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Contents

1

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π Financial Highlights

2

 “√®“°§≥–°√√¡°“√ Message from The Board of Directors

4

§≥–°√√¡°“√ Board of Directors

8

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àߢ—π Industry Overview and Competition

10

¿“«–‡»√…∞°‘®‰∑¬ : ·π«‚πâ¡∑’Ë®–‡¢â“ Ÿà¿“«–∂¥∂Õ¬ Thai Economy, Going into Recession

15

ªí®®—¬‡ ’Ë¬ß Risk Factors

16

ª√–«—µ‘ºŸâ∫√‘À“√ Management Profile

22

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Nature of the Business

25

𑵑∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπ‡°‘π 10% The Investment of the Company

26

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ Shareholder and Management Team

40

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ Management Discussion and Analysis : (MD&A)

42

√“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π Related Party Transactions

44

§«“¡√—∫º‘¥™Õ∫µàÕ —ߧ¡ Corporate Social Responsibility

46

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ Audit Committeeûs Report

48

√“¬ß“π®“°ΩÉ“¬®—¥°“√ The Managementûs Report

50

√“¬ß“πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ·≈–ß∫°“√‡ß‘π Report of Independent Auditor and Financial Statements

106

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑ General Information


¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π Financial Highlights ≥ 31 ∏—𫓧¡ 2551 I End December 31, 2008

Àπ૬ : ≈â“π∫“∑ / Unit : Million Baht

2551 I 2008

2550 I 2007

2549 I 2006

 ‘π∑√—æ¬å√«¡ Total Assets

7,624.23

7,424.74

6,822.60

Àπ’È ‘π√«¡ Total Liabilities

4,538.94

3,785.08

4,031.49

 à«π¢ÕߺŸâ∂◊ÕÀÿâπ Shareholdersû Equity

3,085.29

3,639.66

2,791.11

√“¬‰¥â√«¡ Total Revenues

23,906.45

18,463.81

15,345.67

√“¬®à“¬√«¡ Total Expenses

22,422.54

16,501.04

14,461.72

1,347.88

1,835.99

746.24

749.63

1,256.39

471.36

°”‰√µàÕÀÿâπ Earnings Per Share (∫“∑/Baht)

1.20

2.01

0.76

¡Ÿ≈§à“µàÕÀÿπâ Value Per Share (∫“∑/Baht)

4.94

5.83

5.59

∞“π–°“√‡ß‘π Financial Status

º≈ª√–°Õ∫°“√ Operational Performance

°”‰√°àÕπ¿“…’‡ß‘π‰¥â Earnings Before Income Tax °”‰√ ÿ∑∏‘ Net Earnings

¢âÕ¡Ÿ≈µàÕÀÿπâ Per Share Data


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

 “√®“°§≥–°√√¡°“√ Message From The Board Of Directors

𓬠¡æ≈ ‡°’ ¬ √µ‘ ‰ æ∫Ÿ ≈ ¬å Mr. Sompol Kiatphaibool ª√–∏“π°√√¡°“√ Chairman

ªï 2551 ‚¥¬‡©æ“–„π§√÷ËߪïÀ≈—ß ª√–‡∑»µà“ßÊ ‡°◊Õ∫∑ÿ°¿Ÿ¡‘¿“§ ¢Õß‚≈° ‰¥â √— ∫ §«“¡°√–∑∫°√–‡∑◊ Õ πÕ¬à “ ß√ÿ π ·√ß ·≈–√«¥‡√Á « ‡ªì π ª√–«— µ‘ ° “√≥å ´÷Ë ß ‡°‘ ¥ ®“°ªí ≠ À“«‘ ° ƒµ‘ ° “√≥å ∑ “ß°“√‡ß‘ π „πª√–‡∑»  À√—∞Õ‡¡√‘°“  ”À√—∫ª√–‡∑»‰∑¬°Á‰¥â√—∫º≈°√–∑∫°√–‡∑◊Õπ‡™àπ‡¥’¬«°—∫ π“π“ª√–‡∑» ‡»√…∞°‘®¢Õߪ√–‡∑»∑—Èß„π¥â“π°“√º≈‘µ·≈–°“√§â“ °“√ ∑àÕ߇∑’¬Ë « √«¡µ≈Õ¥∂÷ß°“√§â“∫√‘°“√µà“ßÊ µâÕß™–≈Õµ—«≈ߵ˔°«à“‡ªÑ“À¡“¬ Õ—µ√“°“√‡®√‘≠‡µ‘∫‚µ¢Õߪ√–‡∑»‰¥â≈¥≈ß®“°√âÕ¬≈– 4.9 „πªï 2550 ‡À≈◊Շ撬ß√âÕ¬≈– 2.6 „πªï 2551 „π™à«ßª≈“¬ªï°“√ àßÕÕ°¢Õߪ√–‡∑» ™–≈Õµ—«≈ß∂÷ߢ—È𵑥≈∫ √“§“ ‘π§â“‡°…µ√∑’Ë ”§—≠‰¥âª√—∫µ—«≈¥≈ß¡“° ‡ªìπº≈„ÀâÕ—µ√“°“√«à“ßß“π‡æ‘Ë¡¢÷Èπ„πÕ—µ√“ Ÿß ´÷Ëߧ“¥«à“®–¡’ºŸâ«à“ßß“π ‰¡àµË”°«à“ 1 ≈â“π§π „πªï 2552 ªí®®—¬µà“ßÊ ‡À≈à“π’È  àߺ≈„ÀâÕ”π“®°“√ ´◊ÈÕ¢Õߪ√–™“™π„πª√–‡∑»≈¥≈߇ªìπÕ¬à“ß¡“° ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ´÷Ëß¡’∏ÿ√°‘®‡°’ˬ«¢âÕß‚¥¬µ√ß °—∫°“√º≈‘µ ·≈–°“√§â“ ‘π§â“‡°…µ√∑—ßÈ „πª√–‡∑»·≈–µà“ߪ√–‡∑» ®÷߉¡àÕ“® À≈’°‡≈’¬Ë ß∑’®Ë –‰¥â√∫— º≈°√–∑∫°√–‡∑◊Õπ„π«‘°ƒµ‘°“√≥å„π§√—ßÈ π’¥È «â ¬ ·µà‚¥¬ ∑’Ë∫√‘…—∑‰¥â¡’°“√∫√‘À“√®—¥°“√ ¥â«¬§«“¡√–¡—¥√–«—ß·≈–√Õ∫§Õ∫„π°“√ °”Àπ¥¬ÿ ∑ ∏å » “ µ√å ∑ “ß°“√§â “ ®÷ ß ‡ªì π º≈„Àâ ° “√ª√–°Õ∫°“√„π™à « ß 3 ‰µ√¡“ ·√°¢Õߪï 2551 ‡µ‘∫‚µ„π√–¥—∫∑’Ëπà“æÕ„®‡ªìπª°µ‘ ·µà º≈ª√–°Õ∫°“√„π‰µ√¡“ ∑’Ë 4 °≈—∫‰¥â√—∫º≈°√–∑∫°√–‡∑◊Õπ§àÕπ¢â“ß √ÿπ·√ß ¥—ß®–‡ÀÁπ‰¥â®“°°“√¢“¬„πªï 2551 ‰¥â‡æ‘Ë¡¢÷Èπ®“° 18,230 ≈â“π∫“∑ „πªï 2550 ‡ªìπ 23,575 ≈â“π∫“∑ ·µàº≈°”‰√„πªï 2551

2

°≈—∫≈¥≈߇À≈◊Õ 750 ≈â“π∫“∑ ‡¡◊ÕË ‡∑’¬∫°—∫ 1,256 ≈â“π∫“∑ „πªï 2550 ∑—Èßπ’ȇ°‘¥®“°∂—Ë«‡À≈◊Õß∑’˵âÕßπ”‡¢â“®“°µà“ߪ√–‡∑» ‡æ◊ËÕ‡µ√’¬¡‰«â ”À√—∫ °“√ °—¥πÈ”¡—πæ◊™ ·≈–§à“√–«“߇√◊Õ∑’Ë®”‡ªìπµâÕß®Õ߉«â≈à«ßÀπâ“ √“§“‰¥â ª√—∫µ—«≈¥≈ßµ“¡¿“«–¢Õßµ≈“¥‚≈°  ”À√—∫°“√∫√‘À“√ß“π„πªï 2552 ∫√‘…—∑¬—ߧ߮–¡’§«“¡‡®√‘≠ ‡µ‘∫‚µµ“¡·ºπ°“√¢¬“¬°“√º≈‘µ‡™àπ‡¥‘¡ °≈à“«§◊Õ „π¢≥–π’‚È §√ß°“√°“√ ≈ß∑ÿπ°àÕ √â“ß ¢¬“¬°”≈—ß°“√º≈‘µ‡æ‘¡Ë ¢÷πÈ Õ’° 2,000 µ—πµàÕ«—π ®–·≈⫇ √Á® „π°≈“ߪï 2553 ∑—Èßπ’È ∫√‘…—∑¬—ߧߡÿà߇πâπª√—∫ª√ÿߧÿ≥¿“æ ‘π§â“ °“√„™â æ≈—ßß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ °“√√—°…“ ¿“æ ‘Ëß·«¥≈âÕ¡ °“√∫√‘À“√Õ¬à“ß¡’ ∏√√¡“¿‘∫“≈ √«¡µ≈Õ¥∂÷ß°“√‡æ‘¡Ë §«“¡√–¡—¥√–«—ß„π°“√∫√‘À“√§«“¡‡ ’¬Ë ß „Àâ Õ¥§≈âÕß°—∫ ∂“π°“√≥å∑’ˇª≈’ˬπ·ª≈ßÕ¬Ÿàµ≈Õ¥‡«≈“ ®÷߇ªìπ∑’ËæÕ®– §“¥À¡“¬‰¥â«à“ °“√∫√‘À“√ß“π¢Õß∫√‘…—∑  “¡“√∂®–π”æ“∫√‘…—∑„Àâ¡’ §«“¡‡®√‘≠‡µ‘∫‚µµàÕ‰ªÕ¬à“ßµàÕ‡π◊ËÕß „π‚Õ°“ π’È §≥–°√√¡°“√∫√‘…∑— „§√à¢Õ¢Õ∫§ÿ≥∑à“πºŸ∂â Õ◊ Àÿπâ ≈Ÿ°§â“ ºŸâ¡’Õÿª°“√–§ÿ≥ π—°≈ß∑ÿπ æ—π∏¡‘µ√∑“ß∏ÿ√°‘® µ≈Õ¥®π ◊ËÕ¡«≈™π·≈– ª√–™“™π∑—Ë«‰ª ∑’Ë„À⧫“¡‡™◊ËÕ∂◊Õ ‰«â«“ß„® ·≈– π—∫ πÿπ∏ÿ√°‘®¢Õß∫√‘…—∑ ¡“Õ¬à“ßµàÕ‡π◊ËÕß ·≈–∑’Ë ”§—≠¢Õ¢Õ∫§ÿ≥§≥–ºŸâ∫√‘À“√ ·≈–æπ—°ß“π ∑ÿ°√–¥—∫™—Èπ ∑’ˉ¥â√à«¡·√ß√à«¡„®„π°“√∑”ß“π¥â«¬§«“¡«‘√‘¬–Õÿµ “À– ‡æ◊ËÕ§«“¡°â“«Àπâ“¢Õß∫√‘…—∑ ·≈–‡ªìπªí®®—¬¢—∫‡§≈◊ËÕπ∑’ËÕ¬Ÿà‡∫◊ÈÕßÀ≈—ߧ«“¡  ”‡√Á®¢Õß∫√‘…—∑„π«—ππ’È ∫√‘…—∑À«—߇ªìπÕ¬à“߬‘Ëß«à“ ®–‰¥â√—∫°“√ π—∫ πÿπÕ¬à“ߥ’‡™àππ’ȵ≈Õ¥‰ª


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

π“ß “« ÿ ¥ “√— µ πå «‘ ∑ ¬∞“π°√≥å Miss Sudarath Vitayatanagorn ª√–∏“π‡®â “ Àπâ “ ∑’Ë ∫ √‘ À “√ Chief Executive Officer

During the latter half of 2008, many countries around the world have been severely and sharply affected by the financial crisis originated from the United States. Thailand is not an exception. The countryûs economy, in term of production, trade, tourism and service industries, grew less favorably than previously expected. Thailandûs economic growth decelerated from 4.9% in 2007 to 2.6% in 2008. Exports declined in towards the end of the year. Prices of key agricultural products significantly decline, resulted in rising unemployment. It is expected that there will be more than 1,000,000 unemployed people in 2009. These factors significantly affect domestic purchasing power. The Company,directly related to the production and agricultural trade products both in domestic and international markets, cannot avoid the effect from this crisis. However, as the Company is prudent and very cautious in determining operational strategy, the Companyûs performance during the first three quarters of 2008 was satisfied. However, the performance was severely affected during the 4th quarter. 2008 revenue were at Baht 23,575 million, significantly improved from Baht 18,230 million in 2007; however, 2008 profits were at Baht 750 million, down from 2007 Baht 1,256 million. The profits decline as due to price of imported soybean for oil production

and high freight rate that must be locked in advance both decreased according to the global market situation. During 2009, the Company will continue to grow according to the capacity expansion plan. The Company currently invested in 2,000 tons per day additional capacity, which should be completed during mid-2010. The Company continued to improve product quality, energy efficiency, preserve environment, manage according to the corporate governance principles and operate prudently to deal with various business risks to cope with changing external environment. So it is expected that the Company will continue to grow. The Board of Directors would like to take this opportunity to thank shareholders, value customers, investors, business partner as well as press and general public who continue to trust and support the Companyûs business. Moreover, the Board would like to thank managements and employees at all level who work hard for the Companyûs progress and were the key driver behind the Companyûs success. The Company dearly hopes to receive strong support as always.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

3


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

§≥–°√√¡°“√ Board Of Directors

𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å Mr. Sompol Kiatphaibool ª√–∏“π°√√¡°“√ (Õ‘ √–) Chairman (Independent Director)

π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å Miss Sudarath Vitayatanagorn ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ Chief Executive Officer

4


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

1. ¥√. »‘√‘ °“√‡®√‘≠¥’

1.

3.

5.

7.

9.

2. ¥√.  ÿ«‘∑¬å ‡¡…‘π∑√’¬å

Dr. Siri Ganjarerndee

Dr. Suvit Maesincee

√Õߪ√–∏“π°√√¡°“√ (Õ‘ √–) Vice President (Independent Director)

°√√¡°“√ (Õ‘ √–) Director (Independent Director)

3. 𓬫‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å

4. 𓬮“√ÿæ®πå ≥’»–π—π∑å

2.

Mr. Visuth Vitayathanagorn

Mr. Charuphot Neesanant

°√√¡°“√ºŸâ®—¥°“√ President

°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª Executive General Manager

5. 𓬫‘™‘µ «‘∑¬∞“π°√≥å

6. 𓬙—¬¬ß§å «‘∑¬∞“π°√≥å

4.

6.

Mr. Vichit Vitayatanagorn

Mr. Chaiyong Vitayatanagorn

°√√¡°“√ Director

°√√¡°“√ Director

7. π“ߪí∑¡“ µ—Èßæ‘√ÿÃÀå∏√√¡

8. 𓬫‘™—¬ «‘∑¬∞“π°√≥å

Mrs. Pattama Tangpiroonthum

Mr. Vichai Vitayathanagorn

°√√¡°“√ Director

°√√¡°“√ Director

9. π“ß√—µπ“ ®—π∑√åæ‘∑—°…å

10. 𓬠¡»—°¥‘Ï »‘«–π“«‘π∑√å

Mrs. Ratana Chanpitaksa

Mr. Somsak Sivanawin

°√√¡°“√ Director

°√√¡°“√ Director

8.

10.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

5


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àߢ—π Industry Overview and Competition

„πªï 2551 ∑’˺à“π¡“ Õÿµ “À°√√¡°“√º≈‘µ°“° ∂—Ë«‡À≈◊Õß øŸ≈·øµ´Õ¬ ·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß¡’°“√º≈‘µ ≈¥≈߇≈Á°πâÕ¬‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550 ‚¥¬¿“æ√«¡ ¢ÕßÕÿµ “À°√√¡ªï 2551 ¡’°“√º≈‘µ≈¥≈ß√âÕ¬≈– 2.5 ª√‘¡“≥°“√º≈‘µ√«¡∑—ÈßÕÿµ “À°√√¡ §‘¥®“° ª√‘¡“≥°“√„™â«—µ∂ÿ¥‘∫√«¡∑—Èß ‘Èπ 1,609,092 µ—π (‡¡≈Á¥∂—Ë«‡À≈◊Õß) °“√º≈‘ µ ∑’Ë ≈ ¥≈߇ªì π º≈¡“®“°Õÿ µ  “À°√√¡°“√‡≈’È ¬ ß — µ «å ∑’Ë ‰ ¥â √— ∫ º≈ °√–∑∫®“°√“§“«— µ ∂ÿ ¥‘ ∫ Õ“À“√ — µ «å ∑ÿ ° ™π‘ ¥ ∑’Ë ¡’ √ “§“ Ÿ ß ¡“°‡ªì π ª√–«—µ‘°“√≥åµ—Èß·µà‰µ√¡“ ·√°®π∂÷ߪ≈“¬‰µ√¡“ ∑’Ë “¡ πÕ°®“°π’È·≈â« „π‰µ√¡“ ∑’Ë 4 ¬—߉¥â√—∫º≈°√–∑∫®“°¿“«–‡»√…∞°‘®∑’Ë∂¥∂Õ¬ ·≈– °“√∫√‘‚¿§‡π◊ÈÕ —µ«å¿“¬„πª√–‡∑»∑’Ë≈¥≈ß Õ—π‡ªìπº≈¡“®“°°“√‡¡◊Õß ¿“¬„πª√–‡∑» à ß º≈µà Õ Õÿ µ  “À°√√¡°“√∑à Õ ß‡∑’Ë ¬ « ·≈–°“√∫√‘ ‚ ¿§ ‡π◊ÕÈ  —µ«å¿“¬„πª√–‡∑»

·π«‚πâ¡¿“«–Õÿµ “À°√√¡·≈–°“√·¢àߢ—π„πÕ𓧵 Õÿµ “À°√√¡°“√º≈‘µ°“°∂—«Ë ‡À≈◊Õß øŸ≈·øµ´Õ¬ ·≈–πÈ”¡—π∂—«Ë ‡À≈◊Õß „πªï 2552 π’ȧ“¥«à“®–‰¥â√—∫º≈°√–∑∫®“° ¿“«–‡»√…∞°‘®∑—Ë«‚≈°∑’Ë¡’ ·π«‚πâ¡∂¥∂Õ¬·≈–¡’°“√ª√—∫≈¥Õ—µ√“¿“…’π”‡¢â“°“°∂—Ë«‡À≈◊Õß≈¥≈ß®“° Õ—µ√“√âÕ¬≈– 4 ‡À≈◊Õ√âÕ¬≈– 2 ·µàÕ¬à“߉√°Áµ“¡·π«‚πâ¡¢ÕßÕÿµ “À°√√¡ π’Èπà“®–¬—ߧß∑√ßµ—«„°≈â���§’¬ß°—∫ªï 2551 ‰¥â ‡π◊ËÕß¡“®“°Õÿµ “À°√√¡

8

°“√‡≈’Ȭߠ—µ«å∑—ÈßÀ¡Ÿ·≈–‰°à‡π◊ÈÕ¡’·π«‚πâ¡∑√ßµ—«‚¥¬ª√‘¡“≥°“√ àßÕÕ° ‰°à‡π◊ÕÈ ·≈–°“√∫√‘‚¿§¿“¬„π®–§àÕ¬Ê ‡æ‘¡Ë ¢÷πÈ µ—ßÈ ·µà‰µ√¡“ ∑’Ë 2 ‡ªìπµâπ‰ª πÕ°®“°π’È·≈⫪√‘¡“≥°“√ àßÕÕ°°“°∂—Ë«‡À≈◊Õß ®“°ª√–‡∑»Õ“√凮πµ‘π“ ·≈–∫√“´‘≈´÷Ë߇ªìπºŸâ àßÕÕ°°“°∂—Ë«‡À≈◊ÕßÕ—π¥—∫Àπ÷Ëß ·≈–Õ—π¥—∫ ÕߢÕß ‚≈°¡’·π«‚πâ¡≈¥≈߇π◊ËÕß¡“®“°º≈º≈‘µ°“°∂—Ë«‡À≈◊Õß„πª√–‡∑»∑—Èß Õß ≈¥≈ß√«¡°—π∂÷ß 1.19 ≈â“πµ—π ´÷Ë߇ªìπ‚Õ°“ ¢ÕߺŸâº≈‘µ°“°∂—Ë«‡À≈◊Õß ¿“¬„πª√–‡∑»∑’Ë ® –∑¥·∑π°“°π”‡¢â “ ∑’Ë ¡’ · π«‚πâ ¡ ≈¥≈ß„π à « ππ’È ®“°ªí®®—¬‡À≈à“π’È≈â«π π—∫ πÿπ„ÀâÕÿµ “À°√√¡°“√º≈‘µ°“°∂—Ë«‡À≈◊Õß¡’ ‚Õ°“ ∑“ß°“√µ≈“¥ Ÿß¢÷Èπ Õ’°∑—Èß°“√º≈‘µ ‘π§â“„À≥â§ÿ≥¿“æ Ÿß ·≈–¡’ ¡“µ√∞“π ¬—ß‡ªìπªí®®—¬À≈—°∑’Ë∑”„À⺟âº≈‘µ„πª√–‡∑» “¡“√∂·¢àߢ—π°—∫  ‘π§â“π”‡¢â“‰¥â


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

During 2008, soybean meal processing industry, full-fat soy and soybean oil industries fell slightly from 2007. Industrial production fell 2.5%. Of total 1,609,092 tons of raw material (Soybean seeds) The decline in overall figured was due to a slowdown in livestock industry, which was affected by rising price of animal feed meal to the record level during the first three quarters of 2008. Moreover, the fourth quarter was affected by economy recession and declining domestic meat consumption as domestic political turmoil affected tourism industry and domestic meat consumption.

Industry Trend and Future Competition In 2009 soybean meal processing industry, full-fat soy and soybean oil industries tend to decline resulted from economic recession. Moreover, the government has reduced import tax on soybean meal from 4% to 2%. Therefore, in 2009 the industry should remain afloat

in the same level as in 2008 because livestock industry should begin to improve in the event that chicken exports and domestic meat consumption should gradually improve after the first quarter. Moreover, the soybean meal exports from Argentina and Brazil, who are the worldûs major exporters, should declined as both countries reduce soybean meal production by 1.19 million tons in total, which should provide opportunity for the local producers to replace this missing capacity. These factors as well as high quality and well standard product should support domestic industry more opportunity and compettitive edge to compete with the exporters.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

¿“«–‡»√…∞°‘®‰∑¬ : ·π«‚πâ¡∑’Ë®–‡¢â“ Ÿà¿“«–∂¥∂Õ¬ Thai Economy,

Going into Recession

À≈—ß®“°ªï 2546 ‡ªìπµâπ¡“ °“√¢¬“¬µ—«¢Õß ‡»√…∞°‘®‰∑¬‰¡à Ÿâ®–·®à¡„ π—° ·≈–ªï 2551 °Á®–‡ªìπÕ’° ªïÀπ÷Ëß∑’˵àÕ‡π◊ËÕß®“°·π«‚πâ¡¥—ß°≈à“« ¢≥–π’È·¡â¢âÕ¡Ÿ≈∑’Ë ‡ªìπ∑“ß°“√‡°’ˬ«°—∫°“√¢¬“¬µ—«¢Õ߇»√…∞°‘® ®–¬—߉¡à ª√–°“»ÕÕ°¡“·µà°ÁæÕ®–ª√–‡¡‘π®“°¥—™π’™’Èπ”∑’Ë∏ª∑. ·≈–Àπ૬ߓπÕ◊Ëπ‡ πÕÕÕ°¡“‡ªìπ√–¬–Ê ‰¥â °≈à“«‚¥¬  √ÿª ”À√—∫ªï 2551 π’È¡’§«“¡‡ªìπ‰ª‰¥â∑’˺≈º≈‘µ ª√–™“™“µ‘®–¢¬“¬µ—«„π™à«ß√âÕ¬≈– 3 µâπÊ ∂÷ß√âÕ¬≈– 3.5 ‡∑’¬∫°—∫∑’ˇ§¬‡®√‘≠‡µ‘∫‚µ„πÕ—µ√“√âÕ¬≈– 6-7 „π™à«ßªï 2546-2547 °“√∑’ˇ»√…∞°‘®‰∑¬¡’·π«‚πâ¡ÕàÕπ·Õ≈ßÕ¬à“ßµàÕ‡π◊ËÕß  “¡“√∂ Õ∏‘∫“¬‰¥â®“°‡Àµÿªí®®—¬∑’Ë«‘«—≤π“°“√¡“Õ¬à“ßµàÕ‡π◊ËÕ߇™àπ‡¥’¬«°—π ªí®®—¬ ∑’Ë∑”„À⇻√…∞°‘®‰∑¬¡’≈—°…≥–¥—ß°≈à“« ¡’∑—Èßªí®®—¬¿“¬„πª√–‡∑» ·≈– µà“ߪ√–‡∑» ªí®®—¬∑’˧«∫§ÿ¡‰¥â·≈–§«∫§ÿ¡‰¡à‰¥â ·≈–∑’Ëπà“°—ß«≈°Á§◊Õªí®®—¬ ∑’«Ë “à π’¡È À’ ≈“¬ à«π∑’‡Ë °‘¥®“°°“√‡ª≈’¬Ë π·π«§‘¥„π°“√¥”‡π‘ππ‚¬∫“¬¡À¿“§ ·≈–®ÿ≈¿“§¢Õß∑“ß°“√‡Õß °“√‡ª≈’ˬπ·ª≈ß„π‡™‘ß≈∫µàÕ‡»√…∞°‘®‰∑¬ ∑’Ë¡’º≈‚¥¬µ√ß®“° ªí®®—¬¥â“π°“√‡¡◊Õß ‰¥â·°à °“√π”π‚¬∫“¬ª√–™“π‘¬¡¡“„™â ¡’°“√∂à“¬‚Õπ ∑√—欓°√¢Õߪ√–‡∑»¡“ Ÿà™π™—Èπ ç√“°À≠â“é „π√Ÿª¢Õß°“√„À⇪≈à“ Õ¬à“ß°«â“ߢ«“ß ‚¥¬§”π÷ß∂÷߇©æ“–º≈∑“ß°“√‡¡◊Õ߇ªì𠔧—≠ ¡“µ√°“√ ‡À≈à“π’È  –∑âÕπ∂÷ß°“√‡ª≈’ˬπª√—™≠“°“√æ—≤π“ª√–‡∑» ·≈–·∫∫·ºπ °“√„™â∑√—欓°√¿“§√—∞Õ¬à“ß∑’ˉ¡à‡§¬ª√“°Ø¡“°àÕπ °“√∑’Ë√—∞‡πâπ°“√ „™â®“à ¬‡æ◊ÕË °“√Õÿª‚¿§-∫√‘‚¿§¡“°¢÷πÈ À¡“¬∂÷ß®–‡À≈◊Õ∑√—欓°√‰¡à¡“°∑’Ë ®–„™â„π°“√ √â“ß∞“π°“√º≈‘µ ·≈–‚§√ß √â“ßæ◊Èπ∞“π„π√–¬–¬“« ¥—ßπ—Èπ º≈¢â“߇§’¬ß∑’µË “¡¡“§◊Õ·√ß°¥¥—πµàÕ∞“π–°“√‡ß‘π·≈–°“√§≈—ߢÕߪ√–‡∑» ·≈–°“√¥âÕ¬ª√– ‘∑∏‘¿“æ¢Õß°“√„™â∑√—欓°√ “∏“√≥–´÷Ëߺ≈°√–∑∫∑—Èß 2 ¥â“ππ’ȬàÕ¡π”‰ª Ÿà¢’¥§«“¡ “¡“√∂„π°“√æ—≤π“ª√–‡∑»∑’˵˔≈ß  ”À√— ∫ ªí ® ®— ¬ ¿“¬πÕ°„πªï 2550 ¿“«–‡»√…∞°‘ ® ‚≈°‰¥â  à ß  —≠≠“≥„π∑“ß≈∫ÕÕ°¡“‡ªìπ√–¬–  —≠≠“≥π’È¡’§«“¡™—¥‡®π¡“°¢÷Èπ„π ªï 2551 Õ“∑‘‡™àπ ªí≠À“ Sub-prime ªí≠À“§«“¡ÕàÕπ·Õ¢Õß ∂“∫—π °“√‡ß‘π„πª√–‡∑»¡À“Õ”π“®µ–«—πµ° ªí≠À“§«“¡‰¡à ¡¥ÿ≈¢Õ߇»√…∞°‘® √–¥— ∫ ¡À¿“§ ·√ߪ√–∑ÿ ¢ Õß·µà ≈ –ªí ≠ À“ ‡¡◊Ë Õ ∫√√®∫°— 𠉥â 𔉪 Ÿà «‘°ƒµ°“√≥击√…∞°‘®°“√‡ß‘π∑’ËÀ≈“¬ΩÉ“¬‡ÀÁπæâÕßµâÕß°—π«à“√ÿπ·√ß∑’Ë ÿ¥ π—∫·µà çThe Great Depressioné ‡ªìπµâπ¡“  “‡Àµÿ∑’˪√–‡¡‘π°—π«à“ §«“¡√ÿπ·√ߢÕß¿“«–‡»√…∞°‘®∂¥∂Õ¬„π§√—Èßπ’È®–¡“°°«à“‡¡◊ËÕ§√—È߇°‘¥ «‘°ƒµ°“√≥åµâ¡¬”°ÿâß °Á®“°°“√∑’Ë·√ß°√–∑∫·≈–°“√°√–®“¬µ—«¢Õߪí≠À“ ‡°‘¥„π«ß°«â“ß ‡π◊ËÕß®“° ∂“∫—π°“√‡ß‘π∑’Ë¡’ªí≠À“≈â«π·≈â«·µà‡ªìπ ∂“∫—π

10

°“√‡ß‘π™—Èππ”¢Õß‚≈° ·≈–°“√®–‡¢â“‰ª‚Õ∫Õÿâ¡ ∂“∫—π‡À≈à“π’È ®–µâÕß„™â ‡ß‘π∑ÿπ Ÿß¡“° ·≈–∂÷ß·¡â®–¡’°“√™à«¬‡À≈◊Õ·≈â« °Á„™à«à“ ∂“∫—π°“√‡ß‘π ¥— ß °≈à “ «®– “¡“√∂¥”‡π‘ π ß“π‰¥â ‡ ªì π ª°µ‘ ‡ À¡◊ Õ π‡¡◊Ë Õ °à Õ π‡°‘ ¥ «‘ ° ƒµ °≈à“«‚¥¬ √ÿª°“√∑’Ë ∂“∫—π°“√‡ß‘π∑’ˇ°’ˬ«¢âÕ߇ªìπ çGlobal Institutionsé º≈°√–∑∫¬àÕ¡·ºà°«â“߇ªìπ çGlobal Impactsé µ“¡‰ª¥â«¬ ®“° ¿“æ·«¥≈âÕ¡∑’Ë°≈à“«¢â“ßµâπ ª√–°Õ∫°—∫°“√·¬àß™‘ßÕ”π“® ∑“ß°“√‡¡◊Õß∑’Ë √â“ߧ«“¡·µ°·¬° °“√™ÿ¡πÿ¡ª√–∑â«ß¢Õß°≈ÿà¡°“√‡¡◊Õß µà“ßÊ „πª√–‡∑» ‚¥¬∑’Ë√—∞∫“≈‰∑¬‰¡à “¡“√∂∫—ߧ—∫„™â°ÆÀ¡“¬ ∑”„Àâ ‡»√…∞°‘®‰∑¬µâÕ߇º™‘≠°—∫§«“¡‰¡à·πàπÕπ„πÀ≈“¬Ê ¥â“πæ√âÕ¡°—𠧫“¡¬“°≈”∫“°„π°“√®—¥°“√°—∫ªí≠À“®÷ß´—∫´âÕπ‡ªìπ∑«’§Ÿ≥ µàÕ‰ªπ’È®–°≈à“«‡©æ“–¢âÕ —߇°µÀ≈—°Ê ∑’Ë®–‡ªìπµ—«°”Àπ¥∑‘»∑“ß ‡»√…∞°‘®„π√–¬–µàÕ‰ª

1. ·π«‚πâ¡¢Õß°“√„™â®“à ¬„πª√–‡∑»·≈–°“√¢¬“¬µ—«¢Õ߇»√…∞°‘® ¢âÕ¡Ÿ≈®π∂÷ߢ≥–π’È· ¥ß∂÷ߧ«“¡µàÕ‡π◊ËÕߢÕß·π«‚πâ¡°“√„™â®à“¬„π ª√–‡∑»∑’Ë™–≈Õµ—«≈ßÕ¬à“ß©—∫æ≈—π °≈à“«‚¥¬‡ª√’¬∫‡∑’¬∫ °“√„™â®à“¬√«¡ „πª√–‡∑»‡§¬¢¬“¬µ—«„πÕ—µ√“√âÕ¬≈– 3 µàÕªï „π‰µ√¡“ ∑’Ë 4 ¢Õߪï 2550 (´÷ßË °Áπ∫— «à“µË”°«à“‡°≥±åª°µ‘Õ¬Ÿ·à ≈â«) ‰¥â≈¥≈߇À≈◊Õ√âÕ¬≈– 1.4 „π‰µ√¡“  3 ¢Õߪï 2551 ·≈–§àÕπ¢â“ß·πàπÕπ«à“®–≈¥≈ßµàÕ‰ªÕ’°„π‰µ√¡“  ÿ¥∑⓬


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Since 2003, Thai economy has begun to decelerate. 2008 is another year to confirm such trend. Although the official economic figures have not be released, we can anticipate the economic growth from the economic indicator provided by the Bank of Thailand and other agencies. We expect to see gross domestic products growing at 3-3.5% in 2008, versus 6-7% growth during 2003-2004. Weak Thai economy can be explained by both domestic and international factors, and both controllable and incontrollable. What worries us is that the big parts of the problems are caused by changing macro- and microeconomic policies of the government. The negative changes to Thai economy are directly caused by political factors, such as the growing usage of populist policies or transferring the countryûs resource to çgrassrootsé population at no cost, by taking political benefit the highest priority. These measures reflect the changes in the countryûs management policies, which overutilizes stateûs resource as never happen before. The fact that the government is very focused on consumption would mean there will be little left for building capital goods or long-term and infrastructure. Therefore, this depressed fiscal status of the country. Along with an inefficient use of public resources would lead to lower competitiveness of the country. For the external factor during 2007, the international economy has continued to sent negative signals, which intensified in 2008, such as sub-prime problem, weak financial institutions, imbalanced macroeconomic, which together lead to financial crisis that many would consider the worst one since çThe Great Depression.é Some suspect that this financial crisis is more severe than the çTom Yum Kungé Crisis. The problem is widespread because the financial institutes facing the problem are the leading institutes, which require huge amount of capital to assist. Even with help from the governments, it is unlikely that those financial institutes will be able to operate like they used to before the crisis. We can say that when the problem arose from the global institutions, the problem could spread into global impacts.

From all factors stated above, along with political uncertainty that cause people with different political motives to turn against each others and rally demonstration. Thai government cannot enforce the rule of law, which cause a lot of uncertainty on many fronts, thus compounding into very complicate problem. Following key factors will be key economic indicators in the future. 1. Tendency for domestic consumption and economic expansion Current economic data imply continued weakness in domestic consumption. Domestic consumption used to grow 3% per year during the fourth quarter of 2007, which was below historical average, but has declined to 1.4% in the third quarter of 2008. It is very likely that the consumption growth will continue to decelerate in the final quarter of the year. Moreover, the private investment that appeared to recover in the first quarter sharply declined in the third and fourth

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

11


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

¢Õߪï ∑’πË “à  —߇°µ§◊Õ°“√≈ß∑ÿπ¿“§‡Õ°™π∑’øË πóô µ—«¢÷πÈ ¡“∫â“ß„π‰µ√¡“ ·√° ‰¥â∑√ÿ¥µ—«≈ßÕ¬à“ߌ«∫Œ“∫„π‰µ√¡“ ∑’Ë 3 ·≈–‰µ√¡“  ÿ¥∑⓬  –∑âÕπ ™—¥‡®π∂÷ßÕ‘∑∏‘æ≈¢Õߧ«“¡‰¡àπ‘Ëß∑“ß°“√‡¡◊Õß §«“¡º—πº«π„πµ≈“¥  ‘π§â“‚¿§¿—≥±å ·≈–µ≈“¥‡ß‘πµ√“µà“ߪ√–‡∑» Õ—π ◊∫‡π◊ËÕß¡“®“°§«“¡ ‰¡à¡—Ëπ§ß¢Õß ∂“∫—π°“√‡ß‘π ·≈–√–∫∫°“√‡ß‘π¢Õß‚≈° ¿“¬„µâ ¿“«–¥—ß°≈à“« °“√∫√‘À“√‡»√…∞°‘®‚¥¬√«¡®”‡ªìπµâÕß„Àâ °“√„™â®“à ¬¿“§√—∞‡ªìπµ—«°√–µÿπâ ‡»√…∞°‘®‡æ◊ÕË ∑¥·∑π°”≈—ß´◊ÕÈ ∑’ÀË ¥À“¬‰ª ·µà‡π◊ËÕß®“°ªí≠À“°“√‡¡◊Õß∑’Ë¢“¥‡ ∂’¬√¿“æ √—∞∫“≈∑’Ë®—¥µ—Èߢ÷Èπ®÷߉¡à  “¡“√∂∫√‘À“√°‘®°“√¢Õß√—∞‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ °“√„™â®à“¬¿“§√—∞ ®÷ß°≈“¬‡ªìπµ—«´È”‡µ‘¡„À⇻√…∞°‘®∑√ÿ¥µ—«Àπ—°≈߉ªÕ’° ¥—߇ÀÁπ‰¥â®“°°“√ ≈¥°“√„™â®à“¬¿“§√—∞≈ß√âÕ¬≈– 4.2 „π‰µ√¡“ ∑’Ë 2 ·≈–√âÕ¬≈– 3.9 „𠉵√¡“ ∑’Ë 3 µ‘¥µàÕ°—π„πªï 2551

2. ∫∑∫“∑¢Õß°“√§â“·≈–∫√‘°“√√–À«à“ߪ√–‡∑» ªï 2550 ∑—Èߪï ∫∑∫“∑¢Õß°“√§â“·≈–∫√‘°“√µà“ߪ√–‡∑»¢Õ߉∑¬ ‚¥¥‡¥àπ¡“°„π∞“𖇪ìπ‡ “À≈—°∑’Ë°àÕ„À⇰‘¥√“¬‰¥â·≈–°���√¢¬“¬µ—«¢Õß ‡»√…∞°‘® Õ¬à“߉√°Áµ“¡∫∑∫“∑π’‡È √‘¡Ë ≈¥πâÕ¬≈߇ªìπ≈”¥—∫π—∫·µàµπâ ªï 2551 ‡ªìπµâπ¡“ ‡æ√“–¡’«‘°ƒµ°“√≥å¿“¬πÕ°‡°‘¥¢÷Èπµ“¡∑’Ë°≈à“«¡“·≈â« ≥ ‰µ√¡“ ∑’Ë 3 Õ“® √ÿª‰¥â«à“∫∑∫“∑π’ÈÀ¡¥ ‘Èπ‰ª‚¥¬ ‘Èπ‡™‘ß ·≈–‡™◊ËÕ«à“®– °≈“¬‡ªìπ·√ß©ÿ¥‡»√…∞°‘®„π‰µ√¡“ ∂—¥‰ª ¢âÕ¡Ÿ≈≈à“ ÿ¥¢Õß·π«‚πâ¡°“√  àßÕÕ° ¡’¥—ßπ’È ‰µ√¡“ ∑’Ë 3 ¡Ÿ≈§à“°“√ àßÕÕ°‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 28.4 ‰µ√¡“ ∑’Ë 4 ¡Ÿ≈§à“°“√ àßÕÕ°‡æ‘Ë¡¢÷Èπ√âÕ¬≈– (-9.4) ·≈–À“°æ‘®“√≥“‡ªìπ√“¬‡¥◊Õπ ∏—𫓧¡ 2551 ¡Ÿ≈§à“°“√ àßÕÕ°‡æ‘Ë¡¢÷Èπ√âÕ¬≈– (-15.7) ∏—𫓧¡ 2552 ¡Ÿ≈§à“°“√ àßÕÕ°‡æ‘Ë¡¢÷Èπ√âÕ¬≈– (-25.3) ¥—ßπ—Èπ‡¡◊ËÕæ‘®“√≥“√à«¡°—π°—∫·π«‚πâ¡°“√„™â®à“¬„πª√–‡∑»·≈â« ‚Õ°“ ∑’ˉµ√¡“  ÿ¥∑⓬®–‡ÀÁπ°“√¢¬“¬µ—«¢Õߺ≈º≈‘µª√–™“™“µ‘µ‘¥≈∫ ‡ªìπ‰ª‰¥â Ÿß ·≈–Õ“®®–µ‘¥≈∫‰ªÕ’° 1-2 ‰µ√¡“ ‡ªìπÕ¬à“ßπâÕ¬ À“° ¡“µ√°“√°√–µÿâπ°“√„™â®à“¬¢Õß∑“ß°“√∑’Ë∑¬Õ¬ª√–°“»ÕÕ°¡“¬—߉¡à¡’º≈ „π™à«ß¥—ß°≈à“« ‚¥¬ √ÿª‡»√…∞°‘®‰∑¬™–≈Õµ—«≈ß¡“°‡∑’¬∫°—∫ªï°Õà π ·≈–§«“¡‡ªì𠉪‰¥â Ÿß∑’Ë®–‡¢â“ Ÿà¿“«–‡»√…∞°‘®∂¥∂Õ¬¥—߇™àπ∑’ˇ°‘¥°—∫ª√–‡∑»‡æ◊ËÕπ∫â“π ·≈–ª√–‡∑»Õÿµ “À°√√¡À≈—° ∑—Èßπ’È¢÷ÈπÕ¬Ÿà°—∫§«“¡√ÿπ·√ߢÕߺ≈°√–∑∫ ®“°¿“¬πÕ°·≈–§«“¡ “¡“√∂„π°“√¥”‡π‘ππ‚¬∫“¬ çCounter Cyclicalé ¢Õß∑“ß°“√‰∑¬‡Õß ‡ªì𠔧—≠

3. ¿“«–‡ß‘π‡øÑÕ ªí≠À“∑’ˉ¡à§«√°—ß«≈Õ’°µàÕ‰ª„πÕ𓧵∑’ËæÕ ¡Õ߇ÀÁπ  ∂“π°“√≥击√…∞°‘®„π‰µ√¡“  ÿ¥∑⓬¢Õߪï 2552 ‡ªìπ‰ª„π ∑‘»∑“ß∑’°Ë ≈à“«‰«â·≈â«¢â“ßµâπ ‡æ’¬ß·µà∑«’§«“¡√ÿπ·√ß·≈–¡’§«“¡©—∫æ≈—π„π

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°“√µÕ∫ πÕßµàÕªí®®—¬∑’ˇ°’ˬ«¢âÕß¡“°¢÷Èπ  √ÿª‰¥â«à“ªí®®—¬≈∫µàÕ°“√ ¢¬“¬µ—«¢Õ߇»√…∞°‘®√ÿπ·√ß¡“°¢÷Èπ ∑—Èß®“°∑’ˇ°‘¥¢÷Èπ®“°°“√‡ª≈’ˬπ·ª≈ß ¢Õ߇»√…∞°‘®‚≈° ·≈–°“√‡ª≈’¬Ë π·ª≈ß¿“¬„π¢Õ߉∑¬‡Õß ¢âÕ¡Ÿ≈≈à“ ÿ¥¢Õß °“√ àßÕÕ°„𠇥◊Õπ∏—𫓧¡ 2551 ∑’ËÀ¥µ—«≈ß√âÕ¬≈– 26 ®“°‡¥◊Õ𠇥’¬«°—π¢Õߪï°àÕπ ∑”„Àâ∑ÿ°ΩÉ“¬∑’ˇ°’ˬ«¢âÕßµ√–Àπ—°∂÷ߧ«“¡√ÿπ·√ߢÕß ªí≠À“ Õ—π‡π◊ËÕß¡“®“°∑’Ë‚≈°µâÕ߇º™‘≠°—∫¿“«–‡»√…∞°‘®∂¥∂Õ¬·≈–°“√  Ÿ≠‡ ’¬°”≈—ß´◊ÈÕ®”π«π¡À“»“≈ ´÷Ë߇ªìπº≈æ«ß¢Õß«‘°ƒµ°“√≥å°“√‡ß‘π ∑’ˇ°‘¥¢÷Èπ „π¢≥–‡¥’¬«°—𧫓¡‰¡à ß∫∑“ß°“√‡¡◊Õß„πª√–‡∑» ·≈–°“√∑’Ë √—∞¢“¥§«“¡ “¡“√∂„π°“√∫—ߧ—∫„™â°ÆÀ¡“¬ ‰¥â𔉪 Ÿà‡Àµÿ°“√≥å∑’ËΩŸß™π  “¡“√∂ªî¥ π“¡∫‘ππ“π“™“µ‘‰¥â 2 ·Ààß „π™à«ß惻®‘°“¬π-∏—𫓧¡ 2551 ®π à ß º≈„Àâ ‡ °‘ ¥ §«“¡‡ ’ ¬ À“¬„π«ß°«â “ ß∑—È ß „π√–¥— ∫ √–À«à “ ß ª√–‡∑»·≈–„πª√–‡∑» º≈°√–∑∫‚¥¬µ√߉¥â·°à®”π«ππ—°∑àÕ߇∑’ˬ«≈¥ πâÕ¬≈ß¡“° „π¢≥–∑’˧«“¡‡™◊ËÕ¡—Ëπ¢Õßπ—°≈ß∑ÿπ‡ ◊ËÕ¡∂Õ¬≈ß¡“° º≈„π ¢—Èπ ÿ¥∑⓬≈â«π·≈â«·µà´È”‡µ‘¡„À⇻√…∞°‘®µ°Õ¬Ÿà„πÀâ«ß¿“«–∂¥∂Õ¬∑—Èß ‘Èπ ªï 2552 ∑’Ë¡“∂÷ß À“°æ‘®“√≥“¢âÕ‡∑Á®®√‘ß·≈â«¡’ªí®®—¬∫«°Õ¬ŸàæÕ  ¡§«√ ‚¥¬‡©æ“–√–¥—∫√“§“πÈ”¡—πÕ¬Ÿà„π‡°≥±åµË” Õ—µ√“¥Õ°‡∫’Ȭ∑’ËÕàÕπ µ—«≈ß ¿“«–°“√‡¡◊Õß∑’§Ë ≈’§Ë ≈“¬≈ß∫â“ß À≈—ß®“°°“√®—¥µ—ßÈ √—∞∫“≈„À¡à¿“¬„µâ °“√π”¢Õßæ√√§ª√–™“∏‘ªíµ¬å ·µà‡¡◊ËÕæ‘®“√≥“¿“æ‚¥¬√«¡·≈â« ·π«‚πâ¡ À≈—°¢Õß¿“«–‡»√…∞°‘®„πªï 2552 ®–¬—ߧߙ–≈Õµ—«≈ß Õ—π‡π◊ËÕß¡“®“° ·√߇À«’ˬ߷≈–º≈æ«ß¢Õß¿“«–™–ß—°ß—π„π™à«ß∑’˺à“π¡“ª√–°Õ∫°—∫ªí®®—¬ §«“¡‡ ’ˬ߮“°¿“«–¿“¬πÕ°¡’ Ÿß¡“° ®π∑”„ÀâÀπ૬‡»√…∞°‘®µà“߉¡à  “¡“√∂µ—¥ ‘π„®„π‡™‘ß∏ÿ√°‘®¥â«¬§«“¡¡—πË „®‰¥â ≈—°…≥–¥—ß°≈à“«π’®È –∑”„Àâ °“√øóôπµ—«¢Õ߇»√…∞°‘®„πªï 2552 ‡ªìπ‰ª¥â«¬§«“¡¬“°≈”∫“° „π°√≥’ ∑’Ë ∑ÿ ° ¿“§ à « π¡’ § «“¡‡™◊Ë Õ ¡—Ë π µà Õ °“√¥”‡π‘ π π‚¬∫“¬¢Õß√— ∞ ∫“≈ ·≈–  ∂“π°“√≥击√…∞°‘®¢Õß‚≈°‰¡à∑√ÿ¥µ—«≈߉ªÕ’° ‚Õ°“ ∑’ˇ»√…∞°‘®‰∑¬®– °√–‡µ◊ÈÕߢ÷ÈπÕ¬à“ß™â“Ê „π‰µ√¡“ ∑’Ë 3 ·≈– 4 °Á®–¡’¡“°¢÷Èπ ·≈–∑—Èßªï ‡»√…∞°‘®‰∑¬§ß®–‰¡à¢¬“¬µ—« ·µà‚Õ°“ ∑’Ë®–À¥µ—«¡’¡“°À“° ¡¡ÿµ‘∞“π ‰¡à‡ªìπ‰ªµ“¡∑’˧“¥‰«â ¿“¬„µâ¿“«–‡™àππ’ÕÈ µ— √“‡ß‘π‡øÑÕ∑’‡Ë §¬Õ¬Ÿ„à π√–¥—∫ Ÿß ÿ¥∑’√Ë Õâ ¬≈– 9.2 ‰¥â≈¥≈ßÕ¬à“ß√«¥‡√Á«®π°√–∑—Ëß„πªí®®ÿ∫—π (‡¥◊Õπ¡°√“§¡ 2552) Õ—µ√“ ‡ß‘π‡øÑÕµ‘¥≈∫√âÕ¬≈– 0.4 µàÕªï §«“¡√«¥‡√Á«¢ÕßÕ—µ√“‡ß‘π‡øÑÕ∑’≈Ë ¥≈ß„π™à«ß 6 ‡¥◊Õπ∑’˺à“π¡“  –∑âÕπ∂÷ß¢π“¥¢Õߪí≠À“∑’ˇ»√…∞°‘®‰∑¬µâÕ߇º™‘≠‰¥â ‡ªìπÕ¬à“ߥ’ ¬‘Ë߇¡◊ËÕæ‘®“√≥“ª√–°Õ∫°—∫¢à“«§√“«°“√«à“ßß“π¥â«¬·≈â«


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quarters, which clearly indicate the impact of the political uncertainty, volatile commodity market and foreign exchange currency, all of which resulted from fragile global financial institutions and system. Under current condition, there is a crucial need for the government to increase spending to stimulate economy to substitute for missing purchasing power. However, due to unstable political situation, the government cannot effectively management stateûs affairs. So lack of governmentûs budget disbursement has intensify the economic problem. The government spending declined 4.2% and 3.9% in the second and third quarter, respectively, of 2008. 2. International trade and service In 2007, trading and service providing are the key pillar that generate income and economic growth. However, exports impact has continued to declined since 2008 due to global financial crisis. We can say that exports stop contributing to the economic growth, any may become a drag to the economy in the following quarters. Some key exports figures are as followed. 3rd quarter, export rose 28.4% 4th quarter, export declined 9.4% December 2008, exports value fell 15.7%, and 2009 export should decline 25.3% Along with tendency of weak domestic consumption, we are likely to see negative GDP growth in the final quarter of 2008. The negative growth may continue into the next one to two quarters so long as the economic stimulus plans are yet to create impact. In summary, Thai economy sharply slowed down compared to last year. It is very likely that Thailand will go into recession like the neighboring and industrial countries. The severity of the recession will depend on the external impact and ability for the government implement the counter cyclical policy to stimulate economy. 3. Inflation is no longer the issue in the foreseeable future The economy condition in the fourth quarter of 2009 is as indicated above. We can conclude that the economic development is directly depend on both global and domestic progress. The most

recent December 2008 exports fell by 26% from the same month last year has prompted the related agencies to realize the magnitude of the problem, where the global economy is taking hit and result in lower purchasing power. Moreover, the domestic political uncertainty and the governmentûs inability to enforce to rule of laws has allowed the demonstrators to close two international airports during NovemberDecember 2008, which result in widespread impact in both international and domestic level. This airport closure directly affect tourist counts and hurt investorsû confidence. In all, everything is contributing to the economic weakness. However, we still see some positive factors, such as lower oil price, declining interest rate and a more stable political situation after the Democrat has formed the government. For overall picture, the 2009 economic outlook is likely to continue to be weak due to the weakness momentum from the previous quarters, as well as the weak external economy. The economic agencies cannot make business decision with high certainty. This will make economic recovery in 2009 difficult. In case that every parties are confident in the governmentûs policies and the global economy do not contract further, it is more likely that the Thai economy will continue to recover in the third and fourth quarters. We do not see Thai economy growing on the full year basis. However, we see more risk of facing recession if things are not going as plan. Under this circumstance, the inflation, which peaked at 9.2%, has fallen to -0.4% as of January 2009. The rapid decline in

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

°“√∫√‘À“√‡»√…∞°‘®¢Õß∑“ß°“√®“°π’ȉª∂◊Õ‡ªìπ ªí®®—¬∑’Ë¡’§«“¡ ”§—≠¬‘Ëß ∑’Ë®–π”擪√–‡∑»„Àâºà“πæâπ¿“«–«‘°ƒµπ’ȉª‰¥â‚¥¬¬—ß√—°…“§«“¡‡ªìπ  —ß§¡∑’Ë¡’√–‡∫’¬∫«‘𗬉«â‰¥â√–¥—∫Àπ÷Ëß

inflation has clearly elaborate the economic condition Thailand has under gone. Compound with the unemployment problem, the economic management will be one of the most important factors to thrive through this crisis.

4. π‚¬∫“¬‡»√…∞°‘® ‡¢â“„®«à“√—∞∫“≈§ß‡ÀÁπªí≠À“™—¥‡®π∂÷ß¿“«–∑’®Ë –‡°‘¥¢÷πÈ „πªï 2552 „π ∑’Ëπ’È®÷߇撬߷µà∑∫∑«πÕ’°§√—ÈßÀπ÷Ëß∂÷ߪ√–‡¥Á𠔧—≠ ∑’Ë®–‡°‘¥¢÷Èπ„πÕ𓧵 Õ—π„°≈âπ’È 4.1 ¡’§«“¡‡ªìπ‰ª‰¥â∑®’Ë –‡°‘¥¿“«–‡»√…∞°‘®∂¥∂Õ¬ ·≈–ªí≠À“°“√ «à“ßß“π®–‡ªìπªí≠À“ —ߧ¡∑’Ë√ÿπ·√ß 4.2 √“¬‰¥â√—∞∫“≈®–À¥À“¬≈߉ª¡“°„π¢≥–∑’Ë√—∞∫“≈®”‡ªìπµâÕß „™â∑√—欓°√®”π«π¡À“»“≈„π°“√°√–µÿâπ‡»√…∞°‘® °“√ ∫√‘À“√°“√§≈—ß∑’Ë¡’ª√– ‘∑∏‘¿“æ ·≈–°“√ çFinanceé °“√ ¢“¥¥ÿ≈∑’ˇÀ¡“– ¡‡∑à“π—Èπ ∂÷ß®–°àÕ„À⇰‘¥§«“¡‡™◊ËÕ¡—Ëπ„π ‡ ∂’¬√¿“æ¢Õß√–∫∫°“√‡ß‘π·≈–√–∫∫‡»√…∞°‘®‰¥â ‡ß◊ËÕπ‰¢π’È ¡’§«“¡ ”§—≠Õ¬à“߬‘Ë߬«¥„π°“√¥”‡π‘ππ‚¬∫“¬‡»√…∞°‘® „π√–¬–µàÕ‰ª 4.3 π‚¬∫“¬°“√‡ß‘π·≈–°“√§≈—ß µâÕß¡’§«“¡ Õ¥§≈âÕß°—π„π∑ÿ°Ê ¥â“π ´÷ßË ¢≥–π’°È ¡Á ≈’ °— …≥–π’ÕÈ ¬Ÿ·à ≈â« Õ¬à“߉√°Áµ“¡∂÷ß·¡âπ‚¬∫“¬ °“√‡ß‘π®–ºàÕπ§≈“¬·≈â«°Áµ“¡ À“° ∂“∫—π°“√‡ß‘π¬—ߢ“¥ §«“¡¡—Ëπ„®∑’Ë®–∑”µ—«‡ªìπ çIntermediaryé Õ—π‡ªìπÀπâ“∑’ËÀ≈—° ¢Õßµπ‡ÕßÕ¬Ÿà °“√øóôπµ—«∑“߇»√…∞°‘®§ß‡°‘¥¢÷È𬓰 ¿“§∑“ß °“√§ßµâÕß·°â‰¢ çBottlenecké π’È„À≥⠡‘©–π—Èπ·≈â«∑ÿ°Ê ¡“µ√°“√∑’Ë∑“ß°“√‰¥â¥”‡π‘π°“√‰ª®–‰¡à∫√√≈ÿº≈ 4.4 π‚¬∫“¬¿“…’ π‚¬∫“¬Õ—µ√“¥Õ°‡∫’¬È π‚¬∫“¬Õ—µ√“·≈°‡ª≈’¬Ë π ®–µâÕß∂Ÿ°π”¡“„™â„Àâ∂Ÿ°®—ßÀ«–·≈–∂Ÿ°‚Õ°“  ‡æ◊ËÕ„À⇰‘¥°“√ ‡ª≈’ˬπ·ª≈ߢÕß çRelative pricesé ∑’ˇÀ¡“– ¡Õ—π®–𔉪 Ÿà °“√ÕÕ°®“°«—ß«π¢Õߪí≠À“‰¥âÕ¬à“ß∑—π°“≈ 4.5 º≈¢Õß¡“µ√°“√µà“ßÊ „™â‡«≈“π“π∑’Ë®–‡ª≈’ˬπ惵‘°√√¡„π √–∫∫‡»√…∞°‘® ®π “¡“√∂‡ª≈’ˬπ∑‘»∑“ߢÕ߇»√…∞°‘®∑’ˇªì𠉪„π¢≥–π’È ¡“µ√°“√‡¬’¬«¬“∑“ߥâ“π —ߧ¡∑’Ë¥Ÿ‡À¡◊Õπ‡ªìπ °“√„™â∑√—欓°√Õ¬à“߉¡à√—∫º‘¥™Õ∫ Õ“®¡’§«“¡®”‡ªìπ™à«ß √–¬–‡«≈“Àπ÷Ëß ·≈–„π™à«ß‡«≈“¥—ß°≈à“« ª√—™≠“∑“ߥâ“𠇻√…∞°‘®æÕ‡æ’¬ß À“°π”¡“„™â„Àâ∂Ÿ°µâÕß ®– “¡“√∂≈¥·√ß ‡ ’¬¥∑“ß —ߧ¡‰¥â¡“°∑’‡¥’¬«

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4. Economic Policies We understand that the government has foreseen the problem that may happen in 2009. So we will review key issues that will likely to happen in the near future. 4.1 It is highly likely that the economy will go into recession, and unemployment will cause social problem. 4.2 Government income will decline sharply while the government need more resource to revive the economy. The efficient fiscal policy and proper amount of budget deficit will create confidence in the financial system stability and economy. This condition is crucial to implement economic policy in a long run. 4.3 The fiscal and monetary policy must be consistent, which is already apparent as of current. However, even with the relaxed monetary policy, if the financial institutes do not have confidence to act as intermediary, the economic recovery can become more unlikely. Therefore, the government must find way to de-bottleneck, or else every other stimulus policies will not create the desired impact. 4.4 Tax, interest rate and foreign exchange policies must be used in properly and appropriately to cause the change in relative prices that would bring the country out of the recession. 4.5 The impacts of various policies may take time to reverse the recession. The social policies, although look wasted on the surface, may prove to be necessary. And if the social policies are applied properly, it can significantly help lessen social resistance.


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

ªí®®—¬‡ ’Ë¬ß Risk Factors

°“√¥”‡π‘ π ß“π¢Õß∫√‘ …— ∑ ¡’ ªí ® ®— ¬ §«“¡‡ ’Ë ¬ ß∑’Ë ‡°’¬Ë «¢âÕß·≈–Õ“®¡’º≈°√–∑∫‚¥¬µ√ßµàÕ∫√‘…∑— ·≈–/À√◊Õ ºŸâ≈ß∑ÿπÕ¬à“ß¡’π—¬ ”§—≠ ¥—ß√“¬≈–‡Õ’¬¥µàÕ‰ªπ’È The Companyûs business is subject to a number of risk factors which may have a direct impact on the Company and/or investors. They are: 1. §«“¡‡ ’ˬߥâ“π ‘π§â“∑¥·∑π

1. Substitutes

πÈ”¡—πæ◊™∑ÿ°™π‘¥ “¡“√∂„™â∫√‘‚¿§∑¥·∑π°—π‰¥â À“°„™â‡æ◊ËÕª√ÿß À√◊Õª√–°Õ∫Õ“À“√„π§√—«‡√◊Õπ Õ¬à“߉√°Á¥’ §ÿ≥§à“∑“ß‚¿™π“°“√¢Õß πÈ”¡—πæ◊™·µà≈–™π‘¥®–·µ°µà“ß°—π πÈ”¡—πæ◊™∑’Ë„Àâ§ÿ≥§à“„°≈⇧’¬ß°—∫πÈ”¡—π ∂—Ë«‡À≈◊Õß·≈– “¡“√∂∑¥·∑π°—π‰¥â §◊Õ πÈ”¡—π¢â“«‚楷≈–πÈ”¡—π‡¡≈Á¥ ∑“πµ–«— π  à « ππÈ” ¡— π æ◊ ™ ∑’Ë „ ™â ‡ æ◊Ë Õ °“√º≈‘ µ ‡™‘ ß Õÿ µ  “À°√√¡ ‡™à π Õÿµ “À°√√¡Õ“À“√ ‚¥¬∑—Ë«‰ª®–∑¥·∑π°—π‰¡à‰¥â ‡π◊ËÕß®“°πÈ”¡—πæ◊™ ·µà ≈ –™π‘ ¥ ¡’ §ÿ ≥  ¡∫— µ‘ ‡ À¡“–°— ∫ ·µà ≈ –Õÿ µ  “À°√√¡µà “ ß°— 𠇙à π Õÿµ “À°√√¡∑Ÿπ“à °√–ªÜÕß ®–µâÕß„™âπÈ”¡—π∂—«Ë ‡À≈◊Õ߇∑à“π—πÈ Õ¬à“߉√°Á¥’ §«“¡ ‡ ’ˬß∑’ËπÈ”¡—π¢â“«‚楷≈–πÈ”¡—π‡¡≈Á¥∑“πµ–«—π®–¡’°“√º≈‘µ¡“·¢àß°—∫ ∫√‘…—∑œ §ß‡ªìπ‰ª‰¥â¬“° ‡π◊ËÕß®“°«—µ∂ÿ¥‘∫¥—ß°≈à“«‰¡à¡’°“√º≈‘µ∑’Ë¡“° ‡æ’¬ßæÕ„πª√–‡∑»·≈–‰¡à¡’Õÿµ “À°√√¡µàÕ‡π◊ËÕß¡“√Õß√—∫º≈‘µ¿—≥±åÕ◊Ëπ∑’Ë ®–‰¥âæ√âÕ¡°—∫°“√ °—¥πÈ”¡—π Õ¬à“߇™àπ °“°∂—Ë«‡À≈◊Õß∑’Ëπ”¡“„™â„π Õÿµ “À°√√¡Õ“À“√ —µ«å Õÿµ “À°√√¡µàÕ‡π◊ËÕߢÕßπÈ”¡—π¢â“«‚æ¥ §◊Õ °“√π”·ªÑߢ⓫‚楉ª·ª√√Ÿª‡ªìπ ‘π§â“Õ◊Ëπ ´÷Ëߧ«“¡µâÕß°“√„™â„πª√–‡∑» ¬—ß¡’ª√‘¡“≥πâÕ¬ ‡π◊ËÕß®“°¡’º≈‘µ¿—≥±åÕ◊Ëπ∑¥·∑π‰¥â·≈–√“§“∂Ÿ°°«à“ à«π ¢Õ߇¡≈Á¥∑“πµ–«—π §◊Õ °“°∑“πµ–«—π ·¡â®–„™âº ¡∑”Õ“À“√ —µ«å·µà°Á¡’ ¢âÕ®”°—¥„π°“√„™â

All vegetable oils used for cooking are basically interchangeable, although the nutritional value varies from one type of oil to another. Two cooking oils with roughly the same nutritional value as soybean oil are corn oil and sunflower seed oil. Vegetable oils used in manufacturing, such as the food processing industry, are generally not interchangeable. Each type of oil has specific properties that make it suitable to a particular industrial use. For instance, only soybean oil is used in the canned tuna industry. The possibility that the Company will face increased competition from corn oil and sunflower seed oil manufacturers is relatively slight. Insufficient quantities of corn and sunflower seeds are produced locally, and there are no secondary industries to purchase the by-products that result from the oil extraction process. While soybean meal is used in the local animal feed industry, there is little demand for the cornstarch generated by corn oil producers since other less expensive substitutes are more readily available. Although sunflower seed meal is an ingredient in animal feed, there are restrictions to its use.

2. §«“¡‡ ’Ë ¬ ߇°’Ë ¬ «°— ∫ §«“¡º— π º«π¢Õß√“§“«— µ ∂ÿ ¥‘ ∫ ·≈– Õ—µ√“·≈°‡ª≈’ˬπ

2. Fluctuations in the Price of Raw Materials and the Exchange Rate

Õÿ µ  “À°√√¡πÈ” ¡— π ∂—Ë « ‡À≈◊ Õ ß‡ªì π Õÿ µ  “À°√√¡∑’Ë µâ Õ ßæ÷Ë ß æ“°“√ π”‡¢â“ Ÿß ‡π◊ËÕß®“°ª√‘¡“≥º≈º≈‘µ‡¡≈Á¥∂—Ë«‡À≈◊Õß·≈–æ◊™πÈ”¡—πÕ◊Ëπ¿“¬„π ª√–‡∑»¬—߉¡à‡æ’¬ßæÕµàÕ§«“¡µâÕß°“√„™â ∑”„Àâ®”‡ªìπµâÕßπ”‡¢â“®÷ßÕ“® ®–‰¥â√—∫º≈°√–∑∫®“°°“√‡ª≈’ˬπ·ª≈ߢÕß√“§“∂—Ë«‡À≈◊Õß„πµ≈“¥‚≈° ·≈–Õ—µ√“·≈°‡ª≈’Ë¬π °“√∑’˵âπ∑ÿπ«—µ∂ÿ¥‘∫ª√—∫µ—« Ÿß¢÷ÈπÀ√◊յ˔≈ß À√◊Õ¡’ §«“¡º—πº«π®“°√“§“µ≈“¥‚≈°·≈–Õ—µ√“·≈°‡ª≈’Ë¬π ®–∑”„Àâ∫√‘…—∑œ Õ“®‰¡à “¡“√∂∑”°”‰√‰¥â‡∑à“∑’˧«√ ·µàÕ¬à“߉√°Áµ“¡®“°ª√– ∫°“√≥å ¢ÕߺŸâ∫√‘À“√∑’Ë¥”‡π‘π∏ÿ√°‘®¡“‡ªìπ‡«≈“π“π ∑”„Àâ¡’°“√‡µ√’¬¡·ºπ°“√ √Õß√—∫‡æ◊ËÕ≈¥º≈°√–∑∫¢Õ߇Àµÿ°“√≥套߰≈à“« ‡™àπ ¡’°“√´◊ÈÕ«—µ∂ÿ¥‘∫≈à«ß Àπâ“À≈“¬‡¥◊Õπ ‚¥¬‡©æ“–„π™à«ß√–À«à“߃¥Ÿ‡°Á∫‡°’ˬ«´÷Ëß√–¥—∫√“§“Õ¬Ÿà„π ™à«ßµË”À√◊Õ∑”°“√´◊ÈÕÕ—µ√“·≈°‡ª≈’ˬπ≈à«ßÀπâ“ (Forward contract) ‡¡◊ËÕ ‡ÀÁπ«à“Õ—µ√“·≈°‡ª≈’ˬπ‡ªìπ∑’Ëπà“æÕ„® Õ¬à“߉√°Á¥’À“°‡ß‘π∫“∑ÕàÕπ≈ß Õ¬à“ßµàÕ‡π◊ËÕß ‰¡à‡æ’¬ß·µà°√–∑∫µàÕ«—µ∂ÿ¥‘∫π”‡¢â“‡∑à“π—Èπ  ‘π§â“ ”‡√Á®√Ÿª √«¡∂÷ß°“°∂—Ë«‡À≈◊Õß·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß∑’˵âÕßπ”‡¢â“°Á®–¡’√“§“ Ÿß¢÷Èπ¥â«¬ ‰¡à∑”„À⧫“¡ “¡“√∂‡™‘ß·¢àߢ—π¢Õß∏ÿ√°‘®‡ª≈’ˬπ·ª≈߉ª

Because of the limited production of soybeans and other vegetable oil plants, Thailandûs soymeal oil industry is dependent on imports. As a result, the industry is sensitive to price changing in the world market and to exchange rate volatility. The price of raw material that may change or fluctuate according to world market and exchange rate, may affect companyûs ability in keeping profit level as it should be. The Company may be unable to maintain the same profit level. But the extensive experience of the Companyûs managers has taught them the value of looking ahead to minimize the impact of these changes. For example, the Company purchases raw materials several months in advance, especially at harvest time when prices tend to be at their lowest levels. It also negotiates forward contracts when exchange rates are particularly favorable. These moves help to protect the Companyûs ability to compete. Even so, if the baht were to continue to weaken, it would impact not just raw materials, but also processed goods, such as soybean meal and soybean oil which are imported from abroad. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

15


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ª√–«—µ‘ºŸâ∫√‘À“√ Management Profile

16

1. 𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å ë Õ“¬ÿ 69 ªï ª√–∏“π°√√¡°“√ (Õ‘ √–)

1. Mr. Sompol Kiatphaibool ë Age 69 Years Chairman (Independent Director)

«ÿ≤‘°“√»÷°…“ ë ‡»√…∞»“ µ√å∫—≥±‘µ (‡°’¬√µ‘π‘¬¡) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ë æ—≤π∫√‘À“√»“ µ√å¡À“∫—≥±‘µ  “¢“æ—≤π“°“√‡»√…∞°‘® (‡°’¬√µ‘π‘¬¡)  ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å ë M.A. Economics, Fairleigh Dickinson University, New Jersey, USA. ë ª√‘≠≠“∫—µ√«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ 2531 ª√– ∫°“√≥å∑”ß“π ë 2551-ªí®®ÿ∫π— ∑’Ë ª √÷ ° …“æ‘ ‡ »…„π§≥–∑’Ë ª √÷ ° …“æ‘ ‡ »…»Ÿ π ¬å »‘ ≈ ª“™’ æ √–À«à“ߪ√–‡∑» ë 2551-ªí®®ÿ∫π— √Õߪ√–∏“π°√√¡°“√„π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–µ≈“¥À≈—°∑√—æ¬å (°.≈.µ.) ë 2551-ªí®®ÿ∫π— ∑’ªË √÷°…“°‘µµ‘¡»—°¥‘ªÏ √–®”§≥–°√√¡“∏‘°“√°“√µà“ߪ√–‡∑» «ÿ≤‘ ¿“ ë 2549-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√µ√«® Õ∫·≈–ª√–‡¡‘ π º≈ª√–®” °√–∑√«ß§¡π“§¡ ë 2545-ªí®®ÿ∫π— °√√¡°“√„π§≥–°√√¡°“√æ—≤π“√–∫∫√“™°“√ (°.æ.√.) ë 2544-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ·≈–ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ∫¡®. πÈ”¡—πæ◊™‰∑¬ ë 2544-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ∫¡®.∏𓧓√π§√À≈«ß‰∑¬ ë 2547-2551 ª√–∏“π°√√¡°“√∫√‘À“√»Ÿπ¬å»‘≈ª“™’æ√–À«à“ߪ√–‡∑» ë 2545-2551 °√√¡°“√„π§≥–°√√¡°“√°”°— ∫ À≈— ° ∑√— æ ¬å · ≈–µ≈“¥ À≈—°∑√—æ¬å (°.≈.µ.) ë 2548 -2549 ∑’˪√÷°…“√Õß𓬰√—∞¡πµ√’·≈–√—∞¡πµ√’«à“°“√°√–∑√«ß æ“≥‘™¬å ë 2548 ∑’˪√÷°…“√Õß𓬰√—∞¡πµ√’·≈–√—∞¡πµ√’«à“°“√°√–∑√«ß °“√§≈—ß ë 2547-2548 ∑’˪√÷°…“√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ë 2546-2548 ª√–∏“π§≥–°√√¡°“√ °“√‡§À–·Ààß™“µ‘ ë 2546-2547 ª√–∏“π°√√¡°“√  ∂“∫—πÕ“À“√ ë 2546-2547 ∑’˪√÷°…“√Õß𓬰√—∞¡πµ√’ ë 2545-2547 ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫¿“§√“™°“√ °√–∑√«ß §¡π“§¡ ë 2545-2546 °√√¡°“√ ∫®.´—ææ≈“¬‡ÕÕ√å §Õπ‡πÁ°´å ë 2545-2546 ∑’˪√÷°…“√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ë 2544-2550 ª√–∏“π°√√¡°“√∫√‘À“√ ∫¡®.∏𓧓√π§√À≈«ß‰∑¬ ë 2544-2546 °√√¡°“√ºŸâ∑√ߧÿ≥«ÿ≤‘¥â“π°“√æ“≥‘™¬å „π§≥–°√√¡°“√ °”°—∫°“√´◊ÈÕ¢“¬ ‘π§â“‡°…µ√≈à«ßÀπâ“ ë 2544-2545 ∑’˪√÷°…“√Õß𓬰√—∞¡πµ√’·≈–√—∞¡πµ√’«à“°“√°√–∑√«ß °“√§≈—ß ë 2544 ∑’˪√÷°…“√—∞¡πµ√’«à“°“√°√–∑√«ß°“√§≈—ß ë 2539-2543 °√√¡°“√„π§≥–°√√¡°“√¢â“√“™°“√æ≈‡√◊Õπ ë 2539-2543 °√√¡°“√„π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–µ≈“¥ À≈—°∑√—æ¬å ë 2539-2543 °√√¡°“√„π§≥–°√√¡°“√∏𓧓√·Ààߪ√–‡∑»‰∑¬ ë 2539-2543 ª√–∏“π§≥–°√√¡“∏‘°“√°“√‡°…µ√·≈– À°√≥å («ÿ≤ ‘ ¿“) ë 2539-2543  ¡“™‘°«ÿ≤‘ ¿“ ë 2538-2543 ª≈—¥°√–∑√«ßæ“≥‘™¬å

Education ë Bachelor of Economics (Hons.) Thammasat University ë Master of Development Economics. (Hons.), National Institute of Development Administration ë Master of Economics, Fairleigh Dickinson University, New Jersey, U.S.A ë Certificate, National Defense College of Thailand, 1998 Experience ë 2008-Present Advisory Board Committee, the Support Arts and Crafts International Center of Thailand ë 2008-Present Vice Chairman, The Securities and Exchange Commission (SEC.) ë 2008-Present Honorary Advisor to The Committee on Foreign Affairs of the Senate ë 2006-present Chairman Public Sector Audit and Evaluation Committee Ministry of Transport ë 2002-Present Member, Public Sector Development Commission (P.D.C.) ë 2001-Present Chairman, Chairman of Audit Committee, Thai Vegetable Oil PCL. ë 2001-Present Chairman of The Board of Director Siam City Bank PCL ë 2004-2008 Chairman of the Support Arts and Crafts International Center of Thailand ë 2002-2008 Member, The Securities and Exchange Commission (SEC.) ë 2005-2006 Adviser to Deputy Prime Minister and Minister of Commerce ë 2005 Advisor to Deputy Prime Minister and Minister of Finance ë 2004-2005 Advisor to Minister of Finance ë 2003-2005 Chairman of the National Housing Authorityûs Board of Directors ë 2003-2004 Chairman of the Nation Food Institute ë 2003-2004 Advisor, Deputy Prime Minister ë 2002-2004 Chairman, Audit Committee - Ministry of Transport ë 2002-2003 Director, Supplier Connex company Limited ë 2002-2003 Advisor to Minister of Finance ë 2001-2007 Chairman, Executive Board of Directors, Siam City Bank PCL. ë 2001-2003 Agricultural Futures Trading Commissioner ë 2001-2002 Advisor to Deputy Prime Minister and Minister of Finance ë 2001 Advisor to Minister of Finance ë 1996-2000 Member, Civil Service Commissioner ë 1996-2000 Member, The Securities and Exchange Commission ë 1996-2000 Member, Court of Directors, The Bank of Thailand ë 1996-2000 Chairman of the Committee on Agriculture and Co-Operatives (The Senate) ë 1996-2000 Senator ë 1995-2000 Permanent Secretary, Ministry of Commerce


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

ë 2533-2538 ë 2532-2533 ë 2529-2532 ë 2528-2529 ë 2526 ë 2526

Õ∏‘∫¥’°√¡°“√§â“¿“¬„π Õ∏‘∫¥’°√¡∑–‡∫’¬π°“√§â“ Õ∏‘∫¥’°√¡‡»√…∞°‘®°“√æ“≥‘™¬å Õ∏‘∫¥’°√¡°“√ª√–°—π¿—¬ √ÕßÕ∏‘∫¥’°√¡°“√§â“µà“ߪ√–‡∑» √ÕßÕ∏‘∫¥’°√¡‡»√…∞°‘®°“√æ“≥‘™¬å

ë 1990-1995 ë 1989-1990 ë 1986-1989 ë 1985-1986 ë 1983 ë 1983

Director General, Department of Internal Trade Director General, Department of Commercial Registration Director General, Department of Business Economics Director General, Department of Insurance Deputy, Director General Department of Foreign Trade Deputy, Director General Department of Business Economics

2. ¥√.»‘√‘ °“√‡®√‘≠¥’ ë Õ“¬ÿ 61 ªï °√√¡°“√ (Õ‘ √–)

2. Dr. Siri Ganjaremdee ë Age 61 Years Vice President (Independent Director)

«ÿ≤‘°“√»÷°…“ ë ª√‘≠≠“µ√’ (‡°’¬√µ‘π‘¬¡) Economic Statistics, University of Sydney, Australia ë ª√‘≠≠“‚∑ Economic Statistics and Monetary Economics, University of Sydney, Australia ë ª√‘≠≠“‡Õ° Monetary Economics and Econometrics & Operations Research, Monash University, Australia ª√– ∫°“√≥å∑”ß“π ë æ.¬. 2551-ªí®®ÿ∫—π §≥–°√√¡°“√π‚¬∫“¬ ∂“∫—π°“√‡ß‘π ë ¡’.§. 2548-ªí®®ÿ∫—π √Õߪ√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ª√– ‘∑∏‘æ—≤π“ ®”°—¥ (¡À“™π) ë °.¬. 2547-ªí®®ÿ∫—π °√√¡°“√ ·≈–§≥–°√√¡°“√µ√«® Õ∫ ∫¡®. Õ‘π‚¥√“¡“ (ª√–‡∑»‰∑¬) ë µ.§. 2546-ªí®®ÿ∫—π §≥–°√√¡°“√®—¥∑”∫—π∑÷°¢âÕµ°≈ß·≈–ª√–‡¡‘πº≈ °“√¥”‡π‘πß“π√—∞«‘ “À°‘® (√“¬ “¢“)  ”π—°ß“π §≥–°√√¡°“√π‚¬∫“¬√—∞«‘ “À°‘® °√–∑√«ß°“√§≈—ß ë ‡¡.¬.2546-ªí®®ÿ∫π— °√√¡°“√·≈–§≥–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ ‰∑¬ ‡√µµ‘Èß·Õπ¥åÕ‘πøÕ√凡™—Ëπ‡´Õ√å«‘  ®”°—¥ ë 2543-ªí®®ÿ∫π— √Õߪ√–∏“π°√√¡°“√ ·≈–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2543-ªí®®ÿ∫π— °√√¡°“√·≈–ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ ‚æ µå æ—∫≈‘™™‘Ëß ®”°—¥ (¡À“™π) ë 2542-ªí®®ÿ∫π— °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ °√ÿ߇∑æ ª√–°—π™’«‘µ ®”°—¥ ë 2544-µ.§. 2551 °√√¡°“√ ·≈–°√√¡°“√§≥–°√√¡°“√µ√«® Õ∫ ∫¡®. ·≈π¥å ·Õπ¥å ‡Œâ“ å ë 2539-µ.§. 2551 ∑’˪√÷°…“§≥–°√√¡°“√ ·≈–§≥–°√√¡°“√∫√‘À“√ ∫√‘…—∑À≈—°∑√—æ¬å‡æ◊ËÕ∏ÿ√°‘®À≈—°∑√—æ¬å ®”°—¥ ë æ.¬. 2549-2550 °√√¡°“√∫√‘…—∑·≈–ª√–∏“πÕπÿ°√√¡°“√®—¥À“ ·À≈à߇ߑπ∑ÿπ ∫√‘…—∑ «‘∑¬ÿ°“√∫‘π·Ààߪ√–‡∑»‰∑¬ ®”°—¥ ë °.§. 2548-2549 √Õߪ√–∏“π§≥–°√√¡°“√∫√‘ À “√ ‚√߇√’ ¬ π π“π“™“µ‘ British International ë æ.¬. 2545-°.§. 2547 √—°…“°“√°√√¡°“√ºŸâ®—¥°“√„À≠à ·≈–°√√¡°“√ ºŸâ®—¥°“√„À≠à ∏𓧓√ ∑À“√‰∑¬ ®”°—¥ (¡À“™π) ë 2544-2547 ºŸâ ™”π“≠°“√ §≥–°√√¡“∏‘ ° “√°“√§≈— ß °“√ ∏𓧓√·≈– ∂“∫—π°“√‡ß‘π, «ÿ≤‘ ¿“ ë 2540-2541 ºŸâ™à«¬ºŸâ«à“°“√Õ“«ÿ‚  ∏𓧓√·Ààߪ√–‡∑»‰∑¬

Education ë B.Ec. (Hons.) Economic Statistics, University of Sydney, Australia ë M.Ec. Economic Statistics and Monetary Economics, University of Sydney, Australia ë Ph.D. Monetary Economics, and Econometrics & Operation Research, Monash University, Australia Experience ë November 2008-Present Financial Institutions Policy Committee, Bank of Thailand ë March 2005-Present Vice Chairman and Chairman of the Executive Board, Prasit Patana PCL. ë September 2004-Present Board of Director and Member of the Audit committee, Indorama (Thailand) PCL. ë October 2003-Present Performance Agreement Committee (Sector), State Enterprise Policy Office, Ministry of Finance ë April 2003-Present Board of Director and Member of the Audit committee, TRIS Rating Company Limited ë 2000-Present Vice Chairman and Member of Audit Committee, Thai Vegetable Oil PCL. ë 2000-Present Board of Director and Chairman of the Audit Committee, The Post Publishing PCL. ë 1999-Present Board of Director and Executive Board, Bangkok Life Assurances Co., Ltd. ë 2001-October 2008 Board of Director and Member of the Audit committee, Land & Houses PCL. ë 1996-October 2008 Advisor to the Board of Directors, TSFC Securities limited ë November 2006-2007 Board of Director and Chairman of the fund seeking committee Aeronauticalradio of Thailand Ltd. ë July 2005-2006 Vice Chairman and Executive Board of British International School ë November 2002-July 2004 Acting President and President and Chief Executive Officer, Thai Military Bank PCL. ë 2001-2004 Specialist, The Committee on Finance Banking Financial Institution, Senate ë 1997-1998 Senior Assistant Governor, Bank of Thailand

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

17


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

3. ¥√. ÿ«‘∑¬å ‡¡…‘π∑√’¬å ë Õ“¬ÿ 48 ªï °√√¡°“√ (Õ‘ √–)

3. Dr. Suvit Maesincee ë Age 48 Years Director (Independent Director)

«ÿ≤‘°“√»÷°…“ ë ª√‘≠≠“µ√’ ‡¿ —™»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬¡À‘¥≈ ë ª√‘≠≠“‚∑ MBA, §≥–∫√‘À“√∏ÿ√°‘®  ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å ë ª√‘≠≠“‡Õ°¥â“π°“√µ≈“¥ Kellogg Graduate School of Management, North western University ª√– ∫°“√≥å∑”ß“π ë 2550-ªí®®ÿ∫π— ºŸâ Õ”π«¬°“√ Sasin Institute for Global Affairs  ∂“∫— π ∫— ≥ ±‘ µ ∫√‘ À “√∏ÿ √ °‘ ® »»‘ π ∑√å · Àà ß ®ÿ à “≈ß°√≥å ¡À“«‘∑¬“≈—¬ ë 2545-ªí®®ÿ∫π— °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∏𓧓√π§√À≈«ß‰∑¬ ®”°—¥ (¡À“™π) ë 2543-ªí®®ÿ∫π— °√√¡°“√§≥–°√√¡°“√µ√«® Õ∫ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2543-ªí®®ÿ∫π— Õ“®“√¬åª√–®”¿“§«‘™“°“√µ≈“¥  ∂“∫—π∫—≥±‘µ∏ÿ√°‘® »»‘π∑√å®ÿÓ≈ß°√≥å¡À“«‘∑¬“≈—¬ ë 2548-2549 ºŸâ™à«¬√—∞¡πµ√’ª√–®”°√–∑√«ßæ“≥‘™¬å ë 2544-2549 ∑’˪√÷°…“√Õß𓬰√—∞¡πµ√’ (𓬠¡§‘¥ ®“µÿ»√’æ‘∑—°…å) ë 2544-2548 ºŸâ™à«¬√—∞¡πµ√’ª√–®” ”π—°π“¬°√—∞¡πµ√’ ë 2543-2544 ∑’˪√÷°…“Õ“«ÿ‚  L.E.K. Consulting ë 2539-2543 ∑’˪√÷°…“Õ“«ÿ‚  ∫√‘…—∑ Booz Allen & Hamilton ë 2532-2535 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬«“π‘™∏π°‘® ∫ß≈. π§√À≈«ß‡§√¥‘µ ®”°—¥ ë 2530-2532 ºŸâÕ”π«¬°“√ΩÉ“¬æ—≤π“∏ÿ√°‘® ∫√‘…—∑ ‰∑¬‡æ√ ´‘‡¥π∑åøŸ¥ å ®”°—¥

Education ë BSc. In Pharm, Faculty of Pharmacy Mahidol University ë MBA. School of Business Administration, National Institute of Development Administration ë PhD. In Marketing, Kellogg Graduate School of Management, Northwestern University Experience ë 2007-Present Director of Sasin Institute for Global Affairs, Sasin Graduate Institute of Management Chulalongkorn University ë 2002-Present Board of Director, Siam City Bank Ltd. ë 2000-Present Director, Member of Audit Committee, Thai Vegetable Oil Public Co., Ltd. ë 2000-Present Professor of Marketing, Sasin Graduete Institue of Management Chulalongkorn University ë 2005-2006 Vice Minister for Commerce, Ministry of Commerce ë 2001-2006 Advisor to the Deputy Prime Minister (Dr.Somkid Jatusripitak) ë 2001-2005 Vice Minister of the Office of the Prime Minister ë 2000-2001 Senior Consultant, L.E.K. Consulting ë 1996-2000 Senior Consultant, Booz Allen & Hamilton Company ë 1989-1992 Vice President, Investment Banking Dept. Siam City Credit and Finance ë 1987-1989 Business Development Director, Marketing Dept. Thai President Foods Co., Ltd.

4. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å ë Õ“¬ÿ 61 ªï ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

18

4. Miss Sudarath Vitayatanagorn ë Age 61 Years Chief Executive Officer

«ÿ≤‘°“√»÷°…“ ë ª«™. °“√∫—≠™’ ¡À“«‘∑¬“≈—¬‡∑§‚π‚≈¬’√“™¡ß§≈æ√–π§√ «‘∑¬“‡¢µæ≥‘™¬°“√ æ√–π§√ ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Director Certification Program (DCP), Thai Institute of Directors (IOD) ë Finance for Non-Finance Director, Thai Institute of Directors (IOD) ª√– ∫°“√≥å∑”ß“π ë 2541-ªí®®ÿ∫π— ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2537-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å ‡π™—Ëπ·π≈ ®”°—¥ ë 2535-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ ë 2535-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ë 2533-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ ë 2533-2548 °√√¡°“√ºŸ®â ¥— °“√∑—«Ë ‰ª ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

Education ë Rajamangala University of Technology Pranakorn Bangkok Commercial Campus ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Director Certification Program (DCP), Thai Institute of Directors (IOD) ë Finance for Non-Finance Director, Thai Institute of Directors (IOD) Experience ë 1998-Present Chief Executive Officer, Thai Vegetable Oil Public Co., Ltd. ë 1994-Present Director, Thai Vegetable Oil International Co., Ltd. (TVOI) ë 1992-Present Director, Thai Edible Oil Co., Ltd. ë 1992-Present Director, Prodigy Co., Ltd. ë 1990-Present Chairman, Golden Thread Co., Ltd. ë 1990-2005 Executive General Manager, Thai Vegetable Oil Public Co., Ltd.

5. 𓬫‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å ë Õ“¬ÿ 56 ªï °√√¡°“√ºŸâ®—¥°“√

5. Mr. Visuth Vitayathanagorn ë Age 56 Years President

«ÿ≤‘°“√»÷°…“ ë ª«™. ™à“߬πµå «‘∑¬“≈—¬™à“ß°≈Õÿµ “À°√√¡°√ÿ߇∑æ ë ∫√‘À“√∏ÿ√°‘®∫—≥±‘µ  ∂“∫—π√“™¿—Æ «π¥ÿ ‘µ ë »‘≈ª»“ µ√∫—≥±‘µ (√—∞»“ µ√å) ¡À“«‘∑¬“≈—¬√“¡§”·Àß ë ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ ¡À“«‘∑¬“≈—¬‡°…µ√»“ µ√å ë »‘≈ª»“ µ√¡À“∫—≥±‘µ (√—∞»“ µ√å) ¡À“«‘∑¬“≈—¬√“¡§”·Àß ë ª√‘≠≠“¥ÿ…Æ’∫—≥±‘µ°‘µµ‘¡»—°¥‘Ï  “¢“°“√µ≈“¥ ¡À“«‘∑¬“≈—¬√“¡§”·Àß ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)

Education ë The Bangkok School of Industrial Technology ë B.A., Business Administration, Rajabhat Institute Suan Dusit ë B.A., Political Science, Ramkhamhaeng Unitversity ë M.B.A., Kasesart University ë M.A., Political Science, Ramkhamhaeng Unitversity ë Ph.D., Honorary Graduates, Marketing, Ramkhamhaeng University ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Finance for Non-Finance Director, Thai Institute of Directors (IOD)


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

ª√– ∫°“√≥å∑”ß“π ë 2548-ªí®®ÿ∫π—  ¡“™‘° ¿“∑’˪√÷°…“‡»√…∞°‘®·≈– —ߧ¡·Ààß™“µ‘ ë 2547-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ ‰∑¬Œ“ ®”°—¥ (¡À“™π) ë 2535-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ë 2528-ªí®®ÿ∫π— °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2528-ªí®®ÿ∫π— °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

6. 𓬮“√ÿæ®πå ≥’»–π—π∑å ë Õ“¬ÿ 63 ªï °√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª «ÿ≤‘°“√»÷°…“ ë ∫√‘À“√∏ÿ√°‘®∫—≥±‘µ West Virginia University, U.S.A. ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ª√– ∫°“√≥å∑”ß“π ë 2548-ªí®®ÿ∫π— °√√¡°“√ºŸ®â ¥— °“√∑—«Ë ‰ª ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2538-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ë 2537-ªí®®ÿ∫π— °√√¡°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ ‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ë 2537-ªí®®ÿ∫π— °√√¡°“√·≈–ºŸâ®—¥°“√∑—Ë«‰ª, °√√¡°“√∫√‘À“√ ∫√‘…—∑ ‰™πà“-‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ ë 2536-ªí®®ÿ∫π— °√√¡°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

7. 𓬫‘™‘µ «‘∑¬∞“π°√≥å ë Õ“¬ÿ 63 ªï °√√¡°“√∫√‘À“√ «ÿ≤‘°“√»÷°…“ ë International Oversea Chinese High School, Taiwan ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ª√– ∫°“√≥å∑”ß“π ë 2541-ªí®®ÿ∫π— °√√¡°“√ ·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2528-2541 ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

8. 𓬙—¬¬ß§å «‘∑¬∞“π°√≥å ë Õ“¬ÿ 70 ªï °√√¡°“√ «ÿ≤‘°“√»÷°…“ ª«™. ‚√߇√’¬π°‘µµ‘æ“≥‘™¬å°“√ ª√– ∫°“√≥å∑”ß“π ë 2535-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ë 2533-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ ‚°≈‡¥Áπ‡∏√Á¥ ®”°—¥ ë 2528-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

9. π“ߪí∑¡“ µ—Èßæ‘√ÿÃÀå∏√√¡ ë Õ“¬ÿ 67 ªï °√√¡°“√ «ÿ≤‘°“√»÷°…“ ë ¡—∏¬¡»÷°…“ªï∑’Ë 6 ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Director Certification Program (DCP), Thai Institute of Directors (IOD) ª√– ∫°“√≥å∑”ß“π ë 2547-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ ‡™’¬√å ‡∑√¥¥‘Èß ®”°—¥ ë 2546-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ∫√‘���—∑ ©¡“ ·ÕÁ ‡™Á∑ ®”°—¥ ë 2536-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‰∑¬Œ“ ®”°—¥ (¡À“™π) ë 2531-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ∫√‘…—∑ ‡™’¬√å (ª√–‡∑»‰∑¬) ®”°—¥ ë 2528-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

Experience ë 2005-Present Member of National Economic and Social Advisory Council ë 2004-Present Director, Thai Ha Public Co., Ltd. ë 1992-Present Director, Prodigy Co., Ltd. ë 1985-Present President, Thai Vegetable Oil Public Co., Ltd. ë 1985-Present Director and Executive Director, Thai Vegetable Oil Public Co., Ltd.

6. Mr. Charuphot Neesanant ë Age 63 Years Executive General Manager Education ë B.A., West Virginia University, U.S.A. ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) Experience ë 2005-Present Executive General Manager, Thai Vegetable Oil Public Company Limited. ë 1995-Present Director, Prodigy Co., Ltd. ë 1994-Present Director and Executive Director, Thai Vegetable Oil International Co., Ltd. ë 1994-Present Managing Director and Executive Director, China-Thai Vegetable Oil (Wuhan) Co., Ltd. ë 1993- Present Director and Executive Director, Thai Vegetable Oil Public Co., Ltd.

7. Mr. Vichit Vitayatanagorn ë Age 63 Years Executive Director Education ë International Overseas Chinese High School , Taiwan ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) Experience ë 1998-Present Director and Executive Director, Thai Vegetable Oil Public Co., Ltd. ë 1985-1998 Executive Chairman, Thai Vegetable Oil Public Co., Ltd.

8. Mr. Chaiyong Vitayatanagorn ë Age 70 Years Director Education ë Kitti Commercial College Experience ë 1992-Present Director, Prodigy Co., Ltd. ë 1990-Present Director, Golden Thread Co., Ltd. ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd.

9. Mrs. Pattama Tangpiroonthum ë Age 67 Years Director Education ë Mathayom 6. ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Director Certification Program (DCP), Thai Institute of Directors (IOD) Experience ë 2004-Present Director, Cheer Trading Co., Ltd. ë 2003-Present Chairman, Chama Asset Co., Ltd. ë 1993-Present Chairman, Thai Ha Public Co., Ltd. ë 1988-Present Chairman, Cheer (Thailand) Co., Ltd. ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

20

10. 𓬫‘™—¬ «‘∑¬∞“π°√≥å ë Õ“¬ÿ 58 ªï °√√¡°“√

10. Mr. Vichai Vitayathanagorn ë Age 58 Years Director

«ÿ≤‘°“√»÷°…“ ë The Institute of Administration (Hong Kong) ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ª√– ∫°“√≥å∑”ß“π ë 2549-ªí®®ÿ∫π— ª√–∏“π ∫√‘…—∑ øÑ“‰™‚¬ ®”°—¥ ë 2547-ªí®®ÿ∫π— ª√–∏“π ∫√‘…—∑ ¬Ÿ ‚ø≈å« æ≈—  ®”°—¥ ë 2532-ªí®®ÿ∫π— ª√–∏“π ∫√‘…—∑ øï≈“ æ≈—  ®”°—¥ ë 2528-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2527-ªí®®ÿ∫π— ª√–∏“π ∫√‘…—∑ ‡∑§´åªÕ√嵉∑¬ ®”°—¥ ë 2516-ªí®®ÿ∫π— °√√¡°“√∫√‘…—∑ ∫√‘…—∑ ‡´à߇ŒßÕÿµ “À°√√¡ ®”°—¥

Education ë The Institute of Administration (Hong Kong) ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) Experience ë 2006-Present President, Fah Chaiyo Co., Ltd. ë 2004-Present President, U Flow Plus Co., Ltd. ë 1989-Present President, Fila Plus Co., Ltd. ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd. ë 1984-Present President, Texport Thai Co., Ltd. ë 1973-Present Director, Seng Heng Industrial Co., Ltd.

11. π“ß√—µπ“ ®—π∑√åæ‘∑—°…å ë Õ“¬ÿ 54 ªï °√√¡°“√

11. Mrs. Ratana Chanpitaksa ë Age 54 Years Director

«ÿ≤‘°“√»÷°…“ ë «‘∑¬“≈—¬°√ÿ߇∑æ°“√∫—≠™’ Director Accreditation Program (DAP), Thai Institute of Directors (IOD) Director Certification Program (DCP), Thai Institute of Directors (IOD) Finance for Non-Finance Director, Thai Institute of Directors (IOD) ª√– ∫°“√≥å∑”ß“π ë 2546-ªí®®ÿ∫π— °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ·Õ¥«“π´å ‡∏√Á¥ ®”°—¥ ë 2533-ªí®®ÿ∫π— °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ ë 2532-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ ‡¡®‘§‰≈πå ®”°—¥ ë 2528-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2516- ªí®®ÿ∫—π °√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ‡´à߇Œß Õÿµ “À°√√¡ ®”°—¥

Education ë Bangkok Business College ë Director Accreditation Program (DAP), Thai Institute of Directors (IOD) ë Director Certification Program (DCP), Thai Institute of Directors (IOD) ë Finance for Non-Finance Director, Thai Institute of Directors (IOD) Experience ë 2003-Present President, Advance Thread Co., Ltd. ë 1990-Present President, Golden Thread Co., Ltd. ë 1989-Present Director, Megicline Co., Ltd. ë 1985-Present Director, Thai Vegetable Oil Public Co., Ltd. ë 1973-Present President, Seng Heng Industrial Co., Ltd.

12. 𓬠¡»—°¥‘Ï »‘«–π“«‘π∑√å ë Õ“¬ÿ 63 ªï °√√¡°“√√Õß°√√¡°“√ºŸâ®—¥°“√

12. Mr. Somsak Sivanawin ë Age 63 Years Executive Vice President

«ÿ≤‘°“√»÷°…“ ë «‘∑¬“»“ µ√å∫—≥±‘µ (‡§¡’‡∑§π‘§) ®ÿÓ≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√– ∫°“√≥å∑”ß“π ë 2537-ªí®®ÿ∫π— °√√¡°“√ ∫√‘…∑— ‰™πà“-‰∑¬‡«∑‡®Á¥‡∑‡∫‘≈È ÕÕ¬≈å (ÕŸŒà π—Ë ) ®”°—¥ ë 2535-ªí®®ÿ∫π— ª√–∏“π°√√¡°“√ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ë 2533-ªí®®ÿ∫π— °√√¡°“√√Õß°√√¡°“√ ºŸ®â ¥— °“√Õ“«ÿ‚  ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2528-ªí®®ÿ∫π— °√√¡°“√·≈–°√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

Education ë B.Sc. (Chemical Technology) Chulalongkorn University Experience ë 1994-Present Director, China-Thai Vegetable Oil (Wuhan) Co., Ltd. ë 1992-Present Chairman, Prodigy Co., Ltd. ë 1990-Present Senior Executive Vice President, Thai Vegetable Oil Public Co., Ltd. ë 1985-Present Director and Executive Director, Thai Vegetable Oil Public Co., Ltd.

13. 𓬇»√…∞ √√ ‡»√…∞°“√ÿ≥¬å ë Õ“¬ÿ 54 ªï °√√¡°“√∫√‘À“√

13. Mr. Sethasan Sethakarun ë Age 54 Years Executive Director

«ÿ≤‘°“√»÷°…“ æ“≥‘™¬»“ µ√å∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ∫√‘À“√∏ÿ√°‘®¡À“∫—≥±‘µ ¡À“«‘∑¬“≈—¬‡°…µ√»“ µ√å ª√– ∫°“√≥å∑”ß“π ë 2545-ªí®®ÿ∫π— 𓬰 ¡“§¡  ¡“§¡ºŸâº≈‘µπÈ”¡—π∂—Ë«‡À≈◊Õß·≈–√”¢â“« ë 2540-ªí®®ÿ∫π— °√√¡°“√∫√‘À“√ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2539-ªí®®ÿ∫π— √Õß°√√¡°“√ºŸ®â ¥— °“√ ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2540-2544 Õÿªπ“¬° ¡“§¡  ¡“§¡ºŸâº≈‘µπÈ”¡—π∂—Ë«‡À≈◊Õß·≈–√”¢â“« ë 2536-2540 ∑’ªË √÷°…“§≥–°√√¡°“√∫√‘À“√ ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2526-2535 ºŸ®â ¥— °“√ΩÉ“¬°“√§â“µà“ߪ√–‡∑» ∫√‘…∑— Õÿµ “À°√√¡«‘«≤— πå ®”°—¥

Education ë B.A. (Marketing), Thammasat University ë M.B.A., Kasetsart University Experience ë 2002-Present President, Soybean and Rice Bran Oil Processor Association ë 1997-Present Executive Director, Thai Vegetable Oil Public Co., Ltd. ë 1996-Present Executive Vice President, Thai Vegetable Oil Public Co., Ltd. ë 1997-2001 Vice President, Soybean and Rice Bran Oil Processor Association ë 1993-1997 Advisor to the Executive Board, Thai Vegetable Oil Public Co., Ltd. ë 1983-1992 Foreign Trade Department Manager, Industrial Enterprises Company Ltd.


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

14. π“ß “« ÿ¿√—µπå »—°¥‘Ï«√“√—µπå ë Õ“¬ÿ 54 ªï ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª

14. Miss Suparat Sakwararat ë Age 54 Years Assistant Executive General Manager

«ÿ≤‘°“√»÷°…“ ë «‘∑¬“≈—¬°√ÿ߇∑æ°“√∫—≠™’ ª√– ∫°“√≥å∑”ß“π ë 2539-ªí®®ÿ∫π— ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2528-ªí®®ÿ∫π— ºŸâ®—¥°“√°“√µ≈“¥Õ“«ÿ‚  ·ºπ°°“√µ≈“¥Õÿµ “À°√√¡ 1 ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

Education ë Bangkok Business College Experience ë 1996-Present Assistant Executive General Manager, Thai Vegetable Oil Public Co., Ltd. ë 1985-Present Senior Marketing Manager, Industrial Marketing Department, Thai Vegetable Oil Public Co., Ltd.

16. π“ß “« ÿπ—π∑“ ‰µ√‡∑æ“¿‘√—°…å ë Õ“¬ÿ 45 ªï ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’

16. Miss Sunanta Tritapapiruk ë Age 45 Years Finance & Accounting Director

«ÿ≤‘°“√»÷°…“ ë ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡ Õ—π¥—∫ Õß) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ë ∫—≠™’¡À“∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å ª√– ∫°“√≥å∑”ß“π ë 2549-ªí®®ÿ∫π— ºŸÕâ ”π«¬°“√ΩÉ“¬°“√‡ß‘π·≈–∫—≠™’ ∫√‘…∑— πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2535-2549 ºŸâ®—¥°“√·ºπ°∫—≠™’·≈–§Õ¡æ‘«‡µÕ√å ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2532-2534 ºŸâ®—¥°“√∫—≠™’ΩÉ“¬∫—≠™’ ∫√‘…—∑ ·®ä°‡®’¬- ¡‘∏ ·Õπ¥å ‡πøøî« ®”°—¥ ë 2531-2532 À—«Àπâ“·ºπ°∫—≠™’ ∫√‘…—∑ ‡Œß‡§≈ ‰∑¬ ®”°—¥

Education ë B.A. Accounting (Second Class Honor) Thammasart University ë M.S. Thammasart University Experience ë 2006-Present Finance & Accounting Director, Thai Vegetable Oil Public Company Limited ë 1992-2006 Accounting & IT Manager, Thai Vegetable Oil Public Company Limited ë 1989-1991 Accounting Manager, Jack Chia-Smith & Nephew Co., Ltd. ë 1988-1989 Accounting Supervisor, Henkel Thai Limited

17. 𓬰”∏√ ‡Õ°‡¡∏’æ—π∏å ë Õ“¬ÿ 47 ªï ºŸâÕ”π«¬°“√‚√ßß“π (√—°…“°“√)

17. Mr. Kamtorm Ekmetipunth ë Age 47 years Plant Director (Acting)

«ÿ≤‘°“√»÷°…“ ë ª√‘≠≠“µ√’«‘∑¬“»“ µ√å∫—≥±‘µ ®ÿÓ≈ß°√≥å¡À“«‘∑¬“≈—¬ ª√– ∫°“√≥å∑”ß“π ë 2549-ªí®®ÿ∫π— ºŸâÕ”π«¬°“√‚√ßß“π ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2547-2549 ºŸâ®—¥°“√‚√ßß“π ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ë 2540-2547 ºŸâ®—¥°“√º≈‘µ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π)

Education ë B.Sc. (Chemical Technology), Chulalongkorn University Experience ë 2006-Present Plant Director, Thai Vegetable Oil Public Company Limited. ë 2004-2006 Plant Manager, Thai Vegetable Oil Public Company Limited. ë 1997-2004 Production Manager, Thai Vegetable Oil Public Company Limited

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘® Nature of the Business

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ‡ªìπºŸâ ª√–°Õ∫°“√Õÿµ “À°√√¡°“√‡°…µ√ ∫√‘…—∑º≈‘µ·≈– ®”Àπà“¬ ‘π§â“À≈—° 8 ™π‘¥ ¥—ßπ’È 1. °“°∂—Ë«‡À≈◊Õß ‡ªìπ«—µ∂ÿ¥‘∫À≈—°∑’˵âÕß„™â‡æ◊ËÕº≈‘µÕ“À“√ —µ«å °“°∂—Ë«‡À≈◊ÕߢÕß∫√‘…—∑œ ®”Àπà“¬¿“¬„µâ™◊ËÕ ç∑’«’‚Õ ‰Œ‚ª√¡‘≈é ‡ªìπ º≈‘µ¿—≥±å∑’ˉ¥â√—∫°“√¬Õ¡√—∫Õ¬à“ß°«â“ߢ«“ß„π«ß°“√Õÿµ “À°√√¡°“√ ‡≈’Ȭߠ—µ«å ‡π◊ËÕß®“°¡’§ÿ≥¿“æ Ÿß  ¡Ë”‡ ¡Õ ·≈–‰¥â¡“µ√∞“π 2. πÈ”¡—π∂—Ë«‡À≈◊Õßµ√“ çÕßÿàπé ‡ªìππÈ”¡—πæ◊™∑’˺≈‘µ®“°∂—Ë«‡À≈◊Õß 100% „™â ”À√—∫ª√ÿßÕ“À“√„π§√—«‡√◊Õπ ·≈–¬—߇ªìπ«—µ∂ÿ¥‘∫À≈—°∑’Ë ”§—≠ ¢ÕßÕÿ µ  “À°√√¡º≈‘ µ Õ“À“√ ”‡√Á ® √Ÿ ª µà “ ßÊ ‡™à π Õÿ µ  “À°√√¡º≈‘ µ ª≈“°√–ªÜÕß Õÿµ “À°√√¡º≈‘µπÈ”æ√‘°‡º“ ·≈–Õ◊ËπÊ ‡ªìππÈ”¡—π∂—Ë«‡À≈◊Õß ∑’ˉ¥â√—∫§«“¡‰«â«“ß„®®“°ºŸâ∫√‘‚¿§·≈–Õÿµ “À°√√¡µà“ßÊ ‡ªìπÕ¬à“ß¡“° ‡π◊ËÕß®“°§ÿ≥¿“æ∑’ˉ¡à‡ªìπ‰¢ ·≈–„Àâ§ÿ≥§à“∑“ß‚¿™π“°“√∑’Ë¥’µàÕ ÿ¢¿“æ 3. øŸ≈·øµ´Õ¬ ¿“¬„µâ™◊ËÕ ç∑’«’‚Õ øŸ≈·øµ´Õ¬é ‡ªìπ«—µ∂ÿ¥‘∫∑’Ë„™â º ¡Õ“À“√‡æ◊ËÕ‡≈’Ȭß≈Ÿ° ÿ°√·≈–‰°à ™à«¬„Àâ¬àÕ¬ßà“¬ „À₪√µ’π·≈–æ≈—ßß“π  Ÿß ÿ¥ Õÿ¥¡¥â«¬°√¥‰¢¡—π‰¡àÕ‘Ë¡µ—«´÷Ëß®”‡ªìπ ”À√—∫ —µ«å‡≈’È¬ß™π‘¥µà“ßÊ ‚¥¬‡©æ“– — µ «å ‡ ≈’È ¬ ß√–¬–‡≈Á ° ‡ √‘ ¡ °“√‡®√‘ ≠ ‡µ‘ ∫ ‚µÕ¬à “ ß¡’ §ÿ ≥ ¿“æ ‚¥¬‡©æ“–Õ¬à“߬‘Ëߙ૬‡æ‘Ë¡°“√ √â“߇π◊ÈÕ·¥ß„Àâ¡“°¢÷Èπ„π —µ«å 4. ‡≈´‘µ‘𠇪ìπ “√ ”§—≠„πÕ“À“√°ÿâß „™â‡ªìπ à«πº ¡„π°“√ º≈‘µÕ“À“√°ÿâß ‰°à À¡Ÿ ª≈“ ™à«¬‡æ‘Ë¡§«“¡ “¡“√∂„π°“√¥Ÿ¥´÷¡‰¢¡—π „π °ÿâß ‰°à À¡Ÿ ‰¥â‡√Á«·≈–¥’¢÷Èπ ™à«¬„π°“√¥Ÿ¥´÷¡§≈Õ‡√ ‡µÕ√Õ≈„π°ÿâß ‡æ◊ËÕπ” ‰ª„™â„π°“√ √â“߇ª≈◊Õ° „π°“√≈Õ°§√“∫·µà≈–§√—Èß ∑”„Àâ‡æ‘Ë¡Õ—µ√“°“√ ‡®���‘≠‡µ‘∫‚µ·≈–√Õ¥™’«‘µ 5. ¥’Œ—≈ ´Õ¬¡’≈ ‡π◊ÈÕ∂—Ë«‡À≈◊Õß°–‡∑“–º‘«ÕÕ°·≈â« „À₪√µ’π·≈– §ÿ≥§à“Õ“À“√Õ◊ËπÊ  Ÿß¢÷Èπ ‡À¡“– ”À√—∫ —µ«å∑’˵âÕß°“√Õ“À“√§ÿ≥¿“æ Ÿß ‡æ◊ËÕ°“√‡µ‘∫‚µ·≈–„Àâº≈º≈‘µ Ÿß ÿ¥ 6. ¢â“«‚æ¥Õ∫ ‡ªìπ«—µ∂ÿ¥‘∫Õ“À“√ —µ«å∑’Ë„Àâæ≈—ßß“π Ÿß  “¡“√∂ „™â·∑πª≈“¬¢â“«„π Ÿµ√Õ“À“√ —µ«å ”À√—∫‡≈’¬È ß ÿ°√‡æ◊ÕË ≈¥µâπ∑ÿπ§à“Õ“À“√ 7. πÈ”¡—π∑“πµ–«—π º≈‘µ®“°‡¡≈Á¥∑“πµ–«—π 100 % ‡ªìππÈ”¡—π ∑’Ë¡’°√¥‰¢¡—π‰¡àÕ‘Ë¡µ—« Ÿß·≈–¡’°√¥‰≈‚π‡≈Õ‘§ Ÿß ´÷Ë߇ªìπ°√¥‰¢¡—π∑’Ë¡’ ª√–‚¬™πåµàÕ√à“ß°“¬ ·≈–ª≈Õ¥¿—¬µàÕ ÿ¢¿“æ¢ÕߺŸâ∫√‘‚¿§  à«π„À≠à„™â„π Õÿµ “À°√√¡º≈‘µÕ“À“√∑–‡≈ àßÕÕ° ‡™àπ ∑Ÿπà“„ππÈ”¡—π∑“πµ–«—π∫√√®ÿ °√–ªÜÕß 8. °“°∑“πµ–«—𠇪ìπ«—µ∂ÿ¥‘∫Õ“À“√ —µ«å∑’Ë„À₪√µ’π·≈–§ÿ≥§à“ Õ“À“√Õ◊ËπÊ ∑”„Àâ —µ«å¡’ ÿ¢¿“æ·¢Áß·√ß ∑—È߬—ß¡’‰ø‡∫Õ√å´÷Ëߙ૬„π‡√◊ËÕß √–∫∫¢—∫∂à“¬  “¡“√∂„™â·∑π°“°∂—Ë«‡À≈◊Õß„π Ÿµ√Õ“À“√ —µ«å‰¥â∫“ß à«π ‡æ◊ËÕ≈¥µâπ∑ÿπ§à“Õ“À“√

22

∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ¥”‡π‘π∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬¢«¥æ≈“ µ‘° PET ‡æ◊ËÕ„™â ”À√—∫ ∫√√®ÿÕ“À“√·≈–‡§√◊ËÕߥ◊Ë¡ √«¡∂÷ßπÈ”¡—πæ◊™¢Õß∫√‘…—∑œ ‚¥¬®”Àπà“¬„Àâ °—∫∑—Èß∫√‘…—∑ ·≈–≈Ÿ°§â“¿“¬πÕ° §ÿ≥ ¡∫—µ‘¢Õߢ«¥ PET ¡’§«“¡‡À𒬫 „  ∑πµàÕ°√¥·≈–¥à“ß ªÑÕß°—π°“√´÷¡ºà“π¢Õß°ä“´‰¥â¥’ ∑”„Àâ∂πÕ¡√—°…“ √ ™“µ‘¢ÕßÕ“À“√·≈–§ÿ≥¿“æ¢ÕßÕ“À“√·≈–‡§√◊ËÕߥ◊Ë¡‰¥â¥’ „π√Õ∫ªï 2551 ∑’˺à“π¡“ ∫√‘…—∑œ ‰¥â‡æ‘Ë¡°”≈—ߺ≈‘µ‚¥¬°“√µ‘¥µ—Èß ‡§√◊ËÕß®—°√‡æ‘Ë¡‡µ‘¡ ·≈–¡’°“√°àÕ √â“ßÕ“§“√§≈—ß ‘π§â“„À¡àÕ’° 1 À≈—ß ∫√‘…—∑œ ‰¥â√—∫º≈°√–∑∫®“°√“§“‡¡Á¥æ≈“ µ‘°∑’Ë¡’§«“¡º—πº«π¡“° µ“¡√“§“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß Õ¬à“߉√°Áµ“¡∫√‘…—∑œ ¬—ߧß√—°…“¬Õ¥¢“¬‰¥â „°≈⇧’¬ß°—∫ªï∑’˺à“π¡“ §◊Õª√–¡“≥ 418 ≈â“π∫“∑ ·≈–¡’°”‰√„πÕ—µ√“∑’Ë πà“æÕ„® „πÕ𓧵∫√‘…∑— œ ®–¬—ߧßæ—≤π“Õ¬à“ßµàÕ‡π◊ÕË ß ‡æ◊ÕË ‡æ‘¡Ë ª√– ‘∑∏‘¿“æ ·≈–ª√–‚¬™πå„™â Õ¬¡“°¢÷Èπ´÷Ëß®–™à«¬„π°“√¢¬“¬µ≈“¥·≈–∞“π≈Ÿ°§â“ ∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ ‡ªìπ ºŸâº≈‘µ·≈–®”Àπà“¬πÈ”¡—π√”¢â“«µ√“ 科ßé


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Thai Vegetable Oil Public Company Limited operates within the agriculture industry, manufacturing 8 principal product categories as follows. 1. Producer of the çA-Ngooné brand of soybean oil, made from 100% soybeen seeds and intended for household cooking purposes. Soybean oil is also a primary ingredient for other processed food manufacturing industries, such as the canned fish industry, the chilly paste industry and other businesses. The Companyûs product has gained the trust of consumers and industry users alike, owing to its unsaturated and healthy nutritional value. 2. Soybean meal is a key raw material for the production of animal feed. The Companyûs soybean meal is distributed under the çTVO Hipromealé brand and is widely accepted within the livestock raising industries, attributed to its high quality, consistency and standards. 3. Full fat soy products are produced under the çTVO Full Fat Soyé brand, and is an ingredient mix for animal feed used in the pig and chicken farming industries. It has the benefits of easy digestion; high protein and energy content; and is rich in non-saturated fats essential for various types of raised livestock, It is particularly suited as a quality growth enhancer for younger livestock and especially for ensuring a higher proportion of lean meat. 4. Dehulled soymeal : the husked soybean provides higher protein and nutritional benefits, highly appropriate for livestock the requires good quality feed for growth and maximum yield. 5. Lecithin is an important ingredient for shrimp, chicken and pig feed, It helps in fat and cholesterol absorption, thereby increasing growth and survival rates. 6. Extruded corn is an ingredient in animal feed that provides an excellent source of energy. It is used as an alternative to rice bran for pig feed, due to its lower cost. 7. Sunflower Oil produced from 100% sunflower seeds, and the main physical properties of the Sunflower Oil contained high level of the unsaturated fats and the high level of the lenoleic acid, which is scientifically proved to be safe for the human consumption and provide the great health benefit to the consumers. Sunflower Oilûs commonly used in the canned food export industry where the key producers are the tuna canneries who pack its tuna in Sunflower Oil. It helps animalûs excretory system with its high fiber 8. Sunflower meal is a feed ingredient as an alternative protein source and also provides some nutritional benefits. Moreover thereûhigh animalûs excretory system. It can be partially substituted for soybean meal in the feed formula in order to reduce the feed cost.

SUBSIDIARY COMPANIES Prodigy Company Limited. Prodigy Company Limited (Prodigy) produces and distributes PET plastic bottle for food and beverage, including the Companyûs vegetable oil. Prodigy sold its products to both the Company and external customers. PET plastic bottle is durable, transparent, acid and base resistant and is air-tight, making it suitable for preserving taste and quality of food and beverage. During 2008, Prodigy increase production capacity by installing new machine and constructing a warehouse building. The company was affected by volatile plastic prices from rising oil price. However, the company was able to maintain 2008 revenue at Baht 418 million, which is close to last year, and report respectable profits. In the future, the company will continue to develop to enhance efficiency and product utilities, which should help expanding market and customer base. Thai Edible Oil Co., Ltd. The manufacturer of the çKingé brand of rice husk oil.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

23


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

∫√‘…—∑ ‰™πà“‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ ¥”‡π‘ π °“√º≈‘ µ ·≈–®”Àπà “ ¬πÈ” ¡— π æ◊ ™ ·≈–°“°∑’Ë º ≈‘ µ ®“°‡¡≈Á ¥ ∂—«Ë ‡À≈◊Õß·≈–‡¡≈Á¥‡√æ´’¥ (Rapeseed) ¡’‚√ßß“πÕ¬Ÿ∑à ‡’Ë ¡◊ÕßÕŸŒà π—Ë ¡≥±≈ÀŸ‡à ªÉ¬ ª√–‡∑»®’π ‚¥¬¡’°”≈—ß°“√ °—¥«—µ∂ÿ¥‘∫ 700 µ—π/«—π ·≈– “¬°“√°≈—Ëπ πÈ”¡—πæ◊™ 250 µ—π/«—π πÈ”¡—πæ◊™∑’˺≈‘µ®–¢“¬‚¥¬ºŸâ´◊ÈÕ®–π”∂—ßÀ√◊Õ ∫√√®ÿ¿—≥±åÕ◊ËπÊ ¡“∫√√®ÿπÈ”¡—π‡Õß πÕ°®“°π’È ∫√‘…—∑¬—ߢ“¬πÈ”¡—π„π ≈—°…≥–∫√√®ÿ¿—≥±å ”‡√Á®√Ÿª¢π“¥ 5 ≈‘µ√ 4.5 ≈‘µ√ ·≈– 1.8 ≈‘µ√ ¿“¬„µâ ‡§√◊ËÕßÀ¡“¬°“√§â“ çÕßÿàπé ¥â«¬  à«π°“°‡√æ´’¥·≈–°“°∂—Ë«‡À≈◊Õß®–¢“¬ „ÀâÕÿµ “À°√√¡Õ“À“√ —µ«å„π‡¡◊Õß∑’˵—Èß‚√ßß“πÕ¬Ÿà ·≈–¢“¬‰ª Ÿà·À≈àß ‡≈’Ȭߠ—µ«åÕ◊ËπÊ „πª√–‡∑»®’π π‚¬∫“¬·≈–·π«‚πâ¡∏ÿ√°‘®„π‡¡◊Õß®’π °“√‡®√‘≠‡µ‘∫‚µ¢Õ߇»√…∞°‘®®’π§ß®–µâÕ߉¥â√—∫º≈°√–∑∫®“° ¿“«–∂¥∂Õ¬¢Õ߇»√…∞°‘®‚≈° ·µà«à“√—∞∫“≈°Á‰¥â欓¬“¡ÕÕ°¡“µ√°“√ µà“ßÊ ‡æ◊ËÕæ¬ÿß°“√‡µ‘∫‚µ∑“߇»√…∞°‘® ¥—ßπ—Èπ„π à«πÕÿª ß§å¢Õß ‘π§â“ Õÿª‚¿§∫√‘‚¿§æ◊Èπ∞“π®–¬—ߧߡ’Õ¬ŸàÕ¬à“ßµàÕ‡π◊ËÕß „πªï 2552 ·¡â«à“√“§“  ‘π§â“°≈ÿà¡πÈ”¡—πæ◊™√«¡∑—Èß ‘π§â“‡°…µ√Õ◊ËπÊ ®–≈¥≈ß¡“° ·µà°Á‡ªìπ¢âÕ¥’ „π·ßà∫√√‡∑“¿“«–‡ß‘π‡øÑÕ¢—Èπ√ÿπ·√ß„π™à«ßµâπªï 2551 ·≈–™à«¬√—°…“ √–¥—∫§«“¡µâÕß°“√‰¡à„Àâ≈¥≈ßµ“¡¿“«–‡»√…∞°‘®∂¥∂Õ¬ ∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ ‡ªìπ∫√‘…—∑ Holding Company ∑’Ë®—¥µ—Èߢ÷Èπ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ ‡¢â“‰ª≈ß∑ÿπ„π∫√‘…—∑µà“ßÊ „πµà“ߪ√–‡∑» °“√‡ª≈’ˬπ·ª≈ß∑’Ë ”§—≠„πªï∑’˺à“π¡“ ∫√‘…—∑¡’‚§√ß°“√¢¬“¬°”≈—ß°“√º≈‘µ‡æ‘Ë¡Õ’° 2,000 µ—π ‚¥¬°“√ °àÕ √â“ßÕ“§“√√«¡∑—Èß°“√µ‘¥µ—È߇§√◊ËÕß®—°√·≈–Õÿª°√≥åµà“ßÊ ‰¥â‡√‘Ë¡„πªï 2551 ·≈–®–‡ √Á® ‘Èπ¿“¬„πªï 2553

China-Thai Vegetable Oil (Wuhan) Co., Ltd. This company produces and distributes vegetable oil, soybean meal extraction and rapeseed. The production facility is located in Wuhan, Hubei Province, China and has a production capability for the raw material extraction equivalent to 700 tons/day. Refinery line has a manufacturing capacity of 250 tons/day/and is sold to buyers who package the product in their own cans or other containers. The Company also sells the product in 5 litre, 4.5 litre and 1.8 litre packaging under the çA-Ngooné trademark. For the tonnage of rapeseed and soybean produced is sold to the livestock industry in the neighborhood cities, and also for remote cities in China. Policy and business trend in China China economic growth tend to be affected from global economic recession, but the government issues many measures to retain economic growth, therefore the demand of commodities product will continuously grows. Though the price of vegetable oil and other agricultural product are sharply lower in 2009, on the other hands, it lessens the severe inflation situation in early 2008 and maintains demand level not to decrease in line with economic recession. Thai Vegetable Oil International Co., Ltd. Thai Vegetable Oil International is a holding company established for the purpose of investing in various businesses abroad. The Significant Change during the past year The Company expanded capacity to 2000 tons soybean seeds per day by installing machine and necessary equipments and constructing new buildings since 2008 and it expected to be operated within 2010.

‚§√ß √â“ß√“¬‰¥â / Revenue Structure ª√–‡¿∑º≈‘µ¿—≥±å

¥”‡π‘π°“√‚¥¬

% °“√∂◊ÕÀÿâπ

Products

Operated by

% shares own

2551 2008

%

2550 2007

%

2549 2006

%

√“¬‰¥â®“°°“√¢“¬„πª√–‡∑» / Revenue from Local Market πÈ”¡—π∂—Ë«‡À≈◊Õß / Soybean Oil TVO 100 «—µ∂ÿ¥‘∫Õ“À“√ —µ«å / Feed Meal TVO 100 Õ◊ËπÊ / Other TVO 100

6,374 12,879 970

27.03 54.63 4.12

4,921 9,600 676

26.99 52.66 3.71

3,529 8,285 705

23.26 54.61 4.69

√“¬‰¥â®“°°“√¢“¬µà“ߪ√–‡∑» / Revenue from Export Market πÈ”¡—π·≈–°“° / Oil and Meal TVO 100 TVO CHINA 65

710 2,642

3.01 11.21

327 2,706

1.80 14.84

949 1,697

6.25 11.19

100 18,230

100

15,165

100

√«¡∑—Èß ‘Èπ / Total

24

23,575


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

𑵑∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπ‡°‘π 10% The Investment of the Company ∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥

Thai Edible Oil Co., Ltd.

 ∂“π∑’ Ë ”π—°ß“π„À≠à 3366/6-8 ´Õ¬¡‚π√¡¬å ∂ππæ√–√“¡ 4 §≈Õßµ—π §≈Õ߇µ¬ °√ÿ߇∑æœ ‚∑√»—æ∑å (02) 249-9351-2 ‚∑√ “√ (02) 249-4914 ª√–‡¿∑∏ÿ√°‘® º≈‘µ ·≈–®”Àπà“¬πÈ”¡—πæ◊™ ®”π«π·≈–™π‘¥¢ÕßÀÿâπ∑’ËÕÕ°®”Àπà“¬ Àÿâπ “¡—≠®”π«π 13,980,000 Àÿâπ ®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ 2,000,000 Àÿâπ  —¥ à«π°“√∂◊ÕÀÿπâ 14.31%

Address 3366/6-8 Soi Manorom, Rama 4 Road, Klongton, Klongtoey, Bangkok Tel. (02) 249-9351-52 Fax. (02) 249-4914 Type of Business Manufacture and Distribution of Vegetable Oil No. of Shares Common Shares 13,980,000 Unit No. of Shares Held 2,000,000 Unit Ratio Shareholding 14.31%

∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥

Prodigy Co., Ltd.

 ∂“π∑’Ë ”π—°ß“π„À≠à 7/3 ´Õ¬ ÿ¢“¿‘∫“≈ µ”∫≈∫“ß°√–‡∫“ Õ”‡¿Õπ§√™—¬»√’ ®—ßÀ«—¥π§√ª∞¡ ‚∑√»—æ∑å (034) 332-611-2 ‚∑√ “√ (034) 332-613 ª√–‡¿∑∏ÿ√°‘® Õÿµ “À°√√¡°“√º≈‘µ ®”π«π·≈–™π‘¥¢ÕßÀÿâπ∑’ËÕÕ°®”Àπà“¬ Àÿâπ “¡—≠®”π«π 5,000,000 Àÿâπ ®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ 2,150,000 Àÿâπ  —¥ à«π°“√∂◊ÕÀÿπâ 43%

Address 7/3 Soi Sukhaphiban, Tambon Bangkraboa, Amphor Nakornchaisri, Nakornpathom Tel. (034) 332-611-2 Fax. (034) 332-613 Type of Business Production Industry No. of Shares Common Shares 5,000,000 Unit No. of Shares Held 2,150,000 Unit Ratio Shareholding 43%

∫√‘…—∑ ‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥ (TVOI)

Thai Vegetable Oil International Co., Ltd. (TVO1)

 ∂“π∑’Ë ”π—°ß“π„À≠à Dawson Building, Road Town, Tortola, British Virgin Islands. ‚∑√»—æ∑å (02) 477-9020 ‚∑√ “√ (02) 477-8022 ª√–‡¿∑∏ÿ√°‘® ∂◊ÕÀÿπâ ∫√‘…∑— „π∫√‘…∑— Õ◊πË ®”π«π·≈–™π‘¥¢ÕßÀÿâπ∑’ËÕÕ°®”Àπà“¬ Àÿâπ “¡—≠®”π«π 8,000,000 Àÿâπ ®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ Àÿâπ “¡—≠®”π«π 5,200,000 Àÿâπ  —¥ à«π°“√∂◊ÕÀÿπâ 65%

Address Dawson Building, Road Town, Tortola, British Virgin Islands. Tel. (02) 477-9020 Fax. (02) 477-8022 Type of Business Holding No. of Shares Common Shares 8,000,000 Unit No. of Shares Held 5,200,000 Unit Ratio Shareholding 65%

∫√‘…∑— ‰™πà“-‰∑¬‡«∑‡®Á¥‡∑‡∫‘≈È ÕÕ¬≈å (ÕŸŒà π—Ë ) ®”°—¥ (TVO CHINA)

China-Thai Vegetable Oil (Wuhan) Co., Ltd. (TVO CHINA)

 ∂“π∑’Ë ”π—°ß“π„À≠à Zip 430125 No. 3, Wuhan, Hubei, P.R. China ‚∑√»—æ∑å (8627) 422-0095 ‚∑√ “√ (8627) 422-0953 ª√–‡¿∑∏ÿ√°‘® º≈‘µ ·≈–®”Àπà“¬πÈ”¡—πæ◊™ ®”π«π·≈–™π‘¥¢ÕßÀÿâπ∑’ËÕÕ°®”Àπà“¬ Àÿâπ “¡—≠®”π«π 7,200,000 Àÿâπ ®”π«πÀÿâπ∑’Ë∫√‘…—∑∂◊Õ ∫√‘…—∑ ‰™πà“-‰∑¬‡«∑‡®Á¥‡∑‡∫‘È≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ (TVO CHINA) ∂◊ÕÀÿπâ ‚¥¬ ∫√‘…∑— ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈È ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—πË ‡‡π≈ ®”°—¥ „πÕ—µ√“√âÕ¬≈– 100

Address Zip 430125 No. 3, Wuhan, Hubei, P.R. China Tel. (8627) 422-0095 Fax. (8627) 422-0953 Type of Business Manufacture and Distribution Of Vegetable Oil No. of Shares Common Shares 7,200,000 Unit No. of Shares Held China-Thai Vegetable Oil (Wuhan) Co., Ltd. (TVO CHINA) was held by Thai Vegetable Oil International Co., Ltd. In Ratio of 100%

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

25


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

‚§√ß √â“ß°“√∂◊ÕÀÿâπ·≈–°“√®—¥°“√ Shareholder and Management Team ºŸ∂â Õ◊ Àÿπâ ºŸâ∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° (≥ «—π∑’˪¡ÿ¥∑–‡∫’¬πºŸâ∂◊ÕÀÿâπ§√—Èß ÿ¥∑⓬ «—π∑’Ë 3 惻®‘°“¬π 2551)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

√“¬™◊ÕË ºŸ∂â Õ◊ Àÿπâ π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å 𓬫‘™—¬ «‘∑¬∞“π°√≥å π“ß√—µπ“ ®—π∑√åæ‘∑—°…å 𓬫‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å ∫√‘…—∑ ‡™’¬√å (ª√–‡∑»‰∑¬) ®”°—¥ 𓬫‘√—™ «‘∑¬∞“π°√≥å π“߇∫≠®«√√≥ «‘∑¬∞“π°√≥å 𓬙—¬¬ß§å «‘∑¬∞“π°√≥å π“ß “««√πÿ™ «‘∑¬∞“π°√≥å ∫√‘…—∑ ‚√ß°≈—ËππÈ”¡—ππ§√‰™¬»√’ ®”°—¥

§≥–ºŸâ∫√‘À“√ 1. 2. 3. 4. 5. 6.

π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å 𓬫‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å 𓬮“√ÿæ®πå ≥’»–π—π∑å 𓬫‘™‘µ «‘∑¬∞“π°√≥å 𓬙—¬¬ß§å «‘∑¬∞“π°√≥å 𓬠¡»—°¥‘Ï »‘«–π“«‘π∑√å

7. 𓬇»√…∞ √√ ‡»√…∞°“√ÿ≥¬å 8. π“ß “« ÿ¿√—µπå »—°¥‘Ï«√“√—µπå 9. π“ß “« ÿπ—π∑“ ‰µ√‡∑æ“¿‘√—°…å 10. 𓬰”∏√ ‡Õ°‡¡∏’æ—π∏å

ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ °√√¡°“√ºŸâ®—¥°“√ °√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª °√√¡°“√ °√√¡°“√ °√√¡°“√√Õß°√√¡°“√ ºŸ®â ¥— °“√ √Õß°√√¡°“√ºŸâ®—¥°“√ ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π ·≈–∫—≠™’ ºŸâÕ”π«¬°“√ΩÉ“¬‚√ßß“π (√—°…“°“√)

¢Õ∫‡¢µÕ”π“®Àπâ“∑’Ë¢Õߧ≥–°√√¡°“√∫√‘…—∑‡ªìπ¥—ßπ’È 1. °√√¡°“√µâÕߪؑ∫—µ‘Àπâ“∑’ˇªìπ‰ªµ“¡°ÆÀ¡“¬«—µ∂ÿª√– ß§å ·≈–¢âÕ∫—ߧ—∫¢Õß∫√‘…∑— µ≈Õ¥®π¡µ‘∑ª’Ë √–™ÿ¡ºŸ∂â Õ◊ Àÿπ⠥⫬§«“¡´◊ÕË  —µ¬å ÿ®√‘µ ·≈–√–¡—¥√–«—ß√—°…“º≈ª√–‚¬™πå∫√‘…—∑ 2. °√√¡°“√¡’Àπâ“∑’Ë°”Àπ¥ π‚¬∫“¬·≈–∑‘»∑“ß°“√¥”‡π‘πß“π ¢Õß∫√‘…∑— (Directing) ·≈–°”°—∫§«∫§ÿ¡¥Ÿ·≈ (Monitoring and Supervision) „Àâ ΩÉ “ ¬®— ¥ °“√¥”‡π‘ π °“√„Àâ ‡ ªì 𠉪µ“¡π‚¬∫“¬∑’Ë °”À𥉫â Õ ¬à “ ß¡’ ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈‡æ◊ÕË ‡æ‘¡Ë ¡Ÿ≈§à“∑“߇»√…∞°‘® Ÿß¢÷πÈ „Àâ·°à°®‘ °“√ ·≈– √â“ߺ≈µÕ∫·∑π∑’Ë¥’„Àⷰຟâ∂◊ÕÀÿâπ 3. °√√¡°“√µâ Õ ß¡’ § «“¡√— ∫ º‘ ¥ ™Õ∫µà Õ ºŸâ ∂◊ Õ Àÿâ π ‚¥¬ ¡Ë” ‡ ¡Õ (Accountability to Shareholders) ¥”‡π‘πß“π‚¥¬√—°…“º≈ª√–‚¬™πå¢Õß ºŸâ∂◊ÕÀÿâπ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈µàÕºŸâ≈ß∑ÿπÕ¬à“ß∂Ÿ°µâÕß §√∫∂â«π¡’¡“µ√∞“π ·≈–‚ª√àß„ 

26

®”π«πÀÿâπ∑’Ë∂◊Õ 51,489,500 48,972,690 37,500,000 23,205,940 21,531,668 21,249,250 21,000,000 18,437,500 17,081,967 14,698,750

% 8.25 7.84 6.01 3.72 3.45 3.40 3.36 2.95 2.74 2.35

4. §≥–°√√¡°“√¡’ Õ”π“®‡≈◊ Õ °µ—È ß °√√¡°“√®”π«πÀπ÷Ë ß ‡ªì π °√√¡°“√∫√‘À“√ æ√âÕ¡∑—Èß¡Õ∫Õ”π“® ·≈–°”Àπ¥¢Õ∫‡¢µÕ”π“®„π°“√ Õπÿ¡—µ‘·≈– —Ëß°“√„Àâ·°à§≥–°√√¡°“√∫√‘À“√ ‡æ◊ËÕ„Àâ°“√∫√‘À“√°‘®°“√ ∫√‘…—∑¥”‡π‘π‰ªµ“¡π‚¬∫“¬·≈–«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ ‡æ◊ËÕ°“√π’È„Àâ §≥–°√√¡°“√∫√‘À“√‡≈◊Õ°°—π‡Õ߇ªìπª√–∏“πÀπ÷Ëߧπ √Õߪ√–∏“π °√√¡°“√Àπ÷ËߧπÀ√◊ÕÀ≈“¬§π ·≈–°√√¡°“√ºŸâ®—¥°“√Àπ÷Ëߧπ

¢Õ∫‡¢µ·≈–Õ”π“®Àπâ“∑’Ë¢Õߧ≥–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®·µàßµ—ßÈ ∫ÿ§§≈µ“¡®”π«π∑’®Ë ”‡ªìπ ·≈– ‡ÀÁπ ¡§«√„À⇪ìπæπ—°ß“π∫√‘…—∑ ‡æ◊Ëժؑ∫—µ‘Àπâ“∑’Ë∑ÿ°µ”·Àπàßæ√âÕ¡∑—Èß °”Àπ¥¢Õ∫‡¢µÀπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫¥Ÿ·≈√“¬ß“π∑“ß°“√‡ß‘π¢Õß ∫√‘…—∑„Àâµ√ßµàÕ§«“¡‡ªìπ®√‘ߧ√∫∂â«π‡æ’¬ßæÕ·≈–‡™◊ËÕ∂◊Õ‰¥â ¥Ÿ·≈„Àâ ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’ˇÀ¡“– ¡√«¡∑—Èß°“√°”Àπ¥√–‡∫’¬∫ ªØ‘∫—µ‘ß“π·°àæπ—°ß“π‚¥¬‰¡à¢—¥À√◊Õ·¬âßµàÕ¢âÕ∫—ߧ—∫π’È Õ”π“®Àπâ“∑’Ë¢Õߧ≥–°√√¡°“√µ√«® Õ∫ 1. ¥Ÿ·≈√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…∑— „Àâµ√ßµàÕ§«“¡‡ªìπ®√‘ߧ√∫∂â«π ‡æ’¬ßæÕ·≈–‡™◊ËÕ∂◊Õ‰¥â 2. ¥Ÿ · ≈„Àâ ∫ √‘ …— ∑ ¡’ √ –∫∫°“√§«∫§ÿ ¡ ¿“¬„π∑’Ë ‡ À¡“– ¡·≈–¡’ ª√– ‘∑∏‘¿“æ 3. æ‘®“√≥“§—¥‡≈◊Õ°·≈–‡ πÕ·µàßµ—ÈߺŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ 4. ¥Ÿ·≈„Àâ∫√‘…—∑ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥·≈–°ÆÀ¡“¬∑’ˇ°’ˬ«¢âÕß 5. ¥Ÿ·≈‰¡à„À⇰‘¥§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå 6. ªØ‘∫—µ‘°“√Õ◊Ëπ„¥µ“¡∑’˧≥–°√√¡°“√¢Õß∫√‘…—∑¡Õ∫À¡“¬ 7. ®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õߧ≥–°√√¡°“√µ√«® Õ∫ ‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Shareholders Top ten shareholders (as of last closing date of registration book on November 3, 2008) Name of Shareholders

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Number of Shares

Miss Sudarath Vitayatanagorn Mr. Vichai Vitayathanagorn Mrs. Ratana Chanpitaksa Mr. Visuth Vitayathanagorn Cheer (Thailand) Co., Ltd. Mr. Virath Vitayatanagorn Mrs. Benjawan Vitayathanagorn Mr. Chaiyong Vitayatanagorn Miss Voranud Vitayatanagorn Nakornchaisri Oil Industrial Co., Ltd.

Management Executives 1. 2. 3. 4. 5. 6. 7. 8.

Miss Sudarath Vitayatanagorn Mr. Visuth Vitayathanagorn Mr. Charuphot Neesanant Mr. Vichit Vitayatanagorn Mr. Chaiyong Vitayatanagorn Mr. Somsak Sivanawin Mr. Sethasan Sethakarun Miss Suparat Sakwararat

9. Miss Sunanta Tritepapiruk 10. Mr. Kamtorn Ekmetipunth

Chief Executive Officer President Executive General Manager Director Director Executive Vice President Executive Vice President Assistant Executive General Manager Financial and Accounting Director Plant Director (Acting)

Board of Directorsû responsibilities 1. Members of the Board must perform their duties in compliance with the law, regulation and the Corporate Article Associations, including resolutions from shareholder meetings with honesty and for corporate best interest. 2. Members of the Board are responsible for directing, monitoring, and supervision of corporate policy for the management team to effectively perform under aforesaid policy to increase corporate economic and shareholders value. 3. Members of the Board must be accountable for shareholders at all times and disclose information to investors accurately, adequately, and transparently.

% of Shares

51,489,500 48,972,690 37,500,000 23,205,940 21,531,668 21,249,250 21,000,000 18,437,500 17,081,967 14,698,750

8.25 7.84 6.01 3.72 3.45 3.40 3.36 2.95 2.74 2.35

4. Board of Directors shall appoint a number of members as a Executive Board with authority to perform daily activities corresponding to corporate policies and goals. Members of the Executive Board shall elect a Chairperson, one or more Vice Chairperson(s), and one President.

Responsibilities of Executive Board The Executive Board shall appoint an appropriate number of qualified employees in all positions with proper roles and responsibilities including the responsibility to ensure accuracy, adequacy, and reliability of corporate financial statements as well as implementing an internal control system and employee regulations without any conflict to these regulations. Responsibilities of Audit Committee 1. To ensure accuracy, adequacy, and reliability of corporate financial statements 2. To ensure efficiency of corporate internal control system 3. To appoint an internal auditor 4. To ensure corporate compliance to the law and regulations 5. To prevent conflicts of interests 6. To perform additional tasks assigned by Board of Directors 7. To prepare an Audit Committee report to be included in the annual report

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

27


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

«‘∏’°“√·µàßµ—Èß°√√¡°“√·≈–ºŸâ∫√‘À“√

°“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π

§≥–°√√¡°“√ √√À“·≈–°”Àπ¥§à“µÕ∫·∑π®–‡ªìπºŸâ§—¥‡≈◊Õ° ∫ÿ§§≈∑’Ë®–·µàßµ—È߇ªìπ°√√¡°“√·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß µ—Èß·µàµ”·Àπàß °√√¡°“√ºŸâ®—¥°“√·≈–°√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª¢÷Èπ‰ª¢Õß∫√‘…—∑œ ‚¥¬®– æ‘®“√≥“§—¥‡≈◊Õ°µ“¡‡°≥±å ª√– ∫°“√≥å ª√‘∑√√»πå §«“¡ “¡“√∂ ·≈– Õÿªπ‘ —¬ ·≈–𔇠πÕµàÕ∑’˪√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑‡æ◊ËÕÕπÿ¡—µ‘ ·≈–  √√À“ºŸ¡â “¥”√ßµ”·Àπàß°√√¡°“√∫√‘…∑— ‡æ◊ÕË π”‡ πÕµàÕ∑’ªË √–™ÿ¡ºŸ∂â Õ◊ Àÿπâ ‚¥¬„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªï∑ÿ°§√—Èß „Àâ°√√¡°“√ÕÕ°®“°µ”·Àπàß Àπ÷Ëß„π “¡‡ªìπÕ—µ√“ „Àâ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡≈◊Õ°µ—Èß°√√¡°“√µ“¡À≈—° ‡°≥±å·≈–«‘∏’°“√¥—ßµàÕ‰ªπ’È 1. ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ß‡∑à“°—∫Àπ÷ËßÀÿâπµàÕÀπ÷Ë߇ ’¬ß 2. ºŸâ∂◊ÕÀÿâπ·µà≈–§π®–µâÕß„™â§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà∑—ÈßÀ¡¥µ“¡¢âÕ 1. ‡≈◊Õ°µ—Èß∫ÿ§§≈§π‡¥’¬«À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√‰¥â ·µà®–·∫àߧ–·ππ ‡ ’¬ß„Àⷰຟ℥¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â 3. ∫ÿ§§≈´÷Ë߉¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“‡ªìπºŸâ‰¥â√—∫ °“√‡≈◊Õ°µ—È߇ªìπ°√√¡°“√‡∑à“®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷߇≈◊Õ°µ—Èß „π§√—Èßπ—Èπ „π°√≥’∑’Ë∫ÿ§§≈´÷Ë߉¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß¡’À√◊Õ®–æ÷߇≈◊Õ°µ—Èß„π§√—Èßπ—Èπ„À⺟⠇ªìπª√–∏“π‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥ §≥–°√√¡°“√¡’Õ”π“®‡≈◊Õ°µ—Èß°√√¡°“√À√◊ÕºŸâ∫√‘À“√√–¥—∫ Ÿß ®”π«πÀπ÷ßË ‡ªìπ°√√¡°“√∫√‘À“√ æ√âÕ¡∑—ßÈ ¡Õ∫Õ”π“®·≈–°”Àπ¥¢Õ∫‡¢µ Õ”π“®„π°“√Õπÿ¡—µ‘·≈– —Ëß°“√„Àâ·°à§≥–°√√¡°“√∫√‘À“√ ‡æ◊ËÕ„Àâ°“√ ∫√‘À“√°‘®°“√∫√‘…—∑¥”‡π‘π‰ªµ“¡π‚¬∫“¬·≈–«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ §≥–°√√¡°“√∫√‘À“√¡’Õ”π“®·µàßµ—Èß∫ÿ§§≈µ“¡®”π«π∑’Ë®”‡ªìπ ·≈–‡ÀÁπ ¡§«√„À⇪ìπæπ—°ß“π∫√‘…—∑ ‡æ◊Ëժؑ∫—µ‘Àπâ“∑’Ë∑ÿ°µ”·Àπàß æ√âÕ¡∑—Èß°”Àπ¥¢Õ∫‡¢µÕ”π“®µ≈Õ¥∑—ÈßÕ—µ√“‡ß‘π‡¥◊Õπ

∫√‘…∑— ¡’π‚¬∫“¬·≈–«‘∏°’ “√¥Ÿ·≈ºŸ∫â √‘À“√„π°“√π”¢âÕ¡Ÿ≈¿“¬„π¢Õß ∫√‘…—∑‰ª„™â‡æ◊ËÕª√–‚¬™πå à«πµπ ¥—ßπ’È ë °“√„À⧫“¡√Ÿâ·°àºŸâ∫√‘À“√„πΩÉ“¬µà“ßÊ ‡°’ˬ«°—∫Àπâ“∑’Ë∑’˺Ÿâ∫√‘À“√ µâÕß√“¬ß“π°“√∂◊ÕÀ≈—°∑√—æ¬å¢Õß∫√‘…—∑·≈–∫∑°”Àπ¥‚∑…µ“¡æ√–√“™ ∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 ·≈–µ“¡¢âÕ°”Àπ¥ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ë ∫√‘…—∑°”Àπ¥„À⺟â∫√‘À“√√“¬ß“π°“√‡ª≈’ˬπ·ª≈ß°“√∂◊ÕÀ≈—° ∑√—æ¬åµàÕ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535

§à“µÕ∫·∑π°√√¡°“√∫√‘…—∑·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑  ”À√—∫ªï 2551 ∑’ºË “à π¡“ (1) §à“µÕ∫·∑π∑’ˇªìπµ—«‡ß‘π (°)§à“µÕ∫·∑π°√√¡°“√√«¡ 12 √“¬ ‡∑à“°—∫ 8 ≈â“π∫“∑ ‚¥¬ ‡ªìπ§à“µÕ∫·∑π„π√Ÿª¢Õ߇∫’Ȭª√–™ÿ¡ ‡ß‘π√“ß«—≈ ·≈–‡ªìπ§à“ µÕ∫·∑π°√√¡°“√µ√«® Õ∫ (¢) §à“µÕ∫·∑π°√√¡°“√∫√‘À“√·≈–ºŸâ∫√‘À“√√«¡ 13 √“¬ ‡∑à“°—∫ 57.06 ≈â“π∫“∑ „πªï 2551 ‚¥¬‡ªìπ§à“µÕ∫·∑π„π√Ÿª¢Õß ‡ß‘π‡¥◊Õπ ·≈–‚∫π—  (2) §à“µÕ∫·∑πÕ◊πË Ê -‰¡à¡’-

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√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ∫√‘…∑— ¡’π‚¬∫“¬„À⧫“¡ ”§—≠„π‡√◊ÕË ß°“√°”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë ’ ·≈– ¡’§«“¡¡ÿßà ¡—πË „π°“√ªØ‘∫µ— µ‘ “¡π‚¬∫“¬¥—ß°≈à“« ‰¥âæ≤ — π“√–∫∫°“√∑”ß“π µà“ßÊ „π∫√‘…∑— ¿“¬„µâπ‚¬∫“¬π’ÕÈ ¬à“ßµàÕ‡π◊ÕË ß ∑—ßÈ π’∫È √‘…∑— ¡’§«“¡µ√–Àπ—° ·≈–‡¢â“„®¥’«à“ °“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’‡ªìπ°“√‡æ‘Ë¡ª√– ‘∑∏‘¿“æ·≈– ª√– ‘∑∏‘º≈´÷Ëß®–∑”„Àâº≈°“√ªØ‘∫—µ‘ß“π¢Õß∫√‘…—∑¥’¢÷Èπ ‡°‘¥º≈ª√–‚¬™πå  Ÿß ÿ¥·°àºŸâ∂◊ÕÀÿâπ„π√–¬–¬“«‚¥¬∑—Ë«°—π ·≈–‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫À≈—°°“√ °”°—∫¥Ÿ·≈°‘®°“√∑’¥Ë  ’ ”À√—∫∫√‘…∑— ®¥∑–‡∫’¬πªï 2549 ¢Õßµ≈“¥À≈—°∑√—æ¬å ·Ààߪ√–‡∑»‰∑¬ ∫√‘…—∑ ‰¥â·∫àßÀ≈—°°“√°”°—∫¥Ÿ·≈–°‘®°“√∑’Ë¥’ÕÕ°‡ªìπ 5 À¡«¥ ¥—ßπ’È

1.  ‘∑∏‘¢ÕߺŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√°”Àπ¥π‚¬∫“¬„π‡√◊Ë Õ ß ‘ ∑ ∏‘ ¢ ÕߺŸâ ∂◊ Õ Àÿâ π ¿“¬„µâ À≈—°‡°≥±å∑’Ë°ÆÀ¡“¬°”Àπ¥ ·≈–¬÷¥À≈—°„À⧫“¡ ”§—≠·≈–‡§“√æ ‘∑∏‘ æ◊Èπ∞“π ´÷Ë߉¥â·°à°“√´◊ÈÕ¢“¬À√◊Õ‚ÕπÀÿâπ °“√¡’ à«π·∫àß„π°”‰√¢Õß°‘®°“√ °“√‰¥â√∫— ¢à“« “√Õ¬à“߇撬ßæÕ ·≈–°“√‡¢â“√à«¡ª√–™ÿ¡‡æ◊ÕË „™â ∑‘ ∏‘ÕÕ°‡ ’¬ß ¢ÕߺŸâ∂◊ÕÀÿâπ ‚¥¬„À⺟â∂◊ÕÀÿâπ‰¥â„™â ‘∑∏‘„π°“√¢â“√à«¡ª√–™ÿ¡ ·≈–ÕÕ°‡ ’¬ß Õ¬à“߇µÁ¡∑’Ë ·≈–≈–‡«âπ°“√°√–∑”„¥Ê ∑’ˇªìπ°“√®”°—¥·≈–≈‘¥√Õπ ‘∑∏‘ ¢ÕߺŸ∂â Õ◊ Àÿπâ „πªï 2551 ∫√‘…—∑®—¥ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 23 ‡¡…“¬π 2551 ‡«≈“ 10.00 π. ≥ Õ“§“√πÈ”¡—πæ◊™‰∑¬‡≈¢∑’Ë 149 ∂ππ√—™¥“¿‘‡…° (∑à“æ√–-µ“° ‘π) ∫ÿ§§‚≈ ∏π∫ÿ√’ °√ÿ߇∑æ¡À“π§√ ·≈–®—¥ª√–™ÿ¡«‘  “¡—≠ºŸ∂â Õ◊ Àÿπâ ®”π«π 2 §√—ßÈ §◊Õ °“√ª√–™ÿ¡«‘ “¡—≠ºŸ∂â Õ◊ Àÿπâ §√—ßÈ ∑’Ë 1/2551 ‡¡◊ËÕ«—π∑’Ë 4 °√°Æ“§¡ 2551 ‡«≈“ 10.00 π. ≥ ÀâÕ߇®â“æ√–¬“ ‚√ß·√¡ ¡≥‡±’¬√√‘‡«Õ√剴¥å ‡≈¢∑’Ë 372 ∂ππæ√–√“¡3 °√ÿ߇∑æœ ·≈–°“√ª√–™ÿ¡ «‘   “¡— ≠ ºŸâ ∂◊ Õ Àÿâ π §√—È ß ∑’Ë 2/2551 ‡¡◊Ë Õ «— π ∑’Ë 21 惻®‘ ° “¬π 2551 ‡«≈“ 10.00 π. ≥ ÀâÕߪ√–™ÿ¡™—Èπ 3 Õ“§“√πÈ”¡—πæ◊™‰∑¬‡≈¢∑’Ë 149 ∂ππ√—™¥“¿‘‡…° (∑à“æ√–-µ“° ‘π) ∫ÿ§§‚≈ ∏π∫ÿ√’ °√ÿ߇∑æ¡À“π§√


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Appointment of Directors and Executives Management The Nomination and remuneration Committee shall nominate proper candidates as members of the Board, and Executives Management from Managing Directors and above by qualifications based on experience, vision, and personality to be submitted to the Board of Directors for final selection. In every annual general shareholder meeting, one third of members of the Board shall vacate their posts and new members shall be selected by shareholders based on following criterion: 1. Each shareholder may cast a vote for each share held. 2. Each shareholder shall cast his/her vote based on (1) for one or more candidate(s) but may not split his/her vote for different candidates. 3. Candidates equaled to number of vacancies with highest subsequent votes shall be appointed as members of the Board of Directors. In the event of excessive elected candidates due to equal votes, Chairperson shall cast a deciding vote. Board of Directors shall appoint Executive Directors or a number of Executives Management with authority to manage corporate affairs corresponding to corporate policies and objectives. Executive Board shall appoint an appropriate number of qualified employees in all positions with specific responsibilities and compensation. In 2008 remuneration for members of the Board and Management Executives were as follows: (1) Cash remuneration a. For 12 members of the Board equivalent to 8 million baht in meeting allowances, cash remuneration, and remuneration for members of Audit Committee b. For 13 members of Executive Board and Executives Management equivalent to 57.06 million baht in 2008 in salaries and bonuses (2) Other remuneration - None -

Safeguards against Insider Information Abuse The Company has adopted the following safeguards to prevent insider information abuse for personal use: ë Executives are informed of the provisions of the Securities and Stock Exchange Act of 2535 (1992) and the regulations of the Stock Exchange of Thailand, which require them to report all share holding in the Company. ë The Company requires all its executives to report all changes in shareholding to the Securities and Exchange Commission in accordance with Clause 59 in the Securities and Stock Exchange Act of 2535 (1992).

Corporate Governance Report The Company has prioritized good corporate governance and performed under such policy by continuously implementing its business processes. Eventually it will increase effectiveness and efficiency of operational performance and long-term shareholder values. In accordance with the regulation for listed companies in 2006 by the Stock Exchange of Thailand, there are 5 categories in corporate governance principles:

1. Rights of Shareholders Board of Directors shall setup a policy in shareholder rights in accordance with the law and basic rights, e.g., buying/selling/transfer of shares, company earnings, adequate information, and voting rights in shareholder meeting, and prohibition of any activities that restrict shareholder rights In 2008 the Companyûs Annual General Meeting of shareholder was held on April 23, 2008 at TVO Building No. 149 Ratchadapisek Road (Thapra-Taksin), Bukkalow, Thonburi, Bangkok and an extraordinary meeting No. 1/2008 were on July 4, 2008 at Chopraya Room, Montien Riverside No. 372 Rama III Road, Bangkok and the extraordinary meeting No. 2/2008 were held on November 21, 2008 at 3rd Floor, TVO Building, No. 149 Ratchadapisek Road (Thapra-Taksin), Bukkalow, Thonburi, Bangkok.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

„π°“√®—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑ÿ°§√—Èß ∫√‘…—∑®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡ ºŸâ∂◊ÕÀÿâπ „Àⷰຟâ∂◊ÕÀÿâπ∑ÿ°§π≈à«ßÀπâ“ ‚¥¬¡Õ∫„Àâ∫√‘…—∑»Ÿπ¬å√—∫Ω“° À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥ ´÷Ë߇ªìππ“¬∑–‡∫’¬πÀÿâπ¢Õß∫√‘…—∑ ‡ªìπºŸâ ®—¥ àßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡„Àⷰຟâ∂◊ÕÀÿâπ°àÕπ«—πª√–™ÿ¡‰¡àπâÕ¬°«à“ 14 «—π æ√âÕ¡∑—ÈߢâÕ¡Ÿ≈ª√–°Õ∫«“√–°“√ª√–™ÿ¡Õ¬à“ß≈–‡Õ’¬¥ „π·µà≈–«“√–®–¡’ §«“¡‡ÀÁπ¢Õß°√√¡°“√ª√–°Õ∫ √«¡∑—È߇Àµÿº≈·≈–§«“¡®”‡ªìπ·≈–º≈ °√–∑∫∑’Ë®–‡°‘¥¢÷Èπ ·≈–‰¥â≈ßÀπ—ß ◊Õ‡™‘≠ª√–™ÿ¡·≈–«“√–°“√ª√–™ÿ¡„π Website ¢Õß∫√‘…—∑ ‡æ◊ËÕ‡ªìπ¢âÕ¡Ÿ≈ ”À√—∫ºŸâ∂◊ÕÀÿâπ„π°“√ª√–°Õ∫°“√ æ‘®“√≥“≈ߧ–·ππ ∫√‘…—∑‰¡à‡§¬ªØ‘∫—µ‘„¥Ê Õ—π‡ªìπ°“√≈–‡¡‘¥ ‘∑∏‘¢Õß ºŸâ∂◊ÕÀÿâ𠇙àπ°“√‡æ‘Ë¡«“√–„π∑’˪√–™ÿ¡‚¥¬‰¡à·®âß„Àâ∑√“∫≈à«ßÀπâ“ ∑—Èßπ’È ‡æ◊Ë Õ √— ° …“ ‘ ∑ ∏‘ · ≈–º≈ª√–‚¬™πå ¢ ÕߺŸâ ∂◊ Õ Àÿâ π „π°“√æ‘ ® “√≥“«“√–°“√ ª√–™ÿ¡Õ¬à“߇∑à“‡∑’¬¡°—π „π°“√®—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ∑ÿ°§√—Èß„πªï∑’˺à“π¡“ ∑“ß∫√‘…—∑‰¥â„™â√–∫∫°“√ ≈ß∑–‡∫’¬π·≈–π—∫§–·ππ¥â«¬√–∫∫∫“√傧⥠‡æ◊ËÕ„Àâ°“√‡¢â“√à«¡ª√–™ÿ¡·≈–°“√π—∫§–·ππ‡ªìπ‰ªÕ¬à“ß‚ª√àß„ µ“¡ ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å °àÕπ°“√ª√–™ÿ¡ª√–∏“π„π∑’ªË √–™ÿ¡‰¥â™·’È ®ß„À⺇Ÿâ ¢â“√à«¡ª√–™ÿ¡∑√“∫ ∂÷ß«‘∏’°“√ÕÕ°‡ ’¬ß≈ߧ–·ππ·≈–«‘∏’π—∫§–·ππ ‚¥¬°”Àπ¥„À⺟â∂◊ÕÀÿâπ≈ß §–·ππ‡ ’¬ßµ“¡≈”¥—∫«“√– ¡’°“√∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡·≈⫇ √Á® ¿“¬„π«—πª√–™ÿ¡ ·≈–¡’√–∫∫°“√®—¥‡°Á∫Õ¬à“ߥ’∑’˺Ÿâ∂◊ÕÀÿâπ “¡“√∂µ√«®  Õ∫‰¥â „π°“√ª√–™ÿ ¡ ºŸâ ∂◊ Õ Àÿâ π ¢Õß∫√‘ …— ∑ ∑—È ß  “¡§√—È ß „πªï ∑’Ë ºà “ π¡“ §≥–°√√¡°“√‡¢â“√à«¡ª√–™ÿ¡ ´÷Ë߉¥â·°à ª√–∏“π§≥–°√√¡°“√∫√‘…—∑ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ °√√¡°“√ºŸâ®—¥°“√ °√√¡°“√ºŸâ®—¥°“√∑—Ë«‰ª ·≈– ºŸâ ∫ √‘ À “√∑ÿ ° ∑à “ π∑’Ë ¡’ § «“¡√— ∫ º‘ ¥ ™Õ∫„π à « πß“πµà “ ßÊ √«¡∂÷ ß §≥– Õπÿ°√√¡°“√ §◊Õ ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ ª√–∏“π§≥–°√√¡°“√  √√À“·≈–°”Àπ¥§à“µÕ∫·∑π §≥–°√√¡°“√∫√‘À“√§«“¡‡ ’¬Ë ß ‡æ◊ÕË ·∂≈ß ¢âÕ¡Ÿ≈°“√¥”‡π‘πß“π·≈–µÕ∫¢âÕ´—°∂“¡¢ÕߺŸâ∂◊ÕÀÿâπ ‚¥¬‡ªî¥‚Õ°“ „Àâ ºŸâ∂◊ÕÀÿâπ∑’Ë¡’¢âÕ ß —¬„πª√–‡¥Áπµà“ßÊ  Õ∫∂“¡¢âÕ¡Ÿ≈ √«¡∑—Èß°“√‡ πÕ·π– Õ¬à“߇ √’‚¥¬‰¡à¡’°“√®”°—¥‡«≈“  ”À√—∫°√√¡°“√∑’Ë¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫  à«πß“πµà“ßÊ À“°¡’§«“¡®”‡ªì𵑥¿“√°‘®Õ◊πË ∑’ Ë ”§—≠®– àß„∫≈“≈à«ßÀπâ“ °àÕπ«—πª√–™ÿ¡

2. §«“¡‡∑à“‡∑’¬¡°—π¢ÕߺŸâ∂◊ÕÀÿâπ ∫√‘ …— ∑ √— ° …“ ‘ ∑ ∏‘ · ≈–º≈ª√–‚¬™πå ¢ ÕߺŸâ ∂◊ Õ Àÿâ π ‚¥¬¬÷ ¥ À≈— ° ∏√√¡“¿‘∫“≈·≈–ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπÕ¬à“߇∑à“‡∑’¬¡°—π ‡ªî¥‡º¬¢âÕ¡Ÿ≈„Àâ ºŸâ∂◊ÕÀÿâπ ∑√“∫Õ¬à“߇撬ßæÕ ·≈–∑—π‡«≈“ ∫√‘…—∑Õ”π«¬§«“¡ –¥«°„Àâ·°à ºŸâ∂◊ÕÀÿâπ∑’ˉ¡à “¡“√∂‡¢â“ª√–™ÿ¡¥â«¬µπ‡Õß  “¡“√∂„™â ‘∑∏‘ÕÕ°‡ ’¬ß‚¥¬ ¡Õ∫©—π∑–„À⺟âÕ◊Ëπ¡“ª√–™ÿ¡·≈–ÕÕ°‡ ’¬ß≈ß¡µ‘·∑π ‚¥¬‡≈◊Õ°∑’Ë®–¡Õ∫ ©—π∑–„Àâ∫ÿ§§≈ „¥∫ÿ§§≈Àπ÷Ëß À√◊Õ°√√¡°“√Õ‘ √–‡¢â“ª√–™ÿ¡·∑π ·≈– àß Àπ—ß ◊Õ¡Õ∫©—π∑–¡“„Àâ∫√‘…—∑°àÕπ≈à«ßÀπâ“ „π°“√ª√–™ÿ¡∑’˺à“π¡“∫√‘…—∑ ‡ πÕ™◊ËÕ°√√¡°“√Õ‘ √– “¡∑à“𠇪ìπºŸâ√—∫¡Õ∫©—π∑–„π°“√ÕÕ°‡ ’¬ß·∑π ·≈–‰¥â®—¥„Àâ¡’°“√®¥∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡‰«âÕ¬à“ߧ√∫∂â«π ¡∫Ÿ√≥å

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„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπªï 2551 ¡’ºŸâ∂◊ÕÀÿâπ®”π«π 161 √“¬ °“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë1/2551 ¡’ºŸâ∂◊ÕÀÿâπ®”π«π 249 √“¬ ·≈– °“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ§√—Èß∑’Ë 2/2551 ¡’ºŸâ∂◊ÕÀÿâπ®”π«π 229 √“¬ ¡Õ∫Õ”π“®°√√¡°“√Õ‘ √–∑’Ë∫√‘…—∑‡ πÕ‡ªìπºŸâ√—∫¡Õ∫Õ”π“®„ÀâÕÕ°‡ ’¬ß ·∑π ∫√‘…—∑„™â«‘∏’°“√≈ߧ–·ππ‡ ’¬ß·∫∫¡’∫—µ√≈ߧ–·ππ‡ ’¬ß °√≥’¡’ ºŸâ‡ÀÁπ¥â«¬ ‰¡à‡ÀÁπ¥â«¬ ·≈–ߥÕÕ°‡ ’¬ß æ√âÕ¡∑—Èß∫—π∑÷°‰«â„π√“¬ß“π°“√ ª√–™ÿ¡ ·≈–‡¡◊ËÕ ‘Èπ ÿ¥¢Õß·µà≈–«“√–®–¡’°“√π—∫§–·ππ °“√π—∫§–·ππ π—Èπ‡æ◊ËÕ„À⇰‘¥§«“¡‚ª√àß„ µ“¡À≈—°∏√√¡“¿‘∫“≈ ®÷߉¡à„™âºŸâ∑’ˇ°’ˬ«¢âÕß °—∫∫√‘…—∑‚¥¬µ√߇ªìπºŸâπ—∫§–·ππ‡ ’¬ß ·≈–‡°Á∫‰«â‡ªìπÀ≈—°∞“π‡æ◊ËÕ®–‰¥â µ√«® Õ∫‰¥â ë °“√„™â¢âÕ¡Ÿ≈¿“¬„π ∫√‘…—∑°”Àπ¥„À⺟â∫√‘À“√√“¬ß“π°“√‡ª≈’ˬπ·ª≈ß°“√∂◊Õ§√Õß À≈—°∑√—æ¬å¢Õß∫√‘…—∑ µàÕ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈– µ≈“¥À≈—°∑√—æ¬å µ“¡¡“µ√“ 59 ·Ààßæ√–√“™∫—≠≠—µ‘À≈—°∑√—æ¬��·≈– µ≈“¥À≈—°∑√—æ¬å æ.». 2535 ‡ªìπ°“√°”°—∫„À⺟â∫√‘À“√·≈–ºŸâ∑’ˇ°’ˬ«¢âÕß ∑√“∫∂÷ßÀπâ“∑’∑Ë §’Ë «√ªØ‘∫µ— „‘ π°“√‡°Á∫√—°…“ ·≈–ªÑÕß°—π°“√„™â¢Õâ ¡Ÿ≈¿“¬„π √«¡∑—Èß∫∑≈ß‚∑…µ“¡æ√–√“™∫—≠≠—µ‘©∫—∫¥—ß°≈à“« ë §«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå §≥–°√√¡°“√µ√«® Õ∫¡’Àπâ“∑’√Ë ∫— º‘¥™Õ∫„π°“√æ‘®“√≥“√“¬°“√ ∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå √“¬°“√√–À«à“ß°—π ·≈–√“¬°“√∑’Ë ‡°’ˬ«‚¬ß°—π ‚¥¬ªØ‘∫—µ‘µ“¡À≈—°‡°≥±å¢Õߧ≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å ·≈–µ≈“¥À≈—°∑√—æ¬åÕ¬à“߇§√àߧ√—¥ ¬÷¥∂◊Õπ‚¬∫“¬„Àâ√“¬°“√π—ÈπÊ ‡ªìπ‰ª µ“¡‡ß◊ËÕπ‰¢∏ÿ√°‘®ª°µ‘ §”π÷ß∂÷ߺ≈ª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑‡ªì𠔧—≠ ·≈–‰¥â‡ªî¥‡º¬√“¬≈–‡Õ’¬¥„Àâº∂Ÿâ Õ◊ Àÿπâ ∑√“∫‰«â„π√“¬ß“πª√–®”ªï ·≈–·∫∫ 56-1 ∑ÿ°§√—Èß ·µàÕ¬à“߉√°Áµ“¡∫√‘…—∑¡’π‚¬∫“¬À≈’°‡≈’ˬ߉¡à„Àâ√“¬°“√∑’Ë Õ“®¡’§«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™π凰‘¥¢÷Èπ

3. ∫∑∫“∑ºŸâ¡’ à«π‰¥â‡ ’¬ ‡æ◊ËÕ„Àâ°‘®°“√∫√‘…—∑‡ªìπ‰ª¥â«¬§«“¡¡—Ëπ§ß ¡’º≈°”‰√∑’Ë¥’ ·≈–µÕ∫  πÕߺ≈ª√–‚¬™πå∑’ˇªìπ∏√√¡„Àâ°—∫ºŸâ¡’ à«π‰¥â‡ ’¬ ∫√‘…—∑‰¥â¥”‡π‘π°‘®°“√ ¿“¬„µâπ‚¬∫“¬µà“ßÊ ∑’Ë„À⧔π÷ß∂÷ß ‘∑∏‘·≈–§«“¡ ”§—≠¢ÕߺŸâ¡’ à«π‰¥â‡ ’¬ ∑ÿ°ΩÉ“¬ ª√–°“»‡ªìππ‚¬∫“¬ ·≈–∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘∑’Ë™—¥‡®π ≈Ÿ°§â“ ∫√‘…—∑œ ¡’§«“¡¡ÿàß¡—Ëπ„π°“√º≈‘µ ‘π§â“∑’Ë¡’§ÿ≥¿“栟߇æ◊ËÕ ºŸ∫â √‘‚¿§ ¿“¬„µâ°“√ªØ‘∫µ— µ‘ “¡°ÆÀ¡“¬∑’‡Ë °’¬Ë «¢âÕßÕ¬à“߇§√àߧ√—¥ ∫√‘…∑— œ ¡’π‚¬∫“¬„π°“√«‘®—¬·≈–æ—≤π“º≈‘µ¿—≥±å‡æ◊ËÕ§ÿ≥¿“æ∑’Ë¥’¢÷Èπµ≈Õ¥‡«≈“ ªí®®ÿ∫π— ‰¥â√∫— °“√√—∫√Õߧÿ≥¿“æ„π°“√º≈‘µ®“°¡“µ√∞“π “°≈ ‰¥â·°à GMP, HACCP, ISO:2000, ISO 14001 ·≈– ISO 17025 æπ—°ß“π ∫√‘…∑— œ ¡’π‚¬∫“¬„π°“√æ—≤π“∫ÿ§≈“°√ æ—≤π“¢’¥§«“¡  “¡“√∂ §«“¡√Ÿâ §«“¡‡™’ˬ«™“≠ ‡æ◊ËÕ§«“¡°â“«Àπâ“„π “¢“Õ“™’æ ·≈–®—¥  ¿“æ·«¥≈âÕ¡„π°“√∑”ß“π∑’Ë∂Ÿ° ÿ¢¿“«– ¡’ «— ¥‘°“√·≈–º≈µÕ∫·∑π„π °“√∑”ß“π∑’Ë¥’°—∫æπ—°ß“π∑ÿ°§π


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

In every shareholder meeting, an invitation circular was forwarded to every shareholder in advance through Thailand Securities Depository Co., Ltd., as the Companyûs registrar 18 days in advance including information detailed of each meeting agenda, directorûs comments on each item, as well as reasons, necessity, and consequence of each activity. It was posted on the corporate website as supporting document for further voting by shareholders. Other shareholder rights, e.g., augmentation of agenda without prior notification, were not violated so that each item on the agenda was considered within an ample time. Prior to the meeting, the Chairperson explained how to cast and count their votes by casting on each subsequent item on the agenda with minutes of meeting prepared by the end of the day with proper safekeeping for future verification by shareholders if needed. In both shareholder meetings during the past year, it has been attended by all members, e.g., Chairman of the Board, Chairman of the Executive Board, President, General Managing Director, and other Executives Management including members of Subcommittees, e.g., Audit committee, Nomination Committee, and Risk Management Committee in order to declare corporate performance and open for shareholderûs questions and comments without any time limitation.

2. Equitable Treatment of Shareholders Shareholder rights are preserved and equally treated based on general governance. All shareholders are disclosed adequate information within ample time. Shareholders who could not attend the meeting may delegate an individual or an independent committee member by prior submission of a proxy form. In the past year, two independent committee members were nominated and it was recorded in the minutes of meeting accordingly.

In the 2008 Annual General Meeting of Shareholders, the Extraordinary Shareholder Meeting No. 1/2008, and the Extraordinary Shareholders Meeting No. 2/2008 there were 161, 249 and 229 shareholders, respectively, who authorized independent directors to cast votes on their proxy. Ballot is used in the vote with choices to agree, disagree, or no vote on the ballots. It is also recorded in minutes of meeting and votes will be counted by independent counters and be safely kept for future verification. ë Use of Insider Information The Board of Directors prohibits its members and Executives Management to buy/sell corporate shares 3 weeks prior until 2 days after public release of last year financial statement. In 2008 all members of the Board and Executives Management have strictly followed the guideline accordingly. ë Conflicts of Interests Audit Committee is responsible for listing any conflicts of interests, related transactions between companies and subsidiaries in accordance with regulations set forth by Securities and Exchange Commission to be treated as ordinary business transaction mainly for corporate benefit whose details are listed in the annual report and Form 56-1. However, the Company is at its best to avoid such conflicts of interests.

3. Role of Stakeholders In order for sustainable growth, high benefit, and fair benefit to stakeholders, all corporate policies based on all stakeholdersû rights and eminence are strictly followed. Customers The Company determines to produce high quality consumer products in accordance with related laws and regulations. It also continuously employs research and development activities to raise its quality of products. Currently, it is certified by international production standards, e.g., GMP, HACCP, ISO:2000, ISO 14001, and ISO 17025 Employees The Company also focuses on personnel development such as competency, skill, and expertise in employee career path including healthy work environment, welfare and incentive for every employee.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

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4. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈–§«“¡‚ª√àß„  ∫√‘…—∑¡’π‚¬∫“¬‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ∑’Ë®”‡ªìπ·≈– ”§—≠ ”À√—∫ ºŸâ∂◊ÕÀÿâπÕ¬à“ß∂Ÿ°µâÕߧ√∫∂â«π ∑—π‡«≈“ ‚ª√àß„  ·≈–‡∑à“‡∑’¬¡°—𠵓¡ ¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ∑—ßÈ ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‰¥â·°à √“¬ß“π∑“ß°“√‡ß‘π ß∫°“√‡ß‘π  “√ π‡∑»∑“ß°“√‡ß‘π ·≈–¢âÕ¡Ÿ≈∑’Ë¡‘„™à °“√‡ß‘𠇙àπ ∫∑∫“∑·≈–Àπâ“∑’Ë¢Õß §≥–°√√¡°“√ ·≈–§≥–°√√¡°“√ ™ÿ¥¬àÕ¬ ®”π«π§√—ÈߢÕß°“√ª√–™ÿ¡·≈–®”π«π§√—Èß∑’Ë°√√¡°“√·µà≈–∑à“π ‡¢â“√à«¡ª√–™ÿ¡§≥–°√√¡°“√„πªï∑’˺à“π¡“ π‚¬∫“¬°“√®à“¬§à“µÕ∫·∑π ·°à°√√¡°“√ √–∫∫°“√§«∫§ÿ¡¿“¬„π ·≈–π‚¬∫“¬°“√¥Ÿ·≈ ‘Ëß·«¥≈âÕ¡ ‡ªìπµâπ °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“« ®—¥∑”‚¥¬°“√ Online ¢âÕ¡Ÿ≈ºà“π√–∫∫ ¢Õßµ≈“¥À≈—°∑√—æ¬å „π√“¬ß“πª√–®”ªï „π∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ·≈–√“¬ß“π °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈– Website ¢Õß∫√‘…—∑ πÕ°®“°π’ȉ¥â®—¥∑”¢âÕ¡Ÿ≈ √“¬≈–‡Õ’¬¥Õ◊ËπÊ πÕ°‡Àπ◊Õ®“°∑’˵≈“¥À≈—°∑√—æ¬å°”Àπ¥ ´÷Ëߧ“¥«à“®– ‡ªìπ∑’Ë π„®¢Õßπ—°≈ß∑ÿπ·≈–π—°«‘‡§√“–Àåºà“π∑“ß Website „πÀ—«¢âÕπ—° ≈ß∑ÿπ —¡æ—π∏åÕ’°¥â«¬

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ë π‚¬∫“¬„π°“√®à“¬§à“µÕ∫·∑π·°à°√√¡°“√ ∫√‘…—∑∂◊Õ‡°≥±åæ‘®“√≥“„ÀâÕ¬Ÿà„π√–¥—∫‡¥’¬«°—π°—∫„πÕÿµ “À°√√¡ ‡¥’¬«°—π ·≈– ŸßæÕ∑’®Ë –¥÷ߥŸ¥·≈–√—°…“°√√¡°“√∑’¡Ë §’ ≥ ÿ  ¡∫—µ∑‘ µ’Ë Õâ ß°“√ ≥ ‡«≈“π—ÈπÊ ·≈–∫√‘…—∑¢ÕÕπÿ¡—µ‘ºŸâ∂◊ÕÀÿâπ‡°’Ë¬«°—∫√–¥—∫§à“µÕ∫·∑π∑’Ë®à“¬ ·≈–‡ªî¥‡º¬„Àâ∑√“∫æ√âÕ¡¥â«¬π‚¬∫“¬ ‚¥¬‰¥â√“¬ß“π‰«â„π√“¬ß“π ª√–®”ªï¢Õß∫√‘…—∑ ë ß∫°“√‡ß‘π  “√ π‡∑»∑“ß°“√‡ß‘π ·≈–√“¬ß“π∑“ß°“√‡ß‘π ΩÉ“¬®—¥°“√‡ªìπºŸâ√—∫º‘¥™Õ∫‡°’ˬ«°—∫ß∫°“√‡ß‘π  “√ π‡∑»∑“ß°“√ ‡ß‘π·≈–√“¬ß“π∑“ß°“√‡ß‘π ´÷Ë߉¥â∑”¢÷Èπµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª √«¡∂÷ß°“√®—¥„Àâ¡’·≈–√—°…“‰«â´÷Ëß√–∫∫°“√§«∫§ÿ¡¿“¬„π‡°’Ë¬«°—∫°“√ √“¬ß“π∑“ß°“√‡ß‘π·≈–°“√ªÑÕß°—π ‘π∑√—æ¬å¢Õß∫√‘…—∑ §≥–°√√¡°“√µ√«® Õ∫‡ªì π ºŸâ √— ∫ º‘ ¥ ™Õ∫‡°’Ë ¬ «°— ∫ §ÿ ≥ ¿“æ¢Õß √“¬ß“π∑“ß°“√‡ß‘π ·≈–§«“¡‡À¡“– ¡¢Õß ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡ ¿“¬„π∑’ËΩÉ“¬®—¥°“√¢Õß∫√‘…—∑∑”¢÷Èπ ´÷Ë߇ªìπ√–∫∫∑’Ë¡’ª√– ‘∑∏‘º≈ ΩÉ“¬ ®—¥°“√¡—Ëπ„®«à“ ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡¿“¬„π·≈–√–∫∫ß“π∑’ˇªìπÕ¬Ÿà ∑”„Àâ√“¬ß“π∑“ß°“√‡ß‘π·≈–°“√√—°…“ ‘π∑√—æ¬å¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ¡’§«“¡πà“‡™◊ËÕ∂◊Õ‰¥â ë  à«πß“π¥â“ππ—°≈ß∑ÿπ —¡æ—π∏å ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√ ◊ËÕ “√°—∫π—°≈ß∑ÿπ ∑ÿ°ΩÉ“¬ ∫√‘…∑— ¡’π‚¬∫“¬‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’¡Ë §’ «“¡∂Ÿ°µâÕß µ√ßµàÕ§«“¡‡ªìπ®√‘ß §√∫∂â«π ‚ª√àß„  ∑—π‡«≈“ ·≈–‚¥¬‡∑à“‡∑’¬¡°—π ‡π◊ËÕß®“°∫√‘…—∑µ√–Àπ—° ·≈–‡¢â“„®∂÷ߧ«“¡ ”§—≠¢Õß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈«à“¡’º≈µàÕ°“√µ—¥ ‘π„®¢Õß ºŸâ≈ß∑ÿπ ‚¥¬¡’π‚¬∫“¬®—¥°‘®°√√¡‡æ◊ËÕ à߇ √‘¡§«“¡ —¡æ—π∏å°—∫ π—°≈ß∑ÿπ π—°«‘‡§√“–Àå ‡™àπ °“√‡¢â“‡¬’ˬ¡™¡°‘®°“√∫√‘…—∑ ·≈–æ∫ºŸâ∫√‘À“√‡æ◊ËÕ  Õ∫∂“¡¢âÕ¡Ÿ≈ ¢à“« “√ ·≈–°‘®°√√¡µà“ßÊ √«¡∑—Èß°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß ∫√‘…—∑œ π—°≈ß∑ÿπ “¡“√∂µ‘¥µàÕ‡√◊ËÕߢâÕ¡Ÿ≈¢Õß∫√‘…—∑‰¥â∑’Ë monthip@tvo thai.com ·≈– sunanta@tvothai.com  ”À√—∫„πªï 2551 ∫√‘…—∑‰¥â®—¥°‘®°√√¡µà“ßÊ ¥—ßπ’È «—π∑’Ë 26 ¡‘∂ÿπ“¬π 2551 ∫√‘…—∑‰¥â‡¢â“√à«¡ß“π çOpportunity Dayé ≥ Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààߪ√–‡∑»‰∑¬ ‚¥¬∑’¡ºŸ∫â √‘À“√‡¢â“√à«¡∫√√¬“¬ æ√âÕ¡∑—ÈßµÕ∫ªí≠À“µà“ßÊ ‡æ◊ËÕ √â“ߧ«“¡‡¢â“„®„π∏ÿ√°‘® ·≈–‡ √‘¡ √â“ß §«“¡ —¡æ—π∏å√–À«à“ß∫√‘…—∑°—∫π—°≈ß∑ÿπ π—°«‘‡§√“–Àå ·≈– ◊ËÕ¡«≈™π

5. §«“¡√—∫º‘¥™Õ∫¢Õߧ≥–°√√¡°“√ §≥–°√√¡°“√¢Õß∫√‘…—∑œ ª√–°Õ∫¥â«¬ºŸâ∑√ߧÿ≥«ÿ≤‘∑’Ë¡’§«“¡√Ÿâ §«“¡ “¡“√∂ Ÿß ¡’ª√– ∫°“√≥å·≈–§«“¡‡™’¬Ë «™“≠∑ÿ°¥â“π„π°“√∑”∏ÿ√°‘® Õÿ∑»‘ ‡«≈“Õ¬à“߇µÁ¡∑’‡Ë æ◊ÕË ªØ‘∫µ— À‘ πâ“∑’„Ë À⇪ìπ‰ªµ“¡°ÆÀ¡“¬ «—µ∂ÿª√– ß§å ·≈–¢âÕ∫—ߧ—∫¢Õß∫√‘…∑— µ≈Õ¥®π¡µ‘∑ª’Ë √–™ÿ¡ºŸ∂â Õ◊ Àÿπ⠥⫬§«“¡´◊ÕË  —µ¬å ÿ®√‘µ ·≈–√–¡—¥√–«—ß√—°…“º≈ª√–‚¬™πå∫√‘…—∑


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Partners The Company has sincerely treated all partners in accordance with related agreements and laws based on fair mutual benefit and future relationship. Competitors The Company has specified competitor treatment in its business ethics handbook in accordance with international standard corresponding to business trade practice laws and regulations without fraudulent acts in infringing competitorsû confidential information. In the past year there was no dispute of such competitor infringement. Creditors The Company shall strictly follow agreements and conditions set forth by creditors. Shareholders The Company determines to carry out its business activities to increase corporate economic value and shareholdersû value. Corporate Social Responsibility The Company has performs its business activities with essential social responsibility including efficient production process to reduce environmental impacts. The environmental policy is shown in www.tvothai.com under corporate social responsibility article. The Company has constructed a water treatment plant to treat wastewater emitted from its production and analyzed risk factors that would affect surrounding community by Risk Management Committee who directly reports to the Board of Directors. The company opts to employ local members of the community and has initiated several projects to develop and raise the quality of living within the community. All activities are shown in annual report under corporate social responsibility article.

4. Disclosure and Transparency The Company has disclosed essential and adequate information to shareholders on time with transparency and without discrimination in accordance with regulations specified by the Stock Exchange of Thailand including financial information, e.g., financial report, financial statement, detailed financial information, and non-financial information such as roles and functions of Board of Directors and its subcommittees, number of Board meetings and number of attendance of each member in the past year, Directorûs compensation, Internal Controls, Corporate Social Responsibility, etc. Such information was disclosed through the Stock Exchange of Thailandûs online system, annual report, shareholder meetings, minutes of shareholder meetings, and corporate website. Additional information not required by the Stock Exchange of Thailand that might be useful for investors and analysts has also been prepared and included in the corporate website under investor relations.

ë Remuneration for Directors The Company has matched the industryûs compensation standard and high enough to retain Directors with desirable qualifications at all time. The amount of remuneration including its policies have been approved by shareholders in Annual General Shareholderûs Meeting and disclosed in the annual report. ë Financial Statement, Detailed Financial Information, and Financial Report The Management is responsible for preparation of financial statement, detailed financial information, and financial report in accordance with Generally Accepted Accounting Principles (GAAP) including implementation of Internal Control system for financial reports and corporate property. Audit Committee is responsible for the quality of financial report and optimal environment for implementation of effective Internal Control. The Management is confident of its Internal Control environment and current internal processes making the financial report and corporate property management as of December 31, 2008 a reliable one. ë Investor Relations Chief Financial Officer is responsible for investor communications. The Company has been disclosing accurate, complete, transparent, on-time, and fair information to the public as it is well aware of the importance of such information for investorsû analysis and decision making by accommodating investors and analysts, e.g., Company visit and meeting with the Management for information exchanges and various activities. For further information on the disclosure of corporate information, please contact sunanta@tvothai.com and monthip @tvothai.com. In 2008, the Company has arranged following activity: On June 26, 2008, the Company joined çOpportunity Dayé which was arranged by the Stock Exchange of Thailand. The management team to answered questions for better understanding of its business and closer networking among investors, analysts, and media.

5. Responsibilities of the Board The Board of Directors consist of qualified members with experience and business expertise who devote their time and effort on their duties in accordance with the law, corporate objectives and regulations, including resolutions of shareholder meetings with honesty to protect corporate best interest.

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Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ë ‚§√ß √â“ߢÕߧ≥–°√√¡°“√ Õߧåª√–°Õ∫¢Õߧ≥–°√√¡°“√ §◊Õ §≥–°√√¡°“√ ¡’ 12 ∑à“π ¡’«“√–°“√¥”√ßµ”·Àπàߧ√—Èß≈– 3 ªï ´÷Ëß°”À𥉫â„π¢âÕ∫—ߧ—∫¢Õß∫√‘…—∑ ª√–°Õ∫¥â«¬°√√¡°“√∑’ˇªìπºŸâ∫√‘À“√ 6 ∑à“π °√√¡°“√∑’ˉ¡à‡ªìπºŸâ∫√‘À“√ 3 ∑à“π ·≈–¡’°√√¡°“√∑’ˇªìπÕ‘ √–µ“¡π‘¬“¡¢Õßµ≈“¥À≈—°∑√—æ¬å 3 ∑à“π §≥–°√√¡°“√¡’Õ”π“®‡≈◊Õ°µ—ßÈ °√√¡°“√®”π«πÀπ÷ßË ‡ªìπ°√√¡°“√∫√‘À“√ ·≈–°”Àπ¥Õ”π“®°“√Õπÿ¡—µ‘ ·≈– —Ëß°“√‡æ◊ËÕ„Àâ°“√∫√‘À“√°‘®°“√∫√‘…—∑ ¥”‡π‘π‰ªµ“¡π‚¬∫“¬·≈–«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ ª√–∏“π°√√¡°“√·≈– ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√¢Õß∫√‘…—∑ ‰¡à‡ªìπ∫ÿ§§≈§π‡¥’¬«°—π ¡’Õ”π“® Àπâ“∑’·Ë ∫àß·¬°°—π™—¥‡®π ‡æ◊ÕË ‡ªìπ°“√∂à«ß¥ÿ≈°“√®—¥°“√ ª√–∏“π°√√¡°“√ ‡ªìπ°√√¡°“√Õ‘ √– µ“¡§«“¡À¡“¬¢Õßµ≈“¥À≈—°∑√—æ¬å ·≈–‰¡à¡’§«“¡  —¡æ—π∏å„¥Ê °—∫ΩÉ“¬∫√‘À“√ ‰¡à∂◊ÕÀÿâπ„π∫√‘…—∑ ¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫„π°“√ °”Àπ¥π‚¬∫“¬„À⧔ª√÷°…“·≈–°”Àπ¥°≈¬ÿ∑∏å¢Õß∫√‘…—∑ ‰¡à¡’Àπâ“∑’Ë √—∫º‘¥™Õ∫ß“πª√–®”«—π¢Õß∫√‘…—∑ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√¡’Àπâ“∑’Ë√—∫º‘¥™Õ∫„π°“√®—¥°“√ß“π ª√–®”«—π¢Õß∫√‘…—∑ ¿“¬„µâ°√Õ∫π‚¬∫“¬µ“¡∑’ˉ¥â√—∫¡Õ∫À¡“¬®“° §≥–°√√¡°“√ ‚¥¬∫√‘ …— ∑ ¡’ ° “√°”Àπ¥¢Õ∫‡¢µÕ”π“®Àπâ “ ∑’Ë ¢ Õß §≥–°√√¡°“√ ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ‰«âÕ¬à“ß™—¥‡®π ∂÷ß·¡â«à“„π¢≥–π’È ∫√‘ …— ∑ ¬— ß ‰¡à ‰ ¥â ¡’ ° “√°”À𥇪ì π π‚¬∫“¬ ·≈–«‘ ∏’ ª Ø‘ ∫— µ‘ ∑’Ë √ –∫ÿ ‡ ªì π ≈“¬≈—°…≥åÕ—°…√„π‡√◊ËÕß°“√®”°—¥®”π«π∫√‘…—∑·≈–°“√‰ª¥”√ßµ”·Àπàß °√√¡°“√∑’Ë∫√‘…—∑Õ◊Ëπ¢Õß°√√¡°“√ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß ·µà°“√Õÿ∑‘» ‡«≈“‡æ◊ËÕ°‘®°“√¢Õß∫√‘…—∑π—Èπ °√√¡°“√∑ÿ°∑à“π∑”Õ¬à“߇µÁ¡∑’Ë·≈–¡’ ª√– ‘∑∏‘¿“æ  “¡“√∂‡¢â“√à«¡ª√–™ÿ¡‰¥âµ“¡‡«≈“∑’Ë∫√‘…—∑°”Àπ¥ √«¡∂÷ß °“√„À⧔ª√÷°…“ „π°“√¥”‡π‘π°‘®°“√µà“ßÊ ¢Õß∫√‘…∑— ‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘º≈ ´÷Ë߉¥â¡’√“¬ß“π °“√‡¢â“√à«¡ª√–™ÿ¡¢Õߧ≥–°√√¡°“√™ÿ¥µà“߉«â„πÀ—«¢âÕ °√√¡°“√™ÿ¥¬àÕ¬·≈â« ë ∫∑∫“∑Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¢Õߧ≥–°√√¡°“√ §≥–°√√¡°“√¡’Àπâ“∑’Ë°”Àπ¥π‚¬∫“¬ ·≈–∑‘»∑“ß°“√¥”‡π‘πß“π ¢Õß∫√‘…∑— (Directing) ·≈–°”°—∫§«∫§ÿ¡¥Ÿ·≈ (Monitoring and Supervision) „Àâ ΩÉ “ ¬®— ¥ °“√¥”‡π‘ π °“√„Àâ ‡ ªì 𠉪µ“¡π‚¬∫“¬∑’Ë °”À𥉫â Õ ¬à “ ß¡’ ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈‡æ◊ÕË ‡æ‘¡Ë ¡Ÿ≈§à“∑“߇»√…∞°‘® Ÿß¢÷πÈ „Àâ·°à°®‘ °“√ ·≈– √â “ ߺ≈µÕ∫·∑π∑’Ë ¥’ „ Àâ · °à ºŸâ ∂◊ Õ Àÿâ π ¡’ § «“¡√— ∫ º‘ ¥ ™Õ∫µà Õ ºŸâ ∂◊ Õ Àÿâ π ‚¥¬ ¡Ë”‡ ¡Õ (Accountability to Shareholders) ¥”‡π‘πß“π‚¥¬√—°…“ º≈ª√–‚¬™πå¢ÕߺŸâ∂◊ÕÀÿâπ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈µàÕºŸâ≈ß∑ÿπÕ¬à“ß∂Ÿ°µâÕß §√∫∂â«π ¡’¡“µ√∞“π·≈–‚ª√àß„   ”À√—∫„πªï 2551 §≥–°√√¡°“√√à«¡°—∫ΩÉ“¬®—¥°“√®—¥∑”·ºπ∏ÿ√°‘® ‡æ◊ËÕ°”Àπ¥·ºπ∏ÿ√°‘® ”À√—∫ªï 2552 ‡æ◊ËÕ‡ªÑ“À¡“¬·≈–·π«∑“ß°“√ ¥”‡π‘πß“π∑’™Ë ¥— ‡®π  “¡“√∂ª√–‡¡‘πº≈°“√¥”‡π‘πß“π¢ÕßΩÉ“¬®—¥°“√‰¥â„π ·µà≈–™à«ß‡«≈“ ´÷Ëß∂◊Õ‡ªìπ·π«∑“ߪؑ∫—µ‘¢Õß∫√√…—∑¿‘∫“≈

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∫√‘…—∑‰¥â°”Àπ¥À≈—°®√‘¬∏√√¡∑“ß∏ÿ√°‘® ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√ ·≈–¡’°“√™’È·®ß ∑”§«“¡‡¢â“„®∂÷ß¡“µ√∞“π°“√ªØ‘∫—µ‘µπ¢Õß °√√¡°“√ ΩÉ“¬®—¥°“√ √«¡∂÷ß°“√ ◊ÕË  “√„Àâæπ—°ß“π‡¢â“„®·≈–ªØ‘∫µ— µ‘ πµ“¡·π«∑“ß π—ÈπÕ¬Ÿà‡ ¡Õ ‚¥¬¡’√“¬≈–‡Õ’¬¥¥—ßπ’È 1. ∫√‘…—∑®–¥”‡π‘π∏ÿ√°‘®¥â«¬§«“¡´◊ËÕ —µ¬å  ÿ®√‘µ ·≈–‚ª√àß„  查 §«“¡®√‘ßµàÕ∫ÿ§§≈∑’ˇ°’ˬ«¢âÕß ‰¡à À√◊Õ∑”„À⇢Ⓞ®º‘¥‚¥¬‡®µπ“ À≈Õ°≈«ß ‚¥¬°“√∫‘¥‡∫◊Õπ “√ π‡∑» ‡≈◊Õ°ªØ‘∫—µ‘À√◊Õ≈–‡«âπªØ‘∫—µ‘ √«¡∂÷ß°“√®—¥ „Àâ¡’√“¬ß“π “√ π‡∑»∑’Ë∂Ÿ°µâÕߧ√∫∂â«π∑—π‡«≈“·≈– ¡Ë”‡ ¡Õ ∑—Èßπ’ȇæ◊ËÕ º≈ª√–‚¬™πå Ÿß ÿ¥¢ÕߺŸâ‡°’ˬ«¢âÕß‚¥¬√«¡ 2. ∫√‘…—∑®–ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ ·≈–¢âÕ∫—ߧ—∫µà“ßÊ ∑’ˇ°’ˬ«¢âÕß Õ¬à“߇§√àߧ√—¥ 3. ∫√‘…—∑¡’§«“¡√—∫º‘¥™Õ∫Õ¬à“ß Ÿß„π°“√º≈‘µ ‘π§â“∑’Ë¡’§ÿ≥¿“æ ·≈–‰¥â¡“µ√∞“π ‡æ◊ËÕº≈‘µ ‘π§â“∑’Ë¥’„Àâ°—∫ºŸâ∫√‘‚¿§ 4. ∫√‘…∑— ®–ªØ‘∫µ— µ‘ “¡‡ß◊ÕË π‰¢ —≠≠“µà“ßÊ ∑’¡Ë µ’ Õà §Ÿ§à “â ·≈–‡®â“Àπ’È ‚¥¬‡§√àߧ√—¥ ‡æ◊ËÕ¥”√߉«â´÷Ëߧ«“¡‡ªìπ∏√√¡ 5. ∫√‘…—∑¡’π‚¬∫“¬„π°“√„™âæ≈—ßß“π·≈–∑√—欓°√„π°“√º≈‘µ Õ¬à“ß¡’§ÿ≥¿“æ ªÑÕß°—π·≈–≈¥º≈°√–∑∫µàÕ ‘Ëß·«¥≈âÕ¡ ‡æ◊ËÕ¥”√߉«â´÷Ëß  ¿“æ·«¥≈âÕ¡∑’Ë¥’·≈–°“√Õ¬Ÿà√à«¡°—∫™ÿ¡™πÕ¬à“ߺ“ ÿ° 6. ∫√‘…∑— ¥”‡π‘ππ‚¬∫“¬„π°“√æ—≤π“∫ÿ§≈“°√¢Õß∫√‘…∑— ∑ÿ°√–¥—∫ ‡æ◊ËÕ„Àâæπ—°ß“π¡’§«“¡√Ÿâ §«“¡™”π“≠∑’Ë®”‡ªìπ„π°“√∑”ß“π ·≈–‡ªìπ‰ª „π·π«∑“߇¥’¬«°—π ·π«‚πâ¡Õÿµ “À°√√¡„πÕ𓧵 7. ΩÉ“¬®—¥°“√®–‰¡àÀ“ª√–‚¬™πå„ àµπ·≈–ºŸâ∑’ˇ°’ˬ«¢âÕß ‚¥¬„™â  “√ π‡∑»¿“¬„π∑’¬Ë ß— ‰¡à‡ªî¥‡º¬‰ª„™â À√◊Õπ”°√–∑”°“√„¥Ê Õ—π°àÕ„À⇰‘¥ §«“¡¢—¥·¬âß∑“ߺ≈ª√–‚¬™πå 8. ΩÉ“¬®—¥°“√®—¥„Àâ¡’°“√¥Ÿ·≈ µ√«® Õ∫¿“¬„π∫√‘…—∑ ·≈– ¿“æ ·«¥≈âÕ¡∫√‘…—∑Õ¬à“ß ¡Ë”‡ ¡Õ ‡æ◊ËÕ§«∫§ÿ¡·≈–µ‘¥µ“¡°“√ªØ‘∫—µ‘µ“¡ π‚¬∫“¬∑’ˉ¥â«“߉«â 9. ΩÉ“¬®—¥°“√√—°…“®√‘¬∏√√¡∑“ß°“√§â“Õ¬à“߇§√àߧ√—¥ ·≈– ªØ‘∫µ— µ‘ π¿“¬„µâ°√Õ∫°µ‘°“°“√·¢àߢ—π∑’¥Ë ‰’ ¡à∑”≈“¬™◊ÕË ‡ ’¬ß¢ÕߧŸ·à ¢àß∑“ß °“√§â“¥â«¬«‘∏’°“√‰¡à ÿ®√‘µ ª√“»®“°§«“¡®√‘ß·≈–‰¡à‡À¡“– ¡ ë °“√ª√–™ÿ¡§≥–°√√¡°“√ °“√ª√–™ÿ¡§≥–°√√¡°“√®–°”À𥉫âÕ¬à“߇ªìπ∑“ß°“√≈à«ßÀπâ“ ∑ÿ°ª√–®”ªï ‚¥¬ª°µ‘·µà≈–§√—Èß„™â‡«≈“ª√–¡“≥ 2 - 3 ™—Ë«‚¡ß °“√ª√–™ÿ¡ ®—¥∑’ Ë ”π—°ß“π„À≠à¢Õß∫√‘…∑— ΩÉ“¬®—¥°“√®– à߇√◊ÕË ß·≈–«“√–ª√–™ÿ¡æ√âÕ¡ ¥â«¬ “√ π‡∑»·≈–¢âÕ¡Ÿ≈‡ªìπ≈“¬≈—°…≥åÕ—°…√∑’Ë¡’§«“¡ ”§—≠ ‡æ◊ËÕ„Àâ °√√¡°“√‡¢â“„®∏ÿ√°‘®·≈–ª√–‡¥Áπ∑’Ëæ‘®“√≥“‰¡àπâÕ¬°«à“ 7 «—π °àÕπª√–™ÿ¡ À“°°√√¡°“√ºŸâ „ ¥µâ Õ ß°“√ “√ π‡∑»‡æ‘Ë ¡ ‡µ‘ ¡ Õ“®µ‘ ¥ µà Õ ¢Õ‰¥â ® “° ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√À√◊Õ ‡≈¢“πÿ°“√∫√‘…—∑ °√√¡°“√ “¡“√∂‡ πÕ ‡√◊ËÕ߇æ‘Ë¡‡µ‘¡„π«“√–ª√–™ÿ¡ ·≈–Õ¿‘ª√“¬„À⧫“¡‡ÀÁπ‰¥â‚¥¬‡ªî¥‡º¬ ·≈– Õ¬à“߇µÁ¡∑’„Ë π∑’ªË √–™ÿ¡ ·≈–¡’°“√®¥∫—π∑÷°°“√ª√–™ÿ¡‡ªìπ≈“¬≈—°…≥åÕ°— …√ ·≈–¡’°“√√—∫√Õß®“°§≥–°√√¡°“√ ¡’√–∫∫°“√®—¥‡°Á∫∑’Ë “¡“√∂µ√«®  Õ∫‰¥â


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

ë Structure of the Board Board of Directors consists of 12 members 6 of who are Executives Management, 3 of whom are non Executives Management, and 3 of whom are independent individuals by the definition of Stock Exchange of Thailand for a period of 3 years as specified in the Corporate Article Associations. Board of Directors will appoint a number of members as members of the Management Committee with management authority for corporate operations to meet corporate policies and goals. The Chairperson of the Board of Directors and the Chairperson of the Management Committee must not be the same person with separate authority and function to counterbalance the two. The Chairperson of the Board must be an independent individual by the definition of Stock Exchange of Thailand who is not associated with the management, does not hold any corporate shares, and is responsible for policy making, counseling, and corporate strategies and is also free from day-to-day operations. Chairperson of the Executive Board is responsible for day-to-day operation of the Company under the policies set forth by the Board of Director. In fact, the responsibility of Board of Director and the Chairman of Executive Board are clearly stated although without formal policies and regulation in the issue of taking another position in different organization for Directors and Executives Management. However, all Directors have devoted their time and effort for the Company very efficiently by attending corporate meetings and giving counsel on business operation effectively all of which are listed in the meeting attendance reports for each committee. ë Roles and Responsibilities of the Board of Directors The Board of Directors is responsible for policy making, directing, monitoring, and supervision of the Companyûs operation for the Management to execute efficiently and effectively to increase its economic value and good return for shareholders, accountability to shareholders, protecting shareholdersû interests, and disclosure of accurate, complete, and transparent information to investors. In 2008 the Board of Directors together with the Management have published the 2009 business plan for clearer objectives and direction whose overall operation can be assessed by each period as a means for corporate governance.

Business Ethics has been made in writing and clarified regularly on conducting standards for Directors and Executives Management to the employees as follows: 1. The Company shall operate with honesty and transparently, and not intentionally defrauding others by information manipulation and discrimination. It will regularly prepare accurate corporate information report in due course for stakeholdersû highest benefits. 2. The Company shall strictly comply with relevant laws and regulations. 3. The Company shall be highly responsible for high quality and standard production for consumers. 4. The Company shall strictly follow agreements made with partners and creditors to preserve mutual justification. 5. The Company shall conserve energy and production resource as well as prevent and reduce environmental impact to maintain the well-being of the environment and community. 6. The Company shall develop its human resource in every level to raise their knowledge and skills for its operation in line with industryûs direction. 7. The Management shall not seek personal advantage by abuse of undisclosed internal information or to perform any activities that lead to conflicts of interests. 8. The Management shall perform internal audit and take good care of working environment to control and monitor corporate operations to meet its policies. 9. The Management shall strictly keep its business ethics and follow decent competition practice by not improperly discrediting its competitors via unfair and untrue information. ë Board Meeting The Board meetings have been annually scheduled in advance and held for 2-3 hours each at the head office. The Management shall submit invitation circular and agenda more than 7 days in advance including related written information for common understanding of the business and discussion items. If a member of the Board seeks further information, it may be requested from the Chief Executive Officer or Company secretary. He/she may also suggest additional items in the agenda for open discussion in the meeting whose minutes of meeting shall be recorded and approved by the Chairperson and safely kept for future verification.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

„πªï 2551 ∑’˺à“π¡“¡’°“√ª√–™ÿ¡∑—Èß ‘Èπ 12 §√—Èß ‚¥¬°“√√à«¡ ª√–™ÿ¡¢Õߧ≥–°√√¡°“√∫√‘…—∑·µà≈–∑à“π √ÿª¥—ßπ’È √“¬™◊ÕË

1. 𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å 2. ¥√. »‘√‘ °“√‡®√‘≠¥’ 3. ¥√.  ÿ«‘∑¬å ‡¡…‘π∑√’¬å 4. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å 5. 𓬫‘ ∑ÿ ∏‘ «‘∑¬∞“π°√≥å 6. 𓬮“√ÿæ®πå ≥’»–π—π∑å 7. 𓬫‘™‘µ «‘∑¬∞“π°√≥å 8. π“ߪí∑¡“ µ—Èßæ‘√ÿÃÀå∏√√¡ 9. 𓬙—¬¬ß§å «‘∑¬∞“π°√≥å 10. 𓬫‘™—¬ «‘∑¬∞“π°√≥å 11. π“ß√—µπ“ ®—π∑√åæ‘∑—°…å 12. 𓬠¡»—°¥‘Ï »‘«–π“«‘π∑√å

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2551-2553

11/12

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2550-2552

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ë §≥–°√√¡°“√™ÿ¥¬àÕ¬ §≥–°√√¡°“√™ÿ¥¬àÕ¬¢Õß∫√‘…—∑¡’ 4 §≥–ª√–°Õ∫¥â«¬ §≥– °√√¡°“√∫√‘À“√ §≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√ √√À“·≈– °”Àπ¥§à“µÕ∫·∑π ·≈–§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß §≥–°√√¡°“√∫√‘À“√ §≥–°√√¡°“√∫√‘À“√¡’ ∑—ÈßÀ¡¥ 6 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√ ∑’ˇªìπºŸâ∫√‘À“√ 5 ∑à“π ·≈–∑’ˇªìπºŸâ∫√‘À“√√–¥—∫ Ÿß 1 ∑à“π ∑—ÈßÀ¡¥‡ªìπ ºŸâ∫√‘À“√∑”ß“π‡µÁ¡‡«≈“„Àâ°—∫∫√‘…—∑ §≥–°√√¡°“√∫√‘À“√¡’Àπâ“∑’˙૬ ΩÉ “ ¬®— ¥ °“√„π°“√ªØ‘ ∫— µ‘ ß “πª√–®”«— π ¿“¬„µâ ° √Õ∫π‚¬∫“¬∑’Ë ‰ ¥â √— ∫ ¡Õ∫À¡“¬®“°§≥–°√√¡°“√ πÕ°®“°π—Èπ¬—ߙ૬°≈—Ëπ°√Õßß“π„Àâ°—∫ §≥–°√√¡°“√Õ’°√–¥—∫Àπ÷Ëߥ⫬  ”À√—∫°“√ª√–™ÿ¡°√√¡°“√∫√‘À“√®–°”Àπ¥‰«â™—¥‡®π ¡’°“√ª√–™ÿ¡ Õ¬à“ßπâÕ¬‡¥◊Õπ≈– 1 §√—Èß ·≈– “¡“√∂‡√’¬°ª√–™ÿ¡‰¥â∑—π∑’°√≥’¡’«“√–

36

 ”§—≠∑’˵âÕßæ‘®“√≥“ µ“¡ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß„™â‡«≈“ª√–¡“≥ 3 ™—Ë«‚¡ß „π°“√ª√–™ÿ¡∑ÿ°§√—Èߧ≥–°√√¡°“√∫√‘À“√®–‡™‘≠°√√¡°“√Õ‘ √– ´÷Ëß¡’‡ √’∑’Ë®–‡¢â“ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√‡æ◊ËÕøíß√“¬ß“π ·≈–· ¥ß §«“¡§‘¥‡ÀÁπ √«¡∑—Èß„Àâ¢âÕ‡ πÕ·π– ·µà‰¡à¡’ ‘∑∏‘ÕÕ°‡ ’¬ß ¡’°“√®¥ ∫— π ∑÷ ° °“√ª√–™ÿ ¡ ‰«â ‡ ªì π ≈“¬≈— ° …≥å Õ— ° …√ ·≈–¡’ √ –∫∫°“√®— ¥ ‡°Á ∫ ∑’Ë  “¡“√∂µ√«® Õ∫‰¥â „πªï 2551 ¡’°“√ª√–™ÿ¡°√√¡°“√∫√‘À“√ 12 §√—Èß ‚¥¬°“√‡¢â“ √à«¡ª√–™ÿ¡¢Õߧ≥–°√√¡°“√‡ªìπ‰ª¥—ßπ’È

1. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å 2. 𓬫‘ ∑ÿ ∏‘ «‘∑¬∞“π°√≥å 3. 𓬮“√ÿæ®πå ≥’»–π—π∑å 4. 𓬫‘™‘µ «‘∑¬∞“π°√≥å 5. 𓬠¡»—°¥‘Ï »‘«–π“«‘π∑√å 6. 𓬇»√…∞ √√ ‡»√…∞°“√ÿ≥¬å

«“√–°“√¥”√ß µ”·Àπàß

°“√‡¢â“√à«¡ª√–™ÿ¡/ ®”π«π§√—Èß∑’˪√–™ÿ¡

--

12/12

--

12/12

--

9/12

--

11/12

--

12/12

--

12/12

§≥–°√√¡°“√µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’ 3 ∑à“π ∑ÿ°∑à“π‡ªìπ°√√¡°“√∑’ˇªìπ Õ‘ √–µ“¡§«“¡À¡“¬¢Õßµ≈“¥À≈—°∑√—æ¬å §≥–°√√¡°“√¡’Àπâ“∑’ˇΩÑ“  —߇°µª√– ‘∑∏‘º≈¢Õßß“πµ√«® Õ∫ °“√®—¥°“√§«“¡‡ ’Ë¬ß °“√§«∫§ÿ¡ ∑“ß°“√‡ß‘π·≈–°“√∫—≠™’¿“¬„π ·≈–°“√√“¬ß“π∑“ß°“√‡ß‘π √«¡∑—Èß Àπâ“∑’ËÕ◊Ëπ∑’˵≈“¥À≈—°∑√—æ¬å°”Àπ¥§≥–°√√¡°“√®–ª√–™ÿ¡ªï≈– 4 §√—Èß ·≈–¡’«“√–ª√–™ÿ¡°”À𥉫â≈à«ßÀπâ“ °√√¡°“√µ√«® Õ∫ “¡“√∂‡¢â “ ∂÷ ß ·≈–ª√–™ÿ ¡ °— ∫ ºŸâ   Õ∫∫— ≠ ™’ ¿“¬πÕ°·≈–ºŸâµ√«® Õ∫¿“¬„πÕ¬à“߇ √’ „πªï∑’˺à“π¡“¡’°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫ 4 §√—Èß ‚¥¬°“√ ‡¢â“√à«¡¢Õߧ≥–°√√¡°“√¡’¥—ßµàÕ‰ªπ’È √“¬™◊ÕË

1. 𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å 2. ¥√. »‘√‘ °“√‡®√‘≠¥’ 3. ¥√.  ÿ«‘∑¬å ‡¡…‘π∑√’¬å

«“√–°“√¥”√ß µ”·Àπàß

°“√‡¢â“√à«¡ª√–™ÿ¡/ ®”π«π§√—Èß∑’˪√–™ÿ¡

2549-2551

4/4

2549-2551

4/4

2549-2551

4/4


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

In 2008, twelve Board meetings were held with attendance statistics on each member as follows: Name

1. Mr. Sompol Kiatpaibool 2. Dr. Siri Ganjarerndee 3. Dr. Suvit Maesincee 4. Miss Sudarath Vitayatanagorn 5. Mr. Visuth Vitayathanagorn 6. Mr. Charuphot Neesanant 7. Mr. Vichit Vitayatanagorn 8. Mrs. Pattama Tangpiroonthum 9. Mr. Chaiyong Vitayatanagorn 10. Mr. Vichai Vitayathanagorn 11. Mrs. Ratana Chanpitaksa 12. Mr. Somsak Sivanawin

Office Term

Number of Attendances

2007-2009

12/12

2006-2008

12/12

2007-2009

12/12

2006-2008 2006-2008 2006-2008 2008-2010 2008-2010 2008-2010

12/12 12/12 8/12 11/12 12/12

It usually takes approximately 3 hours in each meeting. Independent members of the Board of Directors shall be invited into the Executive Board meeting to observe, give comments or counseling but without voting right. Minutes of meetings are also recorded and safely kept for future verification. In 2008, twelve Executive Board meetings were held with attendance statistics on each member as follows: Name

1. Miss Sudarath Vitayatanagorn 2. Mr. Visuth Vitayathanagorn 3. Mr. Charuphot Neesanant 4. Mr. Vichit Vitayatanagorn 5. Mr. Somsak Sivanawin 6. Mr. Sethasan Sethakarun

Office Term

Number of Attendances

--

12/12

--

12/12

--

9/12

--

11/12

--

12/12

--

12/12

12/12

2007-2009

10/12

2008-2010

11/12

2007-2009

12/12

ë Subcommittees There are 4 subcommittees under the Board of Directors namely Executive Board, Audit Committee, Nomination and remuneration Committee, and Risk Management Committee. Executive Board Executive Board consists of 6 members 5 of which are Directors and the other the Chief Executive Officer who have full-time devotion on the positions. Executive Board is responsible for facilitating the management on day-to-day operations corresponding to corporate policies set forth by the Board as well as preliminary screening of work for the Board of Directors. For Executive Board meetings, it has been scheduled to meet at least once a month and can be additionally arranged whenever needed.

Audit Committee The Audit Committee consists of 3 members all of whom are independent Directors as defined by the Stock Exchange of Thailand. Its function is to oversee the efficiency of Internal Controls, Risk Management, financial and accounting control, and financial report as well as additional tasks as specified by the Stock Exchange of Thailand. The committee meets 4 times annually with agenda scheduled in advance before each meeting. The Audit Committee is authorized to freely access and meet with internal and external auditors. In the past year, 4 Audit Committee meetings were held with attendance statistics as follows: Name

1. Mr. Sompol Kiatpaibool 2. Dr. Siri Ganjarerndee 3. Dr. Suvit Maesincee

Office Term

Number of Attendances

2006-2008

4/4

2006-2008

4/4

2006-2008

4/4

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

37


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

§≥–°√√¡°“√ √√À“·≈–°”Àπ¥§à“µÕ∫·∑π ‡æ◊ËÕ„À⇪ìπ‰ªµ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ∫√‘…—∑‰¥â·µàßµ—Èß §≥–°√√¡°“√ √√À“ ‚¥¬¡’Õ”π“®Àπâ“∑’Ë °”Àπ¥°√–∫«π°“√ √√À“ ·≈– æ‘®“√≥“ √√À“ºŸâ∫√‘À“√√–¥—∫ Ÿßµ—Èß·µà√–¥—∫°√√¡°“√ºŸâ®—¥°“√ °√√¡°“√ ºŸâ®—¥°“√∑—Ë«‰ª¢÷Èπ‰ª ‡æ◊ËÕ‡ πÕ„Àâ§≥–°√√��°“√∫√‘…—∑æ‘®“√≥“Õπÿ¡—µ‘ ·≈–  √√À“ºŸâ¡“¥”√ßµ”·Àπàß°√√¡°“√∫√‘…—∑ ‡æ◊ËÕ∑¥·∑π°√√¡°“√∑’ËÕÕ° µ“¡«“√–À√◊Õ∑’Ë≈“ÕÕ° ‡æ◊ËÕ‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑·≈–∑’˪√–™ÿ¡ºŸâ ∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—µ‘ ‚¥¬§≥–°√√¡°“√ √√À“ª√–°Õ∫¥â«¬ √“¬™◊ÕË 1. 𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å 2. ¥√. »‘√‘ °“√‡®√‘≠¥’ 3. ¥√.  ÿ«‘∑¬å ‡¡…‘π∑√’¬å

µ”·Àπàß ª√–∏“π°√√¡°“√ √√À“ °√√¡°“√ √√À“ °√√¡°“√ √√À“

§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß ∫√‘…—∑œ µ√–Àπ—°¥’«à“ °“√∫√‘À“√§«“¡‡ ’ˬ߇ªìπ‡√◊ËÕß ”§—≠ ∑’Ë∑”„Àâ Õߧå°√ “¡“√∂∫√√≈ÿ∂ß÷ ‡ªÑ“À¡“¬∑“ß∏ÿ√°‘®∑’°Ë ”À𥉫â ∫√‘…∑— œ ®÷߉¥â®¥— „Àâ¡’ §≥–°√√¡°“√∫√‘À“√§«“¡‡ ’ˬߢ÷Èπ (RISK MANAGEMENT COMMITTEE) ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ‡æ‘Ë¡‚Õ°“ ∑“ß∏ÿ√°‘®„Àâ¡“°∑’Ë ÿ¥ ·≈–≈¥‚Õ°“ ¢Õß §«“¡ Ÿ≠‡ ’¬„Àâ‡À≈◊ÕπâÕ¬∑’Ë ÿ¥ °√Õ∫°“√∑”ß“π §≥–°√√¡°“√∑”Àπâ“∑’˪√–‡¡‘π ·≈–«‘‡§√“–Àå∂÷ßªí®®—¬§«“¡‡ ’Ë¬ß ∑’ËÕ“®‡°‘¥¢÷Èπ°—∫Õߧå°√ ®—¥„Àâ¡’°√–∫«π°“√∫√‘À“√§«“¡‡ ’ˬß∑’Ë Õ¥§≈âÕß °—∫·ºπ∏ÿ√°‘® ¡’°“√§«∫§ÿ¡ µ‘¥µ“¡°“√ªØ‘∫—µ‘µ“¡°√–∫«π°“√∫√‘À“√ §«“¡‡ ’Ë¬ß ·≈–∑∫∑«π°√–∫«π°“√ ‡æ◊ËÕª√—∫ª√ÿß„Àâ¡’§«“¡‡À¡“– ¡µàÕ °“√¥”‡π‘π∏ÿ√°‘®Õ¬Ÿ‡à  ¡Õ§≥–°√√¡°“√‰¥â Õ◊Ë  “√„Àâæπ—°ß“π∑ÿ°√–¥—∫‡¢â“„® ∂÷ß®ÿ¥À¡“¬√à«¡°—π„π°“√∫√‘À“√§«“¡‡ ’Ë¬ß ¡Õ∫À¡“¬§«“¡√—∫º‘¥™Õ∫ ·≈–°√Õ∫¢Õß°“√®—¥°“√§«“¡‡ ’ˬߵ“¡√–¥—∫¢Õߧ«“¡ ”§—≠ºŸâ∑’ËÀπâ“∑’Ë ‡°’ˬ«¢âÕß∑ÿ°§π √“¬™◊ËÕ§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß √“¬™◊ÕË µ”·Àπàß 1. π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å ª√–∏“π°√√¡°“√ 2. 𓬫‘ ÿ∑∏‘ «‘∑¬∞“π°√≥å °√√¡°“√ 3. 𓬫‘™‘µ «‘∑¬∞“π°√≥å °√√¡°“√ 4. 𓬮“√ÿæ®πå ≥’»–π—π∑å °√√¡°“√ 5. 𓬠¡»—°¥‘Ï »‘«–π“«‘π∑√å °√√¡°“√ 6. 𓬇»√…∞ √√ ‡»√…∞°“√ÿ≥¬å °√√¡°“√ 7. 𓬫‘∫Ÿ≈¬å ‚≈À–™ÿπ ‘√‘ ‡≈¢“πÿ°“√ ∫∑∫“∑·≈–§«“¡√—∫º‘¥™Õ∫ 1. ®—¥∑”°√Õ∫∫√‘À“√§«“¡‡ ’ˬß∑’Ë Õ¥§≈âÕß°—π°—∫π‚¬∫“¬·≈– ·ºπ∏ÿ√°‘® „Àâ§√Õ∫§≈ÿ¡§«“¡‡ ’ˬß∑—ÈßÀ¡¥∑’ËÕ“®‡°‘¥¢÷Èπ°—∫Õߧå°√ 2. °”Àπ¥°√–∫«π°“√∫√‘ À “√§«“¡‡ ’Ë ¬ ß ª√–‡¡‘ 𠧫∫§ÿ ¡ µ‘¥µ“¡ ·≈–æ—≤π“°√–∫«π°“√‡æ◊ÕË „À⡪’ √– ‘∑∏‘¿“æ Ÿß ÿ¥ ·≈–‡À¡“– ¡ „π°“√®—¥°“√°—∫§«“¡‡ ’ˬß∑ÿ°ª√–‡¿∑∑’ËÕ“®‡°‘¥¢÷Èπ

38

3.  ◊ËÕ “√·≈–√“¬ß“πº≈§≥–°√√¡°“√∫√‘…—∑·≈–ºŸâ∑’ˇ°’ˬ«¢âÕß °“√ª√–™ÿ¡ §≥–°√√¡°“√∫√‘À“√§«“¡‡ ’¬Ë ß¡’°”Àπ¥ª√–™ÿ¡‰¡àµË”°«à“ªï≈– 4 §√—ßÈ ·≈–√“¬ß“πº≈°“√ª√–™ÿ¡µàÕ§≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√ ∫√‘…—∑ „πªï∑’˺à“π¡“∫√‘…—∑¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘À“√§«“¡‡ ’Ë¬ß 4 §√—Èß °“√·µàßµ—È߇≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑ „πªï∑º’Ë “à π¡“∑’ªË √–™ÿ¡§≥–°√√¡°“√∫√‘…∑— §√—ßÈ ∑’Ë 6/2551 ‡¡◊ÕË «—π∑’Ë 14 °√°Æ“§¡ 2551 ‰¥â¡’¡µ‘·µàßµ—Èß„Àâπ“¬≥√ß§å «‘∑¬‰æ»“≈ ‡ªìπ ‡≈¢“πÿ ° “√§≥–°√√¡°“√∫√‘ …— ∑ ‚¥¬¡’ À πâ “ ∑’Ë · ≈–§«“¡√— ∫ º‘ ¥ ™Õ∫µ“¡ æ√∫. À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√ √–∫∫  “√ π‡∑»·≈–°“√ ◊Ë Õ  “√¢â Õ ¡Ÿ ≈ ·≈–√–∫∫°“√µ‘ ¥ µ“¡°“√∑”ß“π ‡æ◊ËÕ„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªµ“¡π‚¬∫“¬∑’˧≥–°√√¡°“√«“߉«â ∫√‘…—∑¡’ ºŸâµ√«® Õ∫¿“¬„π´÷Ë߇ªìπ∫ÿ§§≈¿“¬πÕ°∑’Ë¡’§«“¡‡ªìπÕ‘ √–  “¡“√∂∑” Àπâ“∑’ˉ¥âÕ¬à“߇撬ßæÕ·≈–∂à«ß¥ÿ≈‰¥â ‡ªìπºŸâ∑”Àπâ“∑’˵√«® Õ∫√–∫∫°“√ ∑”ß“π¢Õß∫√‘…∑— √«¡∑—ßÈ °“√ª√—∫ª√ÿß√–∫∫°“√∑”ß“π„À⇰‘¥ª√– ‘∑∏‘¿“æ  Ÿß ÿ¥ ‚¥¬√“¬ß“πº≈°“√µ√«® Õ∫‚¥¬µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫ ·≈–ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√  ”À√—∫∫√‘…—∑¬àÕ¬π—Èπ¡’√–∫∫°“√§«∫§ÿ¡ ¿“¬„π‡√◊ËÕß°“√∑”∏ÿ√°√√¡ °—∫ºŸâ∂◊ÕÀÿâπ„À≠à °√√¡°“√ ºŸâ∫√‘À“√ À√◊ÕºŸâ∑’Ë ‡°’ˬ«¢âÕß°—∫∫ÿ§§≈¥—ß°≈à“«  ”À√—∫√–∫∫°“√§«∫§ÿ¡¿“¬„π ∫√‘…—∑œ·≈– ∫√‘…—∑¬àÕ¬¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë¥’ ∫√‘…—∑¡’√–∫∫°“√∫√‘À“√§«“¡‡ ’ˬß∑’Ë¡’ª√– ‘∑∏‘¿“æ·≈–πà“‡™◊ËÕ∂◊Õ §≥–°√√¡°“√∫√‘À“√§«“¡‡ ’¬Ë ߥ”‡π‘π°“√‡°’¬Ë «°—∫°“√ª√–‡¡‘𧫓¡‡ ’¬Ë ß ‚¥¬√Õ∫§Õ∫ ·≈–√–¡—¥√–«—ß„π∑ÿ°Ê ¥â“π ∑—Èß„π¥â“π°“√µ≈“¥ °“√‡ß‘π °“√º≈‘µ °ÆÀ¡“¬ ·≈– ¿“æ·«¥≈âÕ¡∏ÿ√°‘®‚¥¬∑—Ë«‰ª √“¬ß“πµàÕ®“° §≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√∫√‘…∑— ‡æ◊ÕË ªÑÕß°—π·≈–≈¥§«“¡  Ÿ≠‡ ’¬∑’ËÕ“®‡°‘¥¢÷Èπ ë §à“µÕ∫·∑π §à“µÕ∫·∑π¢Õß°√√¡°“√¢Õß∫√‘…—∑Õ¬Ÿà„π≈—°…≥–∑’ˇª√’¬∫‡∑’¬∫‰¥â °—∫√–¥—∫∑’ªË Ø‘∫µ— Õ‘ ¬Ÿ„à πÕÿµ “À°√√¡ ª√– ∫°“√≥å ¿“√–Àπâ“∑’Ë ¢Õ∫‡¢µ¢Õß ∫∑∫“∑·≈–§«“¡√—∫º‘¥™Õ∫ √«¡∂÷ߪ√–‚¬™πå∑§’Ë “¥«à“®–‰¥â√∫— ®“°°√√¡°“√ ·µà≈–§π πÕ°®“°π’È °√√¡°“√∑’ˉ¥â√—∫¡Õ∫À¡“¬Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥ ™Õ∫‡æ‘Ë¡¢÷Èπ ´÷Ëß√“¬≈–‡Õ’¬¥§à“µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√ ®–‡ªî¥ ‡º¬Õ¬Ÿà„πÀ—«¢âÕ°“√®—¥°“√„π√“¬ß“πª√–®”ªï ·≈–·∫∫ 56-1 ë °“√æ—≤π“°√√¡°“√ ºŸâ∫√‘À“√ ·≈–°“√ ◊∫∑Õ¥µ”·Àπàßß“π ‡æ◊ÕË „Àâ°“√ªØ‘∫µ— ß‘ “π¢Õߧ≥–°√√¡°“√‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ ∫√‘…∑— ¡’π‚¬∫“¬ à߇ √‘¡„Àâ°√√¡°“√·≈–ΩÉ“¬®—¥°“√‰¥â‡¢â“√—∫°“√Ωñ°Õ∫√¡ Õ¬à“ßµàÕ‡π◊ËÕß ∑—Èß°“√®—¥Ωñ°Õ∫√¡¿“¬„πÕߧå°√·≈–°“√‡¢â“√à«¡Ωñ°Õ∫√¡ °—∫ ∂“∫—πΩñ°Õ∫√¡¿“¬πÕ°‡™àπ  ∂“∫—π IOD ‡ªìπµâπ πÕ°®“°π—Èπ ∫√‘…—∑ ‰¥â¡°’ “√æ—≤π“∫ÿ§≈“°√„π°“√‡µ√’¬¡§«“¡æ√âÕ¡‡æ◊ÕË  ◊∫∑Õ¥µ”·Àπàßß“π „πµ”·Àπàß∑’Ë ”§—≠Ê ‰«â‡√’¬∫√âÕ¬·≈â«


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Nomination Committee In order to comply with Corporate Governance, the Company has appointed a Nomination and remuneration Committee whose function is to specify nomination process and to nominate top management positions from President, Executive General Managing, Director, and above for Board approval including replacement of Directors who complete their terms or resign. Members of the Nomination Committee consist of the following: Names

Title

1. Mr. Sompol Kiatpaibool 2. Dr. Siri Ganjarerndee 3. Dr. Suvit Maesincee

Chairman of the Committee Member of the Committee Member of the Committee

Risk Management Committee The Company is fully aware of the vitality of Risk Management to attain its business goals. Therefore, it has established a Risk Management Committee whose objective is to maximize business opportunity and minimizing possible lost. Functions The Committee shall evaluate and analyze potential risk factors that may affect the Company, and provide risk management measures corresponding to business plans including control and monitoring of risk management process as well as its revision to suit business needs. The Committee has been communicating common risk management objectives to all levels of employees and delegated functions and responsibilities to all levels of related personnel accordingly. Members of Risk Management Committee Names

Title

1. 2. 3. 4. 5. 6. 7.

Chairman Director Director Director Director Director Secretary

Miss Sudarath Vitayatanagorn Mr. Visuth Vitayathanagorn Mr. Vichit Vitayatanagorn Mr. Charuphot Neesanant Mr. Somsak Sivanawin Mr. Sethasan Sathakarun Mr. Wiboon Lohachoonsiri

Roles and Responsibilities 1. Design a risk management framework corresponding to corporate policies and business plans in order to encompass potential corporate risks 2. Specify risk management procedures from evaluation, control, monitoring, and development of processes to ensure optimal efficiency and appropriate risk management of all categories

3. Communicate and report outcomes to Board of Directors and related personnel Meetings Risk Management Committee shall meet more than 4 times annually whose reports shall be submitted to Audit Committee and Board of Directors. Corporate Secretary The Board of Directorûs meeting No.6/2008 on July 14, 2008 had appointed Mr. Narong Wittayapaisan to be corporate secretary, his responsibility is according to Securities and Stock Exchange acts. Internal Audit and System The Company has established a management performance control system, information and communications system, and monitoring system in order to perform according to corporate policies set forth by Board of Directors. The Company has an internal auditor, who is an independent individual to perform his/her function adequately and to counterbalance the Management. He/she shall verify and improve corporate processes for highest efficiency by directly reporting to Audit Committee and Chairman of the Executive Management. The subsidiaries also have internal controls on transactions between major shareholders, Directors, Executives Management, or other related persons. Overall, internal control system of the Company and its subsidiaries is sufficient. The Company keeps an efficient and reliable risk management where Risk Management Committee has carefully performed its risk management tasks in all areas including marketing, financial, production, legal, and general business environment through Audit Committee and Board of Directors to prevent and minimize potential lost. ë Remuneration Remuneration for Board of Directors is of industry standard and by consideration from their experience, obligation, roles, and responsibility including potential deliverables from each member of the Board. In addition, Directors who are also members of subcommittees shall also receive additional compensation corresponding to additional responsibilities. Details of remuneration for Directors and Management Executives approved by Shareholders are disclosed in the Annual Report and Form 56-1. ë Development and succession plan for Directors and Management Executives In order for efficient operations of Board of Directors, the Company encourages its Directors and the Management to have regular training including internal and external institute such as IOD, etc., as well as implement succession plan for key success positions.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ Management Discussion and Analysis: (MD&A) „πªï 2551 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’√“¬‰¥â®“°°“√¢“¬ ÿ∑∏‘‡ªìπ ®”π«π‡ß‘π 23,574.87 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 5,345.37 ≈â“π∫“∑ À√◊Õ√âÕ¬ ≈– 29.32 ®“°ªï 2550 ‡ªìπº≈®“°¬Õ¥¢“¬∑’ˇæ‘Ë¡¢÷Èπ¢Õß∫√‘…—∑œ ‚¥¬ ∫√‘…—∑œ ¡’¬Õ¥¢“¬‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 34.85 ‡π◊ËÕß®“°„π™à«ß‰µ√¡“ ∑’ËÀπ÷Ëß ∂÷ß “¡ √“§“¢Õß ‘π§â“ª√–‡¿∑πÈ”¡—πª√—∫µ—« Ÿß¢÷Èπ¡“°µ“¡√“§“πÈ”¡—π „πµ≈“¥‚≈° ·≈– ‘π§â“ª√–‡¿∑°“°∂—Ë«‡À≈◊Õß “¡“√∂ª√—∫√“§“¢“¬‡æ‘Ë¡ ¢÷Èπ‰¥âµ“¡µâπ∑ÿπ«—µ∂ÿ¥‘∫∑’˪√—∫µ—« Ÿß¢÷Èπ ∂÷ß·¡â«à“„π‰µ√¡“ ∑’Ë ’Ë√“§“¢“¬  ‘π§â“‰¥âª√—∫≈¥≈ßÕ¬à“ß√«¥‡√Á« ·µà‚¥¬√«¡‡π◊ËÕß®“°º≈¢Õß√“§“¢“¬∑’Ë Ÿß „π‰µ√¡“ ∑’ËÀπ÷Ëß∂÷ß “¡®÷߬—ß àߺ≈„Àâ√“¬‰¥â®“°°“√¢“¬„πªï 2551 ¢Õß ∫√‘…∑— œ  Ÿß°«à“ªï 2550 „π à«π¢Õß∫√‘…∑— ¬àÕ¬ ¬Õ¥¢“¬≈¥≈ß√âÕ¬≈– 2.36 ®“°ªï°àÕπ‡π◊ËÕß®“°ª√‘¡“≥¢“¬∑’Ë≈¥≈ß √“¬‰¥âÕπ◊Ë  à«π„À≠àª√–°Õ∫¥â«¬ √“¬‰¥â®“°°“√¢“¬«— ¥ÿÀ∫’ ÀàÕ, °”‰√ ®“°Õ—µ√“·≈°‡ª≈’ˬπ, ¥Õ°‡∫’Ȭ√—∫·≈–‡ß‘πªíπº≈√—∫  ”À√—∫ªï 2551 √“¬ ‰¥âÕ◊Ëπ‡æ‘Ë¡¢÷Èπ 97.28 ≈â“π∫“∑ À√���Õ√âÕ¬≈– 41.52 ‡¡◊ËÕ‡∑’¬∫°—∫ªï 2550 ‡π◊ËÕß®“°„πªï 2551 ¡’°”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ‡æ‘Ë¡¢÷Èπ 56.34 ≈â“π∫“∑ À√◊Õ√âÕ¬≈– 739.51 ®“°°“√∑’Ë∫√‘…—∑œ ‰¥â«“ß·ºπ„π°“√„™âµ√“ “√ Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—𧫓¡‡ ’ˬß∑“ߥâ“πÕ—µ√“·≈°‡ª≈’ˬπ‡ß‘π µ√“µà“ߪ√–‡∑»∑’Ë√—¥°ÿ¡¢÷Èπ πÕ°®“°π’È„πªï 2551 ∫√‘…—∑œ ¡’√“¬‰¥â ‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑Õ◊Ëπ∑—ÈßÀ¡¥‡∑à“°—∫ 18.68 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 15.92 ≈â“π∫“∑®“°ªï°àÕπ „π à«π¢Õß√“¬®à“¬ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’√“¬®à“¬À≈—°Ê §◊Õ µâπ∑ÿπ¢“¬·≈–§à“„™â®“à ¬„π°“√¢“¬·≈–∫√‘À“√ µâπ∑ÿπ¢“¬¢Õß∫√‘…∑— œ ·≈– ∫√‘ …— ∑ ¬à Õ ¬„πªï 2551¡’ ®”π«π 21,283.70 ≈â “ π∫“∑ ‡∑’ ¬ ∫°— ∫ 15,920.70 ≈â“π∫“∑ „πªï 2550 ‡æ‘Ë¡¢÷Èπ 5,363 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬ ≈– 33.69 ´÷Ë߇ªìπ‰ªµ“¡°“√‡æ‘Ë¡¢÷Èπ¢Õß√“¬‰¥â ‚¥¬„πªï 2551 ∫√‘…—∑œ¡’ µâπ∑ÿπ¢“¬Õ¬Ÿà∑’Ë√âÕ¬≈– 90.28 ¢Õß√“¬‰¥â®“°°“√¢“¬ ´÷Ëß Ÿß°«à“ªï°àÕπ∑’Ë ‡∑à“°—∫√âÕ¬≈– 87.33 µâπ∑ÿπ¢“¬¢Õß∫√‘…—∑œ ª√–°Õ∫¥â«¬«—µ∂ÿ¥‘∫ ª√–¡“≥°«à“√âÕ¬≈– 90 ¢Õßµâπ∑ÿπ∑—ÈßÀ¡¥ ‡π◊ËÕß®“°√“§“«—µ∂ÿ¥‘∫ª√—∫µ—«  Ÿß¢÷Èπ¡“° ¢≥–∑’Ë√“§“¢“¬ ‘π§â“‰¡à “¡“√∂ª√—∫‡æ‘Ë¡¢÷Èπ‰¥â Ÿß‡∑à“Õ—µ√“ °“√‡æ‘Ë¡¢÷Èπ¢Õßµâπ∑ÿπ«—µ∂ÿ¥‘∫ ®÷ß∑”„ÀâÕ—µ√“°”‰√¢—Èπµâπ¢Õß∫√‘…—∑œ ≈¥≈ß §à“„™â®à“¬¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ª√–°Õ∫¥â«¬§à“„™â®à“¬„π°“√ ¢“¬, §à“„™â®à“¬„π°“√∫√‘À“√ ·≈–§à“„™â®à“¬Õ◊Ëπ „πªï 2551 ¡’®”π«π 1,138.85 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“° 580.34 ≈â“π∫“∑ „πªï 2550 ®”π«π 558.51 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 96.24 ‡π◊ËÕß®“°„π‰µ√¡“ ∑’Ë ’Ë¢Õߪï 2551∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‡°‘¥º≈¢“¥∑ÿπ®“°°“√≈¥≈ߢÕß¡Ÿ≈§à“  ‘π§â“§ß‡À≈◊Õ®”π«π 641.34 ≈â“π∫“∑ ´÷Ë߇ªìπº≈®“°«‘°ƒµ‘∑“ß°“√‡ß‘π ·≈–‡»√…∞°‘®‚≈°∑’Ë™–≈Õµ—«≈ß ∑”„Àâ√“§“ ‘π§â“ª√—∫µ—«≈¥≈ß¡“°Õ¬à“ß √«¥‡√Á« ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷߉¥â¡’°“√ª√—∫≈¥¡Ÿ≈§à“¢Õß ‘π§â“§ß ‡À≈◊Õ‡ªìπ√“§“µ≈“¥ ·≈–√—∫√Ÿâº≈¢“¥∑ÿπ„πß∫°“√‡ß‘π„πªï 2551 „πªï 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’¥Õ°‡∫’Ȭ®à“¬·≈–§à“„™â®à“¬ ∑“ß°“√‡ß‘π®”π«π 136.03 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ 9.26 ≈â“π∫“∑ ‡¡◊ËÕ‡∑’¬∫ °—∫ªï 2550 ®”π«π 126.78 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷È𧑥‡ªìπ√âÕ¬≈– 7.30 ®“°¥Õ°‡∫’Ȭ®à“¬∑’ˇæ‘Ë¡¢÷Èπ‡π◊ËÕß®“° ¬Õ¥‡ß‘π°Ÿâ¬◊¡∑’ˇæ‘Ë¡¢÷Èπ„π™à«ß‰µ√¡“ ∑’Ë Àπ÷Ëß∂÷ß “¡¢Õߪï 2551 Õ—π‡π◊ËÕß¡“®“°µâπ∑ÿπ«—µ∂ÿ¥‘∫∑’˪√—∫µ—« Ÿß¢÷Èπ¡“° ª√–°Õ∫°—∫Õ—µ√“¥Õ°‡∫’Ȭ∑’˪√—∫µ—« Ÿß¢÷Èπ„π™à«ß‰µ√¡“ ∑’Ë ’Ë¢Õߪï 2551

40

®“°º≈°“√¥”‡π‘πß“π¢â“ßµâπ∑”„Àâ„πªï 2551 ∫√‘…—∑œ·≈–∫√‘…—∑ ¬àÕ¬¡’°”‰√ ÿ∑∏‘®”π«π 749.63 ≈â“π∫“∑ ≈¥≈ß 506.76 ≈â“π∫“∑ ®“° ªï 2550 ∑’¡Ë °’ ”‰√ ÿ∑∏‘‡∑à“°—∫ 1,256.39 ≈â“π∫“∑ À√◊Õ≈¥≈ß√âÕ¬≈– 40.33  “‡ÀµÿÀ≈—°‡°‘¥®“°º≈¢“¥∑ÿπ®“°°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ®”π«π 641.34 ≈â“π∫“∑ º≈¢“¥∑ÿπ®“°°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õπ’È ‡ªìπ‡Àµÿ°“√≥å∑’ˉ¡àª°µ‘·≈–‡ªìπ‡Àµÿ°“√≥å∑’Ë∫√‘…—∑œ ‰¡à “¡“√∂§«∫§ÿ¡‰¥â Õ—µ√“º≈µÕ∫·∑πµàÕºŸâ∂◊ÕÀÿâπ≈¥≈ß®“°√âÕ¬≈– 39.07 „πªï 2550 ‡ªìπ√âÕ¬≈– 22.29 º≈®“°°”‰√ ÿ∑∏‘∑’Ë≈¥≈ß ‡ß‘πªíπº≈®à“¬ ”À√—∫º≈ ª√–°Õ∫°“√ªï 2551 ‡∑à“°—∫ 1.30 ∫“∑µàÕÀÿâ𠧑¥‡ªìπ√âÕ¬≈– 108.30 ¢Õß°”‰√ ÿ∑∏‘ ‡π◊ËÕß®“°∫√‘…—∑œ ‰¥â¡’°“√®à“¬‡ß‘πªíπº≈√–À«à“ß°“≈ ®“° º≈°“√¥”‡π‘πß“π„π™à«ß§√÷Ëߪï·√°¢Õߪï 2551 ´÷Ëß¡’°”‰√ ÿ∑∏‘Õ¬Ÿà∑’Ë 1,193.28 ≈â“π∫“∑ ¢≥–∑’˪ï 2550 ∫√‘…—∑œ ¡’°“√®à“¬‡ß‘πªíπº≈ 1.40 ∫“∑µàÕÀÿâπÀ√◊Õ§‘¥‡ªìπ√âÕ¬≈– 69.59 ¢Õß°”‰√ ÿ∑∏‘

∞“π–°“√‡ß‘π  ‘π∑√—æ¬å  ‘ π ∑√— æ ¬å √ «¡¢Õß∫√‘ …— ∑ œ·≈–∫√‘ …— ∑ ¬à Õ ¬„πªï 2551 ‡∑à “ °— ∫ 7,624.23 ≈â“π∫“∑  ‘π∑√—æ¬å à«π„À≠àª√–°Õ∫¥â«¬  ‘π§â“§ß‡À≈◊Õ ·≈–  ‘π∑√—æ¬å∂“«√ ÿ∑∏‘ §‘¥‡ªìπ√âÕ¬≈– 50.81 ·≈– 29.27 µ“¡≈”¥—∫  ‘π∑√—æ¬å √«¡„πªï 2551 ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 2.69 ®“°ªï 2550 ‚¥¬√“¬°“√ ”§—≠§◊Õ  ‘π§â“§ß‡À≈◊Õ∑’‡Ë æ‘¡Ë ¢÷πÈ ·≈– ‘π∑√—æ¬å∂“«√∑’‡Ë æ‘¡Ë ¢÷πÈ ®“°°“√≈ß∑ÿπ∑’‡Ë æ‘¡Ë ¢÷πÈ  ¿“æ§≈àÕß „πªï 2551 ∫√‘ …— ∑ œ·≈–∫√‘ …— ∑ ¬à Õ ¬ ¡’ ° √–· ‡ß‘ π  ¥ ÿ ∑ ∏‘ ® “° °‘®°√√¡¥”‡π‘πß“π ‡ªìπ®”π«π‡ß‘π 671.12 ≈â“π∫“∑ Õ—µ√“ à«π ¿“æ §≈àÕß ≥  ‘Èπªï 2551 ‡∑à“°—∫ 1.18 ‡∑à“ ≈¥≈ß®“°ªï 2550 ∑’Ë 1.47 ‡∑à“ ‡π◊ËÕß®“° ‘π∑√—æ¬åÀ¡ÿπ‡«’¬π≈¥≈ß®“°¬Õ¥≈Ÿ°Àπ’È°“√§â“∑’Ë≈¥≈ß ¢≥–∑’Ë ¬Õ¥Àπ’È ‘πÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ®“°‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π∑’Ë ‡æ‘Ë¡¢÷Èπ‡æ◊ËÕ𔉪™”√–§à“«—µ∂ÿ¥‘∫  ¿“æ§≈àÕߢÕß∫√‘…—∑œ ∑’Ë≈¥≈ß‡æ’¬ß ‡≈Á ° πâ Õ ¬ ∑”„Àâ ¡—Ë π „®‰¥â «à “ ∫√‘ …— ∑ œ·≈–∫√‘ …— ∑ ¬à Õ ¬¬— ß ¡’   ¿“æ§≈à Õ ß∑’Ë æՇ撬ߵàÕ°“√¥”‡π‘πß“π  à«π°√–· ‡ß‘π ¥ ÿ∑∏‘∑„’Ë ™â‰ª„π°‘®°√√¡≈ß∑ÿπ ®”π«π 522.55 ≈â“π∫“∑ ‡ªìπº≈®“°°“√≈ß∑ÿπµàÕ‡π◊ËÕß®“°ªï 2550 „π°“√¢¬“¬°”≈—ß°“√º≈‘µ°“√∫√√®ÿπÈ”¡—π¢«¥ ·≈–°“√‡æ‘Ë¡®”π«π‰´‚≈ ¢Õß‚√ßß“π √«¡∂÷߇ߑπ≈ß∑ÿπ„π‚§√ß°“√¢¬“¬°”≈—ß°“√º≈‘µ¢Õß∫√‘…—∑œ ·À≈àß∑’¡Ë “¢Õ߇ߑπ∑ÿπ ≥  ‘Èπªï 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’ à«π¢ÕߺŸâ∂◊ÕÀÿâπ‡∑à“°—∫ 3,085.29 ≈â“π∫“∑ ≈¥≈ß 554.38 ≈â“π∫“∑ ®“°ªï 2550 ∑’Ë 3,639.66 ≈â“π∫“∑ ‚¥¬¡’Õµ— √“ à«πÀπ’ È π‘ µàÕ à«π¢ÕߺŸ∂â Õ◊ Àÿπâ ‡∑à“°—∫ 1.47 ‡∑à“ ‡æ‘¡Ë ¢÷Èπ®“° ‘Èπªï 2550 ∑’Ë 1.04 ‡∑à“ ‡π◊ËÕß®“°„πªï 2551 ∫√‘…—∑œ·≈–∫√‘…—∑ ¬àÕ¬¡’Àπ’È ‘π‡æ‘Ë¡¢÷Èπ®“°¬Õ¥‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π ‡æ◊ËÕ𔉪™”√– §à“«—µ∂ÿ¥‘∫„π™à«ßª≈“¬ªï®”π«π 1,084.74 ≈â“π∫“∑


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

During 2008, the Company and subsidiaries reported revenue of Baht 23,574.87 million, up Baht 5,345.37 million or 29.32% from 2007 revenue as the Companyûs sales improved. Revenue during the first three quarters rose 34.85% because oil products price rose along with rising global oil price and the Company could raise selling price of soybean meal to reflect rising raw material costs. Although selling price fell sharply in the fourth quarter, high sales revenue during the first three quarters kept 2008 full-year revenue higher than 2007 revenue. Sales of the subsidiaries fell 2.36% from the previous year as sales declined. Other incomes were mostly consisted of income from selling packaging materials, foreign exchange gain, interest income and dividend income. 2008 other income rose Baht 97.28 million, or 41.52%, from 2007 other incomes. The Companyûs foreign exchange gain rose by Baht 56.34 million (+739.51% YoY) as the Company hedge foreign exchange. Moreover, the Company received Baht 18.68 million of dividend income from subsidiaries and other Company, up Baht 15.92 million from the previous year. The Company and subsidiarieûs major expenses are cost of sales and sales and administration expenses (SG&A). The Company and subsidiaries reported 2008 cost of sales of Baht 21,283.70 million, up Baht 5,363 million or 33.69%, from Baht 15,920.70 million in 2007. The cost of sales grew as revenue increased. 2008 cost of sales were at 90.28% of sales revenue, higher than 87.33% during 2007. The Companyûs cost of sales mainly comprised of over 90% raw material. As the Company cannot raise selling price to keep up with the rising raw material prices, the Companyûs gross margin declined. The expenses of the Company and subsidiaries, selling expenses administrative expenses and other expenses, were at Baht 1,138.85 million, up Baht 558.51 million or 96.24%, from Baht 580.34 million during 2007. During the fourth quarter of last year, the Company and subsidiaries realized lost on dimimution in value of inventory Baht 641.34 million, which are resulted from financial crisis and slowdown global economic growth, which drive down commodity price. The Company and subsidiaries, therefore, markdown the value of inventories to the market price and realize losses in 2008. During 2008, the Company and subsidiaries paid Baht 136.03 million of interest expense and financial cost up 9.26 million, or 7.30%, from Baht 126.78 million in the previous year. The increased interest expenses was due to rising loans during the first three quarters of 2008 as raw material price rose considerably. Moreover, interest rate rose during the fourth quarter of 2008.

As a result, the Company and subsidiaries reported 2008 net profits of Baht 749.63 million, down Baht 506.76 million or 40.33% from Baht 1,256.39 million of profits in 2007. The decline was mainly due to Baht 641.34 million of inventory deminution, which is an unusual event and uncontrollable by the Company. Return on equity fell from 39.07% in 2007 to 22.29% in 2008 as net profits declined. 2008 dividend was at Baht 1.30 per share, which is 108.30% of net profits because the Company paid interim dividend from Baht 1,193.28 million of net profits during the first six months of 2008. While the Company paid Baht 1.40 per share dividend for the 2007 operational performance, or 69.59% of net profits.

Financial Status Assets Total assets of the Company and subsidiaries as at the end of 2008 were at Baht 7,624.23 million. Inventories and net property, contributed 50.81% and 29.27% of total assets, respectively, and constitute the major portion of the total assets. 2008 total assets rose 2.69% from 2007 level, mainly driven by rising inventories and fixed assets from investment. Liquidity During 2008, the Company and subsidiaries reported cash flow from operation of Baht 671.12 million. Current ratio as at the end of 2008 was at 1.18 times, down from 1.47 times at the end of 2007 because current asset decreased due to account receivable declined while current liability increased from short-term loan that was to pay for raw material inventories. Although the Companyûs liquidity decline slightly, the Company and subsidiaries still have enough liquidity to operate the business. Cash flow from investment of Baht 522.55 million was due to continual investment to increase packaging line capacity, to construct plant silo, and to increase production capacity. Sources of Fund As at end of 2008, the Company and subsidiaries has Baht 3,085.29 million of shareholderûs equity, down Baht 554.38 million from Baht 3,639.66 million as at the end of 2007. 2008 debt to equity ratio was at 1.47 times, up from 1.04 times at the end of 2007 as the Company and subsidiaries had Baht 1,084.74 million of loans from financial institutes to pay for raw materials toward the end of the year.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

41


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

√“¬°“√∏ÿ√°‘®°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π Related party transactions „π√–À«à“ߪï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∏ÿ√°‘®∑’Ë ”§—≠°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π √“¬°“√∏ÿ√°‘®¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢∑“ß°“√§â“ ·≈–‡°≥±åµ“¡∑’˵°≈ß°—π√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑‡À≈à“π—Èπ ´÷Ë߇ªìπ‰ªµ“¡ª°µ‘∏ÿ√°‘® ‚¥¬ “¡“√∂ √ÿª‰¥â¥—ßπ’È (Àπ૬ : ≈â“π∫“∑) ß∫°“√‡ß‘π√«¡ 2550 2551 √“¬°“√∏ÿ√°‘®°—∫∫√‘…∑— ¬àÕ¬ (µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡·≈â«) ´◊ÕÈ «— ¥ÿÀ∫’ ÀàÕ √“¬‰¥â§à“∑’˪√÷°…“ √“¬°“√∏ÿ√°‘®°—∫∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ¢“¬ ‘π§â“‚¥¬∫√‘…—∑œ

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1 -

π‚¬∫“¬°“√°”Àπ¥√“§“

√“§“µ“¡‡ß◊ËÕπ‰¢ª°µ‘∑“ß∏ÿ√°‘®‡ª√’¬∫‡∑’¬∫°—∫ °“√´◊ÈÕ ‘π§â“®“°∫√‘…—∑Õ◊Ëπ∑’ˉ¡à‡°’ˬ«¢âÕß°—π ¡Ÿ≈§à“µ“¡ —≠≠“ ‡ªìπ√“§“∑’Ë¢“¬¢“¥„Àⷰຟâ·∑π®”Àπà“¬´÷Ëß√—∫ ¿“√–§à“„™â®à“¬„π°“√¢“¬ §à“¢π àß∑—Ë«ª√–‡∑» ·≈–§à“„™â®à“¬Õ◊ËπÊ √“§“‡ªìπ‰ªµ“¡ª°µ‘‡™àπ‡¥’¬«°—∫≈Ÿ°§â“∑—Ë«‰ª √“§“‡ªìπ‰ªµ“¡ª°µ‘‡™àπ‡¥’¬«°—∫≈Ÿ°§â“∑—Ë«‰ª √“§“µ≈“¥

¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È (Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2551

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550

2551

2550

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑ ‡™’¬√å ‡∑√¥¥‘Èß ®”°—¥ ∫√‘…—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ √«¡≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ √«¡≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π

6,744,210 2,576,863 9,321,073

13,988,067 4,806,533 18,794,600

6,744,210 6,744,210

13,988,067 13,988,067

-

-

3,902 3,902

-

-

-

29,979,044

37,374,442

-

60,198 60,198

29,979,044

60,198 37,434,640

‡®â“Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑¬àÕ¬ ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ √«¡‡®â“Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π

42


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties. (Unit : Million Baht) Consolidated financial statements

Transactions with subsidiary companies (eliminated from the consolidated financial statements) Purchases of packing materials

Separate financial statements

2008

2007

2008

2007

-

-

232

226

Consulting income Transactions with related companies Sales of goods by the Company

-

-

5

5

79

97

79

97

Sales of goods by subsidiary Purchases of packing material Purchases of land

23 1 34

22 1 -

1 34

1 -

Transfer pricing policy

Price under normal business conditions, comparable with prices of purchases from unrelated parties Per contract Price of outright sales to the Companyûs distributor which is responsible for selling expenses, nationwide transportation expenses and other expenses Normal prices charged to ordinary customers Normal prices charged to ordinary customers Market price

As at 31 December 2008 and 2007, the balances of accounts between the Company and those related parties are as follows: (Unit : Baht) Consolidated financial statements

2008 Trade accounts receivable - related parties Related companies Cheer Trading Co., Ltd. Thai Edible Oil Co., Ltd. Total trade accounts receivable - related parties Amounts due from related party Subsidiary Prodigy Co., Ltd. Total amounts due from related party Trade accounts payable - related parties Subsidiary Prodigy Co., Ltd. Related company Golden Trade Co., Ltd. Total trade accounts payable - related parties

Separate financial statements

2007

2008

2007

6,744,210 2,576,863 9,321,073

13,988,067 4,806,533 18,794,600

6,744,210 6,744,210

13,988,067 13,988,067

-

-

3,902 3,902

-

-

-

29,979,044

37,374,442

-

60,198 60,198

29,979,044

60,198 37,434,640

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

43


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

§«“¡√— ∫ º‘ ¥ ™Õ∫µà Õ  — ß §¡ Corporate Social Responsibility

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ¡’π‚¬∫“¬ ¥”‡ππ‘ ∏ÿ√°‘®¥â«¬§«“¡√—∫º‘¥™Õ∫µàÕ —ߧ¡(Corporate Social Responsibility) ¿“¬„µâª√—™≠“ §◊Õ ‡√“º≈‘µ  ‘π§â“‡æ◊ËÕ§ÿ≥¿“æ™’«‘µ∑’Ë¥’¢÷Èπ¢Õߪ√–™“™π ´÷Ë߇ªìπ ·π«§‘¥∑’Ë¡’‡ªÑ“À¡“¬ ∫𧫓¡√—∫º‘¥™Õ∫µàÕ —ߧ¡ §”π÷ß∂÷ߺ≈°√–∑∫∑’Ë¡’µàÕºŸâ¡’ à«π‰¥â‡ ’¬ ‡™àπ ≈Ÿ°§â“ §Ÿà§â“ ºŸâ∂◊ÕÀÿâπ æπ—°ß“π √«¡∂÷ß™ÿ¡™π∑’Ë∫√‘…—∑µ—ÈßÕ¬Ÿà µ≈Õ¥®π∂÷ß —ߧ¡ ·≈–ª√–‡∑»™“µ‘ ¥â«¬°“√ √â“ß∑—»π§µ‘ ·≈–«—≤π∏√√¡Õߧå°√„Àâæπ—°ß“π¡’§«“¡√—∫º‘¥™Õ∫ µàÕ —ߧ¡∑’ËÕ¬Ÿà√à«¡°—π ∫√‘…∑— œ ¡’π‚¬∫“¬„π°“√∑’®Ë –∑”ª√–‚¬™πå„Àâ ß— §¡ ∑—ßÈ „π¡‘µ¢‘ Õß°“√ √à«¡ √â“ß —ߧ¡‡¢â¡·¢Á߇æ◊ÕË °“√‡µ‘∫‚µ∑’¬Ë ß—Ë ¬◊π ¥â«¬°“√‡¢â“‰ªæ—≤π“§ÿ≥¿“æ ™’«‘µ·≈–§«“¡‡ªìπÕ¬Ÿà¢Õߧπ„π™ÿ¡™π „πªï∑’˺à“π¡“ ∫√‘…—∑œ √à«¡°—π°—∫ Õߧ尓√∫√‘À“√ à«π∑âÕß∂‘Ëπª√—∫ª√ÿß√–∫∫ “∏“√≥Ÿª‚¿§¢Õß™ÿ¡™π ‡™àπ °“√ª√—∫ª√ÿß –æ“π¢â“¡·¡àπÈ” °“√„Àâ∑ÿπ°“√»÷°…“·°àπ—°‡√’¬π¥âÕ¬‚Õ°“  ºà“π¡Ÿ≈π‘∏‘·≈–¡À“«‘∑¬“≈—¬µà“ßÊ °“√∫√‘®“§º≈‘µ¿—≥±å¢Õß∫√‘…—∑„Àâ°—∫

44

‚√߇√’¬π‡æ◊ÕË ‚§√ß°“√Õ“À“√°≈“ß«—π‡¥Á° „π¡‘µ¢‘ Õß»‘≈ª«—≤π∏√√¡ ∫√‘…∑— œ ‰¥â¡°’ “√ π—∫ πÿπ°“√®—¥°‘®°√√¡µà“ßÊ∑’‡Ë ªìπ°“√Õπÿ√°— …å»≈‘ ª«—≤π∏√√¡‰∑¬ ‡™àπ „Àâ°“√ π—∫ πÿπª√–‡æ≥’°“√·¢àß«à“« „Àâ°“√ π—∫ πÿπ°“√‡≈àπ ¥πµ√’‰∑¬ „Àâ°—∫‡¥Á°π—°‡√’¬π¥âÕ¬‚Õ°“ „π™ÿ¡™π  ”À√—∫¡‘µ‘„π‡√◊ËÕß°“√ √—°…“ ‘Ëß·«¥≈âÕ¡π—Èπ ∫√‘…—∑œ ¡’π‚¬∫“¬¥â“π ‘Ëß·«¥≈âÕ¡∑’Ë™—¥‡®π·≈– ∂◊Õ‡ªìπ·π«ªØ‘∫—µ‘Õ¬à“߇§√àߧ√—¥ ∑—Èßπ’ȇæ◊ËÕ¥”√߉«â´÷Ëß√–∫∫𑇫»πå¢Õß  ‘Ëß·«¥≈âÕ¡¢Õß™ÿ¡™π∑’˵—ÈßÕ¬Ÿà


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Thai Vegetable Oil Public Company Limited has a policy to operate business base on Corporate Social Responsibility principle under the philosophy çWe produce products for better living for the society.é This philosophy is base the objective to be responsible for society and any impact on stakeholders, such as customers, trade partners, shareholders, employees, surrounding community, society and the country. The Company is creating mindset and corporate culture for employees to be responsible for the society. The Company has policies to benefit the societies, both by strengthen the society for sustainable growth by improving quality of life of people in the community. During last year, the Company and community governing body improve public infrastructure, such as restructure bridge. The Company also gave scholarship through various

foundation and universities and donated the Companyûs products for childrenûs lunch program. In the fine arts and cultural area, the Company promotes activities that are related to Thai culture, such as by initiating kite competition, Thai musical instrument training program for children in the communities. For the environment preservation, the Company has clear environmental policies which must be strictly comply with to preserve the ecosystem of the surrounding communities.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

45


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫ The Audit Committeeûs Report

§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬°√√¡°“√∑’ˉ¡à‡ªìπºŸâ∫√‘À“√∑’ˇªìπÕ‘ √– 3 ∑à“π ¥—ßπ’È 1. 𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫ 2. ¥√. »‘√‘ °“√‡®√‘≠¥’ °√√¡°“√µ√«® Õ∫ 3. ¥√.  ÿ«‘∑¬å ‡¡…‘π∑√’¬å °√√¡°“√µ√«® Õ∫ ‚¥¬¡’ ‡ ≈¢“πÿ ° “√∫√‘ …— ∑ ∑”Àπâ “ ∑’Ë ‡ ªì π ‡≈¢“πÿ ° “√§≥–°√√¡°“√ µ√«® Õ∫ §≥–°√√¡°“√µ√«® Õ∫¡’Àπâ“∑’Ë Õ∫∑“𧫓¡∂Ÿ°µâÕß·≈–°“√ ‡ªî¥‡º¬Õ¬à“߇撬ßæÕ¢Õßß∫°“√‡ß‘π°àÕπ𔇠πÕ§≥–°√√¡°“√∫√‘…—∑ ·≈–∑”Àπâ“∑’ªË √– “πß“π°—∫ºŸµâ √«® Õ∫¿“¬„π·≈–ºŸ â Õ∫∫—≠™’√∫— Õπÿ≠“µ  Õ∫∑“π·ºπ°“√µ√«® Õ∫·≈–√“¬ß“π¢ÕߺŸâµ√«® Õ∫¿“¬„π·≈–ºŸâ Õ∫ ∫—≠™’√—∫Õπÿ≠“µ  Õ∫∑“π°“√‡ªî¥‡º¬√“¬°“√∑’ˇ°’ˬ«‚¬ß°—π ‡æ◊ËÕ„Àâ∫√‘…—∑ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ °“√ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥·≈– °ÆÀ¡“¬µà“ßÊ ∑’ˇ°’ˬ«¢âÕß„Àâ∂Ÿ°µâÕ߇À¡“– ¡ ‰¡à„À⇰‘¥§«“¡¢—¥·¬âß∑“ß º≈ª√–‚¬™πå √«¡∑—Èß°“√‡ πÕ·µàßµ—ÈߺŸâ Õ∫∫—≠™’Õ‘ √–¢Õß∫√‘…—∑ „π√Õ∫ªï 2551 §≥–°√√¡°“√µ√«® Õ∫ ‰¥âª√–™ÿ¡√à«¡°—∫ºŸâ Õ∫ ∫—≠™’√—∫Õπÿ≠“µ ·≈–ΩÉ“¬®—¥°“√√«¡ 4 §√—Èß ‚¥¬¡’ “√– ”§—≠¥—ßπ’È 1. æ‘ ® “√≥“ª√–‡¡‘ π º≈°“√µ√«® Õ∫·≈–§ÿ ≥ ¿“æ¢Õß√–∫∫ °“√§«∫§ÿ¡¿“¬„π æ∫«à“ ∫√‘…—∑¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë ‡À¡“– ¡°—∫ ¿“æ∏ÿ√°‘® ‰¡à¡’¢âÕ∫°æ√àÕß∑’ˇªìπ “√– ”§—≠ ´÷Ëß ºŸ â Õ∫∫—≠™’∑ß—È ¿“¬„π·≈–¿“¬πÕ°‰¥â„À⧫“¡‡ÀÁπ∑’ Ë Õ¥§≈âÕß°—π 2. æ‘®“√≥“√“¬ß“π·≈– Õ∫∑“𧫓¡πà“‡™◊ËÕ∂◊Õ¢Õßß∫°“√‡ß‘π ∑—Èßß∫°“√‡ß‘π√“¬‰µ√¡“ ·≈–ß∫°“√‡ß‘πª√–®”ªï 2551 ¢Õß

∫√‘…—∑ ‚¥¬‡πâπ°“√ªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√∫—≠™’∑’ËÕÕ°„À¡à ·≈–°“√‡ªî¥‡º¬ß∫°“√‡ß‘πÕ¬à“߇撬ßæÕ √«¡∑—ßÈ °“√øíß°“√™’·È ®ß ·≈–´—°∂“¡ºŸâ Õ∫∫—≠™’„π¢âÕ ß —¬µà“ßÊ ®π‡ªìπ∑’ËæÕ„®«à“ ß∫°“√‡ß‘π¥—ß°≈à“«∂Ÿ°µâÕßµ“¡∑’˧«√·≈–‰¥â®—¥∑”¢÷Èπµ“¡À≈—° °“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª 3.  Õ∫∑“π°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ ·≈–¢âÕ°”Àπ¥µà“ßÊ ∑’Ë ‡°’¬Ë «¢âÕß°—∫∫√‘…∑— 4. æ‘®“√≥“§—¥‡≈◊Õ°ºŸâ Õ∫∫—≠™’·≈–°”Àπ¥§à“µÕ∫·∑π ‡æ◊ËÕ π”‡ πÕ§≥–°√√¡°“√∫√‘…—∑·≈–∑’˪√–™ÿ¡„À≠à “¡—≠ª√–®”ªï ºŸâ∂◊ÕÀÿâπ 5. °”Àπ¥·ºπ°“√µ√«® Õ∫ª√–®”ªï §≥–°√√¡°“√µ√«® Õ∫‡ÀÁπ«à“ °“√¥”‡π‘πß“π¢Õß∫√‘…—∑„πªï∑’Ë ºà“π¡“ ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’ˇ撬ßæÕ·≈–‡À¡“– ¡ °“√®—¥∑” √“¬ß“π∑“ß°“√‡ß‘π‡ªìπ‰ªµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ·≈–¡’°“√ ªØ‘∫—µ‘µ“¡°Æ√–‡∫’¬∫·≈–°ÆÀ¡“¬∑’ˇ°’ˬ«¢âÕßÕ¬à“߇§√àߧ√—¥  ”À√—∫ªï 2552 §≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕµàÕ§≥–°√√¡°“√ ∫√‘…∑— „Àâ殑 “√≥“·µàßµ—ßÈ π“¬≥√ߧå æ—πµ“«ß…å ·≈–/À√◊Õ π“ß “«∑‘æ«—≈¬å π“π“πÿ«—≤πå ·≈–/À√◊Õ π“¬»ÿ¿™—¬ ªí≠≠“«—≤‚π ·Ààß ”π—°ß“π‡Õ‘π å∑ ·Õπ¥å ¬—ß ‡ªìπºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ „π°√≥’∑’˺Ÿâ Õ∫∫—≠™’¥—ß°≈à“«¢â“ßµâπ ‰¡à “¡“√∂ªØ‘∫—µ‘Àπâ“∑’ˉ¥â „Àâ∫√‘…—∑  ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ ®—¥À“ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µÕ◊Ëπ¢Õß ”π—°ß“π∑”Àπâ“∑’˵√«® Õ∫∫—≠™’ ·≈–· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑·∑πºŸâ Õ∫∫—≠™’¥—ß°≈à“«‰¥â ·≈–®–𔇠πÕ∑’˪√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕÕπÿ¡—µ‘µàÕ‰ª

𓬠¡æ≈ ‡°’¬√µ‘‰æ∫Ÿ≈¬å ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

46


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

The Audit Committee of Thai Vegetable Oil Public Company Limited consists of three 3 independent, non-executive directors which are 1. Mr. Sompol Kiatphaibool Chairman of Audit Committee 2. Dr. Siri Ganjarerndee Member of Audit Committee 3. Dr. Suvit Maesincee Member of Audit Committee With the corporate secretary functioning as a secretary. The Audit Committee has responsibility to verify the accuracy and adequate disclosure of the financial statement before submitting to the Board of Directors, to coordinate with internal auditors and independent auditors, to review the audit plan and the reports of the internal auditors and the independent auditors, to verify the disclosure of related transactions-all with a view to assuring that the internal control system is effective and that its operations comply accurately and appropriately with rules and regulations to prevent a conflict of interest and to propose for appointment the companyûs independent auditors. Within the year 2008, the Audit Committee had been meeting with the independent auditors and the management on a total of four (4) occasions, having accomplished the following: 1. An assessment of both the results of the review process as well as the quality of the internal control system, which uncovered that it corresponded to business conditions and that there were no deliberating deficiencies, which was analogous to the evaluations of internal and independent auditors;

2. An evaluating and revision the credibility both of the quarterly and yearly companyûs 2008 financial statement, based on conformity to new accounting principles and an adequate disclosure of the financial statement, as well as the satisfactory conduct of question an answer sessions with independent auditors regarding various skeptical items to ensure that the financial statement is generally accepted in accordance with accounting principles; 3. The revision of the compliance with the laws and regulations involving the company. 4. The Recruitment of the auditor and fix his remuneration to be presented to the board of directors and the annual general meeting (AGM). 5. A stipulation of the yearly audit plan. The Audit Committee sees that the company operation in the past year had been made under the sufficient and appropriate internal control system and financial report has been prepared in accordance with the generally certified account principle and the practice has been strictly made in accordance with the concerned regulations and law. For the year 2009 the Audit Committee recommend to the Board of Directors to nominee of Mr. Narong Puntawong, and/or Miss Thipawan Nananuwat, and/or Mr. Supachai Phanyawattano, of Ernst and Young as the independent auditors. In the event those auditors are unable to perform their duties, Ernst & Young Office limited is authorized to assign another of its auditors to perform the audit and express an opinion on the companyûs financial statements in their place, to propose to the shareholdersû meeting for approval.

Mr.Sompol Kiatphaibool Chairman of Audit Committee

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

47


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

√“¬ß“π®“°ΩÉ“¬®—¥°“√ The Managementûs Repot

48

ΩÉ “ ¬®— ¥ °“√‡ªì π ºŸâ √— ∫ º‘ ¥ ™Õ∫‡°’Ë ¬ «°— ∫ ß∫°“√‡ß‘ π ·≈– “√ π‡∑» ∑“ß°“√‡ß‘π„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«‰¥â∑”¢÷Èπµ“¡À≈—°°“√ ∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ´÷ßË √«¡∂÷ß°“√„™â¥≈ÿ ¬æ‘π®‘ Õ¬à“ß√–¡—¥√–«—ß·≈–ª√–¡“≥ °“√∑’Ë¥’∑’Ë ÿ¥·≈–®—¥„Àâ¡’·≈–√—°…“‰«â´÷Ëß√–∫∫°“√§«∫§ÿ¡¿“¬„π‡°’Ë¬«°—∫ °“√√“¬ß“π∑“ß°“√‡ß‘π·≈–°“√ªÑÕß°—π ‘π∑√—æ¬å¢Õß∫√‘…—∑ §≥–°√√¡°“√∫√‘…—∑‰¥â¡Õ∫À¡“¬„Àâ§≥–°√√¡°“√µ√«® Õ∫‡ªìπ ºŸâ√—∫º‘¥™Õ∫‡°’ˬ«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–§«“¡‡À¡“– ¡ ¢Õß ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡¿“¬„π∑’ΩË “É ¬®—¥°“√¢Õß∫√‘…∑— ∑”¢÷πÈ √“¬™◊ÕË °“√∑”ß“π¢Õߧ≥–°√√¡°“√™ÿ¥π’ªÈ √“°Ø„π√“¬ß“π´÷ßË · ¥ß‰«â„π√“¬ß“π ª√–®”ªï·≈â« ®“°√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈·≈–¥â«¬§«“¡√à«¡¡◊Õ ®“°‡®â“Àπâ“∑’∑Ë °ÿ √–∫∫ ΩÉ“¬®—¥°“√¡’§«“¡‡ÀÁπ«à“  ¿“æ·«¥≈âÕ¡°“√§«∫§ÿ¡ ¿“¬„π·≈–√–∫∫ß“π∑’Ë ‡ ªì π Õ¬Ÿà „ Àâ § «“¡‡™◊Ë Õ ¡—Ë π Õ¬à “ ß¡’ ‡ Àµÿ º ≈∂÷ ß §«“¡ πà“‡™◊ËÕ∂◊Õ‰¥â¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–°“√√—°…“ ‘π∑√—æ¬å¢Õß∫√‘…—∑ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551

The management is responsible for the financial statements and financial reporting contained in this annual report. The financial statements were prepared in accordance with generally accepted accounting principles and include careful judgments and best estimates of management. Management is also responsible for establishing and maintaining effective internal control for financial reporting and safeguarding of assets. The Board pursues its responsibility for quality of the companyûs financial and the adequacy of the internal control environments primarily through its Audit Committee, which is composed, of non-executive directors. The working of the committee is outlined in its report herewith included in this annual report. With the effective system of internal control and with cooperation from all concerned management believes its internal control environments and work systems provide reasonable assurance as to the integrity and reliability of financial reporting and safeguarding of assets as of December 31, 2008.

(π“ß “« ÿ¥“√—µπå «‘∑¬∞“π°√≥å)

Miss Sudarath Vitayatanagorn

ª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

Chief Executive Officer


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

√“¬ß“πºŸ â Õ∫∫—≠™’ √—∫Õπÿ≠“µ ß∫°”‰√¢“¥∑ÿπ

Report Of Independent Auditor

Income statements

50

58 ß∫¥ÿ≈ Balance Sheets

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

52

Statements of changes in shareholdersû equity

60

ß∫°√–· ‡ß‘π ¥

66

Cash flow statements

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

70

Notes to consolidated financial statements

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑

106

General Information ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

49


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

√“¬ß“πºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ Report Of Independent Auditor

‡ πÕµàÕºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ¢â“懮Ⓣ¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ß∫°”‰√ ¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß à«π¢ÕߺŸâ∂◊ÕÀÿâπ√«¡·≈–ß∫°√–·  ‡ß‘π ¥√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬·≈–‰¥âµ√«® Õ∫ß∫°“√‡ß‘π‡©æ“–°‘®°“√¢Õß ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ¥â«¬‡™àπ°—π ´÷ËߺŸâ∫√‘À“√¢Õß°‘®°“√ ‡ªìπºŸ√â ∫— º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢ÕߢâÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È  à«π¢â“懮ⓇªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“« ®“°º≈°“√µ√«® Õ∫¢Õߢâ“懮ⓠß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ·≈–ß∫°“√‡ß‘π‡©æ“–°‘®°“√¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ≥ «—π∑’Ë 31 ∏—𫓧¡ 2550 ·≈– ”À√—∫ ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π∑’Ëπ”¡“‡ª√’¬∫‡∑’¬∫‰«â ≥ ∑’Ëπ’È ‰¥âµ√«® Õ∫‚¥¬ºŸâ Õ∫ ∫—≠™’Õ◊Ëπ„π ”π—°ß“π‡¥’¬«°—π°—∫¢â“懮ⓠ´÷Ë߉¥â· ¥ß§«“¡‡ÀÁπÕ¬à“߉¡à¡’ ‡ß◊ËÕπ‰¢®“°°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’¥—ß°≈à“«·≈–‚¥¬Õ“»—¬√“¬ß“π ¢ÕߺŸâ Õ∫∫—≠™’Õ◊Ëπµ“¡√“¬ß“π≈ß«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2551 ¢â“懮ⓡ‘‰¥âµ√«® Õ∫ß∫°“√‡ß‘π¢Õß∫√‘…∑— ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ ´÷Ë߇ªìπ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑» ´÷Ëß√«¡Õ¬Ÿà„πß∫°“√ ‡ß‘π√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ß∫°“√‡ß‘π¢Õß∫√‘…—∑ ¬àÕ¬¥—ß°≈à“«· ¥ß¬Õ¥ ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ®”π«π 1,021 ≈â“π∫“∑ (2550: 1,949 ≈â“π∫“∑) ¬Õ¥√“¬‰¥â ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ®”π«π 2,711 ≈â“π∫“∑ (2550: 2,711 ≈â“π ∫“∑) ·≈–¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π®”π«π 75 ≈â“π∫“∑ (2550: °”‰√ ÿ∑∏‘®”π«π 205 ≈â“π∫“∑) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß

°≈à“«µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’Õ◊Ëπ ‚¥¬¢â“懮Ⓣ¥â√—∫√“¬ß“π°“√µ√«®  Õ∫¢ÕߺŸâ Õ∫∫—≠™’∑à“ππ—Èπ ·≈–§«“¡‡ÀÁπ¢Õߢâ“懮Ⓞπ à«π∑’ˇ°’ˬ«¢âÕß °—∫®”π«π‡ß‘π¢Õß√“¬°“√µà“ßÊ¢Õß∫√‘…—∑ ‰™πà“ ‰∑¬‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ ´÷Ëß√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡‰¥â∂◊Õµ“¡√“¬ß“π¢ÕߺŸâ Õ∫ ∫—≠™’Õπ◊Ë π—πÈ ¢â “ 懮⠓ ‰¥â ª Ø‘ ∫— µ‘ ß “πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫— ≠ ™’ ∑’Ë √—∫√Õß∑—Ë«‰ª ´÷Ëß°”Àπ¥„Àâ¢â“懮⓵âÕß«“ß·ºπ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„À≥⠧«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π ‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—° ∞“πª√–°Õ∫√“¬°“√∑—ßÈ ∑’‡Ë ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘𧫓¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥ °“√‡°’¬Ë «°—∫√“¬°“√∑“ß°“√‡ß‘π∑’‡Ë ªìπ “√– ”§—≠´÷ßË ºŸ∫â √‘À“√‡ªìπºŸ®â ¥— ∑”¢÷πÈ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ߧ«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ë𔇠πÕ „πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“懮Ⓡ™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«ª√–°Õ∫°—∫ √“¬ß“π¢ÕߺŸâ Õ∫∫—≠™’Õ◊Ëπ∑’Ë°≈à“«∂÷ß„π«√√§∑’Ë Õß„Àâ¢âÕ √ÿª∑’ˇªìπ‡°≥±å Õ¬à“߇À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õߢâ“懮ⓠ®“°°“√µ√«® Õ∫¢Õߢâ“懮⓷≈–√“¬ß“π¢ÕߺŸ â Õ∫∫—≠™’Õπ◊Ë ¢â“懮ⓠ‡ÀÁπ«à“ ß∫°“√‡ß‘π¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…∑— ¬àÕ¬ ·≈–‡©æ“–¢Õß∫√‘…∑— πÈ”¡—π æ◊™‰∑¬ ®”°—¥ (¡À“™π) ‚¥¬∂Ÿ°µâÕßµ“¡∑’˧«√„π “√– ”§—≠µ“¡À≈—° °“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

»ÿ¿™—¬ ªí≠≠“«—≤‚π ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑–‡∫’¬π 3930

∫√‘…—∑  ”π—°ß“π ‡Õ‘π å∑ ·Õπ¥å ¬—ß ®”°—¥ °√ÿ߇∑æœ: 24 °ÿ¡¿“æ—π∏å 2552

50


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

To the Shareholders of Thai Vegetable Oil Public Company Limited I have audited the accompanying consolidated balance sheet of Thai Vegetable Oil Public Company Limited and its subsidiaries as at 31 December 2008, the related consolidated statements of income, changes in shareholdersû equity and cash flows for the year then ended, and the separate financial statements of Thai Vegetable Oil Public Company Limited for the same period. These financial statements are the responsibility of the management of the Company and its subsidiaries as to their correctness and the completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audit. The consolidated financial statements of Thai Vegetable Oil Public Company Limited and its subsidiaries and the separate financial statements of Thai Vegetable Oil Public Company Limited as at 31 December 2007 and for the year then ended, as presented herein for comparative purposes, were audited by another auditor in our office, who expressed an unqualified opinion on those statements, based on her audit and the report of other auditors, under the report dated 25 February 2008. I did not audit the financial statements of China-Thai Vegetable Oil (Wuhan) Company Limited, an overseas subsidiary company, which are included in the consolidated financial statements for the year ended 31 December 2008. This subsidiaryûs financial statements show total assets as at 31 December 2008 of Baht 1,021 Million (2007: Baht 1,949 million), total revenues for the year ended 31 December 2008 of Baht 2,711 million (2007: Baht 2,711 million) and net loss for the year then ended of Baht 75 million (2007: net income of Baht

205 million). The financial statements of the subsidiary were audited by other auditors, whose report have been furnished to me, and my opinion, insofar as it relates to the amounts of the various transactions of China-Thai Vegetable Oil (Wuhan) Company Limited included in the consolidated financial statements, is based solely on that auditorûs report. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit and the report of other auditors referred to in the second paragraph provide a reasonable basis for my opinion. In my opinion, based on my audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Thai Vegetable Oil Public Company Limited and its subsidiaries and of Thai Vegetable Oil Public Company Limited as at 31 December 2008, the results of their operations and cash flows for the year then ended, in accordance with generally accepted accounting principles.

Supachai Phanyawattano Certified Public Accountant (Thailand) No. 3930

Ernst & Young Office Limited Bangkok: 24 February 2009

¢¬“¬µ���«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

51


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫¥ÿ≈ Balance Sheets

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

52

Àπ૬ : ∫“∑

ß∫°“√‡ß‘π√«¡ 2551

2550

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2551

2550

358,434,151

444,296,464

51,001,406

100,093,110

9,321,073 910,410,825 919,731,898 3,873,758,339

18,794,600 1,361,737,185 1,380,531,785 3,549,285,324

6,744,210 891,238,417 897,982,627 3,902 3,709,779,064

13,988,067 1,291,532,908 1,305,520,975 2,425,064,856

6,686,686 72,835,853 59,203,232 19,451,307 158,177,078 5,310,101,466

61,269,312 2,346,667 33,811,463 97,427,442 5,471,541,015

8,445,806 8,445,806 4,667,212,805

8,151,616 8,151,616 3,838,830,557

57,729,002 2,231,275,688 20,332,704 4,792,654 2,314,130,048 7,624,231,514

52,949,823 1,874,615,458 18,994,465 6,638,955 1,953,198,701 7,424,739,716

151,239,999 57,729,002 1,622,213,961 4,783,754 1,835,966,716 6,503,179,521

151,239,999 52,949,823 1,329,583,056 6,630,055 1,540,402,933 5,379,233,490


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries As at 31 December 2008 and 2007

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 CONSOLIDATED FINANCIAL STATEMENTS 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Note 2008 2007 123456789012345678901234567 123456789012345678901234567 Assets 123456789012345678901234567 123456789012345678901234567 Current assets 123456789012345678901234567 123456789012345678901234567 Cash and cash equivalents 358,434,151 444,296,464 123456789012345678901234567 123456789012345678901234567 Trade accounts receivable 123456789012345678901234567 Related parties 5,6 9,321,073 18,794,600 123456789012345678901234567 123456789012345678901234567 Unrelated parties - net 6 910,410,825 1,361,737,185 123456789012345678901234567 123456789012345678901234567 Total trade accounts receivable net 919,731,898 1,380,531,785 123456789012345678901234567 123456789012345678901234567 Amounts due from related party 5 123456789012345678901234567 123456789012345678901234567 Inventories - net 7 3,873,758,339 3,549,285,324 123456789012345678901234567 123456789012345678901234567 Other current assets 123456789012345678901234567 Value added tax refundable 6,686,686 61,269,312 123456789012345678901234567 123456789012345678901234567 Advance for purchase of goods 72,835,853 2,346,667 123456789012345678901234567 123456789012345678901234567 Corporate income tax paid in advance 59,203,232 123456789012345678901234567 123456789012345678901234567 Others 19,451,307 33,811,463 123456789012345678901234567 123456789012345678901234567 Total other current assets 158,177,078 97,427,442 123456789012345678901234567 123456789012345678901234567 Total current assets 5,310,101,466 5,471,541,015 123456789012345678901234567 Non-current assets 123456789012345678901234567 123456789012345678901234567 Investments in subsidiaries 8 123456789012345678901234567 123456789012345678901234567 Other long-term investments net 9 57,729,002 52,949,823 123456789012345678901234567 123456789012345678901234567 Property, plant and equipment - net 10 2,231,275,688 1,874,615,458 123456789012345678901234567 123456789012345678901234567 Leasehold land - net 11 20,332,704 18,994,465 123456789012345678901234567 Other non-current assets 4,792,654 6,638,955 123456789012345678901234567 123456789012345678901234567 Total non-current assets 2,314,130,048 1,953,198,701 123456789012345678901234567 123456789012345678901234567 Total assets 7,624,231,514 7,424,739,716 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

Unit : Baht SEPARATE FINANCIAL STATEMENTS

2008

2007

51,001,406

100,093,110

6,744,210 891,238,417 897,982,627 3,902 3,709,779,064

13,988,067 1,291,532,908 1,305,520,975 2,425,064,856

8,445,806 8,445,806 4,667,212,805

8,151,616 8,151,616 3,838,830,557

151,239,999 57,729,002 1,622,213,961 4,783,754 1,835,966,716 6,503,179,521

151,239,999 52,949,823 1,329,583,056 6,630,055 1,540,402,933 5,379,233,490

The accompanying notes are an integral part of the financial statements. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

53


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫¥ÿ≈ (µàÕ) Balance Sheets (continued)

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 À¡“¬‡Àµÿ 123456789012345678901234567 123456789012345678901234567 Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ 123456789012345678901234567 123456789012345678901234567 Àπ’È ‘πÀ¡ÿπ‡«’¬π 123456789012345678901234567 123456789012345678901234567 ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π 12 123456789012345678901234567 123456789012345678901234567 ‡®â“Àπ’È∑√— µå√’´’∑ 123456789012345678901234567 ‡®â“Àπ’È°“√§â“ 123456789012345678901234567 123456789012345678901234567 °‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 5 123456789012345678901234567 123456789012345678901234567 °‘ ® °“√∑’ ‰ Ë ¡à ‡ °’ ¬ Ë «¢â Õ ß°— π 123456789012345678901234567 123456789012345678901234567 √«¡‡®â“Àπ’È°“√§â“ 123456789012345678901234567 123456789012345678901234567  à«π¢Õ߇ߑπ°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëߪï 13 123456789012345678901234567 123456789012345678901234567 Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 123456789012345678901234567 ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈§â“ß®à“¬ 123456789012345678901234567 123456789012345678901234567 §à“„™â®à“¬§â“ß®à“¬ 123456789012345678901234567 123456789012345678901234567 ‡ß‘πªíπº≈§â“ß®à“¬ 123456789012345678901234567 123456789012345678901234567 ‡ß‘π√—∫≈à«ßÀπâ“®“°≈Ÿ°§â“ 123456789012345678901234567 123456789012345678901234567 ª√–¡“≥°“√Àπ’È ‘π 14 123456789012345678901234567 123456789012345678901234567 Õ◊Ëπ Ê 123456789012345678901234567 √«¡Àπ’ È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 123456789012345678901234567 123456789012345678901234567 √«¡Àπ’È ‘πÀ¡ÿπ‡«’¬π 123456789012345678901234567 123456789012345678901234567 Àπ’ È ‘π‰¡àÀ¡ÿπ‡«’¬π 123456789012345678901234567 123456789012345678901234567 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« -  ÿ∑∏‘®“° à«π∑’Ë∂÷ß°”Àπ¥™”√– 123456789012345678901234567 123456789012345678901234567 ¿“¬„πÀπ÷ßË ªï 13 123456789012345678901234567  ”√Õ߇º◊ËÕ‡ß‘π™¥‡™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π 123456789012345678901234567 123456789012345678901234567 √«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π 123456789012345678901234567 123456789012345678901234567 √«¡Àπ’ È π‘ 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

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

54

Àπ૬ : ∫“∑

ß∫°“√‡ß‘π√«¡ 2551

2550

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2551

2550

3,632,977,000 228,035,600

2,358,309,469 417,959,353

3,284,000,000 228,035,600

1,688,000,000 -

100,090,546 100,090,546 68,210,000

60,198 125,884,148 125,944,346 30,060,000

29,979,044 53,668,825 83,647,869 -

37,434,640 62,509,976 99,944,616 -

103,896,197 152,422,410 4,339,898 149,452,321 9,725,389 50,236,960 470,073,175 4,499,386,321

325,246,249 149,910,839 3,263,970 256,333,233 53,608,972 788,363,263 3,720,636,431

96,655,194 144,117,358 4,339,898 13,529,247 9,725,389 42,222,343 310,589,429 3,906,272,898

315,239,888 135,256,528 3,263,970 10,011,108 49,998,264 513,769,758 2,301,714,374

10,660,000 28,898,651 39,558,651 4,538,944,972

35,540,000 28,898,651 64,438,651 3,785,075,082

28,898,651 28,898,651 3,935,171,549

28,898,651 28,898,651 2,330,613,025


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries As at 31 December 2008 and 2007

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 CONSOLIDATED FINANCIAL STATEMENTS 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Note 2008 2007 123456789012345678901234567 123456789012345678901234567 Liabilities and shareholdersû equity 123456789012345678901234567 123456789012345678901234567 Current liabilities 123456789012345678901234567 123456789012345678901234567 Short-term loans from financial institutions 12 3,632,977,000 2,358,309,469 123456789012345678901234567 123456789012345678901234567 Trust receipts 228,035,600 417,959,353 123456789012345678901234567 Trade accounts payable 123456789012345678901234567 123456789012345678901234567 Related parties 5 60,198 123456789012345678901234567 123456789012345678901234567 Unrelated parties 100,090,546 125,884,148 123456789012345678901234567 123456789012345678901234567 Total trade accounts payable 100,090,546 125,944,346 123456789012345678901234567 123456789012345678901234567 Current portion of long-term loans 13 68,210,000 30,060,000 123456789012345678901234567 123456789012345678901234567 Other current liabilities 123456789012345678901234567 Corporate income tax payable 103,896,197 325,246,249 123456789012345678901234567 123456789012345678901234567 Accrued expenses 152,422,410 149,910,839 123456789012345678901234567 123456789012345678901234567 Dividend payable 4,339,898 3,263,970 123456789012345678901234567 123456789012345678901234567 Advances received from customers 149,452,321 256,333,233 123456789012345678901234567 123456789012345678901234567 Provisions 14 9,725,389 123456789012345678901234567 123456789012345678901234567 Others 50,236,960 53,608,972 123456789012345678901234567 Total other current liabilities 470,073,175 788,363,263 123456789012345678901234567 123456789012345678901234567 Total current liabilities 4,499,386,321 3,720,636,431 123456789012345678901234567 123456789012345678901234567 Non-current liabilities 123456789012345678901234567 123456789012345678901234567 Long-term loans, net of current portion 13 10,660,000 35,540,000 123456789012345678901234567 123456789012345678901234567 Provision for employee compensation 123456789012345678901234567 and pension expenses 28,898,651 28,898,651 123456789012345678901234567 123456789012345678901234567 Total non-current liabilities 39,558,651 64,438,651 123456789012345678901234567 123456789012345678901234567 Total liabilities 4,538,944,972 3,785,075,082 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

Unit : Baht SEPARATE FINANCIAL STATEMENTS

2008

2007

3,284,000,000 228,035,600

1,688,000,000 -

29,979,044 53,668,825 83,647,869 -

37,434,640 62,509,976 99,944,616 -

96,655,194 144,117,358 4,339,898 13,529,247 9,725,389 42,222,343 310,589,429 3,906,272,898

315,239,888 135,256,528 3,263,970 10,011,108 49,998,264 513,769,758 2,301,714,374

-

-

28,898,651 28,898,651 3,935,171,549

28,898,651 28,898,651 2,330,613,025

The accompanying notes are an integral part of the financial statements. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

55


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫¥ÿ≈ (µàÕ) Balance Sheets (continued)

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 À¡“¬‡Àµÿ 123456789012345678901234567 123456789012345678901234567  à«π¢ÕߺŸâ∂◊ÕÀÿâπ 123456789012345678901234567 123456789012345678901234567 ∑ÿπ‡√◊ÕπÀÿπâ 123456789012345678901234567 123456789012345678901234567 ∑ÿπ®¥∑–‡∫’¬π 123456789012345678901234567 123456789012345678901234567 Àÿπâ  “¡—≠ 809,411,243 Àÿπâ ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑ 123456789012345678901234567 (2550: Àÿâπ “¡—≠ 624,516,293 Àÿâπ 123456789012345678901234567 123456789012345678901234567 ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) 15 123456789012345678901234567 123456789012345678901234567 ∑ÿ π ∑’ Õ Ë Õ°®”Àπà “ ¬·≈–™”√–‡µÁ ¡ ¡Ÿ ≈ §à “ ·≈â « 123456789012345678901234567 123456789012345678901234567 Àÿπâ  “¡—≠ 624,509,369 Àÿπâ ¡Ÿ≈§à“Àÿπâ ≈– 1 ∫“∑ 123456789012345678901234567 123456789012345678901234567  à«π‡°‘π¡Ÿ≈§à“Àÿâπ “¡—≠ 123456789012345678901234567 123456789012345678901234567 º≈°”‰√∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ß 123456789012345678901234567  à«π‡°‘π∑ÿπ®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ 123456789012345678901234567 123456789012345678901234567 „πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ 9 123456789012345678901234567 123456789012345678901234567 º≈µà “ ß®“°°“√·ª≈ß§à “ ß∫°“√‡ß‘ π 123456789012345678901234567 123456789012345678901234567 °”‰√ – ¡ 123456789012345678901234567 123456789012345678901234567 ®—¥ √√·≈â« -  ”√Õßµ“¡°ÆÀ¡“¬ 16 123456789012345678901234567 123456789012345678901234567 ¬—߉¡à‰¥â®—¥ √√ 123456789012345678901234567  à « π¢ÕߺŸ â∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ 123456789012345678901234567 123456789012345678901234567  à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 123456789012345678901234567 123456789012345678901234567 √«¡ à«π¢ÕߺŸâ∂◊ÕÀÿâπ 123456789012345678901234567 123456789012345678901234567 √«¡Àπ’È ‘π·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

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

56

Àπ૬ : ∫“∑

ß∫°“√‡ß‘π√«¡ 2551

2550

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2551

2550

809,411,243

624,516,293

809,411,243

624,516,293

624,509,369 644,371,669

624,509,369 644,371,669

624,509,369 644,371,669

624,509,369 644,371,669

52,160 78,574,535

5,272,981 42,646,444

52,160 -

5,272,981 -

85,941,124 1,381,798,727 2,815,247,584 270,038,958 3,085,286,542 7,624,231,514

67,451,629 1,962,123,665 3,346,375,757 293,288,877 3,639,664,634 7,424,739,716

80,941,124 1,218,133,650 2,568,007,972 2,568,007,972 6,503,179,521

62,451,629 1,712,014,817 3,048,620,465 3,048,620,465 5,379,233,490


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries As at 31 December 2008 and 2007

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Note 123456789012345678901234567 123456789012345678901234567 Shareholdersû equity 123456789012345678901234567 123456789012345678901234567 Share capital 123456789012345678901234567 123456789012345678901234567 Registered 123456789012345678901234567 123456789012345678901234567 809,411,243 ordinary shares of Baht 1 each 123456789012345678901234567 (2007: 624,516,293 ordinary shares of 123456789012345678901234567 123456789012345678901234567 Baht 1 each) 15 123456789012345678901234567 123456789012345678901234567 Issued and fully paid up 123456789012345678901234567 123456789012345678901234567 624,509,369 ordinary shares of Baht 1 each 123456789012345678901234567 123456789012345678901234567 Share premium 123456789012345678901234567 123456789012345678901234567 Unrealised gain 123456789012345678901234567 Revaluation surplus on changes in value of 123456789012345678901234567 123456789012345678901234567 investments in securities available for sales 9 123456789012345678901234567 123456789012345678901234567 Translation adjustment 123456789012345678901234567 123456789012345678901234567 Retained earnings 123456789012345678901234567 123456789012345678901234567 Appropriated-statutory reserve 16 123456789012345678901234567 123456789012345678901234567 Unappropriated 123456789012345678901234567 Equity attributable tothe Companyûs shareholders 123456789012345678901234567 123456789012345678901234567 Minority interest - equity attributable to minority 123456789012345678901234567 123456789012345678901234567 shareholders of subsidiaries 123456789012345678901234567 123456789012345678901234567 Total shareholdersû equity 123456789012345678901234567 123456789012345678901234567 Total liabilities and shareholdersû equity 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

Unit : Baht CONSOLIDATED FINANCIAL STATEMENT

2008

2007

SEPARATE FINANCIAL STATEMENT

2008

2007

809,411,243

624,516,293

809,411,243

624,516,293

624,509,369 644,371,669

624,509,369 644,371,669

624,509,369 644,371,669

624,509,369 644,371,669

52,160 78,574,535

5,272,981 42,646,444

52,160 -

5,272,981 -

85,941,124 1,381,798,727 2,815,247,584

67,451,629 1,962,123,665 3,346,375,757

80,941,124 1,218,133,650 2,568,007,972

62,451,629 1,712,014,817 3,048,620,465

270,038,958 3,085,286,542 7,624,231,514

293,288,877 3,639,664,634 7,424,739,716

2,568,007,972 6,503,179,521

3,048,620,465 5,379,233,490

The accompanying notes are an integral part of the financial statements. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

57


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫°”‰√¢“¥∑ÿπ Income statements

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 À¡“¬‡Àµÿ 123456789012345678901234567 123456789012345678901234567 √“¬‰¥â 123456789012345678901234567 123456789012345678901234567 √“¬‰¥â®“°°“√¢“¬ 19 123456789012345678901234567 123456789012345678901234567 √“¬‰¥â Õ π Ë ◊ 123456789012345678901234567 123456789012345678901234567 √“¬‰¥â®“°°“√¢“¬«— ¥ÿÀ’∫ÀàÕ 123456789012345678901234567 °”‰√®“°Õ—µ√“·≈°‡ª≈’ˬπ 123456789012345678901234567 123456789012345678901234567 ¥Õ°‡∫’Ȭ√—∫ 123456789012345678901234567 123456789012345678901234567 ‡ß‘ πªíπº≈√—∫ 123456789012345678901234567 123456789012345678901234567 Õ◊πË Ê 123456789012345678901234567 123456789012345678901234567 √«¡√“¬‰¥âÕ◊Ëπ 123456789012345678901234567 123456789012345678901234567 √«¡√“¬‰¥â 123456789012345678901234567 §à“„™â®“à ¬ 123456789012345678901234567 123456789012345678901234567 µâπ∑ÿπ¢“¬ 123456789012345678901234567 123456789012345678901234567 §à“„™â®à“¬„π°“√¢“¬ 123456789012345678901234567 123456789012345678901234567 §à“„™â®à“¬„π°“√∫√‘À“√ 123456789012345678901234567 123456789012345678901234567 §à“„™â®à“¬Õ◊Ëπ 123456789012345678901234567 123456789012345678901234567 ¢“¥∑ÿπ®“°°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ 123456789012345678901234567 ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’ˬπ 123456789012345678901234567 123456789012345678901234567 Õ◊πË Ê 123456789012345678901234567 123456789012345678901234567 √«¡§à “„™â®à“¬ 123456789012345678901234567 123456789012345678901234567 °”‰√°àÕπ§à“„™â®à“¬∑“ß°“√‡ß‘π 123456789012345678901234567 123456789012345678901234567 ·≈–¿“…’‡ß‘π‰¥â𵑠∫‘ §ÿ §≈ 123456789012345678901234567 §à“„™â®à“¬∑“ß°“√‡ß‘π 123456789012345678901234567 123456789012345678901234567 °”‰√°à Õπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ 123456789012345678901234567 123456789012345678901234567 ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ 18 123456789012345678901234567 123456789012345678901234567 °”‰√ ÿ ∑ ∏‘   ”À√— ∫ ªï 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 °“√·∫àߪí𰔉√ (¢“¥∑ÿπ)  ÿ∑∏‘ 123456789012345678901234567  à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à 123456789012345678901234567 123456789012345678901234567  à «π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 °”‰√µàÕÀÿâπ 20 123456789012345678901234567 123456789012345678901234567 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 123456789012345678901234567 °”‰√ ÿ∑∏‘ à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

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

58

Àπ૬ : ∫“∑

ß∫°“√‡ß‘π√«¡

ß∫°“√‡ß‘π‡©æ“–°‘®°“√

2551

2550

2551

2550

23,574,869,788

18,229,503,896

20,933,051,840

15,523,724,132

190,479,146 63,957,693 5,564,022 18,676,666 52,907,386 331,584,913 23,906,454,701

188,435,637 7,618,417 4,800,216 2,754,166 30,694,772 234,303,208 18,463,807,104

22,120,409 1,193,634 72,109,465 31,614,012 127,037,520 21,060,089,360

4,739,044 27,844,906 28,681,365 61,265,315 15,584,989,447

21,283,695,329 317,452,847 178,390,526

15,920,695,686 364,452,815 209,944,327

18,515,209,627 292,635,662 125,296,004

13,414,169,086 330,797,058 170,688,643

641,335,525 1,667,901 22,422,542,128

5,942,504 16,501,035,332

608,835,529 19,541,976,822

27,175,130 1,298,362 13,944,128,279

1,483,912,573 (136,034,407) 1,347,878,166 (603,606,703) 744,271,463

1,962,771,772 (126,778,831) 1,835,992,941 (484,721,822) 1,351,271,119

1,518,112,538 (94,336,624) 1,423,775,914 (587,697,911) 836,078,003

1,640,861,168 (71,954,053) 1,568,907,115 (438,051,068) 1,130,856,047

749,634,232 (5,362,769) 744,271,463

1,256,390,757 94,880,362 1,351,271,119

836,078,003

1,130,856,047

1.20

2.01

1.34

1.81


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 CONSOLIDATED FINANCIAL STATEMENTS 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Note 2008 2007 123456789012345678901234567 123456789012345678901234567 Revenues 123456789012345678901234567 123456789012345678901234567 Sales 19 23,574,869,788 18,229,503,896 123456789012345678901234567 123456789012345678901234567 Other income 123456789012345678901234567 123456789012345678901234567 Sales of packing material 190,479,146 188,435,637 123456789012345678901234567 Gains on exchange 63,957,693 7,618,417 123456789012345678901234567 123456789012345678901234567 Interest income 5,564,022 4,800,216 123456789012345678901234567 123456789012345678901234567 Dividend income 18,676,666 2,754,166 123456789012345678901234567 123456789012345678901234567 Others 52,907,386 30,694,772 123456789012345678901234567 123456789012345678901234567 Total other income 331,584,913 234,303,208 123456789012345678901234567 123456789012345678901234567 Total revenues 23,906,454,701 18,463,807,104 123456789012345678901234567 Expenses 123456789012345678901234567 123456789012345678901234567 Cost of sales 21,283,695,329 15,920,695,686 123456789012345678901234567 123456789012345678901234567 Selling expenses 364,452,815 123456789012345678901234567 317,452,847 123456789012345678901234567 Administrative expenses 178,390,526 209,944,327 123456789012345678901234567 123456789012345678901234567 Other expenses 123456789012345678901234567 123456789012345678901234567 Loss on diminution in value of inventories 641,335,525 123456789012345678901234567 Losses on exchange 123456789012345678901234567 123456789012345678901234567 Other 1,667,901 5,942,504 123456789012345678901234567 123456789012345678901234567 Total expenses 22,422,542,128 16,501,035,332 123456789012345678901234567 123456789012345678901234567 Income before finance cost and 123456789012345678901234567 123456789012345678901234567 corporate income tax 1,483,912,573 1,962,771,772 123456789012345678901234567 Finance cost (136,034,407) (126,778,831) 123456789012345678901234567 123456789012345678901234567 Income before corporate income tax 1,347,878,166 1,835,992,941 123456789012345678901234567 123456789012345678901234567 Corporate income tax 18 (603,606,703) (484,721,822) 123456789012345678901234567 123456789012345678901234567 Net income for the year 744,271,463 1,351,271,119 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Net income (loss) attributable to: 123456789012345678901234567 Equity holders of the parent 749,634,232 1,256,390,757 123456789012345678901234567 123456789012345678901234567 Minority interests of the subsidiaries (5,362,769) 94,880,362 123456789012345678901234567 123456789012345678901234567 744,271,463 1,351,271,119 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Earnings per share 20 123456789012345678901234567 123456789012345678901234567 Basic earnings per share 123456789012345678901234567 Net income attributable to equity holders of the parent 1.20 2.01 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

Unit : Baht SEPARATE FINANCIAL STATEMENTS

2008

2007

20,933,051,840

15,523,724,132

22,120,409 1,193,634 72,109,465 31,614,012 127,037,520 21,060,089,360

4,739,044 27,844,906 28,681,365 61,265,315 15,584,989,447

18,515,209,627 292,635,662 125,296,004

13,414,169,086 330,797,058 170,688,643

608,835,529 19,541,976,822

27,175,130 1,298,362 13,944,128,279

1,518,112,538 (94,336,624) 1,423,775,914 (587,697,911) 836,078,003

1,640,861,168 (71,954,053) 1,568,907,115 (438,051,068) 1,130,856,047

836,078,003

1,130,856,047

1.34

1.81

The accompanying notes are an integral part of the financial statements. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

59


60

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550

 à«π¢ÕߺŸâ∂◊ÕÀÿâπ

ß∫°“√‡ß‘π√«¡  à«π¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2549

499,613,033

 à«π‡°‘π ¡Ÿ≈§à“Àÿâπ “¡—≠ 644,371,669

º≈µà“ß®“°°“√ ·ª≈ߧà“ß∫°“√‡ß‘π 46,123,873

°”‰√ – ¡ ®—¥ √√·≈â« ¬—߉¡à‰¥â®—¥ √√ 55,052,096

 à«π‡°‘π∑ÿπ®“°°“√ ‡ª≈’¬Ë π·ª≈ß¡Ÿ≈§à“ √«¡ ‡ß‘π≈ß∑ÿπ„π  à«π¢ÕߺŸâ∂◊ÕÀÿâπ À≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ∫√‘…—∑„À≠à

1,317,647,830

6,048,842

2,568,857,343

 à«π¢Õß ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ¢Õß∫√‘…—∑¬àÕ¬ 222,252,914

√«¡ 2,791,110,257

√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ: º≈¢“¥∑ÿπ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ®“°°“√

‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬

-

-

-

-

-

(775,861)

(775,861)

-

(775,861)

-

-

(3,477,429)

-

-

-

(3,477,429)

(1,872,462)

(5,349,891)

499,613,033

644,371,669

42,646,444

55,052,096

1,317,647,830

5,272,981

2,564,604,053

220,380,452

2,784,984,505

-

-

-

-

1,256,390,757

-

1,256,390,757

94,880,362

1,351,271,119

499,613,033

644,371,669

42,646,444

55,052,096

2,574,038,587

5,272,981

3,820,994,810

315,260,814

4,136,255,624

º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ

°”‰√ ÿ∑∏‘ ”À√—∫ªï

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23) ‡ß‘𠥪íπº≈

Àÿâπªíπº≈

-

-

-

-

(474,619,053)

-

(474,619,053)

-

(474,619,053)

124,896,336

-

-

-

(124,896,336)

-

-

-

-

-

-

-

12,399,533

(12,399,533)

-

-

-

-

‚Õ𰔉√ – ¡∑’ˬ—߉¡à‰¥â®—¥ √√‡ªìπ

 ”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16)

-

-

-

-

-

-

-

(21,971,937)

(21,971,937)

624,509,369

644,371,669

42,646,444

67,451,629

1,962,123,665

5,272,981

3,346,375,757

293,288,877

3,639,664,634

 à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2550

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

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321

Àπ૬ : ∫“∑


Statements of changes

Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

in shareholdersû equity

10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321

Unit : Baht

Balance as at 31 December 2006

CONSOLIDATED FINANCIAL STATEMENTS Equity attributable to the parentûs shareholders

Issued and fully paid-up share capital

Share premium

499,613,033

644,371,669

Retained earnings Appropriated Unappropriated

Translation adjustment 46,123,873

55,052,096

Revaluation surplus on changes in value of investments in securities available for sale

1,317,647,830

6,048,842

Minority interest equity attributable to minority shareholders of subsidiaries

Total equity attributable to the parentûs shareholders 2,568,857,343

222,252,914

Total 2,791,110,257

Income and expenses recognised directly in equity:

Loss recognised in shareholdersû equity

on the changes in value of investments

Net income and expenses recognised directly in equity

Net income for the year

Total income and expenses for the year

-

-

-

-

-

(775,861)

(775,861)

-

(775,861)

-

-

(3,477,429)

-

-

-

(3,477,429)

(1,872,462)

(5,349,891)

499,613,033

644,371,669

42,646,444

55,052,096

1,317,647,830

5,272,981

2,564,604,053

220,380,452

2,784,984,505

-

-

-

-

1,256,390,757

-

1,256,390,757

94,880,362

1,351,271,119

499,613,033

644,371,669

42,646,444

55,052,096

2,574,038,587

5,272,981

3,820,994,810

315,260,814

4,136,255,624

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Dividend paid (Note 23) Cash dividend

-

-

-

-

(474,619,053)

-

(474,619,053)

-

(474,619,053)

Stock dividend

124,896,336

-

-

-

(124,896,336)

-

-

-

-

-

-

-

12,399,533

(12,399,533)

-

-

-

-

-

-

-

-

-

-

-

(21,971,937)

(21,971,937)

624,509,369

644,371,669

42,646,444

67,451,629

1,962,123,665

5,272,981

3,346,375,757

293,288,877

3,639,664,634

Unappropriated retained earnings

transferred to statutory reserve (Note 16)

Minority interest - equity attributable to minority shareholders of subsidiaries

Balance as at 31 December 2007

Expanded to the Best

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

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

in securities available for sales

Translation adjustment

61


62

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550

 à«π¢ÕߺŸâ∂◊ÕÀÿâπ (µàÕ)

ß∫°“√‡ß‘π√«¡  à«π¢ÕߺŸâ∂◊ÕÀÿâπ∫√‘…—∑„À≠à

∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2550

 à«π‡°‘π ¡Ÿ≈§à“Àÿâπ “¡—≠

624,509,369

644,371,669

º≈µà“ß®“°°“√ ·ª≈ߧà“ß∫°“√‡ß‘π 42,646,444

°”‰√ – ¡ ®—¥ √√·≈â« ¬—߉¡à‰¥â®—¥ √√ 67,451,629

 à«π‡°‘π∑ÿπ®“°°“√ ‡ª≈’¬Ë π·ª≈ß¡Ÿ≈§à“ √«¡ ‡ß‘π≈ß∑ÿπ„π  à«π¢ÕߺŸâ∂◊ÕÀÿâπ À≈—°∑√—æ¬å‡º◊ËÕ¢“¬ ∫√‘…—∑„À≠à

1,962,123,665

5,272,981

3,346,375,757

 à«π¢Õß ºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ ¢Õß∫√‘…—∑¬àÕ¬

√«¡

293,288,877

3,639,664,634

√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ: º≈¢“¥∑ÿπ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ®“°°“√

‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬

-

-

-

-

-

(5,220,821)

(5,220,821)

-

(5,220,821)

-

-

35,928,091

-

-

-

35,928,091

19,345,896

55,273,987

624,509,369

644,371,669

78,574,535

67,451,629

1,962,123,665

52,160

3,377,083,027

312,634,773

3,689,717,800

-

-

-

-

749,634,232

-

749,634,232

(5,362,769)

744,271,463

624,509,369

644,371,669

78,574,535

67,451,629

2,711,757,897

52,160

4,126,717,259

307,272,004

4,433,989,263

-

-

-

-

(1,311,469,675)

-

(1,311,469,675)

-

(1,311,469,675)

-

-

-

18,489,495

(18,489,495)

-

-

-

-

º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ

°”‰√ ÿ∑∏‘ ”À√—∫ªï

√«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï

‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23)

‚Õ𰔉√ – ¡∑’ˬ—߉¡à‰¥â®—¥ √√‡ªìπ

 ”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16)

-

-

-

-

-

-

-

(37,233,046)

(37,233,046)

624,509,369

644,371,669

78,574,535

85,941,124

1,381,798,727

52,160

2,815,247,584

270,038,958

3,085,286,542

 à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551

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

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321

Àπ૬ : ∫“∑


Statements of changes

Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

in shareholdersû equity (continued)

10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321

Unit : Baht

Balance as at 31 December 2007

CONSOLIDATED FINANCIAL STATEMENTS Equity attributable to the parentûs shareholders Revaluation surplus on changes in value of investments in securities available for sale

Minority interest equity attributable to minority shareholders of subsidiaries

Total equity attributable to the parentûs shareholders

Issued and fully paid-up share capital

Share premium

624,509,369

644,371,669

42,646,444

67,451,629

1,962,123,665

5,272,981

3,346,375,757

293,288,877

3,639,664,634

-

-

-

-

-

(5,220,821)

(5,220,821)

-

(5,220,821)

Retained earnings Appropriated Unappropriated

Translation adjustment

Total

Income and expenses recognised directly in equity:

Loss recognised in shareholdersû equity on the changes

in value of investments in securities available for sales

Net income for the year

Total income and expenses for the year

Dividend paid (Note 23)

-

-

35,928,091

-

-

-

35,928,091

19,345,896

55,273,987

624,509,369

644,371,669

78,574,535

67,451,629

1,962,123,665

52,160

3,377,083,027

312,634,773

3,689,717,800

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

-

-

-

-

749,634,232

-

749,634,232

(5,362,769)

744,271,463

624,509,369

644,371,669

78,574,535

67,451,629

2,711,757,897

52,160

4,126,717,259

307,272,004

4,433,989,263

-

-

-

-

(1,311,469,675)

-

(1,311,469,675)

-

(1,311,469,675)

-

-

-

18,489,495

(18,489,495)

-

-

-

-

Unappropriated retained earnings

transferred to statutory reserve (Note 16)

Minority interest - equity attributable to minority shareholders of subsidiaries

Balance as at 31 December 2008

-

-

-

-

-

-

-

(37,233,046)

(37,233,046)

624,509,369

644,371,669

78,574,535

85,941,124

1,381,798,727

52,160

2,815,247,584

270,038,958

3,085,286,542

Expanded to the Best

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

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Translation adjustment

Net income and expenses recognised directly in equity

63


64

ß∫· ¥ß°“√‡ª≈’ˬπ·ª≈ß

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550

 à«π¢ÕߺŸâ∂◊ÕÀÿâπ (µàÕ)

¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2549 √“¬‰¥â (§à���„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ: º≈¢“¥∑ÿπ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ®“°°“√ ‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ √«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ °”‰√ ÿ∑∏‘ ”À√—∫ªï √«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23) ‡ß‘𠥪íπº≈ Àÿπâ ªíπº≈ ‚Õ𰔉√ – ¡∑’ˬ—߉¡à‰¥â®—¥ √√‡ªìπ  ”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16) ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2550 √“¬‰¥â∑’Ë (§à“„™â®à“¬) √—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ: º≈¢“¥∑ÿπ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ®“°°“√ ‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ √«¡√“¬‰¥â (§à“„™â®à“¬) ∑’Ë√—∫√Ÿâ„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ °”‰√ ÿ∑∏‘ ”À√—∫ªï √«¡√“¬‰¥â (§à“„™â®à“¬) ∑—Èß ‘Èπ∑’Ë√—∫√Ÿâ ”À√—∫ªï ‡ß‘πªíπº≈®à“¬ (À¡“¬‡Àµÿ 23) ‚Õ𰔉√ – ¡∑’ˬ—߉¡à‰¥â®—¥ √√‡ªìπ  ”√Õßµ“¡°ØÀ¡“¬ (À¡“¬‡Àµÿ 16) ¬Õ¥§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551

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

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ ∑ÿπ‡√◊ÕπÀÿâπ∑’ËÕÕ° ·≈–™”√–·≈â«

°”‰√ – ¡

 à«π‡°‘π ¡Ÿ≈§à“Àÿπâ  “¡—≠

®—¥ √√·≈â«

¬—߉¡à‰¥â®¥—  √√

 à«π‡°‘π∑ÿπ®“°°“√ ‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“ ‡ß‘π≈ß∑ÿπ„π À≈—°∑√—æ¬å‡º◊ËÕ¢“¬

√«¡

499,613,033

644,371,669

50,052,096

1,193,073,692

6,048,842

2,393,159,332

499,613,033 499,613,033

644,371,669 644,371,669

50,052,096 50,052,096

1,193,073,692 1,130,856,047 2,323,929,739

(775,861) 5,272,981 5,272,981

(775,861) 2,392,383,471 1,130,856,047 3,523,239,518

124,896,336

-

-

(474,619,053) (124,896,336)

-

(474,619,053) -

624,509,369

644,371,669

12,399,533 62,451,629

(12,399,533) 1,712,014,817

5,272,981

3,048,620,465

624,509,369 624,509,369 -

644,371,669 644,371,669 -

62,451,629 62,451,629 -

1,712,014,817 836,078,003 2,548,092,820 (1,311,469,675)

(5,220,821) 52,160 52,160 -

(5,220,821) 3,043,399,644 836,078,003 3,879,477,647 (1,311,469,675)

624,509,369

644,371,669

18,489,495 80,941,124

(18,489,495) 1,218,133,650

52,160

2,568,007,972

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321

Àπ૬ : ∫“∑


Statements of changes

Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

in shareholdersû equity (continued)

Expanded to the Best

Balance as at 31 December 2006 Income and expenses recognised directly in equity: Loss recognised in shareholdersû equity on the changes in value of investments in securities available for sales Net income and expenses recognised directly in equity Net income for the year Total income and expenses for the year Dividend paid (Note 23) Cash dividend Stock dividend Unappropriated retained earnings transferred to statutory reserve (Note 16) Balance as at 31 December 2007 Income and expenses recognised directly in equity: Loss recognised in shareholdersû equity on the changes in value of investments in securities available for sales Net income and expenses recognised directly in equity Net income for the year Total income and expenses for the year Dividend paid (Note 23) Unappropriated retained earnings transferred to statutory reserve (Note 16) Balance as at 31 December 2008

SEPARATE FINANCIAL STATEMENTS Issued and fully paid-up share capital

Retained earnings Appropriated Unappropriated

Share premium

Revaluation surplus on changes in value of investments in securities available for sale

Total

499,613,033

644,371,669

50,052,096

1,193,073,692

6,048,842

2,393,159,332

499,613,033 499,613,033

644,371,669 644,371,669

50,052,096 50,052,096

1,193,073,692 1,130,856,047 2,323,929,739

(775,861) 5,272,981 5,272,981

(775,861) 2,392,383,471 1,130,856,047 3,523,239,518

124,896,336

-

-

(474,619,053) (124,896,336)

-

(474,619,053) -

624,509,369

644,371,669

12,399,533 62,451,629

(12,399,533) 1,712,014,817

5,272,981

3,048,620,465

624,509,369 624,509,369 -

644,371,669 644,371,669 -

62,451,629 62,451,629 -

1,712,014,817 836,078,003 2,548,092,820 (1,311,469,675)

(5,220,821) 52,160 52,160 -

(5,220,821) 3,043,399,644 836,078,003 3,879,477,647 (1,311,469,675)

624,509,369

644,371,669

18,489,495 80,941,124

(18,489,495) 1,218,133,650

52,160

2,568,007,972

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

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321 10987654321098765432121098765432109876543210987654321

Unit : Baht

65


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫°√–· ‡ß‘π ¥ Cash flow statements

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 °√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π 123456789012345678901234567 123456789012345678901234567 °”‰√ ÿ∑∏‘°àÕπ¿“…’ 123456789012345678901234567 123456789012345678901234567 √“¬°“√ª√—∫°√–∑∫°”‰√ ÿ∑∏‘°àÕπ¿“…’‡ªìπ‡ß‘π ¥√—∫ (®à“¬) 123456789012345678901234567 123456789012345678901234567 ®“°°‘®°√√¡¥”‡π‘πß“π 123456789012345678901234567 ‡ß‘πªíπº≈√—∫ 123456789012345678901234567 123456789012345678901234567 (°”‰√) ¢“¥∑ÿπ®“°°“√®”Àπà“¬‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 123456789012345678901234567 123456789012345678901234567 °”‰√®“°°“√®”Àπà“¬‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å 123456789012345678901234567 123456789012345678901234567 ‡æ◊Ëէ⓷≈–‡º◊ËÕ¢“¬ 123456789012345678901234567 123456789012345678901234567 §à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®”Àπà“¬ 123456789012345678901234567 123456789012345678901234567 §à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å 123456789012345678901234567 °≈—∫√“¬°“√§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å 123456789012345678901234567 123456789012345678901234567 Àπ’È ß —¬®– Ÿ≠ 123456789012345678901234567 123456789012345678901234567 °≈—∫√“¬°“√§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 123456789012345678901234567 123456789012345678901234567 °≈—∫√“¬°“√§à“‡º◊ËÕ«— ¥ÿ‡ ◊ËÕ¡ ¿“æ 123456789012345678901234567 123456789012345678901234567 §à“‡º◊ËÕ°“√≈¥≈ߢÕß¡Ÿ≈§à“¢Õß ‘π§â“§ß‡À≈◊Õ 123456789012345678901234567 123456789012345678901234567  ”√Õ߇º◊ËÕ‡ß‘π™¥‡™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π 123456789012345678901234567 ª√–¡“≥°“√Àπ’È ‘π (°≈—∫√“¬°“√ª√–¡“≥°“√Àπ’È ‘π) 123456789012345678901234567 123456789012345678901234567 §à“„™â®“à ¬¥Õ°‡∫’¬È 123456789012345678901234567 123456789012345678901234567 °”‰√®“°°“√¥”‡π‘ πß“π°àÕπ°“√‡ª≈’ˬπ·ª≈ß„π ‘π∑√—æ¬å 123456789012345678901234567 123456789012345678901234567 ·≈–Àπ’ È π‘ ¥”‡π‘πß“π 123456789012345678901234567 123456789012345678901234567  ‘π∑√—æ¬å¥”‡π‘πß“π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß 123456789012345678901234567 ≈Ÿ°Àπ’°È “√§â“ 123456789012345678901234567 123456789012345678901234567 ≈Ÿ°Àπ’È°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567  ‘π§â“§ß‡À≈◊Õ 123456789012345678901234567 123456789012345678901234567  ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ 123456789012345678901234567 123456789012345678901234567  ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ 123456789012345678901234567 123456789012345678901234567 Àπ’È ‘𥔇π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 123456789012345678901234567 ‡®â“Àπ’È°“√§â“ 123456789012345678901234567 123456789012345678901234567 Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π 123456789012345678901234567 123456789012345678901234567 ®à“¬¥Õ°‡∫’¬È 123456789012345678901234567 123456789012345678901234567 ®à“¬¿“…’‡ß‘π‰¥â 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π 123456789012345678901234567 123456789012345678901234567

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

66

Àπ૬ : ∫“∑

ß∫°“√‡ß‘π√«¡ 2551

2550

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2551

2550

1,347,878,166

1,835,992,941

1,423,775,914

1,568,907,115

(18,676,666) (6,649,206)

(2,754,166) 1,341,361

(72,109,465) (6,075,115)

(27,844,906) 1,298,362

(110,241) 220,849,875 (772,230) 1,631,876 (21,602,787) 641,335,525 9,725,389 131,343,525

(7,575,600) 241,275,209 4,217,268 245,388 (22,895,838) (993,148) 18,367,257 (123,903,625) 121,675,706

(110,241) 162,763,262 391,483 (21,602,787) 608,835,529 9,725,389 90,139,700

(7,575,600) 177,809,973 245,388 (22,294,622) (993,148) 18,367,257 (123,903,625) 67,072,202

2,304,953,226

2,064,992,753

2,195,733,669

1,651,088,396

480,770,799 (965,808,540) (60,747,577) 1,846,301

(473,658,675) (340,413,538) (25,929,879) (5,619,029)

428,749,653 (3,902) (1,893,549,737) (292,131) 1,846,301

(479,279,461) 1,290,964 317,422,437 1,478,509 (5,613,629)

(25,853,800) (51,166,002) 1,683,994,407 (131,233,199) (881,642,432) 671,118,776

1,182,972 265,196,781 1,485,751,385 (130,565,368) (322,475,249) 1,032,710,768

(16,296,747) 1,308,753 717,495,859 (86,803,659) (806,324,352) (175,632,152)

170,199 56,652,235 1,543,209,650 (78,915,790) (296,563,668) 1,167,730,192


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 CONSOLIDATED FINANCIAL STATEMENTS 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 2008 2007 123456789012345678901234567 123456789012345678901234567 Cash flows from operating activities 123456789012345678901234567 123456789012345678901234567 Net income before tax 1,347,878,166 1,835,992,941 123456789012345678901234567 123456789012345678901234567 Adjustments to reconcile net income before tax to 123456789012345678901234567 123456789012345678901234567 net cash provided by (paid from) operating activities: 123456789012345678901234567 Dividend received (18,676,666) (2,754,166) 123456789012345678901234567 123456789012345678901234567 (Gain) loss on sales of machinery and equipment (6,649,206) 1,341,361 123456789012345678901234567 123456789012345678901234567 Gain on sales of trading and available-for-sale 123456789012345678901234567 123456789012345678901234567 securities (110,241) (7,575,600) 123456789012345678901234567 123456789012345678901234567 Depreciation and amortisation 220,849,875 241,275,209 123456789012345678901234567 123456789012345678901234567 Allowance for impairment loss on assets 4,217,268 123456789012345678901234567 Reversal of allowance for impairment loss on assets (772,230) 123456789012345678901234567 123456789012345678901234567 Allowance for doubtful accounts 1,631,876 245,388 123456789012345678901234567 123456789012345678901234567 Reversal of allowance for doubtful accounts (21,602,787) (22,895,838) 123456789012345678901234567 123456789012345678901234567 Reversal of allowance for stock obsolescence (993,148) 123456789012345678901234567 123456789012345678901234567 Allowance for diminution in value of inventories 641,335,525 123456789012345678901234567 123456789012345678901234567 Provision for employee compensation and pension expenses 18,367,257 123456789012345678901234567 Accrual of provisions (reversal of provisions) 9,725,389 (123,903,625) 123456789012345678901234567 123456789012345678901234567 Interest expenses 131,343,525 121,675,706 123456789012345678901234567 123456789012345678901234567 Income from operating activities before changes 123456789012345678901234567 123456789012345678901234567 in operating assets and liabilities 2,304,953,226 2,064,992,753 123456789012345678901234567 123456789012345678901234567 Operating assets (increase) decrease 123456789012345678901234567 Trade accounts receivable 480,770,799 (473,658,675) 123456789012345678901234567 123456789012345678901234567 Amounts due from related party 123456789012345678901234567 123456789012345678901234567 Inventories (965,808,540) (340,413,538) 123456789012345678901234567 123456789012345678901234567 Other current assets (60,747,577) (25,929,879) 123456789012345678901234567 123456789012345678901234567 Other non-current assets 1,846,301 (5,619,029) 123456789012345678901234567 123456789012345678901234567 Operating liabilities increase (decrease) 123456789012345678901234567 Trade accounts payable (25,853,800) 1,182,972 123456789012345678901234567 123456789012345678901234567 Other current liabilities (51,166,002) 265,196,781 123456789012345678901234567 123456789012345678901234567 Cash flows from operating activities 1,683,994,407 1,485,751,385 123456789012345678901234567 123456789012345678901234567 Cash paid for interest expenses (131,233,199) (130,565,368) 123456789012345678901234567 123456789012345678901234567 Cash paid for corporate income tax (881,642,432) (322,475,249) 123456789012345678901234567 123456789012345678901234567 Net cash flows from (used in) operating activities 671,118,776 1,032,710,768 123456789012345678901234567 123456789012345678901234567

Unit : Baht SEPARATE FINANCIAL STATEMENTS

2008

2007

1,423,775,914

1,568,907,115

(72,109,465) (6,075,115)

(27,844,906) 1,298,362

(110,241) 162,763,262 391,483 (21,602,787) 608,835,529 9,725,389 90,139,700

(7,575,600) 177,809,973 245,388 (22,294,622) (993,148) 18,367,257 (123,903,625)é 67,072,202

2,195,733,669

1,651,088,396

428,749,653 (3,902) (1,893,549,737) (292,131) 1,846,301

(479,279,461) 1,290,964 317,422,437 1,478,509 (5,613,629)

(16,296,747) 1,308,753 717,495,859 (86,803,659) (806,324,352) (175,632,152)

170,199 56,652,235 1,543,209,650 (78,915,790) (296,563,668) 1,167,730,192

The accompanying notes are an integral part of the financial statements. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

67


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫°√–· ‡ß‘π ¥ (µàÕ) Cash flow statements (continued)

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 °√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥®à“¬‡æ◊ËÕ≈ß∑ÿπ„π‡ß‘π≈ß∑ÿπ∑—Ë«‰ª 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥®à“¬‡æ◊ËÕ≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊Ëէ⓷≈–‡º◊ËÕ¢“¬ 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬À≈—°∑√—æ¬å‡æ◊Ëէ⓷≈–‡º◊ËÕ¢“¬ 123456789012345678901234567 ‡ß‘πªíπº≈√—∫ 123456789012345678901234567 123456789012345678901234567 ´◊ÈÕ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥√—∫®“°°“√®”Àπà“¬‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 °√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘π 123456789012345678901234567 ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 123456789012345678901234567 123456789012345678901234567 ‡®â“Àπ’È∑√— µå√’´’∑‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥√—∫®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 123456789012345678901234567 123456789012345678901234567 ™”√–§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« 123456789012345678901234567 123456789012345678901234567 ®à“¬‡ß‘πªíπº≈ 123456789012345678901234567 123456789012345678901234567 ®à“¬‡ß‘πªíπº≈„Àⷰຟâ∂◊ÕÀÿâπ à«ππâÕ¬¢Õß∫√‘…—∑¬àÕ¬ 123456789012345678901234567 ‡ß‘ π ¥ ÿ∑∏‘®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘π 123456789012345678901234567 123456789012345678901234567 º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) 123456789012345678901234567 123456789012345678901234567 ‡ß‘ π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥≈¥≈ß 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥µâπªï 123456789012345678901234567 123456789012345678901234567 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª≈“¬ªï 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 ¢âÕ¡Ÿ≈°√–· ‡ß‘𠥇ªî¥‡º¬‡æ‘Ë¡‡µ‘¡ 123456789012345678901234567 123456789012345678901234567 √“¬°“√∑’ˉ¡à„™à‡ß‘π ¥ 123456789012345678901234567 123456789012345678901234567 °“√®à“¬Àÿâπªíπº≈ 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

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

68

Àπ૬ : ∫“∑

ß∫°“√‡ß‘π√«¡ 2551

2550

(10,000,000) (221,000,000) 221,108,182 18,676,666 (540,250,980) 8,917,898 (522,548,234)

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2551

2550

(1,343,585) 16,330,000 2,754,166 (175,948,766) 5,109,875 (153,098,310)

(10,000,000) (221,000,000) 221,108,182 72,109,465 (457,662,856) 8,343,804 (387,101,405)

(1,343,585) 16,330,000 27,844,906 (94,180,717) 4,320,256 (47,029,140)

1,274,667,531 (1,006,788,301) (189,923,753) 417,959,353 49,200,000 52,000,000 (35,930,000) (24,135,000) (1,310,393,747) (474,266,532) (37,233,046) (21,971,937) (249,613,015) (1,057,202,417) 15,180,160 (15,059,762) (85,862,313) (192,649,721) 444,296,464 636,946,185 358,434,151 444,296,464 -

1,596,000,000 228,035,600 (1,310,393,747) 513,641,853 (49,091,704) 100,093,110 51,001,406 -

(1,132,000,000) (474,266,532) (1,606,266,532) (485,565,480) 585,658,590 100,093,110 -

-

124,896,336

-

124,896,336


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 CONSOLIDATED FINANCIAL STATEMENTS 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 2008 2007 123456789012345678901234567 123456789012345678901234567 Cash flows from investing activities 123456789012345678901234567 123456789012345678901234567 Cash paid for investment in other investments (10,000,000) 123456789012345678901234567 123456789012345678901234567 Cash paid for investment in trading and 123456789012345678901234567 123456789012345678901234567 available-for-sale securities (221,000,000) (1,343,585) 123456789012345678901234567 Cash received from sales of trading and 123456789012345678901234567 123456789012345678901234567 available-for-sale securities 221,108,182 16,330,000 123456789012345678901234567 123456789012345678901234567 Dividend received 18,676,666 2,754,166 123456789012345678901234567 123456789012345678901234567 Acquisition of property, plant and equipment (540,250,980) (175,948,766) 123456789012345678901234567 123456789012345678901234567 Proceed from sales of machinery and equipment 8,917,898 5,109,875 123456789012345678901234567 123456789012345678901234567 Net cash flows used in investing activities (522,548,234) (153,098,310) 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Cash flows from financing activities 123456789012345678901234567 123456789012345678901234567 Increase (decrease) in short-term loans 123456789012345678901234567 123456789012345678901234567 from financial institutions 1,274,667,531 (1,006,788,301) 123456789012345678901234567 123456789012345678901234567 Increase (decrease) in trust receipts 417,959,353 123456789012345678901234567 (189,923,753) 123456789012345678901234567 Cash received from long-term loans 49,200,000 52,000,000 123456789012345678901234567 Repayment of long-term loans (35,930,000) (24,135,000) 123456789012345678901234567 123456789012345678901234567 Dividend paid (1,310,393,747) (474,266,532) 123456789012345678901234567 123456789012345678901234567 Dividend paid to the subsidiary companiesû minority shareholders (37,233,046) (21,971,937) 123456789012345678901234567 123456789012345678901234567 Net cash flows from (used in) financing activities (249,613,015) (1,057,202,417) 123456789012345678901234567 123456789012345678901234567 Increase (decrease) in translation adjustment 15,180,160 (15,059,762) 123456789012345678901234567 Net decrease in cash and cash equivalents (85,862,313) (192,649,721) 123456789012345678901234567 123456789012345678901234567 Cash and cash equivalents at beginning of year 444,296,464 636,946,185 123456789012345678901234567 123456789012345678901234567 Cash and cash equivalents at end of year 358,434,151 444,296,464 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Supplemental cash flows information: 123456789012345678901234567 Non-cash items 123456789012345678901234567 123456789012345678901234567 Stock dividend 124,896,336 123456789012345678901234567 123456789012345678901234567

Unit : Baht SEPARATE FINANCIAL STATEMENTS

2008

2007

(10,000,000)

-

(221,000,000)

(1,343,585)

221,108,182 72,109,465 (457,662,856) 8,343,804 (387,101,405)

16,330,000 27,844,906 (94,180,717) 4,320,256 (47,029,140)

1,596,000,000 228,035,600 (1,310,393,747) 513,641,853 (49,091,704) 100,093,110 51,001,406 -

(1,132,000,000) (474,266,532) (1,606,266,532) (485,565,480) 585,658,590 100,093,110 -

-

124,896,336

The accompanying notes are an integral part of the financial statements. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

69


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements 1.

¢âÕ¡Ÿ≈∑—«Ë ‰ª

1.1 ¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑œ ∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) (ç∫√‘…—∑œé) ®—¥µ—Èߢ÷Èπ‡ªìπ∫√‘…—∑¡À“™π·≈–¡’¿Ÿ¡‘≈”‡π“„πª√–‡∑»‰∑¬ ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑œ §◊Õ°“√º≈‘µ ·≈–®”Àπà“¬°“°∂—Ë«‡À≈◊Õß·≈–πÈ”¡—π∂—Ë«‡À≈◊Õß ‚¥¬¡’∑’ËÕ¬Ÿàµ“¡∑’Ë®¥∑–‡∫’¬πµ—ÈßÕ¬Ÿà‡≈¢∑’Ë 149 ∂ππ√—™¥“¿‘‡…° (∑à“æ√– - µ“° ‘π) ·¢«ß∫ÿ§§‚≈ ‡¢µ∏π∫ÿ√’ °√ÿ߇∑æ¡À“π§√

2. ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π 2.1 ß∫°“√‡ß‘ππ’È®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë°”Àπ¥„πæ√–√“™∫—≠≠—µ‘«‘™“™’æ∫—≠™’ æ.». 2547 ·≈–°“√· ¥ß√“¬°“√„πß∫°“√‡ß‘π‰¥â∑”¢÷Èπ‡æ◊ËÕ „À⇪ìπ‰ªµ“¡¢âÕ°”Àπ¥„πª√–°“»°√¡æ—≤π“∏ÿ√°‘®°“√§â“≈ß«—π∑’Ë 14 °—𬓬π 2544 ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°“√∫—≠™’ æ.». 2543 ß∫°“√‡ß‘π©∫—∫¿“…“‰∑¬‡ªìπß∫°“√‡ß‘π©∫—∫∑’Ë∫√‘…—∑œ„™â‡ªìπ∑“ß°“√µ“¡°ÆÀ¡“¬ ß∫°“√‡ß‘π©∫—∫¿“…“Õ—ß°ƒ…·ª≈¡“®“°ß∫°“√‡ß‘π©∫—∫ ¿“…“‰∑¬¥—ß°≈à“« ß∫°“√‡ß‘ππ’ȉ¥â®—¥∑”¢÷Èπ‚¥¬„™â‡°≥±å√“§“∑ÿπ‡¥‘¡‡«âπ·µà®–‰¥â‡ªî¥‡º¬‡ªìπÕ¬à“ßÕ◊Ëπ„ππ‚¬∫“¬°“√∫—≠™’ 2.2 ‡°≥±å„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡ °) ß∫°“√‡ß‘π√«¡π’ȉ¥â®—¥∑”¢÷Èπ‚¥¬√«¡ß∫°“√‡ß‘π¢Õß∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) (´÷ËßµàÕ‰ªπ’ȇ√’¬°«à“ ç∫√‘…—∑œé) ·≈–∫√‘…—∑¬àÕ¬ (´÷ËßµàÕ‰ªπ’ȇ√’¬°«à“ ç∫√‘…—∑¬àÕ¬é) ¥—ßµàÕ‰ªπ’È

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®—¥µ—ßÈ ¢÷πÈ „πª√–‡∑»

Õ—µ√“√âÕ¬≈– ¢Õß°“√∂◊ÕÀÿâπ 2551 2550 √âÕ¬≈– √âÕ¬≈–

√âÕ¬≈–¢Õß  ‘π∑√—æ¬å∑’Ë√«¡Õ¬Ÿà „π ‘π∑√—æ¬å√«¡ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 2550 √âÕ¬≈– √âÕ¬≈–

√âÕ¬≈–¢Õß√“¬‰¥â∑’Ë √«¡Õ¬Ÿà„π√“¬‰¥â√«¡  ”À√—∫ªï ‘Èπ ÿ¥ «—π∑’Ë 31 ∏—𫓧¡ 2551 2550 √âÕ¬≈– √âÕ¬≈–

∫√‘µ‘™ ‡«Õ√宑π ‰Õ å·≈π¥å ‰∑¬

65

65

0.06

0.06

-

-

43

43

3.24

3.99

0.81

1.03

®’π

65 (‚¥¬ ∑“ßÕâÕ¡)

65 (‚¥¬ ∑“ßÕâÕ¡)

13.40

27.73

11.41

14.72

∂��ß·¡â«“à ∫√‘…∑— œ®–∂◊ÕÀÿπâ „π∫√‘…∑— æ√Õ¥¥‘®‘ ®”°—¥ Õ¬Ÿ‡à æ’¬ß√âÕ¬≈– 43 ·µà∫√‘…∑— œ¡’°“√§«∫§ÿ¡∫√‘…∑— ¥—ß°≈à“«‚¥¬ºà“π§≥–°√√¡°“√ à«π„À≠à¢Õß∫√‘…∑— œ ¥—ßπ—Èπ®÷ß∂◊Õ«à“∫√‘…—∑¥—ß°≈à“«‡ªìπ∫√‘…—∑¬àÕ¬ ¢) ∫√‘…—∑œπ”ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¡“√«¡„π°“√®—¥∑”ß∫°“√‡ß‘π√«¡µ—Èß·µà«—π∑’ˉ¥â¡“ («—π∑’Ë∫√‘…—∑œ¡’Õ”π“®„π°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬) ®π∂÷ß «—π∑’Ë∫√‘…—∑œ  ‘Èπ ÿ¥°“√§«∫§ÿ¡∫√‘…—∑¬àÕ¬π—Èπ §) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬‰¥â®—¥∑”¢÷Èπ‚¥¬¡’√Õ∫√–¬–‡«≈“∫—≠™’·≈–„™âπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠‡™àπ‡¥’¬«°—π°—∫¢Õß∫√‘…—∑œ ß) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬´÷Ëß®—¥µ—Èß„πµà“ߪ√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë„πß∫¥ÿ≈ ”À√—∫√“¬°“√∑’ˇªìπ ‘π∑√—æ¬å ·≈–Àπ’È ‘π·≈–„™âÕ—µ√“·≈°‡ª≈’ˬπ∂—«‡©≈’ˬ√“¬‡¥◊Õπ ”À√—∫√“¬°“√∑’ˇªìπ√“¬‰¥â·≈–§à“„™â®à“¬ º≈µà“ß´÷Ë߇°‘¥¢÷Èπ®“°°“√·ª≈ß§à“¥—ß°≈à“«‰¥â · ¥ß‰«â‡ªìπ√“¬°“√ çº≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘πé „π à«π¢ÕߺŸâ∂◊ÕÀÿâπ ®) ¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ √“¬°“√§â“√–À«à“ß°—π∑’Ë¡’ “√– ”§—≠‰¥â∂Ÿ°µ—¥ÕÕ°®“°ß∫°“√‡ß‘π√«¡π’È·≈â« ©) ¬Õ¥‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π∫—≠™’¢Õß∫√‘…—∑œ‰¥âµ—¥°—∫ à«π¢ÕߺŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑¬àÕ¬·≈â«

70


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

1.

General information

1.1 Corporate information Thai Vegetable Oil Public Company Limited (çthe Companyé) is a public company incorporated and domiciled in Thailand. The Company is principally engaged in the manufacture and distribution of soy meal and soybean oil and its registered address is 149 Ratchadapisek Road (Thapra - Taksin), Bukkhalow, Thonburi, Bangkok.

2.

Basis of preparation

2.1 The financial statements have been prepared in accordance with accounting standards enunciated under the Accounting Profession Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 14 September 2001, issued under the Accounting Act B.E. 2543. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from such financial statements in Thai language. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. 2.2 Basis of consolidation a) The consolidated financial statements include the financial statements of Thai Vegetable Oil Public Company Limited (çthe Companyé) and the following subsidiary companies (çthe subsidiariesé):

12345678901234567 12345678901234567 12345678901234567 12345678901234567 12345678901234567 12345678901234567 12345678901234567 Companyûs name 12345678901234567 12345678901234567 12345678901234567 12345678901234567 12345678901234567 Thai Vegetable Oil 12345678901234567 12345678901234567 International Limited 12345678901234567 12345678901234567 Prodigy Company Limited 12345678901234567 12345678901234567 12345678901234567 12345678901234567 12345678901234567 China-Thai Vegetable Oil 12345678901234567 12345678901234567 (Wuhan) Company Limited 12345678901234567 12345678901234567 (100 percent held by Thai 12345678901234567 12345678901234567 Vegetable Oil International Limited) 12345678901234567

Nature of business

Holding Company Manufacture and distribution of packaging Manufacture and distribution of vegetable oil

Country of incorporation

British Virgin Islands Thailand

China

Percentage of shareholding

Assets as a percentage Revenues as a percentage to the consolidated total to the consolidated total assets revenues for the year as at 31 December ended 31 December

2008 Percent

2007 Percent

2008 Percent

2007 Percent

2008 Percent

2007 Percent

65

65

0.06

0.06

-

-

43

43

3.24

3.99

0.81

1.03

65 (Indirect holding)

65 (Indirect holding)

13.40

27.73

11.41

14.72

Although the Company has 43 percent interest in Prodigy Company Limited, the Company has control over that company through the board of directors of that company. Therefore that company is regarded as a subsidiary company. b) Subsidiaries are fully consolidated as from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. c) The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent significant accounting policies. d) The financial statements of overseas subsidiary companies are translated into Thai Baht at the closing exchange rate as to assets and liabilities, and at monthly average exchange rates as to revenues and expenses. The resultant differences are shown under the caption of çTranslation adjustmenté in shareholdersû equity. e) Material balances and transactions between the Company and its subsidiary companies have been eliminated from the consolidated financial statements. f) Investments in the subsidiary companies as recorded in the Companyûs books of account are eliminated against the equity of subsidiary companies. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

71


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements ™)  à«π¢ÕߺŸâ∂◊ÕÀÿâπ à«ππâÕ¬ §◊Õ ®”π«π°”‰√À√◊Õ¢“¥∑ÿπ·≈– ‘π∑√—æ¬å ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ à«π∑’ˉ¡à‰¥â‡ªìπ¢Õß∫√‘…—∑œ ·≈–· ¥ß‡ªìπ√“¬°“√·¬° µà“ßÀ“°„πß∫°”‰√¢“¥∑ÿπ√«¡·≈– à«π¢ÕߺŸâ∂◊ÕÀÿâπ„πß∫¥ÿ≈√«¡ ´) ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬·ÀàßÀπ÷Ëß §◊Õ ∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑¬àÕ¬ ´÷Ë߉¥â · ¥ß§«“¡‡ÀÁπÕ¬à“߉¡à¡’‡ß◊ËÕπ‰¢µ“¡√“¬ß“π≈ß«—π∑’Ë 15 ¡°√“§¡ 2552 ß∫°“√‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¥â√«¡Õ¬Ÿà„πß∫°“√‡ß‘π√«¡π’È ‚¥¬¡’ ¬Õ¥ ‘π∑√—æ¬å ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ‡ªìπ®”π«π‡ß‘π 1,021 ≈â“π∫“∑ (2550: 1,949 ≈â“π∫“∑) ¬Õ¥√“¬‰¥â·≈–¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ‡ªìπ®”π«π‡ß‘π 2,711 ≈â“π∫“∑ ·≈– 75 ≈â“π∫“∑µ“¡≈”¥—∫ (2550: ¬Õ¥√“¬‰¥â·≈–°”‰√ ÿ∑∏‘‡ªìπ®”π«π 2,711 ≈â“π∫“∑ ·≈– 205 ≈â“π∫“∑µ“¡≈”¥—∫) 2.3 ∫√‘…—∑œ ‰¥â®—¥∑”ß∫°“√‡ß‘π‡©æ“–°‘®°“√‡æ◊ËÕª√–‚¬™πåµàÕ “∏“√≥– ´÷Ëß· ¥ß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µ“¡«‘∏’√“§“∑ÿπ

3. °“√ª√–°“»„™â¡“µ√∞“π°“√∫—≠™’„À¡à 3.1 ¡“µ√∞“π°“√∫—≠™’∑’Ë¡’º≈∫—ߧ—∫„™â„πªïªí®®ÿ∫—π  ¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 9/2550 ©∫—∫∑’Ë 38/2550 ·≈–©∫—∫∑’Ë 62/2550 „Àℙ⡓µ√∞“π°“√∫—≠™’„À¡à¥—ßµàÕ‰ªπ’È ©∫—∫∑’Ë 25 (ª√—∫ª√ÿß 2550) ß∫°√–· ‡ß‘π ¥ ©∫—∫∑’Ë 29 (ª√—∫ª√ÿß 2550)  —≠≠“‡™à“ ©∫—∫∑’Ë 31 (ª√—∫ª√ÿß 2550)  ‘π§â“§ß‡À≈◊Õ ©∫—∫∑’Ë 33 (ª√—∫ª√ÿß 2550) µâπ∑ÿπ°“√°Ÿ¬â ¡◊ ©∫—∫∑’Ë 35 (ª√—∫ª√ÿß 2550) °“√𔇠πÕß∫°“√‡ß‘π ©∫—∫∑’Ë 39 (ª√—∫ª√ÿß 2550) π‚¬∫“¬°“√∫—≠™’ °“√‡ª≈’ˬπ·ª≈ߪ√–¡“≥°“√∑“ß∫—≠™’·≈–¢âÕº‘¥æ≈“¥ ©∫—∫∑’Ë 41 (ª√—∫ª√ÿß 2550) ß∫°“√‡ß‘π√–À«à“ß°“≈ ©∫—∫∑’Ë 43 (ª√—∫ª√ÿß 2550) °“√√«¡∏ÿ√°‘® ©∫—∫∑’Ë 49 (ª√—∫ª√ÿß 2550)  —≠≠“°àÕ √â“ß ©∫—∫∑’Ë 51  ‘π∑√—æ¬å‰¡à¡’µ—«µπ ¡“µ√∞“π°“√∫—≠™’¢â“ßµâπ∂◊ժؑ∫—µ‘°—∫ß∫°“√‡ß‘π ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’∑’ˇ√‘Ë¡„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2551 ‡ªìπµâπ‰ª ΩÉ“¬∫√‘À“√¢Õß ∫√‘…—∑œ ‰¥âª√–‡¡‘π·≈⫇ÀÁπ«à“ ¡“µ√∞“π°“√∫—≠™’ ©∫—∫∑’Ë 43 ·≈–©∫—∫∑’Ë 49 ‰¡à‡°’ˬ«‡π◊ËÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ  à«π¡“µ√∞“π°“√∫—≠™’©∫—∫∑’Ë 25 ©∫—∫∑’Ë 29 ©∫—∫∑’Ë 31 ©∫—∫∑’Ë 33 ©∫—∫∑’Ë 35 ©∫—∫∑’Ë 39 ©∫—∫∑’Ë 41 ·≈–©∫—∫∑’Ë 51 ‰¡à¡’º≈°√–∑∫Õ¬à“߇ªìπ “√– ”§—≠µàÕß∫°“√‡ß‘π ”À√—∫ªïªí®®ÿ∫—π 3.2 ¡“µ√∞“π°“√∫—≠™’∑’ˬ—߉¡à¡’º≈∫—ߧ—∫„™â„πªïªí®®ÿ∫—π  ¿“«‘™“™’æ∫—≠™’‰¥âÕÕ°ª√–°“» ¿“«‘™“™’æ∫—≠™’ ©∫—∫∑’Ë 86/2551 „Àℙ⡓µ√∞“π°“√∫—≠™’„À¡à¥—ßµàÕ‰ªπ’È ©∫—∫∑’Ë 36 (ª√—∫ª√ÿß 2550) °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ©∫—∫∑’Ë 54 (ª√—∫ª√ÿß 2550)  ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬π∑’Ë∂◊Õ‰«â‡æ◊ËÕ¢“¬·≈–°“√¥”‡π‘πß“π∑’ˬ°‡≈‘° ¡“µ√∞“π°“√∫—≠™’¢â“ßµâπ∂◊ժؑ∫—µ‘°—∫ß∫°“√‡ß‘π ”À√—∫√Õ∫√–¬–‡«≈“∫—≠™’∑’ˇ√‘Ë¡„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2552 ‡ªìπµâπ‰ª ΩÉ“¬∫√‘À“√¢Õß ∫√‘…—∑œ ‰¥âª√–‡¡‘π·≈⫇ÀÁπ«à“¡“µ√∞“π°“√∫—≠™’©∫—∫¥—ß°≈à“«®–‰¡à¡’º≈°√–∑∫Õ¬à“߇ªìπ “√– ”§—≠µàÕß∫°“√‡ß‘π ”À√—∫ªï∑’ˇ√‘Ë¡„™â¡“µ√∞“π°“√∫—≠™’ ©∫—∫¥—ß°≈à“«

4. π‚¬∫“¬°“√∫—≠™’∑ ’Ë ”§—≠ 4.1 °“√√—∫√Ÿâ√“¬‰¥â ¢“¬ ‘π§â“ √“¬‰¥â®“°°“√¢“¬ ‘π§â“√—∫√Ÿâ‡¡◊ËÕ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¥â‚Õ𧫓¡‡ ’ˬ߷≈–º≈µÕ∫·∑π∑’ˇªìπ “√– ”§—≠¢Õߧ«“¡‡ªìπ‡®â“¢Õß ‘π§â“„Àâ°—∫ ºŸâ´◊ÈÕ·≈â« √“¬‰¥â®“°°“√¢“¬· ¥ß¡Ÿ≈§à“µ“¡√“§“„π„∫°”°—∫ ‘π§â“‚¥¬‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡  ”À√—∫ ‘π§â“∑’ˉ¥â àß¡Õ∫À≈—ß®“°À—° à«π≈¥·≈â«

72


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

g) Minority interests represent the portion of net income or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated income statement and within equity in the consolidated balance sheet. h) The financial statements of a subsidiary company, China-Thai Vegetable Oil (Wuhan) Company Limited, were audited by the subsidiary companyûs auditor who, under his report dated 15 January 2009, expressed an unqualified audit opinion on those financial statements. The subsidiary companyûs financial statements which are included in the consolidated financial statements, show total assets as at 31 December 2008 of Baht 1,021 million (2007: Baht 1,949 million), total revenues and net loss for the year ended 31 December 2008 of Baht 2,711 million and Baht 75 million, respectively (2007: total revenues and net income of Baht 2,711 million and Baht 205 million, respectively). 2.3 The separate financial statements, which present investments in subsidiaries under the cost method, have been prepared solely for the benefit of the public.

3.

Adoption of new accounting standards

3.1 Accounting standards which are effective for the current year The Federation of Accounting Professions has issued Notification No. 9/2550, 38/2550 and 62/2550 mandating the use of new accounting standards as follows. TAS 25 (revised 2007) Cash Flow Statements TAS 29 (revised 2007) Leases TAS 31 (revised 2007) Inventories TAS 33 (revised 2007) Borrowing Costs TAS 35 (revised 2007) Presentation of Financial Statements TAS 39 (revised 2007) Accounting Policies, Changes in Accounting Estimates and Errors TAS 41 (revised 2007) Interim Financial Reporting TAS 43 (revised 2007) Business Combinations TAS 49 (revised 2007) Construction Contracts TAS 51 Intangible Assets These accounting standards become effective for the financial statements for fiscal years beginning on or after 1 January 2008. The management has assessed the effect of these standards and believes that TAS 43 and TAS 49 are not relevant to the business of the Company, while TAS 25, TAS 29, TAS 31, TAS 33, TAS 35, TAS 39, TAS 41 and TAS 51 do not have any significant impact on the financial statements for the current year. 3.2 Accounting standards which are not effective for the current year The Federation of Accounting Professions has also issued Notification No. 86/2551 mandating the use of the following new accounting standards. TAS 36 (revised 2007) Impairment of Assets TAS 54 (revised 2007) Non-current Assets Held for Sale and Discontinued Operations These accounting standards will become effective for the financial statements for fiscal years beginning on or after 1 January 2009. The management has assessed the effect of these standards and believes that they will not have any significant impact on the financial statements for the year in which they are initially applied.

4.

Significant accounting policies

4.1 Revenue recognition Sales of goods Sales of goods are recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Sales are the invoiced value, excluding value added tax, of goods supplied after deducting discounts and allowances.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements ¥Õ°‡∫’¬È √—∫ ¥Õ°‡∫’Ȭ∂◊Õ‡ªìπ√“¬‰¥âµ“¡‡°≥±å§ß§â“ß‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß ‡ß‘πªíπº≈√—∫ ‡ß‘πªíπº≈√—∫∂◊Õ‡ªìπ√“¬‰¥â‡¡◊ËÕ¡’ ‘∑∏‘„π°“√√—∫‡ß‘πªíπº≈ 4.2 ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ À¡“¬∂÷ß ‡ß‘π ¥·≈–‡ß‘πΩ“°∏𓧓√ ·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ∑’Ë¡’ ¿“æ§≈àÕß Ÿß ´÷Ëß∂÷ß°”Àπ¥®à“¬§◊π¿“¬„π√–¬– ‡«≈“‰¡à‡°‘π 3 ‡¥◊Õππ—∫®“°«—π∑’ˉ¥â¡“·≈–‰¡à¡’¢âÕ®”°—¥„π°“√‡∫‘°„™â 4.3 ≈Ÿ°Àπ’È°“√§â“ ≈Ÿ°Àπ’È°“√§â“· ¥ß¡Ÿ≈§à“µ“¡®”π«π¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ ”À√—∫º≈¢“¥∑ÿπ‚¥¬ª√–¡“≥∑’ËÕ“® ‡°‘¥¢÷Èπ®“°°“√‡°Á∫‡ß‘π≈Ÿ°Àπ’ȉ¡à‰¥â ´÷Ëß‚¥¬∑—Ë«‰ªæ‘®“√≥“®“°ª√– ∫°“√≥å°“√‡°Á∫‡ß‘π·≈–°“√«‘‡§√“–ÀåÕ“¬ÿÀπ’È 4.4 † ‘π§â“§ß‡À≈◊Õ  ‘π§â“ ”‡√Á®√Ÿª· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’µâπ∑ÿπ∂—«‡©≈’ˬ) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫·≈â«·µà√“§“„¥®–µË”°«à“ √“§“∑ÿπ¥—ß°≈à“« À¡“¬∂÷ß µâπ∑ÿπ „π°“√º≈‘µ∑—ÈßÀ¡¥√«¡∑—Èß§à“‚ Àÿ⬂√ßß“π¥â«¬ «—µ∂ÿ¥‘∫·≈–«— ¥ÿ§ß‡À≈◊Õ· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ («‘∏’µâπ∑ÿπ∂—«‡©≈’ˬ) À√◊Õ¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫·≈â«·µà√“§“„¥®–µË”°«à“ ·≈–®–∂◊Õ‡ªìπ à«πÀπ÷Ëß ¢Õßµâπ∑ÿπ°“√º≈‘µ‡¡◊ËÕ¡’°“√‡∫‘°„™â 4.5 ‡ß‘π≈ß∑ÿπ °) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡æ◊Ëէ⓷ ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑œ ∫—π∑÷°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“¢ÕßÀ≈—°∑√—æ¬å‡ªìπ√“¬°“√°”‰√À√◊Õ¢“¥∑ÿπ„πß∫ °”‰√¢“¥∑ÿπ ¢) ‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬· ¥ßµ“¡¡Ÿ≈§à“¬ÿµ‘∏√√¡ ∫√‘…—∑œ ∫—π∑÷°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“À≈—°∑√—æ¬å¥—ß°≈à“«‡ªìπ√“¬°“√·¬°µà“ßÀ“°„π  à«π¢ÕߺŸâ∂◊ÕÀÿâπ®π°√–∑—Ëß®”Àπà“¬À≈—°∑√—æ¬å¥—ß°≈à“«ÕÕ°‰ª ®÷ß∫—π∑÷°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“π—Èπ„πß∫°”‰√¢“¥∑ÿπ §) ‡ß‘π≈ß∑ÿπ„πµ√“ “√Àπ’∑È ®’Ë –§√∫°”Àπ¥™”√–„πÀπ÷ßË ªï·≈–∑’®Ë –∂◊Õ®π§√∫°”Àπ¥· ¥ß¡Ÿ≈§à“µ“¡«‘∏√’ “§“∑ÿπµ—¥®”Àπà“¬∫√‘…∑— œµ—¥∫—≠™’ «à π‡°‘π/  à«πµË”°«à“¡Ÿ≈§à“µ√“ “√Àπ’ȵ“¡Õ—µ√“¥Õ°‡∫’Ȭ∑’Ë·∑â®√‘ß ´÷Ëß®”π«π∑’˵—¥®”Àπà“¬π’È®–· ¥ß‡ªìπ√“¬°“√ª√—∫°—∫¥Õ°‡∫’Ȭ√—∫ ß) ‡ß‘π≈ß∑ÿπ„πµ√“ “√∑ÿπ∑’ˉ¡àÕ¬Ÿà„𧫓¡µâÕß°“√¢Õßµ≈“¥∂◊Õ‡ªìπ‡ß‘π≈ß∑ÿπ∑—Ë«‰ª ´÷Ëß· ¥ß„π√“§“∑ÿπ ÿ∑∏‘®“°§à“‡º◊ËÕ°“√¥âÕ¬§à“ (∂â“¡’) ®) ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë· ¥ßÕ¬Ÿà„πß∫°“√‡ß‘π‡©æ“–°‘®°“√· ¥ß¡Ÿ≈§à“µ“¡«‘∏’√“§“∑ÿπ ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢ÕßÀ≈—°∑√—æ¬å„𧫓¡µâÕß°“√¢Õßµ≈“¥§”π«≥®“°√“§“‡ πÕ´◊ÈÕÀ≈—ß ÿ¥ ≥  ‘Èπ«—π∑”°“√ ÿ¥∑⓬¢Õߪï¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààß ª√–‡∑»‰∑¬ ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õßµ√“ “√Àπ’È∂◊Õæ◊Èπ∞“π®“°°“√§”π«≥Õ—µ√“º≈µÕ∫·∑πÀ√◊Õ√“§“®“° ¡“§¡µ≈“¥µ√“ “√Àπ’ȉ∑¬·≈â«·µà°√≥’ ¡Ÿ≈§à“ ¬ÿµ‘∏√√¡¢ÕßÀπ૬≈ß∑ÿπ§”π«≥®“°¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘ ∫√‘…—∑œ „™â«‘∏’∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°„π°“√§”π«≥µâπ∑ÿπ¢Õ߇ߑπ≈ß∑ÿπ „π°√≥’∑¡’Ë °’ “√‚Õπ‡ª≈’¬Ë πª√–‡¿∑‡ß‘π≈ß∑ÿπ ∫√‘…∑— œ ®–ª√—∫‡ª≈’¬Ë π√“§“¢Õ߇ߑπ≈ß∑ÿπ„À¡à‚¥¬„™â¡≈Ÿ §à“¬ÿµ∏‘ √√¡ ≥ «—π∑’‚Ë Õπ‡ª≈’¬Ë πª√–‡¿∑‡ß‘π≈ß∑ÿπ º≈·µ°µà“ß√–À«à“ß√“§“µ“¡∫—≠™’·≈–¡Ÿ≈§à“¬ÿµ‘∏√√¡ ≥ «—π∑’Ë‚Õπ‰¥â∫—π∑÷°‡ªìπ√“¬°“√°”‰√ (¢“¥∑ÿπ) „πß∫°”‰√¢“¥∑ÿπÀ√◊Õ· ¥ß‡ªìπ à«π‡°‘π (µË”°«à“) ∑ÿπ®“°°“√‡ª≈’ˬπ·ª≈ß¡Ÿ≈§à“„π à«π¢ÕߺŸâ∂◊ÕÀÿâπ·≈â«·µàª√–‡¿∑¢Õ߇ߑπ≈ß∑ÿπ∑’Ë¡’°“√‚Õπ‡ª≈’ˬπ 4.6 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ·≈–§à“‡ ◊ËÕ¡√“§“ ∑’Ë¥‘π· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπ Õ“§“√·≈–Õÿª°√≥å· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“‡ ◊ËÕ¡√“§“ – ¡ ·≈–§à“‡º◊ËÕ°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å (∂â“¡’) §à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥委π«≥®“°√“§“∑ÿπ¢Õß ‘π∑√—æ¬å‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¥—ßπ’È Õ“§“√ - 40 ªï ·≈– 20 ªï  à«πª√—∫ª√ÿßÕ“§“√ - 20 ªï ·≈– 5 ªï ‡§√◊ËÕß®—°√·≈–Õÿª°√≥å - 20 ªï 10 ªï ·≈– 5 ªï ‡§√◊ËÕß¡◊Õ·≈–‡§√◊ËÕß„™â„π‚√ßß“π - 10 ªï ·≈– 5 ªï ‡§√◊ËÕß„™â·≈–‡§√◊ËÕßµ°·µàß ”π—°ß“π - 10 ªï ·≈– 5 ªï ¬“πæ“Àπ– - 5 ªï §à“‡ ◊ËÕ¡√“§“√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π ‰¡à¡’°“√§‘¥§à“‡ ◊ËÕ¡√“§“ ”À√—∫∑’Ë¥‘π·≈– ‘π∑√—æ¬å√–À«à“ß°àÕ √â“ß

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∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Interest income Interest income is recognised on an accrual basis based on the effective interest rate. Dividends Dividends are recognised when the right to receive the dividends is established. 4.2 Cash and cash equivalents Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions. 4.3 Trade accounts receivable Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may be incurred in collection of receivables. The allowance is generally based on collection experience and analysis of debt aging. 4.4 Inventories Finished goods are valued at the lower of cost (average cost method) and net realisable value. Such cost includes all production costs and attributable factory overheads. Raw materials and other material supplies are valued at the lower of cost (average cost method) and net realisable value and are charged to production costs whenever consumed. 4.5 Investments a) Investments in securities held for trading are stated at fair value. Gains or losses arising from changes in the carrying amounts of securities are included in determining income. b) Investments in available-for-sale securities are stated at fair value. Changes in the carrying amounts of securities are recorded as separate items in shareholdersû equity until the securities are sold, when the changes are then included in determining income. c) Investments in debt securities, both due within one year and expected to be held to maturity, are recorded at amortised cost. The premium/discount on debt securities is amortised by the effective rate method with the amortised amount presented as an adjustment to the interest income. d) Investments in non-marketable equity securities, which the Company classifies as other investments, are stated at cost net of allowance for loss on diminution in value (if any). e) Investments in subsidiaries are accounted for in the separate financial statements using the cost method. The fair value of marketable securities is based on the latest bid price of the last working day of the year as quoted on the Stock Exchange of Thailand. The fair value of debt instruments is determined based on the required rate of return or the yield rates quoted by the Thai Bond Market Association. The fair value of unit trusts is determined from their net asset value. The weighted average method is used for computation of the cost of investments. In the event the Company reclassifies investments in securities, such investments are adjusted to their fair value as at the reclassification date. Differences between the carrying amount of the investments and their fair value on that date are included in determining income or recorded as surplus (deficit) from changes in the value of investments in shareholdersû equity, depending on the type of investment which is reclassified. 4.6 Property, plant and equipment/Depreciation Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any). Depreciation of plant and equipment is calculated by reference to their costs on the straight-line basis over the following estimated useful lives: Buildings - 40 years and 20 years Building improvement - 20 years and 5 years Machinery and equipment - 20 years, 10 years and 5 years Factory tools and equipment - 10 years and 5 years Furniture and fixtures - 10 years and 5 years Motor vehicles - 5 years Depreciation is included in determining income. No depreciation is provided on land and assets under construction. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements 4.7  ‘∑∏‘°“√‡™à“∑’Ë¥‘π·≈–§à“µ—¥®”Àπà“¬  ‘∑∏‘°“√‡™à“∑’Ë¥‘π· ¥ß¡Ÿ≈§à“µ“¡√“§“∑ÿπÀ—°§à“µ—¥®”Àπà“¬ – ¡ §à“µ—¥®”Àπà“¬¢Õß ‘∑∏‘°“√‡™à“§”π«≥®“°√“§“∑ÿπ¢Õß ‘∑∏‘°“√‡™à“‚¥¬«‘∏’ ‡ âπµ√ßµ“¡Õ“¬ÿ —≠≠“‡™à“‡ªìπ√–¬–‡«≈“ 50 ªï §à“µ—¥®”Àπà“¬√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π 4.8 √“¬°“√∏ÿ√°‘®°—∫∫ÿ§§≈À√◊Õ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫ÿ§§≈À√◊Õ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π°—∫∫√‘…—∑œ À¡“¬∂÷ß ∫ÿ§§≈À√◊Õ°‘®°“√∑’Ë¡’Õ”π“®§«∫§ÿ¡∫√‘…—∑œ À√◊Õ∂Ÿ°§«∫§ÿ¡‚¥¬∫√‘…—∑œ ‰¡à«à“®–‡ªìπ‚¥¬∑“ß µ√ßÀ√◊Õ∑“ßÕâÕ¡ À√◊ÕÕ¬Ÿà¿“¬„µâ°“√§«∫§ÿ¡‡¥’¬«°—π°—∫∫√‘…—∑œ πÕ°®“°π’∫È §ÿ §≈À√◊Õ°‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π¬—ßÀ¡“¬√«¡∂÷ß∫√‘…∑— √à«¡·≈–∫ÿ§§≈´÷ßË ¡’Õ∑‘ ∏‘æ≈Õ¬à“߇ªìπ “√– ”§—≠°—∫∫√‘…∑— œ ºŸ∫â √‘À“√ ”§—≠ °√√¡°“√ À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ∑’Ë¡’Õ”π“®„π°“√«“ß·ºπ·≈–§«∫§ÿ¡°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ 4.9 ‡ß‘πµ√“µà“ߪ√–‡∑» √“¬°“√∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑»·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë∑’ˇ°‘¥√“¬°“√  ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ˇªìπµ—«‡ß‘π´÷ËßÕ¬Ÿà„π °ÿ≈ ‡ß‘πµ√“µà“ߪ√–‡∑»‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’ˬπ ≥ «—π∑’Ë„πß∫¥ÿ≈ ‡«âπ·µà√“¬°“√∑’ˉ¥âµ°≈ßÕ—µ√“·≈°‡ª≈’ˬπ≈à«ßÀπâ“°—∫∏𓧓√‰«â ®–„™âÕ—µ√“∑’˵°≈ß°—ππ—Èπ·∑π °”‰√·≈–¢“¥∑ÿπ∑’ˇ°‘¥®“°°“√‡ª≈’ˬπ·ª≈ß„πÕ—µ√“·≈°‡ª≈’ˬπ‰¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π 4.10 °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å ∑ÿ°«—π∑’„Ë πß∫¥ÿ≈ ∫√‘…∑— œ®–∑”°“√ª√–‡¡‘π°“√¥âÕ¬§à“¢Õß∑’¥Ë π‘ Õ“§“√·≈–Õÿª°√≥å¢Õß∫√‘…∑— œ À“°¡’¢Õâ ∫àß™’«È “à  ‘π∑√—æ¬å¥ß— °≈à“«Õ“®¥âÕ¬§à“ ∫√‘…∑— œ √—∫√Ÿâ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“‡¡◊ËÕ¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å¡’¡Ÿ≈§à“µË”°«à“¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬åπ—Èπ ∑—Èßπ’È¡Ÿ≈§à“∑’˧“¥«à“®–‰¥â√—∫§◊π À¡“¬∂÷ß¡Ÿ≈§à“¬ÿµ‘∏√√¡À—°µâπ∑ÿπ„π°“√¢“¬¢Õ�� ‘π∑√—æ¬åÀ√◊Õ¡Ÿ≈§à“®“°°“√„™â ‘π∑√—æ¬å·≈â«·µà√“§“„¥®– Ÿß°«à“ „π°“√ª√–‡¡‘π¡Ÿ≈§à“®“°°“√„™â ‘π∑√—æ¬å ∫√‘…—∑œ ª√–¡“≥°“√°√–· ‡ß‘𠥄πÕ𓧵∑’Ë°‘®°“√§“¥«à“®–‰¥â√—∫®“° ‘π∑√—æ¬å·≈–§”π«≥§‘¥≈¥‡ªìπ¡Ÿ≈§à“ªí®®ÿ∫—π‚¥¬„™âÕ—µ√“§‘¥≈¥°àÕπ¿“…’∑’Ë  –∑âÕπ∂÷ß°“√ª√–‡¡‘𧫓¡‡ ’Ë¬ß„π ¿“æµ≈“¥ªí®®ÿ∫—π¢Õß‡ß‘π ¥µ“¡√–¬–‡«≈“·≈–§«“¡‡ ’ˬߴ÷Ë߇ªìπ≈—°…≥–‡©æ“–¢Õß ‘π∑√—æ¬å∑’Ë°”≈—ßæ‘®“√≥“Õ¬Ÿà „π °“√ª√–‡¡‘π¡Ÿ≈§à“¬ÿµ‘∏√√¡À—°µâπ∑ÿπ„π°“√¢“¬ ∫√‘…—∑œ „™â·∫∫®”≈Õß°“√ª√–‡¡‘π¡Ÿ≈§à“∑’Ë¥’∑’Ë ÿ¥´÷Ë߇À¡“– ¡°—∫ ‘π∑√—æ¬å ´÷Ëß –∑âÕπ∂÷ß®”π«π‡ß‘π∑’Ë °‘®°“√ “¡“√∂®–‰¥â¡“®“°°“√®”Àπà“¬ ‘π∑√—æ¬åÀ—°¥â«¬µâπ∑ÿπ„π°“√®”Àπà“¬ ‚¥¬°“√®”Àπà“¬π—ÈπºŸâ´◊ÈÕ°—∫ºŸâ¢“¬¡’§«“¡√Õ∫√Ÿâ·≈–‡µÁ¡„®„π°“√·≈° ‡ª≈’ˬπ·≈– “¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“߇ªìπÕ‘ √–„π≈—°…≥–¢ÕߺŸâ∑’ˉ¡à¡’§«“¡‡°’ˬ«¢âÕß°—π ∫√‘…—∑œ ®–√—∫√Ÿâ√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“„πß∫°”‰√¢“¥∑ÿπ 4.11 º≈ª√–‚¬™πåæπ—°ß“π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ‡ß‘π‡¥◊Õπ §à“®â“ß ‚∫π—  ·≈–‡ß‘π ¡∑∫°Õß∑ÿπª√–°—π —ߧ¡·≈–°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’懪ìπ§à“„™â®à“¬‡¡◊ËÕ‡°‘¥√“¬°“√ ‡ß‘𙥇™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π∫—π∑÷°‡ªìπ§à“„™â®à“¬„π∫—≠™’µ“¡À≈—°‡°≥±å·≈–‡ß◊ËÕπ‰¢´÷ËßÕâ“ßÕ‘ß°—∫°ÆÀ¡“¬·√ßß“π·≈–√–‡∫’¬∫æπ—°ß“π¢Õß ∫√‘…—∑œ ‚¥¬§”π÷ß∂÷ߧ«“¡‡ªìπ‰ª‰¥â∑’Ëæπ—°ß“π„π·µà≈–°≈ÿà¡Õ“¬ÿ®–∑”ß“π°—∫∫√‘…—∑œ ®π§√∫‡°…’¬≥Õ“¬ÿ 4.12 ª√–¡“≥°“√Àπ’È ‘π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–∫—π∑÷°ª√–¡“≥°“√Àπ’È ‘π‰«â„π∫—≠™’‡¡◊ËÕ¡’¿“√–ºŸ°æ—π´÷Ë߇ªìπº≈¡“®“°‡Àµÿ°“√≥å„πÕ¥’µ‰¥â‡°‘¥¢÷Èπ·≈â« ·≈–¡’§«“¡‡ªìπ‰ª ‰¥â§àÕπ¢â“ß·πàπÕπ«à“∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®–‡ ’¬∑√—欓°√‡™‘߇»√…∞°‘®‰ª‡æ◊ËÕª≈¥‡ª≈◊ÈÕß¿“√–ºŸ°æ—ππ—Èπ ·≈–∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ “¡“√∂ª√–¡“≥ ¡Ÿ≈§à“¿“√–ºŸ°æ—ππ—Èπ‰¥âÕ¬à“ßπà“‡™◊ËÕ∂◊Õ 4.13 ¿“…’‡ß‘π‰¥â ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰∑¬∫—π∑÷°¿“…’‡ß‘π‰¥â‚¥¬§”π«≥®“°°”‰√ ÿ∑∏‘∑“ß¿“…’µ“¡°ÆÀ¡“¬¿“…’Õ“°√ ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»§”π«≥¿“…’‡ß‘π‰¥âµ“¡Õ—µ√“¿“…’∑’Ë√–∫ÿ„π°ÆÀ¡“¬¿“…’Õ“°√¢Õߪ√–‡∑»π—Èπ 4.14 °“√„™â¥ÿ≈¬æ‘π‘®·≈–ª√–¡“≥°“√∑“ß∫—≠™’∑’Ë ”§—≠ „π°“√®—¥∑”ß∫°“√‡ß‘πµ“¡¡“µ√∞“π°“√∫—≠™’∑√’Ë ∫— √Õß∑—«Ë ‰ª ΩÉ“¬∫√‘À“√®”‡ªìπµâÕß„™â¥≈ÿ ¬æ‘π®‘ ·≈–°“√ª√–¡“≥°“√„π‡√◊ÕË ß∑’¡Ë §’ «“¡‰¡à·πàπÕπ‡ ¡Õ °“√„™â¥ÿ≈¬æ‘π‘®·≈–°“√ª√–¡“≥°“√¥—ß°≈à“«π’È àߺ≈°√–∑∫µàÕ®”π«π‡ß‘π∑’Ë· ¥ß„πß∫°“√‡ß‘π·≈–µàÕ¢âÕ¡Ÿ≈∑’Ë· ¥ß„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π º≈∑’Ë ‡°‘¥¢÷Èπ®√‘ßÕ“®·µ°µà“߉ª®“°®”π«π∑’˪√–¡“≥°“√‰«â °“√„™â¥ÿ≈¬æ‘π‘®·≈–°“√ª√–¡“≥°“√∑’Ë ”§—≠¡’¥—ßπ’È §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠¢Õß≈Ÿ°Àπ’È „π°“√ª√–¡“≥§à“‡º◊ÕË Àπ’ È ß —¬®– Ÿ≠¢Õß≈Ÿ°Àπ’È ΩÉ“¬∫√‘À“√®”‡ªìπµâÕß„™â¥≈ÿ ¬æ‘π®‘ „π°“√ª√–¡“≥°“√Àπ’ È ≠ Ÿ ∑’§Ë “¥«à“®–‡°‘¥¢÷πÈ ®“°≈Ÿ°Àπ’·È µà≈–√“¬ ‚¥¬§”π÷ß∂÷ߪ√– ∫°“√≥å°“√‡°Á∫‡ß‘π„πÕ¥’µ Õ“¬ÿ¢ÕßÀπ’È∑’˧ߧâ“ß·≈– ¿“«–‡»√…∞°‘®∑’ˇªìπÕ¬Ÿà„π¢≥–π—È𠇪ìπµâπ

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∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

4.7 Leasehold land and amortisation Leasehold land is stated at cost less accumulated amortisation. Amortisation is calculated by reference to its cost on a straight-line basis over the lease period of 50 years. Amortisation is included in determining income. 4.8 Related party transactions Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company. They also include associated companies and individuals which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Companyûs operations. 4.9 Foreign currencies Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the balance sheet date, with the exception of those covered by forward exchange contracts, which are translated at the contracted rates. Gains and losses on exchange are included in determining income. 4.10 Impairment of assets At each reporting date, the Company performs impairment reviews in respect of the property, plant and equipment whenever events or changes in circumstances indicate that an asset may be impaired. An impairment loss is recognised when the recoverable amount of an asset, which is the higher of the assetûs fair value less costs to sell and its value in use, is less than the carrying amount. In determining value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by a valuation model that, based on information available, reflects the amount that the Company could obtain from the disposal of the asset in an armûs length transaction between knowledgeable, willing parties, after deducting the costs of disposal. An impairment loss is recognised in the income statement. 4.11 Employee benefits Salaries, wages, bonuses and contributions to the social security fund and provident fund are recognised as expenses when incurred. Employee compensation and pension expenses are provided in the accounts by reference to the provisions of labour laws and the Companyûs personnel regulations, and are determined based upon the probability that employees in each age group will work until reaching their retirement age. 4.12 Provisions Provisions are recognised when the Company and its subsidiaries have a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. 4.13 Income tax Income tax of the Company and a subsidiary company in Thailand is provided in the accounts based on taxable profits determined in accordance with tax legislation. Overseas subsidiary companies calculate corporate income tax in accordance with tax rate regulated in tax law of those countries. 4.14 Significant accounting judgments and estimates The preparation of financial statements in conformity with generally accepted accounting principles at times requires management to make subjective judgments and estimates regarding matters that are inherently uncertain. These judgments and estimates affect reported amounts and disclosures and actual results could differ. Significant judgments and estimates are as follows: Allowance for doubtful accounts In determining an allowance for doubtful accounts, the management needs to make judgment and estimates based upon, among other things, past collection history, aging profile of outstanding debts and the prevailing economic condition.

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Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements §à“‡º◊ËÕ°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ „π°“√ª√–¡“≥§à“‡º◊ËÕ°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ ΩÉ“¬∫√‘À“√®”‡ªìπµâÕß„™â¥ÿ≈¬æ‘π‘®„π°“√ª√–¡“≥¡Ÿ≈§à“ ÿ∑∏‘∑’Ë®–‰¥â√—∫ ´÷Ë߇ªìπ√“§“‚¥¬ ª√–¡“≥∑’§Ë “¥«à“®–¢“¬‰¥âµ“¡ª°µ‘¢Õß∏ÿ√°‘®À—°¥â«¬ª√–¡“≥°“√§à“„™â®“à ¬„π°“√º≈‘µ ‘π§â“π—πÈ „À⇠√Á®·≈–µâπ∑ÿπ∑’®Ë ”‡ªìπµâÕß®à“¬‰ª‡æ◊ÕË „À⢓¬ ‘π§â“π—πÈ ‰¥â °“√ª√–¡“≥°“√¡Ÿ≈§à“ ÿ∑∏‘∑®’Ë –‰¥â√∫— ‰¥âÕ“â ßÕ‘ßµ“¡À≈—°∞“π‡°’¬Ë «°—∫®”π«π‡ß‘π∑’§Ë “¥«à“®–‰¥â√∫— ®“° ‘π§â“§ß‡À≈◊Õ´÷ßË ‡™◊ÕË ∂◊Õ‰¥â¡“°∑’ Ë ¥ÿ „π¢≥–∑’ªË √–¡“≥¡Ÿ≈§à“ ·≈–‰¥âæ‘®“√≥“°“√‡ª≈’ˬπ·ª≈ߢÕß√“§“À√◊Õµâπ∑ÿπ∑’ˇ°’ˬ«¢âÕß‚¥¬µ√ß°—∫‡Àµÿ°“√≥å∑’ˇ°‘¥¢÷Èπ¿“¬À≈—ß«—π∑’Ë„πß∫°“√‡ß‘π ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å·≈–§à“‡ ◊ËÕ¡√“§“ „π°“√§”π«≥§à“‡ ◊ËÕ¡√“§“¢ÕßÕ“§“√·≈–Õÿª°√≥å ΩÉ“¬∫√‘À“√®”‡ªìπµâÕß∑”°“√ª√–¡“≥Õ“¬ÿ°“√„™âß“π·≈–¡Ÿ≈§à“´“°‡¡◊ËÕ‡≈‘°„™âß“π¢ÕßÕ“§“√ ·≈–Õÿª°√≥å ·≈–µâÕß∑∫∑«πÕ“¬ÿ°“√„™âß“π·≈–¡Ÿ≈§à“´“°„À¡àÀ“°¡’°“√‡ª≈’ˬπ·ª≈߇™àππ—Èπ‡°‘¥¢÷Èπ ‡ß‘𙥇™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π ‡ß‘𙥇™¬·≈–‡ß‘π∫”‡ÀπÁ®æπ—°ß“π∫—π∑÷°‡ªìπ§à“„™â®à“¬„π∫—≠™’µ“¡À≈—°‡°≥±å·≈–‡ß◊ËÕπ‰¢´÷ËßÕâ“ßÕ‘ß°—∫°ÆÀ¡“¬·√ßß“π·≈–√–‡∫’¬∫æπ—°ß“π¢Õß ∫√‘…—∑œ ‚¥¬§”π÷ß∂÷ߧ«“¡‡ªìπ‰ª‰¥â∑’Ëæπ—°ß“π„π·µà≈–°≈ÿà¡Õ“¬ÿ®–∑”ß“π°—∫∫√‘…—∑œ ®π§√∫‡°…’¬≥Õ“¬ÿ ´÷ËßµâÕßÕ“»—¬¢âÕ ¡¡µ‘∞“πµà“ßÊ „π°“√ª√–¡“≥ °“√§«“¡‡ªìπ‰ª‰¥âπ—Èπ

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78

ß∫°“√‡ß‘π√«¡ 2550 2551

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2551 2550

-

-

232

226

-

-

5

5

79

97

79

97

23 1 34

22 1 -

1 34

1 -

π‚¬∫“¬°“√°”Àπ¥√“§“

√“§“µ“¡‡ß◊ËÕπ‰¢ª°µ‘∑“ß∏ÿ√°‘®‡ª√’¬∫‡∑’¬∫°—∫ °“√´◊ÈÕ ‘π§â“®“°∫√‘…—∑Õ◊Ëπ∑’ˉ¡à‡°’ˬ«¢âÕß°—π ¡Ÿ≈§à“µ“¡ —≠≠“ ‡ªìπ√“§“∑’Ë¢“¬¢“¥„Àⷰຟâ·∑π®”Àπà“¬´÷Ëß√—∫ ¿“√–§à“„™â®à“¬„π°“√¢“¬ §à“¢π àß∑—Ë«ª√–‡∑» ·≈–§à“„™â®à“¬Õ◊ËπÊ √“§“‡ªìπ‰ªµ“¡ª°µ‘‡™àπ‡¥’¬«°—∫≈Ÿ°§â“∑—Ë«‰ª √“§“‡ªìπ‰ªµ“¡ª°µ‘‡™àπ‡¥’¬«°—∫≈Ÿ°§â“∑—Ë«‰ª √“§“µ≈“¥


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Allowance of diminution in value of inventories In determining allowance of diminution in value of inventories, the management needs to exercise judgment in estimating the net realisable value of inventories, which are the estimated selling price in the ordinary course of business less the estimated expenses of completion and the estimated costs necessary to make the sale. Estimates of net realisable value must be based on the most reliable evidence available and take into account fluctuations in prices or costs that are directly attributable to events occurring after the end of the period. Property, plant and equipment/Depreciation In determining depreciation of plant and equipment, the management is required to make estimates of the useful lives and salvage values of the Company and subsidiariesû plant and equipment and to review estimate useful lives and salvage values when there are any changes. Employee compensation and pension expenses Employee compensation and pension expenses are provided in the accounts by reference to the provisions of labour laws and the Companyûs personnel regulations, and are determined based upon the probability that employees in each age group will work until reaching their retirement age. The probability is made based on assumptions.

5 . Related party transactions During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties.

1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 Transactions with subsidiary companies 1234567890123456789 1234567890123456789 (eliminated from the consolidated 1234567890123456789 1234567890123456789 financial statements) 1234567890123456789 Purchases of packing materials 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 Consulting income 1234567890123456789 1234567890123456789 Transactions with related companies 1234567890123456789 Sales of goods by the Company 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 1234567890123456789 Sales of goods by subsidiary 1234567890123456789 1234567890123456789 Purchases of packing material 1234567890123456789 Purchases of land 1234567890123456789 1234567890123456789

(Unit : Million Baht) Consolidated financial statements

Separate financial statements

2008

2007

2008

2007

-

-

232

226

-

-

5

5

79

97

79

97

23 1 34

22 1 -

1 34

1 -

Transfer pricing policy

Price under normal business conditions, comparable with prices of purchases from unrelated parties Per contract Price of outright sales to the Companyûs distributor which is responsible for selling expenses, nationwide transportation expenses and other expenses Normal prices charged to ordinary customers Normal prices charged to ordinary customers Market price

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

79


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements ¬Õ¥§ß§â“ß√–À«à“ß∫√‘…—∑œ·≈–°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßπ’È

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 ≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑ ‡™’¬√å ‡∑√¥¥‘Èß ®”°—¥ 123456789012345678901234567 ∫√‘ …—∑ πÈ”¡—π∫√‘‚¿§‰∑¬ ®”°—¥ 123456789012345678901234567 123456789012345678901234567 √«¡≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ≈Ÿ °Àπ’ÈÕ◊Ëπ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑¬àÕ¬ 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ 123456789012345678901234567 √«¡≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ‡®â“Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑¬àÕ¬ 123456789012345678901234567 123456789012345678901234567 ∫√‘ …—∑ æ√Õ¥¥‘®‘ ®”°—¥ 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ∫√‘…—∑ ‚°≈‡¥âπ‡∏√Á¥ ®”°—¥ 123456789012345678901234567 √«¡‡®â“Àπ’È°“√§â“°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π 123456789012345678901234567 123456789012345678901234567

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2551

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550

2551

2550

6,744,210 2,576,863 9,321,073

13,988,067 4,806,533 18,794,600

6,744,210 6,744,210

13,988,067 13,988,067

-

-

3,902 3,902

-

-

-

29,979,044

37,374,442

-

60,198 60,198

29,979,044

60,198 37,434,640

¿“√–§È”ª√–°—π°—∫°‘®°“√∑’ˇ°’ˬ«¢âÕß°—π ∫√‘…—∑œ¡’¿“√–®“°°“√§È”ª√–°—π„Àâ°—∫∫√‘…—∑¬àÕ¬µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 24.2 §à“µÕ∫·∑π°√√¡°“√ „πªï 2551 ∫√‘…—∑œ∫—π∑÷°§à“µÕ∫·∑π°√√¡°“√„πß∫°”‰√¢“¥∑ÿπ‡ªìπ®”π«π‡ß‘π 10 ≈â“π∫“∑ (2550: 15 ≈â“π∫“∑)

6. ≈Ÿ°Àπ’°È “√§â“ ¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È°“√§â“ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 ·¬°µ“¡Õ“¬ÿÀπ’Èπ—∫®“°«—π∑’Ë„π„∫·®âßÀπ’ȉ¥â¥—ßπ’È

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Õ“¬ÿÀπ’È 123456789012345678901234567 123456789012345678901234567 °‘®°“√∑’‡Ë °’¬Ë «¢âÕß°—π 123456789012345678901234567 123456789012345678901234567 ‰¡à‡°‘π 3 ‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 °‘®°“√∑’‰Ë ¡à‡°’¬Ë «¢âÕß°—π 123456789012345678901234567 ‰¡à‡°‘π 3 ‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 3 - 6 ‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 6 - 12 ‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 ¡“°°«à“ 12 ‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 ‡™Á§§◊π 123456789012345678901234567 √«¡≈Ÿ°Àπ’È°“√§â“ 123456789012345678901234567 123456789012345678901234567 À—°: §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 123456789012345678901234567 123456789012345678901234567 ≈Ÿ°Àπ’È°“√§â“ -  ÿ∑∏‘ 123456789012345678901234567 123456789012345678901234567 80

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2551

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550

2551

2550

9,321,073

18,794,600

6,744,210

13,988,067

906,550,036 3,582,507 48,830 56,661,745 2,033,959 968,877,077 (58,466,252) 910,410,825

1,359,696,465 2,408,538 76,162,099 1,907,246 1,440,174,348 (78,437,163) 1,361,737,185

889,992,105 2,501,957 54,969,342 947,463,404 (56,224,987) 891,238,417

1,292,394,885 706,781 75,867,534 1,368,969,200 (77,436,292) 1,291,532,908


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

As at 31 December 2008 and 2007, the balances of accounts between the Company and those related parties are as follows:

1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Consolidated financial statements 1234567890123456789012345678 1234567890123456789012345678 2008 2007 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Trade accounts receivable - related parties 1234567890123456789012345678 1234567890123456789012345678 Related companies 1234567890123456789012345678 1234567890123456789012345678 Cheer Trading Co., Ltd. 6,744,210 13,988,067 1234567890123456789012345678 Thai Edible Oil Co., Ltd. 2,576,863 4,806,533 1234567890123456789012345678 1234567890123456789012345678 Total trade accounts receivable - related parties 9,321,073 18,794,600 1234567890123456789012345678 1234567890123456789012345678 Amounts due from related party 1234567890123456789012345678 1234567890123456789012345678 Subsidiary 1234567890123456789012345678 1234567890123456789012345678 Prodigy Co., Ltd. 1234567890123456789012345678 Total amounts due from related party 1234567890123456789012345678 1234567890123456789012345678 Trade accounts payable related parties 1234567890123456789012345678 1234567890123456789012345678 Subsidiary 1234567890123456789012345678 1234567890123456789012345678 Prodigy Co., Ltd. 1234567890123456789012345678 1234567890123456789012345678 Related company 1234567890123456789012345678 1234567890123456789012345678 Golden Trade Co., Ltd. 60,198 1234567890123456789012345678 Total trade accounts payable - related parties 60,198 1234567890123456789012345678 1234567890123456789012345678

(Unit : Baht) Separate financial statements

2008

2007

6,744,210 6,744,210

13,988,067 13,988,067

3,902 3,902

-

29,979,044

37,374,442

29,979,044

60,198 37,434,640

Guarantee obligations with related parties The Company has outstanding guarantee obligations with its subsidiary, as described in Note 24.2 to the financial statements. Directorsû remuneration In 2008 the Company recorded the directorsû remuneration in income statements totaling Baht 10 million (2007 : Baht 15 million).

6.

Trade accounts receivable The balances of trade accounts receivable as at 31 December 2008 and 2007, aged on the basis of invoice dates, are summarised below.

1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Consolidated financial statements 1234567890123456789012345678 2008 2007 1234567890123456789012345678 Age of receivables 1234567890123456789012345678 1234567890123456789012345678 Related parties 1234567890123456789012345678 1234567890123456789012345678 Not over 3 months 9,321,073 18,794,600 1234567890123456789012345678 1234567890123456789012345678 Unrelated parties 1234567890123456789012345678 Not over 3 months 906,550,036 1,359,696,465 1234567890123456789012345678 1234567890123456789012345678 3 - 6 months 3,582,507 2,408,538 1234567890123456789012345678 1234567890123456789012345678 6 12 months 48,830 1234567890123456789012345678 1234567890123456789012345678 Over 12 months 56,661,745 76,162,099 1234567890123456789012345678 1234567890123456789012345678 Returned cheques 2,033,959 1,907,246 1234567890123456789012345678 1234567890123456789012345678 Total trade accounts receivable 968,877,077 1,440,174,348 1234567890123456789012345678 Less: Allowance for doubtful debts (58,466,252) (78,437,163) 1234567890123456789012345678 1234567890123456789012345678 Trade accounts receivable - net 910,410,825 1,361,737,185 1234567890123456789012345678 1234567890123456789012345678

(Unit : Baht) Separate financial statements

2008

2007

6,744,210

13,988,067

889,992,105 2,501,957 54,969,342 947,463,404 (56,224,987) 891,238,417

1,292,394,885 706,781 75,867,534 1,368,969,200 (77,436,292) 1,291,532,908

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

81


82

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Notes to consolidated financial statements 7.  ‘π§â“§ß‡À≈◊Õ

«—µ∂ÿ¥‘∫  ‘π§â“ ”‡√Á®√Ÿª «— ¥ÿ§ß‡À≈◊Õ «—µ∂ÿ¥∫‘ √–À«à“ß∑“ß √«¡

ß∫°“√‡ß‘π√«¡ §à“‡º◊ËÕ°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ ≈¥√“§“∑ÿπ≈ß„Àâ‡∑à“°—∫¡Ÿ≈§à“  ÿ∑∏‘∑®’Ë –‰¥â√∫—

√“§“∑ÿπ 2551

2550

3,026,171,895 1,315,219,920 1,309,568,459 751,040,598 178,395,879 148,162,089 2,768,171 1,336,673,257 4,516,904,404 3,551,095,864

2551

 ‘π§â“‡ ◊ËÕ¡§ÿ≥¿“æ

2550

(353,171,218) (288,164,307) (641,335,525)

2551 -

(1,810,540) (1,810,540)

2550 (1,810,540) (1,810,540)

 ‘π§â“§ß‡À≈◊Õ- ÿ∑∏‘ 2551

2550

2,673,000,677 1,021,404,152 176,585,339 2,768,171 3,873,758,339

1,315,219,920 751,040,598 146,351,549 1,336,673,257 3,549,285,324

5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321

(Àπ૬ : ∫“∑)

«—µ∂ÿ¥‘∫  ‘π§â“ ”‡√Á®√Ÿª «— ¥ÿ§ß‡À≈◊Õ «—µ∂ÿ¥∫‘ √–À«à“ß∑“ß √«¡

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ §à“‡º◊ËÕ°“√≈¥≈ߢÕß¡Ÿ≈§à“ ‘π§â“§ß‡À≈◊Õ ≈¥√“§“∑ÿπ≈ß„Àâ‡∑à“°—∫¡Ÿ≈§à“  ÿ∑∏‘∑®’Ë –‰¥â√∫—

√“§“∑ÿπ 2551

2550

2,989,323,667 809,964,677 1,187,802,466 530,123,984 140,209,507 121,085,528 2,768,171 965,379,885 4,320,103,811 2,426,554,074

2551 (353,171,218) (255,664,311) (608,835,529)

 ‘π§â“‡ ◊ËÕ¡§ÿ≥¿“æ 2551

2550 -

(1,489,218) (1,489,218)

2550 (1,489,218) (1,489,218)

 ‘π§â“§ß‡À≈◊Õ- ÿ∑∏‘ 2551

2550

2,636,152,449 932,138,155 138,720,289 2,768,171 3,709,779,064

809,964,677 530,123,984 119,596,310 965,379,885 2,425,064,856

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321

(Àπ૬ : ∫“∑)


7.

Inventories

Raw materials Finished goods Material supplies Raw materials in transit Total

Consolidated financial statements Allowance of diminution in value of inventories Reduction cost to net realisable value

Cost 2008

2007

3,026,171,895 1,315,219,920 1,309,568,459 751,040,598 178,395,879 148,162,089 2,768,171 1,336,673,257 4,516,904,404 3,551,095,864

2008

Stock obsolescence

2007

(353,171,218) (288,164,307) (641,335,525)

2008 -

(1,810,540) (1,810,540)

2007 (1,810,540) (1,810,540)

Inventory-net 2008

2007

2,673,000,677 1,021,404,152 176,585,339 2,768,171 3,873,758,339

1,315,219,920 751,040,598 146,351,549 1,336,673,257 3,549,285,324

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘» Expanded to the Best

5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321 5432109876543210987654321

(Unit : Baht)

Raw materials Finished goods Material supplies Raw materials in transit Total

Separate financial statements Allowance of diminution in value of inventories Reduction cost to net realisable value

Cost 2008

2007

2,989,323,667 809,964,677 1,187,802,466 530,123,984 140,209,507 121,085,528 2,768,171 965,379,885 4,320,103,811 2,426,554,074

2008 (353,171,218) (255,664,311) (608,835,529)

Stock obsolescence 2008

2007 -

(1,489,218) (1,489,218)

2007 (1,489,218) (1,489,218)

Inventory-net 2008

2007

2,636,152,449 932,138,155 138,720,289 2,768,171 3,709,779,064

809,964,677 530,123,984 119,596,310 965,379,885 2,425,064,856

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321 432109876543210987654321

(Unit : Baht)

83


3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321

84

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

Notes to consolidated financial statements

∫√‘…—∑

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

8. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬µ“¡∑’Ë· ¥ßÕ¬Ÿà„πß∫°“√‡ß‘π‡©æ“–°‘®°“√ª√–°Õ∫¥â«¬‡ß‘π≈ß∑ÿπ„πÀÿâπ “¡—≠¢Õß∫√‘…—∑¥—ßµàÕ‰ªπ’È (Àπ૬ : ∫“∑)

∑ÿπ‡√’¬°™”√–·≈â«  —¥ à«π‡ß‘π≈ß∑ÿπ √“§“∑ÿπ ‡ß‘πªíπº≈∑’Ë∫√‘…—∑œ√—∫√–À«à“ßªï  ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡

2551 2550 2551 √âÕ¬≈– 2550 √âÕ¬≈– 2551 2550 2551 2550

1. ∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥

8 ≈â“π‡À√’¬≠  À√—∞Õ‡¡√‘°“ 8 ≈â“π‡À√’¬≠  À√—∞Õ‡¡√‘°“ 65 65 129,739,999 129,739,999 42,682,799 14,340,740

2. ∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥ ‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥ (∂◊ÕÀÿâπ∑—ÈßÀ¡¥‚¥¬∫√‘…—∑ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å Õ‘π‡µÕ√å‡π™—Ëπ·π≈ ®”°—¥)

60.3 ≈â“π‡√π¡‘π∫‘ ®’π (À¬«π) 60.3 ≈â“π‡√π¡‘π∫‘ ®’π (À¬«π) -

3. ∫√‘…—∑ æ√Õ¥¥‘®‘ ®”°—¥ √«¡‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

50 ≈â“π∫“∑ 50 ≈â“π∫“∑ 43 43 21,500,000 151,239,999 21,500,000 151,239,999 10,750,000 53,432,799 10,750,000 25,090,740

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

ß∫°“√‡ß‘π‡©æ“–°‘®°“√


Company

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 8. Details of investments in subsidiaries, which are investments in ordinary shares, as presented in separate financial statements are as follows:

Investments in subsidiaries (Unit : Baht)

Separate financial statements

Paid-up Capital

2008

Shareholding percentage Cost Dividend received for the years ended 31 December

2007 2008 Percent 2007 Percent 2008 2007 2008 2007

USD 8 million

USD 8 million 65 65 129,739,999 129,739,999 42,682,799 14,340,740

2. China-Thai Vegetable Oil (Wuhan) Company Limited (wholly owned by Thai Vegetable Oil International Limited)

Renminbi (Yuan) 60.3 million

Renminbi (Yuan) 60.3 million -

3. Prodigy Company Limited Total investments in subsidiaries

Baht 50 million

Baht 50 million 43 43 21,500,000 151,239,999 21,500,000 151,239,999 10,750,000 53,432,799 10,750,000 25,090,740

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

1. Thai Vegetable Oil International Limited

85


86

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Notes to consolidated financial statements 9. ‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊πË

(Àπ૬ : ∫“∑)

ß∫°“√‡ß‘π‡©æ“–°‘®°“√

ß∫°“√‡ß‘π√«¡ 2551

√“§“∑ÿπ/√“§“∑ÿπ µ—¥®”Àπà“¬

2551

2550 ¡Ÿ≈§à“¬ÿµ‘∏√√¡

2550

√“§“∑ÿπ/√“§“∑ÿπ µ—¥®”Àπà“¬

¡Ÿ≈§à“¬ÿµ‘∏√√¡

√“§“∑ÿπ/√“§“∑ÿπ µ—¥®”Àπà“¬

¡Ÿ≈§à“¬ÿµ‘∏√√¡

√“§“∑ÿπ/√“§“∑ÿπ µ—¥®”Àπà“¬

¡Ÿ≈§à“¬ÿµ‘∏√√¡

6,523,657 6,523,657

11,796,638 11,796,638

6,523,657 6,523,657

6,575,817 6,575,817

6,523,657 6,523,657

11,796,638 11,796,638

‡ß‘π≈ß∑ÿπ‡º◊ËÕ¢“¬

µ√“ “√∑ÿπ„𧫓¡µâÕß°“√ ¢Õßµ≈“¥ - „πª√–‡∑»

∫«°:  à«π‡°‘π∑ÿπ®“°°“√‡ª≈’ˬπ·ª≈ß ¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ„πÀ≈—°∑√—æ¬å‡º◊ËÕ¢“¬ µ√“ “√Àπ’È∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ µ√“ “√Àπ’È¿“§‡Õ°™π

6,523,657 6,523,657

6,575,817 6,575,817

52,160 6,575,817

5,272,981 11,796,638

52,160 6,575,817

5,272,981 11,796,638

10,000,000 10,000,000

10,000,000 10,000,000

10,000,000 10,000,000

10,000,000 10,000,000

55,000,000 55,000,000 (13,846,815) 41,153,185 57,729,002

45,000,000 45,000,000 (13,846,815) 31,153,185 52,949,823

55,000,000 55,000,000 (13,846,815) 41,153,185 57,729,002

45,000,000 45,000,000 (13,846,815) 31,153,185 52,949,823

‡ß‘π≈ß∑ÿπ∑—Ë«‰ª

µ√“ “√∑ÿπ∑’ˉ¡àÕ¬Ÿà„𧫓¡µâÕß°“√ ¢Õßµ≈“¥ - „πª√–‡∑»

À—°: §à“‡º◊ËÕ°“√¥âÕ¬§à“

√«¡‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ -  ÿ∑∏‘

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321 3210987654321098765432121098765432109876543210987654321

‡ß‘π≈ß∑ÿπ√–¬–¬“«Õ◊Ëπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 ¡’√“¬≈–‡Õ’¬¥¥—ßµàÕ‰ªπ’È


Cost/ Amortised cost

Available-for-sale securities Domestic marketable equity securities

Add: Revaluation surplus on changes in value of investments in securities available for sales

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 210987654321098765432121098765432109876543210987654321 9. Other long-term investments Other long-term investments as at 31 December 2008 and 2007 are summarised below: (Unit : Baht)

Held-to-maturity debt securities Private debt securities

Other investments Domestic non-marketable equity securities

Less: Allowance for impairment

Total other long-term investments - net

Consolidated financial statements

2008

6,523,657 6,523,657

Fair value

6,575,817 6,575,817

Cost/ Amortised cost

6,523,657 6,523,657

Separate financial statements

2007 2008

Fair value

11,796,638 11,796,638

Cost/ Amortised cost

6,523,657 6,523,657

2007

Fair value

6,575,817 6,575,817

Cost/ Amortised cost

6,523,657 6,523,657

5,272,981 11,796,638 52,160 6,575,817 5,272,981 11,796,638

10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000

55,000,000 55,000,000 (13,846,815) 41,153,185 57,729,002

45,000,000 45,000,000 (13,846,815) 31,153,185 52,949,823 55,000,000 55,000,000 (13,846,815) 41,153,185 57,729,002 45,000,000 45,000,000 (13,846,815) 31,153,185 52,949,823

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

52,160 6,575,817

Fair value

11,796,638 11,796,638

87


88

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Notes to consolidated financial statements

10. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å ß∫°“√‡ß‘π√«¡ ‚√ßß“π·≈–  ‘Ëߪ≈Ÿ° √â“ß

∑’¥Ë π‘

‡§√◊ËÕß®—°√·≈– Õÿª°√≥å

‡§√◊ËÕß¡◊Õ·≈– ‡§√◊ËÕß„™â „π‚√ßß“π

‡§√◊ËÕß„™â·≈– ‡§√◊ÕË ßµ°·µàß  ”π—°ß“π

¬“πæ“Àπ–

 ‘π∑√—æ¬å √–À«à“ß°àÕ √â“ß

√«¡

√“§“∑ÿπ

31 ∏—𫓧¡ 2550 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬ /µ—¥®”Àπà“¬ ‚Õπ º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 31 ∏—𫓧¡ 2551

278,396,942 146,188,783 17,252,887 441,838,612

884,150,737 1,768,841 (846,550) 34,370,061 18,039,654 937,482,743

2,300,076,974 2,979,419 (20,805,889) 87,530,747 53,981,275 2,423,762,526

233,671,071 17,126,085 (4,511,860) 7,880,301 2,753,874 256,919,471

82,737,781 8,602,929 (4,672,891) 2,445,370 362,329 89,475,518

148,186,642 22,295,974 (21,611,973) 842,955 149,713,598

55,747,636 341,288,949 (77,390) (149,479,366) 247,479,829

3,982,967,783 540,250,980 (52,526,553) 75,980,087 4,546,672,297

-

324,475,515 39,147,313 (221,621) 4,207,586 367,608,793

1,428,869,350 139,298,845 (20,664,935) 30,901,668 1,578,404,928

181,685,088 20,068,865 (4,362,770) 1,877,260 199,268,443

68,329,212 5,556,749 (4,645,119) 272,510 69,513,352

100,435,039 16,022,533 (20,247,507) 605,137 96,815,202

-

2,103,794,204 220,094,305 (50,141,952) 37,864,161 2,311,610,718

-

99,244 99,244

4,405,364 (772,230) 3,633,134

33,260 33,260

14,555 14,555

5,698 5,698

-

4,558,121 (772,230) 3,785,891

278,396,942 441,838,612

559,575,978 569,774,706

866,802,260 841,724,464

51,952,723 57,617,768

14,394,014 19,947,611

47,745,905 52,892,698

55,747,636 247,479,829

1,874,615,458 2,231,275,688

§à“‡ ◊ÕË ¡√“§“ – ¡

31 ∏—𫓧¡ 2550 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ËÕ¡√“§“ ”À√—∫ à«π∑’Ë®”Àπà“¬/µ—¥®”Àπà“¬ º≈µà“ß®“°°“√·ª≈ߧà“ß∫°“√‡ß‘π 31 ∏—𫓧¡ 2551

§à“‡‡º◊ÕË °“√¥âÕ¬§à“

31 ∏—𫓧¡ 2550 °≈—∫√“¬°“√√–À«à“ߪï 31 ∏—𫓧¡ 2551

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’

31 ∏—𫓧¡ 2550 31 ∏—𫓧¡ 2551

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

2550 (200 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√º≈‘µ  à«π∑’ˇÀ≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 2551 (190 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√º≈‘µ  à«π∑’ˇÀ≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√)

228,845,908 220,094,305

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321 654321098765432121098765432109876543210987654321

(Àπ૬ : ∫“∑)


10. Property, plant and equipment

Expanded to the Best

Cost: 31 December 2007 Additions Disposals/written off Transfers Translation adjustment 31 December 2008 Accumulated depreciation: 31 December 2007 Depreciation for the year Depreciation on disposals/written off Translation adjustment 31 December 2008 Allowance for impairment loss: 31 December 2007 Decrease during the year 31 December 2008 Net book value: 31 December 2007 31 December 2008 Depreciation for the year

Consolidated financial statements Factory and improvement

Land

Machinery and equipment

Factory tools and equipment

Furniture and fixtures

Motor vehicles

Assets under construction

Total

278,396,942 146,188,783 17,252,887 441,838,612

884,150,737 1,768,841 (846,550) 34,370,061 18,039,654 937,482,743

2,300,076,974 2,979,419 (20,805,889) 87,530,747 53,981,275 2,423,762,526

233,671,071 17,126,085 (4,511,860) 7,880,301 2,753,874 256,919,471

82,737,781 8,602,929 (4,672,891) 2,445,370 362,329 89,475,518

148,186,642 22,295,974 (21,611,973) 842,955 149,713,598

55,747,636 341,288,949 (77,390) (149,479,366) 247,479,829

3,982,967,783 540,250,980 (52,526,553) 75,980,087 4,546,672,297

-

324,475,515 39,147,313 (221,621) 4,207,586 367,608,793

1,428,869,350 139,298,845 (20,664,935) 30,901,668 1,578,404,928

181,685,088 20,068,865 (4,362,770) 1,877,260 199,268,443

68,329,212 5,556,749 (4,645,119) 272,510 69,513,352

100,435,039 16,022,533 (20,247,507) 605,137 96,815,202

-

2,103,794,204 220,094,305 (50,141,952) 37,864,161 2,311,610,718

-

99,244 99,244

4,405,364 (772,230) 3,633,134

33,260 33,260

14,555 14,555

5,698 5,698

-

4,558,121 (772,230) 3,785,891

278,396,942 441,838,612

559,575,978 569,774,706

866,802,260 841,724,464

51,952,723 57,617,768

14,394,014 19,947,611

47,745,905 52,892,698

55,747,636 247,479,829

1,874,615,458 2,231,275,688

2007 (Baht 200 million included in manufacturing cost, and the balance in selling and administrative expenses) 2008 (Baht 190 million included in manufacturing cost, and the balance in selling and administrative expenses)

228,845,908 220,094,305

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321 54321098765432121098765432109876543210987654321

(Unit : Baht)

89


90

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Notes to consolidated financial statements

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ ‚√ßß“π·≈–  ‘Ëߪ≈Ÿ° √â“ß

∑’¥Ë π‘

‡§√◊ËÕß®—°√·≈– Õÿª°√≥å

‡§√◊ËÕß¡◊Õ·≈– ‡§√◊ËÕß„™â „π‚√ßß“π

‡§√◊ËÕß„™â·≈– ‡§√◊ÕË ßµ°·µàß  ”π—°ß“π

¬“πæ“Àπ–

 ‘π∑√—æ¬å √–À«à“ß°àÕ √â“ß

√«¡

√“§“∑ÿπ

31 ∏—𫓧¡ 2550 ´◊ÈÕ‡æ‘Ë¡ ®”Àπà“¬/µ—¥®”Àπà“¬ ‚Õπ 31 ∏—𫓧¡ 2551

245,968,899 146,188,783 17,252,887 409,410,569

669,604,976 1,768,841 (846,550) 17,390,542 687,917,809

1,514,525,209 1,595,200 (20,805,889) 47,003,050 1,542,317,570

136,181,909 13,445,118 (4,332,253) 1,677,136 146,971,910

76,977,760 8,163,203 (4,557,985) 2,428,520 83,011,498

135,656,718 19,145,288 (20,132,973) 134,669,033

53,542,739 267,356,423 (26,358) (85,752,135) 235,120,669

2,832,458,210 457,662,856 (50,702,008) 3,239,419,058

-

269,275,328 32,367,660

967,534,445 99,418,929

110,395,344 11,104,385

63,961,780 5,106,427

91,046,082 14,739,504

-

1,502,212,979 162,736,905

-

(221,621) 301,421,367

(20,664,935) 1,046,288,439

(4,217,782) 117,281,947

(4,534,116) 64,534,091

(18,768,508) 87,017,078

-

(48,406,962) 1,616,542,922

-

99,244 99,244

509,418 509,418

33,260 33,260

14,555 14,555

5,698 5,698

-

662,175 662,175

245,968,899 409,410,569

400,230,404 386,397,198

546,481,346 495,519,713

25,753,305 29,656,703

13,001,425 18,462,852

44,604,938 47,646,257

53,542,739 235,120,669

1,329,583,056 1,622,213,961

§à“‡ ◊ÕË ¡√“§“ – ¡

31 ∏—𫓧¡ 2550 §à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï §à“‡ ◊ÕË ¡√“§“ ”À√—∫  à«π∑’®Ë ”Àπà“¬/µ—¥®”Àπà“¬ 31 ∏—𫓧¡ 2551

§à“‡‡º◊ÕË °“√¥âÕ¬§à“

31 ∏—𫓧¡ 2550 31 ∏—𫓧¡ 2551

¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’

31 ∏—𫓧¡ 2550 31 ∏—𫓧¡ 2551

§à“‡ ◊ËÕ¡√“§“ ”À√—∫ªï

2550 (149 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√º≈‘µ  à«π∑’ˇÀ≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√) 2551 (136 ≈â“π∫“∑ √«¡Õ¬Ÿà„πµâπ∑ÿπ°“√º≈‘µ  à«π∑’ˇÀ≈◊Õ√«¡Õ¬Ÿà„π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√)

175,845,562 162,736,905

√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321 21098765432121098765432109876543210987654321

(Àπ૬ : ∫“∑)


Cost: 31 December 2007 Additions Disposals/written off Transfers 31 December 2008 Accumulated depreciation: 31 December 2008 Depreciation for the year Depreciation on disposals/written off 31 December 2008 Allowance for impairment loss: 31 December 2007 31 December 2008 Net book value: 31 December 2007 31 December 2008 Depreciation for the year

Separate financial statements Factory and improvement

Land

Machinery and equipment

Factory tools and equipment

Furniture and fixtures

Motor vehicles

Assets under construction

Total

245,968,899 146,188,783 17,252,887 409,410,569

669,604,976 1,768,841 (846,550) 17,390,542 687,917,809

1,514,525,209 1,595,200 (20,805,889) 47,003,050 1,542,317,570

136,181,909 13,445,118 (4,332,253) 1,677,136 146,971,910

76,977,760 8,163,203 (4,557,985) 2,428,520 83,011,498

135,656,718 19,145,288 (20,132,973) 134,669,033

53,542,739 267,356,423 (26,358) (85,752,135) 235,120,669

2,832,458,210 457,662,856 (50,702,008) 3,239,419,058

-

269,275,328 32,367,660 (221,621) 301,421,367

967,534,445 99,418,929 (20,664,935) 1,046,288,439

110,395,344 11,104,385 (4,217,782) 117,281,947

63,961,780 5,106,427 (4,534,116) 64,534,091

91,046,082 14,739,504 (18,768,508) 87,017,078

-

1,502,212,979 162,736,905 (48,406,962) 1,616,542,922

-

99,244 99,244

509,418 509,418

33,260 33,260

14,555 14,555

5,698 5,698

-

662,175 662,175

245,968,899 409,410,569

400,230,404 386,397,198

546,481,346 495,519,713

25,753,305 29,656,703

13,001,425 18,462,852

44,604,938 47,646,257

53,542,739 235,120,669

1,329,583,056 1,622,213,961

2007 (Baht 149 million included in manufacturing cost, and the balance in selling and administrative expenses) 2008 (Baht 136 million included in manufacturing cost, and the balance in selling and administrative expenses)

175,845,562 162,736,905

Expanded to the Best

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321 098765432121098765432109876543210987654321

(Unit : Baht)

91


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’Õ“§“√·≈–Õÿª°√≥å®”π«πÀπ÷Ëß´÷Ëßµ—¥§à“‡ ◊ËÕ¡√“§“À¡¥·≈â«·µà¬—ß„™âß“πÕ¬Ÿà √“§“∑ÿπ¢Õß  ‘π∑√—æ¬å¥—ß°≈à“«¡’®”π«π‡ß‘πª√–¡“≥ 1,023 ≈â“π∫“∑ (2550: 904 ≈â“π∫“∑) (ß∫°“√‡ß‘π‡©æ“–°‘®°“√: 821 ≈â“π∫“∑ 2550: 712 ≈â“π∫“∑) ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»·ÀàßÀπ÷Ë߉¥â®¥®”πÕßÕ“§“√æ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß ´÷Ëß¡’¡Ÿ≈§à“ ÿ∑∏‘µ“¡∫—≠™’ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ®”π«π 204.9 ≈â“π ∫“∑ ‡æ◊ËէȔª√–°—π ‘π‡™◊ËÕ√–¬– —Èπ∑’ˉ¥â√—∫®“°∏𓧓√æ“≥‘™¬å

11.  ‘∑∏‘°“√‡™à“∑’Ë¥‘π ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»·ÀàßÀπ÷Ë߉¥â®¥®”πÕß ‘∑∏‘°“√‡™à“∑’Ë¥‘π ‡æ◊ËէȔª√–°—π«ß‡ß‘π ‘π‡™◊ËÕ√–¬– —Èπ∑’ˉ¥â√—∫®“°∏𓧓√æ“≥‘™¬å

12. «ß‡ß‘π ‘π‡™◊ËÕ¢Õ߇ߑπ‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π°“√‡ß‘π ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“ MMR À√◊Õ BIBOR ∫«°Õ—µ√“¥Õ°‡∫’Ȭ à«π‡æ‘Ë¡ ·≈– MLR ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ¢Õß∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»§‘¥¥Õ°‡∫’Ȭ„πÕ—µ√“ SIBOR + 3% µàÕªï ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»‰¥â√—∫«ß‡ß‘π ‘π‡™◊ËÕ®“°∏𓧓√·≈– ∂“∫—π°“√‡ß‘π ‚¥¬¡’¢âÕ°”À𥇪ìπ°“√∑—Ë«‰ª‡°’ˬ«°—∫°“√¥”√ßÕ—µ√“ à«π ∑“ß°“√‡ß‘π·≈–®”°—¥°“√°àÕ¿“√–ºŸ°æ—π„π∑√—æ¬å ‘π¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ·≈–®”°—¥°“√„Àâ°“√§È”ª√–°—π‚¥¬°√√¡°“√¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ «ß‡ß‘π ‘π‡™◊ËÕ®“°∏𓧓√¢Õß∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»§È”ª√–°—π‚¥¬∫√‘…—∑œ Õ“§“√æ√âÕ¡ ‘Ëߪ≈Ÿ° √â“ß·≈– ‘∑∏‘°“√‡™à“∑’Ë¥‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«

13. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 Õ—µ√“¥Õ°‡∫’¬È 123456789012345678901234567 ‡ß‘π°Ÿâ (√âÕ¬≈–µàÕªï) ‡ß◊ËÕπ‰¢°“√™”√–‡ß‘π 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 1. MLR ≈∫ 2.00 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ 123456789012345678901234567 µ—Èß·µàªï 2547 - 2552 123456789012345678901234567 123456789012345678901234567 2. MLR ≈∫ 0.75 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 ·≈– MLR ≈∫ 1.25 µ—Èß·µàªï 2550 - 2553 123456789012345678901234567 123456789012345678901234567 3. MLR ≈∫ 0.75 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 ·≈– MLR ≈∫ 1.5 µ—Èß·µàªï 2551 - 2554 123456789012345678901234567 123456789012345678901234567 4. 4.5% ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ 123456789012345678901234567 µ—Èß·µàªï 2551 - 2556 123456789012345678901234567 123456789012345678901234567 5. MLR ≈∫ 1.5 ™”√–§◊π‡ªìπ√“¬‡¥◊Õπ 123456789012345678901234567 123456789012345678901234567 ·≈– MLR ≈∫ 1.75 µ—Èß·µàªï 2551 - 2556 123456789012345678901234567 123456789012345678901234567 √«¡ 123456789012345678901234567 123456789012345678901234567 À—°:  à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëߪï 123456789012345678901234567 123456789012345678901234567 ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« -  ÿ∑∏‘ 123456789012345678901234567

(Àπ૬ : ∫“∑) ß∫°“√‡ß‘π√«¡ 2551

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ 2550

2551

2550

4,000,000

16,000,000

-

-

12,000,000

21,600,000

-

-

19,540,000

28,000,000

-

-

21,130,000

-

-

-

22,200,000 78,870,000 (68,210,000) 10,660,000

65,600,000 (30,060,000) 35,540,000

-

-

¿“¬„µâ —≠≠“‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“« ∫√‘…—∑¬àÕ¬µâÕߪƑ∫—µ‘µ“¡¢âÕ°”À𥇪ìπ°“√∑—Ë«‰ª ‰¥â·°à ∫√‘…—∑¬àÕ¬®–‰¡àπ” ‘π∑√—æ¬å¢Õß∫√‘…—∑¬àÕ¬‰ª®”Àπà“¬®à“¬ ‚ÕπÀ√◊Õ°àÕ¿“√–ºŸ°æ—π„¥Ê ‡«âπ·µà‰¥â√—∫§«“¡‡ÀÁπ™Õ∫®“°∏𓧓√·≈–°“√¥”√ß —¥ à«π°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ „π∫√‘…—∑¬àÕ¬ ·≈–°“√¥”√ßÕ—µ√“ à«π ∑“ß°“√‡ß‘π∫“ߪ√–°“√ ‡ªìπµâπ

92


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

As at 31 December 2008, certain plant and equipment items of the Company and its subsidiaries have been fully depreciated but are still in use. The original cost of those assets amounted to approximately Baht 1,023 million (2007: Baht 904 million) (The Company only: Baht 821 million, 2007: Baht 712 million) The overseas subsidiary company has mortgaged its building and construction thereon, with a total net book value as at 31 December 2008 of Baht 204.9 million as collateral for short-term credit facilities granted by a commercial bank.

11. Leasehold land The overseas subsidiary company has mortgaged its leasehold land, as collateral for short-term credit facilities granted by a commercial bank.

12. Credit facilities of bank overdrafts and short-term loans from financial institutions Short-term loans of the Company and a local subsidiary company were charged interest at the rate of MMR or BIBOR plus with incremental interest rate or MLR per annum. Short-term loans of an overseas subsidiary company were charged interest at the rate of SIBOR+3% per annum. The agreements for the credit facilities obtained from banks and financial institutions contain covenants with which the Company and its local subsidiary must comply. These relate to, among other things, the maintenance of certain financial ratios, and restrictions on the creation of lien or encumbrance over their assets and the provision of guarantees by their directors. Credit facilities of the overseas subsidiary company are secured by the mortgage of the subsidiary companyûs leasehold right to land, building and construction thereon, and by guarantees provided by the Company.

13. Long-term loans

1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Consolidated financial statements Interest rate 1234567890123456789012345678 (percent per Repayment 1234567890123456789012345678 2008 2007 Loans annum) conditions 1234567890123456789012345678 1234567890123456789012345678 1. MLR less 2.00 Monthly installments as 1234567890123456789012345678 1234567890123456789012345678 from 2004 to 2009 4,000,000 16,000,000 1234567890123456789012345678 2. MLR less 0.75 and Monthly installments as 1234567890123456789012345678 1234567890123456789012345678 MLR Less 1.25 from 2007 to 2010 12,000,000 21,600,000 1234567890123456789012345678 1234567890123456789012345678 3. MLR less 0.75 and Monthly installments as 1234567890123456789012345678 1234567890123456789012345678 MLR Less 1.5 from 2008 to 2011 19,540,000 28,000,000 1234567890123456789012345678 1234567890123456789012345678 4. 4.5% Monthly installments as 1234567890123456789012345678 1234567890123456789012345678 from 2008 to 2013 21,130,000 1234567890123456789012345678 5. MLR less 1.5 and Monthly installments as 1234567890123456789012345678 1234567890123456789012345678 MLR less 1.75 from 2008 to 2013 22,200,000 1234567890123456789012345678 1234567890123456789012345678 Total 78,870,000 65,600,000 1234567890123456789012345678 1234567890123456789012345678 Less: Current portion (68,210,000) (30,060,000) 1234567890123456789012345678 1234567890123456789012345678 Long-term loans - net 10,660,000 35,540,000 1234567890123456789012345678

(Unit : Baht) Separate financial statements

2008

2007 -

-

-

-

-

-

-

-

-

-

The loan agreements contain covenants that, among other things, require the subsidiary to be restricted on the disposal of its assets or the creation of lien thereon without prior consent from banks and the maintenance of financial ratios and certain percentage of shareholding in the subsidiary held by the Company.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

93


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ∫√‘…—∑¬àÕ¬‰¡à “¡“√∂¥”√ßÕ—µ√“ à«π∑“ß°“√‡ß‘πµ“¡∑’Ë√–∫ÿ‰«â„π —≠≠“‡ß‘π°Ÿâ¬◊¡°—∫ ∂“∫—π°“√‡ß‘π·ÀàßÀπ÷Ëß¿“¬„µâ ‡ß◊ËÕπ‰¢¢Õß —≠≠“‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«ºŸâ„Àâ°Ÿâ¡’ ‘∑∏‘§‘¥¥Õ°‡∫’Ȭ ”À√—∫‡ß‘π°Ÿâ¬◊¡„πÕ—µ√“ Ÿß ÿ¥·≈–¡’ ‘∑∏‘‡√’¬°§◊π‡ß‘πµâπ‰¥â∑—Èß®”π«π∑—π∑’ ∫√‘…—∑¬àÕ¬®÷ß®—¥ ª√–‡¿∑‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®”π«π 32.4 ≈â“π∫“∑ ‡ªìπ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë∂÷ß°”Àπ¥™”√–∑—π∑’ Õ¬à“߉√°Áµ“¡ ∫√‘…—∑¬àÕ¬Õ¬Ÿà„π√–À«à“ß°“√¢ÕºàÕπª√π°“√ ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢¥—ß°≈à“«°—∫ºŸâ„Àâ°Ÿâ ·≈–ΩÉ“¬∫√‘À“√¢Õß∫√‘…—∑¬àÕ¬‡™◊ËÕ¡—Ëπ«à“®–‰¥â√—∫°“√ºàÕπª√π„π‡ß◊ËÕπ‰¢¥—ß°≈à“«

14. ª√–¡“≥°“√Àπ’È ‘π ª√–¡“≥°“√Àπ’ È π‘ ‡ªìπ ”√Õ߇º◊ÕË º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’¬Ë π∑’¬Ë ß— ‰¡à‡°‘¥¢÷πÈ ®√‘ß®“° —≠≠“´◊ÕÈ ¢“¬‡ß‘πµ√“µà“ߪ√–‡∑»≈à«ßÀπâ“∑’§Ë ߧâ“ßÕ¬Ÿà ≥ «—π ∑’Ë 31 ∏—𫓧¡ 2551 ‚¥¬æ‘®“√≥“®“°¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß —≠≠“¥—ß°≈à“«´÷Ëߧ”π«≥‚¥¬„™âÀ≈—°‡°≥±å°“√ª√–‡¡‘π¡Ÿ≈§à“∑’ˇªìπ∑’ˬա√—∫∑—Ë«‰ª º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’ˬπ∑’ˬ—߉¡à‡°‘¥¢÷Èπ®√‘ßπ’ȉ¥â√«¡Õ¬Ÿà„π°“√§”π«≥º≈°“√¥”‡π‘πß“π¢Õߪï 2551 ®”π«πª√–¡“≥ 9.7 ≈â“π∫“∑

15. ∑ÿπ‡√◊ÕπÀÿâπ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘ ‡¡◊ÕË «—π∑’Ë 19 µÿ≈“§¡ 2550 ∑’ªË √–™ÿ¡«‘ “¡—≠ºŸ∂â Õ◊ Àÿπâ ¢Õß∫√‘…∑— œ §√—ßÈ ∑’Ë 1/2550 ‰¥â¡¡’ µ‘‡ªìπ‡Õ°©—π∑åÕπÿ¡µ— °‘ “√‡æ‘¡Ë ∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…∑— œ ®”π«π 124,903,260 ∫“∑ (Àÿâπ “¡—≠ 124,903,260 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ∑”„Àâ∑ÿπ®¥∑–‡∫’¬π 499,613,033 ∫“∑ (Àÿâπ “¡—≠ 499,613,033 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ‡æ‘Ë¡‡ªìπ∑ÿπ®¥∑–‡∫’¬π®”π«π 624,516,293 ∫“∑ (Àÿâπ “¡—≠ 624,516,293 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ·≈–Õπÿ¡—µ‘®—¥ √√Àÿâπ  “¡—≠‡æ‘Ë¡∑ÿπ¥—ß°≈à“« ‡æ◊ËÕ√Õß√—∫°“√®à“¬Àÿâπªíπº≈ ∫√‘…—∑œ ‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«¢â“ßµâπ°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„π‡¥◊Õπ惻®‘°“¬π 2550 „π‡¥◊Õπ惻®‘°“¬π 2550 ∫√‘…—∑œ ‰¥â∑”°“√®à“¬Àÿâπ “¡—≠ªíπº≈®”π«π 124,896,336 Àÿâπ ¡Ÿ≈§à“Àÿâπ∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ ∑”„Àâ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2550 ∫√‘…—∑œ ¡’∑ÿπ∑’ËÕÕ°·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈⫇ªìπ®”π«π 624,509,369 ∫“∑ (Àÿâπ “¡—≠ 624,509,369 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1 ∫“∑) ∑’˪√–™ÿ¡„À≠à«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ ¢Õß∫√‘…—∑œ §√—Èß∑’Ë 1/2551 ·≈– 2/2551 ‡¡◊ËÕ«—π∑’Ë 4 °√°Æ“§¡ 2551 ·≈– 21 惻®‘°“¬π 2551 µ“¡≈”¥—∫ ‰¥â¡’¡µ‘‡ªìπ‡Õ°©—π∑åÕπÿ¡—µ‘‡√◊ËÕߥ—ßµàÕ‰ªπ’È °) Õπÿ¡—µ‘°“√≈¥∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®“°®”π«π 624,516,293 ∫“∑ ‡ªìπ∑ÿπ®¥∑–‡∫’¬π®”π«π 624,509,369 ∫“∑ ‚¥¬°“√≈¥Àÿâ𮥠∑–‡∫’¬π∑’ËÕÕ°‰«â‡æ◊ËÕ√Õß√—∫°“√®à“¬Àÿâπªíπº≈¢Õß∫√‘…—∑œ ®”π«π 6,924 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ ‡π◊ËÕß®“°‡ªìπÀÿâπ∑’Ë®”Àπà“¬‰¡à‰¥â À√◊Õ¬—ß¡‘‰¥âπ”ÕÕ°®”Àπà“¬ ∫√‘…—∑œ ∑”°“√®¥∑–‡∫’¬π°“√≈¥∑ÿπ¥—ß°≈à“«¢â“ßµâπ°—∫°√–∑√«ßæ“≥‘™¬å·≈â«„π«—π∑’Ë 16 °√°Æ“§¡ 2551 ¢) Õπÿ¡—µ‘°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑œ ®“°®”π«π 624,509,369 ∫“∑ ‡ªìπ®”π«π 809,411,243 ∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ ®”π«π 184,901,874 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑ ‡æ◊ËÕ√Õß√—∫°“√ÕÕ°·≈–‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 50,000,000 Àÿâπ ·≈– °“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 134,901,874 Àπ૬ ∫√‘…—∑œ ∑”°“√®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«¢â“ßµâπ°—∫°√–∑√«ßæ“≥‘™¬å ·≈â«„π«—π∑’Ë 22 °√°Æ“§¡ 2551 §) Õπÿ¡—µ‘°“√®—¥ √√Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ®”π«π 50,000,000 Àÿâπ ¡Ÿ≈§à“∑’˵√“‰«âÀÿâπ≈– 1 ∫“∑‡æ◊ËÕ‡ πÕ¢“¬„Àâ°—∫π—°≈ß∑ÿπ∑—Ë«‰ª ‚¥¬„À⇪ìπ ¥ÿ≈¬æ‘π®‘ ¢Õߧ≥–°√√¡°“√∫√‘…∑— œ ∑’®Ë –°”Àπ¥„À⢓¬‡¡◊ÕË „¥°Á‰¥â °√≥’π°— ≈ß∑ÿπ‰¡à∑”°“√®Õß´◊ÕÈ Àÿπâ ‡æ‘¡Ë ∑ÿπ¥—ß°≈à“«À√◊Õ®Õß´◊ÕÈ ‰¡à§√∫®”π«π„Àâ §≥–°√√¡°“√∫√‘…—∑œ ¡’Õ”π“®π”Àÿâπ∑’ˇÀ≈◊Õ®“°°“√®Õß´◊ÈÕ¡“®”Àπà“¬„Àâ·°à∫ÿ§§≈„π«ß®”°—¥Õ◊ËπÊ µ“¡∑’˧≥–°√√¡°“√∫√‘…—∑œ ‡ÀÁπ ¡§«√ ß) Õπÿ¡—µ‘°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ ®”π«π 124,901,874 Àπ૬ ‡æ◊ËÕ‡ πÕ¢“¬„Àâ°—∫ºŸâ∂◊ÕÀÿâπ‡¥‘¡¢Õß∫√‘…—∑œ „πÕ—µ√“ 5 Àÿâπ “¡—≠‡¥‘¡µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 1 Àπ૬„π√“§“‡ πÕ¢“¬Àπ૬≈– 0 ∫“∑ °√≥’¡’‡»…„Àâªí¥∑‘Èß ‚¥¬∫√‘…—∑œ  “¡“√∂¥”‡π‘π°“√‡ πÕ¢“¬„∫ ”§—≠· ¥ß ‘∑∏‘‰¥â„π§√“«‡¥’¬«°—πÀ√◊Õµà“ߧ√“«°—∫°”À𥫗π‡ πÕ¢“¬Àÿâπ “¡—≠µ“¡¢âÕ §) „∫ ”§—≠· ¥ß  ‘∑∏‘π’È¡’Õ“¬ÿ 3 ªï ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 ∏—𫓧¡ 2552 ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬µàÕ 1 Àÿâπ  “¡—≠„π√“§“‰¡àµË”°«à“ 8.90 ∫“∑ ®) Õπÿ¡—µ‘°“√®—¥ √√„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠¢Õß∫√‘…—∑œ®”π«π 10,000,000 Àπ૬ ‡æ◊ËÕ‡ πÕ¢“¬„Àâ°—∫π—°≈ß∑ÿπ∑’Ë®Õß´◊ÈÕÀÿâπ “¡—≠ ‡æ‘Ë¡∑ÿπµ“¡¢âÕ §) „πÕ—µ√“ 5 Àÿâπ “¡—≠µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘∑’Ë®–´◊ÈÕÀÿâπ “¡—≠ 1 Àπ૬„π√“§“‡ πÕ¢“¬Àπ૬≈– 0 ∫“∑ °√≥’¡’‡»…„Àâªí¥∑‘Èß „∫ ”§—≠· ¥ß ‘∑∏‘π’È¡’Õ“¬ÿ 3 ªï ‚¥¬¡’√–¬–‡«≈“°“√„™â ‘∑∏‘‡√‘Ë¡µ—Èß·µà«—π∑’Ë 1 ∏—𫓧¡ 2552 ·≈–¡’Õ—µ√“°“√„™â ‘∑∏‘¢Õß„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπ૬µàÕ 1 Àÿâπ “¡—≠„π√“§“‰¡àµË”°«à“ 8.90 ∫“∑ ≥ «—π∑’Ë„π√“¬ß“π∫√‘…—∑œ ¬—ßÕ¬Ÿà„π√–À«à“ß°“√¥”‡π‘π°“√‡°’ˬ«°—∫°“√‡ πÕ¢“¬Àÿâπ “¡—≠‡æ‘Ë¡∑ÿπ·≈–„∫ ”§—≠· ¥ß ‘∑∏‘¢â“ßµâπ

94


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

As at 31 December 2008, the subsidiary company was unable to maintain the financial ratios stipulated in the loan agreement with a financial institution. Under the conditions in the agreement, the lender therefore has the right to charge interest at the highest rate and to call for immediate repayment of the long-term loan. The subsidiary company has, therefore, classified long-term loans of Baht 32.4 million as due at call. However, the subsidiary companyûs management is in the process of negotiating with the lender to request a waiver from compliance with the above conditions and is confident that it will receive the waiver from the lender.

14. Provisions Provisions represented allowances for unrealised exchange losses on forward exchange contracts outstanding as at 31 December 2008. The provisions were determined from their fair values of those agreements, which were calculated based on generally accepted pricing models. Unrealised exchange losses amounting to approximately Baht 9.7 million are included in determining income of 2008.

15. Share capital On 19 October 2007, the Extraordinary Meeting No.1/2550 of the Companyûs shareholders unanimously passed the resolution that approved an increase of Baht 124,903,260 (124,903,260 ordinary shares of Baht 1 each) in the registered share capital, from Baht 499,613,033 (499,613,033 ordinary shares of Baht 1 each) to Baht 624,516,293 (624,516,293 ordinary shares of Baht 1 each), and the allocation of the additional shares to support the stock dividend payment. The Company registered the capital increase with the Ministry of Commerce in November 2007. In November 2007, the Company issued 124,896,336 stock dividends with a par value of Baht 1 each, therefore as at 31 December 2007, the Companyûs issued and fully paid-up share capital is Baht 624,509,369 (624,509,369 ordinary shares of Baht 1 each). The Extraordinary General Meetings No.1/2008 and No. 2/2008 of the Companyûs shareholders for the year 2008, held on 4 July 2008 and 21 November 2008, respectively, passed the following resolutions. (a) Approved a reduction in the Companyûs registered share capital from Baht 624,516,293 to Baht 624,509,369 by eliminating 6,924 shares, with a par value of Baht 1 per share that had been issued for stock dividend payment and had not been offered. The Company registered the reduction of its registered share capital with the Ministry of Commerce on 16 July 2008. (b) Approved an increase in the Companyûs registered share capital from Baht 624,509,369 to Baht 809,411,243 by issuing 184,901,874 new ordinary shares with a par value of Baht 1 per share, to be offered and reserved for the public offering of 50,000,000 new ordinary shares and the exercise of 134,901,874 warrants. The Company registered the capital increase with the Ministry of Commerce on 22 July 2008. (c) Approved the issue of 50,000,000 new ordinary shares, with a par value of Baht 1 per share, to be offered to general public, with the Companyûs Board of Directors to determine the offering period at their discretion. If there are shares remaining after such subscription of the public investors, the Companyûs Board of Directors is authorised to offer the remaining shares for subscription to other specific investors deemed appropriate by the Companyûs Board of Directors. (d) Approved the allocation of 124,901,874 warrants to be offered to existing shareholders of the Company at a rate of 1 warrant for every 5 existing ordinary shares, at no cost. Any fractions will be discarded. The resolution also approved the setting of the rights offering period of the warrants to be in the same period or different period to public offering subscription period for new shares issued under (c). The warrants have a term of 3 years, with the first exercise date being 1 December 2009. One warrant can be exercised to purchase one new ordinary share at a price of not less than Baht 8.90. (e) Approved the allocation of 10,000,000 warrants to be offered to public investors who subscribe for the new shares issued under (c) at a rate of 1 warrant for every 5 ordinary shares subscribed, at no cost. Any fractions will be discarded. The warrants have a term of 3 years and the first exercise date will be on 1 December 2009. One warrant can be exercised to purchase one new ordinary share at a price of not less than Baht 8.90. On the audit report date, the Company is in the process of arrangement in order to offer the above new ordinary shares and warrants issued.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

95


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements 16.  ”√Õßµ“¡°ÆÀ¡“¬ ¿“¬„µâ∫∑∫—≠≠—µ‘¢Õß¡“µ√“ 116 ·Ààßæ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π®”°—¥ æ.». 2535 ∫√‘…—∑œµâÕß®—¥ √√°”‰√ ÿ∑∏‘ª√–®”ªï à«πÀπ÷Ë߉«â‡ªìπ ∑ÿπ ”√Õ߉¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªïÀ—°¥â«¬¬Õ¥¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßπ’È®–¡’®”π«π‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿ𠮥∑–‡∫’¬π  ”√Õßµ“¡°ÆÀ¡“¬¥—ß°≈à“«‰¡à “¡“√∂𔉪®à“¬‡ß‘πªíπº≈‰¥â

17. §à“„™â®à“¬µ“¡≈—°…≥– √“¬°“√§à“„™â®à“¬·∫àßµ“¡≈—°…≥–ª√–°Õ∫¥â«¬√“¬°“√§à“„™â®à“¬∑’Ë ”§—≠¥—ßµàÕ‰ªπ’È

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344,554,678 228,845,908 14,662,990,249 (169,141,858)

261,658,071 162,736,905 608,835,529 18,576,825,785 (657,678,482)

280,222,287 175,845,562 13,042,146,119 (181,784,386)

18. ¿“…’‡ß‘π‰¥â𵑠∫‘ §ÿ §≈ ∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»‰¥â√—∫≈¥À¬àÕπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘≈ß°÷ËßÀπ÷ËߢÕßÕ—µ√“ª°µ‘∑’Ë∫√‘…—∑¬àÕ¬µâÕ߇ ’¬ ·µà®–µâÕ߇ ’¬¿“…’„π Õ—µ√“‰¡àµË”°«à“√âÕ¬≈– 10 ‡ªìπ√–¬–‡«≈“ 3 ªï (2548-2550) ∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰¡à¡’¿“√–¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫ªï 2551 ‡π◊ËÕß®“°¡’º≈°“√¥”‡π‘πß“π¢“¥∑ÿπ

19. °“√ à߇ √‘¡°“√≈ß∑ÿπ ∫√‘…—∑œ ‰¥â√—∫ ‘∑∏‘摇»…∑“ß¿“…’®“°§≥–°√√¡°“√ à߇ √‘¡°“√≈ß∑ÿπ ”À√—∫°‘®°“√º≈‘µπÈ”¡—πÀ√◊Õ‰¢¡—π®“°æ◊™·≈– —µ«å µ“¡∫—µ√ à߇ √‘¡°“√ ≈ß∑ÿπ‡≈¢∑’Ë 1801/2545 ‡¡◊ËÕ«—π∑’Ë 26 ∏—𫓧¡ 2545 ¿“¬„µâ‡ß◊ËÕπ‰¢∑’Ë°”Àπ¥∫“ߪ√–°“√  ‘∑∏‘摇»…¥—ß°≈à“«√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπÕ“°√¢“‡¢â“  ”À√—∫‡§√◊ËÕß®—°√µ“¡∑’˧≥–°√√¡°“√æ‘®“√≥“Õπÿ¡—µ‘·µà‰¡à√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπ/≈¥À¬àÕπ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ∫√‘…—∑œ ‰¥â√—∫ ‘∑∏‘摇»…∑“ß¿“…’‚¥¬°“√Õπÿ¡—µ‘¢Õߧ≥–°√√¡°“√ à߇ √‘¡°“√≈ß∑ÿπ ”À√—∫°‘®°“√º≈‘µ¢â“«‚æ¥Õ∫·≈–∂—Ë«‡À≈◊ÕßÕ∫ µ“¡∫—µ√  à߇ √‘¡°“√≈ß∑ÿπ‡≈¢∑’Ë 1509(1)/2547 ‡¡◊ËÕ«—π∑’Ë 24 ¡‘∂ÿπ“¬π 2547 ¿“¬„µâ‡ß◊ËÕπ‰¢∑’Ë°”Àπ¥∫“ߪ√–°“√  ‘∑∏‘摇»…¥—ß°≈à“«√«¡∂÷ß°“√‰¥â√—∫¬°‡«âπ ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ ”À√—∫°”‰√∑’ˉ¥â®“°°“√ª√–°Õ∫°‘®°“√∑’ˉ¥â√—∫°“√ à߇ √‘¡‡©æ“–°“√º≈‘µ¢â“«‚æ¥Õ∫‡ªìπ√–¬–‡«≈“·ª¥ªïπ—∫·µà«—π∑’ˇ√‘Ë¡¡’√“¬‰¥â ®“°°“√ª√–°Õ∫°‘®°“√π—Èπ (30  ‘ßÀ“§¡ 2547) √“¬‰¥â¢Õß∫√‘…—∑œ  ”À√—∫ªï®”·π°µ“¡°‘®°“√∑’ˉ¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â·≈–°‘®°“√∑’ˉ¡à‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥â ‡ªìπ¥—ßπ’È

1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 √“¬‰¥â®“°°“√¢“¬ 1234567890123456 1234567890123456 √“¬‰¥â®“°°“√¢“¬„πª√–‡∑» 1234567890123456 1234567890123456 √“¬‰¥â ®“°°“√ àßÕÕ° 1234567890123456 1234567890123456 √«¡√“¬‰¥â®“°°“√¢“¬ 1234567890123456 1234567890123456

96

(Àπ૬ : æ—π∫“∑) °‘®°“√∑’ˉ¥â√—∫ ¬°‡«âπ¿“…’‡ß‘π‰¥â 2551 2550 -

°‘®°“√∑’ˉ¡à‰¥â√—∫ ¬°‡«âπ¿“…’‡ß‘π‰¥â 2551 2550 -

20,223,354 709,698 20,933,052

15,196,365 327,359 15,523,724

√«¡ 2551 20,223,354 709,698 20,933,052

2550 15,196,365 327,359 15,523,724


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

16. Statutory reserve Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution.

17. Expenses by nature Significant expenses by nature are as follows:

1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Consolidated financial statements 1234567890123456789012345678 2008 2007 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Salary and wages and other employee benefits 334,812,787 344,554,678 1234567890123456789012345678 1234567890123456789012345678 Depreciation 220,094,305 228,845,908 1234567890123456789012345678 1234567890123456789012345678 Loss on allowance for diminution in value of inventories 641,335,525 1234567890123456789012345678 Raw materials and consumables used 20,222,829,012 14,662,990,249 1234567890123456789012345678 1234567890123456789012345678 Changes in inventories of finished goods and work in progress (489,937,742) (169,141,858) 1234567890123456789012345678 1234567890123456789012345678

(Unit : Baht) Separate financial statements

2008

2007

261,658,071 162,736,905 608,835,529 18,576,825,785 (657,678,482)

280,222,287 175,845,562 13,042,146,119 (181,784,386)

18. Corporate income tax An overseas subsidiary company were granted a reduction of corporate income tax rate on net income of the subsidiary to half of the normal applicable rate for three years (2005-2007), although the rate at which tax is actually paid must not be less than 10 percent. That subsidiary is not liable to corporate income tax for the year 2008 due to loss from its operations.

19. Promotional privileges The Company has received promotional privileges from the Board of Investment for the production of oil from plants and animals, pursuant to the promotion certificate No. 1801/2545 issued on 26 December 2002. Subject to certain imposed conditions, the privileges include an exemption from import duty on approved machinery but not include exemption / reduction of corporate income tax. The Company has received promotional privileges from the Board of Investment for the production of extruded corn and full fat soy, pursuant to the promotion certificate No. 1509(1)/2547 on 24 June 2004. Subject to certain imposed conditions, the privileges include an exemption from corporate income tax on profits from the promoted activities only extruded corn for a period of 8 years commencing from the date of the first sales (30 August 2004). The Companyûs operating revenues for the years are below shown divided according to income tax exempted and non-income tax exempted operations.

1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 Sales 1234567890123456 1234567890123456 Domestic sales 1234567890123456 1234567890123456 Export sales 1234567890123456 1234567890123456 Total sales 1234567890123456 1234567890123456

(Unit : Thousand Baht) Income tax exempted operations

Non-income tax exempted operations

2008

2008

2007 -

-

20,223,354 709,698 20,933,052

2007 15,196,365 327,359 15,523,724

Total

2008

2007

20,223,354 709,698 20,933,052

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

15,196,365 327,359 15,523,724

Expanded to the Best

97


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements 20. °”‰√µàÕÀÿπâ °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬À“√°”‰√ ÿ∑∏‘ ”À√—∫ªï¥â«¬®”π«π∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—°¢ÕßÀÿâπ “¡—≠∑’ËÕÕ°Õ¬Ÿà„π√–À«à“ßªï °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π · ¥ß°“√§”π«≥‰¥â¥—ßπ’È

1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 1234567890123456 °”‰√ ÿ∑∏‘ à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ 1234567890123456 1234567890123456 ¢Õß∫√‘…—∑„À≠à 1234567890123456 1234567890123456 º≈°√–∑∫¢ÕßÀÿ âπªíπº≈ 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 °”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π 1234567890123456 °”‰√ ÿ∑∏‘ à«π∑’ˇªìπ¢ÕߺŸâ∂◊ÕÀÿâπ 1234567890123456 1234567890123456 ¢Õß∫√‘…—∑„À≠à 1234567890123456 1234567890123456 º≈°√–∑∫¢ÕßÀÿâπªíπº≈ 1234567890123456 1234567890123456 1234567890123456 1234567890123456

ß∫°“√‡ß‘π√«¡ °”‰√ ÿ∑∏‘ 2551 (æ—π∫“∑)

2550 (æ—π∫“∑)

749,634 749,634

1,256,391 1,256,391

®”π«πÀÿâπ “¡—≠ ∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° 2551 2550 (æ—πÀÿπâ ) (æ—πÀÿπâ )

624,509 624,509

499,613 124,896 624,509

°”‰√µàÕÀÿπâ 2551 (∫“∑)

2550 (∫“∑)

1.20

2.01

ß∫°“√‡ß‘π‡©æ“–°‘®°“√ °”‰√ ÿ∑∏‘ 2551 (æ—π∫“∑)

836,078 836,078

2550 (æ—π∫“∑)

1,130,856 1,130,856

®”π«πÀÿâπ “¡—≠ ∂—«‡©≈’ˬ∂à«ßπÈ”Àπ—° 2551 2550 (æ—πÀÿπâ ) (æ—πÀÿπâ )

624,509 624,509

499,613 124,896 624,509

°”‰√µàÕÀÿπâ 2551 (∫“∑)

1.34

2550 (∫“∑)

1.81

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2550 §”π«≥¢÷Èπ‚¥¬ª√—∫®”π«πÀÿâπ “¡—≠‡æ◊ËÕ –∑âÕπº≈°√–∑∫¢Õß°“√ÕÕ°Àÿâπªíπº≈ µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 23

21. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π®”·π° à«πß“π ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π°‘®°“√„π à«πß“π∑“ß∏ÿ√°‘®‡¥’¬«§◊Õ∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬πÈ”¡—πæ◊™‚¥¬¥”‡π‘π∏ÿ√°‘®„π à«πß“π∑“ß¿Ÿ¡‘»“ µ√å„π ª√–‡∑»‰∑¬·≈–®’π  à«πß“π∑“ß¿Ÿ¡‘»“ µ√å„πª√–‡∑»®’π§◊Õ∫√‘…—∑¬àÕ¬™◊ËÕ∫√‘…—∑ ‰™πà“ ‰∑¬ ‡«∑‡®Á¥‡∑‡∫‘≈ ÕÕ¬≈å (ÕŸàŒ—Ëπ) ®”°—¥

98


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

20. Earnings per share Basic earnings per share is calculated by dividing the net income for the year by the weighted average number of ordinary shares in issue during the year. The following table sets forth the computation of basic earnings per share: 1234567890123456

1234567890123456 1234567890123456 Consolidated financial statements 1234567890123456 1234567890123456 Net income Weighted average 1234567890123456 number of ordinary shares 1234567890123456 1234567890123456 2008 2007 2008 2007 1234567890123456 (Thousand Baht) (Thousand Baht) (Thousand Shares) (Thousand Shares) 1234567890123456 1234567890123456 Basic earnings per share 1234567890123456 1234567890123456 Net income attributable to 1234567890123456 1234567890123456 equity holders of the parent 749,634 1,256,391 624,509 499,613 1234567890123456 1234567890123456 Effect of stock dividend 124,896 1234567890123456 749,634 1,256,391 624,509 624,509 1234567890123456 1234567890123456 1234567890123456 1234567890123456 Separate financial statements 1234567890123456 1234567890123456 Net income Weighted average 1234567890123456 number of ordinary shares 1234567890123456 1234567890123456 2008 2007 2008 2007 1234567890123456 (Thousand Baht) (Thousand Baht) (Thousand Shares) (Thousand Shares) 1234567890123456 1234567890123456 Basic earnings per share 1234567890123456 1234567890123456 Net income attributable to 1234567890123456 1234567890123456 equity holders of the parent 836,078 1,130,856 624,509 499,613 1234567890123456 1234567890123456 Effect of stock dividend 124,896 1234567890123456 1,130,856 624,509 624,509 1234567890123456 836,078 1234567890123456

Earnings per share

2008

2007

(Baht)

(Baht)

1.20

2.01

Earnings per share

2008

2007

(Baht)

(Baht)

1.34

1.81

Basic earnings per shares for the year ended 31 December 2007 had been calculated by adjusting the number of ordinary shares to reflect the impact of the stock dividend as described in Note 23 to the financial statements.

21. Segment information The Company and its subsidiary companiesû business operations involve a single industry segment in manufacture and distribution of vegetable oil and are carried on in the geographic area in Thailand and China. The geographic segment in China is China-Thai Vegetable Oil (Wuhan) Company Limited.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

99


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘𮔷𰵓¡ à«πß“π∑“ß¿Ÿ¡‘»“ µ√å¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 ¡’¥—ßµàÕ‰ªπ’È

1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 ¢“¬ ÿ∑∏‘ 1234567890123456 1234567890123456 √“¬‰¥âÕ◊Ëπ 1234567890123456 √«¡√“¬‰¥â 1234567890123456 1234567890123456 °Ì“‰√®“°°“√¥”‡π‘πß“π 1234567890123456 1234567890123456 µ“¡ à«πß“π 1234567890123456 1234567890123456 §à“„™â®à“¬∑’ˉ¡à‰¥âªíπ à«π: 1234567890123456 1234567890123456 §à“„™â®à“¬∑“ß°“√‡ß‘π 1234567890123456 ¿“…’‡ß‘π‰¥â𑵑∫ÿ§§≈ 1234567890123456 1234567890123456 °Ì “ ‰√ ÿ ∑∏‘ ”À√—∫ªï 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å -  ÿ∑∏‘ 1234567890123456 1234567890123456  ‘π∑√—æ¬åÕ◊ËπÊ 1234567890123456 1234567890123456 √«¡ ‘π∑√—æ¬å 1234567890123456 1234567890123456

(Àπ૬ : ≈â“π∫“∑)  à«πß“π „πª√–‡∑» 2551 2550

 à«πß“π µà“ߪ√–‡∑» 2551 2550

°“√µ—¥√“¬°“√∫—≠™’ √–À«à“ß°—π 2551 2550

ß∫°“√‡ß‘π√«¡ 2551 2550

20,933 565 21,498

15,524 447 15,971

2,642 69 2,711

2,706 40 2,746

(303) (303)

(253) (253)

23,575 331 23,906

18,230 234 18,464

1,589

1,701

(39)

285

(66)

(23)

1,484

1,963

(136) (604) 744

(127) (485) 1,351

(Àπ૬ : ≈â“π∫“∑)  à«πß“π „πª√–‡∑» 2551 2550 1,822 4,811 6,633

1,503 4,009 5,512

 à«πß“π µà“ߪ√–‡∑» 2551 2550 409 622 1,031

372 1,588 1,960

°“√µ—¥√“¬°“√∫—≠™’ √–À«à“ß°—π 2551 2550 (40) (40)

(47) (47)

ß∫°“√‡ß‘π√«¡ 2551 2550 2,231 5,393 7,624

1,875 5,550 7,425

∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„™â‡°≥±å„π°“√°”Àπ¥√“§“√–À«à“ß°—πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 5

22. °Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ ∫√‘…—∑œ ·≈–æπ—°ß“π∫√‘…—∑œ ‰¥â√à«¡°—π®—¥µ—Èß°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ¢÷Èπµ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æ æ.». 2530 ‚¥¬∫√‘…—∑œ ·≈– æπ—°ß“π®à“¬ ¡∑∫°Õß∑ÿπ¥—ß°≈à“«‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 3 ¢Õ߇ߑπ‡¥◊Õπ °Õß∑ÿπ ”√Õ߇≈’Ȭߙ’æπ’È∫√‘À“√‚¥¬∫√‘…—∑À≈—°∑√—æ¬å®—¥°“√°Õß∑ÿπ ‡ÕÁ¡‡Õø´’ ®”°—¥ (¡À“™π) ·≈–®–®à“¬„Àâ·°àæπ—°ß“π‡¡◊ËÕæπ—°ß“ππ—ÈπÕÕ°®“°ß“πµ“¡√–‡∫’¬∫«à“¥â«¬°Õß∑ÿπ¢Õß∫√‘…—∑œ „π√–À«à“ߪï 2551 ∫√‘…—∑œ ‰¥â ®à“¬‡ß‘π ¡∑∫‡¢â“°Õß∑ÿπœ‡ªìπ®”π«π‡ß‘π 3.5 ≈â“π∫“∑ (2550: 3.2 ≈â“π∫“∑)

100


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Below is the consolidated financial information for the years ended 31 December 2008 and 2007 of the Company and its subsidiary companies by geographic segment.

1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 Net sales 1234567890123456 Other income 1234567890123456 1234567890123456 Total revenues 1234567890123456 1234567890123456 Segment income 1234567890123456 1234567890123456 Unallocated expenses: 1234567890123456 1234567890123456 Finance cost 1234567890123456 1234567890123456 Corporate income tax 1234567890123456 Net income for the year 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 1234567890123456 Property, plant and equipment - net 1234567890123456 1234567890123456 Other assets 1234567890123456 1234567890123456 Total assets 1234567890123456 1234567890123456

(Unit : Million Baht) Domestic segment

2008

Overseas segment

2007

20,933 565 21,498 1,589

15,524 447 15,971 1,701

2008 2,642 69 2,711 (39)

Elimination of intersegment

2007 2,706 40 2,746 285

2008 (303) (303) (66)

2007 (253) (253) (23)

Consolidated financial statements

2008

2007

23,575 331 23,906 1,484

18,230 234 18,464 1,963

(136) (604) 744

(127) (485) 1,351

(Unit : Million Baht) Domestic segment

2008 1,822 4,811 6,633

Overseas segment

2007 1,503 4,009 5,512

2008 409 622 1,031

Elimination of intersegment

2007 372 1,588 1,960

2008 (40) (40)

2007 (47) (47)

Consolidated financial statements

2008 2,231 5,393 7,624

2007 1,875 5,550 7,425

Transfer prices between business segments are as set out in Note 5 to the financial statements.

22. Provident fund The Company and its employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both employees and the Company contributed to the fund monthly at the rate of 3 percent of basic salary. The fund, which is managed by MFC Asset Management Public Company Limited, will be paid to employees upon termination in accordance with the fund rules. During the year 2008, the Company contributed Baht 3.5 million (2007: Baht 3.2 million) to the fund.

¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

101


√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements 23. ‡ß‘πªíπº≈

123456789012345678901234567 123456789012345678901234567 123456789012345678901234567 ‡ß‘πªíπº≈ 123456789012345678901234567 123456789012345678901234567 ‡ß‘πªíπº≈ª√–®”ªï 123456789012345678901234567 123456789012345678901234567  ”À√—∫ªï 2549 123456789012345678901234567 123456789012345678901234567 ‡ß‘ π ªíπº≈√–À«à“ß°“≈ 123456789012345678901234567 123456789012345678901234567  ”À√—∫ªï 2550 123456789012345678901234567 - Àÿâπªíπº≈ 124.9 ≈â“πÀÿâπ 123456789012345678901234567 123456789012345678901234567 - ‡ß‘𠥪íπº≈ 123456789012345678901234567 123456789012345678901234567 √«¡‡ß‘ πªíπº≈ ”À√—∫ªï 2550 123456789012345678901234567 123456789012345678901234567 ‡ß‘πªíπº≈ª√–®”ªï 123456789012345678901234567 123456789012345678901234567  ”À√—∫ªï 2550 123456789012345678901234567 123456789012345678901234567 ‡ß‘πªíπº≈√–À«à“ß°“≈ 123456789012345678901234567  ”À√—∫ªï 2551 123456789012345678901234567 123456789012345678901234567 √«¡‡ß‘πªíπº≈ ”À√—∫ªï 2551 123456789012345678901234567 123456789012345678901234567 123456789012345678901234567

(Àπ૬ : ∫“∑) Õπÿ¡—µ‘‚¥¬

∑’˪√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ ‡¡◊ËÕ«—π∑’Ë 25 ‡¡…“¬π 2550 ∑’˪√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ ‡¡◊ËÕ«—π∑’Ë 19 µÿ≈“§¡ 2550

∑’˪√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ ‡¡◊ËÕ«—π∑’Ë 23 ‡¡…“¬π 2551 ∑’˪√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 5 °—𬓬π 2551

‡ß‘πªíπº≈®à“¬

‡ß‘πªíπº≈®à“¬µàÕÀÿâπ

224,825,865

0.45

124,896,336 249,793,188 599,515,389 499,607,495

0.25 0.50 1.20 0.80

811,862,180

1.30

1,311,469,675

2.10

24. ¿“√–ºŸ°æ—π·≈–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ 24.1 ¿“√–ºŸ°æ—π‡°’Ë¬«°—∫√“¬®à“¬ΩÉ“¬∑ÿπ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»·ÀàßÀπ÷Ëß¡’¿“√–ºŸ°æ—π‡°’Ë¬«°—∫√“¬®à“¬ΩÉ“¬∑ÿπ®”π«π‡ß‘π 365.6 ≈â“π∫“∑ 7.4 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ·≈– 1.5 ≈â“π‡√π¡‘π∫‘ ´÷Ë߇°’ˬ«¢âÕß°—∫°“√°àÕ √â“ßÕ“§“√‚√ßß“π·≈–´◊ÈÕ‡§√◊ËÕß®—°√ (ß∫°“√‡ß‘π‡©æ“–°‘®°“√: ®”π«π 365.6 ≈â“π∫“∑ ·≈– 7.4 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“) 24.2 °“√§È”ª√–°—π °) ∫√‘…—∑œ§È”ª√–°—π«ß‡ß‘π ‘π‡™◊ËÕ„Àâ·°à∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»„π«ß‡ß‘π 20 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ¢) ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬„πª√–‡∑»·ÀàßÀπ÷Ëß¡’Àπ—ß ◊էȔª√–°—π´÷ËßÕÕ°‚¥¬∏𓧓√„ππ“¡∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ‡À≈◊ÕÕ¬Ÿà‡ªìπ®”π«π 27.9 ≈â“π∫“∑ ´÷Ë߇°’ˬ«‡π◊ËÕß°—∫¿“√–ºŸ°æ—π∑“ߪؑ∫—µ‘∫“ߪ√–°“√µ“¡ª°µ‘∏ÿ√°‘®¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ�� (ß∫°“√‡ß‘π ‡©æ“–°‘®°“√: 24.4 ≈â“π∫“∑) Àπ—ß ◊էȔª√–°—π¥—ß°≈à“« à«π„À≠à‡æ◊ËէȔª√–°—π°“√„™â‰øøÑ“

25. ‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π 25.1 π‚¬∫“¬°“√∫√‘À“√§«“¡‡ ’Ë¬ß ‡§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘π∑’ Ë ”§—≠¢Õß∫√‘…∑— œ·≈–∫√‘…∑— ¬àÕ¬µ“¡∑’πË ¬‘ “¡Õ¬Ÿ„à π¡“µ√∞“π°“√∫—≠™’©∫—∫∑’Ë 48 ç°“√· ¥ß√“¬°“√·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”À√—∫ ‡§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘πé ª√–°Õ∫¥â«¬‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≈Ÿ°Àπ’°È “√§â“ ‡ß‘π≈ß∑ÿ𠇮â“Àπ’°È “√§â“ ‡ß‘π°Ÿ¬â ¡◊ √–¬– —πÈ ·≈–‡ß‘π°Ÿ¬â ¡◊ √–¬–¬“«∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬß∑’ˇ°’ˬ«¢âÕß°—∫‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π¥—ß°≈à“« ·≈–¡’π‚¬∫“¬„π°“√∫√‘À“√§«“¡‡ ’ˬߥ—ßπ’È §«“¡‡ ’ˬߥâ“π°“√„Àâ ‘π‡™◊ËÕ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬߥâ“π°“√„Àâ ‘π‡™◊ËÕ∑’ˇ°’ˬ«‡π◊ËÕß°—∫≈Ÿ°Àπ’È°“√§â“ ΩÉ“¬∫√‘À“√§«∫§ÿ¡§«“¡‡ ’ˬßπ’È‚¥¬°“√°”Àπ¥„Àâ¡’π‚¬∫“¬·≈– «‘∏’°“√„π°“√§«∫§ÿ¡ ‘π‡™◊ËÕ∑’ˇÀ¡“– ¡ ¥—ßπ—Èπ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷߉¡à§“¥«à“®–‰¥â√—∫§«“¡‡ ’¬À“¬∑’ˇªìπ “√– ”§—≠®“°°“√„Àâ ‘π‡™◊ËÕ πÕ°®“°π’È °“√„Àâ ‘π‡™◊ËÕ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬‰¡à¡’°“√°√–®ÿ°µ—«‡π◊ËÕß®“°∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’∞“π¢Õß≈Ÿ°§â“∑’ËÀ≈“°À≈“¬·≈–¡’Õ¬Ÿà®”π«π¡“°√“¬ ®”π«π ‡ß‘π Ÿß ÿ¥ ∑’Ë∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬Õ“®µâÕß Ÿ≠‡ ’¬®“°°“√„Àâ ‘π‡™◊ËÕ§◊Õ¡Ÿ≈§à“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È∑’Ë· ¥ßÕ¬Ÿà„πß∫¥ÿ≈ §«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭ∑’Ë ”§—≠Õ—π‡°’Ë¬«‡π◊ËÕß°—∫‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π ‡ß‘π‡∫‘°‡°‘π∫—≠™’ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–‡ß‘π°Ÿâ ¬◊¡√–¬–¬“«∑’Ë¡’¥Õ°‡∫’Ȭ Õ¬à“߉√°Áµ“¡ ‡π◊ËÕß®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π¡’Õ—µ√“¥Õ°‡∫’Ȭ∑’˪√—∫¢÷Èπ≈ßµ“¡Õ—µ√“µ≈“¥À√◊Õ¡’Õ—µ√“¥Õ°‡∫’Ȭ§ß∑’Ë´÷Ëß „°≈⇧’¬ß°—∫Õ—µ√“µ≈“¥„πªí®®ÿ∫—𠧫“¡‡ ’ˬ߮“°Õ—µ√“¥Õ°‡∫’Ȭ¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ßÕ¬Ÿà„π√–¥—∫µË” √“¬≈–‡Õ’¬¥¢Õ߇ߑπ°Ÿâ¬◊¡√–¬– —Èπ®“° ∂“∫—π °“√‡ß‘π ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«· ¥ß‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 12 ·≈– 13 µ“¡≈”¥—∫

102


∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

23. Dividend

1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Dividends 1234567890123456789012345678 1234567890123456789012345678 Final dividends for 2006 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Interim dividends for 2007 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 - Stock dividend of 124.9 million ordinary shares 1234567890123456789012345678 1234567890123456789012345678 - Cash dividend 1234567890123456789012345678 1234567890123456789012345678 Total for 2007 1234567890123456789012345678 1234567890123456789012345678 Final dividends for 2007 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Interim dividends for 2008 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678 Total for 2008 1234567890123456789012345678 1234567890123456789012345678 1234567890123456789012345678

(Unit : Baht) Approved by

Annual General Meeting of the shareholders on 25 April 2007 The Extraordinary Meeting on 19 October 2007

Annual General Meeting of the shareholders on 23 April 2008 Board of Directorsû meeting on 5 September 2008

Total dividends

Dividend per share

224,825,865

0.45

124,896,336 249,793,188 599,515,389 499,607,495

0.25 0.50 1.20 0.80

811,862,180

1.30

1,311,469,675

2.10

24. Commitments and contingent liabilities 24.1 Capital commitments As at 31 December 2008, the Company and an overseas subsidiary company had capital commitments of approximately Baht 365.6 million, USD 7.4 million and RMB 1.5 million relating to the construction of factory building and acquisition of machinery (The Company only: Baht 365.6 million and USD 7.4 million). 24.2 Guarantees a) The Company has guaranteed bank credit facilities of its overseas subsidiary amounting to USD 20 million. b) As at 31 December 2008, there were outstanding bank guarantees of approximately Baht 27.9 million issued by banks on behalf of the Company and a local subsidiary company in respect of certain performance bonds as required in the normal course of business of the Company and the subsidiary (The Company only: Baht 24.4 million). The most of outstanding bank guarantees are related to guarantee electricity use.

25. Financial instruments 25.1 Financial risk management The Company and its subsidiariesû financial instruments, as defined under Thai Accounting Standard No. 48 çFinancial Instruments: Disclosure and Presentationsé, principally comprise cash and cash equivalents, trade accounts receivable, investments, trade accounts payable and shortterm and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below. Credit risk The Company and its subsidiaries are exposed to credit risk primarily with respect to trade accounts receivable. The Company and its subsidiaries manage the risk by adopting appropriate credit control policies and procedures and therefore do not expect to incur material financial losses. In addition, the Company and its subsidiaries do not have high concentration of credit risk since they have a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of receivables as stated in the balance sheet. Interest rate risk The Company and its subsidiariesû exposure to interest rate risk relates primarily to their cash at banks, bank overdrafts, and short-term and long-term borrowings. However, since most of the Company and its subsidiariesû financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected to be minimal. The detail of short-term loans from financial institutions and long-term loans are set out in Notes to the financial statements No.12 and 13, respectively. ¢¬“¬µ—«Õ¬à“߉¡àÀ¬ÿ¥π‘Ëß ¡ÿàß Ÿà§«“¡‡ªìπ‡≈‘»

Expanded to the Best

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π√«¡ Notes to consolidated financial statements §«“¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ ∫√‘…—∑œ ¡’§«“¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’ˬπ‡ß‘πµ√“µà“ߪ√–‡∑»‡π◊ËÕß®“°∫√‘…—∑œ ¡’√“¬°“√´◊ÈÕ«—µ∂ÿ¥‘∫À≈—°·≈–¢“¬ ‘π§â“‡ªìπ °ÿ≈‡ß‘πµà“ߪ√–‡∑» ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ∫√‘…—∑œ ¡’§«“¡‡ ’ˬ߮“°Õ—µ√“·≈°‡ª≈’Ë¬π®“°°“√∑’Ë¡’ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’ˇªìπ‡ß‘πµ√“µà“ߪ√–‡∑»®”π«πª√–¡“≥ 3.1 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ·≈– 6.5 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ µ“¡≈”¥—∫ ∫√‘…—∑œ ‰¥âªÑÕß°—𧫓¡‡ ’ˬ߂¥¬°“√∑” —≠≠“´◊ÈÕ¢“¬‡ß‘πµ√“µà“ߪ√–‡∑» ≈à«ßÀπâ“ ´÷Ëß à«π„À≠à¡’Õ“¬ÿ —≠≠“‰¡à‡°‘πÀπ÷Ëߪï‡æ◊ËÕ„™â‡ªìπ‡§√◊ËÕß¡◊Õ„π°“√∫√‘À“√§«“¡‡ ’ˬߵ“¡∑’Ë°≈à“«‰«â„π«√√§ °) ·≈– ¢) Õ¬à“߉√°Áµ“¡ ∫√‘…—∑œ ¡’‡ß‘π ≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„πµà“ߪ√–‡∑»´÷Ëß∫√‘…—∑œ ¡‘‰¥â∑” —≠≠“ªÑÕß°—𧫓¡‡ ’ˬ߉«â ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ∫√‘…∑— ¬àÕ¬„πª√–‡∑»®’π¡’¬Õ¥§ß§â“ߢÕß‡ß‘π°Ÿ¬â ¡◊ ∑’‡Ë ªìπ‡ß‘πµ√“µà“ߪ√–‡∑»®”π«πª√–¡“≥ 10 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ´÷Ë߉¡à‰¥â∑” —≠≠“ªÑÕß°—𧫓¡‡ ’ˬߥâ“πÕ—µ√“·≈°‡ª≈’ˬπ‰«â ‡π◊ËÕß®“°∫√‘…—∑œ ‡ÀÁπ«à“°“√∫√‘À“√°“√‡ß‘π¥—ß°≈à“« Õ¥§≈âÕß°—∫ ¿“«–‡ß‘πµ√“µà“ߪ√–‡∑» ·≈–√–∫∫Õ—µ√“·≈°‡ª≈’ˬπ√–À«à“߇ߑπÀ¬«π¢Õß®’π·≈–‡ß‘π¥Õ≈≈“√å À√—∞Õ‡¡√‘°“ ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«¡’°”Àπ¥™”√–¿“¬„π 1 ªï ∫√‘…—∑œ ‰¥â„™âµ√“ “√Õπÿæ—π∏å∑“ß°“√‡ß‘π‡æ◊ËÕªÑÕß°—𧫓¡‡ ’ˬߥâ“πÕ—µ√“·≈°‡ª≈’Ë¬π®“°°“√´◊ÈÕ«—µ∂ÿ¥‘∫„πÕ𓧵·≈–¢“¬ ‘π§â“∑’ˇªìπ °ÿ≈‡ß‘πµ√“ µà“ߪ√–‡∑»√«¡∂÷ß ‘π∑√—æ¬å·≈–Àπ’ È π‘ ∑’‡Ë ªìπ‡ß‘πµ√“µà“ߪ√–‡∑» √“¬≈–‡Õ’¬¥¢Õßµ√“ “√Õπÿæπ— ∏å∑“ß°“√‡ß‘π∑’¬Ë ß— §ß¡’º≈∫—ߧ—∫ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551  √ÿª‰¥â¥—ßπ’È °) ∫√‘…—∑œ ‰¥â∑” —≠≠“´◊ÈՇߑπµ√“µà“ߪ√–‡∑»≈à«ßÀπⓉ«â‡ªìπ®”π«π‡ß‘πª√–¡“≥ 24.5 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ‚¥¬¡’Õ—µ√“·≈°‡ª≈’ˬπ´◊ÈÕ∂—« ‡©≈’ˬª√–¡“≥ 35.3750 ∫“∑µàÕÀπ÷Ë߇À√’¬≠ À√—∞Õ‡¡√‘°“  —≠≠“¥—ß°≈à“«®–§√∫°”Àπ¥„π‡¥◊Õπ °ÿ¡¿“æ—π∏å 2552 ¢) ∫√‘…—∑œ ‰¥â∑” —≠≠“¢“¬‡ß‘πµ√“µà“ߪ√–‡∑»≈à«ßÀπⓉ«â‡ªìπ®”π«π‡ß‘πª√–¡“≥ 0.06 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ‚¥¬¡’Õ—µ√“·≈°‡ª≈’Ë¬π¢“¬∂—« ‡©≈’ˬª√–¡“≥ 34.2180 ∫“∑µàÕÀπ÷Ë߇À√’¬≠ À√—∞Õ‡¡√‘°“  —≠≠“¥—ß°≈à“«®–§√∫°”Àπ¥„π‡¥◊Õπ ¡’π“§¡ 2552 Õ—µ√“·≈°‡ª≈’ˬπ„π °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“µ“¡ª√–°“»¢Õß∏𓧓√·Ààߪ√–‡∑»‰∑¬ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 ¡’Õ—µ√“·≈°‡ª≈’ˬπ´◊ÈÕ∂—« ‡©≈’ˬ‡∑à“°—∫ 34.7590 ∫“∑ µàÕ 1 ‡À√’¬≠ À√—∞Õ‡¡√‘°“·≈–¡’Õ—µ√“·≈°‡ª≈’Ë¬π¢“¬∂—«‡©≈’ˬ‡∑à“°—∫ 35.0824 ∫“∑ µàÕ 1 ‡À√’¬≠ À√—∞Õ‡¡√‘°“ 25.2 ¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õ߇§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ‡π◊ËÕß®“° ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π à«π„À≠à¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®—¥Õ¬Ÿà„πª√–‡¿∑√–¬– —Èπ ‡ß‘π°Ÿâ¬◊¡¡’Õ—µ√“¥Õ°‡∫’Ȭ„°≈⇧’¬ß°—∫Õ—µ√“ ¥Õ°‡∫’Ȭ„πµ≈“¥ ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬®÷ߪ√–¡“≥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π∑“ß°“√‡ß‘π„°≈⇧’¬ß°—∫¡Ÿ≈§à“µ“¡∫—≠™’∑’Ë· ¥ß„πß∫¥ÿ≈ ¡Ÿ≈§à“¬ÿµ∏‘ √√¡ À¡“¬∂÷ß ®”π«π‡ß‘π∑’ºË ´Ÿâ Õ◊È ·≈–ºŸ¢â “¬µ°≈ß·≈°‡ª≈’¬Ë π ‘π∑√—æ¬å°π— „π¢≥–∑’∑Ë ß—È  ÕßΩÉ“¬¡’§«“¡√Õ∫√Ÿ·â ≈–‡µÁ¡„®„π°“√·≈°‡ª≈’¬Ë π ·≈–  “¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“߇ªìπÕ‘ √–„π≈—°…≥–∑’‰Ë ¡à¡§’ «“¡‡°’¬Ë «¢âÕß°—π «‘∏°’ “√°”Àπ¥¡Ÿ≈§à“¬ÿµ∏‘ √√¡¢÷πÈ Õ¬Ÿ°à ∫— ≈—°…≥–¢Õ߇§√◊ÕË ß¡◊Õ∑“ß°“√‡ß‘π ¡Ÿ≈§à“ ¬ÿµ‘∏√√¡®–°”À𥮓°√“§“µ≈“¥≈à“ ÿ¥ À√◊Õ°”Àπ¥¢÷Èπ‚¥¬„™â‡°≥±å°“√«—¥¡Ÿ≈§à“∑’ˇÀ¡“– ¡

26. °“√∫√‘À“√®—¥°“√∑ÿπ «—µ∂ÿª√– ß§å„π°“√∫√‘À“√®—¥°“√∑ÿπ∑’Ë ”§—≠¢Õß∫√‘…—∑œ §◊Õ°“√®—¥„Àâ¡’´÷Ëß‚§√ß √â“ß∑“ß°“√‡ß‘π∑’ˇÀ¡“– ¡·≈–°“√¥”√߉«â´÷Ëߧ«“¡ “¡“√∂„π°“√ ¥”‡π‘π∏ÿ√°‘®Õ¬à“ßµàÕ‡π◊ËÕß µ“¡ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—𫓧¡ 2551 °≈ÿà¡∫√‘…—∑¡’Õ—µ√“ à«πÀπ’È ‘πµàÕ∑ÿπ‡∑à“°—∫ 1.5: 1 (2550: 1.0: 1) ·≈–∫√‘…—∑œ ¡’Õ—µ√“ à«π‡∑à“°—∫ 1.5:1 (2550: 0.8:1)

27. °“√Õπÿ¡—µ‘ß∫°“√‡ß‘π ß∫°“√‡ß‘ππ’ȉ¥â√—∫Õπÿ¡—µ‘„ÀâÕÕ°‚¥¬§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 24 °ÿ¡¿“æ—π∏å 2552

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∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬  ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—𫓧¡ 2551 ·≈– 2550 Thai Vegetable Oil Public Company Limited and its subsidiaries For the years ended 31 December 2008 and 2007

Foreign currency risk The Companyûs exposure to foreign currency risk relates primarily to purchases of major raw materials and sales of goods which are denominated in foreign currencies. As at 31 December 2008 the Company is also exposed to the effect of foreign exchange movements on its assets and liabilities denominated in foreign currency amounting to approximately USD 3.1 million and USD 6.5 million, respectively. The Company seeks to mitigate this risk by entering into forward exchange contracts, as described in a) and b), when it considers appropriate. Generally, the forward contracts mature within one year. However, the Company has an investment in a foreign subsidiary company, that is currently not hedged by any derivative financial instrument. As at 31 December 2008, the subsidiary company in China has outstanding loans denominated in foreign currency amounting to approximately USD 10 million, which are unhedged since the Company believes that financial management is suitable for foreign currency situation and foreign exchange system between the Chinese Yuan and the US dollar. These loans are repayable within one year. As at 31 December 2008, the Company has the derivative instruments in order to hedge the foreign exchange risk in relation to future purchase of raw materials and sales of goods and its assets and liabilities denominated in foreign currencies which can be summarised as follows: a) There were outstanding forward contracts to purchase a total of USD 24.5 million at an average buying rate of approximately Baht 35.3750 per USD 1. The contracts mature within February 2009. b) There were outstanding forward contracts to sell a total of USD 0.06 million at an average selling rate of approximately Baht 34.2180 per USD 1. The contracts mature within March 2009. As at 31 December 2008, the US dollar exchange rates announced by the BOT were an average buying rate of Baht 34.7590 per USD 1 and an average selling rate of Baht 35.0824 per USD 1. 25.2 Fair values of financial instruments Since the majority of the Company and its subsidiariesû financial instruments are short-term in nature or bear floating interest rates, their fair value is not expected to be materially different from the amounts presented in the balance sheets. A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an armûs length transaction. The fair value is determined by reference to the market price of the financial instrument or by using an appropriate valuation technique, depending on the nature of the instrument.

26. Capital management The primary objective of the Companyûs capital management is to ensure that it has an appropriate financial structure and preserves the ability to continue its business as a going concern. According to the balance sheet as at 31 December 2008, the Group company had a debt-to-equity ratio of 1.5: 1 (2007: 1.0: 1) and the Company had a debt-to-equity ratio of 1.5: 1 (2007: 0.8: 1).

27. Approval of financial statements These financial statements were authorised for issue by the Companyûs Board of Directors on 24 February 2009.

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√“¬ß“πª√–®”ªï 2551 I Annual Report 2008

¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑ General Information

106

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∫√‘…—∑ πÈ”¡—πæ◊™‰∑¬ ®”°—¥ (¡À“™π) I Thai Vegetable Oil Public Company Limited

Name

Thai Vegetable Oil Public Company Limited

Head Office

149 Ratchadapisek Road, (Tapra-Taksin) Bukkalo Thonburi, Bangkok 10600 Tel. (02) 477-9020 Fax. (02) 477-8022 www.tvothai.com

Factory 1

101/2 Moo 1 Khun Kaew, Nakornchaisri Nakorn Pathom 73120 Tel. (034) 331-805-7 Fax. (034) 331-731

Type of Business

Manufacture and distribution of soybean oil and soybean meal.

Corporate Registration Number

No. 0107537001536

Registered Capital

Common Share of 809,411,243 shares, at Baht 1 par value Total Baht 809,411,243

Registered and paid-up capital

Common Share of 624,509,369 shares at Baht 1 par value Total Baht 624,509,369

Share Registrar

THAILAND SECURITIES DEPOSITORY CO., LTD. The Stock Exchange of Thailand Building, 4th Floor 162 Ratchadapisek Road, Klongtoey, Bangkok 10110 Tel. (02) 596-9000 Fax. (02) 832-4994-6

Auditor

MR. SUPACHAI PHANYAWATTANO C.P.A. No. 3930 Ernst & Young Office Limited. 33rd. Floor, Lake Rajada Office Complex. 193/136-137 New Rajadapisek Rd, Bangkok 10110 Tel. (02) 264-0777 Fax. (02) 264-0789

Consultancy

THE LEX CHAMBERS CO., LTD. 42 Duriya Village, Tanone Wong Wan Nok Road Kwang Bang Ra-Maad, Khate Talingshan, Bkk 10170 Tel. (02) 887-7490 Fax. (02) 887-8014

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TVO : Annual Report 2008