰ UPǰ acquire and amortised using the straight-line method over its estimated useful lives of 10 years. ǰ*NQBJSNFOUǰPGǰBTTFUT ǰ "TTFUTǰ UIBUǰ IBWFǰ BOǰ JOEFųOJUFǰ VTFGVMǰ MJGF ǰ BSFǰ OPUǰ TVCKFDUǰ UPǰ BNPSUJTBUJPOǰ BOEǰ BSFǰ UFTUFEǰ BOOVBMMZǰ GPSǰ impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is ǰ SFDPHOJTFEǰGPSǰUIFǰBNPVOUǰCZǰXIJDIǰUIFǰDBSSZJOHǰBNPVOUǰPGǰUIFǰBTTFUTǰFYDFFETǰJUTǰSFDPWFSBCMFǰBNPVOUǰXIJDIǰ ǰ JTǰUIFǰIJHIFSǰPGǰBOǰBTTFUĴTǰGBJSǰWBMVFǰMFTTǰDPTUTǰUPǰTFMMǰBOEǰWBMVFǰJOǰVTFǰ'PSǰUIFǰQVSQPTFTǰPGǰBTTFTTJOHǰ ǰ JNQBJSNFOU ǰBTTFUTǰBSFǰHSPVQFEǰBUǰUIFǰMPXFTUǰMFWFMǰGPSǰXIJDIǰUIFSFǰBSFǰTFQBSBUFMZǰJEFOUJųBCMFǰDBTIǰŴPXTǰǰ ǰ /POųOBODJBMǰBTTFUTǰPUIFSǰUIBOǰHPPEXJMMǰUIBUǰTVGGFSFEǰBOǰJNQBJSNFOUǰBSFǰSFWJFXFEǰGPSǰQPTTJCMFǰSFWFSTBMǰPGǰ the impairment at each reporting date.




2.17 Borrowings ǰ #PSSPXJOHTǰBSFǰSFDPHOJTFEǰJOJUJBMMZǰBUǰUIFǰGBJSǰWBMVFǰPGǰQSPDFFETǰSFDFJWFE ǰOFUǰPGǰUSBOTBDUJPOǰDPTUTǰJODVSSFEǰ ǰ #PSSPXJOHTǰBSFǰTVCTFRVFOUMZǰTUBUFEǰBUǰBNPSUJTFEǰDPTUǰBOZǰEJGGFSFODFǰCFUXFFOǰQSPDFFETǰ OFUǰPGǰUSBOTBDUJPOǰ ǰ DPTUT ǰBOEǰUIFǰSFEFNQUJPOǰWBMVFǰJTǰSFDPHOJTFEǰJOǰQSPųUǰBOEǰMPTTǰPWFSǰUIFǰQFSJPEǰPGǰUIFǰCPSSPXJOHTǰǰ*OUFSFTUǰ ǰ FYQFOTFTǰJTǰSFDPHOJTFEǰBTǰFYQFOTFTǰPOǰBOǰBDDSVBMǰCBTJTǰCZǰVTJOHǰJOUFSFTUǰSBUFǰTQFDJųFEǰJOǰUIFǰDPOUSBDUTǰ ǰ #PSSPXJOHTǰBSFǰDMBTTJųFEǰBTǰDVSSFOUǰMJBCJMJUJFTǰVOMFTTǰUIFǰ(SPVQǰIBTǰSJHIUǰUPǰEFGFSǰTFUUMFNFOUǰPGǰUIFǰMJBCJMJUZǰ for at least 12 months after the end of reporting date. 2.18 Leases 8IFSFǰBǰ(SPVQǰDPNQBOZǰJTǰUIFǰMFTTFF ǰ -FBTFTǰOPUǰUSBOTGFSSJOHǰBǰTJHOJųDBOUǰQPSUJPOǰPGǰUIFǰSJTLTǰBOEǰSFXBSETǰPGǰPXOFSTIJQǰUPǰUIFǰMFTTFFǰBSFǰDMBTTJųFEǰ as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the statement of comprehensive income on a straight-line basis over the period of the lease. ǰ -FBTFTǰPGǰQSPQFSUZ ǰQMBOUǰPSǰFRVJQNFOUǰXIJDIǰTVCTUBOUJBMMZǰUSBOTGFSǰBMMǰUIFǰSJTLTǰBOEǰSFXBSETǰPGǰPXOFSTIJQǰ ǰ BSFǰDMBTTJųFEǰBTǰųOBODFǰMFBTFTǰ'JOBODFǰMFBTFTǰBSFǰDBQJUBMJTFEǰBUǰUIFǰJODFQUJPOǰPGǰUIFǰMFBTFǰBUǰUIFǰMPXFSǰ of the fair value of the leased property or the present value of the minimum lease payments. Each lease ǰ QBZNFOUǰJTǰBMMPDBUFEǰUPǰUIFǰQSJODJQBMǰBOEǰUPǰUIFǰųOBODFǰDIBSHFTǰTPǰBTǰUPǰBDIJFWFǰBǰDPOTUBOUǰSBUFǰPOǰUIFǰ ǰ ųOBODFǰCBMBODFǰPVUTUBOEJOHǰ5IFǰPVUTUBOEJOHǰSFOUBMǰPCMJHBUJPOT ǰOFUǰPGǰųOBODFǰDIBSHFT ǰBSFǰJODMVEFEǰJOǰ ǰ PUIFSǰMPOHUFSNǰQBZBCMFTǰ5IFǰJOUFSFTUǰFMFNFOUǰPGǰUIFǰųOBODFǰDPTUǰJTǰDIBSHFEǰUPǰUIFǰTUBUFNFOUǰPGǰJODPNFǰ over the lease period so as to achieve a constant periodic rate of interest on the remaining balance of the ǰ MJBCJMJUZǰGPSǰFBDIǰQFSJPEǰ5IFǰQSPQFSUZ ǰQMBOUǰPSǰFRVJQNFOUǰBDRVJSFEǰVOEFSǰųOBODFǰMFBTFTǰJTǰEFQSFDJBUFEǰ over the shorter period of the useful life of the asset or the lease term.

Eastern Water Resources Development and Management PCL.

ǰ$VSSFOUǰBOEǰEFGFSSFEǰJODPNFǰUBYFT ǰ 5IFǰUBYǰFYQFOTFǰ GPSǰ UIFǰ QFSJPEǰ DPNQSJTFTǰ DVSSFOUǰBOEǰEFGFSSFEǰ UBYǰ5BYǰJTǰSFDPHOJTFEǰJOǰQSPųUǰPSǰMPTT ǰ ǰ FYDFQUǰ UPǰ UIFǰ FYUFOUǰ UIBUǰ JUǰ SFMBUFTǰ UPǰ JUFNTǰ SFDPHOJTFEǰ JOǰ PUIFSǰ DPNQSFIFOTJWFǰ JODPNFǰ PSǰ EJSFDUMZǰ JOǰ ǰ FRVJUZǰ *Oǰ UIJTǰ DBTFǰ UIFǰ UBYǰ JTǰ BMTPǰ SFDPHOJTFEǰ JOǰ PUIFSǰ DPNQSFIFOTJWFǰ JODPNFǰ PSǰ EJSFDUMZǰ JOǰ FRVJUZ ǰ respectively. ǰ 5IFǰDVSSFOUǰJODPNFǰUBYǰDIBSHFǰJTǰDBMDVMBUFEǰPOǰUIFǰCBTJTǰPGǰUIFǰUBYǰMBXTǰFOBDUFEǰPSǰTVCTUBOUJWFMZǰFOBDUFEǰ at the end of reporting period in the countries where the company’s subsidiaries and associates operate ǰ BOEǰHFOFSBUFǰUBYBCMFǰJODPNFǰ.BOBHFNFOUǰQFSJPEJDBMMZǰFWBMVBUFTǰQPTJUJPOTǰUBLFOǰJOǰUBYǰSFUVSOTǰXJUIǰSFTQFDUǰ ǰ UPǰTJUVBUJPOTǰJOǰXIJDIǰBQQMJDBCMFǰUBYǰSFHVMBUJPOǰJTǰTVCKFDUǰUPǰJOUFSQSFUBUJPOǰ*UǰFTUBCMJTIFTǰQSPWJTJPOTǰXIFSFǰ ǰ BQQSPQSJBUFǰPOǰUIFǰCBTJTǰPGǰBNPVOUTǰFYQFDUFEǰUPǰCFǰQBJEǰUPǰUIFǰUBYǰBVUIPSJUJFT ǰ %FGFSSFEǰ JODPNFǰ UBYǰ JTǰ SFDPHOJTFE ǰ VTJOHǰ UIFǰ MJBCJMJUZǰ NFUIPE ǰ POǰ UFNQPSBSZǰ EJGGFSFODFTǰ BSJTJOHǰ GSPNǰ ǰ EJGGFSFODFTǰ CFUXFFOǰ UIFǰ UBYǰ CBTFǰ PGǰ BTTFUTǰ BOEǰ MJBCJMJUJFTǰ BOEǰ UIFJSǰ DBSSZJOHǰ BNPVOUTǰ JOǰ UIFǰ ųOBODJBMǰ ǰ TUBUFNFOUTǰ %FGFSSFEǰ JODPNFǰ UBYǰ JTǰ EFUFSNJOFEǰ VTJOHǰ UBYǰ SBUFTǰ BOEǰ MBXT ǰ UIBUǰ IBWFǰ CFFOǰ FOBDUFEǰ PSǰ ǰ TVCTUBOUJBMMZǰFOBDUFEǰCZǰUIFǰFOEǰPGǰUIFǰSFQPSUJOHǰQFSJPEǰBOEǰBSFǰFYQFDUFEǰUPǰBQQMZǰXIFOǰUIFǰSFMBUFEǰ ǰ EFGFSSFEǰJODPNFǰUBYǰBTTFUǰJTǰSFBMJTFEǰPSǰUIFǰEFGFSSFEǰJODPNFǰUBYǰMJBCJMJUZǰJTǰTFUUMFE ǰ %FGFSSFEǰJODPNFǰUBYǰBTTFUTǰBSFǰSFDPHOJTFEǰPOMZǰUPǰUIFǰFYUFOUǰUIBUǰJUǰJTǰQSPCBCMFǰUIBUǰGVUVSFǰUBYBCMFǰQSPųUǰ will be available against which the temporary differences can be utilised. ǰ %FGFSSFEǰ JODPNFǰ UBYǰ BTTFUTǰ BOEǰ MJBCJMJUJFTǰ BSFǰ PGGTFUǰ XIFOǰ UIFSFǰ JTǰ Bǰ MFHBMMZǰ FOGPSDFBCMFǰ SJHIUǰ UPǰ PGGTFUǰ ǰ DVSSFOUǰUBYǰBTTFUTǰBHBJOTUǰDVSSFOUǰUBYǰMJBCJMJUJFTǰBOEǰXIFOǰUIFǰEFGFSSFEǰJODPNFǰUBYǰBTTFUTǰBOEǰMJBCJMJUJFTǰ ǰ SFMBUFǰ UPǰ JODPNFǰ UBYFTǰ MFWJFEǰ CZǰ UIFǰ TBNFǰ UBYBUJPOǰ BVUIPSJUZǰ POǰ FJUIFSǰ UIFǰ UBYBCMFǰ FOUJUZǰ PSǰ EJGGFSFOUǰ ǰ UBYBCMFǰFOUJUJFTǰXIFSFǰUIFSFǰJTǰBOǰJOUFOUJPOǰUPǰTFUUMFǰUIFǰCBMBODFTǰPOǰBǰOFUǰCBTJT


 Annual Report 2012

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8IFSFǰBǰ(SPVQǰDPNQBOZǰJTǰUIFǰMFTTPS "TTFUTǰMFBTFEǰPVUǰVOEFSǰPQFSBUJOHǰMFBTFTǰBSFǰJODMVEFEǰJOǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBOEǰJOWFTUNFOUǰ QSPQFSUZǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰ5IFZǰBSFǰEFQSFDJBUFEǰPWFSǰUIFJSǰFYQFDUFEǰVTFGVMǰMJWFTǰPOǰ BǰCBTJTǰDPOTJTUFOUǰXJUIǰPUIFSǰTJNJMBSǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰPXOFEǰCZǰUIFǰ(SPVQǰ3FOUBMǰJODPNFǰ (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term.

ǰ&NQMPZFFǰ#FOFųUT ǰ 5IFǰ (SPVQǰ IBTǰ FNQMPZFFǰ CFOFųUTǰ DPOTJTUǰ PGǰ QPTUFNQMPZNFOUǰ CFOFųUTǰ BOEǰ PUIFSǰ MPOHUFSNǰ CFOFųUTǰ ǰ 5IFǰQPTUFNQMPZNFOUǰCFOFųUTǰDPOTJTUǰPGǰEFųOFEǰCFOFųUǰQMBOǰBOEǰEFųOFEǰDPOUSJCVUJPOǰQMBOTǰ"ǰEFųOFEǰ ǰ DPOUSJCVUJPOǰQMBOǰJTǰBǰQFOTJPOǰQMBOǰVOEFSǰXIJDIǰUIFǰ(SPVQǰQBZTǰųYFEǰDPOUSJCVUJPOTǰJOUPǰBǰTFQBSBUFǰFOUJUZǰ The Group has no legal or constructive obligations to pay further contributions if the fund does not hold ǰ TVGųDJFOUǰBTTFUTǰUPǰQBZǰBMMǰFNQMPZFFTǰUIFǰCFOFųUTǰSFMBUJOHǰUPǰFNQMPZFFǰTFSWJDFǰJOǰUIFǰDVSSFOUǰBOEǰQSJPSǰ ǰ QFSJPETǰ"ǰEFųOFEǰCFOFųUǰQMBOǰJTǰBǰQFOTJPOǰQMBOǰUIBUǰJTǰOPUǰBǰEFųOFEǰDPOUSJCVUJPOǰQMBOǰ5ZQJDBMMZǰEFųOFEǰ ǰ CFOFųUǰQMBOTǰEFųOFǰBOǰBNPVOUǰPGǰQFOTJPOǰCFOFųUǰUIBUǰBOǰFNQMPZFFǰXJMMǰSFDFJWFǰPOǰSFUJSFNFOU ǰVTVBMMZǰ ǰ EFQFOEFOUǰPOǰPOFǰPSǰNPSFǰGBDUPSTǰTVDIǰBTǰBHF ǰZFBSTǰPGǰTFSWJDFǰBOEǰDPNQFOTBUJPOǰ0UIFSǰMPOHUFSNǰCFOFųUǰ ǰ JTǰUIFǰCFOFųUǰXIJDIǰUIFǰ(SPVQǰXJMMǰCFǰQBJEǰUPǰFNQMPZFFTǰVQǰUPǰUIFǰDPNQMFUJPOǰPGǰTFSWJDFǰQFSJPE ǰ1PTUFNQMPZNFOUǰCFOFųUT 

%FųOFEǰDPOUSJCVUJPOǰQMBO Provident fund ǰ ǰ ǰ 5IFǰ(SPVQǰPQFSBUFTǰBǰQSPWJEFOUǰGVOE ǰCFJOHǰBǰEFųOFEǰDPOUSJCVUJPOǰQMBO ǰUIFǰBTTFUTǰGPSǰXIJDIǰBSFǰ held in a separate trust fund. The provident fund is funded by payments from employees and by the Group. The Group has no further payment obligations once the contributions have been paid. ǰ ǰ ǰ 5IFǰ DPOUSJCVUJPOTǰ BSFǰ SFDPHOJTFEǰ BTǰ FNQMPZFFǰ CFOFųUǰ FYQFOTFǰ XIFOǰ UIFZǰ BSFǰ EVFǰ 1SFQBJEǰ ǰ ǰ ǰ DPOUSJCVUJPOTǰ BSFǰ SFDPHOJTFEǰ BTǰ BOǰ BTTFUǰ UPǰ UIFǰ FYUFOUǰ UIBUǰ Bǰ DBTIǰ SFGVOEǰ PSǰ Bǰ SFEVDUJPOǰ JOǰ the future payments is available. 



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%FųOFEǰCFOFųUǰQMBO 3FUJSFNFOUǰCFOFųU 6OEFSǰ-BCPVSǰ-BXTǰBQQMJDBCMFǰJOǰ5IBJMBOEǰBOEǰ(SPVQĴTǰFNQMPZNFOUǰQPMJDZ ǰUIFǰTFWFSBODFǰQBZǰXJMMǰ be at the rate according to salary and number of years of service which will happen in the future. 5IFǰMJBCJMJUZǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰJOǰSFTQFDUǰPGǰEFųOFEǰCFOFųUǰQFOTJPOǰ QMBOTǰJTǰUIFǰQSFTFOUǰWBMVFǰPGǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰBUǰUIFǰFOEǰPGǰUIFǰSFQPSUJOHǰQFSJPEǰMFTTǰ UIFǰGBJSǰWBMVFǰPGǰQMBOǰBTTFUT ǰUPHFUIFSǰXJUIǰBEKVTUNFOUTǰGPSǰVOSFDPHOJTFEǰQBTUTFSWJDFǰDPTUTǰ5IFǰ EFųOFEǰCFOFųUǰPCMJHBUJPOǰJTǰDBMDVMBUFEǰCZǰJOEFQFOEFOUǰBDUVBSJFTǰVTJOHǰUIFǰQSPKFDUFEǰVOJUǰDSFEJUǰ NFUIPEǰ5IFǰQSFTFOUǰWBMVFǰPGǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰJTǰEFUFSNJOFEǰCZǰEJTDPVOUJOHǰUIFǰ FTUJNBUFEǰGVUVSFǰDBTIǰPVUŴPXTǰVTJOHǰHPWFSONFOUǰCPOEǰJOUFSFTUǰSBUFǰUIBUǰBSFǰEFOPNJOBUFEǰJOǰUIFǰ DVSSFODZǰJOǰXIJDIǰUIFǰCFOFųUTǰXJMMǰCFǰQBJE ǰBOEǰUIBUǰIBWFǰUFSNTǰUPǰNBUVSJUZǰBQQSPYJNBUJOHǰUPǰUIFǰ terms of the related liability. *Oǰ  ǰ UIFǰ (SPVQǰ DIBOHFǰ SFDPHOJUJPOǰ NFUIPEǰ PGǰ HBJOǰ BOEǰ MPTTǰ GSPNǰ BDUVBSJBMǰ FTUJNBUJPOǰ GPSǰ FNQMPZFFǰCFOFųUǰGSPNǰSFDPHOJUJPOǰJOǰQSPųUǰBOEǰMPTTǰCZǰVTJOHǰTUSBJHIUǰMJOFǰNFUIPEǰPWFSǰBWFSBHFǰ of remaining service years of employees in the plan to recognise immediately in other DPNQSFIFOTJWFǰJODPNFǰ5IJTǰNBEFǰųOBODJBMǰTUBUFNFOUǰCFUUFSǰSFŴFDUǰUIFǰ(SPVQĴTǰUPUBMǰPCMJHBUJPOǰ 5IFǰ DIBOHJOHǰ IBTǰ OPǰ JNQBDUǰ UPǰ QSFWJPVTMZǰ QSFTFOUFEǰ ųOBODJBMǰ TUBUFNFOUTǰ CFDBVTFǰ JUǰ JTǰ UIFǰ ųSTUǰUJNFǰJOǰǰUPǰSFDPHOJTFǰUIJTǰUSBOTBDUJPO




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ǰ ǰ ǰ 1BTUTFSWJDFǰDPTUTǰBSFǰSFDPHOJTFEǰJNNFEJBUFMZǰJOǰJODPNF ǰVOMFTTǰUIFǰDIBOHFTǰUPǰUIFǰQFOTJPOǰQMBOǰ ǰ ǰ ǰ BSFǰDPOEJUJPOBMǰPOǰUIFǰFNQMPZFFTǰSFNBJOJOHǰJOǰTFSWJDFǰGPSǰBǰTQFDJųFEǰQFSJPEǰPGǰUJNFǰ UIFǰWFTUJOHǰ ǰ ǰ ǰ QFSJPE ǰ*OǰUIJTǰDBTF ǰUIFǰQBTUTFSWJDFǰDPTUTǰBSFǰBNPSUJTFEǰPOǰBǰTUSBJHIUMJOFǰCBTJTǰPWFSǰUIFǰWFTUJOHǰ period. ǰ0UIFSǰMPOHUFSNǰCFOFųUT ǰ ǰ 5IFǰ (SPVQǰ PQFSBUFTǰ BOEǰ PUIFSǰ MPOHUFSNǰ CFOFųUǰ GPSǰ FNQMPZFFTǰ XIPǰ DPNQMFUFǰ UIFǰ TFSWJDFǰ ZFBS ǰ ǰ BDǰDPSEJOHǰUPǰUIFǰ(SPVQĴTǰQPMJDZǰ5IFǰMJBCJMJUZǰSFDPHOJ[FEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰJOǰSFTQFDUǰ ǰ ǰ PGǰPUIFSǰMPOHUFSNǰCFOFųUǰJTǰQSFTFOUǰWBMVFǰPGǰUIFǰPUIFSǰMPOHUFSNǰCFOFųUǰPCMJHBUJPOǰBUǰUIFǰFOEǰPGǰ ǰ ǰ UIFǰSFQPSUJOHǰQFSJPEǰ5IFǰPUIFSǰMPOHUFSNǰCFOFųUǰJTǰDBMDVMBUFEǰCZǰJOEFQFOEFOUǰBDUVBSJFTǰVTJOHǰUIFǰ projected unit credit method.

2.20 Provisions ǰ 1SPWJTJPOT ǰFYDMVEJOHǰUIFǰQSPWJTJPOTǰGPSǰFNQMPZFFǰCFOFųUT ǰBSFǰSFDPHOJTFEǰXIFOǰUIFǰ(SPVQǰIBTǰBǰQSFTFOUǰ ǰ MFHBMǰPSǰDPOTUSVDUJWFǰPCMJHBUJPOǰBTǰBǰSFTVMUǰPGǰQBTUǰFWFOUT ǰJUǰJTǰQSPCBCMFǰUIBUǰBOǰPVUŴPXǰPGǰSFTPVSDFTǰXJMMǰ ǰ CFǰSFRVJSFEǰUPǰTFUUMFǰUIFǰPCMJHBUJPO ǰBOEǰUIFǰBNPVOUǰIBTǰCFFOǰSFMJBCMZǰFTUJNBUFEǰ8IFSFǰUIFǰ(SPVQǰFYQFDUTǰ ǰ BǰQSPWJTJPOǰUPǰCFǰSFJNCVSTFE ǰGPSǰFYBNQMFǰVOEFSǰBOǰJOTVSBODFǰDPOUSBDU ǰUIFǰSFJNCVSTFNFOUǰJTǰSFDPHOJTFEǰBTǰ a separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future operating losses. 2.21 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and ǰ TFSWJDFǰBGUFSǰFMJNJOBUJOHǰTBMFTǰXJUIJOǰUIFǰ(SPVQǰ5IFǰSFWFOVFǰSFDPHOJUJPOǰQPMJDZǰPGǰFBDIǰUZQFǰPGǰSFWFOVF ǰ as follows: (a) Sales ǰ ǰ 4BMFTǰPGǰHPPETǰBSFǰSFDPHOJTFEǰBTǰSFWFOVFǰXIFOǰTJHOJųDBOUǰSJTLTǰBOEǰSFXBSEǰPGǰPXOFSTIJQǰPGǰHPPETǰIBWFǰ ǰ ǰ QBTTFEǰUPǰUIFǰCVZFSǰ4BMFTǰBSFǰUIFǰJOWPJDFEǰWBMVF ǰFYDMVEJOHǰWBMVFǰBEEFEǰUBY ǰPGǰHPPETǰTVQQMJFEǰBGUFSǰ deducting goods returns and discounts. (b) Rental and service income Rental income is recognised as revenue over the rental period at the rate stipulated in the contracts. ǰ ǰ 4FSWJDFǰJODPNFǰJTǰSFDPHOJTFEǰBTǰSFWFOVFǰCZǰUIFǰBNPVOUǰFYDMVEJOHǰWBMVFǰBEEFEǰUBYǰXIFOǰTFSWJDFTǰIBWFǰ been rendered with reference to the stage of completion. (c) Revenue from pipeline installation project and water loss reduction project Revenue from water pipeline installation project and water loss reduction project are recognised as ǰ ǰ SFWFOVFǰVOEFSǰUIFǰQFSDFOUBHFǰPGǰDPNQMFUJPOǰNFUIPEǰ5IFǰFYQFDUFEǰMPTTǰPOǰVOQSPųUBCMFǰDPOUSBDUTǰJTǰ recognised as soon as such loss can be foreseen. (d) Interest and dividend income Interest income is recognised on an accrual basis. Dividend income is recognised when rights to receive dividends are established. (e) Other income Other income is recognised on an accrual basis.

Eastern Water Resources Development and Management PCL.

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 Annual Report 2012

2

Accounting policies (Cont’d)

2.22 Dividends distribution ǰ %JWJEFOEǰEJTUSJCVUJPOǰUPǰUIFǰ$PNQBOZĴTǰTIBSFIPMEFSTǰJTǰSFDPSEFEǰJOǰUIFǰ(SPVQĴTǰųOBODJBMǰTUBUFNFOUTǰJOǰUIFǰ period in which they are approved by the Company’s shareholders or the Board of Directors in case of interim dividend. ǰ4FHNFOUǰSFQPSUJOH Segment information is presented by business segment of the Group’s operations.

3 Critical accounting estimates, judgments and assumptions Ç° Ç° Ç°

&TUJNBUFT ǰKVEHNFOUTǰBOEǰBTTVNQUJPOTǰBSFǰDPOUJOVBMMZǰFWBMVBUFEǰBOEǰBSFǰCBTFEǰPOǰIJTUPSJDBMǰFYQFSJFODFǰ BOEǰPUIFSǰGBDUPSTǰJODMVEJOHǰFYQFDUBUJPOTǰPGǰGVUVSFǰFWFOUTǰUIBUǰBSFǰCFMJFWFEǰUPǰCFǰSFBTPOBCMFǰVOEFSǰUIFǰ DJSDVNTUBODFTǰ4JHOJųDBOUǰBDDPVOUJOHǰKVEHNFOUTǰBOEǰFTUJNBUFTǰBSFǰBTǰGPMMPXT

3.1 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Value in use 7BMVFǰJOǰVTFǰJTǰUIFǰQSFTFOUǰWBMVFǰPGǰUIFǰGVUVSFǰDBTIǰŴPXTǰFYQFDUFEǰUPǰCFǰEFSJWFEǰGSPNǰBTTFUT ǰEJTDPVOUFEǰ CZǰ EJTDPVOUǰ SBUFT ǰ EFUFSNJOFEǰ CZǰ UIFǰ NBOBHFNFOUǰ PGǰ UIFǰ (SPVQǰ 5IFǰ DBTIǰ ŴPXǰ QSPKFDUJPOTǰ CBTFEǰ POǰ ųOBODJBMǰ GPSFDBTUTǰ GPSǰ UIFǰ SFNBJOJOHǰ VTFGVMǰ MJWFTǰ PGǰ BTTFUTǰ PSǰ DPODFTTJPOǰ QFSJPETǰ BOEǰ BQQSPWFEǰ CZǰ UIFǰ NBOBHFNFOUǰPGǰUIFǰ(SPVQǰBSFǰDBMDVMBUFEǰCBTFEǰPOǰFTUJNBUFEǰHSPXUIǰSBUFT ǰXIJDIǰEPǰOPUǰFYDFFEǰUIFJSǰ capacity and customers’ usage demand. Key assumptions used for value-in-use calculations are growth SBUFT ǰFYQFOTFǰUPǰSFWFOVFǰSBUJPTǰBOEǰHSPTTǰNBSHJOǰSBUFǰ.BOBHFNFOUǰEFUFSNJOFTǰTVDIǰSBUFTǰCBTFEǰPOǰUIFJSǰ QBTUǰQFSGPSNBODF ǰUIFJSǰFYQFDUBUJPOTǰGPSǰNBSLFUǰEFWFMPQNFOU ǰBOEǰCVTJOFTTǰQMBOǰ5IFǰEJTDPVOUǰSBUFTǰVTFEǰ BSFǰQSFUBYǰBOEǰSFŴFDUǰTQFDJųDǰSJTLTǰSFMBUJOHǰUPǰUIFǰCVTJOFTTǰBGUFSǰDPOTJEFSFEǰUIFǰSFNBJOJOHǰVTFGVMǰMJWFTǰ 5IFǰ WBMVFǰ EFSJWFEǰ GSPNǰ UIFǰ BGPSFNFOUJPOFEǰ NFUIPEǰ NBZǰ WBSZǰ EVFǰ UPǰ DIBOHFTǰ JOǰ SFWFOVFǰ TUSVDUVSF ǰ DPTUǰTUSVDUVSF ǰEJTDPVOUǰSBUF ǰJOEVTUSJBMǰDPOEJUJPOTǰBOEǰFDPOPNJDǰDPOEJUJPOT

3.2 Ç° Ç° Ç°

Leases *OǰEFUFSNJOJOHǰXIFUIFSǰBǰMFBTFǰJTǰUPǰCFǰDMBTTJųFEǰBTǰBOǰPQFSBUJOHǰMFBTFǰPSǰųOBODFǰMFBTF ǰUIFǰNBOBHFNFOUǰ JTǰSFRVJSFEǰUPǰVTFǰKVEHNFOUǰSFHBSEJOHǰXIFUIFSǰTJHOJųDBOUǰSJTLǰBOEǰSFXBSETǰPGǰPXOFSTIJQǰPGǰUIFǰMFBTFEǰBTTFUǰ IBTǰCFFOǰUSBOTGFSSFE ǰUBLJOHǰJOUPǰDPOTJEFSBUJPOǰUFSNTǰBOEǰDPOEJUJPOTǰPGǰUIFǰBSSBOHFNFOUǰ

3.3 Allowance for doubtful accounts ǰ *OǰEFUFSNJOJOHǰBOǰBMMPXBODFǰGPSǰEPVCUGVMǰBDDPVOUT ǰUIFǰNBOBHFNFOUǰOFFETǰUPǰNBLFǰKVEHNFOUǰBOEǰFTUJNBUFTǰ ǰ CBTFEǰ VQPO ǰ BNPOHǰ PUIFSǰ UIJOHT ǰ QBTUǰ DPMMFDUJPOǰ IJTUPSZ ǰ BHJOHǰ QSPųMFǰ PGǰ PVUTUBOEJOHǰ EFCUTǰ BOEǰ UIFǰ prevailing economic condition. ǰ 1SPQFSUZǰQMBOUǰBOEǰFRVJQNFOU%FQSFDJBUJPO ǰ *Oǰ EFUFSNJOJOHǰ EFQSFDJBUJPOǰ PGǰ QMBOUǰ BOEǰ FRVJQNFOU ǰ UIFǰ NBOBHFNFOUǰ JTǰ SFRVJSFEǰ UPǰ NBLFǰ FTUJNBUFTǰ of the useful lives and salvage values of the plant and equipment and to review estimate useful lives and salvage values when there are any changes or at least at the end of each reporting period. ǰ *Oǰ BEEJUJPO ǰ UIFǰ NBOBHFNFOUǰ JTǰ SFRVJSFEǰ UPǰ SFWJFXǰ QSPQFSUZ ǰ QMBOUǰ BOEǰ FRVJQNFOUǰ GPSǰ JNQBJSNFOUǰ POǰ a periodical basis and record impairment losses in the period when it is determined that their recoverable amount is lower than the carrying cost. This requires judgments regarding forecast of future revenues and ǰ FYQFOTFTǰSFMBUJOHǰUPǰUIFǰBTTFUTǰTVCKFDUǰUPǰUIFǰSFWJFX ǰ &NQMPZFFǰ#FOFųUT ǰ 5IFǰQSFTFOUǰWBMVFǰPGǰEFųOFEǰCFOFųUǰPCMJHBUJPOTǰBOEǰPUIFSǰMPOHUFSNǰCFOFųUTǰEFQFOETǰPOǰBǰOVNCFSǰPGǰGBDUPSTǰ that are determined on an actuarial basis using a number of assumptions. The assumptions used in




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EFUFSNJOJOHǰUIFǰOFUǰDPTUǰ JODPNF ǰGPSǰPCMJHBUJPOTǰJODMVEFǰJOŴBUJPOǰSBUF ǰGVUVSFǰTBMBSZǰJODSFBTFTǰBOEǰUIFǰ EJTDPVOUǰSBUFǰ"OZǰDIBOHFTǰJOǰUIFTFǰBTTVNQUJPOTǰXJMMǰIBWFǰBOǰJNQBDUǰPOǰUIFǰDBSSZJOHǰBNPVOUǰPGǰEFųOFEǰ CFOFųUǰPCMJHBUJPOTǰBOEǰPUIFSǰMPOHUFSNǰCFOFųUTǰ5IFǰ(SPVQǰEFUFSNJOFTǰUIFǰBQQSPQSJBUFǰEJTDPVOUǰSBUFǰBUǰ the end of each year. This is the interest rate that should be used to determine the present value of FTUJNBUFEǰ GVUVSFǰ DBTIǰ PVUŴPXTǰ FYQFDUFEǰ UPǰ CFǰ SFRVJSFEǰ UPǰ TFUUMFǰ UIFǰ PCMJHBUJPOT*Oǰ EFUFSNJOJOHǰ UIFǰ BQQSPQSJBUFǰEJTDPVOUǰSBUF ǰUIFǰ(SPVQǰDPOTJEFSTǰUIFǰBQQSPQSJBUFEǰSBUFǰCZǰVTJOHǰHPWFSONFOUǰCPOEǰJOUFSFTUǰ SBUFǰ UIBUǰ BSFǰ EFOPNJOBUFEǰ JOǰ UIFǰ DVSSFODZǰ JOǰ XIJDIǰ UIFǰ CFOFųUTǰ XJMMǰ CFǰ QBJE ǰ BOEǰ UIBUǰ IBWFǰ UFSNTǰ UPǰ NBUVSJUZǰBQQSPYJNBUJOHǰUPǰUIFǰUFSNTǰPGǰUIFǰSFMBUFEǰMJBCJMJUZ 5IFǰLFZǰBTTVNQUJPOTǰGPSǰEFųOFEǰCFOFųUǰPCMJHBUJPOTǰBOEǰPUIFSǰMPOHUFSNǰCFOFųUTǰBSFǰCBTFEǰJOǰQBSUǰPOǰ DVSSFOUǰNBSLFUǰDPOEJUJPOTǰJTǰEJTDMPTFEǰJOǰ/PUFǰ

3.6 Provision and contingent liabilities The Group has contingent liabilities as a regarding of litigation. The Group’s management has used judgment ǰ UPǰBTTFTTǰPGǰUIFǰSFTVMUTǰPGǰUIFǰMJUJHBUJPOǰBOEǰCFMJFWFTǰUIBUǰOPǰTJHOJųDBOUǰMPTTǰXJMMǰSFTVMUǰBQBSUǰGSPNǰQSPWJTJPOǰ for liabilities which already recorded at each reporting date. ǰ ǰ ǰ ǰ

4JHOJųDBOUǰVODFSUBJOUZ *OǰBEEJUJPO ǰUIFǰ(SPVQǰIBTǰBOǰVODFSUBJOUZǰSFHBSEJOHǰUPǰBǰEFBMǰGPSǰUIFǰ$PNQBOZǰUPǰSFOUNBOBHFǰUIFǰǰQJQFMJOFǰ DPOOFDUJOHǰ QSPKFDUTǰ XIJDIǰ EJTDMPTFEǰ UIFǰ JOGPSNBUJPOǰ JOǰ /PUFǰ ǰ ǰ #BTFEǰ POǰ UIFǰ (SPVQĴTǰ NBOBHFNFOUǰ KVEHFNFOU ǰUIFǰQSPKFDUFEǰDPNQFOTBUJPOǰXBTǰSFDPSEFEǰJOǰųOBODJBMǰTUBUFNFOUTǰVTJOHǰUIFǰCFTUǰFTUJNBUJPOǰ of compensation rate computing from the current information.

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'BJSǰWBMVFǰPGǰųOBODJBMǰJOTUSVNFOUT *OǰEFUFSNJOJOHǰUIFǰGBJSǰWBMVFǰPGǰųOBODJBMǰJOTUSVNFOUTǰUIBUǰBSFǰOPUǰBDUJWFMZǰUSBEFEǰBOEǰGPSǰXIJDIǰRVPUFEǰ NBSLFUǰQSJDFTǰBSFǰOPUǰSFBEJMZǰBWBJMBCMF ǰUIFǰNBOBHFNFOUǰFYFSDJTFǰKVEHNFOU ǰVTJOHǰBǰWBSJFUZǰPGǰWBMVBUJPOǰ UFDIOJRVFTǰ BOEǰ NPEFMTǰ 5IFǰ JOQVUǰ UPǰ UIFTFǰ NPEFMTǰ JTǰ UBLFOǰ GSPNǰ PCTFSWBCMFǰ NBSLFUT ǰ BOEǰ JODMVEFTǰ DPOTJEFSBUJPOǰPGǰMJRVJEJUZ ǰDPSSFMBUJPOǰBOEǰMPOHFSUFSNǰWPMBUJMJUZǰPGǰųOBODJBMǰJOTUSVNFOUTǰ5IFǰDSJUJDBMǰGBJSǰ WBMVFǰFTUJNBUJPOǰPGǰųOBODJBMǰJOTUSVNFOUTǰJTǰMPOHUFSNǰMPBOTǰGSPNǰųOBODJBMǰJOTUJUVUJPOTǰǰ5IFǰ(SPVQǰFTUJNBUFTǰ UIFǰGBJSǰWBMVFǰCZǰDBMDVMBUJOHǰUIFǰQSFTFOUǰWBMVFǰPGǰGVUVSFǰQSJODJQBMǰBOEǰJOUFSFTUǰQBZNFOUǰVTJOHǰUIFǰNBSLFUǰ interest rate for discounting

4 Capital risk management Ç° Ç° Ç°

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going DPODFSOǰJOǰPSEFSǰUPǰQSPWJEFǰSFUVSOTǰGPSǰTIBSFIPMEFSTǰBOEǰCFOFųUTǰGPSǰPUIFSǰTUBLFIPMEFSTǰBOEǰUPǰNBJOUBJOǰ an optimal capital structure to reduce the cost of capital. *OǰPSEFSǰUPǰNBJOUBJOǰPSǰBEKVTUǰUIFǰDBQJUBMǰTUSVDUVSF ǰUIFǰ(SPVQǰNBZǰBEKVTUǰUIFǰBNPVOUǰPGǰEJWJEFOETǰQBJEǰUPǰ TIBSFIPMEFST ǰSFUVSOǰDBQJUBMǰUPǰTIBSFIPMEFST ǰJTTVFǰOFXǰTIBSFTǰPSǰTFMMǰBTTFUTǰUPǰSFEVDFǰEFCU

5 Segment information Ç° Ç° Ç°

5IFÇ°QSJODJQBMÇ°CVTJOFTTÇ°PQFSBUJPOTÇ°PGÇ°UIFÇ°(SPVQÇ°BSFÇ°TVQQMZÇ°PGÇ°SBXÇ°XBUFS Ç°QSPEVDFÇ°BOEÇ°TVQQMZÇ°PGÇ°UBQÇ°XBUFS Ç° XBUFSXPSLTÇ°NBOBHFNFOU Ç°BOEÇ°FOHJOFFSJOHÇ°TFSWJDFTÇ°5IFTFÇ°CVTJOFTTÇ°PQFSBUJPOTÇ°BSFÇ°DPOEVDUFEÇ°POMZÇ°JOÇ°POFÇ° HFPHSBQIJDBMÇ°BSFB Ç°XIJDIÇ°JTÇ°5IBJMBOE The business segment information for the years ended 31 December 2012 and 2011 are summarised as follows:

Eastern Water Resources Development and Management PCL.

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 Annual Report 2012

5

Segment information (Cont’d)

Ç° 0QFSBUJOHÇ°SFTVMUTÇ°CZÇ°CVTJOFTTÇ°TFHNFOU Consolidated 2012 Service income

Sales Supply of raw water business (Baht’000)

Supply of Waterworks Engineering Others Elimination Total tap water management services (Baht’000) (Baht’000) (Baht’000) business business (Baht’000) (Baht’000) (Baht’000)

Revenue 3FWFOVFÇ°GSPNÇ°UIJSEÇ°QBSUJFTÇ° 3FWFOVFÇ°GSPNÇ°JOUFSTFHNFOUÇ° Total revenueÇ° Cost of sales and servicesÇ°

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Unallocated revenue and Expenses 0UIFSÇ°JODPNFÇ° 4FMMJOHÇ°FYQFOTFTÇ° "ENJOJTUSBUJWFÇ°FYQFOTFTÇ°BOEÇ° Ç°Ç°Ç°PUIFSÇ°FYQFOTFTÇ° 'JOBODFÇ°DPTUTÇ° *ODPNFÇ°UBYÇ° /FUÇ°QSPĹłUÇ°

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Consolidated 2011 Service income

Sales Supply of raw water business (Baht’000)

Supply of Waterworks Engineering Others Elimination Total tap water management services (Baht’000) (Baht’000) (Baht’000) business business (Baht’000) (Baht’000) (Baht’000)

Revenue 3FWFOVFÇ°GSPNÇ°UIJSEÇ°QBSUJFTÇ° 3FWFOVFÇ°GSPNÇ°JOUFSTFHNFOUÇ° Total revenueÇ° Cost of sales and servicesÇ°

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0QFSBUJOHÇ°QSPĹłU 4FHNFOUÇ°PQFSBUJOHÇ°QSPĹłUÇ°

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Unallocated revenue and expenses 0UIFSÇ°JODPNFÇ° 4FMMJOHÇ°FYQFOTFTÇ° "ENJOJTUSBUJWFÇ°FYQFOTFTÇ°BOEÇ° Ç°Ç°Ç°PUIFSÇ°FYQFOTFTÇ° 'JOBODFÇ°DPTUTÇ° *ODPNFÇ°UBYÇ° /FUÇ°QSPĹłUÇ°

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Segment information (Cont’d)

ǰ "TTFUǰJOGPSNBUJPOǰCZǰCVTJOFTTǰTFHNFOU Consolidated 2012 Raw water Tap water Waterworks Engineering Unallocated Elimination Total distribution distribution management services assets and (Baht’000) (Baht’000) business business business (Baht’000) others (Baht’000) (Baht’000) (Baht’000) (Baht’000)

5SBEFÇ°BOEÇ°PUIFSÇ°SFDFJWBCMFTÇ° Water loss treatment service Ç°Ç°Ç°JODPNFÇ°SFDFJWBCMFÇ° *OWFOUPSJFTÇ° *OWFTUNFOUÇ°QSPQFSUZÇ°Ç°OFUÇ° 1SPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°Ç°OFUÇ° "TTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ°Ç°OFUÇ° Deferred concession rights Ç°Ç°Ç°BDRVJTJUJPOÇ°DPTUTÇ°Ç°OFUÇ° *OUBOHJCMFÇ°BTTFUÇ°Ç°OFUÇ° 0UIFSÇ°OPODVSSFOUÇ°BTTFUTÇ°Ç° 6OBMMPDBUFEÇ°BTTFUTÇ°BOEÇ°PUIFSTÇ° 5PUBMÇ°BTTFUTÇ°

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Consolidated 2011 Raw water Tap water Waterworks Engineering Unallocated Elimination Total distribution distribution management services assets and (Baht’000) (Baht’000) business business business (Baht’000) others (Baht’000) (Baht’000) (Baht’000) (Baht’000)

5SBEFǰBOEǰPUIFSǰSFDFJWBCMFTǰ Water loss treatment service ǰǰǰJODPNFǰSFDFJWBCMFǰ *OWFOUPSJFTǰ /PODVSSFOUǰBTTFUTǰDMBTTJųFEǰǰǰ ǰǰǰBTǰIFMEGPSTBMF ǰOFUǰǰ *OWFTUNFOUǰQSPQFSUZǰǰOFUǰ 1SPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰǰOFUǰ "TTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰǰOFUǰ Deferred concession rights ǰǰǰBDRVJTJUJPOǰDPTUTǰǰOFUǰ *OUBOHJCMFǰBTTFUǰǰOFUǰ 0UIFSǰOPODVSSFOUǰBTTFUTǰ 6OBMMPDBUFEǰBTTFUTǰBOEǰPUIFSTǰ 5PUBMǰBTTFUTǰ

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Eastern Water Resources Development and Management PCL.

5


 Annual Report 2012

5

Segment information (Cont’d)

5.3 Sales of raw water by distribution networks Ç°

ǰ 4BMFTǰWPMVNFǰPGǰSBXǰXBUFSǰDMBTTJųFEǰCZǰEJTUSJCVUJPOǰOFUXPSLT Company 2012 Sales Volume (Cubic Meters’000)

/POHÇ°1MBÇ°-BJÇ°Ç°.BQÇ°5BÇ°1VEÇ°/FUXPSLÇ° %PLÇ°,SBJÇ°Ç°.BQÇ°5BÇ°1VEÇ°/FUXPSLÇ° $IBDIPFOHTBPÇ°Ç°$IPOCVSJÇ°/FUXPSLÇ° /POHÇ°1MBÇ°-BJÇ°Ç°/POHÇ°,IPSÇ°/FUXPSLÇ° 5PUBMÇ°Ç°

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2011 Sales (Baht’000)

Sales Volume (Cubic Meters’000)

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ǰǰǰǰǰ4BMFTǰPGǰSBXǰXBUFSǰGSPNǰ$IBDIPFOHTBPǰǰ$IPOCVSJǰ/FUXPSLǰDPOTJTUFEǰPG Company 2012 (Baht’000)

/POHÇ°,IPSÇ°Ç°-BFNÇ°$IBCBOHÇ°/FUXPSLÇ°Ç° /POHÇ°,IPSÇ°Ç°-BFNÇ°$IBCBOHÇ°/FUXPSLÇ°Ç°Ç°Ç° $IBDIPFOHTBPÇ°/FUXPSLÇ° 5PUBMÇ°Ç°

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5.3.2 Proportion of raw water sold to end users Company 2012 (%) Industrial Estates 8BUFSXPSLTÇ°"VUIPSJUZÇ° 'BDUPSJFTÇ° Total

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2011 (%) 53 Ç° Ç° 100

52   100




Consolidated 2012 (Baht) $BTIǰPOǰIBOEǰ ǰǰ %FQPTJUTǰXJUIǰCBOLTǰ ǰ DVSSFOUǰBDDPVOUTǰ ǰ ǰ TBWJOHǰBDDPVOUTǰ ǰ ǰǰųYFEǰBDDPVOUTǰ 4FDVSJUJFTǰVOEFSǰSFQVSDIBTFǰBHSFFNFOUǰ ǰ ǰǰ

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Company 2012 (Baht)

2011 (Baht)

 Ç°  Ç°   Ç°  Ç°   Ç°   Ç°

              

"TǰBUǰǰ%FDFNCFSǰ ǰUIFǰJOUFSFTUǰSBUFǰPOǰTBWJOHǰEFQPTJUTǰXJUIǰCBOLTǰXBTǰǰǰǰQFSǰBOOVNǰ ǰǰǰǰQFSǰBOOVN ǰ5IFǰųYFEǰEFQPTJUTǰXJUIǰCBOLTǰIBWFǰNBUVSJUZǰEBUFǰXJUIJOǰǰNPOUITǰ BOEǰJOUFSFTUǰSBUFǰBUǰǰQFSǰBOOVNǰ ǰǰQFSǰBOOVN ǰǰ5IFǰTFDVSJUJFTǰVOEFSǰSFQVSDIBTFǰBHSFFNFOUǰ IBWFǰNBUVSJUZǰEBUFǰXJUIJOǰǰNPOUIǰBOEǰJOUFSFTUǰSBUFǰBUǰǰQFSǰBOOVNǰ ǰǰǰǰQFSǰBOOVN 

7 Temporary investments Consolidated 2012 (Baht) 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ° 3FEFFNÇ°EVSJOHÇ°UIFÇ°ZFBSÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

Ç° Ç° Ç°

  Ç°   Ç°    Ç°   Ç°

2011 (Baht) Ç°Ç°   Ç° Ç°   Ç°

Company 2012 (Baht)

2011 (Baht)

  Ç° Ç°Ç°    Ç°Ç° Ç°

       

"TǰBUǰǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰBOEǰTVCTJEJBSZǰIBWFǰUFNQPSBSZǰJOWFTUNFOUTǰGSPNǰųYFEǰEFQPTJUTǰ XJUIǰųOBODJBMǰJOTUJUVUJPOTǰUIBUǰIBWFǰNBUVSJUZǰEBUFǰNPSFǰUIBOǰǰNPOUITǰCVUǰXJUIJOǰǰZFBSǰBOEǰJOUFSFTUǰSBUFǰ PGǰǰǰǰQFSǰBOOVN

8 Trade and other receivables The detail of trade and other receivables as at 31 December 2012 and 2011 is as follows: Consolidated Company 2012 (Baht) 5SBEFÇ°SFDFJWBCMFTÇ° 3FDFJWBCMFTÇ°GSPNÇ°PUIFSTÇ° 1SFQBZNFOUTÇ° Ç° Ç° 0UIFSTÇ° Ç°Ç° Ç° Ç°Ç°

  Ç°   Ç°   Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

2012 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

2011 (Baht)               

Eastern Water Resources Development and Management PCL.

6 Cash and cash equivalents


 Annual Report 2012

8

Trade and other receivables (Cont’d)

Ç° Ç° Ç° Ç°

"TÇ°BUÇ°Ç°%FDFNCFSÇ° Ç°SFDFJWBCMFÇ°GSPNÇ°PUIFSÇ°JOÇ°UIFÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOUTÇ°JODMVEFEÇ°BDDPVOUTÇ° SFDFJWBCMFÇ°CFUXFFOÇ°BÇ°TVCTJEJBSZÇ°BOEÇ°BÇ°QSJWBUFÇ°DPNQBOZÇ°UPUBMJOHÇ°#BIUÇ°Ç°NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO Ç° XIJDIÇ°SFMBUFEÇ°UPÇ°UIFÇ°DPNQFOTBUJPOÇ°BOEÇ°ĹłOFÇ°GPSÇ°UIFÇ°EFMBZFEÇ°DPOTUSVDUJPOÇ°PGÇ°BÇ°UBQÇ°XBUFSÇ°QSPEVDUJPOÇ°TZTUFNÇ° BOEÇ° UIFÇ° TVQQMZÇ° PGÇ° XBUFSÇ° UPÇ° UIFÇ° 1SPWJODJBMÇ° 8BUFSXPSLTÇ° "VUIPSJUZÇ° CFMPXÇ° UIFÇ° NJOJNVNÇ° SFRVJSFNFOUÇ° JOÇ° accordance with sale and purchase agreement for tap water for Chonburi Province with the Provincial 8BUFSXPSLTÇ°"VUIPSJUZÇ°5IJTÇ°CBMBODFÇ°BMTPÇ°JODMVEFEÇ°BOZÇ°TVQQPSUÇ°PGÇ°UIFÇ°TVCTJEJBSZÇ°UPÇ°IFMQÇ°UIFÇ°QSJWBUFÇ°DPNQBOZÇ° UPÇ°QSPEVDFÇ°UBQÇ°XBUFSÇ°UPÇ°NFFUÇ°UIFÇ°NJOJNVNÇ°SFRVJSFNFOUÇ°GPSÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ°*OÇ°UIFÇ°QBTU Ç° the subsidiary could off-set this accounts receivable balance with tap water cost that the subsidiary QVSDIBTFEÇ°POÇ°BÇ°NPOUIMZÇ°CBTJTÇ°GSPNÇ°UIFÇ°QSJWBUFÇ°DPNQBOZÇ°)PXFWFS Ç°UIFÇ°TVCTJEJBSZÇ°UFSNJOBUFEÇ°UBQÇ°XBUFSÇ° QVSDIBTFÇ°BOEÇ°TBMFTÇ°BHSFFNFOUÇ°POÇ°Ç°%FDFNCFSÇ°Ç°5IFÇ°TVCTJEJBSZÇ°IBTÇ°QMBOÇ°UPÇ°FOUFSÇ°JOUPÇ°BÇ°SBXÇ°XBUFSÇ° QVSDIBTFÇ° BOEÇ° TBMFTÇ° BHSFFNFOUÇ° XJUIÇ° UIFÇ° QSJWBUFÇ° DPNQBOZ Ç° UIFSFGPSF Ç° UIFÇ° TVCTJEJBSZÇ° DPVMEÇ° PGGTFUÇ° UIJTÇ° remaining accounts receivable balance with the raw water purchasing from the private company. The detail of trade account receivables as at 31 December 2012 and 2011 is as follows:

Ç° Ç° Ç° Ç° Ç°

Consolidated 2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

Trade accounts receivable - billed Ç° Ç° 5IJSEÇ°QBSUJFTÇ° Ç° Ç°Ç°3FMBUFEÇ°QBSUJFTÇ° /PUFÇ° Ç° 5PUBMÇ°USBEFÇ°BDDPVOUÇ°SFDFJWBCMFÇ°Ç°CJMMFEÇ°

  Ç°   Ç°   Ç°

  Ç°   Ç°   Ç°

  Ç°   Ç°   Ç°

        

Unbilled receivables Ç° Ç°Ç°5IJSEÇ°QBSUJFTÇ° Ç° Ç°3FMBUFEÇ°QBSUJFTÇ° /PUFÇ° Ç° 5PUBMÇ°VOCJMMFEÇ°SFDFJWBCMFTÇ° Ç° Ç° Ç°

 Ç°   Ç°   Ç°   Ç°

 Ç°   Ç°   Ç°   Ç°

Ç°Ç°   Ç°   Ç°   Ç°

Ç°Ç°      Ç°   

The age analysis of the trade accounts receivable-billed is as follows: Consolidated 2012 (Baht) 8JUIJOÇ°DSFEJUÇ°UFSNÇ° 0WFSEVFÇ°CFMPXÇ°Ç°NPOUITÇ° 0WFSEVFÇ°Ç°Ç°Ç°NPOUITÇ° 0WFSEVFÇ°Ç°Ç°Ç°NPOUITÇ° Ç° Ç° Ç° LessÇ°Ç°"MMPXBODFÇ°GPSÇ°EPVCUGVMÇ°BDDPVOUTÇ° Ç° Ç° Ç°

  Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°  Ç°  Ç°   Ç°   Ç°   Ç°

Company 2012 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°

2011 (Baht)      Ç°         

  




Consolidated 3BXǰNBUFSJBMTǰBOEǰTVQQMJFTǰ ǰ ǰ ǰ

2012 (Baht)

2011 (Baht)

  ǰ   ǰ

  ǰ   ǰ

Company 2012 (Baht)

2011 (Baht) ǰ ǰ

 

10 Non-current assets held for sale ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ ǰ

0Oǰ ǰ +VOFǰ  ǰ UIFǰ (SPVQĴTǰ NBOBHFNFOUǰ BQQSPWFEǰ UIFǰ TBMFǰ PGǰ QSPQFSUZ ǰ QMBOUǰ BOEǰ FRVJQNFOUǰ BOEǰ assets under concession contracts for Kho Lan and Kho Srichang tap water projects of the subsidiary to two QSJWBUFǰDPNQBOJFTǰGPSǰ#BIUǰǰNJMMJPOǰBOEǰ#BIUǰǰNJMMJPO ǰSFTQFDUJWFMZ ǰUPUBMǰBNPVOUǰPGǰ#BIUǰǰNJMMJPOǰ "Tǰ Bǰ SFTVMU ǰ UIFǰ TVCTJEJBSZǰ QSFTFOUFEǰ UIPTFǰ BTTFUTǰ XIJDIǰ IBEǰ Bǰ OFUǰ CPPLǰ WBMVFǰ PGǰ #BIUǰ ǰ NJMMJPOǰ BTǰ non-current assets held for sale. The sale required the approval of Local Administration and Department PGǰ8BUFSǰ3FTPVSDFT ǰUIFǰ.JOJTUSZǰPGǰ/BUVSBMǰ3FTPVSDFTǰBOEǰ&OWJSPONFOUǰ8IJMFǰXBJUJOHǰGPSǰBQQSPWBM ǰUIFǰ TVCTJEJBSZǰXBTǰJOGPSNFEǰJOǰXSJUJOHǰPOǰǰ.BZǰǰUIBUǰUIFǰQSPTQFDUJWFǰCVZFSǰXBTǰDBODFMMJOHǰUIFǰQVSDIBTFǰ PGǰUIFǰBTTFUTǰ5IFǰ$PNQBOZǰUIFOǰOPUJųFEǰUIFǰ%FQBSUNFOUǰPGǰ8BUFSǰ3FTPVSDFTǰUPǰDBODFMǰUIFǰUSBOTGFSǰPGǰ BTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰ0Oǰǰ+VOFǰ ǰUIFǰ%FQBSUNFOUǰPGǰ8BUFSǰ3FTPVSDFTǰSFUVSOFEǰUIFǰ EPDVNFOUǰSFMBUFEǰUPǰUIFǰUSBOTGFSǰPGǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰUPǰUIFǰ$PNQBOZǰ'PSǰUIFǰBTTFUTǰBUǰ ,PIǰ -BOǰ UIFǰ 4VCTJEJBSZǰ XBTǰ BMTPǰ JOGPSNFEǰ UIBUǰ UIFǰ CVZFSǰ DIBOHFEǰ CVTJOFTTǰ QMBOǰ BOEǰ XBTǰ OPǰ MPOHFSǰ JOUFSFTUFEǰJOǰQVSDIBTJOHǰUIFǰBTTFUTǰ4JODFǰTFDPOEǰRVBSUFSǰPGǰ ǰUIFǰTVCTJEJBSZǰIBTǰSFDMBTTJųFEǰTVDIǰBTTFUTǰ GSPNǰBTTFUTǰIFMEǰGPSǰTBMFǰUPǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰPSǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUT Details of non-current assets held for sale are as follows: Consolidated (Baht)

As at 1 January 2012 $PTUǰǰǰ Lessǰ"DDVNVMBUFǰEFQSFDJBUJPOǰ Lessǰ"MMPXBODFǰGPSǰJNQBJSNFOUǰ /FUǰCPPLǰWBMVFǰ

     

  

  

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ 3FDMBTTJGZǰUPǰQSPQFSUZ ǰQMBOUǰBOEǰFRVJQNFOUǰBOEǰBTTFUTǰVOEFSǰDPODFTTJPOǰDPOUSBDUTǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰǰ

     



"TǰBUǰǰ%FDFNCFSǰ Cost Less Accumulate depreciation Less Allowance for impairment /FUǰCPPLǰWBMVFǰǰǰ



Eastern Water Resources Development and Management PCL.

9 Inventories


 Annual Report 2012

11 Investments in subsidiaries Ç°

"Tǰ BUǰ ǰ %FDFNCFSǰ ǰ BOEǰ  ǰ JOWFTUNFOUTǰ JOǰ TVCTJEJBSJFTǰ XIJDIǰ QSFTFOUǰ JOǰ UIFǰ TFQBSBUFǰ ųOBODJBMǰ statements are as follows: Company

Company’s name

Nature of business

Ç° Ç°

Ownership interest 2012 2011 (%) (%)

Country of (Million incorporation (Million Baht) Baht)

Universal Utilities Produce and Ç°Ç°Ç°$PNQBOZÇ°-JNJUFEÇ° Ç°Ç°4VQQMZÇ°PGÇ°UBQÇ°XBUFSÇ° &8Ç°6UJMJUJFTÇ°Ç°Ç° 8BUFSÇ°USBOTQPSUBUJPOÇ° Company Limited by pipeline &8Ç°8BUFSÇ°#BMBODFÇ° 8BUFSÇ°USBOTQPSUBUJPOÇ° (Chonburi) by pipeline Company Limited EW Smart Water Produce and supply (Rayong) Ç° $PNQBOZÇ°-JNJUFEÇ°Ç°Ç° PGÇ°JOEVTUSJBMÇ°XBUFSÇ° Samet Utilities Produce tap water Ç° $PNQBOZÇ°-JNJUFEÇ°Ç° GSPNÇ°TFBÇ°XBUFSÇ° Total investment Ç° JOÇ°TVCTJEJBSJFTÇ° Ç° Ç°

Ç° Ç° Ç° Ç° Ç°

Paid-up share capital 2012 2011

Investment value 2012 (Baht)

Dividends income

2011 (Baht)

2012 (Baht)

2011 (Baht)

5IBJMBOEÇ° 5IBJMBOEÇ°

Ç° Ç°

Ç° Ç°

Ç° Ç°

5IBJMBOEÇ°

Ç°

Ç°

Ç°

Ç°

 Ç°

Ç°

Ç°

Ç°Ç°

5IBJMBOEÇ°

Ç°

Ç°

Ç°

Ç°

 Ç°

Ç°

Ç°



5IBJMBOEÇ°

Ç°

Ç°

Ç°

Ç°

 Ç°

Ç°

Ç°

Ç°

Ç°

Ç°

Ç°

Ç°

Ç°   Ç°   Ç°   Ç°    Ç°  Ç° Ç° Ç° Ç°Ç°Ç°

Ç°   Ç°   Ç°   Ç°   

0OÇ°Ç°.BSDIÇ° Ç°UIFÇ°$PNQBOZÇ°IBEÇ°JOWFTUFEÇ°JOÇ°&8Ç°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFE Ç°&8Ç°8BUFSÇ°#BMBODFÇ° $IPOCVSJ Ç° $PNQBOZÇ°-JNJUFEÇ°BOEÇ°&8Ç°4NBSUÇ°8BUFSÇ° 3BZPOH Ç°$PNQBOZÇ°-JNJUFEÇ°CZÇ°BDRVJSJOHÇ° Ç°PSEJOBSZÇ°TIBSFTÇ° XJUIÇ°QBSÇ°WBMVFÇ°PGÇ°#BIUÇ°Ç°QFSÇ°TIBSFÇ°JOÇ°FBDIÇ°DPNQBOZÇ°5IFÇ°TIBSFTÇ°XFSFÇ°DBMMFEÇ°GPSÇ°QBJEÇ°VQÇ°BUÇ°Ç°PSÇ°#BIUÇ°  Ç°JOÇ°FBDIÇ°DPNQBOZÇ°UPUBMMJOHÇ°#BIUÇ° Ç°$VSSFOUMZ Ç°UIFTFÇ°DPNQBOJFTÇ°IBWFÇ°OPUÇ°PQFSBUFEÇ°ZFU 0OÇ° Ç° 0DUPCFSÇ°  Ç° UIFÇ° $PNQBOZÇ° IBEÇ° DPPQFSBUFEÇ° XJUIÇ° BÇ° 1SPWJODJBMÇ° "ENJOJTUSBUJWFÇ° 0SHBOJTBUJPOÇ° UPÇ° established Samet Utilities Company Limited to produce tap water from sea water by Reverse Osmosis (RO) TZTUFNÇ°5IFÇ°$PNQBOZÇ°JOWFTUFEÇ°JOÇ° Ç°SFHJTUFSFEÇ°PSEJOBSZÇ°TIBSFTÇ°XJUIÇ°QBSÇ°WBMVFÇ°PGÇ°#BIUÇ°Ç°QFSÇ°TIBSF Ç°PSÇ° Ç°PGÇ°JOWFTUNFOUÇ°5IFÇ°TIBSFTÇ°XFSFÇ°DBMMFEÇ°GPSÇ°QBJEÇ°VQÇ°BUÇ°Ç°UPUBMMJOHÇ°UPÇ°#BIUÇ° Ç°$VSSFOUMZ Ç°UIJTÇ° company have not operated yet. Universal Utilities Company Limited have approved dividend payments as follows: Approved by

2012 Dividend for the year 2011 Ç° Interim dividend on operating results for TJYNPOUIÇ°QFSJPEÇ°FOEFE Ç°+VOFÇ°Ç°

Annual General meeting of the TIBSFIPMEFSTǰPOǰǰ.BSDIǰǰ Board of Director’s meeting on 21 September 2012 ǰ

Total dividends Dividend per share (Million Baht) (Baht)

Paid on

Ç°

Ç°

Ç°+VMZÇ°

Ç° 47.17

Ç°

Ç°%FDFNCFSÇ°




2011 Dividend for the year 2010 Ç° Interim dividend on operating results for TJYNPOUIÇ°QFSJPEÇ°FOEFEÇ° Ç°+VOFÇ°Ç°

Total dividends Dividend per share (Million Baht) (Baht)

Annual General meeting of the TIBSFIPMEFSTǰPOǰǰ.BSDIǰǰ Board of Director’s meeting on 27 September 2011 ǰ

Paid on

Ç°

Ç°

Ç°4FQUFNCFSÇ°

Ç° 25.14

Ç°

Ç°%FDFNCFSÇ°

12 Other long-term investments Consolidated and Company Number of shares 2012 2011 (Shares) (Shares) 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOÇ° Additions Dividend per share (Baht) $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

Ç° Ç°

  Ç°   Ç°

Ownership interest 2012 2011 (%) (%)

  Ç°   Ç°

Ç° Ç°

Ç° Ç°

Investment value 2012 2011 (Baht) (Baht)   Ç°   Ç°

     

"TÇ°BUÇ°Ç°%FDFNCFSÇ°Ç°BOEÇ° Ç°UIFÇ°$PNQBOZÇ°IBTÇ°MPOHUFSNÇ°HFOFSBMÇ°JOWFTUNFOUTÇ°XIJDIÇ°BSFÇ°JOWFTUNFOUTÇ° JOÇ°OPONBSLFUBCMFÇ°FRVJUZÇ°TFDVSJUZÇ°BTÇ°GPMMPXT Consolidated 2012 (Baht)

-POHUFSNÇ°JOWFTUNFOUT (FOFSBMÇ°JOWFTUNFOUT Ç° Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° 5PUBMÇ°MPOHUFSNÇ°JOWFTUNFOUTÇ°

  Ç°   Ç°

2011 (Baht)

  Ç°   Ç°

Company 2012 (Baht)

2011 (Baht)

  Ç°   Ç°

     

Egcom Tara Company Limited Ç° Ç°

5IFÇ°$PNQBOZÇ°IBEÇ°BÇ°MPOHUFSNÇ°JOWFTUNFOUÇ°JOÇ°FRVJUZÇ°TFDVSJUJFTÇ°PGÇ°&HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFE Ç°BÇ°SFMBUFEÇ° DPNQBOZ Ç°XIJDIÇ°PQFSBUJPOÇ°JTÇ°UPÇ°HFOFSBUFÇ°UBQÇ°XBUFSÇ°GPSÇ°TBMFÇ°TPMFMZÇ°UPÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZ

Ç° Ç°

*OÇ°  Ç° &HDPNÇ° 5BSBÇ° $PNQBOZÇ° -JNJUFEÇ° QBJEÇ° EJWJEFOEÇ° UPÇ° UIFÇ° $PNQBOZÇ° BNPVOUÇ° PGÇ° #BIUÇ° Ç° NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO 

Eastern Water Resources Development and Management PCL.

Approved by


 Annual Report 2012

13 Investment property - net Consolidated Land (Baht)

Building and building improvement (Baht)

Total (Baht)

At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰǰǰǰǰǰǰǰǰǰǰ /FUǰCPPLǰBNPVOUǰ

  ǰ ǰ   ǰ

  ǰ    ǰ   ǰ

     

  

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰǰ 3FDMBTTJųDBUJPOǰ 8SJUFPGG ǰOFUǰǰǰǰǰǰǰǰ %FQSFDJBUJPOǰDIBSHFǰǰǰǰǰǰǰǰǰǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ

  ǰ ǰ    ǰ ǰ ǰ   ǰ

  ǰ  ǰ ǰ   ǰ    ǰ   ǰ

       

 

  

  

"Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰǰǰǰǰǰǰǰǰǰǰ /FUǰCPPLǰBNPVOUǰ

  ǰ ǰ   ǰ

  ǰ    ǰ   ǰ

     

  

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰǰ 3FDMBTTJųDBUJPOǰǰǰǰǰǰǰǰǰǰǰǰ %FQSFDJBUJPOǰDIBSHFǰǰǰǰǰǰǰǰǰǰǰǰǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ

  ǰ ǰ ǰ ǰ   ǰ

  ǰ  ǰ  ǰ    ǰ   ǰ

         

  

"Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰǰǰǰǰǰǰǰǰ /FUǰCPPLǰBNPVOUǰ Fair valueǰ

  ǰ ǰǰ   ǰ   ǰ

  ǰ    ǰ   ǰ   ǰ

     

     

ǰ

%FQSFDJBUJPOǰFYQFOTFǰPGǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰXBTǰJODMVEFEǰJOǰDPTUǰPGǰSFOUBMǰBOEǰTFSWJDF Company Land (Baht)

At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ

  ǰ ǰ   ǰ

Building and building improvement (Baht)   ǰ    ǰ   ǰ

Total (Baht)      

  




Company Building and building improvement (Baht)

Land (Baht)

Total (Baht)

'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° 3FDMBTTJĹłDBUJPOÇ° 8SJUFPGG Ç°OFUÇ° %FQSFDJBUJPOÇ°DIBSHFÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

  Ç° Ç°    Ç° Ç° Ç°   Ç°

  Ç°  Ç° Ç°   Ç°    Ç°   Ç°

       

 

  

  

"UÇ°Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°EFQSFDJBUJPOÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° /FUÇ°CPPLÇ°BNPVOUÇ°

  Ç° Ç°Ç°   Ç°

  Ç°    Ç°   Ç°

     

  

'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° 3FDMBTTJĹłDBUJPOÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° %FQSFDJBUJPOÇ°DIBSHFÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

  Ç° Ç° Ç° Ç°   Ç°

  Ç°  Ç°  Ç°    Ç°   Ç°

         

  

"UÇ°Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°EFQSFDJBUJPOÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° /FUÇ°CPPLÇ°BNPVOUÇ° Fair valueÇ°

  Ç° Ç°   Ç°   Ç°

  Ç°    Ç°   Ç°   Ç°

     

     

Ç° Ç°

%FQSFDJBUJPOÇ°FYQFOTFÇ°PGÇ°#BIUÇ°Ç°NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO Ç°XBTÇ°JODMVEFEÇ°JOÇ°DPTUTÇ°PGÇ°SFOUBMÇ°BOEÇ°TFSWJDFT The fair value of investment property was determined by independent appraiser at 22 August 2012. "NPVOUTÇ°SFDPHOJTFEÇ°JOÇ°QSPĹłUÇ°BOEÇ°MPTTÇ°UIBUÇ°BSFÇ°SFMBUFEÇ°UPÇ°JOWFTUNFOUÇ°QSPQFSUZÇ°BSFÇ°BTÇ°GPMMPXT Consolidated

3FOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNFÇ°PGÇ°CVJMEJOHÇ° %JSFDUÇ°PQFSBUJOHÇ°FYQFOTFÇ°BSJTFÇ°GSPNÇ°JOWFTUNFOUÇ° property that generated rental income Ç° #VJMEJOHÇ°BOEÇ°CVJMEJOHÇ°JNQSPWFNFOU Ç° %JSFDUÇ°PQFSBUJOHÇ°FYQFOTFÇ°BSJTFÇ°GSPNÇ°JOWFTUNFOUÇ° property that did not generate rental Ç° JODPNFÇ° -BOE Ç° Ç° Ç° Ç°

Company

2012 (Baht)   Ç°

2011 (Baht)   Ç°

2012 (Baht)   Ç°

2011 (Baht)   

   Ç°

   Ç°

   Ç°

  

  Ç°   Ç°

  Ç°   Ç°

  Ç°   Ç°

 

  

Eastern Water Resources Development and Management PCL.

13 Investment property - net (Cont’d)


Buildings (Baht)

Consolidated Machinery and equipment (Baht)

Office equipment (Baht)

  ǰ    ǰ   ǰ

  ǰ   ǰ  ǰ   ǰ   ǰ

ǰ ǰ

  ǰ   ǰ   ǰ   ǰ    ǰ   ǰ ǰ    ǰ    ǰ    ǰ     ǰ    ǰ   ǰ   ǰ   ǰ   ǰ    ǰ   ǰ

Construction in progress (Baht)

Total (Baht)

 ǰ    ǰ       ǰ ǰ    

 ǰ    ǰ    

ǰ ǰ      ǰ ǰ   

 ǰ    ǰ    

 ǰ    ǰ     ǰ    ǰ     ǰ     ǰ  ǰ ǰ    ǰ ǰ   

  ǰ    ǰ        ǰ ǰ    

 ǰ    ǰ    

 ǰ ǰ   

   ǰ ǰ   

 ǰ    ǰ    

  ǰ    ǰ     ǰ    ǰ     ǰ    ǰ  ǰ ǰ    ǰ   ǰ   

  ǰ    ǰ        ǰǰǰǰǰǰ ǰ    

  ǰ    ǰ    

Vehicles (Baht)

%FQSFDJBUJPOǰFYQFOTFǰUPUBMǰPGǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰIBTǰCFFOǰDIBSHFEǰJOǰDPTUǰPGǰHPPETǰTPME ǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰBOEǰ JOǰBENJOJTUSBUJWFǰFYQFOTF ǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO 

 ǰ    ǰ   ǰ

"Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ

 ǰ   ǰ    ǰ    ǰ   ǰ    ǰ

ǰ    ǰ   ǰ

  ǰ   ǰ   ǰ   ǰ   ǰ

ǰ ǰ ǰ   ǰ ǰ   ǰ   ǰ

  ǰ    ǰ   ǰ   ǰ   ǰ    ǰ  ǰ  ǰ   ǰ    ǰ

  ǰ ǰ   ǰ   ǰ    ǰ

  ǰ ǰ   ǰ ǰ   ǰ

  ǰ    ǰ   ǰ    ǰ     ǰ    ǰ   ǰ    ǰ   ǰ

  ǰ   ǰ    ǰ    ǰ   ǰ    ǰ

  ǰ    ǰ   ǰ   ǰ   ǰ   ǰ ǰ    ǰ   ǰ    ǰ

  ǰ    ǰ   ǰ    ǰ     ǰ    ǰ   ǰ    ǰ   ǰ

Leasehold and building improvement (Baht)

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHOFUǰCPPLǰBNPVUǰ "EEJUJPOTǰǰǰ Transferǰ 3FDMBTTJųDBUJPOǰ %JTQPTBMXSJUFPGG ǰOFUǰ Reclassify to non-current assets held ǰ GPSǰTBMFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ

  ǰ ǰ   ǰ ǰ ǰ

  ǰ   ǰ   ǰ ǰ    ǰ    ǰ   ǰ   ǰ   ǰ

"Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ

ǰ    ǰ   ǰ

ǰ    ǰ   ǰ

ǰ ǰ   ǰ

  ǰ  ǰ  ǰ ǰ   ǰ

  ǰ  ǰ   ǰ ǰ ǰ

  ǰ   ǰ  ǰ   ǰ ǰ

  ǰ   ǰ   ǰ ǰ    ǰ    ǰ   ǰ   ǰ   ǰ

Pumping plants (Baht)

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰ 5SBOTGFSǰ 3FDMBTTJųDBUJPOǰ %JTQPTBMXSJUFPGG ǰOFUǰ Reclassify to non-current assets held ǰ GPSǰTBMFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ

At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰǰ /FUǰCPPLǰBNPVOUǰ

Land (Baht)

14 Property, plant and equipment - net

 Annual Report 2012


  Ç° Ç°   Ç° Ç° Ç° Ç°   Ç°

  Ç°   Ç°   Ç° Ç°    Ç°    Ç°   Ç°   Ç°   Ç°

'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° 5SBOTGFSÇ° 3FDMBTTJĹłDBUJPOÇ° %JTQPTBMXSJUFPGG Ç°OFUÇ° %FQSFDJBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

"UÇ°Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated depreciationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°

  Ç° Ç°   Ç°   Ç°    Ç°    Ç°   Ç°

Office equipment (Baht)

  Ç°   Ç°  Ç° Ç°   Ç°    Ç°   Ç°

   Ç°   Ç°    Ç° Ç°    Ç°    Ç°    Ç°

  Ç°   Ç°   Ç°   Ç°   Ç°    Ç°   Ç°

  Ç°    Ç°   Ç°    Ç°     Ç°    Ç°   Ç°    Ç°   Ç°

  Ç°   Ç°   Ç°  Ç°   Ç°    Ç°   Ç°

  Ç°    Ç°   Ç°    Ç°     Ç°    Ç°   Ç°    Ç°   Ç°

  Ç°    Ç°   Ç°   Ç°   Ç°   Ç° Ç° Ç°   Ç°    Ç°    Ç°    Ç°   Ç°    Ç°

Construction in progress (Baht)

Total (Baht)

   Ç°    Ç°    Ç° Ç°   Ç° Ç°    Ç°

              

  

   

          

  

  

     Ç°    Ç°       Ç° Ç°    

 Ç°    Ç°    

 Ç°    Ç° Ç°    Ç° Ç°     Ç° Ç° Ç°  Ç° Ç°   Ç° Ç°  Ç° Ç°   Ç°

  Ç°    Ç°        Ç° Ç°    

 Ç°    Ç°    

  Ç° Ç° Ç° Ç° Ç°    Ç°  Ç°

  Ç°    Ç°        Ç° Ç°    

  Ç°    Ç°    

Vehicles (Baht)

%FQSFDJBUJPOÇ°FYQFOTFÇ°UPUBMÇ°PGÇ°#BIUÇ°Ç°NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO Ç°IBTÇ°CFFOÇ°DIBSHFEÇ°JOÇ°DPTUÇ°PGÇ°HPPETÇ°TPME Ç°#BIUÇ°Ç°NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO Ç°BOEÇ° JOÇ°BENJOJTUSBUJWFÇ°FYQFOTF Ç°#BIUÇ°Ç°NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO 

  Ç° Ç°   Ç° Ç°   Ç°    Ç°   Ç°

Machinery and equipment (Baht)

  Ç°    Ç°   Ç°    Ç°     Ç°    Ç°   Ç°    Ç°   Ç°

Building improvement (Baht)

Company

Eastern Water Resources Development and Management PCL.

Ç° Ç°

  Ç°   Ç°   Ç° Ç°    Ç°    Ç°   Ç°   Ç°   Ç°

  Ç°  Ç°  Ç° Ç°   Ç°    Ç°   Ç°

"UÇ°Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated depreciationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°

  Ç°  Ç°   Ç° Ç° Ç°    Ç°   Ç°

  Ç°   Ç° Ç°   Ç° Ç° Ç°   Ç°

'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° 5SBOTGFSÇ° 3FDMBTTJĹłDBUJPOÇ° %JTQPTBMXSJUFPGG Ç°OFUÇ° %FQSFDJBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

Buildings (Baht)

  Ç°   Ç°   Ç° Ç°    Ç°    Ç°   Ç°   Ç°   Ç°

Pumping plants (Baht)

At 1 January 2011 $PTUÇ° Less Accumulated depreciationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°

Land (Baht)

14 Property, plant and equipment - net (Cont’d)




 Annual Report 2012

14 Property, plant and equipment - net (Cont’d) ǰ ǰ ǰ

"TǰBUǰǰ%FDFNCFSǰ ǰUIFǰ(SPVQǰBOEǰUIFǰ$PNQBOZǰIBEǰNPUPSǰWFIJDMFTǰBOEǰDPNQVUFSǰVOEFSǰųOBODJBMǰ MFBTFǰBHSFFNFOUTǰXJUIǰOFUǰCPPLǰWBMVFǰBNPVOUJOHǰUPǰ#BIUǰǰNJMMJPOǰBOEǰ#BIUǰǰNJMMJPO ǰSFTQFDUJWFMZǰ ǰ#BIUǰǰNJMMJPOǰBOEǰ#BIUǰǰNJMMJPO ǰSFTQFDUJWFMZ 

ǰ

#PSSPXJOHǰDPTUTǰPGǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰBSSFTUJOHǰGSPNǰųOBODJOHǰTQFDJųDBMMZǰFOUFSFEǰ into a pipeline constructing project were capitalised during the year and are included in “Additions”.

15 Assets under concession contracts - net Consolidated Assets under concession contracts (Baht)

At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ Lessǰǰ"DDVNVMBUFEǰJNQBJSNFOUǰ /FUǰCPPLǰBNPVOUǰ 'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰ 5SBOTGFSǰ 3FDMBTTJųDBUJPOǰ 8SJUFPGG ǰOFUǰ 3FDMBTTJGZǰUPǰOPODVSSFOUǰBTTFUTǰIFMEǰGPSǰTBMFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ "Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ /FUǰCPPLǰBNPVOUǰ 'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰ 5SBOTGFSǰ 3FDMBTTJGZǰUPǰOPODVSSFOUǰBTTFUTǰIFMEǰGPSǰTBMFǰ 8SJUFPGG ǰOFUǰ *NQBJSNFOUǰDIBSHFǰ %FQSFDJBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ "Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰEFQSFDJBUJPOǰ Lessǰǰ"MMPXBODFǰJNQBJSNFOUǰ /FUǰCPPLǰBNPVOUǰ

Construction in progress (Baht)

Tota (Baht)

  ǰ    ǰ    ǰ   ǰ

  ǰ ǰ ǰ   ǰ

     

  

  

  ǰ   ǰ   ǰ   ǰ   ǰ    ǰ    ǰ   ǰ

  ǰ   ǰ    ǰ ǰ ǰ ǰ ǰ   ǰ

           

  

  

  

  ǰ    ǰ   ǰ

  ǰ ǰ   ǰ

     

  

  ǰ   ǰ   ǰ   ǰ   ǰ    ǰ    ǰ   ǰ

  ǰ   ǰ    ǰ ǰ ǰ ǰ ǰ   ǰ

       

    

  

  

  

  ǰ    ǰ    ǰ   ǰ

  ǰ ǰ ǰ   ǰ

     

  

  




Ç° Ç° Ç° Ç° Ç°

5IFÇ°TVCTJEJBSJFTÇ°IBWFÇ°DPNNJUUFEÇ°UPÇ°USBOTGFSÇ°BTTFUTÇ°VOEFSÇ°DPODFTTJPOÇ°DPOUSBDUTÇ°UPÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ° Authority at the end of concession periods. Depreciation of Baht 33.4 million (2011: Baht 27.3 million) was included in the cost of sales-tap water and cost of services. 0OÇ° Ç° +VMZÇ°  Ç° ,PIÇ° 4SJDIBOHÇ° .VOJDJQBMJUZÇ° JOGPSNFEÇ° UIFÇ° $PNQBOZÇ° JOÇ° XSJUJOHÇ° PGÇ° UIFÇ° UFSNJOBUJPOÇ° PGÇ° JUTÇ° concession contract and requested the Company to transfer its tap water business to Koh Srichang .VOJDJQBMJUZÇ°CFDBVTFÇ°UIFÇ°RVBMJUZÇ°PGÇ°UBQÇ°XBUFSÇ°EJEÇ°OPUÇ°NFFUÇ°TUBOEBSEÇ°PGÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° BTÇ°TQFDJĹłFEÇ°JOÇ°UIFÇ°DPOUSBDUÇ°0OÇ°Ç°+VMZÇ° Ç°UIFÇ°$PNQBOZÇ°TFOUÇ°BÇ°MFUUFSÇ°UPÇ°,PIÇ°4SJDIBOHÇ°.VOJDJQBMJUZÇ°UPÇ° defend the quality of its tap water as meeting the standard attached with the result of LAB quality testing. 5IJTÇ°NBUUFSÇ°JTÇ°DVSSFOUMZÇ°TVCKFDUÇ°PGÇ°EJTQVUFÇ°BOEÇ°IBTÇ°OPUÇ°ZFUÇ°CFFOÇ°ĹłOBMJTFEÇ°Ç°/FUÇ°CPPLÇ°WBMVFÇ°PGÇ°BTTFUTÇ°VOEFSÇ° concession contracts used for conducting business related to tap water business in Koh Srichang on Ç°%FDFNCFSÇ°Ç°JTÇ°#BIUÇ°Ç°NJMMJPOÇ° DPTUÇ°JTÇ°#BIUÇ°Ç°NJMMJPO Ç°JOÇ°DPOTPMJEBUFEÇ°ĹłOBODJBMÇ°TUBUFNFOU

16 Deferred concession rights acquisition costs - net Consolidated Defrred concession rights acquisition costs (Baht)

At 1 January 2011 $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°BNPSUJTBUJPOÇ° /FUÇ°CPPLÇ°BNPVOUÇ° 'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° "NPSUJTBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "UÇ°Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°BNPSUJTBUJPOÇ° /FUÇ°CPPLÇ°BNPVOUÇ° 'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° "NPSUJTBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "UÇ°Ç°%FDFNCFSÇ° $PTUÇ° LessÇ°Ç°"DDVNVMBUFEÇ°BNPSUJTBUJPOÇ° /FUÇ°CPPLÇ°BNPVOUÇ°

Ç°

Construction in progress (Baht)

Total (Baht)

  Ç°    Ç°   Ç°

  Ç° Ç°   Ç°

     

  

  Ç° Ç°    Ç°   Ç°

  Ç°   Ç° Ç°   Ç°

        

  

  Ç°    Ç°   Ç°

  Ç° Ç°   Ç°

     

  

  Ç° Ç°    Ç°   Ç°

  Ç°   Ç° Ç°   Ç°

        

  

  Ç°    Ç°   Ç°

  Ç° Ç°   Ç°

     

  

"NPSUJTBUJPOÇ°PGÇ°#BIUÇ°Ç°NJMMJPOÇ° Ç°#BIUÇ°Ç°NJMMJPO Ç°XBTÇ°JODMVEFEÇ°JOÇ°UIFÇ°DPTUÇ°PGÇ°TBMFTUBQÇ°XBUFSÇ°BOEÇ° cost of services.

Eastern Water Resources Development and Management PCL.

Ç°


 Annual Report 2012

17 Intangible assets - net Consolidated Rights to operate the business under concession (Baht)

Computer software (Baht)

Total (Baht)

At 1 January 2011 $PTUǰ Lessǰǰ"DDVNVMBUFEǰBNPSUJTBUJPOǰ /FUǰCPPLǰBNPVOUǰ

  ǰ    ǰ   ǰǰǰǰǰǰǰǰǰǰǰǰ

ǰ ǰǰ ǰ

     

  

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰǰ "NPSUJTBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ

  ǰǰǰǰǰǰǰǰǰǰǰǰ ǰ ǰ   ǰ    ǰǰǰǰǰǰǰǰǰǰǰǰ ǰ   ǰ   ǰ

        

  

"Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰBNPSUJTBUJPOǰ /FUǰCPPLǰBNPVOUǰ

  ǰ   ǰ    ǰǰǰǰǰǰǰǰǰǰǰǰ ǰ   ǰ   ǰ

     

  

'PSǰUIFǰZFBSǰFOEFEǰǰ%FDFNCFSǰ 0QFOJOHǰOFUǰCPPLǰBNPVOUǰ "EEJUJPOTǰǰǰǰǰǰǰǰǰǰ "NPSUJTBUJPOǰDIBSHFǰ $MPTJOHǰOFUǰCPPLǰBNPVOUǰ

  ǰ ǰǰ    ǰ   ǰ

  ǰ   ǰ    ǰ   ǰ

        

  

"Uǰǰ%FDFNCFSǰ $PTUǰ Lessǰǰ"DDVNVMBUFEǰBNPSUJTBUJPOǰ /FUǰCPPLǰBNPVOUǰ

  ǰ    ǰ   ǰ

  ǰ    ǰ   ǰ

     

  

3FNBJOJOHǰBNPSUJTBUJPOǰQFSJPET 31 December 2011 ǰ%FDFNCFSǰǰ

16 years 3 months ǰZFBSTǰǰNPOUITǰ

ǰZFBSTǰǰNPOUI

ǰ ǰ

"NPSUJTBUJPOǰPGǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰXBTǰJODMVEFEǰJOǰUIFǰDPTUǰPGǰHPPETǰTPMEǰ#BIUǰ ǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰBOEǰBENJOJTUSBUJWFǰFYQFOTFTǰ#BIUǰǰNJMMJPOǰ ǰOJM




Company Computer software (Baht) At 1 January 2011 Cost Less Accumulated amortisation /FUÇ°CPPLÇ°BNPVOUÇ°

-

'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° "EEJUJPOTÇ° Amortisation charge $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

      

"UÇ°Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated amortisation /FUÇ°CPPLÇ°BNPVOUÇ°

     

'PSÇ°UIFÇ°ZFBSÇ°FOEFEÇ°Ç°%FDFNCFSÇ° 0QFOJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ° "EEJUJPOTÇ° "NPSUJTBUJPOÇ°DIBSHFÇ° $MPTJOHÇ°OFUÇ°CPPLÇ°BNPVOUÇ°

        

  

"UÇ°Ç°%FDFNCFSÇ° $PTUÇ° Less Accumulated amortisationÇ° /FUÇ°CPPLÇ°BNPVOUÇ°

     

  

3FNBJOJOHÇ°BNPSUJTBUJPOÇ°QFSJPET 31 December 2011 Ç°%FDFNCFSÇ°Ç°

Ç°ZFBSTÇ°Ç°NPOUI

Ç°

"NPSUJTBUJPOÇ°PGÇ°#BIUÇ°Ç°NJMMJPOÇ°XBTÇ°JODMVEFEÇ°JOÇ°UIFÇ°BENJOJTUSBUJWFÇ°FYQFOTFT

Eastern Water Resources Development and Management PCL.

17 Intangible assets - net (Cont’d)


 Annual Report 2012

18 Deferred income tax Ç°

5IFÇ°BOBMZTJTÇ°PGÇ°EFGFSSFEÇ°UBYÇ°BTTFUTÇ°BOEÇ°EFGFSSFEÇ°UBYÇ°MJBCJMJUZÇ°JTÇ°BTÇ°GPMMPXT Consolidated

%FGFSSFEǰUBYǰBTTFUT ǰ %FGFSSFEǰUBYǰBTTFUǰUPǰCFǰSFDPWFSFEǰXJUIJOǰ ǰ ǰ ǰNPOUITǰ ǰ %FGFSSFEǰUBYǰBTTFUǰUPǰCFǰSFDPWFSFEǰBGUFS ǰ ǰ NPSFǰUIBOǰǰNPOUITǰ ǰ ǰ ǰ %FGFSSFEǰUBYǰMJBCJMJUJFT ǰ %FGFSSFEǰUBYǰMJBCJMJUJFTǰUPǰCFǰTFUUMFEǰXJUIJO ǰ ǰ ǰNPOUITǰ ǰ %FGFSSFEǰUBYǰMJBCJMJUZǰUPǰCFǰSFDPWFSFEǰBGUFS ǰ ǰ NPSFǰUIBOǰǰNPOUITǰ ǰ ǰ ǰ 1SFTFOUǰJOǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰBTǰGPMMPXJOH %FGFSSFEǰUBYǰBTTFUTǰ %FGFSSFEǰUBYǰMJBCJMJUJFTǰ

Company

2012 (Baht)

2011 (Baht)

2012 (Baht)

2011 (Baht)

  Ç°

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 Ç°

 

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  Ç°   Ç°

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Ç° Ç°

5IFǰBCPWFǰQSFTFOUBUJPOǰJOǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰJTǰPGGTFUǰCFUXFFOǰEFGFSSFEǰUBYǰBTTFUTǰBOEǰEFGFSSFEǰ UBYǰMJBCJMJUJFTǰGPSǰUIFǰTBNFǰUBYBCMFǰFOUJUZǰBOEǰSFMBUFǰUPǰJODPNFǰUBYFTǰMFWJFEǰCZǰUIFǰTBNFǰUBYBUJPOǰBVUIPSJUZ

Ç°

5IFÇ°NPWFNFOUÇ°JOÇ°EFGFSSFEÇ°UBYÇ°BTTFUÇ°BOEÇ°MJBCJMJUZÇ°BSFÇ°UIFÇ°GPMMPXJOH Consolidated Allowance for doubtfu accounts (Baht)

Deferred tax assets "TǰBUǰǰ+BOVBSZǰǰ Transaction recorded in ǰǰǰQSPųUǰPSǰMPTTǰ "TǰBUǰǰ%FDFNCFSǰǰ Transaction recorded in ǰǰǰQSPųUǰPSǰMPTTǰ Transaction recorded in other ǰǰǰDPNQSFIFOTJWFǰJODPNFǰ "TǰBUǰǰ%FDFNCFSǰǰ

Depreciationlplant and equipment (Baht)

Impairment - assets (Baht)

Employee benefit (Baht)

Total (Baht)

Others (Baht)

  Ç°

 Ç°

  Ç°

  Ç°

 Ç°

  

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Consolidated Amortisation intangible asset (Baht)

Deferred tax liabilities "TǰBUǰǰ+BOVBSZǰǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰǰ%FDFNCFSǰǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰǰ%FDFNCFSǰǰ

Depreciationplant and equipment (Baht)

Liabilities under finance lease agreements (Baht)

  Ç°    Ç°   Ç°    Ç°   Ç°

 Ç°   Ç°  Ç°   Ç°   Ç°

Total (Baht)

Ç°   Ç°   Ç°   Ç°   Ç°

     

        

Others (Baht)

Total (Baht)

Company Allowance for doubtful accounts (Baht)

Deferred tax asset "TǰBUǰǰ+BOVBSZǰǰ   ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ    ǰ "TǰBUǰǰ%FDFNCFSǰǰ   ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ    ǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰPUIFSǰDPNQSFIFOTJWFǰJODPNFǰǰǰǰǰǰ ǰ "TǰBUǰǰ%FDFNCFSǰǰ  ǰ

Employee benefit (Baht)

  Ç°    Ç°   Ç°   Ç°   Ç°   Ç°

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Company Liabilities under finance Depreciation-plant and lease agreements equipment (Baht) (Baht)

Deferred tax liabilities "TǰBUǰǰ+BOVBSZǰǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰǰ%FDFNCFSǰǰ 5SBOTBDUJPOǰSFDPSEFEǰJOǰQSPųUǰPSǰMPTTǰ "TǰBUǰǰ%FDFNCFSǰǰ

 Ç°   Ç°  Ç°   Ç°   Ç°

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Total (Baht)

             

Eastern Water Resources Development and Management PCL.

18 Deferred income tax (Cont’d)


 Annual Report 2012

19 Other non-current assets Consolidated "EWBODFÇ°DPOTUSVDUJPOÇ°QBZNFOUÇ° 1SFQBJEÇ°FYQFOTFTÇ° %FQPTJUÇ°BOEÇ°3FUFOUJPOÇ° 0UIFSÇ° Ç° Ç° Ç°

2012 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

Company 2012 (Baht)   Ç°  Ç° Ç°   Ç°   Ç°

2011 (Baht)      Ç°     

20 Short-term loans from financial institutions Ç°

5IFÇ°EFUBJMÇ°PGÇ°TIPSUUFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°JTÇ°BTÇ°GPMMPXT Consolidated

1SPNJTTPSZÇ°OPUFÇ° Ç° Ç° Ç°

Ç° Ç°

2012 (Baht)   Ç°   Ç°

2011 (Baht)   Ç°   Ç°

Company 2012 (Baht)

2011 (Baht) Ç° Ç°

 

"TÇ°BUÇ°Ç°%FDFNCFSÇ° Ç°BÇ°TVCTJEJBSZÇ°IBTÇ°BÇ°TIPSUUFSNÇ°MPBOÇ°GSPNÇ°VOTFDVSFEÇ°QSPNJTTPSZÇ°OPUFÇ°XJUIÇ°BÇ°ĹłOBODJBMÇ° JOTUJUVUJPOÇ°XIJDIÇ°JTÇ°EVFÇ°PGÇ°DBMMÇ°XJUIÇ°BOÇ°JOUFSFTUÇ°SBUFÇ°PGÇ°Ç°Ç°Ç°QFSÇ°BOOVN

21 Trade accounts payable Consolidated 5IJSEÇ°QBSUJFTÇ° 3FMBUFEÇ°QBSUJFTÇ° /PUFÇ° Ç° Ç° Ç° Ç°

2012 (Baht)   Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°   Ç°

Company 2012 (Baht)   Ç°   Ç°   Ç°

2011 (Baht)         

22 Finance lease liabilities Ç°

'JOBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ°Ç°NJOJNVNÇ°MFBTFÇ°QBZNFOUT Consolidated

/PUÇ°MBUFSÇ°UIBOÇ°Ç°ZFBSÇ° -BUFSÇ°UIBOÇ°Ç°ZFBSÇ°CVUÇ°OPUÇ°MBUFSÇ°UIBOÇ°Ç°ZFBSTÇ° Ç° Ç° Ç° LessÇ°Ç°'VUVSFÇ°ĹłOBODFÇ°DIBSHFTÇ°POÇ°ĹłOBODFÇ°MFBTFTÇ° 1SFTFOUÇ°WBMVFÇ°PGÇ°ĹłOBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ°

2012 (Baht)   Ç°  Ç°   Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

Company 2012 (Baht)   Ç°  Ç°   Ç°   Ç°   Ç°

2011 (Baht)           

  




5IFÇ°QSFTFOUÇ°WBMVFÇ°PGÇ°ĹłOBODFÇ°MFBTFÇ°MJBCJMJUJFTÇ°JTÇ°BTÇ°GPMMPXT Consolidated

/PUÇ°MBUFSÇ°UIBOÇ°Ç°ZFBSÇ° TIPSUUFSNÇ°QPSUJPO Ç° Later than 1 year but not later than 5 years Ç° MPOHUFSNÇ°QPSUJPO Ç° Ç° Ç° Ç°

Company

2012 (Baht)   Ç°

2011 (Baht)   Ç°

2012 (Baht)   Ç°

2011 (Baht)   

 Ç°   Ç°

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23 Long-term loans from financial institutions Ç°

.PWFNFOUTÇ°JOÇ°UIFÇ°MPOHUFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°EVSJOHÇ°UIFÇ°ZFBSÇ°BSFÇ°TVNNBSJTFEÇ°CFMPX Consolidated Company 2012 (Baht)    Ç°    Ç°     Ç°    Ç°

#BMBODFTÇ°BTÇ°BUÇ°Ç°+BOVBSZÇ° AddÇ°Ç°"EEJUJPOBMÇ°CPSSPXJOHTÇ° LessÇ°Ç°3FQBZNFOUTÇ° #BMBODFTÇ°BTÇ°BUÇ°Ç°%FDFNCFSÇ°

Outstanding credit facilities Credit limit 2012 (Million Baht)

(Million Baht)

2011 (Baht)    Ç°    Ç°    Ç°    Ç°

2012 2011 (Baht) (Baht)    Ç°        Ç°    Ç°Ç°Ç°Ç°    Ç°   

   Ç°    Ç°Ç°Ç°

Consolidated

Company

2011

2012

2011

2012

2011

(Million Baht)

(Baht)

(Baht)

(Baht)

(Baht)

The Company Ç° BÇ°Ç°  Ç° Ç° Ç° Ç° C Ç°  Ç° Ç° Ç° Ç° D Ç°  Ç° Ç° Ç° Ç° E Ç°  Ç°  Ç° Ç° Ç° F Ç° Ç° Ç° Ç° Ç° G Ç°Ç°  Ç°  Ç° Ç° The subsidiary Ç° BÇ°Ç° Ç° Ç° Ç° Ç° C Ç° Ç° Ç° Ç° Ç° D Ç° Ç° Ç° Ç° Ç° E Ç° Ç° Ç° Ç° Ç° F Ç° Ç° Ç° Ç° 5PUBMÇ°  Ç°  Ç°  Ç° LessÇ°Ç°$VSSFOUÇ°QPSUJPOÇ° Ç° Ç° Ç° -POHUFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°Ç°Ç°Ç° Ç° Ç°OFUÇ°PGÇ°DVSSFOUÇ°QPSUJPOÇ° Ç° Ç° Ç°

  Ç°    Ç°   Ç°    Ç°Ç°   Ç°   Ç°   Ç°   Ç°Ç°    Ç°    Ç°    Ç°    Ç°Ç°   Ç° Ç°   Ç° Ç°Ç°   Ç° Ç°   Ç° Ç°Ç°   Ç° Ç°   Ç°  Ç°   Ç° Ç° Ç°Ç° Ç°   Ç° Ç° Ç°Ç° Ç°   Ç° Ç° Ç°Ç°   Ç° Ç° Ç° Ç°Ç°   Ç° Ç° Ç°     Ç°    Ç°    Ç°        Ç°    Ç°    Ç°    Ç°Ç°    Ç°    Ç°    Ç°    

Eastern Water Resources Development and Management PCL.

Ç°


Ç°

Objective

Type of loan

Period

b)

  Ç°.BZÇ° To invest in pipeline maintenance project

The 1st - 36thÇ°NPOUITÇ°'JYFEÇ°SBUFÇ°Ç° BUÇ°Ç°QFSÇ°BOOVNÇ° The 37th - 60th months Minimum -PBOÇ° 3BUFÇ° .-3 Ç° NJOVTÇ° 1.75 percent per annum The 61st month onwards Minimum -PBOÇ° 3BUFÇ° .-3 Ç° NJOVTÇ° 1.50 percent per annum 0OÇ°Ç°'FCSVBSZÇ° Ç°UIFÇ°JOUFSFTUÇ° rate has been changed to be 5)#'*9Ç° Ç° NPOUIT Ç° Ç° Ç° QFSÇ° annum for the 37th month onwards.

Interest rate

The 1st - 12th months Money .BSLFUÇ°3BUFÇ° ..3 Ç°GPSÇ°MPBOTÇ°XJUIÇ° maturities of no more than 1 year from drawdown date The 13thÇ°Ç°th months Minimum -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 1.75 percent per annum Ç°Ç°5IFÇ°th month onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 1.50 percent per annum Ç° 0OÇ° Ç° 4FQUFNCFSÇ°  Ç° UIFÇ° interest rate has been changed Ç° UPÇ°CFÇ°ĹłYFEÇ°BUÇ°Ç°QFSÇ°BOOVNÇ° Ç° GPSÇ°UIFÇ°ĹłSTUÇ°ZFBSÇ°5)#'*9 Ç° per annum for the second to the Ç° UIJSEÇ°ZFBSTÇ°BOEÇ°5)#'*9 Ç°QFSÇ° Ç° BOOVNÇ°GPSÇ°UIFÇ°GPVSUIÇ°UPÇ°UIFÇ°TJYUIÇ° years.

Ç°

Ç°

Ç°

Ç° Ç°

6OTFDVSFE Ç° XJUIÇ° 7 status equivalent years Ç° to unsecured and unsubordinated debts Ç°

7 a) Ç°   6 December To repay a 6OTFDVSFE Ç°XJUIÇ° 2007 years bridging loan status equivalent to unsecured and unsubordinated debts

Credit facility Date of (Million Baht) agreement

Long-term loans of the Company

Principal with accrued interest (if any) is to be fully paid within 12 months from the agreement date. 0OÇ°Ç°4FQUFNCFSÇ° Ç°UIFÇ°DPOEJUJPOÇ° for the repayment of the principal has been changed to semi-annual JOTUBMMNFOUT Ç°UPUBMÇ°Ç°JOTUBMMNFOUTÇ°BUÇ° Baht 100 million each start from the FOEÇ°PGÇ°/PWFNCFSÇ° 0OÇ°Ç°/PWFNCFSÇ° Ç°UIFÇ°DPOEJUJPOÇ° for the repayment of principle has been changed by installment payment for amount Baht 33 million which total 2 installments at Baht 16.5 million FBDIÇ°TUBSUÇ°GSPNÇ°UIFÇ°FOEÇ°PGÇ°/PWFNCFSÇ° 2011 and the end of May 2012. The remaining balance will be repaid by TFNJBOOVBMÇ° JOTUBMMNFOUT Ç° UPUBMÇ° Ç° installments each start from the end PGÇ°/PWFNCFSÇ°

Principal is repayable in semi-annual JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° period of 12 months from the agreement date as scheduled below. - The 1st - 6th installments Baht 50 million each - The 7th - 11th installments Baht 200 million each - The 12th - 13th installments Baht 100 million each

Repayment schedule

-POHUFSNÇ°MPBOTÇ°PGÇ°UIFÇ°$PNQBOZÇ°BOEÇ°JUTÇ°TVCTJEJBSJFTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°BSFÇ°TIPXOÇ°CFMPX

23 Long-term loans from financial institutions (Cont’d)

The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ°Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not MPXFSÇ°UIBOÇ°Ç°UJNFT Ç° etc.

The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ°Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ°Ç°UJNFT Ç°FUD

Debt covenant

 Annual Report 2012


Type of loan

  21 September To invest 2012 in Tubma project

f)

Unsecured

Ç°+VMZÇ° To invest in Unsecured Bangphra project



e)

Unsecured

Use in the Unsecured Company’s pipeline construction

  23 May 2012 To invest in Tubma project

25 August 

Objective

d)

c) Ç°  

Credit facility Date of (Million Baht) agreement

Long-term loans of the Company Interest rate

10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.65 percent per annum - The 4th - 10th years 6 months Ç° 'JYFEÇ°EFQPTJUÇ°JOUFSFTUÇ°SBUFÇ°QMVTÇ° Ç° Ç°QFSDFOUÇ°QFSÇ°BOOVNÇ° Ç° $VSSFOUMZ Ç°NPOUITÇ°'JYFEÇ°EFQPTJUÇ° interest rate is 2.60 percent per annum)

10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.75 percent per annum - The 4th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.65 percent per annum

10 - The 1st - 4thÇ°ZFBSTÇ°'JYFEÇ°SBUF��°BUÇ° per annum years 3.50 percent - The 5th - 7th years Minimum Loan Ç° 3BUFÇ° .-3 Ç°NJOVTÇ°Ç° percent per annum Ç°5IFÇ°th - 10th years Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.00 percent per annum 10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.75 percent per annum - The 4th - 10thÇ°ZFBSTÇ°Ç°NPOUITÇ°'JYFEÇ° Ç° EFQPTJUÇ°JOUFSFTUÇ°SBUFÇ°QMVTÇ°Ç° Ç° QFSDFOUÇ°QFSÇ°BOOVNÇ° $VSSFOUMZ Ç° Ç°NPOUITÇ°'JYFEÇ°EFQPTJUÇ°JOUFSFTUÇ° rate is 2.60 percent per annum)

Period

Debt covenant

Principal is repayable in 11 semiBOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 60 months from the agreement date as scheduled below. - The 1st - 4 th installments Baht 100 million each - The 5th - 10th installments Baht 116 million each - The 11thÇ°ZFBSÇ°JOTUBMMNFOUÇ°#BIUÇ°Ç° million

Principal is repayable in 14 TFNJBOOVBMÇ° JOTUBMMNFOUT Ç° CFHJOOJOHÇ° after a grace period of 42 months from the agreement date as scheduled below. - The 1st - 4 th installments Baht 100 million each - The 5th - 14th installments Baht 112 million each Principal is repayable in 14 semi-annual JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° QFSJPEÇ°PGÇ°+VOFÇ° - The 1stÇ°Ç° th installments Baht 50 million each Ç°5IFÇ°th - 14thÇ°JOTUBMMNFOUTÇ°#BIUÇ°Ç° million each

The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ°Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ°Ç°UJNFT Ç°FUD

The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ°Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ°Ç°UJNFT Ç°FUD The Company is required to comply with certain conditions including the maintenance of a debt to equity ratio of not FYDFFEJOHÇ°Ç°UJNFTÇ°BOEÇ° a debt service coverage ratio (DSCR) of not lower UIBOÇ°Ç°UJNFT Ç°FUD

Principal is repayable in 16 semi-annual /POF JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° QFSJPEÇ° PGÇ° Ç° NPOUITÇ° GSPNÇ° UIFÇ° ĹłSTUÇ° draw down date.

Repayment schedule

Eastern Water Resources Development and Management PCL.

23 Long-term loans from financial institutions (Cont’d)




300.0

200.0

270.0

474.4

525.6

a)

b)

c)

d)

e)

Objective

Type of loan

21 To invest September 2012

Unsecured

21 To settle an Unsecured September FYJTUJOHÇ°MPBOÇ° 2012 from the Company

Ç°+VMZÇ° To settle an Unsecured FYJTUJOHÇ°MPBOÇ° from the Company

11 To use in the Unsecured December subsidiary’s  water tap project

To settle an Unsecured 16 September FYJTUJOHÇ°MPBOÇ° from the  Company

Credit facility Date of (Million Baht) agreement

Debt covenant The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.25 UJNFT Ç°FUD The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUDÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD The subsidiary is required to comply with certain conditions including the maintenance of a debt service coverage ratio (DSCR) of not lower than 1.10 UJNFT Ç°FUD

1SJODJQBMÇ° JTÇ° SFQBZBCMFÇ° JOÇ° Ç° TFNJ BOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 12 months from UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF 1SJODJQBMÇ° JTÇ° SFQBZBCMFÇ° JOÇ° Ç° TFNJ BOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° BÇ° HSBDFÇ° QFSJPEÇ° PGÇ° Ç° NPOUITÇ° GSPNÇ° UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF 1SJODJQBMÇ°JTÇ°SFQBZBCMFÇ°JOÇ°Ç°TFNJBOOVBMÇ° JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ°BÇ°HSBDFÇ° period of a fully withdraw or 31 May 2012 which depend on earlier date.

Principal is repayable in 20 semiBOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 6 months from UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF Principal is repayable in 17 semiBOOVBMÇ°JOTUBMMNFOUT Ç°CFHJOOJOHÇ°BGUFSÇ° a grace period of 24 months from UIFÇ°ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUFÇ°BOEÇ°UPÇ°CFÇ° completed within 10 years from the ĹłSTUÇ°ESBXÇ°EPXOÇ°EBUF

10 - The 1st - 5th years Minimum Loan years Ç° 3BUFÇ° .-3 Ç°NJOVTÇ°Ç° percent per annum - The 6th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.00 percent per annum 10 - The 1st - 5th years Minimum Loan years Ç° 3BUFÇ° .-3 Ç°NJOVTÇ°Ç° percent per annum - The 6th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.00 percent per annum 5 - The 1stÇ°Ç°th months Minimum years Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.35 percent per annum Ç°Ç°5IFÇ°th month onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.25 percent per annum 10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.625 percent per annum - The 4th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.65 percent per annum 10 - The 1st - 3rdÇ°ZFBSTÇ°'JYFEÇ°SBUFÇ°BUÇ° years 4.625 percent per annum - The 4th year onwards Minimum Ç° -PBOÇ°3BUFÇ° .-3 Ç°NJOVTÇ° 2.25 percent per annum

Interest rate

Repayment schedule

Period

Long-term loans of subsidiary - Universal Utilities Company Limited

23 Long-term loans from financial institutions (Cont’d)

 Annual Report 2012




Consolidated "DDSVFEÇ°CPOVTÇ° "DDSVFEÇ°QSPKFDUÇ°DPNQFOTBUJPOÇ° "DDSVFEÇ°VUJMJUJFTÇ°FYQFOTFTÇ° 0UIFSTÇ° Ç° Ç° Ç°

2012 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

Company

2011 (Baht)   Ç°   Ç°   Ç°   Ç°   Ç°

2012 (Baht)   Ç°   Ç° Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°    Ç°   Ç°

25 Employee benefit obligations Consolidated 2012 (Baht) 4UBUFNFOUǰPGǰ'JOBODJBMǰ1PTJUJPOǰ ǰ 1PTUFNQMPZNFOUǰCFOFųUTǰ ǰ 0UIFSǰMPOHUFSNǰCFOFųUTǰ ǰ ǰ ǰ 1SPųUǰBOEǰMPTTǰ ǰ 1PTUFNQMPZNFOUǰCFOFųUTǰ ǰ 0UIFSǰMPOHUFSNǰCFOFųUTǰ ǰ ǰ ǰ Other comprehensive income ǰ "DUVSJBMǰMPTTFTǰPOǰEFųOFEǰǰǰǰǰ ǰ ǰ FNQMPZFFǰCFOFųUǰQMBOTǰ

Company

2011 (Baht)

2012 (Baht)

2011 (Baht)

  Ç°   Ç°   Ç°

  Ç° Ç°   Ç°

  Ç°   Ç°   Ç°

  Ç°Ç°    

  Ç°   Ç°   Ç°

  Ç° Ç°   Ç°

  Ç°   Ç°   Ç°

      

  Ç°

Ç°

  Ç°

Ç°

ǰ%FųOFEǰCFOFųUǰQMBO ǰ

5IFǰBNPVOUTǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰBSFǰEFUFSNJOFEǰBTǰGPMMPXT Consolidated 2012 (Baht)

1SFTFOUǰWBMVFǰPGǰGVOEFEǰPCMJHBUJPOTǰǰ -JBCJMJUZǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰ

  Ç°   Ç°

2011 (Baht)   Ç°   Ç°

Company 2012 (Baht)

2011 (Baht)

  Ç°   Ç°

     

Eastern Water Resources Development and Management PCL.

24 Accrued expenses


 Annual Report 2012

ǰ%FųOFEǰCFOFųUǰQMBO (Cont’d) ǰ 5IFǰNPWFNFOUǰJOǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰPWFSǰUIFǰZFBSǰJTǰBTǰGPMMPXT Consolidated "Uǰǰ+BOVBSZǰ "EKVTUNFOUǰBUǰCFHJOOJOHǰCBMBODFǰǰǰǰǰǰ $VSSFOUǰTFSWJDFǰDPTUǰ *OUFSFTUǰDPTUǰ Difference between past projected ǰǰǰBOEǰBDUVBMǰCFOFųUǰQBJEǰ "DUVSJBMǰMPTTFTǰPOǰEFųOFEǰ ǰǰǰFNQMPZFFǰCFOFųUǰQMBOTǰ #FOFųUTǰQBJEǰ "Uǰǰ%FDFNCFSǰ

2012 (Baht)   Ç° Ç°   Ç°   Ç°

2011 (Baht)

Company

Ç°   Ç°   Ç°   Ç°

2012 (Baht)   Ç° Ç°   Ç°   Ç°

2011 (Baht)          

   Ç°

Ç°

   Ç°



  Ç°    Ç°   Ç°

Ç°    Ç°   Ç°

  Ç°    Ç°   Ç°

   

  

The amounts recognised in the income statement are as follows: Consolidated $VSSFOUǰTFSWJDFǰDPTUǰ *OUFSFTUǰDPTUǰ Difference between past projected ǰǰǰBOEǰBDUVBMǰCFOFųUǰQBJEǰ Total ǰ

Ç° Ç° Ç° Ç°

Company

2012 (Baht)   Ç°   Ç°

2011 (Baht)   Ç°   Ç°

2012 (Baht)   Ç°   Ç°

2011 (Baht)      

   Ç°   Ç°

Ç°   Ç°

   Ç°   Ç°

   

0Gǰ UIFǰ UPUBMǰ DIBSHFǰ JOǰ DPOTPMJEBUFEǰ ųOBODJBMǰ TUBUFNFOUT ǰ #BIUǰ ǰ NJMMJPOǰ ǰ #BIUǰ ǰ NJMMJPO ǰ BOEǰ #BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰXFSFǰJODMVEFEǰJOǰijDPTUǰPGǰTBMFTĴǰBOEǰijBENJOJTUSBUJWFǰFYQFOTFTĴ ǰ respectively. 0GǰUIFǰUPUBMǰDIBSHFǰJOǰDPNQBOZǰųOBODJBMǰTUBUFNFOUT ǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰBOEǰ#BIUǰ ǰ NJMMJPOǰ ǰ #BIUǰ ǰ NJMMJPO ǰ XFSFǰ JODMVEFEǰ JOǰ ijDPTUǰ PGǰ TBMFTĴǰ BOEǰ ijBENJOJTUSBUJWFǰ FYQFOTFTĴ ǰ respectively. The principal actuarial assumptions used were as follows: 2012 2011 (Unit : % per annum) (Unit : % per annum)

Discount rate *OÅ´BUJPOÇ°SBUFÇ° Salary increment rate

Ç°

Ç°

Ç°

4.1 Ç° 5.0 - 10.0

4.7  5.0 - 7.0




Ç°

5IFǰBNPVOUTǰSFDPHOJTFEǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰBSFǰEFUFSNJOFEǰBTǰGPMMPXT Consolidated

1SFTFOUǰWBMVFǰPGǰGVOEFEǰPCMJHBUJPOTǰ -JBCJMJUZǰJOǰUIFǰTUBUFNFOUǰPGǰųOBODJBMǰQPTJUJPOǰ

Ç°

2012 (Baht)   Ç°   Ç°

Company

2011 (Baht) Ç° Ç°

2012 (Baht)   Ç°   Ç°

2011 (Baht)  

5IFǰNPWFNFOUǰJOǰUIFǰEFųOFEǰCFOFųUǰPCMJHBUJPOǰPWFSǰUIFǰZFBSǰJTǰBTǰGPMMPXT Consolidated

"Uǰǰ+BOVBSZǰǰǰǰǰǰǰ $VSSFOUǰTFSWJDFǰDPTUǰ *OUFSFTUǰDPTUǰ #FOFųUTǰQBJEǰ "Uǰǰ%FDFNCFSǰ

Company

2012 (Baht)

2011 (Baht)

2012 (Baht)

2011 (Baht)

Ç°   Ç°  Ç°    Ç°   Ç°

Ç°  Ç° Ç°   Ç° Ç°

Ç°   Ç°  Ç°   Ç°   Ç°

     



The amounts recognised in the income statement are as follows: Consolidated 2012 (Baht)   Ç°  Ç°   Ç°

$VSSFOUÇ°TFSWJDFÇ°DPTUÇ° *OUFSFTUÇ°DPTUÇ° 5PUBMÇ°Ç°

Ç° Ç° Ç° Ç°

Company

2011 (Baht)  Ç° Ç°  Ç°

2012 (Baht)   Ç°  Ç°   Ç°

2011 (Baht)   Ç°  

0GǰUIFǰUPUBMǰDIBSHFǰJOǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUT ǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰXFSFǰ JODMVEFEǰJOǰBENJOJTUSBUJWFǰFYQFOTFT 0GǰUIFǰUPUBMǰDIBSHFǰJOǰDPNQBOZǰųOBODJBMǰTUBUFNFOUT ǰ#BIUǰǰNJMMJPOǰ ǰ#BIUǰǰNJMMJPO ǰXFSFǰJODMVEFEǰ JOǰBENJOJTUSBUJWFǰFYQFOTFT The principal actuarial assumptions used were as follows: 2012 2011 (Unit : % per annum) (Unit : % per annum)

Discount rate (PMEÇ°QSJDFÇ°JOÅ´BUJPOÇ°SBUFÇ°

Ç°

Ç°

Ç°

4.1 Ç°



Eastern Water Resources Development and Management PCL.

ǰ0UIFSǰMPOHUFSNǰCFOFųUT


 Annual Report 2012

26 Other non-current liabilities Consolidated 3FUFOUJPOTÇ°QBZBCMFÇ° Rental guarantees received from related party Ç° /PUFÇ° Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç°

Company

2012 (Baht)   Ç°

2011 (Baht)   Ç°

2012 (Baht)   Ç°

2011 (Baht)   

Ç°   Ç°

Ç°   Ç°

 Ç°   Ç°

    

Number of shares (Baht)

Ordinary shares (Baht)

Share premium (Baht)

27 Share capital

"UÇ°Ç°+BOVBSZÇ°Ç° Issue of shares "UÇ°Ç°%FDFNCFSÇ°Ç° Issue of shares "UÇ°Ç°%FDFNCFSÇ°Ç°

   Ç°    Ç°    Ç°    Ç°    Ç°    Ç°

Total (Baht)

   Ç°        Ç°        Ç°    

The total registered of ordinary shares has a par value of Baht 1 per share (2011: Baht 1 per share). All issued shares are fully paid.

28 Legal reserve Ç° Ç° Ç° Ç°

1VSTVBOUǰUPǰTFDUJPOǰǰPGǰUIFǰ1VCMJDǰ-JNJUFEǰ$PNQBOJFTǰ"DUǰ#&ǰ ǰUIFǰ$PNQBOZǰJTǰSFRVJSFEǰUPǰTFUǰ BTJEFǰBǰMFHBMǰSFTFSWFǰFRVBMǰUPǰBUǰMFBTUǰǰQFSDFOUǰPGǰJUTǰOFUǰQSPųUǰGPSǰUIFǰZFBSǰBGUFSǰEFEVDUJOHǰBDDVNVMBUFEǰ EFųDJUǰCSPVHIUǰGPSXBSEǰ JGǰBOZ ǰVOUJMǰTVDIǰSFTFSWFǰSFBDIFTǰǰQFSDFOUǰPGǰUIFǰ$PNQBOZĴTǰSFHJTUFSFEǰTIBSFǰ DBQJUBMǰ5IFǰMFHBMǰSFTFSWFǰJTǰOPOEJTUSJCVUBCMFǰ"TǰBUǰǰ%FDFNCFSǰǰBOEǰ ǰUIFǰ$PNQBOZĴTǰMFHBMǰ reserve has been fully reached.

29 Other component of equity Consolidated and Company

"UÇ°Ç°+BOVBSZÇ° "NPSUJTBUJPOÇ°PGÇ°BTTFUTÇ°USBOTGFSSFEÇ°GSPNÇ°DVTUPNFSTÇ° "UÇ°Ç°%FDFNCFSÇ°Ç°

Ç°

2012 (Baht)

2011 (Baht)

  Ç°    Ç°   Ç°

     

  

Assets transferred from customers represent water distribution pipeline systems and water measured equipment transferred to the Company by customers in accordance with the water supply agreement. 5IFÇ°$PNQBOZÇ°SFDPSEFEÇ°BTÇ°QSPQFSUZ Ç°QMBOUÇ°BOEÇ°FRVJQNFOUÇ°BHBJOTUÇ°BTTFUTÇ°USBOTGFSSFEÇ°GSPNÇ°DVTUPNFSTÇ°BDDPVOUÇ° which include in equity and recognise to revenue over the useful life of asset.




Dividends declared during the year consist of the following. Approved by

Year 2012 Dividend for the year 2011 Ç° Ç° Interim dividends on operating results for the Ç° TJYNPOUIÇ°QFSJPEÇ°FOEFE Ç° Ç°+VOFÇ°Ç° Ç° Ç°

Total dividends Dividend per share (Million Baht) (Baht)

Annual General Meeting of the TIBSFIPMEFSTÇ°POÇ°Ç°.BSDIÇ°Ç° Board of Director’s meeting on 22 August 2011 Ç° Ç°

Approved by

Paid on

Ç°

Ç°

Ç°"QSJMÇ°

Ç° 

Ç°

Ç°4FQUFNCFSÇ°

Total dividends Dividend per share (Million Baht) (Baht)

Year 2011 Dividend for the year 2010 Annual General Meeting of the shareholders on 24 March 2011 Interim dividends on Board of Director’s meeting on operating results for the 22 August 2011 ǰ TJYNPOUIǰQFSJPEǰFOEFEǰ ǰ ǰ+VOFǰǰ ǰ

Paid on

416.0

0.25

12 April 2011

Ç° 615.6

Ç°

Ç°4FQUFNCFSÇ°

31 Other income Consolidated 2012 (Baht) *OUFSFTUÇ°JODPNFÇ°Ç° %JWJEFOEÇ°JODPNFÇ° /PUFÇ° Ç° 0UIFSTÇ°Ç° Ç° Ç° Ç°

  Ç°   Ç°   Ç°   Ç°

2011 (Baht)   Ç°   Ç°   Ç°   Ç°

Company 2012 (Baht)

2011 (Baht)

  Ç°   Ç°   Ç°   Ç°

           

Eastern Water Resources Development and Management PCL.

30 Dividends


 Annual Report 2012

32 Expenses by nature 4JHOJųDBOUǰFYQFOTFTǰCZǰOBUVSFǰBSFǰBTǰGPMMPX Consolidated 4BMBSZǰBOEǰXBHFTǰBOEǰPUIFSǰFNQMPZFFǰCFOFųUTǰ %FQSFDJBUJPOǰBOEǰBNPSUJTBUJPOǰFYQFOTFTǰ 3FOUBMǰFYQFOTFTǰ 3BXǰNBUFSJBMTǰBOEǰDPOTVNBCMFTǰVTFEǰ &MFDUSJDJUZǰFYQFOTFTǰǰ 1VSDIBTFTǰPGǰSBXǰXBUFSǰ )JSJOHǰBOEǰTFSWJDFǰFYQFOTFTǰ 3FQBJSǰBOEǰNBJOUFOBODFǰFYQFOTFTǰ Losses on impairment and diminution in value of ǰ BTTFUTǰBOEǰBMMPXBODFǰGPSǰEPVCUGVMǰBDDPVOUTǰ 8BUFSXPSLTǰNBOBHFNFOUǰFYQFOTFǰǰǰǰǰǰǰ &YQFOTFTǰGPSǰEFWFMPQNFOUǰPGǰMJGFǰRVBMJUZǰǰBOEǰ ǰ FOWJSPONFOUǰ 'JOBODFǰDPTUTǰ 0UIFSTǰ ǰ ǰ ǰ

Company

2012 (Baht)   ǰ   ǰ   ǰ   ǰ   ǰ   ǰ   ǰ   ǰ

2011 (Baht)   ǰ   ǰ   ǰ   ǰ   ǰ   ǰ   ǰ   ǰ

2012 (Baht)   ǰ   ǰ   ǰ ǰ   ǰ   ǰ   ǰ   ǰ

2011 (Baht)                      

  ǰ ǰ

  ǰ ǰ

ǰ   ǰ

    

  ǰ   ǰ   ǰ   ǰ   ǰ   ǰ    ǰ    ǰ

  ǰ      ǰ      ǰ       ǰ    

33 Income tax Consolidated 2012 (Baht)

2011 (Baht)

Company 2012 (Baht)

2011 (Baht)

$VSSFOUǰUBY ǰ $VSSFOUǰUBYǰPOǰQSPųUTǰGPSǰUIFǰZFBSǰ ǰ "EKVTUNFOUTǰJOǰSFTQFDUǰPGǰQSJPSǰZFBSǰ Total current taxǰ

  ǰ    ǰ   ǰ

  ǰ   ǰ   ǰ

  ǰ    ǰ   ǰ

       

%FGFSSFEǰUBY Origination and reversal of temporary ǰ ǰ EJGGFSFODFTǰ ǰ *NQBDUǰPGǰDIBOHFǰJOǰUBYǰSBUFǰ Total deferred taxǰ Total tax expenseǰ

  ǰ ǰ   ǰ   ǰ

  ǰ    ǰ   ǰ   ǰ

  ǰ ǰ   ǰ   ǰ

           




5IFǰUBYǰPOǰUIFǰ(SPVQĴTǰQSPųUǰCFGPSFǰUBYǰEJGGFSTǰGSPNǰUIFǰUIFPSFUJDBMǰBNPVOUǰUIBUǰXPVMEǰBSJTFǰVTJOHǰUIFǰ CBTJDǰUBYǰSBUFǰPGǰUIFǰIPNFǰDPVOUSZǰPGǰUIFǰDPNQBOZǰBTǰGPMMPXT Consolidated

1SPųUǰCFGPSFǰUBYǰ 5BYǰDBMDVMBUFEǰBUǰBǰUBYǰSBUFǰPGǰ ǰ ǰ ǰ 5BYǰFGGFDUǰPG *ODPNFǰOPUǰTVCKFDUǰUPǰUBYǰ &YQFOTFTǰOPUǰEFEVDUJCMFǰGPSǰUBYǰQVSQPTFǰ "EKVTUNFOUǰJOǰSFTQFDUǰPGǰQSJPSǰZFBSǰ 3FNFBTVSFNFOUǰPGǰEFGFSSFEǰUBY ǰ DIBOHFǰJOǰUBYǰSBUFǰǰǰǰǰǰǰǰ 5BYǰDIBSHFǰ

Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Company

2012 2011 (Baht) (Baht)    Ç°    Ç°

2012 2011 (Baht) (Baht)    Ç°    

  Ç°

  Ç°

  Ç°

  

   Ç°   Ç°    Ç°

   Ç°   Ç°   Ç°

   Ç°   Ç°    Ç°

  

    

Ç°   Ç°

   Ç°   Ç°

Ç°   Ç°

     

5IFǰFGGFDUJWFǰUBYǰSBUFǰXBTǰǰ ǰ ǰ 5IFSFǰXBTǰUIFǰBOOPVODFNFOUǰPGǰUIFǰ3PZBMǰ%FDSFFǰ3FHBSEJOHǰUIFǰ3FEVDUJPOǰPGǰ$PSQPSBUFǰ*ODPNFǰ5BYǰ3BUFǰ JOǰUIFǰ(PWFSONFOUǰ(B[FUUFǰPOǰǰ%FDFNCFSǰǰ5IFǰ(SPVQǰIBT ǰDPOTFRVFOUMZ ǰSFNFBTVSFEǰUIFǰSFMFWBOUǰ EFGFSSFEǰUBYǰCBMBODFǰCZǰVTJOHǰUIFǰUBYǰSBUFǰPGǰǰPGǰOFUǰQSPųUǰGPSǰUIFǰǰųTDBMǰZFBSǰFOEJOHǰPOǰPSǰBGUFSǰ ǰ%FDFNCFSǰ ǰBOEǰUPǰGVSUIFSǰSFEVDFǰUIFJSǰDPSQPSBUFǰJODPNFǰUBYǰUPǰǰPGǰOFUǰQSPųUǰJOǰUIFǰųTDBMǰZFBSTǰ CFHJOOJOHǰPOǰPSǰBGUFSǰǰ+BOVBSZǰǰPOXBSET 5IFǰUBYǰ DIBSHF DSFEJUǰSFMBUJOHǰUPǰDPNQPOFOUǰPGǰPUIFSǰDPNQSFIFOTJWFǰJODPNFǰJTǰBTǰGPMMPXT Consolidated

Actuarial loss on retirement ǰ CFOFųUǰPCMJHBUJPOTǰ 0UIFSǰDPNQSFIFOTJWF ǰ JODPNFǰ $VSSFOUǰUBYǰ %FGFSSFEǰUBYǰ ǰ ǰ

Before tax (Baht)

2012 Tax (charge) credit (Baht)

  Ç°

   Ç°

  Ç°

Ç°

Ç°



  Ç°    Ç° Ç°   Ç° Ç°   Ç° Ç°   Ç°

  Ç° Ç° Ç° Ç°

Ç° Ç° Ç°    Ç°    Ç°   



After tax (Baht)

2011 Tax (charge) (Baht)

Tax (charge) credit (Baht)

After tax (Baht)

Eastern Water Resources Development and Management PCL.

Ç° Ç°


 Annual Report 2012

33 Income tax (Cont’d) Company

Actuarial loss on retirement ǰ CFOFųUǰPCMJHBUJPOTǰ 0UIFSǰDPNQSFIFOTJWFǰ ǰǰǰJODPNFǰ $VSSFOUǰUBYǰ %FGFSSFEǰUBYǰ ǰ ǰ

Before tax (Baht)

2012 Tax (charge) credit (Baht)

  Ç°

   Ç°

  Ç°

Ç°

Ç°



  Ç°    Ç° Ç°   Ç° Ç°   Ç° Ç°   Ç°

  Ç° Ç° Ç° Ç°

Ç° Ç° Ç°    Ç°    Ç°   



After tax (Baht)

2011 Tax (charge) (Baht)

Tax (charge) credit (Baht)

After tax (Baht)

34 Earnings per share #BTJDǰFBSOJOHTǰQFSǰTIBSFǰJTǰDBMDVMBUFEǰCZǰEJWJEJOHǰUIFǰOFUǰQSPųUǰBUUSJCVUBCMFǰUPǰTIBSFIPMEFSTǰCZǰUIFǰXFJHIUFEǰ average number of ordinary shares in issue during the year. Consolidated 2012 (Baht)

2011 (Baht)

/FUǰQSPųUǰBUUSJCVUBCMFǰUPǰPSEJOBSZǰTIBSFIPMEFSTǰ #BIU ǰ   ǰ    ǰ Weighted average number of ordinary shares in ǰ JTTVFǰ 4IBSF ǰ    ǰ    ǰ #BTJDǰFBSOJOHTǰQFSǰTIBSFǰ #BIU ǰ ǰ ǰ

Company 2012 (Baht)    Ç°

2011 (Baht)   

   Ç°     Ç° 

There are no potential dilutive ordinary shares in issue for the years ended 2012 and 2011.

35 Related parties transactions Ç° Ç° Ç° Ç° Ç°

&OUFSQSJTFTǰBOEǰJOEJWJEVBMTǰUIBUǰEJSFDUMZ ǰPSǰJOEJSFDUMZǰUISPVHIǰPOFǰPSǰNPSFǰJOUFSNFEJBSJFT ǰDPOUSPM ǰPSǰBSFǰ DPOUSPMMFEǰCZ ǰPSǰBSFǰVOEFSǰDPNNPOǰDPOUSPMǰXJUI ǰUIFǰDPNQBOZ ǰJODMVEJOHǰIPMEJOHǰDPNQBOJFT ǰTVCTJEJBSJFTǰ BOEǰGFMMPXǰTVCTJEJBSJFTǰBSFǰSFMBUFEǰQBSUJFTǰPGǰUIFǰDPNQBOZǰ"TTPDJBUFTǰBOEǰJOEJWJEVBMTǰPXOJOHǰBO ǰJOEJSFDUMZǰ PSǰ EJSFDUMZ ǰ JOUFSFTUǰ JOǰ UIFǰ WPUJOHǰ QPXFSǰ PGǰ UIFǰ DPNQBOZǰ UIBUǰ HJWFTǰ UIFNǰ TJHOJųDBOUǰ JOŴVFODFǰ PWFSǰ UIFǰ FOUFSQSJTF ǰLFZǰNBOBHFNFOUǰQFSTPOOFM ǰJODMVEJOHǰEJSFDUPSTǰBOEǰPGųDFSTǰPGǰUIFǰDPNQBOZǰBOEǰDMPTFǰNFNCFSTǰ of the family of these individuals and companies associated with these individuals also constitute related parties.

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*OÇ° DPOTJEFSJOHÇ° FBDIÇ° QPTTJCMFÇ° SFMBUFEÇ° QBSUZÇ° SFMBUJPOTIJQ Ç° BUUFOUJPOÇ° JTÇ° EJSFDUFEÇ° UPÇ° UIFÇ° TVCTUBODFÇ° PGÇ° UIFÇ° SFMBUJPOTIJQ Ç°BOEÇ°OPUÇ°NFSFMZÇ°UIFÇ°MFHBMÇ°GPSN

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5IFÇ°$PNQBOZÇ°JTÇ°BÇ°QVCMJDÇ°MJTUFEÇ°DPNQBOZÇ°5IFÇ°NBKPSÇ°TIBSFIPMEFSÇ°JTÇ°UIFÇ°1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° XIJDIÇ°PXOTÇ°Ç°PGÇ°UIFÇ°DPNQBOZÄ´TÇ°TIBSF




Consolidated 2012 (Baht)

Company

2011 (Baht)

2012 (Baht)

Sales - raw water Major shareholders Ç° *OEVTUSJBMÇ°&TUBUFÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ°   Ç°   Ç° Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ°   Ç°   Ç° Ç° &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ°   Ç°   Ç° Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Ç° Ç°    Ç°    Ç° Sales - tap water Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° 3FOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNF Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° 0UIFSÇ°SFMBUFEÇ°DPNQBOZ Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° Ç° Ç°

2011 (Baht)

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%JWJEFOEÇ°JODPNF Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° 0UIFSÇ°SFMBUFEÇ°DPNQBOZ Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° Ç° Ç° Ç°

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0UIFSÇ°JODPNF Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°

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Costs of sales and costs of services Subsidiary 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°

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4BMFTÇ°PGÇ°SBXÇ°XBUFSÇ°BSFÇ°DIBSHFEÇ°TJNJMBSÇ°UPÇ°NBSLFUÇ°QSJDFT 4BMFTÇ°PGÇ°UBQÇ°XBUFS Ç°SFOUBMÇ°BOEÇ°TFSWJDFÇ°JODPNFÇ°BOEÇ°PUIFSÇ°JODPNFÇ°BSFÇ°DIBSHFEÇ°BUÇ°NVUVBMMZÇ°Ç°BHSFFEÇ°QSJDFTÇ°BTÇ° stipulated in the contracts. Costs of sales and services are charged at mutually - agreed prices as stipulated in the contracts.

Eastern Water Resources Development and Management PCL.

35.1 Transactions incurred during the year


 Annual Report 2012

35 Related parties transactions (Cont’d) 35.2 Outstanding balances at end of the years Consolidated 2012 (Baht) Trade accounts receivable - billed Major shareholders ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ ǰ ǰ*OEVTUSJBMǰ&TUBUFǰ"VUIPSJUZǰPGǰ5IBJMBOEǰ ǰ &MFDUSJDJUZǰ(FOFSBUJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰ Subsidiary ǰ 6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰǰǰǰǰǰǰǰ 0UIFSǰSFMBUFEǰDPNQBOZ ǰ &HDPNǰ5BSBǰ$PNQBOZǰ-JNJUFEǰ ǰ ǰ ǰ Unbilled receivables Major shareholders ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ Subsidiary ǰ 6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰǰǰǰǰǰǰǰ 0UIFSǰSFMBUFEǰDPNQBOZ ǰ &HDPNǰ5BSBǰ$PNQBOZǰ-JNJUFEǰ ǰ ǰ ǰ 8BUFSǰMPTTǰUSFBUNFOUǰTFSWJDFǰJODPNFSFDFJWBCMFT Major shareholders ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰ ǰCJMMFEǰ ǰ ǰVOCJMMFEǰ ǰ ǰ ǰ

Company

2011 (Baht)

2012 (Baht)

2011 (Baht)

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Consolidated 2012 (Baht) 8JUIJOÇ°DSFEJUÇ°UFSNÇ° 1BTUÇ°EVFÇ°MFTTÇ°UIBOÇ°Ç°NPOUITÇ°Ç°Ç°Ç°Ç°Ç° Total water loss treatment service income Ç° SFDFJWBCMFÇ°Ç°CJMMFEÇ° Other receivable Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° EW Smart Water (Rayong) Company Limited EW Utilities Company Limited EW Water Balance (Chonburi) Company Limited Ç° 4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Trade accounts payable Major shareholders Ç° 1SPWJODJBMÇ°8BUFSXPSLTÇ°"VUIPSJUZÇ° Ç° *OEVTUSJBMÇ°&TUBUFÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ°Ç°Ç°Ç°Ç°Ç° Subsidiary Ç° 4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç° Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç° 0UIFSÇ°SFMBUFEÇ°DPNQBOZ Ç° &HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç° Ç° Ç° Ç° Rental guarantees (include in other non-current liabilities) Subsidiary Ç° 6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°

Company

2011 (Baht)

2012 (Baht)

2011 (Baht)

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  Ç° 400 400 400  Ç°   Ç°

      

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Eastern Water Resources Development and Management PCL.

The age analysis of the water loss treatment service income receivable-billed is as follows:


 Annual Report 2012

35 Related parties transactions (Cont’d) ǰ,FZǰNBOBHFNFOUǰDPNQFOTBUJPOǰ ǰ ,FZǰNBOBHFNFOUǰDPNQFOTBUJPOǰDPNQPTFEǰPGǰTBMBSJFT ǰNFFUJOHǰBMMPXBODFTǰHSBUVJUJFTǰBOEǰQPTUFNQMPZFFǰ ǰ CFOFųUTǰDBOǰCFǰDBUFHPSJTFEǰBTǰGPMMPXT Consolidated 2012 (Baht) 4IPSUUFSNǰFNQMPZFFǰCFOFųUTǰ 1PTUFNQMPZNFOUǰCFOFųUTǰ 0UIFSǰMPOHUFSNǰFNQMPZFFǰCFOFųUTǰ ǰ ǰ ǰ

Company

2011 (Baht)

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2012 (Baht)

2011 (Baht)

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36 Commitments and contingent liabilities ǰ$BQJUBMǰDPNNJUNFOUT ǰ "Tǰ BUǰ ǰ %FDFNCFSǰ  ǰ UIFǰ (SPVQǰ BOEǰ UIFǰ $PNQBOZǰ IBEǰ DPNNJUNFOUTǰ JOǰ SFTQFDUǰ PGǰ JOQSPHSFTTǰ ǰ DPOTUSVDUJPOǰBOEǰJOTUBMMBUJPOǰPGǰUIFǰXBUFSǰEJTUSJCVUJPOǰQJQFMJOFǰJOǰUIFǰDPOTPMJEBUFEǰBOEǰDPNQBOZǰųOBODJBMǰ ǰ TUBUFNFOUTǰǰUPUBMJOHǰ#BIUǰ ǰNJMMJPOǰBOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZǰ ǰ#BIUǰ ǰNJMMJPOǰ ǰ BOEǰ#BIUǰ ǰNJMMJPO ǰSFTQFDUJWFMZ  ǰ0QFSBUJOHǰMFBTFǰDPNNJUNFOUT The future aggregate minimum lease payments in respect of the lease of motor vehicles and computer under non-cancellable operating leases contracts are as follows. Consolidated 2012 (Baht) 8JUIJOǰǰZFBSǰ 1 to 5 years More than 5 years ǰ ǰ ǰ

Company

2011 (Baht) Ç° 6.2 4.1 Ç°

2012 (Baht) Ç° 5.4 Ç°

2011 (Baht) Ç° 4.7 Ç°

 2.7 

ǰ 3BXǰXBUFSǰBOEǰUBQǰXBUFSǰQVSDIBTFǰBHSFFNFOUTǰBOEǰMPOHUFSNǰTFSWJDFǰDPNNJUNFOUT ǰ ǰ "Tǰ BUǰ ǰ %FDFNCFSǰ ǰ BOEǰ  ǰ UIFǰ $PNQBOZǰ IBEǰ DPNNJUNFOUǰ JOǰ SFTQFDUǰ PGǰ Bǰ SBXǰ XBUFSǰ purchase agreement with the Royal Irrigation Department whereby it is to purchase raw water at ǰ ǰ ǰ ǰ UIFǰQSJDFǰTQFDJųFEǰJOǰBǰ.JOJTUFSJBMǰ3FHVMBUJPO ǰ ǰ "TǰBUǰǰ%FDFNCFSǰǰBOEǰ ǰUIFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSZǰIBEǰDPNNJUNFOUTǰJOǰSFTQFDUǰPGǰ raw water and tap water purchase agreements with private companies at the condition and price ǰ ǰ ǰ ǰ BTǰEFTDSJCFEǰJOǰ/PUFTǰ ǰǰBOEǰǰUPǰUIFǰųOBODJBMǰTUBUFNFOUT ǰ ǰ "TǰBUǰǰ%FDFNCFSǰ ǰUIFǰ(SPVQǰBOEǰUIFǰ$PNQBOZǰIBEǰDPNNJUNFOUTǰJOǰSFTQFDUǰPGǰTFSWJDFǰ ǰ ǰ ǰ ǰ BHSFFNFOUTǰ QBZBCMFǰ JOǰ UIFǰ GVUVSFǰ PGǰ BQQSPYJNBUFMZǰ #BIUǰ ǰ NJMMJPOǰ BOEǰ #BIUǰ ǰ NJMMJPO ǰ ǰ ǰ ǰ ǰ SFTQFDUJWFMZǰ ǰ#BIUǰǰNJMMJPOǰBOEǰ#BIUǰǰNJMMJPO ǰSFTQFDUJWFMZ 




Ç°

Guarantees Ç° "TÇ°BUÇ°Ç°%FDFNCFSÇ° Ç°UIFÇ°(SPVQÇ°BOEÇ°UIFÇ°$PNQBOZÇ°IBEÇ°Ç°DPOUJOHFOUÇ°MJBCJMJUJFTÇ°GSPNÇ°MFUUFSTÇ°PGÇ° Ç° Ç° Ç° HVBSBOUFFÇ°JTTVFEÇ°CZÇ°MPDBMÇ°DPNNFSDJBMÇ°CBOLTÇ°UPÇ°UIFÇ°1SPWJODJBMÇ°&MFDUSJDJUZÇ°"VUIPSJUZÇ°GPSÇ°FMFDUSJDJUZÇ° Ç° Ç° Ç° DPOTVNQUJPO Ç° UPÇ° UIFÇ° .JOJTUSZÇ° PGÇ° 'JOBODFÇ° GPSÇ° NBOBHFNFOUÇ° BOEÇ° PQFSBUJPOÇ° PGÇ° UIFÇ° NBKPSÇ° XBUFSÇ° Ç° Ç° Ç° EJTUSJCVUJPOÇ° QJQFMJOFÇ° TZTUFNTÇ° JOÇ° UIFÇ° &BTUFSOÇ° 4FBCPBSEÇ° BSFB Ç° UPÇ° UIFÇ° 1SPWJODJBMÇ° &MFDUSJDJUZÇ° Ç° Ç° Ç° "VUIPSJUZÇ°BOEÇ°UIFÇ°3PZBMÇ°*SSJHBUJPOÇ°%FQBSUNFOUÇ°GPSÇ°DPNQMJBODFÇ°UPÇ°BHSFFNFOUT Ç°BOEÇ°UPÇ°DPVOUFSQBSUZÇ° Ç° Ç° Ç° GPSÇ° CJEÇ° CPOETÇ° BOEÇ° QFSGPSNBODFÇ° CPOETÇ° UPUBMMJOHÇ° #BIUÇ° Ç° NJMMJPOÇ° BOEÇ° #BIUÇ° Ç° NJMMJPO Ç° Ç° Ç° Ç° SFTQFDUJWFMZÇ° Ç°#BIUÇ°Ç°NJMMJPOÇ°BOEÇ°#BIUÇ°Ç°NJMMJPO Ç°SFTQFDUJWFMZ  Ç° "TÇ° BUÇ° Ç° %FDFNCFSÇ° Ç° BOEÇ°  Ç° UIFÇ° (SPVQÇ° IBEÇ° DPOUJOHFOUÇ° MJBCJMJUJFTÇ° JOÇ° SFTQFDUÇ° PGÇ° CFJOHÇ° BÇ° Ç° Ç° Ç° HVBSBOUPSÇ°UPÇ°JUTÇ°UISFFÇ°TVCTJEJBSJFTÇ°GPSÇ°MFUUFSTÇ°PGÇ°HVBSBOUFFÇ°JTTVFEÇ°CZÇ°MPDBMÇ°DPNNFSDJBMÇ°CBOLTÇ°UPÇ°UIPTFÇ° subsidiaries in a credit limit of Baht 200 million for compliance to agreements with respect to Ç° Ç° Ç° UIFJSÇ° FMFDUSJDJUZÇ° DPOTVNQUJPOÇ° HVBSBOUFF Ç° UBQÇ° XBUFSÇ° QSPEVDUJPOÇ° BOEÇ° EJTUSJCVUJPOÇ° BOEÇ° XBUFSÇ° consumers information records.

37 Litigation Ç° Ç° Ç° Ç°

"TǰBUǰǰ%FDFNCFSǰǰBOEǰ ǰUIFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSZǰXFSFǰTVFEǰBTǰEFGFOEBOUTǰJOǰMJUJHBUJPOǰ DBTFTǰXJUIǰTJHOJųDBOUǰDMBJNǰBTǰGPMMPXT 0Oǰǰ0DUPCFSǰ ǰUIFǰ$PNQBOZǰXBTǰTVFEǰCZǰBǰDPNQBOZǰJOǰBǰMBXTVJUǰXJUIǰBǰCMBDLǰDBTFǰOVNCFSǰǰ SFHBSEJOHǰBǰCSFBDIǰPGǰBǰDPOTUSVDUJPOǰBHSFFNFOUǰ5IFǰMJUJHBUJPOǰųMFEǰXJUIǰUIFǰ$JWJMǰ$PVSUǰCZǰUIFǰQMBJOUJGGǰ requested that the Company pay damages totaling Baht 40.2 million. ǰ 0Oǰǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰųMFEǰBǰMBXTVJUǰXJUIǰBǰCMBDLǰDBTFǰOVNCFSǰǰSFHBSEJOHǰBǰCSFBDIǰ ǰ PGǰBǰDPOTUSVDUJPOǰDPOUSBDU ǰTVJOHǰUIFǰBGPSFNFOUJPOFEǰDPNQBOZǰBOEǰBǰMPDBMǰDPNNFSDJBMǰCBOLǰBTǰUIFǰXPSLǰ ǰ HVBSBOUPSǰPGǰUIBUǰDPNQBOZǰ5IFǰMJUJHBUJPOǰųMFEǰXJUIǰUIFǰ$JWJMǰ$PVSUǰCZǰUIFǰ$PNQBOZǰSFRVFTUFEǰUIBUǰUIFǰ defendants pay damages totaling Baht 37.4 million. ǰ 0Oǰǰ+BOVBSZǰ ǰUIFǰ$JWJMǰ$PVSUǰTFUǰBǰEBUFǰGPSǰUIFǰTFUUMFNFOUǰPGǰJTTVFTǰVOEFSǰUIFǰMBXTVJUǰXJUIǰUIFǰ ǰ CMBDLǰDBTFǰOVNCFSǰǰ)PXFWFS ǰUIFǰBUUPSOFZǰPGǰUIFǰ$PNQBOZǰIBTǰQFUJUJPOFEǰUIFǰ$PVSUǰUPǰNFSHFǰ ǰ UIFǰTFUUMFNFOUǰPGǰJTTVFTǰPGǰUIFǰMBXTVJUǰXJUIǰUIFǰCMBDLǰDBTFǰOVNCFSǰǰUPǰCFǰJOǰPOFǰDBTFǰTJODFǰ both cases are based on the same factual information. The Court considered the request and set a date ǰ GPSǰUIFǰTFUUMFNFOUǰPGǰJTTVFTǰPGǰUIFTFǰUXPǰMBXTVJUTǰPOǰǰ.BSDIǰ ǰ 0Oǰ ǰ .BSDIǰ  ǰ UIFǰ $JWJMǰ $PVSUǰ TFUǰ Bǰ EBUFǰ GPSǰ JOWFTUJHBUJPOǰ PGǰ QMBJOUJGGĴTǰ XJUOFTTFTǰ EVSJOHǰ ǰ ǰ ǰ ǰ 'FCSVBSZǰǰBOEǰBǰEBUFǰGPSǰJOWFTUJHBUJPOǰPGǰEFGFOEBOUĴTǰXJUOFTTFTǰEVSJOHǰǰǰǰ'FCSVBSZǰ ǰ 0Oǰǰ+VMZǰ ǰ5IFǰ$JWJMǰ$PVSUǰEFMJWFSFEǰJUTǰKVEHFNFOUǰPGǰUIFǰSFEǰDBTFǰOVNCFSǰǰBOEǰǰ which can be summarised as follows: ǰ ǰ5IFǰMJUJHBOUǰJTǰSFRVJSFEǰUPǰQBZǰBǰųOFǰPGǰ#BIUǰǰNJMMJPO ǰSFUVSOǰUIFǰBEWBODFǰQBZNFOUǰPGǰ#BIUǰǰNJMMJPOǰ ǰ ǰ BOEǰQBZǰGPSǰXBHFǰTVQFSWJTPSTǰEVSJOHǰMBUFǰXPSLǰQFSJPEǰPGǰ#BIUǰǰNJMMJPO ǰUPUBMMJOHǰBǰQBZNFOUǰPGǰ#BIUǰǰNJMMJPO 2. The Company is required to pay the 30th and 31st installment of construction cost according to the agreement of Baht 13.0 million together with the additional costs of Baht 7.0 million and the return of ǰ ǰ SFUFOUJPOǰDPTUTǰPGǰ#BIUǰǰNJMMJPO ǰUPUBMMJOHǰ#BIUǰǰNJMMJPOǰ.PSFPWFS ǰUIFǰ$PNQBOZǰJTǰSFRVJSFEǰUPǰ ǰ ǰ SFUVSOǰBMMǰFJHIUǰCBOLǰHVBSBOUFFTǰUPǰUIFǰMJUJHBOU ǰǰ )PXFWFS ǰGPSǰUIFǰCFOFųUǰPGǰUIFǰ$PNQBOZ ǰBǰMBXZFSǰXBTǰBQQPJOUFEǰUPǰMPEHFǰBOǰBQQFBMǰXJUIǰUIFǰDPVSUǰPOǰ ǰ ǰ0DUPCFSǰǰSFHBSEJOHǰUIFǰųOFǰBOEǰUIFǰBEEJUJPOBMǰDPTUT ǰ 5IFǰ$PNQBOZǰIBTǰSFDPSEFEǰMJBCJMJUJFTǰPGǰUIFǰDPOTUSVDUJPOǰDPTUTǰBOEǰUIFǰSFUFOUJPOǰDPTUTǰPGǰ#BIUǰǰNJMMJPOǰ ǰ TUJMM ǰOPUǰSFDPSEFEǰ#BIUǰǰNJMMJPOǰPGǰUIFǰBEEJUJPOBMǰDPTUTǰ/FWFSUIFMFTT ǰUIJTǰDBTFǰIBTǰOPUǰZFUǰCFFOǰųOBMJTFE ǰ 0Oǰǰ+VOFǰ ǰUIFǰ$PNQBOZǰXBTǰTVFEǰBTǰBǰEFGFOEBOUǰCZǰBǰGPSNFSǰFNQMPZFFǰVOEFSǰUIFǰMBCPVSǰMBXǰ ǰ VOEFSǰCMBDLǰDBTFǰ/PǰSFHBSEJOHǰUIFǰUFSNJOBUJPOǰPGǰUIFJSǰFNQMPZNFOUǰ5IFǰQMBJOUJGGǰMPEHFEǰUIFǰ

Eastern Water Resources Development and Management PCL.

36.4 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°


 Annual Report 2012

37 Litigation (Cont’d) ǰ

MBXTVJUÇ°XJUIÇ°UIFÇ°$FOUSBMÇ°-BCPVSÇ°$PVSU Ç°TFFLJOHÇ°DPNQFOTBUJPOÇ°PGÇ°#BIUÇ°Ç°NJMMJPOÇ°0OÇ°Ç°+VOFÇ° Ç°UIFÇ° Court issued a compromise judgement and ordered the defendant to pay Baht 4.4 million to the plaintiff. Ç° #PUIÇ°QBSUJFTÇ°BDDFQUFEÇ°UIJTÇ°KVEHFNFOU Ç°BOEÇ°UIJTÇ°DBTFÇ°XBTÇ°ĹłOBMJTFE Ç° 0OÇ°Ç°+VOFÇ° Ç°UIFÇ°$PNQBOZÇ°XBTÇ°TVFEÇ°BTÇ°BÇ°DPEFGFOEBOUÇ°UPHFUIFSÇ°XJUIÇ°BÇ°QSJWBUFÇ°DPNQBOZÇ°CZÇ°UIFÇ°4UBUFÇ° Railway of Thailand in relation to a claim for damages for soil erosion on its land caused by the Ç° FYDBWBUJPOÇ°PGÇ°BÇ°SBXÇ°XBUFSÇ°QJUÇ°BUÇ°UIFÇ°XBUFSÇ°QVNQJOHÇ°QSPKFDUÇ°JOÇ°$IPOCVSJÇ°5IFÇ°QMBJOUJGGÇ°MPEHFEÇ°UIFÇ°MBXTVJU Ç° Ç° #MBDLÇ°$BTFÇ°/P Ç°XJUIÇ°UIFÇ°$IPOCVSJÇ°1SPWJODJBMÇ°$PVSU Ç°TFFLJOHÇ°DPNQFOTBUJPOÇ°BNPVOUJOHÇ°UPÇ°#BIUÇ°Ç° Ç° NJMMJPOÇ°5IFÇ°$PNQBOZÄ´TÇ°EFGFODFÇ°XBTÇ°UIBUÇ°JUÇ°XBTÇ°OPUÇ°BÇ°QBSUZÇ°UPÇ°UIFÇ°FYDBWBUJPOÇ°PQFSBUJPOÇ°CVUÇ°XBTÇ°POMZÇ°BÇ° Ç° QVSDIBTFSÇ°PGÇ°SBXÇ°XBUFSÇ°GSPNÇ°UIFÇ°QSJWBUFÇ°DPNQBOZÇ°-BUFS Ç°POÇ°Ç°+VMZÇ° Ç°UIFÇ°$IPOCVSJÇ°1SPWJODJBMÇ°$PVSUÇ° dismissed the case against the Company and judged that it was the private company that was liable to the State Railway of Thailand. Ç° 0OÇ°Ç°.BSDIÇ° Ç°6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFE Ç°BÇ°TVCTJEJBSZ Ç°XBTÇ°TVFEÇ°BTÇ°BÇ°DPEFGFOEBOUÇ°UPHFUIFSÇ° Ç° XJUIÇ° UIFÇ° 1SPWJODJBMÇ° 8BUFSXPSLTÇ° "VUIPSJUZÇ° Äś18"ġ Ç° JOÇ° BÇ° DBTFÇ° CSPVHIUÇ° JOÇ° DPOOFDUJPOÇ° XJUIÇ° JMMFHBMÇ° BDUTÇ° Ç° QFSGPSNFEÇ°CZÇ°BENJOJTUSBUJWFÇ°BHFODJFTÇ°PSÇ°TUBUFÇ°PGĹłDJBMTÇ°5IFÇ°QMBJOUJGGÇ°QFUJUJPOFEÇ°UIFÇ°BENJOJTUSBUJWFÇ°DPVSUÇ° to void the selection process by which a private operator was selected to produce tap water for Ç° EJTUSJCVUJPOÇ°UPÇ°UIFÇ°18"Ç°JOÇ°UIFÇ°BSFBÇ°CFMPOHJOHÇ°UPÇ°UIFÇ°3BZPOHÇ°8BUFSXPSLTÇ°0OÇ°Ç°.BSDIÇ° Ç°UIFÇ°3BZPOHÇ° Ç° "ENJOJTUSBUJWFÇ°$PVSUÇ°PSEFSFEÇ°UIFÇ°TFMFDUJPOÇ°QSPDFTTÇ°WPJEFEÇ°JOÇ°BDDPSEBODFÇ°XJUIÇ°UIFÇ°QMBJOUJGGÄ´TÇ°QFUJUJPO Ç°BOEÇ° Ç° BMTPÇ° EFDMBSFEÇ° WPJEÇ° UIFÇ° BHSFFNFOUÇ° BQQPJOUJOHÇ° BÇ° QSJWBUFÇ° ĹłSNÇ° UPÇ° QSPEVDFÇ° XBUFSÇ° GPSÇ° TBMFÇ° UPÇ° UIFÇ° 3BZPOH Ç° 8BUFSXPSLT Ç°XIJDIÇ°IBEÇ°SFTVMUFEÇ°GSPNÇ°BOÇ°JMMFHBMÇ°TFMFDUJPOÇ°QSPDFTTÇ°)PXFWFS Ç°UIFÇ°18"Ç°BOEÇ°UIFÇ°TVCTJEJBSZÇ°MPEHFEÇ° appeals with the Rayong Administrative Court on 12 April 2007 and the Rayong Administrative Court has issued a court receipt for such appeal and then passed it to the Supreme Administrative Court. The owner’s Ç° BSCJUSBUPSÇ° TQFDJĹłFEÇ° UIFÇ° MBTUÇ° EBZÇ° PGÇ° GBDUÇ° ĹłOEJOHÇ° UPÇ° CFÇ° Ç° +VOFÇ° Ç° CFGPSFÇ° QSPQPTJOHÇ° UIJTÇ° DBTFÇ° UPÇ° UIFÇ° Ç° KVEHJOHÇ°QBOFMÇ°0OÇ°Ç°/PWFNCFSÇ° Ç°UIFÇ°PXOFSÄ´TÇ°BSCJUSBUPSÇ°DPODMVEFEÇ°UIBUÇ°QMBJOUJGGÇ°IBWFÇ°OPÇ°BVUIPSJUZÇ° Ç° UPÇ°JOEJDUÇ°CFDBVTFÇ°UIFZÇ°XFSFÇ°OPUÇ°QFSTPOTÇ°UIPTFÇ°BGGFDUFEÇ°GSPNÇ°TFMFDUJPOÇ°QSPDFTTÇ°5IFSFGPSF Ç°UIFÇ°KVEHJOHÇ°QBOFMÇ° Ç° SFDBMMFEÇ°BÇ°KVEHFNFOUÇ°PGÇ°UIFÇ°3BZPOHÇ°"ENJOJTUSBUJWFÇ°$PVSUÇ°"MUIPVHI Ç°UIFÇ°BHSFFNFOUÇ°XBTÇ°DBODFMMFE Ç°UIFÇ° subsidiary management believes that the subsidiary will incur no loss as a result of the termination of the Ç° BHSFFNFOUÇ°*OÇ°DBTFÇ°UIBUÇ°TVDIÇ°UFSNJOBUJPOÇ°PDDVST Ç°UIFÇ°18"Ç°XJMMÇ°IBWFÇ°UPÇ°DPNQFOTBUFÇ°UIFÇ°TVCTJEJBSZÇ°GPSÇ°DPTUTÇ° Ç° PGÇ° DPOTUSVDUJPOÇ° BOEÇ° JNQSPWFNFOUTÇ° NBEFÇ° UPÇ° UIFÇ° XBUFSXPSLT Ç° BOEÇ° GPSÇ° PUIFSÇ° FYQFOTFTÇ° JODVSSFEÇ° CZÇ° UIFÇ° Ç° TVCTJEJBSZÇ°5IFSFGPSF Ç°OPÇ°QSPWJTJPOÇ°IBTÇ°ZFUÇ°CFFOÇ°NBEFÇ°JOÇ°UIFÇ°BDDPVOUT

38 Project compensation

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

A government agency is considering a deal for the Company to rent/manage the 2 pipeline connecting projects (“projectsâ€?) and adjust the compensation. A letter issued by this government agency stipulated that the Company was to initially pay compensation for the projects at a percentage of the raw water TBMFTÇ°GSPNÇ°UIFÇ°QSPKFDUTÇ°GSPNÇ°UIFÇ°ZFBSÇ°PQFSBUJPOÇ°DPNNFODFEÇ° ZFBSÇ° Ç°*OÇ°BEEJUJPO Ç°JGÇ°JUÇ°JTÇ°EFDJEFEÇ°UIBUÇ°BÇ° GBJSÇ°SBUFÇ°JTÇ°NPSFÇ°UIBOÇ°UIFÇ°SBUFÇ°BUÇ°XIJDIÇ°UIFÇ°$PNQBOZÇ°BMSFBEZÇ°QBJE Ç°UIFÇ°$PNQBOZÇ°JTÇ°UPÇ°NBLFÇ°BEEJUJPOBMÇ° QBZNFOU Ç°JOÇ°GVMM Ç°BTÇ°BÇ°MVNQÇ°TVNÇ°XIJMFÇ°JGÇ°UIFÇ°GBJSÇ°SBUFÇ°JTÇ°MPXFS Ç°UIFÇ°HPWFSONFOUÇ°BHFODZÇ°BHSFFTÇ°UPÇ°QBZÇ°CBDLÇ° the surplus paid by offsetting it against the remuneration of the following years. 0OÇ°Ç°+BOVBSZÇ° Ç°UIFÇ°HPWFSONFOUÇ°BHFODZÇ°JTTVFEÇ°BÇ°MFUUFSÇ°UPÇ°UIFÇ°$PNQBOZÇ°OPUJGZJOHÇ°JUÇ°UIBUÇ°BÇ°EFBMÇ°GPSÇ°UIFÇ° Company to rent/manage the projects and the adjusting of compensation must be processed in accordance XJUIÇ°UIFÇ°"DUÇ°POÇ°1SJWBUFÇ°1BSUJDJQBUJPOÇ°JOÇ°BÇ°4UBUFÇ°6OEFSUBLJOHÇ°#&Ç° Ç°XIFSFCZÇ°BÇ°DPNNJUUFFÇ°IBT Ç°VOEFSÇ° 4FDUJPOÇ° Ç°BVUIPSJUZÇ°UPÇ°TFUÇ°UIFÇ°DPNQFOTBUJPOÇ°SBUFÇ°BOEÇ°OFHPUJBUFÇ°CFOFĹłUTÇ°XJUIÇ°UIFÇ°$PNQBOZÇ°JOÇ°PSEFSÇ°UPÇ°SFBDIÇ° BÇ°QSFMJNJOBSZÇ°DPODMVTJPOÇ°0OÇ°Ç°.BZÇ° Ç°UIFÇ°$PNNJUUFFÇ°VOEFSÇ°TFDUJPOÇ°Ç°IBEÇ°BÇ°SFTPMVUJPOÇ°UPÇ°BQQSPWFÇ°UIFÇ° $PNQBOZÄ´TÇ°SFOUBMÇ°PGÇ°BÇ°QJQFMJOFÇ°XJUIPVUÇ°BVDUJPOÇ°BOEÇ°BMSFBEZÇ°TVCNJUUFEÇ°UIJTÇ°UPÇ°UIFÇ°$BCJOFUÇ°GPSÇ°BQQSPWBM Ç° CFGPSFÇ°DPOTJEFSBUJOHÇ°UIFÇ°DPNQFOTBUJPOÇ°SBUFÇ°JOÇ°UIFÇ°OFYUÇ°QSPDFTTÇ°5IFSFÇ°XBTÇ°OPÇ°TJHOJĹłDBOUÇ°QSPHSFTTÇ°EVSJOHÇ° year 2012.




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5IFǰ$PNQBOZǰBOEǰJUTǰTVCTJEJBSJFTǰIBWFǰUIFǰGPMMPXJOHǰTJHOJųDBOUǰBHSFFNFOUT ǰCFTJEFTǰPUIFSǰBHSFFNFOUTǰBTǰ EJTDVTTFEǰJOǰSFMFWBOUǰOPUFTǰUPǰųOBODJBMǰTUBUFNFOUT 5IFǰ$PNQBOZ ǰ 0Oǰǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBOǰBHSFFNFOUǰXJUIǰUIFǰ.JOJTUSZǰPGǰ'JOBODFǰUPǰNBOBHFǰ and operate the major water distribution pipeline systems in the Eastern Seaboard area. The contract ǰ UFSNǰJTǰǰZFBST ǰGSPNǰǰ+BOVBSZǰǰUPǰǰ4FQUFNCFSǰǰBOEǰUIFǰ$PNQBOZǰJTǰSFRVJSFEǰUPǰQBZǰBǰNJOJNVNǰ ǰ PGǰ#BIUǰǰNJMMJPOǰQFSǰBOOVNǰUPǰUIFǰ.JOJTUSZǰPGǰ'JOBODFǰ*OǰBOZǰZFBSTǰXIFOǰUIFǰ$PNQBOZĴTǰSFWFOVFTǰGSPNǰ ǰ UIFǰTBMFTǰPGǰSBXǰXBUFSǰFYDFFEǰ#BIUǰǰNJMMJPO ǰJUǰJTǰSFRVJSFEǰUPǰQBZǰUIFǰ.JOJTUSZǰPGǰ'JOBODFǰXJUIǰBǰTIBSJOHǰ ǰ CFOFųUǰ BUǰ Bǰ SBUFǰ PGǰ ǰ QFSDFOUǰ PGǰ TBMFTǰ PGǰ SBXǰ XBUFSǰ GSPNǰ UIFǰ /POHǰ ,IPSǰ BOEǰ %PLǰ ,SBJǰ SFTFSWPJSTǰ *Oǰ ǰ BEEJUJPO ǰXIFOǰUIFǰ$PNQBOZĴTǰBOOVBMǰSBUFǰPGǰSFUVSOǰPOǰFRVJUZǰFYDFFETǰǰQFSDFOU ǰBOǰBEEJUJPOBMǰTIBSJOHǰ ǰ CFOFųUǰBUǰUIFǰSBUFǰPGǰǰQFSDFOUǰPGǰUIFǰSFUVSOǰJOǰFYDFTTǰPGǰUIFǰQBJEǰǰQFSDFOUǰJTǰUPǰCFǰQBJEǰUPǰUIFǰ.JOJTUSZǰ ǰ PGǰ'JOBODFǰ/FWFSUIFMFTT ǰUIFǰUPUBMǰTIBSJOHǰCFOFųUǰJTǰOPUǰUPǰFYDFFEǰǰQFSDFOUǰPGǰUIFǰSFBMǰWBMVFǰPGǰUIFǰ ǰ BTTFUTǰMFBTFEǰGSPNǰUIFǰ.JOJTUSZǰPGǰ'JOBODF ǰBTǰBTTFTTFEǰBDDPSEJOHǰUPǰUIFǰBHSFFEǰUJNFǰGSBNF ǰ 0Oǰ ǰ /PWFNCFSǰ  ǰ UIFǰ $PNQBOZǰ FOUFSFEǰ JOUPǰ BOǰ BHSFFNFOUǰ XJUIǰ 6OJWFSTBMǰ 6UJMJUJFTǰ $PNQBOZǰ ǰ -JNJUFE ǰ Bǰ TVCTJEJBSZ ǰ UPǰ SFDFJWFǰ XBUFSXPSLTǰ NBOBHFNFOUǰ TFSWJDFTǰ GPSǰ 4BUUBIJQǰ 8BUFSXPSLTǰ PGǰ UIFǰ ǰ 1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰGPSǰUIFǰQFSJPEǰPGǰǰZFBSTǰ5IFǰ$PNQBOZǰXJMMǰQBZǰUIFǰNBOBHFNFOUǰGFFǰ ǰ GSPNǰSFWFOVFǰBGUFSǰEFEVDUJOHǰMJDFOTFǰGFFǰBOEǰSFMBUFEǰFYQFOTFTǰBTǰTQFDJųFEǰJOǰUIFǰBHSFFNFOUǰ.PSFPWFS ǰ ǰ UIFǰ $PNQBOZǰ XJMMǰ SFDFJWFǰ UIFǰ QSPųUǰ TIBSJOHǰ GSPNǰ UIFǰ TVCTJEJBSZǰ VOEFSǰ UIFǰ DPOEJUJPOTǰ TQFDJųFEǰ JOǰ UIFǰ ǰ BHSFFNFOUǰ4VCTFRVFOUMZǰPOǰǰ0DUPCFSǰ ǰUIFǰ$PNQBOZǰBNFOEFEǰUIFǰBCPWFNFOUJPOFEǰBHSFFNFOUǰ ǰ UPǰ FOUJUMFǰ UIFǰ TVCTJEJBSZǰ UPǰ UIFǰ 1BUUBZBǰ 8BUFSXPSLTǰ BOEǰ FYUFOEǰ UIFǰ NBOBHFǰ XBUFSǰ TZTUFNǰ PGǰ 4BUUBIJQǰ ǰ 8BUFSXPSLTǰQFSJPEǰGPSǰǰZFBSTǰGSPNǰǰ.BSDIǰǰCVUǰOPUǰFYDFFEJOHǰUIFǰQFSJPEǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ ǰ "VUIPSJUZǰIBTǰHSBOUFEǰUIFǰ$PNQBOZǰUIFǰSJHIUTǰUPǰPQFSBUFǰBOEǰNBOBHFǰUIFǰ4BUUBIJQǰ8BUFSXPSLTǰ4ZTUFN ǰ 0Oǰǰ/PWFNCFSǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBOǰBHSFFNFOUǰXJUIǰ6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰ ǰ XIFSFCZǰJUǰHSBOUTǰUIFǰTVCTJEJBSZǰUIFǰSJHIUTǰUPǰPQFSBUFǰUIFǰXBUFSXPSLTǰPGǰUIFǰ.VOJDJQBMJUZǰPGǰ4Jǰ$IBOHǰ*TMBOEǰ ǰ 4VCEJTUSJDUǰGPSǰBǰQFSJPEǰPGǰǰZFBSTǰDPNNFODJOHǰGSPNǰUIFǰųSTUǰUBQǰXBUFSǰTFMMJOHǰEBUFǰ6OEFSǰUIFǰBHSFFNFOU ǰ the subsidiary is required to construct tap water production system and also required to provide ǰ NBJOUFOBODFǰ TFSWJDFTǰ BUǰ MFBTUǰ ǰ ZFBSTǰ BGUFSǰ UFSNJOBUJPOǰ PGǰ BHSFFNFOUǰ .PSFPWFS ǰ UIFǰ TVCTJEJBSZǰ JTǰ UP ǰ USBOTGFSǰBMMǰUIFǰJOWFTUFEǰBTTFUTǰUPǰUIFǰ$PNQBOZǰBOEPSǰUIFǰ4Jǰ$IBOHǰ.VOJDJQBMJUZǰPOǰUIFǰFBSMJFSǰFYQJSZǰEBUFǰ ǰ PGǰUIFǰXBUFSXPSLTǰBHSFFNFOUǰPQFSBUJPOǰPSǰUIFǰXBUFSXPSLTǰNBOBHFNFOUǰBHSFFNFOUǰ5IFǰTVCTJEJBSZǰJTǰUPǰ pay in return to both the Municipality of Si Chang Island Sub-district and the Company at the rates as ǰ TQFDJųFEǰJOǰUIFǰBHSFFNFOU ǰ 0Oǰǰ.BZǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰXBUFSXPSLTǰNBOBHFNFOUǰBHSFFNFOUǰXJUIǰ6OJWFSTBMǰ6UJMJUJFTǰ ǰ $PNQBOZǰ-JNJUFEǰ UIFǰTVCTJEJBSZ ǰXIFSFCZǰUIFǰTVCTJEJBSZǰJTǰUPǰQSPWJEFǰXBUFSǰXPSLTǰNBOBHFNFOUǰTFSWJDFTǰ in Bo Win Municipal area for a period of 25 years from the date the subsidiary completed the ǰ DPOTUSVDUJPOǰXPSLTǰPGǰUBQǰXBUFSǰQSPEVDUJPOǰTZTUFNǰBOEǰUIFǰ$PNQBOZǰBHSFFEǰGPSǰDPNNFSDJBMǰEJTUSJCVUJPOǰ ǰ PGǰUBQǰXBUFSǰ ǰ.BSDIǰ ǰ6OEFSǰUIFǰBHSFFNFOU ǰUIFǰTVCTJEJBSZǰJTǰUPǰQSPDVSFǰMBOEǰBOEǰDPOTUSVDUǰUBQǰ ǰ XBUFSǰQSPEVDUJPOǰTZTUFNǰTVGųDJFOUǰUPǰTVQQMZǰUBQǰXBUFSǰUISPVHIPVUǰUIFǰBHSFFNFOUǰQFSJPEǰ5IFǰTVCTJEJBSZǰ ǰ JTǰUPǰUSBOTGFSǰBMMǰUIFǰJOWFTUFEǰBTTFUTǰUPǰUIFǰ$PNQBOZǰBOEPSǰUIFǰ.VOJDJQBMJUZǰPOǰUIFǰFBSMJFSǰFYQJSZǰEBUFǰ ǰ PGǰUIFǰXBUFSXPSLTǰPQFSBUJPOǰBHSFFNFOUǰPSǰUIFǰXBUFSXPSLTǰNBOBHFNFOUǰBHSFFNFOUǰ5IFǰ$PNQBOZǰJTǰUPǰ ǰ QBZǰBOǰBOOVBMǰXBUFSXPSLTǰNBOBHFNFOUǰGFFǰBUǰUIFǰSBUFTǰTQFDJųFEǰJOǰUIFǰBHSFFNFOU ǰEFUFSNJOFEǰPOǰUIFǰ ǰ NPOUIMZǰUBQǰXBUFSǰTBMFTǰBOEǰTFSWJDFǰGFFT ǰXIJDIǰDBOǰCFǰDPMMFDUFEǰGSPNǰUIFǰVTFST ǰ 4JODFǰMBUFSǰPOǰǰ"VHVTUǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰXBUFSXPSLTǰTZTUFNǰPQFSBUJPOǰBOEǰNBOBHFNFOUǰ ǰ BHSFFNFOUǰXJUIǰUIFǰ#Pǰ8JOǰ4VCEJTUSJDUǰ"ENJOJTUSBUJWFǰ0SHBOJTBUJPOǰ Ķ4"0ķ ǰUIFǰ$PNQBOZ ǰFOUFSFEǰJOUPǰ ǰ OFXǰBHSFFNFOUǰXJUIǰUIFǰTVCTJEJBSZǰEBUFEǰǰ+VMZǰ ǰXIJDIǰSFQMBDFEǰBGPSFNFOUJPOFEǰBHSFFNFOUǰEBUFEǰ 11 May 2004.

Eastern Water Resources Development and Management PCL.

39 Significant agreements


 Annual Report 2012

39 Significant agreements (Cont’d) ǰ 0Oǰǰ+VMZǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰBǰXBUFSǰTVQQMZǰBHSFFNFOUǰGPSǰUIFǰ,PIǰ4BNVJǰ8BUFSXPSLTǰXJUIǰ ǰ 6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰGPSǰBǰZFBSǰQFSJPEǰGSPNǰUIFǰųSTUǰXBUFSǰEJTUSJCVUJPOǰEBUFǰ ǰ.BZǰ 2005) whereby the subsidiary agreed to construct the reverse osmosis water production system with the ǰ XBUFSǰQJQFMJOFǰDPOOFDUFEǰUPǰCPUIǰUIFǰXBUFSǰEJTUSJCVUJPOǰQJQFMJOFǰPGǰUIFǰQVSDIBTFSTǰJOǰUIFǰTQFDJųFEǰBSFBǰ ǰ BOEǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZ ǰBOEǰTFMMǰUIFǰUBQǰXBUFSǰQSPEVDFEǰVOEFSǰTVDIǰTZTUFN ǰ 0Oǰǰ%FDFNCFSǰ ǰUIFǰ$PNQBOZǰFOUFSFEǰJOUPǰUIFǰSBXǰXBUFSǰQSPDVSFNFOUǰBHSFFNFOUTǰXJUIǰBǰQSJWBUFǰ company whereby the Company is required to purchase a minimum of 10 million cubic meters per annum over a 10-year period. The Subsidiaries ǰ $IBDIPFOHTBPǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰDPODFTTJPOǰBHSFFNFOUǰEBUFEǰǰ/PWFNCFSǰ ǰ ǰXJUIǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ5IFǰTVCTJEJBSZǰJTǰQSJWJMFHFEǰUPǰQSPEVDFǰBOEǰTFMMǰUBQǰXBUFSǰ ǰ UPǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰBUǰ$IBDIPFOHTBPǰPGųDF ǰ$IBDIPFOHTBPǰQSPWJODFǰǰ5IFǰDPODFTTJPOǰ ǰ QFSJPEǰJTǰǰZFBSTǰGSPNǰUIFǰEBUFǰUIBUǰųSTUǰJODPNFǰJTǰEFSJWFEǰGSPNǰTFMMJOHǰUBQǰXBUFSǰ ǰ"QSJMǰ  ǰ #BOHQBLPOHǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰDPODFTTJPOǰBHSFFNFOUǰEBUFEǰǰ/PWFNCFSǰ ǰ ǰXJUIǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ5IFǰTVCTJEJBSZǰJTǰQSJWJMFHFEǰUPǰQSPEVDFǰBOEǰTFMMǰUBQǰXBUFSǰ ǰ UPǰ UIFǰ 1SPWJODJBMǰ 8BUFSXPSLTǰ "VUIPSJUZǰ BUǰ #BOHQBLPOHǰ PGųDF ǰ $IBDIPFOHTBPǰ QSPWJODFǰ 5IFǰ DPODFTTJPOǰ ǰ QFSJPEǰJTǰǰZFBSTǰGSPNǰUIFǰEBUFǰUIBUǰųSTUǰJODPNFǰJTǰEFSJWFEǰGSPNǰTFMMJOHǰUBQǰXBUFSǰ ǰ"QSJMǰ  ǰ /BLPSOTBXBOǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰDPODFTTJPOǰBHSFFNFOUǰEBUFEǰǰ/PWFNCFSǰ ǰ ǰXJUIǰUIFǰ1SPWJODJBMǰ8BUFSXPSLTǰ"VUIPSJUZǰ5IFǰTVCTJEJBSZǰJTǰQSJWJMFHFEǰUPǰQSPEVDFǰBOEǰTFMMǰUBQǰXBUFSǰ ǰ UPǰ UIFǰ 1SPWJODJBMǰ 8BUFSXPSLTǰ "VUIPSJUZǰ BUǰ /BLPSOTBXBOǰ PGųDF ǰ /BLPSOTBXBOǰ QSPWJODFǰ 5IFǰ DPODFTTJPOǰ ǰ QFSJPEǰJTǰǰZFBSTǰGSPNǰUIFǰEBUFǰUIBUǰųSTUǰJODPNFǰJTǰEFSJWFEǰGSPNǰTFMMJOHǰUBQǰXBUFSǰ ǰ.BSDIǰ  ǰ$IBDIPFOHTBPǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰ $84 ǰBOEǰ#BOHQBLPOHǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰ #84 ǰ ǰ FOUFSFEǰJOUPǰBǰLOPXIPXǰBHSFFNFOUǰEBUFEǰǰ%FDFNCFSǰǰXJUIǰ"VTUSBMJBOǰ8BUFSǰ5FDIOPMPHJFTǰ15:ǰ-JNJUFEǰ ǰ PGǰ"VTUSBMJBǰXIJDIǰUSBOTGFSSFEǰJUTǰFOUJUMFNFOUTǰVOEFSǰUIJTǰBHSFFNFOUǰUPǰJUTǰTVCTJEJBSZ ǰOBNFEǰ"85ǰ*OUFS national (Thailand) Limited (“AWT”) on 15 October 2002. Whereby AWT agreed to permit the use of its ǰ OBNFǰ GPSǰ SFGFSFODFǰ QVSQPTFTǰ BOEǰ QSPWJEFǰ UIFǰ LOPXIPXǰ UPǰ FOBCMFǰ CPUIǰ TVCTJEJBSJFTǰ UPǰ QFSGPSNǰ UIFJS ǰ PCMJHBUJPOTǰ *Oǰ DPOTJEFSBUJPOǰ UIFSFPG ǰ UIFǰ TVCTJEJBSJFTǰ BHSFFEǰ UPǰ QBZǰ GFFTǰ BUǰ UIFǰ SBUFǰ TUJQVMBUFEǰ JOǰ UIFǰ ǰ BHSFFNFOUǰ5IFO ǰ4ZEOFZǰ8BUFSǰ$PSQPSBUJPO ǰUIFǰQBSFOUǰDPNQBOZǰPGǰ"85 ǰEFDMBSFEǰJUTǰJOUFOUJPOǰUPǰMJRVJEBUFǰ ǰ "85ǰBOEǰJTTVFEǰDPNGPSUǰMFUUFSTǰUPǰCPUIǰTVCTJEJBSJFTǰUPǰDPOųSNǰUIBUǰJUǰXJMMǰUBLFǰPOǰBMMǰ"85ĴTǰEVUJFTǰBOEǰ ǰ PCMJHBUJPOTǰVOEFSǰUIFǰLOPXIPXǰBHSFFNFOUǰ5IFǰTVCTJEJBSJFTĴǰ#PBSEǰPGǰ%JSFDUPSTǰDPOTJEFSFEǰUPǰBDDFQUǰ this proposal and negotiated to reduce their service fee. The service fee paid to AWT reduced from the present value of future estimated payment amounting to Baht 52.4 million to a one-time advance ǰ QBZNFOUǰOPUǰFYDFFEJOHǰ#BIUǰǰNJMMJPO ǰXIJDIǰJTǰBǰTBWJOHǰPGǰUIFǰTBJEǰTFSWJDFǰGFFǰPWFSǰUIFǰSFNBJOJOHǰ ǰ DPOUSBDUǰ$POTFRVFOUMZ ǰUIFǰTVCTJEJBSJFTĴǰ#PBSEǰPGǰ%JSFDUPST ǰPOǰǰ+BOVBSZǰ ǰQBTTFEǰUIFǰSFTPMVUJPOǰ ǰ UPǰUFSNJOBUFǰUIJTǰDPOUSBDUǰ5IFǰTVCTJEJBSJFTǰSFDPSEFEǰUIFǰBEWBODFǰTFSWJDFǰGFFǰBTǰBǰQSFQBJEǰFYQFOTFǰJODMVEFEǰ ǰ JOǰPUIFSǰOPODVSSFOUǰBTTFUTǰJOǰUIFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUT ǰ0Oǰ ǰ .BSDIǰ  ǰ 6OJWFSTBMǰ 6UJMJUJFTǰ $PNQBOZǰ -JNJUFEǰ FOUFSFEǰ JOUPǰ BOǰ BHSFFNFOUǰ XJUIǰ &HDPNǰ 5BSBǰ ǰ $PNQBOZǰ -JNJUFE ǰ Bǰ SFMBUFEǰ DPNQBOZ ǰ UPǰ QSPEVDFǰ UBQǰ XBUFSǰ BOEǰ UPǰ QSPWJEFǰ NBJOUFOBODFǰ TFSWJDFTǰ GPSǰ the tap water production system and tap water distribution pipeline of the production plants situated ǰ JOǰ-BLǰ.VBOH ǰ3BUDIBCVSJǰQSPWJODFǰBOEǰ1BOHQVPZ ǰ4BNVUǰ4POHLSBNǰQSPWJODFǰ5IFǰBHSFFNFOUǰQFSJPEǰJTǰ ǰ ǰZFBST ǰGSPNǰǰ"QSJMǰǰUPǰǰ"QSJMǰ




40 Financial instruments 40.1 Financial risk factors ǰ 5IFǰ(SPVQĴTǰųOBODJBMǰJOTUSVNFOUTǰQSJODJQBMMZǰDPNQSJTFǰDBTIǰBOEǰDBTIǰFRVJWBMFOUT ǰUSBEFǰBOEǰPUIFSǰ receivables, trade accounts payable, tempolary and long-term loans and some items in other current ǰ MJBCJMJUJFTǰ5IFǰ(SPVQĴTǰBDUJWJUJFTǰFYQPTFǰJUǰUPǰBǰWBSJFUZǰPGǰųOBODJBMǰSJTLT ǰJODMVEJOHǰUIFǰDSFEJUǰSJTLǰBOEǰ interest rates risk. The Group’s overall risk management programme focuses on the unpredictability of ǰ ųOBODJBMǰNBSLFUTǰBOEǰTFFLTǰUPǰNJOJNJTFǰQPUFOUJBMǰBEWFSTFǰFGGFDUTǰPOǰUIFǰųOBODJBMǰQFSGPSNBODFǰPGǰUIFǰ ǰ (SPVQǰ5IFǰųOBODJBMǰSJTLǰNBOBHFNFOUǰJTǰEJTDVTTFEǰCFMPX

Ç°

40.1.1 Credit risk The Group are exposed to credit risk primarily with respect to, trade accounts receivable, and other receivable. The Group manage the risk by adopting appropriate credit control policies Ç° Ç° Ç° BOEÇ°QSPDFEVSFTÇ°BOEÇ°UIFSFGPSFÇ°EPFTÇ°OPUÇ°FYQFDUÇ°UPÇ°JODVSÇ°NBUFSJBMÇ°ĹłOBODJBMÇ°MPTTFTÇ°"MUIPVHIÇ°UIFÇ° Group may expose to concentration risk due to their having a few large customers, those

Eastern Water Resources Development and Management PCL.

39.12 On 14 March 2006, Universal Utilities Company Limited and its subsidiaries entered into an agreement to produce tap water for sales to Rayong Waterworks, Rayong province with the Provincial Waterworks ǰ "VUIPSJUZǰGPSǰBǰZFBSǰQFSJPEǰDPNNFODJOHǰGSPNǰUIFǰųSTUǰUBQǰXBUFSǰTFMMJOHǰEBUFǰ ǰ+VMZǰ ǰ6OEFSǰ the agreement, the subsidiaries are required to construct tap water production system, water delivery system and water distribution system, and to expand the production capacity of the existing tap water distribution system of Rayong Waterworks. The subsidiaries are also required to provide maintenance services and to act on behalf of the Provincial Waterworks Authority in any related matters. Ownership of assets, which have been invested by the subsidiaries, is to be transferred to the Provincial Water works Authority immediately upon completion of these activities, with the subsidiaries having the rights to occupy the assets in order to produce and supply tap water to the Provincial Waterworks Authority over the agreement period. The subsidiaries will receive income at the rates prescribed in the agreement. 39.13 On 25 May 2009, Universal Utilities Company Limited entered into a tap water purchase agreement for the Chonburi Waterworks, Chonburi Province with a private company. The agreement is effective from the date it is signed by both parties and will be terminated upon termination of the tap water purchase and sale agreement for the Chonburi Waterworks, Chonburi Province made with Provincial ǰ 8BUFSXPSLTǰ"VUIPSJUZǰ Ķ18"ķ ǰ5IFǰBHSFFNFOUǰSFRVJSFTǰBǰQSJWBUFǰDPNQBOZǰUPǰDPOTUSVDUǰBǰUBQǰXBUFSǰ production facility, of which ownership is not required to be transferred to the subsidiary. Prices are to be at the rates stipulated in the agreement. ǰ0Oǰǰ+VOFǰ ǰ6OJWFSTBMǰ6UJMJUJFTǰ$PNQBOZǰ-JNJUFEǰFOUFSFEǰJOUPǰUIFǰUBQǰXBUFSǰQVSDIBTFǰBOEǰTBMFǰ agreement for the Chonburi Waterworks, Chonburi Province with PWA. The term of the agreement is 20 years from the date of tap water purchases commence. The agreement requires the subsidiary to construct a tap water production facility, of which ownership is not required to be transferred to the PWA. Prices are to be at the rates stipulated in the agreement. 39.15 On 29 December 2010, Universal Utilities Company Limited entered into a waterworks system ǰ PQFSBUJPOǰBOEǰNBOBHFNFOUǰBHSFFNFOUǰXJUIǰUIFǰ4VCEJTUSJDUǰ"ENJOJTUSBUJWFǰ0SHBOJTBUJPOǰ Ķ4"0ķ ǰ/POHǰ Khaem for a 25-year period commencing from the beginning date of producing and selling tap water. The subsidiary has to transfer ownership of all invested and expanded assets in the waterworks system ǰ UPǰ4"0ǰ/POHǰ,IBFNǰGSFFPGǰDIBSHFǰBUǰUIFǰFOEǰPGǰBHSFFNFOU


 Annual Report 2012

Ç°

cus tomers are in government sector. The management believes that such risk is therefore low. The maximum exposure to credit risk is limited to the carrying amounts of trade accounts Ç° Ç° Ç° SFDFJWBCMFT Ç°BOEÇ°PUIFSÇ°SFDFJWBCMFÇ°BTÇ°TUBUFEÇ°JOÇ°UIFÇ°TUBUFNFOUÇ°PGÇ°ĹłOBODJBMÇ°QPTJUJPO

Ç° Ç° Ç°

40.1.2 Ç°Ç° Ç° Ç°Ç° Ç° Ç°Ç° Ç°

Interest rate risk 5IFÇ° (SPVQÄ´TÇ° FYQPTVSFÇ° UPÇ° JOUFSFTUÇ° SBUFÇ° SJTLÇ° SFMBUFÇ° QSJNBSJMZÇ° UPÇ° UIFJSÇ° EFQPTJUTÇ° XJUIÇ° ĹłOBODJBMÇ° JOTUJUVUJPOTÇ°BOEÇ°TIPSUUFSNÇ°BOEÇ°MPOHUFSNÇ°MPBOTÇ°)PXFWFS Ç°TJODFÇ°NPTUÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°ĹłOBODJBMÇ° BTTFUTÇ°BOEÇ°MJBCJMJUJFTÇ°CFBSÇ°Ĺ´PBUJOHÇ°JOUFSFTUÇ°SBUFTÇ°PSÇ°ĹłYFEÇ°JOUFSFTUÇ°SBUFTÇ°XIJDIÇ°BSFÇ°DMPTFÇ°UPÇ°UIFÇ° current market rate, the interest rate risk is expected to be minimal.

Ç° 'BJSÇ°WBMVFTÇ°PGÇ°ĹłOBODJBMÇ°JOTUSVNFOUT Ç° 4JODFÇ°UIFÇ°NBKPSJUZÇ°PGÇ°UIFÇ°(SPVQÄ´TÇ°ĹłOBODJBMÇ°JOTUSVNFOUTÇ°BSFÇ°TIPSUUFSNÇ°5IFÇ°(SPVQÇ°FYQFDUÇ°UIBUÇ°UIFJSÇ°GBJSÇ° values are not materially different from the amounts presented in the balance sheets except for longÇ° UFSNÇ°MPBOTÇ°GSPNÇ°ĹłOBODJBMÇ°JOTUJUVUJPOTÇ°XIJDIÇ°BTÇ°BUÇ°Ç°%FDFNCFSÇ°Ç°IBWJOHÇ°UIFÇ°OFUÇ°CPPLÇ°WBMVFTÇ°BOEÇ° Ç° GBJSÇ°WBMVFTÇ°PGÇ°#BIUÇ° Ç°NJMMJPOÇ°BOEÇ°#BIUÇ° Ç°NJMMJPO Ç°SFTQFDUJWFMZÇ° $PNQBOZÇ°#BIUÇ° Ç°NJMMJPOÇ° Ç° BOEÇ°#BIUÇ° Ç°NJMMJPOÇ°SFTQFDUJWFMZ  A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. The fair value is determined by reference Ç° UPÇ° UIFÇ° NBSLFUÇ° QSJDFÇ° PGÇ° UIFÇ° ĹłOBODJBMÇ° JOTUSVNFOUÇ° PSÇ° CZÇ° VTJOHÇ° BOÇ° BQQSPQSJBUFÇ° WBMVBUJPOÇ° UFDIOJRVF Ç° depending on the nature of the instrument.

41 Post balance sheet event Ç° 0OÇ°Ç°+BOVBSZÇ° Ç°6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°SFDFJWFEÇ°MFUUFSÇ°GSPNÇ°UIFÇ°#PBSEÇ°PGÇ°*OWFTUNFOUÇ° under a approval promotional privileges. The approval promotional privileges for the utilities business and service are for production of tap water in Chonburi province starting on 25 December 2012. Under these privileges, the Universal Utilities Company Limited has received exemption from certain taxes and duties, including exemption from corporate income tax for the promoted activities for the period of Ç° Ç°ZFBSTÇ°DPNNFODJOHÇ°UIFÇ°QFSJPEÇ°XIFOÇ°SFWFOVFÇ°JTÇ°ĹłSTUÇ°FBSOFEÇ°GSPNÇ°UIFÇ°QSPNPUFEÇ°CVTJOFTTÇ°CFJOHÇ°Ç° December 2012. Universal Utilities Company Limited is required to comply with the terms, conditions Ç° BOEÇ°SFTUSJDUJPOTÇ°BTÇ°TQFDJĹłFEÇ°JOÇ°UIFÇ°QSPNPUJPOBMÇ°DFSUJĹłDBUF Ç°0OÇ°Ç°+BOVBSZÇ° Ç°4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°SFHJTUFSFEÇ°UIFÇ°JODSFBTFEÇ°TIBSFÇ°DBQJUBMÇ°XJUIÇ°UIFÇ° Ministry of Commerce from 200,000 ordinary shares with a par value of Baht 5 per share to 12,000,000 ordinary shares with a par value of Baht 5 per share. The Company invested in 6,600,000 registered ordinary shares with par value of Baht 5 per share. Total Company’s investment is Baht 33,000,000 or 55% of investment. Ç°0OÇ°Ç°'FCSVBSZÇ° Ç°4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°SFDFJWFEÇ°MFUUFSÇ°GSPNÇ°UIFÇ°#PBSEÇ°PGÇ°*OWFTUNFOUÇ° under a approval promotional privileges. The approval promotional privileges for the utilities business and service are from 5 February 2013. Under these privileges, Samet Utilities Company Limited has received exemption from import duty on imported machines, including exemption from corporate in come tax for the promoted activities for the period of 8 years commencing the period when revenue Ç° JTÇ°ĹłSTUÇ°FBSOFEÇ°GSPNÇ°UIFÇ°QSPNPUFEÇ°CVTJOFTTÇ°4BNFUÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ°JTÇ°SFRVJSFEÇ°UPÇ°DPNQMZÇ°XJUIÇ° Ç° UIFÇ°UFSNT Ç°DPOEJUJPOTÇ°BOEÇ°SFTUSJDUJPOTÇ°BTÇ°TQFDJĹłFEÇ°JOÇ°UIFÇ°QSPNPUJPOBMÇ°DFSUJĹłDBUF




5IFǰ$PNQBOZǰBOEǰJUTǰBGųMJBUFTǰFOHBHFEǰJOǰUIFǰSFMBUFEǰQBSUJFTǰUSBOTBDUJPOTǰ with the major shareholders; comprising the Provincial Waterworks "VUIPSJUZǰ 18" ǰUIFǰ*OEVTUSJBMǰ&TUBUFǰ"VUIPSJUZǰPGǰ5IBJMBOEǰ *&"5 ǰ&MFDUSJDJUZǰ (FOFSBUJOHǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰǰ &($0 ǰBOEǰ&($0.ǰ5BSBǰ$P ǰ-UEǰ PGǰXIJDIǰIFMEǰǰǰPGǰTIBSFTǰCZǰ&($0ǰ&OHJOFFSJOHǰ4FSWJDFǰ$P ǰ-UE ǰ BǰTVCTJEJBSZǰPGǰ&($0ǰǰ*OǰUIJTǰSFHBSE ǰUIFǰSFMBUFEǰQBSUJFTǰUSBOTBDUJPOTǰ BSFǰQSFTFOUFEǰJOǰUIFǰ/PUFTǰUPǰUIFǰųOBODJBMǰTUBUFNFOUTǰJUFNǰ

Policy and Direction of the Future Related Parties Transactions The Company shall perform the future related parties transactions with fairness and follow the market situation as in general business characteristic. The Company shall conform with the Securities and &YDIBOHFǰ MBX ǰ SFHVMBUJPOT ǰ OPUJųDBUJPOT ǰ PSEFST ǰ PSǰ UIFǰ SFHVMBUJPOTǰ PGǰ UIFǰ4UPDLǰ&YDIBOHFǰPGǰ5IBJMBOE ǰJODMVEJOHǰGPMMPXJOHǰ1SPDFEVSFTǰPGǰUIFǰ Disclosure, Related Parties Transactions, and the Acquisition or Disposal PGǰTJHOJųDBOUǰ"TTFUT "EEJUJPOBMMZ ǰUIFǰSFMBUFEǰQBSUJFTǰUSBOTBDUJPOTǰTIBMMǰCFǰEJTDMPTFEǰJOǰ/PUFTǰPGǰ UIFǰųOBODJBMǰTUBUFNFOUTǰXIJDIǰBSFǰFYBNJOFEǰCZǰUIFǰ$PNQBOZĴTǰBVEJUPST

Eastern Water Resources Development and Management PCL.

Related Parties Transactions


 Annual Report 2012

Auditors’ Remuneration

At the 2011 Annual General Shareholders’ Meeting was held on March 29, 2012 resolved to appoint Mr. Vichien ,IJOHNPOUSJ Ç°$FSUJųFEÇ°1VCMJDÇ°"DDPVOUBOUÇ° 5IBJMBOE Ç°/PÇ°Ç°PSÇ°.SÇ°4VEXJOÇ°1BOZBXPOHLIBOUJÇ°$FSUJųFEÇ°1VCMJDÇ° "DDPVOUBOUÇ° 5IBJMBOE Ç°/PÇ°Ç°PSÇ°.SÇ°1SBTJUÇ°:VFOHTSJLVM Ç°$FSUJųFEÇ°1VCMJDÇ°"DDPVOUBOUÇ° 5IBJMBOE Ç°/PÇ°Ç°PGÇ° PricewaterhouseCoopers ABAS Limited as the Company’s auditors, any one being authorized to conduct the BVEJUÇ°BOEÇ°FYQSFTTÇ°BOÇ°PQJOJPOÇ°POÇ°UIFǰųOBODJBMÇ°TUBUFNFOUTÇ°PGÇ°UIFÇ°DPNQBOZÇ°GPSÇ°UIFǰųTDBMÇ°ZFBSÇ° Ç°XIJDIÇ°JTÇ° GSPNÇ°+BOVBSZÇ° Ç°Ç°Ç°%FDFNCFSÇ° Ç°Ç°XJUIÇ°UIFÇ°SFNVOFSBUJPOÇ°PGÇ°UIFÇ°BVEJUPSTÇ°PGÇ°&"458Ç°BUÇ°UIFÇ°BNPVOUÇ°PGÇ° #BIUÇ° Ç° &JHIUÇ°IVOESFEÇ°BOEÇ°OJOFUZÇ°UIPVTBOEÇ°#BIUÇ°POMZ Ç°BOEÇ°UIFÇ°&"458Ä´TÇ°HSPVQÇ°BUÇ°UIFÇ°BNPVOUÇ°PGÇ°#BIUÇ°   Ç° 5XPÇ°NJMMJPOÇ°POFÇ°IVOESFEÇ°BOEÇ°FJHIUZųWFÇ°UIPVTBOEÇ°#BIUÇ°POMZ Ç°




$PNQBOZǰ/BNFǰ &BTUFSOǰ8BUFSǰ3FTPVSDFTǰ%FWFMPQNFOUǰBOEǰ.BOBHFNFOUǰ1VCMJDǰ$PNQBOZǰ-JNJUFEǰ Ĝ&"458ġ

/BUVSFÇ°PGÇ°#VTJOFTTÇ°&"458Ç°JTÇ°FOHBHFEÇ°JOÇ°UIFÇ°EFWFMPQNFOUÇ°BOEÇ°NBOBHFNFOUÇ°PGÇ°UIFÇ°NBKPSÇ°XBUFSÇ°EJTUSJCVUJPOÇ° pipeline systems to water users. Apart from this, the Company also provides consultancy services for clean water production and water distribution system in the industrial estates, factories, as well as maintenance of water pipelines and related equipment, and able to Ç° KPJOUÇ°WFOUVSFÇ°XJUIÇ°PUIFSÇ°ĹłSNT )FBEÇ°0GĹłDFÇ° Ç°7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°7JQBWBEFFSBOHTJUÇ°3PBE Ç°+PNQIPM Ç°$IBUVDIBL Ç°#BOHLPLÇ° 3FHJTUFSFEÇ°/PÇ° Ç° 'PSNFSÇ°3FHJTUFSFEÇ°/PÇ°XBTÇ°#PSÇ°.PSÇ°+PSÇ°

Website www.eastwater.com TelephoneÇ°  Ç° FacsimileÇ°  Ç° Common ShareÇ° "TÇ°PGÇ°Ç°%FDFNCFSÇ° Ç°UIFÇ°SFHJTUFSFEÇ°BOEÇ°QBJEVQÇ°DBQJUBMÇ°BSFÇ°BTÇ°GPMMPXTÇ° Registered capital of 1,663,725,149 shares with a par value of Baht 1 per share, totaling Baht 1,663,725,149 Paid-up capital of 1,663,725,149 shares with a par value of Baht 1 per share, totaling Baht 1,663,725,149

Lists of companies in which the Company holds more than 10% of shares Name

6OJWFSTBMÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° 66 Ç° &BTUXBUFSÇ°#VJMEJOHÇ°'MÇ° Ç°Ç°Ç° 7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°+PNQIPM Ç°Ç° Chatuchak, Bangkok 10900 5FMFQIPOFÇ°  Ç°Ç° 'BDTJNJMFÇ°  Ç°Ç°

Nature of business

Type of Paid-up capital % Shares share (million Baht)

Manage waterworks Common CVTJOFTTÇ°BOEÇ°XBTUFXBUFSÇ° TIBSF USFBUNFOUÇ°TZTUFNÇ°JOÇ°UIF form of concession, hiring DPOUSBDUÇ°BOEÇ°MFBTJOH DPOUSBDU

510

100

/BLPSOTBXBOÇ°8BUFSÇ°4VQQMZÇ°$PNQBOZÇ° Manage tap water business, Common -JNJUFEÇ° 854 Ç° including produce and supply share &BTUXBUFSÇ°#VJMEJOHÇ°'MÇ° Ç°Ç°7JQBWBEFFSBOHTJUÇ° UBQÇ°XBUFSÇ°UPÇ°UIFÇ°1SPWJODJBMÇ° Ç° 4PJÇ° Ç°+PNQIPM Ç°$IBUVDIBL Ç°#BOHLPLÇ° 8BUFSXPSLTÇ°"VUIPSJUZÇ°BU 5FMFQIPOFÇ°  Ç°Ç°BOEÇ°  Ç°Ç° /BLPSOTBXBOÇ°0GĹłDFÇ°BOEÇ°UP 'BDTJNJMFÇ°  Ç°Ç°BOEÇ°  Ç°Ç° TFSWJDFÇ°DPOTVNFST

40

UU holds 99.9999875

Ç°

Eastern Water Resources Development and Management PCL.

General Information


 Annual Report 2012

Name

Nature of business

Type of Paid-up capital % Shares share (million Baht)

#BOHQBLPOHǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ-JNJUFEǰ Manage tap water business, Common &BTUXBUFSǰ#VJMEJOHǰ'M ǰ JODMVEJOHǰQSPEVDFǰBOEǰTVQQMZǰ TIBSFǰ 7JQBWBEFFSBOHTJUǰ4PJǰ ǰ+PNQIPM ǰǰ UBQǰXBUFSǰUPǰUIFǰ1SPWJODJBMǰ ǰ Chatuchak, Bangkok10900 Waterworks Authority at 5FMFQIPOFǰ  ǰǰBOEǰ  ǰǰ #BOHQBLPOHǰ0GųDFǰBOEǰUP 'BDTJNJMFǰ  ǰǰBOEǰ  ǰǰ TFSWJDFǰDPOTVNFST

40 Ç° Ç°

UU holds  Ç°

$IBDIPFOHTBPǰ8BUFSǰ4VQQMZǰ$PNQBOZǰ Manage tap water business, Common -JNJUFEǰ&BTUXBUFSǰ#VJMEJOHǰ'M ǰ JODMVEJOHǰQSPEVDFǰBOEǰTVQQMZǰ TIBSFǰ 7JQBWBEFFSBOHTJUǰ4PJǰ ǰ+PNQIPM ǰǰ UBQǰXBUFSǰUPǰUIFǰ1SPWJODJBMǰ ǰ Chatuchak Bangkok10900 Waterworks Authority at 5FMFQIPOFǰ  ǰǰBOEǰ  ǰǰ $IBDIPFOHTBPǰ0GųDFǰBOE 'BDTJNJMFǰ  ǰǰBOEǰ  ǰǰ UPǰTFSWJDFǰDPOTVNFST

100 Ç° Ç°

UU holds 

&HDPNÇ°5BSBÇ°$PNQBOZÇ°-JNJUFEÇ° &($0Ç°5PXFS Ç°Ç°.PPÇ° Ç°7JQBWBEFFSBOHTJUÇ° Road, Tungsonghong, Laksi, Bangkok 10210 5FMFQIPOFÇ°  Ç° 'BDTJNJMFÇ°  Ç°Ç°

Produce and supply UBQÇ°XBUFSÇ°

Common TIBSF

345

15.88

4BNFEÇ°6UJMJUJFTÇ°$PNQBOZÇ°-JNJUFEÇ° Ç°.PPÇ° Ç°5BNCPOÇ°/BNÇ°,PL Ç° Muang, Rayong 21000 5FMFQIPOFÇ°  Ç°Ç°Ç°Ç°

Produce and supply tap XBUFSÇ°GSPNÇ°TFBÇ°XBUFSÇ°

Common TIBSF

0.25

54.9985

&8Ç°8BUFSÇ°#BMBODFÇ° $IPOCVSJ Ç°$PNQBOZÇ° -JNJUFEÇ°&BTUXBUFSÇ°#VJMEJOHÇ°'MÇ° Ç°Ç° 7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°+PNQIPM Chatuchak, Bangkok 10900 5FMFQIPOFÇ°  Ç° 'BDTJNJMFÇ°Ç°  Ç°Ç°

Produce and supply tap XBUFSÇ°GSPNÇ°TFBÇ°XBUFSÇ°

Common TIBSF

0.25

99.9985

&8Ç°4NBSUÇ°8BUFSÇ° 3BZPOH Ç°$PNQBOZÇ° -JNJUFEÇ°&BTUXBUFSÇ°#VJMEJOHÇ°'MÇ° Ç°Ç° 7JQBWBEFFSBOHTJUÇ°4PJÇ° Ç°+PNQIPM Chatuchak, Bangkok 10900 5FMFQIPOFÇ°  Ç° 'BDTJNJMFÇ°Ç°  Ç°Ç°

Produce and supply tap XBUFSÇ°GSPNÇ°TFBÇ°XBUFSÇ°

Common TIBSF

0.25

99.9985


 Eastern Water Resources Development and Management PCL.

Reference Firm 4FDVSJUJFTÇ°3FHJTUSBS Ç°

5FMFQIPOFÇ° 'BYÇ° Accouditor

5FMFQIPOFÇ° 'BYÇ°

Thailand Securities Depository Co., Ltd. Ç° Ç°5IFÇ°4UPDLÇ°&YDIBOHFÇ°PGÇ°5IBJMBOEÇ°#VJMEJOH Ratchadapisek Road, Klongtoey, Bangkok 10110 Ç°  Ç° Ç°  Ç° PricewaterhouseCoopers ABAS Limited 179/74-80, 15th Floor, Bangkok City Tower, South Sathorn Road, Bangkok 10120 Ç°  Ç° Ç°  Ç°

Major Shareholders As of 31 December 2012 Ç° /PÇ°

Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

1 Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç° Ç°

Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°Ç°/BNFÇ° Provincial Waterworks Authority &MFDUSJDJUZÇ°(FOFSBUJOHÇ°1VCMJDÇ°$PNQBOZÇ°-JNJUFEÇ° /03#"9Ç°*/$ Ç° *OEVTUSJBMÇ°&TUBUFÇ°"VUIPSJUZÇ°PGÇ°5IBJMBOEÇ° *&"5 Ç° #/1Ç°1"3*#"4Ç° TFDVSJUJFTÇ°TFSWJDFT Ç°-POEPOÇ°CSBODI Ç° 5IBJÇ°/7%3Ç°$PNQBOZÇ°-JNJUFEÇ° 5IBJÇ°/7%3 Ç° "CFSEFFOÇ°-POHÇ°5FSNÇ°&RVJUZÇ°'VOEÇ° "#-5' Ç° "CFSEFFOÇ°(SPXUIÇ°'VOEÇ° "#( Ç° )4#$Ç° 4JOHBQPSF Ç°OPNJOFFTÇ°15&Ç°-5%Ç° "NFSJDBOÇ°*OUFSOBUJPOBMÇ°Ç°"TTVSBODFÇ°DPNQBOZ Ç°MJNJUFE5*(&3Ç° 0UIFSTÇ°  Ç°TIBSFIPMEFST Ç° 5PUBMÇ°4IBSFT

Ç°4IBSFTÇ°

Ç° Shares

668,800,000   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°   Ç°

40.20%          

   Ç°




 Annual Report 2012

Dividend Policy

The Company’s Board of Directors has a policy to propose to the Shareholders’ Meeting to consider EJWJEFOEǰQBZJOHǰBUǰBǰSBUFǰPGǰOPǰMFTTǰUIBOǰǰPGǰJUTǰOFUǰQSPųUǰPGǰUIFǰDPOTPMJEBUFEǰųOBODJBMǰTUBUFNFOUTǰBGUFSǰ EFEVDUJPOǰPGǰMFHBMǰSFTFSWFTǰQBZBCMFǰUPǰTIBSFIPMEFSTǰPGǰUIFǰQBSFOUǰDPNQBOZ ǰTVCKFDUǰUPǰUIFǰKVTUJųDBUJPOTǰBOEǰ considerations that the Board of Directors deems appropriate.



EASTW: Annual Report 2012